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QH/62#6JG5VCVGCITGGFVQRTQXKFG
RNCPPKPICPFFGXGNQROGPVITCPVUQHWRVQ
75RGTENCKOCPVJQWUGJQNFCPF
RGTEGPVQHVJGXCNWGQHVJGNCPFVQGPC
DNGVJGENCKOCPVUVQWPFGTVCMGDWUKPGUU
%QOOWPKV[TGUQNWVKQPKP/CP[GNGVK
)COG4GUGTXGVJGOCLQTKV[QHVJG
ENCKOCPVJQWUGJQNFUIKXGVJGKT
EQPUGPVVQVJGDQCTFQHVTWUVGGUQH
VJG/CP[GNGVK%QPUGTXCVKQP6TWUVVQ
UKIPCITGGOGPVUQPVJGKTDGJCNH
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WPQEEWRKGFNCPFCV/CP[GNGVK
OGCPKPI
őRNCEGQHVJGUVCTUŒKPCPFWUGF
KVHQTITC\KPICPFUWDUKUVGPEGHCTOKPI
6JG[ DTQWIJV VJTGG [QWPI OCJQICP[
VTGGUYKVJVJGOCPFRNCPVGFVJGOYJGTG
VJGICOGTGUGTXGKUVQFC[
+P VJG CRCTVJGKF IQXGTPOGPV
TGOQXGF VJG /PKUK RGQRNG HTQO VJGKT
NCPF YKVJQWV VJGKT EQPUGPV CPF YKVJ
QWV EQORGPUCVKQP CPF FGXGNQRGF VJG
NCPFCUCICOGTGUGTXGHQTDNCEMRGQRNG
YJQYGTGDCTTGFHTQOVJGPGKIJDQWTKPI
-TWIGT0CVKQPCN2CTM
6JGTGUGTXGKUCRTKOGICOGXKGYKPI
FGUVKPCVKQPQYKPIVQWPJKPFGTGFOKITC
VKQPQHVJGőDKIHKXGŒŌ#HTKECPGNGRJCPV
.QZQFQPVC CHTKECPC DNCEM TJKPQ
EGTQU
&KEGTQUDKEQTPKU%CRGDWHHCNQ
5[PEGTWU ECHHGT NGQRCTF 2CPVJGTC
RCTFWUCPFNKQP
2CPVJGTCNGQŌCPF
QVJGTURGEKGUQHYKNFNKHGDGVYGGP/CP
[GNGVK6KODCXCVKCPF5CDKG5CPFU)COG
4GUGTXGUCPF-TWIGT0CVKQPCN2CTM6JG
XGIGVCVKQP KU IGPGTCNN[ QRGP UCXCP
PCJCPFOKZGFNQYXGNFDWUJXGNFYKVJ
FGPUG TKXGTKPG XGIGVCVKQP CPF HQTGUVU
HQNNQYKPI VJG YCVGTEQWTUGU 6QWTKUO
KU CNTGCF[ YGNN GUVCDNKUJGF YKVJ PKPG
VQWTKUVEQPEGUUKQPUEWTTGPVN[QRGTCVKPI
KP VJG TGUGTXG CPF KV JCU RQVGPVKCN HQT
GZRCPUKQP6JGTGUGTXGŏUJKIJVQWTKUO
XCNWG CPF OGFKWO DKQFKXGTUKV[ XCNWG
UWIIGUVGFVJCVEQOCPCIGOGPVEQWNFDG
CXKCDNGQRVKQPCPFKPVJGPGIQVKCVKQP
RTQEGUUVJGNCPFENCKOCPVUFGEKFGFVQQRV
HQTNCPFTGUVKVWVKQPYKVJEQOCPCIGOGPV
2QUUKDNGTKUMCTGCUKFGPVKſGFKPVJGUQEKQ
GEQPQOKECUUGUUOGPVKPENWFGCTGNCVKXGN[
JKIJPWODGTQHPGKIJDQWTKPIEQOOWPK
VKGUJCXKPIGZRGEVCVKQPUHQTLQDUCPFVJG
NCEM QH CEEGUU VQ UGTXKEGU #FXCPVCIGU
KPENWFG VJG IQQF TGNCVKQPUJKR DGVYGGP
VJGENCKOCPVUCPFVJGVTKDCNCWVJQTKV[VJG
IQQFTGNCVKQPUJKRYKVJVJGNQECNOWPKEK
RCNKV[UVTQPINGCFGTUJKRCPFEQOOWPKV[
UVTWEVWTGUKPVJGCTGCEQOOWPKV[EQJG
UKQPCPFVJGTGNCVKXGN[NQYGZRGEVCVKQPU
QH VJG ENCKOCPV EQOOWPKV[ 6JG UQEKQ
GEQPQOKECUUGUUOGPVEQPſTOGFVJCVEQ
OCPCIGOGPV EQWNF DG C HGCUKDNG OQFGN
CUNQPICUVJGGZRGEVCVKQPUQHVJGYKFGT
8QDV\OYD9RO
FGXGNQROGPVU
UWEJCUVJGFGXGNQROGPV
QHCEQOOWPKV[QYPGFNQFIGCPFQTVQ
QDVCKPGSWKV[KPVQWTKUOEQPEGUUKQPUQP
VJG ICOG TGUGTXG 'ZKUVKPI CPF HWVWTG
EQOOWPKV[ RWDNKERTKXCVG RCTVPGTUJKR
EQPVTCEVUUJQWNFDGPGIQVKCVGFYKVJKPVJG
EQOCPCIGOGPVEQOOKVVGGHQTOCZKOK
\CVKQPQHRTQRQQTVQWTKUODGPGHKVUCPF
VJGDGUVKPVGTGUVUQHVJGRTQVGEVGFCTGC
0GKIJDQWTKPI EQOOWPKVKGU UJQWNF
DGPGHKVHTQOVJGICOGTGUGTXGCEEQTF
KPI VQ VJG 0CVKQPCN 'PXKTQPOGPVCN
/CPCIGOGPV 2TQVGEVGF #TGCU #EV
0QQH+VYCUFGEKFGFVJCV
VJGEQOOWPKVKGUOQUVENQUGN[CUUQEK
CVGFYKVJVJGTGUGTXGCPFPGKIJDQWTKPI
EQOOWPKVKGUYKVJKPCTCFKWUQHMO
UJQWNF DGPGHKV HTQO CEEGUU TGUQWTEG
WUG CPF GORNQ[OGPV QRRQTVWPKVKGU
CEEQTFKPI VQ CP CITGGF TCVKQ +V YCU
TGEQIPK\GFVJCVGZENWFKPIPGKIJDQWT
KPIEQOOWPKVKGUOCKPN[QH5JCPICCP
CPF2GFKRGQRNGEQWNFECWUGEQPHNKEV
CPFKPUVCDKNKV[KPVJGCTGCCUOCP[QH
VJGUGEQOOWPKVKGUTGN[QPVJGTGUGTXG
HQTVJGKTUWDUKUVGPEG
$GPGſVURCEMCIGHQTTKIJVHWN
NCPFQYPGTUQH/CP[GNGVK)COG
4GUGTXG
6JG HQNNQYKPI DGPGHKVU CEETWG VQ VJG
PGYNCPFQYPGTU
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NCPFQYPGTUCTGITCPVGFQYPGTUJKR
QHCNNKOOQXCDNGKPHTCUVTWEVWTGCPF
HKZGFCUUGVU
Ŗ 5JCTKPI QH TGXGPWG .CPFQYPGTU
TGEGKXGRGTEGPVQHVJGPGVRTQHKV
OCFG D[ VJG ICOG TGUGTXG CU VJG
GPVKTGCTGCKUENCKOGF6JGPGVRTQHKV
KUECNEWNCVGFD[FGFWEVKPICNNEQUVU
TGNCVGF VQ VJG OCPCIGOGPV QH VJG
ICOGTGUGTXGHTQOKVUCPPWCNTGXGPWG
KPENWFKPIVJG5VCVGUWDUKFKGU
Ŗ 'EQVQWTKUO CPF QVJGT FGXGNQR
OGPVU'ZKUVKPIVQWTKUOEQPEGUUKQPU
YKNNDGTGXKGYGFVQOCZKOK\GRTQ
RQQT FGXGNQROGPV DGPGHKVU CPF VQ
GPUWTGVJGQXGTCNNUWUVCKPCDKNKV[QH
VJG ICOG TGUGTXG 6JG PCVWTG CPF
GZVGPVQHPGYFGXGNQROGPVUYKNNDG
8QDV\OYD9RO
FGVGTOKPGFD[VJGEQOCPCIGOGPV
EQOOKVVGG#NNNGCUGEQPEGUUKQPHGGU
CTGKPENWFGFKPVJGPGVRTQHKVECNEWNC
VKQP
Ŗ 'SWKV[ KP VQWTKUO EQPEGUUKQPU
'SWKV[KUVQDGQDVCKPGFXKCFGXGNQR
OGPV ITCPVU CPF PGIQVKCVKQPU YKVJ
VJG RTKXCVG UGEVQT CTQWPF GZKUVKPI
CPFHWVWTGEQOOWPKV[RWDNKERTKXCVG
RCTVPGTUJKRU
Ŗ 6QWTKUONGX[#NGX[VQCNNXKUKVQTU
VQVJGICOGTGUGTXGYKNNDGEJCTIGF
HQTVJGDGPGHKVQHVJGNCPFQYPGTU
Ŗ 7UG QH DKQNQIKECN TGUQWTEGU 6JG
NCPFQYPGTU CPF QVJGT TGUQWTEG
WUGTUCTGCNNQYGFVQWUGDKQNQIKECN
TGUQWTEGUKPNKOKVGFSWCPVKVKGUFWT
KPI EGTVCKP RGTKQFU CU FGVGTOKPGF
D[ VJG EQOCPCIGOGPV EQOOKVVGG
KPCEEQTFCPEGYKVJVJGOCPCIGOGPV
RNCP
Ŗ #EEGUU VQ VJG ICOG TGUGTXG 6JG
EQOCPCIGOGPVEQOOKVVGGECPCW
VJQTK\GCEEGUUVQUCETGFDWTKCNUKVGU
VJGWUGQHDKQNQIKECNTGUQWTEGUCPFC
TGFWEGFICVGGPVTCPEGHGGQXGTEGT
VCKPRGTKQFU
Ŗ 2TQEGGFUHTQOICOG2TQEGGFUIGPG
TCVGFHTQOVJGUCNGQHICOGCPFJWPV
KPI CTG KPENWFGF KP VJG PGV RTQHKV
ECNEWNCVKQP
Ŗ .QECNOCPCIGOGPVECRCEKV[.CPF
QYPGTUCPFPGKIJDQWTKPIEQOOWPK
VKGUJCXGCPGZENWUKXGQRRQTVWPKV[
KP C RTQRQTVKQP QH RGTEGPV
VQ DG GORNQ[GF KP WPUMKNNGF RQUK
VKQPU KP /62# LQD XCECPEKGU QP
VJGICOGTGUGTXG.CPFQYPGTUCPF
PGKIJDQWTKPIEQOOWPKVKGUYKNNDG
ITCPVGFRTGHGTGPEGKPRTQEWTGOGPV
QH IQQFU CPF UGTXKEGU UWDLGEV VQ
VJGKT NGXGNU QH UMKNN 'EQVQWTKUO
OCPCIGOGPVCPFDKQFKXGTUKV[EQP
UGTXCVKQPUMKNNUYKNNDGVTCPUHGTTGF
VJTQWIJ DWTUCTKGU UEJQNCTUJKRU
CPF NGCTPGTUJKRU VTCKPKPI RTQ
ITCOOGU EQODKPKPI VJGQT[ CV C
EQNNGIGQTVTCKPKPIEGPVTGYKVJQP
VJGLQDRTCEVKEGUQVJCVQXGTVKOG
VJGNCPFQYPGTUYKNNCNUQSWCNKH[HQT
UMKNNGFRQUKVKQPU
%10%.75+105
#NVJQWIJKVKUVQQGCTN[VQUC[JQYYGNN
VJG EQOCPCIGOGPV CTTCPIGOGPV YKNN
YQTMVJGPGIQVKCVKQPRTQEGUUCFQRVGFKP
/RWOCNCPICUJQYUENGCTN[VJCVCEQP
UQNKFCVGF IQXGTPOGPV RQUKVKQP CITGGF
WRQPD[CNNTGNGXCPVIQXGTPOGPVUVCMG
JQNFGTUECPJGNRVQMGGRVJGNCPFTGUVKVW
VKQPRTQEGUUKPRTQVGEVGFCTGCUYKVJKPVJG
NGICNHTCOGYQTM6JGOQFGNFGXGNQRGF
D[/62#OC[CUUKUVQVJGTIQXGTPOGPV
CIGPEKGU GURGEKCNN[ 5VCVGUWDUKFK\GF
EQPUGTXCVKQPCIGPEKGUKP5QWVJ#HTKEC
VQOCPCIGNCPFTGUVKVWVKQPKPRTQVGEVGF
CTGCUYKVJKPVJGKTHKPCPEKCNCPFUVCHHKPI
EQPUVTCKPVU
+V KU TGEQOOGPFGF VJCV IQXGTPOGPV
UWRRQTVCNNVJGQRVKQPUKPFKECVGFKPVJG
(KIWTGYJKEJKUPQVVJGECUGCVRTGUGPV
/QUV CNVGTPCVKXGU VQ EQOCPCIGOGPV
CTG EWTTGPVN[ UVKNN WPENGCT CPFQT PQV
HGCUKDNG 6JG NGCUG QRVKQP CRRGCTU VQ
DG FKHHKEWNV KP VJG RTQVGEVGF CTGCU VJCV
CTGEWTTGPVN[5VCVGQYPGFDGECWUGVJG
5VCVGKUPQVDQWIJVQWVYJGPVJGNCPFKU
TGVWTPGFCUKUVJGECUGKPRTKXCVGPCVWTG
TGUGTXGU $GECWUG 5VCVG UWDUKFKGU HQT
RTQVGEVGFCTGCUCTGFGENKPKPITCVJGTVJCP
KPETGCUKPIVJGTGKUCNKOKVGFEJCPEGVJCV
VJG IQXGTPOGPV YKNN CRRTQXG RC[OGPV
QH NGCUG HGGU 7PHQTVWPCVGN[ KV KU UVKNN
FKHHKEWNV HQT VJG EQPUGTXCVKQP CIGPE[
VQEQPXKPEGVJG4GIKQPCN.CPF%NCKOU
%QOOKUUKQP VJCV FGURKVG VJG RQNKVKECN
FTKXGHQTTGUVQTCVKQPQHNCPFVKVNGKVKUPQV
CNYC[UVJGOQUVUWKVCDNGQRVKQPHQTNCPF
TGUVKVWVKQP KP RTQVGEVGF CTGCU CPF VJCV
KPEGTVCKPECUGUVJGQRVKQPUQHCNVGTPC
VKXGNCPFCPFQTHKPCPEKCNEQORGPUCVKQP
UJQWNF DG RWTUWGF 6JKU KU GURGEKCNN[
VTWGHQTCTGCUQHKTTGRNCEGCDNGDKQFKXGT
UKV[YKVJNKOKVGFFGXGNQROGPVRQVGPVKCN
VJCV CTG KORQTVCPV HQT VJG RWDNKE CPF
ECPPQVDGEQORTQOKUGF+PVJGUGECUGU
EQOCPCIGOGPVECPRTQXKFGQPN[NKOKVGF
VCPIKDNGDGPGHKVUHQTVJGNCPFENCKOCPVU
DGECWUGPQPGVRTQHKVKUIGPGTCVGF
6JG OGVJQFU VJCV YGTG FGXGNQRGF
VQ YQTM QWV VJG IGPGTKE CITGGOGPV
HTCOGYQTMU JGNRGF VJG NCPF ENCKOCPVU
OCMGKPHQTOGFEJQKEGUYKVJKPVJGNGICN
HTCOGYQTM CPF VCKNQT VJG UGVVNGOGPV
QRVKQPUCPFCITGGOGPVUVQVJGKTURGEKHKE
UKVWCVKQPU9JGTGVJGHGCUKDKNKV[QHVJG
EJQUGPNCPFENCKOUGVVNGOGPVQRVKQPKU
FQWDVHWNVJGTGUJQWNFDGHNGZKDKNKV[VQ
TGXKGY VJG CITGGOGPVU CHVGT C EGTVCKP
RGTKQFCPFVJGRQUUKDKNKV[QHQVJGTOQTG
HGCUKDNGCNVGTPCVKXGUX
$KDNKQITCRJ[
$GTMGU ( 0GY CPF PQVUQPGY
FKTGEVKQPU KP VJG WUG QH VJG EQOOQPU
EQOCPCIGOGPV %QOOQP 2TQRGTV[
4GUQWTEG&KIGUVŌ
%CTTWVJGTU,Ŏ5QWVJ#HTKECCYQTNF
KPQPGEQWPVT[ŏNCPFTGUVKVWVKQPKPPCVKQPCN
RCTMU CPF RTQVGEVGF CTGCU %QPUGTXCVKQP
CPF5QEKGV[
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%4.4 4GUVKVWVKQP DTKGſPI UGUUKQP
YKVJ %JKGH .CPF %NCKOU %QOOKUUKQPGT
6JQ\K)YCP[C5GRVGODGT2TGVQTKC5QWVJ
#HTKEC %QOOKUUKQP QP 4GUVKVWVKQP QH
.CPF4KIJVU
&G -QPKPI / /CTCKU / .CPF
TGUVKVWVKQP CPF UGVVNGOGPV QRVKQPU KP
RTQVGEVGFCTGCUKP5QWVJ#HTKEC#HTKECPWU
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5JCEMNGVQP %/ 5JCEMNGVQP 5'
6JGKORQTVCPEGQHPQPVKODGTHQTGUV
RTQFWEVUKPTWTCNNKXGNKJQQFUGEWTKV[CPFCU
UCHGV[PGVU GXKFGPEG HTQO 5QWVJ #HTKEC
5QWVJ #HTKECP ,QWTPCN QH 5EKGPEG Ō
9QNOGT 9 #UJNG[ % 9KNF
TGUQWTEGUOCPCIGOGPVKPUQWVJGTP#HTKEC
RCTVKEKRCVKQPRCTVPGTUJKRUGEQTGIKQPUCPF
TGFKUVTKDWVKQP+&5$WNNGVKP
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8QDV\OYD9RO