You are on page 1of 61

$"$. ('*1./% 2-*0*-.

0
8#.+64
/:
!!

6;?,-; 5@8HF ```&NM^WR\RWX\&K['JUM^\

13.2 *(!)'&$!$+)!+

+ )**()' &$$+)(
2-*3(/>:'%'( '. 3%+( '. /*. '.0 >:-.>

-46=:;
DN&AJ[LNUX :N[WJWMN\ MN5Z^RWX&
F>

/624 ;46=:;
DN&>X\N =_X:XUUVJW&
F>
)95=979>;< 6@:?@=4:

,4=4; (>;74

[=O)>(.*1./% 2-*0*-.0 4<57>b6&#


@NRUJ
FX^cJ ANWMN\

*6;4=:;
DN&DNM[X;RUKN[]X;XVN\& F>

):9<485: +36=:;608
5UO[NMX 7^UUN]XW
7J[UX\ 5UKN[]X ;RJWX]]R
DN&@^R\:N[WJWMXEXM[RP^N\&F>
DN&DNM[X;RUKN[]X ;XVN\& F>
IRLNW]NMNDJ^UX6J[[N]]X

98=GCE5 HB=F=B8F
):84=&%0:'83><
!$
A *((+ DN]N[ 6^[TN
)MDLMJ9D
GR]^UXX[RPRWJU2 ,Q:JA<ALQ!
)MDLMJ9D
+P;@9F?=!)MDLMJ9D
5J9FKD9LAGF%
3=>D=;LAGFK
GF ,AKLGJQ
9F< 5@=GJQ

*((+ 8R[NR]X\ NMR]X[RJR\


NV URWP^J
YX[]^P^N\J [N\N[_JMX\ J
9MR]X[J MJ HWR_N[\RMJMNMXIJUN MX ERXMX\ FRWX\ - 7C@9d5X '.164
9C=GCE5 HB=F=BCF
=F6B 0-%/,+)%)1/%1
+5 [NRVY[N\\JX$ Y[RVJ_N[J MN*()($ ONR]JLXWOX[VN#
5LX[MX 8[]XP[J]RLX MJ @RWP^J DX[]^P^N\J NV _RPX[MN\MN *((1

&':8 4' %:7@$


!$
; \R[WKXUX 8
JX UJMX J VJ[LJ MX
FXK J MR[%NLJX
MN7J[UX\ 5UKN[]J ;RJWX]]R
RVY[N\\X[ 5UM^\ DR^\ AJW^]R^\$ 5
+<ALGJ YJ[]R[ MN)-()$ W^VJ NYXLJ NV Z^N
7J[UX\ 5UKN[]X ;RJWX]]R
X\ UR_[X\N[JV LJ[N\ N MROOLNR\ MN
3=NAK9G
ENWJ]X 8NR]X\ VJW^\NJ[$ 5UM^\ RWRLRX^ J Y[XM^LJX
AJ]N^\ 7XUXVKXANWMN\
MN UR_[X\ LXV OX[VJ]X YNZ^NWX&
+<ALGJ9J&&9G
8NLRX ENVRPR^\9Ub DJ[J MRVRW^R[ # _XU^VNN # Y[NLX$
)9H9 NWLXVNWMX^ MX X^[R_N\ :[JWLN\LX
=\JKNU7J[KJUUX
;[ROOX^V ]RYXMNUN][J Z^N YN[VR]RJ
^V VJRX[ W^[WN[XMNLJ[JL]N[N\ YX[ YJZRWJ& 9\\N
]RYX_NRXJ \N[ LXWQNLRMX LXVX R]JURLX&
5 [NY[%XM^LJX&JRWMJZ^N YJ[LRJU$YX[ Z^JUZ^N[ [WNRX&MJ\ YJZRWJ\ Z^N <XSN$# OX[VJ]X UR_[X MNKXU\XN # Y[NON[RMX
LXVY.NV N\]N UR_[X$
YJ[J ^\X WJXRWMR_RM^JU$ VN\VX YJ[J ORW\ MRMJ]RLX\
$
YNUJVJRX[RJ MX\ UNR]X[N\MX YUJWN]J&5 9C=GXE5
\NV 5>=;<9@565;N\L[R]J MXNMR]X[$8 RURLR]JN \N LXW\]R]^R W^VJ
LXW][%JOJLJXMJWX\J J L^U]^[J& HB=F=BCF$VNMRJW]NN\]J LXUNLJX$NV OX[VJ]X
:XR ONR]X# MNYX\R]XUNPJU&
MRON[NWLRJMXN RVY[N\\J NV YJYNU N\YNLRJU$ Y[XL^[J
UN_J[J\\^W]X\ RW]N[N\\JW]N\ JX\ UNR]X[N\YX[ ^V
Y[NLX JLN\\O_NU&
9MR]X[J MJ HWR_N[\RMJMN
MXIJUN MXERXMX\ FRWX\
9C=GCE5 HB=F=BCF
5_& HWR\RWX\$
1-(
1+(**%((( FJX @NXYXUMXEF 6[J\RU

GNUNO&2-)&+-1(0*+1
:Ja2 -)&+-1(0*+0
NMR]X[J4^WR\RWX\&K[

(
; 98=GCE 5DE9F9BG5

5 _Xc MXYX_X MRcZ^N QJ VJUN\ Z^N _N[WYJ[J


X KNV2 VJ\ QJ ]J[WKN[WVJUN\ Z^N _N[WYJ[J # VJU$
J\\RV LXVX QJ KNW\ Z^N _N[WYJ[J # KNV X^ YJ[J #
VJU&<J LXR\J\ Z^N \N YUJWNSJVMN ^V VXMX N #
[N\^U]JMX Z^N \N XK]N[WN MRON[NW]N MXN\YN[JMX %
YJ[J # KNV X^ YJ[J # VJU&
:Jc LN[NJ MN^V JWX$UR ^V J[]RPX MXY[XON\\X[
DN]N[ 6^[TN \XK[N J -0,,3*,1 <G +-*-10,3-1 F9 NA<9
D=LJ9<9#5LQNRJZ^NUJ YJZRWJOJW]J\]RLJDX[ R\\X$
NW][NRNV LXW]J]X LXV NUNYJ[J _N[ \N \N[RJ YX\\O_NU
N\]NWMN[ JZ^NUNJ[]RPX YJ[J ][JW\OX[[WJ%UX& W^VJ
_N[\NX JUXWPJMJ$ NV VJR\ ^V ]R]^UXMN\]J 7XUNLJX
.:1;4 ! 0>=:;
'D<MK#( Y[XON\\X[ DN]N[ \^PN[R^$ NW]JX$^V X^][X
DN]N[ 6^[TN 0: Y[XON\\X[ MNdR\].[RJ L^U]^[JU WJ ]NVJ YJ[J LXVYX[ ^V UR_[X2@A:JA<AKEG ;MDLMJ9D#
HWR_N[\RMJMNMN7JVK[RMPN& 9 J^]X[ MN** 5LNR]NRJ Y[XYX\]J& 9UNY[NYJ[X^ J VJ]N[RJ N JZ^RJ
UR_[X\$)* MNUN\][JM^cRMX\ N NMR]JMXd NV ]NVX\ NV UR_[X$ LXV J ][JM^LJX L^RMJMX\JMJ @NRUJ
YX[]^P^N\& 7XV \^J V^UQN[$AJ[RJ @^L[J ANWMN\& <J KNW\ Z^N _N[WYJ[J # KNV&
DJUUJ[N\%6^[TN$J\]&J N\L[N_NWMX^V UR_[X\JK[N
;RUKN[]X:[Nb[N& BX_&'*((+

/
'(3( &(3*1 8 %(3(!

*3-,0*,4 JFMDLA;MDLMJKAS#
02,%/*.

UW][XM^LJX )+

)& IJ[RNMJMN\ MNXKSN]X\ *+

*& IJ[RNMJMN\ MN]N[VRWXUXPRJ\ +1

+& IJ[RNMJMN\ MN\R]^JLXN\ .-

,& IJ[RNMJMN\ MN[NJLXN\ //

-& IJ[RNMJMN\ MN[N\^U]JMX\ )()


5G<9K9K ;MDLMJ9K
49* ( J=KMDL9<G
<= ME9 JFAPGJ<A=#
7UJ^MN U&N_R%F][%N^\\

' 0-4513-, <= LG<9K9K ;MDLMJ9K


, 5 )-,51*-,<G ,/23,45-/1 ;MDLMJ9D#
9M`J[M FJRM

,GB=! LG<9K9K ;MDLMJ9K


49* ;MDLMJ9K
<= >JGFL=AJ9#
BN\]X[ 7JWLURWR

9V ^VJ MR\L^\\JX [NLNW]N MJ YX\%


VXMN[WRMJMN$ # QR\]X[RJMJ[ K[R]JWRLXDN[[b 5W%
MN[\XW MN\L[N_N J ]N[RMNWLRJ MX YN[OXMXNV Z^N
_R_NVX\ MN LNUNK[J[ # ;JGKKGN=J!# QUK[RMW$ #
HGL"HGMJJA$" DJ[J \N[ VJR\ NaJ]X$ JUP^VJ\
YN\\XJ\ %LXVJ # N\L[R]X[ JWPUX%RWMRJWX FJUVJW
E^\QMRNNV \N^\ 7=JKGKK9L9FA;GK"-GMN9EN\]N\
ONW.VNWX\NWZ^JW]X X^][J\ X\ ]NVNV X^ X\
LXWMNWJV&5 [NY[%X_JLJX Y[XLNMN$ MN_N%\N
JL[N\LNW]J[$ MNMRON[NW]N\ YX\]^[J\ YXUU]RLJ\$
SJ
Z^N MNW][NX\ L[O]RLX\MXQRK[RMR\VX NWLXW][JVX\
O^WMJVNW]JUR\]J\V^L^U[WJWX\&\NP[NPJLRXWR\]J\
K[JWLX\ N \NYJ[J]R\]J\ WNP[X\&

DN[[b 5WMN[\XW$1JA?AFK
G>2GKL"/G<=JFALQ
"@XWMXW$
)110#&

!"
"# 7C@975X #764 <=6E=C=FAC 7H@GHE5@ !#

HV MX\ \RWJR\MXLURVJRW]NUNL]^JU MNWX\\J cNW$ JX ?^WP :^ WRPN[RJWX X^ JX\ ORUVN\MN


NYXLJ N # ^\J L[N\LNW]N MX ]N[VX (GD$QOGG< "ONR]X\ NV 6XVKJRV N Z^N VR\]^[JV
N\\NWLRJUR\VX LXVJ ^V VXMX MN L[R]RLJ[ # LJWLXN\ N MJWLN\ ][JMRLRXWJR\RWMRJWJ\LJV
XYXWNW]NNV ]XMX ]RYX MN MR\L^\\JX& BJLXN\$ LXW_NWLXN\QXUUb% `XXMRJWJ\U&9\]N Y[XLN\\X N
LUJ\\N\ \XLRJR\$ ][RKX\ N LJ\]J\ ]N[W ]XMX\ \RMX YJ[]RL^UJ[VNW]N .K_RXWXLJVYX V^\RLJU WXLJ\X MN
MN\LXW][^RMX\ WX \NW]RMXMN \N[NV MN\L[R]X\ OX[VJ\ N PNWN[X\ QRK[RMX\ LXVJ # B9RR!# J=??9=! J
LXVJ NW]RMJMN\ OJU\J\& HV NaNVYUX K9$K9 X^ # JG;C 9>JG";=$L9VJR\ [NLNW]N[WNW]N%&
RW^\R]JMJVNW]N \XOR\]RLJMXMN\\J ]NWMNWLRJ N# BX_J\ ]NLWXUXPRJ\$ RWLU^\R_N
J VN\J MNVRaJPNV $
UR_[X.G?AIM=K E=LAKK=K ")11(#$ MX JW][XYXUXZX XK_RJVNW]NOJLRUR]J[JVN\]N ]RYXMNQRK[RMRcJLJX&
][JWLN\ >NJW%@X^Y 5V\NUUN&5V\NUUN$N\YNLRJUR\]J DX[]JW]X WJX N MN LJ^\J[ N\YJW]X Z^N ]N%
NV 5O[RLJ CLRMNW]JU$ MNONWMN Z^N WJX NaR\]NV WQJ\^[PRMX ^V P[^YX MN]N.[RLX\ MX QRK[RMR\VX$
LXR\J\ LXVJ ][RKX\$ LXVJ X\ O^UJ\ X^ X\ NUN\VN\VX\ V^R]J\ _NcN\ MNRMNW]RMJMN L^U]^[JU
KJVKJ[J\& BJX NaR\]N ^VJ O[XW]NR[J L^U]^[JU M^YUJX^ VR\] J& <XVR 6QJKQJ$ YJ[ NaNVYUX$N ^V
WR]RMJX^ OR[VN NW][N P[^YX\$ N \RV$ YNUX RWMRJWX Z^N OXRY[XON\\X[ WJ =WPUJ]N[[JN Z^N QXSN
LXW][%J[RX& ^V ;GFLAFMMEL^U]^[JU& C\ URWP^R\]J\ N\] J WX\ 9\]JMX\ HWRMX\& F]^J[] <JUU$WJ\LRMXWJ
QJ V^R]X _N[WMNONWMNWMX # VN\VX YJW]X MN_R\]J >JVJRLJ$ MN J\LNWMNWLRJVR\]J$ _R_N^ J VJRX[
J [N\YNR]X MN=OWP^J\_RcRWQJ\ LXVJ # QXUJWMN\ N# YJ[]N MN \^J _RMJWJ =WPUJ]N[[J N MN\L[N_N J \R
JUN[WJX&BJ O[XW]NR[J$N RVYX\\R_NUMRcN[Z^JWMX VN\VX LXVJ \NWMX L^U]^[JUVNW]N ^V _R%
X^ XWMN# ]N[VRWJ QXUJWMN\N LX[WNLJ # JUNVJX& [J%=J]J\$ # VJR\ YN[ONR]XQOK[RMX L^U]^[%JU!3&UNW
5 Y[NXL^YJLJX LJV N\]N J\\^W]X N WJ]^[JU 5WP \N MN\L[N_N LXVJ ^VJ NLJMN[WRLJN]WRLJ%
NV ^V YN[RXMXLXVJ # WX\\X$ VJ[LJMX YJ[ VNW]N LQRWN\J$WJ\LRMJ WJ =WMXWN\RJ N NM^LJMJ
NWLXW][X\ L^U]^[JR\ LJMJ _Nc VJR\ O[NZ^NW]N\ N WJ 9^[XYJ Z^N QXSN_R_NN ][JKJUQJ WJ5^\][%JURJ! &
RW]NW\X\& 5 ZUXKJURcJLJX L^U]^[JU NW_XU_N 7XVYJ[JMX LJV N\]N\ ]N.[RLX\$ BN\]X[ 7JWLURWR$
QRK[RMRcJLJX!!&DJ[ VJR\ Z^N [NJSJVX\ J NUJ$WJX Z^N L[N\LN^ WJ 5[PNW]RWJ VJ\ _R_NWX ANaRLX$
LXW\NP^RVX\ WX\ UR_[J[MJ ]NWMNWLRJ PUXKJUYJ[J J WNV YJ[NLN \N[ ^VJ VR\]^[J& DJ[ X^][X UJMX$
VR\]^[J N J QRK[RMRcJLJX& MX ;MJJQ LJV KJ]J]J\ 9M`J[M FJRM$YJUN\]RWXZ^N L[N\LN^ WX 9PR]X$ N
O[R]J\ % [NLNW]NVNW]N NUNR]X# Y[J]X OJ_X[R]XMJ
C[J%6[N]NWQJ %J\ \J^WJ\ ]JRUJWMN\J\$JX S^MJR\VX
+ ;NX[PRWJ 6X[W JWM 8J_RM<N\VXWMQJUPQ"NM\#$ 8=KL=JF /MKA; 9F< ALK
1L@=JK "6N[TNUNbJWM@X\ 5WPNUN\$*((C>&
, 7R]JMX NV 7Q[R\ EXSNT$4LM9JL ,9DD "7JVK[RMPN$*((+#$ Y& ,1&
% >JW BNMN[_NNWDRN]N[\N& ;UXKJURcJ]RXW
J\ <bK[RMRcJ]RXW -FL=JF9LAGF9D
$ ( UNW5WP$1F 0GL 4H=9CAF? )@AF=K=%.ANAF?:=LO==F 'KA9 9F< L@=8=KL "@XW%
4G;AGDG?Q1 ")11,#$ Y& ).)%0,& MXW$*(()#$ Y&+&
AB;KBHBLFH <NEMNK:E !'
!& <HE>p:H .TRP

hjVh ZmegZhhdZh&XdcXgZi^oVXdZh dj h^gcWda^oVXdZh


egd[Zhhdg cdh >hiVYdh Nc^Ydh Z hZ YZhXgZkZ
Zb VgiZ[Vidh& egVi^XVh Z gZegZhZciVXdZh)
XdbV !YZhadXVYd! dcYZ fjZg fjZ hZ ZcXdcigZ #YZ
>b jb ZchV^d ^c[dgbVa& eZhhdVa&YZhhZ i^ed&
[dgbV hZbZa]VciZ CVlV]VgaVa GZ]gj& & eg^bZ^gd
Z bZa]dg YZ^mVgad\d XaVgdcdh hd eVcid YZ k^hiV)
eg^bZ^gd(b^c^higd YV BcY^VYZed^h YV bYZeZcYZc(
IZgb^iVb(bZ edgiVcid Y^oZgfjZ ZcfjVcid Zjgd(
X^V&jbV kZo YZXaVgdj fjZ ]Vk^V hZ idgcVYd jbV
eZj Yd cdgiZ fjZ hZbegZ hZci^j Vig(VXVd eZaVh
!ZhigVc]V bZhXaV YZ Hg^ZciZ Z HX^YZciZ& YZh '&$
XjaijgVh aVi^cVh iYV aiVa^VVd ;gVh^aa) Vhh^b XdbV
XVY& Zb fjVafjZg aj\Vg!$0)
F
igVWVa]d YZhiZh Z YZ djigdh iZ0g^Xdh iZb dX^YZciVa [VhX^cVYd XVb Vfj^ad fjZ dh ZjgdeZjh
XdhijbVkVb X]VbVg YZ Hg^ZciZ FZY^V Z >migZbd
XVYV kZo bV^h VigV^Yd & ^ciZgZhhZ eVgV kVg^Vh Y^h(
Hg^ZciZ& b^c]V eg0eg^V ZmeZg^ZcX^VYZ ^ciZg"VXVd
X^ea^cVh& YV Vcigdedad\^V 3D a^iZgVijgV& YV \Zd\gV[^V
XjaijgVa BhZ_VZcigZ ^cY^k^Yjdh&Y^hX^ea^cVhdj Xja(
3D ]^hi0g^V YV VgiZ Z YV bjh^Xdad\^V Vdh ZhijYdh
ijgVh$ iZb h^Yd ZmigZbVbZciZ edh^i^kV) =Z fjVa(
YZ gZa^\^Vd)Hh ]^hidg^VYdgZh g)VbWZgc&^cXajh^kZ Zj
fjZg [dgbV& VX]d Xdck^cXZciZ & Vg\jbZcid YZ
bZhbd& ZhiVd YZY^XVcYd XVYV kZo bV^h ViZc6+Vd
fjZ idYV ^cdkVXVd Z jbV ZheZX^Z YZ VYVeiVXVd Z
Vdh egdXZhhdh YZ ZcXdcigd& XVciViV& biZgVXVd)
fjZ ZcXdcigdh XjaijgV^h ZcXdgV_Vb V Xg^Vi^k^YVYZ)
igdXV Z ]^Wg^Y^oV654Vd XjaijgVa)
F fjZ gZhdak^VegZhZciVg Vfj^& cd ZciVcid& Gd ZciVcid& cVd ZhXda]^ ZhiZ Vhhjcid eVgV
adjkVg Vh igdXVh XjaijgV^h dj & ]^Wg^Y^hbd Xjaij(
cVd Z jb ZhijYd YZ ]^hi0g^V YV XjaijgV& bVh jb
gVa&bVh eVgV VcVa^hVgZhiZh [ZcdgcZcXh) GV VcVa^(
ZchV^d iVd ]^Wg^YdfjVciV hZj Vhhjcid& ^ciZgZhhVYd
hZ fjZ hZ hZ\jZ iZciVgZ^ hZg & bV^h ^beVgX^Va
cd egZhZciZ Vhh^b XdbV cd eVhhVYd& Zb iZdg^Vh
edhh^kZa) BbeVgX^Va& Z cVd dW_Zi^kd&_VfjZ Z ^gcedh(
Vhh^b XdbV Zb egVi^XVh Z Zb egdXZhhdh \ZgV^h
Vhh^b XdbV Zb VXdciZX^bZcidh ZheZX^[^Xdh) h^kZa[j\^gbdh YZ cdhhV eXh^XVd hdX^VaZ YZ cdh hd
XdcY^X^dcVbZcid ]^hi0g^Xd) MdYVk^V&VXgZY^id [^g(
>bWdgV egdXZhhdh YZ ]^Wg^Y^oV654Vd edhhVb hZg
bZbZciZ cV ^gcedgiVcX^V YZ hZ bVciZg & Y^hiVc(
ZcXdcigVYdh cV Zh[ZgV Vdibdb^XV) hdX^VaZ eda^i^XV&
X^VbZcid& eZad bZcdh iZbedgVg^VbZciZ& YZ cdh(
eVgV cVd bZcX^dcVg V b^hX^\ZcV654Vd& ZhiZ ZchV^d hZ
hV h^ijVXVd& Z YZhiV [dgbV ZmVb^cVg ijYd YZ jbV
gZhig^c\Z V iZcYZcX^Vh XjaijgV^h& YZ[^c^cYd & iZgbd
ARIQRO?Zb jb hZci^Yd gVodVkZabZciZ Vbead YZ eZgheZXi^kV bV^h VbeaV Yd fjZ Z edhh^kZa Zb dj(
igVh X^g(Xjchi)VcX^Vh) >hiV Z V Xdcig^Wj^XVd i^e^XV(
[dgbV V ^cXaj^gVi^ijYZh& bZciVa^YVYZh Z kVadgZh Z
bZciZ VXVYZgc^XVeVgV jb YZWViZ fjZ ]d_Z Z Yd
^ciZgZhhZ YZ idYdh& Z fjZ Z ZheZX^VabZciZ Vegd(
eg^VYd eVgV jb ]^hidg^VYdg YV XjaijgV)
GZhiZ XVhd Zb eVgi^XjaVg& cVd iZc]d V bZ(
0 >YlVgY LV^Y) !Hji d[ IaVXZ!5 GZ]gj X^iVYd ^c KdWZgi C) Rdjc\) E[_`O[X[ZUMXU_Y3 cdg ^ciZcXVd YZ VegZhZciVg V igdXV XjaijgVa XdbV
MZ =U_`[^UOMX
>Z`^[PaO`U[Z#Hm[dgY),**+ 7%e) -.2)
!( <HE><:d .TRP AB;KBHBLFH <NEMNK:E !)

jb h^beaZh Zcg^fjZX^bZcid& ZhfjZXZcYd fjZ Vh igd [Zo jbV ^ciZgegZiVXVd YV ]^hidgiV ZheVc]daV
kZoZh ZaV dXdggZ Zb YZig^bZcid YZ VafjZgc) Gd fjZ eg^k^aZ\^dj dh ZcXdcigdh Z Vh ^ciZg(VXXZh Zc(
XVbed YV gcjh^XV& eVg ZmZbead&ZheZX^VabZciZ cV igZ igZh XjaijgVh4 V Xg^hiV& V _jYV^XV Z V
gcjh^XV edejaVg& dh dX^YZciV^h iZgc ZbegZhiVYd bjXjabVcV!&
YZ djigVh XjaijgVh& XdbV YV Ydh e^\bZjh YV :[g^( Gdh Vcdh +3/*& & ]^hidg^VYdg Wg^iVc^Xd
XV <ZcigVa& [VoZcYd & gZ\^higd Ydh Y^gZ^idh Vjid( :gcdaY MdncWZZgZ[aZi^j hVWgZ& fjZ ZaZ_VX]VbV(
gV^h Ydh gZhjaiVYdh hZb Y^k^Y^gdh ^[eMX`UQ_XVb kV YZ !ZcXdcigdh! ZcigZ XjaijgVh& hVWgZV ^bedg(
dh gcjh^Xdh dg^\^cV^h) >b djigVh eVaVkgVh&ZaZh iVcX^V YVh Y^VhedgVh Z V cVijgZoV YV !gZXZeXVd!
iZgc igViVYd V gcjh^XV Yd MZgXZ^gdFjcYd XdbV hZ Xjaijg(Va!) >aZYZY^Xdj YV^hkdajbZh YZ hZj H`aPe [R
[dhhZ bV^h jb i^ed YZ bViZg^V(eg^bV fjZ Z !egd( =U_`[^e UJY Q_`aP[ PQTU_`/^UM'K^d YZ CVcZ^gd&P)
XZhhVYV! cV >jgdeV Z cV :bZg^XV Yd 9FIKA % F) CVX`hdc& +3/-$ Vd fjZ X]Vbdj YZ !XVciViVh
F egZXd YV ]^Wg^Y^oVXVd&ZheZX^VabZciZ cV( ZcigZ X^k^a^oVXdZh!cd ZheVXd Z cd iZbed& !Xdc[a^(
fjZaV [dgbV ^cjh^iVYVbZciZ gVe^YVfjZ Z XVgVXiZ( idh ZcigZ XjaijgVh! dj YZ !Y^[gVdVd! YZ !gV^dh
g[hi^XV YZ cdhhV ZedXV&^cXaj^V eZgYV YZ igVY^XdZh Xjaijg(V^hk"I) =^[ZgZciZbZciZ YV bV^dg^V Ydh ^c(
gZ\^dcV^h Z YZ gV[oZh adXV^h) <ZgiVbZciZ cVd Z \aZhZh YZ hjV \ZgV3Vd& MdncWZZ hZ ^ciZgZhhVkV
eVg VX^YZciZ fjZ V VijVa ZgV YZ fadWVa^oVXVd Xjaij( eVg idYd i^ed YZ h^cXgZi^hbd gZa^\^dhd) >aZ gZ\^h(
gVa&Vh kZoZh k^hiV bV^h hjeZg[^X^VabZciZ XdbV igdj jbV ZmeZg^ZcX^VgZa^\^dhVcV GVi^dcVa @VaaZgn
!VgcZg^XVc^oVXVd!) Z iVgcWZgc V ZgV YVh gZVXdZh YZ EdcYgZh& Zb +3/+& cV fjVa ZaZ ^ckdXdj ;jYV&
cVX^dcVa^hiVh dj ZigjXVh ( hZgk^VZ XgdViV& iji h^ Z FVdgcZ Z !<g^hiV MVbbjo& <g^hiV :Ydc^h& <g^hiV
]jij& Vg(VWZ&WVhXVZ Vhh^b eVg Y^VciZ) @^aWZgid Hhag^h!++)
?gZngZ adjkdj cdiVkZabZciZ iVcid & gZ\^dcVa^hbd :a\jbVh eZhhdVh& fjZ edYZg[Vbdh YZhXgZ(
fjVciV V bZhi^XVfZb) bVh \ZgVabZciZ ]V jbV kZg XdbV !ejg^hi)Vh!) [^XVgVb egd[jcYVbZciZ X]d(
iZchVd ZcigZ ZaZh) XVYVh XVb dh Vg\jbZcidh YZ ?gZngZ&YZ <Vhigd Z
@^aWZgid?gZngZ [d^ jb Ydh eg^bZ^gdh _OT[X& YZ MdncWZZ fjVcYd hjVh dWgVh [dgVb ejWa^XVYVh
M^_ V YZY^XVgViZcXVd Vd ]^Wg^Y^hbd XjaijgVa& Zb eZaV eg^bZ^gV kZo) Ad_Z&eZad Xdcig(Vg^d&ZhiVbdh
8M_M <^MZPQ Q HQZfMXM% YZ +3--) IdjXd iZbed
YZed^h& & hdX^VaV\d ?ZgcVcYd Hgi^o [Zo & bZhbd
Zb gZaVXVdV <jWV) Gdh Vcdh +3.*& :bZg^XV <Vh( 2 @^aWZgid
?gZngZ) <VhV <^MZPQ Z HQZfMXM#K^dYZ CVcZ^gd) +3--$5 ?ZgcVcYd
Hgi^o) 8[Z`^Q\aZ`Q[ OaNMZ[ #AVkVcV) +3.*a5 :bZg^Xd <Vhigd) :_\MZM QZ
hj NU_`[^UQ#*2-1$'
3 :gcdaY C) MdncWZZ)6 H`aPe [R =U_`[^e' kda) 2 #EdcYdc) +3/.$) e) ,1.[[)
-0+R`' .2+ [i)
1 LiZkZc ?ZaY) !M]Z IdZi^Xh VcY Ida^i^Xh d[ In\bn Ide!) UZ 7[^Z MZP +* MdncWZZ)H`aPe' kda) 2& e) .3/)
=Q_Y[ZPTMXST' e) ,/.(13) ++ MdncWZZ)H`aPe' kda) +=) e) +.-)
" <HE><:d .TRP AB;KB=BLFH <NEMNK:E "!

egZeVgVYdh eVgV ZcXdcigVg V ]^Wg^Y^oVXVdfjVhZ >b djigdh adXV^h&V h[ciZhZ eVgZXZ iZg h^Yd
fjZ Zb idYV eVgiZ cV ]^hidg^V) Hh ]^hidg^VYdgZh ^ck^h[kZa)Idg ZmZbead&jb ZhijYd Yd Xg^hi^Vc^hbd
YV :ci^\j^YVYZ& edg ZmZbead& ZhiVd hZ ^ciZgZh( cdh eg^bdgY^Xh Yd %7=G=FbdYZgcd VaZ\V fjZ dh
hVcYd XVYV kZo bV^h eZad egdXZhhd YZ !]ZaZc^oV( X]VbVYdh !XdckZgi^Ydh! ^cXdgedgVgVb h[bWdadh
+'(& # fjZ ZhgVd XdgcZXVcYd VkZg gcZcdh Xdbd Xg^hiVdh Vd h^hiZbV h^gcWda^Xd cVi^kd& egdYjo^cYd
jbV h^beaZh ^gcedh^XVdYV XjaijgV \gZ\V hdWgZ & jbV gZa^\^Vd][Wg^YVVh kZoZh YZhXg^iV Xdbd WU^U_&
BbeZg^d KdbVcd Z bV^h Zb iZgbdh YV ^ciZgVXVd TU`MZ%& _Z^id _VedcZh YZ egdcjcX^Vg V eVaVkgV
ZcigZ & XZcigd Z eZg^[Zg^V+,) !Xg^hiVd!+/)
Idg hjV kZo& ]^hidg^VYdgZh YV AZcVhXZcXV F Vhhjcid Z kVhid& bVh ZhiZ ZchV^d Z Xjgid)
ZhiVd hZ ^ciZgZhhVcYd bV^h Yd fjZ VciZh eZaVh >aZ d[ZgZXZ jbV k^hVd eVcdg(Vgc^XVYZ jb iZgg^id(
Xdcig^WjaXdZh W^oVci^cVh&_jYV^XVh Z gcjXjagcVcVh g^d fjZ Z ^bZchd& kVg^VYdZ Y^hejiVYd Z iZciV kZg
eVgV VfjZaZ gcdk^bZcidi() >b jbV ZgV YZ Xg^hi^V( d VijVa YZWViZ hdWgZ V fadWVa^oVXVdYV XjaijgV V
c^hbd ZXjbZc^Xd) dh ]^hidg^VYdgZh YV KZ[dgbV eVgi^g YZ jbV eZgheZXi^kV ]^hiXg^XV)
]d_Z ZhiVd bV^h Y^hedhidh Yd fjZ VciZh V VYb^i^g ?ZgcVcYd Hgi^o XZgiV [Z^iV YZhXgZkZj V Xja(
V ^gcedgXVcX^VYVh igdXVh XjaijgV^h ZcigZ XViX]( ijgV XjWVcV Xdbd hZcYd jbV ZheZX^Z YZ ZchdeV(
Xdh Z egdiZhiVciZh) > ]^hidg^VYdgZh YVh b^hhdZh Yd& MVUMO[' Nb a^kgdhdWgZ XjaijgVh ][Wg^YVh edYZ
ZjgdeZ^Vh V :h^V& :[g^XV Z :bZg^XV V\dgV gZXd( [VX^abZciZ hZ igVch[dgbVg Zb jb egVid hZbZ(
c]ZXZb fjZ dh !XdckZgi^Ydh! cVd iVcid VWVcYd( B]VciZ& cd fjVa dh ^c\gZY^ZciZh& edg bV^h kVg^VYdh
cVgVb hjVh gZa^f^XZhigVY^X^dcV^h eZad Xg^hi^Vc^h( fjZ hZ_Vb& *'(& a^fj^Y^[^XVYdh Z ]dbXfZcZ^oVYdh)
bd fjVcid [^oZgVb jbV ZheZX^Z YZ h[ciZhZ YVh Gd ZciVcid& Z XZgiVbZciZ bV^h ZhXaVgZXZYdg
YjVh gZa^f^dZh):h kZoZh V b^hijgV ZgV dWk^VeVgV VcVa^hVgV b^hijgV Yd fjZ [VoZg jbV gZea^XVYZaV)
dh gc^hh^dcVg^dh&Xdbd cd XVhd YV !]ZgZh^V Ydh [c( Gd fjZ hZ hZ\jZ& iZciVgZ^ [VoZg Y^hi^cXdZh Zb kZo
Y^Zh!) V hVci^YVYZ YZ CV\jVg^eZ cV ;V[V Zb +/2*& YZ idgcVg ijYd ^cY^hi^cid)
ZhijYVYV edg KdcVaYd OV^c[Vh !& Idg ZhiV gVoVd & ZchV^d V hZ\j^g hZgV Y^k^Y^(
Yd Zb X^cXd eVgiZh eg^cX^eV^h&jc^YVh edg hjV Zc(
[VhZ cV kVg^ZYVYZ)>b eg^bZ^gd aj\Vg& V kVg^ZYVYZ
YZ [NVQ`[_ fjZ LV= ]^Wg^Y^oVYdh)>b hZ\jcYd aj(
+, :gcVaYd Fdb^\a^Vcd) 6XUQZLU_P[Y3 `TQ AUYU`_[R =QXXQZU_Y#<VbWg^Y\Z&
*20.$4 UZ%
DZ EMSMZ_'?Qc_ MZP8T^U_`UMZ_ #F^YYaZidlc& +321$5 @ancc
2dlZghdX`& =QXXQZU_Y% UZAM`Q6Z`U]aU`e#<VbWg^Y\Z&+33HC)
+- IZiZg ;jg`Z& ITQ :a^[\QMZ GQZMU__MZOQ#Hm[dgY&+332$& ^cigdYjXVd)
+. >b <Vi]da^Xh VcY IgdiZhiVcih& kZ_VV dWgVe^dcZ^gVYZ CZVc =ZajbZVj& +/ >g^` SE^gX]Zg&!CZhj^i :XXdbbdYVi^dc VcY i]Z <]^cZhZ <jaijgVa BbeZgV(
CMU__MZOQ Q`6RRU^YM`U[ZPQXMGQ`[^YQ #IVg^h&+30/$) >b M]Z b^hh^dch& i^kZ!& UZ=Vk^Y >) Fjc\Zaad #ZY)$ITQ 8TUZQ_Q GU`Q_8[Z`^[bQ^_e #GZiiZiVa&
LZg\Z @gjo^ch`^) AM O[X[ZU_M`U[Z
PQ U"UYMSUZMU^Q#IVg^h& +322$5 KdcVaYd +33.$& e) -+(0.5 B`jd A^\Vh]^WVWV)8T^U_`UMZU`e
UZ:M^XeB[PQ^Z ?M\MZ3
OV^c[Vh&6 TQ^Q_UM P[_ UZPU[_
#LVd IVjad& +33/$) D^g^h]^iVc ;Za^Z[ VcY IgVXi^XZTEZ^YZc&,**+$& ZheZX^Vaan
e) ,3& -/& -2)
"" 1:831/: .TRP

\Vg& V kVg^ZYVYZ YZ `Q^Y[_ Z iZdg^Vh ^ckZciVYdh


eVgV hZ Y^hXji^g V ^ciZg(VXVdXjaijgVa) >b iZg(XZggd
aj\Vg& V kVg^ZYVYZ YZ CGQRCALCP cVh fjV^h dh Zc(
Xdcigdh VXdciZXZb) >b fjVgid aj\Vg& V kVg^ZYVYZ '% 4*1.-,*,-2 ,- 0+/-302
YZ edhh[kZ^h OCCALCPV ^iZch XjaijgV^h E=F
[Vb^a^VgZh) > Zb fj^cid Z jai^bd aj\Vg& V kVg^ZYVYZ
YZ edhh[kZ^h ^Q_a(`MP[_ dj XdchZfjZcX^Vh YV
]^]g(^Y^oVXVj Zb adc\d egVod)
>mZbeadh YZ ]^Wg^Y^hbd XjaijgVa edYZb hZg
ZcXdcigVYdh Zb idYV eVgiZ& E=F VeZcVh Zb idYd
d \adWd XdbV cV bV^dg^V Ydh Ydb[c^dh YV XjaijgV (
gZa^\^i^ZhhicXgZiaXVh) [^adhd[^Vh ZXaZi^XVh) B[c\jVh
Z Xja^cVg^Vh b^hiVh Z Zhi^adh ][Wg^Ydh cV
Vgfj^iZijgV& cV a^iZgVijgV dj cV gcjh^XV) LZg^V
^chZchVid Vhhjb^g fjZ & iZgbd TUN^UPU_Y[ `QZTM
QdM`MYQZ`Q& YQ_Y[ _USZURUOMP[ QY `[P[_ Q_`Q_
OM_[_' EM^M_QSa^M^ & `[a^[ \Q([_ OTUR^Q_% \[PQ
_Q^ a`U( ALOKCACO PU_`UZSaUZP[ Q PU_Oa`UZP[QOCX
`U\[_ PQTUN^UPU_Y[% [a \^[OQ__[_ PQ TUN^UPUfM^47D%
]aQ QZb[(bQY ^Q_\QO`UbMYQZ`Q M^`QRM`[_%\^Q`UOQ_
Q RUZM(YQZ`Q \[b[_'

:KM>?:MHL AB;KB==L

: Vgfj^iZijgV egdedgX^dcV bj^idh ZmZbeadh


YZ VgiZ[Vidh ][Wg^Ydh) IVg ZmZbead&ZcigZ dh hZ(
Xjadh QBOZ QOBB& <E"k^k&8ABIE>AIHD#cd dZhiZ
D%MFM
YV NXg(Vc^V)ZgV jbV X^YVYZbjai^XjaijgVa cV fjVa
^ciZgV\^Vb Y^[ZgZciZh XjaijgVh) JjVcYd dh VggcZ(
"#
"$ <HE><:H .TRP A^;KB=BLFH <NEMNK:E "%

c^dh Xdchigj^gVb hjV XViZYgVa cd hZXjad QBO& Xdc( adXV^hYZ iZbeadh ^cXVh Z X]Z\VgVb V jhVg eZYgVh
igViVgVb jb Vgfj^iZid ^iVa^Vcd&Z & bZhbd [^oZ( YVh Xdchig(jdcVh dg^\^cV^h+3&
gVb dh dgidYdmdh fjVcYd Xdchigj^gVb jbV cdkV >b bZcdg ZhXVaV&V bdW^a^V^ajhigV & bZhbd
^\gZ_V cd ^c^X^dYd hZXjad QOBB) :giZVVdh VaZbVZh) egdXZhhd YZ Veg(deg^VXVdZ VYVeiVXVd) =Z VXdgYd
^iVa^Vcdh Z VggcZc^dh Xdcig^Wj^gVb eVgV V Xg^VXVd XVb @^aWZgid?gZngZ&Vh a^c]Vh gZiVh Z dh Vcfjadh
YZ jb Zhi^ad ]^Wg^YdYZ Vgfj^iZijgV fjZ XdbW^cVkV Ydh gcdkZ^h ^c\aZhZh [dgVb hjVk^oVYdh fjVcYd
ZaZbZcidh YZ hjVh Y^[ZgZciZh igVY^XdZh !) hZjh PQ_USZ_[dgVb Xde^VYdh cd ^c^X^dYd hZXjad
:a\jch ZmZbeadh YZ ]^Wg^Y^hbd Vgfj^iZijc^( QBQ cd ;gVh^a& !* Zhi^ad ^c\aZh YZ gcdkZa
Zd V^cYV XdchZ\jZb cdh hjgegZZcYZg& fjVcYd VggZYdcYVcYd(hZ cd Xa^bV WgVh^aZ^gd!&Zb aj\Vg
cVd cdh X]dXVg& XdbV cd XVhd YVh ^\gZ_Vh YV YVh !B^c]Vh Vc\a^XVcVbZciZ hZXVh !) : bdW^a^VZ V
>heVc]V XVb dgcVbZcidh fZdbZig^Xdh Ydh hZXj( XZgVb^Xh cdgiZ(VbZg^XVcVh [Z^iVh eVg VgiZhVdh
+*/ QO dj QOB& aZbWgVcYd VfjZaZh YVh bZhfj^iVh& V[gd(VbZg^XVcdh igVch[dgbVgVb dh bdYZadh
[Z^idh eVg =K$KAJ=FJ fjZ ZgVb fjVhZ fjZ XZgiV( ^c\aZhZh YZ [dgbV hZgcZa]VciZZk) Nb XVhd bV^h
bZciZ VWZgiV dj Y^hh^bjaVYVbZciZ gcjXjagcZ( XdchX^ZciZ YZ Vjid(]^Wg^Y^oVXVd Z & Yd OTU\\QZPMXQ
cdh !) IVg hjV kZo&cV BcY^VYd hZXjad QO&Va\jbVh X]^cVh) jb Zhi^ad YZ gcdkZa ^c\aZh Yd hZXjad QOBBB
bZhfj^iVh [dgVb Xdchigj^YVh eVg VgiZhVdh ]^c( ^che^gVYdcV <]^cV&
Yjh fjZ ji^a^oVgVb [dgbjaVh YZXdgVi^kVh fjZ ]V( :h ^bV\Zch iVgcWZgc edYZb hZg ]^Wg^YVh&
k^Vb VegZcY^Yd Zb hZ jh egdeg^dh i)Zgceadha!&B\gZ( XdbV & ]^hidg^VYdg LZg\Z @gjo^ch`^ bdhigV Zb
_Vh _Zhj^iVh YZ @dV V <joXd ZbegZ\VgVb VgiZ( jb ZhijYd cdiVkZa YV VgiZ Xg^hiV Yd FZm^Xd cVh
hVdh adXV^hZ XdbW^cVgVb ZhigjijgVh gZcVhXZc( eg^bZ^gVh YZXVYZh YZed^h YV X]Z\VYV Ydh b^hh^d(
i^hiVh ^iVa^VcVhdj WVggdXVhXVb YZiVa]Zh YZXd( cVg^dh) : bV^dg^V YVh ^bV\Zch [d^ [Z^iV eVg VgiZ(
gVi^kdh YZg^kVYdh YZ igVY^XdZh adXV^h&]^cYjh& ^h( hVXh adXV^h^b^iVcYd bZhigZh ZjgdeZjh #XdbV &
aVgc^XVhdj ^cXVh) >b <joXd& ^\gZ_Vh XdbV V YZ ^ggcVdaZ^\d [aVbZc\d [gVn IZYgd YZ @VciZ$ dj bd(
LVciV =db^c\d [dgVb Xdchigj^YVh cdh bZhbdh YZadh ZjgdeZjh& XdbV e^cijgVh Z fgVkjg(Vh) <dch(
X^ZciZ dj ^cXdchX^ZciZbZciZ& dh Vgi^hiVh adXV^h
bdY^[^XVkVb & fjZ Xde^VkVb& Vhh^b^aVcYd ijYd V

+0 G) :) RZkh^cV&!E"k^k!& DUO`U[ZM^e[R6^`%
#ZY)$CVcZMjgcZg& kda) +3 #EdcYdc&
+330$& e) 2-/(1)
+1 AZcg^ MZggVhhZ #+3/2$& >_XMYP":_\MSZQ3 aZQ ^QZO[Z`^Q PQ X"DZQZ`3Q` PQ +3 F^iiZg& +2+ (,5 @Vjk^c :) ;V^aZn&ITQ ?Q_aU`_MZP `TQ <^QM` B[SaX3 GQZMU_&
U"DOOUPQZ`3
#IVg^h& +3/2$5 B\cVX^d AZcVgZh <jZaaVg VcY KV[VZa E0eZo _MZOQ6^` M` `TQ >Y\Q^UMX8[a^` [R >ZPUM% *.1)&*/,) #PVh]^c\idc p<&
@jobVc& 6^]aU`QO`a^M YaPQUQ^ S^MZMPUZM%#+323$5 @dcoVad F) ;dg%Vh +332$)
@jVa^h&:X >_XMYPQ 8[^P[NM MXBaPQVM^#FVYg^Y&+33HC&e) +3+ (,+3) ,* @) ?gZngZ& >ZSXQ_Q_ Z[ 7^M_UX#+3.25 K^d YZ CVcZ^gd&,**HC& e) ,,-5
+2 IVgi]V F^iiZg& >ZPUMZ
6^` #Hm[dgY&
,**+$& e) 21) L]Vgdc ?) IViidc& 6R^[&6YQ^UOMZ6^` #Hm[dgY&+332$& e) ,/& -3& .+)
"& <HE><:d .TRP AB;KBHBLFH <NEMNK:E "'

hjVh eg(deg^Vhig(VY^XdZhZ egdYjo^cYd & fjZ Vh kZ( Y^[ZgZciZh igVY^XXZh) Idg ZmZbead& V gVoVd eVgV
oZh Z Xdc]ZX^Yd Xdbd VgiZ !icYd(Xg^hiV"9!) fjZ V O^g\Zb FVg^V ejYZhhZ iZg h^Yd Vhh^b^aVYV
Idg hjV kZo&fjVcYd ^bV\Zch dX^YZciV^h&Zh( Xdb VeVgZciZ [VX^a^YVYZV djigVh YZjhVh& Xdbd
eZX^VabZciZ \gVkjgVh& X]Z\VgVb cV <]^cV cd [^cVa DjVc R^c cV <]^cV =N MdcVcio^c cd FZm^Xd&Z fjZ
Yd hZXjad QOB_jcid Xdb gcahh^dcVg(^dhXVida^Xdh ZaV gZegZhZciVkV jb eVeZa ZhhZcX^VabZciZ
Xdbd FVii)Zd K^XX^&ZaVh V_jYVgVb V igVch[dgbVg hZgcZa]VciZ7)
V igZY^XVd X]^cZhV YZ e^cijgV eV^hV\^hiV) Hh Vg( Hjigd i^ed ^bedgiVciZ YZ VgiZ[Vid Z &iZmid)
i^hiVh X]^cZhZh cVd hZ XdckZgiZgVb V= Zhi^ad dX^( :h igVYjXdZh LV= dh XVhdh bV^h dWk^dhYZ iZmidh
YZciVa ( ZaZh gZh^hi^gVb V eZgheZXi^kV& edg ZmZgc( ]^Wg^Ydh&_VfjZ V egdXjgV edg Vfj^ad fjZ Z X]VbV(
ead (& bVh & Xdc]ZX^bZcid YZ jbV VaiZgcVi^kV V Yd YZ !Z[Z^id Zfj^kVaZciZ! cZXZhhVg^VbZciZ Zc(
hjVh egi^eg^Vh XdckZcXXZh eVgV V gZegZhZciZXVd kdakZ V ^cigdYjXZd YZ eVaVkgVhZ ^YZ^VhfjZ LV= [V(
YZ eV^hV\Zch dh a^WZgidj YZhiVh XdckZcXXZh Z b^a^VgZhVdh cdkdh aZ^idgZh bVh fjZ edYZg^Vb cVd
eZgb^i^j fjZ [^oZhhZb hjVh egg^eg^Vh^cdkVXdZh(!) hZg ^ciZa^\^kZ^h cV XjaijgV cV fjVa & a^kgd[d^ dg^f^(
=jVh fjVhiXZh \ZgV^h hjg\Zb Xdb eVgi^Xj( cVabZciZ ZhXg^id) AV iVgcWZgc \ZcZgdh a^iZg(Vg^dh
aVg XaVgZoV YV Y^hXjhh Vd YVh ^bV\Zch ]^Wg^YVh& ]^Wg^Ydh) * gdbVcXZ _VedcZh4 & V[g^XVcd Z edhh^(
ZbWdgV ZaVh iZc]Vb jbV gZaZkVcX^Vbj^id bV^h kZabZciZ iVgcWZgc & aVi^cd(VbZg^XVcd YZkZb hZg
VbeaV) >b eg^bZ^gd aj\Vg& ]V V ^gcedg(i)VcX^VYdh ZcXVgVYdh ( Z _ja\VYdh eZadh Xg^i^Xdh ( Xdbd ]^(
ZhiZgZdi^eZh =N ZhfjZbVh XjaijgV^h cV Wg^Ydha^i)Zg(Vg^dhZ cVd Xdbd h^beaZh ^b^iVXdZh Yd
Zhig(jijgVXZd YV eZgXZeXVd Z cV ^ciZgegZiVXVd Yd gdbVcXZ dX^YZciVa7)
bjcYd) Gd c^kZa gc^XgdXdhgc^Xd) & ZhfjZbV iZb : a^c\jV\Zb YZ bj^idh !gdbVcXZh! V[g^XV(
jbV [jcXVd hZbZa]VciZ V k^hVd YZ bjcYd =N V= cdh& edg ZmZbead&Z XVgVXiZg^hi^XV) Nb Ydh eg^c(
ZhiVYd YZ Xd^hVh XVgVXiZg^hi^Xd YZ jbV X^eV^hgdbVcX^hiVh V[g^XVcdh Yd hZXjad QQ&& c^fZ(
YZiZgb^cVYV XjaijgV) g^Vcd <]^cjV :X]ZWZ& YZhXgZkZj hjV a^c\jV\Zb
>b hZ\jcYd aj\Vg& ]V V ^gcedgi)VcX^VYd fjZ Xdbd !jgc ^cfaZh VaiZgVYd eVgV hZ VYZfjVg V hZj
edYZg^Vb hZg X]VbVYVh YZ !V[^c^YVYZh! =N cdkd VbW^ZciZ V[g^XVcd!&fjZ VYdiV eVaVkgVhZ Zm(
!XdckZg(fZcX^Vh! ZcigZ ^bV\Zch dg^jcYVh YZ dgZhhXZh Ydh ^Y^dbVh YV :[g^XV HX^YZciVa =N Yd

,+ L) @gjo^ch`^) AM\QZ_QQ YQa_QQ #IVg^h) +333$)


,, F^X]VZa Ljaa^kVc) ITQ BQQ`UZS [R :M_`Q^Z MZP LQ_`Q^Z 6^` R^[Y `TQ HUd&
`QQZ`T 8QZ`a^e `[ `TQ E^Q_QZ` 9Me #EdcYdc) +31-$) ZheZX^VabZciZ 0-(.5 ,- <]VgaZh 2dmZg) BM^e MZP BU_[SeZe #EdcYdc) +31/$5 LZg\Z @gjo^ch`^) AM
CVbZh <V]^aa) ITQ 8[Y\QXXUZS >YMSQ3 CM`a^Q MZP H`eXQ UZ HQbQZ& SaQ^^Q PQ_ UYMSQ_#IVg^h) +323$) e) +/,(05 =Vk^Y :) ;gVY^c\) BQdUOMZ
`QQZ`T&8QZ`a^e 8TUZQ_QEMUZ`UZS #<VbWg^Y\Z) FVhh )) +32,$) e) 1*(/)3+) ET[QZUd3Da^ AMPe[R <aMPMXa\Q#<VbWg^Y\Z) ,**,$)
+10) ,. :c\Za KVbV) I^MZ_OaX`a^MOU/ZZM^^M`UbM
UZ6YQ^UOMAM`UZM
#FZm^Xd)+32,$)
"( <HE>Z5:d .TRP AB;KBHBLFH <NEMNK:E ")

\UPSUZVc\ad(V[g^XVcd) :X]ZWZ h^ijV V h^ bZhbd bZciZ cdkVh hVd ZmZbeadh eVgi^XjaVgbZciZ XaV(
Zb jb !XgjoVbZcid YZ XjaijgVh!) V Ydh ^WdhZ V gdh YZ ]^Wg^Y^oVXVd)
Ydh Wg^iVc^Xdh) * gdbVcXZ V[g^XVcd iVgcWZgc hZ Idg ZmZbead&V kVg^ZYVYZYZ KI=@C??AJ Xjaij(
h^ijV Zb jb XgjoVbZcid YZ \ZcZgdh& fjZ ^cXaj^ & gV^h fjZ Xdcig^Wj^gVb eVgV V gZa^e^Vdk^ZicVb^iV
Xdcid [daXa0g^XddgVaigVY^X^dcVa&& gdbVcXZ Zjgd( <Vd =V^&fjZ [d^ ZmigZbVbZciZ WZb(hjXZY^YV cdh
eZj Z& ZcigZ dh Yd^h& & Zfj^kVaZciZ V[g^XVcd Ydh Vcdh VciZg^dgZh Vd ZhiVWZaZX^bZcid Yd gZ\^bZ
[da]Zidh WgVh^aZ^gdh&dh iZmidh edejaVgZh egdYjo^( Xdbjc^hiV& edYZ hjgegZZcYZg ViZ dh aZ^idgZh WgV(
Ydh ZcigZ V LZ\jcYV @jZggV FjcY^Va Z V \jZggV h^aZ^gdhVXdhijbVYdh Xdb & h^cXgZi^hbd) ?jcYV(
X^k^ac^\Zg^VcV cV X^YVYZ bZgXVci^a YZ Hc^ih]V) YV Zb +3,0& V dg(fVc^oVXVd YV <Vd =V^ hZ\jZ &
GVd YZkZ hZg edg Xd^cX^YZcX^VfjZ iVcidh gdbVc( bdYZad YV B\gZ_V<Vi0a^XV&Xdb jb eVeV&XVgYZV^h
X^hiVh V[g^XVcdh iZc]Vb h^Yd dg^jcYdh YV gZf^Vd Z W^hedh) LjVh Ydjig^cVh& edg djigd aVYd&hVd jbV
YZ =c^ih]V"!) XdgcW^cVXVdYZ WjY^hbd Xdb & iVd^hgcd Z bdgVa^(
YVYZ Xdc[jX^dc^hiV) =ZcigZ hjVh egViaXVh) ]V &
jhV ZmiZch^kd YZ bZY^jch Z hZhhXZh Zhe^g^iVh&YZ
[dgbV fjZ V <Vd =V^ edYZ hZg YZhXg^iV Xdbd jbV
IK:MB<:L AB;KBH:L [dgbV YZ Zhe^g^i^hbd cd Zhi^ad YZ :aaVc DVgYZX)
LZj eVciZVd YZ ]Zg0^h ^cXaj^CZhjh& FVdgcZ) CdV(
cV =":gX ZO^Xidg Aj\d) MVakZocVd YZkZhhZgcdh [^(
IgVi^XVh ]aWg^YVh edYZb hZg ^YZci^[^XVYVh XVg hjgegZhdh Xdb ZhiV b^hijgV& _VfjZ & O^ZicV&
cV gZa^f^Vd)cV gcjh^XV) cV a^c\jV\Zb& cd ZhedgiZ& Xdbd & EVdh Z & <VbWd_V&hZ h^ijV cd XgjoVbZcid
cVh [Zhi^k^YVYZh Z Va]jgZh) FV]VibV @VcY]^& edg YVh XjaijgVh YV BcY^VZ YV <]^cV Z [d^ edg jb eZg^d(
ZmZbead&[d^ YZhXg^id Xdbd iZcYd Xg^VYd!hjV egd( Yd Xda0c^V[g(VcXZhV(!)
eg^V gZa^f^Vd) jbV b^hijgV ^Y^dVh^cXgVi)^XV YZ :h ^\gZ_Vh cVd hVd V jc^XV [dgbV YZ
^YZ^Vh ]^cYjh& ^haVgc^XVh)WjY^hiVh Z Xg^hiVh!,0) dgjVc^oVXdZh ]aWg^YVh)@dkZgcdh iVgcWZgc [dgVb
>b jb c^kZaXdaZi^kd& Va\jbVh gZa^f^dZh gZaVi^kV( YZhXg^idh cZhiZh iZgbdh) Idg ZmZbead& jb
ZheZX^Va^hiV igVcXZh Zb fjZhi)XZh YV :[g^XV
YZhXgZkZj dh >hiVYdh YZhiZ Xdci^cZciZ Xdbd
!][Wg^Ydh! cd hZci^Yd YZ fjZ hVd & gZhjaiVYd YZ
,/ M]dbVh ;gHX`cZg& !:Xgdhh i]Z ;dgYZgh4 HgVa^inHaYVcY GZl ^c i]Z :[g^( jbV bZhXaV YZ [dgbVh dX^YZciV^h ^bedgiVYVh Z
XVc GdkZa!) UZIZiZg H) LijbbZg VcY <]g^hide]Zg ;VabZ #VYh$);a_U[Z [R
8aX`a^Q_5 #:bhiZgYVb(:iaVciV& +330$& e) +/-(0*5 >bbVcjZa >)
HW^ZX]^cV&6Z 6R^UOMZ E[\aXM^ AU`Q^M`a^Q
#<VbWg^Y\Z&+31-$5 ^Y&8aX`a^Q'
I^MPU`U[ZMZPH[OUQ`eUZ`TQ LQ_` 6R^UOMZ C[bQX#<VbWg^Y\Z&+31/$)
,0 Rdjc\& E[_`O[X[ZUMXU_Y% --;) ,1 O^Xidg E) Ha^kZg&8M[PMUH\U^U`U_Y
#EZ^YZc&+310$)
# <HE> 5:d .TRP AB;KBHBLFH <NEMNK:E #!

ig(VY^XdZh V[g^XVcVh,2) :a\V h^b^aVg edYZg^V ^[OW!% Z V XdbW^cVXVd YZ ZaZbZcidh YVh


dWk^VbZciZ hZg Y^id V gZheZ^id YZ >hiVYdh YZ igVY^XdZh YV >jgdeV Z YV :[g^XV fjZ [Vo bV^dg &
kVg^Vh eVgiZh Yd bjcYd& Yd %7=G=F Vd ;gVh^a&fjZ JL?AJJF! % * VMff Z jb ZmZbead [Vbdhd) : gcjh^XV
VYdiVgVb Z VYVeiVgVb ^chi^ij^XXZh eda[i^XVh Yd ;gVh^a A
djigd& ZcfjVcid fjZ jb iZgXZ^gd
dX^YZciV^h XdbV & eVgaVbZcid) ZmZbead kZb YZ <jWV& Vh !bjh^XVh bjaViVh!
: gcjh^XV [dgcZXZ djigV g^XV\VbV YZ ZmZb( ZhijYVYVh eVg :aZ_d <VgeZci^Zg Z ?ZgcVcYd
-+
eadh YZ ]^Wg^Y^oVXVd): :h^V iZb h^Yd jbV \gVcYZ Hgi^o ) : _M(_M Z jbV b^hijgV Zb \gVj V^cYV
[dciZ YZ ^che^gVXVd eVgV Xdbedh^idgZh XaVhh^XXh r bV^dg& _VfjZ hZ dg^\^cdj Zb <jWV cdh Vcdh +3.*
cdh jai^gcXh XZb Vcdh) =ZcigZ dh Xdbedh^idgZh Z bV^h iVgYZ [d^ ^c[ajZcX^VYV eZad VMff Z eZaV
[gVcXZhZh& eVg ZmZbead&<aVjYZ =ZWjhhn hZ ^che^( gcjh^XV YZ IdgiV K^Xd)
gdj cV gcjh^XV YZ fVbZaVd YZ CVkV&ZcfjVcid fjZ F fjZ & jai^bd ZmZbead hj\ZgZ ( Vhh^b XdbV
iVcid :aWZgi KdjhhZa fjVciV FVjg^XZ =ZaV\Z k^h^( bj^idh djigdh ZmZbeadh ( Z fjZ YZkZbdh kZg Vh
iVgVb V BcY^VZ gZXdggZgVb V hjVh igVY^XdZh bj( [dgbVh ][Wg^YVh XdbV & gZhjaiVYd YZ ZcXdcigdh
h^XV^h) Gd XVhd YZ =ZWjhhn& iZb h^Yd Y^id fjZ V bjai^eadh Z cVd XdbV & gZhjaiVYd YZ jb jc^Xd Zc(
[jcXVd fjZ CVkV gZegZhZcidj Zb hZj XVhd [d^ V YZ XdcigV& fjZg ZcXdcigdh hjXZhh^kdh VY^X^dcZb cd(
^ciZch^[^XVg !iZXc^XVh fjZ _VZhiVkVb aViZciZh Zb kVh ZaZbZcidh 3D b^hijgV& fjZg gZ[dgXZb dh Vci^(
hjV gcjh^XV"9!) >b djigVh eVaVkgVh&XdbV cd XVhd \Vh ZaZbZcidh& XdbV cd XVhd YV k^h^iV YZ @^aWZg(
YVh ^bV\Zch YVh YZjhVh Y^hXji^Yd VX^bV& V ]^Wg^( id @^aV EV\dh eVgV YVg 3D hjV gcjh^XV jb hVWdg
Y^oVXVdbjh^XVa edYZ hZg VcVa^hVYVZb iZgb dh YZ bV^h V[g^XVcd)
V[^c^YVYZhdj XdckZg(fZcX^Vh) : VigVXVd fjZ &Zmd( Hjigd ZmZbead YZ ]^Wg^Y^oVXVdbjai^eaZ & A
i^XV ZmZgXZ&eZad bZcdh Zb Va\jch XVhdh& eVgZXZ ^QSSMQ% jbV [dgbV YZ gcjh^XV fjZ hZ dg^\^cdj cV
ZhiVg Zb jbV XdgcW^cVXVdeZXja^Vg YZ hZbZa]Vc( CVbV^XV cdh Vcdh +31* Z fjZ YZhYZ ZciVd
ZV Z Y^iZgZcXV) Z cVd VeZcVh cV Y^[ZgZcXV& Xdcfj^hidj V bV^dg eVgiZ Yd bjcYd& YV :aZbVc]V
Gd XVhd YV bjh^XV edejaVg& V YZheZ^id Yd Vd %7=G=F#dcYZ VeVgZciZbZciZ Z XdbegZZcY^Yd
^ciZgZhhZ YZ @Zdg\Z AVgg^hdc eVg KVk^ L]Vc`Vg Z eVg bZ^d YZ ZhfjZbVh XjaijgV^h YZg^kVYdh YV
YZ djigdh XVhdh Yd fjZ [d^ X]VbVYd YZ !^MSM gcjh^XV VhhdX^VYVV jb [Zhi^kVa adXVa& D&7[Z?' >hiV
gcjh^XV ^cXaj^ ZaZbZcidh Wg^iVc^Xdh) V[g^XVcdh Z

,2 CZVc(?gVcg55d^h
;VnVgi) QZ 6R^U]aQ3XM\[XU`U]aQPa bQZ`^Q#IVg^h&
I&2QLQ,
+323$&
,3 Hc =ZWjhhn& FZgknc <dd`Z& !M]Z >Vhi ^c i]Z PZhi!& ^c CdcVi]Vc ;ZaabVc -* CdcVi]Vc ;ZaabVc& !BcY^Vc KZhdcVcXZh ^c i]Z ;g^i^h] BckVh^dc&+30/(
aZY)$ITQ :d[`UO UZLQ_`Q^Z Ba_UO#;dhidc& +33;$& e) ,/;(2*5 dc KdjhhZa *2/1!% UZ;ZaabVc& e) ,3,(-*0)
VcY =ZaV\Z& CVcc IVhaZg& !KVXZ& Hg^ZciVa^hb VcY =^hi^cXi^dc!& ^c 7[^Z -+ :aZ_d <VgeZci^Zg& Ba_UOQUZ8aNM4?ZgcVcYd Hgi^o& Ba_UO_6R^[&OaNMZM
MZP=Q_Y[ZPTMXST% e) 20(++2) #FVYg^Y&+31/$& e) ,/)
#" <HE><:d .TRP AB;KB=BLFH <NEMNK:E ##

cdgiZ(VbZg^XVcdh) & ^QSSMQ[d^ ^cigdYjo^Yd cV *//*/&Vh YjgZoVh& hd YZ^mVcYdeVgV V WdXV Yd


@gV( ;gZiVc]V eVg ^b^\gVciZh _VbV^XVcdh&fjZ kZo bZc^cd WgVcXdVh h^aVWVh bdaZh!8) & eVgVaZadXVb
eVg djigV bdgVkVb cV bZhbV eVgiZ YZ EdcYgZh d fjZ @^aWZgid ?gZngZ Y^o hVWgZ dh =IK%AJ=FJ
fjZ djigdh ^cY^Vcdh gZXZgc(X]ZfZYdh) Nb ^cfaZh WgVh^aZ^gdhhjVk^oVgZb dh Vcejadh Ydh gcdkZ^h
Yd Ijc_VW& LiZkZ DVejg& fjZ hZ YZcdb^cV !^cY^Vcd ^c\aZhZh Vd ^b^iV(iZh Z bV^h fjZ dWk^d&
VeVX]Z!& XgZhXZj cZhiZ VbW^ZciZ Z eVhhdj V MVgcWZgccV >jgdeV& ZmZbeadh YZ ]^Wg^Y^oV(
XdbW^cVg V igVY^XVd Yd ^QSSMQXVb V YV gcjh^XV XVd a^c\j^hi^XV cVd hVd Y^[^XZ^hYZ ZcXdcigVg) Gdh
W]Vc\gV ^cY^VcV(!) r hZXjadh QOBZ QOBB& eVg ZmZbead&VjbZcidj * \gVj
>hiZ Z & bdbZcid Vegdeg^VYd eVgV ^cigdYj( YZ b^hijgV YVh a^c\jVh ZjgdeZ^Vh ZcigZ h^ edgfjZ
o^gjbV ^YZ^VfjZ ^gVkdaiVg V WV^aV cVh eVf^cVh hZ( dh XVciViVh ZcigZ ZaVh [dgVb [^XVcYd XVYV kZo
\j^ciZh& V ^YZ^VYZ X^gXjaVg^YVYZXjaijgVa) :a\jch bV^h cjbZgdhdh) IVg jb aVYd&VjbZcidj V b^\gV(
gcjh^XXh Yd <dc\d hZ ^che^gVgVb Zb XdaZ\Vh YZ XVd YZcigd YV egdeg^V >jgdeV) IVg djigd& & \gV(
<jWV& Z Va\jch gcjh^Xdh YZ EV\dh Zb XdaZ\Vh Yd YjVa YZXa^c^dYd aVi^b Z & XgZhXZciZ jhV YZ a^c\jVh
;gVh^a--) >b djigVh eVaVkgVh&V :[g^XV ^b^iV V :[g^( kZgcVXjaVh Zb iZmidh ^begZhhdh idgcdj bV^h cZ(
XV eVg ^ciZggcZY^d YV :bZg^XV& eZg[VoZcYd jb igV( XZhhVg^VYd fjZ VciZh fjZ dh ZjgdeZjh VegZcYZh(
_Zid X^gXjaVg fjZ& cd ZciVcid& cVd iZgb^cV cd hZb jch Vh a^c\jVh Ydh djigdh)
bZhbd adXVadcYZ XdgcZXdj& _VfjZ XVYV ^gc^iVXVd HjigV gVoVd eVgV V ]^Wg^Y^oVXVda^c\j^hi^XV
Z iVgcWZgc jbV VYVeiVXVd) cV ZedXV [d^ fjZ dh ZmZgX^idh ZjgdeZjh ZhiVkVb
<dbV V gcjh^XV) V a^c\jV\Zb d[ZgZXZ bj^idh [^XVcYd bV^dgZh& ZheZX^VabZciZ YjgVciZ V @jZggV
ZmZbeadh cdiVkZ^h YZ ]^Wg^Y^oVXVd) :h aZigVh Ydh Ydh Mg^ciV :cdh& YZ +0+2 V +0.2& Z iVgcWZgc hZ
^QSSMQhVd XdbedhiVh Zb jbV a^c\jV b^hiV& & idgcVcYd bV^h ^ciZgcVX^dcV^h) : Xdbjc^YVYZ YZ
Xg^djad _VbV^XVcd) Gd XVhd Yd ;gVh^a&jbV k^\dgdhV [VaVb^a^iVg YZj jbV ^bedgiVciZ Xdcig^Wj^XVd eVgV
eVhhV\Zb YZ 8M_M<^MZPQQ HQZfMXM YZhXgZkZXdbV V b^hijgV YVh a^c\jVh edgfjZ dh ZmZgX^iXh bZgXZ(
d edgijfjZh& !Vd XVciViV Yd hZc]dg XVb & ZhXgVkd!) cVg^dh Yd eZg^dYd ZgVb dg\Vc^oV3*Zh ^ciZgcVX^d(
!hd[gZj E) %7 jb VbdaZX^bZcid YZ gZhjaiVYdh Vh cV^h& eda^\adiVh Z YZ \gVcYZ bdW^a^YVYZ)& ZheV(
kZoZh YZa^X^dhdh eVgV &djk^Yd!& edgfjZ !V VbV cZ\gV c]da& edg ZmZbead& [dgcZXZj iZgbdh iZXc^XXh
[Zo bj^iVh kZoZh XVb Vh eVaVkgVh& bZhbd fjZ XVb Xdbd M^YMPM%OMYM^MPM% QYN[_OMPM%Q_OMXMPM Z
V Xdb^YV4 bVX]jXdj(Vh& i^gdj(B]Zh Vh Zhe^c]Vh& dh \M^MPM%ZcfjVcid fjZ & [g(VcXZh [dgcZXZj MbMZ`&

-, @Zdg\Z E^eh^io) DMZSQ^[a_ 8^[__&G[MP_3 E[\aXM^ Ba_UO' E[_`Y[PQ^ZU_Y


MZP `TQ E[Q`UO_ [R EXMOQ#EdcYdc& +33.C& e) +.(+/) -. @^aWZgid
?gZngZ&8M_M <^MZPQ Z HQZfMXM#+3--4 K^d YZ CVcZ^gd ,**JU& e)
-- E^eh^io&e) .) +2) -21)
#$ <HE>i54:d .TRP AB;KBHBLFH <NEMNK:E #%

SM^PQ% NMe[ZQ``Q% OMPQ`% \M`^[aUXXQ Z & ^iVa^VcdNM`& F YZh[^aZYVh ZhXdaVh YZ hVbWV Yd K^d YZ CVcZ^gd
`MSXU[ZQ% N[YNM^PM%UZRMZ`Q^UM% _QZ`UZQXX[ A _]aM& YZ ]d_Z hZ\jZ V ig(VY^XVd Ydh XdgiZ_dh Z XVggdh
P^[ZQ' E^\Z^gVbZciZ bdY^[^XVYdh& idYdh ZhiZh VaZ\0g^Xdh YV ?adgZcXV Z YV GjgZbWZg\ Yd hZXjad
iZgbdh edYZb hZg ZcXdcigVYdh Zb jbV VbeaV mk) FZhbd Vh gZiZgZcX^Vh eda[i^XVh iVc Xdbjch
\VbV YZ B[c\jVh ZjgdeZ^Vh) cd XVgcVkVa WgVh^aZ^gd iZgc eVgVaZadhcV >jgdeV&
: YZheZ^id Yd hjg\^bZcid YZ gZ\gVh ^ciZg( edg ZmZbead& cV >heVc]V Yd hZXjad QOBB)
cVX^dcV^h eVgV & ZhedgiZ& cVd Z Y^[[X^aZcXdcigVg Gd ZciVcid& Xdbd iVcidh ^iZch YV XjaijgV
ZmZbeadh YZ egZi^XVh ][Wg^YVhiVgcWZgc cZhiZ Yd( ZjgdeZ^V& & XVgcVkVa [d^ igVch[dgbVYd YjgVciZ
b[c^d) Nb [^abZ [Z^id edg jb Vcig(dedadfd cVh !]Vh hjV eZggcVcZcX^V cVh :bZg^XVh) Idg ZmZbead& V
MgdW^VcY&cV FZaVcZh^V& iZb edg i^ijad I^[N^UMZP ^gcedgi)VcX^VYV YVcXV idgcV dh XVgcVkV^h Yd Gdkd
8^UOWQ`' Hh ]VW^iVciZh YV ^a]V VegZcYZgVb & _d\d FjcYd iVd XVgVXiZg[hi^Xdh Zb AVkVcV& Zb ;jZ(
XVb dh ^c\aZhZh& bVh & VYVeiVgVb YZ bdYd V cdh :^gZh Z Zb Idgi d[ LeV^c fjVcid cd ;gVh^a) :
eZgb^i^g fjZ XZciZcVh YZ eZhhdVh _d\VhhZb YZ YVcXV& fjZg V gZa^\^dhV&fjZg V hZXjaVg& ZgV jbV
XVYV aVYdZ edgiVhhZb D=E?=J! % * [jiZWda WgVh^( [dgbV YZ VgiZ eVgi^XjaVgbZciZ ^bedgiVciZ cV
aZ^gdZ jb ZmZbead bV^h VgcZcd YZ ]^Wg^Y^oVXVd& _V :[g^XV igVY^X^dcVa) >gV jb g^ijVa eVgV egdkdXVg V
fjZ hZ\jZ Vh gZ\gVh [dgbV^h ^ciZgcVX^dcV^h Vd ejhhZhhVd Ydh YVcXVg^cXh edg Zhe[g^idh dj YZj(
bZhbd iZbed Zb fjZ VegZhZciV jb c[i^Yd Zhi^ad hZh& Xdbd cd XVhd Ydh ^dgjWVh YZ =VdgcZ Z YV G^(
cVX^dcVaYZ _d\d) : ]^Wg^Y^oVXVdZ V^cYV bV^h 0Wk^V \Zg^V) GZhiZh g^ijV^h gZa^\^dhdh&Vh bja]ZgZh igV(
Zb djigV YVh eg^cX^eV^h ^chi^ij^XdZh XjaijgV^h Y^X^dcVabZciZ gZegZhZciVkVb jb eVeZa^bedgiVc(
WgVh^aZ^gVh4 & XVgcVkVa) iZ) LVd egdkVkZabZciZ ZhiVh igVY^XdZh V[g^XVcVh
<dbd djigVh ^chi^ij^XdZh ZjgdeZ^Vh& & XVg( fjZ Zmea^XVb& eVeZaVi^kd YVh bja]ZgZh cd XVgcV(
cVkVa[d^ igVchedgiVYd eVgV & Gdkd FjcYd& ZheZ( kVaYVh :bZg^XVh& fjZ hVZb YVcXVcYd eZaVh gjVh
X^VabZciZ eVgV VfjZaV eVgiZ fjZ [d^ Xdadc^oVYVeZ( Zb kZo YZ [^XVgZb dWhZgkVcYd YVh hVXVYVh) Gd
adh XVi0+^Xdh Yd FZY^iZggVcZd) * jhd YZ [VciVh^Vh ;gVh^a&V eZg(i^X^eVXVdYVh bja]ZgZh cd ZcigjYd _V
Z bVhXVgVh ZgV jb XdhijbZ igVY^X^dcVaZjgdeZj& ZgV cdiVYV cd ^c[X^d Yd hZXjad QBQedg k^h^iVciZh
Z bZhbd Va\jbVh YVh [VciVh^Vh [Vkdg^iVh hZ\j^( ZhigVc\Z^gdh Xdbd dh ^c\aZhZh AZcgn DdhiZg Z
gVb bdYZadh ZjgdeZjh& Ydh ]jhhVgYdh Z VgaZ( Cd]c FVlZ-0)
fj^ch Yd K^d Vdh e^ZggdhZ eda^X]^cZadhYZ Mg^c^YVY)

-0 IZiZg ;jg`Z& !: ig(VYjXVd YV XjaijgV4 & <VgcVkVa Zb Yd^h dj igZh


-/ * [^abZ ZhiV egZhZgkVYdcd HZeVgiVbZcid YZ :cigdedad\^V YV Nc^kZgh^YVYZ bjcYdh!& UZKM^UQPMPQ PQ TU_`/^UMOaX`a^MX
#+3314 igVY) Idgi) K^d YZ CV(
YZ <VbWg^Y\Z) cZ^gd&,**J$& e) ,+-(-*)
#& <HE>B54:H .TRP AB;KBHBLFH <NEMNK:E #'

IHOHL AB;KB=HL #Xdgcd Zb L[YMZ LM^^U[^' YV h^cd(VbZg^XVcV


FVm^cZ Adc\ D^c\hidc$ Z Zb djigdh i^edh YZ iZm(
id) ^cXajh^kZZb jb a^kgdYZ egdhV Z edZh^V b^hiVh
Hh eHOHL]^Wg^YdhhVd XgjX^V^hZb idYdh Zh( ejWa^XVYdeZaVZhXg^idgV cdgiZ(VbZg^XVcV YZ Xg^(
iZh egdXZhhdh) =ZcigZ ZaZh)iZbdh \gjedh ]aWg^( \Zb bZm^XVcV@adg^V :coVaYjV8& NbV k^YVZcigZ
Ydh Xdbd dh Vc\ad(^gaVcYZhZh)dh Vc\ad(^cY^Vcdh Z XjaijgVh Xdb [gZfjZcX^V gZhjaiV Zb jbV !Xdch(
dh V[gd(VbZg^XVcdh) * eZg^XY^XdDUM_\[^M_ #fjZ X^ZcX^VYjea^XZ!) eVgVjhVg V [VbdhV ZmegZhhVdYZ
XdgcZXdj V hZg ejWa^XVYdZb +33+$ Z iZhiZbjc]V P) =j ;d^h hdWgZdh cZ\gdh cdi(iZ(VgcZg(^XVcdhl)
Yd XgZhXZciZ ^ciZgZhhZ eZad ZhijYd YZ \gjedh Hh ]^hidg^VYdgZh i)VgcWZgc
iZgc ZmeadgVYdZh(
fjZ edg gVo0Zh gZa^\^dhVh)eda^i^XVhdj ZXdc0b^( iZh iZbVh) Xdbd V _OT[XM^cdgiZ(VbZg^XVcV GV(
XVh hZ igVch[Zg^gVb YZ jbV XjaijgV eVgV djigV4 iVa^Z =Vk^h) edg ZmZbead) Zb jb ZhijYd hdWgZ
dh \gZ\dh YZ <dchiVci^cdeaV YZed^h YZ hjV XVe( igZh bja]ZgZh ZjgdeZ^Vh Yd hZXjad QOBBfjZ k^kZ(
ijgV eZadh ijgXdh Zb +./-5 _jYZjh Z gcjXjagcV( gVb cV eZg^[Zg^Vdj cd XgjoVbZcid YZ XjaijgVh) *
cdh YV:cYVajo^V YZed^hYV fjZYV Yd KZ^cd YZ @gV( [Zc0bZcd YV XdckZg(hVd&fjZg kdajciVg^V&fjZg [dg(
cVYV Zb +.3,5 dh ^iVa^VcdhYZed^h YZ +21* eVgV XVYV&iVgcWZgciZb VigV^Yd V ViZcXVd& Xdbd cd
V :bZg^XV Yd GdgiZ) V :bZg^XV Yd Lj^ Z V XVhd Ydh X]VbVYdh !gZcZ\VYdh! cd BbeZg^dHid(
:jhigVa^V5 dh X]^cZhZh eVgV & hjYZhiZ YV :h^V dj bVcd) Xg^hiVdh fjZ k^gVgVb bjXjabVcdh%")
eVgV V <Va^[dgc^Vcdh hZXjadh QBQ Z QQ) BckZghVbZciZ) & \Zd\gV[d Yd hZXjad QOB Zd(
GVd YZkZbdh cdh ZhfjZXZg Ydh ^cY^k^Yjdh c]ZX^Yd cd HX^YZciZ Xdbd I&CCL$ & 6R^UOMZ[ [d^
]^Wg^Ydh)fjZg dh fjZ _VcVhXZgVb cZhiV h^ijVXVd XdckZgi^Yd Yd ^haVb^hbd Vd Xg^hi^Vc^hbd) AV(
edg hjVh gcVZh Z eV^h hZgZb dg^f^cVg^dhYZ Xjaij( hVc(Va PVooVc) hZj cd bZ ^haVgc^Xd)cVhXZj Zb
gVh Y^[ZgZciZh) fjZg dh fjZ hZ k^gVb cZaV bV^h @gVcVYV)=Zed^h YV ZmejahVdYdh gcjXjagcVcdh Zb
iVgYZ) YZ Wdb \gVYd dj cVd& edg iZgZb h^YZ&edg +.3,) hjV [Vb^a^VhZ bjYdj eVgV ?Zo) dcYZ ZaZ[Zo
ZmZbead) XdckZgi^Ydh dj XVeijg(VYdh(!) * iZbV YZ Wg^a]VciZ XVggZ^gVXdbd Y^eadbViV V hZgk^XZYd
idYV jbV k^YV!ZcigZ! Y^[ZgZciZh XjaijgVh VeVgZ( \dkZgcVciZ adXVa)<VeijgVYd edg e^gViVh h^X^a^Vcdh
XZ gZeZi^YVbZciZ Zb VjidW^d\gV[^Vh gZXZciZh #V
YZ >YlVgY LV^Y) edg ZmZbead) dj V YZ aZc :c\$-;)
IdYZ hZg ZcXdcigVYd i)VgcWZgc Zb gdbVcXZh -3 FVm^cZ Adc\ D^c\hidc& >LJ?K >?OOGLO"(+*)#- @adg^V:coVaYjV& /LOBCO%
I?KBP'6? 3OLKQCO?, QFC8CT 7CPQGW?#LVc ?gVcX^hXd&+321$)
.* =FC/I?AH .QI?KQGA
IVja @^agdn& #EdcYdc&+33-$)
.+ GViVa^ZS) =Vk^h) >LJCK LK QFC7?OEGKP,=FOCC<CSCKQCCKQF%0CKQROV IGSCP
#<VbWg^Y\Z&FVhh)& +33/$5 2Vgi]dadbZ 2ZccVhhVg VcY EjX^aaZ2ZccVhhVg)
-1 E^cYV<daaZn)0?MQGSCP #EdcYdc) ,**,$) 6CP AFOCQGCKPB!.II?F #IVg^h&+323$5 EjXZiiV LXVgV[[^V) ;GKKCE?QG,
MCORK?
-2 LV^Y) 9RQ LD:I?AC- :c\) 9K 8LQ <MC?HGKE0FGKCPC& PQLOG?BCII!GBCKQGQ?
LAAGBCKQ?IC#KdbZ) +33-C)
#( <HE>B5:d 6A9JH

Zb +/+2& AVhVc [d^ aZkVYdVKdbV Z VegZhZciVYd


Vd eVeV EZVd Q) <dckZgi^Yd Vd Xg^hi^Vc^hbd Z WVi^(
oVYd eZad eVeV&AVhVc Vhhjb^j & cVbZ D%A=F Z Zh(
XgZkZj hjV [VbdhV YZhXg^XVdYV :[g^XV) KZXZciZ( ,) O:KB>=:=>L => M>KFBGHEH@B:L
bZciZ [d^ igVch[dgbVYd cd egdiV\dc^hiV YZ jb
gdbVcXZ& Vhh^b XdbV cd iZbV YZ jbV bdcd\gV(
[^V ZgjY^iV) Hh VjidgZh Ydh YV^h a^kgdhhVd iVb(
WZgc]^Wg^YdhXjaijgV^h& VgVWZhfjZ ZhXgZkZb Zb
[gVcXZh.,& * fjZ Z bj^id Vegdeg^VYd) : kVg^ZYVYZYZ dW_Zidh ]^Wg^YdhZ hjeZgVYV
AVhVc(Va PVoosb Z jb Wdb ZmZbead Yd ]^( eZaV fjVci^YVYZ YZ iZgb dh fjZ ]d_Z edYZb hZg
Wg^YdXdbV bZY^VYdg XjaijgVa& Vhh^b XdbV kVg^Zh ZcXdcigVYdh cdh iZmidh YZ _OT[XM^_fjZ YZhXgZ(
igVYjidgZh& V hZgZb Y^hXji^Ydh bV^h iVgYZ cZhiZ kZb & egdXZhhd YZ ^ci)Zg(VXVd XjaijgVa Z hjVh
ZchV^d #e&/0& e) 31$) > iVgcWZgc Va\jch _OT[XM^_% XdchZfjZcX^Vh) =Z [Vid& iZbdh eVaVkgVh YZbV^h
ZcigZ ZaZh :cVcYV <ddbVgVhlVbn) GVhX^Yd cd Zb d^g(XjaVXVdeVgV YZhXgZkZg dh bZhbdh [Zc0(
Lg^ EVc`V Zb +211 YZ eV^ X^cfVaZh Z gcVZ ^c\aZhV& bZcdh) Gd bjcYd VXVYZgc^Xd)V :bZg^XV [d^ gZ(
aZkVYdeVgV V Bc\aViZggV Vdh YV^hVcdh& bVh gZidg( YZhXdWZgiV Z V gdYV gZ^ckZciVYV bj^iVh kZoZh&
cVcYd eVgV & Lg^ EVc`V Vdh k^ciZ Z edjXdh Vcdh& ZhhZcX^VabZciZ edgfjZ dh ZheZX^Va^hiVh YZ jbV
<ddbVgVhlVbn igVch[dgbdj V gcZY^VXVdZcigZ & VgZV cVd iZgc idbVYd X^ZcX^VYVfj^ad fjZ hZjh k^(
Hg^ZciZ Z & HX^YZciZ Zb XVggZ^gV&ZhXgZkZcYd a^( o^c]dh VcYVkVb eZchVcYd)
kgdh XdbV BQPUQbMX HUZTMXQ_Q 6^` #+3*2$& ITQ >Z& Fj^idh Ydh iZgbdh hVX bZiV[0g^Xdh& & fjZ dh
PUMZ8^MR`_YMZ#+3*3$ A GMV\a`EMUZ`UZS #+3+0$ A idgcV Vd bZhbd iZbed bV^h k^k^Ydh Z bV^h
Zc[Vi^oVcYd eVgVaZadh ZcigZ V VgiZ Vh^Vi^XV Z Zc\Vcdhdh Yd fjZ V a^c\jV\Zb h^beaZh) <^cXd
VfjZaV YV BYVYZFZY^V ZjgdeZ^V cV k^hVd Ydh \jgjh bZiV[dgVh Zb eVgi^XjaVg Ydb^cVb Vh Y^hXjhhdZh)
Wg^iVc^XXhYZ <ddbVgVhlVb^& Cd]c Kjh`^c Z P^a( ZmigV^YVhgZheZXi^kVbZciZ YV ZXdcdb^V& oddad\^V&
a^Vb Fdgg^h #Ydcd YV [VbdhV \g;[^XV Zb DZab( bZiVajg\^V& dja^cVg^VZ a^c\j^hi^XV) >hiVgZ^&edgiVcid&
hXdii fjZ ZaZjhVkV eVgV ^beg^b^g hZjh a^kgdh$& Y^hXji^cYd Vh ^YZ^Vh YZ VbegZhi^bd& ]^Wg^Y^hbd&
XV"YZ^gVdXjaijgVa& ZchdeVY^c]d XjaijgVa Z [^cVabZciZ&
igVYjXVd XjaijgVa Z !Xg(dji^oVXVd!)
F dW_Zi^kd YZhiV hZXVd cVd Z Y^oZg fjZ Va(
\jch Ydh iZgbdh YZ cdhhV XV^mVYZ [ZggVbZciVh
., :b^c FVadj[) X'Q[Z>"6R^UOMUZ
#IVg^h&+320$5 HjbZaWVc^cZ S]^g^&A"6R^U]aQ
Ma ^ciZaZXijVa AJK%=F XdggZidh Z djigdh cVd) > iVb(
YU^[U^PQ >":a^[\Q3 ;[^`aZQ_ PQ ?QMZAQMZ>"6R^UOMUZ V XMGQZMU__MZOQ%
@ZcZkV #+33++)
WZgccVd Z XdcYZcVg Vh bZiV[dgVh fjZ hZ egda^[Z(
#)
$ <HE>J:d .TRP AB;KBHBLFH <NEMNK:E $!

gVb cZhiV VgZV&YZ !]^Wg^Y^hgcd!V !Xg^dja^oVXVd!) BFBM:p:d > :IKHIKB:p:d


bj^id ZbWdgV bV^h iVgYZ Zj kV Vg\jbZciVg fjZ
Vh bZiV[dgVh a^c\j^hi^XVh hVd bV^h ZhXaVgZXZYd(
gVh Yd fjZ hjVh g^kV^h)F^c]Vh eg^cX^eV^hiZhZh GV ]^hi0g^V Yd HX^YZciZ&jbV YVh bVcZ^gVh
hVd fjZ idYdh dh iZgbdh& bZiV[0g^Xdh dj cVd& Xdbd V ^ciZg(VXVdXjaijgVa iZb h^YdY^hXji^YV YZh(
egZX^hVb hZg bVcjhZVYdh Xdb Xj^YVYd Z fjZ A YZ V :ci^\j^YVYZ <aVhh^XVZ edg ^ciZggcZY^d YV
bV^h [VX^a[VoZg ^hhd hZ k^gbdh V a^c\jV\Zb YV ^YZ^VYZ ^gc^iVXVd)* aVYdedh^i^kd edYZ hZg ZcXdc(
VcVa^hZXdbd hZcYd ZaVbZhbV eVgiZ YV ]^hi0g^V igVYd cV iZdg^V B^iZgVg^VXaVhh^XVZ cV YV KZcVh(
YV XjaijgV) XZcXV&cVh fjV^h V ^gc^iVXVdXg^Vi^kV[d^ VegZhZc(
: iZdg^V YV XjaijgV cVd [d^ ^ckZciVYV dciZb) iVYV Xdbd V ZgcjaVXVdYZ <^XZgd&O^g\^a^d Z YZ dj(
))
igdh bdYZadh YZ egZhi^\^* %
IZad ?FEKI=ICF#ZaVhZ YZhZckdakZj \gVYjVabZciZ V
eVgi^g Yd bdYd Xdbd ^cY^k^Yjdh Z \gjedh iZgc Gd ZciVcid& ]jbVc^hiVh fjZ hZ YZhXgZk^Vb
gZ[aZi^YdhdWgZVh gcjYVcXVh XjaijgV^h VigVkZh Ydh Xdbd ZhiVcYd Zc\V_VYdh Zb ^gc^iVXVd Xg^Vi^kV
hZXjadh&3 XZgiVbZciZ Vm^dgcVi^Xd fjZ dh _OT[XM^_ V^cYV edY^Vb YZhXgZkZg hZjh XdaZ\Vh Xdbd
YZkZb aZkVgbj^id V hZg^d Vh de^c^dZhZmegZhhVh ZhiVcYd ^b^iVcYd YZ bdYd hZgk^a& !bVXVfjZVcYd!)
eZadhedkdh fjZ ZaZhZhijYVb) >hiZ Vm^dbV^bea^XV : bZhbV VXjhVXVd [d^ [Z^iV XdcigV fjZb hZ\j^V
egZhiVg ViZcXVd cVd VeZcVh Vd !hVWZgadXVa!& Xdbd bdYZadh ZhigVc\Z^gdh cV k^YV Y^Vg^V&bdYZadh
d VcigdedadXd cdgiZ(VbZg^XVcd <a^[[dgY @ZZgio ^iVa^VcdhcV KZcVhXZcXZ&bdYZadh [gVcXZhZh cdh
VYb^gVkZabZciZ gZXdbZcYdj& bVh iVgcWZgcVd fjZ hZXjadh QOBB Z QOBBB&bdYZadh ^c\aZhZh cdh hZXjaXh
edYZg^VhZg X]VbVYd YZ !iZdg^V adXVa!& V XdcXZ^idh QOBBBZ QBQ)Gd ;gVh^a&V Xg^i^XV3D !gcVXVfjZVXVd!)
Xdbd !^gc^iVXVd!dj !VXdgcdYVXVd"6"& [Z^iV eZad eVYgZ EdeZh @VbV Z djigdh& hZ\j^V&
^gdc^XVbZciZ& dh bdYZadh ZhigVc\Z^gdh fjZ dh
Xg^i^XdhZhiVkVb XdcYZcVcYd7)
NbV VaiZgcVi^kV 3D ^gc^iVXVdZgV V ^YZ^VYZ
Vegdeg^VXVddj& bV^h k^k^YVbZciZ& !Zheda^VXVd!)
Xj_d XdciZmid dg^\^cVaZgVb Vh Y^hXjhhdZh igVkV(
YVh eZadh iZdadfdh V\dgV gZkZgZcX^VYdhXdbd

.. @) P) I^\bVc Baa)
!OZgh^dch d[ Bb^iVi^dc ^c i]Z KZcV^hhVcXZ!) GQZMU__MZOQ
FaM^`Q^Xe -- #+32*a) e) +(-,)
./ FVg^V D%L?C= IVaaVgZh(;jg`Z& CU_UM;X[^Q_`M% * 8M^M\aOQU^[ Z Da`^[_ :Z&
.- <a^[[dgY@ZZgio) A[OMX@Z[cXQPSQ #GZl Rdg`) +32-$) J=CFJPQ I^QPaOQ[ 8aX`a^MX#LVdIVjad& +330$)
$" <d 83 1/2 .TRP A^;KB=BLFH <NEMNK:E $#

=djidgZh YV B\gZ_VhVWgZdh jhdh YV XjaijgV eV\V FaVYd cZ\Vi^kd YV ^YZ^VYZ Vegdeg^VXVd ed(
fjZ ZgVb eZgb^i^Ydh Vdh Xg^hiVdh) ;Vh^a YZ <ZhV( YZ hZg ZcXdcigVYd Zb VXjhVXdZh YZ eaVf^d& fjZ
gZV&eVg ZmZbead&YZ[ZcYZj jbV Vegdeg^ZXVd hZaZ( XdbZXVgVgc bj^id VciZh YVh aZ^hYZ Y^gZ^id Vjid(
i^kV YV :ci^\j^YVYZ eVfV) hZ\j^cYd & ZmZbead YVh gV_ZcigVgZb Zb k^\dg) Gd aVi^b XaVhh^Xd)& iZgbd
VWZa]Vh&fjZ !cZgc VWdgYVb ^\jVabZciZ idYVh Vh \XMSUM^Ua_ dg^\^cVabZciZ hZ gZ[Zg^V V VafjZgc fjZ
[aVgZh&cZb iZciVb XVggZ\Vg eVg ^ciZ^gd VfjZaVh hZfjZhigVhhZ jb ZhXgVkd& bVh [d^ Vea^XVYdeZ '&
fjZ ZhXda]Zb& bVh eZ\Vb VeZcVh Vfj^ad fjZ A edZiV FVgi^Va Vd [jgid a^iZg(Vi(^d) * iZgbd [d^ gZk^k^(
VYZfjVYd V hZj igVWVa]d Z YZ^mVb & gZhid ^cidXV( Yd cV KZcVhXZcX5V) >gV Xdbjb dh ZhXg^idgZh Ydh
Yd!) LVciV :\dhi^c]d& X^iVcYd & >mdYd&jhdj V a^c( hZXjadh QOBB Z QOBBB hZ VXjhVgZb bjijVbZciZ YZ
\jV\Zb bV^h YgVgcVi^XV Ydh !YZhed_dh Ydh Z\^e( gdjWd #XM^OQZe Zb ^cfaZh& XM^OUZ Zb KI=E?AJ% XMP^[&
X^dh!) LVd CZg0c^bd hZ ZmegZhhdj Zb iZgbdh hZ( ZQOOU[Zb ^iVa^VcdZ Vhh^b eVg Y^VciZa)
bZi]VciZh(!) Nb iZgXZ^gd iZgbd igVY^X^dcVa Z & YZ !Zb(
>hhV VWdgYV\Zb YV igdXV XjaijgVa [d^ gZk^k^( egZhi^gcd! XjaijgVa) ?d^ bj^iVh kZoZh jb iZgbd
YV cV KZcVhXZcXZ Z kZb hZcYd gZk^k^YVcdkVbZc( eZ_dgVi^kd&XdbV cd XVhd Yd _OT[XM^Z ^begZhhdg
iZ Zb cdhhV ZedXV) <dchX^ZciZ dj ^cXdchX^ZciZ( ig(VcXZh AZcg^ >hi^ZccZ& eVg ZmZbead&jb ejg^hiV
bZciZ& iZdg^XXh XdciZgcedgVcZdh YV Zegdeg^ZXVd& YV a^c\jV fjZ ZhXgZkZj hVWgZ !X]Z[Zh YZ [Vb^a^V
cdiVYVbZciZ dh XVida^Xdh [gVcXZhZh F^X]Za YZ ^cXdbeZiZciZh! #YMabMU_ YMZMSQ^_$fjZ ZbegZh(
<ZgiZVj Z IVja A^XiZjg&iZgc hZ ^che^gVYdcV igVY^( iVkVb Ydh k^o^c]dh & fjZ _V i^c]Vb Zb XVhV) >
XVd Xg^hiV) IdYZg(hZ(^V YZhXgZkZg ZhiZ egdXZhhd iVgcWZgc :YVbVci^dh DdgV^h& jb Ydh a^YZgZhYd
XdbV !dh YZhed_dh YZ LVciV :fchi)^c]d!9!) :h [V( bdk^bZcid eZaV ^cYZeZcYZcX^V YV @gZX^V)XdcYZ(
bdhVh Y^hXjhhdZh hVWgZ !Vcigded[V\^V! Yd ^c^X^d cVkV !ZbegZhiVg YZ ZhigVc\Z^gdh E))$ eVaVkgVhZ
Yd hZXjad NN
cd ;g(Vh^a hVd jbV kVg^VciZ YZhiV [gVhZh Y^hedc^kZ^h cV egdeg^V a^c\jV!) > >jXa^YZh
VWdgYV\Zb& ^ciZgZhhVYdh XdbV ZhiVkVb Zb eZ( YV <jc]V YZcjcX^dj V XjaijgV WgVh^aZ^gVXdbV
\Vg Vh Xd^hVh ZhigVc\Z^gVh Z Y^\Zg^(BVhdj YdbZh( !jgcV XjaijgV YZ ZgcegZhi^bd!4!)
i^XV(BVh& 3 XZgiVbZciZ h^\c^[^XVi^kd fjZ &iZgbd !Zb(
egZhi^gcd! iZc]V VYfj^g^Yd jb hZci^Yd bV^h edh^(
i^kd cV hZ\jcYV bZiVYZ Yd hZXjad QQ) =Z VXdgYd
XVb & ]^hidg^VYdg igVcXZh ?ZgcVcY ;gVjYZa& eVg
ZmZbead& !\[a^ aZQ OUbUXU_M`U[Z% bUb^Q O"Q_`2I XMR[U_
.0 PZgcZg CVZ\Zg) :M^Xe 8T^U_`UMZU`e
MZP <^QQW EMUPQUM
#<VbWg^Y\Z) F:)
+30,$)
.1 F^X]Za YZ <ZgiZVj) A"UZbQZ`U[ZYj ]a[`UPUQZ #IVg^h) +32HC5 IVja K^X<>jg)
!:eegdeg^Vi^dc!) UZ=Q^YQZQa`UO_ MZP `TQ =aYMZ HOUQZOQ_'ZY) Cd]c 2)
M]dbehdc #<VbWg^Y\Z) +32-$) e) +2,(3-) .2 >jXa^YZh YV <jc]V) Hh HQ^`U"UQ_
#+3*,4 , kdah) LVd IVjad) +32-$)
.. <HE><:d .TRP AB;KBHBLFH <NEMNK:E $%

CQOC
OM\MNXQ B!CJMORKQCO $
PQP[ZZQ^%PQ^QOQb[U^% A
ead jb egd_Zid VijVa YZ eZhfj^hV XdaZi^kV [^cVc(
FV^h gZXZciZbZciZ& >YlVgY LV^Y YZXaVgdj fjZ !: X^VYd eZaV:a^[\QMZ HOUQZOQ ;[aZPM`U[Z Z Y^g^\^Yd
]^hi0g^V YZ idYVh Vh XjaijgVh Z V ]^hi0g^V Yd Zb( eZad ]^hidg^VYdg KI=E?AJKdWZgi FjX]ZbWaZY Xdb
eg(Zhi^gcd XjaijgVa!.3) =Z [dgbV hZbZa]VciZ& IVja d i^ijad W^a^c\jZ YZ 8aX`a^MX:dOTMZSQ(I^MZ_RQ^`_
A^XiZjg Z djigdh iZ0g^Xdh iZgc jhVYd & iZgbd OaX`a^QU_'
!Vegdeg^VXVd! Zb jb hZci^Yd edh^i^kd) : ZmegZhhVd !igdXV XjaijgVa! eVh hdj V hZg
Nb iZgbd bV^h iZXc^Xd Z !VXjaijgVXVd!& Xj( jhVYV ]VW^ijVabZciZ VeZcVh gZXZciZbZciZ& Zb(
c]VYd Zb idgcd YZ +22* eZadh VcigdedadfXh WdgV_V i^kZhhZ h^Yd ji^a^oVYV cV dWgV Yd _OT[XM^
cdgiZ(VbZg^XVcdh fjZ ZhiVkVb igVWVa]VcYd Xdb VaZgcVd:Wn PVgWjg\ cd ^c^X^dYd hZXjad QQ/-) LjV
Vh XjaijgVh Ydh ^cY^dh/*) : ^YZ^V[jcYVbZciVa ZgV edejaVg^YVYZ ]d_Z&hjWhi^ij^cYd iZgbdh bV^h Vci^(
V YZ jbV XjaijgV hjWdgY^cVYV VYdiVcYd XVgVXiZ( \dh Xdbd !ZgcegZVi^gcd!& hZ YZkZ Zb eVgiZ V jb
g^hi^XVh YV XjaijgV Ydb^cVciZ) >b djigVh eVaV( XgZhXZciZ gZaVi^k^hgcd)Gd ZciVcid& & iZgbd !ig(d(
kgVh& !Vhh^biaVXVd!) jbV eVaVkgV[gZfjZciZbZciZ ZV! cVd YZkZ hZg ZciZcY^Yd Xdbd ^bea^XVcYd fjZ
jhVYV Zb Y^hXjhhXZh Yd ^c^X^dYd hZXjad mmhdWgZ fjVafjZg bdk^bZcid XjaijgVa Zb jbV Y^gZXVd
V XjaijgV YV cdkV dcYV YZ ^b^\gVciZh cdh >hiVYdh Zhi V VhhdX^VYd V jb bdk^bZcid ^\jVa bVh dedhid
Nc^Ydh) * hdX^daXfd XjWVcd ?ZgcVcYd Hgi^o hZ cV djigV Y^gZXVd4V gZaVi^kV^gcedg(gVcX^VYd bdk^(
Vegdm^bdj bV^h YV ^YZ^VXdciZbedgVcZV YZ gZX^( bZcid Zb Y^[ZgZciZh Y^gZXdZh A jbV fjVhiVd
egdX^YVYZfjVcYd hj\Zg^j V hjWhi^ij^XVd YV cdXVd eVgV V eZhfj^hV Zbe^g^XV)
YZ !VXjaijg(VXVd! YZ gcVd jc^XV eZaVYZ !igVchXja(
KLI=?=F YZ gcVd YjeaZ8!&
Hjigd iZgbd iZXc^Xd A
!igVchiZgZcXiZ!) Xj(
c]VYV edg ]^hidg^VYdgZh YV ZXdcdb^V Z edg ]^hid( :<HFH=:g45:d > G>@H<B:g45:d
g^VYdgZhYV iZXcdad\^V Z V\dgV jhVYV bV^h VbeaV(
bZciZ eVgV hZ gZ[Zg^gV djigdh i^edh YZ ZgcegZhi5^(
bdh/,) Nb ZmZbead gZXZciZ YZhiZ jhd bV^h Vb( Nb XdcXZ^id igVY^X^dcVafjZ iZb gZVeVgZX^(
Yd Z & YZ !VXdbdYVXVd!) GV KdbV :ci^\V& <^XZgd
jhdj ZhiZ iZgbd Zb jb XdciZmid gZi0g^Xd eVgV
.3 =
?ZgcVcY ;gVjYZa) AM BQPU`Q^^MZQQQ` XQY[ZPQ YQPU`Q^^_ZQQZ X"Q\[]aQ hZ gZ[Zg^g 3D cZXZhh^YVYZ YZ dh dgVYdgZh VYVeiV(
PQ ETUXU\\Q*(#*2-23 hZXdcY ZY) IVg^h +300$5 >YlVgY LV^Y) 8aX`a^Q MZP UY&
\Q^UMXU_Y'
/* :ae]dchZ =jegVci) A"MOOaX`a^MfU[ZQ#Mdg^cd&
+300$)
/+ =gi^o& 8[Z`^M\aZ`Q['
/, IZiZg C) Aj\^aa VcY =) ;gjXZ =^X`hdc& ITQ I^MZ_RQ^ MZP I^MZ_R[^YM`U[Z [R /- :Wn PVgWjg\) !:jhiVjhX] `HchiaZg^hX]Z Djaijg ol^hX]Zc GdgYZc jcY
>PQM_MZP BM`Q^UMX8aX`a^Q #<daaZ\ZLiVi^dc MZmVh& +32;$) LjYVc! #+3*/$) geg ]^h <Q_MYYQX`Q HOT^UR`QZ#EZ^eo^\)+3-,$) e) +13(;.)
$& <HE>J:d .TRP AB;KBHBLFH <NEMNK:E $'

gZb hZjh Zhi^adh Vh hjVh eaViZ^Vh) Hh ZjgdeZjh gV hZbZa]VciZ& * _Zhj[iV KdWZgid YZ GdW^a^& fjZ
Yd ^c[X^dYV BYVYZFZY^V& cdiVYVbZciZ * eVeV LVd igVWVa]VkV cd hj^ YV BcY^VkZhi^Yd Xdbd jb hVcid
@gZ\dg^d& * @gVcYZ&VYVeiVgVb * XdcXZ^id V jb adXVaZ eZgb^i^V fjZ hZ jh XdckZgi^Ydh WgVgcVcZh
XdciZmid gZa^\^dhd&dWhZgkVcYd V cZXZhh^YVYZ YZ Xdci^cjVhhZb jhVcYd hZjh Xdg(YdZhhV\gVYdh& hZ
idgcVg V bZchV \Zb Xg^hiV VXZ^iVkZa Vdh eVfVXh YZ[ZcYZj YV VXjhVXVd YZ idaZgVg * eV\Vc^hbd X^(
YV Bc\aViZggV Z YZ djigVh eVgiZh Yd bjcYd) =Z iVcYd LVd @g(Zfdg^d)* 5I=E@A! %
VXdgYd Xdb LVd 5IAHFICF%dh iZbeadh eVfVXh cVd KZXZciZbZciZ& * iZgbd !VXdgcdYVXVd! [d^
YZk^Vb hZg YZhigj[Ydh& bVh XdckZgi^Ydh Zb ^\gZ( gZhhjhX^iVYd& cdiVYVbZciZ edg ]^hidg^VYdgZh YV
_Vh eVgV [VX^a^iVgV ZXZ^iVXVd YV cdkV gZa^f^Vd) : gZa^f^VdfjZ Xg^i^XVb dh XdcXZ^idh YZ !VXjaijgV(
XdchigjXVd YZ ^\gZ_Vh cdh adXV^h Ydh iZbeadh& 3+-*! #edgfjZ ^bea^XV gcdY^[^XVXVd XdbeaZiVa Z
Xdbd cd XVhd YZ LVcid ddb^c\d #hjegV& ,.(/a& !h^cXgZi^hbd! #edgfjZ ZaZ hj\ZgZ jbV b^hijgV
hZ\j^j Vh gZXXgcZcYVXXZh YZ LVX @gZ\dg^d) YZa^WZgVYVa) Gd ZciVcid& * iZgbd ZhiV VaiZgVcYd
LZ\j^cYd ZhiZ bdYZad& dh gc^hh^dcVg^dh Yd hZj h^\c^[^XVYd YZ bdYd V ^cXaj^gdh Yd^h eVgXZ^gdh
hZXjad QOB&Xdbd * _Zhj[iV ^iVa^Vcd FViiZd K^XX^& Yd ZcXdcigd& * !XdckZgi^Yd! Vhh^b Xdbd dh b^h(
[VaVkVb YV !VXdbdYVXVd! Yd Xg^hi^Vc^hbd V cdkdh h^dcVg^dh) GV bZY^YV Zb fjZ dh _OT[XM^_iZciVb
VbW^ZciZh Xdbd V <]^cV) ?d^ Vhh^b fjZ ZaZ_jhi^[^( Xdb bV^h V[^cXd kZg dh Yd^h aVYdh Ydh ZcXdcigdh
Xdj hZj XdhijbZ YZ hZ kZhi^g YZ bVcYVg^b& eVgV gZa^\^dhdh&ZhiVd [^XVcYd XVYV kZo bV^h XdckZcX^(
Vegdm^bVg Vh ^YZ^VhgZa^\^dhVh fjZ ZhiVkV egZ\Vc( Ydh YZ fjZ * gZhjaiVYd cVd [d^ iVcid XdckZghVd
Yd Ydh X]^cZhZh& Z eZgb^i^g Vdh XdckZgi^Ydh Xdc( fjVcid jbV [dgbV YZ W^Wg^Y^oVXVd)
i^cjVgZb Xdb Vh egVi^XVh igVY^X^dcV^h YZ Xjaid =Zhi V [dgbV& jb gZaViV gZXZciZ Ydh _Zhj[(
Ydh VcXZhigV^h& fjZ K^XX^^ciZgegZiVkV Xdbd jb iVh cV <]^cV XdcXdgYV fjZ dh bVcYVg^ch egVi^XV(
XdhijbZ hdX^Va Z cVd jbV [dgbV YZ gZa^\^V*/.) gVb V VXdgcdYVXVd iVcid fjVcid dh _Zhj[iVh) >aZh
MVgcWZgccd %7=G=F Va\jch _Zhj[iVh hZ\j^gVb * bZ( cVd k^Vb V h^ bZhbdh ( XdbV dh _Zhj[iVh dh k^Vb
idYd YZ VXXgcdYVXVd&jhVcYd fj^bdcdh YZ hZYV& ( XdbV hjWhi^ij^cYd & Xdc[jX^dc^hbd eZad Xg^hi^V(
XdbZcYd YV bVcZ^gV _VedcZhV Z X]VbVcYd =Zjh c^hbd) IZad ?FEKI$=ICF% ZaZh ZcXVgVkVb * cdkd h^h(
edg jb Ydh cdbZh YZ ;jYV& 9QUZUOT`g' =Z bVcZ^( iZbV YZ XgZcXV XdbV XdbeaZbZciVg Vd igVY^X^d(
cVa) : gcjYVcXV XjaijgVa VXdciZXZj& XdbV hd^
VXdciZXZg& edg VXgZhX^bd Z cVd eVg hjWhi)^ij^XVd)
/. Cd]VccZh ;ZiigVn) 9UQ6WW[Y[PM`U[Z_YQ`T[PQPQ_BM``Q[ GUOOU UZ8TUZM
#KdbZ) +3//$5 HVk^YFjc\Zaad) 8a^U[a_ AMZP3
?Q_aU6OO[YY[PM`U[Z MZP
`TQ D^USUZ_
d[ HUZ[X[Se#Lijii\Vgi) +32/$)
// @Zdg\Z >a^hdc) 9Qa_ 9Q_`^[eQP3`TQ >YMSQd[ 8T^U_`UMZU`e
UZ:M^XeB[PQ^Z
?M\MZ #<VbWg^Y\Z) FVhh )) +31-$) e) /.(2.) /0 I^ZggZ HV]bZc& JZ ?Q_aU`Q
7^MTYQ3G[NQ^` PQC[NUXU
#EdjkV^c) +3,.$)
$( <HE><:d .TRP AB;KBHBLFH <NEMNK:E $)

MZgbdh VaiZgcVi^kdh V !VXdgcdYVXVd! hVd FBLMNK:& LBG<K>MBLFH& AB;KB=BS:p:d


!Y^Vacfd! Z !cZfdX^VXVd!) VbWdh Zc[Vi^oVcYd jbV
k^hVd YZ WV^mdeVgV X^bV Z Vh ^c^X^Vi^kVhYdh Xdc(
kZgi^Ydh Vhh^b XdbV Vh Ydh ggjhh^dcVg^dhZ!) Gdh hZXjgZh QOB Z QOBB& * egdXZhhd YZ VXZ(
F XdcXZ^id YZ cZfdX^VXVd Zb eVgi^XjaVg hZ bXYVXVd [d^ eVg kZoZh Xg^i^XVYdeVg aZkVgV b^hij(
idgcdj XVYV kZo bV^h edejaVg Zb ZhijYdh Xjaij( gV dj h^cXgZi^hbd) F^hijgV& !gc^hXZaVcZV! dj !gc^(
gV^h Zb kVg^Zh XdciZmidh) Gd c[kZa b^XgdXdhb ^( mdgY^V! ZgV k^hiV XdbV YZhdgYZb) Gd FZm^Xd Yd
Xd& iZb h^Yd jhVYd eVgV VcVa^hVgVh Y^hXjhhXZh hZXjad QOB&* [gVYZ Ydb^c^XVcd HjgVc jhdj iZgbdh
ZcigZ eVX^ZciZh Z gcZY^Xdh V gZheZ^iV YVh YdZc( XdbV YQfO M^ Z ViZ !hVaVYh! eVgV hZ gZ[Zg^g3D gZa^(
XVh4 XdckZghVh fjZ aZkVb dh YV^h aVYdh V gZk^hVg \^Vd Yd eHO*/3)
hZjh Y^Vjcdhi^Xdh dg^\^cV^h) Gd c[kZabVXg(dXdhgc^( <dbV V b^hijgV YZ XgZcXVh gZa^\^dhVh& V
Zd) * iZgbd iZb h^Yd ZbegZ\VYd eVgV VcVa^hVg* b^hijgV YZ B[c\jVh [d^ bj^iVh kZoZh Xg^i^XVYV&Vh
Y^Vadfd ZcigZ YV^h h^hiZbVh ^ciZaZXijV^h& * YV Za^( kZoZh Zb iZgbdh Xja^cVg^Xh XdbV aVi^b Y_OQ^^[&
iZ Z * edejaVg& eVg ZmZbead) 3 [gZfjZciZbZciZ ZUO[' & ^cfaZh Z * ^[Y^X]Z [dgVb XdcYZcVYdh XdbV
ZbegZ\VYd Zb VcVa^hZhYZ Zic^X^YVYZ edgfjZ Zm( B[c\jVh XdggjeiVh dj b^hiVh) IVg djigd aVYd&FVg(
egZhhV XdchX^ZcX^V YV bjai^ea^X^YVYZ Z YV [aj^YZo i^c]d EjiZgd& VciZX^eVcYd dh a^c\j^hiVh gcdYZg(
YV ^YZci^YVYZ Z * bdYd XdbV ZaVedYZ hZg bdY^[^( cdh& Zb XZgiV dXVh^Vd dWhZgkdj fjZ !MdYVh Vh aac(
XVYV dj eZad bZcdh VegZhZciVYV YZ Y^[ZgZciZh \jVh hVX b^hiVh! UDYZQQXUZSaMQ UZ`Q^_Q \Q^YUd&
bdYdh Zb Y^[ZgZciZh h^ijV3*Zh/2) `MQ_aZ`?' Ad_Z&* XdcXZ^id YZ XUZSaM YU_`M hZ idg(
cdj gZheZ^iZkZa Zb a^c\j[hi^XV& Z V YQPUM(QZSaM
Yd >fjVYdg Z * YUd&YUd YVh ?^a^e^cVhhVX V\dgV dW(
_Zid YZ A=KL@FJ %
Hh ]^hidg^VYdgZh WgVh^aZ^gdhedYZg^Vb YVg
ViZcXVd hZbZa]VciZ Vd [iVad(edgij\jZh [VaVYdZb
LVd IVjad cd ^c[X^dYd hZXjad QQ&ji^a^oVcYd Vh XVg(
iVh YZ ^b^\gVciZh gZXZciZh Vhh^b XdbV V a^c\jV(
\Zb JCAPOOLKGAC Zhi^a^oVYVYZ [^\jgVh a^i)Zg(Vg^Vh
/1 Edj^hZ F) ;jg`]Vgi) =FC<IGMMCOV
2?OQF,8?FR?%0FOGPQG?K7LO?I 1G?ILERCGK
<GUQCCKQF%0CKQROV 7CUGAL#MjXhdc& +323$5 :bdh FZ\\ZY) 2UMLOQGKE QFC
;CDLOJ?QGLK,6LA?I ;CIGEGLKGK2?OIV 0LILKG?I7CUGALDD%AC@AE# +330$) e)
/(+,)
/2 :ci]dcn =) ;jX`aZn VcY FVgn <) DZccZn) 8CELQG?QGKE 5BCKQGQV,
;FCQLOGA& /3 @gjo^ch`^&EQ^U_QQ%
e) ,-/& ,2*)
7CQ?MFLO?KB <LAG?I1O?J? GK8LOQFCOK5OCI?KB#PVh]^c\idc) +33/$5 0* IZiZg ;V``Zg Z FVVgiZc Fdjh #ZYh)$ 7GUCB 6?KER?ECP #:bhiZgYVb&
CZ[[gZn EZhhZg) 8CELQG?QGKE
8?QGLK?I5BCKQGQV
#LiVc[dgY) +333$) +33.$)
% <HE><5:d 6ca_ AB;KB=BLFH <NEMNK:E %!

Xdgc^XZh Xdbd )Cjd ;VcVcZg(Z9!) GZhiZ XVhd Zhi V egdXZhhdh hZbZa]VciZh ^cXaj^gVb !]Vggcdc^oVXVd! dj
eVgi^XjaVgbZciZ XaVgdfjZ & ]^Wg^Y^hbd A bj^iVh O[ZOUXUM`U[
eVgV YZhXgZkZg Vh iZciVi^kVh YZ Va\jch
kZoZh& hZcVd hZbegZ& jb egdXZhhd Z E=F jb Zh( _OT[XM^_YV AZcVhXZcXV YZ gZXdcX^a^Vg & eV\Vc^hbd
iVYd& _VfjZ ZhiV a^c\jV bVXVgg0c^XV bVgXdj jb Xdb & Xg^hi^Vc^hgcd7&
Zhi)Vf^d YV Vhh^gc^aVXVdYdh ^b^\gVciZh cV XjaijgV Gd hZXjad QBQ&V eVaVkgV!h^cXgZi^hbd! iVb(
Wg(Vh^aZ^gV) WZgcVYfj^g^j jb h^\c^[^XVYd edh^i^kd cd XdciZmid
NbV bZiV[dgV fjZ iZb jbV [jcXVd hZbZ( YZ ZhijYdh YZ gZa^f^VdcV :ci^\j^YVYZ XaVhh^XhZ
B]VciZ AV YZ ![jhVd!& =ZhiZ bdYd DVgakdc FVgi^( ZheZX^VabZciZ Vh ^YZci^[^XVXdZh) iVd Xdbjch cd
jh hj\Zg^j Zb +2.. fjZ V ]^hidg^V Yd ;gVh^a edYZ( eZg^dYd ]ZaZc^hi^Xd& ZcigZ YZjhZh dj YZjhVh YZ
g^VhZg ZhXg^iV Zb iZgbdh YV ![jhVd! YZ igZh gV( Y^[ZgZciZh XjaijgVh #VYZjhV [Zc^X^V /JK=IKA% edg
\Vh& ZcfjVcid fjZ @^aWZgid?gZngZ ZhXgZkZj *&$ ZmZbead& [d^ ^YZci^[^XVYV Xdb :[gdY^iZ& Z & YZjh
WgZ V ![jhVd ]Vgbdc^dhV YZ ig(VY^XdZh Y^kZg( Z\^eX^d YV ZhXg^iV&Mdi& Xdb AZggcZha7) =dh XaVh(
hVh!0,& Ad_Z& ^che^gVYV eZaV [^h^XV cjXaZVg& V a^c( h^Xdh& & iZgbd eVhhdj eVgV V Vcigdedad\^V& &
\jV\Zb YV [jhVd Z edejaVg Zb XdciZmidh fjZ kVd cdgiZ(VbZg^XVcd FZak^aaZAZgh`dk^ih& edg ZmZb(
YV gcjh^XV 3D Xja^cVg^V&6_UMZRa_U[Z% edg ZmZbead& ead&YZhXdWg^j fjZ &XdcXZ^id YZ h^cXgZi^hbd !V_j(
hZ gZ[ZgZ V gZhiVjgVciZh cdgiZ(VbZg^XVcdh fjZ YVkV V VfjXVg! hjVh VcVa^hZh YZ XdciVidh ZcigZ
hZgkZb jbV kVg^ZYVYZ YZ Xja^cVg^Vhdg^ZciV^h) : XjaijgVh& ZheZX^VabZciZ cd XVhd YV gZa^f^Vd
[jhVd cVd ZhiV adc\Z YV [VbdhV bZiV[dgV Ydh V[gd(VbZg^XVcV #edg ZmZbead& V aYZci^[^XVXVd Zc(
>hiVYdh Nc^Ydh Xdbd !XVaYZ^g(Vd!XjaijgVa& i^ijad igZ LVciV 0=I>=I= Z & YZjh QVc\0$0/&
YZ jbV eZXVfjZ ZhigZdj Zb GdkV Rdg` Zb +3*2 : bZiV[dgV WdiVc^XV dj gVX^VabV^h k^k^YVYZ
fjZ Zmeg^b^V YgVbVi^XVbZciZ V =?ACK=?=F Ydh !]^Wg^Y^hgcd! dj ]^Wg^Y^oVXZd!#Zb [gVcXZh JCQGP%
^b^\gVciZh Xdbd !VbZg^XVcdh!) _MSQ%Zb edgijfjZh YQ_`UO4MSQY% Zb ZheVc]da
JjVcid V !h^cXgZi^hgcd!&[d^ dg^\^cVabZciZ jb YQ_`UfMVQ% Zb ^iVa^VcdXQ``Q^M`a^MYQ`UOOUM% Zb ^c(
iZgbd cZ\Vi^kd& ji^a^oVYd eVgV YZeadgVgiZciVi^kVh faZh TeN^UPU`e dj TUN^UPUfM`U[Z$[d^ ZheZX^VabZciZ
Xdbd VfjZaV Yd KAFDFHF VaZgcVd@Zdg\ <Va^mijh&cd edejaVg cdh hZXjadh QBQZ QQ&iZcYd hjg\^Yd V eVg(
hZXjad QOBB& YZ jc^g Y^[ZgZciZh \gjedh YZ egdiZhiVciZh) i^g YZ ZmegZhhdZh ^chjaijdhVh Xdbd !k^gV(BViVh!
L^\c^[^XVkV !XVdh gZa^f^dhd!&MZgbdh edh^i^kdh eVgV

0- F^X]VZa :aWgZX]i& >`aZ`i^`4 :UZQ 7QS^URR_SQ_OTUOT`QYU` =UZcQU_QZ MaRPUQ


ETUX[_[\TUQ aZP LU__QZ_OTMR`_SQ_OTUOT`Q#Lijii\Vgi& +33.$)
0+ FVg^d <VgZaa^&8M^OMYMZ[_ Z 8[YQZPMP[^Q_3 Hh U`MXUMZ[_PQ HM[ EMaX[ PM 0. Nag^X];ZgcZg& DQ^ HeZW^Q`U_Ya_&7QS^URR #P^ZhWVYZc&+32,$)
^QMXUPMPQ 3D QGAAPL
#+3+3(+3-*a #LVd IVjad& +32/$& ZheZX^VabZciZ e) 0/ FZak^aaZ
C) AZgh`dk^ih& !:[g^XVc @dYh VcY <Vi]da^X LV^cih ^c GZl PdgaY
/,(-& +*-(,,) GZ\gd ;Za^Z[!& 6YQ^UOMZ 6Z`T^[\[X[SU_` #+3-1$& e) 0-/(.-5 X[) :cYgZl
0, ?gZngZ&8M_M <^MZPQ%*+,' :eiZg #+33+$& !AZg(h`dk^i)hh AZg^iV\Z!& DUM_\[^M +&e) ,-/(0*)
%" <HE>i5:d .TRP AB;KB=BLFH <NEMNK:E %#

dj !WVhiVgYd! Z YVYd dg^\Zb V h^c0c^bdh Xdbd 1-:< hZj edcid bVm^bV YjgVciZ V AZcVhXZcXV Z
![ZXjcYVXVd(XgjoVYV !00) V_jYdj V Zhi^bjaVg ^cdkVXdZha^iZgVg^Vh Z V Xg^Vi^(
GV dWgV YZ @^aWZgid?gZngZ& ZhiV ZgV jbV k^YVYZ&YZ bVcZ^gV bV^h dWk^VcV dWgVYZ ?gVcX5d^h
^YZ^VXZcigVa&YZhXg^iV Zb hZj g^XdkdXVWjaVg^dYZ KVWZaV^h0;)
kVg^Vh bVcZ^gVh Y^[ZgZciZh& ^cXaj^cYd FG@OGBGWCAQGL$ AV_Z& & iZgbd !]^Wg^Y^hbd! VeVgZXZ Xdb
JGCAGNCKCAQGL$ JCPQGACNCJ A GKQCOLCKCQOCACL$ Vh( [gZfjZcX^V Zb ZhijYdh edh(Xdadc^V^h&cV dWgVYZ
h^b Xdbd CALJLBCACL$O[ZOUXUQOQ[ Z `aQQ[' Hh >YlVgY LV^Y&edg ZmZbead) !MdYVh Vh XjaijgVh Zh(
XdcXZ^idh YZ JCQGCCCNC Z GKQCOMCKCQO?QGLK[dgVb iVd Zckdak^YVh ZcigZ h^!& ZhXgZkZ LV^Y V gZheZ^id
XZcigV^h iVgcWZgc cVh VcVa^hZh YV gZa^f^Vd V[gd( YZ cdhhV h^ijVXVd VijVa& !cZc]jbV YZaVhZ jc^XV
VbZg^XVcV [Z^iVh eZad hdX^dadfd [g(VcXZh Kd\Zg Z ejgV& idYVh *'(& ][Wg^YVh& ]ZiZgV\ZcZVh!03)
;Vhi^YZ& jb VYb^gVYVg& hZcVd ZmViVbZciZ jb >bWdgV ZaZigViZ &iZgbd XVb bV^h VgcW^kVaZcX^V&
Y^hX[ejad& YZ AZgh`dk^ih Z 4IAOIA! % dj bZa]dg& Zc[Vi^oZ hjV VgcW^kVaZcX^V& V ^YZ^VYZ ]^(
>b jb adXVabj^id Y^[ZgZciZ& iVcid \Zd\g;[^( Wg^Y^hbd iVgcWZgc Z XZcigVa cV dWgV YZ Adb^
XV fjVciV ^ciZaZXijVabZciZ& cV Kjhh^V& Z cV a^c( ;]VW]V1=r
\jV\Zb Z cV a^iZgVijgV& Zb kZo YZ cV ]^hidcZ hd( Fj^id gcZcdh Xdc]ZX^YV& bVh ^\jVabZciZ
X^Vadj hdX^dad\^V&& ZheZX^Va^hiVZb iZdg^V a^iZgV( ZhXaVgZXZYdgVcV VcVa^hZYV gcjYVcXV XjaijgVa& & A
g^VF^`]V^a ;V`]i^c& Xdbd ?gZngZ&X]Vbdj ViZcXVd XdcXZ^id YZ !ZXdi^ed!) ZbegZ\VYd eZad [daXadg^hiV
eVgV V igcedgiVcX^V Yd ]^Wg^Y^hbd XjaijgVa) : cd( hjZXd <Vga kdc LnYdl) <dbd !]^Wg^Y^hgcd!) ZhiZ
XVd YZ ;V`]i^c YZ ]^Wg^Y^hbd ZhiVkV a^\VYV V YV^h iZgbd [d^ dg^\^cVabZciZ Xjc]VYd edg WdiVc^Xdh
XdcXZ^iVh fjZ [dgVb XZcigV^h eVgV hZj eZchV( eVgV hZ gZ[Zg^gV jbV kVg^ZYVYZYZ eaVciV VYVeiVYV
bZcid& !eda^[dc^V! Z !]ZiZgd\adhh^V!& fjZ hZ gZ[Z( V jb YZiZgb^cVYd VbW^ZciZ eZaVhZaZXVd cVijgVa)
gZb 3D kVg^ZYVYZYZ a^c\jV\Zch fjZ edYZb hZg Zc( <Vgakdc LnYdl idbdj(d ZbegZhiVYd eVgV VcVa^hVg
XdcigVYVh Zb jb bZhbd iZmid) Idg ZmZbead&ZaZ
YZhXgZkZj V hVi^g(Z 0?OQ?P BCFLJCKP L@PAROLP$
Yd hZXjad QOB& Xdbd jb !][Wg^Yd a^c\j[hi^Xd Xdb(
eaZmd^ciZcX^dcVa! YZ aVi^b Z VaZgcVd&fjZ ^ajhigV V 02 F^`]V^a 2V`]i^c) ITQ 9UMX[SUOMX
>YMSUZM`U[Z #:jhi^c) +32+$& e) 2*(,)

!Zhi)^gcjaVXVd gZX[egdXV YZ a^c\jV\Zch! fjZ VaXVc( -/2(3 #jgc kdajbZ YZ ZchV^dh dg^\^cVabZciZ ejWa^ZVYd cV Kjhh^V Zb
+31/$) <[) @V( gn L) Fdghdc VcY <Vgna>bZghdc) BUWTMUX7MWT`UZ38^QM`U[Z
[R V E^[_MUO_ #LiVc[dgY& +33*$& e) +-3(./)
03 >YlVgY LV^Y) 8aX`a^Q MZP >Y\Q^UMXU_Y#EdcYdc) +33-$& mm^m5
Z[ Adb^ D)
;]VW]V& ITQ A[OM`U[Z [R 8aX`a^Q #EdcYdc& +33.$& e) ++,(+/5 Ic^cV
00 KdWZgi C) <) Rdjc\& 8[X[ZUMX9Q_U^Q3=eN^UPU`eUZITQ[^e' 8aX`a^Q MZP GMOQ PZgWcZg VcY MVg^f FdYddY #ZYha&9QNM`UZS 8aX`a^MX =eN^UPU`e#EdcYdc&
#EdcYdc) +33/$) +331$)
01 Kd\Zg ;Vhi^YZ& AQ_ ^QXUSU[Z_MR^UOMUZQ_Vj 7^Q_U`4bQ^_ aZQ _[OU[X[SUQ PQ_ 1* ;]VW]V& A[OM`U[Z%ZheZZ^VabZciZ +++(+2) Hc ;]VW]V& ;Vgi FddgZ(@^aWZgi&
UZ`Q^\QZQ`^M`U[Z_ PQ_ OUbUXU_M`U[Z_
#IVg^h) +30HC) E[_`O[X[ZUMXITQ[^e #EdcYdc&+331$& e) ++.(/+)
%$ <HE>X54:d 6ca_ AB;KBHBLFH <NEMNK:E %%

gcdY^[^XVXXZhZb Xdcidh [daXa0g^Xdh& fjZ ZaZ k^V h^cXgZi^hbd& VaZgc YV +0\^XV YV ZhXda]V& & fjZ
Xdbd VYVeiVYdh V hZjh VbW^ZciZh XjgijgV^h !) egZX^hVhZg ^ckZhi^\VYd Zb ZheZX^Va Z ViZ fjZ edcid
Hh ZhijY^dhdh YVh ^ciZgVXdZh XjaijgV^h ed( dh Y^[ZgZciZhZaZbZcidh L;H [jcY^Ydh #XdgcdfjZb _V
YZg^Vb hZ\j^g & eVgVY^\bV YZ LnYdl Z Y^hXji^g& jhdj jb b^mZg YZ Xdo^c]V hVWZ&]V \gVjh YZ)
Y^\Vbdh& [dgbV^h adXV^h( Vgfj^iZijgV WVggdXV [NL;H?,) JjVcid Vd ]^Wg^Y^hbd& Z jb iZgbd
iX]ZXV& edg ZmZbead ( Xdbd kVg^VciZh gZ\^dcV^h ZhXdggZ\VY^d&VbW[\jd& Vd bZhbd iZbed a^iZgVaZ
YZ jb bdk^bZcid ^ciZgcVX^dcVa&kVg^VciZh Xdb bZiV[0g^Xd& YZhXg^i^kdZ Zmea^XVi^kZ9!
hjVh eg0eg^Vh gZ\gVh) / Zm^hiZcX^VYZ ZX0i^edh Hh XdcXZ^idh YZ h^cXgZi^hbd& YZ b^hijgV Z
hj\ZgZ fjZ egZX^hVbdh idbVg XdchX^ZcX^VYZ [dg( YZ ]^Wg^Y^hbdiZgc iVgcWZgcV YZhkVciV\Zb YZ eV(
XVh XZcig[[j\Vh Vhh^b Xdbd YZ [dgXVh XZcig[eZ( gZXZgZb ZmXaj^g& V\ZciZ ^cY^k^YjVa)!F^hijgV! hdV
iVh) <dbd V ]^hi0g^V YVh a^c\jV\Zch Z Ydh Y^VaZ( bZXVc^Xd) !A^Wg^Y^hbd!ZkdXV & dWhZgkVYdgZmiZg(
idh& V ]^hi0g^V YV XjaijgV Zb \ZgVa edYZ hZg k^hiV cd fjZ ZhijYV V XjaijgV Xdbd hZ ZaV[dhhZ V cVij(
Xdbd jbV ajiV ZcigZ ZhiVh YjVh [dgXVh) :h kZoZh gZoVZ dh egdYjidh YZ ^cY^k[Yjdh Z \gjedh Xdbd hZ
jbV iZcYZcX^V egZYdb^cV&Vh kZoZh V djigV& bVh [dhhZb ZheZX^gcZch Wdi)Vc^Xdh)<dcXZ^idh Xdbd
ZaVhVaXVcXVgcjb XZgid Zfj^a[Wg^dcd adc\d egVod) !Vegdeg^VXVd! Z !VXdgcdYVXVd! Y;H bV^dg Zc[VhZ
Vd V\ZciZ ]jbVcd Z V Xg^Vi^k^YVYZ& Vhh^b Xdbd V
^YZ^VXVYVkZo bV^h edejaVg YZ !igVYjXVd XjaijgVa!&
jhVYV eVgV YZhXgZkZg & bZXVc^hbd edg bZ^d Yd
<HG<>BMHL >F JN>LM:d fjVa ZcXdcigdh XjaijgV^h egdYjoZb [dgbVh cdkVh Z
][Wg^YVh)

LjedZ(hZ fjZ dh XdcXZ^idh cdh V_jYZb V gZ(


hdakZgegdWaZbVh^ciZaZXijV^h&bVh [gZfjZciZbZciZ
Xg^Vb egdWaZbVh eg0eg^dh) Gd XVhd YV
=GIFGIC=?=F # edg ZmZbead&& \gVcYZ egdWaZbVZ
YZhXdWg^g V +0\^XVYV ZhXda]V&& [jcYVbZcid +0\^Xd&
XdchX^ZciZ dj ^cXdchX^ZciZ&eVgV V hZaZXVd YZ
1, <]VgaZh LiZlVgi VcY KdhVa^cYL]Vl #ZYh$ <VKAOCQGPJ'?KQG%<VKAOCQGPJ
Va\jch ^iZch Z V gZ_Z^XVdYZ djigdh) Gd XVhd Yd TEdcYdc& +33.$5 LZg\^d ?) ?ZggZii^& ;CMCKP?KBL & PGKAOCQGPJL
#LVd
IVjad& +33/$5 LiZe]Vc IVagc^Z& !:\V^chi LncXgZi^hb4 :[g^XVc^o^c\ VcY
<jWVc^o^c\ =^hXdjghZh ^c Gdgi] :bZg^XVc =g^hV Pdgh]^e!) ^c K^X]VgY
?VgYdc gZY$&0LRKQCOTLOHP TEdcYdc&+33/$) e) 1-(+*.5 <]VgaZh LiZlVgi)
!LncXgZi^hb VcY ^ih Lncdcnbh4 KZ[aZXi^dch dc <jaijgVa F^mijgZ!) 1G?%
1+ <Vgakdc LnYdl) <CICAQCB
:?MCOPLK 3LIHILOC
#<deZc]V\Zc) +3.2$) e) ++ [[) AOGQGAP
,3)- #+333$4 e) .*(0,)
..[i) 1- Rdjc\& 0LILKG?I1CPGOC&
%& <HE>B54:H .TRP AB;KBHBLFH <NEMNK:E %'

MK:=Ng55:d <NEMNK:E bZcidh Z Vh VXdZh YZ idYdh) = GKPGEFQ XgjX^VaeVg


ig(Vh YZhiV ZmiZchVd [d^ ZmegZhhd XVb WgZk^YVYZ
ZmZbeaVg eVg @Zdg\ LiZ^cZg) !JjVcYd aZbdh dj
=Vh Y^[ZgZciZh bZiFdgVh jhVYVh eVgV YZh( djk^bdh fjVafjZg ZcjcX^VYd Yd eVhhVYd ))) c0h
XgZkZg & Vhhjcid YZhiZ ZchV^d& V bZiFdgV igVYjo^bdh!) =j V^cYV4!cd ^ciZg^dg YZ jb ^Y^dbV
a^c\j^hi^XV bZ eVgZXZ hZg V bV^h ji^" Z V bZcdh dj ZcigZ ^Y^dbVh& Xdgcjc^XVXVd ]jbVcV Z & bZh(
Zc\VcdhV) NbV YVh [dgbVh fjZ VhhjbZ Z V Zm( bd fjZ igVYjpVd!1/)
egZhhVd !ig(VYjXVd XjaijgVa!& jhVYV eZaV eg^bZ^gV Nb ]^hidg^VYdg YV XjaijgV edYZg^V fjZgZg
kZo eVg Vcigdedadfdh) ;gdc^haVl FVa^cdlh`^& eVg VXgZhXZciVg V hjeZhi)Vd YZ fjZ V gcZiVidgV YZh(
ZmZbead #edadcZh fjZ ^b^\gdj eVgV V Bc\aViZggV Z XgZkZ Va\jbVh h^ijVXdZh ]jbVcVh bZa]dg Yd fjZ
ZhijYdj V FZaVcZh^V$&hjhiZcidj fjZ !VegZcYZg djigVh& ZheZX^VabZciZ h^ijVXdZh cVh fjV^h & Zc(
jbV XjaijgV ZhigVc\Z^gV Z XdbV VegZcYZg jbV XdcigV Z ZcigZ Vh eZhhdVh YZ XjaijgVh Y^[ZgZc(
a^c\jV ZhigVc\Z^gV! Z fjZ Zb hZjh a^kgdhZaZZhiV( iZh) IVg ZmZbead&fjVcYd OVhXd YV @VbV Z hZjh
kV iZciVcYd !igVYjo^g Vh XdcY^XdZh YV FZaVcZh^V ]dbZch ZcigVgVb Zb jb iZbead ^cY^Vcd Zb <Va(
eVgV Vh cdhhVh!) Gd ZciVcid& V ^YZ^VYZ fjZ Xdb( Xji V Z hZ YZ[gdciVgVb XVb jbV ^bV\Zb XVb V
egZZcYZg jbV XjaijgV ZhigVc\Z^gV ZgV VcVadfd Vd fjVa cVd ZhiVkVb [Vb^a^Vg^oVYdh&Vh XVWZXVhjc^(
igVWVa]d YZ igVYjXVd XdgcZXdj V hZ idgcVg Zd( YVh YZ ;gV]bV& O^h]cj Z L]^kV& ZaZh eZgXZWZgVb
bjb ZcigZ VcigXedadfdh cdh Vcdh +3/* Z +30* V ^bV\Zb XdbV jbV g(Zeg(ZhZciVXVd YV LVci^hh^(
cd X[gXjad YZ >YlVgY >kVch(Ig^iX]VgY) bV Mg^cYVYZ) >b djigVh eVaVkgVh&ZaZh !igVYjo^(
= XdciZmid dg^\^cVaeVgV & hjg\^bZcid YZhiV gVb! V ^bV\Zb eVgV iZgbdh [Vb^a^VgZh gZXdggZc(
bZiFdgV [d^ & egdWaZbV egVi^Xd YZ XdbV igVYjo^g Yd Vdh ZhfjZbVh k^hjV^h dj ZhiZgZ0i^edh XdggZc(
iZgbdh(X]VkZ jhVYdh eZadh edkdh hZcYd ZhijYV( iZh Zb hjV eg0eg^V XjaijgV) GZhiZ XVhd& V igVYj(
Ydh fjVcYd cVd ]Vk^V iZgbdh Zfj^kVaZciZh V ZaZh XVd [d^ egdkVkZabZciZ ^cXdchX^ZciZ)
cVh B[c\jVh [VaVYVh eZadh VcigXedadfdh) <dbV dh :aZgc Y^hhd&edYZbdh YZhXgZkZggc^hh^dcV(g^dh
]^hidg^VYdgZh Zc[gZciVb jb egdWaZbV hZbZa]Vc( XdbV FViiZd K^XX^& ^ciZgZhhVYdh cV !VXdgcdYVXVd!
iZ& ZgV bZhbd YZ hZ ZheZgVg fjZ Va\jch YZaZh hZ gZa^\^dhV&XdbV iZciVcYd igVYjo^g & Xg^h(i^Vc^hbd (
hZci^g^Vb VigV^Ydh eVgV ZhiV ^YZ^V9!&
Gd ZciVcid& & jhV YV bZiFdgV !igVYjXVd YV
XjaijgZ! cVd ZhiV bV^h Xdc[^cVYd V Y^hXjhhXZh [^( 1. M]dbVh H) ;Z^YZabVc "A@%6%
ITQ I^MZ_XM`U[Z [R 8aX`a^Q_ #EdcYdc) +31+$5
@^ha^ IVahhdc #ZY)$&7Qe[ZP 7[aZPM^UQ_3 JZPQ^_`MZPUZS I^MZ_XM`U[Z MZP 6Z&
adh0[^XVh dj hZb^[^adh0[^XVh V gZheZ^id Yd fjZ dh `T^[\[X[SUOMX 9U_O[a^_Q #Hm[dgY) +33-$5 IVaaVgZh(;jg`Z) CU_UM;X[^Q_`M4
Vcigdedadfdh dj dh ]^hidg^VYdgZh YV XjaijgV [V( LVc[dgY ;jY^X` VcY Pda[\Vc\ BhZg#ZYh)B&ITQ I^MZ_XM`MNUXU`e
[R 8aX`a^Q_
#LiVc[XgY& +330$)
oZb) ?d^ ZhiZcY^Yd YZ bdYd V ^cXaj^g dh eZchV( 1/ @Zdg\Z LiZ^cZg) 6R`Q^ 7MNQX#EdcYdc) +31/$),2) .1)
%( <HE><5:d .TRP AB;KBHBLFH <NEMNK:E %)

XdchX^ZciZbZciZ YZhiV kZo ( YZ jb h^hiZbV Xja( odZh YZ hZj VeZad dg^\^cVa eVgV dh Vcig(dedadfdh)
ijgVa eVgV djigd) =Z bdYd hZbZa]VciZ& V !MgVYjXVd! XdcigVhiV Xdb iZgbdh XVggZ\VYdh YZ
ZmegZhhVd !V igVYjXVd YZ YZjhZh!& Xjc]VYV eZad kVadgZh Xdbd !bVa(ZciZcY^Yd& CEKAIGIAK=?=F Zg(
Zf^eidadfd VaZgcVd CVc :hhbVcc& Z jb bdYd IFEAA%Zc\Vcd cV aZ^ijgV& KI=@L?=F^cXdggZiV& Zb(
ZhXaVgZXZYdgYZ YZhXgZkZg & fjZ XdhijbVkV JAI egZ\d ^beg(deg^d!9!)
Xdc]ZX^Yd Xdbd !h^cXgZi^hgcd!) Zb djigVh >hiZ XdcigVhiZ ZcigZ iZgb^cdad\^Vh bdhigV
eVaVkgVhV WjhXV edg Zfj^kVaZciZh cd G=EKA=FYZ V fjZhi)Vd YV edhh^W^a^YVYZ YZ hZ [VoZg KI=@L?FAJ
jbV XjaijgV YVh eg^cX^eV^h[^\jgVh Yd G=EKA=FYZ XjaijgV^h ^cXdggZiVh) &fjZ idgcV V fjZhi)Vd Y^[[X^a
djig(V9!& YZ gZhedcYZg ZV [VaiV YZ XdchZchd fjVcid V fjV^h
GV ]^hi0g^V YV VgiZ dj YV gcjh^XV edYZ hZg hZg^Vb dh Xg^iZg^dh eVgV hZ YZ[^c^g & fjZ hZg^V
ZhXaVgZXZYdg eZchVg Zb iZgbdh hZbZa]VciZh) jbV ig(VYjXVd ^cXdggZiV) 3 iZciVYdg jhVg ZhiV Zm(
Idg ZmZbead&jb ZhijYd gZXZciZ Yd Zhi^ad YZ bj( dgZhhVd eVgV YZhXgZkZg V YZX^hVd YZ FViiZd K^X(
h^XV ?IG?QROA?$ jb Zhi^ad dX^YZciVa ^che^gVYd eZ aV Zd YZ hZ kZhi^g Xdbd bdc\Z WjY^hiV Vd X]Z\Vg =
gcjh^XV Yd BbeZg^d HidbVcd& YZhXgZkZj(V Xdbd <]^cV& >aZidbdj ZhiV YZX^hVd edgfjZ k^j dh gcdc(
!jgc Xdc_jcid YZ eg^cX[e^dh YZ ig(VYjXVd iVcid \Zh WjY^hiVh Xdbd Zfj^kVaZciZh adXV^h Ydh eV(
fjVcid #dj bV^h fjZ$ jb Xdc_jcid YZ Y^hedh^i^kdh YgZh XVi0a^Xdh&bVh VWVcYdcdj ZhiV ^YZ^VfjVcYd
YZ ^b^i VXVd!9!& >hiZ GKPGEFQ Z egdkVkZabZciZ Vea^( YZhXdWg^j fjZ dh bdc\Zh WjY^hiVh i^c]Vb jbV
XVkZa V djigdh fZcZgdh Z ^ajhigV Xdb eVgi^XjaVg eXh^XVd hdX^Va^c[Zg^dgVdh da]dh YV Za^iZ Xdc[jX^d(
XaVgZoV&kVadgYZhiZ iZgbd Xdbd jbV VaiZgcVi^kV c^hiV fjZ ZgV & Vakd eg^cX^eVaYZ hjVh Vi^k^YVYZh
V h^beaZh ^YZ^VhYZ ^gc^iVXVd) b^hh^dcVg^Zh)
F iZgbd !igVYjXVd! iVgcWZgc iZb V \gVcYZ Gd ZciVcid& cdh XVhdh Zb fjZ ^cY^k[Yjdh Z
kVciV\Zb YZ Zc[Vi^oVg & igVWVa]d fjZ iZb fjZg \gjedh& Y^[ZgZciZbZciZ YZ K^XX^&eZgh^hiZb Zb
hZg [Z^id edg ^cY^k[Yjdh dj \gjedh eVgV YdbZhi^( hjVh ig(VYjXdZh XjaijgV^h& Z XZgiVbZciZ ^chZchV(
XVg & fjZ Z ZhigVc\Z^gd& Zb djigVh eVaVkgVh&Vh id dh ]^hidg^VYdgZh idbVgZb eVgi^Yd) * fjZ ZaZh
Zhig(ViZe^Vh Z Vh iVi^XVh ZbegZ\VYVh) 3 dWk^V( XZgiVbZciZ egZX^hVb [VoZg Z aZkVgZb XdciV dh
bZciZ jb iZgbd cZjigd& Xdb VhhdX^VXdZh YZ gZ( edcidh YZ k^hiV Xdcig(Vg^dh Ydh YdVYdgZh ( dj
aVi^k^hbd XjaijgVa) >hiV [d^ YZ [Vid jbV YVh gV( hZ_V&Ydh ^cY^k[Yjdh YV XjaijgV YV fjVa jb YZiZg(
b^cVYd ^iZb [d^ Vegdeg^VYd ( Z Ydh gZXZeidgZh)

10 CVbZh <a^[[dgY)EQ^_[Z MZP Be`T3 BMa^UOQAQQZTM^P`UZ`TQ BQXMZQ_UMZ


L[^XP #;Zg`ZaZn&+32,$& X]) /4 CVc :hhbVcc& !M]Z MgVchaVi^dcd[ @dYh!&
^c 2jY^X` VcY BhZg&I^MZ_XM`MNUXU`e' 12 PZcX]Vd E^&9UQ OT^U_`XUOTQ
8TUZM&BU__U[ZUY +1) C]i4 OZgViVcYc^h&
11 FVgn AjciZg& !M]Z :a^V MjgXV LinaZ!& ^c 2ZaabVc&e) .-q1-) jckZg(hi VcYcah) F^hkZg(hi)VcYc^h#Lijii\Vgi& ,**HC)
& <HE> 5:d 6ca_ AB;KBHBLFH <NEMNK:E &!

IVgV dh YdVYdgZh) fjVafjZg VYZeiVXVd dj igVYj( <KBHNEaS:i5:d


XVd YZ hjV XjaijgV eVgZXZ hZg jb Zggd) ZcfjVcid
fjZ dh gZXZeidgZh edYZb ^\jVabZciZ eZgXZWZg
hZjh eg0eg^dh V_jhiZh Xdbd XdggZXVdYdh Zc\V( Hjigd bdYZad a^c\j^hi^Xd fjZ [d^ ZhiZcY^Yd V
cdh) >b jbV YZa^X^dhV Z ZhXaVgZXZYdgVZkdXVXVd djigVh [dgbVh YZ XjaijgV Z & YV !Xg^dja^oZXVd!)
YZ hjV VgZVYZ igVWVa]d) V VcigjedadfV EVjgV 2*( @ZcZgVa^oVcYd ZhijYdh hVWgZ& <Vg^WZ& dh a^c\j^hiVh
]VccVc YZhXgZkZj & fjZ VXdciZXZj fjVcYd Xdc( eVhhVgVb V ZbegZ\Vg ZhiZ iZgbd eVgV YZhXgZkZg
idj V ]^hi0g^V YZ AVbaZi eVgV jb \gjed YZ V[g^XV( jbV h^ijVXVd cV fjVa jbV a^c\jV [gVcXVdj \UPSUZ Vc(
cdh dX^YZciV^h) Hh bV^h kZa]dh ^ch^hi^Vb Zb Xdg( iZg^dg YZhZckdakZjbV ZhigjijgV bV^h XdbeaZmVcV
g^\^ghZjh !Zc\Vcdh! Z Zb Zmea^XVg V ZaV& !kZgYV( bZY^YV Zb fjZ Vh eZhhdVh XdgcZXVgcV ji^a^oZ(aV
YZ^gdh^\c^[^XVYd! YV ]^hi0g^V) VYVeiVcYd(V hjV = eVgVegde0h^idh \ZgV^hdj bZhbd V VegZcYZ(aVXdbV
?LDKLIA. % hjV eg^bZ^gV B^c\jV;d) NhVcYd XdbV WVhZ hjVh
Nb Ydh egdWaZbVh fjZ ZhiZh YZhVXdgYdh V[^c^YVYZh dj XdcfgjZcX^Vh) YjVh a^c\jVh Zb
gZkZaVb XVb XaVgZoVA & egdWaZbVYV igVYjo^W^a^( XdciVid hZ bdY^[^XVb Z [^XVb bV^h eVgZX^YVhZ
YVYZ) L0 edgfjZ bj^iVh iZciVi^kVh YZ igZYjXVd Vhh^b !XdckZg\Zb! Z Xg^Vb jbV iZgXZ^gV) fjZ
XjaijgVa [dgVb [Z^iVh cVd fjZg Y^oZgfjZ dh ZaZ( [gZfjZciZbZciZ VYdiV V bV^dg eVgiZ YZ hZj
bZcidh YV XjaijgV hZ_Vb eaZcVbZciZ igVYjo^kZ^h) kdXVWjaVg^dYZ jbV YVh a^c\jVh dg^\^cV^h Z hjV
=Z [Vid) eZchVcYd cV edhh^kZaY^gZXVdYV eZhfj^( ZhigjijgV dj h^ciVmZ YV djigV) Gd XVhd YV YQPUM
hV [jijgV) edYZg^VhZg [gji^[Zgd fjZ dh _OT[XM^_ XQZSaMYd >fjVYdg) eVg ZmZbead) & kdXVWjaVg^dZ
egZhiVhhZb bV^h ViZcXVd Vfj^ad fjZ Zb jbV eg^cX^eVabZciZ ZheVc]da ZcfjVcid fjZ V
=
YVYV XjaijgV bV^h gZh^hiZ igVYjXVd) Z Vd fjZ hZ ZhigjijgV Z dg^jcYV Yd HLC?BL=! ,
eZgYZ cd egdXZhhd YZ igVYjXVd YZ jbV XjaijgV LZ\j^cYd bVh iVgcWZgcVbea^VcYd ZhiZ gcd(
eVgV djigV) YZad&Va\jch _OT[XM^_ZhXgZkZgVb V gZheZ^id YV
!Xg^dja^oVXZd!YZ XjaijgVh ^ciZ^gVh) * Zcigdedadfd
hjZXd Na[ AVccZgo YZhXgZkZ XjaijgVh Xg^djaVh
XdbV VfjZaVh fjZ i^kZgVb iZbed YZ !hZ Vegdm^(

2* =ZaaAnbZh aZY)B)EUPSUZU_M`U[Z
MZP 8^Q[XU_M`U[Z[R AMZSaMSQ_#<VbWg^Y\Z)
+31++)
13 EVjgV ;d]VccVc) !L]V`ZheZVgZ ^c i]Z ;jh]! #+300) gZ^begZhhd Zb =V( 2+ IZiZg ;V``Zg VcY FVVgiZc Fdjh BZYh)C&
BUdQP AMZSaMSQ_ #:bhiZgYVb)
k^Y L) DVhidc) #ZY)B&8^U`UOMX
:__Me_ [Z HTMWQ_\QM^Q"_=MYXQ`' GZl Rdg` +33.$5 X[) LVgV] @)M]dbVhdc& AMZSaMSQ 8[Z`MO` #>Y^cWjg\]& ,**+$& e)
+33/) e) 3(+2$) 23(3*& +,/)
&" <HE>i54:d 6ca_ AB;KBHBLFH <NEMNK:E &#

bVg YZ XZgid \gVj YZ XdZgZcX^V! Z !edYZb _jciVg jbV a^c\jV b^hiV fjZ edYZg^V hZg YZhXg^iV Xdbd
Vh Xd^hVh YZ cdkVh gcVcZ^g(Vh"!8) OVg^Zh _OT[XM^_ jb \UPSUZdj jb Xg^djad X^Zci[[^Xd7)
hj\Zg^gVb V gZaZkVcX^VYZhiZ bdYZad a^c\j[hi^Xd GZhiZh ZhijYdh& V a^c\jV [jcX^dcV cVd Xdbd
eVgV & ZhijYd Yd YZhZckdak^bZcid YV gZa^f^Vd&YV jbV gcZiVidgV) bVh Xdbd jb bdYZad& ji^a^oVYd
gcjh^XV&Yd Zhi^ad YZ bdgVY^V&kZVijVg^d Z Xja^cVg^V XdchX^ZciZ Z h^hiZbVi^XVbZciZ Z [VoZcYd jhV Zb
V[gd(VbZg^XVcV) >aZh ZhijYVgVb & egdXZhhd YZ eVgi^XjaVg YV Y^hi^cXVd ZcigZ kdXVWjaZg^d Z \gV(
XdckZgfZcX^V XjaijgVa Zb adXV^hZ eZg[dYdh ZheZ( bVi^XV dj ZhigjijgV egd[jcYV) : ^YZ^VYZ !XdckZg(
X[[^Xdh&Xdbd cV CVbV^XV Yd hZXjad QOBB& cdkVbZc( \ZcX^V! AJK V hZ YZbdchigVcYd ji^a [dgV Vhh^b
iZ ji^a^oVcYd & iZgbd !Xg^dj"^oVXVd! eVgV hZ gZ[Z( Xdbd YZcigd Yd Ydb[c^d YV a^c\j[hi^XV cd fjVa [d^
g^gV ZgcZgfZcX^V YZ cdkVh [dgbVh XjaijgV^h V eVg( dg^\^cVabZciZ [dggcjaVYV)
i^g YV b^hijgV YZ Vci^\Vh [dggcVh"!) IdYZ(hZ Y^oZg KZhjb^cYd ZhiV hZXVd4 ZbWdgV V^cYV Zm^h(
V bZhbV Xd^hV V gZheZ^id Yd ;gVh^a&dcYZ Y^[ZgZc( iVb iZgbdh Z XdcXZ^idh YZbV^h Zb X^gXjaVXVd
iZh XjaijgVh V[g^XVcVh hZ [jcY^gVb Z hZ bZhXaV( eVgV YZhXgZkZg Z VcVa^hVgdh egdXZhhdh fjZ hVd &
gVb Xdb ig(VY^XdZh cVi^kVh Z edgij\jZhVh Z egd( Vhhjcid YZhiZ ZchV^d&egZX^hVbdh YZ kVg^Zh YZaZh
Yjo^gVb jbV cdkV dgYZb) eVgV [VoZg _jhi^XZ iVcid Vd V\ZciZ ]jbVcd iXdgcd
FXdcXZ^id YZ Xg^dja^oVXVd XdgcZXdj V hZg cd XVhd YV !Veg(deg^VXVd! dj YV KI=@L?=F Xjaij(
jhVYd YZ [dgbV bV^h VbeaV eVgV Y^hXji^g Vh Xjaij( gVa!$fjVcid Vh bXY^[^XVXdZh YVh fjV^h dh V\Zc(
gVh ZjgdeZ^Vh) edg ZmZbead&dj Y^hX^ea^cVh^ciZaZX( iZh cVd iZgc XdchX^ZcX^V #Xdgcd cd XVhd YV !]^Wg^(
ijV^h) :iZ V ]^hidg^V YV X^ZcX^VZhiV XdgcZXVcYd V Y^oVXVd! Z YV !Xg^dja^oVXVd!$)
hZg Y^hXji^YV cZhiZh iZgbdh Zb jb igVWVa]d fjZ
YZhXgZkZ \gjedh YVh Y^[ZgZciZh !hjWXjaijgVh! YV
[^h^XV Yd hZXjad QQ #[[h^Xdh ZmeZg^bZciV^h& edg
ZmZbead&Z [[h^Xdh iZ0g^Xdha fjZ hZ Xdbjc^XVb Zb

2, EZZ HgjbbdcY) !M]Z <jaijgVa <dci^cjjb!) BMZ +/ #+32*a) e) -/,(1.4


Na[AVccZgo& !M]Z PdgaY ^c <gZda^oVi^dc!&6R^UOM
/1 #+321$& /.0(/3) NbV
Xg^i^XVV ZhhV VWdgYV\Zb edYZ hZg ZcXdcigVYV Zb CdcVi]Vc ?g^ZYbVc&
8aX`a^MX>PQZ`U`eMZP <X[NMXE^[OQ__ #EdcYdc&+33.$& e) +3/(,-,)
2- <]VgaZh CdncZg #+323$& !<g(Zda^oZi^dc!) UZ:ZOeOX[\MQPUM[R H[a`TQ^Z 8aX&
`a^Q%DA@D <) K) P^ahdc VcY P) ?Zgg^h&<]VeZa A^aa&e) +.1(34 Na[ AVccZgo&
8aX`a^MX8[Y\XQdU`e #GdkVRdg`& +33,$& e) ,0.4 HVk^Y;j^hhZgZi VcY LiZ(
kZc @) KZ^c]VgYi #ZYha&8^Q[XUfM`U[Z UZ`TQ 6YQ^UOM_ #:gi^cfidc) ,***a& e) 2. IZiZg @Va^hdc&
>YMSQ MZP A[SUO36 BM`Q^UMX8aX`a^Q [R BUO^[\Te_UO_ #<]^(
+3(--) XV\d& +331$& e) .1)
-) O:KB>=:=>L => LBMN:<5H>L

HjigV gVoVdeVgVhZ bVciZg jb g^XdkdXVWj(


aVg^dcZhiZ Ydb[c^d Z fjZ V kVg^ZYVYZYZ h^ijV(
XdZh&XdciZmidh Z adXV^hcdh fjV^h dXdggZb Zc(
Xdcigdh XjaijgV^h idgcV cZXZhhVg^Vjb kdXVWjaV(
g^d Vegdeg^VYdeVgV hjV VcVa^hZ)Y^hi^c\j^cYd Zc(
igZ ZcXdcigdh YZ ^\jV^h Z YZ YZh^\jV^h& eVg ZmZb(
ead&ZcigZ igZY^XdZh YZ VegdegaVXVdZ gZh^hXZcX^V)
Z ZcigZ adXV^hYZ ZcXdcigd& YV bZig0edaZ 3D [gdc(
iZ^gV)

B@N:BL > =>LB@N:BL

Hh gZaVidh YZ ZcXdcigdh XjaijgV^h ZcigZ


^\jV^h Zb iZgbdh YZ edYZg Z VfjZaZh ZcigZ YZh^(
\jV^h iZgc ZcgZYdh Y^[ZgZciZh) AVk^V&eVg ZmZb(
eaX&jb egd[jcYV XdcigVhiZ ZcigZ Vh iZXc^XVh Ydh
gc^Vh^dcVg^dhXVi0+^Xdh cV <]^cV #FVii)Zd K^XX^&
eVg ZmZgcead$Z Vh YZ hZjh XdaZ\Vh cd FZm^Xd&
IZgj dj ;gVh^a) GV <]^cV& dh b^hh^dcVg^dh ZgVb
jbV b^cdg^V b^cjhXjaZ) : h^ijVXVd edgiVcid [Vkd(
gZX^Vdh fjZ [Vo^Vb & ZgcegZhi)^gcdXjaijgVa Z cVd
&%
&& <HE>@:d .TRP AB;KB=BLFH <NEMNK:E &'

dh ZbegZhiVYdgZh) Hh gc^hh^dcVg^XhZjgdeZjh [d( cdh) Hh gc^hh^dcVg^dV VXgZY^iVkVb fjZ ]Vk^Vb


gVb [dgXVYdh V XdckZcXZg hZjh djk^ciZh& Zb dj( XdchZ\j^Yd XdckZg(iZ(ach) bVh ]V egdkVh YZ fjZ
igVh eVaVkgVhV hZ VYVeiVg V XjaijgV cVi^kV& V [V( dh Y^g^\ZciZh k^Vb V h^ bZhbdh XdbV h^beaZh(
oZg XdcXZhhXZh) LZ\j^cYd hZj bdiZ <eZ\d Zb( bZciZ ^cXdgedgVcYd cdkVh Z edYZgdhVh GI=KC?=J
egZhiVYd eVg acVX^dYZ EdndaVYZ LVd IVjada YZ hZ( V hjV gZa^f^VdigVY^X^dcVa) 3 edhh^kZa fjZ dh YV^h
gZb !ijYd eVgV idYdh!& dh _Zhj^iVh hZ VXdbdYV( aVYdhZhi^kZhhZb eZadbZcdh Zb eVgiZ X^ZciZh YZ
gVb V XjaijgVa adXVaK=F Z[^XVobZciZ fjZ [dgVb hjVh Y^[ZgZcXVh) bVh egZ[Zg^gVb cVd [VaVgV gZh(
VXjhVYdh eVg hZjh Xg[i^Xdh YZ iZgZb h^Yd XdckZg( eZ^iV YZaVh&Xg^VcYd Vhh^b & fjZ iZb h^Yd X]VbV(
i^Ydh eZadh ?BCEAJAJ! % Yd YZ !bVa(ZciZcY^Yd K=?CKAfjZ % Zk^iVkV & Xdc[a^(
Gd FZm^Xd Z cd IZgj& Vhh^b XdbV cd ;gVh^a& id ANGDD?CKE! %
dh gcihh^dcVg^dh) eVg djigd aVYd&ejYZgVb jhVg V >hiV h^ijVXVd edYZ hZg XdbeVgVYV VfjZaV
[dgXV dj VgcZVXVg jhVg V [dgXV eVgV ^bedg & Xg^h( Ydh ZhXgVkdh V[g^XVcdh cVh :bZg^XVh& fjZ Vh kZ(
i^Vc^hbd Vdh acY^dh): igdXV XjaijgVa cVh Xda0c^Vh oZh VeVgZciZbZciZ hZ VYZfjVkVb Vd Xg^hi^Vc^h(
ZheVc]daVh Z cV Xda0c^V edgij\jZhV cV :bZg^XV bd& eg^cX^eVabZciZ Vh eg^bZ^gVh fZgVXXZh YZ Zh(
cVd hZ YZj Zb eZ YZ ^\jVaYVYZ) : ^c^X^Vi^kVZhiZkZ XgVkdh& Vd bZhbd iZbed Zb fjZ bVci^c]Vb
\ZgVabZciZ XVb dh ZbegZhiVYdgZh& bZhbd fjZ hjVh XgZcXVh igVY^X^dcV^h) : !igVYjXVd! YZ
hZ_V edhh^kZa eZgXZWZgZmZbeadh Yd fjZ iZb h^Yd H\jb& QVc\0 dj aZgcVc_VeVgV hZjh Zfj^kVaZciZh
YZhXg^id XdbV !VXjaijgVXVd ^ckZghV! Zb Va\jch XVi0a^Xdh&LVd F^\jZa& LVciV ;VgWZg(hdj V O^g\Zb
Ydb^c^dh& _V fjZ dh Xdadc^oVYdgZh \gVYjVabZciZ FVg^V& eZgb^i^j Vdh Xjaidh V[g^XVcdh hdWgZk^kZ(
VYdiVgVb ZaZbZcidh YV XjaijgV cVi^kV& Yd iVWVXd gZb Y^h[VgXZYdh ZcigZ dh ZhXgVkdh cd Gdkd Fjc(
V gZYZ20) Yd) : ^ckdXVXVd V LVciV ;VgWVgV edYZ iZg h^Yd
Gd XVhd YV ^ciZgVXVd ZcigZ & Xg^hi^Vc^hbd Z !eVgV ^cfaZh kZg!) Gd ZciVcid& & fjZ XdgcZXdj
Vh gZa^f^dZhV[g^XVcVh&YV^hi^edh bj^id Y^[ZgZciZh XdbV jb bZXVc^hbd XdchX^ZciZ YZ YZ[ZhV hZ YZ(
YZ h^ijVXVd egZX^hVb hZg Y^hi^c\j^Ydh) Nb Z & YV
VXZ^iVXVd Yd Xg^hi^Vc^hbd eZadh Y^g^\ZciZh V[g^XV(

21 =) <) =dglVgY #+31.$) !>i]cd\gVe]n VcY :Yb^c^higVi^dc4 M]Z LijYn d[


:c\ad(M^k "Pdg`^c\ F^hjcYZghiVcY^c\ ))q) ?[a^ZMX[R 6R^UOMZ
A^hidgn +/) e)
2/ CVXfjZh @ZgcZi) 8TUZQ
Q`OT^U_`UMZU_YQ3
MO`U[ZQ` OCPAQGLK
#IVg^h) +32,$) ./1(115 @lnc Ig^ch) ITQ =UPPQZ=U\\[\[`MYa_ #<VbWg^Y\Z) +32,$5 X[)
20 GVi]Vc PVX]iZa) AMbU_U[Z
PQ_bMUZOa_#IVg^h) +31-$5 LdaVc\Z :aWZggd) PnVii FVX@V[[Zn) !=^Vad\jZh d[ i]Z =ZV[4 >jgdeZVch dc i]Z :iaVci^X
AQ_Q_\MSZ[X_PMZ_XQBQdU]aQO[X[ZUMX3
TU_`[U^Q
P"aZQMOOaX`a^M`U[Z
#IVg^h) <dVhi d[ :[g^XV!) UZ>Y\XUOU`
JZPQ^_`MZPUZS_' ZY) LijVgi LX]lVgio #<Vb(
+33,$) Wg^Y\Z)+33.$) e) ,.3(01)
&( <HE>n:d .TRP AB;KB=BLFH <NEMNK:E &)

hZckdakZj XVb & eVhhVg Ydh hZXjadh Z hZ igVch( X]^cZh& jbV a^c\jV hZb [aZmdZh) Z & _VedcZh) jbV
[dgbdj Zb jbV gZa^f^Vd]^Wg^YV) a^c\jV X]Z^V YZ [aZmdZh;;) :iZ * h^hiZbV ^beZg^Va
YZ \dkZgcd [d^ dg^\^cVabZciZ ZbegZhiVYd YV <]^cV)
ZbWdgV ^bedgiVciZh VheZXidh iZc]Vb h^Yd
bdY^[^XVYdh VeZh & hjg\^bZcid Ydh hVbjgV^h Z
MK:=Bi45H>L => :IK=IKB:i45:= Ydh md\jch cd hZXjad QBB)
JjVcYd dh dX^YZciV^h [^oZgVb XdciVid XVb &
%7=G=FeZaV eg^bZ^gV kZo) cd hZXjad QOB)YZhXdWg^(
>b hZ\jcYd aj\Vg) edYZ hZg ZhXaVgZXZYdg gVb jbV XjaijgV cV fjVa Vh eZhhdVh ZgVb VWZg(
Y^hi^c\j^g ZcigZ XjaijgVh XVb igVY^XdZh [gVXVh dj iVh V cdkVh ^YZ^VhZ cdkVh VgiZ[Vidh) Yd Xg^hi^V(
[dgiZh YZ Veg(deg^VXVdZ VYVeiVXVd #Zb djigVh eV( c^hbd Vh VgbVh YZ [d\d) IdYZg[Vbdh) edgiVcid)
aVkgVh)igVY^XjZh YZ bdY^[^XVXVd YZ igVY^XdZh$& : YZhXgZkZg & %7=G=FXdbV iZcYd jbV igVY^XVd
XjaijgV ]^cYj) eVg ZmZbead) iZb jbV egdeZchVd !VWZgi V!) V YZheZ^id YV [Vb^\ZgVYV iZciVi^kV Yd
bV^dg eVgV ^cXdgedgVg ZaZbZcidh ZhigVc\Z^gdh Yd \dkZgcd YZ [ZX]Vg & eV^h cd ^c^X^dYd hZXjad QOBB Z
fjZ #Y^\Vbdh$ & ahaV&* %7=G=FZ djigd ZmZbead ^hdaV(adYZ ^c[ajZcX^Vh ZhigVc\Z^gVh #dh ZheVc]d^h
XaVhh^XdYZ jbV ig(VY^XVdYZ Veg(deg^VXVd) [dgVb Zmejahdh Zb +0,. Z dh edgij\jZhZh Zb
: eVgi^g YZ bZVYdh Yd hZXjad QBQViZ ]d_Z) +0-2$) * [ZX]VbZcid [d^&cV kZgYVYZ) jbV gZVXVd
dh _VedcZhZh iZgc ZbegZhiVYd ZaZbZcidh Xjaij( V g(Ve^YhY^hhZgc^cVXZd Yd Xg^hi^Vc^hbd cd %7=G=F%
gV^hYd HX^YZciZ XVb VeVgZciZ [VX^a^YVYZ4 & h^hiZ( <dbV XjaijgVh ^ciZ^gVh) ]V adXV^hZheZXa[^(
bV eVgaVbZciVg^hiV YV Bc\aViZggV) & h^hiZbV jc^( Xdh fjZ hVd eVgi^XjaVgbZciZ [ZkdgVkZ^h V igdXV
kZg(h^i)Zg^dZ Vh egVi^XVh b^a^iVgZh YV :aZbVc]V) Z XjaijgVa) ZheZX^VabZciZ Vh gcZigdedaZh Z Vh [gdc(
V bV^dg eVgiZ YZ hjV XjaijgV bViZg^Va Ydh >hiV( iZ^gVh)
Ydh Nc^Ydh) : kZadX^YVYZXVb fjZ dh _VedcZhZh
XdgcZXVg"VgcV ZbegZhiVg YZhiV [dgbV YZed^h YZ
+2/* Y^[^X^abZciZ hZg^V^ciZa^\^kZahZ cVd ]djkZhhZ
jb egZXZYZciZ)
=Z [Vid) dh _VedcZhZh _V]Vk^Vb ZbegZhiVYd
Z VYVeiVYd bj^iVh igVY^XXZh XjaijgV^h ZcigZ dh
hZXjaXh OBBBZ QOBBB) ZheZX^VabZciZ YV <]^cV)
:YdiVgVb & WjY^hbd Zb hjV kZg(hVd X]^cZhV) Zb
kZo YV [dgbV ^cY^VcV) :YdiVgVb & h^hiZbV YZ
;; =Vk^Y IdaaVX`) ITQ ;^MO`a^Q [R BQMZUZS3?M\MZ"_ HeZ`TQ_U_[R 8TUZMR^[Y
ZhXg^iV X]^cZh4 V YZheZ ^iV Yd XdcigVhiZ ZcigZ & `TQ :UST`T `T^[aST `TQ :UST`QQZ`T 8QZ`a^UQ_#Ig^cXZidc) +320$)
' <HE>B54:d .TRP AB;KB=BLFH <NEMNK:E '!

: F>MKHIHE> >: ?KHGM>BK: Zmea^XVg & Zhi^ad Vgfj^iZidc^Xd ][Wg^YdYdh egZY^dh


YV X^YVYZYZ Ek0k& YZhXg^iV hjegV& egZX^hVbdh
ZciZcYZg V ^bedgi)VcX^VYVfjZaV X^YVYZcd [^cVaYV
LZbegZ fjZ dXdggZ jbV igdXV XjaijgVa& BYVYZFZY^V XdbV eVhiV ^ci)ZggcZY^Vg^d cd XdgcZg(
edYZbdh [VaVgbZiV[dg^XVbZciZ YZ jbV !odcV YZ X^VZcigZ V >jgdeV HX^YZciVa Z V gZf^Vd Yd FVg
XdgcZgX^d!&XdbV & [Vo & ]^hidg^VYdg YV X^ZcX^VIZ( GZ\gd)
iZg @Va^hdcZb jb ZhijYd Yd fjZ ZaZ X]VbV YZ : BgcedgiZcX^VYdh edgidh XdbV adXV^hYZ Zc(
!hjWXjaijgVh! YV [[h^XV Yd hZXjad QQ& cd fjVa XdcigV XjaijgVa Z cdiVkZa( V OZcZoV Yd hZXjad QO&
YZhXgZkZ ZhiVh odcVh XdbV ZheVXXh dcYZ !YV^h V E^hWdVZ V LZk^a]V Yd hZXjad QOB&V :bhi)ZgYV Yd
\gjedh YZhhZbZa]VciZh edYZb ZcXdcigVg jbV hZXjad QOBBZ Vhh^b eVg Y^VciZ) Gdh hZXjaXh QOBBZ
WVhZeVgV & ZciZcY^bZcid bjijV!& igdXVg ^iZch Vd QOBBB&dh edgidh YZ GV\VhV`^ Z <VciVd ZgVb adXV^h
bZhbd iZbed Zb fjZ Y^hXdgYVb hVWgZ V ^bedgiVciZh YZ igdXV XjaijgVa ZcigZ V >jgdeV Z V
^bedgiVcX^Z Yd fjZ Z igXXVYd7) JjZ V igdXV edhhV :h^V) FZhbd cV ZgV YV Vk^VXVd)V ^gcedg(iVcX^VYZ
iZg h^\c^[^XVYdh Y^[ZgZciZh eVgV dh Y^[ZgZciZh GdkV HgaZVch Z YZ E^kZgeddaXdbV eVcidh YZ Zc(
\gjedh Zckdak^YdhZ jbV fjZhi)Vd ^bedgiVciZ fjZ XdcigV YZ igVY^XdZh bjh^XV^h ZjgdeZ^Vh Z V[g^XV(
gZVeVgZXZ Zb djigdh XVbedh YZ eZhfj^hV& cVh Z dWk^V)
cdiVYVbZciZ cd ZhijYd YV XdckZghVd gZa^\^dhV& F fjZ idgcdj Z V^cYVidgcV V bZig0edaZ jb
XdbV cd XVhd Yd !bVa(ZciZcY^Yd iVX^iZ! Y^hXji^Yd ^bedgiVciZ adXVaYZ igdXV XjaijgVa Z V egZhZcXZ
hjegV) YZ Y^[ZgZciZh \gjedh YZ ^b^\gVciZh) : OZcZoV gZ(
MVgcWZgc Z ji^" Xdch^YZgVgadXV^hZb jb hZc( cVhXZci^hiV ZgV jb aVgeVgV VaZbVZh&\gZ\dh& _j(
i^Yd bV^h a^iZgVa)Nb adXVa^bedgiVciZ YZ igdXV Z V YZjh& ZhaVkdh#eg^cX^eVabZciZYV XdhiV YV =VagcV(
bZig0edaZ& & XgjoVbZcid iVcid YZ XdbZgX^d X^VaZ ijgXdh) E^hWdVi^c]V hjVh b^cdg^Vh YZ [gVc(
fjVciV YZ XjaijgV& dcYZ eZhhdVh YZ Y^[ZgZciZh XZhZh& VaZgcVZh)ZheVc]0^h BfZgVagcZciZ YV @Vaa(
dg^\Zch hZ ZcXdcigVb Z ^ciZgV\Zb) GdkV adgfjZ& X^VaZ V[g^XVcdh):gchiZgYV i^c]V hZjh ]daVcYZhZh
EdcYgZh& EV\dh& Edh :c\ZaZh& ;dbWV^b Z LVd Yd hj^& VaZgcVZh&ZhXVcY^cVkdh&_jYZjh Z ijgXdh)
IVjad hVd ZmZbeadh Xcci)Zgcedg(VcZdh0Wk^dh)IVgV >hiZh \gjedh bj^iVh kZoZh iZciVkVb hZ ^hdaVg&
igVWVa]Vg_jciVh& XVhVgXVb bZbWgdh Yd bZhbd
\gjed& bdgVg Zb jbV eVgiZ ZheZX[[^XVYV X^YVYZ(
jbV ZheZX^Z YZ VaYZ^VjgWVcV ( Z bVciZg hjV a^c(
\jV Z edgiVcid hjV ^YZci^YVYZdg^\^cVa): YZheZ^id
YZhiVh iZciVi^kVh& V bV^dg^VYdh \gjedh bZcX^d(
23 @Va^hdc)BbV\Z) e) .0) 2*-) FZjh V\gVYZX^bZcidh V K^X]VgY =gVnidc)
XdaZ\V YZ <VbWg^Y\Z) edg bZ X]VbVg V ViZcXVd eVgVZhiZ ZhijYd ^cdkVYdg)
cVYdh VX^bV [d^ \gVYjVabZciZ Vhh^b^aVYV3D Xjaij(
1, <HE>X54:d6A9JH AB;KBHBLFH <NEMNK:E '#

gV jgWVcV adXVa& ZbWdgV VXgZhXZciVcYd Va\d YZ igVhiZ Xdb jbV XjaijgV Ydh XZcigdh dedhidh&
cdkd V b^hijgV) BhiVbWja dj O^ZcV7!&
Hjigd adXVafjZ [VkdgZXZ V igdXV Z V ]^Wg^Y^( : >heVc]V Yd [^cVaYV BYVYZFZY^V [d^ djigV
oVXVd Z V [gdciZ^gV) Nb ZmZbead [Vbdhd YZ [gdc( YZhhVh [gdciZ^gVh dcYZ Vh igdXVh XjaijgV^h ZcigZ
iZ^gV XjaijgVa Z V VgZV^ciZggcZY^Vg^VZcigZ & bjc( Xg^hiVdh) _jYZjh Z bdjgdh cdh Ydb^c^dh YV Xjaij(
Yd Xg^hi)VdZ & BhaVcd aZhiZ ZjgdeZj) Gdh hZXjadh gV bViZg^Va Z YVh egVi^XVh hdX^V^h&Xdc_jciVbZc(
QOBZ QOBB& cdWgZh edadcZhZh Z ]jcfVgdh ajiVgVb iZ Xdb Vh egXYjXdZh ]^Wg^YVhgZhjaiVciZh& YjgV(
gZ\jaVgbZciZ XdcigV dh ijgXdh Z egdkVkZabZciZ gVb bj^id iZbed Z iZgc h^Yd bj^id ZhijYVYVh&
dY^VkVb dh ijgXdh) :eZhVg Y^hhd&eVgV hZjh k^o^( ZheZX^VabZciZ cdh jai^gcdh Vcdh) AV edZbVh fjZ
c]dh Yd aVYddZhiZ& ZaZh ZgVb bj^id eVgZX^Ydh eVhhVb Yd ZheVc]da eVgV & Vg(V]Z Z YZ SLIQ? eVgV
Xdb dh ijgXdh& _VfjZ jhVkVb ijc^XVh Xdbeg^YVh d ZheVc]da& edg ZmZbead&Z ]V XdchigjXdZh) ^cXaj(
"?=KK=D Z X^b^iVggVh Zb kZo YVh ZheVYVh gZiVh YV h^kZ ^\gZ_Vh&fjZ [dgVb dgcVbZciVYVh edg VgiZ(
igVY^XVd dX^YZciVa) >hiZh cdWgZh k^Vb V h^ bZh( hVXh gcjXjagcVcXh cd Zhi^ad fZdgcZig^Xd \ZgVabZc(
bdh Xdbd Y^hi^cidh Ydh ijgXdh edg hZgZb Xg^h( iZ VhhdX^VYdhVh bZhfj^iVh #hjegV& ,.$)
iVdh4 bVh hZ Y^hi^c\j^Vb Ydh dX^YZciV^h hZ gZXj( >hiVh odcVh YZ [gdciZ^gV& Xdbd X^YVYZh
hVcYd V VYdiVg & Zhi^ad YZ kZhi^bZciV YZaZh&dj Xdhbdeda^iVh& edYZb hZg YZhXg^iVh Xdbd !^ciZg(
Zci)Vd VWVcYdcVcYd & Zhi^ad ZjgdeZj dX^YZciVa& XjaijgVh!& cVd VeZcVh adXV^hYZ ZcXdcigd& bVh
Xdbd & [^oZgVb dh edadcZhZh cd hZXjad QOBB& Z kda( i)VgcWZgchdWgZeXh^XdZhdj ^ci)Zg(hZXdZhZcigZ Xja(
iVcYd V hjVh ig(VY^XdZhZic^XVh) ijgVh& cVh fjV^h & fjZ XdgcZXVXdbd jbV b^hijgV
:aZgc Y^hhd&]Vk^V jbV igVY^XVd Zb Xdbjb VXVWVhZ igVch[dgbVcYd cV Xg^VXVdYZ Va\d KLSL Z
YZ Ze^Xdh Z WVaVYVhcdh Yd^h aVYdhYV [gdciZ^gV Y^["Zg(ZciZ9!)
ZcigZ & ^beZg^d didbVcd Z & Ydh AVWhWjg\d& fjZ
^cXaj^V]^hijg^Vh Z XVcXdZh hdWgZdh bZhbdh ]Z(
gj^h& Xdbd FVg`d DgVa_Zk^X& Z Vh bZhbVh WViV(
B]Vh ZcigZ Xg^hiVdh Z gcjXjabVcdh) ZbWdgV Zb
jb Ydh aVYdh YV [gdciZ^gV dh Xg^hiVdh [dhhZb
VegZhZciVYdh Xdbd k^idg^dhdh& ZcfjVcid fjZ Yd
djigd aVYdZgVb bdhigVYdh Xdbd kZcX^Ydh) >b
XVhdh Vhh^b eVgZXZgVodVkZa[VaVg&Xdbd & eg^cX^( 3* AVa^aBcVaX^`)=FC 9QQLJ?K 2JMGOC+-**(+0** TEdcYdc) +31-$& e) +*0(
,*,) <[) @Zgcdi AZ^hh VcY @gZiZ Da^c\ZchiZ^c BZYh$&9?P 9PJ?KGPAFC
eVa ]^hidg^VYdg Yd ^beZg^d didbVcd& AVa^aBcVaX^`& ;CGAFRKB 2ROLM?$+02- @GP+1234 @[Z``XW`% 2KQPM?KKRKE RKB.RPQ?RPAF
YZ jbV XjaijgV YZ [gdciZ^gV Zb Xdbjb Zb Xdc( TO^ZccV&+32-$)
3+ >b !^ciZgXjiijgZh!& :ci]dcn Inb& 7CQFLB GK=O?KPI?QGLK 4GPQLOV
TFVc(
X]ZhiZg& +332$& e) +11(3,)
'$ <HE>n:d .TRP AB;KBHBLFH <NEMNK:E '%

<E:LL>L <HFH <NEMNK:L IVgV jbV ]^hidg^VYdgVVaZgcVbV^h _dkZb&edg


djigd aVYd&dh YjZadhYVXaVhhZbZY^VhVd jbV egdkV
YV hjV ZgcVcX^eVXVd& YZ hZj XgZhXZciZ hZchd YZ
<dcXZ^idh Xdbd ZcXdcigd& igdXV Z igVYj( kVadgeg0eg^d)LZ ZhiV ]^hidg^VYdgVZhiV XZgiV&ZciVd
3>aHL>aHjiZ^h Zb Y^hXjhhdZh hdWgZ ^ciZgZXdZh d YjZad Z jb ZmXZaZciZZmZbeadYZ =GIFGICA?=FZ
YZcigd YZ jbV XjaijgV Vhh^b Xdbd ZcigZ Xjaij( igVch[dggcVXVd XjaijgVa& jb XVhd YZ VgbVh
gVh) IdYZg(hZ(^V Vg\jbZciVg& edg ZmZbead&fjZ XVgVXiZg^hi^XVh YVcdWgZoVhZcYd jhVYVh XdcigV ZaV
Zb hZjh [Vbdhdh ZhijYdh YZ XaVhhZh&iVcid edg bZbWgdh YV Wjg\jZh^V3-) :^cYV gZhiV jb
>YlVgY M]dbehdc fjVcid ;CAIIK ;djgY^Zj i^c]Vb egdWaZbV)<dbd& Z Zb fjZ WVhZh& edYZbdh YZX^Y^g
bj^id edjXd V Y^oZg hdWgZ ^ciZgVXdZh ZcigZ V ZcigZ ZhiVh ^ciZgegZiVXdZhg^(kV^h9
XaVhhZbZY^V Z V XaVhhZigVWVa]VYdgV& fjZg ZhiVh
^ciZgVXdZh idbVhhZb V [dgbV YZ ^b^iZXVd fjZg
YZ gZ_Z^3V*3,)
MdbZbdh * ZmZbeadYV cdWgZoVZ YV Wjg\jZ(
h^V cV :aZbVc]V Yd hZXjad QBQ)3 WZb hVW^YdfjZ
gcZY^Xdh)VYkd\VYdh& egd[ZhhdgZh& _dgcVa^hiVhZ
[jcX^dcVg^Xh ejWa^Xjh gZ\jaVgbZciZ hZ WVi^Vb Zb
YjZad cV ZedXV) IVgV GdgWZgi>a^Vh& ZhiZ [Zc0bZ(
cd ^ajhigV V VXgVXVdfjZ dh bdYZadh YVh XaVhhZh
bV^h VaiVh ZmZgX^VbhdWgZ V XaVhhZbZY^V) >gV
VeZcVh bV^h jb ZmZbeadYd XdbedgiVbZcid YVh
Za^iZh ^c[ajZcX^VcYdVh XaVhhZhbV^h WV^mVh& V ^c(
[ajZcX^VYV XdgiZ hdWgZV hdX^ZYVYZXdbd jb idYd
fjZ >a^Vh\dhiVkV YZ Zc[Vi^oVg Zb hZjh a^kgdh&iVa(
kZo Zb gZVXVdV jb ZmXZhhdYZ Zc[VhZ VciZg^dg
cVh [dg(XVh YZ bZgXVYd cV [dgbVXVd YV XjaijgV
bdYZgcV)

3- GdgWZgi >a^Vh) H`aPUQZ [NQ^ PUQ9Qa`_OTQZ #?gVc`[jgi) +323$5 NiZ


3, >YlVgY I) M]dbehdc) ITQ BMWUZS[R `TQ :ZSXU_TL[^WUZS 8XM__#EdcYdc) ?gZkZgi) :T^QZYQZZQ^3 9M_ 9aQXX UZ PQ^ ND^SQ^XUOTQZ <Q_QXX_OTMR`
+30-$5 I^ZggZ 2djgY^Zj) AMPU_`UZO`U[Z
#IVg^h) +313$) #FjcX]Zc) +33+$)
.) O:KB>=:=>L => K>:pH>L

: igdXV A jbV XdchZfjZcX^V Ydh ZcXdcigdh5


bVh fjV^h hVX Vh XdchZfjZcX^Vh YV igdXV9 IdYZ
hZg ji)^a Y^hi^c\j^g fjVigd Zhig(ViZf^Vh4 bdYZadh dj
XZcVg^dh edhh^kZ^h YZ gZVXVd V !^bedgiVXdZh! dj
!^ckVhcZh! XjaijgV^h) >hiVh gZVXdZh hVd VXZ^iV(
XVd&gZ_Z^XVd)hZfgZfVXVd Z =@=GK%=?=F%

: F==: => MN== = JN> 3 >LMK:G@>BK=

: eg^bZ^gV Zhig(ViZe^V edhh^kZa Z V YV


VXZ^iVXVd dj ViZ V YV VXda]^YV) : ^iVa^Vcd[^a^VYV
AZcVhXZcXV) edg ZmZbead& [d^ hZ\j^YV cd hZXjad
QOBB eZ aV[gVcXd[^a^VZ cdh hZXjaXh QOBBB
Z QBQeZaV
!Vc\adbVc^V!& YV ?g(VcXh) aiVa^V Z :aZbVc]V 3D
Kjhh^V Z ;g Vh^a"!)
>b iZgbdh bV^h \ZgV^h& V ]^hi0g^V YV Xjaij(
gV Yd bjcYd cdh hZXjadh QBQZ QQ edYZg^V hZg Zh(

3. :gijgd @gV[) A"MZSX[YMZUMQ X"UZRXa__[


UZSXQ_QUZ>`MXUM
ZQX_QO[X[ dbUUU
#Mj(
g^c&+3++$5 ?gZngZ&>ZSXQ_Q_4F^X]VZa FVjgZg) 6aRWXM^aZSaZP 6ZSX[\TUXUQ
UZDQa`_OTXMZP#@Wii^c\Zc) +321$&

11
12 :FC<:8a 'TRP ?@9I@;@JDF :LCKLI8C ')

Ud[fS W_ fWd_ae VW!aU[VW`fW^[lSUSa!( [`U^g[`Va S !S V[ebSd[VSVWW`fdWS eaU[WVSVW TdSe[^W[dSWeUdS'


_aVS VWfgVa ( cgW WWefdS`YW[da`S Igee[S% `a h[efS WSe [VW[SeVa ^[TWdS^[e_aL[XUVL[!1!'
@_bWd[a Ffa_S`a% `a '<HVHU% `S :Z[`S WW_ fS`fae <efSe _aVSe _WdWUW_eWd^WhSVSeS eWd[a
agfdae bS[eWe%See[_ Ua_S dWSUUWe Ua`fdS WefS bW^ae Z[efad[SVadWe VS Ug^fgdS% S`S^[eSVSe W
_aVS( JWd[S`WUWeeSd[SaTh[S_W`fW [VW`f[X[USdae Wjb^[USVSe% S^Wd`VWVWeUd[fSe(* SbW^aVWWef[^ae
Ydgbae ag ae [`V[h[Vgae cgWWefShS_ _S[e W`ha^h[' [fS' ^[S`ae W_ agfdSe bSdfWe VS <gdabS `a eWUg^a
Vae%WeWge V[XWdW`fWe _af[hae bSdSfWdW_ SVWd[' OM@% Ua_a ( SbW^aVWWef[^aeS_Wd[US`ae `a eWUg^a
Va%Va VWeW\aVW ^gfSd Ua`fdS ( FU[VW`fW US_ OO% Xa[ W_ bSdfW bW^a_W`ae g_ dWUa`ZWU[_W`fa
egSe bdgbd[Se Sd_Se ' fS`fa ^[fWdS^cgS`fS _WfS' VWcgW ae [fS^[S`ae WdS_ _S[e dSb[V`e WUd[Sf[hae
Xad[US_W`fW ' H
`WUWee[VSVWVW g_S cWdWUSa W_ dWSY[d S d`gVS`USe eaU[S[e cgW WefShS_
_S[e \ahW_ VWeWdWTW^Sd Ua`fdS ae _S[e hW^Zae"6( SUa`fWUW`Va `S <gdabS Ua_S g_ faVa% cgW W_
++

Ea 9dSe[^%( bSVdWCabWe>S_S \S Ud[f[UShS( =^adW`UW W_ bSdf[Ug^SdfUad`a eWUaefg_ShS V[lWd


cgW UZS_ShS VW!^a`Ua`[lSUSa! VS Ug^fgdS `a [`[' Vae <efSVae L`[Vae `ae S`ae +2/*$ !* Sd`S`ZS \S
U[SVa eWUg^aO@O( Fe fWd`ae WgdabWgegeSVae bW' UZWYag!(
^ae _W_Tdae VS U^SeeWS^fS `a I[a VWAS`W[da `a Ea W`fS`fa% S fW`VW`U[S S Seeg_[d cgW S
eWUg^aO@O eSa g_ WjW_b^a h[h[Va VWeeS_aVS( Fe fdaUS Ug^fgdS^WeW_bdWg_ dWX^Wja VWfa^WdS`U[SW
Za_W`e egShS_ W_ dagbSe VW^SS fW_bWdSfgdSe _W`fW STWdfSWS^YSS cgWae Z[efad[SVadWeVWhW_
VWcgSdW`fS YdSge bSdS _aefdSd cgWXSl[S_ bSdfW dWe[ef[d( ESa eWVWhW WecgWUWd cgW [`fWd'SUSaUg^'
VWg_S U^SeeWSTSefSVS cgW `Sa bdWU[eShSXSlWd fgdS^ Va X[`S^VS @VSVW DWV[S `S <ebS`ZS% S UZS'
fdSTS^Za TdSUS^% bSdS eW V[ef[`Yg[d VSe bWeeaSe _SVS KWV^Q^MVKQM$ aUaddWgW_ g_S WbaUSVW_Se'
Ua_g`e% ag bSdS VW_a`efdSd eWg Ua_bda_Wf[' eSUdWeVW\gVWge%Ua`hWdeaWe X`dUSVSeW[`cg[e['
_W`fS US_ ae hS^adWe!U[h[^[lSVae! VS la`S fW_' VadWeUSUS`Va _agd[eUae W_SddS`ae5 W_ agfdSe
bWdSVS(<efW bWd[aVaVW!S`c^ad`S`[S!% Ua_a >[^' bS^ShdSe% \gVWge W d`gUg^d`S`Ue cgW bdSf[UShS_
TWdfa =dWkdW aTeWdhag% Xa[fSd`TWd` g_ bWd[aVaVW egSe bdabd[Se dW^[c[aWeW_ eWYdWVaSa _We_a
![d`[fWUSa VWUaefg_We bSd^S_W`fSdWe[`Y^WeWe!% fW_ba W_ cgWX[`Y[S_ eWdUd[efSae% 8 !ZSd_a`[S!
S VWebW[faVa cgW IaTWdfa JUZiSdfl UZS_ag VW Ug^fgdS^% ag bW^a_W`ae S Sbdabd[SUSa% SbSdW`fW'

30 >[^TWdfa =dWkdW%
?ZLMU W@ZWOZM[[W#+3/3% `Wi WV(I[a VWAS`W[da ,**FA%
b%1204 IaTWdfa JUZiSdfl( !8e [VW[SeXadSVa ^gYSd!%[` 14 EMVKMLWZSe
2I\I\I[ #JSa GSg^a% +311$%b( +-',2% `S +-4 AWXXdWk;( EWWVW^^% 1 CZWXQKIT
3/ L_S TdWhWS`S^[eW Ua_bSdSf[hS baVW eWd W`Ua`fdSVS W_ 8d`a^V A( 2MTTM5XWY]M0 5TQ\I 3]T\]ZM IVL BWKQM\a QV\]ZV%WN%\PM%KMV\]Za
AQWLM :IVMQZW
Kak`TWW( CPM FWZTL IVL \PM FM[\ #Ca`Va`( +3/-$( #:S_Td[VYW%+321$%b( +00'1+(
( 6@R8#24U 'TRP ?@9I@F@JDF :LCKLI8C (!

_W`fW eW Ua_T[`ShS US_ S VWeSd_a`[S YUJPLR"!' VSe bd0bd[Se Ug^fgdSe VWW_bdWef[_a( < [eea `ae
8^YS VWeW_W^ZS`fW baVWd[SeWdV[fa eSTdWae `a' ^WhS8R eWYg`VS VSe baee[hW[e WefdSfWc[Se% S We'
TdWe ba^a`WeWe W Zg`cSd'ae( _W`U[a`SVae S`fW' ZX"HZLWPH VS dWe[efW`U[S( VS VWXWeS VSe Xda`fW[dSe
d[ad_W`fW( WeWge h[l[`Zae _gd54g^_S`ae( Ug^fgdS[e Ua`fdS S [`hSeS*0D'
:a_S baVWWefS UaWj[efW`U[S VWZSd_a`[S W 8 [VW`f[VSVWUg^fgdS^ WXdWcgW`fW_W`fW VW'
Ua`X^[fa eWdWjb^[USVS78 bWdYg`fS UdgU[S^(fSU[^VW X[`[VS bSd Ua`fdSefW( Ua_S g_ Sefgfa [`c^We W_
XSlWd_Se V[X[U[^VWdWeba`VWd(WS cgWef(Sa Va e[Y' h[SYW_ bW^SIgee[S( * _WV[US JS_gW^ :a^^[`e( \S
`[X[USVa( 8 TW_ baee[hW^ cgW Scg[^a cgW ae Z[efa' ZSh[S aTeWdhSVa `a eWUg^a OM@@( _g[fa S`fWe VW
d[SVadWe Za\W hWW_ Ua_S ZWdS`d54S Ua_g_ baeeS CWh['Jfd'Sgee `ae XS^SdeSTdW bW`eS_W`fa T[`S'
fWd e[Va bWdUWT[VafS`fa bSd Ud[efSae cgS`fS bSd d[a( !GadcgW ae USf0+[Uae Sbaef0+[Uae da_S`ae eW
_gd54g^_S`ae Ua_S eW`Va dWS^_W`fW !VW^We!( S\aW^ZS_ Sa XSlWdegSe bdWUWe(W^WeRae dgeeae^
:d[SfWae WebS`Z0[e ag ba^a`WeWe baVW_ fWd e[ _' X[US_ VWbWC(($ GadcgWae ba^a`WeWeXSlW_ S TSd'
b^We_W`fW eW WecgWU[VacgW agfdae Ud[ef(SaeSe' TS( W^WeUa`e[VWdS_ gd` bWUSVadSebW'^S( GadcgW
eaU[ShS_ ad`S_W`fae cWa_WfddUae ag * geS VW ae ZHXZHX&UY STa_[`S_ USd`W VW bSdUa( W^WeVSa
U[_[fSddSe Sa ^e^S(;W Xad_S eW_W^ZS`fW( ae YdW' bdWXWdW`U[S S W^S
(((
YSe cgW Za\W XSlW_ aT\WUSa 8R WjbdWeSSa !USXW ES IW`SeUW`d54S(S [fS^[S`aX[^[S(cgW WdSh[e[hW^
fgdUa! Ua`hW`[W`fW_W`fW eW WecgWUWdS_Va XSfa `Se W^[fWeVW _g[fae bS[eWe WgdabWge( bdaVgl[g
Z[ef0d[Ua TW_ Ua`ZWU[Va VW cgW * USXWfWhW egS eWg abaefa( g_S a`VS VW[fS^[S`aXaT[S%ES <ebS'
ad[YW_ `a _g`Va [e^Sd`[Ua #`a ^Wd`W`Va eWUg^aOM$ `ZS% bSd WjW_b^a( ae baWfSe >SdU[^Sea VW^SMWYS
WeW V[eeW_[`ag S bSdf[d VW@efS_Tg^( W '<UHT9(aeUS` XadS_ Ud[f[USVae bSd WeUdWhWdW_
`a Wef[^a [fS^[S`a( STS`Va`S`Va S fd SV[USa bSfd[S(
<_ GadfgYS^( =dS`U[eUa VW ?a^S`VS Xa[ VWeUd[fa
Ua_S * VW_a`[U W_ hWefWe [fS^[S`Se3Y(
I<J@JK<E:@8 Ea eWUg^a OM@@ Xa[ S hWl Vae XdS`UWeWeeW
fdS`eXad_SdW_ `a S^ha Vae !`Sf[h[efSe [dSVae!
cgW VWXW`V[S_S bgdWlS VSe fdSV[UaWe ^aUS[e( ES
8 SUW[fSUSaVa WefdS`YW[da Uaefg_S ^WhSdS 8^W_S`ZS( bSd WjW_b^a( S UW`egdS 8R [`hSeSa VS
bdaT^W_Se V[X[UW[ecgW fWd` e[Va V[eUgf[Vae `a eW[a ^[`YgS bSd bS^ShdSeXdS`UWeSe( WebWU[S^_W`fW`a

32 =Wd`S`V 2dSgVW^% <I =MLQ\MZZIVMM M\ TMUWVLM UMLQ\MZZMVMMV S T!MXWY]M


31 ;Sh[V E[dW`TWdY%
3WUU]VQ\QM[ WNEQWTMVKM0
@MZ[MK]\QWVWN=QVWZQ\QM[
QV\PM LM @PQTQXXM #+3.34 eWUa`V WV(% GSd[e +300$%ha^( ,% b( +*+ '/(
=QLLTM1OM[ #Gd[`UWfa`%+330$( 33 Jk^h[W;WeiSdfW% !!XMZNM33WKWZ\MYQ[VWF( =QO]MTLM BQT^I#Ia_W% +323$(
(" :FC<:8a 'TRP ?@9I@F@JDF :LCKLI8C (#

Va_[`[a Va Ta_ Ua_badfS_W`fa "KWUXTQUMV\$ OI% fdWe Ug^fgdSe%S Ud[efS%S d`gUg^d`S`S WS \gVS[US
IBKQ& UWLM LZJ';%Xa[ bSdf[Ug^Sd_W`fW [`fW`eS W_ #VWeUd[fSbad 8_Wd[US 6HYZXUR' W S <ebS`ZS Vae
_WSVae Va eWUg^a(JaU[WVSVWe^[`Yg[ef[USe XadS_ eWUg^ae OM@@WOM@@@WVWXSfa _g[fa _SdUS`fW% Weg'
Xg`VSVSe fW`Va S bgdWlS VS ^[`YgS( Ua_a g_ VW YWdWcgW ' Ua_a `a USea Va Ud[ef[S`[e_a `a '<HVHU
eWge bd[`U[bS[e [VWS[e(8 US_bS`ZS ^[`Yg[ef[US XWl ' baVW fWd e[Va S dWUWbf[h[VSVW Ug^fgdS^ VSe bWe'
bSdfW VW g_S XLHJHU_S[e YW`WdS^[lSVSUa`fdS eaSe Ua_g`e * cgW ^WhagSe Sgfad[VSVWe S fa_S'
_aVW^ae Ug^fgdS[e WefdS`YW[dae%VSe dagbSe <^ Ug' dW_ g_S Sf[fgVW+**(
^[`Sd[S%eW`Va S ![d`[fSUWa Vae XdS`UWeWe! Q>M% Fgfdae bSdS^W^aebaee[hW[e Ua_ ae XISW\ eSU
KPIPU]VO LMZ6ZMVbW[MV[VW`g`U[SVS bW^aX[^UeaXa Va[e USeae `afShW[e VW dWe[efW`U[SUg^fgdS^ ' ag
:Zd[ef[S` KZa_Se[ge( bW^ad`W`ae USeae cgW VLXLJLXYU `afShW[e bSdS ae
;S _We_S Xad_S Ua_a S^Yg_Se Ug^fgdSe ^W[fadWecgW SUdWV[fS_ W_ bdaYdWeea fWU`a^ac[Ua
eSU [`ge[fSVS_W`fW dWUWbf[hSeS [VW[Seag SdfWXS' '% S dW[W[USad`gUg^d`S`S <^ f[baYdSX[S%cgW Vgdag
fae WefdS`YW[dae%agfdSe eSa [`ge[fSVS_W`fW dW' SfW UWdUSVa S`S +2**% W S dW\W[USa\Sba`WeS <^
e[efW`fWe% Ua_a Va[e WjW_b^ae f[dSVae VS 8Xd[US Sd_S VWXaY*+*+(
baVW_ egYWd[d(Fe [Tae VS E[YWd[S% ( Ydgba Wf`[Ua Ea USea VS f[baYdSX[S%fW_ e[Va SdYg_W`fS'
VW _g[fae Vae bd[`U[bS[e da_S`U[efSe SXd[US`ae Va b^Sge[hW^_W`fW cgW S XH]LU WeeW`U[S^ bSdS
#[`U^ge[hW:Z[`gS 8UZWTW^% eSU%Ua_a ae TdSe[^W[' WeeSdWe[efW`U[S Xa[S Sd`WSUSSa e[efW_S [e^Sd`[Ua
dae Wae \Sba`WeWe%XS_aeae bad eWdW_ dWUWbf[' fdSV[U[a`S^ VWfd'S`ed`[eeSa VWUa`ZWU[_W`fa% g_
hae Sa cgW `Sa WXS_[^[Sd( <_ Ua`fdSefW% ae XISW\$ e[efW_S bWeeaS'S'bWeeaS( 8X[`S^%ae YdS`VWe [_'
Va aWefW Va FgW`[S%eSa XS_aeae bad egS dWe[e' bSd[We [e^Sd`[Uae Va [`[U[a VS WdS_aVWd`S ' * [_'
fW`U[S <^ d`gVS`US WSbWYa S egSe bdabd[SefdSV[' bWd[a afa_S`a% * bWdeS W* _a`Ya^ ' THU dWe[ef['
YaWe( GaVW eWd [`efdgf[ha eSTWd cgS[e Ug^fgdSe dS_ S faVSe Se Xad_Se VW[`ahSUSa aU[VW`fS^( <^We
WgdabW[Seag Se[Sf[USe _S[e eW SeeW_W^ZS_ Sae SVafSdS_ Se Sd_Se VW XaYa Ua_ W`fge[Se_a%
XISW\& fS`fa See[_ cgW XadS_ VWeUd[fae Ua_S ![d`bWd[ae
<_ S^Yg`e bWd[aVae VWegS Z[efad[S%S !<e' VS VUR\UXH!'8 f[baYdSX[S%bad agfda ^SVa%WdSh[efS
bS`ZS! baVWd[S eWd g_S dWebaefS SVWcgSVS S _W`ae Ua_a g_S XWddS_W`fS W _S[e Ua_S g_S
WefS bWdYg`fS( <_ _WSVae Va eWUg^aOM@% ZaghW Sd`WSUS(
g_S fW`fSf[hS aX[U[S^VWXWUZSd* bS[e( Fe WebS'
`Za[e XadS_ bda[T[Vae VWWefgVSd `a WjfWd[ad bSdS
cgW `Sa XaeeW_ Ua`fS_[`SVae bW^SeZWdWe[Se(* +** :Sefda( 5[XIVPI&
Ua`fdSefW W`fdW S <ebS`ZS Va X[`S^ VS @VSVW DW' +*+ =dS`U[e IaT[`ea`% !@e^S_S`V fZW @_bSUfaX Gd[`f [` JagfZ 8e[S!% QVCPM
CZIV[UQ[[QWV WN;VW_'MLOM QVBW]\P 1[QI& WV(E[YW^:daa] #;W^Z[%+330$( b(
V[S%S WdS VS UaWj[efW`U[S W VS [`fWdSUSa W`fdW 0,'31(
%" :FC<m8a 'TRP ?@9I@;@JDF :LCKLI8C (%

Fe \Sba`WeWe fSd`TWd`( `afSVS_W`fW * ^[VWd U Ua`fdSefW


W`fdW fdWV[UaWeSTWdfSe WXW'
_[^[fSd FVS EaTg`SYS% X[USdS_ W`fge[Se_SVae UZSVSe ^WhS`fS g_ bdaT^W_S [`fd[YS`fW% * VWWj'
Ua_ FJ US`ZaWe cgS`Va ae h[dS_ bW^Sbd[_W[dS b^[USd Se V[XWdW`USeVW dWUWbf[h[VSVW!6"( <% bad
hWl `a eWUg^aOM@(;W XSfa%EaTg`SYS W`Ua_W`Vag WjW_b^a%S Ug^fgdS TW_ [`fWYdSVS S cgW WdW^Sf[hS'
cg[`ZW`fae VW^WebSdS eWg WjWdU[fa( DWe_a Se' _W`fW XWUZSVS% W`cgS`fa cgW S Ug^fgdS STWdfS S
e[_% S `ahS fWU`a^aY[S Xa[ dW\W[fSVS`a eWUg^aOM@@ [VW[SeVWXadS W V[h[V[VS7 Fg eWdScgW S cgWef Sa
badcgW S U^SeeW_[^[fSd cgW WefShS LTZHU`a ba' Xg`VS_W`fS^ WVWSgfgUa`X[S`US7 HgS`Va Se bWe'
VWd% ae eS_gdS[e% ae h[S Ua_a [`Ua_bSf[hW[e Ua_ eaSe fWd` Ua`X[S`US `S egbWd[ad[VSVWVWegS Ug^'
eWg Wfae( GSdWUW cgW Se WebSVSef[`ZS_g_ hS^ad fgdS%W^SefWd` bagUa [`fWdWeeW`Se [VW[SeWefdS`'
e[_T0+[Ua S[`VS _S[ad bSdS ae eS_gdS[e Va cgW cW[dSe( Ea USea Va @_bWd[aFfa_S`a% bad WjW_'
bSdS ae UShS^W[daed`WV[WhS[e ["!( b^a%Se VWddafSe `a X[`S^ Va eWUg^aOM@@ bSdWUW_
8 WVgUSUSabaVW eWd W `S hWdVSVWW geSVS fWd W`UadS\SVa S W^[fW YahWd`S`fW S ^WhSd *
bSdS Sba[Sd S dWe[efW`U[S Ug^fgdS^VWefWf[ba #Ugd' FU[VW`fW _S[e S eWd[a Va cgW S`fWd[ad_W`fW( GS'
eae VWZ[ef0d[S ^aUS^% Sg^Se Ua_bg^e0d[Se VW[d^S`' dWUWZShWd_a_W`fae XShadShW[eWVWeXShadShW[e
VWeag TSeUa WSee[_ bad V[S`fWA( 8[`VS _S[e [_' bSdS S fdaUS Ug^fgdS^(
badfS`fW VW`fdW Se XgdUSeVWdWe[ef(W`U[S 8R Ug^fg' ESa VWhW_ae WecgWUWd% `a W`fS`fa% cgW Se
dS Y^aTS^W * cgW baVWd[S eWd UZS_SVa VW !dWe[' Ug^fgdSe eSa ZWfWdacW`WSeWcgW V[XWdW`fWeYdg'
^[W`U[S! VSe _W`fS^[VSVWe ^aUS[e fdSV[U[a`S[e( * bae baVW_ dWSY[dVW _aVae _g[fa V[hWdeae Sae
baVWd Va _S^'W`fW`V[Va ' ag%_W^Zad V[lW`Va% VS W`Ua`fdae Ug^fgdS[e( <_ S^Yg`e USeae%S cgWefSa
dW[`fWd'bd'Wf(SUS`[`Ua`eU[W`fW ' `Sa VWhWeWd eg' Va Wd`bd'Weffd`aeWfad`ag aT\Wfa VWUa`fdahWd'e[S(
TWef[_SVa( DWe_a cgW faVSe Se bWeeaSe VWfa' ES Igee[S Va eWUg^aO@O% bad WjW_b^a%ae We^Sh0X['
VSe Se dWc[aWeVa Y^aTa h[eeW_ [_SYW`e [VW`f[USe ^ae%Ua_a WdS_ UZS_SVae% dWe[ef[dS_ Sa _ah['
bW^SfW^Wh[eSaSa _We_a fW_ba% `Sa [`fWdbdWfS' _W`fa VW aU[VW`fS^[lSUSa( W [`e[ef[dS_ cgW Se
d[S_ * cgW h[S_ Va _We_a _aVa( +//* WS^Ya cgW [VW[Se WefdS`YW[dSe WefShS_ !XadS Va ^gYSd! W_
egdY[g Ua_ _g[fS U^SdWlSVW WefgVae W_b[d[Uae eWg bS[e WWdS_ WefdS`ZSe S egSe fdSV[UaWe( <g'
VS d'WUWbUSa VS `ahW^S VWfW^Wh[eSa?ITTI[ W_ hS' U^[VWeVS :g`ZS WefShS dWSY[`Va VW _S`W[dS eW'
d[ae bS[eWe%VW@edSW^ S =[\[+*-( _W^ZS`fW Sae We^Sh0X[^ae cgS`Va Ud[f[Uag egS bd0'

+*, EaW^GWdd[`%7Q^QVO]X \PM 7]V0 :IXIV![ AM^MZ[QWV\W \PM B_WZL$ )-,+% +*. J[_a` FffW`TWdY%!^Ta IWUWbf[h[fk fa :ZS`YW!% QVN[^^[S_ I( 9SeUa_ S`V
)/.0 #9aefa`% +313$( A( ?Wde]ah[fe #WVe$(
DW^h[^^W 3WV\QV]Q\aIVL 3PIVOM QV1NZQKIV3]T\]ZM[ #:Z['
+*- KS_Sd C[WTWe S`V <^[Zg BSfl #+33*$% CPM 5`XWZ\ WN =MIVQVO0
USYa%+3/3$% b( +-*'.-4 ?Sda^V B( JUZ`W[VWd%
!GS]af IWe[efS`UW fa
3ZW[[%3]T\]ZIT AMILQVO[ WN4ITTI[ #EahSPad]% +33;^(
:ZS`YW!% [T[V(%b( +..'01(
(& :FC<>8a 'TRP ?@9I@F@JDF :LCKLI8C ('

bd[S Ug^fgdS Ua_a !g_S Ug^fgdS VWWd`bdWeff_a! :ZSd^We VW>Sg^[W%bad WjW_b^a%Ua`eWYg[g W`Ua`'
cgW Uab[ShS UWYSag _WUS`[US_W`fW ( cgW W_ ag' fdSd fW_ba W`fdW S Ud[eWSdYW^[`SWae SUa`fWU['
fdSe `SUaWe WdS g_ bdaVgfa VW g_ VWeW`ha^h[' _W`fae VW_S[a VW+302 bSdS adYS`[lSd g_ Ua_['
_W`fa adYp_[U*)(,' fW bSdS S VWXWeS VS ^[`YgS XdS`UWeS(<_ +31/% Xa[
SbdahSVS S ^W[9Se'CSgd[a^% cgW bda[T[S ( gea VW
bS^ShdSeWefdS`YW[dSe #bW^a_W`ae bad adYSae Va
YahWd`a$ eW_bdW cgW Wj[ef[eeW g_S bS^ShdSXdS`'
GLI@=@:8f548a :LCKLI8C UWeSVW_We_a e[Y`[X[USVa(
ES 8^W_S`ZS% bad agfda ^SVa%S bdWaUgbSUSa
Ua_ S bgdWlS ^[`Yg[ef[US S^US`Uag eWg U^[_Sj `a
8e dWSUUWeUa`fdS S WefdS`YW[d[UW_g[fSe [`[U[a Va eWUg^ajj( '<HW_ +22/ XadSXg`VSVS g_S
hWlWe Seeg_[dS_ S Xad_S WjfdW_S VW_ah[_W`' eaU[WVSVWbSdS S VWXWeSVa S^Wd`Sa( ( 1''OMUMQV
fae bW^Sbgd[X[USUSa% [`U^ge[hW ( cgW Za\W Ua`ZW' L ?M]\[KPM BXZIKP^MZMQV$ Ua_ eWg \ad`S^ =]\\MZ[%
U[Va Ua_a !@[_bWlS Wf`[US!% XZIKPM&Fe S`ae +3-* XadS_ * ba`fa S^fa VS UZS'
Ea USea VS ^[`YgS%bad WjW_b^a%g_ _ah[' _SVS 6ZMUL_WZ\RIOL$S TgeUS W egTef[fg[USa VW
_W`fa bSdS ( dWfad`a Sa YdWYaSf[Ua bgda eW [`[' fWd_ae WefdS`YW[dae cgW ZSh[S_ eW V[ee[_g^SVa
U[ag `S WbaUS ZW^W`[ef[USW_ dWebaefS [`hSeSa H `S ^[`YgS S^Wd`S( bSdf[Ug^Sd_W`fW WjbdWeeUWe
VS ^[`YgS bad bS^ShdSe WefdS`YW[dSe)(-' ( Zg_S' XdS`UWeSe(8ee[_ !b^SfSXad_S!% cgW XadSXMZZWV$
`[efS W [_bdWeead bdafWefS`fW ?W`d[ <ef[W``W h[dag 2IPV[\MQO$ DVQ^MZMQ\M\ h[dag 1T\PWKP[KP]TM
Ua`VW`ag ( \SdgSa [fS^[S`[lSVa VS UadfW XdS`UWeS WSee[_ bad V[S`fW( <efW bdaYdS_S Xa[_g[fa S`fW'
`ae S`ae +/1* Ua_ fS`fS hWWd`W`U[ScgS`fa ( Ya' d[ad Sae [VWS[e`Sl[efSe VW?M]\[KP\]U #!YWd_S'
hWd`a Xd'S`UWeZa\W Ua`VW`S ( XdS`Y^We)(.' `[VSVW!$ W bgd[X[USUSaUg^fgdS^%_Se eW ZSd_a`['
U L
XdS`c^We ( SebWUfa ^[`Yg[ef[Ua VScg[^a lShS Ua_ W^We(Gad [eea% ae `Sl[efSe Sba[SdS_ S
cgW ae XdS`UWeWeUaefg_ShS_ UZS_Sd VW !* VW' bd[`U[b[a ( BXZIKP^MZMQV$ W_TadS fW` ZS_ VSVa g_
eSX[a S_Wd[US`a!% TM LM\Q BJBOF@BFK# * YW`WdS^ X[_ S TgeUS W_ +3.* VWba[e cgW g_ ^[`Yg[efS fWhW
S ageSV[S VWUd[f[USd S ^[`YgSYW_ geSVS bW^a,RQX
ZMZ)(2& ;WeVW ScgW^SWbaUSae bgd[efSe fWd` WefS'

+*/ <gU^[VWeVS :g`ZS( Fe 8BOQLBP!


G7 ' +( b( +.*% ,-1% ,.3(
+*0 J[_a` JiS[`% 8MTTMVQ[UIVL 5UXQZM0<IVO]IOM& 3TI[[QKQ[U IVL @W_MZQV
\PM 7ZMMS FWZTL&14 -(%*-( #FjXadV( +330$( b( +'0.(
+*1 ?W`d[ <ef[W``W( 4M]` LQITWO]M[ L] VW]^MI] TIVOIOM QOBQF@LFP
#+/124 WV( +*2 GWfWdha` Ga^W`l( !JbdSUZbgd[e_ge g`V ESf[a`S^eal[S^[e_ge!( QV7MZUIVQ[\QS&
GSg^[`WD( J_[fZ( >W`WhS +32FA( WV(<TWdZSdVL[__Wdf #=dS`]Xgdf( +301$( b( ++-'0/(
(( :FC<:8a 1<4DB ?@9I@;@JDF :LCKLI8C ()

Va dW^Sf[hS_W`fW cg[Wfae `S 8^W_S`ZS% fS^hWl W^We% WdSVS Sdf[^ZSd[Sag VS W`YW`ZSd[SaU[VW`'


+;3
badcgW ( bgd[e_a eW\SSeeaU[SVa Sa `Sl[e_a% WS fS+ (
^[`YgS S^Wd`SfW`ZS bSeeSVa S eWdWjfdW_S_W`fW U '<HVHUVS eWYg`VS _WfSVW Va eWUg^aO@O
UadV[S^bSdS US_ Se [_badfSUaWe S_Wd[US`Se( W agfda WjW_b^a VW eWcdWcSUSa Ug^fgdS^(
EScgW^S Wb`US( bW^a _W`ae S^Yg`e Za_W`e VS
U^SeeW_S[e S^fS Uad`WUSdSd`S h[hWd ( cgW Xa[
UZS_SVS VW !h[VS Vgb^S!% g_S h[VS Sa _We_a
J<>I<>8f58a :LCKLI8C fW_ba SU[VW`fS^ WfdSV[U[a`S^%S Ua`eg_[d VS[e
f[bae VWUa_[VSe #VWSUadVa US_ S aUSe[Sa^( S
geSd VS[e f[bae VW dagbSe #cg[_a`a W_ USeS%
L_S fWdUW[dS Wefd"SfWc[Sbaee[hW^%
ag dWSUSa bSd WjW_b^a%W fWd`a aU[VW`fS^ `a fd'STS^ZU^% S
Ua`eU[W`fW%S g_S [`hSeSa Ug^fgdS^WS VS eWYdW' ^Wd^[hdae W_ VS[e e[efW_Se VWWeUd[fSWS _adSd
cSUSa( EWefWUSea%S ^[`ZS V[h[ead[SWfdSUSVS `Sa W_ USeSe fdSV[U[a`S[e cgW bSeeSdS_ S fWd g_
W`fdWW^S_We_S WS agfdS%_Se `a [`fWd[ad VS Ug^' Uad`UVa _aT[^[SVa `a Wef[^a aU[VW`fS^(
fgdS Vad`Wef([US% VWe[ef[`Va VS [VW[SVWVWXW`VWd ( <efW f[ba VWeWcdWcSUSabWde[efWSfW Za\W%
fWdd[fad[a [`fW[da W eW Ua`UW`fdS`Va W_ _S`fWd W_TadS ( Ua_WVa aU[VW`fS^W_ g_ SbSdfS_W`fa
bSdfW VW^W ^[hdWVWUa`fS__SUSa bSd [`X^gW`U[Se VW Wef[^a \Sba`We WefW\S YdSVgS^_W`fW eW`Va
WefdS`YW[dSe( egTef[fg[Va bSd g_ Ua_WVa \Sba`We W_ g_ SbSd'
?S _g[fa Wj[efW_ Ydgbae bSdS ae cgS[e S fS_W`fa VWWef[^aaU[VW`fS^(;W Xad_S eW_W^ZS`'
SUW[fSUSa[`V[eUd[_[`SVS VWfgVa ( cgW WWefdS`' fW%>[^TWdfa(=dWkdW VWeUdWhWgTdSe[^W[dae
Va eWUg'
YW[da W S dW\W[USa[`V[eUd[_[`SVS VW Wd`bdWef([' )( O@O cgW geShS_ USeSUaeVWUSe[_[dS WYdShSfS
_ae bSdWUW_[YgS^_W`fW STegdVSe( Eae eWUg' XadSVWUSeS%_Se USeSUaVWTd[_ fdSV[U[a`S^ W_
^ae O@O WOO% ae fgdUae Wae UZ[`WeWe% VW`fdWag' USeS( < W_ egS VdeUgeeSa eSTdWS eS`f[VSVW VW
fdae% cgWd[S_ SVafSd S fWU`a^aY[S aU[VW`fS^eW_ ASYgSd[bW% Ia`S^Va MS[`XSeXS^SSa Va hWdVSVW[da
SUW[fSdae hS^adWeaU[VW`fS[e( GSdWjW_b^a%ae \a' e[`UdWf[e_a `a eW`f[Va VSXgeSaVWWd'W`USe VWV['
hW`e afa_S`ae Ud[f[USdS_ ( YahWd`aVW=gSV GSe' XWdW`fWead[YW`e%_Se VW !V[e\g`USa Ug^fgdS^! W
ZS bSd W^W SUdWV[fSdcgW aU[VW`fS^[lSd WdS( _We'
_a cgW Scg[^a cgW g_ VW^WeVWeUdWhWg Ua_S
!Ua`efdg[d fWSfdae%[d S TS[^We% eWd^[TWdS^
W_ dW^S'
USa 8R [`X[VW^[VSVW VS WebaeSWgf[^[lSd hSeS eS`[fS'
+*3 JWd[XDSdV[`( CPM7MVM[Q[aXGW]VO?\\WUIV CPW]OP\#Gd[`UWfa`( 30,$( b(
d[S!( 8cg[^a VW cgW bdWU[eShS_%VW SUadVa US_
++/5 UX(AaeWbZ I( CWhW`ea`( <QIVO3PQ%3P!IIIVL \PM =QVL WN=WLMZV
3PQVI#:S_Td[VYW( D8( +3/-$(
) :FC<:8a 'TRP ?@9I@;@JDF :LCKLI8C )!

VWg_S h[VS Vgb^S V[h[V[VSW`fdW * _g`Va bScSa W fdae( Ea VWUaddWdVSe cWd'SUaWe4a W`fS`fa% S
a Ud[efS*++;o eWcdWcSUSaeWfdS`eXad_S W_ SVSbfSUSa(
Fgfda f[ba VW eWgdWgSUSaW _g[fSe hWlWe
h[efa `Se YdS`VWe U[VSVWeba^[Y^afSe Wd`g^f[Wf`['
USe%Va bSeeSVa WVa bdWeW`fW%VWeUd[fSe SU[_S
Ua_a la`Se VW W`Ua`fda( <jS_[`SVSe VW bWdfa% 8F8GK8f448a
WefSe U[VSVWe _g[fSe hWlWe ^W_TdS_ _aeS[Uae
Ug^fgdS[e%Ua_baefae VW _g[fSe bSdfWe V[XWdW`'
fWe( 8 eWcdWcSUSa Ug^fgdS^ VW [_[YdS`fWe V5F L_S dWSUSaUa_g_ S g_ W`Ua`fda Ua_ ag'
VWhWeWd WjSYWdSVS(MSd[S Ua_ S bdabd[S Ug^fgdS fdS Ug^fgdS%ag Ua_ [fW`e VW agfdS Ug^fgdS%W S
Va [_[YdS`fW% Ua_ * _W[a gdTS`S VW`fda Va cgS^ SVSbfSUSa%ag W_bdWef([d`a `a hSdW\a bSdS [`Uad'
Wef(SafW`fS`Va eW WefSTW^WUWd% WfSd`TWd` Ua_ S badSd Se bSdfWe W_ g_S WefdgfgdS fdSV[U[a`S^( 8
[VSVW% \S cgW Se bWeeaSe _S[e hW^ZSefWd` V[X[Ug^' a cgW * S`fd'abU^aca fd'S`UWe :^SgVW R'L\P&5ZXH[YY
VSVWVWSbdW`VWdg_S `ahS ^[`YgS WW_W`ae bda' UZS_ShS VW!Td[Ua^SYW_! WSX[d_ShS eWdg_S US'
hShW^cgW Sddg_W_ fdSTS^Za cgW ae SXSefWVWegS dSUfWdXef[USVWTI XMV[MM[I]^IOM& DS[e dWUW`fW'
!S^VW[S! gdTS`S( * cgW YWdS^_W`fW SUa`fWUW W _W`fW% WefWbdaUWeea VWSbd'abd[SUSa WdWgf[^[lS'
cgW Se bWeeaSe h[hW_ g_S h[VS Vgb^S `a eW`f[Va USa fW_ e[Va VWeUd[fa WS`S^[eSVa fSd`TWd` `a US'
\Sba`We VS WjbdWeeSa%ag eW\S%S Ug^fgdS HTMPZXPH ea VS Ug^fgdS aU[VW`fS^%`afSVS_W`fW bW^aU[W`'
VgdS`fW * ZadSd[a VWfdSTS^Za W W_ egS Ug^fgdS f[efS eaU[S^ ZXHTJLY D[UZW^VW6LXZLH[! "'
fdSV[U[a`S^ `Se ZadSe VW^SlWd( 8 HKHVZHJHU Ug^fgdS^ baVW eWd S`S^[eSVS
8 Ugd[aea cgW bSdWUWfWd ZSh[Va bagUae We' Ua_a g_ _ah[_W`fa Vgb^a VWVWe'Ua`fWjfgS^[lS'
fgVae SfW SYadS eaTdW * Ua^Sbea VS eWcdWcSUSa USa W d'S'Ua`f`jfgS^[lSUSa( dWf[dS`Va g_ [fW_ VW
Ug^fgdS^ `S eWYg`VS ag `S fWdUW[dScWd"SUSa% Ua_ eWg ^aUS^ad[Y[`S^ W _aV[X[US`Va'a VWXad_S S cgW
a T[^[`Yg[e_a% ae USeS_W`fae _[efae W_S[e fSd' eW W`US[jW W_ eWg `aha S_T[W`fW( ( bdaUWeea VW
VWS See[d`[^SUSa( 8 Ta_ aTeWdhSdcgW W_ S^Yg`e !fd'`b[US^[lSUSa! fS`fSe hWlWe V[eUgf[Va W [`US`'
Ydgbae% W`fdW ae ba^a`WeWe%bad WjW_b^a%W W_ eShW^_W`fWSVhaYSVa bad =dWkdWW_ fS`fae Va_X'
UWdfae Va_X`[ae% Ua_a S UgZ`Sd[S( Se fdSV[UaWe `[ae% VS Sdcg[fWfgdS 8R Ug^[`Sd[S%Wg_ Ta_ WjW_'
Vae [_[YdS`fWe eaTdWh[hW_ _W^Zad Va cgW W_ ag'

++* JaTdW S h[VS Vgb^S(hWd<ViSdV JW[VW`ef[U]Wd(<W_ 3Q\a&


8QOP3Q\a0CWSaW
NZWU5LW \PM \PM 5IZ\PY]ISM& +201'+3,- #Ca`Va`% +32-$5 =dWkdW% +++ :^SgVW CWh['Jf(dSgee( <I XMV[MM[I]^IOM #GSd[e%+30,$5 D[UZW^ VW
QVOQM[M[$ 8MZM[QI$b( +/2(
b( +235 MS[`XSe% :WdfWSg%<!QV^MV\QWV
L] Y]W\QLQMV
#GSd[e%
+32FA(
)" 6@=8L%4@ 1<?DB ?@9I@;@JDF :LCKLI8C )#

b^a VWefWbdaUWeea%W_TadS eW\S`WUWeeSd[SV[e' agfdSe bS^ShdSe%WefWe fWjfW[e WdS_ bdaVgl[Vae


f[`Yg[d V[XWdW`fWef[bae VWHKHVZHJHU' W_ g_ Wef[^a !ad[W`fS^! cW`Wd[UacgW VWhWeWdW`'
8 fdab[US^[lWUWa `a eW`f[Va ^[fWdS^aUaddW USdSVa Ua_S g_S bdaVgUSa WgdSe[S`S Ua`\g`'
cgS`Va Se dagbSe ag Se USeSe cgW XadS_ b^S`W\S' fS))*'
VSe bSdS bSdeWeXd[ae eSa _aV[X[USVSe bSdS eWdW_ < fSd`TWd` TaS bSdfW VS badUW^S`SUZ[`WeS W
WjbadfSVSe bSdS bSdeWecgW`fWe( L_ WjW_b^a XS' \Sba`WeS Xa[WjbadfSVS bSdS S <gdabS `ae eWUg^ae
_aea% _Se Ua`fdahWdf[Va% WS Sdcg[fWfgdS VW R'[& OM@@ WOM@@@ #eWfW`fS d`[^ZaWeVWbWUSe4VWSUadVa
U[S :aefS WFeUSd E[W_WkWd% S^Yg_Se hWlWe VWe' US_ g_S Wef[d`Sf[hS^( EahS_W`fW ae [`fWd'_WV[S'
Ud[fS Ua_S g_S TW_'egUWV[VS SVSbfSUSa VSe d[ae XadS_ Se :a`bS`Z[Se VSe ^`V[Se Fd[W`fS[e W
[VW[SeWVae LM[QOV[VWCW:adTge[Wd Sa _W[a S_' `ahS_W`fW ae LM[QOV[fdSV[U[a`S[e XadS_ cdSVgS^'
T[W`fW TdSe[^W[da% WagfdSe hWlWe Ud[f[USVS eaT ( _W`fW _aV[X[USVae bSdS eW SVWcgSdW_ Sa Yaefa
bdWfWjfa VWcgW ( bdaUWeea VWSVSbfSUSa `Sa Xa[ Vae Ua`eg_[VadWe aU[VW`fS[e( 8e badUW^S`Se VW'
^a`YW ( egX[U[W`fW(GSd agfda ^SVa%eW Se USVW[dSe UadSVSe `a UZS_SVa !bSUdSa VW eS^YgW[da! [_['
VW LM[QOV[`c^We f[hWdS_ egSe Xad_Se S^fWdSVSe fS`Va Se badUW^S`SeUZ[`WeSe cgW eSa fSa babg^S'
cgS`Va Uab[SVSe `a 9dSe[^ #egbdS%b( ,/$% Se _aV[' dWe`S 9XH&5XLZ'HTOH SfW Za\W eSU g_ WjW_b^a VW
X[USUUWe baVW_ fWd e[Va _W`ae VW^[TWdSVSe% cgWd d`aV[X[USUaWeVWefWf[ba( =a[ egYWd[Va cgW S bad'
bSd fWd e[Va ( dWeg^fSVa VWV[XWdW`USeW`fdW fdS' UW^S`SXa[ !* bd[`U[bS^ hW^Ug^a_SfWd[S^ bSdS S See['
V[U`We SdfWeS`S[e ^aUS[e #[`U^ge[hWfd"SV[UaWeSXd[' d`[^SUSa W S fd'S`ed`[eeSa VWfW_Se Ug^fgdS[e bSd
US`Se `a USea Va 9dSe[^A%cgWd bW^SegTef[fg[USa YdS`VWe V[efS`U[Se !))+'
VS _SVW[dS [`Y^WeS #`aYgW[dS%bSd WjWd`b^a^ bSd GSd F<ER ^SVa%W`fSa4 W`Ua`fdS_ae Sdf[efSe
_SVW[dSe TdSe[^W[dSeUa_S ( \SUSdS`VS( Se[Sf[Uae [_[fS`Va Wef[^ae WgdabWgeag `a d`[`[d`a
U Uad`WdU[aS ^a`YS V[ef(S`U[S%WebWU[S^_W`fW WeUa^ZW`VaS bSdf[d Va d'WbWd'fad[a^aUS^ae W^W_W`'
a Uad`WdU[aW`fdW S <gdabS WS 8e[S `a [`[U[a Va bW' fae cgW Ua_bdahSVS_W`fW SYdSVS_ Sae Ua`eg'
VaVa _aVWd`a% bdabadU[a`S WjW_b^ae XSeU[`S`' _[VadWe aU[VW`fS[e( GSd agfda ^SVa%W`Ua`fdS_ae
fWe VW[`fWdSUWa WZ[Td[V[lSUSa Ug^fgdS^( Ea USea Sdf[efSe WgdabWge [_[fS`Va Wef[^ae Se[Sf[Uae W (
Vae fWjfW[e4 g_ WjW_b^a XS_aea W( Va UZ[`fl% g_ egdY[_W`fa VS _S`[S VWUa[eSe Wjaf[USe( `afSVS'
fWU[Va WefS_bSVa bdaVgl[Va `S @`V[SbSdS eWdWj' _W`fW S _S`[S VS <gdabS Va eWUg^aOM@@@ bSd KPQVW%
badfSVa bSdS S <gdabS( Fe VWeW`Zae Ua_T[`ShS_
_af[hae bWdeSe%[`V[S`ae W UZ[`WeWe W eWYg[S_
bSVdaWe W`h[SVae bSdS S @`V[SbW^aeV[dWfadWeVS ))* AaZ` @di[`( !Fd[Y[`e aXfZW "Fd[W`fS^ Jfk^W((n( [` <`Y^[eZ ;WUadSf[hW8df"(
2]ZTQVO\WV
=IOIbQVM 31 #+3//$( b( +*0'+.(
:a_bS`Z[S ?a^S`VWeS VSe ^`V[Se Fd[W`fS[e W VS ))+ IaTWdf =[`^Sk( !KZWG[^Yd[_ 8df4 fZW :g^fgdW aX GadUW^S[`[` Nad^V ?[e'
:a_bS`Z[S VSe ^`V[Se Fd[W`fS[e VW Ca`VdWe( <_ fadk!( :W]ZVIT WNFWZTL8Q[\WZa3 #+332$( b( +.+'21( `S +11(
&" :FC<:8a 'TRP ?@9I@F@JDF :LCKLI8C )%

Q[MZQM$Sdf[Yae cgW Uab[S_ _af[hae UZ[`WeWeg'( agfdae VWeUaTd[dW_(S SdfW \Sba`WeS% ( cgW
8e hWlWe Wh[dfgS^_W`fW [_baee[hW^ V[lWd eW g_ W`UadS\agSdf[efSe aU[VW`fS[e%\S W_ dWha^fSUm`'
VSVa SdfWXSfaWaTdS VWWgdabWgeSe[Sf[lSVae ag fdS egSe bdabd[Se ZXHJPJULY SUSVWd`[USe% S [_[fS'
VWSe[Sf[Uae WgdabW[lSVae(Fe ba`fae cgW _WdW' dW_ Se Uad`bae[UUWeSee[d`Wfd[USe(Se ^[`ZSe US^['
UW_ eWdW`XSf[lSVae eSU( W_ bd[_W[da ^gYSd%ae Yd9X[USeW( geS VWSdWSeVWUad g`[Xad_W cgW eW
V[XWdW`fWe Wef(Sc[aeVa bdaUWeea% W_ eWYg`Va ^g' baVWW`Ua`fdSd W_ bSdf[Ug^Sd`Se j[^aYdShgdSe++/(
YSd%( `gd`Wda VWV[XWdW`fWe bWeeaSe W`ha^h[VSe% ES d`ge[US( Ua_bae[fadWe \Sba`WeWe Ua_a
W% W_ fWdUW[da^gYSd% a XSfa VWcgW Se d`gVS`USe Kadg KS]W_[feg XadS_ [`X^gW`U[SVaebad Ua_bae['
eW VSa Vae Va[e ^SVae( 8 _Wf9XadS VS !`WYaU[S' fadWe aU[VW`fS[e Ua_a G[WddW 9ag^Wl WAaZ` :SYW%
USa! Ug^fgdS^%V[eUgf[VS S`fWd[ad_W`fW `WefW W`' cgW bad egS hWl ZSh[S_ e[Va [`X^gW`U[SVaebW^S
eS[a%bSdWUWeWdbSdf[Ug^Sd_W`fW gf ^ `S S`S^[eW d`ge[US \Sba`WeS( GgUU[`[ eW [`eb[dag `S d`ge[US
VWbdaUWeeaeVWeeWf[ba( \Sba`WeS bSdS Ua_bad egS DSVS_W 9gffWdX^k
#+3*1$% W ae \Sba`WeWe bad egS hWl SVSbfSdS_
GgUU[`[ W_ g_S eWd[WVScg[^a cgW Z[efad[SVadWe
dWUW`fWeUZS_SdS_ VW !dWbSfd[SYaWe!++0(Ea
:@I:LC8I@F8F< USea Va U[`W_S%W @XU[fa egebW[fSd cgW ( egdY['
_W`fa Vae X[^_WeVWeS_gdS[e VW8][dS BgdaeSiS
WVWagfdae V[dWfadWe\Sba`WeWeeWVWhW W_ bSdfW
8 _Wf9XadS Va U^dUg^aW gf[^ fSd`TWd` bSdS S fdSV[USa Va X[^_WVWXSdaWefWadfW'S_Wd[US`a(
`ae dWXWd[d_aeS SVSbfSUUWeVW[fW`e Ug^fgdS[e JW WefWW( (USea%S UadfWe[SXa[dWfd[Tg[VScgS`Va
WefdS`YW[daecgW ,)+( fSa Ua_b^WfSe cgW ( dWeg^' AaZ` JfgdYWe XWl !JWfW Za_W`e W g_ VWef[`a!
fSVa baVWSe hWlWeeWd!dW'WjbadfSVa! bSdS ( ^g' "CPM =IOVQNQKMV\ BM^MV##+30*$%g_S !fdSVgUSa!
YSd VWad[YW_ Va [fW_( Va XS_aea !Fe eWfWeS_gdS[e! "BM^MVBMZV]ZMQ[$
8 Z[ef0d[S VSe dW^SUaWe
Ug^fgdS[e W`fdW( AS' VWBgdaeSiS #+3/.$(
bSa W( FU[VW`fW`ae eWUgdWe O@O WOObdabadU[a`S
hSd[WeWjW_b^ae XSeU[`S`fWe VWefWf[ba VWU[dUg'
^Sd[VSVW(ESe SdfWeh[egS[e%bad WjW_b^a%ae \Sba'
`WeWeVWeUaTd[dS_ae [_bdWee[a`[efSe \Sba`WeWe
bagUa VWba[e VW<VgSdV DS`Wf% :^SgVW Da`Wf W ++/ J(KS]SeZ[`S #WV(@%
@IZQ[QV:IXIV0 \PM :IXIVM[M 5VKW]V\MZ _Q\P5]ZWXMIV
@IQV\QVO
#Ka]ka% +321$(
++0AaZ` :adTWff% !<jbWd[_W`fS^ Fd[W`fS^!% QV 2WZV IVL 8M[UWVLPITOP$
FM[\MZV =][QK$ b( +0-'205 8dfZgd >daae% !IS_ae aXfZW ESf[hW4ASbS`
[` DSVS_S 9gffWdX^k)DSVS_S 9gffWdX^k[` ASbS`!% 3IUJZQLOM ?XMZI :W]Z%
++. DSVW^W[`WASddk%3PQVWQ[MZQM +32+$(
#EahS ^adcgW% VI') #+323$%
+01'3.(
b(
)& :FC<@58a 'TRP ?@9I@F@JDF :LCKLI8C )'

< ( baWfS [d^S`VWeN[^^[S_ 9gf^WdPWSfe We' KI8;LK;I<J


UdWhWg g_S bWUS% 1\ \PM8I_S![ FMTT#+3+1$%`a
Wef[^a Va fdSV[U[a`S^ fWSfda `a \Sba`We%W_TadS
fW`ZS ^aUS^[lSVaegS bWUS`S ![VSVWZWda[US![d^S`' U WjW_b^a VW 1\ \PM 8I_S![ FMTTfdSl S
VWeS WW^SbaeeS badfS`fa eWdVWeUd[fSUa_S g_ fa` S agfda f`b[Ua cgW W UW`fdS^ bSdS WefW
ZXTd[VaVWFU[VW`fWW Fd[W`fW( PWSfe eW [`fWdWe' W`eS[a( 8e V[eUgeeaWe eSTdW Z[Td'[V[lSUSa Ug^'
eag bW^Sfd'SV[USa\Sba`WeS badcgW S gf[^[lSUSa VW fgdS^ XdWcgW`fW_W`fW XS^S_ VSe fW`VW`U[We
_SeUSdSe W VS`USd[`Ue VShS S W^Wg_ _W[a VW YWdS[e W [Y`adS_ ae [`V[hXVgae( <efSe
da_bWd US_ Se fdSV[UaWeVa fWSfda !dWS^[ef(S!VW V[eUgeeUWeWefSa VS`Va Se bd[ad[VSVWeUaddWfSe
egS WbaUS(L_ WeUd[fad \Sba`We%Pa]a_[UZ[ DS' Se cgWef`We `a eW`f[Va VWcgWSe fW`VW`U[WeeSa
d[a%bSd egS hWl SVSbfag 1\ \PM8I_S![ FMTTWS _g[fa _S[e [_badfS`fWe Va cgW ae [`V[hXVgae(
fdS`eXad_ag W_ g_S bWUSVa fWSfda `a cgW Xa[ DWe_a See[_% XSl eW`f[Va bWdYg`fSd cgW_ XSl S
_a`fSVS W_ Kacg[a W_ +3.3++1( SVSbfSUSa( MW\S_ae ( WjW_b^a Vae fdSVgfadWe(
<efWe WjW_b^ae VW U[dUg^Sd[VSVW egYWdW_ Fe fdSVgfadWe eSa XdWcgW`fW_W`fW bWe'
cgW S Ug^fgdS Va FU[VW`fW S\gVag ae \Sba`WeWe eaSe VWe^aUSVSe(<_ _g[fSe Ug^fgdSe%ae [`fWd'
_aVWd`[lS`fWe S dWVWeUaTd[d ag S dWShS^[Sd
S^Yg' bdWfWefWd` Xad_SVa g_ Ydgba USdSUfWdXef[Uaa
_Se VWegSe bdgbd[Se fdSa[UaWe(8 Uad`T[`SUSa VW cgS^ _W_Tdae VWUa_g`[VSVWe bWd[XWd[USe WdS_
SXSefS_W`fa US_ eWd`W^ZS`USbSdWUW eWdg_ XS' [_badfS`fWe( 8e dW^SUaWe W`fdW( @_bWd[a Ffa_S'
fad'UZShW `a egUWeeaVWSdf[Yae Ug^fgdS[e VWWj' `a WS <gdabS FU[VW`fS^%bSd WjW_b^a%bSd _g[fa
VUXZ'HJLU ag%_W^Zad V[lW`Va% !fdS`eb^S`fWe!( < fW_ba VWbW`VWgVae bdWef^d`ae VW\gVWge WYdW'
See[_ ha^fS_ae S cgWefSa%WhaUSVSS`fWd[ad_W`' ^[`YgXef[Uae++2(
YSe Ua_S [`XWdd`WV[Sd'[ae
fW%VSe Ua`cdgW`U[Se WUa`hWdbW`U[Se( 8e bWeeaSe cgW fdS`eXWd[dS_ egSe ^WS^VS'
VWeVWg_S Ug^fgdS bSdS S agfdS fWd` _g[fSe hW'
lWe dWbdWeW`fSVag_ bSbW^[_badfS`fW `a bda'
UWeeaVW(`fWdbd'WfSUSa(Ua_S ;a[[S DSd[`S% !CS
DS^[`UZW!%cgW eW bSeeag bSdS ae WebS`Za[e `a
DWj[Ua%ag ae !dW`WYSVae! cgW eW Ua`hWdfWdS_

++1 IW[]a Keg][_gdS( !8 :a_bSd[ea` aXPWSfe" 1\ \PM 8I_S![ FMTTS`V [fe EaZ
MWde[a`!( <Q\MZI\]ZM5I[\ IVL NWef ++ #+301$( b( -2/n315 I[UZSdV KSk^ad(
CPM4ZIUI WNN( 2& GMI\[0 9ZQ[P=a\P IVL \PM :IXIVM[M >W #EWi ?ShW`( ++2 9Wd`SdV CWi[e( !=da_ 9STW^fa ;dSYa_S`e!( @ZWKMMLQVO[
WN\PM 2ZQ\Q[P
+310$( b( +++n,*( 1KILMUa +*+ #+333$( b( -1n/.(
)( :FC<f558a 1<4DB ?@9I@;@JDF :LCKLI8C" ))

Va Ud[ef[S`[e_a Sa +/++-%
ag FJ !`ahSe Ud[efSae! [fS^[S`a W US_b[ @agg_ V[U[a`Sd[a [`c^We'[fS^[S`a%
#W_ agfdSe bS^ShdSe% \gVWge Ua`hWdf[Vae$ cgW eWd' S^W _ VWfWd XW[fag_S fdSVgUSa SYadS XS_aeS Vae
h[S_ VW [`fWdbdWfWe bSdS ae badfgYgWeWe `a eg[ W`eS[ae VWDa`fS[Y`W Va fd'S`UWebSdS ( [`Y^We)*)'
VS 8e[S))0'
KSd`TWd` `S <gdabS ae fdSVgfadWe VS IW`Se'
UW`USWdS_ _g[fSe hWlWeW_[YdS`fWe%Wj[^SVae ag
dWXgY[SVae(MS^[S_'eW VW egS e[fgSUSa ^[_[`Sd W
fdS`eXad_ShS_ W_ VXUMPYYLU S d`WV[SUSa W`fdW
VS[e bSXeWeSae cgS[e VWh[S_ ^WS^VSVW VWS^Yg_S
Xad_S( 8 bdahShW^cgW WefSe bWeeaSe f[hWeeW_
!Ua`eU[W`U[S Vgb^[UW! #egbdS%b( -1$%W cgW WefS
Ua`eU[W`U[S Vgb^[UWae S\gVSeeW_ `S fSdWXS VW
fdSVLkS*)*('
8 Ugd[aea cgW WefWe S`XXT[ae WgdabWge fW'
`ZS_ e[Va _W`ae WefgVSVae Va cgW eWge Wcg[hS'
^W`fWe `Se 8_Wd[USe W `S 8e[S( GSd WjW_b^a%ae
dWXgY[SVaeYdWYaeVS @fS^[S S`fWe WVWba[e VS cgW'
VS VW:a`efS`f[`ab^S XadS_ dWeba`eShW[e bSd S^'
Yg_Se fdSVgUaWe [_badfS`fWe Va YdWYa S`f[Ya
bSdS ( ^Sf[_( < ae dWXgY[SVaebdafWefS`fWe [fS^[S'
`ae dWbdWeW`fSdS_ g_ [_badfS`fW bSbW^`S dW'
UWbUSaVS ?W`SeUW`US `a `adfW VS <gdabS( AaZ`
=^ad[a%bSd WjW_b^a%Ug\a `S_W ZXTd[VaWjbdWeeS
g_S [VW`f[VSVWZXTd[VS% WdSVWg_S XS_X^[S[fS^[S`S
bdafWefS`fW cgW eW _gVag bSdS S @`Y^SfWddS bSdS
XgY[d8R bWdeWcg[USa( >S`Zag S h[VS VS`Va Sg^Se VW

++3 =dS`UWeBSdffg`W`( 2M\_MMV FWZTL[0 9V\MZXZM\MZ[$


7]QLM[ IVL B]Z^Q^WZ[
#EWi 9dg`ei[U]% +33.$% V' +',,% ++.'-/(
+,* >[^dak%1\TIV\QK& +,+ =dS`UWePSfWe%:WPV 6TWZQW
#Ca`Va`% +3-.$(
/( M8I@<;8;<J ;< I<JLCK8;FJ

:a_a Ua`U^geSa VWefWW`eS[a WgYaefSd[S VW


V[eUgf[d ae dWeg^fSVae ag Se Ua`eWcgW`U[Se VS [`'
fWd'SUSaUg^fgdS^ `a ^a`Ya bdSla( FScg[ bad V[S`fW%
WefSdW[XS^S`Va _W`ae Ua_a Z[efad[SVad VS Ug^fg'
dS W _S[e Ua_a g_ [`V[hXVga bdWaUgbSVa%Ua_a
faVae `ae% Ua_ ( VWef[`a VSe Ug^fgdSe Va _g`Va
W_ `aeeS WdS VW UdWeUW`fWc^aTS^[lSUSa( WeUa'
@ZW`VaWjW_b^ae Va bSeeSVa bSdS fWUWdUW_W`fS'
d[ae eaTdW baeeXhW[eXgfgdae( 8a bSeea cgW S g^f['
_S eWUSaeWUa`UW`fdag W_ dWSUaWeUa`eU[W`fWe
W Wefd'SfWb[Se VW^[TWdSVSe% WefS Scg[ LYZ'H_S[e
bdWaUgbSVc Ua_ ( cgW _S[e bdahShW^_W`fW SUa`'
fWUWdS([`VWbW`VW`fW_W`fW VSe [`fW`UaWe( VWeW'
\ae ag WjbWUfSf[hSe VW[`V[hXVgae ag Ydgbae(
DW`U[a`a g_S baee[T[^[VSVW%SbW`Se bSdS
dW\W[fS'@SVW[_WV[Sfa4 S eaTdWh[hW`U[SVWUg^fgdSe
[`VWbW`VW`fWe( <_ `aeea _g`Va% `W`Zg_S Ug^fg'
L
dS g_S [^ZS(ES hWdVSVW% [S ZS _g[fa cgW S _S[a'
d[S VSe Ug^fgdSe VW[jSdS_ VWeWd[^ZSe( :a_ ( bSe'
eSd Vae eWUg^ae( fW_ X[USVaUSVS hWl _S[e V[XXU[^
eW _S`fWd ( cgW baVWd[SeWdUZS_SVa VW![`eg^S'
0)+(! VWUg^fgdSe Ua_ ( aT\Wf[ha VWVWXW`VWd WeeS
[`eg^Sd[VSVW(
!" :FC<:8a 'TRP ?@9I@F@JDF :LCKLI8C !#

<_ agfdSe bS^ShdSe%faVSe Se fd SV[UaWe cgW baVWd[SeWd UZS_SVa VW !V[Y^aee[S Ug^fgdS^!%


Ug^fgdS[e Za\W WefSa W_ US`fSfS _S[e ag _W)`ae g_S Uad`T[`SUSa VW Ug^fgdS Y^aTS^US_ Ug^fgdSe
V[dWfa US_ fdSV[UUWeS^fWd`Sf[hSe( 8 eWbd'WcSUSa ^aUS[e( <_ fWdUW[da^gYSd%S Zad`abW`W[lSUSa% S
ea W g_S baee[T[^[VSVW `a Ugdfa bdSla% Ua_S [S M[YHUVW V[XWdW`fWeUg^fgdSe%S Ua`eWcgW`U[S VS
h[_ae% _Se `Sa W g_S abUSa h[ShW^W_ TI TWVO]M c^aTS^[lSUSa cgW _g[fae Za\W fS`fa bdW' hWW_
L]ZMM&GSd Ua`eWYg[`fW% Se fdSV[UaWe eSa Ua_S cgS`fS fW_W_( <_ cgSdfa ^gYSd%( egdY[_W`fa VW
SdWSeVWUa`efdgUSa% eW_bdW eW`V ( Ua`efdgXVSe `ahSe eX`fWeWe( GaVW eWd gf[^ V[eUgf[d WefWe
WdWUa`efdgXVSe%cgWd ae [`V[hXVgae Wae Ydgbae cgSfda UW`Sd[ae W_ adVW_(
cgW XSlW_ bSdfW VWefSe fd'SV[UaWe eW VWW_ ag
`Sa Ua`fS V[efa(
MW\S_ae ( USea Va US`Vad`T^W%[`fWdbdWfSVa
W_ g_ W`eS[a Td[^ZS`fW bSd IaYWd 9Sef[VW Ua_S S #'&)(!$%'"!%+*!# !,
Ua`efdgUSa e[d`Ta^[US Va WebSUa SXd[US`a%g_S
WebWU[WVW Uad`bW`eSUSa be[Ua^ac[US bSdS ae
SXda'TdSe[^W[daebW^SbWdVSVWegS fWddS `Sf[hS+,,( ?a\W hW_ae _g[fS dWe[efW`U[S S ![`fda_[e'
8bWeSd V[eea% Xa[ _aefdSVa cgW Se bdSf[USe Va eSa ag ![`hSeSa! VWXad_Se Y^aTS[e VW Ug^fgdS(
US`Vad`T^W eW S^fWdSdS_ YdSVgS^_W`fW US_ ( +//* `Sa W VWUSgeSd egdbdWeS( <eeS dWSUSaW g_
fW_ba( GadfS`fa% `Sa eW baVW V[lWd cgW ( US`' WjW_b^a VScg[^a cgW ae eaU[a^acUe Se hWlWe UZS'
L
Vad`T^W !bgdW! W`cgS`fa cgW S g_TS`VS% bSd _S_ VW !VWXSeSYW_ Ug^fgdS^!( :a_S =Wd`S`V
WjW_b^a%W g_ Z^Td[Va( GaVW_ae V[lWd cgW Se fdS' 9dSgVW^% Z[efad[SVad ZXHTJLY'Uaefg_ShS V[lWd%V['
o
XWdW`fWef[bae VWd`gVS`US SUa`fWUW_ S V[XWdW`'
V[UaWe SXd[US`Se eSa _S[e [_badfS`fWe `a US`'
Vad`T^WVa cgW `S g_TS`VS% _Se faVSe Se Xad_Se fWe hW^aU[VSVWe(
Ug^fgdS[e eSa _S[e ag _W`ae ZXTd[VSe( 8e d`gVS`USe Ua`USfW`SVSe cgW Za\W VWe'
JW S [`VWbW`VW`U[S W S eWcdWcSUSa eSa UdWhW_ae Ua_S !c^UTS^[lSUSa! eSa bd[`U[bS^_W`'
S_TSe W^[_[`SVSe%eaTdS_ cgSfda baee[T[^[VSVWe fW fWU`a^ac[USe W WUa`0_[USe( 8 fWU`a^aY[S%We'
bd[`U[bS[e%ag UW`Sd[ae4bSdS ( Xgfgda VSe Ug^fgdSe bWU[S^_W`fWS fWU`a^aY[S VWUad`g`[USUSa( Za\WeW
VW`aeea b^S`WfS( <_ bd[_W[da ^gYSd% S dWe[efW`U[S S^fWdSUS_ fS`fS dSb[VWl cgW S _S[ad[S VW`ae X[US
ag S !UU`fdWc^aTS^[lSUSa!( <_ eWYg`Va ^gYSd%( fa`fS( 8e [`ef[fg[UaWe X[US_ bSdS fd'Se S VWebW[fa
VS `WUWee[VSVWVW eWdW_ SVSbfSVSe Sa _g`Va
W_ d`gVS`US%8[`VS _S[e ^W`fSe eSa Se d`gVS`USe
+,, IaYWd 9Sef[VW( !>LXTUPXLUa^^WUf[hW >>KBB
Wf eaU[a^aY[WVg Td'[Ua^ScW!% VW Sf[fgVW% WebWU[S^_W`fWVScgW^Se Sf[fgVWe ag
8L@FLILDFNRB#)0.@<' b( 0/'+*25 IW`Sfa Fdf[l% ' JLOQB?O>K@> AL QBFQF@BFOL
KBNOL" :J?>KA> #ALZX&UVURPY% )0.5R' egbae[UaWe Xg`VS_W`fS[e cgW ' eWYg[`Va ae Z[e'
!$ :FC<f548a 'TRP ?@9I@F@JDF :LCKLI8C !%

fad[SVadWe XdS`UWeWe`ahS_W`fW ' [dW[VWeUdWhWd WjW_b^a UaddW`fW' _Se cgW fW_ g_S ^a`YS Z[ef0'
Ua_S !d`W`fS^[VSVWe!( DgVS`USe VW_W`fS^[VSVW d[S ' W * Vae USf0+[Uae WbdafWefS`fWe VS @d^S`VS
/+-* `WUWeeSd[S_W`fW ^W`fSe%Ua`e[VWdS`Va'eW S Va EadfW%VS[e Ydgbae cgW V[h[VW_ * _We_a fWdd['
[d`badf(S`U[S Vae bd[_W[dae VS[e ag fd'We S`ae VW f0d[a WZLXT fS`fa W_ Ua_g_ Ug^fgdS^_W`fW cgW W
h[VS bSdS * Xgfgda VWeW`ha^h[_W`fa VWUSVS bWe' V[XXU[^ bSdS ae WefdS`YW[dae V[ef[`Yg['@ae( Ea W`'
eaS( Fe hS^adWeXg`VS_W`fS[e VS cWdSUSacgW We' fS`fa% W^WeUa`f[`gS _ ' bW^a_W`ae g_S _[`ad[S
fSd'S hW^ZSW_ ,*2* \S XadS_ [`ef[^SVae( VWUSVS^SVaUa`f[`gS ' S eWfdSfSd Ua_S * Fgfda%
ESa WVWWebS`fSd badfS`fa cgW W_ _g[fSe a abaefa VWe[ _We_a(
bSdfWe Va _g`Va ZS\S XLHJULY Ua`fdS S Y^aTS^[lS' US`fdaba^aga Za^S`VWe 8`fa` 9^a]% Ua`Uad'
USa Ug^fgdS^( GSd g_S cgWefSa VW Ua`hW`[W`U[S% VS`Va US_ =dWgV%SUdWeUW`fScgW L S Sd`WSUSVS
hS_ae XS^SdVW!Ua`fd'Sc^aTS^[lSUSa!( EWefW UW`S' bWdVSVSe [VW`f[VSVWe fdSV[U[a`S[e cgW bdahaUS *
d[a%g_ [_badfS`fW bSbW^L dWbdWeW`fSVabW^aXW' `SdU[e[e_a% _g[fSe hWlWeeWXSlW`Va SUa_bS`ZSd
`ad`W`a Ua^Wf[haVS dWha^fSVSe dWc[aWe(\S VWeUd[' bW^Sh[a^W`U[S Ua`fdS * Fgfd*+,/( * eaU[a^aca [`'
fa `ae S`ae +20* bSd IaTWdf CSXa`f W agfdae Y^We8`fZa`k :aZW` Ua`UadVS4 !S WjbdWeeSa e[_'
Ua_S !dWha^gUSadWY[a`S^[efS!+,-( ;W `ae ea bS`fa T0+[USVWUa_g`[VSVW W VWeWge ^[_[fWe Sg_W`fS
VWh[efS% THU [_badfS eW g_ VWfWd_[`SVa _ah[' VW[_bad'fS`U[S `S _WV[VS W_ cgW ae dWS[e^[_[fWe
_W`fS ' IXLZHU'V[YS_ae% ag USf(S^Sa' gf[^[lS S ^[`' YWaeeaU[S[e VS Ua_g`[VSVW /+-* VWefdgXVae%aTe'
YgSYW_ VS dWc[Saag S VS `SUSa ' ag _We_a S VS UgdWU[Vaeag LTZHUW`XdScgWU[Vae!+,0(
dW^[c[Sa(Ua_S `a USea VS JWdh[S ag VS 90e`[S( * <_ agfdSe bS^ShdSe%W g_S XLHJHUXadfW
bS`fa S eW VWefSUSd W S W`XSeW`S Ug^fgdS W `S _Se cgW baVW`Sa VgdSd _g[fa( 8 dWe[efW`U[S Wef(S
[VW`f[VSVW^aUS^% cgWd W^SSeeg_S S Xad_S Va dWe' XSVSVSSa XdSUSeea`a eW`f[Va VWcgW ae aT\Wf[hae
fSTW^WU[_W`fa VW^[`YgSYW`e _ad[Tg`VSe% VW^[_' VScgW^WecWWXSlW_ bSdfW VS dWe^e`W`U[S(VWfWdS
bWlS Wf`[US ag VW cgWTdSd Se \S`W^Se Va DUFa' _SdUZS VS Z[ef0d[S ag fdSlWd VWha^fS * bSeeSVa%
`S^V"e( /+-* [`Sf[`YXhW[e( Ea W`fS`fa% S dWS[ef(W`U[S`Sa W
=dWgV f[`ZS g_S TaS WjbdWeSSa bSdS * cgW W_ hSa%badcgW Se SUaWeVWdWe[efW`U[SfWdSa g_
hW_ae SUa`fWUWd W_ fS`fSe bSdfWe Va Y^aTa4 !S WXW[faeSTdW Se Ug^fgdSe Va Xgfgda( ESa eWdS *
`SdU[e[e_a VSe bWcgW`Se V[XWdW`YSe!+,.( L_

+,- IaTWdf CSXa`f%<I ZM^WT]\QWV


ZMYQWVMTQ[\M +301$(
#GSd[e% +,/ 8`fa` 9^a]%!KZWESdU[ee[e_ aX D[`ad ;[XXWdW`UWe!%
5]ZWXMIV :W]ZVIT WN
+,. J[Y_g`V =dWgV% #+3+2$%
!;Se KSTg VWdM[dY[`[f[[f! fdSVgl[Va W_ 3WUXTM\M #+332$%
BWKQITCPMWZa+ --'/0(
b(
@[aKPWTWOQKIT
FWZS[$ WV(AS_We JfdSUZWk%j[ #Ca`Va`% +3/1$%
b( +3+' +,0 8`fZa`k :aZW`% CPM BaUJWTQK3WV[\Z]K\QWV WN3WUU]VQ\a #:Z[UZWefWd
,*2( +32/$%/*(
!& :FC<:58a 'TRP ?@9I@F@JDF :LCKLI8C !'

WXW[facgW VWeW\SdS_%_Se SbWeSd VWfgVa eWdS eaSe USbSlWe VWS^fWd`Sd W`fdW Ug^fgdSe VS _We'
g_ WXW[fa( _S Xad_S Ua_a S^fWd`S_ W`fdW @X`YgSeag dWY[e'
fdae ^[`YgXef[Uae% WeUa^ZW`Va ( cgW Ua`e[VWdS_
eWdSbdabd[SVa 8R e[fgSUSa W_ cgW eW W`Ua`fdS_(
4 [`XWdW`U[SVWcgW Za\Wea_ae faVae [_[YdS`fWe%
;@>CFJJ@8 :LCKLI8C cgWd `ae VW_ae Ua`fS V[efa ag THU' VWhWeWd^WhS'
VS S eWd[a(Ua_a S aTeWdhSUSaVW:S`U^[` VWcgW S
Xda`fW[dS eW W`Ua`fdS W_ faVS bSdfW+,2(
<_ g_ _g`Va Xgfgda VWUg^fgdS Y^aTS^%ba' Ea ^a`Ya bdSla% bad agfda ^SVa%baVW_ae
VWdW_ae `ae fad`Sd faVae T[Ug^fgdS[e% h[hW`Va bdWV[lWdUa_ eWUgdS`UWcgW bW^a d`W`ae S^Yg_Se
g_S h[VS Vgb^S Ua_a ae \Sba`WeWe cgW XadS_ VWe' VSe V[h[eaWe W`fdW WeXWdSeS !h[VS Vgb^W! [dWa eW
Ud[fae W_ g_S eWUSa S`fWd[ad VWefW W`eS[a( Ka' VWeXSlWd(( cgW baVWd[SeWdVWeUd[fa #Va ba`fa VW
Vae `ae XS^SdW_ae <=C "5VOTQ[PSe S 6WZMQOV <IV% h[efS Vae V[XPYZHYR Ua_a !Ua`fS_[`SUSa! LYZH
O]IOM$ [`c^We Ua_a ^[`YgS WefdS`YW[dS$ag cgS^' XSVSVaS aUaddWd% Ua_a VWXSfa \S SUa`fWUWg`a USea
cgWd agfdS ^[`YgS _g`V[S^ #UZ[`We( WebS`Za^%SdS' Va (ASbSa% See[_ Ua_a `a USea Vae [_[YdS`fWe
TW$W_ S^Yg_Se e[fgSUaWe4 _Se _S`fWdW_ae `ae' gdTS`ae VWeUd[faeegbdS #b( .)R' :a_a Se Xda`fW[dSe
eS ^[`YgS ag V[S^Wfa^aUS^W_ agfdSe% bSdf[U[bS`Va `SU[a`S[e%ae _gdae Vae YgWfae `Sa eSa 8R bdahS VW
VS Ug^fgdS _g`V[S^ _Se _S`fW`Va g_S Ug^fgdS ^a' [`hSeSa Ug^fgdS^ag SZPRZXHJHU'
US^(<efag UZS_S`Va WefWdWeg^fSVa VW!V[Y^aee[S
Ug^fgdS^! #eWYg[`Va g_ _aVW^a bdabaefa bad S^'
Yg`e eaU[a^[`Yg[efSe VS cWdSUSa bSeeSVW^ W `Sa
VW !T[^[`Yg[e_a Ug^fgdS^! badcgW ae Va[e W^W_W`' ?;D;><E<@Q8f558a :LCKLI8C
fae bdahShW^_W`fW THU eSa [YgS[e+,1(
<`cgS`fa VWeUd[USaVa bdWeW`fW VW S^Yg`e
VW`ae WVa Xgfgda bdaj[_a VW_g[fae VW`ae% WefW U fWdUW[daUW`Sd[a L (
VS Zad`UcW`W[lSUSa
UW`Sd[a _W bSdWUWeWd_g[fa b^SgeXhW^( 8 g_S hWd' Ug^fgdS^%hW`ZS W^SS aUaddWd Ua_a bdWV[fa W_
eSa _S[e S_W`S VS eWcd'WcSUSa Ug^fgdS^Ua`eU[W`' ,*/*% W_ ,+** ag _We_a _S[e fSdVW( HgW_ THU
fW cgW Xa[ V[eUgf[VS W_ g_S eWUSaS`fWd[ad VWefW YaefS VWefS fW`VW`U[S Uaefg_S XS^SdVS !S_Wd['
W`eS[a( <j[ef[dS_ W S[`VS Wj[efW_ _g[fSe bWe'

+,2 :X( AS_We :^[XXadV(IagfWe4 9O>SBI>KA 9O>KPI>QFLK


FKQEB1>QB9TBKQFBQE
+,1 :ZSd^We =WdYgea`( !;[c^aSe[S!% <LOA +/ #+3/3$(
b( -,/'.*( )BKQROV#:S_Td[VYW( DSee (( +331$(
!( :FC<H8a 1_][ ?@9I@;@JDF :LCKLI8C !)

US`[lSUSa! VS Ug^fgdS ag Va !WXW[fa UaUS'Ua^S! UaWe%Ea `[hW^Y^aTS^% ( cgW hW_ae W( abaefa% g_S
@Ug\Se[`e[`gSUaWe VWS_Wd[US`aXaT[S ^W_TdS_ S XLK[JHUVS V[hWde[VSVW(
[fS^[S`aXaT[S cgW Xa[V[eUgf[VS W_ g_S eWUSaS`fW' <_ agfdSe Xad_Se VW SdfW% WefS_ae
d[ad$( Fe Ud[f[Uae Zaef [e fW_W_ S bWdVSVa eW`f[' fWefW_g`ZS`Va agfda f[ba VW Zad`acW`W[lSUSa(
_W`fa VWeWbWdfW`UWdS S^Yg_ ^gYSd%S hWdVSVW >dSUSe Sa UdWeU[_W`fa Va _WdUSVa Y^aTS^% S^Yg`e
VS bdabd[S bWdVS VW g_ ^gYSd%egTef[fg[Va bW^S WeUd[fadWe%Ua_a S^Yg`e V[dWfadWe VW U[`W_S%
bda^[XWd'SUWa VW !`Sa ^gYSdWe! Ua_a SWdabad' Ua_a Xa[aTeWdhSVadWUW`fW_W`fW% !Ua`eU[W`fW ag
+,3
fae ( :a`Xda`fSVae Ua_ ( UW`Sd[a VS Z[Td[V[lS' [`Ua`eU[W`fW_W`fW [`UadbadS_ S fdSVgl[T[^[VSVW
USa%baVW_ dWeba`VWdcgW S _[efgdS VWfaVSe Se W_ egSe Xad_Se VWSdfW!+-*( Ea USea Vae X[^_We%
Ug^fgdSe W_ g_ US^VW[dSaY^aTS^ g_ Wef(Sc[a W_ L ?a^^kiaaV fW_ bad S^ha g_ _WdUSVa Y^aTS^%W
egS egTeWcgW`fW Zad`abW`W[lSUSa( fSd`TWd` `S <gdabS Se UabdaVgUaWe[`fWd`SU[a`S[e
:WdfS_W`fW hW_ae _g[fae e[`S[e Va egdY[' eW fad`SdS_ USVS hWl _S[e Ua_g`e( D[UZW^S`YW^a
_W`fa VWg_S Ug^fgdS Y^aTS^% cgSeW Y^aTS^ag bW^a 8`fa`[a`[% bad WjW_b^a% cgWUa`efdg[g egS XLV[ZHJHU
d`W`ae UdWeUW`fW_W`fW Y^aTS^% WebWU[S^_W`fW`a Ua_ X[^_WeXS^SVaeW_ [fS^[S`a daVSVae `S ^fS^[SUa_
FU[VW`fW%_Se fSd`TWd` `a '<HVHUWUSVShWl _S[e SfadWe [fS^[S`ae%bSeeag S fdSTS^ZSdUa_ g_ W^W`Ua
fSd`TWd` `S :Z[`S( MW\S( USea VS SdfW Ua`fW_ba' [`fWd`SU[a`S^ W Ua_ X[`S`U[S_W`fa [`fWd`SU[a`S^ W
dS`WS( ESa hW_ae g_S e[_b^We Zad`acW`W[lSUSa XSlWdX[^_WeW_ [`c^WeUa_a 2TW_%DX %?MXWQ[LIY]MTM
`a eW`f[Va Va egdY[_W`fa VWg_ g`[Ua Wef[^a W_ JMQRW #+301$ L HIJZQ[TLM@WQV\ ")/./#&
VWfd[_W`fa VWfaVae ae eWge d[hS[e( ( cgW hW_ae Ea USea Vae da_S`UWe% g_S W`fdWh[efS dW'
L g_S Zad`acW`W[lSUSa _S[e Ua_b^WjS `a eW`f[Va UW`fW Ua_ D[^S` Bg`VWdS #VS cgS^ bad SUSea ^[%
VW g_S hSd[WVSVWVW Wef[^ae d[hS[e%STefdSfae W `WefS LXH'KHc^aTS^[lSUSa( egS ZXHK[JHUW_ g_
dWbdWeW`fSU[a`S[e%WXWbab%WSee[_ bad V[S`fW% \ad`S^ TdSe[^W[da$L UWdfS_W`fW dWhW^SVadS VWg_S
faVae ae cgS[e Wef(Sa V[eba`[hW[e bSdS ae Sdf[e' fW`VW`U[S_S[e S_b^S( 8`fWe VW +302% Bg`VWdS
fSe% h[dfgS^_W`fW [`VWbW`VW`fW_W`fW Va ^aUS^`a _adShS W_ GdSYSWWeUdWh[S W_ fUZWUa%bd[_Sd[S'
cgS^ bad SUSea h[hS_( Ea `[hW^Va [`V[h[Vga ZS _S[e _W`fW bSdS ^W[fadWefUZWUae( 8YadS W^Wh[hWW_
WeUa^ZSe%_S[e ^[TWdVSVW% g_S Sd`b^[SUSa VW ab' GSd[e%WeUdWhW W_ ZXHTJLYW(Ua_a Wjb^[US`S W`'
fdWh[efS%bd[_Sd[S_W`fW bSdS g_ bgT^[Ua [`fWd`S'
U[a`S^(

+,3 <ViSdV IW^bZ( @TIKMIVL @TIKMTM[[VM[[ #Ca`Va`(+310$5 AaeZgS DWkdai[fl(


>W BMV[M WN@TIKM0\PM QUXIK\ WNMTMK\ZWVQK UMLQI WV[WKQITJMPI^QW]Z #EahS
Pad]( +32/$5
DSdU 8gcW( >WV%TQM]`0 S ]VM
QV\ZWL]K\QWV IV\PZWXWTWOQM
LM TI +-* <_[^k 8bfWd( !F` KdS`e^Sf[a` [` S >^aTS^ DSd]Wf!( @]JTQK 3]T\]ZM )+
#GSd[e(+33,A(
BROJLABOQSQB #,**+$(V' +'+,(
!! :FC<:8a 'TRP ?@9I@F@JDF :LCKLI8C !!!

Gd[h[^WY[Sdg_ bgT^[Ua Y^aTS^W_ hWl VW g_ lSUSa W See[_ bSd V[S`fW XadS_ WeeW`U[S^_W`fW
bgT^[Ua ^aUS^_aV[X[US S bd0bd[S aTdS VWhSd[We_S' h[fad[aeae( ?a\W%`a W`fS`fa% ZS g_S XadfW fW`'
`W[dSe [_badfS`fWe cgW S[`VS `Sa XadS_%cgW Wg VWd[U[SS `WYSd WefWegUWeea%S SdYg_W`fSd% bSd
eS[TS%S`S^[eSVSe W_ VWfS^ZWe`W_ W_ bdaXg`V[' WjW_b^a%cgW ae da_S`ae `g`US f[hWdS_ g_S bW'
VSVW( Fe da_S`UWe VW Bg`VWdS UWdfS_W`fW eW `Wfd'SUSa bdaXg`VS `Se Ug^fgdSe VSe V[XWdW`fWe
_aV[X[USdS_ VWba[e VW+302( =[USdS_ _W`ae /*' bSdfWe VW eWg [_bWd[a( 8^Wd` V[eea% Se Ug^fgdSe
U[S[e W_S[e _WfSXXe[Uae%US_ _W`ae dWXWdW`U[Se egTadV[`SVSe ag !egT_WdeSe! VS 8_Wd[US CSf[`S%
^aUS[e W _S[e aTeWdhSUaWeeSTdW S Ua`V[USa Zg' VS :Z[`S W SfW Va '<HVHU#bSd _g[fa fW_ba f[VS
_S`S( Ua_S g_ USea WjW_b^Sd VWg`[VSVW Ug^fgdS^$We'
8^YS VWeW_W^ZS`fW baVWeWdV[fa S dWebW[fa fSa dWUWTW`VaUSVS hWl _S[e SfW`USa SYadS cgW
VWagfdae f[bae VWaTdSe%[`U^ge[hWZ[ef0d[Se( Gae' ZS g_ VWebWdfSd Wf`[Ua( g_S WebWU[WVW !ha^fS
ea bWeeaS^_W`fW fWefW_g`ZSd cgW%S _WV[VS W_ Vae dWbd[_[Vae!( ?S S^Yg_S dSlSa bSdS eWbW`eSd
cgW _W SUaefg_W[ US_ S [VW[SVWcgW _Wge ^[hdae cgW S c^aTS^[lSUSa eWdSV[XWdW`fW7
baVWd[S_ eWd fdSVgl[Vae bSdS hSd[Se @X`YgSe% fW' 8 UWdfS_W`fW dWhW^SVadcgW ae bSdf[VSd[ae
`Za fW`fSVa S USVSfdSTS^Za #[`U^ge[hW`WefW Scg[A VS fWeW VS Za_UcW`W[lSUWa ' S_W_ ag aVW[W_ (
Wh[fSdS^geaWecgW `Sa eWd[S_ XSU[^_W`fWUa_bdW' cgW VWeUdWhW_' YWdS^_W`fW dWUaddW_ S g_
W`V[VSe XadSVS >dS'9dWfS`ZS% ag _We_a XadSVS UXdUg^adWefd[fa VWWjW_b^ae%VWUa_[VS Ua`YW^SVS
<gdabS( :a_WUW[ S bW`eSd W_ fWd_ae VWg_ bg' 8R Sdcg[fWfgdS VW SWdabadfae( Fe bSdf([VSd[Ue VS
T^[Ua bafW`U[S^_W`fW Y^aTS^%[_SY[`S`Va eW g_S Za_abW`W[lSUSa XdWcgW`fW_W`fW `Sa ^WhS_ W_
VWfWd_[`SVS SX[d_Sf[hS ag dWXWdW`U[S eWd[SU^SdS Ua`fS S Ud[Sf[h[VSVWVS dWUWbUSa WS dW`WcaU[SUSa
bSdS ^W[fadWe\Sba`WeWe ag TdSe[^W[dae(8S XSlWd VW e[b`[X[USVae V[eUgf[VSe S`fWd[ad_W`fW% ag S
[eea% bSdWUWcgW Wefag XSlW`Va g_S dWUa`efdg' [d`badf(S`U[S Va `SdU[e[e_a VSe bWcgW`Se
USa VW_[_ _We_a Ua_S U[VSVSaVa _g`Va% WfW' V[XWdW`USe( 8fW ( WjW_b^a XShad[fa VS :aUS':a^S Xa[
`Za UWdfWlS VWcgW `Sa eag ( g`[Ua( Td[^ZS`fW_W`fW dW[`fWdbdWfSVa bW^a S`fd"aba^aca
<efSe d`gVS`USe eSa UWdfS_W`fW [`Wh[fS' ;S`[W^ D[^^WdW_ g_ WefgVa Va cgW W^WUZS_S VW
hW[e%_Se `Sa `ae Sbdaj[_S_ _g[fa Va UW`Sd[a VS !S Ua`fWjfgS^[lSUSa ^aUS^ VS Xad_S Y^aTS^! W_
Zad`agW`W[lSUSa fafS^( ;WhW'eW SUdWeUW`fSdcgW Kd[`[VSV!6"(
ae Z[efad[SVadWe WefSa X[US`Va USVS hWl _W`ae
Ua`hW`U[Vae VWcgW _ah[_W`fae VWZa_aYW`W[lS'
USa XadS_ TW_'egUWV[Vae `a bSeeSVa( <^WeUae'
fg_ShS_ SUdWV[fSd cgW bdaUWeeae Ua_S ae VW
+-+ ;S`[W^ D[^^Wd(!:aUS':a^S4 S T^SU] eiWWf Vd[`] Xda_ Kd[`[VSV!( QV=I\MZQIT
ZW^W`[lSUSa(dad`W`[lSUSa( Z[ebS`[lSUSa WS`Y^[U[' 3]T\]ZM[& WV(D[^^Wd#Ca`Va`% +332$% V' +03'21(
!!" :FC<W%8a 'TRP ?@9I@;@JDF :LCKLI8C !!#

8 h[eSa VW cgW ( _g`Va faVa LYZ'HXL W_ S `adfW'S_Wd[US`S Za\Wag S Y^aTS^`a Xgfgda$ baVW
,*/*% V[YS_ae% XS^S`Va [`c^We ' Ua_a ^[`YgS We' Ua`cg[efSd Se agfdSe bad Ua_b^Wfa(
fdS`YW[dS%aTh[S_W`fW ' WSee[ef[`Va Sae _We_ae Ea Ydgba Vae !bSdf[VSd[ae Va Z[Td[V[e_a!
bdaYdS_Se VW ZW^Wh[eSaSa _We_a fW_ba W g_S baVW_ae V[ef[`Yg[d ScgW^WecgW fWd` g_S Sf[fgVW
USd[USfgdS 0Th[S( 8e bd[`U[bS[e ^[`YgSe Va _g`Va `WYSf[hS VScgW^WecgW hWW_ WefS fW`VW`U[S _S[e
Ua_a ( UZ[`Se( ( SdSTWW ( WebS`Za^%bSdS `Sa bae[f[hS_W`fW(
_W`U[a`Sd_ae ( fdS`UWe( ( badfgcgWe W ( dgeea% Gad g_ ^SVa%ae Ud[f[Uae W`XSf[lS_ ( USae%(
S[`VS WefSa _g[fa h[hSe%See[_ Ua_a Se bd[`U[bS[e cgW 8d`a^V Kak`TWW UZS_ShS VW !VWe[`fWbdSUSa
dW^[c[aWeVa _g`Va% _We_a cgW SYadS WefW\S_ eW Ug^fgdS^! W S`S^[efSe Ua`eU[W`fW_W`fW b0e'_a'
[`X^gW`U[S`Va _gfgS_W`fW _S[e Va cgW S`fWe% VWd`ae Uaefg_S_ VWeUdWhWd Ua_a !XdSY_W`fS'
Ua_a WjbdWeeaWe Ua_a !USfa^[U[e_a lW`! egYW' ^+Sa!+-.( <efWe Ud[f[Uae W`XSf[lS_ ( cgW WefS mW`'
dW_+-,( Va bWdV[Va`a bdaUWeea VWd`gVS`US Ug^fgdS^( < V['
X[U[^`WYSd cgW WefSe bWdVSeaUaddW_( Ma^fS`Va S
Bg`VWdS bad g_ [`efS`fW% SUdWV[fa cgW eWg _W'
@Zadda_S`UW L
1 JZQVKILMQZI$WeUd[fa W_ eWg bW'
?@9I@;@Q8ff8a :LCKLI8C d[aVa fUZWUa WW`d[cgWU[Va%_We_a bSdS ae ^W[fa'
dWeWefdS`YW[dae%bad egSe dWfWdW`U[Se8R Ug^fgdS
^aUS^(<^WbSYag g_ bdWW`bad egS Wd`[cd'SUSa(Ea
8 Z[Td[V[lSUSa( eW\S W^S Ua`eU[W`fW ag W`fS`fa% ae Ud[f[Uae Va bdaUWeea VWZ[Td[V[lSUWa
[`Ua`eU[W`fW% W ( cgSdfa Wg^f[_a UW`Sd[a baee[hW^ UWdfS_W`fW `Sa hWW_eWg ^SVabae[f[ha% S fW`VW`'
S eWd V[eUgf[Va Scg[+--( 8 [VW[SVWcgW W`Ua`fdae U[S 8R e^`f(WeWW8R Wd`WdcW`U[SVW`ahSe Xad_Se( L_
Ug^fgdS[e ^WhS_S S^Yg_ f[ba VW_[efgdS Ug^fgdS^ W _aVa WeU^SdWUWVad VWS`S^[eSd WefSe fW`VW`U[We
g_S bae[USa [`fWdd`WV[Sf'[S W`fdW VgSe h[eUWe Va L fdSTS^ZSd Ua_ ( Ua`UW[fa VW !Ud[ag^[lSUSa! [`'
bSeeSVa cgW baVW_ eWd Ud[f[USVSe Ua_a fdaVgl[Va S`fWd[ad_W`fW(
egbWdX[U[S[e(Gad g_ ^SVa%ZS S W^WbSUSaVW cgW
g_S Ug^fgdS ag g_S fdSV[USa Ug^fgdS^ baVW
bWd_S`WUWd!bgdS!( Gad agfda% fW_ae S SX[d_Sf[hS
VWcgW g_S g`[US Ug^fgdS #SXdS`UWeS`a bSeeSVa%

+-, >dSZS_ 8W^dWV(=BK )>QELIF@FPJ


#Ca`Va`( +30.$%
+-- G[WfWdeW(!>^aTS^[lSf[a`!% +-. Kak`TWW(8QRAV#ha^( 2( V' .32'/,+%
!!" :a =8 647 1<4DB ?@9I@F@JDF :LCKLI8C !!#

8 :I@FLC^Q8U58a ** DLEFF bSVdSa( GSdS geSd_ae S ^[`YgSYW_ Va e`U[a^Uca


EadTWdf <^[Se%ZS g_S `ahS !Ua`X[cgdSUSa!( 8 V[X['
U[^%eW`Sa [_baee[hW^%V[lWd Ua_a ( bdaUWeeaXg`'
U
_af[ha VWeW[`fdaVgl[d WefS bS^ShdSdW^S' U[a`S%S cgWba`fa S Ud[efS^[lSUSaWS dWUa`X[YgdS'
f[hS_W`fW VWeUa`ZWU[VSW_ g_ VWTSfW`a cgS^% USa eSa [`Ua`eU[W`fWe WUa^Wf[hSeWSfWcgW ba`fa
Ua_a h[_ae% ZS WjbdWeeUWeVW_S[e W W`XSf[lSd VWbW`VW_VW[`V[h[Vgae Ud[Sf[hae( DWe_a See[_%
H
fW`VW`U[WeS e[`fWeW% Ud[SUSaVScg[^a cgW ( S`' WefWSebWUfaVS fdaUS Ug^fgdS^UWdfS_W`fW_WdW'
fdaba^`ca `adfW'S_Wd[US`a DSdeZS^^JSZ^[`e VWe' UWeWdW`XSf[lSVa%cgWd WefW\S_ae bW`eS`Va `a
UdWhW Ua_a S Ud[SUSaVWg_S `ahS !adVW_ Ug^fg' bSeeSVa%`a bdWeW`fWag `a Xgfgda(
dS^!%g_ WecgW_S Ug^fgdS^W_ YdS`VWWeUS^S(<_ GSdSdWeg_[dae g^f[_ae bSdScdWXae Wfad`S'^ae
eWge WefgVae eaTdW( ?ShS[ VWS`fWe WVWba[eVa dW^WhS`fWe bSdS ( bdaT^W_SVSe Ua`eWcgW`U[SeVS
W`Ua`fda Ua_ ( :Sb[fSa :aa]% JSZ^[`e WeTaUS c^aTS^[lSUSa( Wg YaefSd[S% eWYg[`Va ?S``Wdl W
g_S fWad[S V[S^Wf[USVWd`gVS`US Ug^fgdS^`S cgS^ agfdae% VW egYWd[d cgW WefS_ae hW`Va S
[VW[Se% aT\Wfae ag bdSf[USe VWXadSeSa STeadh[VSe Wd`WdcW`U[SVW g_S `ahS Xad_S VW adVW_ Ug^'
ag !adVW`SVSe! bad g_S VWfWd_[`SVS Ug^fgdS% fgdS^+-0% g_S adVW_ Ug^fgdS^Y^aTS^% _Se cgW' eW
_Se cgW `a VWUaddWd Va bdaUWeea#cgS`Va g_ VW' :Sd^ ha` JkVai% ( fWad[UaVae WUaf[bae WefS UWdfa
fWd_[`SVa ^[_[Sd Ud[f[Ua Wg^fdSbSeeSVa$S Ug^fgdS ' baVWdSb[VS_W`fW eWV[hWde[X[USd% SVSbfS`Va'eW
W!d'WadVW`SVS"!4!( S V[XWdW`fWe S_T[W`fWe ^aUS[e( <_ agfdSe
FgfdS _WfDadS cgW baVW eWd gf[^ W S VS bS^ShdSe% (Se Xad_Se Z[Td[VSe VW Za\W `Sa eSa
!Ud[ef S^[lWUSa!(<g S gf[^[la Scg[ bSdS egYWd[dcgW% `WUWeeSd[S_W`fW g_ WefSg[a `a US_[`Za bSdS
cgS`Va aUaddW_ W`Ua`fdae W fdaUSe Ug^fgdS[e% g_S Ug^fgdS Y^aTS^Zad`acW`WS(
g_ bWd[aVaVWdW^Sf[hSX^g[VWl#!@[TWdVSVW! `a USea ESa VWhW_aeVWeUSdfSdae FKPFDEQP [`U0_a'
VWhaUW( SbdahSd%!USae! `a USea VWVWeSbdahSd$ Vae Vae ZLUXPJJY VS Zad`abW`W[lSUSaag Vae Ud[f['
WdSb[VS_W`fW eWYg[Vabad g_ bWd[aVaW_ cgW ( Uae Va Z[Td[V[e_a( 8 baee[hW^cgW ( Wcg[^[Td[aW`fdW
cgW WdSX^g[VaeWea^[V[X[US% Ua`YW^SWh[dS daf[`S W Xad'USeUW`fd[bWfSe WUW`fd[XgYSefW`ZS X[`S^_W`'
eWfad`S dWe[efW`fWS d`gVS`USe baefWd[adWe(MW' fW eW[`U^[`SVa `S V[dWUSaVSe UW`fd[bWfSe( DWe'
@ZaeW^W_W`fae XadS_ dWSddS`\SVaeW_ g_ `aha _a See[_% S S`S^[eWVW`aeeS Ug^fgdS #ag Ug^fg'
XHYR bSeeSVS%bdWeW`fWWXgfgdS cgW SUdWV[faeWd

+-/ DSdeZS^^JSZ^[`e( 8Q[\WZQKIT


=M\IXPWZ[ IVL =a\PQKITAMITQ\QM[0
B\Z]K\]ZM QV
\PM5IZTa8Q[\WZaWN\PMBIVL_QKP9[TIVL[ ;QVOLWUR8`` 8dTad( +32+$5 [V((
9[TIVL[ WN8Q[\WZaR:Z[USYa( +32/$( +-0 ?S``Wdl( !Nad^V!5 UX(@V!3WUXTM`Q\a&
!!$ :FC<>8a 'TRP

S _S[e Ua`h[`UW`fW W ScgWAScgW M2 g_S `ahS ad'


VW_ egdY[`Va% S Xadd`SUSa VW `ahae WUaf[bae4 S
Ud[efS^[lWUWaVW `ahSe Xad_Se% S XLJUTMPW[XHJLU
VWUgAfgdSe%S !Ud[ag^[lSUSa Va d`g`Va!(
@YU[ZXUY
ZPZ[RUY
KH6URLJHU
'IARP

'1' #5PU$LZPJHHSIPLTZHR% ABGLPB 7LNRB GRQFDBP


'1' B[LS VLTYHY Z[ W[L L[ YU[3%KL'?OFFL 8I>SRQWHV
'1' ( VXH]LX KL RLX QUXTHR & 7H '@Q> *FROK> HUIRUN% KL <>FQBO)>IS>KF
'1' 4 JPLTJPHL SHYJ[RPTH3% KL'QQF@>)K>PPLQ
'1' ( PTJUTYJPLTZL% KL)IFOFPQF>KB1L@LQB"*BPQOF?>QP! ZXHK' 2>OFL ,FBFDB
)>OLIFK>-R?BOQ ;FLI>
'1' @YUJLHTUY% KL'KKB"8LMEFB'O@ELJ?B>R! ZXHK' ,BOK>KAL'IQII4#$0
"'" CLRLPZ[XHY KUUI\PU%KLISQFK/WNRFBOAL
'1' ;YYUL NXLNUVHXHSPS% KL3BIFL 8@EKBFABO
'1' DUJPURUNPH KUYPTZLRLJZ[HPY% KL )BO>OA1B@IBO@! ZXHK'5>RIL 3BSBP
'1' DUIXLH HTYPLKHKL% KL7BQF>Q>8LFB@F!ZXHK' 'KAOB AB -LALV ;FBFO>
'1' 4Y V[RYULY% KL*LJFKFNRB 8@>OGLKB! ZXHK' 5>RIL 3BSBP
'1' B[LYZULYYUIXLSLSUXPH%KLISAK IWLRFBOAL
'1' B[L KL\U MH]LX3 &4 MPRUYUMPH SUXHR% KL 2LKFLRB )>KQL"8MBO?BOB
7RTBK 4DFBK! ZXHK' (BKKL *FP@EFKDBO
'1' ?H KPHNUTHR KUJHSVU%KL)>OILP +RDBKF@8FJLK
'1' GHSUYKUXSPX3% KL)BO>IAL 3RKBP ;FBFO>7FWWL
'1' AXUZLJHU KHVXP\HJPKHKL% KL*F%DBKBP;# .>PP>K 7F?BFOL
'1' :PIXPKPYSUJ[RZ[XHR% KL5BQBO(RQHB!ZXHK' 1BFI>2BKABP
'1' :UIILY L H ZLUXPH JRHYYPJHKUXPYU% KL6RBKQFK8HFKKBO!ZXHK'
'IBPP>KAOL=FO
'1' GHPJOU\LXTU MPSKL YLSHTH3% KL7LK>IAL 7LDBOFLAB ,OBFQ>P
2LROFFL
'1' DPRLTJPU% VUXMH\UXKLISQFK
% IWNRFBOAL
'1' ( VPHTU% KL6' 2F@ELRA 5O>ABFIIBO B 6' .BICCBO!ZXHK' 5>RIL 3BSBP
'1' B[L KPHL OUQL3% KL7LK>HFL7LDBOFLAB ,OBFQ>P241I$ FFL
'1' 7H VXHPXLSIUXH3 & FSH \PYHUVYPJUYYUSHZRJH KHYM[NHY' 4
KLVXLYYHU TUYJUXVUY% KL7F@>OAL2>UFJFIF>KL 5BILPF
'1' 6[RZ[XHTLNXHL KUSPTHJHU% KL <FIPLK AL 3>P@FJBKQL(>O?LP>
'1' 6UTOLJL&ZL H ZPSLYSU%ABGLPB 4RQBFO>I
'1' FS JUVUK"HN[H% KL-BQQJ@FL'I?RNRBONRB 7L@E>
'1' 8XXUSLKPJU%KL3BPQLO,LOPQBO
'1' 4 H\LTZ[XHKUJPTLSH NH[JOU%KL1RFW)>OILP 2B$QBK
"1' ELSVU KL\P\LX%KLIS>K IWNRFBOAL

You might also like