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^JM KOFY SOMOFSQÔH OGKSX JGKP KÔ ObPPeM YFSeOK+ d^JQ^ KÔX NSOHJQKOH
dPZIH ^FRO MFIOM PL GOFSIX h" bJIIJPG JG ]\"\W 6eKW#]-W]%q ;>$%#, FK ,
'T8<<<+ <<<)W 1G 0PROYbOS ]\\[+ 8NNIO .4/ 7KORO TPbM FZK^PSJgOH .ZO
KP NZSMZO KÔ HOROIPNYOGK PL FG 8NNIO ObPPe MKPSO+ IFKOS QFIIOH KÔ
J?PPeMKPSOW 6eKW#]-W]*q 2SW "*"\f,$"* 'T8<<<+ <<<)W .ZO MZbMOsZOGKIX
FQeGPdIOH_OH+ ^PdOROS+ K^FK m8NNIO QOSKFJGIX dPZIH ^FRO IFZGQÔH KÔ
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8NNIO eGOd LSPY NSOMM SONPSKM FbPZK KÔ NZbIJMÔSMi MKFGH F_FJGMK
8YFgPGiM h[W[[ NSJQJG_W ;>$-[" 'T8<<<$<<<)W 7^PSKIX FLKOS K^PMO
SONPSKM+ .ZO+ KP_OKÔS dJK^ @OJK^ =POSOS 'F 6JSOQKPS PL J2ZGOM) FGH
@ORJG 7FZI '8NNIO 8MMPQJFKO DOGOSFI .PZGMOI)+ LIOd KP 0Od CPSe LPS F
MOSJOM PL YOOKJG_M dJK^ OFQ^ PL KÔ MJc IFS_OMK NZbIJMÔSM PL KSFHO bPPeM
JG KÔ 5GJKOH 7KFKOMW 6eKW#]-W#]q ;>$]-] 'T8<<<+ <<<$<<<)W :SPY KÔ
PZKMOK+ .ZO YFHO QIOFS KP OFQ^ NZbIJMÔS .4/ K^FK 8NNIO dFM YOOKJG_
dJK^ QPZGKOSNFSKM FK KÔ PKÔS NZbIJMÔSMW ;>$%#+ ""]+ ][[+ #\"+ #"&
'T8<<<+ <<<+ <<<+ <<<+ <<<)W
]W 8NNIO BFGKM 2P 7OII 4bPPeM+ ?ZK 6POM 0PK BFGK 2P .PYNOKO
BJK^ 8YFgPGiM ;SJQOM

""

.ZO FISOFHX eGOd K^FK KÔ NZbIJMÔSM ^FKOH 8YFgPGiM NSJQJG_ FGH
mdPZIH HP FIYPMK FGXK^JG_ LPS U8NNIOV KP _OK JGKP KÔ ObPPe bZMJGOMMWn
6eKW#]-W]*q ;>$]% 'T8<<<+ <<<)W 3JM 6OQOYbOS ",K^ FGH "-K^ YOOKJG_M
dJK^ KÔ NZbIJMÔS .4/M QPGLJSYOH K^FK ZGHOSMKFGHJG_W 6eKW#]-W#&$#,q
;>$,\+ -[#q 2SW "%-f"&$"%*f""q "[\#f],$"[\&f& 'T8<<<$<<<+ <<<$<<<+
<<<$<<<+ <<<$<<<+ <<<$<<<)W 7JYPG ` 7Q^ZMKOSiM OcOQZKJROM FHYJKKOH KP
.ZO K^FK KÔX m^FKOUHV 8YFgPG NSJQJG_+n ;>$#-$#q 2SW "*#f%$"& 'T8<<<+
<<<)+ d^JIO =FQYJIIFGiM SONSOMOGKFKJROM JGHJQFKOH K^FK KÔX dPZIH
NSOLOS F SOKFJI NSJQO PL h"&W[[+ ;>$#-$]q 2SW "*\f*$]] 'T8<<<+ <<<)W
8M 3FQÔKKOiM 0PZSSX SOQP_GJgOH+ KÔ NZbIJMÔSMi FGH 8NNIOiM
mbZMJGOMM JGKOSOMKM UdOSOV ROSX YZQ^ FIJ_GOHWn 6eKW#]-W#-q ;>$][*
'T8<<<+ <<<)W 8NNIO HJH GPK dFGK KP QPYNOKO dJK^ 8YFgPG PG NSJQO+ 2SW
"%"*f],$"%"[f#+ "*##f]&$"*#&f] 'T8<<<$<<<+ <<<$<<<)+ FGH KÔ NZbIJMÔSM
dFGKOH KP OGH 8YFgPGiM IPd NSJQJG_W 8NNIO FMMZSOH KÔ NZbIJMÔSM K^FK
JK dFM mGPK JGKOSOMKOH JG F IPd NSJQO NPJGKn LPS ObPPeM FGH ^FH GP HOMJSO
LPS m8YFgPGiM h[W[, UMJQV KP QPGKJGZOWn 6eKW#]-W#-q ;>$,"\ 'T8<<<+ <<<)q
MOO FIMP ;>$"&*+ ##*+ #,# 'T8<<<$<<<+ <<<+ <<<$<<<)W 8NNIO MZ__OMKOH
K^FK ObPPeM bO NSJQOH JGMKOFH FK h"]W[[ FGH h"&W[[W ;>$#,[
'T8<<<$<<<)W 2Ô NZbIJMÔSM+ d^P HJMQZMMOH KÔ YOOKJG_M dJK^ PGO
Case: l3-374l Document: 236 Page: 2l 05/27/20l4 l2340l0 ll7

"]

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JGKOSOMKOH JG MOKKJG_ ^J_ÔS NSJQOMWn 2SW "*[f"[$]& 'T8<<<)W
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8K KSJFI+ .ZO QIFJYOH KP ^FRO YOFGK PGIX K^FK 8NNIO dPZIH MOII GOd
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d^PY .ZO ^FH NJKQÔH F_OGQX JG IFKO 6OQOYbOS 'm8M dO HJMQZMMOHn PS
m8LKOS KFIeJG_ KP FII KÔ PKÔS NZbIJMÔSM W W W Wn)W 1HW 2Ô KOSYM FIIPdOH
KÔ NZbIJMÔSM KP MOK ObPPe SOKFJI NSJQOM JG FQQPSHFGQO dJK^ F NSJQJG_
MQÔHZIO K^FK IJGeOH KÔ NSJQOM PL ObPPeM KP K^PMO PL KÔJS ^FSHQPROS
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dPZIH SOMZIK JG GOd ^J_ÔS ZGJLPSY NSJQOMW 6eKW#]-W,[$-\q ;>$,]]+ ,]#+
,]& 'T8<<<$<<<+ <<<$<<<+ <<<$<<<+ <<<$<<<)W 2Ô KFbIOM+ F MFYNIO PL d^JQ^
JM SONSPHZQOH JG KÔ QPZSKiM PNJGJPG+ 6eKW#]-W-" 'T8<<<)+ FGH bOIPd+
M^PdOH LJQKJPG 0Od CPSe 2JYOM ?OMKMOIIOSM LSPY OFQ^ PL KÔ MJc
NZbIJMÔSM+ dJK^ F ^FSHQPROS IJMK NSJQO+ 8YFgPG ^FSHQPROS FGH ObPPe
NSJQOM+ ?FSGOM ` 0PbIO ObPPe NSJQO+ FGH NSPNPMOH 8NNIO ObPPe NSJQO
'K^JM IFMK JKOY dFM M^PdG PGIX LPS KÔ MNOQJLJQ FHHSOMMOOiM KJKIOM)W :PS
FII NZbIJMÔSM+ KÔ 8NNIO NSJQO dFM h"]W[[ PS h"&W[[ 'KÔ YFcJYZY
ZGHOS KÔ FNNSPNSJFKO NSJQO KJOSM) FGH FIdFXM ^J_ÔS K^FG KÔ KÔG$
QZSSOGK 8YFgPG PS ?FSGOM ` 0PbIO ObPPe NSJQOW


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2Ô NZbIJMÔSM LPZGH 8NNIOiM NSPNPMOH NSJQOM KPP IPdW ;>$,#%
'T8<<<)W 3FQÔKKOiM 0PZSSX MKFKOH K^FK Ô dFM mSOIZQKFGK KP LJcUV bOMK
MOIIOS NSJQOM FK "]h[\ UMJQVn FM 8NNIO HOMJSOH+ mbOQFZMO JK YFX bO PZS IFMK
Q^FGQO KP bSJG_ JK bFQe ZN KP MFX "&h[[ UMJQVWn 6eKW#]-W-&q ;>$,-]
'T8<<<+ <<<)W 3FQÔKKO+ ;OG_ZJG+ 7JYPG ` 7Q^ZMKOS+ FGH 3FSNOS.PIIJGM
FMeOH 8NNIO LPS ^J_ÔS NSJQOMW 6eKW#]-W-"$-]q ;>$]-+ &[+ %-+ "%&+ &*&
'T8<<<$<<<+ <<<+ <<<$<<<+ <<<+ <<<+ <<<)W
/G TFGZFSX "-+ .ZO MOGK KÔ NZbIJMÔSM SORJMOH QFNM K^FK NSPRJHOH
LPS m^J_ÔS NSJQOMWn
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dOSO IPdOS K^FG KÔ NZbIJMÔSM dFGKOH+ .ZO MKSOMMOH K^FK K^JM dFM mKÔ
bOMK Q^FGQO LPS NZbIJMÔSM KP Q^FIIOG_O KÔ [W[[ NSJQO NPJGKWn
6eKW#]-W,]q ;>$,]" 'T8<<<+ <<<$<<<)W 2Ô NZbIJMÔSM F_SOOHW 8M
;OG_ZJG EJQO ;SOMJHOGK 2JY =Q.FII SOQP_GJgOH+ 8NNIOiM NSJQO QFNM j

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2^JM GOd NSJQJG_ MQÔHZIO HOQSOFMOH KÔ ^FSHQPROS KSJ__OSM LPS KÔ
h"]W[[ FGH h"&W[[ NSJQO KJOSM KP h]%W,\ FGH h#\W 8NNIO FIMP FHHOH NSJQO
KJOSM dJK^ QFNM PL h"-W[[ 'h#\W\"$h#, ^FSHQPROS) FGH h"[W[[ 'h#,W\"$h&\
^FSHQPROS)+ bZK QFSROH PZK 0Od CPSe 2JYOM ?OMKMOIIOSMW 8 ?OMKMOIIOS
IJMKOH LPS h#\ '^FSHQPROS) dPZIH MKJII bO QFNNOH FK h"]W[[+ FGH F
?OMKMOIIOS IJMKOH LPS h#\$h#, dPZIH MKJII bO QFNNOH FK h"&W[[W 6eKW#]-W-]
'T8<<<)W

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MPYOdÔSO bOKdOOG KÔG$QZSSOGK MOIIJG_ NSJQOM FGH KÔ NSJQOM KÔ
NZbIJMÔSM HOMJSOH j dOSO mNSPbFbIX KÔ YJHHIO _SPZGH dÔSO
QPYNSPYJMO JM _PJG_ KP ^FRO KP ^FNNOGWn 6eKW#]-W-,q ;>$,*& 'T8<<<+
<<<)W
2P LPSQO 8YFgPG KP YPRO KP F_OGQX+ KÔ NZbIJMÔSM ^FH KP JMMZO JK FG
ZIKJYFKZYf 8YFgPG QPZIH F_SOO KP F_OGQX PS KÔ NZbIJMÔSM dPZIH
dJK^^PIH ObPPeMW 7OO+ OW_W+ ;>$"\-+ ,\#+ -#%+ *#,r&,+ *#%r]%$]*
'T8<<<+ <<<+ <<<+ <<<+ <<<)W 2Ô NZbIJMÔSM dOSO QPGQOSGOH K^FK FGX
MJG_IO NZbIJMÔS d^P JMMZOH K^FK ZIKJYFKZY dPZIH LFQO mSOKSJbZKJPGn j
mKÔ FQKZFI OcKSOYO PL U8YFgPGV GPK NZKKJG_ PZS bPPeM ZN LPS MFIOWn
2SW #&*f,$"#+ &#-f,$"%+ [*&f]\$], 'T8<<<+ <<<+ <<<)W 1L KÔ NZbIJMÔSM
NSOMOGKOH F ZGJLJOH LSPGK+ ^PdOROS+ JK dFM IOMM IJeOIX K^FK FGX PGO
NZbIJMÔS dPZIH bO MJG_IOH PZKW 2SW ,&"f"%$,&]f]# 'T8<<<$<<<)W 2P mKFeO
KÔ LOFS FdFUXV PL KÔ 8YFgPG SOKSJbZKJPG K^FK KÔX dOSO FII FLSFJH PL+n
.ZO SOFMMZSOH KÔ ;ZbIJMÔS$6OLOGHFGKM mK^FK KÔX dOSOGiK _PJG_ KP bO
FIPGOWn 6eKW#]-W""*q 2SW "%,*f-$"* 'T8<<<+ <<<)q MOO FIMP ;>$"*+ ]\+ ]*+
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6OLOGHFGKM IJeOdJMO SOFMMZSOH OFQ^ PKÔSW 7OO JGLSF ]&$]-W
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2Ô YPSGJG_ PL 8NNIOiM JGJKJFI HOFHIJGO LPS KÔ NZbIJMÔSM KP QPYYJK
KP F_OGQX 'TFGZFSX ]"+ ]\"\)+ 7JYPG ` 7Q^ZMKOSiM 9OJHX OYFJIOH .ZO KP
_OK mFG ZNHFKO JG ÔSHJG_ ZM QFKMWn ;>$%*] 'T8<<<)W .ZO IOFSGOH K^FK
HFX K^FK 9FGHPY 3PZMO dPZIH GPK MJ_GW 6eKW#]-W%#q ;>$&] 'T8<<<+
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J?PPeMKPSO dPZIH PNOG JL LPZS PS LJRO NZbIJMÔSM MJ_GOH PGW 6eKW#]-W%&q
;>$,-] 'T8<<<$<<<+ <<<)W
(FKOS K^FK HFX+ .ZO JGLPSYOH =FQYJIIFGiM 7FS_OGK K^FK PGO
NZbIJMÔS ^FH F_SOOH FGH K^FK KdP PKÔSM dOSO mROSX QIPMOWn
6eKW#]-W%-q ;>$*& 'T8<<<+ <<<)W =JGZKOM IFKOS+ Ô MOGK FG FIYPMK
JHOGKJQFI OYFJI KP ;OG_ZJG .4/ 6FRJH 7^FGeMW 6eKW#]-W%-q ;>$"*
'T8<<<+ <<<$<<<)W ;OG_ZJG dPZIH GPK F_SOO KP F_OGQX ZGIOMM LPZS YFkPS
NZbIJMÔSM dOSO PG bPFSH+ ;>$][q 2SW #,*f]#$#,[f% 'T8<<<+ <<<)+ FGH MP
.ZO KPIH 7^FGeM K^FK Ô ^FH K^SOO NZbIJMÔSM PG bPFSH FISOFHX FGH K^FK
mUJVK dPZIH bO F ^Z_O YJMKFeO KP YJMM K^JM JL dO ^FRO #+n ;>$][ 'T8<<<)W
=OFGd^JIO+ .ZO MZ__OMKOH KP TPbM K^FK Ô QFII TFYOM =ZSHPQ^ PL
0OdM .PSN+ 3FSNOS.PIIJGMiM NFSOGK QPYNFGX+ KP KOII ^JY K^FK PKÔS
NZbIJMÔSM ^FH MJ_GOH mMP KÔSO JM GP IOFN PL LFJK^ ÔSOWn 6eKW#]-W%*q
;>$#\ 'T8<<<+ <<<)W TPbM QFIIOH FGH OYFJIOH =ZSHPQ^ PROS KÔ GOcK LOd

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HFXM+ FGH SOFMMZSOH ^JY K^FK mdO ^FRO & PL KÔ - bJ_ NZbIJMÔSM MJ_GOH
ZN FISOFHXWn 6eKW#]-W*\q ;>$#]$, 'T8<<<+ <<<)W 3O ZS_OH =ZSHPQ^ KP
mUKV^SPd JG dJK^ U8VNNIO FGH MOO JL dO QFG FII YFeO F _P PL K^JM KP QSOFKO
F SOFI YFJGMKSOFY ObPPeM YFSeOK FK h"]W[[ FGH h"&W[[+n SFKÔS K^FG
mUeVOON _PJG_ dJK^ 8YFgPG FK h[W[[Wn 6eKW#]-W*"q ;>$#] 'T8<<<+ <<<)W
/G TFGZFSX ]#+ .ZO OYFJIOH ?SJFG =ZSSFX+ 3FSNOS.PIIJGMiM .4/+ K^FK
mdO ^FRO & NZbIJMÔSM QPYNIOKOH MP JK JM SOFI M^FYOn GPK KP ^FRO
3FSNOS.PIIJGM PG bPFSHW 6eKW#]-W*"q ;>$,\%q ;>$%"* 'T8<<<+ <<<+ <<<)W
8NNIO FIMP MZQQOMMLZIIX OGQPZSF_OH KÔ NZbIJMÔSM KP SOFMMZSO PGO
FGPKÔSW ?OKdOOG TFGZFSX "[ FGH ]"+ ]\"\+ =ZSSFX+ 9OJHX+ 7^FGeM+
CPZG_+ FGH 7FS_OGK QFIIOH OFQ^ PKÔS #& KJYOM j ]% QFIIM PG TFGZFSX ]"
'KÔ HFKO PL 8NNIOiM JGJKJFI HOFHIJGO) FIPGOW
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'T8<<<+ <<<$<<<)W BÔG =FQYJIIFGiM 7FS_OGK OYFJIOH .ZO PG TFGZFSX
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6OMNJKO K^JM mdOb PL KOION^PGO QFIIMn FYPG_ KÔ NZbIJMÔS .4/M
FSPZGH OFQ^ mKZSGJG_ NPJGKn JG KÔ OcOQZKJPG PL KÔ F_OGQX F_SOOYOGKM+
dJK^ QFIIM JGQSOFMJG_ PG PS FSPZGH QSJKJQFI HFKOM+ 6eKW#]-W""[ 'T8<<<)+
KÔ .4/M HOGJOH HJMQZMMJG_ KÔ 8NNIO F_SOOYOGK dJK^ PGO FGPKÔS PS
OROG K^FK FGX QPGROSMFKJPGM KPPe NIFQOW 2Ô HJMKSJQK QPZSK LPZGH K^FK
K^PMO HOGJFIM+ mJG KÔ LFQO PL PROSdÔIYJG_ ORJHOGQO KP KÔ QPGKSFSX+
MKSPG_IX MZNNPSKUV F LJGHJG_ PL QPGMQJPZMGOMM PL _ZJIKWn 6eKW#]-W""[G,[
'T8<<<)W

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;>$#% 'T8<<<)+ .ZO QFIIOH 9OJHX FGH =ZSSFXW .ZO FGH 9OJHX MNPeO bX
KOION^PGO LPS YPSO K^FG KdOGKX YJGZKOMW 6eKW#]-W%]q ;>$%**$& 'T8<<<+
<<<)W 1YYOHJFKOIX FLKOS MNOFeJG_ KP 9OJHX+ .ZO QFIIOH =ZSSFX+ d^P
SOKZSGOH KÔ QFII IFKOS K^FK HFX FGH KFIeOH dJK^ .ZO LPS YPSO K^FG KOG
YJGZKOMW 6eKW#]-W%#q ;>$%**$& 'T8<<<+ <<<)W .ZO KÔG JYYOHJFKOIX
QFIIOH 7FS_OGK+ d^P sZJQeIX QFIIOH =ZSSFX FGH 9OJHX+ KFIeJG_ KP KÔY
LPS OJ_^K FGH LJLKOOG YJGZKOMW 6eKW#]-W%]q ;>$%**$& 'T8<<<+ <<<)W 2Ô
GOcK HFX+ .ZO SONPSKOH KP TPbM K^FK Ô ^FH F MJ_GJG_ QPYYJKYOGK LSPY
=FQYJIIFG 'FGH PKÔSM)W 6eKW#]-W%,q ;>$]* 'T8<<<+ <<<)W
;OG_ZJG SOYFJGOH ÔMJKFGK PG TFGZFSX ],+ ]\"\W 6eKW#]-$%%q ;>$"[
'T8<<<+ <<<)W .ZO QFIIOH JKM .4/+ 7^FGeM+ FGH KÔ KdP MNPeO LPS KdOGKX
YJGZKOMW 6eKW#]-$%%q ;>$%**$- 'T8<<<+ <<<)W (OMM K^FG FG ^PZS IFKOS+
7^FGeM QFIIOH 9OJHXW 6eKW#]-$%%q ;>$%**$- 'T8<<<+ <<<)W ?X K^FK
FLKOSGPPG+ ;OG_ZJG ^FH MJ_GOH FG F_OGQX F_SOOYOGKW ;>$]$"] 'T8<<<)W
3FSNOS.PIIJGM dFM KÔ IFMK KP MJ_GW 1K KPP GOOHOH SOFMMZSFGQO LSPY
KÔ PKÔS NZbIJMÔSM+ FGH =ZSSFX YFHO F SPZGH PL KOION^PGO QFIIM KP KÔ
PKÔS ;ZbIJMÔS$6OLOGHFGKM bOLPSO MJ_GJG_W 6eKW#]-W*"q ;>$%**$&$-
'T8<<<+ <<<$<<<)W 8M =ZSSFX KOMKJLJOH FK KSJFI+ Ô dFGKOH KP QPGLJSY K^FK
.ZO dFM KOIIJG_ ^JY KÔ KSZK^ K^FK LPZS PKÔS NZbIJMÔSM ^FH MJ_GOH PGW

]-

2SW "\\-f[$"\\%f"% 'T8<<<$<<<)W =ZSSFX LOFSOH m8YFgPGUiVM SOFQKJPG+n
bZK FM KÔ LJLK^ NZbIJMÔS KP MJ_G+ Ô ^PNOH KÔ SOFQKJPG dPZIH bO
mYZKOHWn 6eKW#]-W*]q ;>$,]- 'T8<<<+ <<<)W
8NNIO eGOd K^FK KÔ ;ZbIJMÔS$6OLOGHFGKM dPZIH NSPYNKIX YPRO
8YFgPG KP F_OGQX FGH SFJMO SOKFJI NSJQOMW 8K KÔ TFGZFSX ]%+ ]\"\+
IFZGQ^ PL KÔ J;FH+ 7KORO TPbM HOYPGMKSFKOH ^Pd KP ZMO KÔ J?PPeMKPSO
KP NZSQ^FMO FG ObPPe j 2SZO .PYNFMM+ bX 7OGFKPS 4HdFSH @OGGOHXW
8IK^PZ_^ 2SZO .PYNFMM MPIH FK 8YFgPG LPS h[W[[+ TPbM NSORJOdOH KÔ
J?PPeMKPSO MFIO FK h"&W[[W 6eKW#]-W*,q ;>$-\% 'T8<<<+ <<<$<<<)W 1G F
SOQPSHOH QPGROSMFKJPG+ F SONPSKOS LSPY 2Ô BFII 7KSOOK TPZSGFI FMeOH
d^X QPGMZYOSM dPZIH NFX 8NNIO h"&W[[ dÔG KÔ MFYO KJKIO MPIH FK
8YFgPG LPS h[W[[W ;>$-", FK "f,% 'T8<<<)W TPbM SOMNPGHOHf m2^FK
dPGiK bO KÔ QFMOWn 1HW 2Ô SONPSKOS MPZ_^K KP QIFSJLXf mCPZ YOFG XPZ
dPGiK bO "&W[[ PS KÔX dPGiK bO [W[[un 1HW TPbM NFZMOH+ mFGH dJK^ F
eGPdJG_ GPH SOMNPGHOH+ tUKVÔ NSJQO dJII bO KÔ MFYOWin 6eKW#]-W*,q
;>$-", FK ]f"" 'T8<<<+ <<<)W 3O KÔG OcNIFJGOH K^FK NZbIJMÔSM dOSO
mGPK ^FNNXn dJK^ 8YFgPGiM h[W[[ NSJQO+ FGH dOSO mFQKZFIIX
dJK^^PIHUJG_V KÔJS bPPeM LSPY 8YFgPGn bOQFZMO PL JKW 1HW
-W 8LKOS 7J_GJG_ 2Ô 8NNIO 8_OGQX 8_SOOYOGKM+ 2Ô
;ZbIJMÔS$6OLOGHFGKM =PRO 8II 9OKFJIOSM 2P 8_OGQX

]%

TPbM dFM SJ_^KW 2Ô ;ZbIJMÔS$6OLOGHFGKM YPROH MdJLKIX FLKOS KÔ
TFGZFSX ]% J;FH FGGPZGQOYOGK KP JYNPMO KÔ F_OGQX YPHOI FGH SFJMO
NSJQOMW 3FSNOS.PIIJGM OYFJIOH 8YFgPG PG TFGZFSX ]% KP MFX K^FK JK dFM
YPRJG_ FII 0Od 9OIOFMO ObPPeM KP KÔ F_OGQX YPHOI FGH ^FH mSOFQÔH
FG F_SOOYOGK dJK^ PZS LJSMK F_OGK+ 8NNIO+n KÔ GJ_^K bOLPSOW
6eKW#]-W*#$*&q ;>$%]*q ;>$*#,r&# 'T8<<<$<<<+ <<<+ <<<)W ;OG_ZJG
QFIIOH 8YFgPG K^FK HFX KP OcNIFJG K^FK JK ^FH YPROH KP F_OGQX dJK^ JKM
mLJSMK QZMKPYOSn j 8NNIOW 6eKW#]-W*&q ;>$*#,r&# 'T8<<<+ <<<)W
=FQYJIIFG dFM KÔ LJSMK NZbIJMÔS KP _JRO 8YFgPG FG ZIKJYFKZYW
7FS_OGK KPIH .ZO K^FK 7FS_OGK dPZIH MeJN KÔ J;FH IFZGQ^ KP KSFROI KP
7OFKKIOW 6eKW#]-W*-q ;>$**" 'T8<<<+ <<<)W 8M Ô KPIH F LSJOGH+ Ô dFM
_PJG_ KÔSO mKP _OK U^JMV FMM eJQeOH bX 8YFgPGWn 6eKW#]-W*%q ;>$%[q
2SW ""#[f*$]" 'T8<<<+ <<<+ <<<)W /G TFGZFSX ]*+ 7FS_OGK KPIH 8YFgPG
OcOQZKJROM K^FK+ JL KÔX HJH GPK YPRO KP F_OGQX+ KÔX dPZIH GPK SOQOJRO
ObPPe KJKIOM ZGKJI MOROG YPGK^M FLKOS KÔJS JGJKJFI SOIOFMOW 6eKW#]-W*%q
;>$*#,r&, 'T8<<<+ <<<)W
8M KÔ NZbIJMÔSM ^FH LOFSOH+ 8YFgPG SOKFIJFKOH JYYOHJFKOIX bX
SOYPRJG_ KÔ mbZX bZKKPGMn LPS =FQYJIIFGiM NSJGK FGH OIOQKSPGJQ bPPeM
MP K^FK QZMKPYOSM QPZIH MOO+ bZK GPK NZSQ^FMO+ K^PMO bPPeM+ 6eKW#]-W*%q

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2SW -##f],$-#&f] 'T8<<<+ <<<$<<<)W 2Ô NZbIJMÔSM GPGOKÔIOMM LOIK
QPGLJHOGK JMMZJG_ ZIKJYFKZYM KP 8YFgPG bOQFZMO KÔX eGOd KÔX dOSO
FQKJG_ KP_OKÔSW 8M 7FS_OGK MFJH IFKOS K^FK dOOe+ mUKVÔ PNKJQM YFeO JK
IPPe IJeO 1 MKPPH FIPGO+ bZK JG KÔ OGH 1 ^FH GP HPZbK K^FK KÔ PKÔSM
dPZIH OROGKZFIIX LPIIPdWn 6eKW#]-W**q ;>$[&q 2SW ""-,f"-$""--f"
'T8<<<+ <<<+ <<<$<<<)W 3FQÔKKOiM 0PZSSX FMMZSOH 7FS_OGK+ mXPZ FSO GPK
_PJG_ KP LJGH XPZS QPYNFGX FIPGO JG KÔ bFKKIOn dJK^ 8YFgPGW
6eKW#]-W**$*[q ;>$["q 2SW ""-"f*$"[ 'T8<<<$<<<+ <<<+ <<<)q MOO FIMP
;>$**&W]\\$\" 'T8<<<$<<<)W
8IK^PZ_^ 8YFgPG JGJKJFIIX SOMJMKOH KÔ ;ZbIJMÔS$6OLOGHFGKMi
HOYFGHM+ JK QFNJKZIFKOH PGQO JK ZGHOSMKPPH K^FK KÔ LJRO ;ZbIJMÔS$
6OLOGHFGKM MKPPH KP_OKÔS JG K^SOFKOGJG_ KP dJK^^PIH ObPPeM JL 8YFgPG
HJH GPK F_SOO KP F_OGQXW 8YFgPGiM DSFGHJGOKKJ OcNIFJGOH K^FK+ mUJVL JK
^FH bOOG PGIX =FQYJIIFG HOYFGHJG_ F_OGQX+ dO dPZIH GPK ^FRO
GO_PKJFKOH FG F_OGQX QPGKSFQK dJK^ KÔYW ?ZK ^FRJG_ ÔFSH KÔ MFYO
HOYFGH LPS F_OGQX KOSYM QPYJG_ LSPY FII KÔ NZbIJMÔSM JG MZQ^ QIPMO
NSPcJYJKX W W W dO SOFIIX ^FH GP Q^PJQO bZK KP GO_PKJFKO KÔ bOMK F_OGQX
QPGKSFQKM dO QPZIH dJK^ KÔMO LJRO NZbIJMÔSMWn 6eKW#]-W*[$[\q
;>$*#,rr&-+&% 'T8<<<+ <<<)W /G TFGZFSX #"+ 8YFgPG FGGPZGQOH K^FK

][

JK dPZIH FQQONK F_OGQX KOSYMW 6eKW#]-W[\q 2SW -#-f",$"* 'T8<<<+ <<<)W
8YFgPG GO_PKJFKOH F HJLLOSOGK KOSYJGFKJPG HFKO LPS OFQ^ F_OGQX
F_SOOYOGK+ ^PdOROS+ JG PSHOS KP FRPJH LZKZSO MJYZIKFGOPZM GO_PKJFKJPGM
dJK^ KÔ ;ZbIJMÔS$6OLOGHFGKMW 6eKW#]-W["q 2SW %,[f"]$%-\f] 'T8<<<+
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8K KSJFI+ .ZO FHYJKKOH K^FK 8NNIO mOcNOQKOHn KÔ ;ZbIJMÔS$
6OLOGHFGKM KP YPRO 8YFgPG KP F_OGQX+ bZK HOGJOH meGPdJG_n K^FK KÔX
dPZIHW 6eKW#]-W*&G&%q 2SW "%-,f]$]\ 'T8<<<+ <<<)W 2Ô HJMKSJQK QPZSK
LPZGH K^FK K^JM KOMKJYPGX dFM GPK QSOHJbIOW 6eKW#]-W*&G&% 'T8<<<)W
.ZO QIFJYOH K^FK Ô ^FH GP FHRFGQO eGPdIOH_O PL 7FS_OGKiM 8YFgPG
YOOKJG_+ 2SW "%%#f#$- 'T8<<<)+ OROG K^PZ_^ 7FS_OGK ^FH OYFJIOH ^JY
FbPZK ^JM KSJN KP 7OFKKIO HFXM bOLPSO KÔ YOOKJG_ KPPe NIFQO+ ;>$**"
'T8<<<)W /G TFGZFSX ]*+ KÔ HFX PL KÔ YOOKJG_+ TPbM KPIH ^JM
bJP_SFNÔS K^FK KÔ ;ZbIJMÔS$6OLOGHFGKM mdOGK KP 8YFgPG FGH MFJH+
tCPZiSO _PJG_ KP MJ_G FG F_OGQX QPGKSFQK PS dOiSO GPK _PJG_ KP _JRO XPZ
KÔ bPPeMWin 6eKW#]-W"\#$\&q ;>$,"& FK ,\#$\& 'T8<<<$<<<+ <<<$<<<)W
7FZI FGH .ZO QIPMOIX YPGJKPSOH KÔ OGMZJG_ 8YFgPG$=FQYJIIFG
HJMNZKO+ dJK^ 7FS_OGK YFeJG_ MZSO K^FK .ZO dFM mJG KÔ IPPN+n ;>$"\"
'T8<<<$<<<)W .ZO NSPRJHOH 7FS_OGK FHRJQO PG KÔ HJMNZKO+ SOMNPGHJG_ KP

#\

7FS_OGKiM m59D402vvn SOsZOMK bX JGMKSZQKJG_ 7FS_OGK KP mUQVFII YO PG
YX QOIIWn ;>$,#q 6eKW#]-W[\ 'T8<<<+ <<<)W
2Ô ;ZbIJMÔS$6OLOGHFGKM FIMP sZJQeIX YPROH KÔ SOYFJGJG_
SOKFJIOSM KP F_OGQXW 7PYO SOKFJIOSM SOFHJIX FQQONKOH F_OGQX KOSYM+ FM
KÔ GOd YPHOI YOFGK KÔX dPZIH GP IPG_OS ^FRO KP LFQO F__SOMMJRO NSJQO
QPYNOKJKJPG LSPY 8YFgPGW /KÔSM+ MZQ^ FM DPP_IO+ RFIZOH KÔ FbJIJKX KP
QPYNOKO PG NSJQO FGH MFd KÔJS bZMJGOMMOM FM ^FYNOSOH bX KÔ JGFbJIJKX
KP LSOOIX YFSeOK FGH NSPYPKO ObPPeMW 6eKW#]-W"\"$\]q ;>$*#*rr#$%
'T8<<<$<<<+ <<<$<<<)W 9O_FSHIOMM PL F NFSKJQZIFS SOKFJIOSiM NSOLOSOGQO+
^PdOROS+ KÔ ;ZbIJMÔS$6OLOGHFGKM FHRJMOH SOKFJIOSM K^FK KÔ 8NNIO
F_SOOYOGKM HJH GPK FIIPd KÔY KP QPGKJGZO PLLOSJG_ KÔJS ObPPeM ZGHOS
d^PIOMFIO KOSYMW ;>$*#-r"-+ *#*r# 'T8<<<+ <<<)W

1YYOHJFKOIX FLKOS KÔ J?PPeMKPSO PNOGOH FGH 8YFgPG FGH PKÔS
SOKFJIOSM dOSO LPSQOH KP MdJKQ^ KP KÔ F_OGQX YPHOI+ ObPPe NSJQOM
mM^JLKOH ZNdFSH+ JG MPYO QFMOM ,\p PS YPSO LPS FG JGHJRJHZFI KJKIOWn
6eKW#]-W"]W 8K 8NNIO+ KÔ ;ZbIJMÔS$6OLOGHFGKM NSJQOH [[W&p PL 0Od
CPSe 2JYOM ?OMKMOIIOSM FGH []W"p PL 0Od 9OIOFMOM dJK^JG "p PL KÔ
FNNIJQFbIO NSJQO QFNW 6eKW#]-W[&q ;>$""\,r"&" 'T8<<<+ <<<$<<<)W 8K
%W 4bPPe ;SJQOM 9JMO 2P 2Ô ;SJQO .FNM

#"

8YFgPG+ KÔ ;ZbIJMÔS$6OLOGHFGKM NSJQOH [-W*p PL 0Od CPSe 2JYOM
?OMKMOIIOSM FGH *,W%p PL 0Od 9OIOFMOM dJK^JG "p PL KÔ FNNIJQFbIO NSJQO
QFNW 6eKW#]-W[&q ;>$""\,r"&" 'T8<<<+ <<<)W 8K 8YFgPG+ K^JM
KSFGMIFKOH KP F "&W]p NSJQO JGQSOFMO LPS GOd SOIOFMOM FGH F &]W%p NSJQO
JGQSOFMO LPS 0Od CPSe 2JYOM ?OMKMOIIOSMW 6eKW#]-W[&q ;>$""\,r"&[
'T8<<<+ <<<)W 8QSPMM KÔJS OGKJSO ObPPe QFKFIP_M j SPZ_ÎX ,\p PL KÔ
KSFHO ObPPe YFSeOK j ;ZbIJMÔS$6OLOGHFGKMi KJKIOM JGQSOFMOH JG NSJQO bX
"*W-pW 6eKW#]-W[&q ;>$""\,r"&[ 'T8<<<+ <<<)q MOO FIMP 2SW "-*[f],$
"-["f"- 'T8<<<+ <<<$<<<)W ;SJQOM LPS PKÔS NZbIJMÔSMi ObPPeM SOYFJGOH
LIFKW 1HW .PGMZYOSM FIMP IPMK KÔ bOGOLJK PL KSFHJKJPGFI bPPe NSPYPKJPGM+
d^JQ^ KÔ ;ZbIJMÔS$6OLOGHFGKM j d^P ^FH mdPSeOH ^FSH KP NZM^ KÔ
NSJQO PL PZS GOd 4bPPeM ZN kZMK F LOd HPIIFSMn j dOSO GPd YPSO
SOIZQKFGK KP FZK^PSJgOW 6eKW#]-W[[q ;>$#", 'T8<<<+ <<<)W
2Ô ;ZbIJMÔS$6OLOGHFGKM GFKZSFIIX MPIH LOdOS ObPPeM FM F SOMZIKW
6eKW#]-W[% 'T8<<<)W 8QQPSHJG_ KP F MKZHX QPYNFSJG_ MFIOM PL bPPeM
FRFJIFbIO JG KÔ KdP$dOOe NOSJPHM bOLPSO FGH FLKOS KÔ 8NSJI ]\"\ MdJKQ^
KP F_OGQX+ KÔ ;ZbIJMÔS$6OLOGHFGKM d^P MdJKQÔH FK K^FK KJYO MPIH
"]W[p LOdOS ZGJKM FLKOS MdJKQ^JG_W 6eKW#]-W[%q ;>$""\,r%\ 'T8<<<+
<<<)W 1G QPGKSFMK+ GPG$NFSKX NZbIJMÔSMi MFIOM JGQSOFMOH bX ,W&p HZSJG_

#]

K^FK KJYOW 1HW 8QQPSHJG_ KP FGPKÔS MKZHX+ KÔ ;ZbIJMÔS$6OLOGHFGKMi
MFIOM HOQSOFMOH bX "&W,p SOIFKJRO KP 9FGHPY 3PZMO+ d^JQ^ ^FH GPK
MdJKQÔH KP F_OGQX bX KÔGW 6eKW#]-W[%q ;>$"\[%r"\ 'T8<<<+ <<<)W
2Ô ;ZbIJMÔS$6OLOGHFGKM FIMP SFJMOH MPYO ^FSHQPROS IJMK NSJQOM JG
PSHOS KP YPRO KÔ ObPPe ROSMJPGM PL NFSKJQZIFS KJKIOM JGKP ^J_ÔS NSJQO
KJOSMW 6eKW#]-W[,$[-q 6>$&&[ 'T8<<<$<<<+ <<<)W 2ÔX FIMP SFJMOH KÔ
NSJQOM PL KÔJS bFQeIJMK ObPPeMW 1HW 8M .ZO ^FH FGKJQJNFKOH+ KÔX HJH
K^JM+ FK IOFMK JG NFSK+ KP YFeO ZN LPS KÔ IPdOS NFXYOGKM LSPY SOKFJIOSM
PG 0Od 9OIOFMO ObPPeMW 6eKW#]-W[,$[-q 2SW "[&[f]&$"[,&f"%q ;>$*[&
'T8<<<$<<<+ <<<$<<<+ <<<$<<<)W
8NNIOiM OcNOSK FQeGPdIOH_OH FK KSJFI K^FK NSJQOM LPS KÔ ;ZbIJMÔS$
6OLOGHFGKMi ObPPeM ^FH _PGO ZN FM OcNOQKOH FLKOS 8NNIO PNOGOH KÔ
J?PPeMKPSOW 6eKW#]-W[[q 2SW ]]#-f,$]]#*f, 'T8<<<+ <<<$<<<)W 8M KÔ
HJMKSJQK QPZSK OcNIFJGOH+ mQPGMZYOSM MZLLOSOH JG F RFSJOKX PL dFXM LSPY
K^JM MQÔYO KP OIJYJGFKO SOKFJI NSJQO QPYNOKJKJPG FGH KP SFJMO O$bPPe
NSJQOMW 7PYO QPGMZYOSM ^FH KP NFX YPSO LPS O$bPPeMq PKÔSM bPZ_^K F
QÔFNOS O$bPPe SFKÔS K^FG KÔ PGO KÔX NSOLOSSOH KP NZSQ^FMOq FGH JK
QFG bO FMMZYOH K^FK MKJII PKÔSM HOLOSSOH F NZSQ^FMO FIKP_OKÔS SFKÔS
K^FG NFX KÔ ^J_ÔS NSJQOWn 6eKW#]-W[* 'T8<<<)W

##

?W 2Ô ;ZbIJMÔS$6OLOGHFGKM 7OKKIO 8GH 8NNIO 1M :PZGH (JFbIO 8LKOS
2SJFI
2Ô ;ZbIJMÔS$6OLOGHFGKM MOKKIOH bOLPSO KSJFI+ OGKOSJG_ JGKP MJYJIFS
QPGMOGK HOQSOOM+ IFKOS FNNSPROH bX KÔ HJMKSJQK QPZSK+
"\
K^FK IJYJKOH LPS
KdP XOFSM KÔJS FbJIJKX KP SOMKSJQK SOKFJIOSM LSPY HJMQPZGKJG_ ObPPeMW
""

8NNIO NSPQOOHOH KP F bOGQ^ KSJFI PG IJFbJIJKX FGH JGkZGQKJRO SOIJOLW 2Ô
NFSKJOM QPGMOGKOH KP TZH_O .PKOiM MKFGHFSH bOGQ^ KSJFI NSPQOHZSOM+ MOO
^KKNfaadddWGXMHWZMQPZSKMW_PRaQFMOMaM^PdWN^NuHbwkZH_O<JGLP`JHw-,-+
JGQIZHJG_ FHYJMMJPG PL HJSOQK KOMKJYPGX RJF FLLJHFRJK LSPY dJKGOMMOM
ZGHOS F NFSKXiM QPGKSPI+ dJK^ IJRO KOMKJYPGX IJYJKOH KP QSPMM$OcFYJGFKJPG
FGH SOHJSOQK OcFYJGFKJPGW 6eKW%*W-"$-, 'T8<<<$<<<)W /G 8NSJI ]-+ ]\"#+

"\
?Pb @P^G+ FG FYJQZM MZNNPSKJG_ =FQYJIIFG FGH 7JYPG ` 7Q^ZMKOS+
PNNPMOH KÔ QPGMOGK HOQSOOM JG KÔ 5GJKOH 7KFKOMi QFMO FGH
ZGMZQQOMMLZIIX MPZ_^K KP JGKOSROGO KP FNNOFI KÔJS OGKSXW @P^G
FNNOFIOH KÔ HOGJFI PL ^JM YPKJPG+ d^JQ^ K^JM .PZSK MZYYFSJIX
FLLJSYOHW 5GJKOH 7KFKOM RW 8NNIO+ 1GQW+ 0PW "]$&\"% ']H .JSW =FSW ]-+
]\"#)W @P^G FIMP PNNPMOH OGKSX PL KÔ ;IFJGKJLL$7KFKOMi MOKKIOYOGK
F_SOOYOGKM FGH F_FJG ZGMZQQOMMLZIIX MPZ_^K JGKOSROGKJPG KP FNNOFI
KÔJS OGKSXW @P^G MPZ_^K KP FNNOFI bPK^ KÔ OGKSX PL KÔ F_SOOYOGKM
FGH KÔ JGKOSROGKJPG HOGJFI+ bZK K^JM .PZSK PGQO F_FJG MZYYFSJIX
FLLJSYOH KÔ HJMKSJQK QPZSKW 7KFKO PL 8SJgPGF RW =FQYJIIFG+ 1GQW+
0PW "#$&*]* ']H .JSW =FX %+ ]\"&)W
""
2Ô ;ZbIJMÔS$6OLOGHFGKM F_SOOH KP KÔ MFYO JGkZGQKJRO SOIJOL JG KÔ
5GJKOH 7KFKOMi FGH ;IFJGKJLL$7KFKOMi QFMOMW 2Ô ;IFJGKJLL$7KFKOMi
MOKKIOYOGKM FIMP JGRPIROH YPGOKFSX NFXYOGKMW

#&

KÔ NFSKJOM MZbYJKKOH HJSOQK$KOMKJYPGX FLLJHFRJKM LSPY LFQK FGH OcNOSK
dJKGOMMOM+ Oc^JbJKM+ HONPMJKJPG KSFGMQSJNKM+ YOYPSFGHF PL IFd+ NSPNPMOH
LJGHJG_M PL LFQK+ FGH NSPNPMOH QPGQIZMJPGM PL IFdW
/G =FX ]#+ ]\"#+ KÔ HJMKSJQK QPZSK+ FK KÔ NFSKJOMi kPJGK SOsZOMK+
PLLOSOH mKOGKFKJROn K^PZ_^KM PG KÔ NFSKJOMi MZbYJMMJPGMW 6eKW]-,W&%$&[q
2SW *\f"[$*&f& 'T8<<<$<<<+ <<<$<<<)W 2Ô QPZSK HJH MP KP FJH KÔ NFSKJOM
JG KÔJS IJRO NSOMOGKFKJPGM+ d^JQ^ bO_FG PG TZGO #+ ]\"#W 2Ô QPZSK
ÔFSH PNOGJG_ MKFKOYOGKM+ FM dOII FM QSPMM$OcFYJGFKJPG FGH SO$HJSOQK
OcFYJGFKJPG PL KÔ dJKGOMMOMW .PZGMOI NSOMOGKOH QIPMJG_ FS_ZYOGKM PG
TZGO ]\+ ]\"#W
/G TZIX "\+ ]\"#+ KÔ HJMKSJQK QPZSK JMMZOH F "-\$NF_O PNJGJPG FGH
PSHOS+ dJK^ "\\ NF_OM PL LFQK LJGHJG_M+ JGQIZHJG_ KÔ LJGHJG_ mK^FK KÔ
;ZbIJMÔS 6OLOGHFGKM QPGMNJSOH dJK^ OFQ^ PKÔS KP OIJYJGFKO SOKFJI
NSJQO QPYNOKJKJPG JG PSHOS KP SFJMO O$bPPe NSJQOM+ FGH K^FK 8NNIO NIFXOH
F QOGKSFI SPIO JG LFQJIJKFKJG_ FGH OcOQZKJG_ K^FK QPGMNJSFQXWn 6eKW#]-W[
'T8<<<)W 2Ô QPZSK QPGQIZHOH K^FK KÔ QPGMNJSFQX j mFK SPPK+ F ^PSJgPGKFI
NSJQO SOMKSFJGKn j dFM NOS MO ZGIFdLZIW 6eKW#]-W",# 'T8<<<)W 1G KÔ
FIKOSGFKJRO+ KÔ QPZSK LPZGH KÔ QPGMNJSFQX ZGIFdLZI ZGHOS KÔ SZIO PL
SOFMPG bOQFZMO JK ^FSYOH QPYNOKJKJPG FGH JKM NZSNPSKOH bOGOLJKM j KÔ

#,

mIFZGQ^ PL KÔ J?PPeMKPSO+ KÔ KOQ^GJQFI GPROIKJOM PL KÔ J;FH+ FGH KÔ
ORPIZKJPG PL HJ_JKFI NZbIJM^JG_ YPSO _OGOSFIIXn j dOSO mJGHONOGHOGKn PL
KÔ QPGMNJSFQXW 6eKW#]-W"]" 'T8<<<)W
(OG_K^X NSPQOOHJG_M PG SOYOHX LPIIPdOH+ dJK^ MOROSFI NSPNPMFIM+
YZIKJNIO SPZGHM PL bSJOLJG_+ OcKOGMJRO HJMQZMMJPGM bOKdOOG KÔ NFSKJOM+
FGH KdP QPZSK ÔFSJG_MW /G 7ONKOYbOS ,+ ]\"#+ KÔ HJMKSJQK QPZSK
OGKOSOH F :JGFI TZH_YOGK FGH ;OSYFGOGK 1GkZGQKJPGW 6eKW#%&
'T8<<<$<<<)W 2Ô 1GkZGQKJPG NSP^JbJKM 8NNIO LSPY F_SOOJG_ dJK^ KÔ
;ZbIJMÔS$6OLOGHFGKM KP SOMKSJQK JKM FbJIJKX KP HJMQPZGK ObPPe NSJQOMW
6eKW#%&W111. 'T8<<<)W 2^FK SOMKSJQKJPG OcNJSOM FK MJc$YPGK^ JGKOSRFIM
LPS KÔ LJRO ;ZbIJMÔS$6OLOGHFGKMf dJK^ 3FQÔKKO FLKOS KdP XOFSM+
3FSNOS.PIIJGM FLKOS KdP FGH F ^FIL XOFSM+ 7JYPG ` 7Q^ZMKOS FLKOS K^SOO
XOFSM+ ;OG_ZJG FLKOS K^SOO FGH F ^FIL XOFSM+ FGH =FQYJIIFG FLKOS LPZS
XOFSMW 1HW 8M KÔ QPZSK OcNIFJGOH+ mUKV^JM YOFGM K^FK KÔSO dPZIH bO GP
PGO NPJGK JG KJYO dÔG 8NNIO dPZIH bO SOGO_PKJFKJG_ dJK^ FII PL KÔ
NZbIJMÔS HOLOGHFGKM FK PGQOW 8GH GP PGO NPJGK JG KJYO dÔG KÔ
NZbIJMÔS HOLOGHFGKM QPZIH bO FMMZSOH K^FK JK dFM KFeJG_ KÔ MFYO
bFS_FJGJG_ NPMJKJPG FM JKM NOOSM RJM$F$RJM 8NNIOWn 6eKW#,-W-,f]"$],
'T8<<<)W

#-

2Ô 1GkZGQKJPG FIMP NSP^JbJKM 8NNIO LSPY HJMQSJYJGFKJG_ F_FJGMK
ObPPe FNNIJQFKJPGM JG JKM m8NN 7KPSO+n 6eKW#%&W1E? 'T8<<<)+ KP OGMZSO
K^FK 8NNIO HPOM GPK ZMO mKÔ FNN MKPSO W W W FM FG OG_JGO PL SOKFIJFKJPGn PS
FM mF bFQe HPPSdFX LPS JGKSPHZQKJPG PL FG F_OGQX F_SOOYOGK+n
6eKW#,-W-#f"$* 'T8<<<)W
:JGFIIX+ KÔ 1GkZGQKJPG NSPRJHOM LPS FG OcKOSGFI YPGJKPS KP ORFIZFKO
8NNIOiM FGKJKSZMK KSFJGJG_ FGH QPYNIJFGQO NSP_SFYMW 2Ô HJMKSJQK QPZSK
OcNIFJGOH K^FK KÔ SOQPSH M^PdOH mF bIFKFGK FGH F__SOMMJRO HJMSO_FSH FK
8NNIO LPS KÔ SOsZJSOYOGKM PL KÔ IFdWn 6eKW#%"W"%f"$] 'T8<<<)W 2Ô
QPZSK _FRO 8NNIO MOROSFI PNNPSKZGJKJOM KP M^Pd K^FK JK QPZIH NSOROGK
LZKZSO RJPIFKJPGM PG JKM PdG+ bZK 8NNIO LFJIOH KP HP MPW 6eKW#%"W"%f%$"-
'T8<<<)W 0PGOKÔIOMM+ MP K^FK KÔ YPGJKPSM^JN dPZIH mSOMK FM IJ_^KIX FM
NPMMJbIO PG KÔ dFX 8NNIO SZGM JKM bZMJGOMM+n 6eKW#%"W*f],$[f"
'T8<<<$<<<)+ KÔ QPZSK _FRO KÔ YPGJKPS PGIX IJYJKOH NPdOSM KP ORFIZFKO
dÔKÔS 8NNIOiM FGKJKSZMK QPYNIJFGQO FGH KSFJGJG_ NSP_SFYM FSO
mSOFMPGFbIX HOMJ_GOH KP HOKOQK FGH NSOROGK RJPIFKJPGM PL KÔ FGKJKSZMK
IFdM+n 6eKW#%&WE1?$6 'T8<<<$<<<)W /G /QKPbOS "-+ ]\"#+ KÔ QPZSK
FNNPJGKOH =JQ^FOI ?SPYdJQ^+ LPSYOSIX 1GMNOQKPS DOGOSFI PL KÔ TZMKJQO

#%

6ONFSKYOGK+ FM YPGJKPS FGH ?OSGFSH 0J_SP+ Q^FJS PL KÔ :SJOH :SFGe
FGKJKSZMK NSFQKJQO+ KP FMMJMK ^JYW 6eKW#*& 'T8<<<$<<<)W
8NNIO '0PMW "#$#%&" FGH #*,%)+ =FQYJIIFG '0PMW "#$#%&* FGH #%*#)+
FGH 7JYPG ` 7Q^ZMKOS '0PMW "#$#*-& FGH #*-%) FNNOFIOHW 2^PMO
FNNOFIM ^FRO bOOG QPGMPIJHFKOHW
/G 6OQOYbOS "#+ ]\"#+ 8NNIO FMeOH KÔ HJMKSJQK QPZSK KP MKFX KÔ
YPGJKPSM^JN+ FS_ZJG_ K^FK JK dFM ZGQPGMKJKZKJPGFI FGH RJPIFKOH :OHOSFI
9ZIO PL .JRJI ;SPQOHZSO ,#W 6eKW&"% 'T8<<<$<<<)W 1G JKM SONIX bSJOL+
8NNIO FIMP FMeOH KÔ QPZSK KP HJMsZFIJLX KÔ YPGJKPSW 6eKW&]% 'T8<<<$
<<<)W 2Ô QPZSK HOGJOH 8NNIOiM SOsZOMKM+ LJGHJG_ JKM FS_ZYOGKM dFJROH
FGH YOSJKIOMMW 6eKW&#% 'T8<<<$<<<)W 8NNIO FNNOFIOH K^FK PSHOS '0PMW
"&$-\ FGH -")W 8NNIOiM SORJMOH PNOGJG_ bSJOL JG K^FK FNNOFI dFM LJIOH PG
=FX ",+ ]\"&+ FGH ;IFJGKJLLMi SOMNPGMO JM HZO 8Z_ZMK "&+ ]\"&W
8NNIO MPZ_^K FG OYOS_OGQX MKFX PL KÔ YPGJKPSM^JN JG bPK^ FNNOFIMW
2^JM .PZSK HOGJOH KÔ MKFX PG :ObSZFSX "\+ ]\"&W
8NNIOiM kZSX KSJFI PG KÔ ;IFJGKJLL$7KFKOMi HFYF_OM QIFJYM dFM
MQÔHZIOH LPS TZIX ]\"&W /G 8NSJI ]#+ ]\"&+ 8NNIO MPZ_^K FG OYOS_OGQX
MKFX PL KÔ ;IFJGKJLL$7KFKOMi HFYF_OM KSJFI NOGHJG_ FNNOFIW /SFI
FS_ZYOGK PG KÔ MKFX SOsZOMK JM MQÔHZIOH LPS =FX ][+ ]\"&W

#*

75==89C /: 89D5=402
8NNIO+ IOH bX JKM ^J_ÔMK$IOROI OcOQZKJROM+ PSQÔMKSFKOH FGH
NFSKJQJNFKOH JG F QPGMNJSFQX FYPG_ ObPPe NZbIJMÔSM KP OIJYJGFKO SOKFJI
NSJQO QPYNOKJKJPG FGH KP LJc FGH SFJMO ObPPe SOKFJI NSJQOMW 8NNIO FQKOH
dJK^ F mbIFKFGK FGH F__SOMMJRO HJMSO_FSHn LPS KÔ IFd+ 6eKW#%"W"%f"$]
'T8<<<)+ FGH KÔ MOIL$MOSRJG_ HOGJFIM PL JKM OcOQZKJROM dOSO GPK QSOHJbIOW
/G FNNOFI+ 8NNIO HJMSO_FSHM bPK^ KÔ IFd FGH KÔ LFQKM FGH GOROS LZIIX
QPGLSPGKM KÔ HJMKSJQK QPZSKiM FYNIX MZNNPSKOH FGH dOII$SOFMPGOH
HOQJMJPG LJGHJG_ JK IJFbIO LPS NOS MO JIIO_FI ^PSJgPGKFI NSJQO LJcJG_W
1W8W 8NNIOiM NJKQ^ KP KÔ ;ZbIJMÔS$6OLOGHFGKM+ LSPY bO_JGGJG_ KP
OGH+ dFM LPS F QPIIOQKJRO MPIZKJPG KP KÔ 8YFgPG h[W[[ NSPbIOYW BJK^
8NNIOiM QPPSHJGFKJPG+ mFII NZbIJMÔSMn QPZIH QPIIOQKJROIX YPRO mFII
SOKFJIOSMn KP F_OGQX FGH K^ZM QPGKSPI FGH SFJMO ObPPe SOKFJI NSJQOMW 7ZQ^
FG F_SOOYOGK FYPG_ KÔ QPYNOKJG_ ;ZbIJMÔS$6OLOGHFGKM JM NOS MO
JIIO_FI ^PSJgPGKFI NSJQO LJcJG_W 2^FK 8NNIO ÔINOH KÔ ;ZbIJMÔS$
6OLOGHFGKM KP QPIIZHO HPOM GPK JGMZIFKO KÔ QPGMNJSFQX LSPY NOS MO
QPGHOYGFKJPG PS JYYZGJgO 8NNIO LPS JKM NFSKJQJNFKJPG JG KÔ JIIO_FI
MQÔYOW 0PS HPOM 8NNIO _OK F LSOO NFMM bOQFZMO JK LJcOH NSJQOM FK KÔ

#[

MFYO KJYO JK PNOGOH KÔ J?PPeMKPSOq KÔ NZSNPMO PL KÔ QPGMNJSFQX dFM
GPK KP OcNFGH SOKFJI NSJQO QPYNOKJKJPG+ bZK KP OIJYJGFKO JKW
?W ;IFJGKJLLM NSPROH K^SPZ_^ QPYNOIIJG_ ORJHOGQO bPK^ KÔ ^PSJgPGKFI
QPGMNJSFQX FYPG_ KÔ ;ZbIJMÔS$6OLOGHFGKM FGH 8NNIOiM NFSKJQJNFKJPG
JG FGH PSQÔMKSFKJPG PL K^FK QPGMNJSFQXW 8NNIO eGOd K^FK ÔINJG_ KÔ
;ZbIJMÔS$6OLOGHFGKM KP MPIRO KÔ 8YFgPG NSPbIOY dPZIH bOGOLJK 8NNIO
bX OIJYJGFKJG_ SOKFJI NSJQO QPYNOKJKJPG+ SFJMJG_ ObPPe NSJQOM+ FGH
MOQZSJG_ LPS JKMOIL F #\p QPYYJMMJPGW =PSOPROS+ 8NNIO eGOd K^FK KÔ
;ZbIJMÔS$6OLOGHFGKM dPZIH MJ_G JKM NSPNPMOH F_OGQX F_SOOYOGKM PGIX
JL KÔX dOSO FII j 8NNIO JGQIZHOH j QPYYJKKOH KP SFJMJG_ ObPPe NSJQOMW
8NNIO KÔSOLPSO SOFMMZSOH KÔ ;ZbIJMÔS$6OLOGHFGKM K^FK KÔX dOSO GPK
FIPGO FGH OGQPZSF_OH KÔY KP SOFMMZSO PGO FGPKÔSW
/G FNNOFI+ 8NNIO LFJIM KP OMKFbIJM^ QIOFS OSSPS JG KÔ HJMKSJQK QPZSKiM
LJGHJG_ K^FK 8NNIO QPGMNJSOH dJK^ KÔ ;ZbIJMÔS$6OLOGHFGKM KP LJc ObPPe
NSJQOMW 1GHOOH+ 8NNIO FII bZK J_GPSOM K^JM .PZSKiM HOLOSOGKJFI MKFGHFSH
PL SORJOd PL LFQK LJGHJG_M+ LFJIJG_ OROG KP YOGKJPG KÔ YFGX QSOHJbJIJKX
LJGHJG_M ZNPG d^JQ^ KÔ HJMKSJQK QPZSKiM HOQJMJPG SOMKOHW
1GMKOFH+ 8NNIO LJSMK FKKFQeM F LJGHJG_ KÔ QPZSK GOROS YFHO j K^FK
8NNIO kPJGOH F NSO$OcJMKJG_ QPGMNJSFQXW 0OcK+ JK NSOKOGHM K^FK KÔ

&\

HJMKSJQK QPZSK QPGHOYGOH F MOSJOM PL ROSKJQFI HJMKSJbZKJPG F_SOOYOGKMW
2Ô QPZSK dFM QIOFS+ K^PZ_^q OROG JL KÔ F_OGQX F_SOOYOGKM dOSO GPK
ZGIFdLZI PG KÔJS PdG+ JK dFM ZGIFdLZI LPS 8NNIO KP QPGMNJSO dJK^ KÔ
;ZbIJMÔS$6OLOGHFGKM KP SFJMO ObPPe NSJQOM K^SPZ_^ KÔ KOSYM PL KÔ
F_OGQX F_SOOYOGKMW :JGFIIX+ 8NNIO JGROGKM F GOd ^J_ÔS bZSHOG LPS
FGKJKSZMK NIFJGKJLLM dÔG F HOLOGHFGK FQKM JG JKM PdG JGKOSOMKW ?ZK
QPYNOIIJG_ HJSOQK FGH QJSQZYMKFGKJFI ORJHOGQO OMKFbIJMÔH K^FK 8NNIO
FGH KÔ ;ZbIJMÔS$6OLOGHFGKM QPIIZHOH KP SFJMO ObPPe NSJQOM NSOQJMOIX
bOQFZMO JK dFM JG FII PL KÔJS JGKOSOMKM KP HP MPW
11W 2Ô HJMKSJQK QPZSK NSPNOSIX LPZGH K^FK KÔ QPGMNJSFQX dFM FIMP
JIIO_FI ZGHOS KÔ SZIO PL SOFMPG bOQFZMO JK OIJYJGFKOH SOKFJI NSJQO
QPYNOKJKJPG FGH SFJMOH ObPPe NSJQOMW 8NNIO HOSJHOM d^FK JK QFIIM KÔ
QPZSKiM mPGO$NFSF_SFN^n SZIO PL SOFMPG FGFIXMJM+ bZK HJMSO_FSHM KÔ
QPZSKiM IOG_K^X HJMQZMMJPG PL KÔ QPGMNJSFQXiM ^JMKPSX+ NZSNPMO+ FGH
OLLOQK+ JGQIZHJG_ F QFSOLZI FGFIXMJM PL JKM NSJQO OLLOQKMW 1YYOHJFKOIX FLKOS
KÔ MdJKQ^ KP F_OGQX+ KÔ ;ZbIJMÔS$6OLOGHFGKM 'dJK^ FbPZK ^FIL PL
SOIORFGK MFIOM) SFJMOH ObPPe NSJQOM bX FIYPMK ]\p+ d^JIO PKÔS
NZbIJMÔSiM NSJQOM SOYFJGOH LIFKW 8NNIOiM PdG OcNOSK QPGQOHOH K^FK
PROSFII NSJQOM dOGK ZNW

&"

B^JIO 8NNIO QIFJYM KÔ QPGMNJSFQX ^FH NSPQPYNOKJKJRO bOGOLJKM+ JKM
PdG dJKGOMMOM QPGQOHOH KÔ IFQe PL QPGGOQKJPG bOKdOOG KÔ QPGMNJSFQX
FGH KÔMO NZSNPSKOH bOGOLJKMW 2Ô J?PPeMKPSO HJH GPK JYNSPRO SOKFJI
QPYNOKJKJPGq NPMK$QPGMNJSFQX+ KÔSO dFM IOMM QPYNOKJKJPG+ GPK YPSOW
111W 2Ô HJMKSJQK QPZSK NSPNOSIX OcQIZHOH PNJGJPGM PL 8NNIOiM OcNOSK+
6SW =JQÔIIO ?ZSKJMW 3OS HFKF M^PdOH F HOQIJGO JG FROSF_O ObPPe NSJQOM
bOKdOOG KÔ KdP$XOFS NOSJPHM bOLPSO FGH FLKOS KÔ J?PPeMKPSO IFZGQ^+
bZK MÔ HJH GPK OcNIFJGOH ÔS PNJGJPG K^FK KÔ QPGMNJSFQX QFZMOH K^JM
NZSNPSKOH NSJQO HOQIJGOW 8NNIO NSPRJHOM GP YPSO OcNIFGFKJPG PG FNNOFIW
1G FGX OROGK+ KÔ QPZSK QFSOLZIIX SORJOdOH KÔ OcQIZHOH PNJGJPGM FGH
FHYJKKOH KÔ ZGHOSIXJG_ HFKF+ d^JQ^ dOSO PGIX F MYFII NFSK PL F SOQPSH
K^FK QIOFSIX HOYPGMKSFKOM KÔ QPGMNJSFQXiM FGKJQPYNOKJKJRO OLLOQKMW
1EW 8NNIO dFJROM JKM GPGOKÔIOMM YOSJKIOMM SOYOHX FS_ZYOGKM j
JGQIZHJG_ K^PMO K^FK LPSYOH KÔ bFMJM PL JKM OYOS_OGQX MKFX YPKJPG JG
K^JM .PZSK j bX HORPKJG_ PGIX F MJG_IO QPGQIZMPSX MOGKOGQO KP KÔYW
2Ô 1GkZGQKJPG HJH GPK FYOGH KÔ ;ZbIJMÔS$6OLOGHFGKMi QPGMOGK
HOQSOOMW 0PS dFM OMKPNNOI FNNSPNSJFKO+ FM KÔ QPZSK MZF MNPGKO FGH
SOFMPGFbIX HOKOSYJGOH K^FK 8NNIO M^PZIH GPK bO FbIO KP QPPSHJGFKO KÔ
;ZbIJMÔS$6OLOGHFGKM bX GO_PKJFKJG_ KÔJS QPGKSFQKM MJYZIKFGOPZMIXW

&]

72806896 /: 94E14B
/G FNNOFI LPIIPdJG_ F bOGQ^ KSJFI+ K^JM .PZSK SORJOdM LJGHJG_M PL LFQK
LPS QIOFS OSSPSW :OHW 9W .JRW ;W ,]'F)'-)q @SJO_OS RW DPIH ?PGH ?IH_W
;SPHMW+ *-# :W]H "\["+ "\[* ']H .JSW "[**)W :FQK LJGHJG_M+ MZQ^ FM F
LJGHJG_ PL QPGMNJSFQX FGH F HOLOGHFGKiM NFSKJQJNFKJPG KÔSOJG+ FSO
PROSKZSGOH PGIX JL mKÔ SORJOdJG_ QPZSK PG KÔ OGKJSO ORJHOGQO JM IOLK
dJK^ KÔ HOLJGJKO FGH LJSY QPGRJQKJPG K^FK F YJMKFeO ^FM bOOG
QPYYJKKOH+n @SJO_OS+ *-# :W]H FK "\[* 'JGKOSGFI sZPKFKJPGM PYJKKOH)W
mU1VL KÔ HJMKSJQK QPZSKiM FQQPZGK PL KÔ ORJHOGQO JM NIFZMJbIO JG IJ_^K PL
KÔ SOQPSH RJOdOH JG JKM OGKJSOKX+ KÔ QPZSK PL FNNOFIM YFX GPK SOROSMO JK
OROG K^PZ_^ QPGRJGQOH K^FK ^FH JK bOOG MJKKJG_ FM KÔ KSJOS PL LFQK+ JK
dPZIH ^FRO dOJ_ÔH KÔ ORJHOGQO HJLLOSOGKIXWn 1HW 'JGKOSGFI sZPKFKJPGM
PYJKKOH)W BÔG F QPZSKiM HOQJMJPG SOMKM PG QSOHJbJIJKX HOKOSYJGFKJPGM+
mOROG _SOFKOS HOLOSOGQO JM SOsZJSOHWn 1HW
2^JM .PZSK SORJOdM QPGQIZMJPGM PL IFd HO GPRPW ?FSQIFXM .FNJKFI 1GQW
RW 2ÔLIXPGKÔdFIIWQPY+ 1GQW+ -,\ :W#H *%-+ *[\ ']H .JSW ]\"")W 1K
SORJOdM LPS FbZMO PL HJMQSOKJPG bPK^ KÔ OcQIZMJPG PL OcNOSK KOMKJYPGX+
AOSO_F 8ROW 9OFIKX .PSNW RW 3PSGbOQe /LLM^PSO 2SFGMNW+ ((.+ ,%" :W#H

&#

]\-+ ]"]$"# ']H .JSW ]\\[)+ FGH KÔ mLFM^JPGJG_ PL OsZJKFbIO SOIJOL+n
8bSF^FYMPG RW ?HW PL 4HZQW+ #%& :W#H --+ %- ']H .JSW ]\\&)W
89D5=402
1W 8NNIO 8GH :JRO ?PPe ;ZbIJMÔSM .PGMNJSOH 2P :Jc 4bPPe ;SJQOM j 8
;OS 7O EJPIFKJPG /L 2Ô 7ÔSYFG 8QK
;IFJGKJLLM HOYPGMKSFKOH K^SPZ_^ mQPYNOIIJG_ HJSOQK FGH
QJSQZYMKFGKJFI ORJHOGQOn K^FK 8NNIO+ IOH bX JKM ^J_ÔMK$IOROI OcOQZKJROM+
mNFSKJQJNFKOH JG FGH LFQJIJKFKOH F ^PSJgPGKFI NSJQO$LJcJG_ QPGMNJSFQXWn
6eKW#]-W"]\ 'T8<<<)W 2^FK NSJQO$LJcJG_ QPGMNJSFQX JM NOS MO ZGIFdLZI
ZGHOS 7OQKJPG " PL KÔ 7ÔSYFG 8QK+ FGH 8NNIO JM IJFbIO LPS JKW
8NNIO HPOM GPK QPGLSPGK KÔ HJMKSJQK QPZSKiM eOX LJGHJG_M PL LFQKW
1GMKOFH+ JK FMMOSKM K^FK 8NNIO+ JGHJLLOSOGK KP KÔ NZbIJMÔSMi HOMJSO LPS
^J_ÔS SOKFJI NSJQOM+ YFHO MOROSFI JGGPQOGK ROSKJQFI HJMKSJbZKJPG
F_SOOYOGKM d^PMO PGIX NZSNPMO dFM KP LFQJIJKFKO 8NNIOiM NSPQPYNOKJKJRO
OGKSX JGKP KÔ ObPPe YFSeOKW 2^FK Q^FSFQKOSJgFKJPG PL KÔ SOIORFGK
OROGKM QFGGPK bO SOQPGQJIOH dJK^ KÔ ORJHOGQO NSOMOGKOH FK KSJFI+ d^JQ^
HOYPGMKSFKOH K^FK 8NNIO ^FH QPGMNJSOH dJK^ KÔ NZbIJMÔSM KP FQ^JORO
KÔJS M^FSOH _PFI PL OIJYJGFKJG_ ObPPe SOKFJI NSJQO QPYNOKJKJPG FGH
SFJMJG_ ObPPe NSJQOMW 8NNIO NSPNPMOH K^FK mFII NZbIJMÔSMn YPRO mFII
SOKFJIOSMn KP F_OGQXq LFM^JPGOH FG mOIO_FGK MPIZKJPGn 'JG KÔ LPSY PL KÔ

&&

=:0) K^FK OLLOQKJROIX QPYNOIIOH NFSKJQJNFKJG_ NZbIJMÔSM KP YPRO PKÔS
SOKFJIOSM KP F_OGQX FM dOIIq QSOFKOH NSJQJG_ KJOSM LPS KÔ ;ZbIJMÔS$
6OLOGHFGKM KP LJc ZGJLPSY ^J_ÔS ObPPe NSJQOMq FGH SOFMMZSOH KÔ
;ZbIJMÔS$6OLOGHFGKM K^FK KÔX dOSO FQKJG_ KP_OKÔSW
8NNIOiM IO_FI FS_ZYOGKM FSO FIMP ZGMPZGHW .PGKSFSX KP 8NNIOiM
QPGKOGKJPGM+ JKM ZMO PL ROSKJQFI F_SOOYOGKM dJK^ KÔ ;ZbIJMÔS$
6OLOGHFGKM HPOM GPK M^JOIH JK LSPY NOS MO IJFbJIJKX LPS PSQÔMKSFKJG_ FGH
NFSKJQJNFKJG_ JG F QPGMNJSFQX dJK^ K^PMO NZbIJMÔSM 'd^P dOSO
QPYNOKJKPSM PL OFQ^ PKÔS) KP OIJYJGFKO SOKFJI NSJQO QPYNOKJKJPG FGH SFJMO
ObPPe NSJQOMW 0PS QFG 8NNIO JGMZIFKO JKMOIL LSPY NOS MO IJFbJIJKX bX
QIFJYJG_ 'JGQPSSOQKIX) K^FK K^JM NSJQO$LJcJG_ F_SOOYOGK ^FH
NSPQPYNOKJKJRO bOGOLJKMW
8IK^PZ_^ 7OQKJPG " PL KÔ 7ÔSYFG 8QK IJKOSFIIX OGQPYNFMMOM mOROSX
QPGKSFQK+ QPYbJGFKJPG W W W + PS QPGMNJSFQX+ JG SOMKSFJGK PL KSFHO+n
", 5W7W.W o "+ JK JM ZGHOSMKPPH KP NSP^JbJK PGIX mZGSOFMPGFbIO
SOMKSFJGKM+n ?ZMW 4IOQMW .PSNW RW 7^FSN 4IOQMW .PSNW+ &*, 5W7W %"%+ %]#
'"[**)W TZH_YOGKM FbPZK SOFMPGFbIOGOMM FSO _OGOSFIIX YFHO QFMO$bX$
QFMOW 7PYO SOMKSFJGKM+ ^PdOROS+ mbOQFZMO PL KÔJS NOSGJQJPZM OLLOQK PG
8W 2Ô 3PSJgPGKFI .PGMNJSFQX 2P :Jc 4bPPe 9OKFJI ;SJQOM 1M ;OS 7O
5GIFdLZI

&,

QPYNOKJKJPG FGH IFQe PL FGX SOHOOYJG_ RJSKZO FSO QPGQIZMJROIX NSOMZYOH
KP bO ZGSOFMPGFbIO FGH KÔSOLPSO JIIO_FI dJK^PZK OIFbPSFKO JGsZJSX FM KP
KÔ NSOQJMO ^FSY KÔX ^FRO QFZMOH PS KÔ bZMJGOMM OcQZMO LPS KÔJS ZMOWn
0W ;FQW 9XW .PW+ RW 5GJKOH 7KFKOM+ #,- 5W7W "+ , '"[,*)W 2^PMO SOMKSFJGKM
FSO NOS MO ZGIFdLZIW
8G F_SOOYOGK FYPG_ QPYNOKJKPSM j K^FK JM+ F ^PSJgPGKFI F_SOOYOGK j
KP LJc NSJQOM JM KÔ mFSQÔKXNFI OcFYNIOn PL F NOS MO ZGIFdLZI F_SOOYOGKW
.FKFIFGP+ 1GQW RW 2FS_OK 7FIOM+ 1GQW+ &&- 5W7W -&#+ -&% '"[*\)W 1K JM mKÔ
MZNSOYO ORJI PL FGKJKSZMKWn EOSJgPG .PYYQiGM 1GQW RW (Fd /LLJQOM PL
.ZSKJM EW 2SJGeP+ ((;+ ,&\ 5W7W #[*+ &\* ']\\&)W ?OQFZMO NSJQO JM KÔ
mQOGKSFI GOSRPZM MXMKOY PL KÔ OQPGPYX+ W W W FG F_SOOYOGK K^FK
JGKOSLOSOM dJK^ KÔ MOKKJG_ PL NSJQO bX LSOO YFSeOK LPSQOM JM JIIO_FI PG JKM
LFQOWn 0FKiI 7PQiX PL ;SPLiI 4G_iSM RW 5GJKOH 7KFKOM+ &#, 5W7W -%[+ -[]
'"[%*) 'JGKOSGFI sZPKFKJPGM PYJKKOH)W 1G MZQ^ QFMOM+ mGP M^PdJG_ PL MP$
QFIIOH QPYNOKJKJRO FbZMOM PS ORJIM d^JQ^ K^PMO F_SOOYOGKM dOSO
HOMJ_GOH KP OIJYJGFKO PS FIIORJFKO YFX bO JGKOSNPMOH FM F HOLOGMOWn
5GJKOH 7KFKOM RW 7PQPGX$EFQZZY /JI .PW+ #"\ 5W7W ",\+ ]"* '"[&\)W
1G K^JM QFMO+ ;IFJGKJLLM NSPROH K^FK 8NNIO FGH KÔ QPYNOKJG_
;ZbIJMÔS$6OLOGHFGKM ^FH F_SOOH PG F MQÔYO KP OIJYJGFKO SOKFJI NSJQO

&-

QPYNOKJKJPG FGH SFJMO ObPPe NSJQOMW 7OO JGLSF ,&$*]W 8NNIO PSQÔMKSFKOH
K^FK ^PSJgPGKFI QPGMNJSFQXW 2Ô QPGMNJSFQX QPGMKJKZKOM NSJQO LJcJG_ FGH
JM NOS MO ZGIFdLZI ZGHOS KÔ 7ÔSYFG 8QKW
2Ô QPGMNJSFQX JG K^JM QFMO mdFM ^PSJgPGKFI bOQFZMO JK dFM tKÔ
NSPHZQK PL F ^PSJgPGKFI F_SOOYOGKin FYPG_ KÔ QPYNOKJG_ ;ZbIJMÔS$
6OLOGHFGKMW 6OGGXiM =FSJGF+ 1GQW RW 9OGLSP ;SPHMW+ 1GQW+ * :W#H "]"%+
"]]\ '%K^ .JSW "[[#) 'sZPKJG_ ?ZMJGOMM 4IOQKSPGJQM+ &*, 5W7W FK %#\ GW&)W
;FSKJQJNFKJPG bX F NFSKX ROSKJQFIIX SOIFKOH KP KÔ QPGMNJSJG_ QPYNOKJKPSM
HPOM GPK IOMMOG KÔ FGKJQPYNOKJKJRO HFG_OSM JGÔSOGK JG F ^PSJgPGKFI
NSJQO$LJcJG_ QPGMNJSFQXW 1G SO 1GMW ?SPeOSF_O 8GKJKSZMK (JKJ_W+ -"* :W#H
#\\+ ##* '#H .JSW ]\"\)W 0PS HPOM K^FK NFSKJQJNFKJPG KSFGMLPSY KÔ
^PSJgPGKFI QPGMNJSFQX JGKP F MOSJOM PL ROSKJQFI SOMKSFJGKM MZbkOQK KP KÔ
SZIO PL SOFMPGW 6OGGXiM =FSJGF+ * :W#H FK "]]\W
1GHOOH+ F ROSKJQFIIX SOIFKOH NFSKX IJeO 8NNIO QFG mJGHZQUOV KÔ
UQPYNOKJKPSMV KP QPIIZHO+ SFKÔS K^FG KP QPYNOKO JGHONOGHOGKIXWn 2PXM
m9n 5M+ 1GQW+ RW :2.+ ]]" :W#H []*+ [#- '%K^ .JSW ]\\\)W 8NNIO FGH KÔ
;ZbIJMÔS$6OLOGHFGKM mQFGGPK OMQFNO KÔ NOS MO SZIO MJYNIX bOQFZMO
KÔJS QPGMNJSFQX HONOGHOH ZNPG KÔ NFSKJQJNFKJPG PL F tYJHHIO$YFGi+
"W 8NNIOiM ;FSKJQJNFKJPG 6POM 0PK 4cOYNK 2^JM 3PSJgPGKFI
;SJQO$:JcJG_ .PGMNJSFQX :SPY ;OS 7O 2SOFKYOGK

&%

OROG JL K^FK YJHHIOYFG QPGQONKZFIJgOH KÔ QPGMNJSFQX+ PSQÔMKSFKOH
JK W W W + FGH QPIIOQKOH YPMK PL KÔ bPPKXWn 5GJKOH 7KFKOM RW 8II 7KFS
1GHZMW+ [-] :W]H &-,+ &%# ',K^ .JSW "[[])q FQQPSH 1GMZSFGQO ?SPeOSF_O+
-"* :W#H FK ##%q MOO FIMP 5GJKOH 7KFKOM RW ==9 .PSNW '(8)+ [\% :W]H
&*[+ &[* ',K^ .JSW "[[\) 'mU1VL KÔSO JM F ^PSJgPGKFI F_SOOYOGK bOKdOOG
UQPYNOKJKPSMV+ KÔSO JM GP SOFMPG d^X PKÔSM kPJGJG_ K^FK QPGMNJSFQX
YZMK bO QPYNOKJKPSMWn)W
m4ROSX NOSMPGn d^P NFSKJQJNFKOM JG F QPGMNJSFQX JG SOMKSFJGK PL KSFHO
RJPIFKOM 7OQKJPG "W ", 5W7W.W o "W 1L F QPGMNJSFQX JM NOS MO ZGIFdLZI+ FII
NFSKJQJNFGKM j QPYNOKJKPSM FGH GPG$QPYNOKJKPSM FIJeO j FSO IJFbIOW 7OO
1GMZSFGQO ?SPeOSF_O+ -"* :W#H FK ##% 'HOLOGHFGK JGMZSFGQO bSPeOS
PSQÔMKSFKOH bJH$SJ__JG_ QPGMNJSFQX dJK^ QPYNOKJG_ JGMZSOSM)q 2PXM m9n
5M+ ]]" :W#H FK [#&$#- 'HOLOGHFGK KPX MKPSO PSQÔMKSFKOH _SPZN bPXQPKK
dJK^ QPYNOKJG_ KPX YFGZLFQKZSOSM)q 6OGGXiM =FSJGF+ * :W#H FK "]]"$]]
'HOLOGHFGK bPFK M^Pd PNOSFKPSM kPJGOH NSJQO$LJcJG_ QPGMNJSFQX dJK^
QPYNOKJG_ bPFK HOFIOSM)W
2Ô ZMO PL ROSKJQFI SOMKSFJGKM+ MZQ^ FM F_OGQX F_SOOYOGKM+ NSJQO
QFNM+ FGH =:0M+ KP LFQJIJKFKO FGH JYNIOYOGK F ^PSJgPGKFI NSJQO$LJcJG_
QPGMNJSFQX HPOM GPK JGMZIFKO KÔ ^PSJgPGKFI QPGMNJSFQX LSPY KÔ NOS MO

&*

SZIOW 1G FGKJKSZMK IFd+ FM JG KÔ IFd PL QPGMNJSFQX _OGOSFIIX+ mUFVQKM HPGO
KP _JRO OLLOQK KP KÔ QPGMNJSFQX YFX bO JG KÔYMOIROM d^PIIX JGGPQOGK
FQKMWn 8YW 2PbFQQP .PW RW 5GJKOH 7KFKOM+ #]* 5W7W %*"+ *\[ '"[&-)W
7KFGHJG_ FIPGO+ ROSKJQFI SOMKSFJGKM FSO FGFIXgOH ZGHOS KÔ SZIO PL
SOFMPG KP HOKOSYJGO dÔKÔS KÔX FSO FGKJQPYNOKJKJROq bZK F ^PSJgPGKFI
QPGMNJSFQX JYNIOYOGKOH K^SPZ_^ ROSKJQFI F_SOOYOGKM JM NOS MO ZGIFdLZIW
2PXM m9n 5M+ ]]" :W#H FK [#&$#-W
.PGKSFSX KP 8NNIOiM QPGKOGKJPGM+ ?SW &%$&[+ ,#+ KÔ HJMKSJQK QPZSK HJH
GPK RJOd KÔ JGHJRJHZFI F_OGQX F_SOOYOGKM+ NSJQO KJOSM+ PS =:0M FM NOS
MO ZGIFdLZI+ PS OROG FM JGHONOGHOGKIX mdSPG_LZIWn 6eKW#]-W",% 'T8<<<)W
0PS HPOM KÔ QPZSKiM HOQJMJPG HJMQPZSF_O KÔ NSPNOS ZMO PL MZQ^
SOMKSFJGKMW ?SW "+ ]#$]&+ ][q 4QPGPYJMK ?SW ]\$]]W 9FKÔS+ FM KÔ
HJMKSJQK QPZSK OcNIFJGOH+ mUdV^FK dFM dSPG_LZI dFM KÔ ZMO PL K^PMO
QPYNPGOGKM KP LFQJIJKFKO F QPGMNJSFQX dJK^ KÔ ;ZbIJMÔS 6OLOGHFGKMWn
6eKW#]-W",% 'T8<<<)W :PS OcFYNIO+ 8NNIO ZMOH KÔ =:0 KP OGMZSO K^FK
KÔ ;ZbIJMÔS$6OLOGHFGKM dPZIH JGMJMK K^FK 8YFgPG YPRO KP FG F_OGQX
YPHOI j F QSJKJQFI MKON JL KÔ QPGMNJSFKPSM dOSO KP SFJMO ObPPe NSJQOMW
(OO_JG .SOFKJRO (OFKÔS ;SPHZQKM+ 1GQW RW ;7@7+ 1GQW+ ,," 5W7W *%%
']\\%)+ FGH PKÔS ROSKJQFI$SOMKSFJGK QFMOM PG d^JQ^ 8NNIO SOIJOM+ ?SW &%$

&[

,\+ FSO GPK KP KÔ QPGKSFSXW 0P ^PSJgPGKFI NSJQO$LJcJG_ QPGMNJSFQX dFM
FIIO_OH JG (OO_JGW 8GH d^JIO KÔ 7ZNSOYO .PZSK ÔIH K^FK ROSKJQFI
YJGJYZY NSJQO F_SOOYOGKM dOSO MZbkOQK KP KÔ SZIO PL SOFMPG+ JK
SOQP_GJgOH K^FK F m^PSJgPGKFI QFSKOI FYPG_ QPYNOKUJKPSMV W W W K^FK
HOQSOFMOM PZKNZK PS SOHZQOM QPYNOKJKJPG JG PSHOS KP JGQSOFMO NSJQO JM+
FGH PZ_^K KP bO+ NOS MO ZGIFdLZIWn ,," 5W7W FK *[#W
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7PQPGX$EFQZZY+ #"\ 5W7W FK ]]\$]"q MOO FIMP 7ZNOSJPS .PZSK 2SJFI
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NSPRO K^FK 8NNIO FGH KdP PS YPSO NZbIJMÔSM QPGMNJSOH KP SFJMO FGH LJc

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QPGMNJSFQXn JG YJH$6OQOYbOS ]\\[+ FGH JK FMMOSKM K^FK K^JM MZNNPMOH
LJGHJG_ JM mHOYPGMKSFbIX dSPG_Wn ?SW "%W 2Ô HJMKSJQK QPZSK HJH LJGH
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6OLOGHFGKM K^FK YPGK^+ 8NNIO eGOd K^FK KÔ NZbIJMÔSM dOSO
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PL K^JM QPGMNJSFQX+ JK dPZIH GPK ^FRO MZQQOOHOH FM JK HJHWn 6eKW#]-W[
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2Ô HJMKSJQK QPZSK FIMP LPZGH K^FK MOROSFI dJKGOMMOM LSPY 8NNIO FGH
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QPGMNJSO KP SFJMO ObPPe NSJQOMW 8GH+ FM KÔ HJMKSJQK QPZSK QPSSOQKIX LPZGH+
mKÔ ORJHOGQO GPK PGIX tKOGHM KP OcQIZHO KÔ NPMMJbJIJKXi K^FK 8NNIO FQKOH
JGHONOGHOGKIXq JK PROSdÔIYJG_IX HOYPGMKSFKOM K^FK JK HJH GPKWn
6eKW#]-W"#" 'T8<<<)W
8NNIO dFGKOH FG ObPPe SOKFJI NIFKLPSY FIPG_ dJK^ KÔ J;FH+ bZK JK
HJH GPK dFGK KP QPYNOKO dJK^ 8YFgPG PG NSJQOW 2Ô NZbIJMÔSM ^FKOH
8YFgPGiM NSJQJG_ FGH dOSO OF_OS KP dPSe KP_OKÔS KP SFJMO ObPPe SOKFJI
NSJQOMW 8NNIO SOFIJgOH K^FK ÔINJG_ KÔ ;ZbIJMÔS$6OLOGHFGKM MPIRO KÔ
8YFgPG NSPbIOY dPZIH bO KP JKM PdG bOGOLJK bX OIJYJGFKJG_ SOKFJI NSJQO
QPYNOKJKJPG+ SFJMJG_ ObPPe NSJQOM+ FGH _ZFSFGKOOJG_ JKMOIL F LJcOH #\p
QPYYJMMJPGW 2Ô KOSYM K^FK 8NNIO HOYFGHOH SOHZQOH KÔ ;ZbIJMÔS$
6OLOGHFGKMi NOS$QPNX NSPLJKM LSPY d^FK KÔX ^FH bOOG ZGHOS KÔ
d^PIOMFIO YPHOI+ bZK KÔ ;ZbIJMÔS$6OLOGHFGKM dOSO dJIIJG_ KP FQQONK
K^FK SOROGZO SOHZQKJPG JL SOKFJI NSJQOM dOGK ZNW
8Q^JORJG_ K^FK _PFI mSOsZJSOH KÔ QPPSHJGFKOH OLLPSK FGH QPGMQJPZM
QPYYJKYOGK PL KÔ ;ZbIJMÔS 6OLOGHFGKM FGH 8NNIO KP Q^FG_O KÔ
bZMJGOMM YPHOI LPS KÔ HJMKSJbZKJPG PL O$bPPeM+ JYNPMO K^FK GOd YPHOI
PG 8YFgPG F_FJGMK JKM dJII+ FGH OLLOQK F MJ_GJLJQFGK JGQSOFMO JG KÔ SOKFJI
NSJQOM PL O$bPPeMWn 6eKW#]-W"#\ 'T8<<<)W 2Ô QPGMNJSFKPSM F_SOOH KP FG

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F_OGQX YPHOI+ OGFbIJG_ KÔ ;ZbIJMÔS$6OLOGHFGKM KP KFeO QPGKSPI PL
SOKFJI NSJQOMW 3FQÔKKO FGH 3FSNOS.PIIJGM LJSMK NSPNPMOH F_OGQXW 8NNIO
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8NNIO FGH KÔ ;ZbIJMÔS$6OLOGHFGKM ZGHOSMKPPH K^FK NZbIJMÔS
QPGKSPI PL NSJQOM JG KÔ J?PPeMKPSO dPZIH FQQPYNIJM^ GPK^JG_ ZGIOMM
8YFgPG dFM YPROH KP FG F_OGQX YPHOI FM dOIIW 8GH bOQFZMO GP MJG_IO
NZbIJMÔS QPZIH YPRO 8YFgPG KP F_OGQX+ QPPSHJGFKJPG FYPG_ KÔ
;ZbIJMÔS$6OLOGHFGKM dFM OMMOGKJFI KP FKKFJG K^FK PbkOQKJROW .ZO
SOFMMZSOH KÔ NZbIJMÔSM mK^FK KÔX dOSOGiK _PJG_ KP bO FIPGOWn
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FGPKÔS+ JG F LIZSSX PL N^PGO QFIIM JG KÔ LOd HFXM bOLPSO KÔ F_OGQX
F_SOOYOGKM dOSO MJ_GOHW
2Ô =:0M JG KÔ RFSJPZM NZbIJMÔSMi F_SOOYOGKM dJK^ 8NNIO dOSO
bPK^ NPdOSLZI ORJHOGQO PL QPPSHJGFKJPG FGH F QOGKSFI YOFGM bX d^JQ^
KÔ NZbIJMÔSMi QPGKJGZOH QPYYJKYOGK KP KÔ F_OGQX YPHOI QPZIH bO
OGLPSQOHW 8GX NZbIJMÔS K^FK F_SOOH KP FG =:0 dJK^ 8NNIO+ d^JIO
QPGKJGZJG_ KP MOII ObPPeM KP 8YFgPG PG F d^PIOMFIO bFMJM+ dPZIH SOQOJRO
KÔ dPSMK PL bPK^ dPSIHMf LZSKÔS MPIJHJLJQFKJPG PL KÔ h[W[[ NSJQO NPJGK+
bZK dJK^ MJ_GJLJQFGKIX IPdOS NOS$bPPe SOROGZOM LSPY 8NNIO K^FG KÔ

-"

NZbIJMÔSM ^FH ^JMKPSJQFIIX SOQOJROH LSPY 8YFgPGW 7OO MZNSF "-$"%W
8GX NZbIJMÔS K^FK FQQONKOH 8NNIOiM =:0 QIFZMO dFM K^ZM OLLOQKJROIX
QPYYJKKJG_ JKMOIL KP M^JLK 8YFgPG KP FG F_OGQX YPHOIW
2Ô NSJPS QPZSMO PL HOFIJG_ FYPG_ 8YFgPG FGH KÔ NZbIJMÔSM
MKSPG_IX JGHJQFKOH+ ^PdOROS+ K^FK GP MJG_IO NZbIJMÔS dPZIH QPGLSPGK
8YFgPG JG K^FK YFGGOS dJK^PZK FMMZSFGQO K^FK PKÔS NZbIJMÔSM dPZIH
HP KÔ MFYOW 7ZQ^ QPGHZQK dPZIH SJMe SOKFIJFKJPG LSPY 8YFgPG+ MZNSF
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JL F MZLLJQJOGK GZYbOS FQKOH KP_OKÔS KP YPRO SOKFJIOSM KP F_OGQX FGH
SFJMO ObPPe SOKFJI NSJQOMW 6eKW#]-W,&$,,q ;>$""\,r-\ 'T8<<<$<<<+ <<<$
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F_SOOYOGKM dJK^ 8NNIO K^ZM JM JKMOIL MKSPG_ ORJHOGQO PL F IFS_OS
ZGHOSMKFGHJG_ FYPG_ KÔYW 7OO 1GKOSMKFKO .JSQZJK+ 1GQW RW 5GJKOH
7KFKOM+ #\- 5W7W ]\*+ ]]# '"[#[) 'LJGHJG_ JK mKFcOM QSOHZIJKXn K^FK LJIY
HJMKSJbZKPSM dPZIH ^FRO mFQQONKOH FGH NZK JG KP PNOSFKJPG dJK^
MZbMKFGKJFI ZGFGJYJKX W W W LFS$SOFQ^JG_ Q^FG_OM JG KÔJS bZMJGOMM
YOK^PHM dJK^PZK MPYO ZGHOSMKFGHJG_ K^FK FII dOSO KP kPJGn)W 8GH+ LPS

-]

MZbMKFGKJFIIX KÔ MFYO SOFMPGM+ K^PMO F_SOOYOGKM PGQO MJ_GOH QSOFKOH F
NPdOSLZI JGQOGKJRO LPS KÔ NZbIJMÔSM KP MKFX KÔ QPZSMO+ OROG FK KÔ QPMK
PL JGQZSSJG_ 8YFgPGiM HJMNIOFMZSOW
8M 3FQÔKKOiM 0PZSSX OcNIFJGOH+ KÔ ZIKJYFKO NZSNPMO PL M^JLKJG_
SOKFJIOSM KP F_OGQX dFM KP OGMZSO K^FK mNOPNIO FII ^FRO KÔ MFYO NSJQOMWn
6eKW#]-W-&q ;>$**&$"-& 'T8<<<+ <<<)W 3OSO FM dOII+ 8NNIO NIFXOH F
QOGKSFI SPIO+ NSPNPMJG_ FGH GO_PKJFKJG_ KÔ MFYO NSJQJG_ KJOSM FGH NSJQO
QFNM dJK^ FII PL KÔ ;ZbIJMÔS$6OLOGHFGKMW 1YYOHJFKOIX FLKOS KÔ
QPGKSFQKM dOGK JGKP OLLOQK+ ObPPe NSJQOM dOGK ZN j JG MPYO QFMOM bX ,\p
PS YPSO j FGH KÔ ;ZbIJMÔS$6OLOGHFGKM dOSO MPPG NSJQJG_ KÔ RFMK
YFkPSJKX PL KÔJS bOMKMOIIOSM FGH GOd SOIOFMOM dJK^JG "p PL KÔ F_SOOH$
ZNPG NSJQO QFNMW
8NNIO OYN^FMJgOM K^FK JKM JGKOSOMKM dOSO GPK JHOGKJQFI KP KÔ
;ZbIJMÔS$6OLOGHFGKMiW 8NNIO FGH KÔ ;ZbIJMÔS$6OLOGHFGKM FII MPZ_^K
SOROGZO LSPY ObPPe MFIOM+ bZK KÔX FIMP ^FH MPYOd^FK HJLLOSOGK
QPGQOSGMf 8NNIO QFSOH FbPZK J?PPeMKPSO NSPLJKM FGH KÔ J?PPeMKPSOiM
JYNFQK PG J;FH SOROGZOM+ d^JIO KÔ ;ZbIJMÔS$6OLOGHFGKM dOSO dPSSJOH
FbPZK KÔ OLLOQK PL ObPPe SOKFJI NSJQOM PG QPGMZYOS NOSQONKJPGM PL KÔ

-#

RFIZO PL NSJGK bPPeMW 2^PMO HJLLOSOGQOM+ ^PdOROS+ HP GPK SOGHOS KÔ
ORJHOGQO FYbJ_ZPZM PS dOFeOG KÔ JGLOSOGQO PL QPGMNJSFQXW
m8GKJKSZMK IFd ^FM GOROS SOsZJSOH JHOGKJQFI YPKJROM FYPG_
QPGMNJSFKPSMWn 7NOQKFKPSMi .PYYQiG 0OKdPSe 1GQW RW .PIPGJFI .PZGKSX
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.PSNW+ #\[ :W#H "[#+ ]\, '&K^ .JSW ]\\])q :JGOYFG RW 8SYMKSPG_ BPSIH
1GHZMW+ 1GQW+ [*\ :W]H "%"+ ]", '#H .JSW "[[])W 3OSO+ KÔ SOQPSH LZIIX
MZNNPSKM KÔ HJMKSJQK QPZSKiM QPGQIZMJPG K^FK 8NNIO eGPdJG_IX
PSQÔMKSFKOH FGH LFQJIJKFKOH F ^PSJgPGKFI NSJQO$LJcJG_ F_SOOYOGK FYPG_
KÔ ;ZbIJMÔS$6OLOGHFGKM+ KP KÔ YZKZFI bOGOLJK PL bPK^ KÔ NZbIJMÔSM
FGH 8NNIO JKMOILW 8NNIO dFGKOH KP FRPJH NSJQO QPYNOKJKJPG dJK^ 8YFgPG
FGH SOQOJRO F #\p QPYYJMMJPG PG ObPPe MFIOMq KÔ ;ZbIJMÔS$6OLOGHFGKM
dFGKOH ObPPeM KP bO MPIH FK ^J_ÔS SOKFJI NSJQOMW :PS FGKJKSZMK NZSNPMOM+
KÔ QSZQJFI NPJGK JM K^FK KÔ QPGMNJSFKPSM NZSMZOH K^PMO PbkOQKJROM bX F
YOFGM 'KÔ LPSYFKJPG PL F ^PSJgPGKFI NSJQO$LJcJG_ F_SOOYOGK FYPG_
QPYNOKJKPSM) K^FK ^FM ^JMKPSJQFIIX bOOG KSOFKOH FM NOS MO ZGIFdLZIW 2Ô
LFQK K^FK 8NNIO SOFNOH MPYOd^FK HJLLOSOGK FHRFGKF_OM LSPY KÔ
F_SOOYOGK K^FG HJH KÔ ;ZbIJMÔS$6OLOGHFGKM JM PL GP IO_FI
QPGMOsZOGQOW

-&

8NNIO FIMP OYN^FMJgOM+ ?SW ""+ ]]+ KÔ HJMKSJQK QPZSKiM PbMOSRFKJPG
K^FK KÔ mSOQPSH JM OsZJRPQFI PG dÔKÔS 8NNIO JKMOIL HOMJSOH ^J_ÔS
O$bPPe NSJQOM+n 6eKW#]-W","G-* 'T8<<<)W ?ZK 8NNIO J_GPSOM KÔ HJMKSJQK
QPZSKiM LPIIPd$PG PbMOSRFKJPG K^FK KÔ SOQPSH mJM ZGOsZJRPQFI W W W K^FK
8NNIO OYbSFQOH ^J_ÔS NSJQOM MP QPGRJGQJG_IX K^FK KÔ ;ZbIJMÔSM
bOIJOROH K^FK 8NNIO dFM QPGKOGK dJK^+ FGH OROG dFGKOH+ ^J_ÔS NSJQOM+
FGH K^FK 8NNIOiM QPPNOSFKJPG dJK^ KÔ ;ZbIJMÔS 6OLOGHFGKM OGFbIOH
KÔY KP SFJMO NSJQOMWn 1HW BÔKÔS PS GPK 8NNIO RJOdOH ^J_ÔS SOKFJI
NSJQOM FM FG OGH JG KÔYMOIROM+ JK RJOdOH KÔY FM F YOFGM KPdFSH FG
OGH+ FGH MP F_SOOH KP F MQÔYO KP JYNIOYOGK KÔYW
8NNIOiM QPGKSJbZKJPG KP KÔ QPIIOQKJRO FQKJPG dFM LFS LSPY
mZGdJKKJG_UVWn ?SW ]#W m8NNIOiM NJKQ^ KP KÔ ;ZbIJMÔSM dFM $$ LSPY
bO_JGGJG_ KP OGH $$ F RJMJPG LPS F GOd JGHZMKSX$dJHO NSJQO MQÔHZIOWn
6eKW#]-W&#$&&G"[ 'T8<<<$<<<)W 8QQPSHJG_ KP .ZO+ K^JM dFM mKÔ bOMK
Q^FGQO LPS NZbIJMÔSM KP Q^FIIOG_O KÔ [W[[ NSJQO NPJGKWn 6eKW#]-W,]q
;>$,]" 'T8<<<+ <<<$<<<)W 8GH JK dFM .ZO d^P NSPYJMOH KÔ NZbIJMÔSM
K^FK mKÔX dOSOGiK _PJG_ KP bO FIPGOWn 2SW "%,*f-$", 'T8<<<)W 3O FGH
8NNIO NIFJGIX eGOd d^FK KÔX dOSO HPJG_W

-,

4RJHOGQO K^FK KÔ QPGMNJSFQX dFM mYFMKOSYJGHOH FGH HJSOQKOHn bX
8NNIO j mFG OGKJKX ROSKJQFIIX PSJOGKOHn KP JKM QP$QPGMNJSFKPSM j mHPOM GPK
YFeO JYNIFZMJbIO KÔ JGLOSOGQO PL F ^PSJgPGKFI F_SOOYOGKWn 1GMZSFGQO
?SPeOSF_O+ -"* :W#H FK ##%W 7ZQ^ ORJHOGQO YOSOIX M^PdM 8NNIOiM
QOGKSFI SPIO JG KÔ ^PSJgPGKFI NSJQO$LJcJG_ QPGMNJSFQXW ;SJPS KP 8NNIOiM
FNNOFSFGQO+ KÔ NZbIJMÔSMi bOMK OLLPSKM ^FH LFJIOH KP SFJMO KÔ SOKFJI
NSJQO PL ObPPeMW 8NNIOiM JGKOSOMK JG OGKOSJG_ KÔ ObPPe YFSeOK _FRO KÔ
NZbIJMÔSM KÔ PNNPSKZGJKX KP dSOMK QPGKSPI PROS SOKFJI NSJQJG_ FGH KÔ
YOFGM KP QPIIZHO PG K^PMO SOKFJI NSJQOMW
2Ô HJMKSJQK QPZSK LPZGH K^FK mdJK^ 8NNIOiM FQKJRO OGQPZSF_OYOGK
FGH FMMJMKFGQO+ KÔ ;ZbIJMÔS 6OLOGHFGKM F_SOOH KP dPSe KP_OKÔS KP
OIJYJGFKO SOKFJI NSJQO QPYNOKJKJPG FGH SFJMO O$bPPe NSJQOM+ FGH F_FJG
dJK^ 8NNIOiM eGPdJG_ FGH FQKJRO NFSKJQJNFKJPG+ KÔX bSPZ_^K KÔJS
MQÔYO KP LSZJKJPGWn 6eKW#]-W",& 'T8<<<)W 1G QPGQIZHJG_ K^FK F
^PSJgPGKFI NSJQO$LJcJG_ F_SOOYOGK OcJMKOH+ FGH K^FK 8NNIO dFM IJFbIO LPS
NFSKJQJNFKJG_ JG JK+ KÔ QPZSK LPZGH KÔ HOQJMJPGM JGRPIRJG_ m^Zb FGH
MNPeOn QPGMNJSFQJOM mJGMKSZQKJROn bOQFZMO KÔX YFeO QIOFS K^FK F m^Zbn
HOLOGHFGK j d^P HPOM GPK QPYNOKO dJK^ KÔ mMNPeOMn j QFG bO IJFbIO LPS F
]W ;FSKJQJNFKJPG ?X 8NNIO j 8 EOSKJQFIIX 9OIFKOH 4GKJKX j
6POM 0PK =FeO 2Ô 3PSJgPGKFI .PGMNJSFQX 1YNIFZMJbIO

--

^PSJgPGKFI QPGMNJSFQX NSPRJHOH KÔ QPYNOKJKPS mMNPeOMn F_SOOHW
6eKW#]-W",#$,& 'T8<<<$<<<)W 2Ô m^Zb FGH MNPeOn QFMOM FIMP YFeO QIOFS
K^FK NSPPL PL F ^PSJgPGKFI F_SOOYOGK GOOH GPK JGRPIRO ORJHOGQO K^FK KÔ
QPYNOKJKPSM QPYYZGJQFKOH HJSOQKIX dJK^ OFQ^ PKÔS 'K^PZ_^ FbZGHFGK
ORJHOGQO PL MZQ^ QPYYZGJQFKJPGM FYPG_ KÔ ;ZbIJMÔS$6OLOGHFGKM dFM
NSOMOGKOH JG K^JM QFMO)W 9FKÔS+ JK QFG bO MZLLJQJOGK K^FK OFQ^ QPYNOKJKPS
OGKOSM JGKP F NFSKJQZIFS F_SOOYOGK dJK^ KÔ m^Zb+n dJK^ FMMZSFGQO LSPY
KÔ m^Zbn K^FK PKÔS QPYNOKJKPSM FSO HPJG_ KÔ MFYO+ FGH JG
QJSQZYMKFGQOM dÔSO KÔ F_SOOYOGKiM FNNOFI KP FGX NFSKJQZIFS
QPYNOKJKPS HONOGHM PG K^FK FMMZSFGQOW 7OO 2PXM m9n 5M+ ]]" :W#H FK
[#,$#-q 6eKW#]-W",& 'T8<<<)W
8NNIO FS_ZOM K^FK KÔ HJMKSJQK QPZSK M^PZIH GPK ^FRO SOIJOH PG m^Zb
FGH MNPeOn QFMOM bOQFZMO 8NNIO HJH GPK ^FRO KÔ YFSeOK NPdOS
GOQOMMFSX KP PSQÔMKSFKO F ^PSJgPGKFI QPGMNJSFQXW ?SW ],$]-W ?ZK d^JIO
F HPYJGFGK m^Zbn YJ_^K ZMO YFSeOK NPdOS KP NOSMZFHO SOIZQKFGK
mMNPeOMn KP kPJG F QPGMNJSFQX+ GOJKÔS IP_JQ GPS FGKJKSZMK IFd SOsZJSOM
HPYJGFGQOW 8 ^PSJgPGKFI F_SOOYOGK FYPG_ QPYNOKJKPSM JM NOS MO JIIO_FI+
SO_FSHIOMM PL KÔ NSOQJMO GFKZSO PL KÔ JGHZQOYOGK ZMOH KP NOSMZFHO
NFSKJQZIFS OGKJKJOM KP kPJG KÔ QPGMNJSFQXW 2PXM m9n 5M+ ]]" :W#H FK [#-W

-%

1G K^JM QFMO+ 8NNIO SOIJOH GPK PG YFSeOK HPYJGFGQO+ bZK PG KÔ mKJ_^K
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FGH PG KÔ m;ZbIJMÔS 6OLOGHFGKMi LOFS PL FGH LSZMKSFKJPG PROS 8YFgPGiM
NSJQJG_+n 6eKW#]-W"" 'T8<<<)+ KP NOSMZFHO KÔ ;ZbIJMÔS$6OLOGHFGKM KP
kPJG KÔ QPGMNJSFQXW 2Ô QPGMNJSFQX FQQPYNIJMÔH KÔ QPYNIOYOGKFSX
_PFIM PL SFJMJG_ ObPPe NSJQOM FGH NSPKOQKJG_ 8NNIO LSPY SOKFJI NSJQO
QPYNOKJKJPGW 1G LJGHJG_ F NOS MO 7OQKJPG " RJPIFKJPG+ KÔ HJMKSJQK QPZSK
NSPNOSIX SOIJOH JG NFSK PG KÔ NSJGQJNIOM FGGPZGQOH JG m^Zb FGH MNPeOn
QFMOMW
8NNIO FS_ZOM K^FK KÔ HJMKSJQK QPZSK JYNSPNOSIX JGLOSSOH F QPGMNJSFQX
LSPY KÔ OcJMKOGQO PL PKÔSdJMO IO_FI QPGKSFQK KOSYM FGH NSJQO
HJMQZMMJPGM bOKdOOG F MZNNIJOS FGH HJMKSJbZKPSW ?SW "#+ ]\$]]+ #]$##W
2Ô ;ZbIJMÔS$6OLOGHFGKMi F_SOOYOGK KP KÔ =:0 dFM MZ__OMKJRO PL
QPGMNJSFQX bOQFZMO F_SOOYOGK KP K^FK QPGKSFQKZFI KOSY OLLOQKJROIX
QPYYJKKOH KÔY KP YPRO 8YFgPG KP F_OGQX FM dOII+ XOK GPGO PL KÔ
;ZbIJMÔS$6OLOGHFGKM ^FH ^JMKPSJQFIIX bOOG dJIIJG_ KP Q^FIIOG_O
8YFgPGiM NSJQJG_ ZGJIFKOSFIIXW 8GH KÔ ;ZbIJMÔS$6OLOGHFGKMi
F_SOOYOGK KP NFX 8NNIOiM #\p QPYYJMMJPG dFM MZ__OMKJRO PL QPGMNJSFQX
#W 2Ô .PZSK 6JH 0PK 1GLOS .PGMNJSFQX :SPY 2Ô .PGKSFQK
2OSYM 8IPGO+ ?ZK :SPY 2Ô 4RJHOGQO /L .PIIZMJPG

-*

bOQFZMO K^FK QPYYJKKOH KÔY KP OFSGJG_ IOMM SOROGZO K^FG ZGHOS KÔ
d^PIOMFIO YPHOI+ d^JQ^ YFHO MOGMO PGIX JL KÔX dOSO bZXJG_ F MPIZKJPG
KP KÔ 8YFgPG NSPbIOYW
2Ô QPZSK SOQP_GJgOH K^FK KÔ QPIIZMJROIX FHPNKOH F_OGQX
F_SOOYOGKM+ dJK^ KÔJS =:0M+ dOSO KÔ YOQ^FGJMYM LPS KÔ ;ZbIJMÔS$
6OLOGHFGKM KP KFeO QPGKSPI PL ObPPe SOKFJI NSJQOMW 6eKW#]-W"##+"#*$#[
'T8<<<+ <<<$<<<)W 8GH KÔ NSJQO KJOSM FGH NSJQO QFNM MOK KÔ GOd+ ^J_ÔS+
ZGJLPSY NSJQOMW 6eKW#]-W"## 'T8<<<)W 2ÔMO YOQ^FGJMYM dPSeOH FM
JGKOGHOHf KÔ ;ZbIJMÔS$6OLOGHFGKM QPIIOQKJROIX YPROH KÔJS SOKFJIOSM KP
F_OGQX+ MOO MZNSF ]-$#\+ FGH FM MPPG FM KÔ F_OGQX F_SOOYOGKM KPPe
OLLOQK+ KÔX NSJQOH KÔ RFMK YFkPSJKX PL bOMKMOIIOSM FGH GOd SOIOFMOM
dJK^JG "p PL KÔ NSJQO QFNM+ MOO MZNSF #\$#]W
2Ô HJMKSJQK QPZSK HJH GPK SOMK JKM QPGMNJSFQX LJGHJG_ MPIOIX PS OROG
NSJYFSJIX PG MNOQJLJQ QPGKSFQK KOSYM PS MZNNIJOS$HJMKSJbZKPS HJMQZMMJPGMW
9FKÔS+ JK SOIJOH PG PKÔS FbZGHFGK ORJHOGQO K^FK 8NNIO FGH KÔ
;ZbIJMÔS$6OLOGHFGKM ^FH F_SOOH KP LJc FGH SFJMO ObPPe NSJQOMW 2Ô
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%*

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LFQO PL PROSdÔIYJG_ ORJHOGQO KP KÔ QPGKSFSX+ MKSPG_IX MZNNPSKUV F
LJGHJG_ PL QPGMQJPZMGOMM PL _ZJIKWn 6eKW#]-W""[G,[+ "&#G-- 'T8<<<+ <<<)q
MOO FIMP 8GHOSMPG+ %&% :W#H FK -\W
8NNIO FIMP FS_ZOM K^FK KÔ HJMKSJQK QPZSK JYNSPNOSIX JGLOSSOH K^FK
mKÔ MKZYbIJG_ bIPQen =FQYJIIFGiM 7FS_OGK YOGKJPGOH JG ^JM TFGZFSX ]"
OYFJI KP .ZO dFM KÔ LFQK K^FK 8NNIOiM =:0 SOsZJSOH NZbIJMÔSM KP

%[

YPRO KÔJS PKÔS SOKFJIOSM KP F_OGQXW ?SW #%q MOO ;>$#%q 6eKW#]-W%"G#*
'T8<<<+ <<<)W ?ZK JG FG OYFJI KP TPbM IFKOS KÔ MFYO HFX+ .ZO SONPSKOH
K^FK 7FS_OGK ^FH QPGQOSGM FbPZK KÔ =:0W ;>$&] 'T8<<<)W 6ZSJG_ ^JM
HONPMJKJPG+ YPSOPROS+ .ZO FHYJKKOH K^FK =FQYJIIFGiM bJ__OMK QPGQOSGM
dOSO KÔ =:0 FGH KÔ NSJQO KJOSMW 2SW "%&[f&$% 'T8<<<)W .ZO FIMP
SOYOYbOSOH HJMQZMMJG_ KÔ NSJQO KJOSM FK HJGGOS dJK^ 7FS_OGK PG
TFGZFSX ]\W 1HW 8K KSJFI+ Ô Q^FG_OH MKPSJOM+ PLLOSJG_ GPG$QSOHJbIO
KOMKJYPGX K^FK Ô FGH 7FS_OGK HJMQZMMOH PGIX PGO$PLL NSPYPKJPGMW
6eKW#]-W%"G#*q 2SW ]\]#f"$% 'T8<<<+ <<<)W 2Ô HJMKSJQK QPZSK FIMP
SOFMPGFbIX HJMbOIJOROH 7FS_OGKiM QIFJYM GPK KP SOYOYbOS K^JM
QPGROSMFKJPG+ d^JQ^ dFM FbPZK mKÔ MJG_IO IFS_O JMMZOn JG =FQYJIIFGiM
GO_PKJFKJPGM dJK^ 8NNIOW 6eKW#]-W%"G#*q 2SW ""]]f*$"]q ;>$#% 'T8<<<+
<<<+ <<<)W
8NNIO LZSKÔS QPGKOGHM K^FK KÔ HJMKSJQK QPZSK YJMJGKOSNSOKOH FG
OYFJI LSPY 8NNIOiM 7KORO TPbM KP TFYOM =ZSHPQ^ 'FG OcOQZKJRO FK
3FSNOS.PIIJGMiM NFSOGK QPYNFGX)+ JG d^JQ^ TPbM mYZMOM FbPZK 8YFgPGiM
h[W[[ NSJQO NPJGK td^P eGPdM+ YFXbO KÔX FSO SJ_^KWin ?SW #-W 9OFH JG
QPGKOcK+ ^PdOROS+ KÔ MKFKOYOGK mYFXbO KÔX FSO SJ_^Kn dFM MJYNIX FG
FQeGPdIOH_YOGK K^FK QPGMZYOSM YJ_^K SOLZMO KP NFX YPSO K^FG h[W[[

*\

LPS ObPPeMW 7OO 6eKW#]-W",\ 'T8<<<) 'OcNIFJGJG_ K^FK KÔ MKFKOYOGK
mHPOM GPK^JG_ KP QPGKSPROSK TPbMiM JGKOGK KP SFJMO O$bPPe NSJQOMq JK MJYNIX
JGHJQFKOM ^JM HPZbKM PROS QPGMZYOSMi SOFQKJPG KP KÔMO ^J_ÔS NSJQOMn)q
;>$#] 'T8<<<$<<<)W 2^ZM+ TPbM OcNIFJGOH K^FK mdO MJYNIX HPGiK K^JGe
KÔ ObPPe YFSeOK QFG bO MZQQOMMLZI dJK^ NSJQJG_ ^J_ÔS K^FG h"]W[[ PS
h"&W[[W 3OQe+ 8YFgPG JM MOIIJG_ KÔMO bPPeM FK h[W[[+ FGH d^P eGPdM+
YFXbO KÔX FSO SJ_^K FGH dO dJII LFJI OROG FK h"]W[[W ?ZK dOiSO dJIIJG_
KP KSX FK KÔ NSJQOM dOiRO NSPNPMOHWn 6eKW#]-W*\$*"q ;>$#] 'T8<<<$<<<+
<<<$<<<)W 0OJKÔS TPbMiM HOLOGMO PL KÔ NFSKJQZIFS LJcOH NSJQOM K^FK 8NNIO
^FH NSPNPMOH+ GPS ^JM FQeGPdIOH_YOGK K^FK OROG K^PMO NSJQOM YJ_^K bO
^J_ÔS K^FG KÔ YFSeOK dPZIH bOFS+ QFMKM HPZbK PG KÔ GFKZSO PL ^JM
NSPNPMFI FM PGO KP LJc NSJQOMW 1GHOOH+ KÔ MFYO OYFJI QPGKJGZOH bX
OGQPZSF_JG_ =ZSHPQ^ KP mK^SPd JG dJK^ U8VNNIO FGH MOO JL dO QFG FII
YFeO F _P PL K^JM KP QSOFKO F SOFI YFJGMKSOFY ObPPeM YFSeOK FK h"]W[[
FGH h"&W[[Wn 6eKW#]-W*"q ;>$#] 'T8<<<+ <<<) 'OYN^FMJM FHHOH)W
:JGFIIX+ 8NNIO QPYNIFJGM K^FK KÔ HJMKSJQK QPZSK YJMKFeOGIX JGLOSSOH
LSPY 7FS_OGKiM OYFJI KOIIJG_ .ZO K^FK PG KÔ HFX PL KÔ J;FH IFZGQ^
7FS_OGK dPZIH mbO JG 7OFKKIO PS KSFROIJG_ bFQen K^FK m8NNIO eGOd K^FK
FII KÔ NZbIJMÔSM dPZIH tHOYFGH K^FK 8YFgPG YPRO KP FG F_OGQX

*"

YPHOI+in ?SW #%q MOO ;>$**" 'T8<<<)W ?ZK KÔ QPZSK JGLOSSOH LSPY
7FS_OGKiM OYFJI PGIX K^FK m.ZOiM HOGJFI PL NSJPS eGPdIOH_O PL 7FS_OGKiM
KSJN KP 8YFgPG dFM NFSKJQZIFSIX bSFgOGWn 6eKW#]-W*&G&% 'T8<<<)q MOO
2SW "%%]f]&$"%%#f"\ 'T8<<<$<<<)W
2P HOKOSYJGO K^FK 8NNIO eGOd KÔ NZbIJMÔSM dPZIH HOYFGH K^FK
8YFgPG YPRO KP F_OGQX+ KÔ HJMKSJQK QPZSK SOIJOH PG F bSPFH SFG_O PL
ORJHOGQOW .ZO FHYJKKOH FK KSJFI K^FK 8NNIO mOcNOQKOHn KÔ YPRO KP
^FNNOG j Ô HOGJOH PGIX meGPdJG_n JK+ F HOGJFI KÔ QPZSK LPZGH GPK
QSOHJbIOW 6eKW#]-W*&G&%q 2SW "%-,f]$], 'T8<<<+ <<<)W /G KÔ HFX PL KÔ
J;FH IFZGQ^+ TPbM M^PdOH FG ObPPe MOIIJG_ LPS h"&W[[ JG KÔ J?PPeMKPSO
K^FK MPIH LPS h[W[[ FK 8YFgPGW 6eKW#]-W*,$*- 'T8<<<$<<<)W TPbM
OcNIFJGOH KP F SONPSKOS K^FK KÔ NZbIJMÔSM dOSO mFQKZFIIX dJK^^PIHUJG_V
KÔJS bPPeM LSPY 8YFgPG bOQFZMO KÔX FSO GPK ^FNNX dJK^ KÔ NSJQO+n
bZK K^FK NSJQO dPZIH MPPG bO JSSOIORFGK bOQFZMO FII NSJQOM dJII mbO KÔ
MFYOWn ;>$-\% 'T8<<<$<<<)W 7JYPG ` 7Q^ZMKOSiM _OGOSFI QPZGMOI QFIIOH
K^JM MKFKOYOGK mJGQSOHJbIX MKZNJHWn 1HW 9OJHX F_SOOHW 2SW ,#"f]]$]&
'T8<<<)W TPbM FIMP KPIH ^JM bJP_SFNÔS KÔ GOcK HFX j KÔ MFYO HFX
7FS_OGK dFM YOOKJG_ dJK^ 8YFgPG FbPZK KÔ YPRO KP F_OGQX j K^FK KÔ
NZbIJMÔSM mdOGK KP 8YFgPG FGH MFJH+ tCPZiSO _PJG_ KP MJ_G FG F_OGQX

*]

QPGKSFQK PS dOiSO GPK _PJG_ KP _JRO XPZ KÔ bPPeMiWn ;>$,"& FK ,\#$\&
'T8<<<$<<<)W
x x x x x
2Ô HJMKSJQK QPZSK NSPNOSIX HOKOSYJGOH K^FK 8NNIO ^FH NFSKJQJNFKOH
JG F ^PSJgPGKFI QPGMNJSFQX FYPG_ QPYNOKJG_ NZbIJMÔSM KP LJc ObPPe
NSJQOM+ d^JQ^ dFM NOS MO JIIO_FIW 8NNIOiM OLLPSKM KP HJMYOYbOS KÔ
QPGMNJSFQX bX FKKFQeJG_ F LOd JMPIFKOH NJOQOM PL ORJHOGQO IOFRO PGIX KÔ
HOLJGJKO FGH LJSY QPGRJQKJPG K^FK GP YJMKFeO dFM YFHOq 8NNIO mdFM F
eGPdJG_ FGH FQKJRO YOYbOS PL UKÔV QPGMNJSFQXWn 6eKW#]-W""# 'T8<<<)W
4ROG dÔG LFQJIJKFKOH bX ROSKJQFI QPGKSFQKM+ PS kPJGOH bX F ROSKJQFIIX$
SOIFKOH OGKJKX+ FG F_SOOYOGK FYPG_ QPYNOKJKPSM KP LJc FGH SFJMO NSJQOM
JM NOS MO JIIO_FIW 8NNIO PSQÔMKSFKOH MZQ^ FG F_SOOYOGK FGH JM IJFbIO LPS
JKW
11W 8NNIOiM .PGHZQK 1M 8IMP 1IIO_FI 5GHOS 2Ô 9ZIO /L 9OFMPG
2Ô QPZSK QPSSOQKIX HOKOSYJGOH K^FK+ JL KÔ NOS MO SZIO HJH GPK FNNIX+
8NNIO dPZIH MKJII bO IJFbIO ZGHOS F SZIO$PL$SOFMPG FGFIXMJM+ JG d^JQ^ F
QPZSK ORFIZFKOM F SOMKSFJGKiM JYNFQK PG QPYNOKJKJPG mbX FGFIXgJG_ KÔ
LFQKM NOQZIJFS KP KÔ bZMJGOMM+ KÔ ^JMKPSX PL KÔ SOMKSFJGK+ FGH KÔ
SOFMPGM d^X JK dFM JYNPMOHWn ;SPLiI 4G_iSM+ &#, 5W7W FK -[]W

*#

8NNIO HJMNFSF_OM d^FK JK QFIIM KÔ HJMKSJQK QPZSKiM mPGO$NFSF_SFN^
FIKOSGFKJRO ^PIHJG_+n ?SW ,&$,,q MOO FIMP B(: ?SW ""+ ]"+ FS_ZJG_ K^FK JK
LFIIM M^PSK PL KÔ mQFSOLZI FGH QPYNIOKO FGFIXMJMn HOYFGHOH bX .FNJKFI
1YF_JG_ 8MMPQJFKOM+ ;W.W RW =P^Fde EFIIOX =OHJQFI 8MMPQJFKOM+ 1GQW+
[[- :W]H ,#%+ ,&# ']H .JSW "[[#)W 2Ô HJMKSJQK QPZSK dFM GPK SOsZJSOH+
^PdOROS+ KP SONOFK JG JKM SZIO$PL$SOFMPG FGFIXMJM JKM OcKOGMJRO LJGHJG_M
PG KÔ ^JMKPSX+ NZSNPMO+ FGH OLLOQK PL KÔ F_OGQX F_SOOYOGKM K^FK 8NNIO
^FH OGKOSOH JGKP dJK^ KÔ ;ZbIJMÔS$6OLOGHFGKMW 2Ô QPZSKiM QFSOLZI
FGH QPYNIOKO FGFIXMJM FYNIX MZNNPSKM KÔ QPGQIZMJPG K^FK KÔ
FGKJQPYNOKJKJRO OLLOQKM PL KÔ Q^FIIOG_OH F_SOOYOGKM PZKdOJ_ÔH FGX
NSPQPYNOKJKJRO bOGOLJKM K^PMO F_SOOYOGKM YJ_^K ^FRO NSPHZQOHW
2Ô ORJHOGQO M^PdOH K^FK KÔ NZSNPMO PL KÔ F_OGQX F_SOOYOGKM dFM
KP JGMZIFKO 8NNIO LSPY SOKFJI NSJQO QPYNOKJKJPG FGH FIIPd KÔ ;ZbIJMÔS$
6OLOGHFGKM KP QPGKSPI FGH QPIIOQKJROIX SFJMO ObPPe NSJQOM KP MNOQJLJOH
mNSJQO QFNMWn 7OO MZNSF "*$]]W 7^PSKIX FLKOS KÔ F_OGQX F_SOOYOGKM
dJK^ 8NNIO dOSO QPGMZYYFKOH+ KÔ ;ZbIJMÔSM$6OLOGHFGKM YPROH
8YFgPG FGH PKÔS ObPPe SOKFJIOSM KP FG F_OGQX YPHOI FGH JYYOHJFKOIX
SFJMOH NSJQOM PG GOd SOIOFMOM FGH bOMKMOIIOSM KP KÔ F_SOOH$ZNPG IOROIMW

*&

8M KÔ HJMKSJQK QPZSK LPZGH+ KÔ MQÔYO mHJH GPK NSPYPKO QPYNOKJKJPG+
bZK HOMKSPXOH JKWn 6eKW#]-W"]" 'T8<<<)W
2Ô HJMKSJQK QPZSK FIMP QPSSOQKIX LPZGH K^FK KÔ MQÔYO FQKZFIIX
SFJMOH NSJQOMW 1YYOHJFKOIX FLKOS MdJKQ^JG_ KÔJS SOKFJIOSM KP F_OGQX+ KÔ
;ZbIJMÔS$6OLOGHFGKM NSJQOH KÔ RFMK YFkPSJKX PL KÔJS GOd SOIOFMOM MPIH
K^SPZ_^ bPK^ 8NNIO FGH 8YFgPG dJK^JG "p PL KÔ 8NNIO NSJQO QFNMW 8M
F SOMZIK+ NSJQOM PL ObPPeM MPIH K^SPZ_^ 8YFgPG JGQSOFMOH FG FROSF_O PL
"&W]p LPS 0Od 9OIOFMOM+ &]W%p LPS 0C2 ?OMKMOIIOSM+ FGH "*W-p FQSPMM
FII PL KÔJS ObPPeMW 2Ô LPIIPdJG_ Q^FSK+ d^JQ^ FNNOFSM FK 6eKW#]-W[,
'T8<<<)+ JM JIIZMKSFKJROq NSJQOM dOGK ZN+ FGH KÔX MKFXOH ZNW 7OO FIMP
6>$&#&q ;>$"\[%rr%$"\ 'T8<<<+ <<<$<<<)W

*,

0PK MZSNSJMJG_IX+ _JROG KÔMO NSJQO JGQSOFMOM+ KÔ ;ZbIJMÔS$
6OLOGHFGKM MPIH LOdOS ObPPeM JYYOHJFKOIX FLKOS KÔ MdJKQ^ KP F_OGQX+
OROG K^PZ_^ GPG$NFSKX NZbIJMÔS MFIOM JGQSOFMOH HZSJG_ KÔ MFYO KJYOW
6eKW#]-W[%q ;>$""\,r%\+ "\[%r"\ 'T8<<<+ <<<+ <<<)W 2^JM PZKNZK
SOHZQKJPG NOSMJMKOH FK IOFMK ZGKJI :ObSZFSX ]\""W 6eKW#]-W"]]q
;>$"\[%r,# 'T8<<<+ <<<)W
8M 8NNIO FGKJQJNFKOH+ KÔ ;ZbIJMÔS$6OLOGHFGKM FIMP SFJMOH KÔ
NSJQOM PL ObPPeM GPK QPROSOH bX 8NNIOiM NSJQJG_ MQÔHZIO+ FK IOFMK JG NFSK
KP SOQPROS SOROGZO IPMK ZGHOS KÔ 8NNIO F_OGQX F_SOOYOGKMW
6eKW#]-W[,$[-q 2SW "[&[f]&$"[,&f"%q ;>$*[& 'T8<<<$<<<+ <<<$<<<+
<<<$<<<)W 2Ô ;ZbIJMÔS$6OLOGHFGKM FIMP SFJMOH KÔ NSJQOM PL MPYO NSJGK
bPPeM JG PSHOS KP YPRO KÔ ObPPe ROSMJPG JGKP F QPSSOMNPGHJG_IX ^J_ÔS
KJOSW 6eKW#]-W[,$[-q 6>$&&[ 'T8<<<$<<<+ <<<)W 2^JM JM SOLIOQKOH JG KÔ
LPIIPdJG_ KFbIO+ NSONFSOH bX 8NNIOiM OcNOSK 6SW ?ZSKJM+ FGH SONSPHZQOH
JG KÔ QPZSKiM PNJGJPGW 1HW

*-

Average E-book Prices of Backlist and New Release Titles
in the Periods Before and After Agency

2^ZM+ FM KÔ QPZSK LPZGH+ mQPGMZYOSM MZLLOSOH JG F RFSJOKX PL dFXM
LSPY K^JM MQÔYO KP OIJYJGFKO SOKFJI NSJQO QPYNOKJKJPG FGH KP SFJMO
O$bPPe NSJQOMWn 6eKW#]-W[* 'T8<<<)W 2ÔX dOSO LPSQOH KP NFX YPSO LPS
ObPPeM+ KP bZX QÔFNOS ObPPeM K^FG KÔ PGOM KÔX dFGKOH KP bZX+ PS KP
HOLOS NZSQ^FMOM FIKP_OKÔSW 1HW
8NNIO FS_ZOM K^FK KÔ ORJHOGQO HJH GPK M^Pd F YFSeOK$dJHO FQKZFI
FHROSMO OLLOQK PG QPYNOKJKJPG bOQFZMO+ mUdVJK^ SOMNOQK KP NSJQO+ NIFJGKJLLMi
OcNOSKM LPQZMOH OcQIZMJROIX PG NSJQO JGQSOFMOM LPS KÔ NZbIJMÔS
HOLOGHFGKMi ObPPeMWn ?SW ,, 'OYN^FMJM JG PSJ_JGFI)W 8NNIO
YJMZGHOSMKFGHM KÔ IFdW 8M K^JM .PZSK ^FM ÔIH 'FGH 8NNIO PGIX
NFSKJFIIX sZPKOM)+ KÔ NIFJGKJLLiM bZSHOG JM KP M^Pd FG mFQKZFI FHROSMO
OLLOQK PG QPYNOKJKJPG FM F d^PIO JG KÔ SOIORFGK YFSeOKq KP NSPRO JK ^FM
bOOG ^FSYOH FM FG JGHJRJHZFI QPYNOKJKPS dJII GPK MZLLJQOWn .FNJKFI
1YF_JG_+ [[- :W]H FK ,&# 'OYN^FMJM JG PSJ_JGFI)q MOO FIMP @W=W?W

*%

BFSO^PZMO 6JMKSW+ 1GQW RW BFIeOS =L_W .PW+ -" :W#H "]#+ "]% ']H .JSW
"[[,)W 2Ô HOQJMJPGM K^FK 8NNIO JGRPeOM MJYNIX QFZKJPG K^FK NSPPL PL F
NIFJGKJLLiM PdG JGkZSX+ MKFGHJG_ FIPGO+ HPOM GPK OMKFbIJM^ KÔ SOsZJMJKO
^FSY KP QPYNOKJKJPGW 7OO DOGORF ;^FSYW 2OQ^W .PSNW RW ?FSS (FbMW
1GQW+ #*- :W#H &*,+ ,\-$\% ']H .JSW ]\\&)W 3OSO+ ^PdOROS+ ;IFJGKJLLM
OMKFbIJMÔH GPK kZMK ^FSY KP F MNOQJLJQ QPYNOKJKPS+ bZK FG FHROSMO
JYNFQK PG QPGMZYOSM FGH PG KÔ QPYNOKJKJRO NSPQOMMW
8IK^PZ_^ ;IFJGKJLLMi OcNOSKM OG_F_OH JG HOKFJIOH FGFIXMJM PL KÔ
;ZbIJMÔS$6OLOGHFGKMi NSJQOM+ KÔX HJH GPK J_GPSO KÔ SOMK PL KÔ YFSeOKW
2ÔJS ORJHOGQO OMKFbIJMÔH K^FK KÔ ;ZbIJMÔS$6OLOGHFGKMi ObPPeM+
QPYNSJMJG_ FbPZK ^FIL KÔ YFSeOK+ ;>$""\,r#- 'T8<<<)+ JGQSOFMOH JG
NSJQO bX GOFSIX ]\p PG FROSF_O+ ;>$""\,r"&[ 'T8<<<$<<<)W 2ÔJS
ORJHOGQO FIMP OMKFbIJMÔH K^FK KÔ NSJQOM PL PKÔS ObPPeM SOYFJGOH
SPZ_ÎX ZGQ^FG_OHW 1HW =PSOPROS+ 8NNIOiM OcNOSK+ 6SW ?ZSKJM+
FQeGPdIOH_OH K^FK KÔ FROSF_O NSJQO LPS KÔ ;ZbIJMÔS$6OLOGHFGKMi
ObPPeM dFM ^J_ÔS JG KÔ KdP$XOFS NOSJPH FLKOS KÔ F_OGQX F_SOOYOGKM+
2SW ]]#,f%$"& 'T8<<<)+ FGH K^FK PROSFII+ NSJQOM dOGK ZN+ 2SW ]]#-f,$""+
]]#%f"$]]#*f, 'T8<<<$<<<<)W 8NNIO QJKOM GP HOQJMJPG MZ__OMKJG_ K^FK

**

K^JM ORJHOGQO JM JGMZLLJQJOGK KP M^Pd FG FHROSMO OLLOQK PG QPYNOKJKJPG FM
F d^PIO JG KÔ SOIORFGK YFSeOKW
8IK^PZ_^ 6SW ?ZSKJM QPGQOHOH K^FK ObPPe NSJQOM SPMO JYYOHJFKOIX
FLKOS KÔ JGKSPHZQKJPG PL F_OGQX+ 8NNIO QPGKOGHM K^FK dJK^JG mkZMK [
YPGK^M+n ObPPe NSJQOM HSPNNOH bOIPd NSO$F_OGQX IOROIMW ?SW ,-W ?ZK
8NNIO LFJIOH KP IJGe FGX IPG_OS$KOSY NSJQO OLLOQKM KP KÔ F_OGQX
F_SOOYOGKMW 6SW ?ZSKJM NPJGKOH KP KÔ HJLLOSOGQO bOKdOOG FROSF_O ObPPe
NSJQOM JG KÔ KdP$XOFS NOSJPH bOLPSO KÔ J?PPeMKPSO PNOGOH FGH KÔ KdP$
XOFS NOSJPH FLKOSW 1G SOkOQKJG_ K^FK FGFIXMJM+ KÔ HJMKSJQK QPZSK LPZGH
K^FK KÔ QPYNFSJMPG HJH GPK QPGKSPI LPS FGX Q^FG_OM JG KÔ SFNJHIX
ORPIRJG_ ObPPe YFSeOK HZSJG_ K^FK KJYO+ 6eKW#]-W[[ 'T8<<<<)+ MZQ^ FM
8YFgPGiM OGKSX JGKP NZbIJM^JG_+ KÔ _SOFKOS GZYbOS PL ObPPe SOFHOSM PG
KÔ YFSeOK+ PS KÔ HJLLOSOGK ObPPe KJKIOM FRFJIFbIO HZSJG_ HJLLOSOGK
NOSJPHMW
8NNIO FGH JKM FYJQJ FIMP FS_ZO K^FK KÔ QPIIOQKJRO NSJQO JGQSOFMO dFM
GPK FGKJQPYNOKJKJRO bOQFZMO NSJQOM NSORJPZMIX ^FH bOOG KPP IPd+ FGH
K^FK KÔ HJMKSJQK QPZSK OSSPGOPZMIX mFMMZYOH K^FK 8YFgPGiM h[W[[ dFM
KÔ bOMK SOKFJI NSJQOWn ?SW ]& 'OYN^FMJM JG PSJ_JGFI)q MOO FIMP 4QPGPYJMK
?SW "[$]\q @P^G ?SW -+ ""+ ]\W ?ZK KÔ HJMKSJQK QPZSKiM LJGHJG_ PL FQKZFI

*[

FGKJQPYNOKJKJRO OLLOQKM HPOM GPK SOMK PG KÔ FMMZYNKJPG K^FK h[W[[ dFM
KÔ bOMK NSJQO+ PS K^FK FGXK^JG_ FbPRO K^FK dFM GOQOMMFSJIX
FGKJQPYNOKJKJROW 9FKÔS+ KÔ QPZSK SOQP_GJgOH 'JG FQQPSHFGQO dJK^
LZGHFYOGKFI FGKJKSZMK NSJGQJNIOM) K^FK SOKFJI NSJQOM M^PZIH bO MOK bX
QPYNOKJKJPG+ FGH JK LPZGH K^FK KÔ QPGMNJSFQX ^FH K^dFSKOH K^FK
NSPQOMMW
"#

2ÔSO JM IJeOdJMO GP YOSJK KP KÔ FS_ZYOGK K^FK KÔ NSJQO JGQSOFMOM
dOSO bOGOLJQJFI bOQFZMO KÔX SOMZIKOH LSPY mKÔ HJMSZNKJPG PL 8YFgPGiM
YPGPNPIX SOKFJI NPMJKJPGWn 4QPGPYJMK ?SW "[q MOO B(: ?SW ]]q @P^G
?SW &$%W 8YFgPG bO_FG IPMJG_ YOFGJG_LZI M^FSO 'NSJYFSJIX KP ?FSGOM `
0PbIO) dOII bOLPSO 8NNIOiM OGKSXW ;>$""\,r&,W :ZSKÔSYPSO+ KÔ

"#
8YJQZM @P^G FS_ZOM+ QJKJG_ ?SPPeO DSPZN (KHW RW ?SPdG `
BJIIJFYMPG 2PbFQQP .PSNW+ ,\[ 5W7W ]\[+ ]],$]- '"[[#)+ K^FK FGKJKSZMK
IFd LPQZMOM PG KÔ OLLJQJOGQX PL NSJQOMW @P^G ?SW -$*W ?ZK ?SPPeO
DSPZN+ IJeO KÔ HOQJMJPG ÔSO+ LPQZMOH PG KÔ QPYNOKJKJRO NSPQOMM+ GPK
KÔ OLLJQJOGQX PL NSJQOMW ,\[ 5W7W FK ]]-W 1G FGX OROGK+ KÔ HJMKSJQK QPZSK
ÔSO FIMP LPZGH K^FK KÔ QPGMNJSFQX ^FH SOHZQOH PZKNZK+ d^JQ^ JM F
QPYYPGIX ZMOH NSPcX LPS OLLJQJOGQXW 7OO ?SPFHQFMK =ZMJQ+ &&" 5W7W FK
"[$]\ 'QPGKSFMKJG_ NSFQKJQOM K^FK mHOQSOFMO PZKNZKn dJK^ K^PMO K^FK
mJGQSOFMO OQPGPYJQ OLLJQJOGQXn)q (W8W;W6W+ 1GQW RW DOGW 4IOQW .PSNW+ "#]
:W#H &\]+ &\& '%K^ .JSW "[[%) '4FMKOSbSPPe+ TW) 'm8GKJKSZMK IFd JM
HOMJ_GOH KP NSPKOQK QPGMZYOSM LSPY KÔ ^J_ÔS NSJQOM j FGH MPQJOKX LSPY
KÔ SOHZQKJPG JG FIIPQFKJRO OLLJQJOGQX j K^FK PQQZSM dÔG LJSYM dJK^
YFSeOK NPdOS QZSKFJI PZKNZKWn)W

[\

OcJMKOGQO PL F LJOSQO QPYNOKJKPS QFGGPK kZMKJLX KÔ MZNNSOMMJPG PL
QPYNOKJKJPGW mU2VÔ FS_ZYOGK K^FK W W W MNOQJFI Q^FSFQKOSJMKJQM PL F
NFSKJQZIFS JGHZMKSXn kZMKJLX FGKJQPYNOKJKJRO QPGHZQK mJM GPK NOSYJKKOH bX
KÔ 9ZIO PL 9OFMPGWn ;SPLiI 4G_iSM+ &#, 5W7W FK -*[$[\W m.PGKSFSX KP JKM
GFYO+ KÔ 9ZIO HPOM GPK PNOG KÔ LJOIH PL FGKJKSZMK JGsZJSX KP FGX
FS_ZYOGK JG LFRPS PL F Q^FIIOG_OH SOMKSFJGK K^FK YFX LFII dJK^JG KÔ
SOFIY PL SOFMPGW 1GMKOFH+ JK LPQZMOM HJSOQKIX PG KÔ Q^FIIOG_OH
SOMKSFJGKiM JYNFQK PG QPYNOKJKJRO QPGHJKJPGMWn 1HW FK -**W 3OSO+ K^FK
JYNFQK dFM NIFJGIX LPS KÔ dPSMOW
:JGFIIX+ 8NNIO FMMOSKM K^FK NZSNPSKOH NSPQPYNOKJKJRO bOGOLJKM PL KÔ
QPGMNJSFQX NSOQIZHO F LJGHJG_ PL IJFbJIJKXW ?ZK KÔSO dOSO GP
NSPQPYNOKJKJRO bOGOLJKM+ FGH OROG JL KÔSO dOSO+ KÔ NSJQO$LJcJG_
QPGMNJSFQX dFM GPK SOFMPGFbIX GOQOMMFSX KP FQ^JORO KÔY+ MOO 1GMZSFGQO
?SPeOSF_O+ -"* :W#H FK #&,$&-W :PS OcFYNIO+ QJKJG_ 6SW ?ZSKJMiM
HOQIFSFKJPG+ 8NNIO FS_ZOM K^FK mFLKOS 8YFgPG FHPNKOH KOSYM LPS MOIL$
NZbIJMÔSM MJYJIFS KP KÔ 8NNIO YPHOI W W W KÔ GZYbOS PL MOIL$NZbIJMÔH
ObPPeM JG KÔ YFSeOK MeXSPQeOKOHWn ?SW ,%W ?ZK 8YFgPGiM MOIL$
NZbIJM^JG_ NSP_SFY NSO$HFKOH KÔ F_OGQX F_SOOYOGKM+ FGH 6SW ?ZSKJM

["

FHYJKKOH FK KSJFI K^FK MÔ QPZIH GPK IJGe KÔ KdPW 2SW ]]&*f"[$]]&[f%
'T8<<<$<<<)W
8IK^PZ_^ 8NNIO NSOLOSSOH GPK KP QPYNOKO dJK^ 8YFgPG PG NSJQO+ JK
HPOM GPK LPIIPd K^FK 8NNIO QPZIH GPK+ PS dPZIH GPK+ ^FRO OGKOSOH KÔ
YFSeOK dJK^PZK F NSJQO$LJcJG_ QPGMNJSFQXW =POSOS ^FH HOROIPNOH F
MKSFKO_X LPS 8NNIO KP OGKOS KÔ ObPPeM YFSeOK NSPLJKFbIX ZGHOS KÔ
d^PIOMFIO YPHOIW ;>$#[ 'T8<<<)W 2ÔSO JM IJeOdJMO GP SOFMPG KP bOIJORO
K^FK KÔ QPGMNJSFQX NSOROGKOH dJHOMNSOFH+ IPG_$IFMKJG_+ PS OLLOQKJRO
dJGHPdJG_W 6eKW#]-W"&\ 'T8<<<)W 8IK^PZ_^ 8NNIO MZ__OMKOH K^FK
NZbIJMÔSM ZMO F K^SOFK PL dJGHPdJG_ GOd SOIOFMOM KP QPGRJGQO 8YFgPG
KP MJ_G F_OGQX F_SOOYOGKM+ 6eKW#]-W"&]q ;>$##- 'T8<<<+ <<<)+ KÔ
NZbIJMÔSM SOQP_GJgOH K^FK FQKZFI dJGHPdJG_ dFM mOGKJSOIX MKZNJH+n 2SW
"]"&f"-$"*+ ;>$*% 'T8<<<+ <<<)+ FM KÔX dPZIH GOROS YFeO ZN KÔ IPMK
MFIOM+ ;>$&]%+ ,%* 'T8<<<+ <<<)q MOO FIMP ;>$][\+ &,\ 'T8<<<+ <<<)W 2Ô
NZbIJMÔSM d^P dJGHPdOH HJH MP LPS PGIX #% KJKIOM+ 6eKW#]-W"&"q
2SW ]\--f""$"& 'T8<<<+ <<<)+ FGH KÔSO dFM GOROS FGX K^SOFK LSPY KÔ
NZbIJMÔSM KP dJK^^PIH FII ObPPeMW
8NNIO FIMP IFZHM KÔ J;FH FM FG O$SOFHOS FGH KPZKM JKM JYNFQK PG
JGGPRFKJPG FGH QPYNOKJKJPG+ ?SW ,+ [+ ,]$,#q B(: ?SW ,+ bZK KÔ J;FH
Case: l3-374l Document: 236 Page: l0l 05/27/20l4 l2340l0 ll7

[]

dFM QPYJG_ dJK^ PS dJK^PZK KÔ J?PPeMKPSO+ 6eKW#]-W",-q 6>$%"&r&[
'T8<<<+ <<<)W 4ROG JL 8NNIO ^FH GPK PLLOSOH JKM PdG O$SOFHOS FNNIJQFKJPG
FGH bPPeMKPSO+ QPGMZYOSM QPZIH ^FRO SOFH KÔ MFYO ObPPeM PG KÔ J;FH
RJF O$SOFHOS FNNIJQFKJPGM LSPY 8YFgPG+ ?FSGOM ` 0PbIO+ FGH PKÔSMW
2SW ]##]f"[$]###f"\q ]]#,f"]$"- 'T8<<<$<<<+ <<<)W 8GH FM 8NNIOiM
9PbOSK =Q6PGFIH KOMKJLJOH+ KÔ J?PPeM FNN dFM GPK YOFGJG_LZIIX
MZNOSJPS KP QPYNOKJG_ O$SOFHOS FNNM LPS KÔ J;FHW 6eKW#]-W",-G-[q
2SW ]###f""$]##,f"-+ ]#&\f"-$]#&"f"]+ ]#&#f]$]#&,f"&+ ]#&-f]]$]#&[f"\
'T8<<<+ <<<$<<<+ <<<$<<<+ <<<$<<<+ <<<$<<<)W 8IIO_JG_ bOGOLJKM dJK^PZK
NSPRJG_ KÔJS OcJMKOGQO PS QPGGOQKJPG KP KÔ QPGMNJSFQX HPOM GPK QFII KÔ
HJMKSJQK QPZSKiM SZIO$PL$SOFMPG FGFIXMJM JGKP sZOMKJPGW
111W 2Ô 6JMKSJQK .PZSK ;SPNOSIX 4cQIZHOH 5GMZNNPSKOH 8GH
5GHJMQIPMOH /NJGJPGM :SPY 8G 8NNIO 4cNOSK
1G QPGKOGHJG_ bOIPd K^FK KÔ QPGMNJSFQX QFZMOH ObPPe NSJQOM KP _P
HPdG+ GPK ZN+ 8NNIO SOIJOH ÔFRJIX PG KÔ dPSe PL JKM OcNOSK+ 6SW ?ZSKJMW
3OS HFKF FGFIXMJM+ d^JQ^ KÔ HJMKSJQK QPZSK FHYJKKOH+ M^PdOH K^FK KÔ
FROSF_O ObPPe NSJQO dFM IPdOS HZSJG_ KÔ KdP$XOFS NOSJPH FLKOS KÔ
IFZGQ^ PL KÔ J?PPeMKPSO K^FG HZSJG_ KÔ KdP$XOFS NOSJPH bOLPSO KÔ
IFZGQ^W 6SW ?ZSKJM PNJGOH K^FK K^JM NZSNPSKOH NSJQO HOQIJGO SOMZIKOH
LSPY KÔ F_OGQX F_SOOYOGKM FGH 8NNIOiM ObPPe YFSeOK OGKSX+ bZK MÔ

[#

HJH GPK FKKOYNK KP JMPIFKO KÔ JYNFQK PL KÔ F_OGQX F_SOOYOGKM PG ObPPe
NSJQOM PS mMOOe KP QPGKSPI LPS UPKÔSV LFQKPSMWn 6eKW#]-W"]]G-" 'T8<<<)W
2Ô HJMKSJQK QPZSK QPGQIZHOH K^FK 6SW ?ZSKJM mHJH GPK PLLOS FGX
MQJOGKJLJQFIIX MPZGH FGFIXMJM PL KÔ QFZMO LPS UKÔV NZSNPSKOH NSJQO
HOQIJGO+n JHW+ FGH JK KÔSOLPSO OcQIZHOH 6SW ?ZSKJMiM PNJGJPG KOMKJYPGXW
2Ô HJMKSJQK QPZSK NSPNOSIX ÔIH K^FK 8NNIO LFJIOH KP QFSSX JKM bZSHOG
PL OMKFbIJM^JG_ KÔ FHYJMMJbJIJKX PL 6SW ?ZSKJMiM PNJGJPGMW 5GJKOH 7KFKOM
RW BJIIJFYM+ ,\- :W#H ","+ "-\ ']H .JSW ]\\%)W mUBVÔG FG OcNOSK
PNJGJPG JM bFMOH PG HFKF+ F YOK^PHPIP_X+ PS MKZHJOM K^FK FSO MJYNIX
JGFHOsZFKO KP MZNNPSK KÔ QPGQIZMJPGM SOFQÔH+ 6FZbOSK FGH 9ZIO %\]
YFGHFKO KÔ OcQIZMJPG PL K^FK ZGSOIJFbIO PNJGJPG KOMKJYPGXWn
8YPS_JFGPM RW 0FKiI 9W9W ;FMMOG_OS .PSNW+ #\# :W#H ],-+ ]-- ']H .JSW
]\\])W m8G OcNOSKiM QPGQIZMPSX PNJGJPGMn FSO GPK FHYJMMJbIOW =FkPS
(OF_ZO ?FMObFII ;SPNMW+ 1GQW RW 7FIRJGP+ 1GQW+ ,&] :W#H ][\+ #"" ']H .JSW
]\\*)W 3OSO+ KÔSO dFM mMJYNIX KPP _SOFK FG FGFIXKJQFI _FN bOKdOOG KÔ
HFKF FGH KÔ PNJGJPG NSPLLOSOHWn DOGW 4IOQW .PW RW TPJGOS+ ,]] 5W7W "#-+
"&- '"[[%)W
8NNIO QPGKOGHM K^FK 6SW ?ZSKJM YFHO mFG FKKOYNK KP ZGHOSMKFGH W W W
dÔKÔS PS GPK UMÔV QPZIH FKKSJbZKOn F HOQSOFMO JG F_OGQX NSJQOM GJGO

[&

YPGK^M NPMK$F_OGQX mKP KÔ F_OGQX F_SOOYOGKM PS MPYOK^JG_ OIMOWn
?SW -\W /KÔS K^FG RF_ZO SOLOSOGQOM KP mHFKF FGH W W W MKFKJMKJQMn FGH
mOcNIFGFKPSX LFQKPSM+n ?SW -\$-"+ ^PdOROS+ 8NNIO LFJIM KP OcNIFJG ^Pd
6SW ?ZSKJMiM FGFIXMJM OMKFbIJMÔH F QFZMFI IJGe bOKdOOG KÔ F_OGQX
F_SOOYOGKM FGH F HOQSOFMO JG ObPPe SOKFJI NSJQOM GJGO YPGK^M IFKOSW
?OQFZMO KÔ OcQIZHOH PNJGJPGM dOSO mQPGGOQKOH KP OcJMKJG_ HFKF PGIX bX
KÔ JNMO HJcJK PL KÔ OcNOSK+n mGPK^JG_ W W W SOsZJSOUH KÔV HJMKSJQK QPZSK KP
FHYJK UKÔYVWn DOGOSFI 4IOQKSJQ+ ,]] 5W7W FK "&-W
.PGKSFSX KP 8NNIOiM MZ__OMKJPG+ ?SW -"+ KÔ HJMKSJQK QPZSK HJH GPK
OcQIZHO 6SW ?ZSKJMiM PNJGJPGM YOSOIX bOQFZMO ÔS dPSe HJH GPK JGQIZHO F
SO_SOMMJPG FGFIXMJMW 9FKÔS+ KÔ QPZSK OcQIZHOH K^PMO PNJGJPGM bOQFZMO
6SW ?ZSKJM HJH GPK OYNIPX PS HJMQIPMO FGX YOK^PHPIP_X K^FK MZNNPSKOH
KÔYW 8G OQPGPYJMKiM PNJGJPGM PG QFZMFKJPG K^FK HP GPK LPIIPd LSPY ÔS
FGFIXMJM FSO NSPNOSIX OcQIZHOHW 7OO 9FMeJG RW BXFKK .PW+ "], :W#H ,,+
-%$-* ']H .JSW "[[%) 'FLLJSYJG_+ JG F_O HJMQSJYJGFKJPG QFMO+ OcQIZMJPG PL
OcNOSK SONPSK K^FK YOSOIX mFMMZYOUHV K^FK FGX FGPYFIJOM JG KÔ W W W HFKF
YZMK bO QFZMOH bX F_O HJMQSJYJGFKJPG+ FGH YFUHOV GP FKKOYNK KP
FQQPZGK LPS PKÔS NPMMJbIO QFZMOMn)q 5GJKOH 7KFKOM RW 6ZeF_kJGJ+ #]- :W#H
&,+ ,& ']H .JSW ]\\#) 'mBÔG FG OcNOSK JM GP IPG_OS FNNIXJG_ ^JM

[,

OcKOGMJRO OcNOSJOGQO FGH F SOIJFbIO YOK^PHPIP_X+ 6FZbOSK KOFQÔM K^FK
KÔ KOMKJYPGX M^PZIH bO OcQIZHOHWn)W
4ROG K^PZ_^ KÔ QPZSK ^FH OcQIZHOH ÔS PNJGJPGM bOLPSO KSJFI+ 6SW
?ZSKJM MKFKOH PG QSPMM$OcFYJGFKJPG K^FK KÔ KdP$XOFS HOQSOFMO JG
FROSF_O ObPPe NSJQOM dFM FKKSJbZKFbIO KP mF_OGQX F_SOOYOGKMn FGH mKÔ
OGKSX PL 8NNIOWn 2SW ]]&#f""$"- 'T8<<<)W /G SOHJSOQK OcFYJGFKJPG+ MÔ
FMMOSKOH K^FK 8NNIOiM OGKSX FGH KÔ F_OGQX YPHOI ^FH mJGKOGMJLJOH
QPYNOKJKJPG FGH IOH NSJQOM KP bO IPdOS K^FG KÔX PKÔSdJMO dPZIH ^FRO
bOOGWn 2SW ]#\%f]"$]] 'T8<<<)W ?OQFZMO K^PMO PNJGJPGM dOSO OMMOGKJFIIX
JHOGKJQFI KP K^PMO KÔ QPZSK ^FH NSORJPZMIX OcQIZHOH LSPY ÔS HJSOQK
KOMKJYPGX 'FGH dOSO MJYJIFSIX ZGMZNNPSKOH)+ KÔ QPZSK NSPNOSIX MKSZQe
KÔY FM bOXPGH KÔ MQPNO PL ÔS HJSOQK KOMKJYPGXW
8NNIO FIMP FMMOSKM+ JG F LPPKGPKO+ K^FK KÔ HJMKSJQK QPZSKiM OcQIZMJPG PL
6SW ?ZSKJMiM KOMKJYPGX FM NSORJPZMIX ZGHJMQIPMOH JM mbOIJOH bX KÔ
SOQPSH+n JG dFXM 8NNIO HPOM GPK OcNIFJGW ?SW ,[ GW%W mU8VG FS_ZYOGK
YFHO PGIX JG F LPPKGPKO UJMV JGFHOsZFKOIX SFJMOH LPS FNNOIIFKO SORJOdWn
0PSKPG RW 7FYiM .IZb+ "&, :W#H ""&+ ""% ']H .JSW "[[*)W 8NNIO FNNOFSM
KP SOLOS KP 6SW ?ZSKJMiM MKFKOYOGK PG QSPMM$OcFYJGFKJPG K^FK KÔ HOQIJGO
JG FROSF_O ObPPe NSJQOM NPMK$F_OGQX dFM mGPK KÔ SOMZIK PL FGX

[-

NSOOcJMKJG_ HPdGdFSH KSOGHWn ?SW ,[q 2SW ]]\[f"%$]\ 'T8<<<)W 2Ô QPZSK
NSPNOSIX OcQIZHOH K^JM PNJGJPG bOQFZMO JK ^FH GPK bOOG HJMQIPMOH JG ÔS
OcNOSK SONPSKM+ 2SW "\#-f""$"[+ ]]"#f]]$]]",f& 'T8<<<+ <<<$<<<)+ FGH F
HJMKSJQK QPZSK ^FM mdJHO HJMQSOKJPG JG NZGJM^JG_ LFJIZSO KP QPGLPSY KP KÔ
SZIOM PL HJMQPROSX+n /ZKIOX RW .JKX PL 0Od CPSe+ *#% :W]H ,*%+ ,[\
']H .JSW "[**)W 1G FGX OROGK+ K^FK PNJGJPG dFM XOK FGPKÔS JNMO HJcJKW
8NNIO FIMP FS_ZOM K^FK KÔ HJMKSJQK QPZSK FNNIJOH F mHPZbIO$MKFGHFSHn
bX JGRJKJG_ F _PROSGYOGK OQPGPYJQ OcNOSK+ 6SW 9JQ^FSH DJIbOSK+ KP PNJGO
mPG KÔ ROSX KPNJQ KÔ QPZSK bFSSOH 6SW ?ZSKJM LSPY FHHSOMMJG_Wn ?SW -"$
-]W ?ZK KÔ QPZSK HJH GPK bFS 6SW ?ZSKJM LSPY KOMKJLXJG_ FbPZK F
NFSKJQZIFS KPNJQq JK bFSSOH ÔS PGIX LSPY PLLOSJG_ ZGMZbMKFGKJFKOH
PNJGJPGM PG K^FK KPNJQW 1L 6SW DJIbOSKiM PNJGJPGM ^FH bOOG MJYJIFSIX
ZGMZbMKFGKJFKOH+ 8NNIO QPZIH ^FRO PbkOQKOH KP KÔJS JGKSPHZQKJPG PG K^FK
_SPZGHW 8NNIO YFHO GP MZQ^ PbkOQKJPGW
:JGFIIX+ d^FKOROS KÔ YOSJKM PL KÔMO Q^FIIOG_OH OcQIZMJPGM+ 8NNIO
MZLLOSOH GP NSOkZHJQO LSPY KÔYW 2Ô QPZSK FHYJKKOH FII PL 6SW ?ZSKJMiM
HFKF FGH HFKF FGFIXMJMW 8M bPK^ _FKOeOONOS FGH LFQKLJGHOS+ KÔ QPZSK
QFSOLZIIX SORJOdOH KÔ PNJGJPGM K^FK JK LPZGH ZGSOIJFbIO+ FM dOII FM KÔ
ZGHOSIXJG_ HFKFW 7OO 1G SO 5GJMXM 7FRJG_M ;IFG (JKJ_W+ "%# :W#H "&,+

[%

",* '#H .JSW "[[[) 'OcQIZMJPG PL OcNOSK KOMKJYPGX bX kZH_O FQKJG_ FM
_FKOeOONOS FGH LFQKLJGHOS JM PdOH m_SOFK HOLOSOGQOn)q MOO FIMP 5GJKOH
7KFKOM RW @FIXYPG+ ,&" :W#H -]&+ -#- '-K^ .JSW ]\\*) 'F HJMKSJQK QPZSKiM
mbSPFH HJMQSOKJPGn KP OcQIZHO OcNOSK KOMKJYPGX mJM FK JKM gOGJK^ HZSJG_ F
bOGQ^ KSJFIn)W 8NNIO QFGGPK NIFZMJbIX QIFJY K^FK FHYJKKJG_ PNJGJPGM
K^FK KÔ QPZSK ^FH LPZGH ZGSOIJFbIO j PNJGJPGM K^FK dOSO PGIX F MYFII
NFSK PL F IFS_O SOQPSH d^JQ^ mPROSdÔIYJG_IX HOYPGMKSFKOM+n
6eKW#]-W"#" 'T8<<<)+ 8NNIOiM NFSKJQJNFKJPG JG F NSJQO$LJcJG_ QPGMNJSFQX
dJK^ FGKJQPYNOKJKJRO QPGMOsZOGQOM FGH GP NSPQPYNOKJKJRO bOGOLJKM j
dPZIH ^FRO Q^FG_OH FGX PL KÔ QPZSKiM LJGHJG_M PL LFQK PS QPGQIZMJPGM PL
IFdW
1EW 2Ô 1GkZGQKJPG 1M 6OMJ_GOH 2P 4GH 8NNIOiM 8GKJQPYNOKJKJRO
.PGHZQK+ ;SOROGK 1KM 9OQZSSOGQO+ 8GH 9OMKPSO .PYNOKJKJPG
9OYOHJOM JG 7ÔSYFG 8QK QFMOM M^PZIH OGH KÔ ZGIFdLZI QPGHZQK+
NSOROGK JKM SOQZSSOGQO+ FGH OIJYJGFKO JKM FGKJQPYNOKJKJRO QPGMOsZOGQOMW
7OO ;SPLiI 4G_iSM+ &#, 5W7W FK -[%W 2Ô HJMKSJQK QPZSK ^FM mbSPFH NPdOS
KP SOMKSFJG FQKM d^JQ^ FSO PL KÔ MFYO KXNO PS QIFMM FM ZGIFdLZI FQKM
d^JQ^ KÔ QPZSK ^FM LPZGH KP ^FRO bOOG QPYYJKKOH PS d^PMO QPYYJMMJPG
JG KÔ LZKZSO ZGIOMM OGkPJGOH+ YFX LFJSIX bO FGKJQJNFKOH LSPY KÔ
HOLOGHFGKiM QPGHZQK JG KÔ NFMKWn AOGJK^ 9FHJP .PSNW RW 3FgOIKJGO

[*

9OMOFSQ^+ 1GQW+ #[, 5W7W "\\+ "#]$## '"[-[) 'JGKOSGFI sZPKFKJPGM
PYJKKOH)W /GQO KÔ _PROSGYOGK ^FM OMKFbIJMÔH F 7ÔSYFG 8QK
RJPIFKJPG+ mFII HPZbKM FM KP KÔ SOYOHX FSO KP bO SOMPIROH JG JKM LFRPS+n
5GJKOH 7KFKOM RW 4W1W HZ ;PGK HO 0OYPZSM ` .PW+ #-- 5W7W #"-+ ##&
'"[-")+ FGH K^PMO LPZGH IJFbIO LPS RJPIFKJG_ FGKJKSZMK IFdM mYZMK OcNOQK
MPYO LOGQJG_ JG+n /KKOS 2FJI ;PdOS .PW RW 5GJKOH 7KFKOM+ &"\ 5W7W #--+
#*" '"[%#) 'JGKOSGFI sZPKFKJPGM PYJKKOH)W 2Ô HJMKSJQK QPZSKiM 1GkZGQKJPG
LPIIPdM K^PMO NSOQONKMW
"W 8NNIOiM bSJOL JGQIZHOM F PGO$MOGKOGQO FMMOSKJPG K^FK KÔ
SOMKSJQKJPGM PG JKM FbJIJKX KP HJMQSJYJGFKO F_FJGMK ObPPe FNNIJQFKJPGM
K^SPZ_^ JKM 8NNIJQFKJPGM '8NN) 7KPSO FSO ZGSOIFKOH KP KÔ QPGHZQK FK
JMMZO bOIPdW ?SW -]W 2^FK mPGO$MOGKOGQO FS_ZYOGK JM JGMZLLJQJOGK KP
SFJMO KÔ JMMZO LPS SORJOd bOLPSO K^JM .PZSKWn EJFQPY 1GKiI RW CPZ2ZbO+
1GQW+ -%- :W#H "[+ &\ GW"& ']H .JSW ]\"])W
1G FGX OROGK+ KÔ FS_ZYOGK IFQeM YOSJKW 2Ô 1GkZGQKJPG NSP^JbJKM
HJMQSJYJGFKJG_ F_FJGMK ObPPe FNNIJQFKJPGM+ 6eKW#%&W1E? 'T8<<<)+ MP K^FK
8NNIO YFX GPK ZMO KÔ 8NN 7KPSO FM mF bFQe HPPSdFX LPS JGKSPHZQKJPG PL

[[

FG F_OGQX F_SOOYOGKWn
"&
6eKW#,-W-#f,$* 'T8<<<)W 8NNIO QSOFKOH K^JM
QPGQOSGf .ZO FKKSJbZKOH 9FGHPY 3PZMOiM OROGKZFI FQQONKFGQO PL F_OGQX
'd^JQ^ JK ^FH SOMJMKOH LPS F XOFS) NFSKIX KP mKÔ LFQK K^FK 1 NSOROGKOH FG
FNN LSPY 9FGHPY 3PZMO LSPY _PJG_ IJRO JG KÔ FNN MKPSO K^JM dOOeWn
6eKW#]-W"\"q ;>$,"[ 'T8<<<+ <<<)W ;PMK$KSJFI+ 8NNIO F_SOOH K^FK KÔ 8NN
7KPSO M^PZIH GPK bO ZMOH mFM FG OG_JGO PL SOKFIJFKJPGWn 6eKW#,-W-#f"$&
'T8<<<)W 8NNIO FS_ZOH bOIPd K^FK KÔ 1GkZGQKJPG M^PZIH GPK NSOQIZHO
_OGOSFI NPIJQX Q^FG_OM LPS KÔ 8NN 7KPSO FGH FNN HOROIPNOSM+
6eKW#,-W,%f"[$]" 'T8<<<)+ bZK KÔ 1GkZGQKJPG FM OGKOSOH HPOM GPK HP
K^FK+ 6eKW#%&W1E? 'T8<<<)W 8M KÔ HJMKSJQK QPZSK OcNIFJGOH+ KÔ
1GkZGQKJPG JM YOFGK KP mFHOsZFKOIX NSPKOQK NSJQO QPYNOKJKJPG dJK^PZK
KPZQ^JG_+ JG FGX dFX+ 8NNIOiM LIOcJbJIJKX JG JKM YFGF_OYOGK PL KÔ FNN
MKPSOWn 6eKW#,-W-#f[$"" 'T8<<<)W
]W 8NNIO FGH KdP ;ZbIJMÔS$8NNOIIFGKM QPYNIFJG FbPZK SOMKSJQKJPGM
PG 8NNIOiM QPGKSFQKM dJK^ ;ZbIJMÔS$6OLOGHFGKMW ?SW -]q 7`7 ?SW ]]$&#q
=FQYJIIFG ?SW ]*$,#W 8NNIOiM PNFsZO PGO$MOGKOGQO FS_ZYOGK SO_FSHJG_

"&
8NNIO OcNIFJGOH K^FK JK KFeOM F #\p QPYYJMMJPG PG FII HJ_JKFI QPGKOGK
MFIOM YFHO HJSOQKIX LSPY JKM FNNMW 6eKW#,-W-]f"$* 'T8<<<)W 2Ô QPZSK
dFM QPGQOSGOH K^FK 8NNIO YJ_^K ZMO K^FK #\p MFIOM QPYYJMMJPG KP
JGKSPHZQO F mHO LFQKP F_OGQX F_SOOYOGKWn 6eKW#,-W-#f,$[ 'T8<<<)W

"\\

K^PMO SOMKSJQKJPGM JM JGMZLLJQJOGK KP bSJG_ KÔ JMMZO bOLPSO K^JM .PZSKW
EJFQPY+ -%- :W#H FK &\ GW"&W 2Ô ;ZbIJMÔS$8NNOIIFGKM FS_ZO FbPZK KÔ
SOMKSJQKJPGM FK _SOFKOS IOG_K^W 2ÔJS FS_ZYOGKM FSO LIFdOH+ ^PdOROS+
bOQFZMO KÔX SOMK PG KÔ OSSPGOPZM NSOYJMO K^FK KÔ 1GkZGQKJPG OGKOSOH
F_FJGMK 8NNIO ^FH KÔ OLLOQK PL FYOGHJG_ KÔ ;ZbIJMÔS$6OLOGHFGKMi
PdG NSORJPZMIX OGKOSOH QPGMOGK HOQSOOMW
2Ô ;ZbIJMÔS$6OLOGHFGKMi QPGMOGK HOQSOOM NSP^JbJK KÔY+ LPS KdP
XOFSM+ LSPY OGKOSJG_ JGKP QPGKSFQKM K^FK NSOROGK ObPPe SOKFJIOSM LSPY
HJMQPZGKJG_W 2Ô 1GkZGQKJPG bFSM 8NNIO LSPY OGKOSJG_ QPGKSFQKM K^FK
SOMKSJQK JKM HJMQPZGKJG_W 2Ô QPZSK dFM QPGQOSGOH FbPZK 8NNIO
mSOGO_PKJFKJG_ dJK^ FII PL KÔ NZbIJMÔS HOLOGHFGKM FK PGQOWn
6eKW#,-W-,f]"$], 'T8<<<)W 1K MPZ_^K KP FRPJH QSOFKJG_ mPGO NPJGK JG
KJYOn dÔG 8NNIO QPZIH QPPSHJGFKO KÔ ;ZbIJMÔS$6OLOGHFGKM bX
mFMMZSUJG_ OFQ^V K^FK JK dFM KFeJG_ KÔ MFYO bFS_FJGJG_ NPMJKJPG FM JKM
NOOSM RJM$F$RJM 8NNIOWn 1HW 2Ô QPZSK KÔSOLPSO JYNPMOH SOMKSJQKJPGM PG
8NNIO K^FK OcNJSO FK MJc$YPGK^ JGKOSRFIM LPS OFQ^ ;ZbIJMÔS$6OLOGHFGK+
bO_JGGJG_ KdP XOFSM FLKOS KÔ OGKSX PL kZH_YOGKW 2^JM MOGMJbIO
NSOQFZKJPG dFM dJK^JG KÔ QPZSKiM HJMQSOKJPGW
Case: l3-374l Document: 236 Page: ll0 05/27/20l4 l2340l0 ll7

"\"

=FQYJIIFG FGH 7JYPG ` 7Q^ZMKOS FS_ZO K^FK+ bOQFZMO KÔ
1GkZGQKJPGiM NSP^JbJKJPG PG 8NNIO QPGKSFQKM K^FK SOMKSJQK HJMQPZGKJG_
IFMKM IPG_OS K^FG MJYJIFS NSPRJMJPGM JG KÔ NZbIJMÔSMi PdG QPGMOGK
HOQSOOM+ KÔ QPZSK OLLOQKJROIX FYOGHOH K^PMO QPGMOGK HOQSOOM dJK^PZK
LPIIPdJG_ KÔ SOsZJSOH NSPQOHZSOMW 7`7 ?SW ]]$#*q =FQYJIIFG ?SW ]*$#%W
2^FK FS_ZYOGK IFQeM YOSJKW 2Ô QPGHZQK LPS d^JQ^ 8NNIO dFM ÔIH
IJFbIO JGRPIROH KÔ LPSYFKJPG PL ZGIFdLZI F_SOOYOGKMW 1G PSHOS KP
NSOROGK 8NNIO LSPY QPYYJKKJG_ MJYJIFS RJPIFKJPGM JG KÔ LZKZSO+ KÔ
HJMKSJQK QPZSK KÔSOLPSO FQKOH FNNSPNSJFKOIX JG LFM^JPGJG_ FG 1GkZGQKJPG
K^FK SOMKSJQKM 8NNIOiM FbJIJKX KP GO_PKJFKO QOSKFJG KXNOM PL QPGKSFQKMW
?X JKM GFKZSO+ F SOMKSJQKJPG PG PGO NFSKXiM FbJIJKX KP QPGKSFQK dJII
^FRO MNJIIPROS OLLOQKM PG NPKOGKJFI QPZGKOS$NFSKJOMW 2^FK NSFQKJQFI
JYNFQK PG PKÔSM+ ^PdOROS+ HPOM GPK FIKOS KÔ LFQK K^FK KÔ 1GkZGQKJPG bX
JKM KOSYM SZGM F_FJGMK 8NNIO+ GPK F_FJGMK KÔ ;ZbIJMÔS$6OLOGHFGKMW
=FQYJIIFG FGH 7JYPG ` 7Q^ZMKOS QJKO GP HOQJMJPG MZNNPSKJG_ KÔJS RJOd
K^FK KÔ 1GkZGQKJPG OLLOQKM F QPGMKSZQKJRO FYOGHYOGK PL KÔJS PdG
QPGMOGK HOQSOOMW
:PS OMMOGKJFIIX KÔ MFYO SOFMPG+ =FQYJIIFG FGH 7JYPG ` 7Q^ZMKOS
FSO dSPG_ JG FS_ZJG_ K^FK ;IFJGKJLLM M^PZIH ^FRO bOOG kZHJQJFIIX
Case: l3-374l Document: 236 Page: lll 05/27/20l4 l2340l0 ll7

"\]

OMKPNNOH LSPY mMOOeJG_ FG OcKOGMJPG PL UKÔ NZbIJMÔSMiV QPPIJG_$PLL
NOSJPHWn 7`7 ?SW #*q =FQYJIIFG ?SW &\W 8IK^PZ_^ KÔ SOIJOL MPZ_^K 'FGH
KÔ SOIJOL ZIKJYFKOIX JYNPMOH) F_FJGMK 8NNIO dJII ^FRO F NSFQKJQFI
JYNFQK PG KÔ ;ZbIJMÔS$8NNOIIFGKM+ ;IFJGKJLLM HJH GPK MOOe FGX
OcKOGMJPG PL KÔ ;ZbIJMÔS$6OLOGHFGKMi PdG QPPIJG_$PLL NOSJPHMW
;IFJGKJLLM HJH MOOe F LJRO$XOFS QPPIJG_ PLL NOSJPH LPS 8NNIO+ bZK KÔ QPZSK
SOkOQKOH K^FK NSPNPMFIW 8GH JK dFM KÔ QPZSK 'MZF MNPGKO)+ GPK ;IFJGKJLLM+
K^FK NSPNPMOH MKF__OSOH SOGO_PKJFKJPGW
#W :JGFIIX+ 8NNIO FS_ZOM K^FK KÔ YPGJKPSM^JN JM mIO_FIIX
JGFNNSPNSJFKO ÔSOWn ?SW -#W 2Ô FNNPJGKYOGK PL F QPYNIJFGQO YPGJKPS
dFM dJK^JG KÔ HJMKSJQK QPZSKiM mIFS_O HJMQSOKJPG KP LJK KÔ HOQSOO KP KÔ
MNOQJFI GOOHM PL KÔ JGHJRJHZFI QFMOWn :PSH =PKPS .PW RW 5GJKOH 7KFKOM+
&\, 5W7W ,-]+ ,%# '"[%]) 'JGKOSGFI sZPKFKJPGM PYJKKOH)W .PZSKM ^FRO
mJGÔSOGKn FZK^PSJKX KP FNNPJGK NOSMPGM KP FMMJMK KÔY+ 4c ;FSKO
;OKOSMPG+ ],# 5W7W #\\+ #"]$"# '"[]\)+ JGQIZHJG_ FHYJGJMKSFKPSM KP FJH
JG SOYOHXJG_ RJPIFKJPGM PL KÔ IFd+ (PQFI ]* PL 7ÔOK =OKFI BPSeOSMi
1GKiI 8MMiG RW 44/.+ &%* 5W7W &]"+ &*"$*] '"[*-) 'FLLJSYJG_ FNNPJGKYOGK
PL FHYJGJMKSFKPS dJK^ mbSPFH NPdOSM KP PROSMOO UZGJPGiMV YOYbOSM^JN
NSFQKJQOMn OROG K^PZ_^ MZQ^ PROSMJ_^K QPZIH mMZbMKFGKJFIIX JGKOSLOSO

"\#

dJK^ W W W YOYbOSM^JN PNOSFKJPGMn)W 2Ô HJMKSJQK QPZSK dFM SOIZQKFGK KP
JYNPMO F YPGJKPSW 1K QPGQIZHOH+ ^PdOROS+ K^FK _JROG 8NNIOiM QPGHZQK+
HOLOGMO PL K^FK QPGHZQK+ FGH SOIZQKFGQO KP NSOROGK JKM SOQZSSOGQO+ F
YPGJKPS dFM GOQOMMFSXW
8NNIO LPSLOJKOH KÔ FS_ZYOGKM K^FK LPSYOH KÔ bFMJM PL JKM MKFX
SOsZOMK j K^FK KÔ YPGJKPSM^JN RJPIFKOM 9ZIO ,#+ :OHW 9W .JRW ;W+ FGH KÔ
QPGMKJKZKJPGFI MONFSFKJPG PL NPdOSM+ ?SW -# j bX mHORPKUJG_V PGIX F MJG_IO
QPGQIZMPSX MOGKOGQOn KP K^PMO QPGKOGKJPGM+ A^FG_ RW DPGgFIOM+ &]- :W#H
,&\+ ,&, GW% ']H .JSW ]\\,)W 8NNIO FIMP LPSLOJKOH FGX FS_ZYOGK K^FK KÔ
YPGJKPSM^JN RJPIFKOM 9ZIO ,# bX LJSMK SFJMJG_ JK KdP YPGK^M FLKOS
GPKJQJG_ JKM FNNOFIW 7OO /NNPMJKJPG PL ;IFJGKJLLM$8NNOIIOOM KP 8NNIOiM
4YOS_OGQX =PKJPG LPS F 7KFX ;OGHJG_ 8NNOFI+ TFGW ]&+ ]\"&+ FK "\$""W
4ROG JL 9ZIO ,# dOSO KÔ PGIX MPZSQO PL KÔ QPZSKiM FZK^PSJKX 'FGH JK JM
GPK)+ KÔ YPGJKPSM^JN HPOM GPK RJPIFKO KÔ SZIO+ FM KÔ YPGJKPS ^FM
FZK^PSJKX PGIX KP ORFIZFKO KÔ OLLOQKJROGOMM PL 8NNIOiM FGKJKSZMK KSFJGJG_
FGH QPYNIJFGQO NSP_SFYMW 1HW FK ""$"]W
0PS HPOM KÔ YPGJKPSM^JN RJPIFKO KÔ MONFSFKJPG PL NPdOSMW 1HW FK
"#$"&W 8NNIOiM SOIJFGQO PG .PbOII RW 0PSKPG JM YJMNIFQOH+ MJGQO KÔ
HJMKSJQK QPZSK JG K^FK QFMO _FRO F YPGJKPS mIJQOGMO KP JGKSZHO JGKP KÔ

"\&

JGKOSGFI FLLFJSMn PL FG OcOQZKJRO bSFGQ^ F_OGQXW ##& :W#H ""]*+ ""&#
'6W.W .JSW ]\\#)W 1G QPGKSFMK+ F HJMKSJQK QPZSKiM FNNPJGKYOGK PL F YPGJKPS
KP OGMZSO K^FK F GPG$_PROSGYOGKFI QPSNPSFKJPG QPYNIJOM dJK^ K^FK
QPZSKiM PSHOS HPOM GPK JYNIJQFKO KÔ MONFSFKJPG PL NPdOSMW 7OO CPZG_ RW
5GJKOH 7KFKOM Oc SOIW EZJKKPG OK :JIM+ &*" 5W7W %*%+ %[- '"[*%) 'm2Ô
FbJIJKX KP NZGJM^ HJMPbOHJOGQO KP kZHJQJFI PSHOSM JM SO_FSHOH FM OMMOGKJFI
KP OGMZSJG_ K^FK KÔ TZHJQJFSX ^FM F YOFGM KP RJGHJQFKO JKM PdG
FZK^PSJKX dJK^PZK QPYNIOKO HONOGHOGQO PG PKÔS ?SFGQÔMWn)W
./0.(571/0
2Ô HJMKSJQK QPZSKiM kZH_YOGK FGH JGkZGQKJPG M^PZIH bO FLLJSYOHW
9OMNOQKLZIIX MZbYJKKOHW


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KP LJIO FG PROSMJgO bSJOL ZN KP ]\+\\\ dPSHMW 2^JM bSJOL QPGKFJGM "[+]#-
dPSHM+ OcQIZHJG_ KÔ NFSKM PL KÔ bSJOL OcOYNKOH bX 9ZIO #]'F)'%)'?)'JJJ)W
]W 2^JM bSJOL QPYNIJOM dJK^ KÔ KXNOLFQO SOsZJSOYOGKM PL 9ZIO
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SOsZJSOYOGKM PL 9ZIO #]'F)'-) bOQFZMO K^JM bSJOL ^FM bOOG NSONFSOH JG F
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1 QOSKJLX K^FK FII NFSKJQJNFGKM JG KÔ QFMO FSO SO_JMKOSOH .=a4.:
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US V Apple Appellees Brief

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