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NpWSRQWRV pOV]HUB DGV]RUSFLyW EL]RQ\tWRWWD $] HWLOpQ DGV]RUSFLyMD . DODWWL
KBPpUVpNOHWHQ3W$O 2 pV3W6L2 NDWDOL]iWRURNRQUHYHU]LELOLVQHNPXWDWNR]LNDIHOOHWHQ
DGV]RUEHiOWUDGLRV]pQQHOMHO]HWWHWLOpQpVDJi]Ii]LV~QHPUDGLRDNWtYHWLOpQN|]|WWLFVHUH
WDQ~ViJDV]HULQW>@
$ IHQWLHNEBO NLUDM]ROyGy NpS D]W PXWDWMD KRJ\ D V]pQKLGURJpQHN DGV]RUSFLyMiQDN
EHYH]HWBOpSpVpWYLV]RQ\ODJJ\HQJHN|OFV|QKDWiVMHOOHP]L(EHYH]HWBOpSpVNpQWPHJYDOyVXOy
DGV]RUSFLy PpUWpNH IJJ D PROHNXOD JHRPHWULDL V]HUNH]HWpWBO (]W N|YHWL D PpO\HEE
V]HUNH]HWLYiOWR]iVRNNDOMiUyIRO\DPDWËJ\D]HOBEELSpOGiEDQHPOtWHWWHWLOpQDGV]RUSFLyYDO
NDSFVRODWEDQDPDJDVDEE.KBPpUVpNOHWWDUWRPiQ\EDQPiUNL]iUyODJPHWiQpV
HWiQ MHOHQLN PHJ D Ji]Ii]LVEDQ MHO]HWW IRUPiEDQ WHKiW UpV]EHQ KLGURJHQROt]LV UpV]EHQ
|QKLGURJpQH]BGpVMiWV]yGLNOH
$] DGV]RUSFLy PHFKDQL]PXViUD YRQDWNR]yDQ DODSYHWB NpUGpV PROHNXOiULVDQ DYDJ\
GLVV]RFLDWtYH&+pVYDJ\&&N|WpVHNIHOKDVDGiVD~WMiQM|QHOpWUHD]DGV]RUEHiOWIHOOHWL
NpS]BGPpQ\"(NpUGpVHNNHODNXWDWyNPiUDP~OWV]i]DGHVHVpYHLEHQIRJODONR]QL
NH]GWHN$PHJN|]HOtWpVNpWDODSYHWBPyGMDDV]pQKLGURJpQKLGURJpQGHXWpULXPFVHUpMH
LOOHWYHD]DGV]RUEHiOWNpS]BGPpQ\HNLQIUDY|U|VVSHNWUXPDLQDNIHOYpWHOHYROW$NXWDWiVRN
HOHLQWH IBOHJ QLNNHO NDWDOL]iWRUUDO IRO\WDN WDOiQ D]pUW PHUW H] D NDWDOL]iWRU QDJ\REE
NDWDOLWLNXVDNWLYLWiVDPLDWWHJ\pUWHOPBEEHUHGPpQ\HNHWDGRWWPLQWPiVNDWDOL]iWRURN
+'FVHUpYHOD]HJ\V]HUHVGLVV]RFLDWtYDGV]RUSFLyPHJNO|QE|]WHWKHWBDW|EEV]|U|V&+
N|WpVIHOKDVDGiVVDOMiUyGLVV]RFLiFLyWyO$PHQQ\LEHQW|EEV]|U|VGLVV]RFLiFLyOHKHWVpJHVpV
D]tJ\NpS]BG|WWN|WpVHN~MEyOKLGURJpQH]KHWBNDNiUD]LO\PyGRQHOpUKHWB|VV]HVKLGURJpQ
GHXWpULXPUDFVHUpOKHWB1DJ\REEV]pQDWRPV]iP~V]pQKLGURJpQHNHVHWpQPHJiOODStWKDWy
KRJ\ PHO\ KLGURJpQHN IpUKHWQHN D IHOOHWKH] $ IRO\DPDWRN DNWLYiOiVL HQHUJLD (
YLV]RQ\DLUyOD]HJ\V]HULIHOOHWHQWDUWy]NRGiVXWiQLWHUPpNHORV]OiVDGIHOYLOiJRVtWiVW$&+
1LHQ pV :RQ OHMiWV]yGy +' FVHUpMpEHQ NpS]BGB &' DUiQ\D PHJKDODGMD D NpW LOO
KiURPV]RURVDQ GHXWHUiOW WHUPpNHN DUiQ\iW (EEBO DUUD OHKHW NRYHWNH]WHWQL KRJ\ D
GLVV]RFLiFLy( LJpQ\HOpQ\HJHVHQQDJ\REEPLQWDGLVV]RFLiFLyVOpSpVpLJ\KDDOpSpV
PHJW|UWpQWDNNRUDFVHUHQDJ\YDOyV]tQBVpJJHOYpJEHPHJ\D]HJpV]PROHNXOiQ$]pVD
GLVV]RFLiFLy( LJpQ\pUHD&' pVD&+ 'DUiQ\iEyON|YHWNH]WHWKHWQN>@
$ V]pQKLGURJpQHN +' FVHUpMH WHUpQ DODSYHWB NXWDWiVRN NDSFVROyGQDN & .HPEDOO
QHYpKH]0HJiOODStWRWWDKRJ\DPHWiQNHPLV]RUSFLyMD1L5K:3GpV3WNDWDOL]iWRURNRQ
&+ N|WpVHN GLVV]RFLiFLyMD ~WMiQ PHJ\ YpJEHpVDGHXWHUiOWPHWiQNpS]BGpVpWDIpPHQ
DGV]RUEHiOWGHXWpULXPpVD&+ J\|NN|]|WWOHMiWV]yGy
&+ 0'0!&+ '
UHDNFLyHUHGPpQ\H]L>@
$.HPEDOOpV7D\ORUiOWDONLGROJR]RWWHOJRQGROiVV]HULQWD]HWiQDGV]RUSFLyMDQLNNHOHQD
&+N|WpVHNGLVV]RFLiFLyMD~WMiQMiWV]yGLNOH$]tJ\OpWUHM|YB
+ &&+
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00
NpS]BGPpQ\EHQH]WN|YHWBHQD&&N|WpVIHOKDVDGiVD~WMiQOHMiWV]yGyKLGURJpQDGGtFLy
PHWiQNpS]BGpVpWHUHGPpQ\H]L>@$GHXWpULXPDWRPRNV]LPPHWULNXVEHpSOpVHHWiQED
>@ DOiWiPDV]RWWD H]W D] HOJRQGROiVW 3WHVHWpUHLV$]HWiQNHPLV]RUSFLyDQDOyJLiMiUDD]
HWLOpQQHNLVNpWSRQWRVDGV]RUSFLyMiWYpOWpNNLPXWDWQLD N|WpVIHOKDVDGiVDpVD&1L
N|WpVHNVWDELOL]iOyGiVDUpYpQ>@.pVBEED]RQEDQ&+'NpS]BGpVpUHYRQDWNR]yDGDWRN
D]HWLOpQ&+N|WpVGLVV]RFLiFLyMiYDOMiUyNHPLV]RUSFLyMiUDXWDOWDN>@7UDSQHOOYLV]RQW
YDOyV]tQBVtWHWWH>@KRJ\D]HWLOpQD N|WpVpULQWHWOHQOKDJ\iViYDODNpWV]RPV]pGRV&+
N|WpVGLVV]RFLiFLyMD~WMiQNHPLV]RUEHiOyGLN
+& &+
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00
$] L]RWyS HIIHNWXV KLiQ\D D FVHUpEHQ >@ DUUD XWDO KRJ\ D GHXWHUiOW YDJ\ WULFLiOW
V]pQKLGURJpQV]HUNH]HWHDNLLQGXOiVLN|QQ\BV]pQKLGURJpQV]HUNH]HWpWBOIJJ
$] HGGLJLHN LV pU]pNHOWHWLN KRJ\ D V]pQKLGURJpQHN +'FVHUpMH DODSMiQ OHYRQW
N|YHWNH]WHWpVHN|QPDJXNEDQHOpJWHOHQHNDNHPLV]RUSFLyVRUiQOpWUHM|YBIHOOHWLVWUXNW~UiN
HJ\pUWHOPB EL]RQ\tWiViUD 1HP PLQGHQ HVHWEHQ EL]RQ\tWRWW SpOGiXO KRJ\ D FVHUH
VHEHVVpJPHJKDWiUR]yOpSpVHDNHPLV]RUSFLy$]HOBEELHNEHQpSSHQD]WOiWKDWWXN>@KRJ\D
IpPIHOOHWHQ KHO\H YDQ D PHWiQ pV HWiQUHYHU]LELOLVNLVHQWDOSLDYiOWR]iVVDOpVDNWLYiOiVL
HQHUJLiYDOMiUyDGV]RUSFLyMiQDN/HKHWVpJHVKRJ\DGLVV]RFLiFLyFVDND]LO\HQWHUPpV]HWB
DGV]RUSFLyWN|YHWBHQMiWV]yGLNOH
ËJ\DFVHUHDODSMiQFVDNN|]YHWHWW~WRQIHOWpWHOH]pVHNVHJtWVpJpYHOOHKHWPHJiOODStWiVRNDW
WHQQL D] DGV]RUSFLy VRUiQ OpWUHM|YB NpS]BGPpQ\ IHOOHWL V]HUNH]HWpUH YRQDWNR]yDQ $
NHPLV]RUSFLyPHFKDQL]PXVDD]D]DNHPLV]REHiOWNpS]BGPpQ\V]HUNH]HWHQDJ\PpUWpNEHQ
IJJD]DGRWWN|UOPpQ\HNWBOHOVBVRUEDQDKLGURJpQV]pQKLGURJpQDUiQ\WyODPLXJ\DQFVDN
D FVHUH DODSMiQ OHYRQW N|YHWNH]WHWpVHN NRUOiWDLW PXWDWMD ,QIUDY|U|V VSHNWURV]NySLDL
YL]VJiODWRN HUHGPpQ\HL D]W PXWDWWiN >@ KRJ\ D] HWLOpQ DGV]RUSFLyMD OHKHW D
N|UOPpQ\HNWBOIJJBHQPLQGDVV]RFLDWtYPLQGGLVV]RFLDWtY+DDIpPIHOOHWHWKLGURJpQ
ERUtWMD D] DGV]RUSFLy DVV]RFLDWtY KLGURJpQPHQWHV IHOOHWHQ SHGLJ IBOHJ GLVV]RFLDWtY
DGV]RUSFLyMiWV]yGLNOH$VSHNWURV]NySLDLYL]VJiODWRND]WLVPXWDWMiNKRJ\DKLGURJpQQHO
ERUtWRWWIHOOHWHQD]HWiQQHPNHPLV]RUEHiOyGLN$KLGURJpQPHQWHVIpPIHOOHWHQYLV]RQWD]
HWiQpVD]HWLOpQD]RQRVVSHNWUXPRWDGDPLD& &N|WpV&&N|WpVVpDODNXOiViWLOOHWYHD]
HWiQNpWV]RPV]pGRV&+N|WpVpQHNGLVV]RFLiFLyMiWPXWDWMD>@
,QIUDY|U|VPpUpVHNNHOVLNHUOWNLPXWDWQL>@KiURPNO|QE|]BIHOOHWLV]HUNH]HW
NpS]BGpVpQHNOHKHWBVpJpWKRUGR]yV3WNDWDOL]iWRURQHWLOpQNHPLV]RUSFLyMDVRUiQ
&+&+ &+ &+ &+ &+
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0000 0 0 00
+LGURJpQH]pVVRUiQIHOOHWLHWLOFVRSRUWRNUDMHOOHP]BYLEUiFLyPDMGHViYRNHOWBQpVpYHOD
Ji]Ii]LVEDQHWiQMHOHQLNPHJ
$]DODSYHWBHQNpWSRQWRV&DGV]RUSFLyUDpSOBV]HUNH]HWWBOWHOMHVHQHOWpUBHND]HWLOLGLQ
NpS]BGpVpUHYRQDWNR]yPHJiOODStWiVRN(]HNHWEL]RQ\tWRWWiN+5((/6VHJtWVpJpYHOHWLOpQ
DGV]RUSFLyMDVRUiQ>@1HPHJpV]HQHJ\pUWHOPBKRJ\KRJ\DQPLO\HQPHFKDQL]PXV
V]HULQWMiWV]yGLNOHH]HVHWEHQD]HWLOpQKLGURJpQH]BGpVHD]HWLOLGLQNLDODNXOiViWD]RQEDQ
EL]RQ\tWRWWQDNWHNLQWKHWMN(WLOLGLQQ\RPDLW3DiOpVPWVDL6,06VHJtWVpJpYHOLVNLPXWDWWiN
>@ 3URSpQ pV EXWpQ DQDOyJ V]HUNH]HWHNHW NpSHV OpWUHKR]QL >@ 7'6 VHJtWVpJpYHO
PHJiOODSLWRWWiN>@KRJ\3WIHOOHWHQD]HWLOLGLQ.SURSLOLGLQ.
EXWLOLGLQ.KBPpUVpNOHWWDUWRPiQ\EDQOpWH]LNHKBPpUVpNOHWDODWWD]DGV]RUSFLy
DVV]RFLDWtY H]W PHJKDODGy KBPpUVpNOHWHQ YLV]RQW D] DGVSHFLHV] WRYiEEL KLGURJpQHN
OHDGiViYDOERPOLN
/pQ\HJHV YRQiVD D] HWLOLGLQQHN D KiURP IpPDWRPKR] NDSFVROyGy V]pQUH pSOB
VWUXNW~UD DPHO\QHN OpWH]pVpW D] HWiQ NHPLV]RUSFLyMDNRU LV IHOWpWHOH]LN (QQHN D
V]HUNH]HWQHNMHOHQWBVV]HUHSHWWXODMGRQtWDQDNDV]pQKLGURJpQHNKLGURJHQROt]LVpEHQLV>@
$SURSLOpQDGV]RUSFLyMD3W6L2 pV3W$O2PLQWiNRQKDVRQOyNpSHWPXWDWPLQWD]
HWLOpQp EiU D] DGV]RUEHiOW PHQQ\LVpJ YDODPLYHO NLVHEE pV D] DGV]RUEHiOW
&MHO]HWW
SURSLOpQFVHUpMHDJi]Ii]LV~SURSLOpQQHOYDODPLYHOQDJ\REPpUWpNBPLQWD]HWLOpQp>@
. KBPpUVpNOHW DODWW D SURSLOpQ NpSHV DGV]RUEHiOyGQL D IHOOHWHQ DQpONO KRJ\
NLV]RUtWDQiD]HOB]HWHVHQDGV]RUEHiOWUDGLRV]pQQHOMHO]HWWSURSLOpQW.KBPpUVpNOHWHQD
Ji]Ii]LVEDQUDGLRDNWtYHWiQpVHWLOpQMHOHQLNPHJGHMHO]HWWSURSLOpQQHPDPLDIHOOHWHQ
OHMiWV]yGySURSLOpQpVHWLOpQN|]|WWL
&FVHUpUHXWDO$]DGV]RUEHiOWSURSLOpQpVDJi]Ii]LV~
SURSLOpQ N|]|WWL PROHNXOiULV DODFVRQ\ KBPpUVpNOHWB FVHUpEHQ D KRUGR]yQ DGV]RUEHiOW
SURSLOpQYHV]UpV]WPtJD3WIHOOHWHQ DOOLONRPSOH[NpS]BGLNDN|YHWNH]B~WRQ
&+ &+ &+ Ji]!&+ & &+ DGV]!&+ &+&+
_ _
0 0
$IHOOHWL DOOLONRPSOH[HNOpWUHM|WWpWUpV]OHWHVHQWiUJ\DOWD&.HPEDOO>@0HJiOODStWiVD
V]HULQWDSURSLOpQpVDIHOOHWN|]|WWLN|OFV|QKDWiVHOVBOpSpVHKDQHPYHVV]NILJ\HOHPEHD
PROHNXOiULV FVHUpW >@ YDJ\ D +DWRP OHV]DNDGiV D PHWLOFVRSRUWUyO DPL DOOLO
NRPSOH[HWHUHGPpQ\H]YDJ\ NRPSOH[OpWUHM|WWHD N|WpVpVD3WN|]|WWLHOHNWURQiWPHQHW
UpYpQYDJ\DNHWWBVN|WpVPHJBU]pVpYHONpW&+N|WpVIHOKDVDGiVDpVHQQHNPHJIHOHOBHQNpW
&0 N|WpV UpYpQ GLDGV]RUEHiOW NpWSRQWRV N|WBGpV ( OHKHWBVpJHN PLQGHJ\LNpW
EL]RQ\tWRWWiNDNO|QE|]BKHO\HNHQMHO]HWW+
& &+&+ + &
&+&+ + & &+
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DGV]RUSFLyMD pV H]W N|YHWB R[LGiFLyMD UpYpQ 0HJiOODStWiVW Q\HUW KRJ\ D] DGV]RUSFLy
OHJJ\DNUDEEDQD DOOLONRPSOH[NpS]BGpVpWHUHGPpQ\H]BGLVV]RFLiFLyWHKiWDKLGURJpQ
OHKDVDGiVDDPHWLOFVRSRUWUyO>@(]pUWKHWBPLXWiQDNHWWBVN|WpVKH]NpSHVW KHO\]HWB
V]pQDWRPQiOD NRQMXJiFLyN|YHWNH]WpEHQD&+N|WpVHQHUJLiMDPLQWHJ\N-PROODO
NLVHEE D] iWODJRV &+ N|WpV HQHUJLiMiQDO >@ $ NHPLV]RUEHiOW SURSLOpQ LQIUDY|U|V
VSHNWUXPDL D 1LHQ VRNNDO HUBVHEE NHPLV]RUSFLyW PXWDWQDN PLQW SODWLQiQ KLGURJpQ
KDWiViUD D]RQEDQ D &+ FVRSRUWUD MHOOHP]B LQWHQ]LWiV PHJQB DPL YDOyV]tQBVtWL D
GLDGV]RUEHiOW
; &&+&+
? 3W3W
NRPSOH[NpS]BGpVpW(NpS]BGPpQ\OpWUHM|WWpWEL]RQ\tWRWWD6]LOiJ\LpVV]HU]BWiUVDLPiU
LGp]HWW>@PXQNiMDLV
%XUZHOOV]LQWHNRPELQDWyULNXVDODSRQIHOUDM]ROWDDOHKHWVpJHVDGVSHFLHV]HNHWVD]tJ\
Q\HUWWiUVDViJRWRUJDQRPHWDOOLNXViOODWNHUWQHNQHYH]WH>@(NHGYHVMyV]iJRNDWD]XWiQ
DWRYiEELNXWDWyNIBNpQW((/6pV,5PyGV]HUHNNHOSUyEiOWiNPHJD]RQRVtWDQL
6SHNWURV]NySLDL EL]RQ\tWpNRN >@ V]HULQW DONpQHN DGV]RUSFLyMDNRU D 3G D
NRPSOH[HWPtJD3WDGL N|WpVWUpV]HVtWLHOBQ\EHQEiUDKBPpUVpNOHWHPHOpVpYHONLV+
SDUFLiOLV Q\RPiVRQ QDJ\REE PpUWpNB &+ GLVV]RFLiFLy NpQ\V]HUtWKHWB NL >@
7|EEV]|U|VV]pQIpPN|WpVVHON|W|WWUpV]HFVNpNQHKH]HQKLGURJpQH]KHWBHN
$ J\BUBV V]pQKLGURJpQHN IpPHNHQ OHMiWV]yGy DGV]RUSFLyMiUD YRQDWNR]yDQ NHYHVHEE
DGDWiOOUHQGHONH]pVUH$PiULVPHUWHWHWWYL]VJiODWRN>@HUHGPpQ\HLV]HULQWDUHYHU]LELOLV
DGV]RUSFLyWPpUKHWBLUUHYHU]LELOLVUpV]NtVpUL$FLNORKH[iQKLGURJpQMHLMHOHQWBVPpUWpNEHQ
FVHUpOBGQHNGHXWpULXPPDO>@$FLNORKH[iQpVDEHQ]ROHVHWpEHQDLOOHWYH'
DWRPRW WDUWDOPD]y WHUPpNHNYDQQDNUHODWtYW|EEVpJEHQEiUD& +'PHQQ\LVpJHVHP
KDQ\DJROKDWyHO>@$FLNORKH[iQFVHUHUHDNFLyDNWLYiOiVLHQHUJLiMDSODWLQiQN-PRO
D]RQRVD]HWiQ+'FVHUpMpUHNDSRWWpUWpNNHO>@(]HNDWpQ\HNDFLNORKH[iQpVEHQ]RO&+
N|WpVHLQHNN|QQ\BIHOKDVDGiViUDHQJHGQHNN|YHWNH]WHWQLNO|Q|VWHNLQWHWWHODUUDKRJ\D
+'FVHUHPiU.DODWWLVOHMiWV]yGLN
$EHQ]RODGV]RUSFLyMiQDNNpWIpOHDODSYHWBPHFKDQL]PXVDOHKHWVpJHV
$ IHOOHWKH] &+ N|WpV GLVV]RFLiFLyMD UpYpQ OpWUHM|YB N|WpVVHO N|WBGB & + 0 pV D
NRPSOH[ 0^& + ` NpS]BGPpQ\ >@ $ &+ N|WpV GLVV]RFLiFLyMD ~WMiQ OHMiWV]yGy
NHPLV]RUSFLyWUDGLRV]pQQHOMHO]HWWEHQ]ROODOEL]RQ\tWRWWiN>@DNHPLV]RUEHiOWUDGLRDNWtY
EHQ]ROQDN HJ\ UpV]H PiU D . DODWWL KBPpUVpNOHWWDUWRPiQ\EDQ VHP FVHUpOKHWB OH
EHQ]ROODOYLV]RQWKLGURJpQQHODPDUDGpNUDGLRDNWtYEHQ]ROUpV]EHQFLNORKH[iQUpV]EHQ
EHQ]ROIRUPiMiEDQHOWiYROtWKDWy3WHVHWpEHQDNHPLV]RUEHiOWEHQ]ROQDNPLQWHJ\DYROW
DFVDNKLGURJpQQHOHOWiYROtWKDWyUpV]1LHVHWpEHQDGLVV]RFLDWtYHQNHPLV]RUEHiOWKiQ\DG
VRNNDOQDJ\REEYROWKBPpUVpNOHWWBOIJJBHQ$GLVV]RFLDWtYEHQ]RODGV]RUSFLyWD
KRUGR]yVSODWLQiQOHMiWV]yGyEHQ]ROKLGURJpQH]pVPHFKDQL]PXViQDNPHJiOODStWiViQiOLV
IHOKDV]QiOWiN>@$DUWVpVPWVDDEHQ]RODVV]RFLDWtYDGV]RUSFLyMiUDWDOiOWEL]RQ\tWpNRW
>@
/(('GHO YpJ]HWW YL]VJiODWRN D EHQ]ROJ\BUB IHOOHWWHO SiUKX]DPRV HOKHO\H]NHGpVpW
PXWDWMiN>@6RPRUMDLpVPWVDLHPpUpVHNHWV]REDKBPpUVpNOHWHQYpJH]WpN.IHOHWW
D EHQ]RO ERPOiViW pV]OHOWpN >@ $] DGV]RUSFLy VRUiQ 3W IHOOHWHQ B PH9
NLOpSpVL PXQND YiOWR]iVW PpUWHN DPLW D] DURPiV J\BUB pV D 3WIHOOHW N|]|WWL
N|OFV|QKDWiVQDN WXODMGRQtWRWWDN >@ 1DJ\REE V]XEV]WLWXiOW FVRSRUWRN MHOHQOpWH D
EHQ]ROJ\BUBQJiWROMDDPROHNXOiNIHOOHWLUHQGH]BGpVpW>@
$EHQ]ROJ\BUBDGV]RUSFLyMiEDQDV]XEV]WLWXHQVHNMHOHQWBVpJHPLQGDNDWDOL]iWRUPLQG
DV]XEV]WLWXHQVWHUPpV]HWpWBOIJJ0HJiOODStWiVWQ\HUW>@KRJ\DWROXRODGV]RUSFLyMDD
EHQ]ROpWDWWyOIJJBPpUWpNEHQKDODGMDPHJKRJ\PLO\HQPpUWpNBDIpP)HUPLViYMiQDN
iOODSRWVBUBVpJHWHOMHVHQEHW|OW|WWViYHVHWpEHQDEHQ]ROpVWROXRODGV]RUSFLyVHJ\HQV~O\L
iOODQGyMD D]RQRV D ViY UHODWtY WHOtWHWWVpJpQHN FV|NNHQpVpYHO D WROXROp D EHQ]ROpQDN
W|EEV]|U|VpUHLVQ|YHNHGKHWPLXWiQDEHQ]ROJ\BUB HOHNWURQIHOKBVBUBVpJpQHNDPHWLO
FVRSRUWiOWDORNR]RWWQ|YHNHGpVHHOBVHJtWLD]HOHNWURQHOWROyGiVWDIpPIHOOHWLUiQ\iEDËJ\
SDOOiGLXPHVHWpEHQDWROXROpVDEHQ]RODGV]RUSFLyVHJ\HQV~O\LiOODQGyMDD]RQRV3WQiOD
WROXROpQDJ\REEDEHQ]ROpQiOQLNNHONREDOWUXWpQLXPHVHWpEHQV]LQWpQPLXWiQHIpPHN
)HUPLQtYyMiQDND]iOODSRWVBUBVpJHNLVHEEDSDOOiGLXPpQiO>@
$FLNORKH[iQ !EHQ]ROiWDODNXOiVOpSFVB]HWHVLOOHWYHUpV]EHQOpSFVB]HWHVYROWiQDN
EL]RQ\tWiVD >@ D]]DO D IHOWpWHOH]pVVHO LV |VV]KDQJEDQ YROW KRJ\ D KDWWDJ~
V]pQKLGURJpQJ\BUBNLVKR]KDWQDNOpWUHUpV]OHJHV DOOLONRPSOH[HWDNDWDOL]iWRUUDO>@
(NRPSOH[NpS]BGpVpWVLNHUOWNtVpUOHWLOHJLVEL]RQ\tWDQL>@
$]LURGDORPiWWHNLQWpVHDODSMiQQHKp]iOWDOiQRVDQpUYpQ\HVPHJiOODStWiVRNDWWHQQLD
V]pQKLGURJpQHNpVD3WN|OFV|QKDWiViUDYRQDWNR]yDQKLV]HQSpOGiXOD]HOBNpV]tWpVPyGMD
UHQGNtYOLPpUWpNEHQEHIRO\iVROMDDNDWDOL]iWRURNYLVHONHGpVpW.LWBQLNH]W|EEHNN|]|WW
DEEyO LV KRJ\ D 3G$O 2 PLQWiN DNWLYLWiViEDQ IHOWBQB NO|QEVpJHN PXWDWNR]QDN D
UHGXNFLy KBPpUVpNOHWpWBO IJJBHQ D FLNORSHQWiQ +' FVHUpMpQpO PLQG D FVHUH
OHMiWV]yGiViQDNPyGMiEDQOpSFVB]HWHVYDJ\W|EEV]|U|VPLQGPpUWpNpEHQD]DODFVRQ\
.LOOPDJDV.KBPpUVpNOHWHQUHGXNiOWYDODPLQWD]~MUDR[LGiOWpVUHGXNiOW
PLQWiNUHQGNtYBOHOWpUBHQYLVHONHGQHN>@
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