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s 2TGEKUCT NC CRNKECDKNKFCF C NC EQOGTEKCNK\CEKÏP FG OCVGTKCNGU FG
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2CTVG #PGZQ [ GP GN EGTVKƂECFQ

2CTVG #PGZQ
.C CWFKVQTÉC UGT½ TGCNK\CFC GP GN OQOGPVQ RCTC CUGIWTCT VQFQU NQU

UGTXKEKQU FGN DTÏMGT [ GP ECUQ FG CWFKVQTÉC EQODKPCFC NCU CEVKXKFCFGU
NQIÉUVKECU EQOQ UG OGPEKQPC GP GN KPHQTOG FG CWFKVQTÉC [ GN EGTVKƂECFQ
RWGFGP UGT GHGEVKXCOGPVG GXCNWCFCU 5QNQ GUVCU EQPFKEKQPGU RGTOKVKTÉCP
GXCNWCT CFGEWCFCOGPVG GN EWORNKOKGPVQ FG NQU UGTXKEKQU FGN DTÏMGT
'N CNECPEG FG CWFKVQTÉC KPENWKT½ NQU UGTXKEKQU FGN DTÏMGT EQORNGVQU FG NC

EQORCÍÉC 'N CNECPEG UGT½ TGXKUCFQ [ CEQTFCFQ CN RTKPEKRKQ FG NC CWFKVQ
TÉC [ FGURWÅU FG WPC GXCNWCEKÏP FGN TKGUIQ KPKEKCN #FGO½U GN CNECPEG
RWGFG UGT OQFKƂECFQ FGURWÅU FG NC GXCNWCEKÏP FGN TKGUIQ
RQT GLGORNQ
UK WPC CEVKXKFCF O½U KPVGTƂGTG EQP GN EQPVGORNCFQ RQT GN CNECPEG FG NC
CWFKVQTÉC
+(5 1EVWDTG

5K DCLQ EKTEWPUVCPEKCU GZEGREKQPCNGU NC EQORCÍÉC FGEKFG GZENWKT NQU

UGTXKEKQU FGN DTÏMGT TGNCEKQPCFQU EQP WP ITWRQ FG RTQFWEVQU GURGEÉƂ
EQU FGN CNECPEG FG CWFKVQTÉC GPVQPEGU GUVQ UGT½ ENCTCOGPVG CPQVCFQ G
KPENWKFQ GP GN KPHQTOG FG CWFKVQTÉC [ GP GN EGTVKƂECFQ +(5
%GTVKƂECEKÏP EQODKPCFC +(5 $TQMGT +(5 .QIÉUVKEC

5K NC CIGPEKC EQOGTEKCN VKGPG CFKEKQPCNOGPVG UWU RTQRKCU CEVKXKFCFGU
NQIÉUVKECU
CNOCEGPCOKGPVQ FKUVTKDWEKÏP [Q VTCPURQTVG [ SWKUKGTC EGT
VKƂECT GUVQU NC EGTVKƂECEKÏP +(5 $TQMGT PQ UG CRNKEC UQNC [ UG TGCNK\CT½
WPC EGTVKƂECEKÏP EQODKPCFC UGIÖP +(5 $TQMGT G +(5 .QIÉUVKEC 'P GN EGT
VKƂECFQ RCTC +(5 $TQMGT UG GURGEKƂECT½ p.C EQORCÍÉC VCODKÅP VKGPG
UWU RTQRKCU CEVKXKFCFGU NQIÉUVKECU SWG UQP +(5 .QIÉUVKEC EGTVKƂECFCUq
5K PQ UG NNGXC C ECDQ NC EGTVKƂECEKÏP EQODKPCFC RGTQ UWU RTQRKCU CEVKXK

FCFGU NQIÉUVKECU FG NC EQORCÍÉC GUV½P RTGUGPVGU Q UK NC CIGPEKC EQOGT
EKCN PQ SWKGTG KPENWKT GUVCU CEVKXKFCFGU NQIÉUVKECU GP GN CNECPEG FG NC EGT
VKƂECEKÏP +(5 GUVCU CEVKXKFCFGU UGT½P GZENWKFCU FGN EGTVKƂECFQ [ GN
EGTVKƂECFQ +(5 $TQMGT GURGEKƂECT½ p.C EQORCÍÉC VKGPG UWU RTQRKCU CEVK
XKFCFGU NQIÉUVKECU SWG PQ UQP +(5 .QIÉUVKEC EGTVKƂECFCUq
%GTVKƂECEKÏP EQODKPCFC +(5 $TQMGT G +(5 (QQF Q +(5 *2% Q +(5 2#%UG
EWTG
+(5 $TQMGT UQNQ EWDTG NQU UGTXKEKQU FGN DTÏMGT RGTQ UK WPC EQORCÍÉC SWG
RTQEGUC
CNKOGPVQU RTQFWEVQU FG WUQ FQOÅUVKEQ [ FGN EWKFCFQ RGTUQ
PCN Q GPXCUGU VCODKÅP VKGPG UGTXKEKQU DTÏMGT [ SWKUKGTC EGTVKƂECT CODCU
CEVKXKFCFGU WPC CWFKVQTÉC EQODKPCFC TGURGEVKXCOGPVG +(5 (QQF Q +(5
*2% Q +(5 2#%UGEWTG [ +(5 $TQMGT UGT½ TGCNK\CFC 2CTC GUVQ GN EJGEM NKUV
FG NC PQTOC +(5
(QQF *2% Q 2#%5GEWTG FGDGTÉC UGT WVKNK\CFQ
5K NQU TGSWKUKVQU FG CODQU EJGEM NKUV UQP EWORNKFQU UG GUETKDKT½P RQT

UGRCTCFQ FQU KPHQTOGU FG CWFKVQTÉC [ UG GOKVKT½P FQU EGTVKƂECFQU RQT
UGRCTCFQ [ UGT½P CEVWCNK\CFQU GP NC DCUG FG FCVQU
#WFKVCT WPC EQORCÍÉC FG OÖNVKRNGU NQECNK\CEKQPGU EQP WPC EGPVTCN FG

IGUVKÏP
5K JC[ WPQU RTQEGUQUUGTXKEKQU FGƂPKFQU SWG GUV½P EGPVTCNOGPVG QTIC
PK\CFQU GP WPC EQORCÍÉC EQP FKHGTGPVGU NQECNK\CEKQPGU
RGL IGUVKÏP
FGN RGTUQPCN IGUVKÏP FG SWGLCU NC EGPVTCN FG IGUVKÏP QƂEKPC EGPVTCN
UGT½ VCODKÅP CWFKVCFC [ GN TGUWNVCFQ FG NQU TGSWKUKVQU CWFKVCFQU UGT½P
EQPUKFGTCFQU GP NQU KPHQTOGU FG CWFKVQTÉC FG ECFC NQECNK\CEKÏP
0QVC ECFC NQECNK\CEKÏP UGT½ CWFKVCFC UGRCTCFCOGPVG GP WP RGTKQFQ

O½ZKOQ FG OGUGU FGURWÅU FG NC EGPVTCN FG IGUVKÏP [ VGPFT½ UW RTQ
RKQ KPHQTOG FG CWFKVQTÉC [ EGTVKƂECFQ %CFC NQECNK\CEKÏP UGT½ OGPEKQ
PCFC GP GN EQPVTCVQ [ GUVCT½ UWLGVQ C UW RTQRKQ KPHQTOG FG CWFKVQTÉC [
EGTVKƂECFQ 5K NC EGPVTCN FG IGUVKÏP PQ VKGPG UGTXKEKQU DTÏMGT GUVG NWICT
PQ RWGFG UGT EGTVKƂECFQ +(5 EQOQ WPC EQORCÍÉC KPFGRGPFKGPVG 'N
VKGORQ RCTC CWFKVCT NC EGPVTCN FG IGUVKÏP UGT½ FGUETKVC GP GN RGTƂN FGN
KPHQTOG
.C CWFKVQTÉC FG NC EGPVTCN FG IGUVKÏP UKGORTG VGPFT½ NWICT CPVGU SWG NC

CWFKVQTÉC FG ECFC RNCPVC C ƂP FG VGPGT WPC XKUKÏP RTGNKOKPCT
+(5 1EVWDTG

0QVC UK PQ GU RQUKDNG TGCNK\CT WPC CWFKVQTÉC GP NC EGPVTCN FG IGUVKÏP

GPVQPEGU UGT½ CUGIWTCFQ SWG FWTCPVG NC CWFKVQTÉC FG ECFC RNCPVC VQFC
NC KPHQTOCEKÏP PGEGUCTKC FG NC EGPVTCN FG IGUVKÏP GUVCT½ FKURQPKDNG
RGL
WP TGRTGUGPVCPVG FG NC EGPVTCN FG IGUVKÏP FGDGTÉC CVGPFGT C NC CWFKVQTÉC
U
FG NCU RNCPVC
U
'N RTQEGUQ FG EGTVKƂECEKÏP
2TGRCTCEKÏP FG NC CWFKVQTKC
#PVGU FG UGT CWFKVCFC NC EQORCÍÉC GUVWFKCT½ GP FGVCNNG VQFQU NQU TGSWK

UKVQU FG NC PQTOC +(5 $TQMGT 'N FÉC FG NC CWFKVQTÉC GUVCT½ FKURQPKDNG WP
GLGORNCT FG NC XGTUKÏP XKIGPVG FG NC PQTOC .C EQORCÍÉC GU TGURQPUC
DNG FG CFSWKTKT NC XGTUKÏP CEVWCN FG NC PQTOC 2CTC RTGRCTCTUG RCTC NC
CWFKVQTÉC KPKEKCN WPC EQORCÍÉC RWGFG NNGXCT C ECDQ WPC CWFKVQTÉC RTG
XKC EW[Q ÖPKEQ WUQ RTGXKUVQ GU KPVGTPQ [ PQ RWGFG KPENWKT TGEQOGPFC
EKÏP CNIWPC
5K NC CWFKVQTÉC PQ GU KPKEKCN NC EQORCÍÉC VCODKÅP KPHQTOCT½ C NC GPVKFCF

FG EGTVKƂECEKÏP RCTC SWG GN CWFKVQT RWGFC TGXKUCT GN RNCP FG CEEKQPGU
EQTTGEVKXCU FG NC RTGXKC CWFKVQTÉC
.C HGEJC GURGTCFC RQT NC CWFKVQTÉC KPKEKCN Q FG TGPQXCEKÏP UGT½ EQOWPK

ECFC C NCU QƂEKPCU +(5 XÉC RQTVCN +(5 'UVQ UGT½ TGURQPUCDKNKFCF FG NC
GPVKFCF FG EGTVKƂECEKÏP
'NGEEKÏP FG WPC GPVKFCF FG EGTVKƂECEKÏP s CEWGTFQU

EQPVTCEVWCNGU
2CTC NNGXCT C ECDQ NC CWFKVQTÉC +(5 $TQMGT NC EQORCÍÉC UGNGEEKQPCT½ WPC
GPVKFCF FG EGTVKƂECEKÏP FG GPVTG NCU CRTQDCFCU 5ÏNQ RQFT½P NNGXCT C
ECDQ CWFKVQTÉCU +(5 $TQMGT [ GOKVKT GN EQTTGURQPFKGPVG EGTVKƂECFQ NCU
GPVKFCFGU FG EGTVKƂECEKÏP CETGFKVCFCU EQPHQTOG C +51+'% EW[Q
CNECPEG KPENW[C +(5 $TQMGT [ VGPIC CWFKVQTGU SWG UGCP CRTQDCFQU RCTC
TGCNK\CT CWFKVQTÉCU +(5 $QMGT
XGT 2CTVG 5QNQ NCU GPVKFCFGU FG EGTVKƂ
ECEKÏP +(5 CRTQDCFCU SWG JC[CP ƂTOCFQ WP EQPVTCVQ EQP +(5
XGT
2CTVG RWGFGP NNGXCT C ECDQ CWFKVQTÉCU +(5 $TQMGT [ GOKVKT EGTVKƂECFQU
.C NKUVC FG VQFCU NCU GPVKFCFGU FG EGTVKƂECEKÏP CRTQDCFCU RCTC +(5 C
PKXGN KPVGTPCEKQPCN GUV½ FKURQPKDNG QTICPK\CFC RQT RCÉUGU GP NC YGD
.CU CWFKVQTÉCU +(5 $TQMGT RWGFGP UGT NNGXCFCU C ECDQ RQT WP GSWKRQ FG
CWFKVQTGU UQNQ UK VQFQU NQU OKGODTQU FGN GSWKRQ FG CWFKVQTÉC UQP CWFK
VQTGU +(5 $TQMGT .QU TGSWKUKVQU CFKEKQPCNGU RCTC GUVQU GSWKRQU FG CWFK
VQTGU GUV½P GUETKVQU GP FGVCNNG GP NC 2CTVG FG NC PQTOC ECRÉVWNQ
+(5 1EVWDTG

7P CWFKVQT PQ RWGFG TGCNK\CT O½U FG CWFKVQTÉCU EQPUGEWVKXCU GP NC

OKUOC EQORCÍÉC
PQ KORQTVC GN VKGORQ GPVTG GUVCU CWFKVQTÉCU NCU
TGINCU GP ECUQ FG WP GSWKRQ FG CWFKVQTGU GUV½P FGVCNNCFCU GP NC 2CTVG
ECRÉVWNQ
*CDT½ WP EQPVTCVQ GPVTG NC EQORCÍÉC [ NC GPVKFCF FG EGTVKƂECEKÏP FGVC

NNCPFQ GN CNECPEG FG NC CWFKVQTÉC NC FWTCEKÏP [ NQU TGSWKUKVQU FGN KPHQTOG
'N EQPVTCVQ VGPFT½ WPC TGHGTGPEKC C +PVGTITKV[ 2TQITCO
2TQITCOC FG
+PVGITKFCF
XGT ECRÉVWNQ GP TGNCEKÏP C NC RQUKDKNKFCF FG RQFGT QTIC
PK\CT CWFKVQTÉCU KP UKVW QTICPK\CFCU RQT GN FGRCTVCOGPVQ FG )CTCPVÉC FG
NC %CNKFCF FG NCU QƂEKPCU FG +(5
.C CWFKVQTÉC VGPFT½ NWICT EWCPFQ NQU UGTXKEKQU FGN DTÏMGT FGN CNECPEG FG
CWFKVQTÉC FG NC EQORCÍÉC RWGFCP UGT GXCNWCFQU
.C CWFKVQTÉC UG TGCNK\CT½ RTGHGTKDNGOGPVG GP GN KFKQOC FG NC EQORCÍÉC [

NC GPVKFCF FG EGTVKƂECEKÏP GPXKCT½ WP CWFKVQT SWG JCDNG NC NGPIWC PCVKXC
Q SWG JCDNG GN RTKPEKRCN KFKQOC FG VTCDCLQ FG NC EQORCÍÉC #FGO½U NQU
KFKQOCU WVKNK\CFQU RQT GN CWFKVQT RCTC JCEGT NC CWFKVQTÉC s GPVTG NC
PCVKXC s UGT½ CRTQDCFC RQT NCU QƂEKPCU FG +(5 CPVGU FG TGCNK\CT CWFKVQ
TÉCU
XGT VCODKÅP 2CTVG
'U TGURQPUCDKNKFCF FG NC EQORCÍÉC XGTKƂECT SWG NC GPVKFCF FG EGTVKƂEC

EKÏP GUV½ CETGFKVCFC RCTC NC EGTVKƂECEKÏP +(5 $TQMGT
&WTCEKÏP FG NC CWFKVQTÉC
.CU GPVKFCFGU FG EGTVKƂECEKÏP FKURQPGP FG UKUVGOCU CFGEWCFQU RCTC

GUVKOCT GN VKGORQ OÉPKOQ PGEGUCTKQ RCTC NC CWFKVQTÉC 'N OÉPKOQ VKGORQ
FG FWTCEKÏP FG NC CWFKVQTÉC +(5 $TQMGT UGT½ FG JQTCU
5G JCP KFGPVKƂECFQ XCTKQU HCEVQTGU SWG KPƃW[GP GP GN VKGORQ FG CWFKVQ

TÉC SWG GUV½P FGVCNNCFQU GP GN EQPVTCVQ GPVTG NC EQORCÍÉC [ NC GPVKFCF
FG EGTVKƂECEKÏP 'PVTG ÅUVQU
s 'N VCOCÍQ FGN DTÏMGT
s .QU VKRQU FG UGTXKEKQU FG RTQEGUQU
UQNQ UGTXKEKQU FGN DTÏMGT Q
CEVKXKFCFGU NQIÉUVKECU CFKEKQPCNGU Q CWFKVQTÉCU EQODKPCFCU +(5
$TQMGT EQP +(5 (QQF Q +(5 *2% Q +(5 2#%UGEWTG
s 'N VKRQ FG RTQEGUQ FG UGTXKEKQ
UQNQ NCU CEVKXKFCFGU FG DTÏMGT Q
CEVKXKFCFGU NQIÉUVKECU CFKEKQPCNGU
s 'N CNECPEG FG NC CWFKVQTÉC
s 'N PÖOGTQ FG RGTUQPCU GORNGCFCU GP GN GUVCDNGEKOKGPVQ
s 'N PÖOGTQ FG PQ EQPHQTOKFCFGU JCNNCFCU GP NC CWFKVQTÉC CPVG
TKQT
.C FWTCEKÏP FG NC CWFKVQTÉC UG RQFTÉC CNCTICT CVGPFKGPFQ C NQU HCEVQTGU

OGPEKQPCFQU
+(5 1EVWDTG

.CU TGINCU CTTKDC GZRWGUVCU CRNKECP KIWCNKVCTKCOGPVG C CWFKVQTÉCU FG

TGPQXCEKÏP SWG FGDGP UGT EQPUKFGTCFCU EQOQ EQORNGVCOGPVG PWGXCU
CWFKVQTÉCU
7P FÉC PQTOCN FG CWFKVQTÉC UQP JQTCU
'N VKGORQ OÉPKOQ FG FWTCEKÏP FG NC CWFKVQTÉC PQ KPENW[G VKGORQ RCTC NC

RTGRCTCEKÏP FG NC CWFKVQTÉC PK RCTC NC IGPGTCEKÏP FGN KPHQTOG
#FKEKQPCNOGPVG GN VKGORQ RCTC NC IGPGTCEKÏP FGN KPHQTOG FG CWFKVQTÉC

GU VÉRKECOGPVG FÉCU
0QVC RCTC WP GSWKRQ FG CWFKVQTGU RQT NQ OGPQU JQTCU UGT½P CUKI

PCFCU CN GSWKRQ [ PQ C NQU CWFKVQTGU KPFKXKFWCNOGPVG RCTC VCTGCU EQOW
PGU
RGL CRGTVWTC [ EKGTTG FG NC TGWPKÏP FKUEWUKÏP UQDTG JCNNC\IQU
GVE
8GT VCODKÅP NC 2CTVG ECRÉVWNQ UQDTG GSWKRQ FG CWFKVQTGU
0QVC GP ECUQU FG CWFKVQTÉCU EQODKPCFCU +(5 $TQMGT1VTC PQTOC +(5

UG CEGRVC TGFWEKT NC FWTCEKÏP VQVCN
ECNEWNCFQ UGRCTCFCOGPVG NC CWFKVQ
TÉC RCTC ECFC PQTOC C WP O½ZKOQ FG FÉCU
0QVC RCTC WPC CWFKVQTÉC EQODKPCFC +(5 $TQMGT+(5 .QIÉUVKEC NC FWTC

EKÏP OÉPKOC UGT½ FG FÉCU
&KUGÍQ FGN RNCP FG CWFKVQTÉC
.C GPVKFCF FG EGTVKƂECEKÏP FKUGÍC GN RNCP FG CWFKVQTÉC SWG FGDG KPENWKT

NQU FGVCNNGU TGNCVKXQU CN CNECPEG FG CWFKVQTÉC [ NC EQORNGLKFCF FG NC
OKUOC &GDG UGT UWƂEKGPVGOGPVG ƃGZKDNG RCTC RQFGT FCT TGURWGUVC C
NCU GXGPVWCNKFCFGU SWG RWFKGTCP UWTIKT C NQ NCTIQ FG NC CWFKVQTÉC FG EGT
VKƂECEKÏP KP UKVW 'N RNCP FG CWFKVQTÉC FGDGT½ VQOCT GP EQPUKFGTCEKÏP GN
KPHQTOG FG CWFKVQTÉC [ GN RNCP FG CEEKÏP TGNCVKXQU C NC ÖNVKOC CWFKVQTÉC FG
EGTVKƂECEKÏP 5KP KORQTVCT NC HGEJC EWCPFQ HWG NNGXCFC C ECDQ &GDG
GURGEKƂECT CUKOKUOQ SWÅ RTQFWEVQU Q ITWRQU FG RTQFWEVQU UG XCP C
CWFKVCT .C EQORCÍÉC UÏNQ RWGFG UGT CWFKVCFC GP GN OQOGPVQ GP SWG
GUVÅ RTGUVCPFQ NCU CEVKXKFCFGU GURGEKƂECFCU GP GN CNECPEG FG NC CWFKVQ
TÉC 'N VKGORQ FG CWFKVQTÉC RTQITCOCFQ UGT½ GPXKCFQ CN CWFKVCFQ CPVGU
FG NC CWFKVQTÉC RCTC CUGIWTCT NC FKURQPKDKNKFCF FG NCU RGTUQPCU TGURQP
UCDNGU GP GN FÉC FG NC CWFKVQTÉC
'P ECUQ FG WP GSWKRQ FG CWFKVQTGU GN VKGORQ FG CWFKVQTÉC RTQITCOCFC

GUVCT½ ENCTCOGPVG KPFKECFQ SWÅ CWFKVQT TGCNK\C SWÅ RCTVG FG NC CWFKVQTÉC
5K NC CWFKVQTÉC +(5 GU TGCNK\CFC GP EQODKPCEKÏP EQP QVTCU PQTOCU GN

VKGORQ FG CWFKVQTÉC KPFKECT½ ENCTCOGPVG EWCPFQ ECFC PQTOC Q RCTVG JC
UKFQ CWFKVCFC
+(5 1EVWDTG

.C CWFKVQTÉC UG EQORQPG FG NQU EKPEQ GNGOGPVQU UKIWKGPVGU

s NC TGWPKÏP KPKEKCN
s NC GXCNWCEKÏP FGN EWORNKOKGPVQ FG NQU UGTXKEKQU DCUCFQ GP NC
EQORTQDCEKÏP FQEWOGPVCN
IGUVKÏP FGN TKGUIQ IGUVKÏP FG NC
ECNKFCF GURGEKƂECEKQPGU FG RTQFWEVQ TGUWNVCFQ FG CP½NKUKU
GVE &WTCPVG NC CWFKVQTÉC GN CWFKVQT CUGIWTCT½ GXKFGPEKCU QDLG
VKXCU RCTC GUVCDNGEGT UK NQU UGTXKEKQU FGN DTÏMGT UQP EQORCVK
DNGU OGFKCPVG NC GPVTGIC UGIWTC NGICN [ RTQFWEVQU EQPHQTOGU
2QT NQ VCPVQ GN CWFKVQT FGDGTÉC WVKNK\CT WPC OWGUVTC FG RTQFWEVQ
FGN RTQITCOC FQPFG NCU EQTTGURQPFKGPVGU GURGEKƂECEKQPGU
ƂPCNGU FGN RTQFWEVQ UQP WUCFCU EQOQ TGHGTGPEKC FWTCPVG NC
CWFKVQTÉC RCTC EQORTQDCT NC EQPHQTOKFCF FG NQU UGTXKEKQU .QU
RTQFWEVQU UWIGTKFQU RCTC UGT GNGIKFQU UQP RGTQ PQ GUV½P NKOK
VCFQU C
2TQFWEVQ EQP OCTEC FGN FKUVTKDWKFQT
2TQFWEVQ EQOGTEKCNK\CFQ GP RGSWGÍCU ECPVKFCFGU
2TQFWEVQ EQOGTEKCNK\CFQ GP ITCPFGU ECPVKFCFGU
5K NQU JCNNC\IQU FG NC CWFKVQTÉC RCTC NQU RTQFWEVQU UGNGEEKQPCFQU OWGU
VTCP SWG NQU UGTXKEKQU FGN DTÏMGT JCP UKFQ JGEJQU FG CEWGTFQ EQP NCU
GURGEKƂECEKQPGU FGN RTQFWEVQ GUVQ RTQRQTEKQPC IGPGTCNOGPVG ICTCPVÉC
FGN EWORNKOKGPVQ FG NC EQORCÍÉC
s 4GCNK\CEKÏP FG WP VGUV FG VTC\CDKNKFCF RCTC GUVQ GN CWFKVQT
UGNGEEKQPCT½ WP RTQFWEVQ EQOGTEKCNK\CFQ [ TGCNK\CT½ WP VGUV FG
VTC\CDKNKFCF FGUEGPFGPVGCUEGPFGPVG
s NC KPURGEEKÏP KP UKVW [ GPVTGXKUVCU EQP GN RGTUQPCN
s NC RTGRCTCEKÏP ƂPCN FG NCU EQPENWUKQPGU FG NC CWFKVQTÉC
s NC TGWPKÏP ƂPCN
.C EQORCÍÉC RTGUVCT½ CN CWFKVQT GN CRQ[Q PGEGUCTKQ FWTCPVG NC CWFKVQTÉC
%QOQ RCTVG FG NC CWFKVQTÉC UG GPVTGXKUVCT½ CN RGTUQPCN FG FKHGTGPVGU

PKXGNGU FGN QTICPKITCOC 'U TGEQOGPFCDNG SWG NQU TGURQPUCDNGU FG
O½U CNVQ PKXGN FGN QTICPKITCOC FG NC EQORCÍÉC GUVÅP RTGUGPVGU FWTCPVG
NCU TGWPKQPGU KPKEKCN [ ƂPCN EQP GN QDLGVKXQ FG SWG UG RWGFC JCDNCT UQDTG
NCU FGUXKCEKQPGU [ PQ EQPHQTOKFCFGU
'N CWFKVQT
GU SWG NNGXG
P C ECDQ NC CWFKVQTÉC GXCNWCT½
P VQFQU NQU
TGSWKUKVQU FG +(5 $TQMGT CRNKECDNGU C NC GUVTWEVWTC FG NC EQORCÍÉC
&WTCPVG NC TGWPKÏP ƂPCN GN CWFKVQT

Q GN CWFKVQT LGHG GP ECUQ FG WP GSWKRQ
FG CWFKVQTGU RTGUGPVCT½P VQFQU NQU JCNNC\IQU [ EQOGPVCT½P VQFCU NCU
FGUXKCEKQPGU [ PQ EQPHQTOKFCFGU SWG UG JCP KFGPVKƂECFQ
6CN EQOQ GURGEKƂEC NC PQTOC +51+'% GN CWFKVQT VCP UQNQ RWGFG
HCEKNKVCT WPC GXCNWCEKÏP RTQXKUKQPCN FGN GUVCFQ FG NC EQORCÍÉC FWTCPVG
NC TGWPKÏP ƂPCN .C GPVKFCF FG EGTVKƂECEKÏP GOKVKT½ WP KPHQTOG RTGXKQ FG
+(5 1EVWDTG

CWFKVQTÉC [ WP DQEGVQ FGN RNCP FG CEEKÏP RCTC NC EQORCÍÉC SWG FGDGT½

UGT WVKNK\CFQ EQOQ DCUG RCTC GN FKUGÍQ FG NCU CEEKQPGU EQTTGEVKXCU RCTC
NCU FGUXKCEKQPGU [ NCU PQ EQPHQTOKFCFGU
.C GPVKFCF FG EGTVKƂECEKÏP GU TGURQPUCDNG FG VQOCT NC FGEKUKÏP FG EGTVK

ƂECEKÏP [ RTGRCTCT GN KPHQTOG FG CWFKVQTÉC FGƂPKVKXQ VTCU NC TGEGREKÏP
FGN RNCP FG CEEKÏP EQORNGVCFQ .C GOKUKÏP FGN EGTVKƂECFQ FGRGPFG FG
NQU TGUWNVCFQU FG NC CWFKVQTÉC [ FG CEWGTFQ C WP CRTQRKCFQ RNCP FG
CEEKÏP
'XCNWCEKÏP FG NQU TGSWKUKVQU
'N CWFKVQT GXCNÖC NC PCVWTCNG\C G KORQTVCPEKC FG EWCNSWKGT FGUXKCEKÏP Q

PQ EQPHQTOKFCF 2CTC RQFGT FGVGTOKPCT UK UG EWORNG WP FGVGTOKPCFQ
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DCLQ OGFKFCU FG UGIWTKFCF FWTCPVG WP RGTÉQFQ FG EKPEQ CÍQU
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TGENCOCEKQPGU
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SWGP FQEWOGPVQU EQP GN NQIQVKRQ +(5 NQU EQOGPVCTKQU [ NCU GZRNKECEKQ
PGU TGURGEVQ C +(5 FGDGP GUVCT KFGPVKƂECFQU EQOQ VCNGU FG HQTOC ENCTC
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GP TGNCEKÏP FKTGEVC EQP NC UGIWTKFCF FG RTQFWEVQ
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'N NQIQVKRQ +(5 $TQMGT PQ UG WVKNK\CT½ FG OQFQ SWG RWFKGTC JCEGT RGPUCT
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TKCN [ EGUCT EWCNSWKGT EQOWPKECEKÏP TGNCVKXC C +(5 .C GORTGUC CWFKVCFC
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6QFCU NCU PQTOCU CPVGU OGPEKQPCFCU UG CRNKECP C EWCNSWKGT EQOWPKEC
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XCTKCU OGFKFCU RCTC ICTCPVK\CT NC ECNKFCF FGN GUSWGOC FG EGTVKƂECEKÏP
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VGOC +(5 5G TGCNK\CP EQP TGIWNCTKFCF CWFKVQTÉCU FG XKIKNCPEKC GP NCU
QƂEKPCU FG NCU GPVKFCFGU FG EGTVKƂECEKÏP [ CWFKVQTÉCU KP UKVW FG RTQXGG
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GEQPÏOKEQU
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OGU EQTTGURQPFKGPVGU
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GORTGUCU EGTVKƂECFCU 2QT NQ IGPGTCN NCU CWFKVQTÉCU KP UKVW UG CPWPEKCP
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CWFKVQTGU FG +PVGITKV[ 2TQITCO XCNQTCP C WP CWFKVQT +(5 FWTCPVG WPC
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VKICT NC ECWUC FG NC TGENCOCEKÏP [ GUVCDNGEGT UK GZKUVGP FGƂEKGPEKCU GP
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VKICEKÏP TGCNK\CFC RQT NC GPVKFCF FG EGTVKƂECEKÏP UG TGCNK\CT½ WPC CWFK
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6CODKÅP UG RWGFGP TGCNK\CT CWFKVQTÉCU RTGUGPEKCNGU 'P GUVG ECUQ NQU

CWFKVQTGU FG +PVGITKV[ 2TQITCO XCNQTCP C WP CWFKVQT +(5 FWTCPVG WPC
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VTKC FKUVTKDWKFQTGU [ GPVKFCFGU FG EGTVKƂECEKÏP VQOCT½ WPC FGEKUKÏP
UQDTG UK GZKUVG Q PQ KPEWORNKOKGPVQ [ NC ITCXGFCF FGN OKUOQ
.CU UCPEKQPGU UG GPXKCT½P C NC GPVKFCF EGTVKƂECFQTC [Q C UWU CWFKVQTGU

UK GN %QOKVÅ 5CPEKQPCFQT EQPENW[G SWG UG JC EQOGVKFQ WP KPEWORNK
OKGPVQ
'N VKRQ FG UCPEKÏP FGRGPFGT½ FG NC ECPVKFCF FG KPEWORNKOKGPVQU EQOG

VKFQU RTGXKCOGPVG RQT GN CWFKVQT [Q NC GPVKFCF FG EGTVKƂECEKÏP CUÉ EQOQ
FGN PKXGN FG ITCXGFCF FG FKEJQU KPEWORNKOKGPVQU +(5 /CPCIGOGPV
KPHQTOCT½ C NC GPVKFCF FG CETGFKVCEKÏP EQTTGURQPFKGPVG UK UG JC FGVGTOK
PCFQ WP KPEWORNKOKGPVQ RQT RCTVG FG WPC GPVKFCF FG EGTVKƂECEKÏP [Q
WP CWFKVQT
6QFQU GUVQU RTQEGFKOKGPVQU UG GUVCDNGEGT½P GP GN EQPVTCVQ GPVTG +(5 [

ECFC WPC FG NCU GPVKFCFGU FG EGTVKƂECEKÏP [ VQFQU NQU RCTVKEKRCPVGU GP GN
UKUVGOC +(5 UGT½P KPHQTOCFQU FGN RTQEGUQ 'N +PVGITKV[ 2TQITCO FG +(5
TGHWGT\C NC ƂCDKNKFCF FGN GUSWGOC +(5 CN EQORTQDCT NC KORNCPVCEKÏP FG
NC PQTOC +(5 GP NC RT½EVKEC
+(5 1EVWDTG

6CDNC 0 4GUWOGP FG NCU CEVKXKFCFGU FG +PVGITKV[ 2TQITCO
+PVGITKV[ 2TQITCO
)GUVKÏP FG +(5 )GUVKÏP FG NC %CNKFCF /GFKFCU RTG

TGENCOCEKQPGU &GEKUKÏP FKTGEVC FG PKXGN XGPVKXCU FG #%
+PHTCEEKQPGU DCUCFCU GP GN CP½NKUKU
#WFKVQTÉCU FG UQDTG NC DCUG FG FCVQU EQPƂTOC #WFKVQTÉCU FG
KPXGUVKICEKÏP FQU RQT GN RTGUKFGPVG
CDQICFQ XKIKNCPEKC
#WFKVQTÉC #WFKVQTÉC
#WFKVQTÉC #WFKVQTÉC
KP UKVW FG #WFKVQTÉC KP UKVW FG #WFKVQTÉC
RTGUGP RTGUGP
FKUVTK FG '% FKUVTK FG '%
EKCN EKCN
DWKFQT DWKFQT
+(5 )GUVKÏP FG NC
ECNKFCF
'XKFGPEKC UWƂ
EKGPVGKPHTCEEKÏP
2TQDCDNG 0KXGN Q
0KXGN
%QOKVÅ 5CPEKQPCFQT
2TGUKFGPVG 2CTVKEKRCPVG 2CTVKEKRCPVG FGN 2CTVKEKRCPVG FG '% UKP

CDQICFQ FG FKUVTKDWK UGEVQT FGTGEJQ C XQVQ
FQTGU
+(5 1EVWDTG

#0':1 #ENCTCEKÏP FGN CNECPEG FG CRNKECEKÏP

FG NCU FKUVKPVCU PQTOCU +(5
+(5 (QQF GU WPC PQTOC RCTC CWFKVCT C RTQXGGFQTGUHCDTKECPVGU [ UG

CRNKEC UÏNQ C GORTGUCU SWG GNCDQTCP CNKOGPVQU Q SWG GPXCUCP RTQFWE
VQU C ITCPGN .C 0QTOC +(5 (QQF UG CRNKECT½ EWCPFQ UG pRTQEGUGq WP
RTQFWEVQ Q EWCPFQ GZKUVC WP RGNKITQ FG EQPVCOKPCEKÏP FG WP RTQFWEVQ
FWTCPVG GN RTQEGUQ FG GPXCUCFQ RTKOCTKQ
+(5 .QIKUVKEU GU WPC PQTOC RCTC CWFKVCT GORTGUCU EW[C CEVKXKFCF UGC NC
NQIÉUVKEC QTKGPVCFC C RTQFWEVQU CNKOGPVKEKQU [ PQ CNKOGPVKEKQU EQOQ
VTCPURQTVG CNOCEGPCOKGPVQ FKUVTKDWEKÏP ECTICFGUECTIC GVE 5G CRNKEC
C VQFQU NQU VKRQU FG CEVKXKFCF GPVTGIC RQT ECTTGVGTC VTGP DCTEQ RTQ
FWEVQU TGHTKIGTCFQUEQPIGNCFQU Q GUVCDNGU C VGORGTCVWTC CODKGPVG
#ENCTCEKÏPGLGORNQU FG CNECPEG FG CRNKECEKÏP GPVTG +(5 (QQF G +(5

.QIÉUVKEC
s +(5 .QIÉUVKEC UG CRNKEC UÏNQ C CEVKXKFCFGU NQIÉUVKECU GP NCU SWG
NCU GORTGUCU VKGPGP WP EQPVCEVQ HÉUKEQ EQP RTQFWEVQU SWG [C
FKURQPGP FG WP GPXCUG RTKOCTKQ
VTCPURQTVG GORCSWGVCFQ FG
RTQFWEVQU CNKOGPVKEKQU GPXCUCFQU CNOCEGPCOKGPVQ [Q FKUVTK
DWEKÏP VTCPURQTVG [ CNOCEGPCOKGPVQ FG RCNNGVU DQNUCU GP
ECLCU6CODKÅP UG CRNKEC C RTQFWEVQU GURGEÉƂEQU PQ GPXCUCFQU
EQOQ FGURKGEGU FG TGUGU Q VTCPURQTVG C ITCPGNGP VCPSWGU

LCTCDG FG INWEQUC NGEJG EGTGCNGU GVE
s 2CTC EWCNSWKGT ENCUG FG RTQEGUQ UKIPKƂEC SWG NCU ECTCEVGTÉUVK
ECU FG NQU RTQFWEVQU UQP OQFKƂECFQU +(5 .QIÉUVKEC PQ GU CRNK
ECDNG GZEGRVQ RCTC RTQEGUQU FG EQPIGNCFQFGUEQPIGNCFQ DCLQ
EQPFKEKQPGU GURGEÉƂECU
TGSWKUKVQU GZVTC C UGT CWFKVCFQU
s %WCPFQ NC GORTGUC RTQFWEVQTC FG CNKOGPVQU FKURQPG FG UW
FGRCTVCOGPVQ RTQRKQ FG NQIÉUVKEC [Q VTCPURQTVG Q TGCNK\C CEVKXK
FCFGU FG CNOCEGPCOKGPVQ [ FKUVTKDWEKÏP ÅUVCU SWGFCP KPENWK
FCU GP GN UWDECRÉVWNQ TGNCVKXQ C VTCPURQTVG Q CNOCEGPCOKGPVQ
FG +(5 (QQF
0QVC 5K NCU QRGTCEKQPGU FG NQIÉUVKEC RTQRKCU FG NC GORTGUC

RTQEGUCFQTC UG GPEWGPVTCP GP NC OKUOC WDKECEKÏP SWG NC
GORTGUC [ UK NC GORTGUC Q GN ENKGPVG FGUGCP SWG GUVCU QRGTCEKQ
PGU GUVÅP EGTVKƂECFCU UGIÖP +(5 .QIKUVKEU RQFT½ TGCNK\CTUG WPC
CWFKVQTÉC UGIÖP +(5 .QIKUVKEU
'P GUVG ECUQ UG FGDGT½P EWORNKT NQU UKIWKGPVGU TGSWKUKVQU

NCU QRGTCEKQPGU FG NQIÉUVKEC UÏNQ UG CRNKECP C RTQFWEVQU [C
GPXCUCFQU
GP ECUQ FG FQU
EGTVKƂECFQU
(QQF [ .QIKUVKEU FGDGT½P
FGƂPKTUG ENCTCOGPVG NQU CNECPEGU TGURGEVKXQU FG ECFC CWFK
VQTÉC [ ECFC EGTVKƂECFQ
+(5 1EVWDTG

NQU TGSWKUKVQU FG +(5 (QQF TGNCVKXQU C VTCPURQTVG [ CNOCEGPC

OKGPVQ FGDGT½P UGT UKGORTG GXCNWCFQU FWTCPVG NC CWFKVQTÉC
FG +(5 (QQF
FGDGT½ TGCNK\CTUG WPC CWFKVQTÉC +(5 (QQF FG NC GORTGUC RTQ
EGUCFQTC FG CNKOGPVQU +(5 .QIKUVKEU GU UÏNQ WPC CWFKVQTÉC
CFKEKQPCN
VQFQU NQU FQEWOGPVQU TGNGXCPVGU FGDGT½P GPEQPVTCTUG GP NC
RNCVCHQTOC
s 5K NC GORTGUC RTQEGUCFQTC UWDEQPVTCVC C VGTEGTQU NCU CEVKXKFC
FGU FG NQIÉUVKEC [Q VTCPURQTVG NQU TGSWKUKVQU GURGEKƂECFQU GP
GN ECRÉVWNQ FG +(5 UQDTG CNOCEGPCOKGPVQ [ VTCPURQTVG FGDGT½P
GUVCT ENCTCOGPVG FGƂPKFQU GP GN EQPVTCVQ Q UK UG CRNKEC +(5
.QIKUVKEU
+(5 $TQMGT GU WPC PQTOC RCTC CWFKVCT RGTUQPCU [Q GORTGUCU SWG RWG
FGP Q PQ RQUGGT NQU RTQFWEVQU RGTQ SWG VÉRKECOGPVG PQ VKGPGP RQUGUKÏP
HÉUKEC FG NQU RTQFWEVQU
RGL PQ VKGPGP CNOCEÅP \QPCU FG GODCNCLG Q
ƃQVC FG ECOKQPGU RGTQ SWG UQP GPVKFCFGU NGICNGU EQP EQTTGQ RQUVCN
QƂEKPCU GVE
.C PQTOC CRNKEC VCPVQ C CNKOGPVCEKÏP EQOQ RTQFWEVQU FG WUQ FQOÅU

VKEQ [ FGN EWKFCFQ RGTUQPCN CUÉ EQOQ OCVGTKCNGU FG GPXCUCFQ
+(5 $TQMGT UQNQ EWDTG NQU UGTXKEKQU FGN DTÏMGT RGTQ UK

WPC EQORCÍÉC
RTQFWEVQTC FG CNKOGPVQU Q FG RTQFWEVQU FG WUQ FQOÅUVKEQ [ FGN EWK
FCFQ RGTUQPCN [ GPXCUGU VCODKÅP VKGPG UGTXKEKQU DTÏMGT [ SWKUKGTC EGT
VKƂECT CODCU CEVKXKFCFGU GU RQUKDNG EQODKPCT WPC CWFKVQTÉC +(5 (QQF Q
*2% Q 2#%UGEWTG LWPVQ EQP +(5 $TQMGT
+(5 %CUJ %CTT[9JQNGUCNG GU NC PQTOC SWG EWDTG VQFQ GN OCPGLQ FG

CEVKXKFCFGU FG RTQFWEVQU UWGNVQ [ GPXCUCFQ GP OGTECFQU %CUJ %CTT[
Q EQORCÍÉCU OC[QTKUVCU
+(5 *2% GU NC PQTOC RCTC CWFKVCT EQORCÍÉCU SWG RTQEGUCP RTQFWEVQU

FG WUQ FQOÅUVKEQ [ FGN EWKFCFQ RGTUQPCN Q EQORCÍÉCU SWG GPXCUCP
UWGNVQU GUVQU OKUOQU RTQFWEVQU +(5 *2% UQNQ RWGFG UGT WUCFQ EWCPFQ
WP RTQFWEVQ GU pRTQEGUCFQq Q EWCPFQ JC[ WP RGNKITQ FG EQPVCOKPCEKÏP
FG RTQFWEVQ FWTCPVG GN GPXCUCFQ RTKOCTKQ
+(5 2#%UGEWTG GU WPC PQTOC RCTC CWFKVCT RTQFWEVQTGU FG OCVGTKCNGU FG

GPXCUCFQ FG CNKOGPVQU [ RTQFWEVQ PQ CNKOGPVCTKQ [ SWG KORNKEC C EQO
RCÍÉCU RTQFWEVQTCU [Q EQPXGTVKFQTGU FG GPXCUGU
+(5 1EVWDTG

/CVTK\ RCTC NC FGVGTOKPCEKÏP FG NC EQTTGEVC PQTOC +(5
0 2TKPEKRCN CEVKXKFCF FG NC EQORCÉC +PVGTPCVKQPCN (GCVWTGF 5VCPFCTFU

+(5 +(5 +(5 +(5 +(5 +(5
(QQF *2% .QI $TQMGT %% 2#%
9 UGEWTG
2TQEGUCFQ FG CNKOGPVQU

EWCPFQ UG RTQEGUCP RTQFWEVQU Q VCP RTQPVQ :
GZKUVC TKGUIQ FG EQPVCOKPCEKÏP FG NQU RTQFWEVQU
2TQEGUCFQ *2%

EWCPFQ UG RTQEGUCP RTQFWEVQU Q VCP RTQPVQ :
GZKUVC TKGUIQ FG EQPVCOKPCEKÏP FG NQU RTQFWEVQU
#EVKXKFCFGU NQIÉUVKECU RCTC CNKOGPVQU RTQFWEVQU
PQ CNKOGPVCTKQU *2%
#EVKXKFCFGU FG NQIÉUVKEC [ GURGEÉƂECU CEVKXKFCFGU
FG RTQEGUCOKGPVQ UÏNQ EQOQ UGTXKEKQ UKP CEVKXK
FCF EQOGTEKCN

%WCPFQ NCU GORTGUCU VKGPGP WP EQPVCEVQ HÉUKEQ :
EQP RTQFWEVQU [C GPXCUCFQU Q UÏNQ RCTC FGVGTOK
PCFQU RTQFWEVQU PQ GPXCUCFQU EQOQ FGURKGEGU
FG TGUGU Q VTCPURQTVG C ITCPGNGP VCPSWGU
LCTCDG
FG INWEQUC NGEJG EGTGCNGU GVE Q UQNQ EQPIGNC
EKÏPFGUEQPIGNCEKÏP EQOQ UGTXKEKQU
%QOGTEKQ EQP CNKOGPVQU *2% UKP EQPVCEVQ EQP GN
RTQFWEVQ

EWCPFQ PQ JC[ RQUGUKÏP HÉUKEC FG NQU RTQFWEVQU :
UÏNQ EQORTC [ XGPVC FGUFG WPC QƂEKPC UKP
CEVKXKFCFGU FG NQIÉUVKEC
%CUJ %CTT[/C[QTKUVCU

EWCPFQ GP NC FKUVTKDWEKÏP FG RTQFWEVQU UG RWGFC
:
KPENWKT CNIWPC CEVKXKFCF OGPQT FG RTQEGUCFQ DCLQ
TGSWKUKVQU GURGEÉƂEQU
2TQEGUCOKGPVQ FG OCVGTKCN FG GPXCUCFQ

EWCPFQ NQU RTQFWEVQU FG GPXCUCFQ FG
PQ :
CNKOGPVQU UQP RTQEGUCFQUEQPXGTVKFQU
%GTVKƂECEKÏP EQODKPCFC
%QOGTEKQ EQP CNKOGPVQU Q *2% Q RCEMCIKPI [
RTQEGUCOKGPVQ EQP CNKOGPVQU Q *2% Q GPXCUGU
: : : :
#WFKVQTÉC EQODKPCFC RCTC CEVKXKFCFGU EQOGTEKCNGU
; FG RTQEGUCOKGPVQ
%QOGTEKQ FG #NKOGPVQU*2%GPXCUGU [ NQIÉUVKEC
FG #NKOGPVQU*2% [ GPXCUGU
#WFKVQTÉCU EQODKPCFCU RCTC CEVKXKFCFGU EQOGTEKC : :
NGU; CEVKXKFCFGU NQIÉUVKECU EQP WP NKUVCFQ EQODK
PCFQ FG TGSWKUKVQU GURGEÉƂEQU
+(5 1EVWDTG

#0':1 2TQEGUQ FG EGTVKƂECEKÏP

&GEKUKÏP FG NC GORTGUC FG EGTVKƂECTUG EQPHQTOG C WPC
PQTOC +(5
.GGT GN GLGORNCT FG NC TGURGEVKXC PQTOC +(5
'XCNWCEKÏP FG NC UKVWCEKÏP CEVWCN FG NC GORTGUC
5GNGEEKÏP RQT RCTVG FG NC GORTGUC FG NC GPVKFCF ,WPVQ EQP NC GPVKFCF

FG EGTVKƂECEKÏP +(5
CETGFKVCFC [ JQOQNQICFC FG EGTVKƂECEKÏP
2TGUWRWGUVQ FGEKUKÏP [ ƂTOC FG WP EQPVTCVQ &GVGTOKPCEKÏP
8QNWPVCTKQ HGEJC FG CWFKVQTÉC
#WFKVQTÉC RTGXKC &GVGTOKPCEKÏP
2NCPKƂECEKÏP [ RTGRCTCEKÏP FG NC CWFKVQTÉC JQTCU FG CWFKVQTÉC
4GCNK\CEKÏP FG NC CWFKVQTÉC KPUKVW GP NC HGEJC CEQTFCFC &GƂPKEKÏP FGN CN
RQT WP CWFKVQT EQORGVGPVG GP NQU CNECPEGU FG RTQFWEVQ ECPEG FG CWFKVQTÉC
[ VGEPQNQIÉC
4GWPKÏP KPKEKCN s 'XCNWCEKÏP FG NC FQEWOGPVCEKÏP s 'XCNWCEKÏP FGN

GUVCDNGEKOKGPVQ [ GPVTGXKUVCU CN RGTUQPCN s %QPENWUKQPGU FG NC CWFKVQTÉC
&GVGTOKPCEKÏP FG 4GWPKÏP ƂPCN &GVGTOKPCEKÏP FG

0% /C[QT [ +PHQTOCEKÏP TGNCVKXC C NCU PQ EQPHQTOKFCFGU GXKFGPEKCFCU 0% OC[QTGU
EKTEWPUVCPEKCU -1 s #WFKVQTÉC PQ
RCTVKEWNCTGU s UWRGTCFC
0Q CRTQDCFQ JCUVC 2TGRCTCEKÏP FGN KPHQTOG RTGXKQ FG CWFKVQTÉC [ FGN RNCP
SWG UG GORTGPFCP FG CEEKÏP RQT GN CWFKVQT
UGOCPCU
+PHQTOCEKÏP UQDTG NCU FGUXKCEKQPGU FGVGEVCFCU 5WURGPUKÏP
CEEKQPGU
FGN CEVWCN
EGTVKƂECFQ
5WURGPUKÏP %WORNKOGPVCEKÏP FGN RNCP FG CEEKÏP [ FGVGTOKPCEKÏP FG
FGN CEVWCN CEEKQPGU EQTTGEVKXCU RQT NC GORTGUC CWFKVCFC
UGOCPCU 'PXÉQ C NC GORTGUC
EGTVKƂECFQ
CWFKVCFC FGN KPHQTOG
RTGXKQ FG CWFKVQTÉC [
'PXÉQ C NC GORTGUC 'PXÉQ C NC GPVKFCF FG EGTVKƂECEKÏPCWFKVQT FGN RNCP FG
GN RNCP FG CEEKÏP
CWFKVCFC FGN KPHQTOG CEEKÏP EWORNKOGPVCFQ
UGOCPCU
RTGXKQ FG CWFKVQTÉC
[ GN RNCP FG CEEKÏP 4GXKUKÏP RQT NC GPVKFCF FG EGTVKƂECEKÏPCWFKVQT FGN %WORNKOGPVCEKÏP
RNCP FG CEEKÏP EWORNKOGPVCFQ
UGOCPCU XQNWPVCTKC FGN RNCP
%QORTQDCEKÏP FGN KPHQTOG EQORNGVQ FG CWFKVQTÉC FG CEEKÏP [ GPXÉQ C
#EEKQPGU EQTTGEVKXCU NC GPVKFCF FG
C NCU 0% OC[QTGU [ FGN RNCP FG CEEKÏP
EQP TGXKUKÏP QDNKICVQTKC RQT NC
GPVKFCF FG EGTVKƂECEKÏP EGTVKƂECEKÏP
GP RNC\Q FG OGUGU
&GEKUKÏP FG EGTVKƂECEKÏP FGVGTOKPCEKÏP FG NC XCNKFG\ (KPCNK\CEKÏP FGN

8CNKFCEKÏP FG NCU RNCP FG CEEKÏP
FGN EGTVKƂECFQ RQT NC GPVKFCF FG EGTVKƂECEKÏP
CEEKQPGU EQTTGEVKXCU G KPHQTOG s ECTIC
RQT NC GPVKFCF FG GP GN RQTVCN FG
EGTVKƂECEKÏP %QPEGUKÏP FGN EGTVKƂECFQ [ GPXÉQ FGN KPHQTOG ƂPCN C CWFKVQTÉC +(5
NC GORTGUC CWFKVCFC 5KP EGTVKƂECFQ
%CTIC FG NQU FCVQU FG NC CWFKVQTÉC GP GN RQTVCN FG

CWFKVQTÉC +(5
FGVCNNGU FG NC CWFKVQTÉC KPHQTOG RNCP FG
CEEKÏP [ EGTVKƂECFQ RQT NC GPVKFCF FG EGTVKƂECEKÏP
6TGU OGUGU CPVGU FG NC ECFWEKFCF FGN EGTVKƂECFQ GN

RQTVCN FG CWFKVQTÉC +(5 GPXÉC WP TGEQTFCVQTKQ C NC GORTGUC
RCTC RTQITCOCT WPC PWGXC CWFKVQTÉC EQP NC GPVKFCF FG EGTVK
ƂECEKÏP .C CWFKVQTÉC PQ UG RTQITCOCT½ O½U CNN½ FG NC HGEJC
RTGXKUVC RCTC NC CWFKVQTÉC FG TGPQXCEKÏP GP GN EGTVKƂECFQ
#0':1 &KCITCOC RCTC NC IGUVKÏP FG

TGSWKUKVQU -1 RWPVWCFQU EQP & [ PQ
EQPHQTOKFCFGU /C[QTGU
#WFKVQTÉC FG +(5 $TQMGT
4GUWNVCFQ
FG NC CWFKVQTÉC
/C[QT [ ű FG NQU TGSWKUKVQU UG EWORNGP /C[QT [Q Q

UG TGUVC FG NC ECPVKFCF VQVCN RQUKDNG /½U FG WPC /C[QT Q
7PQ Q XCTKQU -1U EQP RWPVWCEKÏP &
0Q CRTQDCFQ C OGPQU SWG UG TGCNKEGP [ XCNKFGP
PWGXCU CEEKQPGU FGURWÅU FG NC CWFKVQTÉC EQORNG 0Q CRTQDCFQ
OGPVCTKC
5WURGPUKÏP FGN EGTVKƂECFQ CEVWCN O½Z
5WURGPUKÏP FGN EGTVKƂECFQ CEVWCN O½Z FQU
FÉCU FQU
FÉCU J½DKNGU C EQPVCT FG NC HGEJC
J½DKNGU C EQPVCT FG NC HGEJC FG NC CWFKVQTÉC KPUGT FG NC CWFKVQTÉC KPUGTVCPFQ NCU GZRNKECEKQ
VCPFQ NCU GZRNKECEKQPGU GP KPINÅU CEGTEC FG NC PQ PGU GP KPINÅU CEGTEC FG NC PQ
EQPHQTOKFCF GP GN RQTVCN +(5 EQPHQTOKFCF
GU GP GN RQTVCN +(5
'PXÉQ FGN KPHQTOG RTGNKOKPCT [ RNCPVKNNC FGN RNCP FG 'PXÉQ FGN KPHQTOG RTGNKOKPCT [ RNCPVKNNC
CEEKÏP C NC GORTGUC CWFKVCFC FGN RNCP FG CEEKÏP C NC GORTGUC CWFKVCFC
1DNKICVQTKQ ƂPCNK\CEKÏP FGN RNCP FG CEEKÏP RQT 4GEQOGPFCFQ ƂPCNK\CEKÏP FGN RNCP FG
RCTVG FG NC GORTGUC CWFKVCFC [ TGGPXÉQ CN QTIC CEEKÏP RQT RCTVG FG NC GORTGUC CWFKVCFC [
PKUOQ FG EGTVKƂECEKÏP FGPVTQ FG FQU
UGOCPCU TGGPXÉQ CN QTICPKUOQ FG EGTVKƂECEKÏP
FGPVTQ FG FQU
UGOCPCU
%CTIC FGN KPHQTOG GP GN +(5
PQ XKUKDNG
%CTIC FGN KPHQTOG GP GN +(5

PQ XKUKDNG
2GTÉQFQ FG
VKGORQ RCTC NC RTÏZKOC
CWFKVQTÉC 2GTÉQFQ FG
VKGORQ RCTC NC RTÏZKOC
CWFKVQTÉC
#WFKVQTÉC KPKEKCN UK OGUGU #WFKVQTÉC EQORNGOGPVCTKC UK
GPVTG NC CWFKVQTKC FQPFG UG OGUGU GPVTG NC CWFKVQTÉC
0WGXC CWFKVQTÉC EQORNGVC RTQITCOCFC C
XGTKƂEÏ WPC /C[QT [ NC FQPFG UG XGTKƂEÏ WPC /C[QT [
NQ OGPQU UGKU
UGOCPCU FGURWÅU FG NC
RTÏZKOC CWFKVQTÉC NC RTÏZKOC CWFKVQTÉC
CWFKVQTÉC FQPFG UG KFGPVKƂEÏ NC
U PQ

PQ CPVGU FG UGKU
UGOCPCU
EQPHQTOKFCF
GU
GP ECUQ FG HCNNC EQP TGURGEVQ C
NCU CEVKXKFCFGU FG RTQFWEEKÏP
4GUWNVCFQ
4GUWNVCFQ FG CWFKVQTÉC RQUKVKXQ
FG CWFKVQTÉC RQUKVKXQ
%CTIC FGN KPHQTOG ƂPCN +(5 GP GN RQTVCN

%CTIC FGN KPHQTOG ƂPCN +(5 GP GN RQTVCN
XKUKDNG
XKUKDNG
'P ECUQ FG CWFKVQTÉC FG UGIWKOKGPVQ
s &GƂPKT GP NC UGEEKÏP pHGEJCq NC HGEJC FG NC CWFKVQTÉC KPKEKCN
[ NC HGEJC FG NC CWFKVQTÉC EQORNGOGPVCTKC
s &GƂPKT GP NC UGEEKÏP pTGUWNVCFQ ƂPCN FG NC CWFKVQTÉCq SWG UG
JC TGCNK\CFQ WPC CWFKVQTÉC EQORNGOGPVCTKC [ SWG NC PQ
EQPHQTOKFCF /C[QT UG TGUQNXKÏ
s 'P pQDUGTXCEKQPGU EQP TGURGEVQ C -1 [ /C[QTGUq GZRNKECT GP
SWÅ TGSWKUKVQ UG TGUQNXKÏ NC PQ EQPHQTOKFCF /C[QT
.C GORTGUC PQ RWGFG TGEKDKT GN EGTVKƂECFQ EQP PKXGN UWRGTKQT
KPENWUQ UK NC RWPVWCEKÏP ƂPCN GU ű
(GEJC FG ƂP FG XCNKFG\ FGN EGTVKƂECFQ GP DCUG C NC HGEJC FG NC
CWFKVQTÉC KPKEKCN
+(5 1EVWDTG
#PGZQ #NECPEG FG RTQFWEVQU RCTC RTQFWEVQU

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RTQXGGFQTGU FG CEWGTFQ EQP NQU TGSWKUKVQU FG NQU ENKGPVGU
GZKUVKT½ RCTC NQU RTQXGGFQTGU FG RTQFWEVQU
'PXCUCFQ FGN RTQFWEVQ
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RCTC NQU OCVGTKCNGU FG GPXCUCFQ [ SWG GUVQU EWORNGP EQP NC
NGIKUNCEKÏP XKIGPVG RCTC GNNQU RCÉU
GU FG FGUVKPQ FGN RTQ
FWEVQ
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UGIWTKFCF FGN RTQFWEVQ UG FGDGT½ FKURQPGT FG EGTVKƂECFQU
FG EQPHQTOKFCF SWG EWORNCP NQU TGSWKUKVQU NGICNGU XKIGPVGU
%WCPFQ PQ GZKUVC PKPIÖP TGSWKUKVQ NGICN GURGEÉƂEQ CRNKECDNG

UG FGDGT½ FKURQPGT FG GXKFGPEKCU RCTC FGOQUVTCT SWG GN
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OCVGTKCN FG GPXCUCFQ SWG RWGFC VGPGT GHGEVQU UQDTG NC OCVG
TKC RTKOCEQORQPGPVGU RTQFWEVQU UGOKGNCDQTCFQU [ RTQ
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&QPFG UGCP TGSWGTKFQU ECODKQU GP GN GPXCUG FGN RTQFWEVQ

RQT GN ENKGPVG Q NC NGIKUNCEKÏP NC EQORCÍÉC CUGIWTCT½ SWG GN
GPXCUG FGN RTQFWEVQ GU EQPVTQNCFQ RQT NQU RTQXGGFQTGU [
SWG GUVQU RTQFWEVQU EWORNGP EQP NQU TGSWKUKVQU NGIKUNCVKXQU
[Q FGN ENKGPVG 'N EQTTGEVQ WUQ FGN GPXCUG UG TGXKUCT½ FG
OCPGTC TGIWNCT [ GUVQ GUVCT½ FQEWOGPVCFQ RQT GN RTQXGGFQT
.C EQORCÍÉC CUGIWTCT½ SWG GUVQU EQPVTQNGU UQP NNGXCFQU C
ECDQ
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FWEVQ RQT GN ENKGPVG Q NC NGIKUNCEKÏP NC EQORCÍÉC UG CUGIW
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XGGFQT RCTC EWORNKT EQP GUVG ECODKQ .C KPHQTOCEKÏP FG NC
GVKSWGVC UGT½ NGIKDNG KPFGNGDNG [ EWORNKT½ EQP NCU GURGEKƂEC
EKQPGU FGN RTQFWEVQ CEQTFCFCU RQT GN ENKGPVG
KPENW[GPFQ R
GL NC XKFC OGFKC 'N GVKSWGVCFQ UGT½ TGXKUCFQ TGIWNCTOGPVG
[ GUVCT½ FQEWOGPVCFQ
6TC\CDKNKFCF
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OKVC NC KFGPVKƂECEKÏP EQORNGVC FG NQU RTQFWEVQU [ GN GVKSWG
VCFQ FG NQU RTQFWEVQU GUVCT½ JGEJC GP NC OCPGTC SWG RGT
OKVC WPC EQORNGVC VTC\CDKNKFCF 'N UKUVGOC FG VTC\CDKNKFCF
KPENWKFQU TGIKUVTQU CUGIWTCT½ NC EQORNGVC VTC\CDKNKFCF FGUFG
GN RTQXGGFQT
FGƂPKFC NC ECPVKFCF FGN NQVG JCUVC NC GPVTGIC
CN ENKGPVG
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'N UKUVGOC FG VTC\CDKNKFCF UGT½ EQORTQDCFQ C KPVGTXCNQU

TGIWNCTGU CN OGPQU WPC XG\ CN CÍQ [ ECFC XG\ SWG GN UKUVGOC
FG VTC\CDKNKFCF ECODKG .C EQORTQDCEKÏP XGTKƂECT½ NC VTC\C
DKNKFCF JCEKC CVT½U [ JCEKC FGNCPVG
FGUFG GN RTQFWEVQ ƂPCN
JCUVC NC OCVGTKC RTKOCEQORQPGPVGU [ XKEGXGTUC KPENW
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VCFQU FG NQU GPUC[QU
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RTQXGGFQT JC KFGPVKƂECFQ OWGUVTCU TGRTGUGPVCVKXCU FG NQU
NQVGU RTQFWEKFQU UG JCP CNOCEGPCFQ CFGEWCFCOGPVG [ EQP
UGTXCFCU JCUVC UW HGEJC FG ECFWEKFCF Q UK GU TGSWGTKFQ RQT
WP RGTKQFQ O½U NCTIQ
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NQVGU RTQFWEKFQU EWDKGTVQU RQT NQU UGTXKEKQU FGN DTÏMGT
#EVKXKFCFGU NQIÉUVKECU
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[Q CNOCEGPCOKGPVQ VQFQU NQU TGSWKUKVQU TGNGXCPVGU RCTC
CUGIWTCT NC UGIWTKFCF FGN RTQFWEVQ [ ECNKFCF UGT½P ENCTC
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NQU UGTXKEKQU GUVCT½ UWLGVQ C NQU TGSWKUKVQU FG +(5 .QIÉUVKEC
5K NC EQORCÍÉC VKGPG UW RTQRKC ½TGC FG CNOCEGPCOKGPVQ [Q

UWU RTQRKQU UGTXKEKQU FG VTCPURQTVG [ NG IWUVCTÉC KPENWKTNQU GP
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RTQITCOC FGƂPKFQ [ EQPXGPKFQ FG CWFKVQTÉCU SWG EWDTC CN
OGPQU VQFQU NQU TGSWKUKVQU FG NC PQTOC +(5 'N CNECPEG [ NC
HTGEWGPEKC FG NCU CWFKVQTÉCU KPVGTPCU UG FGVGTOKPCT½P EQP WP
CP½NKUKU FG RGNKITQU [ GXCNWCEKÏP FG TKGUIQU CUQEKCFQU
#N OGPQU WPC XG\ CN CÍQ UG NNGXCT½P C ECDQ CWFKVQTÉCU KPVGT

PCU FG CEVKXKFCFGU SWG UGCP ETÉVKECU RCTC NC UGIWTKFCF [ NCU
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FGRCTVCOGPVQU CWFKVCFQU
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FKTGEEKÏP [ C NCU RGTUQPCU TGURQPUCDNGU FG NQU FGRCTVCOGP
VQU CHGEVCFQU 5G GUVCDNGEGT½P UG FQEWOGPVCT½P [ UG EQOW
PKECT½P CN RGTUQPCN CHGEVCFQ NCU CEEKQPGU EQTTGEVKXCU PGEGUC
TKCU [ GN RNC\Q RCTC UW KORNCPVCEKÏP
5G FQEWOGPVCT½ EÏOQ [ EW½PFQ UG XGTKƂECT½P NCU CEEKQPGU

EQTTGEVKXCU FGTKXCFCU FG NCU CWFKVQTÉCU KPVGTPCU .QU TGIKU
VTQU FG NCU CEEKQPGU FG XGTKƂECEKÏP GUVCT½P FKURQPKDNGU
*CDT½ RTQEGFKOKGPVQU FG CP½NKUKUEQPVTQNGU FG RTQFWEVQ

CUGIWTCPFQ SWG VQFQU NQU TGSWKUKVQU GURGEKƂECFQU FGN RTQ
FWEVQ UQP EWORNKFQU KPENW[GPFQ TGSWKUKVQU NGICNGU [ GURGEK
ƂECEKQPGU #P½NKUKU OKETQDKQNÏIKEQU HÉUKEQU [ SWÉOKEQU
TGSWGTKFQU RCTC GUVG RTQRÏUKVQ UGT½P NNGXCFQU C ECDQ KPVGT
PCOGPVG [Q UWDEQPVTCVCFQU
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ENKGPVG GUVQU UGT½P FGƂPKFQU GP WP RNCP FG EQPVTQN [ TGCNK\C
FQU UGIÖP NQU TGSWKUKVQU FGƂPKFQU .QU TGUWNVCFQU FG NQU
EQPVTQNGU GUVCT½P FKURQPKDNGU GP NC EQORCÍÉC
.QU CP½NKUKU TGNCEKQPCFQU EQP UGIWTKFCF FGN RTQFWEVQ FGDG

T½P NNGXCTUG C ECDQ RTGHGTGPVGOGPVG GP NCDQTCVQTKQU EQP RTQ
ITCOCUOÅVQFQU CFGEWCFCOGPVG CETGFKVCFQU
+51
5K NQU CP½NKUKU UG TGCNK\CP FGPVTQ FG NC GORTGUC Q RQT WP NCDQ
TCVQTKQ UKP RTQITCOCUOÅVQFQU CFGEWCFCOGPVG CETGFKVC
FQU NQU TGUWNVCFQU FGDGT½P XGTKƂECTUG FG HQTOC RGTKÏFKEC
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+51
&GDGT½ FGƂPKTUG WP RNCP FG CP½NKUKU DCUCFQ GP WPC GXCNWC

EKÏP FG TKGUIQ SWG EWDTC NQU UGTXKEKQU FGN DTÏMGT GN RTQEGUQ
FG RTQFWEEKÏP FG RTQXGGFQTGU KPENW[GPFQ OCVGTKCU RTKOCU
EQORQPGPVGU RTQFWEVQU UGOKGNCDQTCFQU [ ƂPCNGU CUÉ EQOQ
OCVGTKCNGU FG GPXCUCFQ 5G FQEWOGPVCT½P NQU TGUWNVCFQU
.QU TGUWNVCFQU FG NQU CP½NKUKU UGT½P GXCNWCFQU T½RKFCOGPVG

'P ECUQ FG TGUWNVCFQU KPUCVKUHCEVQTKQU NC EQORCÍÉC CUGIW
TCT½ NC UKIPKƂECPEKC FG GUVQU TGUWNVCFQU KPHQTOCT½ CFGEWC
FCOGPVG CN ENKGPVG [ UG KORNGOGPVCT½P OGFKFCU EQTTGEVKXCU
CFGEWCFCU .QU TGUWNVCFQU CPCNÉVKEQU UGT½P TGXKUCFQU FG
OCPGTC TGIWNCT C ƂP FG KFGPVKƂECT VGPFGPEKCU 5G VGPFT½P GP
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OGPVG KPUCVKUHCEVQTKQU [ NC EQORCÍÉC VQOCT½ CEEKQPGU
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%QP DCUG GP NC KPHQTOCEKÏP KPVGTPC Q GZVGTPC UQDTG GN TKGUIQ

FGN RTQFWEVQ SWG RWGFC VGPGT WP KORCEVQ GP NC UGIWTKFCF FGN
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VQU VGTOKPCFQU
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WP UÏNKFQ RTQEGFKOKGPVQ FG
DNQSWGQTGVGPEKÏP GP GN ECUQ
FG SWG UG KFGPVKƂSWG WP RTQFWEVQ PQ EQPHQTOG .C EQORC
ÍÉC CUGIWTCT½ SWG UQNQ NQU RTQFWEVQU [ OCVGTKCNGU EQPHQTOG
C NQU TGSWKUKVQU FGN RTQFWEVQ UQP GPVTGICFQU CN ENKGPVG
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ENKGPVGU
5G KORNCPVCT½ WP UKUVGOC RCTC NC IGUVKÏP FG NCU TGENCOCEKQ
PGU FG RTQFWEVQ
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RGVGPVG %WCPFQ GUVÅ LWUVKƂECFQ UG VQOCT½P FG KPOGFKCVQ
NCU OGFKFCU CRTQRKCFCU
5G FGDGT½P CPCNK\CT NCU TGENCOCEKQPGU EQP WP GPHQSWG JCEKC

NC KORNCPVCEKÏP FG OGFKFCU RTGXGPVKXCU SWG GXKVGP NC TGCRC
TKEKÏP FG NC PQ EQPHQTOKFCF
.QU TGUWNVCFQU FGN CP½NKUKU FG NQU FCVQU FG NCU TGENCOCEKQPGU

UG RQPFT½P C FKURQUKEKÏP FG NQU EQTTGURQPFKGPVGU TGURQPUC
DNGU [ FG NC FKTGEEKÏP
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RTQFWEVQU
5G FKURQPFT½ FG WP RTQEGFKOKGPVQ FQEWOGPVCFQ RCTC NC
IGUVKÏP FG KPEKFGPEKCU [ FG RQUKDNGU UKVWCEKQPGU FG GOGT
IGPEKC SWG VGPICP WP KORCEVQ GP NC UGIWTKFCF FGN RTQFWEVQ
NC NGICNKFCF [ NC ECNKFCF 'UVG RTQEGFKOKGPVQ FGDGT½ GUVCT
KORNCPVCFQ [ OCPVGPKFQ +PENWKT½ EQOQ OÉPKOQ NC FGUKIPC
EKÏP [ HQTOCEKÏP FG WP EQOKVÅ FG ETKUKU WPC NKUVC FG EQPVCE
VQU FG GOGTIGPEKC HWGPVGU FG CUGUQTCOKGPVQ NGICN
UK GU
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PGEGUCTKQ FKURQPKDKNKFCF FG NCU RGTUQPCU FG EQPVCEVQ KPHQT

OCEKÏP FG ENKGPVGU [ WP RNCP FG EQOWPKECEKÏP KPENW[GPFQ
KPHQTOCEKÏP C NQU EQPUWOKFQTGU
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TGVKTCFC [ TGEWRGTCEKÏP FG VQFQU NQU RTQFWEVQU SWG CUGIWTG
SWG NQU ENKGPVGU KORNKECFQU UGCP KPHQTOCFQU VCP RTQPVQ
EQOQ UGC RQUKDNG 'UVG RTQEGFKOKGPVQ KPENWKT½ WPC CUKIPC
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5G FKURQPFT½ FG WPC NKUVC CEVWCNK\CFC FG EQPVCEVQU RCTC

GOGTIGPEKCU
EQOQ PQODTGU VGNÅHQPQU FG RTQXGGFQTGU
ENKGPVGU [ CWVQTKFCFGU EQORGVGPVGU &GDGT½ GUVCT RGTOC
PGPVGOGPVG FKURQPKDNG WPC RGTUQPC FG NC GORTGUC EQP
CWVQTKFCF RCTC KPKEKCT GN RTQEGUQ FG IGUVKÏP FG KPEKFGPEKCU
7PC RGTUQPC FG NC EQORCÍÉC SWG VGPIC NC CWVQTKFCF RCTC
KPKEKCT NC IGUVKÏP FGN KPEKFGPVG GUVCT½ RGTOCPGPVGOGPVG FKU
RQPKDNG
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RTQEGFKOKGPVQ FG TGVKTCFC UGT½ GXCNWCFQ RGTKÏFKECOGPVG
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DCUCFQU GP WP CP½NKUKU FG RGNKITQU [ GXCNWCEKÏP FG TKGUIQU
CUQEKCFQU 5G TGCNK\CT½P FG VCN OCPGTC SWG UG CUGIWTG NC GƂ
EC\ KORNCPVCEKÏP [ QRGTCVKXKFCF FGN RTQEGFKOKGPVQ
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EQPHQTOGU
5G FKURQPFT½ FG WP RTQEGFKOKGPVQ RCTC NC IGUVKÏP FG VQFQU
NQU RTQFWEVQU PQ EQPHQTOGU
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FGDGT½ KPENWKT EQOQ OÉPKOQ
s RTQEGFKOKGPVQU FG CKUNCOKGPVQEWCTGPVGPC
s CP½NKUKU FG RGNKITQU [ GXCNWCEKÏP FG NQU TKGUIQU CUQEKCFQU
s KFGPVKƂECEKÏP
RGL GVKSWGVCFQ
s FGEKUKÏP UQDTG WUQ HWVWTQ
RGL NKDGTCEKÏP TGRTQEGUCFQ
VTCVCOKGPVQ RQUVGTKQT DNQSWGQ EWCTGPVGPC TGEJC\QGNK
OKPCEKÏP
s KPHQTOCEKÏP CEGTEC FG NC ECFGPC FG RTQEGUQ
s KFGPVKƂECT ENCTCOGPVG NCU TGURQPUCDKNKFCFGU FGN RGTUQPCN
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FCFGU FG RTQFWEVQU FGDGT½P UGT EQORTGPFKFCU RQT VQFQ GN
RGTUQPCN
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%WCPFQ UG RTQFW\ECP PQ EQPHQTOKFCFGU NC EQORCÍÉC CFQR

VCT½ OGFKFCU EQTTGEVKXCU KPOGFKCVCU GP GN UKVKQ FG RTQFWE
EKÏP RCTC CUGIWTCT GN EWORNKOKGPVQ FG NQU TGSWKUKVQU FG RTQ
FWEVQ
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UCFQ HWGTC FG NCU GURGEKƂECEKQPGU PQ UG KPVTQFWEKT½P GP GN
OGTECFQ DCLQ NC OCTEC CHGEVCFC .CU GZEGREKQPGU UG CEQTFC
T½P RQT GUETKVQ GPVTG NCU RCTVGU EQPVTCVCPVGU
5G FKURQPFT½ FG WP RTQEGFKOKGPVQ RCTC GN TGIKUVTQ [ GN CP½

NKUKU FG NCU PQ EQPHQTOKFCFGU EW[Q QDLGVKXQ UGT½ GXKVCT
TGCRCTKEKQPGU OGFKCPVG CEEKQPGU RTGXGPVKXCU [Q EQTTGEVK
XCU
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TGPFGT½P CEEKQPGU EQTTGEVKXCU VCP RTQPVQ EQOQ UGC RQUKDNG
RCTC GXKVCT NC TGCRCTKEKÏP FG NC PQ EQPHQTOKFCF 5G FGƂPKT½P
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EQTTGEVKXC 5G IWCTFCT½ NC FQEWOGPVCEKÏP FG OCPGTC SWG
GUVÅ UGIWTC [ UGC FG H½EKN CEEGUQ
5G FQEWOGPVCT½P NQU TGUWNVCFQU FG NCU CEEKQPGU EQTTGEVKXCU

[ UG GXCNWCT½ UW GƂECEKC

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FGHGPUC FGN RTQFWEVQ UQP ENCTCOGPVG FGƂPKFCU
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FQEWOGPVCFQ WP CP½NKUKU FG NQU RGNKITQU FG NC FGHGPUC FGN
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.CU FGƂPKEKQPGU SWG PQ UQP OGPEKQPCFCU GP GN INQUCTKQ RWGFGP GPEQP
VTCTUG GP NCU TGIWNCEKQPGU [ FKTGEVKXCU EQTTGURQPFKGPVGU 'P TGNCEKÏP C
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s %TWUV½EGQU [ RTQFWEVQU C DCUG FG ETWUV½EGQU
s *WGXQU [ RTQFWEVQU C DCUG FG JWGXQ
s 2GUECFQ [ RTQFWEVQU C DCUG FG RGUECFQ
s %CECJWGVGU [ RTQFWEVQU C DCUG FG ECECJWGVGU
s 5QLC [ RTQFWEVQU C DCUG FG UQLC
s .GEJG [ UWU FGTKXCFQU
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/CECFCOKC VGTPKHQNKC [ RTQFWEVQU FGTKXCFQU
s #RKQ [ RTQFWEVQU FGTKXCFQU
s #NVTCOWEGU [ RTQFWEVQU C DCUG FG CNVTCOWEGU
s /QNWUEQU [ RTQFWEVQU C DCUG FG OQNWUEQU
s /QUVC\C [ RTQFWEVQU FGTKXCFQU
s )TCPQU FG UÅUCOQ [ RTQFWEVQU C DCUG FG ITCPQU FG UÅUCOQ
s #PJÉFTKFQ UWNHWTQUQ [ UWNƂVQU GP EQPEGPVTCEKQPGU UWRGTKQTGU C OIMI Q
OIN GZRTGUCFQ EQOQ 51 &KTGEVKXC FG NC %QOKUKÏP %' FGN FG
PQXKGODTG FG CPGZQ FG GPOKGPFC +++ C NC &KTGEVKXC %' FGN 2CTNC
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D +PITGFKGPVG CNKOGPVCTKQ SWG EQPVGPIC RTQVGÉPC FGTKXCFC FG CNKOGPVQ EQOQ
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s XKIKNCT EQOQ CEEKÏP RTGXGPVKXC GN EWORNKOKGPVQ FG NQU CWFKVQTGU [ NCU GPVKFCFGU
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s *CDGT RCTVKEKRCFQ GP WP EWTUQ FG HQTOCEKÏP FG +(5 $TQMGT
s 5GT FKUVKPVC FG NC RGTUQPC SWG TGCNK\C NC CWFKVQTÉC
'N TGXKUQT VGPFT½ EQPQEKOKGPVQU UQDTG CNKOGPVCEKÏP Q RTQFWEVQU *2% Q

OCVGTKCNGU FG GPXCUCFQ TGNCEKQPCFQ EQP NC RTKPEKRCN CEVKXKFCF FGN DTÏ
MGT EW[Q KPHQTOG GU GXCNWCFQ
TGURGEVKXCOGPVG CWFKVQTÉCU +(5 $TQMGT
RCTC CNKOGPVQU Q RTQFWEVQU *2% Q OCVGTKCNGU FG GPXCUCFQ
.C TGXKUKÏP GUVCT½ FGDKFCOGPVG FQEWOGPVCFC
.C FGEKUKÏP TGNCVKXC C NC EQPEGUKÏP FG NC EGTVKƂECEKÏP UQNQ UG RWGFG

VQOCT UK UG UKIWGP NCU TGEQOGPFCEKQPGU FG WPC RGTUQPC EQORGVGPVG Q
FG WP EQOKVÅ FG EGTVKƂECEKÏP #FGO½U NC FGEKUKÏP UÏNQ RQFT½ UGT VQOCFC
RQT WPC RGTUQPC FKUVKPVC C NC SWG JC[C TGCNK\CFQ NC CWFKVQTÉC .C RGTUQPC
EQORGVGPVG RCTC VQOCT NC FGEKUKÏP FG EGTVKƂECEKÏP Q CN OGPQU WPQ FG
NQU OKGODTQU FGN EQOKVÅ FG EGTVKƂECEKÏP FGDGT½ UGT WP CWFKVQT +(5
(QQF Q +(5 *2% Q +(5 2#%UGEWTG SWKGP JC[C RCTVKEKRCFQ GP WP EWTUQ
$TÏMGT WP HQTOCFQT +(5
RCTC NC EQTTGURQPFKGPVG PQTOC EQP NC RCTVKEK
RCEKÏP GP WP EWTUQ $TÏMGT Q WP TGXKUQT +(5 (QQF +(5 *2% Q +(5 2#%UG
EWTG
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.C FGEKUKÏP ƂPCN UQDTG NC EGTVKƂECEKÏP UGT½ VQOCFC RQT NC GPVKFCF FG

EGTVKƂECEKÏP [ PQ RQFT½ UGT UWDEQPVTCVCFC
4GURQPUCDKNKFCFGU FG NC GPVKFCF FG EGTVKƂECEKÏP

TGNCVKXCU C HQTOCFQTGU +(5
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KPENW[GPFQ
CWVÏPQOQU
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s (CEKNKVCT CWFKVQTÉCU RTGUGPEKCNGU
OGFKCPVG GPVKFCFGU FG CETGFK
VCEKÏP [Q OGFKCPVG +PVGITKV[ 2TQITCO
s 4GCNK\CT WPC CWFKVQTÉC RTGUGPEKCN KP UKVW FG WP CWFKVQT FWTCPVG
WPC CWFKVQTÉC FG UGIWTKFCF FG RTQFWEVQ
TGURGEVKXCOGPVG
OCVGTKCN FG GPXCUCFQ Q CNKOGPVQU Q RTQFWEVQU *2% FGRGP
FKGPFQ FG NC PQTOC SWG GN CWFKVQT CRNKEC [Q WPC CWFKVQTÉC DCLQ
NC CETGFKVCEKÏP +51+'% RCTC CUGIWTCT NCU EQORGVGPEKCU
FGN CWFKVQT
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HGEJC GN PQODTG FG NC GORTGUC CWFKVCFC FQPFG NC CWFKVQTÉC
RTGUGPEKCN FQPFG UG NNGXÏ C ECDQ [ GN PQODTG FGN QDUGTXCFQT
GP GN UQNKEKVWF FG CRNKECEKÏP FG NQU GZ½OGPGU +(5
.CU CEVCU FG NC GXCNWCEKÏP FG NC CWFKVQTÉC RTGUGPEKCN UGT½P RTQ
RQTEKQPCFCU DCLQ RGVKEKÏP C +(5 GP KPINÅU HTCPEÅU Q CNGO½P 'N
QDUGTXCFQT RCTC NC CWFKVQTÉC FG WP CWFKVQT SWG CRNKSWG C NQU
GZ½OGPGU +(5 EWORNKT½ EQP NQU OKUOQU TGSWKUKVQU SWG NQU HQT
OCFQTGU
XGT UGEEKÏP Q UGT½ WP CWFKVQT +(5 (QQF +(5 *2%
Q +(5 2#%UGEWTG
s 5GT RNGPCOGPVG EQPUEKGPVG FG NCU TGIWNCEKQPGU FG NQU GZ½OG
PGU RTQRQTEKQPCFQU RQT NCU QƂEKPCU FG +(5
s 2CTC CWFKVQTGU CRTQDCFQU +(5 (QQF Q +(5 2#%UGEWTG CUGIW
TCTUG FG SWG CN OGPQU WPC RGTUQPC FG UW RNCPVKNNC GU WP HQTOC
FQT +(5 SWG JC RCTVKEKRCFQ GP WP EWTUQ p6TCKP VJG VTCKPGTq FG
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VQFQU NQU CWFKVQTGU KPFGRGPFKGPVGOGPVG FG SWG [C GUVÅP CRTQ
DCFQU Q UGCP VQFCXÉC ECPFKFCVQU .CU RGTUQPCU SWG QRVGP C UGT
HQTOCFQT +(5 FGDGT½P EWORNKT EQP NQU TGSWKUKVQU OGPEKQPCFQU
GP
0QVC RCTC WPC GPVKFCF FG EGTVKƂECEKÏP SWG KPKEKC CEVKXKFCFGU

+(5 NC HQTOCEKÏP GP NC GORTGUC RWGFG UGT QTICPK\CFC RQT +(5 UK
CUÉ UG UQNKEKVC
s #UGIWTCT SWG GN CWFKVQT GU EQORGVGPVG RCTC GN CNECPEG FG NC
CWFKVQTÉC [ UW TGCNK\CEKÏP [ SWG RWGFG VGPGT CEEGUQ [ CRNKECT NC
NGIKUNCEKÏP [ NCU TGIWNCEKQPGU TGNGXCPVGU DCUCFQ GP NQU TGSWKUK
VQU FG +(5 [ GP NQU TGSWKUKVQU KPVGTPQU FG NC GPVKFCF FG EGTVKƂEC
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[ XKIKNCT½ NC GLGEWEKÏP FG NC CWFKVQTÉC OGFKCPVG WPC CWFKVQTÉC
RTGUGPEKCN KP UKVW
s %CFC CWFKVQT FGDGT½ UGT XKIKNCFQ RQT WPC CWFKVQTÉC RTGUGPEKCN KP
UKVW FG +(5 $TQMGT
Q +(5 (QQF Q +(5 *2% Q +(5 2#%UGEWTG Q EWCN
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WPC XG\ ECFC FQU
CÍQU [ NQU TGUWNVCFQU FG GUVC CWFKVQTÉC
RTGUGPEKCN SWGFCT½P FQEWOGPVCFQU 'N QDUGTXCFQT FGDGT½ UGT
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UGIWKT NCU OKUOCU TGINCU SWG NQU HQTOCFQTGU
XGT UGEEKÏP
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s +PENWKT GN PQODTG FGN QDUGTXCFQT GP GN RQTVCN FG CWFKVQTÉCU CN
ECTICT NQU FCVQU FG NC CWFKVQTÉC EWCPFQ VGPIC RNCPKƂECFC CNIWPC
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s /CPVGPGT TGIKUVTQU FG NCU EQORGVGPEKCU FGN CWFKVQT
s #UGIWTCTUG FG SWG PKPIÖP CWFKVQT JC KPEWORNKFQ NCU PQTOCU
FG +(5 RQT GLGORNQ VTCDCLCPFQ EQOQ EQPUWNVQT Q VTCDCLCPFQ
CEVKXCOGPVG GP [Q GP PQODTG FG NC GORTGUC SWG UG CWFKVC
FWTCPVG NQU FQU
CÍQU RTGXKQU C NC CWFKVQTÉC 'P FGƂPKVKXC C
NQ NCTIQ FGN RTQEGUQ FG EGTVKƂECEKÏP PQ UG RGTOKVGP QVTCU TGNC
EKQPGU EQOGTEKCNGU [Q RGTUQPCNGU GPVTG CWFKVCFQ [ CWFKVQT
s #UGIWTCTUG FG SWG PKPIÖP CWFKVQT TGCNK\C O½U FG VTGU
CWFK
VQTÉCU +(5 $TQMGT EQPUGEWVKXCU C NC OKUOC GORTGUC
UÏNQ CRNKEC
DNG C CWFKVQTÉCU EQORNGVCU UKP KORQTVCT GN VKGORQ RCUCFQ GPVTG
GNNCU NCU CWFKVQTÉCU EQORNGOGPVCTKCU [ FG CORNKCEKÏP PQ UG
XGP CHGEVCFCU RQT GUVC PQTOC
s #UGIWTCTUG FG SWG WP CWFKVQT GU GORNGCFQ UQNQ RQT WPC GPVK
FCF FG EGTVKƂECEKÏP SWG TGCNK\C CWFKVQTÉCU +(5 $TQMGT [ GUVQ C NQ
NCTIQ FG WP RGTÉQFQ PQ KPHGTKQT C OGUGU 'P ECUQU GURGEKCNGU
UG FGDGT½ EQPVCEVCT EQP NCU QƂEKPCU FG +(5 SWG RQFT½P RGTOKVKT
WPC GZEGREKÏP C GUVC TGINC
s (KTOCT WP RGFKFQ FG NQU UGTXKEKQU FG CWFKVQTÉC RCTC ECFC CWFK
VQTÉC SWG KPENW[C NC CEGRVCEKÏP FG NQU TGSWKUKVQU CTTKDC OGPEKQ
PCFQU
s 1TICPK\CT WPC UGUKÏP FG HQTOCEKÏP +(5 $TQMGT RCTC CWFKVQTGU
WPC XG\ CN CÍQ EQP GN RTQRÏUKVQ FG EQORCTVKT GZRGTKGPEKCU ECNK
DTCT [ CEVWCNK\CT GN EQPQEKOKGPVQ FG NQU TGSWKUKVQU NGICNGU CRNK
ECDNGU GVE 'UVC HQTOCEKÏP RWGFG UGT RCTVG FG NC HQTOCEKÏP
CPWCN RCTC +(5 (QQF Q +(5 +(5 *2% Q 2#%UGEWTG
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U
EQORGVGPEKC
U GVE [ GN KFKQOC CFGEWCFQ RCTC ECFC CWFKVQTÉC +(5
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4GSWKUKVQU GURGEÉƂEQU RCTC HQTOCFQTGU +(5

RCTC CWFKVQTGU +(5 (QQF Q +(5 2#%UGEWTG
'P ECUQ FG CWFKVQTGU SWG RTQXGPICP FGN UGEVQT FG NC CNKOGPVCEKÏP FGN
UGEVQT FG NQU GPXCUGU
.QU HQTOCFQTGU +(5 FGDGT½P TGURQPFGT CN UKIWKGPVG RGTƂN

s %WORNKT NQU TGSWKUKVQU RCTC CWFKVQTGU +(5 (QQF Q +(5 2#%UGEWTG
UGIÖP UG FGUETKDG FG C JCUVC F EQOQ UG FGUETKDG GP NC CEVWCN
PQTOC +(5 (QQF Q +(5 2#%UGEWTG
s 6GPGT GZRGTKGPEKC EQOQ CWFKVQT FG PQTOCU )(5+ W QVTQU GUSWG
OCU FG UGIWTKFCF CNKOGPVCTKC Q GUSWGOCU RCTC NC UGIWTKFCF
FG GPXCUGU
s 6GPGT EQPQEKOKGPVQ FG NC NGIKUNCEKÏP CNKOGPVCTKC Q FG GPXC
UCFQ
s *CDGT RCTVKEKRCFQ GP WP EWTUQ p6TCKP VJG VTCKPGTq QTICPK\CFQ
RQT +(5
s 5CDGT JCDNCT [ GUETKDKT FG HQTOC ƃWKFC GP GN KFKQOC SWG UG WVK
NK\CT½ GP NCU UGUKQPGU FG HQTOCEKÏP VCPVQ GP ECNKFCF FG RCTVKEK
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CEGTEC FG NQU KFKQOCU GP NQU SWG RWGFGP KORCTVKT NC HQTOCEKÏP
'N EWTUQ p6TCKP VJG6TCKPGTq GU RTQRQTEKQPCFQ RQT +(5
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2#%UGEWTG

.C EWCNKƂECEKÏP RCTC CWFKVQTGU +(5 $TQMGT UG DCUC GP NC CRTQDCEKÏP RCTC
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2CTC TGCNK\CT CWFKVQTÉCU UGIÖP +(5 $TQMGT XGTUKÏP GN CWFKVQT FGDGT½

GUVCT CRTQDCFQ RCTC +(5 (QQF +(5 *2% Q +(5 2#%UGEWTG
EQP RCTVKEKRC
EKÏP CFKEKQPCN GP WP EWTUQ $TQMGT .C EWCNKƂECEKÏP TGSWGTKFC GU FKHG
TGPVG FGRGPFKGPFQ FGN CNECPEG FG +(5 $TQMGT XGTUKÏP
XGT VCDNC
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6CDNC %WCNKƂECEKÏP TGSWGTKFC RCTC GN CWFKVQT RCTC NQU CNECPEGU FG +(5

$TQMGT
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%QOGTEKQ #NKOGPVQU FG #RTQDCEKÏP RCTC +(5 (QQF Q RCTC NQU

CEVKXKFCFGU QTKIGP CPKOCN CNECPEGU FG RTQFWEVQU W
NQIÉUVKECU HQTOCEKÏP +(5 $TQMGT
GZENWKFCU
#NKOGPVQU FG #RTQDCEKÏP RCTC +(5 (QQF Q RCTC NQU
QTKIGP PQ CPKOCN CNECPEGU FG RTQFWEVQU Q
HQTOCEKÏP +(5 $TQMGT
2CEMCIKPI #RTQDCEKÏP RCTC +(5 2#%UGEWTG Q RCTC NQU
CNECPEGU FG RTQFWEVQ FGN CN
HQTOCEKÏP $TÏMGT 1 CRTQDCEKÏP RCTC
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CNECPEG HQTOCEKÏP $TÏMGT
2TQFWEVQU FG WUQ #RTQDCEKÏP RCTC +(5 *2% FG EWCNSWKGTC FG
FQOÅUVKEQ [ FGN UWU CNECPEGU FG RTQFWEVQU FGN CN
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0QVC XGT VCODKÅP #PGZQ 2CTVG RCTC NC EQTTGURQPFGPEKC GPVTG

CNECPEGU FG RTQFWEVQU [ PQODTGU RCTC ECFC PQTOC +(5
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CNECPEG FG RTQFWEVQ TGNCEKQPCFQ EQP GN PGIQEKQ RTKPEKRCN FGN DTÏMGT
EQOQ UG FGƂPG GP NC VCDNC 2QT NQ VCPVQ UG TGSWKGTG CRTQDCEKÏP GURGEÉ
ƂEC RCTC +(5 (QQF +(5 *2% Q +(5 2#%UGEWTG FGRGPFKGPFQ FG NQU RTQ
FWEVQU CWFKVCFQU
2CTC DTÏMGTGU SWG EQOGTEKGP EQP XCTKQU ITWRQU FG RTQFWEVQU

RGL
VQVCNKFCF FGN UWTVKFQ FGN FKUVTKDWKFQT NQU CWFKVQTGU VKGPGP SWG UGT CRTQ
DCFQU RCTC WPQ FG NQU CNECPEGU FG RTQFWEVQU TGNCEKQPCFQU EQP CNKOGP
VCEKÏP RTQXGPKGPVG FG QTKIGP CPKOCN
'P IGPGTCN NQU CWFKVQTGU EWORNKT½P EQP NQU TGSWKUKVQU FG NQU ECRÉVWNQU
[ FG +51
%QOQ RCTVG FG WPCU DWGPCU RT½EVKECU FG CWFKVQTÉC +(5 FWTCPVG WPC

CWFKVQTÉC +(5 $TQMGT NQU CWFKVQTGU FGDGT½P WVKNK\CT OWGUVTCU TGNGXCPVGU
FG NQU RTQFWEVQU RCTC KPXGUVKICT NCU CEVKXKFCFGU DTÏMGT [ NC FQEWOGP
VCEKÏP [ EQORTQDCT GN EWORNKOKGPVQ FG NQU TGSWKUKVQU +(5 $TQMGT [ GXC
NWCT GN EWORNKOKGPVQ FG NQU UGTXKEKQU FGN DTÏMGT 'P RCTVKEWNCT NQU CWFK
VQTGU TGCNK\CT½P FWTCPVG NC CWFKVQTÉC WP VGUV FG VTC\CDKNKFCF GP NC
GORTGUC
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VGOCU C EQORTQDCT [Q C UQNKEKVCT C NC GORTGUC CWFKVCFC FWTCPVG NC
CWFKVQTÉC
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+(5 1EVWDTG

4GSWKUKVQU RCTC CWFKVQTGU +(5 $TQMGT CRTQDCFQU RCTC

TGCNK\CT CWFKVQTÉCU EQODKPCFCU +(5 $TQMGT [ QVTC
PQTOC +(5
+(5 *2% +(5 (QQF +(5 2#%UGEWTG
.QU CWFKVQTGU RWGFGP TGCNK\CT CWFKVQTÉCU EQODKPCFCU RCTC CNKOGPVQU Q
GPXCUGU Q RTQFWEVQU FG WUQ FQOÅUVKEQ [ FGN EWKFCFQ RGTUQPCN UK GUV½P
EWCNKƂECFQU RCTC TGCNK\CT CODCU CWFKVQTÉCU +(5 $TQMGT G +(5 *2% Q +(5
(QQF Q +(5 2#%UGEWTG
(QTOCEKÏP +(5 $TQMGT
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UGEWTG RWGFG TGCNK\CT CWFKVQTÉCU GP NQU CNECPEGU GURGEÉƂEQU FG +(5
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CWFKVQTGU VQOCT½P RCTVG GP WP PWGXQ EWTUQ +(5 $TQMGT
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GURGEKƂECFQU GP NCU TGURGEVKXCU PQTOCU +(5 SWG RWGFGP FGUECTICTUG
ITCVWKVCOGPVG GP NC R½IKPC YGD FG +(5
YYYKHUEEGTVKƂECVKQPEQO
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UGT CWFKVQTGU CRTQDCFQU RQT +(5
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s 7P GSWKRQ FG CWFKVQTÉC +(5 GUV½ EQORWGUVQ RQT CWFKVQTGU CRTQ
DCFQU RQT +(5 EW[Q RGTƂN EWORNG EQP NCU CEVKXKFCFGU FG NC
H½DTKEC CWFKVCFC
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s &QU
JQTCU FG NC FWTCEKÏP FG CWFKVQTÉC PQ UQP EQORCTVKDNGU
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RGL TGWPKÏP KPKEKCN [ FG EKG
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TGCNK\Ï ECFC WPC FG NCU RCTVGU FG NC CWFKVQTÉC
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NQU UKIWKGPVGU TGSWKUKVQU
s %CFC CWFKVQT UGT½ GXCNWCFQ GP WPC CWFKVQTÉC RTGUGPEKCN KP UKVW
GP WPC CWFKVQTÉC +(5 $TQMGT
Q +(5 (QQF Q +(5 *2% Q +(5 2#%
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CÍQU
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CEVWCNK\CT EQPQEKOKGPVQU GP TGNCEKÏP C TGSWKUKVQU NGICNGU GVE
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(QQF +(5 *2% Q +(5 2#%UGEWTG
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2CTVG 4GFCEEKÏP FGN KPHQTOG

RTQITCOC CWFKV:RTGUU6/ [ GN
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KPHQTOG FG CWFKVQTÉC FGVCNNCFQ [ DKGP GUVTWEVWTCFQ &G OCPGTC IGPGTCN
GN KFKQOC FGN KPHQTOG UGT½ GN KFKQOC PCVKXQ Q GN WVKNK\CFQ GP NC GORTGUC
'P ECUQU GURGEKCNGU EWCPFQ GN KFKQOC WVKNK\CFQ RQT NCU GORTGUCU FG
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RQFTÉC VCODKÅP TGFCEVCT WP KPHQTOG GP KPINÅU
8GT VCODKÅP NCU TGINCU
FGUETKVCU GP NC 2CTVG
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HQTOCVQ
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Q +(5 $TQMGT+(5 (QQF Q +(5 $TQMGT+(5 *2% Q +(5 $TQMGT+(5 2#%UGEWTG
UG GUETKDKT½P FQU KPHQTOGU FG CWFKVQTÉC RQT UGRCTCFQ [ FQU EGTVKƂECFQU
UGRCTCFQU UGT½P ECTICFQU GP NC DCUG FG FCVQU
4GFCEEKÏP FGN KPHQTOG
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#PGZQ
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s KPVGTECODKQ UGPEKNNQ FG CTEJKXQU FG CWFKVQTÉC GPVTG CWFKVQTGU [
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[ CEQTFG EQP GN UKUVGOC #22%% RCTC CNKOGP
VQU 'N RTQEGFKOKGPVQ CUGIWTCT½ SWG VQFQU
RTQFWEVQU GZKUVGPVGU [ PWGXQU GUVÅP FKUGÍCFQU
RCTC EWORNKT EQP NQU TGSWKUKVQU NGICNGU [ NQU
TGSWKUKVQU FGN ENKGPVG 'UVG RTQEGFKOKGPVQ VCODKÅP
VGPFT½ GP EWGPVC RCVGPVGU UK UQP CRNKECDNGU
5G GUVCDNGEGT½P NC HQTOWNCEKÏP FGN RTQFWEVQ GN
RTQEGUQ FG HCDTKECEKÏP NQU RCT½OGVTQU FG RTQEGUQ
[ GN EWORNKOKGPVQ FG NQU TGSWKUKVQU FGN RTQFWEVQ [
UG CUGIWTCT½P OGFKCPVG GPUC[QU GP H½DTKEC [Q
CP½NKUKU FG RTQFWEVQ
%WCPFQ UGC QRQTVWPQ UG TGCNK\CT½P GPUC[QU FG
XKFC EQOGTEKCN Q RTQEGUQU CFGEWCFQU UGT½P
NNGXCFQU C ECDQ [ GP EQPUKFGTCEKÏP FCFC NC
HQTOWNCEKÏP FGN RTQFWEVQ GN GPXCUCFQ NC RTQFWE
EKÏP [ NCU EQPFKEKQPGU FGENCTCFCU RCTC GUVCDNGEGT
WP OÉPKOQ FG NC FWTCEKÏP FGN RTQFWEVQ
'P TGNCEKÏP EQP GN FGUCTTQNNQ FG RTQFWEVQ CNKOGP
VCTKQ NC EQORCÍÉC CUGIWTCT½ SWG UG TGCNKEG WPC
GXCNWCEKÏP QTICPQNÅRVKEC [ NQU TGUWNVCFQU FG GUVCU
GXCNWCEKQPGU GUVCT½P TGXKUCFCU [ UG CEVWCT½ GP
EQPUGEWGPEKC
7P RTQEGUQ UGT½ KORNGOGPVCFQ RCTC CUGIWTCT SWG
GN GVKSWGVCFQ FG NQU RTQFWEVQU GZKUVGPVGU [ PWGXQU
RTQFWEVQU EWORNGP EQP NC NGIKUNCEKÏP XKIGPVG GP
GN RCÉU FG FGUVKPQ [ EQP NQU TGSWKUKVQU FGN ENKGPVG
&GDGT½P GUVCDNGEGTUG TGEQOGPFCEKQPGU RCTC NC
RTGRCTCEKÏP [Q GN WUQ FG NQU RTQFWEVQU &QPFG
UGC CRTQRKCFQ NCU TGEQOGPFCEKQPGU RCTC GN WUQ
UG XGT½P TGƃGLCFCU GP NC UCVKUHCEEKÏP FGN ENKGPVG
CUÉ EQOQ UW UGIWTKFCF &QPFG UGC GURGEKƂECFQ
NQU TGSWKUKVQU FGN ENKGPVG GUVCT½P KPENWKFQU
5G TGIKUVTCT½P CFGEWCFCOGPVG GN RTQITGUQ [ NQU
TGUWNVCFQU FGN FGUCTTQNNQ FG RTQFWEVQ
%QORTCU
.C GORTGUC FGDGT½ EQPVTQNCT NQU RTQEGUQU FG EQO
RTCU RCTC CUGIWTCT SWG VQFQU NQU OCVGTKCNGU [
UGTXKEKQU CFSWKTKFQU FG VGTEGTQU [ SWG VGPICP WP
KORCEVQ GP NC UGIWTKFCF CNKOGPVCTKC [ NC ECNKFCF
EWORNGP NQU TGSWKUKVQU
*CDT½ WP RTQEGFKOKGPVQ RCTC NC JQOQNQICEKÏP [
GN UGIWKOKGPVQ FG RTQXGGFQTGU
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'N RTQEGFKOKGPVQ FG JQOQNQICEKÏP [ XKIKNCPEKC
FGDGT½ EQPVGPGT ETKVGTKQU ENCTQU FG XCNQTCEKÏP
EQOQ CWFKVQTÉCU EGTVKƂECFQU FG CP½NKUKU ƂCDKNK
FCF FGN RTQXGGFQT [ TGENCOCEKQPGU CUÉ EQOQ GN
EWORNKOKGPVQ FG TGHGTGPEKCNGU TGSWGTKFQU DCUCFQU
GP NC GXCNWCEKÏP FGN TKGUIQ 5K WPC PQTOC +(5
GZKUVGPVG RCTC NC ECVGIQTÉC FG RTQFWEVQ
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+(5 *2% +(5 2#%UGEWTG GN RTQXGGFQT FG
RTQFWE
VQU CNKOGPVCTKQU FG WUQ FQOÅUVKEQ [ FGN EWKFCFQ
RGTUQPCN Q GPXCUGU GUVQU RTQFWEVQU SWKGP VTCDCLC
RCTC NC EQORCÍÉC GUVCT½ EGTVKƂECFC FG CEWGTFQ C
+(5 C OGPQU SWG GN ENKGPVG JC[C CEGRVCFQ QVTCU
EQPFKEKQPGU
.C EQORCÍÉC VGPFT½ WP
KPVGTPQ Q GZVGTPQ UKUVGOC
DCUCFQ GP GN TKGUIQ RCTC UWRGTXKUCT NCU \QPCU FG
CDCUVGEKOKGPVQ FG NQU RTQFWEVQU EQORTCFQU
5G TGCNK\CT½ FG OCPGTC TGIWNCT WPC GXCNWCEKÏP FG
NQU RTQXGGFQTGU RCTC KFGPVKƂECT [ EQPVTQNCT NQU
TKGUIQU *CDT½ WP TGIKUVTQ FG VQFCU NCU TGXKUKQPGU
[ CEEKQPGU VQOCFCU EQOQ EQPUGEWGPEKC FG NC
GXCNWCEKÏP
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CEWGTFQ EQP NCU GURGEKƂECEKQPGU GZKUVGPVGU [
DCUCFCU GP GN TKGUIQ EQP UW CWVGPVKEKFCF .C
RTQITCOCEKÏP FG GUVQU EQPVTQNGU VGPFT½ SWG VGPGT
GP EWGPVC EQOQ OÉPKOQ NQU UKIWKGPVGU ETKVGTKQU
TGSWKUKVQU FG RTQFWEVQ [ GUVCVWU FGN RTQXGGFQT

UGIÖP UW XCNQTCEKÏP
'P ECUQ FG OCTECU RTKXCFCU WP UKUVGOC FG
CRTQDCEKÏP FG RTQXGGFQTGU FG CEWGTFQ EQP NQU
TGSWKUKVQU FG NQU ENKGPVGU GZKUVKT½ RCTC NQU RTQXGG
FQTGU FG RTQFWEVQU
'PXCUCFQ FGN RTQFWEVQ
.C EQORCÍÉC CUGIWTCT½ SWG JC[ GURGEKƂECEKQPGU
FGVCNNCFCU RCTC NQU OCVGTKCNGU FG GPXCUCFQ [ SWG
GUVQU EWORNGP EQP NC NGIKUNCEKÏP XKIGPVG RCTC
GNNQU RCÉU
GU FG FGUVKPQ FGN RTQFWEVQ
&QPFG GN OCVGTKCN FG GPXCUCFQ RWFKGTC EQORTQ
OGVGT NC UGIWTKFCF FGN RTQFWEVQ UG FGDGT½
FKURQPGT FG EGTVKƂECFQU FG EQPHQTOKFCF SWG
EWORNCP NQU TGSWKUKVQU NGICNGU XKIGPVGU
%WCPFQ PQ GZKUVC PKPIÖP TGSWKUKVQ NGICN GURGEÉƂEQ
CRNKECDNG UG FGDGT½ FKURQPGT FG GXKFGPEKCU RCTC
FGOQUVTCT SWG GN OCVGTKCN FG GPXCUCFQ GU CFG
EWCFQ RCTC UW WUQ 'UVQ CRNKEC C OCVGTKCN FG
GPXCUCFQ SWG RWGFC VGPGT GHGEVQU UQDTG NC
OCVGTKC RTKOCEQORQPGPVGU RTQFWEVQU UGOKGNC
DQTCFQU [ RTQFWEVQU ƂPCNGU
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&QPFG UGCP TGSWGTKFQU ECODKQU GP GN GPXCUG FGN
RTQFWEVQ RQT GN ENKGPVG Q NC NGIKUNCEKÏP NC EQORC
ÍÉC CUGIWTCT½ SWG GN GPXCUG FGN RTQFWEVQ GU
EQPVTQNCFQ RQT NQU RTQXGGFQTGU [ SWG GUVQU
RTQFWEVQU EWORNGP EQP NQU TGSWKUKVQU NGIKUNCVKXQU
[Q FGN ENKGPVG 'N EQTTGEVQ WUQ FGN GPXCUG UG
TGXKUCT½ FG OCPGTC TGIWNCT [ GUVQ GUVCT½ FQEW
OGPVCFQ RQT GN RTQXGGFQT .C EQORCÍÉC CUGIWTCT½
SWG GUVQU EQPVTQNGU UQP NNGXCFQU C ECDQ
&QPFG UGCP TGSWGTKFQU ECODKQU GP GN GVKSWGVCFQ
FGN RTQFWEVQ RQT GN ENKGPVG Q NC NGIKUNCEKÏP NC
EQORCÍÉC UG CUGIWTCT½ SWG NC GVKSWGVC FGN
RTQFWEVQ GU OQFKƂECFQU RQT GN RTQXGGFQT RCTC
EWORNKT EQP GUVG ECODKQ .C KPHQTOCEKÏP FG NC
GVKSWGVC UGT½ NGIKDNG KPFGNGDNG [ EWORNKT½ EQP NCU
GURGEKƂECEKQPGU FGN RTQFWEVQ CEQTFCFCU RQT GN
ENKGPVG
KPENW[GPFQ RGL NC XKFC OGFKC 'N GVKSWG
VCFQ UGT½ TGXKUCFQ TGIWNCTOGPVG [ GUVCT½ FQEW
OGPVCFQ
6TC\CDKNKFCF
5G KORNCPVCT½ WP UKUVGOC FG VTC\CDKNKFCF SWG
-1 0 RGTOKVC NC KFGPVKƂECEKÏP EQORNGVC FG NQU RTQFWE
VQU [ GN GVKSWGVCFQ FG NQU RTQFWEVQU GUVCT½ JGEJC
GP NC OCPGTC SWG RGTOKVC WPC EQORNGVC VTC\CDKNK
FCF 'N UKUVGOC FG VTC\CDKNKFCF KPENWKFQU TGIKUVTQU
CUGIWTCT½ NC EQORNGVC VTC\CDKNKFCF FGUFG GN
RTQXGGFQT
FGƂPKFC NC ECPVKFCF FGN NQVG JCUVC NC
GPVTGIC CN ENKGPVG
'N UKUVGOC FG VTC\CDKNKFCF UGT½ EQORTQDCFQ C
KPVGTXCNQU TGIWNCTGU CN OGPQU WPC XG\ CN CÍQ [
ECFC XG\ SWG GN UKUVGOC FG VTC\CDKNKFCF ECODKG .C
EQORTQDCEKÏP XGTKƂECT½ NC VTC\CDKNKFCF JCEKC CVT½U
[ JCEKC FGNCPVG
FGUFG GN RTQFWEVQ ƂPCN JCUVC NC
OCVGTKC RTKOCEQORQPGPVGU [ XKEGXGTUC KPENW
[GPFQ EQORTQDCEKÏP FG ECPVKFCFGU 5G TGIKUVTC
T½P NQU TGUWNVCFQU FG NQU GPUC[QU
5K WP ENKGPVG CUÉ NQ TGSWKGTG NC EQORCÍÉC CUGIW
TCT½ SWG GN RTQXGGFQT JC KFGPVKƂECFQ OWGUVTCU
TGRTGUGPVCVKXCU FG NQU NQVGU RTQFWEKFQU UG JCP
CNOCEGPCFQ CFGEWCFCOGPVG [ EQPUGTXCFCU JCUVC
UW HGEJC FG ECFWEKFCF Q UK GU TGSWGTKFQ RQT WP
RGTKQFQ O½U NCTIQ
.C EQORCÍÉC QDVGPFT½ [ OCPVGPFT½ WPC NKUVC FG
VQFQU NQU NQVGU RTQFWEKFQU EWDKGTVQU RQT NQU
UGTXKEKQU FGN DTÏMGT
#EVKXKFCFGU NQIÉUKVKECU
&QPFG WPC EQORCÍÉC EQPVTCVG EQP VGTEGTCU RCTVGU
VTCPURQTVG [Q CNOCEGPCOKGPVQ VQFQU NQU TGSWKUK
VQU TGNGXCPVGU RCTC CUGIWTCT NC UGIWTKFCF FGN
RTQFWEVQ [ ECNKFCF UGT½P ENCTCOGPVG FGƂPKFQU GP
GN TGURGEVKXQ EQPVTCVQ Q GN RTQXGGFQT FG NQU
UGTXKEKQU GUVCT½ UWLGVQ C NQU TGSWKUKVQU FG +(5
.QIÉUVKEC
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5K NC EQORCÍÉC VKGPG UW RTQRKC ½TGC FG CNOCEGPC
OKGPVQ [Q UWU RTQRKQU UGTXKEKQU FG VTCPURQTVG [ NG
IWUVCTÉC KPENWKTNQU GP GN CNECPEG FG NC EGTVKƂECEKÏP
+(5 GPVQPEGU GUVQU RTQEGUQU GUVCT½P EGTVKƂECFQU FG
CEWGTFQ C +(5 .QIÉUVKEC
CWFKVQTÉC EQODKPCFC EQP GN
NKUVCFQ FG TGSWKUKVQU FG +(5 .QIÉUVKEC C OGPQU SWG
GN ENKGPVG JC[C CEGRVCFQ QVTCU EQPFKEKQPGU
5G TGCNK\CT½P CWFKVQTÉCU KPVGTPCU GHGEVKXCU UGIÖP
-1 0 WP RTQITCOC FGƂPKFQ [ EQPXGPKFQ FG CWFKVQTÉCU
SWG EWDTC CN OGPQU VQFQU NQU TGSWKUKVQU FG NC
PQTOC +(5 'N CNECPEG [ NC HTGEWGPEKC FG NCU CWFK
VQTÉCU KPVGTPCU UG FGVGTOKPCT½P EQP WP CP½NKUKU FG
RGNKITQU [ GXCNWCEKÏP FG TKGUIQU CUQEKCFQU
#N OGPQU WPC XG\ CN CÍQ UG NNGXCT½P C ECDQ CWFKVQ
TÉCU KPVGTPCU FG CEVKXKFCFGU SWG UGCP ETÉVKECU RCTC
NC UGIWTKFCF [ NCU GURGEKƂECEKQPGU FGN RTQFWEVQ
.QU CWFKVQTGU UGT½P EQORGVGPVGU G KPFGRGPFKGP
VGU FG NQU FGRCTVCOGPVQU CWFKVCFQU
.QU TGUWNVCFQU FG NCU CWFKVQTÉCU UGT½P EQOWPKEC
FQU C NC FKTGEEKÏP [ C NCU RGTUQPCU TGURQPUCDNGU
FG NQU FGRCTVCOGPVQU CHGEVCFQU 5G GUVCDNGEGT½P
UG FQEWOGPVCT½P [ UG EQOWPKECT½P CN RGTUQPCN
CHGEVCFQ NCU CEEKQPGU EQTTGEVKXCU PGEGUCTKCU [ GN
RNC\Q RCTC UW KORNCPVCEKÏP
5G FQEWOGPVCT½ EÏOQ [ EW½PFQ UG XGTKƂECT½P NCU
CEEKQPGU EQTTGEVKXCU FGTKXCFCU FG NCU CWFKVQTÉCU
KPVGTPCU .QU TGIKUVTQU FG NCU CEEKQPGU FG XGTKƂEC
EKÏP GUVCT½P FKURQPKDNGU
*CDT½ RTQEGFKOKGPVQU FG CP½NKUKUEQPVTQNGU FG
RTQFWEVQ CUGIWTCPFQ SWG VQFQU NQU TGSWKUKVQU
GURGEKƂECFQU FGN RTQFWEVQ UQP EWORNKFQU
KPENW[GPFQ TGSWKUKVQU NGICNGU [ GURGEKƂECEKQPGU
#P½NKUKU OKETQDKQNÏIKEQU HÉUKEQU [ SWÉOKEQU TGSWG
TKFQU RCTC GUVG RTQRÏUKVQ UGT½P NNGXCFQU C ECDQ
KPVGTPCOGPVG [Q UWDEQPVTCVCFQU
&QPFG CP½NKUKU GURGEKCNGU UGCP FGOCPFCFQU RQT
-1 0 GN ENKGPVG GUVQU UGT½P FGƂPKFQU GP WP RNCP FG
EQPVTQN [ TGCNK\CFQU UGIÖP NQU TGSWKUKVQU FGƂPKFQU
.QU TGUWNVCFQU FG NQU EQPVTQNGU GUVCT½P FKURQPK
DNGU GP NC EQORCÍÉC
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FWEVQ FGDGT½P NNGXCTUG C ECDQ RTGHGTGPVGOGPVG
GP NCDQTCVQTKQU EQP RTQITCOCUOÅVQFQU CFGEWC
FCOGPVG CETGFKVCFQU
+51 5K NQU CP½NKUKU
UG TGCNK\CP FGPVTQ FG NC GORTGUC Q RQT WP NCDQTC
VQTKQ UKP RTQITCOCUOÅVQFQU CFGEWCFCOGPVG
CETGFKVCFQU NQU TGUWNVCFQU FGDGT½P XGTKƂECTUG FG
HQTOC RGTKÏFKEC RQT NCDQTCVQTKQU CETGFKVCFQU GP
GUVQU RTQITCOCUOÅVQFQU
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&GDGT½ FGƂPKTUG WP RNCP FG CP½NKUKU DCUCFQ GP
WPC GXCNWCEKÏP FG TKGUIQ SWG EWDTC NQU UGTXKEKQU
FGN DTÏMGT GN RTQEGUQ FG RTQFWEEKÏP FG RTQXGGFQ
TGU KPENW[GPFQ OCVGTKCU RTKOCUEQORQPGPVGU
RTQFWEVQU UGOKGNCDQTCFQU [ ƂPCNGU CUÉ EQOQ
OCVGTKCNGU FG GPXCUCFQ 5G FQEWOGPVCT½P NQU
TGUWNVCFQU
.QU TGUWNVCFQU FG NQU CP½NKUKU UGT½P GXCNWCFQU

T½RKFCOGPVG 'P ECUQ FG TGUWNVCFQU KPUCVKUHCEVQ
TKQU NC EQORCÍÉC CUGIWTCT½ NC UKIPKƂECPEKC FG
GUVQU TGUWNVCFQU KPHQTOCT½ CFGEWCFCOGPVG CN
ENKGPVG [ UG KORNGOGPVCT½P OGFKFCU EQTTGEVKXCU
CFGEWCFCU .QU TGUWNVCFQU CPCNÉVKEQU UGT½P TGXKUC
FQU FG OCPGTC TGIWNCT C ƂP FG KFGPVKƂECT VGPFGP
EKCU 5G VGPFT½P GP EWGPVC NCU VGPFGPEKCU SWG
KPFKSWGP TGUWNVCFQU RQVGPEKCNOGPVG KPUCVKUHCE
VQTKQU [ NC EQORCÍÉC VQOCT½ CEEKQPGU EQTTGE
VKXCU
%QP DCUG GP NC KPHQTOCEKÏP KPVGTPC Q GZVGTPC

UQDTG GN TKGUIQ FGN RTQFWEVQ SWG RWGFC VGPGT WP
KORCEVQ GP NC UGIWTKFCF FGN RTQFWEVQ [Q ECNKFCF

KPEN CFWNVGTCEKÏP [ HTCWFG NC GORTGUC FGDGT½
CEVWCNK\CT UW RNCP FG EQPVTQN [Q VQOCT EWCNSWKGT
OGFKFC CRTQRKCFC RCTC EQPVTQNCT GN KORCEVQ GP NQU
RTQFWEVQU VGTOKPCFQU
%QOQ RCTVG FGN RTQEGFKOKGPVQ FG IGUVKÏP FG

KPEKFGPVGU FG NC EQORCÍÉC
UKUVGOC FG IGUVKÏP FG
ETKUKU JCDT½ WPC ICTCPVÉC FG SWG GN RTQXGGFQT
VKGPG WP UKUVGOC SWG KFGPVKƂEC [ EQPVTQNC RTQFWE
VQU PQ EQPHQTOGU [ SWG UG GPEWGPVTC RTGUGPVG WP
UÏNKFQ RTQEGFKOKGPVQ FG
DNQSWGQTGVGPEKÏP GP GN
ECUQ FG SWG UG KFGPVKƂSWG WP RTQFWEVQ PQ EQP
HQTOG .C EQORCÍÉC CUGIWTCT½ SWG UQNQ NQU
RTQFWEVQU [ OCVGTKCNGU EQPHQTOG C NQU TGSWKUKVQU
FGN RTQFWEVQ UQP GPVTGICFQU CN ENKGPVG
)GUVKÏP FG TGENCOCEKQPGU FG NCU CWVQTKFCFGU [ ENKGPVGU
5G KORNCPVCT½ WP UKUVGOC RCTC NC IGUVKÏP FG NCU

TGENCOCEKQPGU FG RTQFWEVQ
6QFCU NCU TGENCOCEKQPGU UGT½P GXCNWCFCU RQT

RGTUQPCN EQORGVGPVG %WCPFQ GUVÅ LWUVKƂECFQ UG
VQOCT½P FG KPOGFKCVQ NCU OGFKFCU CRTQRKCFCU
5G FGDGT½P CPCNK\CT NCU TGENCOCEKQPGU EQP WP

GPHQSWG JCEKC NC KORNCPVCEKÏP FG OGFKFCU
RTGXGPVKXCU SWG GXKVGP NC TGCRCTKEKÏP FG NC PQ
EQPHQTOKFCF
.QU TGUWNVCFQU FGN CP½NKUKU FG NQU FCVQU FG NCU

TGENCOCEKQPGU UG RQPFT½P C FKURQUKEKÏP FG NQU
EQTTGURQPFKGPVGU TGURQPUCDNGU [ FG NC FKTGEEKÏP
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)GUVKÏP FG KPEKFGPVGU TGVKTCFC FG RTQFWEVQU [ TGEWRGTCEKÏP FG RTQFWEVQU
5G FKURQPFT½ FG WP RTQEGFKOKGPVQ FQEWOGPVCFQ
RCTC NC IGUVKÏP FG KPEKFGPEKCU [ FG RQUKDNGU
UKVWCEKQPGU FG GOGTIGPEKC SWG VGPICP WP KORCEVQ
GP NC UGIWTKFCF FGN RTQFWEVQ NC NGICNKFCF [ NC
ECNKFCF 'UVG RTQEGFKOKGPVQ FGDGT½ GUVCT KORNCP
VCFQ [ OCPVGPKFQ +PENWKT½ EQOQ OÉPKOQ NC
FGUKIPCEKÏP [ HQTOCEKÏP FG WP EQOKVÅ FG ETKUKU
WPC NKUVC FG EQPVCEVQU FG GOGTIGPEKC HWGPVGU FG
CUGUQTCOKGPVQ NGICN
UK GU PGEGUCTKQ FKURQPKDKNK
FCF FG NCU RGTUQPCU FG EQPVCEVQ KPHQTOCEKÏP FG
ENKGPVGU [ WP RNCP FG EQOWPKECEKÏP KPENW[GPFQ
KPHQTOCEKÏP C NQU EQPUWOKFQTGU
5G FKURQPFT½ FG WP RTQEGFKOKGPVQ GƂEC\ RCTC NC
-1 0 TGVKTCFC [ TGEWRGTCEKÏP FG VQFQU NQU RTQFWEVQU
SWG CUGIWTG SWG NQU ENKGPVGU KORNKECFQU UGCP
KPHQTOCFQU VCP RTQPVQ EQOQ UGC RQUKDNG 'UVG
RTQEGFKOKGPVQ KPENWKT½ WPC CUKIPCEKÏP ENCTC FG
TGURQPUCDKNKFCFGU
5G FKURQPFT½ FG WPC NKUVC CEVWCNK\CFC FG EQPVCEVQU
RCTC GOGTIGPEKCU
EQOQ PQODTGU VGNÅHQPQU FG
RTQXGGFQTGU ENKGPVGU [ CWVQTKFCFGU EQORGVGPVGU
&GDGT½ GUVCT RGTOCPGPVGOGPVG FKURQPKDNG WPC
RGTUQPC FG NC GORTGUC EQP CWVQTKFCF RCTC KPKEKCT
GN RTQEGUQ FG IGUVKÏP FG KPEKFGPEKCU 7PC RGTUQPC
FG NC EQORCÍÉC SWG VGPIC NC CWVQTKFCF RCTC
KPKEKCT NC IGUVKÏP FGN KPEKFGPVG GUVCT½ RGTOCPGPVG
OGPVG FKURQPKDNG
.C XKCDKNKFCF GƂECEKC [ TCRKFG\ FG NC KORNGOGPVC
EKÏP FGN RTQEGFKOKGPVQ FG TGVKTCFC UGT½ GXCNWCFQ
RGTKÏFKECOGPVG EQOQ OÉPKOQ WPC XG\ CN CÍQ
OGFKCPVG GPUC[QU KPVGTPQU DCUCFQU GP WP
CP½NKUKU FG RGNKITQU [ GXCNWCEKÏP FG TKGUIQU
CUQEKCFQU 5G TGCNK\CT½P FG VCN OCPGTC SWG UG
CUGIWTG NC GƂEC\ KORNCPVCEKÏP [ QRGTCVKXKFCF FGN
RTQEGFKOKGPVQ
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5G FKURQPFT½ FG WP RTQEGFKOKGPVQ RCTC NC IGUVKÏP
FG VQFQU NQU RTQFWEVQU PQ EQPHQTOGU
'N RTQEGFKOKGPVQ RCTC NC IGUVKÏP FG RTQFWEVQU PQ
EQPHQTOGU FGDGT½ KPENWKT EQOQ OÉPKOQ
s RTQEGFKOKGPVQU FG CKUNCOKGPVQEWCTGPVGPC
s CP½NKUKU FG RGNKITQU [ GXCNWCEKÏP FG NQU TKGUIQU
CUQEKCFQU
s KFGPVKƂECEKÏP
RGL GVKSWGVCFQ
s FGEKUKÏP UQDTG WUQ HWVWTQ
RGL NKDGTCEKÏP
TGRTQEGUCFQVTCVCOKGPVQ RQUVGTKQT DNQSWGQ
EWCTGPVGPC TGEJC\QGNKOKPCEKÏP
s KPHQTOCEKÏP CEGTEC FG NC ECFGPC FG RTQEGUQ
s KFGPVKƂECT ENCTCOGPVG NCU TGURQPUCDKNKFCFGU FGN
RGTUQPCN
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.CU TGINCU FGN RTQEGFKOKGPVQ RCTC NC IGUVKÏP FG PQ
EQPHQTOKFCFGU FG RTQFWEVQU FGDGT½P UGT EQO
RTGPFKFCU RQT VQFQ GN RGTUQPCN
%WCPFQ UG RTQFW\ECP PQ EQPHQTOKFCFGU NC
EQORCÍÉC CFQRVCT½ OGFKFCU EQTTGEVKXCU KPOGFKC
VCU GP GN UKVKQ FG RTQFWEEKÏP RCTC CUGIWTCT GN
EWORNKOKGPVQ FG NQU TGSWKUKVQU FG RTQFWEVQ
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