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JDQV[YDYHEXOIXQTFLD]HXQGDPLX7L7HEGHV
G5HV =QHOLD PVMHORED DLLOLDV NRPSOHTVLV IXQTFLD]H UDGJDQ =HJOLV
GLGLQDZLOL6HXVZDYOHOLD7XPFD [D]JDVDVPHOLD URPVD7DYVRV6LGDVLYU
FHRULHQWLUHEXOLD&UGLORH7LVNHGHO7DQJDPDU7XOL]XUJLDQLPHU[LVNHQ
URPHOLFGRPLQLUHEVP7HOLQWHULHU6L6LGDVLYUFHLVHDRUJDQL]HEXOLURP
VD7DYVRV FHQWUDOXUL QDZLOL VUXOLDG 7DYLVXIDOLD NHGOHELV JDVZYULY
JDPDU7XOLPHU[HELLVHDRULHQWLUHEXOLURPPD7L\XUDG5HEDVD7DYVRVFHQ
WULVDNHQ DULV PLPDU7XOL VDGDF DOED7 =LUL7DGL PRTPHGHED PLPGLQDUHREGD
\RYHOLYH]HPR7TPXOLQD7ODGD&YHQHEV URPVD7DYVRDUDVDF[RYUHEHOLVLYU
FHVZDUPRDGJHQV
&YHQL D]UL7 ZHOV JD7[ULOL QDJHERED VD]RJDGRHEULYL 7DY6H\ULV
DGJLOV ZDUPRDGJHQGD JDQVDNX7UHEXOL GDVDMGRPL DGJLOHEL GD NHGOHELV
JDVZYULYJDPDU7XOLVNDPHELPLX7L7HEHQURPDP6HQRED6LLNULEHERGDDGDPLDQ7D
JDUNYHXOLUDRGHQREDDXFLOHEHODGXQGDD5LQL6QRVURPLQWHULHULVPRZ\R
EDU7XOVRFLDOXULHUDUTLD]HPLX7L7HEV&DQV URPVD]RGRHED6L URPHOLF
DLLOLDV NRPSOHTV6L L\ULGD 7DYV PD5DOL PGJRPDUHRED HNDYD7 &UGLORH7LV
NHGHO7DQJDPDU7XO]XUJLDQGDSRGLXPLDQPHU[HE]HPV[GRPSHUVRQHEV 6HP
GHJLDGJLOL&UGLORGDVDYOH7NX7[H6LJDPDU7XO]XUJLDQPHU[]HPV[GRP7
HNDYD7 LHUDUTLLVPHVDPHULJVD5PRVDYOH7GDGDVDYOH7NHGOHE7DQDUVHEXO
VNDPHE]HPV[GRPQLLNDYHEGQHQU7XOLVD7TPHOLD UDWRPDUL\RVDP[UH7NH
GHO7DQVNDPHELJDPDU7XOLGDYLQDQUDLNDYHEGDDPDGJLOVDVHYHU7XOLD
LPLV7TPD7XDPVFHQDU6LUDDGJLOLHNDYDVD7DYVRVFHQWUV
DLLOLDVNRPSOHTVLVP[RORGHU7LVD7DYVRVJD7[UDDUL=OHYDEHYUNL7[
YD]HSDVX[V7XPFDPRSRYHEXOLPDVDOHELGDLQIRUPDFLDPHWDGPQL6YQHORYDQLD
=YZ9,9VV7ULDOH7LVGDNDYNDVLLVDPHSRTLVLVWRULLV6HVDVZDYODG
GDVNYQD7ULDOH7LV=YZ9,9VVQDPRVD[ODUHE]HPRSRYHEXOLPRQDFHPHELV
GDVNYQD
PL[HGYL7 6HL=OHED L7TYDV URP DP SHULRGLV GDVD[OHED ă KD IDU7REV
PRLFDYGDVD[OHELGDEDOWHUDVHE]HLGJD GDUDTRLVD\GULRQL VDF[RYUHEHOL
IDU7REL ZDUPRDGJHQGD HU7 GLG VD7DYVRV VD[OHELV LQWHULHUL PDUWLYLD
NX7[H6L JDPDU7XOLD 5XPHOL HU7HU7L NHGOLV JDVZYULY 7L[L7 DQ TYL7
PRZ\RELOLDVDUHFHOL LDWDNL7L[DWNHSQLOLDVD[OHE6LD5PR&HQLOLNHUDPLND
=LUL7DGDGVDP]DUHXORGDVXIULV:XU:HOVZDUPRDGJHQVVDPHXUQHR:XU:H
OLNLSUDTWLNXODGDUJY[YGHED
[D]JDVDVPHOLDLVLFURP\YHODVD[O6LPFLUHDQPR]UGLOLVDNXU7[HYHOLD
JDPDU7XOLURJRUF&DQV ULWXDOHELVQDZLOLVD[OHE6LLPDU7HERGDVD[OH
ELVHU7LQDZLOL DLLOLDGDUDTRLV VD[OL VD]RJDGRHEULYL7DY6H\ULV
DGJLOHEV ZDUPRDGJHQGD DP VD[OHE6L NHGOHELV JDVZYULY JU=HOL GDVDMGR
PL PHU[HELD JDPDU7XOL GDUDTRLV VD[OL VDPORFYHOR XQGD \RILOL\R PLV
FHQWU6LGLGLVDNXU7[HYHOLDJDPDU7XOLURPHO]HFFHF[OLHQ7RDLLOLDV
NRPSOHTVLVJD7[ULOVD7DYVR6LVDNXU7[HYHOLDUGDILTVLUGDVD7DYVR6LDUF
7L[LV:XU:OLVQDWH[HELD5PR&QGD LVLQLP[RORG5XPHOLV7HUPRL]LODFLD
6LGDILTVLUGD 7XPFDLVQDPGYLODGVD]RJDGRHEULYL7DY6H\ULVDGJLOVZDU
PRDGJHQGDPLVLIXQTFLDDOED7NRPSOHTVLVVUXODGJD7[ULV6HPGHJJDLUNYHYD
7ULDOH7LV=YZ9,9VVLVVRIOLVPHXUQHRELV6HVD[HEVDLQWHUHVR6H
GHJHELPRJYFDSDOHR]RRORJLXUPDGDSDOLQRORJLXUPDNYOHYDPJDLUNYDURP
GDUDTRLVQDPRVD[ODU]HPF[RYUHE7D=LUL7DGVDNYHEVZDUPRDGJHQGD[RUFLGD
PHF[RYHOHRELV V[YD SURGXTWHEL DPD]H PHW\YHOHEV DT D5PR&HQLOL 6LQDXUL
F[RYHOHELV PUDYDOULF[RYDQL =YORYDQL QD67L QDPRVD[ODU]H GDGDVWXUHEX
OLDTD7DPL5RULF[YDUL7[DNDPH&LGDPV[YLOIH[DUTRVDQLVDTRQHOLDJUH7
YHJDUHXOLF[RYHOHELVQD67HELF PHOD PD&YL GD7YL 6YHOLGDNH7LO6RELOL
LUHPLDVHYHGDILTVLUHEXOLDURPHOL5DFIULQYHOLVUDPGHQLPHZYULOL=YDOL
PHPLQGYULDVTYHGD\EDGD7HY]LVHU7LPDODQDPRVD[ODU]HYLULVDGDF[HQLV
=YOHELFGDILTVLUGDUDFPRZPREVPD7JDPR\HQHEDVJDPZHY=DODGJDUGDDPLVD
GDUDTRLVQDPRVD[ODULVNXOWXUXOIHQHE6LD5PR&QGD=D5OLV&RQ&[L
&YHQVPLHUJD7[ULOLGDVD[OHEHELDUL=OHYDSDVX[VNL7[YD]H7XVDGGD
UDSLUREHE6LK\DYGD76LQDXULF[RYHOHEL7XPFD6HL=OHEDL7TYDVURPVDTR
QHOLVD[OHEGDQPR6RUHEL7\DYGD7
SDOLQRORJLXUL NYOHYD PLX7L7HEV URP GDUDTRLV PRVD[OHRED LQWHQVLXU
PLZD7PRTPHGHEDV HZHRGD L7HVHERGD UDPRGHQLPH ML6LV [RUEDOL THUL :YDYL
6YULD IHWYL GD 5RPL XSLUDWHVRED NL PDLQF [RUEDOV KTRQGD PRVD[OHEDV
VHOLFPRK\DYGDSDOLQRVSHTWUPDPHED5HRELVDGDPHYHQD[HRELVDUDQDLULNYDOL
DUJDPRDYOLQDPHPLQGYUHRELVJDUGDPHF[RYHOHREDFVDNPDRGNDUJDG\RILOD
JDQYL7DUHEXOLDPD]HPHW\YHOHEVVD=RYUHELV7YLVGDPD[DVLD7HEHOLVDUHYHOHEL
GDQDNHOLVVRNRVVDNPDRGGLGLUDRGHQREDW\DYL:DPLD[R:RV&U&LOLVPDW
OLV EXVXVHELV GD F[YULV EHZYLV D5PR&HQD DVHYH PHF[RYHOHRELV DUVHERELV
PD&YHQHEHOLDSDOLQRORJLXULNRPSOHTVLVGD[HPFHQDUH7DPHUTQLVXMUHGHELV
6HPDGJHQORED PRZPREV URP GDUDTRLV PLGDPRHE6L JDQ[LOXO SHULRG6L W\H
L\R JDYUFHOHEXOL W\LV 6HPDGJHQORED6L IL:YL :DUEREGD DT URJRUF 6H
QDUHYL PD5DOP7LVPX[D PD5DOP7LVQHNHU&[DOL ZLIHOLGD7HODL]UGHERGD
PGLQDULV SLUDV PXU\QDUHEL L\R JDYUFHOHEXOL SDOLQRORJLXUL PRQDFHPHEL
JYL&YHQHEV URP JDQ[LOXO SHULRG6L NOLPDWL DUF 7X LVH 7ELOL L\R UDF
PHED5HREDPHYHQD[HRELVJDQYL7DUHEDV[HOVX6OLGD
GDUDTRLV VD\GULRQLV GD DLLOLDV QDPRVD[ODUHE]H D5PR&HQLOL NHUDPLND
PUDYDOULF[RYQHEL7GDPUDYDOIHURYQHEL7JDPRLU&HYD:XU:OHELVHU7LMJX
ILGDP]DGHEXOLDNDUJDGJDQOHTLOL7L[LVJDQLV7[HONHGOLDQLDGD&DU[]HD
GDP]DGHEXOLJDPRPZYDULD6DYDGPHRUHMJXILVNHUDPLNDFGDP]DGHEXOLDNDU
JDGJDQOHTLOL7L[LVJDQLV7[HONHFLDQLDGDZL7ODGDDJDPRPZYDULDPMJX
ILVNHUDPLNLV]HGDSLULNDUJDGDDGDPX6DYHEXOL JDSULDOHEXOLD DQ6HPNXOLD
UHOLHIXULRUQDPHQWL7
DLLOLDVGDUDTRLVGDVD\GULRQLVQDPRVD[ODUHE]HPRSRYHEXOLPDVDOHELGDQ
JDQVDNX7UHEXO \XUDG5HEDV LTFHYV ZL7HONHFLDQL NHUDPLND URPHO7D QDZLOL
6H5HELOLDQPR[DWXOLDZL7HOLVD5HEDYL7TDU7O6LVDPNX7[HGHELVVWLOLV
NHUDPLNLVJDYUFHOHEDDTHPHQLGXULLUDQLVJDYOHQL7DULVD[VQLOLGDUDTRLVQD
PRVD[ODU]HLVHYHURJRUFTDU7OLV LEHULLV =YZ9,9VV=HJOHE]HJY[YGHED
LUDQXOLVDP\DURVD7YLVGDPD[DVLD7HEHOLVSHFLILNXUL &DLGQLVHEXUL:XU:HOL
YUFHOGHEDZL7HOLVD5HEDYL76H5HELOLGDPR[DWXOL7L[LV:XU:HOL
PR[DWXOLNHUDPLNLVX=YHOHVLQLPX6HELVDTDU7YHORVWHULWRULD]HPWNYDU
DUDTVLVNXOWXULV=HJOHE]HJY[YGHED=YZ,,D7DVZOHXOLVSLUYHOQD[HYDU
6LPR[DWXOLNHUDPLNDVDNPDRGJDYUFHOHEXOLDVDP[UH7NDYNDVLD6L6HPGJRP6L
GDD[ORHEL7D7DVLZOLVPDQ=LO]HLVD5DUJY[YGHEDDPGLGLSDX]LV6HPGHJ
TDU7OLV WHULWRULD]H PR[DWXOL NHUDPLND DTHPHQLGXU [DQD6L JDPR&QGD GD
=YZ,9,,,VDXNXQHHE6LLPGHQDGJDYUFHOGDURPDPSHULRGVPR[DWXOLNHUD
PLNLV[DQDVDFXZRGHEHQ=YZ,,VDXNXQLGDQPR[DWXOLNHUDPLNLVUDRGHQRED
7DQGD7DQPFLUGHEDGDD[Z,,VDXNXQLVD7YLVLVSUDTWLNXODGTUHED
GDUDTRLVGDVD\GULRQLVQDPRVD[ODUHE]HQDSRYQLZL7HOLVD5HEDYL7PR[D
WXOLNHUDPLNDHZVDPNX7[HGHELVVWLOLVNHUDPLNDV6HHVDEDPHEDVDPNX7[HGH
EL7PR[DWXOLNHUDPLNLVJDPR&HQDVTDU7O6LPHFQLHUHEL=YZ9DQ,9VDXNX
QLGDQYDUDXGREHQD]U7DV[YDGDV[YDREDDPR[DWXOLNHUDPLNLVZDUPRPDYORELVD
GDJDYUFHOHELV6HVD[HEDF&YHQLD]UL7DPRUQDPHQWLVTDU7OLVWHULWRULD]H
GDPNYLGUHEDV RUL SLURED JDQVD]5YUDYGD ZL7HONHFLDQL NHUDPLNLV ZL7HOL
VD5HED
YL7PR[DWYDGD6H5HEYDX7XRGDTHPHQLGXULUDQ7DQXU7LHU7RELV6H
GHJLD 7XPFD VDPNX7[HGHELV VWLOLV IDU7RG JDYUFHOHEDV GD DGJLOREULY
ZDUPRHEDV[HOL6HXZ\RJYLDQEULQMDRUNLQLV[DQD6LTDU7O6LGDPNYLGUHEXOPD
QDFULVIUDGDQ6DYDGJDPRPZYDULNHUDPLNLV6HPNRELVDGJLOREULYPDVDPNX7[H
GHELVVWLOPDURPOLV7YLVDFQDNDZULDQQDSULDOHELEDGLVHEXULRU
QDPH
Q
WL7
DQLULEL[D]HEL76HYVHEXOLVDPNX7[HGHELDGDPD[DVLD7HEHOL
YILTURE7URPPR[DWXOLGDVDHU7RGZL7HONHFLDQLNHUDPLNDTDU7O6LDTH
PHQLGXULHSRTLVLPPRQDNYH76LXQGDJDYUFHOHEXOL\RURGHVDFDTHPHQLGHEPD
D[ODG&DPR\DOLEHEXOLLPSHULLV&UGLORH7LVD]5YUHELVJDPDJUHEDVJDQVDNX
7UHEXOL \XUDG5HED GDX7PHV DTHPHQLGXUL NXOWXULV JDYUFHOHED VDP[UH7
NDYNDVLD6L =YZ ZOHELV 6HPGHJ XQGD GDZ\HEXOL\R URGHVDF DTHPH
QLDQ7DVDP[HGURDTWLYREDPDPPLPDU7XOHEL7SLNVPLD5ZLDURJRUF&DQV=YZ
ZOLVD7YLVURGHVDFGDULRV,PD7UDNLDGDLS\URGDVNYL7LD6LOD6TURED
ZDPRLZ\R DTHPHQLGXULLUDQLVSROLWLNXULJDYOHQDVDP[UH7NDYNDVLD]HXNYH
GDP\DUHEXOLL\RVZRUHGDPSHULRGVXQGDHP7[YHRGHVGDVD[OHEHELVJD&HQD
VD\GULRQ6L GDUDTRLVDGDDLLOLDVP7D]H URPOHEPDF=YZ,9VDXNXQLV6XD
[DQHEDPGH LDUVHEHV DP QDPRVD[ODUHELV VWUDWLJUDILD GD NHUDPLNLV VWLOL
VWXUWLSRORJLXUL DQDOL]L PLX7L7HEV URP DP QDPRVD[ODUHELV ]HGD IHQD
=YZ9VL7GD=YZ,9VLV6XD[DQHEL77DUL5GHEDTYHGDIHQDNL=YZ9,
VDXNXQHVPLHNX7YQHED
VD\GULRQLV GDUDTRLVGDDLLOLDVQDPRVD[ODUHE]HPRSRYHEXOLDUWHIDTWHEL
D6NDUDGPLX7L7HEVURPPR[DWXOLNHUDPLNDTDU7O6L=YZ9,VDXNXQLVPLZXUXOV
7XDUD=YZ9VDXNXQLVGDVDZ\LV6LXNYHXQGD6HPRVXOL\RTDU7O6L
VDP[UH7 NDYNDVLLV WHULWRULD]H GDILTVLUHEXOL P=ODYUL QDPRVD[ODUHEL
GD VDVLPDJUR VLVWHPHEL HUHEXQL EHQLDPLQL \DUDMDPLUOL VDUL7HIH JXPED7L
FL[LDJRUD GD V[Y GD V[YD DUTHRORJLXUL =HJOHEL URPOHELF PUDYODG
6HLFDYHQDTHPHQLGXUDQDTHPHQLGXULVWLOLVDUWHIDTWHEVDTHPHQLGXULLUDQLV
NXOWXUXOLHNRQRPLNXULGDSROLWLNXULJDYOHQLVPD&YHQHEHOLD
DTHPHQLGXULLUDQLVJDYOHQDNDUJDG6HLQL6QHED7ULDOH7LV=YZ9,9VDX
NXQLVVRIOHE6LF VDGDFXF[R ZL7HOLGDPR[DWXOLNHUDPLNLVJDUGDVD[
OHELV LQWHULHU6L &QGHED D[DOL HOHPHQWHEL URJRUF &DQV JDUNYHXOZLODG
LFYOHEDUHOLJLD UZPHQDZDUPRGJHQHEL ZHV&YHXOHEHEL UDF\RYHOG5LXU\R
IDF[RYUHED]HDLVD[D
NDYNDVLLVUXND=YZ9ă,9VV=HJOHELVD5QL6YQL7
GDUDTRLVQDPRVD[ODULVDHU7R[HGL&UGLORH7LGDQ
GDUDTRLQDPRVD[ODULZLQDSODQ]HVD[OL
GDUDTRLVD[OHELJHJPD
GDUDTRLVQDPRVD[ODULVD[OLJHJPDVD[OLV[HGL&UGLORH7LGDQ
GDUDTRLVQDPRVD[ODULVD[OLVDNXU7[HYHOLVD[OLVDNXU7[HYHOL
&DQD[DWL
GDUDTRLVQDPRVD[ODULVD[OL VD[OL5XPHOLVVWUDWLJUDILD
VD[OL5XPHOLUHNRQVWUXTFLD
VD\GULRQLVQDPRVD[ODULJHQJHJPDVD[OLJHJPDGD:ULOL
VD\GULRQLVQDPRVD[ODULVDNXU7[HYHOLGDRULJR:LV&RQ&[LVD[OL
GHWDOHEL
DLLOLDVQDPRVD[ODULJHQJHJPD VD[OLJHJPD
DLLOLDVQDPRVD[ODULVD[OL&UGLORH7NHGHO7DQJDPDU7XOLVDYDU=HOL
GD5XPHOL[HGLVDP[UH7D5PRVDYOH7LGDQVD[OL
DLLOLDVQDPRVD[ODUL VD[OL5XPHOLUHNRQVWUXTFLD VD[OL
&UGLORH7NHGHO7DQJDPDU7XOLPHU[GD5XPHOL