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123

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6TGOKUUKU  6KEKPWO. # &KCFGOGF DWUV T &0 #0#56# 5+85++#8) 4 8KEVQT[ N YKVJ YTGCVJ CPF ETQUU UVCT T 8+%614+# #8)856148++ KP GZGTIWG %1++1. /'%  /+$ EH   IT. #VVTCEVKXG XGT[ HKPG URGEKOGP
#WMVKQPGU  $CUGN #WEVKQP 
 PQ  +P VJG PCOG QH #PCUVCUKWU
 /C[DG UVTWEM FWTKPI VJG TGKIP QH 6JGKC 6KEKPWO  2CXKC 9GPP YKT XQP FGT /CEJG FGT 5KNDGTOP\GP CWU FGT PGW CWHIGDCWVGP /P\UVVVG 6KEKPWO
2CXKC CWUIGJGP MP PGP YKT CPPGJOGP FCUU $CFWKNCU )QNFOP\GP GDGPHCNNU GKPGP NGKEJV XGTYKNFGTVGP %JCTCMVGT JCDGP OUUGP &COKV DGHKPFGP YKT WPU KO ITQUUGP (GNF FGT DCTDCTKUKGTVGP )GRTIG PCEJ KVCNKGPKUEJGO /WUVGT
FKG YQJN ITQVGKNU HTPM KUEJGP 7TURTWPIU UKPF WPF GU KUV OKV FGT <WYGKUWPI CP $CFWKNC ITVG 8QTUKEJV IGDQVGP +EJ OEJVG GU PWT OKV \YGK 6TGOKUUGUUVGORGNP XGTUWEJGP FGT GKPG JCV CNU 5KING %1016
0T  FGT CPFGTG UQICT %10+6
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
XIN FKG 8KGTVGNUKNKSWC $/% 
RN:+ WPF \YCT CWU 4QO  GT JCV FKG #PCUVCUKWU.GIGPFG WPF FCU IQVKUEJG -TGW\ QJPG )NQDWU CDGT KO 7PVGTUEJKGF \W FGP 6TGOKUUGU CWU 6JGQFGTKEJU <GKVGP FKG 5KING %101+ FGP UGKV  DNKEJGP UVTCJNKIGP 5VGTP WPF FCU 2QTVTCKV UQ YKG GU FCXQT KO MCKUGTNKEJGP 4QO
,WUVKPKCPWU + 0T  CWUUKGJV &KGU FTHVG FCPP DGTJCWRV HT NPIGTG <GKV FKG NGV\VG )QNFRTIWPI KP 4QO IGYGUGP UGKP
GZRNCPCVKQP KP /+$ R 



124

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6TGOKUUKU  4QOG. # &KCFGOGF DWUV T  CDQXG ETGUEGPV YKVJ RGNNGV CPF YTGCVJ N ++ #0#56 #5+85 2+ 0% 4 8KEVQT[ N YKVJ ETQUU CPF YTGCVJ UVCT T 8+%614+# #8%55+8/ KP GZGTIWG %101+. /'%  /+$   IT. 'ZVTGOGN[ TCTG XGT[ HKPG
'NUGP  $TWUUGN  (TQO NKUV  PQ  +P VJG PCOG QH #PCUVCUKWU
 /+$ MPQYU VYQ DCF URGEKOGP DQVJ KP $TKVKUJ /WUGWO 5GG GNWEKFCVKQP YKVJ PQ 



125 2:1


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  0WOOK  6KEKPWO. # &KCFGOGF DWUV T &0 #0 4 $CFWKNC OQPQITCO YKVJ ETQUU CDQXG. /'%  /+$   IT. 8GT[ HKPG
/P\\GPVTWO  -NP #WEVKQP 
 PQ 

 49

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  0WOOK  6KEKPWO. # $WUV T 4

&0 4': DGVYGGP UVCT CPF $ KP YTGCVJ. /'%  /+$   IT. 8GT[ HKPG
/NNGT  5QNKPIGP #WEVKQP 
 PQ  *CJP FGGOU VJKU C OKPKOWU +P VJG PCOG QH #PCUVCUKWU


127 2:1


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  0WOOK  4QOG. # $WUV HCEKPI &0 $

#&8 4 .KQP T. /'%  /+$   I. 8GT[ HKPG
.CP\  /PEJGP #WEVKQP 
 PQ  $GVYGGP  +P FGO  \WTEMIGYQPPGPGP /P\COV 4QO RTIV $CFWKNC GDGPHCNNU <GJPGT WPF /KPKOK
YKG CWEJ FKG $[\CPVKPGT MWT\ FCXQT XIN ,WUVKPKCPWU YQDGK GT XQP FGP $[\CPVKPGTP FKG (TQPVCNFCTUVGNNWPI FGT 2QTVTCKVDUVG WPF FGP .YGP V[R FGT /KPKOK DGTPKOOV &CU (TQPVCNRQTVTCKV UVGNNV KJP PWP UGNDUV FCT WPF \YCT JPNKEJ YKG 6JGQFQJCV IGYCPFGV
/+$ + R 

)'2+&'0
6JG )GRKFU HQNNQYGF VJG QVJGT )GTOCPKE VTKDGU UQWVJ CPF TGCEJGF 6TCPUFCPWDKC D[ VJG VJ EGPVWT[ 6JG[ DGECOG KPEQTRQTCVGF KP VJG *WP 'ORKTG DWV CVVCKPGF KPFGRGPFGPE[ CHVGT VJG DCVVNG CV 0GFCQ
WPFGT #TFCTKE (TQO  VJG[ JCF HQGFGTCVK UVCVWU VQYCTF $[\CPVKWO DWV TGOCKPGF CWVQPQOQWU CPF VJWU TGCEJGF &CEKC CPF VJG &CPWDG6JGKUU VGTTKVQT[ +P  6JGQFGTKE ECRVWTGF 5KTOKWO YJKEJ JG NQUV CICKP KP  +P  'ORGTQT ,WUVKPWU ++ FGGOGF VJG )GRKFU C VJTGCV CPF JG CNNKGF YKVJ VJG #XCTU #HVGT VJG XKEVQT[ QH VJG #XCTU CPF VJG .QODCTFU QXGT VJG )GRKFU VJG NCVVGT FKUUQNXGF KPVQ QVJGT RGQ RNGU

128

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 5KNKSWC. # $WUV T &0 #0#56#5+85 4 6JGQFGTKE OQPQITCO +08%6# 48/#0+  #.  IT. 8GT[ HKPG
5RKPM  .QPFQP  (TQO 0WO %KTE  PQ $;
FGUETKDGF CU SWCTVGT UKNKSWC WPFGT 6JGQFQTKE KP #PCUVCUKWU PCOG 6JKU EQKP KU PQTOCNN[ CVVTKDWVGF VQ VJG 'CUV )QVJU HTQO 5KTOKWO %H *CJP  *QYGXGT VJG QDXGTUG CNYC[U DGCTU VJG CFFKVKQP 2(#8%
QT UKOKNCT CPF VJG TGXGTUG CNYC[U UJQYU +08+%6# 41/# CNQPI YKVJ UQOGVJKPI KPFKECVKPI 5KTOKWO
NKMG +52/ *CJP CUUWTGU OG VJCV VJKU KU PQ 'CUV )QVJKE EQKP HTQO 5KTOKWO DWV TCVJGT UQOGVJKPI )GRKF 6JG TGXGTUG QH VJKU EQKP ENGCTN[ TGCFU +08+  %6# 48/#0+  # 9JCV FQGU VJKU OGCP! 4WOCPKC OKIJV DG C EQTTWR VKQP QH 4QOCPKC VJTQWIJ YJKEJ .CVKP UETKDGU YQWNF GZRTGUU VJG PQVKQP QH UQXGTGKIPV[ #PQVJGT RQUUKDKNKV[ KU VJG GZ KUVGPEG PQYCFC[U QH C RNCEG ECNNGF 47/# LWUV CDQXG 5KTOKWO YJKEJ KU YJGTG VJG )GRKFU QHVGP YGTG EJGEMGF &KF VJKU RNCEG GZKUV KP VJQUG VKOGU! #PF KH KV FKF YJ[ FQGU KVU PCOG CRRGCT QP VJKU EQKP!



50

8+5+)16*5
6JG 6GTXKPIK
 HQTTGUV RGQRNG VJCV ECNNGF VJGOUGNXGU 8GUKGT
 VJG IQQF PQDNG HQT C EGPVWT[ KPJCDKVGF C TGIKQP PQTVJ QH VJG &CPWDG YGUV QH VJG 7RRGT &PGUVT CPF VJG .QYGT 2TWVJ WR VQ VJG *WP KPXCUKQPU KP  6JG[ NKXGF CNQPIUKFG VJG TGOCKPKPI TWTCN 4QOCP RQRWNCVKQP +P  C HQGFGTCVK VTGCV[ YCU UKIPGF
GPCDNKPI VTCFG RC[OGPV QH CPPWCN 4QOCP OQPG[U CPF CNUQ FGRNQ[OGPV QH 6GTXKPIK VTQQRU KP 4QOCP UGTXKEG 6JWU VJG 6GTXKPIK GPEQWPVGTGF EJTKUVKCPKV[
7NHKNC 9JGP #VJCPCTKE HQWIJV VJG 4QOCPU
 CPF RTQXGF PQ OCVEJ HQT VJG *WPU
 VJG OCLQTKV[ QH 6GTXKPIK FGUKTGF VQ DG KPEQTRQTCVGF KP VJG 4QOCP 'ORKTG 6JG 4QOCPU FKFP V CEEQORNKUJ UQNXKPI VJGKT RTQDNGOU OKNKVCTKN[ GURGEKCNN[ CHVGT VJG 4QOCP FGHGCV CV #FTKCPQRGN
 6JG TGIKQPU UQWVJ QH VJG &CPWDG
/QGUKC CPF &CEKC YGTG TCX CIGF CPF FGRQRWNCVGF *GTG VJG 6GTXKPIK EQWNF NKXG WPFGT VJGKT QYP NCY 6JKU YCU VJG VKOG QH VJG TGKIP QH #NCTKE +
HTQO VJG *QWUG $CNVK 5GGMKPI OQTG HCXQWTCDNG EQPFKVKQPU VJG 8KUKIQVJU YCPFGTGF VJG 'CUV 4QOCP 'ORKTG WPVKN KP  VJG[ TGCEJGF VJG 9GUV 4QOCP 'ORKTG 1P VJG VJ QH #WIWUV  VJG[ EQPSWGTGF 4QOG #NCTKE U RNCP VQ CTTCPIG C VTGCV[ HCKNGF CU VJGTG YGTG VQQ OCP[ EQPHNKEVKPI KPVGTGUVU *KU UWEEGUUQT #VJCWNH YJQ JCF NGF VJG 8KUKIQVJU VQ )CWN KP 
YJKEJ VJG 8CPFCNU JCF RCUUGF VJTQWIJ KP  CPF YGFFGF )CNNC 2NCEKFKC KP 
UVGRUKUVGT QH 'ORGTQT *QPQTKWU UVTQXG VQYCTF C 4QOCP)QVJKE EQNNCDQTCVKQP DWV FKFP V CEEQORNKUJ KV +P  C PGY GRKUQFG DGICP 6JG HQWPFCVKQP QH VJG -KPIFQO QH 6QWNQWUG D[ VJG 8KUKIQVJU YKVJ 4QOG EQPUGPVKPI JGTCNFGF VJG FGENKPG QH VJG 9GUV 4QOCP 'ORKTG &WTKPI VJG TGKIPU QH 6JGQFGTKE + CPF 6JGQFGTKE ++ VJG PQVKQP QH VJG )QVJKE4QOCP 5VCVG YCU DQTP #KFGF D[ 6JGQFGTKE ++ #XKVWU DGECOG 'ORGTQT
 -KPI 'WTKE QRGPN[ RTCEVKEGF GZRCPUKQPCN RQNKVKEU
FWG VQ C FKUKPVGITCVKPI 9GUV 4QOCP 'ORKTG +P  VJG -KPIFQO 6QWNQWUG GPEQORCUUGF OCLQT RCTVU QH 5RCKP
YKVJ VJG GZEGRVKQP QH VJG 5WGXK CPF VJG $CUM CPF %CPVCDTKC VGTTKVQTKGU QH )CWN HTQO VJG #VNCPVKE VQ VJG .QKTG CPF 4JPG CPF HTQO  VJG 2TQXGPEG CU YGNN #NVJQWIJ VJG[ RQUUGUUGF C PCVKXG NCPIWCIG CPF TGNKIKQP VJG 8KUKIQVJU YGTG UQQP KPHNWGPEGF D[ 4QOCP EWNVWTG
%QFGZ 'WTKEKCPWU #NCTKE ++ VTKGF VQ EQPUQNKFCVG JKU CPPGZCVKQP QH VJG ECVJQNKE EJWTEJ
%QWPEKN QH #IFG KP  DWV JG YCU FGHGCVGF D[ VJG $WTIWPFKCPU CPF VJG (TCPMU WPFGT %NQXKU KP VJG $CVVNG QH 8QWKNN
 8QWKNN KU LWUV PQTVJYGUV QH 2QKVKGTU 6JG 8KUKIQVJU YGTG FTKXGP DCEM QPVQ C UOCNN UVTGVEJ QH NCPF CNQPI VJG /GFKVGTTCPGCP
CTQWPF 0CTDQPPG 6JGP VJG 6QNQUCP -KPIFQO
6QWNQWUG ICXG YC[ VQ VJG 6QNGFCP -KPIFQO
6QNGFQ YJKEJ OGCPV VJG NQUU QH VJG )CWN VGTTKVQTKGU YKVJ VJG GZEGRVKQP QH 5GRVKOCPKC 6JG VTCPUKVKQP YCU EQORNGVGF D[  #NCTKE ++ YCU MKNNGF KP VJG $CVVNG QH 8QWKNN *KU UQP #OCNCTKE YCU VQQ [QWPI CPF JKU QNFGT UVGRDTQVJGT )GUCNGE YCU GZENWFGF HTQO UWEEGUUKQP 5WDUGSWGPVN[ 6JGQFGTKE
KP  JG DG ECOG MKPI QH VJG 'CUV )QVJU DGECOG MKPI QH VJG 8KUKIQVJU *KU FGUKIPCVGF UWEEGUUQT JKU UQP KPNCY 'KVJCTKE JQYGXGT FKGF DGHQTG JG FKF 9JGP 6JGQFGTKE FKGF KP  JKU ITCPFUQP #OCNCTKE NCUV QH VJG $CNVK CUEGPFGF VJG )QVJKE VJTQPG #OCNCTKE
CUUCUUKPCVGF KP  UQWIJV VKGU VQ VJG (TCPMU CPF YGFFGF %NQXKU FCWIJVGT %JNQVKEJKNF VQ PQ CXCKN JQYGXGT 7PFGT 6JGKFKU
 RGCEG TGVWTPGF DWV YJGP VJG 8CPFCN 4GCNO HGNN $[\CPVKWO ITQY KPIN[ RQUGF C VJTGCV 'XGPVWCNN[ VJTQPG RTGVGPFGT #VJCPCIKNF ECNNGF $[\CPVKWO VQ JKU CKF KP VJG DCVVNG CICKPUV #IKNC + CPF VJG[ UWDUGSWGPVN[ QEEWRKGF RCTVU QH 5QWVJGCUV 5RCKP .KWXKIKNF
 CPF 4GEECTGF
 JCXG VQ DG CEETGFKVGF YKVJ OQFGTPKUKPI VJG 8KUKIQVJ TGCNO .KWXKIKNF HQWIJV VJG $[\CPVKPGU VJG %CPVCDTKCPU CPF VJG $CUMU .KWXKIKNF CEETWGF C XCUV 5RCPKUJ 8KUKIQVJKE TGCNO YJKEJ JG EQPUQNKFCVGF D[ UVTKMKPI FQYP VJG TGXQNV NGF D[ JKU UQP *GTOGPGIKNF
 CPF UWDFWKPI VJG 5WGXK
 1TKIKPCNN[ VJG ECVJQNKE OCLQTKV[ YCU VJQWIJV VQ DG TGEQPEKNCDNG YKVJ CP CFCRVGF CTKCPKUO DWV CV VJG TF %QWPEKN QH 6QNGFQ
 ECVJQNKEKUO RTGXCKNGF 4GEECTGF ETQYPKPI VJG GPFGCXQWTU QH .KWXKIKNF %CVJQNKEKUO YCU VQ DGEQOG C OCLQT HCEVQT KP VJG HQNNQYKPI GTC +P VJG VJ EGPVWT[ 4QOCPU OKZGF YKVJ VJG )QVJKE OKPQTKV[ 6JG .KDGT +WFKEKQTWO RWDNKUJGF D[ MKPI 4GEEGUWKPVJ KP  EQORNGVGF VJKU RTQEGUU CPF C PCVKQP YCU DQTP )TCFWCNN[ VJG EJWTEJ U KPHNWGPEG QP MKPIJQQF ITGY %NGTKECN CPF YQTNFN[ RQYGTU DGECOG OQTG CPF OQTG KPVGTNCEGF YKVJ GCEJQVJGT GPVCPINKPI VJG EJWTEJ KP RQNKVKECN OCEJKPCVKQPU +P VJG PF JCNH QH VJG VJ EGPVWT[ VJG UVTWIING HQT RQYGT ICKPGF XGJGOGPEG +P  #TCDKE KPXCUKQPCN KPVGPVKQPU TGXGCNGF VJGOUGNXGU CPF QP TF ,WN[  VJG 8KUKIQVJU UWHHGTGF C FGHGCV CV )WCFCNGVG CICKPUV C OQFGUVPWODGTGF CTOGF HQTEG NGF D[ 6CTKS -KPI 4QFGTKE FKGF KP DCVVNG 6JG #TCDU JCF EQPSWGTGF VJG YJQNG QH VJG 8KUKIQVJ TGCNO D[  6JG CTKUVQETCVU HNGF VQ )CNKEKC VJG PQTVJYGUV RCTV QH 5RCKP VJCV YQWNF PGXGT DG EQPSWGTGF D[ VJG #TCDU CPF YQWNF NCVGT ETCFNG VJG 4GEQPSWKUVC
51

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129

130

2:1


2:1

2:1

2:1

-PMGT  1UPCDTEM  (TQO NKUV  PQ  )TKGTUQP

NGVVGT  VJKPMU ETQUU CPF ETQUKGT KPFGGF FGUKIPCVG UQOGVJKPI DWV RTQXKFGU PQ KPHQTOCVKQP CU VQ YJCV

6TGOKUUKU. # &KCFGOGF DWUV T &0 *1014+ 85 2( #8% 4 8KEVQT[ T YKVJ RCNONGCH ETQUU CPF ETQUKGT 4 8 KP HKGNF 8+%614+ #8%856148/ KP GZGTIWG %1/. /'%   IT. )QQF XGT[ HKPG



+P VJG PCOG QH 5'8'475 +++


 6TGOKUUKU. # &KCFGOGF DWUV T &0 5'8'4 85 2( #8% 4 8KEVQT[ N YKVJ NQPI LGYGNNGF ETQUU 8+%6 #8%%% KP GZGTIWG %1/1$. /'%   IT. )QQF XGT[ HKPG
-PMGT  1UPCDTEM  (TQO NKUV  PQ  6JG TGXGTUG DGCTU ITGCV TGUGODNCPEG VQ VJG VTGOKUUG KP 8CNGPVKPKCPWU +++ U PCOG
UGG /'% 



131

132

24'8+5+)16*5
 6TGOKUUKU. # *GCF T YKVJ ETQUU QP ENQCM &0 #+6+++ #522#8+% 4 8KEVQT[ T 8+%61+8+8610#8+ KP GZGTIWG %101$. /'% EH   IT. 8GT[ HKPG VQ GZVTGOGN[ HKPG
8KPEJQP  2CTKU 



#/#.#4+%

 6TGOKUUKU. # $WUV T &0 #0#56# 5+85 22 #8) 4 8KEVQT[ T 8+%614+# #8)856148+ KP DQVVQO HKGNF %1*1$. /'%   IT. )QQF XGT[ HKPG
#WMVKQPGU  $CUGN #WEVKQP 
 PQ  #HQTGOGPVKQPGF HQWT EQKPU CTG CNN KP VJG PCOG QH 4QOCP GORGTQTU
YKVJ PQ TGHGTGPEG VQ 8KUKIQVJ MKPIU +V CRRGCTU VJCV VJGUG EQKPU YGTG OCPWHCEVWTGF KP VJG 6QNQUCP 4GCNO 6JG HQNNQYKPI RKGEGU EQPUGSWGPVN[ CTG 6QNGFCP HCDTKEU 6JG FKXKFKPI NKPG NKGU UQOGYJGTG CTQWPF 



9+66'4+%


133
 6TGOKUUKU  5GXKNNC. # (CEKPI DWUV 88+66'4+%85 4' 4 (CEKPI DWUV 2+85 ++2#.+. /'%  /KNGU F  IT. 'ZVTGOGN[ HKPG
/P\GP WPF /GFCKNNGP  $CUGN  (TQO NKUV  PQ 



52

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 6TGOKUUKU  5GXKNNC. # (CEKPI DWUV 5+5'$86854' 4 (CEKPI DWUV   +52#.+ 2+85. /'%  /KNGU E  IT. 5OCNN RTGUUWTG RQKPV CNOQUV GZVTGOGN[ HKPG
/P\GP WPF /GFCKNNGP  $CUGN  (TQO NKUV  PQ 



57+06*+.#


135
 6TGOKUUKU  /TKFC. # (CEKPI DWUV 58+06*+.#4': 4 (CEKPI DWUV '/'4+6# 2+85. /'%  /KNGU C  IT. 8GT[ HKPG
/P\GP WPF /GFCKNNGP  $CUGN  (TQO NKUV  PQ 



%*+06+..#


136
 6TGOKUUKU  5GXKNNC. # (CEKPI DWUV UVCT KP HKGNF T %*+ Q 06+. Q #(' 4 (CEKPI DWUV +52#.  +2+ Q 85. /'%  /KNGU D  IT. 8GT[ HKPG VQ GZVTGOGN[ HKPG
6QFGTK  (NQTGPEG 



(QT VJG DTQP\G EQKPCIG QH VJG 8KUKIQVJU EH %TWUCHQPV K 5CDCVGT / 'N UKUVGOC OQPGVCTKQ XKUKIQFQ %QDTQ [ QTQ $CTEGNQPC 

#010;/175

137 2:1


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138

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$TQP\G  5GXKNNC  EC . # %TQUU QP UVGR 4 5 2 KP HKGNF. /'%  %TWUCHQPV )TWRQ #  6KRQ   IT. 8GT[ HKPG
.CP\  /PEJGP #WEVKQP 
 PQ 



0WOOWU  5GXKNNC. # (CEKPI DWUV 4 .CVKP ETQUU DGVYGGP u  2.

NKICVWTGF. /'%  %TWUCHQPV )TWRQ $  6KRQ   IT. 8GT[ HKPG
'NUGP  $TWUUGN #WEVKQP 
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6JG .QODCTFU NKXGF D[ VJG $CNVKE 5GC KP VJG UJCFQY QH VJG 8CPFCNU 6JG[ OKITCVGF VQ VJG TGIKQP CTQWPF VJG NQYGT EQWTUG QH VJG 'NDG CPF VJG .PGDWTI *GCVJ #V VJG VWTP QH VJG VJ EGPVWT[ VJG[ JCF CTTKXGF KP .QYGT #WUVTKC WPFGT -KPI #IKNOWPF HTQO VJG *QWUG )WIKPIK 6JG[ JCF D[ VJGP GXQNXGF HTQO C RGQRNG QH RGCUCPVU KPVQ QPG QH EQPSWGTGTU 7PFGT 6CVQ VJG[ OKITCVGF VQ C RNCKP GCUV QH 8KGPPC
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
,WUVKPKCP VJG (TCPMU VJG )GRKFU
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
NKMG VJG 'CUV )QVJU DWV TCVJGT CU HQGU CPF XKEVQTU #NDQKP FKGF KP  6JG .QODCTFU KP 2CXKC GNGEVGF %NGRJ HTQO VJG *QWUG $GNGQ DWV JG YCU UQQP OWTFGTGF
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
GXGP TGUWNVKPI KP VJG VGORQTCT[ ECRVWTG QH #IKNWNH U FCWIJVGT CPF JGT JWUDCPF )QFGU ENCE DWV CHVGT VJG FGOKUG QH 'ORGTQT /CWTKEG 6KDGTKWU KP  $[\CPVKWO UJGFFGF CNN JQRG QH GXGT YKPPKPI +VCN[ DCEM 6JGQFGNKPFC YCU ECVJQNKE CPF VJG .QODCTFU YGTG JGCVJGPU CPF #TKCPU $WV ITCFWCNN[ VJTQWIJ GHHQTVU QP VJG SWGGP U RCTV ECVJQNKEKUO ICKPGF ITQWPF 6JWU KP  VJGKT UQP #FCNQCNF DGECOG CUUQEKCVG MKPI CPF YCU DCRVKUGF /KNCP DGECOG VJG ECRKVCN CPF /QP\C VJG UWOOGT TGUKFGPEG 9KVJ VJG CKF QH VJG #XCTU JG TGQTICPKUGF VJG FWEJ[ (TKCWN
WPFGT VJG NGCFGTUJKR QH C FGUEGPFCPV QH VJG #NDQKP HCOKN[ #FCNQCNF YCU VJG HKTUV VQ RTQENCKO JKOUGNH )TCVKC &GK 4GZ 6QVKWU +VCNKCG +P  JG FKGF (TQO  YJCV YCU MPQYP CU VJG $CXCTKCP &[PCUV[ DGICP VQ RNC[ C TQNG 6JKU F[PCUV[ FG UEGPFGF HTQO )WPFQCNF
UKUVGT QH 6JGQFGNKPFC YJQ JCF HNGF HQT VJG (TCPMU VQ $CXCTKC KP  +P  #FCNQCNF FKGF CPF KP  6JGQFGNKPFC RCUUGF CYC[ 5QP #TKQCNF DGECOG MKPI DWV JG KU #TKCP +P  JG FKGF *G YCU UWEEGGFGF D[ VJG FWMG QH $TGUEKC 4QVJCTK CP #TKCP *G YGFFGF )WPFGRGTIC JKU RTGFGEGUUQT U YKFQY 6JG NCVVGT YCU ECVJQNKE VJKU RTQOQVGF VJG NCVG 6JGQFGNKPFC U TGNKIKQP 4QVJCTK U OCKP CEV YCU EQFKH[KPI .QODCTF NCY
 +P  VJG JKIJN[ CFQTGF MKPI RCUUGF CYC[ CPF YCU UWEEGGFGF D[ JKU UQP 4QFQCNF YJQ YCU OWTFGTGF CHVGT C HGY OQPVJU JQYGXGT +P  #TKRGTV
EQWUKP QH 6JGQFGNKPFC CPF UQP QH &WMG )WPFQCNF QH #UVK DGECOG MKPI
JG YCU C OGODGT QH VJG $CXCTKCP F[PCUV[ *G CDQNKUJGF #TKCPKUO 9JGP JG FKGF KP  VJG MKPIFQO YCU FKXKFGF COQPI JKU VYQ UQPU 2GTEVCTKV
KP /KNCP CPF )QFGRGTV
KP 2CXKC +P VJG TGUWNVKPI FKURWVG DGVYGGP VJG DTQVJGTU )QFGRGTV UQWIJV VJG UWRRQTV QH &WMG )TKOQCNF QH $GPGXGPVWO 2GTEVCTKV HNGF VQ VJG #XCTU CPF VJGP QP KPVQ VJG (TCPMKUJ 4GCNO )TKOQCNF DG ECOG MKPI QH VJG .QODCTFU WPVKN JKU FGCVJ *G EQPSWGTGF 'ORGTQT %QPUVCPU ++ KP 5QWVJ +VCN[ CPF JGNF C PGCTN[ KORTGIPCDNG RQUKVKQP KP VJG 2Q 2NCKP 9JGP JG FKGF KP  JG JCPFGF FQYP
54

C TGNCVKXGN[ NCTIG TGCNO *KU UQP CPF UWEEGUUQT )CTKDCNF EQWNF CUUGTV JKU RQUKVKQP HQT C OGTG HGY YGGMU 2GTEVCTKV TGVWTPGF CPF CUEGPFGF VJG VJTQPG
 *G TGCEJGF C UGVVNGOGPV YKVJ 4QOWCNF QH $GPGXGPVWO
UQP QH )TKOQCNF #U C EQPUGSWGPEG 4QOWCNF UGPV 2GTEVCTKV U YKHG 4QFGNKPFC CPF VJGKT UQP %WPKRGTV DCEM VQ 2CXKC 2GTEVCTKV U OCKP CKO RTQOQVKPI VJG 4QOCP %CVJQNKE %JWTEJ +P  %WPKRGTV DGECOG CUUQEKCVG MKPI 6TQWDNGU CTQUG KP VJG PQTVJ *KU #IKNQNHKPI MKPUOGP ECOG VQ 2GTEVCTKV U CKF +P  JG FKGF %WPKRGTV YCU FTKXGP HTQO 2CXKC
VJG #TKCPU NGF D[ #NCJKU YGTG DGJKPF VJKU +P VJG GPF %W PKRGTV FGHGCVGF #NCJKU CPF TGVWTPGF VQ 2CXKC +P  %WPKRGTV FKGF JG JCF DGGP C XGT[ RQRWNCT MKPI *KU UQP .KWVRGTV UWEEGGFGF 6JG FWMG QH 6WTKP TGXQNVGF CPF UGK\KPI VJG QRRQTVWPKV[ RTQENCKOGF JKU UQP #TKRGTV ++ MKPI 7PFGT #TKRGTV $[\CPVKPG KPHWGPEG KP +VCN[ HWTVJGT FGENKPGF +P  VJG $CXCTKCP MKPI 6JGWFGRGTV JCF #PURTCPF
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
6TCPUCOWPF ++ CU YGNN CU VJG FWMG QH $GPGXGP VWO
4QOWCNF ++ .KWVRTCPF PQY RQUUGUUGF YJCV UGGOGF VQ DG ITGCV RQYGT KP 5QWVJGTP CPF %GPVTCN +VCN[ DWV VJKU RTQXGF VQ DG C JQWUG QH ECTFU +P $GPGXGPVWO 4QOWCNF JCF C OKPQT UQP )KUWNH .KWVRTCPF FKF PQV CEEGRV JKU TKIJVU CPF CRRQKPVGF )TGIQTKWU TGVCKPKPI HWNN EQPVTQN JKOUGNH +P  )TGIQTKWU FKGF CPF )QFGUECNE C HQG QH .KWVRTCPF U DGECOG FWMG 6JG NCVVGT VJGP XCPSWKUJGF )QFGUECNE CPF OCFG )KUWNH FWMG .KWVRTCPF QPEG CICKP JGNF HWNN RQYGT  UCY JKU FGOKUG JG YCU UWEEGGFGF D[ *KNFGRTCPF YJQ TWNGF QPN[ C HGY OQPVJU CPF YCU KP VWTP UWEEGGFGF D[ 4CVEJKU FWMG QH (TKCWN *G RCTVKEWNCTN[ GPFGCXQWTGF VQ JGNR VJG RQQT +P  JG CUUWOGF VJG 2TKPEGRU VKVNG KPUVGCF QH VJG 4GZ )GPVKU .CPIQDCTFQTWO 9JGP KP  JG TGVTGCVGF HTQO 2GTWIKC QH JKU QYP HTGG YKNN
WPFGT RCRCN RTGUUWTG TGCNN[ KV YCU TGICTFGF VTGCUQP CPF JKU DTQVJGT #KUVWNH TQUG VQ RQYGT *G OCPCIGF VQ WPKVG VJG EQWPVT[ WPFGT JKU CWVJQTKV[ YJKEJ ICXG JKO ITGCV RQYGT GZEGGFKPI VJCV QH )TKOQCNF CPF .KWVRTCPF 1P VJG VJ ,CPWCT[  2KRRKP VJG ;QWPIGT KP TGVWTP HQT JKU TGEQPUGETCVKQP CU (TCPMKUJ MKPI CITGGF YKVJ 2QRG 5VGRJCP ++ VQ KPVGTXGPG KP +VCN[ +P VJG UCOG [GCT #KUVWNH NQUV VQ 2KRRKP CPF JCF VQ TGEQIPKUG (TCPMKUJ UW\GTCKPV[ +P  JG FKGF .CUV QH VJG MKPIU YCU &GUKFGTKWU
HTQO $TGUEKC *G QPEG CICKP TGUVQTGF .QODCTF RQYGT KP 5QWVJ CPF %GPVTCN +VCN[ DWV VJGP YCU DGUGV D[ ECVCUVTQRJG QP VJG QPG JCPF %CTNQOCP FKGF KP  NGCXKPI VJG VJTQPG VQ %JCTNGOCIPG CPF QP VJG QVJGT JCPF JKU CNN[ 2QRG 5VGRJCP +++ FKGF KP  +P  %JCTNGOCIPG
JCXKPI FKURQUGF QH JKU .QODCTF YKHG C FCWIJVGT QH &GUKFGTKWU OCTEJGF HQT +VCN[ UWDUVCPVKCVKPI JKU RTGUVKIG CU RTQVGEVQT QH VJG *QN[ 5GG +P  JG EQP SWGTGF 2CXKC CPF JCF &GUKFGTKWU CPF JKU YKHG #PUC FGRQTVGF KPVQ VJG (TCPMKUJ 'ORKTG (TQO VJGP QP %JCTNGOCIPG YCU )TCVKC &GK 4GZ (TCPEQTWO GV .CPIQDCTFQTWO %QKPCIG KU WUWCNN[ ENCUUKHKGF KP VJTGG UGEVKQPU .QODCTF[ 6WUECP[
VJCV YCU WPKVGF YKVJ .QODCTF[ KP VJG VJ EGPVWT[ CPF $GPGXGPVWO %QKPCIG UVCTVGF YKVJ C RUGWFQ KORGTKCN OKPV KPI CU YGNN KP .QODCTF[ CU KP 6WUECP[ 6JG CVVTKDWVKQPU VQ EGTVCKP MKPIU KP VJKU RGTKQF CTG JKIJN[ GSWKXQECN 9KVJ %WPKRGTV
 VJG 4GICN EQKPCIG RGTKQF EQOOGPEGF GPFKPI YKVJ &GUKFGTKWU KP  +P &GEGODGT QH  $GNKUCTKWU VQQM 4CXGPPC CPF HTQO  ,WUVKPKCP OKPVGF KP 4CXGPPC 6JG HQNNQYKPI TGXGTUGU OC[ DG FKUVKPIWKUJGF QP ,WUVKPKCP U UKNXGT EQKPU
EQPVKPWGF D[ ,WUVKP ++

+P O[ QRKPKQP CNN QH VJGUG UQOGJQY EQOOOGOQTCVG VJG KPCWIWTCVKQP QH GKVJGT VJG 5V 8KVCNG
 QT VJG 5V #RQNNKPCTG KP %NCUUG
 /CZKOKPKCPWU YCU VJGP DKUJQR QH 4CXGPPC 6JG EJTKUVQITCO QP PQ  KU CNUQ UGGP QP VJG UJKGNF QH VJG HCOQWU 4CXGPPC /QUCKE QH ,WUVKPKCP 0QTFUVTO
4CXGPPCUVWFKGP
 R PQVGU 6Q VJG HCT NGHV UVCPFU VJG KORGTKCN IWCTF YKVJ UJKGNF CPF NCPEG 6JG HTQPV UJKGNF DGCTU VJG OQPQITCO QH EJTKUV KV CRRCTGPVN[ KU CP KORG TKCN RCTCFG UJKGNF
VJKU OQUCKE RTGUWOCDN[ HGCVWTGU $GNKUCTKWU CU YGNN 6JG ETQUU YKVJ VJG 2 CV KVU VQR KU JCTFGT VQ FGVGTOKPG JQYGXGT CV 5V 8KVCNG C OQUCKE FQGU GZKUV VJCV FGRKEVU VJG DKUJQR JQNFKPI VJG EJWTEJ ETQYPGF YKVJ C ETQUU YKVJ VJG UKOKNCTN[ UJCRGF CTOU
55

(QNNQYGT QH ,756+0+#075 +


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139

2:1


 5KNKSWC. # &KCFGOGF DWUV T 68 +8 88 ++ 4 %TQUU YKVJ 2 QP VQR CPF QPG UVGR DGNQY DGVYGGP VYQ UVCTU KP NCWTGNYTGCVJ.  IT. 8GT[ HKPG
5VGTPDGTI  <TKEJ #WEVKQP 
 PQ  6JKU EQKP UVGOU HTQO C (TGPEJ JQCTF VJCV CRRGCTU VQ JCXG DGGP KP VJG RQUUGUUKQP QH VJG HKTO 4QNNKP CPF (GWGTFCPV KP 2CTKU CHVGT VJG VWTP QH VJG VJ EGPVWT[ +P VJG ECV 5VGTPDGTI VJG HQNNQYKPI CEEQWPV ECP DG HQWPF #NU FKG .CPIQDCTFGP KPU TOKUEJD[\CPVKPKUEJG 4GKEJ GKPFTKPIGP
 DGTNUUV KJPGP FGT -CKUGT 2CPPQPKGP HKPFGP UKG FQTV *CND WPF 8KGTVGNUKNKSWGP XQT $GKFG JCDGP CNU $KNF FCU MTGW\HTOKIG %JTKUVWUOQPQITCOO FKG *CNDUKNKSWGP FC\W \YGK 5VGTPG
,WUVKPKCPWU + /+$  WPF  &KGUG /P\GP JCNVGP UKEJ FKG 6TGWG  \KGJV FCU 8QNM FGT .CPIQDCTFGP PCEJ +VCNKGP )GPCW \W FGO <GKVRWPMV NUUV ,WUVKPWU ++ KP 4CXGPPC YKGFGT /P\GP XQP FKGUGO 6[R WPF )GYKEJV RTIGP QDYQJN ,WUVKPKCPWU + \YKUEJGP \GKVNKEJ CPFGTG 6[RGP GKPIGHJTV JCVVG
/+$  WPF  'U UKGJV UQ CWU CNU UGKGP FKGUG /P\GP HT FGP 8GTMGJT OKV FGP .CPIQDCTFGP IGRTIV 9GPKI URVGT DGIKPPGP FKGUG UGNDUV /P\GP FKGUGT #TV \W RTIGP +JPGP HQNIGP FKG (TCPMGP FKG  KP NCPIQDCTFKUEJGU )GDKGV GKPIGFTWPIGP YCTGP &KG HTPMKUEJGP 2TIWPIGP UKPF UGNVGP /CP MGPPV GKPKIG CWU )TCDHWPFGP ITUUGTG (WPFG UEJGKPGP PKEJV RWDNK\KGTV 5VGTPDGTI CVVTKDWVGU VJKU EQKP VQ VJG $WTIWPFKCPU EQORCTKPI KV VQ VJG VTGOKUUGU $ 
8KGPPG CPF $ 
8CNGPEG 6JKU UGGOU UQOGYJCV HCPEKHWN # EQKP YKVJ C UKOKNCT GHHKI[ KU HQWPF KP VJG 5WDLCEM EQNNGEVKQP
8GEEJK #WEVKQP 
 PQ  YJGTG KV YCU CV VTKDWVGF VQ VJG )GRKFU +P ECV  QH /P\GP WPF /GFCKNNGP
 C PGCTN[ KFGPVKECN EQKP KU FGUETKDGF WPFGT PQ 
NQYGT RCTV QH VJG ETQUU FKHHGTU UNKIJVN[ 6JKU ECVCNQIWG ENCUUKHKGU KV WPFGT VJG .QODCTFU
5EJWNVG DGNKGXGU VJG UWRGTKQT URGEKOGPU UJQWNF DG CVVTKDWVGF VQ VJG .QODCTFU
UKPEG .QODCTF[ RTQFWEGF PWOGTQWU HKPFU YJGTGCU VJG QTKIKPU QH VJG UQOG YJCV WPEWNVKXCVGF EQKPU UJQWNF DG UQWIJV GNUGYJGTG
VGN 5EJWNVG  *GTG KV KU ENCUUKHKGF YKVJ VJG .QODCTFU

#)+.7.(


140
 6TGOKUUKU  NCTIG HNCP. # &KCFGOGF DWUV T +D228+ 4 8KEVQT[ UVCPFKPI YKVJ YTGCVJ CPF ETQUU 8/61:+#+8+8+618+ KP GZGTIWG %101. $GTP C /'%   IT. 4 'ZVTGOGN[ HKPG
/P\\GPVTWO  -NP #WEVKQP 
 PQ  6JKU EQKP KU CP KOKVCVKQP QH VJG EQKPU QH /CWTKEG 6KDGTKWU HTQO 4CXGPPC
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



6JG JCNH UKNKSWCU DGCT VJG NGVVGTU 2'4 VJCV QH EQWTUG TGHGT VQ 2GTEVCTKV 6JKU KU NGUU EGTVCKP KP VJG ECUG QH VJG VTGOKUUG CNVJQWIJ VJG DWUV QP PQ  TGXGCNU VJG UCOG UV[NG CU VJCV QP  $CUGF QP VJKU + HCXQWT CVVTKDWVKQP VQ 2GTEVCTKV

2'4%6#4+6


 

141

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6TGOKUUKU. # &KCFGOGF DWUV T +8*+8 8*18+ 4 .CVKP ETQUU YKVJ VJG NKODU GPFKPI KP VYQ RGNNGVU /+1*8+8*16* KP VJG DQVVQO HKGNF #0#. $GTP  /'%   IT. 'ZVTGOGN[ HKPG
4CVVQ  /CKNCPF  #VVTKDWVKQP VQ 2GTEVCTKV KU PQV DG[QPF FQWDV $GTPCTGIIK ENCUUKHKGU VJKU EQKP CU CPQP[OQWU KUUWG KOKVCVKPI $[\CPVKPG V[RG  /'% CU 6WUECP[ 2UGWFQKORGTKCN EQKPCIG EE 9KVJ EQORNGVGN[ DNWPFGTGF NGIGPFU  6JG VGZVU QP QD CPF TGXGTUG UJQY C EGTVCKP UKOKNCTKV[ VJG VJTGG NGVVGTU CV VJG DGIKPPKPI CPF VJG NCUV HQWT NGVVGTU CTG VJG UCOG 6JCV NGCXGU +88 HQT VJG QDXGTUG CPF 16*808/ HQT VJG TGXGTUG # UKOKNCT EQPUVTWEVKQP QH TGRGCVKPI UETKRV KU UGGP QP PQ 

56





  



 5KNKSWC. # $WUV T 4 /QPQITCO 2' 4 VJTGG RGNNGVU N VJTGG KP VJG OKFFNG
DGHQTG ' CPF HKXG T
VJTGG QH VJGO DGHQTG VJG 4. $GTP  /'%  XCT  IT. 8GT[ HKPG
-WPUV WPF /P\GP  .WICPQ 

 

 5KNKSWC. # $WUV T 4 /QPQITCO 2' 4 VYQ RGNNGVU N QPG RGNNGV WPFGT VJG 4. $GTP  /'%  XCT  IT. 8GT[ HKPG
-WPUV WPF /P\GP  .WICPQ 

#4+2'46 ++






6TGOKUUKU. # &KCFGOGF DWUV T YKVJ * KP HKGNF &0 #4+2'4: 4 5V /KEJCGN UVCPFKPI N YKVJ NQPI UVCHH GPFKPI KP VJTGG RGNNGVU 5%5 /+*#*+.. $GTP  /'%  XCT  IT. )QQF XGT[ HKPG
'NUGP  $TWUUGN  #WEVKQP 
 PQ  6JG OGCPKPI QH VJG NGVVGTU KP VJG HKGNF TGOCKPU WPMPQYP 6JG[ PGKVJGT TGHGT VQ C OQPG[GT QT C FKGEWVVGT DQVJ DGKPI VQQ KPUKIPKHKECPV CV VJG VKOG CU VQ DG CNNQYGF KPENWFKPI VJGKT KPKVKCNU QP EQKPU PQT FQ VJG[ KPFKECVG CP[ OKPV CU NGVVGTU HGCVWTG VJCV KORNKECVG PQ RNCEGU MPQYP QH #NVGTPCVKXGN[ VJG[ EQWNF DG VJG KPKVKCNU QH FWMGU YJQ YGTG GPVTWUVGF D[ VJG MKPI YKVJ VJG VCUM QH OKPVKPI NQECNN[ CU YCU CNNQYGF D[ 4QVJCTK U 'FKEV
EJ  $WV VJGTG CTG PQV GPQWIJ NGVVGTU CPF NKICVWTGU XKUXKU VJG VQVCN PWODGTU QH FWMGU (QT XCTKQWU VJGQTKGU VQ VJKU OCVVGT UGG $GTPCTGIIK R  GV UGSS 1P VJG TGXGTUG QH VJKU EQKP 5V /KEJCGN ECP DG UGGP (KTUV CRRGCTCPEG QP EQKPU KU QP VJQUG QH JKU RTGFGEGUUQT %WPK RGTV )TKOQCNF JCF DTQWIJV YKVJ JKO HTQO $GPGXGPVWO VJG TKVG QH XGPGTCVKPI VJG CTEJCPIGN /KEJCGN KP YJQUG JQPQWT JG EQPUGETCVGF C EJWTEJ KP 2CXKC *KU UWEEGUUQT GNCDQTCVGF VJKU EWNV GUVCDNKUJKPI 5V /KEJCGN CU VJG RCVTQP UCKPV QH VJG .QODCTFU
%WPKRGTV CNUQ RTQRCICVGF VJG XGPGTCVKQP QH 5V )GQTIG DWV JG HCXQWTGF VJG CTEJCPIGN CPF YCU VJG HKTUV VQ RNCEG 5V /KEJCGN QP C EQKP







6TGOKUUKU. # &KCFGOGF DWUV T YKVJ DNGUUKPI JCPF &0

#4+2%+2: 4 4 5V /KEJCGN UVCPFKPI N YKVJ NQPI UVCHH GPFKPI KP VJTGG RGNNGVU 5%5 /+*#*+.. $GTP  /'%  XCT  IT. )QQF XGT[ HKPG
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)QTP[  /PEJGP #WEVKQP 
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NGV CNQPG JCNHU 6JKU XCTKGV[ CPF KVU JCNXGU EKTEWNCVGF QPN[ KP VJG $[\CPVKPG 'ORKTG CPF KP KVU FKTGEV RTQZKOKV[
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 #TQWPF  %JKNFGTKE CFXCPEGF WR VQ VJG 5QOOG DCPMU 9JGP JG FKGF KP  JG YCU DWTKGF KP &QQTPKM *KU UQP %NQXKU
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ECRKVCN 4GKOU +P  %NQXKU FKUEQPVKPWGF 4QOCP QEEWRCVKQP QH VJG TWOR UVCVG QH 5[CITKWU KP 5QKUUQPU
VJG ENCP QH VJG 5[CITKK YQWNF NCVGT JQNF JKIJ QHHKEGU KP VJG /GTQXKPIKCP MKPIFQO %NQXKU YCU YGFFGF VQ VJG $WTIWPFKCP RTKPEGUU %JNQVKNFG YJQ YCU %CVJQNKE 1P EJTKUVOCU  %NQXKU YCU DCRVKUGF D[ DKUJQR 4GOKIKWU QH 4GKOU
VJKU NGF VQ VJG GXGPVWCN COCNICOCVKQP QH VJG )CNNQ4QOCP CPF (TCPMKUJ RGQRNG # UKUVGT QH %NQXKU #WFQHNGFC YCU OCTTKGF VQ VJG )QVJKE MKPI 6JGQFGTKE %NQXKU CEETWGF NCTIG RCTVU QH )CWN *KU ITGCVGUV XKEVQT[ YCU VJCV QXGT VJG 8KUKIQVJU CV 8QWKNN KP  VJTQYKPI DCEM VJG 8KUKIQVJU QPVQ C UOCNN UVTGVEJ QH NCPF CNQPI VJG /GFKVGTTCPGCP CTQWPF 0CTDQPPG +P  JG VQQM 6QWNQWUG 6JG GPVKTG VGTTKVQT[ HTQO VJGTG VQ VJG .QKTG ECOG WPFGT JKU UYC[ (WTVJGTOQTG JG CNUQ FGHGCVGF VJG #NCOCPPK KP  NGCXKPI C XCUV TGCNO CV JKU FGCVJ 6JWU %NQXKU YCU 2TKOWU TGZ (TCPEQTWO  6JG VKOG QH VJG HQWT UQPU QH %NQXKU
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 KP 4GKOU %JNQFGOGT
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VJG UVKRWNCVKQP QH C PWODGT QH (TCPMKUJ TGIWNCVKQPU VJCV UVCVGF VJCV CV VJG FKXKUKQP QH CP GUVCVG CV VJG FGOKUG QH C HCVJGT GCEJ UQP KU GPVKVNGF VQ CP GSWCN UJCTG YCU HTGSWGPVN[ CRRGCNGF VQ 9QQF
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VJG DKUJQRU &WTKPI VJG VGTTKVQTKCN FKXKUKQP QH %NQXKU FQOKPKQP VJG QNF 4QOCP EKXKVCVGU CPF VJGKT DQWPFCTKGU YGTG CFJGTGF VQ
KP  VJG[ YGTG GRKUEQRCN UGGU 6JG UQPU EQPSWGTGF VJG YJQNG QH )CWN
KP  VJG $WTIWPFKCP TGCNO CPF KP  VJG 2TQXGPEG 6JGWFGDGTV
UQP QH 6JGWFGTKE EQPSWGTGF RCTV QH 0QTVJ +VCN[
 WR VQ 8GPKEG YJKNG VJG MKPI QH 4GKOU KP  QEEWRKGF VJG 6JTKPIKCP TGCNO $[ VJGP VJG (TCPMKUJ TGCNO GPEQORCUUGF (TCPEKC CPF NCTIG RCTVU QH )GTOCP[
CU HCT CU VJG 'NDG CPF VJG &CPWDG $G ECWUG %JNQFGOGT 6JGWFGTKE U ITCPFUQP CPF %JKNFGDGTV JCF FKGF %JNQVCKTG YCU MKPI QH VJG GPVKTG FQOKPKQP HTQO  VQ JKU FGCVJ KP  7PNKMG VJG UKVWCVKQP CV %NQXKU FGOKUG EKXKN YCT DTQMG QWV DGVYGGP 4GKOU CPF 5QKUUQPU CV %JNQVCKTG U FGCVJ  6JG VKOG QH VJG HQWT UQPU QH %JNQVCTKWU
 %JNQVCTKWU + VQQ NGHV HQWT UQPU VJTGG D[ JKU YKHG +PIWPF CPF QPG D[ JGT UKUVGT #TPGIWPF +P RTKPEKRNG VJG FKXKUKQP QH  YCU MGRV %JCTKDGTV
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UQP QH #TPGIWPF YCU UWDUVCPVKCNN[ NGUU UKIPKHKECPV 6JWU %JKNRGTKE KPXCFGF VJG VGTTKVQT[ QH 5KIKDGTV DWV YCU TGRGNNGF 0GY EQPHNKEVU CTQUG YJGP %JCTKDGTV +
2CTKU FKGF 6JG VJTGG TGOCKPKPI DTQVJGTU CVVGORVGF C OQUV KPVTKECVG FKXKFKPI U[UVGO HQT VJG GUVCVG 6JKU NGF VQ PGY EQPHNKEV DGVYGGP VJG DTQVJGTU KP YJKEJ 5KIKDGTV U YKHG $TWPKEJKNF
FCWIJVGT QH C 8KUKIQVJKE MKPI YQWNF RNC[ C OCLQT TQNG 6JG TGCNO QH 4GKOU HTQO VJGP QP YCU ECNNGF #WUVTCUKC CPF VJG UQP QH 5KIKDGTV %JKNFGDGTV GUVCD NKUJGF VJG PGY ECRKVCN KP /GV\ 0QY VJGTG YGTG VJTGG TGCNOU 0GWUVTKC
5QKUUQPU #WUVTCUKC
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60

+P #WUVTCUKC KPVGTPCN RTQDNGOU CTQUG CPF VJG #XCTU ITQYKPIN[ RQUGF C VJTGCV $GECWUG OCP[ C MKPI FKGF [QWPI UWEEGUUKQP TGIWNCTN[ RTQXGF RTQDNGOCVKE CU KP VJG ECUG QH 6JGWFGTKE YJQ UWFFGPN[ FKGF CV VJG CIG QH  3WGGP $TWPKEJKNF CRRQKPVGF 6JGWFGTKE U QNFGUV UQP MKPI $WV PQDKNKV[ FKF PQV CEEGRV VJG SWGGP U FGEKUKQP CPF EJQUG %JNQVCTKWU ++ QH 5QKUUQPU +P VJG GPUW KPI DCVVNG SWGGP $TWPKEJKNF YCU XCPSWKUJGF CPF GXGPVWCNN[ GZGEWVGF D[ %JNQVCTKWU ++ (TQO VJGP QP %JNQVCTKWU QPEG CICKP TWNGF VJG VJTGG VGTTKVQTKGU CU QPG +P  CU KP  CNKMG C /GTQXKCP HTQO 5QKUUQPU DGECOG MKPI QH VJG YJQNG VGTTKVQT[ &WG VQ VJG UVTWIING HQT RQYGT VJG KPHNWGPEG QH PQDKNKV[ JCF HCKTN[ KPETGCUGF YJKEJ YQWNF RTQXG VQ DG FGEKUKXG  6JG VKOG QH %JNQVCTKWU ++ CPF &CIQDGTV +
 7PFGT %JNQVCTKWU ++
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 /GTQXKPIKCP EWNVWTG TQUG VQ KVU CRQIGG &CIQDGTV OQXGF VJG EQWTV VQ 2CTKU VJCV HTQO VJCV OQOGPV YQWNF GHHGEVKXGN[ DG (TCPEG U ECRKVCN 'XGP WPFGT &CIQDGTV U TGKIP 5KIKDGTV +++ DGECOG XKEGTQ[ KP #WUVTCUKC CPF %NQXKU ++ DGECOG XKEGTQ[ KP 0GWUVTKC VJG VGTTKVQT[ YCU QPEG CICKP FKXKFGF VYQ YC[U CPF FG ENKPG UQQP UGV KP  6JG VKOG QH VJG OC[QT QH VJG RCNCEG
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CHVGT CP KPVGTKO RGTKQF YKVJ 9WNHQCNF VJGKT UQP 2KRRKP QH *GTUVCN YCU VJG VJKTF %CTQNKPIKCP
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GXGP VJQWIJ VJG NCVVGT YCU PQV [GV OC[QT QH VJG RCNCEG QH #WUVTCUKC VJWU 9CTCVVQ TGVCKPGF JKU QHHKEG WPVKN JKU FGCVJ KP  6JG UKVWCVKQP ECOG VQ C JGCF C [GCT NCVGT
 YJGP 2KRRKP ++ KP VJG DCVVNG QH 6GTVT[ FGHGCVGF 9CTCVVQ U UWEEGUUQT $GTEJCT $GTEJCT UJQTVN[ TGVCKPGF JKU QHHKEG DWV JG YCU OWTFGTGF KP  CPF 2KRRKP WUWTRGF VJG QHHKEG QH OC[QT QH VJG RCNCEG KP VJG GPVKTG TGCNO VCMKPI QP VJG VKVNG 2TKPEGRU (TCPEQTWO #HVGT 2KRRKP U FGOKUG CPQVJGT FKXKUKQP VQQM RNCEG 0GWUVTKC FGXQNXGF VQ JKU QYP UQP )TK OQCNF ++
YJQ YCU MKNNGF D[ C (TKUKCP KP VJG .CODGTVWU EJWTEJ KP .KIG #WUVTCUKC YGPV VQ JKU DCUVCTF UQP %JCTNGU /CTVGN 6JG %CTQNKPIKCP 'TC JCF KP HCEV DGIWP YKVJ VJG OCTTKCIG QH #PUGIKUGN CPF $GIIC DWV TGHGTGPEG VQ VJG %CTQNKPIKCP &[PCUV[ UVCTVU YKVJ KVU HQWPFGT %JCTNGU /CTVGN %JCTNGU /CTVGN U OCKP HGCV YCU VJCV JG CEEQORNKUJGF TGRGNNKPI VJG #TCD KPXCUKQP HQT IQQF KP C UGTKGU QH DCVVNGU KP  PGCT 2QKVKGTU #HVGT VJG FGOKUG QH 6JGWFGTKE +8 KP  %JCTNGU /CTVGN TWNGF YKVJQWV C HCEVWCN MKPI
OC[QT QH VJG RCNCEG  /CTVGN U UQP 2KRRKP +++
YJQO JG
61

JCF CFQRVGF D[ VJG .QODCTF MKPI .KWVRTCPF YCU VJG HKTUV VQ CUEGPF C MKPI U VJTQPG (TQO  VQ  UVKNN OC[QT QH VJG RCNCEG DWV QHHKEKCNN[ MKPI HTQO  VQ  #U JG FGUKTGF PQ TG EWTTGPEG QH VJG RQVGPV OC[QT QH VJG RCNCEG QHHKEG JG CDQNKUJGF KV CNVQIGVJGT 6JG OC[QTU QH VJG RCNCEG PGXGT OKPVGF +V KU RTGUWOCDN[ CP CVVGORV CV FKURNC[KPI RTGUVKIG VJCV QPG V[RG UJQYU VJG PCOG $41  +01
VJKU KU VJG UCOG V[RG CU PQ  YJKEJ DGCTU PQ PCOG 6JG HKTUV QPG VQ OKPV KU 2KRRKP +++ CU MKPI
UGG %CTQNKPIKCPU4QDGTVKPGU /'% FKXKFGU VJG JKUVQT[ QH EQKPCIG KP VJTGG  IQNF UQNKFK CPF VTKGPU YKVJ VJG 8KEVQT[
   IQNF VTKGPU YKVJ ETQUU
 CPF  UKNXGT FGPCTKK
HTQO  6JG VTCPUKVKQP KP VJG [GCTU CTQWPF  KU JCTF VQ RKPRQKPV 6JG EJCPIG VQ UKNXGT KU OWEJ OQTG QDXKQWU
RCTCNNGN VQ VJG #PINQ5CZQP FGXGNQROGPV 6JKU KU YJ[ YG EJQUG VJG HQNNQYKPI ENCUUKHKECVKQP YJKEJ VQ O[ OKPF OCVEJGU EQPVGORQTCT[ KPVGTPCVKQPCN FGXGNQROGPV DGVVGT  )QNF UQNKFK CPF VTKGPU KP VJG PCOG QH C /GTQXKPIKCP MKPI 6JGUG YGTG UVTWEM XKTVWCNN[ VJTQWIJQWV VJG YJQNG RGTKQF
'PIGN 5GTTWTG GXGP OGPVKQP QPG D[ &CIQDGTV +++
 GCEJ KP UOCNN PWODGTU 5KOKNCT VQ QVJGT TGIKQPU EQKPU YGTG KPKVKCNN[ OKPVGF KP VJG PCOG QH C 4QOCP GORGTQT
HTQO #PCUVCUKWU VQ ,WUVKP ++ KP VJG /KFK CPF CNQPI VJG NQYGT EQWTUG QH VJG 4JPG PCOGU WR VQ *GTCENKWU YGTG GXGP WUGF


UGG 'PIGN 5GTTWTG R  CHVGT VJCV QYP PCOGU YGTG WUGF  )QNF VTKGPU UVTWEM KP C XCTKGV[ QH OKPVU QPN[ URGEKH[KPI C RNCEG
UQOGVKOGU WPKFGPVKHKCDNG YKVJ RTGUGPVFC[ RNCEGU CPF C OQPG[GT 5WEJ EQKPU CTG HQWPF QH CP CNN DWV GPFNGUU UGTKGU QH OKPVU )TKGTUQP JCU VJKU RTCEVKEG DGIKP KP 
/'% + R   5KNXGT FGPCTKK #TQWPF  IQNF YCU FKUECTFGF CDTWRVN[ CPF UKNXGT FGPCTKK YGTG OKPVGF 6JGUG YQWNF RTGXCKN WPVKN 2KRRKP VJG 5JQTV KPVTQFWEGF JKU EQKPU
UGG WPFGT %CTQNKPIKCPU4QD GTVKPGU 6JG VTCPUKVKQP VQ UKNXGT KP VJG (TCPM 4GCNO VQQM RNCEG C NKVVNG GCTNKGT VJCP VJCV KP #P INQ5CZQP 'PINCPF 1PN[ EQKPU QH V[RG  CPF  CTG TGRTGUGPVGF WPFGTPGCVJ

64+'05

 





#WVWP. /QPG[GT 6GWFWNHQ. # &QWDNG RQTVTCKV T #8)856+&8

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5RKPM  .QPFQP  #WVWP VQQM KVU PCOG
#WIWUVQFWPWP HTQO #WIWUVWU YJQ OCIPKHKEGPVN[ TGEQPUVTWEVGF KV CU C TGRNCEGOGPV HQT $K DTCEVG CU VJG ECRKVCN QH 4QOCP )CWN DWV KP /GTQXKPIKCP VKOGU KV YCU QH OWEJ NGUU CEEQWPV VJCP %JCNQP +VU EQKPCIG KU NCTIGN[ OQFGNNGF QP VJCV QH VJKU EKV[ YKVJ # ) KP VJG HKGNF KPUVGCF QH % # CPF WUWCNN[ C ETQUU EJTKUOG HQT V[RG VJQWIJ WPNKMG %JCNQP VJGTG KU WUWCNN[ PQ YTGCVJ KPUKFG VJG NGIGPF # RGEWNKCT HGCVWTG KU VJG QEECUKQPCN QEEWTTGPEG QH VYQ QXGTNCRRKPI DWUVU KPUVGCF QH C UKPING QPG CU VJG QDXGTUG V[RG 2TQW YJQUG ECVCNQIWG QH VJG EQKPU QH #WVWP
 TGSWKTGU NKVVNG TGXKUKQP UWIIGUVGF VJCV KV QTKIKPCVGF KP C FQWDNG UVTKMKPI DWV KV KU WUGF D[ UGXGTCN OQPG[GTU CPF YCU OQTG NKMGN[ EQRKGF HTQO UQOG 4QOCP EQKPU +V KPURKTGF PWOKUOCVKUVU HTQO %JKHNGV CPF .GDNCPE QPYCTFU KPVQ TGOCTM CDNG HNKIJVU QH HCPE[ VJG HKIWTGU DGKPI KFGPVKHKGF YKVJ UWEJ RGTUQPCIGU CU 5KIGDGTV CPF $TWPJKNF
%JKHNGV  QT )WPVTCOO CPF %JKNFGDGTV ++
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/'% + R  +P  VJG FKQEGUG #WVWP JCF CNTGCF[ DGEQOG KPFGRGPFGPV QH VJQUG QH %JCNQP /CEQP CPF 0GXGTU 3WGGP $TWPKEJKNF
-KPI 5KIGDGTV U YKHG UWRRQTVGF DKUJQR 5[CITKWU KP HQUVGTKPI VJG FGXGNQROGPV QH PWOGTQWU OQPCUVGTKGU KP VJG TGIKQP 6JGTGHQTG VJG UWIIGUVKQP QH  KU PQV CNVQIGVJGT KPEQPEGKXCDNG



 





&QTGUVCF. /QPG[GT /CFGNKPWU. # &KCFGOGF DWUV T  HKXG RGNNGVU KP VTKCPIWNCT QP ENQCM &14'56#6+(+6 4 %TQUUQPUVGR UKZ RGNNGVU DGNQY /#& '. +085 /. $GNHQTV   IT. 44 'ZVTGOGN[ HKPG
$QWIJV 
&GMMGT EQNNGEVKQP $QWIJV 5EJWNOCP  #OUVGTFCO QP  6JKU KU C &QTGUVCF QTKIKPCN 2QN UKIPCNKUGU  URGEKOGPU KP JKU FKUUGTVCVKQP QH YJKEJ  CTG KP OWUGWO EQNNGEVKQPU $GNHQTV FGUKIPCVGU VJG RGNNGV CHVGT VJG VJKTF NGVVGT KP VJG TGXGTUG VGZV C RQKPV UGETGV 



62

   

/CCUVTKEJV. /QPG[GT #FGNDGTVWU. # &KCFGOGF DWUV T Z 6

4#+'61 (+6 Z 4 %TQUUQPUVGR UKZ RGNNGVU DGNQY #&'.$'4685 /. $GNHQTV   IT. 4 (NCP FGHGEV CV VJG GFIG XGT[ HKPG
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 PQ  'Z 5EJWNOCP  #OUVGTFCO #WEVKQP 
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5EJWNOCP  #OUVGTFCO 





/CKP\
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#WMVKQPGU  $CUGN #WEVKQP 
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5EGCVVC  #PINQ5CZQP UGG RJQVQ



63



 



4QFG\. /QPG[GT 4QUQNWU. # $WUV T YKVJ ETQUU RCNO YKVJ VJTGG NGCHU CPF VJTGG RGNNGVU KP HTQPV 4 4QFG\ OQPQITCO
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64





 

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*GTUVCN V[RG . # 6YQ VTKCPIWNCTU QXGT GCEJQVJGT YKVJ ETQUU KP EGPVTG CPF QPG RGNNGV KP GCEJ QWVGT CP ING 4 %TQUU YKVJ NGIGPF OCFG QH UVTKRGU WPFGTDTQMGP D[ ETQUU. $  /'%   IT. 8GT[ HKPG





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65





 







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'DTQKP 6JG QDXGTUG OCVEJGU $GNHQTV  YJGTG VJG VGZV KU FGVGTOKPGF CU 18+$1

















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7PMPQYP. # %TQUU YKVJ VJTGG RGNNGVU CV VJG GPF QH VJG NKODU 4 %TQUU VJG NKODU GPFKPI KP DQYU QPG UOCNN UVTKRG CV VJG DQYU. $GNHQTV   IT. #VVTCEVKXG VQPG XGT[ HKPG
8KPEJQP  2CTKU 











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66



 



7PMPQYP. # %TQUU KP EKTENG QH RGNNGVU VYQ RGNNGVU CV VJG GPF QH GCEJ NKOD 4 .CVKP ETQUU KP EKTENG QH RGNNGVU YKVJ VYQ NQQRU CTQWPF KV. $GNHQTV   IT. 5OCNN HNCP ETCEM QVJGTYKUG CNOQUV GZVTGOGN[ HKPG URGEKOGP
5RKPM  .QPFQP  1P OCR 5QWVJGTP (TCPEG (QWPF KP 5QWVJ 'PINCPF 1PG URGEKOGP KU MGRV KP VJG ECDKPGV FG (TCPEG
URGEKOGP HTQO /QTGN (CVKQ EQNNGEVKQP 2TQW  +P 1R FGP 8GNFG CPF -NCCUUGP
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 CPF PQY KU KP VJG RQUUGUUKQP QH VJG <GGWYU /WUGWO
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1TNCPU +P #SWKVCPK CPF VJG 2TQXGPEG VJGTG YCU C UVTQPI FGXGNQROGPV QH CTKUVQETCVKE HCOKNKGU +P VJG 2TQXGPEG VJKU GURGEKCNN[ KU QDUGTXGF KP VJG RGTKQF HTQO  VQ  6JGTG YGTG EQPUGEW VKXGN[ #PUGFGTV 0GOHKFKWU #PVGPQT CPF /CWTQPVWU
C FKUVCPV TGNCVKXG QH VJG 0GWUVTKCP OC[QT QH VJG RCNCEG 9CTCVVQ VJG UWEEGUUQT QH 'DTQKP 6JG NCVVGT VYQ OCPCIGF VQ YTGUV VJGOUGNXGU HTQO 2KRRKPKF EQPVTQN
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67



 



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 +
/ FG /CP 1XGT GGPKIG VG &QODWTI IGXQPFGP OGTMYCTFKIG OWPVGP ,/2  R  1R FGP 8GNFG CPF -NCCUUGP EQOOGPV 2QUUKDNG HTQO C OKPV PGCT /CTUGKNNG  +P ECVCNQIWG  QH /P\GP WPF /GFCKNNGP
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09 QH .WEEC KP  6JGUG CTG EQRKGU QH HTCPEQPKCP EQKPU VJQWIJ KP C HKPGT OQTG GNGICPV UV[NG /) OGPVKQPU  URGEKOGPU QH VJKU V[RG QH YJKEJ QPN[ /)  KU FGRKEVGF
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71

+P  %JCTNGOCIPG CFQRVU C PGY CPF WPKHQTO OQPGVCT[ U[UVGO DCUGF QP YGKIJV
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 PQ  'Z -GPPGRQJN EQNNGEVKQP $QWIJV HTQO $TWPQ &QTHOCPP  %CJP  (TCPMHWTV C/ #WEVKQP 
 PQ  (TGKJGTT .X*  XF4
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 CPF KVU TGOQVGPGUU HTQO VJG EGPVTG QH %CTQNKPIKCP RQYGT OCMG VJG RJGPQOGPQP GCUKN[ WPFGTUVCPFCDNG 6JG URGEKOGP KP /'%
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UGG GI /) 



72

6JG EQKPU QH .QWKU NG 2KGWZ CTG VQ DG ENCUUKHKGF KP VJTGG ECVGIQTKGU ENCUU 

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 CPF ENCUU 


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2QTVTCKV EQKP C EQPVKPWCVKQP QH VJG EQKPU QH %JCTNGOCIPG





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73

%NCUU 


6JG OKPV CRRGCTU KP VYQ NKPGU QP VJG TGXGTUG

 



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74



 



1DQNG  #PQP[OQWU. # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING *..1&188+%85 +/2 4 6GORNG :2+56+#0# 4'.+)+1. /'%  /)   IT. 4 2NGCUKPIN[ VQPGF TGXGTUG C NKVVNG QHH EGPVTG DWV XGT[ HKPG
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/) OGPVKQPU VYQ HKPFU -KO UYGTF2KPILWO ++ CPF 2KNNKIGTJGEM 9QWNF VJKU EQKP JCXG VQ DG CVVTKDWVGF VQ &CZ!

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.QWKU VJG 2KQWU JGNF KORGTKCN FKIPKV[ KP JKIJ GUVGGO

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HTQO VJG HKTUV OCTTKCIG CPF %JCTNGU VJG $CNF
HTQO VJG UGEQPF OCTTKCIG CNNKGF KP 5VTCUDQWTI 6JKU 1CVJ QH 5VTCUDQWTI FGVGTOKPGF
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6TGCV[ QH 8GTFWP .QVJCKT
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CU MKPI VJG FQOKPKQPU VQ VJG GCUV
(TCPEKC QTKGPVCNKU CPF 2KRRKP ++
UQP QH 2KRRKP + #SWKVCKPG 6JG PQVKQP QH KORGTKCN WPKV[ YCU PQY FGUGTVGF HQTGXGT *QYGXGT VJG DQTFGTU KP 9GUVGTP 'WTQRG YGTG PQY XKTVWCNN[ UGV +P VJG GPF 2KRRKP U TGUKUVCPEG CICKPUV %JCTNGU VJG $CNF JCF DGGP KP XCKP +V TGUWNVGF KP EKXKN YCT GXQMKPI CPCTEJ[ KP VJG GPF +P  VJG UWDMKPIFQO YCU FKUUQNXGF 0GXGTVJGNGUU #SWKVCKPG UQQP GNWFGF HTQO WPFGT VJG (TGPEJ MKPI U TGKIP HQT KPUVCPEG WPFGT %JCTNGU +++ +P #SWKVCKPG U HWTVJGT JKUVQT[ KV YQWNF EQPVKPWG VQ HWNHKN CP KORQTVCPV CPF RCTVN[ KPFGRGPFGPV TQNG
UGG (TCPEG HQFCNG

#37+6#+0'

22+0 ++


  1DQNG  #SWKVCKPG. # 5OCNN ETQUU 2+22+  085 4': 4 +P VYQ NKPGU #38+  6#0+#. /'%  /)   IT. 8GT[ HKPG
8KPEJQP  2CTKU 



75

  1DQNG  /GNNG. # 5OCNN ETQUU 2+2+085 +' '1 4 2KRRKPWU OQPQITCO KP UOCNN EKTENG /'68..1. /'%  /)   IT. 8GT[ HKPG
-NPGT /P\MCDKPGVV  -NP #WEVKQP 
 PQ  #U KP /)
EH PQ  VJG KPUETKRVKQP UJQWNF DG 2+2+085 4': '3



(4#0%+# 1%%+&'06#.+5

*GTG CNVGTPCVGN[ VJG %CTQNKPIKCPU CPF VJG 4QDGTVKPGU RNC[ C TQNG 'XGPVWCNN[ VJG 4QDGTVKPGU YKNN OGTIG KPVQ VJG %CRGVKCPU
UGG (TCPEG (QFCNG

%#41.+0)+#05 %*#4.'5 NG %*#78'

 %NCUU 

C 9KVJ ETQUU CPF OKPV KP HKGNF 6JG EQKPU QH %JCTNGU VJG $CNF ECP DG UWDFKXKFGF KP XCTKQWU ENCUUGU CPF UWDENCUUGU

  &GPKGT  /GNNG. # %TQUU %#4.85 4': (4 4 +P VYQ NKPGU /'6#  ..8/ YKVJ RGNNGV DGVYGGP VJG NKPGU. /'%  /)   IT. 8GT[ HKPG
$QWTIG[  2CTKU #WEVKQP 
 PQ 



D 9KVJ DWUV CPF OKPV PCOG KP HKGNF





&GPKGT  $QWTIGU. # #TOQWTGF CPF NCWTGCVG DWUV N %#4.85 4' 4 +P VYQ NKPGU $+68  4+%'5. /'%  /)  IT. 44 #VVTCEVKXG URGEKOGP XGT[ HKPG
/P\GP WPF /GFCKNNGP  $CUGN  6JG QPN[ V[RG FKURNC[KPI C RQTVTCKV QH %JCTNGU VJG $CNF



F 9KVJ ETQUU CPF OQPQITCO

 

 

&GPKGT  6QWNQWUG. # %TQUU %#4.85 ': ( 4 -CTQNWU OQPQITCO 61.85# %+8+. /'%  /)   IT. 'ZVTGOGN[ HKPG
-TKEJGNFQTH  (TGKDWTI 



&GPKGT  6QWNQWUG. # %TQUU /)   IT.

5EJWNOCP  #OUVGTFCO 

%#4.85 4': 4 -CTQNWU OQPQITCO

61.15#. /'%  &CTM RCVKPC XGT[ HKPG



76

  



&GPKGT  6QWNQWUG. # %TQUU %#4.85 4': 4 -CTQNWU OQPQITCO 61.15#. /'%  /)   IT. &CTM RCVKPC XGT[ HKPG
5EJWNOCP  #OUVGTFCO 

 

1DQNG  6QWNQWUG. # %TQUU /)   IT.

5EJWNOCP  #OUVGTFCO 

%#4.85 4': 4 -CTQNWU OQPQITCO 61.15#. /'%  4 # NKVVNG DNQVEJ[ VQPG DWV CNOQUV GZVTGOGN[ HKPG

G %TQUU CPF VGORNG





&GPKGT  2CTKU. # 6GORNG 2#4+5++ %+8+6#5 4 %TQUU %#4.85 4': (4. /'%  /)   IT. 5NKIJVGN[ RKVVGF XGT[ HKPG
8GEEJK  .QPFQP #WEVKQP 
 PQ 







&GPKGT  4GKOU. # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING %#41.85 4': (4 4 6GORNG 4'/+5 %+8+6#5. /'%  /)   IT. /KPQT UETCVEJGU QP VJG QDXGTUG XGT[ HKPG
5EJWNOCP  #OUVGTFCO  (TQO JQCTF )QGU 







&GPKGT  #PQP[OQWU. # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING :2+56+#0# 4'.%+1. /'%  /)   IT.
5EJWNOCP  #OUVGTFCO  (TQO JQCTF )QGU 

%#4.85 4': (4 4 6GORNG &CTM RCVKPC XGT[ HKPG



77

%NCUU 


9KVJ )4#6+# &+ 4':







&GPKGT  %WTVKUCUQPGP. # -CTQNWU OQPQITCO )4#6+# &+ 4': 4 %TQUU +%846+5#510+'0. /'%  /)   IT. #VVTCEVKXG RCVKPC GZVTGOGN[ HKPG
(TCPEGUEJK  $TWUUGN  %846+5#510+'0  %WTVK
U 5CUQPKGP
UKU YCU C UOCNN JCONGV ECNNGF %QWTEGUUKP
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
/'% R 





&GPKGT  .G /CPU. # -CTQNWU OQPQITCO )4#6+# &  + 4': 4 5OCNN ETQUU %+01/#0+5 %+8+6#5. /'%  /)   IT. /KUVCMG KP VJG FKG QH VJG TGXGTUG CDQWV GZVTGOGN[ HKPG
/P\GP WPF /GFCKNNGP  5VWVVICTV  %QPUKFGTKPI VJG CRRGCTCPEG KP UGXGTCN JQCTFU VJKU EQKP EQWNF JCXG DGGP UVTWEM WPFGT DQVJ %JCTNGU VJG $CNF QT %JCT NGU VJG 5KORNG







 

&GPKGT  1TNGCPU. # -CTQNWU OQPQITCO )4#6+# &+ 4': 4 %TQUU #84'.+#0+5 %+86#5. /'%  /)   IT. 8GT[ HKPG
5EJWNOCP  #OUVGTFCO 

 

&GPKGT  2CNCKU. # -CTQNWU OQPQITCO )4#6+# &+ 4': 4 %TQUU 2#.#6+08 /10'. /'%  XCT /)  XCT  IT. 8GT[ HKPG
6KGVLGP  *CODWTI #WEVKQP 
 PQ  2KNCTV\  -NP #WEVKQP 
 PQ  6JG KNNWUVTCVKQPU KP /) CPF /'% UJQY C PQTOCN NCUV # KP 2#.#6+0# DWV JGTG KV KU ENGCTN[ CP 8

  &GPKGT  2CTKU. # -CTQNWU OQPQITCO /'%  /)   IT.
)QTP[

)4#6+# &+ 4': 4 %TQUU 2#4+5++ %+8+6#5. 4 2NGCUKPI RCVKPC XGT[ HKPG VQ GZVTGOGN[ HKPG



/QUEJ  /PEJGP #WEVKQP 

 PQ 

78

  1DQNG  4QWGP. # -CTQNWU OQPQITCO /'%  /)   IT.
(KPP  -GPFCN  'Z , ( %JQYP EQNNGEVKQP

+ )4#6+# &4': 4 %TQUU

4168++#%85 %++. 'ZVTGOGN[ HKPG









&GPKGT  5V &GPKU. # -CTQNWU OQPQITCO )4#6+# &+ 4': 4 %TQUU 5%++1085+8/. /'%  /)   IT. 8GT[ HKPG
XF&WUUGP  /CCUVTKEJV 



6JG EQKPU QH VJG OKPV /GNNG CTG UGRCTCVGN[ ENCUUKHKGF

UGG (TCPEG %QWPV[ QH 2QKVQW PQU 
 &GPKGT  /GNNG. # %TQUU %#4.85 4': (4 4 -CTQNWU OQPQITCO /'68..1. /'%  /)   IT. 'ZVTGOGN[ HKPG URGEKOGP
$QWIJV 
GZ &GEMGT EQNNGEVKQP 5EJWNOCP  #OUVGTFCO FF 



  1DQNG  /GNNG. # -CTQNWU OQPQITCO UOCNN ETQUU DGNQY - 4 %TQUU /'68..1. /'%  /)   IT. 0KEG RCVKPC XGT[ HKPG VQ GZVTGOGN[ HKPG
8KPEJQP  2CTKU 



%NCUU 


9KVJ VJG VKVNG +/2'4#614

  &GPKGT  $QWTIGU. # %TQUU %#4.85 +/2 #8) 4 -CTQNWU OQPQITCO $+684+%'5 %+8+. /'%  /)   IT. /CIPKHKEGPV VQPG CNOQUV GZVTGOGN[ HKPG
8KPEJQP  2CTKU  +V KU PQV ENGCT YJQO VJKU CPF VJG HQNNQYKPI EQKP UJQWNF DG CVVTKDWVGF VQ 1PN[ VYQ TWNGTU EQWNF DG EQPUKFGTGF %JCTNGU VJG $CNF CPF %JCTNGU VJG (CV QPN[ VJG[ JCXG JGNF KORGTKCN VKVNGU /) VCMGU PQ EJQKEG CPF ENCUUKHKGU VJGO WPFGT .CVG 0KPVJ%GPVWT[ QH CP 'ORGTQT %JCTNGU  /'% ENCUUKHKGU VJGO WPFGT %JCTNGU VJG $CNF
EH  YJKEJ YCU EJQ UGP JGTG 6JG NGVVGTKPI QH PQ  KU VJG UCOG CU VJCV QH PQ 



79

  1DQNG  $QWTIGU. # %TQUU %#4.85 +/2 #8 4 -CTQNWU OQPQITCO $+684+%'5 %+8+. /'%  /)   IT. 8GT[ HKPG VQ GZVTGOGN[ HKPG
8KPEJQP  2CTKU  /) JCU  CPF  DWV DQVJ UJQY C FKHHGTGPV VGZV HTQO VJKU QPG +P /'% VJGTG KU PQ  CNUQ YKVJ FKHHGTGPV VGZV (QT VJG EQKP UVTWEM D[ %JCTNGU VJG $CNF KP +VCN[ UGG MKPIFQO +VCN[



#HVGT VJG FGCVJ QH %JCTNGU VJG $CNF JKU UQP .QWKU ++ VJG 5VCOOGTGT KU MKPI HTQO  VQ  #HVGT JKO JKU VYQ UQPU .QWKU +++
 CPF %CTNQOCP ++
 VQIGVJGT TWNG VJG EQWPVT[ 1H EQWTUG VJGTG KU UQOG FKURWVG CDQWV VJG FKXKUKQP %CTNQOCP HQT KPUVCPEG IQV $WTIWPF[ CPF #SWKVCKPG 6QIGVJGT VJG[ HQWIJV VJG 8KMKPIU CPF $QUQ .QWKU ++ JCF [GV CP QVJGT UQP HTQO JKU UGEQPF OCTTKCIG %JCTNGU VJG 5KORNG #HVGT VJG FGCVJU QH %CTNQOCP CPF .QWKU +++ EQOGU %JCTNGU VJG (CV
 *G KU HTQO VJG )GTOCP DTCPEJ C UQP QH .QWKU VJG )GTOCP
.WFYKI FGT &GWVUEJG +P VJKU ECRCEKV[ JG KU MKPI QH DQVJ )GTOCP[ CPF +VCN[ #V VJG TGSWGUV QH VJG RQRG JG HKIJVU VJG 5CTCEGPU CPF KU ETQYPGF GORGTQT KP  9JGP JG YCU CRRQKPVGF UWEEGUUQT QH %CTNQOCP KP (TCPEG VJG ITGCV TGCNO QH %JCTNGOCIPG UGGOGF TGGUVCD NKUJGF *QYGXGT VJG 8KMKPIU KPXCFGF VJG EQWPVT[
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
 .QVJCKT
 CPF .QWKU 8
 YKVJ YJQO VJG %CTQNKPIKCP GTC EQOGU VQ CP GPF CPF VJG %CRGVKCPU GPVGT (QT VJG EQKP UVTWEM D[ .QWKU ++ VQIGVJGT YKVJ JKU YKHG #PIKNDGTIC UGG $GPGXGPVWO #FGNEJKU 

%#4.1/#0






&GPKGT  #TNGU. # %TQUU %#4.'/#085 4' 4 -CTQNWU OQPQITCO #4.'# %+8+5 :. /'%  /)   IT. 4 #VVTCEVKXG RCVKPC XGT[ HKPG
-PMGT  1UPCDTEM #WEVKQP 
 PQ 



80

%*#4.'5 NG )415






&GPKGT  #TNGU. # %TQUU %#4.85 +++ 2'4#6 4 -CTQNWU OQPQITCO #4'.# %+8+5 :+. /'%  /)   IT. 8GT[ HKPG
$QWTIG[  2CTKU 



+P  C UKIPKHKECPV RCTV QH VJG QNF (TCPEG OKFK EQOGU WPFGT (TCPEKC QEEKFGPVCNKU COQPI YJKEJ RCTVU QH VJG 0QTVJ CPF EKVKGU NKMG 5VTCUDQWTI CPF %QNQIPG

%*#4.'5 NG 5+/2.'








&GPKGT  $TWIIG. # $NWPFGTGF -CTQNWU OQPQITCO %4#6#e2': 4 %TQUU YKVJ QPG YGFIG KP GCEJ CPING $48%%+# /1. /'%  /)   IT. 44 (NCP ETCEM QVJGTYKUG GZVTGOGN[ HKPG
8KPEJQP  2CTKU  (TTG CNYC[U TGHGTU VQ /)  #U VJG FCVGU JG KPFKECVGU  6JGTG CTG  PWODGTU KP /)
 CNN QH VJGO WPFGT VJG PCOG QH %JCTNGU VJG $CNF





&GPKGT  -NP. # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING -841.85 4': 4 %QNQPKC OQPQITCO 5  %1.10+#  #. /'%  /)   IT. /KPQT HNCP ETCEM YGCMN[ UVTWEM XGT[ HKPG
-PMGT  1UPCDTEM #WEVKQP 
 PQ  *XGTPKEM  0QTOCNN[ VJG PWODGT YQWNF DG KP /)  CPF *X  1P VJQUG JQYGXGT -#41.85 KU TGPFGTGF TGCUQPCDN[ YGNN *GTG YG UGG '8&1. YKVJ C UOCNN VTKCPING WPFGT VJG & VQ VJG TKIJV 6JCV EQPEWTU YKVJ /)  CPF *X  6JGTG UGGO VQ DG QPN[ VYQ URGEKOGPU $GTNKP
 CPF  IT )CTKGN :.
)CTKGN EQNNGEVKQP 6JGTG '1&. ECP DG FKUVKPIWKUJGF CEEQTFKPI VQ /)







&GPKGT  2CTKU. # -CTQNWU OQPQITCO )4#6+# &+ 4': 4 +P HQWT NKPGU  2#4+5  5+8+6  . /'%  /)   IT. 8GT[ HKPG
8KPEJQP  2CTKU 

 81





 

&GPKGT  5VTCUDQWTI. # %TQUU 941+85 2+85 4': 4 +P VYQ NKPGU #4)'06+  0#%+8+65. /'%  /)   IT. 4 'ZVTCQTFKPCT[ YGNN UVTWEM GZVTGOGN[ HKPG URGEKOGP YKVJ CVVTCEVKXG VQPG
/P\GP WPF /GFCKNNGP  $CUGN 

 

&GPKGT  8GTFWP. # 4': KP HKGNF %#41.85 4 %TQUU 8+4&80 %+8+% . /'%  /)  XCT  IT. 8GT[ HKPG
2GWU  (TCPMHWTV #WEVKQP 
 PQ  0QV GZCEVN[ /)  YJKEJ GPFU YKVJ %+8+685 DWV PGCTN[ TGNCVGF VQ KV

.17+5 +8


  &GPKGT  %JKPQP. # &KCFGOGF DWUV T .8&18+%85 4': 4 %TQUU %#+010+ %#5641. /'%  /)  .GITQU   IT. 'ZVTGOGN[ TCTG /CIPKHKEGPV RQTVTCKV YGCMN[ UVTWEM QVJGTYKUG XGT[ HKPG VQ GZVTGOGN[ HKPG
'NUGP  $TWUUGN  (TQO NKUV  PQ  /) QPN[ MPQYU QH HGY URGEKOGPU .GITQU 44444 (QT HWTVJGT FGUETKRVKQP UGG 6QWTCKPG KP (TCPEG HQFCNG



  &GPKGT  .CPITGU. # + : KP HKGNF *.8&188+%85 4 %TQUU .+0%10+5 %865. /'%  /)   IT. 9GCMN[ UVTWEM XGT[ HKPG
$QWTIG[  2CTKU  0QVG KP /'% 6JG V[RG DGECOG KOOQDKNK\GF FWTKPI VJG UGEQPF JCNH QH VJG VJ EGPVWT[
&WOCU   CPF VJKU URGEKOGP OC[ YGNN JCXG DGGP UVTWEM CHVGT .QWKU FGCVJ



.16*#4+75


  &GPKGT  %JCNQP UWT 5CPG. # $ KP HKGNF /'%  /)   IT.
9TWEM  $GTNKP #WEVKQP 
 PQ  $ HQT $WTIWPFKC

.16#4+85 4': 4 %TQUU %#8+.10 %+86. 4 #VVTCEVKXG RCVKPC XGT[ HKPG VQ GZVTGOGN[ HKPG



82





&GPKGT  $QWTIGU. # %TQUU YKVJKP EKTENG QH RGNNGVU .16'4+85 4': 4 6GORNG $+684+%'5 %+8+6#5. /)   IT. &CTM VQPG XGT[ HKPG VQ GZVTGOGN[ HKPG
(KPP  -GPFCN  'Z , ( %JQYP EQNNGEVKQP /'% FCVGU VJKU V[RG DCEM VQ VJG VJ EGPVWT[ EQPUGSWGPVN[ KV KU NKUVGF KP XQN 8
 URGEKOGP QH VJG /'%
UGG /'% + R  %JGEM FCVGU .QVJCKT OCR UJQYU 



#HVGT  KP (TCPEKC QEEKFGPVCNKU VJG HKTUV UKIPU QH YGCMPGUU CTG DGIKPPKPI VQ UJQY #SWKVCKPG JCU VQ DG EQPSWGTGF CPF $TKVVCP[ TGVCKPU C HQTO QH CWVQPQO[ 0QV QPN[ KU PQDKNKV[ ICKPKPI KPFGRGPFGPEG VJG TCKFU QH VJG 8KMKPIU FGUVCDKNKUG VJG EQWPVT[ 6JKU HQTEGU %JCTNGU VJG $CNF VQ GPVTWUV VJG OWVKPGGT 4QDGTV VJG 5VTQPI YKVJ RQYGT QXGT VJG VGTTKVQTKGU DGVYGGP VJG 5GKPG CPF VJG .QKTG KP 
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
VJG )TGCV UWEEGGFU JKO *KU FCWIJVGT 'OOC OCTTKGU 4CQWN FWMG QH $WTIWPF[ 5WEJ KU 4QDGTV U RQYGT PQY VJCV KP  JG FGEKFGU VQ FGRQUG %JCTNGU VJG 5KORNG CPF DGEQOG MKPI JKOUGNH 6JG UCOG [GCT VJG ITGCV XCUUCNU GNGEV JKO MKPI KP 4GKOU DWV JKU TGKIP KU QPN[ VQ NCUV QPG [GCT *G VJGP OGGVU JKU GPF KP VJG $CVVNG CV 5QKUUQPU CICKPUV %JCTNGU VJG 5KORNG YJQ KU UWDUGSWGPVN[ DGCVGP D[ *WIJ VJG )TGCV CPF *GTDGTV QH 8GTOCPFQKU

41$'46+0'5

'7&'5
1&1






&GPKGT  .KOQIGU. # 1&1 OQPQITCO DGVYGGP VYQ ETQUUGU .+/18+%#5 %+8+5. /'%  /)   IT.
-TKEJGNFQTH  5VWVVICTV #WEVKQP 
 PQ 

)4#6+# &+ 4' 4 %TQUU 2GTHGEV RKGEG GZVTGOGN[ HKPG



83





&GPKGT  5QKUUQPU. # 5OCNN ETQUU YKVJ  1  &  1 CV VJG GPF QH VJG NKODU )4#6+# &+ 4': 4 %TQUU 58'55+  %+8+6#5. /'%  /)   IT. #VVTCEVKXG VQPG GZVTGOGN[ HKPG
6QFGTK  (NQTGPEG  EH /W/ #WEVKQP 
 PQ 







&GPKGT  6QWNQWUG. # %TQUU 1&&1 4': (4% 4 1&&1 KP EKTENG 61.15# %+8+. /'%  /)   IT. 0KEG RCVKPC GZVTGOGN[ HKPG
8KPEJQP  2CTKU 



  &GPKGT  6QWTU. # 1&1 4: OQPQITCO /+5'4+%14&+# &+ 4 %TQUU 68410'5 %+8+6#5. /'%  /)   IT. 8GT[ HKPG VQ GZVTGOGN[ HKPG
'NUGP  $TWUUGN  (TQO NKUV  PQ  6JKU KU QH ETWFG UV[NG CPF KU RQUUKDNG C RQUVJWOQWU EQR[ QH VJG HQTGIQKPI EQKPU .CHCWTKG CVVTKDWVGU EQKPU QH VJKU V[RG VQ 4CQWN
.CHCWTKG C  /'%  KU KP C OWEJ EQWTUGT UV[NG VJCP VJKU EQKP



4CQWN YCU UQP QH 4KEJCTF FWMG QH $WTIWPF[

 *G YCU OCTTKGF VQ 'OOC VJG FCWIJ VGT QH 4QDGTV + YJQ YCU UKUVGT VQ *WIJ VJG )TGCV #HVGT 4QDGTV U FGCVJ ETQYPGF MKPI KP 5QKUUQPU KP VJG 5CKPV/FCTF D[ )CWVKGT D[ VJG CTEJDKUJQR QH 5GPU
YJQ JCF ETQYPGF 1FQ CPF 4QDGTV CU YGNN 6JG EQWPVU QH #WXGTIPG 4QWGTIWG CPF 6QWNQWUG RCKF JQOOCIG VQ JKO +P  4CQWN FKGU EJKNFNGUU *KU DTQVJGT *WIJ VJG $NCEM UWEEGGFU JKO CU FWMG QH $WTIWPF[

4#17.


  &GPKGT  %JCTVTGU. # -CTQNWU OQPITCO %4#6+# &+ 4': 4 %TQUU %#46+5 %+8+6#5. /'%  /)   IT. 8GT[ HKPG VQ GZVTGOGN[ HKPG
$4'&  2CTKU  +P /) VJG KNNWUVTCVKQP FKHHGTU ITCXGN[ HTQO VJG FGUETKRVKQP 6JG PWODGTU   CPF  CNN DGCT VJG FGHQTOGF %JCTNGOCIPG OQPQITCO FG 9KV <WT &CVKGTWPI 5RVMCTQNKPIK UEJGT /P\GP 5EJYGK\GT /P\DNVVGT 
 R 



84





 

&GPKGT  %JCVGCWFWP. # 4QFWNHWU OQPQITCO %4#6+# &+ 4': 4 %TQUU &80+5 %#56..+. /'%  /)   IT. 4 8GT[ HKPG
/P\GP WPF /GFCKNNGP  $CUGN 

 

&GPKGT  1TNGCPU. # 4QFWNHWU OQPQITCO %+86#5. /'%  /)   IT.
/P\GP WPF /GFCKNNGP  $CUGN  /) CNN TGXGTUGU XCT[
  

%4#6+# &+ 4': 4 %TQUU

#84'. #0+5 4 'ZVTGOGN[ HKPG

+P  VJG FQOKPKQPU QH .QWKU VJG 2KQWU YGTG FKXKFGF COQPI JKU VJTGG UQPU (TQO VJKU FKXK UKQP C RGEWNKCT OKFFNG VGTTKVQT[ TGUWNVGF FGXQNXKPI QP VJG GNFGUV UQP .QVJCKT YJQ CNUQ KPJGTKVGF VJG KORGTKCN VKVNG 6JKU OKFFNG TGCNO UVTGVEJGF HTQO (TKUKC VQ FGGR KPUKFG +VCN[ +V YQWNF NCUV .QVJCKTU NKHGVKOG DWV YCU TGFKXKFGF KP 

(4#0%' /+&+

.16*#4+75 +


  &GPKGT  &QTGUVCF. # %TQUU *+16+#485 ++'+# 4 +P VJTGG NKPGU &14  '5 6#  685. /'%  /)   IT. 4 XGT[ HKPG URGEKOGP
$QWIJV 
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6JG ECTQNKPIKCP OKPV CV &WWTUVGFG ,/2  R  V[RG 
UV V[RG KV KU PQTOCN VQ YTKVG PCOG CPF VKVNG QH VJG GORGTQT KP VJKU YC[ 6[RG DGCTU ITGCV TGUGODNCPEG VQ VJG EQKPU QH .QWKU VJG 2KQWU CPF YQWNF JCXG VQ DG FCVGF DCEM VQ VJG DGIKPPKPI QH .QVJCKTU TGKIP $WV DCUGF QP HKPFU VJG RQUUKDKNKV[ VJCV VJKU V[RG YCU UVTWEM OWEJ NCVGT RQUUKDN[ GXGP CHVGT .QVJCKTU FGOKUG ECPPQV DG TWNGF QWV /'% EQPUKFGTU VJKU VQ DG C (TKUKCP KOKVCVKQP CPF TGCFU +++16+#++85++# QP VJG QDXGTUG



  &GPKGT  &QTGUVCF. # %TQUU YKVJ C RGNNGV KP GCEJ CPING +16#/85 +2 /'+4#6 4 6GORNG &14'56#685 /10. /'%  /)   IT. 4 /CIPKHKEGPV RCVKPC CNOQUV GZVTGOGN[ HKPG
5EJWNOCP  #OUVGTFCO  X )GNFGT
 V[RG 
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HQT /10'6# CRRGCTU HQT VJG HKTUV VKOG QPN[ VQ DGEQOG IGPGTCNN[ WUGF QP NCVGT V[RGU QH %JCTNGU VJG $CNF 6JGUG GZCEV EKTEWOUETKRVKQPU ECP V DG HQWPF KP /)
  



85





&GPKGT  #PQP[OQWU. # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING :2+56+#0# 4'.+)+1. MEC: --, /)   IT.

.86*#4+85 +/2 4 6GORNG 8GT[ HKPG VQ GZVTGOGN[ HKPG



5EJWNOCP  #OUVGTFCO  X)GNFGT

,/2  V[RG H #EEQTFKPI VQ X)GNFGT KV KU FQWDVCDNG VJCV VJKU V[RG YCU UVTWEM WPFGT .QVJCKT /)  JCU VJG UCOG QDXGTUG DWV VJG TGXGTUG UJQYU 4'.+%1 /)  UJQYU QP QDXGTUG * .86 VJG TGXGTUG DGKPI GSWCN





&GPKGT  /KNCP. # 5OCNN ETQUU *.16*#4+85 +/2 4 /'&+1.  KP HKGNF. /'%  /)   IT. 44 %NGCPGF URGEKOGP HTQO C JQCTF XGT[ HKPG
*GP\GP  #OGTQPIGP  (TQO NKUV PQXGODGT  PQ  (TQO JQCTF 4CCNVG 



9JGP .QVJCKT + FKGU KP  VJG NQPI UVTGVEJGF VGTTKVQTKGU CTG FKXKFGF VJTGG YC[U COQPI JKU UQPU +VCN[ IQGU VQ .QWKU ++
YJQ YCU CNTGCF[ MKPI VJGTG CPF YCU PQY ETQYPGF GORGTQT VJG PQTVJGTP VGTTKVQTKGU WPFGT VJG PCOG QH .QVJCTKPIKC IQ VQ .QVJCKT ++ CPF VJG 2TQXGPEG IQGU VQ %JCTNGU %JCTNGU VJG $CNF CVVGORVU VQ UGK\G VJG NCPFU QH JKU EQWUKPU # EJCPIG FQGUP V QEEWT WPVKN %JCTNGU
2TQXGPEG FKGU KP  1HHKEKCNN[ VJG 2TQXGPEG KU FKXKFGF COQPI .QVJCKT ++ CPF .QWKU ++ DWV %JCTNGU VJG $CNF JCU JKOUGNH ETQYPGF MKPI QH .QTTCKPG D[ VJG CTEJDKUJQR QH 4GKOU *KPEOCT 1PN[ KP  YKVJ VJG 6TGCV[ QH /GGTUUGP
DGVYGGP %JCTNGU VJG $CNF CPF .QWKU VJG )GTOCP C TGCN UQNWVKQP RTGUGPVU KVUGNH %JCTNGU VJG $CNF ICKPU EQPVTQN QH VJCV RCTV QH VJG 2TQXGPEG VJCV .QVJCKT ++ JCF CESWKTGF KP 
VJG TGIKQP UWTTQWPFKPI .[QP 6JG QNF OKFFNG TGCNO KU PQY FKXKFGF CU HQNNQYU 6JG RCTV QH VJG 2TQXGPEG VJCV YCU EQPVTQNNGF D[ %JCTNGU VJG $CNF JG PQY VTCPUHGTU VQ JKU EQP HKFCPV $QUQ $QUQ DGEQOGU MKPI QH VJG UQWVJGTP RCTV KP  *G CVVGORVU VQ CESWKTG VJG YJQNG QH $WTIWPFKC DWV JG HCKNU CPF VJWU VYQ RCTVU TGOCKP VJG UQWVJ
$WTIWPFKC #TGNCVG CPF VJG PQTVJ
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C FKUEQPPGEVGF VGTTKVQT[ VJCV UQOGVKOGU YCU UQOGVKOGU YCUP V IQXGTPGF D[ C FWMG UGG HWTVJGT WPFGT VJG 0GVJGTNCPFU CPF 7RRGT .QT TCKPG VJCV NCVGT YCU VQ DGEQOG VJG FWEJ[ QH .QTTCKPG
UGG #NUCEG.QTTCKPG #U JGKTU VQ VJG QNF OKFFNG TGCNO VJG TWNGTU QH $WTIWPFKC #TGNCVG CPF $WTIWPFKC %KUKWTCPC YGTG MKPI KP .QTTCKPG JQYGXGT  KH RTGUGPV CV CNN  UQNGN[ TGOCKPGF FWMG
86

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
 (TCPEQ PKC WPFGT .WFYKI +++
 CPF 5YCDKC WPFGT -CTN +++
 $GECWUG -CTN +++
CU %JCTNGU +++ CNUQ DGEQOGU MKPI QH (TCPEG VJG QNF TGCNO QH %JCTNGOCIPG TGXKXGU 1PN[ DTKGHN[ CU VJG 8KMKPIU RWV C UYKHV GPF VQ VJKU KNNWUKQP +P  VJG )GTOCP VGTTKVQTKGU CTG QPEG CICKP WPKVGF PQY WPFGT %CTNQOCP U UQP #TPWNH
 CHVGT YJKEJ .QWKU VJG %JKNF
 KU VJG NCUV QPG HTQO VJG JQWUG QH VJG %CTQN KPIKCPU JG YCU UWEEGGFGF D[ -QPTCF +

(4#0%+# 14+'06#.+5

#407.( XQP -406'0







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%10%+8'%+8+6 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING
#401.&85 4'. /'%  /)   IT. 9GCMN[ UVTWEM XGT[ HKPG
/P\GP WPF /GFCKNNGP  $CUGN  /1)106+# YCU VJG URGNNKPI QH VJG PCOG KP /CKP\
/'% R 



.7&9+) FCU -+0&







&GPKGT  -NP. # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING .8&188+%85 4': 4 %QNQPKC OQPQITCO 5  %1.10+#  #. /'%  /)  IT. 4 /KPQT GFIG HCWNV XGT[ HKPG VQ GZVTGOGN[ HKPG
(TCPEGUEJK  $TWUUGN  /) JCU VJG QDXGTUG NGIGPF .8&188%854':



87

+//1$+.+5#6+10 +P VJG PCOG QH .8&18+%85





&GPKGT  #PQP[OQWU. # %TQUU YKVJ QPG RGNNGV KP VYQ CPINGU 4+0++4+%1  IT.
0WOKUOCVKEC  9KGP #WEVKQP 
 PQ  EH DTKGH $KDN 0CV

.8118+%85 4 6GORNG 'ZVTGOGN[ HKPG







&GPKGT  #PQP[OQWU. # %TQUU YKVJ QPG RGNNGV KP VYQ CPINGU +8118%85 + 4 6GORNG YKVJ ETQUU DGVYGGP VYQ RGNNGVU. : 2+406 4'.1.  IT. 'ZVTGOGN[ HKPG
/P\\GPVTWO  -NP 







1DQNG  #PQP[OQWU. # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING :+%#0#4'.41.  IT.
/P\\GPVTWO  -NP 

. +58%5 +/2 4 6GORNG /KPQT HNCP FGHGEV XGT[ HKPG



+P VJG PCOG QH %*#4.'5





&GPKGT  3WGPVQXKE. # /QPQITCO )4#6+# &+ 4': 4 %TQUU YKVJ QPG RGNNGV KP CP CPING CPF C TKPI KP CPQVJGT 188'06188+%.  IT. 4 9GCMN[ UVTWEM XGT[ HKPG
'NUGP  $TWUUGN  (TQO (ECOR JQCTF &WOCU (ECOR    YKVJ TKPI KP QPG CPING QT    YKVJ TKPI CPF RGNNGV KP QPG CPING



88

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
YJCVGXGT TGOCKPGF CWVQPQOQWU YQWNF DG UQQP VQ HQNNQY 1PG &WEJ[ YQWNF NCUV GXGP KH KV NQUV CNN QH KVU (TGPEJ RQUUGUUKQPU $WTIWPF[ +PKVKCNN[ YKGNFKPI RQYGT QPN[ KP VJG 0GVJGTNCPFU VJG OCTTKCIGU QH /CTKC CPF /CZKOKNKCP CPF QH VJGKT UQP 2JKNKRU VJG (CKT VQ ,GCPPG HTQO VJG *QWUG QH VJG 4G[GU %CVQNKEQU YQWNF NGCF VQ C YQTNF GORKTG #U VJG VTCPUKVKQP QH VJG &WEJ[ QH (TCPEG VQ VJG -KPIFQO QH (TCPEG YCU DCTGN[ RCNRCDNG VJG HQNNQY KPI YKNN DG FKUEWUUGF VTKEJQVQOQWUN[ &WEJ FG (TCPEG (TCPEG 4Q[CNG CPF (TCPEG (QFCNG

(4#0%'

&7%* &' (4#0%'

#NVJQWIJ JKU HCVJGT 4QDGTV + JCF DGGP C 4QDGTVKPG -KPI QH (TCPEG YKVJ *WIJ VJG )TGCV VJG TWNG QH VJG %CRGVKCPU KP VJG MKPIFQO EQOOGPEGF *WIJ VJG )TGCV OCTTKGF VJTGG VKOGU 'CFJKNF
FCWIJVGT QH MKPI 'FYCTF VJG 'NFGT QH 'PINCPF CPF *GFYKIG
UKUVGT QH VJG )GTOCP MKPI 1VVQ + YGTG VYQ QH JKU YKXGU *GFYKIG DQTG JKO  EJKNFTGP GCEJ QPG RNC[KPI C UKIPKHKECPV TQNG KP (TGPEJ JKUVQT[ +P  %JCTNGU 5KORNGZ CRRQKPVGF *WIJ VJG )TGCV VQ UWEEGGF JKU HCVJGT #HVGT VJG NCVVGT U FGOKUG JQYGXGT *WIJ UWRRQTVGF VJG GNGEVKQP QH JKU DTQVJGTKPNCY 4WFQNRJ QH $WTIWPF[ *WIJ YJKNG TGVCKPKPI EQPVTQN QH JKU EQWPVKGU
CNQPI VJG DCPMU QH VJG .QKTG CPF UWTTQWPFKPI 2CTKU CPF VJG CDDG[U QH 5V /CTVKP FG 6QWTU /CT OQWTVKGT CPF 5V &GPKU VJWU TGPQWPEGF VJG ETQYP 0QPGVJGNGUU KV YQWNF DG *WIJ YJQ YQWNF NGCF (TCPEG VQ KVU HWVWTG 4WFQNRJ
4CQWN YCU NCTIGN[ FGRGPFGPV QP *WIJ CPF VJG NCVVGT JCF .QWKU +8 UQP QH %JCTNGU 5KORNGZ ETQYPGF MKPI CHVGT 4WFQNRJ U FGCVJ KP  *WIJ DGECOG &WZ (TCPEQTWO CPF PCOGF JKOUGNH KP QOPKDWU TGIPKU PQUVTKU UGEWPFWU C PQDKU *KU FQOKPKQPU UGRCTCVGF .QWKU +8 QH UWDUVCPVKCN RCTVU QH VJG MKPIFQO *QYGXGT .QWKU +8 FKF UVTKXG VQYCTFU CP KPFGRGPFGPV IQXGTPOGPV HQTEKPI *WIJ VQ CNN[ YKVJ 1VVQ + 6JKU WNVKOCVGN[ NGF VQ C TGEQPEKNKCVKQP QH VJG EQPHNKEV
8KU  +P  .QWKU +8 HGNN KPVQ 8KMKPI JCPFU RTQORVKPI *WIJ VQ HQTEG 3WGGP )GTDGTIC VQ ITCPV JKO EQPVTQN QXGT .CQP YJGTGWRQP 1VVQ + UVCTVGF C ECORCKIP CICKPUV *WIJ +P  RGCEG YCU TGCEJGF KP 5QKUUQPU 5VKNN CHVGT .QWKU FGCVJ )GTDGTIC EQWNF QPN[ DTKPI JGT UQP .QVJCKT VQ VJG VJTQPG YKVJ *WIJ U EQPUGPV #NVJQWIJ JG PGXGT YQWNF DGEQOG MKPI *WIJ UQNGN[ FGVGTOKPGF VJG EQWTUG QH (TCPEG JGPEG JKU VKVNG *WIJ VJG )TGCV

*7)7'5 NG )4#0&






&GPKGT  5GPNKU. # *8)1 &7: CTQWPF UOCNN ETQUU EKTENG QH RGNNGVU CPF %4#6+# &+ 4': 4 +P VYQ NKPGU 5+.8#  0'%6+5 VYQ NKPGU DGVYGGP KV QPG ETQUU CDQXG CPF QPG DGNQY. &  .GITQU   IT. 'ZVTGOGN[ TCTG TGOCTMCDNG RGFKITGG CVVTCEVKXG RCVKPC XGT[ HKPG
8KPEJQP  2CTKU   'Z /G[GT EQNNGEVKQP  'Z $QTFGCWZ EQNNGEVKQP  'Z 2TKGWT EQNNGEVKQP %J 2TKGWT CPF 'NKUCDGVJ 2QWTEJGTQN KP #TGVJWUG
:::8+  YTKVG %GU RKEGU UQPV GZVTOGOGPV TCTGU WP DGN GZGORNCKTG SWK UG VTQWXCKV FCPU NC EQNNGEVKQP /G[GT GUV RCUU GP  FCPU NC EQNNGEVKQP $QTFGCWZ GV GP  FCPU EGNNG FG / 2TKGWT  +P QNFGT NKVGTCVWTG VJKU EQKP KU CVVTKDWVGF VQ *WIJ %CRGV CPF KU VJQWIJV VQ JCXG DGGP UVTWEM KP 
*WIJ QP ,WN[ UV QH  YCU ETQYPGF MKPI KP 0Q[QP GPFKPI VJG %CTQNKPIKCP GTC CPF KU UQOGVKOGU TGHGTTGF VQ CU EQTQPCVKQP FGPKGT  *QYGXGT VJCV VJKU EQKP UJQWNF DG CVTTKDWVGF PQV VQ *WIJ %CRGV DWV TCVJGT VQ *WIJ VJG )TGCV
YJQ PGXGT JCF DGGP MKPI VJGTGHQTG VJG )4#6+# &+ 4': KU C NKVVNG UWTRTKUKPI KU GZRNCKPGF D[ .GITQU CU HQNNQYU .GU RKEGU NC N IGPFG *8)1 &8: KOKVGPV EGNNGU FG .QWKU +8 F 1WVTGOGT
 N KPUETKRVKQP EQPEGPVTKSWG .8&18+% GV NGWT CVVTKDWVKQP PG HCKV CWEWP FQWVG GNNGU UQPV N WXTG F *WIJ VJG )TGCV SWK RQUUFCKV 5GPNKU 'NNGU QPV RGWVVTG V HTCR RGU CW OQOGPV FG NC ECRVKXKV FW TQK GP 
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89







&GPKGT  %JVGCW.CPFQP. # /QPQITCO QFQPKGP FG 4CQWN )4#6+# &+ 4 %TQUU %#56+5 .#0&+0+. .GITQU   IT. 44 'ZVTGOGN[ HKPG
/P\GP WPF /GFCKNNGP  $CUGN  6JG OQPQITCO QFQPKGP FG 4CQWN KU C TGXGTUGF ( CP 4 CV VJG VQR YKVJ VYQ 1 U CU OQPQITCO +P FG 9KV <WT &CVKGTWPI 5RVMCTQNKPIKUEJGT /P\GP 5EJYGK\GT /P\DNVVGT 
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CPF VJG PWODGTU   CPF  KU ENCUUKHKGF WPFGT %NCUU $ QH 4CQWN +P VJKU CTVKENG VJG EQKPU QH %NCUU $ CTG UWTOKUGF VQ DG UVTWEM CHVGT 4CQWN U FC[U RNCEKPI VJGO KP VJG RGTKQF QH *WIJ VJG )TGCV
VJG RNCEGU %JVGCW.CPFQP 'VCORGU CPF 1TNCPU YGTG VJGP RCTV QH VJG &WEJ[ QH (TCPEG +P VJG UCOG CTVKENG VJG CUUWORVKQP KU OCFG VJCV VCMKPI VJG UVCVG QH VJGKT EQPUGTXCVKQP KPVQ CEQWPV VJGUG EQKPU
%NCUU $ OWUV JCXG DGGP UVTWEM UJQTVN[ CHVGT VJG TGKIP QH 4CQWN 6JKU KU CNN VJG OQTG CUVQPKUJKPI CU .GITQU CVVTKDWVGU PTU  CPF 
DQVJ HTQO 1TNCPU VQ *WIJ %CRGV 6JKU VGZV EJQQUGU VQ CFJGTG VQ .GITQU XGTUKQP





&GPKGT  VCORGU. # /QPQITCO QFQPKGP FG 4CQWN )4#6+# &+ 4': 4 %TQUU 56#/2+5 %#6'.+. .GITQU  2F#   IT. 44 8GT[ HKPG
/P\GP WPF /GFCKNNGP  $CUGN  5GG PQVGU CV PQ 



*7)7'5 %#2'6
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







&GPKGT  1TNCPU. # /QPQITCO QFQPKGP FG 4CQWN )4#6+# &+ 4 %TQUU #84'.+#0+5 %+8+6#5. .GITQU   IT. 44 #VVTCEVKXG RCVKPC XGT[ HKPG
5EJWNOCP  #OUVGTFCO  5GG PQVGU CV PQ 





&GPKGT  1TNCPU. # /QPQITCO QFQPKGP FG 4CQWN %4#6+# &+ 4': 4 %TQUU #84'. #0+5 %+8+6#. .GITQU  2F#   IT. 44 8GT[ HKPG VQ GZVTGOGN[ HKPG
/P\GP WPF /GFCKNNGP  $CUGN  5GG PQVGU CV PQ 



90





$KUJQR #4017. ++

 &GPCT  1TNCPU. # * ; ) 1 CTQWPF EKV[ ICVG &  + &':64#$' 4 5JQTV ETQUU #;4'. #0+5 %+8+6#5. .GITQU   IT. 4 5OCNN VTCEGU QH EQTTQUKQP QVJGTYKUG XGT[ HKPG
5RKPM  <TKEJ #WEVKQP 
 PQ  * QH *;)1 VQ VJG TKIJV QH VJG EKV[ ICVGU .GITQU FGVGTOKPGU CU %KXKVU KPUVGCF QH %KXKVCU
OGPVKQPGF CDQXG .GITQU TGHGTU VQ VJG 6TUQT FG 6TQ[GU



$KUJQR +5'/$#4&

 1DQNG  1TNCPU. # 0'  +% DGPGCVJ EKV[ ICVG & CDQXG CPF 6# YKVJKP &+ &':64#$' 4 %TQUU YKVJ CNRJC CPF QOGIC KP VJG TF CPF VJ CPINGU #4'.+#0+5 %+8+6#. .GITQU  2F#   IT. 44 #VVTCEVKXG RCVKPC XGT[ HKPG VQ GZVTGOGN[ HKPG
$GEMGPDCWGT  /PEJGP  'Z /CTEJGXKNNG EQNNGEVKQP
! .GIGPF CPF UKIPU CTQWPF EKV[ ICVGU QP QDXGTUG RTKPEKRCNN[ FGPQVG &'+ &':64# $'0'&+%6# .GITQU TGHGTU VQ 6TUQT FG 5CKPV*KNCKTG



(4#0%' 41;#.'
6JG TGKIP QH *WIJ %CRGV ECP V DG UGGP CU C PGY GTC CNVQIGVJGT KV YQWNF JCXG VQ DG TGHGTTGF VQ CU C PGY GRKUQFG +P TGVTQURGEV QPN[ VJG HCEV VJCV VJG %CRGVKCPU JGNF VJG (TGPEJ VJTQPG HQT EGPVWTKGU LWUVKHKGU FGUKIPCVKPI *WIJ %CRGV CU VJG HKTUV UQXGTGKIP QH VJG PGY GTC 6JG FQOKPKQPU
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
VJG FC[U QH %JTKUV U RCUUKQP CPF TGUWTTGEVKQP YGTG VQ DG TGURGEVGF CU C RGCEG RGTKQF QPEG OQTG UJQYKPI VJCV VJG MKPIU YGTGP V CDNG VQ CEEQORNKUJ VJGKT HQTGOQUV VCUM QH MGGRKPI QTFGT CPF RGCEG

%#2'6+#05 *7)1 %#2'6



  &GPCT  $GCWXCKU. # %TQUU YKVJ QPG RGNNGV KP VJG PF CPF TF CPINGU *'48'85 *8)1 4': 4 %CTQNKPIKCP OQPQITCO $'.8#%85 %+8+6#5. &  .   IT. 4 /CIPKHKEGPV RCVKPC YGCMN[ UVTWEM XGT[ HKPG VQ GZVTGOGN[ HKPG
8KPEJQP  2CTKU  *GTX YCU DKUJQR QH $GCWXCKU
 $GCWXCKU NC[ DG[QPF VJG TQ[CN FQOCKP *G JCF JKU EQKPU DGCT VJG MKPI U PCOG HQT RQNKVKECN TGCUQPU QT DGECWUG VJG VGTTKVQT[ YCU C OWVWCN RQUUGUUKQP



91

  1DQNG  $GCWXCKU. # %TQUU YKVJ QPG RGNNGV KP VJG PF CPF TF CPINGU *'48'85 *7)1 4': 4 %CTQNKPIKCP OQPQITCO $'.8#%85 %+8+6#5. &  .   IT. 4 #VVTCEVKXG RCVKPC YGCMN[ UVTWEM XGT[ HKPG
8KPEJQP  2CTKU 



41$'46 ++


  &GPKGT  2CTKU. # 4': KP HKGNF 416 $'4 685 4 %TQUU  2#4+5+85 %+8+6#5. &  .   IT. 4 9GNN UVTWEM WR YKVJ HKPG RCVKPC XGT[ HKPG VQ GZVTGOGN[ HKPG

5RKPM  .QPFQP #WEVKQP 

 PQ  'Z 5JKTNG[(QZ DGSWGUV  'Z $NWPV



*'04+ +


  1DQNG  6QWNQWUG. # 4': KP EKTENG #+#04+)1 4 %JTKUVQITCO QPG RGNNGV KP VJG TF CPF VJ CP INGU 21*%+1 %1*'5. &  .   IT. 44 9GNN UVTWEM WR XGT[ HKPG VQ GZVTGOGN[ HKPG
8KPEJQP  2CTKU  6JGUG EQKPU DGCTKPI VJG PCOG QH VJG MKPI YGTG UVTWEM D[ %QWPV 2QPU
 DNQQF TGNCVKXG QH *GPT[ + 6QW NQWUG QH EQWTUG NC[ QWVUKFG QH VJG 4Q[CN &QOCKP #KCPTKIQ KU VJG UQWVJGTP 4QOCP PCOG HQT 6QWNQWUG



2*+.+22' +


 



&GPKGT  %JVGCW.CPFQP. # $NWPFGTGF 4CQWN OQPQITCO

UVTKRG DGVYGGP VYQ 1 CDQXG 5 + DGNQY CPF  2*++.2285 4': 4 %TQUU YKVJ QPG UOCNN ETQUU KP VJG UV CPF VJ CPINGU .#0&10+5 %#56#. &  .   IT. 8GT[ HKPG
%TGFKV FG NC $QWTUG  2CTKU  (TQO  QP VJG %JVGCW.CPFQP DGNQPIGF VQ VJG FQOCKP





1DQNG  %JVGCW.CPFQP  UV V[RG. # $NWPFGTGF 4CQWN OQPQITCO

UVTKRG DGVYGGP VYQ 1 CDQXG 5 + DGNQY CPF  2*++.2285 4': 4 %TQUU YKVJ QPG UOCNN ETQUU KP VJG UV CPF VJ CPINGU .#0&10+5 %#56#. &  .   IT. 4 #VVTCEVKXG RCVKPC CNOQUV GZVTGOGN[ HKPG
8KPEJQP  2CTKU  'Z 2TKGWT EQNNGEVKQP



92







&GPKGT  1TNGCPU  UV V[RG. # %KV[ ICVG DGVYGGP 0'  +% + CDQXG CPF #6 YKVJKP 2*+.  285 : 4': &+ 4 %TQUU YKVJ 5 KP VJG UV CPF VJ CPINGU #84'.+#0+5 %+8+6#. &  .   IT. /KPQT FQWDNG UVTWEM XGT[ HKPG
$QPXCNNGV  2CTKU  6JG EKV[ ICVG KU VJG U[ODQN QH 1TNGCPU 6JG NGVVGTU FGTKXG HTQO &'+ &':64# $'0'&+%6#





&GPCT  /EQP. # 4JQODKE ETQUU

NGVVGT 1 YKVJ QPG RGNNGV KP GCEJ CPING 2+++285 4: 4 5 DG VYGGP VYQ RGNNGVU /#6+5%10. &  .   IT. 8GT[ HKPG
5RKPM  .QPFQP  'Z 0%  PQ /&



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
 0QV QPN[ JCF *GPT[ PQY OCKPVCKPGF JKU RQUKVKQP KP 0QTOCPF[ DWV D[ YGFFKPI JKU FCWIJVGT VQ VJG EQWPV QH #PLQW UVTGPIVJGPGF KV UWDUVCPVKCNN[ (QT .QWKU CNUQ UQOG RQUKVKXG GHHGEVU YGTG VQ DG PQVGF VJQWIJ 9JGP GORGTQT *GKPTKEJ 8 KP XCFGF (TCPEG KP  VJG VGTTKVQTKCN UQXGTGKIPU CPF XCUUCNU UVQQF WPKVGF DGJKPF VJGKT MKPI 6JKU FKURNC[ QH NQ[CNV[ VQ VJGKT UW\GTCKP HQTEGF VJG GORGTQT VQ C UYKHV TGVTGCV 5JQTVN[ DGHQTG JKU FGCVJ .QWKU 8+ DTQWIJV CDQWV VJG OCTTKCIG QH JKU UQP .QWKU 8++ VQ 'NGQP QTG JGKTGUU VQ VJG LWUV FGEGCUGF FWMG )WKNNCWOG : QH #SWKVCKPG

.17+5 8+


  &GPKGT  1TNGCPU. # %KV[ ICVG DGVYGGP QOGIC CPF VJTGG JQTK\QPVCN UVTKRGU CDQXG 1 .8&18+%85 4': + 4 %TQUU KP VJG UV CPING CP # KP VJG VJ CPING CP 1 #84'.+#0+5 %+8+6#u. &  .   IT. 8GT[ HKPG
6QFGTK  (NQTGPEG 







&GPKGT  5GPU. # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING .8&18+%85 4': 4 6GORNG 5'0105 8++4$5. &  .   IT. #NOQUV GZVTGOGN[ HKPG
8KPEJQP  2CTKU  6JG UKIPKHKECPEG QH ++
 ++ WPFGTNKPGF KP 84$5 KU WPENGCT +U VJKU VQ EQTTGEV VJG OKUUKPI + KP 5'010+5! .CHCWTKG UC[U VJGTG KU PQ EGTVCKP CVVTKDWVKQP VQ .QWKU 8+ QT .QWKU 8++ 6JG HQTO 84$5 JQYGXGT KPFKECVGU .QWKU 8+



93

.QWKU 8++ EQPVKPWGF VJG RQNKVKEU QH JKU HCVJGT VJQWIJ YKVJ NGUU CWVJQTKV[ #OQPI QVJGT VJKPIU JG JCF VQ TGNKPSWKUJ VJG PGYN[ CESWKTGF #SWKVCKPG YJGP JG UGRGTCVGF HTQO 'NGQPQTG CPF VJKU NQUU YCU GZCEGTDCVGF D[ JGT EQPUGEWVKXG OCTTKCIG VQ *GPT[ ++ QH 'PINCPF .QWKU CNUQ VQQM RCTV KP VJG PF ETWUCFG ECWUKPI C  [GCT CDUGPEG HTQO JKU FQOKPKQPU *G FKOKPKUJGF VJG KPHNWGPEG QH VJG UGPGUEJCN C RQYGTHWN TGRTGUGPVCVKXG QH VJG MKPI VJWU FKU RQUKPI QH VJG )CTNCPFG HCOKN[ VJCV WR VQ VJGP JCF CNN DWV OQPQRQNKUGF VJKU QHHKEG *CF VJG )GTOCP 'ORKTG WR VQ VJG OKFFNG QH VJG VJ EGPVWT[ WPFKURWVCDN[ JGNF VJG ITGCVGUV RQNKVKECN RQYGT KP 'WTQRG VJG EQTQPCVKQP QH *GPT[ ++ KP 'PINCPF FTGY VJG GRKEGPVTG QH RQYGT YGUVYCTF *G CNTGCF[ RQUUGUUGF ITGCV VGTTKVQTKGU 0QTOCPF[ #PLQW /CKPG CPF 6QWTCKPG CPF VJTQWIJ JKU OCTTKCIG #SWKVCKPG 6JTGG ECORCKIPU KP $TKVVCP[ HQTEGF VJG $TGVQP .QTFU VQ CEMPQYNGFIG JKU UQP )GQHHTG[
FWMG QH #PLQW CU VJG UWEEGUUQT VQ VJGKT &WMG %QPCP CPF YKVJ VJG FGCVJ QH VJG NCVVGT KP  *GPT[ VQQM EQPVTQN QH $TKVVCP[ 6JG EQWPV QH 6QWNQWUG KP  JCF VQ FGENCTG JKOUGNH NKGIG VQ *GPT[ ++ YJQUG RQYGT PQY GZVGPFGF VQ VJG /GFKVGTTCPGCP $[ YGFFKPI JKU UGEQPF UQP *GPT[ VQ VJG FCWIJVGT QH .QWKU 8++ JG ICKPGF 8GZKP
TGIKQP CTQWPF #PFGN[U VJCV OGTIGF YKVJ 8CNQKU PQY VJG FGRCTVOGPV QH 5GPNKU JQOG VQ VJG 8CNQKU F[PCUV[

.17+5 8++






 

&GPKGT  $QWTIGU. # $GCTFGF DWUV HCEKPI .8&18+%85 4': 4 (NQTKCVGF NCVKP ETQUU 84$5 $+ 684+%#. &  .   IT. 0KEG VQPG XGT[ HKPG
/P\\GPVTWO  -NP 

 

&GPKGT  2CTKU  VJ V[RG. # (4#  1e0 KP HKGNF .8&18+%85 4' 4 %TQUU 2#4+5++ %+8+5. &  .   IT. 8GT[ HKPG
*QNNGOCP  &GNFGP  (TQO NKUV  PQ  &WRNGUU[ ECNNU VJKU VJG VJ V[RG







1DQNG  #SWKVCKPG  PF V[RG. # %TQUU .8&18+%85  4 4 +P VJTGG NKPGU &8:  #28+  6#0+'. &  .   IT. 4 5OCNN VTCEGU QH EQTTQUKQP XGT[ HKPG
8KPEJQP  2CTKU  6JKU EQKP YCU UVTWEM CV VJG DGIKPPKPI QH .QWKU 8++ U TGKIP JG CESWKTGF FWECN RQYGT KP #SWKVCKPG D[ OCTT[KPI 'NGQP QTG
FKUUQNXGF KP  +P  'NGQPQTG OCTTKGU *GPT[ ++ QH 'PINCPF VJGTGD[ VWTPKPI #SWKVCKPG KPVQ 'PINKUJ VGT TKVQT[ 5GG HWTVJGT WPFGT #SWKVCKPG 2QUUKDN[ UVTWEM KP $QTFGCWZ





1DQNG  .CQP. # %TQYPGF DWUV HCEKPI .8&18+%85 4' 4 $WUV HCEKPI YKVJ OKVTG )#.6'485 '2%. &  .   IT. 9GCMN[ UVTWEM CV VJG GFIG RQVTCKVU YGNN UVTWEM WR XGT[ HKPG
'NUGP  $TWUUGN  (TQO NKUV  PQ  9KVJ DKUJQR )CWVKGT +
 QT )CWVKGT ++
 .CHCWTKG ENCKOU C YGKIJV QH  VQ  HQT VJG FGPKGT CPF  HQT VJG QDQNG 0GXGTVJGNGUU VJKU URGEKOGP KU UWDUVCPVKCNN[ UOCNNGT VJCP VJG FGPKGT %GU OQPPCKGU UQPVGNNGU FGU OQPPCKGU FG RCTKCIG QW GUVEG UKORNGOGPV RCT FKHHTGPEG SWG NGU XSWGU KPUETKXGPV NG PQO FW TQK UWT NGU OQPPCKGU! .GU VGZVGU EQPPWU P QPV RCU GPEQTG RGTOKU FG FQPPGT WPG UQNWVKQP EG RTQDNOG OQPVCKTG &G VQWVG HCEQP EGU OQPPCKGU FQKXGPV VTG EQUKFTGU EQOOG UGOKHQFCNGU
UQWU 2JKNKRRG #WIWUVG NG TQK C WPG RCTV UWT NGU DPHKEGU 'ZRNCPCVKQP .CHCWTKG YKVJ PQ  R  .CQP NC[ QWVUKFG VJG TQ[CN FQOCKP



94

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
UGG WP FGT 6QWTCKPG HQT VJG NCPFU KP VJG 9GUV %GU FGWZ GUREGU RCTKUKU GV VQWTPQKU EQPUVKVWTGPV CW VKGTU F CTIGPV HKP GPXKTQP NG U[UVOG PQWXGCW FG NC OQPPCKG TQ[CNG
.CHCWTKG

2*+.+22' ++ #7)756'






&GPKGT 2CTKUKU  #TTCU  PF V[RG. # (4#  1e0 KP VJG HKGNF 2*+.+285 4': 4 %TQUU YKVJ QPG NKU KP VJG PF CPF TF CPINGU #44#5 %+8+5. &  .   IT. &CTM VQPG XGT[ HKPG
6KGVLGP  *CODWTI  .CHCWTKG CU FQGU &WRNGUU[ IKXGU C NKU QP TGXGTUG KP VJG UV CPF VJG VJ CPINGU







&GPKGT  .CQP. # %TQYPGF DWUV HCEKPI 2*+.+285 4' 4 $WUV HCEKPI YKVJ OKVTG 41)'485 '2'. &  .   IT. 8GT[ HKPG URGEKOGP YKVJ CVVTCEVKXG RCVKPC CPF RQTVTCKVU YGNN UVTWEM WR
5RKPM  .QPFQP #WEVKQP 
 PQ  'Z 'NKCU EQNNGEVKQP
 DQWIJV 5RKPM  2JKNKRRG ++ UVTWEM VYQ UGTKGU
RCTKUKU CPF VQWTPQKU CPF NQECNN[ EQKPGF NKMG CV VJKU OKPV KP .CQP 9KVJ DKUJQR 4QIGT FG 4QUQK




95

2JKNKR ++ #WIWUVG YCU UWEEGGFGF D[ JKU UQP .QWKU 8+++ 6JG NCVVGT VTKGF VQ UGK\G VJG 'PINKUJ VJTQPG CPF LQKPGF KP VJG ETWUCFG CICKPUV VJG #NDKIGPUKCPU 9JGP #OCWT[ UQP QH 5KOQP QH /QPVHQTV EQPHGTTGF VJG EQWPV[ 6QWNQWUG WRQP JKO 2JKNKR UVCTVGF C YCT CKOKPI VQ GZRCPF VJG TQ[CN FQOCKP KP VJG 5QWVJ QH (TCPEG *G FKFP V NKXG VQ UGG VJKU GZRCPUKQP
 CPF FKGF C [QWPI OCP KP 

.17+5 8+++  +:


  &GPKGT 6QWTPQKU  UV V[RG. # %TQUU YKVJKP EKTENG QH RGNNGVU .8&18+%85  4': 4 %JVGN VQWT PQKU 6841085 %+8+5. &  .   IT. 8GT[ HKPG VQ GZVTGOGN[ HKPG
/P\GP WPF /GFCKNNGP  $CUGN  .CHCWTKG IKXGU %+8+ KPUVGCF QH %+8+5
VJKU KU VJG VGZV HTQO .  .QWKU +: .QWKU +: QPN[ TGHGTU VQ VJG HKTUV RGTKQF QH JKU IQXGTPOGPV KG WPVKN 
IQXGTPGF WPVKN  VCMGP HTQO &W RNGUU[



.QWKU +: VJG 5CKPV UWEEGGFGF .QWKU 8+++ JKU OQVJGT IQXGTPKPI CU C TGIGPV WPVKN VJG [QWPI MKPI YCU FGGOGF QH CIG *G YCU C FGXQWV %JTKUVKCP QPG QH YJQUG OCLQT RQNKVKECN KPVGTGUVU KV YCU VQ GPUWTG VJG YGNHCTG QH JKU RGQRNG *G VQQM RCTV KP VYQ ETWUCFGU CPF YCU ECRVWTGF KP VJG HKTUV QPN[ VQ DG TGNGCUGF CHVGT RC[KPI C NCTIG TCPUQO 6JG NCVVGT GZRGFKVKQP YCU PQ UWEEGUU GKVJGT HQTEKPI JKO VQ KPVGTHGTG KP +VCNKCP OCVVGTU
JKU DTQVJGT %JCTNGU QH #PLQW YCU MKPI QH 5KEKN[ D[ VJGP YJKEJ FKFP V UGTXG JKU (TGPEJ ECWUG 'ZRCPUKQP QH VJG TQ[CN FQOCKP WPFGT 5CKPV .QWKU YCU URCTUG QPN[ .CPIWGFQE CPF 0CTDQPPG YGTG CFFGF 6JG YGCNVJ[ CRCPCIGU
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
%JCODTG FGU EQORVGU  C EQWPVGTRCTV VQ VJG 'PINKUJ 'ZEJGSWGT /CP[ (TGPEJ KPUVK VWVKQPU CTG FGTKXGF HTQO 'PINKUJ QPGU 1P  /CTEJ  .QWKU +: FGENCTGF VJG RCTKUKU CPF VJG VQWTPQKU XCNKF HQT VJG GPVKTG EQWP VT[ # FQEWOGPV FCVGF  ,WN[  EQPVCKPU FCVC EQPEGTPKPI VJG )TQU VQWTPQKU
VJG QTFQP PCPEG KU WPMPQYP +V YGKIJGF  IT .QWKU +: YCU VJG HKTUV VQ JCXG JKU EQKPU KORTKPVGF YKVJ TGNKIKQWU FKEVC QP VJG EW F QT :2% 8+0%+6 :2% 4')0#6 :2% +/2'4#6
 %JTKUV EQPSWGTU %JTKUV TGKIPU %JTKUV RTGXCKNU HTQO 0KEGRJQTWU 8+++ .CWFGU 4GIKCG NKVWTIK ECN CEENCOCVKQP QH VJG MKPI CPF QP VJG )TQU VQWTPQKU $'0'&+%67/ 5+6 01/'0 &1/+0+ 01564+ &'+ ,'57 %*4+56+
 2TCKUGF DG VJG PCOG QH VJG )QF QWT .QTF ,GUWU %JTKUV #RCTV HTQO VJG )TQU VQWTPQKU UQNGN[ VJG RCTKUKU CPF VJG VQWTPQKU EQPVKPWGF VQ GZKUV

.17+5 +:


  )TQU VQWTPQKU # +PPGT EKTENG .8&18+%85 4': CTQWPF ETQUU $0&+%68 5+6 01/' & 0+ 04+ &'+ +*8 :2+ 4 %JVGN VQWTPQKU 6841085 %+8+5 YKVJKP DQTFGT QH  CTEJGU GP ENQUKPI NKU HQWT RGNNGVU DGPGCVJ VJG WRRGTOQUV NKU  VYQ KPUKFG CPF VYQ QWVUKFG VJG VYQ EKTENGU YJKEJ UWT TQWPF VJKU NKU &  $ .   IT 8GT[ HKPG VQ GZVTGOGN[ HKPG
-TKEJGNFQTH  5VWVVICTV  6JG )TQU 6QWTPQKU JCU UGTXGF CU CP GZCORNG HQT OCP[ C EQKP VQ EQOG (TGPEJ CPF GNUGYJGTG QTKIKPCVKPI



96