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ICUVQUTGNCEKQPCFQUEQPGNGXGPVQUGTGEQPQEGPFGCEWGTFQEQPGNITCFQFGTGCNK\CEKÏPFGNGXGPVQVCN
EQOQUGGUVCDNGEGGPGNTGEQPQEKOKGPVQFGNQUKPITGUQURQTGXGPVQU.QUEQUVQUFGNGXGPVQUGGUVKOCP
EQPHQTOGCNQURTGUWRWGUVQUCRTQDCFQUFGVQFQUNQURTQ[GEVQUTGNCVKXQUCNGXGPVQGKPEQTRQTCPNCKPEGT
VKFWODTGGPNCGUVKOCEKÏP

&WTCPVGGNRGTKQFQFGRTGRCTCEKÏPFGEWCVTQCÍQUNCFKHGTGPEKCGPVTGNQUICUVQURTGXKUVQUGPTGNCEKÏPEQP
GNGXGPVQ[NQUICUVQUTGCNOGPVGGHGEVWCFQUGPTGNCEKÏPEQPGNGXGPVQUGEQPVCDKNK\CPEQOQICUVQUFG
XGPICFQU[EQOQICUVQUFKHGTKFQUGPTGNCEKÏPEQPGNGXGPVQTGURGEVKXCOGPVG

.QUICUVQURQTQVTQUGXGPVQUFGNC(+(#SWGUGGHGEVÖCPFWTCPVGGNRGTKQFQFGRTGRCTCEKÏPUGFKƂGTGP
JCUVCSWGGNGXGPVQVKGPGNWICTEQPHQTOGCNOÅVQFQFGKPITGUQUTGNCEKQPCFQU[UGTGEQPQEGPGPVQPEGU
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RNKOKGPVQ RCUCFQ Q HWVWTQ FG EKGTVCU EQPFKEKQPGU XKPEWNCFCU C UWU CEVKXKFCFGU &WTCPVG GN RGTKQFQ
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CNCUCUQEKCEKQPGUOKGODTQRCTCRTQ[GEVQUCNCOGFKFCFGUWUPGEGUKFCFGU'UVQUICUVQUSWGFCPCUGPVC
FQUGPNCEWGPVCFGRÅTFKFCU[ICPCPEKCUWPCXG\SWGNC(+(#CRTWGDCGNRTQ[GEVQGPEWGUVKÏP

.QUICUVQUFGQVTQURTQ[GEVQUFGFGUCTTQNNQUGEQPVCDKNK\CPUGIÖPUGRTQFWEGP

+ 2CIQURQTCTTGPFCOKGPVQUQRGTCVKXQU

.QURCIQUTGCNK\CFQURQTCTTGPFCOKGPVQUQRGTCVKXQUUGTGEQPQEGPGPNCEWGPVCFGRÅTFKFCU[ICPCPEKCU
WVKNK\CPFQGNOÅVQFQNKPGCNFWTCPVGGNRGTKQFQFGFWTCEKÏPFGNOKUOQ

56

'UVCFQUƂPCPEKGTQUEQPUQNKFCFQU  
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, )CUVQUGKPITGUQUƂPCPEKGTQU

.QUKPITGUQUƂPCPEKGTQUEQORTGPFGPNQUKPITGUQURQTKPVGTGUGUFGUCNFQUFGWFQTGUSWGFGXGPICPKPVGTG
UGU [ XCNQTGU TGRTGUGPVCVKXQU FG FGWFC NQU KPITGUQU RQT FKHGTGPEKCU FG VKRQ FG ECODKQ RQUKVKXCU NQU

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DGPGƂEKQUFGFGTKXCFQUSWGPQUGTGIKUVTCPEQOQKPUVTWOGPVQUFGEQDGTVWTCƂPCPEKGTC[NQUDGPGƂEKQU
RTQEGFGPVGUFGXCTKCEKQPGUGPGNXCNQTTC\QPCDNGFGCEVKXQUƂPCPEKGTQUGUVCDNGEKFQUCXCNQTTC\QPCDNGEQP
ECODKQUGPTGUWNVCFQU.QUICUVQUƂPCPEKGTQUUQPICUVQURQTKPVGTGUGUFGRCUKXQUƂPCPEKGTQUFKHGTGPEKCU
FGVKRQFGECODKQPGICVKXCURÅTFKFCUQECUKQPCFCURQTFGTKXCFQUSWGPQUGTGIKUVTCPEQOQKPUVTWOGPVQU
FGEQDGTVWTCƂPCPEKGTC[RÅTFKFCUQECUKQPCFCURQTXCTKCEKQPGUGPGNXCNQTTC\QPCDNGFGCEVKXQUƂPCPEKG
TQUGUVCDNGEKFQUCXCNQTTC\QPCDNGEQPECODKQUGPTGUWNVCFQU

.QUKPITGUQURQTKPVGTGUGUUGTGEQPQEGPGPNCEWGPVCFGRÅTFKFCU[ICPCPEKCUWVKNK\CPFQGNOÅVQFQFGVKRQ

*GEJQU[EKHTCU
FGKPVGTÅUGHGEVKXQ.QUKPITGUQURQTFKXKFGPFQUUGTGEQPQEGPGPNCEWGPVCFGRÅTFKFCU[ICPCPEKCUGPNC
HGEJCGPNCSWGUGFGENCTCGNFKXKFGPFQ

- +ORWGUVQU[CTCPEGNGU

.C(+(#HWGHWPFCFCDCLQNCHQTOCLWTÉFKECFGCUQEKCEKÏPVCNEQOQNQFGƂPGPGNCTVÉEWNQ[UUFGN%Ï
FKIQ %KXKN UWK\Q &G CEWGTFQ EQP GN CTVÉEWNQ  FG UWU GUVCVWVQU GN QDLGVKXQ FG NC (+(# GU OGLQTCT
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RTQ[GEVQUFGFGUCTTQNNQ.C(+(#GUWPCQTICPK\CEKÏPUKP½PKOQFGNWETQ[EQOQVCNGUV½QDNKICFCCFGUVK
PCTNCVQVCNKFCFFGUWUTGUGTXCUCNQDLGVKXQOGPEKQPCFQ

.C(+(#VTKDWVCGP5WK\CFGCEWGTFQEQPNCPQTOCVKXCƂUECNQTFKPCTKCCRNKECDNGCNCUCUQEKCEKQPGU2QT
VCPVQUGVKGPGGPEWGPVCGNECT½EVGTPQNWETCVKXQFGNC(+(#[GNEKENQEQPVCDNGFGEWCVTQCÍQU.CUƂNKCNGU
VTKDWVCPFGCEWGTFQEQPNCEQTTGURQPFKGPVGPQTOCVKXCƂUECN

'UVCRCTVKFCEQORTGPFGKORWGUVQU[CTCPEGNGUPQTGEWRGTCDNGUKORWVCDNGUCNC(+(#QCUWUƂNKCNGU

6GOCUGURGEKCNGU
2QTGNNQNCEQPEKNKCEKÏPFGNCDCUGKORQPKDNG[NQUDGPGƂEKQUEQPUQNKFCFQUCPVGUFGFGUEQPVCTNQUKORWGU
VQU PQ VGPFTÉC UGPVKFQ 2QT EQPUKIWKGPVG PQ UG JC NNGXCFQ C ECDQ GUVC EQPEKNKCEKÏP 0Q UG TGEQPQEGP
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. 'HGEVKXQ[GSWKXCNGPVGU

5GFGPQOKPCGHGEVKXQ[GSWKXCNGPVGUCNGHGEVKXQFKURQPKDNGCNCUEWGPVCURQUVCNGU[DCPECTKCUCFGO½UFG
NQUFGRÏUKVQUCEQTVQRNC\QEQPXGPEKOKGPVQUQTKIKPCNGUCFÉCUQKPHGTKQTGU
#PGZQ

57
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/ &GTKXCFQU

.C(+(#WVKNK\CKPUVTWOGPVQUƂPCPEKGTQUFGTKXCFQURCTCEWDTKTNQUTKGUIQUECODKCTKQUSWGUWTIGPFGNCU
CEVKXKFCFGUFGGZRNQVCEKÏP.C(+(#PQRQUGGPKGOKVGKPUVTWOGPVQUƂPCPEKGTQUFGTKXCFQUEQPƂPGUGURG
EWNCVKXQU0QQDUVCPVGNQUKPUVTWOGPVQUFGTKXCFQUPQEQPVGORNCFQUEQOQKPUVTWOGPVQUFGEQDGTVWTCUG
TGIKUVTCPEQOQKPUVTWOGPVQUEQOGTEKCNGU

.QUFGTKXCFQUUGRTGUGPVCPKPKEKCNOGPVGCNXCNQTTC\QPCDNG2QUVGTKQTOGPVGVQFQUNQUFGTKXCFQUUGCLWUVCP
CNXCNQTTC\QPCDNG.QUDGPGƂEKQU[RÅTFKFCUTGNCEKQPCFQUEQPNCUXCNQTCEKQPGURGTKÏFKECUFGNQUKPUVTW
OGPVQUFGTKXCFQUPQEQPVGORNCFQUEQOQKPUVTWOGPVQUFGEQDGTVWTCUGTGEQPQEGPFGHQTOCKPOGFKCVC
GPNCEWGPVCFGRÅTFKFCU[ICPCPEKCU

'NXCNQTTC\QPCDNGFGNQUEQPVTCVQUFGVKRQUFGECODKQCRNC\QUGFGVGTOKPCRQTUWRTGEKQCNCHGEJCFGN
DCNCPEGGSWKXCNGPVGCNXCNQTCEVWCNFGNOKUOQRTGEKQFGEQVK\CEKÏPCFKEJCHGEJC

0 1RGTCEKQPGUFGEQDGTVWTC

%WCPFQWPKPUVTWOGPVQƂPCPEKGTQFGTKXCFQEWDTGGNTKGUIQECODKCTKQGPGNƃWLQFGGHGEVKXQHWVWTQFG
EQORTQOKUQUFGNC(+(#GPVTCPUCEEKQPGURTGXKUVCUSWGUQPCNVCOGPVGRTQDCDNGUGNDGPGƂEKQQRÅTFKFC
GHGEVKXCTGUWNVCPVGFGNCUXCNQTCEKQPGURGTKÏFKECUFGNKPUVTWOGPVQFGEQDGTVWTCUGTGEQPQEGFKTGEVCOGPVG
GP NC TGUGTXC FG EQDGTVWTC 'N DGPGƂEKQ Q RÅTFKFC PQ GHGEVKXC UG TGEQPQEG FG HQTOC KPOGFKCVC GP NC
EWGPVCFGRÅTFKFCU[ICPCPEKCU

'NDGPGƂEKQQRÅTFKFCGPWPKPUVTWOGPVQFGEQDGTVWTCUGTGENCUKƂECFGNCUTGUGTXCUFGEQDGTVWTCGPGN
OKUOQRGTKQFQGPGNSWGNCRTGXKUKÏPFGƃWLQFGGHGEVKXQRTQ[GEVCFQFGNCEQDGTVWTCCHGEVCNCURÅTFKFCU
QICPCPEKCU

%WCPFQWPKPUVTWOGPVQQTGNCEKÏPFGEQDGTVWTCNNGICCVÅTOKPQRGTQNCVTCPUCEEKÏPEWDKGTVCPQUGJC
RTQFWEKFQCÖPGNDGPGƂEKQQRÅTFKFCCEWOWNCFCTGEQPQEKFCGPNCUTGUGTXCUFGEQDGTVWTCRGTOCPGEGGP
TGUGTXCUFGEQDGTVWTC[UGTGEQPQEGFGCEWGTFQEQPFKEJQRTKPEKRKQEQPVCDNG5K[CPQUGGURGTCSWGUG
RTQFW\ECNCVTCPUCEEKÏPEWDKGTVCGNDGPGƂEKQQRÅTFKFCCEWOWNCFCTGEQPQEKFCGPNCUTGUGTXCUFGEQDGT
VWTCUGTGIKUVTCFGHQTOCKPOGFKCVCGPNCEWGPVCFGRÅTFKFCU[ICPCPEKCU

58

'UVCFQUƂPCPEKGTQUEQPUQNKFCFQU  
+PHQTOGFGCWFKVQTÉC  
+PHQTOGFGNC%QOKUKQPFG#WFKVQTÉC  

1 %WGPVCURQTEQDTCT

.CUEWGPVCURQTEQDTCTGPEQPEGRVQFGNCXGPVCFGFGTGEJQU[QVTQUUGFGENCTCPEQPUWXCNQTCOQTVK\CDNG
SWGEQKPEKFGEQPGNXCNQTPQOKPCNFGNQUETÅFKVQUPGVQUCEQTVQRNC\QOGPQUEWCNSWKGTRTQXKUKÏPRCTC

2TGHCEKQ
KPUQNXGPEKCU5GETGCPRTQXKUKQPGURCTCNQUUCNFQUEQPQEKFQUFGFWFQUQEQDTQ

.QUUCNFQUFGWFQTGU[CETGGFQTGUUQNQUGEQORGPUCP[GNKORQTVGPGVQUGRTGUGPVCGPGNDCNCPEGEWCPFQ
NC(+(#VKGPGGNFGTGEJQNGICNFGEQORGPUCTNQU[NCUVTCPUCEEKQPGUGUV½PFGUVKPCFCUCUGTNKSWKFCFCUFG
HQTOCPGVC

2 #EVKXQUVCPIKDNGU

*GEJQU[EKHTCU
.C XCNQTCEKÏP FG CEVKXQU VCPIKDNGU UG TGIKUVTC C RTGEKQ FG CFSWKUKEKÏP [ UG NG FGFWEGP NC FGRTGEKCEKÏP
CEWOWNCFC[GNFGVGTKQTQFGXCNQT%WCPFQRCTVGUFGWPGNGOGPVQFGNQUCEVKXQUVCPIKDNGUVKGPGPFKHGTGP
VGUXKFCUÖVKNGUUGEQPVCDKNK\CPEQOQGNGOGPVQUUGRCTCFQUFGCEVKXQUVCPIKDNGU.QUICUVQUFGTGRCTCEKQPGU
[OCPVGPKOKGPVQUGEQPUKIPCPEQOQICUVQUGPNCUEWGPVCUFGRÅTFKFCU[ICPCPEKCUEWCPFQUGTGCNK\CP

.CFGRTGEKCEKÏPUGTGIKUVTCGPNCEWGPVCFGRÅTFKFCU[ICPCPEKCUUKIWKGPFQGNOÅVQFQNKPGCNFWTCPVGNC
XKFCÖVKNGUVKOCFCFGNQUCEVKXQUVCPIKDNGU.QUVGTTGPQUPQUGFGRTGEKCP.QURGTKQFQUFGXKFCÖVKNGUVKOC
FQUUQPNQUUKIWKGPVGU

2GTKQFQ
'FKƂEKQUQRGTCVKXQU CÍQU
'SWKRQFGQƂEKPC[QVTQU CÍQU

3 #EVKXQUKPVCPIKDNGU
.QUCEVKXQUKPVCPIKDNGUCFSWKTKFQURQTNC(+(#UGXCNQTCPCUWEQUVQFGCFSWKUKEKÏPFGFWEKFCUNCCOQTVK
\CEKÏPCEWOWNCFC[GNFGVGTKQTQFGXCNQT.CCOQTVK\CEKÏPUGTGIKUVTCGPNCEWGPVCFGRÅTFKFCU[ICPCPEKCU

6GOCUGURGEKCNGU
UKIWKGPFQGNOÅVQFQNKPGCNFWTCPVGNCXKFCÖVKNGUVKOCFCFGNQUCEVKXQUUCNXQSWGNCUXKFCUÖVKNGUUGCP
KPFGƂPKFCU.QURGTKQFQUFGXKFCÖVKNGUVKOCFQUUQPNQUUKIWKGPVGU

#TEJKXQHÉNOKEQ CÍQU

.QUICUVQUTGNCEKQPCFQUEQPGNHQPFQFGEQOGTEKQKPVGTPQ[NCUOCTECUEQOGTEKCNGUUGTGIKUVTCPGPNC
EWGPVCFGRÅTFKFCU[ICPCPEKCUEWCPFQUGRTQFWEGP
#PGZQ

59
#PGZQ

4 #EVKXQUƂPCPEKGTQUSWGPQUGCPFGTKXCFQU

.C(+(#ENCUKƂECNQUCEVKXQUƂPCPEKGTQUSWGPQUGCPFGTKXCFQUGPNCUUKIWKGPVGUECVGIQTÉCURTÅUVCOQU[
RCTVKFCURQTEQDTCTCEVKXQUƂPCPEKGTQUCXCNQTTC\QPCDNGEQPECODKQUGPTGUWNVCFQU[CEVKXQUƂPCPEKGTQU
OCPVGPKFQUJCUVCGNXGPEKOKGPVQ

*CUVCNC(+(#IGUVKQPCDC[XCNWCDCNQUXCNQTGUTGRTGUGPVCVKXQUFGFGWFCGKPUVTWOGPVQUFGRCVTK
OQPKQCXCNQTTC\QPCDNGFGCEWGTFQEQPUWGUVTCVGIKCFGIGUVKÏPFGCEVKXQURTGXKCOGPVGFQEWOGPVCFC
2QTEQPUKIWKGPVGFKEJQUCEVKXQUƂPCPEKGTQUGUVCDCPFGUKIPCFQUCXCNQTTC\QPCDNGEQPECODKQUGPTGUWN
VCFQU'PNC(+(#KORNGOGPVÏWPCPWGXCGUVTCVGIKCFGIGUVKÏPFGCEVKXQU'NQDLGVKXQRTKOQTFKCNC
NCTIQRNC\QGUGNOCPVGPKOKGPVQFGNXCNQTFGNQUCEVKXQUƂPCPEKGTQUFGNC(+(#FWTCPVGGNRGTKQFQEWCVTKG
PCNFGNRTGUWRWGUVQ2QTVCPVQNQUXCNQTGUTGRTGUGPVCVKXQUFGFGWFCCFSWKTKFQUFGUFGUGENCUKƂECP
EQOQOCPVGPKFQUJCUVCUWXGPEKOKGPVQ'UVGECODKQGPNCGUVTCVGIKCFGIGUVKÏPFGCEVKXQUPQJCFCFQ
NWICTCTGENCUKƂECEKQPGUFGNQUCEVKXQUƂPCPEKGTQUTGEQPQEKFQURTGXKCOGPVG

.QURTÅUVCOQU[RCTVKFCURQTEQDTCTUWTIGPEWCPFQNC(+(#RTGUVCFKPGTQQUGTXKEKQUCVGTEGTQU'UVQUCE
VKXQUUGTGEQPQEGPKPKEKCNOGPVGCUWXCNQTTC\QPCDNGKPENWKFQUNQUEQUVQUFGVTCPUCEEKÏPGHGEVWCFQU[UG
XCNQTCP RQUVGTKQTOGPVG C EQUVQ COQTVK\CFQ WVKNK\CPFQ GN OÅVQFQ FGN VKRQ FG KPVGTÅU GHGEVKXQ OGPQU
EWCNSWKGTRÅTFKFCRQTFGVGTKQTQ

.QUKPUVTWOGPVQUFGRCVTKOQPKQPGIQEKCDNGUUGENCUKƂECPCXCNQTTC\QPCDNGEQPECODKQUGPTGUWNVCFQU
&KEJQUCEVKXQUƂPCPEKGTQUUGXCNQTCPCXCNQTTC\QPCDNGEQPECODKQUTGEQPQEKFQUGPTGUWNVCFQU

5KNC(+(#VKGPGNCKPVGPEKÏPGHGEVKXC[NCECRCEKFCFFGEQPUGTXCTNQUKPUVTWOGPVQUFGRCVTKOQPKQJCUVCUW
XGPEKOKGPVQFKEJQUCEVKXQUƂPCPEKGTQUUGENCUKƂECPEQOQOCPVGPKFQUJCUVCGNXGPEKOKGPVQ5GXCNQTCPC
EQUVQ COQTVK\CFQ WVKNK\CPFQ GN OÅVQFQ FGN VKRQ FG KPVGTÅU GHGEVKXQ OGPQU EWCNSWKGT RÅTFKFC RQT
FGVGTKQTQ

.CUKPXGTUKQPGUGPXCNQTGUTGRTGUGPVCVKXQUFGFGWFCGKPUVTWOGPVQUFGRCVTKOQPKQSWGPQEQVK\CPGPWP
OGTECFQCEVKXQ[EW[QXCNQTTC\QPCDNGPQRWGFGUGTGUVKOCFQEQPƂCDKNKFCFUGXCNQTCPCNEQUVQOGPQU
GNKORQTVGFGNCUFGUXCNQTK\CEKQPGURQTFGVGTKQTQ

.C(+(#UQNQEQORGPUCNQUCEVKXQU[RCUKXQUƂPCPEKGTQU[NQURTGUGPVCRQTUWKORQTVGPGVQGPGNDCNCPEG
UKGZKUVGWPFGTGEJQNGICN[VKGPGNCKPVGPEKÏPFGNKSWKFCTNCUFGWFCUSWGTGUWNVGPRQTUWKORQTVGPGVQ

60

'UVCFQUƂPCPEKGTQUEQPUQNKFCFQU  
+PHQTOGFGCWFKVQTÉC  
+PHQTOGFGNC%QOKUKQPFG#WFKVQTÉC  

5 2CUKXQUƂPCPEKGTQUSWGPQUGCPFGTKXCFQU

.QURCUKXQUƂPCPEKGTQUSWGPQUGCPFGTKXCFQUEQOQEWGPVCUCRCICTUGXCNQTCPCEQUVQCOQTVK\CFQSWG
GSWKXCNGCNXCNQTPQOKPCNFGNCUEWGPVCUCEQTVQRNC\Q

2TGHCEKQ
6 &GVGTKQTQFGXCNQT

.C(+(#UKIWGGNETKVGTKQFGGXCNWCTGPECFCHGEJCFGEKGTTGFGNDCNCPEGNCGZKUVGPEKCFGKPFKEKQUSWGRWFKG
TCPOCPKHGUVCTWPRQVGPEKCNFGVGTKQTQFGXCNQTFGNQUCEVKXQUVCPIKDNGUFGNQUCEVKXQUKPVCPIKDNGU[FGNQU
CEVKXQUƂPCPEKGTQUXCNWCFQUCEQUVQCOQTVK\CFQ5KGZKUVGPKPFKEKQUQDLGVKXQUFGFGVGTKQTQUGGUVKOCGN
XCNQT TGEWRGTCDNG FGN CEVKXQ PQ ƂPCPEKGTQ GPVGPFKFQ EQOQ GN OC[QT GPVTG GN XCNQT TC\QPCDNG OGPQU

*GEJQU[EKHTCU
EQUVQUFGXGPVC[UWXCNQTFGWUQ7PCRÅTFKFCRQTFGVGTKQTQUGTGEQPQEGGPNCEWGPVCFGRÅTFKFCU[IC
PCPEKCUEWCPFQGNXCNQTEQPVCDNGFGWPCEVKXQQFGUWWPKFCFIGPGTCFQTCFGGHGEVKXQGZEGFGUWXCNQT
TGEWRGTCDNG

7PCEVKXQƂPCPEKGTQXCNWCFQCEQUVQCOQTVK\CFQGUV½FGVGTKQTCFQUKGZKUVGGXKFGPEKCQDLGVKXCFGNFGVGTKQTQ
EQOQTGUWNVCFQFGWPGXGPVQSWGJCQEWTTKFQFGURWÅUFGNTGEQPQEKOKGPVQKPKEKCNFGNCEVKXQ[GUGGXGPVQ
ECWUCPVGFGNCRÅTFKFCTGRGTEWVGGPNQUƃWLQUFGGHGEVKXQHWVWTQUGUVKOCFQUFGNCEVKXQ'NKORQTVGFGNC
RÅTFKFCRQTFGVGTKQTQFGNXCNQTGUNCFKHGTGPEKCGPVTGGNXCNQTEQPVCDNGFGNCEVKXQƂPCPEKGTQ[GNXCNQTCEVWCN
FGNQUƃWLQUFGGHGEVKXQHWVWTQUGUVKOCFQUFGUEQPVCFQUCNVKRQFGKPVGTÅUGHGEVKXQQTKIKPCNFGNCEVKXQ'N

2GTKQFQ
KORQTVGFGNCRÅTFKFCRQTFGVGTKQTQUGTGEQPQEGGPTGUWNVCFQUGPWPCEWGPVCTGIWNCTK\CFQTCEQPECTIQ
CRTÅUVCOQU[CRCTVKFCURQTEQDTCTQCKPXGTUKQPGUOCPVGPKFCUJCUVCGNXGPEKOKGPVQ

.CRÅTFKFCRQTFGVGTKQTQGUTGXGTUKDNGGPGLGTEKEKQURQUVGTKQTGUUKNCFKUOKPWEKÏPRWGFGUGTQDLGVKXCOGPVG
TGNCEKQPCFCEQPWPGXGPVQRQUVGTKQTCUWTGEQPQEKOKGPVQ

7 2CUKXQUSWGFGXGPICPKPVGTGUGU

6GOCUGURGEKCNGU
.QURCUKXQUSWGFGXGPICPKPVGTGUGUUGTGEQPQEGPKPKEKCNOGPVGCUWXCNQTTC\QPCDNGFGFWEKFQUNQUEQU
VQUCVTKDWKDNGUFGECFCVTCPUCEEKÏP2QUVGTKQTOGPVGCUWTGEQPQEKOKGPVQKPKEKCNNQURCUKXQUSWGFGXGPICP
KPVGTGUGU UG OWGUVTCP C UW XCNQT FG EQUVQ COQTVK\CFQ UKGPFQ TGIKUVTCFC EWCNSWKGT FKHGTGPEKC GPVTG GN
EQUVQ[UWXCNQTFGECPEGNCEKÏPGPNCEWGPVCFGRÅTFKFCU[ICPCPEKCUCNQNCTIQFGNRGTKQFQFGGPFGWFC
OKGPVQUKIWKGPFQGNOÅVQFQFGKPVGTÅUGHGEVKXQ
#PGZQ

61
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8 1DNKICEKQPGUEQPNQUGORNGCFQU

.C(+(#JCGNCDQTCFQWPRNCPFGDGPGƂEKQUFGLWDKNCEKÏPRCTCVQFQUUWUGORNGCFQUIGUVKQPCFQRQTWPC
CUGIWTCFQTC'NRNCPGUV½ƂPCPEKCFQRQTNCUEQPVTKDWEKQPGUFGNGORNGCFQT[NQUGORNGCFQU[VKGPGEKGTVCU
RTGUVCEKQPGUFGƂPKFCU2QTEQPUKIWKGPVGGNRNCPUGTGIKUVTCEQOQWPRNCPFGRTGUVCEKÏPFGƂPKFC.CTG
RGTEWUKÏP ƂPCPEKGTC FG GUVG RNCP GP NQU GUVCFQU ƂPCPEKGTQU EQPUQNKFCFQU UG FGVGTOKPC EQPHQTOG CN
OÅVQFQFGETÅFKVQWPKVCTKQRTQ[GEVCFQ

%WCNSWKGT GZEGFGPVG FG RGPUKQPGU UQNQ UG TGEQPQEG EQOQ WP CEVKXQ UK TGRTGUGPVC HWVWTQU DGPGƂEKQU
GEQPÏOKEQUFKURQPKDNGURCTCNC(+(#GPHQTOCFGTGGODQNUQUQTGFWEEKQPGUGPHWVWTCUEQPVTKDWEKQPGU
FGNGORNGCFQT

.QU DGPGƂEKQU [ RÅTFKFCU CEVWCTKCNGU SWG GOCPCP FG NCU TGXCNWCEKQPGU RGTKÏFKECU UG TGEQPQEGP GP NC
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NC(+(#'NUGIWPFQRCIQFG75&CECFCWPCFGNCUCUQEKCEKQPGUOKGODTQ[FGOKNNQPGU75&
CECFCEQPHGFGTCEKÏPJCUKFQCRTQDCFQRQTNQUOKGODTQUFGN%QOKVÅFG7TIGPEKC[GNRTGUKFGPVGFGNC%QOK
UKÏPFG(KPCP\CU'NVQVCNFGNCRQ[QGEQPÏOKEQGZVTCQTFKPCTKQCUEKGPFGCOKNNQPGUFG75&'N4GINCOGPVQ
FGN(#2EQOQUGKPFKECCPVGTKQTOGPVGUGCRNKECVCODKÅPCNQURCIQUGZVTCQTFKPCTKQUFGN(#2NQEWCNUKIPKƂEC
SWGGNWUQFGNQUHQPFQURQTRCTVGFGNCUCUQEKCEKQPGUOKGODTQ[NCUEQPHGFGTCEKQPGUUGEKTEWPUETKDGCNQU
QDLGVKXQUGUVCDNGEKFQUGPFKEJQTGINCOGPVQ[GUV½UWLGVQCCWFKVQTÉCUGZVGTPCU

%QPVTKDWEKQPGUCNQURTQITCOCUFGFGUCTTQNNQFGNCUEQPHGFGTCEKQPGU
2CTC GN EKENQ  UG  EQPEGFG C ECFC WPC FG NCU UGKU EQPHGFGTCEKQPGU WPC C[WFC GEQPÏOKEC
GZVTCQTFKPCTKC FG  OKNNQPGU CPWCNGU 75& 'N WUQ FG GUVQU HQPFQU FGDG EWORNKT NQ GUVKRWNCFQ GP GN
4GINCOGPVQFGN(#2#UKOKUOQGNWUQFGGUVQUHQPFQUGUV½UWLGVQCCWFKVQTÉCUNQECNGU[EGPVTCNGU

2TQITCOC)QCN
)QCN GU WP RTQITCOC FG FGUCTTQNNQ ETGCFQ RQT NC (+(# GP DGPGƂEKQ FG NCU CUQEKCEKQPGU OKGODTQ
)QCN QHTGEG HQPFQU RCTC RTQ[GEVQU GURGEÉƂEQU SWG UG CFCRVGP C NCU PGEGUKFCFGU RCTVKEWNCTGU FG
ECFCCUQEKCEKÏPOKGODTQFGPVTQFGNQUUKIWKGPVGU½ODKVQU

70

'UVCFQUƂPCPEKGTQUEQPUQNKFCFQU  
+PHQTOGFGCWFKVQTÉC  
+PHQTOGFGNC%QOKUKQPFG#WFKVQTÉC  

r#FOKPKUVTCEKÏPNCGUVTWEVWTCFGNCUCUQEKCEKQPGUOKGODTQ[TGIKQPCNGUKPENWKFQGNRGTUQPCN[
GSWKRCOKGPVQFGQƂEKPC
r(QTOCEKÏPCFOKPKUVTCEKÏPGPVTGPCOKGPVQCTDKVTCLG[OGFKEKPCFGRQTVKXC
r(ÖVDQNLWXGPKNHQTOCEKÏPFGGPVTGPCFQTGUFGGSWKRQULWXGPKNGUEGPVTQUFGHQTOCEKÏPLWXGPKN[

2TGHCEKQ
GUEWGNCUFGHÖVDQNPCEKQPCNGU[TGIKQPCNGU[HQOGPVQFGNHÖVDQNDCUGRTQOQEKÏPFGVCNGPVQU
r+PHTCUVTWEVWTCTGPQXCEKÏP[EQPUVTWEEKÏPFGECORQUFGHÖVDQNEGPVTQUFGGPVTGPCOKGPVQ[FG
GPUGÍCP\C[QƂEKPCU

'NKORQTVGO½ZKOQSWGUGRWGFGQVQTICTRQTRTQ[GEVQGUFG75&#NFGFKEKGODTGFG
NQUHQPFQUCUKIPCFQU[CÖPPQFGUGODQNUCFQUUWOCPOKNNQPGUFG75&
OKNNQPGUFG
75& 'UVCUQDNKICEKQPGUUGTGEQPQEGP[EQPVCDKNK\CPGPICUVQUFGXGPICFQU

*GEJQU[EKHTCU
2'4(14/#0%'
'NQDLGVKXQRTKPEKRCNGUHQTVCNGEGT[OGLQTCTNCIGUVKÏP[FKTGEEKÏPFGNHÖVDQNRCTCNQITCTWPCOGLQTQTIC
PK\CEKÏP CFGO½U FG RTQHGUKQPCNK\CT [ EQOGTEKCNK\CT NCU CEVKXKFCFGU SWG KPETGOGPVCT½P NC GƂECEKC [ NC
UWRGTXKUKÏP[RGTOKVKT½PWPCOC[QTCWVQPQOÉC

2TQITCOCFG#UKUVGPEKCCN#TDKVTCLG
4#2
'N2TQITCOCFG#UKUVGPEKCCN#TDKVTCLGKPENW[GXCTKQURTQITCOCUSWGTGURCNFCPNCHQTOCEKÏPFGNQU½TDK
VTQURQTGLGORNQOGFKCPVGUGOKPCTKQU[EWTUQU

2GTKQFQ
2TQ[GEVQUFGUQNKFCTKFCF
'PUGDTKPFÏCRQ[QGEQPÏOKEQGZVTCQTFKPCTKQCNCUCUQEKCEKQPGUOKGODTQFG,CRÏP[0WGXC<GNCP
FCRCTCNCTGEQPUVTWEEKÏPFGNCKPHTCGUVTWEVWTCHWVDQNÉUVKECFGUVTWKFCRQTECV½UVTQHGUPCVWTCNGU#UKOKUOQ
NC(+(#FQPÏOKNNÏPFG75&CNC%TW\4QLC+PVGTPCEKQPCNRCTCNQURTQITCOCUFGCRQ[QC5QOCNKC

(QQVDCNNHQT*QRG
(QQVDCNNHQT*QRGGUWPRTQITCOCFGTGURQPUCDKNKFCFUQEKCNSWGTGEWTTGCNCHWGT\CFGNHÖVDQNRCTCRTQ
OQXGTGNFGUCTTQNNQUQEKCN.CKPKEKCVKXCEGPVTQURCTCNCP\CFCRCTCNC%QRC/WPFKCNFGNC(+(#
5WF½HTKECvHQTOCRCTVGFG(QQVDCNNHQT*QRG.CƂPCNKFCFFGGUVCKPKEKCVKXCGUEQPUVTWKT%GPVTQU

6GOCUGURGEKCNGU
(QQVDCNNHQT*QRGRCTCHQOGPVCTNCGFWECEKÏPNCUCPKFCFRÖDNKEC[GNHÖVDQNGPEQOWPKFCFGUFGUHCXQTG
EKFCUFGVQFQGNEQPVKPGPVGCHTKECPQ

'FWECEKÏP
.C(+(#CRQ[CCN%GPVTQ+PVGTPCEKQPCNFG'UVWFKQUFGN&GRQTVG
%+'5 FGNC7PKXGTUKFCFFG0GWEJ¾VGNGP
5WK\CEQPEQPVTKDWEKQPGUCPWCNGU

(ÖVDQNHGOGPKPQ
'N–5KORQUKQUQDTGGN(ÖVDQN(GOGPKPQFGNC(+(#VWXQNWICTFGNCNFGLWNKQFGGP(T½PEHQTV
#UKOKUOQUGQTICPK\CTQPXCTKQUEWTUQU[UGOKPCTKQURCTCOGLQTCTGNHÖVDQNHGOGPKPQ
#PGZQ

(QQVDCNNHQT*GCNVJ
(/#4%
'NRTQITCOC(QQVDCNNHQT*GCNVJEQORTGPFGXCTKQURTQITCOCUFGN½TGCFGNCOGFKEKPCEQOQNCKPXGUVKIC
EKÏPOÅFKECGNEQPVTQNFGFQRCLG[GNRTQITCOCpRCTCNC5CNWFq

71
#PGZQ

 )QDGTPCDKNKFCFFGNHÖVDQN

GPOKNGUFG75&  


%QOKUKQPGU[%QPITGUQ  
#UWPVQUNGICNGU  
#FOKPKUVTCEKÏPFGNHÖVDQN  
%+'5  
6QVCNFGIQDGTPCDKNKFCFFGNHÖVDQN  

.QUICUVQUFGNCUEQOKUKQPGU[GN%QPITGUQCDCTECPNQUEQUVQUIGPGTCFQUEQPTGNCEKÏPCN–%QPITGUQ
FGNC(+(#GP<ÖTKEJFGRTKPEKRKQUFGLWPKQFGO½UNQUEQUVQUFGNCUUGUKQPGUFGNCUO½UFG
EQOKUKQPGU RGTOCPGPVGU [ NQU VTGU ÏTICPQU LWTKUFKEEKQPCNGU FG NC (+(# NC %QOKUKÏP &KUEKRNKPCTKC NC
%QOKUKÏPFG#RGNCEKÏP[NC%QOKUKÏPFG¥VKEC.QUICUVQUFGXKCLG[CNQLCOKGPVQFGNQUOKGODTQUFGNCU
EQOKUKQPGU CUÉ EQOQ NQU FG NQU FGNGICFQU QƂEKCNGU FG NCU  CUQEKCEKQPGU OKGODTQ FG NCU UGKU
EQPHGFGTCEKQPGU[NQUFGNQUKPXKVCFQUCN%QPITGUQFGNC(+(#UQPEQUVGCFQURQTNC(+(#

.QUEQUVQUFGNCCFOKPKUVTCEKÏPFGNHÖVDQN[FGN%GPVTQ+PVGTPCEKQPCNFG'UVWFKQUFGN&GRQTVG
%+'5 FGNC
7PKXGTUKFCFFG0GWEJ¾VGNGP5WK\CUGRTGUGPVCPEQOQICUVQUFGFGUCTTQNNQCRCTVKTFG

 'ZRNQVCEKÏPFGFGTGEJQU

GPOKNGUFG75&  


/GTECFQVGEPKC  
&GTGEJQUFGVTCPUOKUKÏPVGNGXKUKXC[OGFKQU  
.KEGPEKCU  
6QVCNFGGZRNQVCEKÏPFGFGTGEJQU  

.QU EQUVQU FG GZRNQVCEKÏP FG FGTGEJQU TGƃGLCP NQU ICUVQU GHGEVWCFQU RQT NC FKXKUKÏP FG 6GNGXKUKÏP [
/CTMGVKPIFGNC(+(#EQPTGNCEKÏPCNCEQOGTEKCNK\CEKÏPFGNQUFGTGEJQUFGOGTECFQVGEPKC[VTCPUOKUKÏP
VGNGXKUKXC

72

'UVCFQUƂPCPEKGTQUEQPUQNKFCFQU  
+PHQTOGFGCWFKVQTÉC  
+PHQTOGFGNC%QOKUKQPFG#WFKVQTÉC  

 )CUVQUFGRGTUQPCN

GPOKNGUFG75&  


5CNCTKQU  

2TGHCEKQ
$GPGƂEKQUUQEKCNGU  
1VTQUDGPGƂEKQUCNQUGORNGCFQU  
1VTQU  
6QVCNFGICUVQUFGRGTUQPCN  

'NRTQOGFKQFGGORNGCFQUFWTCPVGGNCÍQJCUVCGNFGFKEKGODTGFGHWGFG
 .C
OC[QTÉCFGUCNCTKQUUGCDQPCGP%*(.QUEQUVQUJCPCWOGPVCFQUQDTGVQFQFGDKFQCNCHWGT\CFGN%*(

*GEJQU[EKHTCU
HTGPVGCN75&

'NRNCPFGRGPUKQPGURCTCNQUGORNGCFQUFGNC(+(#UGƂPCPEKCOGFKCPVGEQPVTKDWEKQPGUFGNQUGORNGCFQU
[FGNCRTQRKCGPVKFCF&CFQSWGFKEJQRNCPEQPVGORNCNCUECTCEVGTÉUVKECUFGƂPKFCUFGNCURTGUVCEKQPGU
NCUEKHTCURTGUGPVCFCUO½UCFGNCPVGUGJCPƂLCFQEQPHQTOGCNCURTQXKUKQPGUEQPVCDNGURCTCRNCPGUEQP
ETGVQUFGRTGUVCEKQPGU[DGPGƂEKQUVCNEQOQUGFGUETKDGGPNC0+%

%CODKQFGNXCNQTCEVWCNGPNCUQDNKICEKQPGUFGƂPKFCURQTRTGUVCEKQPGU

2GTKQFQ
GPOKNGUFG75&  
1DNKICEKQPGUFGƂPKFCURQTRTGUVCEKQPGUCRTKPEKRKQUFGNCÍQ  
%QUVQCEVWCNFGNUGTXKEKQ  
%QUVQCPVGTKQTFGNUGTXKEKQ  
+PVGTÅUUQDTGQDNKICEKQPGU  
2ÅTFKFCCEVWCTKCN  
2TGUVCEKQPGURCICFCU s s
'HGEVQFGNECODKQFGOQPGFCGZVTCPLGTC s 

6GOCUGURGEKCNGU
1DNKICEKQPGUFGƂPKFCURQTRTGUVCEKQPGUCNƂPCNFGNCÍQ  
#PGZQ

73
#PGZQ

%CODKQUFGNXCNQTTC\QPCDNGGPNQUCEVKXQUFGNRNCP

GPOKNGUFG75&  


8CNQTTC\QPCDNGFGNQUCEVKXQUFGNRNCPCRTKPEKRKQUFGNCÍQ  
4GPFKOKGPVQGURGTCFQFGNQUCEVKXQUFGNRNCP  
%QPVTKDWEKÏPFGNGORNGCFQT  
%QPVTKDWEKÏPFGNQUGORNGCFQU  
2TGUVCEKQPGURCICFCU s s
)CPCPEKC
2ÅTFKFC CEVWCTKCNFGNQUCEVKXQUFGNRNCP  s
'HGEVQFGNECODKQFGOQPGFCGZVTCPLGTC s 
8CNQTTC\QPCDNGFGNQUCEVKXQUFGNRNCPCNƂPCNFGNCÍQ  

'NTGPFKOKGPVQCPWCNCEVWCNFGNQUCEVKXQUFGNRNCPRCTCGNCÍQƂPCNK\CFQGNFGFKEKGODTGFG
CUEGPFKÏCOKNGUFG75&
OKNGUFG75& 

+ORQTVGUTGEQPQEKFQUGPGNDCNCPEG

GPOKNGUFG75&  


8CNQTCEVWCNFGNCUQDNKICEKQPGUFGƂPKFCURQTRTGUVCEKQPGU  
8CNQTTC\QPCDNGFGNQUCEVKXQUFGNRNCP s s
5KVWCEKÏPFGNHQPFQ  

2ÅTFKFC ICPCPEKCCEVWCTKCNPGVCPQTGEQPQEKFC s s
2CUKXQTGCN  

5GRTGXÅSWGNCEQPVTKDWEKÏPCRCICTRCTCGNRNCPFGNCÍQCUEKGPFCCOKNGUFG75&

74

'UVCFQUƂPCPEKGTQUEQPUQNKFCFQU  
+PHQTOGFGCWFKVQTÉC  
+PHQTOGFGNC%QOKUKQPFG#WFKVQTÉC  

%QORQPGPVGUFGNQUICUVQUFGRGPUKQPGU

GPOKNGUFG75&  


%QUVQCEVWCNFGNUGTXKEKQ  

2TGHCEKQ
%QUVQCPVGTKQTFGNUGTXKEKQ  
+PVGTÅUUQDTGQDNKICEKQPGU  
%CODKQUGPNQUCEVKXQUFGNRNCPPQTGEQPQEKFQU  s
4GPFKOKGPVQGURGTCFQFGNQUCEVKXQUFGNRNCP s s
#LWUVGFGDKFQCNC0+%  
%QUVQPGVQFGNCURTGUVCEKQPGURGTKÏFKECU  
%QPVTKDWEKÏPFGNQUGORNGCFQU s s

*GEJQU[EKHTCU
6QVCNFGICUVQUFGRGPUKQPGU  

+PHQTOCEKÏPJKUVÏTKEC

GPOKNGUFG75&     


8CNQTCEVWCNFGNCU
QDNKICEKQPGUFGƂPKFCURQT
RTGUVCEKQPGU     

2GTKQFQ
8CNQTTC\QPCDNGFGNQU
CEVKXQUFGNRNCP s s s s s
5KVWCEKÏPFGNHQPFQ   s s s
%CODKQUFGNCUJKRÏVGUKUGP
NQURCUKXQUFGNRNCP   s  
2ÅTFKFCU
DGPGƂEKQU 
OCVGTKCNK\CFQUGPNQU
RCUKXQUFGNRNCP     s
2ÅTFKFCU
DGPGƂEKQU 
OCVGTKCNK\CFQUGPNQU
CEVKXQUFGNRNCP s    s

6GOCUGURGEKCNGU
6QVCNFGRÅTFKFC

ICPCPEKC CEVWCTKCN     s
#PGZQ

75
#PGZQ

2TKPEKRCNGUJKRÏVGUKUCEVWCTKCNGU

FKE FKE
6CUCFGFGUEWGPVQ  
6CUCFGTGPFKOKGPVQGURGTCFQFGNQUCEVKXQUFGNRNCP  
(WVWTQUKPETGOGPVQUUCNCTKCNGU  
(WVWTQUKPETGOGPVQUFGRGPUKQPGU  

6QFQUNQUCEVKXQUUGKPXKGTVGPCVTCXÅUFGWPEQPVTCVQFGUGIWTQ[RQTVCPVQPQGURQUKDNGUGRCTCTNQU
CEVKXQUFGNRNCPGPECVGIQTÉCUFKHGTGPVGU

'UVKOCEKQPGU[FGEKUKQPGUEQPVCDNGU
.QU ÉPFKEGU [ RCT½OGVTQU OGPEKQPCFQU CPVGTKQTOGPVG UG DCUCP GP GZRGTKGPEKCU RCUCFCU 'N HWVWTQ
FGUCTTQNNQ FG NQU OGTECFQU NCDQTCNGU [ FG ECRKVCN RQFTÉC JCEGT PGEGUCTKQ CLWUVCT GUVQU ÉPFKEGU NQ EWCN
RQFTÉCCHGEVCTUKIPKƂECVKXCOGPVGGNE½NEWNQFGNCUQDNKICEKQPGUTGNCEKQPCFCUEQPNCURGPUKQPGU

 1VTQUICUVQUQRGTCVKXQU

GPOKNGUFG75&  


+PHQTO½VKEC  
'FKƂEKQU[OCPVGPKOKGPVQ  
%QOWPKECEKÏP  
1VTQU  
6QVCNFGQVTQUICUVQUQRGTCVKXQU  

76

'UVCFQUƂPCPEKGTQUEQPUQNKFCFQU  
+PHQTOGFGCWFKVQTÉC  
+PHQTOGFGNC%QOKUKQPFG#WFKVQTÉC  

 +PITGUQUƂPCPEKGTQU

GPOKNGUFG75&  


+PITGUQURQTKPVGTGUGUFGGHGEVKXQ[GSWKXCNGPVGU  

2TGHCEKQ
6QVCNFGKPITGUQURQTKPVGTGUGU  

&KHGTGPEKCURQUKVKXCUFGECODKQFGOQPGFCGZVTCPLGTC  
$GPGƂEKQURTQEGFGPVGUFGFGTKXCFQUUQDTGVKRQUFGECODKQFGOQPGFCGZVTCPLGTC  
6QVCNFGFKHGTGPEKCURQUKVKXCUFGECODKQFGOQPGFCGZVTCPLGTC  


*GEJQU[EKHTCU
+PITGUQFGCEVKXQUƂPCPEKGTQUFGUKIPCFQCXCNQTTC\QPCDNG  
+PITGUQFGKPXGTUKQPGUOCPVGPKFCUJCUVCGNXGPEKOKGPVQ  
6QVCNFGKPITGUQURTQEGFGPVGUFGCEVKXQUƂPCPEKGTQU  
6QVCNFGKPITGUQUƂPCPEKGTQU  

.CUFKHGTGPEKCURQUKVKXCUFGECODKQFGOQPGFCGZVTCPLGTCRTQEGFGPRTKPEKRCNOGPVGFGNCXCNQTCEKÏPFG
NQUCEVKXQUPGVQUOCPVGPKFQUGPOQPGFCGZVTCPLGTCEQOQ)$2

2GTKQFQ
 )CUVQUƂPCPEKGTQU

GPOKNGUFG75&  


)CUVQURQTKPVGTGUGU  
6QVCNFGICUVQURQTKPVGTGUGU  

&KHGTGPEKCUPGICVKXCUFGECODKQFGOQPGFCGZVTCPLGTC  
6QVCNFGFKHGTGPEKCUPGICVKXCUFGECODKQFGOQPGFCGZVTCPLGTC  

6GOCUGURGEKCNGU
6QVCNFGICUVQUƂPCPEKGTQU  

.CURÅTFKFCUGPOQPGFCGZVTCPLGTCUQPQECUKQPCFCURTKPEKRCNOGPVGRQTNCXCNQTCEKÏPFGNQUCEVKXQUPGVQU
GPOQPGFCGZVTCPLGTCEQOQ%*(Q'74
#PGZQ

77
#PGZQ

 +ORWGUVQU[CTCPEGNGU

GPOKNGUFG75&  


+ORWGUVQU[CTCPEGNGU  
6QVCNFGKORWGUVQU[CTCPEGNGU  

.C(+(#VTKDWVCFGCEWGTFQEQPNCPQTOCVKXCƂUECNUWK\CCRNKECDNGCNCUCUQEKCEKQPGU&GEQPHQTOKFCFEQP
FKEJCPQTOCVKXCNQUGUVCFQUƂPCPEKGTQUGUVCVWVCTKQUEQPUVKVW[GPNCDCUGFGNCVTKDWVCEKÏP'PNQUGUVCFQU
FGEWGPVCUGUVCVWVCTKQUFGNC(+(#UGVKGPGGPFGDKFCEQPUKFGTCEKÏPGNECT½EVGTFGWPCQTICPK\CEKÏPUKP
½PKOQFGNWETQSWGGUV½QDNKICFCCFGUVKPCTNCVQVCNKFCFFGUWUDGPGƂEKQUTGUGTXCU[HQPFQUCNFGUCTTQNNQ
FGNHÖVDQNNQURTQ[GEVQUFGFGUCTTQNNQCNCTIQRNC\QGNEKENQEQPVCDNGFGEWCVTQCÍQU[NQUTKGUIQUƂPCP
EKGTQUKPJGTGPVGUCNRTKPEKRCNGXGPVQFGNC(+(#NC%QRC/WPFKCNFGNC(+(#v
XPQVC)GUVKÏPFG
TKGUIQƂPCPEKGTQ .CVTKDWVCEKÏPFGNCUƂNKCNGUFGNC(+(#UGGHGEVÖCEQPHQTOGCNCPQTOCVKXCƂUECNNQECN
CRNKECDNG

'UVCRCTVKFCEQORTGPFGVQFQUNQUKORWGUVQU[CTCPEGNGUPQTGEWRGTCDNGUSWGTGECGPGPNC(+(#QUWUƂ
NKCNGU.COC[QTÉCFGKORWGUVQU[CTCPEGNGUUGRCICPCNCUCWVQTKFCFGUƂUECNGUUWK\CU'PCÍQUCPVGTKQTGU
PQUGTGXGNCTQPVQFQUNQUKORWGUVQU[CTCPEGNGUEQTTGURQPFKGPVGUGPGUVCRCTVKFC5GJCJGEJQGNCLWUVG
RGTVKPGPVGGPNCRTGUGPVCEKÏPCRCTVKTFG

0QGZKUVGPRÅTFKFCUVTKDWVCTKCUCEWOWNCFCU

78

'UVCFQUƂPCPEKGTQUEQPUQNKFCFQU  
+PHQTOGFGCWFKVQTÉC  
+PHQTOGFGNC%QOKUKQPFG#WFKVQTÉC  

0QVCUUQDTGGNDCNCPEGFGUKVWCEKÏPEQPUQNKFCFQ

 'HGEVKXQ[GSWKXCNGPVGU

2TGHCEKQ
6KRQFG 6KRQFG
KPVGTÅU KPVGTÅU
OGFKQ OGFKQ
GPOKNGUFG75& FKE RQPFGTCFQ FKE RQPFGTCFQ
'HGEVKXQFKURQPKDNGEWGPVCURQUVCNGU[
DCPECTKCU  
&GRÏUKVQCWPFÉC[FGRÏUKVQUCRNC\QƂLQ
EQPXGPEKOKGPVQJCUVCOGUGU  

*GEJQU[EKHTCU
6QVCNFGGHGEVKXQ[GSWKXCNGPVGU    

.QUFGRÏUKVQUCRNC\QƂLQVKGPGPWPXGPEKOKGPVQOGFKQFGFÉCU

5GCXCNCWPCEWGPVCDCPECTKCEQPNCUWOCFGOKNGUFG75&RCTCEWDTKTWPCICTCPVÉCDCPECTKCHTGPVG
CVGTEGTCURCTVGU

 %WGPVCURQTEQDTCT

2GTKQFQ
GPOKNGUFG75& FKE FKE
%WGPVCURQTEQDTCTRQTGZRNQVCEKÏPFGFGTGEJQU
sCVGTEGTQU  
sRTQXKUKÏPRCTCFGWFCUKPEQDTCDNGU s s
6QVCNFGEWGPVCURQTEQDTCTRQTGZRNQVCEKÏPFGFGTGEJQU  
1VTCUEWGPVCURQTEQDTCT
sCCUQEKCEKQPGUOKGODTQ[EQPHGFGTCEKQPGU  

6GOCUGURGEKCNGU
sCCUQEKCFQU  
sCVGTEGTQU  
6QVCNFGQVTCUEWGPVCURQTEQDTCT  
2TÅUVCOQUCEQTVQRNC\Q
sCCUQEKCFQU  
sCVGTEGTQU  
6QVCNFGRTÅUVCOQUCEQTVQRNC\Q  
6QVCNFGEWGPVCURQTEQDTCTPGVQ  
#PGZQ

.COC[QTRCTVGFGNCUEWGPVCURQTEQDTCTEQTTGURQPFGCRCIQUEQPVTCEVWCNGUFGEQPUQTEKQUFGTCFKQ[
VGNGXKUKÏP[RCVTQEKPCFQTGUFGNC%QRC/WPFKCNFGNC(+(#vRCICFGTQUGPGPGTQFG

79
#PGZQ

2TQXKUKÏPRCTCFGWFCUKPEQDTCDNGU

GPOKNGUFG75& FKE FKE


2TQXKUKÏPRCTCFGWFCUKPEQDTCDNGU
5CNFQUCNFGGPGTQ  
#RNKECEKQPGU s s
&QVCEKQPGU  
'HGEVQFGNECODKQFGOQPGFCGZVTCPLGTC  
5CNFQUCNFGFKEKGODTG  

'UVTWEVWTCFGXGPEKOKGPVQFGEWGPVCURQTEQDTCT

GPOKNGUFG75& FKE FKE


%WGPVCURQTEQDTCT
2GPFKGPVGFGXGPEKOKGPVQ  
8GPEKFQUOGPQUFGFÉCU  
8GPEKFQUOGPQUFGFÉCU  
8GPEKFQUO½UFGFÉCU  
6QVCNFGEWGPVCURQTEQDTCT  

 )CUVQUCPVKEKRCFQUGKPITGUQUFGXGPICFQU

GPOKNGUFG75& 0QVC FKE FKE


+PITGUQUFGXGPICFQU
s%QRC/WPFKCNFGNC(+(#v s  
s%QRC/WPFKCNFGNC(+(#v s  
s1VTQUGXGPVQUFGNC(+(# s  
6QVCNFGKPITGUQUFGXGPICFQU  
)CUVQUCPVKEKRCFQU
s1VTQUGXGPVQUFGNC(+(#   
s2TQITCOCUFGFGUCTTQNNQ   
6QVCNFGICUVQUCPVKEKRCFQU  
1VTQUICUVQUCPVKEKRCFQUGKPITGUQUFGXGPICFQU  
6QVCNFGICUVQUCPVKEKRCFQUGKPITGUQUFGXGPICFQU  

80

'UVCFQUƂPCPEKGTQUEQPUQNKFCFQU  
+PHQTOGFGCWFKVQTÉC  
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2TGHCEKQ
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$CLCU   s s
5CNFQUCNFGFKEKGODTGFG    

*GEJQU[EKHTCU
#FSWKUKEKQPGU    
5CNFQUCNFGFKEKGODTGFG    
&GRTGEKCEKÏPCEWOWNCFC
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$CLCU   s s
5CNFQUCNFGFKEKGODTGFG    
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2GTKQFQ
5CNFQUCNFGFKEKGODTGFG    
8CNQTPGVQGPNKDTQU
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.CEQNWOPCpGFKƂEKQUQRGTCVKXQUqKPENW[GGN*QOGQH(+(#NC(+(#*QWUG[QVTQUFQUGFKƂEKQUGP<ÖTKEJ

6GOCUGURGEKCNGU
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81
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#TEJKXQHÉNOKEQ

GPOKNGUFG75&  


%QUVQ
5CNFQUCNFGGPGTQ  
#FSWKUKEKQPGU  
5CNFQUCNFGFKEKGODTG  
#OQTVK\CEKÏPCEWOWNCFC
5CNFQUCNFGGPGTQ  
#OQTVK\CEKÏP  
5CNFQUCNFGFKEKGODTG  
8CNQTPGVQGPNKDTQU
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GPOKNGUFG75& FKE FKE


8CNQTGUTGRTGUGPVCVKXQUFGFGWFC  
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#EVKXQUƂPCPEKGTQUEKTEWNCPVGU  
8CNQTGUTGRTGUGPVCVKXQUFGFGWFC  
#EEKQPGUQTFKPCTKCU  
1VTQU  
#EVKXQUƂPCPEKGTQUPQEKTEWNCPVGU  
6QVCNFGCEVKXQUƂPCPEKGTQU  

'PUGKORNGOGPVÏWPCPWGXCGUVTCVGIKCFGKPXGTUKÏP&GCEWGTFQEQPGUVCGUVTCVGIKCWPCRCTVGFG
NQUCEVKXQUƂPCPEKGTQUUGKPXKGTVGGPQDNKICEKQPGUCEQTVQ[NCTIQRNC\Q'PCÍQUCPVGTKQTGUNCOC[QTÉCFG
NQUCEVKXQUƂPCPEKGTQUUGOCPVWXQGPGHGEVKXQ[GSWKXCNGPVGU

82

'UVCFQUƂPCPEKGTQUEQPUQNKFCFQU  
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GPOKNGUFG75& FKE FKE


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2TGHCEKQ
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sCVGTEGTQU  
6QVCNFGEWGPVCURQTRCICT  

 )CUVQUFGXGPICFQUGKPITGUQUFKHGTKFQU

*GEJQU[EKHTCU
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s2TQITCOCUFGFGUCTTQNNQ   
6QVCNFGICUVQUFGXGPICFQU  
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s%QRC/WPFKCNFGNC(+(#v s  

2GTKQFQ
s1VTQUGXGPVQUFGNC(+(# s  
6QVCNFGKPITGUQUFKHGTKFQU  
1VTQUICUVQUFGXGPICFQUGKPITGUQUFKHGTKFQU  
6QVCNFGICUVQUFGXGPICFQUGKPITGUQUFKHGTKFQU  
+PITGUQUFKHGTKFQUPQEKTEWNCPVG
s%QRC/WPFKCNFGNC(+(#v s  
6QVCNFGKPITGUQUFKHGTKFQUPQEKTEWNCPVGU  
6QVCNFGICUVQUFGXGPICFQUGKPITGUQUFKHGTKFQU  

6GOCUGURGEKCNGU
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83
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GPOKNGUFG75&  


5CNFQUCNFGGPGTQ  
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4GENCUKƂECEKÏP s 
5CNFQUCNFGFKEKGODTG  

.CURTQXKUKQPGUEWDTGPNQUHWVWTQUEQUVQUFGNRNCPFGRGPUKQPGURCTCNQUOKGODTQUFGN%QOKVÅ'LGEWVKXQ
FGNC(+(#5GRCICT½WPCRGPUKÏPCPWCNCVQFQUNQUOKGODTQUFGN%QOKVÅ'LGEWVKXQSWGUGLWDKNGP[JC[CP
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GUVGRNCP.QUHCOKNKCTGUFGNQUOKGODTQUFGN%QOKVÅ'LGEWVKXQPQVGPFT½PFGTGEJQCRGTEKDKTPKPIÖPVKRQ
FGRCIQ.QURCIQUEQOKGP\CPCGHGEVWCTUGGPGNUKIWKGPVGGLGTEKEKQƂPCPEKGTQFGNC(+(#FGURWÅUFG
RTQFWEKTUGNCLWDKNCEKÏP

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0QGZKUVGPKPIWPCQVTCQDNKICEKÏPNGICNQEQPVTCEVWCNSWGTGSWKGTCNCETGCEKÏPFGRTQXKUKQPGU

84

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2TGHCEKQ
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TC\QPCDNGFGNQUKPUVTWOGPVQUFGEQDGTVWTCFGƃWLQUFGGHGEVKXQEWCPFQNCVTCPUCEEKÏPEWDKGTVCCÖPPQ
UGJCNNGXCFQCECDQ
XPQVC 

4GUGTXCURCTCƂPGUGURGEÉƂEQU

*GEJQU[EKHTCU
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UQU[GITGUQUFWTCPVGGNGLGTEKEKQƂPCPEKGTQ[FGDGCUKOKUOQETGCTUWƂEKGPVGUTGUGTXCURCTCICTCPVK\CTGN
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.CƂPCNKFCFFGNCUTGUGTXCUGURTQVGIGTCNC(+(#HTGPVGCTKGUIQU[CEQPVGEKOKGPVQUKORTGXKUVQUUQDTG
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FGNC(+(#FGNC%QRC/WPFKCNFGNC(+(#vNCEWCNUGEGNGDTCECFCEWCVTQCÍQU[CSWGGUVCEQORGVKEKÏP
TGRTGUGPVCUWRTKPEKRCNHWGPVGFGKPITGUQU

2GTKQFQ
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RTQITCOCUFGFGUCTTQNNQTGNCEKQPCFQUEQPGNHÖVDQN

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6GOCUGURGEKCNGU
PCTNCVQVCNKFCFFGUWUDGPGƂEKQUTGUGTXCU[HQPFQUCGUVGRTQRÏUKVQ.C(+(#GUWPCCUQEKCEKÏP[RQT
VCPVQPQRCICFKXKFGPFQU

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UWRTGOQFGNRCÉUGPGNSWGUGNQECNK\CUWUGFG'NVTKDWPCNUWRTGOQNQUKPXGTVKT½GPXCNQTGUFGRTKOGTC
ENCUGJCUVCGNTGUVCDNGEKOKGPVQFGNCHGFGTCEKÏP

.CGUVTCVGIKCFGNC(+(#GUCWOGPVCTUWUTGUGTXCURCTCEWDTKTNQUTKGUIQUTGNCEKQPCFQUEQPNC%QRC/WPFKCN
FGNC(+(#6/
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85
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1VTCKPHQTOCEKÏP

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&WTCPVGGNVTCPUEWTUQJCDKVWCNFGNCUQRGTCEKQPGUFGNC(+(#UWTIGPTKGUIQUCUQEKCFQUEQPNQUVKRQUFG
ECODKQFGOQPGFCGZVTCPLGTCVKRQUFGKPVGTÅUKPUQNXGPEKC[NKSWKFG\

4KGUIQFGKPUQNXGPEKC
%QPHQTOGCNCGUVTCVGIKCFGOGTECFQVGEPKC[VGNGXKUKÏPFGNC(+(#UGXGPFKGTQPNQUFGTGEJQUFGVTCPUOK
UKÏPVGNGXKUKXCGPNQUOGTECFQUENCXGRCTCNCUEQORGVKEKQPGUƂPCNGUFGNC%QRC/WPFKCNFGNC(+(#
[FKTGEVCOGPVGCNQUTGURQPUCDNGUFGNCUECFGPCUVGNGXKUKXCU'PGNECUQFGNC%QRC/WPFKCNFGNC
(+(#NQUFGTGEJQUUGXGPFKGTQPGPRCSWGVGUCKPVGTOGFKCTKQU

.QUKPITGUQUFGFGTGEJQUFGVGNGXKUKÏP[FGOGTECFQVGEPKCRTQEGFGPFGITCPFGUEQORCÍÉCUOWNVKPCEKQ
PCNGU[GPVGURÖDNKEQUFGTCFKQFKHWUKÏP[VGNGXKUKÏP2CTVGFGNQUKPITGUQURGPFKGPVGUFGEQDTQVCODKÅP
GUV½EWDKGTVCRQTICTCPVÉCUDCPECTKCU#FGO½UNQUEQPVTCVQUKPENW[GPWPCEN½WUWNCTGUQNWVQTKCSWGEQP
NNGXCUWTGUEKUKÏPUKWPCFGNCURCTVGUPQEWORNGEQPGNCEWGTFQ'PECUQFGKPEWORNKOKGPVQFGEQPVTCVQ
RQTRCTVGFGWPCƂNKCFQEQOGTEKCNNC(+(#PQGUV½QDNKICFCCTGGODQNUCTNQUUGTXKEKQUPKNCUEQPVTKDWEKQPGU
TGEKDKFCU #FGO½U NC (+(# VKGPG FGTGEJQ C TGGORNC\CT NQU EQPVTCVQU SWG JCP ƂPCNK\CFQ EQP PWGXQU
CEWGTFQUFGOGTECFQVGEPKCQFGVTCPUOKUKÏP

2QFTÉCPUWTIKTTKGUIQUETGFKVKEKQUOCVGTKCNGUUKXCTKQUCƂNKCFQUEQOGTEKCNGUPQRWFKGTCPEWORNKTEQPUWU
QDNKICEKQPGUEQPVTCEVWCNGU[UKNC(+(#PQRWFKGTCGPEQPVTCTUWUVKVWVQUCVKGORQ.CFKTGEVKXCFGNC(+(#
UWRGTXKUC[NNGXCCECDQWPEQPVKPWQ[GUVTKEVQUGIWKOKGPVQFGNCUKVWCEKÏPFGNQUETÅFKVQUFGNQUCƂNKCFQU
EQOGTEKCNGU&CFCNCDWGPCENCUKƂECEKÏPFGUWUETÅFKVQU[NCGNGXCFCFKXGTUKƂECEKÏPFGNCECTVGTCFGUWU
CƂNKCFQUEQOGTEKCNGUNCFKTGEVKXCFGNC(+(#ETGGSWGGUOW[KORTQDCDNGSWGUWEGFCCNIQUGOGLCPVG

.CUKPXGTUKQPGUFGKPITGUQUƂLQUEQPRNC\QTGUKFWCNJCUVCGNXGPEKOKGPVQFGOGUGUQKPHGTKQTUQNQUG
TGCNK\CPEQPGOKUQTGUEQPWPCECNKƂECEKÏPp#qQUWRGTKQT.CUKPXGTUKQPGUGPDQPQUUGTGCNK\CPUQNC
OGPVG GP DQPQU EQVK\CFQU [ PGIQEKCDNGU FG GOKUQTGU EQP WPC ECNKƂECEKÏP p$$$q Q UWRGTKQT .CU
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FGGNGXCFCUQNXGPEKCETGFKVKEKC

86

'UVCFQUƂPCPEKGTQUEQPUQNKFCFQU  
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FGRÏUKVQUCRNC\QƂLQ&CFQSWGGNVKRQFGKPVGTÅUFGVQFQUNQUFGRÏUKVQUCEQTVQRNC\QUGƂLCCƂPCNGUFG
CÍQGPGUVGVKRQFGVTCPUCEEKQPGUPQJC[WPCGZRQUKEKÏPFKTGEVCCNCUƃWEVWCEKQPGUFGNVKRQFGKPVGTÅU

2TGHCEKQ
#NIWPQUXCNQTGUTGRTGUGPVCVKXQUFGFGWFCUGXKPEWNCPCN.+$142QTVCPVQGZKUVGEKGTVQTKGUIQGPGNHWVWTQ
ƃWLQFGGPVTCFCFGGHGEVKXQFGDKFQCRQUKDNGUECODKQUGPNQUVKRQUFGKPVGTÅU'NTKGIQFGVKRQFGKPVGTÅU
UGEQPUKFGTCDCLQ

#NFGFKEKGODTGFGPQJC[TKGUIQFGVKRQFGKPVGTÅUGPNCUVTCPUCEEKQPGUƂPCPEKGTCU[CSWGNC
(+(#UGCWVQƂPCPEKCVQVCNOGPVG

4KGUIQFGECODKQFGOQPGFCGZVTCPLGTC

*GEJQU[EKHTCU
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.CGZRQUKEKÏPCNQUTKGUIQUFGNECODKQFGOQPGFCGZVTCPLGTCUGRTQFWEGGPNCUVTCPUCEEKQPGUEQPUKIPCFCU
GPOQPGFCUSWGPQUGCP75&GURGEKCNOGPVGGP'74%*()$2[$4.

.C(+(#TGEKDGGPVTCFCUFGGHGEVKXQUGPOQPGFCGZVTCPLGTCGPHQTOCFGKPITGUQURTQEGFGPVGUFGNCXGPVC
FGEKGTVQUFGTGEJQUEQPUKIPCFQUGP'74)$2Q%*(2QTQVTQNCFQNC(+(#VKGPGICUVQUOW[GNGXCFQU
GURGEKCNOGPVGFGRGTUQPCN[FGGZRNQVCEKÏPTGNCVKXQUCNCUQƂEKPCUFGNC(+(#GP<ÖTKEJEQPUKIPCFQUGP
%*(OKGPVTCUSWGPQUGGURGTCPICUVQUEQPUKFGTCDNGUGP'74Q)$27PCRCTVGKORQTVCPVGFGNQUEQUVQU
GPTGNCEKÏPEQPNC%QRC/WPFKCNFGNC(+(#$TCUKNvUGEQPUKIPCGP$4.'NFGRCTVCOGPVQFG%QPVTQN

2GTKQFQ
[2NCPKƂECEKÏP'UVTCVÅIKECRTGXÅTGIWNCTOGPVGNCNKSWKFG\[NCUPGEGUKFCFGUFGOQPGFCGZVTCPLGTCJCUVC
NC%QRC/WPFKCNFGNC(+(#v5KUGEQPUVCVCCNIÖPTKGUIQCUQEKCFQCNVKRQFGECODKQFGOQPGFC
GZVTCPLGTCNC(+(#TGEWTTGCEQPVTCVQUFGECODKQFGOQPGFCGZVTCPLGTC[RTQFWEVQUFGTKXCFQUGUVTWEVW
TCFQURCTCEWDTKTFKEJQTKGUIQ
XPQVC 

#NFGFKEKGODTGFGNC(+(#GUV½GZRWGUVCCNQUUKIWKGPVGUTKGUIQUFGƃWEVWCEKÏPFGNVKRQFG
ECODKQFGOQPGFCGZVTCPLGTC

r5KGN'74JWDKGTCICPCFQ
QRGTFKFQ WPHTGPVGCN75&JCUVCCNFGFKEKGODTGFG

6GOCUGURGEKCNGU
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QOGPQU 
r5KGN%*(JWDKGTCICPCFQ
QRGTFKFQ WPHTGPVGCN75&JCUVCCNFGFKEKGODTGFG
GNTGUWNVCFQPGVQJCDTÉCUKFQFGOKNNQPGUFG75&O½U
QOGPQU 
r5KNC)$2JWDKGTCICPCFQ
QRGTFKFQ WPHTGPVGCN75&JCUVCCNFGFKEKGODTGFG
GNTGUWNVCFQPGVQJCDTÉCUKFQFGOKNNQPGUFG75&O½U
QOGPQU 
r5KGN$4.JWDKGTCICPCFQ
QRGTFKFQ WPHTGPVGCN75&JCUVCCNFGFKEKGODTGFG
GNTGUWNVCFQPGVQJCDTÉCUKFQFGOKNNQPGUFG75&O½U
QOGPQU 

'UVGCP½NKUKUFGƃWEVWCEKQPGUOWGUVTCUQNCOGPVGGNGHGEVQFGUFGWPCRGTURGEVKXCEQPVCDNG[PQFGIC
PCPEKCUQRÅTFKFCUTGCNK\CFCU
#PGZQ

87
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2QUKEKQPGUGZRWGUVCUCTKGUIQFGECODKQFGOQPGFCGZVTCPLGTCCNFGFKEKGODTGFG

GPOKNGU %*( '74 )$2


'HGEVKXQ[GSWKXCNGPVGU   
%WGPVCURQTEQDTCT   
'ZRQUKEKÏPCTKGUIQRQTWUQFGNOÅVQFQFGRQTEGPVCLGFG
TGCNK\CEKÏP   
#EVKXQUƂPCPEKGTQU   
6QVCNFGCEVKXQUEQPUKIPCFQUGPOQPGFCGZVTCPLGTC   
%WGPVCURQTRCICT   
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6QVCNFGRCUKXQUEQPUKIPCFQUGPOQPGFCGZVTCPLGTC   
'ZRQUKEKÏPPGVCGPOQPGFCGZVTCPLGTC   

4KGUIQFGNKSWKFG\
#NFGFKEKGODTGFGNC(+(#UGCWVQƂPCPEKCRNGPCOGPVG#FGO½UNC(+(#FKURQPGFGNÉPGCUFG
ETÅFKVQEQPVTCEVWCNGUQCUGIWTCFCUCEQTVQRNC\QRQTNCUWOCFGOKNNQPGUFG%*(ICTCPVK\CFCURQT
UWUOKUOCURTQRKGFCFGUSWGRQFTÉCPWUCTUGRCTCEWDTKTEWCNSWKGTQVTCPGEGUKFCFFGNKSWKFG\

8GPEKOKGPVQFGNQURCUKXQUƂPCPEKGTQU

FGFKEKGODTGFG FGFKEKGODTGFG
CÍQQ O½UFG CÍQQ O½UFG
GPOKNGUFG75& FÉCU OGPQU CÍQ FÉCU OGPQU CÍQ
%WGPVCURQTRCICT
CCUQEKCEKQPGU[
EQPHGFGTCEKQPGU      
%WGPVCURQTRCICT
CCUQEKCFQU      
%WGPVCURQTRCICT
CVGTEGTQU      
2CUKXQUƂPCPEKGTQU
FGTKXCFQU      
6QVCN      

.CU EWGPVCU RQT RCICT [ RQT EQDTCT C CUQEKCEKQPGU [ EQPHGFGTCEKQPGU PQ VKGPGP HGEJC GURGEÉƂEC FG
XGPEKOKGPVQ )GPGTCNOGPVG NCU EWGPVCU UG WUCP RCTC UCNFCT PWGXCU HCEVWTCU FG CUQEKCEKQPGU [
EQPHGFGTCEKQPGU&GCEWGTFQEQPNQU'UVCVWVQUFGNC(+(#NCUEWGPVCURQTRCICT[RQTEQDTCTRWGFGPUGT
EQORGPUCFCU

88

'UVCFQUƂPCPEKGTQUEQPUQNKFCFQU  
+PHQTOGFGCWFKVQTÉC  
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4KGUIQFGECPEGNCEKÏP
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[CSWGECUKVQFQUNQUEQPVTCVQUEQPCƂNKCFQUEQOGTEKCNGUGUV½PTGNCEKQPCFQUEQPGUVGGXGPVQ'PECUQFG
ECPEGNCEKÏPTGUVTKEEKÏPQEGUGFGNC%QRC/WPFKCNFGNC(+(#vNC(+(#EQTTGTÉCGNTKGUIQFGSWGCNIWPQU

2TGHCEKQ
FGNQUKPITGUQU[CTGEKDKFQU[CDQPCFQUGPEWGPVCVWXKGTCPSWGUGTFGXWGNVQU

'PUWUGUKÏPFGNFGQEVWDTGFGGN%QOKVÅ'LGEWVKXQFGEKFKÏCUGIWTCTGNTKGUIQFGCRNC\COKGPVQ
[QTGWDKECEKÏPCQVTQRCÉUFGNCUGFKEKQPGU[FGNC%QRC/WPFKCNFGNC(+(#6/.CEQDGTVWTC
FGTKGUIQCDCTECECV½UVTQHGUPCVWTCNGUCEEKFGPVGUFKUVWTDKQUIWGTTCUCEVQUVGTTQTKUVCUPQRCTVKEKRCEKÏP
FGGSWKRQU[GRKFGOKCU.CECPEGNCEKÏPFGNGXGPVQPQGUV½EWDKGTVCRQTGNUGIWTQ[VGPFTÉCSWGEWDTKTUG
EQPTGEWTUQUƂPCPEKGTQURTQRKQUFGNC(+(#

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2CTCNC%QRC/WPFKCNFGNC(+(#vGNXQNWOGPO½ZKOQCUGIWTCFQGUFGOKNNQPGUFG75&RCTC
EWDTKTNQUICUVQUGZVTCQTFKPCTKQUFGNC(+(#GPECUQFGCRNC\COKGPVQ[QTGWDKECEKÏPFGNGXGPVQCQVTQ
RCÉU

%NCUKƂECEKÏPFGCEVKXQUƂPCPEKGTQU

FGFKEKGODTGFG FGFKEKGODTGFG
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CXCNQT ƂPCPEKGTQU &GTKXCFQU CXCNQT &GTKXCFQU
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GPOKNGUFG EWGPVCURQT EQPECODKQU JCUVCUW EQPƂPGUFG EWGPVCURQT EQPECODKQU EQPƂPGUFG
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FGTKXCFQU       

6GOCUGURGEKCNGU
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#PGZQ

89
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%NCUKƂECEKÏPFGRCUKXQUƂPCPEKGTQU

FGFKEKGODTGFG FGFKEKGODTGFG
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PQCLWUVCFCCNCHGEJCFGNDCNCPEG
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FGEQDGTVWTCRQTWPXCNQTPGVQFGOKNNQPGUFG75&PQUGPGIQEKCPGPOGTECFQUCEVKXQU[GNXCNQT
TC\QPCDNGFGNDCNCPEGUGFGVGTOKPCOGFKCPVGVÅEPKECUFGXCNQTCEKÏPEQPFCVQUFGOGTECFQQDUGTXCDNGU

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CNQURTQPÏUVKEQUNQUKPITGUQUUGEQPXKGTVGPC%*(Q75&6QFCUNCUVTCPUCEEKQPGUFGEQDGTVWTCEWDTGPNQU
KPITGUQUFGƂPKFQU[CEQPVTCEVWCNOGPVG#FGO½UNC(+(#TGCNK\CNCEQDGTVWTCFGNTKGUIQFGGZRQUKEKÏPGP
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HWVWTQUTGNCEKQPCFQUEQPNC%QRC/WPFKCNFGNC(+(#4WUKCv6QFCUNCUVTCPUCEEKQPGUFGEQDGTVWTC
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FGGHGEVKXQUq5GGURGTCSWGVQFCUNCUVTCPUCEEKQPGUFGEQDGTVWTCUGCPOW[GƂEKGPVGU[CSWGGNKORQTVG
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2GTKQFQ
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TC\QPCDNG TC\QPCDNG TC\QPCDNG TC\QPCDNG
GPOKNGUFG75& RQUKVKXQ PGICVKXQ RQUKVKXQ PGICVKXQ
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#PGZQ

91
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FGFKEKGODTGFGPQUGJCFGVGEVCFQPKPIWPCKPQRGTCPEKCTGNGXCPVG&GNCTGUGTXCFGEQDGTVWTC
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FGTGEJQUFGEQOGTEKCNK\CEKÏPGPOKNGUFG75&.CFKHGTGPEKCTGƃGLCGNECODKQGPGNXCNQTTC\QPCDNG
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92

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DCNCPEG EWGPVC FG RÅTFKFCU [ ICPCPEKCU OQXKOKGPVQ FG TGUGTXCU GUVCFQ FG ƃWLQU FG
GHGEVKXQGUVCFQFGNTGUWNVCFQKPVGITCN[PQVCU FGNC(ÅFÅTCVKQP+PVGTPCVKQPCNGFG(QQVDCNN#UUQEKCVKQP
RCTCGNRGTKQFQVTCPUEWTTKFQGPVTGGNFGGPGTQFG[GNFGFKEKGODTGFG

0WGUVTCTGURQPUCDKNKFCFGUTGXKUCTFKEJCUEWGPVCU[GZRTGUCTWPCQRKPKÏPDCUCFCGPPWGUVTCGXCNWCEKÏP
[ FG CEWGTFQ EQP GN OCPFCVQ FG CWFKVQTÉC FGN  FG OCT\Q FG  *GOQU GXCNWCFQ NCU EWGPVCU
EQPUQNKFCFCUFGNOGFKCPVG

rGNCP½NKUKUFGNKPHQTOGFGNQUCWFKVQTGUGZVGTPQU
rGNCP½NKUKUFGNKPHQTOGFGCWFKVQTÉCFGVCNNCFQFGRCTCGN%QOKVÅ'LGEWVKXQ
rNCFKUEWUKÏPFGNQUGUVCFQUƂPCPEKGTQUFWTCPVGNCUUGUKQPGUFGNC%QOKUKÏPFG#WFKVQTÉCFGNFG
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)GPGTCNCFLWPVQ[NQUCWFKVQTGUGZVGTPQU

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VQFQNCRTGUGPVCEKÏPIGPGTCNFGNQUGUVCFQUƂPCPEKGTQU%QPUKFGTCOQUSWGPWGUVTCTGXKUKÏPEQPUVKVW[G
WPCDCUGTC\QPCDNGRCTCHWPFCOGPVCTPWGUVTCQRKPKÏP#FGO½UEQPƂTOCOQUSWGJGOQUVGPKFQCEEGUQ
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98

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