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4GCNKEGGNRTKOGTECODKQFGCEGKVGGPWPITWRQJKFT¶WNKEQPWGXQFGURWÃU
FGWPCUJQTCUFGVTCDCLQRQUVGTKQTOGPVGECFCJQTCU

'NCEGKVGJKFT¶WNKEQFG&#4&#FGDGTÈCWVKNK\CTUGÕPKECOGPVGGP
O¶SWKPCUSWGDTCPVCFQTCUJKFT¶WNKECUFGTQEC[JQTOKIÎPFG&#4&#

$CLQEQPFKEKQPGUGZVTGOCUFGHTÈQUGTGEQOKGPFCCRNKECTWPCEGKVG
FGOGPQTXKUEQUKFCF
QFGOC[QTXKUEQUKFCFRCTCEQPFKEKQPGU
GZEGREKQPCNGUFGECNQT0QUGFGDGPOG\ENCTFKHGTGPVGUITCFQUFG
CEGKVG[CSWGGUVQRQFTÈCCHGEVCTPGICVKXCOGPVGCNCNWDTKECEKÎP

$CKMJGAG–LBCFMPKGE–L?PK?BMW
K?AGXM
 /WTQU[RCPGNGUFGJQTOKIÎP

7POWTQQKPENWUQWPRCPGNFGJQTOKIÎPVWODCFQNCVGTCNOGPVG
FGDGTÈCSWGDTCTUGEQPHQTOGCNQUOÃVQFQUGZRNKECFQUCPVGTKQTOGPVG
.CFKUVCPEKCGPVTGNQUVCNCFTQUFGRGPFGFG
NCHCEKNKFCFRCTCTGCNK\CTNCUTQVWTCUGPGNJQTOKIÎP
UKUGVTCVCFGJQTOKIÎPPQTOCNQCTOCFQ[FGNITQUQTFGNCDCTTCU
FGNCCTOCFWTC
GNVCOCÌQSWGFGDGTÈCPVGPGTNCURCTVGUFGJQTOKIÎPCTQORGT
EQP
NCKPVGPEKÎPFGVTCPURQTVCTNCU

#PVGUFGEQOGP\CTGUCEQPUGLCDNGTGCNK\CTWPCUEWCPVCURTWGDCUFG
VCNCFTQ[FGTQVWTCFGURWÃUFGNCUEWCNGUUGRQFT¶TGCNK\CTFGWPC
XG\VQFQUNQUCIWLGTQU%QPHTGEWGPEKCUÎNQGUPGEGUCTKQJCEGTWP
PÕOGTQTGNCVKXCOGPVGRGSWGÌQFGVCNCFTQU
)LJ

.CſIFGUETKDGGNOGLQTOÃVQFQFGTQVWTCFGJQTOKIÎPEQP
TGHWGT\QUNKIGTQUGKPVGTOGFKQU2TKOGTQSWKGDTGGNOWTQQRCPGN
XGTVKECNOGPVGFGURWÃUETGGDNQSWGUTGEVCPIWNCTGUEQPTQVWTCU
JQTK\QPVCNGU7PÕPKEQEKNKPFTQSWGDTCPVCFQTGUIGPGTCNOGPVGUWſ
EKGPVGFQUEQOQOWEJQ
.CUDCTTCUſPCUQOGFKCPCUFGNCCTOCFWTCPQTOCNOGPVGUGRCTVGP
GNNCUUQNCU5KGUVQPQQEWTTKGTCGUEQPXGPKGPVGETGCTDNQSWGUFG
WPVCOCÌQRT¶EVKEQOC[QTRCTCTGFWEKTGNPÕOGTQFGDCTTCUSWGUG
FGDGPEQTVCTRQTGLGORNQEQPNCUEQODKŌEK\CNNCU*%5FG&#4&#

XGT

5KGNJQTOKIÎPEQPVKGPGDCTTCUFGNCCTOCFWTCOW[ITWGUCUSWGPQ
UGJCPRCTVKFQGPGNRTQEGUQFGTQVWTCGNOÃVQFQSWGUGOWGUVTCGP
NC(KIRQFTÈCTGUWNVCTGHGEVKXQ'PGUVGECUQUKVÕGGNEKNKPFTQ
EQPWP¶PIWNQFGRGTOKVKGPFQSWGGNJQTOKIÎPUGFGURTGPFC
FGNCUDCTTCUFGNCCTOCFWTCœUVCUSWGFCPCNFGUEWDKGTVQ[RWGFGP
EQTVCTUGGPVQPEGU

)LJ

 /WTQUFGJQTOKIÎPFGRQEQGURGUQT

%WCPFQNCRCTGFVKGPGOGPQUGURGUQTSWGNCNQPIKVWFFGNLWGIQFG
EWÌCUUGEQTTGPFQUTKGUIQU

5KGNLWGIQFGEWÌCUUQDTGUCNGFGOCUKCFQRQTFGVT¶UFGNOWTQVQFC
NCHWGT\CFGTQVWTCUGCRNKECT¶CNQVTQNCFQFGNOWTQGPNQUGZVTGOQU
FGNCUEQPVTCEWÌCU%QTTKGPFQGNRGNKITQFGRCPFGCTNCUQTQORGTNCU
[FGFGLCTNCRCTGFKPVCEVC
)LJ KPEQTTGEVQ


 5KGNLWGIQFGEWÌCUPQUGKPVTQFWEGNQUWſEKGPVGGPGNOWTQNCUEQP
VTCEWÌCURQFTÈCPFQDNCTUGJCEKCHWGTC[TQORGTUG

)LJ KPEQTTGEVQ

.CHQTOCEQTTGEVCGUKPUGTVCTNCLWGIQFGEWÌCUGPNCRCTGFUÎNQNQ
PGEGUCTKQRCTCICTCPVK\CTSWGNCUGEEKÎPEGPVTCNGUV¶UKVWCFCFGPVTQ
FGNOWTQ
XGT

)LJ
EQTTGEVQ
5GFGDGTÈCCICTTCTDKGPGNEKNKPFTQSWGDTCPVCFQTJCUVCSWGNCEWÌC
UGKPVTQFW\ECNCFKUVCPEKCUWſEKGPVGRCTCSWGGNEKNKPFTQUGUWLGVGRQT
UÈOKUOQGPGNCIWLGTQ'UVQGXKVCT¶SWGIKTG[UGFGURNCEGFGHQTOC
KPEQPVTQNCFC[OCPVGPFT¶UWRQUKEKÎPGPGNCIWLGTQ

 &GOQNKEKÎPRCTEKCN

5KUQNQUGXCCFGOQNGTWPCRCTVGFGNOWTQ
QFGEWCNSWKGTQVTC
GUVTWEVWTCEQOQWPRWGPVG[NCQVTCRCTVGSWKGTGFGLCTUGKPVCEVC
NQRTKOGTQ[GUGPEKCNGUGUVCDNGEGTWPCTQVWTCNÈOKVG'UVQGXKVCT¶NC 
CRCTKEKÎPFGſUWTCUGPNCRCTVGFGNOWTQCRTGUGTXCT

)LJ

.CſIFGUETKDGWPCUKVWCEKÎPFGGUVGVKRQ'PGUVGECUQNCTQVW
TCNÈOKVGXGTVKECN
UGTGCNK\ÎRTKOGTQ.QUVCNCFTQUGUV¶PTGNCVKXC
OGPVGEGTEC
EOCRTQZKOCFCOGPVGRCTCCUGIWTCTSWGNCTQVWTC
UGCNQO¶UTGEVCRQUKDNG&GRGPFKGPFQFGNVCOCÌQFGNCGUVTWEVWTC
[FGNCNQPIKVWFFGNCTQVWTCNÈOKVGUGCEQPUGLCGNWUQFGXCTKQU
EKNKPFTQUSWGDTCPVCFQTGURCTCQDVGPGTWPCTQVWTCRTGEKUC
RCTCGN
RTQEGFKOKGPVQEQTTGEVQXGT[

 4QVWTCGPWPOWTQFGJQTOKIÎP
WUQEQODKPCFQFGN
EQTVGEQPFKCOCPVG[FGNEKNKPFTQ

2CTCJCEGTWPCGUEKUKÎPRTGEKUCGPWPOWTQFGJQTOKIÎPCTOCFQQ
FGQVTQVKRQGUCEQPUGLCDNGGNWUQEQODKPCFQFGNEQTVGEQPFKCOCPVG
[WPEKNKPFTQ

C2CTGFGUFGRQEQGURGUQT

'PGUVQUECUQUGORWLGNCRCTVGEQTVCFCJCEKCFGNCPVG[VKTGFGGNNC
%QPWPEKNKPFTQFKXKFCGPRGSWGÌQUVTQ\QUNCRCTVGGZVTCÈFCRCTC
RQFGTVTCPURQTVCTNQUH¶EKNOGPVG

)LJ


 D/WTQUITWGUQUFGJQTOKIÎP

'POWEJQUECUQUNCRCTVGFGJQTOKIÎPEQTVCFCEQPNCUKGTTCPQUG
RWGFGFGURTGPFGTH¶EKNOGPVGRQTSWGGUFGOCUKCFQITWGUCQ
RGUCFC2QTNQVCPVQUGFGDGT¶JCEGTWPUGIWPFQEQTVGWPQUÎ
EORQTFGDCLQFGNEQTVGJQTK\QPVCNUWRGTKQT5CSWGNQUHTCIOGPVQU 
FGJQTOKIÎPRGSWGÌQU[NKIGTQU 

8WGNSWGJCEKCHWGTCFGNCRCTVGITCPFG[O¶UDCLCFGNOWTQ[
TGFÕ\ECNCEQPWPEKNKPFTQ5KGUFGOCUKCFQFKHÈEKNFGURTGPFGTNCUG
RWGFGVCNCFTCT[TQORGTNCGPVTQ\QUEQPXGPKGPVGUOKGPVTCUSWGGUVÃ
GPGNOWTQ
 )LJ

 &GUECDG\COKGPVQFGRKNCTGUFGJQTOKIÎP

.QUGZVTGOQUFGNQURKNCTGUFGJQTOKIÎPRWGFGPGNKOKPCTUGFGFQU
OCPGTCU

C*QTOKIÎPOW[CTOCFQ


%QPWPCJGTTCOKGPVCCFGEWCFC
OCTVKNNQFGFGOQNKEKÎPRKECFQT
JKFT¶WNKEQFGUEWDTCEWKFCFQUCOGPVGNCUDCTTCUFGNCCTOCFWTC
*CICWPCTQVWTCNÈOKVGJQTK\QPVCN
RCTCRTGXGPKTRQUKDNGUFCÌQU
GPNCRCTVGO¶UDCLCFGNRKNCT2CTCJCEGTGUVQRGTHQTGWPVCNCFTQ
GPGNNCVGTCNFGNRKNCT[JCICNCTQVWTCEQPWPEKNKPFTQSWGDTCPVCFQT

EQPGNCUCGPJQTK\QPVCN5KGNRKNCTGUGURGEKCNOGPVGITWGUQWUG
UKOWNV¶PGCOGPVGFQUEKNKPFTQUWPQGPECFCNCFQ
&GURWÃUEQNQSWGICPEJQUCFGEWCFQUGPNCRCTVGUWRGTKQTFGN )LJ$
RKNCTJCEKGPFQRQUKDNGSWGUGNGXCPVGNKORKCOGPVGGNGZVTGOQEQP
WPECDNGGPICPEJCFQCWPCITÕCQCWPUKUVGOCFGRQNGCU
(KI# 

1VTCRQUKDKNKFCF )LJ
%QPWPOCTVKNNQRGTHQTCFQTGHGEVÕGVCNCFTQUGPNCRCTVGUWRGTKQT[
GPNQUNCVGTCNGUFGNGZVTGOQFGNRKNCT[CSWGDTCFQ[FGUVTÕ[CNQEQP
WPEKNKPFTQ

(KI$.CURCTVGURGSWGÌCUFGJQTOKIÎPRWGFGP
UGTTGVKTCFCUEQPNCOCPQ
)LJ
D*QTOKIÎPRQEQCTOCFQ

'PXG\FGFGLCTCNFGUEWDKGTVQNCUDCTTCUFGNCCTOCFWTCTGCNKEG
WPVCNCFTQGPGNNCVGTCNFGNRKNCTGPVTGNCUDCTTCU[JCICWPCTQVWTC
NÈOKVG
EQPWPEKNKPFTQSWGDTCPVCFQT0QCITCPFGGZEGUKXCOGPVG
)LJ%
GUVCKPEKUKÎPFGQVTCOCPGTCNCUDCTTCUFGNCCTOCFWTCUGGZVGPFGT¶P
6CNCFTGCIWLGTQUGPNCRCTVGUWRGTKQT[GPNQUNCVGTCNGUFGNRKNCT
GPVTGNCUDCTTCUFGNCCTOCFWTC5ÈTXCUGFGWPEKNKPFTQSWGDTCPVCFQT
RCTCTQORGTGNJQTOKIÎPGPXCTKQURGFC\QUFGNVCOCÌQEQPXGPKGPVG
&GURWÃURQFT¶PGZVTCGTUGH¶EKNOGPVG

%QPUGLQ
5KCPVGUFGSWGUGGEJGGNJQTOKIÎPUGRQPGPVWDQUUQDTGNQUGZVTGOQU
UWRGTKQTGUFGNCUDCTTCUFGNCCTOCFWTCJCUVCGNPKXGNGPGNSWGUG 
FGUECDGEGRQUVGTKQTOGPVGGNRKNCTNCQRGTCEKÎPFGFGUECDG\COKGP
VQUGT¶DCUVCPVGO¶UUGPEKNNC&CFQSWGGNJQTOKIÎPGUKPECRC\FG
CFJGTKTUGCNCUDCTTCUFGCEGTQGPGUVC\QPCGNGZVTGOQUWRGTKQTFGN
RKNCTUGRWGFGFGURGICTEQPOC[QTHCEKNKFCFFGURWÃUFGNCTQVWTC
)LJ

 $NQSWGUFGJQTOKIÎPOW[CTOCFQ

.QUTGHWGT\QURCTCNQUEKOKGPVQUFGWPCO¶SWKPCQUGEEKQPGUFG
JQTOKIÎPUKOKNCTGUHTGEWGPVGOGPVGVKGPGPNCHQTOCFGWPCTOC\ÎP
QGUV¶PRWGUVQUGP\CRCVCUEGTECFGNDQTFGFGNQUEKOKGPVQU.CU
DCTTCUVCODKÃPUWGNGPUGTDCUVCPVGITWGUCU'PVCNGUECUQUUG
CEQPUGLCGNUKIWKGPVGRTQEGUQ

6CNCFTCTEQPWPOCTVKNNQRGTHQTCFQTGPNCRCTVGUWRGTKQTFGNQU
EKOKGPVQUJCEKCGNDQTFG[GPVTGNCUDCTTCUFGNCCTOCFWTC*CIC
TQVWTCUEQPWPEKNKPFTQSWGDTCPVCFQTCUÈNCGUVTWEVWTCFGNJQTOKIÎP
UGTQORGT¶
'PVQPEGUNCUDCTTCURWGFGPFGLCTUGCNFGUEWDKGTVQEQPTGNCVKXC
HCEKNKFCFUKTXKÃPFQUGFGWPOCTVKNNQFGFGOQNKEKÎP
&QDNGNCUDCTTCUJCEKCHWGTCQGZVT¶KICNCUEQPWPCJGTTCOKGPVC
CFGEWCFCRQTGLGORNQEQPNCUEQODKŌEK\CNNCU*%5
XGT
2GTHQTGCJQTCFQUCIWLGTQUCKPVGTXCNQUCFGEWCFQUGPNCRCTVG
TGUVCPVGSWGPQVKGPGTGHWGT\QU[R¶TVCNCEQPGNEKNKPFTQGPHTCIOGPVQU
FGVCOCÌQEQPXGPKGPVG

)LJ

$CKMJGAG–LBCPMA?WNGCBP?
L?RSP?J
 'ZECXCEKÎPGPTQEC

&WTCPVGNQUVTCDCLQUFGGZECXCEKÎPGPVKGTTCRQTGLGORNQGP
VTKPEJGTCUQUÎVCPQUGUHTGEWGPVGVQRCTUGEQPTQECFWTCPVGGN
RTQEGUQ5KGUV¶RTQJKDKFQGNWUQFGGZRNQUKXQUQGUKORTCEVKECDNG
NQUSWGDTCPVCFQTGUJKFT¶WNKEQUQHTGEGPWPOÃVQFQGſEKGPVG[
UGIWTQRCTCNCGNKOKPCEKÎPT¶RKFCFGQDUV¶EWNQU

.CUTQVWTCUFGDGTÈCPJCEGTUGUKGORTGGPGNNCFQCDKGTVQRCTC
RGTOKVKTUCECTNQUHTCIOGPVQUFGNCTQVWTC5KPGODCTIQUKNCU
VCTGCUUWRQPGPFGOQNGTGPWP¶TGCFGTQECEQPWPCUWRGTſEKG
RNCPC[UKPPKPIÕPNCVGTCNNKDTGUGFGDGETGCTWPGURCEKQFGURGLCFQ
EQPWPSWGDTCPVCFQTFGNUKIWKGPVGOQFQ

'PEKTEWPUVCPEKCUPQTOCNGUGNEKNKPFTQSWGDTCPVCFQTFGDGEQNQECTUG
UKGORTGEQPWP¶PIWNQFGEQPTGURGEVQCNCUWRGTſEKGFGNC
TQEC'UVGECUQRCTVKEWNCTUWRQPGWPCGZEGREKÎPCNCTGINC.QU
CIWLGTQUFGDGTÈCPRGTHQTCTUGEQPWP¶PIWNQCWPQUFGNC
UWRGTſEKGGKPVTQFWEKTGNLWGIQFGEWÌCUGPNQUVCNCFTQUEQPGN
CUCGPRQUKEKÎPJQTK\QPVCN.CTQVWTCUGETGCT¶JCEKCNCUWRGTſEKG
TQORKGPFQWPCRGSWGÌCRCTVGFGNCTQEC4GRKVCGUVGRTQEGUQJCUVC
SWGVGPICWPGURCEKQFGURGLCFQ
)LJ


 #JQTC[CRWGFGTGCNK\CTO¶UQRGTCEKQPGUFGTQVWTCFGNCOCPGTC
JCDKVWCNJCEKCNC\QPCFGURGLCFC'NPÕOGTQFGVCNCFTQUPGEGUCTKQU
GKPVGTXCNQUFGRGPFGT¶FGNCUECTCEVGTÈUVKECUFGNCTQEC

2QTNQIGPGTCNWPQQFQUEKNKPFTQUSWGDTCPVCFQTGUUGT¶PUWſEKGPVGU
RCTCSWGDTCTNCTQEC5KPGODCTIQGPGNECUQFGUGT
GZEGREKQPCNOGPVGOCEK\CPQUGTÈCRQUKDNGHTCIOGPVCTNCRGTQNC
GUVTWEVWTCUGFGUVTWKTÈCDCLQGNGHGEVQFGNQURTQEGUQUFGTQVWTC

)LJ

'PGUVGECUQNCTQECUGJCDT¶XWGNVQSWGDTCFK\CRGTOKVKGPFQ
TQORGTRCTVGUEQPWPRKECFQTJKFT¶WNKEQQOCTVKNNQFGOQNGFQT

 4QVWTCFGTQECGUVTCVKſECFC

0QUGRWGFGTQORGTNCVQVCNRTQHWPFKFCFFGNCTQECGUVTCVKſECFCGP
WPÕPKEQRTQEGUQ.CTQVWTCIGPGTCNOGPVGNNGICT¶JCUVCGNRWPVQ
FQPFGGNRTKOGTUGFKOGPVQQGUVTCVQHQTOGWPCTQVWTCJQTK\QPVCN
PCVWTCN0QQDUVCPVGUKGUPGEGUCTKQCDTKTNCTQECGPVQFCUW
RTQHWPFKFCFNQUUGFKOGPVQUUWGNVQUUGFGDGT¶PGZVTCGTEQPOWEJC
HTGEWGPEKCGNVCNCFTQUGT¶RTQRQTEKQPCNOGPVGRTQHWPFQ[GNRTQEGUQ
FGTQVWTCUGTGRGVKT¶
)LJ

 4QVWTCFGTQECUCKUNCFCU

.QUEKNKPFTQUSWGDTCPVCFQTGUUQPRGTHGEVQURCTCNCFGOQNKEKÎPFG
TQECUITCPFGUDNQSWGUFGTQECU[UGEEKQPGUFGJQTOKIÎP
GURGEKCNOGPVGUKPQGUV¶RGTOKVKFQGNWUQFGGZRNQUKXQU2GTHQTCT
WPCIWLGTQGPGNEGPVTQFGNCTQEC'PNCOC[QTÈCFGNQUECUQUUGT¶
UWſEKGPVGWPUQNQEKNKPFTQRCTCRCTVKTNCGPFQUOKVCFGUNCUEWCNGU
RQFT¶PXQNXGTUGCFKXKFKTRQUVGTKQTOGPVGEQPGNEKNKPFTQ

)LJ

5KPGODCTIQUKGNDNQSWGGUFGOCUKCFQITCPFGRCTCCDTKTNQEQPWP
ÕPKEQEKNKPFTQVCNCFTGFQUQO¶UCIWLGTQUCKPVGTXCNQUFGŌ
EOCNQNCTIQFGNCNÈPGCEGPVTCN[JCICNCTQVWTCUKTXKÃPFQUGFGFQU
QO¶UEKNKPFTQUSWGDTCPVCFQTGU6QFCUNCUCUCUFGDGPGUVCT
QTKGPVCFCUGPNCOKUOCFKTGEEKÎP[NCURCNCPECUFGNCX¶NXWNCFG
EQPVTQNEQNQECFCURCTCCXCP\CT[TGVTQEGFGTUKOWNV¶PGCOGPVG

XGT[


 5KUQNQJC[FKURQPKDNGWPEKNKPFTQRCTCGPECTICTUGFGWPCTQECFG
ITCPFGUFKOGPUKQPGUUGRWGFGGORNGCTWPOÃVQFQCNVGTPCVKXQ
XC[CTQORKGPFQNCTQECGPRCTVGUGORG\CPFQFGUFGEGTECFGN
DQTFGOGLQTSWGFGUFGGNEGPVTQ

)LJ

%WCPFQUGUGRCTCPDNQSWGUFGTQECCKUNCFQUNCURCTVGUUGRCTCFCU
RWGFGPECGTCNUWGNQ2QTGUVCTC\ÎPPQRGTOCPG\ECPWPECEGTEC
FGNDNQSWG'UEQPXGPKGPVGSWGIWCTFGWPCFKUVCPEKCFGUGIWTKFCF
[SWGRTGXGCJCEKCFÎPFGRWGFGPECGT

)LJ

2CTCGXKVCTSWGGNEKNKPFTQSWGDTCPVCFQTECKICVCODKÃPUGFGDGTÈC
CUGIWTCTRQTGLGORNQEQPWPCEWGTFCCVCFCCNCUC

 4QVWTCFGTQECDCLQGNPKXGNFGNUWGNQ

&WTCPVGNCGZECXCEKÎPFGTQECGPQECUKQPGURWGFGGPEQPVTCTUG
EQPSWGTQECUITCPFGUUGRTQNQPICPJCEKCGNKPVGTKQTFGNCVKGTTC
DCLQGNPKXGNFGNUWGNQ'PIGPGTCNPQGURQUKDNG
QPGEGUCTKQ
GZVTCGTGNQDUV¶EWNQGPUWVQVCNKFCFUKPQSWGUKORNGOGPVGDCUVC
EQPGUCRCTVGSWGUQDTGUCNGFGNHQPFQFGNC\CPLCQUWGNQ

2TKOGTQUGFGDGT¶GZVTCGTNCVKGTTCRQTWPQQ
CODQUNCFQUFGNCTQECJCUVCNCRTQHWPFKFCF
FQPFGUGRWGFCJCEGTNCTQVWTC*C[SWGGZVTCGT
JCUVCNQITCTWPCFKUVCPEKCUWſEKGPVGSWGRGTOKVC
GNWUQFGWPOCTVKNNQRGTHQTCFQTQEKNKPFTQ
SWGDTCPVCFQTEQPWP¶PIWNQTGFWEKFQ.WGIQUG
RGTHQTCPCIWLGTQUJQTK\QPVCNGUVCPNGLQUEQOQUGC 
RQUKDNGEQPWP¶PIWNQFGCNCTQEC&GURWÃU
UGJCEGWPCTQVWTCJQTK\QPVCNEQOQWPNÈOKVGO¶U

DCLQEQPGNSWGDTCPVCFQT

'PNCUKIWKGPVGHCUGJC[SWGVCNCFTCTGPNCRCTVG
UWRGTKQTFGNCTQEC[FGUVTWKTNCUGEEKÎPUWRGTKQT
EQPGNSWGDTCPVCFQT


)LJ


 #ORNKCEKÎPFGVÕPGNGU

)TCEKCUCUWEQOQFKFCF[CNJGEJQFGPQIGPGTCTXKDTCEKQPGUNCU
O¶SWKPCUSWGDTCPVCFQTCUFG&#4&#UQPRGTHGEVCURCTCNC
CORNKCEKÎPFGVÕPGNGU[RQ\QU

'NUKIWKGPVGOÃVQFQUGRWGFGWVKNK\CTRCTCCORNKCTNQUNCVGTCNGUFG
WPVÕPGN2TKOGTQJC[SWGőCTTCPECTŒNCECRCGZVGTKQTFGNCECTCFG
NCTQECVCNCFTCPFQCIWLGTQUNCFGCFQUO¶USWGGP¶PIWNQTGEVQC
NCRCTGFFGNVÕPGN'UVCUKVWCEKÎPGUWPCFGNCURQECUGZEGREKQPGU
FQPFGNQUVCNCFTQUUGJCEGPEQPWP¶PIWNQFKHGTGPVGCNQU

)LJ

+PVTQFW\ECGNEQPLWPVQFGEWÌCUGPGNCIWLGTQFGVCNOCPGTCSWG
UGQTKGPVGNCTQVWTCJCEKCNCECTCNKDTGGUFGEKTJCEKCGNKPVGTKQTFGN
VÕPGN
#RCTVKTFGWPCURQECURTWGDCUFGRGTHQTCEKÎP[TQVWTCRTQPVQUG
FCT¶EWGPVCFGEW¶PVQUVCNCFTQUUGPGEGUKVCPFÎPFGFGDGOQU
JCEGTNQU[EÎOQRQFGOQUTGCNK\CTNCTQVWTCRCTCQDVGPGTGNOGLQT
TGUWNVCFQ
4GRKVCGNRTQEGUQFGTQVWTCNCUXGEGUPGEGUCTKCUJCUVCNQITCTNC
CPEJWTCTGSWGTKFCGPGNVTCOQEQTTGURQPFKGPVG

 <CPLGQ

&WTCPVGNQUVTCDCLQUFG\CPLGQHTGEWGPVGOGPVGCRCTGEGPQDUV¶EWNQU
GPHQTOCFGTQECUUÎNKFCUNNGICPFQCRCTCNK\CTGNVTCDCLQ

&CFQSWGGPGUVQUECUQUSWGFCFGUECTVCFQGNWUQFGGZRNQUKXQU
WPJQODTGEQPWPEKNKPFTQSWGDTCPVCFQTRWGFGGPVTCTGPGNEQPFWEVQ
[TQORGTNCTQECSWGGUVQTDC'PVCNGUEKTEWPUVCPEKCUNC
KPFGRGPFGPEKCFGHWPEKQPCOKGPVQ[NCRT¶EVKECEQOQFKFCFFGWP
SWGDTCPVCFQTFGFKOGPUKQPGUVCPTGFWEKFCUUQPKPECNEWNCDNGU

)LJ


&?@PGA?AG–LBC@JMOSCQBCNGCBP?
L?RSP?J
.QUSWGDTCPVCFQTGUFGTQEC[JQTOKIÎPSWGEQPUVCPFGXCTKQU
EKNKPFTQUSWGDTCPVCFQTGUUGGORNGCPGPNCHCDTKECEKÎPFGDNQSWGUFG
RKGFTCGPECPVGTCUFGNCUKIWKGPVGOCPGTC

2TKOGTQUGCRNKECT¶PEJQTTQUFGCKTGEQORTKOKFQRCTCNKORKCTNC
UWEKGFCF[GNRQNXQFGNCUWRGTſEKG[RQPGTFGOCPKſGUVQNC
GUVTWEVWTCFGNCTQEC.CRTQITGUKÎPPCVWTCNFGNCGUVTWEVWTC
FGVGTOKPCT¶EÎOQFGDGCDTKTUG5KGORTGSWGUGCRQUKDNGGNOGLQT
OÃVQFQ[O¶UGſEKGPVGGUCDTKTCNQNCTIQFGNCUTQVWTCU[GUVTCVQU
PCVWTCNGU6CODKÃPGUCEQPUGLCDNGFGVGTOKPCTEQPCPVGNCEKÎPGN
VCOCÌQFGNQUDNQSWGUCEQTFGEQPGNOCPGLQ[NCUHCEKNKFCFGUFG
VTCPURQTVGFKURQPKDNGU

&GURWÃUJCICVCNCFTQUCKPVGTXCNQUFGŌEO
GPHWPEKÎP
FGNOCVGTKCNCNQNCTIQFGNCNÈPGCFGTQVWTCFGUGCFC

+PVTQFW\ECWPEKNKPFTQSWGDTCPVCFQT%Î%ECFCFQUQVTGU
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