GVFÃXGNQRRGOGPV FGUXKNNGUPWOÃTKSWGU
#PFTÃ.QGEJGN
RTÂUOQKPUFOWPGFÃEGPPKGFGFÃXGNQRRGOGPVFGUTÃUGCWZFCPUFGU XKNNGUGVFGUEQNNGEVKXKVÃUSWKXKTGPVCXGERGTURKECEKVÃEGSWGEGWZEK RQWXCKGPVCRRQTVGTCWSWQVKFKGPFGNGWTUJCDKVCPVUPQWURQWXQPU EQOOGPEGT´ÃXCNWGTEGOQWXGOGPV´NCNWOKÂTGFGEGSWKCÃVÃNOCXGPVWTG WTDCKPGQEEKFGPVCNG
&GXGPWG CWLQWTFOJWK OCTEJÃ RTKXKNÃIKÃ FG NOKPPQXCVKQP VGEJPQNQIKSWG OCKUCWUUKFGRWKURGWEJCORFOQDUGTXCVKQPFOCPCN[UGGVFOÃXCNWCVKQPFGU RTCVKSWGU GV WUCIGU RQWT NC TGEJGTEJG WPKXGTUKVCKTG NOCEVKQP EWNVWTGNNG GV NC HQTOCVKQP NC XKNNG PWOÃTKSWG EQPUVKVWG WPG VJÃOCVKSWG CWZ EQPVQWTU OCN FÃHKPKU GV CWZ TÃCNKVÃU FKXGTUGU 'NNG C HCKV NOQDLGV FOWP RTGOKGT DKNCP KN [ C FGWZ CPU NQTU FW /QKU FGU XKNNGU PWOÃTKSWGU SWG PQWU CXKQPU QTICPKUÃ GP HÃXTKGT´NC%KVÃFGU5EKGPEGU´2CTKU=%+6?2QWTNCRTGOKÂTGHQKUCRTÂU NOÃXCNWCVKQP FG PQODTGWZ RTQLGVU GWTQRÃGPU FGU UEKGPVKHKSWGU GV FGU VGEJPKEKGPU RWTGPV RTÃUGPVGT NG TÃUWNVCV FG NC RQNKVKSWG ÃOKPGOOGPV XQNQPVCTKUVG FG EGTVCKPGU EQNNGEVKXKVÃU VGTTKVQTKCNGU 6QWV WP XQECDWNCKTG EQOOGPÁC ´ UG FKHHWUGT EGTVCKPU EQOOGPEÂTGPV ´ RCTNGT FG XKNNGU KPVGNNKIGPVGU FG UOCTV EQOOWPKVKGU GZRTGUUKQP SWK POC EGUUÃ FGRWKU NQTU FG EWNVKXGT WPG ÃXKFGPVG CODKIWÊVÃ .GU RTQLGVU GWTQRÃGPU CFQRVÂTGPV RNWVÏV NOCRRGNNCVKQPOQKPUÃSWKXQSWGFGFKIKVCNEKVKGU1PRCTNCFGXKNNGUPWOÃTKUÃGU QWGPEQTGPWOÃTKSWGU%GHWVHKPCNGOGPVGVOCLQTKVCKTGOGPVEGFGTPKGTVGTOG
#
SWK NOGORQTVC RQWT FÃUKIPGT FG OCPKÂTG HQTV IÃPÃTKSWG VQWVG EQNNGEVKXKVÃ CHHKEJCPVRQWTFGUTCKUQPUFOCKNNGWTUVTÂUFKXGTUGU WPG XQNQPVÃ FG OKUG GP WXTGFGUKPHQVGEJPQNQIKGU&GEGRTQEGUUWUGUVKUUWGNO#UUQEKCVKQPFGUXKNNGU PWOÃTKSWGU#80
7P TCRRQTV TÃEGPV FW %QPUGKN FG NO'WTQRG UQWNKIPG NC PÃEGUUCKTG CTVKEWNCVKQP GPVTG NG HQPEVKQPPGOGPV WTDCKP GV NGU HQTOGU PQWXGNNGU FOKPVGNNKIGPEGEQNNGEVKXGTGPFWGURQUUKDNGURCTNGFÃXGNQRRGOGPVFGTÃUGCWZ
=.'8? +N HCWV CNNGT CWFGN´ FG NOCUUKOKNCVKQP FW E[DGTGURCEG ´ WP ÃSWKRGOGPV WTDCKP QW VGTTKVQTKCN UG EQPVGPVGT FG EQOOWPCWVÃU WTDCKPGU XKTVWGNNGU POGUV RCU PQP RNWU UCVKUHCKUCPV .GU RTQLGVU NGU RNWU CXCPEÃU GUUC[GPVFGTÃUQWFTGNGURTQDNÂOGUFGNCXKNNGRCTWPGOKUGGPEQOOWPFGU EQORÃVGPEGUFGUTGUUQWTEGUGVFGUKFÃGU
.GU ÃNWU UOKPVGTTQIGPV NGWTU CUUQEKCVKQPU OWNVKRNKGPV NGU TCRRQTVU GV NGU ÃVWFGU OCKU RQWTVCPV NOKPHQTOCVKQP RGTVKPGPVG HCKV GPEQTG FÃHCWV +N GZKUVG WPGLWZVCRQUKVKQPFOKPKVKCVKXGUKPFKXKFWGNNGUUCPURGTURGEVKXGINQDCNG.O#80 C ÃVÃ RTÃEKUÃOGPV ETÃÃG GP RQWT ÃVWFKGT EGU RTQDNÂOGU %OGUV WP NKGW HÃFÃTCVGWTFOKPHQTOCVKQPUGVFGTÃHNGZKQPUSWKTGITQWRGNGUEQORÃVGPEGUFG VQWU EGWZ SWK WXTGPV UWT NG VGTTCKP GV GPEQWTCIGPV NGU GZRÃTKGPEGU RQWT ÃNKOKPGT NGU QDUVCENGU OCVÃTKGNU GV RU[EJQNQIKSWGU SWK TGVCTFGPV NC OKUG GP UGTXKEG FGU VGEJPQNQIKGU FG NC EQOOWPKECVKQP .O#80 C RQWT DWV NG FÃXGNQRRGOGPV FGU UGTXKEGU ´ ECTCEVÂTG RTQHGUUKQPPGN UQEKCN ÃFWECVKH GV EWNVWTGNCWRTQHKVFGNCSWCNKVÃFGXKGFGUEKVQ[GPUFG NOKPVÃITCVKQP UQEKCNG FW FÃXGNQRRGOGPV ÃEQPQOKSWG NQECN GV FG NOCOÃPCIGOGPV FW VGTTKVQKTG
#WUUK UQP CEVKXKVÃ UOGUVGNNG FOCDQTF VTCFWKVG RCT WP VTCXCKN FOKFGPVKHKECVKQP FGURTQLGVUCWUUKDKGPHTCPÁCKUSWOGWTQRÃGPUUGPUKDKNKUGTKPHQTOGTCPCN[UGT GV EQORCTGT FGU FK\CKPGU FOGZRÃTKOGPVCVKQPU FGU EGPVCKPGU FG RTQLGVU EQPEGTPCPV CEVWGNNGOGPV NGU EQNNGEVKXKVÃU NQECNGU HTCPÁCKUGU NGU TÃCNKUCVKQPU ÃVTCPIÂTGUGVE
%GV CTVKENG RTQRQUG FG HQWTPKT NGU RTGOKGTU LCNQPU RQWT WPG ÃVWFG FG NC PCKUUCPEGGVFWFÃXGNQRRGOGPVFGUXKNNGUPWOÃTKSWGU´RCTVKTFGSWGNSWGU GZGORNGUOCLGWTU´PQU[GWZRGTOGVVCPVFGOKGWZEQORTGPFTGNGUGPLGWZ EQPUKFÃTCDNGUFOWPGTÃGNNGOÃVCOQTRJQUGFGUXKNNGUGVFGUVGTTKVQKTGU0QWU ÃXQSWGTQPUFOCDQTFNCPCKUUCPEGFGNCXKNNGPWOÃTKSWGGVUQPFÃXGNQRRGOGPV GP(TCPEGPQVCOOGPVVCPVCWPKXGCWNQECNSWGTÃIKQPCN0QWUCPCN[UGTQPU GPUWKVG SWGNSWGU GZRÃTKGPEGU FG XKNNGU C[CPV HCKV NG RCTK FG NOKORCEV FW FÃXGNQRRGOGPVFGUTÃUGCWZFGVÃNÃEQOOWPKECVKQPUGPHKPPQWURTGPFTQPU GP EQPUKFÃTCVKQP EGTVCKPU CURGEVU URÃEKHKSWGU CWUUK DKGP CW VTCXGTU FG NC IGPÂUG FG PQWXGNNGU HQTOGU FG IQWXGTPCPEG SWG FW FÃXGNQRRGOGPV FGU GURCEGU OWNVKOÃFKCU GV FG NC EJCPEG SWG RGWV TGRTÃUGPVGT RQWT WPG EQNNGEVKXKVÃNCOKUGGPTÃUGCWFWRCVTKOQKPGEWNVWTGN
.GUFÃDWVUFGNCXKNNGPWOÃTKSWGNGUUGTXKEGUFO+RGTDQNGGVNCUQEKÃVÃ EKXKNGGPTÃUGCW´$QNQIPG
+NPQWUHCWVFOCDQTFRGPUGT´EGWZSWK QPVQWXGTVNCXQKGGVSWKUGUQPV XQWNWUCEVGWTUFG EG SWK CRRCTCÉV ENCKTGOGPV CWLQWTFOJWK GP FGU EGPVCKPGU FOGPFTQKVU GV UWT FGU VGTTKVQKTGU VJÃOCVKSWGU OWNVKRNGU ÄVTG WPG ITCPFG CXGPVWTG JWOCKPG 4GPFQPUPQWU RQWT EGNC GP 'OKNKG4QOCIPG QÔ PQWU RTGPFTQPUNGECUFGNCXKNNGFG$QNQIPG
%GNWKEKHWVTCRKFGOGPVEQPPWFGVQWVGNO'WTQRG/KUGPRNCEGFÂULCPXKGT NGUGTXKEGFGTÃUGCW+RGTDQNGGUVPÃRQWTFÃXGNQRRGTNCVÃNÃFÃOQETCVKG NCVTCPURCTGPEGCFOKPKUVTCVKXGGVNGFTQKVFGUEKVQ[GPU´NOKPHQTOCVKQPGV´NC RCTVKEKRCVKQP CWZ RTQEGUUWU FG FÃEKUKQP FG NC OWPKEKRCNKVÃ 'P GHHGV NC OWPKEKRCNKVÃ FG $QNQIPG UOGUV VQWLQWTU FKUVKPIWÃG RCT UGU GHHQTVU EQPVKPWU RQWTCOÃNKQTGTNCTGNCVKQPGPVTGNGUEKVQ[GPUGVNCOCKTKGNGUGTXKEG+RGTDQNG CXGE UQP ECTCEVÂTG FOKPPQXCVKQP GV UQP QTKIKPCNKVÃ TGRTÃUGPVG NOÃXQNWVKQP PCVWTGNNGFGEGVVGVGPFCPEG5GUQDLGEVKHUUQPVFGLQWGTWPTÏNGFOCXCPVICTFG RCTOK NGU CFOKPKUVTCVKQPU GP RTQOQWXCPV NC RCTVKEKRCVKQP FKTGEVG FGU EKVQ[GPU ´ NC XKG FG NC XKNNG WP RNWU ITCPF FKCNQIWG GPVTG EKVQ[GPU GV CFOKPKUVTCVKQP NQECNG CXGE FGU EQPVCEVU RNWU TCRKFGU GV PQODTGWZ WPG RQUUKDKNKVÃRNWUKORQTVCPVGFOÃXCNWCVKQPGVFG FKUEWUUKQP UWT FGU SWGUVKQPU NQECNGU+NUOCIKUUCKVGPHKPFGEQORVGFGETÃGTWPTÃUGCWFGUEKVQ[GPUHKPCPEÃ GVIÃTÃRCTNCOWPKEKRCNKVÃ
.GU UGTXKEGU ITCVWKVU QHHGTVU RCT NOCFOKPKUVTCVKQP EQOOWPCNG TÃUKFGPV PQVCOOGPV FCPU NOCEEÂU ´ NOKPVGTPGV NC FKUVTKDWVKQP FG DQÉVGU CWZ NGVVTGU ÃNGEVTQPKSWGU NOKPUVCWTCVKQP FG ITQWRGU FG FKUEWUUKQP GV FG FÃDCV SWK RGWXGPV ÄVTG RTQOWU RCT NOCFOKPKUVTCVKQP EQOOWPCNG QW QTICPKUÃU FKTGEVGOGPV RCT NGU EKVQ[GPU NOCEEÂU CWZ RCIGU YGD FW TÃUGCW OWPKEKRCN RCIGU EQPVGPCPV FGU KPHQTOCVKQPU UWT NGU UGTXKEGU GV NOCEVKXKVÃ FG NOCFOKPKUVTCVKQP UWT NGU CUUQEKCVKQPU NGU QTICPKUOGU NGU ÃEQNGU NGU WPKXGTUKVÃU GV CWVTGU KPUVKVWVKQPU GV CWUUK PCVWTGNNGOGPV UWT NGU OCPKHGUVCVKQPUGVÃXÃPGOGPVUFCPUNCXKNNG
.C EQOOWPCWVÃ XKTVWGNNG DQNQPCKUG GUV CEVWGNNGOGPV FG FKZUGRV OKNNG WVKNKUCVGWTU GV NG UKVG FO+RGTDQNG GUV EQPUVKVWÃ FG XKPIVVTQKU OKNNG RCIGU
&GRWKU KN [ C GW EKPS OKNNKQPU FG EQPPGZKQPU FG NC RCTV FGU WUCIGTU FO+RGTDQNGGVVTGPVGVTQKUOKNNKQPUFGEQPVCEVUCXGENGYGDFWTÃUGCWEKXKSWG 1PRGWVGPEQTGRTÃEKUGTSWOGPOQ[GPPGKN[CCWLQWTFOJWKUGK\GEQPPGZKQPU RQWTEJCSWGWUCIGTGVSWCTCPVGSWCVTGOKNNGCEEÂUCWZPGYUITQWRURCTOQKU QP\G OKNNG UGRV EGPV EKPSWCPVG GOCKN GV EGPV FKZ OKNNG EQPPGZKQPU CW YGD FO+RGTDQNG RCT LQWT %GNC HCKV FO+RGTDQNG WP KPUVTWOGPV FOKPVGTCEVKQP GV FG EQOOWPKECVKQP GPVTG VQWU NGU TGRTÃUGPVCPVU FG NC XKG EQNNGEVKXG=)7+? .C
OWPKEKRCNKVÃ FG $QNQIPG RTQRQUG ÃICNGOGPV CW VTCXGTU FW TÃUGCW FGU UGTXKEGU CWVQTKUCVKQPU NKEGPEGU RCKGOGPVU EGTVKHKECVU SWK RGWXGPV ÄVTG WVKNKUÃURCTVQWUNGUWUCIGTUFGNOKPVGTPGV2QWTNGUFKUVTKDWGTKNGUVKORQTVCPV FOCXQKTWPECFTGNÃICNUQNKFGFGRWKUVTQKUCPUNO+VCNKGUOCRRWKG UWTWPGNQK PCVKQPCNG FQPPCPV WPG XCNGWT ´ NC UKIPCVWTG FKIKVCNG GV CWZ FQEWOGPVU ÃNGEVTQPKSWGU %G U[UVÂOG GZRÃTKOGPVCN GUV FÃL´ WVKNKUÃ RCT SWGNSWGU EGPVCKPGUFGRGTUQPPGU
.GUNKIPGUFGFÃXGNQRRGOGPVGVNGUQDLGEVKHURQWTNGUCPPÃGUGV EQPEGTPGPV VTGPVG OKNNG EKVQ[GPU GV RNWU FG EKPS OKNNG WUCIGTU EQNNGEVKHU +NU XKUGPV ´ NC TGUVTWEVWTCVKQP ITCRJKSWG GV HQPEVKQPPGNNG FGU RCIGU YGD FO+RGTDQNGCWZHCEKNKVÃUFOCEEÂU´NOKPVGTPGVRQWTNGUWUCIGTUFÃUCXCPVCIÃUGV
´ NOCWIOGPVCVKQP FGU UGTXKEGU FKURQPKDNGU FCPU NG FQOCKPG FW RTQLGV FG nFÃOQETCVKGÃNGEVTQPKSWGRQWTGPEQWTCIGTGVCOÃNKQTGTNGFKCNQIWGFKTGEV GPVTG NGU EKVQ[GPU GV NOCFOKPKUVTCVKQP RCTVKEKRCVKQP CW RTQEGUUWU FÃEKUKQPPGNNCEQPUQNKFCVKQPFGUCEVKXKVÃUFGIGUVKQPFWUGTXKEGFGNOCPCN[UG FOKORCEV GV FG NC UCVKUHCEVKQP FGU WUCIGTU CXGE FGU SWGUVKQPPCKTGU FGU HQTWOU GP NKIPG GV FGU KPVGTXKGYU KNU HCXQTKUGPV CWUUK NOCWIOGPVCVKQP FW PQODTG FGU RQKPVU RWDNKEU FOCEEÂU ´ KPVGTPGV L FCPU NGU DKDNKQVJÂSWGU NGU EGPVTGU EKXKSWGU NGU EGPVTGU FG LGWPGU NGU ÃEQNGU GV NGU CUUQEKCVKQPUL NOCEVKXKVÃ FOCNRJCDÃVKUCVKQP EKDNÃG ´ VQWU NGU WUCIGTU RQVGPVKGNU FOKPVGTPGV UWTVQWV´EGWZSWKQPVDGUQKPFOWPGCKFGRCTVKEWNKÂTGRQWTCRRTÃJGPFGTEGU VGEJPQNQIKGU OCKU ÃICNGOGPV NOCWIOGPVCVKQP FW PQODTG FG VTCPUCEVKQPU UÃEWTKUÃGUGVEGTVKHKÃGUUKIPCVWTGÃNGEVTQPKSWGGVFGUGTXKEGUKPVGTCEVKHUGV´
XCNGWTCLQWVÃGUWTNGYGD
6QWV EGNC RGWV ÄVTG UKORNGOGPV GV GHHKECEGOGPV TÃUWOÃ CW FKTG FGU CEVGWTURCTNGUOQVUn$QNQIPGXKNNGPWOÃTKSWG´UCXQKTWPPQWXGCWFÃHK CHKPSWGNCXKNNG PGUQKVRCUUGWNGOGPVWPOQFÂNGQWWPGZGORNGCW EQWTU FGURTQEJCKPGUCPPÃGUOCKUWPGGZRÃTKGPEGXÃTKVCDNGFÃOQPVTCPVEQOOGPV NC VGEJPQNQIKG GV NC EQOOWPKECVKQP RGWXGPV ÄVTG NGU ÃNÃOGPVU RKXQVU GV ICIPCPVU FCPU NG ITCPF RTQEGUUWU FG EJCPIGOGPV GV FG UKORNKHKECVKQP FG NOCFOKPKUVTCVKQPRWDNKSWG
.GFÃXGNQRRGOGPVFGNCXKNNGPWOÃTKSWGGP(TCPEG
.CXKNNGPWOÃTKSWGUGFÃXGNQRRGCWUUKGP(TCPEG%GRJÃPQOÂPGCNKGW FCPUNGECFTGFGURQNKVKSWGUFGFÃEGPVTCNKUCVKQPGVTÃIKQPCNKUCVKQPSWKFCVGPV FGUCPPÃGUGVGUVNGTÃUWNVCVFGUFKHHÃTGPVURTQLGVUUWTNOCOÃPCIGOGPVFW VGTTKVQKTG GV NGU CWVQTQWVGU FG NOKPHQTOCVKQP +PVGTPGV ETÃG WP PQWXGN GPXKTQPPGOGPVSWKTGRTÃUGPVGNOWPFGUFÃHKUOCLGWTURQWTNGUXKNNGUFW::+G
UKÂENG 1P RTGPFTC KEK UGWNGOGPV SWGNSWGU GZGORNGU FG XKNNGU SWG PQWU EQPUKFÃTQPUGUUGPVKGNNGOGPVGPHQPEVKQPFGNGWTRQTVÃGGVFGNGWTRNCEGFCPU NOJKUVQKTGFGNCXKNNGPWOÃTKSWG
/GV\RÏNGOWNVKOÃFKC
.OJKUVQTKSWGFGNCXKNNGFG/GV\PWOÃTKSWGGUVUWTVQWVEQPUVKVWÃFGVTQKU FCVGU OCTSWCPVGU FÂU GUV GP GHHGV CPPQPEÃG NC OKUG GP UGTXKEG FW TÃUGCW E¸DNÃ QTKGPVCVKQP XGTU NGU VGEJPQNQIKGU FG NC EQOOWPKECVKQP FQPV NOWPG FGU VTCFWEVKQPU GUV NG VGEJPQRÏNG FG /GV\ GV NG VKVTG FG RTGOKÂTG XKNNG GP (TCPEG ´ CXQKT UQP UKVG KPVGTPGV &CPU NG ECFTG FG NOCRRGN ´ RTQRQUKVKQPU n#WVQTQWVGU FG NOKPHQTOCVKQP FW OKPKUVÂTG FG NO+PFWUVTKGNOCPPÃGOÄOGFGNCETÃCVKQPFGUQPUKVG/GV\RTQRQUGWPRTQLGV FGRNCVGHQTOGOWNVKUGTXKEG%GRTQLGVFOWPGRNCVGHQTOGQWXGTVGGVQTKGPVÃG UGTXKEGU UGTC NCDGNNKUÃ RCT NO'VCV .OCUUQEKCVKQP /GV\ +PVGTCEVKXG GUV ETÃÃG RQWTRTQOQWXQKTGVCPKOGTEGVVGRNCVGHQTOGGVFÃXGNQRRGTFGUUGTXKEGUGP FKTGEVKQP FW ITCPF RWDNKE 1P PQVGTC ÃICNGOGPV NC ETÃCVKQP FW UGTXKEG FG
&ÃXGNQRRGOGPV FGU VGEJPQNQIKGU FG NOKPHQTOCVKQP GV FG NC EQOOWPKECVKQP
&6+% SWK EQORTGPF XKPIVEKPS URÃEKCNKUVGU FCPU NGU FQOCKPGU FG NOKPIÃPKGTKG TÃUGCW OWNVKOÃFKC FÃXGNQRRGOGPV YGD GV DWTGCWVKSWG CXGE RQWT OKUUKQP NC IGUVKQP FG EKPS UGTXGWTU KPVGTPGV KPVTCPGV OGUUCIGTKG CFOKPKUVTCVKQPGVFKHHWUKQPJGTV\KGPPGNCOCKPVGPCPEGGVNCOKUG´LQWTFGU U[UVÂOGU GV FG NOÃSWKRGOGPV KPHQTOCVKSWG FG NC OCKTKG .GU RTQLGVU FCPU NGUSWGNU NG UGTXKEG GUV KORNKSWÃ UQPV PQODTGWZ .C XKNNG GUV ÃICNGOGPV WP OGODTG CEVKH FG NC %0+' %QOOWPCWVÃ PWOÃTKSWG KPVGTCEVKXG FG NO'UV CUUQEKCVKQP XKUCPV RTÃEKUÃOGPV ´ RTQOQWXQKT NGU VGEJPQNQIKGU FG NOKPHQTOCVKQP
.GTÃUGCWFGVÃNÃEQOOWPKECVKQPU OWPKEKRCNCRQWT QDLGEVKHFGTGNKGTNGU RTKPEKRCWZUKVGUOWPKEKRCWZRCTWPTÃUGCWGPHKDTGQRVKSWG´JCWVFÃDKVEGEK RQWTTÃRQPFTG´VTQKUV[RGUFGDGUQKPUFQPPÃGUKPHQTOCVKSWGUVÃNÃRJQPGGV XKFÃQUWTXGKNNCPEG 5C TÃCNKUCVKQP GUV RTÃXWG GP FGWZ VTCPEJGU CXGE VTGPVGEKPS UKVGU TGNKÃU .G TÃUGCW E¸DNÃ GUV EQPUVKVWÃ FG EGPV OKNNG RTKUGU KPUVCNNÃGU UWT NOCIINQOÃTCVKQP NG VCWZ FG RÃPÃVTCVKQP GUV FG .G RTQRTKÃVCKTGGUV6&(%¸DNGGVNOQRÃTCVGWTEQOOGTEKCN(TCPEG6ÃNÃEQO%¸DNG
7PRTQEJCKPQWXTCIGPQWURGTOGVVTCFOGPRTÃUGPVGTWPRCPQTCOCRNWUNCTIG .GURCTVGPCKTGUGPUQPVNGEQPUGKNTÃIKQPCNFGNC.QTTCKPGNGEQPUGKNIÃPÃTCNFGNC /QUGNNGNCXKNNGFG/GV\NCXKNNGFG6JKQPXKNNGNGFKUVTKEVFG5CKPV#XQNFNC%%+FGNC /QUGNNG NG 4ÃRWDNKECKP .QTTCKP 6&( %¸DNG (TCPEG 6ÃNÃEQO %¸DNG NOWPKXGTUKVÃ FG /GV\NC$2.NC5QIÃPCNGVNC%CKUUGFO'RCTIPG
.GDWFIGVGUVFOGPXKTQP/((6%KPXGUVKVFGUQPEÏVÃ/(RQWTNCTÃPQXCVKQP FWTÃUGCWEGSWKRGTOGVFGPQWXGCWZUGTXKEGU
NCHKPFGUVTCXCWZGUVRTÃXWGRQWT7PGDQWENGJCWVFÃDKVUWT/GV\C INQDCNGOGPV RQWT QDLGEVKH FOKPVÃITGT NGU KPHQVGEJPQNQIKGU FCPU NC RQNKVKSWG FOCOÃPCIGOGPV FW VGTTKVQKTG 7PG ÃVWFG VGEJPKEQÃEQPQOKSWG GV LWTKFKSWG UWTWPTÃUGCW´JCWVFÃDKVCÃVÃGPICIÃG´EGVVGHKPEQPEGTPCPVEKPSDQWENGU TGNKÃGU # VTCXGTU WPG VGNNG TÃCNKUCVKQP KN UOCIKV FG RTÃRCTGT WP VGTTCKP RGTOGVVCPV EGTVGU WPG PQWXGNNG UVTCVÃIKG FOKORNCPVCVKQPU OCKU CWUUK FG HQWTPKT WP CEEÂU ´ JCWV FÃDKV RQWT NGU EKVQ[GPU EGEK CXGE WP RTKPEKRG FG OQFWNCTKVÃ'PRTQNQPIGOGPVUGUKVWGWPGÃVWFGFGHCKUCDKNKVÃFOWPTÃUGCW JCWV FÃDKV TÃIKQPCN GV VTCPUHTQPVCNKGT .C EQQRÃTCVKQP VTCPUHTQPVCNKÂTG UG EQPETÃVKUG CKPUK GUUGPVKGNNGOGPV CW VTCXGTU FW RTQLGV 'NKU RTQLGV GWTQRÃGP GPVTG/GV\GV5CTTGDTWEM.GUKVGYGDFWRTQLGVTGITQWRGFGWZEGPVU2/'GV 2/+RTÃUGPVCVKQPFGUUQEKÃVÃUGVHQTWOUFGFKUEWUUKQP&GUTÃHNGZKQPUUWTNC PCVWTG FGU DGUQKPU GP OCVKÂTG FG VÃNÃEQOOWPKECVKQPU VTCPUHTQPVCNKÂTGU UG FÃXGNQRRGPV .G UWKXK FW RTQLGV GUV CUUWTÃ RCT NOÃEQNG FOKPIÃPKGWTU HTCPEQ CNNGOCPFG'05#/
.G RTQLGV FG nECTVG XKNNG C RQWT QDLGV NC EQPUVTWEVKQP FOWP XÃTKVCDNG RCUUGRQTV RQWT NC XKNNG SWK KPVÂITG UWT WPG ECTVG ´ RWEG FKHHÃTGPVGU CRRNKECVKQPU GV UGTXKEGU 6TQKU HCOKNNGU FOCRRNKECVKQPU UQPV GPXKUCIÃGU NGU CRRNKECVKQPU RTQRTGOGPV OWPKEKRCNGU ECPVKPG UEQNCKTG CXGE WP UKVG RKNQVG HQPEVKQPPCPVFGRWKUHÃXTKGTGVFQPVNCIÃPÃTCNKUCVKQPGUVRTÃXWG´NCHKP FGNOCPPÃGRKUEKPGUGEVGWTEWNVWTGNNGUCRRNKECVKQPUNKÃGUCWEQOOGTEGFG EGPVTGXKNNGHKFÃNKVÃFGRCTMKPIQWFGDWURQTVGOQPPCKGÃNGEVTQPKSWGGVNGU CRRNKECVKQPUGPOCVKÂTGFGVTCPURQTVCXGEWPFÃOCTTCIGGPPQXGODTG
.C XKNNG GUV RCT CKNNGWTU NOWP FGU CEVGWTU FOWP RTQLGV GWTQRÃGP RCTVKEWNKÂTGOGPVKORQTVCPV'SWCN'NGEVTQPKEUGTXKEGUHQTCDGVVGTSWCNKV[QHNKHG FQPV NGU RCTVGPCKTGU UQPV NGU XKNNGU FG $TGUEKC .KP\ $KNDCQ 4QPPGD[
.GKEGUVGTGV/GV\GVSWKXKUG´FÃHKPKTGVGZRÃTKOGPVGTFGUUGTXKEGUKPVGTCEVKHU
´ FGUVKPCVKQP FW ITCPF RWDNKE LWUSWO´ NC HKP FG NOCPPÃG +N UOCIKV FOWP RTQLGV FG UGTXKEGU FCPU NGU FQOCKPGU FW VTCPURQTV FGU VÃNÃRTQEÃFWTGU CFOKPKUVTCVKXGU OCKU CWUUK FCPU NG EJCOR FGU OWUÃGU GV DKDNKQVJÂSWGU XKTVWGNU.CRNCVGHQTOGOGUUKPGRQWT'SWCNTÃUKFGFOCDQTFGPWPGDCUGFG FQPPÃGUFOKPHQTOCVKQPUOQFCNGUVTCKPDWUTQWVGRCTMKPIEQPUWNVCDNGUWT NOKPVGTPGV1PUQWNKIPGTCKEKVQWVRCTVKEWNKÂTGOGPVNGYGDECUVKPIFCPUNGUDWU KPHQTOCVKQPUNQECNGUÃETCPUFGVÃNÃXKUKQP'SWCNRTGPFGPEQORVGVQWVGNC
%GPVTGXKNNG6GEJPQRÏNG#EVKRÏNG/GV\$QTP[#EVKRÏNG/GV\0QTFGV/GV\
5WF1WGUV
7PG DQWENG TGNKCPV NGU DCUUKPU ÃEQPQOKSWGU FG /QUGNNG NGU XKNNGU FG /GV\
6JKQPXKNNG(QTDCEJ5CKPV#XQNF5CTTGIWGOKPGU5CTTGDTWEM6TÂXGUGV.WZGODQWTI 8QKT ´ EG UWLGV NOCTVKENG FG /CWTKEG %JCWXGCW n%CTVG OWNVKUGTXKEG CRRNKECVKQPU FCPUNGUEQNNGEVKXKVÃUNQECNGU
FKOGPUKQPFGEGSWKGUVEWNVWTGGPTÃUGCW#KPUKNG&KIKVCNFGUMHQTUEJQQNUUG VTCFWKV RCT NOGZRÃTKOGPVCVKQP FOWP QWVKN FG EQOOWPKECVKQP GPVTG RCTGPVU ÃNÂXGU GV GPUGKIPCPVU 'P OCVKÂTG FG OWUÃGU GV DKDNKQVJÂSWGU XKTVWGNU NC RNCVGHQTOG<GUVWVKNKUÃGWPEQPEGRVFGTÃUGCWXKTVWGNCXGENGUCWVTGU XKNNGU FW RTQLGV C ÃVÃ ÃNCDQTÃ 7P TÃUGCW ÃFWECVKH GV EWNVWTGN GWTQRÃGP TÃEGOOGPVEQPUVKVWÃUQWUNOÃIKFGPQVCOOGPVFGNO#80UQPIGCKPUK´/GV\
EQOOGRÏNGGWTQRÃGPFGTGPEQPVTGUGVFGU[PGTIKGU
.C OKUG ´ FKURQUKVKQP FG NOKPVGTPGV ´ NOÃEQNG L46% QW E¸DNGL GUV WPG FÃOCTEJG RTQITGUUKXG SWK C RQWT RTKPEKRG FG TÃRQPFTG CW RTQLGV FOWPG ÃSWKRG RÃFCIQIKSWG 'NNG C ÃVÃ OGPÃG EQPLQKPVGOGPV ´ NOGZRÃTKOGPVCVKQP
$25 GP RCTVGPCTKCV CXGE NC %KPSWKÂOG GV NG TGEVQTCV GV XKUG CW VÃNÃEJCTIGOGPVFGRTQITCOOGUCWFKQXKUWGNUXKCUCVGNNKVGSWCVTGOKNNGEKPS EGPVUEQPVGPWURÃFCIQIKSWGUGZRÃTKOGPVÃUWTEKPSUKVGULWUSWGHKPKN FQKVFGXGPKTWPUGTXKEGRGTOCPGPVRQWTNGUÃEQNGU
.GUTÃCNKUCVKQPUUQPVU[ODQNKUÃGURCTWPUKVGYGDEQPUVKVWÃFGFGWZOKNNG RCIGUEQPUWNVÃGURCTLQWTSWKUQPVUWTVQWVWPRQKPVFGFÃRCTVRQWTQHHTKTNGU PQWXGCWZ UGTXKEGU KPVGTCEVKHU FOWPG XTCKG E[DGTOCKTKG 7P YGD UCPVÃ YGDUCPVGOCKTKGOGV\HT QHHTG RCT CKNNGWTU FGU EQPVGPWU FG RTQZKOKVÃ RTÃUGPVCVKQP FGU ÃVCDNKUUGOGPVU JQURKVCNKGTU TGEJGTEJG RCT RCVJQNQIKG GV IWKFGUCPVÃ
7PEKV[IWKFGGUVÃICNGOGPVGPEQWTUNOÃNCDQTCVKQPXÃTKVCDNGIWKFGXKTVWGN FG NC XKNNG 'P OCVKÂTG FG EQOOGTEG ÃNGEVTQPKSWG KN HCWV UKIPCNGT CWUUK NG RTQLGVFGETÃCVKQPFOWPGICNGTKGOCTEJCPFG´XQECVKQPTÃIKQPCNGCKPUKSWGNC RQUUKDKNKVÃFGRCKGOGPVÃNGEVTQPKSWG
2CTVJGPC[NCDQTCVQKTGWTDCKPFGNCUQEKÃVÃFGNOKPHQTOCVKQP
.OCODKVKQPFGNCRGVKVGXKNNGTWTCNGFG2QKVQW%JCTGPVGUSWOGUV2CTVJGPC[
ÃVCKV FÂU NOQTKIKPG FG FÃXGNQRRGT WP XÃTKVCDNG NCDQTCVQKTG WTDCKP FGU PQWXGCWZWUCIGUFGUKPHQVGEJPQNQIKGUFOCTTKXGT´ETÃGTWPGXKNNGPWOÃTKUÃG EOGUV´FKTG WPG XKNNG FCPU NCSWGNNG FG NC RQRWNCVKQP WVKNKUGTCKGPV NGU VGEJPQNQIKGUFGNOKPHQTOCVKQPGPQHHTCPV´VQWUNGUEKVQ[GPUNOQRRQTVWPKVÃFG UOCRRTQRTKGT EGU VGEJPQNQIKGU SWGNU SWG UQKGPV NGWTU OQ[GPU HKPCPEKGTU QW NGWTU PKXGCWZ FG EQPPCKUUCPEGU .C FÃOCTEJG XKUCKV FQPE ´ HCXQTKUGT RCT VQWUNGUOQ[GPUWPGCRRTQRTKCVKQPFGUQWVKNURCTNGUCEVGWTUGWZOÄOGUGV
.GU UKVGU UQPV WPG ÃEQNG RTKOCKTG WP EQNNÂIG WP N[EÃG WP JÏRKVCN CKPUK SWG NC OÃFKCVJÂSWG
8QKT´EGRTQRQUNGUCTVKENGUFG%JTKUVQRJG#UUGPUGVFG&QOKPKSWG2JCPWGNn.C IGUVKQP FGU TÃUGCWZ FG EKVQ[GPPGVÃ NQECNG GV NOCTVKENG FO+UCDGN /GNKU n7VKNKUCVKQP NQECNGFOWPKPVTCPGVWTDCKPEQORCTCKUQPGPVTGFGWZXKNNGUPWOÃTKUÃGUGWTQRÃGPPGU
´ RGTOGVVTG CW RNWU ITCPF PQODTG FOCEVGWTU NQECWZ FG FGXGPKT FGU RTQFWEVGWTUFOKPHQTOCVKQPUGVFGUGPU%GVVGFÃOCTEJGUWKXKGFGRWKU FCVG FW NCPEGOGPV FW RTQLGV UWT NG VGTTCKP C FOCDQTF EQPUKUVÃ ´ ETÃGT NGU EQPFKVKQPU FOCEEÂU CWZ TÃUGCWZ ÃNGEVTQPKSWGU RQWT NG RNWU ITCPF PQODTG FOJCDKVCPVU
+NUOCIKUUCKVFOCDQTFFOQWXTKTFGUnGURCEGUPWOÃTKUÃUCWEWTFGNKGWZ RWDNKEU FÃL´ GZKUVCPVU FCPU NC XKNNG +N HCNNCKV GPUWKVG QHHTKT NOKPVGTPGV ITCVWKVGOGPV ´ NOGPUGODNG FGU EKVQ[GPU NG FKUVTKEV GUV FGXGPW CW OQKU FG PQXGODTGFGEGVVGCPPÃGN´UQPRTQRTGHQWTPKUUGWTFOCEEÂU´NOKPVGTPGV.C OWPKEKRCNKVÃCRCTNCUWKVGRTQRQUôNOGPUGODNGFGUJCDKVCPVUNCRQUUKDKNKVà FOQDVGPKTRQWTWPRTKZOQFKSWGWPQTFKPCVGWTOWNVKOÃFKCGVWPHQTHCKVFG FGWZEGPVUJGWTGUFGVÃNÃEQOOWPKECVKQPUITCVWKVGURQWTCEEÃFGTRCTOQFGO CWPWOÃTQFWUGTXGWTNQECNEGHWVNOQRÃTCVKQPnOKETQUPÃIQEKÃGRCT NCOWPKEKRCNKVÃ
%TÃGT NGU EQPFKVKQPU FOCEEÂU CW TÃUGCW PG UWHHKUCKV RCU KN C HCNNW ÃICNGOGPV HCXQTKUGT NC ETÃCVKXKVÃ GV UWUEKVGT NOÃOGTIGPEG FOWPG HQTVG EQOOWPCWVÃ ÃNGEVTQPKSWG NQECNG %OGUV N´ SWOKPVGTXKGPV NG EQPEGRV FO+P 6QYP0GV WP XÃTKVCDNG KPVTCPGV FG XKNNG NC OWPKEKRCNKVÃ JÃDGTIG ITCVWKVGOGPVUWTUQPUGTXGWTVQWUNGUUKVGUGVNGURCIGUETÃÃURCTNGUEKVQ[GPU
%GV KPVTCPGV WTDCKP C CKPUK ÃVÃ KPXGUVK RCT WPG OWNVKVWFG FOCUUQEKCVKQPU FOÃEQNGUFOGPVTGRTKUGUFOCFOKPKUVTCVKQPURWDNKSWGUFGUGTXKEGUOWPKEKRCWZ FOCTVKUVGUFGRCTVKUGVFGNKUVGURQNKVKSWGU.OQTKIKPCNKVÃFGNCFÃOCTEJGVKGPV CW HCKV SWG EG UQPV NGU CEVGWTU GWZOÄOGU SWK RTQFWKUGPV NOKPHQTOCVKQP GV ETÃGPVNGWTRTQRTGEQPVGPW
.OGUUGPVKGNCFQPEEQOOGPEÃFÂUCXGENGRTQLGV/GVCUCUQWVGPWRCT NC%QOOKUUKQPGWTQRÃGPPG.CFÃOCTEJGEQPUKUVCKV´RCTVKTFGNCFGOCPFG UQEKCNGGV´HCKTGFGUEKVQ[GPUFGUEQEQPEGRVGWTU.GNCPEGOGPVFW$$5UOGUV HCKVGPGPLCPXKGTCXGEFGUQWVKNUVTÂUEQPXKXKCWZHQTWOUOGUUCIGTKG FKCNQIWG GP FKTGEV WP RTGOKGT QWVKN FOKPKVKCVKQP ´ NOQPNKPG WPG CIQTC ÃNGEVTQPKSWGFGRTGOKÂTGIÃPÃTCVKQP#WDQWVFGUKZOQKUKN[CXCKVFÃL´RNWU FG VTQKU EGPVU WVKNKUCVGWTU .G RTQLGV /KPF UQWVGPW RCT NC &) +++ FG NC
%QOOKUUKQPGWTQRÃGPPGGVOGPÃCXGENGUOÄOGURCTVGPCKTGUGVNOCRRQTVFG
8QKT´EGRTQRQUNGFÃXGNQRRGOGPVUWTNOKFGPVKVÃÃNGEVTQPKSWGFGNOCTVKENGFO#TVWT 5GTTCn.GUEQOOWPCWVÃUFGEKVQ[GPUGPTÃUGCW
%GVVGTÃCNKUCVKQPGUVEQOOGPVÃGFCPUNOCTVKENGFO+UCDGN/GNKU
2CTVGPCKTGU SWCVTG RGVKVGU XKNNGU GWTQRÃGPPGU #TPGFQ 2CTVJGPC[ 6QTICW GV 9GKPUVCFVWPEQPUQTVKWOKPFWUVTKGN2JKNKRULNOGPVKVÃEQQTFKPCVTKEGL50+5[UGEC (TCPEG6ÃNÃEQO'&(%0'&GV/ÃVÃQ(TCPEGFGUÃSWKRGUFGEJGTEJGWTUGPUEKGPEGU UQEKCNGUEQQTFKPCVKQPRCT#NCKPFO+TKDCTPG.'56%045
2/' NQECNGU ÃVCKV FG ETÃGT FGU RNCVGUHQTOGU VGEJPQNQIKSWGU EQPETÂVGU GV FOCOQTEGTFGUEQOOWPCWVÃUÃNGEVTQPKSWGUNQECNGU%GUFGWZRTQLGVUQPVÃVÃ TKEJGUFOGPUGKIPGOGPVU[EQORTKUGPVGTOGUFGF[UHQPEVKQPPGOGPVU
.GRTGOKGTnGURCEGPWOÃTKUÃCQWXGTVFWTCPVNGUGEQPFUGOGUVTG CW EGPVTG #TOCPF ,WDKGP GV UOGUV XW FQVÃ FG VTQKU UCNNGU CXGE XKPIV QTFKPCVGWTU WPG DQTPG 50+ WPG nVÃNÃ%&+ CXGE RQUUKDKNKVÃ FG XKUKQEQPHÃTGPEGEOGUVFQPEWPNKGWFOKPKVKCVKQPGVFGHQTOCVKQPCWZTÃUGCWZ OWNVKOÃFKCU CW EWT FGU UVTWEVWTGU UQEKCNGU CUUQEKCVKQPU FOKPUGTVKQP GV TÃUGCWZ FG EKVQ[GPPGVÃ CEVKXG 'P PQXGODTG C ÃVÃ NCPEÃG NC RTGOKÂTG XGTUKQP FG NO+P6QYP0GV CXGE FG PQODTGWUGU HQPEVKQPPCNKVÃU CPPWCKTG HQTWOU U[UVÂOG FG EQWTTKGT ÃNGEVTQPKSWG RGVKVGU CPPQPEGU CIGPFC EQPUWNVCVKQPFGDCUGUFGFQPPÃGU OQFWNG FG IGUVKQP RGTOGVVCPV ´ EJCSWG WVKNKUCVGWT FG IÃPÃTGT FG NOKPHQTOCVKQP UCPU EQPPCKUUCPEG VGEJPKSWG .G RTGOKGT UGOGUVTG C XW NOQWXGTVWTG FG FGWZ CWVTGU GURCEGU PWOÃTKUÃU
%GPVTGOWNVKOÃFKCGVJÏVGNFGXKNNGNCOQPVÃGGPRWKUUCPEGFGNO+P6QYP 0GVCKPUKSWGNGNCPEGOGPVFGNOQRÃTCVKQPnOKETQUFÃL´ÃXQSWÃG.G FKURQUKVKHÃVCKVWP2%OWNVKOÃFKC2GPVKWOCXGEWPCEEÂU´NOKPVGTPGVGV FGWZEGPVUJGWTGUFGEQPPGZKQPVÃNÃEQO.GUGEQPFUGOGUVTGCXWWPG CRRTQRTKCVKQP FGU 06+% RCT NGU UGTXKEGU OWPKEKRCWZ EGPV SWCVTGXKPIV QTFKPCVGWTUEQPPGEVÃURQWTVTQKUEGPVVTGPVGGVWPGORNQ[ÃUNKCKUQPUE¸DNÃGU GPVTG NGU FKHHÃTGPVU D¸VKOGPVU RWDNKEU FÃXGNQRRGOGPV FG NOKPVTCPGV OWPKEKRCNCXGEWUCIGKPVGPUKHFGNOGOCKNRCTVCIGFGUCIGPFCUÃNGEVTQPKSWGU GV CEEÂU CWZ FQEWOGPVU CFOKPKUVTCVKHU GP NKIPGW &W HCKV FG NOWUCIG FG NOQWVKNRCTNGUCIGPVUFGFÃXGNQRRGOGPVNGUVTCPUHGTVUFGEQORÃVGPEGUUQPV FÂUNQTUHCEKNKVÃUCWRTÂUFGUCEVGWTUNQECWZ
.GUÃVCRGUUWKXCPVGUQPVÃVÃOWNVKRNGU1PEKVGTCCWUUKDKGP
LNC RTÃRCTCVKQP FG nNOÃEQNG FW HWVWT GP CPVKEKRCPV NGU PQWXGCWZ GPXKTQPPGOGPVU RÃFCIQIKSWGU GV VGEJPQNQIKSWGU GV FW nVÃNÃIWKEJGV
VTCPUCEVKQPUCFOKPKUVTCVKXGU
LNG FÃXGNQRRGOGPV FW EQOOGTEG ÃNGEVTQPKSWG EJG\ NGU CTVKUCPU GV EQOOGTÁCPVU
LNGTCNNKGOGPVFGUECPVQPUTWTCWZXQKUKPU´NCEQOOWPCWVÃÃNGEVTQPKSWG LNG FÃXGNQRRGOGPV FG NC ETÃCVKQP EWNVWTGNNG GV CTVKUVKSWG CWVQWT FGU VGEJPQNQIKGU FG NOKPHQTOCVKQP RCT NOQWXGTVWTG FOWP EGPVTG FG ETÃCVKQP CTVKUVKSWGWVKNKUCPVNGUVGEJPQNQIKGUFGNOKPHQTOCVKQP
LNOGZVGPUKQPFW(GUVKXCNFGU,GWZCWZLGWZnGPTÃUGCW
LNOCWIOGPVCVKQPFGUFÃDKVU
2CTVGPCTKCVCXGE50+(TCPEG6ÃNÃEQOGV%GVGNGO
LNOQWXGTVWTG FOCWVTGU GURCEGU PWOÃTKUÃU /CKUQP FW VQWTKUOG /CKUQP FGU EWNVWTGU FG RC[U OÃFKCVJÂSWG GVE GV NC OWNVKRNKECVKQP FGU UGTXGWTU VJÃOCVKSWGU
LNCOKUGGPRNCEGFOWPQDUGTXCVQKTGFGUWUCIGUFGU06+%´2CTVJGPC[GP EQNNCDQTCVKQPCXGENGUEJGTEJGWTUGPUEKGPEGUUQEKCNGU
LGVUWTVQWVNOCKFGGVNOCEEQORCIPGOGPVFGUPQWXGCWZRTQLGVURQTVÃURCT NGUCEVGWTUFWVGTTCKP
.GRTQLGVGWTQRÃGP+OCIKPG+PVGITCVGFOWNVKOGFKCCRRNKECVKQPIGPGTCVKPIKP PQXCVKXGPGVYQTMKP'WTQRGUGRQWTUWKVCXGEEQOOG QDLGEVKH FG FÃXGNQRRGT WPG RNCVGHQTOG EQOOWPG KPVÃITCPV NGU UGTXKEGU FG NC XKNNG PWOÃTKSWG FG FÃOQPVTGT ´ ITCPFG ÃEJGNNG NC RNCVGHQTOG +OCIKPG FCPU NGU SWCVTG UKVGU PWOÃTKSWGUGVFOCVVGKPFTGWPGOCUUGETKVKSWGFOWVKNKUCVGWTUFGFKHHWUGTCWUUK NGU TÃUWNVCVU ´ WP TÃUGCW GWTQRÃGP FOWPG XKPIVCKPG FG XKNNGU CUUQEKÃGU .GU RCTVGPCKTGUGPUQPVWPEQPUQTVKWOKPFWUVTKGN5KGOGPU0KZFQTHSWKGPGUVNG EQQTFKPCVGWT /KETQUQHV (KPUKGN GV (TCPEG 6ÃNÃEQO FGU XKNNGU GV UKVGU PWOÃTKSWGU9GKPUVCFVGV6QTICWGVCWUUK%CUCNG/QPHGTTCVQCKPUKSWGFGU RCTVGPCKTGU CUUQEKÃU CWZ XKNNGU FGU ÃSWKRGU FG EJGTEJGWTU GP UEKGPEGU UQEKCNGUFGU2/'NQECNGUGVFGUGPVTGRTKUGUFGUGTXKEGU
%OGUV CKPUK SWG 2CTVJGPC[ GUV CWLQWTFOJWK WPG GZRÃTKGPEG FG TGEJGTEJG CEVKQPJ[DTKFGKORNKSWCPV NGUVGEJPQNQIKGUFG NOKPHQTOCVKQP GV NC TGEJGTEJG GP UEKGPEGU FG NOJQOOG GV FG NC UQEKÃVÃ WPG GZRÃTKOGPVCVKQP UWT WP VGTTKVQKTG WTDCKP TGUVTGKPV OCKU GP ITCPFGWT PCVWTG WPG GZRÃTKGPEG VTCPUXGTUCNG ´ VQWU NGU UGEVGWTU FG NC XKG SWQVKFKGPPG .C RTQZKOKVÃ IÃQITCRJKSWG FGU WVKNKUCVGWTU C EGTVCKPGOGPV CKFÃ ´ ETÃGT WP GURCEG FG EQOOWPKECVKQPHQTVG.OKORQTVCPVGUVCWUUKGVUWTVQWVNGTÃUGCWJWOCKPGVNG VTCXCKNFGRTÃRCTCVKQPFWRTQLGV.OGZRÃTKGPEGFG2CTVJGPC[GUVKPVÃTGUUCPVG RCTUCFÃOCTEJGFGFÃXGNQRRGOGPVNQECNSWKCRTÃEÃFÃNCVTCPUHQTOCVKQPGP XKNNGPWOÃTKUÃG
+NGZKUVGFGPQODTGWZRTQLGVUFCPUFGRGVKVGUOQ[GPPGUQWITCPFGUXKNNGU HTCPÁCKUGU+NEQPXKGPVFGEKVGTPQVCOOGPV+UU[NGU/QWNKPGCWZGV/CTN[NG 4QKSWKRTÃUGPVGPVFOKPEQPVGUVCDNGUQTKIKPCNKVÃU
+UU[NGU/QWNKPGCWZ
&GWZ FÃEGPPKGU FOKPPQXCVKQP QPV OCTSWÃ HQTVGOGPV NG VGTTKVQKTG KUUÃGP .GU FGWZ CZGU OCLGWTU RQWTUWKXKU CXGE EQPUVCPEG UQPV TGNCVKHU ´ WPG UVTCVÃIKGFOKOCIGPQXCVTKEGFGNCXKNNGOCKUCWUUK´UQPECTCEVÂTGCVVTC[CPV OQVGWTFGUQPFÃXGNQRRGOGPVÃEQPQOKSWG.GWTVQVCNGEQORNÃOGPVCTKVÃGUV KPECTPÃG RCT NC RGTUQPPCNKVÃ FW OCKTG FQPV NC UVCVWTG OÃFKCVKSWG C KPEQPVGUVCDNGOGPVDGCWEQWREQPVTKDWÃL´NOÃICNFGEGNWKFG2CTVJGPC[LVQWV
´NCHQKU´EGVVGKOCIGGV´EGFÃXGNQRRGOGPV'PNGRTQLGV%QPPGZKQP FÃXGNQRRG WPG RNCVGHQTOG FG UGTXKEGU KPVGTCEVKHU UWT NG TÃUGCW E¸DNÃ FW FÃRCTVGOGPVGPCRTÂUWPCWFKVTÃCNKUÃUWTNCEQOOWPGNGRNCPNQECN FG NOKPHQTOCVKQP GUV CFQRVÃ UQP QDLGEVKH GUV FG FÃXGNQRRGT FG PQWXGCWZ UGTXKEGU´NOÃEJGNNGNQECNGNGEQPUGKNOWPKEKRCNKPVGTCEVKHVÃNÃXKUÃKPUVCWTÃGP GUV EGTVCKPGOGPV NG RNWU EÃNÂDTG %GEK UCPU QOGVVTG NGU RTQLGVU KPEQPVQWTPCDNGU FOWPG UVTCVÃIKG FG EQNNGEVKXKVÃ PWOÃTKSWG UKVG YGD SWK UG XGWV´NCHQKUQTKGPVÃXGTU NGOQPFG ÃEQPQOKSWG GV XGTU NGU VÃNÃRTQEÃFWTGU CFOKPKUVTCVKXGU ÃSWKRGOGPV KPHQTOCVKSWG FGU ÃEQNGU QW GPEQTG NCTIG CRRTQRTKCVKQP FGU PQWXGCWZ QWVKNU CXGE NG E[DGTUGNH FG NC OÃFKCVJÂSWG QW GPEQTGNGE[DGTUCNQPFGVJÃ.CVTCPUHQTOCVKQPFWHQTVGPEKVÃPWOÃTKSWGGV NC TÃHNGZKQP CWVQWT FOWPG n8KNNC /ÃFKEKU SWK GP UGTCKV NOWPG FGU EQORQUCPVGU EQPUVKVWGPV NC OCPKHGUVCVKQP FOWP UVCVWV XÃTKVCDNG FG XKNNG PWOÃTKSWG%GUVCVWVUWRRQUGWPGINQDCNKVÃFCPUNOCRRTQEJGGVNCIGUVKQPFGU RTQLGVU OCKU CWUUK WPG FÃOWNVKRNKECVKQP FGU RQVGPVKCNKVÃU ÃEQPQOKSWGU GV UQEKCNGU SWK UGWNGU ´ NOJGWTG FGU TÃUGCWZ CUUWTGPV ´ WP VGTTKVQKTG NGU HQPFCVKQPUPÃEGUUCKTGURQWTNCEQPUVTWEVKQPFGUQPFGXGPKT
/CTN[%[DGTNG4QK
1WVTG NGU UKZ NKGWZ FOCEEÂU GV NOÃSWKRGOGPV FOÃEQNGU C[CPV HQTOWNÃ WP RTQLGV RÃFCIQIKSWG GP EG FQOCKPG EG UQPV FGU QRÃTCVKQPU EQOOG nWP GOCKN RQWT VQWU NGU OCTN[EJQKU QW GPEQTG n/CTN[RWEG ECTVG HCEKNKVCPV NGU V¸EJGU CFOKPKUVTCVKXGU GV EQORVCDNGU SWK QPV HCKV EQPPCÉVTG NC XQNQPVÃ FG NC OWPKEKRCNKVÃ FG /CTN[NG4QK FOCEEÃFGT CW UVCVWV FG EKVÃ PWOÃTKSWG.CXKNNGCCWUUKXQWNWCEEWGKNNKTFGUDWTGCWZFGXQKUKPCIGRQWT FÃXGNQRRGT NG VÃNÃVTCXCKN GV HCEKNKVGT UWT UQP UKVG KPVGTPGV NC RTQOQVKQP FGU GPVTGRTKUGU
.GUEQNNGEVKXKVÃUTÃIKQPCNGUGVNGUTÃUGCWZPWOÃTKSWGU
.G FÃRCTVGOGPV QW NC TÃIKQP CW UGPU IÃQITCRJKSWG QW RQNKVKSWG TGITQWRCPV RNWUKGWTU XKNNGU UG NCPEGPV FCPU FGU RTQITCOOGU UWT NC XKNNG PWOÃTKSWG.GUGZRÃTKGPEGUUQPVVTÂUPQODTGWUGUGVPQWUCXQPUEJQKUKFOGP RTÃUGPVGTSWGNSWGUWPGUNO#NUCEGNGU#TFGPPGUNO#TFÂEJGNG0QTF2CUFG
%CNCKUNC$CUUG0QTOCPFKGNG8GTEQTU .OGZGORNCTKVÃCNUCEKGPPG
.O#NUCEGCRRCTCÉVCWLQWTFOJWK´DKGPFGUÃICTFUEQOOGWPGTÃIKQPRKNQVG CW VTCXGTU UWTVQWV FOWPG TCRKFG RGTEGRVKQP FGU GPLGWZ GV EGEK
UKPIWNKÂTGOGPV GP ÃVTQKVG NKCKUQP CXGE NG 4GEVQTCV FCPU NG FQOCKPG FG NOÃFWECVKQP+NGUVKPVÃTGUUCPVFOÃXQSWGTGPVQWVRTGOKGTNKGWNGRTQITCOOG
%TKUVCNGPUGODNGFGUGTXKEGUCEEGUUKDNGUIT¸EG´WPTÃUGCWHÃFÃTCVGWT´JCWV FÃDKV RQWT NOGPUGODNG FG NO#NUCEG .G RTQLGV %TKUVCN C ÃVÃ NCDGNNKUÃ FCPU NG ECFTGFGNOCRRGN´RTQRQUKVKQPUFWOKPKUVÂTGFGNO+PFWUVTKG7PGRNCVGHQTOG FOCFOKPKUVTCVKQPFWTÃUGCWEQOOWPGCWZFKHHÃTGPVUUGEVGWTUFOCRRNKECVKQP C ÃVÃ OKUG CW RQKPV FÃPQOOÃG %"DNG0GV EGVVG RNCVGHQTOG C ÃVÃ FÃXGNQRRÃG FCPU NG ECFTG FOWPG EQPXGPVKQP FG TGEJGTEJGFÃXGNQRRGOGPV CXGE NG OKPKUVÂTG FG NO+PFWUVTKG GV FG NC 4GEJGTEJG .G RTQLGV NCPEÃ KN [ C SWCVTGCPUFGEGNCCÃVÃÃNCDQTÃRQWTRGTOGVVTGFCPUWPRTGOKGTVGORUFG TGNKGTNGUÃEQNGUNGUJÏRKVCWZGVFGEQPUVKVWGTWPKPVTCPGVGPVTGEQOOWPGU
.GRTGOKGTUGTXKEGGZRÃTKOGPVÃCFOCDQTFÃVÃWPKPVTCPGVFGUEQNNGEVKXKVÃU NQECNGU NG RTQLGV 4GEKVCN RGTOGV FG TGNKGT NGU RTKPEKRCWZ CEVGWTU FGU EQNNGEVKXKVÃU NQECNGU FO#NUCEG FG HCEKNKVGT NOCEEÂU GV NC EKTEWNCVKQP FG NOKPHQTOCVKQP FG VTCXCKNNGT GP EQOOWP GV FG OKGWZ EQNNCDQTGT GPVTG EQOOWPGU.GEQPVGPWFGEGVKPVTCPGVCÃVÃFÃHKPK´RCTVKTFOWPRCTVGPCTKCV ÃVTQKV OKU GP RNCEG CXGE NGU EQNNGEVKXKVÃU NQECNGU EQPEGTPÃGU WP ITQWRG FG RKNQVCIG EQORQUÃ FOÃNWU GV FG TGRTÃUGPVCPVU FG NC TÃIKQP GV FGU FGWZ FÃRCTVGOGPVU C NCTIGOGPV RCTVKEKRÃ ´ NC FÃHKPKVKQP FGU URÃEKHKECVKQPU HQPEVKQPPGNNGU FG NOQWVKN CW UWKXK FW FQUUKGT GV ´ UC XCNKFCVKQP CW RNCP FG EQOOWPKECVKQPGVCWUWKXKFGNOQWVKNNOKPVGTNQEWVGWTRTKXKNÃIKÃRQWTFÃHKPKT NGRNCPPKPIFWRTQLGVNGUURÃEKHKECVKQPUVGEJPKSWGUFGUUGTXKEGUEQPEGRVKQP GTIQPQOKG ECJKGT FGU EJCTIGU GV RQWT TÃCNKUGT NGU OCSWGVVGU C ÃVÃ WP ITQWRG FG RTQLGV OKU GP RNCEG FCPU NGU EQNNGEVKXKVÃU VGTTKVQTKCNGU %GVVG FÃOCTEJG FG FÃHKPKVKQP FG NOQWVKN GP RCTVGPCTKCV CXGE NGU WVKNKUCVGWTU C RGTOKUWPGETKVKSWGEQPUVTWEVKXGWPGWVKNKUCVKQPCEVKXGGVNOGPTKEJKUUGOGPVFG NOQWVKNRCTFGPQWXGCWZUGTXKEGU
&GUVKPÃ CWZ OCKTGU UGETÃVCKTGU IÃPÃTCWZ FG EQNNGEVKXKVÃU NQECNGU EQPUGKNNGTUIÃPÃTCWZGVEQPUGKNNGTUTÃIKQPCWZUGURTKPEKRCNGUHQPEVKQPPCNKVÃU UGFÃENKPGPV´RNWUKGWTUPKXGCWZOKUG´FKURQUKVKQPFGEJCSWGEQOOWPGFG RCIGU NKDTGU RQWT TGPUGKIPGT GV FKHHWUGT FG NOKPHQTOCVKQP CW PKXGCW EQOOWPCN OKUG GP RNCEG FG HQTWOU GV FG OGUUCIGTKGU CW PKXGCW KPVGTEQOOWPCN NOKPVGTEQOOWPCNKVÃ GUV VTÂU FÃXGNQRRÃG GP #NUCEG GV KN [ C GW WPG HQTVG FGOCPFG RQWT RQWXQKT EQOOWPKSWGT GPVTG NGU FKHHÃTGPVGU UVTWEVWTGUFOWPGOÄOGKPVGTEQOOWPCNKVÃ
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RGTUQPPGNGVGPRGTURGEVKXGNCOKUGGPNKIPGFGUFÃNKDÃTCVKQPUFGUEQPUGKNU OWPKEKRCWZ 7P VGN CEEÂU EQPEGTPCKV CWUUK DKGP NGU FQPPÃGU INQDCNGU TÃRGTVQKTGIÃPÃTCNFGUEQNNGEVKXKVÃUNQECNGUDCUGFOKPHQTOCVKQPUEQOOWPCNGU QTICPKUCVKQPIÃPÃTCNGDCUGFOKPHQTOCVKQPUTÃIKQPCNGUCEEÂUCWZHQPFUFGNC RTGUUGTÃIKQPCNGSWGNOKPVÃITCVKQPFOWPGRCUUGTGNNGHCZRQWTNGUEQOOWPGU GVNGURCTNGOGPVCKTGU
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.GTÃUGCWÃFWECVKHTÃIKQPCN4'4GUVWPRTQLGVCECFÃOKSWGFÃVGTOKPCPV FQPV NGU UGTXKEGU FG DCUG UQPV NG EQWTTKGT ÃNGEVTQPKSWG CXGE NC OKUG ´ FKURQUKVKQP FOWPG DQÉVG CWZ NGVVTGU RCT CFWNVG CFOKPKUVTCVKHU EQOOG GPUGKIPCPVU GV WPG RNCVGHQTOG ÃXQNWVKXG CXGE GZVGPUKQP RQUUKDNG ´ WPG DQÉVG CWZ NGVVTGU RCT ÃNÂXG UQKV RNWU FG FGWZ EGPV OKNNG CFTGUUGU ÃNGEVTQPKSWGU NC XKUKQEQPHÃTGPEG WVKNKUÃG RQWT NOGPUGKIPGOGPV ´ FKUVCPEG XKUKQEQPHÃTGPEG 0WOÃTKU QW +2 UWT RCUUGTGNNG 0WOÃTKU+2 CXGE CEEÂU UÃEWTKUôNOKPVGTPGVXKC4GPCVGTFGUQWVKNUFGEQOOWPKECVKQPÃXQNWÃURQWT NC TGEJGTEJG FQEWOGPVCKTG NG VTCXCKN GP ITQWRG NC ETÃCVKQP FG HQTWOU FG FKUEWUUKQPUUGTXKEGCPPWCKTGHQTOWNCKTGUGPNKIPG.OÃXQNWVKQPFGUUGTXKEGU UOGUV HCKVG ´ VTCXGTU NC ETÃCVKQP FG UKVGU SWK RTÃUGPVGPV NGU ÃVCDNKUUGOGPVU UEQNCKTGUGVNGURTQLGVURÃFCIQIKSWGU
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5QEKÃVÃCPQP[OGFOÃEQPQOKGOKZVG6GNCNGUVNCUVTWEVWTGSWKCOKUGPWXTGNG RTQLGV %TKUVCN 5QEKÃVÃ RQTVÃG RCT XKPIVJWKV CEVKQPPCKTGU EQNNGEVKXKVÃU VGTTKVQTKCNGU QTICPKUOGU HKPCPEKGTU GV FOCUUWTCPEGU QTICPKUOGU RTQHGUUKQPPGNU GPVTGRTKUGU GV KPUVKVWVKQPUTÃIKQPCNGUGNNGGPVTGVKGPVWPGTGNCVKQPRTKXKNÃIKÃGCXGEWPITCPFPQODTG FOWUCIGTU GP XWG FG NOKFGPVKHKECVKQP FG NC RTQOQVKQP FW FÃXGNQRRGOGPV GV FG NOGZRÃTKOGPVCVKQPFGUGTXKEGU
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.G RTQLGV 4WDKU CXGE EQOOG RCTVGPCKTGU NO#SWKVCKPG $GTNKP 7NO GV NC (KPNCPFG UOÃVCKV FQPPÃ EQOOG QDLGEVKHU NOKPVÃITCVKQP GV NC XCNKFCVKQP FOCRRNKECVKQPU GZKUVCPVGU FCPU FGU FQOCKPGU VGNU SWG NOCFOKPKUVTCVKQP NC UCPVÃ NGU VTCPURQTVU NOÃFWECVKQP GV NGU ECTVGU UÃEWTKVÃ NO#NUCEG ÃVCKV HQWTPKUUGWT FOCRRNKECVKQPU FCPU NGU FQOCKPGU FG NOCFOKPKUVTCVKQP GV FGU ECTVGU UÃEWTKVÃ GV WVKNKUCVGWT FGU CRRNKECVKQPU FÃXGNQRRÃGU RCT NGU CWVTGU RCTVGPCKTGUFG4WDKUFCPUNGUCWVTGUFQOCKPGU
#WFGN´ FW FÃRNQKGOGPV FOWP TÃUGCW TÃIKQPCN ´ JCWV FÃDKV 5VTCUDQWTI
%QNOCT/WNJQWUG 5&* ´ /DU KPVGTXKGPPGPV NGU FÃRCTVGOGPVU NG FÃRCTVGOGPVFW$CU4JKPCCKPUKNCPEÃWPRNCPGPXWGFGE¸DNGTVQWVGUNGU EQOOWPGU FCPU NG ECFTG FG UEJÃOCU KPVGTEQOOWPCWZ #W E¸DNCIG FOWPG XKNNG OQ[GPPG EQOOG 5CXGTPG UQPV CUUQEKÃGU VQWVGU NGU EQOOWPGU TWTCNGU GPXKTQPPCPVGUOQ[GPPCPVWPGUWDXGPVKQPFWEQPUGKNIÃPÃTCN%GEKRGTOGV SWG NG E¸DNG PG UQKV RCU ECPVQPPÃ CWZ EQOOWPGU OQ[GPPGU GV ITCPFGU +N
UOCIKUUCKV ÃICNGOGPV FG ETÃGT WPG RNCVGHQTOG FOJÃDGTIGOGPV FG UGTXKEGU OWVWCNKUÃU
# ÃVà OKU GP WXTG FCPU NG ECFTG FW RTQLGV $KQ8CNNG[ KPKVKCVKXG FG NO#NUCEGFGNC5WKUUGGVFGNO#NNGOCIPGHCKTGFGNCXCNNÃGFW4JKPWPGXCNNÃG FGU DKQVGEJPQNQIKGU WP KPVTCPGV UOCFTGUUCPV ´ NC EQOOWPCWVà FGU GPVTGRTKUGUFGDKQVGEJPQNQIKGGP#NUCEGGVFÃXGNQRRôRCTVKTFGUU[UVÂOGU OKUCWRQKPVFCPUNGECFTGFG%TKUVCN%OGUVCWUUKNGECUFCPUNGFQOCKPGFW EQOOGTEGÃNGEVTQPKSWGSWGNSWGUGPVTGRTKUGUFWUGEVGWTFGNCDCPSWGGVFG NOCUUWTCPEGQPVUKIPCNÃNGWTKPVÃTÄVRQWTEGVVGRNCVGHQTOG.CFÃOCTEJGFG
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#UUQEKCVKQP FG TGEJGTEJG VJÃOCVKSWG RQWT NGU JÏVGU GV NGU WVKNKUCVGWTU FG 4KODCWF C ÃVÃ ETÃÃG FÂU NG FÃDWV FG %GVVG UVTWEVWTG CXCKV RQWT OKUUKQP FG HÃFÃTGT NGU KPKVKCVKXGU FG HCXQTKUGT NGU TÃCNKUCVKQPU FG RTQLGVU GV FOCUUWTGTNCOCÉVTKUGFOQWXTCIGFGUQRÃTCVKQPU
.GRTQITCOOGCXCKVRQWTXQECVKQPRTKPEKRCNGFGFÃUGPENCXGTNOGPUGODNG FWFÃRCTVGOGPVGPHCKUCPVDÃPÃHKEKGTNCTÃIKQPFGUGHHGVUFGFÃNQECNKUCVKQPGV FG FÃU[PEJTQPKUCVKQP KPJÃTGPVU ´ NOWVKNKUCVKQP FGU VGEJPQNQIKGU FG NC EQOOWPKECVKQP +N UOCIKUUCKV FO[ OCKPVGPKT GV FOKORNCPVGT JCDKVCPVU GV GPVTGRTKUGU FG HCXQTKUGT NOCRRTQRTKCVKQP FG PQWXGCWZ UCXQKTHCKTG FOQTICPKUGTNCOKUGGPTÃUGCWFWVGTTKVQKTGRQWTICTCPVKTWPCEEÂUIÃPÃTCNKUÃ GVWPKHQTOGCWZUQWTEGUFOKPHQTOCVKQPUGVFGUGTXKEGUKNEQPXGPCKVCWUUKFG FGXGPKT CEVGWT UWT NG TÃUGCW GP ETÃCPV WP GURCEG FG UGTXKEGU FGUVKPÃ CWZ RQRWNCVKQPU NQECNGU GV GP QHHTCPV CWZ CEVGWTU NQECWZ WPG RTÃUGPEG EQOOGTEKCNG UWT EG OÄOG TÃUGCW FG TGPHQTEGT NC EQORÃVKVKXKVÃ FGU GPVTGRTKUGU NQECNGU L GP QTICPKUCPV WP CEEÂU CWZ UGTXKEGU FG URÃEKCNKUVGU FKUVCPVUQWGPRTQRQUCPVFGFGXGPKTGNNGUOÄOGUHQWTPKUUGWTUFGRTGUVCVKQPU
UWTNGUTÃUGCWZLGVGPHKPFGHCXQTKUGTNGFÃXGNQRRGOGPVFGEQORÃVGPEGUGP OGVVCPV ´ NC FKURQUKVKQP FGU RQRWNCVKQPU NQECNGU GV FGU GPVTGRTKUGU FGU KPHTCUVTWEVWTGUFGVÃNÃHQTOCVKQP
.GU CEVKQPU FW RTQITCOOG 4KODCWF TÃUKFÂTGPV FOCDQTF FCPU NC UGPUKDKNKUCVKQPNCHQTOCVKQPGVNCFKHHWUKQPFGUVGEJPQNQIKGUFGNOKPHQTOCVKQP
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%JCTNGXKNNG/Ã\KÂTGU ECRKVCNG OQPFKCNG FG NOCTV FG NC OCTKQPPGVVG CXGE WP HGUVKXCN OQPFKCN FGU 6JøVTGU FG OCTKQPPGVVGU TÃEKVU TGNCVKHU ´ NOKPFWUVTKG RCUUÃGJKUVQKTGFGNCTÃIKQPGVFGUUKVGUFG5GFCPGVFGNOCDDC[GFG5GTXKQP
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7PGRNCVGHQTOGRTQHGUUKQPPGNNGFGTCEEQTFGOGPVFCPUNGECFTGFOWPCEEQTFFG RCTVGPCTKCV CXGE 1NÃCPG HQWTPKUUCKV NOCEEÂU ´ NOKPVGTPGV 1P EKVGTC ÃICNGOGPV WPG EQPXGPVKQP CXGE (TCPEG 6ÃNÃEQO FCPU NG ECFTG FG NOQRÃTCVKQP n5KVG RKNQVG FOWUCIG
'PVGTOGUFOGPLGWZGVFGRGTURGEVKXGUNGRTQLGV4KODCWFCEQPUVKVWÃRQWT NGFÃRCTVGOGPV´NCHQKUWPGQWXGTVWTGGVWPHCEVGWTFÃEKUKHFOCVVTCEVKXKVÃWP ÃNÃOGPV FG TGF[PCOKUCVKQP FG TGUVTWEVWTCVKQP FW VGTTKVQKTG GV FG OQDKNKUCVKQPFGUCEVGWTU&CPUEGFQOCKPGQPCRWEQPUVCVGTSWGNOCFJÃUKQP GVNCOQDKNKUCVKQPÃVCKGPVRNWUHQTVGUGPOKNKGWTWTCNSWOGPXKNNGRNWUNGPVGU ÃICNGOGPV OCKU FÃEKUKXGU EJG\ NGU ÃNWU +N [ C GW CUUG\ XKVG GP VQWV ECU ETÃCVKQP FG FGWZ EQOOWPCWVÃU FG EQOOWPGU NKÃGU CWZ VGEJPQNQIKGU FG NC EQOOWPKECVKQP
.G ECU FG %JQQ\ UOCXÂTG RCTVKEWNKÂTGOGPV KPUVTWEVKH KN UOCIKUUCKV FG HCXQTKUGTWPGFÃOCTEJGGZGORNCKTGFGOKUGGPTÃUGCWINQDCNFOWPXKNNCIGGV FG RTQOQWXQKT CKPUK WPG PQWXGNNG CRRTQEJG FG NC EKVQ[GPPGVÃ GV FG NOGZRNQKVCVKQPFGUGTXKEGUFGRTQZKOKVÃ.OQDLGEVKHÃVCKVFOCESWÃTKTNCOCÉVTKUG FGPQWXGNNGUTÂINGUFWLGWVCPVFCPUNGUFQOCKPGUÃEQPQOKSWGGVUQEKCNSWG FCPUEGNWKFGNOÃFWECVKQPGVFGNCEWNVWTG.GRTQLGV UOCRRWKGUWTWPTÃUGCW E¸DNÃGZKUVCPVFCVCPVFGGVTGOKU´PKXGCWFWRQKPVFGXWGVGEJPKSWG SWKFGUUGTVVQWUNGUHQ[GTU+NXKUGNCOKUGGPNKIPGFGEQPVGPWUGVUGTXKEGUFG RTQZKOKVÃ KPVÃTGUUCPV NC RQRWNCVKQP NQECNG RCT GZGORNG NOCEEÂU CW RNCP FOQEEWRCVKQP FGU UQNU NG ECVCNQIWG FGU TGUUQWTEGU NQECNGU ÃFWECVKXGU EWNVWTGNNGU GV VGEJPKSWGU 7P DWV OCLGWT KEK EQOOG CKNNGWTU TÃUKFG CWUUK FCPU NC ETÃCVKQP FG NKGWZ FOCRRTQRTKCVKQP RGTOGVVCPV ´ VQWV WP EJCEWP FG OCÉVTKUGTNGUVGEJPQNQIKGUCHKPFGRQWXQKTNGUWVKNKUGTSWQVKFKGPPGOGPV´FGU HKP ÃFWECVKXGU EWNVWTGNNGU QW ÃEQPQOKSWGU .´ GPEQTG KN EQPXKGPV FG UQWNKIPGTNCXQNQPVÃFGEQPVTKDWVKQPCWFÃXGNQRRGOGPVÃEQPQOKSWGRCTWP TGICTF FOCPVKEKRCVKQP GV FG RTQOQVKQP FOCEVKXKVÃU PQWXGNNGU RCT WPG WVKNKUCVKQPIÃPÃTCNKUÃGGVRGTVKPGPVGFGUKPHQVGEJPQNQIKGU
+EKEQOOGCKNNGWTUGPHKPKNUOCIKVFOWPRTQLGVKPVKOGOGPVNKôNCOÃOQKTG EQNNGEVKXG.GDWVGUVFGETKUVCNNKUGTFGUCEVKQPUFÃL´GPEQWTUC[CPVVTCKV´NC OKUG GP WXTG FOWPG DCUG EQOOWPG GZRNQKVCDNG UWT NOKPVGTPGV NKÃG ´ NC OÃOQKTGEQNNGEVKXGFGUNKGWZCTFGPPCKU%GVVGXQNQPVÃFGOKUGGPXCNGWTFG NC OÃOQKTG EQNNGEVKXG CVGNKGT FG PWOÃTKUCVKQP KPVTCPGV FQEWOGPVCKTG FGU NKGWZ QÔ NOQP XKVW TGPEQPVTG WPG HQTVG CFJÃUKQP FG NC RQRWNCVKQP .G NCPEGOGPVFWRTQLGVUOGUVHCKVGPUGRVGODTGCXGENCETÃCVKQPFWRTGOKGT NKGW FOCRRTQRTKCVKQP #WLQWTFOJWK WPG OQFÃNKUCVKQP FGU RTCVKSWGU ´ RCTVKT FG NOGZRÃTKGPEG FG %JQQ\ UOCXÂTG TÃGNNGOGPV WVKNG FG OCPKÂTG ´ RQWXQKT FKURQUGTFOWPGUQTVGFGXÃTKVCDNGOQFÂNGFGXKNNCIGPWOÃTKSWG
0WOÃTKU RQWT NG FÃXGNQRRGOGPV FGU EQPPGZKQPU CW TÃUGCW XKC 0WOÃTKU NOÃVWFG FOWPGNKCKUQPJCWVFÃDKVGPVTGNC9CNNQPKGGVNCTÃIKQP%JCORCIPG#TFGPPGUFCPUNG ECFTG FW RTQITCOOG +PVGTTGI ++ GV NOKPUVCNNCVKQP FOWP 212 RQKPV FG RTÃUGPEG KPVGTPGV FCPU NG FÃRCTVGOGPV IT¸EG CW RCTVGPCTKCV CXGE 1NÃCPG CUUWTCPEG FOWPG ECRCEKVÃFOÃXQNWVKQPFGUFÃDKVOKU´NCFKURQUKVKQPFGUGPVTGRTKUGUCTFGPPCKUGU
.GU+PHQTQWVGUFGNO#TFÂEJGWPU[PFKECVKPVGTEQOOWPCNRTÃEWTUGWT´NOÂTG FGUTÃUGCWZ
.GRTQLGV+PHQTQWVGUFGNO#TFÂEJGCÃVÃNCDGNNKUÃGPPQXGODTGnRTQLGV FOKPVÃTÄVRWDNKE´NCUWKVGFGSWQKNGUUVCVWVUFOWPU[PFKECVKPVGTEQOOWPCN
´XQECVKQPWPKSWGQPVÃVÃFÃRQUÃU2QWTWPVGTTKVQKTGGPENCXÃGV´FQOKPCPEG TWTCNG EQOOG NO#TFÂEJG NOGPLGW FW TGEQWTU CWZ PQWXGNNGU VGEJPQNQIKGU FG NOKPHQTOCVKQP C ÃVÃ FOCDQTF FG FÃUGPIQTIGT NGU EQOOWPGU TWTCNGU +N UOCIKV FOWPGRCTVFGHCXQTKUGTNOCEEÂUCWOQPFGGZVÃTKGWTOCKUCWUUKFGTCRRTQEJGT NGUEQOOWPGUGVFGNGWTRGTOGVVTGFGVTCXCKNNGTGPUGODNGPQVCOOGPVFCPU NGFQOCKPGUEQNCKTGLEGSWKÃVCKVVTÂUFKHHKEKNGEQORVGVGPWFGUFKHHKEWNVÃUFG EQOOWPKECVKQPL FG XCNQTKUGT NOÃFWECVKQP FGU GPHCPVU FG OCKPVGPKT UWT RNCEGNGURQRWNCVKQPUGVNGUCKFGT´TGFÃRNQ[GTNGWTUCEVKXKVÃUFGOQFGTPKUGT NGHQPEVKQPPGOGPVFGUEQNNGEVKXKVÃUGVFGUUGTXKEGURWDNKEU
.GRTQLGVUOGUV HKZÃ EQOOG QDLGEVKHU RTKPEKRCWZ NOÃSWKRGOGPV FGU ÃEQNGU FGU OCKTKGU GV FGU JÏRKVCWZ GV FG OCPKÂTG IÃPÃTCNG NG RCTVCIG FGU ÃSWKRGOGPVUGPEQOOWP2QWTFGUEQOOWPGUTWTCNGUC[CPVFGUTGUUQWTEGU NKOKVÃGUKNGUVÃXKFGOOGPVPÃEGUUCKTGFGUGTGITQWRGTRQWTNGUOWVWCNKUGTGV RQWTVTQWXGTFGUTGUUQWTEGUGZVÃTKGWTGUOCKUÃICNGOGPVRQWTHCEKNKVGTNOCEEÂU FGU RQRWNCVKQPU ´ EGU VGEJPQNQIKGU IT¸EG ´ FGU EGPVTGU NQECWZ FG EQOOWPKECVKQP FGU HQTOCVKQPU CFCRVÃGU WP CEEQORCIPGOGPV FGU DÃPÃHKEKCKTGUGVDKGPUÖTWPGKPVGPUKHKECVKQPFGUÃEJCPIGUFOKPHQTOCVKQPU
.GUTÃCNKUCVKQPUQPVÃVÃPQODTGWUGU.CRNWRCTVFGUÃEQNGURTKOCKTGUUQPV CWLQWTFOJWK ÃSWKRÃGU FG OQ[GPU KPHQTOCVKSWGU GV FKURQUGPV FOWPG EQPPGZKQP ´ NOKPVGTPGV ITCVWKVG FG PQODTGWUGU ENCUUGU UQPV ÃSWKRÃGU FG U[UVÂOGUFGXKUKQEQPHÃTGPEG2QWTEGSWKGUVFGUÃSWKRGOGPVUEQOOWPUCW FÃRCTVGOGPVQPRGWVPQVGTNCOKUGGPUGTXKEGFOWPRQKPVFOCEEÂU´NOKPVGTPGV CW%JG[NCTFCEEGUUKDNGFGVQWUNGURQKPVUFWFÃRCTVGOGPVGPEQÖVNQECNNC OKUG GP RNCEG FOWP RQPV FG XKUKQEQPHÃTGPEG LSWG FGU CFOKPKUVTCVKQPU GV JÏRKVCWZ WVKNKUGPV FG RNWU GP RNWU EQWTCOOGPVL GV NC OKUG GP UGTXKEG FG EGPVTGU FG EQOOWPKECVKQP .COCUVTG #NDQWUUKÂTG )WKJGTCPF)TCPIGU
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EJCODTGUFGUOÃVKGTUGPFKTGEVKQPFGUEQOOGTÁCPVUCTVKUCPUGVTGURQPUCDNGU FOGPVTGRTKUGU6QWVNGRTQLGVCEQPPWWPHQTVGPIQWGOGPV
&G OWNVKRNGU GZRÃTKOGPVCVKQPU QPV RCT CKNNGWTU ÃVÃ OGPÃGU FCPU NG FQOCKPG FG NC VÃNÃCFOKPKUVTCVKQP RCT GZGORNG CXGE NC XQNQPVÃ FG FÃOCVÃTKCNKUGTNCVTCPUOKUUKQPFGUFÃNKDÃTCVKQPUFGUEQPUGKNUOWPKEKRCWZFG ETÃGT ´ #PPQPC[ WP RQKPV FOCEEÂU CWZ UGTXKEGU CFOKPKUVTCVKHU FG NC UQWU RTÃHGEVWTG FCPU NG FQOCKPG FG NC IGUVKQP FGU UGTXKEGU FG UCPVÃ QP C FÃXGNQRRÃ WPG OGUUCIGTKG GPVTG NGU JÏRKVCWZ TWTCWZ GV NC &7 GV GZRÃTKOGPVÃFGUXKUKQEQPHÃTGPEGUOÃFKECNGUGPVTGNGUJÏRKVCWZFO#PPQPC[GV 5CKPV#ITÂXGFCPUNGFQOCKPGFGNCRÃFKCVTKG
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.GRNCVGCWFG8KNNCTFFG.CPUGUVWPGTÃIKQPGPFKHHKEWNVÃUÃEQPQOKSWGU SWKTKUSWGFGFGXGPKTNCDCPNKGWGTÃUKFGPVKGNNG FG )TGPQDNG NG VQWTKUOG PG UWHHKUCPVRNWU´OCKPVGPKTNGUJCDKVCPVUCWRC[UGV´CUUWTGTUQPF[PCOKUOG ÃEQPQOKSWG (CEG ´ EGVVG OGPCEG NGU CEVGWTU NQECWZ QPV OKU GP RNCEG WP RTQLGV INQDCN XKUCPV ´ HCXQTKUGT NOGORNQK FCPU NG VGTTKVQKTG +N UOCIKUUCKV FOGPICIGTWPGFÃOCTEJGSWKRGTOGVVGFGnVTCPUHQTOGTNCOGPCEGFGNCXKNNG GPCVQWV
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%GVVG TÃIKQP RTÃUGPVG GNNG CWUUK CWLQWTFOJWK NG DKNCP FG FQW\G CPPÃGU FOKPPQXCVKQPGNNGCHCKVWXTGFGRTÃEWTUGWTFÂUNCHKPFGUCPPÃGUFCPU NGFQOCKPGFGUKPHQVGEJPQNQIKGUCWLQWTFOJWKEGF[PCOKUOGUGOCPKHGUVG´NC HQKU FCPU NG FQOCKPG FGU KPHTCUVTWEVWTGU FG TÃUGCW GV FGU VÃNÃUGTXKEGU +N UOCIKUUCKVFGFQVGTNGUEGPVTGUFGTGEJGTEJGGVNGUWPKXGTUKVCKTGUECGPPCKUFOWP QWVKNFGEQOOWPKECVKQPFGJCWVPKXGCWNGWTRGTOGVVCPVFGEQQRÃTGTUWTFGU FQOCKPGUURÃEKHKSWGURÏNGFGTGEJGTEJGGPKOCIGTKGGVFGNGUTCEEQTFGTCWZ CWVTGUEGPVTGUFGTGEJGTEJGHTCPÁCKUGVKPVGTPCVKQPCWZRCTNOKPVGTPGV%OGUVCKPUK SWG NG TÃUGCW TÃIKQPCN ´ JCWV FÃDKV 8KMOCP OKU GP RNCEG FCPU NG ECFTG FW UGEQPF RNCP TÃIKQPCN RCT NGU EQNNGEVKXKVÃU VGTTKVQTKCNGU NC XKNNG FG
%CGPNGFÃRCTVGOGPVFW %CNXCFQUGVNGEQPUGKNTÃIKQPCNC ÃVÃ NOWP FGU VQWV RTGOKGTU KPUVCNNÃU GP (TCPEG RCTOK NGU XKPIVFGWZ TÃUGCWZ TÃIKQPCWZ FOGPUGKIPGOGPV GV FG TGEJGTEJG TGNKÃ CW TÃUGCW PCVKQPCN 4GPCVGT FÂU PQXGODTGKNTGUVGNOWPFGUTÃUGCWZFQPVNGFÃDKVKPVGTPG/DUGUVNG RNWUÃNGXÃ
%GVVG GZRÃTKGPEG GUV NCTIGOGPV FÃVCKNNÃG FCPU NOCTVKENG FG %JCPVCN %CTNKQ\
n8GTEQTU%QPPGEV
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.GTÃUGCW8KMOCPGUVFOCDQTFWPTÃUGCWFGEQOOWPKECVKQPPWOÃTKSWG´
VTÂUJCWVFÃDKVETÃÃURÃEKHKSWGOGPVRCT(TCPEG6ÃNÃEQORQWTNCTGEJGTEJGGV NOGPUGKIPGOGPVSWKWVKNKUGNCVGEJPQNQIKGFOCPPGCW(&&+UWTHKDTGQRVKSWG´
/DU +N TGNKG NGU EGPVTGU FG TGEJGTEJG GV FOGPUGKIPGOGPV CKPUK SWG FOCWVTGU EGPVTGU FÃNQECNKUÃU %JGTDQWTI 5CKPV.Ï #NGPÁQP .KUKGWZ &ÂU KNTGNKCKVTÃIKQPCNGOGPVCXGEFGUTCEEQTFGOGPVUFGM´/DU UKVGU %QWTCPV NGU EGPVTGU WPKXGTUKVCKTGU FÃNQECNKUÃU QPV ÃVÃ TGNKÃU ´ 8KMOCPRCTWPDCEMDQPGTÃIKQPCN4GNKÃ ´ JCWV FÃDKV /DU CW TÃUGCW 4GPCVGT 8KMOCP FQPPG ´ UGU WVKNKUCVGWTU NOCEEÂU ´ NOKPVGTPGV 6TQKU QTFKPCVGWTU URÃEKCNKUÃU UGTXGWTU ´ JCWVGU RGTHQTOCPEGU FKURQPKDNGU RQWT VQWU NGU WVKNKUCVGWTU FG 8KMOCP EQORNÂVGPV NOKPHTCUVTWEVWTG /GFKOCIG DCPSWG FG UVQEMCIG FOKOCIGU OÃFKECNGU FG ITCPFG ECRCEKVÃ KPUVCNNÃG FCPU NGU NQECWZ FW EGPVTG (TCPÁQKU $CENGUUG 0QTUKIJV ITCPFG DCUG FG FQPPÃGU IÃQITCRJKSWGU UQEKCNGU JKUVQTKSWGU FÃOQITCRJKSWGU KPUVCNNÃG ´ NOWPKXGTUKVÃFG%CGPGV%CNKPUWPUWRGTQTFKPCVGWT%TC[KORNCPVÃFCPUNG NCDQTCVQKTG%[EGTQPRQWTNGECNEWNKPVGPUKHFGUKOCIGU
2QWTEGSWKGUVFGUTÃUGCWZOÃVTQRQNKVCKPU41%XKNNGFG%CGPCFÃOCTTÃ GPRCTWPGRTGOKÂTGRJCUG41%SWKCGWRQWTQDLGEVKHFOKORNCPVGT FÃDWVCWEGPVTGXKNNGWPGKPHTCUVTWEVWTGFGHKDTGUQRVKSWGUGPEQOOWP CXGE NG EQPUGKN IÃPÃTCN FW %CNXCFQU FCPU NG DWV FG ETÃGT FGWZ TÃUGCWZ KPFÃRGPFCPVU RQWT TGNKGT XQKZ GV FQPPÃGU FGU D¸VKOGPVU FW EGPVTG XKNNG QP\GRQWTNCXKNNGEKPSRQWTNGFÃRCTVGOGPV(KPWPGUGEQPFGRJCUG
.GUQP\GUKVGUECGPPCKUTGNKÃU RQWTNC RNWRCTV ´ /DU ´ NOCPPGCW (&&+ NGU SWCVTG ECORWU FG NOWPKXGTUKVÃ FG %CGP NGU EGPVTGU FG TGEJGTEJG )CPKN %0'6
%[EGTQP FGWZ EGPVTGU JQURKVCNKGTU %*7 GV %#% (TCPÁQKU $CENGUUG NOÃEQNG FOKPIÃPKGWTU+5/4#GVUGUNCDQTCVQKTGUFGTGEJGTEJGNCVGEJPQRÏNG5[PGTIKC 5KVG WPKXGTUKVCKTG FG %JGTDQWTI1EVGXKNNG /DU UKVG FG TGEJGTEJG FO+PVGEJOGT%0#/MDUFÃRCTVGOGPVFO+76FG 5CKPV.Ï IÃPKG OÃECPKSWG MDU+76FO#NGPÁQPGV+PUVKVWVUWRÃTKGWTFGRNCUVWTIKGMDUFÃRCTVGOGPV FGNO+76FG.KUKGWZMDU
2NCSWG WPKXGTUKVCKTG RQWT TGNKGT NGU EKPS ECORWU ECGPPCKU RNCSWG 0QTF +UOTC )CPKN%[EGTQPRNCSWGJQURKVCNKÂTG%*7%*4%#%
41% C GW RQWT DWV FG ETÃGT WPG ITCPFG DQWENG CW PQTF FG %CGP GP RCTVGPCTKCV%*7OCKTKGEQPUGKNIÃPÃTCNRTÃHGEVWTGGVWPKXGTUKVÃ#XGENG TÃUGCW E¸DNÃ FO*ÃTQWXKNNG KN UOCIKUUCKV GP RCTVGPCTKCV CXGE NC .[QPPCKUG
%¸DNG EQPEGUUKQPPCKTG FW TÃUGCW E¸DNÃ 68 FG VTCPUHQTOGT NG TÃUGCW E¸DNÃ RQWTRGTOGVVTGCWZHQ[GTUGVCWZGPVTGRTKUGUFGUGEQPPGEVGT´JCWVFÃDKV´
NOKPVGTPGVQTFKPCVGWTGVVÃNÃXKUKQPGVFGEQPUVTWKTGWPTÃUGCWFGHKDTGURQWT TGNKGT NGU D¸VKOGPVU OWPKEKRCWZ OCKUQPU FG TGVTCKVG ÃVCDNKUUGOGPVU FOGPUGKIPGOGPVDKDNKQVJÂSWGU
2TQLGVUFGUEQNNGEVKXKVÃU
&ÃDWVQWVTGNGFÃOCTTCIGFGFGWZTÃUGCWZFGXKUKQGPUGKIPGOGPV FÃRCTVGOGPV FG NC /CPEJG GV CECFÃOKG FGWZ RTQLGVU GZRÃTKOGPVCWZ QPV ÃVÃUQWOKURCTFGUEQNNGEVKXKVÃUGVNCDGNNKUÃUFOKPVÃTÄVRWDNKERCTNGOKPKUVÂTG FG NO+PFWUVTKG .G RTQLGV #KPUK #EEÂU ´ NOKPHQTOCVKQP GV CWZ PQWXGCWZ UGTXKEGU FOKPVGTOÃFKCVKQP RTQRQUÃ RCT NC VGEJPQRQNG 5[PGTIKC RQWT NOCIINQOÃTCVKQPFG%CGPXKUCKV´VGUVGTGVÃXCNWGTNGTÃUGCW8KMOCPUWTFGU PQWXGCWZ UGTXKEGU GV VGEJPQNQIKGU UÃEWTKVÃ RCKGOGPV HCEVWTCVKQP SWK RTÃHKIWTCKGPV NGU CRRNKECVKQPU FG EQOOGTEG ÃNGEVTQPKSWG UWT NOKPVGTPGV .G RTQLGV2C[UFO#WIG'ZRCPUKQPEJGTEJCKVFCPUWPGQRVKSWGFOCOÃPCIGOGPVFW VGTTKVQKTG´EQPEGXQKTGV´OGVVTGGPWXTGFGPQWXGCWZVÃNÃUGTXKEGURQWTNGU GPVTGRTKUGU GV NGU JCDKVCPVU FG NOGPUGODNG FW RC[U FO#WIG VÃNÃÃFWECVKQP FKZJWKVÃEQNGURTKOCKTGUQPVÃVÃTGNKÃGU´NOKPVGTPGVVÃNÃOÃFGEKPGCKFGCWZ 2/'2/+ VTCÁCDKNKVÃ FGU RTQFWKVU CITQCNKOGPVCKTGU '&+ VÃNÃVTCXCKN RGPFWNCKTG
2QWTEGSWKGUVFWFÃRCTVGOGPVFGNC/CPEJGNGRTQLGVRKNQVÃRCTNGEQPUGKN IÃPÃTCN UQWJCKVCKV NWK FQPPGT WP UQWHHNG PQWXGCW CW FÃXGNQRRGOGPV ÃEQPQOKSWGUQEKCNGVEWNVWTGNRCTNGUQWVKGPFGURTQLGVUFGUFKHHÃTGPVUCEVGWTU FÃRCTVGOGPVCWZ EJCODTGU EQPUWNCKTGU OCKTKGU GPVTGRTKUGU +N C FÃL´
CRRQTVÃFGPQWXGCWZVÃNÃUGTXKEGUGVGPRCTVKEWNKGTNGXKUKQGPUGKIPGOGPV7P KPVTCPGV C FÃOCTTÃ HKP RQWT ÃEJCPIGT FGU KPHQTOCVKQPU CFOKPKUVTCVKXGU GPVTG NGU OCKTKGU GV NG FÃRCTVGOGPV 7P TÃUGCW FG TÃUGTXCVKQP VQWTKUVKSWG JÏVGNUIÉVGUCÃVÃKOCIKPÃRCTNGEQOKVÃFÃRCTVGOGPVCNFWVQWTKUOGGPHKPWP RCTVGPCTKCV C ÃVÃ UKIPÃ CXGE (TCPEG 6ÃNÃEQO QHHTG 5OCTV 'URCEG RQWT IÃPÃTCNKUGTEGUVÃNÃUGTXKEGU´NCRQRWNCVKQP
2TQLGVUTÃIKQPCWZFGVÃNÃUGTXKEGU
+NU EQPEGTPCKGPV N´ GPEQTG FOCDQTF NG FQOCKPG FG NOÃFWECVKQP 1WVTG NOGZRNQKVCVKQP FW TÃUGCW FG XKUKQGPUGKIPGOGPV GPVTG N[EÃGU WP KPVTCPGV CECFÃOKSWGRKNQVÃRCTNGTGEVQTCVGVNG%4&2XKUCKV´ÃVCDNKTNGUDCUGUFOWP VTCXCKNEQQRÃTCVKHGPVTGGPUGKIPCPVUGVÃNÂXGUCKPUK NG TÃUGCW &TCEECT CXCKV
XQECVKQP ´ EQPPGEVGT VQWU NGU N[EÃGU EQNNÂIGU GV CWVTGU ÃVCDNKUUGOGPVU FG NOCECFÃOKG +7(/ %4&2 +PURGEVKQP UOCRRW[CPV UWT 8KMOCP RQKPVU FG EQPEGPVTCVKQP ´ %CGP 5CKPV.Ï #NGPÁQP GV CXGE WPG ENCKTG HKPCNKVÃ FG ETÃCVKQPGVNCOKUGGPEQOOWPFGFQEWOGPVURÃFCIQIKSWGU.GUHQTOCVKQPU EQPVKPWGURQWTCFWNVGUPOQPVRCUÃVÃQWDNKÃGUNCEJCODTGFGEQOOGTEGFG 5CKPV.Ï (+/ C OQPVÃ WPG HQTOCVKQP TÃUGCW 'WTQOCUVGT DCE GP WVKNKUCPV NGU VGEJPQNQIKGU FG XKUKQGPUGKIPGOGPV NG %0#/ FG $CUUG 0QTOCPFKG WVKNKUG NGU XKUKQEGPVTGU FG 5CKPV.Ï %JGTDQWTI GV NC UVCVKQP FG XKUKQEQPHÃTGPEG FG NOWPKXGTUKVÃ FG %CGP RQWT VTCPUOGVVTG UGU EQWTU FGRWKU UGRVGODTGNO+#'FG%CGPCRGTOKUFGRWKULCPXKGTFGUWKXTGWPG HQTOCVKQP ´ FKUVCPEG n#UUKUVCPV FG IGUVKQP FGU 2/' IT¸EG CWZ VGEJPQNQIKGU FG NOKPVGTPGV GV XKUKQEQPHÃTGPEGU RGTUQPPGNNGU 7P CWVTG RTQLGV XKUCKV´EQPUVKVWGTCWVQWTFOWP%%56+´%CGPWPGPUGODNGFGRNCVGUHQTOGU RQWTNCUGPUKDKNKUCVKQPGVNOKPHQTOCVKQPUEKGPVKHKSWGUFWITCPFRWDNKE
.G UGEQPF FQOCKPG FGU RTQLGVU FG VÃNÃUGTXKEGU CXCKV VTCKV CW OQPFG KPFWUVTKGNGVCWVTCPUHGTVVGEJPQNQIKSWG7PUGTXGWTTÃIKQPCNFGEQORÃVGPEGU VGEJPQNQIKSWGU n6GEJPQNQIKGU UQWU NGU RQOOKGTU RKNQVÃ RCT NG EGPVTG FG VGEJPQNQIKGU PQWXGNNGU %60 C EQPUVKVWÃ GP OCTU WPG XKVTKPG KPVGTPCVKQPCNGFGUEQORÃVGPEGUJKIJVGEJFGUFKHHÃTGPVUCEVGWTUVGEJPQNQIKSWGU FG NC TÃIKQP GPVTGRTKUGU EGPVTGU FG TGEJGTEJG EGPVTGU FG HQTOCVKQP QTICPKUOGUFOKPVGTHCEGUVGEJPQNQIKSWGUEQPPGEVÃGCWUGTXGWTPCVKQPCNFG VTCPUHGTV VGEJPQNQIKSWG 'XCTKUVG FG NO#PXCT GV FW OKPKUVÂTG FG NO+PFWUVTKG
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.GU RTQLGVU UOKPVÃTGUUCKGPV ÃICNGOGPV FÂU NG FÃRCTV N´ GPEQTG CW UGEVGWT OÃFKECN&GRWKUFCPUNGECFTGFWRÏNGKOCIGU8KMOCPUGTVÃICNGOGPV FOKPHTCUVTWEVWTG EQOOWPG FG TÃUGCWZ RQWT FKHHÃTGPVU ÃVCDNKUUGOGPVU FG TGEJGTEJG7PRTGOKGTTÃUGCWQRÃTCVKQPPGNFGVÃNÃOÃFGEKPGGPPGWTQEJKTWTIKG CÃVÃETÃÃOKCXGENOCKFGFGNCTÃIKQPGVFGUFÃRCTVGOGPVURQWTTGNKGTNGU UGTXKEGU FOWTIGPEG FGU JÏRKVCWZ FG %JGTDQWTI GV #NGPÁQP CW UGTXKEG FG PGWTQEJKTWTIKGFW%*7FG%CGPKNCRGTOKUCWZOÃFGEKPUJQURKVCNKGTUFG FGOCPFGTFGUGZRGTVKUGURCTNOGPXQKFOKOCIGUTCFKQQWUECPPGTU7PRTQLGV FGVÃNÃOÃFGEKPGRNWUINQDCN UQWJCKVCKV ETÃGT WP TÃUGCW FOKOCIGTKG TÃIKQPCN 4+4 TGNKCPV NGU TCFKQNQIWGU FOWPG FK\CKPG FOJÏRKVCWZ GP I[PÃEQNQIKG GZRGTVKUGFGUÃEJQITCRJKGUCW%*7FG%CGPCXGENOJÏRKVCNFG%JGTDQWTI 2QWTNOÃVWFGÃRKFÃOKQNQIKSWGFGUECPEGTUNCTÃIKQPCFÃEKFÃFÂUNCHKPFG
NOCPPÃGFGUQWVGPKTNCETÃCVKQPFOWPEQNNGEVKHFGTGEJGTEJGRGTOGVVCPVNC OKUG GP TÃUGCW FGU FKHHÃTGPVU TGIKUVTGU FGU ECPEGTU GV NG VTCPUHGTV FOKOCIGU OÃFKECNGUGPJÃOCVQNQIKG
'P EG SWK EQPEGTPG NG VQWTKUOG GV NG RCVTKOQKPG EWNVWTGN WP TÃUGCW FG TÃUGTXCVKQP VQWTKUVKSWG UOCRRW[CPV UWT NGU DCUGU FG FQPPÃGU JÏVGNU IÉVGU ECORKPIUFGUEKPSEQOKVÃUFÃRCTVGOGPVCWZFWVQWTKUOG*CWVGGV$CUUG 0QTOCPFKGGVFGUDQTPGUKPVGTCEVKXGUOWNVKOÃFKCUCÃVÃKOCIKPÃ
'PHKP NC RTÃHGEVWTG FG TÃIKQP C TCRKFGOGPV UQWVGPW RNWUKGWTU RTQLGVU RQWT FÃXGNQRRGT WP VÃNÃUGTXKEG CFOKPKUVTCVKH EQOOG EGNWK FG OCKUQPU FG UGTXKEG RWDNKE FGWZ OCKUQPU GP OKNKGW TWTCN $CTGPVQP FCPU NG UWF FG NC /CPEJG GV +UKIP[ FCPU NG %CNXCFQU QPV ÃVÃ KPCWIWTÃGU FÃDWV RQWT HQWTPKTGPWPUGWNNKGWWPGCKFGCWZJCDKVCPVUGVWPEGPVTGFGTGUUQWTEGUFG TGPUGKIPGOGPVUCFOKPKUVTCVKHUGPWVKNKUCPVXKUKQEQPHÃTGPEGUGVKPVGTPGV
.G2NCPUOGUVGPICIôRTQOQWXQKTDKGPFOCWVTGURTQLGVUFCPU VQWUEGUFQOCKPGU
2QKVQW%JCTGPVGU
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#TQDCUG 2CT CKNNGWTU NOCUUQEKCVKQP #TVGOKC UOGHHQTEG FOQTICPKUGT GP TÃUGCW NGUGPVTGRTKUGUWXTCPVFCPUNGUUGEVGWTUFWOWNVKOÃFKCFGNOKPHQTOCVKQPGV FGNOCWFKQXKUWGNCNQTUSWGNGEQPUGKNIÃPÃTCNFGUQPEÏVÃRTÃRCTGNCOKUGGP TÃUGCWFGUCEVGWTUÃEQPQOKSWGUFGNOGPUGODNGFWFÃRCTVGOGPV
2QKVKGTU RGPUG UOGPICIGT FCPU EGVVG OÄOG FKTGEVKQP WPG ÃVWFG C ÃVÃ GPICIÃGFGRTÃHKIWTCVKQPFGUWUCIGUUWTNGE¸DNGGVVQWVRCTVKEWNKÂTGOGPVUWT FG NOKPVGTPGV 7P VTCXCKN FOCPCN[UG OGPÃ CXGE NOWPKXGTUKVÃ LNOKPUVKVWVKQP WPKXGTUKVCKTGÃVCPVCOGPÃG´LQWGTWPTÏNGKORQTVCPVGPNCOCVKÂTGLFGXTCKV RQTVGTUWTWPÃEJCPVKNNQPINQDCNFGEKPSEGPVUWVKNKUCVGWTUNQECWZ.GEQPUGKN
IÃPÃTCN FG NC 8KGPPG UOQTKGPVG RCT CKNNGWTU XGTU NOCOÃPCIGOGPV FOWPG KPHTCUVTWEVWTG
.KGWFGTGUUQWTEGGVFGFÃEQWXGTVGOCKUUWTVQWVNKGWFOGPUGKIPGOGPVGV FG RTQFWEVKQP NG RÏNG +OCIG FO#PIQWNÄOG FW NCDQTCVQKTG FOKOCIG PWOÃTKSWGGVFWEGPVTGFGUQWVKGPVGEJPKSWGOWNVKOÃFKCCWVÃNÃRQTVUOKPUÂTG CWLQWTFOJWKRNGKPGOGPVFCPUNGUEJÃOC2N"PGV%JCTGPVGFWEQPUGKNIÃPÃTCN 7PG TÃGNNG U[PGTIKG GUV CUUWTÃG RCT FGU UVTWEVWTGU VGNNGU SWG NOCIGPEG FG FÃXGNQRRGOGPV ÃEQPQOKSWG %JCTGPVG &ÃXGNQRRGOGPV NG %NWD FGU GPVTGRTKUGUFGNOKOCIGQWGPEQTGNO#UUQEKCVKQPKOCIGU.GURTQLGVUFW RÏNGCWDQWVFGRNWUKGWTUCPPÃGUFOGHHQTVUEQPEGTPGPVWPEGPVTGXKTVWGNFGU PQWXGNNGU KOCIGU NC nOÃICVJÂSWG WPG DCPSWG FOKOCIGU HKZGU GV CPKOÃGUL QW GPEQTG NC OKUG GP TÃUGCW FGU CEVGWTU NQECWZ UWT WPG DQWENG NQECNGGVNGWTÃXGPVWGNNGNKCKUQPRCTTÃUGCWJCWVFÃDKVCXGENG%GPVTGPCVKQPCN FWEKPÃOC´2CTKU
0QTF2CUFG%CNCKU
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LNC UCPVÃ CWVQWT FW %*47 FG .KNNG FGU JÏRKVCWZ FG NC TÃIKQP FGU RTQHGUUKQPPGNU FG NC UCPVÃ GV FO'WTCUCPVÃ UGTXKEGU FG VÃNÃOÃFGEKPG FG VÃNÃFKCIPQUVKETÃUGCWZFOGZRGTVKUGTÃUGCWZKPVGTÃVCDNKUUGOGPVUGVJÏRKVCWZ OÃFGEKPUFGXKNNG
LNOKOCIG KPFWUVTKG FW VTCKVGOGPV FG NOKOCIG PWOÃTKSWG UGEVGWT CW EWT FWSWGN UG VTQWXGPV NG DCUUKP FW 8CNGPEKGPPQKU #PPGCW EWNVWTGN FW 8CNGPEKGPPQKU5WRKPHQEQOEQORÃVGPEGUFGNOWPKXGTUKVÃFG8CNGPEKGPPGUGP OCVKÂTGFGXKFÃQPWOÃTKSWGSWKTGITQWRGGPXKTQPFGWZEGPVUGORNQKU
LNCEQOOWPKECVKQPCXCPEÃGKPVGTHCEGUJQOOGOCEJKPGVÃNÃEQQRÃTCVKQP SWK EQPEGTPG RTKPEKRCNGOGPV NG NCDQTCVQKTG HÃFÃTCVKH )CP[OÂFG TÃWPKUUCPV UGRVEGPVTGUFGTGEJGTEJG
LNOÃFWECVKQP GV NC HQTOCVKQP SWCVTGXKPIVUKZ HKNKÂTGU FG HQTOCVKQP FKHHÃTGPVGU CNNCPV FW $65 CW FKRNÏOG FOKPIÃPKGWT GP KPHQTOCVKSWG VÃNÃEQOOWPKECVKQPGVÃNGEVTQPKSWG2CTOKNGUFGTPKÂTGUPÃGUFCPUNCTÃIKQP VTQKUHQTOCVKQPUFGJCWVPKXGCWFCPUNGFQOCKPGFWEQOOGTEGÃNGEVTQPKSWG LNC EJCÉPG FG EQORÃVGPEGU FW EQOOGTEG ÃNGEVTQPKSWG CUUQEKCPV PQVCOOGPVNGEGPVTGTÃIKQPCN&ÃENKEPGVNGURTQHGUUKQPPGNUFWOWNVKOÃFKCGV
NGUCEVGWTUFGNCXGPVG´FKUVCPEG´VTCXGTUFGUTÃCNKUCVKQPUKPÃFKVGUVGNNGUSWG NCEKVÃPWOÃTKSWG
#WVQWT FG VGNU RÏNGU EOGUV CWUUK WP UGEVGWT KPFWUVTKGN VGEJPQNQIKGU FG NOKPHQTOCVKQPVÃNÃEQOOWPKECVKQPÃNGEVTQPKSWGOWNVKOÃFKCSWK TGRTÃUGPVG XKPIVVTQKUOKNNGUCNCTKÃUGVJWKVEGPVUGPVTGRTKUGUUKZKÂOGUGEVGWTTÃIKQPCN SWK EQORVG FG XÃTKVCDNGU NGCFGTU %GTRNGZ +PITCO 6JQOUQP 5QHVKOCIG 'TKEUUQP #VQU $GNICEQO (TCPEG .G 0QTF2CUFG%CNCKU GUV GP QWVTG FGXGPWG NC RTGOKÂTG TÃIKQP GP (TCPEG RQWT NOKORNCPVCVKQP FG EGPVTGU FOCRRGNUGVRQWTNGFÃXGNQRRGOGPVFWEQOOGTEGÃNGEVTQPKSWGCWVQWTFGNC XGPVG ´ FKUVCPEG 'PHKP NC TÃIKQP FKURQUG FOWPG VTÂU HQTVG FGPUKVÃ FOKPHTCUVTWEVWTGU FG VÃNÃEQOOWPKECVKQP GV FG TÃUGCWZ E¸DNÃU OGVVCPV ´ NC FKURQUKVKQP FGU WUCIGTU WPG QHHTG TÃGNNGOGPV FKXGTUKHKÃG UWT NG VGTTKVQKTG [ EQORTKURQWTFGUUGTXKEGUJCWVFÃDKVRTÂUFGXKPIVQRÃTCVGWTUUQPVRTÃUGPVU
´NOJGWTGCEVWGNNGEQPHKTOCPVNCRNCEGUVTCVÃIKSWGSWGTGRTÃUGPVGCWLQWTFOJWK NCTÃIKQPGPVCPVSWGOCTEJÃRQTVGWTFCPUNGFQOCKPGFGUVGEJPQNQIKGUFG NOKPHQTOCVKQPWPHQ[GTFW0QTF2CUFG%CNCKUUWTFGWZGUVTCEEQTFCDNG´WP TÃUGCW E¸DNÃ NC RNCSWG TÃIKQPCNG 0QTQRCNG FW TÃUGCW 4GPCVGT FKURQUGTC DKGPVÏV FOCEEÂU JCWV FÃDKV GV UWTVQWV NC TÃIKQP GUV TCEEQTFÃG CWZ TÃUGCWZ PQTFGWTQRÃGPU FG VÃNÃEQOOWPKECVKQP IT¸EG ´ WPG CTVÂTG QRVKSWG VTCPUHTQPVCNKÂTG WPKSWG GP 'WTQRG FG UQKZCPVG MKNQOÂVTGU GPVTG /QPU GV 8CNGPEKGPPGU'PSWGNSWGUFÃEGPPKGUNGRQKFUFGEGUUGEVGWTUUOGUVCORNKHKÃ CWRQKPVSWOKNUUQPVFGXGPWUWPÃNÃOGPVUVTWEVWTCPVFGNCUQEKÃVÃTÃIKQPCNGGV WPXÃTKVCDNGGPLGWUVTCVÃIKSWG
.C UVTCVÃIKG FG FÃXGNQRRGOGPV FG NC RQNKVKSWG TÃIKQPCNG LWUSWOGP XKUGRNWUKGWTUQDLGEVKHU+NUOCIKVÃXKFGOOGPVFOCVVKTGTFGPQWXGNNGUCEVKXKVÃU FCPU NC TÃIKQP FG HCKTG FGU KPHQVGEJPQNQIKGU FGU QWVKNU FG FKXGTUKHKECVKQP ÃEQPQOKSWGGHHKECEGUGVFGNCTÃIKQPWPRÏNGFGEQORÃVGPEGUFGNCUQEKÃVÃFG NOKPHQTOCVKQPTGEQPPWPCVKQPCNGOGPVGVKPVGTPCVKQPCNGOGPVKNHCWVRQWTEGNC CORNKHKGT NC F[PCOKSWG FG RÏNG FG UGTXKEGU GV FOCEVKXKVÃU GP TÃUGCW GV HCXQTKUGT NGU KPKVKCVKXGU SWK RGTOGVVGPV FG TGPHQTEGT FWTCDNGOGPV NG NKGP UQEKCN .G RNCP FOCEVKQP UG FÃEQORQUG GP VTQKU CZGU 2TGOKÂTGOGPV KN HCWV TGPHQTEGTNCEQORÃVKVKXKVÃGVNOCVVTCEVKXKVÃRCTWPUQWVKGP´NCRÃPÃVTCVKQPFG EGUVGEJPQNQIKGUFCPUNGUGPVTGRTKUGUNCETÃCVKQPFGRÏNGUFOÃEJCPIGUGVFG EQOOGTEGÃNGEVTQPKSWGNCRTQOQVKQPGVXCNQTKUCVKQPFWUCXQKTHCKTGCESWKU NGFÃXGNQRRGOGPVFGUEQOOWPCWVÃUXKTVWGNNGUETÃÃGU´RCTVKTFGNCTÃIKQP EGNWKFGRNCVGUHQTOGUVGEJPQNQIKSWGUKPPQXCPVGUGVNOCEEWGKNFOCRRNKECVKQPU RKNQVGUNCETÃCVKQPFOWPQDUGTXCVQKTGFGNCUQEKÃVÃFGNOKPHQTOCVKQPGVRQWT EG SWK GUV FW VQWTKUOG NC ETÃCVKQP FOWP TÃUGCW TÃIKQPCN FGU QHHKEGU FW VQWTKUOGFGUUGTXKEGUUWTDQTPGUVQWLQWTUCEEGUUKDNGUNGFÃXGNQRRGOGPVFG UKVGURQWTNCRTQOQVKQPPCVKQPCNGGVKPVGTPCVKQPCNGFGURTQFWKVUVQWTKUVKSWGU
NQECWZ&GWZKÂOGOGPVKNUOCIKVFGEQPVTKDWGT´NOCOÃPCIGOGPVFWVGTTKVQKTG RCTNGFÃXGNQRRGOGPVFGPQWXGCWZUGTXKEGUGVTÃUGCWZFGVÃNÃEQOOWPKECVKQP GVEGRCTNCEQQTFKPCVKQPFOWPGRQNKVKSWGFOKPHTCUVTWEVWTGUGVFGUGTXKEGUJCWV FÃDKV GV FG FGUUGTVG TÃIKQPCNG CKPUK SWG RCT NG FÃXGNQRRGOGPV FG UKVGU PWOÃTKSWGU RQWT NGU XKNNGU GV NGU TÃUGCWZ FG XKNNGU GV NOKPVGTEQPPGZKQP FGU UKVGU 'PHKP KN UOCIKV FG RGTOGVVTG ´ VQWU WPG TÃGNNG CEEGUUKDKNKVÃ GP RQWTUWKXCPV NOCEEWNVWTCVKQP GV NC UGPUKDKNKUCVKQP CXGE NOGZVGPUKQP FG NOQRÃTCVKQP%[DGT0QTF2CUFG%CNCKURQKPVUFGFÃXGNQRRGOGPVFGRTQLGVU NC ETÃCVKQP FOWP HQPFU TÃIKQPCN FOCKFG CWZ RTQLGVU GV WP TÃGN CEEÂU CWZ PQWXGCWZUGTXKEGURQWTNGUJCDKVCPVU
&CPU NG FQOCKPG FG NC UCPVÃ NGU RTKQTKVÃU TÃUKFGPV KPEQPVGUVCDNGOGPV FCPUNCFKHHWUKQPFGUGZRÃTKGPEGURKNQVGUGPOCVKÂTGFGVÃNÃFKCIPQUVKEGVFG VÃNÃOÃFGEKPGNGFÃXGNQRRGOGPVFGUTÃUGCWZKPVGTÃVCDNKUUGOGPVUJQURKVCNKGTU GVJÏRKVCWZOÃFGEKPUFGXKNNGNCFKHHWUKQPFGUGZRÃTKGPEGUFCPUNGFQOCKPG FW JCPFKECR CKPUK SWG NG FÃXGNQRRGOGPV FGU VGEJPKSWGU RGTOGVVCPV WPG JQURKVCNKUCVKQP´FQOKEKNGQRVKOCNG
&CPUEGNWKFGNCHQTOCVKQPEOGUVNGFÃXGNQRRGOGPVFWTÃUGCW'FWPGVNC OKUG GP WXTG FOWP RNCP FOÃSWKRGOGPV RQWT NGU N[EÃGU GV NC EQPUVKVWVKQP FOWPKVÃU FOKPHQTOCVKQP FG UGPUKDKNKUCVKQP GV FG OCKPVGPCPEG KPVÃITCPV FGU GORNQKULGWPGUNOCKFG´NOÃSWKRGOGPVFGUWPKXGTUKVÃUNCOKUGGPWXTGCWUUK FGRNCVGHQTOGUFGHQTOCVKQPRTQHGUUKQPPGNNGGVEQPVKPWGNGFÃXGNQRRGOGPV FG PQWXGCWZ UGTXKEGU ÃFWECVKHU CKPUK SWG NG UQWVKGP ´ NC RTQFWEVKQP GV ´ NOCFCRVCVKQPFGRTQFWKVUOWNVKOÃFKCUFGHQTOCVKQP
.GU VTCPURQTVU PÃEGUUKVGPV SWCPV ´ GWZ NG FÃXGNQRRGOGPV FOWP RÏNG FG EQORÃVGPEGU PCVKQPCN GP DKNNGVVKSWG GV OQPÃVKSWG ´ RCTVKT FG NOGZRÃTKGPEG 6TCPUECTVGCKPUKSWGNGFÃXGNQRRGOGPVFGNOKPHQTOCVKQPOWNVKOQFCNGRQWT NGUXQ[CIGWTUNGUQWVKGP´NCTÃCNKUCVKQPFGDWTGCWZUCVGNNKVGUGVFGEGPVTGUFG VÃNÃVTCXCKN FCPU NGU \QPGU RÃTKRJÃTKSWGU WTDCKPGU GV TWTCNGU GV RGWVÄVTG UWTVQWVWPGTÃGNNG TÃHNGZKQP UWT NGU U[PGTIKGU GPVTG NQIKUVKSWG VTCPURQTVU GV EQOOGTEGÃNGEVTQPKSWG
.GUCFOKPKUVTCVKQPUGVEQNNGEVKXKVÃUFQKXGPVSWCPV´GNNGUUOGPICIGTFCPU WPG TÃHNGZKQP TÃIKQPCNG UWT NC OQFGTPKUCVKQP FW UGTXKEG RWDNKE TÃIKQPCN GP NKCKUQP CXGE NO'VCV GV NGU RCTVGPCKTGU FGU EQNNGEVKXKVÃU EQPEGTPÃGU NC FÃOCVÃTKCNKUCVKQP FGU RTQEÃFWTGU CFOKPKUVTCVKXGU GV NC TÃCNKUCVKQP FOWP KPVTCPGVTÃIKQPCNFGUUGTXKEGURWDNKEU
.GEJCOREWNVWTGNPÃEGUUKVG´NOÃXKFGPEGFGUQPEÏVÃNCIÃPÃTCNKUCVKQPFW RNCPFGPWOÃTKUCVKQPFGUWXTGUEWNVWTGNNGUTÃIKQPCNGUNOKPVGTEQPPGZKQPFGU DKDNKQVJÂSWGUGVOÃFKCVJÂSWGUFGNCTÃIKQPGVNOKPVÃITCVKQPFW0QTF2CUFG
%CNCKU´WPCPPGCWEWNVWTGNOWNVKOÃFKCGWTQRÃGP
.OWPG FGU VTCFWEVKQPU EQPETÂVGU FOWP VGN RTQITCOOG GUV NOQRÃTCVKQP
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.OKPHTCUVTWEVWTG FW TÃUGCW FG HKDTG QRVKSWG OKUG GP RNCEG FÂU RCT 5VQMCDRGTOGVCWZQRÃTCVGWTUGVCWZHQWTPKUUGWTUFGUGTXKEGUFGFKURQUGTFG FGWZOKNNGMKNQOÂVTGUFGHKDTGUWTNOGPUGODNGFGNCTÃIKQP.OKPKVKCVKXGCNQTU RTKUGRCTNGEQPUGKNOWPKEKRCNCÃVÃCKPUKWPXGEVGWTFGRTGOKGTQTFTGVCPVGP VGTOGU FG EQÖV SWG FG SWCNKVÃ FGU UGTXKEGU .GU VTQKU QRÃTCVGWTU WVKNKUCPV CWLQWTFOJWK EG TÃUGCW UQPV 6GNGPQTFKC SWK QHHTG WP CEEÂU ´ NOKPVGTPGV FG /DKVUGVFGUUGTXKEGURQKPV´RQKPVUWT#6/´/DKVU9QTNFEQOCXGE /DKVU GV 6GNGEQO (KPNCPF 5QPQTC FGU UGTXKEGU ´ /DKV CXGE UVTGCOKPI XKFGQ PQVCOOGPV /KETQUQHV L FQPV QP EQPPCÉV NC TÃEGPVG CNNKCPEG CXGE 'TKEUUQPL[VGUVGCWLQWTFOJWKFGUUGTXKEGUUWT#&5.CKPUKSWO+PVGN%QORCS GV6GNKC&OCWVTGURTQRQUGPVFGUUGTXKEGUURÃEKHKSWGURQWTNOCEEÂU´/DKVU 5VL¼TP68 -CXGNXKUKQP QW GPEQTG 6GNKC +PHQOGFKC 2NWUKGWTU QRÃTCVGWTU QHHTGPV GP QWVTG WP NKGP CXGE NGU TÃUGCWZ COÃTKECKPU ´ /DKVU 6GNG 6GNGPQTFKCOCKUCWUUK6GNKCGV9QTNFEQOW
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