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.GVJÂOG
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UWTNGUKVGUWTNGHQTWOQÔNŏQPXÃPÂTGNŏGORGTGWTGV,WRKVGTGVFCPUNGVGORNGRTKPEKRCNFÃFKÃ
´NCFKXKPKVÃVTCFKVKQPPGNNGFGNCEKVÃ
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EQPUVTWEVKQP FÃDWVG XGTU CRTÂU ,% GV UG RQWTUWKV LWUSWG XGTU 'NNG KPCWIWTG NGU
VTCXCWZFŏWTDCPKUOGGVFŏÃSWKRGOGPVOQPWOGPVCNSWKVTCPUHQTOGPVNŏCURGEVFG,WDNCKPU´NC
HKPFWGTU.CRNCEGCEEQTFÃGCWOQPWOGPVFCPUNGRNCPWTDCKPCWFÃRCTVFŏWPGRGTURGEVKXG
CZKCNGTGITQWRCPVVQWUNGUD¸VKOGPVURWDNKEUEQPHKTOGUQPKORQTVCPEG
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.GUHKEJGUFŏCEVKXKVÃURÃFCIQIKSWGUXKUGPV´TGPFTGNŏÃNÂXGCEVGWTFGUCFÃEQWXGTVG'NNGUNWK
RGTOGVVGPV FŏCRRTÃJGPFGT NC XKG SWQVKFKGPPG ´ NŏÃRQSWG ICNNQTQOCKPG 'NNGU UŏCRRWKGPV UWT
SWCVTGQDLGEVKHU
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TGEJGTEJGTVTKGTGVQTICPKUGTFGUKPHQTOCVKQPU
TÃCNKUGTOCPKRWNGTGVFGUUKPGT
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.GEQPVGPWFWFQUUKGTCEEQORCIPCVGWT
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UGVTQWXGNŏGUUGPVKGNFGUKPHQTOCVKQPU
FŏWPGRNCPEJGEQPVCEVSWKTGRTGPFNŏGPUGODNGFGURJQVQU#
FŏWPGHKEJGGPUGKIPCPVRTÃUGPVCPVNGFQUUKGT
FGU TÃRQPUGU CWZ HKEJGU ÃNÂXG CEEQORCIPÃGU FG EQORNÃOGPVU n2QWT GP UCXQKT RNWUŗ€
SWKRGTOGVVGPVUWTEJCSWGVJÂOGVTCKVÃGV´RCTVKTFGEJCSWGSWGUVKQPRQUÃGFŏCRRTQHQPFKT
NGUEQPPCKUUCPEGUEQPUVKVWÃUFGRJQVQUGVFŏKPHQTOCVKQPUUKORNGUKNURGWXGPVÄVTGGZRNQKVÃU
RGPFCPVNCXKUKVGRCTWPGPUGKIPCPVQWWPCEEQORCIPCVGWT
2CT CKNNGWTU FGU RJQVQITCRJKGU FGUVKPÃGU ´ ÄVTG OQPVTÃGU CWZ ÃNÂXGU NQTUSWG
NŏCEEQORCIPCVGWTCRRQTVGNGUEQORNÃOGPVUFŏKPHQTOCVKQPXQWUUGTQPVRTÄVÃGUCWOWUÃGUWT
FGOCPFG´XQVTGCTTKXÃG%GURJQVQITCRJKGUUQPVTGRTQFWKVGUCWFÃDWVFWRTÃUGPVHCUEKEWNG
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RQWTEQPUVTWKTGWPGFÃOCTEJGFKHHÃTGPVGGPHQPEVKQPFWRTQLGVFGNŏGPUGKIPCPV
|ÃVWFKÃGUFCPUPŏKORQTVGSWGNQTFTGGPUÃRCTCPVNGUHKEJGUSWKUQPV´VTCXCKNNGTCWOWUÃGGV
EGNNGU SWKUQPV ´ VTCXCKNNGT UWT NG VGTTCKP CHKP FG PGRCU EQPEGPVTGT VQWU NGU ÃNÂXGU CWOÄOG
GPFTQKVGPOÄOGVGORUGVCXGENGUOÄOGUHKEJGU
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VTCXCKNCWOWUÃGRQWTNGURTGOKÂTGUHKEJGU
FWTÃGJNGUÃNÂXGUUQPVCWVQPQOGUUQWUNC
TGURQPUCDKNKVÃFGNŏGPUGKIPCPVQWNŏCEEQORCIPCVGWT
VTCXCKNUWTNGVGTTCKPCXGEFGWZHKEJGUGPVTGNGVGORNGGVNGVJøVTG
FWTÃGJNGUÃNÂXGU
UG FÃRNCEGPV UQWU NC EQPFWKVG FG NŏGPUGKIPCPV QW FG NŏCEEQORCIPCVGWT KN GUV EQPUGKNNÃ CW
EQWTU FG EG FÃRNCEGOGPV FG RTÃUGPVGT NGU EQORNÃOGPVU n2QWT GP UCXQKT RNWU€ FGU HKEJGU
EQORNÃVÃGUCWOWUÃGUKXQWU[ÄVGURCUUÃCWRCTCXCPV´NŏGZEGRVKQPFGNCXWGCÃTKGPPGSWK
PGRGWVÄVTGQDUGTXÃGSWGFCPUNGOWUÃG
VTCXCKN FCPU NGU VJGTOGU UQWU NŏÃINKUG FWTÃG J GP WVKNKUCPV NC HKEJG n.C TGNKIKQP
EJTÃVKGPPG€GVNGUEQORNÃOGPVU
.ŏJQTCKTGFGRCUUCIGFCPUNGOWUÃGXQWUUGTCFQPPÃFÂUXQVTGCTTKXÃG´NŏCEEWGKNGPHQPEVKQP
FW PQODTG FG ITQWRGU SWG XQWU EQPUVKVWGTG\ ÃXGPVWGNNGOGPV GV FG NC RTÃUGPEG FŏCWVTGU
ENCUUGU
.G ITQWRG FŏÃNÂXGU RGWV ÄVTG FKXKUÃ GP HQPEVKQP FW PQODTG FŏCEEQORCIPCVGWTU CHKP FŏÃXKVGT
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.GUÃNÂXGUTGEWGKNNGPVNGWTUKPHQTOCVKQPU
RCTQDUGTXCVKQP
GPNKUCPVNGUDQTPGUKPUVCNNÃGUUWTNGUNKGWZFGXKUKVGQWNQTUFWRCUUCIGCWOWUÃG
´NŏCKFGFGUEQORNÃOGPVUFŏKPHQTOCVKQPCRRQTVÃURCTNŏCEEQORCIPCVGWT
5WT NGU HKEJGU NGU EQPUKIPGU GP KVCNKSWG ITCU EQPEGTPGPV NGU FÃRNCEGOGPVU SWG NŏÃNÂXG FQKV
GHHGEVWGT UWT WP NKGW FG XKUKVG .GU EQPUKIPGU GP ECTCEVÂTG QTFKPCKTG FQPPGPV NG VTCXCKN ´
TÃCNKUGT
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FŏWPUWRRQTVUQNKFG
5
.GUNKGWZFGEWNVG
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RJQVQITCRJKGCÃTKGPPGFG,WDNCKPU
#WLQWTFŏJWKUQPVXKUKDNGUFGWZNKGWZFGEWNVG´,WDNCKPUNGVGORNGICNNQTQOCKPGVNŏÃINKUG
4GRNCEGRCTWPGHNÂEJGUWTNGRNCPEKFGUUQWUNGURGVKVUUEJÃOCU
%QNQTKGUWTVQPRNCPNGXKNNCIGCEVWGNUCEJCPVSWGNGSWCFTKNNCIGOCTSWGNGUTWGUFGNCXKNNGCPVKSWG
2QWTGPUCXQKTRNWU
2JQVQXWGCÃTKGPPG
FCPUNGOWUÃG
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.GVGORNG
.GVGORNG UŏÃNÂXGGPNKOKVGPQTF FGNCXKNNG CPVKSWG FG0QXKQFWPWO7PG ITCPFGTWGSWK CVTCXGTUÃ GP
NKIPGFTQKVGVQWVGNŏCIINQOÃTCVKQPFGRWKUNGVJøVTGUŏKPHNÃEJKV´NŏCPINGFWVGORNGGNNGUQTVCNQTUFGNC
\QPGWTDCKPGRQWTFGXGPKTWPGTQWVG
NCXQKGFŏ#XTCPEJGU
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.ŏÃINKUG CEVWGNNG C ÃVÃ TGEQPUVTWKVG GP UWT NŏGORNCEGOGPV FŏWPG ÃINKUG RNWU CPEKGPPG TGRTGPCPV
GNNGOÄOG NŏGORNCEGOGPV FGU VJGTOGU CW FÃDWV FW OQ[GP ¸IG 'P GHHGV RCTOK NGU OQPWOGPVU ICNNQ
TQOCKPUNGUVJGTOGUUGRTÄVGPVNGOKGWZCWZDGUQKPUFGNCTGNKIKQPPQWXGNNG%QOOGKNUUQPVEQPUVKVWÃU
FŏWPG UÃTKG FG UCNNGU GP GPHKNCFG KN UWHHKV FŏCDCVVTG NGU ENQKUQPU KPVÃTKGWTGU GV FG DQWEJGT NGU DCUUKPU
RQWTQDVGPKTWPITCPFGURCEGCNNQPIÃEQOOGFQKVNŏÄVTGWPGÃINKUG
.CXKNNGICNNQTQOCKPGGVNGXKNNCIGCEVWGN
.CXKNNGICNNQTQOCKPG
.CXKNNGICNNQTQOCKPGUŏÃVGPFCKVUWTWPGUWTHCEGFŏGPXKTQPJC5QPRNCPFGUUKPôRCTVKTFWVGORNG
OQPVTGNŏKORQTVCPEGRCTVKEWNKÂTGFGEGOQPWOGPV'PGHHGVNGU CWVTGUOQPWOGPVUUŏCNKIPGPVFGXCPVNG
VGORNGGVNGSWCFTKNNCIGFGUXQKGUUŏQTICPKUGUGNQPEGVCZGPQTFUWF
.GU VGTTCKPU CWLQWTFŏJWK GP RGNQWUG ÃVCKGPV FGU SWCTVKGTU FŏJCDKVCVKQP GV CTVKUCPCWZ FQPV NGU CNNÃGU
UCDNÃGU OCVÃTKCNKUGPV NGU TWGU &KHHÃTGPVGU OÃVJQFGU FG RTQURGEVKQP QPV ÃVÃ WVKNKUÃGU RQWT DKGP
EQPPCÉVTGEGRNCPFGNCXKNNGUWTXQNUCÃTKGPUÃVWFGFGNCTÃUKUVKXKVÃÃNGEVTKSWGFWUQNUQPFCIGU%GVVG
OCVÃTKCNKUCVKQP RGTOGV FG TGPFTG UGPUKDNG NC RTÃUGPEG FG NC XKNNG GPHQWKG UCPU CDÉOGT NGU XGUVKIGU GP
CVVGPFCPV NGU HQWKNNGU SWK NGPVGOGPV GV RTQITGUUKXGOGPV HGTQPV UQTVKT FG VGTTG NGU EQPUVTWEVKQPU GVNGU
XTCKGUEJCWUUÃGU
.GXKNNCIGCEVWGN
.GXKNNCIGCEVWGNSWKFCVGFWOQ[GP¸IGGUVDGCWEQWROQKPUÃVGPFWGVUGNQECNKUGFCPUNCRCTVKGUWF
FGNŏCIINQOÃTCVKQPICNNQTQOCKPGCWVQWTFGNŏÃINKUG.GUTWGUUŏQTICPKUGPVGPÃVQKNG´RCTVKTFWEGPVTGFW
XKNNCIGGVNGTGNKGPVCWZCWVTGUXKNNCIGUCNGPVQWTU
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
6
3WGNNGTGOCTSWGRGWZVWHCKTGUWTNŏGORNCEGOGPVFGUNKGWZFGEWNVGRCTTCRRQTVCWZNKGWZFŏJCDKVCV!
6GORNGKNUGVTQWXGGPFGJQTUFGNCXKNNGEŏGUVNGNKGWUCETÃQÔJCDKVGPVNGUFKGWZ
œINKUG CW EGPVTG FW XKNNCIG EŏGUV NC OCKUQP FGU HKFÂNGU .GU JCDKVCVKQPU UG FÃXGNQRRGPV CWVQWT FG
NŏÃINKUGQPTGEJGTEJGUCRTQVGEVKQP
2QWTGPUCXQKTRNWU
.CUKVWCVKQPFGFGWZNKGWZFGEWNVG
.GVGORNG
.G VGORNG UG UKVWG CW PQTF ´ NŏGPVTÃG FG NC XKNNG ICNNQTQOCKPG %ŏGUV ´ RCTVKT FG NWK SWG UŏQTICPKUGPV
NŏGURCEGWTDCKPGVNŏKORNCPVCVKQPFGURTKPEKRCWZD¸VKOGPVURWDNKEU
ƒ 7PGJCWVGOCKUQP
NCOCKUQPFGNC6QPPGNNGGUVRQUÃGUWTWPCPINGFWHQTWOEŏGUV´FKTGNCRNCEG
RWDNKSWG %ŏGUV WPG OCKUQP SWK C ÃVÃ EQPUVTWKVG GP CXGE NŏKPVGPVKQP FŏGP HCKTG WP OWUÃG
CTEJÃQNQIKSWGRTQLGVSWKPŏCRCUCDQWVK
ƒ RNWUNQKPNGENQEJGTFGNŏÃINKUGRGTOGVFGUKVWGTNŏGORNCEGOGPVFGUVJGTOGUFQPVQPRGWVXQKTWPG
RCTVKGUQWUNŏÃINKUG
ƒ CWFGN´FGNŏÃINKUGNGVJøVTGUŏÃVGPFUWTNGXGTUCPVFWRNCVGCWFG,WDNCKPU+NOCTSWGNCNKOKVGUWF
FGNCXKNNGGVÃVCKVTGNKÃCWVGORNGRCTFGWZTWGURCTCNNÂNGU
 NC UQTVKG FG NC XKNNG NG VGORNG GUV CWUUK CW EQPVCEV FG NC ECORCIPG GV FW OQPFG FGU XKNNCU NGU
ITCPFGU HGTOGU ICNNQTQOCKPGU +N GUV GPHKP CW EQPVCEV FG VQWU NGU ÃEJCPIGU RWKUSWŏKN LQWZVG NC XQKG
RTKPEKRCNG.CHQTOGGVNCXKGFGNCEKVÃUŏQTICPKUGPVFQPECWVQWTGV´RCTVKTFWVGORNG#WVQWTFWVGORNG
GV RTÃEÃFCPV NŏGURCEG WTDCKP UG VTQWXGPV NGU PÃETQRQNGU 'P GHHGV KN GZKUVG WP KPVGTFKV TGNKIKGWZ
GORÄEJCPVFGRNCEGTNGUOQTVU´NŏKPVÃTKGWTFGNŏCIINQOÃTCVKQPUCWHUŏKNUŏCIKVFGVTÂULGWPGUGPHCPVU
.ŏÃINKUG
.ŏÃINKUG CW EQPVTCKTG GUV UKVWÃG CW EğWT FW XKNNCIG PÃ ´ NŏÃRQSWG OÃFKÃXCNG .GU JCDKVCVKQPU UG UQPV
KPUVCNNÃGU CWVQWT FW D¸VKOGPV TGNKIKGWZ GV FW EKOGVKÂTG QW NG NQPI FGU TQWVGU SWK TGNKGPV ,WDNCKPU CWZ
CWVTGUEQOOWPGU
#W FÃDWV FW OQ[GP ¸IG DGCWEQWR FG UÃRWNVWTGU UQPVHCKVGU FCPU FGU UCTEQRJCIGU FG RKGTTG WVKNKUÃU
UWTVQWV ´ NŏÃRQSWG OÃTQXKPIKGPPG FW G LWUSWŏCW CW OKNKGW FW G UKÂENG CRTÂU ,% %GTVCKPU UQPV
GPEQTGXKUKDNGUUQWUNŏÃINKUG´FTQKVGFGUXGUVKIGUFGUVJGTOGU
#WGUKÂENGNGEKOGVKÂTGGUVFÃRNCEôNŏGZVÃTKGWTFWXKNNCIGUWTNGDQTFFGNCTQWVGFG/C[GPPGQÔKN
QEEWRGNŏGORNCEGOGPVFŏWPÉNQVFGNCXKNNGICNNQTQOCKPG
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
7
%JTQPQNQIKGFGUNKGWZFGEWNVG
2QWTTÃRQPFTGCWZFKHHÃTGPVGUSWGUVKQPUFGEGVVGHKEJGCKFGVQKFWRNCPFWOWUÃGSWKUGVTQWXGCW
FÃDWVFGVQPFQUUKGTFGUDQTPGUKPVGTCEVKXGUGVFGURCPPGCWZNWOKPGWZ
UCPEVWCKTG
VGORNG
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ICWNQKU
ICNNQTQOCKP
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&KCDNKPVG
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0QXKQFWPWO
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NŏÃRQSWGICWNQKUG
NŏÃRQSWGICNNQTQOCKPG
NGOQ[GP¸IG
2QWTGPUCXQKTRNWU
6TQKUÃRQSWGUUWEEGUUKXGU
.ŏQEEWRCVKQPFWUKVGTGOQPVGRTQDCDNGOGPV´NŏÃRQSWGICWNQKUGCWVQWTFŏWPNKGWFGEWNVG%GNWKEKÃVCKV
UKVWôNŏGORNCEGOGPVFWVGORNGICNNQTQOCKP
.CEQPSWÄVGFGNC)CWNGRCT,WNGU%ÃUCTFG´CXCPV,%GPVTCÉPGWPGTQOCPKUCVKQPRTQITGUUKXG
SWK VQWEJG ,WDNCKPU FÂU NG FÃDWV FW GT UKÂENG CRTÂU ,% &ŏQÔ NC EQPUVTWEVKQP FŏWP VGORNG UWT
NŏGORNCEGOGPVFGNŏCPEKGPUCPEVWCKTGICWNQKU
 RCTVKT FGU G GV G UKÂENGU NC EJTKUVKCPKUCVKQP RTQITGUUKXG FG NŏGORKTG TQOCKP UŏÃVGPF ´ NŏQWGUV FG NC
)CWNG FGU ÃINKUGU UQPV CNQTU HQPFÃGU RCTHQKU UWT NŏGORNCEGOGPV FŏCPEKGPU VJGTOGU %ŏGUV CWUUK
NŏÃRQSWG FG ITCPFU FÃUQTFTGU SWK OCTSWGPV NŏGHHQPFTGOGPV FG NŏGORKTG .GU RQRWNCVKQPU OGPCEÃGU
EJGTEJGPV ´ UG OGVVTG UQWU NC RTQVGEVKQP FGU RNWU RWKUUCPVU NGU UGKIPGWTU EŏGUV NG FÃDWV FW OQ[GP
¸IGSWKUŏÃVGPFTCUWTCPULWUSWŏ´NCHKPFW GUKÂENG
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
4GRNCEG UWT NGU HNÂEJGU UKVWÃGU UQWU NC HTKUG EJTQPQNQIKSWG EGU VTQKU OQVUENÃU ´ NŏÃRQSWG SWK NGWT
EQTTGURQPF
,WDNCKPU&KCDNKPVG0QXKQFWPWO
8
2QWTGPUCXQKTRNWU
2JQVQ.CECTVGFG2GWVKPIGT
&GU&KCDNKPVGU´,WDNCKPU
#XCPVNCEQPSWÄVGTQOCKPGNC)CWNGGUVRCTVCIÃGGPVTGFKHHÃTGPVURGWRNGU.CTÃIKQPQÔPQWUUQOOGU
GUV QEEWRÃG RCT NG RGWRNG FGU &KCDNKPVGU %ŏGUV WP TCOGCW FŏWP GPUGODNG RNWU XCUVG NC PCVKQP FGU
#WNGTSWGUSWKUŏÃVGPFFGNC$TGVCIPGLWUSWŏ´NC5GKPG
#RTÂU NC EQPSWÄVG FG NC )CWNG RCT ,WNGU %ÃUCT NG RTGOKGT GORGTGWT 1EVCXG #WIWUVG CXCPV
CRTÂU ,% QTICPKUG NC RTQXKPEG +N NC FKXKUG GP EKVÃU %G OQV PŏC RCU NG UGPU CEVWGN FG nXKNNG€ +N
FÃUKIPGWPVGTTKVQKTGFÃRGPFCPVFGNŏGORKTGTQOCKP.GUEKVÃUTGRTGPPGPV´RGW RTÂUNGFÃEQWRCIG FGU
RGWRNGU ICWNQKU &GU XKNNGU UQPV HQPFÃGU CW FÃDWV FG NŏÃRQSWG TQOCKPG FCPU NGU EKVÃU %ŏGUV CKPUK
SWŏCRRCTCÉV0QXKQFWPWOEJGHNKGWFGNCEKVÃFGU#WNGTSWGU&KCDNKPVGU
.G EJQKZ FW UKVG FG ,WDNCKPU UŏGZRNKSWG RCT NG TÏNG SWG LQWCKV NŏCPEKGP UCPEVWCKTG ICWNQKU ,WDNCKPU GUV
CWUUKWPECTTGHQWTTQWVKGT+NGZKUVGWPGECTVGTQWVKÂTGFGNŏÃRQSWGTQOCKPGEQPUGTXÃGIT¸EG´WPGEQRKG
FW OQ[GP ¸IG KN UŏCIKV FG NC ECTVG FG 2GWVKPIGT ,WDNCKPU [ GUV KPFKSWÃ TGRÃTGT 0W &KQPPWO
0QWKQFWPWOUWTWPGXQKGXGPCPVFG8KGWZ#TGIGPWC
CWLQWTFŏJWKWPDQWTIRTÂUFG%CGPGVOGPCPV
CW/CPU5WDFKPWORWKU´6QWTUFŏQÔQPRQWXCKVEQPVKPWGTXGTU.[QPNCXCNNÃGFW4JÏPGGVNŏ+VCNKG
%ŏGUVCWOQ[GP¸IGSWG0QXKQFWPWORTGPFNGPQOFÃHKPKVKHFG,WDNCKPUFÃTKXÃFWOQV&KCDNKPVG
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
/CTSWG RCT WP RGVKV VTCKV XGTVKECN UWT NC HTKUG NGU FCVGU CRRTQZKOCVKXGU FG EQPUVTWEVKQP FW
UCPEVWCKTGICWNQKUFWVGORNGICNNQTQOCKPGVFGNŏÃINKUG
2QWTGPUCXQKTRNWU
6TQKUNKGWZFGEWNVGUWEEGUUKHU
.GUCPEVWCKTGICWNQKU
.GU HQWKNNGU TÃEGPVGU PQWU QPV CRRTKU SWŏKN [ CXCKV ´ ,WDNCKPU WP NKGW FG EWNVG DKGP CXCPV NŏCTTKXÃG FGU
4QOCKPU 7P UCPEVWCKTG EGNVKSWG GP DQKU GZKUVCKV FÂU NG G QW NG G UKÂENG CXCPV ,% .G RNCP FG EG
RTGOKGT ÃVCDNKUUGOGPV PŏGUV RCU EQPPW OCKU QP C VTQWXÃ FGU QDLGVU ECTCEVÃTKUVKSWGU FGU CTOGU
XQNQPVCKTGOGPV FÃHQTOÃGU SWK UQPV WP V[RG FŏQHHTCPFGU DKGP TÃRCPFW FCPU EGTVCKPU UCPEVWCKTGU
EGNVKSWGU%GNKGWFGXCKVÄVTGNGUCPEVWCKTGRTKPEKRCNFWRGWRNGFGU&KCDNKPVGUGVEQPUVKVWGTWPGUQTVGFG
ECRKVCNGTGNKIKGWUG
.GVGORNGICNNQTQOCKP
#KPUK UŏGZRNKSWGTCKV NG EJQKZ FG ,WDNCKPU SWCPF NGU 4QOCKPU QPV GPVTGRTKU FŏQTICPKUGT NC )CWNG GV FG
FQVGTEJCSWGEKVÃFŏWPGXKNNGC[CPVHQPEVKQPFGEJGHNKGW0QXKQFWPWOCÃVÃETÃôNŏGORNCEGOGPVFW
XKNNCIG SWK CXCKV EQOOGPEÃ ´ UG FÃXGNQRRGT RTÂU FW UCPEVWCKTG ICWNQKU GV NG VGORNG ICNNQTQOCKP HWV
EQPUVTWKV UWT NG NKGW OÄOG FW UCPEVWCKTG RTÃEÃFGPV %ŏGUV GP HQWKNNCPV NG VGORNG XGTU SWŏWP
CTEJÃQNQIWG C GW NC EJCPEG FG VTQWXGT VTQKU OQPPCKGU FG 0ÃTQP GORKNÃGU ´ NC DCUG FGU HQPFCVKQPU +N
UŏCIKV FCPU FQWVG FŏWP FÃRÏV FG HQPFCVKQP .C FGUETKRVKQP FGU OQPPCKGU RGTOGV FG UCXQKT SWG NŏWPG
FŏGPVTG GNNGU PŏC RCU ÃVÃ HTCRRÃG CXCPV CRTÂU ,% &ŏCWVTG RCTV NŏGORGTGWT 0ÃTQP OGWTV GP %ŏGUV GPVTG EGU FGWZ FCVGU SWŏCWTCKV ÃVÃ EQOOGPEÃ NG TGORNCEGOGPV FW UCPEVWCKTG ICWNQKU RCT NG
OQPWOGPVFGRKGTTGSWGNŏQPCUQWUNGU[GWZ
.ŏÃINKUGEJTÃVKGPPG
&ÂUNGGUKÂENGWPGÃINKUGCÃVÃÃTKIÃG´NŏGORNCEGOGPVFGUVJGTOGU+NPGTGUVGRTCVKSWGOGPVRNWUTKGP
FG UGU RTGOKGTU COÃPCIGOGPVU UK EG PŏGUV FGU OWTU RTQNQPIGCPV NGU EQPUVTWEVKQPU TQOCKPGU RQWT
TÃIWNCTKUGTNGRNCPFGNŏGPUGODNGGVNCDCUGFŏWPCWVGN3WGNSWGUVQODGUFWEKOGVKÂTGKPUVCNNÃGUEQPVTG
NŏÃINKUGVÃOQKIPGPVFGURTGOKGTUVGORUFGEGNKGWFGEWNVGEJTÃVKGP
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
9
&GUUKPGFCPUEJCSWGECUGWPQDLGVFGVQPEJQKZGPTGNCVKQPCXGEEJCSWGTGNKIKQPGVPQVGUQPPQO
GPFGUUQWU
ÃRQSWGICWNQKUG
ÃRQSWGICNNQTQOCKPG
OQ[GP¸IG
GZ&ÃGUUGOÂTG
GZ)KUCPV
GZ2GTNG
2QWTGPUCXQKTRNWU
3WGNSWGUQDLGVUTGNKIKGWZ
.GUQDLGVUTGNKIKGWZRTÃUGPVÃUEQTTGURQPFGPVCWZQDLGVUSWKQPVRWÄVTGEQPUGTXÃUCWEQWTUFGUUKÂENGU
&G PQODTGWZ CWVTGU QDLGVU QPV FKURCTW FW HCKV FG NGWT PCVWTG RÃTKUUCDNG DQKU EWKT XÃIÃVCWZŗ .GU
EQPHGEVKQPUEWNKPCKTGUQPVFKURCTW´VQWVLCOCKU
%GU QDLGVUTÃUWNVGPVNGRNWUUQWXGPVFGUQHHTCPFGUQWFGUUCETKHKEGURTCVKSWÃUFCPUNGNKGWFGEWNVG
NŏÃRQSWG ICWNQKUG NGU QDLGVU NGU RNWU PQODTGWZ GV NGU RNWU URGEVCEWNCKTGU UQPV NGU FÃRQWKNNGU RTKUGU ´
NŏGPPGOK
ÃRÃGRNKÃGRQKPVGUFGNCPEGŗUŏ[CLQWVGPVFGPQODTGWUGURCTWTGU
HKDWNGUDTCEGNGVURGTNGU
FGXGTTGGVFGDTQP\G
%GURCTWTGUUGTGVTQWXGPV´NŏÃRQSWGICNNQTQOCKPGGNNGUXQKUKPGPVCXGEFGUGZXQVQSWKEQOOGNGWT
PQONŏKPFKSWGUQPVNGRTQFWKVFŏWPXğW%GUQPVFGUUVCVWGVVGUFŏWPGFKXKPKVÃQWGPEQTGFGUÃNÃOGPVU
CPCVQOKSWGU TGRTÃUGPVCPV NC TÃIKQP FW EQTRU SWK UQWHHTG SWK GUV ECWUG FW OCN SWG NŏQP VTQWXG
PQVCOOGPVFCPUNGUUCPEVWCKTGUFÃFKÃU´WPFKGWIWÃTKUUGWTEQOOGUGODNGNŏÄVTGEGNWKFG,WDNCKPU
NŏÃRQSWGEJTÃVKGPPGKNUŏCIKVUWTVQWVFŏQDLGVUGPHQTOGFGETQKZNCRTCVKSWGFGNŏKPJWOCVKQPGPVTCÉPG
NC RTÃUGPEG FG UCTEQRJCIGU DKGP EQPUGTXÃU NQTUSWŏKNU UQPV GP RKGTTG 2NWU TCTGU GV TÃUGTXÃGU ´ NŏÃNKVG
UQPVNGUTGRTÃUGPVCVKQPUFWOQTVUQWUNCHQTOGFŏWPIKUCPV
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
10
.CTGNKIKQPICWNQKUG
2QWTTÃRQPFTGCWZFKHHÃTGPVGUSWGUVKQPUFGEGVVGHKEJGCKFGVQKFWRNCPFWOWUÃGSWKUGVTQWXGCW
FÃDWVFGVQPFQUUKGTFGURCPPGCWZNWOKPGWZGVFGUDQTPGUKPVGTCEVKXGU
2CTOKEGUVTQKURTQRQUKVKQPUEQEJGNGXÃTKVCDNGPQOFGNCVTKDWICWNQKUGSWKXKXCKVGP/C[GPPG
†FKCDNQVKP
„FKCDNKPVG
†FKCDQNQU
2QWTGPUCXQKTRNWU
.GU&KCDNKPVGUWPGVTKDWICWNQKUG
.GU RGWRNGU FG NC )CWNG PG HQTOGPV RCU WPG RCVTKG KNU CRRCTVKGPPGPV ´ WPG EKPSWCPVCKPG FG PCVKQPU
RGVKVU ÃVCVU KPFÃRGPFCPVU %GWZEK UG TCRRTQEJGPV CUUG\ FGU EKVÃU ITGESWGU RGVKVGU WPKVÃU FG
RGWRNGOGPVEQORTGPCPVWPGXKNNGGVWPVGTTKVQKTGPCVWTGNSWKNŏGPVQWTG´NCFKHHÃTGPEGRTÂUSWŏGP)CWNG
EGPŏGUVRCUNCXKNNGQWNGVGTTKVQKTGSWKGUVNŏÃNÃOGPVGUUGPVKGNOCKUNGITQWRGJWOCKPNGRGWRNGKUUW
FŏWPGOÄOGTCEKPGGVJPKSWGUQWXGPVVTÂUCPEKGPPG
'PEQTG SWG NŏWPKVà FG EJCSWG PCVKQP PG XC RCU FG UQK %JCEWPG GUV EQPUVKVWÃG FG RNWUKGWTU nVTKDWU€
UQWXGPVVTQKUQWSWCVTG%JCSWGVTKDWEQTTGURQPF´WPGPUGODNGFGHCOKNNGUUGTÃENCOCPVFŏWPCPEÄVTG
EQOOWP GV ICTFCPV FGU NKGPU VTÂU RWKUUCPVU %GU VTKDWU QPV RTÃEÃFÃ NC EQPUVKVWVKQP FG NC PCVKQP SWK
PŏGUVCRRCTWGSWGFCPUWPUGEQPFVGORUOCKUUGODNGPVÄVTGFGXGPWGUFQOKPCPVGUCWOQOGPVFGNC
EQPSWÄVGTQOCKPGCWGTUKÂENGCX,%%GRGPFCPVNCUKVWCVKQPRQNKVKSWGGUVNQKPFŏÄVTGNCOÄOGFCPU
VQWVGUNGUTÃIKQPUFGNC)CWNGGVNŏKFÃGFŏWPGPCVKQP´NŏÃEJGNNGFGNC)CWNGGUVNQKPFGURTÃQEEWRCVKQPU
FGU )CWNQKU CW GT UKÂENG CX ,% 6QWVGHQKU NQTUSWŏKNU UG UGPVGPV OGPCEÃU NGU RGWRNGU ICWNQKU
RTCVKSWGPVGPVTGGWZWPGCNNKCPEGFGV[RGRCTVKEWNKGTNCEQPHÃFÃTCVKQPIWGTTKÂTG
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
2QWTUGUTCUUGODNGOGPVUTGNKIKGWZEGVVGVTKDWUGTÃWPKUUCKVCWVQWTFŏWPUCPEVWCKTG%GNWKEKPGPQWU
CNCKUUÃSWGVTÂURGWFGVTCEGU´,WDNCKPUKNOCTSWGRQWTVCPVNŏQTKIKPGFGNCXKNNG
1ÔÃVCKVUKVWÃEGUCPEVWCKTG!5QWUNGVGORNGICNNQTQOCKPCWPQTFFGNCXKNNG
2GWZVWFKTGGPSWGNOCVÃTKCWKNÃVCKVEQPUVTWKV!'PDQKU
3WGNNGUUQPVNGUVTCEGUXKUKDNGUCWLQWTFŏJWK!#WEWPG
2QWTGPUCXQKTRNWU
2JQVQUCPEVWCKTGICWNQKUFG)QWTPC[UWT#TQPFG
1KUG
.GUUCPEVWCKTGUICWNQKU
2GPFCPVNQPIVGORUNGU JKUVQTKGPU QPV ETWSWGNGU )CWNQKU PG FKURQUCKGPV RCUFGNKGWZ FGEWNVGFÃHKPKU
FQPE FG UCPEVWCKTGU .GU FÃEQWXGTVGU CTEJÃQNQIKSWGU TÃEGPVGU PQWU TÃXÂNGPV RGW ´ RGW SWG EGU NKGWZ
GZKUVCKGPV GV SWŏKNU ÃVCKGPV XCTKÃU FW RNWU JWODNG CWVGN CW RNWU OQPWOGPVCN %G UQPV FGU GPENQU
VQWLQWTUFGRNCPSWCFTCPIWNCKTGGPVQWTÃURCTWPRWKUUCPVU[UVÂOGFGENÏVWTGEQORQUÃNGRNWUUQWXGPV
FŏWPHQUUÃGVFŏWPOWTFGDQKUGPVQWTCPVNGVGTTCKPUCETÃ&GSWGNSWGUFK\CKPGUFGOÂVTGUFGEÏVÃKNU
UQPVCWUUKXCUVGUSWGNGUUCPEVWCKTGUFG)TÂEGGVFŏ+VCNKG
.GUCPEVWCKTGCDTKVGRTQDCDNGOGPVWPCWVGNNKGWFŏQHHTCPFGGVFGUCETKHKEGGVWPGURCEGRNWUNCTIGVQWV
CWVQWTQÔNGUJQOOGURGWXGPVUŏCUUGODNGT%QOOGNGU)CWNQKUPGUGTGRTÃUGPVGPVRCUNGUFKGWZUQWU
WPGHQTOGJWOCKPGKNUPGTGUUGPVGPVRCUNGDGUQKPFGNGWTÃFKHKGTWPGOCKUQPSWKNGWTUQKVRTQRTGVGNWP
11
VGORNGCXGEWPGUVCVWGFWFKGW.GUGWNÃNÃOGPVCTEJKVGEVWTCNGUVNGOWTFGNŏGPENQUSWŏQPFQVGRCTHQKU
FŏWPRQTEJGOQPWOGPVCNRGTOGVVCPVNGRCUUCIGGPVTGNGOQPFGFGUJWOCKPUGVNGOQPFGFGUFKGWZ
.ŏCWVGNCWEGPVTGFGNŏGPENQUGUVNŏKPUVCNNCVKQPRTKPEKRCNG+NÃVCKVFGFGWZUQTVGUUWKXCPVNGEWNVGSWŏQP[
TGPFCKV UQKV WP HQ[GT RQUÃ UWT NG UQN QW NÃIÂTGOGPV UWTÃNGXÃ QÔ NŏQP DTÖNCKV FGU QHHTCPFGU RQWT WPG
FKXKPKVÃ UKVWÃG FCPU NC XQÖVG EÃNGUVG UQKV WPG ECXKVÃ FCPU NC VGTTG FCPU NCSWGNNG QP FÃXGTUCKV NGU
QHHTCPFGURQWTWPFKGWUQWVGTTCKP.CPÃEGUUKVÃFGRQWXQKTCEEQORNKTNGUTKVGURCTVQWVVGORUCEQPFWKV
´RTQVÃIGTNŏCWVGNRCTWPD¸VKOGPVFGDQKURTGPCPVNGUCNNWTGUFŏWPVGORNGITÃEQTQOCKP´NCFKHHÃTGPEG
SWGEGD¸VKOGPVPŏCDTKVCKVRCUFGTGRTÃUGPVCVKQPFGNCFKXKPKVÃGVSWŏKNÃVCKVNGNKGWFGUQHHTCPFGUGVFGU
UCETKHKEGU
.GUCPEVWCKTGFG)QWTPC[UWT#TQPFGFCPUNŏ1KUGGUVWPOQFÂNGGZGORNCKTGFGUCPEVWCKTGICWNQKU
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
EGVVGÃRQSWGNGUHKFÂNGUFÃRQUCKGPVRNWUKGWTUUQTVGUFŏQHHTCPFGUGPVŏCKFCPVFGUHKEJGUFŏKFGPVKVÃ
EKFGUUQWUEKVGUGPFGWZ
(KEJGFŏKFGPVKVÃ0u
(KEJGFŏKFGPVKVÃ0u
0QOœRÃGRNKÃG
0QO%GTH
/CVÃTKCWHGT
/CVÃTKCWDTQP\G
&CVGGUCXCPV,%
&CVGGTUCXCPV,%
.KGWUCPEVWCKTGFG,WDNCKPU
.KGWUCPEVWCKTGFG,WXKIPÃ
3WGU[ODQNKUGNGV[RGFŏQHHTCPFGFGNCHKEJGFŏKFGPVKVÃ0u!7PVTQRJÃGFGIWGTTG
2QWTSWQKNŏQHHTCPFGFGNCHKEJGFŏKFGPVKVÃ0uQEEWRGVGNNGWPGRNCEGKORQTVCPVGFCPUNCTGNKIKQP
ICWNQKUG!.CTGRQWUUGFGUDQKUFWEGTHÃXQSWGWPGPQWXGNNGPCKUUCPEG
2QWTGPUCXQKTRNWU
2JQVQQHHTCPFGUFG4KDGOQPVUWT#PETG
5QOOG
.GUQHHTCPFGU
.GUUCPEVWCKTGUICWNQKU UQPV FGU EQPUVTWEVKQPU FG DQKU SWKNCKUUGPVRGWFGVTCEGU %GTVCKPU QPVFQPPÃ
PCKUUCPEG´FGUVGORNGUICNNQTQOCKPUEQOOGEŏGUVNGECU ´,WDNCKPU%ŏGUVNCFÃEQWXGTVG FŏQDLGVU ´
ECTCEVÂTGXQVKHQWEWNVWGNSWKUKIPCNGUQWXGPVNCRTÃUGPEGFŏWPUCPEVWCKTG
- FÃRÏVUFŏCTOGUSWKQPVWPGEQPPQVCVKQPIWGTTKÂTGRTQRTG´NCUQEKÃVÃICWNQKUG
- TGUVGU FG UCETKHKEGU UWKXKU FG TGRCU FCPU NG UCPEVWCKTG QUUGOGPVU FŏCPKOCWZ CORJQTGU ´
XKP
- OQPPCKGUEGV[RGFŏQHHTCPFGUPŏCRRCTCÉVSWŏCWGTUKÂENGCXCPV,%
&CPU EGTVCKPGU TÃIKQPU EQOOG NG PQTF FG NC (TCPEG FGU VTKDWU ICWNQKUGU QPV GPVCUUÃ NGU TGUVGU FGU
JQOOGU VWÃU ´ NC IWGTTG RQWT NGU EQPUCETGT ´ WPG FKXKPKVÃ #KPUK ´ 4KDGOQPVUWT#PETG FCPU NC
5QOOG QÔ NG UCPEVWCKTG GUV HQWKNNÃ FGRWKU WPG XKPIVCKPG FŏCPPÃG UŏKN RQUUÂFG NGU OÄOGU
ECTCEVÃTKUVKSWGUSWGNGUCWVTGUNKGWZFGEWNVGKNUŏGPFKUVKPIWGRCTWPIKICPVGUSWGVTQRJÃGIWGTTKGTÃTKIÃ
CW EğWT FG NC EKVÃ ICWNQKUG &GU EQTRU FÃECRKVÃU RCT EGPVCKPGU GV FGU CTOGU QPV ÃVÃ TGVTQWXÃU ´
NŏGZVÃTKGWTGV ´NŏKPVÃTKGWT FGNŏGPENQU .GRTÃNÂXGOGPVFGNC VÄVG GUV WPUKIPGKPFKXKFWGN FG XKEVQKTGUWT
NŏGPPGOK VWà CW EQODCV EŏGUV WPG RTCVKSWG CUUG\ HTÃSWGPVG ´ NŏÃRQSWG ICWNQKUG  4KDGOQPV FGU
OKNNKGTU FŏQUUGOGPVU QPV ÃVÃ TGITQWRÃU RQWT HQTOGT WPG UVTWEVWTG ECTTÃG CXGE CW EGPVTG WP VTQW
E[NKPFTKSWGFŏWPGVTGPVCKPGFGEGPVKOÂVTGUFGFKCOÂVTGGVRTQHQPFFŏWPOÂVTGEQODNÃFŏQUDTÖNÃUEGV
COÃPCIGOGPV UKPIWNKGT RGWV ÄVTG KPVGTRTÃVÃ EQOOG WP CWVGN FQPV NGU QU DTÖNÃU EQPUVKVWGPV NGU
QHHTCPFGU &GU OKNNKGTU FŏCTOGU QPV ÃVÃ FÃEQWXGTVGU CXGE NGU FÃRQWKNNGU &GU QUUGOGPVU FG EJGXCWZ
CEEQORCIPGPVEGUXGUVKIGUIWGTTKGTUOQPVWTGRCTVKEKRCPVCWEQODCVNGEJGXCNGUVNŏQDLGVFGUOÄOG
RTCVKSWGUSWGNGUJWOCKPU
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
12
.GU)CWNQKUGPJQOOCIG´NGWTUFKGWZFÃRQUCKGPVFQPEFGUQHHTCPFGUCWUCPEVWCKTGOCKUKNU
RTCVKSWCKGPVWPCWVTGTKVG´NŏCKFGFGEGRGVKVLGWVTQWXGSWGNÃVCKVEGVCWVTGTKVG
*QTK\QPVCN
# $ % & ' ( )
PQOFGNCVTKDWICWNQKUGFG,WDNCKPU
& + # $ . + 0
CPKOCNO[VJKSWGFGNCTGNKIKQPICWNQKUG
QKUGCWZPQEVWTPGU
+ % '
PQOFGNCOCKUQPFWFKGW
' * + $ 1 7
PQOFWXKNNCIGCEVWGN
8GTVKECN
7 #%GTPWPPQUGPÃVCKVWP
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2JQVQEQORCTCVKHVCKNNGUFGUDQXKFÃU
.GUUCETKHKEGU
.GUUCPEVWCKTGUCDTKVGPVFGUNKGWZQÔUQPVRTCVKSWÃUFGUUCETKHKEGU5KNGUUCETKHKEGUJWOCKPUQPVGZKUVÃ
KNU ÃVCKGPV TCTGU GV PŏÃVCKGPV RCU RTCVKSWÃU FCPU NGU NKGWZ FG EWNVG RWDNKE +N FGXCKV UŏCIKT FG TKVGU
GZVTCQTFKPCKTGU SWK RCTCKUUGPV LWUVKHKÃU RCT FGU EKTEQPUVCPEGU SWK PG NG UQPV RCU OQKPU ECVCUVTQRJG
PCVWTGNNG ÃRKFÃOKG FÃUCUVTG IWGTTKGT CWVCPV FŏGZRTGUUKQPU FŏWPG EQNÂTG FKXKPG SWG NGU XKEVKOGU
UCETKHKEKGNNGUJCDKVWGNNGUPGRQWXCKGPVCRCKUGT'PEGFQOCKPGNGU)CWNQKUPGFKHHÃTCKGPVIWÂTGFGNGWTU
XQKUKPUOÃFKVGTTCPÃGPU
.GU XGUVKIGU NKÃU CWZ UCETKHKEGU FŏCPKOCWZ UQPV VTÂU PQODTGWZ UWT NGU UCPEVWCKTGU %G UQPV VQWLQWTU
EGWZ FŏCPKOCWZ FQOGUVKSWGU GV GUUGPVKGNNGOGPV FG DQXKFÃU FG RQTEU GV FG OQWVQPU .GU )CWNQKU CW
OQKPUFGRWKUNGGUKÂENGPGRWKUGPVRNWUFCPUNG OQPFGUCWXCIGRQWTHCKTGFGU QHHTCPFGU CWZ FKGWZ
OCKUKNURTÃNÂXGPVWPGRCTVFGNGWTRTQFWEVKQPNGUCPKOCWZSWKUQPVNGURNWURTQEJGUFŏGWZGVRCTVCIGPV
NGWTXKGSWQVKFKGPPG'PGHHGVFGRWKUNGUFÃDWVUFGNŏCITKEWNVWTGKN[CGPXKTQPCPUNGUJQOOGU
QPV FQOGUVKSWÃ NGU GURÂEGU CPKOCNGU KNU QPV CWUUK EJGTEJÃ ´ COÃNKQTGT NGU TCEGU HCXQTKUCPV NGU
ÃXQNWVKQPUEQOOGNCVCKNNGGVNG RQKFU FGU CPKOCWZ.GRNWUUQWXGPVNC RNWUITCPFG RCTVKG FGNŏCPKOCN
UCETKHKÃ GUV EQPUQOOÃG RCT NGU JQOOGU %GU HGUVKPU UG FÃTQWNGPV ´ NŏKPVÃTKGWT FG NŏGPEGKPVG UCETÃG
FQPEGPRTÃUGPEGFGNCFKXKPKVÃ
7PV[RGFGUCETKHKEGCPKOCNEQPUKUVG´RTÃEKRKVGTFCPUNCVGTTGFGUXKEVKOGUCDCVVWGUEGTKVGGUVEGPUÃ
UŏCFTGUUGT ´ WPG FKXKPKVÃ FGOGWTCPV FCPU NGU RTQHQPFGWTU FG NC VGTTG +N C ÃVÃ CDQPFCOOGPV RTCVKSWÃ
FCPU NG UCPEVWCKTG FG )QWTPC[UWT#TQPFG FCPU NG PQTF FG NC (TCPEG &GU DQXKFÃU IÃPÃTCNGOGPV VTÂU
¸IÃU GV GP VTÂU ITCPF PQODTG ÃVCKGPV CDCVVWU RTÂU FG NŏCWVGN ETGWZ CXCPV Fŏ[ ÄVTG KOOÃFKCVGOGPV
RTÃEKRKVÃU.CFKXKPKVÃNGUnEQPUQOOCKV€FQPEGPVKGTU+NUŏCIKVFŏWPEWNVGFGUVKPÃUCPUFQWVG´CUUWTGT
NCHÃEQPFKVÃFGUVTQWRGCWZGVRGWVÄVTGNCHGTVKNKVÃFGUEWNVWTGU
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
n,GOŏCRRGNNG/CTULGUWKUWPFKGW4QOCKPOCKULGUWKUFÃL´XÃPÃTôNŏÃRQSWGICWNQKUGUQWUSWGN
PQO!€
/7..1
13
2QWTGPUCXQKTRNWU
.GUFKXKPKVÃUICWNQKUGU
.CUGWNGUQWTEGXÃTKVCDNGUWTNGRCPVJÃQPICWNQKUGUVNGRCUUCIGFGNC)WGTTGFGU)CWNGUTÃEKVFG,WNGU
%ÃUCTQÔEGNWKEKRTÃUGPVGNGUFKGWZICWNQKUGPWVKNKUCPVNGUPQOUFGUFKGWZTQOCKPU#WVCPVFKTGSWŏKN
GUVFKHHKEKNGFGFKUVKPIWGTNGUFKXKPKVÃUXTCKOGPVICWNQKUGUFGNGWTKPVGTRTÃVCVKQP´NŏÃRQSWGICNNQTQOCKPG
KNGUVGPEQTG RNWU FKHHKEKNGFGNGU PQOOGTNŏCRRGNNCVKQP SWŏKNNGWTGUVFQPPÃG ÃVCPV UWLGVVG ´XCTKCVKQPU
#KPUKNGPQOFG6QWVCVKUUQWXGPVWVKNKUÃPG FÃUKIPG RCUWPFKGWRCTVKEWNKGTOCKUPŏKORQTVGSWGN FKGW
SWŏWPRGWRNGUŏGUVEJQKUKEQOOGRTQVGEVGWT'PGHHGV6QWVCVKUUKIPKHKGnNGFKGWFGNCVTKDW€1PRGWVGP
FÃFWKTG SWG EJCSWG RGWRNG ICWNQKU C RTQDCDNGOGPV UC FKXKPKVÃ VWVÃNCKTG CWVQWT FG NCSWGNNG ITCXKVG WP
RCPVJÃQPVTÂUXCTKCDNGRCTNGPQODTGFGFKXKPKVÃUNGWTCRRGNNCVKQPGVNGWTUCVVTKDWVKQPU
5K$GNGPWUGUVRCTOKNGUFKGWZNGPQONGRNWUTÃRCPFWPQVCOOGPVGP)CWNGFW5WFNCFÃGUUGNCRNWU
TGRTÃUGPVÃGGUV'RQPC2NWUFGFGWZEGPVUTGRTÃUGPVCVKQPUUQPVEQPPWGUGPRKGTTGGPDTQP\GGPVGTTG
EWKVGGVOÄOGGPDQKUGUUGPVKGNNGOGPVGP)CWNGGVGP)GTOCPKG(KIWTÃGEQOOGWPGLGWPGÃEW[ÂTG
CUUKUG GP COC\QPG GV ´ ETW UWT WP EJGXCN GNNG GUV NC RTQVGEVTKEG FGU EJGXCWZ GV FGU ECXCNKGTU UQP
KOCIG QTPCKV NGU ÃEWTKGU GV UQP EWNVG UGODNG HNQTKUUCPV GP OKNKGW TWTCN 1P NC VTQWXG CWUUK EJG\ NGU
CTVKUCPUFWOÃVCNNGNQPIFGUTQWVGUFGNC)CWNGGVUWTNGUUVÂNGUHWPÃTCKTGUEQPFWKUCPVNGU¸OGUFGU
FÃHWPVUXGTUNGOQPFGFGNŏCWFGN´'NNGUGTCOÄOGJQPQTÃGLWUSWŏ´4QOG
%GTVCKPU CPKOCWZ LQWGPV WP TÏNG FCPU NC O[VJQNQIKGEGNVKSWG .G EGTH GUV RTÃUGPV UQWU NC HQTOG FŏWPG
HKIWTKPG FG DTQP\G FCPU NG UCPEVWCKTG FG ,WXKIPÃ GV FGU CPFQWKNNGTU FG EGTH QPV ÃVÃ VTQWXÃU FCPU WP
VGORNG´'PVTCOOGU.CRNCEGFWEGTHFCPUNCTGNKIKQPVKGPVRGWVÄVTGCWHCKVSWGNCTGRQWUUGFGUGUDQKU
ÃXQSWG WPG PQWXGNNG PCKUUCPEG .ŏWP FGU RTKPEKRCWZFKGWZ ICWNQKU %GTPWPPQU GUV TGRTÃUGPVÃ UQWU NC
HQTOGFŏWPJQOOGEQWTQPPÃFGTCOWTGU
.GRCPVJÃQPICWNQKU
6GZVGUPQOUFGNKGWZGVKPUETKRVKQPUOQPVTGPVSWGNGURGWRNGUICWNQKUJQPQTCKGPVNGWTUFKGWZUQWUFGU
CRRGNNCVKQPUOWNVKRNGUXCTKCPVUGNQPNGUTÃIKQPUGVNGUÃRQSWGU8QKEKNGURTKPEKRCWZ
$ÃNÃPWU
&KGWIWÃTKUUGWTCUUQEKôWPUKVGRTÃEKUUQWXGPVFGUGCWZVJGTOCNGU
%GTPWPQU
VTG J[DTKFG RQUUÃFCPV WP EQTRU FŏJQOOG ´ NC VÄVG UWTOQPVÃG FG DQKU FG EGTH KN
U[ODQNKUGNCPCVWTGGVUQPEQPUVCPVTGPQWXGCW
œRQPC
&ÃGUUGVQWLQWTUTGRTÃUGPVÃG´EJGXCNEŏGUVNCRCVTQPPGFGUECXCNKGTUEJCTIÃUCWUUKFW
VTCPURQTVFGNŏ¸OGFWFÃHWPVXGTUNŏCWFGN´
œUWU
5QWXGPV TGRTÃUGPVÃ FCPU NC VGPWG FW DÖEJGTQP FKGW ETWGN GV UCPIWKPCKTG FCPU NGU
VGZVGUKNCRRCTCÉVCWUUKEQOOGNGOCÉVTGFGNCPCVWTG´NCSWGNNGKNGUVVQWLQWTUCUUQEKÃ
.WI
&KGWFGUCTVUGVFGUEQODCVUIWGTTKGTU
/CVGT
OCVTCG
&ÃGUUGUOÂTGURQTVCPVFCPUNGWTUDTCUFGUEQTPGUFŏCDQPFCPEGQWFGURCPKGTUTGORNKU
FGHTWKVUEGUQPVNGUFÃGUUGUFGNCHÃEQPFKVÃ
5WEGNNWU
&KGWCWOCKNNGV
U[ODQNGUQNCKTGOCÉVTGFGNCXKGGVFGNCOQTVSWŏKNFQPPGCXGENŏWPG
QWNŏCWVTGGZVTÃOKVÃFGUCOCUUWG
&KGWFWVQPPGTTGOCÉVTGFWEKGNITCPFFKGWSWKFQOKPGNGRCPVJÃQPICWNQKUÃSWKXCNGPV
´<GWUEJG\NGU)TGEUGV,WRKVGTEJG\NGU4QOCKPU
&KGWFGUIWGTTKGTUKNTGRTÃUGPVGNCHQTEGRJ[UKSWG
6CTCPKU
6QWVCVKU
14
.GUFTWKFGU
n&CPUVQWVGNC)CWNGKNPŏ[CSWGFGWZENCUUGUFŏJQOOGUSWKEQORVGPVSWGNSWGRGWGVUQKGPVGUVKOÃU
.ŏWPGGUVEGNNGFGUFTWKFGUNŏCWVTGGUVEGNNGFGUEJGXCNKGTU€PQWUTCRRQTVG,WNGU%ÃUCTFCPU.C)WGTTG
FGU)CWNGU
.GU FTWKFGU UQPV FGU RTÄVTGU ICWNQKU SWK QPV FGU HQPEVKQPU OWNVKRNGU GNNGU CUUQEKGPV NG EQPVTÏNG FGNC
TGNKIKQPNCRJKNQUQRJKGNGUUEKGPEGUNŏÃFWECVKQPNCLWUVKEGGVOÄOGWPGRCTVKEKRCVKQP´NCXKGRQNKVKSWG
%GU HQPEVKQPU PG UG UQPV EWOWNÃGU SWG RTQITGUUKXGOGPV NC RTCVKSWG TGNKIKGWUG TGUVCPV NŏCEVKXKVÃ
FQOKPCPVG
%GVVGSWCNKVÃFGRJKNQUQRJGCVVTKDWÃG´FGURTÄVTGUTCRRGNNGSWGNGUFTWKFGUCEEQTFGPVRNWUFŏKORQTVCPEG
CWZVJÃQTKGUSWŏCWZETQ[CPEGUNGUFTWKFGURNCEGPVNGWTHQKFCPUNGUCXQKTNCEQPPCKUUCPEGFGUNQKUFG
NC PCVWTG NŏQDUGTXCVKQP CUVTQPQOKSWG GV NGU ECNEWNU UCXCPVU RNWVÏV SWG FCPU WPG O[VJQNQIKG
KTTCVKQPPGNNG 7P RCTCNNÂNG RGWV ÄVTG ÃVCDNK CXGE NŏÃXQNWVKQP FG NC TGNKIKQP ITGESWG ´ NŏÃRQSWG FG
2[VJCIQTGCWGUKÂENGCX,%QÔNGUUCXCPVUUGRTÃUGPVGPVCXCPVVQWVEQOOGFGURJKNQUQRJGU
.CRTCVKSWGFWEWNVGTGRTÃUGPVGWPUCXQKTUCETÃSWKCUUWTGNGEQPVTÏNGFGUEÃTÃOQPKGUCWZFTWKFGUUCPU
NGUSWGNUCWEWPUCETKHKEGPGRGWVUŏCEEQORNKT%GUCXQKTUGVTCPUOGVQTCNGOGPV
.CEWGKNNGVVGFWIWKSWKCHCUEKPÃFGUIÃPÃTCVKQPUFŏJKUVQTKGPUUKGNNGCDKGPGZKUVÃFQKVÄVTGTCOGPÃG´
UC LWUVG OGUWTG ´ UCXQKT WPG HQTOG TKVWCNKUÃG FGU TÃEQNVGU XÃIÃVCNGU VTÂU EQWTCPVGU FCPU NG OQPFG
CPVKSWG.GUHTWKVUNGURNWURTÃEKGWZSWGNCPCVWTGFKURGPUGCWZJQOOGURCTGZGORNGRQWTNGU)CWNQKU
NGIWKVTÂUTCTGFCPUNGEJÄPGTQWXTGFQKXGPVÄVTGEWGKNNKUNQTUFŏWPTKVWGNEQORNGZG'P)CWNGWPFTWKFG
XÄVWFGDNCPEOQPVGFCPUNŏCTDTGGVEQWRGNGIWKCXGEWPGUGTRGFŏQTNGHTWKVGUVTGEWGKNNKFCPUWPFTCR
DNCPE EŏGUV CNQTU SWŏQP UCETKHKG CW RKGF FG NŏCTDTG FGWZ LGWPGU VCWTGCWZ NG IWK GUV EGPUÃ FQPPGT NC
HGTVKNKVÃ
.GUFTWKFGUUGTÃWPKUUGPVWPGHQKURCTCPCWRC[UFGU%CTPWVGUEQPUKFÃTÃEQOOGNGEGPVTGFGNC)CWNG
'PHCKVKNUŏCIKVFŏWPTCUUGODNGOGPVWPKSWGOGPVLWFKEKCKTGGVSWKPGTGITQWRGRCUNGUFTWKFGUFGVQWVGNC
)CWNG%GVVGCUUGODNÃGTÃXÂNGWPGFGUCEVKXKVÃUNGURNWUFÃXGNQRRÃGURCTNGUFTWKFGUNCRTCVKSWGFGNC
LWUVKEG
.GU FTWKFGU PG UQPV RCU SWG FGU RJKNQUQRJGU TGNKIKGWZ GV FGU LWIGU FÂU NG G UKÂENG GV EJG\ EGTVCKPU
RGWRNGU KNU GPVTGPV GWZOÄOGU FCPU NC ECTTKÂTG RQNKVKSWG +N GP GUV CKPUK FW EJGH œFWGP &KXKEKCE SWK C
LQWÃ WP TÏNG KORQTVCPV FCPU NC IWGTTG FGU )CWNGU CW GT UKÂENG 4GEGXCPV %KEÃTQP EJG\ NWK &KXKEKCE NWK
OQPVTGSWŏKNEQPPCÉVNGUUEKGPEGUFGNCPCVWTGGVSWŏKNOCÉVTKUGVQWVGUNGUVGEJPKSWGUFWEWNVG
.GU FTWKFGU QPV UWTVQWV GZGTEÃ WPG KPHNWGPEG ´ RCTVKT FG NC HKP FW G UKÂENG ´ NC UWKVG FG NŏKPUVCNNCVKQP
FCPUNGPQTFFGNC)CWNGFGVTKDWUDGNIGU´NCHKPFWGUKÂENGQÔUGVTQWXCKGPVFÃL´FGURTÄVTGUSWKUG
HCKUCKGPV CRRGNGT FTWKFGU .GWT KPHNWGPEG FÃENKPG VQWV CW NQPI FW GT UKÂENG CX ,% PQVCOOGPV UQWU
NŏKPHNWGPEGFGNCTQOCPKUCVKQP
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
15
.CTGNKIKQPICNNQTQOCKPG
'PVGFÃRNCÁCPVFCPUNGOWUÃGTGRÂTGNGURCPPGCWZGVXKVTKPGU SWKXQPVVGRGTOGVVTGFGTÃRQPFTGCWZ
SWGUVKQPUUWKXCPVGU
 ,WDNCKPU PQWU PG EQPPCKUUQPU RCU NG PQO FG NC FKXKPKVà SWK ÃVCKV XÃPÃTÃG FCPU NG VGORNG NGU
CTEJÃQNQIWGU QPV EGRGPFCPV TGVTQWXÃ SWGNSWGU HTCIOGPVU FŏWPG UVCVWG RNWU ITCPFG SWG PCVWTG
TGRTÃUGPVCPV
† 8ÃPWUUQTVCPVFWDCKP!
„ WPGFÃGUUGOÂTGCUUKUG!
† NGFKGW1EÃCP!
2QWTGPUCXQKTRNWU
.GUFKXKPKVÃUICNNQTQOCKPGU
.GUFÃGUUGUOÂTGU
%G HTCIOGPV FŏWPG UVCVWG FG EWNVG TGRTÃUGPVG WP RGTUQPPCIG HÃOKPKP CUUKU GV XÄVW RNWU ITCPF SWG
PCVWTG%ŏGUVWPGHQTOGFGXKGKNNGFÃGUUGOÂTGVTÂUXÃPÃTÃGGP )CWNGUQWUFKHHÃTGPVUPQOUGVUQWXGPV
TGRTÃUGPVÃG
DCUTGNKGHUUVCVWGVVGUGPVGTTGEWKVG
.GU FÃGUUGUOÂTGU UQPV FGU FKXKPKVÃU ICWNQKUGU C[CPV EQPUGTXÃ NGWT RGTUQPPCNKVÃ RTQRTG ´ NŏÃRQSWG
ICNNQTQOCKPG.KôNCHÃEQPFKVÃFGNCHGOOGGVRCTN´´EGNNGFGNCPCVWTGVQWVGPVKÂTGNGWTEWNVGLQWKV
FŏWPGITCPFGRQRWNCTKVÃ5QWXGPVGNNGUCNNCKVGPVWPXQKTGFGWZDÃDÃU.GWTUCVVTKDWVUNGURNWUHTÃSWGPVU
UQPVNCEQTDGKNNGFGHTWKVUQWNCEQTPGFŏCDQPFCPEG2CTHQKUGNNGUUQPVEQPPWGURCTNGWTPQONQECNEQOOG
NGU/CVTGU0COCWUKECGFG0ÉOGU,WDNCKPUNCFÃGUUGOÂTGPGPQWUCRCUTÃXÃNÃUQPPQO
.GUFKGWZTQOCKPUCUUQEKÃUCWZFKGWZICWNQKU
.GURTCVKSWGUFGUFTWKFGUOGPCEÃGUUQWUNŏGORGTGWT6KDÂTG
FGPQVTGÂTGUQPVKPVGTFKVGUUQWU
%NCWFG GV NGU FKGWZ ICWNQKU UQPV CUUKOKNÃU ´ FGU FKGWZ TQOCKPU SWK NGWT TGUUGODNGPV RNWU QW
OQKPU
8QKEKSWGNSWGUGZGORNGU
&KGWTQOCKPFGNCIWGTTG/CTUGUVCUUKOKNôFGPQODTGWUGUFKXKPKVÃUNQECNGUEQOOGGPVÃOQKIPGPVNGU
CRRGNNCVKQPU CUUQEKÃGU ´ UQP PQO UWT NGU KPUETKRVKQPU 2NWU FG UQKZCPVGFKZ SWCNKHKECVKHU QPV ÃVÃ CKPUK
TGEGPUÃU /CTU /WNNQ FCPU Nŏ1WGUV /CTU %COCNWU FCPU NC TÃIKQP FG 4GKOU /CTU 4CFKCPWU FCPU NC
&TÏOGŗ.GUGEQPFVGTOGFQPPGNGPQOFGNCFKXKPKVÃKPFKIÂPG
.G EWNVG FG /CTU /WNNQ GUV CVVGUVÃ RCT FGU KPUETKRVKQPU CWZ OCTIGU FW /CUUKH CTOQTKECKP 4GPPGU
0CPVGU #NNQPPGU GP RÃTKRJÃTKG FW /CPU GV #VJÃG RTÂU FG %TCQP /C[GPPG /CTU ÃVCKV UCPU FQWVG
CWUUK NG FKGW RTKPEKRCN FGU %QTKQUQNKVGU FQPV NC ECRKVCNG %QTUGWN FCPU NGU %ÏVGU Fŏ#TOQT UŏCRRGNCKV
(CPWO/CTVKU
n6GORNGFG/CTU€
6TÂXGUUŏÃNGXCKVWPUCPEVWCKTGFÃFKô.GPWU/CTU&CPUEGECURTÃEKUNCRTKOCWVÃTGXKGPVCWFKGW
NQECNSWGNCFKXKPKVÃFGNCIWGTTGPGTÃWUUKVRCU´UWRRNCPVGTFCPUNŏGURTKVFGUHKFÂNGU
,WDNCKPU QP JQPQTG,WRKVGT RTQVGEVGWT FGNCEKVÃUWTNGHQTWO EGPVTGFGNC TGNKIKQPQHHKEKGNNGUQP
EWNVG[XQKUKPGCXGEEGNWKXQWôNŏGORGTGWT7PRGVKVCWVGNFÃEQWXGTVUWTNGHQTWONGWTGUVEQPUCETÃ
,WRKVGTOCÉVTGFWEKGNGUVUQWXGPVCUUQEKÃCWFKGW6CTCPKUSWKUKIPKHKGGPICWNQKUNGnVQPPGTTG€
&ŏCWVTGUFKGWZUQPVCWUUKCUUQEKÃU
#RQNNQP&KGWUQNCKTGGUVLGWPGHQTVGVIWÃTKUUGWTUQPEWNVGCRTQURÃTÃGP)CWNGFÂUNGGTUKÂENGCXCPV
PQVTGÂTG2NWUKGWTUFKGWZICWNQKURGWXGPVÄVTGEQPUKFÃTÃUEQOOGUGUÃSWKXCNGPVU$GNGPQU$QTXQŗ
,WPQPÃRQWUGFG,WRKVGTUQPEWNVGCRCTHQKUTGORNCEÃEGNWKFGNCITCPFGFÃGUUGOÂTG&K#PC
2NWUKGWTUFKGWZICWNQKURGWXGPVÄVTGEQPUKFÃTÃUEQOOGNGUÃSWKXCNGPVUFG/GTEWTG.WI6QWVCVKUŗ
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
16
'PVQWTGUWTNCRJQVQEKFGUUQWUNŏGPFTQKVQÔÃVCKVRNCEÃGEGVVGUVCVWG´NCSWGNNGQPTGPFCKVWPEWNVG
%GVGPFTQKVGUVCRRGNÃ
.#%'..#
2QWTGPUCXQKTRNWU
.GUEÃTÃOQPKGUTGNKIKGWUGU
 NŏQHHTCPFG CWZ FKGWZ FW EQTRU FGU GPPGOKU VWÃU CW EQODCV EQOOG EGNC UG RTCVKSWCKV ´ NŏÃRQSWG
ICWNQKUG QPV UWEEÃFÃ ´ NŏÃRQSWG ICNNQTQOCKPG FGU UCETKHKEGU FŏCPKOCWZ ÃIQTIÃU UWT FGU CWVGNU %GU
UCETKHKEGU PG UG FÃTQWNCKGPV RCU FCPU NC EGNNC TÃUGTXÃ CW FKGW OCKU ´ NŏGZVÃTKGWT FCPU NŏCKTG UCETÃG
FÃNKOKVÃGRCTNGRÃTKDQNG
&ŏCWVTGU ÃNÃOGPVU FW TKVWGN TGUVGPV OCN EQPPWU TGRCU QÔ NŏQP RCTVCIGCKV NC XKCPFG FGU UCETKHKEGU
NKDCVKQPU
QHHTCPFGFGXKPSWGNŏQPTÃRCPFCKVUWTNGUQNQWUWTWPCWVGNFÃRÏVUFŏGZXQVQ
ÃNÃOGPVUFG
RCTWTG QDLGVU U[ODQNKUCPV WP RGTUQPPCIG WPG OCNCFKG QW WP ÃXÃPGOGPV OQPPCKGUŗ RTQEGUUKQPU
CWVQWTFGNCEGNNCFCPUNGUGPUFGNCEQWTUGFWUQNGKN
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
.ŏGCW ÃVCKV VTÂU KORQTVCPVG FCPU NGU VGORNGU NGU RTÄVTGU GV NGU HKFÂNGU FGXCKGPV UŏCURGTIGT CXCPV
FŏGPVTGTFCPUNŏGURCEGUCETÃ
2QWTSWGNNGTCKUQP!5GRWTKHKGT
5WTNCRJQVQEKFGUUWUTGRÂTGRWKUEQNQTKGGPDNGWNGD¸VKOGPVFGDCKPU
2QWTGPUCXQKTRNWU
2JQVQU[UVÂOGFGEJCWHHCIGRCTJ[RQECWUVG
.GUCDNWVKQPU
WPFGUCPINGUFWUCPEVWCKTGUGVTQWXGWPD¸VKOGPVCEEQNÃCWRÃTKDQNG%GVVGEQPUVTWEVKQPEQORTGPF
WP DCUUKP EJCWHHÃ CNKOGPVÃ RCT NŏGCW FGU RTÃEKRKVCVKQPU VQODÃGU UWT NŏGPUGODNG FW UCPEVWCKTG GV
TÃEWRÃTÃGUFCPUWPGUQTVGFGRWKVUECTTÃ.GU[UVÂOGFGEJCWHHCIGGUVNGOÄOGSWGFCPUNGUVJGTOGU
EŏGUVNGU[UVÂOGFWEJCWHHCIGRCTJ[RQECWUVGEŏGUV´FKTGRCTWPGEKTEWNCVKQPFŏCKTEJCWFUQWUNGUQN
.CHQPEVKQPFGEGVCOÃPCIGOGPVCRRCTCÉVENCKTGOGPVNGURTÄVTGUCXCPVFGRÃPÃVTGTFCPUNGUCPEVWCKTG
RQWTGZGTEGTNGWTHQPEVKQPGPVTGPVFCPUNGD¸VKOGPVCPPGZGQÔKNUCEEQORNKUUGPVFGUTKVGUFŏCDNWVKQP
.C RWTKHKECVKQP GUV WP KORÃTCVKH GUUGPVKGN FCPU NGU TKVGU CPVKSWGU QP UG RWTKHKCKV PQVCOOGPV GP UG
NCXCPVUQKIPGWUGOGPVNGUOCKPUCXCPVFŏGPVTGTFCPUNGUNKGWZUCETÃUGVCXCPVFGHCKTGFGUQHHTCPFGUQW
FGU UCETKHKEGU .ŏGCW UVQEMÃG FCPU NG RWKVU ECTTÃ RQWXCKV CWUUK ÄVTG GPXQ[ÃG XGTU WPG HQPVCKPG FGOK
EKTEWNCKTGUKVWÃGGPVTGFGWZEQNQPPGUFWRQTVKSWGQTKGPVCN
17
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
&GOÄOGSWGRQWTNGU)CWNQKUNGUHKFÂNGUICNNQTQOCKPUCRRQTVCKGPVFGUQHHTCPFGUFCPUNGU
UCPEVWCKTGU7PGVTÂUITCPFGSWCPVKVÃFGEGUQHHTCPFGUCÃVÃTGVTQWXÃGGVEGTVCKPGUUQPVGZRQUÃGUCW
OWUÃG5ÃRCTÃGUGPFGWZV[RGUEKVGGPWPGFGEJCSWG
GPNKGPFKTGEVCXGENCFKXKPKVÃ8œ075
OCVÃTKCW6'44'$.#0%*'
TGRTÃUGPVCPVNGHKFÂNG
GZGORNG(+$7.' OCVÃTKCW$410<'
2QWTGPUCXQKTRNWU
2JQVQUQGPQEJQÃGVUKORWNWO
.GUNKDCVKQPUGVNGUQHHTCPFGU
.GUUCETKHKEGUFŏCPKOCWZ FGXKGPPGPVNŏÃNÃOGPV GUUGPVKGN FWTKVG´NŏÃRQSWGICNNQTQOCKPG&GUNKDCVKQPU
UQPVCWUUKRTCVKSWÃGU'NNGUEQPUKUVGPV´XGTUGTWPNKSWKFGUQWXGPVFWXKPGPNŏJQPPGWTFŏWPGFKXKPKVÃ
UWTNGUQNQWUWTNCHNCOOGFŏWPHGWUCETÃ.GUKPUVTWOGPVUFW EWNVGUQPVWPGUQTVGFGECTCHG´CPUG
CRRGNÃGQGPQEJQÃIÃPÃTCNGOGPVGPDTQP\GGVWPGNQWEJG´OCPEJGXGTVKECNNGUKORWNWO
.GU HKIWTCVKQPU FG 8ÃPWU GP RKGTTG UQPV TCTKUUKOGU VQWV CWVCPV SWG NGU KPUETKRVKQPU NC OGPVKQPPCPV
%GVVG FKUETÃVKQP VTCPEJG CXGE NŏGZVTÄOG CDQPFCPEG FGU HKIWTKPGU GP VGTTG DNCPEJG SWK NC TGRTÃUGPVGPV
'NNGCRRCTCÉVUQWUWPGÃVQPPCPVGFKXGTUKVÃFGUKVWCVKQPUQTVCPVFWDCKPCEEQORCIPÃFŏWPQWRNWUKGWTU
GPHCPVUPWGGVFGDQWVŗ.CXQIWGFGUHKIWTKPGUFG8ÃPWUVGPF´OQPVTGTSWGNCFÃGUUGITÃEQTQOCKPG
GUVCUUKOKNÃGCWZFÃGUUGUOÂTGUICWNQKUGUGVSWŏGNNGRGTUQPPKHKGNGUHQTEGUETÃCVTKEGUFGNCPCVWTG
1WVTGNGUHKIWTKPGUGPVGTTGEWKVGNGUQHHTCPFGUNGURNWUEQWTCPVGUUQPVFGUOQPPCKGUNCORGUGVDKLQWZ
2TÃUGPVÃGU FCPU FGU EQWRGU GV FGU RCVÂTGU EQWRGU ´ DQKTG ÃXCUÃGU GV RGW RTQHQPFGU NGU QHHTCPFGU
CNKOGPVCKTGUUGEQORQUGPVXTCKUGODNCDNGOGPVFGRCKPGVFGI¸VGCWZ
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
.CRJQVQEKEQPVTGGUVWPGQHHTCPFGHCKVGRCTWPRÂNGTKPOCNCFG
VQPCXKUSWGTGRTÃUGPVGEGVVGRNCSWGVVGGVFCPUSWGNDWVNGRÂNGTKP
NŏCVKNFÃRQUÃGCWVGORNG!
%GVGZXQVQTGRTÃUGPVGWPGRCKTGFŏ[GWZRGWVÄVTGFCPUNGDWV
FŏWPGÃXGPVWGNNGIWÃTKUQP
2QWTGPUCXQKTRNWU
.GUGZXQVQ
.C OWNVKRNKEKVÃ GV NC FKXGTUKVÃ FGU GZXQVQ TGEWGKNNKU FCPU NGU UCPEVWCKTGU VÃOQKIPGPV FG NC HGTXGWT
RQRWNCKTG#WZQHHTCPFGUNGURNWUEQWTCPVGUUŏCLQWVGPVFGUFQPURNWUKPUQNKVGU#KPUKQPVTQWXGFGUGZ
XQVQFÃRQUÃUFCPUNGUUCPEVWCKTGUGPXWGFŏWPGIWÃTKUQPTGRTQFWEVKQPFGOGODTGUOCNCFGUEQOOG
NCHGWKNNGFGDTQP\GGPHQTOGFGFGWZ[GWZSWŏQPHKZGUWTFGURNCPEJGVVGUCWZOWTUFGUVGORNGU%GNC
RGWVÄVTGCWUUKFGUFÃRÏVUFGHQUUKNGUQWGPEQTGWPGITQUUGFGPVFGTGSWKPRTÃNGXÃGFCPUNGUUCDNGUFG
6QWTCKPG GV FÃEQWXGTVG ´ #TIGPVQOCIWU QW FGU CTOGU OKPKCVWTGU EQOOG EGU JCEJGVVGU XQVKXGU
FÃEQWXGTVGUCWIWÃFG5CKPV.ÃQPCTF´/C[GPPG
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
18
.GFÃEQTFWVGORNG
NŏCKFGFGUDQTPGUKPVGTCEVKXGUCKPUKSWGFGUXKVTKPGUGVFGURCPPGCWZNWOKPGWZTÃRQPFUCWZSWGUVKQPU
UWKXCPVGU
.GVGORNGFG,WDNCKPUÃVCKVVTÂUTKEJGOGPVFÃEQTÃFGHTGUSWGURGKPVGUUWTNGUOWTUFWRÃTKDQNGUQWUNGU
RQTVKSWGU
4GFQPPGUGUEQWNGWTUCWFÃEQTRGKPVEKFGUUQWU
1ÔÃVCKVUKVWÃEGFÃEQT!'PECFTGOGPVFG
NŏGPVTÃGRTKPEKRCNG
3WGNGUVEGVQKUGCW!7PRKIGQP
%GTVCKPUOCVÃTKCWZFÃPQVGPVNGUQKPCRRQTVÃCWFÃEQTGVRTQWXGPVCKPUKNŏKORQTVCPEGFWOQPWOGPVRQWT
NCRQRWNCVKQP$GCWEQWRFGOCVKÂTGURTGOKÂTGUÃVCKGPVKORQTVÃGUFGVTÂUNQKP
2QWTGPUCXQKTRNWU
&ÃEQTRGKPV
.GU OWTU FW RÃTKDQNG ÃVCKGPV GPVKÂTGOGPV RGKPVU ´ NŏKPVÃTKGWT EQOOG ´ NŏGZVÃTKGWT RCT GZGORNG WPG
TGRTÃUGPVCVKQPFGRKIGQPSWKQTPCKVNŏGPVTÃGQTKGPVCNGGVSWKGUVGZRQUÃGCWOWUÃG.GUOWTUKPVÃTKGWTU
FWVGORNGÃVCKGPVRNCSWÃUFGOCTDTGUXCTKÃUSWKHQTOCKGPVCWUUKNGRCXCIGFGUUQNU
n.G FÃEQT FW RÃTKDQNG HWV UKIPCNÃ FÂU NGU RTGOKÂTGU HQWKNNGU FW G UKÂENG 8GTIGT XKV UWT NG OWT UWF OCKU QP KIPQTG UK
EŏGUV ´ NŏGZVÃTKGWT QW ´ NŏKPVÃTKGWT WP GPFWKV EQPUGTXÃ UWT WPG JCWVGWT FG O GPXKTQP PQKT GP DCU GV TQWIG CWFGUUWU
EQORQTVCPVFGWZGPECFTGOGPVULCWPGUUWTNGHQPFPQKT.ŏWPFGEGUECFTGUGPVQWTCKVNGULCODGUFŏWPJQOOGRGKPVGUGPDNCPE
CXGEFGUQODTGUITKUGU4$QKUUGNTGEWGKNNKV´NŏKPVÃTKGWTFG NŏCPINGUWFGUVNCOQKVKÃFWEQTRUFŏWPQKUGCWRGKPVUWTHQPF LCWPG
R¸NG2KQIGTRWVQDUGTXGT UWTWPGJCWVGWTFŏWPGVTGPVCKPGFGEGPVKOÂVTGUWPGPFWKVNQPIFGOUWTNCHCEGKPVÃTKGWTGFW
OWTGUVCWUWFFGNŏGPVTÃG+NRQTVCKVWPHQPFTQWIGKPVGTTQORWUGODNGVKNRCTWPRCPPGCWPQKTGPECFTÃFGDCPFGUXGTVKECNGU
LCWPGU2TCVKSWGOGPVVQWVEGOCVÃTKGNCFKURCTWFGRWKU.GUGPFWKVUVTQWXÃUNQTUFGUFGTPKÂTGUHQWKNNGUQPVÃVÃEQPHKÃUCW%GPVTG
Fŏ'VWFGFGU2GKPVWTGU/WTCNGU4QOCKPGUFG5QKUUQPU
%'2/4%045€
'PEGSWKEQPEGTPGNŏQKUGCW
GZRQUÃCWOWUÃGSWKHCKVRCTVKFGUHTCIOGPVUFWITQWRG´HQPFPQKT
n%GVQKUGCWRGWVÄVTGWPRKIGQPGUVTÃCNKUÃCXGEDGCWEQWRFGHKPGUUGNCIQTIGTQUGGVNGRNWOCIGXGTVFGRTQHKNKNTGICTFGXGTU
NCICWEJGGVGUVRQUÃUWTWPGDCUGQDNQPIWGXGTVLCWPGSWKUWIIÂTGFCXCPVCIGWPGQODTGSWŏWPGNKIPGFGUQN.GURNWOGUUQPV
RGKPVGUCXGEDGCWEQWRFGHKPGUUGGVFGNÃIÂTGVÃFCPUNCVQWEJG
'PQDUGTXCPVNCVTCPEJGFWHTCIOGPV´EOFGNCVÄVGFGNŏQKUGCWQPUŏCRGTÁQKVSWŏGNNGGUVRCTHCKVGOGPVNKUUGGVTÃIWNKÂTG GP
UWTHCEGNGOQTVKGTRTÃUGPVG´EGPKXGCWWPGNÃIÂTGUCKNNKG%GUFGWZKPFKEGUVGEJPKSWGUUWRRQUGPVSWGNGUVTQKUEQWEJGUFGOQTVKGT
XGPCKGPVDWVGTEQPVTGWPOQPVCPVFGDQKURTQDCDNGOGPVNŏGPECFTGOGPVFGNCRQTVGFQPVNCRTÃUGPEGGUVCVVGUVÃGFCPUNGUGEVGWT
QÔNCRNCSWGCLWUVGOGPVÃVÃTGEWGKNNKG
&GWZ CWVTGU QKUGCWZ UWT HQPF PQKT UQPV ÃICNGOGPV EQPUGTXÃU OCKU RCTVKGNNGOGPV +NU RTÃUGPVGPV NGU OÄOGU ECTCEVÃTKUVKSWGU
HKPGUUGFWOQFGNÃGVNÃIÂTGVÃFGNCVQWEJGNŏWPGUVVQWTPÃXGTUNCFTQKVGNŏCWVTGXGTUNCICWEJG€
)41'6'/$4+.5.GFÃEQTRGKPVFWRÃTKDQNGKP0#8'#7,
UQWUNCFKT4GEJGTEJGUUWT,WDNCKPU&#1RGVR
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
%KVGFGUOCVÃTKCWZC[CPVÃVÃWVKNKUÃURQWTNCEQPUVTWEVKQPGVNGFÃEQTFWVGORNGKPFKSWGÃICNGOGPV
RQWTEJCEWPUCRTQXGPCPEGGVUCRNCEGUWTNGOQPWOGPV
/#6œ4+#7:2174.#
2418'0#0%'&'5
'/2.#%'/'06574.'
%105647%6+10
/#6œ4+#7:
6'/2.'
)TCPKVG
.QECN
/WTU
%CNECKTG
8CNNÃGFGNC.QKTG
2QFKWOEQNQPPGU
$QKU
.QECN
œEJCHCWFCIGUEJCTRGPVG
19
/#6œ4+#7:2174.'
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2418'0#0%'&'5
/#6œ4+#7:
'/2.#%'/'06574.'
6'/2.'
%*#2+6'#7:&'5
2146+37'5
6WKNGUGVDTKSWGUFCPUNGU
OWTU
2NCECIGFWUQNGVFGUOWTUFG
NCEGNNC
GZ67(('#7
#0,17
6GTTGEWKVG
.QECN
/CTDTG
2[TÃPÃGU
)TÂU
5KVGFG2KGTTG#KIWÅ´MO
%QNQPPGU
%CNECKTGEQSWKNNKGT
#PLQW
%JCRKVGCWZFWVGORNG
2QWTGPUCXQKTRNWU
2JQVQEQNQPPGECPPGNÃG
&ÃEQTUEWNRVÃGVOCVÃTKCWZ
.GU EQNQPPGU FW RQTVKSWG GPVQWTCPV NC EQWT UQPV VCKNNÃGU FCPU WP ITÂU ITKU GZRNQKVÃ ´ WPG FK\CKPG FG
MKNQOÂVTGU´NŏGUVFG,WDNCKPU.CECTTKÂTGTQOCKPGUKVWÃGUWTNCEQOOWPGFG5CKPVG)GOOGUNG4QDGTV
ÃVCKVXKUKDNGLWUSWŏ´NCHKPFWGUKÂENG&GUEQNQPPGUCDCPFQPPÃGUGPEQWTUFGVCKNNGQPVÃVÃVTQWXÃGU´
EGVGORNCEGOGPV
%GUEQNQPPGUUWRRQTVCKGPVFGUEJCRKVGCWZGPVWHHGCW´FÃEQTEQTKPVJKGP.GVWHHGCWRTQXKGPVFWXCNFG
.QKTG´GPXKTQPMKNQOÂVTGU
.GVGORNGÃVCKVGPVKÂTGOGPVEQWXGTVFGECNECKTGEQSWKNNKGT
- NGURCTGOGPVUFGITQUDNQEUFWUQWDCUUGOGPVFGNCEGNNC
- NGUEQNQPPGUECPPGNÃGU
- NGUEJCRKVGCWZGVNGUEQTPKEJGU
%GVVG TQEJG FG NŏÂTG VGTVKCKTG CRRGNÃG CWUUK HCNWP GUV EQPUVKVWÃG FŏKPPQODTCDNGU HTCIOGPVU FG
EQSWKNNCIGU CIINQOÃTÃU 'NNG UG VCKNNG HCEKNGOGPV OCKU PG RGTOGV RCU WPG ITCPFG HKPGUUG FCPU NC
UEWNRVWTG 'NNG RTQXKGPV FG NC TÃIKQP FG &QWÃNC(QPVCKPG FCPU NG /CKPGGV.QKTG ´ GPXKTQP MKNQOÂVTGU
'PHKP NGU OWTU GZVÃTKGWTU ÃVCKGPV RNCSWÃU FG OCTDTGU XCTKÃU HQTOCPV CWUUK NG RCXCIG FGU UQNU .C
RNWRCTVFGEGUOCTDTGUXKGPPGPVFGU2[TÃPÃGU
n.GFÃEQTCTEJKVGEVQPKSWGGUVUCPUFQWVGRQWTPQWUCWLQWTFŏJWKNŏWPGFGUKOCIGUNGURNWUÃXQECVTKEGUSWKPQWUUQKVVTCPUOKUGUFW
UCPEVWCKTGFG,WDNCKPU/CNJGWTGWUGOGPVNGUVGPVCVKXGUFGTGEQPUVKVWVKQPUGJGWTVGPV´NŏKPUWHHKUCPEGFGUXGUVKIGURTÃUGTXÃU€
n'P EG SWK EQPEGTPG NG RÃTKDQNG NGU ÃNÃOGPVU NGU RNWU TGRTÃUGPVCVKHU UQPV GZRQUÃU CW OWUÃG +N UŏCIKV FG FGWZ HTCIOGPVU FG
EJCRKVGCW EQTKPVJKGP GV FŏWP VCODQWT FG RKNKGT RQWT NGUSWGNU KN GUV RQUUKDNG FG TGUVKVWGT NG OÄOG RNCP EGNWK FŏWP RKNKGT FŏCPING
HQTOÃFGRKNCUVTGUHNCPSWÃUUWTFGWZEÏVÃUCFLCEGPVUFGFGOKEQNQPPGUGPICIÃU&ŏCWVTGUHTCIOGPVURTQXGPCPVFWRÃTKDQNGUQPV
GPVTGRQUÃUFCPUNGU CPPGZGUFWFÃRÏVFGHQWKNNGU.CRNWRCTVUŏKPVÂITGPVRCTHCKVGOGPVCWFÃEQTCWRNCPGVCWZFKOGPUKQPUFGU
EJCRKVGCWZ FW OWUÃG +N GUV CKPUK RQUUKDNG FG TGUVKVWGT WPG UÃTKG FG DNQEU EQPUVKVWÃG FG HTCIOGPVU FG DCUGU FG HÖVU GV FG
EJCRKVGCWZEQORQUCPVWPRKNKGTFŏCPINGGPÃNÃXCVKQP3Wŏ[CXCKVKNCWFGUUWUFGUEJCRKVGCWZ!0QWUPGNCUCXQPURCUGPTCKUQP
FGNŏCDUGPEGFGVQWVÃNÃOGPVFŏGPVCDNGOGPV€
n.GUÃNÃOGPVUGPECNECKTGEQSWKNNKGTEQPUGTXÃUUQPVOCNITÃNGWTTCTGVÃNGURTKPEKRCWZVÃOQKIPCIGUFWVGORNG'PTCKUQPFGNGWTU
FKOGPUKQPUTÃFWKVGUKNGUVFKHHKEKNGFGTGUVKVWGTKPVÃITCNGOGPVWPGZGORNGFGEJCRKVGCWZEQTKPVJKGPU.GOQFGNÃUGODNGEGRGPFCPV
RTQEJG FG EGNWK SWG NŏQP VTQWXG FCPU NGU RQTVKSWGU FW RÃTKDQNG OÄOG UK NC VGPFTGVÃ FW VWHHGCW [ HCKV FÃHCWV .G UGWN ÃNÃOGPV
FŏGPVCDNGOGPV TGVTQWXÃ CRRCTVKGPV ´ EGV GPUGODNG FG DNQEU GP ECNECKTG EQSWKNNKGT +N UŏCIKV FŏWP HTCIOGPV FG EQTPKEJG FG
FKOGPUKQPUOQFGUVGUOCKUSWKRTÃUGPVGVQWVGHQKUWPKPVÃTÄVRWKUSWGEŏGUVWPGRCTVKGFGEQTPKEJGHQTOCPVWPFÃETQEJGOGPV€
$.16/%.GFÃEQTCTEJKVGEVQPKSWGKP0#8'#7,
UQWUNCFKT4GEJGTEJGUUWT,WDNCKPU&#1R
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
20
.GVGORNG
%GVVGHKEJGGUV´TGORNKTCWVGORNGVWRQWTTCUVŏCKFGTFGUDQTPGUOÃVCNNKSWGUSWKUQPVUWTRNCEG
4GRÂTGFGSWGNEÏVÃGUVUKVWÃGNCXKNNGRCTTCRRQTVCWVGORNG!†GUV†QWGUV†PQTF„UWF
2QWTGPUCXQKTRNWU
2JQVQ/CSWGVVGFWVGORNG
2NCPIÃPÃTCN
.G UCPEVWCKTG TQOCKP GUV HGTOÃ RCT WP OWT FŏGPEGKPVG NG RÃTKDQNG SWK FGUUKPG WP XCUVG SWCFTKNCVÂTG
FŏGPXKTQPO FGEÏVÃ .CHQPEVKQP FW RÃTKDQNG GUVFŏCDQTFFG NKOKVGTNŏGURCEGEQPUCETÃCWFKGW'NNG
GUV CWUUK FG EQPVGPKT NGU VGTTGU FŏWPG XCUVG RNCVGHQTOG CTVKHKEKGNNG QDVGPWG RCT NŏCRRQTV FŏWPG OCUUG
EQPUKFÃTCDNGFGTGODNCKUCHKPFŏCRNCPKTNGVGTTCKPKPKVKCNGOGPVGPHCKDNGRGPVG
.ŏGPVTÃGRTKPEKRCNGUGUKVWGCWOKNKGWFGNCHCEGGUVFWUCPEVWCKTGNGOQPWOGPVPŏGUVFQPERCUVQWTPÃ
XGTUNCXKNNGOCKUXGTUNGUQNGKNNGXCPVEQOOGEŏGUVNGECUNCRNWRCTVFWVGORUGP)CWNG
.ŏGPVTÃGQWGUVCÃVÃCOÃPCIÃGFCPUWPGUGEQPFGRJCUGRCTNCEQPUVTWEVKQPFŏWPRQTEJGSWKHQTOGWPG
CXCPEÃGLWUSWŏCWDQTFFGNCXQKGFŏ#XTCPEJGU2TÂUFGEGVVGGPVTÃGQPVÃVÃVTQWXÃUFGPQODTGWZQDLGVU
FŏQHHTCPFGU HKDWNGU DCIWGU RGVKVU QDLGVU GP DTQP\G SWG NGU RÂNGTKPU OQFGUVGU XGPCKGPV FÃRQUGT ´
NŏGPVTÃGFWUCPEVWCKTG
 NŏKPVÃTKGWT FW UCPEVWCKTG NGU SWCVTG EÏVÃU FW RÃTKDQNG UQPV NQPIÃU RCT FGU RQTVKSWGU KPVÃTKGWTU %GU
RQTVKSWGUÃVCKGPVHQTOÃUFGHKPGUEQNQPPGUGVCWZCPINGUFGRKNKGTUSWCFTCPIWNCKTGU
%GURQTVKSWGUGPECFTGPVWPGXCUVGEQWT´NŏKPVÃTKGWTFGNCSWGNNGUŏÃNÂXGNCEGNNCQÔÃVCKVUKVWÃGNCUVCVWG
FKXKPG
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
5WTNGRNCPEKFGUUQWU
EQNQTKG
GPXGTVNGRQTVKSWG
GPDNGWNCEGNNC
GPVQWTG
GPLCWPGNGVGORNG
GPTQWIGNGRÃTKDQNG
RCTWPGHNÂEJGKPFKSWGNŏGPVTÃGRTKPEKRCNG
RGVKVKPFKEGEGNNGEKÃVCKVVQWTPÃGXGTUNG
UQNGKNNGXCPV
2QWTGPUCXQKTRNWU
.ŏGPVTÃGRTKPEKRCNG
.ŏGPVTÃGRTKPEKRCNGUGUKVWGCWOKNKGWFGNCHCEGGUVFWUCPEVWCKTGQP[RCTXGPCKVRCTWPGTWGFQPVQPC
OCTSWÃNGVTCEôVTCXGTUNŏGURCEGGPRGNQWUGFWEÏVÃICWEJG GPTGICTFCPVNCOCKUQPFGNC6QPPGNNG
%GVVG TWG XKGPV UG VGTOKPGT GZCEVGOGPV CW DQWV FŏWP RQTVKSWG GZVÃTKGWT SWK NQPIG NC HCEG GUV FW
RÃTKDQNG'NNGPGXCRCURNWUNQKPGVGNNGCXCKVFQPEEQOOGRTKPEKRCNGHQPEVKQPFGOGPGTCWUCPEVWCKTG
.CHCEGQTKGPVCNGFWUCPEVWCKTGGUVNCUGWNG´EQORQTVGTWPRQTVKSWGGZVÃTKGWT'NNGEQPUVKVWGNCHCÁCFG
RTKPEKRCNGFWOQPWOGPV'PGPVTCPVFGEGEÏVÃQPUGVTQWXCKVFKTGEVGOGPVHCEG´NŏGUECNKGTFWVGORNG
21
&G RCTV GV FŏCWVTG FG NŏQWXGTVWTG FGU RQTEJGU ÃVCKGPV GPECFTÃU RCT FGU RKNKGTU OCUUKHU GP VWHHGCW SWK
KPVGTTQORCKGPVNGT[VJOG FGU EQNQPPCFGU´NŏKPVÃTKGWTEQOOG ´ NŏGZVÃTKGWT +NGPTGUVG FGUVÃOQKPUGP
RNCEGFWEÏVÃGZVÃTKGWT
%QOOG NG VGTTCKP PCVWTGN GUV GP RGPVG NG RQTVKSWG GZVÃTKGWT GUV ÃVCDNK GP VGTTCUUG +N C FQPE RQWT
HQPEVKQPFGPKXGNGTNŏCTTKXÃGCWUCPEVWCKTG5QPOWTÃVCKVRGKPVFGITCPFURCPPGCWZPQKTUGPECFTÃURCT
FGU DCPFGU FG EQWNGWT 1P C TGVTQWXÃ FG PQODTGWZ ITCHHKVK UWT EGU GPFWKVU RGKPVU +NU UQPV FWU ´ FGU
HKFÂNGUSWKQPVXQWNWNCKUUGTNCVTCEGFGNGWTRCUUCIGGPITCXCPVNGWTPQO
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
NŏÃRQSWGICNNQTQOCKPGNGURTÄVTGUCXCKGPVNŏJCDKVWFGFGRTCVKSWGTFGUCDNWVKQPUKNUŏCIKVFŏWPTKVG
FGRWTKHKECVKQPCXGEFGNŏGCW+NUUGNCXGPVCXCPVFŏGPVTGTFCPUNGVGORNG
VQKFGTGVTCEGTUWTNGRNCPEKFGUUWUNGRCTEQWTUFŏWPRTÄVTGSWKXCGPVTGTFCPUNGVGORNG
2QWTGPUCXQKTRNWU
2JQVQ6JGTOGUFWVGORNG
.GUTKVGUFŏCDNWVKQP
.GURTÄVTGUCXCPVFGRÃPÃVTGTFCPUNGUCPEVWCKTGRQWTGZGTEGTNGWTOKPKUVÂTGGPVTGPVFCPUWPD¸VKOGPV
CPPGZG QÔ KNU CEEQORNKUUGPV FGU TKVGU FŏCDNWVKQP +NU FKURQUGPV RQWT EGNC FŏWP DCUUKP EJCWHHÃ CNKOGPVÃ
RCTFGNŏGCWXGPCPVFGNŏKPVÃTKGWTFWUCPEVWCKTG
%GVVG RWTKHKECVKQP GUV WPKORÃTCVKH GUUGPVKGN RQWTNGU RTÄVTGU EQOOG RQWTNGUHKFÂNGUEGWZEK WVKNKUGPV
WPGHQPVCKPGUGOKEKTEWNCKTGUKVWÃGGPVTGFGWZFGUEQNQPPGUFW RQTVKSWGQTKGPVCN1PUGRWTKHKGCXGEFG
NŏGCWCXCPVFŏGPVTGTFCPUNGUCPEVWCKTGQPUGNCXGCWUUKUQKIPGWUGOGPVNGUOCKPUCXCPVVQWVPQWXGCW
UCETKHKEG .GU RTÄVTGU UQPV EJCTIÃU FŏQTICPKUGT NGU EÃTÃOQPKGU FŏGHHGEVWGT NGU UCETKHKEGU FG TÃEWRÃTGT
NGUQHHTCPFGUFGUHKFÂNGUGVFŏGPVTGVGPKTNGUCPEVWCKTG
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
.CRJQVQEKFGUUQWUTGRTÃUGPVGNCOCSWGVVGFWVGORNGGVFGNCEGNNC
VQPCXKURQWTSWQKEGD¸VKOGPVPŏGUVVKNRCURNCEÃCWEGPVTGFGNŏGURCEGUCETÃ!
HQTOWNGFGWZ
J[RQVJÂUGU
- RGWVÄVTGWPNKGWTÃUGTXÃRQWTNGURTQEGUUKQPU
- QWRQWTEQPUVTWKTGWPUGEQPFVGORNG
22
2QWTGPUCXQKTRNWU
.GVGORNG
.GVGORNGFGUUKPGWPTGEVCPINGNQPIFGOGVNCTIGFGO+NGUVEQPUVTWKVUWTWPRQFKWOEŏGUV´
FKTG WPG RNCVGHQTOG JCWVG FŏGPXKTQP O ´ NCSWGNNG QP CEEÃFCKV RCT WP GUECNKGT UKVWÃ ´ NŏGUV .G
OQPWOGPVOGUWTCKVGPXKTQPOFGJCWVGWT
6QWV EG SWK UWDUKUVG CRRCTVKGPV CW RQFKWO #W EGPVTG NC RCTVKG NC OKGWZ EQPUGTXÃG EQPUVKVWG NG
UQWDCUUGOGPVFGNCEGNNCEŏGUV´FKTGFGNCRCTVKGEGPVTCNGSWKCDTKVCKVNCUVCVWGFGNCFKXKPKVÃ
.CEGNNCÃVCKVGPVQWTÃGFGEJCSWGEÏVÃRCTWPGEQNQPPCFGFQPVNGUQWDCUUGOGPVCRTGUSWGVQVCNGOGPV
FKURCTW2QWTEQORTGPFTGEQOOGPVEGUQWDCUUGOGPVÃVCKVEQPUVTWKVKNHCWVGZCOKPGTNGFGUUKP
UWTNC
DQTPGOÃVCNNKSWGXQKTNŏCPINGFWRQFKWO.GUQWDCUUGOGPVEQORQTVCKVWPRCTGOGPVFGITQUDNQEUFG
ECNECKTGEQSWKNNKGT
FGNCVCKNNGFGUDNQEUFGITCPKVGFCPUNGD¸VKOGPVEGPVTCNFGNCHQTVGTGUUG%GUDNQEU
QEEWRCKGPVVQWVGNŏÃRCKUUGWTFWOWTN´QÔKNUCXCKGPV´UWRRQTVGTWPGEQNQPPG'PVTGFGWZEQNQPPGU
N´
QÔ KN Pŏ[ CXCKV TKGP ´ UWRRQTVGT NGU DNQEU FG VCKNNG ÃVCKGPV TGORNCEÃU XGTU NŏKPVÃTKGWT RCT FGU
OCÁQPPGTKGUGPOQGNNQPUFGITCPKVGRCTÃEQPQOKGŗ
.QTUSWGNGVGORNG C UGTXKFG ECTTKÂTG FG RKGTTGUNGU DNQEUFG ECNECKTGEQSWKNNKGT QPVÃVÃ RKNNÃUUQWXGPV
EWKVU FCPU FGU HQWTU RQWT HCKTG FG NC EJCWZ 3WGNSWGU VTÂU TCTGU GZGORNCKTGU UQPV TGUVÃU GP RNCEG
FŏCWVTGUQPVNCKUUÃNGWTGORTGKPVGFCPUNGUOCÁQPPGTKGUEGSWKCRGTOKUFGEQORTGPFTGNGFKURQUKVKH'P
TGXCPEJG NGU OCÁQPPGTKGU FG OQGNNQPU QPV ÃVÃ NCKUUÃGU GP RNCEG 'NNGU TGUUGODNGPV CWLQWTFŏJWK ´ FGU
RKNKGTU SWK RGWXGPVVTQORGTNGXKUKVGWT+N PGUŏCIKV GPTÃCNKVÃSWGFW PÃICVKH FŏWPOWT JCWV FGO SWK
ÃVCKVHCKVGUUGPVKGNNGOGPVGPITQUDNQEUFGECNECKTGGVSWKUWRRQTVCKVFGUEQNQPPGU
.GVGORNGPŏGUVRCUCWEGPVTGFGNCEQWTOCKUHQTVGOGPVFÃEGPVTÃXGTUNGUWFQWGUVNCKUUCPVCWPQTF
WPXCUVGGURCEGXKFG1PJÃUKVGUWTNGUTCKUQPU
- #VQPXQNQPVCKTGOGPVICTFÃWPGURCEGNKDTGRCTGZGORNGRQWTFGURTQEGUUKQPU!
- #XCKVQPRNWVÏVNŏKPVGPVKQPFGEQPUVTWKTGWPFGWZKÂOGVGORNG´EÏVÃFWRTGOKGT!
.G UCPEVWCKTG FG ,WDNCKPU RGWV VTÂU DKGP ÄVTG FGOGWTÃ KPCEJGXÃ +N HCWV TGOCTSWGT SWG FŏCWVTGU
UCPEVWCKTGURTÃUGPVGPVNCOÄOGRCTVKEWNCTKVÃ
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
23
&WVGORNGCWVJøVTG
%GVVGHKEJGGUV´TGORNKTNQTUFWFÃRNCEGOGPVFWVGORNGCWVJøVTGGPRCUUCPVRCTNGRCTEQWTU
CTEJÃQNQIKSWG7VKNKUGNGUDQTPGUOÃVCNNKSWGUGVQDUGTXGNGRC[UCIG
.GVJøVTGGUV´NŏQRRQUÃFWVGORNG+NÃVCKVTGNKôEGNWKEKRCT
WPG TWG NQPIKNKIPG QW FGWZ TWGU RCTCNNÂNGU! 5QWNKIPG NC DQPPG TÃRQPUG VW RGWZ VŏCKFGT FGU HKEJGU
RTÃEÃFGPVGU
.GNKGPGPVTGNGUFGWZOQPWOGPVUÃVCKVRGWVÄVTGNGURTQEGUUKQPUTGNKIKGWUGUEÃTÃOQPKGUSWKRCTVCKGPV
FWVGORNGGVUGVGTOKPCKGPVFCPUNGVJøVTGCXGEVQWVGNCRQRWNCVKQPFGNCXKNNG
2QWTGPUCXQKTRNWU
2JQVQCZGPQTFUWF
.ŏCZGFŏWPXCUVGUCPEVWCKTG
.G RNCP CZKCN FG NC XKNNG RCTV FW UCPEVWCKTG OQPVTCPV CKPUK NŏKORQTVCPEG RCTVKEWNKÂTG FG EG OQPWOGPV
UKVWÃ ´ NŏGORNCEGOGPV FŏWP NKGW FG EWNVG ICWNQKU 5K QP TGICTFG XGTU NC XKNNG CW DQWV FW VGTTCKP GP
RGNQWUGWPGJCWVGOCKUQPNCnOCKUQPFGNC6QPPGNNG€EQPUVTWKVGCWGUKÂENGGUVRQUÃGUWTWPCPING
FWHQTWOEŏGUV´FKTGFGNCITCPFGRNCEGRWDNKSWG
2NWUNQKPNGENQEJGTFGNŏÃINKUGUKVWGNŏGORNCEGOGPVFGUVJGTOGU
'PEQTGRNWUNQKPFCPUNCOÄOGFKTGEVKQPOCKUJQTUFGXWGNGVJøVTGUŏÃVGPFUWTNGXGTUCPVFWRNCVGCW
FG,WDNCKPU+NOCTSWGNCNKOKVGUWFFGNCXKNNG´OFWUCPEVWCKTG
.GVGORNGICNNQTQOCKPGUVFQPECWRQKPVFGFÃRCTVFGNŏCNKIPGOGPVFGUD¸VKOGPVURWDNKEUUGNQPNŏCZG
PQTFUWFFGNCXKNNGEGUOQPWOGPVUDQTFGPVNCXQKGSWKCTTKXCPVFŏ#XTCPEJGUVTCXGTUGVQWVGNCXKNNGGV
RCUUG´RTQZKOKVÃFWVJøVTGCXCPVFGUGFKTKIGTXGTU#PIGTU
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
NŏÃRQSWGICNNQTQOCKPGQPTGPFCKVJQOOCIGCWZFKGWZOCKUCWUUK´WPCWVTGRGTUQPPCIG
3WGNGUVEGRGTUQPPCIG!.ŏ'ORGTGWT
&CPUSWGNNKGWTGPFCKVQPJQOOCIG´EGRGTUQPPCIG!#WHQTWO
3WŏGNNGUÃVCKGPVNGUCWVTGUHQPEVKQPUFGEGD¸VKOGPV!2QNKVKSWGGVÃEQPQOKSWG
2QWTGPUCXQKTRNWU
.GEWNVGKORÃTKCN
&ÂUNŏÃRQSWGFŏ#WIWUVGGORGTGWTFGCX,%´CR,%WPEWNVGKORÃTKCNGUVEÃNÃDTô.[QP
EJCSWG CPPÃG CXGE NC RCTVKEKRCVKQP FG FÃNÃIWÃU FG VQWVGU NGU EKVÃU FG NC )CWNG .ŏGORGTGWT RQUUÂFG
FŏCKNNGWTU NC RTKPEKRCNG EJCTIG TGNKIKGWUG EGNNG FG ITCPF RQPVKHG ´ XKG &GU CWVGNU GP NŏJQPPGWT FG
NŏGORGTGWT GV CWUUK FG UC HCOKNNG UQPV ÃTKIÃU RGW ´ RGW FCPU VQWVGU NGU XKNNGU 2CTHQKU EG UQPV FG
XÃTKVCDNGU UCPEVWCKTGU EQOOG NC EÃNÂDTG /CKUQP %CTTÃG ´ 0ÉOGU FÃFKÃG CWZ RGVKVUHKNU FG NŏGORGTGWT
#WIWUVG
&GU RTÄVTGU TGETWVÃU RCTOK NGU OCIKUVTCVU UQPV EJCTIÃU FW EWNVG +NU FKTKIGPV NGU EÃTÃOQPKGU SWK
RGWXGPV ÄVTGU FGU UCETKHKEGU QW FGU LGWZ QTICPKUÃU GP NŏJQPPGWT FG NŏGORGTGWT %GU FGTPKGTU UQPV
EQPUKFÃTÃUEQOOGFGU RTQVGEVGWTU+NGUV FKHHKEKNGFGHCKTGNC RCTVFGUEJQUGUGPVTGNGU RTÃQEEWRCVKQPU
24
RQNKVKSWGU GVNC FÃXQVKQP RWTGOGPVTGNKIKGWUG#KPUK´$QWTIGUNGU PQODTGWUGU FÃFKECEGUOGPVKQPPCPV
NGU FKXKPKVÃU KORÃTKCNGU ECEJGPV OCN WP GZEÂU FG HNCVVGTKG ´ NŏÃICTF FGU GORGTGWTU 6KDÂTG GV %CNKIWNC EGWZEKCWTCKGPVÃRCTIPÃNCXKNNGNQTUFŏWPGTÃXQNVGFGVTKDWUICWNQKUGUCWFÃDWVFWGTUKÂENG
.GEWNVGKORÃTKCNGUVCWUUKWPOQ[GPFGUŏCUUWTGTFGNCNQ[CWVÃFGURTQXKPEGUXKU´XKUFGNCRGTUQPPG
FG NŏGORGTGWT 'P )CWNG NGU CWVQTKVÃU TQOCKPGU LQWGPV WP TÏNG FCPU NC FKHHWUKQP FW EWNVG KORÃTKCN GP
RCTVKEWNKGT´NŏÃEJGNQPFGNCRTQXKPEGEQOOG´.[QPCXGENGUEÃNÃDTCVKQPUCPPWGNNGU.GEWNVGKORÃTKCN
UGTVCNQTU´RTQOQWXQKTNCRWKUUCPEGOKNKVCKTGGVRQNKVKSWGFG4QOG
n.GHQTWOGUVNGNKGWRTKXKNÃIKÃFGNCXKGEKXKSWG%ŏGUVGPDQTFWTGFGEGVVGRNCEGFCPUNCDCUKNKSWGSWGUKÂIGPVNGUOCIKUVTCVUGV
SWŏGUVTGPFWGNCLWUVKEG%ŏGUVN´CWUUKSWGNŏQPRTCVKSWGNGEWNVG´NŏGORGTGWTGVCWZFKGWZTQOCKPU€
n.CRTÃUGPEGFWEWNVGKORÃTKCNGUVWPOCTSWGWTHTÃSWGPVFWHQTWOCKPUK´5CKPV$GTVTCPFFG%QOOKPIGU´8KGPPG´4WUEKPQ´
#WIUVGV´%QNQIPG.ŏKPUETKRVKQPFÃL´OGPVKQPPÃGFGNŏCWVGNVTQWXÃCWHQTWOFG,WDNCKPUGPOÃTKVGSWGNŏQPUŏ[CTTÄVG
#WIWUVQ FGQ +QWK QRVKOQ OCZKOQŗ #WIWUVWU FÃUKIPGVKN KEK NŏGORGTGWT QW GUVEG WP SWCNKHKECVKH FW FKGW ,WRKVGT FGQ +QWK!
9KNNKCO 8CP #PFTKPIC QRVG RQWT NC RTGOKÂTG GZRNKECVKQP GP OQPVTCPV SWG NC EQPLQPEVKQP őGVŒ GUV HTÃSWGOOGPV UQWUGPVGPFWG
FCPUEGV[RGFGHQTOWNGSWŏKNHCWVFQPEVTCFWKTGn#WIWUVGCWFKGW,WRKVGT6TÂUDQPGV6TÂUITCPF€
EŏGUV´FKTGn#WIWUVG
GVCWFKGW,WRKVGTŗ€+NUŏCIKVDKGPKEKFŏWPGOCPKHGUVCVKQPFWEWNVGKORÃTKCNCUUQEKôEGNWKFWFKGWFW%CRKVQNG
+NTGUVG´RTÃEKUGTSWKGUVFÃUKIPÃGZCEVGOGPVUQWUNGPQOFŏ#WIWUVGNGHQPFCVGWTFGNŏGORKTG1EVCXG#WIWUVGQWNŏGORGTGWT
TÃIPCPV
VQWUNGUGORGTGWTUFGRWKU1EVCXGRQTVGPVNGVKVTGFŏ#WIWUVWU%KVCPVWPRCUUCIGFW2CPÃI[TKSWGFG6TCLCPnNGUWTPQO
Fŏ#WIWUVG PQWU HCKV VQWLQWTU RGPUGT ´ EGNWK SWK NŏC GW NG RTGOKGT€ 9 8CP #PFTKPIC EQPENWV SWŏKN PG RGWV UŏCIKT UGWNGOGPV FW
UQWXGTCKP GP RNCEG OCKU RNWVÏV FŏnWPG SWCNKVà FŏQTKIKPG FKXKPG€ CVVCEJÃG ´ NC HQPEVKQP Fŏ1EVCXG #WIWUVG GV VTCPUOKUG ´ UGU
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%GEWNVGGUVWPHCKVRQNKVKSWGCWVCPVSWGTGNKIKGWZFGWZFQOCKPGUSWGNŏJQOOGCPVKSWGPGFKUUQEKGEGTVCKPGOGPVRCUEQOOGNGU
(TCPÁCKUFWGUKÂENG.QTUSWŏKNGUVRTCVKSWÃCWHQTWOUQPTÏNGRTQVGEVGWTRQWTNŏGPUGODNGFGNCEKVÃGUVÃXKFGOOGPVCHHKTOÀ
0#8'#7,,WDNCKPUECRKVCNGFKURCTWGUKP.C/C[GPPG#TEJÃQNQIKG*KUVQKTG0u5#*/R
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
'PTGICTFCPVNGRNCPEKFGUUQWUVWEQPUVCVGUSWGFGWZVJøVTGUQPVÃVÃEQPUVTWKVUNŏWPUWTNŏCWVTG
4GRCUUGGPTQWIGEGNWKSWKHWVD¸VKNGRTGOKGT
&GSWCPFFCVGVKN!GTUKÂENGCRTÂU,%
5CEQPUVTWEVKQPGUVGNNGEQPVGORQTCKPGFGEGNNGFWVGORNG!1WK
2QWTGPUCXQKTRNWU
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25
.GVJøVTGWPOQPWOGPVTGNKIKGWZ
.G VJøVTG GUV UKVWà ´ NŏGZVTÃOKVà UWF FG NŏCIINQOÃTCVKQP ICNNQTQOCKPG CW DQTF FG NC XQKG XGPCPV
Fŏ#PIGTU%GNNGEKFGXKGPVNCTWGSWGPQWUCXQPUGORTWPVÃGRQWTXGPKTKEK'NNGVTCXGTUGVQWV,WDNCKPUGP
NKIPGFTQKVGGVNQPIGNGURTKPEKRCWZD¸VKOGPVURWDNKEU'PUGTGVQWTPCPVQPXQKVNŏÃINKUGEQPUVTWKVGUWT
NGUVJGTOGUICNNQTQOCKPUUKQPUWKVRCTNŏKOCIKPCVKQPNCOÄOGFKTGEVKQPQPRCUUGCWHQTWORWKUQP
CVVGKPVNGUCPEVWCKTG´NŏGZVTÃOKVÃPQTFFGNCXKNNGCPVKSWG
#KPUK NG VJøVTG EQPUVKVWG CXGE NG UCPEVWCKTG NŏWP FGU FGWZ RÏNGU GPVTG NGUSWGNU UŏGUV FÃXGNQRRÃG NC
XKNNGFG0QXKQFWPWO
&G RNWU CW VJøVTG EGTVCKPU URGEVCENGU UQPV GP TGNCVKQP CXGE NC TGNKIKQP &ŏCKNNGWTU WPG TWG RCTV FW
VJøVTG GV OÂPG FKTGEVGOGPV CW RQTVKSWG UKVWà ´ NŏGPVTÃG GUV FW VGORNG GNNG PG UG RTQNQPIG RCU
KPFKSWCPVSWGNGVGORNGGUVDKGPUCFGUVKPCVKQPHKPCNG
.GU VJøVTGU EQORQTVGPV WP CWVGN QÔ NŏQP TÃCNKUG FGU UCETKHKEGU CXCPV NGU URGEVCENGU CKPUK FGU
EÃTÃOQPKGURGWXGPVUGFÃTQWNGTGPNŏJQPPGWTFGUFKGWZ
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
'PTGRCUUCPVFGXCPVNŏÃINKUGVWXCUXQKTWPGITQUUGRKGTTGRGWZVWFKTGGPSWGNSWGURJTCUGUFGSWQK
KNUŏCIKV!
UCHQPEVKQPUQPÃRQSWGŗ
%GVVGRKGTTGVTQWXÃGGPEQPVTGWPOWTFGNŏÃINKUGGUVWPGUVÂNGICWNQKUG
GGUKÂENGCXCPV,%
SWKFGXCKVUKIPCNGTWPGVQODGQWWPEKOGVKÂTG
2QWTGPUCXQKTRNWU
.GUUVÂNGUICWNQKUGU
'PRCUUCPVFGXCPVNCHCÁCFGFGNŏÃINKUGQPTGOCTSWG´FTQKVGFGNCRQTVGRTKPEKRCNGWPGRKGTTGFTGUUÃG
SWK TGUUGODNG ´ WP OGPJKT &GWZ CWVTGU UVÂNGU UQPV ÃICNGOGPV XKUKDNGU ´ ,WDNCKPU .ŏWPG FGXCPV NG
OWUÃGNŏCWVTGCWVJøVTG.GWTUGORNCEGOGPVUPGEQTTGURQPFGPVRCU´NGWTUGORNCEGOGPVUFŏQTKIKPG
'P TÃCNKVÃ EGVVG RKGTTG GUV WPG UVÂNG ICWNQKUG .GU UVÂNGU ICWNQKUGU UG FKUVKPIWGPV FGU OGPJKTU FG NC
RTÃJKUVQKTG RCT NGWT HKPKVKQP UQKIPÃG RCT NGWT HQTOG XCTKÃG GV RCTHQKU RCT NGWT FÃEQT 'NNGU FCVGPV FG NC
RÃTKQFG CNNCPV FW G CW G UKÂENG CXCPV ,% +N UŏCIKV FG OQPWOGPVU HWPÃTCKTGU GV EQOOÃOQTCVKHU
FTGUUÃUFCPUFGUEKOGVKÂTGU
0QODTGWUGU GP $TGVCIPG QP EQPPCÉV FG EGU RKGTTGU FCPU NC OQKVKÃ PQTF FW FÃRCTVGOGPV FG NC
/C[GPPG.CRNWRCTVFWVGORUGNNGUQPVÃVÃFÃRNCEÃGUNQTUFGNCEJTKUVKCPKUCVKQPGVTGFTGUUÃGURTÂUFGU
ÃINKUGUQWFGUEJCRGNNGU
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
26
.CTGNKIKQPEJTÃVKGPPG
%GVVGHKEJGGUV´TGORNKTCRTÂUNŏÃEQWVGCVVGPVKXGFWEQOOGPVCKTGFGUVJGTOGUUKVWÃUUQWUNŏÃINKUGCEVWGNNG
VQPCXKURQWTSWQKNŏÃINKUGHWVGNNGEQPUVTWKVGUWTNGUVJGTOGU!5QPRNCPCNNQPIÃTÃRQPFDKGPCWZ
DGUQKPUNKVWTIKSWGUFGNŏÃRQSWG
2QWTGPUCXQKTRNWU
2JQVQRNCPFGUVJGTOGUGVEQPVQWTÃINKUG
.ŏKORNCPVCVKQPFGNŏÃINKUG
.QTU FG NŏGZRCPUKQP FW EJTKUVKCPKUOG FCPU NŏQWGUV FG NC )CWNG ´ NC HKP FW G UKÂENG GV CW FÃDWV FW G
UKÂENGNCRTGOKÂTGEQOOWPCWVÃÃVCDNKG´,WDNCKPUEJQKUKVNG D¸VKOGPVFGUVJGTOGUCNQTU´NŏCDCPFQP
RQWTKPUVCNNGTUQPNKGWFGEWNVG'PGHHGVRCTOKNGUCPEKGPUOQPWOGPVUICNNQTQOCKPUEŏGUVEGNWKSWKUG
RTÄVG NG OKGWZ CWZ DGUQKPU FG NC TGNKIKQP PQWXGNNG +N GUV EQPUVKVWÃ FŏWPG UÃTKG FG UCNNGU GP GPHKNCFG +N
UWHHKV FQPE FŏCDCVVTG NGU ENQKUQPU KPVÃTKGWTGU GV FG DQWEJGT NGU DCUUKPU RQWT QDVGPKT WP ITCPF XQNWOG
CNNQPIÃEQOOGFQKVNŏÄVTGWPGÃINKUG
.GU VJGTOGU EQPXKGPPGPV OKGWZ SWG NGU VGORNGU VTQR GZKIWU GV SWK PŏÃVCKGPV RCU FGUVKPÃU ´ CEEWGKNNKT
NGUHKFÂNGUNGEWNVGUGRTCVKSWCPV´NŏGZVÃTKGWT#WEQPVTCKTGNCTGNKIKQPEJTÃVKGPPGCDGUQKPFŏWPGUCNNG
CNNQPIÃGRQWTNCOGUUG
7PG RTGOKÂTG ÃINKUG GUV UCPU FQWVG ÃTKIÃG CW G UKÂENG .ŏÃINKUG CEVWGNNG TÃUWNVG FŏWPG TGEQPUVTWEVKQP
EQORNÂVG TÃCNKUÃG GP CW EQWTU FG NCSWGNNG NGU FGTPKÂTGU ÃNÃXCVKQPU FGU VJGTOGU QPV ÃVÃ
UWRRTKOÃGU PG NCKUUCPV GZKUVCPVGU SWG NGU RCTVKGU DCUUGU FW D¸VKOGPV ICNNQTQOCKP UGWNGU XKUKDNGU
CWLQWTFŏJWK
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
NCHKPFGNŏCPVKSWKVÃNGEJTKUVKCPKUOGEQOOGPEG´UŏKORNCPVGTFCPUNŏQWGUVFGNC)CWNGKNPŏGZKUVG
RCUFGFCVGRTÃEKUGOCKUQPRGWVFKTGSWŏKNEQOOGPEGnXGTUNGŗ€!
6TQWXGGVTC[GNGUOQVUEKFGUUQWUFCPUNCITKNNG#XGENGUNGVVTGUTGUVCPVGUVWVTQWXGTCUEGVVGFCVG
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27
.GEJTKUVKCPKUOGGP)CWNG
.GEJTKUVKCPKUOGCTTKXGGP)CWNGXGTUNGOKNKGWFW GUKÂENG´.[QP&GURGTUÃEWVKQPU[UQPVUKIPCNÃGU
GP FCPU WPG EQOOWPCWVÃ TGITQWRCPV SWGNSWGU EGPVCKPGU FG HKFÂNGU .C )CWNG PG EQORVG CNQTU
SWŏWP UGWN ÃXÄSWG EGNWK FG .[QP SWK OGWTV CW EQWTU FGU RGTUÃEWVKQPU .GU RTGOKGTU EJTÃVKGPU UQPV
EQPUKFÃTÃU EQOOG FGU FKUUKFGPVU CW UGKP FG Nŏ'ORKTG TQOCKP NC TGNKIKQP EJTÃVKGPPG OQPQVJÃKUVG GV
GZENWUKXG PG RGWV UŏCEEQOOQFGT FW EWNVG KORÃTKCN PK FW RCPVJÃQP TQOCKP VTCFKVKQPPGN .GU EJTÃVKGPU
HQPV FQPE HKIWTG FG UGEVG KNNÃICNG GPPGOKG FG NŏœVCV TQOCKP  .[QP DGCWEQWR UQPV CTTÄVÃU KPUWNVÃU
HTCRRÃU GV RNWUKGWTU FŏGPVTG GWZ NKXTÃU CWZ LGWZ FG NŏCORJKVJøVTG QW GPEQTG FÃECRKVÃU RQWT EGWZ SWK
UQPVEKVQ[GPUTQOCKPU%GURGTUÃEWVKQPUTGUVGTQPVEGRGPFCPVÃRKUQFKSWGU
$KGPGPTCEKPÃG GP0CTDQPPCKUG CW5WF SWK TGITQWRGNC RNWRCTV FGU RTGOKGTUÃXÄSWGUCWOKNKGW FWG
UKÂENGNCTGNKIKQPEJTÃVKGPPGPGRÃPÂVTGSWGNGPVGOGPVFCPUNGURTQXKPEGUFŏ#SWKVCKPGFG$GNIKSWGGVFG
.[QPPCKUG
#W FÃDWV FW G UKÂENG NŏœFKV FG /KNCP FG NŏGORGTGWT %QPUVCPVKP ÃVCDNKV NC NKDGTVà FG EQPUEKGPEG FCPU
VQWV Nŏ'ORKTG .G EJTKUVKCPKUOG UŏÃVGPF CNQTU FCPU VQWVG NC )CWNG SWK EQORVG XGTU ÃXÄEJÃU
%ŏGUV FCPU NC FGWZKÂOG OQKVKÃ FW G UKÂENG UQWU NŏKORWNUKQP FG UCKPV /CTVKP FG 6QWTU SWG NG
EJTKUVKCPKUOG UŏKORNCPVG FCPU NGU XKNNGU OCKU CWUUK FCPU NGU ECORCIPGU FW PQTFQWGUV 5CKPV /CTVKP
ÃXÄSWG OKUUKQPPCKTG HQPFG NGU RTGOKÂTGU RCTQKUUGU TWTCNGU ´ NC HKP FW G UKÂENG .GU RTGOKGTU
OQPCUVÂTGU UŏÃVCDNKUUGPVFQPV EGNWK FG/CTOQWVKGTRTÂUFG6QWTU ETÃÃRCTUCKPV/CTVKP %G UQPV FGU
EQOOWPCWVÃUTGNKIKGWUGUUQWOKUGU´FGUTÂINGUFGXKG7POQPCUVÂTGUŏÃVCDNKTCDKGPVÏV´œXTQPCWG
UKÂENG2GW´RGWFCPUEJCSWGEJGHNKGWFGEKVÃUŏÃVCDNKVWPGÃINKUGFKTKIÃGRCTWPÃXÄSWGNCHKPFWG
UKÂENG KN [ C RNWU FŏWPG EGPVCKPG FG FKQEÂUGU #KPUK GP NŏGURCEG FG FGWZ UKÂENGU GV FGOK NC )CWNG
TQOCKPGGUVFGXGPWGEJTÃVKGPPG
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
1DUGTXGEGUFGWZRNCPUGVTÃRQPFUGPUWKVG´NCSWGUVKQP
GPEQORCTCPVNŏGORNCEGOGPVFGUEKOGVKÂTGUSWGNNGFKHHÃTGPEGRGWZVWQDUGTXGT!2GPFCPVNŏCPVKSWKVÃ
NGUPÃETQRQNGUÃVCKGPVUKVWÃGU´NŏGZVÃTKGWTFGUXKNNGUCNQTUSWŏCWOQ[GP¸IGNGUEKOGVKÂTGUUQPVRNCEÃU
CWVQWTFGUÃINKUGUCWEğWTFGUXKNNGU
28
2QWTGPUCXQKTRNWU
.GUPÃETQRQNGUEJTÃVKGPPGU
5K NŏKPEKPÃTCVKQP GUV NG TKVG HWPÃTCKTG FQOKPCPV FWTCPV NGU FGWZ RTGOKGTU UKÂENGU FG PQVTG ÂTG GP )CWNG
TQOCKPG ´ RCTVKT FG NC UGEQPFG OQKVKÃ FW G UKÂENG NGU KPJWOCVKQPU FGXKGPPGPV FG RNWU GP RNWU
PQODTGWUGU 5CPU ÄVTG NC UGWNG GZRNKECVKQP NG FÃXGNQRRGOGPV FW EJTKUVKCPKUOG C UCPU FQWVG LQWÃ WP
TÏNG'PGHHGVRQWTNGUEJTÃVKGPUNŏKPEKPÃTCVKQPGUVUQWXGPVLWIÃGEQPVTCKTG´NŏGURÃTCPEGFGTÃUWTTGEVKQP
FGNCEJCKT
#XGENŏKPJWOCVKQPNGEQTRUGUVRNCEÃFCPUWPEGTEWGKNFGDQKUQWWPUCTEQRJCIGFGRKGTTGCEEQORCIPÃ
FGPQODTGWZQDLGVUSWKQPVECTCEVÃTKUÃNCXKGFWFÃHWPV%GTVCKPUUCTEQRJCIGURGWXGPVÄVTGUEWNRVÃU
.GU EKOGVKÂTGU ´ NŏÃRQSWG ICNNQTQOCKPG UQPV UKVWÃU ´ NŏGZVÃTKGWT FG NC XKNNG %GNNGEK GUV NG NKGW FGU
XKXCPVU WP KPVGTFKV TGNKIKGWZ QDNKIG ´ KPUVCNNGT NGU OQTVU ´ NŏGZVÃTKGWT FG NŏCIINQOÃTCVKQP FCPU FGU
PÃETQRQNGUEQOOG´,WDNCKPU´RTQZKOKVÃFWVGORNGFGNCHQTVGTGUUGQWFWVJøVTGOCKUVQWLQWTUGP
FGJQTUFGNCXKNNG
#XGE NŏCTTKXÃG FW EJTKUVKCPKUOG NC EQPUVTWEVKQP FGU RTGOKÂTGU ÃINKUGU GV NG FÃXGNQRRGOGPV FG
NŏKPJWOCVKQPNGUEKOGVKÂTGUUQPVCWEQPVTCKTGRTQEJGUFGNŏÃINKUGCWEğWT FWXKNNCIGSWKUG EQPUVKVWG
QWSWKEQOOG´,WDNCKPUUGUWDUVKVWG´NCXKNNGICNNQTQOCKPG2QWTEGWZSWKGPQPVNGUOQ[GPUQWUKNG
TCPIUQEKCNNGRGTOGVNŏKPJWOCVKQPCNKGWCWUGKPOÄOGFWNKGWFGEWNVG
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
3WŏGUVEGSWKEQPHKTOGNCRTÃUGPEGFŏWPEKOGVKÂTGOÃTQXKPIKGPRTÂUFGNŏÃINKUG!
1PRGWVXQKTFGUUCTEQRJCIGUUKVWÃU´EÏVÃFGUXGUVKIGUFGUVJGTOGU+NUFCVGPVFGNŏÃRQSWGFGNCVQWVG
RTGOKÂTGÃINKUGFG,WDNCKPU
2QWTGPUCXQKTRNWU
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LWUSWGFCPUNGUÃINKUGUUGIÃPÃTCNKUGGVEQPEGTPGNŏGPUGODNGFGUHKFÂNGU.ŏJCDKVWFGFGVTCPUHQTOGTNGU
ÃINKUGUGVNGWTUCDQTFUGPNKGWZFGUÃRWNVWTGUGPVTCÉPGNŏCDCPFQPFGUCPEKGPPGUPÃETQRQNGUSWKPŏQPVRCU
ÃVÃEJTKUVKCPKUÃGU
&GRNWUNG FÃUKT FGUHKFÂNGU FŏÄVTG GPVGTTÃUNGRNWU RTÂURQUUKDNG FWNKGWUCKPVRTQXQSWGNŏGPVCUUGOGPV
FGU VQODGU GV FGU EQTRU EQOOG EGNC RGWV UG XQKT GPEQTG CWLQWTFŏJWK UQWU NŏÃINKUG FG ,WDNCKPU .GU
HKFÂNGU GURÂTGPV CKPUK QDVGPKT WPG OGKNNGWTG RTQVGEVKQP FKXKPG ´ WPG ÃRQSWG QÔ NGU RTCVKSWGU FG RKÃVÃ
KPFKXKFWGNNGTGORNCEGPVNGUHQTOGURTKOKVKXGUFGFÃXQVKQPRNWUEQOOWPCWVCKTGU
&CPUNGUVQODGUFW*CWVOQ[GP¸IGNGOQDKNKGTOQKPURTÃUGPVSWŏ´NCRÃTKQFGRTÃEÃFGPVGEQPEGTPG
UWTVQWVNŏÃSWKRGOGPVSWGNGFÃHWPVRQUUÃFCKVFGUQPXKXCPVCTOGUQDLGVUFGRCTWTG7PGRCTWTGVTÂU
ECTCEVÃTKUVKSWGGUVNCRNCSWGDQWENGITQUUGRNCSWGQTPÃGSWKCEEQORCIPGNCDQWENGFWEGKPVWTQP
.ŏÃRQSWGOÃTQXKPIKGPPGGUVFQPEECTCEVÃTKUÃGRCTNGRCUUCIGFGUUÃRWNVWTGUGVFGUPÃETQRQNGUFGV[RG
RCÊGPUŏÃVCNCPVUWTFGXCUVGUUWTHCEGU´NŏGZVÃTKGWTFGUCIINQOÃTCVKQPUCWZEKOGVKÂTGUOÃFKÃXCWZSWK
UQPV ÃVTQKVGOGPV UGTTÃU CWVQWT FŏWPG ÃINKUG GV QÔ NGU VQODGU UG UWRGTRQUGPV NGU WPGU CWFGUUWU FGU
CWVTGU7PGUKVGCÃVÃTGRÃTô,WDNCKPUCWPKXGCWFGNCRNCEG5CKPV2ÂTG´NCUQTVKGFWXKNNCIGTQWVG
FG /C[GPPG UCPU FQWVG ´ NŏGORNCEGOGPV FŏWP ÃVCDNKUUGOGPV TGNKIKGWZ RTÃEQEG +EK FG PQODTGWZ
UCTEQRJCIGUFGRKGTTGQPVÃVÃTGVTQWXÃU
AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA
'PIÃPÃTCNFCPUNGUCPEKGPUEJGHNKGWZFGEKVÃICNNQTQOCKPGFGXGPWUFGUXKNNGUKORQTVCPVGUCW
OQ[GP¸IGNŏÃINKUGRTKOKVKXGGUVWPGECVJÃFTCNG
2GWZVWFKTGRQWTSWQKEGNCPŏCRCUÃVÃNGECU´,WDNCKPU!
0QXKQFWPWOEJGHNKGWFGEKVÃGUVGPFÃENKPGVPŏGUVRCUFGXGPWNGUKÂIGFŏWPÃXÄEJÃ.CEKVÃUGTC
TCVVCEJÃG´NŏÃXÄEJÃFW/CPUECTEGVVGXKNNGUŏGUVOKGWZOCKPVGPWG.CEKVÃFG,WDNCKPUGVEGNNGFW
/CPUTÃWPKGUHQTOGTQPVCWOQ[GP¸IGNCRTQXKPEGFW/CKPG
29
2QWTGPUCXQKTRNWU
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KORQTVCPEGFCPUNŏQTICPKUCVKQPRQNKVKSWGGVUVTCVÃIKSWGFW$CU'ORKTGTQOCKP.CEKVÃFGU&KCDNKPVGUGUV
OGPVKQPPÃG WPG FGTPKÂTG HQKU CW G UKÂENG RWKU GNNG GUV TCVVCEJÃG ´ EGNNG FGU %ÃPQOCPU GV .G /CPU
FGXKGPVNŏWPKSWGECRKVCNGFGUFGWZVGTTKVQKTGU
#WFÃDWVFWG UKÂENGRGWVÄVTGUQWUNŏÃRKUEQRCVFG,WNKGPEQPUKFÃTÃRCTNCVTCFKVKQPEQOOGNGRTGOKGT
ÃXÄSWGFW/CPUUŏKPUVCNNGWPRWKUUCPVÃXÄEJÃQWFKQEÂUGSWKEQWXTGNŏGUUGPVKGNFGNC5CTVJGGVFGNC
/C[GPPG LWUSWŏCW G UKÂENG &ŏCKNNGWTU WPG ECVJÃFTCNG GUV ÃTKIÃG CW /CPU ´ RCTVKT FW G UKÂENG NC
ECVJÃFTCNG 5CKPV,WNKGP .ŏÃVCNGOGPV UWT EKPS UKÂENGU FG NC EQPUVTWEVKQP FG NC ECVJÃFTCNG 5CKPV,WNKGP
GPVTGNGGGVGUKÂENGNWKEQPHÂTGWPGFKXGTUKVÃFGUV[NGU.ŏÃFKHKEGTGNKIKGWZGUVCWUUKNŏWPFGURNWU
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