+2: 72 68%6&5,%(
0217+/< 127,),&$7,21
&211(&7 72 +22)6($5&+
),1',1* +22)6($5&+
$336 $1' '(9,&(6
+2: 72 86( 7+( /,1.6
HCEGDQQM EQO JQQHUGCTEJ VYKVVGT EQO JQQHUGCTEJ
&QXGT KOCIG D[ .COKN 3QTGODKPʲU MK 2VJGT KOCIGU 3CIG D[ *CTT[ .PKIJV RCIG EQWTVGU[ QH 0WUGWO QH 9GVGTKPCT[ $PCVQO[ )09= 863 %TC\KN RCIGU D[ )TCP -WTIC
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
(CEJ OQPVJ UWDUETKDGTU TGEGKXG C JGCFU WR GOCKN VQ PQVKH[ VJGO VJCV C PGY KUUWG KU EQORNGVG 7JKU GOCKN YKNN IKXG UQOG JKIJNKIJVU QH VJG PGY GFKVKQP CPF UJCTG WRFCVGU UWRRQTV QT CFFKVKQPCN VQQNU 6WDUGSWGPVN[ C UGEQPF XGT[ DTKGH CWVQOCVGF GOCKN YKNN CTTKXG HTQO )TCP -WTIC ,V YKNN EQPVCKP QPN[ C DQNF DNWG NKPM VJCV KU MG[GF VQ GCEJ UWDUETKDGT U TGIKUVGTGF GOCKN CFFTGUU &NKEMKPI VJCV UKPING DNWG NKPM KP VJG GOCKN YKNN VCMG VJG UWDUETKDGT VQ VJG PGY GFKVKQP QH +QQH6GCTEJ 1Q UKIPKP KU PGEGUUCT[ VJG U[UVGO UJQWNF TGEQIPK\G VJG GOCKN CFFTGUU 7JG WUGT U DTQYUGT YKNN FKURNC[ VJG PGY GFKVKQP 7JG UWDUETKDGT ECP EJQQUG VQ DTQYUG VJG EQORNGVG FQEWOGPV WUWCNN[ CDQWV RCIGU QT WUG VJG JQV NKPMGF VCDNG QH EQPVGPVU RCIG VQ LWOR VQ C HCXQTKVG UGEVKQP 7JG FQEWOGPV EQPVCKPU EKVCVKQPU VJCV NKPM FKTGEVN[ VQ UQWTEG FQEWOGPVU HTQO +QQH6GCTEJ &NKEMKPI QP +QQH6GCTEJ NKPMU QRGPU C PGY DTQYUGT VCD YKVJ VJG UQWTEG FQEWOGPV QT KPHQTOCVKQP JQY VQ CEEGUU KV
+QQH6GCTEJ KU JQUVGF QP VJG *QQING 'QEU RNCVHQTO :JGP [QW UWDUETKDG [QWT GOCKN CFFTGUU KU MG[GF VQ CEEGUU +QQH6GCTEJ FQEWOGPVU 7JG FQEWOGPV UJQWNF QRGP KPUVCPVN[ CPF [QW UJQWNF DG CDNG VQ UVCTV UETQNNKPI VJTQWIJ VJG FQEWOGPV 6WDUETKDGTU YKVJ UNQYGT EQPPGEVKQPU OC[ YCPV VQ CNNQY VKOG HQT VJG FQEWOGPV VQ HWNN[ NQCF ,H VJG FQEWOGPV FQGU PQV QRGP QT *QQING IKXGU C YCTPKPI OGUUCIG EJGEM VJGUG EQOOQP RTQDNGOU $TG [QW EQPPGEVGF VQ VJG ,PVGTPGV" $TG [QW WUKPI [QWT QYP EQORWVGT UQ [QWT GOCKN CFFTGUU ECP DG KFGPVKHKGF D[ VJG FQEWOGPV" $TG [QW RQUUKDN[ UKIPGF KP VQ C FKHHGTGPV GOCKN CEEQWPV" 7JKU OKIJV FGP[ CEEGUU 0KIJV [QWT ,63 RTQXKFGT QT CP GORNQ[GT QT WPKXGTUKV[ JCXG DNQEMGF CEEGUU VQ EGTVCKP QWVUKFG UKVGU QT *QQING 'QEU" ,U [QWT ,PVGTPGV EQPPGEVKQP UNQY" *KXG KV VKOG VQ NQCF
,H C RTQDNGO RGTUKUVU RNGCUG GOCKN HTCPLWTIC#IOCKN HQT JGNR
2PEG C UWDUETKDGT UVCTVU TGEGKXKPI +QQH6GCTEJ VJG FQEWOGPVU YKNN DG TGVTKGXCDNG KP CP[ DTQYUGT /QQM HQT VJG *QQING 'QEU UJCTGF HKNGU QT FQEWOGPVU QYPGF D[ CP[QPG QT GXGP TGEGPV FQEWOGPVU EQNNGEVKQP CV JVVRU FQEU IQQING EQO $NN VJG +QQH6GCTEJ FQEWOGPVU RTGXKQWUN[ UGPV YKNN DG VJGTG 7JG RCIG YKNN NQQM NKMG VJKU YKVJ CP KOCIG QH VJG HKTUV RCIG QH GCEJ GFKVKQP QH +QQH6GCTEJ 6QOG UWDUETKDGTU OC[ PGGF VQ UKIP KP YKVJ *QQING QT ETGCVG C *QQING 'QEU WUGT CEEQWPV KH *QQING FQGUP V TGEQIPK\G CP GOCKN CFFTGUU )QT OQUV RGQRNG VJKU KU PQV C RTQDNGO (CEJ OQPVJ CPQVJGT FQEWOGPV YKNN DG CFFGF VQ VJG WUGT U FCUJDQCTF <QW FQP V JCXG VQ FQ CP[VJKPI GZEGRV ENKEM VJG DNWG GOCKN NKPM VJG HKTUV VKOG [QW XKGY VJG FQEWOGPV 8UGTU ECP V[RG KP UKORNG UGCTEJ VGTOU VQ NQQM HQT MG[YQTFU QT CWVJQT PCOGU CETQUU VJGKT +QQH6GCTEJ FCUJDQCTFU $ UGCTEJ VQQN YKVJKP GCEJ FQEWOGPV CV VJG VQR TKIJV UGCTEJGU CNN RCIGU KP VJCV GFKVKQP QPN[
$NOQUV CP[ YGD EQPPGEVGF FGXKEG YKNN QRGP CPF FKURNC[ +QQH6GCTEJ $P ,PVGTPGV EQPPGEVKQP KU TGSWKTGF HQT VJG NKPMU KP VJG EKVCVKQPU VQ EQPPGEV YKVJ LQWTPCN YGDUKVGU +QQH6GCTEJ YKNN QRGP D[ FGHCWNV KP [QWT FGXKEG U RTGHGTTGF YGD DTQYUGT &JTQOG 6CHCTK )KTGHQZ GVE ,H [QW CTG WUKPI C VCDNGV RJQPG QT QVJGT OQDKNG FGXKEG [QW OC[ HKPF KV EQPXGPKGPV VQ FQYPNQCF VJG *QQING 'QEU QT *QQING 'TKXG CRRU :JGP [QW FQ VJKU +QQH6GCTEJ YKNN DG CV [QWT HKPIGTVKRU YJGPGXGT [QW PGGF QT YCPV KV YKVJQWV QRGPKPI VJG DTQYUGT 8UGTU YKVJ K3JQPGU CPF K3CFU YJQ FQP V YCPV VQ WUG VJG CRRU ECP ETGCVG C JQOG UETGGP KEQP QH VJGKT +QQH6GCTEJ FQEWOGPVU HQT HCUVGT CEEGUU WUKPI 6CHCTK -WUV CUM KH [QW PGGF JGNR <QW ECP QRGP CPF TG QRGP VJG +QQH6GCTEJ HKNG QP CP[ FGXKEG CU NQPI CU [QW CTG UKIPGF KP VQ [QWT OCVEJKPI GOCKN CEEQWPV
5GOGODGT VQ EQPPGEV VQ VJG ,PVGTPGV DGHQTG [QW VT[ VQ WUG +QQH6GCTEJ NKPMU <QW OC[ DG CDNG VQ TGCF DTQYUG VJG +QQH6GCTEJ FQEWOGPV YJGP [QW CTG QHHNKPG DWV NKPMU FGRGPF QP C YGD EQPPGEVKQP 0QTG CDQWV NKPMU 3C[YCNNU TGF NCDGNU 6QOG TGCFGTU JCXG C WPKXGTUKV[ QT NKDTCT[ UKIP KP VJCV YKNN IKXG VJGO HWNN CEEGUU VQ CNN VJG RCRGTU CPF VJGUGU TGICTFNGUU QH RC[YCNNU 2VJGT TGCFGTU YKNN JCXG UKIP KP CEEGUU VQ QPN[ UQOG RC[YCNN LQWTPCNU 6VKNN QVJGTU RCTVKEWNCTN[ RTKXCVG RTCEVKEG XGVU HCTTKGTU RJ[UKQU CPF VTCKPGTU OC[ PQV JCXG CP[ CEEGUU VQ RC[YCNN LQWTPCNU DG[QPF VJG CDUVTCEV RCIGU (XGP YKVJQWV CEEGUU [QW ECP UVKNN ENKEM C TGF NKPM CPF TGCF VJG HWNN CDUVTCEV CPF UQOGVKOGU XKGY KOCIGU CPF TGHGTGPEGU HQT CP CTVKENG QP VJG HTGG UKFG QH C RC[YCNN ,V KU CNYC[U YQTVJ C ENKEM $NUQ CEEGUU RTKXKNGIGU ECP EJCPIG 2RGP $EEGUU CPF HTGG VQ XKGY NKUVKPIU ITGGP NCDGNU 7JGUG RCRGTU CPF FQEWOGPVU OC[ DG TGCF FQYPNQCFGF D[ CP[QPG CPF FQ PQV TGSWKTG UKIP KP
+GNR KU PGXGT HCT CYC[ ,H [QW TWP KPVQ RTQDNGOU YKVJ CEEGUUKPI QT QRGPKPI VJG FQEWOGPV RNGCUG UGPF CP GOCKN VQ TGSWGUV JGNR *KXG [QWT PCOG CPF GOCKN CFFTGUU HQT TGHGTGPEG 'GUETKDG [QWT RTQDNGO 7Q CXQKF EQPHWUKQP FQ PQV EQPVCEV +QQH6GCTEJ XKC )CEGDQQM 0GUUGPIGT +QQH6GCTEJ YCU VGUVGF HQT OQPVJU DGHQTG UWDUETKRVKQPU YGTG UQNF 7GUV WUGTU JCF HGY RTQDNGOU 3NGCUG TGOGODGT VJCV +QQH6GCTEJ FQGU PQV RWDNKUJ VJG TGUGCTEJ RCRGTU KV KU C IWKFG VQ RCRGTU RWDNKUJGF D[ QVJGTU +QQH6GCTEJ ECPPQV CPUYGT SWGUVKQPU CDQWV C RCTVKEWNCT CTVKENG QT EQPPGEV [QW YKVJ CP CWVJQT &NKEM VJG NKPM CPF WUG VJG RWDNKUJGT U CDUVTCEV RCIG HQT VJCV ,H [QW JCXG C RTQDNGO CNYC[U EJGEM [QWT ,PVGTPGV EQPPGEVKQP CPF VJCV [QW CTG UKIPGF KP WUKPI VJG GOCKN CFFTGUU VJCV +QQH6GCTEJ JCU QP HKNG 6KIPKPI KP YKVJ C FKHHGTGPV GOCKN CFFTGUUGU OC[ ECWUG EQPPGEVKQP RTQDNGOU )GGFDCEM CPF IGPGTCN SWGUVKQPU CTG CNYC[U YGNEQOG 5GOGODGT VJCV +QQH6GCTEJ KVUGNH KU RTQVGEVGF D[ EQR[TKIJV CPF VJG FQEWOGPV CPF EQPVGPVU OC[ PQV DG EQRKGF QT UJCTGF %WV KH [QW NKMG +QQH6GCTEJ RNGCUG URTGCF VJG YQTF 7JCPM [QW HQT UWDUETKDKPI VQ +QQH6GCTEJ CPF HQT ECTKPI CDQWV RTQITGUU KP VJG ECTG CPF VTGCVOGPV QH JQTUGU CPF JQQXGU
1GGF JGNR" 6GPF CP GOCKN VQ HTCPLWTIC#IOCKN EQO 3NGCUG YTKVG +QQH6GCTEJ +GNR KP VJG UWDLGEV NKPG QT ECNN FWTKPI DWUKPGUU JQWTU 0QPFC[ VQ )TKFC[ (CUV &QCUV 86$ VKOG