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 8LI QE\MQYQ JVIUYIRG] HIZMEXMSR TVSHYGIH F] E TLEWI QSHYPEXSV SGGYVW HYVMRK
[EZIGLERKIWJVSQTPYWXSQMRYW
QSHYPEXMRKWMKREPXLIVEXISJGLERKISJXLIQSHYPEXMRKWMKREPMWKVIEXIWX[LIRXLIQSH SVJVSQQMRYWXSTPYW
YPEXMRK [EZI GLERKIW JVSQ TPYW XS QMRYW SV JVSQ QMRYW XS TPYW%W *MK  G  WLS[W

*YRHEQIRXEPWSJ*VIUYIRG]1SHYPEXMSR 
*MKYVI  %JVIUYIRG]WLMJXSGGYVWMR41SRP][LIRXLIQSHYPEXMRKWMKREPEQTPMXYHI
ZEVMIW E 1SHYPEXMRKWMKREP F *1WMKREP G 41WMKREP


X X

X
X
X

X

*VIUYIRG]
*VIUYIRG] HIGVIEWIW
MRGVIEWIW

XLI QE\MQYQ VEXI SJ GLERKI SJ QSHYPEXMRK ZSPXEKI SGGYVW I\EGXP] EX XLI ^IVS GVSWWMRK
TSMRXW -R GSRXVEWX RSXI XLEX MR ER *1 [EZI XLI QE\MQYQ HIZMEXMSR SGGYVW EX XLITIEO
TSWMXMZIERHRIKEXMZIEQTPMXYHISJXLIQSHYPEXMRKZSPXEKI8LYWEPXLSYKLETLEWIQSH
YPEXSV HSIW MRHIIH TVSHYGI *1 QE\MQYQ HIZMEXMSR SGGYVW EX HMJJIVIRX TSMRXW SJ XLI
QSHYPEXMRKWMKREP
 -R 41 XLI EQSYRX SJ GEVVMIV HIZMEXMSR MW TVSTSVXMSREP XS XLI VEXI SJ GLERKI SJ XLI
QSHYPEXMRKWMKREPMIXLIGEPGYPYWHIVMZEXMZI;MXLEWMRI[EZIQSHYPEXMRKWMKREPXLI
41 GEVVMIV ETTIEVW XS FI JVIUYIRG]QSHYPEXIH F] XLI GSWMRI SJ XLI QSHYPEXMRK WMKREP
6IQIQFIVXLEXXLIGSWMRISGGYVW ”IEVPMIV PIEHW XLER XLIWMRI
 7MRGI XLI JVIUYIRG] HIZMEXMSR MR 41 MW TVSTSVXMSREP XS XLI VEXI SJ GLERKI MR XLI
QSHYPEXMRKWMKREP XLIJVIUYIRG] HIZMEXMSRMWTVSTSVXMSREP XSXLI QSHYPEXMRK WMKREP JVI
UYIRG] EW[IPPEWMXWEQTPMXYHI8LMW IJJIGXMWGSQTIRWEXIHJSV TVMSVXSQSHYPEXMSR

6IPEXMSRWLMT &IX[IIR XLI 1SHYPEXMRK 7MKREP


ERH 'EVVMIV (IZMEXMSR
-R*1XLIJVIUYIRG]HIZMEXMSRMWHMVIGXP]TVSTSVXMSREPXSXLIEQTPMXYHISJXLIQSHYPEX
MRKWMKREP8LIQE\MQYQHIZMEXMSRSGGYVWEXXLITIEOTSWMXMZIERHRIKEXMZIEQTPMXYHIW
SJXLIQSHYPEXMRKWMKREP-R41XLIJVIUYIRG]HIZMEXMSRMWEPWSHMVIGXP]TVSTSVXMSREPXS
XLI EQTPMXYHI SJ XLI QSHYPEXMRK WMKREP 8LI QE\MQYQ EQSYRX SJ PIEHMRK SV PEKKMRK
TLEWIWLMJXSGGYVWEXXLITIEOEQTPMXYHIWSJXLIQSHYPEXMRKWMKREP8LMWIJJIGXJSVFSXL
*1 ERH41MWMPPYWXVEXIHMR*MK E 

 'LETXIV
*MKYVI  *VIUYIRG] HIZMEXMSREWE JYRGXMSR SJ E QSHYPEXMRKWMKREPEQTPMXYHI
ERH F QSHYPEXMRKWMKREPJVIUYIRG]

1SHYPEXMRKWMKREPEQTPMXYHI :Q 1SHYPEXMRKWMKREPJVIUYIRG] JQ
E F

 2S[PSSOEX*MK F [LMGLWLS[WXLEXXLIJVIUYIRG]HIZMEXMSRSJER*1WMKREP
MWGSRWXERXJSVER]ZEPYISJQSHYPEXMRKJVIUYIRG]3RP]XLIEQTPMXYHISJXLIQSHYPEXMRK
WMKREPHIXIVQMRIWXLIEQSYRXSJHIZMEXMSR&YXPSSOEXLS[XLIHIZMEXMSRZEVMIWMRE41
WMKREP [MXL HMJJIVIRX QSHYPEXMRK WMKREP JVIUYIRGMIW 8LI LMKLIV XLI QSHYPEXMRK WMKREP
JVIUYIRG] XLI WLSVXIV MXW TIVMSH ERH XLI JEWXIV XLI ZSPXEKI GLERKIW ,MKLIV QSHYPEXMRK
ZSPXEKIWVIWYPXMRKVIEXIVTLEWIWLMJXERHXLMWMRXYVRTVSHYGIWKVIEXIVJVIUYIRG]HIZM
EXMSR ,S[IZIV LMKLIV QSHYPEXMRK JVIUYIRGMIW TVSHYGI E JEWXIV VEXI SJ GLERKI SJ XLI
QSHYPEXMRK ZSPXEKI ERH XLYW KVIEXIV JVIUYIRG] HIZMEXMSR -R 41 XLIR XLI GEVVMIV JVI
UYIRG]HIZMEXMSRMWTVSTSVXMSREPXSFSXLXLIQSHYPEXMRKJVIUYIRG] WPSTISJQSHYPEXMRK
ZSPXEKI ERHXLIEQTPMXYHI-R*1JVIUYIRG]HIZMEXMSRMWTVSTSVXMSREPSRP]XSXLIEQTPM
XYHI SJXLIQSHYPEXMRKWMKREPVIKEVHPIWW SJMXWJVIUYIRG]

'SRZIVXMRK 41 XS *1


8SQEOI41GSQTEXMFPI[MXL*1XLIHIZMEXMSRTVSHYGIHF]JVIUYIRG]ZEVMEXMSRWMRXLI
QSHYPEXMRKWMKREPQYWXFIGSQTIRWEXIHJSV8LMWGERFIHSRIF]TEWWMRKXLIMRXIPPMKIRGI
WMKREP XLVSYKL E PS[TEWW 6' RIX[SVO EW MPPYWXVEXIH MR *MK  8LMW PS PXIV

*MKYVI  9WMRK E PS[TEWW w  XLI EYHMS QSHYPEXMRK WMKREP EQTPMXYHI


[MXL JVIUYIRG]

'

1MGVSTLSRI
%YHMS
EQTPMJMIV 6

4LEWI -RHMVIGX*1
QSHYPEXSV

'EVVMIV
JGS EFSYX,^ SWGMPPEXSV

6SPPSJJSJ
EYHMSWMKREP
[MXLERMRGVIEWI
MRJVIUYIRG]
*VIUYIRG]

*YRHEQIRXEPWSJ*VIUYIRG]1SHYPEXMSR 
*MKYVI  4LEWI QSHYPEXMSR SJ EGEVVMIV F] FMREV]HEXETVSHYGIW47/
&MREV] :

&MREV] :

47/WMKREP

”TLEWIWLMJXW

*VIUYIRG]GSVVIGXMRK RIX[SVO GEPPIHEJVIUYIRG]GSVVIGXMRKRIX[SVOTVIHMWXSVXIVSV PXIVGEYWIWXLILMKLIVQSHYPEX


TVIHMWXSVXIV SVJwPXIV MRK JVIUYIRGMIW XS FI EXXIRYEXIH%PXLSYKL XLI LMKLIV QSHYPEXMRK JVIUYIRGMIW TVSHYGI E
KVIEXIVVEXISJGLERKIERH XLYWEKVIEXIV JVIUYIRG] HIZMEXMSRXLMWMWSJJWIXF] XLI PS[IV
EQTPMXYHISJXLIQSHYPEXMRKWMKREP[LMGLTVSHYGIWPIWWTLEWIWLMJXERHXLYWPIWWJVIUYIRG]
HIZMEXMSR 8LI TVIHMWXSVXIV GSQTIRWEXIW JSV XLI I\GIWW JVIUYIRG] HIZMEXMSR GEYWIH F]
LMKLIVQSHYPEXMRKJVIUYIRGMIW8LIVIWYPXMWERSYXTYXXLEXMWXLIWEQIEWER*1WMKREP
-RHMVIGX*1 8LI*1TVSHYGIHF]ETLEWIQSHYPEXSVMWGEPPIHMRHMVIGX*1

4LEWI7LMJX /I]MRK
41 MW EPWS YWIH [MXL FMREV] WMKREPW EW *MK  WLS[W ;LIR XLI FMREV] QSHYPEXMRK
WMKREPMW:SVFMREV]XLI41WMKREPMWWMQTP]XLIGEVVMIVJVIUYIRG];LIREFMREV]
ZSPXEKIPIZIPSGGYVWXLIQSHYPEXSV[LMGLMWETLEWIWLMJXIVWMQTP]GLERKIWXLITLEWI
SJXLIGEVVMIVRSXMXWJVIUYIRG]-R*MKXLITLEWIWLMJXMW”)EGLXMQIXLIWMKREP
GLERKIW JVSQ  XS  SV  XS  XLIVI MW E ” TLEWI WLMJX 8LI 41 WMKREP MW WXMPP XLI
GEVVMIVJVIUYIRG]FYXXLITLEWILEWFIIRGLERKIH[MXLVIWTIGXXSXLISVMKMREPGEVVMIV[MXL
EFMREV]MRTYX
4LEWIWLMJXOI]MRK 47/  8LI TVSGIWW SJ TLEWIQSHYPEXMRK E GEVVMIV [MXL FMREV] HEXE MW GEPPIH TLEWIWLMJX
&MREV]TLEWIWLMJXOI]MRK &47/ OI]MRK 47/  SV FMREV] TLEWIWLMJX OI]MRK &47/  8LI 47/ WMKREP WLS[R MR *MK 
YWIW E ” TLEWI WLMJX JVSQ E VIJIVIRGI FYX SXLIV TLEWIWLMJX ZEPYIW GER FI YWIH JSV
I\EQTPI ”””SV”8LIMQTSVXERXXLMRKXSVIQIQFIVMWXLEXRSJVIUYIRG]
ZEVMEXMSR SGGYVW 8LI 47/ WMKREP LEW E GSRWXERX JVIUYIRG] FYX XLI TLEWI SJ XLI WMKREP
JVSQWSQIVIJIVIRGIGLERKIWEWXLIFMREV]QSHYPEXMRKWMKREP SGGYVW

7MHIFERH  1SHYPEXMSR -RHI\ ERH 7MHIFERHW


%R]QSHYPEXMSRTVSGIWWTVSHYGIWWMHIFERHW;LIREGSRWXERXJVIUYIRG]WMRI[EZIQSH
YPEXIWEGEVVMIVX[SWMHIJVIUYIRGMIWEVITVSHYGIH8LIWMHIJVIUYIRGMIWEVIXLIWYQERH
+33(83/23; HMJJIVIRGI SJ XLI GEVVMIV ERH XLI QSHYPEXMRK JVIUYIRG] -R *1 ERH 41 EW MR%1 WYQ
ERH HMJJIVIRGI WMHIFERH JVIUYIRGMIW EVI TVSHYGIH -R EHHMXMSR E PEVKI RYQFIV SJ TEMVW
-R*1SRP]XLSWIWMHIFERHW[MXL SJYTTIVERHPS[IVWMHIFERHWEVIKIRIVEXIH%WEVIWYPXXLIWTIGXVYQSJER*1SVE41
XLIPEVKIWXEQTPMXYHIWEVI WMKREPMWYWYEPP][MHIVXLERXLEXSJERIUYMZEPIRX%1WMKREP-XMWEPWSTSWWMFPIXSKIRIV
WMKRMwGERXMRGEVV]MRKMRJSVQE EXIEWTIGMEPREVVS[FERH*1WMKREP[LSWIFERH[MHXLMWSRP]WPMKLXP][MHIVXLERXLEXSJ
XMSR7MHIFERHWGSRXEMRMRKPIWW ER%1WMKREP
XLERTIVGIRXSJXLIXSXEPTS[IV  *MK WLS[WXLIJVIUYIRG]WTIGXVYQ SJE X]TMGEP *1WMKREP TVSHYGIHF]QSHY
PEXMRK E GEVVMIV [MXL E WMRKPIJVIUYIRG] WMRI [EZI 2SXI XLEX XLI WMHIFERHW EVI WTEGIH
LEZIPMXXPISZIVEPPIJJIGXSRXLI
JVSQ XLI GEVVMIV JG ERH JVSQ SRI ERSXLIV F] E JVIUYIRG] IUYEP XS XLI QSHYPEXMRK JVI
MRXIPPMKMFMPMX]SJXLIWMKREP UYIRG] JQ -J XLI QSHYPEXMRK JVIUYIRG
ERHFIPS[XLIGEVVMIVF],^8LIWIGSRHTEMVSJWMHIFERHWMWEFSZIERHFIPS[XLI

 'LETXIV

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