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QTUSWOGP NG XKEGRTÃUKFGPV FGU 'VCVU7PKU #N )QTG CPPQPEG NOQWXGTVWTG FOWP PQWXGCW EJCPVKGT NGU CWVQTQWVGU FG NOKPHQTOCVKQP RQWXKQPUPQWU KOCIKPGT SWG PQWU CDQTFGTKQPU WPG TÃXQNWVKQP VGEJPQNQIKSWGVQWEJCPVVQWUNGUUGEVGWTUFGPQUUQEKÃVÃU!.GUWPKXGTUKVÃUGP RCTVKEWNKGT EGNNGU FGU RC[U NGU RNWU CXCPEÃU QPV CRRQTVÃ WPG HQTVG EQPVTKDWVKQP GP VGTOGU FG TGEJGTEJG ´ NOÃOGTIGPEG FGU PQWXGNNGU VGEJPQNQIKGU FG NOKPHQTOCVKQP &GRWKU NOKPXGPVKQP FW DQWSWGV FG RTQVQEQNG +2 RCT 8KPVQP %GTH GP SWKP\G CPPÃGU QPV UWHHK RQWT ETÃGT NGU HQPFGOGPVU FOWPG KPVGNNKIGPEG EQNNGEVKXG %GRGPFCPV NOGHHQTV FW UGEVGWT WPKXGTUKVCKTGCUWTVQWVRQTVÃUWTNCTGEJGTEJGGVNGRTQVQV[RCIGFGPQWXGCWZ QWVKNUNCKUUCPVFGEÏVÃNGWTUQEKCNKUCVKQP.GUWUCIGUQPVKPUWHHKUCOOGPVÃVÃ ÃVWFKÃU %OGUV NG FQOCKPG FG NOÃFWECVKQP GV FG NC HQTOCVKQP NOWPG FGU CEVKXKVÃUGUUGPVKGNNGUFGUUQEKÃVÃUOQFGTPGU SWKCXCKVNGOQKPUDÃPÃHKEKÃFG NOCRRQTVFGUPQWXGNNGUVGEJPQNQIKGUFGNOKPHQTOCVKQPGVFGNCEQOOWPKECVKQP
#WLQWTFOJWKNGXQECDNGUQEKÃVÃFWUCXQKTTGORNCEGRGW´RGWEGNWKFGUQEKÃVÃ FGNOKPHQTOCVKQP
%G UGEVGWT FG NC EQPPCKUUCPEG GUV CWUUK EGNWK SWK RTQHKVGTC QW UWDKTC UWKXCPV NOQTKGPVCVKQP FGU OWVCVKQPU KORQUÃGU RCT NC OQPFKCNKUCVKQP GV NC EQORÃVKVKQP KPVGTPCVKQPCNG FGU ÃXQNWVKQPU GP EQPVGPWU GP OÃVJQFGU GV GP OQ[GPU
.GU CPPÃGU ´ QPV XW ETQÉVTG NC RNCEG FGU FKFCEVKEKGNU FCPU NG VÃNÃGPUGKIPGOGPVUGUWDUVKVWCPVRGW´RGW´NOGPUGKIPGOGPVCWVQFKTKIÃQW´
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NOGPUGKIPGOGPV RTQITCOOÃ C[CPV TGEQWTU CWZ UWRRQTVU FG EQWTU VTCFKVKQPPGNUQWCWFKQXKUWGNU.GUCPPÃGUQPVVTCPUHQTOÃGVÃNCTIK EG RTQEGUUWU FOÃXQNWVKQP GP FÃNQECNKUCPV CRRTGPCPVU GV HQTOCVGWTU GP TGEQPUVKVWCPV NGU UWRRQTVU FG EQWTU PCVWTGNU FOGPUGKIPGOGPV GP HCKUCPV VTCPUKVGTUWTNGUTÃUGCWZFGVTCPUOKUUKQPFGFQPPÃGUNGUEQPVGPWUUVCDNGUGV GPTKEJKUGPCUUQEKCPVCWZEQPVGPWUOCIKUVTCWZNCFQEWOGPVCVKQPTGSWKUGGP RGTOGVVCPVGPHKPRCTEQTTGURQPFCPEGÃNGEVTQPKSWGRCTHQTWONGUÃEJCPIGU GPVTGGPUGKIPCPVUEJGTEJGWTUGVÃVWFKCPVUGPOQPFKCNKUCPVNGUCXQKT
.G EQPVGZVG CEVWGN GP OCVKÂTG FOKPHQTOCVKQP GUV ECTCEVÃTKUÃ RCT NOCTTKXÃG OCUUKXG FGU UQNWVKQPU PWOÃTKSWGU SWK DQWNGXGTUGPV NGU TÃCNKVÃU KPUVCNNÃGU RCT WP TKUSWG OCLGWT FOJÃIÃOQPKG FOWPG UGWNG NCPIWG CWZ FÃRGPU FW OWNVKNKPIWKUOGFOWPGUGWNGEWNVWTGCWZFÃRGPUFGNCRNWTCNKVÃPQVCOOGPV´
VTCXGTU NG FÃXGNQRRGOGPV VTÂU TCRKFG FG NOKPVGTPGV RCT WP FÃXGNQRRGOGPV CVQOKUÃGV´RNWUKGWTUXKVGUUGUUWKXCPVNGURC[UGVNGUTÃIKQPUFGUPQWXGNNGU VGEJPQNQIKGU GV GPHKP RCT WPG OQKPFTG XKUKDKNKVÃ FGU EQPVGPWU PQP PWOÃTKUÃURQWTFGUEQOOWPCWVÃUFGRNWUGPRNWUNCTIGU2CTCNNÂNGOGPVNGU DGUQKPU XQPV ETQKUUCPV GP KPHQTOCVKQPU GP OÃVJQFGU GV QWVKNU RQWT NGU RTQFWKTGNGUQTICPKUGTNGUFKHHWUGTGVNGUEQPUWNVGT
.C EQOOWPCWVÃ UEKGPVKHKSWG GUV TCRRGNQPUNG ´ NOQTKIKPG FG NC RNWRCTV FGUUQNWVKQPUVGEJPKSWGUGVOÃVJQFQNQIKSWGUPÃEGUUCKTGU´ EGVVG EKTEWNCVKQP FG NOKPHQTOCVKQP EQOOG NOKPVGTPGV GV NGU UVCPFCTFU CUUQEKÃU GNNG UG FQKV CWLQWTFOJWKFGTÃHNÃEJKT´UGUWUCIGUGV´UCRÃPÃVTCVKQPKPÃNWEVCDNGFCPUNG OQPFG FG NOGPUGKIPGOGPV GV FG NC TGEJGTEJG .GU GZRÃTKGPEGU RCUUÃGU FGXTQPV ÄVTG CPCN[UÃGU CW TGICTF FG NOKORCEV FW PWOÃTKSWG GP RCTVKEWNKGT FCPUNCEKTEWNCVKQPGVNCVTCPUOKUUKQPFWUCXQKT.GTKUSWGGUVITCPFFGNCKUUGT NGEJCORFGNCVTCPUOKUUKQPFGUEQPPCKUUCPEGUCWOCTEJÃ
%GTVCKPURGPUGPVSWGNGEQPEGRVFOKPFWUVTKCNKUCVKQPFGNOGPUGKIPGOGPVGUV GP EQWTU FG OWVCVKQP RTQHQPFG .GU D¸VKOGPVU NGU UCNNGU FG EQWTU NGU CORJKVJøVTGUUQPVCRRGNÃU´FKURCTCÉVTGCWRTQHKVFOGURCEGUPWOÃTKSWGUFG NKGWZFGUCXQKTXKTVWGN.GUGPUGKIPCPVUUGTQPVKNUTGORNCEÃURCTFGUCXCVCTU PWOÃTKSWGU QW UGTQPVKNU JCRRÃU FCPU NG VQWTDKNNQP FW EJCPIGOGPV!
#WTQPVKNUVQWUNCECRCEKVÃFGTGFÃHKPKTNGWTTÏNGQWUWDKTQPVKNUNGUOWVCVKQPU KORQUÃGURCTNOÃEQPQOKGOQPFKCNG!
1P FQKV EQPUKFÃTGT CWLQWTFOJWK NC PQVKQP FOCEVG RÃFCIQIKSWG ´ NOKPUVCT FOWPCEVGOÃFKECN.GRÃFCIQIWGFGXKGPVWPOÃFKCVGWTFWUCXQKT
#WVCPV FG SWGUVKQPU CWZSWGNNGU PQWU PG RTÃVGPFQPU RCU CRRQTVGT FGU TÃRQPUGU .C TGEQPHKIWTCVKQP FG NOGURCEG WPKXGTUKVCKTG XGTU NG EQPEGRV FOWPKXGTUKVÃXKTVWGNNGOÃTKVGSWGNSWGURTÃEKUKQPUGVCOQTEGUFGTÃHNGZKQP
&GNOGPUGKIPGOGPV´FKUVCPEG´NOWPKXGTUKVÃXKTVWGNNG
.OÃFWECVKQP ´ FKUVCPEG C WPG JKUVQKTG FÃL´ NQPIWG FG TGEJGTEJG GV FG TÃCNKUCVKQPU CNNCPV FGU ÃVWFGU RCT EQTTGURQPFCPEG LWUSWOCWZ U[UVÂOGU UQWVGPWU RCT NOCWFKQXKUWGN ´ FKUVCPEG GP IÃPÃTCN DCUÃ UWT UCVGNNKVG .GU 06+%UQPVGPVTCKPFGDQWNGXGTUGTEGVVGFKUEKRNKPGGVFGXTCKGPVNWKRGTOGVVTG FG UQTVKT FGU FÃDCVU FOKPKVKÃU GV FW UEGRVKEKUOG FGU RÃFCIQIWGU GV NC VTCPUHQTOGT GP KPFWUVTKG INQDCNG 6CPFKU SWG NC SWGUVKQP FG NC SWCNKVÃ RÃFCIQIKSWG FG NOÃFWECVKQP ´ FKUVCPEG TGUVG NOQDLGV FG PQODTGWZ FÃDCVU EQPVTCFKEVQKTGUGPVTGVTCFKVKQPCNKUVGUGVURÃEKCNKUVGUNGU06+%EQOOGPEGPV´
CRRQTVGT VQWU NGU ÃNÃOGPVU FOWPG XÃTKVCDNG TÃXQNWVKQP RÃFCIQIKSWG QÔ NGU TCRRQTVUGPUGKIPCPVUGPUGKIPÃUGVGPUGKIPÃUGPUGKIPÃUEJCPIGPVTCFKECNGOGPV .GUEQPEGRVUFGEQNNCDQTCVKQPGVFOGPUGKIPGOGPVCU[PEJTQPGEQOOGPEGPV´
UOKORQUGTRNWURCTEGSWOKNUUQPVNGTGHNGVFGUPÃEGUUKVÃUFGNOÃXQNWVKQPFGNC UQEKÃVÃ SWG RQWT FGU TCKUQPU RWTGOGPV RÃFCIQIKSWGU %GRGPFCPV EG EJCPIGOGPVRQTVGNGUIGTOGUFOWPGXÃTKVCDNGTÃXQNWVKQPRÃFCIQIKSWGQÔNGU UVTWEVWTGU VTCFKVKQPPGNNGOGPV HKIÃGU FOGURCEGVGORUJKÃTCTEJKG GZRNQUGPV .OCTIWOGPV RTKPEKRCN SWK RNCKFG RQWT EG EJCPIGOGPV GUV DKGP GPVGPFW ÃEQPQOKSWGKNHCWVÄVTGEQPUEKGPVVQWVGHQKUSWGNGUVCTKHUFGNOGPUGKIPGOGPV
´FKUVCPEGTGUVGPVGPEQTGCWLQWTFOJWK´NCJCWVGWTFGEGWZFGNOGPUGKIPGOGPV VTCFKVKQPPGN NGU ÃEQPQOKGU FG OCUUG RGTOGVVCPV FG TGPVCDKNKUGT WP KPXGUVKUUGOGPV KPKVKCN UWRÃTKGWT ´ VQWU RQKPVU FG XWG ´ EGNWK FG NOGPUGKIPGOGPV VTCFKVKQPPGN POÃVCPV RCU GPEQTG CVVGKPVGU %GNC EJCPIGTC TCFKECNGOGPV FCPU NC RJCUG FG OCUUKHKECVKQP FG EGVVG VGEJPQNQIKG SWK RQWTTCKVKPVGTXGPKTCRTÂUWPGRÃTKQFGFGVTCPUKVKQPFGSWGNSWGUCPPÃGU
+NTGUVGDKGPGPVGPFWFGPQODTGWZFÃHKU´TGNGXGTEQOOGNOWVKNKUCVKQPFGU FKHHÃTGPVGU VGEJPQNQIKGU FCPU NGU RTQRQTVKQPU GV WUCIGU CRRTQRTKÃU OCKU CWUUKNCSWGUVKQPFGUOÃVJQFGURÃFCIQIKSWGUCFCRVÃGUFGNCRTQFWEVKQPFGU EWTUWU FG NC RTQRTKÃVÃ KPVGNNGEVWGNNG FGU EQPVGPWU FG NOÃXCNWCVKQP FGU GPUGKIPÃUGVFGUGPUGKIPCPVUGVIQWNQVFOÃVTCPINGOGPVRNWUKORQTVCPVFGNC HQTOCVKQPGPRCTVKEWNKGTEGNNGFGUGPUGKIPCPVU´WPGWVKNKUCVKQPOCÉVTKUÃGFG EGUPQWXGCWZQWVKNU
.G PQODTG FG VGTOGU GV GZRTGUUKQPU WVKNKUÃU CWVQWT FGU EQPEGRVU FOÃFWECVKQP ´ FKUVCPEG QW FOGPUGKIPGOGPV XKTVWGN LWUVKHKG WP VTCXCKN UÃOCPVKSWG RQWT ENCUUKHKGT ÃXKVGT NGU OCNGPVGPFWU GV FKUVKPIWGT NGU ITCPFU CZGUJKUVQTKSWGUGVRTQURGEVKHU
LNGU EQWTU RCT EQTTGURQPFCPEG UQPV ECTCEVÃTKUVKSWGU FGU RTGOKÂTGU CRRNKECVKQPUSWKUGEQPVGPVCKGPVFOWVKNKUGTNCRQUVGRQWTEQODNGTNCFKUVCPEG
LNOÃFWECVKQP ´ FKUVCPEG NC RNWU WVKNKUÃG RCT NGU GZRGTVU GP RÃFCIQIKG GZKUVCKV CXCPV NOGUUQT FGU 06+% GV UGODNG TÃUKUVGT CWZ EJCPIGOGPVU
VGEJPQNQIKSWGU .G VGTOG RQWTTCKV UQWHHTKT FW TGVCTF VGEJPQNQIKSWG FOWP EGTVCKPPQODTGFOGZRGTVUGPRÃFCIQIKGOCKUKNFGXTCKVOCKPVGPKTUQPUVCVWV FGTÃHÃTGPEG
LNG VÃNÃGPUGKIPGOGPVVÃNÃHQTOCVKQPVÃNÃWPKXGTUKVÃ ECTCEVÃTKUVKSWG FG NOÃVCRG CWFKQXKUWGNNG VÃNÃXKUWGNNG FG NOÃFWECVKQP ´ FKUVCPEG GUV HQTVGOGPV OGPCEÃGRCTNOCRRQTVQTKIKPCNFGU06+%
LNOWPKXGTUKVÃQWXGTVGOGVNOCEEGPVUWTEQNNCDQTCVKQPGVINQDCNKVÃ
LNOWPKXGTUKVÃ EQNNCDQTCVKXG QW EQQRÃTCVKXG OGV NOCEEGPV UWT NOCURGEV EQNNCDQTCVKQPCWUUKDKGPGPVTGGPUGKIPCPVUGVGPUGKIPÃUSWOGPVTGRCTVGPCKTGU RÃFCIQIKSWGU
LNC HQTOCVKQP CU[PEJTQPG OGV NOCEEGPV UWT NOWP FGU ÃNÃOGPVU HQPFCOGPVCWZ FW PQWXGCW UV[NG RÃFCIQIKSWG TGPFW RQUUKDNG RCT NC VGEJPQNQIKG EOGUV´FKTG NOÃVWFG ´ UQP RTQRTG T[VJOG UCPU KORÃTCVKH FG VGORU
LNOWPKXGTUKVÃINQDCNGOGVGPCXCPVNCXKUKQPIÃQRQNKVKSWG
LNOÃFWECVKQP CUUKUVÃG RCT QTFKPCVGWT EQORWVGT OGFKCVGF GFWECVKQP GV NC HQTOCVKQP FKUVTKDWÃG FKUVTKDWVKXG NGCTPKPI UQPV WVKNKUÃGU RCT NGU URÃEKCNKUVGU FGNCVGEJPQNQIKG
LNOWPKXGTUKVÃ KPVGTPGV VGEJPQNQIKSWG GV EQOOGTEKCNG GUV UQWXGPV WPG OÃVCWPKXGTUKVÃ SWK XGPF WP CRRCTGKN NQIKUVKSWG NQIKEKGNU GV YYY RQWT RQWXQKT RTQFWKTG FGU EQPVGPWU RÃFCIQIKSWGU FGUVKPÃU ´ ÄVTG FKUVTKDWÃU ´ FKUVCPEG
LNOWPKXGTUKVÃ XKTVWGNNG ECTCEVÃTKUVKSWG FG NOCRRTQEJG VGEJPQNQIKSWG CXCPEÃGKPVGTPGVUGXGWVWPEQPEGRVKPVÃITCVGWTFWPQWXGCWRCTCFKIOGQÔ NOGURCEGRJ[UKSWGGVNGDGUQKPFGU[PEJTQPKUOGFKURCTCKUUGPV6QWVGHQKUQP RGWV CRRQTVGT WPG TGUVTKEVKQP UÃOCPVKSWG XGTU NOGPUGKIPGOGPV UWRÃTKGWT CNQTU SWG FCPU NG PQWXGCW RCTCFKIOG NG VGTTCKP FG NOGPUGKIPGOGPV C VGPFCPEG ´ TÃFWKTG NGU HTQPVKÂTGU GPVTG NGU V[RGU FOÃVWFGU RTKOCKTG UWRÃTKGWTGRTQHGUUKQPPGNNG
LNG ECORWU XKTVWGN GUV WPG XCTKCPVG FW RTÃEÃFGPV RGWVÄVTG CXGE WPG OQKPFTGQWXGTVWTG
.G EQPEGRV FOWPKXGTUKVÃ XKTVWGNNG GUV CWLQWTFOJWK NG RNWU TÃRCPFW +N TÃRQPF CW DGUQKP FGU WPKXGTUKVÃU VTCFKVKQPPGNNGU FOQHHTKT FG PQWXGCWZ UGTXKEGUFGVTQWXGTFGPQWXGCWZOQFGUFGTGNCVKQPCXGENGUCRRTGPCPVU
6TQKUVGTOGUUQWXGPVWVKNKUÃUFCPUNGOÄOGEJCORUÃOCPVKSWGPOQPVRCU GPEQTGVTQWXÃFGFÃHKPKVKQPUVCDNG0QWUGUUC[QPUFOGPEGTPGTNGUGPUFCPUNG EQPVGZVGFGNOGPUGKIPGOGPV
LÃNGEVTQPKSWGSWKHCKVCRRGNCWZEQWEJGUDCUUGUFGNCVGEJPQNQIKGRNWU RTQEJGUFWOCVÃTKGNRJ[UKSWGGVFWVTCPURQTVFGNOKPHQTOCVKQP
LPWOÃTKSWGSWKTGUUQTVFWEQFCIGFGNOKPHQTOCVKQPSWKGUVRTQEJGFW OGUUCIGGVFQPEFWEQPVGPW
LXKTVWGNXGTVWGWZÃV[OQNQIKSWGOGPVEOGUVNGVGTOGSWKUGTCRRTQEJGNG RNWU FG NOKPFKXKFW FGU ITQWRGU GV FG NGWT OQFG FG TGRTÃUGPVCVKQP 1P RQWTTCKVRCTNGTFGEQWEJGJCWVG
.GEQPEGRVFOWPKXGTUKVÃXKTVWGNNG
.GUKPITÃFKGPVUFGNC TÃWUUKVG UQPV FOWPG RCTV NOWVKNKUCVKQP FGU 06+% GV WPGEQODKPCKUQPGPnLWUVGRTQRQTVKQPFGUFKHHÃTGPVUQWVKNUVGEJPQNQIKSWGU FCPU NC RGTURGEVKXG FOWP EJCPIGOGPV TCFKECN FG NOÃSWCVKQP FW EQÖV FG NOGPUGKIPGOGPV&OCWVTGRCTVWPGRÃFCIQIKGFQKV CEEQORCIPGT NG PQWXGCW RCTCFKIOG VGEJPQNQIKSWG GV RGTOGVVTG WP CRRTGPVKUUCIG SWK RGWV ÄVTG CU[PEJTQPG WPG PQWXGNNG TGNCVKQP GPVTG NGU CEVGWTU GV WPG HQTOCVKQP EQPVKPWÃGVQWVCWNQPIFGNCXKG'PHKPKNHCWVCXQKTWPGXKUKQPRCTVKEKRCVKXG FGNCHQTOCVKQPNOWPKXGTUKVÃXKTVWGNNGUGVTQWXGCKPUK´NOKPVGTUGEVKQPFGVTQKU GURCEGU NOGURCEG FGU RQUUKDKNKVÃU NOGURCEG FGU VGEJPQNQIKGU NOGURCEG FG NC RÃFCIQIKG
&CPU NOGURCEG FGU RQUUKDKNKVÃU PQWU RQWXQPU FKUVKPIWGT WPG TÃXQNWVKQP ÃEQPQOKSWGFÃOQETCVKUCPVGFGNOÃFWECVKQPGVNCVGPFCPEG´NCFKURCTKVKQPFG NCUGIOGPVCVKQPFGUHQTOGUFOÃFWECVKQPRTKOCKTGUGEQPFCKTGWPKXGTUKVCKTG RQWT CFWNVGU RTQHGUUKQPPGNNG HKPCNGOGPV EQPVKPWG /CKU EGVVG HQTOG FOÃFWECVKQPCUGUFCPIGTUGNNGGUVRQTVGWUGFGUCEQPVTCFKEVKQPECTUCUQWTEG ÃOGVVTKEGPOGUVRCUVQWLQWTUDKGPKFGPVKHKÃGGNNGPGTGURGEVGRCUVQWLQWTUFGU ETKVÂTGU CECFÃOKSWGU GV GNNG VGPF XGTU WPG OGTECPVKNKUCVKQP CEETWG FGU ÃEJCPIGU
&CPUNOGURCEGFGUVGEJPQNQIKGUNGU06+%QEEWRGPVWPGRNCEGCWUQOOGV FG NC JKÃTCTEJKG OCKU KN GUV DQP FG EQORTGPFTG SWG UK EGU VGEJPQNQIKGU PG UQPV RCU CRRNKSWÃGU CXGE NGU RÃFCIQIKGU CRRTQRTKÃGU GNNGU POCRRQTVGTQPV TKGPFOCWVTG´NOÃFWECVKQP SWGEQPHWUKQPGVGTTGWTFOQDLGEVKHU2CTEQPVTG UK GNNGU UQPV OCÉVTKUÃGU NG EJCPIGOGPV FG RCTCFKIOG SWK NGU CEEQORCIPG RGTOGVVTCWPGXÃTKVCDNGTÃXQNWVKQPRÃFCIQIKSWGGPRTGOKGTNKGWGNNG UGTC OCTSWÃGRCTNOCDCPFQPFGNCHQTOGXGTVKECNGFGHQTOCVKQPVTCPUHGTVXGTVKECN FG EQPPCKUUCPEGU CW RTQHKV FOWPG HQTOG GP CPPGCW QÔ NOGPUGKIPCPV UG VTCPUHQTOGGPHCEKNKVCVGWTFOWPRTQEGUUWUEGPVTÃUWTNOGPUGKIPÃGVUCECRCEKVÃ FGFÃEQWXTKTNGUEQPPCKUUCPEGU´UQPRTQRTGT[VJOGGVGPEQNNCDQTCVKQPCXGE NGU CWVTGU GPUGKIPÃU GV NGU HCEKNKVCVGWTU 'P FGWZKÂOG NKGW EGVVG PQWXGNNG HQTOGFGRÃFCIQIKGNKDÂTGFGUEQPVTCKPVGUFOGURCEGGVFGVGORUIT¸EG´WP OQFG FG HQPEVKQPPGOGPV CU[PEJTQPG 'P RGTFCPV UC XGTVKECNKVÃ
NOCRRTGPVKUUCIGFGXKGPVWPRTQEGUUWUFGEQNNCDQTCVKQPGVFGRCTVGPCTKCVGPVTG FKHHÃTGPVUITQWRGU
.OGURCEG FGU RÃFCIQIKGU GUV GP RNGKPG VTCPUHQTOCVKQP %GTVCKPU CRRQTVU TÃEGPVU QPV ÃVÃ FKUSWCNKHKÃU FOWPG EGTVCKPG OCPKÂTG RCT NGU EJCPIGOGPVU VGEJPQNQIKSWGUWPGTÃXKUKQPFGUEQPEGRVUGPVTG OQ[GPU GV QDLGEVKHU GUV GP EQWTU.GITCPFFÃHKGUVFGEQPEGXQKTWPGPQWXGNNGRÃFCIQIKGSWKUOCRRWKG UWTNGUOQ[GPUVGEJPQNQIKSWGUGVNGUVTCPUEGPFGUCPURQWTCWVCPVRTGPFTG WP RQKPV FG XWG FG VGEJPQNQIWG QW FG O[VJKHKECVKQP FGU VGEJPQNQIKGU .G FÃHK CRRCTCÉV OQKPU EQPVTCFKEVQKTG SWCPF NGU CURGEVU UQEKQNQIKSWGU SWK CEEQORCIPGPVNCTÃXQNWVKQPVGEJPQNQIKSWGUQPVOKUGPCXCPV
%GVVGFKUEKRNKPGCRTÂURNWUKGWTUCPPÃGUFGRTQITÂUNGPVUGVFKHHKEKNGUGUV TGPVTÃG FCPU WPG RJCUG FG nRQWUUÃG VGEJPQNQIKSWG VGEJPQNQI[ RWUJ SWK CTTKXG ´ OCVWTKVÃ GV RGTOGV WPG PQWXGNNG RJCUG FG nEQPFWKVG FG OCTEJÃ INQDCNINQDCNOCTMGVFTKXGPSWKXQKVCEETQÉVTGUKIPKHKECVKXGOGPVUGURCTVUFG OCTEJÃ
.GUVTQKUÃNÃOGPVUENÃUFGNCRQWUUÃGVGEJPQNQIKSWGUQPV
LNGEJCPIGOGPVRÃFCIQIKSWGPÃEGUUCKTGGPRCTVKEWNKGTFCPUNGUTGNCVKQPU ÃVWFKCPVURTQHGUUGWTUÃVWFKCPVUÃVWFKCPVU
LNGUKPITÃFKGPVUENÃURQWTNGEJCPIGOGPVRÃFCIQIKSWGNCTGEJGTEJGFG NOKPVGTCEVKXKVÃGVNCRTQCEVKXKVÃFWITQWRGEQNNCDQTCVKQP
LNCFÃVGTOKPCVKQPFGNCRTQRQTVKQPLWFKEKGWUGFGUOQ[GPUVGEJPQNQIKSWGU 'PUWKVG UWT NGU DCUGU QDVGPWGU NG OCTEJÃ EQOOGPEGTC ´ QTKGPVGT NGU EJQKZFCPURNWUKGWTUFKTGEVKQPUPQPPÃEGUUCKTGOGPVEQJÃTGPVGU
LNOCRRCTKVKQPFGRTQRQUKVKQPUCECFÃOKSWGUINQDCNGUGV´FKUVCPEGFCPUNGU RTKPEKRCNGU NCPIWGU CPINCKU GURCIPQN HTCPÁCKU UWKXKU RCT NGU NCPIWGU QTKGPVCNGUGVCUKCVKSWGUGPEQORÃVKVKQPUWTNGOCTEJÃINQDCNFGNOÃFWECVKQP CXGEWPGTÃFWEVKQPRTQITGUUKXGGVUGPUKDNGFGUEQÖVURCTNCOCUUKHKECVKQP
LNOCRRCTKVKQPFOWPnDC\CTFGNOÃFWECVKQPINQDCNGCWVQWVXGPCPVQÔNC FÃOCTEJG RWTGOGPV OGTECPVKNG GV NC SWGUVKQP FG NC RTQRTKÃVÃ KPVGNNGEVWGNNG FGXKGPPGPV ETKVKSWGU ´ OQKPU SWG NOÃXQNWVKQP FG NOKPVGTPGV FCPU NGU EKPS RTQEJCKPGUCPPÃGUEQOOGPEG´CRRQTVGTFGUNKIPGUFGUQNWVKQPU
#PQVTGCXKUKNPOGZKUVGCWEWPRTQLGVSWKCKVRWCVVGKPFTGNCSWKPVGUUGPEG UWTVQWUNGUCURGEVUEQPEGTPCPVNOWPKXGTUKVÃXKTVWGNNGPKXGCWVGEJPQNQIKSWG RCPQRNKG GP RTQRQTVKQP CFÃSWCVG FGU OQ[GPU VGEJPQNQIKSWGU PKXGCW RÃFCIQIKSWGXKUKQPUQEKQEWNVWTGNNGXKUKQPÃEQPQOKSWGXKUKQPIÃQRQNKVKSWG XKUKQP UVTCVÃIKSWG %GTVCKPU RTQLGVU RTÃUGPVGPV WP PKXGCW VTÂU CXCPEÃ UWT EGTVCKPU FGU CURGEVU OCKU NG RNWU UQWXGPV FGU NCEWPGU UQPV EQPUVCVÃGU UWT FOCWVTGURCTCOÂVTGUGUUGPVKGNUFGNOÃFWECVKQP´FKUVCPEGDCUÃGUWTNGU06+%
.GU RTQLGVU NGU RNWU RTQOGVVGWTU UQPV EGWZ SWK UOCRRWKGPV UWT WPG KPHTCUVTWEVWTGGVWPVTCXCKNJKUVQTKSWGGVSWKQPVUWUWKXTGNGURTQITÂUFGNC VGEJPQNQIKG
0QWUPGHGTQPURCUWPKPXGPVCKTGFGURTQLGVUGVFGUTÃCNKUCVKQPUGZKUVCPVGU .C OWNVKRNKECVKQP FGU CRRNKECVKQPU ÃFWECVKXGU PÃEGUUKVG WP VTCXCKN FOCPCN[UG VTÂUKORQTVCPV1PRGWVPQVGTNCXGKNNGTÃCNKUÃGRCT6*16UKVGHTCPEQRJQPGFG XGKNNGGVFOKPHQTOCVKQPUWTNCHQTOCVKQP´FKUVCPEGJVVRVJQVEWTUWUGFWSWK FQPPGWPGFGUETKRVKQPRGTVKPGPVGFGEGTVCKPGUTÃCNKUCVKQPU
.GUEJCPIGOGPVUÃFWECVKHUGPEQWTU
.GU KPFKEGU FG NOKOOKPGPEG FOWP EJCPIGOGPV FG RCTCFKIOG RQWT NOÃFWECVKQPUQPVFÃVGEVCDNGU.OÃFWECVKQPRCUUGRCTVTQKUOQFÂNGUUWEEGUUKHU
/QFÂNG %GPVTCIG 4ÏNGFGNOÃVWFKCPV 6GEJPQNQIKG 6TCFKVKQPPGN 2TQHGUUGWT 2CUUKH 6CDNGCW68TCFKQ +PHQTOCVKQP 'VWFKCPV #EVKH 1TFKPCVGWT
%QPPCKUUCPEG )TQWRG #FCRVCVKH 1TFKPCVGWTGPTÃUGCW 6CDNGCW.GUOQFÂNGUFGTGNCVKQPRÃFCIQIKSWG
.GU EQPFKVKQPU UQPV OCKPVGPCPV OÖTGU RQWT WP OQFÂNG DCUÃ UWT NC EQPPCKUUCPEG.GUVGEJPQNQIKGURTKPEKRCNGOGPVNGU06+%LQWGPVWPTÏNGENÃ FCPUEGEJCPIGOGPVFGRCTCFKIOG
0QWUFÃETKTQPUNGUHCEVGWTUENÃUFWEJCPIGOGPVFGRCTCFKIOG´RCTVKTFW VCDNGCW
&CPU EGVVG ÃXQNWVKQP NC FKUVKPEVKQP GPVTG ÃFWECVKQP RTÃUGPVKGNNG GV ´ FKUVCPEG UOGUVQORG GV NGU EQPEGRVU GZRQUÃU UOCRRNKSWGPV ÃICNGOGPV CWZ HQTOGUnNQECNGUFOGPUGKIPGOGPV
.OCTTKXÃGFGEGPQWXGCWRCTCFKIOGRQUGNCSWGUVKQPFGNCRTÃRCTCVKQPFW EQTRUGPUGKIPCPV´EGUEJCPIGOGPVUTCFKECWZ.OGPUGKIPGOGPV´FKUVCPEGRCT CTEJKVGEVWTG GUV DGCWEQWR RNWU GZKIGCPV UWT NC ECRCEKVÃ FG NOGPUGKIPCPV .G PQWXGN GPUGKIPCPV FQKV OCÉVTKUGT EG PQWXGN GPXKTQPPGOGPV FGU 06+% ÄVTG RTÄV RU[EJQNQIKSWGOGPV RQWT WP EJCPIGOGPV TCFKECN FG TÏNG VQWV GP TGPHQTÁCPV GV CEVWCNKUCPV UQP UCXQKT FCPU NC FKUEKRNKPG 7P CRRTGPVKUUCIG CRRTQRTKÃFGU06+%SWKHQWTPKTCKVWPGXKUKQPKPVÃITCNGFGNCFKUEKRNKPGCXGE NOCEEGPVUWTNCEWNVWTGFGNOKPHQTOCVKQPGUVWPÃNÃOGPVENÃFCPUNGUWEEÂUFGNC RTÃRCTCVKQP FGU GPUGKIPCPVU +N RGTOGVVTC FOCEEQORCIPGT NOCURGEV
RU[EJQNQIKSWGGVFGHQWTPKTNGUOQ[GPUFGUÃEWTKUGTNOGPUGKIPCPVGPEGSWK EQPEGTPG UQP CEVWCNKUCVKQP UQKV RCTEG SWOKN RQWTTC WVKNKUGT NOQWVKN UQKV RNWU UKORNGOGPV RCTEG SWOWPG OGKNNGWTG EQPUEKGPEG FG NC RNÃVJQTG GV FG NOQDUQNGUEGPEG FGU EQPPCKUUCPEGU FKOKPWGTC UQP CRRTÃJGPUKQP .G PQWXGN GPUGKIPCPV UQTV FG NOKUQNGOGPV FG NC ENCUUG GV TGÁQKV WP UQWVKGP NQIKUVKSWG KORQTVCPV SWOKN NWK CRRCTVKGPV FG UCXQKT EQQTFQPPGT GV WVKNKUGT RQWT NOCWFKQXKUWGNEQOOGRQWTNCVQKNGFGUURÃEKCNKUVGUFGNCRTQFWEVKQPFQKXGPV ÄVTG´UCFKURQUKVKQPRQWTSWOKNRWKUUGQDVGPKTWPTÃUWNVCVFGSWCNKVÃSWCPV´
NCHQTOGGVUGEQPEGPVTGTUWTNGHQPFEOGUV´FKTGUWTNGEQPVGPWRÃFCIQIKSWG .C RTKUG FG EQPUEKGPEG FG NC RCTV FGU TGURQPUCDNGU WPKXGTUKVCKTGU FG NC PÃEGUUKVÃ FOCRRQTVGT WP GPUGODNG FG HQPEVKQPU FG UQWVKGP CWZ GPUGKIPCPVU GUVWPÃNÃOGPVENÃFCPUNGUWEEÂUFGNCRTQFWEVKQPGVFGNCVTCPUOKUUKQPFGU EQPPCKUUCPEGU
'P EG SWK EQPEGTPG NG FÃTQWNGOGPV QRVKOCN FG NC ENCUUG XKTVWGNNG GV NOÃOGTIGPEG FW VTCXCKN FOCRRTGPVKUUCIG GP ITQWRG SWK TGRTÃUGPVG NG HQ[GT ETÃCVKHFGNCPQWXGNNGOQFCNKVÃNCIGUVKQPFGNCEQOOWPCWVÃXKTVWGNNGTGNKCPV NGU GPUGKIPCPVU GV NGU GPUGKIPÃU FGXKGPV NOÃNÃOGPV ETKVKSWG 0QVTG CRRTQEJG FGU GZRÃTKGPEGU OGPÃGU TÃXÂNG WPG UÃTKGWUG UQWUGUVKOCVKQP FG EGV CURGEV C[CPV RQWT EQPUÃSWGPEG FG ITCXGU RGTVWTDCVKQPU FCPU NG RTQEGUUWU 2QWTVCPV EOGUV NOWP FGU ÃNÃOGPVU NGU OQKPU KORQTVCPVU CW PKXGCW FG NOÃSWCVKQP ÃEQPQOKSWG +N EQPXKGPV FOCRRQTVGT WPG CVVGPVKQP GZVTÄOG CWZ OÃVJQFGURTQEÃFWTGUGVNQIKEKGNUSWKXQPVUQWUVGPFTGNCEQOOWPKECVKQPFG ITQWRG2NWUSWGPOKORQTVGSWGNCWVTGÃNÃOGPVNQIKUVKSWGEGVÃNÃOGPVGUVNC ENÃ FCPU NG UWEEÂU FG NC F[PCOKSWG FG NC ENCUUG XKTVWGNNG CNQTU SWOKN TGRTÃUGPVGNOWPFGUKPXGUVKUUGOGPVUNGUOQKPUKORQTVCPVU
.C RTQFWEVKQP FG OWNVKOÃFKCU KPVGTCEVKHU EQOOG QWVKNU KPFKXKFWGNU FOCRRTGPVKUUCIGEQORNÃOGPVCKTGUCWZQWVKNUDCUÃUUWTNGTÃUGCWUGODNGRQWT NG OQOGPV TÃUGTXÃG ´ FGU GPVTGRTKUGU GV NGU WPKXGTUKVÃU ´ FKUVCPEG UO[
CRRNKSWGPV CXGE NGPVGWT +N PO[ C RQWTVCPV RCU FG TCKUQP ÃEQPQOKSWG HQPFCOGPVCNG´EGNC.OQDUGTXCVKQPFGUKVGUÃFWECVKHUDCUÃUUWTNCVQKNGCXGE FOGZEGNNGPVUOQFÂNGUITCRJKSWGUOCKUCXGEFGUFÃNCKUFGTÃRQPUGVQWV´HCKV GZEGUUKHURQWT UGTXKTFOQWVKNÃFWECVKHRNCKFGGPHCXGWTFGNC RTQFWEVKQP FG EÃFÃTQOUKPVGTCEVKHUGVRQWTNCOKUGWXTGTCRKFGFOKPVTCPGVUCKPUKSWGRQWT NGUGZRÃTKOGPVCVKQPUFGTÃUGCWZ´JCWVUFÃDKVUCXGERQWTEKDNGRTKQTKVCKTGNG OQPFGFGNOÃFWECVKQP
2CTCKNNGWTUNOÃOGTIGPEGFGNCTCFKQPWOÃTKSWG&#$RGTOGVFGHQPFGT FGPQWXGCWZGURQKTUUWTNCOCUUKHKECVKQPFGNCFKHHWUKQPFWUCXQKT´OQKPFTG EQÖVGVFCPUFGUEQPFKVKQPUCEEGRVCDNGU%GVVGVGEJPQNQIKGGUVRCTVKEWNKÂTGOGPV DKGPCFCRVÃGCWZRC[UGPFÃXGNQRRGOGPV
(CEVGWT 'XQNWVKQP
6GORU .GHCEVGWTVGORUPOGUVRNWUWPGEQPVTCKPVGNOGPUGKIPGOGPVCU[PEJTQPG NKDÂTG NOÃVWFKCPVFGUKORÃTCVKHUFGVGORU
'URCEG .G HCEVGWT FKUVCPEG POGUV RNWU EQPVTCKIPCPV NOÃVWFKCPV RGWV RCTVKEKRGT ´ NOGPUGKIPGOGPV UCPU CXQKT DGUQKP FOÄVTG RTÃUGPV FCPU NOGURCEG RJ[UKSWG WPKXGTUKVCKTG+NGPXCFGOÄOGRQWTNGUGPUGKIPCPVUGVNGUVWVGWTU
%QÖV .OKPXGUVKUUGOGPVRÃFCIQIKSWGRQWTNOGPUGKIPGOGPV´FKUVCPEG OQFGTPG GUV EGTVCKPGOGPVRNWUKORQTVCPVSWGEGNWKFWOQFÂNGVTCFKVKQPPGNSWOKNUOCIKUUG FG NOKPXGUVKUUGOGPV KPKVKCN QW FG EGNWK NKÃ ´ NC NKXTCKUQP FG NOGPUGKIPGOGPV /CKUFGWZHCEVGWTUXQPV FKOKPWGT NG EQÖVINQDCNFCPUFGUHCEVGWTUFOÃEJGNNG NC TÃFWEVKQPFGUDGUQKPUGPUWTHCEGUGVNQECWZGVNOCWIOGPVCVKQPUGPUKDNGFGNC VCKNNGFGNCENCUUGXKTVWGNNG
4GNCVKQPU .C TGNCVKQP VTCFKVKQPPGNNGOGPV XGTVKECNG GPVTG GPUGKIPCPVU GV GPUGKIPÃU XC ÃXQNWGT XGTU WP OQFÂNG RNWU JQTK\QPVCN QÔ NOGPUGKIPCPV UG VTCPUHQTOG GP HCEKNKVCVGWT GZRGTV EQNNÂIWG GV QÔ NOCRRTGPCPV FGXKGPV PCVWTGNNGOGPV CEVKH
&CPU EGVVG ÃXQNWVKQP FGU TÏNGU NG ITQWRG RTGPF FG NOKORQTVCPEG GP VCPV SWOGURCEGFGEQPUWNVCVKQPEQPEGTVCVKQPGVEQNNCDQTCVKQP2CTEGOÃECPKUOG NOGPUGKIPGOGPVGUVnTGÁWRCTNOKPFKXKFWFCPUNOKPVGTCEVKQPCXGEWPITQWRG QÔNGUGPUGKIPCPVUPGUQPVSWGNOWPFGUÃNÃOGPVU+NUOCIKVFOWPGTGFÃHKPKVKQP EQORNÂVGFGUTÏNGUQÔNGF[PCOKUOGFGUTÏNGUGZKIGWPÃVWFKCPVCFCRVCVKH +PHQTOCVKQP
EQPPCKUUCPEG
.G VTCPUHGTV FG EQPPCKUUCPEGU POGUV RNWU NOQDLGV RTGOKGT FG NOÃFWECVKQP NOGPUGKIPÃFQKVCRRTGPFTG´CESWÃTKTFGNOKPHQTOCVKQPCWHWTGV´OGUWTGFG UGU DGUQKPU ´ NOÃXCNWGT GV ´ NC VTCPUHQTOGT GP EQPPCKUUCPEG ´ VTCXGTU NG RTQEGUUWUTGNCVKQPPGN
&GOCPFG &ÃVGTOKPÃG RCT FGU KORÃTCVKHU UQEKQÃEQPQOKSWGU GNNG UWUEKVG WPG UVTWEVWTCVKQP FG NOQHHTG SWK FQKV CRRQTVGT FGU TÃRQPUGU FG RNWU GP RNWU RTÃEKUGU EQTTGURQPFCPV CWZ DGUQKPU TÃGNU FW FGOCPFGWT GV NKDÃTÃGU FGU EQPVTCKPVGUURCVKQVGORQTGNNGU.CRTÃIPCPEGFGEGVVGUKVWCVKQPGPHQTOCVKQP EQPVKPWGICIPGNGEJCORFGNCHQTOCVKQPKPKVKCNGGPWPKXGTUKVÃ
/CTEJÃ 'PNKDÃTCPVNGUHCEVGWTUGURCEGGVVGORUNOÃFWECVKQPUOQWXTGCWOCTEJÃINQDCN QÔ NC NCPIWG FGXKGPV NOWPG FGU EQPVTCKPVGU RTKPEKRCNGU FG NOGZRCPUKQP .GU VTCFWEVGWTU CWVQOCVKSWGU PG UQPV RCU GPEQTG CUUG\ RGTHQTOCPVU RQWT TÃUQWFTGEGRTQDNÂOG
%QPEWTTGPEG EQNNCDQTCVKQP
.CINQDCNKUCVKQPFWOCTEJÃFGNOÃFWECVKQPGVNOCRRCTKVKQPFOGPVKVÃUPQWXGNNGU RNCEÃGU FÃNKDÃTÃOGPV FCPU NOGURCEG EQOOGTEKCN KPVGPUKHKGPV NC EQPEWTTGPEG GPVTG NGU GPVTGRTKUGU FG NOÃFWECVKQP 2CTCNNÂNGOGPV NC EQNNCDQTCVKQP GV NGU CNNKCPEGU UVTCVÃIKSWGU UOKORQUGPV EQOOG NGU TÃRQPUGU CFCRVÃGU CWZ EJCPIGOGPVUFGNCRCTVFGUWPKXGTUKVÃU
'XCNWCVKQP .GUEQPEGRVUVTCFKVKQPPGNUFOÃXCNWCVKQPFGUGPUGKIPÃUUWTNCDCUGFGTÃUWNVCVU GZCOGPU FQKXGPV UOCFCRVGT ´ FGU OÃVJQFGU PQWXGNNGU QÔ NOÃXCNWCVKQP FW RTQEGUUWURTGPFWPGRNWUITCPFGKORQTVCPEGRGTOGVVCPVCKPUKFOÃEJCRRGT´
NC OGUWTG FGU EQPPCKUUCPEGU CUUKOKNÃGU GV FOKPVÃITGT FGU HCEVGWTU RNWU UGPUKDNGU ´ NOÃSWCVKQP FW PQWXGCW RTQHGUUKQPPGN ECRCEKVÃ FG TGEJGTEJG FOCFCRVCVKQP FG EQOOWPKECVKQP FG EQNNCDQTCVKQP .GU CTDTGU FG EQPPCKUUCPEGURTGPPGPVWPGFKOGPUKQPKORQTVCPVGFCPUEGURTQEGUUWU 6[RG .C FKUVKPEVKQP FGU V[RGU FOÃFWECVKQP RTKOCKTG UGEQPFCKTG VGEJPKSWG
WPKXGTUKVCKTGRTQHGUUKQPPGNNGVGPF´RGTFTGFGNOKORQTVCPEGCWRTQHKVFOWP GPUGKIPGOGPVEQPVKPW
6CDNGCW.GUPQWXGCWZRCTCFKIOGUFGNOGPUGKIPGOGPV
4ÃRQPUGUXKTVWGNNGUFGOCPFGUTÃGNNGU .GEQPVGZVGPCVKQPCNHTCPÁCKU
.GU HTQPVKÂTGU GPVTG NG VGORU FW VTCXCKN GV EGNWK FG NC HQTOCVKQP UOGUVQORGPV RTQITGUUKXGOGPV .C FGOCPFG FG HQTOCVKQP SWOGNNG UQKV FKRNÏOCPVGQWSWCNKHKCPVGFGXKGPVRTÃEKUGEJCJWVCPVNGUE[ENGUVTCFKVKQPPGNU FGNCTÃRQPUGGVUGUOQFCNKVÃU
5WT HQPF FG nETÃFKV HQTOCVKQP NQTU FGU #UUKUGU TÃIKQPCNGU FGU 'PVTGVKGPU FG %QPFQTEGV FG NOKPFKXKFWCNKUCVKQP ÃVCKV NG NGKVOQVKX FGU FÃDCVU
#WLQWTFOJWK NC IGUVKQP FGU EQORÃVGPEGU GUV RNWU SWG LCOCKU EQPEGTPÃG RCT NC TGEJGTEJG FG OGKNNGWTGU RGTHQTOCPEGU ÃEQPQOKSWGU .C TGOKUG GP ECWUG FW OQFÂNG VTCFKVKQPPGN FG NC FKXKUKQP FW VTCXCKN GV NG FÃRNQKGOGPV RTQITGUUKH FGU PQWXGNNGU VGEJPQNQIKGU SWK FÃXGNQRRGPV NGU KPVGTCEVKQPU CW UGKP FGU QTICPKUCVKQPU EQPFWKUGPV NGU GPVTGRTKUGU ´ ETÃGT FGU U[UVÂOGU FG IGUVKQPFGUEQORÃVGPEGUSWKTGORNCEGPVNCIGUVKQPVTCFKVKQPPGNNGEGPVTÃGUWT NGURQUVGUFGVTCXCKN
2CTCNNÂNGOGPVNCEJGTVÃFGUFKURQUKVKHUFGHQTOCVKQPNGUECTCEVÃTKUVKSWGU PQWXGNNGU FW OCTEJÃ FW VTCXCKN HQPFÃGU UWT NC OQDKNKVÃ NGU TWRVWTGU RTQHGUUKQPPGNNGUGVNOCFCRVCVKQPRGTOCPGPVGFGUEQORÃVGPEGUQPVEQPFWKV´
NC XCNKFCVKQP RTQHGUUKQPPGNNG FGU CESWKU .C NQK FG SWK RGTOGV FG XCNKFGTWPGGZRÃTKGPEGRTQHGUUKQPPGNNGGPFKURGPUCPVFGNCSWCUKVQVCNKVÃFGU ÃRTGWXGU PÃEGUUCKTGU ´ NOQDVGPVKQP FOWP FKRNÏOG RTQHGUUKQPPGN FÃRCUUG FG NQKP EGNNG FG GV NG FÃETGV FG GP XKIWGWT FCPU NOGPUGKIPGOGPV UWRÃTKGWT'NNGTGRTÃUGPVGWPGCXCPEÃGEWNVWTGNNGKORQTVCPVGSWKUGTCGPEQTG RTQEJCKPGOGPVÃNCTIKG
(CEG ´ NOÃOGTIGPEG FOWPG FGOCPFG JÃVÃTQIÂPG GV CU[PEJTQPG SWK UG VTQWXG FÃUQTOCKU TGPHQTEÃG NOCFCRVCVKQP FGU TÃRQPUGU HQTOCVKQPU FGXKGPV WPGEQPVTCKPVGHQTVG.OKPFKXKFWCNKUCVKQPRÃFCIQIKSWGFGXKGPVWPGPÃEGUUKVÃ KORÃTKGWUG
6QWVGHQKU WP RTQLGV RÃFCIQIKSWG HQPFÃ UWT NOKPFKXKFWCNKUCVKQP KORQUG FGU EJCPIGOGPVU KORQTVCPVU FCPU NOQTICPKUCVKQP GV NGU OÃVJQFGU FG HQTOCVKQP%GTVCKPUQPVRCTNÃFGTÃXQNWVKQPEQRGTPKEKGPPGHCKUCPVTÃHÃTGPEG´
NC NQIKSWG PQWXGNNG EGPVTÃG UWT NOCRRTGPCPV RTQXQSWCPV NC OKUG UWT QTDKVG FGUEQPVGPWU
&KZ CPU CRTÂU NGU #UUKUGU CWZSWGNNGU PQWU HCKUKQPU CNNWUKQP JQTOKU FGU GZRÃTKGPEGUOGPÃGUPQVCOOGPVFCPUNGU%GPVTGURGTOCPGPVUFGNOÃFWECVKQP PCVKQPCNGNGUDQWNGXGTUGOGPVURÃFCIQIKSWGUUQPVCUUG\INQDCNGOGPVTGUVÃU
FCPU NGU VÄVGU 5K NOQP UG RGPEJG UWT NGU GZRÃTKGPEGU SWK QPV ÃVÃ OGPÃGU KN CRRCTCÉV SWG NOGPICIGOGPV HKPCPEKGT VGEJPKSWG GV JWOCKP EQPUVKVWG WP QDUVCENG´NCOKUGGPWXTGFGVGNUFKURQUKVKHU.GUTGVQWTUUWTKPXGUVKUUGOGPV UQPVUQWXGPVCNÃCVQKTGUECTFÃVGTOKPÃURCTFGUHNWZFGRWDNKEUKPUWHHKUCPVUGV IÃQITCRJKSWGOGPV EKTEQPUETKVU &OCWVTG RCTV WPG RÃTKQFG FG VWTDWNGPEGU ÃEQPQOKSWGUSWKCUGEQWÃNGUQTICPKUOGUFGHQTOCVKQPPOCRCURGTOKUEGU FGTPKÂTGUCPPÃGUWPTÃGNFÃXGNQRRGOGPVFGEGV[RGFGFKURQUKVKHU
#WLQWTFOJWK NG PKXGCW CVVGKPV RCT NGU PQWXGNNGU VGEJPQNQIKGU FG NOKPHQTOCVKQPGVFGNCEQOOWPKECVKQPGUVFÃUQTOCKUWPGFQPPÃGPQWXGNNGFG NCRTQDNÃOCVKSWGFGNOKPFKXKFWCNKUCVKQP
&WRQKPVFGXWGFGNCFGOCPFGGPRNWUFGUURÃEKHKEKVÃURÃFCIQIKSWGGV VGORQTGNNG NC FKOGPUKQP URCVKCNG XKGPV EQORNÃVGT NGU RQUUKDKNKVÃU FG NC TÃRQPUG 1T NG OCTEJÃ FG NC HQTOCVKQP ´ FKUVCPEG C EQPUKFÃTCDNGOGPV RTQITGUUÃEGUFGTPKÂTGUCPPÃGUNGUWPKXGTUKVÃUUOGPRTÃQEEWRGPV´VTCXGTUNC RGTURGEVKXGFGETÃCVKQPFGEQPUQTVKWOUFGHQTOCVKQP´FKUVCPEG#KPUKEGVVG PQWXGNNG FQPPG TGEÂNG FGU GPLGWZ RQNKVKSWGU UQEKCWZ GV ÃEQPQOKSWGU KORQTVCPVURQWTNGUQTICPKUOGUFGHQTOCVKQP
&W RQKPV FG XWG FG NOQHHTG NGU 06+% TGPHQTEGPV GP EQORNGZKVÃ NC RTQDNÃOCVKSWG FG NOKPFKXKFWCNKUCVKQP ECT GNNGU QDNKIGPV ´ SWGUVKQPPGT NGU VJÃQTKGUFGNOCRRTGPVKUUCIGNCTGNCVKQPRÃFCIQIKSWGNCSWCNKVÃFGUTGUUQWTEGU OÃFKCVKUÃGUGVRNWUINQDCNGOGPVNCSWCNKVÃFGNCRTGUVCVKQPFGUGTXKEGU
.C OKUG ´ FKUVCPEG FG HQTOCVKQPU KPFKXKFWCNKUÃGU UWRRQUG SWOWPG CVVGPVKQP RCTVKEWNKÂTG UQKV EQPUCETÃG CWZ EQPFKVKQPU HQPFCOGPVCNGU FG OKUG GPWXTGFGNOKPFKXKFWCNKUCVKQP
.OKPFKXKFWCNKUCVKQP UG HQPFG UWT FGWZ RTKPEKRGU RTQRQUGT WPG QHHTG FG HQTOCVKQPCFCRVÃG´NCFGOCPFGGVHCXQTKUGTWPGCEVKXKVÃFGNOCRRTGPCPVSWK RTGPPG GP EQORVG UGU ECTCEVÃTKUVKSWGU KPFKXKFWGNNGU UVTCVÃIKG EQIPKVKXG EGPVTGUFOKPVÃTÄVU
.GTGURGEVFGEGUFGWZRTKPEKRGUKORQUGSWGUQKGPVTÃWPKGUNGUEQPFKVKQPU SWKCWVQTKUGPVFGNCRCTVFGNOCRRTGPCPVWPOKPKOWOFGEQPVTÏNGCWPKXGCW UQEKQRTQHGUUKQPPGNEQPVTÏNGUWTNOQHHTGGVNOQTICPKUCVKQPFGUCHQTOCVKQPGV CW PKXGCW RÃFCIQIKSWG SWK RQTVG UWT NGU T[VJOGU FOCRRTGPVKUUCIG NGU TGUUQWTEGUNCIGUVKQPFWEWTUWU
.OKPIÃPKGTKG GP OCVKÂTG FOKPFKXKFWCNKUCVKQP FQKV FQPE RGTOGVVTG ´ NOCRRTGPCPV FG FGXGPKT CEVGWT FG UC HQTOCVKQP EOGUV´FKTG FG HCXQTKUGT NGU FÃOCTEJGU FOCWVQHQTOCVKQP UCEJCPV SWG NOKPFKXKFW UG EQPUVTWKV ´ VTCXGTU NOCEVKQPTGÁWGFGUCWVTGUFCPUUCEQPHTQPVCVKQPCXGENGU[UVÂOGFGHQTOCVKQP GV´VTCXGTUNGTCRRQTVSWOKNGPVTGVKGPVCXGENWKOÄOG
.GUÃNÃOGPVUFGNOQTICPKUCVKQPFGNCTÃRQPUG
.COKUG´FKUVCPEGFGUEQPVGPWUFCPUWPGFÃOCTEJGFOKPFKXKFWCNKUCVKQP FGUHQTOCVKQPUKORQUGWPGQTICPKUCVKQPURÃEKHKSWGFWU[UVÂOGFGHQTOCVKQP GVNCOKUGGPWXTGFOQWVKNUFGIGUVKQPRÃFCIQIKSWGCFCRVÃU.OQDLGEVKHFGEG U[UVÂOG GUV FOWPG RCTV FOCFCRVGT NC TÃRQPUG CWZ DGUQKPU FG HQTOCVKQP GV FOCWVTG RCTV FG ETÃGT WP GPXKTQPPGOGPV CFCRVÃ CWZ ECTCEVÃTKUVKSWGU FG NOCRRTGPCPVGVUWUEGRVKDNGFGUWUEKVGTWPGFÃOCTEJGCEVKXGSWKNGTGPFGUWLGV FGUQPCRRTGPVKUUCIG
.GU DCUGU GV U[UVÂOGU SWK UWKXGPV PQWU RCTCKUUGPV ÄVTG FCPU NGWT HQPEVKQPPGOGPV GV NGWTU KPVGTCEVKQPU NGU ÃNÃOGPVU HQPFCOGPVCWZ FOWP GPXKTQPPGOGPVHCXQTCDNG´NCOKUGGPWXTGFGVGNURCTEQWTUKPFKXKFWCNKUÃU FGHQTOCVKQP
7PGDCPSWGFOWPKVÃURÃFCIQIKSWGUGUVEQORQUÃGFGOQFWNGUFGHQTOCVKQP CW UGKP FGUSWGNU NOCRRTGPCPV VTQWXG FGU UÃSWGPEGU RÃFCIQIKSWGU SWK EQPUVKVWGPVNGUOQ[GPUFGUGUCRRTGPVKUUCIGU
5GNQPNCFÃHKPKVKQP#HPQTNGOQFWNGGUVWPUGIOGPVÃNÃOGPVCKTGKPVÃITÃ QWKPVÃITCDNGFCPUWPEWTUWUFGHQTOCVKQPKNEQPUVKVWGWPVQWVGPNWKOÄOG
&CPUNCDCPSWGFOWPKVÃURÃFCIQIKSWGUEQPUVTWKVUWTNCDCUGFGTÃHÃTGPVKGNU FKRNÏOGU GV FG TÃHÃTGPVKGNU GORNQKU NG OQFWNG UVTWEVWTG FGU ECRCEKVÃU FG FKUEKRNKPGUGVFGFQOCKPGUFGHQTOCVKQP+NGUVKFGPVKHKÃ RCT WP KPVKVWNÃ WP EQFGWPGTÃHÃTGPEGCWVGWTKNÃPQPEGUQPQDLGEVKHRÃFCIQIKSWGUCFWTÃGUGU EQPVGPWU UGU RTÃTGSWKU CKPUK SWG NGU UCXQKTU GV UCXQKTHCKTG SWOKN OGV GP WXTG .GU OQFWNGU RGWXGPV ÄVTG CUUKIPÃU ´ WP QW RNWUKGWTU FQOCKPGU GV EOGUVNOCITÃICVKQPFGUOQFWNGUFGHQTOCVKQPQTICPKUÃUGPRNCPFGHQTOCVKQP SWKEQPUVKVWGNGUEWTUWUFGHQTOCVKQPKPFKXKFWCNKUÃU
#HKP FG TGPHQTEGT NGU OQ[GPU FG EQPVTÏNG GV FG IGUVKQP SWG NOCRRTGPCPV FQKV CXQKT UWT UC HQTOCVKQP NGU OQFWNGU FQKXGPV RTÃUGPVGT ENCKTGOGPV NGU QDLGEVKHUSWGNOCRRTGPCPVFQKVCVVGKPFTGCKPUKSWGNCPCVWTGFGUCEVKXKVÃUNC OÃVJQFG CFQRVÃG GV NGU OQ[GPU OKU ´ UC FKURQUKVKQP 2QWT CEETQÉVTG NC NKUKDKNKVÃFWRCTEQWTUNOCRRTGPCPVFQKVRQWXQKTXKUWCNKUGTNGOQFWNGÃVWFKÃ FCPU NOGPXKTQPPGOGPV KOOÃFKCV FGU OQFWNGU EQPVKIWU SWK EQPEQWTGPV ´ NOCRRTGPVKUUCIGFOWPGECRCEKVÃ
.GOQFWNGFQKVHCXQTKUGTFCPUWPGNQIKSWGCWVQPQOKUCPVGNGUEJQKZSWG NOCRRTGPCPVHCKVCWPKXGCWFGNCEQPFWKVGFGUGUCRRTGPVKUUCIGUGVFCPU UC EQPEGRVKQP ÄVTG UWHHKUCOOGPV UQWRNG RQWT RTGPFTG GP EQORVG NC FKXGTUKVÃ FGURTQHKNUFOCRRTGPCPVU
7PU[UVÂOGFGIGUVKQPFGOQFWNGUEQPVTKDWG´NCIGUVKQPGV´NOQTICPKUCVKQP FGU OQFWNGU GV RGTOGV RCT GZVTCEVKQP FG EGU OQFWNGU NC EQPUVTWEVKQP FG
RNCPUFGHQTOCVKQPFCPUFGUNQIKSWGUFKRNÏOCPVGQWSWCNKHKCPVG2CTNGDKCKU FG EG U[UVÂOG NC UVTWEVWTCVKQP FG NC DCPSWG FOWPKVÃ RÃFCIQIKSWG GUV VGNNG SWOGNNGFQKVHCXQTKUGTNCEQPUVTWEVKQPPÃIQEKÃGFGRCTEQWTUFGHQTOCVKQPGP TÃHÃTGPEGCWRTQLGVRTQHGUUKQPPGNGVFGHQTOCVKQPFWFGOCPFGWT
7PG DKDNKQVJÂSWG FOÃXCNWCVKQPU FQKV EQPVGPKT NOGPUGODNG FGU ÃXCNWCVKQPU PÃEGUUCKTGU´NCOKUGGPWXTGFGUCRRTGPVKUUCIGUCKPUKSWGEGNNGUTGNCVKXGU´
NOCRRTÃEKCVKQP FG NC SWCNKVÃ FG NC RTGUVCVKQP FG UGTXKEG TGPFWG RCT NG HQPEVKQPPGOGPV FW FKURQUKVKH .GU QWVKNU FOÃXCNWCVKQP UVQEMÃU FCPU NC DKDNKQVJÂSWG RGWXGPV ÄVTG RTQRQUÃU CWZ CRRTGPCPVU CW EQWTU FW FÃTQWNGOGPV FG NGWT HQTOCVKQP .GU KPHQTOCVKQPU CKPUK TGEWGKNNKGU RGWXGPV UWUEKVGTFGUDQWENGUFGTÃVTQCEVKQPU2CTOKEGUÃXCNWCVKQPUQPRGWVVTQWXGT .GU ÃXCNWCVKQPU HQTOCVKXGU SWK EQPUVKVWÃGU ´ RCTVKT FW ETQKUGOGPV FG PKXGCWZFGEQORQTVGOGPVUGVFGUECVÃIQTKGUFGEQPVGPWUFQKXGPVRGTOGVVTG NC TÃVTQCEVKQP NQTU FGU CRRTGPVKUUCIGU GV NC RTGUETKRVKQP RCT NG VWVGWT RÃFCIQIKSWG QW NG U[UVÂOG GZRGTV FG OGUWTGU EQTTGEVKXGU 'NNGU GPVTGVKGPPGPVFGUNKGPUNQIKSWGUCXGENGUCEVKXKVÃUFGUOQFWNGUUKVWÃUFCPUNC DCPSWGFOWPKVÃURÃFCIQIKSWGU
.GUÃXCNWCVKQPUUQOOCVKXGUSWK´NCFKHHÃTGPEGFGUÃXCNWCVKQPUHQTOCVKXGU FQPV NC HQPEVKQP RTGOKÂTG GUV FG HQWTPKT NGU KPHQTOCVKQPU PÃEGUUCKTGU ´ NC OCÉVTKUGFGRGTHQTOCPEGUURÃEKHKSWGUCRRTÃEKGPVFGHCÁQPRNWUIÃPÃTCNGNGU ECRCEKVÃUFOWPCRRTGPCPVQWNGFGITÃCWSWGNNGUQDLGEVKHUFOWPOQFWNGQPV ÃVÃCVVGKPVU7PUGEQPFV[RGFOÃXCNWCVKQPUUQOOCVKXGURGWVÄVTGUVQEMÃFCPU NC DKDNKQVJÂSWG 'P NKCKUQP FKTGEVG CXGE NC DCPSWG FG FQPPÃGU FG OQFWNGU GNNGUXKUGPV´ÃXCNWGTFGURÃTKOÂVTGUFGOQFWNGUCWPKXGCWFGUFKUEKRNKPGU FW FQOCKPG QW FGU ECRCEKVÃU NQTU FW VTCKVGOGPV FG NC FGOCPFG FG HQTOCVKQP .GWT XQECVKQP GUV FQPE RTÃFKEVKXG GV GNNGU EQPUVKVWGPV NGU QWVKNU FQPVNOCEEWGKNNCPVFKURQUGNQTUFGNCEQPEGRVKQPFWRNCPFGHQTOCVKQPFCPUNC PÃIQEKCVKQPCXGENGFGOCPFGWT
%GU FGWZ V[RGU FOÃXCNWCVKQPU UQPV NKÃU CWZ CEVKXKVÃU RTQRQUÃGU ´ NOCRRTGPCPV GV FQKXGPV RGTOGVVTG FCPU NGWT EQPEGRVKQP NC ECRKVCNKUCVKQP FOKPHQTOCVKQPU´NOWUCIGFWHQTOCVGWTFCPUNCDCUGFGUWKXK RÃFCIQIKSWG 'NNGUFQKXGPVÃICNGOGPVFQPPGT´NOCRRTGPCPVFGUKPFKECVKQPUUWTNGPKXGCW FOCXCPEGOGPV FG UQP EWTUWU FG HQTOCVKQP RCT XCNKFCVKQP RTQITGUUKXG FGU OQFWNGU
.GU ÃXCNWCVKQPU FW FKURQUKVKH SWK FQKXGPV RGTOGVVTG NOCRRTÃEKCVKQP FG NC SWCNKVÃFWRTQEGUUWUFGRTQFWEVKQPGVNCSWCNKVÃFGURTQFWKVUFWFKURQUKVKH RÃFCIQIKSWG QPV RQWT QDLGVU NC RGTVKPGPEG NOGHHKEKGPEG GV NOGHHKECEKVÃ FW U[UVÂOG
7PG DCUG FG UWKXK RÃFCIQIKSWG EQPUVKVWÃG FW RNCP FG HQTOCVKQP KPFKXKFWCNKUÃCITÂIGNOGPUGODNGFGUKPHQTOCVKQPUTGNCVKXGU´NCRTQITGUUKQP FWUVCIKCKTG'NNGRGWVUGEQORQUGTFGFGWZGPVTÃGU
LWPGGPVTÃGUVCIKCKTGSWKHCKVÃVCVFWRNCPFGHQTOCVKQPFGNOGZRGTVKUGFGU VWVGWTU RÃFCIQIKSWGU GV RGTOGV ´ NOCRRTGPCPV NG RKNQVCIG GV NG UWKXK FG NOCXCPEGOGPV FG UQP KVKPÃTCKTG FG HQTOCVKQP %QPÁWG FCPU WPG CRRTQEJG VGEJPKEQRÃFCIQIKSWG FOCWVQHQTOCVKQP NC RTÃUGPVCVKQP FG NOKVKPÃTCKTG FQKV ÄVTG NKUKDNG GV VTCPURCTGPVG EOGUV´FKTG SWOGNNG FQKV HCXQTKUGT NC RTKUG GP EJCTIGRCTNOCRRTGPCPVFGUCHQTOCVKQP%GVKVKPÃTCKTGHCKVCRRCTCÉVTGFCPUNG FÃVCKN UGU FKHHÃTGPVGU ÃVCRGU NGU OCTIGU FG NKDGTVÃ FG NOCRRTGPCPV FCPU NG RKNQVCIGFGUGUCRRTGPVKUUCIGUOCKUCWUUKUGUEQPVTCKPVGU´VTCXGTUNGUNKGPU FG RTÃTGSWKU RCT GZGORNG .GU OQFWNGU EQPUVKVWVKHU FG NOKVKPÃTCKTG FG HQTOCVKQP UQPV KFGPVKHKÃU RCT NGWT KPVKVWNÃ OCKU NGU QDLGEVKHU SWK NGU UVTWEVWTGPV UQPV KFGPVKHKCDNGU RCT KPVGTTQICVKQP .G EWOWN FGU FWTÃGU FG HQTOCVKQPFGUOQFWNGUEQPUVKVWGNCFWTÃGFGHQTOCVKQPSWKGUVFÃETÃOGPVÃG CWEQWTUFGNOCXCPEGOGPVFGNOCRRTGPCPVFCPUNOKVKPÃTCKTG.CRTQITGUUKQPUWT NOKVKPÃTCKTGGUVOCVÃTKCNKUÃG´NCUWKVGFGUÃXCNWCVKQPURCTNCXCNKFCVKQPFGU OQFWNGU
LWPG GPVTÃG HQTOCVGWT SWK FQKV RGTOGVVTG NG UWKXK RÃFCIQIKSWG FG NOCRRTGPCPV GV CW UGKP FG NCSWGNNG FGU KPHQTOCVKQPU HCXQTKUGPV NOGZRGTVKUG PÃEGUUCKTG ´ NOKPFKXKFWCNKUCVKQP FGU CRRTGPVKUUCIGU %GVVG GPVTÃG RGWV ÄVTG EQORQUÃG FG FGWZ PKXGCWZ FOKPHQTOCVKQPU EGNWK FW FQOCKPG GV EGNWK FG NOKPVGTFQOCKPG SWK RGTOGV NOCITÃICVKQP FOKPHQTOCVKQPU U[PVJÃVKSWGU FGU FQOCKPGUGVHCXQTKUGNGUCRRTQEJGUKPVGTFQOCKPGUFGFKCIPQUVKEU
7PG DCPSWG FG TGUUQWTEGU EQORNÃOGPVCKTGU GP OCTIG FGU TGUUQWTEGU PÃEGUUCKTGU ´ NC OKUG GP WXTG FGU CRRTGPVKUUCIGU FQKV HCXQTKUGT NGU CRRTQHQPFKUUGOGPVUQWNOÃNCTIKUUGOGPVFGUEQPPCKUUCPEGU
7P CFOKPKUVTCVGWT FQKV FOWPG RCTV RGTOGVVTG NOCFOKPKUVTCVKQP FGU CRRTGPCPVUNCHCEKNKVCVKQPFGUEQOOWPKECVKQPUGPVTGCEVGWTUGVNCIGUVKQPFGU OQ[GPU OCVÃTKGNU GV KOOCVÃTKGNU PÃEGUUCKTGU CW DQP HQPEVKQPPGOGPV FGU RNCPUFGHQTOCVKQPKPFKXKFWCNKUÃUGVFOCWVTGRCTVKNFQKVHCXQTKUGTNCOKUG GPWXTGFOWPGIGUVKQPRTÃXKUKQPPGNNGFGNOCEVKXKVÃGPCITÃIGCPVUQWUHQTOG FGVCDNGCWZFGDQTFNGUKPHQTOCVKQPUUVTCVÃIKSWGUPÃEGUUCKTGUCWRKNQVCIGFW FKURQUKVKH
.OGPUGODNG FG EGU ÃNÃOGPVU PQWU UGODNG EQPUVTWEVGWT FOWP GPXKTQPPGOGPV FQPV NGU HKPU ÃFWECVKXGU UG HQPFGPV UWT NC PQVKQP FG RTQLGV .GU FKHHÃTGPVGU UVTCVGU EQPUVKVWVKXGU FOWP U[UVÂOG KPFKXKFWCNKUÃ RTQLGV RTQHGUUKQPPGNGVFGHQTOCVKQPRNCPUKVWCVKQPUFGOKUGGPWXTGUQPVCKPUK VTCXGTUÃGU RCT WPG F[PCOKSWG SWK OGV GP LGW FCPU WP LWUVG ÃSWKNKDTG NC NQIKSWGKPUVKVWVKQPPGNNGFGNOQHHTGGVEGNNGFWUWLGVCRRTGPCPV
(QTOGTNGUCEVGWTU
.OWPFGUHTGKPU OCLGWTU´NC RÃPÃVTCVKQP FGU 06+% FCPU NOGPUGKIPGOGPV GUVNGHCEVGWTJWOCKP#XCPVVQWVGCEVKQPVGEJPQNQIKSWGKNGUVPÃEGUUCKTGFG FÃHKPKT FGU RTQITCOOGU FG HQTOCVKQP ´ FKHHÃTGPVU PKXGCWZ GV ´ FGUVKPCVKQP FG RWDNKEU FKHHÃTGPEKÃU +N HCWV GPXKUCIGT NC HQTOCVKQP FGU VGEJPKEKGPU GV KPIÃPKGWTU UWRRQTVU FGU VGEJPQNQIKGU CW UGKP FGU ÃVCDNKUUGOGPVU FOGPUGKIPGOGPVGVFGTGEJGTEJGNCHQTOCVKQPFGUGPUGKIPCPVUNCHQTOCVKQP FGUFÃEKFGWTU%GVVGFGTPKÂTGGUVNCEQPFKVKQPPÃEGUUCKTG´NOGPVTÃGFGU06+%
FCPU NG OQPFG UEKGPVKHKSWG +N GUV HQPFCOGPVCN FG EQPXCKPETG NGU CWVQTKVÃU RQNKVKSWGU GV KPUVKVWVKQPPGNNGU FW DKGPHQPFÃ FG EGU VGEJPQNQIKGU EQOOG HCEVGWTFGFÃXGNQRRGOGPVGVFGOQFGTPKVÃ
.OWPFGUCZGUFGFÃXGNQRRGOGPVGUVNCHQTOCVKQPFGHQTOCVGWTUUWTNGU 06+% GV GP WVKNKUCPV NGU 06+% # VTCXGTU NC HQTOCVKQP FG URÃEKCNKUVGU VTQKU QDLGEVKHUUQPVGPXKUCIGCDNGUFÃOQPVTGTNGRQVGPVKGNFGU06+%GVCKFGT´NGWT CRRTQRTKCVKQP TÃIKQPCNG CVVGKPFTG NC OCUUG ETKVKSWG FGU URÃEKCNKUVGU VGEJPKSWGU FCPU WP UGEVGWT FOCEVKXKVÃ FQPPÃ RQWT WPG TÃIKQP FQPPÃG CWIOGPVGT NG RQVGPVKGN FGU GPUGKIPCPVU GP CRRQTVCPV WPG OÃVJQFQNQIKG GV FGU QWVKNU FG HQTOCVKQP TÃWVKNKUCDNGU RCT NGU UVCIKCKTGU CRRGNÃU ´ FGXGPKT HQTOCVGWTU´NGWTVQWT
.GU GPUGKIPCPVU FGXTQPV KPVÃITGT NGU 06+% FCPU NGWT RTCVKSWG RTQHGUUKQPPGNNG'PHQTOCVKQP´FKUVCPEGNOCDUGPEGFGTGNCVKQPGPHCEG´HCEG GV NC VTCPUOKUUKQP FGU EQPPCKUUCPEGU RCT NG DKCKU FG UWRRQTVU OWNVKOÃFKCU OQFKHKGPV EQORNÂVGOGPV NC PCVWTG FG NC TGNCVKQP RÃFCIQIKSWG #KPUK EGU VGEJPQNQIKGUSWKTGRTÃUGPVGPVNOWPFGUHCEVGWTUFGNCTGFÃHKPKVKQPFWTÏNGFG NOGPUGKIPCPV FGXTQPV ÄVTG CRRTÃJGPFÃGU CXCPV VQWVG HQTOG FOKORNCPVCVKQP HCWVG FG SWQK GNNGU UGTQPV XQWÃGU ´ NOÃEJGE EQORVG VGPW FW TKUSWG FG FÃUVCDKNKUCVKQPKPUVKVWVKQPPGNNGSWOGNNGUTGEÂNGPV
.GUKPHQVJÂSWGUOÃFKCVJÂSWGUXKTVWGNNGUDKDNKQVJÂSWGUPWOÃTKSWGUW .OKPHQTOCVKQP UG OQPFKCNKUG GNNG FGXKGPV WP OCTEJÃ KPEQPVQWTPCDNG GPECFTÃ FG NQKU TKIQWTGWUGU +N FGXKGPV PÃEGUUCKTG FG FÃHGPFTG NC NKDGTVÃ FOCEEÂU ´ NOKPHQTOCVKQP UQWU NC HQTOG FOWP UGTXKEG RWDNKE WPKXGTUGN ´ FGUVKPCVKQP GP RCTVKEWNKGT FW UGEVGWT TGEJGTEJG ÃFWECVKQP 7P GHHQTV KORQTVCPV FG OKUG GP NKIPG FG NC NKVVÃTCVWTG KPHQTOGNNG TCRRQTVU GV VJÂUGU FGXKGPVRTKQTKVCKTG+NGPXCFGOÄOGRQWTNGUNQIKEKGNUNKDTGUFGFTQKVEQPÁWU UGNQPNCNQIKSWGFGUITQWRGUFGRTQFWEVKQPPQWUEKVGTQPU´VKVTGFOGZGORNG NGU[UVÂOGFOGZRNQKVCVKQP.KPWZ
7P RQKPV KORQTVCPV RQWT NC FÃHGPUG FW RNWTCNKUOG EWNVWTGN GUV NG OWNVKNKPIWKUOG ´ QRRQUGT ´ WP OQPQNKPIWKUOG FG NOKPHQTOCVKQP +N EQPXKGPFTC FG OGVVTG TCRKFGOGPV GP WXTG FGU QWVKNU FG VTCFWEVKQP CWVQOCVKSWG
.OQDLGEVKHFGUOÃFKCVJÂSWGUXKTVWGNNGUGVFGUDKDNKQVJÂSWGUÃNGEVTQPKSWGU GUVFGFQPPGT´VQWVUEKGPVKHKSWGEJGTEJGWTGPUGKIPCPVÃVWFKCPVWPGURCEG XKTVWGN FOKPHQTOCVKQPU NWK RGTOGVVCPV FOCEEÃFGT ´ NOGPUGODNG FGU RTQFWKVU PÃEGUUCKTGU ´ UQP ÃFWECVKQP UC HQTOCVKQP UGU VTCXCWZ FG TGEJGTEJG .G EQPEGRV TGRQUG UWT NC OKUG ´ FKURQUKVKQP FOWP GPUGODNG FG UGTXKEGU PQP EQPVKPIGPVÃURCTNCFKUVCPEGQWNGVGORU.GURTQFWKVUQHHGTVURGWXGPVÄVTGFG RNWUKGWTUV[RGU
.GUDCUGUFOKPHQTOCVKQPGVNGUTÃRGTVQKTGU&GUCPPWCKTGUFOGPUGKIPCPVUGVFG EJGTEJGWTUFGUCPPWCKTGUFOÃVCDNKUUGOGPVUGVFGHQTOCVKQPUUQPVEQORNÃVÃU RCT FGU DCUGU FOKPHQTOCVKQPU URÃEKCNKUÃGU TÃRGTVQKTGU FG VJÂUGU GV FG NKVVÃTCVWTG ITKUG CKPUK SWG VQWVGU NGU DCUGU FG FQPPÃGU FKURQPKDNGU RQWT NOGPUGKIPGOGPV GV NC TGEJGTEJG %GU DCUGU VTCKVGPV VQWU NGU FQOCKPGU FG NC UEKGPEGFGNOÃEQPQOKGFGUVGEJPKSWGUGVFGNCRTGUUG
.GU DCUGU FG EQPPCKUUCPEGU &G PQODTGWUGU DCUGU FG EQPPCKUUCPEG UQPV UVTWEVWTÃGU GV FKURQPKDNGU OCKU ÃRCTRKNNÃGU FCPU NG OQPFG +N UOCIKV FG NGU KFGPVKHKGT FG NGU NQECNKUGT CHKP FG NGU OGVVTG ´ NC FKURQUKVKQP FW OQPFG UEKGPVKHKSWG
.GUFKHHWUKQPUUÃNGEVKXGUFOKPHQTOCVKQP&5+.GUÃVWFKCPVUC[CPV´RTÃRCTGT WP OÃOQKTG RGWXGPV DÃPÃHKEKGT FW RTQITCOOG FG &5+ %G RTQITCOOG RGTOGV CRTÂU CPCN[UG FW DGUQKP FOQHHTKT ´ EJCSWG WVKNKUCVGWT WP RTQHKN FG FKHHWUKQPFOKPHQTOCVKQPCEVWCNKUÃGQWTÃVTQURGEVKXGFGUCTGEJGTEJG
.GU QWXTCIGU GV TGXWGU GP VGZVG KPVÃITCN 7P EGTVCKP PQODTG FG NKXTGU UEKGPVKHKSWGUGVFGTGXWGUUQPVPWOÃTKUÃUQWGPXQKGFGNOÄVTGKNUFQKXGPVÄVTG OKUITCVWKVGOGPV´NCFKURQUKVKQPFGUWPKXGTUKVÃU
.GUPQVGUFGTGEJGTEJGNGUPQVGUFGNGEVWTGGVNGUHKEJGUVGEJPKSWGU0ÃEGUUCKTGU
´ NOCEVWCNKUCVKQP FGU EQPPCKUUCPEGU GV CW FÃXGNQRRGOGPV EGU FQEWOGPVU KUUWUFGNCNKVVÃTCVWTGKPHQTOGNNGUQPVPQODTGWZGVUQWXGPVKPGZRNQKVÃU.GWT EQORKNCVKQPCRTÂUXCNKFCVKQPFGXTCKVRGTOGVVTGWPGOGKNNGWTGEKTEWNCVKQPFGU VTCXCWZFGTGEJGTEJG
.GU VJÂUGU GV OÃOQKTGU .OQDLGEVKH GUV FG HCKTG EQPPCÉVTG GV FG FKHHWUGT NOKOOGPUKVÃFWUCXQKTEQPVGPWFCPUEGUFQEWOGPVU SWKUQPVVTÂU TCTGOGPV ÃFKVÃU.GUEJGTEJGWTURQWTTQPV CKPUK CRTÂU TGRÃTCIG FCPU FGU DCPSWGU FG FQPPÃGU FGU VJÂUGU GP RCTVKG TÃCNKUÃGU CESWÃTKT NGU FQEWOGPVU FCPU NGWT
VQVCNKVÃ QW RCTVKGNNGOGPV 7P EJCPVKGT OQPFKCN FG PWOÃTKUCVKQP FQKV ÄVTG GPICIÃTCRKFGOGPV
.GHQPFUFGFQEWOGPVUÃETKVURQWTTCÄVTGÃFKVôFKUVCPEG.CVÃNÃÃFKVKQP GUV WPG OCPKÂTG FG FKHHWUGT WP FQEWOGPV ´ NC FGOCPFG UCPU CUUWOGT FGU EQÖVUFOKORTGUUKQPGVFGVTCPURQTV
.GU NQIKEKGNU GV KPVGTHCEGU 7PG OWNVKVWFG FG NQIKEKGNU ITCVKEKGNU QW RCTVCIKEKGNU ETÃÃU UQWXGPV RCT FGU WPKXGTUKVCKTGU UQPV FKURQPKDNGU UWT NGU TÃUGCWZ UGNQP NGU TÂINGU FOCESWKUKVKQP RTQRTGU ´ EG V[RG FOQWVKNU +N UOCIKTC FCPUWPRTGOKGTVGORUFGTÃCNKUGTWPKPXGPVCKTGGVWPGCPCN[UGFGURTQFWKVU UEKGPVKHKSWGU
.GU FKFCEVKEKGNU +NU QPV RNWUKGWTU HQPEVKQPU CKFG ´ NOCRRTGPVKUUCIG UKOWNCVKQPÃXCNWCVKQP
.GUFCPIGTUETGWUGTFCXCPVCIGNGHQUUÃGPVTGNGPQTFGVNGUWF
&KHHÃTGPVU ÃNÃOGPVU UQPV ´ RTGPFTG GP EQORVG FCPU NOKPVTQFWEVKQP FGU 06+%CWUGKPFGNOGPUGKIPGOGPVUWRÃTKGWT%GVVGKPVTQFWEVKQPPOGUVRCUUCPU FCPIGT.GFÃUÃSWKNKDTGÃEQPQOKSWGGPVTGNGURC[U FW PQTF GV NGU RC[U FW UWFFKUSWCNKHKGEGUFGTPKGTU2NWUKGWTUHCEVGWTUFÃVGTOKPGPVEGFÃUÃSWKNKDTG
LNGUWPKXGTUKVÃUPGFKURQUGPVRCUVQWVGUFGNCEQPPGZKQPCWHQTHCKVKNGUV RCTCFQZCN SWG NGU RC[U NGU RNWU RCWXTGU UQPV EGWZ QÔ NG EQÖV FGU VÃNÃEQOOWPKECVKQPU GUV NG RNWU ÃNGXÃ NGU QTFKPCVGWTU UQPV GPEQTG EJGTU GV HQTVGOGPV VCZÃU FCPU EGU RC[U DKGP SWOWPG RQNKVKSWG KPEKVCVKXG FGU ÃVCVU EQOOGPEG´CRRCTCÉVTG
LWPG TGEQPHKIWTCVKQP FG NOWPKXGTUKVÃ FQPV NGU EQPVQWTU UQPV GPEQTG OCN FÃHKPKUGVOCNEQORTKU
LNG TKUSWG FOWPG WPKHQTOKUCVKQP EWNVWTGNNG UK NC FKXGTUKVÃ POGUV RCU CUUWTÃGGPRCTVKEWNKGTNCFKXGTUKVÃNKPIWKUVKSWG
LNGFÃECNCIGGPVTGNGOQPFGFGNOWPKXGTUKVÃGVNGOQPFGKPFWUVTKGN LNG TKUSWG FG FÃSWCNKHKECVKQP FGU GPUGKIPCPVU SWK PG RQWTTQPV QW PG XQWFTQPVRCURTGPFTGNGXKTCIG
LWPKORÃTKCNKUOGVGEJPQNQIKSWGFGHCKVCXGENGTKUSWGFOWPKORÃTKCNKUOG EWNVWTGNUKWPGUGWNGRCTVKGFWOQPFGGUVRTQFWEVTKEGFGEQPVGPWUGVNOCWVTG EQPUQOOCVTKEG
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