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0%+*
*VSQ [LEXIZIV ERKPI ]SY ETTVSEGL MX XLI TVIWIRX SJJIVW RS [E] SYX 8LMW MW RSX XLI
PIEWX SJ MXW ZMVXYIW *VSQ XLSWI [LS WIIO LSTI EFSZI EPP MX XIEVW E[E] IZIV] JMVQ
KVSYRH 8LSWI [LS GPEMQ XS LEZI WSPYXMSRW EVI GSRXVEHMGXIH EPQSWX MQQIHMEXIP]
)ZIV]SRI EKVIIW XLEX XLMRKW GER SRP] KIX [SVWI ´8LI JYXYVI LEW RS JYXYVIµ MW XLI
[MWHSQ SJ ER EKI XLEX JSV EPP MXW ETTIEVERGI SJ TIVJIGX RSVQEPG] LEW VIEGLIH XLI
PIZIP SJ GSRWGMSYWRIWW SJ XLI JMVWX TYROW

A point of clarification

)ZIV]SRI EKVIIW -X·W EFSYX XS I\TPSHI -X MW EGORS[PIHKIH [MXL E WIVMSYW

ERH WIPJ MQTSVXERX PSSO MR XLI GSVVMHSVW SJ XLI %WWIQFP] NYWX EW ]IWXIVHE] MX [EW
VITIEXIH MR XLI GEJqW 8LIVI MW E GIVXEMR TPIEWYVI MR GEPGYPEXMRK XLI VMWOW %PVIEH]
[I EVI TVIWIRXIH [MXL E HIXEMPIH QIRY SJ TVIZIRXMZI QIEWYVIW JSV WIGYVMRK XLI
XIVVMXSV] 8LI 2I[ =IEVW JIWXMZMXMIW XEOI E HIGMWMZI XYVR³´RI\X ]IEV XLIVI·PP FI RS
S]WXIVW IRNS] XLIQ [LMPI ]SY GER µ 8S TVIZIRX XLI GIPIFVEXMSRW JVSQ FIMRK XSXEPP]
IGPMTWIH F] XLI XVEHMXMSREP HMWSVHIV GSTW ERH LIPMGSTXIVW EVI VYWLIH SYX
F] %PPMSX 1EVMI ?*VIRGL -RXIVMSV 1MRMWXIVA ³XLI WEQI GPS[R [LS HYVMRK XLI LMKL
WGLSSP HIQSRWXVEXMSRW MR (IGIQFIV XVIQYPSYWP] [EXGLIH JSV XLI WPMKLXIWX WMKR SJ E
+VIIO GSRXEQMREXMSR VIEH]MRK XLI TSPMGI ETTEVEXYW NYWX MR GEWI ;I GER HMWGIVR
QSVI GPIEVP] IZIV]HE] FIRIEXL XLI VIEWWYVMRK HVSRI XLI RSMWI SJ TVITEVEXMSRW JSV
STIR [EV -X·W MQTSWWMFPI XS MKRSVI MXW GSPH ERH TVEKQEXMG MQTPIQIRXEXMSR RS
PSRKIV IZIR FSXLIVMRK XS TVIWIRX MXWIPJ EW E ´TIEGIOIITMRK STIVEXMSR µ

8LI RI[WTETIVW GSRWGMIRXMSYWP] HVE[ YT XLI PMWX SJ GEYWIW JSV WYHHIR

HMWUYMIX 8LIVI MW XLI JMRERGMEP GVMWMW SJ GSYVWI [MXL MXW FSSQMRK YRIQTPS]QIRX
MXW WLEVI SJ LSTIPIWWRIWW ERH SJ WSGMEP TPERW MXW /IVZMIP ERH 1EHSJJ WGERHEPW
8LIVI MW XLI JEMPYVI SJ XLI IHYGEXMSREP W]WXIQ MXW H[MRHPMRK TVSHYGXMSR SJ [SVOIVW
ERH GMXM^IRW IZIR [MXL XLI GLMPHVIR SJ XLI QMHHPI GPEWW EW MXW VE[ QEXIVMEP 8LIVI MW
XLI I\MWXIRGI SJ E ]SYXL XS [LMGL RS TSPMXMGEP VITVIWIRXEXMSR GSVVIWTSRHW E ]SYXL
KSSH JSV RSXLMRK FYX HIWXVS]MRK XLI JVII FMG]GPIW XLEX WSGMIX] WS GSRWGMIRXMSYWP]
TYX EX XLIMV HMWTSWEP

2SRI SJ XLIWI [SVVMWSQI WYFNIGXW WLSYPH ETTIEV MRWYVQSYRXEFPI MR ER IVE

[LSWI TVIHSQMRERX QSHI SJ KSZIVRQIRX MW TVIGMWIP] XLI QEREKIQIRX SJ GVMWIW
9RPIWW [I GSRWMHIV XLEX [LEX TS[IV MW GSRJVSRXMRK MW RIMXLIV NYWX ERSXLIV GVMWIW
RSV E WIVMIW SJ QSVI SV PIWW GLVSRMG TVSFPIQW SJ QSVI SV PIWW ERXMGMTEXIH
HMWXYVFERGIW FYX E WMRKYPEV TIVMP XLEX E JSVQ SJ GSRJPMGX ERH TSWMXMSRW LEZI
IQIVKIH XLEX EVI I\TPMGMXP] RSX QEREKIEFPI

8LSWI [LS IZIV][LIVI QEOI YT XLMW TIVMP LEZI XS EWO XLIQWIPZIW QSVI XLER
XLI XVMJPMRK UYIWXMSRW EFSYX GEYWIW SV XLI TVSFEFMPMXMIW SJ MRIZMXEFPI QSZIQIRXW
ERH GSRJVSRXEXMSRW 8LI] RIIH XS EWO LS[ JSV MRWXERGI HSIW XLI +VIIO GLESW
VIWSREXI MR XLI *VIRGL WMXYEXMSR# %R YTVMWMRK LIVI GERRSX FI XLI WMQTPI
XVERWTSWMXMSR SJ [LEX LETTIRIH SZIV XLIVI +PSFEP GMZMP [EV WXMPP LEW MXW PSGEP
WTIGMJMGMXMIW -R *VERGI E WMXYEXMSR SJ KIRIVEPM^IH VMSXMRK [SYPH TVSZSOI ER
I\TPSWMSR SJ ERSXLIV XIRSV

8LI +VIIO VMSXIVW EVI JEGIH [MXL E [IEO WXEXI [LMPWX FIMRK EFPI XS XEOI
EHZERXEKI SJ E WXVSRK TSTYPEVMX] 3RI QYWX RSX JSVKIX XLEX MX [EW EKEMRWX XLI
6IKMQI SJ XLI 'SPSRIPW XLEX SRP] XLMVX] ]IEVW EKS HIQSGVEG] VIGSRWXMXYXIH MXWIPJ
SR XLI FEWMW SJ E TVEGXMGI SJ TSPMXMGEP ZMSPIRGI 8LMW ZMSPIRGI [LSWI QIQSV] MW RSX
WS HMWXERX WXMPP WIIQW MRXYMXMZI XS QSWX +VIIOW )ZIR XLI PIEHIVW SJ XLI WSGMEPMWX
TEVX] LEZI XLVS[R E QSPSXSZ SV X[S MR XLIMV ]SYXL =IX GPEWWMGEP TSPMXMGW MW
IUYMTTIH [MXL ZEVMERXW XLEX ORS[ ZIV] [IPP LS[ XS EGGSQQSHEXI XLIWI TVEGXMGIW
ERH XS I\XIRH XLIMV MHISPSKMGEP VYFFMWL HS[R XS XLI ZIV] LIEVX SJ XLI VMSX -J XLI
+VIIO FEXXPI [EWR·X HIGMHIH ERH TYX HS[R MR XLI WXVIIXW³XLI TSPMGI FIMRK ZMWMFP]
SYXJPEROIH XLIVI³MX·W FIGEYWI MXW RIYXVEPM^EXMSR [EW TPE]IH SYX IPWI[LIVI 8LIVI MW
RSXLMRK QSVI HVEMRMRK RSXLMRK QSVI JEXEP XLER XLMW GPEWWMGEP TSPMXMGW [MXL MXW
HVMIH YT VMXYEPW MXW XLMROMRK [MXLSYX XLSYKLX MXW PMXXPI GPSWIH [SVPH

-R *VERGI SYV QSWX I\EPXIH WSGMEPMWX FYVIEYGVEXW LEZI RIZIV FIIR ER]XLMRK
SXLIV XLER WLVMZIPIH LYWOW JMPPMRK YT XLI LEPPW SJ XLI %WWIQFP] ,IVI IZIV]XLMRK
GSRWTMVIW XS ERRMLMPEXI IZIR XLI WPMKLXIWX JSVQ SJ TSPMXMGEP MRXIRWMX] ;LMGL QIERW
XLEX MX MW EP[E]W TSWWMFPI XS STTSWI XLI GMXM^IR XS XLI HIPMRUYIRX MR E UYEWM PMRKYMWXMG
STIVEXMSR XLEX KSIW LERH MR LERH [MXL UYEWM QMPMXEV] STIVEXMSRW 8LI VMSXW SJ
2SZIQFIV ERH MR E HMJJIVIRX GSRXI\X XLI WSGMEP QSZIQIRXW MR XLI EYXYQR SJ
LEZI EPVIEH] TVSZMHIH WIZIVEP TVIGIHIRXW 8LI MQEKI SJ VMKLX [MRK WXYHIRXW
MR 2ERXIVVI ETTPEYHMRK EW XLI TSPMGI I\TIPPIH XLIMV GPEWWQEXIW SJJIVW E WQEPP
KPMQTWI SJ [LEX XLI JYXYVI LSPHW MR WXSVI

-X KSIW [MXLSYX WE]MRK XLEX XLI EXXEGLQIRX SJ XLI *VIRGL XS XLI WXEXI³XLI
KYEVERXSV SJ YRMZIVWEP ZEPYIW XLI PEWX VEQTEVX EKEMRWX XLI HMWEWXIV³MW E TEXLSPSK]
XLEX MW HMJJMGYPX XS YRHS -X·W EFSZI EPP E JMGXMSR XLEX RS PSRKIV ORS[W LS[ XS GEVV]
SR 3YV KSZIVRSVW XLIQWIPZIW MRGVIEWMRKP] GSRWMHIV MX EW E YWIPIWW IRGYQFVERGI
FIGEYWI XLI] EX PIEWX XEOI XLI GSRJPMGX JSV [LEX MX MW³QMPMXEVMP] 8LI] LEZI RS
GSQTPI\ EFSYX WIRHMRK MR IPMXI ERXMXIVVSVMWX YRMXW XS WYFHYI VMSXW SV XS PMFIVEXI E
VIG]GPMRK GIRXIV SGGYTMIH F] MXW [SVOIVW %W XLI [IPJEVI WXEXI GSPPETWIW [I WII XLI
IQIVKIRGI SJ E FVYXI GSRJPMGX FIX[IIR XLSWI [LS HIWMVI SVHIV ERH XLSWI [LS HSR·X
)ZIV]XLMRK XLEX *VIRGL TSPMXMGW LEW FIIR EFPI XS HIEGXMZEXI MW MR XLI TVSGIWW SJ
YRPIEWLMRK MXWIPJ -X [MPP RIZIV FI EFPI XS TVSGIWW EPP XLEX MX LEW VITVIWWIH -R XLI
EHZERGIH HIKVII SJ WSGMEP HIGSQTSWMXMSR [I GER GSYRX SR XLI GSQMRK QSZIQIRX
XS JMRH XLI RIGIWWEV] FVIEXL SJ RMLMPMWQ ;LMGL [MPP RSX QIER XLEX MX [SR·X FI
I\TSWIH XS SXLIV PMQMXW

6IZSPYXMSREV] QSZIQIRXW HS RSX WTVIEH F] GSRXEQMREXMSR FYX F] VIWSRERGI

7SQIXLMRK XLEX MW GSRWXMXYXIH LIVI VIWSREXIW [MXL XLI WLSGO [EZI IQMXXIH F]
WSQIXLMRK GSRWXMXYXIH SZIV XLIVI % FSH] XLEX VIWSREXIW HSIW WS EGGSVHMRK XS MXW
S[R QSHI %R MRWYVVIGXMSR MW RSX PMOI E TPEKYI SV E JSVIWX JMVI³E PMRIEV TVSGIWW
[LMGL WTVIEHW JVSQ TPEGI XS TPEGI EJXIV ER MRMXMEP WTEVO -X VEXLIV XEOIW XLI WLETI SJ
E QYWMG [LSWI JSGEP TSMRXW XLSYKL HMWTIVWIH MR XMQI ERH WTEGI WYGGIIH MR
MQTSWMRK XLI VL]XLQ SJ XLIMV S[R ZMFVEXMSRW EP[E]W XEOMRK SR QSVI HIRWMX] 8S
XLI TSMRX XLEX ER] VIXYVR XS RSVQEP MW RS PSRKIV HIWMVEFPI SV IZIR MQEKMREFPI

;LIR [I WTIEO SJ )QTMVI [I REQI XLI QIGLERMWQW SJ TS[IV XLEX

TVIZIRXMZIP] ERH WYVKMGEPP] WXMJPI ER] VIZSPYXMSREV] FIGSQMRK MR E WMXYEXMSR -R XLMW
WIRWI )QTMVI MW RSX ER IRIQ] XLEX GSRJVSRXW YW LIEH SR -X MW E VL]XLQ XLEX
MQTSWIW MXWIPJ E [E] SJ HMWTIRWMRK ERH HMWTIVWMRK VIEPMX] 0IWW ER SVHIV SJ XLI
[SVPH XLER MXW WEH LIEZ] ERH QMPMXEVMWXMG PMUYMHEXMSR

;LEX [I QIER F] XLI TEVX] SJ MRWYVKIRXW MW XLI WOIXGLMRK SYX SJ E GSQTPIXIP]

SXLIV GSQTSWMXMSR ER SXLIV WMHI SJ VIEPMX] [LMGL JVSQ +VIIGI XS XLI *VIRGL
FERPMIYIW MW WIIOMRK MXW GSRWMWXIRG]

-X MW RS[ TYFPMGP] YRHIVWXSSH XLEX GVMWMW WMXYEXMSRW EVI WS QER] STTSVXYRMXMIW

JSV XLI VIWXVYGXYVMRK SJ HSQMREXMSR 8LMW [L] 7EVOS^] GER ERRSYRGI [MXLSYX
WIIQMRK XS PMI XSS QYGL XLEX XLI JMRERGMEP GVMWMW MW ´XLI IRH SJ E [SVPH µ ERH XLEX
[MPP WII *VERGI IRXIV E RI[ IVE 8LMW GLEVEHI SJ ER IGSRSQMG GVMWMW MW
WYTTSWIH XS FI E RSZIPX] [I EVI WYTTSWIH XS FI MR XLI HE[R SJ E RI[ ITSGL [LIVI
[I [MPP EPP NSMR XSKIXLIV MR JMKLXMRK MRIUYEPMX] ERH KPSFEP [EVQMRK &YX JSV SYV
KIRIVEXMSR³[LMGL [EW FSVR MR XLI GVMWMW ERH LEW ORS[R RSXLMRK FYX IGSRSQMG
JMRERGMEP WSGMEP ERH IGSPSKMGEP GVMWMW³XLMW MW VEXLIV HMJJMGYPX XS EGGITX 8LI] [SR·X
JSSP YW EKEMR [MXL ERSXLIV VSYRH SJ ´RS[ [I WXEVX EPP SZIV EKEMRµ ERH ´MX·W NYWX E
UYIWXMSR SJ XMKLXIRMRK SYV FIPXW JSV E PMXXPI [LMPI µ 8S XIPP XLI XVYXL XLI HMWEWXVSYW
YRIQTPS]QIRX JMKYVIW RS PSRKIV TVSZSOI ER] JIIPMRK MR YW 'VMWMW MW E QIERW SJ
KSZIVRMRK MR E [SVPH XLEX WIIQW XS LSPH XSKIXLIV SRP] XLVSYKL XLI MRJMRMXI
QEREKIQIRX SJ MXW S[R GSPPETWI

;LEX XLMW [EV MW FIMRK JSYKLX SZIV MW RSX ZEVMSYW [E]W SJ QEREKMRK WSGMIX]
FYX MVVIHYGMFPI ERH MVVIGSRGMPEFPI MHIEW SJ LETTMRIWW ERH XLIMV [SVPHW ;I ORS[
MX ERH WS HS XLI TS[IVW XLEX FI 8LI QMPMXERX VIQRERXW XLEX WII YW³EP[E]W QSVI
RYQIVSYW EP[E]W QSVI MHIRXMJMEFPI³EVI XIEVMRK SYX XLIMV LEMV XV]MRK XS JMX YW MRXS
PMXXPI GSQTEVXQIRXW MR XLIMV PMXXPI LIEHW 8LI] LSPH SYX XLIMV EVQW XS YW MR SVHIV XS
FIXXIV WYJJSGEXI YW [MXL XLIMV JEMPYVIW XLIMV TEVEP]WMW XLIMV WXYTMH TVSFPIQEXMGW
*VSQ IPIGXMSRW XS ´XVERWMXMSRW µ QMPMXERXW [MPP RIZIV FI ER]XLMRK SXLIV XLER XLEX
[LMGL HMWXERGIW YW IEGL XMQI E PMXXPI JEVXLIV JVSQ XLI TSWWMFMPMX] SJ GSQQYRMWQ
0YGOMP] [I [MPP EGGSQQSHEXI RIMXLIV XVIEWSR RSV HIGITXMSR JSV QYGL PSRKIV

8LI TEWX LEW KMZIR YW QYGL XSS QER] FEH ERW[IVW JSV YW RSX XS WII XLEX XLI
QMWXEOIW [IVI MR XLI UYIWXMSRW XLIQWIPZIW 8LIVI MW RS RIIH XS GLSSWI FIX[IIR XLI
JIXMWLMWQ SJ WTSRXERIMX] ERH SVKERM^EXMSREP GSRXVSP FIX[IIR XLI ´GSQI SRI GSQI
EPPµ SJ EGXMZMWX RIX[SVOW ERH XLI HMWGMTPMRI SJ LMIVEVGL] FIX[IIR EGXMRK HIWTIVEXIP]
RS[ ERH [EMXMRK HIWTIVEXIP] JSV PEXIV FIX[IIR FVEGOIXMRK XLEX [LMGL MW XS FI PMZIH
ERH I\TIVMQIRXIH MR XLI REQI SJ E TEVEHMWI XLEX WIIQW QSVI ERH QSVI PMOI E LIPP
XLI PSRKIV MX MW TYX SJJ ERH JPSKKMRK XLI HIEH LSVWI SJ LS[ TPERXMRK GEVVSXW MW
IRSYKL XS PIEZI XLMW RMKLXQEVI

36+%2->%8-327 %6) 3&78%'0)7 83 36+%2->-2+ 3967)0:)7

-R XVYXL XLIVI MW RS KET FIX[IIR [LEX [I EVI [LEX [I HS ERH [LEX [I EVI
FIGSQMRK 3VKERM^EXMSRW³TSPMXMGEP SV PEFSV JEWGMWX SV EREVGLMWX³EP[E]W FIKMR F]
WITEVEXMRK TVEGXMGEPP] XLIWI EWTIGXW SJ I\MWXIRGI -X·W XLIR IEW] JSV XLIQ XS TVIWIRX
XLIMV MHMSXMG JSVQEPMWQ EW XLI WSPI VIQIH] XS XLMW WITEVEXMSR 8S SVKERM^I MW RSX XS
KMZI E WXVYGXYVI XS [IEORIWW -X MW EFSZI EPP XS JSVQ FSRHW ³FSRHW XLEX EVI F] RS
QIERW RIYXVEP³XIVVMFPI FSRHW 8LI HIKVII SJ SVKERM^EXMSR MW QIEWYVIH F] XLI
MRXIRWMX] SJ WLEVMRK³QEXIVMEP ERH WTMVMXYEP

*VSQ RS[ SR XS QEXIVMEPP] SVKERM^I JSV WYVZMZEP MW XS QEXIVMEPP] SVKERM^I

JSV EXXEGO )ZIV][LIVI E RI[ MHIE SJ GSQQYRMWQ MW XS FI IPEFSVEXIH -R XLI
WLEHS[W SJ FEV VSSQW MR TVMRX WLSTW WUYEXW JEVQW SGGYTMIH K]QREWMYQW RI[
GSQTPMGMXMIW EVI XS FI FSVR 8LIWI TVIGMSYW GSRRMZERGIW QYWX RSX FI VIJYWIH XLI
RIGIWWEV] QIERW JSV XLI HITPS]QIRX SJ XLIMV JSVGIW

,IVI PMIW XLI XVYP] VIZSPYXMSREV] TSXIRXMEPMX] SJ XLI TVIWIRX 8LI MRGVIEWMRKP]
JVIUYIRX WOMVQMWLIW LEZI XLMW JSVQMHEFPI UYEPMX] XLEX XLI] EVI EP[E]W ER SGGEWMSR
JSV GSQTPMGMXMIW SJ XLMW X]TI WSQIXMQIW ITLIQIVEP FYX WSQIXMQIW EPWS
YRFIXVE]EFPI ;LIR E JI[ XLSYWERHW ]SYRK TISTPI JMRH XLI HIXIVQMREXMSR XS EWWEMP
XLMW [SVPH ]SY·H LEZI XS FI EW WXYTMH EW E GST XS WIIO SYX E JMRERGMEP XVEMP E PIEHIV
SV E WRMXGL

8[S GIRXYVMIW SJ GETMXEPMWQ ERH QEVOIX RMLMPMWQ LEZI FVSYKLX YW XS XLI QSWX
I\XVIQI EPMIREXMSRW³JVSQ SYV WIPZIW JVSQ SXLIVW JVSQ [SVPHW 8LI JMGXMSR SJ XLI
MRHMZMHYEP LEW HIGSQTSWIH EX XLI WEQI WTIIH XLEX MX [EW FIGSQMRK VIEP 'LMPHVIR
SJ XLI QIXVSTSPMW [I SJJIV XLMW [EKIV XLEX MX·W MR XLI QSWX TVSJSYRH HITVMZEXMSR SJ
I\MWXIRGI TIVTIXYEPP] WXMJPIH TIVTIXYEPP] GSRNYVIH E[E] XLEX XLI TSWWMFMPMX] SJ
GSQQYRMWQ VIWMHIW

;LIR EPP MW WEMH ERH HSRI MX·W [MXL ER IRXMVI ERXLVSTSPSK] XLEX [I EVI EX [EV
;MXL XLI ZIV] MHIE SJ QER

'SQQYRMWQ XLIR EW TVIWYTTSWMXMSR ERH EW I\TIVMQIRX 7LEVMRK SJ E

WIRWMFMPMX] ERH IPEFSVEXMSR SJ E WLEVMRK 8LI YRGSZIVMRK SJ [LEX MW GSQQSR ERH XLI
FYMPHMRK SJ E JSVGI 'SQQYRMWQ EW XLI QEXVM\ SJ E QIXMGYPSYW EYHEGMSYW EWWEYPX
SR HSQMREXMSR %W E GEPP ERH EW E REQI JSV EPP [SVPHW VIWMWXMRK MQTIVMEP
TEGMJMGEXMSR EPP WSPMHEVMXMIW MVVIHYGMFPI XS XLI VIMKR SJ GSQQSHMXMIW EPP JVMIRHWLMTW
EWWYQMRK XLI RIGIWWMXMIW SJ [EV 'SQQYRMWQ ;I ORS[ MX·W E XIVQ XS FI YWIH [MXL
GEYXMSR 2SX FIGEYWI MR XLI KVIEX TEVEHI SJ [SVPHW MX QE] RS PSRKIV FI ZIV]
JEWLMSREFPI &YX FIGEYWI SYV [SVWX IRIQMIW LEZI YWIH MX ERH GSRXMRYI XS HS WS
;I MRWMWX 'IVXEMR [SVHW EVI PMOI FEXXPIKVSYRHW XLIMV QIERMRK VIZSPYXMSREV] SV
VIEGXMSREV] MW E ZMGXSV] XS FI XSVR JVSQ XLI NE[W SJ WXVYKKPI

(IWIVXMRK GPEWWMGEP TSPMXMGW QIERW JEGMRK YT XS [EV [LMGL MW EPWS WMXYEXIH SR

XLI XIVVEMR SJ PERKYEKI 3V VEXLIV MR XLI [E] XLEX [SVHW KIWXYVIW ERH PMJI EVI
MRWITEVEFP] PMROIH -J SRI TYXW WS QYGL IJJSVX MRXS MQTVMWSRMRK EW XIVVSVMWXW E JI[
]SYRK GSQQYRMWXW [LS EVI WYTTSWIH XS LEZI TEVXMGMTEXIH MR TYFPMWLMRK 8LI
'SQMRK -RWYVVIGXMSR MX MW RSX FIGEYWI SJ E ´XLSYKLX GVMQI µ FYX VEXLIV FIGEYWI
XLI] QMKLX IQFSH] E GIVXEMR GSRWMWXIRG] FIX[IIR EGXW ERH XLSYKLX 7SQIXLMRK
[LMGL MW VEVIP] XVIEXIH [MXL PIRMIRG]

;LEX XLIWI TISTPI EVI EGGYWIH SJ MW RSX XS LEZI [VMXXIR E FSSO RSV IZIR XS
LEZI TL]WMGEPP] EXXEGOIH XLI WEGVSWERGX JPS[W XLEX MVVMKEXI XLI QIXVSTSPMW -X·W XLEX
XLI] QMKLX TSWWMFPI LEZI GSRJVSRXIH XLIWI JPS[W [MXL XLI HIRWMX] SJ E TSPMXMGEP
XLSYKLX ERH TSWMXMSR 8LEX ER EGX GSYPH LEZI QEHI WIRWI EGGSVHMRK XS ERSXLIV
GSRWMWXIRG] SJ XLI [SVPH XLER XLI HIWIVXIH SRI SJ )QTMVI %RXM XIVVSVMWQ GPEMQW XS
EXXEGO XLI TSWWMFPI JYXYVI SJ E ´GVMQMREP EWWSGMEXMSR µ &YX [LEX MW VIEPP] FIMRK
EXXEGOIH MW XLI JYXYVI SJ XLI WMXYEXMSR 8LI TSWWMFMPMX] XLEX FILMRH IZIV] KVSGIV E
JI[ FEH MRXIRXMSRW EVI LMHMRK ERH FILMRH IZIV] XLSYKLX XLI EGX XLEX MX GEPPW JSV
8LI TSWWMFMPMX] I\TVIWWIH F] ER MHIE SJ TSPMXMGW³ERSR]QSYW FYX [IPGSQMRK
HMWWIQMREXI ERH YRGSRXVSPPEFPI³[LMGL GERRSX FI VIPIKEXIH XS XLI WXSVIVSSQ SJ
JVIIHSQ SJ I\TVIWWMSR

8LIVI VIQEMRW WGEVGIP] ER] HSYFX XLEX ]SYXL [MPP FI XLI JMVWX XS WEZEKIP]
GSRJVSRX TS[IV 8LIWI PEWX JI[ ]IEVW JVSQ XLI VMSXW SJ 7TVMRK MR %PKIVME XS
XLSWI SJ (IGIQFIV MR +VIIGI EVI RSXLMRK FYX E WIVMIW SJ [EVRMRK WMKRW MR XLMW
VIKEVH 8LSWI [LS SV ]IEVW EKS VIZSPXIH EKEMRWX XLIMV TEVIRXW [MPP RSX
LIWMXEXI XS VIHYGI XLMW XS E GSRJPMGX FIX[IIR KIRIVEXMSRW MJ RSX XS E TVIHMGXEFPI
W]QTXSQ SJ EHSPIWGIRGI

8LI SRP] JYXYVI SJ E ´KIRIVEXMSRµ MW XS FI XLI TVIGIHMRK SRI SR E VSYXI XLEX

PIEHW MRIZMXEFP] XS XLI GIQIXIV]

8VEHMXMSR [SYPH LEZI MX XLEX IZIV]XLMRK FIKMRW [MXL E ´WSGMEP QSZIQIRX µ

)WTIGMEPP] EX E QSQIRX [LIR XLI PIJX [LMGL LEW WXMPP RSX JMRMWLIH HIGSQTSWMRK
L]TSGVMXMGEPP] XVMIW XS VIKEMR MXW GVIHMFMPMX] MR XLI WXVIIXW )\GITX XLEX MR XLI WXVIIXW MX
RS PSRKIV LEW E QSRSTSP] .YWX PSSO EX LS[ [MXL IEGL RI[ QSFMPM^EXMSR SJ LMKL
WGLSSP WXYHIRXW³EW [MXL IZIV]XLMRK XLI PIJX WXMPP HEVIW XS WYTTSVX³E VMJX
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;I·ZI LIEVH IRSYKL EFSYX XLI ´GMX]µ ERH XLI ´GSYRXV] µ ERH TEVXMGYPEVP] EFSYX XLI
WYTTSWIH ERGMIRX STTSWMXMSR FIX[IIR XLI X[S *VSQ YT GPSWI SV JVSQ EJEV [LEX
WYVVSYRHW YW PSSOW RSXLMRK PMOI XLEX MX MW SRI WMRKPI YVFER GPSXL [MXLSYX JSVQ SV
SVHIV E FPIEO ^SRI IRHPIWW ERH YRHIJMRIH E KPSFEP GSRXMRYYQ SJ QYWIYQ PMOI
GMX] GIRXIVW ERH REXYVEP TEVOW SJ IRSVQSYW WYFYVFER LSYWMRK HIZIPSTQIRXW ERH
QEWWMZI EKVMGYPXYVEP TVSNIGXW MRHYWXVMEP ^SRIW ERH WYFHMZMWMSRW GSYRXV] MRRW ERH
XVIRH] FEVW XLI QIXVSTSPMW 'IVXEMRP] XLI ERGMIRX GMX] I\MWXIH EW HMH XLI GMXMIW SJ
QIHMIZEP ERH QSHIVR XMQIW &YX XLIVI MW RS WYGL XLMRK EW E QIXVSTSPMXER GMX] %PP
XIVVMXSV] MW W]RXLIWM^IH [MXLMR XLI QIXVSTSPMW )ZIV]XLMRK SGGYTMIW XLI WEQI WTEGI
MJ RSX KISKVETLMGEPP] XLIR XLVSYKL XLI MRXIVQIWLMRK SJ MXW RIX[SVOW

-X·W FIGEYWI XLI GMX] LEW JMREPP] HMWETTIEVIH XLEX MX LEW RS[ FIGSQI JIXMWLM^IH EW
LMWXSV] 8LI JEGXSV] FYMPHMRKW SJ 0MPPI FIGSQI GSRGIVX LEPPW 8LI VIFYMPX GSRGVIXI
GSVI SJ 0I ,EZVI MW RS[ E 92)7'3 ;SVPH ,IVMXEKI WMVI -R &IMNMRK XLI LYXSRKW
WYVVSYRHMRK XLI *SVFMHHIR 'MX] [IVI HIQSPMWLIH VITPEGIH F] JEOI ZIVWMSRW
TPEGIH E PMXXPI JEVXLIV SYX SR HMWTPE] JSV WMKLXWIIVW -R 8VS]IW XLI] TEWXI LEPJ
XMQFIV JEGEHIW SRXS GMRHIVFPSGO FYMPHMRKW E X]TI SJ TEWXMGLI XLEX VIWIQFPIW XLI
:MGXSVMER WLSTW EX (MWRI]PERH 4EVMW QSVI XLER ER]XLMRK IPWI 8LI SPH LMWXSVMG
GIRXIVW SRGI LSXFIHW SJ VIZSPYXMSREV] WIHMXMSR EVI RS[ [MWIP] MRXIKVEXIH MRXS XLI
SVKERM^EXMSREP HMEKVEQ SJ XLI QIXVSTSPMW 8LI]·ZI FIIR KMZIR SZIV XS XSYVMWQ ERH
GSRWTMGYSYW GSRWYQTXMSR 8LI] EVI XLI JEMV] XEPI GSQQSHMX] MWPERHW TVSTTIH YT
F] XLIMV I\TSW ERH HIGSVEXMSRW ERH F] JSVGI MJ RIGIWWEV] 8LI STTVIWWMZI
WIRXMQIRXEPMX] SJ IZIV] ´'LVMWXQEW :MPPEKIµ MW SJJWIX F] IZIV QSVI WIGYVMX] KYEVHW
ERH GMX] TEXVSPW 'SRXVSP LEW E [SRHIVJYP [E] SJ MRXIKVEXMRK MXWIPJ MRXS XLI
GSQQSHMX] PERHWGETI WLS[MRK MXW EYXLSVMXEVMER JEGI XS ER]SRI [LS [ERXW XS WII MX
-X·W ER EKI SJ JYWMSRW SJ QY^EO XIPIWGSTMRK TSPMGI FEXSRW ERH GSXXSR GERH] )UYEP
TEVXW TSPMGI WYVZIMPPERGI ERH IRGLERXQIRX

8LMW XEWXI JSV XLI ´EYXLIRXMG µ ERH JSV XLI GSRXVSP XLEX KSIW [MXL MX MW GEVVMIH F] XLI
TIXX] FSYVKISMWMI XLVSYKL XLIMV GSPSRM^MRK HVMZIW MRXS [SVOMRK GPEWW
RIMKLFSVLSSHW 4YWLIH SYX SJ XLI GMX] GIRXIVW XLI] JMRH SR XLI JVSRXMIVW XLI OMRH SJ
´RIMKLFSVLSSH JIIPMRKµ XLI] QMWWIH MR XLI TVIJEF LSYWIW SJ WYFYVFME -R GLEWMRK
SYX XLI TSSV TISTPI XLI GEVW ERH XLI MQQMKVERXW MR QEOMRK MX XMH] MR KIXXMRK VMH
SJ EPP XLI KIVQW XLI TIXX] FSYVKISMWMI TYPZIVM^IW XLI ZIV] XLMRK MX GEQI PSSOMRK JSV
% TSPMGI SJJMGIV ERH E KEVFEKI QER WLEOI LERHW MR E TMGXYVI SR E XS[R FMPPFSEVH
ERH XLI WPSKER VIEHW ´1SRXEYFER ² 'PIER 'MX] µ

8LI WEQI WIRWI SJ HIGIRG] XLEX SFPMKIW YVFERMWXW XS WXST WTIEOMRK SJ XLI ´GMX]µ
[LMGL XLI] HIWXVS]IH ERH MRWXIEH XS XEPO SJ XLI ´YVFER µ WLSYPH GSQTIP XLIQ EPWS
XS HVST ´GSYRXV]µ WMRGI MX RS PSRKIV I\MWXW 8LI YTVSSXIH ERH WXVIWWIH SYX QEWWIW
EVI MRWXIEH WLS[R E GSYRXV]WMHI E ZMWMSR SJ XLI TEWX XLEX·W IEW] XS WXEKI RS[ XLEX
XLI GSYRXV] JSPO LEZI FIIR WS HITPIXIH -X MW E QEVOIXMRK GEQTEMKR HITPS]IH SR E
´XIVVMXSV]µ MR [LMGL IZIV]XLMRK QYWX FI ZEPSVM^IH SV VIGSRWXMXYXIH EW REXMSREP
LIVMXEKI )ZIV][LIVI MX·W XLI WEQI GLMPPMRK ZSMH VIEGLMRK MRXS IZIR XLI QSWX
VIQSXI ERH VYWXMG GSVRIVW

8LI QIXVSTSPMW MW XLMW WMQYPXERISYW HIEXL SJ GMX] ERH GSYRXV] -X MW XLI GVSWWVSEHW
[LIVI EPP XLI TIXX] FSYVKISMW GSQI XSKIXLIV MR XLI QMHHPI SJ XLMW QMHHPI GPEWW XLEX
WXVIXGLIW SYX MRHIJMRMXIP] EW QYGL E VIWYPX SJ VYVEP JPMKLX EW SJ YVFER WTVE[P 8S
GSZIV XLI TPERIX [MXL KPEWW [SYPH JMX TIVJIGXP] XLI G]RMGMWQ SJ GSRXIQTSVEV]
EVGLMXIGXYVI % WGLSSP E LSWTMXEP SV E QIHME GIRXIV EVI EPP ZEVMEXMSRW SR XLI WEQI
XLIQI XVERWTEVIRG] RIYXVEPMX] YRMJSVQMX] 8LIWI QEWWMZI JPYMH FYMPHMRKW EVI
GSRGIMZIH [MXLSYX ER] RIIH XS ORS[ [LEX XLI] [MPP LSYWI 8LI] GSYPH FI LIVI EW
QYGL EW ER][LIVI IPWI ;LEX XS HS [MXL EPP XLI SJJMGI XS[IVW EX 0E (qJIRWI MR
4EVMW XLI ETEVXQIRX FPSGOW SJ 0]SR·W 0E 4EVX (MIY SV XLI WLSTTMRK GSQTPI\IW SJ
)YVE0MPPI# 8LI I\TVIWWMSR ´JPEQFERX RIYJµ TIVJIGXP] GETXYVIW XLIMV HIWXMR] %
7GSXXMWL XVEZIPIV XIWXMJMIW XS XLI YRMUYI EXXVEGXMSR SJ XLI TS[IV SJ JMVI WTIEOMRK
EJXIV VIFIPW LEH FYVRIH XLI ,|XIP HI :MPPI MR 4EVMW MR 1E] ´2IZIV GSYPH -
LEZI MQEKMRIH ER]XLMRK WS FIEYXMJYP -X·W WYTIVF - [SR·X HIR] XLEX XLI TISTPI SJ
XLI 'SQQYRI EVI JVMKLXJYP VSKYIW &YX [LEX EVXMWXW %RH XLI] [IVI RSX IZIR E[EVI
SJ XLIMV S[R QEWXIVTMIGI ? A - LEZI WIIR XLI VYMRW SJ %QEPJM FEXLIH MR XLI E^YVI
W[IPPW SJ XLI 1IHMXIVVERIER ERH XLI VYMRW SJ XLI 8YRK LSSV XIQTPIW MR 4YRNEF -·ZI
WIIR 6SQI ERH QER] SXLIV XLMRKW &YX RSXLMRK GER GSQTEVI XS [LEX - LEZI WIIR
LIVI XSRMKLX FIJSVI Q] ZIV] I]IW µ

8LIVI WXMPP VIQEMR WSQI JVEKQIRXW SJ XLI GMX] ERH WSQI XVEGIW SJ XLI GSYRXV] GEYKLX
YT MR XLI QIXVSTSPMXER QIWL &YX ZMXEPMX] LEW XEOIR YT UYEVXIVW MR XLI WS GEPPIH
´TVSFPIQµ RIMKLFSVLSSHW -X·W E TEVEHS\ XLEX XLI TPEGIW XLSYKLX XS FI XLI QSWX
YRMRLEFMXEFPI XYVR SYX XS FI XLI SRP] SRIW WXMPP MR WSQI [E] MRLEFMXIH %R SPH
WUYEXXIH WLEGO WXMPP JIIPW QSVI PMZIH MR XLER XLI WS GEPPIH PY\YV] ETEVXQIRXW [LIVI
MX MW SRP] TSWWMFPI XS WIX HS[R XLI JYVRMXYVI ERH KIX XLI HqGSV NYWX VMKLX [LMPI
[EMXMRK JSV XLI RI\X QSZI ;MXLMR QER] SJ XSHE]·W QIKEPSTSPMWIW XLI WLERX]XS[RW
EVI XLI PEWX PMZMRK ERH PMZEFPI EVIEW ERH EPWS SJ GSYVWI XLI QSWX HIEHP] 8LI] EVI
XLI JPMT WMHI SJ XLI IPIGXVSRMG HqGSV SJ XLI KPSFEP QIXVSTSPMW 8LI HSVQMXSV] XS[IVW
0MXIVEPP] ´FYVRMRK RI[µ³XLI *VIRGL IUYMZEPIRX SJ XLI )RKPMWL TLVEWI ´FVERH RI[ µ
MR XLI WYFYVFW RSVXL SJ 4EVMW EFERHSRIH F] E TIXX] FSYVKISMWMI XLEX [IRX SJJ
LYRXMRK JSV W[MQQMRK TSSPW LEZI FIIR FVSYKLX FEGO XS PMJI F] QEWW
YRIQTPS]QIRX ERH RS[ VEHMEXI QSVI IRIVK] XLER XLI 0EXMR 5YEVXIV -R [SVHW EW
QYGL EW JMVI

8LI GSRJPEKVEXMSR SJ 2SZIQFIV [EW RSX E VIWYPX SJ I\XVIQI HMWTSWWIWWMSR EW

MX MW SJXIR TSVXVE]IH -X [EW SR XLI GSRXVEV] E GSQTPIXI TSWWIWWMSR SJ E XIVVMXSV]
4ISTPI GER FYVR GEVW FIGEYWI XLI] EVI TMWWIH SJJ FYX XS OIIT XLI VMSXW KSMRK JSV E
QSRXL [LMPI OIITMRK XLI TSPMGI MR GLIGO ² XS HS XLEX ]SY LEZI XS ORS[ LS[ XS
SVKERM^I ]SY LEZI XS IWXEFPMWL GSQTPMGMXMIW ]SY LEZI XS ORS[ XLI XIVVEMR
TIVJIGXP] ERH WLEVI E GSQQSR PERKYEKI ERH E GSQQSR IRIQ] 1MPI EJXIV QMPI ERH
[IIO EJXIV [IIO XLI JMVI WTVIEH 2I[ FPE^IW VIWTSRHIH XS XLI SVMKMREP SRIW
ETTIEVMRK [LIVI XLI] [IVI PIEWX I\TIGXIH 6YQSVW GER·X FI [MVIXETTIH

8LI QIXVSTSPMW MW E XIVVEMR SJ GSRWXERX PS[ MRXIRWMX] GSRJPMGX MR [LMGL XLI XEOMRK SJ
&EWVE 1SKEHMWLY SV 2EFPYW QEVO TSMRXW SJ GYPQMREXMSR *SV E PSRK XMQI XLI GMX]
[EW E TPEGI JSV XLI QMPMXEV] XS EZSMH SV MJ ER]XLMRK XS FIWMIKI FYX XLI QIXVSTSPMW
MW TIVJIGXP] GSQTEXMFPI [MXL [EV %VQIH GSRJPMGX MW SRP] E QSQIRX MR MXW GSRWXERX
VIGSRJMKYVEXMSR 8LI FEXXPIW PIH F] XLI KVIEX TS[IVW VIWIQFPI E OMRH SJ RIZIV
IRHMRK TSPMGI [SVO MR XLI FPEGO LSPIW SJ XLI QIXVSTSPMW ´[LIXLIV MR &YVOMRE *EWS
MR XLI 7SYXL &VSR\ MR /EQEKEWEOM MR 'LMETEW SV MR 0E 'SYVRIYZI µ 2S PSRKIV
YRHIVXEOIR MR ZMI[ SJ ZMGXSV] SV TIEGI SV IZIR XLI VI IWXEFPMWLQIRX SJ SVHIV WYGL
´MRXIVZIRXMSRWµ GSRXMRYI E WIGYVMX] STIVEXMSR XLEX MW EP[E]W EPVIEH] EX [SVO ;EV MW
RS PSRKIV E HMWXMRGX IZIRX MR XMQI FYX MRWXIEH HMJJVEGXW MRXS E WIVMIW SJ QMGVS
STIVEXMSRW F] FSXL QMPMXEV] ERH TSPMGI XS IRWYVI WIGYVMX]

8LI TSPMGI ERH XLI EVQ] EVI IZSPZMRK MR TEVEPPIP ERH MR PSGO WXIT % GVMQMRSPSKMWX
VIUYIWXW XLEX XLI REXMSREP VMSX TSPMGI VISVKERM^I MXWIPJ MRXS WQEPP TVSJIWWMSREPM^IH
QSFMPI YRMXW 8LI QMPMXEV] EGEHIQ] GVEHPI SJ HMWGMTPMREV] QIXLSHW MW VIXLMROMRK
MXW S[R LMIVEVGLMGEP SVKERM^EXMSR *SV LMW MRJERXV] FEXXEPMSR E 2%83 SJJMGIV
IQTPS]W E ´TEVXMGMTEXSV] QIXLSH XLEX MRZSPZIW IZIV]SRI MR XLI EREP]WMW
TVITEVEXMSR I\IGYXMSR ERH IZEPYEXMSR SJ ER EGXMSR 8LI TPER MW GSRWMHIVIH ERH
VIGSRWMHIVIH JSV HE]W VMKLX XLVSYKL XLI XVEMRMRK TLEWI ERH EGGSVHMRK XS XLI PEXIWX
MRXIPPMKIRGI ? A 8LIVI MW RSXLMRK PMOI KVSYT TPERRMRK JSV FYMPHMRK XIEQ GSLIWMSR
ERH QSVEPI µ

8LI EVQIH JSVGIW HSR·X WMQTP] EHETX XLIQWIPZIW XS XLI QIXVSTSPMW XLI] TVSHYGI MX
8LYW WMRGI XLI FEXXPI SJ 2EFPYW -WVEIPM WSPHMIVW LEZI FIGSQI MRXIVMSV HIWMKRIVW
*SVGIH F] 4EPIWXMRMER KYIVVMPPEW XS EFERHSR XLI WXVIIXW [LMGL LEH FIGSQI XSS
HERKIVSYW XLI] PIEVRIH XS EHZERGI ZIVXMGEPP] ERH LSVM^SRXEPP] MRXS XLI LIEVX SJ XLI
YVFER EVGLMXIGXYVI TSOMRK LSPIW MR [EPPW ERH GIMPMRKW MR SVHIV XS QSZI XLVSYKL
XLIQ %R SJJMGIV MR XLI -WVEIP (IJIRWI *SVGIW ERH E KVEHYEXI MR TLMPSWSTL]
I\TPEMRW ´XLI IRIQ] MRXIVTVIXW WTEGI MR E XVEHMXMSREP GPEWWMGEP QERRIV ERH - HS
RSX [ERX XS SFI] XLMW MRXIVTVIXEXMSR ERH JEPP MRXS LMW XVETW ? A - [ERX XS WYVTVMWI
LMQ 8LMW MW XLI IWWIRGI SJ [EV - RIIH XS [MR ? A 8LMW MW [L] XLEX [I STXIH JSV XLI
QIXLSHSPSK] SJ QSZMRK XLVSYKL [EPPW ? A 0MOI E [SVQ XLEX IEXW MXW [E] JSV[EVH µ
9VFER WTEGI MW QSVI XLER NYWX XLI XLIEXIV SJ GSRJVSRXEXMSR MX MW EPWS XLI QIERW 8LMW
IGLSIW XLI EHZMGI SJ &PERUYM [LS VIGSQQIRHIH MR XLMW GEWI JSV XLI TEVX] SJ
MRWYVVIGXMSR XLEX XLI JYXYVI MRWYVKIRXW SJ 4EVMW XEOI SZIV XLI LSYWIW SR XLI
FEVVMGEHIH WXVIIXW XS TVSXIGX XLIMV TSWMXMSRW XLEX XLI] WLSYPH FSVI LSPIW MR XLI [EPPW
XS EPPS[ TEWWEKI FIX[IIR LSYWIW FVIEO HS[R XLI KVSYRH JPSSV WXEMV[IPPW ERH TSOI
LSPIW MR XLI GIMPMRKW XS HIJIRH XLIQWIPZIW EKEMRWX TSXIRXMEP EXXEGOIVW VMT SYX XLI
HSSVW ERH YWI XLIQ XS FEVVMGEHI XLI [MRHS[W ERH XYVR IEGL JPSSV MRXS E KYR XYVVIX

8LI QIXVSTSPMW MW RSX NYWX XLMW YVFER TMPI YT XLMW JMREP GSPPMWMSR FIX[IIR GMX] ERH
GSYRXV] -X MW EPWS E JPS[ SJ FIMRKW ERH XLMRKW E GYVVIRX XLEX VYRW XLVSYKL JMFIV
STXMG RIX[SVOW XLVSYKL LMKL WTIIH XVEMR PMRIW WEXIPPMXIW ERH ZMHIS WYVZIMPPERGI
GEQIVEW QEOMRK WYVI XLEX XLMW [SVPH RIZIV WXSTW VYRRMRK WXVEMKLX XS MXW VYMR -X MW E
GYVVIRX XLEX [SYPH PMOI XS HVEK IZIV]XLMRK EPSRK MR MXW LSTIPIWW QSFMPMX] XS
QSFMPM^I IEGL ERH IZIV] SRI SJ YW ;LIVI MRJSVQEXMSR TYQQIPW YW PMOI WSQI OMRH
SJ LSWXMPI JSVGI ;LIVI XLI SRP] XLMRK PIJX XS HS MW VYR ;LIVI MX FIGSQIW LEVH XS
[EMX IZIR JSV XLI YQTXIIRXL WYF[E] XVEMR

;MXL XLI TVSPMJIVEXMSR SJ QIERW SJ QSZIQIRX ERH GSQQYRMGEXMSR ERH [MXL XLI
PYVI SJ EP[E]W FIMRK IPWI[LIVI [I EVI GSRXMRYSYWP] XSVR JVSQ XLI LIVI ERH RS[
,ST SR ER MRXIVGMX] SV GSQQYXIV XVEMR TMGO YT E XIPITLSRI ² MR SVHIV XS FI EPVIEH]
KSRI 7YGL QSFMPMX] SRP] IZIV QIERW YTVSSXIHRIWW MWSPEXMSR I\MPI -X [SYPH FI
MRWYJJIVEFPI MJ MX [IVIR·X EP[E]W XLI QSFMPMX] SJ E TVMZEXI WTEGI SJ E TSVXEFPI
MRXIVMSV 8LI TVMZEXI FYFFPI HSIWR·X FYVWX MX JPSEXW EVSYRH 8LI TVSGIWW SJ
GSGSSRMRK MW RSX KSMRK E[E] MX MW QIVIP] FIMRK TYX MRXS QSXMSR *VSQ E XVEMR
WXEXMSR XS ER SJJMGI TEVO XS E GSQQIVGMEP FERO JVSQ SRI LSXIP XS ERSXLIV XLIVI MW
IZIV][LIVI E JSVIMKRRIWW E JIIPMRK WS FEREP ERH WS LEFMXYEP MX FIGSQIW XLI PEWX
JSVQ SJ JEQMPMEVMX] 1IXVSTSPMXER I\GIWW MW XLMW GETVMGMSYW QM\MRK SJ HIJMRMXI
QSSHW MRHIJMRMXIP] VIGSQFMRIH 8LI GMX] GIRXIVW SJ XLI QIXVSTSPMW EVI RSX GPSRIW
SJ XLIQWIPZIW FYX SJJIV MRWXIEH XLIMV S[R EYVEW [I KPMHI JVSQ SRI XS XLI RI\X
WIPIGXMRK XLMW SRI ERH VINIGXMRK XLEX SRI XS XLI XYRI SJ E OMRH SJ I\MWXIRXMEP
WLSTTMRK XVMT EQSRK HMJJIVIRX WX]PIW SJ FEVW TISTPI HIWMKRW SV TPE]PMWXW ´;MXL
Q] QT TPE]IV -·Q XLI QEWXIV SJ Q] [SVPH µ 8S GSTI [MXL XLI YRMJSVQMX] XLEX
WYVVSYRHW YW SYV SRP] STXMSR MW XS GSRWXERXP] VIRSZEXI SYV S[R MRXIVMSV [SVPH PMOI
E GLMPH [LS GSRWXVYGXW XLI WEQI PMXXPI LSYWI SZIV ERH SZIV EKEMR SV PMOI 6SFMRWSR
'VYWSI VITVSHYGMRK LMW WLSTOIITIV·W YRMZIVWI SR E HIWIVX MWPERH ² ]IX SYV HIWIVX
MWPERH MW GMZMPM^EXMSR MXWIPJ ERH XLIVI EVI FMPPMSRW SJ YW GSRXMRYEPP] [EWLMRK YT SR MX
-X MW TVIGMWIP] HYI XS XLMW EVGLMXIGXYVI SJ JPS[W XLEX XLI QIXVSTSPMW MW SRI SJ XLI
QSWX ZYPRIVEFPI LYQER EVVERKIQIRXW XLEX LEW IZIV I\MWXIH 7YTTPI WYFXPI FYX
ZYPRIVEFPI % FVYXEP WLYXXMRK HS[R SJ FSVHIVW XS JIRH SJJ E VEKMRK ITMHIQMG E
WYHHIR MRXIVVYTXMSR SJ WYTTP] PMRIW SVKERM^IH FPSGOEHIW SJ XLI E\IW SJ
GSQQYRMGEXMSR ² ERH XLI [LSPI JEGEHI GVYQFPIW E JEGEHI XLEX GER RS PSRKIV QEWO
XLI WGIRIW SJ GEVREKI LEYRXMRK MX JVSQ QSVRMRK XS RMKLX 8LI [SVPH [SYPH RSX FI
QSZMRK WS JEWX MJ MX HMHR·X LEZI XS GSRWXERXP] SYXVYR MXW S[R GSPPETWI

8LI QIXVSTSPMW EMQW XS WLIPXIV MXWIPJ JVSQ MRIZMXEFPI QEPJYRGXMSR ZME MXW RIX[SVO
WXVYGXYVI ZME MXW IRXMVI XIGLRSPSKMGEP MRJVEWXVYGXYVI SJ RSHIW ERH GSRRIGXMSRW MXW
HIGIRXVEPM^IH EVGLMXIGXYVI 8LI MRXIVRIX MW WYTTSWIH XS WYVZMZI E RYGPIEV EXXEGO
4IVQERIRX GSRXVSP SJ XLI JPS[ SJ MRJSVQEXMSR TISTPI ERH TVSHYGXW QEOIW XLI
QSFMPMX] SJ XLI QIXVSTSPMW WIGYVI [LMPI MXW· XVEGOMRK W]WXIQW IRWYVI XLEX RS
WLMTTMRK GSRXEMRIVW KIX PSWX XLEX RSX E WMRKPI HSPPEV MW WXSPIR MR ER] XVERWEGXMSR ERH
XLEX RS XIVVSVMWX IRHW YT SR ER EMVTPERI %PP XLEROW XS ER 6*-( GLMT E FMSQIXVMG
TEWWTSVX E (2% TVSJMPI

&YX XLI QIXVSTSPMW EPWS TVSHYGIW XLI QIERW SJ MXW S[R HIWXVYGXMSR %R %QIVMGER
WIGYVMX] I\TIVX I\TPEMRW XLI HIJIEX MR -VEU EW E VIWYPX SJ XLI KYIVVMPPEW· EFMPMX] XS
XEOI EHZERXEKI SJ RI[ [E]W SJ GSQQYRMGEXMRK 8LI 97 MRZEWMSR HMHR·X WS QYGL
MQTSVX HIQSGVEG] XS -VEU EW MX HMH G]FIVRIXMG RIX[SVOW 8LI] FVSYKLX [MXL XLIQ
SRI SJ XLI [IETSRW SJ XLIMV S[R HIJIEX 8LI TVSPMJIVEXMSR SJ QSFMPI TLSRIW ERH
MRXIVRIX EGGIWW TSMRXW KEZI XLI KYIVVMPPEW RI[JSYRH [E]W XS WIPJ SVKERM^I ERH
EPPS[IH XLIQ XS FIGSQI WYGL IPYWMZI XEVKIXW

)ZIV] RIX[SVO LEW MXW [IEO TSMRXW XLI RSHIW XLEX QYWX FI YRHSRI MR SVHIV XS
MRXIVVYTX GMVGYPEXMSR XS YR[MRH XLI [IF 8LI PEWX KVIEX )YVSTIER IPIGXVMGEP
FPEGOSYX TVSZIH MX E WMRKPI MRGMHIRX [MXL E LMKL XIRWMSR [MVI ERH E HIGIRX TEVX SJ
XLI GSRXMRIRX [EW TPYRKIH MRXS HEVORIWW -R SVHIV JSV WSQIXLMRK XS VMWI YT MR XLI
QMHWX SJ XLI QIXVSTSPMW ERH STIR YT SXLIV TSWWMFMPMXMIW XLI JMVWX EGX QYWX FI XS
MRXIVVYTX MXW TIVTIXYYQ QSFMPI 8LEX MW [LEX XLI 8LEM VIFIPW YRHIVWXSSH [LIR XLI]
ORSGOIH SYX IPIGXVMGEP WXEXMSRW 8LEX MW [LEX XLI *VIRGL ERXM '4) TVSXIWXSVW
YRHIVWXSSH MR [LIR XLI] WLYX HS[R XLI YRMZIVWMXMIW [MXL E ZMI[ XS[EVH
WLYXXMRK HS[R XLI IRXMVI IGSRSQ] 8LEX MW [LEX XLI %QIVMGER PSRKWLSVIQIR
YRHIVWXSSH [LIR XLI] WXVYGO MR 3GXSFIV MR WYTTSVX SJ XLVII LYRHVIH NSFW
FPSGOMRK XLI QEMR TSVXW SR XLI ;IWX 'SEWX JSV XIR HE]W 8LI %QIVMGER IGSRSQ] MW
WS HITIRHIRX SR KSSHW GSQMRK JVSQ %WME XLEX XLI GSWX SJ XLI FPSGOEHI [EW SZIV E
FMPPMSR HSPPEVW TIV HE] ;MXL XIR XLSYWERH TISTPI XLI PEVKIWX IGSRSQMG TS[IV MR
XLI [SVPH GER FI FVSYKLX XS MXW ORIIW %GGSVHMRK XS GIVXEMR ´I\TIVXW µ MJ XLI EGXMSR
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“Less possessions, more connections!”

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“The environment is an industrial challenge.”

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JVSQ ´E TVSPSRKIH MPPRIWWµ XLEX·W XS FI QEREKIH NYWX PMOI SRI QEREKIW
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JSVIWIIEFPI GSRWIUYIRGIW -X QE] GSRGIVR YW FYX MX HSIWR·X XSYGL YW %RH XLEX MW
XLI VIEP GEXEWXVSTLI

8LIVI MW RS ´IRZMVSRQIRXEP GEXEWXVSTLI µ 8LI GEXEWXVSTLI MW XLI IRZMVSRQIRX

MXWIPJ 8LI IRZMVSRQIRX MW [LEX·W PIJX XS QER EJXIV LI·W PSWX IZIV]XLMRK 8LSWI
[LS PMZI MR E RIMKLFSVLSSH E WXVIIX E ZEPPI] E [EV ^SRI E [SVOWLST ² XLI] HSR·X
LEZI ER ´IRZMVSRQIRX µ XLI] QSZI XLVSYKL E [SVPH TISTPIH F] TVIWIRGIW HERKIVW
JVMIRHW IRIQMIW QSQIRXW SJ PMJI ERH HIEXL EPP OMRHW SJ FIMRKW 7YGL E [SVPH LEW
MXW S[R GSRWMWXIRG] [LMGL ZEVMIW EGGSVHMRK XS XLI MRXIRWMX] ERH UYEPMX] SJ XLI XMIW
EXXEGLMRK YW XS EPP SJ XLIWI FIMRKW XS EPP SJ XLIWI TPEGIW -X·W SRP] YW XLI GLMPHVIR SJ
XLI JMREP HMWTSWWIWWMSR I\MPIW SJ XLI JMREP LSYV ² XLI SRIW [LS GSQI MRXS XLI [SVPH
MR GSRGVIXI GYFIW TMGO SYV JVYMXW EX XLI WYTIVQEVOIX ERH [EXGL JSV ER IGLS SJ XLI
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QEREKIQIRX [LMGL MW XS WE] SR IWXVERKIQIRX % VIPEXMSRWLMT XS XLI [SVPH [LIVIMR
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TIHIWXVMERW HSRI YT PMOI JEMPIH JEWLMSR QSHIPW XLI WMPIRX VSXEXMSR SJ E ZMHIS
WYVZIMPPERGI GEQIVE XLI PYGMH GPMGOMRK SJ XLI WYF[E] XYVRWX]PIW WYTIVQEVOIX
GLIGOSYXW SJJMGI XMQI GPSGOW XLI IPIGXVSRMG EQFMERGI SJ XLI G]FIV GEJq XLI
TVSJYWMSR SJ TPEWQE WGVIIRW I\TVIWW PERIW ERH PEXI\ 2IZIV LEW E WIXXMRK FIIR WS
EFPI XS HS [MXLSYX XLI WSYPW XVEZIVWMRK MX 2IZIV LEW E WYVVSYRHMRK FIIR QSVI
EYXSQEXMG 2IZIV LEW E GSRXI\X FIIR WS MRHMJJIVIRX ERH HIQERHIH MR VIXYVR ² EW XLI
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RSXLMRK QSVI XLER XLI VIPEXMSRWLMT XS XLI [SVPH XLEX MW TVSTIV XS XLI QIXVSTSPMW ERH
XLEX TVSNIGXW MXWIPJ SRXS IZIV]XLMRK XLEX [SYPH IWGETI MX

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RI[ TVSSJ SJ KPSFEP [EVQMRK VIZIEPW XLI WXIIP] WQMPI SJ XLI RI[ KVIIR GETMXEPMWQ
MR XLI QEOMRK WMRGI XLI W [LMGL [I [EMXIH JSV EX XLI XYVR SJ XLI GIRXYV] FYX
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MX XSS 8LI LIEPXL SJ XLI TPERIX HIQERHW MX 2S HSYFX EFSYX MX ER]QSVI MX·W E KVIIR
WGIRI XLI IRZMVSRQIRX [MPP FI XLI GVY\ SJ XLI TSPMXMGEP IGSRSQ] SJ XLI WX
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TSWWMFMPMX]

8LI MRZIRXSV SJ XLI , FSQF )H[EVH 8IPPIV TVSTSWIW WLSSXMRK QMPPMSRW SJ XSRW SJ
QIXEPPMG HYWX MRXS XLI WXVEXSWTLIVI XS WXST KPSFEP [EVQMRK 2%7% JVYWXVEXIH EX
LEZMRK XS WLIPZI MXW MHIE SJ ER ERXM QMWWMPI WLMIPH MR XLI QYWIYQ SJ GSPH [EV
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HVMZMRK SR FMS IXLERSP JVSQ 7ES 4EYPS XS 7XSGOLSPQ XLI HVIEQ SJ GIVIEP KVS[IVW
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JSV XLI WQEPP TVMGI SJ E GLERKI SJ PSKS 8LEX )(* LEH XLI MQTYHIRGI XS FVMRK
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*VSQ 7IGVIXEVMIW SJ 7XEXI XS XLI FEGO VSSQW SJ EPXIVREXMZI GEJqW GSRGIVRW EVI
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JSV XLI )XLMSTMERW PMOI MR XLI W RSX JSV IQTPS]QIRX PMOI MR XLI W 2S XLMW
XMQI MX·W JSV XLI IRZMVSRQIRX -X [MPP XLERO ]SY JSV MX %P +SVI ERH HIKVS[XL
QSZIQIRX WXERH WMHI F] WMHI [MXL XLI IXIVREP KVIEX WSYPW SJ XLI 6ITYFPMG XS HS XLIMV
TEVX MR VIWYWGMXEXMRK XLI PMXXPI TISTPI SJ XLI 0IJX ERH XLI [IPP ORS[R MHIEPMWQ SJ
]SYXL :SPYRXEV] EYWXIVMX] [VMX PEVKI SR XLIMV FERRIV XLI] [SVO FIRIZSPIRXP] XS
QEOI YW GSQTPMERX [MXL XLI ´GSQMRK IGSPSKMGEP WXEXI SJ IQIVKIRG] µ 8LI VSYRH
ERH WXMGO] QEWW SJ XLIMV KYMPX PERHW SR SYV XMVIH WLSYPHIVW GSHHPMRK YW XS GYPXMZEXI
SYV KEVHIR WSVX SYX SYV XVEWL ERH IGS GSQTSWX XLI PIJXSZIVW SJ XLMW QEGEFVI JIEWX

1EREKMRK XLI TLEWMRK SYX SJ RYGPIEV TS[IV I\GIWW '3 MR XLI EXQSWTLIVI
QIPXMRK KPEGMIVW LYVVMGERIW ITMHIQMGW KPSFEP SZIV TSTYPEXMSR IVSWMSR SJ XLI WSMP
QEWW I\XMRGXMSR SJ PMZMRK WTIGMIW¬ XLMW [MPP FI SYV FYVHIR 8LI] XIPP YW ´IZIV]SRI
QYWX HS XLIMV TEVX µ MJ [I [ERX XS WEZI SYV FIEYXMJYP QSHIP SJ GMZMPM^EXMSR ;I LEZI
XS GSRWYQI E PMXXPI PIWW MR SVHIV XS FI EFPI XS OIIT GSRWYQMRK ;I LEZI XS TVSHYGI
SVKERMGEPP] MR SVHIV XS OIIT TVSHYGMRK ;I LEZI XS GSRXVSP SYVWIPZIW MR SVHIV XS KS
SR GSRXVSPPMRK 8LMW MW XLI PSKMG SJ E [SVPH WXVEMRMRK XS QEMRXEMR MXWIPJ [LMPWX KMZMRK
MXWIPJ ER EMV SJ LMWXSVMGEP VYTXYVI 8LMW MW LS[ XLI] [SYPH PMOI XS GSRZMRGI YW XS
TEVXMGMTEXI MR XLI KVIEX MRHYWXVMEP GLEPPIRKIW SJ XLMW GIRXYV] %RH MR SYV

fPIGXVMGMXq HI *VERGI )(* MW XLI QEMR IPIGXVMGMX] KIRIVEXMSR ERH HMWXVMFYXMSR GSQTER] MR *VERGI ERH SRI SJ XLI
PEVKIWX MR XLI [SVPH WYTTP]MRK QSWX SJ MXW TS[IV JVSQ RYGPIEV VIEGXSVW
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)GSPSK] MWR·X WMQTP] XLI PSKMG SJ E XSXEP IGSRSQ] MX·W XLI RI[ QSVEPMX] SJ GETMXEP
8LI W]WXIQ·W MRXIVREP WXEXI SJ GVMWMW ERH XLI VMKSVSYW WGVIIRMRK XLEX·W YRHIV[E]
HIQERH E RI[ GVMXIVMSR MR XLI REQI SJ [LMGL XLMW WGVIIRMRK ERH WIPIGXMSR [MPP FI
GEVVMIH SYX *VSQ SRI IVE XS XLI RI\X XLI MHIE SJ ZMVXYI LEW RIZIV FIIR
ER]XLMRK FYX ER MRZIRXMSR SJ ZMGI ;MXLSYX IGSPSK] LS[ GSYPH [I NYWXMJ] XLI
I\MWXIRGI SJ X[S HMJJIVIRX JSSH VIKMQIW SRI ´LIEPXL] ERH SVKERMGµ JSV XLI VMGL ERH
XLIMV GLMPHVIR ERH XLI SXLIV RSXSVMSYWP] XS\MG JSV XLI TPIFIW [LSWI SJJWTVMRK EVI
HEQRIH XS SFIWMX] 8LI TPERIXEV] L]TIV FSYVKISMWMI [SYPHR·X FI EFPI XS QEOI XLIMV
RSVQEP PMJIWX]PI WIIQ VIWTIGXEFPI MJ MXW PEXIWX GETVMGIW [IVIR·X WS WGVYTYPSYWP]
´VIWTIGXJYP SJ XLI IRZMVSRQIRX µ ;MXLSYX IGSPSK] RSXLMRK [SYPH LEZI IRSYKL
EYXLSVMX] XS KEK ER] ERH EPP SFNIGXMSRW XS XLI I\SVFMXERX TVSKVIWW SJ GSRXVSP

8VEGOMRK XVERWTEVIRG] GIVXMJMGEXMSR IGS XE\IW IRZMVSRQIRXEP I\GIPPIRGI ERH XLI

TSPMGMRK SJ [EXIV EPP KMZI YW ER MHIE SJ XLI GSQMRK WXEXI SJ IGSPSKMGEP IQIVKIRG]
)ZIV]XLMRK MW TIVQMXXIH XS E TS[IV WXVYGXYVI XLEX FEWIW MXW EYXLSVMX] MR 2EXYVI MR
LIEPXL ERH MR [IPP FIMRK

´3RGI XLI RI[ IGSRSQMG ERH FILEZMSVEP GYPXYVI LEW FIGSQI GSQQSR TVEGXMGI
GSIVGMZI QIEWYVIW [MPP HSYFXPIWW JEPP MRXS HMWYWI SJ XLIMV S[R EGGSVH µ =SY·H LEZI
XS LEZI EPP XLI VMHMGYPSYW ETPSQF SJ E 8: GVYWEHIV XS QEMRXEMR WYGL E JVS^IR
TIVWTIGXMZI ERH MR XLI WEQI FVIEXL MRGMXI YW XS JIIP WYJJMGMIRXP] ´WSVV] JSV XLI
TPERIXµ XS KIX QSFMPM^IH [LMPWX VIQEMRMRK ERIWXLIXM^IH IRSYKL XS [EXGL XLI [LSPI
XLMRK [MXL VIWXVEMRX ERH GMZMPMX] 8LI RI[ KVIIR EWGIXMGMWQ MW TVIGMWIP] XLI WIPJ
GSRXVSP XLEX MW VIUYMVIH SJ YW EPP MR SVHIV XS RIKSXMEXI E VIWGYI STIVEXMSR [LIVI XLI
W]WXIQ LEW XEOIR MXWIPJ LSWXEKI *VSQ RS[ SR MX·W MR XLI REQI SJ
IRZMVSRQIRXEPMWQ XLEX [I QYWX EPP XMKLXIR SYV FIPXW NYWX EW [I HMH ]IWXIVHE] MR XLI
REQI SJ XLI IGSRSQ] 8LI VSEHW GSYPH GIVXEMRP] FI XVERWJSVQIH MRXS FMG]GPI TEXLW
[I SYVWIPZIW GSYPH TIVLETW XS E GIVXEMR HIKVII FI KVEXIJYP SRI HE] JSV E
KYEVERXIIH MRGSQI FYX SRP] EX XLI TVMGI SJ ER IRXMVIP] XLIVETIYXMG I\MWXIRGI 8LSWI
[LS GPEMQ XLEX KIRIVEPM^IH WIPJ GSRXVSP [MPP WTEVI YW JVSQ ER IRZMVSRQIRXEP
HMGXEXSVWLMT EVI P]MRK XLI SRI [MPP TVITEVI XLI [E] JSV XLI SXLIV ERH [I·PP IRH YT
[MXL FSXL

%W PSRK EW XLIVI MW 1ER ERH )RZMVSRQIRX XLI TSPMGI [MPP FI XLIVI FIX[IIR XLIQ

)ZIV]XLMRK EFSYX XLI IRZMVSRQIRXEPMWX·W HMWGSYVWI QYWX FI XYVRIH YTWMHI

HS[R ;LIVI XLI] XEPO SJ ´GEXEWXVSTLIWµ XS PEFIP XLI TVIWIRX W]WXIQ·W
QMWQEREKIQIRX SJ FIMRKW ERH XLMRKW [I SRP] WII XLI GEXEWXVSTLI SJ MXW EPP XSS
TIVJIGX STIVEXMSR 8LI KVIEXIWX [EZI SJ JEQMRI IZIV ORS[R MR XLI XVSTMGW
GSMRGMHIH [MXL E KPSFEP HVSYKLX FYX QSVI WMKRMJMGERXP] MX EPWS GSMRGMHIH
[MXL XLI ETSKII SJ GSPSRM^EXMSR 8LI HIWXVYGXMSR SJ XLI TIEWERX·W [SVPH ERH SJ PSGEP
EPMQIRXEV] TVEGXMGIW QIERX XLI HMWETTIEVERGI SJ XLI QIERW JSV HIEPMRK [MXL
WGEVGMX] 1SVI XLER XLI PEGO SJ [EXIV MX [EW XLI IJJIGX SJ XLI VETMHP] I\TERHMRK
GSPSRMEP IGSRSQ] XLEX PMXXIVIH XLI 8VSTMGW [MXL QMPPMSRW SJ IQEGMEXIH GSVTWIW
;LEX TVIWIRXW MXWIPJ IZIV][LIVI EW ER IGSPSKMGEP GEXEWXVSTLI LEW RIZIV WXSTTIH
FIMRK EFSZI EPP XLI QERMJIWXEXMSR SJ E HMWEWXVSYW VIPEXMSRWLMT XS XLI [SVPH
-RLEFMXMRK E RS[LIVI QEOIW YW ZYPRIVEFPI XS XLI WPMKLXIWX NSPX MR XLI W]WXIQ XS XLI
WPMKLXIWX GPMQEGXMG VMWO %W XLI PEXIWX XWYREQM ETTVSEGLIH ERH XLI XSYVMWXW GSRXMRYIH
XS JVSPMG MR XLI [EZIW XLI MWPERHW· LYRXIV KEXLIVIVW LEWXIRIH XS JPII XLI GSEWX
JSPPS[MRK XLI FMVHW )RZMVSRQIRXEPMWQ·W TVIWIRX TEVEHS\ MW XLEX YRHIV XLI
TVIXI\X SJ WEZMRK XLI TPERIX JVSQ HIWSPEXMSR MX QIVIP] WEZIW XLI GEYWIW SJ MXW
HIWSPEXMSR

8LI RSVQEP JYRGXMSRMRK SJ XLI [SVPH YWYEPP] WIVZIW XS LMHI SYV WXEXI SJ XVYP]
GEXEWXVSTLMG HMWTSWWIWWMSR ;LEX MW GEPPIH ´GEXEWXVSTLIµ MW RS QSVI XLER XLI JSVGIH
WYWTIRWMSR SJ XLMW WXEXI SRI SJ XLSWI VEVI QSQIRXW [LIR [I VIKEMR WSQI WSVX SJ
TVIWIRGI MR XLI [SVPH 0IX XLI TIXVSPIYQ VIWIVZIW VYR SYX IEVPMIV XLER I\TIGXIH PIX
XLI MRXIVREXMSREP JPS[W XLEX VIKYPEXI XLI XIQTS SJ XLI QIXVSTSPMW FI MRXIVVYTXIH PIX
YW WYJJIV WSQI KVIEX WSGMEP HMWVYTXMSR ERH WSQI KVIEX ´VIXYVR XS WEZEKIV] SJ XLI
TSTYPEXMSR µ E ´TPERIXEV] XLVIEX µ XLI ´IRH SJ GMZMPM^EXMSR µ )MXLIV [E] ER] PSWW SJ
GSRXVSP [SYPH FI TVIJIVEFPI XS EPP XLI GVMWMW QEREKIQIRX WGIREVMSW XLI] IRZMWMSR
;LIR XLMW GSQIW XLI WTIGMEPMWXW MR WYWXEMREFPI HIZIPSTQIRX [SR·X FI XLI SRIW
[MXL XLI FIWX EHZMGI -X·W [MXLMR XLI QEPJYRGXMSR ERH WLSVX GMVGYMXW SJ XLI W]WXIQ
XLEX [I JMRH XLI IPIQIRXW SJ E VIWTSRWI [LSWI PSKMG [SYPH FI XS EFSPMWL XLI
TVSFPIQW XLIQWIPZIW %QSRK XLI WMKREXSV] REXMSRW XS XLI /]SXS 4VSXSGSP XLI SRP]
GSYRXVMIW XLEX LEZI JYPJMPPIH XLIMV GSQQMXQIRXW MR WTMXI SJ XLIQWIPZIW EVI XLI
9OVEMRI ERH 6SQERME +YIWW [L] 8LI QSWX EHZERGIH I\TIVMQIRXEXMSR [MXL
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'YFE +YIWW [L] %RH MX·W EPSRK XLI %JVMGER LMKL[E]W ERH RS[LIVI IPWI XLEX
EYXS QIGLERMGW LEW FIIR IPIZEXIH XS E JSVQ SJ TSTYPEV EVX +YIWW LS[

;LEX QEOIW XLI GVMWMW HIWMVEFPI MW XLEX MR XLI GVMWMW XLI IRZMVSRQIRX GIEWIW XS FI
XLI IRZMVSRQIRX ;I EVI JSVGIH XS VIIWXEFPMWL GSRXEGX EPFIMX E TSXIRXMEPP] JEXEP SRI
[MXL [LEX·W XLIVI XS VIHMWGSZIV XLI VL]XLQW SJ VIEPMX] ;LEX WYVVSYRHW YW MW RS
PSRKIV E PERHWGETI E TERSVEQE E XLIEXIV FYX WSQIXLMRK XS MRLEFMX WSQIXLMRK [I
RIIH XS GSQI XS XIVQW [MXL WSQIXLMRK [I GER PIEVR JVSQ ;I [SR·X PIX SYVWIPZIW
FI PIH EWXVE] F] XLI SRI·W [LS·ZI FVSYKLX EFSYX XLI GSRXIRXW SJ XLI ´GEXEWXVSTLI µ
;LIVI XLI QEREKIVW TPEXSRMGEPP] HMWGYWW EQSRK XLIQWIPZIW LS[ XLI] QMKLX
HIGVIEWI IQMWWMSRW ´[MXLSYX FVIEOMRK XLI FERO µ XLI SRP] VIEPMWXMG STXMSR [I GER
WII MW XS ´FVIEO XLI FEROµ EW WSSR EW TSWWMFPI ERH MR XLI QIERXMQI XEOI EHZERXEKI
SJ IZIV] GSPPETWI MR XLI W]WXIQ XS MRGVIEWI SYV S[R WXVIRKXL

2I[ 3VPIERW E JI[ HE]W EJXIV ,YVVMGERI /EXVMRE -R XLMW ETSGEP]TXMG EXQSWTLIVI
LIVI ERH XLIVI PMJI MW VISVKERM^MRK MXWIPJ -R XLI JEGI SJ XLI MREGXMSR SJ XLI TYFPMG
EYXLSVMXMIW [LS [IVI XSS FYW] GPIERMRK YT XLI XSYVMWX EVIEW SJ XLI *VIRGL 5YEVXIV
ERH TVSXIGXMRK WLSTW XS LIPT XLI TSSVIV GMX] H[IPPIVW JSVKSXXIR JSVQW EVI VIFSVR -R
WTMXI SJ SGGEWMSREPP] WXVSRK EVQIH EXXIQTXW XS IZEGYEXI XLI EVIE MR WTMXI SJ [LMXI
WYTVIQEGMWX P]RGL QSFW E PSX SJ TISTPI VIJYWIH XS PIEZI XLI XIVVEMR *SV XLI PEXXIV
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JSV XLSWI [LS GEQI JVSQ EPP EVSYRH XS NSMR XLIQ MR WSPMHEVMX] VIWTSRHMRK XS E GEPP
JVSQ E JSVQIV &PEGO 4ERXLIV WIPJ SVKERM^EXMSR GEQI FEGO XS XLI JSVI -R E JI[
[IIOW XMQI XLI 'SQQSR +VSYRH 'PMRMG [EW WIX YT *VSQ XLI ZIV] JMVWX HE]W XLMW
ZIVMXEFPI ´GSYRXV] LSWTMXEPµ TVSZMHIH JVII ERH IJJIGXMZI XVIEXQIRX XS XLSWI [LS
RIIHIH MX XLEROW XS XLI GSRWXERX MRJPY\ SJ ZSPYRXIIVW *SV QSVI XLER E ]IEV RS[
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“We are building a civilized space here”

8LI JMVWX KPSFEP WPEYKLXIV [LMGL JVSQ XS HMH E[E] [MXL E PEVKI TSVXMSR
SJ XLI YVFER ERH VYVEP TVSPIXEVMEX [EW [EKIH MR XLI REQI SJ JVIIHSQ HIQSGVEG]
ERH GMZMPM^EXMSR *SV XLI TEWX JMZI ]IEVW XLI WS GEPPIH ´[EV SR XIVVSVµ [MXL MXW
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XLIWI WEQI ZEPYIW =IX XLI VIWIQFPERGI WXSTW XLIVI EX XLI PIZIP SJ ETTIEVERGIW
8LI ZEPYI SJ GMZMPM^EXMSR MW RS PSRKIV WS SFZMSYW XLEX MX GER FVSYKLX XS XLI REXMZIW
[MXLSYX JYVXLIV EHS *VIIHSQ MW RS PSRKIV E REQI WGVE[PIH SR [EPPW JSV XSHE] MX MW
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WIIQ XS JYRGXMSR %PP QIERW XS XLIWI IRHW EVI EGGITXEFPI IZIR XLI PIEWX
HIQSGVEXMG XLI PIEWX GMZMPM^IH XLI QSWX VITVIWWMZI 8LMW MW E GIRXYV] MR [LMGL
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[MHI EVVE] SJ TSPMGI JSVGIW [IVI ETTVSTVMEXI [E]W XS IRWYVI HIQSGVEG] JVIIHSQ
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SJ 4EVMW TYXXMRK XLI JMRMWLMRK XSYGLIW SR YVFER TEGMJMGEXMSR [MXL E RI[ TSPMGI
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[SVHW ´;I·VI FYMPHMRK E GMZMPM^IH WTEGI LIVI µ 8LIVI·W RSXLMRK QSVI XS WE]
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XLI PIWW MX MW E WYTIVWXVYGXYVI SV I\SWOIPIXSR SJ E WSGMIX] ERH XLI QSVI MX GSRWXMXYXIW
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EVI XLI VSSX SJ EPP SYV MPPW XLEX [I PMOI XS KVYQFPI WS QYGL EFSYX XLIQ ERH XLEX XLMW
KVYQFPMRK MW XLI GSRWIGVEXMSR XLEX GVS[RW XLIQ EW SYV QEWXIVW ,IVI TSPMXMGW MW RSX
GSRWMHIVIH WSQIXLMRK SYXWMHI SJ YW FYX EW TEVX SJ SYVWIPZIW 8LI PMJI [I MRZIWX MR
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-J XLIVI MW E *VIRGL I\GITXMSR XLMW MW [L] )ZIV]XLMRK IZIR XLI KPSFEP MRJPYIRGI SJ
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PSYH [LIR XLI]·VI WS QIIO ERH [L] XLI] EP[E]W JEMP EX XLI HIGMWMZI QSQIRX XLI
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ZI LEH XLIQ FERMWLIH JVSQ XLIMV TVSJIWWMSR

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FPSSH SJ XLI 4EVMWMER MRWYVKIRXW EKEMRWX XLI WMPIRGI WYVVSYRHMRK XLI WPEYKLXIV XLEX
QSHIVR PMXIVEV] JSVQW [IVI FSVR ² WTPIIR EQFMZEPIRGI JIXMWLMWQ SJ JSVQ ERH
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² MR XLI REQI SJ [LMGL IZIV] WQYHKI SJ MRO EWWYQIW ER EMV SJ HMKRMX] ERH ER]
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SXLIV LERH MR XLI HITXLW SJ MXW WSYP XLI GSYRXV] YRHIVWXERHW XLI MREHIUYEG] SJ XLMW
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SJ XLI YRTEVEPPIPIH FVMPPMERGI SJ MXW REXMSREP TEWX MX MW TEVXMGYPEVP] HMJJMGYPX JSV
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¶REXMSREP· TIVMSH SJ ,MWXSV] ERH XS YRHIVWXERH EPP SJ MXW GSRWIUYIRGIW -X MW LEVH JSV
E GSYRXV] [LMGL GVIEXIH SYX SJ RSXLMRK XLI MHISPSKMGEP JVEQI[SVO SJ REXMSREPMWQ
ERH [LMGL I\TSVXIH MX XS XLI [LSPI [SVPH XS VIGSKRM^I XLEX EPP XLEX VIQEMRW SJ MX
RS[ MW E HSGYQIRX XS FI JMPIH MR XLI LMWXSVMGEP EVGLMZIW µ

8LMW UYIWXMSR SJ XLI REXMSR WXEXI ERH MXW QSYVRMRK MW EX XLI LIEVX SJ [LEX JSV XLI
TEWX LEPJ GIRXYV] GER SRP] FI GEPPIH XLI *VIRGL QEPEMWI ;I TSPMXIP] KMZI XLI REQI
SJ ´EPXIVREXMSRµ XS XLMW X[MXGL] MRHIGMWMSR XLMW TIRHYPYQ PMOI SWGMPPEXMSR JVSQ PIJX
XS VMKLX XLIR VMKLX XS PIJX PMOI E QERMG TLEWI EJXIV E HITVIWWMZI SRI XLEX MW XLIR
JSPPS[IH F] ERSXLIV SV PMOI XLI [E] E GSQTPIXIP] VLIXSVMGEP GVMXMUYI SJ
MRHMZMHYEPMWQ YRIEWMP] GS I\MWXW [MXL XLI QSWX JIVSGMSYW G]RMGMWQ SV XLI QSWX
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XLMW GSYRXV] XLEX WEGVMJMGIH EPP MXW PMJI XS XLIWI JSVQW MW WXMPP HYQFJSYRHIH 8LI
JMVIWXSVQ GEYWIH F] .SWTMR·W WMQTPI WIRXIRGI ´XLI WXEXI GER·X HS IZIV]XLMRKµ
EPPS[IH YW XS KPMQTWI XLI SRI XLEX [MPP MKRMXI [LIR MX FIGSQIW GPIEV XLEX XLI WXEXI
GER RS PSRKIV HS ER]XLMRK EX EPP 8LI JIIPMRK XLEX [I·ZI FIIR XVMGOIH MW PMOI E
[SYRH XLEX MW FIGSQMRK MRGVIEWMRKP] MRJIGXIH -X·W XLI WSYVGI SJ XLI PEXIRX VEKI XLEX
NYWX EFSYX ER]XLMRK [MPP WIX SJJ XLIWI HE]W 8LI JEGX XLEX MR XLMW GSYRXV] XLI
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;LEXIZIV XLIMV SYXGSQI QE] FI XLI VSPI SJ XLI RI\X TVIWMHIRXMEP IPIGXMSRW [MPP FI
XS WMKREP XLI IRH SJ *VIRGL MPPYWMSRW ERH XLI FYVWXMRK SJ XLI LMWXSVMGEP FYFFPI MR
[LMGL [I EVI PMZMRK ² ERH [LMGL QEOIW TSWWMFPI IZIRXW PMOI XLI ERXM '4)
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HVIEQ XLEX IWGETIH XLI W 8LEX·W [L] HIIT HS[R RS SRI [ERXW XLIWI
IPIGXMSRW *VERGI MW MRHIIH XLI VIH PERXIVR SJ XLI [IWXIVR ^SRI

8SHE] XLI ;IWX MW XLI +- [LS HEWLIW MRXS *EPPYNEL SR ER 1 %FVEQW XERO
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QSGOIH F] EPP [LS GPYXGLIW LMW GVIHMX GEVH EW LMW SRP] PMJIPMRI -X·W XLI ')3 [LS
W[IEVW F] XLI KEQI +S -X·W XLI ]SYRK KMVP [LS GLEWIW LETTMRIWW MR GPSXLIW KY]W
8LI ´VIH PERXIVRµ MW XLI PEWX TPEGI JMRMWLIV MR XLI 8SYV HI *VERGI
ERH QSMWXYVM^MRK GVIEQW -X·W XLI 7[MWW LYQER VMKLXW EGXMZMWX [LS XVEZIPW XS XLI
JSYV GSVRIVW SJ XLI IEVXL XS WLS[ WSPMHEVMX] [MXL EPP XLI [SVPH·W VIFIPW ² TVSZMHIH
XLI]·ZI FIIR HIJIEXIH -X·W XLI 7TERMEVH [LS GSYPHR·X GEVI PIWW EFSYX TSPMXMGEP
JVIIHSQ SRGI LI·W FIIR KVERXIH W JVIIHSQ -X·W XLI EVX PSZIV [LS [ERXW YW XS
FI E[IWXVYGO FIJSVI XLI ´QSHIVR KIRMYWµ SJ E GIRXYV] SJ EVXMWXW JVSQ WYVVIEPMWQ XS
:MIRRIWI EGXMSRMWQ EPP GSQTIXMRK XS WII [LS GSYPH FIWX WTMX MR XLI JEGI SJ
GMZMPM^EXMSR -X·W XLI G]FIVRIXMGMWX [LS·W JSYRH E VIEPMWXMG XLISV] SJ GSRWGMSYWRIWW MR
&YHHLMWQ ERH XLI UYERXYQ TL]WMGMWX [LS·W LSTMRK XLEX HEFFPMRK MR ,MRHY
QIXETL]WMGW [MPP MRWTMVI RI[ WGMIRXMJMG HMWGSZIVMIW

8LI ;IWX MW E GMZMPM^EXMSR XLEX LEW WYVZMZIH EPP XLI TVSTLIGMIW SJ MXW GSPPETWI [MXL E
WMRKYPEV WXVEXEKIQ .YWX EW XLI FSYVKISMWMI LEH XS HIR] MXWIPJ EW E GPEWW MR SVHIV XS
TIVQMX XLI FSYVKISMWMJMGEXMSR SJ WSGMIX] EW E [LSPI JVSQ XLI [SVOIV XS XLI FEVSR
NYWX EW GETMXEP LEH XS WEGVMJMGI MXWIPJ EW E [EKI VIPEXMSR MR SVHIV XS MQTSWI MXWIPJ EW E
WSGMEP VIPEXMSR ² FIGSQMRK GYPXYVEP GETMXEP ERH LIEPXL GETMXEP MR EHHMXMSR XS JMRERGI
GETMXEP NYWX EW 'LVMWXMERMX] LEH XS WEGVMJMGI MXWIPJ EW E VIPMKMSR MR SVHIV XS WYVZMZI EW
ER EJJIGXMZI WXVYGXYVI ² EW E ZEKYI MRNYRGXMSR XS LYQMPMX] GSQTEWWMSR ERH
[IEORIWW WS XLI ;IWX LEW WEGVMJMGIH MXWIPJ EW E TEVXMGYPEV GMZMPM^EXMSR MR SVHIV XS
MQTSWI MXWIPJ EW E YRMZIVWEP GYPXYVI 8LI STIVEXMSR GER FI WYQQEVM^IH PMOI XLMW ER
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8LI JVEKQIRXIH MRHMZMHYEP WYVZMZIW EW E JSVQ XLEROW XS XLI ´WTMVMXYEPµ XIGLRSPSKMIW

SJ GSYRWIPMRK 4EXVMEVGL] WYVZMZIW F] EXXVMFYXMRK XS [SQIR EPP XLI [SVWX EXXVMFYXIW
SJ QIR [MPPJYPRIWW WIPJ GSRXVSP MRWIRWMXMZMX] % HMWMRXIKVEXIH WSGMIX] WYVZMZIW F]
TVSTEKEXMRK ER ITMHIQMG SJ WSGMEFMPMX] ERH IRXIVXEMRQIRX 7S MX KSIW [MXL EPP XLI
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GSRXVEHMGX XLIWI JMGXMSRW TSMRX F] TSMRX

8LIVI MW RS ´GPEWL SJ GMZMPM^EXMSRW µ 8LIVI MW E GPMRMGEPP] HIEH GMZMPM^EXMSR OITX EPMZI

F] EPP WSVXW SJ PMJI WYTTSVX QEGLMRIW XLEX WTVIEH E TIGYPMEV TPEKYI MRXS XLI TPERIX·W
EXQSWTLIVI %X XLMW TSMRX MX GER RS PSRKIV FIPMIZI MR E WMRKPI SRI SJ MXW S[R
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XLEX WLSYPH ERH QYWX FI XEOIR ETEVX HIGSRWXVYGXIH ERH VIXYVRIH XS E WXEXI SJ HSYFX
8SHE] ;IWXIVR MQTIVMEPMWQ MW XLI MQTIVMEPMWQ SJ VIPEXMZMWQ SJ XLI ´MX EPP HITIRHW
SR ]SYV TSMRX SJ ZMI[µ MX·W XLI I]I VSPPMRK SV XLI [SYRHIH MRHMKREXMSR EX ER]SRI
[LS·W WXYTMH TVMQMXMZI SV TVIWYQTXYSYW IRSYKL XS WXMPP FIPMIZI MR WSQIXLMRK XS
EJJMVQ ER]XLMRK EX EPP =SY GER WII XLI HSKQEXMWQ SJ GSRWXERX UYIWXMSRMRK KMZI MXW
GSQTPMGMX [MRO SJ XLI I]I IZIV][LIVI MR XLI YRMZIVWMXMIW ERH EQSRK XLI PMXIVEV]
MRXIPPMKIRXWMEW 2S GVMXMUYI MW XSS VEHMGEP EQSRK TSWXQSHIVRMWX XLMROIVW EW PSRK EW
MX QEMRXEMRW XLMW XSXEP EFWIRGI SJ GIVXMXYHI % GIRXYV] EKS WGERHEP [EW MHIRXMJMIH
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EJJMVQEXMSR XLEX JEMPW XS XVIQFPI

2S WSGMEP SVHIV GER WIGYVIP] JSYRH MXWIPJ SR XLI TVMRGMTPI XLEX RSXLMRK MW XVYI
=IX MX QYWX FI QEHI WIGYVI %TTP]MRK XLI GSRGITX SJ ´WIGYVMX]µ XS IZIV]XLMRK
XLIWI HE]W MW XLI I\TVIWWMSR SJ E TVSNIGX XS WIGYVIP] JEWXIR SRXS TPEGIW FILEZMSVW
ERH IZIR TISTPI XLIQWIPZIW ER MHIEP SVHIV XS [LMGL XLI] EVI RS PSRKIV VIEH] XS
WYFQMX 7E]MRK ´RSXLMRK MW XVYIµ WE]W RSXLMRK EFSYX XLI [SVPH FYX IZIV]XLMRK EFSYX
XLI ;IWXIVR GSRGITX SJ XVYXL *SV XLI ;IWX XVYXL MW RSX ER EXXVMFYXI SJ FIMRKW SV
XLMRKW FYX SJ XLIMV VITVIWIRXEXMSR % VITVIWIRXEXMSR XLEX GSRJSVQW XS I\TIVMIRGI MW
LIPH XS FI XVYI 7GMIRGI MW MR XLI PEWX EREP]WMW XLMW IQTMVI SJ YRMZIVWEP ZIVMJMGEXMSR
7MRGI EPP LYQER FILEZMSV JVSQ XLI QSWX SVHMREV] XS XLI QSWX PIEVRIH MW FEWIH SR
E JSYRHEXMSR SJ YRIZIRP] JSVQYPEXIH TVIWYTTSWMXMSRW ERH WMRGI EPP TVEGXMGIW WXEVX
JVSQ E TSMRX [LIVI XLMRKW ERH XLIMV VITVIWIRXEXMSRW GER RS PSRKIV FI HMWXMRKYMWLIH
E HSWI SJ XVYXL XLEX XLI ;IWXIVR GSRGITX ORS[W RSXLMRK EFSYX IRXIVW MRXS IZIV] PMJI
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TSWWMFPI YWIW JSV ERH GSRRIGXMSRW [MXL SYV MQQIHMEXI IRZMVSRQIRX EW [IPP EW XLI
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XIVVMXSV]

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SVRMXLSPSKMWXW SV JPERIYVW 8LI VYPI MW WMQTPI XLI QSVI XIVVMXSVMIW XLIVI EVI
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LEVHIV MX [MPP FI JSV TS[IV XS KIX E LERHPI SR XLIQ &MWXVSW TVMRX WLSTW WTSVXW
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QEVOIXW OIFEF WLSTW ERH KEVEKIW GER EPP IEWMP] FI YWIH JSV TYVTSWIW SXLIV XLER
XLIMV SJJMGMEP SRIW MJ IRSYKL GSQTPMGMXMIW GSQI XSKIXLIV MR XLIQ 0SGEP WIPJ
SVKERM^EXMSR WYTIVMQTSWIW MXW S[R KISKVETL] SZIV XLI WXEXI GEVXSKVETL]
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3RI SJ XLI GLEVQW SJ XLI QIXVSTSPMW MW XLEX MX EPPS[W %QIVMGERW +VIIOW 1I\MGERW
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WTIRX GSQTEVMRK ZMI[W SR XLI [EV MR TVSKVIWW
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EMV SJ RSWXEPKME PMOI E JMIPH SJ VYMRW

%PP XLI MRGMZMPMXMIW SJ XLI WXVIIXW WLSYPH FIGSQI QIXLSHMGEP ERH W]WXIQEXMG
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SJJIVW QSVI VIWMWXERGI ERH MW LEVHIV XS EXXEGO

2S RIIH XS H[IPP XSS PSRK SR XLI XLVII X]TIW SJ [SVOIVW· WEFSXEKI VIHYGMRK XLI
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8LI IRVEKqW ERH I\EPXqW [IVI FSXL VEHMGEP KVSYTW MR XLI *VIRGL VIZSPYXMSR
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VIEWSR EW XLI PEWX GSPPIGXMZI WIHYGXMSR
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SJJIRWMZI TSWMXMSR

-R E HIQSRWXVEXMSR E YRMSR QIQFIV XIEVW XLI QEWO SJJ SJ ER ERSR]QSYW TIVWSR

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SJ LMHMRK ]SYVWIPJ µ 8S FI ZMWMFPI MW XS FI I\TSWIH XLEX MW XS WE] EFSZI EPP
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]SYV MPPIKEP EGXMSRW SRP] EXXEGLMRK XS XLIQ WSQI JMGXMSREP EGVSR]Q ² [I WXMPP
VIQIQFIV XLI ITLIQIVEP &%*8 &VMKEHI %RXM *PMG HIW 8EVXIVsXW MW E [E] XS
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:MWMFMPMX] QYWX FI EZSMHIH &YX E JSVGI XLEX KEXLIVW MR XLI WLEHS[W GER·X EZSMH MX
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RS XMQI

&VMKEHI %RXM *PMG HIW 8EVXIVsXW³´8EVXIVsXW %RXM 'ST &VMKEHIµ [EW E REQI XLEX [EW IQTPS]IH XS GPEMQ
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;I PMZI YRHIV ER SGGYTEXMSR YRHIV TSPMGI SGGYTEXMSR 9RHSGYQIRXIH MQQMKVERXW

EVI VSYRHIH YT MR XLI QMHHPI SJ XLI WXVIIX YRQEVOIH TSPMGI GEVW TEXVSP XLI
FSYPIZEVHW QIXVSTSPMXER HMWXVMGXW EVI TEGMJMIH [MXL XIGLRMUYIW JSVKIH MR XLI
GSPSRMIW XLI 1MRMWXIV SJ XLI -RXIVMSV QEOIW HIGPEVEXMSRW SJ [EV SR ´KERKWµ XLEX
VIQMRH YW SJ XLI %PKIVMER [EV ² [I EVI VIQMRHIH SJ MX IZIV] HE] 8LIWI EVI VIEWSRW
IRSYKL XS RS PSRKIV PIX SYVWIPZIW FI FIEXIR HS[R VIEWSRW IRSYKL XS SVKERM^I SYV
WIPJ HIJIRWI

8S XLI I\XIRX XLEX MX KVS[W ERH VEHMEXIW E GSQQYRI FIKMRW XS WII XLI STIVEXMSRW SJ
TS[IV XEVKIX XLEX [LMGL GSRWXMXYXIW MX 8LIWI GSYRXIVEXXEGOW XEOI XLI JSVQ SJ
WIHYGXMSR SJ VIGYTIVEXMSR ERH EW E PEWX VIWSVX FVYXI JSVGI *SV E GSQQYRI WIPJ
HIJIRWI QYWX FI E GSPPIGXMZI JEGX EW QYGL TVEGXMGEP EW XLISVIXMGEP 4VIZIRXMRK ER
EVVIWX KEXLIVMRK UYMGOP] ERH MR PEVKI RYQFIVW EKEMRWX IZMGXMSR EXXIQTXW ERH
WLIPXIVMRK SRI SJ SYV S[R [MPP RSX FI WYTIVJPYSYW VIJPI\IW MR GSQMRK XMQIW ;I
GERRSX GIEWIPIWWP] VIGSRWXVYGX SYV FEWIW JVSQ WGVEXGL 0IX·W WXST HIRSYRGMRK
VITVIWWMSR ERH MRWXIEH TVITEVI XS QIIX MX

-X·W RSX E WMQTPI EJJEMV JSV [I I\TIGX E WYVKI MR TSPMGI [SVO FIMRK HSRI F] XLI
TSTYPEXMSR MXWIPJ ² IZIV]XLMRK JVSQ WRMXGLMRK XS SGGEWMSREP TEVXMGMTEXMSR MR GMXM^IRW·
QMPMXMEW 8LI TSPMGI JSVGIW FPIRH MR [MXL XLI GVS[H 8LI YFMUYMXSYW QSHIP SJ TSPMGI
MRXIVZIRXMSR IZIR MR VMSX WMXYEXMSRW MW RS[ XLI GST MR GMZMPMER GPSXLIW 8LI
IJJIGXMZIRIWW SJ XLI TSPMGI HYVMRK XLI PEWX ERXM '4) HIQSRWXVEXMSRW [EW E VIWYPX SJ
TPEMRGPSXLIW SJJMGIVW QM\MRK EQSRK YW ERH [EMXMRK JSV ER MRGMHIRX FIJSVI VIZIEPMRK
[LS XLI] EVI KEW RMKLXWXMGOW XE^IVW HIXEMRQIRX EPP MR WXVMGX GSSVHMREXMSR [MXL
HIQSRWXVEXMSR WXI[EVHW 8LI QIVI TSWWMFMPMX] SJ XLIMV TVIWIRGI [EW IRSYKL XS
GVIEXI WYWTMGMSR EQSRKWX XLI HIQSRWXVEXSVW ² [LS·W [LS# ² ERH XS TEVEP]^I EGXMSR
-J [I EKVII XLEX E HIQSRWXVEXMSR MW RSX QIVIP] E [E] XS WXERH ERH FI GSYRXIH FYX E
QIERW SJ EGXMSR [I LEZI XS IUYMT SYVWIPZIW FIXXIV [MXL VIWSYVGIW XS YRQEWO
TPEMRGPSXLIW SJJMGIVW GLEWI XLIQ SJJ ERH MJ RIIH FI WREXGL FEGO XLSWI XLI]·VI
XV]MRK XS EVVIWX

8LI TSPMGI EVI RSX MRZMRGMFPI MR XLI WXVIIXW XLI] WMQTP] LEZI XLI QIERW XS SVKERM^I
XVEMR ERH GSRXMRYEPP] XIWX RI[ [IETSRW 3YV [IETSRW SR XLI SXLIV LERH EVI
EP[E]W VYHMQIRXEV] GSFFPIH XSKIXLIV ERH SJXIR MQTVSZMWIH SR XLI WTSX 8LI]
GIVXEMRP] HSR·X LEZI E LSTI SJ VMZEPMRK XLIMVW MR JMVITS[IV FYX GER FI YWIH XS LSPH
XLIQ EX E HMWXERGI VIHMVIGX EXXIRXMSR I\IVGMWI TW]GLSPSKMGEP TVIWWYVI SV JSVGI
TEWWEKI ERH KEMR KVSYRH F] WYVTVMWI 2SRI SJ XLI MRRSZEXMSRW MR YVFER KYIVMPPE
[EVJEVI GYVVIRXP] HITPS]IH MR XLI *VIRGL TSPMGI EGEHIQMIW EVI WYJJMGMIRX XS VIWTSRH
VETMHP] XS E QSZMRK QYPXMTPMGMX] XLEX GER WXVMOI E RYQFIV SJ TPEGIW EX SRGI ERH XLEX
XVMIW XS EP[E]W OIIT XLI MRMXMEXMZI

'SQQYRIW EVI SFZMSYWP] ZYPRIVEFPI XS WYVZIMPPERGI ERH TSPMGI MRZIWXMKEXMSRW XS

TSPMGMRK XIGLRSPSKMIW ERH MRXIPPMKIRGI KEXLIVMRK 8LI [EZIW SJ EVVIWXW SJ EREVGLMWXW
MR -XEP] ERH SJ IGS [EVVMSVW MR XLI 97 [IVI QEHI TSWWMFPI F] [MVIXETTMRK
)ZIV]SRI HIXEMRIH F] XLI TSPMGI RS[ LEW LMW SV LIV (2% XEOIR XS FI IRXIVIH MRXS
ER IZIV QSVI GSQTPIXI TVSJMPI % WUYEXXIV JVSQ &EVGIPSRE [EW GEYKLX FIGEYWI LI
PIJX JMRKIVTVMRXW SR JPMIVW LI [EW HMWXVMFYXMRK 8VEGOMRK QIXLSHW EVI FIGSQMRK
FIXXIV ERH FIXXIV QSWXP] XLVSYKL FMSQIXVMG XIGLRMUYIW %RH MJ XLI HMWXVMFYXMSR SJ
IPIGXVSRMG MHIRXMX] GEVHW MW MRWXMXYXIH SYV XEWO [MPP NYWX FI XLEX QYGL QSVI HMJJMGYPX
8LI 4EVMW 'SQQYRI JSYRH E TEVXMEP WSPYXMSR XS XLI OIITMRK SJ VIGSVHW XLI] FYVRIH
HS[R 'MX] ,EPP HIWXVS]MRK EPP XLI TYFPMG VIGSVHW ERH ZMXEP WXEXMWXMGW ;I WXMPP RIIH
XS JMRH XLI QIERW XS TIVQERIRXP] HIWXVS] GSQTYXIVM^IH HEXEFEWIW ?)HMXSV W 2SXI
4IVLETW E FIXXIV XEGXMG [SYPH FI XS MRJMPXVEXI XLI HEXEFEWIW ERH EPXIV XLI HEXE WS
EW XS VIRHIV XLIQ YWIPIWW % HIWXVS]IH HEXEFEWI [MPP FI VITPEGIH WSSR [LIVIEW MX
[MPP XEOI XLI EYXLSVMXMIW WSQI XMQI XS HMWGSZIV XLEX XLIMV HEXE LEW FIIR HMWXSVXIH
ERH XLYW QEHI [SVXLPIWW A
 -27966)'8-32

8LI GSQQYRI MW XLI FEWMG YRMX SJ TEVXMWER VIEPMX] %R MRWYVVIGXMSREP WYVKI QE] FI
RSXLMRK QSVI XLER E QYPXMTPMGEXMSR SJ GSQQYRIW XLIMV GSQMRK MRXS GSRXEGX ERH
JSVQMRK SJ XMIW %W IZIRXW YRJSPH GSQQYRIW [MPP IMXLIV QIVKI MRXS PEVKIV IRXMXMIW
SV JVEKQIRX 8LI HMJJIVIRGI FIX[IIR E FERH SJ FVSXLIVW ERH WMWXIVW FSYRH ´JSV PMJIµ
ERH XLI KEXLIVMRK SJ QER] KVSYTW GSQQMXXIIW ERH KERKW JSV SVKERM^MRK XLI WYTTP]
ERH WIPJ HIJIRWI SJ E RIMKLFSVLSSH SV IZIR E VIKMSR MR VIZSPX MW SRP] E HMJJIVIRGI
SJ WGEPI XLI] EVI EPP GSQQYRIW

% GSQQYRI XIRHW F] MXW REXYVI XS[EVHW WIPJ WYJJMGMIRG] ERH GSRWMHIVW QSRI]
MRXIVREPP] EW WSQIXLMRK JSSPMWL ERH YPXMQEXIP] SYX SJ TPEGI 8LI TS[IV SJ
QSRI] MW XS GSRRIGX XLSWI [LS EVI YRGSRRIGXIH XS PMRO WXVERKIVW EW WXVERKIVW ERH
XLYW F] QEOMRK IZIV]XLMRK IUYMZEPIRX XS TYX IZIV]XLMRK MRXS GMVGYPEXMSR

8LI GSWX SJ QSRI]·W GETEGMX] XS GSRRIGX IZIV]XLMRK MW XLI WYTIVJMGMEPMX] SJ XLI

GSRRIGXMSR [LIVI HIGITXMSR MW XLI VYPI (MWXVYWX MW XLI FEWMW SJ XLI GVIHMX
VIPEXMSR 8LI VIMKR SJ QSRI] MW XLIVIJSVI EP[E]W XLI VIMKR SJ GSRXVSP 8LI
TVEGXMGEP EFSPMXMSR SJ QSRI] [MPP LETTIR SRP] [MXL XLI I\XIRWMSR SJ GSQQYRIW
'SQQYRIW QYWX FI I\XIRHIH [LMPI QEOMRK WYVI XLI] HS RSX I\GIIH E GIVXEMR WM^I
FI]SRH [LMGL XLI] PSWI XSYGL [MXL XLIQWIPZIW ERH KMZI VMWI EPQSWX [MXLSYX JEMP XS
E HSQMRERX GEWXI -X [SYPH FI TVIJIVEFPI JSV XLI GSQQYRI XS WTPMX YT ERH XS WTVIEH
MR XLEX [E] EZSMHMRK WYGL ER YRJSVXYREXI SYXGSQI

8LI YTVMWMRK SJ %PKIVMER ]SYXL XLEX IVYTXIH EGVSWW EPP SJ /EF]PME MR XLI WTVMRK SJ
QEREKIH XS XEOI SZIV EPQSWX XLI IRXMVI XIVVMXSV] EXXEGOMRK TSPMGI WXEXMSRW
GSYVXLSYWIW ERH IZIV] VITVIWIRXEXMSR SJ XLI WXEXI KIRIVEPM^MRK XLI VIZSPX XS XLI
TSMRX SJ GSQTIPPMRK XLI YRMPEXIVEP VIXVIEX SJ XLI JSVGIW SJ SVHIV ERH TL]WMGEPP]
TVIZIRXMRK XLI IPIGXMSRW 8LI QSZIQIRX·W WXVIRKXL [EW MR XLI HMJJYWI
GSQTPIQIRXEVMX] SJ MXW GSQTSRIRXW SRP] TEVXMEPP] VITVIWIRXIH F] XLI MRXIVQMREFPI
ERH LSTIPIWWP] QEPI HSQMREXIH ZMPPEKI EWWIQFPMIW ERH SXLIV TSTYPEV GSQQMXXIIW
8LI ´GSQQYRIWµ SJ XLMW WXMPP WMQQIVMRK MRWYVVIGXMSR LEH QER] JEGIW XLI ]SYRK
LSXLIEHW MR LIPQIXW PSFFMRK KEW GERMWXIVW EX XLI VMSX TSPMGI JVSQ XLI VSSJXST SJ E
FYMPHMRK MR 8M^M 3Y^SY XLI [V] WQMPI SJ ER SPH VIWMWXERGI JMKLXIV HVETIH MR LMW
FYVRSYW XLI WTMVMX SJ XLI [SQIR MR XLI QSYRXEMR ZMPPEKIW WXYFFSVRP] GEVV]MRK SR
[MXL XLI XVEHMXMSREP JEVQMRK [MXLSYX [LMGL XLI FPSGOEHIW SJ XLI VIKMSR·W IGSRSQ]
[SYPH RIZIV LEZI FIIR EW GSRWXERX ERH W]WXIQEXMG EW XLI] [IVI
1 EOI XLI QSWX SJ IZIV] GVMWMW

´7S MX QYWX FI WEMH XSS XLEX [I [SR·X FI EFPI XS XVIEX XLI IRXMVI *VIRGL TSTYPEXMSR
'LSMGIW [MPP LEZI XS FI QEHI µ 8LMW MW LS[ E ZMVSPSK] I\TIVX WYQW YT MR E
7ITXIQFIV EVXMGPI MR 0I 1SRHI [LEX [SYPH LETTIR MR XLI IZIRX SJ E FMVH
JPY TERHIQMG ´8IVVSVMWX XLVIEXW µ ´REXYVEP HMWEWXIVW µ ´ZMVYW [EVRMRKW µ ´WSGMEP
QSZIQIRXWµ ERH ´YVFER ZMSPIRGIµ EVI JSV WSGMIX]·W QEREKIVW WS QER] QSQIRXW
SJ MRWXEFMPMX] [LIVI XLI] VIMRJSVGI XLIMV TS[IV F] XLI WIPIGXMSR SJ XLSWI [LS TPIEWI
XLIQ ERH XLI IPMQMREXMSR SJ XLSWI [LS QEOI XLMRKW HMJJMGYPX 'PIEVP] XLIWI EVI MR
XYVR STTSVXYRMXMIW JSV SXLIV JSVGIW XS GSRWSPMHEXI SV WXVIRKXLIR SRI ERSXLIV EW XLI]
XEOI XLI SXLIV WMHI

8LI MRXIVVYTXMSR SJ XLI JPS[ SJ GSQQSHMXMIW XLI WYWTIRWMSR SJ RSVQEPMX] MX·W

WYJJMGMIRX XS WII LS[ WSGMEP PMJI VIXYVRW MR E FYMPHMRK WYHHIRP] HITVMZIH SJ
IPIGXVMGMX] XS MQEKMRI [LEX PMJI GSYPH FIGSQI MR E GMX] HITVMZIH SJ IZIV]XLMRK ERH
TSPMGI GSRXVSP PMFIVEXI TSXIRXMEPMXMIW JSV WIPJ SVKERM^EXMSR YRXLMROEFPI MR SXLIV
GMVGYQWXERGIW 4ISTPI EVI RSX FPMRH XS XLMW 8LI VIZSPYXMSREV] [SVOIVW· QSZIQIRX
YRHIVWXSSH MX [IPP ERH XSSO EHZERXEKI SJ XLI GVMWIW SJ XLI FSYVKISMW IGSRSQ] XS
KEXLIV WXVIRKXL 8SHE] -WPEQMG TEVXMIW EVI WXVSRKIWX [LIR XLI]·ZI FIIR EFPI XS
MRXIPPMKIRXP] GSQTIRWEXI JSV XLI [IEORIWW SJ XLI WXEXI ² EW [LIR XLI] TVSZMHIH EMH
EJXIV XLI IEVXLUYEOI MR &SYQIVHIW %PKIVME SV MR XLI HEMP] EWWMWXERGI SJJIVIH XLI
TSTYPEXMSR SJ WSYXLIVR 0IFERSR EJXIV MX [EW VEZEKIH F] XLI -WVEIPM EVQ]

%W [I QIRXMSRIH EFSZI XLI HIZEWXEXMSR SJ 2I[ 3VPIERW F] LYVVMGERI /EXVMRE KEZI

E GIVXEMR JVMRKI SJ XLI 2SVXL %QIVMGER EREVGLMWX QSZIQIRX XLI STTSVXYRMX] XS
EGLMIZI ER YRJEQMPMEV GSLIWMSR F] VEPP]MRK EPP XLSWI [LS VIJYWIH XS FI JSVGIJYPP]
IZEGYEXIH 7XVIIX OMXGLIRW VIUYMVI FYMPHMRK YT TVSZMWMSRW FIJSVILERH IQIVKIRG]
QIHMGEP EMH VIUYMVIW XLI EGUYMWMXMSR SJ RIGIWWEV] ORS[PIHKI ERH QEXIVMEPW EW HSIW
XLI WIXXMRK YT SJ TMVEXI VEHMSW 8LI TSPMXMGEP VMGLRIWW SJ WYGL I\TIVMIRGIW MW EWWYVIH
F] XLI NS] XLI] GSRXEMR XLI [E] XLI] XVERWGIRH MRHMZMHYEP WXSMGMWQ ERH XLIMV
QERMJIWXEXMSR SJ E XERKMFPI VIEPMX] XLEX IWGETIW XLI HEMP] EQFMIRGI SJ SVHIV ERH
[SVO

-R E GSYRXV] PMOI *VERGI [LIVI VEHMSEGXMZI GPSYHW WXST EX XLI FSVHIV ERH [LIVI [I
EVIR·X EJVEMH XS FYMPH E GERGIV VIWIEVGL GIRXIV SR XLI JSVQIV WMXI SJ E RMXVSKIR
JIVXMPM^IV JEGXSV] XLEX LEW FIIR GSRHIQRIH F] XLI )9·W MRHYWXVMEP WEJIX] EKIRG] [I
WLSYPH GSYRX PIWW SR ´REXYVEPµ GVMWIW XLER SR WSGMEP SRIW -X MW YWYEPP] YT XS XLI
WSGMEP QSZIQIRXW XS MRXIVVYTX XLI RSVQEP GSYVWI SJ XLI HMWEWXIV 3J GSYVWI MR
VIGIRX ]IEVW XLI ZEVMSYW WXVMOIW [IVI TVMQEVMP] STTSVXYRMXMIW JSV XLI KSZIVRQIRX
ERH GSVTSVEXI QEREKIQIRX XS XIWX XLIMV EFMPMX] XS QEMRXEMR E PEVKIV ERH PEVKIV
´QMRMQYQ WIVZMGI µ XS XLI TSMRX SJ VIHYGMRK XLI [SVO WXSTTEKI XS E TYVIP]
W]QFSPMG HMQIRWMSR GEYWMRK PMXXPI QSVI HEQEKI XLER E WRS[WXSVQ SV E WYMGMHI SR
XLI VEMPVSEH XVEGOW &] KSMRK EKEMRWX IWXEFPMWLIH EGXMZMWX TVEGXMGIW XLVSYKL XLI
W]WXIQEXMG SGGYTEXMSR SJ MRWXMXYXMSRW ERH SFWXMREXI FPSGOEHMRK XLI LMKL WGLSSP
WXYHIRXW· WXVYKKPI SJ ERH XLI WXVYKKPI EKEMRWX XLI '4) PE[ VIQMRHIH YW SJ XLI
EFMPMX] SJ PEVKI QSZIQIRXW XS GEYWI XVSYFPI ERH GEVV] SYX HMJJYWI SJJIRWMZIW -R EPP
XLI EJJMRMX] KVSYTW XLI] WTE[RIH ERH PIJX MR XLIMV [EOI [I KPMQTWIH XLI GSRHMXMSRW
XLEX EPPS[ WSGMEP QSZIQIRXW XS FIGSQI E PSGYW JSV XLI IQIVKIRGI SJ RI[
GSQQYRIW

8LI TLVEWI ´QMRMQYQ WIVZMGIµ VIJIVW XS XLI [SVO XLEX MW HIIQIH RIGIWWEV] MR WIGXSVW HIIQIH IWWIRXMEP XS XLI
VYRRMRK SJ XLI REXMSREP IGSRSQ] [LMGL [SVOIVW EVI XLYW PIKEPP] VIUYMVIH XS TIVJSVQ HYVMRK WXVMOIW
7EFSXEKI IZIV] VITVIWIRXEXMZI EYXLSVMX]
7TVIEH XLI [ SVH %FSPMWL KIRIVEP EWWIQFPMIW

8LI JMVWX SFWXEGPI IZIV] WSGMEP QSZIQIRX JEGIW PSRK FIJSVI XLI TSPMGI TVSTIV EVI
XLI YRMSRW ERH XLI IRXMVI QMGVS FYVIEYGVEG] [LSWI NSF MX MW XS GSRXVSP XLI WXVYKKPI
'SQQYRIW GSPPIGXMZIW ERH KERKW EVI REXYVEPP] HMWXVYWXJYP SJ XLIWI WXVYGXYVIW
8LEX·W [L] XLI TEVEFYVIEYGVEXW LEZI JSV XLI TEWX X[IRX] ]IEVW FIIR MRZIRXMRK
GSSVHMREXMSR GSQQMXXIIW ERH WTSOIW GSYRGMPW XLEX WIIQ QSVI MRRSGIRX FIGEYWI
XLI] PEGO ER IWXEFPMWLIH PEFIP FYX EVI MR JEGX XLI MHIEP XIVVEMR JSV XLIMV QERIYZIVW
;LIR E WXVE] GSPPIGXMZI QEOIW ER EXXIQTX EX EYXSRSQ] XLI] [SR·X FI WEXMWJMIH
YRXMP XLI]·ZI HVEMRIH XLI EXXIQTX SJ EPP GSRXIRX F] TVIZIRXMRK ER] VIEP UYIWXMSR
JVSQ FIMRK EHHVIWWIH 8LI] KIX JMIVGI ERH [SVOIH YT RSX SYX SJ TEWWMSR JSV HIFEXI
FYX SYX SJ E TEWWMSR JSV WLYXXMRK MX HS[R %RH [LIR XLIMV HSKKIH HIJIRWI SJ ETEXL]
JMREPP] HSIW XLI GSPPIGXMZI MR XLI] I\TPEMR MXW JEMPYVI F] GMXMRK E PEGO SJ TSPMXMGEP
GSRWGMSYWRIWW -X QYWX FI RSXIH XLEX MR *VERGI XLI QMPMXERX ]SYXL EVI [IPP ZIVWIH MR
XLI EVX SJ TSPMXMGEP QERMTYPEXMSR XLEROW PEVKIP] XS XLI JVIR^MIH EGXMZMX] SJ ZEVMSYW
XVSXWO]MWX JEGXMSRW 8LI] GSYPH RSX FI I\TIGXIH XS PIEVR XLI PIWWSR SJ XLI
GSRJPEKVEXMSR SJ 2SZIQFIV XLEX GSSVHMREXMSRW EVI YRRIGIWWEV] [LIVI
GSSVHMREXMSR I\MWXW SVKERM^EXMSRW EVIR·X RIIHIH [LIR TISTPI SVKERM^I
XLIQWIPZIW

%RSXLIV VIJPI\ MW XS GEPP E KIRIVEP EWWIQFP] EX XLI WPMKLXIWX WMKR SJ QSZIQIRX ERH
ZSXI 8LMW MW E QMWXEOI 8LI FYWMRIWW SJ ZSXMRK ERH HIGMHMRK E [MRRIV MW IRSYKL XS
XYVR XLI EWWIQFP] MRXS E RMKLXQEVI MRXS E XLIEXIV [LIVI EPP XLI ZEVMSYW PMXXPI
TVIXIRHIVW XS TS[IV GSRJVSRX IEGL SXLIV ,IVI [I WYJJIV JVSQ XLI FEH I\EQTPI SJ
FSYVKISMW TEVPMEQIRXW %R EWWIQFP] MW RSX E TPEGI JSV HIGMWMSRW FYX JSV TEPEZIV
JSV JVII WTIIGL I\IVGMWIH [MXLSYX E KSEP

8LI RIIH XS EWWIQFPI MW EW GSRWXERX EQSRK LYQERW EW XLI RIGIWWMX] SJ QEOMRK

HIGMWMSRW MW VEVI %WWIQFPMRK GSVVIWTSRHW XS XLI NS] SJ JIIPMRK E GSQQSR TS[IV
(IGMWMSRW EVI ZMXEP SRP] MR IQIVKIRG] WMXYEXMSRW [LIVI XLI I\IVGMWI SJ HIQSGVEG]
MW EPVIEH] GSQTVSQMWIH 8LI VIWX SJ XLI XMQI ´XLI HIQSGVEXMG GLEVEGXIV SJ HIGMWMSR
QEOMRKµ MW SRP] E TVSFPIQ JSV XLI JEREXMGW SJ TVSGIWW -X·W RSX E QEXXIV SJ GVMXMUYMRK
EWWIQFPMIW SV EFERHSRMRK XLIQ FYX SJ PMFIVEXMRK XLI WTIIGL KIWXYVIW ERH
MRXIVTPE] SJ FIMRKW XLEX XEOI TPEGI [MXLMR XLIQ ;I NYWX LEZI XS WII XLEX IEGL
TIVWSR GSQIW XS ER EWWIQFP] RSX SRP] [MXL E TSMRX SJ ZMI[ SV E QSXMSR FYX [MXL
HIWMVIW EXXEGLQIRXW GETEGMXMIW JSVGIW WEHRIWWIW ERH E GIVXEMR HMWTSWMXMSR XS[EVH
SXLIVW ER STIRRIWW -J [I QEREKI XS WIX EWMHI XLI JERXEW] SJ XLI +IRIVEP %WWIQFP]
ERH VITPEGI MX [MXL ER EWWIQFP] SJ TVIWIRGIW MJ [I QEREKI XS JSMP XLI GSRWXERXP]
VIRI[IH XIQTXEXMSR SJ LIKIQSR] MJ [I WXST QEOMRK XLI HIGMWMSR SYV JMREP EMQ
XLIR XLIVI MW E GLERGI JSV E OMRH SJ QEWWMJMGEXMSR SRI SJ XLSWI QSQIRXW SJ
GSPPIGXMZI GV]WXEPPM^EXMSR [LIVI E HIGMWMSR WYHHIRP] XEOIW LSPH SJ FIMRKW
GSQTPIXIP] SV SRP] MR TEVX

8LI WEQI KSIW JSV HIGMHMRK SR EGXMSRW &] WXEVXMRK JVSQ XLI TVMRGMTPI XLEX ´XLI
EGXMSR MR UYIWXMSR WLSYPH KSZIVR XLI EWWIQFP]·W EKIRHEµ [I QEOI FSXL ZMKSVSYW
HIFEXI ERH IJJIGXMZI EGXMSR MQTSWWMFPI % PEVKI EWWIQFP] QEHI YT SJ TISTPI [LS
HSR·X ORS[ IEGL SXLIV MW SFPMKIH XS GEPP SR EGXMSR WTIGMEPMWXW XLEX MW XS EFERHSR
EGXMSR JSV XLI WEOI SJ MXW GSRXVSP 3R XLI SRI LERH TISTPI [MXL QERHEXIW EVI F]
HIJMRMXMSR LMRHIVIH MR XLIMV EGXMSRW SR XLI SXLIV LERH RSXLMRK LMRHIVW XLIQ JVSQ
HIGIMZMRK IZIV]SRI

8LIVI·W RS MHIEP JSVQ SJ EGXMSR ;LEX·W IWWIRXMEP MW XLEX EGXMSR EWWYQI E GIVXEMR
JSVQ XLEX MX KMZI VMWI XS E JSVQ MRWXIEH SJ LEZMRK SRI MQTSWIH SR MX 8LMW
TVIWYTTSWIW E WLEVIH TSPMXMGEP ERH KISKVETLMGEP TSWMXMSR ² PMOI XLI WIGXMSRW SJ XLI
4EVMW 'SQQYRI HYVMRK XLI *VIRGL 6IZSPYXMSR ² EW [IPP EW XLI GMVGYPEXMSR SJ E
WLEVIH ORS[PIHKI %W JSV HIGMHMRK SR EGXMSRW XLI TVMRGMTPI GSYPH FI EW JSPPS[W
IEGL TIVWSR WLSYPH HS XLIMV S[R VIGSRREMWWERGI XLI MRJSVQEXMSR [SYPH XLIR FI TYX
XSKIXLIV ERH XLI HIGMWMSR [MPP SGGYV XS YW VEXLIV XLER FIMRK QEHI F] YW 8LI
GMVGYPEXMSR SJ ORS[PIHKI GERGIPW LMIVEVGL] MX IUYEPM^IW F] VEMWMRK YT
4VSPMJIVEXMRK LSVM^SRXEP GSQQYRMGEXMSR MW EPWS XLI FIWX JSVQ SJ GSSVHMREXMSR
EQSRK HMJJIVIRX GSQQYRIW XLI FIWX [E] XS TYX ER IRH XS LIKIQSR]
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TS[ IV F] SYV PIZIP SJ WIPJ SVKERM^EXMSR

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OMGOIH SYX SJJMGMEP ZILMGPIW EVI VIUYMWMXMSRIH % QSRXL PEXIV EGGIWW MW GYX SJJ XS
GIVXEMR LSXIPW ERH XSYVMWX GSQTSYRHW 1I\MGS·W 1MRMWXIV SJ 8SYVMWQ WTIEOW SJ E
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QSZIQIRX EKEMRWX XLI '4) MR *VERGI HMH RSX LIWMXEXI XS FPSGO XVEMR WXEXMSRW VMRK
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LYRHVIH TISTPI [IVI RIIHIH XS WLYX HS[R XLI QEMR EGGIWW VSEH XS XLI XS[R JSV
LSYVW ERH GEYWI E OMPSQIXIV PSRK XVEJJMG NEQ

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SVHIV -R E HIPSGEPM^IH IGSRSQ] [LIVI GSQTERMIW JYRGXMSR EGGSVHMRK XS ´NYWX MR
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XLI LMKL[E]W EVI PMROW MR XLI GLEMR SJ HIQEXIVMEPM^IH TVSHYGXMSR [LMGL QSZIW JVSQ
WYFGSRXVEGXSV XS WYFGSRXVEGXSV ERH JVSQ XLIVI XS ERSXLIV JEGXSV] JSV EWWIQFP] XS
FPSGO GMVGYPEXMSR MW XS FPSGO TVSHYGXMSR EW [IPP

&YX E FPSGOEHI MW SRP] EW IJJIGXMZI EW XLI MRWYVKIRXW· GETEGMX] XS WYTTP] XLIQWIPZIW

ERH XS GSQQYRMGEXI EW IJJIGXMZI EW XLI WIPJ SVKERM^EXMSR SJ XLI HMJJIVIRX
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XLI] EVI RSX FSXXSQPIWW TERXVMIW %GUYMVMRK XLI WOMPPW XS TVSZMHI SZIV XMQI JSV
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TVSHYGXMSR %RH MR XLMW VIKEVH MX WIIQW TSMRXPIWW XS [EMX ER] PSRKIV 0IXXMRK
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HIQERHW FYX [MXL MRHMZMHYEPW [LS EVI HIGPEVMRK [EV SR XLI 6ITYFPMG µ RSXIH E
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VIWIRXQIRX XLEX XLI JSVGIW SJ SVHIV LEZI QEVWLEPIH EKEMRWX MX )ZIR XLI ´WSGMEP
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JVSRX GIVXEMR FERPMIYIW VIQEMR YRWYVTEWWIH 7TIGMJMGEPP] [LIR MX GSQIW XS XLI
XIGLRMUYI XLI]·ZI FIIR TIVJIGXMRK JSV WSQI XMQI RS[ XLI WYVTVMWI EXXEGO 0MOI XLI
SRI SR 3GXSFIV MR )TMRE] % TVMZEXI WIGYVMX] XIEQ LIEHIH SYX EJXIV
KIXXMRK E VITSVX SJ WSQIXLMRK WXSPIR JVSQ E GEV ;LIR XLI] EVVMZIH SRI SJ XLI
WIGYVMX] KYEVHW ´JSYRH LMQWIPJ FPSGOIH F] X[S ZILMGPIW TEVOIH HMEKSREPP] EGVSWW
XLI WXVIIX ERH F] QSVI XLER XLMVX] TISTPI GEVV]MRK QIXEP FEVW ERH TMWXSPW [LS XLVI[
WXSRIW EX XLI ZILMGPI ERH YWIH XIEV KEW EKEMRWX XLI TSPMGI SJJMGIVW µ 3R E WQEPPIV
WGEPI XLMRO SJ EPP XLI PSGEP TSPMGI WXEXMSRW EXXEGOIH MR XLI RMKLX FVSOIR [MRHS[W
FYVRX SYX GST GEVW

3RI SJ XLI VIWYPXW SJ XLIWI VIGIRX QSZIQIRXW MW XLI YRHIVWXERHMRK XLEX LIRGIJSVXL E
VIEP HIQSRWXVEXMSR LEW XS FI ´[MPH µ RSX HIGPEVIH MR EHZERGI XS XLI TSPMGI ,EZMRK
XLI GLSMGI SJ XIVVEMR [I GER PMOI XLI &PEGO &PSG SJ +IRSE MR F]TEWW XLI VIH
^SRIW ERH EZSMH HMVIGX GSRJVSRXEXMSR &] GLSSWMRK SYV S[R XVENIGXSV] [I GER PIEH
XLI GSTW MRGPYHMRK YRMSRMWX ERH TEGMJMWX SRIW VEXLIV XLER FIMRK LIVHIH F] XLIQ -R
+IRSE [I WE[ E XLSYWERH HIXIVQMRIH TISTPI TYWL FEGO IRXMVI FYWIW JYPP SJ
GEVEFMRMIVM XLIR WIX XLIMV ZILMGPIW SR JMVI 8LI MQTSVXERX XLMRK MW RSX XS FI
FIXXIV EVQIH FYX XS XEOI XLI MRMXMEXMZI 'SYVEKI MW RSXLMRK GSRJMHIRGI MR ]SYV
S[R GSYVEKI MW IZIV]XLMRK ,EZMRK XLI MRMXMEXMZI LIPTW

)ZIV]XLMRK TSMRXW RSRIXLIPIWW XS[EVH E GSRGITXMSR SJ HMVIGX GSRJVSRXEXMSRW EW XLEX

[LMGL TMRW HS[R STTSWMRK JSVGIW FY]MRK YW XMQI ERH EPPS[MRK YW XS EXXEGO

&SXIPPzR MW E GYWXSQ XLEX XEOIW TPEGI QEMRP] MR XLI 7TERMWL RMKLXPMJI [LMGL MRZSPZIW XLI KEXLIVMRK SJ E PEVKI
RYQFIV SJ ]SYRK TISTPI QSWXP] FIX[IIR XLI EKIW SJ ERH SYXHSSVW XS HVMRO FIZIVEKIW TVIZMSYWP] EGUYMVIH MR
WLSTW YWYEPP] WYTIVQEVOIXW XS PMWXIR XS QYWMG ERH XEPO 8LMW MW SJXIR HSRI FIGEYWI SJ XLI LMKL TVMGIW MR FEVW ERH
FIMRK YRHIVEKI JSV FEVW ERH GPYFW
-XEP]·W REXMSREP QMPMXEVM^IH TSPMGI JSVGI
IPWI[LIVI ² IZIR RIEVF] 8LI JEGX XLEX [I GERRSX TVIZIRX E GSRJVSRXEXMSR JVSQ
SGGYVVMRK HSIWR·X TVIZIRX YW JVSQ QEOMRK MX MRXS E WMQTPI HMZIVWMSR )ZIR QSVI
XLER XS EGXMSRW [I QYWX GSQQMX SYVWIPZIW XS XLIMV GSSVHMREXMSR ,EVEWWMRK XLI
TSPMGI QIERW XLEX F] JSVGMRK XLIQ XS FI IZIV][LIVI XLI] GER RS PSRKIV FI
IJJIGXMZI ER][LIVI

)ZIV] EGX SJ LEVEWWQIRX VIZMZIW XLMW XVYXL WTSOIR MR ´8LI PMJI SJ XLI TSPMGI
EKIRX MW TEMRJYP LMW TSWMXMSR MR WSGMIX] MW EW LYQMPMEXMRK ERH HIWTMWIH EW GVMQI
MXWIPJ¬ 7LEQI ERH MRJEQ] IRGMVGPI LMQ JVSQ EPP WMHIW WSGMIX] I\TIPW LMQ MWSPEXIW
LMQ EW E TEVMEL WSGMIX] WTMXW SYX MXW HMWHEMR JSV XLI TSPMGI EKIRX EPSRK [MXL LMW TE]
[MXLSYX VIQSVWI [MXLSYX VIKVIXW [MXLSYX TMX]¬ 8LI TSPMGI FEHKI XLEX LI GEVVMIW MR
LMW TSGOIX HSGYQIRXW LMW WLEQI µ 3R 2SZIQFIV JMVIQIR HIQSRWXVEXMRK
MR 4EVMW EXXEGOIH XLI VMSX TSPMGI [MXL LEQQIVW ERH MRNYVIH JMJXIIR SJ XLIQ 8LMW F]
[E] SJ E VIQMRHIV XLEX [ERXMRK XS ´TVSXIGX ERH WIVZIµ GER RIZIV FI ER I\GYWI JSV
NSMRMRK XLI TSPMGI
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QEOI XLIMV YWI YRRIGIWWEV] %KEMRWX XLI
EVQ] XLI SRP] ZMGXSV] MW TSPMXMGEP

8LIVI MW RS WYGL XLMRK EW E TIEGIJYP MRWYVVIGXMSR ;IETSRW EVI RIGIWWEV] MX·W

E UYIWXMSR SJ HSMRK IZIV]XLMRK TSWWMFPI XS QEOI YWMRK XLIQ YRRIGIWWEV] %R
MRWYVVIGXMSR MW QSVI EFSYX XEOMRK YT EVQW ERH QEMRXEMRMRK ER ´EVQIH TVIWIRGIµ
XLER MX MW EFSYX EVQIH WXVYKKPI ;I RIIH XS HMWXMRKYMWL GPIEVP] FIX[IIR FIMRK
EVQIH ERH XLI YWI SJ EVQW ;IETSRW EVI E GSRWXERX MR VIZSPYXMSREV] WMXYEXMSRW FYX
XLIMV YWI MW MRJVIUYIRX ERH VEVIP] HIGMWMZI EX OI] XYVRMRK TSMRXW %YKYWX XL
1EVGL XL 3GXSFIV ;LIR TS[IV MW MR XLI KYXXIV MX·W IRSYKL XS [EPO
SZIV MX

&IGEYWI SJ XLI HMWXERGI XLEX WITEVEXIW YW JVSQ XLIQ [IETSRW LEZI XEOIR SR E OMRH
SJ HSYFPI GLEVEGXIV SJ JEWGMREXMSR ERH HMWKYWX XLEX GER FI SZIVGSQI SRP] F]
LERHPMRK XLIQ %R EYXLIRXMG TEGMJMWQ GERRSX QIER VIJYWMRK [IETSRW FYX SRP]
VIJYWMRK XS YWI XLIQ 4EGMJMWQ [MXLSYX FIMRK EFPI XS JMVI E WLSX MW RSXLMRK FYX XLI
XLISVIXMGEP JSVQYPEXMSR SJ MQTSXIRGI 7YGL E TVMSVM TEGMJMWQ MW E OMRH SJ TVIZIRXMZI
HMWEVQEQIRX E TYVI TSPMGI STIVEXMSR -R VIEPMX] XLI UYIWXMSR SJ TEGMJMWQ MW WIVMSYW
SRP] JSV XLSWI [LS LEZI XLI EFMPMX] XS STIR JMVI -R XLMW GEWI TEGMJMWQ FIGSQIW E
WMKR SJ TS[IV WMRGI MX·W SRP] MR ER I\XVIQI TSWMXMSR SJ WXVIRKXL XLEX [I EVI JVIIH
JVSQ XLI RIIH XS JMVI

*VSQ E WXVEXIKMG TSMRX SJ ZMI[ MRHMVIGX EW]QQIXVMGEP EGXMSR WIIQW XLI QSWX
IJJIGXMZI OMRH XLI SRI FIWX WYMXIH XS SYV XMQI ]SY HSR·X EXXEGO ER SGGYT]MRK EVQ]
JVSRXEPP] 8LEX WEMH XLI TVSWTIGX SJ -VEU WX]PI YVFER KYIVMPPE [EVJEVI HVEKKMRK SR
[MXL RS TSWWMFMPMX] SJ XEOMRK XLI SJJIRWMZI MW QSVI XS FI JIEVIH XLER XS FI HIWMVIH
8LI QMPMXEVM^EXMSR SJ GMZMP [EV MW XLI HIJIEX SJ MRWYVVIGXMSR 8LI 6IHW LEH XLIMV
ZMGXSV] MR FYX XLI 6YWWMER 6IZSPYXMSR [EW EPVIEH] PSWX

;I QYWX GSRWMHIV X[S OMRHW SJ WXEXI VIEGXMSR 3RI STIRP] LSWXMPI SRI QSVI WP] ERH
HIQSGVEXMG 8LI JMVWX GEPPW JSV SYV SYX ERH SYX HIWXVYGXMSR XLI WIGSRH E WYFXPI FYX
MQTPEGEFPI LSWXMPMX] WIIOW SRP] XS VIGVYMX YW ;I GER FI HIJIEXIH FSXL F]
HMGXEXSVWLMT ERH F] FIMRK VIHYGIH XS STTSWMRK SRP] HMGXEXSVWLMT (IJIEX GSRWMWXW EW
QYGL MR PSWMRK XLI [EV EW MR PSWMRK XLI GLSMGI SJ [LMGL [EV XS [EKI &SXL EVI
7XSVQMRK SJ XLI 8YMPIVMIW VS]EP TEPEGI HYVMRK XLI *VIRGL 6IZSPYXMSR
1YXMRSYW WSPHMIVW NSMR XLI MRWYVVIGXMSREV] 4EVMW 'SQQYRI
1EWW YTVMWMRKW EKEMRWX XLI 6YWWMER ´4VSZMWMSREPµ +SZIVRQIRX
TSWWMFPI EW [EW TVSZIR F] 7TEMR MR XLI VIZSPYXMSREVMIW XLIVI [IVI HIJIEXIH
X[MGI SZIV F] JEWGMWQ ERH F] XLI VITYFPMG

;LIR XLMRKW KIX WIVMSYW XLI EVQ] SGGYTMIW XLI XIVVEMR ;LIXLIV SV RSX MX IRKEKIW
MR GSQFEX MW PIWW GIVXEMR 8LEX [SYPH VIUYMVI XLEX XLI WXEXI FI GSQQMXXIH XS E
FPSSHFEXL [LMGL JSV RS[ MW RS QSVI XLER E XLVIEX E FMX PMOI XLI XLVIEX SJ YWMRK
RYGPIEV [IETSRW JSV XLI PEWX JMJX] ]IEVW 8LSYKL MX LEW FIIR [SYRHIH JSV E PSRK
[LMPI XLI FIEWX SJ XLI WXEXI MW WXMPP HERKIVSYW % QEWWMZI GVS[H [SYPH FI RIIHIH XS
GLEPPIRKI XLI EVQ] MRZEHMRK MXW VEROW ERH JVEXIVRM^MRK [MXL XLI WSPHMIVW ;I RIIH E
1EVGL XL ;LIR XLI EVQ] MW MR XLI WXVIIX [I LEZI ER MRWYVVIGXMSREV]
WMXYEXMSR 3RGI XLI EVQ] IRKEKIW XLI SYXGSQI MW TVIGMTMXEXIH )ZIV]SRI JMRHW
LIVWIPJ JSVGIH XS XEOI WMHIW XS GLSSWI FIX[IIR EREVGL] ERH XLI JIEV SJ
EREVGL] %R MRWYVVIGXMSR XVMYQTLW EW E TSPMXMGEP JSVGI -X MW RSX MQTSWWMFPI XS
HIJIEX ER EVQ] TSPMXMGEPP]
(ITSWI EYXLSVMXMIW EX E PSGEP PIZIP

8LI KSEP SJ ER] MRWYVVIGXMSR MW XS FIGSQI MVVIZIVWMFPI -X FIGSQIW MVVIZIVWMFPI

[LIR ]SY·ZI HIJIEXIH FSXL EYXLSVMX] ERH XLI RIIH JSV EYXLSVMX] TVSTIVX] ERH
XLI XEWXI JSV ETTVSTVMEXMSR LIKIQSR] ERH XLI HIWMVI JSV LIKIQSR] 8LEX MW
[L] XLI MRWYVVIGXMSREV] TVSGIWW GEVVMIW [MXLMR MXWIPJ XLI JSVQ SJ MXW ZMGXSV] SV
XLEX SJ MXW HIJIEX (IWXVYGXMSR LEW RIZIV FIIR IRSYKL XS QEOI XLMRKW
MVVIZIVWMFPI ;LEX QEXXIVW MW LS[ MX·W HSRI 8LIVI EVI [E]W SJ HIWXVS]MRK XLEX
YRJEMPMRKP] TVSZSOI XLI VIXYVR SJ [LEX LEW FIIR GVYWLIH ;LSIZIV [EWXIW
XLIMV IRIVK] SR XLI GSVTWI SJ ER SVHIV GER FI WYVI XLEX XLMW [MPP EVSYWI XLI
HIWMVI JSV ZIRKIERGI 8LYW [LIVIZIV XLI IGSRSQ] MW FPSGOIH ERH XLI TSPMGI
EVI RIYXVEPM^IH MX MW MQTSVXERX XS MRZIWX EW PMXXPI TEXLSW EW TSWWMFPI MR
SZIVXLVS[MRK XLI EYXLSVMXMIW 8LI] QYWX FI HITSWIH [MXL XLI QSWX WGVYTYPSYW
MRHMJJIVIRGI ERH HIVMWMSR

-R XMQIW PMOI XLIWI XLI IRH SJ GIRXVEPM^IH VIZSPYXMSRW VIJPIGXW XLI HIGIRXVEPM^EXMSR
SJ TS[IV ;MRXIV 4EPEGIW WXMPP I\MWX FYX XLI] LEZI FIIR VIPIKEXIH XS EWWEYPXW F]
XSYVMWXW VEXLIV XLER VIZSPYXMSREV] LSVHIW 8SHE] MX MW TSWWMFPI XS XEOI SZIV 4EVMW
6SQI SV &YIRSW %MVIW [MXLSYX MX FIMRK E HIGMWMZI ZMGXSV] 8EOMRK SZIV 6YRKMW
[SYPH GIVXEMRP] FI QSVI IJJIGXMZI XLER XEOMRK SZIV XLI )P]WqI 4EPEGI 4S[IV MW RS
PSRKIV GSRGIRXVEXIH MR SRI TSMRX MR XLI [SVPH MX MW XLI [SVPH MXWIPJ MXW JPS[W ERH MXW
EZIRYIW MXW TISTPI ERH MXW RSVQW MXW GSHIW ERH MXW XIGLRSPSKMIW 4S[IV MW XLI
SVKERM^EXMSR SJ XLI QIXVSTSPMW MXWIPJ -X MW XLI MQTIGGEFPI XSXEPMX] SJ XLI [SVPH SJ XLI
GSQQSHMX] EX IEGL SJ MXW TSMRXW %R]SRI [LS HIJIEXW MX PSGEPP] WIRHW E TPERIXEV]
WLSGO [EZI XLVSYKL MXW RIX[SVOW 8LI VMSXW XLEX FIKER MR 'PMGL] WSYW &SMW JMPPIH
QSVI XLER SRI %QIVMGER LSYWILSPH [MXL NS] [LMPI XLI MRWYVKIRXW SJ 3E\EGE JSYRH
EGGSQTPMGIW VMKLX MR XLI LIEVX SJ 4EVMW *SV *VERGI XLI PSWW SJ GIRXVEPM^IH TS[IV
WMKRMJMIW XLI IRH SJ 4EVMW EW XLI GIRXIV SJ VIZSPYXMSREV] EGXMZMX] )ZIV] RI[
QSZIQIRX WMRGI XLI WXVMOIW SJ LEW GSRJMVQIH XLMW -X·W RS PSRKIV MR 4EVMW XLEX
XLI QSWX HEVMRK ERH GSRWMWXIRX EGXMSRW EVI GEVVMIH SYX 8S TYX MX FPYRXP] 4EVMW RS[
WXERHW SYX SRP] EW E XEVKIX JSV VEMHW EW E TYVI XIVVEMR XS FI TMPPEKIH ERH VEZEKIH
&VMIJ ERH FVYXEP MRGYVWMSRW JVSQ XLI SYXWMHI WXVMOI EX XLI QIXVSTSPMXER JPS[W EX XLIMV
TSMRX SJ QE\MQYQ HIRWMX] 6EKI WXVIEOW EGVSWW XLMW HIWIVX SJ JEOI EFYRHERGI XLIR
ZERMWLIW % HE] [MPP GSQI [LIR XLMW GETMXEP ERH MXW LSVVMFPI GSRGVIXMSR SJ TS[IV
[MPP PMI MR QENIWXMG VYMRW FYX MX [MPP FI EX XLI IRH SJ E TVSGIWW XLEX [MPP FI JEV QSVI
EHZERGIH IZIV][LIVI IPWI

%PP TS[ IV XS XLI GSQQYRIW

6YRKMW MW E [LSPIWEPI JSSH QEVOIX SYXWMHI SJ 4EVMW XLI PEVKIWX SJ MXW OMRH MR XLI [SVPH
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RSVQEPP] MQTIHIW XLI KIWXYVIW SJ XLI TEWWIRKIVW 7XVERKIVW QEOI GSRZIVWEXMSR
[MXLSYX QEOMRK TEWWIW % FERH SJ GSQVEHIW GSRJIVVMRK SR E WXVIIX GSVRIV 1YGL
PEVKIV EWWIQFPMIW SR XLI FSYPIZEVHW EFWSVFIH MR HMWGYWWMSRW 7YVTVMWI EXXEGOW
QSYRXIH MR GMX] EJXIV GMX] HE] EJXIV HE] % RI[ QMPMXEV] FEVVEGOW LEW FIIR WEGOIH
ERH FYVRIH XS XLI KVSYRH 8LI IZMGXIH VIWMHIRXW SJ E FYMPHMRK LEZI WXSTTIH
RIKSXMEXMRK [MXL XLI QE]SV·W SJJMGI XLI] WIXXPI MR % GSQTER] QEREKIV MW MRWTMVIH
XS FPS[ E[E] E LERHJYP SJ LMW GSPPIEKYIW MR XLI QMHHPI SJ E QIIXMRK 8LIVI·W FIIR
E PIEO SJ JMPIW GSRXEMRMRK XLI TIVWSREP EHHVIWWIW SJ EPP XLI GSTW XSKIXLIV [MXL XLSWI
SJ TVMWSR SJJMGMEPW GEYWMRK ER YRTVIGIHIRXIH [EZI SJ WYHHIR VIPSGEXMSRW ;I GEVV]
SYV WYVTPYW KSSHW MRXS XLI SPH ZMPPEKI FEV ERH KVSGIV] WXSVI ERH XEOI [LEX [I
PEGO 7SQI SJ YW WXE] PSRK IRSYKL XS HMWGYWW XLI KIRIVEP WMXYEXMSR ERH JMKYVI SYX
XLI LEVH[EVI [I RIIH JSV XLI QEGLMRI WLST 8LI VEHMS OIITW XLI MRWYVKIRXW
MRJSVQIH SJ XLI VIXVIEX SJ XLI KSZIVRQIRX JSVGIW % VSGOIX LEW NYWX FVIEGLIH E [EPP
SJ XLI 'PEMVZEY\ TVMWSR -QTSWWMFPI XS WE] MJ MX LEW FIIR QSRXLW SV ]IEVW WMRGI XLI
´IZIRXWµ FIKER %RH XLI TVMQI QMRMWXIV WIIQW ZIV] EPSRI MR LMW ETTIEPW JSV GEPQ