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GPGUVQUVKGORQUGN)GTGPVGFG5KUVGOCUFGDGEQORTGPFGTRGTHGEVCOGPVGGNIKTQ
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GPVKGPFCP FGDG UGNGEEKQPCT [ TGVGPGT RTQHGUKQPCNGU ECFC XG O¶U FKHÈEKNGU FG
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GPEQPVTCT [ PGIQEKCT EQPFKEKQPGU SWG FGLGP C VQFQU UCVKUHGEJQU [ HKPCNOGPVG
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SWKGP FGDG EQPFWEKT NQU RTQEGUQU FG TGKPIGPKGTÈC OGLQTCOKGPVQ FG RTQEGUQU
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NC KORNGOGPVCEKÎP FG UQNWEKQPGU RCTC RTQRKEKCT NC VTCPURCTGPEKC C VTCXÃU FG
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WPEÎFKIQFGÃVKECEQOQUGTXKFQTGUÈPVGITQU
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RCTC NC VQOC FG FGEKUKQPGU [ SWG RQUKDKNKVG NC CFCRVCEKÎP CN ECODKQ [ GN
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GPVKFCF
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RCTCFKIOCU [ GPHQSWG FG NC CFOKPKUVTCEKÎP QTKGPVCFC C RTQEGUQU [ PQ C
GUVTWEVWTCU 2CTC NQ EWCN VGPFT¶ SWG FGUCTTQNNCT WP EQPLWPVQ FG GXGPVQU [
JCDKNKVCTNQU RCTC GN CP¶NKUKU [ OGLQTCOKGPVQ FG RTQEGUQU CFOKPKUVTCVKXQU [
VÃEPKEQUNQEWCNGZKIGEQPQEGTNCQTICPKCEKÎPOCPGLCTVÃEPKECU[OGVQFQNQIÈCU
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FKTGEVKXQU[NQUGLGEWVQTGU
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OGLQTCOKGPVQFGRTQEGUQURTQEGUQUFGTGKPIGPKGTÈCEQPVCTEQPNQUUGTXKEKQUFG
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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GURGTUQPCNPQODTCFQ[EQPVTCVCFQNQUEWCNGUCUWXGUGFKUVTKDW[GPFGNC
UKIWKGPVGOCPGTCRGTUQPCNKPHQTO¶VKEQEQPECTIQFKTGEVKXQUQPPQODTCFQU[
EQPVTCVCFQU CPCNKUVCU UQP PQODTCFQU [ UQP EQPVTCVCFQU
RTQITCOCFQTGU PQODTCFQU [ EQPVTCVCFQU CWZKNKCTGU UG VKGPGP
PQODTCFQU[EQPVTCVCFQU [HKPCNOGPVGPQVTQRGTUQPCNKPHQTO¶VKEQQ FGNQU
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OGLQTGU EQPFKEKQPGU NCDQTCNGU [ RTQHGUKQPCNGU GP GURGEKCN GP GN RGTUQPCN FG
PKXGNVÃEPKEQ[QRTQHGUKQPCN
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# PKXGN FGUEGPVTCNKCFQ GZKUVG GUECUG FG RTQHGUKQPCNGU GP VGEPQNQIÈCU FG
KPHQTOCEKÎPEQOQGUGNECUQFGNQU IQDKGTPQUNQECNGU [EQOQTGUWNVCFQGNDCLQ
FGUCTTQNNQKPHQTO¶VKEQGPNCSWGÃUVCUUGGPEWGPVTCPTCÎPRQTNCSWGHTGPVGCWP
RTQEGUQ FG FGUEGPVTCNKCEKÎP NQU NKFGTGU FG NCU FKHGTGPVGU QTICPKCEKQPGU
IWDGTPCOGPVCNGUCNKPVGTKQTFGNRCÈUVGPFT¶PSWGGUVCTO¶UUGPUKDKNKCFQUEQPNCU
XGPVCLCU SWG QHTGEG NCU 6GEPQNQIÈCU FG KPHQTOCEKÎP GP CRQ[Q FG UW IGUVKÎP [
EQOQ NCU )GTGPEKCU FG 5KUVGOCU FGDGP TGURQPFGT C NQU PWGXQU TGVQU RCTC NC
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2CTVG FGN RGTUQPCN VÃEPKEQ [Q RTQHGUKQPCN SWG VTCDCLC GP CEVKXKFCFGU FG
VGEPQNQIÈCU FG KPHQTOCEKÎP GP NC #FOKPKUVTCEKÎP 2ÕDNKEC
GURGEKCNOGPVG GP NCU
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RTQITCOCUFGCEVWCNKCEKÎPRTQHGUKQPCN
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WP ¶TGC VÃEPKEC CN UGT GP UW ITCP OC[QTÈC FGPQOKPCFQ PRWGUVQ FG EQPHKCPCQ
UWHTGPECODKQUGPHWPEKÎPCNQUECODKQUFG/KPKUVTQUQ,GHGUKPUVKVWEKQPCNGU5G
GURGTCSWGGPGNOCTEQFGNCOQFGTPKCEKÎPFGN'UVCFQ[EQPNCTGXCNQTKCEKÎPFG
NC ECTTGTC RÕDNKEC GUVC UKVWCEKÎP OGLQTG FCPFQ OC[QT GUVCDKNKFCF C NCU ¶TGCU
VÃEPKECUFGNCUQTICPKCEKQPGU
%QPUKFGTCPFQ NC RTQDNGO¶VKEC GZKUVGPVG GU KORQTVCPVG SWG GN )GTGPVG FG
5KUVGOCUFGNUGEVQT RÕDNKEQEQPVKPÕG EQPQRVKOKUOQ[CUWOCGNTGVQFGUGTWP
CIGPVGFGECODKQGPUWQTICPKCEKÎP[FGWPVTCDCLQEQQTFKPCFQEQPNCUFGO¶U
QTICPKCEKQPGURCTCCVGPFGTPGEGUKFCFGUEQOWPGU
7PFCVQSWGGUKORQTVCPVGEQOGPVCTGUSWGUGIÕPNC+8'04+#2GNFGNQU
VTCDCLCFQTGU FG NCU GPVKFCFGU RÕDNKECU VKGPGP CEEGUQ C +PVGTPGV GUVQ UG RWGFG
KPVGTRTGVCT EQOQ NCU TGUVTKEEKQPGU FG CEEGUQ RQT RCTVG FG OC[QT RCTVG FG NCU
KPUVKVWEKQPGUCUWUVTCDCLCFQTGUGUWPCURGEVQCUGTCDQTFCFQEQPGNQDLGVKXQFG
EWNVWTKCT GP GN WUQ FG NCU VGEPQNQIÈCU FG KPHQTOCEKÎP C NC OC[QT RCTVG FG
VTCDCLCFQTGUNCDTGEJCFKIKVCNFGDGCEQTVCTUGGPGNUGEVQTRÕDNKEQ7PCNKOKVCEKÎP
RCTCNQEQOGPVCFQRWGFGUGTGNNKOKVCFQCPEJQFGDCPFCRCTCCEEGUCTC+PVGTPGV
RQTRCTVGFGDWGPPÕOGTQFGVTCDCLCFQTGU
MDRUGPGNFGKPUVKVWEKQPGU
[EQP-$25
G QVTQ NCFQ CN JCEGT WP CP¶NKUKU FG NC KPHQTOCEKÎP RTQXGPKGPVG FG NQU 2NCPGU
QRGTCVKXQUFG+PHQTO¶VKECFGNGPNC#FOKPKUVTCEKÎP2ÕDNKECRQFGOQUNKUVCT
CNIWPCU FG NCU HQTVCNGCU FGDKNKFCFGU [ COGPCCU GP VQTPQ C NQU TGEWTUQU
JWOCPQUFGN¶TGCFGKPHQTO¶VKEC
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
17. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
GHKPGPEQOQ/KUKÎP
P RTQRQTEKQPC CRNKECEKQPGU FG VGEPQNQIÈC
FG KPHQTO¶VKEC [ UQRQTVG VÃEPKEQ FG CNVC
ECNKFCF SWG C[WFGP C NC KPUVKVWEKÎP C
RTQOQXGT WPC EWNVWTC FG JQPGUVKFCF [
VTCPURCTGPEKCGPNCIGUVKÎPRÕDNKECQ
P RQPGT CN UGTXKEKQ FG NCU FKHGTGPVGU
WPKFCFGU QTI¶PKECU NCU VGEPQNQIÈCU FG
KPHQTOCEKÎP NQU TGEWTUQU JWOCPQU [ NCU
JGTTCOKGPVCU OGVQFQNÎIKECU SWG NGU
RGTOKVKT¶P
EWORNKT
NC
OKUKÎP
KPUVKVWEKQPCNQ
;EQOQ8KUKÎP
PDTKPFCTNCUJGTTCOKGPVCUVÃEPKECU
SWGRGTOKVGPQRVKOKCTGN
HWPEKQPCOKGPVQFGNUKUVGOC0CEKQPCN
FG%QPVTQNGPDCUGCNCQRQTVWPKFCF
[OQFGTPKFCFQ
P EQPUKFGTCP SWG GN FGUCHÈQ FG NQU
NKFGTGU KPHQTO¶VKEQU SWG IGTGPEKCP NC
KPHQTOCEKÎP GU RWGU GPEQPVTCT
JGTTCOKGPVCU VGEPQNÎIKECU IGPGTCT
KFGCU KPPQXCFQTCU [ RTQOQXGT
CEVKVWFGU RTQCEVKXCU FG NQU CIGPVGU
RTQVCIÎPKEQUFGNQUITCPFGUECODKQUQ
P .CRNCPKHKECEKÎPQTICPKCEKÎP[GLGEWEKÎP P.C )GTGPEKC FG +PHQTO¶VKEC GU ECRC
FG NCU CEVKXKFCFGU XKPEWNCFCU EQP NCU FG WVKNKCT NC VGEPQNQIÈC FG WNVKOC
VGEPQNQIÈCU [ UKUVGOCU FG KPHQTOCEKÎP UG IGPGTCEKÎP RCTC RTQRQTEKQPCT GN
GPECTIC FG RTQ[GEVQU KPHQTO¶VKEQU [ FG NCU EÎORWVQFGTGUWNVCFQUFGNQURTQEGUQU
QRGTCEKQPGU PGEGUCTKCU RCTC NNGXCT CECDQ GNGEVQTCNGU GP HQTOC GHKEKGPVG EQPHKC
FKEJQU RTQ[GEVQU CFOKPKUVTC NC RNCVCHQTOC DNG[QRQTVWPCIGPGTCPFQEQPHKCPC[
VGEPQNÎIKEC FG NC KPUVKVWEKÎP DTKPFC UGTXKEKQU VTCPURCTGPEKC GP NC EKWFCFCPÈC #UÈ
KPHQTO¶VKEQU [ GN UQRQTVG EQTTGURQPFKGPVGFG OKUOQ CFOKPKUVTC VQFQU NQU TGEWTUQU
VQFQU NCU CEVKXKFCFGU CFOKPKUVTCVKXCU [ KPHQTO¶VKEQU [ RTQRQPG [ GLGEWVC NQU
EQVKFKCPCU FG NC KPUVKVWEKÎP ICTCPVKCPFQ GN RTQ[GEVQUSWGUKORNKHKECPNQURTQEGUQU
TGURGVQCNCXQNWPVCFFGNGNGEVQT[NQUXCNQTGUCFOKPKUVTCVKXQUFGRNCPGCOKGPVQ[FG
FGNKORKGCVTCPURCTGPEKC[JQPGUVKFCFQ
GXCNWCEKÎP FG IGUVKÎP KPUVKVWEKQPCN
SWG KFGPVKHKECP C NC KPUVKVWEKÎP EQOQ
WPCFGNCUO¶UGHKEKGPVGU[OQFGTPCUQ
'P QVTC KPUVKVWEKÎP EWGPVCP EQP GN 'UVC KPUVKVWEKÎP CFGO¶U FGHKPG UW
GRCTVCOGPVQFGGUCTTQNNQ[/CPVGPKOKGPVQ XKUKÎPP EQOQ WPQTICPKUOQNÈFGTGP
FG5KUVGOCUEW[COKUKÎPGUP CRQTVCTCNNQITQ 6GEPQNQIÈCU FG +PHQTOCEKÎP [ GN WUQ
FG NQU QDLGVKXQU [ OGVCU FG NC KPUVKVWEKÎP C OCUKXQ FG NCU 6GEPQNQIÈCU FG
VTCXÃU FG NC CFQREKÎP FG PWGXCU VGEPQNQIÈCU KPHQTOCEKÎP GP GN %QPITGUQ FG NC
KPHQTO¶VKECU GN FGUCTTQNNQ FG UKUVGOCU FG 4GRÕDNKECQ
KPHQTOCEKÎP [ NC KORNGOGPVCEKÎP FG PWGXCU
JGTTCOKGPVCU[UGTXKEKQUKPHQTO¶VKEQURCTCNQU
ÎTICPQU RCTNCOGPVCTKQU [ RCTC NCU WPKFCFGU
FGN5GTXKEKQRCTNCOGPVCTKQFGNIQDKGTPQQ
'P GN %QPUGLQ 0CEKQPCN FG NC /CIKUVTCVWTC P+PEQTRQTCT GP NC GUVTWEVWTC FGN
FGHKPGP UW OKUKÎP PCRQ[CT NC )GUVKÎP +PUVKVW %QPUGLQ WPC QHKEKPC FG +PHQTO¶VKEC
EKQPCN CWVQOCVKCPFQ NC KPHQTOCEKÎP EQP HWPEKQPGU FGHKPKFCU TGEWTUQU
TGNCEKQPCFC EQP NQU RTQEGUQU FG UGNGEEKÎP [ JWOCPQU ECNKHKECFQU [ RTQXKUVC FG
PQODTCOKGPVQ TCVKHKECEKÎP [ FGUVKVWEKÎP FG GSWKRQU OQFGTPQU
*CTFYCTG EQP
LWGEGU [ HKUECNGU CUÈ EQOQ NCU FG ECT¶EVGT UQHVYCTG CFGEWCFQ C NCU PGEGUKFCFGU
CFOKPKUVTCVKXQ HWPEKQPCN 6CODKÃP GU GN FG FGNCQTICPKCEKÎPQ
UGTXKT FG UQRQTVG VÃEPKEQ [ FG ECRCEKVCEKÎP CN
RGTUQPCN FG NC KPUVKVWEKÎP RCTC GN CFGEWCFQ
HWPEKQPCOKGPVQFGNQUCRNKECVKXQUKPHQTO¶VKEQUQ
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
18. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
GHKPGPEQOQ/KUKÎP
;EQOQ8KUKÎP
P'U WP FGRCTVCOGPVQ EW[C IGUVKÎP GUVC P'N FGRCTVCOGPVQ FG KPHQTO¶VKEC
QTKGPVCFC C EQPVTKDWKT GP GN WUQ FG NCU OCPVKGPG UW NKFGTCIQ RQT NC
6GEPQNQIÈCU OQFGTPCU FG +PHQTOCEKÎP GP GZEGNGPEKC FG UWU UGTXKEKQU [
CRQ[QCNQUQDLGVKXQUKPUVKVWEKQPCNGUQ
UQUVGPKFCKPPQXCEKÎP6GEPQNÎIKECQ
.C )GTGPEKC FG +PHQTO¶VKEC FG WPC GORTGUC P5GT NÈFGT GP CUGUQTÈC [ EQPUWNVQTÈC
FG UGTXKEKQU FGHKPG UW OKUKÎP EQOQPDTKPFCT KPHQTO¶VKEC FG GORTGUCUFG 5GTXKEKQU
UGTXKEKQU KPHQTO¶VKEQU EQP UQNWEKQPGU 2ÕDNKEQUCPKXGN0CEKQPCNCNQ
KPVGITCNGUWVKNKCPFQNCOGLQTVGEPQNQIÈCRCTC
UCVKUHCEGT EQORGVKVKXCOGPVG NCU PGEGUKFCFGU
FG PWGUVTQU ENKGPVGU GP GN OCPGLQ FG NC
KPHQTOCEKÎPQ
P.C )GTGPEKC FG 5KUVGOCU GU GN ÎTICPQ P'U NC VCTGC FG NC )GTGPEKC FG
GPECTICFQ FG RNCPKHKECT QTICPKCT FKTKIKT [ 5KUVGOCU GN CRQ[CT [ RTQRKEKCT NC
GXCNWCT NC CRNKECEKÎP TCEKQPCN FG NCU OQFGTPKCEKÎPKPUVKVWEKQPCNOGFKCPVG
VGEPQNQIÈCU FG KPHQTOCEKÎP XKIGPVGU GP NC GN WUQ [ CRNKECEKÎP TCEKQPCN FG NCU
KPUVKVWEKÎP 5W OKUKÎP +ORNKEC GN CFGEWCFQ 6GEPQNQIÈCUFGKPHQTOCEKÎPXKIGPVGU
WUQ [ CRTQXGEJCOKGPVQ FG NQU TGEWTUQU 0WGUVTC XKUKÎP EQPVGORNC GN
KPHQTO¶VKEQU RCTC NC QRVKOKCEKÎP FG NCU FGUCTTQNNCT
CEEKQPGU
RCTC
NC
CEVKXKFCFGU UGTXKEKQU QRVKOKCEKÎP FG QRVKOKCEKÎP EQPVKPWC FG NQU
RTQEGUQU [ QDVGPEKÎP T¶RKFC FG KPHQTOCEKÎP RTQEGUQU [ RTQEGFKOKGPVQU FG NC
RCTC NC VQOC FG FGEKUKQPGU FG NCU FGO¶U KPUVKVWEKÎP CUÈ EQOQ RTQRWIPCT RQT
IGTGPEKCU
OGFKCPVG
GN
FGUCTTQNNQ GN FGUCTTQNNQ [ GORNGQ FG
KORNCPVCEKÎP [ UWRGTXKUKÎP FGN EQTTGEVQ CRNKECEKQPGU C ECRCU [ GN WUQ
HWPEKQPCOKGPVQ FG NQU UKUVGOCU [ KPVGPUKXQ FG EQTTGQ GNGEVTÎPKEQ KPVTC
EQOWPKECEKQPGUQ
[GZVTCKPUVKVWEKQPCNQ
2QFGOQUQDUGTXCTSWGGNITCPEQORQPGPVGFGNCFGHKPKEKÎPGUGNVGEPQNÎIKEQ[GP
OW[RQEQUECUQUGNEQORQPGPVGFGNXGTFCFGTQTQNSWGFGDGCUWOKTNC)GTGPEKC
FG5KUVGOCU
7$+%#%+¦0'0.#14)#0+#%+¦0
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QTICPKCEKQPCNFGNCUKPUVKVWEKQPGU
N
N
N
N
N
N
N
N
%QOQÎTICPQUFGNÈPGC
%QOQÎTICPQUFGCRQ[Q[SWGFGRGPFGPFGNC,GHCVWTC
%QOQÎTICPQUFGCRQ[QSWGFGRGPFGPFGNC5GETGVCTKC)GPGTCN
%QOQ¶TGCUSWGFGRGPFGPFGEQOKUKQPGU
%QOQ¶TGCSWGFGRGPFGFG#FOKPKUVTCEKÎP
%QOQ¶TGCSWGFGRGPFGFGNC)GTGPEKCFG#FOKPKUVTCEKÎP[2TGUWRWGUVQ
%QOQ¶TGCSWGFGRGPFGFGNC1HKEKPCFG#FOKPKUVTCEKÎP[(KPCPCU
%QOQ¶TGCSWGFGRGPFGFGNC)GTGPEKCFGGUCTTQNNQG+PXGUVKICEKÎP
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
19. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
N %QOQ ÎTICPQ FG CRQ[Q SWG FGRGPFG FG NC 5GETGVCTKC FG 2NCPKHKECEKÎP
'UVTCVÃIKEC
N %QOQWPCWPKFCFSWGTGRQTVCCNC,GHCVWTCFG#UGUQTCOKGPVQ+PUVKVWEKQPCN
N %QOQWP¶TGCSWGFGRGPFGFGNCU1HKEKPCUFG2TGUWRWGUVQ[2NCPGCOKGPVQ
.CUFKXGTUCUHQTOCUFGWDKECEKÎPSWGQEWRCNC)GTGPEKCFG5KUVGOCU GPWPHCEVQT
ETÈVKEQ RCTC SWG RWGFC EWORNKT DKGP UW TQN GU ENCTQ QDUGTXCT SWG OKGPVTCU NC
)GTGPEKC FG 5KUVGOCU FGRGPFG FKTGEVCOGPVG FGN O¶ZKOQ TGRTGUGPVCPVG FG NC
QTICPKCEKÎPRWGFGVGPGTOC[QTCEEGUQCRCTVKEKRCTFGNCUFGEKUKQPGUSWGRWGFCP
VQOCTUGECUQFKUVKPVQFGCSWGNNCUSWGGUV¶PWDKECFCUFGDCLQFG¶TGCUGURGEKHKECU
GPGNSWGNCRCTVKEKRCEKÎPGPNCUFGEKUKQPGUQTICPKCEKQPCNGUUGXGT¶NKOKVCFC
#NIWPCUKPUVKVWEKQPGUKPENWUKXGJCPETGÈFQEQPXGPKGPVGEQPUKFGTCTCNC)GTGPEKC
FG 5KUVGOCU FG ÎTICPQ FG NÈPGC RCUCTNQ C WPC WPKFCF FGDCLQ FG GNNC 'LGORNQ
RCUCT FG WPC 1HKEKPC )GPGTCN C WPC 1HKEKPC 'LGEWVKXC
FG OGPQT PKXGN SWG GN
CPVGTKQTQGPCNIWPCUKPUVKVWEKQPGUPQEWGPVCPGPUWGUVTWEVWTCEQPWPCIGTGPEKC
FGKPHQTO¶VKEC
/+5+¦0'.)'4'06''5+56'/#5
2QFGOQUFGHKPKTNCOKUKÎPFGN)GTGPVGFG5KUVGOCUEQOQGNFGPRTQXGGTNCXKUKÎP
VGEPQNÎIKEC [ OCPVGPGT GN NKFGTCIQ GP GN FGUCTTQNNQ G KORNCPVCEKÎP FG
KPKEKCVKXCU GP OCVGTKC FG CRNKECEKÎP FG NCU 6GEPQNQIÈCU FG KPHQTOCEKÎP [
%QOWPKECEKQPGUSWGOCP VGPICPGNNKFGTCIQFGNCQTICPKCEKÎPGPWPGPVQTPQ
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‹6GCFGNCPVCU[VKGPGUUKGORTGWPRNCPFG
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HQTVCNGCU[PQÕPKECOGPVGVWUFGDKNKFCFGU!
‹.QITCUEQPEGPVTCTVQFCUVWUGPGTIÈCUGP
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6'4%'4*$+6124+/'41.124+/'41
5GTGHKGTGCNCETGCEKÎPHÈUKECGUFGEKTGUGNGLGTEKEKQFGNCXQNWPVCFKPFGRGPFKGPVG
EGPVTCFQ GP RTKPEKRKQU ECRCEKFCF RCTC VQOCT FGEKUKQPGU GNGIKT [ CEVWCT NQ SWG
RQFTÈCOQU FGPQOKPCT NC CWVQCFOKPKUVTCEKÎP GHGEVKXC 'N ITCFQ GP SWG JGOQU
FGUCTTQNNCFQ PWGUVTC XQNWPVCF KPFGRGPFKGPVG GP NC XKFC EQVKFKCPC UG OKFG RQT
PWGUVTC KPVGITKFCF RGTUQPCN .C KPVGITKFCF GU PWGUVTC ECRCEKFCF RCTC
EQORTQOGVGTPQU C OCPVGPGT NQU EQORTQOKUQU EQP PQUQVTQUNQSWGFGEKOQUGU
JCEGT RQT GNNQ NC GUGPEKC FGN FGUCTTQNNQ RTQCEVKXQ 5K WPQ GU WP CFOKPKUVTCFQT
GHGEVKXQ FG UÈ OKUOQ NC FKUEKRNKPC RTQXKPG FGN KPVGTKQT GU WPC HWPEKÎP FG NC
XQNWPVCFKPFGRGPFKGPVG'NEQOÕPFGPQOKPCFQTFGVQFCUNCURGTUQPCUFGÃZKVQGU
PGORGCTRQTNQRTKOGTQQ
#SWÈWPOÃVQFQRCTCOCPGLCTGNVKGORQCFGEWCFCOGPVG
N 2NCPKHKECT*CEGTWPCNKUVCFGQDLGVKXQUCEWORNKTVQO¶PFQUGWPQUOKPWVQU
FKCTKQU'UVQRQFTÈCUKIPKHKECTNGCJQTTQFGJQTCUGPUGOCPCU
N 2TKQTKCTGEKFKTEW¶NGUFGNCUCEVKXKFCFGUUQPNCUO¶UKORQTVCPVGURCTCSWG
GPECDGEGPNCNKUVC#NIWPCURGTUQPCUNNGXCPCVÃTOKPQVQFCUNCUVCTGCURQUKDNGU
SWGCRCTGEGPGPUWNKUVCNQITCPFQWPGNGXCFQRQTEGPVCLGFGVCTGCUTGCNKCFCU
RGTQ UW GHGEVKXKFCF GU DCLC FGDKFQ C SWG NCU VCTGCU FGUGORGÌCFCU GP UW
OC[QTÈCUQPFGDCLCRTKQTKFCF
N 'UVCDNGEGTWPCCIGPFCGVGTOKPCTEW¶PFQUGJCT¶ECFCWPQFGNQURWPVQU.C
ENCXGPQGUFCTRTKQTKFCFCNQSWGGUV¶GPNCCIGPFCUKPQQTFGPCTGPNCCIGPFC
NCURTKQTKFCFGU
N *CEGT UGIWKOKGPVQ *CEGT NCU EQUCU FG CEWGTFQ C NQ RNCPGCFQ [ XGTKHKECTNQU
RCUQUFGECFCQDLGVKXQ
.C UCVKUHCEEKÎP FGRGPFG VCPVQ FG NC GZRGEVCVKXC EQOQ FG NC TGCNKCEKÎP [ NC
GZRGEVCVKXC TGUKFG GP PWGUVTQ EÈTEWNQ FG KPHNWGPEKC 'U KORQTVCPVG GP NC
CFOKPKUVTCEKÎP FGN VKGORQ FGEKT 5+ C NCU CEVKXKFCFGU KORQTVCPVGU [ CRTGPFGT C
FGEKT01CQVTCUCEVKXKFCFGUPQRTKQTKVCTKCU
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'PGNOQOGPVQGPSWGUGRCUCFGNCKPFGRGPFGPEKCCNCKPVGTFGRGPFGPEKCUGGUV¶
CXCPCPFQJCEKCGNTQNFGNKFGTCIQ[GURQUKDNGKPHNWKTUQDTGQVTCURGTUQPCUEQP
NCHKNQUQHÈCFGRGPUCTGPICPCTICPCT.QUUGKURCTCFKIOCUFGKPVGTCEEKÎPJWOCPC
UQP
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UCVKUHCEVQTKQU 5G VTCDCLCGPWPGUEGPCTKQEQQRGTCVKXQ PQEQORGVKVKXQ 6QFQU
UGUKGPVGPDKGP[UGEQORTQOGVGPEQPGNRNCPFGCEEKÎP
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
39. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
N )CPQRKGTFGU NC OC[QTÈC RKGPUC GUVQ FGUFG SWG PCEG 'UV¶ DCUCFQ GP NC
EQORGVGPEKC[PQGPNCEQQRGTCEKÎP.CUOGPVGUFGHGPUKXCUPQUQPETGCVKXCUPK
EQQRGTCVKXCUNQEWCNPQEQPFWEGPCPCFCRQUKVKXQ
N 2KGTFQICPCUPQVKGPGPKPIWPCPQTOCTGSWGTKOKGPVQGZRGEVCVKXCXKUKÎPGVE
6KGPFGP C EGFGT Q TGPWPEKCT DWUECPFQ NC CEGRVCEKÎP Q NC RQRWNCTKFCF *C[
KPUGIWTKFCFNCURGTUQPCUGUV¶PVGPFKGPVGUCCRCEKIWCTQFGUGQUFGCITCFCT
N 2KGTFQRKGTFGU GU NC HKNQUQHÈC FG NC IWGTTC FGN EQPHNKEVQ 0QTOCNOGPVG FG
RGTUQPCUQDUVKPCFCU[GIQÈUVCU
N )CPQNGUKORQTVCEQPUGIWKTNQSWGSWKGTGPKPFKXKFWCNOGPVG.CRGTUQPCEQP
GUVCOGPVCNKFCFRKGPUCGPVÃTOKPQUFGCUGIWTCTUGUWURTQRKQUHKPGU
N )CPCTICPCTÎPQJC[VTCVQUKPQNNGICTCPCWPCUQNWEKÎPUKPÃTIKECEQPNCSWG
GUVWXKGTCPFGCEWGTFQTGEWTTGPCNCGZRTGUKÎPPQJC[VTCVQ
.QKFGCNGUUKGORTGICPCTICPCT
KOGPUKQPGUFGICPCTICPCTGUGNJ¶DKVQFGNNKFGTCIQKPVGTRGTUQPCN+ORNKECGN
GLGTEKEKQ FG NCU FQVGU JWOCPCU GP PWGUVTCU TGNCEKQPGU EQP NQU FGO¶U 5WRQPG
CRTGPFKCLGTGEÈRTQEQKPHNWGPEKCOWVWCDGPGHKEKQUEQORCTVKFQU.CUFKOGPUKQPGU
UQPNCUUIVGU
N %CT¶EVGT TCUIQU ECTCEVGTÈUVKEQU KPVGITKFCF OCFWTG OGPVCNKFCF FG
CDWPFCPEKC
N 4GNCEKQPGUUKPEQPHKCPCUGFGVGTKQTCNCEQOWPKECEKÎP[GNCRTGPFKCLG
N #EWGTFQUDCUCFQUGPGNGOGPVQUTGUWNVCFQUFGUGCFQUFKTGEVTKEGUTGEWTUQU
TGPFKEKÎPFGEWGPVCUEQPUGEWGPEKCU
N 5KUVGOCU GN UKUVGOC FG TGEQORGPUCU FGDG UGT EQPITWGPVG EQP NCU OGVCU [
XCNQTGU
N 2TQEGUQU NC GUGPEKC FG NC PGIQEKCEKÎP FG RTKPEKRKQU EQPUKUVG GP UGRCTCT
RGTUQPC[RTQDNGOCGPEGPVTCTUGGPNQU KPVGTGUGU[PQGPNCURQUKEKQPGUGP
KFGCTQREKQPGURCTCNCICPCPEKCOWVWC[GPKPUKUVKTGPETKVGTKQUQDLGVKXQUSWG
CODCURCTVGURWGFCPEQORCTVKT
37+061*$+61241%74'%1/24'0'4;.7')15'4%1/24'0+1
%WCPFQGZKUVGWPRTQDNGOCOWEJCUXGEGUNCURGTUQPCUVKGPFGPCRTGEKRKVCTUG[
PQ UG VQOC GN VKGORQ RCTC FKCIPQUVKECT [ GORGCT C EQORTGPFGT RTQHWPFC [
TGCNOGPVGGNRTQDNGOCRQTNQSWGFGDGOQURTQEWTCTRTKOGTQEQORTGPFGT[NWGIQ
UGT EQORTGPFKFQU 'UVG RTKPEKRKQ GU NC ENCXG FG NC EQOWPKECEKÎP RGTUQPCN
GHGEVKXC
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
40. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
%QOWPKECEKÎP UK FGUGCOQU UGT TGCNOGPVG GHGEVKXQU GP GN J¶DKVQ FG NC
EQOWPKECEKÎP KPVGTRGTUQPCN FGDGOQU FGUCTTQNNCT NC ECRCEKFCF RCTC NC GUEWEJC
GOR¶VKECDCUCFCGPGNECT¶EVGTSWGUWUEKVCCRGTVWTC[EQPHKCPC
'UEWEJC GOR¶VKEC EWCPFQ QVTC RGTUQPC JCDNC NC GUEWEJCOQU GP WPQ FG NQU
EWCVTQPKXGNGURQFGOQUGUVCTKIPQT¶PFQNCRQFGOQUHKPIKTGUEWEJCTNCRQFGOQU
RTCEVKECT NC GUEWEJC UGNGEVKXC GUEWEJCPFQ UQNQ RCTVGU FG NC EQPXGTUCEKÎP RGTQ
OW[RQEQUUGXCPCRTGQEWRCTRQTNQITCTNCGUEWEJCGOR¶VKECSWGGUGUEWEJCT
EQP NC KPVGPEKÎP FG EQORTGPFGT %WCPFQ WPQ GUEWEJC EQP GORCVÈC C QVTC
RGTUQPC NG RTQRQTEKQPC CKTG RUKEQNÎIKEQ [ FGURWÃU FG FGLCT UCVKUHGEJC GUC
PGEGUKFCFRWGFGEGPVTCTUGGPKPHNWKTQGPTGUQNXGTRTQDNGOCU
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5KIPKHKECDWUECTRTQ[GEVQUQTGNCEKQPGUFQPFGUGETGCUKPGTIKC'UFGEKTFQPFGGN
TGUWNVCFQGUOC[QTSWGNCUWOCFGNCURCTVGUGPHQTOCUGRCTCFC.CUKPGTIKCGUNC
RWGUVCCRTWGDCFGVQFQUNQUFGO¶UJ¶DKVQUTGWPKFQUEW[CUHQTOCUO¶UCNVCUUG
EGPVTCPGP ICPCTICPCT[GPNCUCRVKVWFGURCTCNCEQOWPKECEKÎPGOR¶VKECGPNQU
FGUCHÈQUSWGCHTQPVCOQUFKCTKCOGPVGUWTIKGPFQPWGXCUCNVGTPCVKXCU.CUKPGTIKCGU
NCGUGPEKCFGNNKFGTCIQVTCPUHQTOCFQTWPKHKEC[NKDGTCNCKPOGPUCGPGTIÈCKPVGTKQT
FGNCRGTUQPC[TGSWKGTGFGUGIWTKFCFKPVGTKQT
5œ26+/1*$+61#(+.'.#5+'44#
'UVG J¶DKVQ UKIPKHKEC RTGUGTXCT [ TGCNCT GN OC[QT DKGP SWG RQUGGOQU PQUQVTQU
OKUOQU 5KIPKHKEC TGPQXCT NCU EWCVTQ FKOGPUKQPGU FG UW PCVWTCNGC NC HÈUKEC NC
GURKTKVWCNNCOGPVCN[NCUQEKCNGOQEKQPCN#HKNCTNCUKGTTCKORNKECFCTGZRTGUKÎPC
NCUEWCVTQOQVKXCEKQPGUGLGTEKGPFQNCUEWCVTQFKOGPUKQPGUFGPWGUVTCPCVWTCNGC
TGIWNCT[EQPITWGPVGOGPVGFGOCPGTCUCDKC[GSWKNKDTCFC2GTQRCTCNQITCTGUVQ
VGPGOQUSWGUGTRTQCEVKXQU
KOGPUKÎP (ÈUKEC .C FKOGPUKÎP HÈUKEC UWRQPG EWKFCT GHGEVKXCOGPVG PWGUVTQ
EWGTRQ HÈUKEQ CNKOGPVCTPQU EQTTGEVCOGPVG FGUECPUCT NQ UWHKEKGPVG [ JCEGT
GLGTEKEKQEQPTGIWNCTKFCF
KOGPUKÎP 'URKTKVWCN NC TGPQXCEKÎP FG NC FKOGPUKÎP GURKTKVWCN RTQRQTEKQPC
NKFGTCIQCPWGUVTCRTQRKCXKFC'UV¶OW[TGNCEKQPCFCEQPGNUGIWPFQJ¶DKVQ.C
FKOGPUKÎP GURKTKVWCN GU PWGUVTQ PÕENGQ PWGUVTQ EGPVTQ GN EQORTQOKUQ EQP
PWGUVTQUKUVGOCFGXCNQTGU
KOGPUKÎP/GPVCN'PUWOC[QTÈCPWGUVTQFGUCTTQNNQOGPVCN[PWGUVTCFKUEKRNKPC
RCTC GN GUVWFKQ RTQXKGPGP FG NC GFWECEKÎP HQTOCN NC OKUOC SWG FGDGTÈC KTUG
EWNVKXCPFQCVTCXÃUFGNQUCÌQURGTQSWGGPUWOC[QTÈCGUFGUEWKFCFCRQTEQUCU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
41. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
XCPCNGU1TICPKCT[RNCPKHKECTUQPHQTOCUFGTGPQXCEKÎPOGPVCNCUQEKCFCUCNQU
J¶DKVQU UGIWPFQ [ VGTEGTQ GORGCOQU EQP WP HKP GP OGPVG [ UQOQU
OGPVCNOGPVGECRCEGUFGQTICPKCT[CNECPCTGUGHKP
KOGPUKÎP 5QEKCN'OQEKQPCN UG EGPVTC GP NQU RTKPEKRKQU FGN NKFGTCIQ
KPVGTRGTUQPCNNCEQOWPKECEKÎPGOR¶VKEC[NCEQQRGTCEKÎPETGCVKXCGPHQECPFQCUÈ
NQUJ¶DKVQUEWCTVQSWKPVQ[UGZVQ
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'N RTQEGUQ FG NC CWVQTTGPQXCEKÎP FGDG KPENWKT NC TGPQXCEKÎP GSWKNKDTCFC GP NCU
EWCVTQ FKOGPUKQPGU FG PWGUVTC PCVWTCNGC NC HÈUKEC GURKTKVWCN OGPVCN [
UQEKCNGOQEKQPCN
%WCPVQ O¶U RTQCEVKXQU UQOQU
RTKOGT J¶DKVQ O¶U GHGEVKXCOGPVG RQFGOQU
GLGTEGTGNNKFGTCIQRGTUQPCN
UGIWPFQJ¶DKVQ[NCCFOKPKUVTCEKÎPRGTUQPCN
VGTEGT
J¶DKVQGPNCXKFC
%WCPVQ O¶U GHGEVKXCOGPVG CFOKPKUVTCOQU PWGUVTCXKFC
VGTEGT J¶DKVQ GPOC[QT
OGFKFCRQFGOQUTGCNKCTCEVKXKFCFGUTGPQXCFQTCU
UÃRVKOQJ¶DKVQ
%WCPVQ O¶U RTQEWTCOQU RTKOGTQ EQORTGPFGT
SWKPVQ J¶DKVQ EQP O¶U
GHGEVKXKFCF RQFGOQU DWUECT UQNWEKQPGU UKPÃTIKECU FG VKRQ ICPCTICPCT
EWCTVQ [
UGZVQJ¶DKVQU
%WCPVQ O¶U RTQITGUCOQU GP EWCNSWKGTC FG NQU J¶DKVQU SWG EQPFWEGP C NC
KPFGRGPFGPEKC
RTKOGT UGIWPFQ [ VGTEGT J¶DKVQ O¶U GHGEVKXQU UGTGOQU GP NCU
UKVWCEKQPGU KPVGTFGRGPFKGPVGU
VGTEGT EWCTVQ SWKPVQ [ UGZVQ J¶DKVQ [ NC
TGPQXCEKÎP
UÃRVKOQJ¶DKVQGUGNRTQEGUQFGTGXKXKHKECTVQFQUNQUJ¶DKVQU
‹37œ'5;21437œ'5+/2146#06'.#+06'.+)'0%+#'/1%+10#.!
#VQFQGUVQUGFGDGVGPGTGPEWGPVCNC KPVGNKIGPEKCGOQEKQPCNSWGUGRGTHKNC
EQOQWPPWGXQEQPEGRVQGPGNGPVQTPQQTICPKCEKQPCNRQTGNNCUGGPVKGPFG
NCECRCEKFCFFGNUGTJWOCPQFGTGEQPQEGTUWUUGPVKOKGPVQU[NQUUGPVKOKGPVQU
FGNQUFGO¶UEQPGNHKPFGOQVKXCTUG[RCTCOCPGLCTFGHQTOCCFGEWCFCNCU
TGNCEKQPGUGPVTGWPQOKUOQ[NQUFGO¶U
'U FGEKT NC KPVGNKIGPEKC GOQEKQPCN GU WP EQPLWPVQ FG FGUVTGCU CEVKVWFGU
JCDKNKFCFGU[EQORGVGPEKCUSWGFGVGTOKPCPNCEQPFWEVCFGWPKPFKXKFWQUWU
TGCEEKQPGU GUVCFQU OGPVCNGU GVE [ SWG RWGFG FGHKPKTUG UGIÕP GN RTQRKQ
)QNGOCPEQOQNCECRCEKFCFFGTGEQPQEGTPWGUVTQURTQRKQUUGPVKOKGPVQU[NQU
FGNQUFGO¶UFGOQVKXCTPQU[FGOCPGLCTCFGEWCFCOGPVGNCUTGNCEKQPGU
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
42. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
.Q SWG JCUVC JCEG RQEQ UG XCNQTCDC GURGEKCNOGPVG GTC GN EQGHKEKGPVG
KPVGNGEVWCN[NCGZRGTKGPEKCCJQTCUGXCNQTCPNCKPVGNKIGPEKCGOQEKQPCNFGNCU
RGTUQPCUGUVQGUNCECRCEKFCFFGCRTGPFGTWPCUGTKGFGJCDKNKFCFGURT¶EVKECU
DCUCFCU GP NC EQPEKGPEKC FG WPQ OKUOQ NC OQVKXCEKÎP NC GORCVÈC GN
CWVQEQPVTQN[NCUJCDKNKFCFGUUQEKCNGUGPKPVGTCEEKÎPCFGO¶UEQPGNTGUVQ
.CU ENCXGU FG GUVG PWGXQ EQPEGRVQ FG XCNQTCEKÎP RGTUQPCN UG DCUCP GP NC
TGECRCEKVCEKÎPUQDTGGNVTCDCLQ[NCRTGFKURQUKEKÎPJCEKCGNOKUOQGNGUVWFKQ
FGNCUOQVKXCEKQPGURTQHGUKQPCNGUKPVGPVCTEGPVTCTUGGPQDLGVKXQUCNECPCDNGUC
OGFKQRNCQUGTRQUKVKXQHKLCTUGGPOQFGNQUÕVKNGU[CIWFKCTGNUGPVKFQETÈVKEQ
RCTCRQFGTCWVQGXCNWCTUG[ECODKCT
*CDKVWCNOGPVG GUVCOQU CEQUVWODTCFQU C TGNCEKQPCT NC KPVGNKIGPEKC EQP NC
ECRCEKFCF FG TCEKQEKPKQ NÎIKEQ EQP GN EQGHKEKGPVG KPVGNGEVWCN SWG FGVGTOKPC
NCU JCDKNKFCFGU RCTC NCU EKGPEKCU GZCEVCU NC EQORTGPUKÎP [ ECRCEKFCF FG
CP¶NKUKU TGHNGZKXQ GN TCQPCOKGPVQ GURCEKCN NC ECRCEKFCF XGTDCN [ NCU
JCDKNKFCFGU OGE¶PKECU 5KP GODCTIQ GP GN OWPFQ GORTGUCTKCN UG GUV¶
GORGCPFQ C VGPGT GP EWGPVC [ C XCNQTCT O¶U NC FGPQOKPCFC KPVGNKIGPEKC
GOQEKQPCNSWGFGVGTOKPCEÎOQPQUOCPGLCOQUEQPPQUQVTQUOKUOQU[EQP
NQUFGO¶U
'NVÃTOKPQFGKPVGNKIGPEKCGOQEKQPCNKPENW[GFQUVKRQUFGKPVGNKIGPEKCU
.C +PVGNKIGPEKC 2GTUQPCN GUV¶ EQORWGUVC C UW XG RQT WPC UGTKG FG
EQORGVGPEKCUSWGFGVGTOKPCPGNOQFQGPSWGPQUTGNCEKQPCOQUEQPPQUQVTQU
OKUOQUGUVCKPVGNKIGPEKCEQORTGPFGVTGUEQORQPGPVGUEWCPFQUGCRNKECGPGN
VTCDCLQ
N %QPEKGPEKCGPWPQOKUOQECRCEKFCFFGTGEQPQEGT[GPVGPFGTGPWPQOKUOQ
NCU RTQRKCU HQTVCNGCUFGDKNKFCFGUGUVCFQUFG¶PKOQ GOQEKQPGU GKORWNUQU
CUÈEQOQGNGHGEVQSWGÃUVQUVKGPGPUQDTGNQUFGO¶U[UQDTGGNVTCDCLQ
N #WVQTTGIWNCEKÎPQEQPVTQNFGUÈOKUOQJCDKNKFCFFGEQPVTQNCTPWGUVTCURTQRKCU
GOQEKQPGUGKORWNUQURCTCCFGEWCTNQUCWPQDLGVKXQFGTGURQPUCDKNKCTUGFG
NQURTQRKQUCEVQUFGRGPUCTCPVGUFGCEVWCT[FGGXKVCTNQULWKEKQURTGOCVWTQU
.CURGTUQPCUSWGRQUGGPGUVCEQORGVGPEKCUQPUKPEGTCUGÈPVGITCUEQPVTQNCPGN
GUVTÃU [ NC CPUKGFCF CPVG UKVWCEKQPGU EQORTQOGVKFCU [ UQP HNGZKDNGU CPVG NQU
ECODKQUQNCUPWGXCUKFGCU
N #WVQOQVKXCEKÎPGUNCJCDKNKFCFFGGUVCTGPWPGUVCFQFGEQPVKPWCDÕUSWGFC[
RGTUKUVGPEKC GP NC EQPUGEWEKÎP FG NQU QDLGVKXQU JCEKGPFQ HTGPVG C NQU
RTQDNGOCU [ GPEQPVTCPFQ UQNWEKQPGU 'UVC EQORGVGPEKC UG OCPKHKGUVC GP NCU
RGTUQPCUSWGOWGUVTCPWPITCPGPVWUKCUOQRQTUWVTCDCLQ[RQTGNNQITQFG NCU
OGVCURQTGPEKOCFGNCUKORNGTGEQORGPUCGEQPÎOKECEQPWPCNVQITCFQFG
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
43. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
KPKEKCVKXC[EQORTQOKUQ[EQPITCPECRCEKFCFQRVKOKUVCGPNCEQPUGEWEKÎPFG
UWUQDLGVKXQU
'NQRVKOKUOQGUWPQFGNQUTGSWKUKVQUKORTGUEKPFKDNGURCTCNCEQPUGEWEKÎPFG
OGVCUTGNGXCPVGU[VCTGCUEQORNGLCU[UGTGNCEKQPCEQPWPCORNKQGNGPEQFG
EQPEGRVQU RUKEQNÎIKEQU SWG WUCOQU JCDKVWCNOGPVG EQPVTQN FG KORWNUQU
KPJKDKEKÎPFGRGPUCOKGPVQUPGICVKXQUGUVKNQCVTKDWVKXQPKXGNFGGZRGEVCVKXCU
CWVQGUVKOC
N 'N EQPVTQN FG NQU KORWNUQU ECRCEKFCF FG TGUKUVGPEKC C NC HTWUVTCEKÎP [
CRNCCOKGPVQ FG NC ITCVKHKECEKÎP RCTGEG UGT WPC FG NCU JCDKNKFCFGU
RUKEQNÎIKECUO¶UKORQTVCPVGU[TGNGXCPVGUGPGNFGXGPKTXKVCN[CECFÃOKEQ
N 'N EQPVTQN FG NQU RGPUCOKGPVQU PGICVKXQU XGPGPQ FGN QRVKOKUOQ UG
TGNCEKQPC EQP GN TGPFKOKGPVQ C VTCXÃU FG NC GEQPQOÈC FG NQU TGEWTUQU
CVGPEKQPCNGU RTGQEWRCTUG EQPUWOG NQU TGEWTUQU SWG PGEGUKVCOQU RCTC
CHTQPVCTEQPÃZKVQNQUTGVQUXKVCNGU[CECFÃOKEQU
N 'NGUVKNQCVTKDWVKXQFGNQUÃZKVQU[HTCECUQUWUKORNKECEKQPGUGOQEKQPCNGU[
UW TGNCEKÎP EQP NCU GZRGEVCVKXCU FG ÃZKVQ GU WPC VGQTÈC RUKEQNÎIKEC SWG
EQPVTKDW[G GPQTOGOGPVG C PWGUVTC EQORTGPUKÎP FG NQU RTQDNGOCU FG
CRTGPFKCLG[CUWUQNWEKÎP
.C ECRCEKFCF FG OQVKXCTUG C WPQ OKUOQ UG RQPG GURGEKCNOGPVG C RTWGDC
EWCPFQUWTIGPNCUFKHKEWNVCFGUGNECPUCPEKQGNHTCECUQGUGNOQOGPVQGPSWG
OCPVGPGTGNRGPUCOKGPVQFGSWGNCUEQUCUKT¶PDKGPRWGFGUKIPKHKECTGNÃZKVQQ
GN CDCPFQPQ [ GN HTCECUQ
C RCTVG FG QVTQU HCEVQTGU O¶U EQIPKVKXQU EQOQ
FGUEQORQPGT NQU RTQDNGOCU [ UGT HNGZKDNGU RCTC ECODKCT FG OÃVQFQU [
QDLGVKXQU
'N FGUCTTQNNQ FGN QRVKOKUOQ NC CWVQGUVKOC NC GZRGEVCVKXC FG ÃZKVQ GUV¶
TGNCEKQPCFQEQPNCURCWVCUFGETKCPC[GFWECEKÎPGXKVCPFQGNRTQVGEEKQPKUOQ
[ NC ETÈVKEC FGUVTWEVKXC HCXQTGEKGPFQ NC CWVQPQOÈC [ NQU NQITQU RGTUQPCNGU
WVKNKCPFQGNGNQIKQ[NCRGFCIQIÈCFGNÃZKVQEQORNGOGPVCFQEQPNCGZKIGPEKC
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N 'ORCVÈC JCDKNKFCF RCTC GPVGPFGT NCU PGEGUKFCFGU UGPVKOKGPVQU [
RTQDNGOCU FG NQU FGO¶U RQPKÃPFQUG GP UW NWICT [ TGURQPFGT
EQTTGEVCOGPVG C UWU TGCEEKQPGU GOQEKQPCNGU .CU RGTUQPCU GOR¶VKECU UQP
CSWGNNCU ECRCEGU FG GUEWEJCT C NQU FGO¶U [ GPVGPFGT UWU RTQDNGOCU [
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
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OQVKXCEKQPGU SWG PQTOCNOGPVG VKGPGP OWEJC RQRWNCTKFCF [
TGEQPQEKOKGPVQUQEKCNSWGUGCPVKEKRCPCNCUPGEGUKFCFGUFGNQUFGO¶U[
SWGCRTQXGEJCPNCUQRQTVWPKFCFGUSWGNGUQHTGEGPQVTCURGTUQPCU
N *CDKNKFCFGU UQEKCNGU GU GN VCNGPVQ GP GN OCPGLQFGNCUTGNCEKQPGU EQPNQU
FGO¶U GP UCDGT RGTUWCFKT G KPHNWGPEKCT C NQU FGO¶U 3WKGPGU RQUGGP
JCDKNKFCFGU UQEKCNGU UQP GZEGNGPVGU PGIQEKCFQTGU VKGPGP WPC ITCP
ECRCEKFCF RCTC NKFGTCT ITWRQU [ RCTC FKTKIKT ECODKQU [ UQP ECRCEGU FG
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N .CVQOCFGFGEKUKQPGU
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5KVQOCOQUGPEWGPVCGUVQUJ¶DKVQU[OCPGLCOQUDKGPNCKPVGNKIGPEKCGOQEKQPCN
GUVCTGOQU CRVQU RCTC EWORNKT NQU TQNGU FG VQFQ DWGP FKTGEVKXQ SWG XGTGOQU C
OC[QTFGVCNNGGPGNUKIWKGPVGECRÈVWNQ
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
46. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
3Q`de_ F** _c ( b_Uc TU e^ ReU^ 7UbU^dU TU CYYcdU]Qc
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FGUGORGÌCT FGVGTOKPCFC VCTGC Q TQN 'N RTGUGPVG EWCFTQ TGUWOG NQU TQNGU [ NCU
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6QOCFQFG/CGUVTKCGPNCIGUVKÎPFGNCUQTICPKCEKQPGURQT4QDGTV3WKPP
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NCU CEVKXKFCFGU UG TGCNKEGP FG CEWGTFQ EQP UW KORQTVCPEKC TGNCVKXC GXKVCPFQ
EQPHNKEVQUGPVTGNQUKPFKXKFWQU'UCUGIWTCTSWGNCURGTUQPCUEQTTGEVCUGUV¶PGPGN
NWICT EQTTGEVQ GP GN OQOGPVQ EQTTGEVQ RCTC TGCNKCT NCU VCTGCU EQTTGEVCU [
ICTCPVKCTSWGÃUVCUFKURQPFT¶PFGNCUJGTTCOKGPVCURCTCTGCNKCTUWVTCDCLQ[SWG
UW TGUWNVCFQ GUVCT¶ FKURQPKDNG RCTC GN UKIWKGPVG ITWRQ FG VTCDCLQ EWCPFQ GUVG
RTGRCTCFQRCTCTGEKDKTNQ.CUEQORGVGPEKCUKPVGTGNCEKQPCFCURCTCFGUGORGÌCTGN
TQNFGEQQTFKPCFQTUQPVTGU2NCPKHKECEKÎP1TICPKCEKÎP[%QPVTQN
2NCPKHKECEKÎP
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FGVGTOKPCTCFQPFGUGFGUGCKT[EQOQUGFGUGCNNGICTCNNÈ
2NCPKHKECEKÎP 1RGTCVKXC %QPUKUVG GP VTCFWEKT NQU QDLGVKXQU GP CEEKQPGU
TGCNKCTNCRTGRCTCEKÎP[OCPVGPKOKGPVQFGNHNWLQFGVTCDCLQFGNUKUVGOC5G
VKGPG SWG FGEKFKT EQOQ UG WVKNKCT¶P NQU TGEWTUQU HKPCPEKGTQU JWOCPQU [
OCVGTKCNGURCTCICTCPVKCTNCGPVTGICFGNQUUGTXKEKQUEQPNCOC[QTGHKECEKC
RQUKDNG
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2CUCT FG WPC RGTURGEVKXC C PKXGN QTICPKCVKXQ Q FG FKXKUKÎP C WPC
RGTURGEVKXCEGPVTCFCGPWPCWPKFCFFGVTCDCLQ¶TGCHWPEKQPCNRTQITCOC
QRTQ[GEVQGURGEÈHKEQ
2CUCTFGNNCTIQCNEQTVQRNCQGPNCRNCPKHKECEKÎP2QTNQIGPGTCNPQNNGIC
VCPNGLQUEQOQNCRNCPKHKECEKÎPGUVTCVÃIKECQNCV¶EVKECSWGUGEGPVTCPFG
CCÌQUOKGPVTCUSWGNQURNCPGUQRGTCVKXQUUGEGPVTCPGPRGTÈQFQUC
WPCÌQKPENWUQUÎNQWPCUGOCPC
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FGEÎOQNNGICTFGCSWÈCCNNÈCFGO¶U
2QTSWGPQURGTOKVGHKLCTNQUGUV¶PFCTGUENCTKHKECTSWGGUNQSWGJC[SWG
JCEGT [ EQOQ FGDG JCEGTUG GVGTOKPCFQ NQU GUV¶PFCTGU FG
TGPFKOKGPVQGURQUKDNGGXCNWCTNCGHKECEKCFGNQSWGUGGUV¶JCEKGPFQQ
UGJCJGEJQ'URQUKDNGHKLCTGUV¶PFCTGUFGTGPFKOKGPVQRCTCNQUTGEWTUQU
JWOCPQUTGEWTUQUHKPCPEKGTQUTGEWTUQUVÃEPKEQU
.QUGUV¶PFCTGUFGDGPUGT
N 'URGEÈHKEQUEQPTGURGEVQCNQSWGFGDGNQITCTUG
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
48. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
N /GFKDNGU EQP TGURGEVQ CN RTQITGUQ CNECPCFQ GP GN NQITQ FGN
GUV¶PFCT
N #UKIPCDNGU EQP TGURGEVQ C SWÃ KPFKXKFWQ Q ITWRQFGKPFKXKFWQUGU
TGURQPUCDNGFGFGUGORGÌCTNCVCTGC
N 4GCNKUVCUEQPTGURGEVQCNQUTGEWTUQUFKURQPKDNGU
N %QP NÈOKVGU FG VKGORQ EQP TGURGEVQ C EW¶PFQ UG GURGTCP NQU
TGUWNVCFQU
2QTSWGRGTOKVGENCTKHKECTNCURTKQTKFCFGUQTICPKCVKXCU[FGNCWPKFCFFG
VTCDCLQ GUV¶ TGNCEKQPCFC EQP NC RTQITCOCEKÎP [ GN GUVCDNGEKOKGPVQ FG
ECNGPFCTKQU [ RWPVQU FG TGHGTGPEKC 'U PGEGUCTKQ HKLCT RTKQTKFCFGU [
FGEKFKTNCUGEWGPEKCFGGLGEWEKÎP
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N .KOKVCEKQPGU GZVGTPCU ‹%W¶NGU UQP NCU HGEJCU VQRG GZKUVGPVGU
KORWGUVCU FGUFG GN GZVGTKQT! ‹%W¶N GU NC WTIGPEKC GP VGTOKPCT ÃUVC
VCTGCCEVKXKFCFQRTQ[GEVQ!
N 6KGORQVQVCNPGEGUCTKQ5KNCVCTGCGUNCTICGNVKGORQPGEGUCTKQRCTC
UWVGTOKPCEKÎPUKGUEQTVCGURQUKDNGTGVTCUCTUWEQOKGPQ
N .CTGNCEKÎPFGGUVCVCTGCEQPQVTCUVCTGCU‹%W¶NUGTÈCGNKORCEVQFG
VGTOKPCTQPQGUVCVCTGCGPNQURNCPGUFGQVTQURTQ[GEVQU!‹GRGPFG
QVTCURGTUQPCUWQTICPKCEKQPGUFGNTGUWNVCFQFGGUVGRTQ[GEVQRCTC
RQFGTEQOGPCTCVTCDCLCT!
N 'N DGPGHKEKQ TGNCVKXQ FG VGTOKPCT WPC VCTGC FGPVTQ FG WP OCTEQ FG
VKGORQ Q PQ [ CUWOKT NC RGPCNKCEKÎP RQT PQ JCEGTNQ ‹3WÃ
ICPCTGOQU RQT VGTOKPCT NC VCTGC! ‹%W¶NGU UQP NCU EQPUGEWGPEKCU FG
TGVTCUCTGNVTCDCLQWPCQFQUUGOCPCUWPOGUGVE!
'ZKUVGP WP EQPLWPVQ FG JGTTCOKGPVCU RCTC NC RNCPKHKECEKÎP [
RTQITCOCEKÎP FG VKGORQ CUÈ EQOQ UG FGDG EQPUKFGTCT NQU GNGOGPVQU
PGEGUCTKQURCTCFGHKPKTGNVTCDCLQ
N GUETKREKQPGU FG NCU VCTGCU PGEGUCTKCU RCTC NC VGTOKPCEKÎP FGN
RTQ[GEVQ
N GUETKREKÎPFGECFCVCTGC
N 5K RTQEGFGP EQOQ UG KPVGITCT¶P NCU VCTGCU KPFKXKFWCNGU EQP GN
EQPLWPVQVQVCN
N (GEJCUFGKPKEKQ[VGTOKPCEKÎPFGECFCVCTGC
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC
49. )WÈCFGDWGPCURT¶EVKECUFGNQU)GTGPVGUFG5KUVGOCU
N 4GUWOKT NQU TGEWTUQU JWOCPQU Q FG EWCNSWKGT VKRQ TGSWGTKFQU RCTC
FGUGORGÌCTECFCVCTGC
5G RWGFG WUCT GN KCITCOC FG TGNCEKQPGU FG NC VCTGC SWG C[WFC C UGT
O¶UEQPUEKGPVGFGNKORCEVQFGGUCUTGNCEKQPGUGPUWVTCDCLQ
KUGÌQ'UETKDCUWPQODTGGPGNEGPVTQFGWPEÈTEWNQ[CNTGFGFQTNQU
PQODTGUFGNCURGTUQPCUKPXQNWETCFCUGPECFCVCTGCGNFKCITCOCFGDG
KPENWKT NÈPGCU GPVTG WUVGF [ ECFC WPC FG NCU RGTUQPCU KPENWKFCU GP GN
FKCITCOC
#EQPVKPWCEKÎPKFGPVKHKSWGGNVKRQFGEQOWPKECEKÎPSWGOCPVKGPGEQP
GUCU RGTUQPCU [ GN OGFKQ SWG WVKNKC 2QT ÕNVKOQ CPCNKEG GN PKXGN FG
GHKECEKCFGECFCECFGPCFGEQOWPKECEKÎPKFGPVKHKECPFQCNCURGTUQPCU
EQP NCU SWG PGEGUKVC EQOWPKECTUG EQP O¶U HTGEWGPEKC EQP GN HKP FG
OGLQTCTNCEQQTFKPCEKÎPFGNC VCTGC
2TQITCOCFQT
#PCNKUVC
#PCNKUVC
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)GTGPVGFG
5KUVGOCU
KTGEVQTFGN
TGC$
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KTGEVQTFGN
TGC$
6CODKÃPUGRWGFGWVKNKCTGNKCITCOCFG)CPV3WGRGTOKVGGUVCDNGEGT
NCU TGNCEKQPGU FG VKGORQ GPVTG NCU FKXGTUCU VCTGCU FGPVTQ FGN RTQ[GEVQ
FGPVTQ FGN OCTEQ IGPGTCN FG VKGORQ FGN RTQ[GEVQ
FGUCTTQNNCFQ RQT
*GPT[.)CPVVCEQOKGPQUFGNUKINQ::
+PUVKVWVQ0CEKQPCNFG'UVCFÈUVKECG+PHQTO¶VKEC