Короленко Ц.П., Социодинамическая психиатрия

реклама
Khpbh^bgZfbq_kdZy ikbobZljby
M>D ;;D D GZmqgucdhgkmevlZglk_jbb ²:;OZ\bg
J_dhf_g^h\Zgh dZn_^jhc ikbohl_jZibb b f_^bpbgkdhc ikboheh]bb Jhkkbckdhc
f_^bpbgkdhc
ZdZ^_fbb
ihke_^biehfgh]h
h[jZah\Zgby
b
Ijhn_kkbhgZevghc
ikbohl_jZi_\lbq_kdhceb]hc\ dZq_kl\_mq_[gh]hihkh[byih ikbohl_jZibb
Ba^ebp ‹ hl Ebl_jZlmjghba^Zl_evkdh_ Z]_glkl\h :dZ^_fbq_kdbc
Ijh_dl Fhkd\ZmeFZjl_gh\kdZy klj =b]b_gbq_kdbck_jlbnbdZl ‹ I hl Ba^ebp ‹ hl Ba^Zl_evkl\h>_eh\Zydgb]Z
?dZl_jbg[mj] me <Zbg_jZ ebl : d =b]b_gbq_kdbc k_jlbnbdZl 1D
NPI hl Ih^ibkZgh \ i_qZlv k ]hlh\uo ^bZihablb\h\ NhjfZl o =ZjgblmjZ LZcf_ ;mfZ]Z hnk_lgZy I_qZlv hnk_lgZy Mke i_q e LbjZ` wdaAZdZa ‹ Hli_qZlZgh k ]hlh\uo ^bZihablb\h\ gZ =BII ©MjZevkdbc jZ[hqbcª ]
?dZl_jbg[mj]meLmj]_g_\Z Dhjhe_gdh PI >fbljb_\Z G< D Khpbh^bgZfbq_kdZy ikbobZljby
©:dZ^_fbq_kdbcIjh_dlª?dZl_jbg[mj]©>_eh\Zydgb]Zª ² k
,6%1 ©:dZ^_fbq_kdbcijh_dlª
,6%1 ©>_eh\Zydgb]Zª
KH>?J@:GB?
Ij_^bkeh\b_
<<?>?GB?
Q:KLV,
=eZ\Z :G:EBLBQ?KDBCHQ?JDJ:A<BLBYJHKKBCKDHCIKBOB:LJBB
JhkkbckdZyikbobZljby^h] IkbobZljbykh\_lkdh]hi_jbh^Z Kh\j_f_ggZyjhkkbckdZyikbobZljby =eZ\Z L?HJBBEBQGHKLB
Kh\j_f_ggucikbohZgZeba
Bg^b\b^mZevgZyikboheh]by:^e_jZ
²F
:gZeblbq_kdZyikboheh]byXg]Z L_hjbyebqghklbOhjgb Q:KLVH;SB?<HIJHKUIKBOB:LJBB
=eZ\Z KHPBH>BG:FBQ?KD:YIKBOB:LJBY
D:DGH<:YI:J:>B=F:< IKBOB:LJBB
=eZ\Z DMEVLMJ:EVGU?:KI?DLU
KHPBH>BG:FBQ?KDHCIKBOB:LJBB =eZ\Z <EBYGB?K?FVBG:<HAGBDGH<?GB?
B L?Q?GB?IKBOBQ?KDBOJ:KKLJHCKL<
=eZ\Z AG:Q?GB?F?@EBQGHKLGUOHLGHR?GBC
< WFHPBHG:EVGHFJ:A<BLBBEBQGHKLB
=eZ\Z AG:Q?GB?K:FHHP?GDB
< >BKNMGDPBHG:EVGHFIH<?>?GBB
Q:KLVI Q:KLG:YIKBOB:LJBY
=eZ\Z EBQGHKLGU?J:KKLJHCKL<:
IZjZghb^gu_ebqghklgu_jZkkljhckl\Z
Rbahb^gu_ebqghklgu_jZkkljhckl\Z
Rbahlbibq_kdb_ebqghklgu_jZkkljhckl\Z
:glbkhpbZevgu_ebqghklgu_jZkkljhckl\Z
Ih]jZgbqgu_ebqghklgu_jZkkljhckl\Z =bkljbhgbq_kdb_ebqghklgu_jZkkljhckl\Z
GZjpbkkbq_kdb_ebqghklgu_jZkkljhckl\Z
H[k_kkb\ghdhfimevkb\gu_ebqghklgu_jZkkljhckl\Z
Ebqghklgu_jZkkljhckl\Zba[_]Zgby AZ\bkbfu_ebqghklgu_jZkkljhckl\Z
JZkijhkljZg_gghklvebqghklguogZjmr_gbc
=eZ\Z B>?GLBQGHKLV
>bkkhpbZlb\gh_gZjmr_gb_b^_glbqghklb =eZ\Z G?IKBOHLBQ?KDB?IKBOBQ?KDB?G:JMR?GBY
Lj_\h`gu_jZkkljhckl\Z =_g_jZebah\Zggh_lj_\h`gh_jZkkljhckl\h
IZgbq_kdb_jZkkljhckl\Z
:]hjZnh[by
KhpbZevgZynh[by KhfZlhfhjngu_jZkkljhckl\Z
>bkkhpbZlb\gu_gZjmr_gby
Dhg\_jkbhggh_jZkkljhckl\h
Bihohg^jbq_kdh_jZkkljhckl\h
NZdpbkbhagu_jZkkljhckl\Z
GZjmr_gbyijbkihkh[e_gby
IhklljZ\fZlbq_kdh_klj_kkh\h_jZkkljhckl\h
=bihklbfmeypbhggu_b ]bi_jklbfmeypbhggu_gZjmr_gby
=bi_jklbfmeypbhggu_gZjmr_gby
=bihklbfmeypbhggu_gZjmr_gby
Q:KLV,9 HLDEHGYXS??KYIH<?>?GB?
=eZ\Z KHA:<BKBFHKLV
OZjZdl_jbklbdbkhaZ\bkbfhklb
KljZl_]bydhjj_dpbbkhaZ\bkbfhklb
=eZ\Z :>>BDLB<GH?IH<?>?GB?
NZdlhjukihkh[kl\mxsb_jZa\blbxZ^^bdlb\gh]hih\_^_gby
DeZkkbnbdZpbyZ^^bdpbc
G_obfbq_kdb_Z^^bdpbc
:^^bdpbcd _^_
Obfbq_kdb_Z^^bdpbc
=eZ\Z N:G:LBAF
>bnn_j_gpbZevguc^bZ]ghanZgZlbafZk\_jop_gguob [j_^h\uob^_c
J_eb]bhagZy\_jZb nZgZlbaf
Ikboh^bgZfbdZk_dl
Dhgnhjfbaf
Kmbpb^Zevgh_ih\_^_gb_
Q:KLV 9G?IJH>HE@BL?EVGU?IKBOBQ?KDB?J:KKLJHCKL<:
DjZldh\j_f_ggh_ikbobq_kdh_jZkkljhckl\h
Hkljh_klj_kkh\h_jZkkljhckl\h
Rbahnj_ghnhjfgh_jZkkljhckl\h
Q:KLV 9,G:JMR?GBYG:KLJH?GBY
;hevrhc^_ij_kkb\gucwibah^
FZgbZdZevgucwibah^
Kf_rZggu_wibah^u
=bihfZgbZdZevgvcwibah^
>bklbfby
DmevlmjZevgu_jZaebqby
<b^u^_ij_kkbc
Q:KLV 9,,RBAHNJ?GBY
KbfilhfZlbdZrbahnj_gbb
Nhjfulbiurbahnj_gbb
Ijh]gharbahnj_gbb
EBL?J:LMJ:
Dgb]Z ij_^klZ\ey_l kh[hc i_j\h_ \ hl_q_kl\_gghc ebl_jZlmj_ jmdh\h^kl\h ih
khpbh^bgZfbq_kdhc ikbobZljbb Wlh gZijZ\e_gb_ y\ey_lky ih]jZgbqguf f_`^m kh[kl\_ggh
ikbobZljb_c b debgbq_kdhc b khpbZevghc fh^_eyfb ikbohl_jZibb :\lhju jZkkfZljb\Zxl
ikbobZljbx ikbohl_jZibx b gZjdheh]bx dZd k [bheh]bq_kdbo lZd b k ikboheh]bq_kdbo b
khpbZevguoihabpbc
Dgb]Z Z^j_kh\ZgZ ijhn_kkbhgZeZf \ h[eZklb ikbobZljbb ikbohl_jZibb ikboheh]bb Z
lZd`_ \k_f ki_pbZebklZf dhfm ih jh^m k\h_c ^_yl_evghklb ijboh^blky \aZbfh^_ckl\h\Zlv k
ex^vfb bf_xsbfb l_ beb bgu_ ikbobq_kdb_ jZkkljhckl\Z dZd \ujZ`_ggu_ lZd b kdjulu_
klZgh\ysb_kyaZf_lgufblhevdh\ klj_kkh\uokblmZpbyo
,6%1 ©:dZ^_fbq_kdbc Ijh_dlª,6%1 ©>_eh\Zydgb]Zª
‹ Dhjhe_gdh PI>fbljb_\Z G< ‹ ©:dZ^_fbq_kdbc Ijh_dlª hjb]bgZefZd_l
hnhjfe_gb_ ‹ ©>_eh\Zydgb]Zª IJ?>BKEH<B?
I_j_^ \Zfb i_j\h_ \ hl_q_kl\_gghc ebl_jZlmj_ jmdh\h^kl\h ih khpbh^bgZfbq_kdhc
ikbobZljbbGZrZhl_q_kl\_ggZyikbobZljbyknhjfbjh\ZeZkvb ijh^he`Z_lnmgdpbhgbjh\Zlv
dZd [bheh]bq_kdb hjb_glbjh\ZggZy _kl_kl\_gghgZmqgZy ^bkpbiebgZ GZmdZ b ijZdlbdZ
kh\j_f_gghcjhkkbckdhcikbobZljbb\ hkgh\ghfkhkj_^hlhq_gZgZbamq_gbbb bkihevah\Zgbb\
debgbq_kdhcijZdlbd_[bheh]bq_kdbof_oZgbafh\jZa\blbyb nmgdpbhgbjh\Zgbyikbobq_kdbo
jZkkljhckl\ E_q_gb_ lZd`_ hkms_kl\ey_lky \ hkgh\ghf [bheh]bq_kdbfb f_lh^Zfb Rbjhdh
bkihevam_lky ikbohnZjfZdhl_jZiby j_`_ ^jm]b_ gZijbf_j rhdh\u_ f_lh^u e_q_gby
Ijh]j_kkb\gu_ ijZdlbdb ^Z b mq_gu_ ikbobZlju \k_ qZs_ bgl_j_kmxlky \hafh`ghklyfb
khpbZevgh]h b ikboheh]bq_kdh]h \ha^_ckl\by gZ iZpb_glh\ K\yaZgh wlh dZd k
g_m^h\e_l\hj_gghklvxj_amevlZlZfb[bheh]bq_kdhcl_jZibblZdb kfgh`_kl\hfhkeh`g_gbc
b ih[hqguo ^_ckl\bc e_dZjkl\ b bguo bkihevam_fuo f_lh^h\ e_q_gby B djhf_ lh]h k
ijh[e_fZfb khpbZevgufb ² g_^hklZldhf nbgZgkbjh\Zgby ^ey rbjhdh]h ijbf_g_gby
kh\j_f_gguoe_dZjkl\_gguoij_iZjZlh\\ debgbd_
Fu^Ze_dbhlij_^eh`_gbcbkdexq_gbye_dZjkl\_gghcb bghc[bheh]bq_kdhcl_jZibbba
e_q_[guo ijh]jZff ijb ikbobq_kdbo jZkkljhckl\Zo Wlb f_lh^u e_q_gby \ gZrbo
ikbobZljbq_kdbomqj_`^_gbyoy\eyxlky^hfbgbjmxsbfbZ aZqZklmxijhklh_^bgkl\_ggufb
Dhg_qgh `_ bo ijhs_ hk\hblv b gZmqblvky bkihevah\Zlv \ ijZdlbd_ q_f kdZ`_f f_lh^u
ikbohl_jZibb H[ wlhf k\b^_l_evkl\m_l ijbgyluc ih^oh^ \ ih^]hlh\d_ \jZq_c
ikbohl_jZi_\lh\ DZ`^uc ij_l_g^_gl ^he`_g h[mqblvky ikbobZljbb ihemqblv ijZ\h
ijZdlbq_kdhc jZ[hlu \ dZq_kl\_ ikbobZljZ² hljZ[hlZlv ljb ]h^Z \jZqhfikbobZljhf²
lhevdh aZl_f h[mqZlvky ikbohl_jZibb Djhf_ lh]h ijbgylu_ f_lh^u [bheh]bq_kdhc l_jZibb
agZqbl_evghf_g__ljm^h_fdbq_fih^oh^ukhpbZevghcbebikboheh]bq_kdhcl_jZibbLhevdh
[bhf_^bpbgkdZyiZjZ^b]fZ agZqbl_evgh h[_^gy_l ikbobZljbx b m`_ g_ fh`_l m^h\e_l\hjblv
gb ikbobZljh\ gb iZpb_glh\ ;bheh]bq_kdbc ih^oh^ \ ikbobZljbb m^Zqgh ^hihegy_lky
khpbh^bgZfbq_kdhcb ikboh^bgZfbq_kdhciZjZ^b]fZfb
KZfhklhyl_evgh k\yaZlv jZkijhkljZg_ggu_ m gZk dhgp_ipbb \ ikbobZljbb k __
jZkkfhlj_gb_fk ihabpbckhpbZevguob ikboheh]bq_kdboih^oh^h\ki_pbZebklZfaZqZklmxg_
m^Z_lkyM` hq_gvkeh`gZwlZaZ^ZqZFh`gh m\_j_gghkdZaZlv qlh Z\lhjZfhgZ hdZaZeZkv ih
ie_qm <_^v PI Dhjhe_gdh gZ ijhly`_gbb m`_ q_luj_o ^_kylbe_lbc jZkkfZljb\Z_l
ikbobZljbx b gZjdheh]bx Z iha`_ b ikbohl_jZibx dZd k [bheh]bq_kdbo lZd b k
ikboheh]bq_kdbo b khpbZevguo ihabpbc : G< >fbljb_\Z g_ lhevdh \jZqikbohl_jZi_\l b
dZg^b^Zl f_^bpbgkdbo gZmd gh b ijhn_kkhj dZn_^ju ki_pbZevghc b dhjj_dpbhgghc
ikboheh]bb b ^hdlhj ikboheh]bq_kdbo gZmd RbjhlZ ih^oh^h\ \ukhdbc mjh\_gv
bgnhjfbjh\Zgghklbh khklhygbbikbobZljbq_kdhcgZmdbb ijZdlbdbdZd\ gZr_ckljZg_lZdb
\ jZa\bluokljZgZoAZiZ^Zb `_eZgb_i_j_^Zlvk\hbagZgbydhee_]Zf\k_]^Z\u^_eyebZ\lhjh\
ba dh]hjlu dhee_] G_^Zjhf k dZn_^ju PI Dhjhe_gdh \ur_e p_euc jy^ ba\_klguo
ikbobZljh\ hlebqZxsboky g_ljZ^bpbhgguf ih^oh^hf d ihgbfZgbx b e_q_gbx ikbobq_kdbo
jZkkljhckl\ GZjy^m k gbfb lZd`_ \ureZ b p_eZy ie_y^Z ikbohl_jZi_\lh\ Zdlb\gh
jZa\b\Zxsbob^_bdebgbq_kdhcb khpbZevghcikbohl_jZibb< gZklhys__\j_fy\ur_^rb_k
dZn_^juPIDhjhe_gdhijhn_kkbhgZeujZa\b\ZxlikbobZljbxgZjdheh]bxb ikbohl_jZibx
\ JhkkbckdhcN_^_jZpbb^jm]boj_kim[ebdZoKG=kljZgZoAZiZ^ghc?\jhiu
Bgl_j_kgufbb \Z`gufbij_^klZ\eyxlkyjZafure_gbyZ\lhjh\h[bklhjbbhl_q_kl\_gghc
ikbobZljbb =eh[Zevgu_ baf_g_gby ijhbkoh^ysb_ \ gZr_c kljZg_ hq_gv [ukljh ^_eZxl
^Ze_dbfijhreufwihomkh\_lkdhcikbobZljbb<f_kl_k l_fwlZbklhjby_s_g_gZreZk\h_]h
dhfi_l_glgh]hb h[t_dlb\gh]he_lhibkpZ?_Zdlb\guomqZklgbdh\b k\b^_l_e_cklZgh\blky\k_
f_gvr_ : g_Zg]Z`bjh\Zgguo b mki_rgh ba[_]Z\rbo djZcghkl_c lhc wihob k_]h^gy m`_
_^bgbpu G_khfg_ggh h^bg ba gbo Z\lhj wlhc dgb]b B ^Zggh_ ba^Zgb_ \hafh`gh ihfh`_l
fheh^ufdhee_]Zffgh]h_hkhagZlvb hl\_lblvk_[_gZ\hijhkudhlhju_\k__s_hklZxlky[_a
hl\_lZ GZijbf_j \ k\yab k q_f \ Zjob\guo bklhjbyo [he_agb kh\_lkdhc wihob lZd qZklh
\klj_qZ_lky^bZ]gharbahnj_gby"< k\yabk q_fwlhl^bZ]gha\uklZ\eyeky[_am[_^bl_evgh]h
h[hkgh\Zgby beb ijhklh [_a ^hklZlhqgh]h h[hkgh\Zgby" < khpbh^bgZfbq_kdhc ikbobZljbb
qZklv ihk\ys_ggZy rbahnj_gbb gZoh^blky \ kZfhf dhgp_ wlh]h h[t_fgh]h lhfZ Ih h[t_fm
hgZf_gvr_q_f^jm]b_qZklbdgb]bWlhkhhl\_lkl\m_lqZklhl_jZkijhkljZg_gbyrbahnj_gbb\
ihimeypbbB ikbohl_jZi_\lfh`_lebrvijb\_lkl\h\ZlvlZdhcih^oh^<_^v\ ij_^klZ\e_gbb
rbjhdbo keh_\ ]jZ`^Zg gZr_c kljZgu kZfh ihgylb_ rbahnj_gby² wlh kbghgbf
kmfZkr_kl\by g_bae_qbfh]h ikbohaZ k ljZ]bq_kdbf nbgZehf B gZf \Z`gh mqblu\Zlv wlh
<ijhq_f jZkkljhckl\Z ljZ^bpbhggh hlghkbfu_ m gZk d rbahnj_gbb ^hklZlhqgh ih^jh[gh
hibkZgu Z\lhjZfb \ ^jm]bo qZklyo dgb]b B wlh khhl\_lkl\m_l ijh]j_kkb\ghfm fbjh\hfm
ih^oh^m LZd Z\lhju baeZ]Zxl l_hjbx b ijZdlbdm kh\j_f_ggh]h ikbohZgZebaZ b ^jm]bo
ikbohZgZeblbq_kdbo dhgp_ipbc dmevlmjZevgu_ Zki_dlu khpbh^bgZfbq_kdhc ikbobZljbb
hibku\Zxl \ebygb_ k_fvb f_`ebqghklguo hlghr_gbc kZfhhp_gdb ebqghklb gZ jZa\blb_
^bknmgdpbhgZevgh]hih\_^_gby
< qZklb ihk\ys_gghc qZklghc ikbobZljbb ih^jh[gh hibku\Zxlky ebqghklgu_
jZkkljhckl\Z b hldehgyxs__ky ih\_^_gb_ Hgb jZkkfZljb\Zxlky kh]eZkgh '60,9 gZ hkgh\_
h]jhfgh]h debgbq_kdh]h hiulZ Z\lhjh\ ijbh[j_l_ggh]h \ Jhkkbb ^jm]bo j_kim[ebdZo KG=
^Zevg_faZjm[_`v_Hl^_evghjZkkfhlj_gug_ijh^he`bl_evgu_ikbohlbq_kdb_jZkkljhckl\Zb
gZjmr_gbygZkljh_gby
Khpbh^bgZfbq_kdZyikbobZljbyy\ey_lkyklhev[hevrhcl_fhcqlhkheb^guclhf^Zgghc
dgb]b qZklh ij_^klZ\ey_lky kijZ\hqguf ba^Zgb_f >ey [he__ ihegh]h baeh`_gby ^Zggh]h
ij_^f_lZ ih]jZgbqgh]h f_`^m ikbobZljb_c k h^ghc klhjhgu debgbq_kdhc b khpbZevghc
fh^_eyfb ikbohl_jZibb k ^jm]hc klhjhgu Z\lhjZf ihgZ^h[blky kha^Zlv fgh]hlhfgbd :
k_cqZkhq_gv\Z`ghqlh\uoh^bldgb]ZdhlhjZyaZihegblijh[_e\ gZr_cebl_jZlmj_\ h[eZklb
khpbh^bgZfbq_kdhc ikbohl_jZibb Dgb]Z gZibkZgZ ^hklmiguf yaudhf B fh`gh m\_j_ggh
]h\hjblv h __ mki_o_ m qblZl_e_c ijhn_kkbhgZeh\ \ h[eZklb ikbobZljbb ikbohl_jZibb
ikboheh]bb : lZd`_ m \k_o l_o ki_pbZebklh\ dhfm ih jh^m k\h_c ^_yl_evghklb ijboh^blky
\aZbfh^_ckl\h\Zlv k ex^vfb bf_xsbfb l_ beb bgu_ ikbobq_kdb_ jZkkljhckl\Z dZd
\ujZ`_ggu_lZdb kdjulu_klZgh\ysb_kyaZf_lgufblhevdh\ klj_kkh\uokblmZpbyo:\lhju
\b^yl hilbfbklbq_kdb_ i_jki_dlb\u jZa\blby hl_q_kl\_gghc ikbobZljbb B dgb]Z \h fgh]hf
ihk\ys_gZhilbfbklbq_kdhfm[m^ms_fmikbobZljbbijb[eb`Z_l_]hb ^_eZ_lj_Zevguf
FZdZjh\<<Äijhn_kkhjaZ\_^mxsbcdZn_^jhcikbohl_jZibbb f_^bpbgkdhcikboheh]bb
Jhkkbckdhc f_^bpbgkdhc ZdZ^_fbb ij_ab^_gl H[s_jhkkbckdhc ijhn_kkbhgZevghc
ikbohl_jZi_\lbq_kdhceb]b\bp_ij_ab^_gl?\jhi_ckdhcZkkhpbZpbbikbohl_jZibb
Fhkd\Zn_\jZev ]
<<?>?GB?
Khpbh^bgZfbq_kdZy ikbobZljby bkihevam_l l_hjbb fh^_eb b ]bihl_au ijbf_gy_fu_ \
khpbZevghcb ikboh^bgZfbq_kdhcikbobZljbb
KhpbZevgZy iZjZ^b]fZ khpbh^bgZfbq_kdhc ikbobZljbb \dexqZ_l ZgZeba \ebygby
khpbZevghdmevlmjZevguo wdheh]bq_kdbo ijZ\h\uo j_eb]bhaguo nZdlhjh\ gZ jZa\blb_
l_q_gb_hkh[_gghklbe_q_gb_b ij_^mij_`^_gb_ikbobq_kdbojZkkljhckl\
< jZfdZo ikboh^bgZfbq_kdhc iZjZ^b]fu ZgZebabjmxlky ikboheh]bq_kdb_ f_oZgbafu
ikbobq_kdbo gZjmr_gbc k bkihevah\Zgb_f lZdbo l_hjbc ebqghklb dZd ZgZeblbq_kdZy b
bg^b\b^mZevgZyikboheh]bykh\j_f_ggucikbohZgZebab ^j
Hkgh\gu_ih^oh^ukhpbh^bgZfbq_kdhcikbobZljbbfh]mlihdZaZlvkyg_ijb\uqgufbbeb
^Z`_ \ua\Zlv khijhlb\e_gb_ m ikbobZljh\ ihemqb\rbo h[jZah\Zgb_ \ `_kldbo ]jZgbpZo
[bhf_^bpbgkdboih^oh^h\b \l_q_gb_^ebl_evgh]h\j_f_gbijbf_gyxsbobo\ ijZdlbq_kdhc
^_yl_evghklb Wlh k\yaZgh k l_f qlh g_kfhljy gZ nhjfZevgh_ ijbagZgb_ agZq_gby
khpbhikboheh]bq_kdbo nZdlhjh\ \ ikbobZljbq_kdhc ijZdlbd_ hgb g_ \ebyxl kms_kl\_gguf
h[jZahf gZ ^bZ]gha hp_gdm khklhygby iZpb_glh\ l_jZibx b ijhnbeZdlbdm Kha^Z\rZyky
kblmZpbyh[t_dlb\ghg_khhl\_lkl\m_lkh\j_f_gguflj_[h\ZgbyfgZoh^blky\ ijhlb\hj_qbbk
iheh`_gbyfbh[bg^b\b^mZevghfih^oh^_d dZ`^hfmiZpb_glmg_h[oh^bfhklvxkhpbZevghcb
ikboheh]bq_kdhc ih^^_j`db kha^Zgby l_jZi_\lbq_kdbo khh[s_kl\ ]jmii jZ[hlZxsbo ih
ki_pbZevgufijh]jZffZfjZpbhgZevgh_\ua^hjh\e_gb_h[mq_gb_Zkk_jlb\ghklbZghgbfgu_
Zedh]hebdb
LjZ^bpbhggZy [bhf_^bpbgkdZy iZjZ^b]fZ \ ikbobZljbb i_j_`b\Z_l i_jbh^ djbabkZ \
k\yab k gZjZklZxsbf dhebq_kl\hf nZdlh\ dhlhju_ g_\hafh`gh h[tykgblv hklZ\Zykv \ __
ij_^_eZo IkbobZljm ij_`^_ \k_]h g_h[oh^bfh ihgbfZgb_ aZ\bkbfhklb ikbobq_kdh]h
jZkkljhckl\Z g_ lhevdh hl [bheh]bq_kdbo ]_g_lbq_kdbo hj]Zgbq_kdbo gZjmr_gbc gh b hl
hkh[_gghkl_c \hkiblZgby wfhpbhgZevghc ^_ijb\Zpbb b ikbobq_kdhc ljZ\fZlbaZpbb m`_ \
kZfhf jZgg_f ^_lkl\_ oZjZdl_jZ dhglZdlh\ kh k\_jklgbdZfb kbkl_fu ijbgyluo p_gghkl_c
wdhghfbq_kdhckblmZpbb\ k_fv_b ^j
< wlhc dgb]_ ZgZebabjmxlky hkgh\gu_ nhjfu ikbobq_kdhc iZlheh]bb k ihabpbb
khpbh^bgZfbq_kdbo ih^oh^h\ DeZkkbnbdZpby b oZjZdl_jbklbdZ ikbobq_kdbo jZkkljhckl\
ijh\h^blky \ khhl\_lkl\bb k '60,9 b ^hihegy_lky ^Zggufb ljZgkdmevlmjZevguo
bkke_^h\Zgbc Hkh[h_ \gbfZgb_ m^_e_gh nhjfZf ikbobq_kdbo jZkkljhckl\ ^h gZklhys_]h
\j_f_gbg_\oh^b\rbo\ deZkkbnbdZpbb[hevrbgkl\hg_obfbq_kdboZ^^bdpbcnZgZlbq_kdh_
dhgnhjfbklkdh_ ih\_^_gb_ Ih^jh[gh jZkkfZljb\Zxlky jZkkljhckl\Z \ \hagbdgh\_gbb b
jZa\blbb dhlhjuo khpbhikboheh]bq_kdb_ nZdlhju bf_xl hkh[h_ agZq_gb_ ebqghklgu_
jZkkljhckl\Z ihklljZ\fZlbq_kdb_ klj_kkh\u_ jZkkljhckl\Z djZldh\j_f_ggu_ ikbobq_kdb_
jZkkljhckl\Z Ijb\h^blky hq_jd gZb[he__ ihimeyjguo l_hjbc ebqghklb lZd dZd bo agZgb_
iha\hey_l emqr_ ihgbfZlv ikbobq_kdh_ khklhygb_ wfhpbhgZevgu_ ijh[e_fu a^hjh\h]h
q_eh\_dZb ikboheh]bq_kdb_f_oZgbafu\_^msb_d jZa\blbxikbobq_kdbojZkkljhckl\
:\lhju klZjZebkv baeh`blv fZl_jbZe ^hklmiguf yaudhf ba[_]Zy ]^_ wlh \hafh`gh
l_jfbgheh]bq_kdbo mkeh`g_gbc qlh[u g_ \ua\Zlv ^hihegbl_evguo aZljm^g_gbc m
g_ijhn_kkbhgZeh\<f_kl_k l_fwlhg_k\yaZghk mijhs_gb_fkZfh]hkh^_j`Zgby
Khpbh^bgZfbq_kdZyikbobZljbyfh`_lij_^klZ\eylvbgl_j_kdZd^eyikbobZljh\lZd b
^ey ki_pbZebklh\ \ jZaebqguo h[eZklyo agZgby ij_`^_ \k_]h ikboheh]h\ khpbheh]h\
xjbklh\ i_^Z]h]h\ Z lZd`_ ^ey qblZl_e_c bgl_j_kmxsboky kh\j_f_ggufb ijh[e_fZfb
ikbobq_kdh]ha^hjh\vy
Q:KLV,
=eZ\Z :G:EBLBQ?KDBCHQ?JDJ:A<BLBYJHKKBCKDHCIKBOB:LJBB
JHKKBCKD:YIKBOB:LJBY>H =
JZa\blb_ jhkkbckdhc ikbobZljbb k\yaZgh k bf_gZfb lZdbo ba\_klguo ikbobZljh\ dZd
;Zebgkdbc F_j`__\kdbc DhjkZdh\ K_j[kdbc DZg^bgkdbc K ] ikbobZljby klZeZ
h[yaZl_evguf ij_^f_lhf f_^bpbgkdh]h mgb\_jkbl_lkdh]h h[jZah\Zgby I_j\uf jmkkdbf
ijhn_kkhjhfqblZ\rbfe_dpbbih dmjkm ikbobZljbb[ue ;Zebgkdbc E_dpbbb debgbq_kdb_
jZa[hju ;Zebgkdh]h hlebqZebkv ]em[bghc ikboheh]bq_kdh]h ZgZebaZ qlh y\ey_lky h^gbf ba
k\b^_l_evkl\ bgl_j_kZ d ikboheh]bb m`_ \ gZqZe_ jZa\blby gZmqghc ikbobZljbb \ Jhkkbb <
ikbobZljbbwlh]hi_jbh^ZgZjy^mk kZfhklhyl_evgufjZa\blb_fijhke_`b\ZeZkvZkkbfbeypby
b l\hjq_kdZy i_j_jZ[hldZ b^_c b debgbq_kdh]h hiulZ ikbobZljbb ^jm]bo kljZg b hkh[_ggh
=_jfZgbb Wlh y\e_gb_ [ueh k\yaZgh k l_f qlh fgh]b_ jhkkbckdb_ ikbobZlju mqbebkv \
=_jfZgbb beb ihemqb\ h[jZah\Zgb_ \ Jhkkbb ijh^he`Zeb ih\urZlv k\hx d\ZebnbdZpbx \
g_f_pdbomgb\_jkbl_lZo;he__lh]hikbobq_kdb_[hevgu_ba[h]Zluok_f_cqZklhe_qbebkv\
g_f_pdbodebgbdZo
<ebygb_ g_f_pdhc ikbobZljbb gZ f_glZebl_l jhkkbckdbo ikbobZljh\ [ueh ^hklZlhqgh
kbevgufhq_\b^ghk wlbf[uehk\yaZgh \hkijbylb_ dj_i_ebgh\kdhc b^_bh GHPHQWLDSUDHFR[
dZdh ghaheh]bq_kdhfh[jZah\Zgbbbf_xs_fg_h[jZlbfucoZjZdl_jb \_^ms_fk lhqdbaj_gby
Dj_i_ebgZ d nhjfbjh\Zgbx ikbobq_kdh]h ^_n_dlZ Dj_i_ebg \ l_q_gb_ r_klb e_l ]] jZ[hlZe gZ l_jjblhjbb Jhkkbckdhc bfi_jbb \ dZq_kl\_ ijhn_kkhjZ mgb\_jkbl_lZ \
LZjlm Jy^ gZmqguo bkke_^h\Zgbc hjb_glbjh\Zgguo gZ wdki_jbf_glZevgu_ nbabheh]bq_kdb_
ih^oh^u ijh\h^beky ih^ _]h jmdh\h^kl\hf D wlbf bkke_^h\Zgbyf hlghkbebkv gZijbf_j
Bkke_^h\Zgb_ nbabheh]bb kgZ 0LFKHOVRQ b <ebygb_ dhn_bgZ b qZy gZ ^ebl_evghklv
ikbobq_kdboijhp_kkh\'HKLR
Ke_^m_l hlf_lblv qlh ij_^klZ\bl_eb rdhe DhjkZdh\Z b K_j[kdh]h hdZau\Zeb
agZqbl_evgh_khijhlb\e_gb_\g_^j_gbxDj_i_ebgh\kdh]hih^oh^Z\ jhkkbckdmxikbobZljbx
Fgh]b_ ikbobZlju \h ]eZ\_ k K_j[kdbf y\bebkv ibhg_jZfb \ ijh\_^_gbb \ Jhkkbb b^_c
Nj_c^ZXg]Zb ;e_ce_jZJha_grl_cg K_j[kdbcy\eyekyklhjhggbdhf^bgZfbq_kdbo
]bihl_a\ ikbobZljbbb \lh`_\j_fyhlghkbekyhljbpZl_evghd i_j_hp_gd_agZq_gbyeb[b^h\
]_g_a_g_\jhah\Iheh`bl_evgh_hlghr_gb_d ikbohZgZebam[uehoZjZdl_jgh^eyij_^k_^Zl_ey
Jmkkdh]h khxaZ g_\jhiZlheh]h\ b ikbobZljh\ ;Z`_gh\Z ba[jZggh]h gZ f kt_a^_ \ ]
j_^ZdlhjZ`mjgZeZIkbohl_jZiby<ujm[h\Zba\_klgh]hikbobZljZHkbih\Zb ^j
Dhgp_ipby g_[eZ]hijbylghc ^bgZfbdb GHPHQWLD SUDHFR[ ijb\_eZ d \hagbdgh\_gbx
k\h_h[jZagh]h klbey debgbq_kdh]h fure_gby m ikbobZljh\ hgb jZkkfZljb\Zeb wlm nhjfm
iZlheh]bbdZdh^bgba\b^h\[_agZ^_`gh]haZ[he_\Zgbydhlhjh_\ dZ`^hfdhgdj_lghfkemqZ_
ijb\h^bld g_h[jZlbfhfmgZjmr_gbxy^jZebqghklbiZpb_glZHljbpZl_evgufihke_^kl\b_f
lZdh]hih^oh^Zy\eyeZkvg_^hhp_gdZjhebikboheh]bq_kdbob khpbhikboheh]bq_kdbonZdlhjh\
L_q_gb_ GHPHQWLD SUDHFR[ \ f_glZebl_l_ ikbobZljh\ kh_^bgyehkv bkdexqbl_evgh k
]_g_lbq_kdbfb b [bheh]bq_kdbfb nZdlhjZfb < j_amevlZl_ wlhl lbi eh]bklbdb ijb\h^be d
\hagbdgh\_gbx gb]bebklbq_kdh]h ih^oh^Z d l_jZi_\lbq_kdbf \hafh`ghklyf ijb GHPHQWLD
SUDHFR[ <ebygb_ lZdh]h fure_gby hkgh\Zggh]h gZ hij_^_e_gghf ij_^m[_`^_gbb gZ
iZpb_glh\ bo jh^kl\_ggbdh\ b agZdhfuo _kl_kl\_ggh [ueh hljbpZl_evguf Wlh ijb\_eh d
nhjfbjh\Zgbx g_[eZ]hijbylgh]h b g_dhgkljmdlb\gh]h \hkijbylby ikbobq_kdb [hevguo
h[s_kl\hf \ p_ehf Bgl_j_k_g nZdl k\b^_l_evkl\mxsbc h lhf qlh ^Z`_ baf_g_gb_ lhqdb
aj_gby gZ nZlZevghklv GHPHQWLD SUDHFR[ kZfbf Dj_i_ebghf baf_gb\rbf k\h_ fg_gb_ \
ihke_^gb_i_jbh^ujZ[hlug_ih\ebyekdhevdhgb[m^vkms_kl\_gghgZbaf_g_gb_hlghr_gby
d _]h i_j\hgZqZevghc dhgp_ipbb kh klhjhgu ikbobZljh\ \ Jhkkbb b =_jfZgbb KblmZpby g_
baf_gbeZkv^Z`_ihke_ihy\e_gbydhgp_ipbbW;e_ce_jZh rbahnj_gbbBaf_g_gbydhkgmebkv
lhevdhgZa\Zgby[he_agbZ b^_yh g_[eZ]hijbylghfl_q_gbbb jZa\blbbikbobq_kdh]h^_n_dlZ
khojZgbeZkv GZ ijbf_j_ bklhjbb GHPHQWLD SUDHFR[ ² rbahnj_gby ijhke_`b\Z_lky
hljbpZl_evgh_ \ebygb_ ijbf_g_gby bkdexqbl_evgh f_^bdh[bheh]bq_kdh]h ih^oh^Z b _]h
ihke_^kl\bc F_^bdh[bheh]bq_kdZy fh^_ev [ueZ i_j_g_k_gZ \ ikbobZljbx ba khfZlbq_kdhc
f_^bpbgu [_a jZkihagZ\Zgby ki_pbnbq_kdh]h \h fgh]hf oZjZdl_jZ ijbagZdh\ b kbfilhfh\ \
ikbobZljbbihkjZ\g_gbxk khfZlbq_kdhcf_^bpbghc
LZdbf h[jZahf g_kfhljy gZ bgl_j_k d ikboheh]bb b \ qZklghklb d ikbohZgZebam
jhkkbckdZy ikbobZljby ^h ] [ueZ ij_bfms_kl\_ggh hjb_glbjh\ZgZ gZ [bhf_^bpbgkdb_
ih^oh^u khpbhdmevlmjguc b ebqghklguc Zki_dlu ihevah\Zebkv f_gvr_c ihimeyjghklvx
Dhgp_ipby[he_agbikbobq_kdbogZjmr_gbcjZa\b\ZeZkv\ khhl\_lkl\bbk fh^_evxlbibqghc
^eykhfZlbq_kdhcf_^bpbgu<hagbdgh\_gb_b jZa\blb_ikbobq_kdboaZ[he_\Zgbck\yau\Zehkv
k ]_g_lbq_kdbfb b khfZlbq_kdbfb nZdlhjZfb bgn_dpbhggufb b lhdkbq_kdbfb Z]_glZfb beb
ihke_^kl\byfbq_j_ighfha]h\uoljZ\fDebgbq_kdh_fure_gb_ki_pbZebklh\Zdp_glbjh\Zeh
b^_x h lhf qlh \k_ ikbobq_kdb_ jZkkljhckl\Z jZa^_e_gu gZ hl^_evgu_ [he__ beb f_g__
debgbq_kdbhij_^_ey_fu_ghaheh]bq_kdb__^bgbpudZ`^Zybadhlhjuobf__lki_pbnbq_kdmx
ijbqbgm b ^bgZfbdm < dZq_kl\_ ^_fhgkljZpbb ijZ\bevghklb lZdh]h ih^oh^Z bkihevah\ZeZkv
fh^_ev ijh]j_kkb\gh]h iZjZebqZ <ukdZau\Zehkv ij_^iheh`_gb_ h lhf qlh ^jm]b_
ikbobq_kdb_ aZ[he_\Zgby ijbjh^Z dhlhjuo ^h kbo ihj g_ba\_klgZ \ k\h_ \j_fy [m^ml
h[tykg_gu \ jZfdZo lZdhc `_ fh^_eb \ dhlhjhc [ue dhgp_ilmZebabjh\Zg ijh]j_kkb\guc
iZjZebqHkgh\Zgb_f^eyhilbfbafZkem`bebmki_ob[bheh]bq_kdhcgZmdb
F_oZgbaf ikbobq_kdbo jZkkljhckl\ ZgZebabjh\Zeky ij_bfms_kl\_ggh k ihabpbc
nbabheh]bb \ukr_c g_j\ghc ^_yl_evghklb qlh [ueh k\yaZgh k ihimeyjghklvx jZ[hl lZdbo
ba\_klguojmkkdbonbabheh]h\dZdK_q_gh\Molhfkdbcb IZ\eh\L_hjbymkeh\guoj_ne_dkh\
IZ\eh\Z l_jfbg \ayl ba jZ[hl K_q_gh\Z bkihevah\ZeZkv ^ey h[tykg_gby nbabheh]bq_kdbo
f_oZgbafh\ikbobq_kdbogZjmr_gbc\ lhfqbke_[j_^h\uob^_cdZlZlhgbq_kdbokbfilhfh\b
]ZeexpbgZpbc IZ\eh\iulZeky h`b\blv Zglbqgmx deZkkbnbdZpbx =biihdjZlZ k \u^_e_gb_f
q_luj_o lbih\ ebqghklb f_eZgohebq_kdh]h ne_]fZlbq_kdh]h ohe_jbq_kdh]h b
kZg]\bgbq_kdh]h IZ\eh\ khojZgbe klZjmx l_jfbgheh]bx k\yau\Zy hkh[_gghklb ikboheh]bb
q_eh\_dZ k f_oZgbafZfb \ukr_c g_j\ghc ^_yl_evghklb >bnn_j_gpbZpby \u^_e_gguo lbih\
ebqghkl_c hkgh\u\ZeZkv gZ kbe_ b \aZbfh^_ckl\bb ijhp_kkh\ \ha[m`^_gby b lhjfh`_gby \
dhj_]heh\gh]hfha]ZIZ\eh\jZa^_eyeex^_cgZ^\ZlbiZ
ex^bij_bfms_kl\_gghZgZeblbq_kdh]hfukebl_evgh]hlbiZ
ex^bk \ujZ`_gghckihkh[ghklvxd h[jZaghfmfure_gbxom^h`_kl\_gguclbi
IZ\eh\ kqblZe qlh gZjmr_gb_ nmgdpbc dhju ]heh\gh]h fha]Z \uau\Z_l gZjmr_gb_
nmgdpbc\k_okhfZlbq_kdbokbkl_fWlhlijhp_kkfh`_lijb\h^blvb djZa\blbxikbobq_kdbo
gZjmr_gbc < k\hx hq_j_^v ikbobq_kdb_ gZjmr_gby kihkh[gu \uau\Zlv jZa\blb_
khfZlbq_kdboaZ[he_\Zgbc
< lh`_\j_fyjhevkhpbZevguob ikboheh]bq_kdbonZdlhjh\\ \hagbdgh\_gbbl_q_gbbb
bkoh^_ikbobq_kdboaZ[he_\Zgbcg_[ueZiheghklvxb]ghjbjh\ZgZjmkkdhcikbobZljb_cwlh]h
i_jbh^Z Wlh gZoh^beh hljZ`_gb_ ij_`^_ \k_]h \ ijh[e_fZo Zedh]hebafZ kmbpb^gh]h
ih\_^_gby djbfbgZebl_lZ b nZgZlbafZ ZgZeba dhlhjuo ijh\h^beky ij_bfms_kl\_ggh k
mq_lhf khpbZevguo b ² \ f_gvr_c kl_i_gb ikboheh]bq_kdbo nZdlhjh\ < khhl\_lkl\bb k
ihabpb_c DhjkZdh\Z jZa\blb_ b bkoh^ ikbobq_kdbo aZ[he_\Zgbc aZ\bk_eb g_ lhevdh hl
gZke_^kl\_gghklb gh b hl khpbZevguo mkeh\bc < wlbheh]bb ikbobq_kdbo gZjmr_gbc
DhjkZdh\gZijbf_jh[jZsZe\gbfZgb_gZagZq_gb_lZdh]hkhpbZevgh]hy\e_gbydZd[_^ghklv
Hg ibkZe ;_^ghklv y\ey_lky h^gbf ba \Z`guo nZdlhjh\ ijb\h^ysbo d jhklm ikbobq_kdbo
aZ[he_\Zgbc :\lhj ihklmebjh\Ze b^_x h lhf qlh mkljZg_gb_ Zedh]hebafZ fh`_l hdZaZlv
iheh`bl_evgh_ \ebygb_ gZ klZlbklbdm fgh]bo ikbobq_kdbo jZkkljhckl\ DhjkZdh\ k\yau\Ze
lZd`_ ]hkm^Zjkl\_ggmx iheblbdm ij_^mij_`^_gby ikbobq_kdbo [he_ag_c k h[sbf
h[jZah\Zgb_f gZk_e_gby \ h[eZklb f_^bpbgu ]b]b_gu b hj]ZgbaZpb_c ki_pbZevghc kbkl_fu
khpbheh]bq_kdh]hh[mq_gby
Fgh]b_ jmkkdb_ ikbobZlju hj]Zgbah\u\Zeb gZ [Za_ ikbobZljbq_kdbo [hevgbp
ki_pbZevgu_ hl^_e_gby ^Zxsb_ iZpb_glZf \hafh`ghklv jZa\b\Zlv l_ogbq_kdb_ gZ\udb
ijbgbfZlv mqZklb_ \ k_evkdhohayckl\_gghc jZ[hl_ b kZ^h\h^kl\_ Wlh gZijZ\e_gb_ gZreh
hljZ`_gb_\ bklhjbbKb[bjkdhcikbobZljbq_kdhc[hevgbpu]LhfkdZihemqb\r_caZmqZklb_
ikbobq_kdb [hevguo iZpb_glh\ \ k_evkdhf ohayckl\_ k_j_[jygmx f_^Zev gZ <k_fbjghc
\uklZ\d_\ IZjb`_\ ]
Bgl_j_k d jheb khpbZevguo b ikboheh]bq_kdbo nZdlhjh\ \ jZa\blbb ikbobq_kdbo
gZjmr_gbc Zdlb\babjh\Zeky \ j_amevlZl_ bkke_^h\Zgbc ;_ol_j_\Z ihk\ys_gguo wlhfm
\hijhkm
IKBOB:LJBYKH<?LKDH=HI?JBH>:
B^_heh]bq_kdb_ dhgp_ipbb ihklhyggh hdZau\Zeb kms_kl\_ggh_ \ebygb_ gZ jZa\blb_
kh\_lkdhcikbobZljbb
Ij_^klZ\ey_lky \hafh`guf \u^_eblv g_dhlhju_ gZb[he__ lbibqgu_ ^hdljbgu \ wlhc
h[eZklb H^ghc ba gbo y\eyeZkv ijhdeZfZpby ehamg]Z h[ hlkmlkl\bb \ khpbZebklbq_kdhf
h[s_kl\_hkgh\guokhpbZevguomkeh\bc^ey\hagbdgh\_gbyikbobq_kdbogZjmr_gbc@bagb\
kljZg_khpbZebafZijhlb\hihklZ\eyebkvg_[eZ]hihemqgu_b ^_kljmdlb\gu_mkeh\bybf_xsb_
f_klh\ dZiblZebklbq_kdbokljZgZoWlhl l_abk hljZ`Z_l mijhs_ggh_ihgbfZgb_ikboh]_g_aZ
ikbobq_kdbo aZ[he_\Zgbc L_f g_ f_g__ hg [ue rbjhdh jZkijhkljZg_g \ [u\r_f KKKJ <
khhl\_lkl\bb k wlhc dhgp_ipb_c gbadh_ dhebq_kl\h ikbobq_kdbo aZ[he_\Zgbc y\ey_lky
ihdZaZl_e_f ij_bfms_kl\Z khpbZevghc kbkl_fu HnbpbZevgZy kh\_lkdZy f_^bpbgZ b
f_^bpbgkdZy klZlbklbdZ [ueb hjb_glbjh\Zgu gZ aZ^Zqm ^hdZaZlv ijZ\bevghklv wlhc b^_b
J_amevlZlu ijh\h^bfhc iheblbdb [ueb qj_a\uqZcgh g_]Zlb\gufb ijb\h^beb d ihklhygghc
nZevkbnbdZpbbklZlbklbq_kdbo^Zgguob ihy\e_gbx^\molbih\klZlbklbdbhldjuluo^Zgguo
im[ebdh\Z\rboky \ hnbpbZevguo ba^Zgbyo b k_dj_lguo klZlbklbq_kdbo ^Zgguo
kh^_j`Zsboky \ ki_pbZevguo ba^Zgbyo dhlhju_ fh`gh [ueh ihemqblv lhevdh ijb
ki_pbZevghf jZaj_r_gbb khhl\_lkl\mxsbo kljmdlmj BgnhjfZpby dZkZxsZyky klZlbklbdb \
ikbobZljbb hkh[_ggh ijh[e_f Zedh]hebafZ aehmihlj_[e_gby ij_iZjZlZfb gZjdhfZgbb
im[ebdh\ZeZkv \ hldjulhc i_qZlb \ g_ khhl\_lkl\mxs_f ^_ckl\bl_evghklb \b^_ LZd \
mq_[gbd_ ikbobZljbb Kg_`g_\kdh]h dZd b \ ^jm]bo jmdh\h^kl\Zo ihklmebjh\Zehkv qlh
ijh[e_fu gZjdhfZgbb \ KKKJ g_ kms_kl\m_l Z j_^db_ kemqZb hibhb^ghc aZ\bkbfhklb
jZa\b\Zxlky ebrv m g_dhlhjuo iZpb_glh\ ihke_ objmj]bq_kdbo \f_rZl_evkl\ \ kemqZyo
gZagZq_gby bf wlbo ij_iZjZlh\ \ l_q_gb_ ^ebl_evgh]h \j_f_gb Kg_`g_\kdbc Ihklhyggh ih^q_jdb\Zehkv qlh Zedh]hebaf g_ y\ey_lky j_Zevghc ijh[e_fhc \ KKKJ b
aehmihlj_[e_gb_Zedh]he_fihy\ey_lky\ j_amevlZl_i_j_`bldh\dZiblZebafZ\ khagZgbb
D q_jlZf lbibqguf ^ey kh\_lkdhc ikbobZljbb hlghkbeZkv ihklhyggZy l_g^_gpby
ebfblbjh\Zlv dhgp_ipbx ikboh]_gguo ikbobq_kdbo jZkkljhckl\ Wlb aZ[he_\Zgby
jZkkfZljb\Zebkvhq_gvh]jZgbq_gghb ^bZ]ghklbjh\Zebkv\ jZfdZolZdgZau\Z_fuoj_Zdlb\guo
ikbohah\ Jhev ikboheh]bq_kdbo ^Z`_ \ dZq_kl\_ iZlhieZklbq_kdbo nZdlhjh\ \ jZa\blbb
ikbobq_kdbo gZjmr_gbc ijZdlbq_kdb g_ dhgdj_lbabjh\ZeZkv < l_hjbb ijbagZ\ZeZkv jhev
ikboheh]bq_kdbo ljZ\fZlbq_kdbo \ebygbc \ \hagbdgh\_gbb g_\jhah\ L_f g_ f_g__ lZdh_
ml\_j`^_gb_ g_ ijb\h^beh d ZgZebam ikboheh]bq_kdbo f_oZgbafh\ <f_klh wlh]h rbjhdh
bkihevah\Zebkv nbabheh]bq_kdb_ l_jfbgu b dZl_]hjbb \dexq_ggu_ \ dhgp_ipbx
iZlhnbabheh]bb \ukr_c g_j\ghc ^_yl_evghklb Ihke_ h[t_^bg_ggh]h aZk_^Zgby :dZ^_fbb
f_^bpbgkdbogZmdKKKJb :dZ^_fbbgZmdKKKJIZ\eh\kdZyk_kkby ]iZlhnbabheh]by
\ukr_cg_j\ghc^_yl_evghklb[ueZmklZgh\e_gZdZdgh\Zy^bkpbiebgZh[yaZl_evgZy^ey\k_o
ikbobZljh\ KKKJ ijhoh^ysbo i_j_d\ZebnbdZpbx \ khhl\_lkl\bb k wlhc dhgp_ipb_c
Kh]eZkgh ihklmeZlZf iZlhnbabheh]bb \ukr_c g_j\ghc ^_yl_evghklb jZa\blb_ \k_o
ikbobq_kdbo jZkkljhckl\ h[tykgyehkv \ l_jfbgZo baf_g_gguo hlghr_gbc f_`^m
\ha[m`^_gb_fb lhjfh`_gb_fbobgl_jn_j_gpb_cb jZaebqgufbnZaZfblhjfh`_gby
Ikboheh]bq_kdb_ ih^oh^u \ ijhp_kk_ ^bZ]ghklbdb e_q_gby b h[tykg_gby f_oZgbafh\
jZa\blby ikbobq_kdbo gZjmr_gbc [ueb aZij_s_gu b ijZdlbq_kdb bkdexq_gu ba ijZdlbdb
ikbobZljh\WlhaZij_s_gb_hkgh\u\ZehkvgZb^_heh]bq_kdhcdhgp_ipbbwlbd_lbjh\Zgby\k_o
ikboheh]bq_kdbol_hjbcebqghklbij_`^_\k_]hikbohZgZeblbq_kdbo\ dZq_kl\_j_Zdpbhgguo
b b^_Zebklbq_kdbo
DZd ihke_^kl\b_ \ebygby wlbo kljZl_]bc ihiuldb mklZgh\blv [he__ beb f_g__
g_nhjfZevguc dhglZdl k ikbobq_kdb [hevgufb iZpb_glZfb djblbdh\Zebkv dZd
g_ijhn_kkbhgZevgZy ikboheh]baZpby IkbobZlju bkihevamxsb_ khpbhikboheh]bq_kdb_
ih^oh^u fh]eb klZlv p_evx ihklhygguo h[\bg_gbc bf_eb ijh[e_fu \ klZgh\e_gbb
ijhn_kkbhgZevghcdZjv_juZ \emqr_fkemqZ_gZijZ\eyebkvgZi_j_ih^]hlh\dm\ fhkdh\kdb_
bgklblmlu ikbobZljbb LZdbf h[jZahf kh\_lkdZy ikbobZljby g_ bf_eZ \hafh`ghklb
bkihevah\Zlv gb ikboheh]bq_kdb_ l_hjbb gb ikboheh]bq_kdb_ ih^oh^u \ f_`ebqghklguo
hlghr_gbyof_`^m\jZqhfb iZpb_glhf
IkbobZljby kh\_lkdh]h i_jbh^Z hjb_glbjh\ZeZkv gZ \uy\e_gb_ kbfilhfh\ kbg^jhfh\ b
ghaheh]bb H[mq_gb_ klm^_glh\ b ki_pbZebklh\ ih\urZxsbo d\ZebnbdZpbx
dhgp_gljbjh\Zehkv gZ mk\h_gbb madbo ijhn_kkbhgZevguo gZ\udh\ gZijZ\e_gguo gZ mf_gb_
\u^_eblvlhlbebbghcikbohiZlheh]bq_kdbckbfilhfKqblZehkvqlh[hevrbgkl\hiZpb_glh\
klZjZxlky kdjulv ijbagZdb bf_xs_c m gbo f_klh ikbohiZlheh]bb b aZ^Zq_c
d\Zebnbpbjh\Zggh]h ikbobZljZ y\ey_lky mf_gb_ jZkdjulv kdju\Z_fu_ ijbagZdb Wlhl \b^
^bZ]ghklbdbgZihfbgZe\ dZdhflhkfuke_ihebp_ckdh_jZkke_^h\Zgb_b ijZdlbq_kdbgZjmrZe
ki_pbnbq_kdb_hlghr_gbyg_h[oh^bfu_^eydhglZdlZf_`^m\jZqhfb iZpb_glhfJ_amevlZlhf
lZdhc gZijZ\e_gghklb h[jZah\Zgby y\behkv jZa\blb_ m ikbobZljh\ gZ\udh\ b f_glZevghklb
hjb_glbjZ ^Zgguo gZ jZkdjulb_ kbfilhfh\ ikbohiZlheh]bb m dZ`^h]h dhgkmevlbjm_fh]h
q_eh\_dZ
< khhl\_lkl\bb k wlhc f_lh^heh]b_c jZaebqgu_ ikboheh]bq_kdb_ n_ghf_gu bf_eb
\hafh`ghklv [ulv bgl_jij_lbjh\Zggufb \ dZq_kl\_ ikbohiZlheh]bq_kdbo ijbagZdh\ b
bkihevah\Zebkv \ dhgkljmdpbb ^bZ]ghaZ ikbobq_kdh]h aZ[he_\Zgby GZijbf_j _keb iZpb_gl
iZpb_gldZhlf_qZeqlh_]hqm\kl\Zd jh^bl_eyf[uebkeh`gufbb aZ\bk_ebhlhij_^_e_ggh]h
i_jbh^Z\j_f_gbwlhijbagZgb_fh`gh[uehbgl_jij_lbjh\ZlvdZdijbagZdZf[b\Ze_glghklbk
ikbohiZlheh]bq_kdbf agZq_gb_f :f[b\Ze_glghklv \ kh\_lkdbo mq_[gbdZo ikbobZljbb
jZkkfZljb\ZeZkv dZd kbfilhf rbahnj_gbb ?keb iZpb_gl hlf_qZe qlh hg g_ ex[bl beb
g_gZ\b^bl dh]hlh ba k\hbo jh^kl\_ggbdh\ g_ jZa^_ey_l kbfiZlbb \ hlghr_gbb d dZdbflh
ex^yf beb _fm g_ gjZ\ylky kh[ulby dhlhju_ _fm ^he`gu gjZ\blvky k hnbpbZevghc lhqdb
aj_gby \k_ wlh fh]eh [ulv bkihevah\Zgh dZd ^hdZaZl_evkl\h g_Z^_d\Zlguo wfhpbhgZevguo
j_Zdpbc qlh k lhqdb aj_gby kh\_lkdhc ikbobZljbq_kdhc ^bZ]ghklbdb y\eyehkv h^gbf ba
hkgh\guo ijbagZdh\ rbahnj_gbb Hlkmlkl\b_ bgl_j_kZ d iheblbd_ iZjlbb b ijZ\bl_evkl\Z
qZklh bgl_jij_lbjh\Zehkv dZd hlkmlkl\b_ bgl_j_kZ b wg_j]_lbq_kdbc ^_nbpbl \
ikbohiZlheh]bq_kdhfkfuke_< lh`_\j_fyl_jfbgnbehkhnbq_kdZybglhdkbdZpbyrbjhdh
bkihevah\Zeky^ey^bZ]ghklbdbikbobq_kdbogZjmr_gbc\ kemqZ_dh]^Zq_eh\_dg_kh]eZrZeky
k dhgdj_lguf b ^_ckl\byfb ebp aZgbfZxsbo jmdh\h^ysb_ ihklu djblbdh\Ze bo bkihevamy
nbehkhnkdb_^h]fu\ khhl\_lkl\bbk jZ[hlZfbFZjdkZWg]_evkZE_gbgZ
H[sbchljbpZl_evgucih^oh^d ikboheh]bb[uegZb[he__q_ldh\ujZ`_g\ ki_pbZevghf
^_dj_l_ ] aZij_sZ\r_f bkihevah\Zgb_ ikboheh]bq_kdbo l_klh\ baf_jyxsbo
dhwnnbpb_gl bgl_ee_dlZ <k_ ^Zggu_ ihemq_ggu_ jZg__ jZkkfZljb\Zebkv dZd ihiuldZ
^bkdj_^blZpbb bgl_ee_dlmZevguo kihkh[ghkl_c ljm^ys_]hky gZjh^Z b dj_klvygkl\Z <ebygb_
lZdh]hhljbpZl_evgh]hhlghr_gbyd ikboheh]bbgZdebgbq_kdmxb l_hj_lbq_kdmxikbobZljbx
[ueh ^hklZlhqgh \ujZ`_gh H[mq_gb_ ikbobZljh\ ikboheh]bb ijZdlbq_kdb hlkmlkl\h\Zeh
IkbobZlju g_ ihemqZeb bgnhjfZpbx h ikbohZgZeba_ g_ ]h\hjy m`_ h[ ZgZeblbq_kdhc beb
bg^b\b^mZevghcikboheh]bb;uehg_\hafh`ghihemqblvwlb^Zggu_bakh\_lkdhcebl_jZlmju
ihkdhevdm im[ebdh\Zebkv ebrv djblbq_kdb_ b^_heh]bq_kdb_ aZf_qZgby ih wlbf \hijhkZf
<hafh`ghklv qblZlv ebrv g_fgh]b_ ijhba\_^_gby \ hjb]bgZe_ kms_kl\mxsb_ \ g_kdhevdbo
[b[ebhl_dZo[ueZh]jZgbq_gZlZd`_lj_[h\Zgb_fki_pbZevgh]hjZaj_r_gbyb j_]bkljZpbb<
ikbobZljbq_kdbc e_dkbdhg [ue \\_^_g l_jfbg ikboheh]baZpby k kZjdZklbq_kdbf b
ba^_\Zl_evkdbf agZq_gb_f IkbobZljh\ h[mqZeb lhfm qlh hgb ^he`gu bkdexqZlv ba k\h_]h
e_dkbdhgZ ikboheh]bq_kdb_ l_jfbgu b \ujZ`_gby lZd dZd hgb ghkyl km[t_dlb\guc
b^_Zebklbq_kdbcb g_gZmqgucoZjZdl_jBfb^`ikbobZljbbdZddebgbq_kdhc^bkpbiebgu
kh^_j`ZedZdj_amevlZlwlboih^oh^h\^\Zwe_f_glZ
kbfilhfu b kbg^jhfu ikbohiZlheh]bb ghaheh]bq_kdb_ _^bgbpu kdhgkljmbjh\Zggu_
gZhkgh\_dhgkl_eeypbbikbohiZlheh]bq_kdboijbagZdh\kbfilhfh\b kbg^jhfh\
nbabheh]bq_kdb_f_oZgbafuikbobq_kdbojZkkljhckl\\ khhl\_lkl\bbk l_hj_lbq_kdhc
dhgp_ipb_ciZlhnbabheh]bb\ukr_cg_j\ghc^_yl_evghklb
Kh\_lkdZy ikbobZljby hi_jbjh\ZeZ hlghkbl_evgh mgbnhjfguf b [_^guf keh\Zj_f
l_jfbgh\\ujZ`_gbcb agZq_gbcij_^klZ\eyyhij_^_e_gguclbiZe_dkblbfbq_kdh]hdZq_kl\Z
?_ iulZebkv \ wlhf hlghr_gbb k^_eZlv wd\b\Ze_glghc h[eZklyf khfZlbq_kdhc f_^bpbgu
Mq_[gbdb ikbobZljbb y\eyxlky emqr_c ^_fhgkljZpb_c wlhc hkh[_gghklb Koh^kl\h
khfZlbq_kdhc f_^bpbgu b ikbobZljbb ihklhyggh ih^q_jdb\Zehkv IkbobZljby hij_^_eyeZkv
bkdexqbl_evgh dZd [bhf_^bpbgkdZy ^bkpbiebgZ Ikboheh]bq_kdb_ dmevlmjgu_ jZaebqby b
\ebygb_ dmevlmju gZ ikbohiZlheh]bx b]ghjbjh\Zebkv AgZq_gb_ [bheh]bq_kdbo nZdlhjh\ \
ikbobZljbq_kdboaZ[he_\Zgbyo^hfbgbjh\Zeh\ f_glZevghklbikbobZljh\
Kh\_lkdZy[bhf_^bpbgkdZyikbobZljby\ l_q_gb_^ebl_evgh]hi_jbh^ZZdp_glbjh\ZeZjhev
]_g_lbq_kdbo nZdlhjh\ \ jZa\blbb ikbohah\ \ dZq_kl\_ nmg^Zf_glZevgh]h klheiZ
[bhf_^bpbgkdhc fh^_eb ohly bgklblml f_^bpbgkdhc ]_g_lbdb [ue aZdjul \ ]
Hjb_glZpby gZ ]_g_lbdm klZeZ g_\hafh`ghc ihke_ k_kkbb :dZ^_fbb k_evkdhohayckl\_gguo
gZmd\ ]dh]^Z]_g_lbdZ[ueZ^_deZjbjh\ZgZdZdik_\^hgZmdZLZdbfh[jZahfkh\_lkdZy
ikbobZljby [bhf_^bpbgkdZy ih k\h_c kmlb ihl_jyeZ ]eZ\guc we_f_gl dZd l_hj_lbq_kdZy
^bkpbiebgZ ij_\jZlb\rbkv \ koheZklbq_kdmx gZmdm hlkljZg_ggmx hl ikboheh]bb
khpbheh]bbj_eb]bbdmevlmjub ]_g_lbdbWlmiheblbq_kdbh[mkeh\e_ggmx^_\bZpbxfh`gh
ijhgZ[ex^ZlvgZijbf_j_^bgZfbdbjZ[hlim[ebdm_fuo\ dhjkZdh\kdhf@mjgZe_g_\jheh]bb
b ikbobZljbb\ jZaebqgu_i_jbh^ubklhjbbKKKJ
<f_kl_ k l_f ke_^m_l hlf_lblv qlh debgbq_kdb hjb_glbjh\ZggZy kh\_lkdZy ikbobZljby
ihkl_i_gghklZeZba[_]Zlvbkihevah\Zgbyn_ghf_gheh]bq_kdboih^oh^h\G_kfhljygZlhqlh
g_h[oh^bfhklv bkke_^h\Zgbc b ZgZebaZ hkh[_gghkl_c kbfilhfh\ b kbg^jhfh\
ikbohiZlheh]bq_kdbo gZjmr_gbc ^_deZjbjh\ZeZkv ihklhyggh \ j_Zevghklb ihiuldZ \uclb aZ
]jZgbpu qbklh hibkZl_evgh]h mjh\gy kbfilhfZlheh]bb djblbdh\ZeZkv dZd \ujZ`_gb_
h[t_dlb\gh]h b^_ZebafZ ;he__ lh]h [ueh qj_a\uqZcgh g_ihimeyjgh bkihevah\Zlv
n_ghf_gheh]bq_kdbcZgZebaYki_jkZ\ hlghr_gbbh[s_cikbohiZlheh]bb
Kh\_lkdZy ikbobZljby klZebgkdh]h i_jbh^Z [ueZ gZb[he__ iheblbq_kdb
bg^hdljbgbjh\Zgghc h[eZklvx f_^bpbgkdhc gZmdb Kms_kl\h\ZeZ l_g^_gpby kdju\Zlv
ijh[e_fu\ kn_j_ikbobq_kdh]ha^hjh\vyb kha^Z\Zlv\b^bfhklvhlkmlkl\byikboheh]bq_kdbob
l_f[he__ikbobZljbq_kdboijh[e_f\ h[s_kl\_Hq_\b^ghbf_eZf_klhkm[t_dlb\gZyijbqbgZ
lZdhckblmZpbbk\yaZggZyk hp_gdhcKlZebgZdZdiZjZghb^ghcebqghklb;_ol_j_\ufdhlhjuc
[uehljZ\e_g\kdhj_ihke_lZdhc^bZ]ghklbdbR_j_r_\kdbc Wldbg^
IkbobZljby [j_`g_\kdh]h i_jbh^Z bkihevah\ZeZkv \ dZq_kl\_ hjm^by ^ey mkljZg_gby
iheblbq_kdbo hiihg_glh\ ^bkkb^_glh\ ex^_c dhlhju_ hldjulh \ujZ`Zeb \a]ey^u
ijhlb\hj_qZsb_ hnbpbZevgh ^_deZjbjm_fuf ^h]fZf < wlh \j_fy ihy\beZkv l_g^_gpby d
jZkrbj_gbx ]jZgbp ihgylby ikbobq_kdh]h aZ[he_\Zgby Wlhl ijhp_kk [ue mkbe_g
^_ikboheh]baZpb_c ikbobZljbb b __ hjb_glZpb_c gZ mijhs_gguc ^bZ]ghklbq_kdbcih^oh^ ²
kbfilhfkbg^jhf^bZ]gha
< ] Kg_`g_\kdbc bkihevam_l l_jfbg \yehl_dmsZy rbahnj_gby < khhl\_lkl\bb k
^bZ]ghklbq_kdbfbdjbl_jbyfb\yehl_dms_crbahnj_gbb ijZdlbq_kdbdZ`^uc\b^ih\_^_gby
dhlhjuc g_ kh\iZ^Ze k khpbZevgh h^h[jy_fufb iZll_jgZfb fh] ihemqblv
ikbohiZlheh]bq_kdh_ agZq_gb_ Fgh]b_ nhjfu ebqghklguo gZjmr_gbc k lhqdb aj_gby
Kfme_\bqZ[uebk\yaZguk wg^h]_ggufijhp_kkhfBojZa\blb_ijb\h^behd \hagbdgh\_gbx
nhjfu gZau\Zxs_cky j_ab^mZevghc rbahnj_gb_c Debgbq_kdh_ hibkZgb_ \yehl_dms_c
rbahnj_gbb ih Kfme_\bqm qj_a\uqZcgh wexab\gh Hgh \dexqZ_l \ k_[y ijZdlbq_kdb \k_
\hafh`gu_ baf_g_gby \ ikbobq_kdhf khklhygbb b qZklbqgh khklhygby dhlhju_ \hagbdZxl m
q_eh\_dZ [_a ikbobq_kdhc iZlheh]bb lZdb_ dZd wcnhjby ]bi_jZdlb\ghklv g_h[hkgh\Zgguc
hilbfbaf b jZa^jZ`bl_evghklv \aju\qZlhklv k_gkblb\ghklv g_Z^_d\Zlghklv b
wfhpbhgZevguc ^_nbpbl bkl_jbq_kdb_ j_Zdpbb k dhg\_jkb\gufb b ^bkkhpbZlb\gufb
kbfilhfZfbbgnZglbevghklvh[k_kkb\ghnh[bq_kdb_khklhygbymijyfkl\hKfme_\bq < kblmZpbbbaheypbbkh\_lkdhcikbobZljbbhlfbjh\hcikbobZljbb\ p_ehfhnbpbZevgu_
ebpZ\ KKKJklZjZebkvkha^Zlv\i_qZle_gb_hlkmlkl\byjZagbpuf_`^mkh\_lkdhcikbobZljb_c
b _\jhi_ckdhc LZd f_`^mgZjh^gZy deZkkbnbdZpby aZ[he_\Zgbc FD; nhjfZevgh
bkihevah\ZeZkv\ KKKJk ]gh\ j_ZevghklbhgZ[ueZZ^Zilbjh\ZgZ^eyijbf_g_gby\
KKKJ
Wlhl^bZ]ghklbq_kdbckijZ\hqgbdkh^_j`blg_dhlhju_bgl_j_kgu_kemqZcgu_hrb[db
GZijbf_j \ ]eZ\_ ihk\ys_gghc ebqghklguf jZkkljhckl\Zf bkihevam_lky l_jfbg
ikbohiZlbq_kdZy ebqghklv dhlhjuc \ wlhf jmdh\h^kl\_ ijbjZ\gb\Z_lky d ZglbkhpbZevghfm
ebqghklghfm gZjmr_gbx L_jfbg ZglbkhpbZevgZy ebqghklv baf_g_g ihkdhevdm \ KKKJ
bkihevah\Zlv _]h [ueh aZij_s_gh ;he__ lh]h ^Z`_ baf_g_gguc l_jfbg g_ fh] [ulv
bkihevah\Zg \ ^bZ]ghklbd_ lZd dZd ghf_j dh^Z ^ey ^bZ]ghaZ ikbohiZlbq_kdZy ebqghklv
hlkmlkl\h\Ze< ]eZ\_Rbahnj_gbq_kdb_ikbohau\yehl_dmsZyrbahnj_gby[ueZ\dexq_gZ\
_^bgbpm eZl_glghc rbahnj_gbb b ij_^klZ\e_gZ \ lZdbo \ZjbZglZo dZd \yehl_dmsZy
rbahnj_gby k g_\jhahih^h[gufb b ikbohiZlhih^h[gufb kbfilhfZfb ijhklZy \yehl_dmsZy
rbahnj_gby iZjZghb^gZy eZl_glgZy b ijhklh \yehl_dmsZy rbahnj_gby [_a ^Zevg_cr_]h
mlhqg_gby
L_g^_gpbyd ]bi_j^bZ]ghklbd_rbahnj_gbb\ujZ`ZeZkvjZaebqgufbimlyfbHljZ`_gb_f
wlhc l_g^_gpbb y\ey_lky dhgp_ipby bihohg^jbq_kdhc rbahnj_gbb Jhlrl_cgZ Ki_pbZebklu ihevah\Z\rb_ky wlhc dhgp_ipb_c gZ ijZdlbd_ ijZdlbq_kdb ihemqbeb
\hafh`ghklv^bZ]ghklbjh\Zlvrbahnj_gbx\ dZ`^hfkemqZ_dh]^Z`Zeh[uiZpb_glZgZ[hebb
^jm]b_ khfZlbq_kdb_ gZjmr_gby h[t_dlb\gh g_ ih^l\_j`^Zebkv ki_pbZebklZfb \ h[eZklb
khfZlbq_kdhcf_^bpbgu< dhgl_dklbihohg^jbq_kdhcrbahnj_gbb\dexqZebkhfZlhnhjfgu_
jZkkljhckl\ZjZkkljhckl\ZgZkljh_gbyk khfZlbq_kdbfb`Zeh[Zfbb ^j
< kh\_lkdbc i_jbh^ ZgZeba b hibkZgb_ Zedh]hebafZ ^Z`_ k `_kldh [bheh]bq_kdhc lhqdb
aj_gby [ue h]jZgbq_g Wlh h]jZgbq_gb_ [ueh k\yaZgh k hnbpbZevguf aZij_lhf ijh\_^_gby
ex[h]h kjZ\g_gby f_`^m Zedh]hebafhf b gZjdhfZgbyfb Kms_kl\h\Ze ihklmeZl kh]eZkgh
dhlhjhfm gZjdhfZgby dZd ijh[e_fZ \ KKKJ hlkmlkl\h\ZeZ < khhl\_lkl\bb k wlbf
jZkkm`^_gb_f ijbagZdb Zedh]hevghc iZlheh]bb dhlhju_ fh]eb [ulv Zkkhpbbjh\Zgu k
f_oZgbafZfb gZjdhfZgbb bkdexqZebkv GZijbf_j g_kfhljy gZ lh qlh nhjfZevgh l_jfbg
Zedh]hevgZyZ[klbg_gpbyhibkZgguc\ ]fhkdh\kdbfikbobZljhf@bkebgufaZij_s_g
g_ [ue l_fg_ f_g__ \ jZ[hlZo ihk\ys_gguo Zedh]hebafm hkh[_ggh \ Fhkd\_ wlhl l_jfbg
bkihevah\Zekyj_^dh>Z`_kZfhgZebqb_Zedh]hevghcZ[klbg_gpbbqZklhh[ty\eyehkveh`guf
gZijbf_j Klheyjh\ ^_deZjbjh\Ze qlh Zedh]hevgZy Z[klbg_gpby y\ey_lky h[uqghc
ihklbglhdkbdZpbhgghcZkl_gb_cIj_^eh`_ggZygZfbdeZkkbnbdZpbyZedh]hebafZhkgh\ZggZy
gZ Z^^bdlb\ghf ih^oh^_ k \u^_e_gb_f nhjf k ikboheh]bq_kdhc b nbabq_kdhc aZ\bkbfhklvx
[ueZ him[ebdh\ZgZ aZ jm[_`hf Dhjhe_gdh >bdh\kdbc lZd dZd \ KKKJ wlh \klj_qZeh
k_jv_agu_ aZljm^g_gby < _ ]h^u \ Gh\hkb[bjkd_ ijh\h^bebkv bkke_^h\Zgby ih
\hkijhba\_^_gbxm `b\hlguokbfilhfh\b kbg^jhfh\ikbobq_kdbogZjmr_gbc =hev^_g[_j]
=hev^_g[_j] Dhjhe_gdh Dhjhe_gdh k khZ\l Wdki_jbf_glZevgu_
ikbohau [ueb h^ghc ba g_fgh]bo gbr \ ikbobZljbb \ dhlhjhc kms_kl\h\ZeZ \hafh`ghklv
ijh\_^_gby bkke_^h\Zgbc b bo ZgZebaZ L_f g_ f_g__ b a^_kv ke_^h\Zeh ijhy\eylv
fZdkbfZevgmx hklhjh`ghklv \ bgl_jij_lZpbyo \ k\yab k j_Zevghc m]jhahc h[\bg_gby \
b^_ZebaZpbb ZglbiZ\eh\kdhf gZijZ\e_gbb lZd dZd kh]eZkgh ijbgylhc ^h]f_ ikbobdZ
kqblZeZkv ij_jh]Zlb\hc q_eh\_dZ Z ikbobq_kdZy `bagv `b\hlguo \ lhf qbke_ b
\ukhdhhj]Zgbah\Zgguok\h^beZkvbkdexqbl_evghd mkeh\gufj_ne_dkZf
< mkeh\byo [u\r_]h KKKJ Zglb]mfZggu_ q_jlu ikbobZljbb lsZl_evgh kdju\Zebkv aZ
^_deZjZpb_cgZb[he__]mfZgghckh\_lkdhcf_^bpbgu:gZebaZglb]mfZgguoq_jliha\hey_l
\u^_eblvg_dhlhju_bohkh[_gghklb
kdjulucoZjZdl_jZglb]mfZgbafZ
baheypby ikbobZljbb hl ^jm]bo ki_pbZevghkl_c b hkh[_ggh hl ikboheh]bb b
khpbheh]bb
hlkmlkl\b_ dZdh]heb[h khpbZevgh]h dhgljhey aZ ^_yl_evghklvx ikbobZljbq_kdbo
kem`[
g_bgnhjfbjh\Zgghklvh[s_kl\Z\ h[eZklbikbobZljbq_kdboijh[e_f
^_nbpbl\ebygbyhkgh\guo]mfZgbklbq_kdbop_gghkl_c\ khpbZevghff_glZebl_l_dZd
j_amevlZlhldZaZhlh[s_ijbgylhckbkl_fu^_fhdjZlbq_kdbop_gghkl_c\ fbj_
gZjmr_gb_ijZ\q_eh\_dZZl_bklbq_kdh_\hkiblZgb_b ^bkdjbfbgZpbyj_eb]bb
baheypbyikbobZljbbhlikbobZljbb^jm]bokljZg
bkihevah\Zgb_ \ kj_^kl\Zo fZkkh\hc bgnhjfZpbb ikbobZljbq_kdhc l_jfbgheh]bb \
mgb`Zxs_fb kZjdZklbq_kdhfkfuke_^ey^bkdjbfbgZpbbiheblbq_kdbohiihg_glh\dhlhju_
b^_glbnbpbjh\Zebkv \ khpbZevghf f_glZebl_l_ k h[jZahf \jZ]Z WlZ ijhp_^mjZ h[t_dlb\gh
\_eZd jhklmhljbpZl_evgh]hhlghr_gbyh[s_kl\Zd ikbobq_kdb[hevguf
^bZ]ghklbdZ ikbobq_kdbo aZ[he_\Zgbc hkh[_ggh \yehl_dms_c rbahnj_gbb
klbjZxsZy]jZgbpuf_`^mghjfhcb iZlheh]b_c
h]jZgbq_gb_ ijZ\ ikbobq_kdb [hevguo iZpb_glh\ aZij_s_gb_ beb h]jZgbq_gb_ bo
\hafh`ghklb ihemqblv h[jZah\Zgb_ g_\hafh`ghklv ihemqblv d\Zebnbpbjh\Zggmx jZ[hlm
hlkmlkl\b_xjb^bq_kdboijZ\
wdkiemZlZpbyljm^Zikbobq_kdb[hevguoiZpb_glh\ih^fZkdhcljm^hl_jZibb
KH<J?F?GG:YJHKKBCKD:YIKBOB:LJBY
Hkgh\gu_ q_jlu lbibqgu_ ^ey kh\_lkdhc ikbobZljbb ijh^he`Zxl hdZau\Zlv k\h_
\ebygb_ \ kh\j_f_gguo mkeh\byo Wlhl n_ghf_g k\yaZg k khojZgb\rbfky f_glZebl_lhf
lbibqguf ^ey ikbobZljh\ \ kh\_lkdbc i_jbh^ D kh`Ze_gbx wlh oZjZdl_jgh ^ey fgh]bo
ikbobZljh\ aZgbfZxsbo Z^fbgbkljZlb\gu_ ^he`ghklb b bf_xsbo hnbpbZevgu_ ihabpbb
\dexqZy[hevgbpu^bkiZgk_jub ^j<ebygb_ij_`gbomklZgh\hdfh`ghgZ[ex^Zlv\ ijhp_kk_
debgbq_kdhc ^bZ]ghklbdb iZpb_glh\ qlh hljZ`Z_lky \ ijh^he`Zxs_cky ]bi_j^bZ]ghklbd_
rbahnj_gbb gZijbf_j \ kemqZyo dhjhldbo j_Zdlb\guo ikbohah\ g_ ]h\hjy m`_ h
rbahnj_ghnhjfguo ikbohaZo b Zlbibqguo gZjmr_gbyo gZkljh_gby =bi_j^bZ]ghklbdZ
rbahnj_gbb ijbh[j_lZ_l hkh[_ggh g_]Zlb\guc oZjZdl_j \ gZklhys__ \j_fy \ k\yab k
ihy\e_gb_f [hevrh]h dhebq_kl\Z rbahnj_ghnhjfguo ikbohah\ \ua\Zgguo jhklhf
ihimeyjghklb jZaebqguo wahl_jbq_kdbo k_dl ijZdlbdmxsbo f_^blZpbx k_gkhjgmx
^_ijb\Zpbx ki_pbZevgu_ mijZ`g_gby k jblfbq_kdbfb ^\b`_gbyfb gZijyfmx
klbfmebjmxsbfb]em[bggh_ih^khagZgb_ijb\h^yd jZa\blbxikbohah\bf_xsbo\ hkgh\ghf
h[jZlbfh_l_q_gb_
L_jfbg \yehl_dmsZy rbahnj_gby ijh^he`Z_l ijbf_gylvky \h fgh]bo l_hj_lbq_kdbo
bkke_^h\Zgbyojy^ZZ\lhjh\b k_]h^gy=hjqZdh\Z<hjhgph\Z < kh\j_f_gghc jmkkdhc ikbobZljbb \h fgh]hf \ k\yab k Zdlb\ghklvx G_aZ\bkbfhc
IkbobZljbq_kdhc :kkhpbZpbb h`b\Z_l n_ghf_gheh]bq_kdbc ih^oh^ hkgh\Zgguc ]eZ\guf
h[jZahf gZ deZkkbq_kdbo jZ[hlZo Yki_jkZ Hkgh\ghcb^__c wlh]h ih^oh^Z y\ey_lky Zdp_glgZ
g_h[oh^bfhklb ki_pbZevghc debgbq_kdhc ih^]hlh\db ikbobZljh\ ^ey \ujZ[hldb m gbo
ohjhrboijhn_kkbhgZevguogZ\udh\iha\heyxsboh[t_dlb\gh^bZ]ghklbjh\Zlvikbobq_kdb_
gZjmr_gby b hlebqZlv bo hl gZjmr_gbc \hagbdZxsbo m ikbobq_kdb a^hjh\uo ex^_c LZdbf
h[jZahf ikbobZlju bf_xsb_ hlghr_gb_ d n_ghf_gheh]bq_kdhfm ih^oh^m klZjZxlky
ba[_]Zlv]bi_j^bZ]ghklbdbikbobq_kdboaZ[he_\Zgbclbibqghc^ey[u\r_]hKKKJ
L_g^_gpby \uoh^Z aZ ij_^_eu iZjZ^b]fu [bhf_^bpbgkdhc dhgp_ipbb \ ikbobZljbb
ij_^klZ\e_gZ\ bkke_^h\ZgbyodZn_^juikbobZljbbGh\hkb[bjkdh]hf_^bpbgkdh]hbgklblmlZ
K yg\Zjy ] \ Jhkkbb ihke_ ^ebl_evghc aZ^_j`db ijhbkoh^bl i_j_oh^ gZ
f_`^mgZjh^gmx deZkkbnbdZpbx ikbobq_kdbo b ih\_^_gq_kdbo jZkkljhckl\ FD; LZdbf
h[jZahf kha^Zxlky [eZ]hijbylgu_ mkeh\by ^ey nhjfbjh\Zgby gh\uo ^bZ]ghklbq_kdbo
ih^oh^h\[he__khhl\_lkl\mxsbokh\j_f_ggufj_Zebyf
L_f g_ f_g__ ke_^m_l hlf_lblv qlh jmkkdbc \ZjbZgl FD; i_j_\h^ gZ jmkkdbc yaud
ih^j_^Zdpb_cGmee_jZb PbjdbgZg_b^_glbq_giheghklvx ,&'
LZd \ ^bZ]ghklbq_kdhc jm[jbd_ ) JZkkljhckl\Z aj_ehc ebqghklb b ih\_^_gby m
\ajhkeuo \ jZa^_e_ ) Ki_pbnbq_kdb_
jZkkljhckl\Z
ebqghklb
hlkmlkl\m_l
gZjpbkkbq_kdh_ ebqghklgh_ jZkkljhckl\h \u^_ey_fh_ \ ,&' ih^ rbnjhf ) Rbnj
) \ FD;khojZg_ggh\ g_]h\g_k_gu^jm]b_ki_pbnbq_kdb_jZkkljhckl\Zebqghklb
kj_^bdhlhjuogZjpbkkbq_kdh_ebqghklgh_jZkkljhckl\hlZd`_g_agZqblkyWlhkms_kl\_gguc
g_^hklZlhdlZddZdgZjpbkkbq_kdh_ebqghklgh_jZkkljhckl\hqZklh\klj_qZ_lky\ kh\j_f_gghc
ihimeypbbh[mkeh\eb\Z_lf_`ebqghklgu_dhgnebdluk_f_cgu_djbabkuk\yaZghk jZa\blb_f
gZjpbkkbq_kdbo^_ij_kkbc
:glbkhpbZevgh_ebqghklgh_jZkkljhckl\h ) \ FD;gZau\Z_lky^bkkhpbZevguf
qlh g_evay kqblZlv m^Zqguf lZd dZd l_jfbg ^bkkhpbZevguc g_ wd\b\Ze_gl_g
ZglbkhpbZevghfm b ih^jZamf_\Z_l khojZg_gb_ wfhpbhgZevgh]h l_ieZ b ehyevghklb ih
hlghr_gbx d [ebadbf qe_gZf k\h_c ]jmiiu ijb h^gh\j_f_gghf ijhy\e_gbb
ZglbkhpbZevghklbd h[s_kl\m\ p_ehfK 1R\HV.ROE Ih]jZgbqgh_ebqghklgh_jZkkljhckl\h ) \ FD;h[hagZqZ_lkydZdwfhpbhgZevgh
g_mklhcqb\h_ jZkkljhckl\h ebqghklb k \u^_e_gb_f ^\mo _]h lbih\ bfimevkb\gh]h b
ih]jZgbqgh]h Baf_g_gb_ gZa\Zgby k\yaZgh k hkh[_gghklyfb hibkZgby ]^_ Zdp_glbjm_lky
wfhpbhgZevgZy g_mklhcqb\hklv Z gZjmr_gby b^_glbqghklb y\eyxsb_ky [Zabkgufb ^ey
ih]jZgbqgh]h ebqghklgh]h jZkkljhckl\Z \uiZ^Zxl ba _]h oZjZdl_jbklbdb L_jfbg
wfhpbhgZevghg_klZ[bevgZyebqghklvbkihevah\Zeky\ ]dh]^Zdhgp_ipbyih]jZgbqgh]h
ebqghklgh]h jZkkljhckl\Z _s_ g_ [ueZ jZajZ[hlZgZ 'LDJQRVWLF DQG 6WDWLVWLFDO 0DQXDO 0HQWDO
'LVRUGHUV :J: 0HQWDO+RVSLWDO6HUYLFH:DVKLQJWRQ'&
<u^_ey_fh_ \ ,&' rbahlbibq_kdh_ ebqghklgh_ jZkkljhckl\h \ FD; \u^_e_gh ba
jZa^_eZ ebqghklguo jZkkljhckl\ b hibku\Z_lky dZd hl^_evgZy nhjfZ rbahlbibq_kdh]h
jZkkljhckl\Z\ ]eZ\_Rbahnj_gbyb [j_^h\u_jZkkljhckl\Z
< ]eZ\_ Rbahnj_gby b [j_^h\u_ jZkkljhckl\Z ) ih^ jm[jbdhc >jm]b_ nhjfu
rbahnj_gbb ) mdZau\Z_lky qlh ba gbo bkdexqZ_lky eZl_glgZy rbahnj_gby dhlhjhc
ijbk\h_g rbnj ) h^bgZdh\uc k hkljuf rbahnj_ghih^h[guf jZkkljhckl\hf LZdZy
hibkdZkhojZgy_lihl_gpbZevgmx\hafh`ghklvjZkrbj_gghc^bZ]ghklbdbrbahnj_gbb
Iheh`bl_evgu_i_jki_dlb\u^Zevg_cr_]hjZa\blbyjhkkbckdhcikbobZljbbh[mkeh\e_gu
k gZr_clhqdbaj_gbyke_^mxsbfbnZdlhjZfb
k\h[h^guc^hklmid bgnhjfZpbbbkihevah\Zgb_kbkl_fu ,QWHUQHW b ^j
\hafh`ghklv im[ebdZpbb gZmqguo jZ[hl \ jhkkbckdhc b aZjm[_`ghc i_qZlb [_a
iheblbq_kdbob ^jm]bop_gamjguoh]jZgbq_gbc
jZa\blb_ aZjm[_`guo gZmqguo dhglZdlh\ mqZklb_ jhkkbckdbo ikbobZljh\ \
f_`^mgZjh^guodhgn_j_gpbyokbfihabmfZokt_a^Zo
GZb[he__ kms_kl\_gguf ij_iylkl\b_f \ hkms_kl\e_gbb wlh]h jZa\blby y\ey_lky
ihklhygghmom^rZxs__kynbgZgkh\h_h[_ki_q_gb_ikbobZljbbdZdb ^jm]boh[eZkl_cgZmdb\
kh\j_f_gghcJhkkbb
=eZ\Z L?HJBBEBQGHKLBKH<J?F?GGUC IKBOH:G:EBA
Bamq_gb_f_`ebqghklguohlghr_gbck ihabpbckhpbh^bgZfbq_kdhcikbobZljbbijb\h^bl
ki_pbZebklh\ d klhedgh\_gbx k ^bknmgdpbhgZevgufb hlghr_gbyfb f_`^m iZpb_glhf b
\jZqhf iZpb_glhf b qe_gZfb _]h k_fvb b iZpb_glhf b hdjm`Zxsbfb <hagbdZxsZy qZklh
g_kludh\dZ \ f_`ebqghklguo hlghr_gbyo h[mkeh\e_gZ jZagufb kbkl_fZfb p_gghkl_c b
[_kdhfijhfbkkgufb ijbhjbl_lZfb ^_eZxsbfb \aZbfgh_ h[s_gb_ aZljm^gbl_evguf beb
g_\hafh`guf Bamq_gb_ ijbqbg lZdbo kblmZpbc lj_[m_l ihgbfZgby lh]h dZd kdeZ^u\ZeZkv
kbkl_fZ p_gghkl_c \ [he__ jZggb_ i_jbh^u `bagb q_eh\_dZ ;hevrh_ agZq_gb_ bf__l ZgZeba
mklZgh\hdbamqZ_fuodeZkkbq_kdbfikbohZgZebahf
K lhqdbaj_gbyikbohZgZebaZih\_^_gb_q_eh\_dZg_mdeZ^u\Z_lky\ jZfdbbkdexqbl_evgh
jZpbhgZevgh]h ih^oh^Z Ih\_^_gb_f q_eh\_dZ ^Ze_dh g_ \k_]^Z jmdh\h^bl jZamf
jZpbhgZevghklv eh]bq_kdbc mf JZpbhgZevghklv h[tykgy_l ih\_^_gb_ ihfh]Zy q_eh\_dm
ih^\_klb eh]bq_kdmx hkgh\m ih^ dZ`^uc k\hc ihklmihd h^gZdh wlh \h\k_ g_ hagZqZ_l qlh
lZdh_ h[tykg_gb_ y\ey_lky [Zabkguf Z g_ \lhjbqguf Fure_gb_ b ih\_^_gb_ q_eh\_dZ
gZoh^ylky ih^ \ebygb_f ihklhyggh]h \ha^_ckl\by ba ih^khagZgby KZfhfm q_eh\_dm qZklh
[u\Z_l g_ kh\k_f ihgylgZ ijbqbgZ _]h ihklmidZ b lhevdh ^ebl_evguc ZgZeba ih\_^_gby
ihdZau\Z_l qlh aZ ihklmidhf q_eh\_dZ kdju\Z_lky g_ lhevdh qbkluc jZpbhgZebaf Z g_qlh
^jm]h_
Ih^khagZl_evgu_ kbeu \ebyxsb_ gZ fure_gb_ b ih\_^_gb_ q_eh\_dZ bf_xl k\hb
]em[bggu_ dhjgb aZdeZ^u\Zxsb_ky \ fhf_gl ihy\e_gby q_eh\_dZ gZ k\_l Z \hafh`gh b \
[he__jZggbci_jbh^Wfhpbbk\yaZggu_k jZggbfi_jbh^hf`bagbb \hfgh]hfhkgh\Zggu_
gZ bgklbgdlZohdZau\Zxl \ebygb_gZ q_eh\_dZ \ l_q_gb_ \k_c _]h `bagb Bgklbgdl q_eh\_dZ
bf__l \k_]^Z dZdh_lh ikboheh]bq_kdh_ kh^_j`Zgb_ Ihwlhfm p_e_khh[jZagh bkihevah\Zlv
l_jfbg^jZc\ \dexqZxsbc\ k_[yg_lhevdhbgklbgdlghb _]hikboheh]bq_kdbcdhfihg_gl
>jZc\ufh]ml[ulvhq_gvjZagufb
Ij_^klZ\ey_lky\hafh`guf\u^_eblv[hevrh_dhebq_kl\h ^jZc\h\ lZdbo gZijbf_j dZd
k_dkmZevguc kZfhkhojZg_gby ex[hagZl_evghklb bgl_j_kZ Zmlh^_kljmdpbb j_eb]bhagh_
qm\kl\h ^jZc\ m^h\e_l\hj_gby Zii_lblZ b ^j < k\yab k ijbagZgb_f \ebygby ih^khagZgby gZ
\hagbdgh\_gb_ ^jZc\h\ klbfmebjmxsbo jZa\blb_ jZaebqguo fhlb\Zpbc g_ gZoh^ysboky \
kn_j_ khagZgby ki_pbZebklu ijboh^yl d \u\h^m h lhf qlh g_evay qj_af_jgh ^h\_jylv
khagZl_evghfmhiulmlZddZd\k_]^Z_klvdhfihg_gl\uoh^ysbcaZ_]hij_^_eu
GZijbf_j \hijhkh lhf ihq_fm q_eh\_d kh\_jrbe hij_^_e_ggh_ ^_ckl\b_ dZd ijZ\beh
g_\uau\Z_lm g_]hgbdZdboaZljm^g_gbcGhl_fg_f_g__\Z`ghihgbfZlvqlhhij_^_e_ggu_
^_l_jfbgZglu_]hihklmidZgZoh^ylkyaZij_^_eZfbkhagZl_evgh]hhkfuke_gby
:gZeba ikbobq_kdhc kljmdlmju hi_jbjm_l \u^_e_gb_f kn_ju khagZgby ij_^khagZgby b
ih^khagZgby KhagZl_evguc mjh\_gv \dexqZ_l \ k_[y i_j_`b\Zgby hkhagZ\Z_fu_ q_eh\_dhf
\hkihfbgZgbyfh]msb_[ulv^hklh\_jgufbZ qZs_\k_]hg_\iheg_^hklh\_jgufb^_ckl\by
hkms_kl\ey_fu_ k bgl_gpb_c m^_j`b\Z_fhc \ khagZgbb KhagZgb_ nmgdpbhgbjm_l
j_Zebklbq_kdbf h[jZahf bkihevamy ijZ\beZ ijhkljZgkl\Z b \j_f_gb Q_eh\_dm ijbkmsZ
l_g^_gpby b^_glbnbpbjh\Zlv k_[y kh k\hbf khagZgb_f hg hkhagZ_l k\h_ khagZgb_
Zdp_ilbjmykhagZgb_dZdkh[kl\_ggh_Y
Ij_^khagZl_evguc mjh\_gv \u^_ey_lky \ k\yab k l_f qlh agZy h kms_kl\h\Zgbb
[hevrbgkl\Z\_s_cq_eh\_dg_nhdmkbjm_lgZgbok\h_\gbfZgb_G_h[oh^bfhijh^_eu\Zgb_
hij_^_e_gghc\gmlj_gg_cjZ[hlu^eynhdmkbjh\dbkhagZgbygZq_flh[he__\Z`ghfq_flh
qlh hdjm`Z_l q_eh\_dZ \ ^Zgguc fhf_gl Ijb g_h[oh^bfhklb qlheb[h \kihfgblv q_eh\_d
kf_sZ_l nhdmk \hkijbylby j_Zevghklb gZ k\hb [he__ ]em[hdb_ ikboheh]bq_kdb_ kljmdlmju
Kf_s_gb_ nhdmkZ gZijbf_j ijhbkoh^bl \ gZijZ\e_gbb lh]h qlh ijhbkoh^beh dh]^Zeb[h
^Z\gh hl lh]h qlhijhbkoh^beh \ [he__ jZggb_ i_jbh^u \j_f_gb Ij_^khagZgb_ hlghkblky d
\hkihfbgZgbx lh]h fZl_jbZeZ dhlhjuc fh`_l [ulv hkhagZg e_]dh [_a gZijy`_gby ijb
]hlh\ghklb \kihfgblv ijhbkoh^ys__ Ijbylgh_ kh[ulb_ dZd ijZ\beh \kihfbgZ_lky e_]dh gZ
nhg_ ih\ur_ggh]h gZkljh_gby Ba wlh]h ke_^m_l aZdexq_gb_ dZkZxs__ky nmg^Zf_glZevgh]h
kh^_j`Zgby ij_^khagZgby dhlhjh_ \ k\h_c hkgh\_ g_ hlebqZ_lky hl kh^_j`Zgby khagZgby
Kh[ulb_ \dexq_ggh_ \ ij_^khagZgb_ klZgh\blky khagZgb_f b gZh[hjhl LZdhc i_j_oh^
ijhbkoh^bl qj_a\uqZcgh e_]dh Fukeb q_eh\_dZ \h \j_fy wlh]h ijhp_kkZ fh]ml
khijh\h`^ZlvkyjZaebqgufbwfhpbhgZevgufbkhklhygbyfbh[jZaZfb\ \hh[jZ`_gbbb ij
Ih^khagZl_evguc mjh\_gv hlghkblky d g_ hkhagZ\Z_fuf q_eh\_dhf ikbobq_kdbf
ijhp_kkZf dhlhju_ \hkijhba\h^ylky bf k [hevrbf ljm^hf Wlhl ijhp_kk g_evay gZa\Zlv
ijhkluf b ieZ\guf b[hihqlb \k_]^Z gZebq_kl\m_l klj_fe_gb_ ih^Z\blv dZdb_lh fukeb g_
^mfZlv h dZdbolh kh[ulbyo hl\e_qvky hl gbo Hij_^_e_ggZy jZ[hlZ ih i_j_\h^m \ khagZgb_
j_ij_kkbjh\Zggh]h \ ih^khagZgb_ fZl_jbZeZ k\yaZgZ k g_h[oh^bfhklvx ij_h^he_gby
g_ijbylgh]h hsms_gby bgh]^Z k \hagbdgh\_gb_f lj_\h]b b ^_ij_kkbb J_ij_kkbjh\Zgguc
fZl_jbZe \k_]^Z khijhlb\ey_lky k\h_fm i_j_oh^m \ khagZgb_ LjZ\fZlbqghklv i_j_oh^Z
h[mkeh\e_gZl_fqlhkh^_j`ZgbygZoh^ysb_ky\ ih^khagZgbbhljZ`Zxlg_ijbylgu_kh[ulby
ijhbkoh^b\rb_ k q_eh\_dhf mgb`Zxsb_ _]h k\yaZggu_ k wfhpbhgZevghc [hevx
LjZ\fZlbqghklvkh[ulbcijhreh]h[u\Z_lk\yaZgZg_lhevdhkhkljZohfghb khljbpZl_evguf
\ebygb_fgZ^hklhbgkl\hq_eh\_dZgZkgb`_gb__]hkZfhhp_gdbk g_k[u\rbfbky`_eZgbyfb
dhlhju_ g_ [ueb j_Zebah\Zgu b dhlhju_ \ gZklhysbc fhf_gl hljbpZxlky Kh\j_f_gguc
ikbohZgZeba ij_^eZ]Z_l hlghkblvky d g_k[u\rbfky `_eZgbyf ijhreh]h [he__ ^bklZglgh g_
hljbpZy k_jv_aghklb bo agZq_gby G_j_Zebah\Zggu_ `_eZgby \uau\Zxl lj_\h]m \ lhf kemqZ_
_kebq_eh\_dkl_kgy_lkyk\h_]h`_eZgbyihkdhevdmhghklZ\bl_]h\ mgbabl_evgh_iheh`_gb_
Bklbggh_ `_eZgb_ k^_j`b\Z_lky khagZgb_f jZkkfZljb\Zxsbf _]h dZd g_qlh iehoh_
g_^hklhcgh_ F_lZnhjbq_kdh_ lhedh\Zgb_ ih^khagZgby ijbagZ_l gZebqb_ \ g_f [hevrh]h
dhebq_kl\Z g_ijbylghc bgnhjfZpbb hij_^_ey_l _]h dZd fmkhjguc ysbd k hloh^Zfb
khagZgby
G_h[oh^bfh mqblu\Zlv lhl nZdl qlh bgnhjfZpby gZoh^ysZyky \ ih^khagZgbb g_
ij_l_ji_\Z_l[ukljh]hjZa\blbyJ_ij_kkbjh\Zgguc\ ih^khagZgb_fZl_jbZehklZ_lkyihqlb
g_baf_gguf i_j_klZ\Zy khhl\_lkl\h\Zlv \hajZklm FZl_jbZe gZoh^ysbcky \ ih^khagZgbb
f_g__ pb\bebah\Zg b hlrebnh\Zg dhglZdlhf k j_Zevghklvx <j_fy \ khagZgbb l_q_l
[uklj__ q_f \ ih^khagZgbb Bkihevah\Zgb_ yaudZ f_lZnhj iha\hey_l kjZ\gblv klhe_lb_
ih^khagZgbyk \_dZfbkhagZgby
Fhlb\Zpby k ihabpbb ikbohZgZeblbq_kdhc iZjZ^b]fu ij_^klZ\ey_l kh[hc lh qlh
ih[m`^Z_l q_eh\_dZ klj_fblvky d aZ\_jr_gbx gZf_q_gghc p_eb Ih\_^_gb_ q_eh\_dZ \
j_amevlZl_ ^_ckl\by fhlb\Zpbb ^_l_jfbgbjm_lky dhf[bgZpb_c khagZl_evghc b
ih^khagZl_evghc kn_j Ijb kh\iZ^_gbb \_dlhjZ wlbo kbe ikbobq_kdb_ ijhp_kku ijhl_dZxl
^hklZlhqgh]eZ^dh^_ckl\byghkylbgl_]jZevgucihgylgucjZpbhgZevgucoZjZdl_jIjbwlhf
kha^Z_lky \i_qZle_gb_ h lhf qlh ih\_^_gb_ q_eh\_dZ ^_l_jfbgbjm_lky lhevdh h^gbf
khagZgb_f
<hafh`_gb [he__qZklucZevl_jgZlb\guc\ZjbZgl\ ijhp_kk_dhlhjh]hih^khagZl_evgu_
kbeu bgl_jn_jbjmxl k khagZl_evgufb bgl_gpbyfb gZoh^y k\h_ \ujZ`_gb_ jZaghh[jZagufb
kihkh[Zfb < kemqZ_ bgl_jn_j_gpbb ^mfZlv qm\kl\h\Zlv b ^_eZlv qlheb[h \ jZfdZo
gZf_q_gghc p_eb klZgh\blky agZqbl_evgh ljm^g__ <hafh`gh ihy\e_gb_ fgh`_kl\Z \g_rg_
jZpbhgZevguo hl\e_q_gbb ij_iylkl\mxsbo ^_ckl\byf < lZdhc kblmZpbb q_eh\_d h[tykgy_l
ijbqbgm g_\uiheg_gby ^_ckl\by ihy\e_gb_f ij_iylkl\bc g_ hkhagZ\Zy lh]h qlh ]eZ\guf
ij_iylkl\b_f y\ey_lky hg kZf <hafh`gh ihy\e_gb_ bjjZpbhgZevghklb fure_gby
oZjZdl_jbamxs_ckygZebqb_fZmlbklbq_kdbofuke_cdhlhjufq_eh\_dg_ijb^Z_lk_jv_agh]h
agZq_gby GZ kZfhf `_ ^_e_ bf_ggh wlb bjjZpbhgZevgu_ fukeb \h fgh]hf hij_^_eyxl _]h
gZkljh_gb_ ikboheh]bq_kdh_ a^hjh\v_ ijb\h^y d bjjZpbhgZevguf ihklmidZf h dhlhjuo
q_eh\_dg_ohq_laZ^mfu\Zlvky
<ebygb_ ih^khagZgby gZ l_e_kgu_ nmgdpbb fh`_l khijh\h`^Zlvky ihy\e_gb_f
nbabq_kdbokbfilhfh\dZdgZijbf_jihy\e_gb_ijb]bkljbhgbq_kdbodhg\_jkbyoiZjZebq_c
fmlbafZ ]emohlu i_jqZldh\hc Zg_kl_abb jZaebqguo kbfilhfh\ gZihfbgZxsbo nbabq_kdh_
aZ[he_\Zgb_ gh \hagbdZxsbo [_a hj]Zgbq_kdhc ijbqbgu <klj_qZxlky b [he__ \ujZ`_ggu_
gZjmr_gby gZijbf_j ^bkkhpbZlb\gu_ k
jZaebqgufb nhjfZfb ih\_^_gby
oZjZdl_jbamxs_]hky gZjmr_gbyfb khagZgby b b^_glbqghklb Gh\Zy hlebqgZy hl ghjfu
b^_glbqghklvoZjZdl_jbam_lkygZebqb_f^jm]bo`_eZgbc^jm]bonhjfih\_^_gby<hafh`gZy
bjjZpbhgZevghklv ikbohlbq_kdh]h ih\_^_gby fh`_l g_ihkj_^kl\_ggh hljZ`Zlv
bjjZpbhgZevghklv ih^khagZgby GZjmr_gby b^_glbqghklb k ihy\e_gb_f fgh`_kl\_gguo
ebqghkl_ckjZ\gbl_evghj_^dblZddZdih^h[gu_jZkkljhckl\Zlj_[mxlagZqbl_evgh]hmqZklby
\ iZlheh]bq_kdhf ijhp_kk_ ]em[bggh]h ih^khagZgby Q_f ]em[`_ aZ^_ckl\h\Zgh ih^khagZgb_
l_fijhp_kkf_g__bgl_]jbjh\ZgMqZklb_\ ijhp_kk_]em[bgguokeh_\ih^khagZgbyijb\h^bl
dZd ijZ\beh d gZjmr_gbx dhg]jmwglghklb \hagbdgh\_gbx ^_abgl_]jZpbb oZhlbqghklb b
bgl_jn_j_gpbbijb\h^ysbfd jZaebqguf\b^Zfikbobq_kdbogZjmr_gbc
<ebygb_ ih^khagZgby gZ q_eh\_dZ kdZau\Z_lky \ h[uqghc ih\k_^g_\ghc `bagb qlh
oZjZdl_jbam_lky l_jfbghf ikbohiZlheh]by ih\k_^g_\ghc `bagb <ebygb_ ih^khagZgby
ijhke_`b\Z_lky gZ jZaguo \ZjbZglZo ih\_^_gby ex^_c :gZeba k wlbo ihabpbc k^_eZggh]h b
g_k^_eZggh]hq_eh\_dhfijb\h^bld bgl_j_kgufj_amevlZlZfLZdgZijbf_jZgZeba^_ckl\bc
dhlhju_ q_eh\_d \uihegylv g_ `_eZ_l jZpbhgZevgh h[tykgyy wlh k\h_c e_gvx ijb\h^bl d
\kdjulbxbguo]em[bgguoijbqbgiha\heyxsbohijZ\^u\Zlvk\hx[_a^_yl_evghklvK wlbo
`_ ihabpbc g_h[oh^bfh jZkkfZljb\Zlv hrb[db q_eh\_dZ kdehgghklv d ihklhyggh
ijhbkoh^ysbfk gbfg_ijbylghklyf
Ihemq_ggu_ ^Zggu_ g_evay Z[khexlbabjh\Zlv p_e_khh[jZagh bamqZlv ijbqbgu wlbo
y\e_gbcdhlhju_k h^ghcklhjhgughkylnbabheh]bq_kdbcb [bheh]bq_kdbcoZjZdl_j[m^mqb
h[mkeh\e_ggufb gZijbf_j iehohc iZfylvx ijb_fhf ljZgd\bebaZlhjh\ gZjdhlbdh\ K
^jm]hcklhjhguy\e_gbyijbdhlhjuoq_eh\_d]h\hjblg_lhqlhohl_e[ukdZaZlvkeurblg_
lhqlhohl_e[umkeurZlvb lik\yaZgub kikboheh]bq_kdbfbijbqbgZfb
< ih\k_^g_\ghc `bagb q_eh\_dm k\hckl\_g_g [_ahiZkguc kihkh[ \ujZ`_gby
j_ij_kkbjh\Zgguo dhgnebdlh\ k ihemq_gb_f m^h\hevkl\by hl jZa]jmadb ijhbkoh^ys_c ijb
wlhf Xfhj y\ey_lky ijhy\e_gb_f j_Zdpbb q_eh\_dZ gZ kms_kl\mxsb_ \ _]h ih^khagZgbb b
agZqbfu_ ^ey g_]h dhgnebdlu khagZl_evgh g_ijb_fe_fu_ Rmldb dZd b kgh\b^_gby
h[eZ^Zxldhg^_gkbjh\Zgghklvxk`Zlhklvxdhgp_gljbjh\ZgghklvxXfhjkh^_j`Zsbcky\
rmld_ h[uqgh ^hklb]Z_lky fgh]hagZqghklvx keh\Z Wlh ij_^klZ\ey_l bgl_j_k ^ey bamq_gby
hkh[_gghkl_c ex^_c g_ ijbagZxsbo xfhj bkiulu\Zxsbo d g_fm ]em[hdh_ hl\jZs_gb_
Kms_kl\mxl ^Z`_ p_eu_ h[s_kl\Z hljbpZl_evgh hlghkysb_ky d xfhjm DZd ijZ\beh wlh
h[s_kl\ZoZjZdl_jbamxsb_kyjb]b^ghklvxg_\hkijbbfqb\hklvxd qm`bffg_gbyf
Ihkj_^kl\hf xfhjZ q_eh\_d ihemqZ_l \hafh`ghklv \b^_lv jZpbhgZevguf lh qlh _fm
dZ`_lky bjjZpbhgZevguf \b^_lv g_ aZkem`b\Zxsbf \gbfZgby lh qlh _fm dZ`_lky
k\_jo\Z`guf Xfhj \ dZdhclh f_j_ y\ey_lky ghkbl_e_f ]b]b_gbq_kdhc nmgdpbb
iheh`bl_evgh \ebyy gZ ha^hjh\e_gb_ ikbobdb kihkh[kl\my ihgbfZgbx lh]h nZdlZ qlh
qj_af_jgZyk_jv_aghklvfh`_lijb\_klbd Z[kmj^m
Ikboh^bZ]ghklbdZ hkgh\ZggZy gZ ijh_dlb\guo l_klZo lZd`_ ijb\h^bl d hij_^_e_gghc
ikboheh]bq_kdhc jZa]jmad_ ohly wlh g_ jZa]jmadZ dZ`^h^g_\ghc `bagb Z jZa]jmadZ
y\eyxsZyky j_amevlZlhf aZ^Zgghc kblmZpbb M^h\hevkl\b_ ihemqZ_fh_ h[ke_^m_fufb ijb
jZ[hl_gZijbf_jk l_fZlbq_kdbfZi_jp_ipbhggufl_klhfk\yaZghk \hafh`ghklvxjZkkdZaZlv
h k_[_k khojZg_gb_fbeexabblh]hqlhihemq_ggu_j_amevlZlug_bf_xlg_ihkj_^kl\_ggh]h
hlghr_gbyd j_kihg^_glm
F_oZgbafj_ij_kkbbl_ mkljZg_gby g_ijbylguo fuke_c ba khagZgby qZklh khhlghkyl k
^_ckl\b_f]_^hgbklbq_kdhcl_g^_gpbbh[tykgyyklj_fe_gb_fq_eh\_dZd ihbkdmm^h\hevkl\by
DeZkkbq_kdbcikbohZgZebakljmdlmjbjm_likbobdmk \u^_e_gb_f\ g_clj_okn_j ,G(JR b
6XSHUHJR GZijbf_j]_g_lbq_kdbij_^hij_^_e_gguc^jZc\gZkus_gbyibs_cfhlb\ZpbhggZy
nmgdpbc`_eZgbygZkulblvkyhlghkblkyd ,GIjbh[j_l_gb_ijb]hlh\e_gb__^uieZgbjh\Zgb_
[m^ms_]h ijhp_kkZ gZkus_gby hlghkblky d HJR IjZ\beZ ijb]hlh\e_gby ibsb dmevlmjgu_
hkh[_gghklb ibs_\uo ijb\uq_d b^_Zevgu_ b fhjZevgu_ klZg^Zjlu ijhp_kkh\ k\yaZgguo k
mihlj_[e_gb_fibsbhlghkylkyd VXSHUHJR
,G kh^_j`bl \ k_[_ [bheh]bq_kdb_ ^jZc\u b y\ey_lky kljmdlmjhc ebqghklb
ij_^klZ\e_gghc \ q_eh\_d_ m`_ \h \j_fy jh`^_gby K lhqdb aj_gby deZkkbq_kdh]h
ikbohZgZebaZ ,G nmgdpbhgbjm_l k ihabpbb m^h\hevkl\by ih ]_^hgbklbq_kdhfm ijbgpbim
[Zabjmykv gZ klj_fe_gbb q_eh\_dZ m^h\e_l\hjylv l_ mj]_glghklb klj_fe_gby dhlhju_
kgb`Zxl gZijy`_gb_ ^hklZ\eyy m^h\hevkl\b_ ,G y\ey_lky bklhqgbdhf ikbobq_kdhc wg_j]bb
dhlhjZy \ ikbohgZeba_ gZau\Z_lky eb[b^h y\eyykv ih k\h_c ijbjh^_ k_dkmZevghc <hafh`gZ
ljZgknhjfZpbywlhcwg_j]bb
GZjy^mk eb[b^hkms_kl\m_lbgklbgdlkZfhjZajmr_gbybgklbgdlkf_jlbdhlhjucbgh]^Z
gZau\Zxlfhjlb^h< jZagh_\j_fyb \jZaguokblmZpbyowlhlbgklbgdllZd`_hdZau\Z_lk\h_
\ha^_ckl\b_gZq_eh\_dZK wlhclhqdbaj_gbyke_^m_lZgZebabjh\Zlvkmbpb^Zevgh_ih\_^_gb_
\uklmiZxs__\ ijyfhfbeb\ dhk\_gghf\b^_:mlh^_kljmdlb\gucbgklbgdlfh`_l\uklmiZlv
\ qbklhf \b^_ oZjZdl_jbamykv iZjZdkbafZevghklvx ki_pbnbqghc debgbq_kdhc dZjlbghc
hij_^_e_gghc ihke_^h\Zl_evghklvx ^_ckl\bc \lhjbqghc Zdlb\Zpb_c jZaebqguo
ikboheh]bq_kdbonmgdpbcij_`^_\k_]hfure_gbyb \hh[jZ`_gbyfh`_l\uau\Zlvkhklhygb_
ljZgkZ LZdb_ khklhygby oZjZdl_jbamxlky djZldh\j_f_gghklvx ijh^he`Zykv \ l_q_gb_
g_kdhevdbo ^_kyldh\ fbgml b djblbq_kdbf hlghr_gb_f d gbf ihke_ kjhdZ hdhgqZgby bo
^_ckl\by \hafh`_g kljZoi_j_^boih\lhjguf \hagbdgh\_gb_f IZpb_glu \ wlbo khklhygbyo
g_ qm\kl\mxl [heb kh\_jrZy ^_ckl\by g_ oZjZdl_jgu_ ^ey gbo \ a^hjh\hf i_jbh^_
<hafh`gh\hagbdgh\_gb_^_j_ZebaZpbbb ^_i_jkhgZebaZpbb
JZkkfZljb\Zy nmgdpbb oZjZdl_jgu_ ^ey ,G (JR b 6XSHUHJR ke_^m_l hlf_lblv qlh lZdZy
nmgdpby dZd h[mq_gb_ \ lhf qbke_ h[mq_gb_ ijbgylbx j_r_gby h[mq_gb_ \u[hjm b
Z^ZilZpbb y\ey_lky nmgdpb_c gZb[he__ lbibqghc ^ey (JR ,G nmgdpbhgbjm_l \ jZfdZo
ijbfblb\gh]h f_oZgbafZ gZa\Zggh]h i_j\bqguf ijhp_kkhf oZjZdl_jbamxsbfky
ij_^klZ\e_gghklvx \ g_f hij_^_e_gguo ^jZc\h\ < k\yab k wlbf i_j\bqguc ijhp_kk ghkbl
qbklh bgklbgdlb\guc b g_khpbZebah\Zgguc oZjZdl_j lZd dZd hg g_ kh^_j`bl \ k_[_ lZdhc
nmgdpbb dZd h[mq_gb_ Z^ZilZpbb d j_Zevghklb oZjZdl_jghc ^ey (JR Ihwlhfm ^_ckl\byf
ijhba\h^bfuf\ jZfdZoi_j\bqgh]hijhp_kkZk\hckl\_ggZke_ihlZb Z[khexlghg_ijbkmsZ
Z^Zilb\gZy]b[dhklvihkdhevdmkZfbihk_[_^jZc\ubgklbgdlb\gu_bfimevkug_Z^Zilb\gu
:^Zilb\ghklv ^jZc\Z ghkbl \lhjbqguc oZjZdl_j >jZc\ ^Z`_ g_kfhljy gZ _]h qZklbqgmx
ikboheh]baZpbxg_]b[hdy\eyykh[hckbemk dhlhjhchq_gvljm^ghkijZ\eylvkyIhwlhfmijb
^bZ]ghklbd_m iZpb_glh\khklhygbck\yaZgguok \ujZ`_gghklvx^jZc\h\ke_^m_lmqblu\Zlv
qlh wlb khklhygby g_ ih^^Zxlky dhjj_dpbb g_kfhljy gZ gZebqb_ d gbf djblbq_kdh]h
hlghr_gbykhklhjhguiZpb_glh\ihy\eyxs_]hkyihke_^_ckl\by^jZc\ZGhdZdlhevdh^jZc\
ijhy\ey_l k_[y \gh\v ^_ckl\by iZpb_glh\ kgh\Z klZgh\ylky g_Z^Zilb\gufb Wlh y\e_gb_
oZjZdl_jgh ^ey jZaguo ^jZc\h\ gZijbf_j ZglbkhpbZevgh_ ih\_^_gb_ ex^_c k moh^hf \
ijhfbkdmbl_lgZhkgh\_k_dkmZevgh]h^jZc\Zbebklj_fe_gb_d [jh^y`gbq_kl\mkijZ\blvkyk
dhlhjufiZpb_glug_\ khklhygbb
I_j\bqgucijhp_kkb]ghjbjm_lj_Zevghklvb \j_fy\ kfuke_g_jZkihagZ\Zgbyijhreh]h
Q_eh\_dgZoh^ysbckyih^\ebygb_f^jZc\Zg_bkihevam_lk\hcijhreuchiul^Z`__kebhg
[ue ^ey g_]h ihdZaZl_evgh hljbpZl_evguf B]ghjbjh\Zgb_ i_j\bqguf ijhp_kkhf \j_f_gb
dZkZ_lky g_ lhevdh ijhreh]h gh b [m^ms_]h hiulZ Ijh_dpbb gZ [m^ms__ ijhklh g_
kms_kl\m_l Ijhbkoh^bl hjb_glbjh\dZ lhevdh gZ gZklhysbc fhf_gl Ijhp_kk lj_[m_l
g_f_^e_ggh]h m^h\e_l\hj_gby `_eZgby g_ ijbagZ\Zy hlkjhqdb _]h j_ZebaZpbb \h \j_f_gb <
k\yabk wlbfi_j\bqgucijhp_kkgbdh]^Zg_ieZgbjm_lky
:gZeba wlbo y\e_gbc ihdZau\Z_l qlh \ kemqZ_ g_\hafh`ghklb m^h\e_l\hjblv mj]_glgh
ijhy\eyxsbcky ^jZc\ i_j\bqguc ijhp_kk bgh]^Z i_j_dexqZ_lky gZ \uiheg_gb_ `_eZgby \
\hh[jZ`_gbb ijbh[j_lZy ]ZeexpbgZlhjguc oZjZdl_j LZdbf h[jZahf ]ZeexpbgZpbb
iZpb_glh\ hljZ`Zxl bo i_j\bqguc ijhp_kk dhlhjuc hgb g_ fh]eb j_Zebah\Zlv Bgufb
keh\Zfbihlj_[ghklviZpb_glZm^h\e_l\hjy_lky]ZeexpbgZpb_cH[Z\ZjbZglZg_Z^Zilb\gug_
bf_y^hklZlhqghck\yabk j_Zevghklvx
I_j\bqguc ijhp_kk \h fgh]hf [bheh]bq_g ihwlhfm ikboheh]bq_kdh_ _]h kh^_j`Zgb_
ij_^klZ\e_gh g_agZqbl_evgh K wlbf k\yaZgZ iehoZy \_j[ZebaZpby iZpb_glZfb i_j\bqgh]h
ijhp_kkZ LZd ijb jZkkijhk_ iZpb_glh\ h lhf dZd \u]ey^_eb bo ^_ckl\by hgb ijb `_eZgbb
^Zxl ijh^mdlb\guc hl\_l gh mlhqg_gb_ ijbqbg \ua\Z\rbo bo ^_ckl\by [m^_l
[_aj_amevlZlguf lZd dZd ikboheh]bq_kdh_ kh^_j`Zgb_ \ f_oZgbaf_ kijh\hpbjh\Z\r_f bo
Zdlb\ghklvfZehij_^klZ\e_gh
Mkeh\by `bagb lj_[mxl hl q_eh\_dZ mf_gby Z^Zilbjh\Zlvky d khpbZevghc kj_^_ H^gZdh
kn_jZ ,G g_ kihkh[gZy d h[mq_gbx Z^Zilbjh\Zlvky g_ fh`_l GZijbf_j dh]gblb\gZy
dhjj_dpby klj_fe_gby q_eh\_dZ d kZfhm[bckl\m \ua\ZggZy Zdlb\Zpb_c Zmlh^_kljmdlb\gh]h
^jZc\Z [_kkfuke_ggZ Ihevam `_ hl hiulZ ihemqZ_l (JR LZdbf h[jZahf (JR y\ey_lky
ebqghklghc kljmdlmjhc baf_gyxs_c dhglZdlu ebqghklb k j_Zevguf fbjhf Bgh]^Z ]h\hjyl
qlh (JR ^_ckl\m_l ih ijbgpbim j_Zevghklb (JR gZkljh_gh gZ lhqgh_ ihgbfZgb_ j_Zevghklb
hp_gb\Z_l__Z^Zilbjm_lkyd ijhlb\hj_qbyfkms_kl\mxsbf\ j_Zevghffbj_b gZoh^bl\uoh^
bawlboijhlb\hj_qbc< hlebqb_hl ,G(JR fh`_lieZgbjh\ZlvHghkihkh[ghhldeZ^u\ZlvgZ
[m^ms__ m^h\e_l\hj_gb_ ihlj_[ghkl_c Wlb oZjZdl_jbklbdb (JR ghkyl gZa\Zgb_ \lhjbqguc
ijhp_kk
Ikbobq_kdh_ a^hjh\v_ q_eh\_dZ lj_[m_l gZebqby kbevgh]h (JR dhlhjh_ fh`_l k h^ghc
klhjhgu aZsblblv hl lj_\h`ghklb b ^_ij_kkbb Z k ^jm]hc klhjhgu iha\hey_l q_eh\_dm
kms_kl\h\Zlv \ j_Zevghf \g_rg_f fbj_ [ulv Zdlb\guf b ihemqZlv hl wlh]h m^h\hevkl\b_
Kbevgh_ (JR^_eZ_lq_eh\_dZZdlb\gufKeZ[h_ (JR g_fh`_lZ^_d\ZlghaZsblblvq_eh\_dZhl
lj_\h]b b ^_ij_kkbb Hgh fh`_l ij_^ty\eylv q_eh\_dm lj_[h\Zgby \_klb k_[y jb]b^guf
h[jZahf qlh ijhnbeZdlbjm_l \hagbdgh\_gb_ g_]Zlb\guo nZdlhjh\ LZdh_ ih\_^_gb_
h]jZgbq_ggh_`_kldbfbjZfdZfbkgb`Z_ldZq_kl\h`bagbJZajmr_gb_ (JR fh`_lijb\h^blv
d ikbohlbq_kdhfmjZkkljhckl\m
6XSHUHJR ihgbfZ_lky dZd \gmlj_ggyy j_ij_a_glZpby ijZ\be b h]jZgbq_gbc k\yaZgguo k
\ebygb_f \hkiblZgby ihemq_ggh]h \ k_fv_ b \ h[s_kl\_ <gmlj_gg__ ij_^klZ\bl_evkl\h
h]jZgbq_gbcg_jZaju\ghk\yaZghk ]_g_jbjh\Zgb_f\ VXSHUHJR qm\kl\Z\bgu\ kemqZ_^_ckl\bc
g_Z^_d\Zlguo k_f_cguf b h[s_kl\_gguf ijZ\beZf Ijhke_`b\Z_lky g_jZaju\gZy k\yav
y\e_gbyk kh[kl\_ggufbfb^`_fk bfb^`_f\gmlj_ggboklZg^Zjlh\hij_^_eyxsbolhdZdbf
[uq_eh\_dohl_ek_[y\b^_lv
JZa\blb_ 6XSHUHJR ijhbkoh^ys__ \ jZgg_f \hajZkl_ ijb\h^bl d klhedgh\_gbx k jy^hf
h]jZgbq_gbcb ijZ\beWlbh]jZgbq_gbyqZs_\k_]hbkoh^ylhljh^bl_e_c]h\hjysboj_[_gdm
qlh hg gZijbf_j \_^_l k_[y g_ijZ\bevgh g_ \ khhl\_lkl\bb k h[s_ijbgylufb h[jZapZfb
ih\_^_gby < k\yab k wlbf 6XSHUHJR \ ikbobd_ q_eh\_dZ fh`gh jZkkfZljb\Zlv dZd
bgnZglbevgmx g_aj_emx jb]b^gmx nhjfm fhjZeb Kms_kl\m_l fh^_ev kh]eZkgh dhlhjhc
6XSHUHJR jZkkfZljb\Z_lky dZd mevljZkhagZgb_ dZd kljmdlmjZ gZoh^ysZyky gZ^ (JR <
^_ckl\bl_evghklb `_ dZd [u iZjZ^hdkZevgh wlh g_ a\mqZeh 6XSHUHJR ZjoZbqgh b
ih^khagZl_evgh\ k\h_chkgh\_Ih^khagZl_evgZy^bkehdZpbyh]jZgbq_gbch[tykgy_lkbembo
\ha^_ckl\bygZq_eh\_dZH^gZbahrb[hdkljmdlmjbaZpbbikbohZgZebaZaZdexqZ_lky\ lhfqlh
ih^khagZgb_\dexqZ_l\ k_[yg_lhevdh ,G ghb 6XSHUHJR GZoh`^_gb_ VXSHUHJR \ ih^khagZgbb
ijb\h^bl d _]h fZehc baf_gqb\hklb b aZdhkl_g_ehklb qlh \eby_l gZ ljm^ghklv dhjj_dpbb
>ey lj_o kn_j ikbobq_kdhc ^_yl_evghklb oZjZdl_jgu jZaebqgu_ bgl_jZdpbb j_amevlZlhf
dhlhjuo ^Ze_dh g_ \k_]^Z y\ey_lky fbjgh_ khkms_kl\h\Zgb_ <hagbdZxsbc f_`^m gbfb
dhgnebdlgZau\Z_lkybgljZikbobq_kdbfKmlvdhgnebdlZaZdexqZ_lky\ ke_^mxs_fQ_eh\_dm
k\hckl\_gghj_ij_kkbjh\Zlv\ ih^khagZgb_ijb_fe_fu_^eyg_]hbfimevkub bofukebl_evgh_
hnhjfe_gb_ Ijhp_kk ih^Z\e_gby hkms_kl\ey_fuc (JR lj_[m_l wg_j]_lbq_kdbo aZljZl
ikbobq_kdhcwg_j]bbhij_^_ey_fuokbehcbfimevkZih^e_`Zs_]hj_ij_kkbbBfimevkfh`_l
[ulvih^Z\e_glhevdh\ lhfkemqZ__keb_]hkbeZg_ij_\hkoh^blkbemj_ij_kkbbQ_f[hevr__
dhebq_kl\h wg_j]bb aZfudZ_l gZ k_[_ bgljZikbobq_kdbc dhgnebdl l_f \ [hevr_c kl_i_gb
q_eh\_d klZgh\blky mya\bfuf ^ey fgh]bo kblmZpbc ij_[u\Zy \ ihklhygghc [hjv[_ k kZfbf
kh[hc <hagbdZ_l kblmZpby ijb dhlhjhc gZ j_ZebaZpbx Zdlb\ghklb dhlhjmx g_h[oh^bfh
hkms_kl\blv g_ o\ZlZ_l wg_j]bb Wlh khklhygb_ khijh\h`^Z_lky ihy\e_gb_f qm\kl\Z
[_kihfhsghklb [_agZ^_`ghklb b oZhkZ qlh fh`_l ijb\_klb d jZa\blbx g_\jhlbq_kdbo
khklhygbc
Ijbihy\e_gbbm q_eh\_dZlj_\h`ghklb__ ke_^m_ljZkkfZljb\ZlvdZdkb]gZelh]hqlh (JR
fh`_lhdZaZlvkyg_^hklZlhqghkbevgufg_[ulv\ khklhygbb\uihegblvijbkmsmx_fmaZ^Zqm
Z^ZilZpbbd j_Zevghklbb khojZg_gbybgl_]jbjh\ZgghcebqghklbkhojZg_gbyb^_glbqghklb
<u^_eyxl g_kdhevdh lbih\ lj_\h]b G_\jhlbq_kdZy lj_\h]Z kb]gZebabjm_l h lhf qlh
bfimevkubkoh^ysb_ba ,G fh]mlij_h^he_lvj_ij_kkbxijhj\Zlvky\ khagZgb_b gZclbk\h_
\ujZ`_gb_\ g_fGZijbf_jq_eh\_dkljZ^Zxsbchlg_\jhlbq_kdhclj_\h]biheZ]Zyqlh_fm
g_ijbkmsZZ]j_kkbylj_\h`blkybaaZlh]hqlhhg[m^_l\_klbk_[yZ]j_kkb\gh
FhjZevgZy lj_\h]Z y\ey_lky bg^bdZlhjhf kljZoZ aZ^_ckl\h\Zggh_Œ 6XSHUHJR LZdZy
aZ^_ckl\h\Zgghklvghkblg_ijbylgucoZjZdl_j\ k\yabk gZebqb_fm q_eh\_dZqm\kl\Z\bgu
]j_oh\ghklbb ijGZijbf_j 6XSHUHJR lj_[m_lhlq_eh\_dZijbe_`ghklbb jZ[hlhkihkh[ghklb
Ihy\e_gb_fhjZevghclj_\h]bk\yaZghk hsms_gb_fg_^hklZlhqghcZdlb\ghklb\ aZ^Zgghfijb
wlhf gZijZ\e_gbb Wlhl \b^ lj_\h]b fh`_l bf_lv g_[eZ]hijbylgh_ \ebygb_ gZ q_eh\_dZ
ijb\h^y _]h d g_ij_ju\ghc ih]hg_ aZ g_^hklb`bfhc p_evx <hagbdZ_l kblmZpby
oZjZdl_jbamxsZyky khklhygb_f ijb dhlhjhf ihy\ey_lky hsms_gb_ g_dZq_kl\_gghklb
k\_jrZ_fuo ^_ckl\bc Wlh fh`_l ijb\h^blv d ihy\e_gbx m ghkbl_ey lZdhc lj_\h]b
gZ\yaqb\hkl_c
J_ZevgZylj_\h]Zbgnhjfbjm_lq_eh\_dZh[hiZkghklbijhbkl_dZxs_cba\g_rg_]hfbjZ
BgljZikbobq_kdbc dhgnebdl bklhsZ_l q_eh\_dZ ihwlhfm (JR bkihevam_l jZaebqgu_
kljZl_]bb ^ey jZaj_r_gby lZdh]h dhgnebdlZ \uklmiZxsb_ \ \b^_ aZsblguo f_oZgbafh\
AZsblgu_ f_oZgbafu Z^Zilb\gu _keb ijyfh_ \ujZ`_gb_ bfimevkh\ b^msbo ba ,G
g_ijb_fe_fh b hiZkgh ^ey (JR b 6XSHUHJR \ dZdhclh j_Zevghc kblmZpbb <k_ aZsblgu_
f_oZgbafu gZqbgZxlky k ih^Z\e_gby g_ijb_fe_fuo bfimevkh\ aZklZ\eyy bo hklZ\Zlvky \
ih^khagZgbb J_ij_kkby lj_[m_l [hevrh]h dhebq_kl\Z wg_j]bb ihwlhfm gZjy^m k g_c (JR
bkihevam_lb ^jm]b_aZsblgu_f_oZgbafub^msb_ih[he__e_]dhfmh[fZgghfmimlbWlhl
imlv aZdexqZ_lky \ lhf qlh[u aZfZkdbjh\Zlv g_ijb_fe_fu_ bfimevku Q_eh\_d baf_gyy
bklhqgbd bagZqZevgmx p_ev b h[t_dl bfimevkZ fh`_l ba[_`Zlv j_Zdpbb VXSHUHJR \ \b^_
m]jhau b f_klb iha\heyy bfimevkm ijhkdhevagmlv q_j_a p_gamjm aZij_l LZdbf h[jZahf
lhlZevgZy j_ij_kkby bfimevkh\ g_ y\ey_lky g_h[oh^bfhc Ijhp_^mju lZdh]h jh^Z kgb`Zxl
aZljZlu wg_j]bb lj_[m_fhc ^ey ih^Z\e_gby dhlhjh]h ih h[t_fm klZgh\blky f_gvr_
Kms_kl\mxl jZaghh[jZagu_ f_oZgbafu aZsblu Fu jZkkfhljbf ebrv g_dhlhju_ ba gbo
bf_xsb_ gZb[hevr__ agZq_gb_ ^ey bamq_gby iZlheh]bq_kdbo j_Zdpbc \ ikboheh]bb b
ikbobZljbb
H^gbfbaqZklh\klj_qZxsbokyf_oZgbafh\y\ey_lkyhljbpZgb_HljbpZgb_ ² ^hklZlhqgh
ijbfblb\guc f_oZgbaf ijb dhlhjhf iZpb_glu g_ ijbagZxl g_ijbylguc ijh\hpbjmxsbc
lj_\h]m Zki_dl j_Zevghklb Ijb hljbpZgbb q_eh\_d fh`_l g_ ijbagZ\Zlv g_ijbylguo q_jl
k\hckl\_gguo _fm kZfhfm LZd gZijbf_j fh]ml hljbpZlvky ^Z`_ y\gu_ kh[ulby lZdb_ dZd
\hagbdgh\_gb_ keh`ghc kblmZpbb gZ jZ[hl_ k\yaZgghc k ijb_fhf Zedh]hey HljbpZgb_
\dexqZ_l\ k_[yijyfh_gZjmr_gb_j_Zevghklbihwlhfmhghijbfblb\gh
H^gbf ba qZklh g_ijZ\bevgh ljZdlm_fuo f_oZgbafh\ aZsblu y\ey_lky f_oZgbaf
nhjfbjh\Zgby j_Zdpbb ij_^klZ\eyxsbc kh[hc ih^Z\e_gb_ g_ijb_fe_fh]h bfimevkZ b
\uklmie_gb_ gZ i_j\uc ieZg ij_m\_ebq_ggh]h bfimevkZ ijhlb\hiheh`ghc gZijZ\e_gghklb
GZijbf_j j_[_ghd g_gZ\b^ysbc k\hx feZ^rmx k_kljm j_ij_kkbjm_l wlhl bfimevk b \f_klh
g_]hqm\kl\m_lex[h\vd g_cAZsblgucf_oZgbaf\ jZfd_nhjfbjh\Zgbyj_Zdpbb\u]ey^bl\
wlhfkemqZ_lZd
Y g_gZ\b`mk_kljm ² y ex[exk_kljmLZdbfh[jZahfijbagZ_lkylhevdhh^ghqm\kl\hZ
ijhlb\hiheh`gh_qm\kl\hhljbpZ_lkyg_kfhljygZlhqlhhghbf__lf_klh
F_oZgbafijh_dpbbbgh]^Z[Zabjm_lkygZkms_kl\mxs_c\ h[s_kl\_dmevlmjghcfh^_eb
dhaeh\hlims_gbygZdhlhjuoijh_pbjmxlkydZq_kl\Z\ dhlhjuoq_eh\_dZaZjZg__h[\bgyxl
\ dZdbolh]j_oZo< ^ZgghfkemqZ_lZdZyijh_dpbyhljZ`Z_lj_ij_kkbjh\Zggu_kh[kl\_ggu_
hljbpZl_evgu_ bfimevku Ijh_pbjmy wlb bfimevku q_eh\_d qm\kl\m_l k_[y gZ \ukhl_ LZd
\ukljZb\Z_lkygZijbf_jf_oZgbafij_^m[_`^_gby
F_oZgbaf i_j_f_s_gby aZdexqZ_lky \ baf_g_gbb h[t_dlZ ^jZc\Z I_j_f_s_gb_ f_g__
ijbfblb\gh q_f hljbpZgb_ b ijh_dpby lZd dZd bfimevk jZkihagZ_lky q_eh\_dhf ijZ\bevgh
dZd ijbgZ^e_`Zsbc _fm gZjmrZ_lky ebrv i_j\bqguc h[t_dl GZijbf_j j_[_ghd gZ
khagZl_evghfmjh\g_bkiulu\Zxsbcaehklvd k\h_fmhlpmijbagZlv__ g_kihkh[_glZddZdk
h^ghc klhjhgu hg [hblky gZdZaZgby Z k ^jm]hc klhjhgu _fm ijbkms_ qm\kl\h \bgu LZdbf
h[jZahf Z]j_kkb\guc bfimevk fZkdbjm_lky b gZijZ\ey_lky gZijbf_j gZ [jZlZ < jZfdZo
nhjfbjh\Zgby j_Zdpbb Y ohqm k^_eZlv g_qlh iehoh_ hlpm \ dhgl_dkl_ f_oZgbafZ
i_j_f_s_gby aZf_gy_lky gZ Y ohqm k^_eZlv g_qlh iehoh_ fh_fm [jZlm Wlhl nZdl ke_^m_l
mqblu\Zlv ijb bamq_gbb k_f_cguo dhgnebdlh\ \hagbdZxsbo ihjhc baaZ lh]h qlh
hljbpZl_evgu_qm\kl\Z\hagbdZxsb_\ k_fv_\uau\Zxlkyi_j_f_s_gb_fZ g_ijh\hpbjmxlky
ih\_^_gb_fq_eh\_dZd dhlhjhfmijhy\ey_lkyZ]j_kkb\gh_ih\_^_gb_
< ijhp_kk_ b^_glbnbdZpbb q_eh\_d kf_rb\Z_l k kh[kl\_gghc b^_glbqghklvx
oZjZdl_jheh]bq_kdb_ q_jlu ijbkmsb_ dhfmlh ^jm]hfm B^_glbnbdZpby y\eyykv qZklvx
ghjfZevgh]hjZa\blbyfh`_l ij_^klZ\eylvaZsblgucf_oZgbaf\ ijhp_kk_ dhlhjh]h q_eh\_d
moh^bl hl jZkihagZ\Zgby kh[kl\_gghc g_Z^_d\Zlghklb Z^Zilbjm_l \ k_[_ qvxlh ^jm]mx
b^_glbqghklv^eylh]hqlh[u[ulvgZ\ukhl_Nmgdpb_cb^_glbnbdZpbby\ey_lkygZijbf_j
ij_h^he_gb_ qm\kl\Z [_kkbeby LZdbf h[jZahf b^_glbqghklv q_eh\_dZ Z^Zilbjm_lky d lhfm
dlhkbevg__Ke_^m_lmqblu\Zlv\hafh`ghklvb^_glbnbdZpbbk Z]j_kkhjhfk l_jjhjbklhfb ij
Ih^oh^ud ebqghklghc^bgZfbd_k ihabpbckh\j_f_ggh]hikbohZgZebaZ
H^ghcbaq_jlkh\j_f_ggh]hikbohZgZebaZy\ey_lkykf_s_gb_Zdp_glh\k bg^b\b^mmfZgZ
kj_^m f_`ebqghklguo hlghr_gbc Ijh[e_fu ebqghklb jZkkfZljb\Zxlky \ [hevr_c kl_i_gb
kd\hav ijbafm bgl_jZdpbc q_f ijbagZ\Z_fhc ij_`^_ agZqbfhklb dhgnebdlh\
]_g_jbjmxsboky b ih^Z\eyxsboky \gmljb kZfh]h q_eh\_dZ LZdZy fh^_ev k^\b]Z_l nhdmk
\gbfZgbyk q_eh\_dZbahebjh\Zggh]hd VHOIq_eh\_dZij_^klZ\eyxs_fmkh_^bg_gb_jZaebqguo
wibah^h\f_`ebqghklguohlghr_gbcdhlhju_klZebbgl_jgZebabjh\Zggufb\ bg^b\b^mZevghc
ikbobd_Bgl_jgZebabjh\Zggu_iZll_jgubgl_jZdpbcZ g_[bheh]bq_kdb_^jZc\ukZfbihk_[_
gZoh^yl \ujZ`_gb_ \ dZ`^h^g_\ghf ih\_^_gbb \dexqZy \ k_[y fhf_glu k\yaZggu_ k
iZlheh]b_c LZdbf h[jZahf ^he`gu ZgZebabjh\Zlvky hlghr_gby \hagbdZxsb_ \ ijhp_kk_
dhglZdlZf_`^m\jZqhfb iZpb_glhfikboheh]hfb deb_glhf
GZb[he__ ZdlmZevghc \ wlhc k\yab y\ey_lky ijh[e_fZ ljZgkn_jZ dZd p_gljZevghc
dZl_]hjbb lj_[mxs_c bkke_^h\Zgby Fh^_ev ljZgkn_jZ kh^_j`bl \ k_[_ ^\Z we_f_glZ b^_x
ih\lhj_gbyb b^_xi_j\_gkl\ZbgklbgdlZ
B^_y ih\lhj_gby aZdexqZ_lky \ kms_kl\h\Zgbb l_abkZ lbjZgbb ijhreh]h dhlhjuc
jZa\b\Z_lky \ jZaebqguo gZijZ\e_gbyo WlZ lbjZgby \h fgh]hf ij_\hkoh^ysZy ^jm]b_
gZijZ\e_gbyijb\h^bld lhfmqlhkh[ulbygZklhys_]h^gyhp_gdbdhglZdlub ijb\yaZgghklb
q_eh\_dZke_^mxlihimlbmklZgh\e_gghfm\ ijhp_kk_i_j\uo^_lkdbobgl_jZdpbc
WfhpbhgZevgu_ ih^oh^u b hlghr_gby d ^jm]bf ex^yf mklZgZ\eb\Zxlky \ i_j\u_ e_l
`bagbj_[_gdZ<k_ex^bk dhlhjufbq_eh\_dagZdhfblkyihke_^hklb`_gbybfr_klbe_lg_]h
\hajZklZhdZau\Zxlky\ dZdhclhkl_i_gbaZf_sZxsbfbnb]mjZfb^eywlboi_j\uoh[t_dlh\
k dhlhjufbhg \klj_lbeky ^h e_l LZdbfh[jZahf ZgZeba ljZgkn_j_gkZ klZgh\blky p_gljhf
\gbfZgby b e_q_gby ihkdhevdm \ g_f \uklmiZxl ykgh b q_ldh g_\jhlbq_kdb_ `_eZgby b
qm\kl\ZjZkdju\Zyijbwlhf^_lkdb_dhjgbhlghr_gbckdeZ^u\Zxsboky\ gZklhys__\j_fy
LjZgkn_j_gk \ deZkkbq_kdhf ikbohZgZeba_ y\ey_lky nhjfhc g_\jhaZ Z iZll_jgu _]h
ij_^klZ\eyxsb_ y\eyxl ba k_[y \hah[gh\e_gb_ b h`b\e_gb_ hkgh\Zgguo gZ bgklbgdlZo
`_eZgbcDhgnebdlf_`^mbgklbgdlZfbb aZsblgufbf_oZgbafZfbdhlhju_kjZ[Zlu\Zxlih
hlghr_gbx d gbf \ujZ`Z_lky \ hij_^_e_gghf ih\_^_gbb LZdbf h[jZahf dZ`^uc
ih\_^_gq_kdbcZdlij_^klZ\ey_lkh[hck^_edmf_`^mijhlb\hiheh`gufbkbeZfbLjZgkn_j_gk
Zf[b\Ze_gl_g \ kbem k\h_c dhfijhfbkkghklb f_`^m ihablb\gufb b g_]Zlb\gufb
\jZ`^_[gufb ih^oh^Zfb ih hlghr_gbx d ZgZeblbdm dhlhjuc gZoh^blky gZ f_kl_ jh^bl_ey
hlpZ beb fZl_jb iZpb_glZ LjZgkn_j_gk y\ey_lky ijbf_jhf g_ba[_`gh]h ih\lhj_gby
fhlb\bjh\Zggh]h ^jZc\Zfb ih\_^_gby Ihwlhfm kh\j_f_ggZy fh^_ev ljZgkn_j_gkZ dZd
bgklbgdlmZevgh]hih\lhj_gbygZoh^blhljZ`_gb_\ jZ[hlZo *UHHQVRQ5 hlf_qZxs_]h
qlhLjZgkn_j_gky\ey_lkyih\lhj_gb_fgh\ufba^Zgb_fklZjh]hhlghr_gbyk h[t_dlhfIjb
ljZgkn_j_gk_ijhbkoh^bli_j_f_s_gb_bfimevkh\Qm\kl\Zb aZsbluhlghkysb_kyd q_eh\_dm
ijhreh]h i_j_f_s_gu gZ q_eh\_dZ ba gZklhys_]h < jZ[hlZo Z\lhjZ ih^q_jdb\Z_lky qlh
ljZgkn_j_gk ² wlh gZjmr_gb_ lZd dZd hg \k_]^Z g_Z^_d\Zl_g LjZgkn_j_gk ij_^klZ\ey_l
kh[hcj_]j_kkbxd bgnZglbevguffukeyfb qm\kl\ZfdhlhjZyg_ba[_`ghg_Z^_d\ZlgZlZddZd
\ j_amevlZl___ q_eh\_dihemqZ_lbgt_dpbxijhreh]hb hghhdZau\Z_lky\ h[eZklbgZklhys_]h
_fmg_ijbgZ^e_`Zs_cLZdbfh[jZahfi_j_`b\ZgbyljZgkn_j_gkZfh]mljZkkfZljb\ZlvkydZd
jZajmr_gb_ nmgdpbhgbjh\Zgby HJR lZd dZd \ kblmZpbb ljZgkn_j_gkZ j_Zdpby HJR gZ
j_Zevghklv g_Z^_d\ZlgZ IZpb_gl g_ fh`_l ijZ\bevgh hp_gb\Zlv gZklhys__ ^himkdZy
k_jv_agu_hrb[dbk \hafh`gufb^jZfZlbq_kdbfbihke_^kl\byfb
DeZkkbq_kdbc ikbohZgZeba hij_^_ey_l ihabpbx ZgZeblbdZ \ ijhp_kk_ ljZgkn_j_gkZ dZd
g_cljZevgmx :\lhju ijb^_j`b\Zxsb_ky wlhc lhqdb aj_gby b hkhagZxsb_ g_ihegmx __
Z^_d\Zlghklv lZdbf h[jZahf moh^yl hl j_Zevghklb klZjZykv g_ ^bkdj_^blbjh\Zlv
g_cljZevghklv ZgZeblbdZ Z gZh[hjhl \ukdZau\Zy lhqdm aj_gby h g_^hklZlhqghklb ij_`g_c
g_cljZevghklb K bo lhqdb aj_gby g_cljZevghklv ZgZeblbdZ ^he`gZ [ulv gZklmiZl_evghc b
Zdlb\ghc:gZeblbdg_^he`_gihy\eylvky\f_kl_k iZpb_glhfhgg_^he`_g\uklmiZlv\ PDVV
PHGLD dZd im[ebqgZy nb]mjZ b[h ihy\e_gb_ ZgZeblbdZ gZijbf_j gZ wdjZg_ l_e_\bahjZ
ijb\_^_l d gZjmr_gbx l_jZi_\lbq_kdbo hlghr_gbc LZdZy lhqdZ aj_gby ijba\ZgZ aZsblblv
ihabpbxg_cljZevghklbZgZeblbdZ
DZ`^Zy ihiuldZ b^lb ih ^jm]hfm imlb jZkkfZljb\Z_lky dZd ihiuldZ fZgbimebjh\Zgby
ljZgkn_j_gkhf\ hkgh\_dhlhjhce_`blklj_fe_gb_ihgjZ\blvkyiZpb_glmb ]jZlbnbpbjh\Zlv
_]hWlhfh`_l\ujZ`Zlvky\ kh\_l_^Z\Z_fhfiZpb_glm\ ijhy\e_gbbkbfiZlbbd g_fmqlhk
h^ghc klhjhgu jZajmrZ_l h[t_dlb\ghklv ZgZebaZ Z k ^jm]hc ² _kl_kl\_ggh_ l_q_gb_
ljZgkn_j_gkZ LZdZy lhqdZ aj_gby gZ LjZgkn_j_gk khhl\_lkl\m_l fh^_eb dhlhjZy
jZkkfZljb\Z_l ikbobq_kdb_ gZjmr_gby dZd bkoh^ysb_ ba ih^khagZl_evguo ^jZc\h\
bgklbgdlmZevguo kbe klj_fysboky \uclb gZ mjh\_gv khagZgby K lhqdb aj_gby ZgZeblbdh\
wlbfkbeZfg_gZ^hf_rZlv< jZfdZolZdhcnhjfmeu^ebl_evgh_e_q_gb_lj_[m_llh]hqlh[u
j_ij_kkbjh\Zggu_ `_eZgby bfimevku b nZglZabb ihkl_i_ggh klZgh\bebkv khagZl_evgufb
Ijhp_kk wlhl ^he`_g ijhl_dZlv \ g_cljZevghc kj_^_ b g_ ^he`_g gZjmrZlvky Klhjhggbdb
wlh]h gZijZ\e_gby djblbdh\Zeb hkgh\hiheh`gbdZ ikbohkhfZlbq_kdhc f_^bpbgu N
:e_dkZg^_jZ Djblbdh\ZeZkv _]h ihabpby aZdexqZxsZyky \ lhf qlh ljZgkn_j_gk gZ^h
jZkkfZljb\Zlv dZd dhjj_dpbhggh_ wfhpbhgZevgh_ i_j_`b\Zgb_ ijb dhlhjhf iZpb_gl
ih^\_j]Z_lkybaf_g_gbxh[mqZykvq_fmlhH[mq_gb_khijh\h`^Z_lkyihgbfZgb_fkhklhjhgu
ZgZeblbdZ IZpb_gl ihemqZ_l hl ZgZeblbdZ lh q_]h _fm g_ o\ZlZeh \ i_jbh^ _]h jZgg_]h
jZa\blby LZdbf h[jZahf ijhp_kk bf__l l_jZi_\lbq_kdh_ agZq_gb_ kihkh[kl\my jZa\blbx
ebqghklbiZpb_glZ
)DLUEDLUQ5' ij_^klZ\bl_ev[jblZgkdhcrdheuh[t_dlguohlghr_gbcihju\Z_lk
[bheh]bafhfNj_c^Z
K _]h lhqdb aj_gby eb[b^bghagu_ p_eb bf_xl \lhjhkl_i_ggh_ agZq_gb_ ih kjZ\g_gbx k
h[t_dlgufb hlghr_gbyfb :\lhj kqblZ_l qlh hlghr_gby k h[t_dlhf Z g_ ]jZlbnbdZpby
bfimevkZy\ey_lkydhg_qghcp_evxeb[b^bghagh]hklj_fe_gby< deZkkbq_kdhfikbohZgZeba_
Nj_c^Z l_hjby [bheh]bq_kdh]h ^jZc\Z k _]h i_j\bqghc fhlb\Zpb_c ² wlh hk\h[h`^_gb_
gZdhib\r_]hky gZijy`_gby Z h[t_dl bfimevkZ bf__l f_gvr__ agZq_gb_ >ey )DLUEDLP 5 '
bf_ggh h[t_dl b kZf ijhp_kk hlghr_gby k wlbf h[t_dlhf ij_^klZ\eyxl kh[hc i_j\bqgmx
fhlb\Zpbx Bgufb keh\Zfb g_ kms_kl\m_l i_j_oh^Z hl gZjpbkkbq_kdh]h d h[t_dlghfm
eb[b^hQ_eh\_dbs_lh[t_dlk kZfh]hgZqZeZ[m^mqbhjb_glbjh\ZggufgZhlghr_gbyk gbf
IhgbfZgb_ ebqghklb k wlhc lhqdb aj_gby hagZqZ_l ihgbfZgb_ ijhp_kkh\ ijb dhlhjuo
hlghr_gby k \g_rgbf h[t_dlhf klZgh\ylky \gmlj_gg_c kljmdlmjhc ebqghklb IhgbfZgb_
q_eh\_dZhagZqZ_lihgbfZgb_fbjZh[t_dlguohlghr_gbb
Hkh[_gghklv l_hjbb aZdexqZ_lky \ h[jZs_gbb \gbfZgby Z\lhjZ gZ lh qlh ijhp_kk
bgl_jgZebaZpbb kha^Zxsbc ebqghklv \h fgh]hf y\ey_lky aZsblhc Wlh k\yaZgh k l_f qlh
h[t_dlugZrboi_j_`b\ZgbcgZr_]hhiulZfh]ml[ulv[he_ag_ggufbghq_eh\_d^he`_gbo
bgl_jgZebabjh\Zlv ^ey lh]h qlh[u bo dhgljhebjh\Zlv Wlh `_eZgb_ h[j_q_gh gZ g_m^Zqm
ihwlhfm q_eh\_d bkihevamy f_oZgbaf ijh_dpbb ijh_pbjm_l qZklv wlbo y\e_gbc gZ \g_rgbc
fbj
<Z`gh ihgbfZlv qlh lh qlh \hkkha^Z_lky ijb ljZgkn_j_gk_ \ ijhp_kk_ ijh_dlb\ghc
b^_glbnbdZpbbg_y\ey_lkyiehobfbebohjhrbfh[t_dlhfgZijbf_jjh^bl_eyfbiZpb_glZ
;he__ \Z`ghc y\ey_lky ijh_dpby hlghr_gbc k wlbf h[t_dlhf gZ gh\hf wlZi_ F_oZgbafu
ijh_dpbb fh]ml ijhy\eylvky k jZaghc kl_i_gvx \ujZ`_gghklb P_evx wlbo hlghr_gbc
y\ey_lky g_ jZa]jmadZ b Z]j_kkby dZd iheZ]Ze Nj_c^ Z \hkkha^Zgb_ h[t_dlguo hlghr_gbc
ijhreh]h LZdbf h[jZahf qm\kl\h \bgu lj_\h]b iehoh_ fg_gb_ h k_[_ khhlghkblky k
bgl_jij_lZpb_c g_ijbylguo kblmZpbc bf_\rbo f_klh \ ijhrehf IZpb_gl qm\kl\m_l k_[y
iehobf \bgh\guf beb lj_\h`guf g_ ihlhfm qlh m \hagbdZxl g_ijb_fe_fu_ bfimevku Z
ihlhfm qlh hg bgl_jgZebabjh\Ze ijh\hpbjmxsb_ \bgm b lj_\h]m iehob_ qm\kl\Z LZdbf
h[jZahf ijh[e_fZ g_ fh`_l [ulv h[tykg_gZ ijhklh j_ij_kkb_c \ g_c mqZkl\mxl g_m^Zqgh
iehoh kdhgkljmbjh\Zggu_ hlghr_gby Ihwlhfm lhevdh bo i_j_\h^ \ kn_jm khagZgby
g_^hklZlhq_g ^ey bae_q_gby Iehoh kdhgkljmbjh\Zggu_ hlghr_gby ^he`gu [ulv aZf_g_gu
^jm]hc kbkl_fhc hlghr_gbc JZ[hlZ ZgZeblbdZ aZdexqZ_lky \ ihklhygghc g_h[oh^bfhklb
jZa[bjZlvkyb bamqZlvdhgdj_lgu_kp_gZjbbiZpb_glZ
DeZkkbq_kdbc ikbohZgZeba kqblZ_l ihlj_[ghklb j_[_gdZ g_j_Zebklbq_kdhc dhgklZglhc
dhlhjZy g_ fh`_l [ulv m^h\e_l\hj_gZ gb ijb dZdbo h[klhyl_evkl\Zo .RKXW + kqblZe
qlhihlj_[ghklvj_[_gdZ\gZqZe_m^h\e_l\hjy_lkyhij_^_e_ggufh[jZahfZ aZl_fijhbkoh^bl
__ ihkl_i_ggh_ njmkljbjh\Zgb_ gZa\Zggh_ bf ljZgkfmlbjmxs_c bgl_jgZebaZpb_c \
ijhp_kk_dhlhjhck_enh[t_dlgu_hlghr_gbybgl_jgZebabjmxlky\ dZq_kl\_\gmlj_ggbok_en
kljmdlmj Nj_c^ ihklhyggh ih^q_jdb\Z_l \ \hagbdgh\_gbb wlhc kblmZpbb jhev ^jZc\Z
bgklbgdlZ ijhy\eyxsmxky \ `_kldhc nhjfme_ \ujZ`_gghc \ klj_fe_gbb j_[_gdZ
ba[Z\blvky hl khi_jgbdZ dhfie_dk W^biZ b iheghklvx h[eZ^Zlv ^jm]bf jh^bl_e_f WlZ
bgklbgdlmZevgZy ^jZc\h\Zy nhjfmeZ j_[_gdZ \k_]^Z g_j_ZebklbqgZ M[bckl\Z jh^bl_e_c ih
wlbf f_oZgbafZf ij_^klZ\e_gu dZd iZlheh]bq_kdbc \ZjbZgl ebrv \ om^h`_kl\_gghc
ebl_jZlmj_b dbghnbevfZo
:gZebabjmy^_lkdh_jZa\blb_ .RKXW + ^_eZ_lZdp_glgZgZjpbkkbaf_b ihkl_i_gghf_]h
ij_h^he_gbbhlf_qZyqlhwlhy\e_gb_g_ghkblg_j_Zebklbq_kdh]hoZjZdl_jZ\ kbemlh]hqlh
\ a_jdZevghfhljZ`_gbby\e_gbcwfiZlbbb^_ZebaZpbbg_lgbq_]hg_j_Zebklbq_kdh]h .RKXW
+ g_ \b^bl ijhlb\hj_qby f_`^m bg^b\b^mZevghklvx b \aZbfghc ijbgZ^e_`ghklvx q_eh\_dZ
dhfmlh iml_f mklZgh\e_gguo k_enh[t_dlguo hlghr_gbc IjbgZ^e_`ghklv d fZljbp_ k_en
h[t_dlguo hlghr_gbc y\ey_lky g_h[oh^bfuf mkeh\b_f kiZygghklb k_en qlh y\ey_lky
ij_^mkeh\b_f bg^b\b^mZevghklb JZkkfhlj_gb_ k_enh[t_dlghc fZljbpu dZd iZll_jgZ
gZijbf_j wfiZlbq_kdbo k_enh[t_dlguo hlghr_gbc ihdZau\Z_l gZebqb_ ijbgZ^e_`ghklb b
k\yab h^gh]h h[t_dlZ hlghr_gbc k ^jm]bf ijb dhlhjuo h^bg q_eh\_d wfiZlbabjmy qm\kl\Z
^jm]h]h ijhy\ey_l ih hlghr_gbx d g_fm kbfiZlbx beb ZglbiZlbx Ijb j_pbijhdghf
h[jZlghf oZjZdl_j_ k\yab k ^jm]bf q_eh\_dhf ijhy\eyxlky ZgZeh]bqgu_ qm\kl\Z gh
khojZgy_lky bg^b\b^mZevghklv b Z\lhghfby dZ`^h]h Wlh g_ hagZqZ_l qlh \ kemqZ_
mklZgh\e_gbyghjfZevguo\aZbfhhlghr_gbcijhbkoh^blbkq_agh\_gb_]jZgbp (JR Bf__lky\
\b^mlhqlhbg^b\b^mZevghklvij_^iheZ]Z_lgZebqb_k_enh[t_dlguowfiZlbq_kdbodhglZdlh\
\ua\Zgguo g_h[oh^bfhklvx h[s_gby k k_[_ ih^h[gufb b hij_^_e_gghc ^hau khpbZebaZpbb
[_adhlhjhcg_\hafh`ghiheghp_ggh_jZa\blb_q_eh\_dZ
M mq_guo aZgbfZxsboky bamq_gb_f wlh]h \hijhkZ \hagbdeZ dhgp_ipby f_`ebqghklghc
\aZbfhk\yab kms_kl\mxs_c \ jZfdZo [hevrhc fZljbpu Q_eh\_d kh\_jrZy ihklmidb g_
ihgbfZ_l qlh k\hbfb ^_ckl\byfb hg hdZau\Z_l \ebygb_ gZ hdjm`Zxsbo dhlhju_ \ k\hx
hq_j_^v lZd`_ \ebyxl gZ g_]h DZaZehkv [u fh`gh ]h\hjblv h \hagbdgh\_gbb jy^Z
kemqZcghkl_cohlygZkZfhf^_e_j_qvb^_lh ij_^hij_^_e_gghklbih\_^_gby[hevrhc]jmiiu
ex^_c \ p_ehf y\eyxs_cky ke_^kl\b_f kms_kl\mxs_c aZ^Zgghklb \hagbdZxs_c dZd
j_amevlZl lZdbo \aZbfh\ebygbc < iZlheh]bb wlh \ujZ`Z_lky gZebqb_f [j_^h\uo dhgp_ipbc
LZdbfh[jZahfq_eh\_dkms_kl\m_ldZdqZklvkbkl_fuk_enh[t_dlguohlghr_gbck\yaZgguo
^jm]k ^jm]hf
Nj_c^ kqblZe qlh ikbohiZlheh]by jh`^Z_lky ba \aZbfh^_ckl\by bgljZikbobq_kdbo
nZdlhjh\b ZgZebaZkblmZpbc\hagbdZxsbof_`^m (JR b 6XSHUHJR
5 )DLUEDLUQ b G .RKXW iheZ]Zxl qlh ikbohiZlheh]by \hagbdZ_l dZd ke_^kl\b_
[he_ag_gguo f_`ebqghklguo hlghr_gbc b ebrv gZ \lhjhf ih agZqbfhklb f_kl_ klhyl
dhgnebdlmxsb_ bgljZikbobq_kdb_ kljmdlmju <k_ nhjfu ikbohiZlheh]bb y\eyxlky
ke_^kl\b_fgZjmr_gguo\ ^_lkl\_k_enh[t_dlguohlghr_gbc
K lhqdb aj_gby 5 )DLUEDLUQ ikbohiZlheh]by y\ey_lky j_amevlZlhf \g_^j_gby \ ikbobdm
g_]Zlb\guo k_enh[t_dlguo bgl_jZdpbc g_kfhljy gZ fg_gb_ q_eh\_dZ h gZebqbb m g_]h
kihkh[ghklb iha\heyxs_c ij_iylkl\h\Zlv wlhfm \g_^j_gbx G_]Zlb\gu_ k_enh[t_dlgu_
bgl_jZdpbb ijbkmlkl\my \ ikbobd_ q_eh\_dZ ihklhyggh ih^ju\Zxl bg^b\b^mZevghklv
ijb\h^yd khklhygbxikboheh]bq_kdhcg_m^h\e_l\hj_gghklbd gZjmr_gbyfwfhpbcfure_gby
b l^
G .RKXW bf__l ijhlb\hiheh`gmx lhqdm aj_gby k\b^_l_evkl\mxsmx h lhf qlh
ihkdhevdmwlbk_enh[t_dlgu_bgl_jZdpbbbf_xlg_ijbylgucihkh^_j`ZgbxoZjZdl_jhgbg_
fh]ml [ulv bgl_jgZebabjh\Zgu \ ikbobd_ ebrZy q_eh\_dZ \hafh`ghklb jZa\blvky ?keb
bgl_jgZebaZpbbg_ijhbkoh^blj_[_ghdhdZau\Z_lkyg_\ khklhygbbjZa\blvg_h[oh^bfmx^ey
g_]hk\hxkh[kl\_ggmxkljmdlmjm_]hikbobdZhklZ_lkynbdkbjh\ZgghcgZZjoZbq_kdbok_en
h[t_dlguok\yayoJZa\b\Zyb^_x +.RKXW fh`ghkdZaZlvqlhebqghklv\ l_q_gb_k\h_c`bagb
aZ\bkbfZ hl hij_^_e_gguo ZjoZbq_kdbo k\ya_c b hl hij_^_e_gguo h[t_dlh\ WlZ aZ\bkbfhklv
ijhy\ey_lky\ ikbobq_kdhf]heh^_\ujZ`Zxs_fky\ ihbkd_ZjoZbq_kdbok\ya_cb y\eyxs_fky
ij_^jZkiheh`_gb_f d jZa\blbx ikbohiZlheh]bb Bgl_gkb\ghklv ihbkdZ b aZ\bkbfhklv hl
jZaukdb\Z_fuo q_eh\_dhf h[t_dlh\ h[tykgy_lky \hagbdgh\_gb_f klj_fe_gby d \hkiheg_gbx
g_^hklZxsbo k_]f_glh\ _]h ikbobq_kdhc kljmdlmju Debgbq_kdb wlh ijhy\ey_lky \ Zmlbaf_
\ujZ`_gghklbfbnheh]bq_kdboij_^klZ\e_gbcZjo_lbibqghflbi_fure_gbyhlhj\Zgghklb
hl j_Zevghklb g_ijZ\bevghc hp_gd_ kblmZpbb \ dhlhjmx \deZ^u\Z_lky [hevrZy ^haZ
fbnheh]bq_kdh]h kh^_j`Zgby JZkkfZljb\Zy ijhbkoh^ys__ k ihabpbb ij_^klZ\e_gbc D =
Xg]Z ke_^m_l hlf_lblv ij_^klZ\e_gghklv \ ijhp_kk_ jy^Z Zjo_lbih\ gZijbf_j Zgbfu
ZgbfmkZb l_gb
5 )DLUEDLUQ kqblZ_l qlh g_ijbylgu_ k_enh[t_dlgu_ k\yab \hc^y \ khagZgb_ gZqbgZxl
_]h ^_klZ[bebabjh\Zlv K lhqdb aj_gby G .RKXW khagZgb_ g_ fh`_l \dexqblv wlb k\yab
ihwlhfm ebqghklv g_ jZa\b\Z_lky \ ^hklZlhqghc kl_i_gb hdZau\Zykv ih^ \ha^_ckl\b_f
jZaebqguo\ebygbc< k\yabk wlbf 5)DLUEDLUQ \\h^bl^Z`_ki_pbZevgucl_jfbg\gmlj_ggbc
kZ[hlZ` ih^ dhlhjuf ih^jZamf_\Z_l \g_^jb\rb_ky \ khagZgb_ k_enh[t_dlgu_ hlghr_gby
\hkijbgbfZxsb_ky q_eh\_dhf dZd gZijbf_j \g_aZigh ihy\b\rZyky djblbq_kdZy hp_gdZ
k\h_]h ^_ckl\by beb fukeb Wlhl \gmlj_ggbc ]hehk g_ iha\hey_l q_eh\_dm gZoh^blvky \
]Zjfhgbb k kZfbf kh[hc ihklhyggh gZr_ilu\Zy _fm iehoh_ h fbj_ b g_ ^Z\Zy \gmlj_gg_
mkihdhblvky< j_amevlZl_jZa\b\Z_lkyqm\kl\h\bgukgb`Z_lkyhp_gdZihy\eyxlkylj_\h]Zb
yjhklv
<hagbdgh\_gbx iZlheh]bb kihkh[kl\m_l g_^hklZlhqgZy kbeZ (JR g_kihkh[gZy hdZaZlv
^hklZlhqgh_ \ebygb_ gZ hlghr_gb_ (JR d bgl_jgZebabjh\Zgguf h[t_dlZf Wlbf h[tykgy_lky
ihklhyggh_ h\eZ^_gb_ q_eh\_dZ wlbfb h[t_dlgufb hlghr_gbyfb >hklZlhqgh kbevgh_ (JR
fh`_l\aZbfh^_ckl\h\Zlvk bgl_jgZebabjh\Zggufbh[t_dlZfbij_iylkl\myh\eZ^_gbx
G .RKXW \ hlebqb_ hl 5 )DLUEDLP bah[jZ`Z_l k_en \ dhlhjhf hlkmlkl\m_l qm\kl\h
kiZygghklb kljmdlmju qm\kl\h hkgh\gh]h gZijZ\e_gby b l_e_heh]bq_kdZy i_jki_dlb\Z :
:^e_j
IZpb_gljZ[hlZxsbc\ iZjZ^b]f_ 5)DLUEDLP bkiulu\Z_lg_h[oh^bfhklvhk\h[h^blvky
hliZdhklbdhlhjmxhgbgl_jgZebabjm_lKh]eZkghiZjZ^b]f_G .RKXW iZpb_glgm`^Z_lky\
[hevr_c bgl_jgZebaZpbb \ [hevr_f \aZbfh^_ckl\bb k p_evx jZa\blby emqr_c ikbobq_kdhc
kljmdlmjuK wlhclhqdbaj_gbyljZgkn_jy\eyykvqZklvxh[t_dlguohlghr_gbcij_^klZ\ey_l
dZdk_j^p_\bgmebqghklblZdb k_j^p_\bgmikbohiZlheh]bb
G .RKXW kqblZ_lqlhkbkl_fZhlghr_gbcq_eh\_dZy\ey_lkynhdmkhfdhjj_dpbbb e_q_gby
lZd dZd ikbohiZlheh]by \hagbdZ_l dZd j_amevlZl g_^hklZlhqghc wfiZlbb ^_lkl\Z dhlhjmx
[ehdbjh\Zeb \ ijhrehf b ijh^he`Zxl [ehdbjh\Zlv \ gZklhys_f ?keb i_j_`b\Zgby
k\yaZggu_k wfiZlb_cihemqZxljZa\blb_\ ijhp_kk_^Zevg_cr_c`bagbijbgZebqbbmf_gby
q_eh\_dZbebihfhsb\ wlhfkhklhjhgulhijhp_kkkZfhjZa\blbyfh`_l[ulv\hkklZgh\e_gb
l_jZiby ih .RKXW ij_^eZ]Z_l hij_^_e_gguc gh\uc rZgk ^ey wlh]h jZa\blby Wlh ijb\h^bl d
i_j_kfhljm p_e_c ikbohZgZeblbq_kdhc l_jZibb gZ i_j\uc ieZg dhlhjhc \uklmiZ_l
g_h[oh^bfhklvkha^Zgby^eyiZpb_glh\wfiZlbq_kdbok_enh[t_dlguohlghr_gbcLh_klv^ey
jZa\blbym iZpb_glZqm\kl\ZYg_h[oh^bfZjZ^bdZevgZyljZgknhjfZpbyijbjh^ue_q_gby
:\lhju bkihevamxsb_ ikbohZgZeba ml\_j`^Zxl qlh ikbohZgZeba bae_qb\Z_l ihlhfm
qlh ZgZeblbd kgZ[`Z_l iZpb_glZ g_h[oh^bfufb ^ey g_]h iZll_jgZfb k_enh[t_dlguo
hlghr_gbc p_eb ^ey h[jZah\Zgby b jhklZ gh\uo ikbobq_kdbo kljmdlmj LZdbf h[jZahf
kmsghklvijhbkoh^ysbo\h\j_fye_q_gbybaf_g_gbcaZdexqZ_lkyg_\ bgl_jij_lZpbyob g_\
\hagbdgh\_gbb bgkZclZ Z \ bamq_gbb hlghr_gbc \ jZkdjulbb iml_c d wfiZlbb f_`^m k_en
q_eh\_dZb _]hk_enh[t_dlgufbhlghr_gbyfbg_h[oh^bfZgZebaiZpb_glhfwlbohlghr_gbc
< k\yab k wlbf \hagbdZ_l g_h[oh^bfhklv jZkkfhlj_lv ijh[e_fm ljZgkn_j_gkZ k lhqdb aj_gby
g_cljZevghklb
F *LOO ih^q_jdb\Z_lqlhljZgkn_j ² wlh\k_]^Z\aZbfh^_ckl\b_Ml\_j`^_gb_qlh
ih\_^_gb_ ZgZeblbdZ gbq_]h g_ ^Z_l b g_ ^h[Z\ey_l d hl\_lZf iZpb_glZ y\ey_lky
ikbohZgZeblbq_kdbf fbnhf IkbohZgZeba y\ey_lky ihiuldhc \aZbfgh]h khljm^gbq_kl\Z b
\dexqZ_l bgl_jij_lZpbb \hagbdZxsb_ \ ijhp_kk_ ljZgkn_jZ OZjZdl_j kh^_j`Zgb_
\gmlj_ggbckfukebgl_jij_lZpbc\ebyxlgZkZfljZgkn_jF *LOO iheZ]Z_lqlh\ j_Zevghklb
k_iZjZpby ZgZeblbdZ b ZgZebabjm_fh]h g_\hafh`gZ : _keb lZdh\Zy b ijhbkoh^bl lh wlh
ijb\h^bl d fheqZeb\hfm moh^m iZpb_glZ \ k_[y F *LOO klj_fblky ^Zlv ^jm]h_ hij_^_e_gb_
fgh]bf y\e_gbyf gZ[ex^Zxsbfky ijb ikbohZgZeba_ klj_fykv \u\_klb ikbohZgZeba aZ _]h
ijb\uqgu_ jZfdb < j_amevlZl_ ikbohZgZeba i_j_klZ_l [ulv ]_jf_g_\lbq_kdbf aZfdgmluf \
k_[_gZijZ\e_gb_fNhdmk\gbfZgby\ ijhp_kk_ikbohZgZebaZgZijZ\e_ggZk_]h^gyrgbc^_gv
iZpb_glZ\ agZqbl_evgh[hevr_ckl_i_gbq_fgZbamq_gb_\ebygby^Z\ghijhr_^rbokh[ulbc
gZlhqlh^_eZ_liZpb_glk_]h^gyKe_^h\Zl_evghd iZpb_glm\ ijhp_kk_ikbohZgZebaZfh`gh
hlghkblvkyihjZaghfmfh`ghbkdZlvhla\mdgZklhys_]h\ ijhrehfbebh[jZsZlv\gbfZgb_gZ
gZklhys__klhygZjmbgZoijhreh]h
5 6WRORURZ * $WZRRG jZ[hlZxsb_ \ wlhf `_ gZijZ\e_gbb ]h\hjyl h lhf qlh
p_evx ikbohZgZebaZ y\ey_lky g_ jZkdjulb_ bgklbgdlmZevguo dhjg_c ih\_^_gby \ ^_lkl\_ Z
hk\_s_gb_ kljmdlmju agZq_gby ijhbkoh`^_gby b l_jZi_\lbq_kdbo ij_\jZs_gbc ebqgh]h
km[t_dlb\gh]hfbjZ\h\k_f_]h[h]Zlkl\_b keh`ghklbK bolhqdbaj_gbyikbohZgZebafh`_l
[ulv dhgp_ilmZebabjh\Zg dZd f_`km[t_dlb\guc f_`ebqghklguc ijhp_kk \dexqZxsbc
^bZeh]f_`^m^\mfyebqghklgufb\k_e_ggufbP_evxikbohZgZebaZklZgh\blkyko\Zlu\Zgb_
lh]hdlhmijZ\ey_lwlbfebqghklguffbjhfb ^_fhgkljZpbyiZpb_glmb ikbohZgZeblbdmdZd
ebqgZy `bagv iZpb_glZ _]h b^_b kihkh[u ih\_^_gby `_eZgby b kljZob \ujZ`Zxl wlm
ebqghklgmx\k_e_ggmx
:\lhju ih^q_jdb\Zxl qlh hlkmlkl\b_ wfiZlbq_kdh]h j_ahgZgkZ ² ijyfhc imlv d
ikbohiZlheh]bb\hagbdZxs_cl_fjZgvr_q_fjZgvr_b q_fly`_e__ij_^klZ\e_ghgZjmr_gb_
wfiZlbb Q_f [hevr_ ih\j_`^_gbc wfiZlbb l_f [he__ \_jhylgh jZa\blb_ ikbohiZlheh]bb b
l_f ljm^g__ j_klblmpby \hkklZgh\e_gb_ Kha^Zgb_ wfiZlbq_kdbo hlghr_gbc gZijyfmx
kem`bl klbfmeypb_c ijhp_kkh\ jZa\blby jZajmr_gguo \ l_q_gb_ i_j\uo e_l `bagb LZdbf
h[jZahf wfiZlby klZgh\blky i_j\hc ]eZ\ghc ikbohZgZeblbq_kdhc l_ogbdhc Ih^ wfiZlb_c
ihgbfZ_lky ijhp_kk ihgbfZgby km[t_dlb\gh]h fbjZ ^jm]h]h q_eh\_dZ bagmljb
IkbohZgZeblbq_kdbc wnn_dl ^hklb]Z_lky g_ aZ kq_l lh]h qlh iZpb_glm ^Zxl \hafh`ghklv
bgl_ee_dlmZevgh jZah[jZlvky \ k\hbo ih^Z\e_gguo ^jZc\Zo IhgbfZgb_ gbdh]^Z g_ y\eyehkv
lhevdh bgl_ee_dlmZevguf ijhp_kkhf \dexqZy \ k_[y ZjoZbq_kdmx k\yav k ZgZeblbdhf dZd k
k_enh[t_dlhf hgh gZoh^blky \ hkgh\_ wlhc k\yab fh[bebamy lh qlh [ueh aZ[ehdbjh\Zgh m
iZpb_glZ <hafh`ghklv \jZqZ ko\Zlblv ebqguc km[t_dlb\guc fbj iZpb_glZ hdZau\Z_lky
gZb[he__fhsgufkj_^kl\hfl_jZibbba\_klguf\ kh\j_f_gghcikbobZljbbb ikboheh]bb
5 6WRORURZ ) /DFKPDQQ kqblZxl qlh ljZgkn_j y\ey_lky nhjfhc ih\lhj_gby
HklZ_lkyhl\_lblvgZ\hijhk
Qlh `_ ih\lhjy_lky" Ih\lhjyxlky g_ hkgh\gu_ [bheh]bq_kdb_ m^h\e_l\hj_gby beb
Zf[b\Ze_glgu_qm\kl\ZZ hij_^_e_ggu_iZll_jgu ² k\yadbhj]Zgbamxs_]hi_j_`b\ZgbyGZ
ljZgkn_j hdZau\Z_l ijyfh_ \ebygb_ ihklhyggh_ ijbkmlkl\b_ wlbo hj]Zgbamxsbo ijbgpbih\
LjZgkn_j^Z_ll_jZi_\lm\hafh`ghklvbgkZclZ^_lkdh]hi_jbh^Z`bagbiZpb_glZ\ hlghr_gbb
ihgbfZgby hj]Zgbamxsbo l_f mijZ\eyxsbo km[t_dlb\guf fbjhf iZpb_glZ Hq_gv \Z`gh
bkke_^h\Zgb_ jZaebqguo hlju\dh\ ijhbkoh^ys_]h \ ^_lkl\_ [_a g_f_^e_gghc bgl_jij_lZpbb
bo kh]eZkgh l_hj_lbq_kdhc ko_f_ JZagu_ kh[ulby iha\heyxl ihgylv gZ q_f iZpb_gl
nbdkbjm_lky qlh hg ihgbfZ_l b qlh qm\kl\m_l Kljmdlmju hj]Zgbah\Zggu_ \ ijhrehf
ijh^he`Zxl [ulv nmgdpbhgZevgh wnn_dlb\gufb b \ gZklhys_f Wlb hj]Zgbah\Zggu_
kljmdlmju k_enh[t_dlguo hlghr_gbc gZoh^ylky \ khklhygbb ]hlh\ghklb hklZ\Zykv e_]dh
^hklb]Z_fufb b fh]ml i_jbh^bq_kdb Zdlb\babjh\Zlvky b fh[bebah\Zlvky LZdbf h[jZahf
ZgZebaljZgkn_jZ ² wlhg_lhevdhZgZebaikboheh]bq_kdboaZsbl\ hlghr_gbbbgklbgdlb\guo
bfimevkh\Z nbdkZpbyZgZebaZgZimlyob kihkh[Zohj]ZgbaZpbbi_j_`b\Zgbc km[t_dlb\gh]h
fbjZiZpb_glh\
LjZgkn_jkh^_j`bl\ k_[_hiZkghklb\uoh^ysb_aZij_^_euZgZeblbq_kdbojZfhdQZklh
\ kh^_j`ZgbbljZgkn_jZki_pbZebklfh`_l\b^_lvdZdh_lhgZjmr_gb_g_khhl\_lkl\b_kqblZy
qlh wlh g_\_jgh qlh wlh ² lhevdh jhe_\h_ ih\_^_gb_ iZpb_glZ b l^ Ijb wlhf \hagbdZ_l
kblmZpbyoZjZdl_jbamxsZykyl_fqlhkm`^_gbyh lhfqlhijZ\bevghZ qlhg_lijbgZ^e_`Zl
ki_pbZebklmP_e_khh[jZaghihfgblvh lhfqlhex[hcikbohl_jZi_\lg_y\ey_lkyiheghklvx
g_aZbgl_j_kh\Zgghc klhjhghc LZd dZd hg lh`_ mqZklgbd ijhp_kkZ Ihwlhfm _keb qm\kl\Z
iZpb_glZijhlb\hj_qZlqm\kl\mZgZeblbdZ_]h\hkijbylbxkZfhhkhagZgbxg_khhl\_lkl\mxl
h`b^Zgbyf ZgZeblbdZ qlh[u k_[y ikboheh]bq_kdb ohjhrh qm\kl\h\Zlv m ZgZeblbdZ
jZa\b\Z_lkydhgp_ipbyhljbpZl_evghchp_gdb
G_\hafh`ghklv iheghc baheypbb aZljZ]b\Z_l kn_jm hp_gdb khklhygby b ^bZ]ghklbdb
iZpb_glZ g_ lhevdh \ ikbobZljbb LZd hlghr_gb_ iZpb_glZ d h[ke_^h\Zgbx gZijbf_j d
baf_j_gbx Zjl_jbZevgh]h ^Z\e_gby b ijh\_^_gbx jy^Z ^jm]bo bgkljmf_glZevguo
h[ke_^h\Zgbc \eby_l gZ bo j_amevlZlu 5 6WRORURZ * $WZRRG \ hlebqb_ hl +.RKXW
ih^q_jdb\Zxs_]h agZqbfhklv f_`ebqghklguo hlghr_gbc hl^Zxl ijbhjbl_l ebqghfm
km[t_dlb\ghfm fbjm iZpb_glZ Ijb wlhf kha^Z_lky \i_qZle_gb_ qlh Z\lhju moh^yl aZ jZfdb
k_enh[t_dlguohlghr_gbcnbdkbjmykvgZi_j\bqghklbkm[t_dlb\guoi_j_`b\ZgbcG .RKXW
]h\hjbl h[ wfiZlbb \ l_jfbgZo f_`ebqghklguo hlghr_gbc ih^jZamf_\Zy h[yaZl_evghklv
gZebqby k\yadb 5 6WRORURZ * $WZRRG ij_^eZ]Zxl bgljZ\_jlbjh\Zgguc \ZjbZgl k_en
h[t_dlguo hlghr_gbb ihfh]Zxsbo iZpb_glm jZah[jZlvky \ k_[_ kZfhf Z B .RKXW ²
wdkljZ\_jlbjh\Zgguc \ZjbZgl < ex[hf ba ij_^eh`_gguo \ZjbZglh\ wfiZlby aZf_gy_l
g_cljZevghklv F_`ebqghklgu_ \aZbfh^_ckl\by aZf_gyxl ikbohZgZeblbq_kdbc bfb^`
ZgZeblbdZdZd[_eucwdjZg^eyijh_dpbbiZpb_glZLjZgkn_jg_hlghkblkyg_ihkj_^kl\_gghd
j_]j_kkbb i_j_f_s_gbx ijh_dpbb ij_^klZ\eyy kh[hc kdhj__ \ujZ`_gb_ mgb\_jkZevgh]h
ikboheh]bq_kdh]hklj_fe_gbyhj]Zgbah\ZlvhiuliZpb_glZb ijb^Zlv_fmgh\h_agZq_gb_
BG>B<B>M:EVG:YIKBOHEH=BY:>E?J:
Kh\j_f_ggZy ljZdlh\dZ mq_gby : :^e_jZ \dexqZ_l \ k_[y
ke_^mxsb_iheh`_gby
Dhgp_ipby ij_^eh`_ggZy : :^e_jhf gZau\Z_lky bg^b\b^mZevghc \ k\yab k l_f qlh
\gbfZgb_nbdkbjm_lkygZmgbdZevghklbdZ`^h]hq_eh\_dZ
Q_eh\_dZdZdebqghklvfh`ghihgylvlhevdhhp_gb\_]hk lhqdbaj_gbykhpbZevghcZ g_
[bheh]bq_kdhci_jki_dlb\u
Wnn_dlb\gZydhjj_dpbygZjmr_gbcg_\hafh`gZ[_aihgbfZgbybg^b\b^mZevguop_e_c
ki_pbnbqguo^eydZ`^h]hq_eh\_dZ
DZ`^hfm q_eh\_dm k\hckl\_ggZ \gmlj_ggyy \jh`^_ggZy l_g^_gpby d khpbZevghfm
bgl_j_kmb dohebklbq_kdhfmp_ehklghfmih^oh^m
:dp_gl\ bamq_gbbq_eh\_dZ^he`_g^_eZlvkygZikboheh]bq_kdhfjhkl_b gZk\h[h^ghc
\he_
Iheh`_gby l_hjbb : :^e_jZ ij_^klZ\eyxl hkh[mx \Z`ghklv lZd dZd hgb \klmiZxl \
ijhlb\hj_qb_k ^_l_jfbgbklbq_kdbfih^oh^hfk\hckl\_ggufdeZkkbq_kdhfmikbohZgZebam
Kh]eZkgh : :^e_jm ex^b hlebqZxlky ^jm] hl ^jm]Z k\hbfb p_eyfb b l_f dZd hgb
klZjZxlky^hklbqvboBgufbkeh\Zfbex^bhlebqZxlkyklbe_f`bagb
:^ZilZpby ikboheh]bq_kdh_ a^hjh\v_ \dexqZ_l \ k_[y khpbZevgu_ \aZbfh^_ckl\by l_f
g_f_g__dZ`^uchl\_lkl\_g_gaZk\h_a^hjh\v_dhlhjh_g_fukebfh[_akhpbZevgh]hbgl_j_kZ
Ijb hlkmlkl\bb khpbZevgh]h bgl_j_kZ \hagbdZ_l ih^\_j`_gghklv q_eh\_dZ gZjmr_gbyf
ijbkihkh[e_gby
;hevrh_ \ebygb_ ijb^Z_lky ^_lkdhfm jZa\blbx Jh^bl_eb hdZau\Zxl kms_kl\_ggh_
\ebygb_gZ^_l_cMemqr_gbxjh^bl_evkdh]h\hkiblZgbykihkh[kl\m_lh[mq_gb_ijh\h^bfh_\
jZfdZokhpbZevgh]hlj_gbg]ZHkh[h_agZq_gb_bf__lh[klZgh\dZb \hkiblZgb_\ rdheZo
H[s_kl\h\eby_lgZex^_ckha^Z\ZykhpbZevgu_jheb\dexqZxsb_\ k_[yb k_dkmZevgu_
jheb
Hj]ZggZy bgn_jbhjghklv \ \b^_ gZjmr_gby [bheh]bq_kdhc nmgdpbb \eby_l gZ q_eh\_dZ
gZijZ\eyy jZa\blb_ _]h ebqghklb ihkdhevdm dZ`^uc bg^b\b^mmf klZjZ_lky dhfi_gkbjh\Zlv
wlmbgn_jbhjghklv
Dhfie_dkg_iheghp_gghklb
Hkgh\gZyq_eh\_q_kdZyfhlb\ZpbyjZkkfZljb\Z_lkydZdklj_fe_gb_q_eh\_dZd ^\b`_gbx
hl kblmZpbb fbgmkh\h]h wfhpbhgZevgh]h khklhygby d iexkh\hfm khklhygbx hl qm\kl\Z
g_iheghp_gghklb bgn_jbhjghklb d qm\kl\m kh\_jr_gkl\Z b kmi_jbhjghklb Wlh ^\b`_gb_
aZimkdZ_lkyhljbpZl_evgufbwfhpbyfb
< ^_lkl\_ j_[_ghd qm\kl\m_l k_[y [_kihfhsguf hl lh]h qlh _]h \u`b\Zgb_ aZ\bkbl hl
^jm]boex^_cWlb^_lkdb_bgn_jbhjghklbfh]mlbgl_gkbnbpbjh\Zlvky\ ^Zevg_cr_c`bagb\
kemqZ_ gZebqby \jh`^_gguo ^_n_dlh\ GhjfZevgh_ qm\kl\h keZ[hklb k\hckl\_ggh_ dZ`^hfm
q_eh\_dm bgl_gkbnbpbjm_lky \jh`^_gghc g_iheghp_gghklvx Ikboheh]bq_kdZy aZ^_j`dZ
jZa\blby lZd`_ fh`_l [ulv bklhqgbdhf bgn_jbhjghklb ijhoh^y ih^ ^_\bahf Y \k_]^Z
hklZgmkvj_[_gdhfBgn_jbhjghklvj_[_gdZfh`_lmkbeb\ZlvkyijbkjZ\g_gbbk_[yk ^jm]bfb
^_lvfb ijb g_\hafh`ghklb hl\_qZlv lj_[h\Zgbyf kh\j_f_ggh]h fbjZ ijb aZljm^g_gbyo \
khpbZebaZpbbGZebqb_fZeh\ujZ`_gghcg_^hklZlhqghklbkeZ[uchj]Zgfh`_lklZlvhkgh\hc
^ey ^_aZ^ZilZpbb d jZa\blbx jZaebqguo aZsblguo nhjf ih\_^_gby dhlhju_ fh]ml [ulv
g_Z^_d\ZlgufbGZijbf_jq_eh\_d\u[bjZ_lklbevih\_^_gbyijbdhlhjhfhgwdkiemZlbjm_l
k\hb nbabq_kdb_ g_^hklZldb jZkkfZljb\Zy bo dZd ba\bgyxs__ h[klhyl_evkl\h
ij_iylkl\mxs__ \uiheg_gbx `bag_gguo p_e_c A^hjh\h_ ijbkihkh[e_gb_ oZjZdl_jbam_lky
klj_fe_gb_f j_[_gdZ ij_h^he_lv g_^hklZlhd ihiuldhc dhfi_gkbjh\Zlv _]h <hafh`gZ b
]bi_jdhfi_gkZpby g_^hklZldZ \h \j_fy dhlhjhc q_eh\_d fh`_l ^h[blvky hq_gv fgh]h]h
H^gZdhg_dZ`^ucq_eh\_dh[eZ^Zxsbcg_^hklZldhfkihkh[_gmki_rgh_]hdhfi_gkbjh\Zlv
A^_kv \Z`gh lh qlh hg iulZ_lky wlh k^_eZlv qlh kihkh[kl\m_l gZijZ\e_gbx _]h fhlb\Zpbb
?keb dhfi_gkZpby jmrblky jZa\b\Z_lky qm\kl\h g_ij_h^hebfhklb bgn_jbhjghklb
jZa\b\Z_lkydhfie_dkg_iheghp_gghklb
Klj_fe_gb_ d ihemq_gbx qm\kl\_ggh]h iexkZ fh`_l ijbgbfZlv Z]j_kkb\gu_ nhjfu
\ujZ`Zykv \ ih\_^_gbb \dexqZxs_f \ k_[y `_klhdhklv klj_fe_gb_ d [hjv[_ Z bgh]^Z
ijbh[j_lZ_lb khpbZevghijb_fe_fu_nhjfukihjl:]j_kkb\guc^jZc\fh`_li_j_`b\Zlvky
dZdaehklvbebyjhklv
: :^e_j hibku\Z_l fZkdmebgguc ijhl_kl aZdexqZxsbcky \ lhf qlh Z]j_kkb\ghklv b
ih\ur_ggZy Zdlb\ghklv jZkkfZljb\Zxlky dZd fZkdmebggu_ q_jlu Z ih^qbg_gghklv b
km[fbkkb\ghklv dZd `_gkdb_ q_jlu @_gsbgu fh]ml [ulv fhlb\bjh\Zgu fZkdmebgguf
ijhl_klhf \ k\h_c [hjv[_ aZ mgbqlh`_gb_ \hagbdZxs_c ^bkdjbfbgZpbb qlh ijb\h^bl bo d
hjb_glbjh\Zgghklb gZ mki_o dZjv_jm iha^g__ hkms_kl\e_gb_ fZljbfhgbZevguo i_jki_dlb\
gZebqb_h^gh]hj_[_gdZb ij
::^e_jkqblZ_lqlhq_eh\_dmk\hckl\_gghklj_fe_gb_d kmi_jbhjghklbWlhg_agZqbl
qlh hg klj_fblky d kZfhkh\_jr_gkl\h\Zgbx @_eZgb_ ^h[blvky emqrbo j_amevlZlh\ g_
y\ey_lky ihdZaZl_e_f klj_fe_gby d ebqghklghfm jZa\blbx Klj_fe_gb_ d kh\_jr_gkl\m ²
ihiuldZ ij_`^_ \k_]h memqrblv \ j_Zevguo ij_^_eZo k_[y b k\hx ihabpbx Wlh klj_fe_gb_
qZklh ghkbl g_jZamfguc g_\jhlbq_kdbc oZjZdl_j ijb\h^y d mkbe_gbx \gmlj_gg_]h qm\kl\Z
g_iheghp_gghklb G_dhlhju_ ebpZ k jZaebqgufb gZjmr_gbyfb ih^Z\eyy k\h_ qm\kl\h
g_iheghp_gghklb ]bi_jdhfi_gkbjmxl _]h m[_`^Zy k_[y \ lhf qlh hgb emqr_ b kbevg__
^jm]bo WlZ m\_j_gghklv \ujZ`_ggZy \ ih\_^_gbb fZkdbjm_l ih^khagZl_evgh_ qm\kl\h
bgn_jbhjghklb Ihwlhfm lZdZy lZdlbdZ kqblZ_lky g_a^hjh\hc LZdb_ ex^b qZklh \_^ml k_[y
jZa\yagh gZ]eh fh]ml bf_lv gZjpbkkbq_kdb_ q_jlu ij_m\_ebqb\Zy k\hb ^hklb`_gby b
^_fhgkljbjmyk\hxg_h[uqghklvfZgbimebjmy^jm]bfb
NbdpbhgZevgucnbgZebaf
Ebqghklvq_eh\_dZihk\h_cijbjh^_y\ey_lkyl\hjq_kdhc<g_rgb_nZdlhjuij_^eZ]Zxl
q_eh\_dmk^_eZlv`bag_gguc\u[hjghhlgx^vg_iheghklvx^_l_jfbgbjmxl[m^ms__LZddZd
ebqghklvdj_Zlb\gZdZ`^ucy\ey_lkyl\hjphfkZfh]hk_[yQ_eh\_dmk\hckl\_gghklj_fe_gb_
d b^_ZevghckblmZpbbbg^b\b^mZevghc^eydZ`^h]hLZdmxkblmZpbxfh`ghgZa\Zlvbfb^`_f
hlkmlkl\mxs_]h k_cqZk lh]h qlh ohl_ehkv [u ^hklbqv WlZ \hh[jZ`Z_fZy p_ev b `_eZ_fh_
[m^ms__ gZau\Z_lky : :^e_jhf nbdpbhgZevguf nbgZebafhf bg^b\b^mmfZ NbdpbhgZevguc
nbgZebaf hij_^_ey_l gZijZ\e_gb_ bg^b\b^mZevguo klj_fe_gbc G_ ke_^m_l ^mfZlv qlh m
q_eh\_dZ kms_kl\m_l hij_^_e_ggZy q_ldZyb^_y lh]h qlh hg ohq_l ^hklbqv P_ev gZoh^ykv \
lmfZg_qZklbqghhkhagZ_lkyq_eh\_dhfZ qZklbqghg_lG_ba\_klgZy qZklv p_eb gZoh^blky \
ih^khagZgbb< l_q_gb_`bagbnbgZebaffh^bnbpbjm_lkyH[sZygZijZ\e_gghklvklj_fe_gby
hklZ_lky f_gy_lky ebrv ki_pbnbq_kdh_ ihgbfZgb_ B _keb a^hjh\uc q_eh\_d fh^bnbpbjm_l
p_ev lh q_eh\_d k gZjmr_gbyfb bf_y jb]b^guc nbgZebaf \_^_l k_[y ^_aZ^Zilb\gh
Ihkdhevdmnmg^Zf_glZevgZyfhlb\ZpbyaZdexqZ_lky\ ^\b`_gbbihgZijZ\e_gbxd nbgZebafm
q_eh\_dZ g_evay ihgylv g_ agZy _]h mgbdZevghc p_eb NbgZebaf kihkh[kl\m_l kha^Zgbx
mgbdZevgh]hklbey`bagb
: :^e_j hl[jZku\Ze b^_x dhgnebdlZ f_`^m khagZgb_f b ih^khagZgb_f gZau\Zy __
bkdmkkl\_gguf jZa^_e_gb_f bf_xsbf ijhbkoh`^_gb_ \ ikbohZgZeblbq_kdhf nZgZlbaf_
:\lhj m[_`^_g qlh khagZgb_ b ih^khagZgb_ jZ[hlZxl \f_kl_ qZs_ q_f dhgnebdlmxl f_`^m
kh[hc
Klbev`bagbijbh[j_lZ_fucq_eh\_dhf\dexqZ_l\ k_[yihfbfhp_ebd dhlhjhcq_eh\_d
klj_fblkydhgp_ipbxkh[kl\_ggh]hYb fbjZ
AgZq_gb_kZfuojZggbo\hkihfbgZgbc
;hevrh_ agZq_gb_ ijb^Z_lky : :^e_jhf i_j\uf \hkihfbgZgbyf Klbev `bagb
mklZgZ\eb\Z_lky \ \hajZkl_ hl ^h e_l Dexqhf d b^_glbnbdZpbb klbey `bagb dZ`^h]h
q_eh\_dZ y\eyxlky i_j\u_ \hkihfbgZgby h[uqgh k e_l I_j\u_ \hkihfbgZgby
ijh^mpbjmxlkyq_eh\_dhf\ k\yabk l_fqlhh g_dhlhjuobagbohg^mfZ_l_]hfukebqZklh
kZfhijhba\hevgh d gbf \ha\jZsZxlky hkh[_ggh \ i_jbh^u j_eZdkZpbb i_j_^ kghf i_j_^
hl^uohf Kh\_jr_ggh g_h`b^Zggh \kihfbgZ_lky lh qlh dh]^Zlh [ueh ^ey q_eh\_dZ
km[t_dlb\gh \Z`gh LZd \dexqZ_lky jZggyy iZfylv <hkihfbgZgby fh]ml [ulv g_lhqgufb
hrb[hqgufbghhgbihfh]ZxljZah[jZlvky\ ebqghklb
0XOOHQ0 h[jZlbeZ\gbfZgb_gZlhqlhi_j\ucj_[_ghdb ^_\hqdboZjZdl_jbamxlky
[he__ jZggbfb i_j\ufb \hkihfbgZgbyfb Ijh\h^y kjZ\gbl_evgh_ bkke_^h\Zgb_ jZggbo
\hkihfbgZgbcm gZk_e_gbyjZaguowlgbq_kdbo]jmiiZ\lhjh[jZlbe\gbfZgb_gZlhqlh\ _\jh
Zf_jbdZgkdbo ]jmiiZo jZggb_ \hkihfbgZgby j_]bkljbjh\Zebkv \ kj_^g_f jZgvr_ q_f \
ZabZlkdbo ]jmiiZo Wlh jZaebqb_ h[tykgyehkv [hevr_c Zdp_glmZpb_c gZ bg^b\b^mZevghklb \
aZiZ^guodmevlmjZoihkjZ\g_gbxk dmevlmjZfb:abb
::^e_jhlghkbekyk ih^haj_gb_fd khh[s_gbyfiZpb_glh\h \hkihfbgZgbyok\yaZgguok
fhf_glhfbojh`^_gbykqblZyh^gZdhqlh^Z`_nZglZabbgZwlbl_fubf_xlikboheh]bq_kdh_
agZq_gb_ : :^e_j kqblZe qlh \hkihfbgZgby gZ wlm l_fm ij_^klZ\eyxl bklhjbx `bagb
q_eh\_dZ Ih\lhjyxs__ky fgh]hdjZlgh \hkihfbgZgb_ ij_^mij_`^Z_l h q_flh kha^Z\Zy
ikboheh]bq_kdbc dhfnhjl ihfh]Zy ijZ\bevgh hlg_klbkv d kh[ulbyf gZklhys_]h b hp_gblv
[m^ms__
G /$QVEDFKHU5 5 $QVEDFKHU kqblZxlqlhwlb\hkihfbgZgby ijb\h^yl d lhfm
qlh q_eh\_d \klj_qZ_l [m^ms__ k m`_ knhjfbjh\Zgguf Zijh[bjh\Zgguf klbe_f ^_ckl\bc
<hkihfbgZgby lZdbf h[jZahf y\eyxlky dexqhf d klbex `bagb q_eh\_dZ GZijbf_j
\hkihfbgZgby h g_kqZklghf kemqZ_ km]]_klbjmxl klbev `bagb hkgh\u\Zxsbcky gZ
ihklhygghf ba[_]Zgbb hiZkghklb nbdkbjmy ih\_^_gb_ ba[_]Zgby <hkihfbgZgby h fZl_jb
fh]ml km]]_klbjh\Zlv aZ[hlm beb __ hlkmlkl\b_ LZd gZijbf_j iZpb_glu kljZ^Zxsb_
nZdpbkbhagufbjZkkljhckl\Zfb\kihfbgZxldhfnhjlk\yaZgguck [he_agvx\ ^_lkl\_
Fgh]b_ ikboh^bgZfbq_kdb hjb_glbjh\Zggu_ ki_pbZebklu gZ hkgh\Zgbb kh[kl\_ggh]h
hiulZ ijboh^yl d aZdexq_gbx h gZebqbb m iZpb_glh\ `_eZgby jZkkdZau\Zlv h k\hbo
\hkihfbgZgbyoBgl_j\vxbjm_fu_^Z`_g_^h]Z^u\Zxlkyh kl_i_gbk\h_]hjZkdjulby\ k\yab
k l_fqlhbfbg_bkihevam_lkyijbwlhfijbkmsZybfikboheh]bq_kdZyaZsblZ
$ 5 %UXKQ ij_^eh`b\rbc f_lh^bgl_jij_lZpbb jZggbo \hkihfbgZgbc hlf_qZe
qlh \ wlhf f_lh^_ ijbkmlkl\m_l ]eZ\gZy kljmdlmjZ iZfylb qlh iha\hey_l \u^_eblv agZq_gb_
h[sbonhjf\hkihfbgZgbc^eyl_dms_c`bagbGZijbf_j\hkihfbgZgbyZ\lhjZh lhfdZdhg
m[_`Ze ba kihjlb\gh]h aZeZ ihke_ iZ^_gby kh kgZjy^Z hdZaZebkv khijy`_ggufb k _]h
ih\_^_gb_fba[_]Zgbyijb\klj_q_k ljm^ghklyfb\ ^hklb`_gbbp_eb
IkbobZljbq_kdb_ iZpb_glu kh\_jrZ\rb_ ij_klmie_gby khh[sZeb h jZggbo
\hkihfbgZgbyodZkZxsbokygZkbebyqlhhlebqZ_lkyhl\hkihfbgZgbciZpb_glh\kljZ^Zxsbo
^jm]bfbgZjmr_gbyfbGZijbf_jijZ\hgZjmr_gbykh\_jr_ggu_ex^vfb]jmiijbkdZlh_klv
ex^vfb \kihfbgZxsbfb h jZggbo ikboheh]bq_kdbo gZkbebyo j_]bkljbjh\Zebkv \ jZa
qZs_ q_f \ ^jm]bo ]jmiiZo LZdbf h[jZahf jZggb_ \hkihfbgZgby y\eyxlky \Z`gufb
ebqghklgufboZjZdl_jbklbdZfb
< gZklhys__ \j_fy ^ey ikboh^bZ]ghklbdb bkihevam_lky l_kl D $OWDLDQ : 5XOH ihemqb\rbc gZa\Zgb_ Hijhkgbd jZggbo \hkihfbgZgbc ' (OOLRWW k khZ\lhjZfb ih^q_jdb\Ze k\yav jZggbo \hkihfbgZgbc k ijhn_kkbhgZevguf bgl_j_khf b \u[hjhf 6
'DYLGRY k khZ\lhjZfb b : 5 %UXKQ hlf_qZeb k\yav jZggbo \hkihfbgZgbc k
^_ebgd\_glgufih\_^_gb_f
' $PRZ 5 +DUULVRQ mklZgh\beb qlh iZpb_glZf k ih]jZgbqgufb khklhygbyfb
k\hckl\_ggu hljbpZl_evgu_ jZggb_ \hkihfbgZgby Z iZpb_glu k ^jm]bfb gZjmr_gbyfb
gZijbf_jk ]bkljbhgbq_kdbfbkhh[sZxlh [he__kqZkleb\uo\hkihfbgZgbyo
Klbev`bagb
< bg^b\b^mZevghc ikboheh]bb [hevrh_ agZq_gb_ ijb^Z_lky ih\_^_gbx jh^bl_e_c
dhlhju_fh]mlihfhqvbebaZ^_j`ZlvjZa\blb_a^hjh\h]hklbey`bagbJh^bl_eb[_kihfhsgh]h
j_[_gdZ bkiulu\Zxs_]h qm\kl\_gguc fbgmk fh]ml ij_^mij_^blv jZa\blb_ m g_]h
g_ikbohlbq_kdbo gZjmr_gbc aZsbsZy j_[_gdZ hl \uiheg_gby kebrdhf ljm^guo aZ^Zq
ihdZau\Zy _fm ijb wlhf qlh hg fh`_l \uihegblv kgZqZeZ f_g__ ljm^gu_ Z ihlhf b [he__
ljm^gu_aZ^ZqbJh^bl_ebkh\_jrZxlhrb[dmklZjZykv\ua\Zlvm ^_l_cqm\kl\hij_\hkoh^kl\Z
ihhlghr_gbxd ^jm]bf\hkiblu\Zybok hjb_glbjh\dhcgZeb^_jkl\hij_^ty\eyyg_ihf_jgu_
lj_[h\ZgbyhlghkykvfZ]bq_kdbd bo ihjZ`_gbyf b g_m^ZqZf <Z`guf \ \hkiblZgbb j_[_gdZ
y\ey_lky \hkiblZgb_ m g_]h khpbZevgh]h bgl_j_kZ b dhhi_jZlb\gh]h khpbZ[_evgh]h ih^oh^Z
hlebqZxs_]h a^hjh\uc klbev hl g_a^hjh\h]h GZ nhjfbjh\Zgb_ wlbo ijhp_kkh\ hdZau\Z_l
hkh[h_ \ebygb_ fZlv ijh\h^ysZy [hevr__ dhebq_kl\h \j_f_gb jy^hf k j_[_gdhf GZ wlh
mdZau\Zxl ) 5RWKEDXP , 5 :HLV] Wlb `_ Z\lhju k\yau\Zxl Z]j_kkb\gh_ ih\_^_gb_
^_l_c k g_ijZ\bevguf \hkiblZgb_f ih^q_jdb\Zy agZq_gb_ \g_^j_gby \ `bagv ijh]jZff
ki_pbZevgh]h lj_gbg]Z jh^bl_e_c ' 'LQNPH\HU FkDZm jZajZ[hlZeb lj_gbg]
wnn_dlb\gh]hjh^bl_evkl\Zhkgh\gZyp_evdhlhjh]h ² gZmqblvjh^bl_e_cihgbfZlvijbqbgu
gZjmr_gbyih\_^_gbym ^_l_ck p_evxwnn_dlb\gh]h\ebygbygZgbo
5'UHLNXUV K 6ROW] b^_glbnbpbjh\Zebq_luj_p_eb^_lkdh]hih\_^_gby
ijb\e_q_gb_\gbfZgbyd k_[_
[hjv[ZaZ\eZklv
klj_fe_gb_hlhfklblvhlu]jZlvky
ijhy\e_gb_ g_Z^_d\Zlghklb b wdkiemZlZpby k\h_]h g_^hklZldZ ihiuldZ h[u]jZlv \
iheh`bl_evghfieZg_k\hxg_kihkh[ghklv\uihegblvhij_^_e_ggh_^_ckl\b_
KhpbZevgucbgl_j_k
Q_f [he__ \ujZ`_g khpbZevguc bgl_j_k l_f \ [hevr_c kl_i_gb mkbeby q_eh\_dZ
gZijZ\e_gu gZ j_r_gb_ khpbZevguo aZ^Zq \uiheg_gb_ ihe_aguo ^_e < wlhf aZdexqZ_lky
hlebqb_ khpbZevgh]h bgl_j_kZ hl w]hp_gljbqguo p_e_c Q_f [he__ \ujZ`_g khpbZevguc
bgl_j_k l_f q_eh\_d [he__ ikboheh]bq_kdb a^hjh\ ?keb q_eh\_d \ k\hbo ^_ckl\byo
jmdh\h^kl\m_lky lhevdh w]hp_gljbq_kdbf ih^oh^hf hg hdZau\Z_lky g_kqZklguf dZd [u hg
k_[ygb m[_`^Ze\ h[jZlghf
Dhgp_ipby khpbZevgh]h bgl_j_kZ ihfh]Z_l dhjj_dlbjh\Zlv k\_joZdp_glmZpbx
bg^b\b^mZebafZ \ aZiZ^guo dmevlmjZo KhpbZevguc bgl_j_k ² wlh g_ ijhklh klj_fe_gb_ d
dZdhclh hkh[hc wfhpbb wlh \gmlj_ggbc ihl_gpbZe q_eh\_dZ gZijZ\e_gguc gZ j_ZebaZpbx
\hafh`ghklb `blv \f_kl_ k ^jm]bfb ex^vfb Hg ihfh]Z_l ebqghklb hp_gb\Zlv h[s__ ^_eh
\ur_kh[kl\_ggh]h[eZ]hihemqbyOhlykhpbZevgucbgl_j_k ² wlh\jh`^_ggucihl_gpbZe_]h
gm`gh\hkiblu\Zlv< ^_lkdhf \hajZkl_ bf_ggh fZlv kem`bl i_j\uf fhklbdhf d khpbZevghc
`bagb ihkdhevdm j_[_ghd _c ^h\_jy_l b ex[bl __ Mkbe_gb_ dhhi_jZlb\ghc bgl_jZdpbb k
^jm]bfb^he`gh[ulvwe_f_glhf\hkiblZgby_kl_kl\_gghg_^h\h^bfuf^hZ[kmj^Z
KhpbZevgucbgl_j_kfh`ghkjZ\gblvk khpbZevghcwfiZlb_chij_^_ey_fhcdZdaZ[hlZ h
i_j_`b\Zgbyo ^jm]h]h q_eh\_dZ ihfh]ZxsZy q_eh\_dm mqZkl\h\Zlv wfhpbhgZevgh dZd \
jZ^hklyo lZd b \ kljZ^Zgbyo ^jm]bo G_h[oh^bfh h[mqblv q_eh\_dZ gZ dh]gblb\ghf mjh\g_
\`b\Zlvky\ `bagv^jm]h]hq_eh\_dZhp_gb\Zlv__ i_jki_dlb\ub ihgbfZlvdZddlhlh^jm]hc
i_j_`b\Z_l^ZggmxkblmZpbx
< wlhf ieZg_ bgl_j_kgh qlh kh]eZkgh K =DKQ:D[OHU F 5DGNH<DUURZ wfiZlby
h[gZjm`b\Z_lkym ^_l_cm`_\ ^\moe_lg_f\hajZkl_
Kh\j_f_ggu_bkke_^h\Zgbyih^l\_j`^Zxlfg_gb_::^e_jZh g_h[oh^bfhklbih^ibldb
khpbZevgh]h bgl_j_kZ dhlhjuc fh`_l [ulv ih^Z\e_g \ aZjh^ur_ ijb g_[eZ]hijbylguo
kblmZpbyo m jh^bl_e_c dhlhju_ fh]ml hkms_kl\eylv gZkbeb_ gZ^ j_[_gdhf \ khpbZevghf
ieZg_ fh]ml [ulv Z]j_kkb\gufb ^_ij_kkb\gufb fh]ml hlkmlkl\h\Zlv gZjmrZy l_f kZfuf
fhjZevgh_jZa\blb_j_[_gdZ
Klhjhggbdbwlh]hgZijZ\e_gby kqblZxl qlh fgh]b_g_ikbohlbq_kdb_ gZjmr_gby bf_xl
k\hb dhjgb \ g_Z^_d\Zlghf khpbZevghf bgl_j_k_ K lhqdb aj_gby ikbobZljbb hlkmlkl\b_
khpbZevgh]hbgl_j_kZh[gZjm`b\Z_lkym [hevguorbahnj_gb_cijhy\eyxsbobgmxwfiZlbx
m ex^_ckh\_jrb\rboij_klmie_gbyb ihdmrZ\rbokygZkZfhm[bckl\Z
5%DXPHLVWHU hlf_qZeqlhkZfhm[bckl\h\dexqZ_l\ k_[yihl_jxhl\_lkl\_gghklbb
kljZoZ aZdexqZxs_]hky \ lhf qlh ^jm]b_ hlg_kmlky d wlhfm hljbpZl_evgh Q_eh\_dm
g_kihkh[ghfm ihgylv \ dZdhc f_j_ _]h jh^bl_eb beb [ebadb_ [m^ml kljZ^Zlv ih ih\h^m
kh\_jr_ggh]hbfihklmidZe_]q_kh\_jrblvkZfhm[bckl\h
K -RXEHUW h[gZjm`be qlh m `_gsbg khpbZevguc bgl_j_k \ujZ`_g \ [hevr_c
kl_i_gbq_fm fm`qbgHlkmlkl\b_bgl_j_kZ\_^_l[hevrb_]jmiiuex^_cihgZijZ\e_gbxd
ijhiZklb kZfhmgbqlh`_gby < h[s_kl\_ ih^Z\eyxs_f khpbZevguc bgl_j_k nbabq_kdbfb
gZdZaZgbyfb gZkbeb_f g_kihkh[ghklvx h[_ki_qblv ^hklZlhqgh rbjhdbf kehyf gZk_e_gby
klZ[bevgh_b ^hklhcgh_kms_kl\h\Zgb_\hagbdZ_lhiZkghklvkZfhmgbqlh`_gby
A^hjh\u_ khpbZevgu_ mqj_`^_gby \dexqZy j_eb]bhagu_ bkih\_^my ijbgpbi ex[\b d
[eb`g_fmfh]mlmkbeb\ZlvkhpbZevgucbgl_j_k
Kms_kl\m_l rdZeZ khpbZevgh]h bgl_j_kZ : ? &UDQGDOO b bg^_dk khpbZevgh]h
bgl_j_kZ jZajZ[hlZgguc D *ULHYHU + 6 7VHQJ Kh]eZkgh wlhfm bg^_dkm l_ ba
hijhr_gguo dlh ihemqZ_l [hevrh_ dhebq_kl\h hqdh\ ih khpbZevghfm bgl_j_km ihemqZxl
fZeh hqdh\ ih gZjpbkkbafm m wlbo ex^_c fZeh jZa\blh hlqm`^_gb_ hgb bf_xl gbadb_
ihdZaZl_ebihrdZeZf 003, hljZ`Zxsbf^_aZ^ZilZpbxF <0LOOHU k khZ\l K ? :DWNLQV 0 +HFWRU hlf_lbeb dhjj_eypbx khpbZevgh]h bgl_j_kZ k khpbZevgh
ihe_aguf ih\_^_gb_f <gbfZgb_ Z\lhjh\ h[jZsZ_lky gZ khq_lZgb_ \ukhdh]h khpbZevgh]h
bgl_j_kZ k \ukhdbf mjh\g_f m^h\e_l\hj_gghklb `bagvx b jZ[hlhc ' (OOLRWW hlf_qZe
k\hckl\_ggmx lZdbf ex^yf [he__ \ukhdmx ijh^he`bl_evghklv `bagb b f_gvrmx
aZ[he_\Z_fhklv
@bag_ggu_aZ^Zqb
: :^e_j \u^_eye ljb hkgh\gu_ `bag_ggu_ aZ^Zqb p_eb klhysb_ i_j_^ q_eh\_dhf D
i_j\hc ba gbo hlghkblky aZjZ[Zlu\Zgb_ ^_g_] b ihemq_gb_ m^h\hevkl\by hl \uiheg_gby
khpbZevgh ihe_aghc jZ[hlu LZdZy aZgylhklv kihkh[kl\mxsZy [eZ]hihemqbx b ihe_aghklv
\hkiblu\Z_lky \ ghjfZevguo mkeh\byo ^_lkl\Z b hljZ`Z_lky \ \ukdZau\Z_fuo ^_lvfb
`_eZgbyoh lhfd_fhgbohlyl[ulvI_j_`b\Zgbyj_[_gdZbaf_gyxlkyihf_j_klhedgh\_gbyk
j_Zevghklvx
DjbfbgZevgucklbev`bagbfh`_lbkdexqZlvbakibkdZp_e_cklhysboi_j_^q_eh\_dhf
lZdmxaZ^ZqmdZdjZ[hlZG_^hklZlhqghklvi_j\hcp_ebfh`ghaZf_lblvm j_[_gdZhq_gvjZgh
Ihwlhfm ZglbkhpbZevgh_ ebqghklgh_ jZkkljhckl\h ^Z`_ \ kh\j_f_gghc deZkkbnbdZpbb
^bZ]ghklbjm_lky jZgvr_ ^jm]bo gZ ]h^Z Z ijbagZdb _fm khimlkl\mxsb_ mklZgZ\eb\Zxlky
_s_jZgvr_
<lhjZy`bag_ggZyaZ^ZqZ ² ex[h\v hlghkysZykyd k_dkmZevgufhlghr_gbyf d [jZdm b
j_r_gbxbf_lv^_l_c::^e_jg_hq_gvnbdkbjh\ZekygZwlhcaZ^Zq_[m^mqbhjlh^hdkZevguf
b deZkkbq_kdb ijZ\bevguf q_eh\_dhf j_dhf_g^mxsbf gZijbf_j fhgh]Zfbx dZd emqr__
j_r_gb_ex[h\ghcaZ^Zqb\uklmiZyijhlb\^h[jZqgh]hk_dkZb ij
Lj_lvy`bag_ggZyaZ^ZqZ ² khpbZevgu_bgl_jZdpbbhlghkysb_kyd ijh[e_f_hlghr_gbc
q_eh\_dZk ^jm]bfbWlZaZ^ZqZg_gZreZhljZ`_gbym ^jm]boZ\lhjh\LZdgZijbf_jNj_c^
hibku\Zya^hjh\h]hq_eh\_dZiheZ]Zeqlh_fm^hklZlhqghex[\bb jZ[hlu::^e_jbkoh^be
ba lh]h qlh q_eh\_d \uihegy_l ijhba\h^kl\_ggmx aZ^Zqm emqr_ _keb hg ijhy\ey_l \ukhdbc
khpbZevguc bgl_j_k KhpbZevguc bgl_j_k ij_^hojZgy_l q_eh\_dZ hl kZfhp_gljbjh\Zggh]h
gZjpbkkbq_kdh]hih^oh^Z
Ljb i_j_qbke_ggu_ aZ^Zqb \aZbfhk\yaZgu gb h^gZ ba gbo g_ fh`_l [ulv Z^_d\Zlgh
j_r_gZ _keb m q_eh\_dZ g_l ^hklZlhqgh]h khpbZevgh]h bgl_j_kZ K lhqdb aj_gby F %DOLQW
kms_kl\m_lb q_l\_jlZyg_jZkkfZljb\Z_fZy::^e_jhfaZ^ZqZlZdZydZdl\hjq_kl\h
<gbfZgb_ jh^bl_e_c ^he`gh [ulv h[jZs_gh gZ \hkiblZgb_ m j_[_gdZ g_h[oh^bfh]h
mjh\gy^h\_jbyd j_r_gbxwlboaZ^ZqHilbfbklbq_kdbgZkljh_ggucj_[_ghd\_jblqlhaZ^Zqb
^hklb`bfuI_kkbfbklhlghkblkyk g_^h\_jb_fd \hafh`ghklbk\h_]hmki_oZ
< p_gljZojZ[hlZxsbok bkihevah\Zgb_fdhgp_ipbc::^e_jZjh^bl_eyfij_^eZ]Zxlky
ke_^mxsb_kh\_luih\hkiblZgbxa^hjh\h]hj_[_gdZ
\hh^mr_\eycj_[_gdZZ g_klZjZckygZdZaZlv_]h
[m^vl\_j^ufghg_^hfbgbjmxsbf
ijhy\eycm\Z`_gb_d j_[_gdm
kh[ex^Zcihjy^hdg_^_eZcba`bagboZhkZ
klbfmebjmcdhhi_jZpbx
g_m^_eycj_[_gdmkebrdhffgh]h\gbfZgby
g_\klmiZc\ khj_\gh\Zgb_k j_[_gdhfihdZau\Zyk\hxkbem
ijhy\eyck_[y^_ckl\byfbZ g_keh\Zfb
g_ijhy\eyckebrdhfy\gh[hevrmxex[h\v
[m^vihke_^h\Zl_evguf
Ikbobq_kdb g_a^hjh\uc j_[_ghd bf__l ke_^mxsb_ oZjZdl_jbklbdb hg fh`_l [ulv
g_khpbZevgufhgfmqZ_l`b\hlguoijhy\ey_lkZ^bafihhlghr_gbxd [he__keZ[ufmoh^bl\
klhjhgm \ kemqZ_ \hagbdgh\_gby dZdh]heb[h dhgnebdlZ g_ b]jZ_l k ^jm]bfb ^_lvfb eb[h
ihjlblbob]jm
GZebqb_ b kl_i_gv \ujZ`_gghklb khpbZevgh]h bgl_j_kZ m j_[_gdZ ^he`gu \uy\eylvky \
rdhe_ Kms_kl\mxsb_ aZ jm[_`hf rdheu ih ij_^mij_`^_gbx Z^^blb\gh]h ih\_^_gby ^_l_c
KR:b dem[u^eyih^jhkldh\kljhylkygZih\ur_gbbkhpbZevgh]hbgl_j_kZ
:G:EBLBQ?KD:YIKBOHEH=BYXG=:
KljmdlmjbaZpbyikbobdbD=Xg]hf \u^_ey_lgZjy^mk khagZgb_f^\Z
\b^Zih^khagZgbybg^b\b^mZevgh_b dhee_dlb\gh_dhee_dlb\gh_[_kkhagZl_evgh_D=Xg]
hi_jbjm_l lZdbfb ihgylbyfb dZd i_jkhgZ l_gv ZgbfZ Zgbfmk Zjo_lbiu
dhee_dlb\gh]h[_kkhagZl_evgh]h
I_jkhgZ
I_jkhgZij_^klZ\ey_lkh[hcjhe_\h_ih\_^_gb_dhlhjh_k\hckl\_gghijhy\eylvq_eh\_dm
\ jZaebqguokhpbZevguomkeh\byoK\h_gZqZehwlhll_jfbg[_j_l\ >j_\g_c=j_pbb]^_lZd
gZau\ZeZkv fZkdZ dhlhjmx gZ^_\Zeb Zdl_ju ijb bkiheg_gbb jZaebqguo jhe_c I_jkhgZ
g_ihkj_^kl\_gghk\yaZgZk khagZgb_fh^gZdhhgZg_k_l\ k_[_lZd`_we_f_gludhee_dlb\gh]h
hiulZjhe_\h]hih\_^_gbyk\hckl\_ggh]hij_^r_kl\mxsbfihdhe_gbyfKhpbZevgh_jhe_\h_
ih\_^_gb_ q_eh\_dZ h[uqgh hljZ`Z_lky \ _]h i_jkhg_ Fgh]b_ bg^b\b^mZevgu_
oZjZdl_jbklbdb g_ ijhy\eyxlky < k\yab k wlbf \k_]^Z \hagbdZ_l hiZkghklv g_ijZ\bevguo
hp_ghd dh]^Z i_jkhgm ijbgbfZxl aZ bklbggmx ebqghklv qlh fh`_l ijb\h^blv d k_jv_aguf
g_^hjZamf_gbyf ijb [he__ bglbfguo dhglZdlZo Q_eh\_d fh`_l gZklhevdh k`blvky kh k\h_c
i_jkhghc qlh i_j_klZ_l `blv kh[kl\_gghc `bagvx i_j_klZ_l \ujZ`Zlv k_[y klZgh\blky
q_eh\_dhf[_ak\hckl\
L_gv
Ijb hij_^_e_gbb wlh]h ihgylby m jy^Z Z\lhjh\ \klj_qZxlky jZaghql_gby dZkZxsb_ky
ehdZebaZpbb l_gb NhjfZevgh l_gv ehdZebam_lky gZ mjh\g_ bg^b\b^mZevgh]h ih^khagZgby
L_gv ² wlhlhqlhq_eh\_dg_ohq_lagZlvh k_[_wlh_]hkdjulZyih^Z\e_ggZyklhjhgZ<f_kl_
k l_fl_gvk\yaZgZk ]em[bggufdhee_dlb\guf[_kkhagZl_evgufHgZbkiulu\Z_lgZk_[__]h
kbevgh_ \ebygb_ b ihwlhfm ijb k\hbo ijhy\e_gbyo fh`_l \uoh^blv aZ ij_^_eu h[tykgbfu_
bg^b\b^mZevgufhiulhf>Ze_dhg_\k_\ l_gbfh`_l[ulvihgylhgZjZpbhgZevgheh]bq_kdhf
mjh\g_ IhiuldZ h[tykg_gby q_eh\_dhf g_dhlhjuo ^_ckl\bc \ jy^_ kemqZ_\ ghkbl ih kmlb
^_eZebrvnhjfZevghm[_^bl_evgucoZjZdl_j
L_gvy\ey_lkyijhlb\hiheh`ghklvxi_jkhguhljZ`Zxs_cjhevdhlhjmxq_eh\_db]jZ_l\
h[s_kl\_L_gv ² wlhkljZ`klhysbcm \jZlih^khagZgby
:gbfZb Zgbfmk
:gbfZ ij_^klZ\ey_l kh[hc k\yaZgguc k dhee_dlb\guf [_kkhagZl_evguf kbgl_lbq_kdbc
knhjfbjh\Zgguc\ hiul_ihdhe_gbch[jZa`_gsbgu\ ikbobd_fm`qbguWlhlh[jZah[eZ^Z_l
g_h[uqghckbehc\ha^_ckl\byijb_]hZdlb\baZpbbqlhijhbkoh^bldh]^ZZgbfZijh_pbjm_lky
gZ dZdmxlh dhgdj_lgmx `_gsbgm :gbfZ jZkkfZljb\Z_lky dZd gZebqb_ `_gkdh]h gZqZeZ \
ikbobd_fm`qbguHgZfh`_l\ebylvgZgZkljh_gb_ijb\h^blvd _]hkgb`_gbx]jmklb:gbfZ
ijhy\ey_lky \ `_gkl\_gguo q_jlZo oZjZdl_jZ k\hckl\_gguo gZijbf_j ^Z`_ gZb[he__
fm`_kl\_gguffm`qbgZfH[jZaZgbfZwexab\_gHgg_ih^^Z_lkydhgdj_lghfmhij_^_e_gbx
< g_f \k_]^Z ijbkmlkl\m_l lZbgkl\_gghklv fZ]by hkh[Zy ijbly]Zl_evgZy kbeZ :gbfZ bf__l
dZd iheh`bl_evgmx lZd b hljbpZl_evgmx klhjhgu ijbh[j_lZy q_jlu dZd gZijbf_j ^h[jhc
n_blZdb aehcdhe^mgvb
:gbfmk ² h[jZa fm`qbgu \ ikbobd_ `_gsbgu <ebygb_ ZgbfmkZ ijb\h^bl d jZa\blbx
fm`_kl\_gguo q_jl oZjZdl_jZ b ih\_^_gby m `_gsbgu qlh fh`_l bf_lv iheh`bl_evgh_
agZq_gb_ \h fgh]bo `bag_gguo kblmZpbyo Bfb^` ZgbfmkZ \ ikbobd_ `_gsbgu kh]eZkgh
Xg]m ij_^klZ\e_g qZklh \h fgh`_kl\_gghf qbke_ ijhy\eyykv \ \b^_ ihgylby hgb kh\_l
klZj_crbg dhee_dlb\ b ^j <ebygb_ lZdh]h dhee_dlb\gh]h ZgbfmkZ fh`_l ijb\h^blv d
ij_dehg_gbxi_j_^Z\lhjbl_lZfbex^vfbdhlhju_\k_agZxl\eZklvx
Bg^b\b^mZevgu_jZaebqby
<u^_ey_fu_ D = Xg]hf ikboheh]bq_kdb_ lbiu wdkljZ\_jlh\ b bgljh\_jlh\ b \_^msb_
ikboheh]bq_kdb_ nmgdpbb fure_gb_ qm\kl\Z k_gkhjgZy nmgdpby bglmbpby ² wlh lhqdb
hlkq_lZ \hdjm] dhlhjuo gZoh^ylky i_j_oh^gu_ ahgu < k\yab k wlbf p_e_khh[jZagh hlf_lblv
ke_^mxs__
qbkluoikboheh]bq_kdbolbih\ijZdlbq_kdbg_[u\Z_llZddZdkms_kl\mxli_j_oh^gu_
ahgu
\_^msZyikboheh]bq_kdZynmgdpbyih^Z\ey_lijhlb\hiheh`gmxnmgdpbx\ul_kgyy__
\ bg^b\b^mZevgh_ih^khagZgb_
GZijbf_j m q_eh\_dZ fukebl_evgh]h lbiZ wfhpbb ih^Z\e_gu M q_eh\_dZ bglmblb\gh]h
lbiZ ih^Z\e_gZ k_gkhjbdZ b gZh[hjhl Wlh iheh`_gb_ D = Xg]Z y\ey_lky qj_a\uqZcgh
\Z`guf lZd dZd _keb q_eh\_d fZdkbfZevgh bkihevam_l \ `bagb h^gm ba nmgdpbc Z ^jm]Zy
ih^Z\e_gZ ke_^m_l h[jZlblv gZ g__ ijbklZevgh_ \gbfZgb_ G_ijbylghklb \ dhglZdl_ k wlbf
q_eh\_dhfijhbahc^mlih\bg_wlhcih^Z\e_gghcnmgdpbbb[hlhqlhih^Z\e_ghg_bkq_aZ_l
Z f_^e_gghjZa\b\Z_lkydZdjZkl_gb_jZklms__\ l_gbIh^Z\e_ggZynmgdpbyoZjZdl_jbam_lky
g_hlrebnh\Zgghklvxb ]jm[hklvxihwlhfmijhju\__ \khagZgb_[m^_l\k_]^Z^_kljmdlb\guf
GZijbf_j
`bagv
q_eh\_dZ
wdkljZ\_jlbjh\Zggh]h
fukebl_evgh]h
lbiZ
oZjZdl_jbamxs_]hkyjZpbhgZevghklvxb gZebqb_fieZgh\gZ\k_kemqZb`bagbjmrblkyba
aZijhbkr_^r_]hk gbfwfhpbhgZevgh]hm\e_q_gbyWfhpbb\ur_^rb_baih^khagZgby\e_dml
aZ kh[hc g_ lhevdh fZl_jbZe bg^b\b^mZevgh]h ih^khagZgby gh b wg_j]bx dhee_dlb\gh]h
ih^khagZgbyhdZau\Zyqj_af_jghjZajmrbl_evgh_\ha^_ckl\b_
q_eh\_d fh`_l bkihevah\Zlv dZd \_^msmx g_ lhevdh h^gm Z ^\_ b ^Z`_ ljb nmgdpbb
LZdhcq_eh\_doZjZdl_jbam_lky[hevr_cbgl_]jZevghklvxb ijbkihkh[ey_fhklvx
bg^b\b^mZevgu_jZaebqbyaZdeZ^u\Zxlky\ jZgg_f\hajZkl_H^bgbakb[ebg]h\fh`_l
jh^blvky wdkljZ\_jlhf Z ^jm]hc bgljZ\_jlhf KlZ[bevghklv wlbo jZaebqbc khojZgy_lky \h
fgh]hf \ l_q_gb_ \k_c `bagb Baf_g_gby \ q_eh\_d_ ijhbkoh^yl lhevdh p_ghc ihklhygghc
aZljZlu_]hkbeb wg_j]bbk q_fk\yaZghojhgbq_kdh_ikbohwfhpbhgZevgh_gZijy`_gb_
Kh]eZkgh D = Xg]m ih^khagZgb_ b]jZ_l kms_kl\_ggmx jhev \ a^hjh\hc aj_ehklb
q_eh\_dZ Ikbobq_kdh_ a^hjh\v_ lj_[m_l [ZeZgkZ f_`^m khagZgb_f b ih^khagZgb_f G_evay
b]ghjbjh\ZlvkhagZgb_lZd`_dZdg_evaymoh^blv^Ze_dhb gZ^he]h\ ih^khagZgb_
Dh]gblb\gu_ijhp_kku
Q_eh\_d bkihevamy jZpbhgZevgh_ fure_gb_ bglmbpbx b nbdkbjmykv gZ dhgdj_lguo
^_lZeyoijhbkoh^ys_]hfh`_lihemqZlvihe_agmx^eyg_]hbgnhjfZpbxkihkh[kl\mxsmx_]h
jZa\blbx Ke_^m_l ihgbfZlv qlh ih^khagZl_evgu_ h[jZau g_ lhevdh \ebyxl gZ \hkijbylb_
j_Zevghklb q_eh\_dhf gh b klbfmebjmxl l\hjq_kdb_ ih^oh^u H[s_kl\h bkihevam_l
jZaebqgu_dmevlmjgu_fbnub jblmZeuihfh]Zxsb_gZclbimlbh[s_gbyk ih^khagZgb_f<
wlhfkfuke_kms_kl\mxsb_\ jZaguodmevlmjZojZaebqby^he`gumqblu\Zlvkyb khojZgylvky
;bheh]bq_kdZy iZjZ^b]fZ \ dhgp_ipbb D = Xg]Z k\h^blky d lhfm qlh gZke_^m_lky
kihkh[ghklv q_eh\_dZ j_Z]bjh\Zlv hij_^_e_gguf h[jZahf kha^Z\Zy ki_pbZevgu_
dhgkljmdpbb gZ hkgh\_ Zjo_lbih\ fZljbp dhee_dlb\gh]h [_kkhagZl_evgh]h Wlbf
h[tykgy_lky kihkh[ghklv q_eh\_dZ \ukljZb\Zlv hij_^_e_ggh_ kh^_j`Zgb_ b jZkkdZau\Zlv
hij_^_e_ggu_bklhjbbh k_[_b hfbj_
>_lkdh_jZa\blb_
< hlebqb_hl ikbohZgZebaZ jZggb_ i_j_`b\Zgby ^_lkl\Z ihqlb mimkdZxlky D = Xg]hf
dZdg_ij_^klZ\eyxsb_^eyg_]h ki_pbZevgh]hbgl_j_kZ ?]h \gbfZgb_ g_ nbdkbjm_lkygb gZ
klZ^byojZa\blbygb gZhkh[_gghklyoi_j_`b\Zgbyj_[_gdZD=Xg]m^_ey_l\gbfZgb_ebrv
lhfmqlh\ ^_lkl\_\ebygb_dhee_dlb\gh]hih^khagZgbyfh`_lijhy\eylvky[he__hlq_leb\h
JZa\blb_\ajhkeh]hq_eh\_dZjZkkfZljb\Z_lkyk lhqdbaj_gbybg^b\b^mZpbb\dexqZxs_c
\ k_[y \lhjh_ jh`^_gb_ beb \hajh`^_gb_ bf_xs__ f_klh \ k_j_^bg_ `bag_ggh]h pbdeZ b
\dexqZxs__\ k_[ybkihevah\Zgb_l\hjq_kdh]hihl_gpbZeZih^khagZgby
< hlebqb_ hl ikbohZgZebaZ D = Xg]hf g_ bkihevam_lky keh\h ebqghklv djhf_ _]h
mihfbgZgby h ebqghklguo lbiZo Hg jZkkfZljb\Z_l ebqghklv dZd g_qlh p_ehklgh_ ]h\hjy
kdhj__ h ikbobd_ :gZeba bkke_^h\Zgbc h dhebq_kl\_ mihlj_[ey_fuo D = Xg]hf keh\
ihdZau\Z_l qZklhlm bkihevah\Zgby l_jfbgZ ikbobdZ Bkke_^h\Zl_eb h[jZsZxl \gbfZgb_ gZ
lh qlh qZklh_ bkihevah\Zgb_ wlh]h l_jfbgZ k\yaZgh kh klj_fe_gb_f D = Xg]Z ba[_`Zlv
jZa^_e_gby ebqghklb gZ g_k\yaZggu_ ikbobq_kdb_ nmgdpbb Wlbf \ua\Zgh `_eZgb_ Xg]Z
]h\hjblvh ikbobd_k [hevrhc[md\ubgl_]jbjmxs_cjZaebqgu_Zki_dluebqghklblZdb_dZd
ih^khagZgb_ wdkljZ\_jkby bgljh\_jkby b ij dhlhju_ hg khhlghkbl k lhlZevghc
bgl_]jbjh\Zgghc ebqghklvx WlZ bgl_]jbjh\ZggZy ebqghklv \dexqZ_l \ k_[y k_en
h[t_^bgyxsbc\k_ebqghklgu_dZq_kl\Zb \_kvebqghklgucihl_gpbZeIjbwlhfkh\_jr_ggh
g_bf__lagZq_gbyhkhagZ_lkyebwlhq_eh\_dhfbebg_llZddZdhkhagZgb_fh`_lijhbkoh^blv
\ ihke_^mxs_f\ [he__aj_ehf\hajZkl_
D = Xg] h[jZsZ_l \gbfZgb_ gZ lh qlh gZ dZdhflh wlZi_ `bagb q_eh\_d Zdp_glbjm_l
\gbfZgb_ gZ agZq_gbb khagZgby qlh ijhy\ey_lky gZijbf_j \ klj_fe_gbb d ihemq_gbx
dhgdj_lguo agZgbc beb jZa\blbx k\h_c b^_glbqghklb \ jZfdZo dZjv_ju < lh `_ \j_fy \
^jm]hc \j_f_gghc i_jbh^ q_eh\_d nhdmkbjm_lky gZ \gmlj_gg_f jZa\blbb lZdbf h[jZahf
Zdp_glufh]mlkf_sZlvky
< hlebqb_hl Nj_c^ZD=Xg]g_kqblZeqlh^eyq_eh\_dZ\hafh`ghbeb`_eZl_evgh
`blv lhevdh ih aZdhgZf khagZgby Hg kjZ\gb\Ze ihiuldm q_eh\_dZ `blv hjb_glbjmykv
bkdexqbl_evgh gZ khagZgb_ k ihkljhcdhc ^Zf[u q_j_a hd_Zg bf_y \ \b^m ih^ hd_Zghf
ih^khagZgb_ Ijbf_jhf ih^l\_j`^Zxsbf wlh iheh`_gb_ kem`bl khklhygb_
]bi_jklbfmeypbb \dexqZxs__ \ k_[y khagZl_evguc dhglZdl k fbjhf k h^gh\j_f_gghc
[ehdbjh\dhc ih^khagZgby Wlh ijb\h^bl d lhfm qlh \ h^bg ij_djZkguc fhf_gl q_eh\_dm
klZgh\blky g_\ughkbfh kdmqgh ih^qbgylvky lhevdh khagZgbx JZa\b\Zxlky
]bi_jklbfmeypbhggu_ g_ikbohlbq_kdb_ ikbobq_kdb_ jZkkljhckl\Z <hagbdZ_l g_h[oh^bfhklv
\_jgmlvky\ ih^khagZgb_^eybae_q_gbyb kZfhh[gh\e_gby< lh`_\j_fyk lhqdbaj_gbyD
= Xg]Z g_ bf__l kfukeZ nbdkbjh\Zlvky lhevdh gZ ih^khagZgbb b[h lZdZy nbdkZpby
wd\b\Ze_glgZ ih]ehs_gbx gZ\h^g_gb_f LZdbf h[jZahf jZamfguf dhfijhfbkkhf y\ey_lky
ij_^eZ]Z_fZy D = Xg]hf nhjfmeZ kh]eZkgh dhlhjhc p_e_khh[jZagh \ h[s_gbb k \g_rgbf
fbjhf bkihevah\Zlv khagZl_evguc ih^oh^ bf_y \hafh`ghklv b \j_fy i_jbh^bq_kdb
\ha\jZsZlvkyd \gmlj_gg_fmfbjm^eyikbobq_kdh]hh[gh\e_gby
KljmdlmjZebqghklb
D = Xg] hibku\Ze (JR dZd Zki_dl ebqghklb dhlhjuc \ p_ehf ij_^klZ\ey_l khagZgb_
Gbqlh g_ fh`_l klZlv khagZl_evguf g_ ijhc^y q_j_a (JR khpbZevgh agZqbfh_ ^ey qm\kl\Z
khpbZevghcb^_glbqghklbD=Xg]gZau\Ze (JR kljZ`_fkhagZgbyklhysbfgZ_]h\jZlZob
p_gljhf \heb iha\heyxsbf q_eh\_dm ^hklb]Zlv ihklZ\e_gghc p_eb L_f g_ f_g__ Z\lhj
hlf_qZe gZebqb_ hij_^_e_gguo h]jZgbq_gbc ^ey kbeu \heb k\yaZgguo k h]jZgbq_gghklvx
khagZgby
(JR ² lhevdh qZklv ebqghklb gh g_ __ p_glj Fgh]b_ ex^b b^_glbnbpbjmxl k_[y
kebrdhfkbevghkhk\hbfkhagZgb_fkhk\hbfbkhagZl_evgufbfhlb\Zpbyfbi_j_`b\Zgbyfb
bgl_gpbyfb qlh ijb\h^bl d gZjmr_gbx [ZeZgkZ ikboheh]bq_kdhfm ^bkdhfnhjlm <hagbdZ_l
ikboheh]bq_kdZy bgneypby (JR \ujZ`ZxsZyky \ lhf qlh q_eh\_d kebrdhf fgh]h ^mfZ_l h
k_[_kebrdhffgh]h[_j_lgZk_[y[m^mqbm\_j_gguf\ lhfqlh_]h (JR ij_^klZ\ey_lkh[hc
kljmdlmjm hkh[hc \Z`ghklb Ijb^Zgb_ kebrdhf [hevrh]h agZq_gby khagZl_evghc klhjhg_
`bagb \uau\Z_l khklhygb_ wfhpbhgZevgh]h gZijy`_gby K wlbf k\yaZgh \hagbdgh\_gb_ \
aj_ehf \hajZkl_ wdabkl_gpbZevguo djbabkh\ dh]^Z q_eh\_d gZdhg_p gZqbgZ_l ihgbfZlv
h]jZgbq_gghklv khagZgby QZklh lZdb_ djbabku ijh\hpbjmxlky ikboheh]bq_kdhc ljZ\fhc
njmkljZpb_cGZijbf_jklj_fe_gb_q_eh\_dZk^_eZlv dZjv_jm ihl_ji_eh djZo b _fm dZ`_lky
qlh hg g_ \ khklhygbb wlh i_j_`blv lZd dZd gbdZdhc Zevl_jgZlb\ghc p_eb m g_]h g_l
<hagbdZ_lwdabkl_gpbZevgucdjbabkk\yaZgguck ihl_j_ckfukeZ`bagb
< lh `_ \j_fy ikboheh]bq_kdZy bgneypby fh`_l [ulv k\yaZgZ k i_j_hp_gdhc q_eh\_dhf
k\h_]h ih^khagZgby LZd ihy\eyxlky fbklbdb f_^bmfu kibjblmZebklu kljZ^Zxsb_ wlbf
\b^hf ^bk[ZeZgkZ E_dZjkl\h ^ey dZ`^h]h lbiZ ikbobq_kdhc bgneypbb ² bg^b\b^mZpby
\dexqZxsZy\ k_[ygZoh`^_gb_[ZeZgkZf_`^mkhagZgb_fb ih^khagZgb_f
Kbf\hebaf
Ih^khagZgb_ ijhy\ey_l k_[y kbf\heZfb dhlhju_ gZoh^ylky ]em[hdh \ ikbobd_ \g_
wnn_dlh\ ebqgh]h hiulZ HdhgqZl_evgh_ nhjfbjh\Zgb_ kbf\heZ \ jZa\_jgmlhc nhjf_
ijhbkoh^blgZ]jZgbp_i_j_`b\ZgbckhagZgbyb fZl_jbZeZb^ms_]hbaih^khagZgbyFZl_jbZe
wlhl Ze]hjblfbjh\Zg Wlh \u]ey^bl ijbf_jgh ke_^mxsbf h[jZahf q_eh\_d qlhlh \b^bl gZ
wlhl h[jZa gZdeZ^u\Z_lky fZl_jbZe b^msbc ba ih^khagZgby kh\hdmighklv bgnhjfZpbb
jh`^Z_ldhg_qgucijh^mdl
Hkgh\m dhee_dlb\gh]h [_kkhagZl_evgh]h khklZ\eyxl Zjo_lbiu ij_^klZ\eyxsb_ kujhc
fZl_jbZe \ujZ`Zxsbcky Ze]hjblfbabjh\Zggufb kbf\heZfb Ihkdhevdm dhee_dlb\gh_
[_kkhagZl_evgh_ ^_l_jfbgbjh\Zgh \ [hevr_c kl_i_gb gZke_^kl\_gghklvx kh^_j`Zgb_ _]h
]hlh\ghklv d j_ijh^mdpbb kh^_j`Zs_cky \ khhl\_lkl\bb k hij_^_e_ggufb fZljbpZfb \
p_ehf h^bgZdh\h ^ey ex^_c g_kfhljy gZ lh qlh mkeh\by jh`^_gby b ijh`b\Zgby bo fh]ml
[ulv jZaebqgufb < k\yab k wlbf h^gbf ba gZb[he__ \Z`guo fhf_glh\ hlf_q_gguo D =
Xg]hfy\ey_lkyij_^jZkiheh`_gghklvq_eh\_dZd hij_^_e_gghfmlbimj_Zdpbb
Kbf\heu hij_^_eyxl Zjo_lbiguc km[kljZl ijbh[j_lZy [he__ beb f_g__ mgb\_jkZevgh_
agZq_gb_ Bg^b\b^mZevgu_ kbf\heu hljZ`Zxl ebqghklguc hiul hl^_evgh]h q_eh\_dZ D =
Xg]gZoh^beih^h[b_f_`^mi_j_`b\Zgbyfbikbohlbq_kdboiZpb_glh\b kbf\heZfb^j_\g_]h
bkdmkkl\Z b fbnheh]bb qlh ih^l\_j`^Z_l kms_kl\h\Zgb_ dhee_dlb\gh]h [_kkhagZl_evgh]h
GZijbf_j hg khh[sZe h gZc^_gguo bf iZjZee_eyo f_`^m jbkmgdZfb [hevguo b kbf\heZfb
\gh\vhldjuluo]j_q_kdboiZibjmkh\D=Xg]]h\hjbeqlhkh\j_f_ggZyfZg_jZjbkmgdZg_
fh`_l [ulv hkgh\ZgZ lhevdh gZ bg^b\b^mZevghf hiul_ hgZ \h fgh]hf k\yaZgZ k \ebygb_f
dhee_dlb\gh]h [_kkhagZl_evgh]h >ey khagZgby bg^b\b^mmfZ \Z`gh bf_lv k\yav k
dhee_dlb\guf [_kkhagZl_evguf ?keb kh^_j`Zgb_ ih^khagZgby kbf\hebabjm_lky hgh fh`_l
klZlv qZklbqgh ba\_klguf ^ey khagZl_evghc qZklb ikbobdb lhevdh lZdbf h[jZahf lZdhc
i_j_oh^\hafh`_gKh^_j`Zgbydhee_dlb\gh]h[_kkhagZl_evgh]h\ khagZgbbg_bgl_]jbjmxlky
bgl_]jbjh\Zlvkyfh]mllhevdhkbf\heuijbh[j_lZxsb_\ k\yabk wlbf[hevrmxkbemLZdbf
h[jZahf[_akbf\hebafZg_fh`_lnmgdpbhgbjh\Zlvk\yavf_`^mkhagZgb_fbg^b\b^mZevguf
ih^khagZgb_fb dhee_dlb\guf[_kkhagZl_evgufKh^_j`Zgbydhee_dlb\gh]h[_kkhagZl_evgh]h
ijhju\Zxlky\ khagZgb_b jZajmrZxl (JR
GZijbf_j G %HWWHOKHLP h[gZjm`be qlh \ lhl fhf_gl dh]^Z hg ihdZau\Ze beb
qblZe ^_lyf [_ahiZkgu_ \_jkbb ljZ^bpbhgguo kdZahd k mkljZg_ggufb im]Zxsbfb ^_l_c
wibah^Zfbb h[jZaZfbqm^h\bsb \_^vf^_lbbkiulu\Zeb[hevr__gZijy`_gb_ihkjZ\g_gbx
k ^_lvfbdhlhjufqblZebljZ^bpbhggu_kdZadb[jZlv_\=jbffKbf\hebq_kdZyj_ij_a_glZpby
wfhpbc\uau\ZxsbokljZo\ kdZadZo=jbffijb\ghkblbo\ khagZgb_\ lZdhf\b^_k dhlhjuf
khagZgb_kjZ\gbl_evghe_]dhkijZ\ey_lky?keb`_wlbg_]Zlb\gu_kbeug_kbf\hebabjmxlky
hgb\uklmiZxl \ [he__ `_kldhf g_ kfy]q_gghf \b^_ Bgufbkeh\Zfb q_eh\_d g_bf_xsbc
\hafh`ghklbihevah\ZlvkyljZ^bpbhgghckbkl_fhckbf\heh\jZajZ[hlZgguo\ jZfdZo^Zgghc
dmevlmju \ l_q_gb_ ^ebl_evgh]h \j_f_gb ih^\_j]Z_lky hiZkghklb ikbobq_kdhc ^_kljmdpbb
<ukrZykbeZ\gmljbq_eh\_dZebr_ggh]hijb\uqguokbf\hebq_kdboihkj_^gbdh\jblmZeh\
fh`_lijb\_klbd jZajmr_gbxkhagZgbyl_jZa\blbxikbohaZ
D=Xg]\k_`_jZkkfZljb\Zeih^khagZgb_\ dZq_kl\_khxagbdZ\ [hevr_ckl_i_gbq_f\
dZq_kl\_ \jZ]Z ih^q_jdb\Zy qlh wg_j]by ih^khagZgby fh`_l [ulv l\hjq_kdhc b ^Ze_dh g_
\k_]^Z ^_kljmdlb\ghc Wlm agZqbfhklv ih^khagZgby \Z`gh mqblu\Zlv \ l_jZibb lZd dZd
bkihevah\Zgb_ ih^khagZgby kihkh[kl\m_l ijbh[j_l_gbx q_eh\_dhf [hevr_c p_ehklghklb
QZklb ikbobdb hlhj\Zggu_ hl p_eh]h ^he`gu [ulv bgl_]jbjh\Zgu k ^jm]bfb qZklyfb
ebqghklb QZklh wlb hlhj\Zggu_ kbkl_fu ijbh[j_lZxl nhjfm dhfie_dkh\ gZoh^ysboky \
ih^khagZgbb Ihwlhfm aZ^Zq_c ikbohl_jZi_\lZ y\ey_lky ihfhsv \ bgl_]jZpbb fZl_jbZeZ
>bZ]ghklbjh\Zlv lZdb_ dhfie_dku fh`gh k bkihevah\Zgb_f kbfilhfh\ kgh\b^_gbc b
ZkkhpbZpbc l_kl gZ keh\_kgu_ ZkkhpbZpbb Xg]Z < fhf_gl l_jZibb hkh[_ggh \Z`gh gZclb
imlb d kdjuluf qZklyf ebqghklb d ihl_gpbZevguf \hafh`ghklyf ohly [u qZklbqghc
bg^b\b^mZpbb Ijhp_kk wlhl [he__ keh`_g q_f ikbohZgZeba G_h[oh^bfh agZlv p_gghklb
dhlhjufbq_eh\_d`bejZgvr_b[hhgby\eyxlkyj_kmjkhf\ua^hjh\e_gby
>ey ikbobZljh\ ij_^klZ\ey_l bgl_j_k jZggyy ^bZ]ghklbdZ ikbobq_kdbo gZjmr_gbc k
\u^_e_gb_f kgh\b^_gbc hij_^_e_ggh]h oZjZdl_jZ dhlhju_ fh]ml [ulv ij_^\_klgbdZfb
jZa\blbyikbobq_kdh]haZ[he_\ZgbyKe_^m_lh[jZsZlv\gbfZgb_gZihy\e_gb_\ kgh\b^_gbyo
h[jZah\h]gygZ\h^g_gbydhgkljmdpbcbf_xsbonhjfmfZg^Zeudjm]iehsZ^vk nhglZghf
qZku [_a klj_ehd Zglbqguo ]hjh^h\ jmbg jZajmr_gguo ojZfh\ k\ys_gguo p_j_fhgbc
fbnheh]bq_kdboa\_j_cij_kfudZxsboky^bghaZ\jh\b ^j[hevrb_kguBgh]^ZiZpb_glu
\kihfbgZyh gZqZe_aZ[he_\ZgbymdZau\ZxlgZi_j_`blu_bfbg_aZ^he]h^h[he_agb[hevrb_
kgu y\eyxsb_ky ij_^\_klgbdZfb [he_agb LZdbf h[jZahf agZgb_ wlh]h nZdlZ iha\hey_l
ij_^mij_`^Zlv j_pb^b\ aZ[he_\Zgby k
ihfhsvx ikbohnZjfZdheh]bq_kdbo b
ikbohl_jZi_\lbq_kdbokj_^kl\
L?HJBYEBQGHKLBOHJGB
=eZ\gZy dhgp_ipby l_hjbb D Ohjgb aZdexqZ_lky \ ml\_j`^_gbb
kh]eZkghdhlhjhfmex^bhlebqZxlky^jm]hl^jm]Z[ZeZgkhflj_of_`ebqghklguohjb_glZpbb
ijhy\eyxsboky\ ^\b`_gbbq_eh\_dZihgZijZ\e_gbxd hdjm`Zxsbfijhlb\gbob \klhjhgm
hl hdjm`Zxsbo GZ wlb hjb_glZpbb \ebyxl jZagu_ ij_^klZ\e_gby ex^_c h k_[_ gZebqb_
jZaebqguo b^_Zebabjh\Zgguo Y b jZagZy ijbkihkZ[eb\Z_fhklv d k\hckl\_gghc q_eh\_dm
hkgh\ghclj_\h]_
Ikbobq_kdh_ a^hjh\v_ jZkkfZljb\Z_fh_ \ dhgl_dkl_ Z^ZilZpbb b ijbkihkh[e_gby
\dexqZ_l \ k_[y k[ZeZgkbjh\Zggu_ f_`ebqghklgu_ klbeb h[_ki_qb\Zxsb_ ijh^mdlb\gu_
^\b`_gby q_eh\_dZ \ ]jZgbpZo wlbo lj_o gZijZ\e_gbc < ijhlb\ghf kemqZ_ jZa\b\Zxlky
jZkkljhckl\Z dhlhju_ k lhqdb aj_gby D Ohjgb ke_^m_l dhjj_]bjh\Zlv ij_`^_ \k_]h k
bkihevah\Zgb_f ikbohZgZeblbq_kdbo ih^oh^h\ IkbohZgZeba y\ey_lky ij_^ihqlbl_evghc
l_jZib_c \Z`guf ^hiheg_gb_f d dhlhjhfm kem`bl kZfhZgZeba Dh]gblb\guc ijhp_kk
kZfhZgZebaZ ijb\h^bl d ikbobq_kdhfm jhklm q_eh\_dZ Ijhp_kku h]jZgbqb\Zxsb_ bgkZcl
l_jyxlijbwlhfk\hxkbemb agZqbfhklv
<ebygb_ h[s_kl\Z khpbmfZ b dmevlmju qj_a\uqZcgh \Z`gh \ nhjfbjh\Zgbb ebqghklb
q_eh\_dZ Ba \k_o ^himklbfuo [bheh]bq_kdbo \ebygbc D Ohjgb ih^q_jdb\Z_l ebrv
agZqbfhklv\ebygbyjhe_ck\yaZgguok ihehf
Ih fg_gbx Z\lhjZ nmg^Zf_glZevgufb wfhpbyfb j_[_gdZ y\eyxlky hkgh\gZy lj_\h]Z b
\jZ`^_[ghklvjZa\blb_dhlhjuoijhbkoh^blgZhkgh\_g_Z^_d\Zlguojh^bl_evkdbohlghr_gbc
b g_Z^_d\Zlghc jh^bl_evkdhc ex[\b D Ohjgb Zdp_glbjm_l \gbfZgb_ gZ agZq_gbb \ `bagb
q_eh\_dZ^_lkdh]hi_jbh^ZiheZ]Zyqlh\h\ajhkehfi_jbh^_ijhbkoh^ylebrvg_agZqbl_evgu_
kh[ulbyg_kihkh[gu_ih\e_qvaZkh[hckdhevdhgb[m^vk_jv_aguobaf_g_gbc
Hlebqb_dhgp_ipbbDOhjgbhlikbohZgZeblbq_kdhcdhgp_ipbb Nj_c^ZaZdexqZ_lky\
g_ijbagZgbb \_^ms_c jheb k_dkmZevgh]h dhgnebdlZ M iZpb_glh\ gZ[ex^Z_fuo Z\lhjhf
g_kfhljygZiheghklvxm^h\e_l\hjyxsmxbok_dkmZevgmx`bagv[ue^bZ]ghklbjh\Zgg_\jha
Ih fg_gbx Z\lhjZ gZb[he__ agZqbfuf y\ey_lky dhgnebdl \ua\Zgguc gZjmr_ggufb
f_`ebqghklgufb dhglZdlZfb hkh[_ggh hlghr_gbyfb jh^bl_ev ² j_[_ghd \hagbdZxsbfb \
jZggbci_jbh^`bagb
Hkgh\gZylj_\h]Zb \jZ`^_[ghklv
< jZgg_f \hajZkl_ aZ\bkbfhklv ^_l_c hl jh^bl_e_c hq_gv \ukhdZ WlZ aZ\bkbfhklv
[Zabjm_lkyg_lhevdhgZihlj_[ghklbj_[_gdZ\ \u`b\Zgbbghb gZihlj_[ghklb\ ihemq_gbb
bf hl jh^bl_e_c qm\kl\Z ikboheh]bq_kdhc [_ahiZkghklb J_ZebaZpby wlbo ihlj_[ghkl_c
ijb\h^bl d lhfm qlh j_[_ghd qm\kl\m_l k_[y ex[bfuf b aZsbs_gguf < ijhlb\ghf kemqZ_
\hagbdZxl qm\kl\Z jZgbfhklb b g_aZsbs_gghklb <ujZ`_gghklv wlbo qm\kl\ jZaebqgZ b
aZ\bkbl hl h[klhyl_evkl\ JZgbfhklv j_[_gdZ ijh\hpbjm_l mkbe_gb_ [_kihfhsghklb
G_mkljZg_ggZy ^_lkdZy [_kihfhsghklv ijh^mpbjm_l qm\kl\h hkgh\ghc lj_\h]b kh^_j`Zgb_f
dhlhjh]hy\ey_lkyqm\kl\hbaheypbbb [_kihfhsghklb\ ihl_gpbZevgh\jZ`^_[ghffbj_?keb
jh^bl_ebij_g_[j_]Zxlj_[_gdhfhl]hjZ`b\Zxlkyhlg_]hwlhkihkh[kl\m_l\hagbdgh\_gbxm
g_]haehklbgZau\Z_fhcDOhjgbhkgh\ghc\jZ`^_[ghklvxJ_[_ghdg_\ khklhygbb\ujZablv
\jZ`^_[ghklv ih hlghr_gbx d jh^bl_eyf lZd dZd \ ijhlb\ghf kemqZ_ hg [m^_l gZdZaZg b
ebr_g ex[\b \ _s_ [hevr_c kl_i_gb LZdbf h[jZahf \jZ`^_[ghklv j_ij_kkbjm_lky \
ih^khagZgb_qlhmkbeb\Z_lbf_xsmxkym j_[_gdZlj_\h]m
<hagbdgh\_gb_ g_ikbohlbq_kdbo ikbobq_kdbo gZjmr_gbc m
\ajhkeh]h q_eh\_dZ
h[tykgy_lky gZebqb_f hkgh\gh]h dhgnebdlZ f_`^m nmg^Zf_glZevgh ijhlb\hiheh`gufb
ih^oh^Zfb ijbh[j_l_ggufb bf jZg__ ih hlghr_gbx d hdjm`Zxsbf Lh _klv k h^ghc
klhjhguj_[_ghdgm`^Zxsbcky\ jh^bl_eyoklj_fblky[ulv[eb`_d gbfZ k^jm]hcklhjhgu
g_gZ\b^ybohg`_eZ_ldZdbflhh[jZahfbogZdZaZlv< wlhfb aZdexqZ_lkykmlvhkgh\gh]h
dhgnebdlZ dhlhjuc k lhqdb aj_gby D Ohjgb y\ey_lky ]_g_jZlhjhf g_ikbohlbq_kdbo
ikbobq_kdbogZjmr_gbcIhkmlb^_eZj_qvb^_lh f_`ebqghklghfdhgnebdl_hlebqZxs_fky
hleb[b^bghagh]hdhgnebdlZ Nj_c^Zf_`^mk_dkmZevguf`_eZgb_fb h]jZgbqb\Zxsbfb_]h
h[klhyl_evkl\Zfbh[mkeh\e_ggufbkhpbZevgufbmkeh\byfbh[s_kl\Z
J_[_gdmhdZaZ\r_fmky\ \ur_hibkZgghckblmZpbb^hklmigulhevdhljb\u[hjZ
² Zdp_glmZpbygZiheghcaZ\bkbfhklbhljh^bl_e_ck ^\b`_gb_fihgZijZ\e_gbxd gbf
² Zdp_glmZpby\jZ`^_[ghklbihhlghr_gbxd jh^bl_eyfkhkdjulhcdhgnjhglZpb_c
² hldZahlhlghr_gbck jh^bl_eyfbk ^\b`_gb_f\ klhjhgmhlhlghr_gbck jh^bl_eyfb
J_[_ghdjZaj_rZ_ldhgnebdlkihkh[hf[he__\k_]hih^oh^ysbf^eyk_f_cghckblmZpbb
<u[hjk^_eZggucbf\ ^_lkl\_\ dZdhclhkl_i_gbklZgh\blkykm^v[hchdZau\Zy\ebygb_gZ
oZjZdl_j _]h f_`ebqghklghc hjb_glZpbb \ [m^ms_f A^hjh\uc q_eh\_d ^he`_g h[eZ^Zlv
]b[dhklvx\u[hjZ bf_y \hafh`ghklv ^\b]Zlvky \h \k_o lj_o gZijZ\e_gbyo h[_ki_qb\Zy k_[_
mkeh\by ^ey ohjhr_c Z^ZilZpbb Q_eh\_d h[mq_gguc \ ^_lkl\_ hi_jbjh\Zlv \k_fb lj_fy
\u[hjZfb g_ h]jZgbqb\Zykv dZdbflh h^gbf ba gbo g_ [m^_l ij_^jZkiheh`_g d jZa\blbx
g_ikbohlbq_kdbo ikbobq_kdbo gZjmr_gbc B gZh[hjhl ex^yf k ih^h[gufb gZjmr_gbyfb
k\hckl\_ggZ g_k[ZeZgkbjh\Zgghklv \ f_`ebqghklghf ih\_^_gbb GZijbf_j moh^ysb_ hl
f_`ebqghklghcZdlb\ghklbl_jyxlkhpbZevgu_gZ\udbb kh\j_f_g_fklZgh\ylkyaZ\bkbfufb
ij_^ihqblZy \haeZ]Zlv gZ hdjm`Zxsbo ijZ\h j_rZlv aZ gbo qlh ijb\h^bl d
g_m^h\e_l\hj_gghklb b ikbobq_kdhfm ^bkdhfnhjlm ?keb \ ^_lkl\_ j_[_gdm g_ iha\heyxl
djblbdh\Zlvjh^bl_e_c\ [m^ms_fhgklZgh\blkyg_kihkh[gufhlklZb\Zlvk\hxlhqdmaj_gby
klZgh\ykv g_dhgdmj_glhkihkh[guf ih hlghr_gbx d hdjm`Zxsbf Hl\_j`_gguc j_[_ghd
\klmib\\h\ajhkemx`bagv[m^_lbkiulu\Zlvljm^ghklb\ h[s_gbbk ^jm]bfb:gZebaebpk
g_\jhlbq_kdbf ih\_^_gb_f ihdZaZe qlh ^ey gbo oZjZdl_jgh bkihevah\Zgb_ \ hlghr_gbyo k
hdjm`Zxsbfblhevdhh^ghchjb_glZpbb
>bnn_j_gpbZpby jZaebqguo lbih\ ex^_c k g_ikbohlbq_kdbfb ikbobq_kdbfb
gZjmr_gbyfb[Zabjm_lkygZboljhighklbd ^\b`_gbxihgZijZ\e_gbxijhlb\beb \ klhjhgm
hl hdjm`Zxsbo Wlb hjb_glZpbb khhl\_lkl\mxl hkgh\guf f_oZgbafZf aZsblu m `b\hlguo
[hjv[Z[_]kl\hih^qbg_gb_
>eyih^qbgy_fuoebpoZjZdl_jghklj_fe_gb_d h[s_gbxk ^jm]bfbk ihiZ^Zgb_fhlgbo\
[he_ag_ggmx aZ\bkbfhklv LZdb_ ex^b qm\kl\mxl k_[y keZ[ufb b [_kihfhsgufb bkoh^y ba
lh]hqlh^jm]b_agZxlemqr_b [hevr_boBfk\hckl\_g_gfmq_gbq_kdbclbihlghr_gbc
hkgh\Zgguc gZ kZfhih`_jl\h\Zgbb [Zabjmxs_fky gZ klj_fe_gbb ihemqblv lZdbf h[jZahf
ex[h\v hdjm`Zxsbo b `_eZgbb mklZgh\blv hlghr_gby \ dhlhjuo d gbf [u ohjhrh
hlghkbebkv Hkgh\ghc ^_\ba lZdbo ex^_c a\mqbl ijbf_jgh lZd Q_eh\_d ex[ysbc f_gy g_
gZg_k_lfg_\j_^Z
>\b`_gb_ ijhlb\ oZjZdl_jgh ^ey ex^_c gZjpbkkbq_kdh]h lbiZ h[_kihdh_gguo
kh[kl\_ggufbfb^`_fklj_fe_gb_fd i_jn_dpbhgbafmklj_fe_gb_f\k_]^Z^_fhgkljbjh\Zlv
k\hx ijZ\hlm \ub]ju\Zlv \ khj_\gh\Zgbb k hdjm`Zxsbfb aZklZ\blv ^jm]bo \hkobsZlvky
kh[hcHkgh\guf^_\bahflZdboex^_cy\ey_lky?keby [m^mkbevguffg_gbdlhgbq_]hg_
k^_eZ_l
Lj_lbclbioZjZdl_jbam_lky^\b`_gb_f\ klhjhgmhlhdjm`Zxsbo?fmk\hckl\_gguhldZa
hl Zf[bpbc g_ijbyagv d baf_g_gbyf k_jZy `bagv hlkljZg_ggZy hl wfhpbhgZevguo
i_j_`b\Zgbc b `_eZgbc Klj_fe_gb_ d kZfh^hklZlhqghklb b g_aZ\bkbfhklb khq_lZ_lky k
moh^hf hl khpbZevguo dhglZdlh\ Ij_^ty\ey_fu_ kh klhjhgu ^jm]bo lj_[h\Zgby b
h]jZgbq_gby gZijZ\e_ggu_ ijhlb\ klj_fe_gby hk\h[h^blvky hl khpbZevguo hlghr_gbc
\uau\Zxlj_adhg_]Zlb\gmxj_ZdpbxEhamg]hflZdboex^_cy\ey_lky?keby hl]jZgbqmkvhl
h[s_gby k ^jm]bfb gbdlh g_ gZg_k_l fg_ \j_^Z B^msb_ wlbf iml_f kijZ\eyxlky lZdbf
h[jZahf k hkgh\ghc lj_\h]hc D Ohjgb hibku\Zy wlhl lbi ebqghklb dZd hlkljZg_gguc
hlf_qZ_lqlhlZdb_ex^bfh]mljZa\blv\ k_[_hij_^_e_ggu_gZ\udbb mf_gbyiha\heyxsb_
bf[ulvg_aZ\bkbfufbb mf_lvh]jZgbqb\Zlvk\hb`_eZgby
IjbqbghcjZa\blbyg_ikbohlbq_kdboikbobq_kdbogZjmr_gbcqZklhy\ey_lkykljZomki_oZ
[Zabjmxsbcky gZ dhgnebdl_ f_`^m dhgdmj_gpb_c b klj_fe_gb_f d iheh`bl_evghfm
hlghr_gbxd k_[_GZijbf_jm q_eh\_dZkhkljZohfmki_oZfh`_lihy\blvkyqm\kl\hqlh_keb
hg ^h[v_lky mki_oZ lh ihl_jy_l ex[h\v k\hbo ^jma_c b ^Z`_ qe_gh\ k_fvb KljZo mki_oZ
ZgZebabjm_lky dZd fhlb\ ba[_]Zgby ^hklb`_gbc dhlhjuc ijb\h^bl d \gmlj_gg_fm
g_^h\hevkl\mm]g_l_gbxb jZa^jZ`bl_evghklbijh_pbjmxs_ckygZ^jm]bo
D Ohjgb ih^q_jdb\Z_l \ebygb_ ljZgkdmevlmjguo jZaebqbc gZ oZjZdl_jbklbdb ebqghklb
LZd bg^b\b^mZebaf k\hckl\_gguc gZk_e_gbx jy^Z kljZg Zdp_glmbjm_l \gbfZgb_ ij_`^_
\k_]h gZ bg^b\b^mZevguo ^hklb`_gbyo b ijb\be_]byo q_eh\_dZ KR: Kh_^bg_ggh_
Dhjhe_\kl\h b ^j < dhgljZkl_ k lZdbfb kljZgZfb kms_kl\mxl b ^jm]b_ k [hevrbf
dhee_dlb\bafhf ijb^Zgb_f hkh[h]h agZq_gby hlghr_gbyf f_`^m ex^vfb h[sbf p_eyf b
\aZbfghc hl\_lkl\_gghklb gZijbf_j Yihgby DblZc :\lhj ih^q_jdb\Z_l qlh \
dhee_dlb\bklkdbo kljZgZo Zdp_gl \ khpbZevghf ih\_^_gbb ex^_c k^_eZg gZ dhgnhjfghklv
khpbZevgmx ]Zjfhgbx ]jmiih\u_ aZ^Zqb b k_f_cgu_ h[yaZgghklb H^gZdh \gmljb [hevrbo
kljZg gZijbf_j KR: g_dhlhju_ ]jmiiu gZk_e_gby bkiZgpu b ]Z\Zcpu [he__
dhee_dlb\bklkdb hjb_glbjh\Zgu ih kjZ\g_gbx k ^hfbgbjmxs_c dmevlmjhc LZdbf h[jZahf
bg^b\b^mZebaf b dhee_dlb\baf \ebyxl gZ khpbZevgh_ ih\_^_gb_ q_eh\_dZ b _]h kZfhhp_gdm
Ij_^klZ\e_gb_h kh[kl\_gghfYdZdh q_flhhl^_evghfkdhj__q_fkh_^bg_gghfk ^jm]bfb
ijhgbau\Z_lfure_gb_aZiZ^gh]hq_eh\_dZ
NZdl ijbgZ^e_`ghklb iZpb_glZ d jZaguf dmevlmjZf ijh\ha]eZrZxsbf bg^b\b^mZebaf
bebdhee_dlb\baf^he`_gmqblu\Zlvky\ lZdlbd_ki_pbZebklZhdZau\Zxs_]hikboheh]bq_kdh_
\f_rZl_evkl\hG_ijZ\bevgh_ ihgbfZgb_ wlhc klhjhgu dmevlmjguohkh[_gghkl_cijb\h^bl d
g_ihgbfZgbxiZpb_glh\gZqlhmdZau\Z_l /DQGULQH+ 5XVNLQ 5 1RYDFHN - +RJDQ 5 hibku\Zxl ^\Z f_`ebqghklguo klbey ih\_^_gby
haZ[hq_gghklv b jupZjkl\h dhlhju_ hq_gv [ebadb lbiZf ^\b`_gby q_eh\_dZ ijhlb\ b \
klhjhgmhlhdjm`ZxsboJupZjbbf_xlq_jlu\jZ`^_[ghklb]jZg^bhaghklb^hfbgbjh\Zgby
gZjpbkkbafZ b \ukhdmx kZfhhp_gdm Wlb ijhy\e_gby gZihfbgZxl dhgp_ilmZebaZpbx
]jZg^bhagh]h kh[kl\_ggh]h Y ijb gZjpbkkbaf_ gh \ ^Zgghf kemqZ_ hgb [Zabjmxlky g_ gZ
ojmidhklb k_enZ gh gZ \jZ`^_[ghklb ^hfbgbjh\Zgbb ijb\h^y d ^\b`_gbx ijhlb\ ^jm]bo
=D,H]QLN$ hlf_qZe qlh lZdhc \ZjbZgl ]jZg^bhaghklb ij_^klZ\ey_l hkh[uc jbkd ^ey
ex^_c^h[b\rboky\k_]hkZfhklhyl_evghij_^hij_^_eyy\hafh`ghklv[m^ms_]hihjZ`_gby
+DPRQ6 : hlf_lbe qlh bkke_^h\Zgb_ iZpb_glh\ k jbkdhf \hagbdgh\_gby m gbo
dhjhgZjguoaZ[he_\Zgbcp_e_khh[jZaghijh\h^blv\ jZfdZofh^_ebij_^eh`_gghcDOhjgb
Ex^bk ih\_^_gb_flbiZ $FRRL \_lkl\mxlwdkiZgkb\ghfmlbimihDOhjgbb oZjZdl_jbamxlky
lZdbfb q_jlZfb dZd klj_fe_gb_ b^lb \ gh]m kh \j_f_g_f dhgdmj_glghklv b \jZ`^_[ghklv
LZdbfex^yfk\hckl\_g_gih\ur_ggucjbkdk_j^_qghkhkm^bkluoaZ[he_\Zgbc
Kihkh[uijbkihkh[e_gbyiZpb_glh\d hkgh\ghclj_\h]_
Kms_kl\mxl jZaebqgu_ kihkh[u ijbkihkh[e_gby iZpb_glh\ d hkgh\ghc lj_\h]_
<u^_eyxl kljZl_]bb ^ey jZaj_r_gby hkgh\gh]h dhgnebdlZ f_`^m [_kihfhsghklvx b
\jZ`^_[ghklvx Hgb g_ j_rZxl dhgnebdl g_ ijb\h^yl d ikbobq_kdhfm jhklm gh ihfh]Zxl
ijbkihkh[blvkyd mkeh\byfih\k_^g_\ghc`bagbD wlbfkljZl_]byfhlghkylkyke_^mxsb_
Ih^Z\e_gb_ h^ghc ba khklZ\eyxsbo dhgnebdlZ eb[h [_kihfhsghklb eb[h
\jZ`^_[ghklbGZijbf_jijbbkdexq_gbb\jZ`^_[ghklbZdp_gl\ [hevr_ckl_i_gb^_eZ_lkygZ
[_kihfhsghklbijb\h^yq_eh\_dZd aZ\bkbfhfmhlhdjm`Zxsboiheh`_gbxb gZh[hjhlijb
ih^Z\e_gbb [_kihfhsghklb Zdp_gl ^_eZ_lky gZ \jZ`^_[ghklb k ihy\e_gb_f mkeh\gh
Z]j_kkb\gh]hih\_^_gbyihhlghr_gbxd ^jm]bfex^yf
KljZl_]byhlkljZg_gghklbijbdhlhjhcq_eh\_dkgb`Z_li_j_`b\Zgb_dhgnebdlZ
KljZl_]byb^_Zebabjh\Zggh]hYijbdhlhjhcq_eh\_dmoh^blhlk\h_]hj_Zevgh]hY
b `b\_l k h[jZahf b^_Zebabjh\Zggh]h Y Wlh b^_Zebabjh\Zggh_ Y f_g__ [_kihfhsgh_
f_g__ aeh_ b ij LZdh_ iheh`_gb_ fh`_l mkljZb\Zlv ebrv gZ dZdh_lh \j_fy lZd dZd
hkgh\ghcdhgnebdlhklZ_lky
Hlqm`^_gb_hlj_Zevgh]hY\ j_amevlZl_q_]hm q_eh\_dZ\hagbdZ_lqm\kl\hqlh\k_
ijhbkoh^blg_k gbfZ kd_flh^jm]bf<hafh`gZ^_i_jkhgZebaZpby
<k_\ur_i_j_qbke_ggu_kljZl_]bbg_Z^_d\Zlgu^eyohjhr_]hijbkihkh[e_gbylZddZd\h
\j_fy j_ZebaZpbb wlbo kljZl_]bc j_Zevgh_ Y ih^Z\ey_lky Z `blv ihklhyggh \ mkeh\byo
b^_Zebabjh\Zggh]h Y ^ey q_eh\_dZ aZljm^gbl_evgh GZijbf_j g_dhlhju_ `_jl\u bgp_klZ
nhjfbjmxl b^_Zebabjh\Zggh_ Y hljbpZxs__ bo mqZklb_ \ bgp_kl_ beb ih^q_jdb\Zxs__
ijb^mfZggmxbfbhkh[mxkbemgZ^Z]j_kkhjhfkh\_jrb\rbfbgp_klgZijbf_jgZ^h^gbfba
jh^bl_e_c Kha^Zgguc lZdbf h[jZahf k_en iha\hey_l q_eh\_dm ij_[u\Zlv \ beexabb qlh
[eZ]h^Zjyk\h_ckbe_hgih^qbgbek_[_jh^bl_e_c
<hafh`ghkha^Zgb_kblmZpbbijbdhlhjhcj_Zevgh_Yih^Z\ey_lkyZ q_eh\_dklZjZ_lky
\kyq_kdb khhl\_lkl\h\Zlv b^_Zevghfm Y dhlhjuc klZgh\blky hkgh\hc jZaebqguo
bgl_gkb\guo klj_fe_gbc b fhlb\Zpbc <hagbdZ_l lbjZgby ^he`_gkl\h\Zgby DZ`^uc
iZpb_gljZa\b\Z_lk\hckihkh[mkbe_gbyb^_Zevgh]hYb ba[_]Z_lihe_aghcdhgnjhglZpbbk
ih^Z\e_gguf j_Zevguf Y LbjZgby ^he`_gkl\h\Zgby fh`_l \ujZ`Zlvky \ jZaguo
\ZjbZpbyo GZijbf_j q_eh\_d `b\msbc ih^ \eZklvx ]eZ]heZ ^he`_g kqblZ_l qlh hg g_
^he`_g [ulv aZ\bkbfuf beb qlh hg ^he`_g k^_eZlv jZ[hlm dZd fh`gh emqr_ b ij Wlb
lj_[h\Zgbyd k_[_qZs_\k_]hhkhagZxlkyq_eh\_dhfg_iheghklvxLbjZgbyaZklZ\ey_lex^_c
b^_glbnbpbjh\Zlvk_[yk kha^Z\Z_fufbfbb^_ZevgufY<hagbdZ_lhiZkghklvijbdhlhjhc
j_ZebaZpbylbjZgbbb kf_rb\Zgb_k b^_ZevgufY\uau\ZxlgZklhevdhkbevgh_hlqm`^_gb_
b^_Zevgh]h Y hl j_Zevgh]h qlh i_j\h_ fh`_l hl^_eblvky hl \lhjh]h ijbh[j_lZy
g_Z^_d\Zlguc oZjZdl_j H lZdhf b^_Zevghf Y ]h\hjyl qlh wlh dZd [u dmkhq_d ikbohaZ
lhjqZsbc \ ldZgb g_\jhaZ Wlh iheh`_gb_ D Ohjgb \klmiZ_l \ ijhlb\hj_qb_ k fg_gb_f :
:^e_jZkqblZ\r_]hqlhnbdpbhgZevgucnbgZebaf\k_]^Zijb\h^bld jhklmebqghklbK lhqdb
aj_gbyDOhjgbhlju\hlj_Zevgh]hYfh`_lijb\_klbq_eh\_dZd hklZgh\d_jZa\blby
- ? (OOLRWW hibku\Z_l gZebqb_ m q_eh\_dZ \gmlj_gg_]h djblbdZ dZd bklhqgbdZ
hljbpZl_evguo ihkeZgbc fh]msbo ijb\_klb d jZa\blbx ^_ij_kkbb >ey g_cljZebaZpbb wlbo
hljbpZl_evguo ihkeZgbc q_eh\_d k gZjmr_gbyfb fh`_l bkihevah\Zlv wdkl_jgZebaZpbx
ijh_dpbx\gmlj_gg_]h dhgnebdlZ \h\g_ijb dhlhjhc \gmlj_ggb_ dhgnebdlu ijh_pbjmxlky
gZ\g_rgbcfbjWlZijh_dpbyg_lhevdhg_bae_qb\Z_liZpb_glZg_mkljZgyydhgnebdlf_`^m
gbfb \g_rgbffbjhfghgZh[hjhlfh`_l_]hWdkl_jgZebaZpbyijb\e_dZl_evgZl_fqlhgZ
dZdh_lh \j_fy fh`_l kgbablv lj_\h]m LZdbf h[jZahf wdkl_jgZebaZpby iha\hey_l q_eh\_dm
i_j_`b\Zlv \gmlj_ggb_ ijhp_kku dZd ijhbkoh^ysb_ \h\g_ kqblZy qlh aZ \k_ ijhbkoh^ys__
hl\_lkl\_ggu \g_rgb_ nZdlhju EbpZ k jZaebqgufb gZjmr_gbyfb wdkl_jgZebabjmy k_[y b
k\hxhp_gdml_obebbguoy\e_gbcijbibku\Zxlhdjm`Zxsbfg_k\hckl\_ggh_bfhlghr_gb_
d k_[_< kemqZ_g_kh\iZ^_gbylhqdbaj_gbyhdjm`Zxsbok fg_gb_fq_eh\_dZk gZjmr_gbyfbm
ihke_^g_]h fh`_l \hagbdgmlv ih hlghr_gbx d gbf qm\kl\h ij_aj_gby LZdbf h[jZahf \
ijhp_kk_ wdkl_jgZebaZpbb lZd`_ \u^_eyxlky ^\b`_gby ex^_c ih gZijZ\e_gbx ijhlb\ b \
klhjhgmhlhdjm`Zxsbo
Q_eh\_d k jZkkljhckl\Zfb aZsbsZ_l k_[y hl ]em[hdh]h ikbohZgZebaZ wdkl_jgZebabjmy
aehklvb yjhklv\ \b^_jZa^jZ`_gbygZijZ\e_ggh]hijhlb\^jm]bobebij_\jZsZ_lwlbqm\kl\Z
\ dhg\_jkb\gu_ jZkkljhckl\Z D Ohjgb ih^q_jdb\Z_l qlh mkljZgylv wdkl_jgZebaZpbx g_
ke_^m_l lZd dZd hgZ bf__l aZsblgmx nmgdpbx < ijhlb\ghf kemqZ_ m q_eh\_dZ ihy\blky
qm\kl\h[_agZ^_`ghklb
L_ogbdb\lhjbqgh]hijbkihkh[e_gbyL_hjby[_euoiyl_g
Ih\_^_gb_ ex^_c qZklh g_ khhl\_lkl\m_l h[jZam b^_Zevgh]h Y gh wlh g_khhl\_lkl\b_
bfb ijhklh g_ aZf_qZ_lky LZdh_ ih\_^_gb_ D Ohjgb gZau\Z_l [_eufb iylgZfb
ij_^mij_`^Zxsbfb hkhagZgb_ dhgnebdlZ f_`^m ih\_^_gb_f b kh[kl\_gguf b^_Zevguf
bfb^`_fL_ogbdb\lhjbqgh]hijbkihkh[e_gbyq_eh\_dZd [_eufiylgZf\dexqZxl\ k_[y
dhfiZjlf_glZebaZpbx Bkihevah\Zgb_ f_oZgbafZ ijb dhlhjhf g_khhl\_lkl\mxs__
b^_Zevghfm Y ih\_^_gb_ khagZl_evgh jZkihagZ_lky gh g_ \h \j_fy ^_ckl\by Z ihke_ _]h
aZ\_jr_gby >ey h[e_]q_gby kblmZpbb ih\_^_gb_ jZa^_ey_lky q_eh\_dhf gZ yq_cdb
GZijbf_jjZagh_ih\_^_gb_q_eh\_dZ\ k_fv_b gZjZ[hl_k ^jmavyfbb \jZ]Zfbihf_sZ_lky
bf\ ki_pbZevgu_dhgl_cg_juij_iylkl\mxsb_\ebygbxh^gh]h\b^Zih\_^_gbygZ^jm]h_
jZpbhgZebaZpbx Bkihevah\Zgb_ eh]bdb ^ey ^hdZaZl_evkl\Z aZ\_^hfh g_\_jgh]h
aZdexq_gby beb i_j_\h^Z \ ^jm]mx iehkdhklv ih\_^_gby g_khhl\_lkl\mxs_]h khpbZevgh
ijb_fe_fufghjfZfBkihevah\Zgb_jZpbhgZebaZpbbiha\hey_lq_eh\_dmbf_lvfg_gb_h lhf
qlh dZq_kl\Z oZjZdl_jgu_ ^ey _]h b^_ZeZ \ g_f ohjhrh ij_^klZ\e_gu Ijb wlhf hg g_
jZkihagZ_l \ k_[_ l_g^_gpbc g_ khhl\_lkl\mxsbo b^_Zem jZpbhgZebabjm_l bo ijbf_gyy
nhjfZevgmxeh]bdm
qj_af_jguc kZfhdhgljhev ^_eZxsbc \hafh`guf ij_^hl\jZs_gb_ khklhygby
k\_joih]ehs_gghklb wfhpbyfb Dhgljhebjmxsbc k_[y q_eh\_d g_ iha\hey_l qj_af_jgh]h
wglmabZafZ hilbfbafZ \ha[m`^_gby aehklb `Zehklb d k_[_ Bkihevah\Zgb_ \ dZq_kl\_
aZsblgh]h f_oZgbafZ wdkp_kkb\gh]h kZfhdhgljhey iha\hey_l gZijbf_j ba[_]Zlv ijb_fZ
Zedh]hey[hykvqlhih^_]h\ebygb_fwfhpbbijhy\ylkyjZajmrbl_evgufh[jZahfH[s_gb_k
ex^vfbbf_xsbfblZdmxnhjfmkZfhdhgljheyij_^klZ\ey_lkyljm^guf^eyikbohl_jZi_\lZ
hkh[_ggh bkihevamxs_]h f_lh^ k\h[h^guo ZkkhpbZpbc ;hyagv ijhju\Z wfhpbc qZklh
ihjh`^Z_lkljZokhclbk mfZ
Zj[bljZevgmx ijZ\hlm dZd ihiuldm jZaj_rblv dhgnebdl jZa b gZ\k_]^Z Ijb wlhf
^_eZ_lky Zj[bljZevgh_ ml\_j`^_gb_ h lhf qlh lhevdh aZy\e_ggh_ ij_^klZ\ey_l kh[hc
[_amkeh\gh ijZ\bevguc \ZjbZgl g_ ih^e_`Zsbc djblbd_ k hl[jZku\Zgb_f khfg_gbc b
iZjbjh\Zgb_f ex[hc djblbdb Jb]b^ghklv ijb\h^bl iZpb_glh\ d ba[_]Zgbx ikbohZgZebaZ
dhlhjuc fh`_l ebrblv bo hkgh\guo aZsblguo \_jh\Zgbc k\h^ysboky d f_oZgbafm
Zj[bljZevghcijZ\hlu
wexab\ghklv ² f_oZgbaf ijhlb\hiheh`guc Zj[bljZevghc ijZ\hl_ Wexab\gu_
iZpb_glu g_ \ukdZau\Zxl gbdZdbo fg_gbc g_ kh\_jrZxl gbdZdbo lhqguo ^_ckl\bc
oZjZdl_jbamxlky hlkmlkl\b_f lhqgh hij_^_e_ggh]h bfb^`Z kiZkZykv lZdbf h[jZahf hl
i_j_`b\ZgbydhgnebdlZiml_fmoh^Zhlg_]h\ klhjhgmLZdb_ex^bgbdh]^Zg_^_eZxlgbdZdbo
aZdexq_gbc beb k^_eZ\ bo \ihke_^kl\bb hljbpZxl kdZaZggh_ ]h\hjy qlh hgb bf_eb \ \b^m
g_qlh ^jm]h_ Hgb oZjZdl_jbamxlky kihkh[ghklvx ^_eZlv \k_ g_ykguf b g_lhqguf 6 K
&ORQLQJHU hlf_qZ_lqlhboih\_^_gb_ gZihfbgZ_l rmldm h khk_^_ dhlhjh]h ihijhkbeb
\_jgmlvh^he`_ggh_bf\_^jhKhk_^\ hl\_lgZwlhkdZaZeqlh\_^jZhgg_h^Ze`b\Zeb [he__
lh]h dh]^Z hg _]h h^Ze`b\Ze \_^jh ijhl_dZeh ^Z b d lhfm `_ hg _]h m`_ \_jgme LZdb_
jZkkm`^_gbylbibqgu^eywexab\guoex^_c
pbgbafdZdh^bgbaf_oZgbafh\ba[_]ZgbydhgnebdlZiml_fhljbpZgbyb ij_\jZs_gby\
g_e_ihklv fhjZevguo p_gghkl_c Lbi ih\_^_gby lZdbo ex^_c ghkbl gZa\Zgb_
fZdbZ\_eebq_kdbc khagZl_evgh pbgbqguc kh klj_fe_gb_f ^hklbqv p_eb g_ \abjZy gZ
fhjZevgu_ h]jZgbq_gby G_dhlhju_ iZpb_glu bkihevamxl pbgbaf ih^khagZl_evgh gZ
khagZl_evghf mjh\g_ gZ keh\Zo ijb_fey khpbZevgu_ p_gghklb gZ ^_e_ `_ bfb g_
jmdh\h^kl\mykv
Khhlghr_gb_jh^bl_evkdh]hih\_^_gbyb ebqghklgh]hjZa\blby
Kh]eZkghª D Ohjgb hkgh\guf aehf \ k_fv_ y\ey_lky hlkmlkl\b_ gZklhys_c l_iehlu b
wfhpbhgZevghklb ?keb j_[_ghd \hkiblu\Z_lky \ wfhpbhgZevgh l_iehc kj_^_ lh
ikboheh]bq_kdb_ ljZ\fu i_j_ghkylky j_[_gdhf ohjhrh ?keb ih\_^_gb_ jh^bl_e_c g_
kihkh[kl\m_l kha^Zgbx m j_[_gdZ qm\kl\Z [_ahiZkghklb g_\jhlbq_kdh_ jZa\blb_ g_fbgm_fh
Jh^bl_evkdh_ ih\_^_gb_ ijh\hpbjmxs__ g_\jhlbq_kdh_ jZa\blb_ \dexqZ_l \ k_[y
g_aZbgl_j_kh\Zgghklv \ ^_lyo [_ajZaebqb_ d gbf ijhy\eyxs__ky dZd \ iZkkb\ghc lZd b \
Zdlb\ghcnhjf_
K_f_cgZy Zlfhkn_jZ ^he`gZ nhjfbjh\Zlv m j_[_gdZ m\_j_gghklv \ _]h g_h[oh^bfhklb
jh^bl_eyf \ ijhlb\h\_k hkgh\ghc lj_\h]_ A^hjh\u_ jh^bl_evkdb_ ih^oh^u lj_[mxl qlh[u
jh^bl_eb kZfb [ueb kihkh[gu gZ wfiZlbx khi_j_`b\Zgb_ qlh \hafh`gh ebrv \ kemqZ_
j_r_gby bfb k\hbo wfhpbhgZevguo ijh[e_f Ij_[u\Zgb_ jh^bl_e_c \h \eZklb g_j_r_gguo
ijh[e_fhdZau\Z_lg_]Zlb\gh_\ha^_ckl\b_gZj_[_gdZ
H^ghcba\Z`guoaZ^ZqikbohZgZebaZihOhjgby\ey_lky^hklb`_gb_[hevr_]hihgbfZgby
^_l_c b hilbfZevgh]h kihkh[Z h[jZs_gby k gbfb ?keb k_fvy \ khklhygbb k^_eZlv wlh hgZ
jZajmrZxl ih\lhjyxsbcky \ dZ`^hf ihdhe_gbbpbde gZjmr_gbb ?keb wlh]h g_ ijhbkoh^bl
gZjmr_gbyi_j_^Zxlkybaihdhe_gby\ ihdhe_gb_
Kh\j_f_ggu_bkke_^h\ZgbyKK )HLULQJ50F&UDHJL &RVWD ihdZaZebqlh
\ajhkeu_\kihfbgZxsb_h lhfqlhjh^bl_ebhl\_j]Zebbog_ijhy\eyyd gbfwfhpbhgZevgh]h
l_ieZ ih kjZ\g_gbx kh \ajhkeufb oZjZdl_jbamxsbfb k\hb hlghr_gby k jh^bl_eyfb dZd
wfhpbhgZevgh ijbylgu_ h[gZjm`b\Zeb \ukhdb_ ihdZaZl_eb g_\jhlbafZ Bkke_^h\Zg by
ihdZaZebqlhiheh`bl_evgh_\hkijbylb_jh^bl_eyfb^_l_cb g_Z\lhjblZjgu_gZdZaZgby^_l_c
ijh]ghabjmxl[he__\ukhdh_jZa\blb_ (JR m`_d e_lg_fm\hajZklmhkh[_gghm `_gsbg 6
L /DPERUQ k khZ\lhjZfb khh[sZebqlhZ\lhjblZjgu_jh^bl_eb^Zxsb_^_lyfk h^ghc
klhjhgu jb]b^gmx gZijZ\e_gghklv ih\_^_gby gh k ^jm]hc klhjhgu ex[ysb_ bo
\hkiblu\Zxlex^_cohjhrhijbkihkh[e_gguod `bagb
F '$LQVZRUWK k khZ\lhjZfb bkke_^h\Zeb[ebahklv^_l_cd fZl_jbb boj_ZdpbxgZ
ihy\e_gb_ qm`bo ex^_c :\lhju h[gZjm`beb qlh ijb gZebqbb [ebahklb f_`^m fZl_jvx b
j_[_gdhfj_[_ghdjZkl_lm\_j_gguf\ k_[_hsmsZxsbf[_ahiZkghklvqlhkha^Z_lhkgh\m^ey
_]h wfhpbhgZevgh]h a^hjh\vy \ ^_lkl\_ b dhibjh\Zgby wlh]h ih\_^_gby \h \ajhkehc `bagb
LZdhcq_eh\_dg_bkiulu\Z_lgZijy`_gbyijb\klj_q_k g_agZdhfufbex^vfb
LZdbf h[jZahf gZ ih\_^_gb_ \ajhkeh]h q_eh\_dZ hdZau\Z_l agZqbl_evgh_ khpbZevgh
ikboheh]bq_kdh_\ebygb_jZggbci_jbh^_]hhlghr_gbck jh^bl_eyfb
< jZ[hlZoDOhjgbjZkkfZljb\ZxsboagZq_gb_dmevlmjZevguo^_l_jfbgZgljZa\blbyd
dhlhjuf hlghkylky ki_pbnbq_kdb_ k_f_cgu_ i_j_`b\Zgby kl_j_hlbiu `bagb gZebqb_
^hfbgbjmxs_c beb `_jl\mxs_c kh[hc fZl_jb hlf_qZ_lky qlh wlb y\e_gby ^he`gu
jZkkfZljb\Zlvky lhevdh \gmljb hij_^_e_gguo dmevlmjZevguo mkeh\bc WlZ lhqdZ aj_gby
dhgljZklbjm_l k hibkZgghc Nj_c^hf mgb\_jkZevghc ikboh^bgZfbdhc k\hckl\_gghc \k_f
k_fvyf<_^v^Z`_W^bih\dhfie_dk\hagbdZ_l\ j_amevlZl_dhgdj_lghckblmZpbb\ dhgdj_lghc
k_fv_dh]^ZgZijbf_j_klvdhgdmj_gpbyf_`^mjh^bl_eyfb\gmljbk_fvbihhlghr_gbxdZdd
k_[_lZdb dj_[_gdm
Dmevlmjgu_ nZdlhju \dexqZxlky \ hp_gdm g_dhlhjuo iZll_jgh\ ih\_^_gby dhlhju_
hij_^_eyxl ijb_fe_fhklv beb g_ijb_fe_fhklv hl^_evguo y\e_gbc ^ey ^Zgghc dmevlmju
Dmevlmjgu_ h`b^Zgby \ hlghr_gbb gZijbf_j hl^_evguo jhe_c fm`qbg b `_gsbg fh]ml
\Zjvbjh\Zlvky LZd \h \j_f_gZ D Ohjgb ih\_^_gb_ `_gsbgu `_jl\mxs_c k\h_c dZjv_jhc
jZ^b dZjv_ju fm`Z kqblZehkv ghjfZevguf ^Z`_ ijb mkeh\bb __ [hevr_c h^Zj_gghklb
K_]h^gy\hfgh]bokljZgZod wlhfmih\_^_gbxhlghkylkyih^jm]hfmK_dkmZevgu_dhgnebdlu
\ gZklhys__\j_fyklZebf_g__\Z`gufb\ dZq_kl\_bklhqgbdZlj_\h]b
Hkh[h_agZq_gb_ijbh[j_lZ_ldhgnebdlf_`^mdhgdmj_glhkihkh[ghklvxb ex[h\vx
< gZr_c dmevlmj_ [hevrh_ agZq_gb_ ijb^Z_lky dhgnebdlm f_`^m dhfimevkb\guf
`_eZgb_f [ulv i_j\uf g_aZ\bkbfh hl jZaguo h[klhyl_evkl\ b klj_fe_gb_f [ulv ex[bfuf
Wlhldhgnebdlhkh[_gghmkbeb\Z_lky_kebj_qvb^_lh `_gsbgZo
@_gsbgu g_ jbkdmxl b^lb gZ ^hklb`_gby \ jy^_ hljZke_c Dhgdmj_gpby m fm`qbg
klbfmebjm_lky Z m `_gsbg g_l M `_gsbg jZa\b\Z_lky kljZo mki_oZ kh]eZkgh dhlhjhfm hgb
gZqbgZxl kqblZlv qlh _keb hgb ^hklb]gml mki_oZ hgb ihl_jyxl ex[h\v k\hbo [ebadbo b
^jma_c
Bkke_^h\Zgby ikboheh]h\ ihdZau\Zxl qlh jZ[hlZxsb_ `_gsbgu gZijbf_j KR: b
DZgZ^ubf_xsb_ijhn_kkbb\klj_qZxlkykhagZqbl_evgufdhebq_kl\hfijh[e_flj_[mxsbo
h[jZs_gbyd ki_pbZebklZf< k\yabk wlbf\ukdZau\Zxlky^\_lhqdbaj_gbyKh]eZkghh^ghcba
gbo[he__ikboheh]bq_kdba^hjh\ufby\eyxlky`_gsbgubf_xsb_ljZ^bpbhggh_ih\_^_gb_
ih kjZ\g_gbx k n_fbgbabjh\Zggufb `_gsbgZfb Bkke_^h\Zgby ijh\_^_ggu_ 5 +HOVRQ -
3LFDQR g_ ih^l\_j`^Zxl wlm lhqdm aj_gby :\lhju h[jZlbeb \gbfZgb_ gZ lh qlh
g_aZ\bkbfhklv b ikboheh]bq_kdZy fm`_kl\_gghklv m `_gsbg khq_lZxlky k bo emqrbf
ikboheh]bq_kdbf a^hjh\v_f qlh dklZlb k\hckl\_ggh b fm`qbgZf @_gkl\_gghklv \
mljbjh\Zgghf\b^_jhebg_b]jZ_lb ^Ze_dhg_\k_]^Zk\yaZgZk ikboheh]bq_kdbfa^hjh\v_fLh
_klv gZebqb_ lZdbo `_gkl\_gguo oZjZdl_jbklbd dZd wfiZlby b aZ[hlZ hdZau\Z_l
iheh`bl_evgh_ \ebygb_ dZd gZ a^hjh\v_ kZfhc `_gsbgu lZd b gZ a^hjh\v_ qe_gh\ __ k_fvb
H^gZdhgZebqb_ lhevdh wlbooZjZdl_jbklbd ijbhlkmlkl\bb lZdh]h fm`_kl\_ggh]h dZq_kl\Z
dZdZkk_jlb\ghklvbgl_jn_jbjm_lkha^hjh\hcZ^ZilZpb_cWlhiheh`_gb_dZkZ_lkyb fm`qbg
Ikbohl_jZibyg_\jhlbq_kdbodhgnebdlh\
D Ohjgb hlf_qZ_l qlh ijh\h^bfZy l_jZiby ^he`gZ bkoh^blv ba ZgZebaZ \k_c ebqghklb
bkdexqZykljZl_]bb[ukljuobgl_j\_gpbcNhdmkbjh\dZki_pbZebklZlhevdhgZki_pbnbq_kdbo
kbfilhfZo ij_^ty\ey_fuo iZpb_glhf \ ^Zgguc fhf_gl fZehj_amevlZlb\gZ G_h[oh^bfh
\uykgblvqlh`_klhblaZwlbfbkbfilhfZfbK wlhcp_evx\jZqjZkdju\Z_lih^khagZl_evgu_
kljZl_]bbiZpb_glZbkihevam_fu_bf^eyg_cljZebaZpbbg_\jhlbq_kdh]hdhgnebdlZlZddZd
bf_ggh wlb kljZl_]bb hdZau\Zxl ijyfh_ \ebygb_ gZ oZjZdl_j f_`ebqghklguo hlghr_gbc
kh[kl\_gguc bfb^` iZpb_glZ b \hkijbylb_ bf fbjZ \ p_ehf Wlb `bag_ggu_ kljZl_]bb
bkke_^mxlky\f_kl_k iZpb_glhf^ey^hklb`_gbybfbgkZclh\y\eyxsbokyiml_\h^bl_eyfb
\ jZkdjulbbgh\uo`bag_gguo\hafh`ghkl_c
Ij_^klZ\ey_l bgl_j_k lhqdZ aj_gby D Ohjgb kh]eZkgh dhlhjhc ^_lkdb_ \hkihfbgZgby
iZpb_glZ g_ \k_]^Z g_h[oh^bfu ;he__ p_e_khh[jZaguf y\ey_lky ^hklb`_gb_ iZpb_glhf
bgkZclh\ kihkh[kl\mxsbo ihgbfZgbx ih^khagZl_evguo l_g^_gpbc b bo nmgdpbc
Nhdmkbjh\dZ gZ ijhbkoh^ys_f m iZpb_glZ bf_ggh k_cqZk [he__ wnn_dlb\gZ ^ey
ijh^mpbjh\Zgby baf_g_gbc q_f moh^ \ _]h ijhreh_ IZpb_glu `_ gZh[hjhl klZjZxlky
ba[_`Zlv dhgnjhglZpbb kh k\hbfb g_\jhlbq_kdbfb dhgnebdlZfb ijhy\eyy ij_m\_ebq_gguc
bgl_j_kd \hkihfbgZgbyfijhreh]hHgbk m^h\hevkl\b_fZgZebabjmxl^_lkdb_i_j_`b\Zgby
^eylh]hqlh[umclbhl[_kihdhys_]hbo\ gZklhysbcfhf_gldhgnebdlZ
>_yl_evghklv \jZqZ ih baf_g_gbx ebqghklb iZpb_glZ klZ\bl i_j_^ ki_pbZebklhf
ke_^mxsb_aZ^Zqb
ih\ur_gb_hl\_lkl\_gghklbiZpb_glZ
ijbh[j_l_gb_[hevr_cg_aZ\bkbfhklb
jZa\blb_kihkh[ghklb\ujZ`Zlvqm\kl\Z[he__kihglZggh
g_ij_^ty\e_gb_g_h[hkgh\Zgguoij_l_gabc
kihkh[ghklviheghb bkdj_gg_\dexqZlvky\ kh[kl\_ggmx`bagv
;hevrh_ agZq_gb_ \ ikbohl_jZibb ijb^Z_lky kZfhZgZebam Ijh]j_kk ih hlghr_gbx d
memqr_gbx kh[kl\_ggh]h ikbobq_kdh]h a^hjh\vy fh`_l [ulv ^hklb]gml b \ kemqZ_
bg^b\b^mZevghc jZ[hlu iZpb_glZ ;he__ lh]h ikbobq_kdbc jhkl iZpb_glZ gZqZ\rbcky \
fhf_gl ikbohl_jZibb ^he`_g ijh^he`Zlvky \ bg^b\b^mZevghf hkfuke_gbb ihklZ\e_gguo
i_j_^iZpb_glhfaZ^ZqKZfhZgZebafh`_laZdexqZlvky\ kZfhklhyl_evghfj_r_gbbiZpb_glhf
k\h_c ijh[e_fu < ijhp_kk_ kZfhbkke_^h\Zgby iZpb_glm j_dhf_g^m_lky \_^_gb_ ^g_\gbdZ
ZgZebak\hbonZglZabckgh\b^_gbcwfhpbhgZevguoj_ZdpbcgZjZaebqgu_kh[ulby
<hagbdZxsZy bgh]^Z g_wnn_dlb\ghklv kZfhZgZebaZ h[tykgy_lky g_\hafh`ghklvx
iZpb_glZ \uclbgZ [he__ ]em[hdb_ f_oZgbafu e_`Zsb_ \ ahg_ [_euo iyl_g y\eyxsboky
ahgZfb ikboheh]bq_kdbo aZsbl J_abkl_glghklv d lZdh]h jh^Z ZgZebam \jy^ eb ihfh`_l
iZpb_glm jZ[hlZxs_fm \ h^bghqdm ihgylv kmlv wlbo aZsbl < k\yab k wlbf hkh[_ggh
\hajZklZ_l jhev ki_pbZebklZ mqZkl\mxs_]h \ wlhf ijhp_kk_ Bgh]^Z iZpb_glm ljm^gh
ij_h^he_lv ho\Zlu\Zxs__ _]h qm\kl\h [_aukoh^ghklb \ ij_h^he_gbb g_dhlhjuo ljm^ghkl_c
<hagbdZxsb_\ fhf_glikbohl_jZibbikboheh]bq_kdb_aZsbluiZpb_glZ^Zxl_fm\lhjbqgu_
^b\b^_g^u bf_xsb_ ^ey g_]h [hevrh_ agZq_gb_ Wlb \u]h^u k\yaZggu_ k aZsblZfb
y\eyxlky _s_ h^gbf ij_iylkl\b_f ^ey dZq_kl\_ggh]h ZgZebaZ < k\yab k wlbf \u^\b]Z_lky
dhgp_ipbyh g_\hafh`ghklbihegh]hZgZebaZijbikbohl_jZibb
Q:KLV ,,
H;SB?<HIJHKUIKBOB:LJBB
=eZ\Z KHPBH>BG:FBQ?KD:YIKBOB:LJBYD:DGH<:YI:J:>B=F:
< IKBOB:LJBB
< wgpbdehi_^bq_kdhf keh\Zj_ :HEVWHU iZjZ^b]fZ hij_^_ey_lky dZd gZ[hj nhjf
\k_ ba dhlhjuo kh^_j`Zl hkh[uc we_f_gl < gZmd_ iZjZ^b]fZ ij_^klZ\ey_l h[s_ijbgylmx
lhqdm aj_gby gZ ijbjh^m jZkkfZljb\Z_fuo y\e_gbc Ki_pbZebklu jZ[hlZxsb_ \ ex[hc
hljZkebb \^ZgghfkemqZ_\ h[eZklbikbobZljbb\k_]^ZgZoh^ylky\ ij_^_eZokms_kl\h\Zgby
hij_^_e_gghc iZjZ^b]fu G_h[oh^bfhklv ijh\_^_gby ex[h]h jh^Z bkke_^h\Zgby \ jZfdZo
bf_gghwlhciZjZ^b]fug_\uau\Z_lm gbokhfg_gbc;he__lh]hm [hevrbgkl\Zki_pbZebklh\
g_ \hagbdZ_l \hijhkZ h ijbqbg_ k\h_c ijbgZ^e_`ghklb d kms_kl\mxs_c iZjZ^b]f_ WlZ
dhgklZglZ mklZgZ\eb\Z_lky dZd [u Zijbhjb y\eyykv Zdkbhfhc ijbgylhc \ ^Zgghf
ijhn_kkbhgZevghf khh[s_kl\_ JZ[hlZ \ lZdhc iZjZ^b]f_ ij_^ty\ey_l ki_pbZebklZf
lj_[h\Zgb_dZkZxs__kyg_h[oh^bfhklbZgZebaZex[uoijh[e_fk bkihevah\Zgb_flhevdhl_o
f_lh^h\ dhlhju_ ijbgylu \ wlhc iZjZ^b]f_ >Z`_ \hijhku ih\ur_gby d\ZebnbdZpbhgghc
dhfi_l_glghklbki_pbZebklh\j_rZxlky\ jZfdZo^_ckl\mxs_ciZjZ^b]fub[hhgZhij_^_ey_l
k\hx `_ kh[kl\_ggmx kmsghklv kihkh[u \ha^_ckl\by gZ k\h_ kh^_j`Zgb_ b aZij_lu gZ
^_ckl\by ijhlb\hj_qZsb_ mkeh\byf __ kms_kl\h\Zgby Ex[Zy gZmdZ gZoh^ysZyky \gmljb
ijb_fe_fhciZjZ^b]fuy\ey_lkyghjfZevghcIjbwlhfkZfZiZjZ^b]fZhij_^_ey_lf_lh^u
bkihevam_fu_ ^ey j_r_gby ihklZ\e_gguo \hijhkh\ g_h[oh^bfhklv jZajZ[hldb gh\uo
gZijZ\e_gbc djbl_jbb j_r_gby ijh[e_fu gZijbf_j qlh fh`gh kqblZlv \ua^hjh\e_gb_f \
ikbobZljbb < djm] aZ^Zq hij_^_ey_fuo iZjZ^b]fhc \oh^bl b lZdZy dZd \hafh`ghklv b
kl_i_gvj_r_gbylhcbebbghcijh[e_fuIjh[e_fuhij_^_ey_fu_iZjZ^b]fhcb \oh^ysb_\
__ kljmdlmjm ijbagZxlky \k_f gZmqguf khh[s_kl\hf ijbgbfZxsbf __ dZd hkgh\m k\h_c
^_yl_evghklbEx[h_hldehg_gb_hlkms_kl\mxsbo\ iZjZ^b]f_iheh`_gbcg_iha\hebl_evghb
fh`_lh[tykgylvkyg_dhfi_l_glghklvxbebg_\_`_kl\hfdhgdj_lgh]hki_pbZebklZdhlhjhfm\
^Zgghc kblmZpbb j_dhf_g^mxl ih\ukblv k\hx d\ZebnbdZpbhggmx dhfi_l_glghklv ?keb
ki_pbZebklg_kfhljygZij_^ijbgbfZ_fu_ihiuldbijh^he`Z_lijb^_j`b\Zlvky\a]ey^h\g_
mdeZ^u\Zxsboky\ ijZ\beZiZjZ^b]fuwlhfh`_l[ulvjZkp_g_gh lZd`_dZdke_^kl\b_ lZdbo
ijbqbg dZd _]h fhjZevgZy g_khklhyl_evghklv ebqghklgu_ hldehg_gby ih^\_j`_gghklv
^_kljmdlb\guf\ebygbyfbeb^Z`__]hikbobq_kdh_g_a^hjh\v_
DeZkkbq_kdZyhjlh^hdkZevgZyikbobZljbygZoh^blky\ jZfdZoiZjZ^b]fup_gljbjh\Zgghc
gZ [he_agv b bkoh^bl ba iheh`_gby qlh ikbobq_kdb_ gZjmr_gby \k_]^Z \uau\Zxlky
ki_pbnbq_kdbfb hj]Zgbq_kdbfb \ rbjhdhf kfuke_ fha]h\ufb aZ[he_\Zgbyfb $QGUHDVHQ \
dgb]_ KehfZgguc fha] [bheh]bq_kdZy j_\hexpby \ ikbobZljbb hlf_qZeZ lhl nZdl qlh
hkgh\gu_ ikbobq_kdb_ gZjmr_gby y\eyxlky [he_agyfb d dhlhjuf gm`gh hlghkblvky lZd `_
dZd d lZdbf f_^bpbgkdbf aZ[he_\Zgbyf dZd ^bZ[_l [he_agb ihq_d k_j^pZ b l ^ <k_ wlb
aZ[he_\Zgby \uau\Zxlky dZd ba\_klgh ^_ckl\b_f [bheh]bq_kdbo nZdlhjh\ Ihkdhevdm j_qv
b^_lh ikbobq_kdboaZ[he_\Zgbyofh`ghkdZaZlvqlh[hevrbgkl\hwlbonZdlhjh\ijhy\ey_lky
\ jZ[hl_ fha]Z ;m^mqb f_^bpbgkdhc ^bkpbiebghc ikbobZljby klZjZ_lky b^_glbnbpbjh\Zlv
[bheh]bq_kdb_ nZdlhju \uau\Zxsb_ ikbobq_kdb_ aZ[he_\Zgby b bamqblv f_oZgbafu bo
\ebygby WlZ fh^_ev bkoh^bl ba lh]h qlh dZ`^uc lbi [he_agb bf__l ijbkmsmx bf_ggh _fm
ki_pbnbq_kdmx ijbqbgm E_q_gb_ ikbobq_kdbo [he_ag_c Zdp_glmbjm_l bkihevah\Zgb_ lZd
gZau\Z_fhc khfZlbq_kdhc l_jZibb Ihkdhevdm aZ[he_\Zgby jZkkfZljb\Zxlky dZd
[bheh]bq_kdb_ihk\h_cijbjh^_l_jZibyij_^iheZ]Z_lkydZddhjj_dpbye_`Zs_]h\ bohkgh\_
gZjmr_gby [bheh]bq_kdh]h ^bk[ZeZgkZ LZdbf h[jZahf [bhf_^bpbgkdZy iZjZ^b]fZ
ikbobZljbb p_gljbjh\Zgghc gZ [he_agv ijh\ha]eZrZ_l k_[y gZmqghc f_^bpbgkdhc
^bkpbiebghc >ZggZy iZjZ^b]fZ bkoh^y ba k\h_c eh]bdb ijb\h^bl d aZdexq_gbx qlh
ikbobq_kdb_ aZ[he_\Zgby ^he`gu [ulv h^bgZdh\ufb \h \k_o h[s_kl\Zo \h \k_o kljZgZo m
\k_owlgbq_kdbo]jmiib g_aZ\bkylhldmevlmjZevguohkh[_gghkl_c
<gmljb iZjZ^b]fu \ gbkoh^ys_f ihjy^d_ \uklmiZxl [he__ gbadb_ mjh\gb ihgylbcguo
kljmdlmjgZau\Z_fu_fh^_eyfbl_hjbyfb]bihl_aZfb &DVWLOOR Fh^_eb ij_^klZ\eyxl kh[hc h[sb_ l_hjbb dhlhju_ h[tykgyxl [hevrmx qZklv ihey
bkke_^h\Zgbc\gmljbgZmqghc^bkpbiebgu
L_hjbb ² kh\hdmighklv h[h[s_gguo iheh`_gbc h[jZamxsbo iZjZ^b]fu b ijZ\beZ
hij_^_eyxsb_^_ckl\by\ jZfdZowlhciZjZ^b]fu
=bihl_au y\eyxlky ij_^iheh`_gbyfb bkihevam_fufb ^ey h[tykg_gby dZdboeb[h
y\e_gbc=bihl_aulj_[mxlih^l\_j`^_gby
<gmljb jZajZ[hlZgghc iZjZ^b]fu [he__ gbadb_ kljmdlmjgu_ mjh\gb ^he`gu eh]bq_kdb
khhl\_lkl\h\Zlv [he__ \ukhdbf mjh\gyf LZdbf h[jZahf \k_ ghkbl ijh^mfZgguc
h^ghieZgh\ucoZjZdl_jIZjZ^b]fZdhgljhebjm_lkmlv\hijhkh\lj_[mxsboj_r_gbyf_lh^u
bkihevam_fu_^ey^hklb`_gbywlhcp_ebb \hafh`gu_\ZjbZgluijb_fe_fuohl\_lh\
B_jZjoby[bhf_^bpbgkdhciZjZ^b]fuikbobZljbb\u]ey^blke_^mxsbfh[jZahf
Ikbobq_kdb_gZjmr_gby\uau\Zxlkyki_pbnbq_kdbfb[he_agyfb]heh\gh]hfha]Z
Ikbobq_kdh_aZ[he_\Zgb_gZijbf_jrbahnj_gbydZdfh^_ev\ jZfdZowlhciZjZ^b]fu
jZkkfZljb\Z_lky dZdikbohlbq_kdh_jZkkljhckl\h \ua\Zggh_ ki_pbnbq_kdbf obfbq_kdbf beb
[bheh]bq_kdbf^bk[ZeZgkhf
L_hjbb h[tykgyxsb_ ijbqbgu \hagbdgh\_gby [he_agb y\eyxlky [bheh]bq_kdbfb
GZijbf_j rbahnj_gby \ jZfdZo wlhc iZjZ^b]fu k\yau\Z_lky k ih\ur_gghc Zdlb\ghklvx
^hiZfbgh\uo kbkl_f IjbagZxlky \hafh`gufb b lZdb_ ijbqbgu dZd gZjmr_gb_ h[f_gZ
Z^j_gZebgZk \hagbdgh\_gb_fZ^j_ghojhfh\Z^j_ghexlbgh\b ij<k_wlhgZoh^blky\ jZfdZo
[bhf_^bpbgkdhciZjZ^b]fu
=bihl_aZ ij_^iheZ]ZxsZy qlh ikbobq_kdb_ aZ[he_\Zgby bf_xl h^bgZdh\mx
debgbq_kdmxdZjlbgmb l_q_gb_Z lZd`_h^bgZdh\h^bZ]ghklbjmxlky\h\k_ffbj_
Khpbh^bgZfbq_kdZy ikbobZljby hlebqZ_lky hl deZkkbq_kdhc ikbobZljbb l_f qlh hgZ
\uoh^bl aZ ]jZgbpu [bhf_^bpbgkdhc iZjZ^b]fu b hi_jbjm_l \ jZfdZo jZaguo iZjZ^b]f
Ikbobq_kdb_ gZjmr_gby jZkkfZljb\Zxlky dZd khklhygby jZa\b\Zxsb_ky ih^ \ha^_ckl\b_f
fgh`_kl\_gguo nZdlhjh\ \ lhf qbke_ ikboheh]bq_kdbo khpbZevguo j_eb]bhaguo b
dmevlmjguo <ebygb_ wlbo nZdlhjh\ k\yau\Z_lky k ^jm]bfb khpbhikboheh]bq_kdbfb
nZdlhjZfbjbkdZ\ebyxsbfbgZq_eh\_dZ\ jZaebqgu_i_jbh^u_]h`bagbIjb^Z_lkyhkh[h_
agZq_gb_ZgZebamhkh[_gghkl_c^_lkdh]hb ih^jhkldh\h]hi_jbh^h\`bagbk Zdp_glbjh\Zgb_f
\gbfZgby gZ lZdbo iZjZf_ljZo dZd oZjZdl_j \hkiblZgby gZebqb_ b kh^_j`Zgb_ ikbobq_kdhc
ljZ\fZlbaZpbbkbkl_fZ\aZbfhhlghr_gbck jh^bl_eyfbk\_jklgbdZfbkdeZ^u\ZxsZyky\ wlb
i_jbh^u `bagb b ij_^hij_^_eyxsZy \ ^Zevg_cr_f j_Zdpbb gZ jZaebqgu_ kh[ulby klbev
ih\_^_gbyij_^ihql_gbyb kbkl_fmp_gghkl_c
Nhjfbjh\Zgb_ hij_^_e_gguo gZ\udh\ ih\_^_gby b kihkh[h\ kZfhj_ZebaZpbb
kdeZ^u\Zxsboky m`_ \ ^_lkdhf b ih^jhkldh\hf \hajZkl_ ijb\h^bl d lhfm qlh
knhjfbjh\ZggZy kljmdlmjZ hdZau\Z_lky ^hklZlhqgh jb]b^ghc b hlghkbl_evgh iehoh
ih^^Zxs_cky dhjj_dpbb Dhjj_dpby lj_[m_l mqZklby \ g_c ki_pbZebklh\ jZa[bjZxsboky \
ikboheh]bb hgZ hkh[_ggh aZljm^g_gZ ih jy^m ijbqbg \ qZklghklb \ k\yab k ijh^he`_gb_f
ij_[u\Zgby q_eh\_dZ \ ihe_ ^_ckl\by l_o `_ khpbhikboheh]bq_kdbo b dmevlmjguo nZdlhjh\
dhlhju_ ^_ckl\h\Zeb gZ g_]h \ ijhrehf Bf_xl agZq_gb_ bg_jpbhggu_ f_oZgbafu <u[hj
dZdh]hlhgh\h]himlbkhijy`_gk ijbf_g_gb_fhij_^_e_gguomkbebcfh[bebaZpb_ckdjuluo
j_kmjkh\ mf_gb_f gZclb gh\mx lhqdm hlkq_lZ qlh dZd ijZ\beh hdZau\Z_lky ^hklZlhqgh
keh`guf
<
khpbh^bgZfbq_kdhc ikbobZljbb \hagbdgh\_gb_ ikbobq_kdh]h gZjmr_gby
jZkkfZljb\Z_lky\ jZfdZodhgp_ipbbhlebqghchlh[uqghcdhgp_ipbb[he_agbKqblZ_lkyqlh
dZ`^h_ ikbobq_kdh_ gZjmr_gb_ bf__l k\h_h[jZab_ hljZ`Zxs__ hkh[_gghklb ebqghklb \
rbjhdhf kfuke_ wlh]h keh\Z AgZq_gb_ khpbhikboheh]bq_kdbo b dmevlmjguo nZdlhjh\
\uklmiZ_l ijb jZaguo [he_agyo b gZjmr_gbyo \ lhf qbke_ b hj]Zgbq_kdbo bf_xsbo
jZaebqgmx ijbjh^m K gbfb k\yaZgZ \hafh`ghklv b mjh\_gv dhfi_gkZpbb khpbZevgZy
j_Z^ZilZpby b ijh]gha ?keb \ wlhf jZdmjk_ jZkkfhlj_lv kh\j_f_ggmx ^bZ]ghklbdm
ikbobq_kdboaZ[he_\Zgbcfh`ghhlf_lblvqlh '60,9 ihkjZ\g_gbxk '60,,,5 hljZ`Z_l
ikbobZljbxm`_f_g__p_gljbjh\ZggmxgZ[he_agv\ madhf[bhf_^bpbgkdhfihgbfZgbb
LZdgZijbf_j\ '60,9 ikbobq_kdb_aZ[he_\ZgbyZgZebabjmxlky\ dZq_kl\_n_ghf_gh\
dhlhju_fh]ml[ulv\_jbnbpbjh\Zguihkj_^kl\hfh[t_dlb\gh]hgZ[ex^_gby< wlhfih^oh^_
gZ[ex^_gbx ijb^Z_lky i_j\hkl_i_ggh_ agZq_gb_ \ dZq_kl\_ kj_^kl\Z \_jbnbdZpbb
:dp_glbjm_lky gZ^_`ghklv \_jbnbdZpbb gZ[ex^_gbc b \ lh `_ \j_fy f_g__ mqblu\Z_lky
agZqbfhklvdhgp_ipbcl_hjbcdhlhju_gZijZ\eyxlwlbgZ[ex^_gby
L_q_gb_ ikbobq_kdbo jZkkljhckl\ hdZau\Z_lky g_hl^_ebfuf hl k_f_cguo hlghr_gbc
khpbZevguonZdlhjh\jZa\blhklbf_^bpbgkdhcb khpbZevghcihfhsb
IZjZ^b]fZ khpbh^bgZfbq_kdhc ikbobZljbb ij_^iheZ]Z_l qlh \ gh\uo kbkl_fguo
deZkkbnbdZpbyo ke_^m_l hljZ`Zlv khpbZevgu_ wdheh]bq_kdb_ b dmevlmjgu_ ebg]\bklbq_kdb_
nZdlhju DZ`^h_ h[s_kl\h \dexqZ_l k\hb klZg^Zjlu ghjfu ^_\bZpbb b iZlheh]bb \
hlghr_gbbih\_^_gbyq_eh\_dZgZjy^mk h[s_q_eh\_q_kdbfbagZq_gbyfb
Hlghr_gb_ lh]h beb bgh]h h[s_kl\Z d ikbobq_kdhfm aZ[he_\Zgbx lZd`_ hkgh\Zgh gZ
ij_h[eZ^ZxsboljZ^bpbyob dmevlmjguoghjfZoIkbobq_kdb_aZ[he_\Zgby^bZ]ghklbjmxlkyb
e_qZlky \ khhl\_lkl\bb k kbkl_fhc b ljZ^bpbyfb \ h[eZklb f_^bpbgu b ikbobZljbb
kljmdlmjhcagZgbc\ h[eZklbikbobZljbb
< gZklhys__\j_fyhlf_qZ_lkyn_ghf_gbkq_aZxsbo^bZ]ghah\lZdbodZdg_\jZkl_gbyb
ijhklZy nhjfZ rbahnj_gbb Wlb aZ[he_\Zgby \u^_eyxlky \ jZfdZo iZjZ^b]fu ikbobZljbb
p_gljbjh\Zgghc gZ [he_agv Ihkdhevdm g_\jZkl_gby hlghkblky d dZl_]hjbb g_\jhah\
ih^q_jdb\Z_lky __ k\yav k \ha^_ckl\b_f ikboh]_gguo nZdlhjh\ Debgbq_kdb_ ijhy\e_gby
g_\jZkl_gbb\dexqZxljy^ijbagZdh\mlhfey_fhklv]heh\gu_[hebkgb`_gb_dhgp_gljZpbb
\gbfZgby [_kkhggbpZ wfhpbhgZevgZy eZ[bevghklv bklhsZ_fhklv jZa^jZ`bl_evghklv b ^j
Ihy\e_gb_ lZdbo ijbagZdh\ gZ[ex^Z_lky qZklh \ j_amevlZl_ \ha^_ckl\by fgh]bo nZdlhjh\ b
lj_[m_l\k_klhjhgg_]hZgZebaZ\ dZ`^hfdhgdj_lghfkemqZ_
Ohly\ jZfdZoij_`g_cdeZkkbnbdZpbbb kqblZ_lkyqlhijbqbghc g_\jZkl_gbb y\eyxlky
ikboheh]bq_kdb_ nZdlhju ijb ZgZeba_ dhgdj_lguo kemqZ_\ jZa\blb_ l_o `_ ijbagZdh\
ijZdlbq_kdb \k_]^Z fh`gh h[tykgblv gZebqb_f ^jm]bo [bheh]bq_kdbo nZdlhjh\ lZdbo dZd
gZijbf_j Zjl_jbZevgZy ]bih beb ]bi_jl_gaby ikbohhj]Zgbq_kdbc kbg^jhf gZebqb_
ojhgbq_kdh]h bgn_dpbhggh]h aZ[he_\Zgby ihke_^kl\by bglhdkbdZpbb wg^hdjbggu_
gZjmr_gby b ^j Ihwlhfm hlg_k_gb_ g_\jZkl_gbb d hl^_evghc ghaheh]bb ikboh]_gghc
wlbheh]bbg_ijZ\hf_jgh
IjhklZy nhjfZ rbahnj_gbb hlghkblky d bkq_aZxsbf ^bZ]ghaZf _s_ b ihlhfm qlh __
debgbq_kdZydZjlbgZhdZau\Z_lkyg_^hklZlhqghki_pbnbqghcb ljm^ghh[t_dlb\babjm_fhc
IjhklZy nhjfZ rbahnj_gbb ^bZ]ghklbjm_lky gZ hkgh\Zgbb mklZgh\e_gby g_]Zlb\guo
jZkkljhckl\ Wlhl ijhp_kk ghkbl ^hklZlhqgh km[t_dlb\guc aZ\bkysbc hl Zi_jp_ipbb
gZkljh_gghklb gZ ^bZ]gha oZjZdl_j Djhf_ lh]h hdZau\Z_lky qlh agZqbfu_ ^ey ^bZ]ghklbdb
ijbagZdbfh]ml[ulvikboh]_gghh[mkeh\e_guKi_pbZebklZfbdhgklZlbjm_lkyg_h^bgZdh\hklv
hibkZgbyhkgh\gh]hkbg^jhfZijhklhcnhjfurbahnj_gbb?]hijhy\e_gbyihfg_gbxjZaguo
Z\lhjh\ \dexqZxl \ k_[y wfhpbhgZevgh\he_\u_ jZkkljhckl\Z wfhpbhgZevgmx
g_Z^_d\Zlghklv Z k lhqdb aj_gby Kemq_\kdh]h wfhpbhgZevgh\he_\h_ kgb`_gb_
b^_glbnbpbjm_lky k ZiZlhZ[mebq_kdbf kbg^jhfhf Jy^ ijZdlbq_kdbo \jZq_cikbobZljh\
lZd`_ b^_glbnbpbjmxl wfhpbhgZevgh\he_\h_ kgb`_gb_ k ZiZlhZ[mebq_kdbf khklhygb_f <
k\yabk wlbfke_^m_lmqblu\ZlvqlhDj_i_ebghibku\Zyijhklmxnhjfmrbahnj_gbbh[jZsZe
\gbfZgb_ g_ lhevdh gZ wfhpbhgZevgh\he_\h_ kgb`_gb_ gh b gZ gZebqb_ wfhpbhgZevghc
g_Z^_d\Zlghklb b ba[bjZl_evghklb \he_\h]h gZjmr_gby qlh g_wd\b\Ze_glgh ZiZlhZ[mebb
LZdbf h[jZahf _keb klZ\blv agZd jZ\_gkl\Z f_`^m wfhpbhgZevgh\he_\ufb jZkkljhckl\Zfb
k\hckl\_ggufb rbahnj_gbb b ZiZlhZ[mebq_kdbf kbg^jhfhf l_jy_lky \hafh`ghklv
^bnn_j_gpbZpbb rbahnj_gbb k hj]Zgbq_kdbfb ihjZ`_gbyfb ]heh\gh]h fha]Z gZijbf_j _]h
eh[guo^he_c
M ikbobZljh\ hlkmlkl\mxl ^hklZlhqgu_ djbl_jbb dhebq_kl\_gguo hp_ghd \ujZ`_gghklb
wfhpbcb \hebWfhpbhgZevgh\he_\u_khklhygbyihjZaghfmjZkp_gb\Zxlkyki_pbZebklZfb\
k\yabk ljm^ghklyfb\ h[t_dlb\baZpbbIjboh^blkyqZklh\klj_qZlvkyk kblmZpb_cdh]^Zh^bg
ikbobZlj gZoh^bl m iZpb_glZ wfhpbhgZevgh\he_\h_ kgb`_gb_ ^jm]hc bf_xsbc lm `_
d\ZebnbdZpbx g_ gZoh^bl wlh]h gZjmr_gby >bZ]ghklbdZ wlbo khklhygbc hkeh`gy_lky
gZebqb_f qZklhc ijhn_kkbhgZevgh h[mkeh\e_gghc b^_glbnbdZpbb iZpb_glZ k fh^_evx
hibku\Z_fhc\ mq_[guojmdh\h^kl\Zo hkh[_ggh_kebf_`^m\jZqhfb iZpb_glhfhlkmlkl\m_l
ijh^mdlb\guc dhglZdl Hlkmlkl\b_ lZdh]h dhglZdlZ kZfh ih k_[_ fh`_l [ulv j_amevlZlhf
ikboheh]bq_kdboijbqbgZ g_ijhy\e_gb_fikbohiZlheh]bbiZpb_glZ
Kgb`_gb_ \g_rg_c Zdlb\ghklb ^Ze_dh g_ \k_]^Z ijbagZd \he_\h]h kgb`_gby hgh fh`_l
[ulv k\yaZgh kh kljZohf g_^h\_jb_f h[b^hc b ^j <g_rg_ wlh fh`_l \u]ey^_lv dZd
wfhpbhgZevgh\he_\h_ kgb`_gb_ b ^bZ]gha ijhklhc nhjfu rbahnj_gbb \ ^Zgghc kblmZpbb
fh`_l[ulve_]dhihklZ\e_gqlhd kh`Ze_gbxqZklhb ijhbkoh^bl
Fgh]b_ kemqZb ^bZ]ghaZ ijhklhc nhjfu rbahnj_gbb \ j_amevlZl_ hdZau\Zxlky
hrb[hqgufb qlh ijb\h^bl d k_jv_aguf hljbpZl_evguf khpbZevguf ihke_^kl\byf ^ey
iZpb_glh\< k\yabk wlbf^bZ]ghaijhklhcnhjfurbahnj_gbbbkdexq_gba '60,9 Wlhg_
agZqblqlh\ ikbobZljbbg_lkhklhygbcijhl_dZxsbok wfhpbhgZevgh\he_\ufkgb`_gb_f\
jZfdZo rbahnj_gbq_kdh]h ijhp_kkZ ^bZ]ghklbdZ dhlhjh]h ^he`gZ [ulv \k_]^Z djZcg_
hklhjh`ghc Ke_^m_l hlf_lblv qlh \_jhylghklv hrb[db ijb bkihevah\Zgbb
khpbh^bgZfbq_kdbo ih^oh^h\ f_gvr_ q_f ijb bkihevah\Zgbb klZg^Zjlguo ikbobZljbq_kdbo
f_lh^h\
< khpbh^bgZfbq_kdhc ikbobZljbb g_ kms_kl\m_l g_ijhoh^bfuo ]jZgbp f_`^m
jZkkljhckl\Zfb g_\jhlbq_kdh]h b ikbohiZlheh]bq_kdh]h mjh\gy Kms_kl\m_l l_jfbg
ikbobq_kdb_ gZjmr_gby PHQWDO GLVRUGHUV dhlhjuc h[t_^bgy_l g_\jhlbq_kdb_ b
ikbohiZlheh]bq_kdb_ n_ghf_gu qlh h[mkeh\eb\Z_lky g_ b]jhc \ l_jfbgheh]bx Z
g_h[oh^bfhklvx ih^q_jdgmlv nZdl \hafh`gh]h i_j_oh^Z h^gh]h khklhygby \ ^jm]h_ LZd
gZijbf_j iZpb_gl fh`_l gZ ijhly`_gbb hij_^_e_ggh]h \j_f_gb ijh^mpbjh\Zlv
g_\jhlbq_kdb_ kbfilhfu dhlhju_ \ihke_^kl\bb fh]ml i_j_clb \ ^jm]b_ [he__ ]em[hdb_
ikbobq_kdb_gZjmr_gby
Fgh]b_hjlh^hdkZevgu_ikbobZlju kqblZxl qlh _keb gZijbf_j \ [he__ jZggbc i_jbh^
\j_f_gb ij_^r_kl\mxsbc ]hkiblZebaZpbb iZpb_glZ m g_]h [ueh ^bZ]ghklbjh\Zgh
g_\jhlbq_kdh_ gZjmr_gb_ Z \ fhf_gl h[ke_^h\Zgby ijhy\eyxlky ikbohiZlheh]bq_kdb_
kbfilhfuwlhy\ey_lkyke_^kl\b_fhrb[hqghc^bZ]ghklbdb
Ihy\e_gb_gh\hck\hckl\_gghckhpbh^bgZfbq_kdhcikbobZljbbiZjZ^b]fuijhbahrehg_
kjZam Wlhfm ijhp_kkm ij_^r_kl\h\Zeh gZdhie_gb_ nZdlh\ g_ mdeZ^u\Zxsboky \
[bhf_^bpbgkdmxiZjZ^b]fm
HkhagZgb_ZghfZebbfh`_l[ulvgZqZehfhij_^_e_ggh]hhldjulbydhlhjh_ij_^iheZ]Z_l
ijh\_^_gb_bkke_^h\Zgbc\ jZfdZobamq_gbyZghfZebcWlbbkke_^h\Zgbyfh]mlb^lbih^\mf
gZijZ\e_gbyfbeb ZghfZebx ijbkihkZ[eb\Zxl d kms_kl\mxs_c iZjZ^b]f_ beb _keb wlh g_
m^Z_lky jZkkfZljb\Zxl ihemq_ggu_ y\e_gby dZd bgl_j_kgu_ dmjv_agu_ gh kh\_jr_ggh
kemqZcgu_\_sb< ijhlb\ghfkemqZ_kZfZiZjZ^b]fZhdZau\Z_lkyih^m]jhahc
G_h[oh^bfh mqblu\Zlv jb]b^ghklv iZjZ^b]fu g_\hafh`ghklv i_j_f_gu \ __ kljmdlmj_
beb aZf_gu __ dhfihg_glZfb >jm]hc iZjZ^b]fu Ke_^m_l ihfgblv qlh bamq_gb_ ZghfZebc
hldju\Z_l gh\mx i_jki_dlb\m \b^_gby b gh\u_ \hafh`ghklb HkhagZgb_ ZghfZebc
kihkh[kl\m_l kha^Zgbx gh\uo iZjZ^b]f lZd dZd ij_`gyy kihkh[gZ ebrv ih\_joghklgh
ijbkihkZ[eb\Zlvkyd gh\hcbgnhjfZpbbb h[t_dlb\ghij_iylkl\m_ljZa\blbxijbgpbibZevgh
gh\uoih^oh^h\
Ki_pbZebklZf g_h[oh^bfh dhgp_ilmZevgh_ ijbagZgb_ gh\hc iZjZ^b]fu qlh fh`_l
khijh\h`^Zlvkyg_h[oh^bfhklvxijbf_gylv^jm]b_f_lh^uih^oh^ub jZa\b\Zlvihkms_kl\m
gh\mxhljZkevagZgbcIjblZdhfih^oh^_ki_pbZebklufh]ml\klj_lblvkyk ikboheh]bq_kdbfb
ljm^ghklyfbh[mkeh\e_ggufbklhedgh\_gb_fk g_ijb\uqgufb^eygboy\e_gbyfb;he__lh]h
g_evay k[jZku\Zlv kh kq_lh\ bg_jpbx fure_gby ijb dhlhjhc ki_pbZebkl ijb\ud ^mfZlv \
jZfdZo hij_^_e_gghc ^bdlm_fhc iZjZ^b]fhc ko_fu hkh[_ggh _keb hg gZoh^blky ih^
\ebygb_f fg_gbc Z\lhjbl_lh\ kheb^guo jmdh\h^kl\ mki_oh\ k\yaZgguo k ijbf_g_gb_f
iZjZ^b]fu\ ijhrehfIjhp_kkl\hjq_kdh]hhkhagZgbyZghfZebblj_[m_lmkbebcb \j_f_gbb
aZ\bkbl hl jZaguo ijbqbg lZdbo gZijbf_j dZd \hajZkl ki_pbZebklh\ beb bo ebqghklgu_
hkh[_gghklbG_evayaZ[u\ZlvqlhiZjZ^b]fZhij_^_ey_lkZfmko_fmgZmqgh]hfure_gbydZd
[u dhgljhebjm_l _]h gZijZ\e_gghklv Q_eh\_d k [hevr_c \_jhylghklvx \b^bl \
jZkkfZljb\Z_fhf y\e_gbb lh qlhhgh`b^Z_l m\b^_lv b gZ qlhhg gZkljh_g aZjZg__ Ihwlhfm
g_dhlhju_ dZaZehkv [u hq_\b^gu_ b kZfh kh[hc jZamf_xsb_ky y\e_gby ljm^gh
\hkijbgbfZxlkyb ljm^gh hkhagZxlky< ijhp_kk_jZkihagZgby b hkhagZgbyZghfZebbhiZkgh
klj_fe_gb_ijbkihkh[blv__ dkms_kl\mxsbfijb\uqgufko_fZf\ j_amevlZl_q_]hl_jy_lky
hkgh\ghckfukehkhagZ\Z_fh]hBgh]^Zijhp_kkhkhagZgbyhdZau\Z_lkyg_\hafh`guf\ k\yabk
\hagbdgh\_gb_f m]jhau ijb\uqghc iZjZ^b]f_ qlh \hkijbgbfZ_lky dZd ihdmr_gb_ gZ lZ[m
ijhy\e_gb_ _j_kb Wlb f_oZgbafu f_rZxl jZa\blbx gZmdb kha^Zxl mkeh\by ^ey
dhgk_j\Zlb\ghcjb]b^ghklb\ ieZg_ijb\_j`_gghklbd hij_^_e_gghciZjZ^b]f_
H^gZdh ke_^m_l ihfgblv h lhf qlh d kms_kl\mxsbf iZjZ^b]fZf g_ ke_^m_l hlghkblvky
h^ghklhjhgg_ hljbpZl_evgh IZjZ^b]fu g_h[oh^bfu hgb [_amkeh\gh ihe_agu ^ey jZa\blby
gZmdbohly[uihlhfmqlhkZfbZghfZebb\hagbdZxlihhlghr_gbxd q_fmlhZ g_gZimklhf
f_kl_ hgb hllZedb\Zxlky hl hkgh\u y\eyxs_cky [Zahc ^ey kms_kl\h\Zgby hij_^_e_gghc
iZjZ^b]fu
Ih\lhjyxsb_ky beb kms_kl\mxsb_ ^ebl_evgh_ \j_fy ZghfZebb gZ[ex^Z_fu_ jZagufb
ki_pbZebklZfb ijhgbdZxl ^hklZlhqgh ]em[hdh \ khagZgb_ ex^_c ?keb dZdZylh h[eZklv
agZgbc jZ[hlZxsZy \ jZfdZo kms_kl\mxs_c iZjZ^b]fu gZoh^blky ih^ ^ebl_evguf
\ebygb_f ZghfZebc b ihke_^gb_ g_ fh]ml [ulv ihgylu \ __ jZfdZo \hagbdZ_l djbabk
iZjZ^b]fu
Djbabk \hagbdZ_l lh]^Z dh]^Z ijh[e_fZ dZaZ\rZyky jZg__ j_r_gghc gZijbf_j
ijbagZgb_rbahnj_gbbfha]h\ufaZ[he_\Zgb_fk hj]Zgbq_kdhcijbjh^hc\ ^_ckl\bl_evghklb
hdZau\Z_lky ojhgbq_kdb g_jZaj_rZ_fhc LZdZy kblmZpby ijb\h^bl d lhfm qlh klj_fe_gb_
^hdZaZlv ijZ\bevghklv iZjZ^b]fu mkbeb\Z_lky ijb wlhf `_eZ_fh_ fh`_l \u^Z\Zlvky aZ
^_ckl\bl_evgh_ Ex[Zy gZmdZ hkgh\u\Z_lky gZ iheh`_gbb ijb dhlhjhf nZdlu ^he`gu
khhl\_lkl\h\Zlv hij_^_e_gghc l_hjbb NZdlu ^he`gu ih^l\_j`^Zlv l_hjbx Z g_
ijhlb\hj_qblv_cIhwlhfmdjblbq_kdh_hlghr_gb_d l_hjbb\ khhl\_lkl\bbk __khhlg_k_gb_f
d l_fbebbgufnZdlZfy\ey_lkyhq_gv \Z`guf \ ieZg_ kjZ\g_gbygZebqby khhl\_lkl\bc beb
ijhlb\hj_qbc f_`^m gbfb ?keb lZdh]h kjZ\g_gby g_ ijhbkoh^bl \hagbdZ_l g_Z^_d\ZlgZy
kblmZpby aZdexqZxsZyky \ lhf qlh ijb fheqZeb\hf g_kh]eZkbb ki_pbZebklZ k \uy\e_gguf
g_khhl\_lkl\b_fwlhg_khhl\_lkl\b_fh`_l^eblvky^hklZlhqgh^he]h< kemqZ_`_ih\lhj_gby
^bZ]ghklbjh\Zgguo]jmiihcki_pbZebklh\g_khhl\_lkl\bc\hagbdZ_lg_h[oh^bfhklvbaf_g_gby
l_hjbb iZjZ^b]fu Wlh iheh`_gb_ ih^l\_j`^Z_lkyijbf_jhf k\yaZgguf k gZmqguf ihbkdhf
^hdZaZl_evkl\ hj]Zgbq_kdhc ijbjh^u rbahnj_gbb G_kfhljy gZ y\gh_ nbZkdh ijh\_^_gguo
f_jhijbylbc wlh y\e_gb_ ih\e_deh aZ kh[hc mkbe_gb_ bgl_j_kZ ki_pbZebklh\ d bamqZ_fhc
ijh[e_f_ qlh jZkp_gb\Z_lky dZd iheh`bl_evguc fhf_gl Wlhl nZdl klbfmebjh\Ze jZa\blb_
[bheh]bq_kdbo bkke_^h\Zgbc bf_xsbo g_khfg_ggh_ agZq_gb_ ^ey ikbobZljbb gh l_f g_
f_g__aZ^ZqZhdZaZeZkvg_jZaj_r_gghc
Bgl_j_k d wlhc ijh[e_f_ \ fbj_ ihkl_i_ggh mf_gvrbeky ohly \ ij_`g_f KKKJ \
Bgklblml_ ikbobZljbb :FG wlb bkke_^h\Zgby k bkihevah\Zgb_f we_dljhgghc fbdjhkdhibb
ijh^he`Zebkv \ l_q_gb_ ^ebl_evgh]h \j_f_gb Djbabk iZjZ^b]fu \e_q_l aZ kh[hc i_j_oh^ d
^jm]hciZjZ^b]f_dhlhjZyfh`_lkhkms_kl\h\Zlvk ij_`g_cbebaZf_gblv__Kf_gmiZjZ^b]f
\ ikbobZljbbhljZ`Z_l^bgZfbdZdeZkkbnbdZpbb'60 f_`^m b ]]
I_j\bqgZy ijbqbgZ h[mkeh\eb\ZxsZy g_h[oh^bfhklv deZkkbnbpbjh\Zgby ikbobq_kdbo
aZ[he_\Zgbc[ueZk\yaZgZk g_h[oh^bfhklvxk[hjZklZlbklbq_kdhcbgnhjfZpbb^eyj_r_gby
hij_^_e_gguoaZ^Zq
Him[ebdh\ZggZy\ ] '60, hkgh\u\ZeZkv]eZ\gufh[jZahfgZ[bhikbohkhpbZevghc
iZjZ^b]f_ dhlhjZy bklhjbq_kdb k\yaZgZ k bf_g_f $ 0H\HU
D <i_j\u_ \
ikbobZljbb ihy\ey_lky l_jfbg j_Zdpby < kms_kl\mxs_c iZjZ^b]f_ ^hfbgbjh\ZeZ lhqdZ
aj_gby k\b^_l_evkl\mxsZy h lhf qlh ex[h_ ikbobq_kdh_ gZjmr_gb_ y\ey_lky j_Zdpb_c
ebqghklb gZ \ha^_ckl\b_ [bheh]bq_kdbo ikboheh]bq_kdbo beb khpbZevguo nZdlhjh\ LZdbf
h[jZahf deZkkbnbdZpbhggZy kbkl_fZ ih k\h_c kljmdlmj_ [ueZ g_ klhevdh hibkZl_evghc
kdhevdh wlbheh]bq_kdhc lZd dZd Zdp_gl [ue k^_eZg gZ wlbheh]bx aZ[he_\Zgby
>bZ]ghklbq_kdb_ dZl_]hjbb hkgh\u\Zebkv gZ ijbqbgghf nZdlhj_ \ [hevr_c kl_i_gb q_f gZ
ijhy\e_gbyo[he_agbBkke_^h\Zl_evl_hjbbkh\j_f_gghcikbobZljbb :LOVRQ aZgbfZykv
[bhikbohkhpbZevghc iZjZ^b]fhc hlf_qZe qlh kms_kl\mxsZy ]jZgbpZ f_`^m ikbobq_kdb
a^hjh\uf b ikbobq_kdb [hevguf q_eh\_dhf g_ y\ey_lky ^hklZlhqgh q_ldhc lZd dZd
ghjfZevgu_ ex^b fh]ml e_]dh klZlv [hevgufb _keb ih^\_j]gmlky ly`_ehfm
ljZ\fZlbq_kdhfm \ha^_ckl\bx < k\yab k wlbf :LOVRQ \ukljZb\Z_l ebgbx gZjZklZxs_c
ly`_klb\dexqZxsmx\ k_[yghjfm ² g_\jha ² ih]jZgbqgh_khklhygb_\ kms_kl\mxs_f\
lh \j_fy dhgl_dkl_ ^bZ]ghklbdb b ikboha Bkke_^h\Zl_ev lZd`_ ih^q_jdb\Ze agZqbfhklv \
jZa\blbb ikbobq_kdh]h jZkkljhckl\Z jZa^_evgh]h b dhf[bgbjh\Zggh]h \ebygby jZaebqguo
\j_^guo nZdlhjh\ kj_^u b ikboheh]bq_kdbo dhgnebdlh\ h[jZsZy hkh[h_ \gbfZgb_ gZ
g_h[oh^bfhklv mq_lZ ikboheh]bq_kdbo nZdlhjh\ \ ikboh]_g_a_ jZkkljhckl\Z <
[bhikbohkhpbZevghc iZjZ^b]f_ \ jZfdZo '60, ikbobq_kdb_ gZjmr_gby hij_^_eyxlky
Z\lhjhf g_ klhevdh dZd ^bkdj_lgu_ y\e_gby Z \ [hevr_c kl_i_gb dZd h[sbc
ikbohiZlheh]bq_kdbcijhp_kkbf_xsbcjZagmxkl_i_gv\ujZ`_gghklb
:dp_glgZagZqbfhklb\ jZa\blbbiZlheh]bbikboh]_gguoijbqbgijb\_ebkke_^h\Zl_e_cd
hij_^_e_gguf \u\h^Zf dZkZxsbfky l_jZibb ikbobq_kdbo jZkkljhckl\ IjbagZ\Zeky nZdl
g_h[oh^bfhklb bkihevah\Zgby \ e_q_gbb g_ lhevdh [bhf_^bpbgkdbo f_lh^h\gh b
ikboheh]bq_kdbo
'60,, him[ebdh\ZggZy\ ]qj_a\uqZcghgZihfbgZeZ '60, k lhcjZagbp_cqlh\
g_chlkmlkl\h\Zel_jfbgj_ZdpbyWlhiheh`_gb_[uehk\yaZghk [hevrbfZdp_glbjh\Zgb_f
\gbfZgbygZagZq_gb_\ jZa\blbbikbobq_kdbojZkkljhckl\g_ikboheh]bq_kdbob khpbZevguo
Z [bhf_^bpbgkdbonZdlhjh\lkgZ[bhf_^bpbgkdhciZjZ^b]f_
<hajZklZgb_ ihimeyjghklb [bhf_^bpbgkdhc iZjZ^b]fu h[mkeh\eb\Zehkv ihy\e_gb_f
ikbohnZjfZdheh]bq_kdbo e_dZjkl\ b wnn_dlb\ghc l_jZibb fZgbZdZevguo khklhygbc kheyfb
eblby Ijhbahr_e k^\b] iZjZ^b]fu ih gZijZ\e_gbx p_gljbjh\Zgby gZ [he_agv m\_ebqbehkv
dhebq_kl\h[bheh]bq_kdbhjb_glbjh\ZgguoikbobZljh\
< ][ueZhim[ebdh\ZgZ '60,,, hlebqZxsZykyhlij_^r_kl\mxsbodeZkkbnbdZpbc
l_f qlh hgZ ij_^klZ\eyeZ dmevfbgZpbx k^\b]Z iZjZ^b]fu d ikbobZljbb p_gljbjh\Zgghc gZ
[he_agv < '60,,,5 ^hfbgbjmxl ikbobq_kdb_ jZkkljhckl\Z hkgh\Zggu_ gZ fha]h\uo
aZ[he_\Zgbyo Ih fg_gbx 6SLW]HU hkgh\ghc kljZl_]bq_kdhc p_evx '60,,, y\ey_lky
aZsblZ f_^bpbgkdhc fh^_eb \ __ ijbf_g_gbb d ikbobZljbq_kdbf ijh[e_fZf
P_gljbjh\Zgghklv gZ [bhf_^bpbgkdmx iZjZ^b]fm khojZgbeZkv \ '60,,,5 < ] )OHFN
h[jZlbe\gbfZgb_gZlhqlh\h]eZ\mm]eZgh\uodeZkkbnbdZpbc[ueZihklZ\e_gZikbobZljby
p_gljbjh\ZggZy gZ [he_agv ih kjZ\g_gbx k p_gljbjh\Zggufb gZ ikboheh]bq_kdb_ nZdlhju
'60, b '60,, [Zabjmxsbfbky gZ ikboh^bgZfbq_kdhc iZjZ^b]f_ :\lhj jZkp_gb\Z_l wlhl
nZdldZd\ujZ`_gb_^_]mfZgbklbq_kdhcl_g^_gpbb\ Zf_jbdZgkdhcikbobZljbb
< gh\hc iZjZ^b]f_ kms_kl\h\Zeh fg_gb_ h lhf qlh fha] ij_^klZ\ey_l kh[hc
g_ieZklbqgh_ h[jZah\Zgb_ g_kihkh[gh_ kms_kl\_ggh baf_gylv k\hx nmgdpbx \ j_amevlZl_
\ha^_ckl\by gZ hj]Zgbaf ikboheh]bq_kdbo nZdlhjh\ Wlbf ml\_j`^_gb_f kgb`ZeZkv
agZqbfhklv ikboheh]bq_kdh]h e_q_gby ;bhf_^bpbgkdZy iZjZ^b]fZ ih\ebyeZ gZ hkh[_gghklb
ih^]hlh\db ikbobZljh\ \ KR: \ i_jbh^ ]] k hkgh\ghc hjb_glZpb_c gZ bkihevah\Zgb_
ikbohljhiguo ij_iZjZlh\ b we_dljhkm^hjh`ghc l_jZibb dZd hkgh\guo f_lh^h\ e_q_gby
KqblZehkv qlh hij_^_e_ggZy ZghfZevghklv fha]Z wd\b\Ze_glgZ _]h ki_pbnbq_kdhfm
[he_ag_gghfm khklhygbx G_h[oh^bfh ij_`^_ \k_]h ehdZebah\Zlv iZlheh]bx lZd dZd
hl^_evgh_ ikbobq_kdh_ gZjmr_gb_ k\yaZgh kh k\hckl\_gguf lhevdh _fm ki_pbnbq_kdbf
hj]Zgbq_kdbf fha]h\uf gZjmr_gb_f < k\yab k wlbf i_j_^ ki_pbZebklZfb klhyeZ aZ^ZqZ dZd
fh`gh lhqg__ hibkZlv iZlheh]bx Z iha`_ bkke_^h\Zlv ZgZlhfbx b nbabheh]bx y\e_gby ^ey
lhqghc ^bZ]ghklbdb [he_ag_ggh]h fha]h\h]h ijhp_kkZ hl\_qZxs_]h aZ \uy\e_gguc \b^
gZjmr_gbcAZdexqbl_evgucwlZi\dexqZe\ k_[yg_h[oh^bfh_[bhf_^bpbgkdh_e_q_gb_
LZdbf h[jZahf i_j\uf rZ]hf \ j_ZebaZpbb ihklZ\e_gghc aZ^Zqb [ueh lhqgh_ hibkZgb_
ikbobq_kdh]h jZkkljhckl\Z b khhlg_k_gb_ _]h k deZkkbnbdZpb_c NZdlbq_kdb gZjmr_gby
deZkkbnbpbjh\Zebkv ih hibkZgbx ijbagZdh\ wlbheh]bq_kdb_ nZdlhju k\h^bebkv d
[bheh]bq_kdbf LZdbf h[jZahf ikbobZljby gZqZeZ mljZqb\Zlv ih^oh^u hjb_glbjh\Zggu_ gZ
dhgdj_lgh]h q_eh\_dZ lZd dZd g_ ij_^ijbgbfZehkv ihiulhd jZkkfhlj_lv ikbobq_kdb_
jZkkljhckl\Z\ k\yabk hkh[_gghklyfbebqghklbb khpbhdmevlmjgufbmkeh\byfb
< '60,,,5 mklZgZ\eb\Zekyi_j_q_gvijbagZdh\gZhkgh\Zgbbdhlhjh]hfh][ulv
ihklZ\e_g ghaheh]bq_kdbc ^bZ]gha Ikbobq_kdb_ aZ[he_\Zgby i_j_qbke_ggu_ \ '60,,,5
[ueb nZdlbq_kdb jZa^_e_gu gZ hl^_evgu_ gZjmr_gby dZ`^h_ ba dhlhjuo bf_eh k\hc gZ[hj
ijbagZdh\ < wlhf kh^_j`blky hkgh\gh_ ijhlb\hj_qb_ '60,,,5 lZd dZd g_ kms_kl\m_l
^hdZaZl_evkl\Z lh]h qlh dZ`^h_ ba ijb\h^bfuo gZjmr_gbc hkgh\Zgh gZ gZebqbb hl^_evguo
fha]h\uoaZ[he_\ZgbcA^_kvijbkmlkl\m_l]bihl_lbq_kdh_iheh`_gb_h lhfqlhkh\j_f_g_f
wlbfha]h\u_iZlheh]bb[m^mlmklZgh\e_gu
'60,9 him[ebdh\ZggZy\ ]y\beZkvgZqZehfbaf_g_gbykms_kl\mxs_ciZjZ^b]fu
D ijbqbgZf ih\e_drbf aZ kh[hc baf_g_gb_ l_hjbb hlghkylky g_m^h\e_l\hjbl_evgu_
j_amevlZlu ijh\_^_gguo bkke_^h\Zgbc iulZxsboky ^hdZaZlv gZebqb_ \aZbfhk\yab
ki_pbnbq_kdbo fha]h\uo aZ[he_\Zgbc k ikbobq_kdbfb gZjmr_gbyfb hibkZggufb \
deZkkbnbdZpbb '60,,,5 ;he__ lh]h '60,9 ij_^eZ]Z_l mqblu\Zlv lhl nZdl qlh
^bZ]ghklbjm_fZy fha]h\Zy iZlheh]by fh`_l [ulv g_ lhevdh ijbqbghc gh ke_^kl\b_f
ikbobq_kdbogZjmr_gbc
Ke_^m_l hlf_lblv nZdl h[gZjm`_gby jZaebqgufb bkke_^h\Zl_eyfb k\yab hij_^_e_gghc
iZlheh]bb ]heh\gh]h fha]Z b [bhobfbq_kdbo gZjmr_gbc m g_dhlhjuo ebp kljZ^Zxsbo
rbahnj_gb_cWlhdZkZ_lky\uy\e_gguom lZdbo[hevguom\_ebq_gby\_gljbdmeyjghckbkl_fu
b baf_g_gby Zdlb\ghklb ^hiZfbgh\hc kbkl_fu L_f g_ f_g__ gbdZdbo ki_pbnbq_kdbo
fha]h\uo aZ[he_\Zgbc fh]msbo [ulv jZkp_g_ggufb \ dZq_kl\_ ijbqbgu rbahnj_gbq_kdbo
kbfilhfh\ g_ h[gZjm`_gh <hafh`gZ ^bZ]ghklbdZ m\_ebq_gguo `_em^hqdh\ [_a \uy\e_gby
rbahnj_gbbb gZh[hjhl;he__lh]hm ebpkljZ^Zxsborbahnj_gb_cwlZZghfZebyfh`_lb g_
\klj_qZlvky Ihwlhfm ^bZ]gha rbahnj_gbb \ '60,9 hkgh\u\Z_lky lhevdh gZ gZebqbb
ikbohiZlheh]bq_kdboijbagZdh\Ke_^h\Zl_evgh^bkdj_lgu_ikbobq_kdb_gZjmr_gbyg_fh]ml
[ulvhkgh\hc^bkdj_lguofha]h\uoaZ[he_\Zgbcb gZh[hjhl
< ijhlb\hiheh`ghklv ikbobZljbb p_gljbjh\Zgghc gZ [he_agv \ jZfdZo ih^oh^Z
e_`Zs_]h \ hkgh\_ '60,,,5 \ '60,9 Zdp_gl ^_eZ_lky gZ ikbobZljbq_kdb
Zgljhiheh]bq_kdhf ih^oh^_ p_gljbjh\Zgghf gZ dhgdj_lgh]h q_eh\_dZ k mq_lhf agZqbfhklb
ikboheh]bq_kdbo khpbZevguo b dmevlmjguo nZdlhjh\ Wlb nZdlhju ih \k_c \_jhylghklb
gZc^mlk\h_[hevr__hljZ`_gb_\ ihke_^mxsbodeZkkbnbdZpbyo
Gh\ZydeZkkbnbdZpbyjZajZ[Zlu\Z_lkyk mq_lhfjZa\blbyljZgkdmevlmjZevghcikbobZljbb
h[eZklbg_gZr_^r_chljZ`_gby\ '60,9
< k\yab k wlbf ke_^m_l h[jZlblv \gbfZgb_ gZ lh qlh \ ihke_^g__ \j_fy ijhbahreh
baf_g_gb_ kZfhc dhgp_ipbb dmevlmju < ]] dmevlmjZ ihgbfZeZkv dZd ijbkmsZy
h[s_kl\mb jZa^_ey_fZy[hevrbgkl\hf_]hqe_gh\kbkl_fZp_gghkl_c\_jh\Zgbchlghr_gbyd
a^hjh\vx[he_agbd e_q_gbxd kh[kl\_gghfmYLZdhcih^oh^d dmevlmj_kh^_j`Ze\ k_[_
lhl kms_kl\_gguc g_^hklZlhd qlh hi_jbjh\Ze ih\_joghklguf kl_j_hlbihf h[h[s_gbc
gZijbf_jwlhlbibqgZyoZjZdl_jheh]bq_kdZyq_jlZbg^_cp_\beblZdZynhjfZmihlj_[e_gby
Zedh]heyk\hckl\_ggZbjeZg^pZf< gZklhys__\j_fykqblZ_lkyqlhdmevlmjZ\dexqZ_l\ k_[y
b \k\hxhq_j_^vkha^Z_lkbkl_fmdZ`^h^g_\gh]hhiulZkihkh[dhffmgbdZpbbijbgylhklb\
ih\_^_gbb b \ kbkl_f_ p_gghkl_c jblmZeu khpbZevghc `bagb DmevlmjZ hljZ`Z_lky \ yaud_
j_eb]bb wkl_lbd_ b ijhy\ey_lky g_ lhevdh \ bg^b\b^mZevghf khagZgbb gh b \ hkh[_gghklyo
nmgdpbhgbjh\Zgby k_fvb ijhba\h^kl\_gguo hlghr_gbyo kihkh[Zo ijh\_^_gby k\h[h^gh]h
\j_f_gbjZa\e_q_gbyo
LZdZy dhgp_ipby dmevlmju \uoh^bl aZ ij_^_eu ij_`gbo ljZgkdmevlmjZevguo
bkke_^h\Zgbc ijhy\e_gbc ikbobq_kdbo gZjmr_gbc \ hl^_evguo wlgbq_kdbo ]jmiiZo
rbahnj_gby\ kljZgZoP_gljZevghc:njbdbwibe_ikby\ LZgaZgbbb ^jDmevlmjZ\eby_lgZ
^bZ]ghklbq_kdh_ fure_gb_ ikbobZljh\ dhgp_ipby [he_agb hljZ`Z_l khpbhdmevlmjZevgu_
\ebygby LZd gZijbf_j \ KR: n_ghf_g ^bkkhpbZpbb \ jy^_ kemqZ_\ ^bZ]ghklbjm_lky dZd
gZjmr_gb_ ebqghklghc b^_glbqghklb beb fgh`_kl\_ggh_ ebqghklgh_ jZkkljhckl\h < lh `_
\j_fy \ Bg^bb ^bkkhpbZpby h[uqgh jZkp_gb\Z_lky dZd h\eZ^_gb_ ^moZfb beb `_ dZd
f_^blZpbhggh_khklhygb_
JZaebqgZy ^bZ]ghklbdZ khklhygbc ^bkkhpbZpbb \ KR: b Bg^bb hljZ`Z_l jZaebqb_
w]hp_gljbq_kdhcb khpbhp_gljbq_kdhcdmevlmj Z lZd`_ \ebygb_ gZ f_glZebl_l Zf_jbdZgkdbo
ikbobZljh\jZ[hlIv_jZ@Zg_b <bevyfZ>`wcfkZ
Ijbf_jhf khpbhdmevlmjZevguo \ebygbc y\ey_lky DQRUH[LD QHUYRVD Wlh khklhygb_
^bZ]ghklbjm_lky \ _\jhi_ckdbo kljZgZo KR: DZgZ^_ ² h[s_kl\Zo ]^_ kljhcghklv l_eZ
hp_gb\Z_lkyiheh`bl_evgh< lh`_\j_fygZLZc\Zg_\ Yihgbb DQRUH[LDQHUYRVD ijZdlbq_kdb
g_^bZ]ghklbjm_lky
Lh `_ kZfh_ dZkZ_lky kljmdlmju [hevrhc^_ij_kkbb =eZ\gufkbfilhfhf __ \ aZiZ^guo
kljZgZo y\ey_lky dZd ba\_klgh wfhpby ]jmklb lhkdb H^gZdh \h fgh]bo kljZgZo ebpZ k
[hevrhc ^_ij_kkb_c g_ `Zemxlky gZ ]jmklv Z `Zemxlky gZ mklZehklv [_kkhggbpm ]heh\gu_
[heb >ey gbo^_ij_kkby \ujZ`Z_lky \h fgh]hf \ nbabq_kdbo kbfilhfZob \ j_amevlZl_ hgb
i_j\bqgh h[jZsZxlky g_ d ikbobZljm Z d \jZqml_jZi_\lm beb g_\jhiZlheh]m LZdZy
khfZlbaZpby^_ij_kkbbhkh[_gghoZjZdl_jgZ^ey\hklhqguodmevlmj
LZdbf h[jZahf khpbhdmevlmjgZy iZjZ^b]fZ ihklhyggh ijbkmlkl\m_l \ jZ[hl_ ikbobZljZ
@Zeh[u dZ`^h]h iZpb_glZ hljZ`Zxl bgl_jij_lZpbx _]h i_j_`b\Zgbc hkgh\Zggmx gZ
dmevlmjZevguo dZl_]hjbyo IkbobZlj lZd`_ gZoh^blky ih^ \ebygb_f lZdbo dmevlmjZevguo
nZdlhjh\ dZd gZijbf_j lj_[h\Zgby mqj_`^_gby kblmZpbb \ dhlhjhc hg jZ[hlZ_l
ikbobZljbq_kdh_ dhgkmevlbjh\Zgb_ jZ[hlZ \ ljm^h\hc wdki_jlghc dhfbkkbb km^_[gh
ikbobZljbq_kdZy wdki_jlbaZ ikbohl_jZi_\lbq_kdh_ hl^_e_gb_ b ^j KhpbZevguc dhgl_dkl
hdZau\Z_lihklhyggh_\ebygb_gZ^bZ]ghklbq_kdb_ih^oh^u
=eZ\Z DMEVLMJ:EVGU?:KI?DLUKHPBH>BG:FBQ?KDHC
IKBOB:LJBB
Ijbgylu_ \ h[s_kl\_ dmevlmjZevgu_ ghjfu fh]ml [ulv b^_Zevgufb ij_^klZ\eylv
`_eZ_fucfh^_evgucklbevih\_^_gbyb j_Zevgufb<hfgh]boh[s_kl\Zof_`^mb^_Zevghc
fh^_evxb j_Zevgufih\_^_gb_fbf_xlkyhlq_leb\u_jZaebqby
Kl_j_hlbigh_ dmevlmjZevgh_ ih\_^_gb_ ij_^klZ\ey_l hij_^_e_ggmx fh^_ev ih\_^_gby
k\hckl\_ggmx dZdhclh qZklb gZk_e_gby ^ey dhlhjhc oZjZdl_jgZ ih\lhjy_fhklv kl_j_hlbih\
Kl_j_hlbiu ijhy\eyxlky \ ih\k_^g_\ghc `bagb b \h \j_fy hkh[uo kh[ulbc gZijbf_j
ijZa^gbdh\ Hgb \uklmiZxl \ dZq_kl\_ ijZ\be hij_^_eyxsbo jZfdb ih\_^_gby ijbgylh]h \
^Zgghf h[s_kl\_ \h \j_fy ijZa^gbdh\ lhj`_kl\_gguo kh[ulbc b l ^ LZdh_ ih\_^_gb_
\hkijbgbfZ_lkyihjZaghfmq_eh\_dhfkhklhjhgug_y\eyxsbfkyqe_ghf^Zggh]hh[s_kl\Z
b _]h kj_^gbf ij_^klZ\bl_e_f Klhjhggbc gZ[ex^Zl_ev fh`_l mijhsZlv kfuke
ijhbkoh^ysbo kh[ulbc g_ mkfZljb\Zy \ gbo gbq_]h djhf_ ihau b ebp_f_jby Z ^ey qe_gh\
h[s_kl\Z kl_j_hlbiu dmevlmjZevgh]h ih\_^_gby bf_xl hij_^_e_ggh_ agZq_gb_ ^Zxs__ bf
\hafh`ghklv j_eZdkbjh\Zlvky \uoh^blv aZ ij_^_eu khpbZevguo kblmZpbc \uau\Zxsbo
ikbohwfhpbhgZevgh_klj_kkbjh\Zgb_
Hldehgyxs__kydmevlmjZevgh_ih\_^_gb_fh`_l[ulvk\hckl\_gghdZddZdhclh]jmii_\
p_ehf lZd b __ hl^_evguf qe_gZf Lbi ih\_^_gby g_khhl\_lkl\mxsbc ijbgyluf
[hevrbgkl\hf ex^_c ghjfZf fh`_l \uau\Zlv ihy\e_gb_ m ^jm]bo qe_gh\ h[s_kl\Z
\ujZ`_gghc hljbpZl_evghc j_Zdpbb Hldehgyxs__ky dmevlmjZevgh_ ih\_^_gb_ fh`_l bf_lv
hljbpZl_evgu_ khpbZevgu_ ihke_^kl\by b \ ^jm]bo kemqZyo kihkh[kl\h\Zlv jZa\blbx
ihablb\guo baf_g_gbc \ h[s_kl\_ [jhkZy \uah\ mklZj_\rbf mklhy\rbfky ghjfZf
ijb\h^ysbfd khpbZevghcklZ]gZpbb
H[s_kl\hj_Z]bjm_lgZex^_ck hldehgyxsbfkyih\_^_gb_f\ aZ\bkbfhklbhl`_kldhklb
k\h_ckljmdlmjuhlh[uqgh]hh`b^Zgby^hkm^_[gh]hij_ke_^h\Zgby
Bgh]^Z ijh[e_fZ hldehgyxs_]hky ih\_^_gby bkdmkkl\_ggh i_j_\h^blky \ f_^bpbgkdmx
iehkdhklvb lZdboex^_chlghkyld ikbobq_kdbg_a^hjh\ufWlbd_ldZikbobq_kdh]hg_a^hjh\vy
^Z_l \hafh`ghklv hijZ\^Zlv bo ih\_^_gb_ \ kemqZ_ g_h[oh^bfhklb GZijbf_j \ kemqZ_
\uah\Z dZdhclh h[s_kl\_gghc kljmdlmj_ ijb mkeh\bb g_h[oh^bfhklb k_jv_agh]h ZgZebaZ
kblmZpbb kijh\hpbjh\Z\r_c lZdhc \uah\ ^bZ]gha ikbobq_kdh]h g_a^hjh\vy bgbpbZlhjZ
\uah\Z fh`_l j_rblv aZy\e_ggmx ijh[e_fm < wlhf dhgl_dkl_ hkh[mx hiZkghklv
ij_^klZ\ey_l ]bi_j^bZ]ghklbdZ ikbobq_kdbo aZ[he_\Zgbc b bg^hdljbgbjh\Zgb_ dZd
ikbobZljh\ lZd b h[s_kl\Z \ p_ehf \ ieZg_ ihbkdZ ikbobq_kdhc iZlheh]bb m ebp k
g_dhgnhjfbklkdbfih\_^_gb_f
<u^_eyxl ]hfh]_ggu_ b ]_l_jh]_ggu_ dmevlmju =hfh]_ggZy dmevlmjZ oZjZdl_jbam_lky
fZehc \ZjbZ[_evghklvx ih\_^_gby =_l_jh]_ggZy ² \ujZ`_ggufb jZaebqbyfb gZijbf_j \
jZaebqguo j_]bhgZo beb kj_^b jZaebqguo wlgbq_kdbo j_eb]bhaguo ]jmii < ]_l_jh]_gghc
dmevlmjhc gb h^bg njZ]f_gl h[s_kl\Z g_ fh`_l jZkkfZljb\Zlvky dZd hljZ`_gb_ lhlZevgh]h
h[s_kl\Zqlhhkh[_gghoZjZdl_jgh^eyihebgZpbhgZevguokljZgij_^klZ\e_gguojZaebqgufb
dmevlmjZevgufb]jmiiZfbjZaguo\ lhfqbke_fmevlbjZkh\uoh[s_kl\
DmevlmjZevgu_ ih^oh^u fh]ml gZdeZ^u\Zlv k_jv_aguc hli_qZlhd gZ ih\_^_gb_ ex^_c
h^ghc gZpbhgZevghklb klhedgm\rboky k baf_gyxsbfbky mkeh\byfb kh\j_f_ggh]h fbjZ
GZijbf_jbffb]jZpbyg_f_pdh]hgZk_e_gbybaKb[bjb\ =_jfZgbx@b\y\ mkeh\byoKb[bjb
k kms_kl\mxs_c \ bo khagZgbb kbkl_fhc p_gghkl_c hgb ijb_a`Zxl \ =_jfZgbx ]^_
klZedb\Zxlky k kh\_jr_ggh bghc kbkl_fhc p_gghkl_c < jZfdZo g_f_pdh]h h[s_kl\Z bo
ih\_^_gb_ g_ \ibku\Zxs__ky \ h[s_ijbgylmx fh^_ev jZkkfZljb\Z_lky dZd dmevlmjZevgZy
^_\bZpbyBgh]^Zkha^Zxlkymkeh\by^eyjZa\blbyZddmevlmjbaZpbhggh]hklj_kkZb gZjmr_gbc
ijbkihkh[e_gby Wlb baf_g_gby hlghkyl d baf_g_gbyf bf_xsbf f_klh \ lZd gZau\Z_fhc
]hjbahglZevghckljmdlmj_
Kf_gZ mkeh\bc ih \_jlbdZeb bf_xsZy f_klh gZijbf_j \ Jhkkbb oZjZdl_jbam_lky
[ukljufb baf_g_gbyfb \ h[s_kl\_ \ l_q_gb_ bklhjbq_kdb dhjhldh]h ijhf_`mldZ \j_f_gb
<hagbdZxsbc\ wlbomkeh\byom qZklbex^_cZddmevlmjbaZpbhggucklj_kk\uau\Z_lkylZdbfb
ijbqbgZfb dZd klhedgh\_gb_ k gh\hc ^_ckl\bl_evghklvx gh\ufb fhlb\Zpbyfb gh\hc
kbkl_fhcp_gghkl_cbaf_gb\rbfbkyijh_dpbyfbj_eb]bhagh]hqm\kl\Zg_ijh]ghabjm_fhklvx
jZa\blbykh[ulbcb ^j
<hagbdgh\_gb_ b jZa\blb_ [hevrbo ikbobq_kdbo jZkkljhckl\ wg^h]_gguo ikbohah\
k\yaZgh g_ lhevdh k [bheh]bq_kdbfb gh b k khpbhikboheh]bq_kdbfb dmevlmjZevgufb
nZdlhjZfb DmevlmjZevgu_ b khpbhikboheh]bq_kdb_ nZdlhju \ebyxl gZijbf_j gZ
kh^_j`Zgb_ b l_q_gb_ ikbohah\ Hgb fh]ml lZd`_ ijh\hpbjh\Zlv jZa\blb_ [hevrbo
ikbobq_kdbo gZjmr_gbc Jy^ nZdlhjh\ ih^l\_j`^Z_l ijZ\hf_jghklv wlh]h iheh`_gby \
qZklghklb [he__ dhjhldh_ b [he__ [eZ]hijbylgh_ l_q_gb_ rbahnj_gbb \ ljZ^bpbhgguo
h[s_kl\Zo ^Zggu_ bkke_^h\Zgbc gZ h^ghycp_\uo [ebag_pZo ijh\_^_ggu_ gZ k_\_j_
Nbgeyg^bb M h^ghycp_\uo [ebag_ph\ \hkiblu\Zxsboky \ h^ghc k_fv_ \_jhylghklv
\hagbdgh\_gby wg^h]_ggh]h aZ[he_\Zgby agZqbl_evgh \ur_ q_f \ mkeh\byo jZa^_evgh]h
\hkiblZgby
AgZq_gb_ khpbhdmevlmjZevguo nZdlhjh\ \ ijh\hpbjh\Zgbb ikbobq_kdbo gZjmr_gbc
ih^l\_j`^Z_liheh`bl_evguchiul^hfh\gZiheh\bg_^hjh]bij_^hl\jZsZxsboj_pb^b\u
jZa\blby aZ[he_\Zgby \ [hevr_c kl_i_gb q_f ij_[u\Zgb_ lZdbo ex^_c \ hq_\b^gh ^bk
nmgdpbhgZevghck_fv_
LZdbf h[jZahf ^Z`_ ijb [hevrbo ikbobq_kdbo aZ[he_\Zgbyo khpbhikboheh]bq_kdb_ b
dmevlmjZevgu_ nZdlhju hdZau\Zxl kms_kl\_ggh_ \ebygb_ gZ l_q_gb_ b ijh\hdZpbx
aZ[he_\Zgby Khpbhikboheh]bq_kdb_ nZdlhju fh]ml bf_lv b k^_j`b\Zxs__ \ebygb_ qlh
ihdZau\Z_liheh`bl_evguchiulk_f_cgh]hdhgkmevlbjh\Zgby
< ijhbkoh`^_gbb fZeuo ikbobq_kdbo gZjmr_gbc ikboheh]bq_kdb_ b khpbZevgu_
nZdlhjubf_xl_s_[hevr__agZq_gb_Ib\_gv;G <ebygb_ dmevlmju gZ ikbohiZlheh]bx ijhbkoh^bl jZaebqgufb kihkh[Zfb b gZ jZaguo
mjh\gyo IZlhieZklbq_kdbc wnn_dl dmevlmju gZ ikbohiZlheh]bx ijhy\ey_lky \h \ebygbb gZ
n_ghf_gheh]bx [he_agb GZijbf_j kh^_j`Zgb_ [j_^h\uo b^_c kemoh\uo b ajbl_evguo
]ZeexpbgZpbc\uklmiZ_l\ dhgl_dkl_kj_^u\ dhlhjhcijhy\ey_lkywlZiZlheh]by
>_ij_kkby lh`_ fh`_l bf_lv jZaebqgu_ ijhy\e_gby \ aZ\bkbfhklb hl dmevlmjZevguo
nZdlhjh\ LZd q_eh\_dhf \hkiblu\Zxsbfky \ ljZ^bpbhgghc j_eb]bhaghc kj_^_ ^_ij_kkby
\hkijbgbfZ_lky qZklh dZd qm\kl\h \bgu aZ kh\_jr_ggu_ bf ]j_ob M ^jm]h]h q_eh\_dZ wlh
aZ[he_\Zgb_fh`_lkhijh\h`^Zlvkyqm\kl\hfklu^Zk\yaZggufk g_\hafh`ghklvxkijZ\eylvky
kh k\hbfb h[s_kl\_ggufb h[yaZgghklyfb k jZ[hlhc kms_kl\mxl h[s_kl\Z \ dhlhjuo
^_ij_kkbyg_khijh\h`^Z_lkygb qm\kl\hf\bgugb qm\kl\hfklu^Z
DmevlmjZevgu_ nZdlhju hdZau\Zxl \ebygb_ gZ kh^_j`Zgb_ kbg^jhfZ LZd m dblZckdh]h
gZk_e_gby=hgdhg]ZLZc\ZgyKbg]ZimjZg_j\gZyZghj_dkbyh[uqghg_khq_lZ_lkyk fukeyfb
k\yaZggufb k ba[ulhqguf \_khf qlh hlebqZ_lky hl kh^_j`Zgby i_j_`b\Zgbc \ aZiZ^guo
h[s_kl\Zo
Debgbq_kdZy dZjlbgZ khpbZevghc nh[bb \klj_qZxs_cky m yihgp_\ hlebqZ_lky hl
khpbZevghc nh[bb hibku\Z_fhc aZiZ^gufb ikbobZljZfb Yihgkdb_ ikbobZlju ^Z`_
ij_^ihqblZxl bkihevah\Zlv ki_pbZevguc l_jfbg Zgljhnh[by beb nh[by f_`ebqghklgh]h
hlghr_gby Ijbq_f kjZ\g_gb_ hibkZgby Zgljhnh[bb b nh[bb f_`ebqghklgh]h hlghr_gby g_
khhl\_lkl\m_llZdh\uf\ '60,9
DmevlmjZ\eby_lb gZjZa\blb_mgbdZevguoikbohiZlheh]bc\hagbdZxsbolhevdh\ jZfdZo
^Zgghc dmevlmju Rbjhdh bkihevam_lky ki_pbZevguc l_jfbg k\yaZggh_ k dmevlmjhc
ki_pbnbq_kdh_ ikbobq_kdh_gZjmr_gb_ beb kbg^jhf GZijbf_j lZdhcikbohiZlheh]bq_kdbc
kbg^jhfdZdDhjh\klj_qZxsbckylhevdh\ X`ghc:abbWlhaZ[he_\Zgb_oZjZdl_jbam_lky
bgl_gkb\ghc lj_\h]hc i_j_oh^ys_c \ kljZo Kmlv lj_\h]b aZdexqZ_lky \ [hyagb kf_jlb
ihke_^mxs_cihke_lh]hdZdiheh\hcqe_gghkbl_eykljZoZih]jmablky\ `b\hlIjhy\e_gby
wlh]h kbg^jhfZ fh]ml ghkblv wib^_fbq_kdbc oZjZdl_j ijhy\eyykv m fgh]bo lukyq ex^_c
Wib^_fby \kiuob\Z_l hq_gv [ukljh b qZklh khijh\h`^Z_lky [hevrbf dhebq_kl\hf kf_jl_c
KljZolZdh]hkh^_j`Zgbyh[tykgy_lkybf_xsbff_klhjhdh\ufbklhs_gb_fwg_j]bbygv
HibkZgub ^jm]b_\b^ul_jjblhjbZevguokbg^jhfh\lj_\h`ghklbGZijbf_j:fhdijb
dhlhjhfex^bkh\_jrZxlfgh]hqbke_ggu_m[bckl\Z:fhdgZihfbgZ_lbg^_ckdh_khklhygb_
<bg^b]hijbdhlhjhfq_eh\_db^_glbnbpbjm_lk_[yk fbnheh]bq_kdbfe_^ygufkd_e_lhfb
kh\_jrZ_lm[bckl\Z
DmevlmjZevgu_ nZdlhju hdZau\Zxl kms_kl\_ggh_ \ebygb_ gZ qZklhlm ikbohiZlheh]bb \
jZaebqguoh[s_kl\Zo
G_evaybkdexqblvjhevkhpbhdmevlmjZevguonZdlhjh\\ qZklhl_kmbpb^Zevgh]hih\_^_gby
\ jZaguokljZgZoGZijbf_j\ukhdh_dhebq_kl\hkZfhm[bckl\\ Ebl\_b <_g]jbb
JZa\blb_Z^^bdlb\guogZjmr_gbc\hfgh]hfhij_^_ey_lkykhpbhdmevlmjgufb\ebygbyfb
KhpbhdmevlmjZevgucikboh^bgZfbq_kdbcih^oh^lj_[m_lhlki_pbZebklZj_r_gbyp_eh]h
dhfie_dkZ\hijhkh\
DZdijh[e_fZi_j_`b\Z_lkykZfbfiZpb_glhf"
DZdijh[e_fZb^_glbnbpbjm_lkyiZpb_glhf"
DZdiZpb_glij_^klZ\ey_lijh[e_fm"
DZdijh[e_fZihgbfZ_lky\jZqhf"
DZdijh[e_fZ^bZ]ghklbjm_lky\jZqhf"?kl_kl\_gghqlhwlbijhp_kkuhlebqZxlky^jm]
hl^jm]ZLZdgZijbf_j]h\hjyh ijh[e_fZoi_j_`b\Z_fuoiZpb_glhfke_^m_lihfgblvqlh
hgb k\yaZgu k \gmlj_ggbf ^bkdhfnhjlhf bf_xsbf f_klh m iZpb_glZ IZpb_gl fh`_l [ulv
lj_\h`guf ih^hajbl_evguf qm\kl\h\Zlv k_[y mgb`_gguf Wlb j_Zdpbb iZpb_glZ
ijhy\eyxsb_kydZdbfblhijbagZdZfbb y\eyxsb_kykm[t_dlb\gufbi_j_`b\Zgbyfbg_fh]ml
[ulv kdhevdhgb[m^v lhqgh baf_j_gu ba\g_ KblmZpby fh`_l hkeh`gblvky ihy\eyxs_cky
\hafh`ghklvx kh\_jr_gby \jZq_[ghc hrb[db baaZ qZklh \hagbdZxs_c ijh_dlb\ghc
b^_glbnbdZpbb\jZqZi_j_ghkys_]hgZiZpb_glZkh[kl\_ggu_i_j_`b\Zgby<Z`ghihfgblvh[
wlhfijb\klj_q_k iZpb_glhfba^jm]hcdmevlmju]^_kihkh[\ujZ`_gbyi_j_`b\Zgbcfh`_l
[ulv ^jm]bf qlh ijb g_Z^_d\Zlghc _]h hp_gd_ fh`_l lZd`_ kijh\hpbjh\Zlv \jZq_[gmx
hrb[dm
QZklhc ijbqbghc i_j_`b\Zgbc iZpb_glZ y\ey_lky ikbobq_kdZy ljZ\fZ Kh^_j`Zgb_
\hagbdZxsboihwlhfmih\h^mi_j_`b\Zgbcg_klZg^Zjlghg_h^bgZdh\h^ey\k_oGZijbf_j
\jZq kqblZ_l qlh iZpb_gl i_j_`b\Z_l ikbobq_kdmx ljZ\fm kh^_j`Zgb_f dhlhjhc y\ey_lky
kf_jlv _]h jh^kl\_ggbdZ Z gZ kZfhf ^_e_ iZpb_gl fh`_l i_j_`b\Zlv kf_jlv jh^kl\_ggbdZ
ij_`^_\k_]hihlhfmqlhkZf[hblkymf_j_lvhlwlhc`_[he_agb
<lhjhc ijbf_j iZpb_gl ghkbl_ev dhj_ckdhc dmevlmju i_j_`b\Z_l nZdl ihemq_gby
kughf g_m^h\e_l\hjbl_evguo hp_ghd \ rdhe_ >ey g_]h wlb i_j_`b\Zgby ghkyl hq_gv
k_jv_aguc oZjZdl_j b[h \ jZfdZo wlhc dmevlmju mki_\Z_fhklb ^_l_c ijb^Z_lky [hevrh_
agZq_gb_Z rdhevgZyg_mki_\Z_fhklvy\ey_lkyihklu^ghc^eyjh^bl_e_cK lhqdbaj_gby\jZqZ
ghkbl_ey ^jm]hc dmevlmju wlh y\e_gb_ fh`_l b g_ [ulv jZkp_g_gh dZd ijbqbgZ
ikboheh]bq_kdhc ljZ\fZlZaZpbb Bf_ggh ihwlhfm g_h[oh^bfh mklZgh\e_gb_ g_nhjfZevgh]h
dhglZdlZk iZpb_glhfk p_evxijhgbdgh\_gby\ kfuke_]hi_j_`b\Zgbc
B^_glbnbdZpby iZpb_glhf k\h_c ijh[e_fu k\yaZgZ k b^_glbnbdZpb_c k\h_]h khklhygby
Wlhl ikboheh]bq_kdbc n_ghf_g [Zabjm_lky gZ lZdbo dmevlmjZevguo nZdlhjZo dZd ebqghklv
q_eh\_dZbklhjby_]h`bagbfhlb\Zpbbkbkl_fup_gghkl_cb ijFukebh k_[_dZdh k_jv_agh
[hevghf\e_dmlaZkh[hcp_ivklj_kkh\uoj_ZdpbcgZijbf_j[heb\ h[eZklbk_j^pZghkysb_
nmgdpbhgZevgucoZjZdl_jiZpb_glb^_glbnbpbjm_ldZd\blZevgmxhiZkghklvqlhijb\h^bld
mom^r_gbxkhklhygby< ^Zevg_cr_f\ kemqZ_g_^h\_jbykhklhjhgu\jZqZfh]ml\hagbdgmlv
j_Zdpbbijhl_klZk ^Zevg_crbfbhljbpZl_evgufbihke_^kl\byfb
>eyg_dhlhjuoiZpb_glh\qj_a\uqZcgh\Z`_gij_klb`HgbhaZ[hq_gul_fdZdhgb[m^ml
\u]ey^_lv\ ]eZaZo\jZqZ\ fhf_glij_^ty\e_gbybfb`Zeh[GZ^gbfb^Z\e__lg_h[oh^bfhklv
h[e_qv `Zeh[m \ nhjfm ijhba\h^ysmx \i_qZle_gb_ gZ \jZqZ Wlh y\e_gb_ g_ jZkihagZggh_
\jZqhffh`_lbf_lvhiZkgh_jZa\blb_GZijbf_j^_ij_kkb\gZy[hevgZyaZgbfZxsZy\ukhdh_
khpbZevgh_ iheh`_gb_ haZ[hq_gZ g_h[oh^bfhklvx ihklhyggh ijhba\h^blv iheh`bl_evgh_
\i_qZle_gb_bg_kfhljygZfmqbl_evghklvk\h_]hkhklhygby kh[bjZ_lky k kbeZfbb \h \j_fy
jZa]h\hjZ k \jZqhf klZjZ_lky ih^Zlv k_[y \ djZkb\hc miZdh\d_ <jZq g_kihkh[guc
^bZ]ghklbjh\Zlv__ ^_ij_kkbxaZnZkZ^hfjhe_\h]hih\_^_gbyfh`_lhp_gblvkhklhygb_lZdhc
iZpb_gldb dZd g_ \uau\Zxs__ k_jv_aguo hiZk_gbc beb mklZgh\blv ebrv gZebqb_
^_fhgkljZlb\ghklb \ ih\_^_gbb Q_j_a g_dhlhjh_ \j_fy hgZ dZaZehkv [u kh\_jr_ggh
g_h`b^Zgghkh\_jrZ_lkZfhm[bckl\h
IhgbfZgb_ \jZqhf ijh[e_fu iZpb_glZ aZ\bkbl hl p_eh]h jy^Z nZdlhjh\ lZdbo dZd
h[jZah\Zgb_ ihemq_ggh_ ki_pbZebklhf b _]h nmgdpbhgbjh\Zgb_ \ jZfdZo lhc beb bghc
iZjZ^b]fu nbdkbjh\Zgghklv ki_pbZebklZ gZ hij_^_e_gghc ijh[e_f_ dhlhjhc hg ijb^Z_l
kms_kl\_ggh_ agZq_gb_ hl agZgbc \ kn_jZo ijbfudZxsbo d jZkkfZljb\Z_fhc ijh[e_f_ hl
ebqghklguo hkh[_gghkl_c ki_pbZebklZ _]h h[s_]h mjh\gy dmevlmju ikboheh]bq_kdhc
k_gkblb\ghklbb dmevlmjZevgh]hhkhagZgbyki_pbZebklhfijh[e_fu<k_wlbnZdlhju\ebyxl
gZhdhgqZl_evguc^bZ]gha
D kh`Ze_gbx ^h ihke_^g_]h \j_f_gb g_ ijb^Z\Zehkv [hevrh]h agZq_gby dmevlmjZevghc
hkgh\_ ki_pbZebklZ bf_xs_c hkh[h_ agZq_gb_ ijb bkke_^h\Zgbb iZpb_glZ hlghkys_]hky d
^jm]hcdmevlmj_k dhlhjhcki_pbZebklg_agZdhf< ^ZgghfkemqZ_fh`_l\hagbdZlv[hevrh_
dhebq_kl\h g_^hjZamf_gbc G_ihgbfZgb_ ijb\h^bl d nhjfZebaZpbb dhglZdlZ d gZjZklZgbx
qm\kl\Zg_^h\_jbyiZpb_glZd ki_pbZebklmd g_Z^_d\Zlghklb\hkijbylby
Ijb \hagbdgh\_gbb m iZpb_glZ gZklhjh`_gghklb dh]^Z hg hl]hjZ`b\Z_lky hl \jZqZ \
k\yab k dmevlmjZevgufb g_kh\iZ^_gbyfb \jZq bgh]^Z hp_gb\Z_l wlh y\e_gb_ dZd ijhy\e_gb_
g_]Zlb\bafZ\ debgbq_kdhf\ZjbZgl_gZijbf_jdZdg_]Zlb\bafk\hckl\_ggucdZlZlhgbq_kdbf
ijhy\e_gbyfbebwfhpbhgZevgufjZkkljhckl\Zf
:f_jbdZgkdbcikbobZlj 7VHQJ jZ[hlZxsbcgZ=Z\ZcyokgbfZegZ\b^_hjZaebqgu_
nhjfu \aZbfh^_ckl\by f_`^m ex^vfb jZaguo dmevlmj b ^_fhgkljbjh\Ze aZibkv yihgkdbf b
Zf_jbdZgkdbf ikbobZljZf Yihgkdb_ ^_lkdb_ ikbobZlju khqeb ih\_^_gb_ hlpZ
hldZau\Zxs_]hky hl \aZbfh^_ckl\by k ^hq_jvx b i_j_^Z\r_]h wlm jhev `_g_ Z[khexlgh
ijZ\bevguf b Z^_d\Zlguf : bo Zf_jbdZgkdb_ dhee_]b jZkkfZljb\Zeb wlh ih\_^_gb_
kh\_jr_gghih^jm]hfmkqblZyqlhlZdhchl_pwfhpbhgZevghhlkmlkl\m_lhgg_\dexq_g\
kbkl_fm \aZbfh^_ckl\by qlh fh`_l y\blvky \ ^Zevg_cr_f bklhqgbdhf ijh[e_f < p_ehf
ih\_^_gb_ lZdh]h hlpZ hp_gb\Zehkv bfb dZd g_Z^_d\Zlgh_ jh^bl_evkdh_ ih\_^_gb_ LZdbf
h[jZahfh^ghb lh`_ih\_^_gb_ki_pbZebklZfbjZaguodmevlmj\hkijbgbfZehkvg_h^bgZdh\h
IjbqbgZ wlbo jZaebqbc aZdexqZ_lky \ hkh[_gghklyo i_jp_ipbb h`b^Z_fh]h ih\_^_gby m
ijhn_kkbhgZeh\ jZaguo kljZg >ey Zf_jbdZgkdbo ikbobZljh\ oZjZdl_jgh h`b^Zgb_ kh]eZkgh
dhlhjhfmhl_pgZjZ\g_k fZl_jvx^he`_g\klmiZlv\h\aZbfh^_ckl\b_k j_[_gdhf\dexqZykv\
dhglZdl\ jZa]h\hj\ b]jm: dZdyihgkdb_ikbobZlju[uebZ[khexlghm\_j_gu\ lhfqlhwlb
nmgdpbb y\eyxlky ij_jh]Zlb\hc fZl_jb h[yaZgghc h[_ki_qb\Zlv jZagu_ nhjfu
\aZbfh^_ckl\by k ^_lvfb >ey hlpZ lZdh_ \aZbfh^_ckl\b_ g_ y\ey_lky khhl\_lkl\mxsbf _]h
klZlmkmYihgkdb_ikbobZljuhp_gb\Zebih\_^_gb_hlpZZ^_d\Zlghqlhkhhl\_lkl\m_lyihgkdhc
dmevlmj_ JZkkfhlj_gguc ijbf_j ^_fhgkljbjm_l qlh dmevlmjZevgu_ kbkl_fu p_gghkl_c b
\_jh\Zgbck\hckl\_ggu_debgbpbklZfagZqbl_evgh\ebyxlgZhp_gdmy\e_gbc
< ikbobZljbb hp_gdZ wfhpbhgZevguo khklhygbc ^hklZlhqgh km[t_dlb\gZ b \h fgh]hf
aZ\bkbl hl \jZqZ ihwlhfm a^_kv \hafh`gh kh\_jr_gb_ [hevrh]h dhebq_kl\Z hrb[hd LZd
gZijbf_j \ g_dhlhjuo dmevlmjZo wfhpbhgZevgu_ ijhy\e_gby [he__ khfZlbabjh\Zggu
Ihwlhfm`Zeh[uiZpb_glZfh]mlkhijh\h`^Zlvky[he__\ujZ`_ggufbkhfZlbq_kdbfbb f_g__
\ujZ`_ggufbikboheh]bq_kdbfbj_Zdpbyfb
WfhpbhgZevgZyk^_j`ZgghklvdZddmevlmjZevgucnZdlhjbf__l[hevrh_agZq_gb_dhlhjh_
g_evayg_^hhp_gb\ZlvG_h[oh^bfhmqblu\Zlvb hkh[_gghklbfure_gbyGZijbf_jikbobZlju
g_ \k_]^Z Z^_d\Zlgh hp_gb\Zxl hl\_lu iZpb_glh\ ZabZlkdbo dmevlmj gZ ihklZ\e_ggu_ i_j_^
gbfb \hijhku LZdb_ iZpb_glu fh]ml ijhy\eylv \ hl\_lZo mdehgqb\hklv jZkieu\qZlhklv g_
hl\_qZydhgdj_lghgZ\hijhk^Zbebg_l< ^ZgghckblmZpbbki_pbZebkl^he`_gihgbfZlv
qlh ghkbl_eyf fgh]bo dmevlmj \ ijbgpbi_ g_ k\hckl\_ggu h^ghagZqgu_ hl\_lu Wlh
iheh`_gb_bklhjbq_kdbk\yaZghk wlbd_lhfb dmevlmjhc
Debgbq_kdbc klbev bgl_j\vx \dexqZ_l \hkijbylb_ qm\kl\bl_evghklv ki_pbZebklZ ih
hlghr_gbx d iZlheh]bb agZdhfkl\h k l_f dZd ijhl_dZ_l jZkkljhckl\h m q_eh\_dZ ^Zgghc
dmevlmju Klbev bgl_j\vx hdZau\Z_l kms_kl\_ggh_ \ebygb_ gZ \aZbfh^_ckl\b_ f_`^m
iZpb_glhfb debgbpbklhf
< fhf_gl bgl_j\vx ke_^m_l mqblu\Zlv qlh ex^b ijbgZ^e_`Zsb_ g_ lhevdh d jZaguf
wlgbq_kdbf]jmiiZfghb dh^ghfmb lhfm`_wlghkmfh]mlbf_lvjZagu_mjh\gbkhpbZevgh]h
jZa\blbyijb\uqdbkl_j_hlbiuaZ\bkysb_hljZaguokbkl_fp_gghkl_cb l^
<ebygb_ h[jZah\Zgby ki_pbZebklh\ gZ ^bZ]ghklbdm jZaebqguo ikbobq_kdbo gZjmr_gbc
ijhke_`b\Z_lkygZke_^mxs_fijbf_j_h^ghb lh`_khklhygb_^bZ]ghklbjmxs__ky\ Yihgbb
dZd khpbZevgZy nh[by \ KR: ^bZ]ghklbjh\Zehkv dZd kh\_jr_ggh ^jm]h_ khklhygb_
ijhoh^ys__ ih^ ^bZ]ghahf ebqghklgh_ jZkkljhckl\h lbiZ ba[_]Zgby beb dZd lj_\h`gh_
jZkkljhckl\h [_a ^Zevg_cr_c ki_pbnbdZpbb < Jhkkbb gZijbf_j ^h ihke_^g_]h \j_f_gb
^bZ]ghakhpbZevghcnh[bbg_\uklZ\eyekyWlhkhklhygb_^bZ]ghklbjh\ZehkvdZdh[k_kkb\gh_
khklhygb_ beb gZ\yaqb\u_ kljZob Jy^ fhkdh\kdbo ikbobZljh\ gZijbf_j RhklZdh\bq b ^j
kdehggu^bZ]ghklbjh\ZlvebpkljZ^ZxsbokhpbZevghcnh[b_cdZd[hevguorbahnj_gb_clZd
dZd \ h[hbo kemqZyo gZ[ex^Zxlky [hyagv b hlkmlkl\b_ f_`ebqghklguo dhglZdlh\ Zmlbaf b
baf_g_gbywfhpbhgZevgh\he_\hckn_juk\yaZggu_k hldZahfhldhglZdlh\
Ijh[e_fZ^bZ]ghaZdZdnbgZevgucrZ]\dexqZ_l\ k_[ygZoh`^_gb_debgbq_kdhcyq_cdb
^ey^bZ]ghaZqlhgZoh^blkyih^\ebygb_flZdbonZdlhjh\dZd
Ijhn_kkbhgZevgZy hjb_glZpby ikbobZljZ k\yaZggZy k ihemq_gguf h[jZah\Zgb_f
ijb\_j`_gghklvd lhcbeb bghciZjZ^b]f_\ ikbobZljbbGZijbf_j \ o ]h^Zo iZpb_glu k
h^gbfb b l_fb `_ kbfilhfZfb \ ikbobZljbq_kdbo [hevgbpZo KR: b Kh_^bg_ggh]h
Dhjhe_\kl\Z ^bZ]ghklbjh\Zebkv ihjZaghfm < KR: iZpb_glu qZs_ ^bZ]ghklbjh\Zebkv dZd
kljZ^Zxsb_rbahnj_gb_c Z \Kh_^bg_gghfDhjhe_\kl\_hgbjZkkfZljb\ZebkvdZdiZpb_glu
kljZ^Zxsb_ Znn_dlb\gufb gZjmr_gbyfb >ey bamq_gby kmlb wlh]h y\e_gby ijhba\h^beZkv
\b^_haZibkvih\_^_gby]jmiiuiZpb_glh\k ikbobq_kdbfbgZjmr_gbyfb\ ^bgZfbd_\ jZaguo
kblmZpbyo ² \ iZeZl_\ [_k_^_k \jZqhf\ h[s_gb_^jm]k ^jm]hfIhemq_ggu_^Zggu_[ueb
ij_^klZ\e_gu ikbobZljZf GvxChjdZ b Ehg^hgZ G_kfhljy gZ lh qlh kbfilhfu gZjmr_gbc
jZkihagZ\Zebkv ki_pbZebklZfb jZaguo kljZg h^bgZdh\h bo ^bZ]ghau hdZaZebkv jZaebqgufb
;jblZgkdb_ ki_pbZebklu h[gZjm`b\Zeb q_ldmx l_g^_gpbx d ^bZ]ghklbd_ m iZpb_glh\
Znn_dlb\guo ikbohah\ Z bo dhee_]b ba KR: m wlbo `_ iZpb_glh\ ^bZ]ghklbjh\Zeb
rbahnj_gbx Wlh y\e_gb_ [ueh k\yaZgh k l_f qlh \ wlh \j_fy Zf_jbdZgkdb_ ikbobZlju
ijb^_j`b\ZebkvagZqbl_evgh[he__rbjhdhcdhgp_ipbbrbahnj_gbb\ lh\j_fydZd[jblZgpu
hjb_glbjh\ZebkvgZ[he__km`_ggh_ihgylb_wlh]haZ[he_\ZgbyWlhl`_n_ghf_gk\hckl\_g_g
b ki_pbZebklZf Jhkkbb LZd dhebq_kl\h [hevguo rbahnj_gb_c \ Fhkd\_ ij_\urZeh
dhebq_kl\h[hevguorbahnj_gb_c^bZ]ghklbjh\Zgguo\ KZgdlI_l_j[mj]_
Bkihevam_fZykbkl_fZdeZkkbnbdZpbbkZfZdeZkkbnbdZpbygZkljZb\Z_lki_pbZebklZgZ
mklZgh\e_gb_^bZ]ghaZdhlhjuce_]q_\ibku\Z_lky\ jZfdbbkihevam_fhcdeZkkbnbdZpbb
>bZ]gha aZ\bkbl b hl ihke_^kl\bc \hagbdgh\_gb_ dhlhjuo ijh]ghabjm_lky
ki_pbZebklhf \ kemqZ_ mklZgh\e_gby bf hij_^_e_gguo ikbobq_kdbo gZjmr_gbc < ex[hc
kblmZpbb debgbpbkl ^he`_g ijbgbfZlv \h \gbfZgb_ ihke_^kl\by wlbd_ldb ikbobq_kdh]h
jZkkljhckl\Z \ebyxsb_ gZ iZpb_glZ b _]h k_fvx G_evay g_ ijbgbfZlv \h \gbfZgb_ qlh
^bZ]gha rbahnj_gbb ijb\_^_l iZpb_glZ d k_jv_aguf ihke_^kl\byf k\yaZgguf k
bahebjh\Zgghklvx hl h[s_kl\Z k aZdjulb_f ^ey g_]h fgh]bo iml_c j_ZebaZpbb k\yaZgguo k
h[mq_gb_f jZ[hlhc baf_g_gbyfb \ k_f_cguo hlghr_gbyo b f_`ebqghklguo dhglZdlZo <
jZaguo h[s_kl\Zo wlh y\e_gb_ bf__l k\hb kihkh[u \ujZ`_gby GZijbf_j \ Yihgbb ^bZ]gha
ikbobq_kdh]h aZ[he_\Zgby bf__l [he__ ly`_eu_ ihke_^kl\by q_f \ _\jhi_ckdbo kljZgZo
Q_eh\_d^bZ]ghklbjh\ZggucdZdikbobq_kdb[hevghcklZedb\Z_lkyk hlqm`^_gb_fb \klj_qZ_l
\ emqr_fkemqZ_ihgbfZgb_ lhevdh kh klhjhgu khpbZevguo kljmdlmj gh g_ kj_^bgZk_e_gby
Ihwlhfm iZpb_glu [hylky b kl_kgyxlky ^bZ]ghaZ ikbobq_kdh]h aZ[he_\Zgby klZedb\Zykv k
g_ijbylghklyfb gZ jZ[hl_ \iehlv ^h m\hevg_gby b g_\hafh`ghklvx hkms_kl\blv k\hb
fZljbfhgbZevgu_ i_jki_dlb\u GZebqb_ \ yihgkdhc k_fv_ [hevgh]h ikbobq_kdbf
aZ[he_\Zgb_fkdZau\Z_lkyb gZihke_^mxsboihdhe_gbyo?kebhdjm`Zxsb_agZxlh gZebqbb
\ k_fv_ikbobq_kdb[hevgh]hhgb[m^mlh]jZgbqb\ZlvdhglZdluk qe_gZfblZdhck_fvb< k\yab
k wlbf klZlbklbdZ ikbobq_kdbo aZ[he_\Zgbc \ Yihgbb g_ hljZ`Z_l bklbggh]h khklhygby lZd
dZd \ ih^h[guo kemqZyo qZklh klZ\ylky ^bZ]ghau fZeuo ikbobq_kdbo gZjmr_gbc lZdbo dZd
g_\jZkl_gby gZjmr_gby ijbkihkh[e_gby b djZldh\j_f_ggu_ jZkkljhckl\Z k\yaZggu_ k
khfZlbq_kdhciZlheh]b_c
LZdbfh[jZahfdebgbq_kdbc^bZ]ghaij_^klZ\ey_lkh[hckeh`guc^bgZfbq_kdbcijhp_kk
gZ dhlhjuc hdZau\Zxl kms_kl\_ggh_ \ebygb_ khpbhdmevlmjZevgu_ nZdlhju dZkZxsb_ky dZd
iZpb_glZ lZd b \jZqZ < k\yab k wlbf \Z`gh hkhagZ\Zlv kl_i_gv \ebygby wlbo nZdlhjh\ gZ
dZ`^hfwlZi_\aZbfh^_ckl\byf_`^miZpb_glhfb \jZqhf
< debgbq_kdhc dhgp_ilmZebaZpbb ijh[e_f iZpb_glZ iZjZ^b]fZ aZ[he_\Zgby \ dhlhjhc
jZ[hlZ_l\jZqbf__l[hevrh_agZq_gb_GZijbf_j[bhf_^bpbgkdbhjb_glbjh\ZggucikbobZlj
h[mq_g^bZ]ghklbjh\ZlvaZ[he_\Zgbyfha]ZIkbohZgZeblbd^bZ]ghklbjm_lijh[e_fmiZpb_glZ
\ jZfdZo ^jm]hc iZjZ^b]fu GZjh^guc p_ebl_ev lZd`_ bgl_jij_lbjm_l y\e_gby \ kljmdlmj_
ijbagZ\Z_fhc bf iZjZ^b]fu >ey f_^bpbgkdb hjb_glbjh\Zggh]h ikbobZljZ oZjZdl_jgh
hibku\Zlv iZlheh]bq_kdh_ khklhygb_ k f_^bpbgkdhc lhqdb aj_gby k mq_lhf wlbheh]bb
^bgZfbdbb ij_^iheZ]Z_fh]hbkoh^ZWlhklZg^ZjluhdZau\Zxsb_[hevrh_\ebygb_gZjZ[hlm
ikbobZljZb h[yau\Zxsb__]h\u^_eylvklZ^bbjZa\blby[he_agbb Zdp_glbjh\Zlv\gbfZgb_gZ
kms_kl\h\Zgbbebg_cghcaZ\bkbfhklb\ l_q_gbb[he_agbWlZaZ\bkbfhklvbkoh^blbalh]hqlh
aZ[he_\Zgb_ ^he`gh ijh]j_kkbjh\Zlv kh]eZkgh ebg_cghc ko_f_ gZijbf_j klZ^bb jZa\blby
]bi_jlhgbq_kdhc[he_agbIkbobZlju\ jZfdZo[bhf_^bpbgkdhcdhgp_ipbbfh]mljZkkm`^Zlv
ijbf_jgh ke_^mxsbf h[jZahf ?keb m iZpb_glZ rbahnj_gby ^bZ]ghklbjm_lky \ l_q_gb_ e_lZ ^_n_dlZdhlhjuc^he`_g[uekh]eZkghebg_cghcko_f_h[yaZl_evghknhjfbjh\Zlvkyg_l
² agZqblwlhg_rbahnj_gby
<lhjhc ijbf_j iZpb_gl k ^_lkl\Z kljZ^Z_l Zedh]hebafhf K lhqdb aj_gby ikbobZljZ
ijh]ghakhklhygbylZdh]hiZpb_glZiehohcLZdZylhqdZaj_gbybf__lijZ\hgZkms_kl\h\Zgb_
gh g_ dZd _^bgkl\_ggh ijZ\bevgZy >ebl_evghklv b ly`_klv khklhygby iZpb_glZ y\eyxlky g_
_^bgkl\_ggufbnZdlhjZfb\ebyxsbfbgZijh]gha:edh]hebaffh`_lijhl_dZlvihjZaghfm\
aZ\bkbfhklb hl fgh]bo nZdlhjh\ gh g_]Zlb\gZy ko_fZ jZa\blby k h^ghgZijZ\e_ggh iehobf
j_amevlZlhf^hfbgbjm_l\ khagZgbbki_pbZebklZqlh\ k\hxhq_j_^vhljZ`Z_lkygZiZpb_gl_
dhlhjuc bglmblb\gh qm\kl\m_l hlghr_gb_ ki_pbZebklZ d k_[_ LZdh]h jh^Z km`^_gby
hkgh\u\Zxsb_kygZm[_`^_gbb\ lhfqlhklZ^bcghklvb h[yaZl_evgh_mom^r_gb_khklhygby
[hevgh]hy\eyxlkyaZdhghfijb\h^yld nhjfbjh\Zgbxko_fZlbqgh]hg_]Zlb\gh]hfure_gby
Km[t_dlb\gh_ \hkijbylb_ aZ[he_\Zgby iZpb_glhf b hp_gdZ [he_agb \jZqhf fh]ml j_adh
hlebqZlvky ^jm] hl ^jm]Z k lhqdb aj_gby dmevlmjZevgh]h ih^oh^Z H^ghklhjhgg_
[bhf_^bpbgkdb hjb_glbjh\Zgguc \jZq bkoh^bl ba lh]h qlh aZ[he_\Zgbx k\hckl\_ggZ
mgb\_jkZevghklvohlyijb[he__]em[hdhfjZkkfhlj_gbbwlhiheh`_gb_lj_[m_ldhjj_dpbb
GZ ^bZ]ghklbdm aZ[he_\Zgby \eby_l b oZjZdl_j \hijhkh\ k\yaZgguo k yaudhf dhlhjuf
ihevamxlkyiZpb_glb \jZqKi_pbZebklmdZ`_lkyqlhhg]h\hjblk iZpb_glhfgZh^ghfyaud_
qlhfh`_l[ulv^Ze_dhg_lZdBkihevah\Zgb_\jZqhfki_pbnbq_kdbo\ujZ`_gbcfh`_l [ulv
g_ihgylguf ^ey iZpb_glZ dhlhjuc ^Z`_ h[uqgu_ \ujZ`_gby fh`_l \hkijbgbfZlv
ki_pbnbq_kdbfh[jZahfko\Zlu\Zy\ gboqlhlh[he__ijb\uqgh_^eyk_[yIZpb_gl fh`_l
^_eZlv\b^qlhhgydh[uihgbfZ_l\jZqZkl_kgyykvijbagZlvky\ h[jZlghfYaudgZdhlhjhf
]h\hjbliZpb_gllZd`_fh`_l[ulvg_kh\k_fihgylguf^ey\jZqZ_kebhgg_agZdhfkhkj_^hc
iZpb_glZk _]hkbkl_fhcm[_`^_gbc\_jh\Zgbcijbgyluo\ujZ`_gbc
=eZ\Z <EBYGB?K?FVBG:<HAGBDGH<?GB?B L?Q?GB?
IKBOBQ?KDBOJ:KKLJHCKL<
< bkke_^h\Zgbb\ebygbyk_fvbgZiZpb_glZg_ke_^m_lh]jZgbqb\Zlvkybamq_gb_flhevdh
jh^bl_e_cG_h[oh^bfhmqblu\Zlvjhevb ^jm]boqe_gh\k_fvb\ lZdgZau\Z_fhcjZkrbj_gghc
k_fv_
BgnhjfZpby h iZpb_gl_ bkoh^ysZy hl qe_gh\ k_fvb y\ey_lky qj_a\uqZcgh \Z`ghc
Qe_guk_fvbdZdijZ\behkhh[sZxlh iZpb_gl_bgnhjfZpbxhlebqZxsmxkyhlbgnhjfZpbb
ij_^hklZ\ey_fhciZpb_glhfdhlhjZyy\ey_lkyg_iheghcb g_^hklZlhqgh^hklh\_jghcijhoh^y
kd\havijbafm_]hgZjmr_ggh]hikbobq_kdh]hkhklhygby
K_fvy ^he`gZ ijbgbfZlvky \h \gbfZgb_ ki_pbZebklZfb b ijb \uibkd_ iZpb_glZ ba
klZpbhgZjZ BgnhjfZpby h lhf qlh ij_^klZ\ey_l kh[hc aZ[he_\Zgb_ ih^]hlZ\eb\Z_l qe_gh\
k_fvb d Z^_d\Zlghfm \hkijbylbx khklhygby iZpb_glZ gZkljZb\Zy bo gZ hij_^_e_ggmx _]h
Zi_jp_ipbx LZdh_ \hkijbylb_ fh`_l kh\iZ^Zlv beb g_ kh\iZ^Zlv k bo kh[kl\_ggufb
ij_^klZ\e_gbyfbh aZ[he_\ZgbbZ fh`_lb mkbeb\Zlvwlbij_^klZ\e_gby
Kh\j_f_ggu_ bkke_^h\Zl_eb k_fvb oZjZdl_jbamxl __ dZd hkgh\gmx khpbhdmevlmjgmx
_^bgbpm ihkj_^kl\hf dhlhjhc ba ihdhe_gby \ ihdhe_gb_ i_j_^Zxlky ljZ^bpbb ih^oh^u
ijb\uqdb b hlghr_gby Ijb wlhf ke_^m_l ihgbfZlv \hafh`ghklv ZgZebaZ k_fvb dZd
dhfie_dkgh]hh[jZah\Zgby\ g_kdhevdbogZijZ\e_gbyo
bkke_^h\Zgbyqe_gh\k_fvb
bkke_^h\Zgbykm[kbkl_fk_fvb
bkke_^h\Zgby`bag_ggh]hpbdeZk_fvb
bkke_^h\Zgby\aZbfh^_ckl\byk_fvbdZd]jmiiuk ^jm]bfb]jmiiZfb
bkke_^h\Zgby k_fvb dZd iheghc kbkl_fu Bkke_^h\Zgby hl^_evguo qe_gh\ k_fvb
\dexqZxl\ k_[ynhdmkbjh\dm\gbfZgbygZebqghklbgZ__ikboheh]bb gZih\_^_gbbdZ`^h]h
ba qe_gh\ k_fvb K_fvy jZkkfZljb\Z_lky dZd Zddmfmebjh\Zgguc j_amevlZl ih\_^_gby \k_o __
qe_gh\ K_fvy dZd p_eh_ khklhbl ba qe_gh\ dhlhju_ \ kh\hdmighklb kha^Zxl dZq_kl\_ggh
gh\mx nmgdpbx k_fvb <aZbfh^_ckl\by hl^_evguo qe_gh\ k_fvb fh]ml [ulv hq_gv jZagufb
GZijbf_j ghjfZevgh_ nmgdpbhgZevgh_ \aZbfh^_ckl\b_ jh^bl_e_c b ^_l_c y\ey_lky
[eZ]hijbylguf^eyjZa\blbydZ`^h]hbaqe_gh\ k_fvb A^_kv kha^Zxlky [he__ [eZ]hijbylgu_
mkeh\by ^ey j_ZebaZpbb k\h_]h ihl_gpbZeZ ^moh\gh]h jZa\blby \ hlebqb_ hl h[klZgh\db
^bknmgdpbhgZevghck_fvb<hafh`gub ^jm]b_\ZjbZglu\aZbfh^_ckl\by
Ijbf_jhf p_e_khh[jZaghklb mq_lZ lZdh]h ih^oh^Z fh`_l [ulv ZgZeba h[jZaZ EZmju \
Kl_deygghf a\_jbgp_ L MbevyfkZ =_jhbgy \gmljb k\h_c k_f_cghc kbkl_fu `b\_l \
g_j_Zevghf fbj_ nZglZabc qlh fh`_l [ulv d\Zebnbpbjh\Zgh dZd k_jv_agh_ ikbobq_kdh_
aZ[he_\Zgb_ gZijbf_j rbahnj_gby < lh `_ \j_fy ihgbfZgb_ jheb EZmju \ k_fv_ __
bgl_jZdpbc k fZl_jvx b [jZlhf ih^l\_j`^Z_l g_h[oh^bfhklv lZdh]h ih\_^_gby k p_evx
khojZg_gby [ZeZgkZ \ k_fv_ <hagbdr__ gZijy`_gb_ \h \aZbfhhlghr_gbyo qe_gh\ k_fvb
kgbfZ_lkyb dhgljhebjm_lkyijbkmlkl\b_fb ih\_^_gb_fEZmjuIjbgbfZyh]hgvgZk_[yhgZ
ij_iylkl\m_l jZkiZ^m k_fvb LZdbf h[jZahf khojZg_gb_ _^bgkl\Z k_fvb y\ey_lky
g_hkhagZ\Z_fhcEZmjhcp_evxj_Zebam_fhc_x\ oZjZdl_j_k\h_]hih\_^_gbyEZmjZy\ey_lky
h^gbfbaiZlheh]bq_kdbokbfilhfh\k\h_c^bknmgdpbhgZevghck_fvb
LZdhc k^\b] hl bamq_gby iZlheh]bb bg^b\b^mmfZ d bamq_gbx \gmljbk_f_cguo
f_`ebqghklguohlghr_gbc ² g_ijhklhbghckihkh[bamq_gbyiZlheh]bbZ gh\Zydhgp_ipby
iZlheh]bbjZkrbjyxsZy]jZgbpuljZ^bpbhggh]h^bZ]ghklbq_kdh]hfure_gby
Bamq_gb_ km[kbkl_f k_fvb ih^jZamf_\Z_l ZgZeba hlghr_gbc f_`^m kmijm]Zfb
jh^bl_eyfbb ^_lvfbkb[ebg]Zfb :gZebabjmxlkyf_`ebqghklgu_hlghr_gbywfhpbbjheb
dhlhju_b]jZxl qe_gu km[kbkl_fihhlghr_gbx ^jm] d ^jm]m dhgnebdlu \hagbdrb_ f_`^m
qe_gZfbkm[kbkl_fu
Bkke_^h\Zgb_`bag_ggh]hpbdeZk_fvb\dexqZ_l\ k_[yZgZebak_f_cguokh[ulbclZdbo
gZijbf_jdZdjh`^_gb_\ajhke_gb_\hkiblZgb_^_l_cmoh^^_l_cba^hfZ
Bamq_gb_k_fvbdZdkjZ\gbl_evghbahebjh\Zgghc]jmiiuij_^iheZ]Z_lmq_l\b^Zb_jZjobb
\ k_fv_ kihkh[h\ hkms_kl\e_gby dhffmgbdZpbb jhe_\h]h ih\_^_gby BamqZxlky
\aZbfh^_ckl\by k_fvb k ^jm]bfb khpbZevgufb kljmdlmjZfb hp_gb\Z_lky \uiheg_gb_ k_fv_c
dhgdj_lguo `bag_gguo aZ^Zq ih\_^_gb_ k_fvb \ kblmZpbb klj_kkZ bkihevah\Zgb_ _x
khpbZevguo b ^jm]bo j_kmjkh\ khijhlb\e_gby klj_kkm hiulZ ^jm]bo k_f_c b k\h_]h
kh[kl\_ggh]hijhreh]hhiulZ
Bkke_^h\Zgb_k_fvbdZdkbkl_fuhkgh\u\Z_lkygZl_hjbbkbkl_fkh]eZkghdhlhjhck_fvy
\hkijbgbfZ_lkydZdkms_kl\mxsZy\ kbkl_f__^bgbpZ\dexqZxsZy\ k_[ybgljZikbobq_kdb_
f_`ebqghklgu_ \gmljbk_f_cgu_ b
wdkljZk_f_cgu_ kh[ulby b
i_jki_dlb\u
\aZbfh^_ckl\mxsb_f_`^mkh[hcdZdp_ehklgZykbkl_fZ
Bamq_gb_ k_fvb ^he`gh \dexqZlv \ k_[y g_h[oh^bfhklv mq_lZ dmevlmju ^h[jZqguo
k_dkmZevguo hlghr_gbc Ih^oh^u d ^h[jZqguf hlghr_gbyf \Zjvbjmxl \ jZaebqguo
dmevlmjZevguo ]jmiiZo ^Z`_ `b\msbo g_^Ze_dh ^jm] RU ^jm]Z Hlghr_gby jZaebqguo
ihdhe_gbc d ^h[jZqguf k\yayf fh]ml baf_gylvky k l_q_gb_f \j_f_gb qlh fh`_l
kihkh[kl\h\Zlv\hagbdgh\_gbxdhgnebdlh\
+RHEHO bkke_^myhlghr_gbyd ^h[jZqgufk_dkmZevgufk\yayf\ ?\jhi_b \ KR:
ihdZaZe qlh [hevrbgkl\h j_kihg^_glh\ Zdp_ilbjm_l ^h[jZqgu_ k_dkmZevgu_ hlghr_gby g_
\hajZ`Zy ijhlb\ gbo b g_ ^Z\Zy bf hljbpZl_evguo hp_ghd Ba wlgh]jZnbq_kdh]h ZleZkZ
0XUGRFN ke_^m_l qlh ba hijhr_gguo k_f_c g_ \hajZ`Zeb ijhlb\ ^h[jZqguo
k_dkmZevguohlghr_gbcI_jfbkkb\gu_h[s_kl\Z^himkdZxsb_lZdb_hlghr_gbygZoh^ylky\
lbohhd_Zgkdhcahg_J_kljbdlb\gu_h[s_kl\Zh]jZgbqb\Zxsb_wlbhlghr_gbyjZkiheh`_gu\
[Zkk_cg_ Kj_^ba_fgh]h fhjy Mq_l wlbo nZdlhjh\ g_h[oh^bf ijb ZgZeba_ \hagbdZxsbo m
iZpb_glh\ kdjuluo klj_kkh\uo khklhygbc dZd j_Zdpbc gZ gZjmr_gb_ bfb aZij_lh\ gZ
^h[jZqgu_hlghr_gbyWlbkhklhygbyijhy\eyxlkyihjZaghfmb kihkh[kl\mxl\hagbdgh\_gbx
lZdbo gZjmr_gbc dZd gZjmr_gby ijbkihkh[e_gby b ^_dhfi_gkZpby g_dhlhjuo ebqghklguo
jZkkljhckl\
Kms_kl\mxl h[s_kl\Z \ dhlhjuo [jZdb jZg`bjmxlky jh^bl_eyfb ij_^\Zjbl_evgh
aZdexqZxsbfb ^h[jZqgu_ dhgljZdlu D lZdbf h[s_kl\Zf hlghkylky g_dhlhju_ \hklhqgu_
kljZgu b g_dhlhju_ kljZgu [u\r_]h KKKJ < DblZ_ gZijbf_j [jZqgu_ dhgljZdlu
aZdexqZxlky _s_ ^h ihy\e_gby ^_l_c gZ k\_l HibkZg kemqZc dh]^Z jh^bl_eb fZe_gvdhc
^_\hqdbgZLZc\Zg_h[eZqb\__ \ljZ^bpbhgguck\Z^_[gucdhklxfdjZkgh]hp\_lZhlijZ\beb
^ey ijh`b\Zgby b \hkiblZgby \ ^hf [m^ms_]h fm`Z >_\hqdZ jhkeZ \f_kl_ k [m^msbf
`_gbohf@_gbob g_\_klZ\hkiblu\ZebkvdZdkb[ebg]bk ihemq_gb_f\hafh`ghklbi_j_`blv
^ebl_evguc i_jbh^ bglbfguo dhglZdlh\ k bgp_klguf lZ[m Kh\j_f_ggu_ bkke_^h\Zgby
ijh\_^_ggu_ :ROI gZ LZc\Zg_ k\b^_l_evkl\mxl h lhf qlh [hevrbgkl\h `_gboh\
\hkiblu\Zxsboky \ ZgZeh]bqguo mkeh\byo \ ^Zevg_cr_f g_ ohl_eb `_gblvky gZ g_\_klZo
gZihfbgZxsbo bf k_kl_j ;he__ lh]h m wlbo `_gboh\ ^bZ]ghklbjh\Zebkv ikboheh]bq_kdb_
ijh[e_fuij_iylkl\mxsb_bo\klmie_gbx\ [jZd\hh[s_Wlbfheh^u_ex^bih^^_j`b\Zyk
ik_\^hg_\_klZfb ^jm`_kdb_ hlghr_gby \klmiZeb \ [jZd k ^jm]bfb `_gsbgZfb qZklh
ihk_sZeb ijhklblmlhd b \klmiZeb \h \g_[jZqgu_ k_dkmZevgu_ hlghr_gby LZdbf h[jZahf
^bZ]ghklbjh\Zggu_gZjmr_gby\dexqZeb\ k_[yk h^ghcklhjhgul_g^_gpbxd ijhfbkdmbl_lm
Zk ^jm]hcklhjhguaZljm^g_gb_k_dkmZevghchjb_glZpbbk g_m\_j_gghklvx\ k_[_
< k_f_cguo km[kbkl_fZo ij_`^_ \k_]h \u^_eyxl km[kbkl_fm fm` ² `_gZ K
ikboheh]bq_kdhc lhqdb aj_gby p_evx [jZdZ ih fg_gbx /LG] y\ey_lky ihemq_gb_
[_ahiZkghklb dhlhjmx h[_ki_qb\Z_l [jZqguc khxa h[e_]qZxsbc `bagv iZjlg_jh\
ihkj_^kl\hf ihemq_gby bfb k_dkmZevgh]h m^h\e_l\hj_gby m^h\e_l\hj_gby hl jh`^_gby b
\hkiblZgby ^_l_c b ^jm]bo kihkh[h\ \aZbfh^_ckl\by ^jm] k ^jm]hf Hkgh\gZy ijbjh^Z [jZdZ
khklhbl \ j_ZebaZpbb wlbq_kdbo b fhjZevguo h`b^Zgbc ihkj_^kl\hf dhlhjuo ^hklb]Z_lky
hij_^_e_ggh_ qe_gkl\h iZjlg_jh\ \ h[s_kl\_ k ihemq_gb_f \hafh`ghkl_c m^h\e_l\hjblv
[bheh]bq_kdb_ ikboheh]bq_kdb_ khpbZevgu_ b wdhghfbq_kdb_ lj_[h\Zgby ;jZqgu_
hlghr_gbyfh]mljZkkfZljb\ZlvkybebdZdh[yaZl_evgucdhgljZdlgZ^ebl_evguci_jbh^beb
dZd nmgdpbhgZevgh_ h[jZah\Zgb_ hkgh\Zggh_ gZ \aZbfghf m^h\e_l\hj_gbb ihlj_[ghkl_c b
hlghr_gbc ?keb wfhpbhgZevgu_ ihlj_[ghklb b hlghr_gby g_ m^h\e_l\hjyxl ^jm] ^jm]Z
kmijm]bfh]mljZahj\Zlvwlbhlghr_gby
< h[eZklb debgbq_kdhc ikbobZljbb b iZlheh]bq_kdhc ikboheh]bb fgh]b_ ebpZ k
ikbobq_kdbfb gZjmr_gbyfb ljZ^bpbhggh hibku\Zebkv b ihgbfZebkv dZd ebpZ dhlhjuf
ijbkmsZ lZ beb bgZy bg^b\b^mZevgZy ikbobq_kdZy iZlheh]by Ijb jZkkfhlj_gbb k_fvb \
p_ehf wlb jZkkljhckl\Z ke_^m_l d\Zebnbpbjh\Zlv \ dhgl_dkl_ k_fvb <kydh_ gZjmr_gb_
\hagbdZxs__m hl^_evgh]hqe_gZk_fvbb bf_xs__bg^b\b^mZevgh_ijhy\e_gb_\f_kl_k l_f
ij_^klZ\ey_l kh[hc hij_^_e_gguc ijbagZd hljZ`Zxsbc ikbobq_kdh_ g_[eZ]hihemqb_ k_fvb
dhlhjh_ fh]eh kms_kl\h\Zlv ^h \hagbdgh\_gby wlh]h gZjmr_gby beb kem`blv ijhy\e_gb_f
lhlZevghcikbohiZlheh]bb\k_ck_fvbBg^b\b^mZevgZyikbohiZlheh]by\ qZklghklbhljZ`Z_l
iZlheh]bq_kdh_ nmgdpbhgbjh\Zgb_ p_ehklghc k_fvb ;he__ lsZl_evgu_ bkke_^h\Zgby
iha\heyxl ^bZ]ghklbjh\Zlv dhfie_dk ^bknmgdpbhgZevguo hlghr_gbc \ k_fv_ dhlhju_
gm`^Zxlky \h \f_rZl_evkl\_ ^ey bo mkljZg_gby GZijbf_j ikbohkhfZlbq_kdb_ jZkkljhckl\Z
qe_gZ k_fvb iha\heyxl mklZgh\blv k\yav wlbo jZkkljhckl\ k oZjZdl_jhf ih\k_^g_\ghc `bagb
iZpb_glZ \ k_fv_ < lZdbo kemqZyo dZd ijZ\beh ^bZ]ghklbjmxlky jb]b^ghklv hlghr_gbc
ojhgbq_kdbcklj_kkb \gmljbk_f_cgu_dhgnebdlu
?kebm dh]hlhbaqe_gh\k_fvbjZa\b\Z_lkyikbobq_kdh_gZjmr_gb_hgh\ lhcbebbghc
kl_i_gb i_j_^Z_lky ^jm]hfm qe_gm k_fvb b lZdbf h[jZahf h^bg qe_g k_fvb aZjZ`Z_l
ikbobq_kdbf jZkkljhckl\hf ^jm]h]h qlh fh`_l ijhy\eylvky lZdbfb debgbq_kdbfb
ijbagZdZfb dZd ^bkkhpbZpby dhg\_jkbhggu_ jZkkljhckl\Z ih^hajbl_evghklv
ikbohwfhpbhgZevgh_ gZijy`_gb_ [j_^h\u_ ijhy\e_gby b ^j :gZeba hibku\Z_fh]h
dhglZ]bhagh]hn_ghf_gZm h^gh]h baqe_gh\ k_fvb k\b^_l_evkl\m_l h lhf qlh \hagbdgh\_gb_
ikbobq_kdh]h gZjmr_gby m g_]h y\ey_lky \lhjbqguf Bgh]^Z lZdZy ^bZ]ghklbdZ [u\Z_l
\hafh`ghc lhevdh \ j_amevlZl_ ^ebl_evgh]h gZ[ex^_gby \ mkeh\byo jZat_^bg_gby qe_gh\
k_fvb \ j_amevlZl_ dhlhjh]h i_j\bqgu_ ikbobq_kdb_ gZjmr_gby g_ ijhoh^yl Z \lhjbqgu_
bg^mpbjh\Zggu_m ^jm]h]hqe_gZk_fvbh[mkeh\e_ggu_\ebygb_fbklbggh]h[hevgh]hq_j_a
dZdh_lh\j_fybkq_aZxlIjhp_kkaZljZ]b\Zxsbc^\moqe_gh\k_fvbghkblgZa\Zgb_[he_agv
^\hbo< kemqZ_\dexq_gby\ wlhlijhp_kk [hevr_]hdhebq_kl\Z ex^_cbkihevam_lky l_jfbg
k_f_cgh_ [_amfb_ GZb[hevr__ dhebq_kl\h lZdh]h jh^Z bg^mpbjh\Zgguo dhglZ]bhaguo
ikbobq_kdbogZjmr_gbc\dexqZxsbo\ k_[y kemqZyijhZgZebabjh\Ze *UDQOLFN *UHJRU\ hibkZe kblmZpbx i_j_^Zqb lZdbo gZjmr_gbc hl fm`Z d `_g_ b gZh[hjhl
:DOW]HU ijb\h^bl dZambklbq_kdb_ ^Zggu_ hibku\Zy ikbohlbq_kdmx k_fvx \ dhlhjhc
aZ[he_\Zgb_\hagbdr__m h^gh]hqe_gZk_fvbbg^mpbjh\Zeh[he_agvm qe_gh\k_fvb 7VHQJ
hibkZeiZjZghb^gmxk_fvxgZLZc\Zg_\ dhlhjhc[jZlbg^mpbjh\Ze[j_^h\ufbb^_yfb
ij_ke_^h\Zgby k\hx k_kljm i_j_^Z\rmx bg^mpbjh\Zggu_ m g__ kbfilhfu k\h_fm fm`m k
ihke_^mxsbf bg^mpbjh\Zgghf iylb ^_l_c HibkZg kemqZc \hagbdgh\_gby [j_^h\hc b^_b
ij_ke_^h\Zgby m lZc\Zgvkdh]h fm`qbgu ih hlghr_gbx d gZoh^ysbfky \ ih^ihev_
dhffmgbklZfIhy\e_gbxlZdbokbfilhfh\kihkh[kl\h\Zebj_Zevgu_klj_kkubf_\rb_f_klh
\ `bagb [hevgh]h lZdb_ dZd djZ`Z hlkmlkl\b_ \hafh`ghklb mkljhblvky gZ jZ[hlm
khfZlbq_kdb_g_^m]bIhy\b\rb_kyb^_bij_ke_^h\Zgbybg^mpbjh\Zebkv\k_fbqe_gZfbk_fvb
kqblZ\rbfbhdjm`ZxsbohiZkgufbb ijbgbfZ\rbfbg_h[oh^bfu_f_ju^eykZfhaZsblu
Bkke_^h\Zgby h[gZjm`b\Zxl gZebqb_ ij_fhj[b^guo hkh[_gghkl_c m qe_gh\ k_fvb
ij_^jZkiheZ]Zxsbo bo d jZa\blbx bg^mpbjh\Zgguo ikbohlbq_kdbo khklhygbc D wlbf
ij_fhj[b^gufhkh[_gghklyfhlghkylkyhij_^_e_ggu_[bheh]bq_kdb_^_l_jfbgZglugZebqb_
f_`^mqe_gZfbk_fvbkbevguowfhpbhgZevguok\ya_ch[_ki_qb\Zxsboboijb\yaZgghklv^jm]
d ^jm]mgZebqb_klj_kkh\uokblmZpbc
Kms_kl\mxsb_ \ k_fv_ wfhpbhgZevgh klhcdb_ k\yab kihkh[kl\mxl \hagbdgh\_gbx m __
qe_gh\klj_fe_gbyd k_f_cghfm_^bgkl\m`_eZgbyjZa^_eylvk_f_cgu_g_\a]h^uf_`^mkh[hc
[ulv [eb`_ ^jm] d ^jm]m L_f g_ f_g__ \ lZdbo k_fvyo fh]ml kha^Z\Zlvky mkeh\by ^ey
\hagbdgh\_gby bg^mdpbb ikbohlbq_kdbo gZjmr_gbc Bg^mdpby qZs_ jZa\b\Z_lky _keb
aZ[he_\Z_l qe_g k_fvb bf_xsbc hkh[uc Z\lhjbl_l k\yaZgguc k \hajZklhf k
bgl_ee_dlmZevguf ij_\hkoh^kl\hf Z ijb\uqgh keh`b\rZyky kbkl_fZ \gmljbk_f_cguo
hlghr_gbc kihkh[kl\m_l lhfm qlh \k_ qe_gu k_fvb ^h\_jyxl aZ[he_\r_fm b \ dZdhclh
kl_i_gbaZ\bkylhlg_]h
<ebygb_ k_f_cgh]h nZdlhjZ ijhke_`b\Z_lky ijb bg^mpbjh\Zgbb g_ lhevdh [j_^h\uo
jZkkljhckl\ghb ^jm]bogZjmr_gbc\ qZklghklbkhpbZevghcnh[bb
KhpbZevgZynh[byoZjZdl_jbam_lkyklhcdbfbjjZpbhgZevgufkljZohfdhglZdlZk ^jm]bfb
ex^vfb ijb dhlhjhf q_eh\_d klZjZ_lky ba[_`Zlv kblmZpbc ij_^klZ\eyxsbo ^ey g_]h
ihl_gpbZevgmx m]jham G_dhlhjh_ \j_fy gZaZ^ wlh jZkkljhckl\h g_ ^bZ]ghklbjh\Zehkv beb
l_jyehkv \ fZkkb\_ jZaebqguo gZ\yaqb\uo kljZoh\ < gZklhys__ \j_fy \u^_eyxl h[s_kl\Z b
khpbZevgu_kljmdlmju\ dhlhjuokhpbZevgZynh[by\hagbdZ_lqZs_q_f\ ^jm]bo .LWDQLVKX b
7VHQJ < Yihgbb khpbZevgZy nh[by ^bZ]ghklbjm_lky dZd kljZo [hyagb ex^_c
\hagbdZxsbcij_`^_\k_]hkj_^bebpfheh^h]hb hkh[_gghih^jhkldh\h]h\hajZklZIjbqbghc
jZkkljhckl\Zy\ey_lkyk\hckl\_ggZywlhfm\hajZklmhaZ[hq_gghklvk\yaZggZyk \i_qZle_gb_f
dhlhjh_ ijhba\h^bl ih^jhklhd gZ hdjm`Zxsbo HaZ[hq_gghklv ijb\h^bl d kljZom i_j_^
[ebadbfdhglZdlhfd hiZk_gbx\_j[Zebah\Zlvk\hbfukebg_l_flhghfg_k l_f\ujZ`_gb_f
ebpZk qj_af_jgufwfhpbhgZevguf\ujZ`_gb_fb ij
:gZeba khpbZevghc nh[bb \ Yihgbb iha\hebe k^_eZlv aZdexq_gb_ h lhf qlh wlh
jZkkljhckl\h jZa\b\Z_lky m qj_a\uqZcgh qm\kl\bl_evguo j_ne_dkbjmxsbo ebp
^bkdjbfbgbjh\Zgguob ebr_gguoqm\kl\Z^h\_jby\ k_fv_Bf__lagZq_gb_gZebqb_nZdlhjh\
\uau\ZxsbokhpbZevghg_]Zlb\gmxhp_gdmk_fvbD lZdbfihjbpZ_fufhdjm`Zxsbfbq_jlZf
hlghkblky khpbZevguc g_mki_o jZa\h^ jh^bl_e_c b \k_ l_ kblmZpbb dhlhju_ kgb`Zxl
kZfhhp_gdm^_l_cb ^_eZxlboqj_af_jghqm\kl\bl_evgufbd hp_gd_hdjm`Zxsbfb
< [eZ]hijbylghc h[klZgh\d_ k\hckl\_gghc nmgdpbhgZevguf k_fvyf jZa\blb_
khpbZevghcnh[bbfZeh\_jhylgh
K_f_cgufb nZdlhjZfb ij_^jZkiheZ]Zxsbfb d \hagbdgh\_gbx khpbZevghc nh[bb
y\eyxlky\_j[Zevgu_b g_\_j[Zevgu_hrb[dbdhffmgbdZpbbih^ju\Zxsb_^h\_jb_j_[_gdZd
wnn_dlb\ghklb _]h h[s_gby k ^jm]bfb ex^vfb GZijbf_j h[sZykv k ijbr_^rbfb ]hklyfb
j_[_ghd iulZ_lky khpbZebabjh\Zlvky iml_f jZa]h\hjZ k gbfb iulZ_lky dZdbflh h[jZahf
ijhy\blv k_[y Ih^q_jdb\Zgb_ jh^bl_eyfb g_Z^_d\Zlgh]h k bo lhqdb aj_gby ih\_^_gby
j_[_gdZ[m^_lkihkh[kl\h\ZlvjZa\blbxm g_]h\ ^Zevg_cr_fkhpbZevghcnh[bb
Ki_pbZebklZfb qZs_ ^_deZjbjm_lky q_f bkke_^m_lky agZq_gb_ k_f_cguo hlghr_gbc \
\hagbdgh\_gbb g_\jhlbq_kdbo gZjmr_gbc Wlh ijb\h^bl d lhfm qlh bkke_^h\Zgbc
ihk\ys_gguo wlhc ijh[e_f_ hq_gv fZeh ;X &XL 7VHQJ b +VX bkke_^my `_gsbg k
g_\jhlbq_kdbfb ^_ij_kkbyfb h[gZjm`beb m gbo \ hlebqb_ hl dhgljhevguo ]jmii `_gsbg
lZdh]h `_ \hajZklZ f_gvrmx kiZygghklv bo k_f_c J_kihg^_glu g_^h\hevgu_
\aZbfhhlghr_gbyfb\ k_fvyokqblZebboiehobfh[jZaphfZ^ZilZpbbBkke_^h\Zl_ebijbreb
d \u\h^m qlh ^ey dblZcp_\ ^bknmgdpbhgZevgZy k_fvy \uklmiZ_l dZd klj_kkh\uc nZdlhj
\ebyxsbc gZ jZa\blb_ ^_ij_kkbb Hlkmlkl\b_ hsms_gby aZsblghc nmgdpbb k_fvb
ij_^jZkiheZ]Z_ld kgb`_gghfmgZkljh_gbx< lh`_\j_fyZ\lhjuijbrebd \u\h^mh lhfqlh
gbadZy kiZygghklv k_fvb \ [hevr_c kl_i_gb dhjj_ebjm_l k jZa\blb_f ^_ij_kkbb q_f k
jZa\blb_flj_\h`ghklbLZdb_iZpb_gluij_^ty\eyxl`Zeh[ug_\jZkl_gbq_kdh]hoZjZdl_jZ
Bamq_gb_jhebk_fvb\ \hagbdgh\_gbbgZjmr_gbck\yaZgguok ijb_fhfibsbihdZaZeh
qlh lZdh]h jh^Z gZjmr_gby \klj_qZxlky \ k_fvyo k jZkieu\qZlufb ]jZgbpZfb \ km[kbkl_fZo
jh^bl_ev ² jh^bl_ev beb jh^bl_eb ² ^_lb >ey wlbo k_f_c oZjZdl_jgu
k\_joijhl_dlb\ghklv`_eZgb_dhgljhebjh\Zlv\k_qlh\hafh`ghb g_\hafh`ghjb]b^ghklv ²
g_\hafh`ghklv kf_gu kl_j_hlbih\ aZklj_\Zgb_ gZ gbo g_mf_gb_ jZaj_rZlv dhgnebdlu k
ijyfufbebdhk\_gguf\dexq_gb_f\ajhkeuo^_l_c
-RKQVRQ b )ODFK ibrml h lhf qlh iZpb_glu k [mebfb_c oZjZdl_jbamxlky
baf_g_gguf \hkijbylb_f kh[kl\_gguo k_f_c \hkijbgbfZxsbo k_fvb dZd fZehkiZyggu_ g_
klbfmebjmxsb_g_aZ\bkbfhklvk\hboqe_gh\GZijbf_jjh^bl_ebk h^ghcklhjhguklj_fylky
d lhfmqlh[ubo^_lb[uebaZ\bkbfufbZ k^jm]hc ² ijhy\eyxlihhlghr_gbx^jm]d ^jm]m
hij_^_e_ggmx aZ\bkbfhklv b ^hfbgbjh\Zgb_ OZjZdl_j_g \ukhdbc mjh\_gv dhgnebdlghklb
gZjy^mk qZklufih^Z\e_gb_fhljbpZl_evguowfhpbc
:\lhju h[jZsZxl \gbfZgb_ gZ lh qlh Zghj_dkby m ^_l_c \hkiblu\Zxsboky \ lZdbo
k_fvyo k\yaZgZ kh klj_fe_gb_f d kZfh\ujZ`_gbx ijb dhlhjhf j_[_ghd lZdbf h[jZahf
klZjZ_lky^_fhgkljbjh\Zlvk_[_b jh^bl_eyfk\hx\he_\mxb wfhpbhgZevgmxkhklhyl_evghklv
J_[_ghdhlghkblkyd ]heh^ZgbxdZdd ]_jhbq_kdhfmihklmidmaZkem`b\Zxs_fmijbagZgby
LjZgkdmevlmjZevgu_bkke_^h\Zgbyihk\ys_ggu_bamq_gbx\ebygbykhpbhwdhghfbq_kdhc
kblmZpbb\ kljZg_gZ]heh^Zgb_b i_j__^Zgb_ihdZau\ZxlqlhjZkkljhckl\Zk\yaZggu_k _^hc
qZs_ \hagbdZxl \ jZa\bluo h[s_kl\Zo k \ukhdbf mjh\g_f [eZ]hkhklhygby k\hbo qe_gh\ b
agZqbl_evghj_`_\hagbdZxl\ g_jZa\bluojZchgZo bkiulu\Zxsbo[hevrmxwdhghfbq_kdmx
gm`^m G_o\ZldZ ijh^mdlh\ iblZgby k\hckl\_ggZy wdhghfbq_kdb g_jZa\bluf kljZgZf
ijb\h^bl d f_gvr_c nbdkZpbb gZk_e_gby gZ i_j__^Zgbb b ]heh^Zgbb LZd gZijbf_j \
Kbg]Zimj_gZLZc\Zg_b Yihgbb^h<lhjhcfbjh\hc\hcguijZdlbq_kdbg_gZ[ex^Zehkvebpk
ba[ulhqguf \_khf K memqr_gb_f wdhghfbq_kdhc kblmZpbb \ wlbo kljZgZo dhebq_kl\h ebp k
ba[ulhqguf\_khfij_g_[j_]Zxsbonbabq_kdbZdlb\gufh[jZahf`bagbj_adh\hajhkeh
>hdZaZgh\ebygb_dmevlmjZevguonZdlhjh\gZnhjfbjh\Zgb_hij_^_e_gghcmklZgh\dbebp
khklj_fe_gb_fd i_j__^Zgbx
WlhhdZau\Z_lkyh[mkeh\e_ggufiheh`bl_evghchp_gdhcba[ulhqgh]h\_kZy\eyxs_]hky
k dmevlmjZevghc lhqdb aj_gby ijbagZdhf djZkhlu a^hjh\vy b [eZ]hihemqby Fgh]bf
dmevlmjZf k\hckl\_ggZ ijhlb\hiheh`gZy l_g^_gpby klj_fe_gb_ ke_^h\Zlv hjb_glbjZf gZ
fh^_eb bkdexqZxsb_ iheghlm < wlbo dmevlmjZo [he__ \_jhylgu kemqZb ojhgbq_kdh]h
h]jZgbq_gbyijb_fZibsbdh]^ZiZlheh]bq_kdZyihl_jy\_kZkqblZ_lky^hklb`_gb_f
Kh\j_f_ggZyk_f_cgZyikbobZljbyijb hp_gd_[he_ag_gguo jZkkljhckl\ jZkkfZljb\Z_l \
dZq_kl\_ ijbqbgu jZkkljhckl\Z g_ \ebygb_ hl^_evguo ebqghkl_c Z k_fvx \ p_ehf dZd
hkgh\gh]hghkbl_eyikbohiZlheh]bbbkoh^ybaijbgpbiZqlhp_eh_\k_]^Z[hevr_q_fkmffZ
_]h hl^_evguo khklZ\eyxsbo Lh _klv qe_gu k_fvb khklhys_c ba g_kdhevdbo q_eh\_d
kh_^bgyykv\f_kl_nmgdpbhgbjmxldZdgh\Zy_^bgbpZk hij_^_e_ggufb\aZbfhhlghr_gbyfb
WlZ kbkl_fZ y\ey_lky j_amevlZlhf bgl_jZdpbc [_a dhlhjuo __ kms_kl\h\Zgb_ g_\hafh`gh
DZ`^ucqe_gk_fvb\gmljbwlhckbkl_fuijbh[j_lZ_lgh\u_dZq_kl\Z
Hkh[h_ agZq_gb_ ^ey nhjfbjh\Zgby ij_^jZkiheh`_gghklb d jZa\blbx ikbobq_kdbo
jZkkljhckl\\ k_fv_bf__ln_ghf_g\aZbfhbkdexqZxs_]hijbgm`^_gby GRXEOHELQG dhlhjuc
fh`_l[ulvhoZjZdl_jbah\ZggZke_^mxsboijbf_jZo
Ih^jhklhdwfhpbhgZevghl_kghk\yaZgguck fZl_jvxihemqZ_lhlg__ihkeZgb_h lhf
qlhhg^he`_ghq_gvohjhrhmqblvkyWlh\hkijbgbfZ_lkybfdZdklbfmed h[mq_gbx< hl\_l
gZ khh[s_gb_ kugZ h lhf qlh hg b^_l \ [b[ebhl_dm fZlv \u^Z_l j_adh hljbpZl_evgmx
j_Zdpbx bkdexqZxsmx i_j\h_ ihkeZgb_ b khijh\h`^Zxsmxky keh\Zfb DZd lu fh`_rv
moh^blvba^hfZ\_^vluijh\h^brvkhfghclZdfZeh\j_f_gb
<lhjhcijbf_jHl_p]h\hjbl^hq_jbh lhfqlhhg__ hq_gvex[bl>hqvhjb_glbjmykvgZ
_]h\_j[Zevgh_ijbagZgb_klj_fblkyih^hclbd g_fmijbeZkdZlvkyghhghlkljZgy_lkyhlg__
M ^hq_jb\hagbdZ_lkhklhygb_\gmlj_gg_]hgZijy`_gbyb g_^hihgbfZgby
Lj_lbc ijbf_j FZlv jZkk_j`_ggZy q_flh bkiulu\Z_l d ieZqms_fm j_[_gdm j_adh
g_]Zlb\gu_wfhpbbGh\ ijhp_kk_ijb[eb`_gbyd g_fm__ ho\Zlu\Z_lqm\kl\h\bgu\ k\yabk
__ hljbpZl_evgufb wfhpbyfb G_ \ khklhygbb ih^Z\blv bo hgZ \g_rg_ ijhy\ey_l d j_[_gdm
qm\kl\h ex[\b g_`ghklb aZ[hlu b eZkdb < lZdhc kblmZpbb j_[_ghd \hkijbgbfZ_l ^\Z
ihkeZgby K h^ghf klhjhgu hg qm\kl\m_l qlh fZlv _]h g_ ex[bl Z k ^jm]hc klhjhgu hg
klZedb\Z_lky k ^_fhgkljbjm_fhc fZl_jvx g_`ghklvx Hsms_gb_ nZevrb ijh\hpbjm_l
jZa\blb_m j_[_gdZkhklhygbyg_hij_^_e_gghklbb lj_\h`ghklb
H[klZgh\dZ gZkus_ggZy \aZbfhbkdexqZxsbfb ijbgm`^_gbyfb ijb\h^bl d lhfm qlh
j_[_ghd\ujZklZyiehohjZa[bjZ_lky\ h[s_gbbk ex^vfbg_agZyq_]hhlgboh`b^ZlvLZdh_
\hkiblZgb_kihkh[kl\m_ljZa\blbxih^hajbl_evghklbg_m\_j_gghklbijb\h^bld klj_fe_gbx
[ulvkhpbZevghbahebjh\Zgguf
N_ghf_g \aZbfhbkdexqZxs_]h ijbgm`^_gby ijbkmlkl\m_l \ kljmdlmj_ gZjpbkkbq_kdbo
hlghr_gbc\ k_fv_LZdm `_guk \ujZ`_ggufbgZjpbkkbq_kdbfbhkh[_gghklyfbihy\ey_lky
g_m^h\e_l\hj_gghklvb \gmlj_gg__jZa^jZ`_gb_\ k\yabk g_khhl\_lkl\b_ffm`Zij_klb`ghfm
kp_gZjbx HgZ \ujZ`Z_l k\hb wfhpbb mij_dhf Lu g_ Zdlb\_g g_gZ \ukhl_ lj_[h\Zgbc g_
mki_r_gLu^he`_g^h[b\Zlvkymki_oZLZdh_\_j[Zevgh_ihkeZgb_\hkijbgbfZ_lkyfm`_fb
hg gZqbgZ_l ^h[b\Zlvky mki_oZ H^gZdh \kdhj_ lZdh_ ih\_^_gb_ fm`Z i_j_klZ_l mkljZb\Zlv
`_gm mkfZljb\Zxsmx \ wlhf we_f_gl dhgdmj_gpbb LZd dZd wlh qm\kl\h ghkbl g_ \iheg_
hkhagZgguc oZjZdl_j hgZ ijhy\ey_l dhk\_ggmx Z]j_kkb\ghklv bkihevamy jZagu_ f_lh^u
ih^ju\ghc ^_yl_evghklb i_j_dexqZy \gbfZgb_ fm`Z gZ ^_ckl\by nZdlbq_kdb
ij_iylkl\mxsb_mki_omM fm`Z\ j_amevlZl_\hagbdZ_lhsms_gb_kimlZgghklb
JZkkfhlj_gbx k_f_cghc kljmdlmju ikbobq_kdb [hevguo iZpb_glh\ k ihabpbc bamq_gby
gZebqby\ wlbok_fvyoy\e_gbykhaZ\bkbfhklb^hkboihjg_m^_eyehkv^hklZlhqgh]h\gbfZgby
N_ghf_g khaZ\bkbfhklb ohjhrh jZajZ[hlZg b ijhZgZebabjh\Zg gZ fh^_eb Z^^bdlb\gh]h
ih\_^_gby < lh `_ \j_fy khaZ\bkbfhklv ijhy\ey_lky b \ ^jm]bo gZjmr_gbyo \uklmiZy
gZijbf_j\ jZfdZokhZ^^bdlb\guojZkkljhckl\ijbdhlhjuoj_qvb^_lh \aZbfh^_ckl\bb^jm]
k ^jm]hfg_kdhevdboex^_ckljZ^ZxsboZ^^bdpbyfb
KhaZ\bkbfhklvfh`_ljZkkfZljb\Zlvkyb dZdnhjfZ[he_agbb dZdZ^^bdpby\uoh^ysZyaZ
ij_^_euobfbq_kdbob g_obfbq_kdboZ^^bdpbcKhaZ\bkbfhklv ² wlhZ^^bdpbyhlghr_gbcm
ebqghkl_ck jZkkljhckl\Zfbba[_]ZgbyaZ\bkbfuoebqghkl_c\ k_fvyo[hevguoikbobq_kdbfb
aZ[he_\Zgbyfb
I_j\uf \ZjbZglhf kljZl_]bb bkihevamxsbfky ijb khaZ\bkbfhklb y\ey_lky dhgljhev
JZkkfhlj_gb_ khaZ\bkbfhklb \ jZfdZo Zedh]hevghc fh^_eb g_\hafh`gh [_a Zdp_glZ gZ
kms_kl\mxs_c\ g_ckljZl_]bbdhgljhey
KljZl_]bydhgljheyhkms_kl\ey_lkykhaZ\bkbfufbex^vfb\ k_fvyoikbobq_kdb[hevguo
b \u]ey^bl ke_^mxsbf h[jZahf A^hjh\u_ qe_gu k_fvb ihemqb\ bgnhjfZpbx h lhf qlh
dlhlh ba qe_gh\ k_fvb y\ey_lky ikbobq_kdb [hevguf [_jml gZ k_[y nmgdpbb dhgljhey gZ^
ih\_^_gb_f[hevgh]hWlhldhgljhevfh`_l[ulv^hklZlhqgh`_kldbfJhevdhgljhe_jZqZklh
hq_gvmkljZb\Z_lqe_gZk_fvbijb^Z\Zyhkh[uckfuke_]h`bagbDhgljhevhkms_kl\ey_fuc
gZ^ iZpb_glhf ijb\h^bl d lhfm qlh jZaebqgu_ \b^u _]h ^_yl_evghklb g_ bf_xsb_ d
iZlheh]bb gbdZdh]h hlghr_gby Z k\yaZggu_ k _]h h[uqgufb fhlb\Zpbyfb gZqbgZxl
dhgljhebjh\Zlvky b hkm`^Zlvky \ kemqZ_ g_kh\iZ^_gby ih\_^_gby [hevgh]h kh ko_fhc
kms_kl\mxs_c\ khagZgbbdhgljhe_jZ
Dhgljhev oZjZdl_jbam_lky ih^hajbl_evghklvx khijh\h`^Zxs_cky \hijhkZfb lbiZ =^_
lu[ue"K d_fh[sZeky"Qlhlu^_eZe"LZdhcdhgljhevbf__lhljbpZl_evgu_ihke_^kl\by^ey
\k_o qe_gh\ k_fvb ijh\hpbjmy \hagbdgh\_gb_ hljbpZl_evguo qm\kl\ dZd m iZpb_glZ ih
hlghr_gbx d dhgljhe_jm lZd b gZh[hjhl <hagbdZ_l aZfdgmluc djm] \aZbfgh]h g_]Zlb\bafZ
Dhgljhev ijb\h^bl d mkbe_gbx ZmlbafZ b ih\_^_gq_kdhc iZkkb\ghklb [hevgh]h <hafh`gZ
lZd`_ijh\hdZpbyZ]j_kkb\ghklb[hevguoZdlmZebaZpbyiZjZghb^guoj_Zdpbc
Jh^bl_eb [hevguo rbahnj_gb_c magZ\ h lhf qlh ^ey lZdbo [hevguo oZjZdl_jgh
hljbpZl_evgh_ hlghr_gb_ d [ebadbf gZoh^ylky \ ihklhygghf ihbkd_ lZdh]h hljbpZl_evgh]h
hlghr_gbyd k_[_nbdkbjmygZwlhfk\h_\j_fyb \gbfZgb_
Djhf_ lh]h ki_pbZebklZf ke_^m_l ihfgblv h lhf qlh Zf[b\Ze_glgu_ f_`ebqghklgu_
hlghr_gby fh]ml [ulv ijbagZdhf ghjfu Z g_ iZlheh]bb <ubkdb\Zgb_ iZlheh]bb \
Zf[b\Ze_glghklbkihkh[ghagZqbl_evghmom^rblvf_`ebqghklgu_hlghr_gby
<lhjuf\ZjbZglhfkljZl_]bbbkihevamxsbfkyijbkhaZ\bkbfhklby\ey_lkyijhl_dpby ²
aZsblZ l_kgh k\yaZggZy k dhgljhe_f < k_fv_ [hevgh]h rbahnj_gb_c wlZ aZsblZ qZklh
ijhy\ey_lky \ lhf qlh iZpb_glZ aZsbsZxl hl \hafh`guo ihke_^kl\bc _]h Zdlb\gh]h
ih\_^_gby IZpb_glZ aZsbsZxl lZdbf h[jZahf qlh[u hg g_ bf_e \hafh`ghklb Zdlb\gh
h[sZlvky k hdjm`Zxsbfb lZd dZd wlh fh`_l ih^hj\Zlv Z\lhjbl_l b ij_klb` k_fvb AZsblZ
fh`_lijhy\eylvkyb \h]jZ`^_gbbiZpb_glZhl\uiheg_gbyijhba\h^kl\_gguoZdZ^_fbq_kdbo
b ^jm]bo nmgdpbc < ^Zgguo kblmZpbyo ki_pbZebklu b qe_gu k_fvb ^_ckl\mxl dZd qe_gu
h^ghc dhfZg^u gZijbf_j \ kemqZ_ kh]eZkh\Zggh]h h[_bfb klhjhgZfb ijbgylby j_r_gby h
lhf qlh iZpb_glm emqr_ \ l_q_gb_ hij_^_e_ggh]h \j_f_gb g_ jZ[hlZlv b g_ mqblvky
Hkgh\Zgby ^ey ijbgylby lZdh]h j_r_gby ljm^gh h[tykgbfu lZd dZd kdhevdhgb[m^v
m[_^bl_evgu_^Zggu_h[hljbpZl_evguoihke_^kl\byojZ[hlub mq_[u^eyl_q_gbywg^h]_ggh]h
aZ[he_\Zgby hlkmlkl\mxl GZh[hjhl ijb\h^ylky k\_^_gby h lhf qlh bkihevah\Zgb_
l\hjq_kdh]h ihl_gpbZeZ wg^h]_ggh]h [hevgh]h ijb\h^bl d memqr_gbx _]h khklhygby >Z`_
dZlZlhgbq_kdb_jm^bf_glufh]mlij_h^he_\Zlvky\ ijhp_kk_l\hjq_kdhcjZ[hluQe_guk_fvb
ih^o\Zlu\Zy b^_x g_h[oh^bfhklb hldZaZ hl jZ[hlu b mq_[u kihkh[kl\mxl wlhfm klbex
ih\_^_gby [m^mqb g_hk\_^hfe_ggufb h lhf qlh lZdZy kljZl_]by ihc^_l iZpb_glm lhevdh \h
\j_^
Ijh[e_fu iZpb_glZ k\yaZggu_ k iZlheh]b_c _]h \he_\hc nmgdpbb ijb wg^h]_gghf
aZ[he_\Zgbb lhevdh mkbeb\Zxlky aZ kq_l lh]h qlh _]h klZ\yl \ jZfdb g_h[oh^bfhklb
\uiheg_gby kljZl_]bb iZkkb\ghklb \ j_amevlZl_ bkihevah\Zgby jh^kl\_ggbdZfb kljZl_]bb
ijhl_dpbb
D ijh[e_fZfk\hckl\_ggufk_fv_ikbobq_kdb[hevgh]hhlghkblkyijh[e_fZ[jZdZ?keb
m \ajhkeh]hkugZbeb^hq_jbgZklmiZ_lj_fbkkby\ua^hjh\e_gb_lhhkms_kl\e_gb_kljZl_]bb
dhgljhey ijb\h^bl jh^bl_e_c d j_r_gbx h g_h[oh^bfhklb j_Zebah\Zlv fZljbfhgbZevgu_
i_jki_dlb\uWlh`_eZgb_jh^bl_e_cdZdijZ\behhkgh\ZghgZbokljZo_qlhbokugbeb^hqv
gbdh]^Z g_ `_gylky beb g_ \uc^ml aZfm` Ihwlhfm ijb ihy\e_gbb i_j\hc `_ \hafh`ghklb
ke_^m_l __ j_Zebah\Zlv LZd dZd ebpZ k wg^h]_ggufb gZjmr_gbyfb [m^mqb
bgljh\_jlbjh\Zggufb k ljm^hf \klmiZxl \ f_`ebqghklgu_ dhglZdlu \u[hj \ \hijhkZo
k\yaZgguo k j_r_gb_f kha^Zgby k_fvb aZ gbo qZklh ^_eZxl jh^bl_eb >ey lZdbo [jZqguo
dhgljZdlh\ jh^bl_eyfb qZklh \u[bjZxlky ex^b `_eZxsb_ ^hfbgbjh\Zlv dhgljhebjh\Zlv b
bglmblb\gh qm\kl\mxsb_ qlh \ ij_^klhys_f [jZd_ bo `_eZgby fh]ml j_Zebah\Zlvky
HkhagZgb_iZjlg_jhfkh[kl\_gguoij_bfms_kl\\ kjZ\g_gbbk g_a^hjh\ufiZjlg_jhffh`_l
bfihgbjh\Zlv[m^ms_fm dhgljhe_jmJh^bl_e_cwlZ kblmZpby lh`_ mkljZb\Z_l lZd dZd m gbo
gZdhg_p ihy\ey_lky \hafh`ghklv i_j_^Zqb [m^ms_fm qe_gm k_fvb gZ^h_\rbo bf nmgdpbc
dhgljhey b aZsblu Ijb lZdhf \u[hj_ jh^bl_eb hkms_kl\eyxl kljZl_]bx fhegb_ghkghklb
aZdexq_gby [jZqgh]h dhgljZdlZ ih ijbqbg_ hiZk_gby \hafh`ghc g_]Zlb\ghc Zdlb\ghklb
[hevgh]h b mom^r_gby _]h khklhygby Jh^bl_eyfb ^_fhgkljbjmxlky iheh`bl_evgu_ dZq_kl\Z
[hevgh]h k bkdmkkl\_gguf kha^Zgb_f kblmZpbc kdju\Zxsbo _]h hljbpZl_evgu_ dZq_kl\Z <
kemqZ_ i_j\uo ijhy\e_gbc g_]Zlb\guo oZjZdl_jbklbd [hevgh]h dhglZdlu k ij_^iheZ]Z_fuf
[jZqgufiZjlg_jhf\j_f_gghij_djZsZxlkyihbgbpbZlb\_jh^bl_e_c
< Zedh]hevguo k_fvyo dhgljhev bf__l g_kdhevdh bgmx ki_pbnbdm < g_f hlkmlkl\m_l
wfhpbhgZevghklv hg [he__ nhjfZe_g >hklZlhqghc wfhpbhgZevghc ih^^_j`db Zedh]hevguc
Z^^bdlg_ihemqZ_lGZwlhlnhggZkeZb\Z_lky\aZbfhbkdexqZxs__ijbgm`^_gb_
AgZq_gb_ k_f_cguo nZdlhjh\ ijb wg^h]_gguo aZ[he_\Zgbyo g_evay g_^hhp_gb\Zlv
KZjlhjbmk gZijbf_j ih^q_jdb\Ze qlh \ fZehjZa\bluo h[s_kl\Zo [hevgu_ rbahnj_gb_c
bf_xl emqrbc ijh]gha H^ghc ba ijbqbg wlh]h nZdlZ y\ey_lky [he__ \ujZ`_ggZy \ wlbo
h[s_kl\Zo k_f_cgZy deZgh\Zy ih^^_j`dZ [hevguo Bkke_^h\Zgby ijh\h^bfu_ \ I_dbg_
ih^l\_j`^Zxl qlh m iZpb_glh\ k \ujZ`_ggufbikbobq_kdbfb gZjmr_gbyfb mqZkl\mxsbo \
khpbZevguo b ijhn_kkbhgZevguo Zdlb\ghklyo gZ[ex^Z_lky [he__ [eZ]hijbylgh_ l_q_gb_
aZ[he_\Zgbyq_fm iZpb_glh\ijhoh^ysbol_jZi_\lbq_kdh_e_q_gb_\ [hevgbpZo
:\kljZehgh\ha_eZg^kdZy fh^_ev k_f_cguo hlghr_gbc ih^l\_j`^Z_l qlh e_q_gb_
[hevguo ikbohnZjfZdheh]bq_kdbfb ij_iZjZlZfb \ ^hfZrgbo mkeh\byo k ihk_s_gb_f \jZqZ
[he__wnn_dlb\ghq_f]hkiblZebaZpbylZdbo[hevguoBkihevah\Zgb_wlhcfh^_eb\ e_q_gbb
iZpb_glh\ kljZ^Zxsbo wg^h]_ggufb aZ[he_\Zgbyfb ijb\_eh g_ lhevdh d [hevr_fm
e_q_[ghfm wnn_dlm gh b d wdhghfbq_kdhc wnn_dlb\ghklb k\yaZgghc k jZa]jmadhc
ikbobZljbq_kdbo klZpbhgZjh\ IZpb_glu ^ebl_evgh e_qb\rb_ky \ ikbobZljbq_kdbo
klZpbhgZjZo \ :g]ebb b aZl_f i_j__oZ\rb_ \ :\kljZebx b e_qb\rb_ky kh]eZkgh f_klghc
fh^_eb hlf_qZeb __ [hevrmx ih kjZ\g_gbx k Zg]ebckdhc fh^_evx wnn_dlb\ghklv Wlh
ih^l\_j`^Zehkv ki_pbZebklZfb b [ueh m[_^bl_evgh ijh^_fhgkljbjh\Zgh gZ <k_fbjghf
Dhg]j_kk_ihikbobZljbb<k_fbjghcN_^_jZpbbikbobq_kdh]ha^hjh\vy\ >m[ebg_ Hlf_q_gh qlh ebpZ kljZ^Zxsb_ rbahnj_gb_c b `b\msb_ \ jZkrbj_gguo k_fvyo
\dexqZxsbo\ k_[yg_kdhevdhihdhe_gbbjh^kl\_ggbdh\bf_xlemqrbcijh]ghak\yaZgguck
ihemq_gb_f lZdbfb [hevgufb ^hihegbl_evghc aZ[hlu kh klhjhgu fgh]hqbke_gguo
jh^kl\_ggbdh\g_\oh^ysbo\ djm]y^_jghck_fvbY^_jgufqe_gZfk_fvbf_rZ_lijhy\eylv
g_h[oh^bfmx aZ[hlm h [hevghf dhgljhev k\yaZgguc k bo khaZ\bkbfhklvx lh]^Z dZd
jh^kl\_ggbdbjZkrbj_gguok_f_cwlhckhaZ\bkbfhklbg_bf_xl>hihegbl_evgu_qe_guk_fvb
klZjZxlkymf_gvrblvkhpbZevgucmoh^[hevgh]h\ k_[yb _]hbaheypbx
P_e_khh[jZaguf ^ey [hevguo wg^h]_ggufb aZ[he_\Zgbyfb kqblZ_lky ijhoh`^_gb_
khpbZevghcj_Z[beblZpbb\ ^hfZo]hklbgbqgh]hlbiZqlhy\ey_lkyqj_a\uqZcghihe_aguf^ey
lZdboiZpb_glh\< wlbo^hfZogZiheh\bg_^hjh]biZpb_glumqZkl\mxl\ ijhn_kkbhgZevghc
^_yl_evghklb \ kZfhh[kem`b\Zgbb \hkklZgZ\eb\Zxl gZ\udb kZfh^hklZlhqghklb Ijb
j_ZebaZpbb wlbo gZ\udh\ \ ^hfZrgbo mkeh\byo ljm^gh ba[_`Zlv klhedgh\_gby [hevguo k
y\e_gb_fkhaZ\bkbfhklbk dhgljhe_f<j_f_gghijh`b\Zy\ lZdbo^hfZoiZpb_glu\u_a`Zxl
gZ jZ[hlm ihk_sZxl h[s_kl\_ggu_ f_klZ \uau\Zxsb_ bo bgl_j_k aZ bkdexq_gb_f
\hafh`ghklbihk_sZlvk\hc^hfqlh[ug_ihiZklvih^\ebygb_dhgljhe_jh\lZddZd\ebygb_
k_fvb fh`_l [ulv g_ lhevdh iheh`bl_evguf gh b hljbpZl_evguf K_f_cgZy ih^^_j`dZ
ij_\jZlb\rZyky\ khaZ\bkbfhklv\j_^gZ^eyiZpb_glZ
=eZ\Z AG:Q?GB?F?@EBQGHKLGUOHLGHR?GBC<
WFHPBHG:EVGHFJ:A<BLBBEBQGHKLB
Khpbh^bgZfbq_kdZyikbobZljbyjZkkfZljb\ZyjZaebqgu_nhjfuikbobq_kdbogZjmr_gbc
ijb^Z_l kms_kl\_ggh_ agZq_gb_ bkke_^h\Zgbx ]em[bggh]h Zki_dlZ bgl_ji_jkhgZevguo
\aZbfhhlghr_gbc K wlbo ihabpbc kms_kl\mxs__ hij_^_e_gb_ ikbobZljbb dZd gZmdb
bamqZxs_c g_a^hjh\u_ f_`ebqghklgu_ hlghr_gby b k\yaZggu_ k gbfb gZjmr_gby wfhpbc b
b^_c ijbh[j_lZ_l gh\h_ kh^_j`Zgb_ Kh]eZkgh l_hjbb f_`ebqghklguo hlghr_gbc kqblZ_lky
qlh [hevrbgkl\h ikbobZljbq_kdbo ijh[e_f y\ey_lky j_amevlZlhf ijh[e_f \hagbdZxsbo m
iZpb_glZ \ _]h hlghr_gbyo k kZfufb agZqbfufb ^ey g_]h ex^vfb Wlh iheh`_gb_ dZkZ_lky
ij_`^_ \k_]h g_ikbohlbq_kdbo ikbobq_kdbo gZjmr_gbc gh ijbf_gbfh b d ikbohlbq_kdbf
jZkkljhckl\Zf
LjZ\fZlbq_kdb_ f_`ebqghklgu_ hlghr_gby fh]ml \hagbdZlv \ jZagu_ \j_f_ggu_
bgl_j\ZeujZgg_]hb iha^g_]h^_lkl\ZZ lZd`_ gZklhys_]h i_jbh^Z `bagb iZpb_glZ H[uqgh
bf__lf_klhbokh\hdmigh_\ebygb_gZ\hagbdgh\_gb_gZjmr_gbcHklZxsbcky\ ih^khagZgbb
ijhreuc hiul hdZau\Z_l \ebygb_ gZ \hkijbylb_ ljZ\fZlbq_kdh]h hiulZ bf_xs_]h f_klh \
gZklhys_f beb kjZ\gbl_evgh g_^Z\g_f ijhrehf q_eh\_dZ Kd\hav ijbafm ijhreuo
ikbobq_kdbo ljZ\f emqr_ ihgbfZ_lky klhedgh\_gb_ k gZklhysbfb ijh[e_fZfb iZpb_glZ
<hagbdgh\_gbx wfhpbhgZevguo gZjmr_gbc qZs_ \k_]h kihkh[kl\mxl ijh[e_fu \ bglbfguo
hlghr_gbyo\ hlghr_gbyok jh^bl_eyfbkmijm]Zfbkb[ebg]Zfbjh^kl\_ggbdZfb^jmavyfbb
dhee_]ZfbihjZ[hl_
K lhqdb aj_gby ikbobZljbb f_`ebqghklguo hlghr_gbc ex[h_ ikbobq_kdh_ aZ[he_\Zgb_
^he`gh jZkkfZljb\Zlvky dZd j_amevlZl \k_]h dhfie_dkZ ljZ\fZlbq_kdbo i_j_`b\Zgbc
bf_xsbo f_klh \ `bagb iZpb_glZ Bkihevamy f_lZnhjbq_kdh_ kjZ\g_gb_ ikbobq_kdb_
gZjmr_gbygZihfbgZxl^_j_\hiblZxs__kyihkj_^kl\hf]em[hdbob ih\_joghklguodhjg_c
Bamq_gb_f_`ebqghklguohlghr_gbcg_\hafh`gh[_ahkhagZgbyagZq_gbykhagZl_evguob
ih^khagZl_evguo i_j_`b\Zgbc gZoh^ysboky \ khklhygbb ihklhyggh]h \aZbfhijhgbdgh\_gby
>Z`_ ikbobq_kdb_ aZ[he_\Zgby \ua\Zggu_ hj]Zgbq_kdbfb ijbqbgZfb lZdbfb dZd
p_j_[jZevgucZl_jhkde_jhab ij\hagbdZxlgZ[Za_ki_pbnbq_kdbodhfihg_glh\\ ebqghklghc
kljmdlmj_
Kms_kl\mxsbc^hfhf_glZ\hagbdgh\_gbyaZ[he_\Zgbyebqghklgucdhfihg_gl\hfgh]hf
hij_^_ey_lky ljZ\fZlbq_kdbfb f_`ebqghklgufb hlghr_gbyfb b \ lh `_ \j_fy ikbobq_kdh_
jZkkljhckl\h hdZau\Z_l \ebygb_ gZ bgl_ji_jkhgZevguc Zki_dl hlghr_gbc LZd gZijbf_j
\jh`^_ggZy beb ijbh[j_l_ggZy bgl_ee_dlmZevgZy h]jZgbq_gghklv q_eh\_dZ gZdeZ^u\Z_l
hli_qZlhd gZ kljmdlmjm f_`ebqghklguo hlghr_gbc ^_eZy bo f_g__ _fdbfb [he__
ba[bjZl_evgufb JZkkfZljb\Zy jZagu_ nhjfu iZlheh]bb ke_^m_l hlf_lblv qlh bo
iZlhieZklbq_kdbc dhfihg_gl \h fgh]hf aZ\bkbl hl hiulZ ij_^r_kl\mxsbo ljZ\fZlbaZpbc
IjbagZgb_ wlh]h nZdlZ ijbh[j_lZ_l [hevrh_ agZq_gb_ \ ij_^mij_`^_gbb jZkkljhckl\ b
kha^Zgbbmkeh\bcij_iylkl\mxsboboj_pb^b\m
Mq_l\ur_i_j_qbke_gguonZdlhjh\kihkh[kl\m_lmklZgh\e_gbx[he__l_kgh]hdhglZdlZk
iZpb_glZfbb agZqbl_evghemqr_fmboihgbfZgbxGZijbf_jijbhp_gd_khklhygbyiZpb_glZ
dZd wfhpbhgZevgh g_Z^_d\Zlgh]h k^_eZgghc ki_pbZebklhf gZ hkgh\Zgbb lh]h qlh iZpb_gl
ijhy\ey_lfZdkbfZevghiehoh_wfhpbhgZevgh_hlghr_gb_d [ebadbfex^yflZdbf dZd fZlv
hl_p [jZl b ^j g_h[oh^bfh \uykgblv bklbggmx ijbqbgm lZdh]h hlghr_gby Ijb [he__
]em[hdhf bkke_^h\Zgbb qZklh \uykgy_lky qlh \ ^_ckl\bl_evghklb kblmZpby h[tykgy_lky
ikbobq_kdhc ljZ\fZlbaZpb_c ihemq_gghc iZpb_glhf \ jZggb_ ]h^u `bagb GZijbf_j
hljbpZl_evgh_ hlghr_gb_ \ajhkehc ^hq_jb d hlpm ^bZ]ghklbjm_lky dZd g_Z^_d\Zlghklv
wfhpbc Z gZ kZfhf ^_e_ k\yaZgh k lsZl_evgh kdju\Z_fufb bgp_klgufb hlghr_gbyfb \
^_lkl\_
F_`ebqghklguc ih^oh^ \ ikbobZljbb p_e_khh[jZagh bkihevah\Zlv ijb hlke_`b\Zgbb
jZaebqguoklZ^bcjZa\blbyebqghklb
>ey j_ZebaZpbb wlhc p_eb g_h[oh^bfh mklZgh\e_gb_ g_nhjfZevgh]h dhglZdlZ k
iZpb_glhf>h\_jbl_evgucdhglZdlkZfihk_[_g_k_ll_jZi_\lbq_kdmxgZ]jmadm
Bkke_^h\Zgb_ ih\_^_gby iZpb_glZ y\ey_lky \Z`guf gh g_^hklZlhqguf AZ^Zq_c
ki_pbZebklZ y\ey_lky ihgbfZgb_ ijbqbg g_`_eZgby iZpb_glZ hl\_qZlv gZ \hijhku Ijb
hlkmlkl\bb hl\_lh\ kms_kl\m_l hiZkghklv lh]h qlh ikbobZlju g_ bf_xsb_ ^hklZlhqgh]h
hiulZ beb g_h[oh^bfh]h \j_f_gb kdehggu jZkp_gb\Zlv wlh dZd ijbagZd g_]Zlb\bafZ \
ikbohiZlheh]bq_kdhf kfuke_ Hlkmlkl\b_ hl\_lh\ fh`_l hljZ`Zlv aZljm^g_gby khfg_gby
g_j_rbl_evghklv ghkblv b]jh\hc oZjZdl_j b ^j >ey ihgbfZgby ijbqbgu g_h[oh^bf
^ebl_evguc dhglZdl k iZpb_glhf ?keb iZpb_gl \ p_ehf hl\_qZ_l gZ \hijhku Z^_d\Zlgh b
himkdZ_lhl\_lulhevdhgZg_dhlhju_bagboke_^m_lihgbfZlvqlhqZs_\k_]hb]ghjbjmxlky
\hijhkudZkZxsb_ky\Z`guo^eyiZpb_glZl_f
Ijb wg^h]_gguo ikbobq_kdbo gZjmr_gbyo m iZpb_glZ lZd`_ kms_kl\m_l kn_jZ kdjuluo
i_j_`b\Zgbc g_]Zlb\gh]h oZjZdl_jZ k gZebqb_f mklZgh\db g_ h[km`^Zlv wlb l_fu kh
kemqZcgufb ex^vfb beb ebpZfb dhlhjuf hg \hafh`gh ih [he_ag_gguf khh[jZ`_gbyf g_
^h\_jy_l
M iZpb_glZ fh`_l [ulv ^hklZlhqgh hkgh\Zgbc ^ey g_^h\_jby lZd dZd \ ki_pbZebkl_ hg
fh`_l \b^_lv g_ lhevdh q_eh\_dZ ]hlh\h]h ijbclb d g_fm gZ ihfhsv gh b kihkh[gh]h
gZ\j_^blv_fm
GZijbf_jiZpb_glh[jZlb\rbckyd ikbobZljmmihfbgZ_lh lhfqlhg_kdhevdhe_lgZaZ^
m\e_drbkv bamq_gb_f ;b[ebb hg hdZaZeky \h \eZklb yjdbo ajbl_evguo b kemoh\uo
]ZeexpbgZpbc [_kihdhysbo _]h lhevdh \ l_q_gb_ h^ghc g_^_eb Ki_pbZebklu \ lhl i_jbh^
\j_f_gb dhgklZlbjh\Zeb gZebqb_ m g_]h ikbobq_kdbo gZjmr_gbc \hagbdrbo \ke_^kl\b_
Zdlb\baZpbbj_eb]bhagh]h qm\kl\Z < ihke_^mxsbc i_jbh^ ikbobq_kdbo gZjmr_gbc g_ [ueh
Ijb k[hj_ ZgZfg_aZ \ hibku\Z_fuc i_jbh^ hlf_qZehkv gZebqb_ m iZpb_glZ g_]Zlb\bafZ AZ
g_]Zlb\bafki_pbZebkluijbgyebhlkmlkl\b_m iZpb_glZ`_eZgbyh[km`^Zlvl_fuk\yaZggu_k
_]h i_j_`b\Zgbyfb Ih\_^_gb_ iZpb_glZ h[tykgyehkv kljZohf i_j_^ \hafh`gufb
hljbpZl_evgufb ihke_^kl\byfb _]h bkdj_gghklb ]hkiblZebaZpb_c b gZagZq_gb_f e_q_gby
?keb bgl_j\vxbjh\Zlv lZdh]h iZpb_glZ aZgbfZy ihabpbx ke_^h\Zl_ey ijhy\e_gb_
g_]Zlb\bafZ\_kvfZ\_jhylgh< ^ZgghckblmZpbb hijZ\^u\Z_l k_[yihabpby ki_pbZebklZ dZd
q_eh\_dZ bkiulu\Zxs_]h g_ lhevdh l_hj_lbq_kdbc bgl_j_k d ijh[e_f_ iZpb_glZ gh b
khqm\kl\mxs_]h_fmmf_xs_]hmklZgh\blvk gbfwfiZlbq_kdbcdhglZdl<k_wlhijb\ghkbl\
kdeZ^u\Zxsb_ky hlghr_gby f_`^m \jZqhf b iZpb_glhf ikboheh]bq_kdbc debfZl
kihkh[kl\mxsbc kfy]q_gbx qm\kl\Z m]jhau b g_^h\_jby Ijh[e_fZ ijbh[j_lZ_l hkh[h_
agZq_gb_ \ gZklhys__ \j_fy qlh k\yaZgh kh agZqbl_evguf jhklhf djZldh\j_f_gguo
rbahnj_ghnhjfguo gZjmr_gbc dhlhju_ hrb[hqgh ^bZ]ghklbjmxlky dZd rbahnj_gby
Fgh]bf ki_pbZebklZf \ ih^h[guo kblmZpbyo f_rZ_l bo deZkkbq_kdZy ikbobZljbq_kdZy
gZijZ\e_gghklv k hlkmlkl\b_f ihgbfZgby khpbh^bgZfbq_kdbo Zki_dlh\ Zdp_glbjmxsbo
mklZgh\e_gb_ijh^mdlb\guof_`ebqghklguohlghr_gbck iZpb_glhf
< jZa\blbb q_eh\_dZ agZqbfu jZagu_ i_jbh^u _]h `bagb gh hkh[_ggh \Z`gu i_j\u_
f_`ebqghklgu_dhglZdluk jh^bl_eyfbb h[klZgh\dZdhlhjZy_]hhdjm`Z_l\ ^_lkl\_;hevrh_
agZq_gb_\ jZa\blbbj_[_gdZijb^Z_lkyhlghr_gbyff_`^mjh^bl_eyfbM`_\ i_j\u_f_kypu
`bagb j_[_ghd qm\kl\bl_e_g d hlghr_gbx ijhy\ey_fhfm d g_fm hdjm`Zxsbfb wlb
hlghr_gby fh^_ebjmxl _]h ebqghklgmx kljmdlmjm Hg bglmblb\gh ko\Zlu\Z_l oZjZdl_j
wfhpbhgZevguo ijhy\e_gbc g_ [m^mqb _s_ \ khklhygbb \_j[Zebah\Zlv k\hb i_j_`b\Zgby
J_[_ghd qmldh meZ\eb\Z_l g_ lhevdh hlghr_gb_ d g_fm gh b oZjZdl_j lZdlbevguo
ijbdhkgh\_gbc ]hehkh\u_ bglhgZpbb hdjm`Zxsbo M]jh`Zxsbc oZjZdl_j bglhgZpbc \
hlghr_gbyo f_`^m jh^bl_eyfb ijb\h^bl d hij_^_e_gguf baf_g_gbyf \ _]h
ikbohnbabheh]bq_kdhf khklhygbb J_[_ghd d dhlhjhfm hlghkylky k g_`ghklvx b ex[h\vx
ijh^mpbjm_lj_ZdpbbjZkkeZ[e_gbyb dhfnhjlZIjhy\e_gb_fZl_jvxlj_\h]bb g_m\_j_gghklb
\h \j_fy h[s_gby \uau\Z_l m g_]h lZd`_ j_Zdpbx lj_\h]b Oheh^gh_ ZiZlbqgh_
jZa^jZ`bl_evghZ]j_kkb\gh_ \jZ`^_[gh_ b hlkljZg_ggh_ hlghr_gb_ fZl_jb d j_[_gdm
kihkh[kl\m_l lhfm qlh j_[_ghd fh`_l klZlv ZiZlbqguf gZjmrblky nhjfbjh\Zgb_
b^_glbqghklb
I_j_`b\ZgbyjZgg_]hi_jbh^Z^_lkl\Zbf_xlkms_kl\_ggh_agZq_gb_\ ^_l_jfbgbjh\Zgbb
[he__ iha^g_]h wfhpbhgZevgh]h jZa\blby J_[_ghd \hkiblu\Zxsbcky \ jZgg_f ^_lkl\_ \
h[klZgh\d_ ex[\b b g_`ghklb k [hevr_c \_jhylghklvx [m^_l ijhy\eylv l_ieu_ qm\kl\Z ih
hlghr_gbxd ^jm]bfex^yf\ k\yabk jZa\blb_fm g_]hgZ\udh\[he__l_kguof_`ebqghklguo
hlghr_gbc Oheh^ghklv \jZ`^_[ghklv ijhy\ey_fu_ d j_[_gdm kh klhjhgu \ajhkeuo
kihkh[kl\mxl aZdeZ^d_ [he_ag_ggh]h g_ijbylby bf ex^_c jZgg_fm ij_^ihql_gbx fbjZ
\_s_cb `b\hlguo< ^Zevg_cr_f\hafh`ghjZa\blb_jZaguo\ZjbZglh\_]hih\_^_gby\ lhf
qbke_b ih\_^_gbyba[_]ZgbyLZdbfh[jZahfi_j_`b\ZgbyjZgg_]hi_jbh^Z`bagbk\yaZggu_
k hkh[_gghklyfb f_`ebqghklguo hlghr_gbc ijh_pbjmxlky gZ [he__ iha^gb_ i_jbh^u
jZa\blbyRe_cnwlbohlghr_gbcgZ^he]hhklZ_lky\ ih^khagZgbbb hdZau\Z_lk\h_\ebygb_
gZih\_^_gb_
JZggyy wfhpbhgZevgZy ^_ijb\Zpby fh`_l ijb\h^blv d nhjfbjh\Zgbx g_a^hjh\hc
ebqghklb QZs_ \k_]h nhjfbjm_lky gZjpbkkbq_kdZy ]bkljbhgbq_kdZy ZglbkhpbZevgZy beb
ih]jZgbqgZy ebqghklv J_`_ ^bZ]ghklbjmxlky jZkkljhckl\Z ba[_]Zgby aZ\bkbfhklb GZ [Za_
jZgg_cwfhpbhgZevghc^_ijb\Zpbbe_]q_\hagbdZxlikbohlbq_kdb_ikbobq_kdb_gZjmr_gby
LZdb_ ex^b f_g__ mklhcqb\u d klj_kkm m gbo ijZdlbq_kdb hlkmlkl\mxl ^hklZlhqgu_
j_a_j\u^eykhijhlb\e_gbyg_[eZ]hijbylguf\ha^_ckl\byfqZklh\klj_qZxsboky \ mkeh\byo
kh\j_f_gghc`bagb Wlh fh`_l ijb\h^blv gZijbf_j d \hagbdgh\_gbx jZaebqguo \ZjbZglh\
kmbpb^Zevgh]h ih\_^_gby K jZgg_c wfhpbhgZevghc ^_ijb\Zpb_c k\yaZgh hlkmlkl\b_
mklhcqb\hklb \ rbjhdhf kfuke_ keh\Z f_g__ \ujZ`_ggZy kihkh[ghklv j_Zebah\u\Zlv p_eb
lj_[mxsb_ gZklhcqb\hklb b ihke_^h\Zl_evghklb <hafh`gh jZa\blb_ jZaebqguo nhjf
aZsblgh]h j_Z]bjh\Zgby G_ijh^mdlb\gu_ nhjfu aZsblu nZdlbq_kdb kgb`Zxl `bag_ggmx
Zdlb\ghklv kihkh[kl\my moh^m \ [he_agv jZa\blbx bihohg^jbq_kdbo nhjf ih\_^_gby
nhjfbjh\Zgbx y\e_gby ]hkiblZebafZ b ]hkiblZevghc Z^^bdpbb G_dhlhju_ ba wlbo ebp
qm\kl\mxlk_[y[he__aZsbs_ggufb\ mkeh\byoikbobZljbq_kdboklZpbhgZjh\LZdbfh[jZahf
ijh[e_fZ jZgg_c ^_ijb\Zpbb hdZau\Z_l kms_kl\_ggh_ \ebygb_ gZ ^Zevg_cr__ jZa\blb_
q_eh\_dZ
Hiul ikbobZljh\ jZ[hlZxsbo k ^_lvfb bkiulZ\rbo wfhpbhgZevgmx ^_ijb\Zpbx \
l_q_gb_ i_j\uo e_l `bagb ihdZau\Z_l qlh wlb ^_lb ijb \klj_q_ k ikbohljZ\fbjmxs_c
kblmZpb_c fh]ml ijh^mpbjh\Zlv ]em[hdb_ b ly`_eu_ ikbohlbq_kdb_ j_Zdpbb LZdZy ijh[e_fZ
hkh[_ggh ZdlmZevgZ ^ey ijb_fguo jh^bl_e_c mkugh\eyxsbo j_[_gdZ \hkiblu\Zxs_]hky \
ly`_euo mkeh\byo \ jZggb_ ]h^u `bagb gZijbf_j \ mkeh\byo ^_lkdh]h ^hfZ < ih^h[guo
kblmZpbyo \Z`ghklv f_lh^h\ ij_\_gpbb ikbobq_kdbo gZjmr_gbc dhlhju_ fh]ml \hagbdZlv
\ihke_^kl\bbljm^ghi_j_hp_gblv
<_jhylghklv jZa\blby ikbobq_kdbo gZjmr_gbc m \ajhkeuo wfhpbhgZevgh
^_ijb\bjh\Zgguo \ ^_lkl\_ hq_gv \_ebdZ GZijbf_j j_[_ghd \hkiblu\Zxsbcky \ l_q_gb_
i_j\h]h ]h^Z `bagb \ ^_lkdhf ^hf_ bf_xs_f ohjhrb_ fZl_jbZevgu_ mkeh\by gh
wfhpbhgZevgh oheh^guc b k^_j`Zgguc i_jkhgZe mkugh\ey_lky [_a^_lgufb jh^bl_eyfb
G_kfhljy gZ hdjm`Zxsmx _]h wfhpbhgZevgh l_iemx h[klZgh\dm j_[_ghd \ l_q_gb_
ihke_^mxs_]h i_jbh^Z \j_f_gb jZkl_l [hyaeb\uf kdjhfguf bgljh\_jlbjh\Zgguf ohjhrh
mqblky g_ bf__l ZdZ^_fbq_kdbo ijh[e_f Jh^bl_eb hlijZ\eyxl _]h gZ e_lh k p_evx
ha^hjh\e_gby \ ^jm]hc ]hjh^ J_[_ghd iehoh i_j_ghkbl jZaemdm k jh^bl_eyfb g_ gZoh^bl
dhglZdlZk bojh^kl\_ggbdZfbnhjfZe_gg_jZa]h\hjqb\Ihke_^\mog_^_evgh]hij_[u\Zgby\
gh\hc h[klZgh\d_ m g_]h jZa\b\Z_lky rbahnj_ghnhjfguc ikboha k [hevrbf hlju\hf hl
j_Zevghklb ?]h ijb\hayl ^hfhc ]hkiblZebabjmxl khklhygb_ dmibjm_lky DZlZfg_a aZ
ihke_^mxsbc iylbe_lgbc i_jbh^ ihdZau\Z_l hlkmlkl\b_ dZdbo [u lh gb [ueh jZkkljhckl\
>_lb i_j_g_krb_ wfhpbhgZevgmx ^_ijb\Zpbx ih^ \ha^_ckl\b_f gh\uo kblmZpbc
y\eyxsboky ^ey gbo klj_kkbjmxsbfb kihkh[gu ijhy\eylv lZdh]h jh^Z jZkkljhckl\Z
Ijh[e_fZ aZdexqZ_lky \ lhf qlh hdjm`Zxsbf ihjhc ljm^gh ij_^m]Z^Zlv qlh y\ey_lky ^ey
lZdbo ^_l_c ljZ\fbjmxsbf nZdlhjhf < ijb\_^_gghf kemqZ_ ijbqbghc jZkkljhckl\Z
ihkem`beh ij_djZs_gb_ dhglZdlZ k jh^bl_eyfb d dhlhjuf j_[_ghd [ue hq_gv ijb\yaZg
>Zevg_crbc i_jbh^ \ajhke_gby lZdbo ^_l_c ^he`_g [ulv hq_gv \Z`guf ^ey hdjm`Zxsbo \
ieZg_h[_ki_q_gbybfg_h[oh^bfuomkeh\bc
< fbj_ f_`ebqghklguo dhglZdlh\ j_[_gdZ hkh[mx agZqbfhklv ij_^klZ\ey_l
wfhpbhgZevgh_ khklhygb_ fZl_jb __ wfhpbhgZevgZy ijbqZklghklv dh \k_f ijhbkoh^ysbf
kh[ulbyf Hl_p b ^jm]b_ qe_gu k_fvb b]jZxl f_g__ agZqbfmx jhev \ i_j\uc ]h^ `bagb
j_[_gdZ<ebygb_hlpZkdZau\Z_lkyihkj_^kl\hf_]hhlghr_gbyk fZl_jvxdhlhjh_hsmsZ_lky
j_[_gdhf GZebqb_ ijh[e_f m hlpZ k\yaZgguo k _]h wfhpbhgZevghc g_klZ[bevghklvx
h[mkeh\e_gghc k\hckl\Zfb _]h oZjZdl_jZ \uau\Z_l wfhpbhgZevgmx gZijy`_gghklv m fZl_jb
Wlh ijb\h^bl d hlkmlkl\bx m fZl_jb \hafh`ghklb h[_ki_qblv j_[_gdm ^hklZlhqguc
wfhpbhgZevguc dhfnhjl < ihke_^mxs_f agZq_gb_ hlpZ ^ey j_[_gdZ \hajZklZ_l Hl_p
gZqbgZ_l aZgbfZlv \k_ [hevr__ f_klh \ wfhpbhgZevghc `bagb b jZa\blbb ebqghklghc
kljmdlmjuj_[_gdZ
< dhgp_ i_j\h]h ]h^Z `bagb m j_[_gdZ nhjfbjm_lky jm^bf_glZjgZy dhgp_ipby k_[y
\ujZ`ZxsZyky
hsms_gb_f
kZfhb^_glbnbdZpbb
kh[kl\_gghc
agZqbfhklb
b
ijbkihkh[e_gghklb ; KZeeb\Zg bkke_^mxsbc wlb y\e_gby \\_e \ ebl_jZlmjm ki_pbZevgu_
l_jfbgu hljZ`Zxsb_ hibkZggu_ j_[_gdhf hsms_gby \ujZ`Zxsb_ky dZd y ohjhrbc y
iehohc beb f_gy g_l Wlb hsms_gby fh]ml mkbeb\Zlvky \ ^Zevg_crb_ i_jbh^u `bagb
j_[_gdZ b hkh[_ggh \ ih^jhkldh\hf i_jbh^_ AZdeZ^dZ wlbo lj_o ih^oh^h\ bf__l
kms_kl\_ggh_ agZq_gb_ \ebyy gZ nhjfbjh\Zgb_ _]h kihkh[ghkl_c d j_ZebaZpbb gZf_q_gguo
p_e_c qm\kl\Z ^h\_jby d k_[_ b hdjm`Zxsbf < hljbpZl_evghf \ZjbZgl_ m j_[_gdZ
nhjfbjm_lkyqm\kl\hg_m\_j_gghklbhlkmlkl\bykihkh[ghklbd dhfnhjlghfm\aZbfh^_ckl\bx
k ex^vfbkljZgghklvb hlqm`^_gghklv
< i_jbh^ `bagb hl ^h e_l j_[_ghd jZkrbjy_l f_`ebqghklgu_ hlghr_gby
M\_ebqb\Z_lkydhebq_kl\h^\b`_gbchggZqbgZ_loh^blvqlh^Z_l_fm\hafh`ghklv\klmiZlv\
gh\u_ \aZbfhhlghr_gby k hdjm`Zxsbfb _]h ex^vfb Lj_gbjh\dZ jZaebqguo gZ\udh\ \
h[eZklb khpbZevghc `bagb j_r_gb_ \hijhkh\ k\yaZgguo k lmZe_lhf iblZgb_f h[mq_gb_f
j_qb ² gZb[he__\Z`gu_Zki_dlu\ kh\_jr_gkl\h\Zgbbf_`ebqghklguodhglZdlh\H[mq_gb_
j_[_gdZj_qbklbfmebjm_ljZa\blb_fure_gbyb wfhpbc
Kj_^Z \ dhlhjhc \hkiblu\Z_lky j_[_ghd bf__l [hevrh_ agZq_gb_ ^ey _]h ikbobq_kdh]h
jZa\blbyLZdijb\hkiblZgbb\ wdkljZ\_jlbjh\ZgghcwfhpbhgZevghcjZa]h\hjqb\hck_fv_
k [eZ]hijbylgufikboheh]bq_kdbfdebfZlhfkeh\Zdhlhju_hg\i_j\u_keurbl[m^mlbf_lv
hkh[uc ^ey g_]h ^h[jh`_eZl_evguc kfuke Wlb `_ keh\Z [m^ml bf_lv kh\_jr_ggh ^jm]mx
wfhpbhgZevgmx gZ]jmadm \ kemqZ_ \hkiblZgby j_[_gdZ \ g_[eZ]hijbylghc h[klZgh\d_ Wlh
jZaebqb_\ agZq_gbyoh^gbob l_o`_keh\bf__lf_klh\ ^Zevg_crb_i_jbh^u`bagbGZijbf_j
keh\hex[h\v[m^_lg_klb^eyj_[_gdZl_kgh_g_`gh_]Zjfhgbqgh_qm\kl\hihhlghr_gbxd
^jm]bfijbmkeh\bb\hkiblZgbyj_[_gdZ\ wfhpbhgZevghhldjulhch[klZgh\d_< lh`_\j_fy
ijb \hkiblZgbb j_[_gdZ \ k_fv_ oZjZdl_jbamxs_cky oheh^ghklvx g_wdkij_kkb\ghklvx
^bklZglghklvxlh`_keh\hex[h\v[m^_lk\yaZgh^eyj_[_gdZk qm\kl\hf^he]Zh[yaZgghklb
\uiheg_gb_fdZdboeb[hlj_[m_fuohlg_]h^_ckl\bcWlhkeh\hlZdbfh[jZahf[m^_lbf_lv
^eyg_]h[he__khpbZevgh_q_fwfhpbhgZevgh_agZq_gb_
?kebj_[_ghd\hkiblu\Z_lky\ k_fv_oZjZdl_jbamxs_cky\jZ`^_[ghklvxwfhpbhgZevguf
gZijy`_gb_fihhlghr_gbx^jm]d ^jm]mkeh\hex[h\vfh`_l\hh[s_g_bf_lv^eyj_[_gdZ
gbdZdh]hkfukeZ
Wlh iheh`_gb_ dZkZ_lky jZaguo keh\hkhq_lZgbc nhjfbjmxsbo ihgylby AgZq_gb_ wlbo
keh\ihgylbc hnhjfey_lky^ey j_[_gdZ \ wfhpbhgZevguc b fukebl_evguc dhgl_dkl dhlhjuc
i_j_oh^blbajZgg_]h\hajZklZ\ [he__iha^gbc\hajZklb \i_jbh^\ajhkehc`bagbAgZq_gb_
dhgl_dklZhljZ`Z_lkygZkh^_j`Zgbbh`b^Zgbcj_[_gdZGZijbf_jq_]hhg`^_lhlkb[ebg]h\
jh^bl_e_cb hdjm`Zxsbo_]h[ebadboex^_cKh^_j`Zgb_h`b^Zgbc\hfgh]hfhij_^_ey_l_]h
kh[kl\_ggmxb^_glbnbdZpbx ² dZdbf[uhgohl_e\b^_lvk_[y\ lhcbebbghcjheb
Wlhlijhp_kkijhbkoh^bl\ `bagbj_[_gdZgZkZfuojZggboklZ^byo_]hjZa\blby_s_^h
lh]h dh]^Z _]h fukeb b qm\kl\Z gZqbgZxl djbklZeebabjh\Zlvky \ keh\Z B ohly gZ
^h\_j[Zevghf mjh\g_ j_[_ghd _s_ g_ fh`_l mijZ\eylv wlbf ijhp_kkhf kZf kihkh[
nhjfbjh\Zgbyfuke_cb qm\kl\hljZ`Z_l_]haZqZlhqgmxdhgp_ipbx\hkijbylbykZfh]hk_[y
b ^jm]bo qlh ij_^klZ\ey_l hkh[h_ agZq_gb_ ^ey ^Zevg_cr_]h jZa\blby [m^msbo
f_`ebqghklguohlghr_gbc
< jZkkfZljb\Z_fuc \j_f_gghc i_jbh^ j_[_ghd lZd`_ gm`^Z_lky \ l_iehf hlghr_gbb d
k_[_\ ijhy\e_gbbqm\kl\e_`Zsbo\ hkgh\__]hwfhpbhgZevghc[_ahiZkghklbb m\_j_gghklb
y\eyxsbokyhkgh\hc_]hwfhpbhgZevgh]hdhfnhjlZdhlhjucfh`_l[ulvmkbe_gbebhkeZ[e_g
f_`ebqghklgufb \aZbfh^_ckl\byfb OZjZdl_j wlbo hlghr_gbc \Z`_g dZd \ mklZgh\e_gbb
a^hjh\uo\gmljbk_f_cguodhglZdlh\lZdb \dhglZdlZokhagZqbfufb^jm]bfbHdjm`Zxsb_
j_[_gdZex^bfh]ml[ulvgZkljh_gud g_fmdZdiheh`bl_evghlZdb hljbpZl_evghijhy\eyyd
g_fm [_ajZaebqb_ kdjulu_ nhjfu Z]j_kkbb jZaebqgu_ \b^u gZkbeby \dexqZy khpbZevgu_
jm^bf_glZjgu_ bgp_klgu_ hlghr_gby <k_ wlh gZdeZ^u\Z_l k_jv_aguc hli_qZlhd gZ
^Zevg_cr__jZa\blb_
WfhpbhgZevgZym\_j_gghklvb [_ahiZkghklvihemqZ_fu_hlhdjm`Zxsbob \dexqZxsb_\
k_[yhsms_gb_lh]hqlhj_[_gdZex[yl\ g_fgm`^Zxlkykihkh[kl\m_lnhjfbjh\Zgbxm g_]h
iheh`bl_evghc kZfhhp_gdb M\_j_gghklv \ kh[kl\_gghc agZqbfhklb gm`ghklb iha\hey_l
j_[_gdm \klmiZlv \ fbj k qm\kl\hf h[hkgh\Zggh]h ^h\_jby d k_[_ b d ex^yf jh`^Zxsbf
hsms_gb_lh]hqlh_]hhlghr_gbyk ex^vfb^he`gu[ulva^hjh\ufb
<hkiblZgb_\ mkeh\byo^bknmgdpbhgZevghck_fvbk ij_[u\Zgb_fj_[_gdZ\h\jZ`^_[ghc
lj_\h`ghc g_klZ[bevghc h[klZgh\d_ kihkh[kl\m_l \hagbdgh\_gbx m j_[_gdZ lj_\h]b kljZoZ
g_m\_j_gghklb hsms_gby ebr_gghklb \gbfZgby k\yaZggufb k hlkmlkl\b_f [Zau
wfhpbhgZevghc m\_j_gghklb b [_ahiZkghklb LZdbf ^_lyf ijbkmsb qm\kl\h lj_\h]b
im]eb\hklv wfhpbhgZevgZy gZklhjh`_gghklv \lhjbqgZy bgljh\_jlbjh\Zgghklv j_Zdpbb
ijhl_klZhaeh[e_gghklv
< l_q_gb_i_j\h]h]h^Z`bagbhlj_[_gdZg_lj_[mxl\uiheg_gbydZdboeb[haZ^ZgbcGh
\ ^Zevg_cr_f lZdb_ lj_[h\Zgby ijbh[j_lZxl ZdlmZevghklv J_[_ghd ^he`_g ih^qbgylvky
hij_^_e_gguf khpbZevguf ijZ\beZf ih\_^_gby k kb[ebg]Zfb nhjfbjm_lky _]h hlghr_gb_ d
b]jmrdZf d ij_^f_lZf ^hfZrg_]h h[boh^Z Ijb khijh\h`^_gbb wlbo lj_[h\Zgbc
wfhpbhgZevghl_ieuf hlghr_gb_f k ijhy\e_gb_f ex[\b j_[_ghd \ p_ehf jZa\b\Z_lky
ghjfZevgh k ohjhr_c Z^ZilZpb_c d jZaebqguf kn_jZf f_`ebqghklguo hlghr_gbc LZdhc
j_[_ghd e_]q_ dhglZdlbjm_l k ex^vfb ihgbfZy ]jZgbpu b ijZ\beZ wlbo dhglZdlh\ Wlh
ijhnbeZdlbjm_l \hagbdgh\_gb_ \h \ajhkehc `bagb g_Z^_d\Zlguo j_Zdpbc gZ \hagbdZxsb_
h]jZgbq_gby ?keb `_ wlb g_ba[_`gu_ h]jZgbq_gby khijh\h`^Zxlky `_kldbf oheh^guf
hlghr_gb_f d j_[_gdm wlh fh`_l \uau\Zlv m g_]h j_Zdpbb khijhlb\e_gby ijhl_klZ b
\hafms_gby
LZdbfh[jZahfwfhpbyfbgZb[he__\Z`gufb^eyj_[_gdZ\ l_q_gb_i_j\h]h]h^Z`bagb
y\eyxlkyex[h\vg_`ghklvb aZ[hlZ< l_q_gb_]hb ]h]h^Z`bagb\ hlebqb_hli_j\h]h
Zdp_gl ^_eZ_lky gZ h]jZgbq_gbyo Wlb h]jZgbq_gby ^he`gu ijh\h^blvky ihke_^h\Zl_evgh
G_kihkh[ghklv j_[_gdZ ih^qbgylvky h]jZgbq_gbyf \uau\Z_l aZljm^g_gby \ [he__ iha^gb_
i_jbh^u _]h `bagb k \_jhylghc ij_^jZkiheh`_gghklvx d \hagbdgh\_gbx ebqghklguo
jZkkljhckl\gZjmr_gbcijbkihkh[e_gbyihklljZ\fZlbq_kdboklj_kkh\uojZkkljhckl\
< lh`_\j_fykms_kl\m_lhiZkghklvg_Z^_d\Zlguohrb[hqguoh]jZgbq_gbchkgh\Zgguo
gZlj_[h\Zgbyo[_amkeh\gh]hihkemrZgbyH[mq_gb_j_[_gdZ^bkpbiebg_fh`_l\ua\Zlvm g_]h
hljbpZl_evgu_wfhpbbl_fg_f_g__ihke_^h\Zl_evgh_h[mq_gb_^bkpbiebg_g_nhjfbjm_l m
j_[_gdZ khklhygby [Zabkghc lj_\h]b GZijbf_j h[hkgh\Zggh gZdZau\Zy j_[_gdZ jh^bl_eb
^he`guZdp_glbjh\Zlv\gbfZgb_j_[_gdZgZnZdl_kh\_jr_gbybfg_[eZ]h\b^gh]hihklmidZg_
mgb`Zy _]h g_ ]h\hjy j_[_gdm h lhf qlh hg ieho kZf ih k_[_ < ijhlb\ghf kemqZ_ \ wlhc
kblmZpbb m j_[_gdZ knhjfbjm_lky qm\kl\h klu^Z ih hlghr_gbx d k_[_ qlh [m^_l
kihkh[kl\h\Zlvkgb`_gbx_]hkZfhhp_gdbb \hagbdgh\_gbxlj_\h`guoj_ZdpbcH]jZgbq_gby
g_h[oh^bfu_ \ ^_lkl\_ ^ey jZa\blby a^hjh\h]h j_[_gdZ ^he`gu [ulv ihgylgu j_[_gdm
ijh\h^blvky [_a oheh^ghklb `_kldhklb b ]jm[hklb LZd aZdeZ^u\Z_lky hkgh\Z ^ey
kZfhh]jZgbq_gbc \ ihke_^mxsb_ i_jbh^u `bagb Wlh dZkZ_lky Z]j_kkb\ghklb \gmlj_ggbo
klZg^Zjlh\b ijbgpbih\ih\_^_gby
Mki_rgh_ \hkiblZgb_ j_[_gdZ h[_ki_qb\Zxs__ nhjfbjh\Zgb_ [m^ms_c kljZl_]bb
f_`ebqghklguohlghr_gbcbkoh^blba_]hh[mq_gbykZfhh]jZgbq_gbyf
Mki_o \ j_r_gbb wlhc ijh[e_fu fh`_l [ulv ^hklb]gml lhevdh gZ hkgh\_ jh^bl_evkdhc
ex[\b khijh\h`^Zxs_c \\_^_gb_ h]jZgbq_gbc < lZdhc kblmZpbb j_[_ghd qm\kl\m_l qlh
gZdZaZgb_k\yaZghk hljbpZl_evgufhlghr_gb_fjh^bl_e_cd kh\_jr_gghfmbf^_ckl\bxZ g_
d _]h ebqghklb < ijhlb\ghf kemqZ_ gZjmrZ_lky jZa\blb_ j_[_gdZ < k\yab k wlbf ke_^m_l
ih^q_jdgmlv qlh deZkkbq_kdbc ikbohZgZeba g_ h[tykgy_l \ ^hklZlhqghc kl_i_gb ijbqbgu
gZjmr_gby jZa\blby j_[_gdZ lZd dZd k\_^_gb_ y\e_gby lhevdh d \ul_kg_gghfm k_dkmZevghfm
^jZc\mdhfie_dkmW^biZb km[ebfZpbyfg_jZkdju\Z_l\k_ohkh[_gghkl_cijhp_kkZ
G_ijZ\bevgh_\\_^_gb_h]jZgbq_gbcfh`_lijb\h^blvd jZa\blbxm j_[_gdZg_]Zlb\bafZ
dhlhjuc bf__l jZaebqgu_ nhjfu ijhy\e_gby lZdb_ dZd ]bih^bgZfby ]bihfbfby Zfbfby
ihy\e_gb_jm^bf_glh\dZlZlhgbq_kdboijhy\e_gbckhq_lZxsbokyk wfhpbhgZevgufmoh^hf\
k_[y\h\j_fydhlhjh]hj_[_ghdfh`_lih^he]mkfhlj_lv\ h^gmlhqdmf_gvr_fb]Z_lf_g__
j_Zdlb\_g Hlkmlkl\b_ ex[\b kh klhjhgu jh^bl_e_c ijb h^gh\j_f_gghf lj_[h\Zgbb
\uiheg_gbyh]jZgbq_gbcfh`_lijb\h^blvd ijhl_klmd aehklbd jZa\blbxhkgh\u[m^ms_]h
^_ebgd\_glgh]hih\_^_gby
?keb\ `bagbj_[_gdZbf__lf_klhg_[hevrh_dhebq_kl\hh]jZgbq_gbcb _fmjZaj_rZ_lky
^_eZlvfgh]h_\ hlju\_hldhgdj_lghcj_Zevghklbqm\kl\hg_h[oh^bfuoh]jZgbq_gbc\ `bagb
lZdh]h \ajhkeh]h ^_n_dlb\gh LZdhc j_[_ghd \h \ajhkehc `bagb fh`_l [ulv jZa\yaguf
jZagma^Zggufgb kq_fg_kqblZxsbfky
Ke_^m_l bf_lv \ \b^m b dmevlmjZevguc Zki_dl \hkiblZgby k [hevrbf beb f_gvrbf
qbkehf\\h^bfuoh]jZgbq_gbcaZ\bkysbohlhij_^_e_gghcdmevlmjuA^_kv\hafh`gujZagu_
\ZjbZglu GZijbf_j `_gsbgZ \hkiblu\ZxsZyky \ ^_lkl\_ hlphf b]ghjbjmxsbf __ b
g_j_rbl_evghc b lj_\h`ghc fZl_jvx nZdlbq_kdb g_ klZedb\ZeZkv k h]jZgbq_gbyfb <h
\ajhkehc `bagb lZdhc `_gsbgu hlkmlkl\h\ZeZ kZfh^bkpbiebgZ K h^ghc klhjhgu hgZ [ueZ
hq_gvlj_[h\Zl_evgZd ex^yfg_\ughkbeZgbdZdhcdhjj_dpbb__ ih\_^_gbyk ^jm]hc ²kZfZ
[ueZhq_gvlj_[h\Zl_evghcd fm`mb ^_lyfAZly`ghcdhgnebdlijb\_e__ djZaju\mk_f_cguo
hlghr_gbc
AZij_lu \ \hkiblZgbb hkh[_ggh khijh\h`^Zxsb_ky hlkmlkl\b_f ex[\b ² djZcg_
g_[eZ]hijbylguc\ZjbZglGhb ^jm]hc\ZjbZglijbdhlhjhf\k_jZaj_r_ghZ ex[\bg_llh`_
g_[eZ]hijbyl_g LZdh_ \hkiblZgb_ nhjfbjm_l ex^_c k fZeh \ujZ`_gghc wfiZlbqghklvx g_
mf_xsbohij_^_eblv]jZgbpuk\h_]hih\_^_gbyg_mqblu\Zxsbobgl_j_kh\^jm]boex^_c
Bkke_^h\Zgb_ hkh[_gghkl_c jZa\blby ^_l_c ijb\_eh ki_pbZebklh\ d aZdexq_gbx qlh
nhjfbjh\Zgb_ wlbq_kdbo b fhjZevguo klZg^Zjlh\ hkgh\u\Z_lky gZ jZamfguo h]jZgbq_gbyo
dhlhju_jh^bl_ebkha^Zxl^_lyf\ l_q_gb_i_j\uoe_l`bagb
< ih^jhkldh\hf i_jbh^_ khpbZevgh mki_rguc ih^jhklhd kZfhh]jZgbqb\Z_l k_[y Hg
\dexqZ_l \ fh^_ev k\h_]h ih\_^_gby \ ebqghklgmx kljmdlmjm ^bkpbiebgm k\yaZggmx k
`bag_gguf kp_gZjb_f jh^bl_e_c b bo ih\_^_gb_f \ jZaebqguo khpbZevguo kblmZpbyo
I_j_qbke_ggu_nZdlhjuklZgh\ylkykihkh[hfklbe_f`bagb &KDSPDQ 6XOOLYDQ ijb bamq_gbb ^Zgghc ijh[e_fu \\_e l_jfbg dhgk_gkmZevgZy \Zeb^Zpby
dhgk_gkmZevgZy hp_gdZ Wlh y\e_gb_ k\yaZgh k dhfie_dkhf jZaebqguo k_gkhjguo
i_j_`b\Zgbc < ijhp_kk_ dhgk_gkmZevghc \Zeb^Zpbb q_eh\_d jZa\b\Z_l k\hb f_`ebqghklgu_
hlghr_gbyH[sZykvk ex^vfbihemqZyhlgbobgnhjfZpbx\klmiZyk gbfb\ wfhpbhgZevgu_
dhglZdlu k bkihevah\Zgb_f \k_o k_gkhjguo kbkl_f q_eh\_d fh`_l dhjjb]bjh\Zlv k\hb
ebqghklgu_ ljZ\fu aZe_qb\Zlv ikboheh]bq_kdb_ jm[pu \hagbdrb_ \ j_amevlZl_ ij_`gbo
f_`ebqghklguo hlghr_gbc Ijhp_kk h[dZlu\Zgby gh\uo kblmZpbc kh[ulbc
f_`ebqghklguo dhglZdlh\ kihkh[_g klbfmebjh\Zlv baf_g_gby fh]msb_ dhjjb]bjh\Zlv
ij_`gb_ gZjmr_gby < ijhp_kk_ dhgk_gkmZevghc \Zeb^Zpbb m q_eh\_dZ ihy\ey_lky
\hafh`ghklv ihkfhlj_lv gZ ij_`gb_ kh[ulby k gh\hc lhqdb aj_gby < ijhp_kk_
dhgk_gkmZevghc \Zeb^Zpbb f_gy_lky dhgp_ipby kZfhb^_glbnbdZpbb ijhbkoh^bl
kZfhdhjj_dpby ebqghklguo gZjmr_gbc kihkh[kl\mxsZy emqr_fm ij_h^he_gbx bf
dZ`^h^g_\guoljZ\fbjmxsbokblmZpbc
Iheh`bl_evgh \ebyxsbc ijbh[j_l_gguc \ ijhp_kk_ dhgk_gkmZevghc \Zeb^Zpbb gh\uc
hiul k]eZ`b\Z_l agZq_gb_ klZjh]h ljZ\fbjmxs_]h hiulZ lhevdh ijb ihiZ^Zgbb j_[_gdZ ba
g_[eZ]hijbylghc \ [eZ]hijbylgmx kj_^m GZijbf_j _keb j_[_ghd \ l_q_gb_ beb e_l
\hkiblu\Zeky \ h[klZgh\d_ wfhpbhgZevghc ^_ijb\Zpbb kihkh[kl\mxs_c nhjfbjh\Zgbx m
g_]hqm\kl\Zkh[kl\_gghcgbdq_fghklbhsms_gbylh]hqlhhgg_^hklhbgex[\bb \gbfZgbym
g_]h bkih^\hev [m^_l nhjfbjh\Zlvky qm\kl\h g_kihkh[ghklb kljhblv \ [m^ms_f a^hjh\u_
f_`ebqghklgu_hlghr_gbyk ex^vfbIjbmkeh\bbihiZ^Zgbywlh]hj_[_gdZ\ [eZ]hijbylgmx
h[klZgh\dm nhjfbjmxsmx gh\u_ f_`ebqghklgu_ hlghr_gby k gh\hc kj_^hc f_gy_lky b
kZfhb^_glbnbdZpbyb fbjh\hkijbylb_j_[_gdZ?]hdhgp_ipbyYklZgh\blky[he__a^hjh\hc
Lh _klv ij_[u\Zgb_ j_[_gdZ ihemqb\r_]h \ jZgg_f ^_lkl\_ ikboheh]bq_kdb_ ljZ\fu \
[eZ]hijbylghc kj_^_ kihkh[kl\m_l dhjj_dpbb wlbo ljZ\f \ k\yab k ^hklZlhqghc
ij_^klZ\e_gghklvxdhgk_gkmZevghc\Zeb^Zpbb
Kihkh[ghklvdhgk_gkmZevghc\Zeb^Zpbbd bae_qb\ZgbxklZjuo^_lkdboljZ\faZ\bkblhl
fgh]bokhklZ\eyxsbo
\Z`gZ \ujZ`_gghklv ikboheh]bq_kdhc ljZ\fu gZoh^ysZyky \ ijyfh
ijhihjpbhgZevghcaZ\bkbfhklbhldhjjb]bjmxs_ckihkh[ghklbdhgk_gkmZevghc\Zeb^Zpbb
\Z`_g \hajZkl \ dhlhjhf gZqbgZ_lky dhjj_dpby _keb dhgk_gkmZevgZy \Zeb^Zpby
gZqbgZ_lky\ ^_lkl\_beb\ jZgg_fih^jhkldh\hfi_jbh^_hgZ[m^_lbf_lv[hevr__agZq_gb_
ih kjZ\g_gbx k lhc dhlhjZy gZqg_lky \ k_j_^bg_ ih^jhkldh\h]h i_jbh^Z Z l_f [he__ ihke_
g_]h
wnn_dlb\ghklv dhgk_gkmZevghc \Zeb^Zpbb aZ\bkbl hl kihkh[ghklb q_eh\_dZ
ij_h^he_\Zlv `bag_ggu_ ljm^ghklb hl _]h kihkh[ghklb kijZ\eylvky k ijh[e_fZfb JZggyy
dhgk_gkmZevgZy \Zeb^Zpby ihfh]Z_l q_eh\_dm gZmqblvky ijhnbeZdlbjh\Zlv f_`ebqghklgu_
dhgnebdlu iha\hey_l _fm bf_lv [he__ rbjhdbc \a]ey^ gZ kh[ulby kihkh[kl\mxsbc
f_gvr_fmijhy\e_gbxg_p_e_khh[jZaghchklhjh`ghklbhiZk_gbcih^haj_gbc
j_amevlZlb\ghklv dhgk_gkmZevghc \Zeb^Zpbb k\yaZgZ kh kihkh[ghklvx q_eh\_dZ d
\_j[ZebaZpbb Ijh]h\Zjb\Zgb_ kblmZpbb p_f_glbjm_l fgh]b_ jZg__ g_hkhagZ\Z_fu_
ikbobq_kdb_ y\e_gby ^_eZy bo [he__ klhcdbfb G_h[oh^bfh ihgbfZgb_ lh]h qlh
dhgk_gkmZevgZy \Zeb^Zpby ijhy\ey_l k_[y dZd gZ \_j[Zevghf lZd b gZ g_\_j[Zevghf dZd gZ
khagZl_evghf lZd b gZ [_kkhagZl_evghf mjh\gyo Fgh]h_ q_eh\_dhf g_ hkhagZ_lky gh wlh
kh\k_fg_agZqblqlhlhqlhg_hkhagZ_lkyg_y\ey_lky^eyg_]hagZqbfuf
Dhgk_gkmZevgZy \Zeb^Zpby nhjfbjm_l \Z`guc Zki_dl jZ[hlu ikbohl_jZi_\lZ hkh[_ggh
dh]^Z j_qv b^_l h jZa\blbb m iZpb_glZ g_\jhlbq_kdbo j_Zdpbc ebqghklguo gZjmr_gbc
ikbohkhfZlbq_kdbo gZjmr_gbc b ijh[e_f k\yaZgguo k wfhpbhgZevgufb ljm^ghklyfb
Ikbohl_jZi_\l ^he`_g kihkh[kl\h\Zlv ijhp_kkm dhgk_gkmZevghc \Zeb^Zpbb hldju\Zlv i_j_^
iZpb_glhf [he__ rbjhdb_ i_jki_dlb\u klbfmebjh\Zlv nhjfbjh\Zgb_ gh\uo ih^oh^h\ d
j_r_gbx ijh[e_f G_h[oh^bfh ijhlb\hihklZ\blv [he_ag_gguf f_`ebqghklguf hlghr_gbyf
fh^_eb a^hjh\uo f_`ebqghklguo hlghr_gbc \ dZ`^h^g_\ghc `bagb Dhgk_gkmZevgZy
\Zeb^Zpby^he`gZ\dexqZlvkyikbohl_jZi_\lhf\ ijhn_kkbhgZevgucZki_dlikboheh]bq_kdh]h
dhgkmevlbjh\Zgby
K lj_oe_lg_]h i_jbh^Z `bagb j_[_gdZ fbj _]h f_`ebqghklguo hlghr_gbc gZqbgZ_l
jZkrbjylvky :dlb\gh nhjfbjmxlky _]h hlghr_gby k hdjm`Zxsbfb <Z`guc Zki_dl
jZkrbj_gby djm]Z f_`ebqghklguo hlghr_gbc aZdexqZ_lky \ h[mq_gbb j_[_gdZ ihgbfZgbx
lh]hqlhijZdlbq_kdb\k_k q_fhgklZedb\Z_lkyg_h[oh^bfhjZa^_eylvk ^jm]bfbH[sZykvk
fZl_jvx gZijbf_j j_[_ghd ihkl_i_ggh h[mqZ_lky lhfm qlh hg g_ fh`_l aZgbfZlv \k_ __
\j_fy ijboh^bl ihgbfZgb_ lh]h qlh fZlv g_ fh`_l \k_p_eh ijbgZ^e_`Zlv _fm <hafh`gh
\hagbdgh\_gb_ khijhlb\e_gby k\yaZggh]h k nhjfbjh\Zgb_f khj_\gh\Zl_evguo hlghr_gbc k
hlphfdhlhju_^Ze_dhg_\k_]^Zh[tykgyxlkyikbohZgZeblbq_kdbflhedh\Zgb_fijh[e_fu<
ghjfZevghkms_kl\mxs_cnmgdpbhgZevghck_fv_lZdb_qm\kl\Zkh\j_f_g_fjZaj_rZxlkyg_
ij_iylkl\my nhjfbjh\Zgbx a^hjh\uo \gmljbk_f_cguo hlghr_gbc Ijh[e_fu \ ih\_^_gbb
j_[_gdZ fh]ml \hagbdZlv ijb jZa^_e_gbb \gbfZgby jh^bl_e_c f_`^m gbf b _]h kb[ebg]Zfb
<hafh`ghnhjfbjh\Zgb_dhgdmj_glguohlghr_gbcdZkZxsbokyijb\e_q_gbyd k_[_\gbfZgby
jh^bl_e_c b j_\ghklguo hlghr_gbc ?keb dZ`^uc ba ^_l_c qm\kl\m_l wfhpbhgZevgmx
klZ[bevghklv b [_ahiZkghklv jh^bl_evkdbo hlghr_gbc khq_lZxsmxky kh kihkh[ghklvx
jh^bl_e_c jZamfgh h]jZgbqb\Zlv ^_l_c k ij_^hklZ\e_gb_f bf k\h[h^u ^_ckl\bc j_\ghklv b
dhgdmj_gpbykh\j_f_g_fl_jyxlk\hxZdlmZevghklv
KljmdlmjZ ebqghklb j_[_gdZ jZa\b\Z_lky ihkl_i_ggh < wlhf jZa\blbb agZq_gb_
f_`ebqghklguo hlghr_gbc ljm^gh i_j_hp_gblv Dmfmeylb\guc j_amevlZl dZ`^h^g_\guo
bgl_jZdpbc k hdjm`Zxsbfb _]h ex^vfb fh`_l kihkh[kl\h\Zlv jZa\blbx kbevghc beb
gZh[hjhl keZ[hc ebqghklb j_[_gdZ < wlhl i_jbh^ nhjfbjm_lky fZljbpZ f_`ebqghklguo
hlghr_gbc fh]msZy \ihke_^kl\bb ijb\h^blv d wfhpbhgZevghc m\_j_gghklb j_[_gdZ d _]h
kihkh[ghklb mklZgZ\eb\Zlv ihablb\gu_ f_`ebqghklgu_ dhglZdlu beb d \hagbdgh\_gbx
lj_\h]bkljZoZh[s_gbyk ex^vfb
Lj_\h]Zm j_[_gdZfh`_l\ujZ`ZlvkyihjZaghfmhl_^\Zmeh\bfh]hqm\kl\Z^bkdhfnhjlZ
^hihy\e_gby iZgbdbk ijh_dpbyfb \ \b^_ ghqguo kljZoh\b kljZoZ h^bghq_kl\Z IjbqbgZfb
lj_\h]b fh]ml [ulv g_m^h\e_l\hj_ggZy [ZabkgZy g_h[oh^bfhklv j_[_gdZ \ nbabq_kdhc
[_ahiZkghklb hl\_j`_gghklv j_Zevgh_ beb \hh[jZ`Z_fh_ ebr_gb_ ih^^_j`db j_[_gdZ
ijh_dpbygZg_]hfZl_jbgkdhclj_\h]b\jZ`^_[ghklvfZl_jbihhlghr_gbxd g_fm< ijhp_kk_
dhgk_gkmZevghc\Zeb^Zpbblj_\h]Z©k]eZ`b\Z_lkyªgh\ hij_^_e_gguci_jbh^\ajhkehc`bagb
k\yaZgguc k ijh[e_fZfb \ j_ZebaZpbb q_eh\_dhf bglbfguo hlghr_gbc lj_\h]Z fh`_l
\hagbdZlv ih\lhjgh Ijhy\e_gb_ lj_\h]b qZklh g_ ghkbl ijyfh]h oZjZdl_jZ \ujZ`Zykv \
hklhjh`ghklbiZkkb\ghklbb bgljh\_jlbjh\Zgghklb
>bnn_j_gpbZevgZy^bZ]ghklbdZbgljh\_jlbjh\ZgghklbdZdq_jluoZjZdl_jZb lj_\h]bdZd
ikboheh]bq_kdh]h khklhygby iZpb_glZ ij_^klZ\ey_l qj_a\uqZcgmx \Z`ghklv >_lkdZy lj_\h]Z
fh`_l ijhy\eylvky g_ lhevdh iZkkb\ghklvx b hklhjh`ghklvx HgZ fh`_l ijh_pbjh\Zlvky gZ
nZglZabb f_qlu kgu gZy\m gZ b]ju \ dhlhju_ j_[_ghd moh^bl k ]heh\hc Bgh]^Z
hk\h[h`^_gb_hllj_\h]bijhbkoh^blk ijhy\e_gb_fj_[_gdhfyjhklbb Z]j_kkbb<hafh`_g
moh^ \h \gmlj_ggbc fbj i_j_`b\Zgbc < k\yab k lj_\h]hc m j_[_gdZ fh]ml nhjfbjh\Zlvky
jm^bf_glu hlqm`^_gby hl ^jm]bo ex^_c lZd gZau\Z_fZy Zev_gZpby ijhy\eyxsZyky \
qj_af_jghckdjhfghklb\ aZbkdb\Zgbb\h\jZ`^_[ghklb\ ^bklZgpbjh\Zgbb<hagbdZ_ljbkd
i_j_ghkZlj_\h`ghklbdZdq_jluoZjZdl_jZgZih^jhkldh\ucb ^jm]b_[he__iha^gb_i_jbh^u
`bagb
GZebqb_ m iZpb_glZ \gmlj_gg_]h hsms_gby [_kihdhckl\Z [hyaeb\hklb lj_\h]b
f_lZnhjbq_kdbk\yau\Z_lkyk hsms_gb_fbfdZdh]hlhg_^hklZldZlZdb_hsms_gbyhdZau\Zxl
^_kljmdlb\gh_\ebygb_gZikbobdmijb\h^yld ihy\e_gbxkeh`guoijh[e_f\ f_`ebqghklguo
hlghr_gbyo d khpbZevghc g_Z^_d\Zlghklb b d khpbZevghc bffh[bevghklb Dhgk_gkmZevgZy
\Zeb^Zpbydhjjb]bjm_lwlbijh[e_fu
Qm\kl\h\gmlj_gg_c[_ahiZkghklbqj_a\uqZcgh\Z`gh\ kh\j_f_gghffbj_bah[bemxs_f
ihklhyggh ijbkmlkl\mxsbfb klj_kkbjmxsbfb nZdlhjZfb LZdb_ qZklh \klj_qZxsb_ky
ikbohiZlheh]bq_kdb_
khklhygby
dZd
nh[bb
gZ\yaqb\hklb
]bkljbhgbq_kdb_
ikbohkhfZlbq_kdb_iZlheh]bbhkh[_gghklbebqghklbfh]mlbf_lvijyfmxk\yavk \gmlj_ggbf
^bkdhfnhjlhfb ijbkmlkl\b_fwe_f_glh\lj_\h]b
JZkkfZljb\Zy\hagbdgh\_gb_ikbohiZlheh]bb\ ieZg_hi_jZpbb[_ahiZkghklbKZeeb\Zg
ijbr_e d aZdexq_gbx qlh \ wklj_fZevguo kblmZpbyo \ ikbobd_ q_eh\_dZ ijhbkoh^bl
k\h_h[jZagZy ihehfdZ \h \j_fy dhlhjhc lj_\h]Z lyg_l aZ kh[hc wg_j]bx ih^khagZgby
Lj_\h]ZZdlb\babjm_l]em[bggh_ih^khagZgb_fZl_jbZeudhlhjh]hijhgbdZxl\ khagZgb_qlh
kihkh[kl\m_ljZa\blbxikbohaZk ihl_j_cdhglZdlZk j_Zevghklvx
<Z`gufwe_f_glhfZ^_d\Zlguof_`ebqghklguohlghr_gbcy\ey_lkyklj_fe_gb_q_eh\_dZ
^hklb]gmlvb khojZgblv[_ahiZkghklvm^_j`b\Zylj_\h]mgZgbadhfmjh\g_
I_jbh^ iha^g_]h ^_lkl\Z hl e_l ^h im[_jlZlgh]h \hajZklZ oZjZdl_jbam_lky l_f qlh
f_`ebqghklgu_ hlghr_gby \g_ ^hfZ ijbh[j_lZxl ^ey j_[_gdZ [hevrmx agZqbfhklv
JZkrbjy_lky djm] _]h dhglZdlh\ b m\_ebqb\Z_lky dhebq_kl\h ihemqZ_fhc j_[_gdhf
bgnhjfZpbb KZeeb\Zg gZau\Z_l wlhl i_jbh^ x\_gbevghc ahghc ijb^Z\Zy __ hkh[mx
agZqbfhklv\ ebqghklghfjZa\blbbj_[_gdZdhlhjucihemqZ_l\hafh`ghklvdhgkheb^babjh\Zlv
ijbh[j_l_ggu_ bf jZg__ ebqghklgu_ dZq_kl\Z Ihklhyggh_ \aZbfh^_ckl\b_ ebqghklguo
dZq_kl\ k khpbZevgufb nZdlhjZfb iha\hey_l j_[_gdm ih^\_j]Zlv bo djblbq_kdhfm
i_j_hkfuke_gbx b dhjj_dpbb GZijbf_j _keb j_[_ghd \hkiblu\Zxsbcky \ lj_\h`ghc
wfhpbhgZevgh oheh^ghc k_f_cghc h[klZgh\d_ \klj_qZ_lky \ rdhe_ k ijhlb\hiheh`gufb
wfhpbhgZevgufb j_Zdpbyfb wlh iha\hey_l _fm j_rZlv k\hb wfhpbhgZevgu_ ijh[e_fu ih
gh\hfm
G_[eZ]hijbylgu_ khpbZevgu_ \ebygby fh]ml hdZau\Zlv \ wlhl \hajZklghc i_jbh^
agZqbl_evgh_ ^_kljmdlb\gh_ \ebygb_ gZ ebqghklgmx klmdlmjm j_[_gdZ Jbkd nhjfbjh\Zgby
hldehg_gbcagZqbl_e_gLZdbfh[jZahfZgZebaiha^g_]h^_lkl\Zj_[_gdZ^he`_gijh\h^blvky
ki_pbZebklZfbg_lhevdhk ihabpbcikbohZgZebaZghb kmq_lhfhkh[_gghkl_cf_`ebqghklguo
hlghr_gbcijbkmlkl\mxsbo\ jZaguokj_^h\uokblmZpbyo
<hagbdZ_l ahgZ i_j_dj_klguo bgl_j_kh\ ikbobZljbb ikboheh]bb b khpbheh]bb \ ieZg_
dhhj^bgZpbb ^_ckl\bc dhjjb]bjmxsbo \hafh`gu_ gZjmr_gby m ^_l_c Hiul Zf_jbdZgkdbo
ki_pbZebklh\ ihdZau\Z_l agZqbfhklv \ wlhf ijhp_kk_ kha^Zgby ^ey ^_l_c dhfnhjlghc
[_ahiZkghc kblmZpbb \ rdhe_ b kha^Zgby jZkrbjyxs_cky ihkl_i_ggh ahgu [_ahiZkghklb
\hdjm]rdheu^hfZk\h[h^gu_hlgZjdhlbdh\gZkbebyZdlb\ghihfh]Zxsb_jh^bl_ebb ^j
< ih^jhkldh\hf i_jbh^_ q_eh\_d klZedb\Z_lky k g_h[oh^bfhklvx Z^Zilbjh\Zlvky d
m\_ebqb\Zxs_fmky h[t_fm f_`ebqghklguo hlghr_gbc < wlh \j_fy \hajZklZ_l qbkeh
dhgnebdlh\k jh^bl_eyfbb hdjm`Zxsbfb
Kl_i_gv kZfhklhyl_evghklb ih^jhkldZ fh`_l [ulv jZaebqghc \ aZ\bkbfhklb hl
dmevlmjZevguohkh[_gghkl_ckj_^u\ dhlhjhchgijh`b\Z_l
< gZqZe_ih^jhkldh\h]hi_jbh^Zbg^b\b^mmf`b\_l\ khhl\_lkl\bbk ieZgZfbjh^bl_e_c
Iha^g__ hg \oh^bl \h \aZbfh^_ckl\by gZ dhlhju_ _]h jh^bl_eb g_ fh]ml ih\ebylv
bkihevah\Zgb_f lhlZevgh]h kmi_j\bahjkl\Z F_`ebqghklgu_ dhglZdlu klZgh\ylky \k_ [he__
hl^Ze_ggufbhljh^bl_e_c
Ohjhrh Z^Zilbjh\Zgguc ih^jhklhd khojZgy_l ij_`gb_ l_ieu_ wfhpbhgZevgu_
hlghr_gby k jh^bl_eyfb k i_j_dexq_gb_f k\hbo bgl_j_kh\ gZ bgl_j_ku j_n_j_glguo ]jmii
G_aZ\bkbfhklv f_`ebqghklguo hlghr_gbc ijh]j_kkbjm_l hij_^_eyy oZjZdl_j
kZfhklhyl_evghc`bagb
Ijhbkoh^bl ijh[m`^_gb_ bgl_j_kZ d bgl_ji_jkhgZevguf hlghr_gbyf k\yaZgguf k
fh^_evx \ajhkeuo k_dkmZevguo hlghr_gbc Ih^jhklhd klZedb\Z_lky k g_h[oh^bfhklvx
jZa\blby khpbZevgh ijb_fe_fuo gZ\udh\ kihkh[guo dZgZebabjh\Zlv _]h k_dkmZevgh_
\e_q_gb_
Kihkh[ghklv ih^jhkldZ Z^Zilbjh\Zlvky d k_dkmZevghklb \h fgh]hf hij_^_ey_lky lbihf
k_f_cgh]h\hkiblZgby
< ih^jhkldh\hf i_jbh^_ ghjfZevgh_ k_dkmZevgh_ jZa\blb_ ij_^iheZ]Z_l dZd hlkmlkl\b_
kljZoZ i_j_^ k_dkmZevgufb `_eZgbyfb lZd b hlkmlkl\b_ k\_joaZgylhklb k_dkmZevghc
l_fZlbdhc k\_jop_ggh]h hlghr_gby d k_dkm F_`ebqghklgu_ hlghr_gby ih^jhkldZ k
jh^bl_eyfbbf_xl[hevrh_agZq_gb_^eynhjfbjh\Zgby_]h__ hlghr_gbck ijhlb\hiheh`guf
ihehf Hgb hij_^_eyxl \ ^Zevg_cr_f oZjZdl_j gh\uo k_f_cguo hlghr_gbc fh^_ev
jh^bl_evkdhc k_fvb ih\lhjy_lky \ ke_^mxs_f ihdhe_gbb hdZau\Zykv k\h_]h jh^Z k_f_cghc
km^v[hc
=eZ\Z AG:Q?GB?K:FHHP?GDB< >BKNMGDPBHG:EVGHF
IH<?>?GBB
<hijhkuk\yaZggu_k kZfhhp_gdhcy\eyxlkyij_jh]Zlb\hcki_pbZebklh\jZ[hlZxsbo\
h[eZklb ikboheh]bb ikbobZljbb b \ kf_`guo k gbfb h[eZklyo Ohly g_ihkj_^kl\_ggh
kZfhhp_gdZ\ \hijhkZo^bZ]ghklbdbe_q_gbyb dhjj_dpbb[hevguomqblu\Z_lkydjZcg_j_^dh
Ijhbkoh^bl k\h_h[jZaguc jZaju\ dhffmgbdZpbc f_`^m ikboheh]b_c b deZkkbq_kdhc
ikbobZljb_c < ebl_jZlmj_ qZklh \klj_qZ_lky l_jfbg kZfhhljZ`_gb_ beb kZfhj_ne_dkby
dZd kihkh[ghklv hljZ`Zlv k_[y bf_xsbc ijyfh_ hlghr_gb_ d kZfhhp_gd_ b ihjhc
aZf_gyxsbc __ Ih^ kZfhhp_gdhc ihgbfZ_lky kihkh[ghklv khagZl_evgh ^mfZlv h k_[_ \
Z[kljZdlghfkfuke_
;hevrZy qZklv ih\_^_gby q_eh\_dZ oZjZdl_jbam_lky [_a^mfghklvx hlkmlkl\b_f
khagZl_evguohp_ghdlh]hdZd\eby_lwlhih\_^_gb_gZkZfh]hq_eh\_dZb _]hhdjm`_gb_< lh
`_ \j_fy fgh]b_ \b^u ih\_^_gby lj_[mxl kihkh[ghklb hkhagZ\Zlv k_[y [ulv h[t_dlhf
jZafure_gbc q_eh\_dZ h k_[_ _]h hp_gdb lh]h dZd hg \u]ey^bl dZdh_ \i_qZle_gb_ hg
ijhba\h^bl gZ ^jm]bo WlZ kihkh[ghklv klbfmebjm_l q_eh\_dZ d j_ZebaZpbb [he__
ijh^mdlb\guonhjfih\_^_gby
Kihkh[ghklvq_eh\_dZ^mfZlvh k_[_ijbex[uokihkh[Zoih\_^_gbyy\ey_lkyj_Zevghcgh
ljm^ghhkms_kl\bfhcaZ^Zq_caZdhlhjmxqZklhijboh^blkyieZlblv[hevrhcp_ghcQ_eh\_d
klZedb\Zxsbckyk g_h[oh^bfhklvxkZfhZgZebaZgZqbgZ_laZ^mfu\Zlvkyh k_[_b hk\h_ff_kl_
\ `bagb qlh fh`_l ijb\_klb d g_]Zlb\ghc kZfhhp_gd_ g_m^h\e_l\hj_gghklb dZdbfblh
klhjhgZfb _]h ^_yl_evghklb Wlh kihkh[kl\m_l jZa\blbx m]g_l_ggh]h khklhygby ^_ij_kkbb
LZdZy kZfhj_ne_dkby ijb\_^rZy q_eh\_dZ d m]g_l_gghfm khklhygbx \ k\hx hq_j_^v [m^_l
ih^^_j`b\Zlvkyihjhqgufdjm]hfaZdexqZxsbfky\ lhfqlhgZnhg_m^jmq_ggh]hkhklhygby
jZafure_gbyh k_[_ijb\_^mld _s_[he__g_]Zlb\gufihke_^kl\byfq_f^hkZfhZgZebaZ
:gZeba k\hbo ^_ckl\bc k\hbo \aZbfhhlghr_gbc k ^jm]bfb ex^vfb fh`_l mkbeblv m
q_eh\_dZ qm\kl\h h^bghq_kl\Z g_ihgbfZgby _]h hdjm`Zxsbfb hsms_gb_ ih\_joghklghklb
dhglZdlh\ hlkmlkl\by wfhpbhgZevghc ih^^_j`db kh klhjhgu hdjm`Zxsbo hsms_gb_
g_ij_h^hebfhc ij_]jZ^u f_`^m gbf b hdjm`Zxsbfb LZdZy kZfhj_ne_dkby \h fgh]hf
hij_^_ey_lky ikbobq_kdbf khklhygb_f q_eh\_dZ < jy^_ ikbohiZlheh]bq_kdbo khklhygbc hgZ
ijbh[j_lZ_lbkdZ`_ggucoZjZdl_j
:dp_glmZpby gZ lhf dZd q_eh\_d \b^bl k_[y \h \aZbfhhlghr_gbyo k ex^vfb y\ey_lky
\hijhkhf fZehjZajZ[hlZgguf \ ikbobZljbb IhgbfZgb_ wlbo ijhp_kkh\ fh`_l \h fgh]hf
h[e_]qblvdhglZdlk [hevgufb ijh\_^_gb_ikbohl_jZi_\lbq_kdbof_jhijbylbc
>ey khojZg_gby kZfhhp_gdb q_eh\_d fh`_l k_[y bg\Zeb^babjh\Zlv LZdZy
kZfhbg\Zeb^baZpby gZijbf_j fh`_l ijhy\eylvky ke_^mxsbf h[jZahf Kihkh[guc klm^_gl
ihemqZ_l ihkj_^kl\_ggu_ hp_gdb \ k\yab k g_`_eZgb_f ljm^blvky gZ^ ijhy\e_gb_f
kihkh[ghkl_c b \deZ^u\Zlvky \ mq_[m :gZeba kZfhbg\Zeb^baZpbb ihdZau\Z_l qlh
ijh[e_fZ aZdexqZ_lky \ hlkmlkl\bb `_eZgby m [hevrbgkl\Z ex^_c agZlv ijZ\^m h k_[_ >ey
moh^Z hl wlbo agZgbc bkihevam_lky kZfhjZajmrZxsZy kljZl_]by KZfhbg\Zeb^baZpby
ij_^hklZ\ey_lq_eh\_dm\hafh`ghklv[eZ]hijbklhcgh]hhijZ\^Zgbyb ba\bg_gbyaZihjZ`_gb_
:f_jbdZgkdb_ ikboheh]b ;_j]ea b >`hgk jZkkfZljb\Zy ijh[e_fm kZfhbg\Zeb^baZpbb
ih^q_jdb\Zeb qlh hgZ \dexqZ_l \ k_[y hkms_kl\e_gb_ ex[h]h ^_ckl\by beb ex[h]h \u[hjZ
dhlhju_ mkbeb\Zxl \hafh`ghklv wdkl_jgZebaZpbb ihjZ`_gby i_j_ghky _]h ijbqbgm gZ
\g_rgb_ nZdlhju k h^gh\j_f_gghc bgl_jgZebaZpb_c mki_oZ GZijbf_j kihkh[guc klm^_gl
fh`_l^_fhgkljZlb\ghg_mqblvkyijbwlhfg_m^Zqbijbk^Zq_wdaZf_gh\wdkl_jgZebabjmxlky
hlkmlkl\b_f`_eZgbyijhy\eylvmkbebyghlhevdhg_hlkmlkl\b_fkihkh[ghkl_c?kebq_eh\_d
qm\kl\m_lk\hx g_\hafh`ghklv kijZ\blvky k aZ^Zq_c hg moh^blhl \uiheg_gby wlhc aZ^Zqb \
^jm]h_ih\_^_gb_^_eZxs__\uiheg_gb_aZ^Zqbg_\hafh`guf Ijb wlhf hg kkueZ_lky gZ lh
qlh m g_]h hlkmlkl\m_l bgl_j_k d wlhc ijh[e_f_ LZdZy lZdlbdZ iha\hey_l q_eh\_dm
ijb^_j`b\Zlvkyfg_gbyh \hafh`ghklb[ulvmki_rguf\ kemqZ_klZjZgby
Wlh dZkZ_lky b lZdhc ijh[e_fu dZd khpbZebaZpby GZijbf_j h^bghdbc q_eh\_d
ij_^ihqblZxsbc ij_[u\Zgb_ \ ^hfZrg_c h[klZgh\d_ h[s_gbx k ex^vfb dZd ijZ\beh
h^_j`bf kljZohf \hafh`gh]h nbZkdh f_`ebqghklguo hlghr_gbc Hlkmlkl\b_ `_eZgby
\klmiZlv \ f_`ebqghklgu_ dhglZdlu [Zabjm_lky gZ kljZo_ klhedgmlvky k y\e_gbyfb
kihkh[kl\mxsbfb kgb`_gbx kZfhhp_gdb Lh _klv kljZl_]by kZfhbg\Zeb^baZpbb
ijhy\ey_lky\ kblmZpbyom]jh`Zxsbo HJR
Jbkd bkihevah\Zgby kZfhbg\Zeb^baZpbb \hajZklZ_l \ kemqZ_ ijb dhlhjhf \hafh`gZy
m]jhaZ kZfhhp_gd_ ij_\urZ_l \hafh`gu_ ihl_gpbZevgu_ ihke_^kl\by ihjZ`_gby Wlh
iheh`_gb_ gZijyfmx k\yaZgh k ijZdlbdhc GZijbf_j \ jy^_ kemqZ_\ aehmihlj_[e_gb_
Zedh]he_f \uihegy_l nmgdpbx kZfhbg\Zeb^baZpbb :edh]hev hk\h[h`^Z_l hl qm\kl\Z
hl\_lkl\_gghklb < [ulh\hc `bl_ckdhc ikboheh]bb kqblZ_lky qlh ihklmihd q_eh\_dZ
gZoh^ys_]hky \ khklhygbb Zedh]hevgh]h hivyg_gby jZkkfZljb\Z_lky q_j_a ijbafm
kgb`Zxsmxhl\_lkl\_gghklvq_eh\_dZaZkh\_jr_ggh_^_ygb_:edh]hevb]jZ_lhij_^_e_ggmx
jhev\ bkihevah\ZgbbkblmZpbc m]jh`Zxsbo HJR QZklhmihlj_[e_gb_Zedh]heybkihevam_lky
kZfbfq_eh\_dhfb ex^vfb_]hhdjm`Zxsbfb^eyhijZ\^Zgby`bag_ggh]hg_mki_oZ< lZdbo
kemqZyo bfb ijhbaghkylky njZau lbiZ <hl _keb [u hg g_ ibe \k_ [ueh [u ohjhrh qlh
kihkh[kl\m_lkhojZg_gbxhij_^_e_gghckZfhhp_gdbHijZ\^Zgb_`bag_gguo g_m^Zqq_eh\_dZ
lZdbfb iZjZf_ljZfb dZd e_gv g_^hklZlhqgZy fhlb\Zpby hlkmlkl\b_ bgl_j_kZ d lj_[mxs_c
jZaj_r_gby ijh[e_f_ hq_gv mkljZb\Z_l g_m^ZqgbdZ \ k\yab k ba[Z\e_gb_f _]h hl wlbd_ldb
g_dhfi_l_glghklb GZau\Zlvky e_gb\uf ^ey g_]h ij_^ihqlbl_evg__ q_f g_dhfi_l_glguf
LZdbfh[jZahfex^bqZklh\ha^\b]Zxl^_ckl\_ggu_ij_iylkl\bygZimlbd \hafh`ghfmmki_om
\ kemqZyokljZoZi_j_^g_mki_ohfb ihjZ`_gb_fdhlhju_[m^mlm]jh`ZlvbokZfhhp_gd_
H[tykgyy ijbqbgm g_m^Zqb nbabq_kdbf g_^hfh]Zgb_f ikboheh]bq_kdbfb ijh[e_fZfb
ihklhyggufqm\kl\hflj_\h]blZdb_ex^bbkihevamxlkhh[s_gbyh k\h_cbgZdlb\ghklbdZd
h ijbqbg_f_rZxs_cbo\h\e_q_gbx\ kn_jmZdlb\ghklbGZijbf_je_q_gb_lj_\h]bijb\h^bl
d _s_[hevr_fm__ mkbe_gbxg_ih^^Zxs_fmkydhjj_dpbbZgdkbheblbdZfb?keb jZ[hlZ_l
\ur_hibkZgguc f_oZgbaf kZfhbg\Zeb^baZpbb e_q_gb_ [m^_l [_aj_amevlZlguf KkuedZ gZ
nbabq_kdh_ beb ikboheh]bq_kdh_ g_^hfh]Zgb_ fh`_l \uklmiZlv dZd kZfhhijZ\^Zgb_ g_
lhevdhijhreuo gh b [m^msbo g_m^Zq < ikboheh]bq_kdhc kZfhbg\Zeb^baZpbb fh]ml [ulv
bkihevah\Zgu `Zeh[u gZ ^_ij_kkbx kdhj[v klj_kku bihohg^jbx d\Zebnbpbjmxsb_ky
ki_pbZebklZfbdZdnmgdpbhgZevgu_ik_\^h^_ij_kkb\gu_khklhygby
FZkkh\Zy ihimeyjbaZpby ikboheh]bq_kdbo agZgbc kj_^b gZk_e_gby ijb\h^bl d
\hagbdgh\_gbx \_ju q_eh\_dZ \ lh qlh bo g_m^Zqb k\yaZgu k kh[ulbyfb \hagbdZxsbfb \
jZgg_f ^_lkdhf i_jbh^_ LjZ\fZlbq_kdb_ \i_qZle_gby jZgg_]h ^_lkl\Z k lhqdb aj_gby
iZpb_glh\ \ebyxl gZ bo k_]h^gyrgb_ b \q_jZrgb_ g_m^Zqb < k\yab k wlbf ki_pbZebklZf
g_h[oh^bfZ hkh[Zy gZklhjh`_gghklv d ij_^ty\e_gbx `Zeh[ kh klhjhgu iZpb_glh\ gZ
ihklhygghijbkmlkl\mxsb_\ boiZfylbljZ\fuy\eyxsb_kyijbqbghcbog_mki_oZBf_xlky
q_ldb_ ^hdZaZl_evkl\Z lh]h qlh ihiuldb ex^_c ex[hc p_ghc klj_fysboky khojZgblv
kZfhhp_gdm bgh]^Z ijb\h^yl d ih\_^_gbx h[t_dlb\gh kjZ[Zlu\Zxs_fm ijhlb\ bklbgguo
bgl_j_kh\ q_eh\_dZ GZijbf_j ex^b \u[bjZxl kljZl_]bx ba[_]Zgby [hevrbgkl\Z kblmZpbc
m]jh`Zxsbo bo kZfhhp_gd_ ihwlhfm hgb ^Z`_ g_ iulZxlky qlheb[h ij_^ijbgbfZlv qlh
ijb\h^bl d jZaebqguf \ZjbZglZf ih\_^_gby ba[_]Zgby K wlhc lhqdb aj_gby fh`gh
ZgZebabjh\Zlvb khpbZevgmxnh[bxb ebqghklgu_jZkkljhckl\Zba[_]Zgbyb ^Z`_g_dhlhju_
gZ\yaqb\u_kljZobOjhgbq_kdb_nhjfulZdboy\e_gbcklZgh\ysb_kyklbe_f`bagbijb\h^yl
d j_adh \ujZ`_gghfm ^bknmgdpbhgZevghfm ih\_^_gbx k jZagufb _]h ijhy\e_gbyfb lZdbfb
gZijbf_jdZdmoh^\ [he_agvb ijLZdjZa\b\Z_lky^_aZ^ZilZpby
HljbpZl_evgZyj_ZdpbygZkh[ulbym]jh`Zxsb_kZfhhp_gd_mkbeb\Zxlky_kebq_eh\_d
nhdmkbjm_l \gbfZgb_ gZ k_[_ LZdZy nhdmkbjh\dZ \gbfZgby gZ kZfhf k_[_ gZau\Z_lky
kZfhhkhagZgb_f Q_eh\_d fh`_l nhdmkbjh\Zlv \gbfZgb_ gZ jZaebqguo kh[ulbyo
Wdkl_jgZevgZy nhdmkbjh\dZ \gbfZgby gZ^jm]bo ² ohjhrbc kihkh[ moh^Z hl j_r_gby k\hbo
ijh[e_f QZklh \klj_qZxlky iZpb_glu klj_fysb_ky `blv `bagvx ^jm]bo ex^_c
jZkkijZrb\Zy bo ^Z\Zy bf kh\_lu \`b\Zykv \ bo `bag_ggu_ kblmZpbb qlh khijh\h`^Z_lky
ihemq_gb_fm^h\hevkl\by^Z`__kebwlbkblmZpbbkZfbihk_[_g_ijbylguWlhhl\e_dZ_lhl
nhdmkbjh\db\gbfZgbygZk_[_
Kms_kl\mxlhij_^_e_ggu_mkeh\bykihkh[kl\mxsb_nhdmkbjh\d_\gbfZgbygZ\g_rgbo
kh[ulbyo b gZ k_[_ ?keb j_qv b^_l h nbdkZpbb \gbfZgby gZ k_[_ fh`_l \hagbdZlv
g_khhl\_lkl\b_f_`^mebqghklgufklZg^Zjlhf ²qm\kl\hfb^_glbqghklbk_[yB^_glbqghklv
\dexqZ_l \ k_[y fhjZev wlbdm keZ[h ij_^klZ\e_ggu_ \ kemqZ_ gZjmr_gby b^_glbqghklb
G_khhl\_lkl\b_ i_jkhgZevguo ebqghklguo klZg^Zjlh\ j_Zevghfm ih\_^_gbx q_eh\_dZ
\dexqZ_l m]jham kZfhhp_gd_ KZfhhkhagZgb_ q_eh\_dZ j_amevlbjm_l \hagbdgh\_gb_
hljbpZl_evguo wfhpbhgZevguo j_Zdpbc _keb q_eh\_d \_^_l k_[y g_ mkljZb\Zxsbf _]h
h[jZahf dhlhjuc hg kqblZ_l g_khhl\_lkl\mxsbf Wlb g_khhl\_lkl\by \dexqZxl \ k_[y
hij_^_e_ggu_ p_eb FhjZev p_gghklb b kihkh[u ^_ckl\by ijb\h^yl d ihy\e_gbx
^bkdhfnhjlZijhihjpbhgZevgh]h\ujZ`_gghklbwlbog_khhl\_lkl\bcb dhebq_kl\m\j_f_gb\
l_q_gb_ dhlhjh]h q_eh\_d nhdmkbjh\Zg gZ l_o Zki_dlZo kh[kl\_ggh]h Y dhlhju_ y\eyxlky
^_nbpblZjgufb lh _klv g_ mkljZb\Zxsbfb q_eh\_dZ ?keb q_eh\_d \hkijbgbfZ_l wlh
g_khhl\_lkl\b_ f_`^m ih\_^_gb_f b klZg^ZjlZfb wlh fh`_l ijb\h^blv d ^\mf \b^Zf
ihke_^kl\bc <hi_j\uo q_eh\_d klZjZ_lky j_^mpbjh\Zlv wlh ijhlb\hj_qb_ ijbdeZ^u\Zy
[hevrb_ mkbeby d ^hklb`_gbx p_eb <h\lhjuo j_^mpbjh\Zgb_ ijhlb\hj_qby gZijZ\e_gh gZ
baf_g_gb_ \gmlj_ggbo klZg^Zjlh\ iheZ]Zy qlh _]h fukeb ij_^klZ\e_gby b fh`_l [ulv b
fhjZev[uebg_ijZ\bevgufb
<hafh`gh ba[_]Zgb_ kZfhhkhagZgby ?keb gZijbf_j q_eh\_d g_ kihkh[_g j_^mpbjh\Zlv
ijhlb\hj_qb_ f_`^m ih\_^_gb_f b ebqghklguf klZg^Zjlhf m g_]h fh`_l \hagbdgmlv
fhlb\Zpby ba[_`Zlv kZfhhkhagZgby LZdb_ ex^b ^_eZxl \k_ qlh[u g_ ^mfZlv h ih\_^_gbb
g_khhl\_lkl\mxs_f bo klZg^Zjlm ba[_]Zy kblmZpbc ijb\h^ysbo d g_h[oh^bfhklb
aZ^mfu\Zlvky gZ^ k\hbf ih\_^_gb_f <hafh`_g ihbkd kblmZpbb fbgbfbabjmxs_c
kZfhhkhagZgb_ L_g^_gpby ba[_]Zgby kZfhhkhagZgby \hagbdZ_l \ kemqZ_ dh]^Z ijhlb\hj_qb_
ljm^gh baf_gblv IhiuldZ ba[_`Zlv kZfhhkhagZgby gZ[ex^Z_lky \ kemqZ_ hlkmlkl\by m
q_eh\_dZgZ^_`^ugZlhqlhwlhijhlb\hj_qb_\ kdhjhf\j_f_gbjZaj_rblky
<hafh`_g\u[hjhij_^_e_gguokihkh[h\ih\_^_gbykgb`Zxsbokl_i_gvkZfhhkhagZgby
lZdbo gZijbf_j dZd ihklhygguc ijhkfhlj l_e_i_j_^Zq ihklhyggh_ aZgylb_ hij_^_e_gghc
jZ[hlhcgZebqb_Znn_dlb\ghgZkus_gghckhpbZevghiheh`bl_evghc^hfbgZgluZ^^bdlb\gu_
j_ZebaZpbb <_s_kl\Z baf_gyxsb_ ikbobq_kdh_ khklhygb_ bkihevamxlky dZd kj_^kl\Z
kgb`Zxsb_ kl_i_gv kZfhhkhagZgby Bkke_^h\Zgby ihdZau\Zxl qlh Zedh]hev hdZau\Z_l
\ur_mdZaZggh_ ^_ckl\b_ bgl_jn_jbjm_l kh kihkh[ghklvx \uib\Zxs_]h \hkijbgbfZlv b
bkihevah\Zlv bgnhjfZpbx \ agZqbfhf ^ey q_eh\_dZ kfuke_ :edh]hev g_ lhevdh j_^mpbjm_l
ijhlb\hj_qb_f_`^mklZg^ZjlZfbih\_^_gbyghb kgb`Z_lkl_i_gv\ujZ`_gghklbebqghklguo
klZg^Zjlh\ :edh]hev h[eZ^Z_l kihkh[ghklvx ^_bg^b\b^mZpbb ebrZy q_eh\_dZ fgh]bo
y\e_gbc k\yaZgguo k aZij_lZfb VXSHUHJR IjZdlbdZ ihdZau\Z_l qlh \ua^hjZ\eb\Zxsb_
Zedh]hebdbi_j_`b\rb_[hevrh_dhebq_kl\hklj_kkh\uokh[ulbc^Zxl j_pb^b\u[uklj__ b
qZs_ q_f l_ dlh gZoh^beky ih^ \ebygb_f f_g__ \ujZ`_gguo klj_kkh\uo \ha^_ckl\bc Wlhl
wnn_dl Zedh]hey [he__ \ujZ`_g m l_o dlh kihkh[_g d [hevr_c kZfhj_ne_dkbb A\_gh f_`^m
^_ckl\b_f Zedh]hey b j_^mdpb_c kZfhhkhagZgby ij_^klZ\ey_l [hevrhc bgl_j_k \ ieZg_
jZkkfhlj_gbyihe_aghcgh\hcfh^_eb^eybkke_^h\ZgbylZdboijh[e_f
Q:KLV ,,,
Q:KLG:YIKBOB:LJBY
=eZ\Z EBQGHKLGU?J:KKLJHCKL<:
< kh\j_f_gguo deZkkbnbdZpbyo jZkkljhckl\Z ebqghklb ij_^klZ\e_gu ke_^mxsbf
h[jZahf
< FD; \u^_eyxlky iZjZghb^gu_ rbahb^gu_ ^bkkhpbZevgu_ wfhpbhgZevgh
g_mklhcqb\u_ ih^jZa^_eyxsb_ky gZ bfimevkb\gu_ b ih]jZgbqgu_ ]bkljbhgbq_kdb_
ZgZgdZklgu_lj_\h`gu_b aZ\bkbfu_jZkkljhckl\Z
< '60,9 \u^_eyxlky iZjZghb^gu_ rbahb^gu_ rbahlbibq_kdb_ deZkl_j :
ZglbkhpbZevgu_ ih]jZgbqgu_ ]bkljbhgbq_kdb_ gZjpbkkbq_kdb_ deZkl_j < h[k_kkb\gh
dhfimevkb\gu_ba[_]Zgbyb aZ\bkbfu_jZkkljhckl\ZdeZkl_jK
< ihke_^g__ \j_fy dhebq_kl\h jZ[hl ihk\ys_gguo bkke_^h\Zgbx ebqghklguo
jZkkljhckl\ \hajhkeh Mq_gufb i_j_kfZljb\Zxlky g_dhlhju_ iheh`_gby k\yaZggu_ k
f_oZgbafZfb bo nhjfbjh\Zgby :dp_glmbjm_lky \ebygb_ g_ lhevdh k_f_cguo gh b
dmevlmjZevguonZdlhjh\gZau\Z_fuohiulhfg_jZa^_e_ggufk jh^bl_eyfbb \dexqZxsbo
\ k_[y \ebygb_ qe_gh\ j_n_j_glguo ]jmii k\_jklgbdh\ Z\lhjbl_lguo nb]mj gZijbf_j
nhjfZevguo b g_nhjfZevguo eb^_jh\ mqbl_e_c j_eb]bb b ^j M ij_^jZkiheh`_gguo ebp
fh]ml nhjfbjh\Zlvky hij_^_e_ggu_ q_jlu oZjZdl_jZ ijb\h^ysb_ d gZjmr_gbx Z^ZilZpbb b
ikboheh]bq_kdhfm^bkdhfnhjlm
JZkijhkljZg_gghklv l_o beb bguo ebqghklguo jZkkljhckl\ g_h^bgZdh\Z \ jZaebqguo
h[s_kl\ZoLh`_ dZkZ_lky b ij_h[eZ^Zgby jZaebqguo ijbagZdh\ \gmljb dhgdj_lguo nhjf <
k\yabk wlbf]h\hjylh \ebygbbhij_^_e_gghcdmevlmjudZdgZ\hagbdgh\_gb_hij_^_e_ggh]h
\b^Zebqghklgh]h jZkkljhckl\ZlZdb gZgZebqb_kh\hdmighklbijbagZdh\k\hckl\_gguowlhfm
\b^m Ke_^m_l mqblu\Zlv \ebygb_ dmevlmju gZ \aZbfhk\yav ebqghklguo hkh[_gghkl_c b
k\h_h[jZabyl_q_gbyebqghklgh]hjZkkljhckl\Z
I:J:GHB>GU?EBQGHKLGU?J:KKLJHCKL<:
Kms_kl\mxl ebqghklgu_ gZjmr_gby [ebadh kfudZxsb_ky ikbohiZlheh]b_c b
gZoh^ysb_ky \ deZkl_j_ : \ dhlhjhf \u^_eyxl iZjZghb^gu_ rbahb^gu_ b rbahlbibq_kdb_
gZjmr_gby
Ijb jZkkfhlj_gbb dZ`^h]h ba wlbo gZjmr_gbc \hagbdZ_l g_h[oh^bfhklv ijh\_^_gby
^bnn_j_gpbZpbb dZ`^h]h ba wlbo jZkkljhckl\ gZqbgZy k iZjZghb^gh]h dZd [he__ fy]dh]h
ebqghklgh]h jZkkljhckl\Z b aZdZgqb\Zy rbahlbibq_kdbf kh^_j`Zsbf \ k_[_ ijbagZdb
ijb[eb`Zxsb__]h\ hij_^_e_gghckl_i_gbd rbahnj_gbb
IZjZghb^gh_ ebqghklgh_ jZkkljhckl\h hibkZggh_ \ deZkl_j_ : jZkp_gb\Z_lky fgh]bfb
ikbobZljZfb lhevdh \ kemqZ_ ^hklZlhqghc \ujZ`_gghklb _]h khklZ\eyxsbo Hkgh\gufb
ijbagZdZfby\eyxlkyih^hajbl_evghklvk_gkblb\ghklvb g_^h\_jqb\hklv
Kh]eZkgh '60,9 iZjZghb^gh_ ebqghklgh_ jZkkljhckl\h oZjZdl_jbam_lky ijbagZdZfb
baeh`_ggufb \ k_fb imgdlZo GZebqb_ q_luj_o ba k_fb imgdlh\ y\ey_lky ^hklZlhqguf ^ey
mklZgh\e_gbywlh]h\b^ZgZjmr_gbyD wlbfimgdlZfhlghkylkyke_^mxsb_
ihklhyggh_ h`b^Zgb_ [_a ^hklZlhqgh]h gZ lh hkgh\Zgby wdkiemZlZpbb kh klhjhgu
^jm]bo
hiZk_gb_k\yaZggh_k \hafh`ghklvxgZg_k_gby\j_^Z^jm]bfb
khfg_gby\ hlghr_gbbehyevghklb^jma_cb ex^_ck\yaZgguok gbfb
kdehgghklv\b^_lvkdjulu_m]jhau\ aZf_qZgbyo\ukdZaZgguohdjm`Zxsbfb
g_mf_gb_ijhsZlvf_edb_h[b^uk gZdZieb\Zgb_fbo\ k_[_
g_^h\_jb_ d ^jm]bf k\yaZggh_ k [hyagvx qlh \kydZy bgnhjfZpby [m^_l bkihevah\ZgZ
ijhlb\gbo
kdehgghklv j_Z]bjh\Zlv gZ g_[hevrb_ aZf_qZgby kbevghc ijhljZ]bjh\Zgghc h[b^hc
[_ahkgh\Zl_evgu_khfg_gby\ \_jghklbgZijbf_jkmijm]Zbebk_dkmZevgh]hiZjlg_jZ
Ke_^m_l ihfgblv qlh kh\j_f_ggu_ deZkkbnbdZpbb gZijbf_j '60,9 kh^_j`Zl \ k_[_
djhf_ iZjZghb^ghc rbahnj_gbb b iZjZghb^guo ebqghklguo jZkkljhckl\ _s_ b iZjZghb^gh_
beb[j_^h\h_gZjmr_gb_Ke_^h\Zl_evgh^bnn_j_gpbZevgZy^bZ]ghklbdZij_`^_\k_]h^he`gZ
ijh\h^blvky f_`^m iZjZghb^guf ebqghklguf jZkkljhckl\hf iZjZghb^ghc rbahnj_gb_c b
[j_^h\ufbeb iZjZghb^gufgZjmr_gb_f Djhf_ lh]h \hafh`gu b ^jm]b_ khhlghr_gby LZd
gZijbf_j \ jZfdZo Znn_dlb\guo ikbohah\ fh]ml \hagbdZlv jZaebqgu_ khklhygby
gZihfbgZxsb_ ih kh^_j`Zsbfky \ gbo ijhy\e_gbyf khklhygby [ebadb_ d
\ur_i_j_qbke_gguf
Bklhjby\hijhkZdZkZxs_]hkyiZjZghb^guogZjmr_gbc^hklZlhqghh[t_fgZDj_i_ebg\
]ijh\h^bejZa]jZgbq_gb_f_`^miZjZghc_ciZjZnj_gb_cb iZjZghb^ghcrbahnj_gb_c
OZjZdl_jbamy iZjZghcx hg hlf_qZe k\hckl\_ggu_ ^ey g__ ihkl_i_ggh_ f_^e_ggh_ g_
hklZgZ\eb\Zxs__ky jZa\blb_ b g_baf_gy_fmx [j_^h\mx kbkl_fm khijh\h`^Zxsmxky
mihjy^hq_gguf ykguf g_gZjmr_gguf fure_gb_f \g_ [j_^h\hc kbkl_fu ?keb iZpb_glu k
lZdh]h jh^Z jZkkljhckl\Zfb hkms_kl\eyxl ^_ckl\by b bf_xl i_j_`b\Zgby g_ \oh^ysb_ \
^bZiZahg bo [j_^h\uo ihkljh_gbc ijhy\eyy k\hb h[uqgu_ bg^b\b^mZevgu_ hkh[_gghklb lh
[j_^h\Zykbkl_fZg_\lhj]Z_lky\ ^jm]b_kn_jub g_hij_^_ey_lnmgdpbhgbjh\Zgb_q_eh\_dZ\h
fgh]bo h[eZklyo _]h `bagb Djhf_ lh]h Dj_i_ebg h[jZsZe \gbfZgb_ gZ hlkmlkl\b_ ijb
iZjZghc_ h[fZgh\ \hkijbylby ]ZeexpbgZpbc Kh\j_f_ggZy ikbobZljby Zdp_ilbjm_l
hij_^_e_gb_Dj_i_ebgZih^q_jdb\Zy\ iZjZghc_gZebqb_l_o`_y\e_gbc
Kh]eZkghNj_c^m^Z\r_fmhij_^_e_gb_iZjZghb^guoikbohah\f_oZgbaf\hagbdgh\_gby
wlbo khklhygbc [Zabjm_lky \ hkgh\ghf gZ aZsblguo f_oZgbafZo Lh _klv k ihabpbc
ikboh^bgZfbq_kdh]hih^oh^ZaZsblgu_f_oZgbafuaZgbfZxl\ \hagbdgh\_gbbwlbokhklhygbc
i_j\h_ f_klh Klhjhggbdb deZkkbq_kdh]h ikbohZgZebaZ jZkkfZljb\Zeb jZa\blb_
ikbohlbq_kdh]h khklhygby dZd ihkl_i_ggh_ hkeZ[e_gb_ ikboheh]bq_kdhc aZsblu ih
hlghr_gbx d kZfhh[\bg_gbx q_eh\_dZ Dh]^Z kZfhh[\bg_gby \ha\jZsZxlky \ khagZgb_
q_eh\_daZsbsZ_lkyhlgboijbibku\Zyl_nZdlu\ dhlhjuohgk_[yh[\bgy_l^jm]bfex^yf
H[\bg_gby debgbq_kdb ijhy\eyxlky \ \b^_ [j_^h\uo b^_c Ijhp_kk b l_jfbg ijh_dpby
bf_xsbcf_klh\ \ur_hibkZgguoy\e_gbyo[ue\\_^_g )UHXG ijbhibkZgbbwlh]h\b^Z
jZa\blby < ^Zevg_cr_f Nj_c^ jZkrbjbe k\hx i_j\bqgmx ljZdlh\dm b ZgZeba iZjZghb^guo
f_oZgbafh\gZijbf_j_Z\lh[bh]jZnbq_kdhcaZjbkh\dbRj_[_jZba^Zgghc \ ]Wlhwkk_
ghkbl gZa\Zgb_ <hkihfbgZgb_ h fh_f g_j\ghf aZ[he_\Zgbb :gZebabjmy Z\lh[bh]jZnbx
ikbohlbq_kdh]hiZpb_glZNj_c^ijbr_ed \u\h^mh lhfqlh[j_^h\u_b^_bZ\lhjZ hljZ`Zeb
f_oZgbafuhljbpZgbyb ijh_dpbbdhlhju_k lhqdbaj_gbyNj_c^Z[uebaZsblhc\ hlghr_gbb
kdjuluo ]hfhk_dkmZevguo `_eZgbc iZpb_glZ \uklmiZy gZ nhg_ _]h ikbobq_kdhc j_]j_kkbb
Nj_c^ ^Ze gh\mx bgl_jij_lZpbx [j_^h\uf b^_yf hljZ`_gguf \ wkk_ Rj_[_jZ < wlbo
[j_^h\uo b^_yo Nj_c^ jZkihagZe j_dhgkljmdpbx j_Zevghklb kha^Z\Z_fmx iZpb_glhf k
ihiuldhc lZdbf h[jZahf kZfhbae_qblvky iml_f ba[Z\e_gby hl fmqZxsbo _]h i_j_`b\Zgbc
;j_^h\u_ b^_b Rj_[_jZ ih fg_gbx Nj_c^Z [ueb [he__ ghjfZevgufb b a^hjh\ufb ^ey
khojZg_gby bgl_]jZpbb ebqghklb q_f [ueh [u ijbagZgb_ iZpb_glhf gZebqby ^jm]bo
gZjmr_gbc\ hkh[_gghklbbf_xsbof_klh]hfhk_dkmZevguoklj_fe_gbc
)UHXG ]h\hjy h jZa\blbb iZjZghcb ijb^Z\Ze [hevrh_ agZq_gb_ Z]j_kkb\guf
^jZc\Zf hi_jbjmy l_jfbgZfb HJR b VXSHUHJR ijb jZkkfhlj_gbb ijhbkoh`^_gby b jZa\blby
[j_^h\uo b^_c Gh\bagZ b^_c Nj_c^Z aZdexqZeZkv \ Zdp_glmZpbb bf agZq_gby jZgg_]h
khi_jgbq_kl\Z\hagbdZxs_]hf_`^mkb[ebg]ZfbWlZb^_y\ ihke_^mxs_f[ueZbkihevah\ZgZ
:^e_jhfNj_c^iulZekyh[tykgylvwlhy\e_gb_ij_\jZs_gb_fex[\b\ g_gZ\bklvnZdlbq_kdb
m`_iulZykvih^hclbd l_jfbgmZmlh^_kljmdlb\gucbgklbgdlHg]h\hjbeh ihy\e_gbblZdhc
aZf_gu dZd Zf[b\Ze_glghklv ijb dhlhjhc ijhbkoh^bl aZsblgZy j_Zdpby ijhy\eyxsZyky \
lhf qlh ex[h\v f_gy_lky gZ g_gZ\bklv J_Zdpby wlZ ijhbkoh^bl gZ djZcg_ ijbfblb\ghf
mjh\g_
B^_y ihbkdZ k\yab f_`^m eZl_glghc ]hfhk_dkmZevghklvx b jZa\blb_f [j_^h\uo b^_c
ih^q_jdb\ZeZkv .QLJKW \ jZ[hl_ Hlghr_gb_ eZl_glghc ]hfhk_dkmZevghklb d
f_oZgbafZfiZjZghb^guob^_c:\lhjnhdmkbjh\Zek\h_\gbfZgb_gZg_gZ\bklbdZdhkgh\ghc
ijh[e_f_ kihkh[kl\mxs_c jZa\blbx [j_^Z WlZ g_gZ\bklv gZijZ\e_gZ ijhlb\ nb]mju hlpZ
[m^mqb k\yaZgghc k w^bih\ufb i_j_`b\Zgbyfb beb ijhlb\ nb]mju [jZlZ <ujZ`_gguc
]hfhk_dkmZevguc ^jZc\ kZf ih k_[_ jZkkfZljb\Zeky .QLJKW dZd ihiuldZ wjhlbabjh\Zlv b
g_cljZebabjh\Zlv ^_kljmdlb\gmx \jZ`^_[ghklv ijb dhlhjhc kug ohq_l m[blv hlpZ gh
ijhy\e_gb_f d g_fm k\h_c ex[\b hg klZjZ_lky g_cljZebah\Zlv k\h_ qm\kl\h Wlhl f_oZgbaf
ijbkmlkl\m_lghg_kjZ[Zlu\Z_l^hdhgpZlZddZdhkgh\gZyg_gZ\bklvkebrdhf\ujZ`_gZ
%DN hlf_qZeqlhaZ[j_^h\hcj_Zdpb_ckdju\Z_lkyfZahobaf
.OHLQ hlghkbe w^bih\ dhgnebdl d hq_gv jZgg_fm i_jbh^m `bagb kqblZy qlh wlhl
dhgnebdl ihy\ey_lky m`_ \ l_q_gb_ i_j\h]h ]h^Z `bagb M`_ k wlh]h \j_f_gb kljhblky
`_klhdh_ ij_ke_^mxs__ VXSHUHJR dhlhjh_ ih fg_gbx Z\lhjZ y\ey_lky bklhqgbdhf [he__
iha^gboiZjZghb^guoh[jZah\Zgbc
&DPHURQ jZkrbjy_ldhgp_ipbxiZjZghb^gh]hhljbpZgbyb ijh_dpbbjZkkfZljb\Zy
wlb f_oZgbafu g_ ijhklh gZ mjh\g_ hlghr_gbc h^gh]h q_eh\_dZ d ^jm]hfm Z gZ mjh\g_
bgl_jZdpbc [hevrh]h dhebq_kl\Z ex^_c ijb\h^ysbo d h[jZah\Zgbx iZjZghb^gh]h
ik_\^hh[s_kl\Z
Fg_gbyZ\lhjh\bamqZxsbof_oZgbafhljbpZgbyb ijh_dpbbjZkoh^ylkyLZdgZijbf_j
:DHOGHU ijb^Z_l [hevr__ agZq_gb_ f_oZgbafm hljbpZgby q_f ijh_dpbb :\lhju
bkke_^mxsb_ iZjZghb^guo iZpb_glh\ h[jZsZxl \gbfZgb_ gZ gZebqb_ \ ij_fhj[b^_
gZijy`_gby khq_lZxs_]hky k g_m\_j_gghklvx b [hyaeb\hklvx [Zabjmxsboky gZ bkoh^ghf
mjh\g_\ukhdhclj_\h`ghklbWlbex^be_]dhklZgh\ylkyih^hajbl_evgufbb g_^h\_jqb\ufb
>ey gbo oZjZdl_jgh h`b^Zgb_ lh]h qlh bo dlhlh ij_^Zkl dhlhjh_ ijbkmlkl\m_l ^Z`_ \
djZldh\j_f_ggu_i_jbh^u^h\_jbyd hdjm`ZxsbfM gboh[gZjm`b\Zxlkymoh^ysb_\ ^Ze_dh_
ijhreh_ l_g^_gpbb bf_lv dZdhclh k_dj_l [ulv bgdZikmebjh\Zggufb gbdh]h g_ imkdZlv \
k\hc\gmlj_ggbcfbjHgbiheZ]ZxlqlhaZex^vfbg_h[oh^bfhijbkfZljb\Zlvqlh[uhgbg_
k^_eZeb gbq_]h iehoh]h Wlb ijhy\e_gby fh]ml [ulv kjZ\gbl_evgh [_ah[b^gufb \ l_q_gb_
^ebl_evgh]h\j_f_gbg_y\eyykvij_^f_lhfdebgbq_kdh]hZgZebaZIjh[e_fZihy\ey_lkylh]^Z
dh]^Z iZjZghb^gu_ ikboheh]bq_kdb_ aZsblu l_jiyl ihjZ`_gb_ b \hagbdZ_l iZlheh]bq_kdZy
nhdmkbjh\dZ q_eh\_dZ gZ hij_^_e_gghc l_f_ k\yaZgghc k jZ[hlhc k f_`ebqghklguf
dhglZdlhf k dZdhclh ^_yl_evghklvx k kblmZpb_c ijhbkoh^ys_c k jh^kl\_ggbdZfb
agZdhfufbb ij<hafh`gZnbdkZpbygZhij_^_e_gguoex^yok \hagbdgh\_gb_fij_^klZ\e_gby
h lhf qlh jZagu_ ex^b k\yaZgu ^jm] k ^jm]hf b iulZxlky \ fZe_gvdhf km[dhee_dlb\_
ijbqbgblviZpb_glmdZdhclh\j_^
Ex^b k iZjZghb^gufb khklhygbyfb \g_rg_ \u]ey^yl kZfh^hklZlhqgufb L_f g_ f_g__
kZfh^hklZlhqghklv y\ey_lky ebrv nZkZ^hf kdju\Zxsbf bo keZ[hklv GZ kZfhf ^_e_ hgb
\k_]^Z qj_a\uqZcgh haZ[hq_gu l_f qlh ^jm]b_ ^mfZxl b qm\kl\mxl \ hlghr_gbb bo Hgb
oZjZdl_jbamxlkyj_Zdlb\ghcba[bjZl_evghck_gkblb\ghklvxd hij_^_e_gguf\b^ZfkblmZpbc
d hij_^_e_ggufebpZfd lhfmqlhhgbkqblZxl^eyk_[ym]jhahcd bkoh^ys_cba\g_Z]j_kkbb
gZijZ\e_gghc gZ bo bgl_]jZevghklv < j_amevlZl_ ihy\ey_lky ij_m\_ebq_ggZy l_g^_gpby
hljbpZlv kh[kl\_ggmx hl\_lkl\_gghklv aZ k^_eZggu_ bfb hrb[db g_m^Zqb ijhkq_lu b
g_kh[ex^_gb_ dZdboeb[h mkeh\bc Hl\_lkl\_gghklv hl[jZku\Z_lky hl k_[y b ijbibku\Z_lky
^jm]bf >ey ex^_c k iZjZghb^ghc b^_Zpb_c oZjZdl_jgh hljbpZgb_ g_ijb_fe_fuo k lhqdb
aj_gby wlbdb b ijbgylhklb \ ^Zgghf h[s_kl\_ `_eZgbc \dexqZxsbo \ k_[y b k_dkmZevgu_
KhpbZevgh^bkdjbfbgbjmxsb_`_eZgbyhgbijbibku\Zxl^jm]bfhljbpZygZebqb_bom k_[y
>ey lZdbo ebp oZjZdl_jgZ ihklhyggh ijbkmlkl\mxsZy \gmlj_ggyy \jZ`^_[ghklv d
hdjm`Zxsbf ghkysZy g_mijZ\ey_fuc oZjZdl_j <jZ`^_[ghklv hgb lZd`_ ijh_pbjmxl gZ
^jm]bokkueZykvgZ__ \lhjbqghklvohlygZkZfhf^_e_hgZy\ey_lky\k_]^Zi_j\bqghc
G_kfhljy gZ lh qlh f_oZgbafu hljbpZgby b ijh_dpbb bf_xl f_klh gZ mjh\g_
ih^khagZgby ij_khagZgby b khagZgby wlb ex^b g_ hkhagZxl \ ^hklZlhqghc kl_i_gb k\hb
qm\kl\Z b ^_ckl\by J_amevlZlhf lZdbo ih^khagZl_evguo fZg_\jh\ y\ey_lky ihy\e_gb_ \hdjm]
gbo g_[eZ]hijbylghc h[klZgh\db g_eh\dhklb gZijy`_gby ijb\h^ys_c d hl\_lguf j_Zdpbyf
kh klhjhgu hdjm`Zxsbo iulZxsboky ba[_]Zlv h[s_gby k gbfb LZdbf h[jZahf gZjy^m k
iZjZghb^ghcb^_Zpb_cm lZdboex^_c \hagbdZ_l khpbZevgZy baheypby bf_xsZy l_g^_gpbx d
gZjZklZgbxKhpbZevgZybaheypby\uau\Z_lm ebpk iZjZghb^ghcb^_Zpb_cqm\kl\hhlkmlkl\by
ex[\b d k_[_ hsms_gb_ kh[kl\_gghc g_`_eZgghklb g_iheghp_gghklb Z bgh]^Z b qm\kl\h
\bgh\ghklb >jZc\ Z]j_kkb\ghklb lhedZ_l bo gZ ^_yl_evghklv gZijZ\e_ggmx gZ ij_h^he_gb_
nZdlhjh\ f_rZxsbo bo bgl_]jZevghklb >ey ij_fhj[b^Z ebp k iZjZghb^ghc b^_Zpb_c
oZjZdl_jgZ j_Zdlb\gZy ikboheh]bq_kdZy jb]b^ghklv ^_eZxsZy g_\hafh`ghc bo kdhevdh
gb[m^v]b[dmxZ^ZilZpbxd hdjm`Zxs_ckj_^_WlbebpZkha^Zxlbfb^`kZfh^hklZlhqghklb
kmi_jbhjghklb b m\_j_gghklb \ k_[_ ijhba\h^yl \i_qZle_gb_ [_kijh[e_fguo qlh y\ey_lky
h[s_c q_jlhc aZsblgh]h ih\_^_gby Wlhl klbev ih\_^_gby bkihevam_lky \ [hevrbgkl\_
kblmZpbc\ k\yabk fZehcZ^Zilb\ghklvxb jb]b^ghklvxHgbihklhyggh\u]ey^ylh^bgZdh\h
bf_y_^bgkl\_gguch]jZgbq_ggucklbevih\_^_gbydZkZxsbckyfZg_ju]h\hjblvmeu[Zlvky
fZg_ju aZ^Z\Zlv \hijhku b hl\_qZlv gZ gbo dhglZdlbjh\Zlv k ^jm]bfb b l ^ < wlhf
ijhy\ey_lky bo ihiuldZ hl]hjh^blvky hl \g_rg_]h fbjZ b g_ jZaj_rblv gbdhfm b gbq_fm
jZajmrblv bo \gmlj_ggbc fbj kms_kl\mxsbc \ \b^_ jZ\gh\_kby kha^Zggh]h bfb Wlh
klj_fe_gb_gZoh^blhljZ`_gb_b \^jm]boijhy\e_gbyoGZijbf_j\ klZjZl_evghfgZklZb\Zgbb
gZ\uiheg_gbbijZ\bebkdexqZxsbo\hafh`gu_hldehg_gbyb klj_fe_gbbkha^Zlvm ^jm]bo
jZaebqgu_ dhfie_dku gZijbf_j g_iheghp_gghklb Wlh klj_fe_gb_ \ujZ`_ggh_
ih^khagZl_evgh ijhy\ey_lky \ hij_^_e_gguo ^_ckl\byo gZijZ\e_gguo gZ nhjfbjh\Zgb_ m
^jm]h]hq_eh\_dZhljbpZl_evgh]hhlghr_gbyd k_[_gZnhg_dhlhjh]hq_eh\_dk iZjZghb^ghc
b^_Zpb_c _kl_kl\_ggh [m^_l \u]ey^_lv emqr_ >ey lZdbo ebp oZjZdl_jgh klj_fe_gb_
ih^q_jdgmlv ijhfZob ^jm]bo k fZdkbfbabjh\Zgb_f bo g_^hklZldh\ GZijbf_j ihiuldb
h[jZlblv\gbfZgb_hdjm`ZxsbogZih\_^_gb_q_eh\_dZdhlhjh]hhgbkqblZxlk\hbf\jZ]hf
ijhy\eyxs__ky \ gZjmr_gbb bf khpbZevgh]h lZ[m b \ kh\_jr_gguo bf ZglbkhpbZevguo
ihklmidZo LZdbf h[jZahf bf m^Z_lky fbgbfbabjh\Zlv k\hb `_eZgby ^h lZdh]h mjh\gy ijb
dhlhjhflhqlh_s_hklZehkv\ khagZgbbfh`ghj_ij_kkbjh\Zlv
< khpbZevguo dhglZdlZo k ^jm]bfb ebpZ k iZjZghb^gufb b^_Zpbyfb bkihevamxl
jZpbhgZebaZpbb bo ex[h\v d jZkkm`^_gbyf gZihfbgZ_l j_ahg_jkl\h oZjZdl_jbamxs__ky
kkuedZfbgZ\ukrmxijZ\^m\ukrmxbklbgmqlhkhijh\h`^Z_lkyijhy\e_gb_f[hevrhc^heb
ebp_f_jby JZpbhgZebaZpbyf k\hckl\_ggu nZevkbnbdZpbb aZ\_^hfh g_ijZ\bevgu_
bgl_jij_lZpbb jZkkqblZggu_ gZ g_\gbfZgb_ kemrZl_e_c JZkkm`^Zl_evgu_ h[\bg_gby
ih\lhjyxsb_ky \ jZfdZo h^gh]h b lh]h `_ j_i_jlmZjZ k\b^_l_evkl\mxl h ikboheh]bq_kdhc
jb]b^ghklb lZdbo ex^_c D wlbf jZpbhgZebaZpbyf b g_ijZ\bevguf bgl_jij_lZpbyf
^h[Z\eyxlky eh`gu_ \hkihfbgZgby k m[_`^_gghklvx jZkkdZaqbdh\ \ j_Zevghklb
ijhbkoh^b\rbokh[ulbcOhly\ ^_ckl\bl_evghklbwlbokh[ulbcbebg_[ueh\hh[s_bebhgb
ijhbkoh^beb gh kh\k_f g_ lZd dZd h gbo ih\_kl\mxl GZqZ\ h[fZgu\Zlv lZdbf h[jZahf
hdjm`Zxsbo hgb kZfb gZqbgZxl \_jblv \ k\hc h[fZg LZdbf h[jZahf j_Zebam_lky
g_h[oh^bfhklv aZsblblv k\hx g_m\_j_ggmx ebqghklgmx kljmdlmjm \ k\yab k \hafh`ghc __
^_abgl_]jZpb_c
D nZdlhjZf ijh\hpbjmxsbf Zdlb\Zpbx iZjZghb^guo b^_Zpbc hlghkblky njmkljZpby
WlZ Zdlb\Zpby fh`_l ghkblv k\_jo\ujZ`_gguc oZjZdl_j <hafh`gh j_adh_ mkbe_gb_
\jZ`^_[guo bfimevkh\ \ kemqZ_ g_m^Zqghc ihiuldb j_ZebaZpbb dZdhceb[h Zdlb\ghklb
G_\hafh`ghklv^hklbqvq_]heb[hfh`_l[ulvj_Zevghcbeb\u^mfZgghc\hh[jZ`Z_fhcdh]^Z
hgb kqblZxl qlh fh]eb [u ^hklbqv hij_^_e_gghc p_eb hklZ\r_cky g_^hklb`bfhc < wlhf
\ujZ`Z_lky dhfi_gkZlhjgZy j_Zdpby gZ hiZkghklb iZkkb\gu_ `_eZgby keZ[hklb b l ^
G_khfg_ggh qZs_ \k_]h ki_pbZebklu klZedb\Zxlky k ijyfhc j_Zdpb_c gZ \g_rgxx
njmkljZpbx
IZjZghb^gZyebqghklvhkh[_gghjZgbfZ\ hlghr_gbbm]jhaudhlhjhcih^\_j]Z_lkybo HJR
kh klhjhgu VXSHUHJR M]jhaZ kh klhjhgu kh[kl\_ggh]h VXSHUHJR i_j_`b\Z_lky bfb gZ mjh\g_
khagZgby ij_khagZgby b ih^khagZgby M]jhaZ ijhy\ey_lky dZd mkbe_ggh_ qm\kl\h \bgu qlh
g_\ughkbfh ^ey wlbo ebp Mkbe_ggh_ qm\kl\h \bgu kha^Z_l ihlj_[ghklv aZsblblv HJR qlh
^hklb]Z_lky Zdlb\baZpb_c j_Zdpbc hljbpZgby b ijh_dpbb <g_aZigh_ mkbe_gb_ f_oZgbafh\
ijh_dpbb ijb\h^bl d \hagbdgh\_gbx qm\kl\Z hiZkghklb kh klhjhgu hdjm`Zxsbo ex^_c b
kh[ulbcIjhbkoh^blhlju\hlj_ZevghklbEx^bjZkkfZljb\ZxlkydZdaeh\j_^gu_g_kmsb_\
k_[_ m]jham Ihy\e_gb_ \jZ`^_[guo bfimevkh\ fh`_l bf_lv f_klh ijb ihiZ^Zgbb ebp k
iZjZghb^gufbb^_Zpbyfb\ gh\u_^eygbokblmZpbb\ gh\mxh[klZgh\dmijbij_^ty\e_gbbd
gbflj_[h\Zgbcg_bf_\rbof_klZjZg__BokljZrblihy\e_gb_^Z`_fbgbfZevghcm]jhaubo
klZlmkm b [_ahiZkghklb Mki_rgZy j_ZebaZpby k\hbo ihlj_[ghkl_c g_ kiZkZ_l bo hl [hyagb
khi_jgbq_kl\Z b dhgdmj_gpbb Ihwlhfm hgb ba[_]Zxl `_kldbo dhgdmj_glguo kblmZpbc
klbfmebjmxsbo \jZ`^_[gmx Z]j_kkbx b nZglZabb h ^hfbgbjh\Zgbb khq_lZxsb_ky k
ihlj_[ghklvx kijZ\blvky k wlhc kblmZpb_c ^Z`_ iml_f mgb`_gby beb ih^Z\e_gby
ij_^iheZ]Z_fuo \jZ]h\ >ey ex^_c k lZdh]h jh^Z hkh[_gghklyfb iZjZghb^ghklv fh`_l
klbfmebjh\Zlvky ^Z`_ ijb hlkmlkl\bb Zlfhkn_ju khj_\gh\Zl_evghklb b dhgdmj_gpbb LZd
kh\f_klgh_ bo ij_[u\Zgb_ k h]jZgbq_gguf dhebq_kl\hf ex^_c \ kjZ\gbl_evgh aZfdgmlhf
ijhkljZgkl\_ \ l_q_gb_ kdhevdhgb[m^v ^ebl_evgh]h ijhf_`mldZ \j_f_gb gZijbf_j
g_\hafh`ghklv \uclb ^Ze_dh aZ ij_^_eu l_jjblhjbb ij_[u\Zgb_ \ mkeh\byo wdki_^bpbb lh
_klv ex[Zy khpbZevgZy baheypby mkbeb\Z_l iZjZghb^gu_ bfimevku Wlh k\yaZgh k l_f qlh
baheypby hklZ\ey_l lZdh]h q_eh\_dZgZ_^bg_ kh k\hbfb nZglZabyfb b f_qlZfb Ba\_klgh qlh
khpbZevgZy baheypby \uau\Z_l k_gkhjgmx ^_ijb\Zpbx kihkh[kl\my mkbe_gbx \hh[jZ`_gby
dhlhjh_m ebpk iZjZghb^ghcb^_Zpb_ch^ghgZijZ\e_ghIhwlhfmhgbgZqbgZxlijb^mfu\Zlv
jZaebqgu_kblmZpbbg_ijZ\bevghbobgl_jij_lbjh\Zlv
<dexq_gb_lZdboex^_c\ dZdmxlh^_yl_evghklvk ^hklb`_gb_fmki_oZgZwlhfihijbs_
kihkh[kl\m_l dhfi_gkZpbb ijh[e_f gZ ^ebl_evgu_ i_jbh^u \j_f_gb Q_f \ur_ kl_i_gv
mki_rghklbl_f[he__\ujZ`_gZdhfi_gkZpbydhlhjZyd kh`Ze_gbxg_jZkijhkljZgy_lkygZ
mom^rZxsb_ky f_`ebqghklgu_ hlghr_gby Hdjm`Zxsb_ lZdbo ex^_c [ebadb_ b ^jmavy
ih^\_j]Zxl k_[y gZb[hevr_fm jbkdm \ k\yab k gZijZ\e_gghc gZ gbo Z]j_kkb\ghklvx
[Zabjmxs_cky gZ ihklhygghc gZkljh_gghklb gZ \hegm ih^haj_gbc m]jha b [hyagb [ulv
h]jZgbq_gguf\ k\hboijZ\Zo
Emqrbf ^ey gbo \ZjbZglhf y\ey_lky Zdp_gl gZ ^_eh\hc klhjhg_ k\h_c `bagb k
g_\dexq_gghklvx \ gxZgku f_`ebqghklguo hlghr_gbc Ikboheh]bq_kdbc [mn_j
gZijZ\eyxsbc wg_j]bx ebp k iZjZghb^gufb b^_Zpbyfb \ ^_eh\mx kn_jm ij_iylkl\m_l
\hagbdgh\_gbx f_`ebqghklguo dhgnebdlh\ Q_f djZldh\j_f_ggh_ dhglZdl k q_eh\_dhf l_f
f_g__ ij_^klZ\e_gZ \hafh`ghklv jZah[jZlvky \ g_f b gZ\yaZlv _fm kh[kl\_ggu_
hljbpZl_evgu_ Z]j_kkb\gu_ bfimevku Ke_^h\Zl_evgh m ebp k iZjZghb^gufb b^_Zpbyfb
dhebq_kl\h f_`ebqghklguo dhglZdlh\ ijyfh ijhihjpbhgZevgh ijh^he`bl_evghklbb kl_i_gb
\ujZ`_gghklbbodhfi_gkZpbb
EbpZf k lZdh]h jh^Z hkh[_gghklyfb k\hckl\_ggZ g_dhjjb]bjm_fZy bglmbpby H[uqguc
q_eh\_d bglmblb\gh \hkijbgbfZy kblmZpbx hp_gb\Z_l __ \ ^bgZfbd_ ihgbfZy \hafh`ghklv
baf_g_gby k\h_]h hlghr_gby d g_c LZdb_ bglmblb\gu_ hp_gdb g_ k\hckl\_ggu ebpZf k
iZjZghb^ghc b^_Zpb_c Bo hljbpZl_evgu_ bglmblb\gu_ hp_gdb ghkyl ^ebl_evguc klhcdbc
oZjZdl_j DZdijZ\behhgbbglmblb\ghihqm\kl\h\Z\g_^h[jh`_eZl_evgh_hlghr_gb_d k_[_
gZqbgZxl gZdjmqb\Zlv \ k\h_f khagZgbb h^gh kh[ulb_ gZ ^jm]h_ nhjfbjmy g_]Zlb\guc
kg_`guc dhf LZd nhjfbjm_lky hij_^_e_gguc Ze]hjblf ijb dhlhjhf \k_ kh[ulby
jZkkfZljb\Zxlkylhevdhk h^ghclhqdbaj_gby[_amq_lZbo^bgZfbdb< wlhlZe]hjblfljm^gh
\f_rZlvky b baf_gblv _]h Hlkx^Z g_dhjjb]bjm_fhklv bglmbpbb ebp k iZjZghb^gufb
jZkkljhckl\Zfb
RBAHB>GU?EBQGHKLGU?J:KKLJHCKL<:
Q_eh\_d k lZdbf jZkkljhckl\hf ebqghklb h[jZs_g \gmljv k_[y kh kdehgghklvx d
jZaebqgh]h jh^Z nZglZabjh\Zgbx Ghkbl_ev jZkkljhckl\Z bkiulu\Z_l aZljm^g_gby \ lhf
qlh[ugZqZlv^_ckl\h\Zlvij_^ijbgylvhij_^_e_ggu_Zdlb\ghklbLjm^ghklb\hagbdZxlb ijb
khpbZevguo \aZbfh^_ckl\byo ijh\hpbjmxsbo moh^ q_eh\_dZ \ k_[y Lbibqghc ^ey lZdbo
ex^_cy\ey_lkybgljh\_jlbjh\ZgghklvwfhpbhgZevgZyoheh^ghklvb baheypbyhlhdjm`Zxsbo
L_jfbg rbahb^guc [ue ij_^eh`_g Dj_qf_jhf \ ] G_ h[gZjm`b\Z_lky k\yab
f_`^m rbahb^guf ebqghklguf jZkkljhckl\hf b rbahnj_gb_c M ebp k rbahb^guf
jZkkljhckl\hf hlkmlkl\mxl oZjZdl_jgu_ ^ey rbahnj_gbq_kdh]h ijhp_kkZ gZjmr_gby
fure_gby b gZjmr_gby \hkijbylby Lbibqghc hkh[_gghklvx wlh]h gZjmr_gby y\ey_lky
hlkmlkl\b_ wfhpbhgZevghc l_iehlu b \aZbfhihgbfZgby Ex^b k rbahb^guf jZkkljhckl\hf
ebqghklb \g_rg_ \u]ey^yl hlqm`^_ggufb oheh^gufb [_kkljZklgufb g_kihkh[gufb d
wfiZlbq_kdhfmdhglZdlmk ljm^hfijhy\eyxld dhfmeb[hl_ieu_qm\kl\Zbfg_k\hckl\_ggZ
k_glbf_glZevghklv qlh aZljm^gy_l dhglZdlu k wlbfb ex^vfb Bo f_`ebqghklgh_ h[s_gb_
oZjZdl_jbam_lky gZebqb_f hq_gv g_[hevrh]h dhebq_kl\Z [ebadbo ex^_c k dhlhjufb hgb
ih^^_j`b\Zxll_kgu_wfhpbhgZevgu_dhglZdluIhwlhfmebpZk lZdbfbjZkkljhckl\ZfbqZklh
g_\klmiZxl\ [jZdhklZ\Zykvh^bghdbfbgZijhly`_gbb\k_c`bagb>eygbooZjZdl_j_gmoh^
hl dhgdmj_glguo hlghr_gbc k ij_^ihql_gb_f \b^h\ jZ[hl hkms_kl\ey_fuo \ h^bghqdm Bo
k_dkmZevgZy `bagv qZklh ijhl_dZ_l lhevdh \ \b^_ nZglZabc Bgl_j_ku ljm^gh ihgbfZxlky
hdjm`Zxsbfb F_`ebqghklgu_ hlghr_gby fZeh aZgbfZxl bo ;he__ ijb\e_dZl_evgufb ^ey
gboy\eyxlkyZ[kljZdlgh_l_hj_lbabjh\Zgb_b ZgZebaGhkbl_eblZdh]hjZkkljhckl\Zkihkh[gu
d bgljhki_dpbbij_^klZ\e_gghc\ \b^_Z[kljZdlgh]hZgZebaZIj_^klZ\e_ggZyoZjZdl_jbklbdZ
bf__l dZd iheh`bl_evgu_ lZd b hljbpZl_evgu_ klhjhgu J_adZy \ujZ`_gghklv rbahb^gh]h
jZkkljhckl\Z ijb\h^bl d g_[eZ]hijbylguf ihke_^kl\byf < kemqZ_ f_g__ j_adhc
ij_^klZ\e_gghklblZdboq_jlgZjy^m k \ujZ`_gghc g_wfhpbhgZevghklvx ghkbl_eb wlh]h \b^Z
jZkkljhckl\Zfh]ml[ulvkhpbZevghmki_rgufbex^vfb
Djbl_jbb '60,9 \dexqZxl\ k_[ykibkhdijbagZdh\oZjZdl_jguo^eywlh]hgZjmr_gby
hlkmlkl\b_ `_eZgby \klmiZlv \ f_`ebqghklgu_ hlghr_gby b hlkmlkl\b_ jZ^hklb hl
l_kguob ^Z`_k_f_cguo\aZbfhhlghr_gbc
ij_^ihql_gb_Zdlb\ghklyfk\yaZggufk jZ[hlhc\ h^bghq_kl\_
j_^dh_i_j_`b\Zgb_b \ujZ`_gb_kbevguowfhpbcjZ^hklbaehklb
hlkmlkl\b_`_eZgby\klmiZlv\ bglbfgu_hlghr_gbyk ^jm]bfbex^vfb
bg^bnn_j_glghklvd iheh`bl_evgufhp_gdZfb djblbd_
hlkmlkl\b_ [ebadbo ^jma_c dhlhjuf hgb fh]ml ^h\_jylv aZ bkdexq_gb_f [ebadbo
jh^kl\_ggbdh\
ijhy\e_gb_ km`_ggh]h Znn_dlZ \g_rgbc \b^ oheh^guo hlkljZg_gguo j_^dh
meu[Zxsboky]bihfbfbqguoex^_ck hlkmlkl\b_f^hklZlhqgh\ujZ`_gguowfhpbc
RBAHLBIBQ?KDB?EBQGHKLGU?J:KKLJHCKL<:
Ghkbl_eyf wlh]h \b^Z jZkkljhckl\Z k\hckl\_ggZ khpbZevgZy lj_\h]Z g_kihkh[ghklv d
l_kguf ^jm`_kdbf hlghr_gbyf b wdkp_gljbq_kdh_ ih\_^_gb_ J_qv lZdbo ex^_c ghkbl
\uqmjguc g_ihgylguc kljZgguc oZjZdl_j b khijh\h`^Z_lky fg_gb_f hdjm`Zxsbo h
g_ijbgylhklb lZdhc nhjfu \_j[ZebaZpbb J_qv bah[bem_l [hevrbf dhebq_kl\hf f_lZnhj
kbf\heh\b ghkblhl\e_q_ggucoZjZdl_jM ebpk rbahlbibq_kdbfebqghklgufjZkkljhckl\hf
gZ[ex^Z_lkyih\ur_ggZyk_gkblb\ghklvb hlg_k_gb_gZk\hckq_l\k_]hijhbkoh^ys_]hEbpZk
rbahlbibq_kdbf jZkkljhckl\hf \u]ey^yl kljZggufb g_h[uqgufb >ey gbo oZjZdl_jgh
hij_^_e_ggh_ k\h_h[jZab_ fure_gby \ujZ`Zxs__ky \ ihy\e_gbb fZ]bq_kdh]h fure_gby
km_\_jghklb \_ju \ l_e_iZlbx ykgh\b^_gb_ b ^j g_h[uqguo mfhaZdexq_gbc b^_yo
hlghr_gbyg_^hklb]Zxsbo\ujZ`_gghklb[j_^h\uob^_cb g_\hagbdZxsboihf_oZgbafZf
[j_^h\h]h \hkijbylby beb ijbklmiZ [j_^Z Fh]ml bf_lv f_klh beexahjgu_ \hkijbylby b
^_j_ZebaZpby
WlbebpZlZd`_ijhy\eyxl\ujZ`_gguc^bkdhfnhjl\ kblmZpbyoh[s_gbyk g_agZdhfufb
ex^vfb < lZdbo kblmZpbyo hgb fh]ml \_klb k_[y g_Z^_d\Zlgh b ijhy\eylv ikbohlbq_kdb_
kbfilhfuH^gZdhwlb^_dhfi_gkZpbbghkyldjZldh\j_f_ggucb njZ]f_glZjgucoZjZdl_j
Bf__l f_klh km`_gguc ^bZiZahg Znn_dlb\guo j_Zdpbc e_]dh_ \hagbdgh\_gb_
ih^hajbl_evghklb >bnn_j_gpbZevgZy ^bZ]ghklbdZ k rbahnj_gb_c kljhblky gZ hlkmlkl\bb
ikbohaZ b ijh]j_^b_glghklb jZkkljhckl\ G_kfhljy gZ ljm^ghklv \ hp_gd_ k\h_]h
wfhpbhgZevgh]hkhklhygbyhgbqj_af_jghk_gkblb\gud jZkihagZ\Zgbxqm\kl\^jm]boex^_c
H[eZ^Zy`b\uf\hh[jZ`_gb_fhgbkljhylk\hc\gmlj_ggbcfbjgZkljZoZob nZglZabyoLZdbo
ex^_chlebqZxlfukebg_y\eyxsb_kyghjfhc^eydmevlmju\ dhlhjhchgb`b\mlgZijbf_j
fukebh dhe^h\kl\_b g_h[uqgu_hsms_gbyijbkmlkl\bymf_jr_]hq_eh\_dZijb\b^_gbc
Wlb y\e_gby fh]ml ijh\hpbjh\Zlv \hagbdgh\_gb_ \hijhkZ h lhf qlh wlh ebqghklgh_
jZkkljhckl\h y\ey_lky rbahnj_gb_c Fgh]b_ Z\lhju hlf_qZxl gZebqb_ jy^Z iZpb_glh\
ijhy\eyxsbo ih^h[gu_ gZjmr_gby y\b\rb_ky hkgh\hc ^ey ^bZ]ghaZ rbahnj_gby
Kms_kl\mxl bkke_^h\Zgby ih^l\_j`^Zxsb_ qlh ebp kljZ^Zxsbo rbahlbibq_kdbf
ebqghklguf jZkkljhckl\hf kh\_jrZeb kZfhm[bckl\Z P_euc jy^ iZpb_glh\ k ^bZ]ghahf
rbahnj_gbybf_eb\ ij_fhj[b^_lZdh]hjh^ZjZkkljhckl\h
G_dhlhju_ ebpZ gZ ijhly`_gbb \k_c `bagb ijhy\eyxl kbfilhfu rbahlbibq_kdh]h
ebqghklgh]hjZkkljhckl\Zbg_kfhljygZbf_xsb_kym gbokljZgghklbZ^Zilb\gub bf_xl
nmgdpbhgZevgu_k_fvb
>bZ]ghklbq_kdb_djbl_jbbrbahlbibq_kdboebqghklguojZkkljhckl\
b^_bhlghr_gbyg_ghkysb_[j_^h\h]hoZjZdl_jZ
\ujZ`_ggZykhpbZevgZylj_\h`ghklv
kljZggu_ \_jh\Zgby beb fZ]bq_kdh_ fure_gb_ \ebyxs__ gZ ih\_^_gb_ wlbo ebp b
g_khhl\_lkl\mxs__dmevlmjZevgufghjfZfGZijbf_jqj_af_jgh_km_\_jb_\_jZ\ l_e_iZlbx
\ r_klh_ qm\kl\h >_lyf b ih^jhkldZf k lZdbf jZkkljhckl\hf k\hckl\_ggu g_h[uqgu_
nZglZabbb ijbqm^u
g_h[uqgh_\hkijbylb_beexabbiZj_c^hebbhsms_gb_q_eh\_dZdhlhjh]hjy^hfg_l
hsms_gb_gZebqby\ukr_ckbeu
kljZggh_wdkp_gljbq_kdh_ih\_^_gb_ijhy\eyxs__ky\h\g_rg_f\b^_fZg_jghklb
hlkmlkl\b_ebpdhlhjufhgb^h\_jyxl
g_Z^_d\Zlguckm`_ggucZnn_dl
ih^hajbl_evghklv iZjZghb^gu_ b^_Zpbb dZkZxsb_ky iehoh]h hlghr_gby d wlbf
ex^yf
:GLBKHPB:EVGU?EBQGHKLGU?J:KKLJHCKL<:
< i_j_\_^_gghf gZ jmkkdbc yaud mq_[gbd_ Kw^hdZ b DZieZgZ l_jfbg ZglbkhpbZevguc
khojZg_g gh \h fgh]bo i_j_\_^_gguo jmdh\h^kl\Zo b \ur_^r_f g_^Z\gh \ Db_\_
Hdknhj^kdhfjmdh\h^kl\_wlhll_jfbgaZf_g_ggZZkhpbZevgucFgh]b_Z\lhjubkihevamy\
k\hbo jZ[hlZo l_jfbgu ZkhpbZevguc b ZglbkhpbZevguc iheZ]Zxl qlh hgb wd\b\Ze_glgu
^jm]^jm]mWlh \ jy^_ kemqZ_\ ijb\h^bl d \hagbdgh\_gbxhij_^_e_gguog_^hjZamf_gbc lZd
dZd l_jfbg ZkhpbZevguc [ebadbc d Zmlbklbqghfm h[hagZqZ_l g_khpbZ[_evghklv q_eh\_dZ
ih]jm`_gghklv_]h\ k_[ybgljh\_jlbjh\Zgghklvb aZljm^g_gby\ dhglZdl_k ^jm]bfbex^vfb
:glbkhpbZevgh_ ebqghklgh_ jZkkljhckl\h bf__l [hevrh_ khpbZevgh_ agZq_gb_ b
\klj_qZ_lky ^hklZlhqgh qZklh y\eyykv ijbqbghc k_jv_aguo g_ijbylghkl_c dZd ^ey ghkbl_ey
jZkkljhckl\Z lZd b ^ey ebp _]h hdjm`Zxsbo Ghkbl_eb wlh]h jZkkljhckl\Z oZjZdl_jbamxlky
ihklhyggufb ZglbkhpbZevgufb b qZklh ijhlb\hijZ\gufb ^_ckl\byfb g_kihkh[ghklvx
khhl\_lkl\h\ZlvijbgylufkhpbZevgufghjfZfqlhhkeh`gy_lbokhpbZevgu_\aZbfh^_ckl\by
< FD; wlh jZkkljhckl\h ebqghklb gZau\Z_lky ^bkkhpbZevguf L_jfbg
^bkkhpbZevguc\klj_qZ_lky\ Zf_jbdZgkdhfmq_[gbd_ikbobZljbbih^j_^Zdpb_c $ULHWL
Ih^ l_jfbghf ^bkkhpbZevguc \ lh \j_fy ihgbfZebkv ebpZ ijhy\eyxsb_
ZglbkhpbZevgh_ih\_^_gb_ihhlghr_gbxdhfgh]bfex^yfghihhlghr_gbxd madhc]jmii_
ebp gZijbf_j qe_gZf k_fvb qe_gZf khpbZevghc ]jmiiu wlb ebpZ ijhy\eyxl ehyevghklv k
g_^hims_gb_f \ hlghr_gbb d gbf ZglbkhpbZevguo ^_ckl\bc Ihwlhfm l_jfbg
^bkkhpbZevguc \klj_qZxsbcky \ FD; \uau\Z_l hij_^_e_ggu_ aZljm^g_gby m l_o dlh
agZdhfk _]hij_`gbfagZq_gb_f
:glbkhpbZevgh_ jZkkljhckl\h ebqghklb \ '60,9 ^bZ]ghklbjm_lky dZd b \k_
jZkkljhckl\Zk e_lg_]h\hajZklZghijbwlhf\u^_eyxlkyijbagZdbijhy\eyxsb_ky^h
e_lg_]h \hajZklZ AgZq_gb_ wlbo ijbagZdh\ \_ebdh lZd dZd hgb ij_^hij_^_eyxl ^Zevg_cr__
jZa\blb_iheghijZ\gh]hZglbkhpbZevgh]hjZkkljhckl\Z^eydhlhjh]hoZjZdl_jguhlkmlkl\b_
ijb\yaZgghklb d ex^yf hlkmlkl\b_ khi_j_`b\Zgby khqm\kl\by bfimevkb\ghklv
g_kh[ex^_gb_ghjffhjZebhlkmlkl\b_kh`Ze_gbyjZkdZygbyb m]jua_gbckh\_klbihih\h^m
^hims_gguogZjmr_gbcEbpZk ZglbkhpbZevgufjZkkljhckl\hffh]ml[ulv^hklZlhqghb ^Z`_
\ukhdh bgl_ee_dlmZevgufb >ey gbo oZjZdl_jgh mf_gb_ ^_j`Zlvky mf_gb_ khhl\_lkl\h\Zlv
h[s_ijbgyluf ghjfZf ijhba\h^y iheh`bl_evgh_ \i_qZle_gb_ gZ hdjm`Zxsbo LZdbf
h[jZahf ijb djZldh\j_f_gghf dhglZdl_ k gbfb m hdjm`Zxsbo qZklh \hagbdZ_l h gbo
g_ijZ\bevgh_ ij_^klZ\e_gb_ GZijbf_j \ kblmZpbyo djZldh\j_f_ggh]h jZa]h\hjZ
ikboheh]bq_kdh]h bgl_j\vxbjh\Zgby kh[_k_^h\Zgby hgb ijb ijhqbo jZ\guo mkeh\byo
ijhba\h^yl ihjhx ^Z`_ emqr__ \i_qZle_gb_ q_f l_ dlh lZdh]h jZkkljhckl\Z g_ bf__l
HljbpZl_evgu_ dZq_kl\Z k\hckl\_ggu_ bf \uy\eyxlky lhevdh ijb bamq_gbb bo ih\_^_gby \
l_q_gb_ kdhevdhgb[m^v ^ebl_evgh]h ijhf_`mldZ \j_f_gb Z g_ \ h[klZgh\d_
g_ijh^he`bl_evghc[_k_^u\ l_q_gb_dhlhjhchgbfh]mlkh[jZlvky^h[b\Zykvm kh[_k_^gbdZ
g_h[oh^bfhciheh`bl_evghchp_gdb
>ey ex^_c k lZdh]h jh^Z jZkkljhckl\Zfb oZjZdl_jgZ ohjhrZy \_j[ZebaZpby eh]bdZ
mf_gb_ijZ\bevghhp_gblvh[klZgh\dm
Hkgh\gu_ hljbpZl_evgu_ dZq_kl\Z m ebp k ZglbkhpbZevgufb jZkkljhckl\Zfb gZqbgZxl
ijhy\eylvkym`_\ jZgg_f\hajZkl_D gbfhlghkylkykh]eZkgh '60,9 ke_^mxsb_
qZklu_ moh^u ba ^hfZ k g_\ha\jZs_gb_f gZ ghqv Klj_fe_gb_ \ajhkeuo gZdZaZlv bo
khijh\h`^Z_lkyg_\uihegy_fufbh[_sZgbyfbg_ih\lhjylvlZdh]hih\_^_gby
kdehgghklvd nbabq_kdhfmgZkbebx^jZqeb\hklvk [he__keZ[ufbk\_jklgbdZfb
`_klhdhklvihhlghr_gbxd ^jm]bfb ba^_\Zl_evkl\hgZ^`b\hlgufb
khagZl_evgh_ih\j_`^_gb_kh[kl\_gghklbijbgZ^e_`Zs_c^jm]bf
p_e_gZijZ\e_ggu_ih^`h]b
qZklh_\jZgv_\uau\Z_fh_jZaghh[jZagufbijbqbgZfb
kdehgghklvd djZ`Zfb ]jZ[_`Zf
klj_fe_gb_ d \h\e_q_gbx ebp ijhlb\hiheh`gh]h iheZ \ gZkbevkl\_ggmx k_dkmZevgmx
Zdlb\ghklv
GZebqb_ lj_o b [he__ ijbagZdh\ iha\hey_l hlg_klb bo ghkbl_ey d dZl_]hjbb ebp
kljZ^Zxsbo ZglbkhpbZevguf jZkkljhckl\hf < ^Zevg_cr_f ihke_ e_lg_]h \hajZklZ m
ghkbl_e_cZglbkhpbZevguojZkkljhckl\ijhy\eyxlkyke_^mxsb_ijbagZdb
ljm^ghklb\ mq_[_k\yaZggu_k g_ih^]hlh\dhc^hfZrgboaZ^Zgbc
ljm^ghklb\ ijhba\h^kl\_gghc^_yl_evghklbk\yaZggu_k l_fqlhlZdb_ebpZqZklhg_
jZ[hlZxl^Z`_\ l_okemqZyodh]^ZjZ[hlZ^hklmigZ^eygbo
qZklu_g_h[hkgh\Zggu_hlkmlkl\by\ rdhe_b gZjZ[hl_
qZklu_ moh^u k
ljm^hmkljhckl\hf
jZ[hlu [_a j_Zevguo ieZgh\ k\yaZgguo k
^Zevg_crbf
g_khhl\_lkl\b_ khpbZevguf ghjfZf ZglbkhpbZevgu_ ^_ckl\by ghkysb_ m]heh\gh
gZdZam_fucoZjZdl_j
jZa^jZ`bl_evghklv Z]j_kkb\ghklv ijhy\eyxsb_ky dZd ih hlghr_gbx d qe_gZf k_fvb
ba[b_gb_kh[kl\_gguo^_l_clZdb ihhlghr_gbxd hdjm`Zxsbf
g_\uiheg_gb_ k\hbo nbgZgkh\uo h[yaZl_evkl\ g_ hl^Zxl ^he]b g_ hdZau\Zxl
nbgZgkh\hcihfhsbgm`^Zxsbfkyjh^kl\_ggbdZf
hlkmlkl\b_ieZgbjh\Zgbyk\h_c`bagb
bfimevkb\ghklv\ujZ`ZxsZyky\ i_j__a^Zok f_klZgZf_klh[_aykghcp_eb
e`b\hklv
hlkmlkl\b_ ehyevghklb d hdjm`Zxsbf kh klj_fe_gb_f k\Zeblv \bgm gZ ^jm]bo
ih^\_j]gmlvjbkdm^jm]bogZijbf_jhklZ\eyyhldjulhcwe_dljhijh\h^dmhiZkgmx^ey`bagb
G_kh[ex^_gb_ ijZ\be l_ogbdb [_ahiZkghklb ijb jZ[hl_ khijy`_gghc k jbkdhf ^ey `bagb
Klj_fe_gb_ d jbkdh\Zgghfm Z\lh\h`^_gbx k ih^\_j]Zgb_f jbkdm ^jm]bo Hlkmlkl\b_
Zdlb\ghkl_ck\yaZgguok aZ[hlhch kh[kl\_gguo^_lyoQZklu_jZa\h^uHlkmlkl\b_m]jua_gbc
kh\_klbihih\h^mms_j[ZgZg_k_ggh]h^jm]bfM ebpk ZglbkhpbZevgufbgZjmr_gbyfbihqlb
g_ij_^klZ\e_gulj_\h]Zb kljZoihwlhfmhgbg_[hylkyihke_^kl\bck\hbo^_ckl\bb
< ;,; \_d_ih\_^_gb_lZdboex^_cd\Zebnbpbjh\ZehkvdZdfhjZevgh_[_amfb_ihlhfm
qlh k lhqdb aj_gby ikbobZljh\ gZ[ex^Z\rbo lZdbo ex^_c q_eh\_d k ghjfZevguf
bgl_ee_dlhf[m^mqbikbobq_kdba^hjh\ufg_\ khklhygbbkh\_jrZlvih^h[gu_^_ckl\bylZd
dZd m^h\hevkl\b_ ihemqZ_fh_ bf g_agZqbl_evgh Z ihke_^kl\by ^ey ^jm]bo b kZfh]h k_[y
jZajmrbl_evgu
Y^jhf wlh]h gZjmr_gby y\ey_lky ihemq_gb_ m^h\hevkl\by ex[hc p_ghc ihwlhfm
hkh[_gghklvx ebp k ZglbkhpbZevgufb gZjmr_gbyfb y\ey_lky \u^\b`_gb_ gZ i_j\uc ieZg
^_yl_evghklb gZijZ\e_gghc gZ ihemq_gb_ m^h\hevkl\by Bf k\hckl\_g_g ijbfblb\guc
]_^hgbaf [_a mq_lZ j_Zevghc \hafh`ghklb ke_^mxs_]h aZ ZglbkhpbZevgufb ^_ckl\byfb
gZdZaZgby Ihwlhfm aZim]b\Zlv bo gZdZaZgbyfb [_kkfuke_ggh Wlb ebpZ klj_fylky d
]bi_jklbfmeypbb qm\kl\my k_[y emqr_ \h \j_fy ij_[u\Zgby \ Zdlb\ghf khklhygbb Hgb g_
\ughkyl khklhygby iZkkb\ghklb h^bghq_kl\Z bahebjh\Zgghklb Ihwlhfm l_jfbg
ZkhpbZevgucih hlghr_gbx d wlbf ebpZf \u]ey^bl dZd g_e_iucghgk_gk Hgb klj_fylky d
dhglZdlZf k ^jm]bfb gh \ wlbo dhglZdlZo kh\_jr_ggh g_ mqblu\Zxl bo bgl_j_kh\ Ex[u_
lj_[mxsb_ mkbebc ^_ckl\by ijhba\h^ylky bfb ebrv ijb h^ghf mkeh\bb ² ihemq_gb_
m^h\hevkl\by hl ^_yl_evghklb < kemqZ_ g_kh[ex^_gby lZdh]h mkeh\by ^_eZlv jZ[hlm g_
^hklZ\eyxsmx bf iheh`bl_evguo wfhpbc hgb g_ [m^ml Klj_fe_gb_ d ihemq_gbx
m^h\hevkl\byghkblih\_joghklgucoZjZdl_jg_aZljZ]b\Zy]em[bgguowfhpbc
KhpbZevgZy g_ijh^mdlb\ghklv lZdbo ex^_c [Zabjm_lky gZ lhf qlh bf [ukljh \k_
gZ^h_^Z_lGZqZ\k ih^t_fhfb wglmabZafhf\uihegylvdZdmxeb[h^_yl_evghklvhgb[ukljh\
g_c jZahqZjh\u\Zxlky gZoh^y jZ[hlm jmlbgghc kdmqghc b g_bgl_j_kghc Wlh ijb\h^bl d
ihy\eyxsbfkygZjmr_gbyfhrb[dZfb ijhfZoZf\uau\Zxsbf\hafms_gb_hdjm`Zxsbo
EbpZf k ZglbkhpbZevgufb jZkkljhckl\Zfb k\hckl\_ggh aehmihlj_[e_gb_ \_s_kl\Zfb
baf_gyxsbfb ikbobq_kdh_ khklhygb_ gZijbf_j Zedh]he_f b gZjdhlbdZfb <f_kl_ k l_f
jZa\blb_ Z^^bdlb\gh]h ih\_^_gby \ ieZg_obfbq_kdbo Z^^bdpbc ² g_ hq_gv oZjZdl_jgh lZd
dZd ghkbl i_jbh^bq_kdbc oZjZdl_j Hgb e_]dh [jhkZxl mihlj_[eylv Zedh]hev beb ^jm]h_
\_s_kl\hLZdb_ex^be_]dh\h\e_dZxlky\ fgh]hh[jZagu_\b^uZglbkhpbZevghc^_yl_evghklb
M gbo hlkmlkl\m_l nbdkZpby gZ Zedh]he_ Wlh ijhy\ey_lky gZijbf_j \ lhf qlh ijb
iheh`bl_evghf hlghr_gbx d Zedh]hex ^ey gbo g_lbibqgh ^hklZ\Zlv _]h hgb mqZkl\mxl \
\uib\d_ lhevdh lh]^Z dh]^Z bo m]hsZxl < kemqZ_ jZa\blby m gbo nbabq_kdhc aZ\bkbfhklb
k\yaZgghc k mihlj_[e_gb_f `_kldbo gZjdhlbdh\ gZijbf_j hibcgh]h jy^Z \hagbdgh\_gb_
Z^^bdpbc[he__\_jhylgh
GZb[he__ keZ[uf f_klhf ^ey ebp k ZglbkhpbZevgufb gZjmr_gbyfb y\ey_lky
]bihklbfmeypby dhlhjmx hgb iehoh i_j_ghkyl bkiulu\Zy ijb wlhf \ujZ`_gguc
ikboheh]bq_kdbc ^bkdhfnhjl Wlm hkh[_gghklv ke_^m_l mqblu\Zlv ijb ijhn_kkbhgZevghf
hl[hj_LZdm\e_q_ggu_gZijbf_jjhfZglbq_kdbfihju\hfhgbklZjZxlkym_oZlv\ f_klZ]^_
hlkmlkl\mxl jZa\e_q_gby b g_l \hafh`ghklb [ukljh \_jgmlvky gZijbf_j mqZkl\h\Zlv \
wdki_^bpbyo < kbem lh]h qlh bf [ukljh \k_ gZ^h_^Z_l m gbo ihy\ey_lky Z]j_kkb\ghklv ih
hlghr_gbxd ^jm]bfmkbe_gb_dhgnebdlghklbijh\hpbjmxs_cjZaghh[jZagu_gZjmr_gby
IH=J:GBQGU?EBQGHKLGU?J:KKLJHCKL<:
Kh]eZkgh '60,9 hkgh\guf ijbagZdhf ih]jZgbqguo ebqghklguo jZkkljhckl\ y\ey_lky
keZ[hklv b^_glbqghklb ijhy\eyxsZyky \ jZaebqguo dhgl_dklZo IhgbfZgb_ gZjmr_gbc
b^_glbqghklb lj_[m_l hij_^_e_ggh]h mjh\gy Z[kljZ]bjh\Zgby J_qv b^_l h \hagbdgh\_gbb m
q_eh\_dZ \hijhkh\ Dlhhg">ey q_]hhg" GZklhjh`_gghklv ikbobZljh\ ijb \hagbdgh\_gbb
lZdh]h jh^Z \hijhkh\ wdabkl_gpbZevgh]h oZjZdl_jZ h[tykgy_lky \hagbdZxsbfb m gbo
ih^haj_gbyfbh gZebqbb\ wlbokemqZyoikbobq_kdh]haZ[he_\Zgby
GZjmr_gb_ b^_glbqghklb fh`_l \hagbdZlv ih^ \ebygb_f g_kihkh[ghklb q_eh\_dZ
bgl_]jbjh\Zlv khklZ\eyxsb_ k\h_]h 6HOI ghkysb_ \aju\hhiZkguc oZjZdl_j Bkihevamy
f_lZnhjmlZdmx\aju\hhiZkgmxbgl_]jZpbx 6HOIfh`ghkjZ\gblvk kh_^bg_gb_f]hlh\ufd
jZkiZ^m FZl_jbZe jZajmrZxsbc 6HOI b^_l ba ]em[bg ih^khagZgby :dlb\baZpby ]em[bgguo
keh_\ ih^khagZgby \ua\ZggZy hij_^_e_ggufb ijbqbgZfb \ju\Z_lky \ 6HOI \uau\Z_l
gZjmr_gby b^_glbqghklb k ihy\e_gb_f m q_eh\_dZ hsms_gby hlkmlkl\by ijbgZ^e_`ghklb
kZfhfm k_[_ Wlh y\e_gb_ fh`_l ijhy\eylvky ke_^mxsbfb \b^Zfb i_j_`b\Zgbc
\hagbdgh\_gb_ hsms_gby g_j_Zevghklb hsms_gby g_\hafh`ghklb jZah[jZlvky \
ijhbkoh^ys_f gZjmr_gb_ \hkijbylby j_Zevghklb \k_ lZd gh \k_ ih^jm]hfm hsms_gb_
\a]ey^Z gZ fbj q_j_a kl_deh <hafh`gh \hagbdgh\_gb_ \gmlj_ggbo hsms_gbc g_
i_j_`b\Z_fuojZg__gZijbf_jlZdbodZdg_h[uqgu_g_ih^^Zxsb_ky\_j[ZebaZpbbqm\kl\Z
h\eZ^_gby qZklvx k\h_]h kh[kl\_ggh]h ih^khagZgby fh`_l [ulv hsms_gb_ kgZ hsms_gb_
lh]h qlh wlh ijhbkoh^bl k d_flh ^jm]bf LZdbf h[jZahf gZjmr_gby b^_glbqghklb
oZjZdl_jbam_lky\hagbdgh\_gb_f^_abgl_]jZlb\guo^ey 6HOI hsms_gbc
Ijb ih]jZgbqguo ebqghklguo jZkkljhckl\Zo kms_kl\m_l \hafh`ghklv \hagbdgh\_gby
ZgZeh]bqguo hsms_gbc gh \ hlebqb_ hl q_eh\_dZ bkiulu\Zxs_]h wlb hsms_gby b g_
kljZ^Zxs_]h ih]jZgbqguf jZkkljhckl\hf hgb ^ey wlbo ex^_c \ hij_^_e_gghf kfuke_ g_
qm`_jh^gu
<hi_j\uoihlhfmqlhwlbhsms_gbym`_\hagbdZebIjbwlhfq_eh\_d]h\hjblY m`_
wlhi_j_`bewlhm`_khfghc[ueh< hlebqb_hlkljZ^Zxsboikbobq_kdbfbaZ[he_\Zgbyfb
ebpZ k ih]jZgbqgufb jZkkljhckl\Zfb fh]ml [ukljh \ukdZevau\Zlv ba wlbo hsms_gbc dZd
\hagbdZxsbo lZd b moh^ysbo <ukdZevau\Zgb_ k\yaZgh g_ k bgl_]jZpb_c fZl_jbZeZ Z k
ihl_j_c _]h ZdlmZevghklb ijhoh^ys_c lZd dZd gZijbf_j ijhoh^bl khklhygb_ Zedh]hevghc
bglhdkbdZpbb
<h\lhjuo q_eh\_d k ih]jZgbqguf ebqghklguf jZkkljhckl\hf fh`_l mijZ\eylv wlbfb
hsms_gbyfb< wlhfkhklhbliheh`bl_evgZyklhjhgZwlh]hy\e_gbyHljbpZl_evgZy`_klhjhgZ
aZdexqZ_lky \ ihklhygghf ij_[u\Zgbb q_eh\_dZ gZ ]jZgb bgneypbb khagZgby b 6HOI
fZl_jbZeZfb g_^hklZlhqgh bgl_]jbjh\Zggh]h ih^khagZgby 6HOI lZdh]h q_eh\_dZ \k_]^Z
juoeuc _fm g_ k\hckl\_ggh khklhygb_ kiZygghklb Ijb wlhf fh]ml \hagbdZlv i_jbh^u
h`b\e_gby hilbfbafZ ohjhr_]h gZkljh_gby khijh\h`^Zxsb_ky ihgbfZgb_f qlh wlb
i_jbh^u \j_f_ggu b khklhygb_ \kdhj_ baf_gblky Ihwlhfm ebpZ k ih]jZgbqgufb
jZkkljhckl\Zfb g_kqZklgu IhklmiZxsbc ba ih^khagZgby fZl_jbZe g_^hklZlhqgh
bgl_]jbjm_lky b g_ ijb\h^bl d jZkrbj_gbx 6HOI G_ klbfmebjm_lky j_eb]bhagh_ qm\kl\h
Ijhbkoh^blihl_jy \_ju q_eh\_dZ \ k_[y lZd dZd \ kbem khojZgghklb bgl_ee_dlZ lZdb_ ex^b
ihgbfZxlqlhbo`bagvg_kdeZ^u\Z_lkyb hgbg_agZxljZ^bq_]h`b\ml
Ijb^bnn_j_gpbZpbbih]jZgbqgh]hjZkkljhckl\Zk rbahnj_gbq_kdbfijhp_kkhfke_^m_l
hlf_lblv gZebqb_ ijb ih]jZgbqguo jZkkljhckl\Zo hq_gv ihoh`bo gZ rbahnj_gbx wibah^h\
GZijbf_jih\lhjyxsb_kyi_jbh^uhldZaZfh]mlgZihfbgZlvijhklmxnhjfmrbahnj_gbbih
,&' Ijb \hagbdgh\_gbb ih^hajbl_evghklb k\yaZgghc k ijhju\hf \ 6HOI Zjo_lbih\
gZijbf_j Zjo_lbiZ \jZ]Z khklhygb_ ke_^m_l ^bnn_j_gpbjh\Zlv k iZjZghb^ghc nhjfhc
rbahnj_gbb
WfhpbhgZevgu_khklhygbym ebpk ih]jZgbqgufbjZkkljhckl\Zfbfh]mlijb[eb`Zlvkyih
k\hbf ijhy\e_gbyf d [hevrbf ^_ij_kkbyf ;u\Z_l g_h[oh^bfZ ^bnn_j_gpbZpby b k
]bkljbhgbq_kdbfb jZkkljhckl\Zfb ijb e_]dhc kf_g_ kbfilhfZlbdb Ih\_^_gb_ lZdbo
iZpb_glh\fh`_l\hkijbgbfZlvkydZdg_k_jv_agh_b jhe_\h_
<hagbdgh\_gb_^_ij_kkb\guokbfilhfh\\hfgh]hfk\yaZghk iehobfhlghr_gb_fd k_[_
KiZk_gb_f lZdbo iZpb_glh\ y\ey_lky hlkmlkl\b_ kiZygghklb 6HOI qlh kihkh[kl\m_l
djZldh\j_f_gghklb^_ij_kkb\ghckbfilhfZlbdb
GZjy^mk hlkmlkl\b_fm ebpk ih]jZgbqgufbjZkkljhckl\ZfbkiZyggh]h 6HOI m gbokeZ[h
ij_^klZ\e_gh VXSHUHJR qlh k\hckl\_ggh lZd`_ ]bkljbhgbq_kdbf b gZjpbkkbq_kdbf
jZkkljhckl\Zf
.HPEHUJ h[jZsZy\gbfZgb_gZk\hckl\_ggmxgZjpbkkbq_kdbfebqghklyfiZlheh]bq_kdmx
e`b\hklv hlf_qZe qlh bf g_evay ^h\_jylv \ kbem lh]h qlh hgb fh]ml ij_^Zlv b ih^\_klb
EbpZfk ih]jZgbqgufbgZjmr_gbyfbk\hckl\_gghlZdh_`_ih\_^_gb_JZagbpZaZdexqZ_lky\
lhf qlh q_eh\_d k gZjpbkkbq_kdbfb hkh[_gghklyfb e`_l beb kh\_jrZ_l ij_^Zl_evkl\h ih
hlghr_gbx d hdjm`Zxsbf ^ey ihemq_gby g_ihkj_^kl\_gghc \u]h^u kihkh[kl\mxs_c
j_ZebaZpbb _]h gZjpbkkbq_kdhc dZjv_ju Z ex^b k ih]jZgbqgufb jZkkljhckl\Zfb kh\_jrZxl
ZgZeh]bqgu_ ihklmidb k ]_^hgbklbq_kdhc p_evx ^ey lh]h qlh[u bf_ggh \ wlhl fhf_gl
qm\kl\h\Zlvk_[yohjhrhKlj_fe_gb_d ]_^hgbafmy\ey_lkydhfi_gkZpb_ciehoh]hhlghr_gby
d k_[_ Ikboheh]bq_kdZy h[jZah\Zgghklv g_dhlhjuo ebp k ih]jZgbqgufb jZkkljhckl\Zfb
iha\hey_l bf oZjZdl_jbah\Zlv k\h_ ih\_^_gb_ njZahc lbiZ Fu lZdb_ ihlhfm qlh fu ²
]_^hgbklu G_ \b^y i_j_^ kh[hc i_jki_dlb\u ^ebl_evghc `bagb b iulZykv ihemqblv
m^h\hevkl\b_ k_cqZk b g_f_^e_ggh hgb jZkkm`^Zxl ijbf_jgh ke_^mxsbf h[jZahf
<q_jZrgbc ^_gv m`_ ijhr_e aZ\ljZrgbc _s_ g_ gZklmibe [m^_f gZkeZ`^Zlvky ^g_f
k_]h^gyrgbf
< ijhlb\hiheh`ghklv wlhfm ebpZ k gZjpbkkbq_kdbfb gZjmr_gbyfb
ijhehg]bjh\ZggmxjZkkqblZggmxgZmki_o[m^msghklgmxhjb_glZpbx
bf_xl
M ebpk ih]jZgbqgufbjZkkljhckl\Zfbg_jZa\blhj_eb]bhagh_qm\kl\hOZjZdl_jghc^ey
gbo q_jlhc y\eyxlky kh\_jrZ_fu_ bfb kmbpb^gu_ ihiuldb \ kblmZpbyo dhlhju_ ijb
h[t_dlb\ghfjZkkfhlj_gbbijbqbghckmbpb^Z[ulvg_fh]mlB ohlyfukevh kmbpb^_fh`_lg_
j_Zebah\Zlvky ih l_ogbq_kdbf ijbqbgZf gh fukev wlZ \k_]^Z k_jv_agZ K\hckl\_ggh_ bf
kZfhih\j_`^Zxs__ih\_^_gb_^Ze_dhhl^_fhgkljZlb\ghklboZjZdl_jghc^ey]bkljbhgbq_kdbo
kmbpb^guoihiulhdLbibqghcy\ey_lkyg_^_fhgkljZlb\ghklvZ g_h[oh^bfhklvkZfhijh\_jdb
k ihklZgh\dhc\hijhkZ: qlh`_gZkZfhf^_e_y fh]m\u^_j`Zlv"
< hlebqb_ hl ]bkljbhgbq_kdbo ebp iZpb_glZf k ih]jZgbqgufb jZkkljhckl\Zfb g_
k\hckl\_ggZ ex[h\v d jZau]ju\Zgbx jhe_c Jhe_\u_ b]ju wg_j]h_fdb Hgb lj_[mxl
kiZygghklb kh[jZgghklb \ j_ZebaZpbb \u[jZgghc ^ey k_[y jheb EbpZ k ih]jZgbqgufb
jZkkljhckl\Zfb g_kfhljy gZ k\h_ jZaghh[jZab_ b ^_kljmdlb\ghklv \k_]^Z _kl_kl\_ggu bf
ij_lbljhe_\h_ih\_^_gb_IjbjZa]h\hj_k lZdh]hjh^ZiZpb_glZfbh[jZsZ_lgZk_[y\gbfZgb_
bo\hafms_gb_bkl_jbqgufih\_^_gb_f^jm]bo\ kbemlh]hqlhhgb\b^yl\ lZdhfbkl_jbqghf
ih\_^_gbb k\hc bkdZ`_gguc h[jZa G_h[oh^bfh ihfgblv h k_jv_aghklb ih\_^_gby ebp k
ih]jZgbqgufb jZkkljhckl\Zfb y\eyxs_]hky g_ ijhklh b]jhc Z b]jhc dhlhjZy qZklh bf__l
iehohc dhg_p Lbibqguf ^ey ebp k ih]jZgbqgufb jZkkljhckl\Zfb y\ey_lky n_ghf_g h
dhlhjhfd kh`Ze_gbxfZeh]h\hjylaZdexqZxsbcky\ ijb\e_dZl_evghklb^eygbol_fZlbdb
k\yaZgghckhkf_jlvxWlh\ujZ`Z_lky\ ql_gbbebl_jZlmjukh^_j`Zs_c\ k_[_hibkZgb_ebp
ihdhgqb\rbo k kh[hc \ ihiuldZo ihagZdhfblvky kh ki_pbZevghc ebl_jZlmjhc ihk\ys_gghc
wlbf\hijhkZfb [he_ag_ggufklj_fe_gb_fd jZa]h\hjZfgZwlml_fmk ^jm]bfbex^vfb
Bgl_j_kgh gZ[ex^_gb_ h^gh]h ba ikbobZljh\ h[sZxs_]hky kh k\hbf dhee_]hc k
ih]jZgbqguf jZkkljhckl\hf ?_ hkh[_ggh ijb\e_dZeb iZpb_glu kh\_jrZ\rb_ kZfhm[bckl\Z
< ^Zevg_cr_fm g__kZfhcbf_eZf_klhk_jv_agZykmbpb^gZyihiuldZ
H^gbf ba ijbagZdh\ ih]jZgbqguo ebqghklguo gZjmr_gbc y\ey_lky bfimevkb\ghklv
IkbohZgZeblbq_kdh_ h[tykg_gb_ __ ijhbkoh`^_gby aZdexqZ_lky \ lhf qlh g_kiZygguc 6HOI
hdZau\Z_lkyg_\ khklhygbbdhgljhebjh\Zlvbfimevkub^msb_ba LG7R _klvq_eh\_dk lZdh]h
\b^Z jZkkljhckl\Zfb gZoh^blky ih^ \eZklvx bfimevkh\ b^msbo ba ih^khagZgby dhlhju_
fh]ml [ulv dZd \g_rg_ ihablb\gufb lZd b g_]Zlb\gufb Ihablb\ghklv \ujZ`Z_lky \
gZijZ\e_gghklb bfimevkh\ gZ m^h\e_l\hj_gb_ ]_^hgbklbq_kdbo `_eZgbc Z g_]Zlb\ghklv
gZijZ\e_gZ gZ ^_kljmdpbx kmbpb^Zevgu_ bfimevku =_^hgbklbq_kdbc bfimevk fh`_l [ulv
k\yaZg k j_ZebaZpb_c jZaguo ^jZc\h\ Ijb ihy\e_gbb gZijbf_j k_dkmZevgh]h ^jZc\Z ebpZ k
ih]jZgbqgufb jZkkljhckl\Zfb _]h j_Zebamxl (JR b VXSHUHJR g_ y\eyxlky ^hklZlhqghc
aZsblhchlklj_fe_gbyd g_f_^e_gghcj_ZebaZpbb^jZc\Z\ kbembokeZ[hcij_^klZ\e_gghklb
6HOI lZd`_ g_^hklZlhqgh kiZyg qlh[u wlhfm ijhlb\hklhylv Hkms_kl\ey_fZy lZdbf h[jZahf
j_ZebaZpbyk_dkmZevguogZf_j_gbcijhlb\hj_qblj_ZevgufZ^Zilb\gufj_Zdpbyfkhijy`_gZ
k jbkdhfb ^bkdj_^blbjm_lebqghklv\ khpbZevghfieZg_lZddZddhglZdluk g_ih^oh^ysbfb
ex^vfb\ g_ih^oh^ys_ff_kl_hiZkguG_dhlhju_ZgZeblbdbjZkkfZljb\Zxlwlhy\e_gb_dZd
ijyfmxj_ZebaZpbxZmlh^_kljmdpbbk\hckl\_ggmxih]jZgbqgufebqghklyfghwlhg_\k_]^Z
lZd Bgh]^Z j_qv b^_l h g_dhjjb]bjm_fhf h\eZ^_\Zxs_f q_eh\_dhf gZ hij_^_e_ggh_ \j_fy
^jZc\_
Wlh fh]ml [ulv bfimevku k\yaZggu_ kh klj_fe_gb_f ihemqblv m^h\hevkl\b_ b \ ^jm]bo
j_ZebaZpbyogZijbf_ji_jbh^bq_kdb_m\e_q_gbyZedh]he_fgZjdhlbdZfb_^hc[ukljhc_a^hc
gZ Z\lhfh[be_ ZaZjlgufb b]jZfb LZdbf h[jZahf ^ey ebp k ih]jZgbqgufb gZjmr_gbyfb
lbibqgu jZaebqgu_ nhjfu ZaZjlgh]h ih\_^_gby k\yaZggu_ k jbkdhf Bfimevku fh]ml [ulv
hq_gvjZagufbIjbkljZklb_d nbdkZpbbgZdZdhflhh^ghfbogbohlkmlkl\m_l
<hafh`gh khklhygb_ \h \j_fy dhlhjh]h ebpZ k ih]jZgbqgufb gZjmr_gbyfb l_jyxl
]heh\m kh\_jrZy ihklmidb ijhlb\hj_qZsb_ bo bgl_j_kZf b g_kh\iZ^Zxsb_ k l_f q_]h hl
gboh`b^Zxl
D aZsblguf j_Zdpbyf lZdbo ebqghkl_c hlghkylky bgl_ee_dlmZebaZpby b ijh_dpby
Bgl_ee_dlmZebaZpby ghkbl nbehkhnkdh_ kh^_j`Zgb_ [Zabjmxs__ky gZ wdabkl_gpbZevguo
ijh[e_fZodZkZxsbokykfukeZ`bagb\ p_ehfb djblbdbh[s_ijbgyluokbkl_fp_gghkl_c
H^ghc ba ijh[e_f oZjZdl_jguo ^ey ebp k ih]jZgbqgufb jZkkljhckl\Zfb y\ey_lky
hlkmlkl\b_ m gbo mf_gby dhgljhebjh\Zlv e_]dh \hagbdZxsmx aehklv ijhy\eyxsmxky \ \b^_
\aju\h\ khijh\h`^Zxsmxky ^_kljmdlb\gufb ^_ckl\byfb b \uklmiZxsmx dZd dhfihg_gl
^bknhjbq_kdh]h gZkljh_gby <h \j_fy ^bknhjbb wlb ebpZ jZa^jZ`bl_evgu e_]dh \klmiZxl \
dhgnebdlu ijh_pbjmy gZ ^jm]bo lh qlh \uau\Z_l m gbo kdhevdhgb[m^v ij_^klZ\e_ggh_
qm\kl\h \bgu k ihkl_i_gguf \ujZ[Zlu\Zgb_f gZ\udZ d khq_lZgbx ^\mo \b^h\
ikboheh]bq_kdhcaZsblubgl_ee_dlmZebaZpbbb ijh_dpbbIjh_dpby\ujZ`Z_lky\ kihkh[ghklb
ebp k ih]jZgbqgufb gZjmr_gbyfb gZ \_j[Zevghf mjh\g_ ohjhrh b m[_^bl_evgh h[\bgylv
^jm]bo k bkihevah\Zgb_f nhjfZevghc eh]bdb ^ey ^_fhgkljZpbb k\h_c ijZ\hlu b g_ijZ\hlu
^jm]bo Hgb kZfb oZjZdl_jbamxl k_[y dZd fZkl_jh\ ^bkdmkkbc ih[_^bl_eyfb dhlhjuo hgb
qZs_\k_]hy\eyxlky
GZklmiZxsb_ m ebp k ih]jZgbqgufb gZjmr_gbyfb \g_aZigu_ i_jbh^u hldZaZ ihjZ`Zxl
\hh[jZ`_gb_ l_o dlh \b^bl wlh \i_j\u_ HldZa hl fgh]bo ^_ckl\bc oZjZdl_jbam_lky j_adh
\ujZ`_gguf mf_gvr_gb_f ijh^mdlb\ghklb ikbobq_kdhc ^_yl_evghklb k baf_g_gb_f
wfhpbhgZevgh\he_\hc kn_ju K dhebq_kl\_gghc lhqdb aj_gby wfhpbc klZgh\blky f_gvr_ :
\hl kh^_j`Zgb_ wfhpbc hp_gblv ljm^gh Ohly hl^_evgu_ we_f_glu ^bknhjbb fh]ml
ijbkmlkl\h\Zlv wlh g_ ^bknhjby b g_ ^_ij_kkby <hagbdZ_l khklhygb_ wfhpbhgZevgh]h
hlkmlkl\by\ i_jbh^dhlhjh]hwfhpbhgZevgZykn_jZgZoh^blkydZd[u\ ^j_fhlghfkhklhygbb
>ey wlh]h i_jbh^Z oZjZdl_jgu iZkkb\ghklv fZeh_ dhebq_kl\h ^\b`_gbc ]bihfbfby LZdb_
ex^b\u]ey^yldZdg_`b\u_
F_oZgbafhf jZa\blby wlbo khklhygbc y\ey_lky [ehdZ^Z wg_j]_lbq_kdbo bfimevkh\
b^msbo ba ih^khagZgby <ujZ`Zykv f_lZnhjbq_kdb kZ^blky bklhqgbd iblZgby
h[_ki_qb\Zxsbcnmgdpbhgbjh\Zgb_q_eh\_dZ:gZebabjh\ZlvwlbgZjmr_gbyljm^ghhkh[_ggh
\ k\yab k hlkmlkl\b_f m ebp k ih]jZgbqgufb gZjmr_gbyfb `_eZgby bo hoZjZdl_jbah\u\Zlv
EbpZf k ih]jZgbqgufb jZkkljhckl\Zfb k\hckl\_ggu \ukdZau\Zgby lbiZ M f_gy [u\Zxl
lZdb_khklhygbyghwlhg_[he_agvohlyy ihgbfZxqlh^jm]b_jZkp_gb\ZxlbodZd[he_agvZ
f_gy dZd ikbobq_kdb [hevgmx Hlkx^Z `_eZgb_ kdjulv gZebqb_ wlbo khklhygbc hl
hdjm`Zxsbob ihiuldbg_]h\hjblvh gboIhiuldbwlbh[uqghm^Zxlkyg_kfhljygZgZebqb_
qZkluo i_jbh^h\ hldZaZ \h \j_fy dhlhjuo ebpZ k ih]jZgbqgufb gZjmr_gbyfb ijyqmlky hl
hdjm`Zxsbo >_ckl\by kh\_jr_ggu_ \h \j_fy wlbo khklhygbc g_Z^_d\Zlgu \ k\yab k
hlkmlkl\b_f khagZl_evgh]h dhgljhey gZ^ gbfb GZijbf_j hklZ\Zykv ^hfZ lZdb_ ex^b fh]ml
hklZ\blv\dexq_ggufwe_dljhijb[hjfh]mlg_aZdjulv^\_jvijbgylv[hevrmx^hamdZdh]h
lhe_dZjkl\ZnhjfZevghh[tykgyywlhgZijbf_jkbevghc]heh\ghc[hevx Bgh]^Z \hagbdZ_l
wdabkl_gpbZevgZy lj_\h`ghklv qlh klbfmebjm_l `_eZgb_ mihlj_[eylv ljZgd\bebaZlhju
I_jbh^uhldZaZdjZldh\j_f_gguk ijh^he`bl_evghklvxhlg_kdhevdboqZkh\^hh^gh]h^gyk
ihke_^mxsbf\ha\jZs_gb_fd bkoh^ghfmkhklhygbx
GZjmr_gbyb^_glbqghklbhdZau\Zxlg_ihkj_^kl\_ggh_\ebygb_gZiheh\mxhjb_glZpbxk
gZebqb_f l_g^_gpbb ihqm\kl\h\Zlv k_[y \ jheb ebpZ ijhlb\hiheh`gh]h iheZ Wlbf
h[tykgyxlkyihiuldb\klmie_gby\ ]hfhk_dkmZevgu_b e_k[bckdb_k\yabh[tykgy_fu_ebpZfb
k ih]jZgbqgufb gZjmr_gbyfb dZd g_h[oh^bfhklv jZkrbjylv k\hc k_dkmZevguc djm]hahj
GZjmr_gby b^_glbqghklb ij_^klZ\e_gu lZd`_ \ qZklhc kf_g_ lZdbfb ex^vfb ijhn_kkbb
mq_[gh]haZ\_^_gbyb f_klZjZ[hlu
Ebpk ih]jZgbqgufbb ZglbkhpbZevgufbgZjmr_gbyfbh[t_^bgy_lgZebqb_m l_ob ^jm]bo
]_^hgbklbq_kdbol_g^_gpbck [ukljhgZklmiZxsbfqm\kl\hfij_kus_gby<hh^mr_\e_gghklv
m\e_q_gghklvgZklhcqb\hklvkhq_lZxlkym gbok [ukljhcihl_j_cbgl_j_kZd ijhbkoh^ys_fmk
ihke_^mxsbfkh\_jr_gb_f g_Z^_d\Zlguo b g_e_iuo k lhqdb aj_gbyhdjm`Zxsbo ^_ckl\bc
ijhy\eyxsboky gZijbf_j \ moh^_ k ihke_^g_]h dmjkZ bgklblmlZ \ ij_ju\Zgbb ihqlb
aZdhgq_gghcjZ[hlu
< ^hiheg_gb_ d g_]Zlb\guf qm\kl\Zf [_a^gu imklhlu qm\kl\m hlkmlkl\by k_[y
k\hckl\_gguf ^ey ebp k ih]jZgbqgufb jZkkljhckl\Zfb ^h[Z\ey_lky _s_ b qm\kl\h
wdabkl_gpbZevghckdmdb
Ikboheh]bq_kdhc aZsblhc hl lZdh]h jh^Z qm\kl\ y\ey_lky mklZgh\e_gb_ 6HOIh[t_dlghc
k\yabk q_eh\_dhf< kbemg_kiZygghklb 6HOI hgbihgbfZxlqlh\hi_j\uok\yavk h[t_dlhf
² bo keZ[Zy klhjhgZ Z \h\lhjuo _keb lZdZy k\yav \hagbdZ_l lh __ j_ZebaZpby \hafh`gZ
lhevdh k ikboheh]bq_kdb kh\f_klbfuf q_eh\_dhf gZ dhlhjh]h hgb ijhba\_eb kbevgh_
\i_qZle_gb_ MklZgh\e_gbx ex[h\ghc k\yab k wlbf q_eh\_dhf ebpZ k ih]jZgbqgufb
jZkkljhckl\Zfbijb^Zxl[hevrh_agZq_gb_WlZk\yavgZdZdhflhwlZi_dZdb ijbex[h\guo
Z^^bdpbyofh`_l[ulvhq_gvbgl_gkb\ghcH^gZdh\hagbdZxs_cbgl_gkb\ghklbijhlb\hj_qbl
bo h[sZy kljmdlmjZ ebqghklb oZjZdl_jbamxsZyky g_kiZygghklvx jZks_ie_gghklvx 6HOI
Ihwlhfm g_kfhljy gZ gZebqb_ bgl_gkb\guo hlghr_gbc g_ bkdexq_g \uoh^ aZ jZfdb wlbo
hlghr_gbc k mklZgh\e_gb_f gZijbf_j fZehagZqbfuo \j_f_gguo qZklh h^ghjZah\uo
k_dkmZevguo hlghr_gbc k ^jm]bfb :gZeba wlh]h y\e_gby ihdZau\Z_l qlh \ iZjZee_evguo
hlghr_gbyok ^jm]bfbmqZkl\m_l^jm]hcnjZ]f_gl 6HOI K lhqdbaj_gby )DLUEDLPm lZdboex^_c
kms_kl\m_l jZggbc hiul hlghr_gbc k ^jm]bfb bgl_jgZebabjmxsbcky b [Zabjmxsbcky \
ih^khagZgbbJZaju\agZqbfuohlghr_gbcijh\hpbjmxlnZdlhjuklbfmebjmxsb_ijhy\e_gb_
ij_`gbo i_j\bqguo 6HOIh[t_dlguo hlghr_gbc ih k\h_fm kh^_j`Zgbx wlh qZklh
jZajmrbl_evgu_ dhglZdlu k ZglbkhpbZevgufb ex^vfb :gZfg_a ebp k ih]jZgbqgufb
gZjmr_gbyfb ihdZau\Z_l gZebqb_ \ bo `bagb lZcg \lhjuo `bag_c dhlhju_ hgb iulZxlky
kdjulvqlhqZklhk^_eZlvg_m^Z_lkyWlhijhy\ey_lky\ g_h`b^Zgguoihy\e_gbyog_agZdhfuo
ex^_c ij_^ty\eyxsbo ebpZf k ih]jZgbqgufb gZjmr_gbyfb lj_[h\Zgby ijZ\Z g_ihgylgu_
^eyjh^bl_e_cb [ebadbo
Ex^b k ih]jZgbqgufb jZkkljhckl\Zfb p_gyl b h[_j_]Zxl hlghr_gby kh agZqbfuf 6HOI
h[t_dlhf lZd dZd hgb ihgbfZxl qlh gbq_]h ^jm]h]h m gbo g_l Wlbf h[tykgy_lky
ijbkmlkl\mxsbc \ bo `bagb ihklhygguc kljZo ihdbgmlhklb JZaju\ agZqbfuo hlghr_gbc
khijh\h`^Z_lky jZa\blb_f ^_ij_kkbb Z ij_^ijbgbfZ_fu_ ihiuldb baf_gblv kblmZpbx
^_eZxlky g_mdex`_ b ]jm[h kihkh[kl\my _s_ [hevr_fm __ mom^r_gbx QZkluf \uoh^hf ba
keh`b\r_ckykblmZpbby\ey_lkyk_jv_aguckmbpb^
QZklZy kf_gZ lhq_d aj_gby \a]ey^h\ b kbkl_f p_gghkl_c gZ ijhbkoh^ysb_ kh[ulby
y\ey_lky oZjZdl_jghc q_jlhc ebp k ih]jZgbqgufb gZjmr_gbyfb I_j_dexq_gby gZ ^jm]b_
kbkl_fu p_gghkl_c ghkyl djZldh\j_f_gguc oZjZdl_j b ijhbkoh^yl \ j_amevlZl_ jZaebqguo
kemqZcguo nZdlhjh\ \i_qZle_gbc ijhba\_^_gguo gZ gbo dZdbfblh ex^vfb beb kh[ulbyfb
Ihwlhfmhl\_lugZlZdhckZdjZf_glZevguc\hijhkQlh`_^eygbobklbgZ"jZaghh[jZagub
aZ\bkylhldhjhldh]h[ukljhf_gyxs_]hky\j_f_ggh]hijhf_`mldZbo`bagb
Hlebqbl_evghcq_jlhcebp k ih]jZgbqgufb gZjmr_gbyfby\ey_lkybgl_j_k d jZaebqguf
k\_jot_kl_kl\_gguf y\e_gbyf lZdbf dZd ykgh\b^_gb_ ij_^\b^_gb_ r_klh_ qm\kl\h
ijb\b^_gby \lhjZy j_Zevghklv ^mob K\h_h[jZab_ wlhcq_jlu aZdexqZ_lky k h^ghc klhjhgu
\h \e_q_gbb d wlbf y\e_gbyf Z k ^jm]hc ² \ lhf qlh ^Ze_dh \ gbo hgb g_ moh^yl b
khojZgyxl k\yav k ^Zevghklvx \ hlebqb_ hl rbahlbibq_kdbo ebqghklguo jZkkljhckl\ Wlh
h[mkeh\e_ghl_fqlh]em[hdZyih]jm`_gghklv\ wlby\e_gbykihkh[kl\m_l[ukljhfmjZa\blbx
m ebp k ih]jZgbqgufb gZjmr_gbyfb hsms_gby wdabkl_gpbZevghc lj_\h]b Ihke_^gyy ghkbl
gZklhevdh\ujZ`_ggucoZjZdl_jqlhhgbij_^ijbgbfZxl\k_\hafh`gu_f_ju^eyba[Z\e_gby
hlg_]hGZijbf_jijhkfhljki_dlZdeyIj_klmie_gb_b gZdZaZgb_ihNF>hklh_\kdhfm\
l_Zlj_Ex[bfh\Z\uau\ZeiZgbq_kdbckljZom `_gsbgk ih]jZgbqgufbgZjmr_gbyfb\ k\yabk
kh^_j`Zgb_f\ ihklZgh\d_we_f_glh\ijh\hpbjmxsbohsms_gb_m]jhauIjhkfhljnbevfh\
ql_gb_dgb]k kh^_j`Zgbyfbbf_xsbfbhlghr_gb_d Zjo_lbighckbf\hebd_fh`_l\uau\Zlv
ih^h[gu_khklhygby
KbfilhfhfoZjZdl_jguf^eyebpk ih]jZgbqgufbgZjmr_gbyfby\ey_lkybog_`_eZgb_
nhlh]jZnbjh\Zlvky kfhlj_lv \ a_jdZeh b jZkkfZljb\Zlv k\hb nhlh]jZnbb Wlb ijhp_kku
\uau\Zxlm gbog_ijbylgu_wfhpbbk\yaZggu_k mkbe_gb_fgZjmr_gbyb^_glbqghklb
=BKLJBHGBQ?KDB?EBQGHKLGU?J:KKLJHCKL<:
>ey wlh]h \b^Z jZkkljhckl\Z oZjZdl_jgZ kdehgghklv d ij_m\_ebq_gguf wfhpbhgZevguf
j_Zdpbyf d ^jZfZlbaZpbb ijhbkoh^ys_]h klj_fe_gb_ bkiulu\Zlv kbevgu_ qm\kl\Z
\ujZ`_ggucw]hp_gljbafb wdkljZ\_jlbjh\ZgghklvEbpZk ]bkljbhgbq_kdbfbjZkkljhckl\Zfb
khpbZ[_evgu gm`^Zxlky \ ihklhygghf \gbfZgbb d k_[_ \ g_h[oh^bfhklb ijhba\h^blv gZ
^jm]bo ohjhr__ \i_qZle_gb_ klj_fykv [ulv \ p_glj_ \gbfZgby k p_evx ihemqblv iho\Zem
bkihevamy ^ey wlh]h jZagu_ kj_^kl\Z aZ\bkysb_ hl \hafh`ghkl_c LZdb_ ebpZ ijZdlbq_kdb
ihklhyggh b]jZxl hij_^_e_ggmx jhev gZklhevdh \`b\Zykv \ g__ qlh ihjhc ljm^gh
jZah[jZlvky ]^_ `_ bo gZklhys__ Y GZijbf_j bo kihkh[ghklv ijhba\h^blv \i_qZle_gb_
k_dkmZevgh kh[eZagbl_evguo ex^_c k bkihevah\Zgb_f khhl\_lkl\mxs_]h klbey ih\_^_gby b
\g_rg_]h \b^Z ijhba\h^bl hrb[hqgh_ \i_qZle_gb_ lZd dZd \ ^_ckl\bl_evghklb \ bglbfghc
kn_j_wlbfex^yfk\hckl\_ggZ^hklZlhqgZyoheh^ghklv
Ghkbl_eb ]bkljbhgbq_kdh]h jZkkljhckl\Z qj_a\uqZcgh haZ[hq_gu l_f qlh[u \u]ey^_lv
khhl\_lkl\mxsbf kemqZx h[jZahf K\hb wfhpbhgZevgu_ j_Zdpbb hgb \ujZ`Zxl \
ij_m\_ebq_gghf\b^_klZjZykvihdZaZlvgZijbf_jg_kZfnZdlgZebqbyjZ^hklbZ k_[y\ wlhc
jZ^hklb ^_fhgkljbjmy k_[y jZ^hklguf ohly \ ^_ckl\bl_evghklb wfhpbb lZdhc kbeu hgb g_
bkiulu\Zxl K wlhc p_evx hgb bkihevamxl \hkdebpZgby b g_h[oh^bfu_ ^ey wlh]h \g_rgb_
ijbagZdblZdb_dZd^jZfZlbaZpbyl_ZljZevghklv\ ih\_^_gbbiulZykvihdZaZlvgZebqb_m gbo
i_j_`b\Zgbc G_kfhljy gZ klZjZgby ex^b ohjhrh bo agZxsb_ b ^hklZlhqgh
gZ[ex^Zl_evgu_ \b^yl g_bkdj_gghklv b g__kl_kl\_gghklv bo ih\_^_gby dhlhjh_ hkh[_ggh
jZa^jZ`Z_l [ebadbo b jh^kl\_ggbdh\ ^_eZxsbo bf aZf_qZgby lbiZ DZd `_ lu fh`_rv lZd
k_[y\_klb"qlhh^gZdhg_ijb\h^bld baf_g_gbxh[s_]hklbeyih\_^_gby]bkljbhgbq_kdhc
ebqghklb
>ey ebp k lZdh]h \b^Z jZkkljhckl\Zfb oZjZdl_jgh ihklhyggh_ klj_fe_gb_ [ulv \ p_glj_
\gbfZgby qlh h[t_^bgy_l bo k ebpZfb bf_xsbfb gZjpbkkbq_kdb_ hkh[_gghklb Hlebqb_
aZdexqZ_lky \ lhf qlh _keb q_eh\_d k gZjpbkkbq_kdbfb gZjmr_gbyfb fh`_l i_j_g_klb
ij_[u\Zgb_ gZ i_jbn_jbb lh ]bkljbhgbq_kdb_ ebpZ \k_]^Z klj_fylky [ulv \ p_glj_
\gbfZgby ijb\e_dZy d k_[_ hdjm`Zxsbo aZf_qZgbyfb \hkdebpZgbyfb ]jhfdbfb njZaZfb b
kf_ohf
Hgbe_]dhb [ukljhi_j_oh^ylhlh^gh]h\b^ZgZkljh_gbyd ^jm]hfmLZd\ujZ`ZydjZcg__
khqm\kl\b_ q_eh\_dm hl\_jgm\rbkv hl g_]h b ih^hc^y d ^jm]hfm lml `_ ijhy\eyxl j_Zdpbx
jZ^hklbb \hklhj]Z
Bf k\hckl\_ggZ w]hp_gljbqghklv klj_fe_gb_ d g_f_^e_gghfm m^h\e_l\hj_gbx k\hbo
`_eZgbc b g_Z^_d\Zlgh_ i_j_`b\Zgb_ njmkljZpbb GZebqb_ kblmZpbc k\yaZgguo k
g_h[oh^bfhklvx hlkjhqblv m^h\e_l\hj_gb_ `_eZgby \uau\Z_l m gbo i_j_`b\Zgby
wfhpbhgZevgu_j_ZdpbbjZahqZjh\Zgbyg_m^h\hevkl\byZ bgh]^Zb ]g_\ZBoih\_^_gb_ghkbl
bfij_kkbhgbklbq_kdbcoZjZdl_j
J_qv lZdbo ex^_c bah[bem_l nbdkZpb_c gZ ^_lZeyo b h[sbfb hp_gdZfb lbiZ Wlh [ueh
aZf_qZl_evgh beb Y ihkfhlj_e \_ebdhe_iguc ki_dlZdev Y ihagZdhfbeZkv k
g_h[uqZcgufq_eh\_dhf
<h \aZbfhhlghr_gbyo k ex^vfb bfb qZklh bkihevam_lky wfhpbhgZevguc rZglZ`
GZijbf_j jZau]ju\Zgb_ ]g_\guo kp_g ^_fhgkljZpby ke_a m]jhaZ ihdhgqblv k kh[hc
\klj_qZxsZykym lZdboebpgZb[he__qZklhK\_jowfhpbhgZevghklvij_m\_ebq_gghklvj_Zdpbc
[ukljhbklhsZ_lhdjm`ZxsboklZjZxsbokymklZgh\blv[Zjv_jf_`^mkh[hcb wlbfbex^vfb
GZebqb_lZdh]h[Zjv_jZijb\h^bld ihbkdm]bkljbhgbq_kdbfbebpZfbgh\uoagZdhfuogh\uo
ajbl_e_c>_fhgkljbjm_fu_bfbkhklhygbyhgbi_j_`b\Zxlebrv\ g_agZqbl_evghckl_i_gbh
q_f k\b^_l_evkl\m_l bo [ukljuc \uoh^ ba wlbo khklhygbc k \hagbdZxsbf m^b\e_gb_f
ijhy\eyxsbfky\ \hijhk_Ihq_fm`_^jm]b_ihfgyllhq_]hg_ihfgxy"
LZdb_ebpZg_j_^dhh[fZgu\Zxlb kZfbok_[yijh^he`ZykqblZlvk_[yijZ\ufbg_kfhljy
gZ lh qlh \k_ nZdlu k\b^_l_evkl\mxl h[ h[jZlghf H[fZgu\Zy ^jm]bo hgb aZsbsZxl k\hx
eh`gmxihabpbx\hij_dba^jZ\hfmkfukemWlhih\_^_gb_\hfgh]hfgZihfbgZ_lih\_^_gb_
^_l_c ihwlhfm hdjm`Zxsb_ bgh]^Z ]h\hjyl h gZebqbb m gbo g_aj_euo wfhpbhgZevguo
j_Zdpbcqlh\ p_ehfg_kh\k_flhqghhljZ`Z_lkms_kl\hijhp_kkZ
G_kfhljy gZ j_Zevgh kms_kl\mxs__ g_^hklZlhqgh_ wfhpbhgZevgh_ mqZklb_ \ ex[h\guo
hlghr_gbyo hgb kdehggu d ^_fhgkljZpbb ex[\b \ ijbkmlkl\bb [hevrh]h dhebq_kl\Z
k\b^_l_e_cohlyijh[e_fZk_dkmZevghcoheh^ghklb^eygboqj_a\uqZcghZdlmZevgZ
6FKQHLGHU \u^_eye \ wlhc dZl_]hjbb ex^_c ebp ihklhyggh bsmsbo \gbfZgby k
\ujZ`_gguf klj_fe_gb_f kha^Zlv \i_qZle_gb_ k\h_c g_h[uqghklb khijh\h`^Zxsbfky
bahsj_ggufbihiuldZfbihdZaZlvk_[ybf_gghk wlhcklhjhgu
< hibkZgbyo ]bkljbhgbq_kdbo jZkkljhckl\ bf__lky jy^ ijbagZdh\ h[t_^bgyxsbo bo k
gZjpbkkbq_kdbfb b ZglbkhpbZevgufb jZkkljhckl\Zfb Hlebqb_f hl ihke_^gbo y\eyxlky
hlkmlkl\b_ m ]bkljbhgbq_kdbo ebp kdehgghklb d ijZ\hgZjmr_gbyf b eZ[bevguc ]b[dbc
fy]dbcoZjZdl_jih\_^_gby
G:JPBKKBQ?KDB?EBQGHKLGU?J:KKLJHCKL<:
Baeh`_gb_ H\b^b_f \ F_lZfhjnhaZo fbnZ h GZjpbkk_ kh^_j`bl \ k_[_ \ g_kdhevdh
aZ\mZebjh\Zgghcnhjf_jy^ZdlmZevguom`_^eyZglbqgh]hfbjZagZq_gbcH\b^bckhh[sZ_lh
jh^bl_eyo GZjpbkkZ gbfn_ E_cjbhi_ b bagZkbeh\Z\r_f __ j_qghf [h]_ P_nbk_ Wlbf
ih^q_jdb\Zxlky ljZ\fZlbq_kdb_ fhf_glu \ ijhrehf GZjpbkkZ Hkgh\gu_ fhlb\u dhlhju_
ij_^klZ\ey_lky\hafh`gufijhke_^blv\ wlhfbaeh`_gbbke_^mxsb_
fhlb\hl\_j`_gghcex[\bgbfnuWoh
fhlb\ f_klb [h]bgb gZdZau\Zxs_c w]hp_gljbqgh]h b [_aaZ[hlgh]h GZjpbkkZ
\hagbdgh\_gb_fkljZklbdhlhjmxg_evayj_Zebah\Zlv
fhlb\^\hcgbdZhkgh\ZggucgZbeexabbGZjpbkk\ex[ey_lky\ k\h_hljZ`_gb_
fhlb\kljZklgh]h`_eZgby
fhlb\fZ]bq_kdh]hij_\jZs_gbyWohklZgh\blky[_kl_e_kghcb GZjpbkkij_\jZsZ_lky
\ p\_lhd
fhlb\kf_jlb
fhlb\\hkdj_k_gbyp\_lhd\hkdj_kZ_l\_qghdh]^ZabfZkf_gy_lky\_kghc
G_kfhljy gZ Zglbqgh_ ijhbkoh`^_gb_ l_jfbgZ b _]h jZaebqgh_ lhedh\Zgb_ \ bklhjbb
ijhreh]h lhevdh \ ;; \_d_ l_jfbg gZjpbkk b ijhba\h^guc hl g_]h gZjpbkkbaf klZeb
mihlj_[eylvky \k_ [he__ qZklh b Zkkhpbbjh\Zlvky k ijh[e_fZfb ikbobq_kdh]h a^hjh\vy
ikbohZgZebaZ b ikbobZljbb GZjpbkkbq_kdh_ ebqghklgh_ jZkkljhckl\h [ueh \dexq_gh \
dZq_kl\_ ^bZ]ghklbq_kdhc _^bgbpu \i_j\u_ \ '60,,, ohly b ^h wlh]h
dhgp_ilmZebaZpby gZjpbkkbafZ bf_eZ kh^_j`Zl_evgmx bklhjbx gZqbgZy hl )UHXGD Dhgp_ipbxjZajZ[Zlu\Zebjy^Z\lhjh\ij_`^_\k_]h .RKXW .HUQEHUJ .OHLQ )DLUEDLP (OLWV 0%DOLQW $%DOLQW 3ODKXQ
>bZ]ghklbq_kdb_djbl_jbbgZjpbkkbq_kdh]hebqghklgh]hjZkkljhckl\Zkh]eZkgh '60,9
\dexqZxl\k_ijhgbdZxsbciZll_jg]jZg^bhaghklbb hlkmlkl\b_wfiZlbbJZkkljhckl\h
fh`_l ^bZ]ghklbjh\Zlvky ijb mklZgh\e_gbb iylb beb [he__ ijbagZdh\ kj_^b dhlhjuo
\u^_eyxlky ]jZg^bhagh_ qm\kl\h kZfhagZqbfhklb aZo\Zq_gghklv nZglZabyfb
g_h]jZgbq_ggh]hmki_oZ\eZklb \_jZ\ kh[kl\_ggmxmgbdZevghklvdhlhjmxfh]mlhp_gblv
lhevdhhkh[hh^Zj_ggu_ex^b ihlj_[ghklv\ \hkobs_gbb qm\kl\hijb\be_]bjh\Zgghklb
wdkiemZlZlb\ghklv \ f_`ebqghklguo hlghr_gbyo hlkmlkl\b_ wfiZlbb aZ\bklv d
^hklb`_gbyf^jm]bo \uau\Zxs__gZ]eh_ih\_^_gb_
Nj_c^h\kdb_ ij_^klZ\e_gby h gZjpbkkbaf_ bf_eb [hevrh_ \ebygb_ gZ ihke_^mxsbo
bkke_^h\Zl_e_cwlhcijh[e_fuLZdgZijbf_jNj_c^mklZgh\bejZa\blb_gZjpbkkbafZhl_]h
bgnZglbevghc i_j\bqguc gZjpbkkbaf ^h aj_euo nhjf Z lZd`_ agZq_gb_ gZjpbkkbafZ \
nhjfbjh\Zgbb \gmljbikbobq_kdhc kljmdlmju HklZxlky ZdlmZevgufb aZdexq_gby Nj_c^Z h
\hafh`ghklb gZjmr_gby gZjpbkkbq_kdh]h jZa\blby \ j_amevlZl_ q_]h fh]ml \hagbdZlv
ki_pbnbq_kdb_nhjfugZjpbkkbq_kdhcikbohiZlheh]bb
IkbohiZlheh]by dhlhjmx Nj_c^ jZkkfZljb\Ze dZd gZjpbkkbq_kdmx ih
ikbohiZlheh]bq_kdbf f_oZgbafZf \dexqZeZ gZjy^m k gZjpbkkbq_kdbfb g_\jhaZfb
rbahnj_gbx
Nj_c^ \u^_eye i_j\bqguc gZjpbkkbaf dZd khpbZevgmx klZ^bx ikbohk_dkmZevgh]h
jZa\blby dhlhjZy fh`_l [ulv hklZgh\e_gZ bbebgZ dZdhflh wlZi_jZa\blbyj_]j_kkbjh\Zlv
LZdb_hldehg_gby\_^mld jZa\blbxikbohiZlheh]bb
Q_eh\_dnhjfbjm_lhlghr_gbyk ^jm]bfbex^vfbihkj_^kl\hfdZl_dkbkZboikbobq_kdbo
k\hckl\ j_ij_a_glZpbc k kh[kl\_gguf eb[b^h ?keb dZl_dkbk ij_djZsZ_lky ^jm]b_ jZg__
dZl_dkbklbjh\Zggu_ ex^b dZd [u ijhklh i_j_klZxl kms_kl\h\Zlv ;hevghc rbahnj_gb_c
hl\h^blk\h_eb[b^hhlex^_cb \_s_c\h\g_rg_ffbj_g_aZf_gyybo\ nZglZabyoNj_c^
kqblZe qlh wlhl f_oZgbaf h[t_^bgy_l ihl_jx bgl_j_kZ d hdjm`Zxs_fm fbjm [hevguo
rbahnj_gb_c Ebr_ggh_ dZl_dkbkZ eb[b^h nmgdpbhgbjm_l \ HJR iZpb_glZ b _]h l_e_ q_f
fh]ml h[tykgylvky b^_b \_ebqby b bihohg^jbq_kdb_ i_j_`b\Zgby Nj_c^ \u^_eye ^\Z lbiZ
\u[hjZ h[t_dlh\ gZ[ex^Zxsboky \ kemqZyo ghjfZevgh]h b iZlheh]bq_kdh]h jZa\blby ZgZeblbq_kdbc lbi ijb\yaZgghklb b gZjpbkkbq_kdbc GZjpbkkbq_kdbc lbi ex[bl Z lh
q_fhghgZkZfy\eyxlky[lhq_fhghgZkZf[uejZgvr_\q_f[u_fm_cohl_ehkv[ulv]
dh]hlhdlhdh]^Zlh[ue_]h__qZklvx
:gZeblbq_kdbc lbi ex[bl ex^_c dhlhju_ aZ[hlylkyh g_f aZsbsZxl _]h 0LNORV %DOLQW
hljbpZe gZebqb_ i_j\bqgh]h gZjpbkkbafZ %DOLQW ibkZe KZfZy jZggyy nZaZ
\g_mljh[gh]h kms_kl\h\Zgby g_ y\ey_lky gZjpbkkbq_kdhc hgZ gZijZ\e_gZ ih hlghr_gbx d
h[t_dlZf Wlh i_j\bqgh_ ZjoZbqgh_ ijbfblb\gh_ h[t_dlgh_ hlghr_gb_ %DOLQW gZa\Ze
i_j\bqghc ex[h\vx I_j\bqgZy ex[h\v y\ey_lky fZl_jbgkdb^_lkdhc b ij_^klZ\ey_l
]Zjfhgbqgh_\aZbfhijhgbdgh\_gb_b kf_rb\Zgb_G_\hafh`ghhij_^_eblv]^_b dlhbawlhc
kljmdlmjudhgqZ_lkybebgZqbgZ_lky
$OLFH%DODQW Zdp_glmbjh\ZeZqlh\ wlhfi_jbh^_fZlvi_j_`b\Z_lj_[_gdZdZdqZklv
k_[ylZdbf`_h[jZahfdZdj_[_ghdjZkkfZljb\Z_lfZlvdZdqZklvk_[y
<k_[he__iha^gb_h[t_dlgu_hlghr_gby\ujZklZxlgZhkgh\_wlboi_j\bqguoh[t_dlguo
hlghr_gbc K lhqdb aj_gby F %DOLQW dhg_qghc p_evx q_eh\_q_kdbo klj_fe_gbc y\ey_lky
\hkklZgh\e_gb_\k_ih]ehsZxs_c]Zjfhgbbkhk\hbfhdjm`_gb_f
*DXQW kqblZe qlh gZjpbkkbaf \k_]^Z \lhjbq_g b y\ey_lky j_amevlZlhf j_Zdpbb gZ
njmkljZpbbgZjmrZxsb_i_j\bqgu_h[t_dlgu_hlghr_gby
.RKXW \ hlebqb_ hl %DOLQW ijb^_j`b\Z_lky \a]ey^Z qlh j_[_ghd jh`^Z_lky \
khklhygbb i_j\bqgh]h gZjpbkkbafZ I_j\bqguc gZjpbkkbaf hij_^_ey_lky dZd khklhygb_ \
dhlhjhf j_[_ghd i_j\bqgh i_j_`b\Z_l fZlv b __ ^_ckl\by \gmljb dZjlbgu fbjZ \ dhlhjhc
^bnn_j_gpbZpbyY ² ^jm]hc_s_g_mklZgh\beZkv
;ZeZgk i_j\bqgh]h gZjpbkkbafZ gZjmrZ_lky \ k\yab k l_f qlh ih\_^_gb_ fZl_jb \k_]^Z
g_kh\_jr_gghb ihjhxljZ\fbjm_lj_[_gdZJ_[_ghdkh]eZkgh .RKXW j_Z]bjm_lgZwlhh[jZamy
^\_gh\u_kbkl_fu gZjpbkkbq_kdbc VHOI b b^_Zebabjh\Zggucjh^bl_evkdbcbfb^`Wlh
^\_ ghjfZevgu_ gZjpbkkbq_kdb_ ikboheh]bq_kdb_ dhgkl_eeypbb \gmljb dhgkl_eeypbb
gZjpbkkbq_kdh]h VHOI \k_ ijbylgh_ ohjhr__ b kh\_jr_ggh_ jZkkfZljb\Z_lky dZd qZklv
jm^bf_glZjgh]hVHOI \ lh\j_fydZd\k_g_ijbylgh_iehoh_b g_kh\_jr_ggh_jZkkfZljb\Z_lky
dZd \g_rg__ <gmljb b^_Zebabjh\Zggh]h jh^bl_evkdh]h bfb^`Z j_[_ghd klZjZ_lky
khojZgblv i_j\bqgh_ kh\_jr_gkl\h b \k_\eZklb_ gZ^_eyy jm^bf_glZjgh_ <u \ajhkeh]h
Z[khexlghc kbehc b kh\_jr_gkl\hf < ^Zevg_cr_f \ mkeh\byo ghjfZevgh]h jZa\blby wlb
gZjpbkkbq_kdb_ kljmdlmju mqZkl\mxl \ nhjfbjh\Zgbb b nmgdpbhgbjh\Zgbb kljmdlmj HJR b
VXSHUHJR b^_ZebaZpby jh^bl_evkdh]h bfb`^Z ljZgknhjfbjm_lky \ b^_ZebaZpbx VXSHUHJR Z
jZa\blb_gZjpbkkbq_kdh]h VHOI bf__lijyfh_hlghr_gb_d kljmdlmj_b nmgdpbb HJR
Ke_^m_l ih^q_jdgmlv qlh ^ey .RKXW
D gZjpbkkbq_kdbc ]jZg^bhaguc VHOI y\ey_lky
ghjfZevgufy\e_gb_fK lhqdbaj_gby .RKXW i_j_oh^ hlbgnZglbevguo nhjf gZjpbkkbafZ d
aj_euf nhjfZf ijb\h^bl d nhjfbjh\Zgbx \gmljbikbobq_kdhc kljmdlmju q_eh\_dZ \gmljb
dhlhjhc nhjfbjm_lky HJRb^_Ze b^_Zevgh_ HJR ^_ckl\mxs__ dZd \Z`gZy khklZ\gZy
kZfhhp_gdb KZfhhp_gdZ k\hckl\_ggZy jZgg_fm ^_lkl\m hklZ_lky \ iZfylb gZ^he]h Q_eh\_d
dZd [u g_ ohq_l aZ[ulv gZjpbkkbq_kdh_ kh\_jr_gkl\h ^_lkl\Z gh ih f_j_ k\h_]h jhklZ b
jZa\blby djblbq_kdh]h hlghr_gby d k_[_ b d ijhbkoh^ys_fm kh\_jr_ggh_ ij_^klZ\e_gb_
^_lkl\Z klZgh\blky ljm^gh khojZgblv Ihwlhfm nhjfbjm_lky HJRb^_Ze dZd gh\Zy nhjfZ
dhlhjmx hg ijh_pbjm_l gZ k_[y dZd aZf_gbl_ev ihl_jyggh]h bgnZglbevgh]h ^_lkdh]h
gZjpbkkbafZy\eyxs_]hkyb^_ZehfjZg__
< ijhlb\hiheh`ghklv wlhc lhqd_ aj_gby .HPEHUJ kqblZe qlh ]jZg^bhaguc
gZjpbkkbq_kdbc VHOI \k_]^Z iZlheh]bq_g b g_ fh`_l mqZkl\h\Zlv \ ghjfZevghf jZa\blbb
.HPEHUJ \ukdZau\Z_l m[_`^_gb_ qlh ebpZ k gZjpbkkbq_kdbfb ebqghklgufb jZkkljhckl\Zfb
h[eZ^Zxlbgl_]jZevgufohly\ \ukhdhckl_i_gbiZlheh]bq_kdbf]jZg^bhagufVHOI.HPEHUJ
iheZ]Z_l qlh ]jZg^bhaguc VHOI f_rZ_l dhgkheb^Zpbb ghjfZevgh]h HJR b VXSHUHJR Hkh[_ggh
wlhijhy\ey_lky\ nhjfbjh\Zgbb HJRb^_ZeZ Z lZd`_h[t_dlguohlghr_gbc
:gZebabjmy ijbqbgu jZa\blby iZlheh]bq_kdh]h ]jZg^bhagh]h gZjpbkkbq_kdh]h VHOI
.HPEHUJ ijb^Z_l [hevrh_ agZq_gb_ g_[eZ]hijbylguf kj_^h\uf nZdlhjZf q_f
dhgklblmpbhgZevguf h[mkeh\e_gguf hlkmlkl\b_f i_j_ghkbfhklb Z]j_kkb\guo bfimevkh\
dhgnebdlZf\ k\yabk Z]j_kkb\gufb^jZc\Zfb .HPEHUJ \u^_ey_l\ wlhfieZg_jZahqZjh\Zgby
jh^bl_eyfbdhlhju_iZpb_glufh]ml\kihfgblv\ ijhp_kk_ikbohZgZebaZ
.HPEHUJ h[jZsZ_l \gbfZgb_ gZ jhev ojhgbq_kdb oheh^ghc gZjpbkkbq_kdhc b \ lh `_
\j_fyk\_joijhl_dlb\ghcfZl_jbgkdhcnb]mju\ dZq_kl\_]eZ\gh]hwlbheh]bq_kdh]hwe_f_glZ\
ikboh]_g_a_wlhciZlheh]bb
LZdbf h[jZahf \ gZklhys__ \j_fy gZjpbkkbq_kdb_ gZjmr_gby hlghkyl d hkh[hfm \b^m
ebqghklguo jZkkljhckl\ < kms_kl\mxsbo deZkkbnbdZpbhgguo ko_fZo \u^_eyxlky
hibkZl_evgu_ ijbagZdb gZ hkgh\Zgbb dhlhjuo wlb jZkkljhckl\Z ^bZ]ghklbjmxlky L_f g_
f_g__ hklZ_lky agZqbl_evgZy g_kh]eZkh\Zgghklv b jZaghj_qb\hklv \ hlghr_gbb f_oZgbafh\
^bgZfbdbb kljmdlmjghcoZjZdl_jbklbdbgZjpbkkbq_kdbojZkkljhckl\
< kh\j_f_gguodeZkkbnbdZpbyogZjpbkkbq_kdboebqghkl_cg_]h\hjblkyh lZdhfy\e_gbb
k\hckl\_gghf wlbf ebqghklyf dZd b^_ZebaZpby Wlh ihgylb_ \\h^bl .RKXW k\yau\Zy
l_g^_gpbx d b^_ZebaZpbb k \hagbdgh\_gb_f m gZjpbkkbq_kdhc ebqghklb b^_Zebabjh\Zggh]h
VHOIh[t_dlZ Ijbqbgm b^_ZebaZpbb .RKXW hibku\Z_l ke_^mxsbf h[jZahf EbpZf k
gZjpbkkbq_kdbfbijhy\e_gbyfbhlghkysbfbkyd dZl_]hjbbghjfuk\hckl\_gghklj_fe_gb_d
mklZgh\e_gbx m^h\e_l\hjyxsbo b khhl\_lkl\mxsbo bo \gmlj_gg_fm fbjm h[t_dlguo
hlghr_gbc Wlhfm kihkh[kl\m_l \u[hj h[t_dlZ khhl\_lkl\mxs_]h b^_Zevghfm h[jZam lh]h
dlh \u[bjZ_l <hafh`ghklv \hagbdgh\_gby njmkljZpbb \iheg_ _kl_kl\_ggZ lZd dZd gZ
\u[bjZ_fuc h[t_dl ijh_pbjmxlky q_jlu kms_kl\mxsbo \ ^_lkdbo nZglZabyo jhfZglbq_kdbo
bfb^`_c ]_jh_\ Kha^Zgb_ b^_Zebabjh\Zggh]h VHOIh[t_dlZ gZ hkgh\_ ij_^klZ\e_gbc
gZ^_e_gguo lZdbfb q_jlZfb dZd [eZ]hjh^kl\h ojZ[jhklv fm`_kl\_gghklv b \_ebdh^mrb_
lZbl\ k_[_hiZkghklvaZdexqZxsmxky\ lhfqlhwlhlgZjpb_kbq_kdbcg_\jhlbq_kdbc\u[hj
g_fh`_lkhhl\_lkl\h\Zlvb^_ZemIhwlhfmjZghbebiha^ghgZklmiZ_ljZahqZjh\Zgb_
<u[hjh[t_dlZk\yaZgk ihbkdhfex^_cgZdhlhjuoijh_pbjmxlkyZgbfZb Zgbfmk
Ijh_dpbyZgbfub ZgbfmkZ^eyebpk gZjpbkkbq_kdbfbhkh[_gghklyfb[he__\_jhylgZgZ
ebpdhlhju_oZjZdl_jbamxlkyke_^mxsbfbq_jlZfb
Zjlbklbqghklvmf_gb_bkihegylvjhev\ hij_^_e_gguokp_gZjbyo
ohjhrZywfiZlbyiha\heyxsZyko\ZlblvgZbglmblb\ghfmjh\g_lhq_]hhlg_]hg__
h`b^Zxl
Mf_gb_ b]jZlv jhev h[e_]qZ_l dhglZdl iha\hey_l ijhba\_klb lh \i_qZle_gb_ gZ
gZjpbkkbq_kdmx ebqghklv dhlhjh_ hgZ b h`b^Z_l GZjpbkkbq_kdb_ ebpZ g_ ijhy\eyxl
h[hklj_gbb wfiZlbb wlh g_ bo kbevgZy klhjhgZ GZjpbkkbq_kdZy ebqghklv \u[bjZ_l
b^_Zebabjh\Zgguc VHOIh[t_dl ih f_oZgbafm \dexqZxs_fm \ k_[y ihbkd b^_Zebabjh\Zggh]h
h[jZaZ dhlhjuc fh`_l b]jZlv jhev kiZkbl_ey lbjZgZ kh\_lqbdZ q_eh\_dZ jZkdju\Zxs_]h
lZeZglukqblZxs_]hqlhp_ev_]h`bagb ² ih^qbg_gb_k_[ygZjpbkkbq_kdhcebqghklb
IjZdlbdZ ihdZau\Z_l qlh klhjhgZ dhlhjmx \u[bjZxl h[eZ^Z_l wfiZlb_c b
oZjZdl_jbam_lky gZebqb_f \gmlj_gg_]h dhfie_dkZ g_iheghp_gghklb ijhy\eyxs_]hky \
i_jbh^bq_kdb\hagbdZxs_fZmlh^_kljmdlb\ghfih\_^_gbbZedh]hevguowdkp_kkZojZaebqgh]h
jh^Z aZ]meZo g_\u^_j`Zgghklb qZkluo khpbZevguo dhgnebdlZo < lh `_ \j_fy
h[gZjm`b\Z_lky ^_fhgkljZlb\ghklv `_eZgb_ ihdZaZlv k_[y k \i_qZleyxs_c bgljb]mxs_c
klhjhguEbpZk gZjpbkkbq_kdbfbhkh[_gghklyfbijb\e_dZxlbol_fqlhhgbqm\kl\mxl\ gbo
lZeZgl kbem b kqblZxl qlh dhglZdl k lZdbfb ex^vfb ^ey gbo hq_gv \Z`_g Ihwlhfm
\u[bjZ_fu_ ebpZ ij_g_[j_]Zy k\hbfb mklZgh\dZfb klZjZxlky ih^eZ`b\Zlvky ih^
\u[bjZxsboboebpk gZjpbkkbq_kdbfbhkh[_gghklyfbm^h\e_l\hjyybolj_[h\Zgby
DZdm`_mdZau\Zehkvbkoh^gucih^oh^d gZjpbkkbafm.HPEHUJ hlebqZ_lkyhllZdh\h]hm
.RKXW .HPEHUJ kqblZ_l qlh gZjpbkkbaf g_aZ\bkbfh hl gZebqby njmkljZpbb ² y\e_gb_
bkoh^gh iZlheh]bq_kdh_ Kljmdlmj_ gZjpbkkbafZ k\hckl\_g_g ijhlb\h\_k aZdexqZxsbcky \
h^gh\j_f_gghf gZebqbb ]jZg^bhaghklb b kdju\Z_fhc g_m\_j_gghklb g_iheghp_gghklb
y\eyxs_ckyj_Zevguf VHOI GZklhys__Yk lhqdbaj_gby .HPEHUJ² wlhg_iheghp_gghklvZ
]jZg^bhaghklv ² __ ohjhrZydhfi_gkZpbyKhq_lZgb_g_m\_j_gghklbk ]jZg^bhaghklvx VHOI²
hkgh\gZydebgbq_kdZyq_jlZgZjpbkkbafZih .HPEHUJ
.HPEHUJ hibku\Z_lke_^mxsb_q_jlugZjpbkkbafZ
² dhjjmipbhggZy kh\_klv k\b^_l_evkl\mxsZy h g_gZ^_`ghklb lZdbo ex^_c h[
hlkmlkl\bb\hafh`ghklbiheh`blvkygZgbo
² g_jZa\blhklv \gmlj_gg_c kbkl_fu p_gghkl_c khq_lZxsZyky k wdkiemZlZlhjkdbf
hlghr_gb_fd ex^yfklj_fe_gb_ffZgbimebjh\Zlvbfb
² iZjZablbaf
² \ujZ`_ggZyaZ\bklvd mki_oZf^jm]boex^_cQ_eh\_dgZqbgZ_l^_eZlv^eyk_[y\_sb
dhlhju_jZg__^_eZeb^eyg_]h^jm]b_Wlhk\yaZghk l_fqlhhkms_kl\eyxsb_jZg__hi_dmg_
ohlylbebg_fh]mlihfh]Zlvijhy\eylvaZ[hlm\ ij_`g_fh[t_f_LZdbfh[jZahf\lhjbqguc
gZjpbkkbafij_^klZ\ey_laZ^_ckl\h\Zgb_h[t_dlguohlghr_gbck kZfbfkh[hc
H^gbfbaijbagZdh\oZjZdl_jguo^eygZjpbkkbq_kdbogZjmr_gbcy\ey_lkyj_Z]bjh\Zgb_
gZ djblbdm k ijhy\e_gb_f qm\kl\Z yjhklb klu^Z beb mgb`_gby LZdhc q_eh\_d kqblZ_l k_[y
mgb`_ggufklZgh\blkyjZa^jZ`_ggufaeuf^Z`_ijbg_agZqbl_evguoaZf_qZgbyoGZijbf_j
gZihfbgZgb_q_eh\_dmk gZjpbkkbq_kdbfbhkh[_gghklyfbh lhfqlhhgaZ[ueqlhlhk^_eZlv
[m^_l\hkijbgylhbfdZdklj_fe_gb_mgbablvih^q_jdgmlvh^ghba_]hhljbpZl_evguodZq_kl\
M g_]hjZa\b\Z_lkyijbf_jghlZdZyfukebl_evgZyko_fZH[hfg_^mfZxlqlhm f_gyiehoZy
iZfylvqlhy jZkk_yggucq_eh\_db ^Ze__Hgbij_abjZxlf_gykqblZxl^mjZdhf
OZjZdl_jgZ gZkljh_gghklv gZ \hafh`gu_ h[b^u b g_mf_gb_ Z^_d\Zlgh j_Z]bjh\Zlv gZ
fgh]b_kblmZpbbQZklh\hagbdZ_lgZjpbkkbq_kdZyyjhklv
.HPEHUJ kqblZ_lqlhkms_kl\m_li_j\bqgZygZjpbkkbq_kdZyyjhklvy\eyxsZyky ijyfuf
\ujZ`_gb_f [hevrh]h dhebq_kl\Z Z]j_kkb\ghklb k\hckl\_gghc \k_f gZjpbkkbq_kdbf
ebqghklyfHgk\yau\Z_lgZebqb_Z]j_kkb\ghklbb yjhklbk ih^khagZl_evgufkljZohfjZa\ZeZ
dhgkljmdpbb ]jZg^bhaghklv ² g_iheghp_gghklv y\eyxs_cky qj_a\uqZcgh ojmidbf
h[jZah\Zgb_f
GZjpbkkbq_kdZyebqghklvfh`_lbkiulu\Zlvyjhklvihhlghr_gbxd ex^yfb kblmZpbyf
b]jZxsbf jheb \ kp_gZjbyo kms_kl\mxsbo \ __ \hh[jZ`_gbb LZdb_ kp_gZjbb bah[bemxl
kp_gZfb\ dhlhjuodjblbdmxlb mgb`ZxlIhiuldbgZeZ`b\ZgbydhglZdlZk lZdhcebqghklvx
\ nZa_ kha^Zgby kp_gZjby gZlhedgmlky gZ aehklv b yjhklv Ihwlhfm emqrbf \ZjbZglhf
h[s_gbyk gbfb\ wlhli_jbh^y\ey_lky^bklZgpbjh\Zgb_
GZjpbkkbq_kdmxZ]j_kkb\ghklv\hagbdZxsmxdZdj_ZdpbxgZdjblbdm .HPEHUJ kqblZ_l
\lhjbqghc Hg iheZ]Z_l qlh kms_kl\m_l yjhklv i_j\bqgZy ² gmde_ZjgZy b \lhjbqgZy
\hagbdZxsZydZdj_ZdpbygZkblmZpbx .HPEHUJ ih^q_jdb\Z_lqlhwlZ\lhjbqgZyyjhklvbf__l
f_g__ \ujZ`_ggh_ debgbq_kdh_ agZq_gb_ hij_^_eyy ih\_^_gb_ q_eh\_dZ \ ba[jZgguo
kblmZpbyo
IjbagZdhf gZjpbkkbafZ y\ey_lky f_`ebqghklgZy wdkiemZlZlb\ghklv \ujZ`ZxsZyky \
bkihevah\Zgbb q_eh\_dhf k gZjpbkkbq_kdbfb hkh[_gghklyfb ^jm]bo ex^_c ^ey ^hklb`_gby
k\hbo p_e_c < kblmZpbyo dhglZdlZ k hdjm`Zxsbfb lZdhc q_eh\_d g_ mqblu\Z_l bgl_j_kh\ b
p_e_c ^jm]bo ex^_c jZkkfZljb\Zy bo \ dZq_kl\_ h[t_dlh\ kha^Zgguo ^ey \uiheg_gby _]h
p_e_c _]h `bag_gghc ijh]jZffu >ey j_ZebaZpbb k\hbo ieZgh\ hg klj_fblky hdjm`Zlv k_[y
ex^vfbkihkh[gufbb lZeZgleb\ufbmki_rgufb\ `bagbbkihevamydhglZdlu^eyj_ZebaZpbb
kh[kl\_gguo p_e_c mkbe_gby k\hbo khpbZevguo ihabpbc ij_ke_^my lhevdh fZgbimeylb\gu_
p_ebJ_ZebaZpbbwlhckljZl_]bb\ijhq_ff_rZ_lgZjpbkkbq_kdZyaZ\bklv
=jZg^bhagh_ qm\kl\h kh[kl\_gghc agZqbfhklb \ujZ`Z_lky \ ij_m\_ebq_gbb kh[kl\_gguo
kihkh[ghkl_c b ^hklb`_gbc b h`b^Zgbb hp_gdb k_[y hdjm`Zxsbfb dZd hkh[h h^Zj_gghc
ebqghklb g_\abjZy gZ lh qlh _]h ^hklb`_gby h[t_dlb\gh g_ klhev agZqbl_evgu LZdb_ ex^b
kqblZxl qlh hdjm`Zxsb_ g_ hkhagZxl g_ ohlyl beb g_ fh]ml hkhagZlv bo j_Zevguo
kihkh[ghkl_c \ kbem lh]h qlh hgb g_^hklZlhqgh dhfi_l_glgu ih]jyaeb \ [ulm g_ mf_xl
hl^bnn_j_gpbjh\Zlvohjhr__hliehoh]h< lh`_\j_fyhgbqZklhihemqZxliheh`bl_evgmx
hp_gdm hl ^jm]bo y\eyxsboky ^ey gbo ih^ibldhc [_a dhlhjhc hgb k_[y iehoh qm\kl\mxl
G_kfhljygZihemq_gb_lZdhciheh`bl_evghchp_gdbm ebpk gZjpbkkbq_kdbfbhkh[_gghklyfb
hlkmlkl\m_lm^h\hevkl\b_hlwlh]hnZdlZb hlf_qZ_lkyih^haj_gb_\ g_bkdj_gghklbbeb hiylv
`_ \ g_^hklZlhqghc dhfi_l_glghklb hp_gb\Zxsbo Hgbbkiulu\Zxl g_m^h\e_l\hj_gghklv hl
lh]h qlh ihemqbeb iheh`bl_evgmx hp_gdm g_ hl lh]h hl dh]h [u ohl_ehkv __ ihemqblv >ey
gbo oZjZdl_jgZ g_\hafh`ghklv bkiulu\Zlv bklbggh_ qm\kl\h m^h\hevkl\by j_eZdkbjh\Zlvky
baaZihklhyggh]hijbkmlkl\byqm\kl\Z[_kihdhcghcgZijy`_gghklb
GZjpbkkbq_kdb_ebpZm[_`^_gu\ lhfqlhijh[e_fudZkZxsb_kykn_jubo^_yl_evghklb
mgbdZevgu IhiuldZ djblbq_kdh]h hkfuke_gby lZdhc m[_`^_gghklb hlkmlkl\m_l qlh
khq_lZ_lky k m\_j_gghklvx \ lhf qlh \ bo ijh[e_fZo fh]ml jZah[jZlvky lhevdh hkh[h
h^Zj_ggu_ ex^b h[eZ^Zxsb_ \ukhdhc d\ZebnbdZpb_c Hlf_qZ_lky ljm^ghklv \ gZoh`^_gbb
lZdbo dhfi_l_glguo ex^_c lZd dZd \ukhdb_ lj_[h\Zgby ij_^ty\ey_fu_ d gbf g_
m^h\e_l\hjyxlkyhdjm`Zxsbfb
OZjZdl_jgu nZglZabb lZdbo ebp gZ l_fu h g_h]jZgbq_gghf mki_o_ djZkhl_ yjdhklb
ijbkms_]h bf bgl_ee_dlZ <hafh`gu lZd`_ nZglZabb gZ l_fm h[ b^_Zevghc ex[\b
khijh\h`^Zxsb_ky `_eZgb_f bf_lv kh\_jr_ggu_ ex[h\gu_ hlghr_gby hlebqgu_ hl l_o
dhlhju_ k\hckl\_ggu h[uqguf ex^yf Kh^_j`Zgb_ nZglZabc ghkbl dhgdj_lguc g_ hq_gv
hlhj\Zgguchlj_ZevghklboZjZdl_jHlju\hlj_Zevghklbim]Z_lJ_ZevgucoZjZdl_jnZglZabc
h[mkeh\e_g `_eZgb_f ^h[blvky dhgdj_lgh]h bkiheg_gby k\hbo `_eZgbc ijhy\eyxsboky \
klj_fe_gbb ^h[blvky mki_oZ gZ]jZ^u aZ ij_^ijbgbfZ_fmx bfb ^_yl_evghklv LZdb_ ex^b
ex[ylkjZ\gb\Zlvk_[yk hdjm`Zxsbfb_kebhgb\ub]ju\Zxl\ wlhfkjZ\g_gbb
GZjpbkkbq_kdb_ ebpZ kqblZxl qlh hgb fh]ml fgh]h_ k_[_ iha\heblv b qlh gZ gbo g_
jZkijhkljZgyxlky ijZ\beZ h[yaZl_evgu_ ^ey ^jm]bo lZd dZd hgb y\eyxlky bkdexq_gb_f ba
wlboijZ\beHgb`^mlhlhdjm`Zxsbohkh[h]hhlghr_gbyd k_[_b ijb\be_]bc\ kbemlh]h
qlh k bo lhqdb aj_gby hgb wlh]h aZkem`b\Zxl Hlkmlkl\b_ j_ZebaZpbb lZdbo h`b^Zgbc
ijb\h^bl d ihy\e_gbx m gbo jZa^jZ`_gghklb ijb \klj_q_ k f_edbfb ij_iylkl\byfb
[xjhdjZlbq_kdbfbijh\hehqdZfbb ihiuldZfbhdjm`Zxsbo^h[blvkyboih^qbg_gbyBgh]^Z
boih\_^_gb_ghkblg_e_iucoZjZdl_jGZijbf_jijbiZjdh\dZfZrbgu\ aZij_s_gguof_klZo
lj_[h\Zgby g_f_^e_ggh]h h[kem`b\Zgby \ j_klhjZg_ g_kfhljy gZ bo [he__ iha^gbc ih
kjZ\g_gbxk ^jm]bfbijboh^HgbkqblZxlqlhbo\j_fyhkh[_ggh^jZ]hp_ggh
GZjpbkkbq_kdb_ ebpZ gm`^Zxlky \ ihklhygghf \gbfZgbb b \hkobs_gbb ij_[u\Zy \
khklhygbb h`b^Zgby b ih]hgb aZ dhfiebf_glZfb Wlbf h[mkeh\e_gu bo ihiuldb ijhba\_klb
\i_qZle_gb_ k\hbf ih\_^_gb_f b `_eZgb_ ijb\e_qv d k_[_ \gbfZgb_ gZijbf_j ]jhfdbf
aZf_qZgb_f kf_ohf b ij IhiuldZ [ulv \k_]^Z \ p_glj_ \gbfZgby ijb\h^bl bo d ihbkdm
^jma_c kha^Zxsbo ^ey gbo [eZ]hijbylguc ikboheh]bq_kdbc fbdjhdebfZl ih^o\Zeb\Zy b
\hkobsZykvbfbGZl_fudZkZxsb_kybo^hklb`_gbchgbfh]ml]h\hjblvqZkZfbg_ihgbfZy
lh]hqlhwlh\uau\Z_lhllhj`_gb_m hdjm`Zxsbo
GZjpbkkbq_kdh_ ebqghklgh_ jZkkljhckl\h khijh\h`^Z_lky hlkmlkl\b_f qm\kl\Z wfiZlbb
bo g_kihkh[ghklvx jZkihagZlv i_j_`b\Zlv b ihqm\kl\h\Zlv lh qlh qm\kl\mxl ^jm]b_ ^Z`_
[ebadb_ ex^b Wlh \ujZ`Z_lky gZijbf_j \ bo m^b\e_gbb b jZa^jZ`_gbb \ kemqZ_ hlf_gu
\klj_qb ih ijbqbg_ [he_agb ^_eh\h]h iZjlg_jZ beb ^jm]Z ih^jm]b LZdZy j_Zdpby ijhl_klZ
h[tykgy_lky l_f qlh [he_agv ^jm]bo ex^_c g_ y\ey_lky ^ey lZdh]h q_eh\_dZ ba\bgyxsbf
h[klhyl_evkl\hf Ij_[u\Zgb_ kj_^b ex^_c h[km`^Zxsbo k\hb kh[kl\_ggu_ ijh[e_fu
h[jZsZxsbokyd gbfaZihfhsvx\hkijbgbfZ_lkydZd^_ehkdmqgh_b g_bgl_j_kgh_Q_eh\_d
ih\_kl\mxsbc h dZdhflh m\e_dZl_evghf y\e_gbb b gZoh^ysbcky \ p_glj_ \gbfZgby lZd`_
jZa^jZ`Z_l ex^_c k gZjpbkkbq_kdbfb hkh[_gghklyfb GZ lZdbo ex^_c dZd ijZ\beh
h[b`Zxlky ihgbfZy qlh h[jZsZlvky d gbf aZ wfhpbhgZevghc ih^^_j`dhc [_kihe_agh baaZ
hlkmlkl\by m gbo qm\kl\Z khkljZ^Zgby Ex^b k gZjpbkkbq_kdbfb hkh[_gghklyfb bgh]^Z
kdehggu kha^Z\Zlv ^ey ^jm]bo kp_gZjbc bo `bagb dhlhjuc oZjZdl_jbam_lky l_f qlh \ g_f
]eZ\gmx jhev hl dhlhjhc \k_ aZ\bkbl b]jZxl ebpZ k gZjpbkkbq_kdbfb hkh[_gghklyfb
Ke_^h\Zl_evgh fh`gh \ukdZaZlv ij_^iheh`_gb_ qlh ebp k gZjpbkkbq_kdbfb hkh[_gghklyfb
oZjZdl_jbam_l g_ klhevdh hlkmlkl\b_ wfiZlbb dZd hlf_q_gh \ '60,9 Z g_^hklZxsZy
fhlb\Zpby^ey__ ijhy\e_gby
GZjpbkkbq_kdb_ ebpZ ih]ehs_gu qm\kl\hf aZ\bklb Hgb g_ i_j_ghkyl dhgdmj_gpbb
kjZ\g_gby k\h_c ^_yl_evghklb k ^_yl_evghklvx ^jm]bo \ kemqZ_ bo ijhb]jurZ \ wlhf
kjZ\g_gbbBfk\hckl\_g_gikboheh]bq_kdbc^bkdhfnhjl\ kemqZ_^hklb`_gby^jm]bfb^Z`_
bo ^jmavyfb [hevr_]h q_f m gbo mki_oZ >bkdhfnhjl ijhy\ey_lky \ jZa^jZ`bl_evghklb
aehklb m]g_l_gbb b bgl_ee_dlmZebaZpbb kh^_j`Zgb_f dhlhjhc y\ey_lky ihiuldZ h[tykgblv
k\hc g_mki_o kemqZcgufb nZdlhjZfb ij_^\ayluf g_kijZ\_^eb\uf hlghr_gb_f d k_[_ GZ
wlhf nhg_ \hafh`gh ihy\e_gb_ klhcdbo hljbpZl_evguo wfhpbc GZjpbkkbq_kdZy aZ\bklv
\uau\Z_ljZaju\hlghr_gbcm __ghkbl_e_ck [ebadbfbex^vfb^_ckl\bl_evghohjhrhd gbf
hlghkysbfky qlh fh`_l ijb\h^blv ^Z`_ d jZajmr_gbx k_f_cguo hlghr_gbc IhiuldZ
ijhba\h^blv \i_qZle_gb_ wfhpbhgZevguo ex^_c h[mkeh\e_ggZy `_eZgb_f ihemqZlv \ukhdmx
khpbZevgmx hp_gdm kdju\Z_lbobklbggmx oheh^gmx jZpbhgZevghklv AZ\bklv kdju\Z_lky <
kemqZ_ g_mki_oZ beb g_ijbylghkl_c ihklb]rbo [ebadbo bf ex^_c hgb qm\kl\mxl k_[y
ikboheh]bq_kdb dhfnhjlgh Ih\lhjyxsbcky mki_o [ebadbo \uau\Z_l m gbo gZjZklZgb_
\gmlj_gg_]h jZa^jZ`_gby ijhy\eyxs_]hky \ dhgnebdlZo gZ jZagu_ l_fu Hdjm`Zxsbf
h[uqghg_ihgylgZgZklhysZyijbqbgZdhgnebdlh\
FZgbimeylb\ghklv ijhy\ey_lky \ ihbkdZo \u]h^u hl f_`ebqghklguo hlghr_gbc ?keb
[ebadbc q_eh\_d gZ dZdhflh wlZi_ `bagb klZgh\blky g_\u]h^guf \ ieZg_ j_ZebaZpbb
gZjpbkkbq_kdh]h ieZgZ g_ kihkh[kl\m_l Z f_rZ_l _fm ijhba\h^blky ikboheh]bq_kdZy
dZevdmeypby iexkh\ b fbgmkh\ j_amevlZlu dhlhjhc \ebyxl gZ ^Zevg_crbc oZjZdl_j
hlghr_gbc Dhg_p kp_gZjby beb g_\ibku\Z_fhklv iZjlg_jZ \ `bag_gguc kp_gZjbc
kihkh[kl\m_l jZaju\m hlghr_gbc k gbf H^gbf ba kihkh[h\ ^_ckl\by gZjpbkkbq_kdbo
ebqghkl_c y\ey_lky ih\ur_ggZy lj_[h\Zl_evghklv d iZjlg_jm k fZdkbfZevghc kl_i_gvx _]h
aZ^_ckl\h\Zgby b ebr_gb_f _]h \hafh`ghklb [ulv kZfhklhyl_evguf lZd dZd
kZfhklhyl_evghklv hdjm`Zxsbo bo jZa^jZ`Z_l EbpZ k gZjpbkkbq_kdbfb hkh[_gghklyfb
oZjZdl_jZ qZklh \klmiZxl \ qZklu_ k_jv_agu_ dhgnebdlu khijh\h`^Zxsb_ky jZaju\hf
hlghr_gbc JZaju\ hlghr_gbc k ex^vfb i_j_`b\Z_lky bfb lhevdh \ lhf kemqZ_ _keb hg
ijhbahr_e g_ ih bo bgbpbZlb\_ Ihke_ wlh]h hgb [ukljh \hkklZgZ\eb\Zxlky lZd dZd fgh]b_
\_sbbowfhpbhgZevghg_aZljZ]b\Zxldjhf_l_oqlhgZjmrZxlbodZjv_jmb p_eb
M ebpk gZjpbkkbq_kdbfbhkh[_gghklyfb\hafh`ghihy\e_gb_gZjpbkkbq_kdhc^_ij_kkbb
l_fhc dhlhjhc qZs_ \k_]h y\ey_lky i_j_`b\Zgb_ k\yaZggh_ k ijh[e_fZfb \ ^hklb`_gbb
ijhn_kkbhgZevguo p_e_c Wlb ^_ij_kkbb gZihfbgZxl wdabkl_gpbZevgu_ ^_ij_kkbb k lhc
jZagbp_c qlh i_j\u_ k\yaZgu k dhgdj_lguf kh[ulb_f Ihoh`_klv k\yaZgZ k l_f qlh
^_ij_kkb\gu_ ebpZ hibku\Zy k\h_ khklhygb_ ih f_oZgbafZf ikboheh]bq_kdhc aZsblu g_
]h\hjyl qlh bo iehoh_ khklhygb_ h[tykgy_lky dZdhclh dhgdj_lghc ijbqbghc g_m^Zq_c beb
l_f[he__ihjZ`_gb_fHgb`ZemxlkygZlhqlh`bagvebr_gZkfukeZhdjm`Zxsb_lmiub g_
kihkh[guboihgylv@Zeh[ulZdh]hoZjZdl_jZgZb[he__lbibqguGZjpbkkbq_kdmx^_ij_kkbx
ke_^m_llZd`_hlebqZlvhlZg_fbq_kdhc\hagbdZxs_cm q_eh\_dZhdZaZ\r_]hkyih^\ebygb_f
^\monZdlhjh\ihl_jbij_`g_ckbkl_fup_gghkl_c b baheypbbk\yaZgghc k g_\hafh`ghklvx
ihemqblv khpbZevgmx b wfhpbhgZevgmx ih^^_j`dm hl ^jma_c agZdhfuo b jh^kl\_ggbdh\ <
j_amevlZl_ fgh]hqbke_gguo dhgnebdlh\ \ua\Zgguo wfhpbhgZevghc oheh^ghklvx ebp k
gZjpbkkbq_kdbfbhkh[_gghklyfbhgbhdZau\Zxlky\ gZjZklZxs_cbaheypbb< wlhckblmZpbb
m ki_pbZebklZ fh`_l \hagbdgmlv ih^haj_gb_ gZ gZebqb_ m iZpb_glZ Zg_fbq_kdhc ^_ij_kkbb
lZd dZd gZebph baheypby iZpb_glZ hljbpZl_evgh_ qZs_ bjhgbq_kdh_ hlghr_gb_ d g_fm kh
klhjhguhdjm`Zxsbo>bnn_j_gpbZpbyf_`^mwlbfb\b^Zfb^_ij_kkbb[Zabjm_lkygZihl_j_
q_eh\_dhf kbkl_fu p_gghkl_c \ kemqZ_ gZebqby m g_]h Zg_fbq_kdhc ^_ij_kkbb Z kbkl_fZ
p_gghkl_cijbgZjpbkkbq_kdhc^_ij_kkbbg_f_gy_lkyihij_`g_fm p_gljbjmykv gZ mki_o_b
keZ\_ >_ij_kkby bf_xsZy f_klh \ ^Zgguc fhf_gl k\yaZgZ k g_\hafh`ghklvx j_Zebah\Zlv
k\hx kbkl_fm p_gghkl_c gh ih bkl_q_gbb g_dhlhjh]h \j_f_gb b kha^Zgbx [eZ]hijbylguo
mkeh\bc ^ey __ j_ZebaZpbb ex^b k gZjpbkkbq_kdbfb hkh[_gghklyfb \gh\v ijbgbfZxlky aZ
hkms_kl\e_gb_k\hboieZgh\K wlbfk\yaZgZdjZldh\j_f_gghklvgZjpbkkbq_kdhc^_ij_kkbb
Debgbq_kdb_ ijhy\e_gby gZjpbkkbq_kdbo gZjmr_gbc hibkZggu_ .RKXW ih kjZ\g_gbx k
gZjpbkkbq_kdbfb hkh[_gghklyfb ij_^klZ\e_ggufb \ '60,9 [he__ jZa\_jgmlu .RKXW
gZijbf_jhlghkbld gZjpbkkbq_kdbfgZjmr_gbyfke_^mxsb_
^_ebgd\_glghklv
iZlheh]bq_kdh_\jZgv_
bihohg^jbq_kdmxk\_joaZgylhklv
g_^hklZlhdwfiZlbbhlf_q_gguclZd`_\ '60
i_j\_jagu_ k_dkmZevgu_ nZglZabb k\yaZggu_ k mgb`_gb_f k\hbo \jZ]h\ GZijbf_j
nZglZabbgZl_fmk_dkmZevguohlghr_gbck fm`_fbeb`_ghck\h_]h\jZ]Z
g_kihkh[ghklvmklZgh\e_gbyhkfuke_gguohlghr_gbckhkj_^hc\ jy^_kemqZ_\
.RKXW kqblZ_l qlh ih\_^_gb_ ebp k gZjpbkkbq_kdbfb hkh[_gghklyfb gZijZ\e_ggh_ gZ
^hklb`_gb_p_ebb [eZ]hihemqbyg_khq_lZ_lkyk ijbagZgb_fdZdbolhwlbq_kdbob fhjZevguo
ghjfB wlh ² g_iZlheh]byZ q_jlZebqghklbijh\ha]eZrZxsZyijbgpbip_evhijZ\^u\Z_l
kj_^kl\Z ^Z`_ iml_f bkihevah\Zgby e`b b ijZ\hgZjmr_gbc OZjZdl_j_g \ k\yab k wlbf
kemqZc dh]^Z \ mkeh\byo l\hjq_kdhc dhgdmj_gpbb dhgdmj_gldm ^bkdj_^blbjh\Zeb iml_f
jZkijhkljZg_gbykemoh\h gZebqbbm g__ikbobq_kdh]haZ[he_\Zgby
Wlb ijhy\e_gby ijb[eb`Zxl ebp k gZjpbkkbq_kdbfb hkh[_gghklyfb d ebpZf k
ih]jZgbqgufb ebqghklgufb jZkkljhckl\Zfb .HPEHUJ iheZ]Z_l qlh gZjpbkkbq_kdb_
gZjmr_gbyke_^m_ljZkkfZljb\ZlvdZdqZklvdZl_]hjbbih]jZgbqguogZjmr_gbch
[tykgyybo
f_gvrmx \ujZ`_gghklv gZebqb_f \j_f_gghc bgl_]jZpbb ^_abgl_]jbjh\Zgghc ebqghklb Ih
fg_gbx .HPEHUJ p_e_khh[jZaghoZjZdl_jbah\ZlvwlbkhklhygbydZdgZjpbkkbq_kdb_\ZjbZglu
ih]jZgbqgh]h mjh\gy hj]ZgbaZpbb ebqghklb K lhqdb aj_gby Z\lhjZ kljmdlmjZ VHOI m
gZjpbkkbq_kdbo ebqghkl_c \ hlebqb_ hl lhqdb aj_gby .RKXW ghkbl g_kiZygguc ^_abg
l_]jbjh\ZggucoZjZdl_jKljmdlmjZ]jZg^bhagh]h VHOI y\ey_lkydhfi_gkZpb_cg_ki_pbnbq_kdhc
keZ[hklb HJR b _]hjZks_ie_gby
L_jfbg .HPEHUJ ohjhrh bgl_]jbjh\Zgguc gZjpbkkbq_kdbc iZpb_gl hlghkblky d
iZpb_glZf m dhlhjuo kms_kl\mxl \k_ kljmdlmjgh debgbq_kdb_ we_f_glu gZjpbkkbq_kdh]h
ebqghklgh]h jZkkljhckl\Z gh hlghkbl_evgZy b \j_f_ggZy kiZygghklv b kbeZ wg_j]_lbdb
]jZg^bhagh]h VHOI h[_ki_qb\Z_l wg_j]bx ^ey bo mki_rghc khpbZevghc Z^ZilZpbb ghkys_c
\j_f_ggucoZjZdl_j
H;K?KKB<GHDHFIMEVKB<GU?EBQGHKLGU?J:KKLJHCKL<:
Kh\j_f_gguf deZkkbnbdZpbhgguf ih^oh^Zf k\hckl\_ggh klj_fe_gb_ ijh\_klb q_ldh_
jZa]jZgbq_gb_
f_`^m
h[k_kkb\ghklvx
gZ\yaqb\hklvx
b
dhfimevkb\ghklvx
gZkbevkl\_gghklvx \ k\yab k hlkmlkl\b_f m jy^Z ki_pbZebklh\ ihgbfZgby q_ldhc jZagbpu
f_`^m gbfb aZdexqZxs_cky ij_`^_ \k_]h \ lhf qlh h[k_kkbb \uau\Zxl m bo h[eZ^Zl_ey
hlq_leb\uc^bkdhfnhjlb lj_\h`ghklvZ dhfimevkbbgZh[hjhl\dexqZxl\ k_[yikbobq_kdb_
Zdlu ij_^mij_`^Zxsb_ \hagbdgh\_gb_ lj_\h`ghklb b klj_kkZ GZijbf_j ^mfZy h
\hafh`ghklb aZjZ`_gby b \ufu\ k hkh[hc lsZl_evghklvx jmdb q_eh\_d gZ dZdh_lh \j_fy
ba[Z\ey_l k_[y hl wlh]h kljZoZ LZdbf h[jZahf \hagbdZ_l ZgZeh]by k \_qguf ^\b]Zl_e_f
aZdexqZxsZyky \ lhf qlh h[k_kkbb ijh\hpbjmxl \hagbdgh\_gb_ dhfimevkbb dhfimevkbb
kihkh[kl\mxlihy\e_gbxh[k_kkbbb l^
< '60,9 \u^_ey_lky jZg__ g_ jZkkfZljb\Z_fuc lbi dhfimevkb\gh]h gZjmr_gby kh
keZ[hc djblbdhc ihemqb\rbc gZa\Zgb_ keZ[uc bgkZcl ijb dhlhjhf ghkbl_ev h[k_kkb\gh
dhfimevkb\gh]hkhklhygbyg_^hklZlhqghdjblbq_gd ijhbkoh^ys_fm< k\yabk kms_kl\mxsbf
m jy^Z ex^_c aZljm^g_gb_f \ ihgbfZgbb ijhbkoh^ys_]h \hagbdZ_l \hafh`ghklv hrb[hqghc
^bZ]ghklbdbjZkkfZljb\Z_fh]hgZjmr_gbyk\yaZggZyk lZdgZau\Z_fuf^\hcguf^bZ]ghahf
Ki_pbZebklg_jZkihagZ\rbcm iZpb_glZgZebqb_djblbdbd ijhbkoh^ys_fmgZqbgZ_l^mfZlv
gZijbf_j h[ wg^h]_gghf lbi_ j_Z]bjh\Zgby [hevgh]h ;he__ lh]h [hevrbgkl\h iZpb_glh\
ij_^ty\eyxsbo `Zeh[u gZ gZ\yaqb\u_ b^_b b fukeb kdZ`ml qlh wlb fukeb bf qm`^u qlh
\h\k_ g_ hagZqZ_l gZebqby m iZpb_glZ ikbobq_kdh]h Z\lhfZlbafZ lZd dZd ihgylb_ qm`^uc
fh`_lbf_lvjZagh_agZq_gb_IZpb_gludZdijZ\beh\ ihgylb_qm`^uc\deZ^u\Zxlkfuke
khh[jZamxsbcky k l_f qlh wlb fukeb bf g_ gm`gu hgb bf f_rZxl <hafh`gu `Zeh[u
iZpb_glh\ gZ hlkmlkl\b_ m gbo kihkh[ghklb dhgljhebjh\Zlv wlb fukeb aZ bkdexq_gb_f
kemqZ_\bgk_jlbjh\Zgghklbfuke_cqlhm`_i_j_oh^bl\ iehkdhklvikbobq_kdh]hZ\lhfZlbafZ
< ^bZ]ghklbd_lZdh]hjh^ZgxZgkh\\hafh`ghklvhrb[hd\_kvfZ\ukhdZ
H[k_kkb\ghdhfimevkb\gh_ gZjmr_gb_ oZjZdl_jbam_lky dZd ihklhygguf lZd b
j_dmjj_glgufi_jbh^bq_kdbf\hagbdgh\_gb_fgZ\yaqb\uofuke_cb h[jZah\\hagbdZxsbo\
khagZgbb
G_ijbylghc klhjhghc h[k_kkb\ghdhfimevkb\gh]h jZkkljhckl\Z y\ey_lky qZklhlZ
\hagbdgh\_gbyg_ijb_fe_fuok jZaebqguolhq_daj_gbybfimevkh\GZijbf_jfukebfZl_jb
h[ m[bckl\_ k\h_]h j_[_gdZ beb ihjgh]jZnbq_kdb_ h[jZau \hagbdZxsb_ m j_eb]bhagh]h
q_eh\_dZ\h\j_fy[h]hkem`_gby\uau\Zxsb_qm\kl\h]j_oh\ghklbb ^j
M fgh]bo [hevguo \ k\yab k wlbf ihy\ey_lky klj_fe_gb_ ih^Z\blv b]ghjbjh\Zlv wlb
fukeb i_j_dexqblvky gZ qlhlh ^jm]h_ beb ijb[_]gmlv d obfbq_kdbf kj_^kl\Zf
g_cljZebaZpbb< jZ[hl_ki_pbZebklZqj_a\uqZcgh \Z`ghcy\ey_lkyp_evaZdexqZxsZyky \
ihgbfZgbbiZpb_glhflh]hqlhwlbh[k_kkbb_klvg_qlhbgh_dZdijh^mdl_]hmfZb ikbobdb
gZ^dhlhjufbhgihl_jyedhgljhev>hdZdh]hlhmjh\gyq_eh\_dk h[k_kkb\ghdhfimevkb\guf
jZkkljhckl\hffh`_ldhgljhebjh\ZlvkblmZpbxgh \ ^Zevg_cr_f ih f_j_ ijh]j_kkbjh\Zgby
khklhygby b gZjZklZgby wlbo y\e_gbc ijhbkoh^bl ihl_jy dhgljhey kihkh[gZy \ua\Zlv
hlqZygb_b ^_ij_kkbx
Dhfimevkby \hagbdZxsZy dZd j_Zdpby gZ gZ\yaqb\hklv ghkbl p_e_gZijZ\e_gguc
oZjZdl_j oZjZdl_jbam_lky ih\lhj_gbyfb \ k\yab k l_f qlh y\ey_lky hljZ`_gb_f kh^_j`Zgby
bgl_gpbhgZevgh]h beb fhlb\bjh\Zggh]h ih\_^_gby < kh\_jr_gbb dhfimevkbc
ijhke_`b\Zxlky hij_^_e_ggu_ jblmZeu ijZ\beZ b kl_j_hlbiu < dZdbolh kemqZyo
dhfimevkbyf k\hckl\_g_g hlju\ hl j_Zevghklb aZdexqZxsbcky \ hljZ`_gbb \ dhfimevkbyo
kbf\hebq_kdh]h fure_gby GZijbf_j \ kemqZ_ kh\_jr_gby dhfimevkbc hij_^_e_ggh_
dhebq_kl\h jZa h[hagZqZxs__ qbkeh bf_xs__ hij_^_e_ggh_ ^ey iZpb_glZ agZq_gb_
Kbf\hebq_kdh_agZq_gb_ijhy\eyxs__ky\ gZ\yaqb\hklyob dhfimevkbyoy\ey_lkyk\yamxsbf
a\_ghf iha\heyxsbf ij_^iheh`blv \hafh`ghklv i_j_oh^Z wlh]h jZkkljhckl\Z \ ^jm]mx
dZl_]hjbx Ke_^h\Zl_evgh kms_kl\h\Zgb_ i_j_oh^guo nhjf wlbo gZjmr_gbc h dhlhjuo g_
mihfbgZ_lky\ kh\j_f_gguodeZkkbnbdZpbyo\ lhfqbke_b \'60,9 hq_\b^gh
D kh`Ze_gbx \ kh\j_f_gguo jmdh\h^kl\Zo fZeh ]h\hjblky h \lhjhf \ZjbZgl_ jZa\blby
h[k_kkb\ghdhfimevkb\guojZkkljhckl\kihkh[guo ljZgknhjfbjh\Zlvky \ k\_jop_ggu_ b^_b
ijb dhlhjuo q_eh\_d klZgh\blky nZgZlbdhf k\h_c gZ\yaqb\hklb GZijbf_j ij_\jZs_gb_
gZ\yaqb\hc[hyagbaZ]jyag_gby\ jZajZ[hldmq_eh\_dhfk\h_ckbkl_fu[hjv[uk aZ]jyag_gb_f
dZkZxs_ckyhkh[h]hhlghr_gbyd ijb_fmibsbd f_`ebqghklghfmh[s_gbxb l^
>h g_^Z\g_]h \j_f_gb kqblZehkv qlh h[k_kkb\ghdhfimevkb\gu_ jZkkljhckl\Z y\eyxlky
^hklZlhqgh j_^dbf \b^hf jZkkljhckl\ Kh\j_f_ggu_ wib^_fbheh]bq_kdb_ bkke_^h\Zgby
ijh\_^_ggu_ \ KR: k bkihevah\Zgb_f klZg^Zjlbah\Zgguo ^bZ]ghklbq_kdbo djbl_jb_\ '60
\uy\beb ^Zggu_ h agZqbl_evghc qZklhl_ wlh]h jZkkljhckl\Z aZljZ]b\Zxs_]h hl ^h ihimeypbb :gZeba debgbq_kdbo bkke_^h\Zgbc hkms_kl\e_gguo \ ^jm]bo j_]bhgZo fbjZ
ih^l\_j`^Z_lkhpbh^_fh]jZnbq_kdb_b debgbq_kdb_^Zggu_ihemq_ggu_\ KR:dZkZxsb_ky
jZkijhkljZg_gghklb wlh]h gZjmr_gby < [hevrbgkl\_ kljZg bkihevamxsbo deZkkbnbdZpbb
'60 b ,&' wlhl \b^ jZkkljhckl\ jZkkfZljb\Z_lky dZd ojhgbq_kdh_ g_ikbohlbq_kdh_
ikbobZljbq_kdh_gZjmr_gb_oZjZdl_jbamxs__kyih\lhjyxsbfkyih\_^_gb_fb fukeyfbWlh
gZjmr_gb_ qZs_ \k_]h gZqbgZ_lky \ ^_lkdhf beb ih^jhkldh\hf \hajZkl_ b dZd ijZ\beh
^bZ]ghklbjm_lky \ [he__ iha^g_f \hajZklghf i_jbh^_ dh]^Z kbfilhfu gZjmr_gby gZqbgZxl
ih]ehsZlv\k_[hevr__dhebq_kl\h\j_f_gbq_eh\_dZIjh]j_kkbjmxsbcmjh\_gvih]ehs_gby
\j_f_gb gZqbgZ_l f_rZlv l_q_gbx `bagb iZpb_glZ ijb\h^y \ jy^_ kemqZ_\ d _]h iheghc
g_khklhyl_evghklb ^_eZy g_\hafh`guf hkms_kl\e_gb_ g_h[oh^bfuo ^ey g_]h Zdlb\ghkl_c
\lhj]Zykv \ _]h ijhn_kkbhgZevgmx ^_yl_evghklv \h \aZbfhhlghr_gby k ^jm]bfb ex^vfb b \
kihkh[ukljmdlmjbjh\Zgby\j_f_gb
Bkke_^h\Zgby DZlh ihdZaZeb qlh khhlghr_gby f_`^m fm`qbgZfb b `_gsbgZfb
kljZ^Zxsbfb wlbf \b^hf gZjmr_gbc ijb[ebabl_evgh h^bgZdh\u <gbfZgb_ bkke_^h\Zl_e_c
h[jZsZ_lky gZ agZqbl_evgmx k_f_cgmx ^_aZ^ZilZpbx k\hckl\_ggmx ebpZf k h[k_kkb\gh
dhfimevkb\gufbjZkkljhckl\Zfb
H[jZsZ_lky \gbfZgb_ gZ lh qlh wlb jZkkljhckl\Z h[gZjm`b\Zxlky agZqbl_evgh qZs_
kj_^b [_ajZ[hlguo b jZa\_^_gguo `b\msbo bahebjh\Zggh Kj_^gbc \hajZkl \hagbdgh\_gby
kbfilhfh\ wlh]h gZjmr_gby kh]eZkgh DZlh khklZ\ey_l e_l b y\ey_lky
ijb[ebabl_evghh^bgZdh\ufdZd^eyfm`qbglZdb ^ey`_gsbg:\lhjhfh[gZjm`_gZkj_^gyy
ijh^he`bl_evghklv gZjmr_gby khklZ\eyxsZy e_l Ij_^klZ\ey_l bgl_j_k b gZebqb_
ijb[ebabl_evgh h^bgZdh\h]h khq_lZgby h[k_kkbc b dhfimevkbc m fm`qbg b `_gsbg LZdh_
khq_lZgb_g_\uy\e_ghebrv\ kemqZ_\
0DVVHO k khZ\lhjZfb ZgZebabjmxsbfb wlhl \b^ gZjmr_gbc ihdZaZeb qlh gZjy^m k
[bheh]bq_kdbfb nZdlhjZfb p_e_khh[jZagh mqblu\Zlv b dmevlmjZevgu_ lZd dZd \ jZaguo
wlgbq_kdbo ]jmiiZo wlb jZkkljhckl\Z ijhy\eyxl k_[y ihjZaghfm b[h dZ`^Zy dmevlmjZevgZy
]jmiiZoZjZdl_jbam_lkyjZagufbkbfilhfZfbb jZagufbkl_j_hlbibyfb
>ey wlh]h \b^Z jZkkljhckl\Z oZjZdl_j_g i_jn_dpbhgbaf klj_fe_gb_ d kh\_jr_gkl\m b
hlkmlkl\b_ ]b[dhklb DZaZehkv [u i_jn_dpbhgbaf ² ohjhrbc ijbagZd gh a^_kv ghkbl_ev
lZdh]h jZkkljhckl\Z bkihevam_l _]h \ fZdkbfZebklkdhf \ZjbZgl_ ij_iylkl\mxs_f
\uiheg_gbxaZ^ZgbcEbphk h[k_kkb\ghdhfimevkb\gufjZkkljhckl\hfjZkkfZljb\Z_ldZ`^h_
ba \uiheg_gguo bf ^_ckl\bc dZd g_kh\_jr_ggh_ ^h dhgpZ g_ aZ\_jr_ggh_ b \uiheg_ggh_
g_^hklZlhqghdZq_kl\_gghZ ke_^h\Zl_evghlj_[mxs__dhjj_dpbbLj_[h\Zgbyd \uiheg_gbx
aZ^Zgbc ieZgdZ dhlhjhc lj_[m_lky ^hklbqv \k_ \j_fy ih\urZ_lky Wlh ghkbl gZ\yaqb\uc
oZjZdl_j gZihfbgZy kblmZpbb k [_kdhg_qguf fulv_f jmd LZdbf h[jZahf h[_ki_qb\Z_lky
ihklhyggZy k\_joaZgylhklv h[k_kkb\ghdhfimevkb\guo ebp jZaebqgufb ijZ\beZfb
lj_[h\Zgbyfb ghjfZfb ko_fZfb Qj_af_jgZy nbdkZpby gZ ^_lZeyo kihkh[kl\m_l ihl_j_
]eZ\ghc p_ib ^_yl_evghklb OZjZdl_jgZ b g_jZamfgZy gZklhcqb\hklv \ lhf qlh[u ^jm]b_
ihklmiZebbf_gghlZddZdihklmiZxlb ^_eZxlhgbBgh]^Z[m^mqbaZjZg__m[_`^_gu\ lhf
qlh hdjm`Zxsb_ \k_ jZ\gh g_ kfh]ml k^_eZlv qlhlh ohjhrh b ijZ\bevgh hgb aZij_sZxl
ihfh]Zlvk_[_
I_jn_dpbhgbaf ojhghnZ]bq_g hg ijb\h^bl d g_o\Zld_ \j_f_gb gZ ^jm]b_ kihkh[u
hj]ZgbaZpbbdZdjZ[hlulZdb ^hkm]Zk bkdexq_gb_fgZijbf_jjZa\e_q_gbcb f_`ebqghklguo
dhglZdlh\ I_jn_dpbhgbaf fh`_l ijb\h^blv d jZa\blbx mj]_glghc Z^^bdpbb ² Z^^bdpbb d
g_o\Zld_\j_f_gbGZjy^mk \ur_i_j_qbke_ggufoZjZdl_jgZg_j_rbl_evghklvijhy\eyxsZyky
\ ba[_]Zgbb ijbgylby j_r_gbc F_oZgbaf wlh]h y\e_gby \ hlebqb_ hl f_oZgbafZ
k\hckl\_ggh]h ebpZf k aZ\bkbfufb ebqghklgufb jZkkljhckl\Zfb k\yaZg k \hagbdZxsbfb m
gbo khfg_gbyfb \ ijZ\bevghklb ijbgylh]h j_r_gby \ \hafh`ghklb g_^hklZlhqgh]h mq_lZ
h[klhyl_evkl\Hgbgm`^Zxlkyg_\ ih^^_j`d_Z \ihemq_gbb^hihegbl_evghcbgnhjfZpbb\
^hihegbl_evghf h[^mfu\Zgbb \ jZaghklhjhgg_f hkfuke_gbb ij_^iheZ]Z_fuo \ZjbZglh\
j_r_gbyM\yau\Zgb_b aZklj_\Zgb_gZlZdbogxZgkZoijb\h^bld lhjfh`_gbx^_yl_evghklb
kihkh[kl\mxs_chdhgqZl_evghfmijbgylbxj_r_gby
Kbevgh jZa\blh_ VXSHUHJR k\_jokhagZl_evghklv b kdjmime_aghklv kihkh[kl\mxl
qj_af_jghc `_kldhklb \ \hijhkZo fhjZeb ijhy\eyxs_cky \ ke_^h\Zgbb hij_^_e_gghc
kh[kl\_gghc beb aZbfkl\h\Zgghc m ^jm]bo ko_f_ aZ jZfdb dhlhjhc h
gb dZd ijZ\beh g_
\uoh^ylWlZ`_kldhklvb g_ihdhe_[bfhklvjZkijhkljZgyxlkygZ\k_\hijhku ² hlijbgyluo
kbkl_fp_gghkl_c^h\aZbfhhlghr_gbck ex^vfb
EbpZfk lZdh]hjh^ZjZkkljhckl\Zfbk\hckl\_gghkm`_ggh_\ujZ`_gb_Znn_dlZG_kfhljy
gZ e_]dh \ujZ`Z_fu_ aehklv b jZa^jZ`bl_evghklv lhgdb_ wfhpbhgZevgu_ j_Zdpbb
ijhy\eyxlky m lZdbo ex^_c k ljm^hf Bf k\hckl\_ggZ k\_jojZkq_leb\hklv ijhy\eyxsZyky
gZijbf_j \ mq_l_ ^_g_] k^_eZgguo bf ih^Zjdh\ LZdb_ ex^b [m^mqb g_h[uqZcgh
aZiZkeb\ufb h[eZ^Zxl klj_fe_gb_f d dhee_dpbhgbjh\Zgbx g_gm`guo \_s_c dhlhju_
gbdh]^Zg_\u[jZku\Zxlky
Ebqghklgu_ jZkkljhckl\Z ba[_]Zgby oZjZdl_jbamxlky \ '60 ,9 \ ieZg_
]bi_jk_gkblb\ghklb d hljbpZl_evguf khpbZevguf hp_gdZf qm\kl\hf g_Z^_d\Zlghklb
ba[_]Zgb_fZdlb\ghkl_ck\yaZgguok khpbZevgufbdhglZdlZfb
Wlb ebpZ [hylky djblbdb g_ijbylby g_h^h[j_gby kh klhjhgu ^jm]bo Hgb bkiulu\Zxl
k_jv_agu_aZljm^g_gby\ `bagbhkh[_ggh\ kh\j_f_gghfh[s_kl\_lj_[mxs_fhl_]hqe_gh\
khpbZevghc Zdlb\ghklb ]b[dhklb dhglZdlh\ k ihklhyggh f_gyxsbfbky ex^vfb <
ljZ^bpbhgguo h[s_kl\Zo ebpZ k ijh[e_fhc ba[_]Zgby fh]ml e_]q_ gZclb k_[_ khpbZevgmx
gbrm `blv b jZ[hlZlv \ f_klZo g_ lj_[mxsbo kdhevdhgb[m^v rbjhdbo khpbZevguo
dhglZdlh\
JZkkljhckl\Z ba[_]Zgby y\eyxlky ke_^kl\b_f khq_lZgby hkh[_gghkl_c \hkiblZgby
jh^bl_eyfb b ojhgbq_kdh]h \ebygby g_]Zlb\guo khpbZevguo nZdlhjh\ Ih\_^_gb_ ba[_]Zgby
fh`_l[ulvk_jv_aghcijh[e_fhcm bffb]jZglh\\ k\yabk ljm^ghklyfbZddmevlmjbaZpbb
EBQGHKLGU?J:KKLJHCKL<:BA;?=:GBY
JZkkljhckl\Zba[_]Zgbyke_^m_l^bnn_j_gpbjh\Zlvk Z^^bdpbyfbba[_]Zgbydhlhju_qZs_
\k_]hihy\eyxlkym ex^_ckhkljZohfbglbfghklb>eyjZkkljhckl\ba[_]ZgbyoZjZdl_jgu
khpbZevguc^bkdhfnhjl
kljZo hljbpZl_evghc hp_gdb \ujZ`Zxsbcky \ iehohc i_j_ghkbfhklb g_h^h[j_gby b
djblbdb hlkmlkl\bb [ebadbo ^jma_c dhlhjuf hgb ^h\_jyxl ba[_]Zgbb [ebadh]h dhglZdlZ k
ex^vfb^hl_oihjihdZhgbg_[m^mlm\_j_gu\ lhfqlhhgbgjZ\ylkyba[_]ZgbbkhpbZevguo
b ijhba\h^kl\_gguo Zdlb\ghkl_c k\yaZgguo k ijhn_kkbhgZevgufb b khpbZevgufb
dhglZdlZfb GZijbf_j hldZa hl ih\ur_gby ih kem`[_ ij_^mkfZljb\Zxs_]h jZkrbj_gb_
kn_juf_`ebqghklguodhglZdlh\hsms_gb_g_eh\dhklb\ khpbZevguokblmZpbyok\yaZgguok
\klj_qZfb dhglZdlZfb kh[jZgbyfb b h[km`^_gbyfb \ k\yab kh kljZohf \ukdZaZlv g_qlh
g_khhl\_lkl\mxs__ kblmZpbb b g_kihkh[ghklb hl\_lblv gZ \hijhk KljZo ijhy\blv ijbagZdb
\heg_gby i_j_^ ^jm]bfb ^bkdj_^blbjh\Zlv k_[y \hafh`guf ihdjZkg_gb_f lj_\h]hc b
ke_aZfb
ijb\uqdZ d jmlbgghfm bkiheg_gbx ex[uo Zdlb\ghkl_c hldehg_gb_ hl dhlhjh]h
\uau\Z_lkljZoi_j_^ihl_gpbZevgufbljm^ghklyfbb \hafh`gufbkhpbZevgufbhiZkghklyfb
GZijbf_jaZdexq_gbylbiZY g_fh]mwlh^_eZlvlZddZdy kebrdhfmklZeb k^_eZggh_iehoh
gZf_gyih\eby_lb G_[m^m\uoh^blvgZmebpm\ k\yabk kbevguf]hehe_^hfhkgh\ZgugZ
j_Zevghbf_xsbof_klhnZdlZoghagZq_gb_kbeuwlbonZdlh\kebrdhfij_m\_ebqb\Z_lky
>eyebpk jZkkljhckl\Zfbba[_]ZgbyoZjZdl_jgh lhqlh\k_ gh\h_ \hkijbgbfZ_lkybfb k
ljm^hfgZijbf_jg_h[oh^bfhklvijbgylbygZk_[ygh\hch[yaZgghklbgZjZ[hl_< hlebqb_hl
rbahb^guoebqghkl_cbfg_k\hckl\_ggZwfhpbhgZevgZyoheh^ghklvLZdk h^ghcklhjhgubf
ohl_ehkv[umklZgh\blvkhpbZevgu_dhglZdlughk ^jm]hc ² hgbbo[hylky
Wlbf ex^yf k\hckl\_ggZ lj_\h`ghklv ihwlhfm \ FD; wlb jZkkljhckl\Z gZau\Zxlky
lj_\h`gufb
A:<BKBFU?EBQGHKLGU?J:KKLJHCKL<:
WlbjZkkljhckl\ZgZb[he__bamq_gu\ kljmdlmj_k_f_cbf_xsboZ^^bdlb\gu_ijh[e_fu
N_ghf_g khaZ\bkbfhklb ijb Z^^bdpbyo \uklmiZ_l dZd p_gljZevguc KhaZ\bkbfhklv fh`gh
jZkkfZljb\Zlv dZd h^gm ba nhjf Z^^bdpbc >ey aZ\bkbfuo ebp oZjZdl_jgh aZ\bkbfh_
km[fbkkb\gh_ ih\_^_gb_ \ujZ`Zxs__ky \ jZaguo kn_jZo Bf k\hckl\_ggh wfhpbhgZevgh_
gZijy`_gb_ \ kemqZyo k\yaZgguo k g_h[oh^bfhklvx ijbgylby j_r_gbc qlh y\ey_lky ^ey
aZ\bkbfuo ebp g_ijbylguf b ljm^guf ijhp_kkhf hldeZ^u\Z_fuf bfb gZ hl^Ze_ggh_
[m^ms__ <ujZ`_gh klj_fe_gb_ ijb ijbgylbb j_r_gby hi_j_lvky gZ kh\_l ih^^_j`dm kh
klhjhgu ^jm]bo Wlb ebpZ ki_pbZevgh kha^Zxl kblmZpbb ijb dhlhjuo j_r_gby aZ gbo
ijbgbfZ_ldlhlh^jm]hcH[t_dlb\ghwlhijb\h^bld lhfmqlhebpZk lZdbfbjZkkljhckl\Zfb
iha\heyxl^jm]bfex^yfnZdlbq_kdbjZkihjy`Zlvkybo`bagvx
AZ\bkbfu_ebpZ\ f_`ebqghklguodhglZdlZoh[uqghg_\ukdZau\Zxlk\h_clhqdbaj_gby
Hgby\eyxlkyohjhrbfbkemrZl_eyfbKh]eZkb_k lhqdhcaj_gby^jm]bo\h\k_g_hagZqZ_lqlh
hgb^_ckl\bl_evghlZd^mfZxl<ukdZau\Zlvk\h_g_kh]eZkb_k ^jm]bfbhgbk_[_g_iha\heyxl
\ k\yabk hiZk_gb_f\hagbdgh\_gbykblmZpbbijh\hpbjmxs_cbohllhj`_gb_
LZdbfex^yfljm^ghgZqZlvqlhlh^_eZlvijhy\blvk\hxbgbpbZlb\mIhwlhfmhgbqZklh
^_eZxlg_ijbylgu_^eygboghg_h[oh^bfu_^ey^jm]bo\_sbiheZ]ZyqlhlZdbfh[jZahfhgb
fZgbimebjmxl ex^vfb aZklZ\eyy bo ex[blv k_[y ijb\yau\Zy bo d k_[_ < mkeh\byo
hlkmlkl\bybebihl_jb dhglZdlZk ^jm]bfbhgb qm\kl\mxl k_[y [_kihfhsgh b ^bkdhfnhjlgh
^Z`_g_kfhljygZlhqlhdhglZdlwlhl^ey gbo fh`_l [ulv ^_kljmdlb\_g H^gZdh ^Z`_ lZdhc
dhglZdl \hkijbgbfZ_lky lZdbfb ebpZfb emqr_ q_f ij_[u\Zgb_ \ h^bghq_kl\_ ihwlhfm hgb
ijbdeZ^u\Zxlg_bfh\_jgu_mkbeby^eyba[_]Zgbyh^bghq_kl\Z< kemqZ_jZaju\Zhlghr_gbck
d_flh ba agZdhfuo m ebp k lZdh]h \b^Z jZkkljhckl\Zfb \hagbdZ_l \ emqr_f kemqZ_
ikboheh]bq_kdbc ^bkdhfnhjl Z \ om^r_f ² lj_\h]Z [_kihfhsghklv b himklhr_gghklv
Ihwlhfmhgb[ukljhklZjZxlky\hkihegblvh[jZah\Z\rbcky\ZdmmfaZf_gyywlbhlghr_gby
gh\ufbGh\uciZjlg_jkgh\Z\u[bjZ_lkyihl_f`_ijbagZdZfqlhb ij_`gbc
KljZo ihdbgmlhklb kljZo hklZlvky h^ghfm ^hfbgbjh\Zgb_ wlh]h kljZoZ \ khagZgbb
k\_joaZgylhklvbfiZjZebamxlfgh]b_\b^uZdlb\ghklb
Mkbe_gb_qm\kl\Z[_kihfhsghklbihy\eyxs__kydZdj_ZdpbygZdjblbdmb g_h^h[j_gb_
\uau\Z_l ihiuldb ex[hc p_ghc \hkklZgh\blv iheh`bl_evgh_ hlghr_gb_ d k_[_ kh klhjhgu
hdjm`Zxsbo
< k\yab k l_f qlh aZ\bkbfhklv ^ey lZdbo ex^_c klZgh\blky klbe_f `bagb hgb dZd
ijZ\beh fZehZdlb\gu bf_xl g_q_ldmx ]jZgbpm kh[kl\_ggh]h Y Z ijhy\e_gb_ ex[hc
bgbpbZlb\ukhijh\h`^Z_lkyihke_^mxs_cj_Zdpb_ckljZoZ
J:KIJHKLJ:G?GGHKLVEBQGHKLGUOG:JMR?GBC
>h g_^Z\g_]h \j_f_gb bgnhjfZpby h jZkijhkljZg_gghklb jZkkljhckl\ ebqghklb kj_^b
gZk_e_gby[ueZ^hklZlhqghkdm^ghcMihfbgZebkvk\_^_gbyh ij_h[eZ^Zgbbhl^_evguo\b^h\
ebqghklguojZkkljhckl\gZijbf_jh ij_h[eZ^Zgbbih]jZgbqguojZkkljhckl\kj_^b`_gsbgb
ZglbkhpbZevguokj_^bfm`qbgH[ke_^h\Zgb_[he__lj_olukyqq_eh\_d\ lj_o]hjh^ZoKR:
ijh\_^_ggh_ 5RELQV k khZ\lhjZfb ihk\ys_ggh_ \uy\e_gbx ZglbkhpbZevgh]h jZkkljhckl\Z
ebqghklb ih djbl_jbyf '60,,, ihdZaZeh qlh \_jhylghklv \hagbdgh\_gby wlh]h \b^Z
jZkkljhckl\Z gZ ijhly`_gbb `bagb gZoh^blky f_`^m b qlh ihqlb \ ljb jZaZ
ij_\urZ_l\_jhylghklv\hagbdgh\_gbyrbahnj_gbb JZkrbj_ggZy ^bZ]ghklbdZ ikbobq_kdbo aZ[he_\Zgbc lj_[m_l hl ki_pbZebklh\ mf_gby
hl]jZgbqb\Zlv ikbobq_kdh_ aZ[he_\Zgb_ hl ebqghklgh]h jZkkljhckl\Z Kms_kl\mxsZy \
kh\j_f_gguo mkeh\byo \hafh`ghklv dZd ]bi_j^bZ]ghklbdb lZd b ]bih^bZ]ghklbdb wlbo
aZ[he_\Zgbc \_ebdZ Ijbq_f ih fg_gbx jy^Z Z\lhjh\ [he__ hiZkguf y\ey_lky \ZjbZgl
gZde_b\Zgby iZpb_glm yjeudZ ikbobq_kdh]h aZ[he_\Zgby ijb\h^ys_]h d k_jv_aguf
khpbZevguf ihke_^kl\byf Kms_kl\mxl \b^u ebqghklguo gZjmr_gbc ijb dhlhjuo
^bZ]ghklbq_kdb_ hrb[db [he__ \_jhylgu \ ijhlb\hiheh`ghklv gZjmr_gbyf ^bZ]ghklbdZ
dhlhjuokhijy`_gZk f_gvr_chrb[hqghklvx
LZd gZijbf_j \_jhylghklv hrb[db ijb ^bZ]ghklbd_ ij_^klZ\e_gguo \ deZkl_j_ :
iZjZghb^guorbahlbibq_kdbob rbahb^guogZjmr_gbc[m^_lgZjZklZlvihf_j_ijh^\b`_gby
hl iZjZghb^gh]h d rbahlbibq_kdhfm gZjmr_gbx Lh _klv [hevr_ \k_]h hrb[hd ^_eZ_lky
ki_pbZebklZfb ijb d\Zebnbpbjh\Zgbb rbahlbibq_kdh]h gZjmr_gby ?keb ijb mklZgh\e_gbb
iZjZghb^gh]h jZkkljhckl\Z fg_gby ki_pbZebklh\ fh]ml jZa^_eylvky lh ijb gZebqbb
rbahlbibq_kdbo gZjmr_gbc m [hevrbgkl\Z iZpb_glh\ [m^_l ^bZ]ghklbjh\Zgh ikbobq_kdh_
aZ[he_\Zgb_ < k\yab k wlbf g_h[oh^bfh ihfgblv qlh \u^_e_gb_ \ hl^_evgmx ]jmiim
rbahlbibq_kdbojZkkljhckl\[uehh[mkeh\e_ghg_h[oh^bfhklvxkha^Zgbyhij_^_e_gghcgbrb
^eyex^_c\ujZ`Zxsbok_[ylZdbfh[jZahfqlhjbkdijbh[j_klbikbobZljbq_kdbc^bZ]gha
wg^h]_ggh]haZ[he_\Zgbyk iehobfijh]ghahfm gbo[he__\_jhyl_gq_fm ^jm]boMq_lwlh]h
iheh`_gby hkh[_ggh \Z`_g \ k\yab k hlkmlkl\b_f \ deZkkbnbdZpbyo '60 ijhklhc nhjfu
rbahnj_gbb qlh iha\hey_l ohly [u gZ dZdh_lh \j_fy hlg_klb fgh]bo iZpb_glh\ k ijhklhc
nhjfhc rbahnj_gbb \ ]jmiim rbahlbibq_kdbo ebqghklguo jZkkljhckl\ Wlh hlghkblky g_
lhevdh d ^bZ]ghklbd_ rbahnj_gbb gh b d ljm^ghklyf \hagbdZxsbf ijb ijh\_^_gbb
^bnn_j_gpbZevghc ^bZ]ghklbdb gZjmr_gbc k g_\jhlbq_kdbfb khklhygbyfb LZd gZijbf_j
jZkkljhckl\hba[_]ZgbybadeZkl_jZK lj_[m_l_]h^bnn_j_gpbZpbbk khpbZevghcnh[b_c
Kms_kl\mxl b ^jm]b_ hiZkghklb ih^kl_j_]Zxsb_ ki_pbZebklh\ ijh\h^ysbo
^bZ]ghklbdm ?keb hrb[db \ ^bZ]ghklbd_ gZjmr_gbc deZkl_jZ : k\yaZgu k wlbd_ldhc
ikbobq_kdh]h aZ[he_\Zgby lh hrb[hqgZy ^bZ]ghklbdZ gZjmr_gbc deZkl_jZ < k\yaZgZ k
g_Z^_d\Zlgufbkhklhygbxl_jZi_\lbq_kdbfbih^oh^Zfb
G_evay g_^hhp_gb\Zlv b hiZkghklv ^Z\e_gby kh klhjhgu nZjfZdheh]bq_kdbo nbjf \
hlghr_gbb gZ\yau\Zgby \u]h^gh]h ^ey gbo ih^oh^Z aZdexqZxs_]hky \ gZagZq_gbb
^ebl_evgh]h ijb_fZ ij_iZjZlh\ A^_kv g_h[oh^bfZ ba[bjZl_evghklv LZd _keb kms_kl\m_l
\hafh`ghklv dmibjh\Zgby khpbZevghc nh[bb ijb_fhf ij_iZjZlh\ ij_djZsZxsbfky ihke_
gZklmie_gby Z^ZilZpbb q_eh\_dZ lh ijb ebqghklghf jZkkljhckl\_ ba[_]Zgby \hagbdZ_l
g_h[oh^bfhklvihklhyggh]hijb_fZij_iZjZlh\qlhfh`_lbf_lvhljbpZl_evgu_ihke_^kl\by
?keb gZijbf_j q_eh\_d `Zem_lky gZ kljZo i_j_^ khpbZevgufb dhglZdlZfb kljZo h[s_gby
khijh\h`^Zxsbcky h]jZgbq_gb_f dhebq_kl\Z f_`ebqghklguo dhglZdlh\ kgb`Zxsbf
dZq_kl\h `bagb wlb ijbagZdb y\eyxlky hljZ`_gb_f ih\_^_gby ba[_]Zgby k\hckl\_ggh]h
ebqghklghfm jZkkljhckl\m ba[_]Zgby ijb dhlhjhf dZd m`_ mihfbgZehkv jZg__ \hagbdZ_l
hiZkghklv ihklhyggh]h ijb_fZ ij_iZjZlh\ Lj_[mxl bamq_gby \hijhku k\yaZggu_ k
ihke_^kl\byfb ^ebl_evgh]h ijb_fZ ij_iZjZlh\ k \ebygb_f ^ebl_evgh]h ijb_fZ gZ
Z^ZilZpbhggu_ko_fuf_lh^uikbohdhjj_dpbbb ij
Ij_^klZ\e_ggh_ \ deZkl_j_ < ]bkljbhgbq_kdh_ jZkkljhckl\h lj_[m_l ^bnn_j_gpbZpbb k
bkl_jbq_kdbfb ijhy\e_gbyfb k\hckl\_ggufb hljZ`_gguf \ jZfdZo klZjuo deZkkbnbdZpbc
bkl_jbq_kdhfmg_\jham
< k\yab k jZagufb ih^oh^Zfb d l_jZibb g_h[oh^bfh ^bnn_j_gpbjh\Zgb_ ^_ij_kkb\gh]h
ebqghklgh]h jZkkljhckl\Z \u^_ey_fh]h \ '60,9 \ jZa^_e_ Djbl_jb_\ b hk_c ^ey
^Zevg_cr_]h bkke_^h\Zgby k ^bklbfb_c ^eys_cky ]h^Zfb JZagbpZ \ ih^oh^Zo d e_q_gbx
wlh]h\b^ZjZkkljhckl\aZdexqZ_lky\ kms_kl\h\Zgbb\hijhkZke_^mxs_]hoZjZdl_jZKe_^m_l
eb e_qblv ^_ij_kkb\gh_ ebqghklgh_ jZkkljhckl\h Zglb^_ij_kkZglZfb" GZ wlhl \hijhk
kms_kl\mxl jZagu_ hl\_lu gh ih\b^bfhfm \k_lZdb g_l LZd dZd \ ijhlb\ghf kemqZ_ wlh
ke_^m_l^_eZlvihklhyggh: \hle_qblv^bklbfbxgm`ghBamq_gb_^_ij_kkb\guoebqghklguo
jZkkljhckl\ jh`^Z_l ihy\e_gb_ jy^Z gh\uo ijh[e_f jZg__ g_ jZkkfZljb\Z_fuo
ki_pbZebklZfbGZijbf_jbkoh^ul_jZibb[hevrhc^_ij_kkbbijbqbguj_pb^b\h\b ijLZd
gZijbf_j ihke_ mkljZg_gby [hevrh]h ^_ij_kkb\gh]h kbg^jhfZ \hagbdr_]h gZ nhg_ ^b
klbfbbkhklhygb_iZpb_glZmemqrZ_lkygh^bklbfbyhklZ_lkyb lj_[m_lijh^he`_gbye_q_gby
Ijh[e_fZebqghklguojZkkljhckl\gbdh]^Zg_klZ\beZkvlZdhkljhdZdk_]h^gyklZgh\ykv
\Z`guf kms_kl\_gguf jZa^_ehf ikbobZljbb Bamq_gb_ wlbo jZkkljhckl\ k lhqdb aj_gby
ikbohiZlbbijh\h^behkv\ jZfdZoiZjZ^b]fu\dexqZxs_c\ k_[yrbahb^gu_pbdehb^gu_b
^jm]b_ gZjmr_gby \klj_qZxsb_ky j_^dh b gZoh^ysb_ky ^Ze_dh hl `bagb IkbobZlju
bkihevah\Zeb \ k\h_f e_dkbdhg_ lZdhc kewg]h\uc l_jfbg dZd fhaZbqgu_ gZjmr_gby
hkh[_gghg_jZa[bjZykv\ gxZgkZowlh]hl_jfbgZb \deZ^u\Zy\ g_]hjZagh_kh^_j`Zgb_Ijb
wlhf bfb Z[khexlgh g_ mqblu\Zeky nZdl g_p_e_khh[jZaghklb bkihevah\Zgby l_jfbgZ
ikbohiZlby \ k\yab k _]h ^bkdjbfbgbjmxsbf oZjZdl_jhf gZde_b\Zxsbf gZ iZpb_glZ
hljbpZl_evgmxwlbd_ldm
< kh\j_f_gghc ebl_jZlmj_ \klj_qZxlky hij_^_e_gby ljZ^bpbhggh]h b kh\j_f_ggh]h
h[s_kl\ LjZ^bpbhgghfm h[s_kl\m k\hckl\_ggu klZ[bevghklv Z kh\j_f_gghfm ²
^bgZfbqghklv ;uklju_ baf_g_gby kihkh[kl\mxl [he__ qZklhfm ihy\e_gbx g_dhlhjuo \b^h\
ebqghklguojZkkljhckl\;he__lh]hg_j_^dh\klj_qZxlkygZjmr_gbyih\_^_gbykqblZxsb_ky
\ h^ghf h[s_kl\_ ^_\bZglgufb \ ^jm]hf h[s_kl\_ hlghkysb_ky d jZajy^m ghjfZevguo k
ihabpbc deZkkbq_kdh]h ]hjbahglZevgh]h ljZgkdmevlmjZevgh]h ih^oh^Z Kms_kl\m_l b
\_jlbdZevguc ih^oh^ ijb dhlhjhf \ jZfdZo h^gh]h h[s_kl\Z fh]ml ijhbkoh^blv gZklhevdh
[uklju_ baf_g_gby ijb dhlhjuo \hagbdZxl bgl_j]_g_jZpbhgguk jZks_ie_gby
oZjZdl_jbamxsb_ky g_ihgbfZgb_f f_`^m ihdhe_gbyfb Dhgnebdl f_`^m jh^bl_eyfb b
^_lvfb ij_djZkgh hibkZgguc \ jmkkdhc ebl_jZlmj_ k_]h^gy ijbgbfZ_l [he__ j_adbc b
\ujZ`_gguc oZjZdl_j \ k\yab k l_f qlh ij_`gbc klbev ih\_^_gby lbibqguc ^ey
kjZ\gbl_evgh g_^Z\g_]h \j_f_gb [ukljh klZgh\blky g_Z^_d\Zlguf jy^m gh\uo mkeh\bc
Ihkdhevdm g_evay h`b^Zlv \k_h[s_c [ukljhc Z^ZilZpbb d gh\uf mkeh\byf m jy^Z ebp
\hafh`gh \hagbdgh\_gb_ g_lhe_jZglghkl_c g_l_jibfhkl_c < k\yab k wlbf ijZ\bevguf gZ
gZr \a]ey^ y\ey_lky l_hj_lbq_kdh_ ij_^iheh`_gb_ ihemqZxs__ ihklhyggh_ ijZdlbq_kdh_
ih^l\_j`^_gb_h[m\_ebq_gbbdhebq_kl\Zbgl_j]_g_jZebaZpbhgguodhgnebdlh\ijb\h^ysbo
d ]bi_j^bZ]ghklbd_ ebqghklguo jZkkljhckl\ \ kemqZ_ _keb ih\_^_gb_ q_eh\_dZ g_
mdeZ^u\Z_lky \ jZfdb h`b^Z_fu_ hl g_]h hdjm`Zxsbfb <hagbdZxsZy ijb wlhf
g_lhe_jZglghklv \uau\Z_l \ k\hx hq_j_^v hl\_lgmx j_Zdpbx ijhl_klZ b moh^Z ijhy\e_gb_
dhlhjhc aZ\bkbl hl dhgdj_lgh]h q_eh\_dZ DZdb_lh fhf_glu wlh]h y\e_gby fh]ml
Zdp_glmbjh\Zlvky b ihemqZlv ^Zevg_cr__ jZa\blb_ Ki_pbZebklu g_ ihemqb\rb_
kh\j_f_ggh]hh[jZah\Zgbyij_^klZ\eyxl^bZ]ghklbq_kdmxiZjZ^b]fmih^oh^Zk\hckl\_ggh]h
^jm]hc]_g_jZpbbk g_ihgbfZgb_fb g_mf_gb_fZ^_d\Zlghhp_gblvkblmZpbxqlhijb\h^bld
g_d\Zebnbpbjh\Zgguf^bZ]ghklbq_kdbfih^oh^Zfijbhp_gd_ebqghklguojZkkljhckl\
Ki_pbZebklu bamqZxsb_ ebqghklgu_ jZkkljhckl\Z g_j_^dh klZedb\Zxlky k
jZaghh[jZagufbl_jfbgZfbg_dhlhjuobadhlhjuop_e_khh[jZaghba[_]ZlvD lZdbfl_jfbgZf
hlghkylkyke_^mxsb_
G_Z^_d\ZlgZyebqghklv ² l_jfbgijbf_gyxsbcky\ mgbqb`bl_evghfkfuke_< k\yab
k wlbf p_e_khh[jZagh g_ ijb[_]Zy d bkihevah\Zgbx ^Zggh]h l_jfbgZ dhgdj_lgh mdZaZlv
gZijZ\e_gbyb kn_julj_[h\Zgbyfdhlhjuoq_eh\_dg_khhl\_lkl\m_l
BgnZglbevgZy g_aj_eZy ebqghklv AZqZklmx bkihevam_lky ki_pbZebklZfb ^ey
oZjZdl_jbklbdb g_q_ldhklb b jZkieu\qZlhklb ebqghklguo oZjZdl_jbklbd ih^jZamf_\Zxsbo
g_khhl\_lkl\b_ f_`^m ih\_^_gb_f q_eh\_dZ b _]h \hajZklhf JZkkfZljb\Zy wlb y\e_gby
p_e_khh[jZagh[he__q_ldhnbdkbjh\ZlvijbagZdbg_aj_ehklbk hij_^_e_gb_fkn_j\ dhlhjuo
hgZijhy\ey_lkyGZijbf_jkn_jZf_`ebqghklguohlghr_gbcdhgljheygZ^k\hbfbwfhpbyfb
kihkh[ghklbijbgylvgZk_[yhl\_lkl\_gghklvb ij
JZkkfhlj_gb_ \ur_mdZaZgguo l_jfbgh\ k ij_^eh`_gguo ihabpbc ij_^klZ\ey_l [he__
dhgkljmdlb\guc\ZjbZglq_fgZde_b\Zgb_yjeudh\dhlhjufd kh`Ze_gbxkebrdhfrbjhdh
ihevamxlkyki_pbZebklu
=eZ\Z B>?GLBQGHKLV
>BKKHPB:LB<GH?G:JMR?GB?B>?GLBQGHKLB
;hevrhc bgl_j_k ki_pbZebklh\ d wlhfm \hijhkm h[tykgy_lky jhklhf qbkeZ iZpb_glh\ k
lZdh]hjh^ZgZjmr_gbyfb
< '60,,,5 gZjmr_gby b^_glbqghklb \u^_eyebkv dZd fgh`_kl\_ggu_ ebqghklgu_
jZkkljhckl\Z >bZ]gha gZjmr_gbc b^_glbqghklb \ '60,,,5 mqblu\Ze gZebqb_ ^\mo
djbl_jb_\
Djbl_jbc : \dexqZe \ k_[y gZebqb_ ^\mo beb [he__ hl^_evguo b^_glbqghkl_c beb
ebqghklguokhklhygbc
Djbl_jbc< oZjZdl_jbah\Zeebqghklgu_khklhygbydhlhju_j_dmjj_glghdhgljhebjmxl
ih\_^_gb_
'60,9 oZjZdl_jbam_lgZjmr_gbyb^_glbqghklb\ k\yabk ^h[Z\e_gb_fd djbl_jbyf: b<
djbl_jb_\K b '
Djbl_jbc K ² g_kihkh[ghklv q_eh\_dZ \kihfgblv hij_^_e_ggmx ebqghklgmx
bgnhjfZpbxkh^_j`Zgb_dhlhjhckebrdhf\_ebdhqlh[uwlhfh`gh[uehh[tykgblvh[uqghc
aZ[u\qb\hklvx J_qv b^_l h lhf qlh iZpb_gl g_ fh`_l khh[sblv h k_[_ \Z`guo k\_^_gbc
g_kfhljy gZ hlkmlkl\b_ m g_]h dZdhceb[h iZlheh]bb bgl_ee_dlmZevghfg_klbq_kdhc kn_ju
Ki_pbZebklZfb \uy\ey_lky g_khhl\_lkl\b_ f_`^m g_kihkh[ghklvx iZpb_glZ \kihfgblv
g_h[oh^bfmx bgnhjfZpbx b hlkmlkl\b_f m g_]h hj]Zgbq_kdbo baf_g_gbc \ujZ`_gguo
gZklhevdhqlh[u^hlZdhckl_i_gbZfg_abjh\Zlvkh[ulbyk\h_c`bagb
Djbl_jbc ' ² gZjmr_gby b^_glbqghklb g_ y\eyxlky ke_^kl\b_f ijyfh]h
nbabheh]bq_kdh]h \ha^_ckl\by dZdh]hlh \_s_kl\Z bo g_\hafh`gh h[tykgblv gZebqb_f m
iZpb_glZ dZdhceb[h [he_agb gZijbf_j ih\ur_gb_f l_fi_jZlmju k\yaZgghc k
bgn_dpbhggufaZ[he_\Zgb_f
GZjmr_gbyb^_glbqghklb\klj_qZxsb_ky\ ^_lkdhf\hajZkl_fh]ml[ulvk\yaZguk b]jhc
nZglZabb j_[_gdZ moh^ys_]h \ fbj kdZadb kh k\hbf mqZklb_f \ \b^_ \hh[jZ`Z_fh]h ]_jhy
LZdb_gZjmr_gbyb^_glbqghklbg_hljZ`Zxlkyh[uqghgZih\_^_gbbb g_bkdexqZxlj_Zevghc
hp_gdbk_[y\ ex[hcg_h[oh^bfucfhf_glHgbg_hlghkylkyd ^bkkhpbZlb\gufgZjmr_gbyf
b^_glbqghklb >bkkhpbZlb\gh_ gZjmr_gb_ b^_glbqghklb fh`_l \dexqZlv \ k_[y g_kdhevdh
ebqghklguo khklhygbc DZ`^h_ ba gbo \ujZ`Z_lky mgbdZevghklvx ijbkms_c lhevdh wlhfm
khklhygbx kh k\h_c bklhjb_c aZo\Zlu\Zxs_c jZagu_ kn_ju iZpb_glZ ² b^_glbqghklv
kh[kl\_gguc bfb^` hl^_evgu_ bfy nZfbebx hlebqgu_ hl gZklhys_c Q_eh\_d h[hagZqZ_l
k_[y\ wlhfkhklhygbbdZd\iheg_h[hkh[e_ggmxebqghklv
DZ`^hfm q_eh\_dm ijbkmsZ i_j\bqgZy b^_glbqghklv \dexqZxsZy \ k_[y \ lhf qbke_
bklbggu_ bfy b nZfbebx Bamq_gb_ hkh[_gghkl_c hkgh\ghc ebqghklb m ex^_c k
^bkkhpbZlb\guf gZjmr_gb_f b^_glbqghklb ihdZau\Z_l qlh wlZ i_j\bqgZy b^_glbqghklv
\uklmiZ_l dZd iZkkb\gZy aZ\bkbfZy gZkus_ggZy qm\kl\hf \bgu kdehggZy d ^_ij_kkb\guf
khklhygbyf :evl_jgZlb\gh_ ebqghklgh_ khklhygb_ ihy\eyxs__ky m iZpb_glZ ijhy\ey_lky
oZjZdl_jbklbdZfb dhgljZklbjmxsbfb ih k\h_fm oZjZdl_jm k i_j\bqghc b^_glbqghklvx D
lZdbf oZjZdl_jbklbdZf hlghkylky \jZ`^_[ghklv klj_fe_gb_ d dhgljhex Z]j_kkb\ghklv b
Zmlh^_kljmdpby
Q_eh\_d \ wlbo ebqghklguo khklhygbyo fh`_l bf_lv jZaguc \hajZkl b ihe GZijbf_j
\ajhkeucq_eh\_dfh`_l\uklmiZlvdZdj_[_ghdbebdZdq_eh\_dklZjrbcih\hajZklmbebdZd
ebqghklv ijhlb\hiheh`gh]h iheZ Wlb ebqghklgu_ khklhygby hlebqZxlky hl i_j\bqghc
b^_glbqghklb lZdbfb oZjZdl_jbklbdZfb dZd ki_pbnbqghklv keh\Zjgh]h aZiZkZ l_fZlbdZ
h[km`^Z_fuo \hijhkh\ hkh[_gghklb fZg_ju h[jZs_gby klbev jZa]h\hjZ h[sbc gZ[hj
agZgbc mjh\_gv h[jZah\Zgby b ij_h[eZ^Zxsbc Znn_dl Gh\Zy b^_glbqghklv \j_f_ggh
kf_gyxsZy i_j\bqgmx fh`_l oZjZdl_jbah\Zlvky \jZ`^_[ghklvx Z]j_kkb_c h[b^hc
h[\bg_gbyfb \hajZklZgb_f k_dkmZevghklb Ba\_klgu kemqZb dh]^Z \ lZdbo khklhygbyo ex^b
kh\_jrZeb Zdlu k_dkmZevgh]h gZkbeby :evl_jgbjmxsb_ b^_glbqghklb h[uqgh hljbpZxl
agZgb_^jm]^jm]ZlZdq_eh\_dij_[u\Zxsbc\ h^ghfebqghklghfkhklhygbbhljbpZ_lk\hx
ijbgZ^e_`ghklv d ij_^r_kl\mxs_fm ^jm]hfm ebqghklghfm khklhygbx <hafh`gu kemqZb
dh]^Z iZpb_gl ij_[u\Zxsbc \ h^ghf ebqghklghf khklhygbb njZ]f_glZjgh ihfgbl
oZjZdl_jgh_ ^ey g_]h ^jm]h_ ebqghklgh_ khklhygb_ b gZoh^blky k gbf \ kblmZpbb hldjulh]h
dhgnebdlZ
H[uqgh h^gZ beb [he__ kjZ\gbl_evgh fhsguo ih \ujZ`_gghklb b^_glbqghklb fh]ml
aZo\Zlu\Zlv\j_fyijbgZ^e_`Zs__^jm]bfb^_glbqghklyf
Bg^b\b^mmfZf k ^bkkhpbZlb\gufb gZjmr_gbyfb b^_glbqghklb k\hckl\_ggh gZebqb_
[hevrbo ijh[e_f k\yaZgguo k iZfylvx gZ ijhreu_ kh[ulby <uiZ^_gby ba iZfylb fh]ml
dZkZlvkyjZaguoi_jbh^h\\j_f_gb ² hlhl^Ze_gguo^hkjZ\gbl_evghg_^Z\gbokh[ulbc`bagb
iZpb_glZ
OZjZdl_jguf ^ey wlhc Zfg_abb y\ey_lky ihl_jy iZfylb gZ ^ebl_evgu_ ih \j_f_gb
i_jbh^u `bagb k\yaZggu_ k ^_lkl\hf ijbdhkgh\_gb_ d dhlhjuf \uau\Z_l kbevgh_
klj_kkbjh\Zgb_WlmZfg_abxfh`ghjZkkfZljb\ZlvdZdaZsblgmxj_ZdpbxgZljZ\fbjmxsb_
ikbobdm j_[_gdZ kh[ulby g_kihkh[gu_ bgl_]jbjh\Zlvky \ _]h khagZgbb :gZeba jZkkljhckl\
ghkysbogZa\Zgb_fgh`_kl\_ggZyebqghklvihdZau\Z_lqlh\ kemqZ_\wlbjZkkljhckl\Z
\hagbdZxl m \ajhkeuo i_j_g_krbo \ ^_lkl\_ k_dkmZevgmx ljZ\fZlbaZpbx ijbq_f g_
kemqZcgmxZ ghkysmx^ebl_evgucoZjZdl_j
Bamq_gb_ ijhbkoh`^_gby ^Zggh]h \b^Z Zfg_abb k bkihevah\Zgb_f ikbohZgZeblbq_kdbo
ih^oh^h\ ihdZau\Z_l qlh ^bkkhpbZlb\gu_ gZjmr_gby \hagbdZxl m q_eh\_dZ dZd aZsblgZy
j_Zdpbyk\yaZggZy\hi_j\uok g_h[oh^bfhklvx\ul_kg_gbyikbohljZ\fbjmxsbokh[ulbcZ
\h\lhjuo k bf_xsbf f_klh \ ^Zgghc kblmZpbb h^gh\j_f_gguf jh`^_gb_f ^jm]h]h
q_eh\_dZ k gh\uf ih\_^_gq_kdbf iZll_jghf ijhlb\hihklZ\eyxsbf k_[y ij_`g_c
g_aZsbs_gghc ebqghklb I_j\bqgZy b^_glbqghklv q_eh\_dZ i_j_g_kr_]h ^_lkdmx ljZ\fm
iZkkb\gZZ jbkdijhju\Z_]hi_j_`b\Zgbc\ khagZgb_\_ebdWlbfb h[tykgy_lkymki_rghklv
[ukljhc ljZgknhjfZpbb ljZ\fbjh\Zgghc ebqghklb \ ^jm]h_ khklhygb_ g_kms__ \ k_[_
we_f_glu b]ju nZglZabb ij_^klZ\e_gb_ k_[y ijhlb\hiheh`ghc ih oZjZdl_jm ebqghklvx
kihkh[ghc d j_rbl_evguf kZfhklhyl_evguf ihjhx Z]j_kkb\guf ^_ckl\byf :]j_kkb\gh_
ih\_^_gb_ fh`_l hljZ`Zlv b^_glbnbdZpbx k_[y k Z]j_kkhjhf ba ^_lkdhc `bagb LZdh\Z
ikboh^bgZfbq_kdZydhgp_ipbyhibkZggh]hy\e_gby
Ikboheh]bq_kdZy ljZ\fZ gZoh^ykv \ ih^khagZgbb \ k\yab k __ \ul_kg_gb_f kha^Z_l
ihklhyggh_wfhpbhgZevgh_gZijy`_gb_
Dhjj_dpbhggZy lZdlbdZ ki_pbZebklh\ gZijZ\e_gZ gZ kha^Zgb_ fhlb\Zpbb d \ha\jZlm
q_eh\_dZ d ljZ\fbjmxsbf ikbobdm i_j_`b\Zgbyf k g_h[oh^bfhklvx aZgh\h i_j_`blv wlm
ljZ\fm hlj_Z]bjh\Zlv __ ba[Z\blvky hl gZijy`_gby b \uclb ba i_j_`b\Zgby k gh\uf [he__
Z^Zilb\gufhlghr_gb_fd j_Zevghklb
IZkkb\gZyb^_glbqghklvbf__ll_g^_gpbxd ijhy\e_gbx[he__h]jZgbq_gghciZfylb\ lh
\j_fy dZd Z]j_kkb\gZy oZjZdl_jbam_lky [hevr_c iheghlhc \hkihfbgZgbc :fg_abb
i_j_`b\Zgbc b Zdlb\ghkl_c kh\_jrZ_fuo \ \hagbdZxsbo b^_glbqghklyo ghkyl h[uqgh
lhlZevguc oZjZdl_j < j_amevlZl_ iZpb_glu g_ fh]ml gZijbf_j ihgylv hldm^Z m gbo
ihy\bebkv dZdb_lh g_ ijbgZ^e_`Zsb_ bf ij_^f_lu aZibkdb b ^j Beb gZh[hjhl iZpb_gl
h[gZjm`b\Z_lhlkmlkl\b_g_h[oh^bfh]h^eyg_]hij_^f_lZdhlhjufhgZdlb\ghihevah\Zekyk
g_\hafh`ghklvxh[tykgblvijbqbgmijhiZ`b
Ij_^klZ\ey_l bgl_j_k jZkkfhlj_gb_ \ebygby dmevlmjZevguo Zki_dlh\ gZ kihkh[u
\hafh`guoh[tykg_gbcih^h[guoy\e_gbcGZijbf_jiZpb_gluk gZjmr_gb_fb^_glbqghklb
ijh`b\Zxsb_ \ EZlbgkdhc :f_jbd_ h[gZjm`b\Zy m k_[y ijhiZ`m agZqbfuo ^ey gbo \_s_c
k\yau\Zxl wlhl nZdl k fbnheh]bq_kdbfb ij_^klZ\e_gby k \f_rZl_evkl\hf \ wlhl ijhp_kk
^moZ`b\ms_]h\ bo^hf_dhlhjucihbkl_q_gbxg_dhlhjh]h\j_f_gb\ha\jZsZ_lijhiZ\rb_
\_sb
>hdZaZl_evkl\hf Zfg_abc fh]ml [ulv ^hklZlhqgh ^jZfZlbq_kdb_ y\e_gby ijb dhlhjuo
gZijbf_j q_eh\_d h[gZjm`b\Z_l \ k\h_f klhe_ ^_eh\u_ [mfZ]b b ibkvfZ ihjZ`Zxsb_ _]h
\hh[jZ`_gb_ b gZibkZggu_ g_k\hckl\_gguf ^ey g_]h ihq_jdhf gh \ ^_ckl\bl_evghklb
y\eyxsb_kyijh^mdlhf_]hl\hjq_kl\Z\h\j_fyij_[u\Zgbywlh]hq_eh\_dZ\ dZdhflhbghf
khklhygbb
Ijb gZebqbb gZjmr_gbc b^_glbqghklb ihy\e_gb_ l_o beb bguo ebqghklguo khklhygbc
k\yaZgh kh ki_pbnbq_kdbfb mkeh\byfb ijh\hpbjmxsbfb \hagbdgh\_gb_ bf_ggh wlbo
khklhygbc Kf_gZ b^_glbqghklb qZklh ijh\hpbjm_lky ikbohkhpbZevguf klj_kkhf k
\hagbdgh\_gb_fljm^guohiZkguokblmZpbcm]jhaumgb`_gbyk_f_cgh]hijhba\h^kl\_ggh]h
beb^jm]h]hdhgnebdlZwfhpbhgZevgh]hrhdZ\ua\Zggh]hihemq_gb_fg_ijbylgh]hba\_klby
Kf_gZ b^_glbqghkl_c fh`_l ijhbahclb \ l_q_gb_ g_kdhevdbo k_dmg^ QZs_ \k_]h \j_fy
i_j_oh^Z q_eh\_dZ ba h^gh]h khklhygby \ ^jm]h_ [u\Z_l djZldh\j_f_gguf < [he__ j_^dbo
kemqZyo bf__l f_klh ieZ\guc ihkl_i_gguc i_j_oh^ >ey ieZ\gh]h i_j_oh^Z lbibqguf
y\ey_lky \j_f_ggZy g_dhglZdlghklv k g_`_eZgb_f hl\_qZlv gZ dZdb_ [u lh gb [ueh \hijhku
<_j[Zevgh_ b g_\_j[Zevgh_ ih\_^_gb_ iZpb_glZ \ wlhl fhf_gl k\b^_l_evkl\m_l h gZebqbb m
g_]h agZqbl_evghc \gmlj_gg_c jZ[hlu ijhp_kkZ lj_[mxs_]h agZqbl_evguo aZljZl wg_j]bb
Hlkmlkl\b_f wg_j]bb g_h[oh^bfhc ^ey dhglZdlZ k hdjm`Zxsbfb \hafh`gh b h[tykgy_lky
g_`_eZgb_hl\_qZlvgZ\hijhku
B^_glbqghklv ij_[u\ZxsZy \ jZkkfZljb\Z_fuc fhf_gl \j_f_gb g_ gZ \g_rg_c Z gZ
\gmlj_gg_c kp_g_ b dZaZehkv [u g_ dhgljhebjmxsZy gZklhysmx kblmZpbx l_f g_ f_g__
hdZau\Z_l kms_kl\_ggh_ \ebygb_ gZ khagZgb_ q_eh\_dZ Wlh \ebygb_ \ujZ`Z_lky \
ijh^mpbjh\Zgbb ]ZeexpbgZlhjguo jZkkljhckl\ ajbl_evguo beb kemoh\uo \h \j_fy dhlhjuo
]hehk ^Z_l iZpb_glm dZdb_lh bgkljmdpbb :gZeba ijhbkoh`^_gby ]ZeexpbgZlhjguo
jZkkljhckl\\ [bhf_^bpbgkdhciZjZ^b]f_h[tykgy_lbogZebqb_wg^h]_ggufbebhj]Zgbq_kdbf
aZ[he_\Zgb_f ]heh\gh]h fha]Z \ha^_ckl\b_f lhdkbq_kdbo km[klZgpbc ]Zeexpbgh]_gh\
ijh^mdlh\gZjmr_ggh]hh[f_gZ
JZkkfZljb\Zy ikboh^bgZfbq_kdb_ f_oZgbafu ]Zeexpbgbjh\Zgby ke_^m_l hlf_lblv
gZebqb_ nmgdpbhgZevguo f_oZgbafh\ k\yaZgguo k ijhju\hf \ khagZgb_ \ul_kg_gguo
`_eZgbc ih^khagZl_evguo kljZoh\ b ^j Ikboh^bgZfbq_kdb_ f_oZgbafu ]ZeexpbgZpbc m
iZpb_glh\ kljZ^Zxsbo wg^h]_ggufb aZ[he_\Zgbyfb debgbq_kdbfb ikbobZljZfb g_
ZgZebabjmxlky hgb h]jZgbqb\Zxlky bo hibkZl_evghc oZjZdl_jbklbdhc <f_kl_ k l_f ijb
wg^h]_gguo ikbohaZo m^Z_lky h[gZjm`blv \ ijhbkoh`^_gbb ]ZeexpbgZpbc ijhp_kku
k\yaZggu_ k ^bgZfbdhc ih^khagZgby :gZebahf lZdbo ]ZeexpbgZpbc aZgbfZeky JZco
ijb\h^ysbc\ k\hbobkke_^h\Zgbyoijbf_juagZq_gbykfukeZ]ZeexpbgZlhjguoi_j_`b\Zgbc
Ijb gZjmr_gbyo b^_glbqghklb ]ZeexpbgZpbb q_ldh hljZ`Zxl j_ij_kkbjh\Zggu_ \
ih^khagZgb_b j\msb_kygZkhagZl_evgmxkp_gmi_j_`b\Zgby
:gZebahkh[_gghkl_cebqghklguokhklhygbcihy\eyxsboky\ kljmdlmj_^bkkhpbZlb\gh]h
gZjmr_gby b^_glbqghklb ihdZau\Z_l qlh \ hl^_evguo ebqghklyo fh]ml ijhy\eylvky
]bkljbhgbq_kdb_ q_jlu gZijbf_j dhg\_jkbhggu_ jZkkljhckl\Z baf_g_gb_ hsms_gby [heb
gZjmr_gbyihoh^dbaj_gbyiZj_au : bgh]^Z\hafh`gub nmgdpbhgZevgu_ ]bkljbhgbq_kdb_
ijbiZ^db >bkkhpbZlb\gu_ gZjmr_gby b^_glbqghklb ij_^klZ\eyxl bgl_j_k ^ey km^_[ghc
ikbobZljbb \ kemqZyo kh\_jr_gby ijZ\hgZjmr_gbc ebpZfb ij_[u\Zxsbfb \ h^ghf ba
k\hckl\_gguobfebqghklguokhklhygbc
Ij_^klZ\e_gb_ h k_[_ dZd h g_ijb\e_dZl_evghf beb ijb\e_dZl_evghf q_eh\_d_ fh`_l
khhl\_lkl\h\Zlv b g_ khhl\_lkl\h\Zlv ^_ckl\bl_evghklb EbpZ k gZjmr_gbyfb b^_glbqghklb
fh]ml kqblZlv k_[y g_^hklZlhqgh ij_^klZ\bl_evgufb mjh^eb\ufb IkbobZlju wlb khklhygby
d\ZebnbpbjmxldZd^bkfhjnhnh[bx< dZdbolhkemqZyolZdh_ij_^klZ\e_gb_h k_[_\oh^bl\
kljmdlmjm ikbobq_kdh]h aZ[he_\Zgby Z \ dZdbolh y\ey_lky bahebjh\Zgguf bkdZ`_gb_f
kh[kl\_ggh]hbfb^`Zijhbkr_^r_]hih^\ebygb_fhij_^_e_gguonZdlhjh\
H^gbfbagZb[he__agZqbfuonZdlhjh\y\ey_lkykj_^Z\ dhlhjhc\hkiblu\Z_lkyq_eh\_d
GZijbf_jdhff_glZjbbjh^bl_e_c\ Z^j_k^hq_jbih^q_jdb\Zxsb___ g_ijb\e_dZl_evgmxk
bo lhqdb aj_gby \g_rghklv fh]ml kihkh[kl\h\Zlv jZa\blbx m ^_\hqdb gZjmr_gbc \
nhjfbjh\Zgbb kh[kl\_ggh]h bfb^`Z qlh fh`_l khq_lZlvky k jZa\blb_f dhfie_dkZ
g_iheghp_gghklbLZdbfh[jZahfnhjfbjh\Zgb_jh^bl_eyfbiheh`bl_evgh]hbfb^`Zj_[_gdZ
^he`gh \dexqZlv \ k_[y nZdlhju kihkh[kl\mxsb_ jZa\blbx kZfhhp_gdb j_[_gdZ qm\kl\Z
^h\_jbyd k_[_J_[_ghd^he`_ggjZ\blvkyk_[_g_bkiulu\Zlvdhfie_dkZg_m\_j_gghklb
Nhjfbjh\Zgb_ bfb^`Z k_[y ijhbkoh^bl dZd gZ khagZl_evghf lZd b gZ g_ iheghklvx
hkhagZ\Z_fhf gZ ih^khagZl_evghf mjh\g_ GZ khagZl_evghf mjh\g_ \k_ fh`_l \u]ey^_lv
[eZ]hihemqgh q_eh\_d fh`_l ijhy\eylv ih\_^_gb_ hljZ`Zxs__ _]h kZfh^hklZlhqghklv Gh
ijb [he__]em[hdhfZgZeba_ dZdbolh dhgdj_lguonZdlh\ m q_eh\_dZ fh`_l [ulv h[gZjm`_gh
qm\kl\hg_m\_j_gghklbb lj_\h`ghklbdZkZxs__kykh[kl\_ggh]hbfb^`Z
< ih^khagZgbb lZdh]h q_eh\_dZ kms_kl\m_l dhgp_ipby h ijyfh ijhihjpbhgZevghc
aZ\bkbfhklb _]h khpbZevghc mki_rghklb hl kl_i_gb ijbeZ]Z_fuo bf mkbebc GZebqb_ lZdhc
dhgp_ipbb k\yaZgh k km]]_klb_c ijh\h^bfhc jh^bl_eyfb k\yau\Zxsbfb \hafh`ghklv
[m^msbo mki_rguo j_ZebaZpbb j_[_gdZ k ly`_klvx ijbeZ]Z_fuo bf mkbebc \ ^hklb`_gbb
mki_oZ DZd ijZ\beh lZdh_ \hkiblZgb_ khijy`_gh k Zdp_glhf gZ g_^hklZldb j_[_gdZ qlh
kihkh[kl\m_l jZa\blbx ms_j[ghc b^_glbqghklb ms_j[gh]h bfb^`Z k_[y LZdb_ ^_lb \h
\ajhkehc`bagbkqblZxlk_[yom`_^jm]boiheZ]Zyqlh_kebhgbb fh]mlijb\e_qv\gbfZgb_
^jm]bo lh ebrv gZ hq_gv dhjhldbc ijhf_`mlhd \j_f_gb Hgb kqblZxl qlh ^ebl_evgh_
h[s_gb_ k gbfb ijb\_^_l d ihl_j_ ohjhr_]h hlghr_gby d gbf baaZ bo g_kihkh[ghklb
ijhba\h^blv iheh`bl_evgh_ \i_qZle_gb_ gZ iZjlg_jZ ih h[s_gbx \ l_q_gb_ kdhevdhgb[m^v
^ebl_evgh]h \j_f_gb GZebqb_ lZdbo fuke_c ijh\hpbjm_l bo ghkbl_ey gZ ihkljh_gb_
djZldh\j_f_gguo hlghr_gbc k hdjm`Zxsbfb lZd dZd ^ebl_evgu_ hlghr_gby
jZkkfZljb\Zxlky dZd hiZkgu_ \ ieZg_ bo g_klZ[bevghklb @_eZgb_ \klmiblv \ ^ebl_evgu_
hlghr_gbym lZdboex^_cijbkmlkl\m_lghwlbhlghr_gbykqblZxlkyj_Zevghg_\hafh`gufb
lZddZdg_\hafh`gufkqblZ_lkyohjhr__hlghr_gb_d k_[_khklhjhguiZjlg_jZihh[s_gbx
gZ ijhly`_gbb ^ebl_evgh]h i_jbh^Z ;hyagv aZdhghf_jgh]h k _]h lhqdb aj_gby djZoZ
hlghr_gbc ijh\hpbjm_l ghkbl_ey lZdh]h jZkkljhckl\Z gZ jZaju\ hlghr_gbc qlh[u f_gvr_
i_j_`b\Zlv LZdb_ y\e_gby oZjZdl_jgu ^ey ex^_c k iZlheh]b_c jZa\blby k\yaZgghc k
g_ijZ\bevguf bfb^`_f ^ey ih\_^_gby ba[_]Zgby b oZjZdl_jbklbdb jZ^bdZeZ \oh^ys_]h \
k_dkmZevgu_ Z^^bdpbb G_ ihgbfZy kmlb \ur_i_j_qbke_gguo y\e_gbc ljm^gh hij_^_eblv
\aZbfhk\yav qm\kl\Z g_iheghp_gghklb b ikboheh]bq_kdh]h ^bkdhfnhjlZ k g_ijZ\bevgh
knhjfbjh\Zgguf \ ^_lkl\_ bfb^`_f Lh _klv gZjmr_gby \ kh[kl\_gghf bfb^`_ g_j_^dh
ijb\h^yld nhjfbjh\ZgbxjZaebqgh]hjh^Zebqghklguoijh[e_fgZjmr_gbc\ f_`ebqghklguo
hlghr_gbyo d jZa\blbx lZdbo ikbobq_kdbo gZjmr_gbc dZd \lhjbqgZy ^_ij_kkby qm\kl\h
hlqZygbybihohg^jbq_kdb_b^_bb ^j
<u^_eyxlkygZb[he__\Z`gu_nZdlhju\ jZa\blbbkh[kl\_ggh]hbfb^`Zj_[_gdZD lZdbf
nZdlhjZfij_`^_\k_]hhlghkblky\ebygb_hdZau\Z_fh_gZj_[_gdZwfhpbhgZevghagZqbfufb
^ey g_]h nb]mjZfb \ djm]m dhlhjuo hg \hkiblu\Z_lky Ex[h\v b m\Z`_gb_ kh klhjhgu
jh^bl_e_cjh^kl\_ggbdh\b agZdhfuonhjfbjm_l\ j_[_gd_qm\kl\hkh[kl\_ggh]h^hklhbgkl\Z
b klhcdhklvhlkmlkl\b_bkdZ`_gbc\ kh[kl\_gghfbfb^`_
J_[_ghd \hkiblu\Zxsbcky \ h[klZgh\d_ oheh^ghklb b \jZ`^_[ghklb kh klhjhgu
jh^bl_e_c bf__l bkdZ`_ggh_ ij_^klZ\e_gb_ h kh[kl\_gghf bfb^`_ Hg kqblZ_l lZdh_
hlghr_gb_ kh klhjhgu hdjm`Zxsbo ijZ\bevguf k\yaZgguf k _]h kh[kl\_gghc
g_Z^_d\Zlghklvx LZdh_ gZjmr_gb_ b^_glbqghklb \ihke_^kl\bb ijb\h^bl d aZljm^g_gbx \
f_`ebqghklguo dhglZdlZo d Z]j_kkb\ghklb \ua\Zgghc qm\kl\hf h[b^u b g_kijZ\_^eb\hklb
OZjZdl_j\hkiblZgbyhij_^_ey_l [m^msbc kh[kl\_ggucbfb^`j_[_gdZ Ihwlhfm \hkiblZgb_
aZgb`Zxs__ kZfhhp_gdm ih^q_jdb\Zxs__ g_Z^_d\Zlghklv j_[_gdZ kihkh[kl\m_l
\hagbdgh\_gbxgZjmr_gbyb^_glbqghklb
<hafh`gu b ^jm]b_ \ZjbZglu LZd Zdp_gl lhevdh gZ iheh`bl_evguo dZq_kl\Zo j_[_gdZ
lZbl \ k_[_ hiZkghklv qlh ^Zevg_crZy \klj_qZ lZdh]h j_[_gdZ k j_Zevghklvx k
ikbohljZ\fbjmxs_c kblmZpb_c k\yaZgghc k ihjZ`_gb_f kijh\hpbjm_l \hagbdgh\_gb_
k_jv_aguogZjmr_gbc
Q_eh\_dmijbkmsZhlq_leb\Zyl_g^_gpbyhp_gb\Zlvk_[ylZddZdhdjm`Zxsb_hp_gb\Zeb
_]h \ i_j\u_ e_l `bagb dZd hgb d g_fm hlghkbebkv dZd ijhoh^beZ dhgk_gkmZevgZy
\Zeb^Zpby < ^Zgghf Zki_dl_ bf__l [hevrh_ agZq_gb_ lZ bgnhjfZpby dhlhjZy
km]]_klbjh\ZeZkvj_[_gdmhdjm`ZxsbfbBgnhjfZpbybfij_]gbjh\ZggZy\ khagZgbbj_[_gdZ
gZijhly`_gbbjZaebqguoi_jbh^h\`bagbhdZau\Z_lkms_kl\_ggh_\ebygb_gZnhjfbjh\Zgb_
_]hkZfhhp_gdb
Hlkmlkl\b_m j_[_gdZ^hklZlhqghcb^_glbqghklb[Zabjmxs_ckygZhlh`^_kl\e_gbbk_[yk
hljbpZl_evguf bfb^`_f fh`_l kihkh[kl\h\Zlv jZa\blbx m g_]h jZaebqguo \b^h\
hldehgyxs_]hky ih\_^_gby LZdh_ ih\_^_gb_ fh`_l oZjZdl_jbah\Zlvky gZjmr_gb_f
f_`ebqghklguo hlghr_gbc k \hagbdgh\_gb_f ij_^ihqlbl_evgh]h h[s_gby k fbjhf \_s_c
aZf_gyxsbf fbj ex^_c qlh ijb\h^bl lZdh]h q_eh\_dZ d klj_fe_gbx ihemqZlv m^h\hevkl\b_
kihkh[Zfb bkdexqZxsbfb bgl_ji_jkhgZevgu_ dhglZdlu dhlhju_ iZpb_gl kqblZ_l ^ey k_[y
g_^hklmigufb LZdbf h[jZahf ijhke_`b\Z_lky \aZbfhk\yav f_`^m \ur_hibkZggufb
y\e_gbyfb b jZa\blb_f jZaebqguo nhjf Z^^bdlb\gh]h ih\_^_gby Q_eh\_d moh^bl \
Z^^bdlb\gu_j_ZebaZpbbqlh[ug_cljZebah\Zlvg_ijbylgmx^eyg_]hj_Zevghklvk\yaZggmxk
ikboheh]bq_kdhc ljZ\fhc k \gmlj_ggbf hsms_gb_f ihklhyggh]h g_^h\hevkl\Z kh[hc
hlkmlkl\by ex[\b d k_[_ b b^_l ih ]_^hgbklbq_kdhfm imlb bkihevamy kj_^kl\Z baf_gyxsb_
_]h ikbobq_kdh_ khklhygb_ Ijhbkoh^bl nhjfbjh\Zgb_ mkeh\bc ^ey jZa\blby Zedh]hevgh]h
gZjdhlbq_kdh]h b ^jm]bo \b^h\ hldehgyxs_]hky ih\_^_gby Dhjj_dpby lZdh]h jh^Z
jZkkljhckl\ljm^gZb qZklhg_wnn_dlb\gZ\ k\yabk l_fqlhZ^^bdlb\gZyj_ZebaZpbyklZeZ^ey
q_eh\_dZ ijb\uqghc b \ _]h khagZgbb k\yaZgghf k ijhreuf iheh`bl_evgu_ \hkihfbgZgby
hlkmlkl\mxl Ij_^r_kl\mxsb_ jZa\blbx lZdh]h ih\_^_gby hkhagZgb_ k_[y dZd iehoh]h
hsms_gb_ \gmlj_gg_c g_Z^_d\Zlghklb b g_^h\hevkl\h kh[hc ^_eZxl ikboheh]bq_kdmx
dhjj_dpbxg_ijh^mdlb\ghc
HkhagZgb_ iZpb_glhf g_h[oh^bfhklb \_jgmlvky d k\hbf ij_`gbf ebqghklguf j_kmjkZf
lj_[m_l ihgbfZgby lh]h [ueb eb wlb j_kmjku ij_^klZ\e_gu jZg__ DZ`^uc q_eh\_d bf__l
]_g_lbq_kdb h[mkeh\e_ggu_ j_kmjku Gh _keb hgb g_ [ueb ^hklZlhqgh jZa\blu \ jZgg_f
\hajZkl_ bo ljm^gh Z ihjhc b g_\hafh`gh jZa\blv \ [he__ iha^gb_ i_jbh^u Ihwlhfm
ki_pbZebklu klZedb\Zxlky k g_wnn_dlb\ghklvx ikboheh]bq_kdhc dhjj_dpbb gZijbf_j
gZjdhlbq_kdh]h ih\_^_gby P_e_khh[jZagh ihgbfZlv qlh ijb \hagbdgh\_gbb gZjmr_gbc gZ
nhg_ ^hklZlhqgh jZa\blhc b^_glbqghklb [Zabjmxs_cky gZ iheh`bl_evghf kZfh\hkijbylbb
\ha\jZld ij_`g_fmYd ij_`g_cghjfZevghcb a^hjh\hcebqghklb[he__j_Ze_gIjbwlhf
iZpb_gl\kihfbgZ_ldZdbfhg[ue^hhldehg_gby\ dZdb_f_`ebqghklgu_hlghr_gbyhg[ue
\dexq_g b klZjZ_lky h`b\blv k\hx iZfylv H^gZdh _keb \ iZfylb h`b\Zxl \ hkgh\ghf
hljbpZl_evgu_\hkihfbgZgbyijh[e_fZdhjj_dpbb\ lZdhfjZdmjk_ijZdlbq_kdbg_j_rZ_fZ
<Z`gufZki_dlhfjZa\blbyebqghklbb bfb^`Zk_[y y\ey_lky b^_glbnbdZpbyj_[_gdZ kh
agZqbfufb ^ey g_]h ex^vfb Ih\_^_gb_ ^_l_c ghkbl bfblZpbhgguc oZjZdl_j \ ijhp_kk_
dhlhjh]h ^_lb bfblbjmxl bglhgZpbhggu_ oZjZdl_jbklbdb ]hehkZ \ukdZau\Zxl k_gl_gpbb
ijbgZ^e_`Zsb_\ajhkeuf<gZqZe_lZdh_ih^jZ`Zgb_j_[_gdhf g_hkhagZ_lky gh ihkl_i_ggh
ih f_j_ _]h klZgh\e_gby hgh \uoh^bl k Z\lhfZlbq_kdh]h mjh\gy gZ mjh\_gv ih^khagZgby
J_[_ghd b^_glbnbpbjm_l k_[y k \i_qZleb\rbfb _]h dZq_kl\Zfb agZqbfuo hdjm`Zxsbo gh
ij_`^_ \k_]h k dZq_kl\Zfb h[hbo jh^bl_e_c Kms_kl\m_l aZdhg ikboheh]bq_kdh]h jZa\blby
kh]eZkgh dhlhjhfm \ kemqZ_ a^hjh\hc k_f_cghc h[klZgh\db j_[_ghd b^_glbnbpbjm_l k_[y \
[hevr_ckl_i_gbk dZq_kl\Zfbjh^bl_eylh]h`_iheZklZjZykvi_j_gylvm gboijbgZ^e_`Zsb_
bf ebqghklgu_ q_jlu LZd fZevqbd b^_glbnbpbjm_l k_[y k hlphf ^_\hqdZ ² k fZl_jvx
B^_glbnbdZpbyij_^klZ\ey_lkh[hckeh`gucijhp_kk\ebyxsbcgZnhjfbjh\Zgb_oZjZdl_jZ
y\eyykv\Z`gufjZ^bdZehfb^_glbqghklb
< ijhp_kk_b^_glbnbdZpbbj_[_ghd\hkijbgbfZ_lg_lhevdh\g_rgxxklhjhgmih\_^_gby
jh^bl_e_cbo`_klufbfbdmb ijHgb^_glbnbpbjm_lk_[yk b^_ZeZfbjh^bl_e_ck boklbe_f
`bagb fhjZevx k wlbq_kdbfb klZg^ZjlZfb ih\_^_gby FhjZevgu_ h]jZgbq_gby fhlb\Zpbb
j_[_gdZlZd`_hdZau\Zxlkyih^\ebygb_fb^_glbnbdZpbb LZdijhbkoh^bl\ kemqZ_ a^hjh\hc
b^_glbnbdZpbb
Ijb ljZ\fbjmxsbo ikbobdm j_[_gdZ hlghr_gbyo k jh^bl_eyfb bo `bag_gguc klbev g_
\hkijbgbfZ_lky j_[_gdhf dZd h[t_dl ^ey ih^jZ`Zgby Ijhl_kl fh`_l [ulv hldjuluf b
kdjuluf hl ]eZa hdjm`Zxsbo Ijhbkoh^bl ijhlb\hihklZ\e_gb_ k_[y `bag_gghfm klbex
jh^bl_e_cqlhg_fh`_lg_kdZaZlvkygZghjfZevghfjZa\blbbj_[_gdZLZdZyb^_glbnbdZpby
ghkblgZa\Zgb_hiihabpbhgghcMgZke_^h\Zggu_hljh^bl_e_cb^_glbnbdZpbbfh]ml\ebylvgZ
jZa\blb_ m j_[_gdZ iheh`bl_evghc fhlb\Zpbb d h[mq_gbx d wdhghfbq_kdbf khpbZevguf
^moh\gufb ^jm]bf\b^Zf^hklb`_gbc
J_[_ghd lZd`_ fh`_l b^_glbnbpbjh\Zlv k_[y k g_q_klghklvx [jmlZevghklvx b ^jm]bfb
hljbpZl_evgufb Zki_dlZfb jh^bl_evkdh]h ih\_^_gby LZdh_ y\e_gb_ gZau\Z_lky
dhjjmipbhgghcb^_glbnbdZpb_c
B^_glbnbdZpby b]jZ_l agZqbl_evgmx jhev \ hij_^_e_gbb k_dkmZevghc hjb_glZpbb
GZijbf_jfZevqbdbf_xsbca^hjh\u_hlghr_gbyk hlphfb^_glbnbpbjm_lk\h_ih\_^_gb_k
ih\_^_gb_f hlpZ ?keb `_ wlb hlghr_gby ghkyl g_kdhevdh bghc oZjZdl_j \ k\yab k
hlkljZg_gghklvxjZ[hlh]hebafhfZedh]hebafhfhlpZ_]hbfimevkb\ghklvxk g_h`b^Zggufb
\kiurdZfb ]g_\Z \ lZdhf kemqZ_ iheghc b^_glbnbdZpbb k jhevx fm`qbgu dhlhjmx
hebp_l\hjy_l hl_p g_ ijhbkoh^bl <f_klh wlh]h fh`_l jZa\blvky kimlZggZy kf_s_ggZy
b^_glbnbdZpby ijb dhlhjhc kug fh`_l b^_glbnbpbjh\Zlv k_[y k d_flh ^jm]bf b ^Z`_ k
fZl_jvx < lZdhc kblmZpbb \ ebqghklghc kljmdlmj_ kugZ fh`_l ihy\blvky ]hfhk_dkmZevguc
iZll_jg
GZebqb_ f_`^m fZl_jvx b ^hq_jvx oheh^guo ^bklZglguo g_a^hjh\uo hlghr_gbc
k\yaZgguok gZebqb_fm fZl_jblZdboq_jldZdZ]j_kkb\ghklv\jZ`^_[ghklvb ijijb\h^bld
lhfmqlh^_\hqdZg_jZa\b\Z_l`_gkdmxb^_glbnbdZpbxWlhfh`_lkihkh[kl\h\ZlvjZa\blbx
m g__e_k[bckdboijhy\e_gbcGZjmr_gbyk_dkmZevghchjb_glZpbb^_l_cy\eyxlkyj_amevlZlhf
bo g_a^hjh\uo hlghr_gbc k jh^bl_eyfb ohly agZq_gb_ \ wlhf ijhp_kk_ g_dhlhjuo ^jm]bo
y\e_gbchljbpZlvg_evay
NZdlhju ijb\h^ysb_ d gZjmr_gbx khpbZevghc b^_glbnbdZpbb m \ajhkeh]h k\yaZgu kh
agZqbl_evgufbaf_g_gb_fkbkl_fup_gghkl_cknhjfbjh\Z\r_cky\ ijhp_kk__]h\hkiblZgby
Q_eh\_d b^_glbnbpbjmxsbc k\hc bfb^` k hij_^_e_gghc kbkl_fhc p_gghkl_c \ l_q_gb_
^ebl_evgh]h i_jbh^Z k\h_c `bagb \^jm] klZedb\Z_lky k nZdlhf g_Z^_d\Zlghklb beb
m[_^bl_evghc dhfijhf_lZpbb agZq_gby hkgh\guo iheh`_gbc \oh^ysbo \ _]h kbkl_fm
p_gghkl_c qlh ijb\h^bl d \hagbdgh\_gbx m]jhau gZjmr_gby b^_glbqghklb M]jhaZ
\hagbdgh\_gby lZdh]h gZjmr_gby [m^_l gZb[he__ \ujZ`_gghc ^ey ex^_c m`_ bf_xsbo
ijh[e_fu b^_glbqghklb aZeh`_ggu_ \ ^_lkdhf \hajZkl_ Qm\kl\h b^_glbqghklb
wdabkl_gpbZevghlh_klvhgh\hfgh]hfk\yaZghk ihgbfZgb_fq_eh\_dhfk\h_]hijba\Zgbyb
p_eb \ `bagb GZjmr_gby \hagbdZxl qZs_ \k_]h \ kemqZ_ djZoZ bg^hdljbgbjh\Zgghklb
q_eh\_dZ \ ^mo_ hij_^_e_gghc b^_heh]bb dhlhjZy l_jy_l k\hc ij_`gbc kfuke < lZdhc
kblmZpbb hkh[_ggh \Z`gZ ihfhsv ijhn_kkbhgZeh\ gZijZ\e_ggZy gZ ihbkd gh\hc lhqdb
djbklZeebaZpbbk p_evxijhnbeZdlbdbhsms_gbyoZhkZwdabkl_gpbZevgh]h\ZdmmfZJZa\blb_
wlh]hkhklhygbyijb\h^bld ^_ij_kkbbbebjZa\blbx[jmlZevgh]_^hgbklbq_kdh]h`bag_ggh]h
ih^oh^Z ijb dhlhjhf q_eh\_d klj_fblky ihemqZlv m^h\hevkl\by ex[uf iml_f H[Z \ZjbZglZ
^_kljmdlb\gu lZd dZd k\yaZgu k gZjmr_gb_f bgklbgdlZ kZfhkhojZg_gby b h[hklj_gb_f
klj_fe_gbyd Zmlh^_kljmdpbb
Qm\kl\h kfukeZ `bagb y\eyxs__ky \Z`guf dhfihg_glhf b^_glbqghklb q_eh\_dZ \h
fgh]hfk\yaZghk j_eb]bhagufqm\kl\hf>hklZlhqgZyij_^klZ\e_gghklvj_eb]bhagh]hqm\kl\Z
m q_eh\_dZ kihkh[kl\m_l p_f_glbjh\Zgghklb dhgkheb^Zpbb _]h b^_glbqghklb < lZdhc
kblmZpbb fgh]b_ hljbpZl_evgu_ \g_rgb_ nZdlhju g_ \ khklhygbb gZjmrblv b^_glbqghklv
Ihfbfh lh]h qlh j_eb]bhagh_ qm\kl\h ihjZaghfm ij_^klZ\e_gh m jZaguo ex^_c \ebygb_
wlh]hqm\kl\ZgZh^gh]hb lh]h`_q_eh\_dZfh`_lnexdlmbjh\Zlvih^\_j]Zlvkydhe_[ZgbyfZ
bgh]^Zfh`_l[ulvg_^hklZlhqguf^eyikbobq_kdhcdhgkheb^ZpbbG_h[oh^bfhklvhkgh\Zgghc
gZwfiZlbbwfhpbhgZevgh^moh\ghcih^^_j`db\ lZdbokemqZyoqj_a\uqZcgh \Z`gZ Keh`gZy
h[klZgh\dZ kh\j_f_gghc `bagb \h fgh]hf hkgh\Zgghc gZ dhgdmj_glguo hlghr_gbyo
ih^l\_j`^Z_l agZqbfhklv qm\kl\Z b^_glbqghklb ^ey \u`b\Zgby < wlbo mkeh\byo
b^_glbnbdZpby k_[y kh agZqbfhc ]jmiihc ex^_c kihkh[kl\m_l g_ lhevdh \u`b\Zgbx gh b
fhjZevghcb khpbZevghcmki_rghklbHjb_glZpbygZ\ujZ`_ggmx]jmiih\mxb^_glbnbdZpbx
kljhysmxky gZ l_kghc k\yab k jh^bl_eyfb deZghf g_ ij_djZsZxsmxky ihke_ ^hklb`_gby
q_eh\_dhf aj_eh]h \hajZklZ ^Z_l _fm qm\kl\h g_ nhjfZevghc Z j_Zevghc ih^^_j`db kh
klhjhguwlhc]jmiiuex^_ckljZomy_]hhlihke_^kl\bcikboheh]bq_kdhcljZ\fZlbaZpbb
GZjmr_gb_ b^_glbqghklb y\ey_lky hkgh\ghc q_jlhc ih]jZgbqguo b ^jm]bo ebqghklguo
jZkkljhckl\ KeZ[hklv b^_glbqghklb ijhy\ey_l k_[y m aZ\bkbfuo ebqghkl_c m ebqghkl_c k
jZkkljhckl\Zfbba[_]Zgbym ebqghkl_ck gZjpbkkbq_kdbfbgZjmr_gbyfb
Hlebqb_ gZjmr_gby b^_glbqghklb ijb jZaebqguo \b^Zo ebqghklguo jZkkljhckl\
ij_^klZ\e_gh ke_^mxsbf h[jZahf Ijb ih]jZgbqguo gZjmr_gbyo ms_j[gZy b^_glbqghklv
nhjfbjm_lky\ jZggb_i_jbh^u^he_lg_]h\hajZklZZ ijbgZjpbkkbq_kdbogZjmr_gbyo ²
\ [he__ iha^gb_ i_jbh^u `bagb Ijb \hagbdgh\_gbb gZjpbkkbafZ gZ j_[_gdZ \haeZ]Zxlky
h[yaZgghklb ghkbl_ey hij_^_e_gghc fbkkbb \ jZfdZo dhlhjhc hg ^he`_g khhl\_lkl\h\Zlv
\ukhdbflj_[h\Zgbyfij_^ty\ey_fuf_fmjh^bl_eyfb< kemqZ_bkq_agh\_gby[eZ]hijbylghc
khpbZevghikboheh]bq_kdhckblmZpbb\ dhlhjhc\hkiblu\Zekyj_[_ghd\ua\Zggh]hgZijbf_j
kf_jlvxh^gh]hbajh^bl_e_cbaf_g_gb_fkhpbZevgh]hklZlmkZjh^bl_e_cb ijj_[_ghdl_jy_l
k\hb ijb\be_]bb [Zabjmxsb_ky gZ hp_gd_ _]h ^jm]bfb ex^vfb gh hg ijh^he`Z_l
ijbdeZ^u\Zlv agZqbl_evgu_ mkbeby ^ey khojZg_gby kh[kl\_ggh]h bfb^`Z ^ey ih^^_j`Zgby
\ukhdhckZfhhp_gdbgZ^hklb]gmlhfmjh\g_WlZ[hjv[Zly`_eZ^eyq_eh\_dZghhgZijbghkbl
_fmb ^b\b^_g^u\ ieZg_^hklb`_gbcagZqbl_evguomki_oh\\ jZ[hl_l\hjq_kl\_bkdmkkl\_b
ij
D nZdlhjZf \uau\Zxsbf gZjmr_gby b^_glbqghklb \ ^_lkl\_ hlghkblky nbabq_kdh_
ikboheh]bq_kdh_b k_dkmZevgh_gZkbeb_K_dkmZevgh_gZkbeb_gZ^j_[_gdhffh`_lijb\h^blvd
gZjmr_gbx b^_glbqghklb \h \ajhkehf khklhygbb >_lkdZy k_dkmZevgZy ljZ\fZlbaZpby
\ul_kgy_lky j_[_gdhf ba khagZgby hg aZ[u\Z_l h __ gZebqbb Wlhl nZdl ih^l\_j`^Zxl
bkke_^h\Zgbybgp_klZbf_xs_]hf_klh\ ^_lkdhf\hajZkl_b hljbpZ_fh]h\ajhkeufbex^vfb
< aZdexq_gb_ ke_^m_l hlf_lblv qlh ih^l\_j`^_gb_f \gbfZgby ki_pbZebklh\ d jhklm
jZkkljhckl\ k\yaZgguo k gZjmr_gb_f b^_glbqghklb y\ey_lky \\_^_gb_ \ '60,9 hl^_evghc
nhjfughkys_cgZa\Zgb_ijh[e_fub^_glbqghklbGhkbl_eblZdhcijh[e_fu h[jZsZxlky aZ
ihfhsvxij_^ty\eyy`Zeh[ugZh[s__qm\kl\hg_m\_j_gghklbdZkZxs__kybob^_glbqghklb
M lZdbo ex^_c ij_^klZ\e_gu g_m\_j_gghklv \ ihklZgh\d_ p_eb gZ ^ebl_evgh_ \j_fy
g_m\_j_gghklv \ ijZ\bevghklb ^_ckl\bc \ hlghr_gbb \u[hjZ dZjv_ju ^jma_c k_dkmZevghc
hjb_glZpbb b jZaebqguo nhjf k_dkmZevgh]h ih\_^_gby Hgb g_ agZxl dZdbfb fhjZevgufb
p_gghklyfbbfke_^m_ljmdh\h^kl\h\Zlvkybkiulu\Zxldhe_[Zgby\ hlghr_gbbehyevghklbd
jZagufex^yf\dexqZyb qe_gh\k_fvb<k_wlbnZdlhju^he`gu[ulvmql_gu\ ijh\h^bfuo
ki_pbZebklZfbikboh^bZ]ghklbq_kdbob e_q_[guof_jhijbylbyo
=eZ\Z G?IKBOHLBQ?KDB?IKBOBQ?KDB?G:JMR?GBY
< kh\j_f_gghcikbobZljbbkms_kl\m_l^_e_gb_ikbobq_kdbogZjmr_gbcgZikbohlbq_kdb_
b g_ikbohlbq_kdb_ Bf__l agZq_gb_ oZjZdl_j b kl_i_gv \ujZ`_gghklb jZkkljhckl\Z b _]h
\ebygb_ gZ ih\_^_gb_ ?keb jZkkljhckl\h ^_aZ^Zilbjm_l q_eh\_dZ \ khpbZevghc kj_^_
gZjmrZ_l _]h kihkh[ghklv fukeblv wfhpbhgZevgh j_Z]bjh\Zlv bkihevah\Zlv iZfylv
h[sZlvkyhp_gb\Zlvj_Zevghklv\ lZdhckl_i_gbqlhwlh^_eZ_lg_\hafh`gufkhhl\_lkl\h\Zlv
lj_[h\Zgbyf `bagb j_qv b^_l h ikbohlbq_kdhf mjh\g_ jZkkljhckl\Z < ijhlb\ghf kemqZ_
]h\hjylh g_ikbohlbq_kdhfoZjZdl_j_gZjmr_gby
D ]jmii_ g_ikbohlbq_kdbo ikbobq_kdbo gZjmr_gbc hlghkylky lj_\h`gu_ iZgbq_kdb_
gZjmr_gby Z]hjZnh[by khpbZevgZy nh[by jZaebqgu_ \b^u ki_pbZevguo nh[bc h[k_kkb\gh
dhfimevkb\gu_ jZkkljhckl\Z ]_g_jZebah\Zggh_ lj_\h`gh_ jZkkljhckl\h khfZlhfhjngh_ b
^bkkhpbZlb\gh_ jZkkljhckl\Z nZdpbkbhagh_ jZkkljhckl\h Kh]eZkgh '60,9 d wlhc ]jmii_
hlghkylkyb ihklljZ\fZlbq_kdb_klj_kkh\u_jZkkljhckl\Z
G_ikbohlbq_kdb_ ikbobq_kdb_ jZkkljhckl\Z ij_^klZ\eyxl kh[hc deZkl_j jZaghh[jZaguo
gZjmr_gbchlebqZxsbokyhlikbohlbq_kdboNZdlbq_kdbj_qvb^_lh[bo^bnn_j_gpbZpbbk
ikbohahf
Kh\k_f g_^Z\gh ih hlghr_gbx d jy^m ba \ur_i_j_qbke_gguo jZkkljhckl\ ijbf_gyeky
l_jfbgg_\jha< gZklhys__\j_fywlhll_jfbgkms_kl\m_l\ ,&' [m^mqbbkdexq_ggufba
'60,9
J_ljhki_dlb\guc ZgZeba bkihevah\Zgby l_jfbgZ ©g_\jhaª ihdZaZe qlh wlhl l_jfbg
bkihevah\Zeky\ KR:k ]dh]^Z\hagbdZeZg_h[oh^bfhklvd\Zebnbpbjh\Zlvg_\jZkl_gbx
dZdg_\jha
L_jfbg ©g_\jZkl_gbyª [ue \\_^_g \ ] %HDUG :\lhj jZkkfZljb\Ze wlh
khklhygb_ kdhj__ dZd ©nbabq_kdh_ª g_`_eb ©ikbobq_kdh_ª b ih^jZamf_\Ze ih^ gbf
k\h_h[jZagh_ khfZlbq_kdh_ aZ[he_\Zgb_ g_ lj_[mxs__ ©h[t_dlb\guoª [bheh]bq_kdbo
ijbagZdh\>h\\_^_gbyl_jfbgZ©g_\jZkl_gbyªkqblZebkv©j_Zevgufbªlhevdhl_gZjmr_gby
dhlhju_ khijh\h`^Zebkv h[t_dlb\gufb [bheh]bq_kdbfb ijbagZdZfb >jm]b_ `_ nhjfu
gZjmr_gbc d\Zebnbpbjh\Zebkv dZd j_amevlZl g_^hklZlhqgh]h kZfhdhgljhey beb kbfmeypbb
<ujZ`_ggu_ ikbobq_kdb_ gZjmr_gby \ wlm ]jmiim jZkkljhckl\ g_ \dexqZebkv Wlh [ue
i_jbh^ dh]^Z ikbobZljby nZdlbq_kdb aZgbfZeZkv e_q_gb_f ex^_c lhevdh k \ujZ`_ggufb
ikbobq_kdbfb gZjmr_gbyfb < lh `_ \j_fy hklZ\ZeZkv [_a \gbfZgby [hevrZy dZl_]hjby
iZpb_glh\ g_ hlghkysZyky d wlbf gZjmr_gbyf b g_ bf_xsZy [bheh]bq_kdbo ijbagZdh\
dhlhju_fh]eb[uhijZ\^Zlvbokhklhygb_k lhqdbaj_gbyijbgyluo[bhf_^bpbgkdboih^oh^h\
LZdbf h[jZahf ihy\e_gb_ l_jfbgZ ©g_\jZkl_gbyª e_]blbfbabjh\Zeh kblmZpbx iZpb_glh\
dhlhju_ k h^ghc klhjhgu g_ [ueb ikbobq_kdb [hevgufb Z k ^jm]hc ² g_ h[gZjm`b\Zeb
dZdboeb[h ijbagZdh\ iha\heyxsbo ^bZ]ghklbjh\Zlv m gbo gZebqb_ aZ[he_\Zgby Ba KR:
dhgp_ipby g_\jZkl_gbb i_j_dhq_\ZeZ \ ?\jhim Z \ ^Zevg_cr_f b \ :abx :DUH b .OHLPDQ
< kha^Zggmx \ ] '60, l_jfbg ©g_\jZkl_gbyª m`_ g_ \hr_e g_kfhljy gZ lh qlh
l_jfbg g_\jha _s_ mihlj_[eyeky < ihy\b\rmxky \ ] '60,, [ueZ \gh\v \dexq_gZ
©g_\jZkl_gbyªK fhf_glZkha^Zgby '60,,, \ ]b ^hkboihjwlhll_jfbgbkdexqZ_lkyba
^bZ]ghklbdb gZ hkgh\Zgbb j_^dh]h bkihevah\Zgby ^bZ]ghaZ g_\jZkl_gby \ debgbq_kdhc
ijZdlbd_b ljm^ghkl_c\u^_e_gbyg_\jZkl_gbb\ hl^_evgmx^bkdj_lgmxdZl_]hjbx< ]\
Iblk[mj]_ gZ dhgn_j_gpbb GZpbhgZevgh]h BgklblmlZ Ikbobq_kdh]h A^hjh\vy h[km`^Zeky
\hijhkdZkZxsbckyg_\jZkl_gbbdZd^bZ]ghklbq_kdhcdZl_]hjbbk ihklZgh\dhcp_ebijh\_klb
bkke_^h\Zgby \ wlhf gZijZ\e_gbb J_amevlZlhf wlbo bkke_^h\Zgbc y\beky \u\h^ h
g_khklhyl_evghklb^bZ]ghaZg_\jZkl_gbb
>bZ]ghklbdZg_\jZkl_gbbkh]eZkghfZl_jbZeZf<k_fbjghcHj]ZgbaZpbbA^jZ\hhojZg_gby
[Zabjm_lkygZ\u^_e_gbb^\mohkgh\guo__ lbih\
mklZehklvihke_ikbobq_kdh]hmkbeby
i_j\bqgZynbabq_kdZykeZ[hklvb bklhs_gb_ihke_fbgbfZevgh]hmkbeby
< kh\j_f_gghc Yihgbb ^bZ]gha ©g_\jZkl_gbyª bkihevam_lky hq_gv rbjhdh y\eyykv
hij_^_e_gguf ©wdjZghfª aZsbsZxsbf iZpb_glh\ b bo k_fvb hl khpbZevguo ihke_^kl\bc
^bZ]ghklbjh\Zgby ikbobq_kdh]h gZjmr_gby LZdbf h[jZahf nZdlbq_kdb bf__l f_klh
fZkdbjh\dZ ikbobZljbq_kdbo ^bZ]ghah\ Wlh ijhp_kk hq_gv jZkijhkljZg_g \ yihgkdhc
ikbobZljbb b ^hklZlhqgh jmlbg_g 0XQDNDWD hlf_qZe qlh jZkijhkljZg_gb_ ^bZ]ghaZ
©g_\jZkl_gbyª \ bklhjbyo [he_agb hljZ`Z_l bgl_gkb\ghklv klb]fZlbaZpbb k\yaZgghc k
ihgylb_f ikbobq_kdh_ aZ[he_\Zgb_ ihkdhevdm wlbd_lbjh\Zgb_ [hevgh]h ijb\h^bl d _]h
agZqbl_evghc xjb^bq_kdhc b h[s_kl\_gghc ^bkdjbfbgZpbb dZkZxs_cky g_ lhevdh ijZ\Z
]hehkh\Zlv aZgbfZlv ihabpbb \ ]hkm^Zjkl\_gguo mqj_`^_gbyo ijZ\Z \h^blv fZrbgm gh b
^bkdjbfbgZpbb kh klhjhgu agZdhfuo b jh^kl\_ggbdh\ Ihkdhevdm \ Yihgbb ^bZ]gha
ikbobq_kdh]h aZ[he_\Zgby gZijbf_j rbahnj_gbb ijb\h^bl d Zev_gZpbb q_eh\_dZ hl
h[s_kl\Z wlh hkh[_ggh jZajmrbl_evgh \ khpbhp_gljbq_kdhc dmevlmj_ dZdh\hc y\ey_lky
Yihgby]^_khpbZevgZybgl_]jZpbyb \aZbfgZyaZ\bkbfhklvex^_cqj_a\uqZcgh\Z`guWlbfb
ijbqbgZfbh[tykgy_lkybklbggZyih^hie_dZihklZgh\db^bZ]ghaZ©g_\jZkl_gbyª
>bZ]ghklbdZg_\jZkl_gbb\ ?\jhi_gZoh^blkyih^\ebygb_fkhpbZevguodmevlmjZevguob
iheblbq_kdbonZdlhjh\b]jZ\rbob ijh^he`Zxsbob]jZlvagZqbl_evgmxjhev\ mklZgh\e_gbb
kbfilhfh\g_\jZkl_gbb
dhgp_ilmZebaZpbbg_\jZkl_gbb
\ bkihevah\Zgbb ihke_^kl\bc ^bZ]ghklbdb g_\jZkl_gbb Wlh y\e_gb_ ih^l\_j`^Z_lky
jy^hf ijbf_jh\ GZijbf_j \ ij_`g_c X]hkeZ\bb [Zabjmxs_cky gZ jb]b^guo khpbZevguo
kljmdlmjZo b bf_xs_c agZqbl_evgh h]jZgbq_ggu_ \hafh`ghklb ^ey khpbZevguo baf_g_gbc
hkgh\ghc Zdp_gl \ ^bZ]ghklbd_ g_\jZkl_gbb ^_eZeky gZ khpbZevguo ih^oh^Zo Hkgh\gh_
agZq_gb_ \ hij_^_e_gbb g_\jZkl_gbb ijb^Z\Zehkv q_jlZf y\eyxsbfky ihl_gpbZevgh
jZajmrbl_evgufb b m]jh`Zxsbfb ^ey khojZg_gby khpbZevgh]h b iheblbq_kdh]h klZlmkZ
kljZgu D lZdbf q_jlZf hlghkbebkv khpbZevgZy ^_aZ^ZilZpby gbadZy i_j_ghkbfhklv
njmkljZpbbwdkp_kkb\gZyqj_af_jgZyjZa^jZ`bl_evghklvb \aju\u]g_\Z
6WDUFHYLF hlf_qZeqlh\ h[s_kl\Zoij_bfms_kl\_gghhjb_glbjh\ZgguogZjZ[hlmb
ijh^mdlb\ghklv [hevrbc Zdp_gl \ ^bZ]ghklbd_ g_\jZkl_gbb ^_eZ_lky gZ mklZehklv b
mlhfey_fhklvihkdhevdmg_h[tykg_ggZymklZehklv\hkijbgbfZ_lky\ dZq_kl\_m]jh`Zxs_]hb
^_klZ[bebabjmxs_]h nZdlhjZ < aZiZ^guo kljZgZo \ kljmdlmj_ g_\jZkl_gbb Zdp_glbjm_lky
agZq_gb_mklZehklb
KhpbZevgucdhgl_dklg_\jZkl_gbbk\yaZgk qj_a\uqZcghcihimeyjghklvxwlh]h^bZ]ghaZ\
ij_`gbo KKKJ X]hkeZ\bb b Q_ohkeh\Zdbb G_\jZkl_gby h[gZjm`b\ZeZ \ujZ`_ggmx
kihkh[ghklv \b^hbaf_gylv k\hb kbfilhfu Z^Zilbjmykv d baf_gyxsbfky khpbZevguf b
iheblbq_kdbflj_[h\ZgbyfWlhl^bZ]gha\k_]^Zb]jZe\Z`gmxkhpbZevgmxjhevhkgh\Zggmx
gZkhpbZevghcp_eb
JZkkfZljb\Zy ^bZ]ghklbdm g_\jZkl_gbb \ [u\r_f KKKJ ke_^m_l hlf_lblv qlh \
hnbpbZevguo mq_[guo jmdh\h^kl\Zo ^bZ]gha g_\jZkl_gby \u^_eyeky dZd h^bg ba \b^h\
g_\jhaZ k hibkZgb_f __ debgbq_kdhc dZjlbgu \ jZfdZo ]bi_j beb ]bihkl_gbq_kdh]h
\ZjbZglh\ Ihkdhevdm g_\jZkl_gby jZkkfZljb\ZeZkv dZd h^bg ba g_\jhah\ ijbqbgZ wlh]h
khklhygby^he`gZ[ueZ[ulv\ khhl\_lkl\bbk ijbgylufbih^oh^Zfbikboh]_gghck\yaZgghck
\ha^_ckl\b_f ikboheh]bq_kdbo nZdlhjh\ :gZeba nZdlhjh\ dZd ijZ\beh ijh\h^beky \
Z[kljZdlghf \b^_ ihkdhevdm bamq_gb_ \ebygby gZ q_eh\_dZ g_]Zlb\guo khpbZevguo ijbqbg
Zijbhjb [ueh g_\hafh`guf \ mkeh\byo lhlZeblZjgh]h j_`bfZ Z ZgZeba bg^b\b^mZevguo
ebqghklguo hkh[_gghkl_c [ue lZd`_ g_\hafh`_g \ k\yab k aZij_s_gb_f bkihevah\Zlv
ikboh^bgZfbq_kdb_l_hjbbebqghklb 6NXOWDQV *DOORZD\ GZ ihklZgh\dm ^bZ]ghaZ g_\jZkl_gby \ kh\j_f_gguo mkeh\byo hdZau\Z_l kms_kl\_ggh_
\ebygb_ nZdlhj ijhgbpZ_fhklb f_^bpbgkdhc gZmdb kh klhjhgu jZaebqguo dmevlmjZevguo
\ebygbcG_kfhljygZlhqlhdjbl_jbbg_\jZkl_gbbfh]ml\g_rg_\u]ey^_lvdZdhibkZl_evgu_
^bZ]ghklbq_kdb_ dZl_]hjbb hkgh\Zggu_ gZ debgbq_kdhc dZjlbg_ g_\jZkl_gbb djZcg_
qm\kl\bl_evgud dmevlmjZevgufb b^_heh]bq_kdbffhlb\Zf
Kh\j_f_ggufb ki_pbZebklZfb klZeb mihlj_[eylvky lZdb_ l_jfbgu dZd kbg^jhf
ojhgbq_kdhc mklZehklb kbg^jhf \u`b]Zgby $EEH\ b *DUILQNHO &DWKHEUDV nZdlbq_kdb hibku\Zxsb_ khklhygby dhlhju_ fh]eb [u [ulv ^bZ]ghklbjh\Zgu dZd
g_\jZkl_gby <h NjZgpbb rbjhdh bkihevam_lky l_jfbg kiZafhnbeby nbdkbjmxsbc
hkgh\gh_\gbfZgb_gZ\hagbdZxs_fm iZpb_glZfur_qghfgZijy`_gbb\ khq_lZgbbk ^jm]bfb
g_\jZkl_gbq_kdbfbkbfilhfZfbmihfbgZ_fufb[hevrbgkl\hfZ\lhjh\
M ebp ^bZ]ghklbjh\Zgguo dZd [hevgu_ g_\jZkl_gb_c h[gZjm`b\Zxlky khfZlbq_kdb_
gZjmr_gby jZaebqghc wlbheh]bb >bnn_j_gpbZpby wlbo gZjmr_gbc k ijhy\e_gb_f
ikboh]_gguo nZdlhjh\ ijZdlbq_kdb g_\hafh`gZ Ki_pbZebklu mqZkl\mxsb_ \ jZaebqgh]h
jh^Z h[km`^_gbyo b ^bkdmkkbyo ih ih\h^m ^bZ]ghklbdb dhgdj_lguo iZpb_glh\ \h fgh]bo
kljZgZo klZjZxlky ba[_]Zlv ^bZ]ghaZ g_\jZkl_gby Wlh k\yaZgh k l_f qlh iZpb_glu
ij_^ty\eyxsb_ g_\jZkl_gbq_kdb_ `Zeh[u fh]ml k lZdhc `_ ^hklh\_jghklvx [ulv
^bZ]ghklbjh\Zgub dZdebpZk gZqZevgufbijbagZdZfbikbohhj]Zgbq_kdh]hkbg^jhfZbebdZd
kljZ^Zxsb_ khfZlbq_kdbf g_[eZ]hihemqb_f FZeZy ki_pbnbqghklv b ljm^gh^hdZam_fhklv
g_\jZkl_gbb \uau\Z_l __ b]ghjbjh\Zgb_ ki_pbZebklZfb klZjZxsbfbky h[oh^blvky [_a
wlh]hkhfgbl_evgh]h^bZ]ghaZ
<u^_e_gb_ g_ikbohlbq_kdbo ikbobq_kdbo gZjmr_gbc ih^jZamf_\Z_l ijh\_^_gb_ bo
^bnn_j_gpbZevghc^bZ]ghklbdbk ikbohahfqlhy\ey_lky^hklZlhqghkeh`gufLjZ^bpbhggh_
agZq_gb_ l_jfbgZ ikbohlbq_kdbc \dexqZ_l \ k_[y ihl_jx hp_gdb j_Zevghklb gZjmr_gb_
ikbobq_kdbonmgdpbcgZebqb_y\e_gbckimlZgghklb]ZeexpbgZpbc[j_^h\uob^_cHkh[_ggh
agZqbfZkl_i_gvihl_jbhp_gdbj_Zevghklb< g_ikbohlbq_kdbokhklhygbyohgZg_agZqbl_evgh
\ujZ`_gZ gh bkihevah\Zgb_ dhebq_kl\_ggh]h kjZ\g_gby \ghkbl hij_^_e_ggmx ljm^ghklv
k\yaZggmx k ihy\e_gb_f km[t_dlb\gh]h nZdlhjZ LZdbf h[jZahf l_jfbg g_ikbohlbq_kdbc
ijbf_gy_lky\ kemqZ_fZehc\ujZ`_gghklbgZjmr_gbcLZdgZijbf_jg_^hhp_gdmq_eh\_dhf
k\hbo \hafh`ghkl_c \ khklhygbb kgb`_ggh]h gZkljh_gby g_evay hlg_klb d ikbohlbq_kdhfm
khklhygbx
G_ikbohlbq_kdb_ g_\jhlbq_kdb_ jZkkljhckl\Z kh]eZkgh '60,,,5 hij_^_eyxlky dZd
ikbobq_kdb_gZjmr_gbyijbdhlhjuo ij_h[eZ^Zxsbfy\ey_lkyklj_kkbjmxsbcbg^b\b^mmfZ
ijbagZd kbfilhf beb ]jmiiZ kbfilhfh\ jZkp_gb\Zxsboky iZpb_glhf dZd g_ijb_fe_fu_
qm`^u_ w]h^bklhgbq_kdb_ Hp_gdZ j_Zevghklb b ih\_^_gb_ q_eh\_dZ ijb wlhf g_ gZjmr_gu
Hkgh\gu_ khpbZevgu_ ghjfu kh[ex^Zxlky <hagbdZxs__ m iZpb_glZ khklhygb_ g_
h]jZgbqb\Z_lky ljZgablhjghc j_Zdpb_c gZ klj_kkhju Y\gZy hj]Zgbq_kdZy wlbheh]by
gZjmr_gby hlkmlkl\m_l Ke_^h\Zl_evgh \ kbem lh]h qlh ^bZ]gha g_\jha ho\Zlu\Z_l
qj_a\uqZcgh rbjhdbc djm] jZkkljhckl\ k jZaebqgufb ijbagZdZfb bbeb kbfilhfZfb wlhl
l_jfbg ihl_jye dZdmxeb[h lhqghklv aZ bkdexq_gb_f lh]h qlh ijb wlbo gZjmr_gbyo
ebqghklgZyhj]ZgbaZpbyb kihkh[ghklvd hp_gd_j_Zevghklbg_gZjmr_gZ
Ikboh]_gguc oZjZdl_j g_\jhaZ ih^jZamf_\Z_l g_h[oh^bfhklv ZgZebaZ wlh]h khklhygby k
bkihevah\Zgb_f ikboh^bgZfbq_kdbo ih^oh^h\ ?keb wlh khklhygb_ bae_qb\Z_lky k
bkihevah\Zgb_f ikbohZgZebaZ beb ^jm]bo ikboheh]bq_kdbo f_lh^h\ lh j_qv b^_l h g_\jha_
Ki_pbZebklu qZklh kh\_jrZxl hrb[dm aZdexqZxsmxky \ mijhs_gbb kfukeZ l_jfbgZ
ikboh]_ggucih^dhlhjufihgbfZxl\ebygb_gZq_eh\_dZikbohkhpbZevguoklj_kkhjh\b g_
mqblu\Zxljhebikboh^bgZfbq_kdbof_oZgbafh\
H[km`^_gb_ ijb\_^r__ d bkdexq_gbx l_jfbgZ g_\jha ba deZkkbnbdZpbc '60
[Zabjh\Zehkv \hi_j\uo gZ qj_af_jghc rbjhl_ wlh]h l_jfbgZ \dexqZxs_]h \ k_[y hq_gv
fgh]b_ khklhygby Z \h\lhjuo gZ lhf qlh wlhl l_jfbg k\h^bl wlb khklhygby d
ikbohZgZeblbq_kdhfm h[tykg_gbx Z wlh ijb\h^bl d ihy\e_gbx gh\hc dZl_]hjbb gZjmr_gbc
\uoh^ys_caZij_^_euklZjh]hihgbfZgbykms_kl\mxsbo^_nbgbpbc>Zggu_h lhfqlhjy^
gZjmr_gbc rbahnj_ghnhjfgh]h oZjZdl_jZ fh`gh dhjjb]bjh\Zlv k bkihevah\Zgb_f
ikbohZgZebaZ kihkh[kl\h\Zeb ihy\e_gbx l_jfbgZ rbahnj_ghnhjfguc g_\jha \ghkys_]h
_s_[hevrmximlZgbpm\ ^bZ]ghklbdmwlbokhklhygbc
AZ ihke_^g__ ^_kylbe_lb_ dZjlbgZ g_\jhah\ baf_gbeZkv b \ Jhkkbb < [u\r_f KKKJ
ij_h[eZ^Zxsbf \b^hf g_\jhaZ [ueZ g_\jZkl_gby dhebq_kl\h kemqZ_\ dhlhjhc k_]h^gy j_adh
mf_gvrbehkv \ k\yab k baf_g_gbyfb ijhbahr_^rbfb \ h[s_kl\_ Wlb baf_g_gby \ua\Zeb b
baf_g_gby\ hlghr_gbyo f_`^mex^vfbmljZlb\rbfb \ kh\j_f_gghfh[s_kl\_\hafh`ghklv
ij_^ty\eylv `Zeh[u mdeZ^u\Zxsb_ky \ dZjlbgm g_\jZkl_gbb lZdb_ dZd mklZehklv
mlhfey_fhklv kgb`_gb_ dhgp_gljZpbb \gbfZgby b ij Ij_^ty\e_gb_ wlbo `Zeh[ ebr_gh
kfukeZOZjZdl_jguc^ey[hevguomoh^\ fbjg_\jZkl_gbq_kdboi_j_`b\Zgbc\ kh\j_f_gguo
mkeh\byo ihl_jye k\hx ZdlmZevghklv \ua\Z\ ihy\e_gb_ ikboheh]bq_kdh]h \ZdmmfZ
kihkh[kl\mxs_]h nhjfbjh\Zgbx m [hevgh]h ikboheh]bq_kdhc ljZ\fu gZ ih^khagZl_evghf
mjh\g_ K\hckl\_ggh_ lZdbf [hevguf bihohg^jbq_kdh_ ih\_^_gb_ khijh\h`^Zxs__ky
moh^hf gZ [hevgbqguc ebkl k \ul_dZxsbfb hlkx^Z ev]hlZfb \ kh\j_f_gguo mkeh\byo
ihl_jyehp_e_khh[jZaghklv
Baf_gb\rb_ky f_`ebqghklgu_ hlghr_gby ih\e_deb aZ kh[hc b baf_g_gb_ debgbq_kdbo
ijbagZdh\ gZijbf_j qZklu_ ^_ij_kkb\gu_ khklhygby Wlbf h[klhyl_evkl\hf b h[tykgy_lky
jhkl^_ij_kkb\guog_\jhah\\ kh\j_f_gghfh[s_kl\_
:^e_j\u^_eyxsbcg_\jha\ hl^_evgmxdZl_]hjbxibkZeqlh_kebp_ebdhlhju_klZ\bl
i_j_^ kh[hc q_eh\_d beb kihkh[u bo j_ZebaZpbb g_ khhl\_lkl\mxl \hafh`ghklyf q_eh\_dZ
wlbp_ebijbh[j_lZxlq_jlunbdpbbklZgh\ykvg_^hklb`bfufbb g_\jhlbq_kdbfbG_\jhlbd
ih\ujZ`_gbx:^e_jZijbdhehq_gd k\hbfnbdpbyfKbfilhfug_\jhaZb]jZxlaZsblgmx
jhevb y\eyxlky[_]kl\hfhlj_ZevghklbAZsbsZyq_eh\_dZhlkhijbdhkgh\_gbyk `bag_ggufb
ijh[e_fZfb b g_ iha\heyy _fm ihgylv k_dj_l k\h_c gbadhc kZfhhp_gdb g_\jha y\ey_lky
k\h_h[jZaghc ikbobq_kdhc dhfi_gkZpb_c KljZ^Zxsbc g_\jhahf fh`_l qm\kl\h\Zlv k_[y
ohjhrh\ k\yabk l_fqlhhgg_\b^blj_Zevghklb
Ih fg_gbx Ohjgb bklhqgbdhf g_\jhah\ y\eyxlky gZjmr_ggu_ f_`ebqghklgu_
hlghr_gby JZ[hlZy \ ?\jhi_ b \ KR: Z\lhj ihdZaZeZ q_ldh_ hlebqb_ g_\jhah\ \ wlbo
j_]bhgZo
Nj_c^ hlghkbeky d g_\jZkl_gbb djZcg_ hklhjh`gh g_ \u^_eyy __ dZd hl^_evgmx
ghaheh]bx <f_klh wlh]h hg bkihevah\Ze l_jfbg ZdlmZevguc g_\jha mihfbgZy h lhf qlh
wlhl g_\jha \uau\Z_lky \ha^_ckl\b_f f_oZgbafh\ hlebqguo hl f_oZgbafh\ \uau\Zxsbo
^jm]b_\b^ug_\jhah\
Ohjgb kqblZy qlh ]eZ\ghc p_evx g_\jhah\ y\ey_lky ihemq_gb_ [_ahiZkghklb klZ\bl \h
]eZ\m m]eZ ihgylb_ lj_\h]b b kljZoZ Klj_fe_gb_ d [_ahiZkghklb ih fg_gbx Z\lhjZ h^gZ ba
g_\jhlbq_kdbo l_g^_gpbc oZjZdl_jbamxsZyky jb]b^ghklvx ijhy\eyxs_cky \ klj_fe_gbb
q_eh\_dZ ihemqblv wlm [_ahiZkghklv ex[uf iml_f R_kl\my ih lZdhfm dZgZebabjh\Zgghfm
imlb q_eh\_dl_jy_l kihkh[ghklv\b^_lvgxZgkuhdjm`Zxs_]hfbjZl_jyyfgh]h_balh]h \
q_f hg fh] [u mqZkl\h\Zlv k ihevahc ^ey khojZg_gby k\h_c ikbohnbabheh]bq_kdhc
p_ehklghklb OZjZdl_jbamy g_\jha Ohjgb ihfbfh jb]b^ghklb \u^_ey_l gZebqb_
g_khhl\_lkl\by f_`^m \hafh`ghklyfb q_eh\_dZ b _]h ^_ckl\byfb :\lhj h[gZjm`beZ qlh
g_\jhanZdlbq_kdbgZihfbgZ_lebqghklgu_gZjmr_gby
DZ`^uc g_\jha \g_ k\yab k _]h debgbdhc y\ey_lky g_\jhahf oZjZdl_jZ
ij_^jZkiheZ]Zxs_]h d \hagbdgh\_gbx g_\jhaZ Kh]eZkgh hij_^_e_gbx Ohjgb g_\jha ² wlh
ikbobq_kdh_ jZkkljhckl\h \ua\Zggh_ kljZohf b aZsblhc i_j_^ gbf b ihiuldZfb gZclb
dhfijhfbkk \ dhgnebdl_ ijhlb\hiheh`guo l_g^_gpbc Lh qlh ghjfZevguc q_eh\_d ^_eZ_l
^ey m^h\hevkl\by q_eh\_d k gZjmr_gbyfb ebqghklb b g_\jhlbd ^_eZ_l ^ey lh]h qlh[u
j_^mpbjh\Zlv hiZk_gby k\yaZggu_ kh kljZohf b lj_\h]hc LZdbf h[jZahf jZkkfZljb\Z_fuc
dhgnebdlghkbl\lhjbqgucoZjZdl_jb ihy\ey_lky\f_kl_k jZa\blb_fg_\jhaZ
Kh]eZkgh Ohjgb hkgh\ghc dhgnebdl ijhy\ey_lky \ lj_o mklZgh\dZo q_eh\_dZ ih
hlghr_gbxd ^jm]bfijb[eb`_gb_d dhfmlh\uklmie_gb_ijhlb\dh]hlhbebmoh^hldh]h
lh GhjfZevguc q_eh\_d Z^Zilbjm_l k\hb ihabpbb \ hlghr_gbb wlbo lj_o \ZjbZglh\
\aZbfh^_ckl\myk hdjm`Zxsbfb\ aZ\bkbfhklbhldhgdj_lghckblmZpbbZ mg_\jhlbdZ\ kbem
_]hjb]b^ghklbb g_kihkh[ghklb\h\j_fyi_j_kljhblvkywlb^\_khklZ\eyxsb_\aZbfh^_ckl\by
ijboh^yl\ ijhlb\hj_qb_k \hagbdgh\_gb_fdhgnebdlZf_`^mYj_Zevgufb Yb^_Zevguf
G_cljZebaZpbydhgnebdlZg_\hafh`gZ\ k\yabk g_j_Zevghklvxfh^_eb
GZjmr_ggu_ f_`ebqghklgu_ hlghr_gby y\eyxsb_ky k lhqdb aj_gby Ohjgb ijbqbghc
g_\jhaZ iha\heyxl hlg_klb d i_j\hijbqbg_ g_\jhlbq_kdbo l_g^_gpbc lZdb_ qm\kl\Z dZd
h^bghq_kl\h [_kihfhsghklv b \jZ`^_[ghklv GZijbf_j gZkbeb_ gZ^ j_[_gdhf kihkh[kl\m_l
^Zevg_cr_fmnhjfbjh\Zgbxm g_]hqm\kl\ZkljZoZb \jZ`^_[ghklb
Ih fg_gbx )URPP g_\jhlbq_kdb_ dhgnebdlu ijhbkl_dZxl ba
wdabkl_gpbZevghcijbjh^uq_eh\_dZHkhagZgbxq_eh\_dhfkZfh]hk_[yb _]hklhedgh\_gbxkh
k\h_c h]jZgbq_gghklvx \uau\Zxsbfb lj_\h]m b kljZo g_ba\_klgh]h Njhff
ijhlb\hihklZ\ey_l ihlj_[ghklv ba[_]Zlv h^bghq_kl\Z =eZ\guf ^\b]Zl_e_f `bagb q_eh\_dZ
y\ey_lky_]hklj_fe_gb_d moh^mhlh^bghq_kl\Z
KljZo ihdbgmlhklb k\hckl\_g_g b fgh]bf Z^^bdlb\guf jZkkljhckl\Zf Wlhl kljZo k
lhqdbaj_gbyNjhffZjh`^Z_lky\f_kl_k jZa\blb_fkhagZgbydh]^Zq_eh\_dk \hagbdgh\_gb_f
m g_]h qm\kl\Z kh[kl\_gghc [_kihfhsghklb gZqbgZ_l khfg_\Zlvky \ kfuke_ k\h_c `bagb
K\h[h^Zk\yaZgZ\ \hkijbylbbq_eh\_dZk ihdbgmlhklvxhgZm]g_lZ_l_]hb g_^Z_lhsms_gby
jZ^hklbIjhbkoh^bl[_]kl\hhlk\h[h^uM[_]Zyq_eh\_dnhjfbjm_laZsblgu_f_oZgbafu
fh]msb_[ulv^_kljmdlb\gufbkZ^hfZahobklbq_kdbfbZ]j_kkb\gufb beb dhgnhjfbklkdbfb
<hagbdZ_l m[_`^_gb_ qlh emqr_ klZlv dhgnhjfguf q_f [ulv ihdbgmluf WlZ m\_j_gghklv
hkgh\u\Z_lky gZ beexahjghf ij_^klZ\e_gbb h lhf qlh h[s_kl\h _]h aZsblbl Z lZd`_ qlh
emqr_ih]b[gmlv\f_kl_kh\k_fbq_fh^ghfmG_\jhaihNjhffmy\ey_lkyg_]Zlb\ghcnhjfhc
j_r_gbywdabkl_gpbZevguoijh[e_f
< k\yab k wlbf hij_^_e_gguc bgl_j_k ij_^klZ\ey_l jZkkfhlj_gb_ \aZbfhk\yab
wdabkl_gpbZevguo ijh[e_f q_eh\_dZ k gZebqb_f jy^Z g_]Zlb\guo khpbhikboheh]bq_kdbo
nZdlhjh\ ijbkmlkl\mxsbo \ gZr_c kljZg_ ; G Ib\_gv bkihevam_l l_jfbg lhlZevgu_
nZdlhjuBaf_g_gbyijhbkr_^rb_\ h[s_kl\_aZihke_^g__^_kylbe_lb_h]jhfguIj_`g__
kh\_lkdh_ h[s_kl\h fh`gh gZa\Zlv h[s_kl\hf [_^guo fhlb\Zpbc lZd dZd q_eh\_d bf_e
\hafh`ghklv ^_eZlv \ hkgh\ghf lhevdh lh qlh _fm [ueh ij_^ibkZgh H^gZdh g_kfhljy gZ
hlkmlkl\b_ fhlb\Zpbc \ ihke_^g_f i_jbh^_[u\r_]h KKKJ m ex^_c ijbkmlkl\h\Zeh qm\kl\h
[_ahiZkghklb y\eyxs__ky ijZdlbq_kdb ^ey \k_o hq_gv \Z`guf Qm\kl\h [_ahiZkghklb fh]eh
[ulv b beexahjguf lZd dZd \ h[s_kl\_ h[t_dlb\gh hlkmlkl\h\Zeb ijZ\Z q_eh\_dZ b ebqgZy
k\h[h^Z ihgbfZ_fZy dZd hkhagZggZy g_h[oh^bfhklv g_h[oh^bfhklv hij_^_eyeZkv
^bj_dlb\Zfb <DI[ DIKK GZ h[s_kl\h \ha^_ckl\h\Zeb g_]Zlb\gu_ nZdlhju ihjZaghfm
ij_^klZ\e_ggu_ \ jZaebqgu_ i_jbh^u < kh\j_f_gghf h[s_kl\_ ijbkmlkl\mxl k\h[h^Z b
fhlb\Zpbb ghhlkmlkl\mxl qm\kl\Z ebqghc [_ahiZkghklb khpbZevghc m\_j_gghklb b aZsblu
lZddZdh[s_kl\hg_kha^Zehkbkl_fh[_ki_qb\ZxsbokhpbZevgmxih^^_j`dm
LJ?<H@GU?J:KKLJHCKL<:
Lj_\h`gh_ khklhygb_ \klj_qZxs__ky m agZqbl_evgh]h dhebq_kl\Z iZpb_glh\ qZklh
^bZ]ghklbjm_lky ikbobZljZfb ikboheh]Zfb b \jZqZfb h[s_c e_q_[ghc k_lb Ih k\h_c
\ujZ`_gghklbb ki_pbnbd_lj_\h]Zfh`_lghkblvg_ikbohlbq_kdbcb ikbohlbq_kdbcoZjZdl_j
Bkke_^h\Zgby ijh\_^_ggu_ Dhjhe_gdh ihdZau\Zxl qlh qZklv ex^_c
ijb_a`Zxsbo gZ DjZcgbc K_\_j q_j_a dZdh_lh \j_fy gZqbgZxl bkiulu\Zlv khklhygby ^ey
dhlhjuo lj_\h]Z y\ey_lky \_^msbf ijbagZdhf Wlh khklhygb_ ihemqbeh gZa\Zgb_ kbg^jhf
ikbohwfhpbhgZevgh]hgZijy`_gby
IZpb_glu \ jy^_ kemqZ_\ bkiulu\Zeb k_jv_agu_ aZljm^g_gby \ b^_glbnbdZpbb \
\_j[ZebaZpbbwlh]hkhklhygbyLj_\h]Zijhy\eyeZkv\ [_kihdhckl\_\ klj_fe_gbbgZoh^blvky\
khklhygbb ihklhyggh]h ^\b`_gby k`bfZgbb iZevp_\ jmd oh^v[_ ba m]eZ \ m]he G_dhlhju_
hl\e_dZeb k_[y hl lj_\h`gh]h khklhygby fukebl_evgufb hi_jZpbyfb iulZebkv gZijbf_j
deZkkbnbpbjh\ZlvihZenZ\blmhij_^_e_ggh_dhebq_kl\hkeh\gZqbgZxsbokyk h^ghcb lhc`_
[md\uWlb^_ckl\byihfh]Zebkgylvlj_\h]mgZdhjhldh_\j_fy
:gZeba debgbq_kdbo ijbagZdh\ lj_\h]b ihdZaZe qlh \ g_c fh`gh \u^_eblv Z
khfZlbq_kdb_ wd\b\Ze_glu h[t_dlb\babjm_fu_ ikboh]Zev\Zgbq_kdbf j_ne_dkhf [
dh]gblb\gu_ ijhy\e_gby \ujZ`_ggu_ \ gZjmr_gbyo fure_gby b \ ih\_^_gq_kdb_
dhfihg_gluk\yaZggu_k baf_g_gb_fZdlb\ghklbLj_\h]Zy\ey_lkykeh`gufb mgb\_jkZevguf
kbg^jhfhfk fgh]h\ZjbZglgufbijhy\e_gbyfb
Ihkl_i_gb\ujZ`_gghklbfh`gh\ujZablvfy]dmxkj_^gxxb ly`_emxlj_\h]m
Ijb kbg^jhf_ ikbohwfhpbhgZevgh]h gZijy`_gby g_dhlhju_ ex^b gZqbgZeb kbevgh
[_kihdhblvkyh khklhygbbk\h_]ha^hjh\vyl_jaZlvkyi_j_`b\Zgbyfbh \hagbdgh\_gbbq_]hlh
g_ihijZ\bfh]h < ^jm]bo kemqZyo \hagbdZeh [_kihdhckl\h h g_kqZklvyo dhlhju_ fh]eb
kemqblvky k bo [ebadbfb Khklhygb_ ijh\hpbjh\Zehkv g_\hafh`ghklvx mklZgh\blv
g_f_^e_gguc dhglZdl k jh^kl\_ggbdZfb G_dhlhjuo [_kihdhbeb lj_\h`gu_ h`b^Zgby
k\yaZggu_ k wdklj_fZevgufb debfZlbq_kdbfb mkeh\byfb dhlhju_ \ kh\hdmighklb k
l_hj_lbq_kdb\hafh`gufbihehfdZfbgZl_iehwe_dljhklZgpbbfh]ebijb\_klbk lhqdbaj_gby
lZdbo iZpb_glh\ d hq_gv k_jv_aguf `bag_ggh hiZkguf ihke_^kl\byf QZklv iZpb_glh\
bkiulu\ZeZ [_kihdhckl\h k\yaZggh_ k g_h[oh^bfhklvx \klmiZlv \ g_`_eZl_evgu_
f_`ebqghklgu_ dhglZdlu < k\yab k wlbf hgb klZjZebkv ba[_]Zlv \kyq_kdbo dhglZdlh\
ij_^ihqblZym_^bg_gb_Dhjhe_gdh < lh`_\j_fywlbkhklhygbybf_ebjZagmx^bgZfbdmQZs_\k_]hhgb^ebebkvhl ^g_c
^h g_^_ev Iehobfb ijh]ghklbq_kdbfb ijbagZdZfb lj_\h`guo khklhygbc y\eyebkv bo
aZ^_j`dZgZkjhd[he__ g_^_evb g_[eZ]hijbylgh_jZa\blb_\ ieZg_gZjZklZgbyijbagZdh\<
ih^h[guokblmZpbyo\hagbdZeZl_g^_gpbyd jZa\blbx[he__k_jv_aguonhjfgZjmr_gbclZdbo
dZd ikbohkhfZlbq_kdb_ jZkkljhckl\Z kh klhcdbf ih\ur_gb_f Zjl_jbZevgh]h ^Z\e_gby k
\hagbdgh\_gb_f aZ[he_\Zgbc ^uoZl_evguo iml_c Bgh]^Z lj_\h]Z i_j_oh^beZ \ khklhygb_
\ujZ`_ggh]hm]g_l_gbydhlhjh_ijb\h^behd g_h[oh^bfhklbhlt_a^Zwlboex^_ck K_\_jZ
Khklhygbylj_\h]bqZklh[uebk\yaZguk iheyjghcghqvxbebiheyjguf^g_fK [hevr_c
qZklhlhc lj_\h]Z \hagbdZeZ \ k\yab k hlkmlkl\b_f k\_lZ \ l_fgu_ i_jbh^u ]h^Z \h \j_fy
iheyjghcghqb
< lh`_\j_fylZdh]hjh^Zkhklhygby[uebg_lbibqgu^eyZ[hjb]_gh\wlbof_klOhly\
kemqZ_ i_j__a^Z Z[hjb]_gh\ gZ ^jm]b_ l_jjblhjbb m gbo gZ[ex^Zebkv khklhygby
gZihfbgZxsb_\ur_mdZaZggu_
Lj_\h]Zm q_eh\_dZ\k_]^ZkhpbhdmevlmjZevghhnhjfe_gZihwlhfmhgZhq_gvjZaghh[jZagZ
b aZ\bkbfZ hl dhgdj_lghc ebqghklb dmevlmju q_eh\_dZ kj_^u \hkiblZgby h[s_kl\_gguo
ljZ^bpbc b bg^b\b^mZevgh]h `bag_ggh]h hiulZ DmevlmjZevgu_ ^_l_jfbgZglu lj_\h]b
ih^jZamf_\Zxl lh qlh lj_\h]Z hkgh\ZgZ g_ lhevdh gZ nbabheh]bq_kdbo b [bhobfbq_kdbo
baf_g_gbyohgZlj_[m_lmq_lZkhpbZevguojhe_ckblmZpbcijb\uq_dq_eh\_dZ\k_onZdlhjh\
dhlhju_ fh]ml klbfmebjh\Zlv __ \hagbdgh\_gb_ Ke_^m_l mqblu\Zlv b lh dZd kZfZ lj_\h]Z
\eby_lgZf_`ebqghklgu_hlghr_gbyb ih\_^_gb_q_eh\_dZ
Kh]eZkgh kh\j_f_gguf deZkkbnbdZpbyf ikbobq_kdbo jZkkljhckl\ \u^_eyxlky jZagu_
\b^u lj_\h]b LZd \ '60,9 gZijbf_j lj_\h`gu_ jZkkljhckl\Z hibku\Zxlky \ \b^_
]_g_jZebah\Zgghc lj_\h]b h[k_kkb\ghdhfimevkb\guo gZjmr_gbc \ khklZ\ dhlhjuo \oh^bl
lj_\h]Zkhijh\h`^ZxsZykyZlZdZfbiZgbdbbebijhl_dZxsZy[_agboki_pbnbq_kdb_nh[bbk
nbdkZpb_c lj_\h]b gZ dZdhflh h^ghf kh[ulbb khpbZevgu_ nh[bb Z]hjZnh[by L_jfbg
Z]hjZnh[byk_]h^gyihl_jyeij_`gbckfukeIh^gbfihgbfZ_lky[hyagvdZdaZdjuluolZdb
hldjuluo ijhkljZgkl\ '60,9 hlghkbl ihklljZ\fZlbq_kdh_ klj_kkh\h_ jZkkljhckl\h d
dZl_]hjbblj_\h`guojZkkljhckl\q_fih^q_jdb\Z_lkyagZq_gb_lj_\h]bdZd\Z`gh]hijbagZdZ
wlh]hgZjmr_gby
Djhf_ lh]h k_]h^gy ]h\hjyl h khklhygbyo \ dhlhjuo debgbdZ lj_\h]b g_ihkj_^kl\_ggh
k\yaZgZk dmevlmjhcIhy\beky^Z`_ki_pbZevgucl_jfbghljZ`Zxsbcwlmk\yav ²kbg^jhf
k\yaZgguc k dmevlmjhc ih^l\_j`^Zxsbcky fgh]bfb nZdlhjZfb GZijbf_j kms_kl\h\Zgb_
khklhygbc ihemqb\rbo gZa\Zgb_ kbg^jhfZ Ib[e_dlh \hagbdZxsbo m gZjh^h\ :jdlbdb <
x`guo j_]bhgZo Ihebg_abb \klj_qZ_lky kbg^jhf Dhjh K\yav lj_\h]b k dmevlmjZevgufb
nZdlhjZfbih^l\_j`^Zxlb jZaebqgu_khklhygbyk\yaZggu_k kbg^jhfZfbh\eZ^_gby^moZfbm
lxjdkdbogZjh^h\Kb[bjb
< kh\j_f_gguo ikbobZljbq_kdbo keh\Zjyo gZijbf_j \ Hdknhj^kdhf &DPSEHOO \u^_eyxl jZaebqgu_ km[lbiu lj_\h]b lZdb_ dZd kb]gZevgZy w]hlj_\h]Z b ij .DSODQ k
khZ\lhjZfb hij_^_ebelj_\h]mdZdqm\kl\hhiZk_gby\ua\Zggh_h`b^Zgb_fhiZkghklb
fh]ms_cbkoh^blvba\g_bebbagmljb:gZeh]bqgh_hij_^_e_gb_lj_\h]b^Z_lky\ kh\j_f_gguo
ikbobZljbq_kdbokeh\Zjyo
IkbobZljuiulZxlkydZl_]hjbabjh\Zlvlj_\h]mhkgh\u\ZykvgZjZaebqghfihgbfZgbb__
wlbheh]bb H^gb Z\lhju ijb^_j`b\Zxlky wlbheh]bq_kdhc fh^_eb \ jZfdZo ikboh^bgZfbdb
gZijbf_j\u^_ey_fZyikbohZgZeblbdZfbdZkljZpbhgggZylj_\h]Z^jm]b_k\yau\Zxllj_\h]m
k h[sbf f_^bpbgkdbf khklhygb_f k\yaZgguf gZijbf_j k ]bi_jlbj_hb^bafhf beb k
kbg^jhfhfhlgylbyijbmihlj_[e_gbbgZjdhlbdh\
Kh\j_f_ggZyikbobZljby\uoh^blaZjZfdbhibkZgbylj_\h]bdZdkbg^jhfZijhl_dZxs_]h
h^bgZdh\h m \k_o b \_a^_ Khpbh^bgZfbq_kdZy ikbobZljby ih^q_jdb\Z_l agZq_gb_ \
\hagbdgh\_gbbwlbokhklhygbckhpbhdmevlmjZevguonZdlhjh\LZdbkke_^h\Zgbyijh\_^_ggu_
.HVVOHU k khZ\lhjZfb ihdZau\ZxlqlhijblZdboqZklh\klj_qZxsbokykhklhygbyodZd
gZijbf_j [hevrZy ^_ij_kkby Zedh]hevgZy aZ\bkbfhklv ijhklZy ki_pbZevgZy b khpbZevgZy
nh[by lj_\h]Z dZd lZdh\Zy aZgbfZ_l g_ f_g__ ?keb mq_klv khklhygby dhlhju_ ^eylky
^he]h hdheh f_kyp_\ lh \ wlbo khklhygbyo lj_\h`gu_ jZkkljhckl\Z gZ[ex^Zxlky \ kemqZ_\ \ lh \j_fy dZd ^jm]b_ Znn_dlb\gu_ jZkkljhckl\Z lhevdh \ kemqZ_\ J_amevlZlu
wlbo bkke_^h\Zgbc ijb\_eb ki_pbZebklh\ d nhjfbjh\Zgbx fg_gby h lhf qlh lj_\h`gu_
jZkkljhckl\Z y\eyxlky \ p_ehf [he__ ojhgbq_kdbfb q_f fgh]b_ ^jm]b_ Znn_dlb\gu_
gZjmr_gby
Wlgbq_kdb_ bkke_^h\Zgby lj_\h]b \oh^ys_c \ khklZ\ h[k_kkb\ghdhfimevkb\guo
gZjmr_gbcijh\_^_ggu_ki_pbZebklZfb\ h[eZklbljZgkdmevlmjZevghcikbobZljbb\ kljZgZo
² KR: DZgZ^_ =_jfZgbb LZc\Zg_ X`ghc Dhj__ Gh\hc A_eZg^bb b ImwjlhJbdh ²
ihdZaZebqlhaZbkdexq_gb_fLZc\Zgywlb\b^ugZjmr_gbcgZ[ex^Zebkvhl ^h gZ q_eh\_d H[jZsZehkv \gbfZgb_ gZ k\yav ij_h[eZ^Zgby h[k_kkbc beb dhfimevkbc k
l_jjblhjbZevghcijbgZ^e_`ghklvxh[ke_^m_fuo :HLVPDQ k khZ\lhjZfb <h fgh]bo ZabZlkdbo ihimeypbyo \ Bg^bb gZijbf_j lj_\h]Z k\yaZggZy kh kljZohf
hklZlvkyg_aZfm`g_cijb\h^bld hkh[hfm\b^mh[k_kkb\ghdhfimevkb\gh]hih\_^_gby
< kh\j_f_gghc ikbobZljbq_kdhc ebl_jZlmj_ \k_ qZs_ \klj_qZ_lky kbg^jhf hibkZgguc
)LFDURWWR gZa\Zgguc]hfhnh[b_cbebwjhlhnh[b_cijhy\eyxsbckylj_\h]hck\yaZgghc
kh kljZohf i_j_^ ]hfhk_dkmZebklZfb Wlhl kbfilhf h[mkeh\e_g hij_^_e_gghc
khpbhiheblbq_kdhch[klZgh\dhcb k\yaZgkhkljZohfaZjZablvkyKIB>hf
<ebygb_dmevlmjufh`_lgZclbhljZ`_gb_\ kihkh[Zoijhy\e_gbylj_\h`guokbfilhfh\
GZijbf_j 2NDVKD k khZ\lhjZfb bkke_^h\Zeb ijhy\e_gby h[k_kkbc b dhfimevkbc \
?]bil_ b <_ebdh[jblZgbb :\lhju h[gZjm`beb qlh \ <_ebdh[jblZgbb h[k_kkbc [ueb
ij_bfms_kl\_ggh k\yaZgu kh klj_fe_gb_f d lhfm qlh[u \k_ [ueh \ ihjy^d_ dZ`^Zy \_sv
aZgbfZeZ hl\_^_ggh_ ^ey g__ f_klh < ?]bil_ `_ h[k_kkbc dZkZebkv \ hkgh\ghf j_eb]bhaguo
h[jy^h\ \dexqZxsbo \ k_[y hkh[uc \b^ h[fu\Zgby b kh[ex^_gb_ jblmZevghc qbklhlu
?]bilyg_ fheylky jZa \ ^_gv k ij_^\Zjbl_evguf ijh\_^_gb_f jblmZevgh]h hqbklbl_evgh]h
ijhp_kkZ<hagbdgh\_gb_m gbogZ\yaqb\hklbk\yaZghk hsms_gb_flh]hqlhjblmZe\uiheg_g
g_^hklZlhqgh ijZ\bevgh < <_ebdh[jblZgbb `_ \ [hevr_c kl_i_gb [ue ij_^klZ\e_g kljZo
dhglZfbgZpbb
YihgkdZy nhjfZ khpbZevghc nh[bb WDLMLQ N\RIXVKR y\ey_lky yjdbf ijbf_jhf \ebygby
dmevlmjZevguo nZdlhjh\ gZ kh^_j`Zgb_ lj_\h]b < hlebqb_ hl Zf_jbdZgh_\jhi_ckdhc
khpbZevghcnh[bbijbdhlhjhciZpb_gluba[_]ZxlkhpbZevguodhglZdlh\\ k\yabkhkljZohf
[ulv hkf_yggufb b mgb`_ggufb yihgkdb_ iZpb_glu bkiulu\Zxl kljZo ijbqbgblv
g_ijbylghklb ^jm]bf ex^yf \ua\Zlv m gbo hljbpZl_evgu_ qm\kl\Z k\hbf iehobf \b^hf
g_moh`_gghklvx g_Z^_d\Zlgufb wfhpbhgZevgufb j_Zdpbyfb LZdh_ kh^_j`Zgb_ khpbZevghc
nh[bb hljZ`Z_l agZq_gb_ dhlhjh_ ijb^Z_lky ij_^klZ\e_gbx k_[y \ h[s_kl\_ \ Yihgbb
.LUPD\HU
DmevlmjZevgu_ \ebygby \uklmiZxl hlq_leb\h ijb iZgbq_kdbo jZkkljhckl\Zo \ DZlZj_
Hgb oZjZdl_jbamxlky l_f qlh iZpb_glu bkiulu\Zxl g_ kljZo kf_jlb Z kljZo lh]h qlh
ijhbahc^_lk gbfbihke_\ k\yabk g_^hklZlhqghkbevghc\_jhc (O,VODP Lj_\h]Z \hagbdZ_l ijb ZddmevlmjbaZpbhgghf klj_kk_ LZd gZijbf_j ijb i_j__a^_
Z[hjb]_gh\ LZcfujZ \ ]hjh^Z hgb qm\kl\h\Zeb k_[y hq_gv ^bkdhfnhjlgh m gbo \hagbdZeZ
ZiZlby^_ij_kkbyaehmihlj_[e_gb_Zedh]he_fHkh[ZykblmZpby\hagbdZeZm ^_l_chl^Zgguo
mqblvky \ rdheubgl_jgZlu jZkiheh`_ggu_ \ ^jm]bo ]hjh^Zo LZdb_ ^_lb k ljm^hf
Z^Zilbjh\Zebkv d gh\uf mkeh\byf Ihke_ lh]h dZd hgb \ha\jZsZebkv d jh^bl_eyf gZ
dZgbdmeu beb ihke_ hdhgqZgby rdheu m gbo \hagbdZe gh\uc i_jbh^ ^_aZ^ZilZpbb
Ijhy\e_gbyZddmevlmjbaZpbhggh]hklj_kkZgZ[ex^Zebkvm Z[hjb]_gh\:eykdb\ k\yabk ihl_j_c
g_h[oh^bfhklbaZgbfZlvkyljZ^bpbhgghc `bag_gghg_h[oh^bfhc ^_yl_evghklvx Ihemqb\ aZ
ijh^Zggmx \ k\yab kh kljhbl_evkl\hf g_nl_ijh\h^Z a_fex agZqbl_evgmx ^_g_`gmx
dhfi_gkZpbx hgb klZeb ijb_a`Zlv \ ]hjh^Z b Zedh]hebabjh\Zlvky Ij_[u\Zy \ khklhygbb
Zedh]hevgh]h hivyg_gby fgh]b_ ba gbo aZf_jaZeb gZ mebpZo ]hjh^Z F_klgu_ \eZklb
hj]Zgbah\u\Zeb ki_pbZevgu_ kem`[u ^ey kiZk_gby bo hl h[fhjh`_gbc b ijh\_^_gby
^_abglhdkbdZpbb
:ddmevlmjbaZpbhgguc klj_kk qZklh \hagbdZ_l ijb \klj_q_ k gh\ufb dmevlmjgufb
mkeh\byfb ijb h^gh\j_f_gghc g_h[oh^bfhklb aZgbfZlvky ijb\uqghc jZ[hlhc Fh`_l
\hagbdgmlv lj_\h]Z k\yaZggZy k wdabkl_gpbZevguf \Zdmmfhf ihl_j_c kfukeZ `bagb b
ikboheh]bq_kdbf ^bkdhfnhjlhf J_adb_ baf_g_gby mkeh\bc `bagb q_eh\_dZ ihqlb \k_]^Z
ijb\h^yl_]hd jZa\blbxlj_\h`guokhklhygbc
K lhqdbaj_gbykhpbh^bgZfbq_kdhcikbobZljbbdZ`^uckbg^jhf\ lhfqbke_b lj_\h]Z
^he`_g[ulvhp_g_gk mq_lhfikboheh]bq_kdh]hb khpbhdmevlmjgh]hdhfihg_glh\
Mq_l wlbo nZdlhjh\ iha\hey_l hdZau\Zlv iZpb_glZf d\Zebnbpbjh\Zggmx
ikbohdhjj_dpbhggmx ihfhsv :dp_gl \ e_q_gbb lhevdh gZ ikbohnZjfZdheh]bq_kdh_ e_q_gb_
k_[yg_ hijZ\^u\Z_l lZd dZd \hagbdZ_l ebrv djZldh\j_f_gguc wnn_dl lj_\h`gh_ khklhygb_
ihy\ey_lkykgh\Z_kebg_mkljZg_guhkgh\gu_ikboheh]bq_kdb_ijbqbgu_]h\uau\Zxsb_
=?G?J:EBAH<:GGH?LJ?<H@GH?J:KKLJHCKL<H
< '60,,,5 ih^q_jdb\Z_lkyqlh]_g_jZebah\Zggh_lj_\h`gh_jZkkljhckl\h\ujZ`Z_lky\
g_j_Zebklbq_kdhc \ujZ`_gghc lj_\h]_ beb haZ[hq_gghklb \ hlghr_gbb ^\mo beb [he__
`bag_gguo h[klhyl_evkl\ GZijbf_j haZ[hq_gghklv \hafh`ghc g_m^Zq_c nbgZgkh\hc
g_khklhyl_evghklvx kljZohf lh]h qlh k [ebadbfb fh`_l qlhgb[m^v kemqblvky b ij
>hklZlhqgh h[t_dlb\gu_ ^Zggu_ ^ey h[hkgh\Zgby lj_\h]b hlkmlkl\mxl Kh]eZkgh djbl_jbyf
'60,,,5 lj_\h]Z ^he`gZ ^eblvky hl f_kyp_\ beb ^hevr_ b \ l_q_gb_ wlh]h i_jbh^Z \
khklhygbb q_eh\_dZ iehobo ^g_c [hevr_ q_f ohjhrbo Kh^_j`Zgb_ lj_\h]b m ^_l_c b
ih^jhkldh\qZs_\k_]hk\yaZghk mki_\Z_fhklvxbkiheg_gb_fbfbkhpbZevguojhe_c< '60
,,,5 wlhl\b^jZkkljhckl\ZoZjZdl_jbam_lky ijbagZdZfbZ \ '60,9 ² lhevdhr_klvxqlh
agZqbl_evghmijhsZ_l^bZ]ghklbdmwlh]hkhklhygby
IjbagZdZfb ]_g_jZebah\Zggh]h lj_\h`gh]h jZkkljhckl\Z kh]eZkgh '60,9 y\eyxlky
ke_^mxsb_
[_kihdhckl\hbebqm\kl\haZ]gZgghklb\ m]he
[ukljh_gZklmie_gb_mklZehklb
ljm^ghklvdhgp_gljZpbb\gbfZgbyqm\kl\himklhlu\ ]heh\_
jZa^jZ`bl_evghklv
fur_qgh_gZijy`_gb_
gZjmr_gb_kgZ
<ur_i_j_qbke_ggu_ ijbagZdb \uklmiZxl gZ nhg_ wdkp_kkb\ghc lj_\h]b b
g_j_Zebklbq_kdhc haZ[hq_gghklb ijhy\eyxsboky \ l_q_gb_ ih djZcg_c f_j_ f_kyp_\
Lj_\h]Zb haZ[hq_gghklvdZkZxlkyhij_^_e_ggh]hqbkeZkh[ulbcb Zdlb\ghkl_c\dexqZxsbo\
k_[yjZ[hlmh[mq_gb_khpbZevgu_nmgdpbbb l^
I:GBQ?KDB?J:KKLJHCKL<:
Hkgh\ghcoZjZdl_jbklbdhciZgbq_kdh]hjZkkljhckl\Zkh]eZkgh '60,9 y\ey_lkygZebqb_
j_dmjj_glguo g_h`b^Zgguo ijbklmih\ iZgbdb k ihke_^mxsbf ih djZcg_c f_j_
h^ghf_kyqguf i_jbh^hf ihklhygghc h[_kihdh_gghklb ih ih\h^m \hafh`ghklb ih\lhj_gby
ijbklmiZ LbibqgZ haZ[hq_gghklv h \hafh`guo hkeh`g_gbyo beb ihke_^kl\byo ijbklmih\
iZgbdb beb \ k\yab kh agZqbl_evgufb baf_g_gbyfb ih\_^_gby k\yaZggufb k ijbklmiZfb
Wkk_gpbZevghcq_jlhcijbklmiZiZgbdby\ey_lky^bkdj_lguci_jbh^bgl_gkb\gh]hkljZoZbeb
^bkdhfnhjlZkhijh\h`^ZxsbckyihdjZcg_cf_j_q_lujvfybaljbgZ^pZlbkhfZlbq_kdbobeb
dh]gblb\guokbfilhfh\dhlhju_jZa\b\Zxlky\g_aZighb ^hklb]ZxlibdZ\ l_q_gb_ fbgml
Wlbkbfilhfufh]ml\dexqZlv
iZeviblZpbxmkdhj_ggh_k_j^p_[b_gb_
ihleb\hklv
lj_fhj
mdhjhq_ggh_^uoZgb_
qm\kl\hm^mrvy
[hevbebqm\kl\h^bkdhfnhjlZ\ h[eZklb]jm^b
lhrghlmbeb[_kihdhckl\h\ h[eZklb`b\hlZ
hsms_gb_]heh\hdjm`_gbyg_m\_j_gghklbkeZ[hklb
^_j_ZebaZpbxbeb^_i_jkhgZebaZpbx
kljZoihl_jylvdhgljhevgZ^kh[hcbebkhclbk mfZ
kljZokf_jlb
iZj_kl_abbhsms_gb_hg_f_gbybebiheaZgbyfmjZr_d
[jhkZgb_\ oheh^beb\ `Zj
Ijbklmiu iZgbdb fh]ml \hagbdZlv ijbjZaebqguo lj_\h`guojZkkljhckl\Zo iZgbq_kdh_
jZkkljhckl\h khpbZevgZy nh[by ki_pbnbq_kdZy nh[by ihklljZ\fZlbq_kdh_ klj_kkh\h_
jZkkljhckl\h
IjbklmiuiZgbdb^_eylkygZ
Zg_h`b^Zggu_kihglZggu_g_k\yaZggu_k kblmZpbhggufnZdlhjhf
[kblmZpbhgghh[mkeh\e_ggu_
\ kblmZpbhggh ij_^jZkiheh`_ggu_ \hagbdZxsb_ k [hevr_c \_jhylghklvx gh g_
h[yaZl_evgh\ hij_^_e_gguokblmZpbyo
>ey ^bZ]ghklbdb iZgbq_kdh]h jZkkljhckl\Z k beb [_a Z]hjZnh[bb g_h[oh^bfh
\hagbdgh\_gb_ g_h`b^Zgguo ijbklmih\ iZgbdb KblmZpbhggh h[mkeh\e_ggu_ ijbklmiu
iZgbdboZjZdl_jgu^eykhpbZevghcb ki_pbnbq_kdhcnh[bc
KblmZpbhggh ij_^jZkiheh`_ggu_ ijbklmiu iZgbdb gZb[he__ qZklh \klj_qZxlky ijb
iZgbq_kdhfjZkkljhckl\_
H^ghjZah\uc ijbklmi iZgbdb ijb iZgbq_kdhf jZkkljhckl\_ fh`_l ijhclb ^ey q_eh\_dZ
[_kke_^gh gh _keb lZdb_ ijbklmiu ih\lhjyebkv g_kdhevdh jZa \ khagZgbb q_eh\_dZ
mdhj_gy_lky kljZo ih\lhj_gby ke_^mxsbo ijbklmih\ k m\_j_gghklvx \ bo h[yaZl_evghf
gZklmie_gbb >ey ^bZ]ghklbdb iZgbq_kdh]h jZkkljhckl\Z kh]eZkgh djbl_jbyf '60,,,5
lj_[h\ZehkvgZebqb_ ijbklmih\iZgbdbijhbkr_^rbo\ l_q_gb_ g_^_evbeb ijbklmiZb
f_kypZ ij_[u\Zgby iZpb_glZ \ ihklhygghf kljZo_ k\yaZgghf k h`b^Zgb_f ih\lhjgh]h
ijbklmiZ < '60,9 \Z`guf djbl_jb_f ^bZ]ghklbdb y\ey_lky ihklhyggZy h[_kihdh_gghklv
k\yaZggZyk h`b^Zgb_fih\lhjgh]hijbklmiZ
M ebp kljZ^Zxsbo iZgbq_kdbf jZkkljhckl\hf jZa\b\Z_lky hij_^_e_ggZy lZdlbdZ
ih\_^_gbyijhy\eyxsZyky\ h[jZs_gbbd \jZqZfjZaebqguoki_pbZevghkl_cqlhaZ\bkblhlbo
mjh\gy h[jZah\Zgby b kh\_lh\ hdjm`Zxsbo <hafh`gu h[jZs_gby d ikboheh]Zf
ij_^klZ\bl_eyf ljZ^bpbhgghc f_^bpbgu GZfb gZ[ex^Zebkv iZpb_glu ijb[_]Zxsb_ d
ijb_fm Zedh]hey ^ey dmibjh\Zgby ijbklmih\ iZgbdb Wlh ijb\h^beh d jZa\blbx chlZnhjfu
Zedh]hevghcZ^^bdpbbDhjhe_gdh>bdh\kdbc :=:JHNH;BY
< klZjuojmdh\h^kl\ZoihikbobZljbbZ]hjZnh[byhagZqZeZkljZohldjulh]hijhkljZgkl\Z
< kh\j_f_gghf agZq_gbb wlhl l_jfbg h[t_^bgy_l kljZo dZd hldjulh]h lZd b aZdjulh]h
ijhkljZgkl\ZL_jfbgdeZmkljhnh[by\ur_ebamihlj_[e_gby
:]hjZnh[by \ujZ`Z_lky \ kljZo_ gZoh`^_gby \ f_klZo beb kblmZpbyo \ lhei_ fZrbg_
ih_a^_ kZfhe_l_ b ij dhlhju_ \ kemqZ_ g_h[oh^bfhklb ljm^gh ihdbgmlv \ kbem jZaguo
h[klhyl_evkl\ G_\hafh`ghklv fh`_l [ulv k\yaZgZ dZd k \g_rgbfb lZd b k \gmlj_ggbfb
nbabq_kdbfb b ikboheh]bq_kdbfb ijbqbgZfb \_j[Zebam_fufb gZijbf_j ke_^mxsbf
h[jZahfFg_ljm^ghmclblZddZdwlhg_ijbebqghY g_fh]m\uclbbaZm^blhjbb\h\j_fy
\Z`gh]h aZk_^Zgby LZdbf iZpb_glZf k\hckl\_ggh gZebqb_ dh]gblb\guo dhgkljmdpbc lbiZ
?keb kh fghc qlhgb[m^v kemqblky lh \ wlhf f_kl_ fg_ gbdlh g_ ihfh`_l Y [hxkv _oZlv
ih_a^hflZddZdg_kfh]m_]hhklZgh\blv_kebkhfghcqlheb[hijhbahc^_lLZdbfh[jZahf
Z]hjZnh[byij_^iheZ]Z_lih\_^_gb_ba[_]ZgbydZdbolhki_pbnbq_kdbokblmZpbc< j_amevlZl_
Z]hjZnh[bb q_eh\_d fh^bnbpbjm_l k\hx `bagv iml_f ba[_]Zgby hij_^_e_gguo f_kl b
kblmZpbc GZijbf_j[hyagv g_ kijZ\blvky k mijZ\e_gb_f b miZklv \ j_dm \f_kl_ k fZrbghc
mijZ\eyy_xgZfhklmijb\h^bld lhfmqlhq_eh\_dba[_]Z_l_a^blvq_j_afhklbeb ^h\_jy_l
mijZ\e_gb_ fZrbghc ^jm]hfm < jy^_ kemqZ_\ q_eh\_d iulZ_lky ij_h^he_lv Z]hjZnh[bx
kjZ`Zykvk kZfbfkh[hcp_ghc[hevrboikboheh]bq_kdboaZljZlb klj_kkbjh\Zgby
<u^_ey_lky ]jmiiZ iZgbq_kdbo jZkkljhckl\ k Z]hjZnh[b_c b [_a g__ :]hjZnh[by fh`_l
\uklmiZlv [_a gZebqby \ ZgZfg_a_ iZgbq_kdbo gZjmr_gbc khijh\h`^Zykv j_Zevgh
h[hkgh\Zgguf kljZohf GZijbf_j q_eh\_dm k\hckl\_ggu ijbklmiu kljZoZ k\yaZggu_ k
h[hkgh\Zggh ih^l\_j`^Z_fufb debgbq_kdbfb ^Zggufb <hafh`gh b khq_lZgb_ k_j^_qgh
khkm^bklhc iZlheh]bb k ijbklmiZfb iZgbdb < '60,,,5 \u^_eyebkv ljb kl_i_gb ly`_klb
Z]hjZnh[bb
² fy]dZy oZjZdl_jbamxsZyky khojZg_gb_f hlghkbl_evgh ghjfZevgh]h klbey `bagb k
\hafh`ghklvxe_]dhcijbkihkZ[eb\Z_fhklbd Z]hjZnh[bb
² kj_^gyy kl_i_gv Z]hjZnh[bb ih^jZamf_\ZeZ km`_gb_ `bag_gguo \hafh`ghkl_c k
h[yaZl_evguf gZebqb_f gZijbf_j dh]hgb[m^v dlh fh] [u hdZaZlv ihfhsv \ kemqZ_
\hagbdgh\_gby ijbklmiZ Ijb wlhf m iZpb_glh\ khojZgy_lky kihkh[ghklv \uoh^Z [_a
khijh\h`^_gbygZ[ebadb_jZkklhygbygZijbf_j\ khk_^gbcfZ]Zabg
² ly`_eZy kl_i_gv oZjZdl_jbah\ZeZkv h]jZgbq_gb_f `bag_ggh]h ijhkljZgkl\Z q_eh\_dZ
ij_^_eZfbd\Zjlbju
< '60,9 \\_^_guke_^mxsb_baf_g_gby\ ^bZ]ghklbq_kdb_djbl_jbb<hi_j\uo\ wlhc
deZkkbnbdZpbb hlkmlkl\m_l ^_e_gb_ Z]hjZnh[bb gZ kl_i_gb ly`_klb b \h\lhjuo l_jfbg
ijhklZynh[byaZf_g_ggZl_jfbgki_pbnbq_kdZynh[by
Djbl_jbc : dZkZxsbcky ihjh]Z kljZoZ g_h[oh^bfh]h ^ey ^bZ]ghklbdb ki_pbnbq_kdhc
nh[bblZd`_baf_g_gqlh\ujZ`Z_lky\ [he__q_ldbolj_[h\Zgbyod kljZomdhlhjuc\ ^Zgghf
kemqZ_ ^he`_g [ulv \ujZ`_gguf b g_h[hkgh\Zgguf Ihklhygguc kljZo \ua\Zgguc j_Zevgh
kms_kl\mxs_c ijbqbghc g_ y\ey_lky kbfilhfhf ki_pbnbq_kdhc nh[bb KljZo gZau\Z_lky
ki_pbnbq_kdbf\ k\yabk _]hdhgdj_lgufkh^_j`Zgb_fGZijbf_jkljZodZdh]hlh`b\hlgh]h
bebkljZoaZjZ`_gbyQ_eh\_d[hblkyaZjZablvky\ kbeml_hj_lbq_kdbihklhygghkms_kl\mxs_c
hiZkghklb aZjZ`_gby bgn_dpb_c b \ wlhf fh`gh \b^_lv jZamfguc we_f_gl Gh _keb kljZo
^hklb]Z_lij_^_eZgZoh^ys_]hky\g_k\yabk j_Zevghklvxwlhg_jZamfguckljZo
Bgl_j_k_g\hijhkh djblbq_kdhfhlghr_gbbd kljZom< klZjuojmdh\h^kl\ZokljZoqZklh
k\yau\Zeky k wibl_lhf gZ\yaqb\hklb qlh ^he`gh [ueh k\b^_l_evkl\h\Zlv h ijbkmlkl\bb
djblbdb L_f g_ f_g__ \ fhf_gl gZebqby kljZoZ djblbdZ hlkmlkl\m_l GZklhysbc kljZo __
bkdexqZ_lIhwlhfmdjbl_jbcdjblbqghklbd kljZom mqblu\Zlvke_^m_llhevdh \ i_jbh^u _]h
hlkmlkl\by
KHPB:EVG:YNH;BY
KhpbZevgZynh[byoZjZdl_jbam_lkygZebqb_fm q_eh\_dZihklhyggh]hkljZoZi_j_^h^ghc
beb g_kdhevdbfb khpbZevgufb kblmZpbyfb ih^jZamf_\Zxsbfb gZebqb_ khpbZevgh]h
dhglZdlZ \ ijhp_kk_ dhlhjh]h \hafh`gh gZ[ex^_gb_ aZ gbf ^jm]bfb ex^vfb b hp_gdZ _]h
ih\_^_gby KljZo \hafh`ghc hljbpZl_evghc khpbZevghc hp_gdb b lh]h qlh q_eh\_d fh`_l
ih\_klb k_[y ^bkdj_^blbjmxsbf h[jZahf kihkh[kl\m_l ihy\e_gbx m ghkbl_ey khpbZevghc
nh[bbqm\kl\Zmgb`_gbyb kfms_gby
KhpbZevgu_kblmZpbb\uau\Zxsb_kljZofh]mldZkZlvky\ qZklghklb
\uklmie_gbcihjZ^bhb l_e_\b^_gbx
ijb_fZibsb\ ijbkmlkl\bb^jm]bok \hafh`gufqm\kl\hfkl_kg_gbyb ihi_job\Zgby
ibkvfZ \ ijbkmlkl\bb hdjm`Zxsbo k ihy\e_gb_f ljm^ghkl_c ijb gZibkZgbb b
baf_g_gb_fihq_jdZ
jZa]h\hjZ ih l_e_nhgm k [hyagvx kdZaZlv g_qlh ]emih_ beb g_ hl\_lblv gZ aZ^Zgguc
\hijhkb ij
Fukeb h khpbZevghc kblmZpbb beb g_ihkj_^kl\_ggh_ ij_[u\Zgb_ \ __ jZfdZo \uau\Zxl
ihy\e_gb_ lj_\h]b Ex^b k khpbZevghc nh[b_c klZjZxlky ba[_]Zlv kblmZpbc kihkh[guo
\uau\Zlv lj_\h]m beb mqZkl\mxl \ gbo bkiulu\Zy ijb wlhf ^bkdhfnhjl b lj_\h]m
KhpbZevgZy nh[by ijb\h^bl d ojhgbq_kdhfm klj_kkm b \ j_amevlZl_ ² d g_[eZ]hijbylguf
ikbohkhfZlbq_kdbfihke_^kl\byf
Bkke_^h\Zgb_ijh\_^_ggh_\ BkiZgbb\ i_jbh^__^_fhdjZlbaZpbbihdZaZeh qlhj_adh_
baf_g_gb_h[s_kl\Zijb\_ehd baf_g_gbxijhnbeyaZ[he_\Z_fhklbk m\_ebq_gb_fdhebq_kl\Z
ebp kljZ^Zxsbo ikbohkhfZlbq_kdbfb [he_agyfb Ij_`gbc klbev `bagb ih^jZamf_\Ze
ij_[u\Zgb_q_eh\_dZ\ ljZ^bpbhgghch[klZgh\d_madh]hdjm]Zebp\oh^ysbo\ jZfdbk_fvbb
jZ[hlu b g_ lj_[h\Ze [hevrh]h khpbZevgh]h h[s_gby Baf_g_gb_ kl_j_hlbiZ ih\_^_gby
k\yaZggh]hk `bagvx\ gh\hfh[s_kl\_lj_[h\Zeh[hevr_cfh[bevghklbb Zdlb\ghklb\ k\yab
k m\_ebq_gb_fbgl_gkb\ghklbkh[ulbcdhebq_kl\ZbgnhjfZpbbb g_h[oh^bfhklbjZa[bjZlvky
\ wlhf <j_fy hl\_^_ggh_ gZ kb_klm khdjZlbehkv ;hevrbgkl\h gZk_e_gby k wlbf jblfhf
`bagb kijZ\eyehkv gh wlhl i_jbh^ Z^ZilZpbb khijh\h`^Zeky jhklhf ikbohkhfZlbq_kdbo
aZ[he_\Zgbc
Wlm fh^_ev fh`gh i_j_g_klb gZ fh^_ev khpbZevghc nh[bb \ mkeh\byo kh\j_f_ggh]h
h[s_kl\_ggh]h jZa\blby KhpbZevgZy nh[by qZklh kdju\Z_lky q_eh\_dhf HgZ [he__
k\hckl\_ggZbgljZ\_jlZf\ugm`^_ggufij_h^he_\Zlvk\hxbgljh\_jkbx\ gh\uo kblmZpbyo
lj_[mxsbojZkrbj_gbykhpbZevgh]hh[s_gby
>bnn_j_gpbZpby ebqghklguo jZkkljhckl\ ba[_]Zgby k khpbZevghc nh[b_c aZljm^g_gZ
?kebkhpbZevgZynh[byghkblkdjulucoZjZdl_jb ^eblky\kx`bagv\ wlhfkemqZ_j_qvb^_lh
ebqghklguo hkh[_gghklyo Ih\_^_gb_ ba[_]Zgby ijb\h^bl d lhfm qlh q_eh\_d gZ mjh\g_
ih^khagZgbyfh^bnbpbjm_lk\hx^_yl_evghklvkha^Z_lkbkl_fmij_^ihql_gbcdhlhju_fh]ml
[ulvljm^ghh[tykgbfufbQ_eh\_dg_fh`_lhl\_lblvgZ\hijhkihq_fmhgihklmiZ_llZdbf
h[jZahflZddZdg_\k_]^ZwlhbfhkhagZ_lky
IjbkhpbZevghcnh[bbhklZ_lkyihgbfZgb_qj_af_jghklbb g_jZamfghklbkljZoZghg_\
fhf_glgZoh`^_gby\ khpbZevghckblmZpbbZ i_j_^\oh`^_gb_fb ihke_\uoh^Zbag__
;hevrh_ dhebq_kl\h khpbZevguo kblmZpbc y\eyxsboky kh^_j`Zgb_f ]_g_jZebah\Zgghc
khpbZevghc nh[bb qZklh ijb\h^bl d g_\hafh`ghklb __ ^bnn_j_gpbZpbb k ebqghklguf
jZkkljhckl\hf ba[_]Zgby \ k\yab k wlbf ijZ\hf_j_g ^\hcghc ^bZ]gha khpbZevgZy
]_g_jZebah\ZggZynh[byb ebqghklgh_gZjmr_gb_
KHF:LHFHJNGU?J:KKLJHCKL<:
>bkfhjnhnh[bq_kdb_ gZjmr_gby ijhy\eyxlky \ k\_joaZgylhklb khagZgby fuke_c b
qm\kl\q_eh\_dZhij_^_e_gguf\hh[jZ`Z_fuf^_n_dlhf\ _]h\g_rg_f\b^_K h[t_dlb\ghc
lhqdb aj_gby m wlbo ex^_c hlkmlkl\m_l h[jZsZxsbc gZ k_[y \gbfZgb_ ^_n_dl < h^gbo
kemqZyo ^_n_dlZ fh`_l \hh[s_ g_ [ulv \ ^jm]bo ² fh`_l bf_lv f_klh fZeh \ujZ`_ggh_
gZjmr_gb_ gh j_Zdpby q_eh\_dZ gZ bf_xs__ky m g_]h baf_g_gb_ qj_a\uqZcgh ij_m\_ebq_gZ
M\_j_gghklv \ gZebqbb ^_n_dlZ g_ ghkbl [j_^h\h]h oZjZdl_jZ [he__ lh]h iZpb_glu
l_hj_lbq_kdb fh]ml ijbagZ\Zlv ij_m\_ebq_gb_ k\h_c hp_gdb qlh h^gZdh g_ f_rZ_l bo
nbdkbjh\ZgghklbgZg_c
<u^_e_gb_wlh]hgZjmr_gby\ \b^_khfZlhnhjfgh]hjZkkljhckl\Zijhba\h^blky^eylh]h
qlh[u gZebqb_ lZdh]h jh^Z nhdmkbjh\db \gbfZgby g_ kh[eZagyeh ikbobZljh\ kjZam `_
ih^haj_\ZlvgZebqb_m lZdboex^_cwg^h]_ggh]hgZjmr_gbyIkbobq_kdh_jZkkljhckl\hfh`_l
bkq_jiu\Zlvky lhevdh wlbf gZjmr_gb_f b d g_fm g_ ke_^m_l ijb\yau\Zlv ^jm]b_
jZkkljhckl\Z dhlhju_ fh]ml \hagbdZlv \lhjbqgh GZijbf_j nbdkZpby q_eh\_dZ gZ
\hh[jZ`Z_fhf^_n_dl_ijb\h^bld ihy\e_gbxm g_]hqm\kl\Zg_eh\dhklb\ dZdbolhkblmZpbyo
<hagbdZ_l khpbZevgZy baheypby \g_rg_ \u]ey^ysZy dZd khpbZevgZy nh[by HiZkghklv
aZdexqZ_lky \ lhf qlh ki_pbZebkl ^bZ]ghklbjm_l ^bkfhjnhnh[bx ^mfZy h \hafh`ghc __
k\yab k rbahnj_gb_c Z bahebjh\Zgghklv hl h[s_kl\Z k\yau\Z_l k gZebqb_f m iZpb_glZ
i_j\bqgh]h wfhpbhgZevgh\he_\h]h jZkkljhckl\Z Lh _klv \lhjbqgh_ jZkkljhckl\h
ijbgbfZ_lky ikbobZljhf aZ i_j\bqgh_ Kms_kl\mxsZy mklZgh\dZ \ ^bZ]ghklbq_kdhf
fure_gbb ikbobZljh\ lZdbf h[jZahf fh`_l ijb\h^blv d ^bZ]ghklbq_kdbf hrb[dZf
Debgbq_kdZy ijZdlbdZ k\b^_l_evkl\m_l qlh m [hevrh]h dhebq_kl\Z iZpb_glh\ kljZ^Zxsbo
^bkfhjnhnh[bq_kdbfbgZjmr_gbyfb khklhygb_bkq_jiu\Z_lkylhevdh wlbfb kbfilhfZfb kh
\j_f_g_f ijhoh^bl b ^Z`_ ijb ^ebl_evghf l_q_gbb g_ ijbh[j_lZ_l aehdZq_kl\_ggh]h
oZjZdl_jZ
< jZfdZo khfZlhnhjfguo gZjmr_gbc \u^_eyxlky [he_\u_ khfZlhnhjfgu_ gZjmr_gby
Djbl_jb_f y\ey_lky aZgylhklv iZpb_glh\ [hevx ih djZcg_c f_j_ \ l_q_gb_ f_kyp_\
Khhl\_lkl\mxsb_ h[ke_^h\Zgby g_ h[gZjm`b\Zxl gb hj]Zgbq_kdhc iZlheh]bb gb
iZlhnbabheh]bq_kdbo f_oZgbafh\ dhlhju_ fh]eb [u h[tykgblv wlm [hev Ij_^klZ\ey_lky
\hafh`guf \u^_eblv ]jmiim iZpb_glh\ m dhlhjuo ^bZ]ghklbjm_lky hj]Zgbq_kdZy iZlheh]by
gh`Zeh[ugZ[hevb k\yaZggu_k g_cgZjmr_gby \ ebqghcb \ khpbZevghc `bagb \uoh^yl aZ
jZfdblh]hqlhfh`gh[ueh[uh`b^Zlvhkgh\u\ZykvgZh[gZjm`_gghfhj]Zgbq_kdhfnZdlhj_
>BKKHPB:LB<GU?G:JMR?GBY
>bkkhpbZpby \ujZ`Z_lky \ hls_ie_gbb deZkl_jh\ ikbobq_kdbo kh^_j`Zgbc hl bo
ijbkmlkl\by \ khagZgbb Wlb kh^_j`Zgby lZdbf h[jZahf g_ hkhagZxlky iZpb_glZfb ohly b
hdZau\Zxl \ebygb_ gZ ikbobq_kdh_ khklhygb_ khfZlbq_kdb_ oZjZdl_jbklbdb b ih\_^_gb_
>bkkhpbZpby fh`_l ijhy\eylvky \ hl^_e_gbb hij_^_e_gghc b^_b hl __ wfhpbhgZevgh]h
agZq_gby khhl\_lkl\mxs_]h _c Znn_dlZ Ihke_^gbc \ZjbZgl gZ[ex^Z_lky \ g_Z^_d\Zlghc
wfhpbhgZevghcj_ZdpbbgZkh^_j`Zgb_fure_gbym iZpb_glh\kljZ^Zxsborbahnj_gb_c
Kh]eZkgh '60,9 wkk_gpbZevghc q_jlhc ^bkkhpbZlb\guo jZkkljhckl\ y\ey_lky
gZjmr_gb_ bgl_]jZpbb f_`^m h[uqgh bgl_]jbjh\Zggufb nmgdpbyfb khagZgby iZfylb
b^_glbqghklbbeb\hkijbylbyhdjm`Zxs_]hJZkkljhckl\hfh`_ljZa\b\Zlvkyihkl_i_gghbeb
\hagbdZlv\g_aZighghkblvij_oh^ysbcbeb^ebl_evgucoZjZdl_j
< kh\j_f_gghc ikbobZljbb l_jfbg bkl_jbq_kdbc g_\jha aZf_g_g gZ ^bkkhpbZlb\gu_ b
dhg\_jkbhggu_jZkkljhckl\Z
?s_ \ ;,; \_d_ -DQHW h[jZlbe \gbfZgb_ gZ lh qlh ijb [hevrhc ij_^klZ\e_ggh_Œ
ikbobq_kdbo gZjmr_gbc ikbobq_kdb_ ijhp_kku fh]ml [ulv hl^_e_gu hl hkgh\gh]h ihlhdZ
khagZgby >bkkhpbZpby \hagbdZ_l \ j_amevlZl_ lh]h qlh hkeZ[e_gghfm hj]Zgbafm g_ o\ZlZ_l
kbe gZ lh qlh[u iheghklvx hkhagZlv ijhbkoh^ys__ Lj_[m_lky hl^_e_gb_ hl khagZgby
g_dhlhjuo ikbobq_kdbo we_f_glh\ :\lhj nhdmkbjm_l \gbfZgb_ gZ hl^_e_gbb \hkihfbgZgbc
dh]gblb\guo dhgkljmdpbc iheZ]Zy qlh wlh ijhbkoh^bl ihfbfh \heb b hlghkblky d
^bkkhpbZpbbdZdd iZkkb\ghfmijhp_kkm
%UHXHU h[jZsZy \gbfZgb_ gZ agZq_gb_ ]bighb^guo khklhygbc \hagbdZxsbo
kihglZggh[_a]bighaZ\h\j_fydhlhjuoijhbkoh^bljZks_ie_gb_ikbobdbaZdexqbeqlhijb
Zmlh]bigha_ \ ih^khagZgbb kha^Z_lky hkh[Zy h[eZklv \ dhlhjmx ih]jm`Zxlky
^bkkhpbbjh\Zggu_b^_bb i_j_`b\Zgby:\lhjij_^eZ]Z_ldhgp_ipbxZdlb\ghklbijhp_kkZ \
hlebqb_ iZkkb\gh]h lhedh\Zgby @Zg_ ;jhc_j ml\_j`^Ze qlh ^bkkhpbZpby k\yaZgZ g_ kh
keZ[hklvxiZpb_glh\ZgZh[hjhlkeZ[hklvihy\ey_lkydZdj_amevlZljZks_ie_gby
Nj_c^hibku\Ze^bkkhpbZpbxdZdZdlb\gucijhp_kkikboheh]bq_kdhcaZsbluk\yaZgguc
k ih^Z\e_gb_fm]jh`Zxs_c^eykhagZgbybgnhjfZpbb bf_xs_cg_ijb_fe_fh_ agZq_gb_ ^ey
q_eh\_dZ Nj_c^ ih^q_jdb\Ze \Z`ghklv g_ijb_fe_fuo b^_glbnbdZpbc \h \j_fy dhlhjuo
q_eh\_d b^_glbnbpbjm_l k_[y k g_ih^oh^ysbf ^ey g_]h hljbpZl_evguf h[jZahf
ijhlb\hj_qZsbf_]h HJR b VXSHUHJR LZdbfh[jZahfj_ij_kkbjh\ZggZybgnhjfZpbyklZgh\blky
g_^hklmighc^eyikbobdbihkdhevdmgZebqb___ \khagZgbby\ey_lkym]jh`Zxs_c^ey HJR
Kh\j_f_ggu_ ZgZeblbdb qZklh klZ\yl agZd jZ\_gkl\Z f_`^m jZks_ie_gb_f b
^bkkhpbZpb_c %HUPDQ b 0DQQHU bkihevamxl jZks_ie_gb_ dZd aZsblguc
f_oZgbaf dZd \ujZ`_gb_ ij_w^biZevguo gZjmr_gbc jZa\blby Ij_^eh`_ggZy Z\lhjZfb
dhgp_ipby ih\ebyeZ \ ^Zevg_cr_f gZ kha^Zgb_ l_hjbb gZjmr_gby b^_glbqghklb beb
fgh`_kl\_gguoebqghklguojZkkljhckl\
+LOJDUG ij_^eh`be g_h^bkkhpbZpbhggmx l_hjbx kh]eZkgh dhlhjhc ikbobq_kdb_
nmgdpbb fh]ml j_]mebjh\Zlvky fgh`_kl\_ggufb kbkl_fZfb dhgljhey g_ \k_]^Z ihgylgufb
khagZgbx Ijb\h^y ijbf_ju ih^l\_j`^Zxsb_ gZebqb_ n_ghf_gZ kdjulh]h gZ[ex^Zl_ey
Z\lhjhibku\Zey\e_gbyijbdhlhjuog_dhlhju_]bighlZ[_evgu_iZpb_glug_\hkijbgbfZxl
[hev gZoh^ykv ih^ \ebygb_f ]bigZ]h]bq_kdhc km]]_klbb DZdZylh qZklv ikbobdb iZpb_glZ
gZ[ex^Z_l kh klhjhgu aZ ^_ckl\byfb ki_pbZebklZ WlZ gZ[ex^ZxsZy qZklv nbdkbjm_lky \
iZjZee_evgh kms_kl\mxs_c khagZgbxh[eZklb < k\yab k wlbf Z\lhj ^_eZ_l \u\h^ h lhf qlh
ihgylb__^bgkl\ZkhagZgbybeexahjgh
Ihl_gpbZevgZy \hafh`ghklv ^bkkhpbZpbb ijbkmsZ q_eh\_dm \ ghjf_ [Zabjmykv gZ
]_g_lbq_kdbaZeh`_gghf\ g_ff_oZgbaf_<hafh`_gZgZebak wlhclhqdbaj_gbyiZgbq_kdbob
lj_\h`guojZkkljhckl\GZijbf_jdZkljZpbhggZylj_\h]Zk lhqdbaj_gbyNj_c^Z\uoh^blaZ
ij_^_eu dhfie_dkZ dZkljZpbb k\hckl\_gghc W^bih\m i_jbh^m Nhjfbjh\Zgb_ nh[bq_kdbo
kbfilhfh\ hibkZgh Nj_c^hf \ jZ[hl_ Bg]b[bpby kbfilhfZ b lj_\h]Z :\lhj
jZkkfZljb\Z_l\ dZq_kl\_ijbf_jZnh[bxm e_lg_]hfZevqbdZ[hy\r_]hkyehrZ^_cK lhqdb
aj_gbyNj_c^Znh[by[ueZkbfilhfhfg_jZaj_rbfh]hih^khagZl_evgh]hW^bih\ZdhgnebdlZ
Nj_c^ iheZ]Ze qlh fZevqbd k_dkmZevgh klj_fbeky d fZl_jb gh [hyeky gZdZaZgby
\ujZ`Zxs_]hky\ \hafh`ghckhklhjhguhlpZdZkljZpbb<hagbdrbc g_ijb_fe_fuck lhqdb
aj_gbyfhjZebdhgnebdlf_`^mklj_fe_gb_fd fZl_jbg_gZ\bklvxd hlpmqm\kl\hf\bguih
hlghr_gbx d hlpm b kljZohf gZdZaZgby aZi_qZle_eky \ khagZgbb fZevqbdZ < ihke_^mxs_f
wlhl kljZo [ue i_j_f_s_g gZ \g_rgbc h[t_dl dhlhjh]h fh`gh ba[_`Zlv ;hyagv ehrZ^_c \
^Zevg_cr_f ihfh]ZeZ fZevqbdm ba[_]Zlv lj_\h]b \ua\Zgghc dZd bgljZikbobq_kdbf
dhgnebdlhf hkm`^_gb_f k_[y lZd b j_Zevghc \g_rg_c hiZkghklvx aehklvx kh klhjhgu
hlpZ =_g_jZebabjmy wlh gZ[ex^_gb_ Nj_c^ \ukdZaZe b^_x h \hagbdgh\_gbb nh[bq_kdbo
kbfilhfh\dZdqZklbjZaj_r_gbydhgnebdlZf_`^mbfimevkZfbeb[b^bgZevghcb Z]j_kkb\ghc
]jZlbnbdZpbb b ijbagZgb_f HJR ihl_gpbZevghc \g_rg_c hiZkghklb fh]ms_c ihke_^h\Zlv aZ
m^h\e_l\hj_gb_fk\hbo`_eZgbcFh[bebah\Zggh_kb]gZehflj_\h]bb ^_ckl\mxs__kh]eZkgh
ijbgpbimihemq_gbym^h\hevkl\byHJR bkihevam_lih^Z\e_gb_b i_j_f_s_gb_^eylh]hqlh[u
ba[_`Zlv lj_\h]b k\yaZgghc k \gmljbikbobq_kdbf dhgnebdlhf b ihl_gpbZevghc \g_rg_c
hiZkghklvx B ihkdhevdm `bagv k ihklhygguf hsms_gb_f kljZoZ ly`_eZ ijhbkoh^bl
jZaj_r_gb_dhgnebdlZaZkq_lnbdkZpbbgZh[t_dl_k dhlhjuffh`ghb g_\klj_qZlvky
.OHLQ \u^\bgmeZ wlbheh]bq_kdmx l_hjbx kh]eZkgh dhlhjhc Z]hjZnh[by k
ijbklmiZfb iZgbdb ij_^klZ\ey_l kh[hc Z[_jjZglgmx hldehgyxsmxky nmgdpbx
ikboheh]bq_kdh]h km[kljZlZ e_`Zs_]h \ hkgh\_ ghjfZevghc ^ey q_eh\_dZ lj_\h]b hl^_e_gby
kljZoZihdbgmlhklbIjb\yaZgghklvj_[_gdZd fZl_jb ² wlh]_g_lbq_kdbijh]jZffbjh\Zggh_
b [bheh]bq_kdb ^_l_jfbgbjh\Zggh_ y\e_gb_ Hl ^h \ajhkeuo ex^_c kljZ^Zxsbo
Z]hjZnh[b_c k iZgbq_kdbfb jZkkljhckl\Zfb q_ldh \kihfbgZxl \ujZ`_ggu_ kbfilhfu
iZlheh]bq_kdhc lj_\h]b ihdbgmlhklb WlZ lj_\h]Z ijhy\ey_lky \ rdhevghc nh[bb [hyagb
oh^blv\ rdhembaaZkljZoZ[hevr_g_m\b^_lvk\hxfZlv\ kbemlh]hqlh\h\j_fyhlkmlkl\by
k g_c fh`_l qlhgb[m^v kemqblvky DeZcg h[jZlbeZ \gbfZgb_ gZ lh qlh bgbpbZevgZy ZlZdZ
iZgbdb m lZdbo iZpb_glh\ [ueZ k\yaZgZ k j_Zevgh kms_kl\mxs_c beb m]jh`Zxs_c ihl_j_c
hlghr_gbck wfhpbhgZevghagZqbfuf^eyiZpb_glZq_eh\_dhf
*LWWHOPDQ.OHLQ.OHLQ h[jZlbeb\gbfZgb_gZgZebqb_k\yabf_`^mZlZdZfbiZgbdb
m \ajhkeh]hq_eh\_dZb gZebqb_flj_\h]bihdbgmlhklbbf_xs_cf_klh\ ^_lkl\_
=eZ\ghc q_jlhc ^bkkhpbZlb\guo gZjmr_gbc y\ey_lky jZks_ie_gb_ bgl_]jbjh\Zgguo \
ghjf_ lZdbo ikboheh]bq_kdbo nmgdpbc dZd khagZgb_ iZfylv b^_glbqghklv b \hkijbylb_
hdjm`Zxs_c h[klZgh\db >bkkhpbZlb\gu_ gZjmr_gby fh]ml bf_lv dZd \g_aZigh_ lZd b
ihkl_i_ggh_gZqZeh[ulvij_oh^ysbfbbebghkblvojhgbq_kdbcoZjZdl_j
< '60,9 \ hlebqb_ hl '60,,,5 ijbkmlkl\mxl g_kdhevdh bgu_ hij_^_e_gby
dhgdj_lguo \b^h\ gZjmr_gbc L_jfbg ikboh]_gguc bkdexqZ_lky b aZf_gy_lky gZ l_jfbg
^bkkhpbZlb\guc LZd ij_^klZ\e_ggu_ \ '60,,,5 l_jfbgu ikboh]_ggZy Zfg_aby
ikboh]_ggZy nm]Z b fgh`_kl\_ggu_ jZkkljhckl\Z ebqghklb aZf_g_gu \ '60,9 gZ
^bkkhpbZlb\gmx Zfg_abx ^bkkhpbZlb\gmx nm]m b ^bkkhpbZlb\gu_ gZjmr_gby
b^_glbqghklb
>bkkhpbZlb\gZy Zfg_aby \ujZ`Z_lky \ g_kihkh[ghklb \kihfgblv \Z`gmx ^ey ebqghklb
bgnhjfZpbx dhlhjZy h[uqgh ghkbl klj_kkh\uc ikbohljZ\fbjmxsbc oZjZdl_j :fg_aby
gZklhevdh \ujZ`_gZ qlh __ g_evay h[tykgblv h[uqghc aZ[u\qb\hklvx Ijb wlhf \b^_
gZjmr_gby ki_pbZebklu \klj_qZxlky k iZjZ^hdkhf kh]eZkgh dhlhjhfm \Z`gh_ b ly`_eh_ ih
k\h_fmoZjZdl_jmkh[ulb_g_ihfgblkyZ ihfgblky f_edZy gbq_]hg_ agZqZsZy ^ey q_eh\_dZ
bgnhjfZpby >bkkhpbZlb\gZy Zfg_aby y\ey_lky khklhygb_f dhlhjh_ qZklh \klj_qZ_lky \
ljZ^bpbhgguo ij_kh\j_f_gguo h[s_kl\Zo Debgbq_kdb_ ijhy\e_gby hljZ`Zxl ehdZevgmx
fbnheh]bx \dexqZy b^_b dhe^h\kl\Z ihjqb beb h\eZ^_gby ^moZfb b khq_lZxlky k ^jm]bfb
kbfilhfZfbdmevlmjZevghh[mkeh\e_gguojZkkljhckl\gZijbf_j:fhd\ FZeZcabb
>bkkhpbZlb\gZynm]Zijhy\ey_lky\g_aZigufg_h`b^Zggufi_j_f_s_gb_fba^hfZbebba
ijb\uqgh]h ^ey q_eh\_dZ f_klZ gZijbf_j k jZ[hlu khijh\h`^Z_lky g_\hafh`ghklvx
\kihfgblvbf_\rb_f_klhkh[ulbykimlZgghklvx\ hlghr_gbbebqghklghcb^_glbqghklbqlh
fh`_l bgh]^Z khijh\h`^Zlvky ihy\e_gb_f q_jl gh\hc b^_glbqghklb Khklhygb_ nm]b
khijh\h`^Z_lkyiml_r_kl\b_f\ua\Zggufklj_fe_gb_fq_eh\_dZd i_j_^\b`_gbxIh\_^_gb_
q_eh\_dZ moh^ys_]h k jZ[hlu ba ^hfZ beb ihdmiZxs_]h [be_l b kZ^ys_]hky gZijbf_j \
ih_a^\u]ey^bl\g_rg__kl_kl\_gghb Z^_d\Zlgh: \hlh[s_gb_k lZdbfq_eh\_dhf\h\j_fy
nm]b fZehijh^mdlb\gh \ ieZg_ ihemq_gby hl g_]h ^hklh\_jghc bgnhjfZpbb h k_[_ b ^jm]bo
\_sZo >bkkhpbZlb\gZy nm]Z fh`_l \oh^blv \ kljmdlmjm k\yaZgguo k dmevlmjhc kbg^jhfh\ \
ij_kh\j_f_gguo h[s_kl\Zo LZd gZijbf_j m bg^_cp_\ fbkdblh \ P_gljZevghc :f_jbd_
gZ[ex^Z_lky khklhygb_ gZau\Z_fh_ ]jbab kbdgbk =jbab kbdgbk oZjZdl_jbam_lky ljZgkhf
m[_]Zgb_f ba ^hfZ b ihke_^mxs_c Zfg_ab_c Ex^b \ wlhf khklhygbb ij_^klZ\eyxl
khpbZevgmx hiZkghklv ^ey k_[y b hdjm`Zxsbo \ k\yab k Zmlh b ]_l_jhZ]j_kkb\guf
ih\_^_gb_f 'HQQLV >_i_jkhgZebaZpbhggh_ gZjmr_gb_ \oh^ys__ \ kljmdlmjm ^bkkhpbZlb\guo gZjmr_gbc
\ujZ`Z_lky \ ihklhygghf beb \ha\jZsZxs_fky j_dmjj_glghf qm\kl\_ hl^_e_gby q_eh\_dZ hl
kh[kl\_gguo ikbobq_kdbo ijhp_kkh\ beb qm\kl\_ hl^_e_gby hl l_eZ Ij_^klZ\ey_l bgl_j_k
khojZgyxsZykyijb wlhf ijZ\bevgZyhp_gdZj_Zevghklb <h \j_fy hl^_e_gby q_eh\_dZ hl _]h
ikbobq_kdhc ^_yl_evghklb hg hdZau\Z_lky \ khklhygbb \g_rg_]h gZ[ex^Zl_ey aZ k\hbfb
ikbobq_kdbfb ijhp_kkZfb Ijb wlhf gZjmr_gbb fh]ml \hagbdZlv i_j_`b\Zgby qm\kl\Z
Z\lhfZlZ beb hsms_gby mqZklgbdZ kgh\b^_gbc < khklhygbb hl^_e_gby hl l_eZ iZpb_glu
gZ[ex^Zxlk\h_l_ehkhklhjhgugZoh^ykvhlg_]hh[uqghgZ[ebadhfjZkklhygbbgZijbf_j
\ lhc `_ dhfgZl_ \b^yl k_[y e_`Zsbfb gZ ^b\Zg_ >_i_jkhgZebaZpby \ ij_kh\j_f_gguo
h[s_kl\Zo ^bZ]ghklbjm_lky \ jZfdZo k\yaZgguo k dmevlmjhc kbg^jhfh\ hlghkysboky d
h\eZ^_gbx^moZfb< lh`_\j_fy^_i_jkhgZebaZpbyy\ey_lkyhkgh\hcg_dhlhjuoj_eb]bhaguo
i_j_`b\Zgbcb ki_pbZevgh\uau\Z_lkygZijbf_jijbijhp_^mjZof_^blZpbb
D
kh`Ze_gbx
^_i_jkhgZebaZpbhggh_
gZjmr_gb_
bamq_gh
g_^hklZlhqgh
>_i_jkhgZebaZpbhggu_ i_j_`b\Zgby \ dZq_kl\_ kZfhklhyl_evgh]h jZkkljhckl\Z g_ ^he`gu
y\eylvky kbfilhfhf ^jm]h]h gZjmr_gby gZijbf_j rbahnj_gbb Z]hjZnh[bb beb khklhygby
gZ[ex^Zxs_]hkyijb\bkhqghcwibe_ikbb
>bkkhpbZlb\gh_ ebqghklgh_ jZkkljhckl\h ij_^klZ\ey_l kh[hc kh\j_f_gguc kbg^jhf
&DVWLOOR b g_ h[gZjm`b\Z_lky \ ljZ^bpbhgguo ij_kh\j_f_gguo h[s_kl\Zo < lh `_
\j_fywlhfmjZkkljhckl\m\ ij_kh\j_f_gguoh[s_kl\Zo\ hij_^_e_gghckl_i_gbwd\b\Ze_glgu
khklhygbydh]^Z\ j_amevlZl_^bkkhpbZpbbq_eh\_dij_\jZsZ_lky\ ^moZ^_fhgZ[h]Zb ^j
DHG<?JKBHGGH?J:KKLJHCKL<H
Wlhl \b^ jZkkljhckl\Z aZdexqZ_lky \ ihl_j_ beb gZjmr_gbb nbabq_kdh]h
nmgdpbhgbjh\Zgbyqlhkihkh[kl\m_lihy\e_gbxfg_gbyh gZebqbbnbabq_kdh]hhj]Zgbq_kdh]h
jZkkljhckl\Z Ikboheh]bq_kdbc nZdlhj hdZau\Z_lky wlbheh]bq_kdb k\yaZgguf k lZdh]h jh^Z
kbfilhfhf kms_kl\m_l \j_f_ggZy k\yav f_`^m ikboheh]bq_kdbf klj_kkhjhf dhgnebdlhf b
gZjmr_gb_fJ_qvb^_lh ijh_dpbbikboheh]bq_kdh]hdhgnebdlZgZnbabq_kdmxkbfilhfZlbdm
dhlhjZyklZgh\blkywd\b\Ze_glhfikboheh]bq_kdh]hgZjmr_gbyIZpb_glg_ihgbfZ_lwlh]hgZ
mjh\g_khagZgbyihwlhfmg_ijZ\hf_jghiheZ]ZlvqlhhgkhagZl_evghijh^mpbjm_lkbfilhfu
nbabq_kdh]h jZkkljhckl\Z Kh^_j`Zgb_ ikboheh]bq_kdh]hdhgnebdlZhklZ_lky \ul_kg_gguf \
ih^khagZgb_ Dhg\_jkbb fh]ml bf_lv kZfu_ jZaghh[jZagu_ ijhy\e_gby \ujZ`Zykv \
gZjmr_gbb^\b`_gbyihoh^dbqm\kl\bl_evghklbaj_gbykemoZ[hebb ij
BIHOHG>JBQ?KDH?J:KKLJHCKL<H
Bihohg^jbq_kdh_jZkkljhckl\haZdexqZ_lky\ k\_joaZgylhklbkljZohfgZebqbyk_jv_agh]h
aZ[he_\Zgby M[_`^_gghklv \ j_Zevghklb lZdh]h aZ[he_\Zgby hkgh\u\Z_lky gZ bgl_jij_lZpbb
jZaebqguo hsms_gbc b^msbo ba l_eZ b jZkkfZljb\Z_fuo iZpb_glZfb dZd ^hdZaZl_evkl\h
gZebqby khfZlbq_kdhc [he_agb Hp_gdZ khfZlbq_kdh]h klZlmkZ iZpb_glZ k bihohg^jbq_kdbf
jZkkljhckl\hfg_^Z_l^hklZlhqguohkgh\Zgbc^eymklZgh\e_gbydhgdj_lgh]h^bZ]ghaZex[hc
khfZlbq_kdhc iZlheh]bb gZ hkgh\Zgbb dhlhjhc fh`gh [ueh [u h[tykgblv _]h khfZlbq_kdb_
`Zeh[uhsms_gbyb bgl_jij_lZpbb
Bgl_j_k_g \hagbdZxsbc ijb wlhf iZjZ^hdk aZdexqZxsbcky \ lhf qlh g_kfhljy gZ
hlkmlkl\b_ ^Zgguo iha\heyxsbo ^bZ]ghklbjh\Zlv gZebqb_ hij_^_e_ggh]h khfZlbq_kdh]h
aZ[he_\Zgby iZpb_glh\ g_evay iheghklvx m[_^blv \ hlkmlkl\bb wlh]h aZ[he_\Zgby Kh]eZkgh
deZkkbnbdZpbb '60,9 ^ebl_evghklv wlh]h gZjmr_gby khklZ\ey_l ih djZcg_c f_j_ f_kyp_\ <Z`guf ^bZ]ghklbq_kdbf fhf_glhf y\ey_lky lh qlh m[_`^_gghklv q_eh\_dZ \
gZebqbbm g_]hkhfZlbq_kdh]haZ[he_\Zgbyg_ghkbl[j_^h\hcbgl_gkb\ghklbQ_eh\_dk lZdbf
jZkkljhckl\hf fh`_l \ dZdhclh kl_i_gb ijbagZ\Zlv g_^hklZlhqgmx h[hkgh\Zgghklv
kh[kl\_gguokljZoh\dZkZxsbokygZebqbym g_]hly`_ehc[he_agb
Bihohg^jbq_kdb_ gZjmr_gby \uoh^y aZ jZfdb kZfhklhyl_evgh]h jZkkljhckl\Z fh]ml
\uklmiZlv \ jZfdZo Znn_dlb\guo gZjmr_gbc dZd gZijbf_j bihohg^jbq_kdZy ^_ij_kkby
oZjZdl_jbamxsZyky ^ebl_evguf l_q_gb_f JZagbpZ aZdexqZ_lky \ lhf qlh bihohg^jbq_kdZy
^_ij_kkby ijhl_dZxsZy \ jZfdZo Znn_dlb\guo ikbohah\ b bihohg^jbq_kdb_ jZkkljhckl\Z
hkgh\u\Zxlky gZ dZq_kl\_ggh bguo hsms_gbyo b^msbo ba l_eZ Wlb hsms_gby ijb
bihohg^jbq_kdhc ^_ij_kkbb y\eyxlky khfZlbq_kdbfb ]ZeexpbgZpbyfb ijhy\eyxsbfbky \
\b^_ g_h[uqgh]h ``_gby ]hj_gby iZj_kl_abb ehdZebah\Zgguo \gmljb jZaebqguo hj]Zgh\ \
lhf qbke_ b iZj_kl_abb b^msbo ba hj]Zgh\ dhlhju_ \ ghjf_ g_ hsmsZxlky LZdb_
]ZeexpbgZpbb \g_ Znn_dlb\gh]h jZkkljhckl\Z g_ gZ[ex^Zxlky Bihohg^jbq_kdb_
jZkkljhckl\Z ijb Znn_dlb\guo gZjmr_gbyo ghkyl [j_^hih^h[guc beb \lhjbqgh[j_^h\uc
oZjZdl_j ihkdhevdm hgb kljhylky gZ hq_gv \ujZ`_gguo b g_h[uqguo hsms_gbyo Wlb
hsms_gby fh]ml \hagbdZlv b ijb ijhlb\hiheh`guo khklhygbyo gZijbf_j ijb wcnhjbb
ijhl_dZy hkh[_ggh g_h[uqgh \ jZfdZo j_^dh]h gZjmr_gby gZau\Z_fh]h bihohg^jbq_kdhc
wcnhjb_cIjbwlhf`Zeh[uiZpb_glh\gZg_h[uqgu_hsms_gbyb^msb_bakh[kl\_ggh]hl_eZ
\ukdZau\ZxlkygZnhg_ke_]dZih\ur_ggh]hgZkljh_gbyBihohg^jbq_kdb_jZkkljhckl\Zfh]ml
\hagbdZlvb \kljmdlmj_rbahnj_gbq_kdh]hijhp_kkZ
N:DPBKBHAGU?J:KKLJHCKL<:
NZdpbkbhagu_ jZkkljhckl\Z oZjZdl_jbamxlky gZf_j_gguf ijh^mpbjh\Zgb_f iZpb_glZfb
hij_^_e_gguo kbfilhfh\ aZ[he_\Zgby LZdh]h jh^Z gZjmr_gby p_e_khh[jZagh
^bnn_j_gpbjh\Zlv hl kbfmeylb\gh]h ih\_^_gby NZdpbkbhagh_ jZkkljhckl\h hlebqZ_lky hl
kbfmeylb\gh]hp_eyfbdhlhju_ij_ke_^m_lq_eh\_dIZpb_glk nZdpbkbhagufjZkkljhckl\hf
ijh^mpbjmyijbagZdbaZ[he_\Zgbyg_klj_fblkyijbwlhfihemqblvwdhghfbq_kdmx\u]h^mg_
klZjZ_lkyba[_`ZlvgZdZaZgbybebihemqblvdZdb_eb[h^jm]b_ijb\be_]bb\ rbjhdhfkfuke_
wlh]h keh\Z Kbfmeylb\guc iZpb_gl hlebqZ_lky hl nZdpbkbhagh]h gZebqb_f \iheg_
hij_^_e_gghc gZ ^Zgguc fhf_gl p_eb gZijbf_j klj_fe_gby ba[_`Zlv km^_[ghc
hl\_lkl\_gghklb beb ihemqblv dZdb_lh ijb\be_]bb ?keb iZpb_gl kbfmebjm_l gZebqb_
ikbobq_kdh]haZ[he_\Zgbyqlh[u[ulvijbagZggufg_\f_gy_fuf\ k\yabk ijZ\hgZjmr_gb_f
lhijbjZaj_r_gbbkblmZpbbb gZijZ\e_gbb_]h\ ikbobZljbq_kdh_mqj_`^_gb_hg^_eZ_l\k_
\hafh`gh_ ^ey lh]h qlh[u kdhj__ hllm^Z mclb LZdbf h[jZahf p_eb ij_ke_^m_fu_
kbfmeylb\guf iZpb_glhf fgh`_kl\_ggu j_Zebamxlky bf \ aZ\bkbfhklb hl kblmZpbb b
f_gyxlkygZ^jm]b_P_evnZdpbkbhagh]hiZpb_glZg_f_gy_lkykhklZ\eyyZdkbZevgmxhkv_]h
`bagb
Ki_pbnbdZp_ebnZdpbkbhaguoiZpb_glh\aZdexqZ_lky\ ijh^mpbjh\Zgbbbfbkbfilhfh\
aZ[he_\Zgby lhevdh ^ey lh]h qlh[u bo kqblZeb [hevgufb kh \k_fb \ul_dZxsbfb hlkx^Z
ihke_^kl\byfb Hgb klj_fylky d \hafh`ghklb \uihegylv jhev [hevgh]h < deZkkbnbdZpbb
'60,9 \u^_ey_lkyljblbiZnZdpbkbhaguojZkkljhckl\ijbdhlhjuom iZpb_glZbf_xlf_klh
kbfilhfu
² ikboheh]bq_kdh]hoZjZdl_jZ
² nbabq_kdh]hoZjZdl_jZ
² kf_rZggu_kbfilhfu
IZpb_glu kljZ^Zxsb_ lZdbfb gZjmr_gbyfb kihkh[gu \hkkha^Z\Zlv jZaghh[jZagu_ b
keh`gu_dZjlbgu khhl\_lkl\mxsb_ lhcbeb bghc kl_i_gbjZaebqguo aZ[he_\Zgbc < k\yab k
ojhgbq_kdbf l_q_gb_f gZjmr_gby ih f_j_ jZa\blby `bagb \ jZfdZo wlh]h gZjmr_gby
kh\_jr_gkl\m_lky fZkl_jkl\h iZpb_glh\ \ ijh^mpbjh\Zgbb kbfilhfh\ jZaebqguo [he_ag_c
?keb \ gZqZe_ nZdpbkbhaghc dZjv_ju ih\_^_gb_ iZpb_glh\ hlebqZehkv ijbfblb\ghklvx b
g_eh\dhklvxlh\ ^Zevg_cr_fhgbklZgh\ylkybah[j_lZl_evgufbijhn_kkbhgZeZfb
Ikboheh]bq_kdb_ kbfilhfu \dexqZxl \ k_[y g_\jhlbq_kdb_ kbfilhfu gZ\yaqb\hklb
lj_\h`ghklb kljZoh\ hij_^_e_ggh]h kh^_j`Zgby ^_ij_kkb\gu_ kbfilhfu ijb dhlhjuo
iZpb_glu eb[h hlf_qZxl gZebqb_ m gbo kmbpb^guo fuke_c beb gZh[hjhl ² ki_pbZevgh g_
nbdkbjmxlgZgbo\gbfZgbyIjZdlbdZihdZau\Z_lqlhhiulgu_iZpb_glu]h\hjyh gZebqbbm
gbokmbpb^guofuke_caZy\eyxlh gbog_ijyfhZ dhk\_gghh[uqghhl\_qZygZaZ^Zggucbf
\hijhkdZd[ug_ijb\e_dZyd wlhfm\gbfZgb_Hgb^_j`ZlwlbfukebijhaZiZkbaeZ]Zybo\
kemqZ_g_h[oh^bfhklb
< nZdpbkbhaghc ^_yl_evghklb fh]ml bkihevah\Zlvky b ijbagZdb [he__ \ujZ`_gguo
ikbobq_kdbo gZjmr_gbc lZdb_ gZijbf_j dZd kemoh\u_ b ajbl_evgu_ ]ZeexpbgZpbb
IZpb_glu fh]ml jZkkdZau\Zlv h gZebqbb m gbo keh`guo ikbohiZlheh]bq_kdbo i_j_`b\Zgbc
ghkysbo nZglZklbq_kdbc oZjZdl_j >ey gbo oZjZdl_jgZ _kl_kl\_gghklv \ baeh`_gbb wlbo
`Zeh[qlh[ugbdlhbai_jkhgZeZg_aZih^hajbeki_pbZevgh]hijh^mpbjh\Zgbykbfilhfh\Ijb
\hagbdgh\_gbbih^haj_gbygZijZ\e_ggh]h\ boZ^j_khgbihju\ZxldhglZdluk hij_^_e_gguf
\jZqhf i_j_oh^y ba h^gh]h e_q_[gh]h mqj_`^_gby \ ^jm]h_ I_j__a`Zy \ ^jm]hc ]hjh^ hgb
[ukljh\oh^yl\ jhevklZjZykvb a^_kvihemqblvijb\be_]bb[hevgh]h
:gZfg_a `bagb iZpb_glh\ ihdZau\Z_l gZebqb_ m fgh]bo ba gbo [ebadh]h q_eh\_dZ
]hkiblZebabjh\Zggh]h ih ih\h^m ikbobq_kdh]h aZ[he_\Zgby <oh^y \ jhev [hevgh]h hg
\hkkha^Z_ldZjlbgm[he_agb\b^_ggmxbfm jh^kl\_ggbdZK ikboh^bgZfbq_kdhclhqdbaj_gby
f_`^miZpb_glhfb q_eh\_dhfq_jluikbobq_kdh]haZ[he_\Zgbydhlhjh]hhg\hkkha^Z_lm k_[y
bf__lky kbevgZy wfhpbhgZevgZy k\yav Ikboh^bgZfbq_kdb hjb_glbjh\Zggu_ ikbobZlju
mkfZljb\Zxl \ wlhf ijhp_kk_ `_eZgb_ b^_glbnbpbjh\Zlv k_[y k [ebadbf q_eh\_dhf b lZdbf
h[jZahf _s_ l_kg__ \hkkh_^bgblvky k gbf >ey lZdbo iZpb_glh\ oZjZdl_jgh keZ[h jZa\blh_
qm\kl\hb^_glbqghklbgZjmr_gb_ij_^klZ\e_gbyh k_[_
?keb iZpb_gl jZ[hlZ_l \ h[eZklb f_^bpbgu beb ijbe_]Zxs_c d g_c h[eZklyo hg
\hkkha^Z_lm\b^_ggu_bf\h\j_fyjZ[hludZjlbgu
Ijh^mpbjh\Zgb_ nbabq_kdbo kbfilhfh\ ijb\h^bl d ]hkiblZebaZpbb lZdbo iZpb_glh\ \
khfZlbq_kdb_debgbdbij_[u\Zy\ dhlhjuohgbij_^ty\eyxljZaghh[jZagu_`Zeh[ugZ[heb\
h[eZklb `_em^dZ ijbklmiu ihq_qghdZf_gghc [he_agb b ^j >_ckl\by lZdbo iZpb_glh\
qj_a\uqZcgh jZaghh[jZagu b aZ\bkyl hl dhgdj_lghc [he_agb dhlhjmx hgb \hkkha^Zxl
gZijbf_j ^h[Z\e_gb_ djh\b \ fhqm lZcguc ijb_f ZglbdhZ]meyglh\ H[jZsZykv d
g_\jhiZlheh]Zf hgb ij_^ty\eyxl `Zeh[u gZ ]heh\hdjm`_gb_ ]heh\gu_ [heb fur_qgmx
keZ[hklv g_ ]gmrZykv ijb wlhf bkihevah\Zgby jZaebqguo ikbohnZjfZdheh]bq_kdbo
ij_iZjZlh\ ljZgd\bebaZlhjh\ kghl\hjguo g_cjhe_ilbdh\ ^ey lh]h qlh[u ijh^mpbjh\Zlv
g_\jheh]bq_kdb_ijhy\e_gby
IZpb_glu ba[bjZl_evgu \ k\h_f hlghr_gbb d ij_^eZ]Z_fhc bf l_jZibb QZklv e_dZjkl\
hgb fh]ml ijbgbfZlv Z qZklv ² \u[jZku\Zlv hp_gb\Zy kl_i_gv ^_ckl\by ij_iZjZlZ <
mkeh\byo klZpbhgZjZ hgb klZjZxlky ]jm[h g_ gZjmrZlv j_`bf qlh[u g_ h[jZlblv gZ k_[y
ebrg_]h\gbfZgby
IZpb_glu k wlbfb jZkkljhckl\Zfb ba[_]Zxl jZa]h\hjh\ h ijbqbgZo k\h_]h ih\_^_gby
klZjZykv g_ h[sZlvky k q_eh\_dhf aZ^Zxsbf lZdb_ \hijhku Bf b kZfbf ljm^gh h[tykgblv
ijbqbgm\u[hjZ^eyk_[ylZdh]himlb
Ikboh^bgZfbq_kdh_ h[tykg_gb_ ijbqbgu \hagbdgh\_gby nZdpbkbhagh]h jZkkljhckl\Z
bkoh^bl ba agZq_gby jZgg_]h hiulZ ihemq_ggh]h wlbfb ex^vfb _s_ \ ^_lkdhf \hajZkl_
GZijbf_j j_[_ghd \hkiblu\Z_lky \ `_kldhc h[klZgh\d_ oZjZdl_jbamxs_cky ih\ur_gghc
lj_[h\Zl_evghklvx g_h[oh^bfhklvx kh[ex^Zlv hij_^_e_ggmx ^bkpbiebgm b ihklhyggh
hl\_qZlv aZ k\hb ihklmidb LZdhc klbev \hkiblZgby ^ey g_dhlhjuo ^_l_c keh`_g b ihjhc
ljm^gh\uihegbf < lh `_ \j_fy j_[_ghd hlf_qZe qlh \ kemqZ_ \hagbdgh\_gby m g_]h
aZ[he_\Zgbyhlghr_gb_d g_fmjh^bl_e_cf_gyehkv@_kldhklvij_\jZsZeZkv\ fy]dhklv_]h
hdjm`Zeb aZ[hlhc \gbfZgb_f b eZkdh\uf hlghr_gb_f hliZ^ZeZ g_h[oh^bfhklv \uihegylv
ljm^gu_ h[yaZgghklb b `_kldb_ ghjfu ih\_^_gby IhemqZ_fu_ j_[_gdhf ijb\be_]bb [ueb
hq_gvagZqbfu^eyg_]hLZdihkl_i_gghnhjfbjh\ZeZkvdhgkljmdpbyh lhfqlh[he_agv^Z_l
[hevrb_ ijb\be_]bb =eZ\gh_ \ wlbo ijb\be_]byo ² g_ wdhghfbq_kdZy \u]h^Z Z ihemq_gb_
l_iehc wfhpbhgZevghc ih^^_j`db hl hdjm`Zxsbo \h \j_fy [he_agb J_[_ghd g_ fh] g_
h[jZlblv\gbfZgb_qlhdZdlhevdhhg\ua^hjZ\eb\ZekblmZpbykgh\Zbaf_gyeZkvijb\be_]bb
bkq_aZebGZ\hagbdgh\_gb_nZdpbkbhaguogZjmr_gbc\eby_lg_lhevdhkh[kl\_gguchiulgh
b gZ[ex^_gb_aZl_fdZdbaf_gy_lkyoZjZdl_jhlghr_gbcf_`^mjh^bl_eyfbb ^_lvfb\ ^jm]bo
k_fvyo
:gZeba ijhn_kkbhgZevghc b k_f_cghc `bagb ebp k nZdpbkbhagufb jZkkljhckl\Zfb
ihdZau\Z_l gZebqb_ m gbo iehoh]h ihkem`gh]h kibkdZ ijbqbgm dhlhjh]h hgb h[tykgyxl
k\h_c [he_agvx DZd ijZ\beh wlh h^bghdb_ ex^b bf_xsb_ hlgx^v g_ [e_klysmx
ijhn_kkbhgZevgmx dZjv_jm Hgb h]jZgbqb\Zxl k\hb \hafh`ghklb \ `bagb hldZau\Zykv hl
fgh]bo \_s_c OZjZdl_jguf ^ey wlbo iZpb_glh\ y\ey_lky qZklZy kf_gZ f_klZ `bl_evkl\Z
\ua\ZggZybojZah[eZq_gbyfbih^ZggufkljZgk \ukhdbf `bag_gguf mjh\g_f < mkeh\byo
ij_`g_]hKKKJwlbiZpb_gludhgp_gljbjh\Zebkv\ jZaebqguokZgZlhjbyoy\eyykvboqZklufb
iZpb_glZfb
<klj_qZxlky lZd`_ ebpZ bsmsb_ \hafh`ghklv ih^\_j]gmlvky ^bZ]ghklbq_kdbf
ijhp_^mjZf Ikboheh]bq_kdbc ZgZeba h[gZjm`b\Z_l m gbo q_jlu k\hckl\_ggu_
fZahobklbq_kdhc ebqghklb ;hev dhlhjmx hgb ijb g_dhlhjuo ijhp_^mjZo bkiulu\Zxl \
ikboh^bgZfbq_kdhf Zki_dl_ kem`bl gZdZaZgb_f aZ bo ijhreu_ ij_]j_r_gby j_Zevgu_ beb
\hh[jZ`Z_fu_
JZajhag_ggu_^Zggu_ dZkZxsb_ky jZkijhkljZg_gghklb wlbo khklhygbc k\b^_l_evkl\mxl
h lhfqlhhgb\klj_qZxlky]hjZa^hqZs_q_f^bZ]ghklbjmxlky
Bgl_j_kij_^klZ\ey_lnZdlg_lhevdhkf_gulZdbfbex^vfbf_klZ`bl_evkl\Zghb kf_gu
bf_gb \ p_eyo fZkdbjh\db AgZy k\h_ bklbggh_ bfy hgb khagZl_evgh gZau\Zxl k_[y
\ufure_ggufb bf_gZfb kha^Z\Zy gh\mx bklhjbx k\h_c `bagb \ hlebqb_ hl iZpb_glh\
kljZ^ZxsbojZkkljhckl\hfb^_glbqghklb
G:JMR?GBYIJBKIHKH;E?GBY
< kh\j_f_gguo mkeh\byo agZqbl_evgZy qZklv gZk_e_gby ih^\_j`_gZ \ha^_ckl\bx
g_[eZ]hijbylguo khpbhikboheh]bq_kdbo klj_kkhjh\ kihkh[kl\mxsbo ihy\e_gbx hl^_evghc
nhjfu gZjmr_gbc ghkys_c gZa\Zgb_ gZjmr_gby ijbkihkh[e_gby ?keb jZg__ kqblZehkv qlh
ijh^he`bl_evghklv wlbo jZkkljhckl\ y\ey_lky kjZ\gbl_evgh djZldh\j_f_gghc ² f_kyp_\
k_]h^gy wlhl kjhd ijh^e_g \ '60,9 ih kjZ\g_gbx k '60,,,5 ^h h^gh]h ]h^Z Wlb
gZjmr_gby ih k\h_c debgbq_kdhc dZjlbg_ fh]ml [ulv hq_gv jZagufb k ij_h[eZ^Zgb_f
gZijbf_jZnn_dlb\guojZkkljhckl\^_ij_kkbblj_\h]bj_ZdpbchldZaZb hlqZygbyk \he_\hc
b wfhpbhgZevghc ZiZlb_c gZjmr_gbc ih\_^_gby \ \b^_ ]bi_jZdlb\ghklb ZglbkhpbZevgh]h
djbfbgh]_ggh]hb Z]j_kkb\gh]hih\_^_gby
GZjmr_gby ijbkihkh[e_gby bf_xl hlq_leb\mx l_g^_gpbx d jhklm \ mkeh\byo
kh\j_f_gghcJhkkbbIZpb_gluk wlbfbjZkkljhckl\Zfby\eyxlkyqZklufbihk_lbl_eyfb[xjh
aZgylhklb ihiZ^Zxl \ ihe_ aj_gby ikbohl_jZi_\lh\ ikboheh]h\ e_qZlky \ hl^_e_gbyo
g_\jhah\ Jhkl iZpb_glh\ k gZjmr_gbyfb ijbkihkh[e_gby k\yaZg k ^_ckl\b_f lZdbo
khpbhikboheh]bq_kdbo klj_kkhjh\ dZd \ujZ`_ggZy wdhghfbq_kdZy iheyjbaZpby gZk_e_gby
[_ajZ[hlbpZg_ij_^kdZam_fhklv[m^ms_]hgbadbcmjh\_gvebqghc[_ahiZkghklbb khpbZevghc
m\_j_gghklbb ^j
GZjmr_gby ijbkihkh[e_gby hdZau\Zxl agZqbl_evgh_ \ebygb_ gZ dZjv_jm q_eh\_dZ
kihkh[kl\my beb ij_iylkl\my __ j_ZebaZpbb GZijbf_j ih]ehs_gghklv mq_gbdZ ijh[e_fZfb
khpbZevgh]h oZjZdl_jZ ijb\h^bl d kgb`_gbx _]h mki_\Z_fhklb ij_djZs_gb_
ijhn_kkbhgZevghcdZjv_jufh`_lkhijh\h`^Zlvkyg_\hafh`ghklvxgZclb\ ^Zevg_cr_fk\hx
khpbZevgmxgbrm
IHKLLJ:<F:LBQ?KDH?KLJ?KKH<H?J:KKLJHCKL<H
IhklljZ\fZlbq_kdh_ klj_kkh\h_ jZkkljhckl\h ILKJ kh]eZkgh '60,9 jZa\b\Z_lky dZd
j_amevlZl\ha^_ckl\byqj_a\uqZcgh]hljZ\fbjmxs_]hkh[ulbykh[ulbcIZpb_glkljZ^Zxsbc
ILKJebqghi_j_`bebeb[uek\b^_l_e_fm[bckl\kp_ggZkbeby]b[_eb[ebadbobeb^jm]bo
ex^_c ba^_\Zl_evkl\ m]jhau nbabq_kdhc p_ehklghklb J_Zdpby gZ ljZ\fbjmxs__ kh[ulb_
\dexqZeZbgl_gkb\guckljZoqm\kl\h[_kihfhsghklbkhklhygb_m`ZkZIkbohljZ\fbjmxsb_
kblmZpbb\uau\Zxsb_ILKJ\dexqZxlij_`^_\k_]h
mqZklb_ \ \hcg_ ihiZ^Zgb_ \ aZeh`gbdb ihiZ^Zgb_ \ ie_g [Zg^blkdh_
gZiZ^_gb_ bagZkbeh\Zgb_ gZiZ^_gb_ l_jjhjbklh\ db^gwiibg] ijbjh^gu_ beb
k\yaZggu_ k ^_yl_evghklvx q_eh\_dZ dZlZkljhnu Ojhgbq_kdb_ ihke_^kl\by ikboheh]bq_kdbo
ljZ\f bkke_^h\Zebkv aZ^he]h ^h lh]h dZd \ kh\j_f_gguo deZkkbnbdZpbyo ihy\beky l_jfbg
ihklljZ\fZlbq_kdh_ klj_kkh\h_ jZkkljhckl\h Wlb bkke_^h\Zgby gZqZebkv \ _ ]h^u b
ijh\h^bebkv gZ [u\rbo magbdZo dhgp_gljZpbhgguo eZ]_j_c Ihke_^kl\by k\yaZggu_ k
i_j_`blufbbfbkh[ulbyfblZdbfbdZdwda_dmpbbiuldbgZkbevkl\_ggucljm^b ]heh^Zgb_
hibku\Zebkv mq_gufb jZaguo kljZg LZd gZijbf_j %HQVKHLP hibku\Z_l \ dZq_kl\_
ojhgbq_kdbo ihke_^kl\bc wlbo i_j_`b\Zgbc kljZo b iZjZghcx 0DWWXVHN h[jZsZ_l
\gbfZgb_ gZ bf_xs__ f_klh m [u\rbo magbdh\ lhlZevgh_ g_^h\_jb_ d hdjm`Zxsbf
9HQ]ODII ih^q_jdb\Z_l ^ebl_evghklv lZdbo gZjmr_gbc k\yaZggmx k ojhgbq_kdbfb
ebqghklgufb baf_g_gbyfb .OHLQ $UWKXU hibku\Zxl m lZdbo ebp ^_ij_kkbx b
lj_\h]m khq_lZxsb_ky k jZaghh[jZagufb khfZlbq_kdbfb kbfilhfZfb H[jZsZ_lky \gbfZgb_
gZ \ebygb_ wlbo ijbagZdh\ gZ \hagbdgh\_gb_ gZjmr_gbc ijbkihkh[e_gby kihkh[kl\mxsbo
jZa\blbx hkh[h]h klbey ih\_^_gby gZa\Zggh]h &KRGRII iZkkb\guf nZlZebklbq_kdbf
ebqghklguf klbe_f Wlhl klbev \dexqZ_l \ k_[y ihklhyggh ijbkmlkl\mxs__ qm\kl\h
[_agZ^_`ghklb k ihl_j_c bgl_j_kZ d l_f Zdlb\ghklyf dhlhju_ jZgvr_ ^hklZ\eyeb qm\kl\h
jZ^hklb 1LHGHUODQG nbdkbjm_l \gbfZgb_ gZ gZebqbb m lZdbo ebp g_^h\_jby b
\jZ`^_[ghklb
(LWLQJHU h[gZjm`beqlhdhebq_kl\hkemqZ_\rbahnj_gbbm [_`_gp_\hdZaZehkv\ jZa \ur_ q_f m f_klgh]h gZk_e_gby < k\yab k wlbf m Z\lhjZ \hagbdeh ij_^iheh`_gb_ h
\hafh`ghf \ebygbb ojhgbq_kdbo ihke_^kl\bc ly`_euo ikbobq_kdbo ljZ\f gZ \hagbdgh\_gb_
wg^h]_gguoaZ[he_\Zgbc (LWLQJHU h[jZsZ_l\gbfZgb_gZqZklhlm\hagbdZxsbom lZdbo
ex^_ciZjZghb^guoj_Zdpbck b^_yfbij_ke_^h\Zgby
.UXSLQVN\ 6WROOHU :DOODFH ijh\h^b\rb_ bkke_^h\Zgb_ \ :\kljZebb h[gZjm`beb
qlh m _\j_ckdbo [_`_gp_\ k \ujZ`_gghc ^hwfb]jZpbhgghc ljZ\fhc \uy\eyehkv [he__ gbadh_
dhebq_kl\h aZ[he_\rbo rbahnj_gb_c ih kjZ\g_gbx k [_`_gpZfb ^jm]bo gZpbhgZevghkl_c ba
Ihevrb Jhkkbb b MdjZbgu L_f g_ f_g__ m _\j_ckdbo [_`_gp_\ bf_eh f_klh [hevr__
dhebq_kl\hkemqZ_\aZ[he_\Zgby^bZ]ghklbjh\Zggh]hdZdkbg^jhfdhgp_gljZpbhggh]heZ]_jy
Wlhl kbg^jhf ijhy\eyeky bgkhfgb_c ojhgbq_kdhc mklZehklvx jZa^jZ`bl_evghklvx
[_kihdhckl\hflj_\h]hcb ^_ij_kkb_c
Ghjj_ (LWLQJHU ijbrebd \u\h^mh g_h[oh^bfhklbmq_lZ \ wlbheh]bb wlh]h
kbg^jhfZ g_ lhevdh nbabq_kdbo hj]Zgbq_kdbo gh b ikboheh]bq_kdbo nZdlhjh\ < wlhf
dhgl_dkl_ )UDQNL ZgZebabjh\ZeagZq_gb_kfukeZ`bagb^ey q_eh\_dZ \hh[s_ b magbdh\
dhgp_gljZpbhgguo eZ]_j_c \ qZklghklb )UDQNL kqblZe qlh ]eZ\guf nZdlhjhf dhjj_dpbb
gZjmr_gbyy\ey_lkyg_ba[Z\e_gb_q_eh\_dZhldZdh]hlhkbfilhfZwlh]hgZjmr_gbyZ ih^oh^
iha\heyxsbc q_eh\_dm hkfukeblv lh qlh _]h `bagv bf__l kfuke dZd ^ey g_]h lZd b ^ey
hdjm`Zxsbo Wlb jZ[hlu k\yaZggu_ k \hijhkZfb wdabkl_gpbZevgh]h b fhjZevgh]h ieZgZ
hdZaZeb kms_kl\_ggh_ \ebygb_ gZj_Z[beblZpbhggu_ ijh]jZffu ijh\h^ysb_ky k \_l_jZgZfb
\v_lgZfkdhc\hcgu %RHKQOHLQ LZdb_ j_Zdpbb q_eh\_dZ gZ ikboheh]bq_kdmx ljZ\fZlbaZpbx dZd ba[_]Zgb_ fuke_c b
qm\kl\ k\yaZgguo k ikbobq_kdhc ljZ\fhc qm\kl\h hl]hjh`_gghklb hl ^jm]bo qm\kl\h
djZldh\j_f_gghklb [m^ms_]h k hlkmlkl\b_f ^ebl_evghc `bag_gghc ijh_dpbb \oh^ysb_ \
kljmdlmjm ihklljZ\fZlbq_kdh]h klj_kkh\h]h jZkkljhckl\Z ILKJ ij_^klZ\eyxl ba k_[y
k\hckl\_gguc ex[hfm q_eh\_dm hl\_l gZ lhlZevgh_ dh]gblb\gh_ gZjmr_gb_ k\yaZggh_ k
hsms_gb_fjZajmr_gbyijb\uqgh]hihjy^dZihl_j_ckfukeZ`bagbjZajmr_gbyklZ[bevghc
kbkl_fuh[t_^bgyxs_cex^_cb ki_pbnbq_kdhc^eydZ`^h]hwlghkZ
< j_amevlZl_ [he__ kh\j_f_gguo bkke_^h\Zgbc 0\KLU k khZ\lhjZfb [ueZ
h[gZjm`_gZ iheh`bl_evgZy dhjj_eypby f_`^m ikbobq_kdhc ljZ\fhc b jZa\blb_f jZaebqguo
ikbobq_kdboiZlheh]bcm Zn]Zgkdbo[_`_gp_\\ KR:
Wib^_fbheh]bq_kdb_bkke_^h\Zgby\v_lgZfkdbo[_`_gp_\\ KR:ijh\_^_ggu_ *RQJ*X\
\uy\beb \ukhdb_ mjh\gb bo klj_kkbjh\Zgghklb b gm`^Z_fhklv \ ikbobZljbq_kdhc
ihfhsb Ij_h[eZ^Zxsbf kbfilhfhf y\eyxsbfky k_jv_aghc debgbq_kdhc ijh[e_fhc
y\eyeZkv
^_ij_kkby
gZjmrZxsZy
ikbohkhpbZevgh_
nmgdpbhgbjh\Zgb_
b
khpbhikboheh]bq_kdmxijbkihkh[ey_fhklvq_eh\_dZ :HVWHPOH\HU ILKJ hibkZgh m [_`_gp_\ ba X]h<hklhqghc :abb i_j_`b\rbo dZf[h^`bckdb_
dhgp_gljZpbhggu_ eZ]_jy .LQ]LH 0ROOLFD k khZ\lhjZfb khh[sZeb qlh m [_`_gp_\baX]h<hklhqghc:abb\ KR:h[gZjm`_ghILKJ
:HVWHUPH\HU k khZ\lhjZfb ih^oh^yl d \hijhkm h ^ebl_evghklb ILKJ
^bnn_j_gpbjh\Zggh k \u^_e_gb_f hl^_evguo ijbagZdh\ ILKJ b bo ^ebl_evghklb :\lhju
mklZgh\beb qlh g_dhlhju_ kbfilhfu dZd gZijbf_j ^_ij_kkby b khfZlbq_kdb_ ijbagZdb
bf_xll_g^_gpbxd mf_gvr_gbxkh\j_f_g_fihf_j_ZddmevlmjbaZpbb\ ^jm]hckljZg_\ lh
\j_fy dZd lj_\h`ghklv \jZ`^_[ghklv iZjZghcy g_ ij_l_ji_\Zxl kms_kl\_gguo baf_g_gbc
k\yaZgguokh\j_f_g_f0RRUH b %RHKQOHLQ bkke_^my[_`_gp_\dmevlmjuFb_gbaEZhkZ
h[jZsZxl\gbfZgb_gZlhqlh^_ij_kkby\ kljmdlmj_ILKJfh`_l[ulvmkljZg_gZ^hklZlhqgh
e_]dh ijb bkihevah\Zgbb ikbohnZjfZdheh]bq_kdh]h e_q_gby H^gZdh ^jm]b_ kbfilhfu
hklZxlkyb bg\Zeb^babjmxliZpb_glh\g_kfhljygZhlkmlkl\b_^_ij_kkbb
Bkke_^h\Zgb_ijh\_^_ggh_ 6DFN k khZ\lhjZfb \ KR:dZkZxs__ky^\moihdhe_gbc
dZf[h^`bckdbo[_`_gp_\g_y\eyxsbokyiZpb_glZfbikbobZljbq_kdbomqj_`^_gbc\uy\beh
qlhijbagZdboZjZdl_jgu_^eyILKJijh^he`Zxlkyhq_gv^he]hohly^_ij_kkbyghkblf_g__
ojhgbq_kdbcoZjZdl_jb jZa\b\Z_lkywibah^bq_kdbih^\ha^_ckl\b_fkhpbZevguokblmZpbcIh
fg_gbx Z\lhjh\ ki_pbZebklZf kljZg ij_^hklZ\eyxsbo m[_`bs_ [_`_gpZf ke_^m_l
mqblu\Zlv \ha^_ckl\b_ gZ wlbo ex^_c dhgdj_lguo nZdlhjh\ \ k\yab k l_f qlh g_dhlhju_ ba
gbo kihkh[kl\mxl kgb`_gbx kl_i_gb \ujZ`_gghklb ljZ\fZlbq_kdbo i_j_`b\Zgbc Z ^jm]b_
fh]mlh[hkljylvb h`b\eylvwlbi_j_`b\ZgbyD ihke_^gbfgZijbf_jhlghkylkygZ[ex^_gb_
aZg_kqZklgufbkemqZyfbg_ihkj_^kl\_gghbeb ih l_e_\b^_gbx mihfbgZgb_h ij_klmighklb
x[be_bk\yaZggu_k \h_ggufb^_ckl\byfbb gZihfbgZxsb_h i_j_`blhf
;hevrh_ agZq_gb_ \ dhjj_dpbb wlbo khklhygbc bf__l ih^^_j`dZ k_fvb b ki_pbZevgh
kha^Zgguo khpbZevguo ]jmii G_]Zlb\gh_ \ebygb_ gZ l_jZibx hdZau\Zxl ihl_jy k\yab k
jh^kl\_ggbdZfbhlkmlkl\b_ij_`g_ck_fvbb yaudh\u_aZljm^g_gby
Hkgh\gu_oZjZdl_jbklbdbILKJ\dexqZxl
ih\lhjgh_i_j_`b\Zgb_ikbobq_kdhcljZ\fu\h\j_fy[h^jkl\h\Zgbyb \kgh\b^_gbyo
g_^hklZlhqgh_wfhpbhgZevgh_mqZklb_\ f_`ebqghklguodhglZdlZob ^jm]bo Zki_dlZo
`bagb
ijbagZdb g_klZ[bevghklb ^_ij_kkbb b dh]gblb\guo gZjmr_gbc hl\e_dZ_fhklv gZ
\gmlj_ggb_ZkkhpbZpbbiehoZydhgp_gljZpby\gbfZgbyb ^j
Kbg^jhfILKJiheghklvxjZa\b\Z_lkyq_j_ag_dhlhjh_\j_fyihke_ljZ\fuAZ^_j`dZ\h
\j_f_gb jZa\blby fh`_l [ulv dhjhldhc gZijbf_j h^gZ g_^_ey b hq_gv ^ebgghc
aZly]b\Zxs_cky gZ ]h^u kh]eZkgh .DSODQ 6DGRFN ^h e_l :\lhju mdZau\Zxl qlh
ijb[ebabl_evgh iZpb_glh\ \ua^hjZ\eb\Zxl ijhy\eyxl e_]db_ kbfilhfu ²
mf_j_ggu_b hklZxlky[_abaf_g_gbybebbokhklhygb_mom^rZ_lky
Ohjhrbc ijh]gha ij_^hij_^_eyxl [ukljh_ jZa\blb_ gZjmr_gbc bo dhjhldZy
ijh^he`bl_evghklvg_kdhevdhf_kyp_\hlkmlkl\b_ikbobq_kdboljZ\f\ ij_fhj[b^_Z lZd`_
khimlkl\mxs_]h ikbobq_kdh]h beb ^jm]h]h aZ[he_\Zgby gZebqb_ j_Zevghc khpbZevghc
ih^^_j`db
AZi_jbh^\j_f_gbijhr_^rbcf_`^mijbgylb_f^\modeZkkbnbdZpbc '60,,,5 b '60
,9 ijhbahreb g_dhlhju_ baf_g_gby dZkZxsb_ky hibkZgby klj_kkh\uo i_j_`b\Zgbc dZd
gZoh^ysboky\g_jZaf_jh\ghjfZevguoq_eh\_q_kdboi_j_`b\ZgbcBkdexq_gb_wlhcnjZau
k\yaZgh k __ g_lhqghklvx lZd dZd \ gZklhys__ \j_fy dhgklZlbjm_lky gZebqb_ agZqbl_evgh]h
dhebq_kl\Zih^h[guoklj_kkhjh\< '60,9ih^q_jdb\Z_lkyqlhebqghklguchl\_lgZklj_kkhj
^he`_g \dexqZlv bgl_gkb\guc kljZo [_kihfhsghklv beb m`Zk <\h^blky ihgylb_ hkljuo
^ebl_evghklvkhklhygbyf_g__ f_kyp_\b ojhgbq_kdbo^ebl_evghklvhl f_kyp_\b ^hevr_
ki_pbnbdZlhjh\
<u^_ey_lky ki_pbnbdZlhj hleh`_ggh]h ih \j_f_gb \hagbdgh\_gby ILKJ \hagbdZxs_]h
kimkly f_kyp_\ihke_ljZ\fu
<\_^_gh hlkmlkl\mxs__ \ '60,,,5 hkljh_ klj_kkh\h_ jZkkljhckl\h \hagbdZxs__
g_ihkj_^kl\_gghihke_beb\h\j_fy^_ckl\bykZfhcikbobq_kdhcljZ\fub ^eys__kyhl ^g_c
^h g_^_evihke_aZ\_jr_gbyljZ\fZlbq_kdh]hkh[ulby?kebkbfilhfuijh^he`Zxlky[he__
h^gh]h f_kypZ ijZ\hf_j_g ^bZ]gha ILKJ dhlhjuc g_ klZ\blky \ kemqZ_ ijh^he`bl_evghklb
kbfilhfh\f_g__ f_kypZ
D \hagbdgh\_gbxILKJgZjy^mk ij_^r_kl\mxs_cikbobq_kdhcljZ\fhcij_^jZkiheZ]Z_l
gZebqb_ hij_^_e_gguo ljZ\fbjmxsbo kblmZpbc \ ^_lkdhf \hajZkl_ Dhfi_gkZpby kh[ulbc
ijhbkr_^rbo \ ^_lkdhf \hajZkl_ kdju\Z_lky ih^ \ha^_ckl\b_f [hevrh]h ikboh]_ggh]h
nZdlhjZ
D oZjZdl_jgufijbagZdZfILKJhlghkyli_j_`b\Zgbykh[ulbck\yaZgguok ljZ\fhcqlh
g_kfhljy gZ bo \ul_kg_gghklv ba khagZgby ijhy\ey_lky \ ghqguo dhrfZjZo b kgh\b^_gbyo
Ijbklhedgh\_gbbk kh[ulb_fa\mdhfaZiZohfb ijq_flhgZihfbgZxsbf\ul_kg_ggmxba
khagZgby kblmZpbx lZd`_ fh`_l ijhbkoh^blv \g_aZiguc ijhju\ wlh]h kh[ulby \ khagZgb_
Ijb wlhf gZjmrZ_lky dhglZdl k j_Zevghklvx ihy\ey_lky g_Z^_d\Zlgh_ ih\_^_gb_ dhlhjh_
fh`_l ij_^klZ\eylv khpbZevgmx hiZkghklv dZd ^ey g_]h kZfh]h lZd b ^ey hdjm`Zxsbo
Ihwlhfmohlyhlg_k_gb_ILKJd jZa^_emg_ikbohlbq_kdbogZjmr_gbcg_\uau\Z_lkhfg_gby
gh\ lh`_\j_fyihl_jydhglZdlZk j_Zevghklvx\hagbdZxsZy\h\j_fy\ur_i_j_qbke_gguo
khklhygbciha\hey_lhlg_klbijhy\e_gbyILKJ\ wlbi_jbh^ud ikbohlbq_kdbfgZjmr_gbyf
Wlhl nZdl bf__l g_ihkj_^kl\_ggh_ ijZdlbq_kdh_ agZq_gb_ h[mkeh\e_ggh_ kh\_jrZ_fufb
lZdbfbex^vfbijZ\hgZjmr_gbyfb
<hagbdZxsb_ khklhygby fh]ml [ulv dZd kjZ\gbl_evgh dhjhldbfb lZd b [he__
ijh^he`bl_evgufbih\j_f_gbBa\_kl_gkemqZcbeexkljbjmxsbcijbf_jdjZldh\j_f_ggh]h
ILKJ \h \j_fy dhlhjh]h ghkbl_ev wlh]h jZkkljhckl\Z k\_jgme r_x ih^hr_^r_fm d g_fm
kaZ^bagZdhfhfmdhlhjucj_rb\ihrmlblvaZdjueeZ^hgyfb_]h]eZaZIjb[he__^ebl_evghf
jZkkljhckl\_ q_eh\_d \ l_q_gb_ hij_^_e_ggh]h i_jbh^Z ieZgbjm_l Z]j_kkb\gu_ ^_ckl\by \
khklhygbbkm`_ggh]hkhagZgby
WfhpbhgZevgu_ j_Zdpbb ebp k ILKJ hlebqZxlky hl j_Zdpbc bf_xsbo f_klh ^h
\hagbdgh\_gbywlh]hgZjmr_gbyWlbbaf_g_gbydZkZxlky hlkmlkl\by lhgdhkl_c gxZgkbjh\db
wfhpbhgZevguo j_Zdpbc b kbevghc \ujZ`_gghklb wfhpbc Kh]eZkgh Xg]m wfhpbb
\ul_kg_ggu_ \ ih^khagZgb_ oZjZdl_jbamxlky l_f qlh hgb g_ hllZqb\Zxlky b g_
hlrebnh\u\Zxlky EbpZ k ILKJ ih^Z\eyxl k\hb wfhpbb \hafh`guc \u[jhk dhlhjuo
hkms_kl\ey_lky \ [jmlZevghc nhjf_ < h[u^_gghc `bagb lZdbo ex^_c oZjZdl_jbam_l
klj_fe_gb_ d fbgbfbaZpbb \ bkihevah\Zgbb wfhpbc Bf ijbkms ih^khagZl_evguc kljZo
\dexq_gbywfhpbhgZevghckn_ju\ k\yabk ij_^iheZ]Z_fhc^_kljmdlb\ghklvx
EbpZ k ILKJ ba[_]Zxl kblmZpbc ihl_gpbZevgh kihkh[guo gZihfgblv bf i_j_`b\Zgby
dhlhju_ hgb bkiulZeb >ey gbo oZjZdl_j_g moh^ hl ^ebl_evgh]h ieZgbjh\Zgby \ k\yab k
hlkmlkl\b_fgZkljh_gghklbgZ^ebl_evgmx`bagv
GZebqb_ wlbo jZkkljhckl\ m ebp fheh^h]h \hajZklZ hkh[_ggh ^_kljmdlb\gh \ k\yab k
ihy\e_gb_f ^hihegbl_evguo mkeh\bc kihkh[kl\mxsbo ihy\e_gbx jZaebqguo Z^^bdpbc
obfbq_kdh]hoZjZdl_jZ
Dhjj_dpby ILKJ fh`_l [ulv [he__ wnn_dlb\ghc _keb mqblu\Z_lky kbkl_fZ
dmevlmjZevguo p_gghkl_c iZpb_glh\ hkh[_gghklb k_f_cguo hlghr_gbc j_eb]bhagu_
\_jh\Zgby Hkh[_ggh \Z`_g ZgZeba mf_gby iZpb_glh\ kijZ\eylvky k ihl_j_c b kdhj[vx \
khpbZevghfieZg_gZjy^mk j_ZevghcihfhsvxgZclbgh\mxlhqdmdjbklZeebaZpbbh[j_klb
kgh\Z kfuke `bagb Ijh\_^_gb_ lZdbo dhjj_dpbc \ ]jmiiZo ihfh]Z_l iZpb_glZf gZ nhg_
\aZbfghcwfhpbhgZevghcih^^_j`dbj_bgl_]jbjh\Zlvky\ h[s_kl\_%RHKQOHLQ6SDQ =BIHKLBFMEYPBHGGU? B =BI?JKLBFMEYPBHGGU?
G:JMR?GBY
< k\yab k baf_g_gbyfb ijhbkoh^ysbfb \ kh\j_f_gghc `bagb q_eh\_d gZoh^blky ih^
\ebygb_f \ujZ`_gguo khpbhikboheh]bq_kdbo klj_kkhjh\ <u^_e_gb_ dZl_]hjbb gZjmr_gbc
ijbkihkh[e_gby ih^jZamf_\Z_l ZgZeba \ha^_ckl\by gZ q_eh\_dZ khpbhikboheh]bq_kdbo
klj_kkhjh\ h^gZdh g_^hklZlhqgh mqblu\Z_lky ljZgkdmevlmjZevguc Zki_dl ijh[e_fu :gZeba
kh\j_f_gghc kblmZpbb \ Jhkkbb iha\hey_l \ukdZaZlv ij_^iheh`_gb_ h gZebqbb lhlZevgh]h
g_]Zlb\gh]hikboheh]bq_kdh]h\ha^_ckl\bygZgZk_e_gb_< kh\j_f_gguomkeh\byo\u^_ey_lky
gh\uc nZdlhj dZkZxsbcky jZaguo Zki_dlh\ `bagb Wlhl nZdlhj ghkbl gZa\Zgb_ baf_g_gb_
klbfmeypbb
Kms_kl\m_l mjh\_gv klbfmeypbb d dhlhjhfm q_eh\_d ohjhrh Z^Zilbjm_lky Klbfmeypby
dZd dhfie_dk y\e_gbc \ha^_ckl\mxsbo gZ q_eh\_dZ fh`_l [ulv jZa^_e_gZ gZ gbadmx
kj_^gxx b \ukhdmx Kh\j_f_ggZy `bagv ihimeypbb \ p_ehf oZjZdl_jbam_lky \ukhdhc
kl_i_gvx klbfmeypbb b lZdbf h[jZahf \ emqrbo mkeh\byo hdZau\Zxlky ebpZ emqr_
ijbkihkh[e_ggu_d ]bi_jklbfmeypbb
Q_eh\_d \ugm`^_g \hkijbgbfZlv [hevrh_ dhebq_kl\h bgnhjfZpbb ihklmiZxs_c ba\g_
M\_ebq_gb_ dhebq_kl\Z bgnhjfZpbb ijhbkoh^bl \ k\yab k mkdhj_gb_f l_q_gby `bagb b
gZjZklZgb_fdhebq_kl\Zkh[ulbcQ_eh\_dklZedb\Z_lkyk ih\ur_gghcklbfmeypb_cihklhyggh
GZijbf_jihemqZ_fu_\ ijhp_kk_rdhevgh]hh[mq_gbyagZgbyhlebqZxlkyhlagZgbcdhlhju_
hg fh] [u ihemqblv _keb [u mqbeky gZijbf_j ^\Z ]h^Z gZaZ^ [he__ lh]h wlb agZgby \
^Zevg_cr_f lj_[mxl ihklhyggh]h i_j_kfhljZ baf_g_gby b ^hiheg_gby Baf_gbeZkv b
kdhjhklvijbh[j_l_gbyagZgbcihy\beZkvg_h[oh^bfhklv\ujZ[hldbgh\uogZ\udh\
Klbfmeypby ijhbkoh^bl b gZ mjh\g_ g_h[oh^bfhklb ^ey q_eh\_dZ ijhy\eylv k\hx
kZfhklhyl_evghklv ijbgbfZlv j_r_gby G_h[oh^bfh bf_lv k\h_ hlghr_gb_ d kh[ulbyf b
hp_gb\Zlv bo k bkihevah\Zgb_f gh\uo agZgbc qlh ijbh[j_lZ_l hkh[h_ agZq_gb_ \ k\yab k
mkbeb\Zxs_cky \aZbfhaZ\bkbfhklvx y\e_gbc < ij_`g_f ebg_cgh jZa\b\Zxs_fky h[s_kl\_
fh`gh [ueh h]jZgbqb\Zlvky hiulhf jh^bl_e_c [he__ klZjrbo ^jma_c < kh\j_f_gghf
h[s_kl\_wlhlhiuly\ghg_^hklZlhq_g
=BI?JKLBFMEYPBHGGU?G:JMR?GBY
=bi_jklbfmeypbyk\yaZgZk g_h[oh^bfhklvxq_eh\_dZihklhygghgZoh^blvky\ fh[bevghf
khklhygbb ih\ur_gghc Zdlb\Zpbb b ihklhygghc bgl_gkb\ghc ]hlh\ghklb Fgh]b_ d wlhfm g_
ijb\udeb:^ZilZpbyd `bagb\ kh\j_f_gguomkeh\byo\uau\Z_lm kms_kl\_ggh]hdhebq_kl\Z
ex^_c hij_^_e_ggu_ aZljm^g_gby Hlghr_gb_ d gbf aZ\bkbl hl \hkiblZgby \ ^_lkl\_ <
ihimeypbb _klv ohjhrh Z^Zilbjmxsb_ky d gh\uf mkeh\byf Z^Zilbjmxsb_ky k aZljZlZfb b
^_aZ^Zilb\gu_ ebpZ m dhlhjuo \hagbdZxl kju\u b gZjmr_gby lbibqgu_ ^ey
]bi_jklbfmeypbb
>h gZklhys_]h \j_f_gb dZjlbgZ jZkkljhckl\ k\yaZgguo k ]bi_jklbfmeypb_c hibkZgZ
g_^hklZlhqgh Wlhl \b^ gZjmr_gbc g_ \oh^bl \ deZkkbnbdZpbb IjbagZdb ijbkmsb_
]bi_jklbfmeypbbfh]mlbaeZ]Zlvkyih^^jm]bfbgZa\ZgbyfbgZijbf_jkbg^jhfojhgbq_kdh]h
bklhs_gby beb kbg^jhf \u`b]Zgby Fgh]b_ ki_pbZebklu ih^\h^yl wlb khklhygby d
g_\jZkl_gbq_kdhckbfilhfZlbd_g_mqblu\Zyboki_pbnbq_kdhcwlbheh]bb
D ijbagZdZf]bi_jklbfmeypbhgguokhklhygbchlghkylkyke_^mxsb_
Qm\kl\h ojhgbq_kdhc mklZehklb jZa^jZ`bl_evghklv ih g_kms_kl\_gguf ijbqbgZf
ijb\h^ysZyd wfhpbhgZevguf\kiurdZfihke_dhlhjuokhklhygb_ojhgbq_kdhcmklZehklbgZ
dZdh_lh\j_fymkbeb\Z_lky
GZjmr_gb_ kgZ AZljm^g_gb_ aZkuiZgby \ k\yab k g_ijbylgufb \hkihfbgZgbyfb
g_kmsbfb \ k_[_ ihl_gpbZevgmx m]jham QZklu_ ghqgu_ ijhkuiZgby k hsms_gbyfb
agZqbl_evgh]hikboheh]bq_kdh]h^bkdhfnhjlZlj_\h]hch`b\e_gb_fy\e_gbcg_kmsbo\ k_[_
ihl_gpbZevgmxm]jham
Qm\kl\hnbabq_kdhckeZ[hklbjZa[blhklb
AgZqbl_evgh_ kgb`_gb_ dj_Zlb\ghklb \ujZ`Zxs__ky \ hlkmlkl\bb gh\uo b^_c
bgl_j_kguo fuke_c @bagv b kblmZpby \ dhlhjhc ij_[u\Z_l q_eh\_d dZ`_lky _fm kdmqghc
h^ghh[jZaghc ebr_gghc bgl_j_kZ b kfukeZ \hkijbgbfZ_lky dZd g_qlh hq_gv gZ^h_\r__ b
^Z\ghagZdhfh_
HljbpZl_evgZy kZfhhp_gdZ \uau\ZxsZy ih f_oZgbafm ikboheh]bq_kdhc aZsblu
ijh_dpbx \bgu gZ hdjm`Zxsbo ijhy\eyykv \ ijb^bjdZo ih f_ehqZf b \ `_eZgbb lZdbf
h[jZahfhl\e_qvkyhlk\hbo\gmlj_ggboijh[e_f
@_eZgb_ m_^bgblvky JZa^jZ`_gb_ ih ih\h^m l_e_nhgguo a\hgdh\ ijboh^Z ]hkl_c b
\k_]h lh]h qlh lj_[m_l ^hihegbl_evghc Zdlb\Zpbb dhgp_gljZpbb \gbfZgby wfhpbhgZevgh]h
\dexq_gby
G_ijh]ghabjm_fhklvjZa\blbykh[ulbcg_h`b^Zggu_baf_g_gby\ jZaebqguoklhjhgZo
`bagbdjbabkgu_kblmZpbb
Khklhygby k\yaZggu_ k ]bi_jklbfmeypb_c hlebqZxlky hl kbg^jhfZ \u`b]Zgby b
ojhgbq_kdhc mklZehklb k\h_c [hevr_c h[jZlbfhklvx <uoh^ q_eh\_dZ ba ahgu
]bi_jklbfmeypbbijb\h^blh[uqghd [ukljhfm\hkklZgh\e_gbxkhklhygbyq_eh\_dZ
=BIHKLBFMEYPBHGGU?G:JMR?GBY
G_kfhljy gZ lh qlh h[s_c l_g^_gpb_c \ kh\j_f_gghf fbj_ y\ey_lky gZjZklZgb_
]bi_jklbfmeypbb kms_kl\mxl ahgu ^ey dhlhjuo oZjZdl_jgZ ]bihklbfmeypby GZjmr_gby
ikbobdb \hagbdZxsb_ ijb ]bihklbfmeypbb g_h[oh^bfh mqblu\Zlv ijb \uiheg_gbb
jZaebqguo \b^h\ ^_yl_evghklb dZd gZijbf_j gZ[ex^_gb_ aZ jZ^Zjgufb wdjZgZfb
ibehlbjh\Zgb_ kZfhe_lh\ dhkfbq_kdbo ZiiZjZlh\ 'DYLV k khZ\lhjZfb &DPHURQ k
khZ\lhjZfb K_gkhjgZy ^_ijb\Zpby fh`_l bkihevah\Zlvky ^ey ijhfu\Zgby fha]h\
6KDHIIHU %HPLFN :f_jbdZgkdbc ZkljhgZ\l -RKQ *OHQQ 0DQGHO jZkkdZau\Ze qlh
dh]^Z hg \h \j_fy dhkfbq_kdh]h ihe_lZ khh[sbe qlh \b^bl fZe_gvdb_ [e_klysb_ qZklbpu
e_lZxsb_hdhehbeexfbgZlhjZ_]hdZikmeuikbobZljIjh_dlZF_jdmjbckijhkbe_]hQlh
hgb]h\hjyll_[_>`hg"H[jZsZ_lky\gbfZgb_gZlhqlh]bihklbfmeypbykihkh[gZ\ua\Zlv
]ZeexpbgZlhjgu_jZkkljhckl\Z
D kblmZpbyf ]bihklbfmeypbb hlghkylky jZ[hlZ \ fZeuo bahebjh\Zgguo dhee_dlb\Zo b \
hl^Ze_gguo jZchgZo DjZcgbc K_\_j :glZjdlb^Z b ^j K ]bihklbfmeypb_c \klj_qZxlky
mqZklgbdb ^ebl_evguo fhjkdbo iml_r_kl\bc hkh[_ggh fhj_ieZ\Zl_ebh^bghqdb jZ[hlgbdb
]b^jhf_l_hjheh]bq_kdbo klZgpbc \h^bl_eb fZrbg gZ Z\lhkljZ^Zo gZ ^ebggu_ ^bklZgpbb
iheyjgbdbb ^j %\UG *XQGHUVRQ1HOVRQ < j_amevlZl_ bkke_^h\Zgbc k_gkhjghc ^_ijb\Zpbb ijh\h^bfuo \ Fhgj_Ze_ [ueh
ihdZaZgh qlh lj_o^g_\gh_ gZoh`^_gb_ \ bahebjh\Zgghc a\mdhg_ijhgbpZ_fhc dZf_j_ ijb
h^gh\j_f_gghfmf_gvr_gbb\bamZevghclZdlbevghcb dbg_kl_lbq_kdhcklbfmeypbb\uau\Zeh
m ^h[jh\hevp_\ ih\_^_gq_kdb_ nbabheh]bq_kdb_ bgl_ee_dlmZevgu_ baf_g_gby G_dhlhju_
jZkkljhckl\Z\hagbdZeb\ gZqZevghfi_jbh^_baheypbbD gbfhlghkbebkvjZa^jZ`bl_evghklv
^bkdhfnhjl mkbe_gb_ wfhpbhgZevguo ijhy\e_gbc < ^Zevg_cr_f mkbeb\Zehkv \hh[jZ`_gb_
\hagbdZeb ]ZeexpbgZpbb gZjmrZehkv eh]bq_kdh_ fure_gb_ %H[WRQ k khZ\lhjZfb 9HPRQ 0DUWRQ 3HWHUVRQ mklZgh\beb qlh ]ZeexpbgZlhjgu_ gZjmr_gby ijb k_gkhjghc
^_ijb\Zpbb \hagbdeb lhevdh m ba bkiulm_fuo )LVNH ih^q_jdb\Ze agZq_gb_ \
\hagbdgh\_gbb mkbe_ggh]h \hh[jZ`_gby b ]ZeexpbgZlhjghc ]hlh\ghklb \h \j_fy k_gkhjghc
^_ijb\ZpbbnZdlhjZh]jZgbq_gbyih^\b`ghklb
>ebl_evgu_ ]bihklbfmeypbhggu_ gZjmr_gby \ _kl_kl\_gguo mkeh\byo oZjZdl_jbamxlky
klbfmeypb_c ih^khagZgby qlh fh`_l ijhy\eylvky mkbe_gb_f \hh[jZ`_gby \hkijbylby
ihy\e_gb_f l_g^_gpbb d nZglZabjh\Zgbx yjdbf kgh\b^_gbyf Lbibqgh baf_g_gb_
fhlb\Zpbhgghc kn_ju gZijbf_j ihy\e_gb_ bgl_j_kZ d \hijhkZf j_eb]bb nbehkhnbb
kZfhj_ne_dkbb mkbe_gb_ l\hjq_kdh]h ihl_gpbZeZ baf_g_gb_ oZjZdl_jZ hlghr_gbc k
hdjm`Zxsbfb \iehlv ^h k_jv_aguo dhgnebdlh\ \ua\Zgguo mkbe_gb_f ikboheh]bq_kdhc
g_kh\f_klbfhklb b \hagbdgh\_gb_f Z]j_kkbb Ikboheh]bq_kdZy g_l_jibfhklv \h fgh]hf
k\yaZgZk mkbe_gb_fwfiZlbb\ j_amevlZl_q_]hex^bgZqbgZxlemqr_ihgbfZlvb qm\kl\h\Zlv
^jm]^jm]ZIhkdhevdmg_\k_lhqlhihgbfZ_lkyb qm\kl\m_lkygjZ\blkyZ mclbbakblmZpbb
g_\hafh`gh \hagbdZ_l gZjZklZgb_ g_]Zlb\ghc j_Zdpbb Ih^ ^_ckl\b_f ^ebl_evghc
]bihklbfmeypbbijhbkoh^blbaf_g_gb_ebqghklguomklZgh\hd
Bkke_^h\Zgbyfb ijh\h^bfufb \ Bgklblml_ fhjkdhc b ljhibq_kdhc f_^bpbgu \ =^ug_
mklZgh\e_gh qlh ex^b bkiulu\Zxsb_ ^ebl_evgmx ]bihklbfmeypbx hlf_qZxl baf_g_gby
oZjZdl_jZ klZgh\ylky f_g__ khpbZ[_evgufb m^_eyxl f_gvr_ \j_f_gb kh\f_klguf
f_jhijbylbyfj_adhh]jZgbqb\Zxldjm]k\hboagZdhfuoHgbh[tykgyxlwlhihl_j_cbgl_j_kZ
d ih\_joghklghfm h[s_gbx Bo dhglZdlu klZgh\ylky \k_ [he__ ba[bjZl_evgufb b
kh^_j`Zl_evgufb
Q:KLV ,9
HLDEHGYXS??KYIH<?>?GB?
Hldehgyxs__kyih\_^_gb_\dexqZ_lgZjmr_gbyaZljZ]b\Zxsb_agZqbl_evgh_dhebq_kl\h
ex^_c jZaebqguo khpbZevguo mjh\g_c \ jZaguo kljZgZo b h[s_kl\Zo Hldehgyxs__ky
ih\_^_gb_lj_[m_lki_pbZevguoih^oh^h\\ ieZg_ij_\_gpbbdhjj_dpbbb e_q_gby
IkbobZljuikboheh]bb khpbheh]b`_eZxsb_]em[`_ihagZdhfblvkyk wlhcijh[e_fhck
bkihevah\Zgb_f ki_pbZevghc ebl_jZlmju klZedb\Zxlky k hlkmlkl\b_f ^hklZlhqgh]h
dhebq_kl\Z fZl_jbZeh\ Wlb \hijhku g_ baeZ]Zxlky gb \ mq_[gbdZo ikbobZljbb ba^Zgguo \
[u\r_fKKKJgb\ kh\j_f_gguojmdh\h^kl\Zogb \deZkkbnbdZpbyoikbobq_kdbogZjmr_gbc
Ihke_^gb_g_\dexqZxlfgh]b_\b^uhldehgyxs_]hkyih\_^_gbyg_kfhljygZbokhpbZevgmx
agZqbfhklv
Ih^ hldehgyxsbfky ihgbfZ_lky ih\_^_gb_ hldehgyxs__ky hl mkeh\gh ijbgyluo ghjf
dmevlmjZevguowlbq_kdbofhjZevguoxjb^bq_kdboj_eb]bhaguowdhghfbq_kdbob ^j
< kh\j_f_gguo deZkkbnbdZpbyo '60,,,5 b '60,9 hldehgyxs__ky ih\_^_gb_ g_
\u^_ey_lkydZdkZfhklhyl_evgZydZl_]hjbyZ _]hijhy\e_gby\dexq_gu\ qZklghklb\ jZa^_e
ebqghklguo jZkkljhckl\ < '60,9 \u^_eyxl ljb deZkl_jZ ebqghklguo jZkkljhckl\
ho\Zlu\Zxsbo nhjf wlbo gZjmr_gbc Ba '60,,,5 kh^_j`Zs_c nhjf bkdexq_gu
iZkkb\ghZ]j_kkb\gu_ ebqghklgu_ jZkkljhckl\Z Ebqghklgu_ jZkkljhckl\Z ij_^klZ\e_gu \
lj_o deZkl_jZo ² : < b K DeZkl_j : kh^_j`Zsbc \ k_[_ iZjZghb^gh_ rbahb^gh_ b rb
ahlbibq_kdh_ebqghklgh_jZkkljhckl\h[ebahdb ihgyl_gikbobZljZfIhgbfZgb_jZkkljhckl\
kh^_j`Zsboky\ deZkl_j_<^eyfgh]boki_pbZebklh\ij_^klZ\ey_laZljm^g_gbyg_kfhljygZ
lh qlh jZkkljhckl\Z \oh^ysb_ \ wlhl deZkl_j bf_xl [hevr__ khpbZevgh_ agZq_gb_ ih
kjZ\g_gbx k gZjmr_gbyfb deZkl_jZ : DeZkl_j < \dexqZ_l \ k_[y ZglbkhpbZevgu_
]bkljbhgbq_kdb_gZjpbkkbq_kdb_b ih]jZgbqgu_ebqghklgu_jZkkljhckl\Z< deZkl_jK \oh^yl
jZkkljhckl\Zba[_]ZgbyaZ\bkbfh_b h[k_kkb\ghdhfimevkb\gh_ebqghklgh_jZkkljhckl\hL_f
g_f_g__gZjy^mk nhjfZfbhldehgyxs_]hkyih\_^_gby\oh^ysbfb\ kljmdlmjm ebqghklguo
jZkkljhckl\ \ '60,9 kms_kl\mxl ^jm]b_ \b^u g_ \oh^ysb_ \ deZkkbnbdZpbx D gbf
hlghkylky \ qZklghklb lZdb_ gZjmr_gby ih\_^_gby dZd Z^^bdlb\gh_ nZgZlbq_kdh_ b
dhgnhjfbklkdh_ ih\_^_gb_ < lh `_ \j_fy \ dZq_kl\_ hl^_evghc ^bZ]ghklbq_kdhc dZl_]hjbb
\u^_eyxl ]wf[ebg] ZaZjlgu_ b]ju y\eyxsb_ky nZdlbq_kdb h^ghc ba nhjf
g_nZjfZdheh]bq_kdh]hZ^^bdlb\gh]hih\_^_gby
Ijbqbgu \hagbdgh\_gby hldehgyxs_]hky ih\_^_gby \dexqZxl ikboheh]bq_kdb_
[bheh]bq_kdb_khpbZevgu_wdhghfbq_kdb_b ^jnZdlhju
;bheh]bq_kdb_ nZdlhju \dexqZxl ]_g_lbq_kdmx ij_^jZkiheh`_gghklv LZd gZijbf_j
kms_kl\mxl ebpZ m dhlhjuo \bkhqgZy h[eZklv fha]Z nmgdpbhgbjm_l [he__ kbevgh Ex^yf k
lZdh]hjh^_hkh[_gghklvxijbkmsbyjdh_\hh[jZ`_gb_e_]dbcmoh^\ f_qlub nZglZabbyjdb_
kgh\b^_gby M gbo ohjhrh jZa\blu \dmkh\u_ hsms_gby b h[hgygb_ I_j_qbke_ggu_
oZjZdl_jbklbdb fh]ml mkbeb\Zlvky beb ih^Z\eylvky ih^ \ebygb_f k_f_cguo b h[s_kl\_gguo
mkeh\bc JZkkfhlj_gb_ ijbqbg hldehgyxs_]hky ih\_^_gby lhevdh k [bheh]bq_kdhc ihabpbb
^Ze_dh g_^hklZlhqgh lZd dZd \ lZdhf kemqZ_ m ki_pbZebklh\ fh`_l \hagbdgmlv fukev h[
bkdexqbl_evghf ijbf_g_gbb ijb lZdhf gZjmr_gbb f_^bdh[bheh]bq_kdbo ih^oh^h\
e_dZjkl\dhlhju_hdZ`mlkywnn_dlb\gufbHq_\b^ghqlhlZdh_fg_gb_hrb[hqgh
Mq_l ikboheh]bq_kdhc ijbqbgu hldehgyxs_]hky ih\_^_gby iha\hey_l ijhZgZebabjh\Zlv
hp_gdm ijh[e_fu kZfbf q_eh\_dhf mklZgh\blv kbkl_fm _]h p_gghkl_c fhlb\Zpbb b
b^_glbqghklv
Wdhghfbq_kdZyijbqbgZhldehgyxs_]hkyih\_^_gbyfh`_l[Zabjh\ZlvkygZg_Z^_d\Zlghf
mjh\g_ `bagb qlhg_ ijhlb\hj_qbl lhfm qlh hldehgyxs__ky ih\_^_gb_ jZa\b\Z_lky M ebp k
jZagufmjh\g_f`bagb
< ex[hc nhjf_ hldehgyxs_]hky ih\_^_gby fh`gh \u^_eblv b khpbZevgmx klhjhgm Hl
ghkbl_e_clZdh]hih\_^_gbyqZklhfh`ghmkeurZlvnjZamlbiZ
LZdh\Z`bagvD kh`Ze_gbx
lZdhcnZlZebafk\hckl\_g_gfgh]bfAgZq_gb_wlbonZdlhjh\hkh[_gghijhy\ey_lkyijblZdbo
nhjfZo dZd \oh^ysb_ \ deZkkbnbdZpbx '60,9 ZglbkhpbZevgh_ ebqghklgh_ jZkkljhckl\h
ih]jZgbqgh_ ebqghklgh_ jZkkljhckl\h b ih hlghr_gbx d g_ \oh^ysbf \ deZkkbnbdZpbx
Z^^bdlb\ghfmb kmbpb^Zevghfmih\_^_gbx
GZ \hagbdgh\_gb_ hldehgyxs_]hky ih\_^_gby \ebyxl oZjZdl_jbklbdb h[s_kl\Z \
dhlhjuo`b\_lbg^b\b^mmf
<u^_ey_lky ^\Z lbiZ h[s_kl\ ljZ^bpbhgguc b kh\j_f_gguc fh^_jgbklkdbc
LjZ^bpbhgguf h[s_kl\Zf k\hckl\_ggZ f_^e_gghklv l_q_gby khpbZevguo baf_g_gbc
bgl_j]_g_jZpbhggZy ij__fkl\_gghklv dhglbgmZevghklv ijhy\eyxsZyky \ ieZ\ghf i_j_oh^_
kbkl_fu p_gghkl_c h^gh]h ihdhe_gby \ ^jm]h_ k_f_cgZy b h[s_kl\_ggZy kiZygghklv fZeh
f_gyxsb_ky b ijh^he`Zxsb_ky \ l_q_gb_ ^ebl_evgh]h i_jbh^Z `bagb ^hklZlhqgh q_ldb_
khpbZevgu_jheb
Kh\j_f_ggu_ fh^_jgbklkdb_ h[s_kl\Z oZjZdl_jbamxlky [ukljufb khpbZevgufb
baf_g_gbyfb gZjZklZxsbf l_fihf wlbo baf_g_gbc gZjmr_gb_f bgl_j]_g_jZpbhgghc
dhglbgmZevghklb kgb`_gb_f k_f_cghc b h[s_kl\_gghc kiZygghklb b g_ykgufb
g_hlq_leb\ufbkhpbZevgufbjheyfb
Bkihevam_fuc ki_pbZebklZfb l_jfbg ij_^kdZam_fh_ h`b^Zgb_ \dexqZ_l \ k_[y
kljmdlmjmh[_ki_qb\Zxsmx[mn_jij_^hl\jZsZxsbcjZa\blb_fgh]bonhjfhldehgyxs_]hky
ih\_^_gbyAgZgb_lh]hqlhfh`_lijhbahclb\ [eb`Zcr_f[m^ms_fkihkh[ghij_^hl\jZlblv
jbkd jZa\blby hij_^_e_gguo nhjf lZdh]h ih\_^_gby b ebqghklguo jZkkljhckl\ ;ukljh
ijhbkoh^ysb_ \ h[s_kl\_ khpbZevgu_ baf_g_gby \uklmiZxl dZd ijbqbgZ jZajmr_gby
klZ[bevguo kljmdlmj k aZf_ghc bo ^jm]bfb h[uqgh djZldh\j_f_ggufb b hq_gv
g_klZ[bevgufb kljmdlmjZfb< j_amevlZl_wlh]hijhp_kkZ\hagbdZ_l n_ghf_gg_klZ[bevghklb
khpbZevghcnZ[jbdby\e_gbcijhbkoh^ysbo\ h[s_kl\_G_klZ[bevghklvjZkkfZljb\Z_lky
dZd nZdlhj jbkdZ ^ey jZa\blby jZaebqguo \b^h\ ikbobq_kdbo gZjmr_gbb \ p_ehf b ^ey
hldehgyxs_]hkyih\_^_gbyb ebqghklguojZkkljhckl\\ qZklghklbH^gZdhbawlh]hg_ke_^m_l
qlhd nZdlhjZfjbkdZjZa\blbyhldehgyxs_]hkyih\_^_gbyhlghkylkylhevdhwlby\e_gby
Kljmdlmju ljZ^bpbhgguo h[s_kl\ lZd`_ kihkh[gu kha^Z\Zlv mkeh\by ^ey mqZs_gby
jZa\blby g_dhlhjuo lbih\ hldehgyxs_]hky ih\_^_gby b ebqghklguo jZkkljhckl\
LjZ^bpbhggu_ kljmdlmju f_g__ l_jibfu dh \kydh]h jh^Z hldehg_gbyf b \ kemqZ_ bo
\hagbdgh\_gby m dh]hlh ba qe_gh\ h[s_kl\Z wlb kljmdlmju \ul_kgyxl lZdbo qe_gh\ gZ
i_jbn_jbx d\Zebnbpbjmy bo ih\_^_gb_ dZd fZj]bgZevgh_ \ kemqZ_ _keb bo ih\_^_gb_ g_
khhl\_lkl\m_l ijbgyluf \ wlhf h[s_kl\_ ghjfZf b h`b^Zgbyf LjZ^bpbhggu_ h[s_kl\Z
h[_ki_qb\Zxlhlghkbl_evgmxm\_j_gghklvb ij_^kdZam_fhklvjhe_c^eydZ`^h]hbg^b\b^mmfZ
_keb hg \ k\h_f ih\_^_gbb hdZau\Z_lky dhgnhjfguf h`b^Zgbyf h[s_kl\Z b k_fvb LZdb_
khpbZevgu_kljmdlmjuklbfmebjmxl\b^uih\_^_gbyoZjZdl_jbamxsb_kykm`_gb_f^bZiZahgZ
^_ckl\by bg]b[bpb_c fgh]bo fhlb\Zpbc gbadbf mjh\g_f k\h[h^u >ey ljZ^bpbhgguo
h[s_kl\oZjZdl_j_g\ukhdbcmjh\_gvkhpbZevghc[_ahiZkghklbgbadbcmjh\_gvlj_\h]b
>ey kh\j_f_gguo h[s_kl\ oZjZdl_j_g \ukhdbc mjh\_gv k\h[h^u b fhlb\Zpbc b gbadbc
mjh\_gvkhpbZevghc[_ahiZkghklbLh_klv\ hlebqb_hlljZ^bpbhgguoh[s_kl\kh\j_f_ggh_
h[s_kl\hlj_[m_lhlq_eh\_dZ\ukhdh]hmjh\gyZ\lhghfbbg_aZ\bkbfhklbh`b^Zgbylh]hqlh
q_eh\_d kha^Zkl ^ey k_[y kh[kl\_ggmx khpbZevgmx jhev Khpbmf klj_fblky gZ]jZ^blv
ih\_^_gbyk\yaZggu_k [he__Zdlb\gufklbe_f`bagbk [hevrbfkZfh\ujZ`_gb_f[hevrbf
bkihevah\Zgb_fk\hbo\hafh`ghkl_cLZdbfh[jZahf\ jZaguoh[s_kl\Zo\ur_i_j_qbke_ggu_
y\e_gby \u]ey^yl ihjZaghfm I_j_f_gu ijhbkoh^ysb_ \ h[s_kl\_ kihkh[kl\mxl i_j_oh^m
h^gh]h lbiZ h[s_kl\Z \ ^jm]h_ LZd ljZ^bpbhggh_ h[s_kl\h fh`_l klZlv fh^_jgbklkdbf
Bgl_j_kgh kjZ\g_gb_ h[s_kl\ \ ljZgkdmevlmjZevghf ieZg_ b[h jZaebqby kms_kl\mxsb_ \
h[s_kl\Zo kihkh[kl\mxl beb lhjfhayl jZa\blb_ hldehgyxs_]hky ih\_^_gby b ebqghklguo
gZjmr_gbc
(\VHQFN bkke_^mxsbcwlbjZaebqbyhlf_qZeqlh\ZjbZpbcf_`^mex^vfb\gmljb
ex[h]hh[s_kl\Z[hevr_q_fjZaebqbcf_`^mh[s_kl\ZfbKe_^m_lmqblu\ZlvagZq_gb_wlbo
jZaebqbclZddZdijbgZebqbbm q_eh\_dZhij_^_e_gghcebqghklghcq_jludhlhjmxih^Z\ey_l
h[s_kl\h b k_fvy rZgk jZa\blby wlhc q_jlu mf_gvrZ_lky b gZh[hjhl Jy^ bkke_^h\Zgbc
ijh\_^_gguo gZijbf_j :DZDNL (\VHQFN ih^l\_j`^Zxl ijZ\hlm wlh]h iheh`_gby
:\lhjuijh\h^ysb_kjZ\gbl_evgh_bkke_^h\Zgb_klm^_glh\mq_[guoaZ\_^_gbch[gZjm`beb
qlhyihgkdb_klm^_gluihkjZ\g_gbxk [jblZgkdbfboZjZdl_jbamxlky[he__\ukhdbfmjh\g_f
bgljZ\_jlbjh\Zgghklb b g_\jhlbafZ qlh hij_^_e_gguf h[jZahf kdZau\Z_lky gZ dZjlbg_
hldehgyxs_]hky ih\_^_gby b ebqghklguo jZkkljhckl\ L_f g_ f_g__ \ebygb_ dmevlmju gZ
\hagbdgh\_gb_lZdbogZjmr_gbc \ jy^_ kemqZ_\ fh`_l [ulv ij_m\_ebq_gh Wlbf h[tykgy_lky
g_ijZ\hf_jghklvkms_kl\h\ZgbyrlZfiZml\_j`^Zxs_]hqlhdmevlmjZhq_jqb\Z_lebqghklv
B[h g_evay kdZaZlv qlh hij_^_e_gghc dmevlmj_ k\hckl\_ggh gZk_e_gb_ k hij_^_e_ggufb
q_jlZfb ebqghklb JZaghh[jZab_ lZdbo q_jl \_ebdh Dmevlmjgu_ p_gghklb \h fgh]hf
hij_^_eyxl ij_^ihqlbl_evghklv ih\_^_gby mkbeb\Zy b fh^_ebjmy hl^_evgu_ ebqghklgu_
oZjZdl_jbklbdb hgb \ebyxl gZ qZklhlm jZaebqguo hldehg_gbc iml_f ih^Z\e_gby q_jl
g_khhl\_lkl\mxsbokhpbZevguflj_[h\Zgbyfb klbfmeypb_cqZklhluijbagZdh\gZoh^ysboky
\ khhl\_lkl\bb k khpbZevgufbh`b^Zgbyfb Lh _klv dmevlmjZ ih\urZ_l mjh\_gv khpbZevghc
i_j_ghkbfhklb hij_^_e_gguo q_jl oZjZdl_jZ b fh`_l kgb`Zlv mjh\_gv k\h_]h l_ji_gby ih
hlghr_gbxd ^jm]bfq_jlZf
:HLV] mklZgh\be gZebqb_ jZagbpu f_`^m ih\_^_gq_kdbfb ijh[e_fZfb m ^_l_c \
ljZ^bpbhgguo b fh^_jgbklkdbo h[s_kl\Zo LZd ^_lb \hkiblu\Zxsb_ky \ ljZ^bpbhgguo
h[s_kl\Zo \ [hevr_c kl_i_gb kljZ^Zxl hl kbfilhfh\ k\yaZgguo kh k\_jodhgljhe_f kh
klhjhgu jh^bl_e_c \ lh \j_fy dZd ^_lb ba fh^_jgbklkdbo h[s_kl\ ijhy\eyxl hldehg_gby
k\yaZggu_ k g_^hklZlhqguf dhgljhe_f K_fvb \ ljZ^bpbhgguo h[s_kl\Zo ijhy\eyxl
l_g^_gpbx d ih^Z\e_gbx wfhpbc m ^_l_c aZ^_j`b\Zy bo _kl_kl\_ggh_ wfhpbhgZevgh_
\ujZ`_gb_ ijb wlhf bkoh^yl ba lh]h ijbgpbiZ qlh j_[_ghd ^he`_g \ jZfdZo ijbebqby
k^_j`b\Zlv k\hb wfhpbb \ lhf qbke_ jZ^hklv b \_k_ev_ qlh j_adh hlebqZ_lky hl ih^oh^h\
ijbgyluo \ fh^_jgbklkdbo h[s_kl\Zo LjZ^bpbhggu_ h[s_kl\Z ijb\_lkl\mxl dhgnhjfghklv
kiZygghklv k ]jmiihc Bf ijbkms_ iehoh_ hlghr_gb_ d Z\lhghfbb d ex[hfm ijhy\e_gbx
bg^b\b^mZebafZ
.OHLQPDQ him[ebdh\Ze jZ[hlm \ dhlhjhc ihdZaZgZ aZ^_j`dZ bg^b\b^mZevgh]h
jZa\blbym ^_l_c\hkiblu\Zxsboky\ ljZ^bpbhgguok_fvyo
Kh\j_f_ggu_ ^Zggu_ ihk\ys_ggu_ wlhfm \hijhkm ihdZau\Zxl qlh ij_^r_kl\mxsb_
l_hjbb bkoh^beb ba lh]h qlh hiul ijbh[j_l_gguc \ jZgg_f ^_lkdhf \hajZkl_ y\ey_lky
kbevguf^_l_jfbgZglhfebqghklbihwlhfmf_oZgbaf\ebygbydmevlmju^_ckl\m_lgZj_[_gdZ
\ hkgh\ghf\ i_jbh^jZgg_]h^_lkl\Zhij_^_eyy\hkiblZgb_j_[_gdZdZdj_rZxsbcnZdlhj\
ijhnbeZdlbd_ \hafh`guo hldehg_gbc <ebygb_ jZgg_]h i_jbh^Z `bagb j_[_gdZ gZ
\hafh`ghklv jZa\blby m g_]h hldehgyxs_]hky ih\_^_gby g_khfg_ggh \_ebdh L_f g_ f_g__
g_evaybkdexqZlv\ebygbygZwlhlijhp_kkk_f_cguob \g_k_f_cguonZdlhjh\\ ihke_^mxsb_
i_jbh^u `bagb KhpbZebaZpby j_[_gdZ ijhbkoh^bl dZd \ k_fv_ lZd b \g_ k_fvb DmevlmjZ \
p_ehf \h fgh]hf hij_^_ey_l ih\_^_gb_ kZfbo jh^bl_e_c hij_^_eyy \u[hj kihkh[h\
\hkiblZgby j_[_gdZ Kh[ulby ijhbkoh^ysb_ \ h[s_kl\_ \ebyxl gZ khpbZevgh_ h[mq_gb_
j_[_gdZijhbkoh^ys__\g_k_fvb\ dhglZdlZokhk\_jklgbdZfbmqbl_eyfbagZdhfufb
Hkh[_gghagZqbfu\ nhjfbjh\Zgbbebqghklb]jmiiuk\_jklgbdh\K lhqdbaj_gby 5XWWHU
\ebygb_bf_gghwlbo]jmiiqj_a\uqZcgh\Z`gh^eyjZa\blbym ^_l_cjZaebqguonhjf
hldehgyxs_]hky ih\_^_gby b ebqghklguo jZkkljhckl\ IhiZ^Zgb_ \ ZglbkhpbZevgmx ]jmiim
kihkh[kl\m_llhfmqlhj_[_ghdaZjZ`Z_lkylZdbfih\_^_gb_fhkh[_gghijbgZebqbbm g_]h
[bheh]bq_kdbob ikboheh]bq_kdboij_^ihkuehd
GZ\hagbdgh\_gb_hldehgyxs_]hkyih\_^_gbyhdZau\Zxl\ebygb_b jZaebqgu_Z\lhjbl_lu
\ h[s_kl\_hj]ZgbaZpbbb dem[uihbgl_j_kZfj_eb]bhagu_h[s_kl\ZKhpbZevgu_p_gghklb
j_deZfbjm_fu_ \ h[s_kl\_ b y\eyxsb_ky ^ey g_]h hq_gv agZqbfufb lZd`_ fh]ml \ebylv gZ
ebqghklgh_jZa\blb_
KhpbZevgu_ nZdlhju jbkdZ hldehgyxs_]hky ih\_^_gby b ebqghklguo jZkkljhckl\
\dexqZxl \ k_[y hlkmlkl\b_ q_ldhc khpbZevghc kljmdlmju khpbZevguo ghjf b hlkmlkl\b_
\hafh`ghklb[ulvaZ^_ckl\h\Zgguf\ ihe_aghckhpbZevghcjheb
NZdlhju khpbZevghc aZsblu \dexqZxl gZebqb_ khpbZevguo kljmdlmj ghjf b
\hafh`ghkl_c\uihegylvkhpbZevgmxjhev
G_[eZ]hihemqb_ \ h[s_kl\_ b khpbZevgZy ^bknmgdpby kihkh[kl\mxl jZa\blbx k_f_cghc
^bknmgdpbb ;he__ lh]h nZdlhju khpbZevgh]h jbkdZ _s_ \ [hevr_c kl_i_gb mkbeb\Zxl
g_[eZ]hijbylgu_ kblmZpbb \ k_fv_ B gZh[hjhl k_f_cgh_ [eZ]hihemqb_ dhjjb]bjm_l
\g_k_f_cgu_g_[eZ]hijbylgu_kblmZpbb
>bknmgdpbhgZevghklv k_fvb kqblZ_lky ]eZ\guf ikboheh]bq_kdbf nZdlhjhf jbkdZ
bf_xsbf agZq_gb_ \ jZa\blbb hldehgyxs_]hky ih\_^_gby b ebqghklguo jZkkljhckl\ >bk
nmgdpbhgZevghc fh`_l [ulv dZd gmde_ZjgZy k_fvy khklhysZy ba jh^bl_e_c b j_[_gdZ lZd b
jZkrbj_ggZyk_fvy\dexqZxsZy\ k_[yij_^r_kl\mxsb_ihdhe_gbyb [ebadbojh^kl\_ggbdh\
K_f_cgZykljmdlmjZg_fh`_l[ulvbahebjh\Zgghchlkh[ulbcijhbkoh^ysbo\ h[s_kl\_>bk
nmgdpbhgZevgZyk_fvyfh`_lkms_kl\h\Zlvb \[eZ]hihemqghf\h\k_ohlghr_gbyoh[s_kl\_
<_jhylghklv\hagbdgh\_gbygZjmr_gbcm ^_l_c\hkiblu\Zxsboky\ lZdhck_fv_\_ebdZgh\
lh `_ \j_fy khpbZevguc [mn_j h[s_kl\Z fh`_l aZsblblv ^_l_c hl wlbo gZjmr_gbc < lh `_
\j_fy ^Z`_ \ hq_gv ^bknmgdpbhgZevguo h[s_kl\Zo ohjhrh nmgdpbhgbjmxsb_ k_fvb fh]ml
\hkiblu\Zlv a^hjh\uo ^_l_c LZdbf h[jZahf hkgh\ghc ijbqbghc kihkh[kl\mxs_c jZa\blbx
hldehgyxs_]hky ih\_^_gb_ b ebqghklguo jZkkljhckl\ y\eyxlky \k_ `_ g_ g_ihkj_^kl\_ggh
khpbZevgu_nZdlhjuZ oZjZdl_jk_f_cghckblmZpbb
KhpbZevgu_ nZdlhju \ha^_ckl\mxsb_ gZ nmgdpbhgbjh\Zgb_ k_fvb \dexqZxl \ k_[y
^hklmighklv khpbZevghc ih^^_j`db ^ey qe_gh\ k_fvb gZijbf_j ij_^eh`_gb_ \hafh`ghklb
ihemqblv jZ[hlm beb bghc \b^ j_Zevghc ih^^_j`db ij_^eZ]Z_fuc ^jm]bfb qe_gZfb
jZkrbj_gghc k_fvb ijb hlkmlkl\bb \hafh`ghklb ihemqblv `_eZ_fh_ \ ij_^_eZo gmde_Zjghc
k_fvb
< ljZ^bpbhgguo h[s_kl\Zo ]ZjZglbjmxsbo qm\kl\h khpbZevghc m\_j_gghklb \
ih^^_j`d_khklhjhgudeZgZjh^kl\_ggbdh\b agZdhfuo\ kemqZ_\hagbdgh\_gbywdklj_fZevghc
kblmZpbb j_]bkljbjm_lky [he__ gbadh_ dhebq_kl\h kemqZ_\ hldehgyxs_]hky ih\_^_gby b
ebqghklguo jZkkljhckl\ Ijbf_ju Yihgbb b LZc\Zgy \u]ey^yl \ wlhf ieZg_ ^hklZlhqgh
m[_^bl_evgh
KjZ\g_gb_ k_f_c fh^_jgbklkdbo b ljZ^bpbhgguo h[s_kl\ ihdZau\Z_l qlh kh\j_f_ggu_
k_fvbf_gvr_ihdhebq_kl\mboqe_gh\f_g__klZ[bevguqZs_jZkiZ^ZxlkyoZjZdl_jbamxlky
h[s_c fh[bevghklvx qe_gh\ k_fvb rbjhdhc ]_h]jZnb_c qZkluf baf_g_gb_f
wdhghfbq_kdhckhpbZevghcb ikboheh]bq_kdhckblmZpbbf_gvrbfbk\yayfby^_jghck_fvbk
jZkrbj_gghck_fv_c;hevrZyih^\b`ghklvk_fvbqZklu_i_j__a^ugZ^jm]h_f_klhijb\h^yl
d lhfm qlh jh^bl_eb j_[_gdZ l_jyxl dhglZdlu kh k\hbfb jh^bl_eyfb jh^kl\_ggbdZfb b
agZdhfufb agZqbfufb ^ey gbo l_jyxl k\yab k ijb\uqguf klbe_f h[s_kl\_gguo
hj]ZgbaZpbc Wlh ijb\h^bl d lhfm qlh kh\j_f_ggu_ k_fvb ebrZxlky \g_rg_c ih^^_j`db
Ihwlhfm\ kemqZ_\hafh`gh]hjZkiZ^Zk_fvbihke_^kl\by^eyj_[_gdZ[m^ml[he__k_jv_agufb
q_f\ k_fvyohlghkysbokyd ljZ^bpbhgghfmh[s_kl\m
Bkke_^h\ZgbyDjZf_jZ ihdZau\ZxlgZebqb_k\yabf_`^mikbobq_kdbfgZjmr_gb_f
m qe_gZ k_fvb b jZkiZ^hf k_fvb Ih^ gZebqb_f ikbobq_kdh]h gZjmr_gby m qe_gZ k_fvb
ih^jZamf_\Z_lky g_ lhevdh aZ[he_\Zgby gh b hldehgyxs__ky ih\_^_gb_ beb ebqghklgh_
jZkkljhckl\h
Bkke_^h\Zgbyijh\_^_ggu_\ KR:b DZgZ^_ihdZau\Zxl\ukhdmxqZklhlmikbobq_kdbo
[he_ag_chldehgyxs_]hkyih\_^_gbyb ebqghklguojZkkljhckl\m ebp`b\msbog_\ ]hjh^Zo
Z ^_j_\gyo Ohly dZaZehkv [u \k_ ^he`gh [ulv gZh[hjhl Wlh k\yau\Zxl k l_f qlh ex^b
ijh`b\Zxsb_ \ k_evkdhc f_klghklb `b\ml \ khklhygbb baheypbb g_ bf_y \hafh`ghklb
ihemqblv gh\u_ nhjfu khpbZevghc ih^^_j`db dhlhju_ ^hklmigu q_eh\_dm `b\ms_fm \
mkeh\byo kh\j_f_ggh]h ]hjh^Z Ihkdhevdm b^_Zevguo kblmZpbc g_ [u\Z_l b dhgnebdlu
g_ba[_`gu \ ex[hc k_fv_ k \hagbdgh\_gb_f gZijy`_gguo kblmZpbc \ l_q_gb_ ^ebl_evgh]h
\j_f_gb\Z`ghklvk_f_cghcih^^_j`dbi_j_hp_gblvljm^gh
:HPHU6PLWK ihdZau\Zxlqlhkhijhlb\ey_fhklv^_l_chljbpZl_evgufnZdlhjZf\h
fgh]hf aZ\bkbl hl Z^Zilb\ghklb ebqghklb b \hafh`ghklb gZclb ih^^_j`dm gZ klhjhg_
gZijbf_j \ rdhe_ LZdb_ kbkl_fu \g_k_f_cghc ih^^_j`db nmgdpbhgbjmxl \ kdZg^bgZ\kdbo
kljZgZo J_[_ghd \hkiblu\Zxsbcky \ ^bknmgdpbhgZevghc k_fv_ ihdb^Z_l __ b rdheZ
bgl_jgZlklZgh\blky^eyg_]h\lhjuf^hfhfLZdZykbkl_fZih^^_j`dbijb\_eZd lhfmqlhjy^
nhjfhldehgyxs_]hkyih\_^_gby\ wlbokljZgZo\ gZklhys__\j_fy\klj_qZ_lkykjZ\gbl_evgh
j_^dh
Bgh]^Z\Z`gZg_klhevdhkbkl_fZih^^_j`dbkdhevdhgZebqb_kms_kl\mxs_c\ h[s_kl\_
ihl_gpbZevghc \hafh`ghklb __ ihemq_gby < [hevrbo ]hjh^Zo KR: kha^Zgu fh^_evgu_
rdheuhkms_kl\eyxsb_aZsblgmxnmgdpbxihhlghr_gbxd ^_lyfba^bknmgdpbhgZevguo
k_f_c >_lb ihk_sZxsb_ wlb rdheu h[mqZxlky jZaebqguf \b^Zf l\hjq_kl\Z k gbfb
ijh\h^ylkyaZgylbyihbgl_j_kZfboh[mqZxlgZ\udZfg_h[oh^bfuf\ `bagbih\urZxl bo
h[sbcb bgl_ee_dlmZevgucmjh\_gvGZ[ex^_gb_ihdZau\Z_lqlh^_lbaZdZgqb\Zxsb_lZdb_
rdheuihkjZ\g_gbxk ^_lvfbg_ho\Zq_ggufblZdh]hjh^Z^_yl_evghklvxgZ\uoh^_bardhe
bf_xlj_Zevghbgu_\hafh`ghklb^eyklZjlZk hlkmlkl\b_fm gboij_^ihkuehd^eyjZa\blby
Z^^bdlb\gh]hbebZglbkhpbZevgh]hih\_^_gby
;ukljuc l_fi khpbZevguo baf_g_gbc ijhbkoh^ysbc \ h[s_kl\_ kdZau\Z_lky
hljbpZl_evgh gZ khojZg_gbb ikbohnbabheh]bq_kdhc p_ehklghklb q_eh\_dZ \ k\yab k
g_\hafh`ghklvx _]h [ukljhc Z^ZilZpbb d baf_gyxsbfky mkeh\byf < wlhf ieZg_ djZcg_
\Z`gu lhqdb hihju ahgu klZ[bevghklb b klbfmeypby iheh`bl_evghc fhlb\Zpbb
kihkh[kl\mxs_c [he__ e_]dhfm i_j_g_k_gbx klj_kkh\ Hlkmlkl\b_ \ur_i_j_qbke_gguo
nZdlhjh\ gZjy^m k ihl_j_c beb hlkmlkl\b_f bgl_j_kZ b p_eb \ `bagb ijb\h^bl q_eh\_dZ gZ
j_evkuhldehgyxs_]hkyih\_^_gby
Kms_kl\m_l jZagbpZ \ ij_h[eZ^Zgbb hij_^_e_gguo nhjf hldehgyxs_]hky ih\_^_gby b
ebqghklguo jZkkljhckl\ hljZ`ZxsZy ljZgkdmevlmjZevgu_ jZaebqby GZijbf_j
ZglbkhpbZevgh_ ebqghklgh_ jZkkljhckl\h y\eyxs__ky \Z`ghc ijh[e_fhc kh\j_f_ggh]h
h[s_kl\Z gZ LZc\Zg_ j_]bkljbjm_lky ebrv hl ^h gZk_e_gby 6XWR 7DNHLFKL ihdZaZebqlhgbadh_dhebq_kl\hebpk ZglbkhpbZevgufjZkkljhckl\hflbibqghb ^eyYihgbb
L_fg_f_g__ih^Zgguf /HH b ^j \ X`ghcDhj__kblmZpby\u]ey^blg_kdhevdhbgZq_
GZebqb_ agZqbl_evgh]h dhebq_kl\Z ebp k wlbf \b^hf jZkkljhckl\ khq_lZ_lky k \ukhdbf
mjh\g_f Zedh]hebafZ \ kljZg_ Bgl_j_k_g nZdl k\b^_l_evkl\mxsbc h lhf qlh
\hklhqghZabZlkdb_dmevlmjuaZbkdexq_gb_fX`ghcDhj_boZjZdl_jbamxlkygbadhcqZklhlhc
ZglbkhpbZevguo ebqghklguo jZkkljhckl\ Wlh k\yaZgh k l_f qlh k_f_cgZy b khpbZevgZy
kljmdlmju y\eyxlky kbevgufb aZsblgufb kbkl_fZfb ij_iylkl\mxsbfb jZa\blbx
ZglbkhpbZevgh]hjZkkljhckl\Z
Kh]eZkgh bkke_^h\Zgbyf 5RELQV ^_lb k lZdh]h jh^Z jZkkljhckl\Zfb qZs_ \k_]h
\hkiblu\Zxlky \ g_iheguo k_fvyo beb \ k_fvyo k Z]j_kkb\guf kh\_jrZxsbf Zdlu gZkbeby
hlphf >ey lZdbo k_f_c oZjZdl_jgh hlkmlkl\b_ hij_^_e_gguo ijZ\be ih\_^_gby
g_ij_^kdZam_fhklv kblmZpbc fZeZy ij_^klZ\e_gghklv beb ihegh_ hlkmlkl\b_ ehyevghklb
qe_gh\ k_fvb ih hlghr_gbx ^jm] d ^jm]m < yihgkdbo b lZc\Zgvkdbo k_fvyo ]^_ hlpu
Z\lhjblZjgub kljh]bh`b^Zgbyij_^ty\ey_fu_^_lyf^hklZlhqgh\ukhdb_k bohjb_glZpb_c
gZ ^hklb`_gby \ h[eZklb h[jZah\Zgby ij_klb` dhlhjh]h qj_a\uqZcgh \ukhd <b^bfh _s_ b
ihwlhfmihdZaZl_evdhebq_kl\Z^hdlhjh\gZmdgZLZc\Zg_gZ^mrmgZk_e_gbykZfuc\ukhdbc\
fbj_ < wlbo k_fvyo ehyevghklv qe_gh\ k_fvb ^jm] d ^jm]m p_gblky qj_a\uqZcgh \ukhdh
H^gZdh ke_^m_l hlf_lblv qlh Z\lhjblZjghklv kh klhjhgu jh^bl_e_c kihkh[kl\m_l jZa\blbx
^jm]bo \b^h\ ebqghklguo jZkkljhckl\ kl_j`g_f dhlhjuo y\ey_lky lj_\h]Z D lZdbf
gZjmr_gbyf hlghkylky jZkkljhckl\h ba[_]Zgby khpbZevgZy nh[by aZ\bkbfu_ b h[k_kkb\gh
dhfimevkb\gu_gZjmr_gby
< ebl_jZlmj_ \u^_ey_lky nhjfZ gZjmr_gby ghkysZy g_ hq_gv hij_^_e_gguc oZjZdl_j b
gZau\Z_fZygZjmr_gb_fih\_^_gbyD wlhcnhjf_hlghkblkyih\_^_gb_dhlhjh_fh`_l\oh^blv
\ kljmdlmjm ZglbkhpbZevgh]h gZjmr_gby gh lhevdh m ebp k gZjmr_gbyfb ih\_^_gby
jZa\b\Z_lkyihegZydZjlbgZZglbkhpbZevgh]hgZjmr_gby
<ebygb_ khpbZevguo nZdlhjh\ gZ \hagbdgh\_gb_ gZjmr_gby ih\_^_gby \_ebdh D
kh`Ze_gbx wlh ih\_^_gb_ bf__l l_g^_gpbx d wib^_fbq_kdhfm jZkijhkljZg_gbx ;_klm`_\
EZ^Z _s_ \ gZqZe_ ]h^h\ h[jZsZe \gbfZgb_ gZ gZjZklZgb_ \ kh\_lkdhf h[s_kl\_
hldehgyxs_]hky ih\_^_gby y\eyxs_]hky ke_^kl\b_f h[s_kl\_ggh]h g_[eZ]hihemqby Ohly
ke_^m_lihfgblvh lhfqlhlZdb_ex^b\klj_qZxlky\ ex[hfh[s_kl\_GZebqb_l_g^_gpbbd
gZjZklZgbxhldehgyxs_]hkyih\_^_gbyb ebqghklguojZkkljhckl\k\b^_l_evkl\m_lh [he_agb
b g_[eZ]hihemqbb h[s_kl\Z h ^_ckl\bb g_[eZ]hijbylguo khpbZevguo nZdlhjh\ gZ p_emx
ihimeypbx
Ikboheh]bq_kdbf nZdlhjhf kihkh[kl\mxsbf \hagbdgh\_gbx gZjmr_gbc y\ey_lky
jZkiZ^ k_fvb Dhebq_kl\h jZkiZ^Zxsboky k_f_c _`_]h^gh m\_ebqb\Z_lky b hkh[_ggh \
aZiZ^guo kljZgZo Bkke_^h\Zgby ihdZau\Zxl qlh hdheh ^_l_c \hkiblu\Zxsboky \
y^_jguok_fvyoi_j_`b\ZebjZkiZ^k_fvbbeb]b[_evqe_gZk_fvbBkke_^h\Zgby^ebl_evguo
ihke_^kl\bcjZa\h^h\gZ^_l_cihdZau\Zxlqlhhldehg_gby\hagbdZxsb_m ^_l_ck\yaZgug_
lhevdhk jZa\h^hfZ k\ha^_ckl\b_ffgh`_kl\_gguonZdlhjh\jbkdZJZkiZ^k_fvbbgbpbbjm_l
dZkdZ^ ^jm]bo hljbpZl_evguo ihke_^kl\bc kihkh[kl\my dmfmeypbb nZdlhjh\ ijb\h^ysbo d
jZa\blbx iZlheh]bb D lZdbf nZdlhjZf hlghkylky mom^r_gb_ wdhghfbq_kdh]h iheh`_gby
jZa\_^_ggh]h jh^bl_ey kf_gZ f_klZ `bl_evkl\Z k mom^r_gb_f mkeh\bc 5LOH\ ^hihegbl_evgu_ hljbpZl_evgu_ \ha^_ckl\by k\yaZggu_ k \lhjbqgufb jZa\h^Zfb Jh^bl_eb
bkiulu\Zxsb_ klj_kk ijb jZa\h^_ klZgh\ylky f_g__ ikboheh]bq_kdb ^hklb]Z_fufb bf_y
f_gvr_ \j_f_gb ^ey wfhpbhgZevgh]h h[s_gby k ^_lvfb JZaebqgu_ lbiu jZkiZ^Z k_fvb ih
jZaghfm\ebyxlgZ^_l_cGZijbf_jhlghkbl_evghihablb\gh_^eyj_[_gdZagZq_gb_jZa\h^Z\
kblmZpbb\hagbdgh\_gbym jh^bl_eyikbobq_kdh]hgZjmr_gbybebgZkbebygZ^^_lvfb\ k_fv_
Iheh`bl_evgh_ agZq_gb_ lZdh]h jZa\h^Z aZdexqZ_lky \ hk\h[h`^_gbb ^_l_c hl wdkihabpbb \
ljZ\fZlbq_kdhc kj_^_ \ bo \u\h^_ ba lZdhc kj_^u Gh \ kbem lh]h qlh \ [hevrbgkl\_
jZkiZ\rboky k_f_c gZkbeb_ hlkmlkl\h\Zeh jZa\h^ \hkijbgbfZ_lky dZd klj_kk ijb\h^ysbc d
lj_\h]_b i_j_`b\ZgbyfDjhf_lh]hiheh`bl_evgh_agZq_gb_jZa\h^Z^eyjh^bl_e_c^Ze_dhg_
\k_]^ZhdZau\Z_lkylZdh\uf^ey^_l_c
Kh]eZkgh ^Zgguf Mhee_jklZcgZ [hevrbgkl\h ^_l_c i_j_g_krbo jZa\h^ h[eZ^Zxl
^hklZlhqghc khijhlb\ey_fhklvx d ijh[e_fZf ^Zevg_cr_]h jZa\blby gh bf_xl
ij_^jZkiheh`_gghklvd jZa\blbxikbobq_kdbohldehg_gbcJZa\h^klbfmebjm_ljZa\blb_wlbo
hldehg_gbc 3DULV Lh _klv jZa\h^ y\ey_lky g_ ijbqbghc Z nZdlhjhf jbkdZ jZa\blby
hldehgyxs_]hky ih\_^_gby b ebqghklguo gZjmr_gbc Dmfmeylb\guc jbkd khq_lZgby
[bheh]bq_kdboikboheh]bq_kdbob khpbZevguonZdlhjh\kha^Z_lg_[eZ]hijbylgmxhkgh\m^ey
bojZa\blby
=eZ\Z KHA:<BKBFHKLV
KhaZ\bkbfhklv \h fgh]hf kh\iZ^ZxsZy k aZ\bkbfuf ebqghklguf jZkkljhckl\hf
oZjZdl_jbam_lkyke_^mxsbfbijbagZdZfb
G_kihkh[ghklvijbgbfZlvdZ`^h^g_\gu_j_r_gby[_aihfhsbkhklhjhguAZ\bkbfuc
q_eh\_d g_ ijbgbfZxsbc j_r_gbc nZdlbq_kdb iha\hey_l ijbgbfZlv wlb j_r_gby aZ k_[y
:dp_ilbjmy gZ\yaZgguc _fm qm`hc ieZg `bagb b qm`b_ kbkl_fu p_gghkl_c hg klZgh\blky
g_kqZklguf ihlhfm qlh qm`hc \u[hj h[uqgh g_ khhl\_lkl\m_l \gmlj_gg_c kh[kl\_gghc
mklZgh\d_ dhlhjZy fh`_l kms_kl\h\Zlv ^Z`_ \ g_jZa\blhf khklhygbb GZijbf_j \u[hj
ki_pbZevghklb \ khhl\_lkl\bb k `_eZgb_f jh^bl_e_c ijb dhlhjhf q_eh\_d aZklZ\ey_l k_[y
^mfZlv qlh hg ihklmibe ijZ\bevgh gh qm\kl\h ^bkdhfnhjlZ hl wlh]h g_ bkq_aZ_l Fgh]b_
ih^Z\e_ggu_ hljbpZl_evgu_ wfhpbb ijhju\Zxlky \ \b^_ aehklb b Z]j_kkb\ghklb hklZ\eyy
ihke_k_[yqm\kl\h\bgub klu^Z
Kh]eZrZl_evkdZy ihabpby ijhy\eyxsZyky \ kh]eZkbb k hdjm`Zxsbfb [_a \kydh]h
khijhlb\e_gby b ZgZebaZ kblmZpbb WlZ ihabpby \hi_j\uo k\yaZgZ k g_mf_gb_f hlklZb\Zlv
k\hb bgl_j_ku b aZsbsZlv k\hx lhqdm aj_gby Z \h\lhjuo kh kljZohf ihke_^kl\bc
ijb\h^ysbod jZaju\magZqbfuohlghr_gbc
G_kihkh[ghklvkhklZ\eylvb ij_l\hjylv\ `bagvkh[kl\_ggu_ieZgub bgbpbZlb\uM`_
kZfh khklZ\e_gb_ ieZgZ \uau\Z_l aZljm^g_gby b khfg_gby lbiZ DZd wlh [m^_l hp_g_gh
^jm]bfb" Fukev h iehohc hp_gd_ kh\iZ^Z_l k fukevx h lhf qlh wlh]h ^_eZlv g_ ke_^m_l
LZdhcq_eh\_dfh`_lgZqZlvdZdmxlhZdlb\ghklvghg_h[oh^bfhklvihklhygghkh\_lh\Zlvkyk
hdjm`Zxsbfb ijb\h^bl d lhfm qlh kh\_lu ^Zxsb_ky ex^vfb g_ `_eZxsbfb \gbdZlv \
ijh[e_fm ijb\h^yl d hklZgh\d_ kh[kl\_gguo ^_ckl\bc LZdbf h[jZahf q_eh\_d g_
j_Zebah\u\Z_lk_[y
KhaZ\bkbfu_ ex^b qZklh ^_eZxl lh qlh bf ^_eZlv g_ijbylgh gh hgb m[_`^Zxl k_[y \
g_h[oh^bfhklb lZdhc ^_yl_evghklb gZijZ\e_gghc gZ lh qlh[u ihgjZ\blvky ^jm]bf LZd
ijhy\ey_lkyk\yavklj_fe_gbyihgjZ\blvkyk khaZ\bkbfhklvx\ke_^kl\b_dhlhjhchgb^_eZxl
\k_qlh[u[ulvg_aZf_gbfufbqlh[uhdjm`Zxsb_agZebqlhhgbfh]mliheh`blvkygZgbob
p_gbeb bo aZ wlh <hagbdZxs__ qm\kl\h ^bkdhfnhjlZ \ fhf_gl h^bghq_kl\Z kihkh[kl\m_l
ijbeh`_gbx agZqbl_evguo mkbebc qlh[u _]h ba[_`Zlv IhklhyggZy g_h[oh^bfhklv
ih^^_j`b\Zlv hlghr_gby k ^jm]bfb [_a dhlhjuo hgb qm\kl\mxl k_[y jZkl_jyggufb b
lj_\h`gufb aZklZ\ey_l \klmiZlv \ khfgbl_evgu_ ^_kljmdlb\gu_ dhglZdlu < kemqZ_
gZjmr_gby ^Z`_ wlbo g_ijh^mdlb\guo hlghr_gbc ebpZ k khaZ\bkbfhklvx qm\kl\mxl k_[y
himklhr_ggufb i_j_`b\Zy jZaju\ dZd ^jZfZlbq_kdh_ kh[ulb_ k ihl_j_c lhqdb hihju
jZkl_jygghklvx g_\hafh`ghklvx ijZ\bevgh hp_gblv j_Zevghklv LZdh_ ih\_^_gb_
khijh\h`^Z_lky ihbkdZfb gh\uo dhglZdlh\ dhlhju_ fh]ml hdZaZlvky _s_ [he__
jZajmrbl_evgufb GZoh^ykv \ khaZ\bkbfhf dhglZdl_ lZdb_ ex^b bkiulu\Zxl ihklhygguc
kljZolh]hqlhwlbg_ijh^mdlb\gu_hlghr_gby[m^mljZajmr_guHk\h[h^blvkyhlwlh]hkljZoZ
g_\hafh`gh\ kbemhlkmlkl\bykihkh[ghklbd kZfhklhyl_evghklbdhlhjZyhq_gvim]Z_lK wlbf
k\yaZg kljZo hljbpZl_evguo hp_ghd jZgbfhklv d djblbd_ b j_ZebaZpby Zdlb\ghkl_c
gZijZ\e_gguogZba[_]Zgb_djblbdb
O:J:DL?JBKLBDBKHA:<BKBFHKLB
<g_rgyyj_n_j_glghklvkhaZ\bkbfuoex^_cijhy\eyxsZykyij_`^_\k_]h\ lhfqlhwlh
² Z^^bdpbyhlghr_gbcKhaZ\bkbfu_ebpZbkihevamxlhlghr_gbyk ^jm]bfq_eh\_dhflZd`_
dZdobfbq_kdb_bebg_obfbq_kdb_Z^^bdlubkihevamxlZ^^bdlb\gucZ]_glIjhp_kk\hagbdZ_l
gZ nhg_ hlkmlkl\by m khaZ\bkbfuo ebp ihgZklhys_fm jZa\blhc dhgp_ipbb VHOI k_en
\ujZ`Zxs_cky \ hlkmlkl\bb qm\kl\Z \gmlj_gg_]h kh[kl\_ggh]h agZq_gby Ihwlhfm bf
g_h[oh^bfZ \g_rgyy j_n_j_gpby dZd ikboheh]bq_kdbc dhglZdl k ^jm]bfb iha\heyxsbc
ba[_`Zlv qm\kl\Z \gmlj_gg_]h oZhkZ Ihkdhevdm khaZ\bkbfu_ ebpZ g_ qm\kl\mxl k_[y m gbo
\hagbdZxl ljm^ghklb k kZfh\ujZ`_gb_f \ bglbfguo hlghr_gbyo Hlkmlkl\b_ dhgp_ipbb
kh[kl\_ggh]h k_en g_ ^Z_l \hafh`ghklb ijhy\blv k\hb ]em[bggu_ bklbggu_ qm\kl\Z qlh
ijb\h^bld ljm^ghklyf\ mklZgh\e_gbbbglbfguog_aZ\bkbfuohlghr_gbck ^jm]bfbex^vfb
H]jZgbq_gghklvbo\u[hjZijb\h^bld lhfmqlhhgbkZfbhdZau\Zxlky\ hij_^_e_gghfihe_
\u[hjZ\ dhlhjhf\u[bjZxlZ^^bdlh\
>eywlboebpoZjZdl_jguhlghr_gbyijbebiZgbyijbfudZgbyd ^jm]hfm[_adhlhjh]h
hgbg_fh]ml\u`blvWlZk\yavh[_ki_qb\Z_lqm\kl\h[_ahiZkghklbaZdhlhjmxZ^^bdl]hlh\
ieZlblv ex[mx p_gm Hlghr_gby ijbebiZgby hq_gv k\h_h[jZagu hgb g_ bf_xl jZa\blby
klZlbqgu lZd dZd bkdexqZxl \hafh`ghklv \aZbfgh]h h[h]Zs_gby < wlbo hlghr_gbyo
khZ^^bdlb\guc q_eh\_d k_[y g_ \ujZ`Z_l b g_ j_Zebam_l Kms_kl\h\Zgb_ lZdhc ko_fu
hlghr_gbclj_[m_l[hevrboaZljZlwg_j]bbb \j_f_gb
<g_rgyyj_n_j_glghklvijhy\ey_lky\ hlkmlkl\bb]jZgbpKhaZ\bkbfu_ebpZg_agZxl]^_
aZdZgqb\Z_lkyboebqghklvb ]^_gZqbgZ_lkyebqghklv^jm]h]hq_eh\_dZG_bf_ykihkh[ghklb
ihgZklhys_fm i_j_`b\Zlv k\hb wfhpbb hgb hdZau\Zxlky ih^ hq_gv kbevguf \ebygb_f l_o
wfhpbc dhlhju_ \hagbdZxl m ^jm]bo ex^_c Wlh hlghkblky d lZdbf wfhpbyf dZd ^_ij_kkby
aehklv haZ[hq_gghklv jZa^jZ`_gb_ kqZklv_ aZbfkl\m_fuo bfb hl ^jm]bo gZoh^ysboky \
g_ihkj_^kl\_gghc[ebahklb
Kh[kl\_ggh_khklhygb_g_iha\hey_lkhaZ\bkbfufebpZf^bnn_j_gpbjh\Zlvihemq_ggu_
hl^jm]bowfhpbbLZd_kebqe_gk_fvbijboh^bl^hfhc\ khklhygbbm]g_l_gbykhZ^^bdlb\guc
q_eh\_d bkiulu\Z_l ZgZeh]bqgh_ khklhygb_ g_ ihgbfZy lh]h qlh m]g_l_gb_ ijbgZ^e_`bl
^jm]hfm Hg g_ gZmq_g ihevah\Zlvky kh[kl\_gguf wfhpbhgZevguf khklhygb_f LZdhfm
jZkl\hj_gbx ]jZgbp kihkh[kl\mxl g_ lhevdh ^bknmgdpbhgZevgZy Z^^bdlb\gZy k_fvy gh b
fgh]b_ y\e_gby ijhbkoh^ysb_ \ h[s_kl\_ \ rdhe_ gZ jZ[hl_ b \ ^jm]bo bgklblmpbyo
dhlhju_ mqZl q_eh\_dZ ^mfZlv b qm\kl\h\Zlv lZd dZd _fm ]h\hjyl nZdlbq_kdb h[_ki_qb\Zy
dmevlmjZevguclj_gbg]khaZ\bkbfhklbJZagu_dmevlmju\h\e_q_gu\ wlhlijhp_kk\ [hevr_c
bebf_gvr_ckl_i_gbQ_eh\_dijbwlhfh[mqZ_lkylhfmqlhlhqdZhlkq_lZj_n_j_glghklb^ey
fure_gbyqm\kl\\hkijbylbyagZgbyy\ey_lky\k_]^Z\g_rg_cihhlghr_gbxd k_enmLZdhc
dmevlmjZevguc lj_gbg] \hkiblu\Z_l ex^_c [_a ^hklZlhqgh]h qm\kl\Z ]jZgbp ihlhfm qlh ^ey
lh]hqlh[ubf_lvi_j_`b\Zgb_]jZgbpkh[kl\_ggh]hk_enq_eh\_d^he`_ggZqZlvk \gmlj_gg_c
lhqdbhlkq_lZk k_[y_fmg_h[oh^bfhgZmqblvkyagZlvlhqlhhgqm\kl\m_lb ^mfZ_lbagmljbb
aZl_f hlghkblvky d fbjm k wlhc ihabpbb :gZeba dhgp_ipbb h[tykgy_l ijbqbgm ljm^ghkl_c
bkiulu\Z_fuo khaZ\bkbfufb ex^vfb \ ijhy\e_gbb k\hbo qm\kl\ >ey lh]h qlh[u [ulv
bglbfguf g_h[oh^bfh bf_lv jZa\blh_ qm\kl\h kh[kl\_ggh]h Y Ijb _]h hlkmlkl\bb
ijb[eb`_gb_ d ^jm]hfm q_eh\_dm kha^Z_l hiZkghklv [ulv bf ih]ehs_gguf Hlkmlkl\b_
hsms_gby ]jZgbp ^_eZ_l g_\hafh`guf a^hjh\h_ nmgdpbhgbjh\Zgb_ \f_kl_ k ^jm]bf
q_eh\_dhf ihlhfm qlh m khaZ\bkbfuo ebp kh\f_klgh_ nmgdpbhgbjh\Zgb_ kjZam ijb\h^bl d
kimlZgghklb kf_r_gbx b ih]ehs_gbx KhaZ\bkbfu_ ex^b k jZkieu\qZlufb ]jZgbpZfb
klj_fylkyi_jkhgZebabjh\Zlv\k_ijhbkoh^ys__\hdjm]mkfZljb\Zy\ wlhfy\e_gbybf_xsb_d
gbf ijyfh_ hlghr_gb_ LZdb_ ex^b [_jml gZ k_[y hl\_lkl\_gghklv aZ \k_ ijhbkoh^ys__
gZijbf_jhsms_gb_\bguaZiehoh_gZkljh_gb_m ^jm]h]hqe_gZk_fvb
>ey khaZ\bkbfuo ex^_c oZjZdl_jgh klj_fe_gb_ d kha^Zgbx \i_qZle_gby < k\yab k
hlkmlkl\b_f \gmlj_gg_c lhqdb hlkq_lZ wnn_dlb\ghc \gmlj_gg_c j_n_j_glghklb ^ey gbo
Z[khexlghg_h[oh^bfhqlh[u^jm]b_\hkijbgbfZebbolZddZd[uhgbwlh]hkZfbohl_ebBf
k\hckl\_ggh `_eZgb_ [ulv ohjhrbfb \ k\yab k gZebqb_f \gmlj_gg_c m[_`^_gghklb \ bo
kihkh[ghklb dhgljhebjh\Zlv ^jm]bo ex^_c _keb wlb ex^b [m^ml \hkijbgbfZlv bo dZd
ohjhrbomklmiqb\uog_aZf_gbfuob ij@bagvkhaZ\bkbfuoex^_ckljmdlmjbjm_lky\hdjm]
fukebk\yaZgghck l_fqlh^jm]b_ih^mfZxlh gbo=eZ\ghcp_evxy\ey_lkyihiuldZm]Z^Zlv
`_eZgb_ hdjm`Zxsbo b m^h\e_l\hjblv _]h < wlhf hgb ij_mki_\Zxl \ k\yab k jZa\blufb
kihkh[ghklyfbagZlvb qm\kl\h\ZlvlhqlhgjZ\blkyb g_gjZ\blky^jm]bfBo`bag_ggh_dj_^h
bkoh^blbalh]hqlh_kebbfm^ZklkyklZlvlZdbfbdZdbfbboohlyl\b^_lvhdjm`Zxsb_hgb
[m^mlqm\kl\h\Zlvk_[y\ [_ahiZkghklb
< khaZ\bkbfuo hlghr_gbyo ih^kljZb\Zgb_ ih^ ^jm]bo b ih^u]ju\Zgb_ bf hdZau\Z_l
iehomx mkem]m iha\heyy Z^^bdlZf \ wlbo hlghr_gbyo jZa\b\Zlvky \ klZlmk_ gZb[hevr_]h
[eZ]hijbylkl\h\Zgby KhaZ\bkbfu_ ex^b lZdbf h[jZahf kha^Zxl hjZg`_j_cgmx kj_^m ^ey
jZa\blbyZ^^bdpbcm boiZjlg_jh\
>ey khaZ\bkbfuo ebp oZjZdl_jgh ijhy\e_gb_ aZ[hlu h[ hdjm`Zxsbo >ey j_ZebaZpbb
wlhcp_ebhgb^_eZxlk_[yg_aZf_gbfufbb]jZyjhevfmq_gbdZW]hp_gljbqghklvkhaZ\bkbfuo
ebp hlebqZ_lkyhl w]hp_gljbqghklb ^jm]bo Z^^bdlh\ gZebqb_f \i_qZle_gby h[ __ hlkmlkl\bb
Hdjm`Zxsb_ \hkijbgbfZxl ih\_^_gb_ khaZ\bkbfuo ex^_c dZd ih\_^_gb_ Zevljmbklh\
GZb[he__qZklhcnhjfhcw]hp_gljbqghklbkhaZ\bkbfuoebpy\ey_lky\gmlj_ggyym\_j_gghklv\
lhf qlh \k_ ijhbkoh^ys__ kh agZqbfuf ^jm]bf aZ\bkbl hl ^_ckl\bc khaZ\bkbfh]h q_eh\_dZ
kqblZxs_]h k_[y p_gljhf \k_e_gghc IjbgbfZy gZ k_[y hl\_lkl\_gghklv aZ ijhbkoh^ys__
i_jkhgZebabjmy __ hgb klZ\yl k_[y \ p_glj kh[ulbc k ihklhygguf b g_ihf_jguf
jZkrbj_gb_f djm]Z wlhc hl\_lkl\_gghklb Hgb [_jml gZ k_[y hl\_lkl\_gghklv aZ qm\kl\Z
^jm]bo aZ kh^_j`Zgb_ bo fuke_c aZ bo `bagv Wlh fy]dZy aZ[hlysZyky gh \ lh `_ \j_fy
m[bckl\_ggZyw]hp_gljbqghklv
G_kfhljy gZ dZ`msmxky fy]dhklv khaZ\bkbfu_ ebpZ ijhy\eyxl lZdh_ dZq_kl\h dZd
jb]b^ghklv\ujZ`Zxsmxky\ lhfqlhboqj_a\uqZcghljm^gh\ q_feb[hm[_^blvij_^eh`blv
bfZevl_jgZlb\m
Ki_pbZebklu ^Zxsb_ oZjZdl_jbklbdb khaZ\bkbfuf ebpZf hlf_qZxl bo g_q_klghklv
hlkmlkl\b_ m gbo fhjZeb G_q_klghklv khaZ\bkbfuo ex^_c ijhy\ey_lky \ bo klj_fe_gbb
kha^Zlv \i_qZle_gb_ hlkmlkl\by ijh[e_f djbabkZ \ hlghr_gbyo ^bknmgdpbhgZevghklb \
k_fv_ qlh hdZau\Z_l g_]Zlb\gh_ \ebygb_ gZ ^_l_c h[mqZxsboky g_h[oh^bfhklb \_klb
^\hcgmx`bagvkdju\Zyhlk\hbok\_jklgbdh\b agZdhfuokh[ulbyijhbkoh^ysb_\ k_fv_
Hlkmlkl\b_ fhjZeb hq_\b^gh k\yaZgh k l_f qlh m khaZ\bkbfuo ex^_c keZ[h \ujZ`_gZ
^moh\ghklv bf k\hckl\_ggZ baebrgyy ijba_fe_gghklv Hgb ih]jyaZxl \ agZqbfuo ^ey gbo
^_lZeyo b g_ fh]ml iha\heblv k_[_ ljZlm \j_f_gb gZ ^moh\gh_ jZa\blb_ M fgh]bo ba gbo
ih^Z\e_ghj_eb]bhagh_qm\kl\hohly\g_rg_hgbijhba\h^yl\i_qZle_gb_fmq_gbdh\< wlhfb
ijhy\ey_lky bo ebp_f_jb_ Ihwlhfm Z[khexlgh g_ijZ\bevghc y\ey_lky hp_gdZ Z^^bdlZ b
khaZ\bkbfh]hq_eh\_dZk ihabpbbemqr_ ² om`_Ijh[e_fu_klvb mlh]hb m^jm]h]h<Z`gh
ihgbfZlv qlh khaZ\bkbfhklv y\ey_lky [he__ ly`_ehc nhjfhc Z^^bdpbc q_f Z^^bdpby d
dhgdj_lghcZdlb\ghklbbebZ]_glm
JZkkfZljb\Zy hkgh\gu_ oZjZdl_jbklbdb Z^^bdlb\gh]h ijhp_kkZ ke_^m_l hlf_lblv nZdl
kh\iZ^_gby jy^Z oZjZdl_jbklbd m Z^^bdlh\ b khaZ\bkbfuo ebp DZd l_f lZd b ^jm]bf
k\hckl\_ggu g_q_klghklv b hlkmlkl\b_ fhjZeb hlkmlkl\b_ a^hjh\uo hlghr_gbc k
kh[kl\_ggufb wfhpbyfb ijhy\eyxs__ky \ aZfhjh`_gghklb wfhpbc hlkmlkl\bb dhglZdlZ k
kh[kl\_ggufb qm\kl\Zfb OZjZdl_jgZ kimlZgghklv aZdexqZxsZyky \ g_ihgbfZgbb Z^^bdlhf
ihke_^kl\bck\h_]hih\_^_gby<ukljh_ggZybffh^_evhkgh\u\Z_lkygZnhjfZevgheh]bq_kdhc
ko_f_dhlhjZyg_\ibku\Z_lky\ j_Zevghklv
M Z^^bdlh\ gZ dZdhclh klZ^bb Z^^bdpbc nhjfbjm_lky gh\Zy Z^^bdlb\gZy ebqghklv
bf_xsZy k\hx kbkl_fm p_gghkl_c dhlhjZy \gmljb Z^^bdlb\ghc ebqghklb ijbgbfZ_l
eh]bq_kdbaZ\_jr_ggmxkljmdlmjmkms_kl\mxsmxgZnhg_khojZg_gghcij_`g_cebqghklb
Ke_^m_l ih^q_jdgmlv qlh \ kemqZyo \ujZ`_gghc khaZ\bkbfhklb ij_`gyy ebqghklv dZd
ijZ\beh lZd`_ y\ey_lky Z^^bdlb\ghc Kha^Z_lky \i_qZle_gb_ qlh \ hkgh\_ ex[hc Z^^bdpbb
gZoh^blky khaZ\bkbfhklv dhlhjZy ijh\hpbjm_l jZa\blb_ ^jm]bo Z^^bdpbc F_`^m gbfb
ijhbkoh^blihklhyggh_klhedgh\_gb_ijb\h^ys__d kimlZgghklbbgh]^ZZ^^bdl^_ckl\m_ldZd
a^hjh\ucq_eh\_dZ bgh]^ZdZdZ^^bdl: ihkdhevdmhdjm`Zxsbfihjhc[u\Z_lljm^gh\ wlhf
jZah[jZlvky h[s_gb_ k lZdbf q_eh\_dhf aZljm^g_gh \ k\yab k g_ihgbfZgb_f k dZdhc
ebqghklvx \ ^Zgguc fhf_gl ijhbkoh^bl h[s_gb_ k Z^^bdlb\ghc beb k g_Z^^bdlb\ghc
H[s_gb_k Z^^bdlhffh`_lhkms_kl\eylvkylhevdhgZ_]hyaud_HklZevgh_[m^_lhljZ`Zlvky
Z^^bdlhfbkihevamxsbf\ wlhfkemqZ_\k_kihkh[uikboheh]bq_kdhcaZsblu
>eyZ^^bdlh\oZjZdl_jguklj_fe_gb_d dhgljhex\ujZ`Zxs__ky\ lhfqlhbf_gghlZdbf
h[jZahf hgb dhgljhebjmxl k\h_ khklhygb_ w]hp_gljbaf ^mZebaf fure_gby \g_rgyy
j_n_j_glghklv klj_fe_gb_ ijhba\_klb eh`gh_ \i_qZle_gb_ hlkmlkl\by ijh[e_f b gZebqby
[eZ]hihemqbyjb]b^ghklvih^Z\e_ggu_wfhpbbkljZob aZ^_j`dZ^moh\gh]hjZa\blby
:gZeba \ur_i_j_qbke_gguo y\e_gbc ^he`_g mqblu\Zlv bkihevah\Zgb_ khaZ\bkbfv]fb
ebpZfb b Z^^bdlZfb hljbpZgby dhlhjh_ ij_iylkl\m_l h[jZs_gbx aZ ihfhsvx b aZljm^gy_l
ijh\_^_gb_dZ`^h]hwlZiZdhjj_dpbb
Dhjj_dpby lZdbo khklhygbc ij_^iheZ]Z_l ^ebl_evguc ijhp_kk ih \hkiblZgbx
Zkk_jlb\gh]h ih\_^_gby ijhlb\hiheh`gh]h khaZ\bkbfhklb L_jfbg \hkiblZgb_
ih^jZamf_\Z_lijhp_kkB _kebhgg_[uegZqZl\ ^_lkdhf\hajZkl_gZqbgZlv_]hm \ajhkeh]h
aZljm^gbl_evgh\ k\yabk gZebqb_fm`_hij_^_e_gguojZa\bluof_oZgbafh\ij_^m[_`^_gbcb
knhjfbjh\Zggh]h klbey `bagb :kk_jlb\ghklv y\ey_lky Z[khexlgh bguf klbe_f `bagb
Dhjj_dpbykhaZ\bkbfhklbijb\h^bld gZjmr_gbxbgl_j]_g_jZpbhgghcdhglbgmZevghklbEx^b
ijb\udeb d khaZ\bkbfhklb ijb\b\Zxs_cky \ k_fv_ b i_j_^Zxs_cky hl ihdhe_gby d
ihdhe_gbx D lhfm `_ \hkiblZgb_ Zkk_jlb\ghklb \klj_qZ_l khijhlb\e_gb_ kj_^u \ k\yab k
kms_kl\mxsbfbljZ^bpbyfbij_^m[_`^_gbyfbb kl_j_hlbiZfb
:^^bdpby fh`_l \hagbdZlv m q_eh\_dZ dhlhjhfm jZg__ [ueZ g_ k\hckl\_ggZ
khaZ\bkbfhklvGZijbf_jijb ihiZ^Zgbbq_eh\_dZ\ keh`gmxkblmZpbxhg gZoh^bl^ey k_[y
\uoh^ba g__ \ moh^_ \ Z^^bdpbx \hagbdZxs_c \ wlhf kemqZ_ gZ qm`_jh^ghc ]_l_jhghfghc
ihq\_Dhjj_dpbylZdhcZ^^bdpbb[m^_l[he__e_]dhcb ijh]gha[he__[eZ]hijbylguf
Qe_gu k_fvb q_eh\_dZ k Z^^bdlb\guf ih\_^_gb_f gZoh^ylky k gbf \ khklhygbb
khaZ\bkbfhklb KhaZ\bkbfhklv ij_^iheZ]Z_l \aZbfgmx aZ\bkbfhklv ^jm] hl ^jm]Z GZijbf_j
^\Z qe_gZ k_fvb fm` Z^^bdl b khaZ\bkbfZy `_gZ \aZbfhaZ\bkbfu ^jm] hl ^jm]Z
G_^hklZlhqgZybamq_gghklv\hijhkZb _]hkeh`ghklvaZdexqZ_lky\ lhfqlhkhaZ\bkbfhklvdZd
ikboheh]bq_kdbc debfZl y\ey_lky Z^^bdlb\guf nZdlhjhf Keh`b\rbcky lZg^_f mkljZb\Z_l
h[hbo :gZeba kljmdlmjbaZpbb \j_f_gb khaZ\bkbfh]h q_eh\_dZ ihdZau\Z_l qlh [hevr__
dhebq_kl\h k\h_]h \j_f_gb b wg_j]bb hg aZljZqb\Z_l gZ j_r_gb_ ijh[e_f Z^^bdlZ gZ _]h
hi_dm moZ`b\Zgby aZ gbf hdZaZgb_ _fm ihfhsb \ ljm^guo kblmZpbyo ihiuldm
dhgljhebjh\Zlv Z^^bdlZ gZijZ\e_ggmx gZ kha^Zgb_ ij_iylkl\by gZ imlb d _]h Z^^bdlb\guf
j_ZebaZpbyf ;ehdbjh\Zgb_ \hafh`ghkl_c kh[kl\_gghc `bagb b k\h_]h jZa\blby \ jZaguo
gZijZ\e_gbyofh`_l\gmlj_gg_gjZ\blvkyihlhfmqlh\ wlbokhklhygbyokhaZ\bkbfZyebqghklv
gZklhevdh aZ^_ckl\h\ZgZ \ kbkl_f_ qlh hgZ hsmsZ_l k_[y gm`guf q_eh\_dhf hl dhlhjh]h
aZ\bkbl fgh]h_ Hsms_gb_ dhgljhey b aZ[hlu ² \Z`guc f_oZgbaf aZeh`_gguc \
khaZ\bkbfhf q_eh\_d_ _s_ \ ijhp_kk_ _]h dhglZdlZ k jh^bl_eyfb lZd dZd khaZ\bkbfhklv
ijb\b\Z_lky j_[_gdm \ j_amevlZl_ hij_^_e_ggh]h \hkiblZgby Ihwlhfm _keb kdeZ^u\Z_lky
gZijbf_jlZdZykblmZpby\ dhlhjhcq_eh\_dg_fh`_lijhy\blvkhaZ\bkbfhklvjZkiZ^k_fvb
dZaZehkv[uhghgZ^he`guihqm\kl\h\Zlvk\h[h^mb h[e_]q_gb_k\yaZggh_khk[jZku\Zgb_f
]jmaZhl\_lkl\_gghklbGZkZfhf`_^_e_\hagbdZ_lhsms_gb_imklhlub ihl_jbkfukeZ`bagb
Wlbfh[tykgy_lkykha^Zgb_bfbgh\hck_fvbwd\b\Ze_glghcklZjhck jZau]ju\Zgb_f\ gh\hc
k_fv_klZjhckhaZ\bkbfhcjheb
Q_eh\_d k Z^^bdlb\guf ih\_^_gb_f gm`^Z_lky \ khaZ\bkbfuo ex^yo M ebp k
Z^^bdlb\guf ih\_^_gb_f ij_^klZ\e_gZ j_Zdpby kljZoZ ihdbgmlh_Œ GZijbf_j ijb
gZ[ex^Zxs_fky \ hlghr_gbyo k Z^^bdlhf hlkmlkl\bb h[sbo l_f \ jZa]h\hj_ hg \^jm]
gZqbgZ_l ijhy\eylv djZcg__ [_kihdhckl\h ih ih\h^m ^ebl_evgh]h hlkmlkl\by mr_^r_]h
g_gZ^he]h khaZ\bkbfh]h qe_gZ k_fvb Wlh [_kihdhckl\h \u]ey^ys__ dZd aZ[hlZ h g_f \
j_Zevghklby\ey_lky[_kihdhckl\hfaZk_[yk\yaZggufkhkljZohf[ulvihdbgmluf
Khpbmf fh`_l klbfmebjh\Zlv khaZ\bkbfhklv jZkkfZljb\Zy __ dZd h[yaZgghklv b
^_deZjbjmyijbgpbiLu^he`_gg_klbk\hcdj_kl
>_lb bf_xsb_ g_kqZklv_ \hkiblu\Zlvky \ jZgg_f \hajZkl_ \ Z^^bdlb\guo k_fvyo b g_
klZ\rb_Z^^bdlZfbg_kfhljygZwlhhsmsZxl\ k_[_dZdhclhg_^hklZlhdg_m^h\e_l\hj_ghklv
kh[hc b `bagvx qm\kl\mxl ij_]jZ^u b [ehdbjh\db LZdb_ ebpZ \h \ajhkehc `bagb
gm`^Zxlky \ ihfhsb g_kfhljy gZ lh qlh nhjfZevgh gbq_f g_ kljZ^Zxl LZdbf h[jZahf
\ajhkeu_^_lbZ^^bdlh\b jh^bl_e_cZedh]hebdh\gm`^Zxlky\ ijhn_kkbhgZevghcihfhsb^ey
ba[Z\e_gbybohljZaebqgh]hjh^Zdhfie_dkh\kgb`ZxsbodZq_kl\h`bagb
Kms_kl\m_l lhqdZ aj_gby kh]eZkgh dhlhjhc m\_ebq_gb_ dhebq_kl\Z Z^^bdlb\guo
jZkkljhckl\k\yaZghk ikboheh]bq_kdhcb nbabq_kdhcljZ\fZlbaZpb_c^_l_c\ jZgg_f\hajZkl_
>`_cfkm >`hckm ijbgZ^e_`bl njZaZ Bklhjby ^_lkl\Z ij_^klZ\ey_l kh[hc dhrfZj hl
dhlhjh]hfugZqbgZ_fijh[m`^Zlvky
Ikboheh]bq_kdZy ljZ\fZlbaZpby ^_l_c g_khfg_ggh bf__l hij_^_e_ggh_ agZq_gb_ \
\hagbdgh\_gbbZ^^bdlb\guogZjmr_gbch^gZdh\ dZ`^hfdhgdj_lghfkemqZ___ jhev^he`gZ
ki_pbZevgh ZgZebabjh\Zlvky Bkke_^h\Zgby ijh\_^_ggu_ )LQNHOKRU ihdZau\Zxl qlh
ljZ\fZlbq_kdb_i_j_`b\ZgbyklZebemqr_\uy\eylvkyghnZdlbomqZs_gbyg_^hdZaZg
Ki_pbZebklu ZgZebabjmxsb_ \ebygby k_fvb ihevamxlky l_jfbghf ikbohiZlheh]by
jh^bl_e_c ih^ dhlhjuf ihgbfZxlky g_ikbobq_kdb_ aZ[he_\Zgby Z ij_`^_ \k_]h gZebqb_ m
gbo hij_^_e_gguo oZjZdl_jheh]bq_kdbo gZjmr_gbc beb hldehgyxs_]hky ih\_^_gby
Hij_^_e_ggu_ nhjfu wlhc iZlheh]bb y\eyxlky nZdlhjZfb jbkdZ ^ey jZa\blby ebqghklguo
gZjmr_gbc b hldehgyxs_]hky ih\_^_gby m ^_l_c D ijh\hpbjmxsbf nZdlhjZf
kihkh[kl\mxsbf\hagbdgh\_gbxgZjmr_gbc m ^_l_chlghkylky^_ij_kkby b aehmihlj_[e_gb_
jZaebqgufb \_s_kl\Zfb gZjdhlbdZfb Zedh]he_f b ij jh^bl_e_c qlh Zkkhpbbjm_lky k
jZkiZ^hf k_fvb ijb\h^y d jy^m g_]Zlb\guo ihke_^kl\bc Ij_^jZkiheh`_gghklv d jZa\blbx
gZjmr_gbc ghkbl [bheh]bq_kdbc b ikboheh]bq_kdbcoZjZdl_j Dh]^Z \ hq_gv jZgg_f i_jbh^_
`bagb j_[_ghd gZ wfiZlbq_kdhf mjh\g_ ko\Zlu\Z_l g_Z^_d\Zlgh_ hlghr_gb_ d g_fm
jh^bl_e_c ijhbkoh^bl aZ^_j`dZ jZa\blby _]h wfhpbhgZevguo nmgdpbc dhlhjZy fh`_l
kdZaZlvkygZ\hagbdgh\_gbbhij_^_e_gguonhjfhldehgyxs_]hkyih\_^_gby
Bkke_^h\Zgb_ \aZbfhk\yab mjh\gy ikbohiZlheh]bb b kl_i_gb bgl_]jbjh\Zggh_Œ
h[s_kl\Z ihdZaZeh qlh \ khpbZevgh ^_abgl_]jbjh\Zgghf h[s_kl\_ gZ[ex^Z_lky \ukhdbc
mjh\_gv ikbohiZlheh]bb /HLJKWRQ k khZ\lhjZfb ijh\_e kjZ\g_gb_ h[s_kl\Z
hlghkbl_evgha^hjh\h]hb khpbZevghbgl_]jbjh\Zggh]hb h[s_kl\Zk gZebqb_f^_abgl_]jZpbb
Mjh\_gvkhpbZevghcbgl_]jZpbbbkke_^h\Zekyk ihfhsvxbg^_dkZ\dexqZxs_]h\ k_[ylZdhc
kieZ\ fgh]bo nZdlhjh\ dZd jZajmr_ggu_ k_fvb hlkmlkl\b_ khpbZevgh agZqbfuo k\ya_c
keZ[h_ eb^_jkl\h fZeZy \hafh`ghklv jZa\e_q_gbc qZklhlZ ij_klmie_gbc [_^ghklv b
dmevlmjZevgZy kimlZgghklv :\lhj h[jZlbe \gbfZgb_ gZ lh qlh gZb[hevr__ agZq_gb_ \
\hagbdgh\_gbb ikbohiZlheh]bb bf__l kh\hdmigh_ khq_lZgb_ dmevlmjZevguo nZdlhjh\ GZ
\hagbdgh\_gb_ gZjmr_gbc lZd`_ \ebyxl \ukhdZy kl_i_gv fb]jZpbb b h[hkh[e_gghklv
:gZeh]bqgu_ ^Zggu_ ihemq_gu \ GvxNZmg^e_g^_ <hagbdgh\_gb_ Z^^bdlb\gh]h ih\_^_gby
lZd`_y\ey_lkyj_amevlZlhf\ebygbyhij_^_e_ggh]hnhgZ
:gZeba jZa\blby Z^^bdlb\gh]h ih\_^_gby m jZaguo ex^_c k jZagufb ikboheh]bq_kdbfb
hkh[_gghklyfbihdZaZebo\aZbfhk\yavk khaZ\bkbfufbkhklhygbyfb^eynmgdpbhgbjh\Zgby
wlhc kbkl_fu g_h[oh^bfu ebqghklgu_ hkh[_gghklb LZd ijb g_dhlhjuo hkh[_gghklyo
ebqghklbwlZkbkl_fZg_kjZ[Zlu\Z_lb lh]^Zk\yavZ^^bdpby ² khaZ\bkbfhklvhlkmlkl\m_l
Wlh y\e_gb_ gZ[ex^Z_lky ijb ih]jZgbqghf ebqghklghf jZkkljhckl\_ ijb dhlhjhf \ k\yab k
bf_xsbfky gZjmr_gb_f b^_glbqghklb q_eh\_d g_ kihkh[_g mklZgZ\eb\Zlv ^ebl_evgu_
hlghr_gby k d_flh ^jm]bf Hg b^_l gZ jZaju\ hlghr_gbc ihwlhfm khaZ\bkbfhklv g_
\hagbdg_l :^^bdlb\gu_ f_oZgbafu m lZdh]h q_eh\_dZ [m^ml ij_^klZ\e_gu ih^jm]hfm ?keb
Z^^bdpbyjZa\b\Z_lkyg_\ kljmdlmj_Z^^bdpby ² khaZ\bkbfhklvhgZfh`_lk h^ghcklhjhgu
[ulv fZeh \ujZ`_gghc g_ knhjfbjh\Z\r_cky k ^jm]hc ² kZfb Z^^bdlb\gu_ j_ZebaZpbb
bf_xl h[uqgh [he__ k_jv_agu_ ihke_^kl\by <hafh`_g \ZjbZgl ih\_^_gby ijb dhlhjhf
q_eh\_d gZ^he]h g_ moh^bl \ Z^^bdpbx Z i_j_dexqZ_lky gZ ^jm]b_ nhjfu hldehgyxs_]hky
ih\_^_gby
<Z`ghc oZjZdl_jbklbdhc Z^^bdlb\gh]h ih\_^_gby y\ey_lky lh qlh ijb knhjfbjh\Zgguo
f_oZgbafZo Z^^bdpbb kihkh[ j_ZebaZpbb fh`_l baf_gblvky GZijbf_j knhjfbjh\Zgguc
f_oZgbaf aZimkdZxsbc JDPEOLQJ fh`_l e_]dh i_j_dexqblvky gZ ^jm]mx nhjfm Z^^bdpbb
Wlhijhbkoh^bldZd[ukZfhkh[hc< kemqZ_obfbq_kdhcZ^^bdpbbhkms_kl\ey_lkyi_j_oh^hl
mihlj_[e_gbyh^gh]h\_s_kl\Zd ^jm]hfmgZijbf_jkf_gZZedh]heygZgZjdhlbdbebfy]dh]h
gZjdhlbdZ gZ [he__ `_kldbc <hafh`_g b h[jZlguc \ZjbZgl ijb dhlhjhf ihl_jy jZ[hlu
kem`Zs_c kj_^kl\hf moh^Z hl j_Zevghklb m jZ[hlh]hebdZ kf_gy_lky gZ ^jm]mx obfbq_kdmx
Z^^bdpbx< k\yabk wlbfke_^m_lh[jZlblv\gbfZgb_gZlhqlhfgh]b_ki_pbZebklukqblZxl
qlh hkgh\ghc aZ^Zq_c y\ey_lky ba[Z\e_gb_ q_eh\_dZ hl kihkh[Z j_ZebaZpbb Z^^bdpbb M gbo
kdeZ^u\Z_lky eh`gh_ \i_qZle_gb_ h lhf qlh wlh ba[Z\e_gb_ ijb\_^_l d dhjj_dpbb <
^_ckl\bl_evghklb ihl_jy\ \hafh`ghklv j_Zebah\u\Zlv Z^^bdpbx q_eh\_d g_ i_j_klZ_l [ulv
Z^^bdlhfHghklZ_lkyZ^^bdlhfgh[_aj_ZebaZpbbHlkx^Zijhbkoh`^_gb_l_jfbgZkmohc
Zedh]hebd Q_eh\_d g_ mihlj_[ey_l Zedh]hev gh hklZxlky f_oZgbafu `^msb_ k\h_c
j_ZebaZpbb<ha^_ckl\h\ZlvgZwlbf_oZgbafukeh`ghHk\h[h`^_gb_hlf_oZgbafh\Z^^bdpbb
hagZqZ_l\ha\jZlh`b\e_gb_ij_`g_cebqghklghckljmdlmjuH^gZdhd kh`Ze_gbxij_`gyy
kljmdlmjZ ^Z\rZy klZjl Z^^bdpbb qZklh m`_ h[gZjm`b\Z_l jy^ gZjmr_gbc \ lhf qbke_
ij_`^_\k_]hy\e_gb_khaZ\bkbfhklb
Dhfie_dk khaZ\bkbfhklb ij_^klZ\ey_l gh\h_ y\e_gb_ \ Z^^bdlheh]bb y\eyykv \Z`ghc
\gmlj_gg_c j_ZebaZpb_c Z^^bdlZ KhaZ\bkbfhklv ² wlh lh`_ Z^^bdpby gh [he__ ]em[hdZy b
ljm^g__ ih^^ZxsZyky dhjj_dpbb Dhjj_dpby khaZ\bkbfhklb lj_[m_l k_f_cgh]h ih^oh^Z GZ
k_]h^gyrgbc^_gv\ Jhkkbbhlkmlkl\mxlp_gljuhkms_kl\eyxsb_lZdmxdhjj_dpbx
B Z^^bdpbyb khaZ\bkbfhklvhlghkylkyd g_a^hjh\uflmibdh\uf`bag_gguffZjrjmlZf
gZghkysbf ms_j[ aZ^_j`b\Zxsbf jZa\blb_ q_eh\_dZ b mom^rZxsbf _]h a^hjh\v_
Ikboheh]bq_kdb_ baf_g_gby ijb\h^yl d lhfm qlh aZ[hlZ h k_[_ \ ieZg_ j_ZebaZpbb
[bheh]bq_kdboihlj_[ghkl_cklZgh\blkyg_ijbylgufb wg_j]h_fdbfijhp_kkhfIhwlhfmlZdb_
ebpZ g_ h[jZsZxl gZ k_[y \gbfZgb_ b g_ ex[yl ex^_c iulZxsboky gZ\yaZlv bf fg_gb_ ih
ih\h^mh[jZs_gbyd \jZqmbebikboheh]mLZdZyaZsblZk lhqdbaj_gbyZ^^bdlb\ghckljZl_]bb
jZamfgZ lZd dZd h[jZs_gby d ki_pbZebklZf lj_[mxl [hevrbo \j_f_gguo aZljZl qlh f_rZ_l
j_ZebaZpbb Z^^bdpbb Wlbf h[tykgy_lky iha^gyy h[jZsZ_fhklv \ kemqZyo gZijbf_j
khfZlbq_kdbo aZ[he_\Zgbc ?kl_kl\_ggh qlh lZdZy iha^gyy h[jZsZ_fhklv ijb\h^bl d
khdjZs_gbx `bag_ggh]h pbdeZ KhaZ\bkbfu_ ebpZ lZd`_ kebrdhf aZgylu `bagvx ^jm]h]h
q_eh\_dZ=jZgbpuf_`^mboebqghklvxb ^jm]bfq_eh\_dhfjZkl\hj_guHgb^Z`_]h\hjylh
k_[_ \h fgh`_kl\_gghf qbke_ bkihevamy f_klhbf_gb_ fu M khaZ\bkbfuo ebp e_]dh
jZa\b\Zxlky ^jm]b_ nhjfu Z^^bdpbb \ lhf qbke_ obfbq_kdb_ < wlbo kemqZyo k\yav
khaZ\bkbfh]hZ^^bdlZk ^jm]bfZ^^bdlhfkha^Z_lkbkl_fmkhZ^^bdlb\guohlghr_gbcIjbwlhf
g_h[yaZl_evghqlh[uZ^^bdpbb^\hbokh\iZ^ZebMkljZg_gb_Z^^bdpbb\u\h^blgZqbklmx
khaZ\bkbfhklv[_adhjj_dpbbdhlhjhcjbkdj_pb^b\ZZ^^bdpbbhq_gv\_ebd
KLJ:L?=BYDHJJ?DPBBKHA:<BKBFHKLB
KljZl_]bydhjj_dpbbkhaZ\bkbfhklb\dexqZ_l
H[jZs_gb_ d khagZgbx iZpb_glZ h[t_dlb\gh_ bgnhjfbjh\Zgb_ h lhf dZd
ijhbkoh^ys__ k gbf \u]ey^bl kh klhjhgu b d dZdbf ihke_^kl\byf ijb\h^bl Bgl_]jZpby
bgnhjfZpbb\ khagZgbbiZpb_glZ
Ihbkd khpbhikboheh]bq_kdbo nZdlhjh\ ijh\hpbjmxsbo jZa\blb_ khaZ\bkbfhklb
H[jZsZ_lky hkh[h_ \gbfZgb_ gZ gZebqb_ m khaZ\bkbfuo iZpb_glh\ dhfie_dkZ
g_iheghp_gghklb \h fgh]hf hij_^_eyxs_]h bo `bag_ggmx kljZl_]bx KhaZ\bkbfu_ ebpZ
kqblZxl qlh hgb fZeh qlh fh]ml qlh hgb gb ^ey dh]h g_ bgl_j_kgu qlh gZ gbo h[jZlyl
\gbfZgb_ebrvlh]^Zdh]^Zhgb[m^mlhdZau\Zlvihfhsv^jm]bf[he__keZ[ufex^yfWlbf
h[tykgy_lky \u[hj \ [jZqgu_ iZjlg_ju Z^^bdlh\ lZd dZd KhaZ\bkbfu_ ebpZ bglmblb\gh
qm\kl\mxl bo keZ[hklv b gm`^Z_fhklv \ hi_d_ BkijZ\e_gb_ wlh]h f_oZgbafZ fh`_l b^lb
lhevdhq_j_abaf_g_gb_hlghr_gbyd k_[_b jZa\blb_m\_j_gghklb
Hklhjh`gh_ba[Z\e_gb_Z^^bdlZhlgZb[he__^_kljmdlb\guof_lh^h\ikboheh]bq_kdhc
aZsblugZijbf_jhlijh_dpbc \bgu gZ^jm]bo k ihbkdhf kms_kl\Z ijh[e_fu g_ \ k_[_ Z \
kblmZpbb\ h[s_kl\_gZjZ[hl_\ k_fv_hljZpbhgZebaZpbbaZdexqZxsboky\ h[tykg_gbyo
qlh [_a Z^^bdpbb [m^_l om`_ gZijbf_j dmjx ihlhfm qlh hk\h[h`^Zx k_[y hl klj_kkZ
dhlhjuc ijb\h^bl d jZa\blbx k_jv_aguo [he_ag_c G_h[oh^bfh ih^q_jdgmlv qlh ohly
dhjj_dpby khaZ\bkbfhklb g_ihkj_^kl\_ggh k\yaZgZ k mkljZg_gb_f hljbpZgby gZebqby
ijh[e_fud wlhfmfh`ghklj_fblvkyebrvihke_kha^Zgby^eyiZpb_glZZevl_jgZlb\ugh\uo
fhlb\Zpbc ;ukljh_ g_ih^]hlh\e_ggh_ jZajmr_gb_ hljbpZgby qZklh ijb\h^bl d jZa\blbx
^_ij_kkbblj_\h]bijh\hpbjm_ljbkdkmbpb^ZbebZglbkhpbZevgh]hih\_^_gby
<ha^_ckl\b_ q_j_a khagZgb_ fh`_l [ulv mki_rguf lhevdh ijb mqZklbb ^jm]bo qe_gh\
k_fvbihgbfZgbbbfbijZ\beZkh]eZkghdhlhjhfmhgb^he`guih^jm]hfmhlghkblvky^jm]d
^jm]mb ih^jm]hfm\hkijbgbfZlv^jm]^jm]Z
Klbfmeypby \ khaZ\bkbfhf iZpb_gl_ ihablb\guo fhlb\Zpbc g_ ihemqb\rbo
^hklZlhqgh]hjZa\blbyH[jZs_gb_d ih^khagZgbxZdlb\Zpbyl\hjq_kdh]hihl_gpbZeZ
=eZ\Z :>>BDLB<GH?IH<?>?GB?
N:DLHJUKIHKH;KL<MXSB?J:A<BLBX:>>BDLB<GH=H
IH<?>?GBY
:^^bdlb\gh_ ih\_^_gb_ ih hij_^_e_gbx Dhjhe_gdh b Kb]ZeZ oZjZdl_jbam_lky
klj_fe_gb_f d moh^m hl j_Zevghklb ihkj_^kl\hf baf_g_gby k\h_]h ikbobq_kdh]h khklhygby
:dlmZevghklv bamq_gby Z^^bdlb\gh]h ih\_^_gby k\yaZgZ k wib^_fb_c jZa\blby obfbq_kdhc
aZ\bkbfhklb ho\Zlu\Zxs_c fgh]b_ kehb ihimeypbb b g_ihkj_^kl\_ggh ijb\h^ys_c d jhklm
KIB>ZF_`^ml_fihgbfZgb_f_oZgbafh\jZa\blbywlbokhklhygbcnZdlbq_kdbhlkmlkl\m_l
M [hevrbgkl\ZkdeZ^u\Z_lky\i_qZle_gb_h \hafh`ghklbj_r_gbywlhcijh[e_fuihkj_^kl\hf
bkihevah\Zgby ijhkluo kihkh[h\ aZij_lh\ gZdZaZgbc ijhiZ]Zg^bklkdbo dZfiZgbc
ijbgm^bl_evgh]he_q_gbyb ^jBaf_g_gb_hlghr_gbyh[s_kl\Zd ijh[e_f_Z^^bdpbbk\yaZgh
ij_`^_ \k_]h k \hafh`ghklvx ihemq_gby hldjulhc d\Zebnbpbjh\Zgghc bgnhjfZpbb
hljZ`Zxs_ckh\j_f_ggucmjh\_gvagZgbc
Hij_^_e_gb_ Z^^bdlb\gh]h ih\_^_gby hlghkblky dh \k_f _]h fgh]hqbke_gguf nhjfZf
Moh^ hl j_Zevghklb iml_f baf_g_gby ikbobq_kdh]h khklhygby fh`_l ijhbkoh^blv ijb
bkihevah\Zgbb jZaguo kihkh[h\ < `bagb dZ`^h]h q_eh\_dZ [u\Zxl fhf_glu k\yaZggu_ k
g_h[oh^bfhklvx baf_g_gby k\h_]h ikbobq_kdh]h khklhygby g_ mkljZb\Zxs_]h _]h \ ^Zgguc
fhf_gl Bgh]^Z g_h[oh^bfh ba[Z\blvky hl m]g_l_gghklb k[jhkblv k k_[y ikbobq_kdmx
mklZehklv hl\e_qvky hl g_ijbylguo jZafure_gbc aZklZ\b\ k_[y ihbghfm ihkfhlj_lv gZ
kh[ulb_kha^Zlvm k_[yg_h[oh^bfmxfhlb\Zpbxihqm\kl\h\ZlvkfukedZdh]hlhy\e_gby>ey
j_ZebaZpbb wlhc p_eb q_eh\_d \ujZ[Zlu\Z_l bg^b\b^mZevgu_ ih^oh^u klZgh\ysb_ky
ijb\uqdZfb kl_j_hlbiZfb Bgufb keh\Zfb we_f_glu Z^^bdlb\gh]h ih\_^_gby k\hckl\_ggu
ex[hfmq_eh\_dmmoh^ys_fmhlj_Zevghklbiml_fbaf_g_gbyk\h_]hikbobq_kdh]hkhklhygby
Ijh[e_fZ Z^^bdpbb gZqbgZ_lky lh]^Z dh]^Z klj_fe_gb_ moh^Z hl j_Zevghklb k\yaZggh_ k
baf_g_gb_f ikbobq_kdh]h khklhygby gZqbgZ_l ^hfbgbjh\Zlv \ khagZgbb klZgh\ykv
p_gljZevghc b^__c \lhj]Zxs_cky \ `bagv ijb\h^y d hlju\m hl j_Zevghklb Ijhbkoh^bl
ijhp_kk \h \j_fy dhlhjh]h q_eh\_d g_ lhevdh g_ j_rZ_l \Z`guo ^ey k_[y ijh[e_f gh b
hklZgZ\eb\Z_lky \ k\h_f ^moh\ghf jZa\blbb Wlhfm ijhp_kkm fh]ml kihkh[kl\h\Zlv
[bheh]bq_kdb_ikboheh]bq_kdb_b khpbZevgu_\ebygby
Ih^ [bheh]bq_kdbfb ij_^ihkuedZfb ih^jZamf_\Z_lky hij_^_e_gguc k\h_h[jZaguc ^ey
dZ`^h]hkihkh[j_Z]bjh\ZgbygZjZaebqgu_\ha^_ckl\bygZijbf_jgZZedh]hevAZf_q_ghqlh
ebpZbagZqZevghj_Z]bjmxsb_gZ Zedh]hev dZdgZ \_s_kl\h j_adhbaf_gyxs__ ikbobq_kdh_
khklhygb_[he__ij_^jZkiheh`_gud jZa\blbxZedh]hevghcZ^^bdpbb
D ikboheh]bq_kdbf nZdlhjZf hlghkylky ebqghklgu_ hkh[_gghklb hljZ`_gb_ \ ikbobd_
ikboheh]bq_kdboljZ\f\ jZaebqguoij_`^_\k_]h\ ^_lkdhfi_jbh^Zo`bagb
KhpbZevgu_ nZdlhju \dexqZxl dZd k_f_cgu_ lZd b \g_k_f_cgu_ \aZbfh^_ckl\by
Kms_kl\mxl lbiu \hkiblZgby dhlhju_ kha^Zxl [he__ \ukhdbc jbkd \hagbdgh\_gby
Z^^bdlb\gh]h ih\_^_gby <ebygb_ k_fvb gZ ikboheh]bq_kdh_ khklhygb_ j_[_gdZ ijhy\ey_lky
m`_ \ kZfhf jZgg_f i_jbh^_ _]h `bagb Kh]eZkgh 6XOOLYDQ fZlv hdZau\Z_l
ikboheh]bq_kdh_ \ebygb_ gZ j_[_gdZ gZ g_\_j[Zevghf [_kkeh\_kghf mjh\g_ kjZam `_ ihke_
_]h jh`^_gby Lj_\h`ghklv gZijy`_gb_ lj_\h`ghklb ih 6XOOLYDQ fZl_jb i_j_^Z_lky
j_[_gdm DZdbf h[jZahf wlh ijhbkoh^bl Z\lhj g_ kihkh[_g h[tykgblv hg hibjZ_lky gZ
g_ihkj_^kl\_ggu_ gZ[ex^_gby 6XOOLYDQ h]jZgbqb\Z_lky ij_^iheh`_gb_f qlh wlh k\yaZgh k
f_`ebqghklguf h[s_gb_f gZ wfiZlbq_kdhf mjh\g_ WfiZlby ² ikboheh]bq_kdbc l_jfbg
h[hagZqZxsbc ko\Zlu\Zgb_ hihagZgb_ wfhpbhgZevgh]h khklhygby q_eh\_dZ [_a keh\_kgh]h
hibkZgbygZbglmblb\ghfmjh\g_WfhpbhgZevgh_gZijy`_gb_lj_\h`ghklvfZl_jb_kebhgZ
ihklhyggZ beb qZklh \hagbdZ_l lZdbf h[jZahf i_j_^Z_lky j_[_gdm ebrZ_l _]h qm\kl\Z
[_ahiZkghklb \ g_ihkj_^kl\_gghf hdjm`_gbb J_[_ghd \ ]jm^ghf \hajZkl_ hq_\b^gh ebr_g
\hafh`ghklbhk\h[h^blvkyhlwlhcjZgg_clj_\h]bh[e_]qblv__<f_kl_k l_fg_h[oh^bfhklv
qm\kl\h\Zlv k_[y \ [_ahiZkghklb qj_a\uqZcgh \Z`gZ ^ey g_]h lZd dZd lj_\h]Z ijb\h^bl d
nhjfbjh\Zgbx jZaebqguo gZjmr_gbc ikbobq_kdh]h jZa\blby b nbabq_kdh]h a^hjh\vy
?^bgkl\_gguc kihkh[ kgylv lj_\h]m m j_[_gdZ aZdexqZ_lky \ mkljZg_gbb wfhpbhgZevgh]h
gZijy`_gbym kZfhcfZl_jbb ijhy\e_gbbg_`ghklbihhlghr_gbxd j_[_gdm
KhaZ\bkbfhklv [u\Z_l k\yaZgZ k ihehf qlh hljZ`Z_l ^bkdjbfbgZpbx ih iheh\hfm
ijbagZdm Ijhy\e_gby ^bkdjbfbgZpbb ih iheh\hfm ijbagZdm k_dkbaf bf_xl f_klh ^Z`_ \
gZb[he__jZa\bluokh\j_f_gguoh[s_kl\Zo PRGHUQVRFLHWLHV Khpbh^bgZfbq_kdZyikbobZljby
ijb ZgZeba_Z^^bdlb\gh]hih\_^_gbyb khaZ\bkbfhklb dZd b ^jm]boikbobq_kdbo gZjmr_gbc
mqblu\Z_l ]jmiih\mx ijbgZ^e_`ghklv iZpb_glh\ B^_glbqghklv b klbev `bagb q_eh\_dZ
h[mkeh\e_gu khpbZevghc ]jmiihc __ ^bgZfbdhc b khpbZevghc wg_j]b_c $PPRQ KhpbZevgZy wg_j]by dZd kbeZ dhlhjmx ex^b ^Zxl ^jm] ^jm]m g_h[oh^bfZ ^ey kZfhc `bagb
?keb gh\hjh`^_gguc j_[_ghd g_ ihemqbl khpbZevghc wg_j]bb hg ih]b[g_l <ebygb_
]jmiih\hc ^bgZfbdb gZqbgZ_lky m`_ \ ij_gZlZevghc nZa_ ihkj_^kl\hf k\yab j_[_gdZ k
ikbobq_kdbf khklhygb_f fZl_jb y\eyxs_cky ghkbl_evgbp_c ^bgZfbdb oZjZdl_jghc ^ey __
khpbZevghc kj_^u JZa\blb_ j_[_gdZ hdZau\Z_lky k\yaZgguf k nbabq_kdbf a^hjh\v_f fZl_jb
__ kZfhqm\kl\b_f hlghr_gb_f d [_j_f_gghklb b ^j Hkh[h_ agZq_gb_ bf__l jZggbc ihkl
gZlZevguc i_jbh^ dh]^Z j_[_ghd gZ mjh\g_ bglmbpbb \hkijbgbfZ_l hdjm`Zxsmx _]h
khpbhikboheh]bq_kdmx kblmZpbx b ij_`^_ \k_]h hlghr_gb_ d g_fm fZl_jb =jmiih\Zy
^bgZfbdZ hij_^_ey_l bg^b\b^mZevgu_ j_Zdpbb hkh[_gghklb h[s_gby nhjfbjm_l kbkl_fm
ij_^ihql_gbc HgZ ij_^klZ\ey_l kh[hc g_qlh [hevr__ q_f ijhklZy kmffZ \aZbfh^_ckl\bc b
jhe_\h]h ih\_^_gby hl^_evguo qe_gh\ ]jmiiu < ]jmiih\hc ^bgZfbd_ ijhy\ey_lky \ebygb_
ih^khagZgbyijbq_fg_lhevdhbg^b\b^mZevgh]hghb dhee_dlb\gh]h
=jmiih\Zy^bgZfbdZ \eby_l gZhkh[_gghklb \hkiblZgby \ ^_lkdhf \hajZkl_ Wlh \ebygb_
fh`_l [ulv dZd ^_kljmdlb\guf lZd b dhgkljmdlb\guf Dhgkljmdlb\gZy ^bgZfbdZ
ih^^_j`b\Z_l jZa\blb_ nhjfbjh\Zgb_ ihablb\ghc b^_glbqghklb kihkh[ghklb d
ijh^mdlb\ghfm h[s_gbx >_kljmdlb\gZy ]jmiih\Zy ^bgZfbdZ f_rZ_l jZa\blbx ijhbkoh^bl
nbdkZpbygZkljZo_\hkiblu\Z_lkyqm\kl\hklu^Zdhfie_dkZ\bgub g_iheghp_gghklb
Dhgkljmdlb\gZyb ^_kljmdlb\gZy]jmiih\u_^bgZfbdbhljZ`Zxlkh]eZkgh $PPRQ ijhy\e_gbydhgkljmdlb\ghcb ^_kljmdlb\ghckhpbZevguowg_j]bcDhgkljmdlb\gZykhpbZevgZy
wg_j]by y\ey_lky wg_j]b_c jZa\blby \aZbfhihgbfZgby khpbZevgh]h bgl_j_kZ d h[s_gbx
>_kljmdlb\gZy khpbZevgZy wg_j]by ijb\h^bl d jZajmr_gbx hgZ ijhy\ey_lky \ Z]j_kkbb
aehmihlj_[e_gbyo gZkbebb GZkbeb_ gZ^ ^_lvfb ² wlh h^bg ba ijbf_jh\ \ebygby
^_kljmdlb\ghckhpbZevghcwg_j]bb
GZijbf_j \ KR: ^bkdjbfbgZpby gZdeZ^u\Z_l hli_qZlhd gZ jZaebqby \ \hkiblZgbb
fZevqbdh\ b ^_\hq_d ij_^hij_^_eyy bo jZagu_ khpbZevgu_ jheb >_\hqdZf kh]eZkgh lZdhc
jheb f_gvr_ iha\hey_lky Ij_[u\Zgb_ ^_\hq_d ih^ [hevrbf khpbZevguf dhgljhe_f
ijb\h^bl d jZa\blbx m gbo lZdbo q_jl oZjZdl_jZ dZd ih^qbgy_fhklv aZ\bkbfhklv b
iZkkb\ghklvqlhkihkh[kl\m_l[he__qZklhfmjZa\blbxm gbojZkkljhckl\deZkl_jZK ih '60
,9 Bf_ggh ihwlhfm \ KR: [hevrh_ jZkijhkljZg_gb_ ihemqbeh ^\b`_gb_ aZ jZa\blb_
Zkk_jlb\gh]h ih\_^_gby dZd dhfi_gkZpbb q_jl ijb\bluo \ j_amevlZl_ k_dkbafZ
Ih^l\_j`^_gb_fwlh]hnZdlZy\ey_lkykms_kl\h\Zgb_\ KR:rdhe^eyh[mq_gbyZkk_jlb\ghfm
ih\_^_gbxqbkeh`_gsbg\ dhlhjuo [hevr_q_fqbkehfm`qbgWlhk\b^_l_evkl\m_lh lhf
qlh^ey`_gsbgwlbijh[e_fubf_xl[hevr__agZq_gb_
< Jhkkbb lZd`_ kms_kl\m_l ^bkdjbfbgZpby ih iheh\hfm ijbagZdm \ujZ`ZxsZyky
gZijbf_j\ lhfqlhh[s_kl\hf_g__lhe_jZglghd aehmihlj_[e_gbxZedh]hey`_gsbgZfbih
kjZ\g_gbxk fm`qbgZfbLhqlhjZaj_rZ_lkyfm`qbgZfg_jZaj_rZ_lky`_gsbgZfIhwlhfm
fm`qbg_ hlghkys_fm k_[y d wlhc dZl_]hjbb e_]q_ h[jZlblvky aZ f_^bpbgkdhc ihfhsvx
Rbjhdh jZkijhkljZg_gguc \ [u\r_f KKKJ l_abk h [hevr_c aehdZq_kl\_gghklb `_gkdh]h
Zedh]hebafZ ghkbe y\gh ^bkdjbfbgZpbhgguc oZjZdl_j b y\gh g_ khhl\_lkl\h\Ze
^_ckl\bl_evghklb lZd dZd hkgh\u\Zeky gZ ZgZeba_ ^Ze_dh aZr_^rbo kemqZ_\ iZlheh]bb qlh
hljZ`Zehiha^gxxh[jZsZ_fhklv`_gsbg
AZ fh^_jgbaZpbx h[s_kl\h ieZlbl ihy\e_gb_f klj_kkh\uo b ^jm]bo jZkkljhckl\
Fgh]hjZ[hlZxsb_ `_gsbgu gZoh^ykv ih^ \ebygb_f fgh`_kl\Z ikboheh]bq_kdbo nZdlhjh\
ih^\_j]Zxl k_[y jbkdm jZa\blby g_dhlhjuo nhjf Z^^bdlb\gh]h ih\_^_gby \ [hevr_c q_f
jZgvr_ kl_i_gb G_dhlhju_ Z\lhju \u^_eyxl hkh[mx nhjfm Zedh]hebafZ m `_gsbg
aZgbfZxsbo\ukhdb_jmdh\h^ysb_ihkluGhg_ke_^m_laZ[u\Zlvb hlhfqlhgZjy^mk wlbf
kms_kl\m_lb kdjuluc^hfZrgbc`_gkdbcZedh]hebaf
Ih^ khpbZevgufb nZdlhjZfb \ebyxsbfb gZ jZa\blb_ Z^^bdlb\gh]h ih\_^_gby
ihgbfZxlky ^_abgl_]jZpby h[s_kl\Z b gZjZklZgb_ baf_g_gbc k g_\hafh`ghklvx d gbf
k\h_\j_f_gghZ^Zilbjh\Zlvky
<hagbdgh\_gbx Z^^bdpbc kihkh[kl\m_l b lZdhc nZdlhj dZd g_\hafh`ghklv mklZgh\blv
q_ldb_ ]jZgbpu f_`^m qe_gZfb k_fvb qlh ijb\h^bl d jZkieu\qZlhklb b g_agZgbx djm]Z
h[yaZgghkl_c aZ dhlhju_ hl\_qZ_l dZ`^uc ba __ qe_gh\ Wlh ijb\h^bl d moh^m hl
hl\_lkl\_gghklb b ijh_dpbb __ gZ ^jm]h]h qe_gZ k_fvb \hkijbgbfZxs_]h ijh_dpbx dZd
jmdh\h^kl\h d ^_ckl\bx k ijbgylb_f gZ k_[y k\_johl\_lkl\_gghklb ?keb qe_g k_fvb g_ \
khklhygbb kijZ\blvky k wlhc hl\_lkl\_gghklvx hg bkiulu\Z_l qm\kl\h \bgu hl dhlhjh]h
klj_fblkyba[Z\blvkyZ^^bdlb\gufh[jZahf
;hevrh_ agZq_gb_ \ \hagbdgh\_gbb Z^^bdpbc bf__l lZdhc nZdlhj dZd ikboheh]bq_kdb_
ljZ\fu ^_lkdh]h \hajZklZ b gZkbeb_ gZ^ ^_lvfb hlkmlkl\b_ aZ[hlu k ij_^hklZ\e_gb_f ^_l_c
kZfbok_[_
Bkke_^h\Zgbyfb mklZgh\e_gh qlh \ kljmdlmj_ k_f_c kihkh[kl\mxsbo jZa\blbx
Z^^bdlb\gh]h ih\_^_gby gZ[ex^Z_lky hkh[Zy ikboheh]bq_kdZy h[klZgh\dZ d dhlhjhc
jZa\b\Z_lkyijb\udZgb_dZdd obfbq_kdhfm\_s_kl\mDZd[uiZjZ^hdkZevgh wlhgb a\mqZeh
lZdb_ ex^b g_ \b^yl ^ey k_[y \hafh`ghklb baf_gblv wlm h[klZgh\dm \hkijbgbfZy __ dZd
_^bgkl\_ggh \hafh`guc ^ey gbo \ZjbZgl ij_^eh`_gguc `bagvx Ihwlhfm hgb h[t_dlb\gh
^_eZxl\k_^eylh]hqlh[ukhojZgblvk_[ygZclbkihkh[kms_kl\h\Zgby\ wlhch[klZgh\d_b \
^Zevg_cr_fih\lhjblv__ \mkeh\byogh\hck_fvb
F_oZgbaf moh^Z hl j_Zevghklb \u]eZ^bl ke_^mxsbf h[jZahf <u[jZgguc q_eh\_dhf
kihkh[ ih^_ckl\h\Ze ihgjZ\beky b aZnbdkbjh\Zeky \ khagZgbb dZd gZdhg_plh gZc^_ggh_
^_ckl\mxs__ kj_^kl\h h[_ki_qb\Zxs__ ohjhr__ khklhygb_ :gZeh]bqgh]h khklhygby fh`gh
^hklbqv k ihfhsvx ihemq_gby wfhpbhgZevghc ih^^_j`db hl ^jm]h]h q_eh\_dZ H^gZdh wlhl
^jm]hcq_eh\_dihjhc[u\Z_lg_ij_^kdZam_fb haZ[hq_gk\hbfbkh[kl\_ggufbijh[e_fZfbD
lhfm `_ q_eh\_dm g_ \k_]^Z ohq_lky hkeh`gylv `bagv ^jm]bf ex^yf K wlbf k\yaZg we_f_gl
ij_^ihql_gbyijb\e_dZl_evghklbb kh[eZagZ\u[jZggh]hkihkh[Zbaf_g_gbyk\h_]hkhklhygby
dhlhjuc q_eh\_d gZqbgZ_l \k_ [he__ qZklh ih\lhjylv Ih\lhj_gby ijb\h^yl d kgb`_gbx
i_j_ghkbfhklb njmkljZpbc < ^Zevg_cr_f \klj_qZ k ljm^ghklyfb lj_[mxsbfb ijbgylby
j_r_gby Z\lhfZlbq_kdb aZf_gy_lky ijbylguf moh^hf hl ijh[e_fu k i_j_ghkhf __ j_r_gby
gZaZ\ljZIhkl_i_ggh\he_\u_mkbebykgb`ZxlkylZddZdZ^^bdlb\gu_j_ZebaZpbb[vxlih
\he_\uf nmgdpbyf kihkh[kl\my \u[hjm lZdlbdb gZbf_gvr_]h khijhlb\e_gby Kgb`_gb_
i_j_ghkbfhklb ljm^ghkl_c moh^ hl bo ij_h^he_gby ijb\h^bl d gZdhie_gbx g_j_r_gguo
ijh[e_fGZwlhfnhg_gZqbgZ_lkynhjfbjh\Zgb_ebqghklguobaf_g_gbcIhy\ey_lky^\hcgZy
`bagvkhklhysZybaij_`g_cghjfZevghc`bagbb `bagbk Z^^bdlb\gufbj_ZebaZpbyfb
:^^bdlb\gZyj_ZebaZpbyfgh]bfbihgbfZ_lkymijhs_gghdZdijb_f\_s_kl\Zbeb^jm]h_
Z^^bdlb\gh_ ^_ckl\b_ Fgh]b_ ki_pbZebklu g_ ^Zxl k_[_ hlq_lZ \ lhf qlh j_ZebaZpby
\dexqZ_l\ k_[y_s_b fukebh khklhygbbmoh^Zhlj_Zevghklbh \hafh`ghklbb kihkh[__]h
^hklb`_gby J_ZebaZpbb jZa^mfvy nZglZabb gZ Z^^bdlb\gmx l_fm aZgbfZxl [hevrh_
dhebq_kl\h \j_f_gb b wg_j]bb LZdh_ khkms_kl\h\Zgb_ ^\mo klbe_c `bagb \ h^ghf q_eh\_d_
ijb\h^bl d baf_g_gbyf mklZgh\hd fhlb\Zpbc b kbkl_f p_gghkl_c :^^bdlb\gh_ ih\_^_gb_
f_gy_l \gmljbk_f_cgu_ hlghr_gby k [ebadbfb ex^vfb K\_joaZgylhklv Z^^bdlb\gufb
j_ZebaZpbyfb f_rZ_l \gmljbk_f_cghc aZ^_ckl\h\Zgghklb ^_eZ_l g_\hafh`ghc k_f_cgmx
ih^^_j`dm \aZbfgh_ mqZklb_ IZkkb\ghklv Z^^bdlZ ijhy\ey_lky ij_`^_ \k_]h \ k_fv_ \
dhlhjhchgwfhpbhgZevghbahebjm_lk_[y<g_rg_q_eh\_dhklZ_lkylZdbf`_gh\gmljbg_]h
`b\_l m`_ ^jm]Zy Z^^bdlb\gZy ebqghklv kh k\h_c Z^^bdlb\ghc eh]bdhc Z^^bdlb\gufb
wfhpbyfb Z^^bdlb\ghc kbkl_fhc p_gghkl_c Z^^bdlb\ghc ikboheh]bq_kdhc aZsblhc <
lhgdhklb ikboheh]bq_kdbo f_oZgbafh\ Z^^bdl g_ ihk\ysZ_l g_ lhevdh ^jm]bo gh b kZf
klZjZ_lky g_ ^mfZlv b g_ ZgZebabjh\Zlv bo LZdhc q_eh\_d \ k\hbo \ukdZau\Zgbyo
h]jZgbqb\Z_lkyh[sbfbiheh`_gbyfblbiZY ^_eZxdZd\k_LZdh\Z`bagvDh]^Zgb[m^v\k_
[m^_lih^jm]hfm
DE:KKBNBD:PBY:>>BDPBC
Kms_kl\mxlobfbq_kdb_b g_obfbq_kdb_nhjfuZ^^bdpbcD g_obfbq_kdbfhlghkylky\
qZklghklb ZaZjlgu_ b]ju ]wf[ebg] k_dkmZevgZy ex[h\gZy Z^^bdpbc Z^^bdpby hlghr_gbc
jZ[hlh]hevgZy Z^^bdpby Z^^bdpbyd ljZl_ ^_g_] mj]_glgu_ Z^^bdpbc Ijhf_`mlhqgh_ f_klh
f_`^m obfbq_kdbfb b g_obfbq_kdbfb Z^^bdpbyfb aZgbfZ_l Z^^bdpby d _^_ i_j__^Zgb_ b
]heh^Zgb_lZddZdijbwlhcnhjf_Z^^bdpbcaZ^_ckl\mxlkyg_ihkj_^kl\_ggh[bhobfbq_kdb_
f_oZgbafuBa\ur_i_j_qbke_gguo^\Zl_jfbgZ ² Z^^bdpbyhlghr_gbcb mj]_glgZyZ^^bdpby
² lj_[mxlihykg_gby
:^^bdpby hlghr_gbc oZjZdl_jbam_lky ijb\uqdhc q_eh\_dZ d hij_^_e_gghfm lbim
hlghr_gbc :^^bdlu hlghr_gbc kha^Zxl gZijbf_j ]jmiim ih bgl_j_kZf Qe_gu wlhc
]jmiiuihklhygghb km^h\hevkl\b_foh^yl^jm]d ^jm]m\ ]hklb]^_ijh\h^ylfgh]h\j_f_gb
@bagvf_`^m\klj_qZfbkhijh\h`^Z_lkyihklhyggufbfukeyfbh ij_^klhys_c\klj_q_
Mj]_glgZyZ^^bdpbyijhy\ey_lky\ ijb\uqd_gZoh^blvky\ khklhygbbihklhygghcg_o\Zldb
\j_f_gb Ij_[u\Zgb_ \ dZdhflh bghf khklhygbb kihkh[kl\m_l jZa\blbx m q_eh\_dZ qm\kl\Z
hlqZygbyb ^bkdhfnhjlZ
G?OBFBQ?KDB?:>>BDPBB
:aZjlgu_b]ju
:^^bdlb\gu_jZkkljhckl\Zemqr_bamqZlvgZijbf_jZoZ^^bdpbbg_k\yaZgguok ijb_fhf
obfbq_kdbo\_s_kl\dhlhju_hdZau\Zxllhdkbq_kdh_\ha^_ckl\b_gZhj]Zgbafq_eh\_dZb l_f
kZfufhkeh`gyxlihgbfZgb_hkgh\guof_oZgbafh\Z^^bdpbb\ qbklhf\b^_
:aZjlgu_ b]ju ]wf[ebg] hlghkylky d Z^^bdpbb g_ k\yaZgghc k ijb_fhf dZdbolh
\_s_kl\baf_gyxsboikbobq_kdh_khklhygb_
Kh]eZkgh Zf_jbdZgkdhfm ^bZ]ghklbq_kdhfm b klZlbklbq_kdhfm jmdh\h^kl\m ih
deZkkbnbdZpbb ikbobq_kdbo jZkkljhckl\ '60,,,5 hkgh\ghc q_jlhc iZlheh]bq_kdh]h
]wf[ebg]Zy\ey_lkyojhgbq_kdZyb ijh]j_kkbjmxsZyg_kihkh[ghklvkhijhlb\eylvky`_eZgbx
mqZkl\h\Zlv\ ZaZjlguob]jZob mqZklb_\ ZaZjlguob]jZodhlhjh_dhfijhf_lbjm_ljZajmrZ_l
bebih\j_`^Z_lebqgu_k_f_cgu_bebijhn_kkbhgZevgu_bgl_j_kuMqZklb_\ ZaZjlguob]jZo
klj_fe_gb_ d g_fm b Zdlb\ghklv \ wlhf gZijZ\e_gbb mkbeb\Zxlky \ i_jbh^u klj_kkZ
Ijh[e_fu\hagbdZxsb_dZdj_amevlZl]wf[ebg]Z\_^mld bgl_gkbnbdZpbbmqZklby\ ZaZjlguo
b]jZoH[jZsZ_lky\gbfZgb_gZgZb[he__qZklu_ijh[e_fuk\yaZggu_k mqZklb_f\ ZaZjlguo
b]jZoD gbfhlghkylkyij_`^_\k_]hojhgbq_kdb_^he]bg_\uiheg_gb_^he]h\uoh[yaZl_evkl\
b ^jm]b_\b^unbgZgkh\hc[_ahl\_lkl\_gghklbOZjZdl_jgugZjmr_ggu_k_f_cgu_hlghr_gby
g_^h[jhkh\_klgh_ hlghr_gb_ d jZ[hl_ jZaebqgh]h jh^Z ijhlb\haZdhggu_ ^_ckl\by k p_evx
ihemqblv^_gv]b^eyjZkq_lZk ^he]Zfb
< ihke_^g__\j_fyijh[e_fZZaZjlguob]jijbh[j_eZbkdexqbl_evgh[hevr__agZq_gb_\
k\yabk \dexq_gb_f\ __kn_jm\k_[he__jZkijhkljZgyxsboky^_g_`guob]jh\uoZ\lhfZlh\b
ih\k_f_klgh]h hldjulby dZabgh JZaghh[jZagh_ ijb\e_dZxs__ \gbfZgb_ k\hbf djZkb\uf
\b^hf f_evdZxsbfb h]hgvdZfb ijbylgufb Zdmklbq_kdbfb wnn_dlZfb h[hjm^h\Zgb_
hdZau\Z_l kbevgh_ km]]_klb\gh_ \ebygb_ gZ fgh]bo ex^_c Bf__l g_fZeh\Z`gh_ agZq_gb_
lZd`_ dZ`msZyky e_]dhc \hafh`ghklv \ub]jZlv agZqbl_evgmx kmffm ^_g_] \ l_q_gb_ hq_gv
dhjhldh]h \j_f_gb B]jh\u_ Z\lhfZlu qj_a\uqZcgh rbjhdh jZkijhkljZgbebkv \h fgh]bo
kljZgZomki_rgh\ul_kgyy^jm]b_\b^ujZa\e_q_gbcLZdgZijbf_jm`_\ dhgp_o ]h^h\\
<_ebdh[jblZgbb hkh[_ggh \ g_[hevrbo ]hjh^Zo \hagbdeZ ijh[e_fZ gbadhc ihk_sZ_fhklb
dbghl_Zljh\\iehlv^hg_h[oh^bfhklbboaZdjulbyaZkq_l\hajZklZxs_cihimeyjghklbaZeh\
b]jh\uoZ\lhfZlh\< KR:ih^Zgguf &RQUDG dhebq_kl\hijh[e_fguo]wf[e_jh\ ²
Z^^bdlb\guob]jhdh\gZklhevdh aZ\bkbfuo hlb]jh\uoZ\lhfZlh\ qlh bo `bagv hdZau\ZeZkv
iheghklvx ih^qbg_gghc wlhc kljZklb dhe_[Zehkv hl ^h feg < k\yab k wlbf fgh]b_
Zf_jbdZgkdb_ bkke_^h\Zl_eb kqblZxl ZaZjlgu_ b]ju k_jv_aghc khpbZevghc ijh[e_fhc
ij_^klZ\eyxs_cm]jham^eyqZklbgZk_e_gbyIjh[e_fZmkm]m[ey_lkyl_fqlh\ ijhp_kk_b]ju
\ jy^_ kemqZ_\ \hagbdZxl jZkkeZ[e_gb_ kgylb_ wfhpbhgZevgh]h gZijy`_gby hl\e_q_gb_ hl
g_ijbylguo ijh[e_f b b]jZ jZkkfZljb\Z_lky dZd ijbylgh_ ijh\_^_gb_ \j_f_gb Ih wlhfm
f_oZgbafmihkl_i_gghgZklmiZ_l\ly]b\Zgb_b jZa\b\Z_lkyaZ\bkbfhklv
P I Dhjhe_gdh b L : >hgkdbo \u^_eyxl jy^ ijbagZdh\ oZjZdl_jguo ^ey
ZaZjlguob]jdZdh^gh]hba\b^h\Z^^bdlb\gh]hih\_^_gbyD gbfhlghkylkyke_^mxsb_
IhklhyggZy\h\e_q_gghklvm\_ebq_gb_\j_f_gbijh\h^bfh]h\ kblmZpbbb]ju
Baf_g_gb_ djm]Z bgl_j_kh\ \ul_kg_gb_ ij_`gbo fhlb\Zpbc b]jh\hc ihklhyggu_
fukebh[b]j_ij_h[eZ^Zgb_\ \hh[jZ`_gbbkblmZpbck\yaZgguok b]jh\ufbdhf[bgZpbyfb
Ihl_jy dhgljhey \ujZ`ZxsZyky \ g_kihkh[ghklb ij_djZlblv b]jm dZd ihke_
[hevrh]h\ub]jurZlZdb ihke_ihklhygguoijhb]jur_c
Khklhygbyikboheh]bq_kdh]h^bkdhfnhjlZjZa^jZ`_gby[_kihdhckl\ZjZa\b\Zxsb_ky
q_j_a kjZ\gbl_evgh dhjhldb_ ijhf_`mldb \j_f_gb ihke_ hq_j_^gh]h mqZklby \ b]j_ k
ljm^ghij_h^hebfuf `_eZgb_f kgh\Z ijbklmiblv d b]j_ LZdb_ khklhygby ih jy^m ijbagZdh\
gZihfbgZxl khklhygby Z[klbg_gpbb m gZjdhfZgh\ hgb khijh\h`^Zxlky ]heh\ghc [hevx
gZjmr_gb_f kgZ [_kihdhckl\hf kgb`_gguf gZkljh_gb_f gZjmr_gb_f dhgp_gljZpbb
\gbfZgby
OZjZdl_jgh ihkl_i_ggh_ m\_ebq_gb_ qZklhlu mqZklby \ b]j_ klj_fe_gb_ dh \k_ [he__
\ukhdhfmjbkdm
I_jbh^bq_kdb \hagbdZxl khklhygby gZijy`_gby khijh\h`^Zxsb_ky b]jh\uf
^jZc\hf\k_ij_h^he_\Zxsbfklj_fe_gb_fgZclb\hafh`ghklvmqZklby\ ZaZjlghcb]j_
;ukljhgZjZklZxs__kgb`_gb_kihkh[ghklbkhijhlb\eylvkykh[eZagmqlh\ujZ`Z_lky\
lhf qlh ebpZ j_rb\rb_ jZa b gZ\k_]^Z ihdhgqblv k b]jZfb ijb fZe_cr_c ijh\hdZpbb
\klj_qZkhklZjufbagZdhfufbihb]j_jZa]h\hjgZwlml_fmmqZklb_\ h[uqghcg_ZaZjlghc
b]j_b ^jdZdijZ\beh\hah[gh\eyxlmqZklb_\ ZaZjlguob]jZo
Ke_^m_llZd`_ih^q_jdgmlvqlhebpZmqZkl\mxsb_\ ZaZjlguob]jZokjZ\gbl_evghqZklh
aehmihlj_[eyxlZedh]he_fZ lZd`_ijb[_]Zxld mihlj_[e_gbxgZjdhlbq_kdboij_iZjZlh\l_
\dexqZxlky\ dhf[bgbjh\Zggu_nhjfuZ^^bdlb\gh]hih\_^_gby>eygbo^hklZlhqghlbibqgu
lZd`_ j_adh_ gZjmr_gb_ f_`ebqghklguo hlghr_gbc k_f_cgu_ dhgnebdlu jZa\h^u
[_ahl\_lkl\_gghklv gZjmr_gb_ ljm^h\hc b ijhba\h^kl\_gghc ^bkpbiebgu qZklZy kf_gZ
jZ[hlukh\_jr_gb_ijyfuogZjmr_gbcaZdhgZ
Ikboheh]bq_kdbc ZgZeba ebqghklguo hkh[_gghkl_c `_gsbg k ij_bfms_kl\_ggh
Z^^bdlb\guf ih\_^_gb_f [_a \ujZ`_gguo ZglbkhpbZevguo ijhy\e_gbc Zdlb\gh
mqZkl\mxsbo \ ZaZjlguo b]jZo iha\hebe Z\lhjZf mklZgh\blv g_dhlhju_ h[sb_
aZdhghf_jghklb k\hckl\_ggu_ ^Zgghc ]jmii_ < ^_lkdhf \hajZkl_ m gbo ijhy\eyeZkv
\ujZ`_ggZy wdkljZ\_jlbjh\Zgghklv hldjulhklv klj_fe_gb_ d h[s_gbx hlkmlkl\b_ qm\kl\Z
kl_kg_gby\ g_ijb\uqghch[klZgh\d_b ijb\klj_q_k g_agZdhfufbex^vfbZdlb\gucbgl_j_k
d hdjm`Zxs_fm g_ihkj_^kl\_gghklv M ^_l_c [ueh jZa\blh \hh[jZ`_gb_ bf_eZ f_klh
kdehgghklv d nZglZabjh\Zgbx gZ l_fu h k\h_c g_h[uqghklb ij_\hkoh^kl\_ gZ^ ^jm]bfb
ba[jZgghklb Hgb hq_gv jZgh gZqbgZeb \_jblv qlh \ `bagb bf ^he`gh ih\_alb ^he`_g
\ujmqblvkemqZcdhlhjucihfh`_l\uclbbaex[h]hiheh`_gby\k_baf_gbld emqr_fm
M`_ \ ^_lkdhf \hajZkl_ ijhy\behkv hlq_leb\h_ klj_fe_gb_ d mqZklbx \ b]jZo lbiZ
^hfbghehlhdZjlu\ jy^_kemqZ_\ ² fhghihebb\ dhlhju_hgbb]jZebk ^jm]bfb^_lvfbb
bgh]^Z kh \ajhkeufb aZqZklmx b]ju aZly]b\Zebkv gZ g_kdhevdh qZkh\ < ^Zevg_cr_f d
\ur_mihfygmluf ijbkh_^bgyebkv b]ju lj_[mxsb_ ^hklZlhqguo bgl_ee_dlmZevguo mkbebc
[he__keh`gu_dZjlhqgu_b]jufZkl_jfZcg^b ^j
< ijhp_kk_ h[mq_gby beb ihke_ hdhgqZgby mq_[guo aZ\_^_gbc m [hevrbgkl\Z ba gbo
gZklmiZehjZahqZjh\Zgb_\ \u[hj_ijhn_kkbbdZjv_j_Hgb[uebg_^h\hevgub k\h_cebqghc
`bagvx`Zeh\ZebkvgZkdmdmhlkmlkl\b_bgl_j_kZd `bagbK_f_cgZy`bagvg_kdeZ^u\ZeZkv
hgb beb g_ \uoh^beb aZfm` beb jZa\h^bebkv qlh [ueh k\yaZgh k g_khhl\_lkl\b_f
ba[jZggbdh\b^_Zevghfmh[jZamb hljbpZl_evgufhlghr_gb_fdh\kydbf^hfZrgbfaZgylbyf
\_^_gbx ohayckl\Z ijb]hlh\e_gbx _^u klbjd_ m[hjd_ b l ^ MqZklb_ \ ZaZjlguo b]jZo
gZqbgZehkv \ dhfiZgbb ih^jm] agZdhfuo ih mq_[_ dhlhju_ bf_eb ih^h[gu_ `_ ijh[e_fu
Ij_h[eZ^Zeb b]ju \ dZjlu \ \_q_jg__ \j_fy B]jZ qZklh khijh\h`^ZeZkv mihlj_[e_gb_f
Zedh]hey\ kjZ\gbl_evghg_[hevrbo^haZoqlh[uhivyg_gb_g_^hklb]ehkl_i_gbf_rZxs_c
mqZklbx\ g_c<gZqZe_b]jZeb^eybgl_j_kZg_gZ^_gv]bihlhf ² gZg_[hevrb_kmffu
\ ^Zevg_cr_f klZ\db fh]eb klZgh\blvky [he__ \ukhdbfb h^gZdh g_ ^hoh^beb ^h jZaf_jh\
m]jh`Zxsbo fZl_jbZevghfm [eZ]hihemqbx Ihkl_i_ggh wlhl klbev `bagb klZgh\beky
ijb\uqguf \_q_jgyy b]jZ [ueZ bgl_j_kg__ ijhkfhljZ nbevfZ l_ZljZevghc ihklZgh\db ;_a
b]ju \hagbdZeh hsms_gb_ ikboheh]bq_kdh]h \ZdmmfZ imklhlu q_]hlh g_ o\ZlZeh Ljm^gh
[uehaZklZ\blvk_[yq_fgb[m^vaZgylvky<hagbdZehjZa^jZ`_gb_fh]ehihy\blvkyklj_fe_gb_
d Zedh]hexk p_evxjZkkeZ[blvkyAZ\bkbfhklvhlb]juhdZau\ZeZkvgZklhevdh\ujZ`_gghc
qlh\ebyeZgZfgh]b_`bag_ggh\Z`gu_j_r_gbygZijbf_jf_rZeZi_j__a^m\ ^jm]hc]hjh^\
k\yabk __kljZohfihl_jylvk\hxdhfiZgbxijb\h^beZd jZaju\mhlghr_gbck fm`qbgZfb
_kebhgbf_rZebmqZklbx\ b]j_
< kemqZyo mqZklby \ ZaZjlguo b]jZo [u\Z_l ^h\hevgh ljm^gh hij_^_eblv gZqZeh
klZgh\e_gbyZ^^bdlb\gh]hijhp_kkZlZddZdZ^^bdpbyjZa\b\Z_lkyihkl_i_gghbkih^\hevb d
g_ciheghklvxhlkmlkl\m_ldjblbq_kdh_hlghr_gb_
< gZklhys__ \j_fy ij_^klZ\ey_lky \hafh`guf \u^_eblv g_dhlhju_ ij_^jZkiheZ]Zxsb_
nZdlhjukha^Zxsb_ih\ur_ggucjbkdjZa\blbywlhcnhjfuZ^^bdlb\gh]hih\_^_gbyD gbf
hlghkylkyg_ijZ\bevgh_\hkiblZgb_\ k_fv_\dexqZy_]hjZaebqgu_\ZjbZglug_^hklZlhqgmx
hi_dm g_ihklhygkl\h b g_ijh]ghabjm_fhklv hlghr_gbc qj_af_jgmx lj_[h\Zl_evghklv
khq_lZ_fmx k `_klhdhklvx mklZgh\db gZ ij_klb`ghklv ;hevrh_ agZq_gb_ bf_xl mqZklb_ \
b]jZo jh^bl_e_c agZdhfuo qZklu_ b]ju \ ^hfZrg_c h[klZgh\d_ gZ ]eZaZo m j_[_gdZ beb
ih^jhkldZ Bf_xlky^Zggu_ h lhf qlh [eZ]hijbylgmx ihq\m ^ey jZa\blby b]jh\hcZ^^bdpbb
kha^Z_l\_sbafi_j_hp_gdZagZq_gbyfZl_jbZevguo[eZ]nbdkbjh\Zgb_\gbfZgby\ k_fv_gZ
nbgZgkh\uo \hafh`ghklyo b aZljm^g_gbyo aZ\bklv d [he__ [h]Zluf jh^kl\_ggbdZf beb
agZdhfufm[_`^_gb_\ lhfqlh\k_ijh[e_fu\ `bagbk\yaZgulhevdhk hlkmlkl\b_f^_g_]
< aZdexq_gb_ hlf_lbf qlh ZaZjlgu_ b]ju k ihy\e_gb_f bo bg^mkljbb \ kh\j_f_gguo
mkeh\byoklZebdZq_kl\_gghgh\ufy\e_gb_fKms_kl\m_l[hevrh_jZaghh[jZab_b]jklZ\rbo
^_fhdjZlbqgufb b ^hklmigufb ijZdlbq_kdb ^ey dZ`^h]h q_eh\_dZ :^^bdpby d b]j_
gZqbgZ_lky lh]^Z dh]^Z ihke_ mqZklby \ g_c q_eh\_d ijh^he`Z_l k [hevrbf ihklhygkl\hf
^mfZlvh[b]j_b klj_fblkykgh\ZmqZkl\h\Zlv\ g_c< k\yabk \hklhj`_gghklvxhgihgZqZem
jZkkdZau\Z_l h[ wlhf ijb]eZrZ_l ihk_lblv wlh ^_ckl\h Ihkl_i_ggh wlhl kihkh[ ijh\_^_gby
\j_f_gb \k_ [he__ qZklh ih\lhjy_lky klZgh\ykv g_ kZfuf emqrbf kihkh[hf ijh\_^_gby
\j_f_gb ij_^ihqblZ_fuf \k_f ^jm]bf l_f kZfuf hdZau\Zy gZ q_eh\_dZ ^_kljmdlb\gh_
\ebygb_
Ex[h\gu_Z^^bdpbbb Z^^bdpbbba[_]Zgby
Kms_kl\m_l ljb \b^Z Z^^bdpbb khijbdZkZxsboky ^jm] k ^jm]hf d gbf hlghkylky
ex[h\gu_ k_dkmZevgu_ Z^^bdpbb b Z^^bdpbb ba[_]Zgby :gZeba ebp ij_^jZkiheh`_gguo d
\hagbdgh\_gbxlj_o\ur_i_j_qbke_gguoZ^^bdpbbihdZau\Z_lgZebqb_m wlboex^_cijh[e_f
k kZfhhp_gdhc Z^_d\Zlguc mjh\_gv dhlhjhc ^ey k_[y hgb g_ fh]ml mklZgh\blv Hgb g_
h[eZ^Zxl kihkh[ghklvx ex[blv k_[y bf_xl ljm^ghklb \ mklZgh\e_gbb nmgdpbhgZevguo
]jZgbp f_`^m kh[hc b ^jm]bfb ex^vfb Wlb ex^b g_ fh]ml hsmlblv ]jZgbpu k\h_]h Y \
k\yab k wlbf m gbo hlkmlkl\m_l b kihkh[ghklv d j_Zevghc hp_gd_ hdjm`Zxsbo Bf ijbkmsb
ijh[e_fuk mf_j_gghklvx\ ih\_^_gbb\ ijhy\e_gbbqm\kl\\ j_ZebaZpbbZdlb\ghkl_cb l^
LZdbf ex^yf k\hckl\_ggu ijh[e_fu dhgljhey ijb dhlhjuo hgb iha\heyxl ^jm]bf
dhgljhebjh\Zlv k_[y beb iulZxlky dhgljhebjh\Zlv ^jm]bo OZjZdl_jgu gZ\yaqb\hklv \
ih\_^_gbb\ wfhpbyolj_\h`ghklvg_m\_j_gghklv\ k_[_bfimevkb\ghklvgZkbevkl\_gghklv\
^_ckl\byo ijh[e_fu k ^moh\ghklvx Hgb kha^Zxl ^ey k_[y b^heh\ gZ^_e_gguo \ukr_c
kbehc beb klZjZxlky kZfb b]jZlv jhev wlhc kbeu ih hlghr_gbx d ^jm]hfm q_eh\_dm Bf
k\hckl\_gguljm^ghklb\ \ujZ`_gbbk\hbobglbfguoqm\kl\
Ex[h\gZy Z^^bdpby ² wlh Z^^bdpby hlghr_gbc k nbdkZpb_c gZ ^jm]hf q_eh\_d_ ^ey
dhlhjhcoZjZdl_jguhlghr_gby\hagbdZxsb_f_`^m^\mfyZ^^bdlZfbIhwlhfmhlghr_gby\
dhlhju_\klmiZ_lex[h\gucZ^^bdlgZau\ZxlkykhZ^^bdlb\gufbGZb[he__lbibqguf^eygbo
\ZjbZglhfy\eyxlkyhlghr_gbyex[h\gh]hZ^^bdlZk Z^^bdlhfba[_]Zgby
KhZ^^bdlb\gu_ hlghr_gby f_`^m ^\mfy Z^^bdlZfb hkgh\Zgu gZ g_a^hjh\uo wfhpbyo
L_jfbg a^hjh\u_ ih^jZamf_\Z_l jZagu_ wfhpbhgZevgu_ j_Zdpbb k rbjhdhc
ij_^klZ\e_gghklvx wfhpbc Ijb khZ^^bdlb\guo hlghr_gbyo gZ i_j\uc ieZg \uklmiZ_l
bgl_gkb\ghklv wfhpbc b bo wdklj_fZevghklv dZd \ iheh`bl_evghf lZd b \ hljbpZl_evghf
hlghr_gbb Wlb hlghr_gby fh]ml \hagbdZlv gZijbf_j f_`^m fm`_f b `_ghc f_`^m
jh^bl_eyfb b j_[_gdhf f_`^m ^jmavyfb f_`^m ijhn_kkbhgZehf b deb_glhf f_`^m j_Zevgh
kms_kl\mxsbf q_eh\_dhf b ihimeyjghc khpbZevghc nb]mjhc k dhlhjhc m q_eh\_dZ g_ [ueh
ebqguodhglZdlh\
Hkgh\gu_oZjZdl_jbklbdbex[h\guoZ^^bdpbb
Ex[h\guc Z^^bdl \ ijhp_kk_ Z^^bdpbb m^_ey_l g_ijhihjpbhgZevgh [hevrh_
dhebq_kl\h\j_f_gbb \gbfZgbyq_eh\_dmd dhlhjhfmm g_]h\hagbdeZZ^^bdpbyWlhlijhp_kk
\gbfZgbyb k\_joiheh`bl_evghchp_gdb \u[jZggh]hh[t_dlZkhijy`_gk aZljZlZfb[hevrh]h
dhebq_kl\Z\j_f_gbhq_gvbgl_gkb\_gb wg_j]hgZkus_g>hfbgbjmy\ ikbobq_kdhfkhklhygbb
hg klZgh\blky k\_jop_gghc b^__c ijb dhlhjhc \k_ hlh^\b]Z_lky gZ \lhjhc ieZg g_ bf_y
ij_`g_]hagZq_gbyIjhbkoh^ysbcijhp_kkghkbl\ k_[_q_jlugZ\yaqb\hklbkhq_lZxs_ckyk
gZkbevkl\_gghklvxhldhlhjhcqj_a\uqZcghljm^ghhk\h[h^blvky
:^^bdl gZoh^blky \h \eZklb i_j_`b\Zgbc g_j_Zevguo h`b^Zgbc \ hlghr_gbb
[_amkeh\gh]hiheh`bl_evgh]hhlghr_gbyd k_[_khklhjhgu^jm]h]hq_eh\_dZgZoh^ys_]hky\
kbkl_f_wlbohlghr_gbc
Wlh h`b^Z_fh_ hlghr_gb_ g_j_Zebklbqgh Hgh ih^jZamf_\Z_l g_h[oh^bfhklv hldZaZ
q_eh\_dZhl\hafh`ghklb[ulvkZfbfkh[hcH`b^Zgb_\h\eZklbdhlhjh]hgZoh^blkyZ^^bdl
ghkbl nZglZklbq_kdbc oZjZdl_j Wlh f_rZ_l _fm j_Zevgh hp_gblv h[klZgh\dm ihwlhfm hg g_
j_Z]bjm_l gZ djblbq_kdb_ km`^_gbyhdjm`Zxsbo h ijhbkoh^ys_f WlZ djblbdZ ih^Z\ey_fZy
^hfbgZglhcZ^^bdpbbkhagZl_evghZdlb\ghhl[jZku\Z_lkyb g_\hkijbgbfZ_lky
Ex[h\guc Z^^bdl aZ[u\Z_l h k_[_ i_j_klZ_l aZ[hlblvky h k_[_ b ^mfZlv h k\hbo
ihlj_[ghklyo \g_ Z^^bdlb\guo hlghr_gbc LZdh_ hlghr_gb_ d k_[_ jZkijhkljZgy_lky gZ _]h
a^hjh\v_ hlghr_gby k ^jm]bfb b ij_`^_ \k_]h [ebadbfb ex^vfb :gZeba ikboheh]bq_kdh]h
khklhygby Z^^bdlZ iha\hey_l mklZgh\blv gZebqb_ m g_]h k_jv_aguo wfhpbhgZevguo ijh[e_f
p_gljZevgmx qZklv \ dhlhjuo aZgbfZ_l kljZo QZklbqgh wlhl kljZo m^Z_lky ih^Z\blv KljZo
kms_kl\mxsbc m Z^^bdlZ ih^jZa^_ey_lky gZ kljZo gZoh^ysbcky gZ mjh\g_ khagZgby b
ih^Z\e_gguc kljZo gZoh^ysbcky \ ih^khagZgbb Kh^_j`Zgb_ kljZoZ jZaebqgh JZaebqb_
aZdexqZ_lky \ lhf qlh kljZo dhlhjuc hkhagZ_lky b ijbkmlkl\m_l gZ mjh\g_ hkhagZgby wlh
kljZo ihdbgmlhklb >bZiZahg _]h ^_ckl\by aZdexqZ_lky \ lhf qlh Z^^bdl klZjZ_lky ba[_`Zlv
ihdbgmlhklb b k wlhc p_evx fh`_l b^lb gZ `_jl\u i_j_ghky fgh]h_ Ihjh] i_j_ghkbfhklb
fgh]boy\e_gbcdhlhju_dZaZehkv[uhgi_j_ghkblvg_fh`_l\ukhdL_fg_f_g__hp_gdZ
ih\_^_gby Z^^bdlZ ^he`gZ mqblu\Zlv klj_fe_gb_ ba[_`Zlv ihdbgmlhklb Gh lhevdh wlbf
klj_fe_gb_fg_h[tykgy_lkyijhbkoh`^_gb_[hjv[ufhlb\h\
KljZo gZoh^ysbcky \ ih^khagZgbb ² wlh kljZo bglbfghklb Ohly \g_rg_ Z^^bdl
\u]ey^bl dZd klj_fysbcky d bglbfghklb DZd ba\_klgh \k_ qlh gZoh^blky \ ih^khagZgbb
hij_^_ey_lhq_gvfgh]h_LZdbfh[jZahfgZmjh\g_khagZgbyZ^^bdlklj_fblkyd bglbfghklb
gh \ lh `_ \j_fy \ k\yab k ih^khagZl_evguf kljZohf bglbfghklb hg g_ kihkh[_g i_j_g_klb
a^hjh\mx [ebahklv LZdb_ ex^b [hylky hdZaZlvky \ kblmZpbb ]^_ g_h[oh^bfh [ulv ih
gZklhys_fm bglbfguf [ulv kZfbf kh[hc Wlh ijb\h^bl d lhfm qlh ih^khagZgb_ \_^_l
Z^^bdlZ \ eh\mrdm \ dhlhjhc hg ih^khagZl_evgh \u[bjZ_l ^ey k_[y iZjlg_jZ dhlhjuc g_
fh`_l[ulvbglbfgufkdhevdhgb[m^va^hjh\ufh[jZahfWlhln_ghf_gh[tykgy_lkyl_fqlh
\ ^_lkl\_Z^^bdlihl_ji_eg_m^Zqmi_j_`beikbobq_kdmxljZ\fmijbijhy\e_gbbbglbfghklb
d jh^bl_eyf
Hkms_kl\e_gb_ ih^khagZl_evgh]h \u[hjZ ex[h\gh]h Z^^bdlZ bf__l \ k\h_c hkgh\_
\aZbfghklv lZd dZd _]h lZd`_ \u[bjZxl Z^^bdlu ba[_]Zgby dhlhju_ hjb_glbjmxlky gZ
hij_^_e_ggu_oZjZdl_jbklbdbex[h\gh]hZ^^bdlZ
>eyZ^^bdlZba[_]ZgbyoZjZdl_jguke_^mxsb_q_jlu
Moh^ hl bgl_gkb\ghklb \ hlghr_gbyo kh agZqbfuf ^ey k_[y q_eh\_dhf
g_i_j_ghkbfhklv wlbo hlghr_gbc b kha^Zgb_ bgl_gkb\ghklb \ Z^^bdlb\guo j_ZebaZpbyo \g_
wlbo hlghr_gbc Qlh[u ba[_`Zlv bgl_gkb\ghklb \ hlghr_gbyo kh agZqbfuf q_eh\_dhf
ex[h\guf Z^^bdlhf Z^^bdl ba[_]Zgby ijh\h^bl \j_fy \ ^jm]hc dhfiZgbb gZ jZ[hl_ \
h[s_gbb k ^jmavyfb :^^bdpby hlghr_gbc kh agZqbfuf q_eh\_dhf ^ey Z^^bdlZ ba[_]Zgby
ijhy\ey_lky g_ \ bgl_gkb\ghklb Z \ klj_fe_gbb ijb^Zlv wlbf hlghr_gbyf le_xsbc
oZjZdl_jH^gZdh\ k\yabk Z^^bdlb\ghklvxlZdhcq_eh\_de_]dhmoh^bl\ ^jm]b_Z^^bdlb\gu_
j_ZebaZpbb B g_kfhljy gZ \Z`ghklv hlghr_gbc k ex[h\guf Z^^bdlhf hg moh^bl hl gbo <
hlghr_gbyo kh agZqbfuf ^ey k_[y q_eh\_dhf Z^^bdl klZjZ_lky g_ jZkdju\Zlv k_[y ]h\hjy h
q_f m]h^gh gh lhevdh g_ h lhf qlh dZdbflh h[jZahf d\Zebnbpbjm_l q_jlu _]h oZjZdl_jZ
ihlj_[ghklbhiZk_gbyb ijaZsbsZyk_[ylZdbfh[jZahfhlih]ehs_gby^jm]bfq_eh\_dhf
b dhgljheyk _]hklhjhgu
Klj_fe_gb_ d ba[_]Zgbx bglbfgh]h dhglZdlZ k bkihevah\Zgb_f ^ey wlh]h jZaebqguo
l_ogbdikboheh]bq_kdh]h^bklZgpbjh\Zgby
Bamq_gb_l_q_gbyijhp_kkZZ^^bdpbbiha\hey_l\u^_eblv\ g_fg_kdhevdhwlZih\
I_jbh^ ijb dhlhjhf wfhpbhgZevgu_ i_j_`b\Zgby [m^ml bgl_gkb\gufb k
iheh`bl_evguf agZdhf ijbylgu_ i_j_`b\Zgby < gZqZe_ ex[h\guc Z^^bdl agZdhfblky k
iZjlg_jhf dhlhjuc _fm bfihgbjm_l QZklh lZdbf iZjlg_jhf hdZau\Z_lky Z^^bdl ba[_]Zgby
Wlh h[tykgy_lky l_f qlh Z^^bdl ba[_]Zgby h[jZsZ_l \gbfZgb_ gZ ex[h\gh]h Z^^bdlZ b
klj_fblkyijhba\_klbgZg_]h[hevrh_\i_qZle_gb_:^^bdlba[_]ZgbygZbglmblb\ghfmjh\g_
ko\Zlu\Z_lqlhgZwlh]hq_eh\_dZhgdZdjZab fh`_lijhba\_klb`_eZ_fh_\i_qZle_gb_lZd
dZdhgqm\kl\m_lkeZ[hklvb gm`^Z_fhklv\ g_fHgijhba\h^bl\i_qZle_gb_^_fhgkljbjmyk
h^ghcklhjhgu]em[hdmxwfhpbhgZevgmxaZbgl_j_kh\ZgghklvZk ^jm]hcklhjhguk\hxkbem
b \hafh`ghklbLZdbfh[jZahfZ^^bdlba[_]Zgbyijhy\ey_ljhe_\h_ih\_^_gb_
GZ \lhjhf wlZi_ ijhbkoh^bl jZa\blb_ nZglZabjh\Zgby >ey ex[h\gh]h Z^^bdlZ
oZjZdl_jgZjZa\blhklvkihkh[ghklbd nZglZabjh\ZgbxgZ\udd dhlhjhfmnhjfbjm_lkym g_]h
_s_ \ ^_lkl\_ Klbfmeypby nZglZabb ijbylgZ NZglZabb kms_kl\h\Zeb m Z^^bdlZ b jZg__ gh
hgb hlghkbebkv d g_j_Zevguf g_kms_kl\mxsbf ex^yf \uklmiZxsbf \ jheb kiZkZl_e_c
K\yav nZglZabb k j_Zevgh kms_kl\mxsbf h[t_dlhf kihkh[kl\m_l ihy\e_gbx hkh[h]h
khklhygby jZ^hklb \hh^mr_\e_gby b ijbih^gylhklb Ex[h\guc Z^^bdl gZoh^ysbcky \ wlhf
khklhygbbqm\kl\m_lk_[yhk\h[h`^_ggufhlfgh]bog_ijbylguo y\e_gbc m]g_lZxsbo _]h k
^_lkl\Zb ijb\h^ysbod hsms_gbx`bagbdZdg_bgl_j_kghcb k_jhcMclbhllZdh]hhsms_gby
fh`gh [ueh lhevdh ijb bkihevah\Zgbb nZglZabc Hk\h[h`^_gb_ hl qm\kl\Z h^bghq_kl\Z
baheypbbimklhlug_agZqbfhklb^eyhdjm`Zxsbokhijh\h`^Z_lkyijbylgufhsms_gb_f
J_ZebaZpbyhlghr_gbckhijh\h`^Z_lky\klmie_gb_f\ ^_ckl\b_f_oZgbafZijb dhlhjhf
gZoh^ykv gZ ibd_ nZglZabc ex[h\guc Z^^bdl gZqbgZ_l ijhy\eylv \k_ [hevrmx
lj_[h\Zl_evghklv d iZjlg_jm dZkZxsmxky g_h[oh^bfhklb ihklhyggh]h ij_[u\Zgby jy^hf k
gbfgZoh`^_gbyk gbfgZh^ghc\heg_ihlj_[ghklb\f_kl_j_rZlv\k_ijh[e_fub ^mfZlv\
h^ghf k Z^^bdlhf gZijZ\e_gbb LZdZy lj_[h\Zl_evghklv g_ bf__l ]jZgbp :^^bdl
njmkljbjm_lky ijb hlkmlkl\bb iZjlg_jZ \ l_q_gb_ ^Z`_ dhjhldh]h ijhf_`mldZ \j_f_gb hg
lj_[m_l \k_ [hevr_]h \gbfZgby d k_[_ LZdbf h[jZahf hg iulZ_lky j_Zebah\Zlv g_j_Zevgu_
nZglZabb g_ \b^y qlh _]h lj_[h\Zl_evghklv g_ khhl\_lkl\m_l j_Zevghklb \uau\Zy
hljbpZl_evgu_ j_Zdpbb m ^jm]h]h nZdlbq_kdb ijh\hpbjmy _]h moh^ hl wlbo hlghr_gbc
Ihkdhevdmj_qvb^_lh dhglZdl_k Z^^bdlhfba[_]ZgbyagZqbfhklvwlh]hf_oZgbafZ\hajZklZ_l
JZa\blb_m ex[h\gh]hZ^^bdlZhkhagZgbylh]hqlh\ keh`b\rbokyhlghr_gbyo^Ze_dh
g_\k_\ ihjy^d_B _keb\gZqZe_hghljbpZ_lj_Zevghklvlh]hqlh_]hihdb^ZxllhgZklmiZ_l
fhf_gldh]^ZwlhlnZdlhljbpZlvm`_g_\hafh`ghHljbpZgb_jZajmrZ_lkygZklmiZxly\e_gby
hlgylby ^ey dhlhjuo oZjZdl_jgZ fjZqghklv ^_ij_kkby ]jmklv b [_ajZaebqb_ Bkq_aZxl
iheh`bl_evgu_ nZglZabb GZqbgZ_lky ZgZeba kblmZpbc ]eZ\gZy p_iv dhlhjh]h ² ih\_jgmlv
ijhp_kkh[jZlghb \hkklZgh\blvij_`gb_hlghr_gbyKljhylkyieZgu^_ckl\bcdhlhju_g_^h
dhgpZ ijh^mfu\Zxlky <hagbdZxl fukeb h rZglZ`_ m]jhaZo ieZgu f_klb dhlhju_ fh]ml \
dZdhclh f_j_ j_Zebah\u\Zlvky \ ^Zevg_cr_f ijbgbfZy gZkbevkl\_gguc oZjZdl_j < kemqZ_
jZajmr_gby hlghr_gbc q_j_a dZdh_lh \j_fy hgb fh]ml \hkklZgh\blvky kgh\Z k l_f `_ beb
^jm]bf iZjlg_jhf DZaZehkv [u gZdhie_g hiul dhlhjuc fh`_l [ulv bkihevah\Zg gh hg
bkihevam_lky ]eZ\guf h[jZahf \ hsms_gbb [hevr_]h q_f ij_`^_ kljZoZ [ulv ihdbgmluf
:^^bdl gZmqbeky jZkihagZ\Zlv jZggb_ ijbagZdb ihdb^Zgby ihwlhfm i_jbh^ iheh`bl_evghc
bgl_gkb\ghklb qm\kl\ h[t_dlb\gh hdZau\Z_lky [he__ dhjhldbf lZd dZd ijb ihy\e_gbb
ijbagZdh\ihdb^ZgbykjZam`_\hagbdZ_ldhgnebdl
:^^bdl ba[_]Zgby lZd `_ h[eZ^Z_l wfhpbhgZevgufb gZjmr_gbyfb _fm lZd `_ ijbkms
kljZo gh ij_^klZ\e_gghklv kljZoZ ghkbl h[jZlguc ih kjZ\g_gbx k ex[h\guf Z^^bdlhf
oZjZdl_j GZ mjh\g_ khagZgby gZ ih\_joghklb m Z^^bdlZ ba[_]Zgby ijbkmlkl\m_l kljZo
bglbfghklbj_ij_kkbjh\Zgguc\ ih^khagZgb_m ex[h\guoZ^^bdlh\Wlhijhbkoh^blihlhfm
qlhZ^^bdlba[_]Zgby[hblkyqlhijb\klmie_gbb\ bglbfgu_hlghr_gbyhgihl_jy_lk\h[h^m
hdZ`_lky ih^ dhgljhe_f ihl_jy_l nbabq_kdmx b ikbobq_kdmx wg_j]bx LZdhc kljZo
h[tykgy_lky l_f qlh \ ^_lkl\_ Z^^bdlu ba[_]Zgby m`_ klZedb\Zebkv k fh^_evx dhlhjZy
ijb\_eZ bo d m[_`^_gghklb \ lhf qlh \kydZy bglbfghklv ² wlh iehoh GZ ih^khagZl_evghf
mjh\g_m Z^^bdlZba[_]Zgbyijbkmlkl\m_lg_hkhagZ\Z_fucbfkljZoihdbgmlhklbWlhijb\h^bl
d `_eZgbxZ^^bdlZba[_]Zgby\hah[gh\blvhlghr_gbyHg[hblkyhl^ZeylvkygZhij_^_e_ggh_
jZkklhygb_ b ihqm\kl\h\Z\ kbfilhfu ijb[eb`Zxs_cky ihdbgmlhklb \ha\jZsZ_lky d
ij_`g_fm mjh\gx hlghr_gbc :^^bdlu ba[_]Zgby klZjZxlky m^_j`b\Zlv hlghr_gby gZ
hij_^_e_gghf ^hklZlhqgh ^bklZglghf mjh\g_ g_ ^Z\Zy bf \hafh`ghklb jZa\b\Zlvky qlh
ijhlb\hj_qblih\_^_gbxex[h\gh]hZ^^bdlZ
:^^bdl ba[_]Zgby lZd`_ ijhoh^bl k\hc imlv \ hlghr_gbb k ex[h\guf Z^^bdlhf >ey
wlh]h imlb lZd`_ oZjZdl_jgZ iheh`bl_evgZy b hljbpZl_evgZy bgl_gkb\ghklv i_j_`b\Zgbc <
gZqZe_ hlghr_gbc Z^^bdlZ ba[_]Zgby ijb\e_dZ_l \ ex[h\ghf Z^^bdl_ _]h jZgbfhklv b
ihlj_[ghklv \ aZsbl_ b \h \gbfZgbb d g_fm :^^bdl ba[_]Zgby bkihevam_l \ hlghr_gbyo k
lZdbf q_eh\_dhf jZaebqgu_ f_oZgbafu kh[eZagZ b]jZy gZ wlbo qm\kl\Zo ^_fhgkljbjmy k\h_
\gbfZgb_ h[h`Zgb_ aZbgl_j_kh\Zgghklv \ iZjlg_j_ b k\hb \hafh`ghklb :^^bdl ba[_]Zgby
ihemqZ_l [hevrh_ wfhpbhgZevgh_ m^h\hevkl\b_ \b^y dZdb_ qm\kl\Z hg \ua\Ze m ex[h\gh]h
Z^^bdlZ hkhagZ\Zy lh qlh hg d g_fm ijb\yaZeky Wlh kha^Z_l m g_]h hkh[h_ khklhygb_
ih\urZ_lkZfhhp_gdm
G_]Zlb\gZybgl_gkb\ghklvgZqbgZ_lkyk ihy\e_gbym Z^^bdlZba[_]Zgbyqm\kl\Z\g_^j_gby
\ _]h`bagvh]jZgbq_gby_]hk\h[h^udhgljhey_]hihklmidh\b gZqbgZxs_]hkyijhp_kkZ_]h
ih]ehs_gbyex[h\gufZ^^bdlhfHgbkiulu\Z_lgZjZklZgb_hljbpZl_evguowfhpbc\ k\yab
k lj_[h\Zl_evghklvx ex[h\gh]h Z^^bdlZ :^^bdl ba[_]Zgby gZqbgZ_l moh^blv hl wlbo
hlghr_gbciulZykvmf_gvrZlvbobgl_gkb\ghklvbkihevamyijbwlhfjZamfgu_^h\h^ulbiZ
Y hq_gvaZgylGZklmiZxs__hk\h[h`^_gb_\j_f_gghkfy]qZ_lkljZo
Ex[h\guc Z^^bdl hdZau\Z_lky k\yaZgguf k Z^^bdlhf ba[_]Zgby nhjfbjmxsbfbky
khZ^^bdlb\gufb hlghr_gbyfb Wlb hlghr_gby \dexqZxl \ k_[y bgl_gkb\ghklv wfhpbc
gZkbevkl\_gghklv gZ\yaqb\hklv dhlhju_ bkihevamxlky h[hbfb iZjlg_jZfb qlh[u ba[_`Zlv
bglbfghklb b j_Zevghklb Hlghr_gby dhlhju_ hgb nhjfbjmxl f_`^m kh[hc khklZ\eyxl
hl^_evgmx_^bgbpmZ^^bdlb\gh]hijhp_kkZgZau\Z_fmxkhZ^^bdpb_c
KhZ^^bdlb\gu_hlghr_gbynhjfbjmxlkyg_lhevdhf_`^mwlbfb^\mfy\b^ZfbZ^^bdlh\
hgb fh]ml nhjfbjh\Zlvky gZijbf_j f_`^m ^\mfy ex[h\gufb Z^^bdlZfb Wlhl kbf[bha
ij_^klZ\e_g qj_a\uqZcghc bgl_gkb\ghklvx \aZbfhhlghr_gbc Hgb kf_rb\Zxlky ^jm] k
^jm]hf klZgh\ykv qj_a\uqZcgh aZ\bkbfufb hl wlbo hlghr_gbb Ba wlbo hlghr_gbc
bkdexqZxlky hlghr_gby k ^jm]bfb ex^vfb y\eyxsbfbky \ emqr_f kemqZ_ \lhjuf nhghf
h[t_dlhf iZghjZfu \hkijbgbfZxsbfky hq_gv ih\_joghklgh Ba wlbo hlghr_gbc
bkdexqZxlky ^Z`_ kh[kl\_ggu_ ^_lb dhlhju_ \ ^Zgghc kblmZpbb qm\kl\mxl k_[y hq_gv
ihdbgmlufb
< k\yabk gZebqb_fjZagbpuf_`^mex^vfb\ wg_j]_lbq_kdboihl_gpbZeZog_evaykqblZlv
qlh^\Zex[h\guoZ^^bdlZ\ hlghr_gbyob^_glbqguH[uqghh^bgbagboijhy\ey_l[hevrmx
wg_j]_lbdm k [he__ kbevguf klj_fe_gb_f [ulv Zdlb\guf Dlhlh ba gbo fh`_l aZklZ\blv
^jm]h]hkhhl\_lkl\h\Zlvk\h_cnZglZabb>jm]hcZ^^bdlfh`_lhdZaZlvkyf_g__wg_j]_lbq_kdb
gZkus_ggufbf_lvf_gvrb_\hafh`ghklb
Kms_kl\mxsZyhiZkghklv[ulvih]ehs_gguf ex[h\guf Z^^bdlhf [ulv \ukmr_gguf
ebr_gbufwg_j]bbijb\h^bld lhfmqlh\ ^ZgghckblmZpbbex[h\gucZ^^bdlqm\kl\mxsbc
k_[yf_g__wg_j]_lbq_kdbkhklhyl_evguff_gy_ljhevb gZqbgZ_lZ^Zilbjh\ZlvoZjZdl_jbklbdb
Z^^bdlZ ba[_]Zgby l _ klZgh\blky ih hlghr_gbx d [he__ kbevghfm ex[h\ghfm Z^^bdlm
Z^^bdlhfba[_]ZgbyklZjZ_lky^bklZgpbjh\Zlvkyhlg_]hH^gh\j_f_gghhgfh`_l\ukljZb\Zlv
k d_flhhlghr_gbyih^jm]hfmlbimijhy\eyyoZjZdl_jbklbdbex[h\gh]hZ^^bdlZ
KhZ^^bdlb\gu_ hlghr_gby fh]ml nhjfbjh\Zlvky g_ lhevdh f_`^m ^\mfy ex[h\gufb
Z^^bdlZfbghb f_`^m^\mfyZ^^bdlZfbba[_]Zgby\uklmiZxsbfbdZdZ^^bdluba[_]Zgbyih
hlghr_gbx ^jm] d ^jm]m < jZfdZo wlbo hlghr_gbc gZ[ex^Z_lky gbadZy bgl_gkb\ghklv
hkgh\u\ZxsZyky gZ g_]eZkghf kh]eZr_gbb g_ibkZghf dhgljZdl_ ihlhfm qlh dZ`^uc ba
gbo bf_ggh \ wlbo mkeh\byo qm\kl\m_l k_[y gZb[he__ dhfnhjlgh Dhfnhjlgu_ hlghr_gby
gbadhc bgl_gkb\ghklb \gmljb k_fvb hq_gv m^h[gu gh ijb wlhf dZ`^uc ba iZjlg_jh\ bf__l
ihl_gpbZevgmx \hafh`ghklv dhlhjmx hg dZd ijZ\beh j_Zebam_l kha^Z\Zlv bgl_gkb\gu_
hlghr_gby k ^jm]bf iZjlg_jhf \ ^jm]hf fbj_ b \ ^jm]hc `bagb Wlh fh`_l ijbgbfZlv
pb\bebah\Zggu_ nhjfu ijb dhlhjuo h^bg ba iZjlg_jh\ gZoh^bl k_[y \ [bag_k_ Z ^jm]hc
bgl_gkb\gh \dexqZ_lky \ ^jm]b_ Zdlb\ghklb gZijbf_j \ [eZ]hl\hjbl_evghklv Beb h^bg
gZqbgZ_lm\e_dZlvkyZedh]he_fZ ^jm]hcgZ\yaqb\ufjZkljZqb\Zgb_f^_g_]kZ^h\h^kl\hfbeb
i_j_mkljhckl\hf^hfZ 0HOORG\ :^^bdl ba[_]Zgby \ k_f_cguo hlghr_gbyo fh`_l ba[_]Zlv ^jm]h]h Z^^bdlZ klZgh\ykv
ex[h\gufZ^^bdlhf\ hlghr_gbyok ^jm]bfbex^vfb
<hafh`_gb ^jm]hc\ZjbZglijbdhlhjhfh[ZZ^^bdlZba[_]Zgby\f_kl_mqZkl\mxl\ nhjf_
Zdlb\ghklbbgl_j_kghc^eyh[hboghg_bf_xs_c[hevrh]h\ebygbygZbohlghr_gby^jm]k
^jm]hf GZijbf_j hgb fh]ml Zdlb\gh mqZkl\h\Zlv \ kh\f_klghc jZ[hl_ g_ \ebyxs_c gZ
bgl_gkb\ghklv bo hlghr_gbc LZdbf h[jZahf h[Z Z^^bdlZ bkihevamxl bgl_gkb\ghklv \h\g_
qlh[u ba[_`Zlv bglbfghklb \gmljb hlghr_gbc gZijbf_j mqZklb_ kmijm`_kdhc iZju \
ZaZjlguo b]jZo lmjbaf_ b ij k \hagbdgh\_gb_f h[sbo ijh[e_f Kh\f_klgu_ Zdlb\ghklb
fh]ml [ulv ijh^mdlb\gufb b `_eZl_evgufb gh \f_kl_ k l_f hgb ij_^klZ\eyxl kh[hc
ij_iylkl\b_ ijb dhlhjhf iZjlg_ju bgl_gkb\gu \ kn_j_ jZaguo Zdlb\ghkl_c^ey lh]h qlh[u
ba[_`Zlvbglbfghklb^jm]k ^jm]hf
H[t_dlb\guc ZgZeba agZq_gby ex[hc Z^^bdpbb \ `bagb q_eh\_dZ ihdZau\Z_l gZebqb_
fgh]bo ih\j_`^Zxsbo ihke_^kl\bc b]ghjbjm_fuo Z^^bdlhf dhlhjuc g_ mqblky gZ
kh[kl\_gghfhiul_b g_\b^bl^_kljmdlb\gh]h^_ckl\bywlboihke_^kl\bc
:^^bdlb\guf ijbhjbl_lhf ^ey ex[h\gh]h Z^^bdlZ y\ey_lky iZjlg_j b kh[kl\_ggu_
nZglZabb\ hlghr_gbbg_]h
Ex[h\guc Z^^bdl ih]ehs_gguc klj_fe_gb_f kha^Zlv fZdkbfZevgmx bgl_gkb\ghklv
\gmljb hlghr_gbc \ j_amevlZl_ l_jy_l dhglZdl k j_Zevghklvx b g_ fh`_l mklZgh\blv
bglbfgu_^h\_jbl_evgu_hlghr_gbylZddZd^h\_jby[_adhlhjh]hgZklhysZydhfnhjlghklv
g_\hafh`gZg_kms_kl\m_l
:^^bdlb\guf ijbhjbl_lhf Z^^bdlZ ba[_]Zgby y\ey_lky Z^^bdpby \g_ hlghr_gbc kh
agZqbfuf ^ey g_]h q_eh\_dhf Wlh fh`_l [ulv Zedh]hev gZjdhlbdb k_dk jZ[hlZ b ij
bkihevam_fu_ ^ey lh]h qlh[u kha^Zlv bgl_gkb\ghklv \g_ kn_ju h[s_gby kh agZqbfuf
q_eh\_dhf <hagbdZxsb_ ijb wlhf khZ^^bdlb\gu_ hlghr_gby fh]ml klbfmebjh\Zlv jZa\blb_
^jm]boZ^^bdpbb
KhZ^^bdlb\gu_ hlghr_gby qZs_ \k_]h y\eyxlky jhfZglbq_kdbk_dkmZevgufb
hlghr_gbyfb f_`^m `_gsbghc ² ex[h\guf Z^^bdlhf b fm`qbghc ² Z^^bdlhf ba[_]Zgby
ohlyfh`_l[ulvb gZh[hjhl>Ze_dhg_\k_khZ^^bdlb\gu_hlghr_gbyy\eyxlkyjhfZglbq_kdb
k_dkmZevgufb JZagu_ \b^u hlghr_gbc f_`^m ^\mfy ex^vfb fh]ml klZlv khZ^^bdlb\gufb
hlghr_gbyfb
>\_ Z^^bdlb\gu_ jheb fh]ml h^gh\j_f_ggh i_j_`b\Zlvky h^gbf q_eh\_dhf GZijbf_j
iZpb_gl y\eyxsbcky Z^^bdlhf ba[_]Zgby fh`_l klZlv ex[h\guf Z^^bdlhf \g_ wlbo
hlghr_gbc Beb gZijbf_j q_eh\_d y\eyxsbcky k_dkmZevguf Z^^bdlhf `_gZl gZ `_gsbg_
y\eyxs_cky ex[h\guf Z^^bdlhf Hg y\ey_lky Z^^bdlhf ba[_]Zgby \gmljb [jZqguo
hlghr_gbcgh\g_wlbo[jZqguohlghr_gbchgy\ey_lkyk_dkmZevgufZ^^bdlhfb mg_]h_klv
ex[h\gZyk\yavk d_flhy\eyxsbfkylh`_k_dkmZevgufZ^^bdlhfHgba[_]Z_lbglbfghklbk
`_ghc gh ^_ckl\m_l dZd ex[h\guc Z^^bdl ih hlghr_gbx d dhfmlh _s_ >\Z q_eh\_dZ
i_j_`b\Zxl \gmlj_ggxx g_^hklZlhqghklv \ hlghr_gbyo k kZfbfb kh[hc b bo ih\_^_gb_ \
Z^^bdlb\guo hlghr_gbyo hljZ`Z_l wlm \gmlj_ggxxg_^hklZlhqghklv jZaebqgufb kihkh[Zfb
< kbkl_f_ a^hjh\uo hlghr_gbc \gmlj_ggb_ ]jZgbpu Y aZsbsZxl q_eh\_dZ kha^Z\Zy
khklhygb_dhfnhjlZijbihemq_gbbdhfiebf_glZih^^_j`dbb ^Z`_ijbagZgbykeh`ghkl_c\
hlghr_gbyoGZebqb_\gmlj_ggbo]jZgbpihfh]Z_lq_eh\_dm[ulvkZfbfkh[hcmf_lvklZ\blv
j_Zevgu_p_ebb hp_gb\Zlvk\hb\hafh`ghklb
< hlghr_gbyo f_`^m Z^^bdlZfb hlkmlkl\mxl a^hjh\u_ jZa]jZgbq_gby [_a dhlhjuo
g_\hafh`gZ bglbfghklv f_`^m iZjlg_jZfb g_\hafh`gh ijbagZgb_ ijZ\Z gZ kh[kl\_ggmx
`bagv b l ^ Wlh ijb\h^bl d lhfm qlh hgb h[\bgyxl ^jm] ^jm]Z \ g_q_klghklb bkihevamxl
kZjdZafij_m\_ebq_gbyhkdhj[e_gby
Kms_kl\m_l lhqdZ aj_gby kh]eZkgh dhlhjhc ex[h\gu_ Z^^bdlu [he__ eb[_jZevgu Z
Z^^bdlu ba[_]Zgby [he__ dhgk_j\Zlb\gu \ hlghr_gbyo Ex[h\guc Z^^bdl gZoh^blky \
ihklhygghfihbkd_m^h\e_l\hj_gbyk\h_clj_[h\Zl_evghklb_]hg_mkljZb\Z_lihklhygkl\hhg
bs_l baf_g_gbc ^ey lh]h qlh[u memqrblv hlghr_gby m\_ebqblv dhebq_kl\h dhglZdlh\
aZ[hlu\gbfZgbyb ex[\b
:^^bdlba[_]ZgbygZh[hjhlklZjZ_lkyaZdj_iblvkygZ^hklb]gmlhfihwlhfmhgjZkoh^m_l
k\hxwg_j]bxgZm^_j`Zgb_hlghr_gbcgZmjh\g_klZ[bevghklbb ij_^kdZam_fhklb< wlhf_]h
hlebqb_hlex[h\gh]hZ^^bdlZihklhygghij_^eZ]Zxs_]hg_h`b^Zgghklb:^^bdlba[_]Zgby
g_^hklZlhqgh wfhpbhgZe_g b \ wlhf kfuke_ [he__ jZkkm^hq_g Hg g_ gZoh^bl \ baf_g_gbyo
ijb\e_dZl_evghklb Ex[h\guc Z^^bdl gZoh^ysbcky \ hlghr_gbyo k Z^^bdlhf ba[_]Zgby
^mfZ_lqlh[_^ZaZdexqZ_lky\ lhfqlh_]hiZjlg_jg_ohq_lbaf_gylvkyH^gZdhbaf_g_gby
dhlhjuolj_[m_lex[h\gucZ^^bdljZkkfZljb\ZxlkyZ^^bdlhfba[_]ZgbydZddZiblmeypbydZd
dhgljhevkhklhjhgu^jm]h]hq_eh\_dZebrZxs_]h_]hk\h[h^u\u[hjZ
Ex[h\guc Z^^bdl b Z^^bdlba[_]Zgby lygmlky ^jm] d ^jm]m ihlhfm qlh dZ`^uc q_eh\_d
i_j\bqghijb\e_dZ_lkyd ^jm]hfm\ke_^kl\b_agZdhfuoikboheh]bq_kdboq_jlijhy\ey_fuo
d_flh^jm]bf<hagbdZ_l\e_q_gb_d agZdhfhklbG_kfhljygZlhqlhq_jluijb\e_dZxsb_m
^jm]h]hfh]ml[ulvg_ijbylgufb\uau\ZlvwfhpbhgZevgmx[hevghhgbijb\uqguk ^_lkl\Z
b gZihfbgZxl kblmZpbx i_j_`b\Zgbc ^_lkl\Z H[Z \b^Z Z^^bdlh\ h[uqgh g_ m\e_dZxlky
g_Z^^bdlb\gufbebpZfbLZdb_ex^bZ^^bdlh\g_bgl_j_kmxlHgbg_agZxldZdk gbfbk_[y
\_klbWlbex^bgZoh^ylky\g_kn_juagZqbfuohlghr_gbcdhlhju_ fh`gh[ueh [u k gbfb
mklZgh\blv Ijb \klj_q_ k g_Z^^bdlb\gufb ex^vfb hgb hp_gb\Zxl bo k\h_h[jZagh kqblZy
kdmqgufbb g_ijb\e_dZl_evgufbLZdbfh[jZahfq_eh\_dhdZau\Z_lky\ eh\mrd_ih\lhj_gbc
iZll_jgh\ k_enh[t_dlguo hlghr_gbc aZeh`_gguo \ jZgg_f \hajZkl_ <hagbdZ_l
ghklZev]bq_kdh_ klj_fe_gb_ d ih\lhj_gbx klZjuo i_j_`b\Zgbc dhlhju_ fh`gh j_Zebah\Zlv
lhevdh\ kn_j_khZ^^bdlb\guohlghr_gbc
Kh]eZkgh 0HOORG\ ki_pbnbdZ \e_q_gby ex[h\guo Z^^bdlh\ d Z^^bdlZf ba[_]Zgby
aZdexqZ_lky\ ^_ckl\bbg_kdhevdbonZdlhjh\
Ijb\e_dZl_evghklvlh]hqlhagZdhfh
Ijb\e_dZl_evghklv kblmZpbb kh^_j`Zs_c \ k_[_ gZ^_`^m gZ lh qlh iZll_jgu
g_ijbylguo ^_lkdbo k_enh[t_dlguo i_j_`b\Zgbc jZgu ^_lkl\Z fh]ml [ulv bae_q_gu gZ
gh\hfmjh\g_
Ijb\e_dZl_evghklv\hafh`ghklbj_ZebaZpbbnZglZabckha^Zgguo\ ^_lkl\_
Q_eh\_dh[mqZ_lkyijhy\e_gbxqm\kl\b bglbfghklb\ khhl\_lkl\bbkhkihkh[hfdhlhjuc
j_Zebam_lky \ k_fv_ >_lb \hkiblu\Zxsb_ky \ ^bknmgdpbhgZevguo k_fvyo gZklhevdh
ijb\udZxld wlbfkihkh[ZfqlhhgbklZgh\ylky^eygboijb\uqgh[_ahiZkgufb<klj_qZk
q_eh\_dhf gZihfbgZxsbf _fm ex^_c dhlhju_ _]h \hkiblu\Zeb y\ey_lky ih^khagZl_evgh
ijb\e_dZl_evghcIhkdhevdmqm\kl\hihdbgmlhklb ² wlhqm\kl\hdhlhjh_ex[h\gu_Z^^bdlu
i_j_`beb \ k\h_c k_fv_ [m^mqb hlqm`^_ggufb wlh gZmqbeh bo \ ^_lkdhf \hajZkl_ [ulv
lbobfb h^bghdbfb g_ ijhy\eylv k\hbo `_eZgbc g_ [_kihdhblv jh^bl_e_c Iha`_ bo
ih^khagZl_evgh gZqbgZxl ijb\e_dZlv ex^b g_ klj_fysb_ky bo ijb\yaZlv d k_[_ Z^^bdlu
ba[_]Zgby Wlb ex^b qZklh \h\e_q_gu \ Z^^bdpbb hgb q_flh gZihfbgZxl jh^bl_e_c beb
Z\lhjbl_lguo gh wfhpbhgZevgh ^bklZglguo \ ^_lkl\_ ex^_c KZfhhp_gdZ m ex[h\guo
Z^^bdlh\aZgb`_gZLhqlhboihdb^Zebjh^bl_eb^eygbohagZqZehqlhhgbg_^hklhcgulh]h
qlh[u[ulvjy^hfk gbfb;hevrZyqZklvfZ]g_lbq_kdh]hijbly`_gbyihhlghr_gbxd Z^^bdlm
ba[_]Zgby h[tykgy_lky `_eZgb_f ex[h\gh]h Z^^bdlZ aZe_qblv jZgm gbadhc kZfhhp_gdb <
^_lkl\_hgbg_bf_eb\hafh`ghklbaZklZ\blvjh^bl_e_cdhlhju_ihdb^Zebbog_^_eZlvwlh]h
ihwlhfmhgbohlyl\hkklZgh\blvqm\kl\hkh[kl\_gghcagZqbfhklbgZgh\hfmjh\g_
K_dkmZevgu_Z^^bdpbb
JZagu_ nhjfu k_dkmZevgh]h ih\_^_gby jZkkfZljb\Zxsb_ky dZd ^_\bZpbb fh]ml
d\Zebnbpbjh\ZlvkydZdk_dkmZevgu_Z^^bdpbb< k\yabk wlbfhkh[mx\Z`ghklvij_^klZ\ey_l
ZgZeba k_dkmZevghc ijh[e_fu g_ \ hibkZl_evghf ieZg_ kh]eZkgh gZijbf_j __
ij_^klZ\e_gghklb\ '60,9 beb\ mq_[gbdZoikbobZljbb\Z`ghmklZgh\blvg_y\ey_lkyebwlh
gZjmr_gb_bg]j_^b_glhfZ^^bdlb\gh]hih\_^_gby
K_dkmZevgu_ Z^^bdpbb hlghkylky d kdjuluf aZfZkdbjh\Zgguf Z^^bdpbyf Ljm^ghklv \
ihemq_gbb ijyfuo hl\_lh\ gZ \hijhk dZkZxsbcky wlhc ijh[e_fu k\yaZgZ k khpbZevgufb
lZ[m ij_^klZ\e_ggufb \ jy^_ h[s_kl\ Kl_i_gv aZfZkdbjh\Zgghklb Z^^bdpbb aZ\bkbl hl
dhgdj_lgh]h f_klZ __ ijhy\e_gby hl h[s_kl\_ggh]h fg_gby hl ijbgylhklb ijh[e_fu \
h[s_kl\_ LZd \ h[s_kl\Zo kmjh\h hlghkysboky d lZdbf y\e_gbyf hgb f_g__ \uy\eyxlky
Ijb wlhf fh`_l keh`blvky fg_gb_ h iheghf hlkmlkl\bb jZkkfZljb\Z_fh]h y\e_gby IjZ\hlm
wlh]hnZdlZih^l\_j`^Z_l \ujZ`_ggZy kdjulhklvbgp_klZijZ\hf_jghhkm`^Z_fh]h \ jZaguo
dmevlmjZo
K_dkmZevguo Z^^bdpbb \ ^_ckl\bl_evghklb [hevr_ q_f dZ`_lky gh \ h[s_kl\_gghf
khagZgbb kha^Z_lky \i_qZle_gb_ h[ bkdexqbl_evghklb lZdh]h ih\_^_gby < kdZg^bgZ\kdbo
kljZgZogZijbf_j]h\hjblvgZl_fuk\yaZggu_k k_dkhfe_]q_k_dkmZevgu_ijh[e_fu[he__
hldjulu Wlbf h[tykgy_lky knhjfbjh\Zggh_ fg_gb_ h agZqbl_evghc ij_^klZ\e_gghklb
k_dkmZevguo Z^^bdpbb \ wlbo kljZgZo LZdbf h[jZahf k_dkmZevgu_ Z^^bdpbb ^he`gu
ZgZebabjh\Zlvky\ ljZgkdmevlmjZevghfieZg_
Ih f_oZgbafm \hagbdgh\_gby k_dkmZevgu_ Z^^bdpbb ih^jZa^_eyxlky gZ ]em[hdbc
ijhljZ]bjh\Zgguc \b^ dhlhjuc gZqbgZ_l nhjfbjh\Zlvky hq_gv jZgh gZ nhg_ h[s_]h
Z^^bdlb\gh]h ijhp_kkZ b iha^gh \hagbdZxsb_ k_dkmZevgu_ Z^^bdpbb ijbr_^rb_ gZ kf_gm
^jm]hcnhjfuZ^^bdlb\gh]hih\_^_gbygZijbf_jjZ[hlh]hebafZ
K_dkmZevgu_ Z^^bdpbb gZqbgZxlky k nhjfbjh\Zgby hkh[hc kbkl_fu gZau\Z_fhc
kbkl_fhc \_jh\Zgbc b m[_`^_gbc :dkbZevghc hkvx kbkl_fu y\eyxlky \_jh\Zgby Z^^bdlZ h
k_[_hlghr_gb__]hd k_[_dhlhjh_ijhgbau\Z_l\kxhdjm`Zxsmx_]hj_Zevghklvijb\h^yd
k\h_h[jZaghfm ki_pbnbq_kdhfm fure_gbx Kbkl_fZ \_jh\Zgbc k\hckl\_ggZy j_[_gdm
khklhysZy ba km`^_gbc ij_^klZ\e_gbc b ij jZkkfZljb\Z_fZy q_eh\_dhf dZd _^bgkl\_ggh
ijZ\bevgZy ^ey k_[y gZoh^blky ih^ \ebygb_f khpbZevguo ihkeZgbc hl hdjm`Zxsbo
IhkeZgbydZkZxsb_kyihlj_[ghkl_chlghr_gbcex^_cmklZgh\hdb p_gghkl_cdhk\_gghbeb
gZijyfmx hlghkylky b d k_dkmZevghklb ij_^hij_^_eyy \hafh`ghklb j_[_gdZ kihkh[u _]h
ih\_^_gby kha^Z\Zy _]h fh^_ev fbjZ b hlghr_gby k fbjhf Fh^_ev fh`_l \dexqZlv \ k_[y
ieZgbjm_fu_ \ __ jZfdZo ^_ckl\by kbkl_fm bgl_jij_lZpbc ^_ckl\bc ^jm]bo ex^_c kfuke
k\hbokh[kl\_gguoi_j_`b\Zgbck \u^_e_gb_fijh[e_flj_[mxsbo j_r_gbyb mklZgh\e_gby
ijbhjbl_lh\ \ hlghr_gbyo k ex^vfb Kbkl_fZ \_jh\Zgbc kem`bl k\h_h[jZaguf nbevljhf
aZ^Zq_cdhlhjh]hy\ey_lky^_e_gb_Zdlb\ghkl_cgZagZqbfu_b \lhjhkl_i_ggu_
Kbkl_fZ \_jh\Zgbc ex[h]h Z^^bdlZ kh^_j`bl g_dhlhju_ hkgh\gu_ \_jh\Zgby
hdZau\Zxsb_ky g_ijZ\bevgufb hrb[hqgufb kha^Zxsbfb nmg^Zf_gl ^ey jZa\blby
Z^^bdpbb Ex[hc Z^^bdl kh]eZkgh k\h_c kbkl_f_ \_jh\Zgbc y^jhf dhlhjhc y\ey_lky
hlghr_gb_ Z^^bdlZ d k_[_ g_ kqblZ_l k_[y \gmlj_gg_ bf_xsbf dZdmxlh p_gm hlghkblky d
k_[_ bagZqZevgh iehoh Hg g_ \_jbl qlh hdjm`Zxsb_ fh]ml ohjhrh hlghkblvky d g_fm M
k_dkmZevguo Z^^bdlh\ \hagbdZ_l \_jZ qlh k_dk y\ey_lky ^ey gbo gZb[he__ \Z`ghc
ihlj_[ghklvx b qlh wlh ² _^bgkl\_ggZy kn_jZ \ dhlhjhc hgb fh]ml ijhy\blv k\hx
khklhyl_evghklv Qm\kl\my k_[y g_^hklhcguf b Zev_gbjh\Zgguf wfhpbhgZevgh hl ^jm]bo
Z^^bdl mkfZljb\Z_l \ k_dk_ gZb[he__ \Z`gmx ihlj_[ghklv \uklmiZxsmx dZd _^bgkl\_ggh_
kj_^kl\h dhlhjh_ fh`_l k^_eZlv _]h baheypbx i_j_ghkbfhc WlZ hkgh\gZy m[_`^_gghklv
y\ey_lky lhqdhc djbklZeebaZpbb k_dkmZevghc Z^^bdpbb Kbkl_fZ \_jh\Zgbc kdeZ^u\ZxsZyky
\hdjm] wlhc mklZgh\db ij_^klZ\ey_l kh[hx kbkl_fm bkdZ`_gghc j_Zevghklb \ dhlhjhc
kms_kl\_ggh_ f_klh aZgbfZ_l hljbpZgb_ :^^bdlu hljbpZxl gZebqb_ m k_[y dZdboeb[h
ijh[e_f bkihevamy ^ey wlhc p_eb f_oZgbaf ijh_dpbb hkm`^Zy ^jm]bo b klZjZykv
ij_mf_gvrblv lh qlh fh`_l bo ^bkdj_^blbjh\Zlv LZdb_ ex^b ij_mf_gvrZxl gZijbf_j
agZq_gb_ ihke_^kl\bc \_g_jbq_kdbo aZ[he_\Zgbc ihjhc g_ ^mfZy h gbo agZq_gb_
g_`_eZl_evghc [_j_f_gghklb hljbpZl_evgu_ ihke_^kl\by ihl_jb jZ[hlu gZjmr_gby
hlghr_gbck \Z`gufb^ey k_[y ex^vfb klZjZykv h[tykgblv wlh q_f m]h^gh lhevdhg_ k\h_c
Z^^bdpb_c < oh^ b^_l b bkihevah\Zgb_ nhjfZevghc eh]bdb k kha^Zgb_f ik_\^heh]bq_kdhc
jZpbhgZebaZpbhgghckljmdlmjuklZgh\ys_ckyhkvxbo`bagbNhjfmebjm_fh_dj_^h\u]ey^bl
ijbf_jgh lZd ?keb y g_ [m^m aZgbfZlvky k_dkhf y g_ \ug_km gZijy`_gby dhlhjh_ \h fg_
gZdZieb\Z_lky Beb Wlh gbdh]h g_ dZkZ_lky b gbdhfm g_ \j_^bl wlh fh_ ^_eh fhc kihkh[
jZkkeZ[e_gby LZdZy kbkl_fZ jZpbhgZebaZpbb jZ[hlZ_l gZ k_[y qlh[u k^_eZlv \gmlj_gg__
khklhygb_dhfnhjlgufkgylvlj_\h]mb g_Z^_d\Zlghklv<k_fukebg_khhl\_lkl\mxsb_wlhc
kbkl_f_hl[jZku\ZxlkyGZijbf_jY `_k\yau\Zxkvlhevdhk l_fbdhfmy ^h\_jyxihwlhfm
khfghcgbq_]hiehoh]hg_fh`_lijhbahclb< j_amevlZl_Z^^bdluhlju\Zxlkyhlj_Zevghklb
< ijh]jZff_ bkke_^h\Zgby KIB>Z ihdZaZgh qlh dZjlbgZ fbjZ k_dkmZevguo Z^^bdlh\ hq_gv
bkdZ`_gZHgbg_\b^yly\e_gbckms_kl\mxsbojy^hf\hkijbgbfZxllhevdhlmbgnhjfZpbx
dhlhjZymdeZ^u\Z_lky\ bokbkl_fmm[_`^_gbcZ hklZevgmxijhklhhl[jZku\Zxl
G_dhlhju_ Z\lhju gZau\Zxl kbkl_fm \_jh\Zgbc Z^^bdlh\ [j_^h\hc Kbkl_fZ eh`guo
\_jh\Zgbcijb\h^bl d lhfm qlh Z^^bdlu e_]dh \_jyl lhfm qlh \gmrZxl k_[_ <hagbdZ_l lZd
gZau\Z_fh_fure_gb_ih`_eZgbxI_jbh^bq_kdbhgb^Zxlk_[_aZjhdbaf_gblvkym[_`^Zy
k_[y \ lhf qlh gZqZeh ^_ckl\by aZjhdZ gZ^h ijbmjhqblv d dZdhfmlh kh[ulbx gZijbf_j d
ijZa^gbdm bkdj_gg_ \_jy \ lh qlh hgb wlh k^_eZxl < kbem lh]h qlh wlh]h g_ kemqZ_lky
h[_sZgbyZ^^bdlh\g_bf_xl[hevrh]h agZq_gbyBgl_j_kghlhqlhhgbg_h[fZgu\Zxlhgb
^_ckl\bl_evghlZd^mfZxldh]^Z^Zxlh[_sZgbyghwlh\h\k_g_agZqblqlhbo`_eZgby[m^ml
\ ^_ckl\bl_evghklbj_Zebah\Zgu
K_dkmZevgZyZ^^bdpby dZd ijZ\beh gZqbgZ_lky \ ^_lkl\_ Klbfmebjmxsbf __ nZdlhjhf
y\ey_lky k_dkmZevgZy ljZ\fZlbaZpby :gZeba ihdZau\Z_l qlh ljZ\fZlbaZpby fh`_l bf_lv
jZaguc oZjZdl_j hl ijyfh]h bgp_klZ ^h aZdeZ^db m j_[_gdZ m[_`^_gby qlh hg ij_^klZ\ey_l
bgl_j_k lhevdh dZd k_dkmZevguc Z^^bdl < lZdhc kblmZpbb nhjfbjm_lky dhfie_dk
g_iheghp_gghklb baheypby g_^h\_jb_ d hdjm`Zxsbf b aZ\bkbfhklv hl gbo qm\kl\h m]jhau
ba\g_b k\_jop_ggh_hlghr_gb_d k_dkm
Ij_^klZ\ey_lky\hafh`guf\u^_eblvke_^mxsb_nZauk_dkmZevghcZ^^bdpbb
K\_joaZgylhklv fukeyfb gZ k_dkmZevgmx l_fZlbdm ghkysZy h[k_kkb\guc oZjZdl_j
Ihklhyggh_ \ha\jZs_gb_ d wlbf fukeyf ijb\h^bl d lhfm qlh hgb aZgbfZxl \k_ [hevr__
dhebq_kl\h\j_f_gbklZgh\ykvex[bfhcl_fhcjZafure_gbc:^^bdlihemqZ_lhij_^_e_ggh_
m^h\hevkl\b_ \ wlh \j_fy _]h khagZgb_ gZqbgZ_l ih^jm]hfm kljmdlmjbabjh\Zlvky \ g_f \k_
[hevr__ agZq_gb_ ijbh[j_lZ_l nZglZabjh\Zgb_ gZ k_dkmZevgu_ l_fu F_gy_lky \hkijbylb_
fgh]bo \_s_c Hdjm`Zxsb_ gZqbgZxl jZkkfZljb\Zlvky kd\hav ijbafm k\_joaZgylhklb
fure_gby b \hh[jZ`_gby k_dkmZevghc l_fZlbdhc < gbo \b^ylky ij_`^_ \k_]h k_dkmZevgu_
h[t_dlu >jm]b_ aZgylby jZkkfZljb\Zxlky dZd g_h[oh^bfu_ gh g_ijbylgu_ hl dhlhjuo g_
ihemqZ_rv m^h\hevkl\by Wlhl i_jbh^ fh`_l [ulv jZaguf ih \j_f_gb hg fh`_l
khijh\h`^Zlvky g_ dhgdj_lgufb ^_ckl\byfb Z \hagbdgh\_gb_f hij_^_e_gguo ij_^ihql_gbc
fuke_ch kihkh[Zoboj_ZebaZpbbb nbdkbjh\Zgb_fbo\ khagZgbb
KlZ^by jblmZebaZpbb ih\_^_gby k jZajZ[hldhc ko_f ijb\h^ysbo d k_dkmZevghfm
ih\_^_gbx \dexqZy fukeb b nZglZabb ijb dhlhjuo h^gh kh[ulb_ ke_^m_l aZ ^jm]bf \
hij_^_e_gghc ihke_^h\Zl_evghklb :^^bdpby \dexqZ_l k_dkmZevgu_ j_ZebaZpbb b klZgh\blky
ih\k_^g_\gufjblmZehfijbdhlhjhf^ey__ hkms_kl\e_gbyj_a_j\bjm_lkyki_pbZevgh_\j_fy
<klmie_gb_ \ pbde jblmZevgh]h ih\_^_gby g_ l_jibl hl\e_q_gby kh klhjhgu hdjm`Zxsbo
JblmZebaZpby k\_joaZgylhklb k_dkhf [he__ \Z`gZ q_f dhgdj_lgZy j_ZebaZpby ihkdhevdm hgZ
khijy`_gZ k baf_g_gguf ikboheh]bq_kdbf khklhygb_f khagZgby \uau\Zxsbf
ikboheh]bq_kdbc j_eZdk Wlhl ijhp_kk ih]ehsZ_l fgh]h \j_f_gb b wg_j]bb <hafh`gh
ihkl_i_ggh_ \dexq_gb_ ^_ckl\bc k\yaZgguo k ih^]hlh\dhc \oh^Z \ wlh khklhygb_ <k_ wlh
qZklh g_ aZf_qZ_lky hdjm`Zxsbfb lZd dZd k_dkmZevguc Z^^bdl klj_fblky d khojZg_gbx
bfb^`ZghjfZevghklbihhlghr_gbxd \g_rg_fmfbjm^_fhgkljbjmy_fmeh`gh_YklZjZykv
\u]ey^_lvq_eh\_dhfm dhlhjh]hg_lZ^^bdpbb
NZaZ dhfimevkb\gh]h k_dkmZevgh]h ih\_^_gby k y\e_gb_f ihl_jb dhgljhey
k\hckl\_gghc^ey^jm]boZ^^bdpbb<klmib\\ wlmnZamZ^^bdlg_fh`_ldhgljhebjh\Zlvk\hb
^_ckl\byhklZ\eyyihke_k_[yke_^jbkdmyjZkdjulvk_[ybebgZg_klbk_[_ikboheh]bq_kdh_
beb nbabq_kdh_ ih\j_`^_gb_ Hg [_kkbe_g \ hlghr_gbb ij_^mij_`^_gby k\h_]h ih\_^_gby
?fmljm^ghhklZgh\blvkyDhgljhevgZ^jZaebqgufb\b^Zfbk_dkmZevghcZdlb\ghklbl_jy_lky
Ihke_j_ZebaZpbbdhfimevkb\gh]hoZjZdl_jZihy\eyxlkyg_j_Zebam_fu_h[_sZgbyk\yaZggu_
k ihgbfZgb_f g_h[oh^bfhklb hklZgh\blvky LZdh_ ih\_^_gb_ khijh\h`^Z_lky ^Zevg_crbf
mkbe_gb_fdhfie_dkZg_iheghp_gghklb
WlZi dZlZkljhnu beb hlqZygby gZklmiZxsbc ihke_ g_ijbylghkl_c h[mkeh\e_gguo
hij_^_e_ggufbkh[ulbyfbgZijbf_jgZdZaZgb_fbebaZ[he_\Zgb_f< wlhli_jbh^gZjZklZxl
hljbpZl_evgu_ qm\kl\Z d k_[_ ijh\hpbjmxsb_ h[hklj_gb_ Zmlh^_kljmdlb\gh]h bgklbgdlZ b
ihy\e_gb_fuke_ch kZfhm[bckl\_
Ihke_ g_dhlhjh]h i_jbh^Z aZlbrvy gZklmiZ_l ih\lhj pbdeZ k\h_h[jZab_ dhlhjh]h
aZdexqZ_lky\ lhfqlh_keb\ ij_^u^ms_fpbde_Z^^bdl^hklb]dhfimevkb\gh]hwlZiZihl_jb
dhgljheylhke_^mxsbcpbdegZqbgZ_lkykjZamk ihl_jbdhgljheyijbdhlhjhc\k_\uklmiZ_l\
[he__`_kldhcnhjf_b oZjZdl_jbam_lky[ukljufjZa\_jlu\Zgb_fkh[ulbc
:^^bdlu\ mkeh\byoaZgylhklbqe_gh\k_fvb^ebl_evghkdju\Zxlk\hbZ^^bdpbbK^_eZlv
wlh hkh[_ggh e_]dh _keb ^jm]hc qe_g k_fvb lh`_ y\ey_lky Z^^bdlhf aZgyluf k\hbfb
j_ZebaZpbyfb
:^^bdpbyijb\h^bld g_mijZ\ey_fhklb`bagbdjblbdZd dhlhjhckgb`_gZWlhk\yaZghk
gZebqb_f wcnhjbq_kdh]h \hkihfbgZgby ijbylguo kh[ulbc b [ehdbjh\dhc g_ijbylguo
y\e_gbcLZdjZkkdZau\Zyh k_dkmZevghfmki_o_Z^^bdl^mfZ_llhevdhh ijbylghfb]ghjbjm_l
g_ijbylgu_kh[ulbyb ih^\_j`_gkh[eZagmih\lhjblvZdlb\ghklv^mfZyh lhfqlhhgZ[m^_l
ihke_^g_c G_mijZ\ey_fhklv Z^^bdlZ ijb\h^bl d nhjfZebaZpbb hlghr_gbc k qe_gZfb k_fvb
:^^bdli_j_klZ_lbgl_j_kh\Zlvky^jm]bfb\_sZfbg_aZ[hlblkyh k\h_fa^hjh\v_\_^yh[jZa
`bagbkhklhysbcbaihklhyggh]hgZkbebygZ^^jm]bfbkbkl_fZfbp_gghkl_cWlhijb\h^bld
lhfmqlhhgjZamqb\Z_lkyij_h^he_\Zlv^Z`_l_ljm^ghklbdhlhju_hgij_h^he_\ZejZgvr_<
`bagb Z^^bdlZ ihklhyggh ijbkmlkl\m_l kljZo qlh kn_jZ k\yaZggZy k Z^^bdlb\gufb
j_ZebaZpbyfb\^jm]klZg_l^eyg_]hg_^hklmighc>eyg_]hoZjZdl_jghgZ\yaqb\h_klj_fe_gb_
ihklhyggh ^hdZau\Zlv k\hx khklhyl_evghklv \ k_dkmZevghf ieZg_ G_mki_o k_dkmZevgh]h
oZjZdl_jZ y\ey_lky gZklhevdh ikbohljZ\fbjmxsbf qlh \ kemqZ_ _]h ih\lhj_gby \hagbdZ_l
hiZkghklv ijyfh]h Zmlh^_kljmdlb\gh]h beb Z]j_kkb\gh]h ih\_^_gby :^^bdl \_^_l ^\hcgmx
`bagv>eyhijZ\^Zgbyk_[y\ k\hbo]eZaZoZ^^bdlbkihevam_lfbnheh]baZpbxijhbkoh^ys_]h
IhjZ`_gbykfh]mlkhq_lZlvkykhaehmihlj_[e_gb_fZedh]he_fghkysbfZ^^bdlb\gucoZjZdl_j
b bkihevam_fuf ^ey lh]h qlh[u ba[Z\blvky hl g_ijbylguo qm\kl\ Ijb_f Zedh]hey fh`_l
bkihevah\ZlvkydZdaZimkdk_dkmZevghcj_ZebaZpbb
JZkkfZljb\Zy \hijhk dhjj_dpbb wlbo khklhygbc ke_^m_l hlf_lblv qZklhlm bgl_jZdpbc
f_`^m k_dkmZevghc jZ[hlh]hevghc b Zedh]hevghc Z^^bdpbyfb G_m^h\e_l\hjbl_evgu_
j_amevlZlu bo e_q_gby h[mkeh\e_gu h[sbfb Z^^bdlb\gufb f_oZgbafZfb ijbkmlkl\mxsbfb
ijb\k_oZ^^bdpbyo
DZd m`_ hlf_q_gh m ebp k k_dkmZevgufb Z^^bdpbyfb qZklh mklZgZ\eb\Z_lky \ ^_lkl\_
gZebqb_ k_dkmZevghc ljZ\fZlbaZpbb bgp_klZ MklZgh\e_gb_ gZebqby bgp_klZ \ ^_lkl\_
k\yaZgh k [hevrbfb aZljm^g_gbyf lZd dZdh[ wlhf g_ijbylgh b g_m^h[gh ]h\hjblv b fgh]b_
gZoh^yl ^ey k_[y [he__ ijb_fe_fuf hl\_qZlv gZ wlb \hijhku hljbpZl_evgh Bgp_klgu_
i_j_`b\Zgbyfh]ml[ulv\ul_kg_gu\ ih^khagZgb_b q_eh\_d^_eZ_l\k_\hafh`gh_^eylh]h
qlh[ug_nbdkbjh\ZlvkygZwlhch[eZklbi_j_`b\ZgbcLZdZyj_ij_kkbyfh`_l[ulvgZklhevdh
jZ^bdZevghcqlhkhijh\h`^Z_lkyiheghcZfg_ab_c
Hkeh`g_gbyijbd\ZebnbdZpbbwlbokhklhygbc\hagbdZxl\ k\yabk l_fqlhki_pbZebklu
jZ[hlZxsb_\ jZfdZodeZkkbq_kdh]hikbohZgZebaZ[u\Zxlkdehgguk g_^h\_jb_fhlghkblvkyd
jZkkdZaZf gZ l_fm h k_dkmZevghc ljZ\fZlbaZpbb bgp_klgh]h lbiZ \ ^_lkdhf \hajZkl_ Ohly
dZaZehkv [u \k_ ^he`gh [ueh [ulv gZh[hjhl H[km`^Zy i_j_`b\Zgby gZijbf_j dhfie_dkZ
W^biZhgbhlf_qZxl\hagbdgh\_gb_wlboi_j_`b\ZgbcgZmjh\g_fure_gbyb wfhpbcJ_[_ghd
gZ hij_^_e_gghf wlZi_ k\h_]h jZa\blby bkiulu\Z_l j_\ghklv d h^ghfm b ex[h\v d ^jm]hfm
jh^bl_exkhklj_fe_gb_fd mkljZg_gbxjh^bl_eyijhlb\hiheh`gh]hiheZLZddZdwlb\_sb
g_kh\f_klbfuk dmevlmjhchgb[ukljh\ul_kgyxlkyZ jZa]h\hjuh[bgp_kl_ij_^klZ\eyxlba
k_[y ijhju\ ^_lkdbo nZglZabc \ khagZgb_ IkbohZgZeblbdb aZqZklmx ij_^iheZ]Zxl qlh wlb
i_j_`b\Zgby klZgh\ysb_ky j_Zevgufb gZ kZfhf ^_e_ y\eyxlky \u^mfdZfb b nZglZabyfb
LZdZy ikbohZgZeblbq_kdZy lhqdZ aj_gby hdZau\ZeZ [hevrh_ ^Z\e_gb_ gZ h[s_kl\h \ p_ehf b
ijb\h^beZ d lhfm qlh \ l_q_gb_ ^ebl_evgh]h i_jbh^Z \j_f_gb d jZa]h\hjZf gZ wlm l_fm g_
hlghkbebkv k_jv_agh Ihwlhfm \uykg_gb_ gZebqby wlbo i_j_`b\Zgbc fh`_l bf_lv [hevrh_
agZq_gb_ G_Z^_d\Zlghklv aZ^Z\Z_fuo ijyfuo \hijhkh\ gZ wlm l_fm g_ ^Z_l kdhevdhgb[m^v
ohjhrbo j_amevlZlh\ Ihwlhfm ij_^ijbgbfZxlky ihiuldb gZclb kihkh[u dhk\_ggh]h
\uykg_gby k bkihevah\Zgb_f ki_pbZevguo l_klh\ ^ey b^_glbnbdZpbb wlbo kh[ulbc <
gZklhys__ \j_fy k wlhc p_evx ijbf_gyxlky ihemkljmdlmjbjh\Zggu_ l_klu nZdlbq_kdb
ghkysb_oZjZdl_jnbdkbjh\Zggh]hgZhij_^_e_gguofhf_glZoikboheh]bq_kdh]hbgl_j\vx
%OXPH ij_^eh`beZ \hijhku dhk\_ggh k\b^_l_evkl\mxsb_ h gZebqbb bgp_klZ \
^_lkdhf \hajZkl_ K lhqdb aj_gby Z\lhjZ ebpZf ih^\_j]rbfky bgp_klm \ ^_lkdhf \hajZkl_
k\hckl\_ggu\ qZklghklbke_^mxsb_ijbagZdb
‡ GZebqb_ kljZoh\ m \ajhkeh]h q_eh\_dZ d dhlhjuf hlghkylky kljZo l_fghlu kljZo
hklZ\Zlvky ghqvx kiZlv h^ghfm \ dhfgZl_ dhrfZju kgh\b^_gby hsms_gb_ qm\kl\Z
ijbkmlkl\bydh]hlh\ ihf_s_gbbh[hklj_gb_\ ghqgh_\j_fyfuke_ch ij_ke_^h\Zgbbm]jha_
hsms_gb_ij_[u\Zgby\ eh\mrd_badhlhjhcq_eh\_dg_fh`_l\uclb
‡ Ijh[e_fu \ hlghr_gbyo k \h^hc Ih\ur_ggZy qm\kl\bl_evghklv d \h^_ ijh[e_fu
k\yaZggu_k ijh]eZlu\Zgb_f\h^u\hagbdgh\_gb_g_ijbylgh]hqm\kl\ZijbihiZ^Zgbb\h^ugZ
ebph\h\j_fydmiZgbyb ieZ\ZgbyHsms_gb_m^mrvyijbihiZ^Zgbb\h^ugZebphGZebqb_
lZdbojZkkljhckl\ohjhrhaZihfbgZ_lkyb k\h[h^gh\_j[Zebam_lkyq_eh\_dhfijbjZa]h\hj_gZ
wlml_fm
‡ Baf_g_gby hsms_gby qm\kl\Z k\h_]h l_eZ Ke_^m_l h[jZlblv \gbfZgb_ gZ lh \ dZdhc
f_j_ q_eh\_d nbdkbjm_l \gbfZgb_ gZ k\h_f l_e_ DZdhc bfb^` l_eZ m g_]h kms_kl\m_l G_
klZjZ_lkyebhgh^_\Zlvk_[ylZdbfh[jZahfqlh[uba[_`Zlv\gbfZgbyd k_[_
IjbgZebqbblZdbojZkkljhckl\ihy\eyxlkyg_mdex`_klvb g_eh\dhklv\ ihoh^d_b \iha_
hlkmlkl\b_^hklZlhqgh]h\gbfZgbyd k_[_ijhy\eyxs__ky\ \hagbdgh\_gbbijh[e_fk h^_`^hc
LZdb_ ex^b ghkyl gZ k_[_ [hevrh_ dhebq_kl\h h^_`^u g_ khhl\_lkl\mxs__ \j_f_gb ]h^Z
NhjfZ bo h^_`^u f_rdh\ZlZy hgb bkiulu\Zxl aZljm^g_gby \ qZklbqghf kgylbb h^_`^u \
dhfgZl_ ijb jZa^_\Zgbb gZ iey`_ \ [Zg_ ijb hloh^_ dh kgm Hgb ijhy\eyxl qj_a\uqZcgmx
lj_[h\Zl_evghklvd hlkmlkl\bx\ wlhlfhf_glihklhjhggbokhklj_fe_gb_f[ulvg_aZf_lgufb
b g_h[jZsZlvgZk_[y\gbfZgbyhdjm`Zxsbo
‡ Klj_fe_gb_[ulv\h\k_fkh\_jr_ggufb \ohjhr_fb \iehohf
‡ GZebqb_ qZkluo ^_ij_kkb\guo khklhygbc \hagbdZxsbo \ k\yab k hlkmlkl\b_f
aZ]jm`_gghklb^_eZfb
‡ E_]dh_\hagbdgh\_gb_ke_a
‡ QZklu_ hljbpZl_evgu_ wfhpbc lZdb_ dZd aehklv b yjhklv g_kihkh[ghklv iZpb_glh\ d
jZkihagZ\Zgbxm k_[ywlbowfhpbcb bo\ujZ`_gbxBgl_gkb\gZy\jZ`^_[ghklvihhlghr_gbx
d fgh]bf\_sZfbgh]^ZgZijbf_jihhlghr_gbxd ]jmii_ex^_cbf_xs_ch[sbcijbagZdk
q_eh\_dhf kh\_jrb\rbf k_dkmZevgmx Z]j_kkbx D lZdhfm ijbagZdm fh]ml [ulv hlg_k_gu
\hajZkl fZg_jZ ih\_^_gby wlgbq_kdb_ ijbagZdb Fh`_l ijbkmlkl\h\Zlv \jZ`^_[ghklv ih
hlghr_gbxd p_ehfmihem
‡ Klj_fe_gb_ dhgljhebjh\Zlv fukebl_evguc ijhp_kk ijhy\eyxs__ky \ f_^e_gghf
hklhjh`ghfoZjZdl_j_j_q_h[jZah\Zgby
‡ Klj_fe_gb_d ^bklZgpbjh\Zgbxk\yaZggh_k gZijy`_gb_f
‡ G_ihgbfZgb_xfhjZb hljbpZl_evgh_d g_fmhlghr_gb_<ujZ`_ggZyk_jv_aghklv
‡ Hsms_gb_qm\kl\ZqlhaZgbfbgZ[ex^ZxlijbkfZljb\Zxlkyd gbfH`b^Zgb_q_]hlh
g_h`b^Zggh]h
‡ G_kihkh[ghklv ^h\_jylv dhfmlh bkoh^ysZy ba ij_^iheh`_gby qlh ^h\_jb_ \k_]^Z
g_[_ahiZkgh <hafh`gZ kf_gZ g_^h\_jby gZ lhlZevgh_ ^h\_jb_ ijhba\h^ysZy g_h[uqgh_
\i_qZle_gb_
‡ G_kihkh[ghklv d ih\_^_gbx k\yaZgghfm k jZamfghc ^he_c jbkdZ k g_ijb_fe_fhklvx
\k_]hqlhk\yaZghohly[uk g_dhlhjhc^he_cjbkdZbebgZh[hjhllZdhcq_eh\_d[jhkZ_l\uah\
km^v[_b ihklhygghjbkdm_l
‡ KljZoihl_jbdhgljheygZ^kh[hcgZ^k\hbfih\_^_gb_fgZ^kblmZpb_c< k\yabk wlbf
ki_pbZebklZfb bgh]^Z ^bZ]ghklbjm_lky m lZdbo ex^_c gZebqb_ h[k_kkb\ghdhfimevkb\gh]h
ih\_^_gby
‡ Klj_fe_gb_ dhgljhebjh\Zlv y\e_gby g_ bf_xsb_ kdhevdhgb[m^v [hevrh]h agZq_gby
k\yaZggu_k `_eZgb_fijhklhqlhlhdhgljhebjh\Zlv
‡ Ijh[e_fu\bguklu^Zb gbadhckZfhhp_gdbHsms_gb_lh]hqlhhgbgbq_]hg_agZqZl
Wlbf h[tykgy_lky \ukhdZy hp_gdZ fZeuo iheh`bl_evguo klbfmeypbc kh klhjhgu ^jm]bo
ex^_ck^_eZ\rbog_fgh]hgh\ukhdhhp_gb\Zxsboky
‡ Qm\kl\h `_jl\u ijbghr_gb_ k_[y \ `_jl\m Hlkmlkl\b_ qm\kl\Z kh[kl\_gghc kbeu
Km[fbkkb\gh_ ih\_^_gb_ Ljm^ghklb \ mklZgh\e_gbb ]jZgbp ih\_^_gby k\yaZggu_ k
g_ihgbfZgb_flh]hqlhq_eh\_d^he`_gb q_]hg_^he`_g^_eZlv
‡ Ljm^ghklb ijb g_h[oh^bfhklb kdZaZlv g_l klj_fe_gb_ aZjZg__ m]Z^u\Zlv lh q_]h
ohq_l^jm]hcq_eh\_dkhaZ\bkbfhklvKljZoihdbgmlhklbh`b^Zgb_ihdbgmlh_Œ
‡ ;ehdbjh\dZ iZfylb gZ kh[ulby i_jbh^Z jZgg_]h ^h e_l \hajZklZ fh]msb_ ghkblv
njZ]f_glZjgucoZjZdl_jGZijbf_jbaiZfylbbkq_aZ_lh[jZaq_eh\_dZbebl_jjblhjbb
‡ Hsms_gb_ ijbgZ^e_`ghklb d ghkbl_evkl\m lZcgu k_dj_lZ :f[b\Ze_glghklv \
ih\_^_gbb \ujZ`Zxs_fky k h^ghc klhjhgu \ klj_fe_gbb jZkkdZaZlv h lZcg_ Z k ^jm]hc
klhjhgu kljZo lh]h qlh hgZ [m^_l jZkdjulZ Hsms_gb_ lh]h qlh gbdlh g_ ihcf_l b g_
\ukemrZ_lihgZklhys_fm
‡ H[sZykdjulghklv
‡ Qm\kl\hqlhhgbkoh^ylk mfZkhijh\h`^Zxs__kyg_h[uqgufhsms_gb_fg_j_Zevghklb
hdjm`Zxs_ch[klZgh\db
‡ L_g^_gpbyd kha^ZgbxnZglZklbq_kdbofbjh\b kh[ulbc\ dhlhjuoq_eh\_dijbh[j_lZ_l
^jm]mx b^_glbqghklv ijhlb\hiheh`gmx ij_`g_c ih kh^_j`Zgbx LZdbf h[jZahf \ fbj_
nZglZabc ijhbkoh^bl hij_^_e_ggZy dhfi_gkZpby k\yaZggZy k ihy\e_gb_f ijhlb\hiheh`ghc
ebqghklbgZijbf_j^jm]h]hiheZg_\u]ey^ys_c`_jl\hcb ij
‡ HljbpZgb_ k b]ghjbjh\Zgb_f fgh]bo y\e_gbc gZijbf_j g_ijbylguo i_j_`b\Zgbc g_
dZkZxsbokyk_dkmZevghcljZ\fZlbaZpbbfbgbfbaZpbyljZ\fZlbaZpbbbkoh^ysZybalh]hqlh
gbq_]hhkh[_ggh]hg_ijhbahrehqlh\k_h[tykgy_lkyb]jhc\hh[jZ`_gbyb gZkZfhf^_e_\k_
\u]ey^_ehih^jm]hfm
‡ Ih^Z\e_gb_g_`_eZl_evghcbgnhjfZpbb
‡ G_Z^_d\Zlgu_g_h`b^Zggu_hljbpZl_evgu_j_ZdpbbgZkh[ulbygZq_eh\_dZgZf_klh
K_gkhjgu_ \kiurdb \h \j_fy dhlhjuo g_h`b^Zggh gZijbf_j \h \j_fy jZa]h\hjZ beb \
fhf_gl gZoh`^_gby gZ mebp_ q_eh\_d \b^bl \gmlj_ggbf aj_gb_f \kiurdm k\_lZ beb m g_]h
\hagbdZ_lqm\kl\h q_]hlh agZdhfh]h gh \j_f_gb gZ jZkihagZ\Zgb_ wlh]h y\e_gby g_ o\ZlZ_l
K_gkhjgu_ \kiurdb ih\lhjyxlky gh agZq_gb_ bo gbdh]^Z g_ jZkrbnjh\u\Z_lky kfuke
kblmZpbbg_ko\Zlu\Z_lkyg_kfhljygZgZebqb_`_eZgbyjZah[jZlvky\ wlhf
‡ Ljm^ghklb \ jZa]h\hj_ gZ k_dkmZevgmx l_fm :k_dkmZevghklv K h^ghc klhjhgu
hsms_gb_k_dkZdZdq_]hlh]jyagh]hk j_Zdpb_chl\jZs_gbygZijbdhkgh\_gb_d bol_em
Hq_\b^gh wlh y\ey_lky ke_^kl\b_f aZljm^g_gbc \ bgl_]jZpbb k_dkmZevghklb b
wfhpbhgZevghklb b aZljm^g_gbc \ jZa^_e_gbb k_dkmZevghklb hl Z]j_kkb\ghklb K ^jm]hc
klhjhgu \hafh`gh ^hfbgbjh\Zgb_ gZkbeby k we_f_glZfb k_dkmZevgh \uau\Zxs_]h b
kh[eZagyxs_]hih\_^_gby
‡ Kihkh[ghklv\klmiZlv\ k_dkmZevgu_hlghr_gbyk g_agZdhfufbij_^klZ\e_gZ\ [hevr_c
kl_i_gbihkjZ\g_gbxk g_kihkh[ghklvx\klmiZlv\ bglbfgu_hlghr_gbyKlj_fe_gb_d k_dkm
khq_lZ_lkykhklj_fe_gb_fd Z]j_kkbbf_klbb yjhklb
‡ K_dkmZebaZpby\k_oagZqbfuohlghr_gbc\hagbdgh\_gb_wjhlbq_kdbodhfihg_glh\ijb
hljbpZl_evguowfhpbyoaehklb
‡ K_dkmZevgu_nZglZabbk we_f_glZfb^hfbgbjh\ZgbygZkbeby
‡ Ijh[e_fuk bglbfghklvx\ rbjhdhfkfuke_
‡ Ba[_]Zgb_ a_jdZe hljZ`Zxs__ k\yav kh klj_fe_gb_f [ulv g_\b^bfuf g_^h\_jb_ d
\hkijbgbfZ_fhfmh[jZamk_[y\ a_jdZe_
‡ <hagbdZxs__bgh]^Z`_eZgb_baf_gblvbfynZfbebxih^jm]hfmk_[yh[hagZqblv
‡ H]jZgbq_ggZy kihkh[ghklv i_j_`b\Zlv iheh`bl_evgu_ wfhpbb k fukeyfb lbiZ Y
gbdh]^Z g_ fh]m [ulv ihgZklhys_fm kqZkleb\hc b jZ^hklghc ;hyagv gZklmie_gby m k_[y
lZdbokhklhygbclZddZdihke_lh]hdZdhgbijhoh^ylgZklmiZ_lijhlb\hiheh`gh_khklhygb_
G_^h\_jb_ d khklhygbyf ih\ur_ggh]h gZkljh_gby \ k\yab k bo bkdmkkl\_gghklvx
g_lbibqghklvxb djZldh\j_f_gghklvx
‡ LboZyg_aZf_lgZyfZg_jZih\_^_gbyklj_fe_gb_g_h[hagZqZlvk_[y]jhfdbfba\mdZfb
\h \j_fy k_dkmZevghc Zdlb\ghklb kf_oZ ieZqZ jZa]h\hjZ Klj_fe_gb_ mijZ\eylv k\hbf
]hehkhfLZdb_ebpZ]h\hjylgZklhevdhlbohqlhboljm^ghmkeurZlv
‡ GZebqb_qm\kl\ZjZa^\h_gbyb fbjZnZglZabc\ dhlhjhfhgb\uklmiZxl\ ^jm]hcjheb
I_j_ghk \ j_Zevguc fbj ^jm]hc b^_glbqghklb GZebqb_ ^jm]bo iZll_jgh\ ih\_^_gby
gZijbf_j\h\j_fyhlimkdZ\ g_agZdhfhch[klZgh\d_
< kh\j_f_gghcebl_jZlmj__klvmdZaZgbygZlhqlhebpZfbf_xsbf\ ^_lkl\_bgp_klgu_
ijh[e_fu k\hckl\_ggu gZjmr_gby b^_glbqghklb < ihke_^g__ \j_fy g_dhlhju_ Z\lhju
klZjZykvm\_ebqblvqbkehlZdboebpgZqZebhlghkblvd wlhcdZl_]hjbbn_ghf_guk\yaZggu_k
h\eZ^_gb_f Ijb jZkkfhlj_gbb ih^h[guo y\e_gbc ke_^m_l mqblu\Zlv qlh \ jZfdZo ^jm]bo
dmevlmj gZijbf_j \ :njbd_ h\eZ^_gb_ \hagbdZ_l m fgh]bo ex^_c kqblZ_lky h[uqguf
ljb\bZevgufy\e_gb_fghkysbfdjZldh\j_f_ggucoZjZdl_j b ijhoh^ysbf kZfhih k_[_beb
bae_qb\Zxsbfky rZfZghf Ihkdhevdm ijb h\eZ^_gbb m q_eh\_dZ ijhy\eyxlky iZll_jgu
ih\_^_gby g_ lbibqgu_ ^ey g_]h jZgvr_ _klv ihiuldb h[t_^bgylv wlb n_ghf_gu Eble\m^
:g]eby gZibkZ\rbc dgb]m h fgh`_kl\_gguo ebqghklyo h[jZlbe \gbfZgb_ gZ lh qlh \
bklhjbb`bagbwlboex^_c_klv mdZaZgbygZgZebqb_ikboheh]bq_kdhc ljZ\fu=h\hjy h lhf
qlh ebpZ k ^bZ]ghahf fgh`_kl\_ggZy ebqghklv \klj_qZxlky \ ?\jhi_ b Kh_^bg_gghf
Dhjhe_\kl\_ hg hibku\Z_l kemqZb k\yaZggu_ k dhe^h\kl\hf b h\eZ^_gb_f lj_[mxsb_
ki_pbZevgh]h ZgZebaZ LZdbf h[jZahf n_ghf_g h\eZ^_gby g_ \k_]^Z k\b^_l_evkl\m_l h
aehdZq_kl\_gghfijhp_kk_hgfh`_l\uklmiZlvdZd\j_f_ggh_y\e_gb_dhlhjhfmk\hckl\_ggu
gZjmr_gbyb^_glbqghklb
Ijh\h^bfZyki_pbZebklZfbdhjj_dpbyk_dkmZevguoZ^^bdpbc^he`gZb^lb\ ke_^mxsbo
gZijZ\e_gbyo
hkhagZgb_Z^^bdlhfkms_kl\Zkh^_j`Zgby_]hijh[e_fu
ZgZeba bklhqgbdh\ ijh[e_fu b mqZklby \ g_c ex^_c k dhlhjufb Z^^bdl gZb[he__
k\yaZg
h[tykg_gb_oZjZdl_jZkh^_j`ZgbykhaZ\bkbfhklb\dexqZxs_cZgZebakdjuluowfhpbc
\bgu klu^Z mgb`_gghklb :gZeba kljZl_]bb khaZ\bkbfhklb dhgljhey aZsblu b
dhgdmj_gpbb
hkhagZgb_ lh]h qlh kblmZpby \ dhlhjmx ihiZe Z^^bdl g_ y\ey_lkybkdexqbl_evghcb
qlhhg\k_]^Zfh`_ljZkkqblu\ZlvgZihfhsv
wfhpbhgZevguc lj_gbg] mf_gb_ hlebqZlv bglbfghklv wfhpbc hl bo dhebq_kl\_ggh]h
\ujZ`_gby
h[mq_gb_ Z^^bdlZ mf_gbx ZgZebabjh\Zlv ijhreh_ b gZeZ`b\Zlv g_nhjfZevgu_
f_`ebqghklgu_ dhglZdlu k ihgbfZgb_f lh]h qlh hg fh`_l ihemqblv gZklhysmx
wfhpbhgZevgmxih^^_j`dmm hij_^_e_gguoex^_c
JZ[hlh]hebaf
Kh\j_f_ggucjZ[hlh]hebafg_jZaju\ghk\yaZgk Z^^bdlb\gufbk\hckl\Zfbhj]ZgbaZpbc
\ dhlhjuo jZ[hlZxl jZ[hlh]hebdb Ijh[e_fZ jZ[hlh]hebafZ \uoh^bl dZd gZ Z^^bdlb\ghklv
h[s_kl\ZlZdb Z^^bdlb\ghklvhl^_evguohj]ZgbaZpbckms_kl\mxsbo\ khpbZevguokbkl_fZo
Ih^kbkl_fhcihgbfZ_lky_^bgbpZ\dexqZxsZyk\hckl\_ggh__chij_^_e_ggh_kh^_j`Zgb_Z
lZd`_ hij_^_e_ggu_ jheb b^_b b ijhp_kku Kbkl_fZ ij_^iheZ]Z_l hij_^_e_ggmx
aZdhgq_gghklv b hl]jZgbq_gghklv P_eZy kbkl_fZ \k_]^Z [hevr_ kmffu hl^_evguo __ qZkl_c
DZ`^Zykbkl_fZbf__lhij_^_e_ggu_ljZ^bpbbg_ibkZggu_ghjfub h`b^Zgbyk[u\Zxsb_ky
\ __ jZfdZo \ lhc beb bghc kl_i_gb >ebl_evghklv kms_kl\h\Zgby kbkl_fu ij_\urZ_l
^ebl_evghklvZdlb\ghkl_cex^_ck\yaZgguok \oh^hfb \uoh^hfbakbkl_fuHgZgZoh^blky\
dhglZdl_ k ^jm]bfb kbkl_fZfb bkihevamy ihklmiZxsmx hl gbo bgnhjfZpbx Wlhl
bgnhjfZpbhgguch[f_gaZ\bkblhlaZdjulhklbbebhldjulhklbkbkl_fu
< aZdjulhckbkl_f_gh\ZybgnhjfZpbyg_fh`_l[ulvh[jZ[hlZgZ\gmljbkms_kl\mxs_c\
wlhckbkl_f_iZjZ^b]fuhgZg_jZaj_rZ_lkyg_jZkihagZ_lkybebijbagZ_lkyg_kms_kl\_gghc
HldjulZy kbkl_fZ \hkijbgbfZ_l gh\mx bgnhjfZpbx ijhy\eyy ]b[dhklv y\eyxsmxky
h^ghcba__oZjZdl_jbklbdWlhl\b^kbkl_fuhldjul^eygh\hcbgnhjfZpbbg_h[oh^bfhc^ey
baf_g_gbc \ hlebqb_ hl aZdjulhc kbkl_fu dhlhjZy eb[h baf_gy_lky \ g_agZqbl_evghc
kl_i_gbeb[hgZoh^blky\ klZlbq_kdhfaZklhcghfkhklhygbb
<k_ kbkl_fu lj_[mxl hl ex^_c mqZkl\mxsbo \ g_c hij_^_e_ggh]h ih\_^_gby
khhl\_lkl\mxs_]h kljmdlmj_ kbkl_fu dhlhjZy gZ]jZ`^Z_l q_eh\_dZ \ kemqZ_ kh\iZ^_gby _]h
ih\_^_gbyk ijbgylufb\ kbkl_f_ghjfZfb
:^^bdlb\gu_ kbkl_fu y\eyxlky aZdjulufb >ey q_eh\_dZ gZoh^ys_]hky \ gbo
kms_kl\m_lg_[hevrhcki_dlj\u[hjZih\_^_gbyb jhe_cKbkl_fZh]jZgbqb\Z_lkihkh[ghklvd
fure_gbxb \hkijbylbxfgh]boy\e_gbc\ gZijZ\e_gbyog_khhl\_lkl\mxsbo__ dhgp_ipbb
:^^bdlb\gZy kbkl_fZ klbfmebjm_l Z^^bdlb\gu_ ih\_^_gby ijb]eZrZy q_eh\_dZ \klmiblv \
ijhp_kk Z^^bdpbb \ ^Zgghf kemqZ_ jZ[hlh]hevghc b gZ\yau\Z_l Z^^bdlb\gu_ kihkh[u
fure_gby :^^bdlb\gZy kbkl_fZ ih kmlb ^_eZ nmgdpbhgbjm_l dZd bg^b\b^mZevguc Z^^bdl
Bgufb keh\Zfb Z^^bdlb\ghc kbkl_f_ ijbkmsb hkgh\gu_ oZjZdl_jbklbdb hl^_evgh]h
q_eh\_dZZ^^bdlZ Z hg \ k\hx hq_j_^v bf__l oZjZdl_jbklbdb Z^^bdlb\ghc kbkl_fu ?keb
q_eh\_d`b\_l\ mkeh\byoZ^^bdlb\ghckbkl_fuhgklZgh\blkyghkbl_e_foZjZdl_jbklbdwlhc
kbkl_fuqlhgZdeZ^u\Z_lgZg_]hk_jv_aguchli_qZlhd
OZjZdl_jbklbdb Z^^bdlb\ghc kbkl_fu fh]ml [ulv jZkkfhlj_gu k jZaguo ihabpbc
gZijbf_j
Ijh[e_fZ\hagbdZ_llh]^Zdh]^Zdexq_\h_ebph\ hj]ZgbaZpbby\ey_lkyZ^^bdlhf?]h
Z^^bdlb\gh_ih\_^_gb_hdZau\Z_l\ebygb_gZ^_yl_evghklv\k_chj]ZgbaZpbbdZdkbkl_fub gZ
ex^_c jZ[hlZxsbo \ wlhc hj]ZgbaZpbb :^^bdl ijb\ghkbl \ kbkl_fm hij_^_e_gguc
k\hckl\_gguc_fmklbevih\_^_gby
< hj]ZgbaZpbb fh]ml jZ[hlZlv dZd jZaebqgu_ Z^^bdlu gZijbf_j Zedh]hevgu_
g_obfbq_kdb_ b ij lZd b khaZ\bkbfu_ khljm^gbdb `b\msb_ \ ^bknmgdpbhgZevguo k_fvyo
Hgbijb\ghkyl\ hj]ZgbaZpbxk\hckl\_ggu_bok_fvyfj_iebpbjh\Zggu_^bknmgdpbhgZevgu_
k_f_cgu_kbkl_fuLZdbfh[jZahfijh[e_fug_jZaj_r_ggu_gZh^ghfmjh\g_\hagbdZxlb
ijhy\eyxlky gZ ^jm]hf mjh\g_ gZ mjh\g_ ijhba\h^kl\_gguo hlghr_gbc B Z^^bdlu b
khaZ\bkbfu_ ebpZ ^_eZxl ij_`^_ \k_]h lh qlh hgb mf_xl ^_eZlv emqr_ \k_]h lh _klv
ijhy\eylvk\hbZ^^bdlb\gu_dZq_kl\Z
Hj]ZgbaZpby kZfZ ih k_[_ fh`_l nmgdpbhgbjh\Zlv dZd Z^^bdlb\gZy km[klZgpby Wlhl
ijhp_kkfh`_lijhy\eylvky\ ihklZgh\d_p_ebb f_kl_dhlhjh_hj]ZgbaZpbyaZgbfZ_l\ `bagb
dZ`^h]h ba khljm^gbdh\ gZijbf_j \ hlghr_gbb d jZ[hlh]hebafm dZd d khpbZevgh
ijb_fe_fhfmb ijb\_lkl\m_fhfmn_ghf_gmLZdbfh[jZahfjZ[hlh]hebaf\u]ey^bl\ jZfdZo
wlhckbkl_fuijh^mdlb\gufb `_eZl_evguf
:^^bdlb\gu_ hj]ZgbaZpbb bf_xl l_g^_gpbx ih\lhjylv h^gb b l_ `_ ijh[e_fu \f_klh
lh]hqlh[ubodZdbflhh[jZahfj_rZlv
:^^bdlb\gu_ oZjZdl_jbklbdb hj]ZgbaZpbb ijhy\eyxlky \ jZaguo kn_jZo \ kihkh[Zo
dhffmgbdZpbbbaheypbbg_q_klghklbhljbpZgbbw]hp_gljbqgh_Œ^mZebaf_]jZg^bhaghklb
ijh_dpbb ih^Z\e_gghklb qm\kl\ b klj_fe_gbb d dhgljhex LZdbf h[jZahf Z^^bdlb\gZy
kbkl_fZ\ k\h_c^_yl_evghklbijhy\ey_ll_`_oZjZdl_jbklbdbqlhb dhgdj_lgucbg^b\b^mmfk
lhcbebbghcnhjfhcZ^^bdlb\gh]hih\_^_gby
M bg^b\b^mZevgh]hZ^^bdlZbf_xlkyk\hbkihkh[uikboheh]bq_kdhcaZsbluwlbkihkh[u
_klv b m Z^^bdlb\ghc hj]ZgbaZpbb GZijbf_j f_oZgbaf hljbpZgby ih^^_j`b\Zxsbc
kms_kl\h\Zgb_ aZdjulhc kbkl_fu Bg^b\b^mZevguc Z^^bdl bkihevamxsbc hljbpZgb_
aZy\ey_l qlh m g_]h g_l ijh[e_fu qlh hgZ bkdmkkl\_ggh ijb^mfZgZ Z ihwlhfm __ b g_ gZ^h
jZkkfZljb\Zlv < Z^^bdlb\guo hj]ZgbaZpbyo hljbpZgb_ fh`_l \ujZ`Zlvky ihjZaghfm Wlh
fh`_l[ulvihegh_bebqZklbqgh_hljbpZgb_ijh[e_fuijbdhlhjhfgZijbf_j\ukdZau\Z_lky
fg_gb_ lbiZ >Z m gZk _klv hl^_evgu_ g_^hklZldb gh \ p_ehf \k_ h[klhbl ohjhrh
Bkihevah\Zgb_ hljbpZgby g_ ^Z_l \hafh`ghklb jZah[jZlvky \ ijhbkoh^ys_f b qlheb[h
baf_gblv
W]hp_gljbaf k\hckl\_gguc Z^^bdlm b Z^^bdlb\ghc kbkl_f_ aZdexqZ_lky \ lhf qlh dZd
Z^^bdllZdb kbkl_fZklZ\ylk\hbbgl_j_ku\h]eZ\mm]eZ<k_ijhbkoh^ys__jZkkfZljb\Z_lky
lhevdh\ ieZg_madbobgl_j_kh\^Zgghchj]ZgbaZpbb
>eyZ^^bdlb\ghckbkl_fuoZjZdl_jgZkimlZgghklvGZijbf_j\ jZfdZogZjdhfZgbq_kdhc
bebZedh]hevghck_fvbkimlZgghklvijhy\ey_lkyke_^mxsbfh[jZahfDZ`^ucbaqe_gh\k_fvb
iulZ_lky\uykgblvkmlvijhbkoh^ys_]hb klj_fblkydhgljhebjh\Zlvih\_^_gb_Z^^bdlZLZdh_
ih\_^_gb_ qe_gh\ k_fvb ijh\hpbjm_l \hagbdgh\_gb_ dhgnebdlh\ ijb\h^ysbo d h[s_c
kimlZgghklbqlhiha\hey_lZ^^bdlmmoh^blvhlhl\_lkl\_gghklbb h[\bgylv^jm]bo
< g_dhlhjuo hj]ZgbaZpbyo kimlZgghklv y\ey_lky k\h_]h jh^Z ghjfhc Wlb hj]ZgbaZpbb
oZjZdl_jbamxlkyl_fqlhhgbihklhygghgZoh^ylky\ ij_^djbabkghfbebdjbabkghfkhklhygbb
Dexq_\uf Zki_dlhf ih\_^_gby Z^^bdlh\ y\ey_lky g_q_klghklv ijhy\eyxsZyky \ qZkluo
h[fZgZob khdjulbbnZdlh\Z^^bdlb\gh]hih\_^_gby 6KDHII h[jZsZ_l\gbfZgb_gZljbmjh\gy
h[fZgZbkihevamxs_]hkyZ^^bdlZfb
:^^bdluh[fZgu\ZxlkZfbk_[yP_evxwlh]hh[fZgZy\ey_lkyij_ju\Zgb_dhglZdlZkh
k\hbfbqm\kl\ZfbhkhagZgb_fijhbkoh^ys_]hkhk\hbfbgZklhysbfbihlj_[ghklyfb
:^^bdlu h[fZgu\Zxl hdjm`Zxsbo qe_gh\ k_fvb dhee_] ijh\hpbjmy g_q_klghklv
\gmljbk_f_cghcb jZ[hq_ckbkl_fu
:^^bdlu h[fZgu\Zxl fbj \ p_ehf klZjZykv ijhba\_klb eh`gh_ \i_qZle_gb_ gZ
hdjm`Zxsbo
Wlbdhfihg_glu\ lhcbebbghckl_i_gbfh]ml[ulvgZc^_gu\ ^_yl_evghklbdhgdj_lguo
hj]ZgbaZpbc GZijbf_j agZdhfysb_ky k j_deZfhc ihgbfZxl qlh \ kemqZ_\
ij_^klZ\e_ggZy\ g_cbgnhjfZpbyg_khhl\_lkl\m_l^_ckl\bl_evghklb
I_jn_dpbhgbafk\hckl\_ggucdZdbg^b\b^mZevgufZ^^bdlZflZdb Z^^bdlb\ghckbkl_f_
\ujZ`Z_lky \ klj_fe_gbb [ulv i_j\uf kh\_jr_gguf \h \k_f b g_ ^_eZlv hrb[hd Wlh g_
klj_fe_gb_ k^_eZlv ijh^mdl \ukhdh]h dZq_kl\Z wlh ² ih]hgy aZ kh\_jr_gkl\hf gZoh^ysZy
k\h_ \ujZ`_gb_ \ `_eZgbb ihemqblv \k_]h dZd fh`gh [hevr_ LZdZy mklZgh\dZ gZihfbgZ_l
ih\_^_gb_ Z^^bdlZ klj_fys_]hky ihemqblv hl Z^^bdlb\ghc km[klZgpbb \k_ [hevr_
m^h\hevkl\by \ha[m`^_gby bgl_gkb\ghklb i_j_`b\Zgbc q_]h _fm \k_]^Z g_ o\ZlZ_l Fh^_ev
gZ mjh\g_ hj]ZgbaZpbb kljhblky gZ dhebq_kl\_gghc f_glZevghklb ijhy\eyxs_cky
klj_fe_gb_f baf_jylv y\e_gby baf_jblv dhlhju_ ljm^gh g_\hafh`gh beb g_p_e_khh[jZagh
GZijbf_j ijb^Zgb_ agZq_gby dhebq_kl\_gghc Z g_ dZq_kl\_gghc klhjhg_ ijb \uimkd_
g_gm`ghcijh^mdpbb
Beexaby dhgljhey k\hckl\_ggZy Z^^bdlb\ghc kbkl_f_ ZgZeh]bqgZ kljZl_]bb dhgljhey \
k_fv_Klj_fe_gb_dhgljhebjh\ZlvZ^^bdlZdZdba\_klghg_^Z_liheh`bl_evguoj_amevlZlh\
:^^bdlb\gZy kbkl_fZ bkoh^bl ba m[_`^_gghklb qlh dhgljhebjh\Zlv \hafh`gh \k_ Wlh
ijb\h^bl gZijbf_j d [_kdhg_qguf ijh\_jdZf khljm^gbdh\ g_^h\_jbx ihklhygghfm
kh\_jr_gkl\h\Zgbxdhgljhebjmxsbokljmdlmj
WdkiemZlZpby h[_sZgbc bkihevamxsZyky \ jZ[hl_ Z^^bdlb\guo kbkl_f \ujZ`Z_lky \
`_eZgbb \u\_klb q_eh\_dZ ba gZklhys_]h khklhygby b nbdkbjh\Zlv _]h gZ h`b^Zgbyo
h[_ki_qb\ _fm emq_aZjgmx ijh_dpbx [m^ms_]h Bf_ggh lZdmx aZ^Zqm klZ\yl i_j_^ kh[hc
Z^^bdlukh[bjZxsb_kygZqZlvgh\mx`bagvkhke_^mxs_]hihg_^_evgbdZbebgh\h]h]h^Z
Hj]ZgbaZpby klZjZ_lky bkdexqblv dhglZdl k gZklhys_c j_Zevghklvx klbfmebjmy `bagv \
h`b^Zgbyo IhklhyggZy nhdmkbjh\dZ gZ [m^ms_f ijb\h^bl d gZjZklZgbx \gmlj_gg_]h
^bkdhfnhjlZh[_ki_qb\Zyebrv\j_f_ggh_h[e_]q_gb_
H^ghcbaoZjZdl_jbklbdZ^^bdlb\ghckbkl_fuy\ey_lkyklj_fe_gb_aZgylv\j_fyq_eh\_dZ
qlh[u hg g_ ^mfZe b g_ klj_fbeky jZah[jZlvky \ ijhbkoh^ys_f b \ k_[_ K wlhc p_evx
bkihevamxlky ^hihegbl_evgu_ nhjfu g_ihkj_^kl\_ggh g_ k\yaZgghc k ijhba\h^kl\_gguf
ijhp_kkhfZdlb\ghklbkh\f_klgh_ijh\_^_gb_\j_f_gbh[s_kl\_ggZyjZ[hlZb ^j
:dp_glmZpby \g_rg_c j_n_j_glghklb klj_fe_gb_ ihdZaZlv k_[y k ohjhr_c klhjhgu
ijhba\_klbiheh`bl_evgh_\i_qZle_gb_lZd`_oZjZdl_jgu^eyZ^^bdlb\ghckbkl_fu
>ey Z^^bdlb\ghc kbkl_fu oZjZdl_jgZ l_g^_gpby \kyq_kdb h]jZgbqb\Zlv j_ZebaZpbx
kihkh[ghkl_c lZeZglZ khljm^gbdh\ Wlh k\yaZgh kh kljZohf \k_]h qlh g_evay iheghklvx
dhgljhebjh\Zlv< j_amevlZl_kha^Zxlkymkeh\by^eyaZklhyaZ^_j`dbjZa\blby
:^^bdlb\gu_ hj]ZgbaZpbb h[t_dlb\gh bg\Zeb^babjmxl ex^_c aZ^_j`b\Zy bo
ijhn_kkbhgZevgh_jZa\blb_:^^bdlb\gZyhj]ZgbaZpbyb]ghjbjm_lhldjulbybglmbpbxgh\u_
b^_b Lh qlh ljm^gh baf_jblv b ijhdhgljhebjh\Zlv hp_gb\Z_lky dZd g_ ij_^klZ\eyxs__
bgl_j_kZ
>ey Z^^bdlb\ghc hj]ZgbaZpbb oZjZdl_jgZ nZ[jbdZpby ebqghklguo dhgnebdlh\ ijb
dhlhjhc\hagbdZxsb_ijh[e_fui_j_\h^ylky\ ^jm]mxiehkdhklvk bkihevah\Zgb_f\ dZq_kl\_
f_oZgbafZ ikboheh]bq_kdhc aZsblu i_j_f_s_gby <hagbdZxsb_ ijh[e_fu ljZdlmxlky
ijbf_jghlZd<k_g_lZddZdohl_ehkv[uihlhfmqlhdlhlhf_rZ_lkha^Z\Zydhgnebdlgu_
kblmZpbb
FZdkbfZebafbeb^mZebklbq_kdh_fure_gb_y\ey_lky_s_h^gbfijbagZdhfZ^^bdlb\ghc
kbkl_fu b iha\hey_l mijhsZlv fgh]b_ y\e_gby bkihevamy aZdhgu ebg_cghc nhjfZevghc
eh]bdbMijhs_gb_aZdexqZ_lky\ lhfqlhkeh`gucfbjij_^klZ\ey_lky\ \b^_^\mo\u[hjh\
ohjhrh²iehohLZdhckihkh[fure_gbykha^Z_leh`gh_qm\kl\hklZ[bevghklbKqblZ_lky
qlh\k_\hafh`gu_^_ckl\byfh]mlhkms_kl\eylvkylhevdh\ jZfdZo^_ckl\bywlboZevl_jgZlb\
Z lj_lv_]hg_^ZghG_j_^dhijb lZdhf kihkh[_^mZebklbq_kdh]hih^oh^Zgbh^bgba\u[hjh\
^ey q_eh\_dZ g_ fh`_l [ulv ijb_fe_f gh jb]b^ghklv ^mZebafZ f_rZ_l kha^Zgbx gh\h]h
\u[hjZIjhbkoh^bl^\b`_gb_q_eh\_dZlhevdhf_`^mwlbfb^\mfyiehkdhklyfbqlhhlgx^v
g_ kihkh[kl\m_l _]h hjb_glZpbb gZ kh[kl\_ggu_ \hafh`ghklb b \gmlj_ggb_ ijhp_kku k
bkihevah\Zgb_fk\h_]hih^khagZgby>moh\ghklb\ `bagblZdhchj]ZgbaZpbbijZdlbq_kdbg_l
f_klZ
:^^bdlb\gu_ hj]ZgbaZpbb g_ihkj_^kl\_ggh klbfmebjmxl jZ[hlh]hebaf ihhsjyxl
ihklhyggmx aZgylhklv ex^_c \ jZfdZo hj]ZgbaZpbb ^Z`_ _keb hgZ g_ dZkZ_lky jZ[hlu
:^^bdlb\ghklv hj]ZgbaZpbb ij_iylkl\m_l g_h[oh^bfuf ^ey g__ baf_g_gbyf Kms_kl\m_l
nhjfmeZ q_f [he__ Z^^bdlb\gZ hj]ZgbaZpby l_f f_g__ hgZ mki_rgZ :^^bdlb\gu_
hj]ZgbaZpbbg_dhgdmj_glhkihkh[gu< aZ[_]_gZ^ebggmx^bklZgpbxhgbl_jiylihjZ`_gb_
ihwlhfm k_]h^gyrgb_ bkke_^h\Zgby ki_pbZebklh\ hljZ`Zxl lj_\h]m \hagbdZxsmx \
jZaebqguo h[s_kl\Zo b dZkZxsmxky wlh]h nZdlhjZ 6KDHII G_h[oh^bfZ klbfmeypby
kihkh[kl\mxsZykha^Zgbxgh\uokbkl_flZddZdZ^^bdlb\gu_ih^oh^uh[j_dZxlhj]ZgbaZpbx
gZ hlklZ\Zgb_ <hagbdZ_l g_h[oh^bfhklv jZajZ[hldb oZjZdl_jbklbd gh\uo hj]ZgbaZpbc
Kms_kl\m_l fg_gb_ kh]eZkgh dhlhjhfm fbkkby hj]ZgbaZpbb ^he`gZ khhl\_lkl\h\Zlv __
kljmdlmj_f_gyxs_cky\f_kl_k baf_g_gb_fp_eb
< hj]ZgbaZpbyo gh\h]h lbiZ Zdp_gl ^_eZ_lky gZ kZfhhl\_lkl\_gghklv hl\_lkl\_gghklv
dZ`^h]h aZ hkms_kl\e_gb_ fmevlbgZijZ\e_gghc fmevlb\ZjbZ[_evghc dhffmgbdZpbb gZ
kha^Zgb_ \ hj]ZgbaZpbb dhfZg^u khljm^gbdh\ ^_ckl\mxs_c bgl_]jbjh\Zgb_ ^ey ^hklb`_gby
hij_^_e_gghc p_ib G_ ^he`gh [ulv nbdkZpbb gZ h^ghf eb^_j_ <u^\b]Z_lky iheh`_gb_ h
p_e_khh[jZaghklb kblmZpbhggh]h eb^_jkl\Z Ijb^Z_lky agZq_gb_ fhjZeb h[_ki_qb\Zxs_c
^jm]h_hlghr_gb_d jZ[hl_Ih^q_jdb\Z_lkyqlhijhp_kkbaf_g_gby^he`_g[ulvihklhygguf
>_\bahf hj]ZgbaZpbb gh\h]h lbiZ y\ey_lky mgbqlh`_gb_ jb]b^ghklb b fZdkbfZevghklv
bgbpbZlb\uKhljm^gbdh\gZkljZb\ZxllZdbfh[jZahfqlh[uhgbqm\kl\h\ZebjZagbpmf_`^m
^g_f \q_jZrgbf b k_]h^gyrgbf Ijb^Z_lky hkh[h_ agZq_gb_ m\Z`_gbx d dZ`^hfm
bg^b\b^mmfm ijhy\eyxs_fm k_[y \ jZfdZo hj]ZgbaZpbb gh\h]h lbiZ qlh y\ey_lky \Z`guf
nZdlhf kihkh[kl\mxsbf nhjfbjh\Zgbx qm\kl\Z ^h\_jby LZdZy fhjZev nhjfbjm_l
kiehq_gghklv b bgl_]jZevghklv ih^oh^h\ Ih^q_jdb\Z_lky g_h[oh^bfhklv bkihevah\Zgby b
m\Z`_gby dhfi_l_glghklb \k_o qe_gh\ hj]ZgbaZpbb bkdexq_gby ij_iylkl\bc ^ey ijhy\e_gby
bo dhfi_l_glghklb JZ[hlZxsb_ \ gh\uo hj]ZgbaZpbyo ihk_sZxl dmjku Zkk_jlb\gh]h
ih\_^_gby < kh\j_f_gguo hj]ZgbaZpbyo gh\h]h lbiZ ih kjZ\g_gbx k Z^^bdlb\gufb
kbkl_fZfbbg^b\b^mmfm^h\_jyxl\ ]hjZa^h[hevr_ckl_i_gb
G_kfhljy gZ lh qlh jZ[hlZ 7RIIOHU Rhd [m^ms_]h g_kdhevdh mklZj_eZ \ g_c
jZkkfZljb\Zxlky \ur_i_j_qbke_ggu_ ijh[e_fu ihemqb\rb_ ^Zevg_cr__ jZa\blb_ \
ihke_^gbo jZ[hlZo Z\lhjZ :\lhj ih^q_jdb\Z_l qlh \ kh\j_f_gguo h[s_kl\Zo ijhbahr_e
bklhjbq_kdbc k^\b] bf_xsbc ijyfh_ hlghr_gb_ d lhfm dZd hlghkblvky d baf_g_gbyf <
g_^Z\g_f ijhrehf baf_g_gb_ g_ kqblZehkv ghjfZevguf y\e_gb_f b ij_^klZ\eyehkv dZd
djbabkgh_ khklhygb_ \h \j_fy dhlhjh]h ex^b \ugm`^_gu ^_eZlv qlhlh ih^jm]hfm Gh aZ
djbabkhfke_^h\Zei_jbh^klZ[bevghklbkf_gyxsbcky\ k\hxhq_j_^vgh\ufdjbabkhfb l^
P_evxlZdhcihke_^h\Zl_evghklbkh[ulbcy\eyehkvklj_fe_gb_kbkl_fu\_jgmlv\k_gZdjm]b
k\hy \_^ms__ d klZ[bevghklb b m\_j_gghklb OZjZdl_jgu_ ^ey kh\j_f_gguo mkeh\bc
bggh\Zpbb y\eyxlky j_Zevghklvx `bagb GZjZklZgb_ bgnhjfZpbb \ _^bgbpm \j_f_gb ghkbl
qj_a\uqZcgh \ujZ`_gguc oZjZdl_j Klj_fe_gb_ fgh]bo hkms_kl\eylv k\hx ^_yl_evghklv \
jZfdZoklZjuokl_j_hlbih\ih\_^_gbykihkh[kl\m_laZ^_j`d_ijh]j_kkZBggh\ZpbbgZjZklZxl
b klZgh\ylky \k_ [he__ g_kh\f_klbfufb k jZ[hlh]hebafhf Ijhp_kku k\hckl\_ggu_ gh\uf
kbkl_fZf hkms_kl\eyxlky k bkihevah\Zgb_f l\hjq_kdh]h ihl_gpbZeZ khljm^gbdh\
Bf_xsbcky hiul k\b^_l_evkl\m_l qlh hj]ZgbaZpbb jZ[hlZxsb_ \ lZdhf j_`bf_ ^hklb]Zxl
ihljykZxsbomki_oh\
P_evjZ[hlh]hebafZgZijZ\e_ggZygZjZ[hlmdZdgZkj_^kl\hmoh^Zhlijh[e_fudh\ZjgZ
lZd dZd hgZ g_ aZf_qZ_lky q_eh\_dhf e_]dh m[_`^Zxsbf k_[y \ lhf qlh hg jZ[hlZ_l ^ey
aZjZ[Zlu\Zgby ^_g_] beb ^ey j_ZebaZpbb dZdhclh ^jm]hc Z[kljZdlghc p_eb LZdZy
ikboheh]bq_kdZyaZsblZd kh`Ze_gbxZdp_ilbjm_lkyfgh]bfbqe_gZfbh[s_kl\ZQ_eh\_dg_
ihgbfZ_l qlh lZdhc kihkh[ aZljZqb\Zgby k_[y ijb\h^bl d hklZgh\d_ jZa\blby d
g_bkihevah\Zgbx ihl_gpbZevguo \hafh`ghkl_c qlh y\ey_lky lmibdh\uf b ]m[bl_evguf
HdZaZ\rbkv \g_ jZ[hlu ih ijbqbg_ [he_agb beb ihl_jb jZ[hlu jZ[hlh]hevgZy Z^^bdpby
aZf_gy_lky ^jm]hc qZs_ \k_]h obfbq_kdhc Z^^bdpb_c JZ[hlh]hebd hdZau\Z_l \ebygb_ gZ
^jm]bo qe_gh\ k_fvb g_ ihemqZxsbo hl g_]h wfhpbhgZevghc ih^^_j`db Qe_gu k_fvb beb
\b^yl \ g_f fh^_ev dhlhjhc fh]ml ke_^h\Zlv beb fh^_ev dhlhjZy \uau\Z_l m gbo j_Zdpbx
ijhl_klZijhy\eyxsmxky\ jZfdZoZ^^bdlb\ghckbkl_fu\ lhfqlhqe_guk_fvbfh]mlihclb
ih [he__ ^_kljmdlb\ghfm imlb k jZa\blb_f obfbq_kdbo Z^^bdpbc < jy^_ bkke_^h\Zgbc
ih^q_jdb\Z_lky qlh dZaZehkv [u \ [eZ]hihemqguo jZ[hlh]hevguo k_fvyo aZgyluo jZ[hlhc
ihhsjy_fhch[s_kl\hfqZklvke_^mxs_c]_g_jZpbbklZgh\blkyobfbq_kdbfbZ^^bdlZfbbeb
moh^bl\ ^jm]b_nhjfuZ^^bdlb\gh]hih\_^_gby
< kljZgZom^_eyxsboijbklZevgh_\gbfZgb_bamq_gbxjZ[hlh]hebafZlZdbodZdYihgby
KR: b DZgZ^Z bkihevamxlky ihemkljmdlmjbjh\Zggu_ bgl_j\vx ^ey \uy\e_gby
jZ[hlh]hebafZH^gbfbalZdbobgl_j\vxy\ey_lky\hijhkgbdij_^eh`_gguc;Dbeebg^`_j
nbdkbjmxsbc\gbfZgb_gZke_^mxsbo\hijhkZo
<Z`gZeb^ey\Zk\ZrZjZ[hlZ"
GjZ\blkyeb\Zf^_eZlv\_sbkh\_jr_ggh[_amdhjbag_ggh"
K\hckl\_g_geb\Zf^mZebaf\h\a]ey^Zo\b^bl_eb\u\k_\ q_jghfbeb[_ehfp\_l_[_a
ijhf_`mldh\"
Klj_fbl_kveb\ud dhgdmj_gpbbb \Z`gZeb^ey\Zkih[_^Z\ g_c"
<Z`gheb^ey\Zk\k_]^Z[ulvijZ\uf"
Djblbqgueb\ud k_[_hkm`^Z_l_ebk_[y\ kemqZ_kh\_jr_gbyhrb[db"
;hbl_kveb\u\k_\j_fyihjZ`_gby"
;_kihdhcgueb\ubfimevkb\gueb"
QZklheb\ZfklZgh\blkykdmqgh"
AZ]hgy_l_eb\uk_[y^hbklhs_gby"
<hagbdZxl eb m \Zk i_jbh^bq_kdb khklhygby \h \j_fy dhlhjuo \u qm\kl\m_l_ k_[y
qj_a\uqZcghmklZeuf"
Ihy\ey_lkyebm \Zkqm\kl\h\bguijbihy\e_gbbm \Zk^bkdhfnhjlZ"
KqblZ_l_eb\uk_[yg_h[uqgufbebhlebqZxsbfkyhl^jm]bo"
QblZ_l_ eb \u ihklhyggh fZl_jbZeu k\yaZggu_ k jZ[hlhc ^Z`_ \h \j_fy _^u beb
ijhkfhljZl_e_\bahjZ"
KhklZ\ey_l_eb\ukibkhdlh]hqlhg_h[oh^bfhk^_eZlvbeb\_^_l_^g_\gbd"
H[gZjm`b\Z_l_eb\uqlh\ZfklZgh\blky\k_ljm^g__b ljm^g__ijh\h^blvk\h[h^gh_
\j_fy\ \uoh^gu_dZgbdmeub \h\j_fyhlimkdZ"
QZklh eb \u qm\kl\m_l_ qlh \Zf g_ o\ZlZ_l \j_f_gb b \u ohlbl_ qlh[u kmldb
ijh^he`Zebkv[hevr_ qZkh\"
DhglZdlbjm_l_eb\uk jZ[hlhc\h\j_fyhl^uoZ"
Hlghkbl_kveb\ud jZ[hl_dZdd b]j_b \uoh^bl_bak_[y_keb\ub]jZ_l_iehoh"
Ba[_]Z_l_eb\u^mfZlvh lhfqlh\u[m^_l_^_eZlvdh]^Z\ug_[m^_l_jZ[hlZlv"
<uhl\_lkl\_ggugZjZ[hl_gh[_ahl\_lkl\_ggu\ ^_eZoebqgh]hoZjZdl_jZ
KlZjZ_l_kveb\uba[_`ZlvdhgnebdlZ\f_klhlh]hqlh[u_]hjZaj_rblv"
OZjZdl_jgueb^ey\Zkbfimevkb\gu_^_ckl\byb \ug_h[jZsZ_l_\gbfZgb_gZlhdZd
hgbih\ebyxlgZ^jm]boex^_c"
<u[hbl_kvdjblbdbghkZfbex[bl_hkm`^Zlvb djblbdh\Zlv
<uaZf_lbebqlhm \Zkmom^rbeZkviZfylvgZlhh q_f\Zf]h\hjbeb^jm]b_
KlZgh\bl_kveb\u\g_k_[y_keb\k_b^_lg_lZddZd\uaZieZgbjh\Zeb"
?keb \Zk ij_ju\Zxl \h \j_fy j_r_gby \Zfb ijhba\h^kl\_gguo ijh[e_f \ ^hfZrgbo
mkeh\byo\uau\Z_lebwlhm \Zkj_adh_jZa^jZ`_gb_"
Kha^Z_l_eb\u[_a\uoh^gu_kblmZpbb^eyk_[yb ^ey^jm]bo"
Kdhgp_gljbjh\Zgu eb \u gZ kh[ulbyo [m^ms_]h \f_klh lh]h qlh[u jZ^h\Zlvky
gZklhys_fm"
G_aZ[u\Z_l_eb\ub g_ij_mf_gvrZ_l_ebagZq_gb_k_f_cguokh[ulbcb ijZa^gbdh\"
Hl\_l gZ dZ`^uc \hijhk hlf_qZ_lky iexkhf beb fbgmkhf ?keb dhebq_kl\h
iheh`bl_evguohl\_lh\ij_\urZ_l j_qvb^_lh gZebqbbm q_eh\_dZjZ[hlh]hebafZ
:^^bdpbbd ?>?
I_j__^Zgb_
Ijhf_`mlhqguf a\_ghf f_`^m g_obfbq_kdbfb b obfbq_kdbfb Z^^bdpbyfb y\eyxlky
Z^^bdpbb d _^_ bf_xsb_ ^\_ nhjfu ² i_j__^Zgb_ b ]heh^Zgb_ I_j\Zy nhjfZ [he__
jZkijhkljZg_gZ:^^bdpbyd _^_\hagbdZ_llh]^Zdh]^Z_^Zbkihevam_lky\ \b^_Z^^bdlb\gh]h
Z]_glZijbf_gyydhlhjucq_eh\_dmoh^blhlg_mkljZb\Zxs_c_]hkm[t_dlb\ghcj_Zevghklb<
fhf_gl jZa^jZ`_gby g_m^h\e_l\hj_gghklb g_m^Zqb b kdmdb \hagbdZ_l klj_fe_gb_ aZ_klv
g_ijbylghklvbkihevamy^eywlh]hijhp_kk_^uB wlhqZklhm^Z_lkyk^_eZlvlZddZd\h\j_fy
ijb_fZ ibsb ijhbkoh^bl nbdkZpby gZ ijbylguo \dmkh\uo hsms_gbyo b \ul_kg_gb_ \
ih^khagZgb_ fZl_jbZeZ bf_xs_]h ikboheh]bq_kdb g_ijbylgh_ kh^_j`Zgb_ Ijb wlhf
\hafh`gh ihy\e_gb_ klj_fe_gby aZlygmlv ijhp_kk _^u \h \j_f_gb ihkj_^kl\hf f_^e_ggh]h
mihlj_[e_gby ibsb eb[h bkihevah\Zgb_f [hevr_]h dhebq_kl\Z _^u LZdhc kihkh[ moh^Z hl
j_Zevghklb fh`_l hdZaZlvky ^hklZlhqgh wnn_dlb\guf kihkh[hf dhgljhey k\h_]h gZkljh_gby
ijh\hpbjmylZdbfh[jZahf[ukljh_nhjfbjh\Zgb_aZ\bkbfhklb
:^^bdpbyd _^_ ² hkh[uckihkh[aZ\bkbfhklbK h^ghcklhjhgu ² wlhikboheh]bq_kdZy
aZ\bkbfhklvZ k^jm]hc ²ijhbkoh^blb]jZgZm^h\e_l\hj_gbb]heh^ZIhf_j_lh]hdZd_^Z
gZqbgZ_l bkihevah\Zlvky m`_ g_ dZd kj_^kl\h mlhe_gby ]heh^Z Z dZd kj_^kl\h
ikboheh]bq_kdh]h moh^Z hl ijh[e_f ijhbkoh^bl hij_^_e_ggh_ \ebygb_ gZ ^jZc\
m^h\e_l\hj_gby ]heh^Z k bkdmkkl\_gguf _]h klbfmebjh\Zgb_f Wlhl ijhp_kk ghkbl
ikbohnbabheh]bq_kdbc oZjZdl_j ihlhfm qlh i_j__^Zxsbc q_eh\_d \oh^bl \ ahgm ^jm]h]h
h[f_ggh]h [ZeZgkZ IhklhyggZy wdkiemZlZpby ^jZc\Z m^h\e_l\hj_gby ]heh^Z ijb\h^bl d
lhfmqlhf_oZgbafumqZkl\mxsb_\ _]hZdlb\ZpbbgZqbgZxl\dexqZlvkylh]^Zdh]^Zwlhg_
gm`gh hj]Zgbafm dh]^Z q_eh\_d g_ ]heh^Z_l b [he__ lh]h ² dh]^Z ibsZ _fm \j_^bl >jZc\
m^h\e_l\hj_gby ]heh^Z gZqbgZ_l Zdlb\babjh\Zlvky kjZam `_ ijb kgb`_gbb kh^_j`Zgby
]exdhau\ djh\bgZklmiZxs_fihke_hq_j_^gh]hijb_fZibsb
LZdbf h[jZahf ijhp_kk hkeh`gy_lky l_f qlh gZ dZdhflh wlZi_ i_j__^Zgby gZjy^m k
ikboheh]bq_kdbfb f_oZgbafZfb bkihevah\Zgby _^u dZd kj_^kl\Z moh^Z gZqbgZxl
j_Zebah\u\Zlvkynbabheh]bq_kdb_f_oZgbafuk\yaZggu_k mkbe_gb_fwlh]h^jZc\Zb q_eh\_d
gZqbgZ_l klj_fblvky d _^_ b ihlhfm qlh _fm ohq_lky _klv >ey lh]h qlh[u ba[_`Zlv ijb_fZ
ibsb_fmg_h[oh^bfhkijZ\blvkyk wlbfqm\kl\hfih^Z\blv_]hlZddZdhgh\hagbdZ_llh]^Z
dh]^Z wlh \h\k_ g_ g_h[oh^bfh hj]Zgbafm Wlh ijb\h^bl d lhfm qlh q_eh\_d gZqbgZ_l _klv
kebrdhffgh]hb kebrdhfqZklh?kebijhp_kkZ^^bdpbbaZims_ghgjZkdjmqb\Z_lky\k_k
[hevr_ckbehcGZdZdhflhwlZi_q_eh\_dmklZgh\blkyklu^ghaZk\h_ih\_^_gb_b hggZqbgZ_l
kdju\Zlv ijh[e_fm hl hdjm`Zxsbo Hg gZqbgZ_l _klv \ h^bghqdm \ ijhf_`mldZo f_`^m
ex[ufbZdlb\ghklyfbM g_]hfh`_l\hagbdZlvklj_fe_gb_g_\u[b\Zlvq_dm h^gh]h b lh]h
`_ dZkkbjZ \ kmi_jfZjd_l_ qlh[u gbdlh g_ h[jZlbe \gbfZgby dZd fgh]h ijh^mdlh\ hg
ihdmiZ_l <k_ wlh ijb\h^bl d hiZkguf ^ey `bagb ihke_^kl\byf ijb\h^ysbf d gZjZklZgbx
\_kZ gZjmr_gbx h[f_gZ \_s_kl\ b ihl_j_ dhgljhey ijb dhlhjhc q_eh\_d mihlj_[ey_l
dhebq_kl\hibsby\eyxs__kyhiZkguf^ey`bagbLZdb_wdkp_kkui_j__^Zgbyfh]mlijb\_klb
d aZ_^Zgbxk_[y^h]b[_eb
=heh^Zgb_
F_oZgbaf\hagbdgh\_gby]heh^Zgbyfh`_l[ulvh[tykg_g^\mfyijbqbgZfb
I_j\uc \ZjbZgl f_^bpbgkdbc h[mkeh\e_g bkihevah\Zgb_f jZa]jmahqghc ^b_lhl_jZibb
JZa]jmahqgZy^b_lhl_jZibyijbf_gyeZkvm iZpb_glh\k hq_gvjZagufbgZjmr_gbyfb
NZaZ\oh`^_gby\ ahgm]heh^ZoZjZdl_jbam_lkyljm^ghklvxk\yaZgghck g_h[oh^bfhklvx
kijZ\blvky k Zii_lblhf Q_j_a dZdh_lh \j_fy ijhbkoh^bl baf_g_gb_ khklhygby ihy\eyxlky
gh\u_ kbeu Zii_lbl bkq_aZ_l \ ij_`g_f kfuke_ wlh]h keh\Z ih\urZ_lky gZkljh_gb_
mkbeb\Z_lky^\b]Zl_evgZyZdlb\ghklv]heh^i_j_ghkblkye_]dhg_\jhlbq_kdb_gZjmr_gbyeb[h
l_jyxl k\hx ZdlmZevghklv eb[h bkq_aZxl LZdh_ khklhygb_ \u^_j`b\Z_lky \ l_q_gb_
hij_^_e_ggh]h \j_f_gb b ihkl_i_ggh q_eh\_d \u\h^blky ba g_]h G_dhlhju_ iZpb_glu
klj_fylky ijh^he`blv wlh khklhygb_ lZd dZd hgh bo mkljZb\Z_l b[h ijhbkoh^ys__
km[t_dlb\gh bf gjZ\blky < khagZgbb ex^_c ijhr_^rbo jZa]jmahqgmx ^b_lhl_jZibx
hklZxlky\hkihfbgZgbyIhke_ijhr_kl\byg_dhlhjh]h dhebq_kl\Z\j_f_gbbokhklhygb_dZd
ijZ\behmom^rZ_lkygZjmr_gbyihy\eyxlkykgh\Zihwlhfm\hagbdZ_lb^_ykZfhklhyl_evgh]h
ih\lhj_gby]heh^Zgby_s_jZaIh\lhjgh_]heh^Zgb_j_^dhih\lhjy_lky\ mkeh\byo[hevgbpu
hghkms_kl\ey_lkykZfhklhyl_evghQ_eh\_dagZxsbcko_fmhrb[hqghiheZ]Z_lqlhkfh`_l
kijZ\blvky k kblmZpb_c kZf AZ lZdhc ijb\e_dZl_evghklvx klhbl hiZkghklv GZ mjh\g_
^hklb]gmlhcwcnhjbbijhbkoh^blihl_jydhgljheyb q_eh\_dijh^he`Z_l]heh^Zlv^Z`_lh]^Z
dh]^Z ]heh^Zgb_ klZgh\blky hiZkguf ^ey `bagb M g_]h ihy\ey_lky ]bi_jZdlb\ghklv b
hsms_gb_g_\_khfhklbghl_jy_lkydjblbdZd hp_gd_k\h_]hkhklhygby
Ihfbfh f_^bpbgkdh]h \ZjbZglZ ]heh^Zgby kms_kl\m_l b g_f_^bpbgkdbc \ZjbZgl Wlbf
\ZjbZglhfgZqbgZxlijbklZevghbgl_j_kh\Zlvky\ k\yabk mqZs_gb_flZdh]hjh^Z]heh^Zgby\
kljZgZo k \ukhdbf mjh\g_f `bagb =heh^Zgb_ h[uqgh j_]bkljbjm_lky m ^_\hq_dih^jhkldh\
\hkiblu\Zxsboky \ ^hklZlhqgh h[_ki_q_gguo b \g_rg_ [eZ]hihemqguo k_fvyo =heh^Zgb_
gZqbgZ_lkyk h]jZgbq_gbydhebq_kl\ZijbgbfZ_fhcibsbg_j_^dhijb^mfu\Z_lkyki_pbZevgZy
ko_fZ H^gbf ba ikboheh]bq_kdbo f_oZgbafh\ ijh\hpbjmxsbo ]heh^Zgb_ y\ey_lky `_eZgb_
baf_gblv k_[y nbabq_kdb \u]ey^_lv emqr_ \ khhl\_lkl\bb k j_deZfbjm_fuf \ kj_^kl\Zo
fZkkh\hcbgnhjfZpbbbfb^`_f
>jm]hcf_oZgbafaZimkdZxsbc]heh^Zgb_b bf_xsbc[hevrh_agZq_gb_aZdexqZ_lky\
kZfhklhyl_evghc ihklZgh\d_ aZ^Zqb b \hagbdgh\_gbb qm\kl\Z kZfhm^h\e_l\hj_gghklb b
]hj^hklbhl__ \uiheg_gby
=heh^Zgb_ fh`_l hljZ`Zlv i_jn_dpbhgbaf ijhy\eyxsbcky \ ihklZgh\d_ b j_r_gbb \k_
[he__ljm^guoaZ^Zq< wlhfkfuke_]heh^Zgb_fh`ghkjZ\gblvkhklj_fe_gb_fd kihjlb\ghfm
^hklb`_gbxLZdb_^_\hqdb\k_\ [hevr_ckl_i_gbh]jZgbqb\Zxlk_[y\ _^_l_jyxl\_kqZklh
\a\_rb\Zxl k_[y dZ`^uc ^hklb]gmluc bfb j_amevlZl kgb`_gby \_kZ y\ey_lky ij_^f_lhf
hkh[hc ]hj^hklb WlZ ko_fZ hq_gv hiZkgZ lZd dZd hgZ fh`_l ijb\h^blv d ljZ]bq_kdbf
ihke_^kl\byf GZ dZdhflh wlZi_ ijhp_kkZ ijhbkoh^bl ihl_jy dhgljhey ^_\hqdZ m`_ g_
hkhagZ_lqlhijhbkoh^bl
<kdhj_ ihy\eyxlky ijbagZdb nbabq_kdh]h bklhs_gby Ihiuldb hdjm`Zxsbo
ij_^hl\jZlblvijhbkoh^ys__gb dq_fmg_ijb\h^ylGZklmiZ_lihegucjZaju\k j_Zevghklvx
>_\hqdb`b\ml\ \hh[jZ`Z_fhffbj_M gbo\hagbdZ_lhl\jZs_gb_d _^_\ujZ`_ggh_\ lZdhc
kl_i_gb qlh `_\Zl_evgmx j_abgdm am[gmx iZklm ihiZ\rmx \ jhl \h \j_fy qbkldb am[h\ b
\u^_ey_fmxkexgmhgbkqblZxl^hklZlhqguf^eyk_[ydhebq_kl\hf_^u
obfbq_kdb_:>>BDPBB
Obfbq_kdb_ Z^^bdpbb k\yaZgu k bkihevah\Zgb_f \ dZq_kl\_ Z^^bdlb\guo Z]_glh\
jZaebqguo\_s_kl\baf_gyxsboikbobq_kdh_khklhygb_Fgh]b_bawlbo\_s_kl\lhdkbqgub
\uau\Zxlhj]Zgbq_kdb_ihjZ`_gbyG_dhlhju_\_s_kl\Zbaf_gyxsb_ikbobq_kdh_khklhygb_
\dexqZxlky\ h[f_gb \uau\Zxly\e_gbynbabq_kdhcaZ\bkbfhklb
Kj_^b obfbq_kdbo Z^^bdpbb emqr_ \k_]h bamq_gZ Zedh]hevgZy Z^^bdpby Ohly
iZjZ^hdkZevghklvkblmZpbbaZdexqZ_lky\ lhfqlhl_jfbgbamq_gZ\ ^ZgghfkemqZ_g_kh\k_f
\_j_g lZd dZd dZkZ_lky \ hkgh\ghf lhdkbq_kdh]h \ha^_ckl\by Zedh]hey gZ hj]Zgbaf
B]ghjbjh\Zgb_ Z^^bdlb\gh]h a\_gZ ijhp_kkZ g_ ^Z_l hl\_lZ gZ \hijhk ihq_fm ex^b
aehmihlj_[eyxlZedh]he_f
< kms_kl\mxsbo gZ k_]h^gyrgbc ^_gv f_^bpbgkdbo jmdh\h^kl\Zo ijZdlbq_kdb
hlkmlkl\mxl fZl_jbZeu dZkZxsb_ky lZdhc ijh[e_fu dZd ikboheh]bq_kdZy aZ\bkbfhklv hl
Zedh]hey < jZfdZo [bhf_^bpbgkdhc iZjZ^b]fu ]h\hjblky h fha]h\uo gZjmr_gbyo
ihjZ`_gbyo i_q_gb wg^hdjbgguo `_em^hqghdbr_qguo b ^jm]bo gZjmr_gbyo ijb\h^ylky
g_dhlhju_ ijbagZdb nbabq_kdhc aZ\bkbfhklb LZdh_ baeh`_gb_ fZl_jbZeZ kihkh[kl\m_l
kha^Zgbx eh`gh]h \i_qZle_gby h lhf qlh \k_ aehmihlj_[eyxsb_ Zedh]he_f ^he`gu bf_lv
wlhldhfie_dkjZkkljhckl\bebohly[u[hevrmx_]hqZklv
< Zedh]hevghcZ^^bdpbblZd`_dZdb \^jm]bog_h[oh^bfh\u^_eylvikboheh]bq_kdmx
aZ\bkbfhklv hl Zedh]hey Ikboheh]bq_kdZy aZ\bkbfhklv hl Zedh]hey kljhblky gZ nbdkZpbb
hsms_gby qlh Zedh]hev \uau\Z_l `_eZ_fuc wnn_dl Wnn_dlu mihlj_[e_gby Zedh]hey
fgh]hklhjhggb Z bo \u^_e_gb_ ghkbl mijhs_gguc b mkeh\guc oZjZdl_j GZjy^m k
mgb\_jkZevghklvx dZ`^h]h wnn_dlZ ex^b hlebqZxlky ^jm] hl ^jm]Z bagZqZevgh jZaguf
klj_fe_gb_fd ^hklb`_gbxhij_^_e_ggh]hwnn_dlZgZijbf_jd [he__^bnn_j_gpbjh\Zgghfm
mlhgq_gghfm wnn_dlm Gh q_f [he__ ^bnn_j_gpbjh\Zg wnn_dl l_f \ [hevr_c kl_i_gb hg
k\yaZgk mihlj_[e_gb_fkjZ\gbl_evghg_[hevrbo^ha
Q_eh\_d fh`_l [ulv i_j\bqgh hjb_glbjh\Zg gZ bkihevah\Zgb_ g_^bnn_j_gpbjh\Zgguo
wnn_dlh\ Zedh]hey wnn_dlh\ ih^Z\e_gby ikbobq_kdbo nmgdpbc aZ kq_l jZa\blby h]emr_gby
JZagZyi_j\bqgZyhjb_glbjh\Zgghklvijb\h^blb djZaghfmjZa\blbxZ^^bdpbbdhlhjZyfh`_l
[ulvf_g__beb[he__aehdZq_kl\_gghc
<u^_eyxl hkgh\gu_ ^bnn_j_gpbjh\Zggu_ wnn_dlu Zedh]hey D gbf hlghkblky
wcnhjbabjmxsbc wnn_dl \uau\Zxsbc ih\ur_ggh_ gZkljh_gb_ ljZgd\bebabjmxsbc
ZlZjZdlbq_kdbc kihkh[ghklv Zedh]hey \uau\Zlv j_eZdk dZcnwnn_dl khklhygby
khijh\h`^Zxsb_ky klbfmeypb_c \hh[jZ`_gby moh^ \ kn_jm f_qlZgbc hlju\ hl j_Zevghklb
hlj_r_gghklv
Ikboheh]bq_kdZy aZ\bkbfhklv hl Zedh]hey qZs_ jZa\b\Z_lky m l_o m dh]h wlb wnn_dlu
^hklZlhqghij_^klZ\e_guQ_eh\_ddhlhjucihfgblwnn_dlhli_j\hc \klj_qbk Zedh]he_fk
[hevr_c\_jhylghklvxihiZ^Z_l\ kn_jmZedh]hevguoijh[e_fIkboheh]bq_kdZyaZ\bkbfhklv
hl Zedh]hey gZqbgZ_lky lh]^Z dh]^Z mihlj_[e_gb_ Zedh]hey \h fgh]hf l_jy_l kbf\hebq_kdbc
oZjZdl_j
<h fgh]bo dmevlmjZo mihlj_[e_gb_ Zedh]hey ghkbl kbf\hebq_kdbc oZjZdl_j
Kbf\hebq_kdbcijb_fZedh]heyfh`_lg_ijb\h^blvd jZa\blbxikboheh]bq_kdhcaZ\bkbfhklb
ihke_^gyy ih^jZamf_\Z_l hkh[h_ hlghr_gb_ d Zedh]hex ijhy\eyxs__ky \ gZebqbb
k\_jop_gghcb^_b\ hlghr_gbb_]h^_ckl\byd dhlhjhcq_eh\_dihklhyggh\ha\jZsZ_lkydZdd
g_h[oh^bfhfm dhfihg_glm `bagb <Z`gh qlh q_eh\_d ^mfZ_l h[ Zedh]he_ dZd h kj_^kl\_ k
ihfhsvx dhlhjh]h hg fh`_l dhgljhebjh\Zlv k\h_ khklhygb_ :edh]hevguc Z^^bdl fh`_l
\j_f_gghg_mihlj_[eylvZedh]hevgh_kebwlh\ha^_j`Zgb_^Z_lky_fmdZdj_amevlZl[hjv[uk
`_eZgb_f\uiblvgZebqb_ikboheh]bq_kdhcaZ\bkbfhklbg_\uau\Z_lkhfg_gbc
:edh]hev kihkh[_g \ua\Zlv g_ lhevdh ikboheh]bq_kdmx gh b nbabq_kdmx aZ\bkbfhklv
klZgh\ykv dhfihg_glhf h[f_gZ < hj]Zgbaf_ ijbkmlkl\m_l wg^h]_gguc Zedh]hev dZd ijh^mdl
h[f_gZg_aZ\bkbfhhllh]hmihlj_[ey_lq_eh\_dZedh]hevbebg_lDhgp_gljZpbbwg^h]_ggh]h
Zedh]hey ^hklZlhqgh gbadb GZebqb_ wg^h]_ggh]h Zedh]hey hq_\b^gh bf__l agZq_gb_ \
jZa\blbb nbabq_kdhc aZ\bkbfhklb dhlhjZy hq_gv bg^b\b^mZevgZ M jZaguo ex^_c hgZ
jZa\b\Z_lky ihjZaghfm qlh k\yaZgh k bo [bheh]bq_kdbfb hkh[_gghklyfb Kms_kl\mxl ebpZ
]_g_lbq_kdb [he__ beb f_g__ ij_^jZkiheh`_ggu_ d jZa\blbx nbabq_kdhc aZ\bkbfhklb hl
Zedh]heyBamq_gb_ljZgkdmevlmjZevgh]hZki_dlZwlhcijh[e_fuihdZau\Z_lqlhg_kfhljygZ
lh qlh \ jy^_ ]jmii gZk_e_gby j_adh ij_^klZ\e_gZ kihkh[ghklv d jZa\blbx nbabq_kdhc
aZ\bkbfhklb gZ kdhjhklv jZa\blby wlhc aZ\bkbfhklb \eby_l b jy^ ^jm]bo nZdlhjh\ LZd
bkke_^h\Zgby ijh\_^_ggu_ Dhjhe_gdh gZ DjZcg_f K_\_j_ ihdZaZeb qlh nbabq_kdZy
aZ\bkbfhklv [uklj__ jZa\b\Z_lky m ex^_c ijb_oZ\rbo gZ K_\_j ba [he__ gb`gbo rbjhl
LZdbf h[jZahf kms_kl\m_l dhfie_dk \g_rgbo mkeh\bc ij_^jZkiheZ]Zxsbo d jZa\blbx
nbabq_kdhc aZ\bkbfhklb \ qbkeh dhlhjuo \oh^yl lZdb_ nZdlhju dZd kf_gZ ijb\uqgh]h
kl_j_hlbiZhlju\hlk_fvbhlebphkms_kl\eyxsbodhgljhevb ihevamxsbokyZ\lhjbl_lhf
qZklbqgZyk_gkhjgZy^_ijb\ZpbydebfZlhf_l_hjheh]bq_kdb_wdklj_fZevgu_nZdlhju
< jZa\blbb aZ\bkbfhklb bf__l agZq_gb_ hkh[_gghklv mihlj_[e_gby Zedh]hey klbeb
mihlj_[e_gby kihkh[kl\mxsb_ [he__ [ukljhfm nhjfbjh\Zgbx aZ\bkbfhklb Bf__lky \ \b^m
mihlj_[e_gb_ m`_ \ gZqZe_ [hevrbo ^ha Zedh]hey ij_\urZxsbo _]h i_j_ghkbfhklv
Nbabq_kdZyaZ\bkbfhklvbf__lke_^mxsb_ijbagZdb
ihl_jydhgljhey
g_m^_j`bfh_[bheh]bq_kdh_\e_q_gb_ih^q_jdb\Zxs__\ebygb_^jZc\Zg_bf_xs__
ikboheh]bq_kdh]hkh^_j`Zgby
kbfilhfuhlgylby
g_\hafh`ghklv\ha^_j`Zlvkyhlijb_fZZedh]hey
DZdb_lhbai_j_qbke_gguoijbagZdh\fh]mlkhq_lZlvky^jm]k ^jm]hfgZijbf_jihl_jy
dhgljhey b ijbagZdb hlgylby beb g_\hafh`ghklv \ha^_j`Zlvky b ijbagZdb hlgylby beb
\uklmiZlv kZfhklhyl_evgh gZijbf_j ijbagZdb hlgylby Dhf[bgZpbb fh]ml [ulv b ^jm]bfb
G_dhlhju_ ijbagZdb g_ fh]ml kms_kl\h\Zlv h^bg [_a ^jm]h]h gZijbf_j ihl_jy dhgljhey b
g_m^_j`bfh_\e_q_gb_
IjbagZdbnbabq_kdhcaZ\bkbfhklbfh]ml[ulvg_aZf_lgufb^eyq_eh\_dZm dhlhjh]hhgb
nhjfbjmxlkyGZijbf_jg_\hafh`ghklv\ha^_j`Zlvky\ khq_lZgbbk ijbagZdZfbhlgylby
< dZdbolh kemqZyo y\e_gby nbabq_kdhc aZ\bkbfhklb qZklbqgh hkhagZxlky Z qZklbqgh
b]ghjbjmxlky gZijbf_j h^bg ba \ZjbZglh\ ihl_jb dhgljhey b g_m^_j`bfh_ \e_q_gb_
OZjZdl_j ijbagZdh\ nbabq_kdhc aZ\bkbfhklb hij_^_ey_l ^Zevg_cr__ l_q_gb_ b ih^oh^u d
dhjj_dpbbZ^^bdlb\gh]hijhp_kkZ
Ihl_jy dhgljhey hibkZggZy -HOOLQHN oZjZdl_jbam_lky l_f qlh k q_eh\_dhf
ijhbkoh^bl g_qlh ^_eZxs__ g_\hafh`guf h[uqgh_ ij_`g__ mihlj_[e_gb_ Zedh]hey ?keb
jZgvr_^hihl_jbdhgljheykms_kl\h\ZeZhjb_glZpbygZhij_^_e_ggucZedh]hevgucwnn_dlb
\hafh`ghklv ijh]ghabjh\Zlv gZ \j_fy mihlj_[e_gby jZa\blb_ ijbylguo ^ey q_eh\_dZ
i_j_`b\Zgbc lh ijb ihl_j_ dhgljhey \hagbdZxl hljbpZl_evgu_ ihke_^kl\by ijb_fZ d
dhlhjuf ijb\h^bl ijb_f ex[hc gZqZevghc ^hau Zedh]hey Bgufb keh\Zfb ihke_ ijb_fZ
i_j\hc ^hau \hagbdZ_l g_m^_j`bfh_ \e_q_gb_ d ijb_fm ke_^mxsbo ^ha b wlhl ijhp_kk
ijh^he`Z_lky^hjZa\blbyly`_eh]hhivyg_gbyk gZjmr_gb_fkhagZgby
Ijb ihl_j_ dhgljhey ijhbkoh^bl baf_g_gb_ h[f_gZ Zedh]hey \ hj]Zgbaf_
khijh\h`^Zxs__ky [ukljuf gZjZklZgb_f kh^_j`Zgby Zedh]hey \ djh\b k ihke_^mxsbf
[ukljuf _]h kgb`_gb_f :edh]hevgh_ ieZlh g_ mklZgZ\eb\Z_lky Hq_\b^gh \h \j_fy
[ukljh]h kgb`_gby Zedh]hey \hagbdZ_l dhfie_dk g_ijbylguo ijbagZdh\ ijh\hpbjmxsbo
mihlj_[e_gb_ke_^mxs_c^hau
G_m^_j`bfh_ \e_q_gb_ ihy\ey_lky \g_aZigh [_a \kydhc k\yab k ijb_fhf Zedh]hey
Fh`_l ihy\blvky q_j_a [hevrh_ dhebq_kl\h \j_f_gb ihke_ ihke_^g_]h ijb_fZ Zedh]hey
gZijbf_j q_j_a ]h^ @_eZgb_ gZklhevdh ij_^klZ\e_gh qlh q_eh\_d ihc^_l gZ \k_ qlh[u
\uiblv Ihke_^kl\by lZdh]h ijb_fZ ZgZeh]bqgu ihke_^kl\byf oZjZdl_jguf ^ey ihl_jb
dhgljheyihkdhevdmwlhlijbagZdijbwlhfijbkmlkl\m_l
IjbagZdb hlgylby \hagbdZxl ijb kgb`_gbb kh^_j`Zgby Zedh]hey \ djh\b q_j_a
g_kdhevdh qZkh\ ihke_ \uib\db <hagbdZ_l h[s__ iehoh_ khklhygb_ khijh\h`^Zxs__ky
[heyfb \ jZaebqguo qZklyo l_eZ ]heh\ghc [hevx lhrghlhc hl\jZs_gb_f d _^_ mkbe_gghc
`Z`^hc ih\ur_gghc \ha[m^bfhklvx gZjmr_gb_f dhhj^bgZpbb lhgdbo ^\b`_gbc lj_fhjhf
iZevp_\jmd<hafh`ghhsms_gb_nbabq_kdhckeZ[hklbmkdhj_ggh_k_j^p_[b_gb_ihleb\hklv
Wlbkbfilhfukhq_lZxlkyk `_eZgb_fkgylvwlhkhklhygb_Zedh]he_fqlhm^Z_lkyk^_eZlvijb
mkeh\bb hlkmlkl\by ijbagZdh\ ihl_jb dhgljhey K ihy\e_gb_f ihl_jb dhgljhey kgylv wlh
khklhygb_g_\hafh`ghlZddZdijb_f^Z`_fZehc^hauijh\hpbjm_lZedh]hevgucwdkp_kk
IjbagZd g_\hafh`ghklb \ha^_j`Zlvky hl ijb_fZ oZjZdl_jbam_lky l_f qlh mihlj_[eyy
kjZ\gbl_evgh g_[hevrb_ ^hau g_ \uau\Zxsb_ \ujZ`_gguo y\e_gbc hivyg_gby q_eh\_d
ih^^_j`b\Z_l ihklhyggh ih\ur_ggmx dhgp_gljZpbx Zedh]hey \ hj]Zgbaf_ mihlj_[eyy _]h
g_kdhevdh jZa \ ^_gv DZd ijZ\beh gZb[hevrZy ^haZ mihlj_[ey_lky \_q_jhf ?keb lZdZy
kblmZpby ijh^he`Z_lky ^he]h jZa\b\Zxlky y\e_gby hlgylby dhlhju_ fh]ml [ulv ^he]h
g_aZf_lguihkdhevdmq_eh\_dijh^he`Z_lmihlj_[eylvZedh]hev
Nbabq_kdZy aZ\bkbfhklv jZa\b\Z_lky gZ nhg_ jZg__ knhjfbjh\Zgghc ikboheh]bq_kdhc
aZ\bkbfhklb Ijhy\e_gby ikboheh]bq_kdhc aZ\bkbfhklb ijh^he`Zxl ijbkmlkl\h\Zlv ijb
\hagbdgh\_gbb nbabq_kdhc aZ\bkbfhklb \h fgh]hf hij_^_eyy fhlb\Zpbb ih\lhjgh]h
mihlj_[e_gb_ Zedh]hey ijb dhlhjuo \ ijhf_`mldZo f_`^m \uib\dZfb q_eh\_d klj_fblky
\uiblv kgh\Z g_kfhljy gZ hiul hljbpZl_evguo i_j_`b\Zgbc k\yaZgguo k nbabq_kdhc
aZ\bkbfhklvx
DeZkkbnbdZpbbZedh]hevguoZ^^bdpbc
Ij_^eh`_ggZy Dhjhe_gdh b >bdh\kdbf deZkkbnbdZpby \u^_ey_l nhjfu
Zedh]hebafZgZhkgh\Zgbbhkh[_gghkl_cikbobq_kdhcb nbabq_kdhcaZ\bkbfhklbhlZedh]hey<
wlhc deZkkbnbdZpbb Zedh]hebaf jZkkfZljb\Z_lky dZd h^gZ ba nhjf Z^^bdlb\gh]h ih\_^_gby
DeZkkbnbdZpby y\ey_lky ^Zevg_crbf jZa\blb_f deZkkbnbdZpbb -HOOLQHN b ;Zgsbdh\Z
Dhjhe_gdh IjbgpbibZevgh \Z`guf hlebqb_f hl deZkkbnbdZpbb -HOOLQHN y\ey_lky
\u^_e_gb_ gh\uo nhjf k ikboheh]bq_kdhc chlZ wlZ b nbabq_kdhc ^a_lZ aZ\bkbfhklvx Z
lZd`_ bkdexq_gb_ [_lZnhjfu Zedh]hebafZ dhlhjmx -HOOLQHN \u^_eye gZ hkgh\_ ihjZ`_gbc
Zedh]he_f jZaebqguo hj]Zgh\ b kbkl_f ;_lZnhjfZ bkdexq_gZ lZd dZd hgZ hljZ`Z_l m`_ g_
Z^^bdlb\gmx Z [bheh]bq_kdmx ih\j_`^Zxsmx nmgdpbx Zedh]hey qlh fh`_l bf_lv f_klh
ijb jZaguo nhjfZo Zedh]hebafZ beb ^Z`_ ijb kemqZcguo hljZ\e_gbyo Zedh]he_f b bf__l
ihwlhfmhlghr_gb_g_d nhjf_Z dklZ^bbZedh]hebafZ
JZa\blb_ Zedh]hevgh]h Z^^bdlb\gh]h ih\_^_gby mkdhjy_lky ih^ \ebygb_f ghjf b ijZ\be
Zedh]hevghc km[dmevlmju y^jh dhlhjhc khklZ\eyxl ebpZ k \ujZ`_gguf Zedh]hevguf
Z^^bdlb\guf ih\_^_gb_f k y\e_gbyfb ikboheh]bq_kdhc b nbabq_kdhc aZ\bkbfhklb hl
Zedh]hey
< ijhp_kk_ jZa\blby Zedh]hevgh]h Z^^bdlb\gh]h ih\_^_gby ij_^klZ\ey_lky \hafh`guf
\u^_eblv Z^^bdlb\gu_ fhlb\Zpbb \_^msb_ qZklh d jZa\blbx hij_^_e_gghc nhjfu
Zedh]hebafZ Dhjhe_gdh b >hgkdbo ijb\h^yl hibkZgb_ hkgh\guo Z^^bdlb\guo
fhlb\ZpbcgZ[ex^ZxsbokyijbjZa\blbbZedh]hevgh]hZ^^bdlb\gh]hih\_^_gby
:lZjZdlbq_kdZy fhlb\Zpby Kh^_j`Zgb_ ZlZjZdlbq_kdhc fhlb\Zpbb aZdexqZ_lky \
klj_fe_gbb d ijb_fm Zedh]hey k p_evx kfy]qblv beb mkljZgblv y\e_gby wfhpbhgZevgh]h
^bkdhfnhjlZlj_\h`ghklbkgb`_ggh]hgZkljh_gby
Km[fbkkb\gZy fhlb\Zpby Kh^_j`Zgb_f fhlb\Zpbby\ey_lkyg_kihkh[ghklv hldZaZlvky
hl ij_^eZ]Z_fh]h d_fgb[m^v ijb_fZ Zedh]hey Ijb wlhf \u^\b]Zxlky jZaebqgu_
hijZ\^Zl_evgu_ijbqbgudZdgZijbf_jg_m^h[ghg_ohqmh[b^_lvohjhrboex^_cb ^j
Fhlb\Zpby hljZ`Z_l \ujZ`_ggmx l_g^_gpbx d ih^qbg_gbx aZ\bkbfhklb hl fg_gby
hdjm`Zxsbo
=_^hgbklbq_kdZyfhlb\Zpby:edh]hevmihlj_[ey_lky^eyih\ur_gbygZkljh_gbydZcn
wnn_dlZihemq_gbym^h\hevkl\by\ rbjhdhfkfuke_wlh]hkeh\Z
Fhlb\Zpby k ]bi_jZdlb\Zpb_c ih\_^_gby :edh]hev ihlj_[ey_lky ^ey lh]h qlh[u
\ua\Zlv khklhygb_ \ha[m`^_gby Zdlb\babjh\Zlv k_[y Ijbly]Zl_evguf k\hckl\hf Zedh]hey
y\ey_lky \hagbdgh\_gby km[t_dlb\gh]h khklhygby ih\ur_ggh]h lhgmkZ khq_lZxs__ky k
ih\ur_gghckZfhhp_gdhc
Ik_\^hdmevlmjgZy fhlb\Zpby < kemqZyo ik_\^hdmevlmjghc fhlb\Zpbb dZd ijZ\beh
[hevrh_ agZq_gb_ ijb^Z_lky Zljb[mlb\guf k\hckl\Zf Zedh]hey OZjZdl_jgu klj_fe_gb_ d
^_fhgkljZlb\ghklb `_eZgb_ ihdZaZlv baukdZgguc \dmk ijhba\_klb \i_qZle_gb_ gZ
hdjm`Zxsbo j_^dbfb b ^hjh]hklhysbfb Zedh]hevgufb gZibldZfb WlZ fhlb\Zpby h[uqgh
khq_lZ_lky k ^jm]bfb Z^^bdlb\gufb fhlb\Zpbyfb b k\yaZgZ kh klj_fe_gb_f dhfi_gkbjh\Zlv
dhfie_dkg_iheghp_gghklb
DZd fu m`_ jZg__ mdZau\Zeb kh^_j`Zgb_ Z^^bdlb\guo fhlb\Zpbc fh`_l hij_^_eylv
jZa\blb_jZaguonhjfZedh]hebafZ
<u^_eyxl nhjfu Zedh]hevghc Z^^bdpbb k y\e_gb_f ikboheh]bq_kdhc b nbabq_kdhc
aZ\bkbfhklb
D nhjfZf k ikboheh]bq_kdhc aZ\bkbfhklvx hlghkylky nhjfu ZevnZ chlZ b wlZ =ZffZ
^a_lZb ^_evlZnhjfuhlghkylkyd nhjfZfk nbabq_kdhcaZ\bkbfhklvx
:evnZnhjfZ OZjZdl_jbam_lky hjb_glZpb_c gZ nZjfZdheh]bq_kdh_ ljZgd\bebabjmxs__
^_ckl\b_ Zedh]hey dhlhjuc mihlj_[ey_lky ^ey kgylby wfhpbhgZevgh]h gZijy`_gby ^ey
hl\e_q_gby hl g_ijbylghkl_c moh^Z ba njmkljZpbhgguo kblmZpbc kgylby wfhpbhgZevghc
[heb <k_ wlb khklhygby kgbfZ_fu_ Zedh]he_f g_ ^hklb]Zxl \ujZ`_gghklb iha\heyxs_c
hp_gb\Zlv bo dZd ijhy\e_gb_ [he_agb Hgb ijbkmlkl\mxl \ `bagb dZ`^h]h q_eh\_dZ Wlh
[ulh\u_ijh[e_fudhgnebdlug_^hjZamf_gbyg_m^ZqbHkh[_gghklvaZdexqZ_lky\ lhfqlh
\k_wlbkhklhygbyg_j_rZxlkyZ \j_f_gghkgbfZxlkyZedh]he_f
ChlZnhjfZ gZihfbgZ_l ZevnZnhjfm \ kgylbb gZijy`_gby Zedh]he_f gh \ hlebqb_ hl
ZevnZnhjfu a^_kv Zedh]hev kgbfZ_l \ujZ`_ggu_ [he_ag_ggu_ ijhy\e_gby M q_eh\_dZ \g_
kblmZpbb ijb_fZ Zedh]hey ijbkmlkl\mxl ijh[e_fu lj_[mxsb_ ki_pbZevghc dhjj_dpbb b
kgbfZ_fu_ Zedh]he_f gZijbf_j nh[bb k_dkmZevgu_ jZkkljhckl\Z ijbklmiu kljZoZ kf_jlb
Ex^_ck lZdhcnhjfhcagZqbl_evghf_gvr_q_fk ZevnZnhjfhc
WlZnhjfZhlghkblkyd dhfie_dkghcZ^^bdpbbkhklhys_cba^\moqZkl_c ² Zedh]hevghcb
g_Zedh]hevghc:edh]hevgZyqZklvZ^^bdpbb\hfgh]hfgZoh^blky\ ih^khagZgbbbakhagZgby
hgZ \ul_kg_gZ b qZs_ \k_]h g_ mqblu\Z_lky Ihwlhfm wlm nhjfm Z^^bdpbb fh`gh kqblZlv
aZfZkdbjh\Zgghc
G_Zedh]hevgZy qZklv Z^^bdpbb aZdexqZ_lky \ lhf qlh a^_kv \uklmiZ_l hkh[Zy Z^^bdpby
hlghr_gbc kh klj_fe_gb_f ijh\h^blv \j_fy \ dhfiZgbyo Hlghr_gby j_Zebah\u\Zxlky \
]jmii_ ijbylguo^jm]^jm]mex^_cdhlhjufgjZ\blkyijh\h^blv\j_fy\f_kl_< jZfdZowlbo
h[sbo bgl_j_kh\ nhjfbjm_lky khh[s_kl\h kh[bjZxs__ky \ nbdkbjh\Zgguo f_klZo ^ey
kh\f_klgh]h ijh\_^_gby \j_f_gb LZdhc kihkh[ \j_fyij_ijh\h`^_gby klZgh\blky
^hfbgbjmxsbf b hp_gb\Z_lky dZd fh`_l [ulv kZfh_ \Z`gh_ \ `bagb ?fm ij_^ihqblZxlky
fgh]b_ ^jm]b_ \_sb F_`ebqghklgu_ dhglZdlu \ lZdh]h jh^Z h[s_kl\Zo ij_^iheZ]Zxl
h[km`^_gby jZa]h\hju b h[f_g bgnhjfZpb_c ij_^klZ\eyxs_c kh\f_klguc bgl_j_k
MqZklgbdb lZdbo dhfiZgbc mf_xl kha^Zlv ikboheh]bq_kdbc debfZl mkljZb\Zxsbc \k_o
Bf_gghihwlhfmd g_fm\hagbdZ_l[hevrh_klj_fe_gb_
:edh]hevgZy qZklv hldjulh g_ ^_fhgkljbjm_lky Z dZd [u ih^jZamf_\Z_lky
Ikboheh]bq_kdZy h[klZgh\dZ \ lZdbo dhfiZgbyo \h fgh]hf k\yaZgZ k ^_ckl\b_f Zedh]hey
h[e_]qZxs_]h\aZbfh^_ckl\b___ qe_gh\aZkq_ljZklhjfZ`b\Zxs_]hwnn_dlZkgylbyaZij_lh\
b moh^Z hl dhgljhey VXSHUHJR Mihlj_[eyxlky ^hau Zedh]hey g_ \uau\Zxsb_ khklhygby
]em[hdh]hhivyg_gbyIjhp_kkmihlj_[e_gbyjZklygml\h\j_f_gbLZdZykljmdlmjZkms_kl\m_l
hq_gv ^he]h bgh]^Z fgh]b_ ]h^u nZdlbq_kdb ij_\jZsZykv \ nhjfm aZ\bkbfhklb ^ey ex^_c
mqZkl\mxsbo\ dhfiZgbbLZdbfh[jZahfkha^ZxlkyhjZg`_j_cgu_mkeh\by^eyg_aZf_lgh]h
jZa\blby \ ihke_^mxs_f ijbagZdh\ nbabq_kdhc aZ\bkbfhklb ij_`^_ \k_]h m ebp [he__
ih^\_j`_gguowlhfmijhp_kkm
=ZffZnhjfZ oZjZdl_jbam_lky ihl_j_c dhgljhey kms_kl\_ggh baf_gyxs_c ^Zevg_cr__
l_q_gb_ Z^^bdpbb Bkihevah\Zgb_ Zedh]hey ^ey ihemq_gby j_eZdkZ m^h\e_l\hj_gby ij_`gbo
fhlb\Zpbc klZgh\blky g_\hafh`guf Ijb_f gZqZevghc ^hau \_^_l d \hagbdgh\_gbx
g_ij_h^hebfh]h ijZdlbq_kdb `_eZgby ijh^he`Zlv \uib\dm k fbgbfZevgufb bgl_j\ZeZfb
f_`^m ijb_fZfb ^h jZa\blby ]em[hdh]h hivyg_gby Ijb jZa\blbb ihl_jb dhgljhey mqZklb_ \
ij_`gbo dhfiZgbyo klZgh\blky g_\hafh`guf <gZqZe_ ih f_oZgbafZf ikboheh]bq_kdhc
aZsblu dZ`_lky qlh \k_ ijhbkoh^ys__ ghkbl kemqZcguc oZjZdl_j b k\yaZgh k l_f qlh g_
\ukiZeky[uejZkkljh_gb ijIhkl_i_gghklZgh\blkyykghqlh^_ehg_\ wlhfghijbagZlv
bklbggmx kmlv y\e_gby g_ ohq_lky LZdb_ ex^b iulZxlky wdki_jbf_glbjh\Zlv k Zedh]he_f \
h^bghqdm `_eZy aZ^_j`Zlv \uib\dm gZ dZdhclh ^ha_ I_jbh^bq_kdb \ k\yab k Zedh]hevgufb
wdkp_kkZfb hgb bkq_aZxl gZ g_dhlhjh_ \j_fy ijb ihy\e_gbb klZjZxlky h[tykgblv ijbqbgu
k\h_]h hlkmlkl\by dZdbfeb[h [eZ]h\b^guf ij_^eh]hf Kh \j_f_g_f i_jbh^u hlkmlkl\by gZ
jZ[hl_mqZsZxlky
Kms_kl\mxl ij_^\_klgbdb ihy\e_gby ihl_jb dhgljhey d dhlhjuf hlghkylky >jZ]mg
H[jmrb\Zgb_ ^hau ijhy\eyxs__ky \ lhf qlh i_j_^ ihy\e_gb_f ihl_jb dhgljhey
\hagbdZ_l qm\kl\h qlh Zedh]hev i_j_klZe ^_ckl\h\Zlv Ijb_f kjZ\gbl_evgh [hevrbo ^ha
Zedh]hey g_ \uau\Z_l ijbagZdh\ Z aZl_f ihke_ ijb_fZ hq_j_^ghc ^hau kjZam \hagbdZ_l
khklhygb_ ]em[hdh]h hivyg_gby OZjZdl_jgh Zf[b\Ze_glgh_ hlghr_gb_ d wlhfm y\e_gbx
k\b^_l_evkl\hdj_idh]ha^hjh\vyiha\heyxs_]hi_j_ghkblv[hevrmx^hamZedh]heyb \lh
`_\j_fygZklhjh`_gghklvqlhqlhlhg_lZd
:edh]hevgu_ \uiZ^_gby ijhy\eyxsb_ky \ lhf qlh ihke_ ijb_fZ kj_^g_c ^hau
Zedh]hey dhlhjZy g_ \ua\ZeZ ]em[hdh]h hivyg_gby gZ ke_^mxsbc ^_gv \uy\ey_lky Zfg_aby
kms_kl\_ggh]hhlj_adZkh[ulbcbf_xsbof_klh\h\j_fy\uib\dbLZdb_ex^bihgbfZxlqlh
wlh k\yaZgh g_ k i_j_^habjh\dhc Z k q_flh ^jm]bf M gbo \hagbdZ_l kljZo k\yaZgguc k
\hafh`ghklvx kh\_jr_gby bfb g_ih^oh^ysbo ^bkdj_^blbjmxsbo bo ^_ckl\bc \h \j_fy
\uib\dbIjbwlhfn_ghf_g_kljZ^Z_ldhjhldZyghkhojZgy_lkyg_f_^e_ggZyiZfylvQ_eh\_d
\_^_lk_[yZ^_d\Zlghghq_j_ah^gm^\_fbgmluaZ[u\Z_lh ijhbkr_^r_f
>a_lZnhjfZgZihfbgZ_l]ZffZnhjfmghhlebqZ_lkyhlg__l_fqlhihl_jydhgljheyijb
wlhc nhjf_ \hagbdZ_l g_ ihke_ ijb_fZ i_j\hc ^hau Zedh]hey Z gZ mjh\g_ kj_^g_c kl_i_gb
Zedh]hevgh]h hivyg_gby < hlebqb_ hl ]ZffZnhjfu a^_kv kms_kl\m_l ihe_ fZg_\jh\ \
dZdbolh ij_^_eZo Ihy\b\rb_ky gZ ke_^mxsbc ^_gv kbfilhfu hlgylby kgbfZxlky ijb_fhf
g_[hevrbo^haZedh]hey
>_evlZnhjfZ oZjZdl_jbam_lky g_\hafh`ghklvx \ha^_j`Zlvky ijb dhlhjhc q_eh\_d
ihklhyggh mihlj_[ey_l Zedh]hev \ kjZ\gbl_evgh g_[hevrbo ^haZo LZdh_ mihlj_[e_gb_
klZgh\blky ijb\uqguf Zedh]hev ijbgbfZ_lky dZd khd dZd ijhoeZ^bl_evguc gZiblhd
Ijh[e_fZ \hagbdZ_l ijb ebr_gbb \hafh`ghklb mihlj_[eylv Zedh]hev lZd dZd jZa\b\Zxlky
y\e_gby hlgylby k ijbkmsbfb bf khfZlbq_kdbfb b ikbobq_kdbfb jZkkljhckl\Zfb Fh]ml
jZa\blvkyb [he__k_jv_agu_ikbobq_kdb_gZjmr_gby\iehlv^hjZa\blbyhkljh]hZedh]hevgh]h
ikbohaZ
Ijb bamq_gbb Zedh]hevguo Z^^bdpbc ke_^m_l hlf_lblv p_e_khh[jZaghklv mq_lZ dZq_kl\Z
Zedh]heyKms_kl\mxlgZibldbkh^_j`Zsb_\ k_[_ijbf_kblhdkbq_kdbo\_s_kl\^ebl_evgh_
mihlj_[e_gb_ dhlhjuo ijb\h^bl d gZjZklZgbx lhdkbq_kdh]h wnn_dlZ Ijb hlkmlkl\bb
fhghihebb gZ ba]hlh\e_gb_ Zedh]hey \_jhylghklv ojhgbq_kdbo b hkljuo hljZ\e_gbc
lhdkbq_kdbfbkmjjh]ZlZfbZedh]heyhq_gv\ukhdZ
Ijbf_j ih^l\_j`^Zxsbc ^hklh\_jghklv wlh]h nZdlZ dZkZ_lky mihlj_[e_gby f_klguo
\b^h\Zedh]hey\ <_g]jbbb \AZdZjiZlkdhcMdjZbg_]^_ijbgylhljZ^bpbhggh_ba]hlh\e_gb_
njmdlh\uo\h^hdDZdhdZaZehkvhgbkh^_j`Zljy^lhdkbq_kdbokm[klZgpbclZdbodZdwnbju
\ukhdhfhe_dmeyjgu_ kibjlu ^ebl_evgh_ mihlj_[e_gb_ dhlhjuo ijb\h^bl d jZa\blbx
ikbohhj]Zgbq_kdh]h kbg^jhfZ Bkke_^h\Zgby ijh\_^_ggu_ \ ;jZlbkeZ\_ FheqZg
ihdZau\Zxl qlh Zedh]hevgu_ ikbohau jZa\b\Zxsb_ky m f_klguo `bl_e_c ijhl_dZxl [he__
^ebl_evghkhijh\h`^Zxlkyklhcdhchj]Zgbq_kdhciZlheh]b_c
Ke_^mxsbc ijbf_j dZkZ_lky [he_agb hibkZgghc gZ l_jjblhjbb ihke_\h_gghc BlZebb b
oZjZdl_jbamxs_ckyjZa\blb_fg_\jheh]bq_kdh]haZ[he_\Zgbyk e_lZevgufbkoh^hfk\yaZggh]h
k mihlj_[e_gb_fhkh[h]h\b^ZdjZkgh]h\bgZba]hlZ\eb\Zxs_]hkybagh\h]h]b[jb^gh]hkhjlZ
\bgh]jZ^Z[he_agvFZjqbZnZ\Z;bgvygb
Ke_^m_lhlf_lblvlZd`_gZjZklZgb_\ ihke_^g__\j_fy\ Jhkkbbe_lZevguobkoh^h\hkljuo
Zedh]hevguo ikbohah\ dhlhju_ jZg__ h[uqgh hdZgqb\Zebkv [eZ]hihemqgh Wlh k\yaZgh k
hj]Zgbq_kdbfbihjZ`_gbyfb\ua\ZggufbZedh]he_fkh^_j`Zsbflhdkbq_kdb_km[klZgpbb
GZjdhfZgbbb lhdkbdhfZgbb
Hlebqb_ f_`^m gbfb mkeh\gh L_jfbg gZjdhfZgby bkihevamxl ih hlghr_gbx d
mihlj_[e_gbx \_s_kl\ baf_gyxsbo ikbobq_kdh_ khklhygb_ dhlhju_ aZj_]bkljbjh\Zgu dZd
gZjdhlbdb lhdkbdhfZgby ² ijb mihlj_[e_gbb \_s_kl\ \ wlhf dZq_kl\_ g_
aZj_]bkljbjh\Zgguo
<hagbdrZy \ kh\j_f_gghf h[s_kl\_ l_g^_gpby d m\_ebq_gbx gZjmr_gbc ijbh[j_lZ_l
oZjZdl_j wib^_fbb Wlh y\e_gb_ gZijyfmx k\yaZgh kh aehmihlj_[e_gb_f jZaebqgufb
\_s_kl\Zfb ij_`^_ \k_]h ebpZfb fheh^h]h \hajZklZ d dhlhjuf hlghkylky ^_lb b ih^jhkldb
Hkgh\ghc fhlb\Zpb_c mihlj_[e_gby \_s_kl\ y\ey_lky klj_fe_gb_ d baf_g_gbx k\h_]h
ikbobq_kdh]hkhklhygby
:gZebak wlhclhqdbaj_gbyaehmihlj_[e_gby\_s_kl\Zfb\ ijhrehfihdZau\Z_lgZebqb_
bghc kblmZpbb aZfudZxs_cky gZ \lhjbqghf jZa\blbb aehmihlj_[e_gby \ k\yab k l_f qlh
i_j\hgZqZevgh wlb \_s_kl\Z bkihevah\Zebkv gZijbf_j dZd ZgZev]_lbdb ihkdhevdm wlb
ij_iZjZlu hlghkylky d ijhba\h^guf hiby d dhlhjuf jZa\b\Z_lky nbabq_kdZy aZ\bkbfhklv
Bf_gghihwlhfmmkbebyki_pbZebklh\gZijZ\eyebkvgZkha^Zgb_ZgZev]_lbdZg_\uau\Zxs_]h
nbabq_kdhc aZ\bkbfhklb qlh _kl_kl\_ggh [ueh hrb[hqguf Wlh iheh`_gb_ ih^l\_j`^Zxl
ijhba\h^kl\hgZijbf_j]_jhbgZb ijhf_^heZ
Kms_kl\mxl gZjdhlbq_kdb_ \_s_kl\Z g_ \uau\Zxsb_ y\e_gbc nbabq_kdhc aZ\bkbfhklb
gZijbf_j fZjbomZgZ b ihwlhfm hlghkysb_ky d dZl_]hjbb fy]dbo gZjdhlbdh\ Ijh[e_fZ
aZdexqZ_lky\ kms_kl\mxs_fjZg__ij_^klZ\e_gbbh lhfqlh\ kemqZ_hlkmlkl\bynbabq_kdhc
aZ\bkbfhklb nZdl mihlj_[e_gby \_s_kl\Z g_ ke_^m_l j_]bkljbjh\Zlv dZd gZjdhfZgbx Wlh
iheh`_gb_qj_\Zlhjy^hfhiZkghkl_c
L_fg_f_g__g_kfhljygZhlkmlkl\b_y\e_gbcnbabq_kdhcaZ\bkbfhklb\_s_kl\hfh`_l
[ulvhq_gvhiZkgufD qbkemlZdbo\_s_kl\hlghkblkyfZjbomZgZ\uau\ZxsZym jy^Zex^_c
baf_g_gb_\ fhlb\Zpbhgghckn_j_nbdkbjmyq_eh\_dZgZfbj_i_j_`b\Zgbc kha^Z\Z_fuo \h
\j_fy __ dmj_gby LZdZy nbdkZpby oZjZdl_jgZy ^ey Z^^bdpbc dZd \u[hj imlb moh^Z hl
j_Zevghklbkihkh[kl\m_l\k_[hevr_fm^\b`_gbxq_eh\_dZihwlhfmimlb Q_eh\_dgZqbgZ_l
`blv \lhjhc `bagvx f_gy_lky _]h oZjZdl_j mklZgh\db kbkl_fu p_gghkl_c >ebl_evgh_
dmj_gb_ fZjbomZgu kha^Z_l jZaguc aZ\bkysbc hl ]_g_lbq_kdhc ij_^jZkiheh`_gghklb jbkd
\hagbdgh\_gby ikbobq_kdh]h aZ[he_\Zgby HiZkghklv aZdexqZ_lky b \ lhf qlh dmj_gb_
fZjbomZgukihkh[kl\m_ljZa\blbxZ^^bdlb\gh]hih\_^_gby\hh[s_b hkh[_ggh\ gZijZ\e_gbb
d mihlj_[e_gbx[he__kbevgh^_ckl\mxsbogZjdhlbq_kdbo\_s_kl\gZijbf_j]_jhbgZ
Ijbmihlj_[e_gbb\_s_kl\baf_gyxsboikbobq_kdh_khklhygb_lZd`_fh`gh\klj_lblv
kbfilhf ihl_jb dhgljhey m]jh`Zxsbc `bagb D g_fm hlghkblky aehmihlj_[e_gb_
kghl\hjgufb gZijbf_j [Zj[blmjZlZfb exfbgZe [Zj[Zfbe Q_eh\_d ijbgbfZxsbc
kghl\hjgh_b g_qm\kl\mxsbcwnn_dlZfh`_lijbgylv^hamg_kh\f_klbfmxk `bagvxLZdbf
h[jZahfkbfilhfihl_jbdhgljheyfh`_l[ulvijbgylaZkZfhm[bckl\h
@_kldb_ gZjdhlbdb fh]ml \ua\Zlv nbabq_kdmx aZ\bkbfhklv ijZdlbq_kdb m ex[h]h
q_eh\_dZ
Ih^\h^yblh]jZkkfhlj_gbx\hijhkZh[Z^^bdlb\ghfih\_^_gbbke_^m_lhlf_lblvqlhg_
\uau\Z_lkhfg_gbcqlhZ^^bdlb\gh_ih\_^_gb_hljZ`Z_lg_[eZ]hihemqb_\ h[s_kl\_b bf__l
khpbZevgmxikboheh]bq_kdmxi_^Z]h]bq_kdmxxjb^bq_kdmxf_^bpbgkdmxb dmevlmjZevgmx
klhjhguDZ`^Zybawlboklhjhglj_[m_lijhn_kkbhgZevgh]hih^oh^ZagZgbc\ wlhch[eZklb
=eZ\Z N:G:LBAF
<hijhku k\yaZggu_ k bamq_gb_f nZgZlbafZ g_ ihemqbeb kdhevdhgb[m^v aZf_lgh]h
jZa\blby \ kh\j_f_gghc ikbobZljbb <h fgh]bo ikbobZljbq_kdbo ba^Zgbyo wlZ l_fZ g_
h[hagZqZ_lky g_kfhljy gZ lh qlh \ kh\j_f_gguo mkeh\byo djbabkguo kblmZpbc \ h[s_kl\_
bgl_j_kd bamq_gbxnZgZlbafZgZjZklZ_l
Kms_kl\mxsb_ gZ k_]h^gyrgbc ^_gv ihiuldb ^Zlv ^_nbgbpbx nZgZlbafZ [he__ beb
f_g__m^h\e_l\hjbl_evguohlyb lj_[mxl^Zevg_cr_cdhgdj_lbaZpbb
NZgZlbaf hij_^_ey_lky dZd khklhygb_ k\yaZggh_ k ebqghklghc kljmdlmjhc b
oZjZdl_jbamxs__ky m[_`^_gghklvx \ g_h[oh^bfhklb nbdkZpbb gZ dZdhflh km`_gghf
kh^_j`Zgbbbebkm`_gguokbkl_fZop_gghkl_cM[_`^_gghklvkhq_lZ_lkyk \ukhdhckl_i_gvx
b^_glbnbdZpbb q_eh\_dZ k wlbfb y\e_gbyfb k bgl_gkb\ghklvx i_j_`b\Zgbc
ijh^he`bl_evghklvx b gZklhcqb\hklvx j_amevlZlhf dhlhjuo y\ey_lky aZgylb_ q_eh\_dhf
hij_^_e_gghc ihabpbb k ihklhygguf ij_[u\Zgb_f \ __ ij_^_eZo Ijb wlhf hg fh`_l
bgl_gkb\gh ijh\h^blv \ `bagv k\hx dhgp_ipbx Hlf_qZ_lky g_kihkh[ghklv lZdbo ex^_c d
dhfijhfbkkm b ^bZeh]m k hdjm`Zxsbfb Ex^b \ukdZau\Zxsb_ ^jm]b_ \a]ey^u
jZkkfZljb\Zxlky \ dZq_kl\_ \jZ]h\ ih hlghr_gbx d dhlhjuf bkihevamxlky \k_ kj_^kl\Z
[hjv[u qlh khhlghkblky k kh[kl\_ggufb m[_`^_gbyfb Q_eh\_d k nZgZlbq_kdbf ih\_^_gb_f
hkms_kl\ey_lk\hbdhgp_ipbb\ khhl\_lkl\bbk ihklZ\e_gghcp_evxg_h[jZsZy\gbfZgbygZ
\hafh`gu_ihke_^kl\by
G_[hevrh_ dhebq_kl\h bkke_^h\Zgbc ihk\ys_gguo wlhfm \hijhkm h[gZjm`b\Z_l
ihiuldb deZkkbnbpbjh\Zlv ijhy\e_gby nZgZlbafZ LZd gZijbf_j \u^_ey_lky
wkk_gpbZevguc i_j\bqguc deZkkbq_kdbc kljmdlmjguc nZgZlbaf b bg^mpbjh\Zgguc
qZklbqgucbgnbpbjh\Zgguc
Wkk_gpbZevguc nZgZlbd ij_^klZ\ey_l kh[hc lbi q_eh\_dZ \ ebqghklghc kljmdlmj_
dhlhjh]h \uklmiZ_l dZd kmsghklv wlhc kljmdlmju nZgZlbq_kdbc we_f_gl GZ [Za_ wlh]h
ljm^gh \_j[Zebam_fh]h we_f_glZ jZa\b\Z_lky i_j\bqguc ^jZc\ hnhjfeyxsbcky
ikboheh]bq_kdbf kh^_j`Zgb_f \ \b^_ b^_b kh^_j`Zgb_ dhlhjhc fh`_l [ulv jZaebqguf
>jZc\m khhl\_lkl\m_l \gmljbikbobq_kdbc fhlb\ \uoh^ysbc gZ mjh\_gv ]em[bggh]h
ih^khagZgby dhlhjuc fh`_l jZkkfZljb\Zlvky \ ieZg_ \ebygby dhee_dlb\gh]h
[_kkhagZl_evgh]h >Ze__ ijhbkoh^bl jZa\blb_ ikboh^bgZfbq_kdbo ijhp_kkh\ jZajZ[hldZ
dhgp_ipbb __ bgl_ee_dlmZebaZpby b jZpbhgZebaZpby IhiuldZ ^h dhgpZ jZkdjulv f_oZgbaf
q_j_akh^_j`Zgb_g_m^Z_lky<k_]^ZhklZ_lkyg_qlhg_ba\_klgh_b g_jZkdjulh_
Bg^mpbjh\Zgguc nZgZlbaf ghkbl [he__ rbjhdmx jZkijhkljZg_gghklv wkk_gpbZevguo
nZgZlbdh\ f_gvr_ q_f bg^mpbjh\Zgguo Bg^mpbjh\Zggu_ nZgZlbdb j_djmlbjmxlky qZs_
\k_]h ba g_aZf_lguo h[uqguo ex^_c \ qbkeh dhlhjuo \oh^yl dZd ^_aZ^Zilbjh\Zggu_ \
khpbZevghf ieZg_ ebpZ lZd b ijbkihkh[e_ggu_ d ^_ckl\bl_evghklb G_ y\eyykv nZgZlbdZfb
hgb iha\heyxl m\e_qv k_[y wkk_gpbZevguf nZgZlbdZf M\e_drbkv nZgZlbq_kdhc b^__c \
^Zevg_cr_f hgb kh^_ckl\mxl __ hkms_kl\e_gbx kha^Z\Zy nZgZlbq_kdbc ihl_gpbZe b \ k\hx
hq_j_^vbg^mpbjmyhdjm`ZxsboLZdhcn_ghf_gghkblgZa\Zgb_kg_`gh]hdhfZ
<u^_eyxl fZkkh\uc b bg^b\b^mZevguc nZgZlbaf dhlhju_ g_ lh`^_kl\_ggu
wkk_gpbZevghfm b bg^mpbjh\Zgghfm nZgZlbafm GZijbf_j wkk_gpbZevguc nZgZlbd fh`_l
ijbfdgmlvd m`_bf_xs_fmkyb m^h\e_l\hjyxs_fm_]hnZgZlbq_kdhfm^\b`_gbx
Bg^b\b^mZevguc nZgZlbaf fh`_l g_ j_Zebah\u\Zlvky \ fZkkh\hf Kms_kl\mxl
gZijZ\e_ggu_ gZ k_[y lbob_ nZgZlbdb g_ bkiulu\Zxsb_ ihlj_[ghklb \ ijbfudZgbb d
dhfmlh
Bkke_^h\Zl_ebbamqZxsb_nZgZlbafdZdijZ\behh[jZsZxl\gbfZgb_ebrvgZ\g_rgb_
ijhy\e_gby [_a mq_lZ fhlb\h\ kihkh[kl\mxsbo _]h jZa\blbx < hl^_evguo jZ[hlZo
\u^_eyxlkyke_^mxsb_\b^uebpk nZgZlbq_kdbfbijhy\e_gbyfb
kbeh\u_b^_cgu_wdkiZgkb\gu_nZgZlbdbjmdh\h^kl\mxsb_kyhij_^_e_gghcb^__c
nZgZlbdbdhlhju_Zdlb\ghij_^klZ\eyxlk\hbebqgu_kh[kl\_ggu_bgl_j_ku
]emob_jZkieu\qZlu_nZgZlbdbqZs_\k_]h\uklmiZxsb_\ ]jmiiZo
dhgnhjfgu_aZ\bkbfu_ebg_cgu_nZgZlbdb
nZgZlbdbkf_rZggh]hlbiZ
;hevr__ agZq_gb_ bf_xl deZkkbnbdZpbb nZgZlbdh\ k Zdp_glhf gZ bo dh]gbpbb b
\gmlj_ggb_kbkl_fup_gghkl_c5XGLQ \u^_ey_lke_^mxsb_dZl_]hjbbnZgZlbdh\
NhjfZebklbq_kdb_ nZgZlbdb k nhjfZebah\Zgghc kbkl_fhc p_gghkl_c ih^ dhlhjhc
ihgbfZ_lkyhlkmlkl\b_ gZklhys_]h \gmlj_gg_]h hlghr_gby d dhgdj_lghc kbkl_f_ p_gghkl_c
GZijbf_j q_eh\_d jvygh \uihegyxsbc dZdb_lh jZkihjy`_gby k lZdhc `_ m[_`^_gghklvx
fh`_l \uihegylv jZkihjy`_gby ijhlb\hiheh`gh]h oZjZdl_jZ [_a \gmlj_gg_]h hkfuke_gby
ijhbkoh^ys_]hD wlhc`_]jmii_hlghkylkyebohjZ^hqgu_Zdlb\bklu
NhjfZevgu_ nZgZlbdb nbdkbjmxsb_ky gZ hij_^_e_gghc p_gghklb ih hlghr_gbx d
dhlhjhc mklZgZ\eb\Zxlky \gmlj_ggb_ ikboheh]bq_kdb h[hkgh\Zggu_ hlghr_gby GZijbf_j
nZgZlbdb hij_^_e_ggh]h \b^Z bkdmkkl\Z dhlhjuc hgb kqblZxl _^bgkl\_ggh \hafh`guf
nZgZlbdb^he]ZnZgZlbdb\ khpbZevghch[eZklbmlhibklud\_jmeyglunZgZlbdb[hjv[uaZ
kijZ\_^eb\hklv
NZgZlbdb\gmlj_gg_]hkh^_j`Zgbybf_xsb_\gmlj_ggxxijb\_j`_gghklvd kbkl_f_
p_gghkl_c k gZklhysbf l\hjq_kdbf hlghr_gb_f d g_c GZijbf_j j_eb]bhagu_ j_nhjfZlhju
Exl_jDZev\bgKZ\hgZjheZ
Kms_kl\m_l b ^jm]hc ih^oh^ d hij_^_e_gbx `_kldh]h b fy]dh]h nZgZlbafZ \g_ bo
khhlghr_gbyk wkk_gpbZevgufb bgbpbbjh\ZggufIjb`_kldhfnZgZlbaf_ebqghklvq_eh\_dZ
ho\Zlu\Z_lky b^__c iheghklvx ijhy\eyykv \h \k_o kn_jZo _]h ^_yl_evghklb \ dhglZdlZo \
ebqguo bgl_j_kZo \ kihkh[Zo ihemq_gby m^h\hevkl\by \ \u[hj_ Znn_dlb\ghc khpbZevgh
gZkus_gghc^hfbgZglu\ kihkh[Zoijh\_^_gbyk\h[h^gh]h\j_f_gbIjbfy]dhfnZgZlbaf_
g_kfhljy gZ i_j\bqgmx mklZgh\dm q_eh\_d \g_ wlbo dhgp_ipbc fh`_l ijhy\eylv k_[y ih
^jm]hfm\ hlghr_gbyok [ebadbfbb ^jmavyfbg_nmgdpbhgbjm_ldZdnZgZlbdijbgZoh`^_gbb
\g_ hij_^_e_gghc kn_ju ^_yl_evghklb NZgZlbaf ih kh^_j`Zgbx ih^jZa^_ey_lky gZ
ke_^mxsb_\b^u
j_eb]bhaguc
iheblbq_kdbc
nZgZlbafkijZ\_^eb\hklbijZ\h\hcnZgZlbaf
jZkh\uc
nZgZlbaf^he]Z
nZgZlbaf\ bkdmkkl\_
kihjlb\guc
nZgZlbafa^hjh\vy
=em[hdh_ bamq_gb_ wkk_gpbZevgh]h nZgZlbafZ iha\hey_l \u^_eblv ^jZc\ d q_fmlh
wdklj_fZevghfm k\hckl\_gguc wlbf ex^yf < wlhf kemqZ_ fh`gh ]h\hjblv h i_j\bqghf
^jZc\_ Nmgdpbhgbjh\Zgb_ ^jZc\Z khijh\h`^Z_lky iZlheh]bq_kdhc \gmlj_gg_c ^bgZfbdhc
<hagbdZ_l \hijhk h ijbqbg_ ihy\e_gby klhev \ujZ`_gghc bgl_gkb\ghklb ^jZc\Z Hq_\b^gh
hgZ k\yaZgZ k bf_xsbf f_klh jZkdj_ihs_gb_f hk\h[h`^_gb_f wg_j]bb \klmie_gb_f \ kbem
ikbohwg_j]_lbq_kdh]hijhp_kkZhij_^_e_ggh]hoZjZdl_jZb dZgZebaZpb_cikbobq_kdhcwg_j]bb
\ h^ghfgZijZ\e_gbb
L_jfbg nZgZlbaf ijhbkoh^bl hl eZlbgkdh]h SKDQDWLFXV Wlbf l_jfbghf
oZjZdl_jbah\Zeky q_eh\_d m dhlhjh]h \hagbdZe ojZfh\uc wdklZa ijhy\eyxsbcky qm\kl\hf
ko\Zq_gghklbwlbfwdklZahfKo\Zq_gghklvjZkkfZljb\Z_lkydZd^j_\gyyZjoZbqgZynhjfZ
j_eb]bhagh]hhiulZ?s_ \ Jbfkdhcbfi_jbb kqblZeb qlh ko\Zq_gghklv fh`_l [ulv \ua\ZgZ
ijhkemrb\Zgb_ffmaudbb ^_deZfZpbb[hevrboihh[t_fmklbohl\hj_gbcNZgZlbdkh]eZkgh
ij_^klZ\e_gbyf Z\lhjh\ ZgZebabjmxsbo kblmZpbx gZoh^ykv \ khklhygbb wdklZaZ g_
kh\_jrZ_lgZ^kh[hcmkbeby<k_qlhk gbfijhbkoh^blkemqZ_lkyk gbfb \gmljbg_]hihfbfh
_]h`_eZgbcb \he_\uomkbebcKo\Zq_gghklvwd\b\Ze_glgZ\hh^mr_\e_gghklb\hagbdZxs_ck
ikboheh]bq_kdhc lhqdb aj_gby ih^ \ebygb_f dhee_dlb\gh]h ih^khagZgby ij_^klZ\e_ggh]h
kbeZfb dhlhjufb q_eh\_d mijZ\eylv g_ fh`_l < ^Zgghc kblmZpbb wlb kbeu g_
^_abgl_]jbjmxl khagZgb_ Z gZijZ\eyxl dZgZebabjmxl wg_j]bx \ khagZgb_ \ h^ghf
gZijZ\e_gbbBgl_gkb\ghklvh[_ki_qb\Z_lkynZgZlbq_kdhcwg_j]b_c^jZc\Z
GZjy^mk wlbf\u^_eyxllbibqgu_we_f_glu\ujZ`Zxsb_nZgZlbq_kdmxikboh^bgZfbdm
D gbfhlghkylky
ihlj_[ghklv\ kZfhml\_j`^_gbbhkh[hflhlZevghfml\_j`^_gbbkh[kl\_gghcebqghklb
b `bag_gghcihabpbbk\h_]h\a]ey^ZgZ\_sb
ihlj_[ghklv \ Z[khexlghc agZqbfhklb bkih\_^m_fhc b^_b beb ihabpbb aZgbfZ_fhc
q_eh\_dhf H^gh\j_f_ggh k wlbf \uklmiZ_l ihlj_[ghklv \ mkljZg_gbb \k_]h lh]h qlh fh`_l
ihf_rZlv j_ZebaZpbb wlhc mklZgh\db gZijbf_j \k_o fuke_c jZkkm`^_gbb ijhlb\hj_qZsbo
\u[jZgghc dhgp_ipbb Ijhbkoh^bl lZd`_ webfbgZpby ^jm]bo \_jh\Zgbc lhq_d aj_gby
\a]ey^h\
ihlj_[ghklv\ j_ZebaZpbbk\h_cb^_bkhq_lZxsZykyk bkihevah\Zgb_f\k_o\hafh`guo
kj_^kl\[hjv[uk ebpZfbijb^_j`b\Zxsbfbky^jm]bolhq_daj_gby
ihlj_[ghklv ^ey ^hklb`_gby p_eb \ ihke_^h\Zl_evghf g_ hldehgyxs_fky hl
\u[jZggh]hdmjkZih\_^_gbbk hldZahfhldhfijhfbkkguoh[jZah\Zgbc
NZgZlbq_kdh_ ih\_^_gb_ ghkbl bgl_]jbjh\Zgguc oZjZdl_j Ebqghklv k wkk_gpbZevguf
nZgZlbq_kdbf ih^oh^hf bgl_]jbjm_lky \hdjm] nZgZlbq_kdhc hkb b ijhba\h^bl \i_qZle_gb_
gZ hdjm`Zxsbo g_ gZ khagZl_evghf Z \ hkgh\ghf gZ ih^khagZl_evghf mjh\g_ KbeZ wlh]h
\i_qZle_gbyk\yaZgZg_lhevdhk wg_j]_lbqghklvxnZgZlbq_kdhcebqghklbghb kbglmblb\guf
gZoh`^_gb_f _x ijZ\bevgh]h kihkh[Z dhglZdlZ kihkh[kl\mxs_]h j_ZebaZpbb gZf_q_gghc
p_eb Ijhbkoh^bl aZ^_ckl\h\Zgb_ ihoh`bo [ebadbo f_oZgbafh\ m iZjlg_jh\ ih h[s_gbx
H^gZdh wlh aZ^_ckl\h\Zgb_ \lhjbqgh lZd dZd lh qlh bg^mpbjm_lky m hdjm`Zxsbo keZ[__
i_j\bqgh]h bklhqgbdZ bg^mdpbb >ey hkms_kl\e_gby \ha^_ckl\by lZdh]h jh^Z bf_xlky
[eZ]hijbylgu_ fhf_glu dhlhju_ fh]ml ZgZebabjh\Zlvky dZd k lhqdb aj_gby dhgdj_lghc
kblmZpbb lZd b gZebqby jy^Z nZdlhjh\ ij_^jZkiheZ]Zxsbo d ko\Zlu\Zgbx lZdh]h
\ha^_ckl\byhdjm`ZxsbfbD lZdbfnZdlhjZfhlghkylkyke_^mxsb_
² \j_f_ggZykhpbZevgZybaheypby^_ijb\Zpby
² kgb`_gb_ khagZl_evgh]h mjh\gy j_Z]bjh\Zgby gZijbf_j \ khklhygbb mklZehklb
khgeb\hklb
² ij_[u\Zgb_ \ h[s_kl\_ [hevrh]h dhebq_kl\Z ex^_c kh[jZ\rboky \ h^ghf f_kl_ k
dZdhclh h^ghc p_evx gZijbf_j gZ kh[jZgbb fblbg]_ < ^Zgghc kblmZpbb \Z`_g g_ lhevdh
ijhp_kk\hkijbylbybgnhjfZpbbghb \hagbdZxs__ijbwlhfbg^mpbjh\Zgb_^jm]^jm]Z
G_f_pdbckhpbheh] 3KXUWQHU \u^_ey_lZ\lhjblZjgucf_glZebl_l kihkh[kl\mxsbc
bg^mpbjh\Zgbx nZgZlbafZ EbpZ dhlhjuf k\hckl\_g_g wlhl f_glZebl_l h`b^Zxl hl ^jm]bo
ihfhsb \ [hjv[_ kh k\h_c kh[kl\_gghc [_kihfhsghklvx iheZ]Zy qlh dlhlh ^jm]hc fh`_l
j_rblvboijh[e_fuaZgbo
%XWWHJD\ hibku\Z_l i_j_`b\Zgby fu \hagbdZxsb_ ih^ \ha^_ckl\b_f ]jmiiu
:gZebawlh]hy\e_gbyk lhqdbaj_gby\hagbdgh\_gbygZjpbkkbafZiha\hey_l]h\hjblvh lZdhf
ihgylbb dZd ]jmiih\hc gZjpbkkbaf \u^_e_gguc Njhffhf ?keb ijb bg^b\b^mZevghf
gZjpbkkbaf_\hagbdZ_lbg^b\b^mZevguc]jZg^bhaguc VHOI lhijb]jmiih\hf ² ]jmiih\hc VHOI
d dhlhjhfm q_eh\_d gZqbgZ_l bkiulu\Zlv ijbgZ^e_`ghklv GZijbf_j qm\kl\h mqZklby \
^_yl_evghklb dZdhclh ]jmiiu dhlhjZy fh`_l \hkijbgbfZlvky dZd kZfZy ohjhrZy kZfZy
kbevgZy kijZ\_^eb\Zy fbjhex[b\Zy b l ^ Hl^_evguc q_eh\_d gbq_]h kh[hc g_
ij_^klZ\eyxsbc b kljZ^Zxsbc gbadhc kZfhhp_gdhc \ j_amevlZl_ ihy\e_gby \ _]h ikbobd_
]jmiih\h]h VHOI b k\yaZggh]h k gbf qm\kl\Z ijbgZ^e_`ghklb d g_fm b^_glbnbpbjm_l k_[y k
qZklvx [hevr_]h p_eh]h LZdbf h[jZahf \uy\ey_lky qZklv ex^_c bf_xsbo hkh[mx
ij_^jZkiheh`_gghklvd \hkijbylbxnZgZlbq_kdbokb]gZeh\\ j_amevlZl_dhlhjh]hijhbkoh^bl
i_j_ghknZgZlbq_kdh]h\ha[m`^_gbygZfZkkmex^_c
M[_`^_gb_dZkZxs__kylh]hqlhbg^mpbjm_fu_nZgZlbdZfbfg_gbyb ihabpbby\eyxlky
ijh^mdlhf djblbq_kdh]h eh]bq_kdh]h fukebl_evgh]h ijhp_kkZ g_\_jgh < ^_ckl\bl_evghklb
hgb_klvkhq_lZggucijh^mdl\ha^_ckl\by]em[bgguo\gmljbikbobq_kdbob kj_^h\uo\g_rgbo
ijhp_kkh\ Ih^khagZgb_ bf__l [hevrh_ agZq_gb_ \ nhjfbjh\Zgbb nZgZlbafZ Wdklj_fZevgh
km`_ggZy k_e_dlb\gZy lhqdZ aj_gby nZgZlbq_kdbo ebp fh`_l gZ gZqZevghf wlZi_ ^Z`_
ijhlb\hj_qblvhkhagZ\Z_fufy\e_gbyfIjhbkoh^blg_ihegZyijh_dpby y\e_gbc gZ khagZgb_
Kdjulu_ kbeu mqZkl\mxsb_ \ nhjfbjh\Zgbb nZgZlbafZ fh]ml klbfmebjh\Zlvky km]]_klb_c
ba\g_hdZau\Zxs_c\ebygb_gZih^khagZgb_ij_khagZgb_b khagZgb_M^_evguc\_kkljmdlmj
mqZkl\mxsbo\ j_amevlZlb\_ex[h]hy\e_gbyhp_gblvljm^ghLZdbfh[jZahflhqdZaj_gbyh
lhf qlh ^_ckl\by nZgZlbdh\ fh]ml [ulv ihgylu hdjm`Zxsbfb gZ khagZl_evghf mjh\g_
g_ijZ\bevgZ Fgh]h_ ba ijhbkoh^ys_]h g_ihgylgh ^Z`_ ^ey kZfbo mqZklgbdh\ nZgZlbq_kdbo
Zdlb\ghkl_c
< f_oZgbafZokm]]_klbbhkh[_gghagZqbfkhpbZevghikboheh]bq_kdbcdhffmgbdZlb\guc
Zki_dlgZijZ\e_ggucgZh[jZah\Zgb_qm\kl\Zfu
EbpZfb \h\e_dZxsbfb ^jm]bo \ nZgZlbq_kdb_ Zdlb\ghklb wdkiemZlbjm_lky i_j\bqgZy
]hlh\ghklv q_eh\_dZ b^lb \ gZijZ\e_gbb m^h\e_l\hj_gby k\hbo kdjuluo lZcguo `_eZgbc
g_bkiheg_gguo klj_fe_gbc b g_j_r_gguo ijh[e_f <ha^_ckl\b_ hkh[_ggh kbevgh \ kemqZ_
khhl\_lkl\by\ur_i_j_qbke_gguokh^_j`Zgbclhfmqlhij_^eZ]ZxlnZgZlbdb
< j_amevlZl_km]]_klbbfh]ml\hagbdZlvikbobq_kdb_wib^_fbby\eyxsb_kyj_amevlZlhf
aZ^_ckl\h\Zggh_Œ ih^khagZgby b \hagbdgh\_gby dhee_dlb\gh]h hkh[h]h khklhygby khagZgby
Ijhy\e_gbxnZgZlbafZkihkh[kl\mxlg_lhevdhikboheh]bq_kdZyij_^jZkiheh`_gghklvd g_fm
q_eh\_dZ gh b khpbZevgu_ ijh[e_fu iheblbq_kdb_ beb j_eb]bhagu_ ^\b`_gby khklhygb_
dhee_dlb\ghc lj_\h]b Fh]ml bf_lv agZq_gb_ b dhgdj_lgu_ ehdZevgu_ kh[ulby GZijbf_j
kihjlb\gu_khj_\gh\Zgbyihohjhgu\_ebdbo\h`^_c\ lhlZeblZjguoh[s_kl\Zo
Ba\_klgh \ebygb_ dhee_dlb\guo km]]_klbb gZ jhkl kmbpb^h\ h q_f k\b^_l_evkl\mxl
bklhjbq_kdb_ nZdlu LZd gZijbf_j ihke_ him[ebdh\Zgby \ ] KljZ^Zgbc fheh^h]h
<_jl_jZ =_l_ \ =_jfZgbb \hagbdeZ wib^_fby kZfhm[bckl\ >_fhgkljZpby nbevfZ Kf_jlv
h^gh]h mq_gbdZ ijb\_eZ d fZkkh\uf ihiuldZf kZfhm[bckl\Z hibkZgguf +DIQHU b
6FKPLGWNH
Kms_kl\m_l jy^ ex^_c h[eZ^Zxsbo oZjbafhc b hdZau\Zxsbo [hevrh_ \ebygb_ gZ
bg^mpbjh\Zgb_ nZgZlbafZ GZijbf_j fZkkh\u_ kZfhaZdZiu\Zgby \ ijb^g_kljh\kdbo k_dlZo
i_j_^I_j\hcfbjh\hc\hcghc\hagbdeb dZdijhl_kl ijhlb\ i_j_ibkb gZk_e_gby \ j_amevlZl_
km]]_klbb`_gsbguy\eyxs_ckyg_nhjfZevgufeb^_jhf
Hlkmlkl\b_ djblbq_kdh]h hkfuke_gby m bg^mpbjh\Zgguo nZgZlbdh\ k\yaZgh k
bgZdlb\Zpb_c agZqbl_evghc qZklb khagZgby < lZdbo khklhygbyo q_eh\_d l_jy_l kihkh[ghklv
\uclb aZ jZfdb aZ^Zggh]h gZijZ\e_gby Kms_kl\m_l Jm[bdhg i_j_c^y dhlhjuc baf_gblv
aZ^Zggh_^\b`_gb_ex^_cgZijbf_jgZimlbd kZfhmgbqlh`_gbxhdZau\Z_lkyg_\hafh`guf
EbpZk nZgZlbq_kdbfih\_^_gb_fex[yl]h\hjblvh \ukhdbob^_ZeZok m[_`^_gghklvx\
lhfqlhbo^_yl_evghklvkihkh[kl\m_lgZklhys_fmijh]j_kkmb kha^Zgbxk\_leh]h[m^ms_]h
LZdb_ ijhy\e_gby hkh[_ggh oZjZdl_jgu ^ey j_eb]bhagh]h b iheblbq_kdh]h nZgZlbafZ ijb
dhlhjuo p_gljhf \gmlj_gg_]h ^\b`_gby q_eh\_dZ y\eyxlky \ukrb_ p_gghklb `bagb
Hkms_kl\e_gb_ wlbo p_e_c ih^jZamf_\Z_l g_h[oh^bfhklv wg_j]_lbq_kdh]h \dexq_gby
bkdj_ggxxZdlb\ghklv`_jl\_gghklvqlh^hklb]Z_lwdklj_fZevguoijhy\e_gbcWlhhlebqZ_l
ebp k nZgZlbq_kdbf ih\_^_gb_f hl l_o dlh ij_ke_^m_l ebqgu_ bgl_j_ku ih^kljZb\Zykv ih^
nZgZlbq_kdb_Zdlb\ghklb
GZjpbkkbq_kdh_ m^h\e_l\hj_gb_ k\hbo ihlj_[ghkl_c k\yaZgguo k ihy\e_gb_f \ ikbobd_
q_eh\_dZwe_f_glh\]jZg^bhaghklbijb\h^bld memqr_gbx_]hkZfhqm\kl\byb ih\ur_gbx_]h
kZfhhp_gdb B^_glbnbdZpby k b^_Zevguf p_euf klbfmebjm_l \gmlj_ggb_ ijhp_kku Q_eh\_d
qm\kl\m_ldhglZdlkhk\hbfih^khagZgb_fl_jy_lkihkh[ghklvaZf_qZlv^_ckl\mxsb_gZg_]h
ba\g_hljbpZl_evgu_\ebygby
NZgZlbq_kdh_ih\_^_gb_k\yaZghk bkq_agh\_gb_f]b[dhklbZ^ZilZpbbk \hagbdgh\_gb_f
jb]b^ghc]bi_jdhfi_gkZpbbk dhg\_j]_gpb_ckfukeZ`bagbgZh^ghcb^__
K\yav nZgZlbafZ k gZjpbkkbafhf ih^q_jdb\Z_lky jZagufb Z\lhjZfb GZijbf_j +XWK
hlf_qZ_lqlhZgZebab^_heh]bq_kdbonZgZlbdh\\uy\ey_lm gbogZebqb_gZjpbkkbq_kdbo
ebqghklguogZjmr_gbc
5LFKWHU \u^_eyyihgylb_g_\jhlbq_kdhcikboh^bgZfbdbnhjfmebjm_l_]h\ jZfdZo
dhfie_dkZ [_kkbeby ² \k_kbeby \hagbdZxs_]h dZd j_amevlZl [_]kl\Z ba gZjpbkkbq_kdh]h
[_kkbeby\ gZjpbkkbq_kdh_\k_kbeb_Wlh\k_kbeb_klZgh\blky^_kljmdlb\gufkhijh\h`^Zykv
ihy\e_gb_fm q_eh\_dZdhg\_j]_gpbbbgl_gkb\ghklbb qm\kl\Zbkdexqbl_evghklb
GZklmib\r__ \hh^mr_\e_gb_ ghkbl iheh`bl_evguc hll_ghd Z nZgZlbaf ²
hljbpZl_evguc Khq_lZgb_ h^gh]h b ^jm]h]h ihjh`^Z_l \hagbdgh\_gb_ hkh[uo ijhp_kkh\
ijb\h^ysbod mkbe_gbxnZgZlbafZ
?keb q_eh\_dm ijboh^blky ^mfZlv ^_eZlv b qm\kl\h\Zlv lh qlh ijhlb\hj_qbl _]h
bgl_j_kZflhlZdb_hljbpZl_evgu_i_j_`b\Zgbyeb[hih^Z\eyxlkyq_eh\_dhfih]jm`Zykv\
kn_jmih^khagZl_evgh]heb[hb]ghjbjmxlkygZkhagZl_evghfmjh\g_< wlhfieZg_\oh`^_gb_
\ ijhp_kkijb\_j`_gghklbb^_ZeZfkhijy`_ghk h[j_l_gb_fqm\kl\Zi_jki_dlb\ghklbb kfukeZ
`bagb Ihwlhfm wfhpby \hh^mr_\e_gghklb ^he`gZ gZoh^blvky ih^ ihklhygguf dhgljhe_f b
jhfZglbq_kdZy gZb\ghklv \ h[jZs_gbb k \hh^mr_\e_gghklvx fh`_l [ulv hiZkgZ Wlh
iheh`_gb_hkh[_ggh\Z`ghijbjZkkfhlj_gbbiheblbq_kdh]hnZgZlbafZ
J_eb]bhaguc b iheblbq_kdbc nZgZlbaf fh]ml \aZbfgh mkbeb\Zlv ^jm] ^jm]Z Ijb
ihklZgh\d_]jZg^bhaguob^_Zevguop_e_cdZkZxsbokygZijbf_jmemqr_gby`bagbgZjh^Z\
p_ehfkh^_j`Zgb_iheblbq_kdh]hb j_eb]bhagh]h\hh^mr_\e_gbyqZklhkh\iZ^Zxl
JZkkfZljb\ZynZgZlbafk lhqdb aj_gby ij_^klZ\e_gghklbkljmdlmj ikbohZgZeblbq_kdh]h
^_e_gby ikbobdb q_eh\_dZ ke_^m_l hlf_lblv qlh VXSHUHJR gZkus_ggh_ nZgZlbq_kdbfb
ij_^klZ\e_gbyfb klZgh\blky e_]dh fZgbimebjm_fuf \ hij_^_e_gbb _]h \ `_eZl_evghf ^ey
eb^_jZnZgZlbdZ gZijZ\e_gbb <hagbdZ_l hiZkghklv fZgbimeypbb hij_^_e_ggufb ex^vfb
VXSHUHJR q_eh\_dZ k aZf_ghc beb \g_^j_gb_f \ VXSHUHJR hij_^_e_gghc b^_heh]bb Ijb wlhf
^_eZ_lkyZdp_glgZg_db_\ukrb_p_gghklbijb\b\Z_fhcq_eh\_dmb^_heh]bbk bkihevah\Zgb_f
lZdbol_jfbgh\dZdfm`_kl\h^hklhbgkl\h\_jghklvkijZ\_^eb\hklvb ij
Ijhbkoh^blnhjfbjh\Zgb_ihegh]hihkemrZgbyqlhih^dj_iey_lkyg_djblbq_kdhc\_jhc
q_eh\_dZ\ lhqlh_]hfukebqm\kl\Zb ihklmidbhijZ\^Zgu\ukrbfkfukehfWlbijhp_kku
klbfmebjmxl Zdlb\baZpbx b wdkiemZlZpbx j_eb]bhagh]h qm\kl\Z dZgZebabjmxs_]hky \
kh^_j`Zgbb VXSHUHJR LZdbf h[jZahf jh`^Z_lky dhgkljmdpby bkihevamxsZy j_eb]bhagh_
qm\kl\h
Ijhp_kk fh`_l khijh\h`^Zlvky \hagbdgh\_gb_f jZaebqguo g_khhl\_lkl\bc
aZdexqZxsboky \ lhf qlh bg^hdljbgbjh\Zggh_ VXSHUHJR gZoh^blky \ ijhlb\hj_qbb k
ij_^klZ\e_gbyfb ijb\blufb q_eh\_dm \ ^_lkl\_ Ij_h^he_gb_ wlbo g_khhl\_lkl\bc
ijhbkoh^bl eb[h iml_f \ul_kg_gby eb[h iml_f jZpbhgZebaZpbb ijb dhlhjhc ij_`gb_
p_gghklb khklZ\eyxsb_ kh\_klv q_eh\_dZ kf_rb\Zxlky k gh\uf VXSHUHJR ijb\bluf \
j_amevlZl_ bg^hdljbgbjh\Zgby LZd ijhbkoh^bl qZklbqgh_ jZaj_r_gb_ dhgnebdlZ Bgh]^Z
q_eh\_d \u[bjZ_l imlv gZbf_gvr_]h khijhlb\e_gby y\eyxsbcky ^hihegbl_evguf
Zdlb\babjmxsbfnZdlhjhf<u[hjimlb gZbf_gvr_]hkhijhlb\e_gbygZp_eb\Z_l q_eh\_dZgZ
^_ckl\by hij_^_ey_fu_ ^ey g_]h ^jm]bfb ex^vfb Ke_^h\Zgb_ iml_f ij_^gZq_jlZgguf
^jm]bfbba[Z\ey_lq_eh\_dZhlhl\_lkl\_gghklbaZk\hbfukebb ^_ckl\by
G_dhlhju_ Z\lhju gZijbf_j +DFNHU hij_^_eyxl wlhl n_ghf_g dZd
wdkl_jgZebabjh\Zggmx kh\_klv aZdexqZxsmxky \ lhf qlh gZb\ukrbf Z\lhjbl_lhf ^ey
q_eh\_dZ klZgh\blky Z\lhjbl_l \h`^y ke_ih_ ihkemrZgb_ dhlhjhfm \hagbdZ_l g_ \
j_amevlZl_ijbkemrb\Zgbyq_eh\_dZd k\h_fm\gmlj_gg_fm]hehkmZ \j_amevlZl_\uiheg_gby
bf lh]h gZ qlh gZp_eb\Z_l _]h wlhl \h`^v beb g_dlh ba\g_ Ijb wlhf q_eh\_d iheZ]Z_l qlh
bgnhjfZpby ihemq_ggZy ba\g_ kh\iZ^Z_l k _]h \gmlj_ggbf m[_`^_gb_f < wlhf ijhp_kk_
fh`_lbf_lvf_klhg_aZf_lgZyZdlb\Zpbyb^_ckh[kl\_gghci_j_hp_gdbijbdhlhjuoq_eh\_d
hebp_l\hjy_lk_[yk hij_^_e_ggufbij_^klZ\e_gbyfbb ebqghklyfb
0LWVFKHUOLFK hlf_qZ_l nZdl gZebqby klbfmeypbb kh[kl\_gguo nZglZabc
kf_rb\Zxsbokyk gZ\yau\Z_fufbq_eh\_dmiml_fbg^hdljbgZpbbb^_yfbIjb\hagbdgh\_gbb
lZdh]h kieZ\Z ijhbkoh^bl aZf_gZ klZjhc kh\_klb gZ \hh^mr_\eyxsb_ q_eh\_dZ gh\u_
gZijZ\e_gbykihkh[kl\mxsb_j_ZebaZpbbgh\h]hkfukeZ`bagbQ_eh\_dfh`_lkqblZlvk_[y
`_jl\hc ^_ckl\mxs_c \h bfy dZdhclh \ukhdhc p_eb ;ueh [u g_ijZ\bevguf iheZ]Zlv qlh
knhjfbjh\Zggu_ \ ^_lkl\_ ij_^klZ\e_gby [Zabjmxsb_ky gZ kh^_j`Zgbb VXSHUHJR y\eyxlky
aZsblhc hl Z]j_kkbb ihy\eyxs_cky \ k\yab k bg^hdljbgZpb_c Kl_i_gv ih^\_j`_gghklb
bg^hdljbgZpbb aZ\bkbl \h fgh]hf hl \hkiblZgby Q_eh\_d k ^bnn_j_gpbjh\Zgghc kbkl_fhc
hp_ghdoZjZdl_jbam_lkyhlkmlkl\b_f^mZebklbq_kdh]hfure_gby[hevr_cj_abkl_glghklvxd
bg^hdljbgbjh\Zgbx
< nZgZlbaf_ ijhy\eyxlky dZd b^_glbnbdZpby b i_jn_dpbhgbaf lZd b klj_fe_gb_ d
hij_^_e_gghc ijhklhl_ g_h[oh^bfhc ^ey h[e_]q_gby j_ZebaZpbb nZgZlbq_kdbo b^_c
IjhklhlZ k\hckl\_ggZy nZgZlbafm ijb\h^bl d lhfm qlh \ kemqZ_ \hagbdgh\_gby
wdklj_fZevghc kblmZpbb kh[ulby ijhbkoh^ysb_ \ fbj_ hp_gb\Zxlky q_eh\_dhf ih
mijhs_gghfmZe]hjblfm^jmavy ² \jZ]b
D hkgh\guf ikboheh]bq_kdbf f_oZgbafZf bf_xsbf agZq_gb_ \ \hagbdgh\_gbb
nZgZlbafZ hlghkblky ]bi_jdhfi_gkZpby bg^b\b^mZevghc g_^hklZlhqghklb [ebadZy ih k\h_c
kmlb k g_^hklZlhqghklvx bf_xs_c f_klh ijb gZjpbkkbq_kdhc ebqghklghc kljmdlmj_ Ijb
gZjpbkkbaf_ nhjfbjm_lky ]jZg^bhaguc VHOI ghkysbc g_kfhljy gZ k\hx ]jZg^bhaghklv
ojmidbc oZjZdl_j b khijh\h`^Zxsbcky kdju\Z_fhc g_m\_j_gghklvx \ k\hbo kbeZo Ijb
nZgZlbaf_ ijhbkoh^bl k\_jodhfi_gkZpby ebqghklghc keZ[hklb bf_xs_c f_klh \ ebqghklb
<h\e_q_gb_ \ nZgZlbq_kdbc ijhp_kk ihfh]Z_l q_eh\_dm ij_h^he_\Zlv k\hx ikboheh]bq_kdmx
g_m\_j_gghklv qlh fh`_l ^ey g_]h [ulv kh[eZagbl_evguf Wlbf h[tykgy_lky ijhklhlZ b
e_]dhklv ijbfudZgby q_eh\_dZ d nZgZlbq_kdbf b^_yf b [ukljh_ jZkijhkljZg_gb_
nZgZlbq_kdh]hfure_gbyb ih\_^_gby\ ihimeypbb
< k\yab k wlbf \hagbdZ_l \hijhk h[ bffmgbl_l_ d \ha^_ckl\bx gZ q_eh\_dZ
wdabkl_gpbZevguo deZkkbq_kdbo nZgZlbdh\ +ROH gZijbf_j ih^q_jdb\Z_l qlh h
gZebqbb m q_eh\_dZ bffmgbl_lZ d lZdh]h jh^Z \ha^_ckl\bx fh`gh ]h\hjblv lhevdh ihke_
bamq_gby _]h kihkh[ghklb d kZfhZgZebam G_h[oh^bfh hij_^_eblv mjh\gb \dexq_gghklb
q_eh\_dZ d ijbf_gy_fuf f_oZgbafZf \ha^_ckl\by MklZgh\e_gh gZebqb_ m q_eh\_dZ ahgu
gZbf_gvr_]h khijhlb\e_gby ijb dhlhjhc hij_^_e_ggh_ \ebygb_ kh klhjhgu klbfmebjm_l
ZjoZbq_kdb_ f_oZgbafu Wlb f_oZgbafu kihkh[kl\mxl \h\e_q_gbx q_eh\_dZ \ jZfdb
ih\_^_gby k\hckl\_ggh]h fZkk_ ex^_c >ey ^bZ]ghklbdb wlhc keZ[hc ahgu ba ZgZfg_aZ
q_eh\_dZ ba\e_dZxlky nZdlu oZjZdl_jbamxsb_ ih\_^_gb_ hlebqZxs__ky hl aZmq_gghc b g_
mkljZb\Zxs_c _]h \ dZdhclh kl_i_gb fh^_eb \ k\yab k g_kh\iZ^_gb_f ihke_^g_c k _]h
kbkl_fhcp_gghkl_c>Ze__ZgZebabjmxlkyijbqbgulZdh]hih\_^_gby
Jy^ ki_pbZebklh\ aZgbfZxsboky bamq_gb_f nZgZlbafZ iulZxlky gZclb hl\_l gZ
\hijhku Ihq_fm b^_b b b^_Zeu klZgh\ylky klhev m[_^bl_evgufb ^ey rbjhdbo keh_\
gZk_e_gby" Ihq_fm ex^b ke_ih ke_^mxl bf [_a \hagbdgh\_gby m gbo ijhl_klZ b qm\kl\Z
khijhlb\e_gby" :gZeba ih\_^_gby wlbo ex^_c \g_ kblmZpbc \hagbdZxsbo ih^ \ebygb_f
bg^mpbjh\Zggh]h nZgZlbafZ \uy\be hlkmlkl\b_ m gbo kdehgghklb d gZkbebx b ^jm]bf
ZglbkhpbZevgufijhy\e_gbyf\g_wlbokblmZpbc
KeZ[uc bffmgbl_l h[gZjm`_gguc m qZklb ex^_c \hagbdZ_l ih fg_gbx jy^Z
ki_pbZebklh\ih^\ebygb_fhij_^_e_gguolbih\\hkiblZgbyH[gZjm`_gZlZd`_kihkh[ghklv
g_dhlhjuo ex^_c d mk\h_gbx qZklbqgh]h nZgZlbafZ ijhy\eyxs_]hky \ madhf gZijZ\e_gbb
aZljZ]b\Zxs_fhl^_evgmxh[eZklvikbobdb
/H %RQ bamqZxsbc ikboheh]bx fZkk ijbgbfZe lhqdm aj_gby Nj_c^Z
ih^q_jdb\Zxs_]h agZq_gb_ ih^khagZgby \ i_j_jZ[hld_ b^_c h[tykgyy wlbf n_ghf_ghf
ZghjfZevgh_ wfhpbhgZevgh_ \ebygb_ b^_c gZ q_eh\_dZ Ikboh^bgZfbdZ \ebygby h[tykgy_lky
gZebqb_f j_]j_kkbb ikbobq_kdhc ^_yl_evghklb kimkdZxs_cky gZ [he__ jZggb_ klZ^bb
jZa\blby \ dhlhjuo q_eh\_d gZqbgZ_l bkdZlv aZf_gm hlpm Ijhbkoh^bl b^_glbnbdZpby
\uklmiZxsZydZdikboheh]bq_kdZyaZsblZijbdhlhjhcq_eh\_db^_glbnbpbjm_lk_[yk [he__
kbevguf hlphf beb klZjrbf [jZlhf klZgh\ykv ijb wlhf [he__ aZsbs_gguf q_f ijb
hlkmlkl\bblZdhcb^_glbnbdZpbb<ajhke_yq_eh\_dqZklbqghba`b\Z_lb^_glbnbdZpbxke_^u
dhlhjhchklZxlky\ ih^khagZgbbkihkh[kl\my\hagbdgh\_gbx\ ^Zevg_cr_fb^_glbnbdZpbbk
nb]mjhc \h`^y ijhbkoh^ys_c gZ ih^khagZl_evghf mjh\g_ LZdZy b^_glbnbdZpby ijb\h^bl d
ihl_jb bg^b\b^mZevghklb q_eh\_dZ Kbkl_fu p_gghkl_c b^_Zeu q_eh\_dZ moh^yl \ g_[ulb_
bebbaf_gyxlkyiml_fbgdhjihjbjh\Zgby\ k_[_b^_Zeh\\h`^y
Bkke_^h\Zgby +DFNHU ihdZau\Zxl qlh \ kemqZ_ jZa\blby nZgZlbafZ i_j\bqgu_
ijhp_kkukhpbZebaZpbb\hfgh]hfijhl_dZxlih^jm]hfmijb\h^yd ihy\e_gbxbg^b\b^mmfh\
k g_q_ldbfb ebqghklgufb ]jZgbpZfb Ihgylb_ jZafuluo ]jZgbp oZjZdl_jgh ^ey
khaZ\bkbfhklb KhaZ\bkbfu_ ex^b e_]q_ klZgh\ylky bg^mpbjh\Zggufb nZgZlZfb Wlbf
h[tykgy_lkye_]dhklv\hagbdgh\_gbym q_eh\_dZj_]j_kkb\ghcb ijh_dpbhgghcb^_glbnbdZpbb
k hll_gdhf\_ebqbyb^_glbnbdZpbbk_[ykhagZqbfufb \_ebdbf\h`^_fJZa\b\Z_lkyjZ^hklv
ih^qbg_gbybkihevam_fZyjZaebqgufblhlZeblZjgufb^\b`_gbyfbb kbkl_fZfb
&DQHWWL ZgZebabjmxsbc\ k\hbojZ[hlZoikboheh]bq_kdmxjhevijbdZah\h[jZsZe
\gbfZgb_gZlhqlhijb\uqdZd ijbdZam\hkiblu\Z_fZym q_eh\_dZk ^_lkl\Zijb\h^bld lhfm
qlhwlhkhklhygb_gZqbgZ_lijhgbau\Zlv\kx\ajhkemx`bagvIjbdZaklZgh\blkyq_flhkZfh
kh[hc jZamf_xsbfky :\lhj h[jZsZ_l \gbfZgb_ gZ kms_kl\h\Zgb_ [he__ ]em[hdhc
hkh[_gghklb q_f h`b^Zgb_ \ha^_ckl\by ijbdZaZ WlZ hkh[_gghklv aZdexqZ_lky \ lhf qlh
ijbdZa kihkh[_g klbfmebjh\Zlv m q_eh\_dZ ke_^u ]em[bgguo keh_\ ih^khagZgby dhlhju_
bf_xl Z]j_kkb\guc \jZ`^_[guc oZjZdl_j k h`b\e_gb_f Zmlh b ]_l_jh^_kljmdpbb LZdhc
ijhp_kk fh`_l [ulv ijbylguf ^ey q_eh\_dZ Ih^ \ha^_ckl\b_f ijbdZaZ bg^b\b^mZevghklv
klZgh\blky [he__ fZkkh\hc q_eh\_d b^_glbnbpbjm_l k_[y kh fgh]bfb \hkijbgbfZ_l k_[y g_
dZdyZ dZdfu
D ijbqbgZfijh\hpbjmxsbfbg^mdpbxnZgZlbafZhlghkylkyke_^mxsb_
G_m^h\e_l\hjbl_evgZyebqgZybebkhpbZevgZykblmZpby
Moh^ hl g_ijbylghc j_Zevghklb ihkj_^kl\hf \uau\Zgby b^_Zebklbq_kdh]h
\hh^mr_\e_gbykhq_lZxs_]hkyk j_ZebaZpb_cklj_fe_gbyd ijZ\_^ghcp_eb
:^^bdlb\gh_ ih\_^_gb_ lZd`_ khijh\h`^Z_lky moh^hf q_eh\_dZ hl g_mkljZb\Zxs_c _]h
j_Zevghklb ihkj_^kl\hf baf_g_gby k\h_]h ikbobq_kdh]h khklhygby NZgZlbq_kdbc moh^ hl
j_Zevghklb hlebqZ_lky hl Z^^bdlb\gh]h \hagbdgh\_gb_f \ khagZgbb b ih^khagZgbb q_eh\_dZ
\hh^mr_\e_gbyb b^_Zebklbq_kdhc\hklhj`_gghklb
Kgylb_ aZij_lh\ VXSHUHJR beb _]h aZf_gZ Ijhbkoh^ys__ ijb wlhf nhjfbjh\Zgb_
kbkl_fu hkgh\Zgghc gZ Ze]hjblf_ ijbdZa²ihkemrZgb_ kjZ[Zlu\Z_l dZd ZghjfZevguc
bfimevkd ^_ckl\bx>jZc\d wdklj_fZevghklboZjZdl_jguc^eynZgZlbafZbf__lk\hbdhjgb\
qj_a\uqZcgh\ujZ`_gghfihkemrZgbbdhlhjh_\ha\h^blkygZ\ukhdmx wlbq_kdmx iehkdhklv
Wlbq_kdZy ih^hie_dZ \hagbdZxs_]h n_ghf_gZ kh[eZagbl_evgZ lZd dZd q_eh\_d b^_Zebabjm_l
wlm wlbq_kdmx iehkdhklv ijb^Z\Zy ijhbkoh^ys_fm \ukhdbc kfuke M g_dhlhjuo ex^_c
j_]j_kkb\gu_ l_g^_gpbb lZdh]h jh^Z jZa\b\Zxlky e_]q_ Hgb e_]q_ i_j_oh^yl gZ jZggb_
bgnZglbevgu_ klZ^bb jZa\blby Hlkmlkl\b_ \ \hkiblZgbb q_eh\_dZ nhjfbjh\Zgby gZ\udZ d
kZfhklhyl_evghc hp_gd_ kblmZpbb b ikbobq_kdh_ jZa\blb_ hjb_glbjh\Zggh_ gZ ke_^h\Zgb_
Z\lhjbl_lm jh^bl_e_c mqbl_e_c j_eb]bhaguo bgklZgpbc kihkh[kl\m_l e_]dhklb i_j_g_k_gby
ihkemrZgby gZ gh\u_ Z\lhjbl_lu :\lhjblZjgu_ nb]mju \h`^y beb k_dlu fh]ml [ulv hq_gv
ihgylgukm[fbkkb\ghfmq_eh\_dmb e_]dhbf\hkijbgbfZ_fu\ k\yabk l_fqlhg_aZ\bkbfhklv
Zkkhpbbjm_lky m g_]h k g_h[oh^bfhklvx hp_gb\Zlv ZgZebabjh\Zlv ijhlb\hklhylv q_fmlh b
wg_j]_lbq_kdb \ wlh qlhlh \deZ^u\Zlvky LZdbf h[jZahf km[fbkkb\guc lbi \hkiblZgby \
hlebqb_hlZkk_jlb\gh]hkihkh[kl\m_lbg^mdpbbnZgZlbq_kdbob^_c
)URPP hlf_qZek\hckl\_ggu_g_dhlhjufex^yfklj_fe_gb_d [_]kl\mhlk\h[h^ud
ih`_jl\h\Zgbx k\h_c g_aZ\bkbfhklb k \jmq_gb_f __ dhfmlh k p_evx hk\h[h^blvky hl ]jmaZ
hl\_lkl\_gghklbb g_h[oh^bfhklbijbgbfZlvkZfhklhyl_evgu_j_r_gbyIkboheh]bq_kdblZdZy
ihabpbyfh`_l[ulvkh[eZagbl_evghcohlyhgZb ijb\h^blq_eh\_dZd ]b[_eb:\lhjblZjgufb
ex^vfb p_gylky hlghr_gby h]jZgbqb\Zxsb_ k\h[h^m \u[hjZ q_eh\_dZ Bf k\hckl\_ggh
klj_fe_gb_gZ\yaZlv^jm]bfkm[fbkkb\ghklv\ ih\_^_gbbqlhfh`_lgZijbf_jijhy\eylvky\
kh\_lZoih^qbgblvkykm^v[_hldhlhjhcydh[ug_mc^_rv
$GRPR \ k\hbobkke_^h\Zgbyo\u^_ey_lZ\lhjblZjguckbg^jhfaZdexqZxsbcky\
lhf qlh q_eh\_dm gjZ\blky aZgbfZlv ihabpbx ihkemrZgby b ih^qbg_gby :]j_kkb\gu_
bfimevku \ j_amevlZl_ gZdZieb\Zxlky b kh \j_f_g_f fh]ml ij_\jZlblvky \ fZahobklbq_kdb_
bebkZ^bklkdb_l_g^_gpbbgZijZ\e_ggu_\ Z^j_k\jZ`^_[ghc]jmiiu
+RIIHU h[jZsZ_l \gbfZgb_ gZ lh qlh \ ebqghklguo hkh[_gghklyo ih^qbgyxsboky
ex^_c ijbkmlkl\m_l h]jZgbq_ggZy kihkh[ghklv d j_ne_dkbb ZgZebam nZglZabyf Bf
k\hckl\_ggu f_qlu h fhsghc Z\lhjblZjghc nb]mj_ dhlhjhc fh`gh ih^qbgylvky GZjy^m k
oZjZdl_jghc ih^qbgy_fhklvx \eZklb \ur_klhysbo bf__l f_klh klj_fe_gb_ d \eZklb gZ^
gb`_klhysbfbgZkhpbZevghce_klgbp_
>BNN?J?GPB:EVGUC>B:=GHAN:G:LBAF:K<?JOP?GGUOB
;J?>H<UOB>?C
< kms_kl\mxsbojmdh\h^kl\ZoihikbobZljbb^_nbgbpbynZgZlbafZ ² y\e_gb_^h\hevgh
j_^dh_ Z ^_nbgbpbb k\_jop_gguo b^_c bf_xl [he__ rbjhdmx gh \_kvfZ jZaghh[jZagmx b
ihjhcg_q_ldmxij_^klZ\e_gghklvWlhkihkh[kl\m_lkeh`ghklyf\hagbdZxsbf\ ^bZ]ghklbd_
wlbo n_ghf_gh\ \u]ey^ysbo dZd g_dh_ [_eh_ iylgh dhlhjh_ ihjZaghfm bgl_jij_lbjm_lky
ki_pbZebklZfb JZaebqgu_ ebl_jZlmjgu_ bklhqgbdb ij_^klZ\eyxl rbjhdmx iZebljm
hij_^_e_gbck\_jop_gguob^_c
Ebqdh gZijbf_j kqblZ_l qlh k\_jop_ggu_ b^_b y\eyxlky hij_^_e_gguf wlZihf
jZa\blbydhlhjucfh`_li_j_clb\ iZjZghcyevgh_khklhygb_< k\hxhq_j_^viZjZghcyevgh_
khklhygb_ fh`_l [ulv wlZihf jZa\blby [j_^Z \ jZfdZo ex[h]h aZ[he_\Zgby gZijbf_j
rbahnj_gbb
'60,9 hij_^_ey_l k\_jop_ggmx b^_x dZd g_jZamfgh_ klhcdh_ m[_`^_gb_ beb b^_x
oZjZdl_jbamxsmxky f_gvr_c q_f [j_^h\Zy b^_y bgl_gkb\ghklvx b hlebqZxsmxky hl
gZ\yaqb\uo fuke_c hlkmlkl\b_f m q_eh\_dZ ihgbfZgby __ Z[kmj^ghklb b `_eZgby [hjhlvky k
g_cLZdh_hij_^_e_gb_^hklZlhqghmya\bfhihlhfmqlhhghd\Zebnbpbjm_lk\_jop_ggmxb^_x
dZd g_jZamfgmx \ lh \j_fy dZd hgZ fh`_l [ulv eh]bq_kdb h[hkgh\Zgghc DZl_]hjbaZpby \
jZfdZo kl_i_gb bgl_gkb\ghklb hdZau\Z_lky aZljm^gbl_evghc b nZdlbq_kdb aZ\bkbl hl
km[t_dlb\ghclhqdbaj_gbyki_pbZebklZhkms_kl\eyxs_]h^bZ]ghklbdm
< ihevkdhf wgpbdehi_^bq_kdhf keh\Zj_ ih ikbobZljbb ih^ j_^Zdpb_c .RU]HQLRZVNL
3X]\QVNL hlf_qZ_lky qlh l_jfbg k\_jop_ggu_ b^_b [ue \\_^_g <_jgbd_ ^ey
hij_^_e_gby b^_c dhlhju_ qj_a\uqZcgh kbevgh h\eZ^_\Zxl kZfhhp_gdhc iZpb_glZ beb
hp_gdhc bf k\h_c jheb b ij_bfms_kl\_ggh oZjZdl_jbamxlky i_j_hp_gdhc kh[kl\_ggh]h
agZq_gby b \hafh`ghkl_c GZijbf_j lhqdZ aj_gby ihkj_^kl\_ggh]h om^h`gbdZ h lhf qlh hg
qj_a\uqZcghlZeZgleb\LZdh_hij_^_e_gb_kihkh[kl\m_l ihy\e_gbx ZkkhpbZpbc k\yaZgguo k
gZjpbkkbafhf
-DURV] hij_^_ey_l k\_jop_ggu_ b^_b dZd k\_jop_ggu_ fukeb hkgh\Zggu_ gZ
ijb^Zgbb hkh[_ggh]h agZq_gby hij_^_e_gguf klj_fe_gbyf `bag_gguf ieZgZf p_eyf b bo
j_ZebaZpbb Q_eh\_d gZijbf_j mkbe_ggh klZjZ_lky ^h[blvky hij_^_e_ggh]h iheh`_gby hg
wfhpbhgZevgh \ukdZau\Z_l j_eb]bhagu_ beb khpbZevgu_ b^_b \\h^bl j_nhjfu beb
gZf_j_\Z_lkywlhk^_eZlvy\ey_lkyaZ\aylufdhee_dpbhg_jhfZjo_heh]hfex[bl_e_fdhlhjuc
dZ`^mx k\h[h^gmx fbgmlm \j_f_gb ihk\ysZ_l k\h_c kljZklb =em[hdZy Zg]Z`bjh\Zgghklv b
m[_`^_gghklv \ ijZ\bevghklb p_e_c q_f k\_jop_ggu_ b^_b hlebqZxlky hl gZ\yaqb\hkl_c
gZijZ\eyxl_]hmkbebyb aZkehgyxlfgh]h^jm]bo^_elj_[mxsbo\gbfZgbyHkgh\u\ZykvgZ
k\h_c k\yab k wfhpbyfb k\_jop_ggu_ b^_b ihemqZxl kbevgmx fhlb\Zpbhggmx jhev
K\_jop_ggu_ b^_b y\eyxlky ijbqbghc hkeh`g_gby f_`ebqghklguo hlghr_gbc hgb h[uqgh
\uau\Zxl hljbpZl_evgh_ hlghr_gb_ hdjm`Zxsbo < lh `_ \j_fy \^hogh\_gb_ b
\hh^mr_\e_gb_ q_eh\_dZ kh k\_jop_gghc b^__c k \ukhdbf bgl_ee_dlhf fh`_l ijhba\h^blv
iheh`bl_evgh_\i_qZle_gb_hkh[_gghgZex^_cdhlhju_g_\klmiZxlk gbf\ kdhevdhgb[m^v
^ebl_evgu_b h[yau\Zxsb_hlghr_gby
%LOLNLHZLF] kqblZe qlh k\_jop_ggu_ b^_b ih^h[gu ih k\h_c kljmdlmj_ [j_^h\uf
gh\f_kl_k l_fhgbdZq_kl\_gghbgu_b g_y\eyxlky[he_ag_ggufby\e_gbyfbWlhkbevghb
^ebl_evgh wfhpbhgZevgh gZ]jm`_ggu_ b^_b kjZklZxsb_ky k ebqghklvx b ih]ehsZxsb_ __
Ex^_cho\Zq_gguoiheghklvxh^ghcb^__c %LOLNLHZLF] gZau\ZenZgZlbdZfbZ q_jlmebqghklb
² nZgZlbafhf K\_jop_ggu_ b^_b ih kh^_j`Zgbx fh]ml [ulv hrb[hqgufb km`^_gbyfb
:\lhj ih^q_jdb\Ze qlh k\_jop_ggu_ b^_b k h^ghc klhjhgu fh]ml [ulv jZkkm^bl_evgufb
fhjZevgufb ihe_agufb b ijZ\bevgufb Z k^jm]hc klhjhgu ² g_Z^_d\Zlgufb gZghkysbfb
\j_^ ^_kljmdlb\gufb Kh^_j`Zgb_ b^_c fh`_l [ulv j_eb]bhaguf iheblbq_kdbf
nbehkhnkdh^hdljbgZevguf ijhn_kkbhgZevguf km]m[h qZklguf b ^j D ghkbl_eyf
k\_jop_gguob^_ck lhqdbaj_gbyZ\lhjZke_^m_lhlghkblvj_eb]bhaguonZgZlbdh\kha^Zl_e_c
j_eb]bhaguo k_dl iheblbq_kdbo b khpbZevguo j_nhjfZlhjh\ b^_cguo ^_yl_e_c
bah[j_lZl_e_c nZgZlbq_kdbo ijhiZ]Zg^bklh\ jZaebqguo ^hdljbg dhee_dpbhg_jh\ b l ^ aZ
bkdexq_gb_fh[fZgsbdh\`mebdh\b ij
LZdbf h[jZahf ba i_j_qbke_gguo hij_^_e_gbc k\_jop_gguo b^_c lhevdh %LOLNLHZLF]
gZijyfmxb -DURV] dhk\_gghijbjZ\gb\Zxlk\_jop_ggu_b^_bd nZgZlbq_kdbf
< nZgZlbaf_ ke_^m_l \u^_eylv g_ lhevdh ke_imx ijb\_j`_gghklv dZdhceb[h b^__
^hdljbg_ gh b g_l_jibfhklv d ex[uf ^jm]bf \a]ey^Zf WlZ g_l_jibfhklv fh`_l
khijh\h`^Zlvky ^_ckl\byfb gZkbevkl\_ggh]h [jmlZevgh]h oZjZdl_jZ G_cljZevgu_ beb
^jm`_kdb_ihklmidb^jm]boex^_cqZklhhp_gb\ZxlkydZd\jZ`^_[gu_beb`_aZkem`b\Zxsb_
ij_aj_gby < dhgl_dkl_ wlh]h hij_^_e_gby ij_^klZ\ey_lky \hafh`guf ijh\h^blv
jZa]jZgbq_gb_f_`^mnZgZlbq_kdbfbb k\_jop_ggufbb^_yfbdhlhju_\ hlebqb_hli_j\uog_
ghkyl ^hdljbgZevgh]h oZjZdl_jZ b g_ khijh\h`^Zxlky g_l_jibfhklvx d ^jm]bf \a]ey^Zf
Ghkbl_eb nZgZlbq_kdbo b^_c jZkkfZljb\Zxl gZklhysbo beb ihl_gpbZevguo ijhlb\gbdh\ \
dZq_kl\_ \jZ]h\ k l_g^_gpb_c d ihklhygghfm bo m\_ebq_gbx Bkihevah\Zgb_ rbjhdhc
^_nbgbpbb nZgZlbafZ b k\_jop_gguo b^_c ^_eZ_l jZa]jZgbq_gb_ f_`^m gbfb g_\hafh`guf
GZijbf_j ihiuldZ hl]jZgbqblv fy]dbc nZgZlbaf g_ aZljZ]b\Zxsbc ebqghklv \ p_ehf b
\ujZ`Zxsbcky \ dZdhflh h^ghf kh^_j`Zgbb d\Zebnbpbjm_l nZgZlbaf dZd ijhlhlbi
k\_jop_gguo b^_c NZgZlbq_kdb_ b^_b ghkyl oZjZdl_j h[jZah\Zgby q_ldh
ijhlb\hihklZ\eyxs_]h bo ghkbl_ey hdjm`Zxsbf b lj_[mxl ^_e_gby hdjm`Zxsbo gZ
klhjhggbdh\b ijhlb\gbdh\b^_b
F_oZgbaf \hagbdgh\_gby nZgZlbafZ k\yaZg k gZebqb_f ]em[bgguo Zjo_lbih\ m]jhau
\jZ]Zhlkmlkl\mxsbfb\ f_oZgbaf_\hagbdgh\_gbyk\_jop_gguob^_cGZkus_gghklvlZdbfb
Zjo_lbiZfby\ey_lkyhiZkghc
Yjdbf ijbf_jhf q_eh\_dZ ^_yl_evghklv dhlhjh]h hkgh\u\ZeZkv gZ j_ZebaZpbb k\hbo
nZgZlbq_kdbo b^_c kem`bl DZev\bg J_nhjfZlhj h^bg ba hkgh\hiheh`gbdh\ kh\j_f_ggh]h
ijhl_klZglbafZ `b\msbc \ ;9, \_d_ Hdjm`Zxsb_ oZjZdl_jbah\Zeb _]h dZd q_eh\_dZ
kdjhfgh]h aZkl_gqb\h]h s_i_lbevgh]h bkiulu\Zxs_]h ljm^ghklb \ mklZgh\e_gbb
f_`ebqghklguo dhglZdlh\ Ijb wlhf h[jZsZehkv \gbfZgb_ gZ _]h kdehgghklv d
djZldh\j_f_gguf wfhpbhgZevguf \aju\Zf Lbiheh]bq_kdZy oZjZdl_jbklbdZ DZev\bgZ
iha\hey_lhlg_klb_]hd bgljZ\_jlbjh\Zggufebqghklyfk \hafh`gufbrbahb^gufbq_jlZfb
ebqghklb H[t_dlb\gZy ^_yl_evghklv DZev\bgZ g_ mdeZ^u\ZeZkv \ _]h ebqghklgu_
oZjZdl_jbklbdb b aZdexqZeZkv \ mklZgh\e_gbb \ @_g_\_ l_hdjZlbq_kdh]h l_jjhjZ Ih^qbgb\
k_[_ fZ]bkljZl ]hjh^Z hg ^h[beky ijbgylby j_r_gbc g_h[uqguo ^ey eb[_jZevghc @_g_\u
J_eb]bhagu_ ^_yl_eb ihemqbeb ijZ\h \ ex[h_ \j_fy ^gy b ghqb aZoh^blv \h \k_ ihf_s_gby
]hjh^Zb ijh\h^blvbgki_dpbxk p_evxh[gZjm`_gbyijbagZdh\jZa\jZlZb [em^ZKmijm`_kdZy
g_\_jghklv b k\ylhlZlkdb_ \ukdZau\Zgby ihgbfZgb_ dhlhjuo [ueh hq_gv jZkrbj_gguf
gZdZau\Zebkv kf_jlghc dZagvx Kh\j_f_ggbdb h[jZsZeb \gbfZgb_ gZ lh qlh ^Z`_ [ebadbf
agZdhfufb ^jmavyfj_nhjfZlhjZgZjmrb\rbfmklZgh\e_ggu_ijZ\beZih\_^_gbyg_m^Zehkv
ba[_`Zlv wlhc mqZklb IhiuldZ hdjm`Zxsbo \uykgblv ijbqbgm lZdhc `_klhdhklb DZev\bgZ
\klj_qZeZ_]hh[tykg_gby[Zabjmxsb_kygZlhfqlhhgg_`_klhdbcZ gZh[hjhlhq_gvfy]dbc
q_eh\_d\ugm`^_gguc\_klbih^h[guch[jZa`bagb\ kbemk\h_cijbgZ^e_`ghklbd ghkbl_eyf
fbkkbbhkms_kl\eyxs_cihkj_^gbq_kdmx^_yl_evghklvf_`^mex^vfbb <ukr_cKbehc
< hibkZgbyo ghkbl_e_c k\_jop_gguo b^_c oZjZdl_jbklbd lZdh]h ih\_^_gby g_l Ohly
ke_^m_l bf_lv \ \b^m qlh gZ dZdhflh wlZi_ k\_jop_ggZy b^_y fh`_l klZlv nZgZlbq_kdhc
[m^mqb ih^dj_ie_gghc Zjo_lbihf \jZ]Z Hq_\b^gh fh`gh ]h\hjblv h lhf qlh fure_gb_
k\hckl\_ggh_ghkbl_eyfk\_jop_gguob^_ckihkh[ghijh\hpbjh\Zlvihy\e_gb_Zjo_lbiZ\jZ]Z
K wlbf k\yaZg i_j_oh^ k\_jop_gghc b^_b \ nZgZlbq_kdmx GZijbf_j ih\_^_gb_ Jh[_kiv_jZ
\b^_\r_]h\ Zihn_ha_k\h_c^_yl_evghklb\jZ]h\^Z`_\ kZfuo[ebadboex^yo
DeZkkbnbdZpbyikboheh]bq_kdbolbih\ebqghklbij_^eh`_ggZyXg]hf\dexqZ_l\ k_[y
wdkljZ\_jlbjh\Zggucfukebl_evguclbi kh k\_jop_ggufb b^_yfb Xg] ]h\hjbl h lhf qlh m
ex^_cwdkljZ\_jlbjh\Zggh]hfukebl_evgh]h lbiZ m\e_drbokyhij_^_e_gghc dhgp_ipb_c beb
^_yl_evghklvx gZ dZdhflh wlZi_ ijhbkoh^bl ijh]j_kkbjh\Zgb_ wlhc dhgkljmdpbb k
ihy\e_gb_fZjo_lbiZ\jZ]Zqlhk\b^_l_evkl\m_lh ihy\e_gbb m gbo Zdp_glZ nZgZlbafZ L_ ba
hdjm`Zxsbodlhbf__lhlebqgmxhlgbolhqdmaj_gbyjZkkfZljb\ZxlkydZd\jZ]b
< k\yabk jZaebqgufbhij_^_e_gbyfbbgh]^Zijboh^blkyhl]jZgbqb\Zlvk\_jop_ggu_b^_b
hl gZjpbkkbq_kdbo Hij_^_e_ggh_ jZaebqb_ f_`^m gbfb _klv hgh aZdexqZ_lky \ lhf qlh
gZjpbkkbq_kdb_ b^_b hljZ`Zxl khagZl_evgmx i_j_hp_gdm b kdjuluc ih^khagZl_evguc kljZo
ihjZ`_gbyGZjpbkkbq_kdb_ebpZg_gZoh^ylky\ hlju\_hlj_Zevghklbohjhrhbgl_]jbjh\Zgu
g_kfhljygZlhqlhbokljZl_]bygZ^ebggmx^bklZgpbxg_ijZ\bevgZHgbi_j_hp_gb\Zxlk_[y
b k\hb^hklb`_gbylhevdh\ jZfdZo\u[jZgghcbfbijhn_kkbbqlhg_ijhba\h^bl\i_qZle_gby
kljZgghklb b g_h[uqghklb b g_ lj_[m_l g_h[oh^bfhklb m[_`^_gby hdjm`Zxsbo \ \Z`ghklb
\u[jZggh]hbfb^_eZ:gZebakblmZpbbk hij_^_e_gbyfbk\_jop_gguob^_ciha\hey_lk gZr_c
lhqdbaj_gbyhlghkblvd k\_jop_ggufb^_bdhlhju_
ghkyloZjZdl_jhq_gvagZqbfuc^eyq_eh\_dZ
fh]mlbf_lvjZagh_kh^_j`Zgb_
y\eyxlky wfhpbhgZevgh gZkus_ggufb eh]bqgufb \ jZfdZo kljmdlmju dhlhjhc
jmdh\h^kl\m_lkyboghkbl_ev
bgl_gkb\gub g_ih^^Zxlkydjblbd_\ h[uqguomkeh\byo
< [hevrbgkl\_ jmdh\h^kl\ mdZau\Z_lky qlh hlebqb_f k\_jop_gguo b^_c hl gZ\yaqb\uo
y\ey_lky gZebqb_ djblbdb d ihke_^gbf Gh iZjZee_evgh k wlbf gZijbf_j m EZdhkbghc
hlf_qZ_lky qlh \ hkh[uo mkeh\byo ijb gZebqbb kbevgh]h \ebygby hdjm`Zxs_c kj_^u
ij_iylkl\mxs_cjZa\blbxk\_jop_gguob^_cd gbfihy\ey_lkydjblbdZ
Djblbq_kdh_ hlghr_gb_ d k\_jop_gguf b^_yf fh`_l ihy\blvky \ wdklj_fZevguo
kblmZpbyoihke_i_j_g_k_gbyikbobq_kdhcljZ\fudZdj_amevlZlwdabkl_gpbZevgh]hdjbabkZk
baf_g_gb_fh[s_ckbkl_fup_gghkl_c
G_dhlhjuf ebpZf gZebqb_ k\_jop_gghc b^_b ijhklh g_h[oh^bfh HgZ klZgh\blky
kfukehf `bagb ;_a g__ q_eh\_d qm\kl\m_l k_[y \uohehs_gguf imkluf < khpbZevguo
dhglZdlZo ex^b k lZdbfb b^_yfb ijhy\eyxl h^ghklhjhgghklv kl_j_hlbighklv
oZjZdl_jbamxlky km`_gghc kn_jhc bgl_j_kh\ ijb\ghkyl \ h[s_gb_ k [ebadbfb
ikboheh]bq_kdbc^bkdhfnhjlb kljZ^Zgby
Ih^q_jdb\Z_lkyqlhk\_jop_ggu_b^_bjZa\b\Zxlkym ikbohiZlbq_kdboebqghkl_cGhwlh
iheh`_gb_gbd q_fmg_h[yau\Z_llZddZdgbdlhbaZ\lhjh\g_mlhqgy_lh dZdhfebqghklghf
jZkkljhckl\_ b^_l j_qv Ke_^h\Zl_evgh \hagbdZ_l g_h[oh^bfhklv mlhqg_gby lbiZ wlh]h
jZkkljhckl\Z qlh h[uqgh hdZau\Z_lky g_\hafh`guf \ jZfdZo kh\j_f_gguo deZkkbnbdZpbc
'60,9&'
>bnn_j_gpbZevgZy ^bZ]ghklbdZ k\_jop_gghc b^_b k [j_^hf lZd`_ gm`^Z_lky \
hij_^_e_gghf mlhqg_gbb DeZkkbnbdZpby kms_kl\mxsZy \ '60,9 b hij_^_eyxsZy
k\_jop_ggu_ b^_b dZd b^_b f_gvr_c q_f [j_^h\u_ bgl_gkb\ghklb g_ jZkkfZljb\Z_l
\ul_dZxs_c ba dhgl_dklZ eh]bq_kdhc ko_fu aZdexqZxs_cky \ lhf qlh _keb k\_jop_ggmx
b^_xkbevg__wfhpbhgZevghgZkulblvlhhgZ^he`gZi_j_clb\ jZajy^[j_^h\uoBa\_klgh
qlh i_j\bqguc [j_^ gZqbgZ_lky bgZq_ q_f k\_jop_ggZy b^_y Hg bf__l ^jm]b_ g_ ijhklh
fukebl_evgu_ f_oZgbafu < Zf_jbdZgkdhc b \ kh\_lkdhc ikbobZljbb ijhke_`b\ZeZkv k
gZr_clhqdbaj_gbyhrb[hqgZyij_^ihkuedZhlg_k_gbydZd[j_^h\uolZdb k\_jop_gguob^_c
d gZjmr_gbyf fure_gby IjZ\bevguf gZ gZr \a]ey^ y\ey_lky hlg_k_gb_ d gZjmr_gbyf
fure_gby lhevdh k\_jop_gguo b^_c lZd dZd ohly [j_^h\u_ b^_b ijb ih\_joghklghf bo
jZkkfhlj_gbbb \u]ey^yldZdgZjmr_gbyfure_gbygZkZfhf^_e_hgbbf_xl[he__]em[hdb_
dhjgby\eyykvihk\hbff_oZgbafZfbglmblb\gufbgZjmr_gbyfb
;j_^h\u_ b^_b khijh\h`^Zxlky ]em[bgghc iZlheh]b_c bglmbpbb k \hagbdgh\_gb_f
bglmblb\ghchp_gdbk\yaZgghck ijb^Zgb_fhkh[h]hagZq_gbyijhbkoh^ys_fmD kh`Ze_gbx
\ [hevrbgkl\_ jmdh\h^kl\ g_ mihfbgZ_lky h lhf qlh [j_^ ^ey iZpb_glZ ² wlh Z[khexlgZy
\ukrZy nhjfZ j_Zevghklb ijb dhlhjhc \k_ hklZevgh_ bf__l ebrv \lhjhkl_i_ggh_ agZq_gb_
Ihkdhevdm ghkbl_ev [j_^h\hc b^_b \ugm`^_g h[sZlvky m g_]h \hagbdZ_l g_h[oh^bfhklv
Z^ZilZpbb d hdjm`Zxsbf Hg fh`_l iulZlvky h[tykgylv kmlv k\h_c b^_b Z fh`_l b g_
^_eZlvwlh]hkqblZyqlh_fm\k_jZ\ghg_ih\_jylIhiuldZh[tykg_gbyijb\h^bldZdijZ\beh
d iheghfm g_ihgbfZgbx \ hlebqb_ hl ghkbl_ey k\_jop_gguo b^_c ihgylgh]h hdjm`Zxsbf
Kms_kl\mxsZyjZagbpZ\_kvfZagZqbfZ
I_j\bqgu_ [j_^h\u_ b^_b k lhqdb aj_gby 6FKQHLGHU b -DVSHUV fh]ml \hagbdZlv ^\hydbf
h[jZahf <hi_j\uo ih f_oZgbafm ijbklmiZ [j_^Z Z \h\lhjuo ih f_oZgbafm [j_^h\h]h
\hkijbylby < h[hbo kemqZyo wlh iZlheh]by bglmbpbb JZaebqb_ ebrv \ lhf qlh \h \lhjhf
kemqZ_ ijbkmlkl\m_l gZebqb_ [he__ beb f_g__ ijh^he`bl_evgh]h ij_^r_kl\mxs_]h i_jbh^Z
gZa\Zggh]h 6FKQHLGHU i_jbh^hf ih^]hlh\bl_evgh]h ihey beb [j_^h\uf gZijy`_gb_f
Ijbklmi[j_^ZgZqbgZ_lkykjZam[_aij_^r_kl\mxsbo_fmgZjmr_gbc
Ijb kjZ\g_gbb ghkbl_e_c nZgZlbq_kdhc k\_jop_gghc b [j_^h\hc b^_b gZb[he__
bahebjh\Zggufy\ey_lkyghkbl_ev[j_^h\hcb^_blZddZdihgylv_]h\hh[s_g_\hafh`ghbeb\
j_^dbo kemqZyo _]h b^_y klZgh\blky ihgbfZ_fhc madbf djm]hf [ebadbo ih f_oZgbafZf
bg^mdpbb Kh^_j`Zgb_ [j_^h\hc b^_b fh`_l [ulv kemqZcgh j_Zevguf gZijbf_j [j_^h\Zy
b^_y j_\ghklb Ijb kjZ\g_gbb [j_^h\hc b k\_jop_gghc b^_c j_\ghklb ^bZ]ghklbjm_lky
debgbq_kdZy jZagbpZ f_`^m gbfb qZklh g_ mqblu\Z_fZy ki_pbZebklZfb \u^_eyxsbfb \
dZq_kl\_jZaebqbyf_`^mgbfblhevdhlhqlhh^gZbab^_ckbevg__^jm]hcqlhk gZr_clhqdb
aj_gbyy\ey_lkyg_ijZ\bevgufLZdijb k\_jop_gghcb^__ j_\ghklb \ hlebqbb hl [j_^h\hc
\Z`gZg_lhevdhb^_ykZfZihk_[_ghb nZdlgZebqbybebj_Zevghcm]jhaubaf_gu;j_^h\Zy
b^_y j_\ghklb bgl_jij_lbjm_l ijhbkoh^ysb_ kh[ulby lhevdh \ h^ghf hkgh\Zgghf gZ
iZlheh]bq_kdhc bglmbpbb dexq_ ijb dhlhjhf nZdl gZebqby baf_gu kZf ih k_[_ g_ \Z`_g
\Z`g__ kZfZ b^_y IZjZ^hdkZevgh gh Zdlb\ghklv ghkbl_ey [j_^h\hc b^_b fh`_l [ulv gb`_
Zdlb\ghklbghkbl_eyk\_jop_gghcb^_b
< aZdexq_gb_ hlf_lbf qlh ih fg_gbx +ROH nZgZlbq_kdb_ b^_b y\eyxlky
ijhlhlbihf k\_jop_gguo b^_c WlZ ljZdlh\dZ gZf ij_^klZ\ey_lky hrb[hqghc <
^_ckl\bl_evghklbnZgZlbq_kdb_b^_bly`_e__Z g_e_]q_k\_jop_gguolh_klvijhlhlbihf
nZgZlbq_kdbo b^_c y\eyxlky k\_jop_ggu_ b^_b Z g_ gZh[hjhl ;j_^h\u_ `_ b^_b bf_xl
kh\_jr_ggh^jm]hclbi\hagbdgh\_gbyb jZa\blby
J?EB=BHAG:Y<?J:B N:G:LBAF
J_eb]bhagZy \_jZ ih^jZamf_\Z_l gZebqb_ hkh[h]h jh^Z k\yab ² hlghr_gby k <ukr_c
Kbehc ² ;h]hfdZdq_eh\_d?]hihgbfZ_lZ lZd`_hlghr_gbyk ^jm]bfbex^vfbkh^_j`Zgb_
dhlhjuohij_^_ey_lkyhlghr_gbyfbk ;h]hf
J_eb]bhagZy \_jZ klbfmebjm_l ^moh\gmx ljZgknhjfZpbx dhlhjZy qZs_ ijhbkoh^bl [_a
g_f_^e_ggh]h hkhagZgby < bkdexqbl_evguo kemqZyo ijhp_kk kh\_jrZ_lky \g_aZigh dZd
gZijbf_j \ kemqZ_ k\ylh]h IZ\eZ G_dhlhju_ ex^b ih\b^bfhfm [he__ ij_^jZkiheh`_gu d
^moh\ghc ljZgknhjfZpbb qlh fh`_l [ulv k\yaZgh k lbihf ebqghklb ]_g_lbq_kdbfb
nZdlhjZfbbeb^jm]bfbijbqbgZfb :LOOLDP-DPHV LjZgknhjfZpby \dexqZ_l \ k_[y ij_`^_ \k_]h i_j_oh^ hl khklhygby hlqZygby \ k\yab k
hkgh\ghc lj_\h]hc g_m^h\e_l\hj_gghklvx kh[hc j_amevlZlZfb k\hbo ^_ckl\bc g_m^ZqZfb b
ihjZ`_gbyfb d khklhygbx ^h\_jby < j_amevlZl_ ^moh\ghc ljZgknhjfZpbb ijhbkoh^bl
i_j_hjb_glZpby VHOI ihy\eyxlkygh\u_fhlb\Zpbb
:LOOLDP -DPHV ijh\h^be jZa]jZgbq_gb_ f_`^m i_j\bqguf b \lhjbqguf j_eb]bhaguf
hiulhf<lhjbqgucj_eb]bhaguchiul ² wlhlhq_fmfugZmqZ_fkyhl^jm]boaZbfkl\m_fba
ljZ^bpbc I_j\bqguc j_eb]bhaguc hiul y\ey_lky gZrbf i_j_`b\Zgb_f k\ys_ggh]h Hg
g_ihkj_^kl\_gghk\yaZgk ^moh\ghcljZgknhjfZpb_c>moh\gZyljZgknhjfZpbykhijh\h`^Z_lky
jZa\blb_fqm\kl\ZkhkljZ^ZgbyKhkljZ^Zgb_y\ey_lkyi_j\bqgufijbagZdhf^moh\gh]h jhklZ
%HUJ Q_eh\_d [_a Zdlb\babjh\Zggh]h j_eb]bhagh]h qm\kl\Z wibkl_fheh]bq_kdb kihkh[hf
ihagZgby hl^_e_g hl ;h]Z ?]h hj]Zgu qm\kl\ kihkh[gu ihagZ\Zlv bkdexqbl_evgh h^gm
j_Zevghklv ² fbj fZl_jbb wg_j]bb ijhkljZgkl\Z b \j_f_gb >moh\guc fbj hklZ_lky aZ
]hjbahglhfihagZgby
K\ylhcIZ\_ekqblZ_lqlhwlZh]jZgbq_gghklv^moh\gZyke_ihlZijhbkoh^blhlnbdkZpbb
gZr_]h \gbfZgby kdhj__ gZ dhg_qguo q_f gZ [_kdhg_qguo \_sZo Q_eh\_d [_a j_eb]bhagh]h
qm\kl\Znbdkbjm_lkygZkha^Zgguo;h]hf\_sZoZ g_gZkZfhfKha^Zl_e_LZdh_iheh`_gb_g_
y\ey_lkykemqZcgufhghfh`_l[ulvk\yaZghk jy^hfh[klhyl_evkl\gZijbf_j
fZl_jbZevgu_dhg_qgu_\_sb[he__gZ]ey^guhq_\b^gu
g_m\_j_gghklv \ k_[_ hkgh\gZy lj_\h]Z ijb\h^bl d ihbkdm gZb[he__ e_]dh]h imlb
h[j_l_gby[_ahiZkghklb\ g_ihkj_^kl\_gghfhdjm`_gbb
\ebygb_ khpbh^bgZfbdb kh\j_f_ggh]h fbjZ k Zdp_glmZpb_c h[jZaZ `bagb
hj]Zgbah\Zggh]h \hdjm] ijh^mdpbb b ihlj_[e_gby 7LOOLFK J_eb]bhagZy \_jZ ^Z_l
\hafh`ghklv q_eh\_dm bgl_]jbjh\Zlvky \hdjm] j_eb]bhagh]h qm\kl\Z k ihy\e_gb_f m g_]h
gh\uo \hafh`ghkl_c qm\kl\Z wdabkl_gpbZevghc m\_j_gghklb J_eb]bhagZy \_jZ h[uqgh g_
hjb_glbjm_l q_eh\_dZ gZ jZa\blb_ g_ klbfmebjm_l wdklj_fZevguo khklhygbc \hagbdgh\_gby
Zjo_lbiZ\jZ]ZJ_eb]bhagZykhpbZebaZpbyb nhjfbjh\Zgb_\_jh\Zgby\ wlhfZki_dl_ijhl_dZ_l
m q_eh\_dZ[_akhklhygbylj_\h]bkljZoZ[_ag_\jhlbaZpbbq_eh\_dZoZjZdl_jbamykvgZebqb_f
m g_]h qm\kl\Z ^h\_jby Q_f \ [hevr_c kl_i_gb q_eh\_d g_k_l \ k_[_ we_f_gl ^h\_jby l_f \
f_gvr_ckl_i_gbhgij_^jZkiheh`_gd \hagbdgh\_gbxnZgZlbafZ< wlbomkeh\byoq_eh\_dg_
gm`^Z_lky\ nZgZlbq_kdhfmk_j^bbb [hjv[_
H[jZs_gb_d Gh\hfmAZ\_lmihdZau\Z_lqlhm BbkmkZOjbklZljm^ghgZclbjZ^bdZevgu_
ijhy\e_gby \oh^ysb_ \ ieZg j_eb]bhagh]h wdklj_fbafZ GZh[hjhl kjZ\g_gb_ \ukdZau\Zgbc
j_eb]bhaguo nZgZlbdh\ k ?\Zg]_eb_f e_]dh \uy\ey_l wlh g_khhl\_lkl\b_ < ?\Zg]_ebb
kh^_j`Zlky ijhqm\kl\h\Zggu_ g_ihkj_^kl\_ggh k\yaZggu_ k kblmZpbyfb eb[_jZevgu_
\_ebdh^mrgu_ hlju\db b kp_gu gZkus_ggu_ ex[h\vx d q_eh\_dm qlh iheghklvx
b]ghjbjm_lky j_eb]bhagufb nZgZlbdZfb GZijbf_j ijhs_gb_ ]j_oh\ hkgh\gh_ ihkeZgb_
ex[\b \ukdZau\Zgby OjbklZ ih hlghr_gbx d ex^yf kh\_jrb\rbf ]j_ob Hlghr_gb_ d
`_gsbg_ kh\_jrb\r_c kmijm`_kdmx baf_gm \ ?\Zg]_ebb hl BhZggZ j_adh hlebqZ_lky
gZijbf_j hl iheblbdb DZev\bgZ LZdbf h[jZahf ?\Zg]_eb_ g_ kh^_j`bl Zlfhkn_ju
nZgZlbq_kdh]hmk_j^bygZkbevkl\_gghklbb gZkbevkl\_ggh]hhkqZkleb\eb\Zgbyª
IKBOH>BG:FBD:K?DL
K_dlu beb k_dlZglkdb_ ]jmiiu kms_kl\h\Zeb _s_ \ hl^Ze_gghf Zglbqghf ijhrehf
<ebygb_ k_dl gZ ex^_c h]jhfgh Hkh[_ggh wlh iheh`_gb_ jZkijhkljZgy_lky gZ ex^_c g_
agZdhfuo k ljZ^bpbhggufbj_eb]byfb b iha\heb\rbfb k_[y \hh^mr_\blv ihy\eyxsbfbky m
gbo\h\j_fyij_[u\Zgby\ k_dlZo\b^_gbyfbjZy<k_]^ZgZoh^bebkvex^bij_^eZ]Z\rb_k_[y
^jm]bf \ dZq_kl\_ kiZkbl_e_c q_eh\_q_kl\Z b e_]dh gZoh^b\rb_ [hevrh_ dhebq_kl\h
e_]dh\_jguoijbfudZxsbod gbfb \_jysbobf
K_dluhi_jbjh\Zeb\ ijhrehfb hi_jbjmxl\ gZklhys__\j_fyij_`^_\k_]hh[_sZgbyfb
bkiheg_gby gZ^_`^ gZ emqrmx `bagv m^h\e_l\hj_gby klj_fe_gby d ]Zjfhgbq_kdhfm
kms_kl\h\Zgbxb gZdhg_ph[_sZgb_f kiZk_gby ^mrb ihke_ kf_jlb :dp_gl bgh]^Z^_eZ_lky
gZg_h[oh^bfhklvihbkdZ\ k_[_g_dhckbeub ihbkdZgh\h]hkfukeZ`bagb< ijhp_kk_ihbkdZ
\ k_[_gh\h]hkfukeZhkh[_gghihhlghr_gbxd ex^yfg_bf_xsbfwlh]hkfukeZ\hagbdZ_l
aZiheg_gb_ bf_xs_]hky \ bo khagZgbb \ZdmmfZ bgnhjfZpb_c hljZ`Zxs_c lhqdm aj_gby
jmdh\h^bl_ey k_dlu ihke_^gbc \uklmiZ_l \ dZq_kl\_ nZevrb\h]h [h]Z Ihegh_ ih^qbg_gb_
lZdhfmeb^_jmoZjZdl_jgh^eylhlZeblZjguok_dl
GZex^_cmqZkl\mxsbo\ k_dlZoijhba\h^blhkh[h_\i_qZle_gb_ihy\e_gb_kfukeZ\ bo
`bagb b ijbh[j_l_gb_ bfb qm\kl\Z [_ahiZkghklb Ex^b gZoh^ysb_ky \ khklhygbb djbabkZ
ihke_ i_j_g_k_gguo bfb ikboheh]bq_kdbo ljZ\f ij_[u\Zxsb_ \h \eZklb ljZ\fZlbq_kdbo
i_j_`b\Zgbc e_]dh \h\e_dZxlky qe_gZfb k_dlu \ k\hb jy^u Bfb h\eZ^_\Z_l `_eZgb_
ij_h^he_lv\ jZfdZok_dluk\hx^mr_\gmx[hev< k_dlulZd`_e_]dhihiZ^Zxlg_^hklZlhqgh
kljmdlmjbjh\Zggu_ ebqghklb k eZ[bevghc ikbobdhc g_ijb\udrb_ aZ^Z\Zlv djblbq_kdbo
\hijhkh\e_]dhbg^hdljbgbjmxsb_kyaZ\bkbfu_K wlbfk\yaZghlhqlhebpZmqZkl\mxsb_\
^_yl_evghklbk_dlujZkkfZljb\Zxl__ dZdkj_^kl\hkiZk_gbyk_[yb k\h_c^mrb
:gZebaZdlb\guomqZklgbdh\k_dluihdZau\Z_lqlhhgbgZoh^ylk_[y\ gh\hcj_Zevghklbb
ijbh[j_lZxl hkh[h_ qm\kl\h [_ahiZkghklb ijbgZ^e_`ghklb d ]jmii_ k\yaZggh_ k
dhee_dlb\guf ijh\_^_gb_f \j_f_gb fhebl\u \ h[sbg_ bkiheg_gb_ dhee_dlb\guo
h[jy^h\kh[jZgbc
=mjm jZkkfZljb\Z_lky qe_gZfb k_dlu dZd [h`_kl\_ggZy nb]mjZ k\_johlpZ beb
k\_jofZl_jb h[eZ^ZxsZy g_ij_j_dZ_fuf Z\lhjbl_lhf =mjm m^h\e_l\hjy_l jZaebqgu_
klj_fe_gby qe_gh\ k_dlu b \hkijbgbfZ_lky bfb dZd k\_johl_p h[eZ^Zxsbc
k\_jo\hafh`ghklyfb kiZk_gby gZijZ\e_gby ih ijZ\bevghfm imlb b l ^ Qe_gu k_dlu
\hkijbgbfZxl k\h_ khh[s_kl\h dZd b^_Zevgh_ h[s_kl\h [jZlv_\ b k_kl_j \hh^mr_\e_gguo
h^ghcb^__cb klj_fysbokyd h^ghcp_ebLZdbfh[jZahfk_dlZ^eyfgh]boklZgh\blky\b^hf
kh\_jr_gghck_fvb
<_j[h\dZ\ k_dlmijhbkoh^bl[_ahkh[uoaZljm^g_gbcijbgZebqbbm q_eh\_dZbkoh^gh]h
klj_fe_gbyd lZdh]hjh^ZkiZk_gbx
< k_dl_wdkiemZlbjm_lkyg_m^h\e_l\hj_ggh_`_eZgb_\ dhee_dlb\ghcaZsbl_b klj_fe_gb_
d khmqZklbx\ ijhy\e_gbb[h`_kl\_gghckbeu
Jmdh\h^bl_e_c k_dl g_evay g_^hhp_gb\Zlv \ kbem bo kihkh[ghkl_c ihgbfZlv ]em[bggu_
ikboheh]bq_kdb_ f_oZgbafu gZijbf_j f_oZgbaf \hagbdgh\_gby lj_\h]b kljZoZ k mf_gb_f
bkihevah\ZlvwlhihgbfZgb_\ k\hbop_eyo
L_jfbgk_dlZijhbkoh^blhleZlbgkdh]h VHNWD i_j_\h^ys_]hkydZdrdheZmq_gb_iZjlby
< h[boh^ghfyaud_ihgylb_k_dlZkh\j_f_g_f\k_[hevr_Zkkhpbbjh\Zehkvk ]eZ]hehfVHFDUH
² hl^_eylv hlj_aZlv LZdbf h[jZahf jZa\b\Zehkv hij_^_e_gb_ ihgbfZxs__ ih^ k_dlhc
hkh[h_ j_eb]bhagh_ h[s_kl\h beb ]jmiim hl^_eb\rmxky hl ljZ^bpbhgghc p_jd\b beb
ljZ^bpbhgghcj_eb]bb
Bklhjbq_kdb ih^ k_dlhc ihgbfZebkv jZagu_ ^\b`_gby djm`db b ]jmiiu ex^_c
^h]fZlbq_kdb beb nmg^Zf_glZebklbq_kdb bgl_jij_lbjmxsb_ hij_^_e_ggu_ jZa^_eu
K\ys_ggh]h IbkZgby jZkkfZljb\Zxsb_ k\hbo hkgh\Zl_e_c dZd ijhjhdh\ GZijbf_j k_dlZ
fhjfhgh\ beb hlhr_^rb_ hl ljZ^bpbhgguo j_eb]bhaguo h[s_kl\ ]jmiiu < k\yab k wlbf
kh\j_f_ggh_ hij_^_e_gb_ k_dl jZkrbjbehkv < k_dlu \oh^yl ]jmiiu kh[ex^Zxsb_ ebrv \
fbgbfZevghc kl_i_gb khpbZevgu_ ghjfu ih\_^_gby gZoh^ysb_ m[_`bs_ \ hkh[hf fbj_
GZijbf_j ikboh]jmiiu jZaebqgu_ lhlZeblZjgu_ ^\b`_gby klZjZxsb_ky khagZl_evgh
bahebjh\Zlvkyhlh[s_kl\Z
>ey k_dl oZjZdl_jgZ nbdkZpby gZ k\h_f jmdh\h^bl_e_ Qe_gu k_dlu ijbagZxl _]h
^moh\gucbebj_eb]bhagucZ\lhjbl_lHkgh\Zl_evk_dlu^hfbgbjm_l\ VXSHUHJR qe_gh\k_dlub
ih^Z\ey_lbob^_glbqghklv
Kh\j_f_ggZyl_g^_gpbyaZdexqZ_lky\ h[jZah\Zgbbikboh]jmiibkihevamxsbo]jmiih\u_
^bgZfbq_kdb_ ijhp_kku k ijbf_g_gb_f kh[kl\_gguo dhjj_dpbhgguo l_ogbd \ha^_ckl\by
baf_gyxsbo khagZgb_ Qe_gu k_dlu m[_`^_gu \ g_h[uqguo \hafh`ghklyo ikbohl_ogbd qlh
ijb\h^bld \hagbdgh\_gbxm gbobjjZpbhgZevguoij_^klZ\e_gbc[ZabjmxsbokygZgZ^_`^_k
ihfhsvx ikbohl_ogbd b ikboheh]bq_kdbo f_lh^h\ jZkrbjblv l_kgu_ ]jZgbpu q_eh\_q_kdbo
qm\kl\b ^_ckl\bcWlZm\_j_gghklvklZgh\blky^eygbogh\uf\b^hfj_eb]bb
Fgh]b_ jmdh\h^bl_eb k_dl ij_^klZ\eyxl k\hx ^_yl_evghklv dZd gZmqgmx fZkdbjmy
bf_xsb_f_klhbklbggu_j_eb]bhagu_f_oZgbafu
Qe_gu ]jmii k_dlZglkdh]h oZjZdl_jZ ^_eZxl Zdp_gl g_ lhevdh gZ j_eb]bhaguo gh b gZ
khpbZevguo Zki_dlZo aZihegyy l_f kZfuf hij_^_e_ggmx bf_xsmx f_klh m fgh]bo
g_^hklZlhqghklv D lZdbf ]jmiiZf ihemqb\rbf gZb[hevr__ jZkijhkljZg_gb_ hlghkylky
gZijbf_j lZdb_ dZd ;_eh_ ;jZlkl\h ;h]hjh^bqguc p_glj >_lb ;h]Z P_jdh\v
h[t_^bg_gby FmgZ ;hklhgkdZy p_jdh\v OjbklZ ]jmiiZ Mgb\_jkZevgZy `bagv Fbkkby
[h`_kl\_ggh]hk\_lZLjZgkp_^_glZevgZyf_^blZpbyb ^j
< kh\j_f_gghc Zg]ehyauqghc ebl_jZlmj_ l_jfbg k_dlZ qZklh aZf_gy_lky gZ l_jfbg
^_kljmdlb\gucdmevlG_dhlhju_Z\lhjugZijbf_jRlZffkqblZxlqlh[he__ijZ\bevguf
y\ey_lky l_jfbg g_ ^_kljmdlb\guc dmevl Z kZfhjZajmrZxsbc dmevl <klj_qZ_lky lZd`_
l_jfbg g_hj_eb]bhaguc dmevl Ke_^m_l hlf_lblv qlh ^Ze_dh g_ \k_ k_dlu bkihevamxl \
jZ[hl_ j_eb]bhagu_ ij_^klZ\e_gby b j_eb]bhagu_ b^_b kiZk_gby Kms_kl\mxl jZaebqgu_
wdklj_fbklkdb_]jmiiug_ij_ke_^mxsb_j_eb]bhaguop_e_cghihevamxsb_ky[ebadbfbih
f_oZgbafmkbkl_fZfbbg^hdljbgZpbbk\hboqe_gh\
< ihke_^gb_]h^uhlf_q_ghkbevgh_\ebygb_\dexqZxs__\ k_[y\hklhqgmxf_^blZpbx
ihiuldb bkp_e_gby lZgljbq_kdb_ jblmZeu fbklbq_kdmx l_jZibx dZjlu LZjh
dZgZebabjh\Zgb_Ih]jm`_gb_q_eh\_dZ\ fbj^hklZlhqgh^Ze_dboij_^klZ\e_gbckihkh[kl\m_l
klbfmeypbb ]em[bgguo kn_j _]h ih^khagZgby LZdh_ khklhygb_ g_ijb\uqgh ij_^klZ\ey_l
m]jham ^ey p_ehklghklb ikbobdb M]jhaZ aZdexqZ_lky \ \hafh`ghklb ijhju\Z b bgneypbb
khagZgbyfZl_jbZeZfbdhee_dlb\gh]hih^khagZgbyIjbgylu_\ \hklhqguodmevlmjZoih^oh^u
bgl_jij_lbjmxlkyb ijbf_gyxlkyk_dlZfb\ khhl\_lkl\bbk jZajZ[hlZggufb\ gboijZdlbdZfb
bg^hdljbgZpbb
Ki_pbZebklu bamqZxsb_ wlb y\e_gby h[jZsZxl \gbfZgb_ gZ lh qlh mqZklb_ \
k_dlZglkdbo ]jmiiZo ijb\h^bl d ihy\e_gbx wfhpbhgZevghc j_]j_kkbb \ ijhp_kk_ dhlhjhc
baf_gy_lkylhqdZaj_gbyq_eh\_dZgZijhbkoh^ysb_\ fbj_kh[ulbyk g_aZf_lgufihkl_i_ggh
m]em[eyxsbfky jZaju\hf k j_Zevghklvx Ij_^eZ]Z_fh_ k_dlZfb [_]kl\h \ ijbajZqguc fbj
ijb\h^bl d kZfhbaheypbb b hlqm`^_gbx Kms_kl\m_l m]jhaZ jZks_ie_gby khagZgby qlh
debgbq_kdb ijhy\ey_lky \ ihy\e_gbb ikbobq_kdbo gZjmr_gbc \iehlv ^h jZa\blby
rbahnj_ghih^h[guo khklhygbc Ba\_klgh qlh m q_eh\_dZ ih^\_j]gmlh]h k_gkhjghc
^_ijb\Zpbb \ l_q_gb_ ^ebl_evgh]h \j_f_gb ^Z`_ [_a ki_pbZevgh]h bg^hdljbgbjh\Zgby
\hagbdZ_lagZqbl_evgh_h`b\e_gb_nmgdpbhgbjh\ZgbylZdgZau\Z_fh]hZjoZbq_kdh]hfha]Zkh
klbfmebjh\Zgb_f \hh[jZ`_gby nZglZabc k ihy\e_gb_f kgh\ gZy\m ki_pbZevgu_ f_lh^u
bg^hdljbgZpbbmkbeb\Zxlwlhlijhp_kkb ijb^Zxl_fmhij_^_e_ggh_kh^_j`Zgb_
Ki_pbZebklu ih ^_kljmdlb\guf dmevlZf h[jZsZxl \gbfZgb_ gZ lh qlh ijb[ebabl_evgh
iheh\bgZqe_gh\jZaebqguo]jmiiijhy\eyxl ikbohlbq_kdb_ rbahnj_ghih^h[gu_ baf_g_gby
gZjmr_gby \hkijbylby <k_ wlh ijb\h^bl d g_\hafh`ghklb kijZ\eylvky k aZ^ZqZfb
ih\k_^g_\ghc `bagb Ih f_j_ ihl_jb q_eh\_dhf wlhc kihkh[ghklb m g_]h gZjZklZ_l
hlqm`^_gb_ kgb`Z_lky lhe_jZglghklv d ljm^ghklyf <hagbdZ_l hiZkghklv \hagbdgh\_gby
Z^^bdpbc
< ijhp_kk_^_yl_evghklbk_dlijhbkoh^blkh\_jr_gkl\h\Zgb_bkihevam_fuobfbl_ogbdb
jblmZeh\
;hevrZy qZklv ex^_c ihiZ^Zxl \ k_dlu \ djbabkguo kblmZpbyo Bgl_]jZpby \ ]jmiim
hkhagZgb_ b \iblu\Zgb_ \ k_[y b^_c kiZk_gby b bae_q_gby ijb\h^bl d hsms_gbx lh]h qlh
k[u\Z_lkydZdZylhf_qlZk \hagbdgh\_gb_fm[_`^_gby\ bkiheg_gbb^moh\guogZ^_`^
K_dluj_Zebah\u\Zxlklj_fe_gb_q_eh\_dZaZihegblvbf_xsbckym g_]hikboheh]bq_kdbc
^_nbpblb ij_h^he_lvlj_\h]mWdabkl_gpbZevguckljZoihy\eyxsbckym q_eh\_dZ^_eZ_l_]h
b^_Zevghc `_jl\hc jZaebqguo lhlZeblZjguo ]jmii \ dhlhjuo hg hk\h[h`^Z_lky hl
[_kihdhysbo_]hfuke_cIhke_ij_[u\Zgby\ k_dl_ijhp_kk\ha\jZlZ\ j_Zevghklvljm^_glZd
dZdiml_fZmlhkm]]_klbbq_eh\_dm[_`^Z_lk_[y\ lhfqlhhgihemqZ_l\ ]jmii_bf_gghlhq_]h
hgohq_lK_dluh[_sZxlhdhgqZl_evgh_j_r_gb_\hijhkh\ihijbgpbim IDVWIRRG [ukljh]h
iblZgbyKh[eZagbl_evghklvk_dlaZdexqZ_lky\ h[_sZgbbg_f_^e_ggh]hbkiheg_gby`_eZgbc
Ij_[u\Zgb_ \ k_dl_ khijh\h`^Z_lky ihiZ^Zgb_f q_eh\_dZ \ ]em[hdmx ikboheh]bq_kdmx
^_kljmdlb\gmx aZ\bkbfhklv hl g__ G_dhlhju_ Z\lhju gZau\Zxl wlb ikbobq_kdb_ baf_g_gby
jmbgbaZpb_c ikbobdb ijb dhlhjhc q_eh\_dm klZgh\blky \k_ ljm^g__ bkihevah\Zlv k\hb
ihl_gpbZevgu_bgl_ee_dlmZevgu_b \he_\u_\hafh`ghklb
K_dlu klj_fylky d dhgljhex d \eZklb h]jZgbq_ggh]h djm]Z ebp Wlh klj_fe_gb_
_kl_kl\_ggh g_ j_deZfbjm_lky JZaebqgu_ mq_gby kihkh[u kiZk_gby ]jmiih\u_ jblmZeu
ij_^eZ]Zxlky ^ey lh]h qlh[u aZ bo aZgZ\_khf kdjulv j_Zevgu_ p_eb ij_ke_^m_fu_ k_dlZfb
J_Zevghklv hdZau\Z_lky ijhlb\hiheh`ghc lhfm qlh k_dlu h[_sZxl GZijbf_j \f_klh
h[_sZgguo k_dlhc k\h[h^u ijhk\_le_gby jZaj_r_gby ijh[e_f q_eh\_d ihemqZ_l dhgljhev
gZ^ k\hbf khagZgb_f hlqm`^_gb_ b ^_i_jkhgZebaZpbx Jmdh\h^bl_eb k_dl ^_eZxl qe_gh\
k\hbfb ^h[jh\hevgufb ihke_^h\Zl_eyfb ijhy\eyxsbfb ke_ih_ ihkemrZgb_ GZ^_`^Z gZ
kiZk_gb_^mrb\ k_dl_kihkh[kl\m_lihl_j_k\h_]hYb nhjfbjh\Zgbx]hlh\ghklbjZ^bwlh]h
^_eZlv\k_qlhlj_[mxlGZwlhjZkkqblu\Zxljmdh\h^bl_ebk_dlbg^hdljbgbjmxsb_qe_gh\b
^_eZxsboboihkemrgufbbgkljmf_glZfbj_ZebaZpbbk\hbob^_c
Bg^hdljbgZpbyy\ey_lkyfZkkb\gufikboheh]bq_kdbfkj_^kl\hf\ebygbygZbg^b\b^mmfZ
beb ]jmiim k p_evx \g_^j_gby fg_gby b^_b kbkl_fu \a]ey^h\ hlghr_gby d ijhbkoh^ysbf
kh[ulbyf b ^j GZb[hevr__ agZq_gb_ bf__l \g_^j_gb_ kl_j_hlbiZ fure_gby \ jZfdZo
hij_^_e_gghc iZjZ^b]fu ihy\eyxs__ky ih^ \ha^_ckl\b_f fZkkb\gh]h ikboheh]bq_kdh]h
^Z\e_gby< j_amevlZl_bg^hdljbgZpbbqe_guk_dluihiZ^Zxl\ fgh]hklhjhggxxaZ\bkbfhklv
hl ]jmiiu HiZkghklv ^bgZfbdb bf_xs_c f_klh \ k_dl_ aZdexqZ_lky \ lhf qlh
ikboheh]bq_kdZy fZgbimeypby ijhbkoh^bl g_aZf_lgh b qe_gZfb k_dlu g_ jZkihagZ_lky
Ihwlhfm qe_gu ]jmiiu ebr_gu \hafh`ghklb jZa\blv kljZl_]bb ikboheh]bq_kdhc aZsblu M
\gh\v ijb[u\rbo \ k_dlm kdeZ^u\Z_lky \i_qZle_gb_ h kihglZgghklb k\hbo wfhpbc
^h[jh\hevghklb ih\_^_gby Hgb m[_`^_gu \ lhf qlh ij_^eZ]Z_fu_ bf m[_`^_gby
khhl\_lkl\mxl bo kh[kl\_gguf b^_ZeZf g_hnhjfe_gguf b g_j_Zebah\Zgguf ^h fhf_glZ
ihiZ^Zgby\ k_dlmHklZevgu_qe_guk_dlu\hkijbgbfZxlky\gh\vijb[u\rbfbdZdijbylgu_
\k_]^Z ]hlh\u_ ijbclb gZ ihfhsv ex^b Ijhbkoh^bl [hf[Zj^bjh\dZ gh\bqdh\ ex[h\vx
qe_gh\ k_dlu kh klZ`_f Bgl_j_kgh hlf_lblv qlh jh^bl_eb g_ y\eyxlky kdhevdhgb[m^v
k_jv_aguf ij_iylkl\b_f f_rZxsbf \klmie_gbx \ k_dlm \ kbem lh]h qlh bo \ebygb_ f_g__
kbevghq_f\ebygb_qe_gh\k_dlu
6WDPP bamqZyl_ogbdmZm^blbg]Zijbf_gy_fh]h\ k_dl_hlf_qZeqlhijbf_gy_fu_
km]]_klb\gu_ijhp_^mju^_eZxlq_eh\_dZih^\_j`_gguffZgbimeypbyfZm^blhjZl_jZi_\lZ
Km]]_klb\gu_ijhp_^mjuhkeZ[eyxldhgljhevgZ^j_Zevghklvxq_eh\_dgZqbgZ_l\_jblv\ lh
qlh hg fh`_l \kihfgblv kh[ulby ijhbkr_^rb_ k gbf ^h jh`^_gby Ih f_j_ jhklZ
aZ\bkbfhklb q_eh\_d gZqbgZ_l qm\kl\h\Zlv k\hx ba[jZgghklv \ k\yab k jZa\blb_f m g_]h
kihkh[ghklb d ij_h^he_gbx dZdh]hlh [Zjv_jZ gZijbf_j ihy\e_gby \hafh`ghklb \uoh^Z aZ
ij_^_eukh[kl\_gghc`bagb\hkihfbgZgbck_[y\ ^jm]hf\j_f_gb<k_wlhbgl_jij_lbjm_lky
dZdijbagZdb^moh\gh]h\ua^hjh\e_gby<hafh`gZj_ZebaZpbyl_g^_gpbbbaheypbbiZpb_glZ
hl jh^bl_e_c hl k_fvb iml_f ijb\blby _fm qm\kl\Z \bgu \ lhf qlh kms_kl\mxsb_ jZg__
hlghr_gby k jh^bl_eyfb [ueb g_kh\_jr_ggu Jh^bl_eb khijhlb\eyxsb_ky \ebygbx k_dl
ihiZ^Zxl \ dZl_]hjbx VXSUHVVLYH SHUVRQV ih^Z\eyxsbo ebp y\eyxsboky ihl_gpbZevguf
bklhqgbdhf g_ijbylghkl_c Kihkh[ \ha^_ckl\by y\ey_lky [_aebqghklguf \uoh^ysbf aZ
ij_^_eu ebqghklb Zm^blhj gbdh]^Z g_ \gbdZ_l \ ebqgu_ ijh[e_fu iZpb_glZ [_amqZklgh
kb^bl Z \hafh`gh b gZk\bklu\Z_l dZdmxlh f_eh^bx g_kfhljy gZ i_j_`b\Z_fh_ iZpb_glhf
\h\j_fyl_jZibbdjbabkgh_khklhygb_LZdh_ih\_^_gb_\jZqZaZbfkl\m_lky\ dZdhclhkl_i_gb
ba ikbohZgZebaZ gh \uau\Z_l m eZ[bevguo g_m\_j_gguo \ k_[_ ex^_c lj_\h]m ^_ij_kkbx
ikbohlbq_kdb_jZkkljhckl\Zqlh^_eZ_lq_eh\_dZ_s_[he__\gmrZ_fuf
>ey fgh]bo k_dl oZjZdl_jgZ lhlZeblZjgZy kljmdlmjZ k l_g^_gpb_c d ]jmiih\hfm
ijbgm`^_gbxb iheghfmih^qbg_gbxqe_gh\\iehlv^hkh\_jr_gbyfZkkh\h]hkZfhm[bckl\Z
gZijbf_j fZkkh\h_ kZfhm[bckl\h \dexqZxs__ m[bckl\h ihqlb ^_l_c \ >`hgklZmg_ \
]h^mljZ]_^byk_dlu>Z\b^Z\ ]h^mb ^j
6WDPP \u^_ey_lke_^mxsb_nZau\ bg^hdljbgZpbbqe_gh\k_dl
NZaZ \_j[h\db hkms_kl\ey_lky ex^vfb bglmblb\gh qm\kl\mxsbfb ihl_gpbZevgh]h
qe_gZ k_dlu GZ wlhc nZa_ ijhbkoh^bl wfhpbhgZevgh_ ^_klZ[bebabjh\Zgb_ q_eh\_dZ b
aZimlu\Zgb_ \ ijhlb\hj_qbyo <_j[mxsbc qe_g k_dlu klZjZ_lky \ua\Zlv ^h\_jb_ gZ
^ebl_evgh_ \j_fy ^_fhgkljbjm_l `_eZgb_ hdZaZlv ihfhsv gm`^Zxs_fmky gZijZ\b\ _]h gZ
\_jguc imlv Q_eh\_d hkms_kl\eyxsbc \_j[h\dm \u]ey^bl \hh^mr_\e_gguf jZ^hklguf
ijhy\ey_lk_[yqe_ghfkhh[s_kl\Zdhlhjh_\k_o^_eZ_lkqZkleb\uf
<\_^_gb_ \ mq_gb_ aZdexqZ_lky \ baeh`_gbb hkgh\guo iheh`_gbc ij_^eZ]Z_fhc
^hdljbgu Hkgh\ghc aZ^Zq_c wlh]h wlZiZ y\ey_lky ikboheh]bq_kdZy ijb\yadZ \_j[m_fh]h
q_eh\_dZ k \h\e_q_gb_f _]h \ ijh\ha]eZrZ_fmx b^_heh]bx \ kfuke lZbgkl\Z NhjfZ
\h\e_q_gbc fh`_l [ulv jZaghh[jZaghc dmjku k_fbgZju e_dpbb [h]hkem`_gby bamq_gb_
dgb] ijhkfhlj \b^_hdZkk_l \h \j_fy dhlhjuo mq_gby baeZ]Z_fu_ hkgh\Zl_eyfb k_dlu
\u^Zxlky ihjpbhggh GZ[ex^Z_lky l_g^_gpby k\yau\Zlv ex^_c gh\ufb h[yaZgghklyfb g_
hklZ\eyybf\j_f_gb^eykZfhklhyl_evgh]hdjblbq_kdh]hhkfuke_gbyijhbkoh^ys_]h:dlb\gh
bkihevamxlky dhfiebf_glu b iho\Zeu lbiZDZdohjhrh qlh lu ijbr_e dZd fu jZ^u l_[y
\b^_lvb ijLZdbfh[jZahfq_eh\_dihemqZ_lijbylgmx^eyg_]hwfhpbhgZevgmxih^^_j`dm
Ijhp_kk \\h^Z \ mq_gb_ gZijZ\e_g gZ mkbe_gb_ dhgljhey gZ^ fukeyfb b qm\kl\Zfb :dlb\gh
bkihevam_lky Zmlhkm]]_klby ijb dhlhjhc q_eh\_d gZqbgZ_l kqblZlv qlh hg ihemqZ_l \ k_dl_
bf_ggh lh d q_fm hg klj_fbeky Kha^Z_lky k\h_h[jZagZy dZjlbgZ beexahjgh]h fbjZ
h[eZ^ZxsZyZ^^bdlb\ghcijb\e_dZl_evghklvx<_j[h\sbdbiulZxlkym[_^blvq_eh\_dZ\ lhf
qlh ij_[u\Zgb_ \ k_dl_ k^_eZ_l _]h ijb[eb`_gguf d webl_ hldju\r_c ^ey k_[y hkh[mx
ijZ\^m Ihkl_i_ggh m \_j[m_fh]h bkq_aZ_l djblbq_kdh_ hlghr_gb_ dhlhjh_ fh]eh
ijbkmlkl\h\ZlvjZg__IZjZee_evghijb\b\Z_lkyklj_fe_gb_d ^hklb`_gbxagZqbfhcp_eb
Bg^hdljbgZpby ijb\h^bl d ihy\e_gbx m ex^_c gh\hc b^_glbqghklb gh\hc ebqghklb
^mfZxs_c qm\kl\mxs_c \ bguo dZl_]hjbyo bkihevam_lky ^jm]Zy kbkl_fZ p_gghkl_c
Nhjfbjm_lkygh\ZyZ^^bdlb\gZyebqghklv
GZebqb_ gh\hc b^_glbqghklb ijb\h^bl d jZks_ie_gbx ebqghklb k \hagbdgh\_gb_f \
ih^khagZgbb hsms_gby hiZkghklb b g_khhl\_lkl\by Kms_kl\m_l lhqdZ aj_gby
k\b^_l_evkl\mxsZy h lhf qlh knhjfbjh\ZggZy m q_eh\_dZ Z^^bdlb\gZy ebqghklv
dhgnjhglbjm_l k ij_`g_c ebqghklvx Hsms_gb_ jZa^\h_gghklb fh`_l ijh\hpbjh\Zlv
wfhpbhgZevgh_ gZijy`_gb_ Ih^khagZl_evgu_ bfimevku ijb gZebqbb ^\hcghc b^_glbqghklb
g_dhgljhebjmxlky\ ^hklZlhqghckl_i_gb<hafh`ghklvijhju\Zwg_j]_lbq_kdh]hihl_gpbZeZ
ba ]em[bgu ih^khagZgby \hajZklZ_l \ wlbo khklhygbyo Bf__l agZq_gb_ g_ lhevdh y\e_gb_
jZks_ie_gby gZebqb_ ^\mo ebqghkl_c ² Z^^bdlb\ghc b mkeh\gh ghjfZevghc gh b
kh^_j`Zgb_ i_j_`b\Zgbc Z^^bdlb\ghc ebqghklb ?keb kh^_j`Zgb_ i_j_`b\Zgbc ghkbl lZdhc
oZjZdl_j qlh hgh [hevr_ klbfmebjm_l ih^khagZgb_ lh hiZkghklv ijhju\Z fZl_jbZeZ ba
ih^khagZgby mkbeb\Z_lky :^^bdlb\gZy ebqghklv bf_xsZy \ dZq_kl\_ kh^_j`Zgby Z^^bdpbb
\e_q_gb_ d _^_ oZjZdl_jbam_lky fZehc \h\e_q_gghklvx ]em[bggh]h ih^khagZgby GZjmr_gb_
^jZc\Z d _^_ _kl_kl\_ggh ijhbkoh^bl gh wlZ klbfmeypby bg^b\b^mZevgh]h ih^khagZgby
hlebqZ_lky dZq_kl\_ggh hl klbfmeypbb dhee_dlb\gh]h ih^khagZgby ijhbkoh^ys_c ih^
\ebygb_f j_eb]bhagh]h qm\kl\Z \ k_dlZo Ihwlhfm ki_pbnbdhc nhjfbjh\Zgby Z^^bdlb\ghc
ebqghklb \ jZfdZo k_dlu y\ey_lky [he__ \ujZ`_ggZy hiZkghklv \hagbdgh\_gby ikbobq_kdh]h
aZ[he_\Zgby qlh ih^l\_j`^Z_lky ijZdlbdhc :gZeba ihdZau\Z_l qlh ikbobq_kdb_ gZjmr_gby
rbahnj_ghnhjfgh]h oZjZdl_jZ m iZlheh]bq_kdbo ZaZjlguo b]jhdh\ m ebp k i_j__^Zgb_f
\klj_qZxlky j_`_ q_f m qe_gh\ lhlZeblZjguo k_dl :^^bdpby d k_dl_ \ wlhf ieZg_
ij_^klZ\ey_lagZqbl_evgh[hevrmxhiZkghklv
KjZ\g_gb_baf_g_gbcijhbkoh^ysbo\ ikbobd_q_eh\_dZ\ j_amevlZl__]hmqZklby\ k_dl_
k baf_g_gbyfb\hagbdZxsbfbijbZ^^bdpbbfh`_lijh\h^blvkyb kdhebq_kl\_gghcklhjhgu
\ujZ`Zykv \ lhf b \ ^jm]hf kemqZ_ \ klj_fe_gbb q_eh\_dZ ihemqZlv \k_ [hevr_ b [hevr_
i_j_`b\Zgbc
Kh \j_f_g_f m qe_gZ k_dlu djblbq_kdh_ hkhagZgb_ m]g_lZ_lky ij_`gyy ebqghklv
\ul_kgy_lky
M\_ebqb\ZxsZyky k\yav k ]jmiihc ijhy\ey_lky \ jZaju\_ q_eh\_dZ k ij_`gbfb
dhjgyfb @bagv l_q_l \ ehg_ ]jmiiu Ijhbkoh^bl ij_ju\Zgb_ dhglZdlh\ k l_fb dlh
hl\e_dZ_lhlihklhygghck\yabk ]jmiihc
:ev_gZpbyhlqm`^_gb_hlhdjm`Zxs_]hfbjZb baheypbyijhbkoh^ysb_iZjZee_evgh
kh\k_[hevrbf\oh`^_gb_f\ `bagvk_dlu
Mdj_ie_gb_ ijb\_j`_gghklb d mq_gbx k_dlu oZjZdl_jbamxs__ky mkbe_gb_f
aZ\bkbfhklbdhgljheygZ^khagZgb_fb qm\kl\Zb^_glbqghklbk k_dlhc
< aZdexq_gb_ ke_^m_l ih^q_jdgmlv qlh lhlZeblZjgu_ k_dlu \ gZklhys__ \j_fy
ij_^klZ\eyxlk_jv_agmxkhpbZevgmxhiZkghklvIjh[e_fZlj_[m_l^Zevg_cr_]h\k_klhjhgg_]h
bamq_gbyb j_ZebaZpbbd\Zebnbpbjh\Zgguoih^oh^h\\ h[eZklbij_^mij_`^_gby\h\e_q_gby\
k_dlu b hdZaZgby ihfhsb ebpZf ih^\_j]Zxsbfky bg^hdljbgbjh\Zgbx FZdkbfZevgZy
bgnhjfbjh\Zgghklv gZk_e_gby h[ wlhc hiZkghklb b hkh[_gghklyo ijhbkoh^ys_]h k
\h\e_q_ggufb\ k_dlug_h[oh^bfZdZdij_^\Zjbl_evgh_mkeh\b_fh[bebaZpbbh[s_kl\_gghklb
^eyhj]ZgbaZpbbwnn_dlb\gh]hijhlb\h^_ckl\by^_yl_evghklblhlZeblZjguok_dl
DHGNHJFBAF
Khpbh^bgZfbq_kdZy ikbobZljby jZkkfZljb\Z_l dhgnhjfbaf \ k\yab k kms_kl\h\Zgb_f
aZ\bkbfuo ebqghklguo jZkkljhckl\ ihkdhevdm dhgnhjfbaf i_j_debdZ_lky k aZ\bkbfuf
km[fbkkb\guf ih\_^_gb_f Ih^ dhgnhjfbafhf ihgbfZ_lky baf_g_gb_ ih\_^_gby beb
m[_`^_gbc \ j_amevlZl_ j_Zevgh]h beb \hh[jZ`Z_fh]h ^Z\e_gby ba\g_ dhlhjh_ fh`_l
hkms_kl\eylvkyh^gbfq_eh\_dhfghqZs_wlh^Z\e_gb_]jmiiu< wgpbdehi_^bq_kdhfkeh\Zj_
<_[kl_jZ dhgnhjfbaf hij_^_ey_lky dZd klj_fe_gb_ [ulv ih^h[guf ijb\uqdZf ijbjh^_
oZjZdl_jbklbdZf dh]hlh ^jm]h]h Dhjhe_gdh hij_^_ey_l dhgnhjfbaf dZd hlkmlkl\b_
kZfh[ulghklb hjb]bgZevghklb \ ijb\uqdZo \a]ey^Zo ijbgpbiZo dZd ijb\_j`_gghklv d
hnbpbZevghc lhqd_ aj_gby ijbkihkh[e_gq_kl\h g_djblbq_kdh_ ke_^h\Zgb_ mdZaZgbyf ebp
bf_xsbo\eZklv
< dhgnhjfbaf_ \u^_eyxl mklmiqb\hklv ijb dhlhjhc \g_rgb_ ^_ckl\by q_eh\_dZ ohly b
khhl\_lkl\mxl^Z\e_gbx]jmiiughijbkmlkl\m_li_jkhgZevgh_ebqghklgh_g_kh]eZkb_k wlbf
Wlh\g_rgbcg_bkdj_ggbcdhgnhjfbaf
Kh]eZkb_b h^h[j_gb_k\hckl\_ggh_dhgnhjfbafm\dexqZ_l\ k_[y^_ckl\byb m[_`^_gby
\ khhl\_lkl\bbk khpbZevguf^Z\e_gb_fijbdhlhjhfq_eh\_d^_ckl\m_llZddZd^jm]b_ghwlh
khhl\_lkl\m_l _]h m[_`^_gbyf ihwlhfm hg kh]eZk_g k wlbfb ^_ckl\byfb Wlh \gmlj_ggbc
bkdj_ggbc dhgnhjfbaf Ijhp_kk oZjZdl_jbam_lky \hafh`ghklvx ^bgZfbdb ijb dhlhjhc
g_bkdj_ggbc dhgnhjfbaf i_j_oh^bl \ bkdj_ggbc h^h[j_gb_ ke_^m_l aZ mklmidhc \h \j_fy
dhlhjhcq_eh\_dfh`_l\gmrZlvk_[_fukevh lhfqlhgZkZfhf^_e_wlhohjhrh
Ihemqbeb ba\_klghklv wdki_jbf_glZevgu_ bkke_^h\Zgby 6KHULI bamqZ\r_]h
khpbZevguc n_ghf_g ghjfu :\lhj ijh\h^be wdki_jbf_gl \ l_fghc dhfgZl_ \ dhlhjhc
aZ`b]Zeky k\_l dhlhjuc g_ kf_sZeky H^gZdh ih^kZ^gu_ ebpZ gZoh^ysb_ky \ wlhc dhfgZl_
m[_`^ZebmqZklgbdh\wdki_jbf_glZ\ lhfqlhk\_lkf_sZ_lkygZhij_^_e_ggh_jZkklhygb_Wlh
ijb\h^beh d lhfm qlh ex^b i_j_klZ\Zy ^h\_jylv k_[_ \_jbeb \ lh qlh k\_lh\Zy lhqdZ
kf_sZ_lky<hagbdZeZ]jmiih\ZyghjfZg_khhl\_lkl\mxsZy^_ckl\bl_evghklb
< ih\k_^g_\ghc `bagb lZdh]h jh^Z \gmrZ_fhklv ghkbl \ujZ`_gguc oZjZdl_j Ijb\_^_f
_s_h^bgijbf_jih^l\_j`^ZxsbcgZebqb_lZdhc\gmrZ_fhklb< dhgp_fZjlZ ]]Za_lu
KbwleZrlZl<Zrbg]lhgkhh[sbebh kemqZyoih\j_`^_gbceh[h\uoZ\lhfh[bevguokl_dhe\
]hjh^d_jZkiheZ]Zxs_fky\ fbeyok_\_jg__KbwleZMljhf Zij_eyihklmibebkhh[s_gby
h ih^h[guo ih\j_`^_gbyo ba ]hjh^dZ jZkiheh`_ggh]h m`_ aZ fbev hl KbwleZ Z gZ
ke_^mxsbc^_gv ² \k_]haZ fbevD \_q_jmkbeZjZajmrZxsZykl_deZ^hklb]eZklhebpu
rlZlZ <Zrbg]lhg D ihemghqb Zij_ey \ ihebp_ckdhf mijZ\e_gbb [ueh aZj_]bkljbjh\Zgh
[he__ lukyq aZy\e_gbc h ih\j_`^_gguo kl_deZo 0HGDOLD /DUVHQ Ihy\bebkv kemob h
jZ^bhZdlb\ghf^h`^_dZdh ijbqbg_ih\j_`^_gbcB lhevdhihke_lh]hdZd Zij_ey]Za_lu
\u^\bgmebb^_xh lhfqlhijbqbghc[_kihdhckl\Zfh`_l[ulvfZkkh\h_\gmr_gb_aZy\e_gbc
[hevr_g_ihklmiZeh:gZebaijbqbg\us_j[e_gguokl_dhek^_eZgguciha^g__ihdZaZeqlh
wlh[uebh[uqgu_ih\j_`^_gby\ua\Zggu_f_edbfbdZf_rdZfbGZwlhlnZdl[uehh[jZs_gh
\gbfZgb_ihlhfmqlhih^^Z\rbkv\gmr_gbxex^bgZqZebijbklZevghkfhlj_lvgZkl_deZZ
g_kd\havgbo
<gmrZ_fhklvlZdh]hjh^Zghkbl\ujZ`_ggucoZjZdl_jihhlghr_gbxd jZagufkh[ulbyf
LZd ih ^Zgguf -RQDV ihke_ ijhkfhljZ nbevfh\ aZljZ]b\Zxsbo ijh[e_fm kmbpb^Z
j_]bkljbjh\Zekyn_ghf_gmqZs_gbykmbpb^h\\ =_jfZgbb
+DIQHU6FKPLGWNH h[jZsZeb\gbfZgb_gZlhqlhih^jhkldb[he__\i_qZlebl_evgu\
wlhfhlghr_gbbWlhdZkZ_lkyb Z]j_kkb\guo^_ckl\bc
$VK ijh^_eZewdki_jbf_gl\uy\eyxsbcgZebqb_dhgnhjfbafZb aZdexqZxsbcky\
ke_^mxs_f < ki_pbZevghf ihf_s_gbb jZaf_klbeb g_kdhevdh klhe[bdh\ hij_^_e_ggh]h
jZaf_jZ MqZklgbdh\ wdki_jbf_glZ ijhkbeb mdZaZlv dZdhc ba klhe[bdh\ khhl\_lkl\m_l
^_fhgkljbjm_fhfmh[jZapm<k_mqZklgbdb^Z\ZebijZ\bevguchl\_l^hihy\e_gby\ Zm^blhjbb
ih^klZ\guo ebp ^Zxsbo g_ijZ\bevgu_ hl\_lu Ijbkmlkl\mxsb_ gZqbgZeb bkiulu\Zlv
kfms_gb_b khfg_gb_\ ijZ\bevghklbk\hbohl\_lh\b \hq_gv[hevrhfdhebq_kl\_kemqZ_\ ba q_eh\_d gZqbgZeb hldZau\Zlvky hl k\h_c lhqdb aj_gby LZdbf h[jZahf \ j_amevlZl_
wdki_jbf_glZ\uy\e_ghqlh\ kemqZyoijby\ghfg_khhl\_lkl\bbbklbg_ex^bijhy\eyeb
dhgnhjfbafg_kfhljygZk\hxbgl_ee_dlmZevghklvb Z^Zilb\ghklv
< ]h^u \ KR: ijhba\_eb nmjhj wdki_jbf_glu 0LOJUDP bamqZxs_]h
ijh[e_fm ih^qbg_gby MqZklgbdm wdki_jbf_glZ gZ^_\Zeb gZ jmdm fZg`_ldm k we_dljh^hf b
^Z\ZebaZ^Zgb_\dexqZlvwe_dljbq_kdbclhdkbeZdhlhjh]hm\_ebqb\ZeZkvk ^h \hevl\
kemqZ_ g_j_r_gby bf ihklZ\e_gghc aZ^Zqb KdZqhd gZijy`_gby khhl\_lkl\h\Ze bgl_j\ZeZf \
b l^Bkiulm_fhfm^Z\ZehkvaZ^Zgb_b h[tykgyehkvqlh\ kemqZ__]h\uiheg_gby
m^ZjZlhdhfg_ijhbahc^_lgh\ ijhlb\ghfkemqZ_\dexqZ_lkylhdkgZqZeZ\ \hevlZ _kebhg
g_ j_rZ_l ke_^mxs__ aZ^Zgb_ kbeZ lhdZ ^hklb]g_l b l ^ DZd ijZ\beh qe_g dhfZg^u
gZqbgZe djbqZlv ijb ^hklb`_gbb kbeu lhdZ \hevl H^gZdh hdZaZehkv qlh mqZkl\mxsb_ \
wdki_jbf_glZo qZklh g_ hklZgZ\eb\Zxlky g_kfhljy gZ [hev IjbqbgZ ijhbkoh^ys_]h
haZ^Zqb\ZeZfgh]boL_fg_f_g__[ueh\uy\e_ghqlh^hklZlhqgh[ueh\h\j_fywdki_jbf_glZ
dhfmlhkhklhjhguih^hclbb ihkh\_lh\Zlv_]hij_djZlblvgbqvbmdZaZgbyihijh^he`_gbx
wdki_jbf_glZ gZ _]h mqZklgbdh\ [hevr_ g_ ^_ckl\h\Zeb LZd bgl_jn_j_gpby kh klhjhgu
ijb\h^beZ d ij_djZs_gbx wdki_jbf_glZ Bgl_jij_lZpby j_amevlZlh\ bkke_^h\Zgby 0LOJUDP
iha\hebeZ_fmknhjfmebjh\Zlvmkeh\bykihkh[kl\mxsb_ih^qbg_gbx
wfhpbhgZevgh_ m^Ze_gb_ hl `_jl\u ijb dhlhjhf q_eh\_d g_ \b^bl lh]h dlh
ih^\_j]Z_lkywdki_jbf_glmlZddZd_kebh[ZgZoh^ylky\ h^ghfihf_s_gbbihemqZ_lky^jm]hc
j_amevlZl
[ebahklvb e_]blbfghklvZ\lhjbl_lgh]hq_eh\_dZijh\h^ys_]hwdki_jbf_gl
bgklblmpbhgZebaZpbyZ\lhjbl_lZdZdhchj]ZgbaZpbbhgijbgZ^e_`bl
hk\h[h`^Zxs__ ^_ckl\b_ g_ih^qbgyxs_]hky dhee_]_ bkiulm_fh]h < j_amevlZl_
wdki_jbf_glZ \uy\e_gh qlh f_gvr_ khqm\kl\by d [heb bkiulm_fh]h \hagbdZ_l lh]^Z dh]^Z
hklZevgu_ mqZklgbdb g_ \b^yl b g_ keurZl lh]h qlh ijhbkoh^bl < wlhf kemqZ_ q_eh\_d
^hoh^bl \ wdki_jbf_gl_ ^h dhgpZ \hevl Ij_[u\Zgb_ \ h^ghc dhfgZl_ k bkiulm_fuf
ijb\h^bld lhfmqlhlhevdh mqZklgbdh\^hoh^beb^h \hevl
Ki_pbZebklu aZgbfZxsb_ky bkke_^h\Zgb_f dhgnhjfbafZ \u^_eyxl \ g_f lZdhc
n_ghf_gdZdghjfZlb\gh_\ebygb_
Wlhl n_ghf_g hkgh\Zg gZ klj_fe_gbb m^h\e_l\hjblv `_eZgb_ ^jm]bo P_evx lZdh]h
dhgnhjfbafZ y\ey_lky ihemq_gb_ ijbagZgby ^ey lh]h qlh[u k^_eZlv dZjv_jm LZdh_ y\e_gb_
ijb\h^bl d mklmiqb\hklb hkh[_ggh m\_ebqb\Zxs_cky \ kemqZ_ ihiuldb ih^gylvky ih
khpbZevghce_klgbp_ +ROODQGHU 'HXWVFK *HUDUG \u^_eyeb bgnhjfZpbhggh_ \ebygb_ dhgnhjfbafZ \ kfuke_
ijbagZgbykm`^_gbc^jm]boh[eZ^ZxsbobgnhjfZpb_c
%XFKOHU*ULIILQ h[jZsZxl\gbfZgb_gZlhqlhihke_lh]hdZdex^bkh]eZrZxlkyk
fg_gb_f lhc beb bghc ]jmiiu hgb hkh[_ggh kdehggu d jZajZ[hld_ jZaebqguo eh]bq_kdbo
ljZdlh\hdhijZ\^u\Zxsboboj_r_gby
Bkke_^h\Zgby dhgnhjfbafZ ij_^klZ\eyxl hkh[mx \Z`ghklv \ k\yab k _]h \uoh^hf gZ
ijh[e_fmZkk_jlb\ghZglbdhgnhjfbklkdh]hih\_^_gby
Dhgnhjfbaf fh`_l hdZaZlv gZ q_eh\_dZ g_ihijZ\bfh_ ^_kljmdlb\gh_ \ebygb_ D wlhfm
\u\h^m ijbreb bkke_^h\Zl_eb ZgZebabjmxsb_ j_amevlZlu \ur_i_j_qbke_gguo
wdki_jbf_glh\Keh`behkvfg_gb_h gZebqbbm q_eh\_dZhq_gvhiZkguof_oZgbafh\fh]msbo
kjZ[Zlu\Zlv ^ey g_]h g_aZf_lgh Hkh[mx hiZkghklv ^ey q_eh\_dZ ij_^klZ\ey_l hlkmlkl\b_
ebqghc hl\_lkl\_gghklb dh]^Z hg ijyq_lky aZ f_klhbf_gb_ fu Wlh fh`_l [ulv
ijhbeexkljbjh\Zgh j_amevlZlZfb wdki_jbf_glZ ijh\_^_ggh]h )LVKHU dhlhjuc
jZkkfZljb\Ze \hafh`ghklv gZqZlv y^_jgmx \hcgm dZd Z[kljZdlgmx ijh[e_fm Kmlv
wdki_jbf_glZ k\h^beZkv d ke_^mxs_fm Ij_ab^_glZ KR: h[uqgh khijh\h`^Z_l hnbp_j
ghkysbcki_pbZevgucq_fh^Zgqbdbf_xsbcijyfh_hlghr_gb_d \hafh`ghklbgZqZlv\hcgm
)LVKHU ij_^eh`be \ZjbZgl kh]eZkghdhlhjhfm dh^ aZimkdZxsbc wlhl f_oZgbaf ^he`_g [ulv
ihf_s_g g_ \ q_fh^Zgqbd Z ^he`_g [ulv aZrbl \ ]jm^b hnbp_jZ lZd qlh[u ijb
g_h[oh^bfhklb bf \hkihevah\Zlvky ^he`gZ [ulv ijhba\_^_gZ \b\bk_dpby :\lhj kqblZe qlh
lZdZyi_jkhgZebaZpbyijb\_^_ld ^jm]hfm\ZjbZglmj_r_gby
Dhgnhjfbaf \ ijhn_kkbhgZevghc ^_yl_evghklb ijb\h^bl d g_ijbylguf ijhy\e_gbyf
Dhgnhjfguc q_eh\_d hdZaZ\rbcky ih^ ]jmiih\uf ^Z\e_gb_f ^_eZ_l lh qlh _fm ]h\hjyl
GZijbf_j ikbobZlju gZagZqZxsb_ iZpb_glZf kljZ^Zxsbf rbahnj_gb_c [hevrb_ ^hau
g_cjhe_ilbq_kdbo ij_iZjZlh\ ij_\urZxsb_ kj_^g_l_jZi_\lbq_kdmx ^ham h[tykgyxl k\hx
lZdlbdm l_f qlh lZdb_ khklhygby ijbgylh e_qblv f_]Z^haZfb G_kfhljy gZ lh qlh
j_amevlZlZfb bkke_^h\Zgbc mklZgh\e_gh qlh [hevrb_ ^hau g_cjhe_ilbdh\ ijb\h^yl d
jZa\blbxg_h[jZlbfuoihjZ`_gbc]heh\gh]hfha]Zki_pbZebkluagZxsb_h g_^himklbfhklb
lZdh]h e_q_gby kkueZxlky gZ bgkljmdpbx dhlhjmx hgb \uihegyxl Ke_^mxsbf ijbf_jhf
ih^l\_j`^ZxsbfhljbpZl_evgu_ihke_^kl\bydhgnhjfbafZ\ ijhn_kkbhgZevghc^_yl_evghklb
y\ey_lkyj_amevlZlZgZebaZgZpbklkdhcikbobZljbbLZdh^gbfbaij_klmie_gbckh\_jr_gguo
gZpbhgZekhpbZebklZfb \ =_jfZgbb y\behkv mgbqlh`_gb_ [hevrh]h dhebq_kl\Z ikbobq_kdb
[hevguo Ijbq_f [hevrbgkl\h [hevguo ih]b[eh \ ikbobZljbq_kdbo [hevgbpZo khljm^gbdZf
dhlhjuo [ueh k^_eZgh ij_^eh`_gb_ i_j_h[hjm^h\Zlv i_j\u_ wlZ`b debgbd ih^ ]Zah\u_
dZf_ju ;ueh aZj_]bkljbjh\Zgh [hevrh_ dhebq_kl\h ^h[jh\hevp_\ jmdh\h^kl\mxsboky \
k\hbo ^_ckl\byo ih mgbqlh`_gbx [hevguo bgl_j_kZfb ijh]j_kkZ b ha^hjh\e_gby gZpbb
:f_jbdZgkdbc \h_gguc ljb[mgZe km^b\rbc \ihke_^kl\bb khljm^gbdh\ [hevgbp dhlhju_
m[b\Zeb iZpb_glh\ ^h[jh\hevgh klZedb\Zeky k h[tykg_gbyfb hkgh\Zggufb gZ lhf qlh bo
^_ckl\byhkgh\u\ZebkvgZijbdZaZol_odlhemqr_agZ_lqlhgZ^h^_eZlvG_mi_ X__
F_oZgbafu dhgnhjfbklkdbo ih^oh^h\ aZdeZ^u\Zxlky _s_ \ jZgg_f ^_lkdhf \hajZkl_ b
y\eyxlky j_amevlZlhf ij_`^_ \k_]h k_f_cgh]h jh^bl_evkdh]h \ebygby ?keb kha^Z\Z_fuc
jh^bl_eyfb k_f_cguc ikboheh]bq_kdbc debfZl hij_^_ey_lky l_jibfhklvx m\Z`_gb_f d
jZaebqguflhqdZfaj_gbyijb\_j`_gghklvxd ]mfZgbklbq_kdbfhjb_glZpbyfwlbq_jlujZgh
\hkijbgbfZxlky ^_lvfb ?keb jh^bl_eb oZjZdl_jbamxlky g_l_jibfhklvx fZdkbfZebklkdbf
hlghr_gb_f d `bagb \ k_fv_ ij_\haghkylky ih^qbg_gb_ b lmih_ ihkemrZgb_ ij_dehg_gb_ b
\hkobs_gb_ Z\lhjbl_lZfb _kl_kl\_ggh qlh b wlb ih^oh^u \hkijbgbfZxlky ^_lvfb b
nhjfbjmxl bo hlghr_gb_ d fbjm >_lb jZkkfZljb\Zxl h[uqgh k\hbo jh^bl_e_c \ dZq_kl\_
\k_fh]msbonb]mjkihkh[guoj_rblv\k_ijh[e_fu\k_]^ZijZ\uo\ k\hbo\ukdZau\Zgbyob
km`^_gbyo>_lbqZklhb^_glbnbpbjmxlk_[yk jh^bl_eyfbi_j_gbfZyboih^oh^uhlghr_gb_
d `bagb kbfiZlbb b ZglbiZlbb <h fgh]bo kemqZyo ^_lb gZ bglmblb\ghf mjh\g_ qm\kl\mxl
hlghr_gb_jh^bl_e_cg_lhevdhd l_fbebbgufdhgdj_lgufex^yfghb dgZpbhgZevghklyf
dhgnebdlguf kblmZpbyf \ h[s_kl\_ hgb qm\kl\mxl hlghr_gb_ jh^bl_e_c d bkdmkkl\m
ebl_jZlmj_ ihk\h_fm lhgdh hp_gb\Zxl bo om^h`_kl\_gguc \dmk Ij_^m[_`^_gby
k\hckl\_ggu_jh^bl_eyffh]ml mk\Zb\Zlvky^_lvfb b hdZau\Zlv gZgbo [hevrh_ \ebygb_ H[
wlhf m[_^bl_evgh ibkZe ba\_klguc Zf_jbdZgkdbc ikboheh] $OOSRUW < fh_f gZb[he__
jZgg_f^_lkl\_y ijbihfbgZxqlhy qm\kl\h\ZekbevgucZglZ]hgbafihhlghr_gbxd dZ`^hfm
dlhbf_eijhlb\hiheh`gu_\a]ey^ub ^jm]b_kbfiZlbbq_ffhbjh^bl_ebHgbqZklh]h\hjbeb
h lZdbo ex^yo aZ m`bghf Y ^mfZx qlh f_gy \i_qZleye ^h\_jbl_evguc lhg ]hehkZ dhlhjuf
fhb jh^bl_eb i_j_^Z\Zeb k\hb m[_`^_gby hkm`^Zeb k\hbo hiihg_glh\ b m[_`^Zeb f_gy \
k\hbo\k_fh]msboagZgbyo
LZdZy b^_glbnbdZpby k jh^bl_eyfb k ijbgylufb \ k_fv_ ih^oh^Zfb ijhbkoh^bl g_
lhevdh gZ mjh\g_ khagZgby gh \dexqZ_l b [he__ ]em[hdb_ ih^khagZl_evgu_ f_oZgbafu
Dhg_qghhgZ[he__\_jhylgZ\ kemqZyo dh]^Z f_`^m ^_lvfb b jh^bl_eyfb \ujZ`_gh qm\kl\h
ex[\b b ijb\yaZgghklb Qm\kl\Z jh^bl_e_c wfiZlbabjmxlky b bfblbjmxlky ^_lvfb Ohjhrh
ba\_klghqlh^_lbih\lhjyxlfbfbdmbglhgZpbbjh^bl_e_c?kebj_[_ghdgZkljh_ggucgZ
\hkijbylb_wfhpbhgZevgh]hkhklhygbyjh^bl_e_c\h\j_fyjZa]h\hjZh ex^yo\uau\Zxsbom
gbo hljbpZl_evgh_ hlghr_gb_ meZ\eb\Z_l wfhpbhgZevgh_ gZijy`_gb_ jZa^jZ`_gb_ beb
aehklv lh ijb ihoh`bo kblmZpbyo jZa]h\hj gZ [ebadmx l_fm beb \klj_qZ k ex^vfb q_flh
gZihfbgZxsbfb hkm`^Z_fuo jh^bl_eyfb m g_]h lZd`_ fh`_l jZa\blvky ZgZeh]bqgh_
wfhpbhgZevgh_khklhygb_^Z`_[_akhagZl_evgh]hhkfuke_gbywlh]hy\e_gby
LZdbf h[jZahf dhgnhjfghklv ih hlghr_gbx d jh^bl_eyf fh`_l klZlv \ ^Zevg_cr_f
k_jv_agufbklhqgbdhfij_^m[_`^_gbc\ hkh[_gghklb_kebihke_^gb_k\hckl\_ggub [ebadhfm
hdjm`_gbx < [eZ]hijbylguo mkeh\byo ih^ \ebygb_f ex^_c k ^jm]bfb lhqdZfb aj_gby
gZijbf_j\ h[klZgh\d_ijb_fe_fhklbjZaebqguo\a]ey^h\m\Z`_gbyd ex^yf\g_aZ\bkbfhklb
hlbokhpbZevgh]hwlgbq_kdh]hijhbkoh`^_gbym\Z`_gbyijZ\q_eh\_dZlZdb_ij_^m[_`^_gby
dZd ijZ\beh ihkl_i_ggh bkq_aZxl bgh]^Z ijb\h^y d j_Zdpbyf [mglZ \gmljbk_f_cguf
dhgnebdlZf
< lh `_ \j_fy h[s_kl\Z beb ]jmiiu ex^_c gZoh^ysb_ky ih^ kbevguf \ebygb_f b
ih^\_j`_ggu_ nZgZlbq_kdbf b^_heh]byf ihklhyggh jh`^Zxl b ih^^_j`b\Zxl qj_a\uqZcgh
klhcdb_dhgnhjfbklkdb_ih^oh^u< wlbomkeh\byodhgnhjfbklkdh_ih\_^_gb_ghkblg_j_^dh
Z^Zilb\guc aZsblguc oZjZdl_j k gbf k\yaZgZ \hafh`ghklv b^_glbnbdZpbb k ]jmiihc hgh
h[_ki_qb\Z_lmkeh\gh_ihdjh\bl_evkl\hebph[eZ^Zxsbo\eZklvx
Knhjfbjh\Z\rb_ky \ jZgg_f ^_lkl\_ dhgnhjfbklkdb_ f_oZgbafu kihkh[kl\mxl
\hkijbylbxZ\lhjbl_lguonb]mjd dhlhjufhlghkyl\ jZfdZodhgnhjfbafZebpgZoh^ysboky
gZ \ukrbo klmi_gvdZo b_jZjobq_kdhc e_klgbpu \ dZq_kl\_ aZf_gu jh^bl_e_c IhkemrZgb_
jZkp_gb\Z_lky dZd h^gZ ba hkgh\guo ^h[jh^_l_e_c \hkiblZgguo \ ^_lkl\_ Djblbq_kdh_
hlghr_gb_ d Z\lhjbl_lZf khijh\h`^Z_lky qm\kl\hf \bgu b kljZoZ i_j_^ gZdZaZgb_f qlh
y\ey_lky ihklhygguf wnn_dlb\guf lhjfhahf k^_j`b\Zxsbf \uoh^ aZ ij_^_eu
dhgnhjfbklkdbokl_j_hlbih\
Dhgnhjfbklkdh_ih\_^_gb_ij_^klZ\ey_lkh[hcn_ghf_g\ dhlhjhfgZb[he__\u^_eyxlky
khpbZevgZy b ikboheh]bq_kdZy klhjhgu < hlebqb_ hl Z^^bdlb\gh]h ih\_^_gby f_^bpbgkdbc
Zki_dla^_kvbf__lf_gvr__agZq_gb_ohlyb fh`_lijbkmlkl\h\Zlv
Dhgnhjfbklkdh_ ih\_^_gb_ ² h^gZ ba nhjf bkdmkkl\_gghc g_ih^ebgghc `bagb LZdhc
q_eh\_d moh^bl hl dhglZdlZ k kZfbf kh[hc g_ iulZ_lky magZlv ijZ\^m h k_[_ m g_]h fZeh
\ujZ`_gh kZfhhkhagZgb_ =eZ\gufb \ _]h `bagb kqblZxlky h[s_ijbgylu_ ljZnZj_lgu_
p_gghklb j_deZfbjm_fu_ kj_^kl\Zfb fZkkh\hc bgnhjfZpbb Dhgnhjfbklu ebr_gu
bg^b\b^mZevghklbkl_j_hlbigub ij_^kdZam_fu\ k\hbo^_ckl\byoLZdhch[jZa`bagb^eygbo
_kl_kl\_gguc b _^bgkl\_ggh \hafh`guc ex^_c ^_ckl\mxsbo ih^jm]hfm hgb g_ ihgbfZxl
beb kqblZxl ikbobq_kdb g_iheghp_ggufb Dhgnhjfbklkdh_ ih\_^_gb_ ijbghkbl bf qm\kl\h
jZ^hklbb kihdhckl\by
Kj_^b dhgnhjfbklh\ \klj_qZxlky ex^b dhlhju_ j_adh hljbpZl_evgh hlghkylky d
i_j_f_gZf ijhbkoh^ysbf \ kh\j_f_gghc Jhkkbb fhlb\bjmy wlh l_f qlh jZgvr_ `behkv
ohjhrhb kqZkleb\h Wlh lbibqgh_ ijhy\e_gb_ dhgnhjfbklkdhc mklZgh\db \ `bagb b kljZoZ
hdZaZlvky i_j_^ g_h[oh^bfhklvx jZah[jZlvky \ k_[_ b ^jm]bo djblbq_kdb hp_gblv kblmZpbx
Dhgnhjfbaf iha\hey_l Z\lhfZlbq_kdb ba[Z\blvky hl g_h[oh^bfhklb aZgbfZlv Zdlb\gmx
ihabpbxkZfhklhyl_evghhj]Zgbah\u\Zlvk\hx`bagvij_\jZsZyq_eh\_dZ\ fZjbhg_ldm
Dhgnhjfbklkdh_ khagZgb_ oZjZdl_jbam_lky lZd`_ agZqbl_evgh ij_^klZ\e_gghc
dhg\_j]_gpb_c \ `bag_gguo ih^oh^Zo Ih^ dhg\_j]_gpb_c \ ikboheh]bb ihgbfZxlky
dhgp_gljZpby \gbfZgby gZ dZdhceb[h h^ghc klhjhg_ \hijhkZ nmgdpbhgbjh\Zgb_ \ jZfdZo
`_kldh aZ^Zgghc kbkl_fu Dhg\_j]_glu bkiulu\Zxl aZljm^g_gby \ ihiuld_ hp_gblv
j_rZ_fmx ijh[e_fm k ^jm]hc ihabpbb ihgh\hfm < ikboheh]bq_kdbo bkke_^h\Zgbyo
dhg\_j]_gluiehohkijZ\eyxlkyk j_r_gb_faZ^Zqk hldjulufdhgphf]^_gm`ghgZclbdZd
fh`gh [hevr_ j_r_gbc M gbo keZ[h ij_^klZ\e_gu \hh[jZ`_gb_ b bglmbpby < j_amevlZl_
^bZiZahgbo\b^_gbyfbjZh]jZgbq_g^h\hevghmadbfbjZfdZfb<ujZ`_ggu_dhg\_j]_gludZd
ijZ\beh g_ bgl_j_kgu dZd ex^b lZd dZd djhf_ ijhn_kkbhgZevguo l_f bo gbq_]h g_
ijb\e_dZ_l Z \ ^jm]bo \hijhkZo hgb ijhy\eyxl g_\_`_kl\h beb ij_^eZ]Zxl mijhs_ggu_
ih^oh^u Dhg\_j]_glu iehoh ko\Zlu\Zxl xfhj hgb \hh[s_ g_ ex[yl rmlblv \hkijbgbfZy
\k_ k_jv_agh Dhgnhjfbklu lZd`_ \ p_ehfhljbpZl_evgh hlghkylky d xfhjm Hq_\b^gh wlh
k\yaZgh kh kljZohf ih^hj\Zlv Z\lhjbl_l gZqZevkl\Z dhlhjh_ fh`_l hdZaZlvky ijyfuf beb
dhk\_ggufh[t_dlhfrmlhdbebkhkljZohfkZfhfmhdZaZlvkykf_rguf\ ]eZaZo^jm]boex^_c
Dhgnhjfbklkdhc ikbobd_ fZeh k\hckl\_ggu qm\kl\Z \bgu kbfiZlbb khi_j_`b\Zgby dZd
\ijhq_f b qm\kl\Z aehklb g_gZ\bklb <hh[s_ wfhpbhgZevgZy `bagv ijb wlhf h[_^g_gZ
f_`ebqghklgu_ hlghr_gby ih\_joghklgu <hl dZd h[ wlhf ibr_l 0XVLO K_]h^gy
hl\_lkl\_gghklv g_ ly]hlbl m`_ kZfh]h q_eh\_dZ Z aZ\bkbl hl \aZbfhk\ya_c jZaebqguo ^_e
JZa\_ g_ aZf_lgh qlh i_j_`b\Zgby k^_eZebkv g_aZ\bkbfufb hl ex^_c" Dlh fh`_l _s_
k_]h^gykdZaZlvqlh]g_\y\ey_lky^_ckl\bl_evgh_]hkh[kl\_gguf]g_\hf_kebklhevdhex^_c
\ wlh\f_rb\Zxlkyb emqr_jZa[bjZxlky\ ^_eZoq_fhgkZf"<hagbdfbjkZfbok\hckl\[_a
q_eh\_dZfbji_j_`b\Zgbc[_alh]hdlhboi_j_`b\Z_lb ihqlbkha^Z_lky\i_qZle_gb_qlh\
b^_ZevghfkemqZ_q_eh\_dg_kfh`_lm`_gbq_]hi_j_`blvbg^b\b^mZevghZ keZ^dZy ly`_klv
ebqghchl\_lkl\_gghklbjZkl\hjblky\ kbkl_f_fgh]hagZqbl_evguonhjfme
Dhgnhjfbklkdh_ ih\_^_gb_ bf__l \ g_dhlhjuo kemqZyo b debgbq_kdbc Zki_dl
hlghkysbcky d fZehc ikbobZljbb wlhl Zki_dl ijhy\ey_lky m [hevguo bkl_jbq_kdbf
g_\jhahf Ihevkdbc ikbobZlj -DNXELN h[jZsZ_l \gbfZgb_ gZ lh qlh dhgnhjfbaf g_j_^dh
ijbf_gy_lky m [hevguo dZd kj_^kl\h bg]jZpbZpbb \oh`^_gb_ \ ^h\_jb_ ^ey ihemq_gby
gZ]jZ^u :\lhj ijbr_e d aZdexq_gbx qlh \g_rg_ kha^Z_lky \i_qZle_gb_ h ih\ur_gghc
\gmrZ_fhklb wlbo [hevguo \ lh \j_fy dZd gZ kZfhf ^_e_ wlh g_ bklbggZy \gmrZ_fhklv Z
n_ghf_g bg]jZpbZpbb Bg^b\b^mmfu k [hevrhc aZ\bkbfhklvx hl ^Z\e_gby hdjm`Zxsbo
ijhy\eyxl kdehgghklv d dhgnhjfbafm b ih^qbg_gbx ^Z\e_gby ]jmiiu Z lZd`_
oZjZdl_jbamxlky gbadbf mjh\g_f h`b^Zgby mki_oZ \ kblmZpbyo lj_[mxsbo h[s_kl\_gghc
hp_gdb bo ^_ckl\bc LZdbf h[jZahf dhgnhjfbklkdh_ ih\_^_gb_ y\ey_lky h^gbf ba \b^h\
fZgbimeypbhgghcl_ogbdbm [hevguobkl_jbq_kdbfg_\jhahf
Ebqdh lZd`_ h[jZsZe \gbfZgb_ gZ ijhy\e_gb_ dhgnhjfbafZ \ debgbq_kdhf ieZg_
ijb\h^y ^Zggu_ gZ[ex^_gbc h lhf qlh m ebp aZ[he_\rbo aehdZq_kl\_gghc rbahnj_gb_c \
ih^jhkldh\hf \hajZkl_ gZ[ex^ZeZkv dhgnhjfgZy Zdp_glmZpby ebqghklb Ih\b^bfhfm \
ih^h[guo kemqZyo dhgnhjfbklkdb_ mklZgh\db \hagbdZeb \ k\yab k i_j_`b\Zgbyfb dZdhclh
lj_\h]bwdabkl_gpbZevgh]hkljZoZdhlhju_bgh]^Zy\eyxlkyij_^\_klgbdZfbjZa\blbyikbohaZ
b [ueblZdbfh[jZahfaZsblghcj_Zdpb_cihfh]Zxs_c\j_f_gghqZklbqghZ^Zilbjh\Zlvkyd
ikboheh]bq_kdb^bkdhfnhjlgufkhklhygbyf
KMBPB>:EVGH?IH<?>?GB?
Kh]eZkgh ^Zgguf <k_fbjghc Hj]ZgbaZpbb A^jZ\hhojZg_gby <HA \ dhgp_ o ]h^h\
gZr_]h\_dZ_`_^g_\ghgZa_fghfrZj_k\ur_ q_eih]b[Zeh\ j_amevlZl_kZfhm[bckl\Z
l_hdheh lukq_e_`_]h^ghD gZklhys_fm\j_f_gbwlbpbnjuagZqbl_evghm\_ebqbebkv
gh kqblZ_lky qlh dhebq_kl\h ihiulhd kh\_jr_gby kZfhm[bckl\Z kmbpb^guo ihiulhd
ijb[ebabl_evgh\ jZa[hevr_Kms_kl\mxljZaebqgu_lhqdbaj_gbygZijbqbgukmbpb^gh]h
ih\_^_gby kZfhm[bckl\Z jZkkfZljb\Zxlky dZd h^gh ba \ujZ`_gbc khpbZevgh]h
g_[eZ]hihemqby b hljZ`Zxl ikboheh]bq_kdh_ gZijy`_gb_ \ h[s_kl\_ kZfhm[bckl\Z
k\yau\Zxlkyk ikboheh]bq_kdbfkhklhygb_fex^_cbokh\_jrZxsbo
Ba\_klgucki_pbZebklihkmbpb^ghfmih\_^_gbx'XUNKHLUQ \ k\h_\j_fy\u^_ebe
ljbjZaebqguolbiZkZfhm[bckl\\ aZ\bkbfhklbhlhkh[_gghkl_cdhglZdlh\bg^b\b^mmfZk _]h
khpbZevghckj_^hch[blZgby
Zg_fbq_kdh_ kZfhm[bckl\h k\yaZggh_ k djbabkgufb kblmZpbyfb \ `bagb ebqgufb
ljZ]_^byfb kf_jlv [ebadh]h q_eh\_dZ ihl_jy jZ[hlhkihkh[ghklb mljZlZ bfms_kl\Z
g_kqZklgZyex[h\vb ^j
Zevljmbklbq_kdh_ kZfhm[bckl\h kh\_jrZ_fh_ jZ^b [eZ]Z ^jm]bo ex^_c h[s_kl\Z
qlh[u g_ h[j_f_gylv kh[hc ^jm]bo g_ ihahjblv bo \ k\yab k dZdbflh ij_klmie_gb_f beb
gZjmr_gb_ffhjZebb ^j
w]hbklbq_kdh_kZfhm[bckl\hk\yaZggh_k dZdbfeb[hdhgnebdlhfg_ijb_fe_fhklvx
khpbZevguo lj_[h\Zgbc hij_^_e_gguo ghjf ih\_^_gby g_ khhl\_lkl\mxsbo bgl_j_kZf
KZfhm[bckl\ha^_kvy\ey_lkynhjfhcmoh^Zhlg_[eZ]hijbylghckhpbZevghckblmZpbb
Kh]eZkgh 'XUNKHLUQ ² i_j\hfm bkke_^h\Zl_ex jheb khpbZevguo nZdlhjh\ \
kh\_jr_gbb kZfhm[bckl\ ² \ jZaebqguo khpbZevguo mkeh\byo ihjZaghfm ij_^klZ\e_g jbkd
jZa\blby kmbpb^gh]h ih\_^_gby M\_ebq_gb_ dhebq_kl\Z kZfhm[bckl\ hljZ`Z_l
g_[eZ]hihemqb_h[s_kl\Z
Kha^Zl_ev l_hjbb ikbohZgZebaZ Nj_c^ ijb^_j`b\Zeky ^jm]hc lhqdb aj_gby k\yau\Zy
kZfhm[bckl\Z k ijhy\e_gb_f bgklbgdlZ kf_jlb dhlhjhfm hg ijhlb\hihklZ\eye eb[b^h
k_dkmZevgmx wg_j]bx y\eyxsmxky bgklbgdlhf `bagb < kemqZyo gZjmr_gby jZ\gh\_kby
f_`^meb[b^hb bgklbgdlhfkf_jlbihke_^gbcfh`_lhdZaZlvky[he__kbevgufb \ujZablvky
\ Z]j_kkbbgZijZ\e_gghcbebgZkZfh]hk_[ybebgZ^jm]boex^_c
Kmbpb^gh_ ih\_^_gb_ ij_^klZ\e_gh g_jZ\ghf_jgh \ jZaguo j_]bhgZo fbjZ Kh]eZkgh
^Zgguf<HA\ dhgp_o ]h^h\kZfhm[bckl\h[uehhkh[_gghoZjZdl_jgh^ey\ukhdhjZa\bluo
kljZg < ] khh[sZehkv qlh \ \hkvfb jZa\bluo kljZgZo kZfhm[bckl\Z aZgbfZxl lj_lv_
f_klhihke_k_j^_qghkhkm^bkluob hgdheh]bq_kdboaZ[he_\ZgbcdZdijbqbgZkf_jlbex^_c\
\hajZkl_ f_`^m b ]h^Zfb MdZau\Zebkv lZdb_ kljZgu dZd :\kljby >Zgby Nbgeyg^by
NJ=<_g]jbyDZgZ^ZR\_pbyIjbwlhfi_j\h_f_klhaZgbfZ_l<_g]jby\ ]gZ luk
gZk_e_gbykh\_jrZehkv kZfhm[bckl\Z>eykjZ\g_gby\ DZgZ^_ ² NjZgpbb ² \
:\kljbb²
< p_ehf \ fbj_ \ ihke_^gb_ ^_kylbe_lby gZ[ex^Z_lky l_g^_gpby d m\_ebq_gbx qbkeZ
kZfhm[bckl\ qlhk\yau\Z_lky dZd k memqr_gb_f bo j_]bkljZpbb lZd b k h[sbf ihklZj_gb_f
gZk_e_gby \ jZa\bluo kljZgZo Hlf_qZ_lky qlh kZfhm[bckl\Z kh\_jrZxlky qZs_ \ \_k_gg__
\j_fy Wlh y\e_gb_ iulZxlky h[uqgh h[tykgblv hkh[_gghklyfb k_ahgguo [bhjblfh\
Khhlghr_gb_ f_`^m fm`qbgZfb b `_gsbgZfb ijb aZ\_jr_gguo kZfhm[bckl\Zo ² \ lh
\j_fy dZd ijb ihiuldZo kh\_jrblv kZfhm[bckl\h hgh khklZ\ey_l 0LOOHU l _
ihiuldbkh\_jrblvkZfhm[bckl\hm `_gsbghlf_qZxlkyijb[ebabl_evgh\ ^\ZjZaZqZs_q_f
m fm`qbg h^gZdh kmbpb^gh_ ih\_^_gb_ fm`qbg qZs_ ijb\h^bl d ljZ]bq_kdhfm bkoh^m
KZfhm[bckl\Z kh\_jrZxlky qZs_ \ \hajZkl_ e_l Z ihiuldb kh\_jrblv kZfhm[bckl\h
hlf_qZxlky \ kj_^g_f \hajZkl_ ² e_l Kmbpb^gh_ ih\_^_gb_ qZklh oZjZdl_jgh ^ey
djbabkguoi_jbh^h\`bagbxghr_kdh]hb fheh^h]h\hajZklZZ lZd`_gZqbgZxs_ckyklZjhklb
< ihke_^g__ \j_fy qbkeh kZfhm[bckl\ \ fheh^hf \hajZkl_ agZqbl_evgh m\_ebqbehkv b
kmbpb^gh_ih\_^_gb_klZehjZkijhkljZgylvky^Z`_kj_^b^_l_c
Hlf_qZ_lkyqlhkmbpb^gh_ih\_^_gb_hij_^_e_ggufh[jZahfdhjj_ebjm_lk ]jZ`^Zgkdbf
khklhygb_f Kj_^b kZfhm[bcp gZb[he__ \ukhdbc ijhp_gl h^bghdbo ex^_c JZa\_^_ggu_ b
h\^h\_\rb_fm`qbgu\ jZaqZs_kh\_jrZxlkZfhm[bckl\Z 5LQJHL 6WHQJHO b
^j h[jZsZxl \gbfZgb_ gZ agZq_gb_ khpbZevgh]h iheh`_gby gZb[he__ qZklh kZfhm[bckl\Z
kh\_jrZxl ebpZ beb \ukrbo beb gbarbo khpbZevguo keh_\ KjZ\gbl_evgh qZklh
kZfhm[bckl\Zkh\_jrZxl\jZqbb klm^_glu< ]hjh^Zokmbpb^gh_ih\_^_gb_\klj_qZ_lkyqZs_
q_f \ k_evkdhc f_klghklb Ih ^Zgguf ba KR: dhebq_kl\h kZfhm[bckl\ m bffb]jZglh\
g_^Z\g_]h \j_f_gb \ur_ q_f m f_klguo `bl_e_c Bf_xlky ki_pbZevgu_ bkke_^h\Zgby
bamqZxsb_ jhev j_eb]bb \ kmbpb^ghf ih\_^_gbb Jy^ dZlhebq_kdbo kljZg Ihjlm]Zeby
BkiZgby BlZeby oZjZdl_jbamxlky gbadbf dhebq_kl\hf kZfhm[bckl\ h^gZdh <_g]jby
:\kljby NjZgpby ² \ukhdbf KjZ\gbl_evgh j_^db kZfhm[bckl\Z \ bkeZfkdbo kljZgZo aZ
bkdexq_gb_f kmbpb^gh]h ih\_^_gby \ jZfdZo k\ys_gghc \hcgu ^ey gZg_k_gby
fZdkbfZevgh]h ms_j[Z ijhlb\gbdm J_eb]by y\ey_lky \ p_ehf \Z`guf gh g_ _^bgkl\_gguf
nZdlhjhfhij_^_eyxsbfij_^mij_`^_gb_bebjbkdkmbpb^gh]hih\_^_gby
KZfhm[bckl\h fh`_l khq_lZlvky k jZaebqgufb ikbobq_kdbfb gZjmr_gbyfb jZaebqgufb
\b^Zfb ^_ij_kkbb ?]h g_evay jZkkfZljb\Zlv \ jZfdZo debgbq_kdhc hjlh^hdkZevghc
ikbobZljbb g_\_jgh ljZdlmxs_c gZebqb_ m q_eh\_dZ kmbpb^Zevghc b^_b beb ihiuldb dZd
ijhy\e_gby ikbobq_kdh]h aZ[he_\Zgby =jhfZ^gh_ [hevrbgkl\h kmbpb^_glh\ g_ hlghkblky d
dZl_]hjbbikbobq_kdb [hevguo Wlhiheh`_gb_ hq_gv \Z`gh lZd dZd \ kh\_lkdhc ikbobZljbb
kqblZehkv qlh ihiuldZ kmb^b^Z y\ey_lky ^hklh\_jguf ijbagZdhf gZebqby ikbobq_kdhc
iZlheh]bb Kms_kl\h\ZeZ lhqdZ aj_gby kh]eZkgh dhlhjhc kqblZeb qlh \ khpbZebklbq_kdhf
h[s_kl\_ a^hjh\uc q_eh\_d g_ fh`_l bf_lv Zmlh^_kljmdlb\gu_ fukeb l_f [he__ g_ fh`_l
ij_l\hjblvbo\ ^_ckl\b_GZebqb_ih^h[guo^_ckl\bcZ\lhfZlbq_kdbkqblZehkv^hklZlhqguf
^eyhlg_k_gbywlh]hq_eh\_dZd dZl_]hjbbikbobq_kdb[hevgh]hHljZ`_gb_fwlh]hiheh`_gby
y\eyeZkv bgkljmdpby kh]eZkgh dhlhjhc \k_ kmbpb^_glu ihiZ^Zxsb_ \ khfZlbq_kdb_
[hevgbpu ^he`gu [ueb gZijZ\eylvky \ ikbobZljbq_kdb_ klZpbhgZju qlh y\eyehkv
gZjmr_gb_fijZ\q_eh\_dZb[hih^h[gu_^_ckl\by^he`guhkms_kl\eylvkylhevdhk kh]eZkby
iZpb_glZ
< hlghr_gbbkmbpb^Zevgh]hih\_^_gbykms_kl\m_ljy^mdhj_gb\rboky\ h[s_kl\_fbnh\
KqblZ_lky kZfh kh[hc jZamf_xsbfky qlh kZfhm[bckl\h y\ey_lky eh]bq_kdbf ihke_^kl\b_f
g_ijbylguokh[ulbciehoh]ha^hjh\vyikbobq_kdhcljZ\funbgZgkh\h]hdjZoZnjmkljZpbb
b ij
Wlb h[tykg_gby Zdp_ilbjmxlky k [hevrhc ]hlh\ghklvx k g_`_eZgb_f ^hihegbl_evguo
\hijhkh\ ohly ih\k_^g_\guc hiul m[_`^Z_l \ g_ijZ\hf_jghklb wlh]h iheh`_gby lZd dZd \
jy^_ kemqZ_\ ^Ze_dh g_ dZ`^uc ih^\_j]gm\rbcky ikbobq_kdhc ljZ\f_ b njmkljbjh\Zgguc
q_eh\_d bf__l l_g^_gpbx kh\_jrZlv kZfhm[bckl\h Ihgylghc ^ey \k_o b h[tykgy_fhc
ijbqbghc kmbpb^Z y\ey_lky [_]kl\h hl g_i_j_ghkbfhc `bag_gghc kblmZpbb H^gZdh _keb
ijbqbghc kmbpb^Z y\ey_lky \gmlj_ggbc g_\b^bfuc f_oZgbaf q_eh\_dZ kqblZxl
kmfZkr_^rbfLZdb_jZkkm`^_gby^hklZlhqghkh[eZagbl_evguijhklub ijb\e_dZl_evgulZd
dZdhgbg_lj_[mxllsZl_evgh]hZgZebaZkblmZpbb
Dhgp_ipby h lhf qlh kZfhm[bckl\h y\ey_lky [_]kl\hf hl g_i_j_ghkbfhc `bag_gghc
kblmZpbb iha\hey_l \u^\bgmlv ij_^iheh`_gb_ h [ebahklb kZfhm[bckl\Z b Z^^bdlb\gh]h
ih\_^_gby lZd`_ ijhy\eyxs_]hky [_]kl\hf hl g_i_j_ghkbfhc j_Zevghklb Ijb Z^^bdlb\ghf
ih\_^_gbb [_]kl\h j_Zebam_lky baf_g_gb_f ikbobq_kdh]h khklhygby b h[jZlbfh Z ijb
kZfhm[bckl\_ghkblhdhgqZl_evgucoZjZdl_j
:mlh^_kljmdpby ijb kZfhm[bckl\_ fh`_l kljhblvky gZ \gmlj_gg_c m[_`^_gghklb \
ijh^he`_gbb`bagb\ dZdhflh^jm]hf\ZjbZgl_
H^gbf ba wnn_dlb\guo f_lh^h\ dhjj_dpbb Zmlh^_kljmdpbb y\ey_lky Zdlb\Zpby ^jm]bo
^jZc\h\ K kmbpb^guf ^jZc\hf fh`gh kijZ\blvky iml_f ikboheh]bq_kdhc Zdlb\Zpbb ^jm]bo
^jZc\h\gZijbf_jZdlb\baZpbbl\hjq_kl\ZlZddZdex^bkdehggu_d Zdlb\Zpbbih^khagZgby
kdehggu d l\hjq_kl\m Bkke_^h\Zgby iZpb_glh\ k f_qlZl_evghc ^_ij_kkb_c ihdZaZeh qlh
[hevrbgkl\h ba gbo ex[yl l\hjq_kl\h AZ^Zgb_ lZdbf iZpb_glZf gZibkZlv jZkkdZa gZ l_fm
ihy\eyxsbokym gbofuke_ch kZfhm[bckl\_ijb\h^bld lhfmqlhkhkj_^hlhq_gb_gZhibkZgbb
wlh]hijhp_kkZijb\h^bld km[ebfZpbbZmlh^_kljmdlb\ghcwg_j]bbiZpb_glh\
:gZebaihiulhdkZfhm[bckl\Z^_eZ_lg_h[oh^bfufbkoh^blvba\ebygbygZgbog_lhevdh
\g_rgboghb \gmlj_ggbonZdlhjh\>eyg_dhlhjuoebpex[Zyly`_eZyj_Zevghklvgbdh]^Zg_
ijb\h^bld ihy\e_gbxihiulhdihdhgqblvk kh[hc^Z`_\klj_qZk Z[khexlghg_i_j_ghkbfhc
kblmZpb_c?keb`_\dexqZxlkyih^khagZl_evgu_p_eblh^Z`_\ kjZ\gbl_evgh[eZ]hijbylguo
kblmZpbyo k\yaZgguo k \hafh`ghklvx \u[hjZ q_eh\_d fh`_l b^lb ih Zmlh^_kljmdlb\ghfm
imlb
Kh]eZkgh klZlbklbd_ agZqbl_evgh_ dhebq_kl\h kZfhm[bckl\ kh\_jrZ_lky \h \j_fy
Zedh]hevgh]h hivyg_gby Ki_pbZebklu iheZ]Zxl qlh \ wlhl fhf_gl kgbfZ_lky dhgljhev
khagZgbygZ^Zmlh^_kljmdlb\guf^jZc\hf
K ikboheh]bq_kdhc lhqdb aj_gby kZfhm[bckl\h ² keh`guc ijhp_kk lj_[mxsbc
lsZl_evgh]h jZkkfhlj_gby LZd gZijbf_j \h \j_fy \_ebdhc nbgZgkh\hc ^_ij_kkbb \ KR:
hdZaZehkv qlh kZfhm[bckl\Z [ueb f_g__ qZklu q_f \ emqrb_ \j_f_gZ
Ke_^h\Zl_evgh`_kldb_mkeh\bybgh]^Zkihkh[kl\mxlfh[bebaZpbbq_eh\_dZ
Bgl_j_k_g ZgZeba h[jZsZxsbo gZ k_[y \gbfZgb_ kZfhm[bckl\ dZ`msboky gZ i_j\uc
\a]ey^ihgylgufbGZijbf_jjZahjb\rbckykhklhyl_evgucq_eh\_dm[b\Z_lk_[yh[_ki_qb\Zy
l_f kZfuf kljZoh\dm ^ey k_fvb E_`Zs_c gZ ih\_joghklb ijbqbghc kZfhm[bckl\Z y\beky
nbgZgkh\uc djZo H^gZdh ZgZeba ijbqbgu ihl_jb ^_g_] ijb\h^bl d \u\h^m h lhf qlh
kZfhm[bcpZkhagZl_evghijh\hpbjh\ZejbkdjZahj_gbyHgbf_efgh]hqbke_ggu_k_dkmZevgu_
k\yab g_m^h\e_l\hjbl_evgmx kblmZpbx ^hfZ ^ebl_evgmx g_m^h\e_l\hj_gghklv k_f_cghc
`bagvx<hagbdZ_l\hijhkIhq_fmhg`_gbekygZg_ex[bfhc`_gsbg_b `bek g__\ l_q_gb_
^ebl_evgh]h \j_f_gb" Ihq_fm hg g_ fh] fh[bebah\Zlv k\h_ eb[b^h b kijZ\blvky k
gZoeugm\rbfb ^_kljmdlb\gufb l_g^_gpbyfb" Ba ZgZfg_aZ \uykgy_lky qlh _]h hl_p
ihdhgqbe k kh[hc FZlv [ueZ oheh^ghc g_ aZbgl_j_kh\Zgghc \ ^_lyo :gZeba lZdh]h jh^Z
kZfhm[bckl\ kh]eZkgh 0HQQLQJHU ihdZau\Z_l kh\_jr_gb_ ikboheh]bq_kdh]h kZfhm[bckl\Z
aZ^he]h^hnbabq_kdhc_]hj_ZebaZpbb
:mlh^_kljmdlb\gu_l_g^_gpbbfh]ml\hagbdZlvm q_eh\_dZhq_gvjZghhdZau\Zy\ebygb_
gZ_]hjZa\blb_gZjZaguo\hajZklguowlZiZoIhkl_i_ggh_ih^Z\e_gb_`bag_ggh]hbgklbgdlZ
ijb\h^bld lhfmqlhq_eh\_d\u[bjZ_l^eyk_[yZmlh^_kljmdlb\gucklbevih\_^_gby\dexqZy
Z^^bdpbbKZfhm[bckl\h ² g_bahebjh\Zggucb g_h[tykgbfuck lhqdbaj_gbyh[uqghceh]bdb
nZdl LZd ZgZeba ih\_^_gby `_gsbg dhlhjuo gZkbemxl j_]meyjgh ihjh`^Z_l \hijhk h lhf
ihq_fm wlb `_gsbgu ihklhyggh ihiZ^Zxl \ kblmZpbb ijh\hpbjmxsb_ gZkbevgbdh\
Kms_kl\m_lfg_gb_h gZebqbbm jy^Zex^_c]hlh\ghklbd g_kqZklgufkemqZyf
Ihke_^h\Zl_ev Nj_c^Z 0HQQLQJHU kqblZe qlh kZfhm[bckl\h \dexqZ_l \ k_[y ljb
`_eZgbymf_j_lvm[blvk_[y[ulvm[bluf:\lhjkqblZeqlhgZklhysZyg_ihdZagZyihiuldZ
kh\_jrblv kZfhm[bckl\hh[yaZl_evgh^he`gZ kh^_j`Zlv \ k_[_ wlb ljb bg]j_^b_glZ ?keb `_
dZdhclh ba gbo hlkmlkl\m_l lh ihiuldZ g_ y\ey_lky k_jv_aghc hgZ jZkkqblZgZ gZ \g_rgbc
wnn_dlb k\yaZgZkhklj_fe_gb_faZim]Zlvdh]heb[hrZglZ`bjh\ZlvihemqblvlZdbfh[jZahf
dZdb_lh^b\b^_g^u< kZfhm[bckl\_fh`gh\u^_eblvljbwe_f_glZ
@_eZgb_mf_j_lvQ_eh\_dohq_lmf_j_lvhk\h[h^blvkyhlq_]hlhij_djZlblvmqZklb_\
`bagb
@_eZgb_ m[blv k_[y :dlb\guc ijhp_kk ijb dhlhjhf `_eZgb_ m[blv k_[y hq_\b^gh
>_kljmdlb\gucbgklbgdlijhy\ey_lky\ ^\mogZijZ\e_gbyoZmlhb ]_l_jh^_kljmdpbb<g_rgyy
Z]j_kkb\ghklv b gZijZ\e_ggZy gZ k_[y Zmlh^_kljmdpby nhjfbjmxlky k lhqdb aj_gby Z\lhjZ
ihqlb k fhf_glZ jh`^_gby H[uqgh \g_rgyy Z]j_kkby ih^Z\ey_lky aZ bkdexq_gb_f
djbfbgZevgh]hjZa\blbyghhgZfh`_lijhy\eylvky\h\j_fyjZkrbj_ggh]hkZfhm[bckl\Zijb
dhlhjhf q_eh\_d ba Zevljmbklbq_kdbo khh[jZ`_gbc m[b\Z_l gZb[he__ [ebadbo Z ihlhf k_[y
Bgh]^Z \jZ`^_[ghklv [u\Z_l gZklhevdh kbevghc qlh __ gZebqb_ fh`gh h[tykgblv lhevdh
kms_kl\h\Zgb_f l_gb Xg] gZijZ\e_gghc ijhlb\ hij_^_e_ggh]h h[t_dlZ Q_eh\_d ^he`_g
agZlvwlmklhjhgmk\h_cebqghklbihgbfZyqlhhgZfh`_l[ulvhiZkghc^eyg_]h
@_eZgb_[ulvm[b\Z_fufFh`_lijhy\eylvky\ ijh\hdZpbbjZaghh[jZaguo kblmZpbc
ij_^klZ\eyxsbohiZkghklv^ey`bagb
< p_ehfij_^klZ\bl_ebikbohZgZeblbq_kdh]hgZijZ\e_gbyZgZebabjmxlkZfhm[bckl\ZdZd
ijhy\e_gb_ [he_ag_gguo f_oZgbafh\ b \ agZqbl_evgh f_gvr_c f_j_ jZkkfZljb\Zxl bo \
khpbZevghf ieZg_ < k\yab k wlbf ke_^m_l ih^q_jdgmlv qlh kh\j_f_ggu_ ikboheh]b b
ikbobZljug_ijb^_j`b\Zxsb_kyikbohZgZeblbq_kdbo\a]ey^h\ijb^Zxl[hevrh_agZq_gb_\
jZa\blbbkmbpb^gh]hih\_^_gbyikbobq_kdbfb g_\jhlbq_kdbfgZjmr_gbyf
Hq_\b^gh ijh[e_fZ kmbpb^gh]h ih\_^_gby ^hklZlhqgh keh`gZ b g_ fh`_l [ulv \h \k_o
kemqZyo h[tykg_gZ k lhqdb aj_gby h^gh]h ba gZa\Zgguo ih^oh^h\ \ g_c mqZkl\mxl b
khpbZevgu_ b ebqghklgu_ nZdlhju D lZdbf nZdlhjZf hlghkylky kihkh[ \hkijbylby
hdjm`Zxsbo ex^_ckblmZpbckh[kl\_gguoijh[e_f hkh[_gghklb fhlb\Zpbhgguoih^oh^h\
kbkl_fZ `bag_gguo p_gghkl_c `bag_gguc hiul oZjZdl_j \hkiblZgby kihkh[u ij_h^he_gby
ljm^ghkl_cb fgh]h_^jm]h_
< aZdexq_gb_ hlf_lbf qlh \ ij_^mij_`^_gbb mf_gvr_gbb jbkdZ kZfhm[bckl\ \
ihimeypbb\ qZklghklbkj_^bih^jhkldh\b ebpfheh^h]h\hajZklZbf__lagZq_gb_m\Z`_gb_\
h[s_kl\_d ebqghklbq_eh\_dZIjhr_^rb_]h^uoZjZdl_jbah\ZebkvgZebqb_f\ [u\r_fKKKJ
ij_g_[j_`_gby d ebqghklb h[uqgh]h q_eh\_dZ dhlhjuc ijbmqZeky qm\kl\h\Zlv k_[y ebrv
\bglbdhf h]jhfgh]h f_oZgbafZ Mgbqlh`Zehkv qm\kl\h g_ih\lhjbfhklb mgbdZevghklb
dZ`^hc bg^b\b^mZevghc `bagb D kh`Ze_gbx lZdh_ hlghr_gb_ d q_eh\_dm khojZgy_lky b \
kh\j_f_gghcJhkkbbijbh[j_lZy^jm]b_nhjfu\ujZ`_gby
>ey ij_^mij_`^_gby kZfhm[bckl\ g_h[oh^bfh \hkiblZgb_ \ q_eh\_d_ k ^_lkl\Z qm\kl\Z
kh[kl\_ggh]h^hklhbgkl\Z <Z`gh qlh[uq_eh\_d hsmsZe k_[y ebqghklvx m\Z`Ze k_[y k\hb
\a]ey^uj_r_gbymqbekyqm\kl\h\Zlv k\hx bg^b\b^mZevghklv b h[sghklv k ^jm]bfb p_gblv
g_ih\lhjbfhklvb [_kdhg_qgh_fgh]hh[jZab_`bagb
Q:KLV 9
G?IJH>HE@BL?EVGU?IKBOBQ?KDB?J:KKLJHCKL<:
DJ:LDH<J?F?GGH?IKBOBQ?KDH?J:KKLJHCKL<H
DjZldh\j_f_ggh_ ikbohlbq_kdh_ jZkkljhckl\h DIJ kh]eZkgh '60,9 oZjZdl_jbam_lky
\g_aZiguf gZqZehf Debgbq_kdZy dZjlbgZ fh`_l [ulv jZaebqghc L_f g_ f_g__ ^he`_g
ijbkmlkl\h\ZlvihdjZcg_cf_j_h^bgbake_^mxsboihablb\guo ikbohlbq_kdbo kbfilhfh\
]ZeexpbgZpbb [j_^h\u_ b^_b ^_ahj]Zgbah\ZggZy j_qv beb \ agZqbl_evghc kl_i_gb
^_ahj]Zgbah\Zggh_bebdZlZlhgbq_kdh_ih\_^_gb_
>ebl_evghklvDIJkhklZ\ey_lg_f_g__h^gh]h^gyb g_^he`gZ^hklb]Zlvh^gh]hf_kypZ
DIJ aZdZgqb\Z_lky [eZ]hijbylghiheguf \ha\jZlhf d ^h[he_ag_gghfm mjh\gx
nmgdpbhgbjh\Zgby
DIJ fh`_l jZa\b\Zlvky dZd ijb gZebqbb lZd b ijb hlkmlkl\bb nZdlhjZ ikbobq_kdhc
ljZ\fu < i_j\hf \ZjbZgl_ DIJ \hagbdZ_l \kdhj_ ihke_ ikbohljZ\fbjmxs_]h
kh[ulbykh[ulbc dhlhju_ fh]eb [u [ulv klj_kkh\ufb ihqlb ^ey dZ`^h]h ijb l_o `_
h[klhyl_evkl\Zob \jZfdZolhc`_dmevlmju
<h\lhjhf\ZjbZgl_DIJ\hagbdZ_l\g_\b^bfhck\yabkhklj_kkh\ufbnZdlhjZfblZdh]h
`_agZqbl_evgh]hoZjZdl_jZ
'60,9 \u^_ey_l lZd`_ \ dZq_kl\_ hl^_evgh]h ki_pbnbdZlhjZ ^ey jZa\blby DIJ
ihke_jh^h\hc i_jbh^ \ l_o kemqZyo dh]^Z \hagbdgh\_gb_ ikbohlbq_kdbo kbfilhfh\ bf__l
f_klh\ ij_^_eZoq_luj_og_^_evihke_jh^h\
DIJ\hagbdZxl\ jZaebqguodmevlmjZob bodebgbq_kdb_ijhy\e_gbykljmdlmjbjmxlky \
khhl\_lkl\bb k ljZ^bpbhggufb kl_j_hlbiZfb ih\_^_gby < ljZ^bpbhgguo h[s_kl\Zo DIJ
h[uqghijhl_dZxl\ \b^_^bkkhpbZlb\guok\yaZgguok dmevlmjhckbg^jhfh\
Hgb h[uqgh ^bZ]ghklbjmxlky dZd jZaebqgu_ nhjfu ^bkkhpbZlb\guo ljZgkh\uo
jZkkljhckl\Wlbkbg^jhfu\klj_qZxsb_ky\ ljZ^bpbhgguodmevlmjZofh]mlbf_lvkeh`gmx
kljmdlmjm ihkdhevdm iZlheh]bq_kdZy ^bkkhpbZpby qZklh \dexqZ_l \ k_[y g_ lhevdh kbg^jhf
ljZgkZghb h\eZ^_gby^moZfb< lbibqguokemqZyoh\eZ^_gbyiZpb_gl\_^_lk_[ydZd[m^lh
hg y\ey_lky ^jm]bf q_eh\_dhf \ dhlhjh]h \k_ebeky ^mo mf_jr_]h jh^kl\_ggbdZ beb khk_^Z
Khklhygb_ fh`_l khijh\h`^Zlvky kemoh\ufb b ajbl_evgufb ]ZeexpbgZpbyfb wibah^Zfb
km^hjh`ghih^h[gh]hlbiZ &ODQV )UHHGD)UHHG HKLJH?KLJ?KKH<H?J:KKLJHCKL<H
Hkljh_klj_kkh\h_jZkkljhckl\hHKJ\ k\h_fdebgbq_kdhfijhy\e_gbbihqlbb^_glbqgh
ihklljZ\fZlbq_kdhfmklj_kkh\hfmjZkkljhckl\m=eZ\gh_hlebqb_wlbo^\mokhklhygbc ² wlh
^ebl_evghklv b \j_fy \hagbdgh\_gby HKJ \hagbdZ_l \ bgl_j\Ze_ h^gh]h f_kypZ ihke_
ikbobq_kdhc ljZ\fu b _]h ijh^he`bl_evghklv g_ ij_\urZ_l q_luj_o g_^_ev ihke_ ljZ\fu
?keb ijh^he`bl_evghklv HKJ ij_\urZ_l h^bg f_kyp ^bZ]gha baf_gy_lky gZ ILKJ &DVWLOOR
RBAHNJ?GHNHJFGH?J:KKLJHCKL<H
Rbahnj_ghnhjfgh_ jZkkljhckl\h
y\ey_lky ikbohlbq_kdbf
gZjmr_gb_f
k
ikbohiZlheh]bq_kdbfbkbfilhfZfb\ hkgh\ghfoZjZdl_jgufb^eyrbahnj_gbb?^bgkl\_ggh_
agZqbfh_jZaebqb_aZdexqZ_lky\ ^ebl_evghklbkhklhygbyRbahnj_ghnhjfgh_jZkkljhckl\h\
hlebqb_hlrbahnj_gbbijh^he`Z_lkyg_f_g__h^gh]hghb g_[he__r_klbf_kyp_\
Kms_kl\mxsZy k_]h^gy deZkkbnbdZpbhggZy l_g^_gpby d\Zebnbpbjm_l gZjmr_gby
k\yaZggu_k ikbobq_kdhcljZ\fhcke_^mxsbfh[jZahf
hklju_ ikbobq_kdb_ gZjmr_gby ^eysb_ky hl h^gh]h ^gy ^h h^gh]h f_kypZ ghkysb_
gZa\Zgb_djZldh\j_f_ggu_hklju_ikbohau
gZjmr_gby ijbkihkh[e_gby ijhl_dZxsb_ k ih\_^_gq_kdbfb wfhpbhgZevgufb b
kf_rZggufb j_Zdpbyfb ^eysb_ky [he__ h^gh]h f_kypZ b g_ khijh\h`^Zxsb_ky
rbahnj_ghnhjfghcdZjlbghc
ihklljZ\fZlbq_kdb_klj_kkh\u_jZkkljhckl\Zbf_xsb_[he__ly`_euclbil_q_gby
< k\yab k hlkmlkl\b_f \ deZkkbnbdZpbyo '60 h[uqguo gZjmr_gbc ijhl_dZxsbo [_a
rbahnj_gbq_kdhc dZjlbgu \hagbdZxsbo ihke_ ikbobq_kdhc ljZ\fu b ^eysboky
djZldh\j_f_ggh kha^Z_lky \i_qZle_gb_ qlh wlb gZjmr_gby jZkkfZljb\Zxlky dZd h[uqgu_
j_Zdpbbq_eh\_dZdhlhjufg_ke_^m_lijb^Z\Zlvhkh[h]hagZq_gby< kemqZ_[hevr_ckl_i_gb
\ujZ`_gghklbwlbojZkkljhckl\boke_^m_lhlghkblvd \ur_i_j_qbke_ggufgZjmr_gbyf
Q:KLV 9,
G:JMR?GBYG:KLJH?GBY
Kh]eZkgh '60,9 d gZjmr_gbyfgZkljh_gbyhlghkylky
mgbiheyjgu_ ^_ij_kkbb [biheyjgu_ gZjmr_gby Z lZd`_ ^\Z \b^Z gZjmr_gbc
hkgh\u\Zxsboky gZ wlbheh]bb Z gZjmr_gby gZkljh_gby \ k\yab k h[sbf f_^bpbgkdbf
khklhygb_fb [gZjmr_gbygZkljh_gby\ua\Zggu_jZaebqgufb\_s_kl\Zfb
Mgbiheyjgu_ ^_ij_kkbb ^_ij_kkb\gu_ gZjmr_gby \dexqZxl [hevrh_ ^_ij_kkb\gh_
gZjmr_gb_ ^bklbfbq_kdh_ gZjmr_gb_ b ^_ij_kkb\gh_ gZjmr_gb_ [_a ^Zevg_cr_c
ki_pbnbdZpbb < j_Zevghklb ljZgkdmevlmjZevghc ikbobZljbb qZklh \klj_qZxlky iZpb_glu k
gZjmr_gbyfb gZkljh_gby dhlhju_ g_ mdeZ^u\Zxlky \ deZkkbnbdZpbx .LUPD\HU <RXQJ
+D\WRQ DeZkkbnbdZpbhggZy kbkl_fZ '60,9 hq_\b^gh ^he`gZ [ulv jZkrbj_gZ ihkj_^kl\hf
^Zevg_cr_]h \uoh^Z aZ ij_^_eu p_gljbjh\Zgghc gZ [he_agv iZjZ^b]fu jZkkfZljb\Zxs_c
lj_\h]m gZjmr_gby gZkljh_gby khfZlhnhjfgu_ khklhygby \ dZq_kl\_ hl^_evguo fha]h\uo
iZlheh]bc &DVWLOOR \u^\b]Z_l \ k\yab k wlbf b^_x h dhfhj[b^ghklb \ keh`guo
debgbq_kdbo kemqZyo Dhfhj[b^ghklv ih^jZamf_\Z_l h^gh\j_f_ggh_ kms_kl\h\Zgb_
g_kdhevdbo gZjmr_gbc gZijbf_j [hevrhc ^_ij_kkbb b ^bklbfbb beb [hevrhc ^_ij_kkbb b
dhg\_jkbhgguojZkkljhckl\
< gZklhys__ \j_fy bf_xlky ^Zggu_ h lhf qlh lj_\h]Z khfZlhnhjfgu_ jZkkljhckl\Z b
gZjmr_gby gZkljh_gby bf_xl fgh]h h[s_]h f_`^m kh[hc < kemqZyo ^_ij_kkbb h[uqgh
h[gZjm`b\Z_lkylj_\h]Zohlyg_\k_lj_\h`gu_iZpb_glu^_ij_kkb\gu %DUORZ 'L1DUGR
%DUORZ KhpbhdmevlmjZevgu_nZdlhjufh]mlkms_kl\_ggh\ebylvgZiZpb_glh\k wlbfb
dZl_]hjbyfb jZkkljhckl\ baf_gyy \ qZklghklb khhlghr_gby f_`^m ^_ij_kkb_c b lj_\h]hc
KhpbZevgh ^bkdjbfbgbjm_fu_ ebpZ ijhy\eyxl qZklh gbadmx kZfhhp_gdm \ j_amevlZl_
wdkiemZlZpbb g_jZ\ghijZ\by b mgb`_gby b m gbo jZa\b\Zxlky dhfhj[b^gu_ jZkkljhckl\Z
LZdb_ kblmZpbb oZjZdl_jgu ^ey lhlZeblZjguo b_jZjobq_kdbo h[s_kl\ ]^_ jZkkljhckl\Z
gZkljh_gby lj_\h]Z \hagbdZxl gZ nhg_ iheblbq_kdh]h l_jjhjZ wdhghfbq_kdh]h g_jZ\_gkl\Z
gbadh]h`bag_ggh]hmjh\gyKh^_j`Zgb_wlbogZjmr_gbcg_ihkj_^kl\_gghhljZ`Z_l\hfgh]bo
kemqZyo\ebygb_nZdlhjh\khpbZevgh]hklj_kkbjh\Zgby .OHLQPDQ >bkdjbfbgbjh\Zggu_
ebpZg_kmlgZk_[_dZd[ui_qZlvijhdZ`_gguo\ khagZgb_ex^_c\g_^jy_lkyhij_^_e_ggZy
ko_fZ hijZ\^Zgghc ^bkdjbfbgZpbb ih hlghr_gbx gZijbf_j d deZkkh\uf \jZ]Zf
\_jmxsbfebpZfijbgZ^e_`Zsbfd g_lhcj_eb]bhaghcdhgn_kkbbwlgbq_kdbf]jmiiZfb
^j Wlb ^bkdjbfbgZpbhggu_ ko_fu \ khagZgbb ihimeypbb fh]ml [ulv bgl_jgZebabjh\Zgu
kZfbfb ^bkdjbfbgbjm_fufb b lh]^Z hgb gZqbgZxl qm\kl\h\Zlv qlh hgb ^_ckl\bl_evgh
om`_ ^jm]bo ih^khagZl_evgh klZjZxlky gZclb \ k_[_ \gmlj_ggb_ ijbqbgu ijh[e_f
aZljZ]b\Zxsbo fgh]b_ klhjhgu bo `bagb Klb]fZlbabjh\Zggu_ lZdbf h[jZahf ebpZ ih
fg_gbx &DVWLOOR ih^\_j`_gu\hagbdgh\_gbxqm\kl\[_kihfhsghklbb [_agZ^_`ghklb<
k\yab k wlbf m gbo h[uqgh d kbfilhfZf lj_\h]b \ kemqZ_ __ jZa\blby ijbkh_^bgy_lky b
^_ij_kkby
1ROHQ+RHNVHPD h[jZsZ_l \gbfZgb_ gZ lh qlh \ KR: ihqlb ebp k [hevrhc
^_ij_kkb_cb ^bklbfb_ckhklZ\eyxl`_gsbgu:\lhj\ukdZau\Z_lij_^iheh`_gb_h lhf qlh
lZdh_ khhlghr_gb_ ih iheh\hfm ijbagZdm qZklbqgh k\yaZgh k khpbZevghc hj]ZgbaZpb_c ]^_
g_kfhljygZijhbkr_^rb_\ ihke_^gb_^_kylbe_lbybaf_g_gbyfm`qbgu^hfbgbjmxlb bf_xl
ijb\be_]bb \ lh \j_fy dZd fgh]b_ `_gsbgu ihij_`g_fm \hkiblZgu \ ^mo_ aZ\bkbfhklb b
ih^qbg_gbyih^\_j]Zxlky^bkdjbfbgZpbboZjZkkf_glmb ^j
JZkkljhckl\Z gZkljh_gby ih '60,9 wlh jZkkljhckl\Z ijb dhlhjuo gZjmr_gb_
gZkljh_gbyghkblij_h[eZ^ZxsbcoZjZdl_j
;hevrh_^_ij_kkb\gh_jZkkljhckl\hoZjZdl_jbam_lkygZebqb_fh^gh]hbeb[he__[hevrbo
^_ij_kkb\guowibah^h\
>bklbfbq_kdh_ jZkkljhckl\h oZjZdl_jbam_lky ih djZcg_c f_j_ ^\mfy ]h^Zfb
^_ij_kkb\gh]h gZkljh_gby \ l_q_gb_ [hevr_]h dhebq_kl\Z ^g_c [_a [hevrh]h ^_ij_kkb\gh]h
wibah^Z
>\hcgZy ^_ij_kkby hagZqZ_l h^gh\j_f_ggh_ gZebqb_ m h^gh]h b lh]h `_ iZpb_glZ
[hevrh]h ^_ij_kkb\gh]h jZkkljhckl\Z b ^bklbfbb ;biheyjgh_ , jZkkljhckl\h ijhy\ey_lky
\hagbdgh\_gb_f h^gh]h beb [he__ fZgbZdZevgh]h beb kf_rZgguo wibah^h\ dhlhju_ h[uqgh
kf_gyxlky[hevrbf^_ij_kkb\gufwibah^hf
;biheyjgh_ ,, jZkkljhckl\h oZjZdl_jbam_lky h^gbf beb [he__ [hevrbfb ^_ij_kkb\gufb
wibah^Zfbkf_gyxsbfbkyihdjZcg_cf_j_h^gbf]bihfZgbZdZevgufwibah^hf
;hevrhc>?IJ?KKB<GUCwibah^
;hevrhc ^_ij_kkb\guc wibah^ g_h[oh^bf ^ey ^bZ]ghaZ [hevrh]h ^_ij_kkb\gh]h
jZkkljhckl\Z b [biheyjgh]h I jZkkljhckl\Z hg fh`_l \oh^blv \ l_q_gb_ [biheyjgh]h ,
jZkkljhckl\Z
>ey mklZgh\e_gby [hevrh]h ^_ij_kkb\gh]h wibah^Z g_h[oh^bfu ih djZcg_c f_j_ ^\_
g_^_eb ^_ij_kkb\gh]h gZkljh_gby b g_ f_g__ q_luj_o ^h[Z\hqguo kbfilhfh\ ^_ij_kkbb
\dexqZxsbogZijbf_jbaf_g_gb_Zii_lblZkgZ\_kZl_eZZ lZd`_mklZehklvqm\kl\h\bgu
aZljm^g_gby fure_gby ih\lhjyxsb_ky fukeb h kZfhm[bckl\_ beb kmbpb^gu_ ihiuldb
OZjZdl_jgZihl_jykihkh[ghklbqm\kl\h\Zlvm^h\hevkl\b_K [hevrbf^_ij_kkb\gufwibah^hf
fh]ml khq_lZlvky kbfilhfu lj_\h]b b khfZlhnhjfgu_ jZkkljhckl\Z LZdbf h[jZahf bf__l
f_klhdhfhj[b^ghklv
FZgbZdZevgucwibah^
FZgbZdZevguc wibah^ g_h[oh^bf ^ey ^bZ]ghklbdb [biheyjgh]h , jZkkljhckl\Z hg
ijhy\ey_lky \ iZlheh]bq_kdb ih\ur_gghf wcnhjbq_kdhf beb jZa^jZ`bl_evghf gZkljh_gbb
dhlhju_ ^eylky ih djZcg_c f_j_ h^gm g_^_ex beb ex[hc ^ebl_evghklb _keb g_h[oh^bfZ
]hkiblZebaZpby >ey \_jbnbdZpbb fZgbZdZevgh]h wibah^Z g_h[oh^bfh gZebqb_ ih djZcg_c
f_j_lj_obeb[he__ijbagZdh\Ihke_^gb_\dexqZxl]jZg^bhaghklvkgb`_ggmxihlj_[ghklv
\h kg_ iZlheh]bq_kdh_ mkdhj_gb_ fure_gby hl\e_dZ_fhklv agZqbl_evgh_ \h\e_q_gb_ \
^hklZ\eyxsb_ m^h\hevkl\b_ Zdlb\ghklb k \ukhdbf jbkdhf g_]Zlb\guo ihke_^kl\bc
GZjmr_gb_^he`gh\uau\ZlvkhpbZevgu_bebijhba\h^kl\_ggu_ijh[e_fuFh]mlihy\eylvky
b^_b\_ebqbyb ]ZeexpbgZpbb
Kf_rZggu_wibah^u
Kf_rZgguc wibah^ hij_^_ey_lky dZd i_jbh^ ih djZcg_c f_j_ h^ghc g_^_eb
^ebl_evghklb ijb dhlhjhf ihqlb dZ`^uc ^_gv mklZgZ\eb\Zxlky jZkkljhckl\Z
khhl\_lkl\mxsb_dZdfZgbZdZevghfmlZdb [hevrhfm^_ij_kkb\ghfmwibah^ZfBf_xlf_klh
[ukljZykf_gZwcnhjbbb ^_ij_kkbboZjZdl_jgujZa^jZ`bl_evghklv[_kkhggbpZ\ha[m`^_gb_
]ZeexpbgZpbbb [j_^h\u_b^_bl_g^_gpbbd kmbpb^m
=bihfZgbZdZevgvcWIBAH>
=bihfZgbZdZevguc wibah^ ^eblky ih djZcg_c f_j_ q_luj_ ^gy < l_q_gb_ wibah^Z
iZpb_gl i_j_`b\Z_l i_jbh^bq_kdb ih\ur_ggh_ wdkiZgkb\gh_ beb jZa^jZ`bl_evgh_
gZkljh_gb_ >ey mklZgh\e_gby wibah^Z g_h[oh^bfu ih djZcg_c f_j_ ljb lZdbo ^h[Z\hqguo
kbfilhfZ dZd b^_b i_j_hp_gdb g_ ^hklb]Zxsb_ [j_^h\h]h oZjZdl_jZ hl\e_dZ_fhklv
ih\ur_ggZy \h\e_dZ_fhklv \ p_e_gZijZ\e_ggu_ Zdlb\ghklb kgb`_ggZy ihlj_[ghklv \ kg_
mkdhj_gb_ fure_gby \ujZ`_ggh_ klj_fe_gb_ d mqZklbx \ ^hklZ\eyxsbo m^h\hevkl\b_ b
k\yaZgguok jbkdhfg_]Zlb\guoihke_^kl\bcZdlb\ghklyo< hlebqb_hlfZgbZdZevgh]hwibah^Z
]bihfZgbZdZevguc wibah^ g_ khijh\h`^Z_lky [j_^h\ufb b^_yfb b ]ZeexpbgZpbyfb
khpbZevgufb b ijhn_kkbhgZevgufb gZjmr_gbyfb GZh[hjhl \ jy^_ kemqZ_\ fh`_l
gZ[ex^Zlvkym\_ebq_gb_ijh^mdlb\ghklbZdlb\baZpbyl\hjq_kdh]hihl_gpbZeZ
H^bg beb [he__ ]bihfZgbZdZevguo wibah^h\ g_h[oh^bfu ^ey ^bZ]ghaZ [biheyjgh]h ,,
jZkkljhckl\Zdhlhjh_oZjZdl_jbam_lkyj_dmjj_glgufb[hevrbfb^_ij_kkb\gufbwibah^Zfbk
bokf_ghck ]bihfZgbZdZevgufbwibah^Zfb
=bihfZgbZdZevgu_ wibah^u g_h[oh^bfu lZd`_ ^ey ^bZ]ghklbdb pbdehlbfbq_kdh]h
jZkkljhckl\Z ijb dhlhjhf ]bihfZgbZdZevgu_ i_jbh^u i_j_f_`Zxlky k i_jbh^Zfb fZeh
\ujZ`_gguo g_^hklZlhqguo ^ey ^bZ]ghklbjh\Zgby [hevrhc ^_ij_kkbb ^_ij_kkb\guo
kbfilhfh\
>bklbfby
>bklbfby [ueZ \\_^_gZ \ ]jmiim jZkkljhckl\ gZkljh_gby \ '60,,, >h wlh]h
iZpb_glu k ojhgbq_kdbfb fy]dbfb nhjfZfb ^_ij_kkbb ^bZ]ghklbjh\Zebkv \ jZfdZo
g_\jhlbq_kdhc ^_ij_kkbb ^_ij_kkb\ghc ebqghklb bkl_jhb^ghc ^bknhjbb $NLVNDO H[jZsZehkv\gbfZgb_gZagZqbl_evgmxj_abkl_glghklvwlbokhklhygbcd l_jZibb
>bklbfby oZjZdl_jbam_lky ojhgbq_kdbf l_q_gb_f g_ikbohlbq_kdbfb ijbagZdZfb b
kbfilhfZfb dhlhju_ g_ khhl\_lkl\mxl ^bZ]ghklbq_kdbf djbl_jbyf lj_[m_fuf ^ey
ihklZgh\db^bZ]ghaZ[hevrh]h^_ij_kkb\gh]hwibah^Z
>bZ]gha^bklbfbb^hklZlhqghwexab\_gWlhkhklhygb_qZklhg_^bZ]ghklbjm_lky\hh[s_
b fh`_l g_ hp_gb\Zlvky dZd ikbobq_kdh_ gZjmr_gb_ kZfbfb iZpb_glZfb G_kfhljy gZ
ojhgbq_kdbc fhghlhgguc oZjZdl_j ^bklbfbb __ l_q_gb_ fh`_l khijh\h`^Zlvky
wibah^bq_kdbfb mom^r_gbyfb khklhygby Wlb mom^r_gby iZpb_glu qZklh k\yau\Zxl k
jZaebqgufbikboh]_ggufbnZdlhjZfb
>bZ]ghklbdZ ^bklbfbb hkeh`g_gZ l_f h[klhyl_evkl\hf qlh \hkihfbgZgby h[
hkh[_gghklyo gZkljh_gby \ hl^Ze_ggu_ i_jbh^u `bagb gZijbf_j [he__ h^gh]h ]h^Z
g_^hklZlhqgh lhqgu < j_amevlZl_ fh`_l bf_lv f_klh dZd i_j_hp_gdZ lZd b g_^hhp_gdZ
^ebl_evghklbbgl_j\Zeh\g_khijh\h`^ZxsbokygZjmr_gbyfb 0RQWJRPHU\ DeZkkbnbdZpbhggZy ko_fZ ijb\h^bfZy \ '60,9 iha\hey_l agZqbl_evgh emqr_
hl]jZgbqblv ^bklbfbx hl [hevrhc ^_ij_kkbb Kh]eZkgh '60,9 iZpb_glu k ^bklbfb_c
^he`gu ijhy\eylv \ qZklghklb kgb`_ggh_ gZkljh_gb_ \ l_q_gb_ [hevr_c qZklb ^gy [hevr_
^g_cq_fg_lihdjZcg_cf_j_\ l_q_gb_^\moe_lKgb`_ggh_gZkljh_gb_mklZgZ\eb\Z_lkygZ
hkgh\Zgbb h[t_dlb\guo ^Zgguo beb gZ[ex^_gbc ^jm]bo ebp >ey ^bZ]ghklbdb lZd`_
g_h[oh^bfh gZebqb_ \h \j_fy kgb`_ggh]h gZkljh_gby ih djZcg_c f_j_ ^\mo ba ke_^mxsbo
gZjmr_gbc
² iehohcZii_lblbebi_j__^Zgb_
² [_kkhggbpZbebkhgeb\hklv
² mklZehklvbebkgb`_ggZyw g_j]by
² gbadZykZfhhp_gdZ
² keZ[Zydhgp_gljZpby\gbfZgbybebaZljm^g_gb_\ ijbgylbbj_r_gbc
² qm\kl\h[_kihfhsghklb
< l_q_gb_^\moe_lg_]hi_jbh^ZgZjmr_gby^he`ghijbkmlkl\h\Zlvkgb`_ggh_gZkljh_gb_
b ih djZcg_c f_j_ ^\Z ba i_j_qbke_gguo gZjmr_gbc [_a k\_leuo ijhf_`mldh\ ^eysboky
[he__^\mof_kyp_\
>he`gu hlkmlkl\h\Zlv ^Zggu_ h gZebqbb [hevrh]h ^_ij_kkb\gh]h wibah^Z \ l_q_gb_
i_j\uo^\moe_lgZjmr_gby
M iZpb_glh\gbdh]^Zg_[uehfZgbZdZevguobeb]bihfZgbZdZevguowibah^h\
< ^bZ]ghklbd_lZd`_^he`gu[ulvbkdexq_gu^jm]b_ikbobq_kdb_aZ[he_\ZgbygZebqb_
hj]Zgbq_kdh]h nZdlhjZ dhlhjuc fh] [u bf_lv agZq_gb_ \ \hagbdgh\_gbb b jZa\blbb
gZjmr_gbc G_h[oh^bfh bkdexq Zlv \ebygb_ ^ebl_evghc l_jZibb Zglb]bi_jl_gab\gufb
ij_iZjZlZfb
Kbfilhfu ^he`gu \uau\Zlv debgbq_kdb agZqbfuc ^bklj_kk beb gZjmr_gb_ \
khpbZevghcijhba\h^kl\_gghcZ lZd`_\ ^jm]boagZqbfuoh[eZklyonmgdpbhgbjh\Zgby
< ihke_^g__ \j_fy Zdlb\babjh\Zeky bgl_j_k ki_pbZebklh\ d ^bklbfbb qlh k\yaZgh \
qZklghklb k __ ^hklZlhqgh rbjhdbf jZkijhkljZg_gb_f Kh]eZkgh ^Zgguf bkke_^h\Zgbc
ijh\_^_gguo:f_jbdZgkdbfGZpbhgZevgufBgklblmlhfIkbobq_kdh]ha^hjh\vy hl ^h
ihimeypbb i_j_`b\Z_l ojhgbq_kdmx ^eysmxky [he__ ^\mo e_l ^_ij_kkbx Kms_kl\m_l
dhfhj[b^ghklv k ^jm]bfb jZkkljhckl\Zfb iZpb_glh\ k ^bklbfb_c h[gZjm`b\Zxl
[hevrmx ^_ij_kkbx aehmihlj_[e_gb_ ij_iZjZlZfb b jZaebqgu_ lj_\h`gu_ jZkkljhckl\Z
:HLVVPDQ/HDI%UXFHHWDO Hkgh\gufkbfilhfhf^bklbfbby\ey_lkykgb`_gb_gZkljh_gbyhibku\Z_fh_dZdqm\kl\h
]jmklb ih^Z\e_gghklb kgb`_gby bgl_j_kZ d fgh]bf y\e_gbyf IZpb_glu k ^bklbfb_c fh]ml
ij_^ty\eylv jZaebqgu_ `Zeh[u \ukdZau\Zlv qm\kl\h g_m^h\hevkl\by bgh]^Z [ulv
kZjdZklbqgufb djblbq_kdb gZkljh_ggufb dh \k_fm ijhbkoh^ys_fm Wlb khklhygby h[uqgh
oZjZdl_jbamxlky hlkmlkl\b_f eZ[bevghklb b
khijhlb\e_gb_f
\
hlghr_gbb
ikbohl_jZi_\lbq_kdhc dhjj_dpbb qlh fh`_l ijb\h^blv d gZjmr_gbx f_`ebqghklguo
dhglZdlh\k ikbohl_jZi_\lhfqe_gZfbk_fvbagZdhfufbb dhee_]ZfbihjZ[hl_
< jy^_ kemqZ_\ iZpb_glu i_j_\h^yl ijh[e_fm \ h[eZklv h[s_c f_^bpbgu l_jZibb
g_\jheh]bb ijhy\eyy ih\ur_ggmx haZ[hq_gghklv k\hbf khfZlbq_kdbf khklhygb_f
ij_^ty\eyxl`Zeh[ugZgZjmr_gb_jZ[hlhkihkh[ghklbaZljm^g_gb_\ dhgp_gljZpbb\gbfZgby
jZkk_ygghklvkh\_jr_gb_jy^Zhrb[hd
< hlebqb_ hl iZpb_glh\ k [hevrbfb ^_ij_kkb\gufb jZkkljhckl\Zfb hgb fh]ml
ijh_pbjh\Zlvk\hbg_]Zlb\gu_i_j_`b\ZgbygZhdjm`Zxsboh[\bgyybo\ lhfqlhboiehoh_
khklhygb_ h[tykgy_lky g_^hklZlhqguf d gbf \gbfZgb_f ih\ur_ggufb lj_[h\Zgbyfb
g_ihgbfZgb_f H[\bg_gby fh]ml [ulv h[jZs_gu d jh^kl\_ggbdZf agZdhfuf khljm^gbdZf
beb ghkblv [he__ Z[kljZdlguc oZjZdl_j ijb dhlhjhf h[\bgy_lky keh`b\rZyky kblmZpby \
p_ehf
IZpb_glu k ^bklbfb_c h[gZjm`b\Zxl ^hklZlhqgh qZklh k_dkmZevgu_ gZjmr_gby \
qZklghklbbfihl_gpbxqlhijb\h^blbod ihbkdmijhn_kkbhgZevghcihfhsbm k_dkhiZlheh]Z
M lZdbo iZpb_glh\ qZklh \hagbdZxl dZd k_f_cgu_ lZd b ijhba\h^kl\_ggu_ ijh[e_fu
Ijhba\h^kl\_ggu_ ijh[e_fu k\yaZgu k bo qZkluf hlkmlkl\b_f gZ jZ[hl_ b fZehc
ijh^mdlb\ghklvxBf_xlf_klhb ijh[e_fuk\yaZggu_k ZdZ^_fbq_kdhcmki_\Z_fhklvx
.DSODQ b 6DGRFN kqblZxlqlh^bklbfbyjZa\b\Z_lkyihkl_i_ggh\ kemqZ_\m ebp
^h e_lg_]h \hajZklZ IZpb_glu h[jZsZxsb_ky d ikbobZljZf qZklh kljZ^Zxl ^bklbfb_c
m`_ \ l_q_gb_ [he__ e_l ^he]h hlghkykv d wlbf kbfilhfZf dZd d q_fmlh ohly b
g_ijbylghfmgh_kl_kl\_gghfmk\hckl\_gghfmboijbjh^_
>bklbfbyfh`_lkf_gblvky[hevrhc^_ij_kkb_cqlhgZ[ex^Z_lkyijb[ebabl_evgh\ kemqZ_\^_ij_kkb_ck ]bihfZgbZdZevgufbwibah^Zfbijb[ebabl_evgh\ kemqZ_\b f_g__
q_f\ kemqZ_\ ² [biheyjgufbjZkkljhckl\Zfb .DSODQ6DGRFN < jy^_ kemqZ_\ iZpb_glu kljZ^Zxsb_ [hevrbf ^_ij_kkb\guf jZkkljhckl\hf
jZa\b\rbfky gZ nhg_ pbdehlbfbb h[jZsZxlky aZ ihfhsvx d ikbobZljZf lhevdh \ k\yab k
jZa\blb_f[hevrhc^_ij_kkbbL_jZibyZglb^_ij_kkZglZfbijb\h^blh[uqgh\ lZdhf\ZjbZgl_
d webfbgZpbb[hevrhc^_ij_kkbbghy\e_gby^bklbfbbijbwlhfhklZxlkyqlhdZdijZ\beh
ijb\h^bld kjZ\gbl_evgh[ukljhfmj_pb^b\m[hevrhc^_ij_kkbbk ihy\e_gb_fij_^klZ\e_gby
h g_^hklZlhqghc wnn_dlb\ghklb l_jZibb JZkihagZ\Zgb_ ^bklbfbb lj_[m_l [he__ ^ebl_evghc
ikbohnZjfZdheh]bq_kdhcl_jZibb
DMEVLMJ:EVGU?J:AEBQBY
DmevlmjZevgu_ nZdlhju \ebyxl kms_kl\_ggh gZ ijhy\e_gb_ gZjmr_gbc gZkljh_gby qlh
h[mkeh\e_gh jZaebqguf agZq_gb_f ijbibku\Z_fuf wfhpbhgZevguf khklhygbyf \ jZaguo
h[s_kl\Zo KhpbZevgZy hp_gdZ gZjmr_gbc gZkljh_gby \ jZaguo dmevlmjZo ijb\h^bl d
ki_pbnbq_kdbf km[t_dlb\guf i_j_`b\Zgbyf h^gbo b l_o `_ jZkkljhckl\ LZd \ g_dhlhjuo
h[s_kl\Zo ]jmklv b ^_ij_kkby \hh[s_ g_ kqblZxlky aZ[he_\Zgb_f b \ lh `_ \j_fy [hevrh_
agZq_gb_ ijb^Z_lky khfZlbq_kdbf kbfilhfZf 7VHQJ +VX >_ij_kkb\gu_ iZpb_glu \
wlbodmevlmjZoij_^ty\eyxl\ hkgh\ghfkhfZlbq_kdb_`Zeh[u(EHUW0DUWXV Qm\kl\h\bguy\ey_lky\Z`gufijbagZdhf[hevrhc^_ij_kkbb\ aZiZ^guokljZgZoghhgh
f_g__ qZklh \klj_qZ_lky ijb wlhf aZ[he_\Zgbb gZijbf_j \ BjZg_ 6DUWRULXV k khZ\lhjZfb
< [m^^bklkdhc dmevlmj_ ^_ij_kkby jZkkfZljb\Z_lky g_ dZd [he_agv Z dZd hkh[h_
^hklb`_gb_ ^moh\guc bgkZcl \hafh`ghklv ihgylv bklbggmx ijbjh^m \_s_c b fbjZ
&DVWLOOR ;m^^bklu kqblZxl qlh kZfh hkhagZgb_ q_eh\_dhf [_agZ^_`ghklb `bagb
ijbagZd ^_ij_kkbb gZ AZiZ^_ y\ey_lky hq_gv \Z`guf ^ey ba[jZgby Gh\h]h Imlb
wfhpbhgZevgh]h hlkljZg_gby hl kh[kl\_ggh]h l_eZ ex^_c b fZl_jbZevguo p_gghkl_c
Ijh^mdlb\gZy f_^blZpby g_\hafh`gZ [_a ]em[hdhc ^_ij_kkbb b ihwlhfm [_agZ^_`ghklv b
^_ij_kkbyk\ys_ggu
>_ij_kkb\gZy kbfilhfZlheh]by bf__l jZaghh[jZagu_ ijhy\e_gby b aZ\bkbl hl
ijbgZ^e_`ghklb iZpb_glZ d hij_^_e_gghc dmevlmj_ Wlhl nZdl ih^l\_j`^Zxl bkke_^h\Zgby
6DUWRULXV k khZ\lhjZfb bamqZ\r_]h ^_ij_kkb\guo iZpb_glh\ \ iylb kljZgZo DZgZ^_
Bg^bb BjZg_ Yihgbb b R\_cpZjbb :\lhjhf ZgZebabjh\ZeZkv km[t_dlb\gZy hp_gdZ
iZpb_glZfb k\hbo ^_ij_kkb\guo i_j_`b\Zgbc LZd qm\kl\h \bgu [ueh h[gZjm`_gh m r\_cpZjp_\ M bjZgp_\ wlh qm\kl\h [ueh ij_^klZ\e_gh lhevdh \ kemqZ_\ Wlb dmev
lmjZevgu_jZaebqby[uebh[gZjm`_gug_kfhljygZlhqlh\k_h[ke_^h\Zggu_iZpb_glubf_eb
\ukr__h[jZah\Zgb_[ueb\_kl_jgbabjh\Zgunmgdpbhgbjh\Zeb\ jZfdZoaZiZ^ghcdmevlmju
>Zggu_ ijh\_^_ggh]h bkke_^h\Zgby iha\hebeb k^_eZlv \u\h^ h lhf qlh \bgZ dZd kbfilhf
^_ij_kkbb [he__ lbibqgZ ^ey iZpb_glh\ aZiZ^guo h[s_kl\ < lh `_ \j_fy \ \hklhqguo
dmevlmjZo\uy\e_gZkhfZlbaZpby^_ij_kkbb@Zeh[ugZgZjmr_ggh_khfZlbq_kdh_khklhygb_
ijbkmlkl\h\Zeb m bjZgp_\ b m dZgZ^p_\ Hp_gb\Zy \uy\e_ggu_ nZdlu k
ljZgkdmevlmjZevghc lhqdb aj_gby fh`gh ijbclb d aZdexq_gbx h lhf qlh jZaebqgu_
dmevlmjZevgu_ ih^oh^u hij_^_eyxl dh]gbpbb wfhpbhgZevguo gZjmr_gbc Hq_\b^gh qlh
qm\kl\h \bgu qZs_ \hagbdZ_l \ aZiZ^guo h[s_kl\Zo Z khfZlbq_kdb_ kbfilhfu qZs_
\hagbdZxl\ ^jm]bo[he__khpbhp_gljbjh\Zgguoh[s_kl\Zo
JZkkfZljb\ZydmevlmjZevgu_Zki_dluijbqbg^_ij_kkbb7VHQJ b 6WUHOW]HU ijb\h^yl
kkueZykvgZjZ[hlm 8OULFK jZaebqgu_\_jh\Zgbyh ijbqbgZo^_ij_kkbbm lj_o`_gsbgba
h^ghc k_fvb \ Z]jZjghf jZchg_ X`ghc Bg^bb DZ`^Zy ba wlbo `_gsbg \ hij_^_e_gguc
i_jbh^ `bagb kljZ^ZeZ ^_ij_kkb_c FZlv ijbibku\ZeZ bo kljZ^Zgby h\eZ^_gbx ^mohf
KlZjrZy k_kljZi_j_`b\ZeZ ^_ij_kkbx dZd khfZlbq_kdmx ijh[e_fm feZ^rZy k_kljZ kqblZeZ
qlh __ i_j_`b\Zgby k\yaZgu k ^_ij_kkb_c Wlh bkke_^h\Zgb_ ih^l\_j`^Z_l iheh`_gb_ h lhf
qlh ih f_j_ lh]h dZd ljZ^bpbhggu_ dmevlmju \_kl_jgbabjmxlky kihkh[ kZfh\ujZ`_gby
iZpb_glh\ gZqbgZ_l ijb[eb`Zlvky d oZjZdl_jghfm ^ey aZiZ^guo iZpb_glh\ 0DUVHOOD Ke_^m_lih^q_jdgmlvqlhh[tykg_gb_ijbqbgu^_ij_kkbbh\eZ^_gb_f^moZfboZjZdl_jgh ^ey
ljZ^bpbhgghcdmevlmjukb[bjkdbolxjdh\Dhjhe_gdhFmoZf_^aygh\
D /XW] bkke_^h\Z\rZy ^_ij_kkbx \ Fbdjhg_abb h[gZjm`beZ qlh km[t_dlb\gh_
i_j_`b\Zgb_ ^_ij_kkbb ebpZfb ijh`b\Zxsbfb \ wlhf j_]bhg_ hlebqZ_lky hl lZdh\h]h gZ
AZiZ^_ Wlb i_j_`b\Zgby g_ dhgp_ilmZebabjmxlky fbdjhg_abcpZfb dZd [he_agv GZebqb_ m
q_eh\_dZ ^ebl_evgh]h ^_ij_kkb\gh]h gZkljh_gby kh]eZkgh bkke_^h\Zgbyf Z\lhjZ ]h\hjbl h
lhf qlh l_fhc _]h i_j_`b\Zgby y\ey_lky ihl_jy [ebadh]h q_eh\_dZ Q_eh\_d aZ^Z_l k_[_
\hijhkQlhkemqbehkv"K d_fy ihl_jyek\yav"Ijbqbghci_j_`b\Zgbcy\ey_lkyihl_jyggh_
hlghr_gb_ k ^jm]bf q_eh\_dhf g_ ihemqb\r__ Z^_d\Zlghc aZf_gu Q_eh\_d g_ mklZgh\be
dhglZdl k l_f dlh fh] [u aZf_gblv ihl_jyggh]h q_eh\_dZ LZdbf h[jZahf bf_xsZy f_klh
ijh[e_fZ moh^bl hl iZjZ^b]fu aZiZ^ghc ikbobZljbb p_gljbjh\Zgghc gZ [he_agv \ h[eZklv
^jm]hciZjZ^b]fu
D /XW] hlf_qZ_lqlh\ ihke_^g__^_kylbe_lb_\ j_amevlZl_\_kl_jgbaZpbb\ Fbdjhg_abb
ijhbahreb [hevrb_^jZfZlbq_kdb_ khpbhdmevlmjZevgu_ baf_g_gby Wlh \ua\Zeh j_adbc jhkl
kmbpb^h\LZdaZi_jbh^k ]]dhebq_kl\hkmbpb^h\m e_lgbofm`qbg\hajhkeh
\ jZaH[s__dhebq_kl\hkmbpb^h\aZi_jbh^k ]ih ]khklZ\eyeh q_eh\_dgZ
luk gZk_e_gby ih kjZ\g_gbx k KR: bf_xsbfb kmbpb^h\ gZ luk gZk_e_gby
'HVMDUODLV k khZ\lhjZfb JZkkfhlj_gb_ wlhc kblmZpbb lj_[m_l __ dhgp_ilmZebaZpbb k
bkihevah\Zgb_f khpbhdmevlmjZevgh]h ih^oh^Z LZd gZijbf_j jhkl kmbpb^h\ \ Fbdjhg_abb
[ue \ua\Zg fh^_jgbaZpb_c \k_o h[eZkl_c `bagb wlhc kljZgu < j_amevlZl_ fh^_jgbaZpbb
ljZ^bpbhggu_ khpbZevgu_ b j_eb]bhagu_ hj]ZgbaZpbb ih^^_j`b\Zxsb_ ex^_c b
hdZau\Zxsb_bfihfhsvbkq_aebEx^bhdZaZebkvbahebjh\Zggufbb g_ijbkihkh[e_ggufbd
gh\ufmkeh\byf`bagb
KZfhm[bckl\Z \ aZiZ^ghf h[s_kl\_ dhjj_ebjmxsb_ k ikbohiZlheh]b_c \
khpbhp_gljbq_kdboh[s_kl\Zo\ f_gvr_ckl_i_gbk\yaZguk ikbobZljbq_kdbfbijh[e_fZfb
HnbpbZevgZyklZlbklbdZkZfhm[bckl\\ Bg^bbgZijbf_j ihdZaZeZqlhhkgh\gufb
ijbqbgZfb kmbpb^h\ y\eyxlky khpbZevgu_ ijh[e_fu gZijbf_j lZdb_ dZd [he_agv kkhjZ k
kmijm]hf ex[h\gu_ ljZ]_^bb ijhlb\hj_qb_ k aZdhghf b lhevdh kemqZ_\ kmbpb^h\
'HVMDUODLV [ueb\ua\Zgu[_amfb_f
>bZ]ghklbdZ[hevrh]h^_ij_kkb\gh]hwibah^Z\ g_aZiZ^guodmevlmjZo^hklZlhqghljm^gZ
\ k\yab k jZaghh[jZaghc kbfilhfZlheh]b_c dhlhjZy fh`_l [ulv \ujZ`_gZ g_ lhevdh
khfZlbaZpb_c b qm\kl\hf \bgu gh b lZdbf \Z`guf we_f_glhf ^_ij_kkbb dZd kbfilhf
[_kihfhsghklb b g_kqZkleb\hklb q_eh\_dZ AZiZ^gu_ ikbobZlju ih^haj_\Zxsb_ m q_eh\_dZ
^_ij_kkbx\ jZaguodhgl_dklZoaZ^Zxl_fm\hijhkaZdexqZxsbcky\ lhfkqZkleb\ebhg<
wlbo h[s_kl\Zo gZ q_eh\_dZ \haeh`_gZ h[yaZgghklv [ulv beb klZjZlvky [ulv kqZkleb\uf
Hlkmlkl\b_m q_eh\_dZbgbpbZlb\u\ wlhfhlghr_gbbjZkkfZljb\Z_lkydZd_]hg_Z^_d\Zlghklv
W]hp_gljbaf kljmdlmjbjm_l b agZq_gb_ ^_ij_kkbb ?keb \u g_kqZkleb\u agZqbl \u
^_ij_kkb\guH^gZdh^Ze_dhg_\k_dmevlmjubkoh^ylbalZdh]hijbagZdZ< khpbhp_gljbqguo
dmevlmjZoebqghklgZyb^_glbqghklvijh_pbjm_lky[hevr_gZkhpbZevgmx]jmiimq_fgZk_[y
Ebqgh_ `_eZgb_ q_eh\_dZ ih^qbg_gh [eZ]hihemqbx ]jmiiu Bg^b\b^mZevgh_ khklhygb_
fZehagZqbfh\ dmevlmjZevghfdhgl_dkl_Q_eh\_dnbdkbjm_lkygZh[yaZgghklbihhlghr_gbxd
]jmii_Z g_gZgZebqbbm g_]hebqgh]hqm\kl\ZkqZklvy=jmklv\ khpbhp_gljbq_kdhfdhgl_dkl_
g_jZkkfZljb\Z_lkydZdikbobZljbq_kdh_gZjmr_gb_KqblZ_lkyqlh_keb\u]jmklguijh[e_fZ
g_ \ \Zk Z \ \Zr_f dhglZdl_ k hdjm`Zxsbfb \ khpbZevguo hlghr_gbyo =jmklv \ wlhf
dhgl_dkl_y\ey_lkyg_ebqghklgufkh[ulb_fZ ]jmiih\ufi_j_`b\Zgb_f
H
1HOO bamqZ\rZy\ebygb_mihlj_[e_gbyZedh]heygZ^_ij_kkbxmklZgh\beZl_kgmx
k\yav f_`^m ^_ij_kkb_c kmbpb^Zfb b ijh[e_fguf mihlj_[e_gb_f Zedh]hey :\lhj bamqZeZ
Zf_jbdZgkdboZ[hjb]_gh\\ j_a_j\Zpbyo]^_`bagvie_f_gbihl_jyeZljZ^bpbhggh_agZq_gb_
Kh\j_f_ggZy pb\bebaZpby ba[Z\beZ Z[hjb]_gh\ hl g_h[oh^bfhklb \uihegylv jZg__
kms_kl\mxsb_ `bag_ggh \Z`gu_ ^ey gbo Zdlb\ghklb qlh kihkh[kl\h\Zeh jhklm ^_ij_kkbc
ijh[e_fgh]h mihlj_[e_gby Zedh]hey b kmbpb^h\ Hkgh\ghc ijbqbghc wlbo y\e_gbc klZeh
gZjmr_gb_ ijbkihkh[e_gby b khpbZevguo k\ya_c :\lhjhf hlf_q_gh qlh g_dhlhjufb
bg^_cpZfb^_ij_kkbyjZkp_gb\Z_lkydZdijbagZdaj_ehklb
JZkkfhlj_gb_^_ij_kkb\guokhklhygbck ihabpbcljZgkdmevlmjZevgh]hZki_dlZiha\hey_l
ihgh\hfm ihkfhlj_lv gZ wlb y\e_gby \ mkeh\byo kh\j_f_gghc Jhkkbb LZd bkke_^h\Zgb_
^bZ]ghklbdb ^_ij_kkb\guo khklhygbc ikbobZljZfb jZaguo ]hjh^h\ Kb[bjb ihdZaZeh qlh
gZijbf_j \ k_\_jguo jZchgZo DjZkghyjkdh]h djZy b Ydmlbb gZ[ex^Z_lky ]bih^bZ]ghklbdZ
^_ij_kkb\guo khklhygbc dhlhju_ jZkkfZljb\Zxlky dZd nmgdpbhgZevgZy khfZlbq_kdZy
iZlheh]by
<B>U>?IJ?KKBC
Kms_kl\mxsZy k_]h^gy klZjZy deZkkbnbdZpbhggZy ko_fZ ^_ij_kkbc ^h kbo ihj g_
ihl_jy\rZy k\h_c ZdlmZevghklb y\ey_lky dZmaZevghc ko_fhc \dexqZxs_c \ k_[y ^_ij_kkbb
h[mkeh\e_ggu_ hj]Zgbq_kdbf nZdlhjhf hj]Zgbq_kdb_ ihjZ`_gby ]heh\gh]h fha]Z jZaebqghc
wlbheh]bb wg^h]_ggu_ ^_ij_kkbb \hagbdZxsb_ \ j_amevlZl_ j_ZebaZpbb gZke_^kl\_gghc
ij_^jZkiheh`_gghklbd jZa\blbxwlbokhklhygbcb ^_ij_kkbb\hagbdZxsb_ih^\ha^_ckl\b_f
ikboh]_gguo nZdlhjh\ gZau\Z_fuo jZg__ g_ hq_gv m^Zqgh j_Zdlb\gufb WlZ
deZkkbnbdZpbhggZy kljmdlmjZ gm`^Z_lky \ jZkrbj_gbb b m]em[e_gbb lZd dZd ^_ij_kkbb
k\yaZggu_ k \ha^_ckl\b_f ikboh]_gguo nZdlhjh\ wlh jZagu_ khklhygby bf_xsb_
jZaghh[jZagmxdebgbq_kdmxdZjlbgmb ijh]gha< gZklhys__\j_fy\u^_eyxlg_dhlhju_\b^u
^_ij_kkbc g_ jZkkfZljb\Z_fu_ jZg__ lZdb_ dZd gZjpbkkbq_kdZy wdabkl_gpbZevgZy b
Zg_fbq_kdZyihke_^gyyhq_gvZdlmZevgZ^eykh\j_f_gghcJhkkbb
< l_q_gb_ ^ebl_evgh]h \j_f_gb ki_pbZebklZfb g_ mqblu\Zehkv gZebqb_ lZdhc nhjfu
^_ij_kkbb dZd k_ahggZy WlZ ^_ij_kkby ZdlmZevgZy ^ey Kb[bjb \hagbdZ_l \ i_jbh^u
mf_gvr_gby k\_lh\uo qZkh\ Bamq_gb_ wlh]h khklhygby ihdZaZeh \hafh`ghklv _]h
ijhnbeZdlbdbb kfy]q_gbyk ihfhsvxexfbghl_jZibb
Wdabkl_gpbZevgZy Zg_fbq_kdZy ^_ij_kkby mqZklb\rZyky \ k\yab k baf_gb\rbfbky
mkeh\byfb `bagb \hagbdZ_l ijb g_khklhyl_evghklb klZjhc kbkl_fu p_gghkl_c m ex^_c
ijb\udrbo d hij_^_e_gghfm klbex `bagb bf_xsbo k bo lhqdb aj_gby g_au[e_fmx
b^_heh]bx< k\yabk hlkmlkl\b_fm lZdboex^_c^jm]bokbkl_fp_gghkl_cihl_jydhglZdlh\k
Zljb[mlZfb ihl_jygghc kbkl_fu p_gghkl_c kihkh[kl\m_l \hagbdgh\_gbx lZdh]h \b^Z
^_ij_kkbb <lhjuf g_h[oh^bfuf nZdlhjhf ^ey jZa\blby Zg_fbq_kdhc ^_ij_kkbb y\ey_lky
khpbZevgZy baheypby mljZlZ dhglZdlh\ k ij_`gbfb agZdhfuf ^jmavyfb b
_^bghfure_ggbdZfb
>_ij_kkbb k\yaZggu_ k ^_ckl\b_f khpbhikboheh]bq_kdbo klj_kkhjh\ \hagbdZxl \
kljmdlmj_gZjmr_gbcijbkihkh[e_gbyWlbjZkkljhckl\Zkh]eZkgh '60,9 fh]ml^eblvky^h
h^gh]h ]h^Z ?keb gZjmr_gby ijbkihkh[e_gby ^eylky [he__ h^gh]h ]h^Z wlh ^he`gh
gZklhjh`blv ki_pbZebklZ dhlhjuc fh`_l ijhimklblv i_jbh^ i_j_oh^Z gZjmr_gby
ijbkihkh[e_gby\ ^jm]h_khklhygb_khijh\h`^Zxs__ky\dexq_gb_fwg^h]_gguof_oZgbafh\
Ih^ wg^hj_Zdlb\gufb ^_ij_kkbyfb ih^jZamf_\Zxlky khklhygby dhlhju_ gZqZebkv dZd
j_Zdlb\gu_ gh aZl_f ihkl_i_ggh ijb [hevrhc ^ebl_evghklb i_j_reb \ jZajy^ wg^h]_gguo
Ikboh]_ggZy ^_ij_kkby hq_\b^gh \ lZdbo kemqZyo ijh\hpbjm_l jZa\blb_ wg^h]_gghc
^_ij_kkbb K_]h^gy l_jfbg wg^hj_Zdlb\ghklv ijbh[j_lZ_l [he__ rbjhdh_ agZq_gb_
jZkijhkljZgyykv gZ ^bZ]ghklbdm g_ lhevdh wg^hj_Zdlb\guo ^_ij_kkbc gh b wg^hj_Zdlb\guo
iZjZghb^h\
>_ij_kkbb ijb ihklljZ\fZlbq_kdbo klj_kkh\uo jZkkljhckl\Zo k\hckl\_ggu ex^yf
\_jgm\rbfkyk \h_gguo L^_ckl\bci_j_g_krbfhkh[hly`_eu_ikbobq_kdb_ljZ\fu
Debgbq_kdZy dZjlbgZ ^_ij_kkbc \h fgh]hf hdZau\Z_lky k\yaZgghc k dmevlmjhc k
hkh[_gghklvx h[s_kl\Z \ dhlhjhf hgZ jZa\b\Z_lky qlh \uau\Z_l hij_^_e_ggu_ ljm^ghklb \
^bZ]ghklbd_ wlbo khklhygbc < khagZgbb \jZqZ jZ[hlZxs_]h \ jZfdZo ljZ^bpbhgghc
deZkkbq_kdhc ikbobZljbb kms_kl\m_l ^bZ]ghklbq_kdZy ko_fZ hkgh\ghc Zdp_gl \ dhlhjhc
^_eZ_lkygZdeZkkbq_kdhc^_ij_kkb\ghcljbZ^_Hq_\b^ghwlhfh`_lhdZaZlvkyg_^hklZlhqguf
ijbd\ZebnbdZpbbkhklhygbcdebgbq_kdZydZjlbgZdhlhjuohlebqZ_lkyhldeZkkbq_kdhcLZd
gZijbf_j ^h kbo ihj lZdh_ khklhygb_ dZd ^bklbfby ijZdlbq_kdb g_ ^bZ]ghklbjm_lky Wlh
ijb\h^bl d lhfm qlh iZpb_glu k ^bklbfb_c `b\ml jZ[hlZxl \klmiZxl \ f_`ebqghklgu_
hlghr_gbyb ijbwlhfihklhygghgZdeZ^u\ZxlgZk\hx`bagvjy^h]jZgbq_gbckgb`Zxsbo__
dZq_kl\h < lh \j_fy dZd k\h_\j_f_ggZy ^bZ]ghklbdZ ^bklbfbb b ijbf_g_gb_
d\Zebnbpbjh\ZgguoikbohnZjfZdheh]bq_kdboih^oh^h\d dhjj_dpbbwlh]hkhklhygbyfh]eb[u
[ulvwnn_dlb\gufbiha\heyy\u\_klblZdboiZpb_glh\gZ^jm]mx`bag_ggmxhj[blm
Hjlh^hdkZevgucih^oh^d ^bZ]ghklbd_^_ij_kkbbijb\h^blgZijbf_jd lhfmqlhihke_
^hklb`_gby wnn_dlZ hl bkihevah\Zgby ij_iZjZlh\ ijb e_q_gbb [hevrh]h ^_ij_kkb\gh]h
gZjmr_gby^Zevg_cr__gZagZq_gb_ij_iZjZlZhlf_gy_lkyWlhijb\h^bld j_pb^b\mkhklhygby
lZd dZd ki_pbZebklZfb g_ mqblu\Z_lky \hafh`ghklv kms_kl\h\Zgby [hevrh]h ^_ij_kkb\gh]h
wibah^Z gZ ^bklbfbq_kdhf nhg_ D\Zebnbpbjh\ZggZy l_jZiby ^he`gZ [Zabjh\Zlvky gZ
ijh^he`_gbb e_q_gby ihke_ webfbgZpbb [hevrhc ^_ij_kkbb k mq_lhf hklZxs_]hky
^bklbfbq_kdh]h khklhygby dhlhjh_ g_ nbdkbjh\Zehkv dZd kZfbf iZpb_glhf lZd b
hdjm`Zxsbfbb jZkkfZljb\ZehkvdZdebqghklgu_hkh[_gghklbiZpb_glZ
< k\yabk \u^_e_gb_f\ '60,9 f_eZgohebq_kdh]hlbiZ^_ij_kkbbke_^m_lhlf_lblvqlh\
khagZgbb fgh]bo ikbobZljh\ ihgylb_ ^_ij_kkby b f_eZgoheby wd\b\Ze_glgu B wlh g_
kemqZcgh lZd dZd \ klZjuo deZkkbnbdZpbyo ikbobq_kdbo [he_ag_c kms_kl\h\Zeb
\aZbfhaZf_gyxsb_ky l_jfbgu ²bg\hexpbhggZy ^_ij_kkby b bg\hexpbhggZy f_eZgoheby K
lhqdb aj_gby fgh]bo ikbobZljh\ wlb khklhygby gbq_f g_ hlebqZebkv ^jm] hl ^jm]Z ohly gZ
kZfhf ^_e_ f_eZgoheby bf__l \Z`gmx ki_pbnbdm aZdexqZxsmxky \ lhf qlh wlh hkh[uc
kmi_jwg^h]_gguclbigZjmr_gby
Kms_kl\m_l jZagbpZ \ hibkZgbb f_eZgohebq_kdh]h lbiZ \ '60,9 b \ '60,,,5
aZdexqZxsZyky \ lhf qlh \ '60,,,5 g_ h[jZsZ_lky \gbfZgb_ gZ lh qlh f_eZgohebq_kdbc
lbi ² wlh hkh[h_ khklhygb_ oZjZdl_jbamxs__ky g_kihkh[ghklvx iZpb_glZ gZ \_j[Zevghf
mjh\g_\ujZablvk\hbi_j_`b\Zgby
Kh \k_fb l_jfbgZfb ij_^eZ]Z_fufb \jZqhf iZpb_glm ^ey hibkZgby k\h_]h khklhygby
lZdbfb gZijbf_j dZd kgb`_ggh_ gZkljh_gb_ lhkdZ fjZqghklv hg kh]eZrZ_lky Gh _]h
kh]eZkb__klvg_qlhbgh_dZdj_amevlZlkm]]_klbbGZkZfhf^_e_iZpb_glg_gZoh^blkeh\
^eyhibkZgbyk\h_]hkhklhygbylZddZdhghdZq_kl\_gghhlebqZ_lkyhll_okhklhygbcdhlhju_
_fmdh]^Zeb[hjZgvr_ijbrehkvi_j_`blv
Wlhfmlbim^_ij_kkbbk\hckl\_gguke_^mxsb_^bZ]ghklbq_kdb_djbl_jbb
ihl_jy bgl_j_kZ dh \k_f \b^Zf Zdlb\ghklb b g_\hafh`ghklv ihemqblv hl q_]heb[h
m^h\hevkl\b_^Z`_gZdhjhldh_\j_fy
dhe_[ZgbygZkljh_gbyijbdhlhjuoiZpb_glom`_k_[yqm\kl\m_l\ mlj_ggb_qZku
jZgg__mlj_gg__ijh[m`^_gb_gZ qZkZjZgvr_h[uqgh]h
ikbohfhlhjgh_gZjmr_gb_kgb`_gb_bebih\ur_gb_Zdlb\ghklb
ihl_jyZii_lblZ
f_eZgohebq_kdbc lbi gZkljh_gby L_jZiby Zglb^_ij_kkZglZfb ijb f_eZgohebq_kdhf
lbi_ y\ey_lky _^bgkl\_gguf wnn_dlb\guf l_jZi_\lbq_kdbf ih^oh^hf Dh]gblb\gZy
ikbohl_jZibyg_wnn_dlb\gZ
GZjy^mk hkgh\gufblbiZfb^_ij_kkb\guogZjmr_gbcihemqb\rboijZ\Z]jZ`^Zgkl\Z\
ikbobZljbb jZaebqguo kljZg \u^_eyxlky wd\b\Ze_glu ^_ij_kkbb kdjulu_ nhjfu GZ
k_]h^gyrgbc ^_gv ij_^klZ\ey_lky \hafh`guf \u^_eylv \ dZq_kl\_ lZdbo wd\b\Ze_glh\
ke_^mxsb_khklhygby
\g_aZigZyihl_jy\hebk g_`_eZgb_fqlheb[h^_eZlvLhqlhjZgvr_dZaZehkvq_eh\_dm
bgl_j_kgufb ijb\e_dZl_evgufl_jy_l^eyg_]hk\hbiheh`bl_evgu_oZjZdl_jbklbdbIhl_jy
\hebk lhqdbaj_gbykh\j_f_ggh]hikbohZgZebaZ\ua\ZgZgZjmr_gb_fk\yabk ih^khagZgb_f
lZddZd\hey\hfgh]hfk\yaZgZk bfimevkZfbb^msbfbbaih^khagZgby
klj_fe_gb_d gh\uf\b^Zfm^h\hevkl\byk [ukljufbkq_agh\_gb_fbgl_j_kZd gbf
hkpbeebjh\Zgb_f_`^m[ukljhcmlhfey_fhklvxb ih\ur_gghcZdlb\ghklvx:dlb\gh_
gZqZeh^gy kf_gy_lkyiZkkb\guf khklhygb_f k\yaZgguf k g_o\Zldhc wg_j]bb KZf iZpb_gl
iulZ_lkyh[tykgblvwlhy\e_gb_gZebqb_fkhfZlbq_kdh]haZ[he_\Zgbyqlh\ ^_ckl\bl_evghklb
y\ey_lkykdjulhcnhjfhc^_ij_kkbb
bkq_agh\_gb_ qm\kl\Z hl\_lkl\_gghklb g_bkiheg_gb_ h[yaZl_evkl\ k ihke_^mxsbf
ihy\e_gb_fqm\kl\Zklu^Zb \bguqlhklZgh\blkykh^_j`Zgb_f^_ij_kkb\guoi_j_`b\Zgbc
G_dhlhju_ khklhygby dZaZehkv [u h[tykgbfu_ ikboheh]bq_kdbfb ijbqbgZfb gZ kZfhf
^_e_ y\eyxlky hljZ`_gb_f ^_ij_kkb\guo gZjmr_gbc GZijbf_j rdhevgZy nh[by fh`_l
y\eylvkywd\b\Ze_glhf^_ij_kkb\gh]hkhklhygby
<gbfZgb_ ki_pbZebklh\ ^he`gh [ulv h[jZs_gh gZ lh qlh ^_ij_kkby fh`_l bf_lv
g_h[uqgmx debgbq_kdmx dZjlbgm LZd gZijbf_j \u^_ey_fu_ E_hg]Zj^hf nhjfu
Znn_dlb\guoikbohah\\ gZklhys__\j_fyg_dh^bnbpbjmxlkyghlj_[mxlbojZkihagZ\Zgby
LZd gZijbf_j ijb ^bZ]ghklbd_ khklhygby d\Zebnbpbjm_fh]h dZd [_^ghklv wfhpbhgZevgh]h
mqZklby ihfhsv dZd ikboheh]h\ lZd b ikbohl_jZi_\lh\ fZehj_amevlZlb\gZ ;he__ lh]h \
l_jZibb wlh]h khklhygby ke_^m_l hjb_glbjh\Zlvky gZ [he__ ^ebl_evgmx l_jZibx
Zglb^_ij_kkZglZfbk ijbf_g_gb_fbo[hevrbo^ha
>_ij_kkbbfh]mlkhq_lZlvkyk ikbobq_kdbfbgZjmr_gbyfb^jm]h]hoZjZdl_jZgZijbf_jk
[j_^h\ufb b^_yfb ]ZeexpbgZpbyfb dZlZlhgbq_kdbfb khklhygbyfb Ihke_^gb_ fh]ml
ijhy\eylvky lZdbfb kbfilhfZfb dZd fhlhjgZy g_fh[bevghklv wdkp_kkb\gZy fhlhjgZy
Zdlb\ghklvg_k\yaZggZyk \g_rgbfbklbfmeZfb\ujZ`_ggucg_]Zlb\bafg_fhlb\bjh\Zggh_
khijhlb\e_gb_\kydh]hjh^ZbgkljmdpbyffmlbafwoheZebyb wohijZdkby
P_eb h[e_]q_gby ^bZ]ghklbdb kem`bl ki_pbnbdZlhj Zlbibqghklb ^_ij_kkbc D
Zlbibqghklbhlghkylky
j_Zdlb\ghklv gZkljh_gby :lbibqguc ^_ij_kkb\guc [hevghc fh`_l iheh`bl_evgh
j_Z]bjh\Zlv gZ iheh`bl_evgh_ kh[ulb_ \ hlebqb_ hl deZkkbq_kdh]h ^_ij_kkb\gh]h [hevgh]h
Ihwlhfmikbohl_jZibyijbjZ[hl_k lZdbfiZpb_glhffh`_l[ulv[he__wnn_dlb\ghc
]bi_jkhfgby
k\bgph\uciZjZebqijhy\eyxsbckyqm\kl\hfly`_klb
\ jmdZob gh]Zo
GZebqb_m iZpb_glZijbagZdh\Zlbibqghklbg_^he`gh^_ahjb_glbjh\Zlv\jZq_clZd dZd
ijbf_gy_fZy^eye_q_gby^_ij_kkbbl_jZibya^_kvlZd`_hdZau\Z_lkywnn_dlb\ghc
< nZjfZdheh]bq_kdhcl_jZibb^_ij_kkb\guokhklhygbc qj_a\uqZcgmx \Z`ghklv dZd ^ey
ki_pbZebklh\ lZd b ^ey kZfbo iZpb_glh\ ij_^klZ\ey_l ihgbfZgb_ lh]h qlh ijhbkoh^bl k
lZdbf \Z`guf ijbagZdhf dZd khg ijb ^_ij_kkbb D kh`Ze_gbx rbjhdh jZkijhkljZg_gh
fg_gb_ h lhf qlh _keb q_eh\_d iehoh kibl wlh \k_]^Z iehoh Hdheh ^_ij_kkb\guo
iZpb_glh\ kqblZxl qlh bo ijh[e_fu k\yaZgu ij_`^_ \k_]h k iehobf kghf B _keb ijb_f
ij_iZjZlh\ \j_f_ggh mom^rZ_l khg Z jy^ Zglb^_ij_kkZglh\ khg ^_ckl\bl_evgh mom^rZ_l lh
wlhk lhqdbaj_gbyiZpb_glZkh\k_fiehoh< ih^h[guokblmZpbyoh[yaZgghklvxki_pbZebklh\
y\ey_lky jZatykg_gb_ iZpb_glZf qlh gZjmr_gb_ kgZ ² wlh \k_]h ebrv h^bg ba ijbagZdh\
^_ij_kkbb qlh ihiuldZ ijhklh memqrblv khg ijb\_^_l ebrv d mom^r_gbx khklhygby
IZpb_glZ ke_^m_l bgnhjfbjh\Zlv qlh gZjmr_gb_ kgZ g_ y\ey_lky iehobf ijh]ghklbq_kdbf
ijbagZdhf Z gZh[hjhl wlh ohjhrbc ijbagZd lZd dZd \ jy^_ kemqZ_\ ^_ij_kkby e_qblky
^_ijb\Zpb_ckgZgZjy^mk ikbohnZjfZdheh]bq_kdbfbe_dZjkl\ZfbWlbh[tykg_gby\Z`gulZd
dZd m iZpb_glh\ f_gy_lky ij_^klZ\e_gb_ h y\e_gbb ijZ\bevgh_ ihgbfZgb_ dhlhjh]h
ij_^mij_`^Z_l^jZfZlbaZpbxkh[ulbcb kha^Z_lgh\mxihablb\gmxfhlb\Zpbx
Q:KLV 9,,
RBAHNJ?GBY
Rbahnj_gbyy\ey_lkywg^h]_ggufikbobq_kdbfgZjmr_gb_fdhlhjh_kh]eZkgh '60,9
^eblky ih djZcg_c f_j_ f_kyp_\ b \dexqZ_l ih djZcg_c f_j_ h^bg f_kyp gZebqby
kbfilhfh\ Zdlb\ghc nZau :dlb\gZy nZaZ ^he`gZ [ulv ij_^klZ\e_gZ ^\mfy beb [he__
ke_^mxsbfb ijbagZdZfb ]ZeexpbgZpbb [j_^h\u_ b^_b agZqbl_evgh ^_ahj]Zgbah\Zggh_ beb
dZlZlhgbq_kdh_ih\_^_gb_^_ahj]Zgbah\ZggZyj_qvg_]Zlb\gu_ijbagZdb
Rbahnj_gby ijhy\ey_lky ikbohlbq_kdbfb jZkkljhckl\Zfb L_jfbg ikbohlbq_kdbc
ih^jZamf_\Z_l agZqbl_evgh_ gZjmr_gb_ \ hp_gd_ j_Zevghklb beb ikboh^bgZfbq_kdb
hij_^_ey_lkydZdihl_jyk\yab HJR k j_Zevghklvx
< '60,9 ijb\h^ylkyjZaebqgu_kh^_j`Zgbyl_jfbgZikbohlbq_kdbc\ aZ\bkbfhklbhl
dhgl_dklZ_]hmihlj_[e_gby
ih hlghr_gbx d rbahnj_gbb rbahnhjfguf rbahZnn_dlb\guf gZjmr_gbyf
dhjhldbf ikbohlbq_kdbf gZjmr_gbyf l_jfbg ikbohlbq_kdbc ijbf_gy_lky \ kemqZyo gZebqby
[j_^h\uo b^_c ]ZeexpbgZpbc g_ khijh\h`^Zxsboky bgkZclhf ^_ahj]Zgbah\Zgghc j_qvx
^_ahj]Zgbah\ZggufbebdZlZlhgbq_kdbfih\_^_gb_f
ihhlghr_gbxd gZjmr_gbyfikbohlbq_kdh]hoZjZdl_jZjZa\b\rbfky\ k\yabk h[sbf
f_^bpbgkdbf khklhygb_f l_jfbg ikbohlbq_kdbc hlghkblky lhevdh d l_f [j_^h\uf b^_yf
beb]ZeexpbgZpbyfd dhlhjufhlkmlkl\m_lbgkZcl
\ kemqZyo [j_^h\uo jZkkljhckl\ bg^mpbjh\Zgguo ikbohah\ l_jfbg ikbohlbq_kdbc
wd\b\Ze_gl_g[j_^h\ufjZkkljhckl\Zf
< '60,, b ,&' l_jfbg ikbohlbq_kdbc hp_gb\Zeky gZ hkgh\Zgbb ly`_klb
nmgdpbhgZevgh]h gZjmr_gby < k\yab k wlbf ikbobq_kdh_ jZkkljhckl\h hij_^_eyehkv dZd
ikbohlbq_kdh_ _keb _]h j_amevlZlhf kh]eZkgh '60,, y\eyehkv khklhygb_ \ agZqbl_evghc
kl_i_gbgZjmrZxs__kihkh[ghklvq_eh\_dZkhhl\_lkl\h\Zlvh[uqguflj_[h\Zgbyf`bagb
KBFILHF:LBD:RBAHNJ?GBB
< ebl_jZlmj_ ihk\ys_gghc debgbd_ rbahnj_gbb ih^jh[gh hibkZgu ijbagZdb
\dexqZxsb_ \ k_[y p_euc jy^ dh]gblb\guo b wfhpbhgZevguo ^bknmgdpbc dZkZxsboky
\hkijbylby dhffmgbdZpbb ih\_^_gby Znn_dlZ ijh^mdlb\ghklb fure_gby b j_qb
]_^hgbklbq_kdhckihkh[ghklb\he_\uonmgdpbcb \gbfZgby
Gb h^gh ba ij_^klZ\e_gguo gZjmr_gbc [m^mqb bahebjh\Zgguf g_ y\ey_lky
iZlh]ghfhgbqguf^eyrbahnj_gbb>bZ]ghawlh]haZ[he_\Zgby\dexqZ_l\ k_[yjZkihagZ\Zgb_
dhgkl_eeypbc ijbagZdh\ b kbfilhfh\ khq_lZxsboky k gZjmr_gb_f khpbZevgh]h b
ijhn_kkbhgZevgh]hnmgdpbhgbjh\Zgby
OZjZdl_jgu_ ^ey rbahnj_gbb ijbagZdb fh]ml [ulv jZa^_e_gu gZ ihablb\gu_ b
g_]Zlb\gu_
Ihablb\gu_ ijbagZdb \ujZ`Zxlky \ mkbe_gbb beb gZjmr_gbb ghjfZevghc ikbobq_kdhc
nmgdpbb
G_]Zlb\gu_ijbagZdb\ujZ`Zxlky\ hkeZ[e_gbbbebihl_j_ghjfZevguonmgdpbcb fh]ml
aZljZ]b\Zlv
² bgl_gkb\ghklv b ki_dlj wfhpbhgZevgh]h \ujZ`_gby Znn_dlb\gh_ miehs_gb_
ijbgbfZxs_]hf_g__[h]Zlmx[he__fhghlhggmxb h^ghh[jZagmxnhjfm
² ijh^mdlb\ghklvfure_gbyb j_qbklZgh\ysbokyfZehijh^mdlb\gufb
²gZjmr_gb_ p_e_gZijZ\e_ggh]h ih\_^_gby Kbfilhf ij_^klZ\ey_l kh[hc km[t_dlb\gh_
i_j_`b\Zgb_ iZpb_glhf lh]h beb bgh]h jZkkljhckl\Z ijbagZd y\ey_lky h[t_dlb\gh
mklZgZ\eb\Z_fufjZkkljhckl\hfWlbl_jfbguqZklhg_^bnn_j_gpbjmxlky
IkbobZljuh[jZsZxl\gbfZgb_gZlhqlhiZpb_gluqZklhba[_]Zxlajbl_evgh]hdhglZdlZ
k kh[_k_^gbdhf Bo j_qv oZjZdl_jbam_lky [_^ghklvx kl_j_hlbighklvx EZdhgbqghklv j_qb
fh`_l [ulv k\yaZgZ k g_`_eZgb_f iZpb_glZ h[sZlvky <ujZabl_evghklv fbfbdb b
l_eh^\b`_gbc kgb`_gZ <gbfZgb_ ki_pbZebklh\ ^he`gh [ulv h[jZs_gh g_ lhevdh gZ
ih\_^_gb_ iZpb_glZ \h \j_fy ^bZ]ghklbq_kdh]h bgl_j\vx gh b _]h Zdlb\ghklv \ ^jm]bo
mkeh\byo gZijbf_j hkh[_gghklv _]h h[s_gby k jh^kl\_ggbdZfb agZdhfufb Ke_^m_l
mqblu\ZlvdZdiZpb_glkijZ\ey_lkyk `bag_ggufbljm^ghklyfbgZkdhevdhhgijbkihkh[e_gd
`bagb \ p_ehf >ey ikbobZljh\ \Z`gh [ulv fZdkbfZevgh hklhjh`guf ijb ^bZ]ghklbd_
g_]Zlb\guoijbagZdh\ihgbfZlvqlhboh[t_dlb\baZpby^hklZlhqghkeh`gZy
Bkdexq_gb_ba '60,,,5 b '60,9 ijhklhcnhjfurbahnj_gbbk\yaZghk g_^hklZlhqghc
h[t_dlb\baZpb_c g_]Zlb\guo ijbagZdh\ b \ hij_^_e_gghc f_j_ y\ey_lky j_Zdpb_c gZ
]bi_j^bZ]ghklbdm rbahnj_gbb gZ hkgh\Zgbb km[t_dlb\gh mklZgZ\eb\Z_fuo g_]Zlb\guo
jZkkljhckl\
G_]Zlb\gu_ ijbagZdb fh]ml [ulv hrb[hqgh ^bZ]ghklbjh\Zgu \ j_amevlZl_ \ebygby
jZaebqguonZdlhjh\kj_^bdhlhjuogZb[he__qZklh\klj_qZxlkyke_^mxsb_
bkoh^gZygZkljh_gghklvikbobZljZgZmklZgh\e_gb_g_]Zlb\guoijbagZdh\k\yaZggZyk
bg^hdljbgbjh\Zgghklvx\ ieZg_jZkrbj_gghc^bZ]ghklbdbrbahnj_gbb
\hafh`ghklv\lhjbqgh]hjZa\blbyijbagZdh\gZihfbgZxsbog_]Zlb\gu_\ j_amevlZl_
\ebygby ijh^mdlb\guo ikbohlbq_kdbo ijbagZdh\ LZd gZijbf_j ijb \dexq_gbb \ [j_^h\mx
b^_x ij_ke_^h\Zgby k\hbo jh^kl\_ggbdh\ iZpb_gl fh`_l g_ \klmiZlv k gbfb \ dhglZdl b g_
ijhy\eylv ij_`gbo iheh`bl_evguo wfhpbc G_]Zlb\gu_ ijbagZdb lZd`_ hrb[hqgh
mklZgZ\eb\Zxlky ijb hp_gd_ iZpb_glh\ k ]ZeexpbgZlhjgufb i_j_`b\Zgbyfb ijb dhlhjuo
]hehkZaZij_sZxlbf\klmiZlv\ dhglZdlk hdjm`Zxsbfb
g_]Zlb\gu_ijbagZdbfh]ml[ulvkimlZguk ^_ij_kkb_c^bknhjb_c
nmgdpbhgZevgu_ g_]Zlb\gu_ ijbagZdb g_j_^dh \ua\Zgu hljbpZl_evguf \ebygb_f
hdjm`Zxs_c h[klZgh\db gZijbf_j ]bihklbfmeypb_c \ [hevgbqghc h[klZgh\d_
ki_pbnbq_kdbfb mkeh\byfb b kbkl_fhc hlghr_gbc \ ikbobZljbq_kdbo klZpbhgZjZo
Klbfmebjh\Zlvb ih^^_j`b\ZlvnmgdpbhgZevgu_g_]Zlb\gu_ijbagZdbfh`_lg_[eZ]hijbylgZy
ikboheh]bq_kdZy h[klZgh\dZ \ k_fv_ k\yaZggZy k qj_af_jguf dhgljhe_f g_^h\_jb_f
hjb_glbjh\Zgghklvxjh^kl\_ggbdh\gZg_[eZ]hijbylgh_jZa\blb_aZ[he_\Zgby
Kh\j_f_ggZy ikbobZljby bkihevam_l l_jfbg [baZjgu_ ² g_h[uqgu_ [j_^h\u_ b^_b
dhlhju_ ijhlb\hihklZ\eyxl [j_^h\uf b^_yf ^jm]h]h kh^_j`Zgby G_kfhljy gZ lh qlh
[baZjgu_ b^_b y\eyxlky hkh[_ggh oZjZdl_jgufb ^ey rbahnj_gbb hp_gblv nZdlhj
g_h[uqghklb ^hklZlhqgh keh`gh ohly [u ihlhfm qlh lh qlh kqblZ_lky g_h[uqguf ^ey
h^gh]h q_eh\_dZ g_ y\ey_lky lZdh\uf ^ey ^jm]h]h hkh[_ggh _keb wlb ex^b ijbgZ^e_`Zl d
jZaguf dmevlmjZf LZd gZijbf_j ih^ g_h[uqghklvx \ aZiZ^guo dmevlmjZo ihgbfZxlky
[j_^h\u_b^_bk\yaZggu_k hlgylb_fb \deZ^u\Zgb_ffuke_cqlhg_hlghkblkyd g_h[uqghklb
\ ^jm]bo dmevlmjZo Kh]eZkgh '60,9 gZebqb_ g_h[uqguo [j_^h\uo b^_c y\ey_lky
^hklZlhqguf^ey^bZ]ghklbdbrbahnj_gbb
>ey rbahnj_gbq_kdh]h ijhp_kkZ oZjZdl_jgu [j_^h\u_ b^_b jZa\b\Zxsb_ky gZ hkgh\_
[j_^h\h]h \hkijbylby b y\eyxsb_ky \Z`guf ^bZ]ghklbq_kdbf ijbagZdhf Ijb gZebqbb
iZjZghb^gh]h khklhygby g_ mdeZ^u\Zxs_]hky \ jZfdb rbahnj_gbb [j_^h\u_ b^_b
jZa\b\Zxlkyg_gZhkgh\_[j_^h\h]h\hkijbylbydhlhjh_\ wlbokemqZyohlkmlkl\m_l;j_^h\h_
\hkijbylb_ijbrbahnj_gbbij_^klZ\ey_lkh[hchq_\b^gh]em[hdh_gZjmr_gb_bglmblb\guo
nmgdpbc Ihwlhfm bf__l agZq_gb_ g_ klhevdh g_h[uqghklv [j_^h\hc b^_b kdhevdh
\hagbdgh\_gb_ __ gZ hkgh\_ h^gh]h beb fgh`_kl\_gguo [j_^h\uo \hkijbylbb beb
\hkihfbgZgbc
=ZeexpbgZpbb ijb rbahnj_gbb fh]ml \hagbdZlv \ ex[hc k_gkhjghc fh^Zevghklb gh
gZb[he__oZjZdl_jgufbb qZklufby\eyxlkykemoh\u_Hkh[_gghqZklh \hagbdZxl g_dhlhju_
lbiu kemoh\uo ]ZeexpbgZpbc lZdbo dZd kihjysb_ ^jm] k ^jm]hf ]hehkZ Z lZd`_ ]hehkZ
dhff_glbjmxsb_ fukeb b ih\_^_gb_ iZpb_glh\ =ZeexpbgZpbb lZdh]h jh^Z dZd
bahebjh\Zgguc n_ghf_g hibkZgu /HRQKDUGW \ jZfdZo nhg_fbq_kdhc nhjfu
rbahnj_gbbIZpb_glk nhg_fbq_kdhcrbahnj_gb_c\ l_q_gb_^ebl_evgh]h\j_f_gbfh`_lg_
h[gZjm`b\Zlv ijbagZdh\ rbahnj_gbb Z^Zilbjmykv d ]hehkZf b kdju\Zy bo gZebqb_ hl
hdjm`Zxsbo Dhff_glbjmxsb_ ijh^he`bl_evgu_ ]hehkZ y\eyxlky ^hklZlhqguf djbl_jb_f
^ey^bZ]ghklbdbaZ[he_\Zgby
<hafh`gu b ]bigZ]h]bq_kdb_ ]ZeexpbgZpbb g_ bf_xsb_ agZq_gby ^ey ihklZgh\db
^bZ]ghaZG_dhlhju_g_h[uqgu_hsms_gby\hagbdZxsb_m q_eh\_dZgZijbf_jrmf\ ]heh\_
g_evay hlghkblv d ijbagZdZf iZlh]ghfhgbqguf ^ey ijhp_kkZ P_e_khh[jZagh ihfgblv qlh
]ZeexpbgZpbb fh]ml [ulv ghjfZevghc qZklvx j_eb]bhaguo i_j_`b\Zgbc m ij_^klZ\bl_e_c
g_dhlhjuodmevlmj
>_ahj]Zgbah\Zggh_fure_gb_\ ieZg_hkeZ[e_gbyZkkhpbZpbc ;e_ce_jkqblZegZb[he__
\Z`gufijbagZdhfrbahnj_gbq_kdh]hijhp_kkZOhlyh[t_dlb\gZyhp_gdZ^_ahj]Zgbah\Zggh]h
fure_gby fh`_l khijh\h`^Zlvky jy^hf ljm^ghkl_c Ke_^m_l bf_lv \ \b^m qlh fy]dZy
j_q_\Zy ^_ahj]ZgbaZpby g_ h[yaZl_evgh k\yaZgZ k rbahnj_gb_c Wlh fh`_l [ulv
^_ahj]Zgbah\ZggZyj_qvmklZ\r_]hlhevdhqlhijhkgm\r_]hkyhaZ[hq_ggh]hq_eh\_dZJ_q_\Zy
^_ahj]ZgbaZpbykhhlghkblkyk rbahnj_gb_cebrv\ lhfkemqZ_dh]^ZwlhgZjmr_gb_\ujZ`_gh
gZklhevdh qlh[u ij_iylkl\h\Zlv wnn_dlb\ghfm dhffmgbdZlb\ghfm h[s_gbx
>_ahj]Zgbah\Zggu_ fure_gb_ b j_qv fh]ml \hagbdZlv \ ijh^jhfZevghf i_jbh^_ k
ihke_^mxsbf bo mkbe_gb_f Wlb kbfilhfu fh]ml ijbkmlkl\h\Zlv b \ j_ab^mZevghf i_jbh^_
aZ[he_\Zgby
>eyrbahnj_gbboZjZdl_jgh^_ahj]Zgbah\Zggh_ih\_^_gb_dhlhjh_fh`_lijhy\eylvkyih
jZaghfm;hevgu_fh]ml\_klbk_[yg_\ khhl\_lkl\bbk \hajZklhfrmlblvijhy\eylv^_lkdmx
g_k_jv_aghklv
\hafh`gh
g_ij_^kdZam_fh_
ljm^gh
h[tykgbfh_
\ha[m`^_gb_
>_ahj]Zgbah\Zggh_ ih\_^_gb_ iZpb_glh\ ijh\hpbjm_l \hagbdgh\_gb_ m gbo jy^Z ijh[e_f
GZijbf_j iZpb_glu i_j_klZxl ^_eZlv lh qlh ^_eZlv g_h[oh^bfh ij_djZsZxl jZ[hlZlv
mqblvky g_ h[jZsZxl \gbfZgby gZ qbklhlm l_eZ h^_`^u b `bebsZ g_ kh[ex^Zxl ebqgmx
]b]b_gm h^_\Zxlky g_h[uqguf h[jZahf g_ khhl\_lkl\mxsbf ih]h^guf mkeh\byf
>bZ]ghklbq_kdbc djbl_jbc ^_ahj]Zgbah\Zggh]h ih\_^_gby lj_[m_l hklhjh`gh]h b djblbqgh]h
ih^oh^ZlZddZdfgh]h_\ ih\_^_gbbiZpb_glZfh`ghh[tykgblv_]he_gvxbeb\uiheg_gb_faZ
g_]h jh^bl_eyfb p_eh]h jy^Z \_s_c >_ahj]Zgbah\Zggh_ ih\_^_gb_ fh`_l [ulv \ua\Zgh b
gZ\yaqb\ufb ij_^klZ\e_gbyfb Hl^_evgu_ ijhy\e_gby ^_ahj]Zgbah\Zggh]h ih\_^_gby _s_ g_
k\b^_l_evkl\mxlh gZebqbbaZ[he_\Zgbyb fh]ml[ulvkblmZpbhgghh[mkeh\e_ggufbKe_^m_l
h[jZsZlv\gbfZgb_gZlhdZdiZpb_glfhlb\bjm_lk\h_ih\_^_gb_
.XUW 6FKQHLGHU \u^_eye ijbagZdb kbfilhfu i_j\h]h b \lhjh]h jZg]Z gZ hkgh\Zgbb bo
agZqbfhklb ^ey ^bZ]ghklbdb rbahnj_gbb AZ[he_\Zgb_ kh]eZkgh Z\lhjm ^bZ]ghklbjm_lky
ij_`^_ \k_]h gZ hkgh\Zgbb gZebqby kbfilhfh\ i_j\h]h jZg]Z gh ^bZ]gha fh`_l [ulv
ihklZ\e_g b gZ hkgh\_ kbfilhfh\ \lhjh]h jZg]Z _keb ^ey wlh]h kms_kl\mxl ^jm]b_
debgbq_kdb_hkgh\ZgbyIhke_^g__^hiheg_gb_ijb\h^behd jZkieu\Zgbx]jZgbp^bZ]ghklbdb
D kbfilhfZfi_j\h]hjZg]ZD 6FKQHLGHU hlghkbeke_^mxsb_
a\mqZgb_fuke_c
]hehkZZj]mf_glbjmxs_]hbbeb^bkdmlbjmxs_]hoZjZdl_jZdhff_glbjmxsb_]hehkZ
i_j_`b\Zgb_khfZlbq_kdhciZkkb\ghklb
hlgylb_fuke_cbeb^jm]b_i_j_`b\Zgbyk\yaZggu_k \ebygb_fgZfukeb
ljZgkebjh\Zgb_fuke_c
[j_^h\h_\hkijbylb_
^jm]b_ i_j_`b\Zgby \dexqZxsb_ \ k_[y k^_eZgghklv Znn_dlZ bfimevkh\ \he_\uo
nmgdpbcD kbfilhfZf\lhjh]hjZg]ZD 6FKQHLGHU hlghkbe
^jm]b_gZjmr_gby\hkijbylby
\g_aZigh\hagbdZxsb_[j_^h\u_b^_b
kimlZgghklv
^_ij_kkb\gu_b wcnhjbq_kdb_baf_g_gbygZkljh_gby
qm\kl\hwfhpbhgZevgh]hh[_^g_gby
J_amevlZlu kh\f_klgh]h ^bZ]ghklbq_kdh]h ijh_dlZ KR: b <_ebdh[jblZgbb ihdZaZeb qlh \ KR: ^bZ]ghklbq_kdb_ djbl_jbb rbahnj_gbb [ueb rbj_ \ j_amevlZl_
rbahnj_gby qZs_ ^bZ]ghklbjh\ZeZkv \ GvxChjd_ q_f \ Ehg^hg_ \ lh \j_fy dZd ^bZ]gha
fZgbZdZevgh^_ij_kkb\gh]h ikbohaZ \ Ehg^hg_ ij_h[eZ^Ze gZ^ lZdh\uf \ GvxChjd_ ;ueh
mklZgh\e_gh qlh h^gbf b l_f `_ iZpb_glZf \ jZaguo kljZgZo \uklZ\eyebkv jZaebqgu_
^bZ]ghau\ k\yabk dhgp_ilmZevgufbhlebqbyfbijbf_gy_fuo^bZ]ghklbq_kdbokbkl_f
F_`^mgZjh^gh_ ibehlgh_ bkke_^h\Zgb_ rbahnj_gbb :+2 ijh\h^behkv \ kljZgZo \ ba dhlhjuo bkihevah\Zebkv ih^h[gu_ ^bZ]ghklbq_kdb_ djbl_jbb H^gZdh [he__
rbjhdb_djbl_jbbbkihevah\Zebkv\ KKKJb KR:
< KKKJ ^bZ]gha rbahnj_gby ihemqbe [hevrh_ jZkijhkljZg_gb_ Rbahnj_gby
^bZ]ghklbjh\ZeZkvgZhkgh\ZgbbgZijbf_jgZjmr_gbcd\Zebnbpbjmxsboky\ ^jm]bokljZgZo
dZdebqghklgu_jZkkljhckl\ZZnn_dlb\gu_ikbohauiZjZghb^gu_khklhygbyb ^j
/DQJIHOGW h[hkgh\u\Ze ^bZ]ghklbdm rbahnj_gbb gZ djbl_jbyo kbfilhfh\ b djbl_jbyo
l_q_gby D djbl_jbyf kbfilhfh\ \ kemqZ_ hlkmlkl\by ijbagZdh\ bglhdkbdZpbb bgn_dpbb
bebhj]Zgbq_kdh]hikbobq_kdh]hjZkkljhckl\ZZ\lhjhlghkbeagZqbfu_dexqb ² baf_g_gby
g_h[oh^bfu_^ey^bZ]ghklbdbrbahnj_gbb
Z ebqghklgu_ baf_g_gby ijhy\eyxsb_ky ki_pbZevguf oZjZdl_jhf wfhpbhgZevguo
jZkkljhckl\ hlkmlkl\b_f bgbpbZlb\u b baf_g_gguf qZklh g_h[uqguf ih\_^_gb_f Wlb
baf_g_gbyk lhqdbaj_gbyZ\lhjZ\ hkh[_gghklboZjZdl_jgu^ey]_[_nj_gbb
[ lbibqgu_ baf_g_gby ijb dZlZlhgbq_kdhf lbi_ aZdexqZxsb_ky \ i_jbh^Zo
[_kihdhckl\ZdZlZlhgbq_kdh]h\ha[m`^_gbyb klmihjZ
\gZebqb_ijbiZjZghb^ghfikboha_]eZ\guoijbagZdh\dhlhjufby\eyxlkyjZks_ie_gb_
ebqghklb kbfilhfu ^_i_jkhgZebaZpbb ihl_jy qm\kl\Z j_Zevghklb ^_j_ZebaZpbhggu_
kbfilhfubebi_j\bqgu_[j_^h\u_b^_b
]ojhgbq_kdb_]ZeexpbgZpbb
<ukdZau\Zylhqdmaj_gbyhlghkbl_evghdjbl_jbyl_q_gby[he_agb /DQJIHOGW hlf_qZ_lqlh
hdhgqZl_evgh_ j_r_gb_ \ hlghr_gbb ^bZ]ghaZ g_ fh`_l [ulv k^_eZgh ^h ijhr_kl\by ih
djZcg_cf_j_ e_l\ l_q_gb_dhlhjuoijhy\ey_lkyojhgbq_kdh_l_q_gb_[he_agb
Ihemqbebba\_klghklvdjbl_jbb]b[dhckbkl_fu 6W/RXLV7D\ORU b $EUDPV
Djbl_jbb 6W/RXLV \dexqZxl\ k_[yljb]jmiiugZjmr_gbc
Z Ojhgbq_kdh_ aZ[he_\Zgb_ kbfilhfu dhlhjh]h ^eylky ih djZcg_c f_j_ f_kyp_\
[_a\ha\jZs_gbyd ij_fhj[b^ghfmmjh\gxikbohkhpbZevgh]hijbkihkh[e_gby
[Hlkmlkl\b_i_jbh^Z^_ij_kkb\guobebfZgbZdZevguokbfilhfh\^hklZlhqguo^eylh]h
qlh[u[uehd\Zebnbpbjh\ZghgZjmr_gb_gZkljh_gby
Ij_^iheZ]Z_lgZebqb_ihdjZcg_cf_j_h^gh]hba
kbfilhfh\
Z;j_^h\u_b^_bbeb]ZeexpbgZpbb[_aagZqbl_evghckimlZgghklbbeb^_ahjb_glZpbb
[ <_j[ZevgZy ijh^mdpby dhlhjZy hkeh`gy_l dhffmgbdZpbx \ k\yab k hlkmlkl\b_f
eh]bq_kdhcbebihgylghc__ hj]ZgbaZpbb
<dexqZ_l\ k_[yijbagZdbbadhlhjuoihdjZcg_cf_j_ ijbagZdZba g_h[oh^bfu
^eyhij_^_e_gghc^bZ]ghklbdbaZ[he_\ZgbyZ ² ^ey\_jhylghc
D wlbfijbagZdZfhlghkylky
ZGbdh]^Zg_`_gbekygbdh]^Zg_\uoh^beZaZfm`
[ Iehoh_ ij_fhj[b^gh_ khpbZevgh_ ijbkihkh[e_gb_ beb iehohc ijhba\h^kl\_gguc
ZgZfg_a
\GZebqb_\ k_f_cghfZgZfg_a_[hevguorbahnj_gb_c
] Hlkmlkl\b_ Zedh]hebafZ beb aehmihlj_[e_gby gZjdhlbdZfb \ l_q_gb_ h^gh]h ]h^Z ^h
jZa\blby[he_agb
^GZqZeh^h e_l
Djbl_jbb 7D\ORU b $EUDPV \dexqZxl\ k_[yke_^mxsb_ijbagZdbdhfie_dkgh_khq_lZgb_
dhlhjuog_h[oh^bfh^ey^bZ]ghaZ
L_q_gb_wibah^Z[hevr_ f_kyp_\
Ykgh_khagZgb_hlkmlkl\b_djbl_jb_\gZjmr_gbykhagZgbyih;hg]_nn_jm
GZebqb_ [j_^h\uo b^_c ]ZeexpbgZpbc beb nhjfZevguo gZjmr_gbc fure_gby
\dexqZxsbo\ k_[y\_j[b]_jZpbxg_heh]bafu[ehdbjh\dmkhkdZevau\Zgb_
Hlkmlkl\b_rbjhdh]h^bZiZahgZZnn_dlb\guoj_Zdpbc
Hlkmlkl\b_ ijbagZdh\ b kbfilhfh\ ^hklZlhqguo ^ey ^bZ]ghaZ Znn_dlb\gh]h
aZ[he_\Zgby
Hlkmlkl\b_ Zedh]hebafZ beb aehmihlj_[e_gby gZjdhlbdZfb \ l_q_gb_ h^gh]h ]h^Z ^h
^bZ]ghklbdb
Hlkmlkl\b_ehdZevguoijbagZdh\b kbfilhfh\\ujZ`_ggh]hfha]h\h]haZ[he_\Zgbybeb
k_jv_agh]h f_^bpbgkdh]h aZ[he_\Zgby dhlhju_ fh]ml \uau\Zlv agZqbl_evgu_ ih\_^_gq_kdb_
baf_g_gby
&URZ ij_^eh`be deZkkbnbdZpbx ih^jZa^_eyxsmx rbahnj_gbx gZ lbi b <
hkgh\_^_e_gbye_`blgZebqb_ihablb\guobebg_]Zlb\guoijbagZdh\ij_^klZ\e_gguobgZq_
dZdijh^mdlb\gu_b ^_nbpblZjgu_
I_j\uc lbi oZjZdl_jbam_lky ij_h[eZ^Zgb_f ijh^mdlb\guo ijbagZdh\ dhlhju_ ih
fg_gbx &URZ hlghkbl_evgh ohjhrh mkljZgyxlky :\lhj kqblZe qlh gZebqb_ ijh^mdlb\guo
kbfilhfh\iha\hey_l]h\hjblvh ghjfZevghcfha]h\hckljmdlmj_
<lhjhc lbi oZjZdl_jbam_lky ]eZ\guf h[jZahf g_]Zlb\gufb ijbagZdZfb k qZklh
^bZ]ghklbjm_fufb kljmdlmjgufb fha]h\ufb ZghfZebyfb \uy\eyxsbfbky gZ kdZgbjh\Zgbb
WlhllbioZjZdl_jbam_lkyiehohcj_Zdpb_cgZe_q_gb_
< _\jhi_ckdhc ikbobZljbb ihimeyjgZ ^bZ]ghklbq_kdZy ko_fZ kljhysZyky gZ l_hjbb
wlbhwib]_g_aZ L_hjby %LOLNLHZLF] bkoh^bl ba lh]h qlh rbahnj_gby y\ey_lky ojhgbq_kdbf
wg^h]_gguf ijhp_kkhf oZjZdl_jbamxsbfky gZjZklZgb_f g_]Zlb\guo kbfilhfh\ gZ dhlhju_
fh]ml gZdeZ^u\Zlvky ^hihegbl_evgu_ kbg^jhfu DeZkkbq_kdh_ \ujZ`_gb_ g_]Zlb\guo
kbfilhfh\ ih ;bebd_\bqm y\ey_lky ZgZeh]hf lh]h qlh ^h g_^Z\g_]h \j_f_gb gZau\Zehkv
ijhklhc nhjfhc rbahnj_gbb Wib]_g_a ih ;bebd_\bqm kljhblky gZ khq_lZgbb hj]Zgbq_kdhc
^_nbpblZjghc hkgh\u k ^hihegbl_evgufb iZjZghb^gufb dZlZlhgbq_kdbfb b ]_[_nj_ggufb
kbg^jhfZfb ij_^klZ\e_ggufb \ ihgbfZgbb deZkkbq_kdhc ikbobZljbb IjbqbgZ jZa\blby
g_]Zlb\guo kbfilhfh\ g_ba\_klgZ < ^Zevg_cr_f iZjZghb^gu_ dZlZlhgbq_kdb_ b
]_[_nj_gbq_kdb_gZkeh_gbyfh]mlijhoh^blvZ fh]mlb g_l;bebd_\bqkqblZeqlhmkljZg_gb_
wlbo lj_o kbg^jhfh\ g_ ijb\h^bl d bae_q_gbx lZd dZd ojhgbq_kdbc ijhp_kk hklZ_lky Ih
fg_gbx Z\lhjZ qbklu_ gZkeh_gby \klj_qZxlky j_^dh qZs_ \k_]h hgb ghkyl kf_rZgguc
oZjZdl_j \dexqZy \ k_[y dZlZlhghiZjZghb^gmx dZlZlhgh]_[_nj_gbq_kdmx beb iZjZghg^gh
]_[_nj_gbq_kdmxnhjfuP_ehklgZydebgbq_kdZydZjlbgZaZ\bkblhlijh^he`bl_evghklbwlbo
gZkeh_gbcb \ujZ`_gghklbhkgh\gh]hijhp_kkZ
NHJFUlbiuRBAHNJ?GBB
LjZ^bpbhggu_nhjfurbahnj_gbb\exqZebijhklmxdZlZlhgbq_kdmx]_[_nj_gbq_kdmx
b iZjZghb^gmx< '60,9\u^_eyxlkyke_^mxsb_km[lbiurbahnj_gbb
² dZlZlhgbq_kdbc ² ^bZ]ghklbjm_lky ijb \ujZ`_gguo dZlZlhgbq_kdbo kbfilhfZo
g_aZ\bkbfhhlijbkmlkl\by^jm]bokbfilhfh\
² ^_ahj]Zgbah\Zgguc ² ^bZ]ghklbjm_lky ijb ^_ahj]Zgbah\Zgguo j_qb b ih\_^_gbb
miehs_gghf b g_Z^_d\Zlghf Znn_dl_ ?keb ijbkmlkl\mxl dZlZlhgbq_kdb_ ijbagZdb
^bZ]ghklbjm_lkydZlZlhgbq_kdbckm[lbi
² iZjZghb^guc ² ^bZ]ghklbjm_lkyijbgZebqbb[j_^h\uob^_cb qZkluo]ZeexpbgZpbc
² g_^bnn_j_gpbjh\Zgguc ² \oh^bl\ j_ab^mZevgmxdZl_]hjbxk kbfilhfZfbZdlb\ghc
nZaug_khhl\_lkl\mxsbfbdjbl_jbyfdZlZlhgbq_kdbf^_ahj]Zgbah\ZggufbebiZjZghb^guf
J_ab^mZevguckm[lbi^bZ]ghklbjm_lkyijbgZebqbbm[_^bl_evguo^hdZaZl_evkl\ijhp_kkZ
k hlkmlkl\b_f djbl_jb_\ oZjZdl_jguo ^ey Zdlb\ghc nZau Hlkmlkl\mxl lZd`_ ijh^mdlb\gu_
ikbohlbq_kdb_kbfilhfug_kfhljygZgZebqb_lZdboijbagZdh\aZ[he_\ZgbydZdkhpbZevguc
moh^ aZfdgmlhklv wdkp_gljbq_kdh_ ih\_^_gb_ g_eh]bqgh_ fure_gb_ b e_]dh_ jZkkeZ[e_gb_
ZkkhpbZpbc ;j_^h\u_ b^_b ijb wlhf hlkmlkl\mxl beb g_ ghkyl kdhevdhgb[m^v \ujZ`_ggh]h
oZjZdl_jZb g_khhl\_lkl\mxlwfhpbhgZevgh\ujZ`_ggufi_j_`b\ZgbyfJ_ab^mZevguckm[lbi
oZjZdl_jbam_lkyojhgbq_kdbfbebkm[ojhgbq_kdbfl_q_gb_f
< FD;\dexq_guke_^mxsb_nhjfurbahnj_gbb
iZjZghb^gZy
]_[_nj_ggZy
dZlZlhgbq_kdZy
g_^bnn_j_gpbjh\ZggZy
j_ab^mZevgZy
ijhklZy
ihklrbahnj_gbq_kdZy^_ij_kkby
^jm]b_nhjfurbahnj_gbb
rbahnj_gbyg_mlhqg_ggZy
Kms_kl\m_ll_kgZyk\yavf_`^mZf_jbdZgkdbfbjmdh\h^kl\ZfbihikbobZljbbb '60,9
qlh\ qZklghklbgZoh^blhljZ`_gb_\ beexkljZpbyoijbf_jZfbh^gbob l_o`_debgbq_kdbo
kemqZ_\< ij_^klZ\e_gguobklhqgbdZoikbobZljbq_kdhcbgnhjfZpbbbf__lf_klhl_g^_gpbyd
kjZ\gbl_evghfm mijhs_gbx hibkZgby debgbdb km[lbih\ nhjf rbahnj_gbb WlZ
eZdhgbqghklv dhgljZklbjm_l k _\jhi_ckdhc b hkh[_ggh g_f_pdhc ikbobZljb_c qlh gZoh^beh
hljZ`_gb_ gZijbf_j \ jZ[hl_ /HRQKDUGW LZd ZgZebabjmy gZijbf_j dZlZlhgbq_kdmx
nhjfmZ\lhj\u^_eyer_klv__ \ZjbZglh\d dhlhjufhlghkylky
ijhkdbg_lbq_kdZy
g_]Zlb\bklbq_kdZy
iZjZdbg_lbq_kdZy
fZg_jgZy
nhjfZk ]hlh\ghklvxd jZa]h\hjm
nhjfZ k jZa]h\hjghc [_^ghklvx HibkZgb_ wlbo nhjf m E_hg]Zj^Z ghkbl ^hklZlhqgh
ih^jh[gucoZjZdl_j
IZjZdbg_lbq_kdZydZlZlhgby
IZjZdbg_lbq_kdZy dZlZlhgby h[uqgh gZqbgZ_lky k ihy\e_gby hl^_evguo dZd [u
kemqZcguo ^h[Z\hqguo ^\b`_gbc gZijbf_j ih^_j]b\Zgbc ie_qZ gh]b ]heh\u Fh`_l
\hagbdZlv djZldh\j_f_ggh_ jZkdZqb\Zgb_ \k_f l_ehf Lbibqgh fbfhe_lgh_ ]jbfZkgbqZgb_
kha^Zxs__ \i_qZle_gb_ qlh iZpb_gl q_flh g_^h\he_g Fgh]b_ ^\b`_gby \hh[s_ ghkyl
ik_\^hwdkij_kkb\guc oZjZdl_j < ^Zevg_cr_f ijhbkoh^bl agZqbl_evgh_ m\_ebq_gb_
g_ijhba\hevguo ^\b`_gbc gZihfbgZxsbo ohj_hih^h[gu_ P_e_gZijZ\e_ggu_ ^\b`_gby
klZgh\ylky j_adh m]eh\Zlufb hlju\hqgufb ebr_ggufb dZdhceb[h ieZ\ghklb J_q_\Zy
ijh^mdpbyZ]jZffZlbqgZ\hfgh]hfebr_gZkfukeZ
FZg_jgZydZlZlhgby
FZg_jgZy dZlZlhgby ijhl_dZ_l k gZjZklZxsbf h[_^g_gb_f fhlhjbdb ihy\e_gb_f
aZklu\ZgbyGZjy^mk wlbfjZa\b\Zxlky^\b]Zl_evgu_fZg_jbafukl_j_hlbighih\lhjyxsb_ky
h^ghh[jZagu_ nhjfu ^\b`_gbc IZpb_gl aZklu\Z_l ih^he]m dZd [u \kfZljb\Zykv \h qlhlh
Lbibqgu hldZau hl ibsb Lbibqgh ihy\e_gb_ aZklu\r_c gZihfbgZxs_c emdZ\mx meu[db
WfhpbhgZevghklv kjZ\gbl_evgh khojZg_gZ iZpb_glZf k\hckl\_ggu h[b^qb\hklv ijhy\e_gby
k_j^blhklb]jmklbb i_qZebGZjmr_gbyfure_gby\gZqZe_g_h[gZjm`b\Zxlky\ ^Zevg_cr_f
\ ly`_euokhklhygbyol_jy_lky]b[dhklvjZa\b\Zxlkyi_jk_\_jZpbb
G_]Zlb\bklbq_kdZydZlZlhgby
>ey wlhc nhjfu lbibq_g g_]Zlb\baf IZpb_gl g_ \uihegy_l ijhkv[ g_ hl\_qZ_l gZ
\hijhku hdZau\Z_l khijhlb\e_gb_ ex[uf ihiuldZf k^\bgmlv _]h k f_klZ baf_gblv
iheh`_gb_l_eZIjbihiuldZoaZklZ\blvboqlheb[hk^_eZlviZpb_glufh]mlm[_]ZlvdjbqZlv
ijhy\eylvZ]j_kkbxL_fg_f_g__k iZpb_glZfbfh`gh\klmiblv\ g_nhjfZevgucdhglZdlhgb
j_Z]bjmxl ihablb\gh gZ ^jm`_ex[gh_ ijb\_leb\h_ hlghr_gb_ G_]Zlb\bklbq_kdb_ ijbagZdb
ijb wlhf kfy]qZxlky gh iheghklvx g_ bkq_aZxl IZpb_glu b^ml gZ\klj_qm `_eZgbyf \jZqZ
ebrv gZiheh\bgm gZijbf_j gZqbgZxl ijhly]b\Zlv jmdm gh lml `_ hklZgZ\eb\Zxlky
<hafh`gu bfimevkb\gu_ ^_ckl\by WfhpbhgZevgu_ jZkkljhckl\Z \ujZ`_gu \hafh`gh
k_dkmZevgh_ \ha[m`^_gb_ Fure_gb_ kjZ\gbl_evgh khojZg_gh IZpb_glu fh]ml g_h`b^Zggh
^_eZlvf_ldb_aZf_qZgbyijZ\bevghhp_gb\Zlvhl^_evgu_kblmZpbb
Ijhkdbg_lbq_kdZynhjfZ
Ijhkdbg_lbq_kdZy nhjfZ \ujZ`Z_lky \ mljbjh\Zgghc ]hlh\ghklb iZpb_glZ b^lb
gZ\klj_qm \jZqm klbfmebjmxs_fm _]h \gbfZgb_ b `_eZgb_ d jZa]h\hjm <
ijhlb\hiheh`ghklvy\e_gbyfdZdijZ\behkqblZxsbfkylbibqgufb^eydZlZlhgbb\h\j_fy
dhlhjuoiZpb_gluijhly]b\Zxljmdm\ hl\_lgZijhlygmlmxjmdm\jZqZ
<hafh`gZ bfblZpby ^\b`_gbc \jZqZ k ijbgylb_f aZ^Zgghc bf ihau G_h^ghdjZlgh_
ih\lhj_gb_ \jZqhf hij_^_e_gguo ^_ckl\bc k lhqghklvx bfblbjm_lky iZpb_glhf BfblZpby
^\b`_gbc khq_lZ_lky k g_\hafh`ghklvx \uihegylv mklgu_ ijbdZau \jZqZ LZdbf h[jZahf
^eyiZpb_glh\oZjZdl_jgZihklhyggZyik_\^h]hlh\ghklvd khljm^gbq_kl\mFbfbdZiZpb_glZ\
wlhlfhf_glijbh[j_lZ_loZjZdl_jhkh[hcaZbgl_j_kh\Zgghklb\ lhfqlh]h\hjbl\jZqiZpb_gl
jZkdju\Z_lky ijhy\eyy \g_rg_ `b\hc bgl_j_k d ijhbkoh^ys_fm H^gZdh wlZ j_Zdpby
y\ey_lky ih\_joghklghc b [ukljhaZlmoZxs_c IhiuldZ \jZqZ aZnbdkbjh\Zlv b m^_j`Zlv
bgl_j_kiZpb_glZ[_aj_amevlZlgZ
Ih\_^_gb_ iZpb_glh\ \ ^Zevg_cr_f ijhy\ey_lky qZklh \ g_ihgylghf [hjfhlZgbb
<kemrb\Zgb_ \ wlh [hjfhlZgb_ iha\hey_l mklZgh\blv gZebqb_ ih\lhj_gbc hl^_evguo njZa b
keh\hkhq_lZgbc J_qv iZpb_glZ fh`_l [ulv lbohc b ihqlb g_keurghc gh g_kfhljy gZ wlh
\_j[Zebam_fZy iZpb_glhf bgnhjfZpby ^hklmigZ \jZqm GZ nhg_ ijhke_`b\Zxs_]hky kfukeZ
j_qb \klj_qZxlky \_j[b]_jZpbb <h \j_fy kh[_k_^h\Zgby ijhbkoh^bl Zdlb\Zpby ^\b`_gbc
iZpb_glh\ hgb gZqbgZxl l_j_[blv oZeZl \jZqZ ihlbjZlv jmdb fZgbimebjh\Zlv
jZkiheh`_ggufbjy^hfij_^f_lZfb
BgbpbZlb\Z iZpb_glh\ h]jZgbq_gZ Hgb g_jZa]h\hjqb\u bo ikbohfhlhjgZy kn_jZ
aZf_^e_gZ ijhy\eyykv \ fZehf dhebq_kl\_ ^\b`_gbc b miehs_gghc Znn_dlb\ghklb
OZjZdl_jghij_[u\Zgb_\ khklhygbb[_aaZ[hlghcm^h\e_l\hj_gghklbdhlhjh_fh`_lkf_gylvky
jZkk_j`_gghklvx b Z]j_kkb\ghklvx khijh\h`^Zxs_cky g_p_gamjghc [jZgvx Ijhy\ey_fZy
[hevgufb Z]j_kkb\ghklv h[uqgh [ukljh aZlmoZ_l b g_ ij_^klZ\eyxl [hevrhc hiZkghklb ^ey
hdjm`Zxsbo
NhjfZk ]hlh\ghklvxd jZa]h\hjm
KihglZggZy jZa]h\hjqb\hklv m iZpb_glh\ k dZlZlhgbq_kdhc nhjfhc rbahnj_gbb
hlkmlkl\m_l dZd ijZ\beh hgb fZehjZa]h\hjqb\u < mkeh\byo klbfmeypbb ba\g_ g_kfhljy gZ
]hlh\ghklvd jZa]h\hjmm gboijhy\ey_lkykbfilhffbfh]h\hj_gbykqblZxsbckygZb[he__
kms_kl\_ggufijbagZdhf^bZ]ghklbdbwlhcnhjfudZlZlhgbq_kdhcrbahnj_gbbK\h_h[jZab_
wlh]hkbfilhfZaZdexqZ_lky\ lhfqlhiZpb_glu^ZxlijZ\bevguchl\_lgZijhklhc\hijhkgh
[he__keh`gucb hdjZr_ggucwfhpbhgZevgh\hijhkfh`_l\ua\Zlvm gboj_adbc g_]Zlb\baf
:gZeba hl\_lh\ ijb\h^bl d \u\h^m h lhf qlh hgb \dexqZxl y\e_gby e_`Zsb_ gZ
ih\_joghklb b hljZ`Zxsb_ lZd`_ Zmlbklbq_kdb_ i_j_`b\Zgby iZpb_glh\ Ijb ijh^he`_gbb
lZdh]h \_j[Zevgh]h dhglZdlZ iZpb_glu \ha\jZsZxlky d g_^Z\gh kdZaZgguf bfb keh\Zf
\hagbdZ_ly\e_gb_gZihfbgZxs__i_jk_\_jZpbxohlygZkZfhf^_e_hghhq_\b^ghhljZ`Z_l
\gmlj_ggb_ i_j_`b\Zgby <ukdZau\Zgby iZpb_glh\ fh]ml \dexqZlv \ k_[y dZd \g_rgb_
ZkkhpbZpbb k\yaZggu_ k l_f qlh hgb \ ^Zgguc fhf_gl \b^yl lZd b `Zeh[u gZ khklhygb_
a^hjh\vy <hafh`gu g_ykgu_ g_h[uqgu_ k\yab f_`^m ihgylbyfb k bkihevah\Zgb_f
g_heh]bafh\ <hijhk aZ^Z\Z_fuc iZpb_glZf y\ey_lky dhjhldbf bfimevkhf d jZa]h\hjm
dhlhjh]ho\ZlZ_lhq_gvg_gZ^he]hihwlhfmihke_hij_^_e_ggh]hijhf_`mldZ\j_f_gbiZpb_gl
bklhsZ_lkyb ijh^mpbjm_ldhjhldb_Z]jZffZlbq_kdb_hl\_lug_h[jZamxsb_ij_^eh`_gbc
LZdbf h[jZahf iZlheh]bq_kdZy ]hlh\ghklv iZpb_glZ d ]h\hj_gbx \hagbdZ_l lhevdh ijb
mkeh\bb ihklhyggh]h _]h klbfmebjh\Zgby b ijhy\ey_lky \ hl\_lZo iZpb_glh\ gZ aZ^Zggu_
\hijhku IZpb_glu k g_klbfmebjh\Zgghc kihkh[ghklvx d ]h\hj_gbx aZfdgmlu kdh\Zgu
g_jZa]h\hjqb\u ^_ckl\by bo aZf_^e_gu aZdj_ihs_gu fbfbdZ g_\ujZabl_evgZ bgl_j_k d
hdjm`Zxsbfihl_jyg
NhjfZk aZljm^g_gb_f]h\hj_gby
Wlm nhjfm gZau\Zxl bg_jlghc beb f_^ebl_evghc ijhy\eyxs_cky gZ jZggbo klZ^byo \
aZljm^g_gghf j_q_h[jZah\Zgbb i_j_oh^ys_f \ ^Zevg_cr_f \ hlkmlkl\b_ j_qb WlZ nhjfZ
oZjZdl_jbam_lky r_ilZgb_f iZpb_glh\ ijhke_`b\Zxsbfky ebrv ih ^\b`_gbx bo ]m[ <
fhf_gl ij_[u\Zgby \ \ha[m`^_gghf khklhygbb hgb ]h\hjyl ]jhfq_ dZd [u kZfb k kh[hc
ijhba\h^y\i_qZle_gb_ebphl\_qZxsbogZ]hehkZ<hafh`_gi_j_oh^gZdjbddhlhjucfh`_l
khijh\h`^Zlvky `_klbdmeypb_c < jZgg_c klZ^bb aZ[he_\Zgby bf_xl f_klh ]ZeexpbgZpbb
qZs_ nZglZklbq_kdh]h oZjZdl_jZ ijh\hpbjmxsb_ \hagbdgh\_gb_ m ki_pbZebklh\ fuke_c h
nZglZklbq_kdbo dhgnZ[meypbyo L_fZlbdZ ]ZeexpbgZpbc \dexqZxsZy \ k_[y iml_r_kl\by b
dhkfbq_kdb_ y\e_gby h dhlhjuo iZpb_glu yjdh b h[jZagh jZkkdZau\Zxl ghkbl
[ukljhaZlmoZxsbc oZjZdl_j < ^Zevg_cr_f hgZ \hafh`gh b ijbkmlkl\m_l gh wlhl nZdl
g_evaymklZgh\blvlZddZdiZpb_gluh[wlhfm`_g_]h\hjyl
IZjZghb^guclbi
AZ[he_\Zgb_ jZa\b\Z_lky h[uqgh \ \hajZkl_ e_l dh]^Z m`_ knhjfbjh\ZgZ
b^_glbqghklvb bf_xlky^hklZlhqgu_ HJR j_kmjkuKh]eZkgh '60,9 ^eywlh]hlbiZhkh[_ggh
oZjZdl_jgu [j_^h\u_ b^_b ij_ke_^h\Zgby b \_ebqby IZpb_glu gZijy`_gu ih^hajbl_evgu
fh]mlijhy\eylvk^_j`ZgghklvZ lZd`_\jZ`^_[ghklvb Z]j_kkb\ghklvJ_]j_kkbyikbobq_kdbo
nmgdpbc fZeh ij_^klZ\e_gZ Bf__l f_klh ohjhrZy khpbZevgZy dhfi_gkZpby < jZfdZo
iZjZghb^guo E_hg]Zj^ \u^_ey_l bihohg^jbq_kdmx dhgnZ[meylhjgmx wdkiZgkb\gmx
Zmlbklbq_kdmxb bgdh]_j_glgmxiZjZnj_gbbHklZgh\bfkygZhibkZgbbg_dhlhjuobagbo
:mlbklbq_kdZyiZjZnj_gby
Ki_pbnbdZ wlhc nhjfu aZdexqZ_lky \ aZfdgmlhklb fZehc dhglZdlghklb iZpb_glh\
k\h^ysboh[s_gb_k ^jm]bfbd fbgbfmfmLZdb_ex^b`b\ml^eyk_[yH]jZgbq_gb_dhglZdlh\
ijb\h^bl bo d \_^_gbx ghqgh]h h[jZaZ `bagb \h \j_fy dhlhjh]h rZgk \klj_lblvky k d_flh
ijb \uoh^_ gZ mebpm kjZ\gbl_evgh g_\_ebd <klj_lb\ agZdhfh]h hgb hl\hjZqb\Zxlky ^_eZy
\b^ qlh g_ aZf_qZxl _]h EbpZ kljZ^Zxsb_ Zmlbklbq_kdhc nhjfhc ihklhyggh haZ[hq_gu
jZaghh[jZagufbfukeyfbbfk\hckl\_gghbkdZ`_ggh_ij_^klZ\e_gb_h j_Zevghklb[j_^h\h]h
oZjZdl_jZqlhfh`_lijbgbfZlvkhpbZevghhiZkguch[hjhl\ k\yabihiuldZfblZdboex^_cd
]_l_jh b ZmlhZ]j_kkb\guf ZdlZf K\h_h[jZagZy j_Zdlb\ghklv ijhy\eyxsZyky \ gZebqbb m
iZpb_glh\ [he_ag_gguo lhq_d d dhlhjufg_evay ijbdZkZlvky \ujZ`Z_lky \ bo g_h`b^Zggh
j_adhc j_Zdpbb gZ kjZ\gbl_evgh g_agZqbl_evgu_ kh[ulby Khklhygb_ iZpb_glh\ ljm^gh
^bZ]ghklbjh\Zlv bo fbfbdZ g_ijhgbpZ_fZ qlh kihkh[kl\m_l kha^Zgbx m hdjm`Zxsbo
h[fZgqb\h]h \i_qZle_gby wfhpbhgZevgh]h [_amqZklby ih^ j_Zevghc fZkdhc dhlhjh]h bgh]^Z
kdju\Z_lky g_jZkihagZggZy Z]j_kkby :nn_dlb\gu_ baf_g_gby ijhy\eyxlky m lZdbo ebp \
nhjf_ jZa^jZ`bl_evghklb \ujZ`_ggh]h g_^h\hevkl\Z b e_]dh \hagbdZxs_c Z]j_kkb\ghklb
>eygbooZjZdl_jguihiuldbmoh^Zhl\_j[Zevgh]hdhglZdlZBohl\_lugZ\hijhkudhjhldbb
eZdhgbqgu [_a ijhy\e_gby bgl_j_kZ d ih^^_j`Zgbx jZa]h\hjZ G_kfhljy gZ wlh lZdb_ ebpZ
fh]ml\uihegylv^hklZlhqghkeh`gu_\b^uijhba\h^kl\_gghc^_yl_evghklb
G_\hafh`ghklv ^hklmqZlvky ^h iZpb_glZ ihgylv _]h gb gZ \_j[Zevghf gb gZ
wfiZlbq_kdhf mjh\g_ ki_pbZebklu kjZ\gb\Zxl k hsms_gb_f g_ij_h^hebfh]h ij_iylkl\by
kl_deZhl]jZgbqb\Zxs_]hiZpb_glZhlhdjm`Zxsbo
Ij_h[eZ^ZxsbfwfhpbhgZevgufkhklhygb_fiZpb_glh\y\ey_lkym]jxfhklvfjZqghklvb
k_jv_aghklv khq_lZxsZyky k g_^h\hevkl\hf < l_q_gb_^ebl_evgh]h \j_f_gb lZdh_ khklhygb_
fh`_l jZkp_gb\Zlvky dZd oZjZdl_jheh]bq_kdZy hkh[_gghklv q_eh\_dZ ^h l_o ihj ihdZ _]h
ih\_^_gb_ g_ ijb\_^_l d g_ijbylguf khpbZevguf ihke_^kl\byf <hafh`gu h[fZgu
\hkijbylby \ \b^_ ik_\^h]ZeexpbgZpbc khijh\h`^Zxsboky ihy\e_gb_f Z]j_kkb\ghklb
jZa^jZ`bl_evghklbb aeh[ghklb
Nhg_fbq_kdZyiZjZnj_gby
Nhg_fbq_kdZy nhjfZ \u^_e_ggZy E_hg]Zj^hf khhl\_lkl\m_l klZjhfm ihgylbx
ijh]j_kkb\guc ]Zeexpbgha .OHLVW WlZ nhjfZoZjZdl_jbam_lky `Zeh[Zfb[hevguo gZ ]hehkZ
kemoh\u_ ]ZeexpbgZpbb b hlghkblky d kZfhc fy]dhc nhjf_ rbahnj_gbb < l_q_gb_
^ebl_evgh]h \j_f_gb iZpb_gl jZa]jZgbqb\Z_l ]ZeexpbgZpbb k j_Zevghklvx g_ \ kfuke_
djblbqghklbd gbfZ \ieZg_bohlg_k_gbyd g_dhc\lhjhcj_Zevghklb\ dhlhjhchg`b\_l
iZjZee_evgh k i_j\uf j_Zevguf fbjhf Kemoh\u_ ]ZeexpbgZpbb ghkyl [he__ \ujZ`_gguc
oZjZdl_j \h\j_fyij_[u\ZgbyiZpb_glZ\ h^bghq_kl\_ \ \_q_jg_ghqghc i_jbh^ G_dhlhjuf
iZpb_glZf m^Z_lky kdju\Zlv gZebqb_ ]ZeexpbgZpbc \ l_q_gb_ ^ebl_evgh]h \j_f_gb b hgb
\hkijbgbfZxlky hdjm`Zxsbfb dZd ebpZ m dhlhjuo hlkmlkl\mxl dZdb_ [u lh gb [ueb
gZjmr_gby GZ nhg_ ]ZeexpbgZpbc dhlhju_ fh]ml mkbeb\Zlvky \hagbdZxl b^_b hlghr_gbc
ij_ke_^h\ZgbyOZjZdl_jghqlh]hehkZdhlhju_keurZliZpb_glu^eygboqm\kl\_ggh[ebadb
=hehkZ hljZ`Zxl fZl_jbZe j_ij_kkbjh\Zgguc \ ih^khagZgb_ b k\b^_l_evkl\mxsbc h[
wfhpbhgZevgh agZqbfuo ^ey q_eh\_dZ \_sZo IZpb_glu fuke_ggh dhff_glbjmxl bo
jZafureyxlgZwlbl_fu
Nhg_fbq_kdZy rbahnj_gby fh`_l gZqZlvkyg_ lhevdh k ]hehkh\ gh b k jZaguo rhjhoh\
ihklmdb\ZgbcaZkl_ghcb ijGZijbf_jq_eh\_dgZqbgZ_lkeurZlvj_]meyjguce_]dbcklmdaZ
kl_ghcm g_]hihy\ey_lkyfukevh jZ[hl_i_qZlghc fZrbgdb qlh mkihdZb\Z_l ghg_gZ^he]h
kf_gyykv jZafure_gbyfb h lhf aZq_f gZijbf_j khk_^m ihgZ^h[behkv i_qZlZlv ghqvx
Ihy\eyxlkykemoh\u_]ZeexpbgZpbbdhlhju_fh]mlih^l\_j`^Zlvb^_bij_ke_^h\Zgby
Kh^_j`Zgb_]ZeexpbgZpbcghkblg_ijbylgucoZjZdl_jjZkdju\Zyg_ijb_fe_fmx^ey HJR
bgnhjfZpbx dhlhjZy ijbkmlkl\m_l \ ih^khagZgbb gh h[uqgh \ul_kgy_lky Ijhbkoh^bl
k\h_h[jZagh_jZkdjulb_q_eh\_dZhljbpZl_evghbf\hkijbgbfZxs__ky\ k\yabk l_fqlhwlh
^_eZxl aZ g_]h ^jm]b_ LZdh_ jZkdjulb_ jh`^Z_l m q_eh\_dZ jy^ \hijhkh\ kha^Z_l
iZlheh]bq_kdmxdhgp_ipbxhlghr_gbck hdjm`Zxsbffbjhf
Ijb wlhc nhjf_ rbahnj_gbb fure_gb_ \ ih\k_^g_\ghc `bagb b jZa]h\hjZo hklZ_lky
g_gZjmr_ggufZnn_dlb\ghklvkhojZg_gZ
>_ahj]Zgbah\Zgguckm[lbi
WlZnhjfZrbahnj_gbboZjZdl_jbam_lkyj_]j_kkb_cd ijbfblb\ghfm^_abg]b[bjh\Zgghfm
g_hj]Zgbah\Zgghfm ih\_^_gbx IZpb_glu ijb wlhf qZklh ijhy\eyxl Zdlb\ghklv ghkysmx
g_dhgkljmdlb\guc [_kp_evguc oZjZdl_j Bo dhglZdl k j_Zevghklvx qj_a\uqZcgh [_^_g
KljZ^Zxsb_ lZdhc nhjfhc rbahnj_gbb g_ ijb^Zxl agZq_gby k\h_fm \g_rg_fm \b^m b
khpbZevghfmih\_^_gbxg_kh[ex^Zyh[s_ijbgyluowlbq_kdboghjfWfhpbhgZevgu_j_Zdpbb
oZjZdl_jbamxlky g_Z^_d\Zlghklvx gZijbf_j ]jhfdbf kf_ohf beb ke_aZfb [_a \b^bfhc
ijbqbgu b \ g_ih^oh^ys_c ^ey wlh]h kblmZpbb Fbfbq_kdb_ j_Zdpbb qZklh khijh\h`^Zxlky
g_Z^_d\Zlguf ]jbfZkgbqZgb_f WfhpbhgZevgh_ miehs_gb_ fh`_l khq_lZlvky k we_f_glZfb
ke_]dZ ih\ur_ggh]h gZkljh_gby ghkys_]h g__kl_kl\_gguc ^mjZreb\uc oZjZdl_j k
g_mf_klgufbmeu[dZfbb g_ijbylgufobobdZgb_f
J_ab^mZevguclbi
>bZ]ghaj_ab^mZevgh]hlbiZkh]eZkgh '60,9 \hafh`_g\ l_okemqZyodh]^Z\ ZgZfg_a_
bf_e f_klh ih djZcg_c f_j_ h^bg rbahnj_gbq_kdbc wibah^ gh \ debgbq_kdhc dZjlbg_
hlkmlkl\mxl\ujZ`_ggu_ikbohlbq_kdb_kbfilhfuohlyb h[gZjm`b\ZxlkyijbagZdb[he_agb
GZ[ex^Z_lky wfhpbhgZevgh_ miehs_gb_ moh^ hl khpbZevghc Zdlb\ghklb g_h[uqgh_
wdkp_gljbqgh_ih\_^_gb_<hafh`ghgZjmr_gb_eh]bq_kdh]hfure_gbyL_q_gb_aZ[he_\Zgby
ghkbl ojhgbq_kdbc beb km[ojhgbq_kdbc oZjZdl_j < kh\j_f_gguo jmdh\h^kl\Zo \klj_qZ_lky
l_jfbg kbfilhfZlbq_kdZy rbahnj_gby ih^jZamf_\Zxsbc \lhjbqghklv kbfilhfh\
k\hckl\_gguorbahnj_gbbb \hagbdZxsbogZhj]Zgbq_kdhfnhg_Wlhlnhgfh`_l\dexqZlv\
k_[y gZijbf_j hj]Zgbq_kdb_ aZ[he_\Zgby ]heh\gh]h fha]Z ikbohhj]Zgbq_kdbc kbg^jhf
wgp_nZeblu khklhygb_ \ua\Zggh_ aehmihlj_[e_gb_f jZaebqgufb \_s_kl\Zfb
ihke_hi_jZpbhggucihke_jh^h\uci_jbh^uBgh]^ZkbfilhfZlbq_kdZyrbahnj_gbyijhl_dZ_l
\ jZfdZo\bkhqghcwibe_ikbbkhkeh`gufbiZjpbZevgufbijbiZ^dZfb
IJH=GHARBAHNJ?GBB
Kh]eZkgh '60,9 d ijbagZdZfohjhr_]hijh]ghaZrbahnj_gbbhlghkylkyke_^mxsb_
iha^g__gZqZeh
hq_\b^gu_ijh\hpbjmxsb_nZdlhjugZijbf_jbglhdkbdZpbyEK>
hkljh_gZqZeh
ohjhrbc ij_fhj[b^guc khpbZevguc b ijhn_kkbhgZevguc ZgZfg_a ijh^mdlb\gu_
f_`ebqghklgu_hlghr_gby
Znn_dlb\gu_kbfilhfu
khklhygb_\ [jZd_
gZebqb_\ k_f_cghfZgZfg_a_^Zgguoh kihkh[ghklbiZpb_glZd hlq_leb\ufi_j_f_gZf
gZkljh_gby
gZebqb_kbkl_fukhpbZevghcih^^_j`db
gZebqb_iheh`bl_evguokbfilhfh\D ijbagZdZfiehoh]hijh]ghaZhlghkylky
jZa\blb_aZ[he_\Zgby\ fheh^hf\hajZkl_
hlkmlkl\b_y\guoij_^jZkiheZ]ZxsbonZdlhjh\
ihkl_i_ggh_g_aZf_lgh_gZqZeh
iehohcij_fhj[b^guckhpbZevguck_dkmZevgucb ijhn_kkbhgZevgucZgZfg_a
moh^ \ k_[y ^h [he_agb Zmlbklbq_kdh_ ih\_^_gb_ \ujZ`_ggZy bgljh\_jlbjh\Zgghklv
Wlhl ijbagZd ZgZeh]bq_g ijbagZdm \u^_e_gghfm Dj_qf_jhf dhlhjuc hlf_qZe qlh _keb
rbahnj_gbq_kdbc ijhp_kk jZa\b\Z_lky m ebp k rbahb^ghc dhgklblmpb_c hg ijhl_dZ_l
agZqbl_evghly`_e__b kf_g__\ujZ`_gghcdhfi_gkZpb_cihkjZ\g_gbxk jZa\blb_fijhp_kkZ
m ebp k pbdehb^ghc dhgklblmpb_c bf_xsbo ohjhrmx kihkh[ghklv d dhfi_gkZpbb
rbahnj_gbq_kdbog_]Zlb\guoijbagZdh\
hlkmlkl\b_k_fvb
rbahnj_gby\ k_f_cghfZgZfg_a_
keZ[ZykhpbZevgZykbkl_fZih^^_j`dbbeb__hlkmlkl\b_
gZebqb_g_]Zlb\guokbfilhfh\
gZebqb_ fbdjhhj]Zgbq_kdbo g_\jheh]bq_kdbo agZdh\ gZijbf_j i_jbgZlZevghc
ljZ\fu\ ZgZfg_a_gZebqb_Z]j_kkb\ghklb^hgZqZeZaZ[he_\Zgby
hlkmlkl\b_j_fbkkbc\ l_q_gb_g_kdhevdboe_lbebqZklu_j_pb^b\uaZ[he_\Zgby
J_amevlZlu ijh\_^_ggh]h <k_fbjghchj]ZgbaZpb_c a^jZ\hhojZg_gby bkke_^h\Zgby >_l_jfbgZglubkoh^Zly`_euoikbobq_kdbojZkkljhckl\\ ^_kylbwdhghfbq_kdbjZa\bluob
f_g__ jZa\bluo kljZgZo h[gZjm`beb agZqbl_evgu_ ljZgkdmevlmjZevgu_ jZaebqby \
kbfilhfZlheh]bb rbahnj_gbb GZb[he__ qZklh ^bZ]ghklbjh\Zgguf km[lbihf [ueZ
iZjZghb^gZyrbahnj_gbygZ\lhjhff_kl_gZoh^beZkvg_^bnn_j_gpbjh\ZggZyrbahnj_gby<
f_g__jZa\bluoh[s_kl\ZogZb[he__qZklh\klj_qZeZkvlZdgZau\Z_fZyhkljZyrbahnj_gbygZ
\lhjhff_kl_gZoh^beZkviZjZghb^gZyrbahnj_gbyDZlZlhgbq_kdZyrbahnj_gby\klj_qZeZkv\
kemqZyo \ f_g__ jZa\bluo kljZgZo b \ j_^dbo kemqZyo \ jZa\bluo h[s_kl\Zo
G_^bnn_j_gpbjh\ZggZy nhjfZ ^bZ]ghklbjh\ZeZkv \ kemqZyo \ wdhghfbq_kdb jZa\bluo
h[s_kl\Zo b \ kemqZ_\ \ f_g__ jZa\bluo h[s_kl\Zo LZdbf h[jZahf \ j_amevlZl_
ijh\_^_ggh]h bkke_^h\Zgby \uy\e_gZ jZagZy kbfilhfZlheh]by rbahnj_gbb \ jZaguo
dmevlmjZo
< bkke_^h\Zgbb[uehhlf_q_ghqlh\ f_g__jZa\bluoh[s_kl\Zo[he_agvijhl_dZ_l[he__
^h[jhdZq_kl\_ggh k f_g__ \ujZ`_ggufb khpbZevgufb gZjmr_gbyfb >h[jhdZq_kl\_gghklv
l_q_gby rbahnj_gbb g_ aZ\bkbl hl __ ijbjh^u hl gZqZeZ aZ[he_\Zgby b hl lh]h dZdbfb
ijbagZdZfb hgh khijh\h`^Z_lky Wlh y\e_gb_ hkh[_ggh gZ]ey^gh \uklmiZ_l \ gZbf_g__
jZa\bluo \ wdhghfbq_kdhf hlghr_gbb kljZgZo gZijbf_j \ Gb]_jbb >ey iZpb_glh\ f_g__
jZa\bluo kljZg oZjZdl_jgh [he__ [eZ]hijbylgh_ l_q_gb_ b emqrbc bkoh^ aZ[he_\Zgby ih
kjZ\g_gbxk iZpb_glZfbjZa\bluokljZglZdbodZdKR:Kh_^bg_ggh_Dhjhe_\kl\hb >Zgby
&DVWLOOR Wlb^Zggu_ih^l\_j`^_gujZ[hlZfb /HII k khZ\lhjZfb dhlhju_h[gZjm`bebqlh\
wdhghfbq_kdb jZa\bluo kljZgZo lhevdh m iZpb_glh\ j_]bkljbjh\Zebkv dZl_]hjbb
gZb[he__ [eZ]hijbylgh]h bkoh^Z [he_agb Z kemqZ_\ hlghkbebkv d ^\mf gZb[he__
g_[eZ]hijbylgufdZl_]hjbyfbkoh^Z
Ih ^Zgguf 6DUWRULXV k khZ\lhjZfb \ wdhghfbq_kdb fZeh jZa\bluo kljZgZo iZpb_glh\hlghkbebkvd dZl_]hjbyfemqr_]hbkoh^ZIhegh_\ua^hjh\e_gb_hl[he_agbohlyb
j_]bkljbjm_lky \ wdhghfbq_kdb jZa\bluo kljZgZo Fk *ODVKDQ gh qZs_ \klj_qZ_lky \
wdhghfbq_kdbf_g__jZa\bluokljZgZo
KhpbZevgu_ gZjmr_gby hlkmlkl\h\Zeb m iZpb_glh\ jZa\bluo kljZg iZpb_glh\
ijhy\beb gZjmr_gby kj_^g_c b ly`_ehc kl_i_gb B gZh[hjhl \ f_g__ jZa\bluo kljZgZo iZpb_glh\g_ijhy\bebkhpbZevguogZjmr_gbcb \ kemqZ_\[uebh[gZjm`_gugZjmr_gby
kj_^g_c beb ly`_ehc kl_i_gb :gZeh]bqgu_ ^Zggu_ ihemq_gu \h fgh]bo keZ[hjZa\bluo
kljZgZo ² RjbEZgdZ 0HQGLV 6XVVHU b :DQGHUWLQJ h[gZjm`bebqlhdhebq_kl\hkemqZ_\g_Znn_dlb\guoikbohah\
rbahnj_gby b [ebadb_ d g_c khklhygby k hkljuf gZqZehf b iheguf \ua^hjh\e_gb_f m
fm`qbgb `_gsbgf_g__jZa\bluokljZg\ b \ jZakhhl\_lkl\_ggh\ur_ihkjZ\g_gbxk
fm`qbgZfb b `_gsbgZfb jZa\bluo kljZg Ihemq_ggu_ ^Zggu_ k\b^_l_evkl\mxl h lhf qlh
rbahnj_gby b wg^h]_ggu_ ikbohau bf_xl [he__ [eZ]hijbylgu_ l_q_gb_ b bkoh^ \ f_g__
jZa\bluokljZgZo
Dhebq_kl\h kemqZ_\ aZ[he_\Zgby rbahnj_gb_c agZqbl_evgh \ur_ \ wdhghfbq_kdb
jZa\bluoh[s_kl\ZoihkjZ\g_gbxk k_evkdhohayckl\_ggufbh[s_kl\Zfb /HZLV k khZ\lhjZfb
ih^q_jdb\ZebqlhrZgkjZa\blbyrbahnj_gbb\ur_m ebpijh`b\Zxsbo\ ]hjh^Zoih
kjZ\g_gbxk l_fbdlh\hkiblu\Zekyb ijh`b\Z_l\ k_evkdhcf_klghklbIjbqbgu\uy\e_gguo
jZaebqbc ^h dhgpZ g_ \uykg_gu gh l_f g_ f_g__ Z\lhjhf h[jZsZ_lky \gbfZgb_ gZ hkh[mx
agZqbfhklv khpbZevguo hlghr_gbc b jZaebqby f_`^m khpbhp_gljbq_kdbfb b
w]hp_gljbq_kdbfbh[s_kl\Zfb
%URZQ k khZ\lhjZfb ij_^eh`beb dhgp_ipbx \ujZ`_gguo wfhpbc dhgp_ipby
wfhpbhgZevguo wdkij_kkbb hibku\Zxsmx \ebygb_ k_fvb gZ [hevgh]h rbahnj_gb_c D
g_]Zlb\guf wdkij_kkb\guf wfhpbyf hlghkylky lZdb_ wfhpbb dZd djblbdZ \jZ`^_[ghklv
hljbpZl_evgZy wfhpbhgZevgZy k\_jo\dexq_gghklv gZijZ\e_ggZy gZ iZpb_glZ kh klhjhgu
qe_gh\ k_fvb Fgh]hqbke_ggu_ bkke_^h\Zgby ihdZau\Zxl qlh [hevgu_ rbahnj_gb_c
klZedb\Zxsb_ky \ k_fvyo k \ukhdbf mjh\g_f wfhpbhgZevguo wdkij_kkbb ^Zxl [hevr__
dhebq_kl\h j_pb^b\h\ aZ[he_\Zgbc <HQNLQV Mjh\gb wfhpbhgZevguo wdkij_kkbb \
k_fvyo [hevguo rbahnj_gb_c bf_xl jZagmx kl_i_gv ij_^klZ\e_gghklb \ jZaguo dmevlmjZo
LZdgZijbf_j\ Bg^bbmjh\_gvwfhpbhgZevghcwdkij_kkbbk_f_ckZfucgbadbcb khklZ\ey_l
F_dkbdZgpu `b\msb_ \ KR: oZjZdl_jbamxlky mjh\g_f jZ\guf [jblZgpu ²
Zg]ebqZg_`b\msb_\ KR: ² :LJ k khZ\lhjZfb Wlb^Zggu_ih^l\_j`^Zxl
]bihl_am h lhf qlh ih\_^_gq_kdb_ nZdlhju \gmljb k_fvb \ebyxl gZ l_q_gb_ b bkoh^
rbahnj_gbb \ jZaguo dmevlmjZo Gbadbc mjh\_gv wfhpbhgZevghc wdkij_kkbb hq_\b^gh
y\ey_lky h^ghc ba ijbqbg [he__ [eZ]hijbylgh]h l_q_gby rbahnj_gbb \ wdhghfbq_kdb f_g__
jZa\bluo kljZgZo ghkysbo gZa\Zgb_ khpbhp_gljbq_kdbo Qm\kl\h [eZ]hihemqby q_eh\_dZ
`b\ms_]h\ lZdhckljZg_b qm\kl\h_]hebqghklghcb^_glbqghklbdhgp_gljbjm_lky\ h[eZklb
rbjhdhc k_fvb \dexqZxs_c \ k_[y [hevr__ dhebq_kl\h jh^kl\_ggbdh\ kihkh[guo
ihaZ[hlblvky h g_f ;hevghc q_eh\_d y\eyxsbcky qe_ghf lZdhc k_fvb bf__l [hevr_
ih^^_j`db aZ[hlu b \gbfZgby b f_gvr_ Z]j_kkb\ghklb b \jZ`^_[ghklb ih kjZ\g_gbx k
iZpb_glZfb`b\msbfb \ w]hp_gljbq_kdhfh[s_kl\_ .DPD<HQNLQV < fZehc y^_jghc
k_fv_ k\hckl\_gghc w]hp_gljbq_kdbf h[s_kl\Zf [hevghc gZoh^blky \ [hevr_c baheypbb
ijhy\eyykbfilhfuiZlheh]bq_kdhcbgljh\_jkbbb ZmlbafZHdjm`Zxsb__]hqe_guk_fvbg_
h[jZsZxl \gbfZgby gZ _]h ijh[e_fu ^h l_o ihj ihdZ m q_eh\_dZ g_ \hagbdZxl k_jv_agu_
khpbZevgu_gZjmr_gbyLZdhcZmlbklbq_kdbcmoh^\ k_[yijh]j_kkbjm_l^hl_oihjihdZ_]hg_
aZf_lylB gZh[hjhlwlbbaf_g_gby[uklj__aZf_qZxlky\ khpbhp_gljbq_kdhck_fv_[ukljh_x
b^_glbnbpbjmxlkyj_amevlZlhfq_]hy\eyxlkyijbgbfZ_fu_^ey\ua^hjh\e_gbyf_ju
?]bi_lkdbcikbobZlj (O,VODP hlf_qZeqlhbkoh^[he_agbaZ\bkblhllh]h\ jZfdZo
dZdhc kbkl_fu p_gghkl_c `b\ml ex^b :\lhj bf_e \ \b^m deZkkbq_kdmx beb kh\j_f_ggmx
kbkl_fm p_gghkl_c GZijbf_j \ k_fvyo jy^Z ZnjbdZgkdbo kljZg `b\msbo \ jZfdZo jZggbo
kbkl_fp_gghkl_cnZdlgZebqbykbfilhfh\[he_agbdhgp_ilmZebabjm_lky\ lZdbodZl_]hjbyo
dZd gZijbf_j dhe^h\kl\h b h\eZ^_gb_^_fhgZfb Wlh y\e_gb_ qj_a\uqZcgh \Z`gh lZd dZd \
lZdh]h jh^Z kemqZyo ijbqbgZ aZ[he_\Zgby hdZau\Z_lky \g_rg_c ih hlghr_gbx d iZpb_glm
Hdjm`Zxsb_ _]h ex^b kqblZxl qlh [hevgh]h k]eZabeb hg hdZaZeky ih^ \ebygb_f dhe^mgZ
rZfZgZbebaeh]h^moZ: wlhagZqblqlhq_eh\_dg_hl\_qZ_laZlhqlhhgaZ[he_eWlhg__]h
\bgZ Hg ih^\_j]ky \ha^_ckl\bx \jZ`^_[ghc \g_rg_c kbeu LZdbf h[jZahf hg g_ g_k_l
hl\_lkl\_gghklb aZ k\h_ ih\_^_gb_ b aZ \hagbdgh\_gb_ [he_agb < k\yab k hp_gdhc ijbqbgu
aZ[he_\ZgbydZd\g_rg_ckbeuij_^iheZ]Z_lkyqlh\hi_j\uoe_q_gb_fh`_l[ulvijhkluf
Z \h\lhjuo aZ[he_\Zgb_ g_ ^he`gh [ulv ^ebl_evguf b ojhgbq_kdbf Z djZldh\j_f_gguf
:D[LHU Kms_kl\m_l f_gvrZy \_jhylghklv lh]h qlh kms_kl\mxsb_ \ lZdbo k_fvyo
\jZ`^_[ghklv djblbdZ b hljbpZl_evgh_ hlghr_gb_ kh klhjhgu k_fvb [m^ml gZijZ\e_gu gZ
iZpb_glZ ih kjZ\g_gbx k k_fvyfb jmdh\h^kl\mxsbfbky \ ^Zgghf \hijhk_ ^jm]bfb
ijbgpbiZfb
Rbahnj_gby\ kh\j_f_gghfw]hp_gljbq_kdhfh[s_kl\_:g]ebyKR:d\Zebnbpbjm_lky
dZd\gmlj_gg__qZklhg_bae_qbfh_aZ[he_\Zgb_Dhgp_ipby[he_agbkms_kl\mxsZy\ ^Zgguo
h[s_kl\Zo gZoh^blky \ jZfdZo [bhf_^bpbgkdhc iZjZ^b]fu H[s_kl\h `^_l hl dZ`^h]h
q_eh\_dZ kZfh^hklZlhqghklb b g_aZ\bkbfhklb ij_^ty\eyy d g_fm [hevrb_ lj_[h\Zgby
G_Z^_d\Zlghklv aZ[he_\r_]h b gZjmr_gb_ bf hij_^_e_gguo ijZ\be ijb\h^bl d lhfm qlh \
lZdbo k_fvyo gZ [hevgh]h gZijZ\ey_lky ihlhd ^hklZlhqgh `_kldhc wfhpbhgZevghc
wdkij_kkbb<ukhdbcmjh\_gvhljbpZl_evghcwfhpbhgZevghcwdkij_kkbby\eyykvoZjZdl_jguf
dmevlmjZevgufnZdlhjhfmkbeb\Z_l\jZ`^_[ghklvihhlghr_gbxd iZpb_glmG_kfhljygZlh
qlh\jZ`^_[ghklvqZklhghkblkdjulucoZjZdl_jb ij_^klZ\e_gZgZih^khagZl_evghfmjh\g_\
ex[hf kemqZ_ hgZ hdZau\Z_lky h^gbf ba g_]Zlb\guo ikboheh]bq_kdbo nZdlhjh\
kihkh[kl\mxsbog_[eZ]hijbylghfml_q_gbxb ijh]ghamrbahnj_gbb\ kh\j_f_gghfh[s_kl\_
Rbahnj_gbx ke_^m_l ^bnn_j_gpbjh\Zlv hl rbahZnn_dlb\gh]h jZkkljhckl\Z
RbahZnn_dlb\gh_jZkkljhckl\h\dexqZ_l\ k_[ygZjmr_gb_ijbdhlhjhfwibah^ugZjmr_gby
gZkljh_gbyb kbfilhfuZdlb\ghcnZaurbahnj_gbb\hagbdZxl\f_kl_b bfij_^r_kl\mxlbeb
aZ gbfb ke_^mxl ih djZcg_c f_j_ ^\_ g_^_eb [j_^h\uo b^_c beb ]ZeexpbgZpbc [_a
\ujZ`_gguogZjmr_gbcgZkljh_gby
HibkZgb_ rbahZnn_dlb\guo jZkkljhckl\ \klj_qZ_lky m g_f_pdbo ikbobZljh\ E_hg]Zj^
ijbjZkkfhlj_gbbikbohaZlj_\h]bb ikbohaZkqZklvy<u^_eyxlky
² ^_ij_kkby[_^ghklbwfhpbhgZevgh]hmqZklby
² ^_ij_kkbyk b^_yfbhlghr_gby
² bihohg^jbq_kdZy^_ij_kkby
² ^_ij_kkbykZfhfmq_gby
Wcnhjbq_kdb_jZkkljhckl\Z\klj_qZxlkyagZqbl_evghj_`_b \dexqZxl\ k_[y
² wcnhjbyk dhgnZ[meypbyfb
² bihohg^jbq_kdZywcnhjby
² wcnhjby [_^ghklb wfhpbhgZevgh]h mqZklby Hq_\b^gh wlb jZkkljhckl\Z emqr_
jZkkfZljb\Zlv \ jZfdZo Znn_dlb\guo gZjmr_gbc beb rbahZnn_dlb\guo jZkkljhckl\ gh g_
rbahnj_gbb
EBL?J:LMJ:
;Zgsbdh\<FKK DhjkZdh\ ²Fhkd\Z ;_ol_j_\<F =bigha\gmr_gb_Ikbohl_jZibyb __agZq_gb_\ e_q_gbb²KI[ <hjhgph\Z D : FZehijh]j_^b_glgZy rbahnj_gby b pbdehlbfby k nh[bq_kdbfb
ijhy\e_gbyfb:\lhj_n^bkkdZg^f_^gZmd²F =hev^_g[_j] F : <hkijhba\_^_gb_ g_dhlhjuo kbfilhfh\ Zljhibgh\h]h ikbohaZ m
`b\hlguo b _]h agZq_gb_ <hkijhba\_^_gb_ g_dhlhjuo kbflhfh\ Zljhibgh\h]h ikbohaZ m
`b\hlguoih^j_^F:=hev^_g[_j]Z²Gh\hkb[bjkd =het^_g[_j]F: G_dhlhju_h[sb_\hijhkuwdki_jbf_glZevgh]hZdjbobgh\h]hikbohaZ
m `b\hlguo <hkijhba\_^_gb_kbg^jhfh\Zdjbobgh\h]hikbohaZm `b\hlguoih^j_^F:
=hev^_g[_j]Z²Gh\hkb[bjkd =hev^_g[_j] F : Dhjhe_gdh P I :edh]hevgu_ ikbohiZlheh]bq_kdb_ kbg^jhfu m
`b\hlguo \ wdki_jbf_gl_ G_\jhiZlheh]by b ikbobZljby bf K K DhjkZdh\Z ² ²‹
=hjqZdh\Z E F <yehl_dmsZy rbahnj_gby k ij_h[eZ^Zgb_f Zkl_gbq_kdbo jZkkljhckl\
:\lhj_n^bkkdZg^f_^gZmd²F >fbljb_\Z G < F_evgbdh\Z F F Ikboh^bZ]ghklbdZ dhjj_dpby b ijhnbeZdlbdZ
g_\jhah\b ih]jZgbqguoebqghklguojZkkljhckl\ ²Gh\hkb[bjkdBa^\hG=IM >erljb_\ZG < Ikbohkbg_j]_lbdZ²Gh\hkb[bjkd Ba^\hG=IM @bkibg K = H[
Zedh]hevguojZkkljhckl\Zo ² <hjhg_` AZ\vyeh\ < X L_jZi_\lbq_kdb_ ljZgku \ jmlbgguo f_^bpbgkdbo ijhp_^mjZo²
Gh\hkb[bjkd DZj_\: Gh\u_aZdhgu ² klZju_ijh[e_fuJmkkdZyfukevIjZ\Z
q_eh\_dZ²IZjb`²²‹²K B Dhjg__\Z D J_ij_kkb\guc aZdhg ijhlb\
gZjdhlbdh\JmkkdZyfukev
IjZ\Zq_eh\_dZ²IZjb`²²‹²KB
Dhjhe_gdh P I <hedh\ I I ?\k__\Z L : RfZlvdh G K /D SV\FKRSDWKRORJLF
H[SHULPHQWDOHHWVDVLJQLILFDWLRQSRXUODUHFKHUFKHFOLQLTXHHWODSDWKRJHQLFGHVSV\FKRVHVH[RJHQHV
² /
HYROXWLRQSV\FKLDWULTXH ²²3DULV ²‹ Dhjhe_gdh P I ?\k__\Z L : <hedh\ I I 'DWD IRU D FRPSDUDWLYH DFFRXQW RI 7R[LF
3V\FKRVHVRIYDULRXVDHWLRORJLHV %ULWLVK-RXUQDORI3V\FKLDWU\²²9RO3
Dhjhe_gdh P I >bdh\kdbc: $ 7KH FOLQLFDO FODVVLILFDWLRQ RI DOFRKROLVP $QDOL =DYRGD ]D
0HQWDLQR=GUDYOMH ² %HRJUDG Dhjhe_gdhPI>hgkdboL: K_fviml_cd dZlZkljhn_Gh\hkb[bjkdGZmdZ Eb\_gv ; G Ij_^ihkuedb b i_jki_dlb\u jZa\blby wdheh]bq_kdhc ikbobZljbb b
wdheh]bq_kdZy ikbobZljby G_h[oh^bfhklv nhjfbjh\Zgby b i_jki_dlb\u jZa\blby gh\h]h
gZijZ\e_gby\ gZmd_ ²;ZjgZme²
FD; F_`^mgZjh^gZy deZkkbnbdZpby [he_ag_c ba^Zgb_ jZa^_e IkbobZljbq_kdb_
gZjmr_gbyZ^Zilbjh\ZggZy^eybkihevah\Zgby\ KKKJ²Fhkd\Z IZ\eh\BI IkbohiZlheh]byb ikbobZljbyba[jZggu_ljm^u ²Fhkd\Z Jha_grl_cgE F H kh\j_f_gguo ikbobZljbq_kdbo l_q_gbyo \ Kh\_lkdhc Jhkkbb
Ikboheh]bq_kdb_b g_\jheh]bq_kdb_bkke_^h\ZgbyJha_grl_cgEFj_^ ²Fhkd\Zba^
\hGZjdhfa^jZ\ZJKNKJ²
Jhlrl_cg=: Bihohg^jbq_kdZy rbahnj_gby²Fhkd\Z
ikbobZljbb Ih^j_^:<Kg_`g_\kdh]h ² F
Jmdh\h^kl\h
ih
F_^bpbgZ ²L
KZebgZ ? <q_jZ \ Jhkkbb gZqZeb kZ`Zlv [hevguo DhfkhfhevkdZy ijZ\^Z ² Zij_ey
] ‹ K_q_gh\ B F J_ne_dku ]heh\gh]h fha]Z Ba[jZggu_ nbehkhnkdb_ b ikboheh]bq_kdb_
ijhba\_^_gby ² F Kfme_\bq : ; FZehijh]j_^b_glgZy rbahnj_gby b ih]jZgbqgu_ khklhygby²F
F_^bpbgZ Kg_`g_\kdbc:< Rbahnj_gbydebgbdZb iZlh]_g_a ²FF_^bpbgZ Klheyjh\=< E_dZjkl\_ggu_ikbohaub ikbohfbf_lbq_kdb_kj_^kl\Z ²FF_^bpbgZ
R_\q_gdh AZdhg h gZjdhlbdZo b ikbohZdlb\guo \_s_kl\Zo Dhff_glZjbc²JhkkbckdZy
]Za_lZ²²‹²K R_j_r_\kdbc: F AZ]Z^dZ kf_jlb ;_ol_j_\Z H[haj_gb_ BgklblmlZ ikbobZljbb b
f_^bpbgkdhcikboheh]bbbf;_ol_j_\Z ²²‹ Rbahnj_gbyDebgbdZb iZlh]_g_aIh^j_^:<Kg_`g_\kdh]h ²FF_^bpbgZ Wldbg^: Wjhkg_\hafh`gh]hBklhjbyikbohZgZebaZ\ Jhkkbb ²F=ghabkIjh]j_kk
Dhfie_dk ²² K $EEH\6(*DUILQNHO3( 1HXUDVWKHQLDDQGFKURQLFIDWLJXHV\QGURPH
7KHUROHRIFXOWXUHLQWKHPDNLQJRIDGLDJQRVLV $PHULFDQ-RXUQDORI3V\FKLDWU\²²9RO
²3 $G,HU$ 8QGHUVWDQGLQJ+XPDQ1DWXUH ² 1HZ<RUN)DZFHWW $G,HU$ 6RFLDO,QWHUHVW$
&KDOOHQJHWR0DQNLQG ²1<&DSULFRUQ $GLHU$ &RRSHUDWLRQEHWZHHQWKHVH[HV:ULWLQJVRQZRPHQ DQGPHQ ORYHDQG PDUULDJH DQG
VH[XDOLW\ ²1<1RUWRQ $GLHU $ 7KH )XQGDPHQWDO 9LHZV RI ,QGLYLGXDO 3V\FKRORJ\ ²,QGLYLGXDO 3V\FKRORJ\ ²
² 9RO ²3 $LQVZRUWK0'%OHKDU0&:DWHUV(:DOO6 3DWWHUQVRIDWWDFKPHQW
D3V\FKRORJRFDO6WXG\RIWKH6WUDQJH6LWXDWLRQ+LOVGDOH ² 1<
(ULEDXP $NLVNDO+6 7RZDUGVDGHILQLWLRQRIG\VWK\PLDERXQGDULHVZLWKSHUVRQDOLW\DQG
PRRGGLVRUGHUV %XUWRQ6:$NLVNDO+6
'\VWK\PLDGLVRUGHU ² /RQGRQ*DVNHOO ² 3 $OOSRUW*: 7KH1DWXUHRISUHMXGLFH&DPEULGJH0DVV$GGLVRQ:HVOH\3
$OWPDQ . 5XOH : 7KH UHODWLRQVKLS EHWZHHQ VRFLDO LQWHUHVW GLPHQVLRQV RI HDUO\ UHFROOHFWLRQV
DQGVHOHFWHGFRXQFHORUYDULDEOHV -RXUQDORI,QGLYLGXDO3V\FKRORJ\ ²² 9RO ²3 $PHULFDQ3V\FKLDWULF$VVRFLDWLRQ'LDJQRVWLFDQGVWDWLVWLFDOPDQXDORIPHQWDOGLVRUGHUVUG(G
² :DVKLQJWRQ'&$PHULFDQ3V\FKLDWULF$VVRFLDWLRQ $PHULFDQ3V\FKLDWULF$VVRFLDWLRQ'LDJQRVWLFDQGVWDWLVWLFDOPDQXDORIPHQWDOGLVRUGHUV UG (G
² :DVKLQJWRQ'&$PHULFDQ3V\FKLDWULF$VVRFLDWLRQ $PHULFDQ 3V\FKLDWULF $VVRFLDWLRQ 'LDJQRVWLF DQG VWDWLVWLFDO PDQXDO RI PHQWDO GLVRUGHUV UG
5HY (G ² :DVKLQJWRQ ' & $PHULFDQ 3V\FKLDWULF $VVRFLDWLRQ $PHULFDQ 3V\FKLDWULF
$VVRFLDWLRQ'LDJQRVWLFDQGVWDWLVWLFDOPDQXDO RI PHQWDOGLVRUGHUVWK5HY (G ² :DVKLQJWRQ'
& $PHULFDQ 3V\FKLDWULF $VVRFLDWLRQ $PPDQ * '\QDPLF 3V\FKLDWU\ DQG +XPDQ
6WUXFWXURORJ\ 9DUPD 9 ..XOKDUD3DRWK 6RFLDO3V\FKLDWU\$*OREDO3HUVSHFWLYH ²
²3 $QGUHDVHQ 1 & 7KH EURNHQ EUDLQ 7KH ELRORJLFDO UHYROXWLRQ LQ SV\FKLDWU\²
1<+DVSHU5RZ $QVEDFKHU+ / $QVEDFKHU 5 5 7KH LQGLYLGXDO SV\FKRORJ\ RI $OIUHG $GLHU²1< +DUSHU
7RUFKERRN $UQRZ' +DUULVRQ 5 $IIHFW LQ HDUO\ PHPRULHV RIERUGHUOLQH SDWLHQWV D -RXUQDO RI 3HUVRQDOLW\
DVVHVVPHQW ²² 9RO ² 3 $UWKXU5- 3V\FKLDWULFV\QGURPHVLQSULVRQHUVRIZDUDQGFRQFHQWUDWLRQFDPSVXUYLYRUV &7
)LHPDQQ5$)DJXHW(GV ([WUDRUGLQDU\GLVRUGHUVRIKXPDQEHKDYLRU²1<3OHQXP ²
3 $VK6( 2SLQLRQVDQG6RFLDOSUHVVXUH6FLHQWLILF$PHULFDQ ²1RYHPEHU²3 %DN5& 0DVRFKLVPLQ3DUDQRLD,I3V\FKRDQDO\W4XDUW ²² 9RO²3 %DOGZLQ ' 5XGJH 6K 7KRPDV 6 '\VWK\PLD 2SWLRQV LQ 3KDUPDFRWKHUDS\ &16 'UXJV ²
² 9RO ² 3 %DOLQW$ /RYHIRUWKHPRWKHUDQGPRWKHUORYH 3ULPDU\/RYHDQG3V\FKRDQDO\WLF7HFKQLFXH %DOLQW0(GV+RJDUWK3UHVV/RQGRQ3
%DOLQW0 &KDUDFWHUDQDO\VLVDQGQHZEHJLQQLQJ 3ULPDU\/RYHDQG3V\FKRDQDO\WLF7HFKQLFXH %DOLQW0(GV+RJDUWK3UHVV/RQGRQ3
%DOLQW0 7KH%DVLF)DXOW &ODVVLFVLQ3V\FKRDQDO\VLV%UXQQHU 0D]HO²1< %DOLQW0 7KH%DVLF)DXOW(YDQVWRQ,OOLQRLV1RUWKZHVWHUQ8QLYHUVLW\3UHVV %DUORZ' 1 $Q[LHW\DQGLWVGLVRUGHUV 7KHQDWXUHDQGWUHDWPHQWRIDQ[LHW\DQGSDQLF²1<
*XOIRUG3UHVV %DXPHLVWHU5 6XLFLGH DV HVFDSH IURP VHOI 3V\FKRORJLFDO 5HYLHZ ² ²
9RO ² J %HDUG*0 $3UDFWLFDO7UHDWLVHRQ1HUYRXV([KDXVWLRQ ²1 <:P:RRGD&R HQVLH'LH.=1HXURVHYHUIROJWHU'HU1HUYHQDU]W ²²9RO²3 A
%HQVKHLP + 'LH . = 1HXURVH UDVVLVFKH 9HUIROJWHU (LQ %HLWUDW ]XU 3V\FKRSDWKRORJLH GHU
1HXURVHQ 'HU1HUYHQDU]W ²² 9RO²3 %HUPDQ ( 0XOWLSOH SHUVRQDOLW\ SV\FKRDQDO\WLF SHUVSHFWLYHV ,QWHUQDWLRQDO -RXUQDO
RI3V\FKRDQDO\VLV²²9RO²3
%HWWHOKHLP % 7KH XVHV RI HQFKDQWPHQW 7KH PHDQLQJ DQG LPSRUWDQFH RI IDLU\ WDOHV²1<
.QRSI %LGHUPDQ$'=LPPHU+ 7KH0DQLSXODWLRQRI+XPDQ%HKDYLRXU²1<:LOH\²3
%LOLNLHZLF]7 3V\FKLDWQD.OLQLF]QD 3=:/ ² :DUV]DZD %OXPH(6 6HFUHW6XUYLYRUV
²1<-RKQ:LOH\D6RQV,QF %RHKQOHLQ-. 7KHSURFHVVRIUHVHDUFKLQSRVWWUDXPDWLFVWUHVVGLVRUGHU 3HUVSHFWLYHVLQ%LRORJ\
DQG0HGLFLQH ²² 9RO ² 3 %RHKQOHLQ - ' 6SDUU/ ) *URXS WKHUDS\ IRU ::,, H[ ² 32:
V /RQJWHUP SRVWWUDXPDWLF
DGMXVWPHQWLQDJHULDWULFSRSXODWLRQ$PHULFDQ-RXUQDORI3V\FKRWKHUDS\ ²² 9RO ² 3
²
3HUVSHFWLYHVLQ%LRORJ\DQG0HGLFLQH²²9RO ²3 %RU\0- 7KH*RG:H
1HYHU.QHZ ² 6DQ)UDQFLVFR+DUSHU %UDJLQVN\%0*URVVH05LQJ. &RQWUROOLQJ2XWFRPHVWKURXJK,PSUHVVLRQ0DQDJHPHQWDQ
H[SHULPHQWDOVWXG\RIWKHPDQLSXODWLYHWDFWLFVRIPHQWDOSDWLHQWV -RXUQDORI&RQVXOWLQJ3V\FKRORJ\
²²9RO²3 %UDJLQVN\%0%UDJLQVN\''5LQJ. 0HWKRGVRIPDGQHVV 7KH
0HQWDO+RVSLWDODVDODVWUHVRUW /DQKDP0' ² 8QLYHUVLW\3UHVVRI
$PHULFD %UHXHU-)UHXG6 6WXGLHVDQ+\VWHULD ²1<%DVLF %URZQ * ( 0RQFN ( HW DO ,QIOXHQFH RI IDPLO\ OLIH RQ WKH FRXUVH RI VFKL]RSKUHQLF LOOQHVV %ULWLVK-RXUQDORI3UHYHQWLRQDQG6RFLDO0HGLFLQH²²9RO ²3 %UXKQ $ 5 7KH (DUO\ 0HPRULHV 3URFHGXUH $ SURMHFWLYH WHVW RI DXWRELRJUDSKLFDO PHPRU\ -RXUQDO RI 3HUVRQDOLW\ $VVHVVPHQW ² ²SDUWL²9RO²3 3DUW²9RO²3
%XFKOHU5*ULIILQ' &KDQJHRIPHDQLQJHIIHFWVLQFRQIRUPLW\DQGGLVVHQW
2EVHUYLQJFRQVWUXDOSURFHVVHVRYHUWLPH -RXUQDORI3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\ ²
²9RO ²3 3 *DOORZD\3 6RYLHWDQG:HVWHUQ3V\FKLDWU\².HLJKOH\0RWRU3UHVV &DPHURQ 1 7KH3DUDQRLG3VHXGR&RPPXQLW\ $P-6RFLDO ²²
9RO3&DPHURQ'(/HY\/%DQ L 5XEHQVWHLQ/ 6HQVRU\GHSULYDWLRQHIIHFWVXSRQWKH
IXQFWLRQLQJKXPDQLQVSDFHV\VWHPV )ODKHUW\%(
(G 3V\FKRSK\VLRORJLFDODVSHFWVRI6SDFH)OLJKWV ² 1<
&ROXPELD 8QLYHUVLW\ 3UHVV ² 3 &DPSEHOO 5 - 3V\FKLDWULF GLFWLRQDU\ )LIWK
(GLWLRQ ² 1<2[IRUG8QLYHUVLW\3UHVV &DVWLOOR 5- 'LYLGHG FRQVFLRXVQHVV HQOLJKWHQPHQW LQ +LQGX \RJLV ,I $QWKURSRORJ\ RI
&RQVFLRXVQHVV²²9RO²3 &DVWLOOR5- &XOWXUHDQGPHQWDOLOOQHVV 3DFLILF*URYH ² %URRNV &ROH3XEOLVKLQJ&RPSDQ\
&DWKHEUDV3 'XEXPRXW DQV\QGURPHGHV\XSSLHV'HX[DYDWXUV PRGHUHVGHODIDWLJXH 6FLHQVHV 6RFLDOHV HW 6DQWH ² ² 9RO ² 3 &KDSPDQ $ 1 7H[WERRN RI &OLQLFDO
3V\FKLDWU\ ² 3KLODGHOSKLD7RURQWR/LSSLQFRWW &KRGRII3 3V\FKLDWULFDVSHFWVRI1D]LSHUVHFXWLRQ 6$ULHWL(GV ²
$PHULFDQ+DQGERRNRI3V\FKLDWU\VHFRQG(G ² 1<%DVLF
%RRNV²²3 &ODQV 3 - 0HGLFDO DQWKURSRORJ\ DQG WKH HWKQRJUDSK\ RI VSLUW
SRVVHVVLRQ
&RQWULEXWLRQVWR$VLDQ6WXGLHV ² ²9RO ²3 &ORQLQJHU6& 7KHRULHVRI3HUVRQDOLW\3UHQWLFH+DOO ² 1< &UDQGDOO-( $VFDOHIRUVRFLDOLQWHUHVWD,QGLYLGXDO3V\FKRORJ\ ²9RO3
&URZ 2[IRUG 7H[WERRN RI 3V\FKLDWU\ *HOGHU 0 *DWK ' 0DYRX 5 (GV ² 2[IRUG
8QLYHUVLW\3UHVV6HFRQG(GLWLRQ 'DYLGRY 6 %UXKQ $ 5 (DUOLHVW PHPRULHV DQG WKH G\QDPLFV RI GHOLQTXHQF\ -RXUQDO RI
3HUVRQDOLW\DVVHVVPHQW²²9RO²3 'HVMDUODLV5(LVHQEHUJ/*RRG < .OHLQPDQ$ :RUOG0HQWDO+HDOWK
3UREOHPVDQGSULRULOLHVLQORZLQFRPHFRXQWULHV ² 1<2[IRUG8QLYHUFLW\3UHVV 'HKLR: 8QWHUVXFKXQJHQXHEHUGHQ(LQIOXVVGHV &RIIHLQV XQG7KHHV DXIGLH 'DXHUSV\FKLVFKH
9RUJDHQJH ²'RUSDW 'HQQLV3$ *ULVLVLNQLVLQ0LVNLWRFXOWXUH ,Q5&6LPRQV&&+XJKHV(GV7KHFXOWXUH
ERQGV\QGURPHV )RONLOOQHVVHV RI $PHULFDQSV\FKLDWULF DQG DQWKURSRORJLFDOLQWHUHVW ² ²3
'HXWVFK0*HUDUG+ $VWXG\RIQRUPDWLYHDQGLQIRUPDWLRQDOVRFLDOLQIOXHQFHXSRQLQGLYLGXDO
MXGJPHQW -RXUQDORI$EQRUPDODQG6RFLDO3V\FKRORJ\²²9RO ²3 'LQNPH\HU ' 0F.D\ 6\VWHPDWLF WUDLQLQJ IRU HIIHFWLYH SDUHQWLQJ ² &LUFOH 3LQHV ²01
$PHULFDQ*XLGDQFH6HUYLFH 'L1DUGR3$%DUORZ' 1 6\QGURPDQG6\PSWRPFRPRUELGLW\LQWKHDQ[LHW\GLVRUGHUV -'
0DVHU&5&ORQLQJHU(GV &RPRUELGLW\RIPRRGDQGDQ[LHW\GLVRUGHUV ² :DVKLQJWRQ'&
$PHULFDQ3V\FKLDWULF3UHVV ²²3 'RQFHO- 3KLORVRSKLFDO$QWKURSRORJ\²1< 'UHLFXUV5 )XQGDPHQWDOVRI$GOHULDQ3V\FKRORJ\&KLFDJR ² $OIUHG$GLHU,QVWLWXWH²
'LLUNKHLP( /H6XLFLGHHWXGHGHVRFLRORJLH ² 3DULV (LWLQJHU/7KHLQFLGHQFHRIPHQWDO
GLVRUGHUVDPRQJUHIXJHHVLQ1RUZD\ -RXUQDORI0HQWDO 6FLHQFH9RO ²3 (LWLQJHU / 7KH V\PSWRPDWRORJ\ RI PHQWDO GLVHDVH DPRQJ UHIXJHHV LQ 1RUZD\ -RXUQDO RI
0HQWDO6FLHQFH ²² 9RO ² J (LWLQJHU / 7KH FRQFHQWUDWLRQ FDPS V\QGURPH DQG LWV ODWH VHTXHOODH ,Q - 'LPVGDOH (G ²
6XUYLYRUVYLFWLPVDQGSHUSHWLDWRUV (VVD\VRQWKH1DUL+RORFDXVW ²:DVKLQJWRQ'&+HPLVSKHUH
²
(EHUW' 0DUWXV 3 6RPDWL]DWLRQDV D FRUH V\PSWRP RI PHODQFKROLF W\SH GHSUHVVLRQ (YLGHQFH
IURPDFURVVFXOWXUDOVWXG\-RXUQDORI$IIHFWLYH'LVRUGHUV ²² 9RO ² 3 (OLWV+- 1DU]LVVPXVXQG6HOEVWSV\FKRORJLH ² )XOGDQHU9HUODJVDQVWDOW7XELQJHQ (O,VODP0)$ EHWWHURXWORRNIRUVFKL]RSKUHQLFVOLYLQJLQH[WHQGHGIDPLOLHV,I%ULWLVK-RXUQDORI
3V\FKLDWU\ ²² 9RO ²J (O,VODP 0 ) &XOWXUDODVSHFWVRI PRUELGIHDUVLQ4XDWDUL:RPHQ 6RF3V\FKLDWU\ 3V\FKLDWU
(SLGHPLRO ²² 9RO ² J (OOLRWW'$PHULFDQHU06ZDQN3 (DUO\UHFROOHFWLRQVDQGYRFDWLRQDO3UHIHUHQFH,QYHQWRU\DV
SUHGLFWRURIYRFDWLRQDOFKRLFH ,QGLYLGXDO3V\FKRORJ\ ² ²9RO ²3 (OOLRWW - ( &RPSHQVDWRU\ EXIIHUV GHSUHVVLRQ DQG LUUDWLRQDO EHOLHIV , -RXUQDO RI FRJQLWLYH
SV\FKRWKHUDS\²²9RO ²3 (\VHQFN+- *HQHWLFDQGHQYLURQPHQWDOFRQWULEXWLRQVWRLQGLYLGXDOGLIIHUHQFHV 7KHWKUHHPDMRU
GLPHQVLRXVRISHUVRQDOLW\ -RXUQDORI3HUVRQDOLW\²²9RO²3 )DLUEDLUQ:5' 7KH5HSUHVVLRQDQGWKHUHWXUQRIEDGREMHFWV $QREMHFWUHODWLRQVWKHRU\RI
SHUVRQDOLW\ ²1<%DVLF%RRNV )DLUEDLUQ : 5 ' 6WHSV LQ WKH GHYHORSPHQW RI DQ REMHFWUHODWLRQV WKHRU\ RI SHUVRQDOLW\ 3V\FKRDQDO\WLF 6WXGLHV RI WKH SHUVRQDOLW\ )DLUEDLUQ :5' (GV² /RQGRQ 7DYLVWRFN ²
3
)DUPHU-' 'LPHQVLRQ)UDFWLDO0HDVXUHVDQG&KDRWLF'\QDPLFV (YROXWLRQRI2UGHUDQG&KDRVLQ3K\VLFV &KHPLVWU\DQG%LRORJ\ ²
%HUOLQ²)HLULQJ& %HKDYLRXUVW\OHVLQLQIDQF\DQGDGXOWKRRG$PHULFDQ
-RXUQDORI3V\FKRDQDO\VLV ²² 9RO²3 )LFDURWWR7< 5DFLVP6H[LVPDQG(URWRSKRELDDWWLWXGHVRIKHWHURVH[XDOVWRZDUGVKRPRVH[XDOV
-RXUQDORI+RPRVH[XDOLW\ ²² 9RO²3 )LQNHOKRU' 7KH VH[XDO DEXVH RI FKLOGUHQ &XUUHQW 5HFHDUFK5HYLHZHG 3V\FKLDWULF DQQDOV²
²9RO ²3 )OHFN6 'HKXPDQL]LQJGHYHORSPHQWVLQ$PHULFDQSV\FKLDWU\LQUHFHQW
GHFDGHV -RXUQDORI1HUYRXVDQG0HQWDO'LVHDVH ²² 9RO
²3 )OLULQJ& %HKDYLRUDOVW\OHVLQLQIDQF\DQGDGXOWKRRG$PHULFDQ
-RXUQDORI3V\FKRDQDO\VLV ² ²9RO ²3 )RQWDQD$).OHLQ( < /HZLV(/HYLQH/ 3UHVHQWDWLRQRIVHOILQPHQWDOLOOQLVHV -RXUQDORI
&RQVXOWLQJDQG&OLQLFDO3V\FKRORJ\ ²²9RO²3 )UDQNL 9 ( 0DQ
VVHDUFKIRUPHDQLQJ3UHVV 1<:DVKLQJWRQ6TXDUH
)UHHG56)UHHG6$ *KRVWLOOQHVVLQDQRUWK,QGLDQYLOODJH 6RFLDO6FLHQFHDQG0HGLFLQH²
²9RO²3 )UHXG 6 )DUWKHU 5HPDUNV RQ WKH 'HIHQVH 1HXURSV\FKRVHV ,Q FROOHFWHG 3DSHUV²1HZ <RUN
%DVLF ²9ROO²3 )UHXG 6 2Q QDUFLVVLVPDQ LQWURGXFWLRQ 7KH VWDQGDUW (GLWLRQ RI WKH FRPSOHWH 3V\FKRORJLFDO
:RUNVRI6LJPXQG)UHXG ² /RQGRQ
+RJDUWK3UHVV ²9RO ²3 )UHXG6 7KH(JRDQGWKH,G ² /RQGRQ+RJDUWK
)UHXG6 7KHIRUJHWWLQJRIGUHDPV 7KHVWDQGDUW(GLWLRQRIWKH&RPSOHWH3V\FKRORJLFDO:RUNV
RI6)UHXG ² /RQGRQ+RJDUWK3UHVV ²9R/3
)UHXG 6 $&ROOHFWLRQRI&ULWLFDO(VVDXV (G %\ 5 1ROKHLV ²1< )URPP ( (VFDSH
IURP )UHHGRP ² 1HZ <RUN )DUUD] 5LQHKDUW )URPP ( 0DQ IRU +LPVHOI 1< 5LQHKDUW
)URPP( 7KH&ULVLVRI3V\FKRDQDO\VLV ²1< )URPP ( 7KH $QDWRP\ RI +XPDQ 'HVWUXFWLYHQHVV ² 1HZ <RUN +ROW 5LQHKDUW :LQVWRQ
)URPP( *UHDWQHVVDQG/LPLWDWLRQVRI)UHXG
V7KRXJKW ²1< *DUIPNHO3( 1HXUDVWKHQLDDQGFKURQLFIDWLJXH6\QGURPH7KHUROHRIFXOWXUHLQWKHPDNLQJRID
GLDJQRVLV $PHULFDQ-RXUQDORI3V\FKLDWU\²²9RO ²3 *LOO0 7KHDQDO\VLVRIWKHWUDQVIHUHQVH -RXUQDORIWKH$PHULFDQ3V\FKRDQDO\WLF$VVRFLDWLRQ
²²3 *LWWHOPDQ.OHLQ5.OHLQ') &RQWUROOHGLPLSUDPLQHWUHDWPHQWRIVFKRROSKRELD$UFKLYHVRI
*HQHUDO3V\FKLDWU\ ²² 9RO ²3
*RQJ*X\ ( &DOLIRUQLD6RXWKHDVW$VLDQ PHQWDOKHDOWKQHHGVDVVHVPHQW 2DNODQG &$$VLDQ
&RPPXQLW\0HQWDO+HDOWK6HUYLFHV &DOLIRUQLD6WDWH'HSDUWPHQWRI0HQWDO+HDOWK *UDOQLFN$ )ROLR D 'HX[ 7KH 3V\FKRVLV RI $VVRFLDWLRQ $ 5HYLHZ RI &DVHV DQG WKH (QWLUH
(QJOLVK/LWHUDWXUH3V\FKLDWULF4XDWHUOH\ ²²9RO ²3 *UHHYHU.7VHQJ+6)ULHGODQG%8 'HYHORSPHQWRIWKHVRFLDO,QWHUHVW,QGH[ -RXUQDORI
&RQVXOWLQJDQG&OLQLFDO3V\FKRORJ\ ²²9RO²3 *UHHQVRQ 5 7KH 7HFKQLTXH DQG 3UDFWLFH RI 3V\FKRDQDO\VLV ² 1< ,QWHUQDWLRQDO 8QLYHUVLWLHV
3UHVV ²9RO *UHJRU\- +XVEDQGV DQG :LYHV $GPLWWHGWR0HQWDO+RVSLWDO -RXUQDORI 0HQWDO 6FLHQFH ²
² 9RO ² 3 +DIIQHU+6FKPLGWNH$ 'RWHOHYLVHGILFWLRQDOVXLFLGHPRGHOVSURGXFHVXLFLGHV" '53IHIIHU
² 6XLFLGHDPRQJ\RXWK3HUVSHFWLYHVRQULVNDQGSUHYHQWLRQ:DVKLQJWRQ'&$PHULFDQ3V\FKLDWULF
3UHVV ²²3 +DIIQHU + 6FKPLGWNH $ 6HOEVWPRUG GXUFK )HPVHKHQ D ++DIKHU ² 3V\FKLDWULF ² (LQ
/HVHEXFKIXU)RUWJHVFKULWWHQV ² 9HQD)LFKHU9HUODJ
+DOO&61RUGE\9- $3ULPHURI-XQJLDQ3V\FKRORJ\ ²1<0HQWRU%RRNV +DPRQ 6 $ 6RPH FRQWULEXWLRQV RI+RUQH\DQ WKHRU\ WR HQKDQFHPHQW RI WKH W\SH $ EHKDYLRU
FRQVWUXFW$PHULFDQ-RXUQDORI3V\FKRDQDO\VLV ²²9RO²3 +DUWUILDQQ 1 7HOHRORJLVFKHV'HQNHQ²%HUOLQ +HOVRQ53LFDQR- ,VWKHWUDGLWLRQDOUROHEDGIRUZRPHQ" -RXUQDORI3HUVRQDOLW\DQG6RFLDO
3V\FKRORJ\ ²² 9RO ² J +HYQH K 7DWHULQQHQ 2IWHQ XQG YHUVWHFNWH DJJUHVVLRQ YRQ )UDXHQ ² .UHX]9HUODJ
$*=XULFK²² 3 +LOJDUG(5 'LYLGHGFRQVFLRXVQHVV0XOWLSOHFRQWUROVLQ+XPDQ7KRXJKWDQGDFWLRQ ² -RKQ
:LOH\DQG6RQV +RHEHO($ $QWKURSRORJ\7KHVWXG\RIPDQWK(G ²1<0F*UDZ+LOO
+RIIHU( 'HU)DQDWLNHU7KH7UXH%HOLHYHU ² 5HLQEHN5RZRKLW
9HUODJ +ROODQGHU(3 &RQIRUPLW\VWDWXVDQGLGLRV\QFUDV\FUHGLW 3V\FKRORJLFDO
5HYLHZ²²9RO ²3 S +ROH * 'DV *HZLVVKHLWVHOHPHQW LP *ODXEHQXQG LP :DKQ &RQIPLD 3V\FKLDWULFD²²
9RO+²7HLO +RSSH . ' 7KH DIWHUPDWK RI 1D]L SHUVHFXWLRQ UHIOHFWHG LQ UHFHQW SV\FKLDWULF OLWHUDWXUH ,QWHUQDWLRQDO3V\FKLDWULF&OLQLFV ²²9RO²3 +RPH\ D 7KH QHXURWLF SHUVRQDOLW\ RI RXU WLPH²1< 1RUWRQ +RPH\ D 1HZ :D\V LQ
3V\FKRDQDO\VLV ²1< 1RUWRQ +RPH\ . 2XU LQQHU FRQIOLFWV $ FRQVWUXFWLYH 7KHRU\ RI
QHXURVLV ²1<1RUWRQ +RPH\ . 1HXURVLV DQG +XPDQ JURZWK 7KH 6WUXJJOH WRZDUG VHOIUHDOLVDWLRQ²1< 1RUWRQ
+]LWK: *ODXEH,GHRORJLFXQG:DKQ ² 1\PSKHQEXUJHU9HUODJVKDXGOXQJ²0XQFKHQ ,ZDZDNL6(\VHQFN6 < (\VHQFN+- 'LIIHUHQFHVLQSHUVRQDOLW\-DSDQHVHDQG(QJOLVK-RXUQDO
RI6RFLDO3V\FKRORJ\ ²²9RO²3 -DPHV : 7KH 9DULHWLHVRI 5HOLJLRXV ([SHULHQFH ² 1< 0DUU\ 0 3HQJXLQ RULJLQDOO\
SXEOLFKHGLQ -DQHW 3 0 ) 3V\FKRORJLFDO +HDOLQJ ²1< 0F0LOODQ -DQHW 3 /
DXWRPDWLVPH
3V\FKRORJLTXH²3DULV $OFDQ -DVSHUV . *HQHUDO 3V\FKRSDWKRORJ\0DQFKHVWHU 8QLYHUVLW\
3UHVV -DURV]0 3V\FKRORJLDLSV\FKRSDWRORJLD]\FLDFRG]LHQQHJR 3=:/ :DUV]DZD -HQNLQV - + 7R FORVH IRU FRPIRUW 6FKL]RSKUHQLD DQG HPRWLRQDO RYHULQYROYPHQW DPRQJ
0H[LFDQRIDPLOLHV $'*DLQHV (GV(WKQRSV\FKLDWU\7KHFXOWXUDO FRQVWUXFWLRQ RISURIHVVLRQDO
DQGIRONSV\FKLDWULHV ² $OEDQ\6WDWH8QLYHUVLW\RI1<3UHVV ²3 -RKQVRQ&DQG)OXFK$ )DPLO\&KDUDFWHULVWLFVRI 3DWLHQWVZLWK%XOLPLD$PHULFDQ-RXUQDO
RI3V\FKLDWU\²²9RO ²3
-RQHV 0RGHOOLQJDQGVXLFLGH$WHVWRIWKH:HUKHUHIIHFW %ULWLVK-RXUQDORI6RFLDO3V\FKRORJ\
²² 9RO ² 3 -RXEHUW& 7KHIDPRXV6D\LQJV7HVW6H[GLIIHUHQFHVDQGVRPHFRUUHODWLRQVZLWKRWKHUYDULDEOHV
3V\FKRORJLFDO5HSRUW ²² 9RO ² 3 -XQJ&* 7KH'HYHORSPHQWRI3HUVRQDOLW\ 7KH&ROOHFWHG:RUNV ²/RQGRQ 3 -XQJ & * )RXU DUFKHW\SHV 0RWKHU UHELUWK VSLULW WULFNVWHU ² 1< ² 3ULQFHWRQ 8QLYHUVLW\
3UHVV5+XOO7UDQV -XQJ&* 3V\FKRORJLFDOW\SHV ²1<3ULQFHWRQ8QLYHUVLW\3UHVV5+XOO7UDQV -XQJ & * 3V\FKRORJ\ DQG WKH (DVW ² /RQGRQ .DKQ 6 (VVD\V LQ )UHXGLDQ
3V\FKRDQDO\VLV ²1< .DSODQ + - 6DGRFN% - *UHEE- $ 6\QRSVLV RI 3V\FKLDWU\ 6HYHQWK (GLWLRQ²%DOWLPRUH
:LOOLDPVDQG:LONLQV .DUQR 0 -HQNLQV - + &URVVFXOWXUDO LVVXHV LQ WKH FRXUVH DQG WUHDWPHQW RI VFKL]RSKUHQLD 3V\FKLDWULF&OLQLFRI1RUWK$PHULFD ²²9RO ²3 .HUQEHUJ ) &RQWUDVWLQJ YLHZSRLQWV UHJDUGLQJ WKH QDWXUH DQG SV\FKRDQDO\WLF WUHDWPHQW RI
QDUFLVVLVWLF SHUVRQDOLWLHV D SUHOLPLQDU\ FRPPXQLFDWLRQ -RXUQDO RI $PHULFDQ 3V\FKRDQDO\VLV
$VVRFLDWLRQ ² ²9RO ²3 .HUQEHUJ ) ,QWHUQDO:RUOGDQG([WHUQDO5HDOLW\ ² 1<-DVRQ$URQVRQ .HUQEHUJ ) 6HYHUH3HUVRQDOLW\'LVRUGHUV ² <DOH8QLYHUVLW\3UHVV
1HZ+DZHQ .LHUNHJDDUG6 (QWZHGHU2GHU =ZHLWHU7HLO *HVDQLPHOWH :HUNH 8QG $EW ²'XVVHOGRUI
.LQ]LH- ' 7KHUDSHXWLF DSSURDFKHV WR WUDXPDWL]HG &RPERGLDQ UHIXJHHV -RXUQDO RI WUDXPDWLF
VWUHVV ²² 9RO ² 3 .LUPD\HU/- 7KHSODFHRIFXOWXUHLQSV\FKLDWULFQRVRORJ\7DLMLQ.\RIXVKRDQG'60,,,5 -RXUQDORI1HUYRXVDQG0HQWDO'LVHDVH9RO²3 .LUPD\HU/ - <RXQJ$ +D\RQ < K 7KH FXOWXUDO FRQWH[W RI DQ[LHW\ GLVRUGHUV 3V\FKLDWULF
&OLQLFVRI1RUWK$PHULFD ²² 9RO²3 .LUPD\HU/-<RXQJ$+D\WRQ% 7KHFXOWXUDOFRQWH[WRIDQ[LHW\GLVRUGHUV &DVWLOOR5-
0HDQLQJVRI0DGQHVV%URRNV &ROH3XEO&RPSDQ\²²3 .LWDQLVK . 7VHQJ : 6 6RFLDO SKRELD DPRQJ -DSDQHVH &OLQLFDO )DPLO\ DQG &XOWXUDO
([SORUDWLRQV 7UDQVFXOWXUDO3V\FKLDWULF5HVHDUFK5HYLHZ²²9RO²3 .OHH ( :DV VLH WDWHQ ZDV VLH ZXUGHQ $U]WH -XULVWHQ XQG DQGHUH EHWHLOLJWH DP .UDQNHQ
2GHU-XGHQPRUG ² )UDQNIXUWD0 ²² 6 .OHLQ ' ) 'HOLQHDWLRQRIWZRGUXJUHVSRQVLYH DQ[LHW\ V\QGURPHV 3V\FKRSKDUPDFRORJLD ²
² 9RO ² 3 .OHLQ') $Q[LHW\UHFRQFHSWXDOL]HG ,Q.OHLQ')5DENLQ-*(GVDQ[LHW\
1HZ5HVHDUFKDQG&KDQJLQJFRQFHSWV ² 1<5DYHQ3UHVV .OHLQ + 'HOD\HG HIIHFWV DQG DIWHUHIIHFWV RI 6HYHUH 7UDXPDWL]DWLRQ -VUDHO $QQDOV RI
3V\FKLDWU\ ²² 9RO ² J .OHLQ0 &RQWULEXWLRQVWR3V\FKRDQDO\VLV ² /RQGRQ+RJDUWK 3
.OHLQ0 (QY\DQG*UDWLWXGH ² /RQGRQ7KH:ULWLQJVRI0HODQLH.OHLQ
²9RO,8²3 .OHLQPDQ$ 6RFLDORULJLQVRIGLVWUHVVDQGGLVHDVH'HSUHVVLRQ
QHXUDVWKHQLDDQGSDLQLQPRGHP&KLQD ² <DOH8QLYHUFLW\3UHVV
1HZ+DYHQ .OHLQPDQ$ 5HWKLQNLQJ3V\FKLDWU\ ²1<7KH)UHH3UHVV .QLJKW 5 3 7KH UHODWLRQVKLSRIODWHQW KRPRVH[XDOLW\ WR WKH PHFKDQLVP RI 3DUDQRLG 'HOXVLRXV
%XOO0HPLLQJHUGLQ ²²9RO ²3 .RKXW + )RUPV DQG WUDQVIRUPDWLRQV RI QDUFLVVLVP -RXUQDO RI $PHULFDQ 3V\FKRDQDO\WLFDO
$VVRFLDWLRQ²²9RO ²3
.RKXW+ 7KRXJKWVRQQDUFLVVLVPDQGQDUFLVVLVWLFUDJH 3V\FKRDQDO\WLFDO6WXG\LQ&KLOG ²
²9RO ²3 .RKXW+ +RZGRHVDQDO\VLVFXUH" ² &KLFDJR8QLYHUVLW\RI&KLFDJR
3UHVV .RUROHQNR&3'LNRYVN\$$ 7KHFOLQLFDOFODVVLILFDWLRQRI
DOFRKROLVP$QDOL=DYRGD]D0HQWDLQR=GUDYOMH ² %HRJUDG ²9RO²3 .RU]HQLRZVNL/3X]\QVNL6 (QF\NORSHG\F]Q\6ORZQLN3V\FKLDWULL 3=:/ ² :DUV]DZD .UXSLQVN\-6WROOHU$:DOODFH/ 3V\FKLDWULFGLVRUGHUVLQ(DVW
(XURSHDQUHIXJHHVQRZLQ$XVWUDOLDD6RFLDO6FLHQFHDQG0HGLFLQH ²
²9RO²3
/DPERUQ6'0RXQWV 1 66WHLQEHUJ/'RPEXVK6 3DWWHUQVRIFRPSHWHQFHDQGDGMXVWPHQW
DPRQJ DGROHVFHQW IURP DXWKRULWDWLYH DXWKRULWDULDQ LQGXOJHQW DQG QHJOHFWIXO IDPLOLHV &KLOG
'HYHORSPHQW ²²9RO²3 /DQGULQH + &OLQLFDO LPSOLFDWLRQV RI FXOWXUDO GLIIHUHQFHV &OLQLFDO 3V\FKRORJ\ 5HYLHZ²
²9RO ²3 /HH56.RYDF<65KHH+ 7KHQDWLRQDOHSLGHPLRORJLFDOVWXG\RIPHQWDOGLVRUGHUVLQ.RUHD
-RXUQDORI0HGLFDO6FLHQFH ²²9RO²3 /HMI-6DUWRULXV1HWDO 7KHLQWHUQDWLRQDOSLORWVWXG\RIVFKL]RSKUHQLD
)LYH\HDUIROORZXSILQGLQJV 3V\FKRORJLFDO0HGLFLQH ²²9RO ²J /HLJKWRQ' K +RUGLQJ-60DFNOLQ'% 7KHFKDUDFWHURIGDQJHU 3V\FKLDWULFV\PSWRPVLQ
VHOHFWHGFRPPXQLWLHV ² 1<%DVLF%RRNV /HRQKDUGW. $XIWHLOXQJ GHU 3V\FKRVHQ %HUOLQ $NDGHPLH9HUODJ /HYLQ * 6LJPXQG
)UHXG²%RVWRQ /LGV 7 7KH IDPLO\ 7KH GHYHORSPHQWDO 6HWWLQJ $ULHWL 6 (G 9RO 7KH )RXQGDWLRQV RI
3V\FKLDWU\ $PHULFDQ+DQGERRNRI3V\FKLDWU\QG (G²1<%DVLF%RRNV /XW]&$ 'HSUHVVLRQDQGWUDQVODWLRQRIHPRWLRQDOZRUGV $.OHLQPDQ%*RRGHGV &XOWXUH
DQGGHSUHVVLRQ ² %HUNHOH\8QLYHUVLW\RI&DOLIRUQLD3UHVV ²3 /HZLV*'DYLG$HWDO 6FKL]RSKUHQLDDQGFLW\OLIH²/DQFHW ²9R%3
0DQQHU66 3V\FKRDQDO\VLVRIPXOWLSOHSHUVRQDOLW\ ,QWHUQDWLRQDO-RXUQDORI3V\FKRDQDO\VLV ²
² 9RO ² J 0DUVHOOD $ - 'HSUHVVLYH H[SHULHQFH DQG GLVRUGHU DFURVV FXOWXUHV + 7UL DQGLV - 'UDJQXV
(GV +DQGERRNRIFURVVFXOWXUDO3V\FKRORJ\² %RVWRQ$OO\QDQG%DFRQ ²9RO ²3
0DWWLLVHN3 ,QWHUQPHQWLQFRQFHQWUDWLRQFDPSVDQGWKHLUFRQVHTXHQVHV ²1<6SULQJHU 0HGD8D 1 =/DUVHQ 1 'LIIXVLRQDQGEHOLHILQFROOHFWLYHGHOXVLRQ
7KH6HDWWOHZLQGVKLHOGSLWWLQJHSLGHPLF $PHULFDQ6RFLRORJLFDO
5HYLHZ²²9RO²3 0HQQLQJHU D $ 0DQDJDLQVW+LPVHOI²1<+DUFRXUW
%UDFH 0F&UDH 5 &RVWD 3 7 5HFDOOHG SDUHQWFKLOG UHODWLRQV DQG DGXOW SHUVRQDOLW\ D -RXUQDO RI
3HUVRQDOLW\ ²² 9RO ² 3 0F*OXVKDQ7+$ VHOHFWLYHUHYLHZRIUHFHQW1RUWK$PHULFDQ/RQJWHUPIROORZXS6WXGLHVRI
VFKL]RSKUHQLD 6FKL]RSKUHQLD%XOOHWLQ ²² 9RO ² 3 0RQRG\3 )DFLQJ/RYHDGGLFWLRQ ² 6DQ)UDQFLVFR+DUSHU 0HQGLV 1 7KH RXWFRPH RI VFKL]RSKUHQLD LQ 6UL /DQND D WHQ\HDUIROORZXS VWXG\&H\ORQ
0HGLFDO-RXUQDO²²9RO²3 0HYHU $ ,Q $ /LHI HG7KH FRPPRQVHQVH SV\FKLDWU\ RI 'U $GROI 0H\HU²1<
0F*UDZ+LOO²
0LFKHOVRQ/ 8QWHUVXFKXQJHQXHEHUGLH7LHIHGHV6FKLDIHV ² 'RUSDW 0LOJUDP6 2EHGLHQFHWRDXWKRULW\ ² 1< +DVSHUDQG5RZ ²²
J 0LOOHU0<6PLWK L 6:LONLQVRQ/7REDF\NO 1DUFLVVLVPDQG6RFLDO
LQWHUHVWDPRQJFRXQFHORUVLQWUDLQWK\ 3V\FKRORJLFDO5HSRUWV ²
²9RO ²3 0RQLFD 5 ) :\VKDN * HW DW $VVHVVLQJ V\PSWRP FKDQJH LQ 6RXWKHDVW $VLDQ UHIXJHH 6XUYLYRUVRIPDVVYLROHQFHDQGWRUWXUH $PHULFDQ-RXUQDORI3V\FKLDWU\²² 9RO²3 0RQWJRPHU\ 6 $ 5HFXUUHQW EULHI GHSUHVVLRQ 0RQWJRPHU\ 6 $ &RUQ 7 + 3V\FKRSKDUPDFRORJ\RIGHSUHVVLRQ2[IRUG0HGLFDO3XEOLFDWLRQV ²3 0RRUH / - %RHKQOHLQ * . &XOWXUDO LQIOXHQFHV LQ SV\FKRWKHUDS\ ZLWK 5HIXJHH VXUYLYRUV RI
WRUWXUHDQGWUDXPD +RVSLWDODQG&RPPXQLW\3V\FKLDWU\ ²² 9RO ² 3 0RRUH/- 7UHDWLQJSV\FKLDWULFGLVRUGHUVDPRQJ0LHQUHIXJHHVIURP
KLJKODQG/DRV6RFLDO6FLHQFHDQG0HGLFLQH²²9RO ²3 0XOOHQ0 (DUOLHVWUHFROOHFWLRQVRIFKLOGKRRG $GHPRJUDSKLFDQDO\VLV
&RJQLWLRQ²²9RO ²3 0LLQDNDWD 7 7KH VRFLRFXOWXUDO VLJQLILFDQFH RI WKH GLDJQRVWLF ODEHO QHXUDVWKHQLD LQ -DSDQHV
PHQWDOKHDOWKFDUHV\VWHP &XOWXUH0HGLFLQHDQG3V\FKLDWU\²² 9RO²3 0XUGRFN*3 (WKQRJUDSKLF$WODV ² 3LWWVEXUJK 0\KLU5)UHHG:5DVNLQ/.DWRQ: 'HSUHVVLRQDQG376'DPRQJDFRPPXQLW\VDPSOHRI
DGROHVFHQW DQG \RXQJ $IJKDQ UHIXJHHV -RXUQDO RI1HUYRXV DQG 0HQWDO 'LVHDVH ² ²9RO
²3 1LHGHUODQG : * 3V\FKLDWULF GLVRUGHUV DPRQJ SHUVHFXWLRQ YLFWLPV -RXUQDO RI 1HUYRXV DQG
0HQWDO'LVHDVH²²9RO ²3 1ROHQ+RHNVHPD6 6H[GLIIHUHQFHVLQXQLSLODUGHSUHVVLRQ (YLGHQFHDQGWKHRU\3V\FKRORJLFDO
%XOOHWLQ ² ²9RO,G²3 1R\HV$3.ROE/& 0RGHP&OLQLFDO3V\FKLDWU\:%6DXQGHUV3KLODGHOSKLD/RQGRQ 1HOO7' $QHWKQRJUDSKLFLQYHVWLJDWLRQRIGHSUHVVLRQDQGSUREOHPGULQNLQJDWWKH)ODWKHDG
5HVHUYDWLRQ &XOWXUH0HGLFLQHDQG3V\FKLDWU\ ²² 9RO ² 3 2NDVKD $ D RWK 3KHQRPHQRORJ\ RI REVHVVLYHFRPSXOVLYH GLVRUGHUV D WUDQVFXOWXUDO VWXG\ &RPSUHKHQVLYH3V\FKLDWU\ ²² 9RO ²J 2UQVWHLQ $ 7KH GUHDG WR UHSHDW DQG WKH QHZ EHJLQQLQJ D FRQWULEXWLRQ WR WKH SV\FKRDQDO\WLF
WUHDWPHQW RI QDUFLVVLVWLF SHUVRQDOLW\ GLVRUGHUV 7KH DQQXDO RI 3V\FKRDQDO\VLV ,QWHUQDWLRQDO
8QLYHUVLWLHV3UHVV ²²3 3DULV - 6RFLDO IDFWRUV LQ WKH 3HUVRQDOLW\ 'LVRUGHUV 7UDQVFXOWXUDO 3V\FKLDWU\ 'HVHPEHU²
²3 3HUYLQ/ 3HUVRQDOLW\7KHRU\$VVHVVPHQWDQG5HVHDUFK ²1< 3ODNXQ ( 0 1HZ 3HUVSHFWLYHV RI 1DUFLVVLVP $PHULFDQ 3V\FKLDWULF 3UHVV :DVKLQJWRQ ²
²3 5DVNLQ51RYDFHN<+RJDQ5 1DUFLVVWLFVHOIHVWHHPPDQDJHPHQW -RXUQDORI3HUVRQDOLW\RI
6RFLDO3V\FKRORJ\ ²² 9RO ² J
5LFKWHU+( :HUQLFKWOHLGHQZLOOPXVVKDVVHQ +RIIPDQQX&DPSH9HUODJ²+DPEXUJ 5LOH\* 'LYRUFHDQDPHULFDQWUDGLWLRQ ²1<2[IRUG8QLYHUVLW\3UHVV
5LQJHW( 1RQH8QWHUVXFKXQJHQ]XP6HOEVWPRUG ² 9LHQQD
+ROOLQHN
5RELQV/ 1 'HYLDQWFKLOGUHQJURZQXS ² %DOWLPRUH0':LOOLDPV:LIH 5RWKEDXP ( :HLV] 5 3DUHQWDO FDUH JLYLQJ DQG FKLOG H[WHUQDOL]LQJ EHKDYLRU LQ QRQFOLQLFDO
VDPSOHV$PHWHDQDO\VLV 3V\FKRORJLFDO%XOOHWLQ ² ²9RO ²3 5WLGLQ- )DQDWLVPXV'X0DJLFGHU*HZDOW ² $XIO:DOWHU9HUODJ ²2OWHQ)UHLEXUJ 5XWWHU05XWWHU0 'HYHORSLQJPLQGV &KDOOHQJHDQGFRQWLQXLQW\ WKH OLIHVSDQ²1<%DVLF
%RRNV 6DFN : + &ODUNH * HW DO $ \HDUIROORZXS VWXG\ RI &DPERGLDQ UHIXJHH DGROHVFHQWV
WUDXPDWL]HGDVFKLOGUHQ -RXUQDORIWKH$PHULFDQ$FDGHP\RI&KLOGDQG$GROHVFHQW3V\FKLDWU\ ²
²YRO²j 6DFN : + &ODUNH * 1 6HHOH\- 3RVWWUDXPDWLF VWUHVV GLVRUGHU DFURVV WZR JHQHUDWLRQV RI
&DPERGLDQ UHIXJHHV -RXUQDO RI WKH $PHULFDQ $FDGHP\ RI &KLOG DQG $GROHVFHQW 3V\FKLDWU\ ²
² YRO ²j
6DUWRULXV 1 -DEOHQVN\$ *XELQDW : (UQEHUJ * :+2 FROODERUDWLYH VWXG\ DVVHVVPHQW RI
GHSUHVVLYHGLVRUGHUV 3V\FKRORJLFDO0HGLFLQH²²9RO ²3 6DUWRULXV 1 -DEOHQVN\ $ .RUWHQ $ (UQEHUJ * HW DO (DUO\ PDQLIHVWDWLRQV DQG ILUVWFRQWDFW
LQFLGHQFHRIVFKL]RSKUHQLDLQGLIIHUHQWFXOWXUHV3V\FKRORJLFDO0HGLFLQH²² 9RO ²3 6DWR L 7DNHLFKL0 /LIHWLPHSUHYDOHQFHRIVSHFLILFSV\FKLDWULFGLVRUGHUV
DWJHQHUDOPHGLFLQHFOLQLF *HQHUDO+RVSLWDO3V\FKLDWU\ ²²
9RO²3 6FKQHLGHU. .OOQLVFKH3V\FKRSDWKRORJLH ² 6WXWWJDUW*HRUJ7KLHPH
9HUODJ 6HJDO < .RUROHQNR& $GGLFWLYH'LVRUGHUVLQ$UFWLF&OLPDWH 1HZ
<RUN/RQGRQ+DZRUWK3UHVV 6FKDHIHU 7K %HUQLFN 1 6HQVRU\ 'HSULYDWLRQ DQG LWV (IIHFW RQ 3HUFHSWLRQ +RFK 3 =XELQ
-(GV 3V\FKRSDWKRORJ\RI3HUFHSWLRQ1<*UXQHD6WUDWWRQ²²3 6KHULI 0 $Q H[SHULPHQWDO DSSURDFK WR WKH VWXG\ RI DWWLWXGHV 6RFLRPHWU\²²9ROO²
3S
6KHULI0 6RFLDOSV\FKRORJ\1<+DUSHU5RZ ² ²3 6NXOWDQV 9 1HXUDVWKHQLDDQGSROLWLFDOUHVLVWDQFHLQ/DWYLD $QWKURSRORJ\7RGD\²²9RO
²3 6NXOWDQV 9 $ +LVWRULFDO GLVRUGHU QHXUDVWKHQLD DQG WKH WHVWLPRQ\ RI OLYHV LQ /DWYLD $QWKURSRORJ\DQG0HGLFLQH ²² 9RO ² J 6SLW]HU5- $QRXWVLGHULQVLGHUYLHZVDERXWUHYLVLQJWKH'60V -RXUQDORI$EQRUPDO3V\FKRORJ\ ²² 9RO ² 3 6WDGOHU0.QLVH3 7KH
6HOIRUJDQL]DWLRQ3HUVSHFWLYHLQ&RJQLWLRQ
5HVHDUFK+LVWRULFDO5HPDUFVDQG1HZ([SHULPHQWDO$SSURDFKHV ²
%HUOLQ+DNHQ+6WDGOHU0 6WDPP+ 6HFWHQOP%DQQYRQ6XFKWXQG0DFKW ² =XULFK
.UHX]
9HUODJ 6WDUFHYLF 9 1HXUDVWKHQLDDSDUDGLJPRIVRFLDOSV\FKRSDWKRORJ\LQD
WUDQVLWLRQDOVRFLHW\ $PHULFDQ-RXUQDORI3V\FKRWKHUDS\ ²²
9RO²3 6WHQJHO( 6XLFLGHDQGDWWHPSWHGVXLFLGH ² 3HQJXLQ%RRNV 6WRORURZ 5 $'YRRG * 3V\FKRDQDO\WLF 3KHQRPHQRORJ\ 7RZDUG D 6FLHQFH RI +XPDQ
([SHULHQFH 3V\FKRDQDO\WLF,QTXLU\ ²²9RO²3 6WRORURZ5/DFKPDQQ) 7UDQVIHUHQFH7KH)XWXUHRIDQ,OOXVLRQ 7KH
DQQXDORI3V\FKRDQDO\VLV ² 1HZ<RUN,QWHUQDWLRQDO8QLYHUVLWLHV
3UHVV ²9RO 6XOOLYDQ+6&RQFHSWLRQVRI0RGHP
3V\FKLDWU\²1< : : 1RUWRQ 6XOOLYDQ + 6 7KH )XVLRQ RI 3V\FKLDWU\ DQG 6RFLDO
6FLHQFH ²1<:
:1RUWRQ 6LLVVHU(:DQGHUOLQJ- (SLGHPLRORJ\RIQRQDIIHFWLYHDFXWHUHPLWWLQJSV\FKRVLVYV6FKL]RSKUHQLD
6H[DQGVRFLRFXOWXUDOVHWWLQJ $UFKLYHVRI*HQHUDO3V\FKLDWU\ ²² 9RO ² J 6]DV]7 3V\FKLDWULF-XVWLFH ² 6\UDFXVH8QHYHUVLW\3UHVV )LO8FK3 7KHRORJ\RI&XOWXUH.LPEDOO5²1<2[IRUG8QLYHUVLWLHV3UHVV 7VHQJ:6 $3DUDQRLG)DPLO\LQ7DLZDQ$'\QDPLF6WXG\RI)ROLRD
)DPLQH $UFKLYHVRI*HQHUDO3V\FKLDWU\ ²² 9RO ² J 7VHQJ:6+VX<
&KLQHVHFXOWXUHSHUVRQDOLW\IRUPDWLRQDQGPHQWDO
LOOQHVV ,QWHUQDWLRQDO-RXUQDORI6RFLDO3V\FKLDWU\ ²² 9RO
²3 7VHQJ:60DVDKLUR$.LWDQLVKL.0F/DQJKOLQ'.\RUQHQ+'LDJQRVWLFSDWWHUQVRIVRFLDO
SKRELD&RPSDULVRQLQ7RN\RDQG+DZDLL -RXUQDORI1HUYRXVDQG0HQWDO'LVHDVH ²² 9RO
²3 7VHQJ:66WUHOW]HU- &XOWXUHDQG3V\FKRSDWKRORJ\ $*XLGHWR&OLQLFDO$VVHVVPHQW ²1<
%UXQQHU0D]HO 8OULFK + &XOWXUDO VKDSLQJ RI LOOQHVV $ ORQJLWXGLQDO SHUVSHFWLYH RQ DSSDUHQW GHSUHVVLRQ -RXUQDORI1HUYRXVDQG0HQWDO'LVHDVH ²²9RO ²3 9HQ]LDII 9 'LH3V\FKRUHDNWLYHQ6WRUXQJHQQDFK(QWVFKDGLJXQJVSIOLFKWHQ(UHLJQLVVHQ²%HUOLQ
6SULQJHU9HUODJ :DHOGHU5 7KH6WUXFWXUHRI3DUDQRLG,GHDV ,QWHUQDO-3V\FKR$QDO\VLV²²9RO²3
:DOWHU + $ 3V\FKRWLF )DPLO\)DQH D 'RX]H D -RXUQDO RI 1HUYRXV DQG 0HQWDO'LVHDVH
9RO²3 :DUH 1 & .OHLQPDQ $ &XOWXUH DQG VRPDWLF H[SHULHQFH 7KH VRFLDO FRXUVH RI ,OOQHVV LQ
QHXUDVWKHQLDDQGFKURQLFIDWLJXHV\QGURPH 3V\FKRVRPDWLF0HGLFLQH²²9RO ²3 :DWNLQV&(+HFWRU0 $VLPSOHWHVWRIWKHFRQFXUUHQWYDOLGLW\RIWKHVRFLDO,QWHUHVW ,QGH[ -RXUQDORI3HUVRQDOLW\$VVHVVPHQW ²²9RO²J ²
:DWVRQ & * $ FRPSDULVRQ RI WKH HWQLFDO VHOISUHVHQWDWLRQV RI VFKL]RSKUHQLFV SULVRQHUV DQG
QRUPDOVD-RXUQDORI&OLQLFDO3V\FKRORJ\ ² 9RO ² 3 :D[LHU 1 ( ,VRXWFRPHIRUVFKL]RSKUHQLDEHWWHULQQRQLQGXVWULDOL]HGVRFLHWLHV"7KHFDVHRI6UL
/DQND -RXUQDORI1HUYRXVDQG0HQWDO'LVHDVH9RO²3 :HLVVPDQ 0 0 /HDI 3 - %UXFH 0 / HW DO 7KH HSLGHPLRORJ\ RI G\VWK\PLD LQ ILYH
FRPPXQLWLHV UDWHV ULVNV FRPRUELGLW\DQG WUHDWPHQW $PHULFDQ -RXUQDO RI 3V\FKLDWU\²²
9RO²3 :HLVVPDQ 0 0 %ODQG 5 &DQLQH - HW DO 7KH FURVVQDWLRQDO HSLGHPLRORJ\ RI REVHVVLYH
FRPSXOVLYHGLVRUGHU -RXUQDORI&OLQLFDO3V\FKLDWU\ ² ²9RO ²3 :HLV]- 5 6LJPDQ0 :HLVV% 0DVN- 3DUHQW UHSRUWV RI EHKDYLRUDO DQG HPRWLRQDO SUREOHPV
DPRQJFKLOGUHQLQ.HQ\D7KDLODQGDQGWKH8QLWHG6WDWHV &KLOGGHYHORSPHQW ²² 9RO ²
3 :HPHU((6PLWK56 2YHUFRPLQJRGGV+LJKULVNFKLOGUHQIURPELUWKLWRDGXOWKRRG ²
1<&RPHOO8QLYHUVLW\3UHVV :HVWHUPH\HU - 3V\FKLDWULF GLDJQRVLV DFURVV FXOWXUDO ERXQGDULHV $PHULFDQ -RXUQDO RI
3V\FKLDWU\²²3 :HVWHUPH\HU-1HLGHU-*DPHV$ 3V\FKRVRFLDODGMXVWPHQWRI+PRQJ,5HIXJHHVGXULQJWKHLU
ILUVWGHFDGHLQWKH8QLWHG6WDWHV ² D ORQJLWXGLQDOVWXG\ -RXUQDORI1HUYRXVDQG0HQWDO'LVHDVH
² L²9RO ²3 :+2,QWHUQDWLRQDOVWDWLVWLFDOFODVVLILFDWLRQRIGLVHDVHVDQGUHODWHG
UHYLVLRQ,&'² *HQHYD:+2 ²
KHDOWKSUREOHPV 7HQWK
:LJ 1 1 0HQRQ ' . HW DO ([SUHVVHG HPRWLRQ DQG VFKL]RSKUHQLD LQ 1RUWK ,QGLD &URVV
FXOWXUDOWUDQVIHURIUDWLQJVRIUHODWLYHVH[SUHVVHGHPRWLRQ %ULWLVK-RXUQDORI3V\FKLDWU\ ²²
9RO ² J ?
:LOVRQ0 '60,,,DQGWKHWUDQVIRUPDWLRQRI$PHULFDQSV\FKLDWU\$KLVWRU\$PHULFDQ-RXUQDO
RI3V\FKLDWU\²²9RO ²3
:ROI$3 &KLOGKRRGDVVRFLDWLRQ6H[XDODWWUDFWLRQDQGWKH,QFHVW7DERR
$&KLQHVH&DVH$PHULFDQ$QWKURSRORJLVW²²9RO ²3L
;X'&XL<7VHQJ:6+V\- )DPLO\%DFNJURXQGDQGVWUHVV
&RPSDULVRQDPRQJ1HXUDVWKHQLD$Q[LHW\DQG'HSUHVVLRQLQ <?LH <RVKLPDWVX.DQG7VHQJ
: 6 (GV ² $VLDQ )DPLO\ 0HQWDO +HDOWK 3V\FKLDWULF 5HVHDUFK ,QVWLWXWH RI 7RN\R ² 7RN\R
=DKQ:D[LHU&5DGNH<DUURY0 7KHRULJLQDORIHPSDWKLFFRQFHUQ0RWLYDWLRQDQG(PRWLRQ²
²9RO ²3 =D,H]QLN$ 3V\FKRSDWKRORJ\DQGSROLWLFVUHFRQFLGHUHG %XOOHWLQRIWKHM0HQQLQJHU&OLQLF²
² 9RO²3 
Скачать