You are on page 1of 336

+NI'UYNNNIMUISIG5ON

+N'UNHM/UNV
IL]NW6X
9LFWRU\RYHULQFXUDEOHGLVHDVHV
\RXUDOOSUREOHPV,63266,%/(

:RUOG)LUVW%KDNWDPDU&OLQLF
$GLYLQHFHQWUHZKHUHDOOWKHVHDUFKIRUKHDOWK FXUHHQGV:K\GRQ
WIDOOEHFDXVH
OLWWOH ORYH QHYHU IDLOV7KH ODZ RI GHILQLWH FXUH ZH GRQ
W UHDG WKH GLVHDVHV WKH
V\PSWRPVWKHDIIHFWWKHVKDGRZ ZHFXUHWKHWUXHURRWFDXVHDQG\RXULJQRUDQFH
DQG GLVHDVHV GLVDSSHDU LWV RZQ DFFRUGDQFH 8QOLNH WKH7UDGLWLRQDO 0HWKRGV RI
&XULQJGLVHDVHVZKHUHWKHSK\VLFDOSUHVHQFHLV0DQGDWRU\ZHKHDOWKHLQGLYLGXDO
IURPGLVWDQFH%KDNWDPDU+HDOLQJZKHUHLQWKHFXUHLVSRVVLEOHHYHQZLWKRXWWKH
IDFHWRIDFHLQWHUDFWLRQ
 $VLVVDLG7KHUHLVQRQHHGRIDPLUURUWRFRQIRUPEDQJOHVLVRQH
VKDQG
OHW
VKHDULWKHDULWXUVHOI
 ,IZHFDQFUHDWHWKHGLVHDVHVZHFDQFUHDWHKHDOWKWRR
+RZWKHDQVZHUOLHVZLWKLQRXUVHOYHV"""
,IDEQRUPDOFDXVHVFDQHQVXUH\RXGHILQLWHGLVHDVHVWKHQQRUPDOULJKWFDXVHDOVR
FDQDVVXUH\RXDUHGHILQLWHUHVXOWVRIODZRIQDWXUH2EH\WKHODZDQGHQMR\GLVREH\
DQGVXIIHU7KHUHLVQRHVFDSH7KHFDXVHRIGLVHDVHVDUHLQ\RXUDEQRUPDOOLIHVW\OH
ZURQJQXWULWLRXVQHJDWLYHHPRWLRQVVWUHVVHQYLURQPHQWDOKD]DUGVWR[LFDGGLFWLRQV
YDVWX GHIHFW DQG SDVW OLIH NDUPD ZLWKRXW UHPHG\LQJ WKHVH DEQRUPDO FDXVHV QR
GLVHDVHVFDQHYHUEHFXUHG

:HKHDO
H (YHU\WKLQJSK\VLFDOSUREOHPVDQGLQFXUDEOH
GLVHDVHV
J 1HJDWLYHPLQGHPRWLRQVDWWLWXGHFRQFHSWDQGFRPSOH[HV
J $OOSV\FKLFDWWDFNVEODFNPDJLFDQGSODQHWDU\IHDUV
J )DPLO\GLVSXWHDQGUHODWLRQVKLSSUREOHPV
J )LQDQFLDOSUREOHPVDQGWKHSRYHUW\
J (GXFDWLRQDODQGFDUHHUSUREOHP
J %DGOXFNIDLOXUHVDQGVXIIHULQJV

2XU0HWKRGRI&XULQJ
J 'LVWDQFH%KDNWDPDU+HDOLQJ
J 'LVWDQFH5HLNL+HDOLQJ
J 5HLNL 1DWXUDO5HPHGLHV
J &RXQVHOLQJ
J 9DDVWX
J $VWURORJ\
J 0DQWUD+HDOLQJ
J $XUD6FDQQLQJ
+NI'UYNNNIMUISIG5ON
+N'UNHM/UNV

+N'UNHM/ NVUGVMSIUNHTIXLTD[R
-KHNXUTD[WKHJNMNW

0N:IL]NW6X

,QWHUQDWLRQDO6FKRROIRU-DLQ6WXGLHV
1HZ'HOKL
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

+NI'UYNNNIMUISIG5ON
+N'UNHM/UNV
‹$XWKRU
$OO5LJKWV5HVHUYHG

J['LFMB-EKL  J[GSLB>UVPKI
FX:  C‡86‰JRVJ[ELLV
HTSXŠ
J[ELLE  ,QWHUQDWLRQDO6FKRROIRU-DLQ6WXGLHV
    '3DQFKVKHHO(QFODYH
1HZ'HOKL±,1',$

HT>LC%
+N'UNHM/ NVUGVMSIUNHTIXLTD[R
-KHNXUTD[WKHJNMNW

HTQ]GYDIGUW6XAIL]DO  LT\G[]NI4'O
#@[\KXD@IFJNMKGN\NVXK@
NNJQMN@IQ<\K 
HNV@

































  

1 25 1 25 1 25 1 25
2 26 2 26 2 26 2 26
3 27 3 27 3 27 3 27
4 28 4 28 4 28 4 28
5 29 5 29 5 29 5 29
6 30 6 30 6 30 6 30
7 31 7 31 7 31 7 31
8 32 8 32 8 32 8 32
9 33 9 33 9 33 9 33
10 34 10 34 10 34 10 34
11 35 11 35 11 35 11 35
12 36 12 36 12 36 12 36
13 37 13 37 13 37 13 37
14 38 14 38 14 38 14 38
15 39 15 39 15 39 15 39
16 40 16 40 16 40 16 40
17 41 17 41 17 41 17 41
18 42 18 42 18 42 18 42
19 43 19 43 19 43 19 43
20 44 20 44 20 44 20 44
21 45 21 45 21 45 21 45
22 46 22 46 22 46 22 46
23 47 23 47 23 47 23 47
24 48 24 48 24 48 24 48
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

+NI'UYNNNIMUISIG5ON
+N'UNHM/UNV

+N'UNHM/ NVUGVMSIUNHTIXLTD[R
-KHNXUTD[WKHJNMNW

1$
17:25 0N:IL]NW6X
$1

/'

:25/'
$XQLTXHGHVWLQDWLRQRI9DDVWX$VWURORJ\5HLNL 6SLULWXDO+HDOLQJ&HQWUH
:RUOG)LUVW%KDNWDPDU&OLQLF:RUOG)LUVW%KDNWDPDU%DQN
$6HFWRU1HDUSHWUROSXPS5RKLQL'HOKL ,1',$ 
(PDLODQQDQWZRUOG#JPDLOFRP:HEVLWHZZZDQQDQWZRUOGFRP
0REL

1
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

+NZIHGN

FVRCMGPLLZMAG7ETWLYTDHRS/LT7LS'LLSR1/H4"PHWJVTWLJELT E
TMTMBMLKFTBG LKLJLSLH4GUMETGZ NMEIDRG
DHRS'LLT. IH4"JK6SRCMMBMLKFTB
J[3TE0G%SGEMIVGEMIN¸TETML'LWLLH4BP4MTSLTWLF)LLLLFTBMBMLKELT
OR<LELMLYKEHLYLH4BZTGEV%LWLJMDELT)LI TMLZYSLH4=VHIB"HSLT
WJVLWJVLOAG7ELTLH4B"ZTGEVOR<LWL4KMR<LHFLKIFLVGMEWP-'LL H4"LR)L
EFLT~ETNOWLVTMTWVTELTBLR)LGVGF¤LGFZULSTH4B" TMLHI EGVGF¤LWLQL;
FLVSRBY^LKLGZG<LSFHLFA3RBUI)L%SLFK-SLTLH4".L8GJ[LU4V PBJ[OIJU4VVT
)L%SLFKWL4KWLG3FENJQLKMT UR. IHK/LT7IMT/LT7IULVELKIELMBEZV
GUSVIMKZSLMTGELH4LML³LLKLL$OLTBFTBEHTSLTMDETGZ FLVGMELLBGS>
J[M6VSL>MFAG
N¤LF-PL-'WL4KGPELMELULTFLY;CMJR-SEETFLFMT
UVML³LLKLEI)LLLLFTBHKWLFUVETGZ WJVIE. IFTHVSETDZJKJ[PR³L
JL#ELTBELTHWFX:JR-SEML4BJKHTH4BF4BNVETJ[LMEIHLGO;EMKLHVLEKSIHXn"
NVETE:LLWL4KFBYZEIELFVLEKSTHR ­OMTLR)LELFVL nJ[TGLSEKSIHXn"
)L%SLFKETJ[GSNVEL3LYWL4KMFJ;LWVREKLIH4B"PTGVKBSKN6VGSWL4KJ[YGS
ETFLY;JKWLYTD TP)L%SLFKELTUVUVSEJHRnQL "HIFBYZELFVLWL4K
)LLPVLETML'LMLOKUGUVT6O["
ƒ.L8FBURU4V
‰WLG3FENJQLKEŠ
VLYJRK
2
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

HXNVQ[NM
GJ/ZTEC;PLLTMT)L%SLFKWL4KNMMTUR. T>MPLZLTBELUPLDOTEKHFWLFUV
ELTCMJGPL-SLTLMTULT. KHTH4B"ZTGEVHKDLK5LOLSKZLTYLTBETMPLZLTBEI
JRVKLPAG¤LHLTSIKHSIH4"CMJR-SEFTBHFVTYRWLTBETWLLILWLTKGP^LVLTBETJKLFL;
MTNVETM)LIMPLZLTBELMHUMRYFWL4KMKZ)LLLLFTBMFL³LLVOTVTELJ[LMGEL
H4"WLLG3FENJQLKFBLGP,LV>)LYPLVWLGOVL'LUIPVJGKQ>FLVSRBYWL4K
)L%SLFKJGKQ>EDE4MTWL4K%LTBULJEKVLH4>BL-'LLJVLGPG³LFB.J-'LLJVL
GPG³L>BLJ[GS#LGPG³L>LRG
EKL>MBEZIEKLGP³LLVGPG³LWL4KNVM)LI/LT7ID. I
MF-SULVELGKLnELMBEZVEKVTELHFVTJ[LMGELH4"
M&JXL;GPG³LGP³LLVMGHSJR-SEDVLVTELHHFLKLJ['LFJ[LMH4"SLTLRG7KHULVL
-PL)LLGPEH4"HFYRUVLTBMTGP,UVLTBMTWL4KM)LIJL#EUVLTBMT\LFLLQVLEKST
H4B"WL4KWLLLEKSTH4BHFLKILRG7LTB>HFLKIEGFLTBMTHFTBWPYSEKLTBYTWL4KHFLKL
FLY;OL;VEKTBYT"
GPLTLWL)LLKƒYROTPWLQL; PMRVBOIUIFHLKLUPWLQL; J[,MLYKUI
FHLKLU"YRPK^ETQKLLTBFTBDLKDLKVFLT-SR".L8LRYVU4V>.L8FBURU4V>MTPLKLF
UJRGKLUI>MBOIJLL-LIUIWL4KNVM)LIZLTYLTBELGU6HLTBVTJ[3\LWL4KJKLT\LJMT
HFLKLFLY;OL;VGELNVM)LIELTGOZMT³L6PLO
ƒGJ[LU4VJ[OIJU4V

3
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YN
NKRN=Q

4
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

'RFWRUDWH$ZDUG&HUHPRQ\,Q5XVVLDQ&XOWXUDO&HQWUH
,Q0XPEDL%\=RURDVWULDQ&ROOHJH0XPEDL
,Q 3UHVHQFH RI  0DGDPH (OHQD .RWO\HU :LIH RI 'HSXW\ &RQVXO
JHQDUDO+H6HUJHL.RWO\DU RI7KH5XVVLRQ)HGHUDWLRQ,Q0XPEDL
9LFH&RQVXO0U9ODGLPLU'HPHQWLHY 'LUHFWHU5XVVLRQ&HQWUHIRU
6FLHQFH DQG &XOWXUH  &RQVXOJHQHUDO +H 0DVRRG (EUDKLPL
.KDOHJKL RI WKH ,VODPLF 5HSXEOLF RI ,UDQ &RQVXO *HQHUDO +H 'U
1RUEHUW5HYDL%HUH3DGDPVKUHH6K9LMD\.XPDU6KDK'U0DQMX
-DLQ

5
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

'U3UUL\D-DLQKDV2UJDQLVHG%KDNWDPDU:RUNVKRSDOORYHU,QGLD

'XEDL'HOKL1RLGD&KHQQDL0XPEDL$KHPGDEDG*XMUDW
0DGK\D3UDGHVK5DLSXU0HHUXW6KDPOL'DPRK-DLSXU.DUQDWDND
%HOJDYL 5DQFKL -KDUNKDQG %LKDU $DUD .RGHUPD -KDUNKDQG 

)RU)UHH:RUNVKRSRI%KDNWDPDULQ
\RXUFLW\SOHDVHFRQWDFWXV

6
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

%KDNWDPDU0RGDOLW\

7
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

MN/UVFXNXNJKYNR
GXJKDJ6D$
MN/UVLMS\XN+NKYNR
GJ6D$

'U3UUL\D-DLQLQFXOFDWLQJWKHPHVVDJHRI%KDNWDPDUDPRQJWKHPDVVHVE\
FRQGXFWLQJYDULRXVZRUNVKRSVDQGKHDOLQJVHVVLRQVDQGVSUHDGLQJWKH
DZDUHQHVVDERXW-DLQLVP

8
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

HD[\YN
NKRN=Q

IWX+NI'U
GN
HNJN5(
YNSN=ROTXDQKWKHJNMNW

YNLGKE31N
NI'UGVYN[V
QTIXNGKGNVE=+NKUNGU
I9GXJKDOGUK

OLLBJXLFR%<LB>MLPL&FTLMLPLSTLGPLL"
LL5LBFR%<LB>UCL&FTSBGPLLSHLMLTGP""
W'L;ƒ+LPELF;FTBOLVWL4KJXULFR<‰E¤L;0ŠH4B"NM‰OLVWL4KJXULŠETGDVL
+LPEVHIB HLTSL"FRGVLF; FTB LVWL4KWVFR<‰E¤L;0ŠH4"NM‰LV>
WVŠETGDVLPHFRGVLF;)LIP4MLHI‰0'L;ŠH4"
GOY&DKM6S+IFLVSRBYLQL;OTPMO4PWL3FLET,LVPWLV6OKMFTBF9VKHST
'LT"N6HTB)LG%SELN3MLHWLLWL4KTFHLEL0J-SRGSDVYC;"CMGZ  TMLEHL
ULSLH4GEWLQL;OTPVTHEL0DVLL"
E'LLWLSIH4GEJ[MBYPLKLULVT+IFLVSRBYQL;ELTSLZT7X7Y HLTBSLTCMFTB
ELTC;WLQ;VHIBH4>%LTBGEGUVTPKOTPEIGVQ-SRGSEKVTMTSLTEF;J[žGSLTBET
SLZT7X7ULSTH4B"
³LFL;3FL+LPEELES;0H4 GEJ[GSGOVJKF)LG%SWL4K+
LJXP;EGUVT6O[
)LYPLVELOL;V-PL³LOLVWLGOLR)LG£LWLTBELTEKETWJVTUIPVELTM2Z
EKVTELJ[3VEKT"ULT+LPEJ[GSGOVPISKLYJ[)LRETOL;VJXUVVHIBEKSLH4WL4K
LKJKWL HR FRGVLTBELT)LG%SJXP;EOLVVHIBOTSLH4NMELYAH-'LLJVJ3'LKEI
VL4ELETMFLV)LPMFRO[FTB.RDLTVTPLZLH4"N%SB‚

9
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
LTGF3BVGPZLT%STGUVJGSV-F;S4VL1;ST"
VL-SXSTVLOISTFRGVUVTOLVBQ)L%3LJKF_""
MLF'T;MGSSO_YAHL+FJOBJLLLLVLPLMFF_"
SL-L)LPMLYKT…GSGPLFTBF5UG6SVG6SQ""
W'LL;S_MLF';LLZIYAH-'L)LIGOJ[GSGOVGUVT6O[)LYPLVETOL;V>JXUVVHIB
EKSLH4S'LL)LG%SMTGVY[;6'LML³LRMLG³PLTBELTWLHLKOLVVHIBOTSLH4SLTNMEL
YAH-'LL+FJOJ3'LKEIVL4ELETMFLVH4"U4MTJLLLLEIVL4ELFTBD4#VTPLZLMFRO[ET
F³FTB.XDULSLH4NMIJ[ELKGUVT6O[)LYPLVEIJXULWL4KGVY[;6'LML³LRWLTBELTOLV
VHIBOTVTPLZLYAH-'LMBMLKMFRO[FTB.XDULSLH4WL4KV7HLTULSLH4CMGZ GUVT6O[OTP
ELOL;VWQ;VSLT+LPEELTJ[GSGOVWPEKVLQLGHTHNMELES;0H4"
KLMLKFTBER6OER6OLQL;-PLFIVTGZ<LLH4‚
GUVJXULFRGLOLLBEKTC;ULTOTC;MGSLTL"
M&FLC·IMLP´L&FIMLTHLTC;FLT%<LF9YKWLT""
W'LL;S_OTPJXULWL4KOLV+LPELTBELFR<ES;0H4>³LVWL4K>W³VFRGVLTB
ELFR<ES;0H4"³LVWL4KW³VETGDVLML³LRELML³LR3PVHIBKHSLWL4KGUV
JXUL PBOLVGDVL+LPEEL+LPE3PVHIBKHSLH4"
W'LL;S_OTPJXULYREINJLMVL‰P4LPAG¤LWLGOŠ-PL³L>MBFSJWL4KOLVH
YAH-'L+LPEET/HWLPEES;0H4B>NVFTBFR<ES;0GUVJXULWL4KOLVH4"J[LS
ELZ)LYPLVETOL;VET^LKLWJVT³TJC7JOEL-FKLEKVTETJQLS_HI
+LPEELTW6ELLT~FTBJ[PAG¤LEKVLQLGHT"CMIJ[ELK-PB)LLTUVEKVTETJXP;
FRGVLTBELTWHLKOLVOTEKS'LLML³LRMFLYFETW)LLPFTBNVEL-FKLEKETGEWHLT
ELTC;M6SFRGVKLUW'LPLWLG;ELN¤LF+LPE+LGPELFTKT LKJKJ³LLKTBSLTN6HTB
)LG%SJXP;EWLHLKOLVOTEKJQLS_HIF4B)LLTUVEn"CMJ[ELK+LPEET­OFTB
OTPYREI)LG%SELJ[PLHW<L.JMTDHSLKHSLH4"GUM LKETOTPWL4KYREI
)LG%SVHIBPH LKSLTFLLVETMFLVH4"
GPOXLI.L8GJ[LU4V PBJ[OIJU4VGUMSKHMTZLTYLTBELTLF;FLY;MTULT. KHTH4
WL4KGUV)LG%SETFH3PELTUVUVSE24ZLKHTH4BNVETCMWVREKLIJ[LMELT
FTKLFBYZWLLIPL;O"PTLF;FLY;JKWLYTD T>GUVLLMVEIJ[)LLPVLEKSTKHTBWL4K
CMWVRJFžGSETMBEZVETGZ JRVFBYZWLLIPL;O"
ƒWLQL;PMRVBOIFRGV
WLLIPL;O

10
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

HD[\YN
NKRN=Q

ORN=)N=IOI GNGNMN
+N'UNHM/UNV
)L%SEI)LG%SWL3FLELT)LYPLVDVLOTSIH4"U4VLQLLT;VTWL3FLWLKLLVLET
GZ ?WH;_S)LG%S ELTMKZPMRYFFLY;DSLLH4"WVTELTB-SLTL-SPV>W7EWLGO
ETFLFMTWJVIJKFJLGKYLGFE)LLPLTBELTL$OLTBETFLFMTJ[E7EKFBLFR9L
G-'LGSELTOLL;LH4"ELZTJ3'LKFTBKY. EKGOQFEWLULSLT%LPHK3VETFX:
FTBGDEMESLH4"VHIB=CMIJ[ELKGDVL)LG%SET%LELTC;LLPS_MR<LELTJLMESL
H4=W'LL;S_VHIB"U4MTZLTHTELTRELVLHLTSLTNMT)L¶IFTB<LXDSJLVLJ. SLH4NMIJ[ELK
JKFL'L;JOJLVTETGZ FVELT)LG%SFTBZYLVLJ. SLH4"
)L0UVUIPVFBTJKFL3FLG%SGP]FLVH4>NMLG%SELT0%SEKVTETGZ 
JKFL3FLEL-FKLGELULSLH4=WSULT)L0WLJEL-FKLEKSLH4>%LNMEI

11
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
JKFL3FLG%SJ[Y7VHLTYI=W'LL;S_WPHLTYI"WJVTWLJHI)LLPVLEKVTMT
WL3FGMG
HLTSIH4CMGZ WJVT-PJELTWLJHIULVEKP-SRWLTBMTFF3PELT
/LT. EKULT)L0UIPWJVT-PJFTBWLJHIKMHLTEKKFLEKSLH4>PHIMBMLK)L[FL
ETELKLLTBELTVLLEKFLT\LZ\FIELJGSHLTSLH4"
)L%S)LG%SETFLFMTJKFL3FELT-FKLEKSLH4GUMMTNMETMLBMLGKEMR<L
ETML'LML'LJLKFLG'L;EMR<LELT)LIJ[L*SHLTSIH4"WGJSR)LYPLVHFTBER/OTSTVHIBH4
JKBSRNVEIMG6VGLMTHFLKIJLJELGZFLMFLJVHLTULSIH4EHL)LIH4
VJXL'L;-3PIPISKLYTVGV6OKLVL'LGPPL6OP4KT"
S'LLGJSTJRYRL-FAGSV;JRVGSGQ¥LBORGKSLBUVT)""!!
‰-P&)LX-SLTLŠ
W'LL;S_HT)LYPV_WLJSLTPISKLYH4B>GEMIJ[ELKELKLYK<LSTVHIB>CMGZ 
SR&HLKI-SRGSEnSLT>JXULEnSLTSR&HTBSLTNMEIGEBGQ6FLL)LIWJT\LLH4VHIBWL4K
GOELTC;GV6OL)LIEKTSLTSRFVT M)LIJ[ELKETP4KELTGVFX;ZEKGOLH4>WSNMMT
)LISR&HTBGEMIJ[ELKEL^TLVHIBHLTSLW'LL;S_SRF-SRGSWL4KGV6OLOLTVLTBMTJKTHLT
S'LLGJ)L%SUVSR&HLKI-SRGSGVK6SKGELEKST H4"%LTB=CMIGZ GEWLJEI
JR-FAGSHFLKT­OELTJLJELGZFLMTJGPLEKOTSIH4"
U4VUYSFTBWVTEU4VLQLLT;VT)LG%S)LLPMT)LKTHR WVTE-SLTLLTBEI)LLP)LIVI
MBKQVLEI"N6HIBKQVLWLTBFTBMT EJSL)L%SLFK-SLTLH4"GUMTFLVSRBYWLQL;
KQL"WGQB3FGHFLMTWLTSJ[LTSH-SLTLWLUMBMLKETMF-SUIPLTBETMBMLGKE
DLLLWLTBELTOXKEKMR<LIUIPVEIWVR)LXGSJ[OLVEKKHLH4"
CM-SLTLEIFGHFLETDLKTFTBGUSVL)LIGP-SLKGELULTPHNSVLHIEF
HLTYL"GE6SRGPORLI.L8GJ[LU4V PBFVILIJ[OIJU4VVTCMžGSETFLFMT
GP-SLKJXP;E)L%SLFK-SLTLEIWLKLLVLPNMELWVR#LVEIGPGLELT CMVT
MKZIEKLMTDSLLH4GUMTMLFL6UVMLLLKLYL)LI-J7JMTMFEKWJVL
FLY;J[L-SEKMESTH4B"YLYKFTBMLYKMFT7VTELULTTM2ZJ[LMGELH4CMET
GZ FTKLNVELTMSSFBYZWLLI;PLOH4"WLJOLTVLTBCMISKHM)LIZLTYLTBELTLF;FLY;
ZYLSTKHTHILR)LELFVLHFLKIH4"
WLQL;J[,MLYKFRGV
WLLIPL;O
ER6OER6O)LLKSI>GO:ZI
GOM&DK

12
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

'U3UUL\D-DLQ$GGUHVVLQJ7KH)RUHLJQ6WXGHQWV$ERXW
7KH-DLQLVP$QG%KDNWDPDU6WRWUD$W5HQRZQHG
,QVWLWXWHRI,QWHUQDWLRQDO6FKRRO)RU-DLQ6WXGLHV

13
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

14
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

15
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

16
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

HXTYLXVIR
RNOOV
IXIH=UJNVUNJ6
W6ONRNVONVSUNJ6D@ 0N:IL]NW6X
R6ONRNVFXWNUNJ6 YNI5HGPLSNMG

GPP)LKFTBHULKLTBZL<LLTBZLTYLTBELLVWLLG3FENJQLKEIWLTKWY[MKHLT
KHLH4BHETPZCMGZ VHIBH4GEHELTC;MVEHTLZLTYGEMI/ZLPTELGLELK
HLTKHTH4B"HFLKIHULKLTBPLLT~EIM)SLMTGPEGMSHR FBLPZLTEMGOLTBMTHFLKT
MFLUEL EWG)L6VWBYKHTH4B"GE6SRJLQL3M)SLETJ[)LLPFTBWLEKHFCVET
QF3ELKIJ[)LLPLTBMTOXKHLTSTULKHTH4B"
GP-FEIDLSH4GEGUMJLQL3M)SLETJ[)LLPFTBWLEKHFWJVIHULKLTB
MLZEIJKBJKLELT)LXZSTULKHT'LT>NMIJLQL3M)SLETHULKLTBZL<LLTBZLTYHFLKT
CM,LVELZL)LN#LEKWLVBGOSHLTKHTH4B"ML4)LLYPLER/FHLVR)LLPLTBETW'LE_
J[LMMTHEZLG2KMTUIGPSHLTKHIH4WL4KGPPETFLVMJ7ZJKWJVI E
WG)L6V/LJ/LT. KHIH4"
N6HIBER/FHLVR)LLPLTBFTBMT EH4B.L8GJ[LU4V"
.L8GJ[LU4V EULVIFLVIWLLG3FEGQGE3MEHLTVT ET ML'LML'L E
3RVLWLYH7KLQNHUH4B" EGO0WL3FLETVLSTN6HLTBVTWJVTE¤L;0ELGVPL;HGEL
H4WL4KMBJXL;FLVPSLEI)LZLC;ETGZ WJVLUIPVZYLGOLH4"PT)L%SLFK-SLTL
ETZLTELTBETFBLLTQLKLMTNJQLKEKSIH4B"‰)LG%SWL4KGPPLMWLLLGKSGQGE3MLŠ
NVELHNJQLK)LYPLVFTBMBJXL;GPPLMEIFLBYEKSLH4WL4KCMIGPPLMELTET6O[
FLVEKHKSKHELNJQLKEKSIH4B"
.L8GJ[LU4VELFLVVLH4GEHKSKHEIDIFLKI E TMLJL4³LLH4ULTHFLKT
WMHUKHVMHVEIUFIVMTNJUSLH4WL4K5LOLSKZLTYCMWMHUKHVMHV
ELTW,LVETELKLWJVLSTH4B"HFLKLLKIK TMLDVLHIVHIBH4GEPHWLMLVIMT
17
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
DIFLKHLTMET"JKFL3FLVTHFTBPLLT~SE-P-'LKHVTETGZ U6FGOLH4"
WJVIWLLG3FEGQGE3MLMT.L8GJ[LU4VVTEC; TMIZLCZLUDIFLGKLTBEL
NJQLKGELH4GUVETGZ .L8%7KLTBVTHL'L<L. TEKGO 'LT‚P4,LGVESELT~MTH
MFVLZY)LYVLFRFGEVH4GEC6HLTBVT TMLE4MTGEL".L8%7KLTBVT)LIHFLVLH4GE
.L8GJ[LEIWLLG3FEGQGE3MLDHRSMIZLCZLUDIFLGKLTBMTGVULSGOZLMESI
H4WL4KQF3ELKIJGKLLFOTMESIH4"
.L8GJ[LU4VELU6FGOMBDK>FTBGO:ZIFTBHRWL'LLWL4KNVELGPPLH
WVBSP:.; ET MB-'LLJE+IJ[OIJU4VMT HRC;"DQJVMT HINVFTB WLYT D EK
JGKG-'LGSLTBELTWJVTGVBLLFTBZTVLWL4KN6HTB#IEEKVTELU5DLKHLH4"N6HLTTBVT
WJVIY[TUR LVWL4KJLT-7Y[TUR LV FEL8FFTBEIH4B PB'RFWRURI3KLORVRSK\
3+'  ³)DLWK %DVHG +HDGLQJ ZLWK VSHFLDO UHIHUHQFH WR %KDNWDPDU´
=DURDVWULDQ &ROOHJH WNVIG 2SHQ ,QWHUQDWLRQDO 8QLYHUVLW\ IRU
&RPSOHPHQWDU\PHGLFLQHV6UL/DQND8QLWHG1DWLRQV3HDFH8QLYHUVLW\
&HQWUDO$PHULFD :RUOG8QLYHUVLW\86$MTFL6SLJ[L*SH4
CVETGPPLMWL4KWVR)LPEIPUHMTWVGYVSKLTYIKLTYFR%SHR H4BWL4KN6HTB
WLKLFEIJ[LG*SHRC;H4"C6HLTTBVTE4BMK>MLTGKWGMM>GE.VIEIDIFLKI>7_XDKERZLTGMM>
3PQLETKLTY>ORZ,4U4MTEC;KLTYLTBELM2ZSLJXP;ECZLUGELH4"VHIETPZ
LLKIGKEDIFLGKLn>.L8GJ[LU4VVT EC; ZLTYLTB EIWLG'L;EEG#VLLn )LIWJVI
WLLG3FEGQGE3MLMTOXKEIH4"PTWLEL;LETGM
L6SLTB /DZRI$WWUDFWLRQ JK
ELFEKSIH4"ULTHFQLHSTH4BPLTHIHFTGFZSLH4")LLPVLHI)LP)L[FLELEL;
EKSIH4"
N6HLTBVTWMLKLTYLTBELGDVLOPLETNJQLKEKETZLTYLTBELTWQBG)LSGELH4 
U4MTGE EKLTYIJI#EIZLCZLUDIFLKIMTY[GMS'LLWL4KNMEIKI EIH._.IDRKI
SKHMTFR. QREI'LI"GDVLL:GQGE3MLETPHKLTYI-P-'LHLTYL" EKLTYIELTYZT
ELE4BMK'LLWL4KNMEIJXKIWLPLUULQREI'LI".L8GJ[LU4VEIWLLG3FE
GQGE3MLMTNME4BMKJIG. SEIWLPLUPLJMWLYC;"PHFLVSIH4GECVWML
KLTYLTBEIGQGE3MLNVETWBOKEIELTC;QF3ELKILG%SVHIBEKSIH4>DG:E)L%SLFK
-LLTSETZLTEFBLH4BULTWJVIWJLKLG%SMTZLTYLTBELTWJVLGPPLMETG6O[S
EKVTFTBFO_OEKSTH4BWL4KNVETKLTYOXKHLTULSTH4B"CVETN1QLKLFTBWG^SILG%SH4
WL4KCMLG%SELT.L8U4VWJVTWVR)LP>C1/LLG%SPMFJ;LMTETG6O[SEKJLSI
H4"C6HIB)L%SLFKETUIPVELTWLVBOFDVLSIH4BWL4KUIVTEIKLHGO<LLSIH4"
EWVR)LPIWLLG3FEGQGE3MEETVLSTN6HLTBVTWJVLUIPVZLTYLTBEIMTPLFTB
WL4KNVELT)L%SLFK-LLTSLTBEIWG^SILG%SLTBETJ[GSULYEEKVTFTBMFGJ;SEK

18
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
GOLH4"GVGFSJ[LTYLTBWL4KLLT³LETFLFMT.L8GJ[LU4VJ[LQIVP4,LGVEGPG³LLTB
WL4KGM
L6SLTBEIYHKLCLTBFTBULEKNVEILG%SLTBELTMFVTELJ[3VEKSIH4B
SLGECVLG%SLTBELTZLTYLTBEI)LZLC;ETGZ C-STFLZGELULMET"GVGFS
MTGFVLKWL4KPE;LL8JETFLFMTPT)L%SLFK-SLTLLTBEIQF3ELGKEKLTYHKVTPLZI
LG%SLTBELVETPZJ[QLKEKSIH4DG:ENVETDLKTFTBZLTYLTBELTULYE)LIEKSIH4"
GPP)LKFTB.L8GJ[LU4V EJ[GM
PL-SRLL-LIETSL4KMT)LIULVIULSIH4"GPPFTB
CVET^LKLZY)LYDIFLKWL4KW0PG-'LSCFLKSLTEI9DDVWX9LVLWGUMFTB
LKORELV2IILFHPD. ID. I)DFWRULHVLLGFZH4"PL-SRNJLTYHFLKTOTLFTBGEL
YLH4"CMZY)LYMLZJRKLVT>J[LQIV@GLFRGVLTBETGP,LVELT.L8GJ[LU4V
VTWL³LRGVEUIPVL4ZIEL EWG)L6VWBYDVLVTELWL4KCMTMHTUVTELJ[LGZL
H4SLGEWLVTPLZIJIG Ln)LICMEL2LOLN#LMETB"
.L8GJ[LU4VUD)LIGEMIVC;MF-LELGPZTLLEKSIH4BSLTNVELJHZL
WLBEZVPL-SRELLVEKETHLTSLH4"NVELFLVVLH4GEUIPVFTBEC;MF-L n
ETPZCMIGZ WLSIH4BGE0G%SGPLTLETKHVTELPLSLPKLPL-SRLL-LETWVRMLK
VHIBHLTSLH4"MF-LELTULVVTETDLOPT0G%SEIPL-SRMBKQVL>U6FGSG'LPEC;
0G%SYS GPPKLLTB EL GPZTLL EKSI H4B WL4K MF-L EL MFL³LLV MRLSI H4
PL-SRLL-LETFLFMTPTVHIPS;FLVMF-LWLTBELMFL³LLVXn SIH4BDG:EPH)LI
DSLSIH4GEE4MTPL-SRFTBER/JGKPS;VEKETUIPVELTDHRSHIMFR<LFDVLLUL
MESLH4WL4KWLVTPLZIEG#VLCLTBELTU. MTGV7LLULMESLH4"
.L8GJ[LU4VVTPL-SRLL-L>2TBYLRC;>5LTGSLWL4K6RFTKLTZLTUIFTB .PLB-.G.*ZLTFL
J[L*SGELH4"MRJ[GM
P4,LGVEMB-'LLVW%MKC6HTBWJVTHLnDLTZVTEL6LTSLOTST
H4B".L8U4VGJ/ZTPLLT~MT,QWHUQDWLRQDO6FKRRORI-DLQD6WXGLHV ,6-6 MT
UR. IHRC;H4WL4KHKPL;GPOTLI/LLLTBFTBU4V³LF;ELJ[QLKEKN6HTB,LVOTSIH4"
ML'LHIPHORGVLEC;OTLLTB EL)L[FLEKETN]LTYJGSLTB PB 0LJLGKLTB ELT
FLVGMEWL4KGP¤LIPAG
JKGVGFSSL4KJK,LVOTSIH4"PTNVEIEL;VIGSFTB
MHLSLEKSIH4"
WJVIOXMKIWLG3FEGQGE3MLEZLETML'LML'L.L8%7KU4VKTEIGQGE3MLFTB
)LIJLKBYSH4"’UL;-SLTLELTGVBGLSEKETPTOXKPSI;GQGE3ML 'LVWDQFH+HDOLQJ 
MT ZLTYLTB ELT KLTYFR%SEKOTSIH4>GUMFTB N6HLTBVT FHLKSHLGMZEIH4 WL4KKTEI
'LVWDQFH+HDOLQJ GJ/ZTPLLT~MTPHHULKLTBZLTYLTBELTCMEL2LOLJHRnQLKHI
H4"NVELFLVVLH4GEWYKLKIKEINJR%SMHLSLEIUL SLTNMFTB<LROELTKLTY
MTFR%SEKVTEILG%SH4"<LROELTIZLEKVTMTWL4KFVELTLLBSEKVTMTDHRSMI
DIFLGKLTBELCZLUGELULMESLH4"PTWJVL,LVER/CMSKHMTDLn7VLQLHSIH4
19
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
GEWYKZLTYQLHTSLT-PBHIWJVTWLJELTKLTYFR%SEKMETB"
WD[L®FETL$OLTBFTBªM1QLWLKLT9ML³LEHFLVSLH4GE E-P-'LLKIK
J[LžGSE0P-'LLEI E-PL)LLGPEOLLH4"PH E\LLETGZ )LIVHIBFLVSLGE
LKIKFTBELTC;WMLKLTYH4" EWLKLT9MLLEEILG%SCMIFTBH4GEPHKLTYIELT
GPPLMGOZLOTGEPHMELKL3FEPWLLG3FESKBYLTBELWL‡PLVEKET<LROHI
WJVTWLJELT-P-'LEKMESLH4HLZLnGEPT-PBHICVWLLG3FESKBYLTBEL
WL‡PLVEKMESTH4BZTGEV EJ[GLG\LSWLKLT9ML³LEEIWVRJG-'LGSFTBHEL;
LI L[SLMTHLTMESLH4"©
KTEIWL4K)L%SLFKEIWJLKLG%SLTBMT.L8U4VOXMKLTBELT-P-'LK<LVTETGZ 
J[TGKSEKSIH4B"NVELW'LE_ J[LMKHSLH4 GEKTEIWL4KET )L%SLFKDLKT FTB
5LOLMT5LOLZLTYLTBELTULYEEKMETBWL4KULTN6HLTBVTMI<LLH4NMTOXMKLTBFTBDLn7
METB"ª)L[LBGSLTBJKGV)L;KVLEKETWJVTFLY;O;V-PBDVLTOXMKLTBETJB<LLTBMTN. VTEL
J[3VVLEKLT>WJVT-PBETJB<LLTBMTN. LV)LKLTHFLVLULSLH4GEUDCBMLVGEMI
KLTYMTY[-SHLTSLH4SLTW-JSLZULVTMTJHZTWLLG3FEGQGE3MEELHE¤L;0H4
GEPHNMKLTYY[-SCBMLVELMHIFLY;OL;VEKTWL4KJ[žGSFTBG/JTHR NVKH-LTBMT
WPYSEKL GUVKH-LTBMT)LGPFTBYB)LIK PBWMLDIFLGKLTBMTDQLULMESL
H4".L8U4VQLHSIH4 GEHKFVRELT LV 0HGGDWLRQ EKVT EIGPG³LEI
ULVELKIHLTVIQLGH SLGEGPPETJ[GSGDBDFTB<LROELTOT<LJL WL4KMFJL "
NVELFLVVLH4
ªHFLKT-PBMTWG³LEC;PKHFJKOLZRH4>
C;PKMO4POTVTELTS4LKH4>NVMTULTZTVTETGZ S4LKH4©
)LLKSWL4KW6EC;OTLLTBFTB.L8U4V>MTWG³LEZLTYLTBELTPE;LL8J>'LTKTJI
WG³LPTLVWL4KFBLLTQLK^LKLMLFXGHEWL-'LLNJQLKM)LL B EKQREIH4>NVEI
WG)LZLLLH4GE)LLKSFTBE4BMKJIG. SWL4KW6WMLKLTYLTBMTJIG. S0G%SLTBET
GZ )L%SLFKM&DLTG³LET6O[EI-'LLJVLEIUL "
WLLG3FEGQGE3MLETWZLPL.L8U4VPL-SR>3\UDPL-SR>KTEI>G£-7ZDL8Z
YTGUBY0DJQLILHG+HDOLQJR$XUD5HDGLQJFTB)LIJLKBYSH4B"
.L8GJ[LU4VELTEC;JRK-ELKLTBMTM&FLGVSGELH4"NVEIOTLWL4KMFLUET
J[GSD. INJZG$³LLTBET2Z-PJNVELTKLU³LLVIU4VKSVWPL.;>U4VFGHZLKSV
WPL.;)LIGUZLHRWLH4HWPL.;N6HTB)L%SLFK-SLTLLTBJKWL³LLGKSZLTEWL4KFBL
N1QLKLGPG³L^LKLMFLUEIMTPLEKVTETGZ GO Y "

20
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

MNWNNXKW6XM5X
OVO(HNIXU

21
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

W6XHIJ\NM5X
OVO(HNIXU

22
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

+NMNVON>NTQLMM>NNVDUNVUNGUFXWNUKJ6@ L]QKLW6X
YNI5HGPLSNMG
YN6MQZOMNVDLMM>NNVUNVGHWNVMKFXWNUKJ6 OD/)NNLGYXDUR<0=

FHLKLUL)LLTUET LLMVELZFTB FHLEGPELGZOLMET DHELPT FTB WLEKFRGV


FLVSBRYFHLKLUELTSLZLTBFTBDBOEKGOLYLZTGEVPHWO_)LRSML³LEGUMT
WJVILG%SWL4KWJVTJ[)LRWLGOVL'LJKW<L.GPPLM'LL"PTFLVST'LTGEJ[)LR
WLGOVL'LELGVPL;LHR ZL<LLTBPL;HR H4B"G2K)LINVETWLRJKFLLRCMMBMLKFTB
0L*SH4"WL4KN6HIBEI-SRGSWL4KJ[LBMLEKSTHR FRGVFLVSRBY-PLFIVTELKYLKFTB
)L%SLFK-SLTLEIKQVLEI"WLTKPTD6³LVFR%SHR "
TMTHI EGPPLMETM&DZELTJ[OIJU4VVTWJVIML³LVLWLTKWLQKLFTB
NSLKLGUMETFLFMTPTMF-SGPPFTBGPPLMWL4KFBL7KHUDS\ETFLFMT
M)LIEIMF-LWLTBELGVKLEKLEKKHTH4B"WVBSP:.;ETMB-'LLJE+IJ[OIJU4V
GPP J[GM
 WLLG3FE NJQLKE SLT H4 HI CMET ML'L HI KTEI NJQLKE 
0RWLYDWLRQDO6SHDNHU3RVLWLYHWKLQNHUMT)LIWLYT3RZHU7KLQNHUH4ULTHK
VEKL3FEJGKG-'LGSLTBELT)LIWJVIMAUVLIZSLMTMEKL3FEJGKG-'LGSLTBFTBDOZ
OTSTH4B"J[OIJU4VETMB-ELKDQJVMTHI³LLGF;EJ[PAGSETKHTB>W)LI)LIPHDHRSHI
GPVIS PBMKZ-P)LLPETH4"
+IJ[OIJU4VELU6FKLU-'LLVFTBWY-SELTHRWL'LLWLTKNVELGPPLH
GJ[LU4VMTFTBHRWLOLTVLTBJGSJ3VIULVTFLVTWLG3FENJQLKEFLVTULSTH4B
ULTGE)L%SLFK-SLTLLTBEILG%SLTBELJ[LTYEKETKLTYIELTKLTYFR%SEKSTH4B"
5LTGSL>PL-SRLL-LI>WLG3FENJQLKEEI<LGS)LIJ[L*SEKQRETH4B")LLKS
ET EJ[GM
KTEINJQLKEHLTVTETVLST+IU4VELW'LE_J[LMH4GEHULKPL;
JRKLVIWJVT@GLFRGVLTBWL4KP4,LGVELTBEIGPKLMSELUVFLVMELTJ[TGKSEKVTWL4K
NMFTB,LVELJ[ELLDLn7VTETNJLTYFTBZLLUL "

23
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
NVETPL-SRWL4KKTEIET,LVETJ[ELLELGH-MLDVVTETGZ HKSDETETZLTY
NVEISK2<LIBQTQZTULSTH4B>ULSJLS>’nQVIQ>WFIKYKID>GEMI)LISKHEL)LTO
ZLTYLTBELTNVETJLMWLVTMTVHIBKLTEJLSLH4"WJVTGLLTBWL4KWJVLWVRMKLEKVT
PLZLTTBETML'LGFZEK+IJ[OIJU4V)LLKSET EN55PZ)LGPETGVFL;LEISK2
WY[MKH4"
+IJ[OIJU4VVTFTBGO:ZIFTB?WVBSP:.; EI-'LLJVLEI"CMGO0ET6O[FTB
ZLTYLTBELTKLTYLTBMTOXKK<LVTEL PBKLTGYLTBELT-P-'LEKVTELGVKBSKJ[LMQZSLKHSL
H4"VETPZ-PL-'MBDBG³LSMF-L n>UIPVETWL4K)LI TMTEC;JHZXULTCBMLVELT
E<LRLVRFLWL4KM&J6VUIPVMTOXKK<LSTH4B>NVETGVPLKLETJ[LTY PBLLT³LCM
GO0ET6O[FTBQZSTKHSTH4B"
WBSHIVJ[GS)LLETHLTVTETDLPUXO+IJ[OIJU4VELT LF.OXKMT)LI/XVHIBJLL
H4"DHRSHIMKZWL4KMHUUIPV0SISEKSTH4B+IU4V"PTUIPVETMHIFLVTEL
WL3FMBEZVEKQRETH4BWL4KJ[GSGOVNVELHJ[LMKHSLH4GEGUSVL)LIHLTMET
ZLTYLTBELTMHIKLHJKZTEKWL "WJVT,LVELJ[LEL+IU4VVLETPZ)LLKSFTB
DG:EMF-SGPPFTB24ZLVTELJ[LMEKSTH4B")L%SLFK-SLTLLTBJKWL-'LLWL³LLGKS
NJQLK )DLWK%DVHG+HDOLQJ EIWLZL4GEELG%SLTBEL,LVPTGPPJ7ZFTBULT
)LIGFZUL NMELWLLTYEKETZLTYLTBFTBDLn7STH4B"
C6HIBJ[LMLTBELTWLYTD LVTETGZ +IJ[OIJU4VVTGPPETJ['LF)L%SLFK
%ZIGVE PB GPPET J['LF)L%SLFKD4BEEI-'LLJVLEIH4"HOLTVLTB MB-'LLV
³9LFWRU\2YHULQFXUDEOHGLVHDVHV \RXUSUREOHPVLV3RVVLEOH´ETGM
L6S
EI LG%S ELT ZTEK UVFLVM FTB ULYESL WL4K GU,LML J4OL EKVT EL
J[LMEKTBYT"
+IU4V EDHRJ[GS)LLPLV0G%SH4B>5LTGSLLL-L>WBE5LTGSLJXP; U6F
J[GSYFV 'RZVLQJ G.GU7Z $XUD -E4GVBY> F4YVI2LCB. HIGZBY ELL HIGZBY
G£-7ZHIGZBYWKLTYLHIGZBY>FBLHIGZBYPG.-7TBMHIGZBYU4MIM)LIJ[GS)LLWLTBFTB
CVELTFHLKSHLGMZH4"FR<³LLKLMTUR. THR .L8%7KLTBVT)LI+IU4VET^LKLGE Y 
NJQLKLTBEILG%SELT-PIELKLH4"+IJ[OIJU4VELHFLVVLH4GEULT)LIQF3ELKI
NJQLKN6HLTBVTGE H4PTPLM3PFTBQF3ELKVHIBH4DG:E)L%SLFK-SLTLLTBETZLTELTB
PBFBLLTBETN1QLKLEILG%SH4"+IJ[OIJU4VVT)L%SLFKM&DLTG³LE4BMKMB-'LLVET
J[QLKHTSREC;PE;LL8JWL4K'LTKTJIWG³LPTLVGE H4BGUVETOL4KLVN6HLTBVTWJVTFBLLTBEI
LG%SLTBMTM4BE. LTBZLTYLTBELNJQLKGELH4"NVELH EOI L;ELZIVMJVLH4GE
PHE4BMKETFKIULTBETGZ WL4KNVMDFKIULTBETGZ GUVEIDIFLKIELCZLU
FR<³LLKLET.L8%7KLTBETJLMVHIBH4>PT)L%SLFK-SLTL^LKLNVELNJQLKEKTB"

24
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YX8UR<0=
³GLIMS²

WJVTCMU6FET>LG2KGJ/ZTU6FETEFLTB;EIPUHMT>EC;DLKHFTBWVTE
OR<LLTBMTUXVLJ. SLH4"HOR<L PBE7LLKIGKE>FLVGMEPMLFLGUE>GEMI)LI
J[ELKETHLTMESTH4B"
JKBSRUHLBE7H4>PHLBNME7ELGVPLKL)LIH4"CMMBMLKFTBHK EE7EL
GVPLKLH4"WBSKCSVLH4GEER/ZLTYLTBELTCMGVPLKLEL,LVHLTSLH4>WL4KER/ELT
VHIB"
WVBSP:.; E TMLMB-'LLVH4UHLBHFLKTOTLEIJ[LQIVSFGPGLLTBELNJLTY
EKSTHR WMLKLTYLTBETNJQLKET’JKGVKBSKLLTL PBGPQLKGPFL;HLTSLH4"H
KLTYLLKIGKE>FLVGME PBP4QLGKE>GEMI)LIJ[ELKETHLTMESTH4B"
CMMB-'LLVEI-'LLJVLELFX<N¸THIWLJETUIPVFTB<LRLHLZI>MBJ6VSL
WL4K EN5UPZUIPVL4ZIEI-'LLJVLEKVLH4"FBLLTBELMHIN1QLKLEKSTHR 
WLLG3FENJQLK^LKLCMMB-'LLVFTBWLVTPLZTM)LI0G¯LTBETWBOK EW)LXSJXP;
ULYESL PBN:ZLMELMBQLZVEKSTH4BWL4KHIULYESL PBN:ZLM E
<LRLHLZUIPVEIVIBPK<LSTH4B"
FBLLTB PBZLTELTBETMHIN1QLKL^LKLWVBSP:.;FTBWLJETWBSF;VFTB EVC;
ULYESL )LKI ULSI H4B> GUMFTB CM LKSI JK DMVT PLZT M)LI J[LLI FLL EI
WLLG3FE’UL;WLJETWBSF;VFTBMFLVTELJ[3VEKSIH4"WLJELMF-SUIPV
WBLGPPLMMT>ELZTULOXETJ[)LLPMT>.KMT>JI. LMTWL4KDIFLKIMTFR¯HLTULSLH4"
WVBSP:.;MTUR. THR M)LIZLTYLTBELHMJVLH4GEHLBJK E??6SLULWXDO
3DOOLDWLYH&DUH ‰M&DLTGLMTB7KŠGE-'LLJVLEKTBUHLBJKE4BMKETFKIU PBNV
DIFLGKLTBMTUXSTHR 0G¯GUVELCZLUVHIBXBJL H4B>WL BWL4KWJVLNJQLK
EKPLJL B"ULTZLTYUIPVMTM)LIN&FIOTB<LLTQRETH4BHFQLHSTH4BGEPTCMETO[FTB

25
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
WL BWL4KN&FIOEIGEKLELTG2KMTN5PGZSEKTB"
WVBSP:.;FTBHFLKLN¸TETPZFBLLTBMTWL4KZLTELTBMTDIFLGKLTBELT#IEEKVL
VHIBH4>CMETML'LML'LHLBWLVTPLZTZLTYLTBELTHFCMEIGL\LL)LIOTSTH4BGEPHE4MT
WJVTKHVMHVFTBNGQSDOZLPEKTBP TMTEF;EKTBGUVMTNVETUIPVFTB<LRLHLZI>
LLBGS PBMFAG
ELWLYFVHLT"
WJVTUIPVELN¤LKOLG3PHK E0G¯JK-PBHLTSLH4> TMLHFLKLFLVVLH4"
HHFLKLOLG3PH4GEHFWJVT-PL-'EI>WJVT)LL9EI>WJVIJGKG-'LGSLTBEI>
WL4KWJVTWLMJLMETFVRLTBWL4KUIPLTBEIOT<L)LLZ-PBEKTB"HFLKLWLVTPLZL
EZE4MLHLTYLHHFLKIWLUEIUIPVL4ZIJKGV)L;KEKSLH4"
WVBSP:.; FTB HFWLJET UIPVEI.LTKWLJET HL'LFTB OTST H4B"HFWLJELT
GM<LZLSTH4BGEWLJWJVTUIPVEI.LTKWJVTHL'LFTBE4MTZTB"HFCMDLSJKDZ
OTSTH4BGEE4MTWLJWJVTWLJELT,LVIDVL B>WJVTELTKLTULVLJ[LT3MLHVOTBWL4KWJVT
WLMJLMETUIPVELTDTHSKDVL B"
WVBSP:.;FTBJ[LQIVEZLWL4KGP,LVELTZTEKGVKBSKLLTL PBJ[LTYQZSTKHST
H4B"HFHULVSTH4BGEJ[LQIVEZLWL4KP4,LGVESKIELTBFTBWJLKLG¯LB/RJIHRC;H4B"
CVEC;LG¯LTBELHFJ[LTY)LIEKKHTH4B>ZLTYLTBEIGUBOYIFTB<LRLHLZI PBMBJ6VSL
ZLVTETGZ "JKCVELTWL4K)LIDTHSKSKIETMTMFLULMESLH4"GUSVIDLKIEIMT
CVELT MFLUL YLNSVIHIMKZSLMT HJ[LQIVEZL B WL4KP4,LGVESKIET
UVFLVMEIKLTUFKL;ETUIPVEL EWG)L6VWBYDVJL BYT"
9LFWRU\RYHULQFXUDEOHGLVHDVHV
\RXUSUREOHPV,63266,%/(´
WVBSP:.;FTBHFQLHSTH4BGECMD[L®B.EIHK EWL3FL E-PSBLUIPV
0SISEKT"UDHFLKTFVFTBSVLPVHIBHLTSLSLTHFLLBGSELTDTHSKFHMXMEKJLST
H4B"SVLPSDWLSLH4UDHFWJVTUIPVETV4GSEFX:LTBMTMFL4SLEKZTSTH4BWL4K
YZSKLHJKQZJ. STH4B"LF;>ULSIJLSI>MFLU PBV-ZEIDLLLWLTBELTSLT. EK
WVBS P:.; FTB HF ZLTYLTB ELT PLJM V4GSE FX:LTB EI SK2 FR. VT ET GZ  J[TGKS
EKSTH4B"
<LROELT WL4KWLMJLMET MBMLKELT W1/ISKHMT ULVVT ET GZ HDHRS
WLPEH4GEHFHKSKHET.KELWL4K)LX<LELMLFVLEKETNVJKGPUJL B>
WJVTWBOKEILG¯LTBELTJHQLVTWL4KCMDLSELTMFTBETMBJXL;GPPFLVPSLEI
E.LTKMTUR. LHRWLH4"UDHF-PBJKUISHLGMZEKZTSTH4BHFCMMBMLKEI
GPLLZSLELTJHQLVJLSTH4BWL4KCMFTBJVJSTOR<LLTBJKGPUJLJLSTH4B"

26
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
CVGPLLTBELTMHISKIETMTMFVTETGZ HFVTHK ENF[ET0G¯ETGZ 
WZYMTELTM;FT7TGKZG.ULCVGELH4"CVDHRWLLFIGPLLTBET^LKLZLTYLTBELTH
DSZLVLWL4KMFLVLGEE4MTWMIFLLBGSMTWMIFJ[M6VSLEIJ[LG*SHLTSIH4>HI
HFLKL EFLLZ\H4"
??J[M6VKHTB PBJ[M6VSLDLB7TB UIPVFTBELTC;)LIEG#VLC;HLTNMT EMELKL3FE
OAG7ELTLMTOXKGELULMESLH4"
WVBSP:.;FTBHFLKLN¸TH4GE5LOLMT5LOLZLTYLTBELTMHIKLHJKZTEKWL BWL4K
NVELT)LYPLVMTMHIFLVLTBFTBULT. TB"
HFLKLHFLVVLH4GEWLJEIMLTQFTBDHRSLG¯H4"WYKWLJWJVIMLTQ
DOZZTB SLTDHRSMIDIFLGKLBWJVTWLJHIWLJMTOXKQZIULSIH4B"WVBSP:.;FTB
HFKLTYLTBMTMB LL;EKVTEIDULNVELKLLTBJKLVOTSTH4BGUVELKLLTBMTCVKLTYLTB
EIN3JG¤LHLTSIH4"GUVELKLLTBMTKLTYEIN3JG¤LHLTSIH4WYKN6HIBELKLLTBELT#IE
EKGOLUL SLTPHKLTY)LIVHIBHLTYL"
CMFTB EDHRSW1/IDLSHH4GEWYKHFKLTYJ4OLEKMESTH4BSLTHF E
-P-'LUIPV)LI0SISEKMESTH4B"WYK EYZS PBOXGLSKHVMHVWLJELT
KLTYLTBMTY[GMSEKMESLH4SLT EVTEWL4KJGPLKHVMHVWLJELTKLTYKGHSWL4K
-P-'L)LIK<LMESLH4"
J[žGSETGVFDHRSHIMILTH4B‚WYKWLJNVJKQZTBYTSLTWLJETUIPVFTB
EG#VLCLTBEIELTC;UYHVHIBHLTVIQLGH "ZTGEVWYKWLJJ[žGSETGVFLTBET
GPJKISQZTBYTSLTHKKLHJKWLJELTEG#VLCLTBELMLFVLEKVLJ. TYLG2KQLHTPH
LLKIGKEEG#VLCLBHLT>FLVGMEEG#VLCLBHLTLG2KGP¤LIEG#VLCLB"
WLJGEMSKHEIUYHFTBKHSTH4B>WLJEL LKPL-SRLL-LETGVFWVRMLKDVL
H4GEVHIBDVLH4>WLJE4ML)LLTUVEKSTH4B>WLJEDMLTSTULYSTHLTULSTH4B>WLJEI
EL4VEL4VMIGPLL¯WLOSTBH4BLVHIBH4B>WLJE4MIDLSTBWJVTFG-SEFTBK<LSTH4B>
WLJELDSL;PWJVTWLMJLMETZLTYLTBETML'LE4MLHLTSLH4>CVMDDLSLTBELWMK
WLJET-PL-'JK PBWLJETFVJKJ. SLH4"WL4KSLTWL4K>WLJETGJ/ZTU6FET
EFLTB;EIKL4LVIWL4K/LL)LIWLJETCMUIPVJKJ. SIH4"UDSEHFYHKLC;FTBUL
EKCVMDDLSLTBELWLBEZVEKETNVELNJQLKU. MTVHIBEKSTH4B>WYK EDLK
WLJ#IE)LIHLTUL >HDIFLGKLBWL4KEG#VLCLBWLJETUIPVFTBJRVWLSIKHTBYI"
ML4)LL9MT>WVBSP:.;WL4K TMIEC;MB-'LLWLTBWL4KFHLVR)LLPLTBETELKL>ZLTYLTBEL
LVWL-'LLEIWLTKD LH4"ZL<LLTBZLTYWDHFLVSTH4BGEPL-SR>5LTGSLLL-L>
MLLVL‰0HGLWDWLRQŠ>KTEI PBEC;WL4KSKHETWLLG3FENJQLKUIPVFTB E

27
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
DHRSD. LMELKL3FEJGKPS;VZLMESTH4B"
WVBSP:.;ET^LKCMGPPETM)LI0G¯LTBETGZ  LB7T<LRZTH4B"
HFLKLWYZLN¸TH4OTLETEC;-'LLVLTBJK3DOOLDWLYH&HQWHU‰ TMTETO[UHLB
JKWLJET LKIGKEWL4KFLVGMEOR<LLTB ELT EFGELULMETŠ<LLTZVT EL" TMT
3DOOLDWLYH&HQWHUHFGO:ZIFTB>OTLETOXMKTLHKLTBFTB>WL4KG2KGPP)LKFTB<LLTZVL
QLHSTH4B"H EWJVISKHETWVLT<LTETO[HLTBYT"WLG3FEFBLLTBETN1QLKLMTHLB
JKWMLLLKIGKE PBFLVGMEKLTYLTBELNJQLKSLTHLTYLHI>ULT0G¯WJVTKLTYLTBET
ELKLCMUIPVELT3LYVTEIWP-'LLFTBJHRBQY H4BPHZLTY)LICVETO[LTBFTBWLEK
LLBGSJ[L*SEKJL BYTWL4KHFHMRGVGQSEKTBYTGENVELWYZLU6FMR<LWL4K
LLBGSFTBDIST"
CVLLGF;E PBWLG3FEETO[LTBFTBCMJK)LIGVKBSKGPQLK PBJ[3VGEL
UL YLEI)L¯LFK-LLTSLTBEILG¯LTBELJ[QLK PBNJLTY5LOLMT5LOL0G¯LTB
SEE4MTJHRBQLLULMET"HFLKLHWGPKSJ[LMKHTYLGEPIBMOIELTHF E
WLLG3FEMOIFTBJGKPGS;SEKTB"
CVMDELLTB;ETGZ WLJETMRLPWL4KWLJETMHLTYELHFMO4P-PLYS
EKSTH4B"
+IJ[OIJU4VP+IFSIGJ[LU4VVTWVBSPZ;_.EI-'LLJVLMVFTBVC;
GO:ZIFTBEI'LI"
ƒWLLIU4V>GO:ZI

28
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

3XEOLFDWLRQRI
'U3UUL\D-DLQ
-DLQD0HWKRGRI&XULQJ
%RRNFRPSLOHGE\'U3UUL\D-DLQ
FRSLHVUHOHDVHGDW6KDK
$XGLWRULXPLQWKHSUHVHQFHRI3UDGHHS
-DLQ$DGLW\D0HPEHURI3DUOLDPHQW

)DLWK%DVHG+HDOLQJ%KDNWDPDU6WRWUD
3UUL\D-DLQ

)DLWK%DVHG+HDOLQJ
%KDNWDPDU6WRWUD
-DLQD0HWKRGRI&XULQJ:ULWLQJ
FRSLHVUHOHDVHGZLWK
ERRNRI%KDNWDPDU6WRWUD 
'U6XJDQ&KDQG-DLQ
FRSLHVUHOHDVHGZLWK'U0HKHU
,QWHUQDWLRQDO6FKRROIRU
3URI0RRV3UHVLGHQW=RURDVWULDQ
-DLQ6WXGLHV
FROOHJH

)DLWK%DVHG
+HDOLQJ
%KDNWDPDU6WRWUD
%
FRSLHV
UHOHDVHGZLWK'U
0DQMX-DLQ
1DJSXU

+LQGL&DUGV
0DQWUD+HDOLQJFDUGVLQ+LQGL

29
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

3ULQWHGRQ&DQYDV

3DLQWLQJHQJUDYHGRQ&DQYDVRIWK6KORNDIRU9DDVWX
&RUUHFWLRQDQGFUHDWLQJSRVLWLYHHQHUJ\LQKRPHRIILFH

&G
VZLWK7HQW&DUG
UD
WRW
%KDNWDPDU6
URI

Og/BS?K@D3
ZH

DN
3R

&'
IJ8QK
?H
H=DBSD>!DKD>C?RANA=
$QQDQW :25/'
$6HFWRU5RKLQL'HOKL
:HEVLWHZZZDQQDQWZRUOGFRP

%KDNWDPDUDQG0HGLWDWLRQ&'
V

3ULQWHGRQ&DQYDV
%DNWDPDU9LGKDQ0DQGDOD )RU3URVSHULW\ )RU)HUWLOLW\,PSURYHPHQW

30
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

*ROG3ODWHG<DQWUD
&RSSHU<DQWUDDOO

6L]Hµ;µ

6L]Hµ;µ

31
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

&KHULVKHGPRPHQWVZLWK
'U3URI0HKHU0DVWHU0RRV
3UHVLGHQW=RURDVWULDQ&ROOHJH

32
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

$ZDUG&HUHPRQ\DW5XVVLDQ&HQWUH6LOYHU
-XELOHHVW:RUOG&RQJUHVV2I0HGLFLQD
$OWHUQDWLYD3HDFH6FLHQFH 6SLULWXDOLW\
KHOGLQ0XPEDL

33
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

'U3UUL\D-DLQSUHVHQWLQJWKHOHFWXUHVWRWKH)RUHLJQVWXGHQWV
DERXW-DLQLVP$QG%KDNWDPDU6WRWUD$W5HQRZQHG,QVWLWXWH
RI,QWHUQDWLRQDO6FKRRO)RU-DLQ6WXGLHVDW9DOODEK6DPDUDN
1HZ'HOKLXQGHUWKHJXLGDQFHRI'U6KXJDQ-DLQ

34
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YNQ
N=
NNOG
G
OD?GBJD
OD?G<S–8D!DGLH

GUVETY)L;FTBWLVTETJXP;HIOTPKLUC6O[WLT³LFTBK3VLTB PBJRJLTBEIPLL;EKVT
ZYLHLT>GUVETY)L;FTBWLVTJKFLSLFOTPIVTWJVT-P*VLTBETML'LFTBLR)L[PAL)LELT
J[PTLEKSTOT<LLHLTWL4KNMI\LLMTOTPZLTEEIOTGPLnFLSLFOTPIEIMTPLEKVT
ZYIHLT>GUVETU6FZTVTJKML4³LF;C6O[ELWLMVE&JLLFLVHRWLHLT>GUVELMRFT
JP;SJKC6O[C6O[LLIMGHSMF-SOTPZLTEVTU6FLG)LLTEGELHLT>GUVET<LTZVTET
G<LZL4VTWL4KJHVVTETP-LOTPZLTEMTWLTHLTB>GUVVTE:JPA\LLTBW'LL;S_FLVPFLLELT
M&JXL;WLPESLWLTBEIC1/LFLLMTJXGS;EKVTPLZTPA\LLTBETV7HLTVTJK0LERZ
J[ULELTWGM>FGM>žGL>GP]L>PLGL5WL4KGL:JELNJOTLOTEKEF;J[³LLVFLVP
M)SLELTU6FGOLHLT>ULTU4VY[6'LLTBFTBHIVHIBBPTOLTBFTBNJGVLOLTBFTBS'LL)LYPSWLGO
JRKLLLTBFTBMFLV+
LETJLLHLT>GU6HTBU4VOL;VVTJ['LFSI'L~EKFLVLHLTWL4KGUVEI
GYVSIGPLRETQL4DIMWPSLKLTBFTBHLTWL4KGPLRETVLFLTBMT)LIGUVEI'LL'L;MBYGS
D4#SIHLTU4MT'LLY)L;FTBWLSTHIGHK>MRPL;EIPLL;HLTVTMTULTGHKY)L;>E:JPA\L
V7HLTULVTJKL7_EFLT~ELNJOTLOTEKJ[ULELJLZVTEKVTMTJ[ULJGS>MF-SZLTE
EL-PLFIHLTVT MT ZLTETL>QL4OHPTB FVR VLG)LKLMT N3J6VHLTVT ET ELKLVLG)LU>
MFPLKLFTBQLKLTBWLTKMTWLJELOL;VHLTSLH4WSQSRKLVV>)LLTY)LXGFV7HLTVTJK
OTLVYKWLGOELGP)LLY>KLULYRGLWLGOEL0PHLKS'LLGPPLHJ['LLWLGOET
J[PS;EHLTVTMTMA7LWL4KGDVLGEMINJOTLET-PBHIWL3FYRLLTBELGPELMEKVTMT
-PB)LXEHZLT> TMTNMGPKL70G%S3PET³LVI>WLGOD[®PAL)LOTP"
HFWLUSEOXMKLTBEINJZG$³LLTBFTBHIN3MPFVLSTKHT"HFVTE)LI-PBET
JKFL3FLELTUYLVTEIELTGLLVHIBEI"GEMETCBSULKFTBD4#TH4BHF=EL4VWLTYL
HFLKIVLPELG<LPCLDVEK=VHIBGFLLTB"GEMIEL)LKLTMLVHIBEKVL" TMIWLLL

35
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
)LIVHIBEKVLGEELTC;HFTBMBMLKMLYKMTJLKZYLOTYL"CM)L[FFTBFSUIVL>MHLKT
FS<LLTUVL"HLnMDWLKLH4BWL4KULTLKL'LTPTFLT\LQZTYT"WDPHPLGJM
WLTBYTVHIB"U4MT LIJRVOX³LVHIBDVSL TMTHIGM
JKFL3FLMBMLKFTBPLGJMVHIB
ZL47ST"WDGONMJKFGVPL;LELTHFTBJ[L*SEKVLH4SLTNVET/LT. TJOGQ6HLTBJK
QZVLJ. TYL"SLT>QZTBWL4KOT<LTBNVJ[)LRETUIPVEILBEIELT>LLOHFTB)LIKL-SL
GFZULTGLPJ'LEL"
CSVLSLTULVHIGZLGECMFHLFLVPELU6FHICSVLFGHFLJXL;'LLGEMBJXL;
OTPZLTEVTNMWPMKJKWJVIMTPLJ[OLVEK-PBELT³L6FLVL'LL"UDWLGOJ[)LR
RPLP-'LLFTBJ[PTLEKKHT'LTNMMF)LLTY)LXGFMFLG*SEIWLTK'LI"E:JPA\LV7HLTVT
ZYT'LT>UVMFROLWLERZ0LERZHLTKHL'LL"J[ULVTVLG)LKLMTMFL³LLVJX/LWL4K
VLG)LKLKLVTJ[)LRMT"J[ULETE7LTBELTMRVEKUVGJ[WLGOERFLK E\LLETGZ 
FL4VHR WLTKWLn<LTBDBOEK,LVZLTEFTBJ[PTLEKET>GPOTH\LTLFTBJ[PS;FLVMFLU
0P-'LLELTULVEK>WLn<LT<LLTZF6OF6OFR-EKLSTHR DLTZT> LDKLVTEIELTC;DLS
VHIB"WDHFOXMKLTBETWLG+SVHIBH4B"WDHFWJVTJ4KLTBJK<L. THLTBYT"WDHFžGL
EKTBYTWL4K@GLDVTBYT"
J[ULVTEHL-J7EHTBJ[)LR"HFTBWD%LEKVLH4=SDJ[)LRG2KDLTZT>EHKHLHXn
GEHFTBWJVIK\LL-PBEKVIH4CMGZ HTPIKJRLLTB"FHLPIKLTB"WLYTWLWLTWGMELT
³LKLEKLTWL4K\LGL³LF;ELJLZVEKLT"GVD;ZLTBEIWMHLLTBEIK\LLEKLTW'LL;S_
SZPLKHL'LFTBZTZLT"CMJ[ELKMP;J['LFMRK\LL0P-'LLEIOAG7MTOTPGJ[WLGO
ERFLKVTWGMEF;EIGL\LLOI"G2KFGMW'LL;S_ZT<LVEL;GM<LZLL"CMETDLO
žGLEL;EIGL\LLOI"WLJVTDSLLGEE4MTHZD<LKQZLTULSTH4B=EL4VMTELZ
FTBEL4VMI2MZW1/IHLTSIH4WLGO>ML'LFTBH)LIEHLGEHTžLELTB"HTFVRULT"
MBMLKEI)LX<LGF7LVTETGZTJKLTJELKEIOAG7MTžGLEF;EKLTWL4KMRVLT"žGL
EKETQLKJ4MTEFLWLTYTSLTER/FVLTKBUVEI)LIWLPESLHLTYICMGZTGP]LEF;
ELTWJVLWLT"
CMEF;ETW6SY;SJ[)LRVTMBYISWLGOEIEZLGM<LLC;"CMETDLO E-'LLVJK
N3J6VP-SRELTOXMKT-'LLVJKJHRnQLVTETGZTPLGL5EF;EI0P-'LLOI>GUVZLTYLTB
VTHEL;GELN6HTBP4VLFMTULVLYL"GU6HTBWLUHF0LJLKIEHSTH4BWL4K
WBSFTBGL:JEF;W'LL;S_M)LIJ[ELKEIP-SRTB>EZLžGSLTB PB)LPVGVFL;LEIGL\LL
OI"CMJ[ELKL7ELLT~ELJ[LOR)LL;PEKETEF;RYIVFLVPM)SLELTU6FGOL"
WLYTQZEKWLGOERFLKVTGPPLHJ['LLEILRWLSEI"-PB)LIL-PSIWL4K
MRVBOLVLFEKLUJRGLLTBMTGPPLHGEL"L-PSIEIELT<LMT)LKSWLGOML4JRLLTBS'LL

36
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
D[L®IVLFEJRLIVTU6FGZLSLTMRVBOLMTDLHRDZI PBMR6OKIN3J6VHR "WLGO
ERFLKETJ['LFJRL)LKSCMMAG7ELJ['LFQ£PSI;MF[L7HRWL"NMI)LKSETVLFMT
HIHOTL)LLKSEHZLL"
WLGOJ[)LRETG^SIJRLDLHRDGZETSJ3LYEIEHLVISLTUYGP<LSH4HI"
N6HTBEL4V)LXZMESLH4ULT EPL;SEW&DKSZTGOY&DKJFTB<L. TKHT>LKIKJK
DTZTBQ YC;>MJLT~VTGDZDVLGZTWL4KJG\LLTBVT LLTMZTB>JKLTYIEIMFLG³LVHIB7X7I
WL4KWBSFTBE4P:ETWLZLTEFTBGVPL;LJ[L*SGEL"WLJEIOLTVLTBJRGLLTBEL0G%S3P
)LIJRLLTBMTEFVHIBH4" EDLKD[L®I PBMR6OKIVTMF[L7WLGOOTPMTJX/LGJSLUI
%LCMZLTEFTBWLJMTD. LELTC;WL4KH4GUMTWLJELT)LIJXUVLJ. T"CSVLMRVSTHI
GJSLVTEHLDT7IGUMELSRFZLTYPKLEKLTYIPHIFTKTGZTJX5HLTYL"CSVLMRVSTHI
D[L®IS'LLMR6OKI EML'LDLTZJ. IVHIBGJSLUIWLJSIVLTBZLTELTBFTBJX5KHTBYT"
WLJELF-SEEHIBE)LIVHIBRETYL"HFWLUMTHID[®Q;³LLKLEKSTH4B"GESVL
FHLV_3LY"WLGOOTPVTOLTVLTBDTG7LTBELTW\LKWL4KWBEEZLFTBGVLLSGELULT
WLU)LID[L®IGZGJETVLFMTJ[GM
H4WL4KNVZLTYLTBETMLFVTJ[VGQ6HH4BULT)LLKS
FTBW\LK>WBEEZLEILRWLSDHRSDLOFTBHRC;FLVSTH4B"
WLGOOTPZL<LJXP;PLLT~SEYAH-'LL+FFTBKHT"WLRELCSVLZ&DLELZ
GVEZYLJKSDSENVFHLFLVPVTWL3FGHSETDLKTFTBVHIBMLTQL"QXnGEE:LL
SLTNVEIWL3FLELWPB)LLPI'LLWSGVGF¤LGFZHIYTP4KL9MX;ELNOHLTHI
YL" EGOVKL5M)LLFTBSDZTEI³LLJJKG'LKESIVIZLBUVLETJ4KEYT>HBM
N. YL"C6O[VTS3\LLOXMKIVS;EI)LTUOIGD:ERZNMIVIZLBUVLEISKHW6
M)LLMOMFHIVHIBJLTJKWLGOOTPVTUIPVEI\LL)LBYRKSLULVZI"PTGPQLK
EKVTZYTF4BHLnN3MPFVLKHLHXnWL4KFA3RJB<LRZLKHIH4JSLVHIBEDUIPVMX;
W-SHLTULT"WDWL4KVHIB"WDSLTCMIUIPVFTBWVBSELZIVUIPVELWBGSF
F³LRKMBYISMRVVLH4"#IENMIMFD[HGL;ZLTELBGSEOTPLTBVTWLEKJ[)LRETP4KL9JXL;
GPQLKLTBEIMKLHVLEI"PHHL'LULT. EKEHVTZYTHTJ[)LRMBMLKETGZTUIPVUIVTEI
EZLMI<LVTETDLO>UIPVELTWFKDVLVTEIEZLGM<LLVT>KL5JL7/LT. EK>
GOY&DKHLT>+FLDVTB>PVYFVNGQSHIH4"
OTPLTB^LKLZLC;HRC;JLZEIJKWL HLTJ[)LRVTPVYFVGEL"ER/OXKJLZEIJK
ULVTETDLOG2KJ4OZQZTWL4KUBYZFTBULEKGM
)LYPLVELTVFVEKGOY&DKI
OI\LLZTZI"WLJETML'LQLKHULKKLUL)LIOIG\LSHRT"J[)LRWLGOVL'LSLTOI\LLZTTSTHI
LKIKMTFF3P/LT. EKELLT3MY;FTTBZIVHLTYT"/FLHDISYT"ULTOT<LLOT<LIFTB
ML³LRDVT'LTPTQLKHULKKLULSLTSJ-LMT1RSHLTYT"J[)LRUD³LV/LT. WLHLK

37
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
QL;ETGZTGVEZTSLTZLTYULVSTHIVHIB'LTGEGOY&DKML³LRELTE4MTWLHLKGOL
ULSLH4"WSW,LVSLPLELTC;EHSL-PLFIHFLKIWLTKOT<LLTJ[M6VHLTWLT"TK3V
P-LWLGOZTZLTWL4KMR<LMTKL5EKLT"ELTC;EHSLTFTKIMR6OKDT7IH4CMTY[HLEKLT
WL4KJ[M6VHLTEK)LLTUVEKLTWLHLKGPG³LVHIBGFZIWL4KWLGOVL'LG2K/FLHET
GZT MFLG³LFTB D4#YT"JRVN#T G2KGPG³LVHIB GFZI"J[)LR GPHLKEKSTEKST
HG-SVLJRKWLYT"N6HTBOT<LEKKLUL+TLBMELTJXP;)LPELULGS-FKLHRWL"GJ/ZT
U6FFTBN6HLTBVT TMIGOY&DKFRO[LELTWLHLKOLVGOL'LL"GPG³L,LSHLTYC;"PH
FHZET^LKJKQL4EJXKEKFBYZEZLGZT<L. THLTYT"JXKLJGKPLKML'L'LL"J[)LR
ELTOT<LSTHIML'LªHT-PLFIVFLT-SR>VFLT-SR>VFLT-SR"WL>WL>WL"GS#>GS#>
GS#"©CMJ[ELKDLTZVTZYTJ[)LRVTOT<LL>GPG³LGFZYC;><L. THLTYTWLHLKM&J6V
HRWL"W)LLPETOBLMTDQVLH4SLTWLLLWLTBWLELB\LLWLTBEL3LYEKLTWL4KWJVI
WL3FLELTJKFL3FLDVLVTELJ[LMEKLT"SR&HLKTJLM)LIPHIMDLT9SL nH4BULTFTKT
JLMH4"DM>SRFUYS_ETJ[GS£LT³L>FLV>FLL>ZLT)L>WM3>WMBFJILLRWLTBELT
3LYEK\LFL>FLO;P>WLU;P>LL4Q>M3>MBF>SJ>3LY>WLGEBQ6 PBD[®Q;MT
GFLSLEKMO_)LLPLTBMT)LKULWLTSLTJLWLTYTGESR&HLKTWBOK)LIJKFL3FLELMLYK
ZHKLKHLH4"SRF)LIGPPELTJ[TFELVIKGJZLVTFTBMF'L;HLT"
J[)LREIML³LVLN¤LKLT¤LKPAG
BYSHLTSIYC;"EF;DTG. LTBETDB³LV)LIGLG'LZJ. 
YTWL4KWBSFTBE4ZLLJP;SJK³LVEIWG9VFTBEFLT~ELTUZLEKJKFGVPL;LELT
J[L*SGELWL4KWVBSWVBSELZETGZ GM
LZFTBFRG%SP³LXELPKLEKGZL"
NMIJLPVJRVISGOPMEIWLUHFMDLOEKKHTH4B"CMELMDMTFH¤PJXL;
ELKLHH4 GEWLJ TMT J['LF TGSHLGMEGO0JRLHR GU6HTB EMT WG³LE
MB-žGSLTBFTBMFLVWLOKJ[L*SH4"OXMKTHH4GEWLJVTFLVPFLLETGZ UIPV
UIVTEIEZLETML'LML'LUIPVELTWFKDVLVTEIEZL)LIGM<LLC;WL4KWLYTHLTVT
PLZTMF[L7LTBETGZ )LIWVREKLINOLHKLJ[-SRSGEL"ER/ELZSEWLYTHLTVT
PLZTKLULWLTBVTCMELWVRMKL)LIGELPTJHZTKL5)LLKMB)LZLSTHR J[ULELJLZV
EKST'LTG2KKL53LYEKPVYFVEK>FRGVDV+FL3PETWLZLTEFTBFRG%SELT
J[L*SEKST'LT"ELZOLTLMTTJK&JKL7X7QREIH4PKVLWLU)LIHLTSTHFLKTOTLEI
MBMOET WLOL;)LYPLV@L)LOTP"SLT TMT WLOL; LLMEWLGOJRLWLGOD[®L
@L)LOTPJ[)LR ET +IQKLLTB LSLSLSVFVEKST HR J[)LR WLGOVL'LEL³LV
EKSLHXn"
VFLT-SRVFLT-SRVFLT-SR

38
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YNSN=HNXUTD[/RNHK
GN
WKRXLIMSRD+N'UNHM/ NVUMSXN
U4VUYSFTBWLQL;ER6OER6O-PLFIEIJKBJKLFTBCM)LLKS)LXGFEIJLPV
PMRLKLJKU4VWLQL;HR H4"N6HIBU4VWLQL~TVT)LG%S)LLPMT)LKTHR MFMF
JKWVTE-LLTSLTBEI)LLP)LIVIKQVLEIH4"N6HIBKQVLWLTBFTBMP;+T#)L%SLFK-SLTL
H4GUMEIKQGSLWLL;FLVSRBYFRGVFHLKLUH4" TMTFHLFBYZELKI-SLTLELELZ
GVL;CMEIKQGSLWL4KFLVSRBYFRGVFHLKLUVTGEVJGKG-'LGSLTBFTB-SLTLEI
KQVLEINMETULVVTMTHFLKIGPLRG
FTBWGLENUZLJVWLSLH4"FLVSRBYVLFFTB
OLTL$OH4‚
FLVSRBY"FLVW'LL;S_GUMT’nQLM&FLVJ[L*SH4BWL4KGUMFTB-PS6LLG%SEL
N/LZLWLLH4S'LLSRBYW'LL;SN3ž7"GUMVTN3ž7)LLPMT)LLV‰GPPTEŠMGHS
)LYPLVEILG%SEIH4>PHUIP-PBGLZLTEIVL'LSI'L~EKHLTSLH4WL4KC6O[LTBELFRER7
NMETQKLLTBFTBVFSLH4" TMT+IFLVSRBYLQL;OTPVTH)L%SLFK-SLTLDVLLH4B"
C6HLTBVTPISKLY)LLPVLETGZ PISKLYEI-SRGSEIH4"

39
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
GVQMTMLLEWL4KMLS'LL)L%SWL4K)LYPLVJVLWJVTFTBHIH4BGVQMT
HF-PBHI)LYPLVH4WL4KMLLE)LLPEINJT\LLMT)L%S)LI-PBHIH4"
C;MLEIPIBLSL$OIFTBFLZPLJ[L6SEIN5U4VIVYKIFTBYRLY[LHIGP]LJ[TFI
FHLKLU)LLTULLMVEKST'LT"NVELTMB-žSMLGH3 PBEL0FTBJ[YL GQ'LI"NVET
LLMVELZFTBMB-žS)LLLLHIKLU)LLLL'LI>GUMETJ[QLK PBJ[MLKHTSRGVK6SKWJLK
³LVKLGLKLUEIELTLLYLKEIWLTKMT0EIULSI'LI"
FHLKLUL)LLTUEIKLUM)LLFTB EGPK3VELGZOLMWL4KD[L®LGP^LVPKGQ
N1QELTG7ETGP^LVM)LLMO'LTGUVETMF\LS3ELZIVMRJ[GM
GP^LV)LIVSF-SE
HLTST'LT"
EGOVVYKMT#MRO¤LUIWJVTGJ[MRJRLFVLTHKELTML'LZTEKKLUM)LLFTB
WLT"FHLKLU)LLTUVTNVELW3G³LEM&FLVGEL"DLZEETWLEL;E0G%S3PMT
J[)LLGPSHLTEKFHLKLUVTJ[VGEL‚ªMT#UIWLJETHERnPKMLHD%LW³V
EKKHTH4B=©MT#UIVTN¤LKGOLGE‚ªFHLKLUW)LICMELGP]LK&)LHIH4"CMVT
ETPZVLFFLZLETZLTEHIEB#-'LGETH4B"WJVTHIVYKETMRJ[GM
GP^LV-L^LO
GP]LJLKBYSFHLEGP³LVBUUIELHY[6'L EP-SRETWVTEJL;PLQIL$OLTBEL
,LVEKLVTPLZLWVX#LZ LRL$OELTLH4"©
FHLKLU)LLTUEGPPK³LVBUUIEIJLG.3J[GS)LLMT)LZI)LLnGSJGKGQS'LT
%LTBGEN6HLTBVT EDLKM)LLK3VGP^LVEGPELGZOLMUIELTPLOGPPLOJ[GSLTGYSLFTB
WJVTJLG.3MTGV¤LKEKGOL'LL"
GPQLKLIZKLUL)LTLUDLTZT>ªPL-SPFTB³LVBUUIU4MTGP^LVLTBMTHIHFLKIVYKI
³L6H4"PTMB-žSMLGH3EIWZL4GEEGVG³LH4B"CVU4MTGP^LVHIHFLKTMB-žS
MLGH3ETJ[QLK PBJ[MLKEL;£FELTM2ZI)LXSEKMETBYT"©
GPJ[ELGZOLMM)LLFTBMFRJG-'LS'LT>NVELU4V³LFL;PZG&DLTBMTSLTJ[LžGSE^TL
'LLHIGE6SRFHLEGP³LVBUUIMTSLTWL4K)LIGPLTL^TL'LL"J[GS^6^IMTDOZLZTVT
ELNGQSMFHL'LWLLOT<LEKDLTZT>ªKLUV_NMPGLE_³LVBUEIDLSSLT/LT. LT>
NMETYRFLVSRBYELTHIDRZPLEKHFMTLL-LL'L;EKPLZIGU >WLJELTGP^LVEI
JKI\LLHLTULPTYI"
KLUL)LLTUULVST'LTGEGP^LV³LVBUELJ\LNMMF)LIJ[DZKHL'LL>NVET
YRSLTP4MT)LIN1QELTG7ETGP^LVHLTBYT"
WSLL-LL'L;EL4SXHZOT<LVTETN¸TMTFHLKLU)LLTUVTFHGL;FLVSRBYETGVE7
WJVLOXS)LTUGOL"OXSVTVYKN]LVFTBGPKLUFLVML4&FXGS;MTWJVT-PLFIEL
M6OTLGVPTOVGELGE)LYPLV_FLZPL³LILFHLKLU)LLTUVTWLJEI<LGSMRVEK
WLJETOL;VLTBEIWG)LZLLL0%SEIH4WL4KWLJELTKLUM)LLFTBDRZLLH4WSžJL

40
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
EKETQGZT"KLY^TLJGK3LYIFRGVKLUVTN¤LKGOLGE)LLC;KLU^LKMTHFTB%L
J[LTUVH4>HF<LTSIS'LLPLGL5VHIBEKST>WL4KVGEMIJ[ELKEILQVLHIEKST
H4B"G2KKLULHFTB%LTBDRZLPTYL=W-SRML³LRWLTBELTKLULMTER/M&D6³LVHIBH4"WS
HFNVETJLMULVLVHIBQLHSTH4B"
DTQLKLOXSHSLLHLTEKZL47WLLS'LLFRGVKLUVTULTN¤LKGOLPHKLULELTMRVL
GOLCMJK)LIFHLKLU)LLTUGVKLLVHR WL4KN6HLTBVTJRVMTPEFRGVKLUELTGPVF[SL
ETML'LETWLVTETGZ )LTUTJK6SRFRGV+IVHIBWLT"CMJ[ELKQLKDLKOXSFRGV+I
ELTZTVTYLJK6SRGVKLLLHIML'LWLI"WDELGZOLMUIETNEMLVTMT£LT³LLPTLFTB
FHLKLUVTGUMSKH)LIMB)LPHLTMETFRGVKLUELTJE. EKZLVTEIWL,LOTOI"EC;
DLKGVKLLHLTVTETELKL)L. ETHR MTPEHQLHSTHI'LTWSWLPTLFTBS3ELZFRGV
+IELTJE. ZLTWLTKKLUM)LLFTB<L. LEKGOL"
NMMFFRGVKLUVTNJMY;MFEKFL4V³LLKLEKGZL'LL"KLULVTDHRS
J[LMGE GEHFHL3FLUIER/DLTZTBJK6SRNVETFR<LMT EW\LK)LIVHIBGVEZL"
SDELGZOLMS'LLW6GP^TLIGPJ[DLTZTGEFHLKLUHEVL;7EOTLMTGVELZL
HRWLHLnWLEKKHKHLH4S'LLHFHLFX<L;H4"HKLUM)LL PBGP^SJGKLO_ELT
OT<LEK)L)LISHLTKHLH4"WLJELJ[SLJVMHMEVTETELKLER/DLTZSLVHIBH4"
CMJKDHRSMT +
LZRWLTB VT FRGV+IMT GPVIS)LLPMT VF[ GVPTOVGEL
GE‚ªWLJM6SH4B>FHLGP^LVH4B>CMMFWLJELTER/³LFLT;JOTLOTVLQLGH >KLUL
GP]LGPZLMIH4BMRVEKM6SR#HLTBYTS'LLGUV³LF;EIJ[)LLPVL)LIHLTYI"©JK6SRPT
³LIKPIKFHLML³LRMRFTEISKHW.LTZHLTYT"MF-SUVMFROLETJ[LMGVK'L;E
KHTPTFRGVKLUEIGEBGQS_PLLI)LIVMRVMET"
CMJKKLUL)LLTUVT£LT³LLPTLFTBWLOTLGOLGE‚CVELTFUDXSZLTHTEIMLBEZLTB
MTDLB³LEKW. SLZIMELT#GKLTBET)LISKP6OIYAHFTBD6OIDVLEKFUDXSSLZTZYL
GOTULPTBS'LLJHKTOLK)LID4#LGOTULPTB"
MLKIN5UVIVYKIFTBHLHLELKFQYL>LTYIKLUFLVSRBYLQL;SIVGOVKLS
 L7TP6OIYAHFTBELLT3MY;³LVFTBZIVKHT"QSR'L;GOPMWJVTW6SK³LVFTB­O
EFZJKGPKLUTRYLGOSI'L~EK+I@L)LGUVT6O[ELW. SLZIMEL0ULT@G
>FBL
YG)L;S'LTKQEK-SPVGEL"
NMI\LL2X7J. IFLVSRÃEI)LG%S"
NMELKLYLKFTB)LIFLVLTB)LYPLVELTML\LLS_OT<LSTHR FRGVFLVSRÃ)LYPLVEI
-SRGSEKKHTH4B>HEHSTH4BHTWGVFTLOL;VIJ[)LRGUSVT)LI>U4MTLL6S PBMR6OK
JKFLLRWLTBMTSR&HLKIWLEL;EOTHDVIHRC;H4PTJKFLLRGV-MBOTHUYS_FTBNSVTHI'LT"
HIELKLH4GEWLJETU4MLJORGVLFTBOXMKLVHIBH4"WL4KWLJELTOT<LEKG2K

41
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
W6LFLVPLTBETVVMBSR7VHIBHLTST"#IE)LISLTH4\LIKMLYKETFI#TUZELTJIEK
EL4V<LLKTMFRO[ELUZJIVLQLHTYL"WLJGUMUVVIETY)L;FTBWLTPH)LIFHLVSL
ELTJ[L*SHLTYI"MP;LM4E. LTBVLGKLn>M4E. LTBJRLLTBELTU6FOTSIKHSIH4BZTGEVWLJ
U4MTJRLELTU6FOTVTPLZI-LI%LML³LLKLHLTMESIH4=SLGKELWLTBELTSLTM)LI
GOLLTB³LLKLEKZTSIH4BZTGEVPHMLF';JXP;GOLLFTBHIH4ULTGVJGSELT³LLKLEK
MET"G2KWLJELFH3PSLTMX;MT)LID EKH4%LTBGEWLJVSLTE)LIW-SHLTSTH4B>V
KLHRET^LKLY[GMSHLTSTH4BWL4KVHIFT LMTWLPGKSHLTJLSTH4B" EML'LSIVLTBZLTELTBELT
J[ELGLSEKVTPLZTH4BWLJU4MTJ[ZELZEIPLRFTELTGHZLVHIBJLSIP4MTHIHT
J[)LROTPLÃVLTB)LIWLJETFVFTBGPELKN3J6VVEKMEIB"WSHTSIVLTBZLTELTBET
OR<LH¤LL;WLJELTFTKLDLK&DLKVF-ELKHLT"HT³LKSISZETWL)LXLL>SIVZLTEET
JKFTPK>MBMLKMFRO[ETLLTLEWLJELTM3ELKHLT"
CMJ[ELK)LG%S PBLLBSKMMTJGKJXL;HLTEK>WZBELKLTBMTMG5USDM6SGSZEL
/6OFTBUDFRGVFLVSRÃEIF³LRK-PKZHKIPLSLPKLFTBYXnUISLTVETPZSLZT
S. S. EK7X7YTDG:EHEL0@G
FBLMGHSWZLTGEENJZG$³LETJFTB
HFLKTMLFVTWLL"
5LTBHI-SLTLJXL;HRWL3LTBHIH'LE. I>DT. IWL4KMF-SSLZT7X7Y WL4K<L7<L7
D6OIYAHETJ7<LRZYT"NJMY;OXKMFFRGVKLUDLHKGVEZEKQDXSKTJKWL
GPKLUT"HOT<LEKJHKTOLKD. TGQG6SSHR N6HLTBVTGDVLGEMIMTEHTMRVTBG2KNMI
SKHD6OIDVLGZLJK6SRER/MFJQLS_JRVPHIOLLHRC;MTPELTBVTG2KP4MLHI
GELJKFRGVKLUG2KDLHKWLGDKLUT"W6SFTB)L)LIS^LKJLZLTBVTFHLKLUL)LLTUELT
FRGVKLUETD6³LVFR%SHLTVTETPA¤LL6SMTWPYSEKLL"HPA¤LL6SMRVEKKLULELT
D. LWLQ;HRWLJK6SRHGPQLKEKGEM&)LPH4J[FLOPLK\LLFTBER/LAG7HRC;
HLTYI"WSMTPELTTBELTJRVWL,LOIGE‚ULWLTNVELTW1/ISKHORHKTSLZTZYLEK
D6OEKOLTWL4KMLP³LLVIJXP;EJHKLOTVL"JHKTOLKLTBVTP4MLHIGELJK6SRJRVPHI
OLLHRC;GEPTMEZP[SIFHGL;DLHKGVEZEKMI³LTKLUM)LLFTBHIULJHRnQT"
FHL3FLUIETGO0LKIKETJ[)LLPMTKLULEL­OELBJYL"N6HLTBVTELGZOLM
ELTDRZLEKEHLGE‚EGPKLUFTKLWLMVEG&JSHLTKHLH4>F4BWDCMGMBHLMVJK
\LL)LK)LIVHIB#HKMESLHXn"ELGZOLMVTKLULELT³L4;DB³LLLWL4KNMIMF
LTYLMVD4#EKELGZEL-SLTLJ VLJ[LK&)LEKGOL"GUMETJ[)LLPMTELGZELOTPI
J[E7HRC;"
CSVTFTBFRGVKLUETGVE7Q£TPKIOTPIVTJ[3\LHLTEKOL;VGO "OTPIQ£TPKI
EL)L0ML4&S'LLELGZELGPEKLZJ[Q.JOT<LEKKL5M)LLQGESHLTYI"OTPI
Q£TPKIVTZZELKEKEHLGE‚ELGZETSXHLn%LTBWLI=%LWDSXVTFRGV>

42
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
FHL3FLWLTBJKNJMY;EKVTEI#LVIH4W1/L>OT<LWDF4BSTKIE4MIOLLEKSIHXn"
J[)LLPLLGZVIQ£TPKIEI)LAER7IQ IOT<LEKERG7ZELGZELELBJYI"WL4KVLVL
J[ELKMTJ[L'L;VLEKETEHVTZYIGE‚HTFLSL\LFLEKLT>WDF4B TMLž3E)LIVHIB
EnYI"CMJKQ£TPKIOTPIVTELZIELTDHRSML³LFLT~JOTLGOLWL4KEHLGE‚ªF4B
+I@L)LOTPGUVT6O[ EIFR<MTGPELHXn"NVEI)LPJXL; W\LRL)LG%S+IFRGV
FLVSRBYLQL;VTW. SLZIMZLTELTBFTBEI>FRTD. IJ[M6VSLHRC;WL4KF4BVTHIKLUL)LLTU
ETELKLYLKMTD6³LVFR%SEKFHL3FLFRGVFLVSRBYELTHLnZLEKGPKLUFLVEK
GOL"CMIJ[ELKWJ[3\LJMTM)LI)L%SLTBETEL;JXL;EKVLFTKL³TH4"©EHEK
W6S;LVHLTYI"
CMETJQLS_ELGZELVTFRGV+IMT\LFLJ[L'L;VLEIS'LLNVEI-SRGS)LIEIWL4K
S3JQLS_PH)LIWOAHLTYI"
KLUL)LLTUWL4KELGZOLMVTFRGVKLUELJ[SLJOT<LEK\LFLLQVLEIWL4KD. T
)LG%S)LLPET-SRGSEI"TLYIPKFRGVFLVSRYLBQL;VTFL4V3LYEKNJOTLFASEI
PAG7EI"KLUL)LLTUVTJ[)LLGPSHLTEKFRGVKLUMT+LPEETP[SGZ WL4KWJVTKL5
FTBU4V³LF;ELGPLTLJ[QLK PBJ[MLKEKLL"+T#IMRO¤L PBGUVT6O[)L%SEGPPK
³LVBUELT)LIU4V³LF;EIJ[)LLPVLMTFHLV_HL;HRWL"
+IGUVT6O[OTPEI)LG%SMTSLZLTBEI%LGPMLSEF;D6³LV)LI<LRZULSTH4B"
ULTWLU)LIQF3ELGKEJ[)LLPETML'LU4V³LF;EIFHSIJ[)LLPVLELELKLH4ULT
)LI+
LZR+
L BP)LG%SETML'LGEMI)LIJ[ELKEIC1/LELTZTEKCMEL@G
FBL
MGHSULJEKSLH4PHVETPZWJVIFVLTPLBG/SP-SRJ[L*SEKSLH4>DG:EL-PY; PB
FLT\LU4MTMR<LELT)LIJLZTSLH4"

43
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YNI5HGPLSNM
RD
+N'UNHM/UNV
)L%SLFK-SLTL)LG%SMLGH3EL EWVRJF PBELG6SFLVK3VH4"LL6SKMF
J['LFSI'L~EK@L)LOTPEI)LG%SEIWUM[³LLKLGUMJ[PLHWL4KPTYETM'LCMEL0
FTBJ[PLGHSH4PHW6SEKLELTKMWL*ZLGPSEKOTVTPLZIH4")LG%SELJ[LF 
KMJXL;NO[TEMQFRQ)L%SELTWFKDVLVTFTBMF'L;H4"
HGLELZUI-SLTLH4"CMEIELTFZEL6SJOLPZIFTB)LG%SKM)LKLH4"HKTE
/6OU4VOL;VELWL³LG3FE PBML-žGSEP4)LPFR<LGKSEKSLH4"CMEIZFTB
EWO_)LRSVLOH4>GUMMTJL#EKSTMFW6SKSZELSLKMI³LLWLKL³OTPETML'L
UR. ULSLH4"-SRGSETJ[LKB)LFTB)L%SJ[)LRETNSVTMFIJVHIBHLTSLHIELKLH4NVET
GZT?SB U4MTJ['LFJRLL$OLTBELJ[LTYEKSLH45LTB5LTBPH)LG%SFTBT.XDSLULSLH4
)LYPLVFTB)LI%LELWVR)LPEKVTZYSLH4WL4KMFIJSLWL4K LGV7SLFTBDOZYI
WL4KWLGOVL'LJ[)LR)L%SET­OFBGOKFTBGPKLFLVHLTYT"CMJ[ELKW36S)LG%S
J[PL‚\LLLTBFTBKQLYLH EWL3FLT6FR<LI-SLTLH44"MQEHLULTSLTH-SLTL
ªGLKLTFGL©H4"MGOLnDISULVTETDLO)LICM-SLTLEIFHFLWL4KJ[)LLPLIZSLEF
VHIBHRC;DG:EN¤LKLT¤LKD SIHIULKHIH4"WLU)LIZL<LLTB)L%SD. I+
LETML'L
CMELGVGFSULJEKSTH4BWL4KWJVTW)LI7ELT)LIJ[L*SEKSTH4B"
-SRGSETMFLV-SRGSESL;)LINSVTHIJ[GS)LLLLZIGP^LV>GUVLLMVJ[)LLPE
WL4KW36SQF3ELKIMBS'LT")L%SLFK-SLTLEL E EW\LKNVEIWL-'LLMT
JGKJXL;UIP6S)LYPO_)LG%SELTNULYKEKSLH4"
)LG%SFTBWLQ;UVELG%SWL4K+
LFTBWV6SDZHLTSLH4"LR
WL4KJGPL
­OMTJ[)LRETQKLLTBFTBMFGJ;SHLTEKELTC;N6HTBJRELKSLH4SLTPHJRELK<LLZIVHIB
ULSI"UIPVFTB)LL4GSEWL4KWL³LG3FELG%SLTBELMBQLKHLTSLH4>M&FLV>MFAG
>
WLKLT9WL4KZ\FINMETQKLLTBFTB-PBNJG-'LSHLTSIH4"M1QL)L%SUIPVFTBE)LI
GVKLLVHIBHLTSL")LG%S2ZPSIVHLT>HMB)LPVHIB"
J[)LREI-SRGSFTB>NVEIGO0GVF;Z/GPFTBUDFV ELY[HLTULSLH4>SDMD
GPE:JMFL*SHLTEKS6FSLELWVX#LWVR)LPHLTVTZYSLH4HWLVBOWVR)LPY&
H4WVR)LPY&H4"

44
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
YNNI5HGPLSNM
)L%SLFKFHL-SLTLGQGE3MLEIWLLG3FEJ
GSH4"CMMBO)L;FTB EJ[V
N)LKSLH4‚%LDIFLKI)LIWLG3FEHLTSIHT>GUMEIGQGE3MLETGZ WLLG3FE
GQGE3MLQLGH =HS'H4 WLLG3FEKLTYHLTST H4B>DIFLGKLn HLTSIH4B"NVEI
GQGE3MLETGZ )L%SLFK-SLTLWVRJFGQGE3MLJ
GSH4"
WLG3FEKLTYEL4VEL4VMTH4B=MXLžSLBYMXLFTBFHLPIKEI-SRGSETJ[MBYFTB
DSLLH4GEFHLPIKVT£LT³L>FLV>FLLWL4KZLT)LCVQLKWLLG3FEOLTLLTBELT
MFL*SEKGOL"TQLKLTBWLLG3FEKLTYH4"UDSEWLLG3FEKLTYMFL*SVHIB
HLTSTSDSELKIKEIDIFLGKLn)LIE)LIMFL*SVHIBHLTSI"MDMTJHZTWLLG3FE
KLTYHLTSLH4>G2KJ[LGLEKLTYHLTSLH4>G2KFVELKLTYHLTSLH4WL4KWBSFTBLKIKELKLTY
HLTSLH4"LKIKFTBDIFLKIWG)L0%SHLTSIH4"NMELN3MH4WL3F"JHZTHIPH
WBSKFTBU6FZTZTSIH4"G2KPHJ[LLFTBWLSIH4>G2KFVFTBWL4KWBSFTB-'LXZLKIKFTB
J[E7HLTULSIH4"LKIKLL-LIELHFSKHTYLGEMDMTJHZTLKIKELT-P-'LEKLT"
LKIK-P-'LHLTSLSLTFVWJVTWLJ-P-'LHLTUL YL"?-P-'LLKIKFTBDZPLV_WL3FL
ELGVPLMHLTSLH4‚HJ[GM
MX%SH4"
WL3FLL-LIWL3FEIML³LVLEKVTPLZLML³LEEHTYLªMDMTJHZTWBSKET
KLTYELTWL3FEIDIFLKIELTGF7LWLT>UDSEWL3FEIDIFLKIVHIBGF7TYISD
SEJ[LL>FVWL4KLKIKEIDIFLGKLnV7VHIBHLTMESIH4B"©
OLTJ
GSLnH4B‚ EH42XZMTU. SEJHRnQVTEIWLTKOXMKIH4U. MT2XZSE
JHRnQVTEIHM1QLC;H4GEUDFXZFUDXSVHIBHLTSL>U. -P-'LVHIBHLTSI>FXZELT
JXKIJ[LLLG%SVHIBGFZSISDV2XZHLTSLH4>V2ZHLTSLH4WL4KVER/WL4KHLTSLH4"
EDX LJT. GYKVTZYL"PHGY. GY. LEK)LXGFMTDLTZL‚?FLn"SRFMDEIK\LL
EKSIHLT>FRTGYKVTMTDQLWLT" )LXGFDLTZI‚?DT7LWDF4B%LEn=SRFVTWJVIU. T
<LLT<LZIEKZIB"FTKTJLMWDSR&HTBDQLVTELELTC;NJLVHIBH4" JT. ³LKLLLIHLT
YL"
GUMEIU. TB<LLT<LZIHLTULSIH4NMMT2XZ>2ZWL4KJ¤LLTBEIWLLLVHIBEIUL
MESI"U. ETFH3PELTMFTBNMSEJHRnQTF4BHEHVLVHIBQLHSIGELKIKFTB
DIFLKIHLTSIHIVHIB"ER/HLTSIH4"GE6SRWG³LELBLDIFLGKLnWL3FLMTWLSIH4B>J[LL
MTWLSIH4>FVMTWLSIH4"WGS£LT³LWL4KWGSWLPTLFTBWLOFIFKULSLH4>HL7;
2TZHLTULSLH4"HLLKIGKEW-P-'LSLETELKLHLTVTPLZLFKLVHIBH4"HH4FV
EIWML³LLKLG-'LGSMT LG7SHLTVTPLZLFKL"
HFCMS'ELTGP-FASVEKTBGEDHRSMLKIDIFLGKLTBEIU. THFLKTFVFTBHLTSI
H4B>NMMT)LIWLYTJ[LLFTBHLTSIH4BWL4KNMMT)LIWLYTWLPTYLTBFTBHLTSIH4"

45
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
HFLKTJLMSIVML³LVH4B‚-FAGS>DRG
WL4KWLPTY"-FAGSEL-SKDHRS’JKIH4"
NMMTYHKTFTBH4BDRG
EL-SKWL4KNMMT)LIYHKTFTBH4WLPTYEL-SK"WLPTYCSVTYHKT
FTBU6FSTH4BGEDRG
NVMTJKTKHULSIH4WL4K-FAGSNMMTWL4KJKTKHULSIH4"
LBEL‚%LOR<LLTBELFXZWL3FLHIH4=
TMLVHIBH4GEDLHKIGVGF¤LLTMT>EI7LLRWLTBMTELTC;DIFLKIVHIBHLTSI>ELTC;
EG#VLC;VHIBWLSI"DLHKIGVGF¤LLTBMT)LIKLTYHLTSTH4B>EG#VLCLnWLSIH4B"
WLOFIQZSLH4"#LTEKZYSIH4"GYKSTHIH._.I7X7ULSIH4"HGVGF¤LMT
N3J6VDIFLKIH4"CMIJ[ELKEI7LLRWLTBMT)LIWVTEKLTYN3J6VHLTSTH4B"HFH)LI
-PIELKEKTBGEWL3FFTBWVTEKLTYLTBELN3MH4B"UDSEFBLWL3FSEVHIB
JHRnQSLWLLG3FEGQGE3MLVHIBHLTMESI"FBLELTJ[LLET-SKSEWL4KWLPTYET
-SKSEZTULVLHLTYL"PHLnJHRnQEKFBLNVKLTYLTBEIGQGE3MLEKOTYL"KLTYGF7
UL nYT"DIFLKIDHRSYHKTFTBH4WLTKFBL’JKI-SKJKH4SLTER/ZL)LVHIBHLTYL"KLTY
S4UMLKIKWL4KEF;LKIKFTBH4B"HF)L%SLFKEILG%SNVM)LIKLTYLTBELT)L-FMLS_
EKOTYI"
GOGPG³LJXP;E)L%SLFKFHLF-SLTLGQGE3MLJ
GSELJ[LTYGELUL SLTELTC;
ELKLVHIBGEWLLG3FEKLTYVHIBGF7TB"WLLG3FEKLTY>WLLG3FEGQGE3ML
J
GSWL4KNMGQGE3MLJ
GSMTMBD
J[LTY‚TMLKTS'UDHFTBJ[L*SHLTULSTH4B
SDHFTB³LIKT³LIKTHWVR)LPHLTVTZYSLH4GEELLEFHLTKHTH4B>£LT³LEFHLTKHLH4
FLVEFHLTKHLH4"UDHF?LFLT L$OELN1QLKLEKSTH4BSD£LT³LE4MTG7ETYL=
FBLLL-LIOAG7MT?LFLT LLTLVDIUH4"HLRG
EKSLH4"ULTWLPTYWLSTH4BN6HTB
OXKEKLRG
EKSLH4"UD?LFLT J ELN1QLKLEKSTH4BSLTJL4G7ESLWL4KLLG6S
J[L*SE4MTVHIBHLTYI=DIFLKIGF7UL >CSVLHIJL;*SVHIBH4"DIFLKJR7)LIHLTVL
QLGH "ELTKIDIFLKIGF7TWL4KEFULTKIVGF7TSLTDIFKIG2KWLULSIH4".L8%7KOPL
ETDLO7L8GVE)LIOTSLH4"?LFLT OPL)LIH4WL4K7L8GVE)LIH4"HWLLG3FEDIFLKI
ELTGF7LVTETML'LML'LWL3FLELTLG%SLLZI)LIDVLSLH4"WL3FLFTBCSVLDZMBGQS
HLTULSLH4GEG2KWLPTYWL4KELLWL3FLEIJGKG³LFTBULVTELMLHMHIVHIB
EKST"
WL3FELW'L;HIHLTSLH4‚WL3FLET)LISKNSKVL"ETPZLKIKLETPZQF. I
SEVHIVHIBKHVLH4GE6SRCMLKIKWLTKQF. IMTJKTULTH4>PHLnSEHFTBJHRnQVLH4"
GOPHLnJHRnQEKHFMX\FELTMFVTELJ[3VEKTB>MX\FKH-LTBELNO_ LL7VEKVT
ELJ[3VEKTB>NVOKPLULTBELTHF<LLTZTB>GUVELTWLUSEHFVTVHIB<LLTZLH4SLT
)L%SLFK-SLTLMT WL3FULYKLEIJXKIJ[G£LFTB ML³LEELT LTYOLVGFZ
MESLH4"

46
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

+N'UNHMYN6MIR
RNO
GK
NI'U

)L%SLFK-SLTLELWGQ63WL4KWO_)LRSJ[)LLPH4"CM-SLTLML³LVL^LKLM)LI
J[ELKEI@G
GMG
LnJ[L*SEIULMESIH4"H-SLTLWLG3FELG%SELGPELM
EKSLH4"JK6SRCMEIML³LVLETGZ +
LLOA GPPLMELHLTVLJKFWLPEH4"
+
LELW'L;H4‚SIP[SFWLEL;L"GOFBLETJ[GSHFLKIELTC;+
LVHIBH4>ELTC;
WLEL;LVHIBH4>OA GPPLMVHIBH4SLTQLHTPL;EL#IEMFLLTUVHLT>#IEN1QLKL
HLTSLT)LIULT LG7SHLTVLQLGH PH LG7SVHIBHLTMESL"WLUEZETP4,LGVE)LI
CMDLSELT-PIELKEKSTH4BGEGDVLWLG-S%)LLPETGEMIZL4GEEEL;FTB)LI
M2ZSLJ[L*SEKVLM&)LPVHIBH4B"
WFTGKEV.L8%7KHLTPL.;K-E +RZDUG5XVN VTDSLLH4GEKLTYISDSE
-PL-'ZL)LVHIBEKMESLH4>UDSEPHWJVTWLKLFTBGPPLMVHIBEKSLH4"
WLG-SESLHIMF-SKLTYLTBELTOXKEKVTPLZIH4"UDKLTYIELTQLKLTBWLTKMTGVKLLL LTK
ZTSIH4>NMMFWLKLETJ[GSEIYIJ[L'L;VLJ[ELLELEL;EKSIH4"J[L'L;VLEL
2ZWGQ63HLTSLH4"OA WL3FGPPLM PBWLKLETJ[GSEIYIJ[L'L;VLM)LIJ[ELK
FBYZLTBELTOTSIH4"­OETELTVTMTML%S)LLPLTBFTBGVEZIHRC;W6SKPGVD. TMTD. L
EL;GM
EKVTFTBM2ZHLTSIH4"
WFTGKELETUUHTKLT:.FTG.VL +DUROG0HGLQD ELWG)LFSH4GEWL3FLG%S
ELGPELMS)LIHLTSLH4>UDFVRHWVR)LPEKSLH4GEFLVPEILG%SMTJKT)LI
ELTC;P-SRH4"WS+
LJXP;EEIYIJ[L'L;VLDHRSQF3ELKN3J6VEKSIH4"J[L'L;VLFTB
EGPGQLJ[ELKEILG%SOT<LIULSIH4"UIPVLLT³LVETGZ WLKLETJ[GSEI
YIGPVISJ[L'L;VLDHRS2ZOLEHLTSIH4"
.L8 Z2T.7LTKI)LXSJXP; FTG.EZ.LKT%7KVTLVZ MLTGMTLV2L8KFT7Z
HLTG-J7ZWL82WFTGKELELWG)LFSH4GEM)LIDIFLGKLnLLKIGKE>FLVGME PB

47
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
WLLG3FEG£LWLTBMTM&D
H4B>WSUIPVFTBUDSE³LLGF;EJ[PAG¤LELNOVHIB
HLTYL>KLTYIEL-PL-'ZL)LJLVLEG#VH4"J[L'L;VLN%SJ[PAG¤LELTN3J6VEKSIH4"
WLKLETJ[GSEIYI)LG%SFTBDHRSD. LWL3FM&DZH4"WOADLSLTBEIKH-JXL;
LG%SELJSLZYLVLFLVPELTW)LIVHIBWLSLH4"GUSVT)LIFLVGMEKLTYIOT<LTULST
H4B>W6SKSFEIGEMIW,LSPTOVLMTJIG. SH4"CMPTOVLELJ[GSELKWLG-S%)LLP
HIH4"N1QLJGPLWL3FLWLTBEIWLKL³LVLULOXELEL;EKSIH4"
)L%SLFK-LLTSEIGVELFML³LVLMTZL4GEEWL4KJLKZL4GEEM)LIJ[ELKETEL;
GM
HLTULSTH4B"JKCMM&D6³LFTB EDLSWLPEHH4GEULJEKVTPLZL
ML³LE>ULJEKVTEIGPG³L>ULJEKVTET-'LLVEIG)L6VSLMT2ZFTBG)L6VSLHLTULSI
H4"GOULJEKVTPLZLMOLQLKI>LR
L3FL>M3P%SL>WGHBME PBC;FLVOLKH4>SLT
NMELTCMF6LEIWKL³LVL2ZS3ELZGFZSLH4"ULJEKVTEIGPG³LJK)LI2ZEI
HIVLG³LESLGV)L;KEKSIH4"GUMJ[ELKW1/IWL4L³L)LINJR%SWVRJLVGPG³LET
W)LLPFTB2ZJ[OVHIBHLTSIW'LPLW:J2ZOTSIH4>NMIJ[ELKH)L%SLFK)LIOA 
WL-'LLJXP;EGVELF)LLPMTNJR%SGPG³LMGHSULJEKVTMTJXL;2ZJ[OLVEKSLH4"
XSLTJLVISKZH4"UDPHUFULSLH4>M LVHLTULSLH4PHD2;DVULSLH4"ULT
HFLKIE:JVLH4>HFLKLGQBSVH4PHSKZJLVIH4UDGQBSVELJLVIUFSLH4SDPH
+
LDVSIH4>GPPLMDVSLH4>UDHFLKLGQBSV+
LFTBDOZULSLH4>UDHFLKL
GQBSVGPPLMFTBDOZULSLH4"SDPHCSVL LVI)LXSHLTULSLH4GEDLHKELJ[)LLP
EFMTEFHLTULSLH4"NMG-'LGSFTBULT L7VL LG7SHLTVIQLGH PHMHUHLT
ULSIH4"
-'LLVEILR
SL)LIWJTG\LSH4"MFWL4K-'LLV)LIEL;GM
FTBGVGF¤LH4B"
ERMFLWLR
-'LLVJKGELYLEL;W)LI72ZOLEVHIBHLTSLH4"WSCM
)L%SLFK-LLTSELULJFV>PQVWL4KELEILRG
JXP;EGPG³LMGHSEKVLQLGH "Xn
SLTGUMJ[ELKGF+IEI.ZIELTC;)LI0G%SGEMI)LIWP-'LLFTB<LLT>NMELFRnHFI#L
HIHLTYL"CMISKHCMF6LELULJELTC;)LI0G%SGEMI)LIG-'LGSFTBEKT>NMT
WL3FLRG
EIJ[LG*SHLTYI"ETPZ+
LETDZJKULT LG7SHLTMESLH4>PH+
LET
GDVL LG7SVHIBHLTMESL"
CM-SLTLEIJ[FR<LGPLTLSLHH4GECMFTBM)LIFLSAELPGVLnGP]FLVH4"
WSMF-SDIUL\LKLTBPLZLH-SLTLGUMFTBFXZPGVJDIUL\LKLTBELMBLTUV)LI
LG%SET£FLVRMLKGELYLH4>MPL;G³LELG%SLLZIH4"CM-SLTLELGEMI)LI
WP-'LLFTBWL-'LLWL4KZYVETML'LGQ6SVEKVTMT2ZEIJ[LG*SHLTSIH4"

48
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

HD 
NI'U

FBLGPE:JMTGVGP;E:JSEJHRnQVTEIJ
GSH4"FBLMGPQLKMTGVGP;QLKSE
JHRnQVTEIJ
GSH4"‰FBLFTBJHZLS¤PH4‚L$OLPGV"L$O)LLLL3FEHLTSLH4
WL4KPGVBELKJHLTSIH4>W0%SHLTSIH4"L$OELW'L;ETML'LELTC;MI³LLMBDB³L
VHIBHLTSL"L$OWLTKW'L;FTBER/OXKIHLTSIH4"PGVW'L;ETER/GVE7QZIULSI
H4"Š?OX³L  EL$OHT"OX³LEHVTMTJT7VHIB)LKSL"UHLnHFLKLL$OHLTSLH4PHLnOX³L
WLTKOX³LVLFETJOL'L;‚CVOLTVLTBFTBOXKIHLTSIH4"‰GE6SRU4MTU4MTHFLKIMBE:JLG%S
OA HLTSIH4>)LLPVLELJ[LTYHLTSLH4>PGVMX\FHLTSIQZIULSIH4"ŠSDL$OWL4K
W'L;EIOXKIEFHLTSIQZIULSIH4"SD TMLHLTSLH4GE?OX³L EHSTHIOX³LS4LK
GFZSLH4")LLKSIMLGH3FTBSIVL$ODHRZSLMTGFZSTH4B‚E:JPA\L>ELF³LTVRWL4K
GQ6SLFGLK3V"TSIVLTBL$OCSVTLG%SLLZIHLTSTH4BGEULTFLnYLPHS4LK"L$O
WL4KW'L;EIMLKIOXKIMFL*S"L$OETML'LML'LW'L;EI L7VL L7ULSIH4" TML
MBE:JLG%SET^LKL)LIHLTMESLH4>HLTSLH4"HFLKIMBE:JLG%SHIGQ6SLFGLK3V
H4"TSIVLTBELFVLWLTBEIJXGS;EKSTH4B"ULTELFVLELTJXKLEKT>PHELF³LTVR"ULT
E:JVLELTJXKLEKT>PHE:JPA\LWLTKULTGQ6SVELTJXKLEKT>PHGQ6SLFGLK3V"T
MDHFLKTMBE:JMTG)L6VER/VHIBH4B"MDMBE:JHIH4"‰MBE:JFBLELFH¤PJXL;
S¤PH4"UHLnL$O>PGVWL4KMBE:JLG%SSIVLTBELLTYHLTSLH4PHLnFBLEILG%S

49
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
ULYASHLTULSIH4>FBLELML\LL3ELKHLTULSLH4WL4KFBLELOTPSLJ[E7HLTULSLH4"
MBE:JLG%SET^LKLUDWL6SGKE5LTGSELULYKLHLTSLH4>NM5LTGSELVLFHI
H4‚OTPSLUDHFLKLL$O5LTGSFTBDOZULSLH4SDFBLELML\LL3ELKHLTULSLH4"
FBLQ4S6HLTULSLH4"Š’UL;ELWL)LLPZGVGF;SHLTYL"PHCSVLLG%SLLZIWL4K
CSVLJ[GSKLT³LL3FEDVTYLGEDLHKEIELTC;)LILG%SWL£FLVHIBEKJL YI"L$O
FTBWVBSLG%SHLTSIH4"J[3TEW\LKLG%SMT)LKLHLTSLH4"FBLLL-LEIULT<LLTUTBHRC;
H4B>PTD. IWO_)LRSH4B"NV<LLTULTBVTULTGPPKLJ[-SRSGEL>NMTHF)LXZY >W6'LL
HFWL4LG³LET-'LLVJKFBLELHINJLTYEKST"MLKLELFFBLMTHLTULSL"
FBLLG%SELMORJLTY)LIHLTMESLH4WL4KORJLTY)LIHLTMESLH4"WLQL;
)LO[DLHRVTMB LEIMRK\LLETGZ ?NJM9YHKB-SLTL ELGVFL[LGEL"NMELTMB LELT
OTSTHR EHL‚?UD)LIELTC;MF-LWL >GP VNJG-'LSHLT>NMMFCM-SLTLEL
N1QLKLEKVTJKOTPJ[-SRSHLTYL>MBE7ELGVPLKLEKTYL"NJLTYWL4KORJLTY
ML'LML'LQZSTH4B" E DHVKMLTC;DVLKHI'LI"
D/. L<LXn7IJKDB³LL'LL" PHK-MISR. LEK)LLY
YL"NMDHVVTMLTQL GEKMLTC;/LT. EKULVL
NGQSVHIBH4"FBLEL J[LTY%LTBVEn=NMVT
FBLUJL"OTPNJG-'LS HRWL"JX/L‚?%LMBE7
H4= DHVVTEHL‚?ELTC; MBE7VHIBH4"D/. L
)LLYYLH4"NMTZLEK DLn³LOLT" OTPVTWL,L
ELJLZVGEL"G2K OTPVTWLQL;ETJLM
ULEKMLKIDLSEHI" WLQL;VT-SLTLFTB
JGKPS;VEKGOL"NMETULJMTMBE7SLTOXKHLTSLKHLGE6SROTPEIML\LLS_
NJG-'LGS/X7YC;"
?W MT?H SEJ[3TEW\LKELPL;HLTSLH4>-PLOHLTSLH4"GOHFN1QLKLEI
MX\FSLFTBUL nSLTJSLQZTYLGEW\LKLTBETN1QLKLETML'LML'L-PLOFTB)LIW6SK
WLKHLH4"UDHMX\F,LVZR*SHLTYLSLTFBLEILG%S)LIGP-FASHLTYC;>NMEI
QLDIHFLKTHL'LMTQZIYC;"FBLLG%SL$OEIMBLTUVLJKGV)L;KH4"FBLLG%SEL
FR<S¤PH4L$OEIMBLTUVL"GEMN¸TMTFBLELNJLTYEKVLH4>NMWL³LLKJK
L$OEIMBLTUVLEIULSIH4"U4MTKMLVLL-LIULVSLH4GEGEVGEVO[0LTBELT
GFZLVTMTEL4VMLO[0DVSLH4>P4MTHIFBLGPO_ULVSLH4GEGEVGEVL$OLTBEI
MBLTUVLMTGEMJ[ELKETSKBYJ4OLHLTYIPTJKFL3FLWLTBELTE4MTJ[ELGLSEKTBYTWL4K
NVEIJGKGLGSGEMJ[ELKEIHLTYI"

50
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

GK
RN=HN\N
H8 FKWNVDGKIXLIUFKWYN6M
NI'UGVODNV[OVJNVUKJ6$
MLK-PSDIU>FLLDIU>LR)LVTPKIDIU>JAG'PIDIU>WG9VDIU>J[LPDIU>
FLSDIU>UZDIU>WLELLDIUWLGOEIN3JG¤LN%SHZWL4KWQLTBETMBLTYMTHRC;
H4BLTBSLTDIUL\LKLTBELW'L;DIUELTL PBDIU0LEKL^LKLHI,LSGELULSLH4>
JK6SRHLnJKMLFL6ULVELKIETGZ PGVLTBEILG%SJKJ[ELL.LZVLWLPE
H4"
W ‹ W0>0LJE>WL3FLET E3PELMXQE>LR
DR
,LVJ>LG%S
]LTSE>J[LPDIUELUVE"
WL ‹ W0>LG%SWL4KDRG
ELJGKQLE>MLK-PSDIUELUVE>FLLDIU
ETML'LEIGS;>³LVWL4KWLLLELJXKE"
C ‹ Y3'L;E>Z\FIJ[LG*SELML³LE>ELTFZEL;ML³LE>E#LTKEFLT~ELDL³LE>
PGDIUELUVE"
C; ‹ WFASDIUELFXZ>EL;ML³LE>W:JLG%S]LTSE>,LVP
;E>-S&)LE>
FLTHE>UA&)LE"
N ‹ N1QL7VDIULTB ELFXZ>WO_)LRSLG%SLLZI>PLMVGZEL^LKLULTKEL
³L%ELOTVTJKFLKE"
’ ‹ N1QL7EWL4KFLTHEDIULTBELFXZ>GPLTLLG%SELJGKQLE>EL;PBMET
GZ LG%SOLE"
@ ‹ @G
DIU>GMG
OLE>LR)LEL;M&D6³LIDIULTB ELFXZ>EL;GMG
EL
MXQE"
ZA ‹ M3ELMBQLKE>PLLIELPBME>Z\FIDIUEIN3JG¤LELELKL>
WL3FGMG
FTBELKL"
51
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
‹ GVQZ> JXL;> YGSMXQE> WGK7 GVPLKL DIULTB EL UVE> JLTLE WLTK
MBD
;E"
T ‹ NOL¤L>N1Q-PKELJ[LTYEKVTJKPLIEKLDIULTBELUVE>JLTLEWL4K
MBD
;E"UZDIUEIN3JG¤LELELKL>GMG
J[OELLT~ELN3JLOEDIU>
LLMVOTPSLWLTBELWLH_LVEKVTFTBMHLE>G%Z7WL4KE#LTKELLT~ETGZ 
J[R%SDIULTBELFXZ>@LGP]RSELN3JLOE"
WLT ‹ WVROL¤L>GV&V-PKELTWP-'LLFTBFLLDIUELN3JLOE>Z\FIWL4K+IEL
JLTLE>NOL¤L>N1Q-PKEIWP-'LLFTB E#LTKELLT~ ELN3JLOEDIU>
EL;ML³LE>GVU;KLELHTSR>KFLIJOL'LLT~EIJ[LG*SETGZ J[R%SHLTVTPLZT
DIULTBFTBWY[LI>WVR-PLKL6SDIULTBELMHLTYI"
WL4 ‹ FLKLWL4KN1QL7VM&D6³LIDIULTBFTBJ[³LLV>LI L[EL;ML³LE>GVKJT\LI>WVTE
DIULTBELFXZ"
WB ‹ -PS6LLG%SKGHS>EFL;)LLPETGZ J[R%SLVF6LLTBFTBJ[FR<L>LX6L
W)LLP EL MXQE> WLELL DIULTB EL UVE> WVTE FAORZ LG%SLTB EL
NO_ LL7E>Z\FIDIULTBELFXZ"
W ‹ LLG6SDIULTBFTBJ[³LLV>GVKJT\LLP-'LLFTBEL;WML³LE>MHLTYIELWJT\LE"
E ‹ LG%SDIU>J[)LLPLLZI>MR<LLT3JLOE>M6SLVJ[LG*SEIELFVLELJXKE>
ELFDIUELUVE"
<L ‹ WLELLDIU>W)LLPELLT~EIGMG
ETGZ E:JPA\L>N1QL7VDIULTBEL
UVE"
Y ‹ JA'LE_ EKVT PLZT ELLT~ ELML³LE>J[LPWL4KFLLDIUET ML'LEL;
MHLE"
³L ‹ -S&)LEDIU>-S&)LVELLT~ELML³LE>GP VGP]LSE>FLKLWLTKFLTHE
DIULTBELUVE"
€ ‹ LLRELGPPBME>-PKFLSAELDIULTBETMHLTYLVRMLK2ZLT3JLOE>GPPBME
DIUUVE"
Q ‹ WBYHIV> <L.LG%S ]LTSE> -PKFLSA EL DIULTB ET WVRMLK 2ZLT3JLOE>
N1QL7VDIUELUVE"
/ ‹ /LLMXQE>FLLDIUELMHLTYI>D6³LVELKE>WLJDIUELUVE>
LG%SELGPPBME>JKFAORELLT~ELML³LE"
U ‹ VXSVELLT~ELML³LE>LG%SELP
;E>WLG³L0LG³LELLLFE>WLEL;E

52
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
DIULTBELUVE"
 ‹ KT2R%SHLTVTJKEL;ML³LE>WLG³L0LG³LGPVLLE>LG%SELMBQLKE>+I
DIULTBELUVE"
¢L ‹ -S&)LEWL4KFLTHEDIULTBELUVE>EL;ML³LE>ML³LVELWPKLT³LE>FLL
DIUELUVE"
7 ‹ PGDIU>WG9VELLT~ELJ[MLKEWL4KGV-SLKE>WG9VS3PR%S>GPPBME
ELLT~ELML³LE"
# ‹ WLR)LMXQEDIULTBELUVE>G%Z7WL4KE#LTKELLT~ELML³LE>FAORZ
ELLT~ELGPVLLE>KLTOVESL;>WLLG6SELUVE>MLJT\LHLTVTJKG^YRGLS
LG%SELGPELME>PGDIU"
. ‹ LLMVOTPSLWLTTBEILG%SELJ[-2LT7E>GVž7ELLT~EIGMG
ETGZ 
WFLT L>MBLTYMTJBQS¤LJDIULTBELUVE>GVž7WLQLKGPQLK^LKL
M2:LT3JLOE>WQTSVG£LML³LV"
 ‹ GVQZ>FLLDIUELUVE>FLKLDIULT FTB J[³LLV>LLG6SELGPKLT³LI>
LG%SP³L;E"
L ‹ LLG6SMXQE>WLELLDIULTBTFTBJ[³LLV>PBMEDIULTBELUVE>LG%SEL
-2LT7E"
S ‹ WLEL;EDIU>LG%SELWLGPELKE>EL;ML³LE>MLK-PSDIUETML'L
MP;GMG
OLE"
'L ‹ FBYZML³LE>Z\FIDIUELMHLTYI>-PKFLSAELWLTB ET ML'LGFZVT JK
FLTHE"
O ‹ EF;VLLETGZ J[³LLVDIU>WL3FLG%SELJ[-2LT7E>PLIEKLDIULTBEL
UVE"
³L ‹ +IBWL4K%ZIBDIULTBELMHLE>MHLTYIETMFLV2ZOLSL>FLLDIULBTEL
UVE"
V ‹ WL3FGMG
ELMXQE>UZS3PELM[7L>FAORSKELLT~ELML³LE>GHS4JI>
WL3FGV6SL"
J ‹ JKFL3FLELOL;E>UZS3PETJ[L³LL6MTR%S>MF-SELLT~EIGMG
ET
GZ Y[L¬"
2 ‹ PLRWL4KUZS3PR%S>FH¤PJXL;ELLT~EIGMG
ETGZ Y[L¬>-PKWL4K
KT2R%SHLTVTJKGPPBME>GP VGP]LSE>?27_ EIPGVMTR%SHLTVTJK

53
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
N1QL7E>E7LTKEL;ML³LE"
D ‹ WVR-PLKR%SHLTVTJKMF-SJ[ELKETGP VLTBELGP]LSEWL4KGVKLT³LE>
GMG
ELMXQE"
)L ‹ ML³LE>GPTLLSFLKLWL4KN1QL7VETGZ NJLTYI>MLG¤PEELLT~EL
GVKLT³LE> JGKLS ELLT~ EL S3ELZ ML³LE> ML³LVL FTB VLVL J[ELK MT
GP VLT3JLOE>E:LLMTOXK>E7RF³LRPLLT~MTGFG+SHLTVTJKWVTEJ[ELKET
ELLT~ELML³LE>Z\FIDIULTBELGPKLT³LI"
F ‹ GMG
OLE>ZL4GEEWL4KJLKZL4GEEGMG
LTBELJ[OLSL>M6SLVEIJ[LG*S
FTBMHLE"
 ‹ LLG6SELML³LE>MLG¤PEML³LVLEIGMG
ELELKL>FH¤PJXL;ELLT~EI
GMG
ETGZ NJLTYI>GFLJ[LG*SLGEMIW)LI7P-SREIJ[LG*SETGZ 
W3VSNJLTYI>LVELML³LE"
K ‹ WG9VDIU>EL;ML³LE>MF-SJ[³LLVDIULTBELUVE>LG%SELJ[-2LT7E
WL4KP
;E"
Z ‹ Z\FI J[LG*S FTB MHLE> +IB DIU EL GVE7SF MHLTYI WL4K MYLTLI>
E:LLMXQE"
P ‹ GMG
OLE> WLEL;E> H_> K_> WL4K WVR-PLK ET MBLTY MT QF3ELKLTB EL
N3JLOE>MLK-PSDIU>)LXSGJLLQLLGEVI.LGEVIWLGOEIDL³LLEL
GPVLLE>KLTYHSL;>ZL4GEEELFVLWLTBEIJXGS;ETGZ WVR-PLKFLSAEL
MHLTYLJT\LI>FBYZML³LE>GPJG¤LLTBELKLT³LEWL4K-S&)LE"
L ‹ GVK'L;E>MLFL6DIULTBELUVELHTSR>NJT\LL³LF;R%S>LLG6SELJLTLE"
L ‹ WLH_PLVDIULTB ELUVE>GMG
OLE>WG9V-S&)LE>UZ-S&)LE>MLJT\L
PGVY[LHE>MHLTYLMBLTY^LKLGPZ\LLEL;ML³LE>WL3FLT6VGSMT
LX6>DIULTBELUVE>)LBEKWL4KDI)L3MELLT~ETGZ J[R%SHLTVTJK
EL;ML³LE"
M ‹ MP;MFIGHSML³LE>M)LIJ[ELKETDIULTBFTBJ[LTYLT9>LLG6SETGZ JKF
WLPE>JL4G7EELLT~ETGZ JKFNJLTYI>,LVLPKLIOL;VLPKLI
WLGOEFLT~ ELGPVLLE>%ZIBDIUELMHLTYI>ELFDIUELN3JLOE>
WL3FMXQEWL4KOL;E"
H ‹ LLG6S>JL4GEWL4KFLBYGZEELLT~ELN3JLOE>ML³LVLETGZ JKFLTJLTYI>
-PS6LWL4KMHLTYLJT\LI>Z\FIEIN3JG¤LFTBML³LE>M6SLVJ[LG*SETGZ 

54
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
WVR-PLKR%SHLTVTJKUL*FTBMHLE>WLELLS¤PR%S>EF;VLLE>M)LI
J[ELKETDIULTBELUVE"
NJR;%SPGVLTBETGPZTLLMT-J7H4GEFLSAELF6LPGVLTBET-PKWL4K
0BUVLTBETMBLTYMTHIMF-SDIUL\LKLTBEIN3JG¤LHRC;H4S'LLCVFLSAELPVGLTBEI
LG%SHIF6LLTBFTBWLSIH4"

HD GRSGVLHVD
HMLKLUYS_SKBYLTBMTWL6OLTGZSH4"GPQLKLTBEISKBYTB>EF;EISKBYTB>)LLLLWL4K
L$OEISKBYTJXKTWLELLFTB0L*SH4B"0G%SELFG-SEWL4K-VLGPEJ[LLZI)LI
WL6OLTGZSHLTKHIH4"CMG-'LGSFTBFBLEINJLTGYESLELWLEZVGELULMESL
H4"FBL%LH4WL4KNMET^LKL%LGELULMESLH4>H)LIMLTQVTEL)LI E
WPMKGFZSLH4"FBLEIJ[GSKLT³LL3FELG%SH4"FBL EEPQHT"FBL EJ[ELKEI
GQGE3MLH4"MBMLKFTBHLTVTPLZTJ[EBJVLTBMTETMTDQLULMESLH4=NVETJ[)LLPLTBELT
E4MTEFGELULMESLH4=CVJ[VLTBELN¤LKH4GE0G%SJ[GSKLT³LL3FELG%SEL
GPELMEKTWL4KFBLEI)LLLLFTBEHLULMESLH4GEEPQIEKLELGPELMEKT"
J[LQIVELZFTBLT
LEPQJHVEKHIKL)LXGFFTBNSKST'LT"NVEPQLTBETWL³LLKJK
LT
LLLRWLTBETJ[HLKLTBELTTZVTFTBMF'L;HLTULST'LT"FBLML³LVLEPQDVLVTEI
ML³LVLH4"CMMTWLVTPLZTJ[EBJVLTBETJ[HLKLTBMTDQLULMESLH4"
J[3TE0G%SETQLKLTBWLTKWL)LLFB.ZHLTSLH4> EPZHLTSLH4"W1/LGPQLK
HLTSLH4SLTW1/LGPQLKHLTSLH4SLTW1/LWL)LLFB.ZDVULSLH4"DRKLGPQLKHLTSLH4
SLTDRKLW)LLFB.ZDVULSLH4"W1/LJGKLLFW1/IZTL"DRKLJGKLLFDRKIZTL"
HFFBLLG%SELNJLTYEKTBWL4KL$OLTBEI TMIMBLTUVLEKTBGE’UL;ELWL)LLFB.Z
DVT"HFNML$OGP6LMELN1QLKLEKTB"MX\FN1QLKLEKTB LMX\FLGSMX\F
N1QLKLEKTB"NMMTNUL;ELWL)LLPZGVGF;SHLTYL"PHCSVLLG%SLLZIWL4K
CSVLJ[GSKLTLL3FEDVTYLEIDLHKEIELTC;)LILG%SWL£FLVHIBEKJLTYI"L$O
FTBWVBSLG%SHLTSIH4"J[3TEW\LKLG%SMT)LKLHLTSLH4"FBLLL-LEIULT<LLTUTBHRC;
H4B>PTD. IWO_)LRSH4B"NV<LLTULTBVTULTGPPKLJ[-SRSGEL>NMTHF)LXZYTW6'LL
WL4LLIET-'LLVJKFBLELNJLTYEKST"MBOTLPLHEET-'LLVJKHFFBLMTHIELF
ZTST"MFLQLKFYLVTL)LTUVTETGZ HFFBLELHINJLTYEKST"MLKLEL;FBLMT
HIHLTULSL"HFCMIFBLLL-LELTJRV;UIGPSEKVTELJ[LMEKKHTBH4B"

55
ea= dk y{k.k
L;qea=;rs xqIra Hkk";ars ea=fon~fHkfjfr ea=k % A

ea=ksa dk ewy & 

vFkZ & 







tki dh ifjHkk"kk &   
  
tki ,oa gou esa ea=k dk iz;ksx &    



ea=kjkèkuk ds fn'kk cksèk


 
 

iwtk gsrq fn'kk cksèk





tki LFkku dk Qy





vklu foèkku &









56
ea= lkèkuk dh fofèk
















oL=ksa dk Qy &






ea= tius dk Qy &



okj ds vuqlkj Qy &









ea=kks ds iapksipkj & 

57
ekyk foèkku


ekyk cukus esa èkkxs dk mi;ksx & 


ekyk funsZ'k %








ekyk dk Qy %






ea= tki fu"ksèk %














f=;ksx tki Qy & 




58
ea= fl) gksxk ;k ugha ns[kus dh fofèk &


 
 

iq#"k dk _.kh èkuh fopkj &







× = ×
= + = ÷=÷=÷=








59
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

RN/UT
NN/
HVD
MNV[IRSNM
PL-SRLL-LFTB J[FR<LWL#GOLLWLTB ELZT<LLULT<LL5LOLKHSLH4"CVWL#LTB
GOLLWLTBETWZYWZYOTPSL PBY[HH4B"GUMJ[ELKU6FERB.ZIFTB)LLPHLTSTH4B
WL4KJ[3TE)LLPETWZYWZYY[HHLTSTH4B"CVEIOLLW6SO;LLWLTBFTBFLVPJK
ULSEJKE)LIWVREXZWL4KJ[GSEXZJ[)LLPFLVPUIPVJKJ. SLH4"CMIJ[ELKMT
Y[HWJVTLR)LWL4KWLR)LJ[)LLPMTPL-SREIGPG)L6VGOLLWLTBELTJ[)LLGPSEKETPHLn
KHVTPLZLTBETUIPVJKLR)LLLR)LJ[)LLP.LZSTH4B"
LZR=IQ
NN
YBULJV>GMKOO;>GOFLYIJKTLLGVLn>FG-SE7_XFK>HG._.LnEFULTKHLTVL>D1QLTB
FTBU6FULSKLTYHLTVL>KLUV4GSEMF-LTB>YL³LVPN³LLKGOLYL³LVPLJMV
GFZVL" HLn ET -PLFI OTPSLWLTB ET KLUL C6O[ H4B WLTK Y[H MX; H4" MX; OTPSL
MFAG
J[GMG
PDRG
GPPTEP-PL-'ETGPLTLJ[SIEH4B"
JXP;GOLLFTB<LKLDIHLTVTJKLJ[GS#LFTBEFI>MBSLVELTE7MBSLVETLKIKFB
GPEZLBYSL>F6ODRG
D1QTHLTVL>WJVIJKBJKLWLTBELTSLT. VTPLZT>ERZIVJGKPLKET)LI
HLTEKDOVLFIEKLVTPLZTLMBSLVELTGJSLETMR<LEIEFIHLTSIH4"GMKETKLTY>
H._.IET7X7VT>HG._.LTBFTBE4ZGLFEIEFIHLTVL>­OKLTY>JT7EIDIFLKI>FG-SE
5PK>N1QK%SQLJ>VTLGPELK>JRLETOLTBVTLP-LIETDLTBVTLFTBJI. LHLTVL>
WJ0>@LEL)LLK>J[GS#LFTBEFI>GJSAVLKLU>C3LGO"
P®NM LZR=
FLVGME>WLLG3FEWL4KWLG'L;EM&J6VSLFTBEFI>PBLPAG
FBTELP7>C; V
7I>PLLIFTBE7>F³LRFTH> GMG.7I>DOHUFI>MBSLVELGDY. VL>JRLLTBELTE7>

60
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
MBSLVEL)LL9VDVVL>JRLMBSLVEIWLEG-FEFA3RHLTMESIH4"YAH-PLFIELTJRL
MR<LFTBEFI>PBLGPVLL>OGKO[SL>EX. LEKE7HLTVTMTQGKLLHIVSLPLLRSLHLTVL>
KMLTC;HLTVTMTWLG'L;EHLGV>YAH%ZTL>LL4QLZHLTVTMTORQGKLSL>YAHEZH>DIFLGKLn>
JIGZL>ZIPK>FLT7LJL>GOFLYIE4BMK>EUL;D VL>N³LLKPLJMVWLVL>ERZYR>
D[L®LELLLJ>ELVXVIJKTLLGVLn>D1QLTBETE4GKK<LKLDHLTVL"
P®NM
HGV;L>­OMIVTETKLTY>H4UL>2T2. T>#B.MTHLTVTPLZTKLTY>OGKO[SLW)LLPY[-SSL>
QF;KLTY>YLZ$ZT.K>³LVHLGV>FGS)L[F>FLT7LJL>MXn LVTEILG%SEL\LILHLTVL>3PQL
KLTYSE;LG%SFTBEFI>PLLIFTBHEZLVL>VJRBMESL>DHV>DT7IDRWLELTMMRKLZMT
E7>DLKDLK'LXEVTELKLTY"
QI^NN LZR=
-PL-' EL MBDB³L CMMT MDMT 5LOL H4" KMLTC;/LT7IMI G.-JT6MKI )LI H4"
ML46O;OLI UYH> MD ER/ )LLTUV JK GV)L;K" LV MR<L> L4…L MR<L FTB EFI>
UVVTG6O[LnETKLTY>MI³LTHL'LFTBE7>OLLn LR7VL>VTLKLTY>KTG7VLFTB<LKLDI>OLTBELV
FBTDHKLJV>YXnYLJV>/LSIGS:ZIWLGOFTBE7"J[UVVG£LFTBE7HLTMESLH4"
L4VMBDB³LLTBFTBWMF'L;SL>£LT³LEIWG³LESL>W6-LIJRLLTB^LKLMBMBY;MTN3J6V
KLTY>F³LRFTH>WG9V)L>G-LLTBEL-PL-'>-LIJRLEIDLSELTFH3PVHIBOTSI"
§LABYLKFTB<LQ;HI<LQ;"
QI^NN
MIVTFTBOO;>­OKLTY>ULT. LTBELOO;>ZIPKEI<LKLDI>JIGZL>G-LLTBETFLGME
³LF;FTBWGVGFSSL>Y)L;JLS>ZLZK%SEGLELWLTBFTBEFIHLTVL> GVGFLHLTVL>K%S
GPELKU4MTHLC;$Z.J[TLK>DPLMIK>2LT. T2R6MI>LKIKFTB7LnETZYVL>WG-'LF5UL>JT7
FTBWZMK>WLnSLTBFTBU<FHLTVL>MFLUFTB TMLWJVLULTWL3FH3LETGZTFUDXKEK
OT"G-LLTBELTE7"
QI^NN LI
SH
WE-FLSHLTVTPLZIOR L;7VL n>GE.VI>J4K>EX:HT>J4KFTBKLTY>/XSEIDIFLGKLn>
W.ELTLLTBELD ULVL> 9UIFL>3PQLFTB<LXUZIC3LGO"WLRFTBEFI>LLR^LKLJI. L
WMLKLTY>HL'LIJ4K>FPLO)LKVL>ZLCZLUKLTY>OL4KTJ. VL>YR*SLBYLTBETKLTY>VP;MVTM>
)LXSJ[TS>’JKIHPLWLTBELWMK>GJSKLTBEIVLKLUYI>KLUV4GSEYR.LTBMTJKTLLVI>UTZ>
H3L>WL£FLC3LGO"0PHLKPQGKLETGPELMFTBDL³LL n>W6³LGPPLM>GPLJLV>
P4FV-"

61
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
LI
SH
ZLCZLUDIFLGKLn>Z&DTMFSEQZVTPLZTWMLKLTY>VMLTBELN)LLK>#B.MT
HLTVTPLZTKLTY>E$U>DPLMIK>NOLMIVSL>G.J[TLV>ER#KLTY>YG#LDL>-VLRJ[LLZI
GDY. VL>JT7FTBY4M>W2LKLDVVL>G-LLTBETQGKLFTBEFIWLVL>PLSKLTY>UTZ>
VJRBMESLP4KL9"
P®NM LI
SH
FLVGMEMBSRZVFBEFI>GFLSLEIYZS2HGFLn>VL)LIJT7EL’JKI)LLY>D. I
WLREIG-LLTBELTKLTY> LKFTB)LELPLSLPKL>­OKLTY>/LSIETKLTY>7IDI>
MOI;URELF>GVFLTGVL>WJTG6.%M>FLGME³LF;FTBJKTLLGVLn>Y)LL;LETKLTY>LKIKFTB
JLVIEIEFIHLTVL>MLnMEIJKTLLGVLn>GFLSLPLLRSLFTBJGKPS;VELOLTL>D1QLTBEL
LKMTOXKKHVL>JLYZJV>GPLLO>FLVGMESVLP>E2J[PAG¤L>FLnDVVTFTBE7>
N6FLO>VL4EKLTBMTJKTLLGVLn>FLT7LJL>JRGZMELT7;EQHKIEIJKTLLGVLn"
M GDVLOKPLUTET)LPVFTBGVPLM)LBEKOLTL"
M VIQMX;FTBORELV24%7KIEI-'LLJVLEZHELELKLHLTSIH4"
M 0PMLIELMX;VIQKLGLELHLTSLTZL)LHLTVTJK)LIE7 PBWLG3FE%ZTL"
M )LXLVHLTVTJKEZELK<LLVL>24%7KIC3LGOZYLVLWJ0WL4KW,LSDL³LL
OTSLH4"
M C;LLVFTB)LµIHLTSLT0LJLKFTBG<L6VSL>OIPLGZLJV"
M N¤LKFTB)LµIHLTSLTZL)LETWVRJLSFTB0WG³LE>24%7KIFBOIWL4KSLZLDBOIEI
VL4DSWLMESIH4"

62
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

RN/UT QNVNNVDGVL]+NNRRDGVDOM
HFHLoPL-SROLTLETELKLHLTVTPLZTE4BMKJKGPLTLJMTQQL;EKVLQLHTBYT"
P4MTLKIKETM)LIWBYLTBEIELTGLELWLTBET#IEMTELFVEKVTETELKLWVTEKLTY
HLTSTH4B>U4MTF³LRFTHEIDIFLKIFTBW69LLCBMRGZVVHIBDVLJLSL"#IECMISKH TMT
HIELKLLTBMT­OKLTY)LIU6FZTSTH4B"OFL>JLQVSBLPDPMIKWLGOM)LIKLTYLTBFTB
HFJLSTH4BGELKIKWLY;VGM-7F#IEVHIBHLTSLJKBSRCMEIELTGLEL nE4BMKR%S
VHIBHLTSIB"
LKIKFTBJ[3TEELTGLELEL E.I V HLTSLH4GUVELMFMFJK
GP)LLUVHLTSLKHSLH4"E)LIE)LIH£F7X7ULSLH4BELTGLELWLTBELYRLV2Z
WGVBGLSHLTVTMTE4BMKU4MTKLTYJ4OLHLTULSTH4B"
HFVTGPLTLJMTOT<LLGEE4BMKKLTGYLTBET LKELN¤LKJXP;\LTLOLTLR%SHLTSL
H4"U4MLGEHFJHZT)LIDSLQRETH4BGELKIKELT-P-'LK<LVTETGZ MELKL3FE
’UL;ELHLTVLGESVLUKIH4" LKELN¤LKJXPI;)LLYJGKPLKJKGPLTLJMTJ[)LLP
.LZSLH4"
GON¤LKJXPI;\LTLOLTLR%SH4SLTFLVTBGEWLJET*ZL87ELFG-SE#IEELF
VHIBEKKHLS'LLGP]RS³LLKL)LIG/6VG)L6VH4"WLJ-PBHIWVRFLVZYLZTBGE

63
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
CMETELKLHIE4BMKU4MTKLTYLTBELTDRZLPLGFZSLH4"
CMKLTYELTJXKISKHULVVTETGZ GJ/ZTPLLT~FTBEKLT. LTBJL<LQ;GELUL
QRELH4"<LLVJLVEIWLOSTB>SBDLEX>EL82I>JL;PKLI L7ELTBPSVLPELTCMEL
OLTLIFLVLULSLH4JK6SRHMDELKL)LI’JKIS'LLDLHKIH4"
CMISKH ZLTJ4'LIGQGE3MLJ
GSCMKLTYETM2ZCZLUEIOPLVHIBXn JLC;"
HFETPZKLTYELJSLZYLEKKLTYIELTWLKLFJHRnQLMESTH4B".L8%7KCMKLTYETML'L
CZLUL$OELJ[LTYVHIBEKST"PTETPZUIPVEIWPG³LELTD LMESTH4B"MU;KI>
KTG.TLV>EIGFFLT'L4KTJIWLGOMTHLTVTPLZIJI. L)LIWMHVIHLTSIH4"
WLUSEELTC;)LIJ[LTYLLZLLMX\FOLI;E4BMKELJ[FR<LELKLVHIB<LLTUJLL
H4"J[FR<LELKLSLT0G%SETWLPLMFTBHLTSLH4>UHLnN¤LKJXPI;)LLYOLTLR%SHLT"KLTY
D VTMTJHZTHIKLTYIELTWJVT LKETCMPL-SROLTLELTGF7LVTELNJLEKZTVL
QLGH " TMLGV&VGZG<LSFLFZLTBFTBHLTMESLH4"
N¤LK‚JXPI;YLTZLELKS'LLN¤LKJGQFDBOHLT
CMMT/LSIELE4BMKHLTMESLH4ULT2T2. LTBJK)LIWMK.LZSLH4
N¤LK‚JXP;\LTLFTBOLTLS'LLJGQFFTBSVLP
CMMTGMKS'LLYZTELE4BMKHLTMESLH4"
N¤LK‚JXP;PN¤LKJGQF’nQLS'LLOG\LLJGQFPJGQFVIQL
GOFLYELE4BMKHLTMESLH4"
OLTLR%SN¤LKJXP;S'LLOG\LLJXP;
-SKE4BMKHLTMESLH4"
OLTLR%SN¤LKJXP;>OG\LLS'LLOG\LLJGQF
Y)LL;LELE4BMKHLTMESLH4"
OLTLR%SN¤LKJXP;S'LLOG\LLJGQFELJGQFI)LLY
YROT;ELE4BMKHLTMESLH4"
OLTLR%SN¤LKS'LLW6\LTLLTBFTB)LIPL-SROLTL
$Z.E4BMKHLTMESLH4"
OLTLR%SN¤LKJXP;S'LLJGQF
JT7ELE4BMKHLTMESLH4"
GOWLJ)LIGEMI TMIJKTLLVIMTUXKHTH4BSLTF4BWLJELTGEMIPL-SRLL-LIMT
GFZVTELMRLPOXnYL"GOPL-SROLTLDHRSYB)LIKHLTSLTPTKLTYELTJ[E7EKMESLH4"
MR³LLKEKPLSTMFCVS'LTBELTVUKBOLUEKTB"

64
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

G6DOMG\NE\NWMNV[LM
+NKE\NWGKP(HKQ
…7NVIUNHVD G6DOMGV GNMN†
 E4BMKKLTYET5LTGSLIELKLGODAH-JGSLLR£L#TLHLTEKZ9VFTB£XKY[HLTB
MTOA7HLTSLTETFR<LFTBPLL LLPHLTSLH4"
 ERB.ZIFTB FIV>EE; LPAGQFKLGLFTB MLKT £XKHLTB>W'LL;S_ T SIVLTB KLGLLn
JLJL£LBSHLTBSLT0G%SELTOI L;ELZIVKLTYHLTSLH4"
 FBYZWL4KLGVGOL#L^PLOL-'LLVFBTG-'LGSHLTB>SLTULSEELTE4BMKKLTY
HLTSLH4"
 G^SI)LLPFTBLGV>QSR'L;)LLPFTBQBO[WL4KOLF)LLPFTBFBYZG-'LGSHLTSLTMTFA3R
)LHLTSLH4"
 L#LW7F)LLPFTBLGVLFBYZEIRGSETSRLKLHRETML'LHLT>SLTULSE
ELTE4BMKKLTYEIMB)LLPVLKHSIH4"
 FTLZ9VFTBPFBYZET’JKLGV>KLHXPL#TLELJ[)LLP2T2. LTBELE4BMKN3J6V
EKSLH4"
 K%SELKEQBO[>FBYZ PBZ9VTLJKFGZVY[HLTBETJ[)LLPMTE4BMKHLTVTEI
MB)LLPVLKHSIH4"

65
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
 GOL#TLV4MGY;EJLJIY[HHLTEKZ9V>W7FLOLF)LLPFTBG-'LSHLTWL4K
)LLPP)LLPLG³LJGSL.DZFTBEFULTKHLTSLTE4BMKLP[LEIMB)LLPVLKHSIH4"
 Z9VW'LPLQBO[Z9VP-PLGFLTBJKFBYZPLGVEIOAG7LRGS PBGVD;ZQBO[
GLE)LLPFTBWLR)LKLGLFTBHLT>SLTULSEELTE4BMKHLTSLH4"
 GOULSEEIU6FERB.ZIFTBFGZVY[HLGVPKLHX PBP[LELKEY[HFBYZ>ETSR
PWLR)LSLGZ S'LLMX;J[DZHLTWL4KLR)LY[HEFULTKHLTSLTULSEELTE4BMK
HLTSLH4"
 FEKETVPLBLFTBZ9VTL>L#TLLQBO[G-'LSHLTWL4KZ9VP-PLFIJKJLJJ[)LLP
HLT>SLTE4BMKMTJIG. SHLTVTETLTYDVSTH4B"
 L#W'LPL^PLOL)LLPFTBFBYZWL4KLGVEIRGSHLTWL4KFBYZPLGVJK
WLR)LJ[)LLPJ[3\LLWJ[3\LOAG7FTBHLT>SLTULSEELTYZTFTBP[LHLTSLH4"
 JBQF)LLPFTBFTLELFBYZWL4KVIQELLGVHLTLNMJKETSRPQBO[ELJ[)LLP
HLT>SLTULSEETGMKFTBYLn#HLTMESIH4B"
 LKIKETGUMWBYMTMBDBG³LS)LLP>)LLP-PLFI>ELKE>NMMB<LEIKLGLP
KLLILEIWLR)LY[HLTBMTRSLOAG7MTHLTYIPLR)LJ[)LLPEIEFIHLTYI>NM
WBYFTBG-'LGSETWVRMLKKLTYHLTYL"
 WLR)LW'LL;S_KLTYELKEY[HLTBEIFHLOLL>WBSO;LL>J[3BSKOLL>Z9V>Z9VTL>
FTLKLGLPFBYZJKLGV>KLHX>ETSRPL#TLELJ[)LLPRGSLOAG7ET^LKLHLT>
SLTULSELULSELETLFG-SEELE4BMKHLTSLH4"
 G^SI)LLP>G^SITL>PALKLGLWL4KLR£JKJLJIY[HLTBELJ[)LLPFRnHELE4BMK
N3JVVEKSLH4"U4MTG^SI)LLPJKFBYZWL4KETSRJLJ3PZTEKOAG7LRGSMT
J[)LLP.LZSTH4B>SLT0G%SS&DLEXQDLVTELWLOIHLTULSLH4G^SI)LLPFTBQK
KLGL)LIHLTGUMMTELZLBSKFTBE4BMKHLTVTEIMB)LLPVLKHSIH4"
 GOG^SI)LLPFTBLGVWL4KKLHXGPKLUFLVHLTB>QSR'L;>QSR'LT;LPQBO[JK)LIN%S
Y[HLTBELOAG7>RGSLWJ[3\LJ[)LLPHLTSLT0G%S³LXFJLVELWLOIHLTULSLH4
ULTWLYTQZEK2T2. LETE4BMKELELKLHLTMESLH4"
 SASI-'LLVFTBVIQKLGL>LLRKLGLLW-SYSY[HHLTB PBNM)LLPJKJLJIY[HLTB
ELJ[)LLPHLT>SLTYZTFTBE4BMKHLTSLH4"K%SELKEY[HQBO[PFBYZET’JKLGV>
KLHRWL4KETSRELWLR)LJ[)LLPHLTWL4KZ9VS'LLZ9VTLJLJJIG. SHLTB>SLTK%S
E4BMKHLTSLH4"

66
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YN/)NNYN6M+N'UNHM
GKHIJHN

67
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YN/)NNYN6M+N'UNHMGKHIJHN

L]O8XUNYN6MOHCI GN
L]UKG+N'UNHM/UNV
YN
NN

F4BVTJ['LF+TLIMTDI .EIJKI\LLN¤LIL;EI"F4BVTWJVTE4GKKFTBMR³LLKZLVTET
GZ J[FLGLSELTM;)LIGE >WBY[TUIDLTZVTELELTM;GEL>0G%S3PFTBGPELMZLVTEL
ELTM;)LIGELZTGEVEC;-EXZLTBFTBML\LL3ELKOTVTETDLPUXOFRTFTKTGZ NJR%S
VL4EKIVHIBGFZJLC;'LI"F4BWJVTUIPVMTGVKLLHLTYC;'LI" TMLZYKHL'LLFLVLT
FTKTUIPVELELTC;N¸TVHIBH4"F4BWJVTWLJELTWL3FGV)L;KDVLVTETGZ HKMB)LP
ELTGLLEKKHI'LIZTGEVFRTELFLDIVHIBGFZJLKHI'LI"OXMKIWLTKFTKTJGKPLKVT
)LIFTKILLOIETGZ FRJKOPLDDVLVLLREKGOL'LL"%LTBGE)LLKSFTBZ. GELTB
EIFLSLGJSLJKDLTMFLULSLH4"JKUDJRNOWLSLH4SLTEFLT~EIGVU;KL
E\LLFTBHLTULSIH4" TMLHILR)LWPMKFRTFTKIGFLETFLFMTJ[L*SHRWLUD
F4BVT.L8GJ[LUIEIPE;LL8J)DLWK%DVHG+HDOLQJE\%KDNWDPDUFTB)LLYGZL"
HPE;LL8JW7TB.EKVTETDLOFTKTUIPVEIGVKLLLWLLLEIQELQL4B³LFTBDOZYC;"
F4B)L%SLFKETDLKTFTBULVSISLT'LIZTGEVNMEILG%SWL4KFGHFLMTWVG)L,'LI"
FRTJSLHIVHIB'LL TMLWVFLTZ<LULVLHFLKT)L%SLFKFTB/RJLHRWLH4".L8GJ[LUI
ETFLY;OL;VMTF4BVTZLTEGKG
FBLELULJGPG³LJXP;EGEL>GDVLVFEEL)LLTUV
GEL>FRTGPPLM'LLGEFRTDHRSU:ON3ž7VL4EKIGFZUL YIWL4KER/HIGOVLTB
FTBFTKLMJVLMLELKHRWL"
FHIVTJQLS_HIFRTGO:ZICB7KV4LVZ-EXZMT EJ[-SLPGFZLGUMMTFTKT
UIPVFTB EVLMPTKLWLYL"FTKLJGKPLK)LIWLUFTKT’JKYP;EKSLH4"WLUF4B
ULT)LIHXn.L8GJ[LU4VETGPPLMWL4K)L%SLFKMTGFZILG%SETELKLHXn"

68
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YN/)NNYN6M+N'UNHMGKHIJHN

IR
RNOGKIRWYN6M
LT M5XGKL]N,UK
MNJT\
NV4N\KW6X@OZMU

UIPVFTBEC;JGKG-'LGSLnHLTSIH4ULTGVBLLMTDLHKHLTSIH4EC;DLKHFLKTJ[LK$³L
EFLT~ETNOWLVTMTER/QIUTBHFMTDHRSOXKHLTULSIH4"C;PKILG%SETWLYTHF
WJVTWLJELTD. LWMHLFHMXMEKSTH4B"
EOR L;7VLFTBHFTBWJVTD1QTELT<LLTQRET'LTGUMELMOFLHFLKTGOZWLTK
GOFLYJKYHKL/LLLHRWL'LL"P%SYRUKVTETML'LHF'LLT. TMHUHR WL4KFTKIJ3VI
VTOLTDLKLY)L;³LLKLGELCMDLK)LIER/WVHLTVIHRC;WL4KHFTBY)L;JLSEKLVLJ. L"
HFUIPVETW3G³LEFRGEZOL4KMTYRUKKHT'LT" EPL;JQLS_G2KHFVTJ[LM
GELLT2LZIVTY)L;³LLKLGELWL4KG2KFHIVTDLOPHIY)L;JLS" TMLZYVTZYL
GEHFLKT)LL9FTBMBSLVMR<LH4HIVHIB"HFUIPVMTHLKFLVD4#T'LT"JKUDMBLTY
WL4KMBULTYOLTVLTBGFZSTH4BSLTER/)LIMB)LPH4" TMLHIMBLTYW%SXDKFTBFIG.L
ETFLFMTGJ[LUIWL4KJ[OIJUIMTUR. VTELGFZL"GJ[LUIETFLY;OL;VFTBHFVT
)L%SLFKELJL#GP³LLVJ[LKB)LGELWL4KGJ2KMT EDLKLT2LZIVTY)L;³LLKLGEL
ZTGEVCMDLK<LRLIVIB.K5LOL'LL"CM.KMT/R7ELKLGOZLVTFTBWYKELTC;ELF
WLLSLTPLT'LIGJ[LOIULTHKMFWJVIMELKL3FEMLTQET^LKLHFTBGH&FSWL4K
HL4BMZLOTSIKHSI'LI"N6HLTTBVTWJVLKTEINJQLKFBLNJQLKJXKTFHIVTULKIK<LL"
CVFHIVLTBETOL4KLVHFVTGVKBSK)L%SLFKJL#WL4KGP³LLVULKIK<LLWL4KUXV
ELTHFTB EJRLK3VEIJ[LG*SHRC;"XSLTM)LIELTWJVTD1QTGJ[ZYSTH4BZTGEV
GUMD1QTETGZ JXKT EPL;WKL³LVLEIHLT>GUMD1QTETML'LY)L;FTBWLVTMTJXP;
)L%SLFKU4MILG%SLnUR. YC;HLTWL4KU6FETJQLS_HFLKTD1QTELWL)LLFB.Z E
WLZL4GEEGO0JLU4MLZYSLH4"NMELVLFHFVT?WKHF K<LLH4"F4BM)LIMT
EHVLQLHSLHXnGE)L%SLFKEILG%SETWLYTORGVLELHKEL;/LT7LZYSLH4
FVPQVELMTGPPLMWL4K+
LJXP;ECM-LLTSELJL#GELUL SLTMDER/
MB)LPH4"

69
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YN/)NNYN6M+N'UNHMGKHIJHN

YONMNV[NVDOVHTI'U
OVW\GNV%NMK@WNHXVM

  F4B MTUZELT#LKI
FHLKL7w ET E
/LT7TMTLHKULFVTKFTB
KHSIHXn"F4BMR<LJXP;E
WJVTMLFXGHEJGKPLK
ET ML'LWJVLUIPV
0SIS EK KHI 'LI"
CMIDIQFTKT WMLSL
PTOVIEF; ELNO
WLLWL4KFRT)LBEK
KLTYGUMTE4BMKETVLFMTULVSTH4BHLTYL"MHIEHLH4‚ªEF;VTGEMIELT)LIVHIB
/LT. L"WLR)LEFLT;OMTOR<LWL4KLR)LEFLT~MTMR<LGFZSLH4"EFLT~EIYGSMQFRQ
EI6LKIH4"TEF;HISLTH4ULTE)LIHnMLSTH4BZLSTH4B"WLQL;FLVSRY-PLFIKGQS
FHLFA3RBU)L%SLFKMSLTLMTFTKTWLR)LEFLT~EL/HRWL"FRTSLTHJSL)LIVHIB
'LLGE)L%SLFK-SLTLFTBCSVILG%SH4ZTGEV.L8GJ[LUIETFLY;OL;V>NVEIJ[TKLL
MTF4BVT)L%SLFKETPTZLTEELJL#J[LKB)LGEL"CMIFGJ[LUIWL4KJ[OIJUI
FRTGVKBSK'LVWDQFH+HDOLQJWL4K0DQWUD+HDOLQJETFLFMTNJQLKOTST
KHT"MFMFJKGJ[LOIOIVTFRT5LTGSLETER/NJLDSLT"WL4KFTKTWBOKOLV
³LF;EI)LLPVLJ4OLEIGUMETJGKLLF-PJWLUFHIVTDLOF4BGDVLMU;KI>GDVL
EIFLTBMTJXL;JI-P-'LHXn"HIH4)L%SLFKEIFGHFL"

70
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YN/)NNYN6M+N'UNHMGKHIJHN
GHNV~GK[IU
IGOGNV'N>NV\I>N\N@
IGOGNVJtONIGOGNV\Nt@
GN6XWNXV?
YN
NKW6X@ YNI5HGPLSNMG

W%7XDKFTKTGZ WGP-FKLIGOVH4%LTBGECMIGOVFTKIFRZLELS
+IFSIMBSLTLUIMTHRC;"ULTGEMLZEINF[FTBE4BMKMTUXKHI'LI" L7VLER/LTB
HRC;GELLFELTDUTFTKTJLM E2LTVWLL"F4B+HDOLQJ6HVVLRQVFTB0-S
HLTVTETELKL2LTVVHIBN#LJLI"'LLT. IOTKDLONVELORDLKL2LTVWLL"2LTVJK
EFGHZLULTKULTKMTKLTKHI'LIGEWL4KN6HLTBVTFRMTWLY[HGELGEF4BCFKUTBMIFTB
NVEIFLnMTGFZXn"PTNMMFDLZLUI %LVE4BMKW-JSLZ>VC;GO:ZIFTB)LSI;'LI"
F4BKLSDUTPHLnJHRnQI"PHLnULEKFRTJSLQZLGEE4BMKETML'LNVELTJT7FTB
CB2T%LV)LI'LLGUMETELKLPTGJ/ZT EM*SLHMTDTMR³LJ. IHRC;'LIWL4KGEMISKH
EIHKESVHIBEKKHI'LI"DHRSMT.L8%7KLTBELTGO<LLLJKDQVTETER/)LIWLMLK
GO<LLC;VHIBJ. KHT'LT"M)LI.L8%7KHL'L<L. TEKQRET'LTWL4KJGKPLKUVLTELTMZLHOT
KHT'LTGEN6HTBCVWLG<LKI\LLLTBFTBGZ  LKZTUL n"JKC;PKELTLLOER/WL4KHI
FBUXK'LL"NMKLS,&8FTBNVETJLMD4#THR F4BVT)L%SLFK-SLTLETJ['LFPPTB
ZLTEEL LB7TSEFBLLT1QLKLGEL"WL4KNVETJGKPLKELT)LIULJEKVTETGZ 
EHLWYZTGOVNVETJGKUVN6HTB/RµIGOZLEK LKZTY "KLTUFKL;EISKHF4BWJVT
ELLT~FTB0-S'LIGES)LIOLTJHKDUTFRTNVEIDT7IEL2LTVWLSL"N6HLTBVT
DSLLGEF&FIELTHLTLWLYLH4F&FIJ[GSG£LEKKHIH4BWL4KN6HLTBVTER/<LLVT
ELT)LI)LIFLnYLHGM2;FTKTGZ HIVHIB>WGJSRNVETJGKPLKUVLTBETGZ )LIPHDLS
DHRSWLQ;UVE'LI"ZTGEV)L%SLFKEILG%SETWLYTWMB)LPELTMB)LPGELUL
MESLH4"WLYTETGOVLTBFTBNVEIMTHSFTBER/WL4KMR³LLKWLLPLTW1/TMTDLSQIS
EKVT ZYI WL4K ZY)LY  GOVLTB SE WJVT JGKPLKUVLTB ET ML'L -P-'L KHEK
MFLG³LJXP;EWJVTJ[LLLTBEL3LYGEL"THIH4)L%SLFKEIFGHFL"EFLT~EIYGS
GEMELT%L<LTZG<LZL >GEMELTHnML GEMELTZL n>EL4VULVT=

71
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YN/)NNYN6M+N'UNHMGKHIJHN
+N'UNHM/UNV `NMNL5XKGKYNRNWHVDOT¥NNM
YN6MRFV9VGK\WK=YNVMYNt>NNVDGKOH/NHVDIXQNX
YDIGUGNV%NMK@

F4BWBGESELT#LKIWJVIJ3VIKISLELT#LKIWL4KFTKTDT7T<LRLELT#LKIEISK2MT
GZ<LKHLHXn"FTKIJ3VI EPL;MTWG³LEMFMTFRnHEIMXUVMTJIG. S'LIWL4K
NVEIWLPLUMXUVETELKLW1/IVHIB'LI"F4BX7_XDJK.L8GJ[LU4VP.L8FBUX
U4VELT)ROORZ‰JLZVŠEKSL'LLWL4KML4)LL9MTJ[OIJ)LCLETELKLFRTGJ[LOI
WL4KFBUXOIOIMTFRBDC;FTBUXVELTGFZVTELFL4ELGFZL"N6HLTTBVTHFTBMZLHOI
GE+I)L%SLFKETPTBZLTEETML'LGKG
WL4KFBLETML'LGOVLTBETVFEET
GDVLNJPLMEKTWLTKFTKIJ3VIVTOIOIETEHTWVRMLKGPG³LJXP;E)L%SLFKELJL#
WLKB)LGEL"GJ[LOIVTHFTBWJVLDHRFX:MFGOLWLTKHFVTFRBDC;U4VFBGOKFTB
)LI)L%SLFKELGP³LLVGELGOVLTBETWBSY;SFTKIJ3VIWL4KNMEIWLPLUFTB
MT J[GSLSZL)LGFZT".L8GJ[LUIET FLY;OL;VWL4KMF'L;VMT HFLKL
WL3FGPPLMD L"
CMETWZLPLF4BWLJELTH)LIDSLVLQLHSLHXnGEFTKTDT7TELTDHRSMFMT
WLn<LLTBEI ZUI;'LIPNMEIWLn<LTBEFULTKHLTYC;WL4KNMTVP&DKELQFLZY
YL"F4BVT+IJ[OIJU4VWL4K.L8GJ[LU4VELT2LTVEKETDSLLSLTN6HLTBVT)L%SLFKET
PTBZLTEELTGKG
WL4KFBLETML'LDLKUJEKVTEIMZLHOIWLTKNMIGOVHF
.L8%7KETJLMY WL4KPTWLQ;QGESHR WL4KEHLGEWLJETDT74ELT'LLT. IMI
ZUI;H4WL4KHU:O#IEHLTUL YL"LLFSENMEIWLn<LT EOF#IEHLTYI"
CMQF3ELKELTFTKTUIPVFTBZLVTEL+T.L8GJ[LU4VWLTK+IJ[OIJU4VELT
FLY;OL;VOTVTETGZ OTSLHXnWL4KFTKIM)LIMF-LWLTBELMFL³LLVOTVTETGZ +I
)L%SLFKUIELTVF-ELKEKSLHXn"

72
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YN/)NNYN6M+N'UNHMGKHIJHN

XRWKRXGKL]NI,U
YRXKGN6I
NG@[NVRN

F4B WPVIEL4GLEJTLT MT CBUIGVKHXn WL4KYLTPLFTB WVRMB³LLVET6O[ ET GZ 


LTUVLWLTBEIS4LKIFTBMHLSLEKSIHXn"GJ/ZTPL;FTBYLTPLFTBEBJVIEISK2
MTFRT LKGFZLJKNMFTBFRTVELKL3FE’UL;ELWL)LLMHLTVTZYL"FTKL-PL-'
<LKLDKHVTZYL>FTKT0PHLKFTBJGKPS;VHLTVTZYLWL4KEL;EKVTEI\LFSLEFHLT
YC;".L8%7KMTULnQETDLOFRTJSLZYLGEFRT%UHDVW&DQFHUH4"F4BGU6OYIMT
HLKFLVD4#I'LI"F4B.L8%7KEIMHLSLETML'LML'LWLG3FENJQLKLTBEI)LI<LLTU
EKKHI'LI"S)LIF4BVTCB7KVT7ETFLFMT.L8GJ[LU4VEINJQLKJ
GSETDLKTFTB
JSLQZLGEPLT)L%SLFKETFBLLTBETFLFMTWLG3FENJQLKEKSIH4BULTGE E
'UXJOHVV 7KHUDS\H4"SDF4BVT NVMT MBJE; GELWL4KNVHLTBVT FTKT LKEI
9DDVWX9LVLWEIFTKT LKETOLTLLTBELTOXKGEL> LKFTB EVC;MELKL3FE’UL;EL
^LK<LLTZLWL4KML'LFTBFTKI'LVWDQFH+HDOLQJJ[LKBK)LEIWLKFV)LI)L%SLFKEI
^LK<LLZLWLKML'LFFKI )LEIWL4KF4BVT)LI)L%SLFKEI
PT
PTBWWL4L4K
PT
PTBZLT
ZLTEE
EI)LG%SJP;
EI)LLG%SJP;EW WL4
WL4KGGPG³LJX
GPG³LLJXP;EU
ULJEIGUMET
ULJE EIGGUMETJJGKLLF-PJFT
GKLLLF-PJFFTKT
EE44BMKKEIYLn
E
EIYYLn#
FHIVT
FFHIVTFFTTBHHI
IPPMTTPPEI EIKHYC;
IKHHYCC;"F44B.L88GJ[
GGJ[LUIELDSLT
LUIIELDSLTT
YT
YTFLY;
FLY;JKQZEKOX
QZEKOXMKKLTLTBE
JKQ ETTFFLY; ELTLTJJ[[ELLGLSEKVLQLHSIHX
LY;E GLSE
EKVLQ QLHSIHHXnGGUMMT
UMMT55LOLMT
LOLMT55LOL
LOL
ZLTLTY)
Z )L%SLFKEL+
LVEKT
)L%SLFKE EL+ +
LVE EKTU U44MLL-PL-'LZL)LFR
--PL-'LZ ZL)LFFRTGGFZLP4
FZLPP4MLLM)LIUIPLT
M
M)LIU ELTLTGGFZT
UIPLTBE FZT"

73
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YN/)NNYN6M+N'UNHMGKHIJHN

+N'UNHM/UNV `NMNOT>NNVDGNORVMN
\I\UFNMWN5N
F4B EGKZ -7T70PMLIHXn"C;PKEIžJLMTFTKLELKLTDLKD. LW1/LQZL
KHL'LL"GPYSPLLT~MTGKZ -7T7FTBWLC;FBOIETELKLFTKTJLMJ[LTJ7I;EL E
DHRSFLGE;7D. LGH-MLGDEVTMTKHYL"FRT2B._MEIDHRS5LOLSBYIHLTYC;"F4B
ZLTYLTBEIJTFTB7VHIBEKJLKHL'LL"CMIDIQFTKIDT7IELGKSLHLTYLWL4KFRTJ4MLTB
EIGQBSLWL4KMSLVTZYI"FRTN&FIOEIELTC;GEKLGO<LLC;VHIBOTKHI'LI%LTBGE
DLULKGOVJ[GSGOVVIQTGYKSLULKHL'LL"FLGE;7FTBELTC;<LKIOLKVHIB'LL"FTKIJ3VI
ULTJ[OIJUIWL4KGJ[LUIELTULVSI'LINVETJLMQZVTELTEC;DLKEHL"JKF4B
GEMIVGEMIELKLMTNVELTFVLEKOTSL"ZTGEVFKSL%LVLEKSL"FRTWL4K
ELTC;QLKLVHIBGO<LLC;GOLWL4KF4BDTFVMTNVETJLMQZLYL"PHLnULEKFTKIWLn<LT
<LRZI>FTKL)L[F7X7LWL4KN6HLTBVTFRTU4V³LF;ETGHMLDMT)L%SLFK-SLTLELJL#EKVT
ELTGOL"F4BVT>PVZLTELTBELJL#GEL"WL4KZY)LY.T FHIVTDLOFRT
ED. L<LKIOOLKJ[L8J7I;ELGFZL"GJ[LUIVTCMFTB)LIFRTFLY;OL;VGOLWL4KFRT
JL8GUG7PGEL"WL4KF4BD. ILLZIVSLMTNMML4OTELTM2ZEKJLL"PHML4OLFTKI
GU6OYIEIMDMTD. I.IZ'LIGUMETELKLFTKL.XDSL0LJLKPLJMJ7KIJTWLYL"
F4BZLTYLTBMTEHVLQLHXnYLGEUD)LIUIPVFTTBGPJKISJGKG-'LGSWL SLTJKFL3FLEI
)LG%SFTTBZIVHLTUL >NVETJ[GSJ[TFMT)LKULWLT"WLJELTWLJEIGU6OYIFTBQLHT
'LLT. IOTKZYTJKMR<LLTBELMPTKLWPHLTYL"

74
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

75
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

76
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

77
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

78
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YN/)NNYN6M+N'UNHMGKHIJHN

+N'UNHMOVJTYN
,,7HVDSX
OH)N=Y[]RN\@IQ<\K

GUk6OYIFTBW%MKEC;DLKJGKG-'LGSLnUTMIHFQLHSTH4BP4MIVHIBHLTSI"MD
ER/J[GSEXZHLTSLH4" TMIJGKG-'LGSLTBFTBWLG3FELG%SLn PBHFLKLGPPLM
HFLKTELFWLSLH4"CMDLSMTELTC;2E;VHIBJ. SLGEMF-LWLG'L;EH4FLVGMEH4
L³LVMBDBLIH4"F4BMF'L;WY[PLZ>PIBE\LLELGP]L'LI;'LLWL4KF4B,,7EIS4LKI
EKKHL'LL"F4BWJVTWVFTBZ9VMTFTHVSEKKHL'LL"CMFTBFTKTFLSLGJSLWL4K
FTKTGL\LELTBEL)LI)LKJXKMHLTYGFZSL'LLZTGEV/LLUIPVFTBMDMTD. IULTMF-L
HLTSIH4PHL4\LGLESVLPEIHLTSIH4"F4BWL4KFTKTFLSLGJSLOLTVLTBCMJGKG-'LGSMT
UXKHT'LTWL4KFTKT’JK)LIPIBFTBW1/TWBEZLVLWLTKUTC;C;FTBW1/IK4BEZLVTEL
OPLD'LL"HGM2;OPLDHIVHIB'LLFTKTUIPVELMDMTD. LMJVL'LLUTC;C;7L8JEK
GO:ZIWLC;WLC;7IFTBJ[PTLJLVLDHRSFTHVSETDLO)LIF4BW1/IJ[OL;VVHIBEKJL
KHL'LL"WL4KF4BDLKDLKWJVTY[RJFTBJI/THLTSLULKHL'LL"CMIFFTKTFLSLGJSL
EIFRZLELS)L%SLFK%ZIGVEPLZI.L8GJ[LOIWL4KJ[OIJMKMT HRC;"N6HLTBVT
MELKL3FE’UL;WLTBWL4KJGPL)L%SFLK-SLTLELNJQLKFRTOTVLJ[LKB)LGEL"OIOI
WL4KMKZYLSLKFRTOXK-'LNJQLKETFLFMTFRTHIZEKSTKHT"WL4KF4BVT)LI
)L%SLFKETPTBZLTEELJL#JXKI+
L)LG%SMTGEL"UD)LIMFGFZSLF4B
)L%SLFK%ZIGVEJKGP³LLVEKVTULSL'LL"GJ[LOIWL4KMKETMHLTYMTFRT
DLKDLKMELKL3FE’UL; GFZSIKHSI'LI"WL4KF4BVT PIB WL4K ,,7EIJKI\LL
M2ZSLJXP;EOI"
WDMF'LLJGKLLFWLVTEL"FTKTPIBFTBJ[GSLSWBEWL WL4K,,7
FTBFTKI$,5K4BEWLC;"HFTKTGZ WL4KFTKTJGKPLKETGZ GEMIFHLV_QF3ELK
MTEFVHIB'LL"JK6SRCMETDLOFRTOR<LHRWLUDFRTJSLQZLGEGO:ZI,,7EL
PL;ELGKEL8.7L8JK4BEH4"F4BVTG2K)LIGH&FSVHIBHLKIWL4KGVKBSK)L%SLFK

79
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
ELJL#EKSLKHL"WDLLOFTKT)LL9VTFTKIJKI\LLZI"WL4KGO:ZI,,7EIJHZI
MXQIK4BESEULKIHRC;"HIPLTMF'LLUDF4B7X7QREL'LLWL4KFTKTJLJLVT,,7
ELVJRKFTBFTKT .GFLVWL4K2IMEIS4LKIEKZIJKFTKLMJVLGO:ZI,,7FTBULVT
EL'LL"FRTFTKLMJVLFRMTOXKULSLHRWLGO<LKHL'LL" EDLKG2KHFMDVTJXKT
+
LWL4KFVLTLTYMT)L%SLFK%ZIGVEJK)L%SLFKGP³LLVGELWL4KTKHLMBMLK
ELFHLVSFWLQ;F4BVHIBULVSLTE4MTHRWLJKULTHRWLFTKLMJVLJXKLHRWLWL4K
GO:ZI,,7FTBD1QLTBELKGU-7wTLVK
HRWLWL4KFRTGO:ZI,,7FTBJ[PTLGFZYL"
WL)LLKWG)L0G%S‚DLT.;JKI\LLWL4K,,7FTBFTKIM2ZSLEL+TWYKGEMI
ELTULSLH4SLTH4GJ[LOIGU6HLTBVTFRT)L%SLFKJ VTEIJ[TKLLOIWL4KFTKTMJVTELTVC;
N. LVOI"WLUF4BULTER/)LIN6HIBEIPUHMTH4"

YN/)NNYN6M+N'UNHMGKHIJHN

OZXVYND[XHVD
>NTI
NNVDGKSJG
OTNHN
NNJ@QTFE=

F4BMRLFLLLHORDC;FTBTKHSIHXn"FTKILLOIELTPL;HLTY ".L8%7KLTBETWVRMLKF4B
D1QTELTU6FOTVTFTBWMF'L;'LI"F4BVTZBOVWL4K)LLKSFTBMDMTW1/LCZLUGZL
ZTGEVMD0'L;YL"WBSFTBF4BVTFOOETGZ .L8GJ[LU4VELTUVPKIFTBMBJE;
GEL"N6HLTBVTFTKLOXK-'LNJQLKJ[LKB)LGEL")L%SLFKETPTBVBZLTEETQF3ELK
PGJ[LUI^LKLJ4OLGE FTKTWBOKWQXEGPPLMEILG%SMTF4BVTY)L;³LLKLGEL"
WL4KFHIVTJQLS_F4BVT E-P-'LJRLELTU6FGOL"
F4B)L%SLFK-SLTLELTGOZMTWL)LLK0%SEKSIHXnWL4KWLJMDELT)LIHIMBOTL
OTSIHXnGUMVTFTKTUIPVETWB³LELKELTOXKGELWL4KFTKTUIPVUIVTELN¸TJ4OL
GEL"WLJMD)LI)L%SLFKELTWJVTUIPVFTB)LG%SJXP;EWJVL nWL4KWJVTWLVT
PLZTEZELTDTHSKDVL "

80
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YN/)NNYN6M+N'UNHMGKHIJHN

GW=OVHTI'U
YIRXN
NGNO\KRN\@IQ<\K

F4BGO:ZIETEKLTZDLYFTBGJ/ZTMLZLTBMTWL)LXLL0PMLFTBHXn"FTKTJXP;ULTB
GJ/ZTEC;MLZLTBMTCM0PMLELTMB)LLZKHT'LT"F4BVTCMTULKIK<LLWL4KDLY.LTK
WJVTHL'LLTBFTBZI"LRWLSETMLZSLTHDHRSW1/LQZLJK6SRNMETDLOPLLT~
MTH L7SLQZLYL"FTKTCSVTVREMLVHLTYT'LTWL4KFTKL0LJLKZY)LYDBOHLTVT
EIEYLKJK'LLGUMMTF4BVTWJVIMLKIWLLL K<LOI'LIBS)LI EGOVFTKTEKIDI
OLT-SVTULTFRTFTKTDQJVMTULVSLH4".L8GJ[LU4VETDLKTFTBGU£GEL EHƒST
DLOF4BVTNVMTNVEIUYHJKFRZLELSEIWL4KWJVIMF-LUSLC;"G2KN6HLTBVTFRT
MRLPGOLGEF4B)L%SLFK-SLTLWL4KGPLTLJMTPTBZLTEELULJEKVTELT
EHL"F4BVTCMT EQRVL4SIETJFTBZTGZLWL4KGOVETGZ GDVLVFEEL)LLTUV
EK)L%SLFKELJL#J[LKB)LGEL"³LIKT³LIKTFRTFTKTELKLTDLKFTBDOZLPFHMXMHRWL"
FTKIGD£ID YC;WL4KFTKTJLMY[LHELTBEIG.FLB.WLVTZYIFTKTM)LIEUT; EFHIVTET
WBSY;S<L3FHR WL4KFRTZL)LN3J6VHRWL".L8GJ[LUIEIFOOMTFTKTUIPVFTB
WLLLEIGEKLMTVLMPTKLHRWLGUMETGZ F4BNVELDHRSWL)LLKIHXnWL4K)L%SLFK
UIELTWJVIGOVQL;ELWHFGH-MLDVLEKFBLLT1QLKLEKSLHXn"

81
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YN/)NNYN6M+N'UNHMGKHIJHN

2NLNMHVDO4\UNYN6MUM'GK

NN\TYMNV0N@WLTM

FTKLMLZELP4PLGHEMBD³LLTBJKWB³LTKL/LYLUDFTKTJGSMBUUIEL
0LJLK LL7TFTBQZLYL"NMELJXKLWMKFTKTP4PLGHEUIPVELT)LIJ[)LLGPSEKVT
ZYL"FTKTJ[GSGOVKLSFRMTY. LEKVTZYTGUMELWMKFTKTD1QTJK)LIWLVT
ZYL"GOVKLSFTKT LKJKZTVOLKLTBELWLVLULVLKHVTZYL"HFLKIGU6OYIVE;MT)LI
DO¤LKHLTYC;'LI"S)LIFTKTVUOIEIGKSTOLKVT.L8GJ[LUIOLTFTKLMBJE;EKLL"G2K
F4BVTNVMTWJVIMF-LWLTBELD<LLVGEL"OIOIVTFRTPTBPPTBZLTEEIULJ
DSLC;"WL4KF4BVT)L%SLFKETUJELTFVLTLTYMTJXL;GELGUMETJGKLLF-PJFTKT
UIPVFTBJGKPS;VWLVTZYLML'LHIN6HLTBVTFTKT LKEIWLTK24%7wIEI9DDVWX9LVLW
EKET LKETOLTLLTBFTBMR³LLKEKLL"ER/HIGOVLTBFTBFTKTYAH-'LUIPVWL4K0LJLKFTB
MR<L>MFAG
WL4KLLBGSEIZHKPLJMWLYC;"HMD.L8GJ[LU4V^LKLDSL Y 
)L%SLFK-SLTLEIWMIFžJLMTHIMB)LPHRWL"

82
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YN/)NNYN6M+N'UNHMGKHIJHN

+N'UNHNM`NMNŸQLIMRU=X
IL]DGN[NV\

FTKTDQJVEIOLT-SKFGVELVTER/MFJHZT EWGVPLMI)LLKSIMTGPPLH
GELZGEVNVEILLOIM2ZVHIBKHI"NMELJGSNMTVLJMBOEKVTZYL>PHCSVL
£XKHLTYLGEHK/LT7IDLSJKWLJMFTBY. LEKVTZYL"ML'LHINMVTG2KMT
LLOIEKVTEILTUVLWLTBETDLKTFTB)LIVHIBDSLL"PHCSVIJKTLLVKHVTZYIGECV
DLSLTBELWMKNMETGOFLYETML'LWLn<LLTBJK)LIHLTVTZYL>PH#IEMTOT<LVHIBJLSI
'LI"SDF4BVTNMTGJ[LUIET)DLWK%DVHG+HDOLQJMTGFVLKELTW7TB.EKVTEI
MZLHOI"PTNVMTGFZIP)L%SLFKWL4KKTEIETFLFMT'LVWDQFH+HDOLQJ
J[LKB)LEI"GJ[LUIVTNMT>>PLVZLTEELJL#EKVTELTEHLKFGVELVT
WJVI.XDSTUIPVELT)LYPLVWLGOVL'LJKGPPLMEKG2KMT’JKN#LVTELGVL;
GZLPGOVGPG³LJXP;E)L%SLFKGP³LLVGEL" EFHIVTDLONMETJGSELT
WJVIYZSIEL HMLMHRWLPFL2IFLnYIWLTKWDPTOLTVLTB EML'L<LRLHLZUIPV
0SISEKKHTH4B"NMVTFRTDRZLLWL4KWJVTFVEI<LRLIFTTKTMF\LJ[E7EKIGE
GEMSKHGJ[LUIET)L%SLFKETELKLNMET.XDSTUIPVELT)LYPLVWLGOVL'LEL
MHLKLGFZLWL4KWDPLTGVGFSJMTGP³LLVEKSIH4GUMMTNMEIWLn<LT)LI#IE
H4"PLEC;FTBGJ[LUI EWO_)LRSFGHZLH4GUVEL)L%SLFKETJ[GSLVOT<LEKFRT
NVJKYP;HLTSLH4"

83
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YN/)NNYN6M+N'UNHMGKHIJHN

YN
NN@IR
RNO@+NI'UJOFWFIH\UVJ6@
UNVWKRXHVDYIR
R/RKLIMRU=XYNUNJ6D$
I \NVGXN)N

F4BVTDQJVMTWJVTUIPVFTBDHRSMTNSLKQ LPOT<LTU4MTU4MTD. LHRWL


PL;ELHLTSTHI0PMLEKVTZYL>ZTGEVM2ZSLVHIBGFZI³LIKT³LIKTP%SGVEZSL
YLF4BWJVTUIPVMTDHRSJKTLLVHSLLWL4KGQ6SLFTBKHVTZYLS)LIF4BGJ[LUIEI
)L%SLFKEL;LLZLFTBULVTELFLTELJ[L*SHRWL" TMIEL;LLZLF4VTWJVTUIPVELZ
FTBE)LI)LIVHIBOT<LI'LI"GJ[LUIEICMEL;LLZLET^LKLFRTWJVTUIPVELTZTEK
EVC;KLHVUKWLVTZYI>NMETDLOF4BNVMTEL;-'LZJKULEKGFZL>F4BVTGJ[L
UIELTWJVT LKWL4KEL;-'LZJKDRZLLNVELTPL-SROLTLELGVPLKLEKETWL4K
)L%SLFKJL# PBGP³LLVET^LKLFTKTUIPVFTBVC;’UL;WL4KCM-2XSI;ELMBQLKGEL
UIPVETJ[GSFTKTFVFTBGPPLMJ4OLGELSDMTZTEKWLUSEFTKTUIPVEIOLL
DOZYC;WL4KFRT0LJLKFTBN6VGSOT<LVTELWPMKJ[L*SHRWLF4BJ[GSGOV)L%SLFK
-SLTLWL4K­OMTGJ[LUIELW)LLKIHXn>GU6HLTBVTFRTEG#VJGKG-'LGSLTBFTBMHIKLH
JKQZVTEIJ[TKLLLG%SWL4KGPPLMJ4OLGEL"
GJ[LUIMTF4BVT LKPEL;-'LZETGZ ER/BLPJ4G7BYJ[L*SEIGU6HTBWJVT
LKPEL;-'LZJKZYVTMTJXL;JMTM2ZSLJ[L*SHRC;"
F4BWL4KFTKLJRKLJGKPLKGJ[LUIETGZ HIJ[L'L;VLEKSTH4BGEGJ[LUIELTLG%SP
’UL;HFTLLJ[L*SHLTWLTKHKEG#VLLTBETP%SJKTLLV0G%SLTBELTMZLHPNJQLK
J[OLVEKSTHLTWL4KGJ[LUIWJVTFBGUZLTBEI’nQLCLTBELTJ[L*SEKSTKHTB"
³L6PLO
ƒGLZLTEIVL'L
LK>J7TZVYK
VC;GO:ZI

84
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

85
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

86
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

87
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

88
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YN/)NNYN6
Y N/)NNY
YN6M+
+N'UNHMGKHIJHN
+N'UNHMG
GKHHIJHN

OKFXXVGNOLXNJTYNONGNM
"NMYNE=X8JK\^HK
+NNMUK@SV8XE=
EHSTH4BGPPLMFTBDHRSLG%SHLTSIH4"F4BULVSIHXn!FLVSIHXn TMLHI EMJVL
FTKTFLSLGJSLVT)LIOT<LL'LLGEF4B&$DVXnJKU:OILLOIHLTVTETELKLFTKIJ LC;
DIQFTBHIKHYC;WL4KF4BWJVLMJVLJXKLVHIBEKJLC;"HFLKILLOIELTMLZHLTY 
'LT"JK6SRDOGE-FSI!MBLTYMTVF4BSLTY)L;³LLKLEKJLC;WL4KVHIWJVLMI DVVT
ELMJVLJXKL"
CMIFF4B CB7KVT7JKDHRSMLKIQIUT OT<LSIKHSI'LI"FRT 6SLULWXDO
+HDOLQJ0LQG3RZHUWLG3FESLMTUR. VTELDHRSLL4E'LL"HLZLnGEF4BVT
E)LIELTC;ELTM;VHIBGELJKF4BFLVSI'LITULVSI'LIGECBMLVEKVLQLHTSLTER/
)LIEKMESLH4"CMI<LLTUFTBFRT EGOV.L8GJ[LU4VELV&DKGFZL"N6HLTBVTFTKI
2LTVJKHIJ[GSLSGQBSLOXKEKOI TMLZYVTZYLULTF4BFROL;HLTQREI'LIF4BN&FIO
<LLTQREI'LI"ZTGEVN6HLTBVTFTKI*LMFTKIN&FIOELTGUBOLPFTKLWL3FGPPLMUYLL
WL4KFTKTMJVTELTMLELKEKGOL"
MDMTJHZTFTKLMJVLFTKLE4GKKDVLVTEL'LL"F4BVTWJVIJ LC;ORDLKLMTLR
EKIJKI\LLOIWL4KFHIVTETZ&DTJ[LMETDLOFRTFTKIJKI\LLFTBM2ZSLGFZIULT
GEF4BGJ/ZTPL;MTVHIBEKJLKHI'LI"CMIDIQHFLKTMBDB³LW1/THR WL4KF4BVT

89
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
&RQFHLYHGEL"FTKTML'LG2KORGP³LL<L. IHLTYC;GEWDF4BVL4EKIEnLD1QT
ELTU6FOXn"GJ[LUIVTG2KMFLLGEOLTVLTBWJVIGU&FTOLGKLnH4WL4KULTD1QL
SR&HLKTY)L;FTBWLLH4PLTELTC;JXP;U6FETMB-ELKLTBMTWLLH4GUMELJRJ[SLJFTKT
UIPVFTBWD2GZSHRWLH4"S)LINMETWLVTMTJHZTSRF&$DVYC;"HFULVST)LI
H4GEUDSI'L~EKDLZEY)L;FTBWLSLH4SLTU6FMTFLHJXP;PU6FZTVTMTFLHJXP;
ERZFLHSEEKLT. K3VLTBEIPLL;CBO[OTPFLnETWLnYVFTBEKSTH4B"LLOFRT
TMTZYLGEULTUIPFTKTY)L;FTBTWLKHLH4NMETELKLHIF4B&$DVJLC;PWJVL
MJVLJXKLEKJLC;"GJ[LUIETGVOT;LLVRMLKF4BVT)L%SLFK-LLTSEL,VWWKWL4K
VBZLTEELJL#GPGLJRP;EEKSIKHIWL4KNVEIHIGZBYWL4K)L%SLFKULJEKVTMT
FRT-P-'LJRLIEIJ[LG*SHRC;"F4BGJ[LUIEL)L%SLFKJL#EL)LYPLVWLGOVL'LEL
³L6PLOWOLEKSIHXnWL4KWL)LLK0%SEKSIHXn"
U4MLF4BVTJHZTEHLGECBMLVQLHTSLTER/)LIEKMESLH4ELTC;FLY;GO<LLVTPLZL
HLTML'LOTVTPLZLHLTSLTJB<LHKGEMIETJLMH4N. VTEI\LFSLJ4OLEKVTPLZLELTC;
HLTVLQLGH "

90
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YN/)NNYN6M+N'UNHMGKHIJHN

+N'UNHM IXMN
NNOVYN
NN
YDGT
NW6X@IQ<\K

F4BWBERLU4V>KLTGHLIELKHVTPLZLHXn"F4BGJ/ZTPLLT~MTWJVTGFLETML'L
MLBTOLKI0PMLFTB'LL"LRFTBF4BWLG'L;EJMTMROA 'LL"HFOLTVLTBVTDKLDKJBRUIET
ML'L0PMLJ[LKB)LGEL"HFLKL0PMLDHRSW1/LQZKHL'LLZTGEVGJ/ZTPL;
F4BVTWJVTMLBTOLKET0PHLKFTBWQLVEDOZLPOT<LL"NMVTFRMTQIULTBELTWQLVE
/RJLVLLREKGOL"WL4KD4BE<LLSTMT)LID. IKLGLGVELZEKC-STFLZEKVTZYL"
F4BVTWJVTGFLJKJXL;SGPPLMEKSL'LL"F4BVTNMMTEC;DLKJX/VTEIELTGLL)LI
EIGEGOELTC;MF-LHLTSLTPLTFRTDSL JKPHFTLLFRT7LZOTSL'LL"ZTGEV E
GOVFRTHJSLQZLGEPLTURWL>MµLPW6YZSWLOSLTBFTBLLGFZHLTYLH4P
NMET’JKEL2IEUL;)LIHLTYL'LLUDF4BVTNMMTULVVLQLHLSLTNMVTFRT
<LLMLUPLDGOLF4BVTMLBTOLKI2F;EIGVEZIHRC;KLGLPLGJMUFLEKLVTETGZ 
EHLSLTNMVTFRTML2CBELKEKGOLTEHSTHR GEFTKTJLMJ4MTVHIBH4"SDFRT
HWVR)LPHRWLGEF4BCMGPPLM LLSELGLELKHLTYLHXn"CME7RWVR)LPVTFTKT
­OELTDHRSSEZI2OI"WDFRTZYLGECMORGVLFTBOLT-SI>)LZLC;WL4KGPPLM
VLFEIELTC;QIUVHIBH4ULTFTKTU4MTZLTYªCMORGVLFTBOXMKLTBEL)LZLEKSTH4BPTFX<L;
HLTSTH4B"©JKEHSTH4BUDORGVLFTBMLKTFLY;DBOHLTULSTH4BSD EFLY; H4ULTHFTLL
<LZLKHSLH4PHH4³LF;FLY;WL4K TMLHI EFLY;FRTWVBSP:.;^LKLJ[L*SHRWL"F4BVT
J[OIJUIWL4K.L8GJ[LUIMTWJVIMF-LELMFL³LLVFLnYLGU6HLTBVTLR
M&E_
SKIETMT³LF;ELFLY;MRLL"WL4KN6HLTBVTFRTGOVEL)L%SLFKJL#ELGVF
GOLWL4KN6HLTBVT5HLNL'LVWDQFH+HDOLQJWL4K)L%SLFKETFLFMTHFOLTVLTB
ETMBDB³LLTBELTF³LRKGELWL4KPTBGOVHIFTKTMLTOLKELTWJVIYZSIEL HMLM
HRWLWL4KNMVTFTKTJ4MTPLJMZL47LEKWJVTWLJFTBMR³LLKZLVTELMBE:JGZL"
T'LI)L%SLFKEIFGHFLGUMVTFRTGVKLLLMTWLLLEISK2WLYTD LL"

91
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YN/)NNYN6M+N'UNHMGKHIJHN

+N'UNHMOVIH\NOLXNVDGN"NM
YDGT
NW6X@IQ<\K
FLVPFVELHFTLLMTHC1/LKHIH4GEWJVTMJVLTET LKELGVFL;LEKVL"
TMLHI EMJVLF4BVT)LIOT<LL'LL"ZTGEVNMMJVTELTMLELKEKVTETGZ FRT
GEMIEIUKS'LI"S)LIFRTFTKTOLT-SVT EPL-SRETMTGFVLKFLY;FTB.L8GJ[LU4V
MTJGKQEKLLWL4KFRTNVEINJZG$³LLTBMTWPYSEKLL"F4BNVETWVBSP:.;ULT
KLTGHLI>GO:ZIFTBG-'LSH4PHLnYLWL4KWJVLMJVLNVETMF\LJ[-SRSGEL"N6HLTBVT
FTKT LKEI9DDVWX9LVLWEIWL4KWJVI5LTGSLGP]LETFLFMTFTKIER.ZIEL
WVEKETFRTFLY;OL;VGOL"MDMTD. IDLSSLTT'LIULTFTKTUIPVELWO_)LRS
WVR)LPKHLGE)L%SLFKU4MTJGPL-LLTSELNJLTY5LTGSLWL4KPL-SRETNJLLTBFTB
GUSVIMKZSLMTGJ[LUIVTGELWL4KGUMELJGKLLFFTKT0PMLUIPVWL4KFTKI
WLG'L;EG-'LGSJK EULOXEISKHHRWLGUMETELKLFRTFTKTMJVLTBEL LKGFZL
WLUFTKTJLM EGPLLZ LK>ORELV>MR<LMFAG
H4"F4B.L8GJ[LWL4KJ[OIJUIEL
DHRSWL)LLKIHXnGU6HLTBVTFRTFTKTMJVLTBEIMHIKLHJTQZVTETGZ J[LT3MLGHSGEL"

92
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YN/)NNYN6M+N'UNHMGKHIJHN

2NLNMHVDO4\UN
HXKNY[]RN\@[T0[NvR
GJ/ZTPLLTMTFTKL0PMLW1/LVHIBQZKHL'LL"EC;GKSTOLKLTBWL4KOLT-SLTBMT
JKLFL;EKVTETDLOFRTWJVT0PMLELELKLVHIBGFZJLKHL'LLGUMETELKL
FTKTUIPVFTBEG#VLCLnD SIULKHI'LI"FTKIFRnHDLTZIDHVULTGO:ZIFTBKHSIH4
NMVTFRTWLG3FENJQLKEPPL-SRMZLHELKGJ[LU4VETDLKTFTBDSLL"F4BVT
NVMTMBJE;GELWL4KWJVIMF-LJKGPQLKGPFL;GEL".L8MLHDVTFRTFTKT
0PMLJGKMKFTBGOVETGZ )L%SLFKGP]LVEKVTWL4K)L%SLFKETPTBZLTE
EKVTMZLHOI"³LIKT³LIKTFRTFTKTUIPVFTBMELKL3FE’UL;FHMXMHLTVTZYI"FTKT
M)LIGPPLOFTKT +GFELT ET ML'LHZHLTVT ZYT"F4B WJVIWLG'L;EWL4KFLVGME
MF-LWLTBMTFR%SHLTVTZYL"ULTZLTYJHZTFTKTQTHKTELTOT<LVLVHIBQLHST'LTWDPLT
FRTJMBOEKVTZYTNVEL0PHLKFTKTJ[GSDOZYL"
HMD.L8GJ[LUIETFLY;OL;VMTHRWL"NVETGPPLMW'LPL)L%SLFKFTKT
UIPVFTB ED. LJGKPS;VGEL"FRTUIPVUIVTEI EVC;J[TKLLOI"F4B.L8GJ[L
UIELTMZLFIOTSLHXnGEPHFTKTWLVTPLZTEZETGZ FRTHFTLLFLY;OL;VEKSIKHT"
GUVETELKLFRT)L%SLFKU4MIFLY;OL;VMTUR. VTELMI<LGFZL"

93
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YN/)NNYN6M+N'UHNMGKHIJHN

AWNGNVMN>NVONEN@
HNMOGVXGNVE=
[KUNQVRK
HNG%SSDQGKSL'L;HRC;UDFTKIELFPLZIDLC;ELD1QLGOVLTBETDLOPLJM
ZL47WLL" L7VLER/CMJ[ELKHRC;GE EGOVFTKIELFPLZIELFJKVHIBWLC;
UDGEPLTE)LI/RµIEKSIVHIB'LI"G2K)LIHFVTNMMTMBJE;-'LLGJSEKVTEI
ELTGLLEKIJKMBJE;VHIBHLTJLL"CMISKHGOVGVEZYT"HFJKTLLVHLTY 
WL4KPTBGOVXn STHR NMET LKJHRnQY PHLnULVTJKJSLQZLGENMELPL;EL
D1QLULTFBODRG
'LLWL4KDLTZVHIBJLSL'LLPGPQLK0%SVEKJLSL'LL>GOVLTBMT
ZLJSLHLTYL'LL"PLTMDZLTYDHRSJKTLLV'LT"N6HLTBVTHFMTER/MHLSLEKVTEI
DLSEHI"WL4KHFVTN:7L)L%SLFKELJL#J[LKB)LGELWL4KOXMKTGOVZY)LYDUT
NVETFLSLGJSLETJLM2LTVWLSLH4GE? ED1QLM4%7KWVL'LWL+FFTBGFZL
H4ULTDLTZVHIBMESLH4WLJWLEKJHQLVEKZT" KH-FDLSH'LIGEGUM
KLTGHLIM4%7KWVL'LWL+FEIPLTDLSEKKHT'LTPHNVET LKMTZY)LYNP
EIOXKIJK'LL"ULTD1QLDLTZVHIBMESLULTER/DSLVHIBMESLPLTD1QLNPOXK
E4MTJHRnQYLWL4KGOVGOVLTBFTBPLTD1QLEHLnKHL"TWLUSEKH-HIH4"H
MD)L%SLFK-SLTLEIFGHFLWL4KJ[)LRWLGOVL'LEIžJLHI'LIGEGM2; EGOVET
)L%SLFKETJL#MTNVELD1QLNVET LKPLJMWLL"

94
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

95
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

96
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV



97
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

+N'UNHMHND0\N
GCMVMKulI\JC,JC&[JCXI\<C,JAM*MWM(MTJ(MqFLMWG
,J*M–MGLGC/[HQMMWFUGM/ WUFMXMFML
IRNNXGVLN
SNUFNMHD WNLGMVD
HQ MUMX!<
lI\JC&[JC KTUIS
˜1R MU
' \ KD '\KD '\KD '\KD
KD   '\
'\ KD '\KD  KD
K\ D '\  '\KD
'\
 KD

' 
'\



'\KD '\KD KD '  


'\ 
 KD
  \KD

\KD '\  '\KD '


'\


KD '
KD '


'\KD '\KD
KD

l l
'\KD '\KD

'\
KD '\KD '\

l
KD '\KD '\  KD
KD '\KD
I\JC I\JC

K D
'\K 

&[JC &[JC

D ' \

'\KD '\KD
 KD
KD 
' \

'\   D
'\

'\K
\

K D '  

'\  \ K D '\ KD  KD
KD '   \
\KD '\  '\KD '  
KD '\KD

lI\JC&[JC
J[LSELZD[®FRHRS;FTBQL4EIJKFL.ZLZYLTLN¤LFO[0LTBMT-PBFL.ZLDVLT
WG)LLTELLG6SLLKLWLGOG£LTB EKVT ET JLQLS‰ULT CMJR-SEFTB OIYC; H4Š
WLGOVL'LJXUVEKTB"S3JLQLSZL4BY>DLOLF>CZLC;QI>W<LKLT7>VLGKZWLGOLR)L
2ZLTBMT)L%SLFKGPLLVEKTB"
)L%SLFKZLTE@G
PFBLJ VTETJLQLSW ;J STHR £FETGHMLDMT
FL.ZTJKN¤LFO[0Q LT"
98
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

AA+N'UNHM@MVGKRHYNI5HGPLSNM
GYI`UKGNVO= IR
RHVDYLXVYNLHVDYXZ%NGNVO= Y8U=MN9|K/UMGN

WKRXGNVO(LZN=LNDUMNGMXVRN\K
UKXIQROKGN=
NN\N
%LWLJSVLP>GQBSL>G.J[TLV>-7wTM>.K>2LTGDL>PHF>WGVO[L>VLL>GQ.GQ.LJV>YR-ML>
WMLKLTY>GDFLGKLn>GDUVTMFTBVREMLV>-FKLLG%SWL3FGPPLMEIEFULTKI>WLJMI
FVFR7LP>JLGKPLGKEMF-LTB>UIPVFTBWM2ZSL>D1QLTBFTBJLC;EIEFULTKI>FLC;Y[TV>
.LC;DT7IU>DIJIU4MTWVTELLGKKIE>FLVGMEWL4KWLG'L;EMF-L TBWLJETWLLG3FE
UIPVFTBUHK LLTZKHIH4=WYKCVFTBGEMIJ[VELN¤LKHLnFTBH4SLTER/MF
GVELZEKCMLG%SLLZIUIPVDOZVTPLZT6FLHQFH‰GP,LVŠWL4KWL3FEI<LLTUMT
J[L*SW+RSJ[LTY??)L%SLFK>KTEI PFWLG3FENJQLK??ULTZTWLTBYLWLJETUIPVFTB
MOLDHLK<LRLILn
EL;LLZLEIGPLTLSL v
WLG3FENJQLK PGVSKBYLTEINJLTGYSL
JGKQ!ED!E4MT= WLLG3FENJQLKETQF3ELK
)L%SLFKJGKQ PF_CGSHLM P4,LGVEOAG7ELTLFBTB
@G
 PF_FBLLTEINJLTGYSL WLLGSFENJQLK
U4VLF; PFBWLGOVL'L)LYPLV ORK-'LNJQLK
MBBJXL;ULJGPGL LV
)L%SLFKGPLLVGPGL LG%SLLZINJQLKGQ6H
MB-EASELFH3P 7TZIJT'LI
LB-'LLJVLGPGL
FBLNJQLK‰FBLEL
-PJ!Z\LL!NJLTGYSLŠ
WLLG3FENJQLKFTBMBFEI
NJLTGYSL!MBFETJ[ELK
KTEIELCGSHLM!NJLTGYSL
Q£GP,LV
WL)LLFB.ZELGP,LV
'XUDWLRQ
WLEL;LELGVF DPWRSP
3XUH9HJ/XQFK
)LLPLG%S 7HD 6QDFNV
&RXUVH0DWHULDO
WPQTSVFVEILG%S %RRN&G·V'9'·VHWF

99
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

!DKD>C%DL
MDB?H?D
I EL4V N1QLKL EK MESL H4ƒKLTYI -PB L NMET JGKPLGKE UV L ELTC;
WLLG3FENJQLKEULTWJVTKLTYIELKLTYGVOLVLW)LI7J[LG*SFTBMHLEH4
ULTWLG3FENJQLKJKGPPLMK<LSTH4B>PH)L%SLFKM[LTSELN1QLKLEK
MESTH4B"
I E4MTJ VLQLGH ƒMP;J['LFWJVTN¸TJ[LG*SELTZ\DVLEKWJVTZLTEEL
QVEKTB"J[LSD[®FRHXS;FTBMTDUTETF-VLVWLGOELLT~MTGVPASHLTEK>
-P1/LRZTHR H:ETKBYETP-LLLKLEKWJVTC7JKFL3FLEL-FKL>LV
EKSTHR >MTGFV7yELN1QLKLEKBTLLVWP-'LLFTBD4#UL WL4K
WJVTM)LIGPQLKLTBMTFR%SHLTUL "W)LI7ZLTEELBLLJXL;)L%SLFKEL
BLWJVTM&FR<L-'LLGJSEKTB"'LLLG%SGOV&RSSHUL*ROGETBL
ELWG)LLTEEKTB"OIJ³LXJJ[5UPGZSEKSTHR PLSLPKLELTMRYBLFDVLTB"
S3JQLS_H:EIFLRKPGVFTBN1QLKLJXP;E>FIKLU4MIGOPLVYIETML'LEFMT
EFDLKZLTE>DLKGK
I>DLKFBLELULJEKTB"
I N¥LF2ZEIJ[LG*SETGZ ƒWG)LLTEELUZKLTYILULJEKVTPLZL0G%S
-PB WJVT F-SE>VTL>E#WL4KVLG)LJKZLY "EFMT EFGOV
MBFJXP;ED[®Q;ELJLZVEKSTHR WL4KGOVGDVLVFEEL)LLTUVEKTB"
%LTBGEHWL3FLELNJQLKH4"WLLG3FENJQLKH4"FVPQVELJXP;E
LLKIGKE LRG
> WLG3FE LRG
 EL H GO0 WVR#LV WLJET UIPV FTB
MR<LLLG6SMFAG
WLV6OJ[GS#L>FLSA3PELMR<LWL4KCVMDMT WLYT FLT\L
Z\FIELPKLEKVTFTBWLJEIUIPVEICMLLLFTB EGO0LVDVTYL"

100
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

HD[\N9G

WH;6SLT)LYP6SC6O[FGHSLGM
LQGM
IPKL
WLQLL;GUVLLMVLT6VGSEKLJX5LNJLLEL"
+IGM
L6SMRJL#ELFRGVPKLK3VLLKLLEL
J£Q4STJKFTG#VJ[GSGOVBERP;6SRSTŠFT‹FBYZF_""""
+IFµF[MRKLMRKTBO[FRER7J[]LTSK3VJ[)LL
)LL-P3JLOV<LTBOPJ[PQVLB)LLTLIBOP-'LLGV"
TMPT;GUVGM
MX;VRYSL-STJL#ELMLLP
-SR3LLTGYUV4QJBQYRKPERP;6SRSTŠFT‹FBYZF_
M&9OL;VDLTLPA¥LFFZBK3VLBJLPVB>
FRG°+IVYKLGLVL'LGUVJ3R°LTJPY;J[O"
LF;MXG°MRLLQQ43FG<LZBQ43LZB+LZB>
J[LT°BQGLGPLBQSRGP;LFFIERP;6SRSTŠFT‹FBYZF_
VL)LTLGOGUVLGLJLG¿)LRPV<LSLQSRGP;LGS
+IFBSLT)LKSTPKJ[)LASLTTQG¤LLT^LOL"
TGPLRJ[GSGPLRZLBYZLKLM*SLT¥LKLGPBLGS
L4EL:TJ[G'LSLG-LLG7JRLLERP;6SRSTŠFT‹FBYZF_
TMPL4;LL@
MRSJMLT>PAG
BYSLJBQT>
TQL7LBYFHLGVGF¥LERLZL>T…7LGPLLQLKLL"
JBQ,LVLKL¾LT…GJDGZVLT>TDRG
@
IPKL"
M*S4STMEZLGQ;SLFRGVPKLERP;6SRSTŠFT‹FBYZF_
E4ZLLTPAL)L-GVPA;GSFHIPIK-JLPLJRKT>
QBJLLBPMRJX5MG5UVJSTM&FTOL4ZT…H;SLF_"
LTLLLLFGJQL4U;BSGL<LKTVTFIPK-LH;SLT>

101
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
GVPL;LLPVJ[GM
GP)LPLERP;6SRSTŠFT‹FBYZF_
5LTGS0;6SK)LLPVLFKYAHTFTKL4ERZLO[L4S'LL>
UBDXLL:FGZQ43LLG<LLRS'LLP\LLKKL4*LGO[LR"
CPLELKGYKL4QERB.ZVYT^IJTQVBOIPKT>
L4ZTTFRVULT¥LKTGUVYAHLERP;6SRSTŠFT‹FBYZF_
LTY)LL;PSKLT3MPLT)LYPSLBU6FLG)LLTELT3MPLT>
LTULSJGKGV¤FTLGP)LPLTETPZ,LV)LLE_"
E4P:JRKJ[PTLFGHFLMBJLGOS-PGY;G)L
E:LLGVQSLGVJBQMSSBERP;6SRSTŠFT‹FBYZF_
C3'LB+IGUVFBYZL7EGFOBML4)LL9MBJ3J[OB
E:LLTLRFHLT3MPTLRMRGL-SI'LEKLLLFRL"
T¨LAPBGSJ#BGSS4QMRUV4L;FL;'L;ELFLG6PSL
Z\FIKL+ST0JLKGHSLGVPL;LZ\FIKGJ
CGS+IFBYZL7EF_

IRNNXGKL]NMI(+NGI­Nv
YHCU/XNX#
NTI‘ H8
“oH[IBWFASTWFASLTO_)LPTWFASPGL;GLWFASB+LP+LPMBMB%ZIB%ZIB
$ZBBX$ZBXO[LBO[LBO[IBO[IBO[LPO[LPMBHB\PIB\PIBHBM-PLHL"
ŠM)LIJLLOLGHVIQR:ZXFTBUZZTEKFBGLSUZET/I7TZYLEKLRG
EKTB"‹

IU\GH8
“oH[LBH[IBH[XBH[L4BH[WGMWLNMLVF
FFMPLYLRG
HTSPTVPGSZEBEKLT&HF_"
JLLT…GJ;SBQ6OVFL4LLILB>LR)L[BMRY6LL®Q_Q£QKIEF_"
-'LLVTVPLBETGSZELQ1>VETPZBOTHGPELKHTSLTJ[JL
“oHLBHIBHXBHL4BHFFMPLYLRG
BERER"ŠVPGSZEEKTB‹

102
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
+IF6F6OKF-SETLRGQUZ4LL4STMO)LL;\LS4"
JI#TFRG%SPKBGVLLKGQSB3P3JLOJO_FM[UB"
C6O[LT…HBGVU)LXLLL'L;FFZB,LTJPISBOLT"
FRO[LEBELLT<LKLGJS'LLU4VLG)LLTELT3MPT""
HIBC6O[LTGQSL)LXLLLGVWPLLKLGF"
ŠHLKFRER7>,LTJPISWLGOLLKLEKTB‹

IQ;F8NXH8
zžLBLFLTWGKHBSLLBžLBJXP;GOLWLYSGP VLV_
GVPLKGVPLKFLBK\LK\LžXB27_-PLHL"
‰D6OFR¶IMTJXP;GOLLFTBJRJ\LTJLEKTB"Š
zžILFLTGM
LLBžIBOG\LLGOLWLYSGP VLV_
GVPLKGVPLKFLBK\LK\LžXB27_-PLHL"
‰D6OFRµIMTOG\LLGOLLFTBJRJ\LTJLEKTB"Š
zžXBLFLTWLGKLLBžXBJGQFFGOLWLYSGP VLV_
GVPLKGVPLKFLBK\LK\LžXB27_-PLHL"
‰D6OFRµIMTJGQFGOLLFTBJRJ\LTJLEKTB"Š
zžL4BLFLTNP5LLLBžL4BN¥LKGOLWLYSGP VLV_
GVPLKGVPLKFLBK\LK\LžXB27_-PLHL"
‰D6OFRµIMTN¤LKGOLLFTBJRJ\LTJLEKTB"Š
zžLFLTZLT M0PMLHXLBžMP;GOLLSWLYSGP VLV_
GVPLKGVPLKFLBK\LK\LžXB27_-PLHL"
‰D6OFRµIMTM)LIGOLLFTBJRJ\LTJLEKTB"Š
LIMSNMGH8  OR=IR"XIXRNMGHD
zVFLT…H;STMPK\LK\LžXB27_-PLHL"
‰MLSDLKŠ

M^NNH8
zH[XB\LXB27_GEGKG7BGEGKG7B LLS LLSJKGP VLV_-2LT7-2LT7MHM[<L.LV_
ERERJKFRO[LBG/G6OG/G6OJKF6LLV_G)LG6OG)LG6O\L\LHXB27_-PLHL"
‰SIVDLKJ EKJRJ\LTJLEKTB"Š

103
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

NNI8UH8
“oVFLT…H;ST)LYPSTJ[\LILLLTLOLTLE:FLLGO0STULTFXS;TVF
+ILLG6SVL'LLLLG6SEKLMP;GP VJ[LLLVLMP;KLTYLJFA3RGPVLLVL
MP;JKŸ1/RO[LTJO[PGPVLLVLMP;\LLF.LFKGPVLLVLMPL;GK7LLG6SEKL
“oHLBHIBHXBHL4BHWGMWLNMLVFMP;LLG6SBSRG7BJRG7BQERER-PLHL"
‰GPPLLG6SEIELFVLETML'LM)LIGOLLWLTBFTBJRJ\LTJLEKTB"Š

+NZIH
NTI‘HD
“oLLTLLGF)LX)LLYB>GUVLFL;G)L3MPT"
ELZLL4SLT5UPZ-'LXZB>EZLLJXL;PLGKLI""
“oH[IBVFMP;,LMP;ZLTEVL'LLLF;SI'L;VL'LL+ILLG6SVL'LL
JKFJGPLT)LR
T)VFJGPLUZTV)LXGFLRG
EKLTGF"

Q]2
NTI‘ H8
“oH[IBWH[)L[L4B)L[L4BPBFBHBMBSBJBCPIB\PIBHBMWGMWLNML
MF-SSI'L;JGPLUZTVLR
JLLGVG\L*SJXULO[0LGLLLTLLGF-PLHL"
zžIBFHIJXSLBERERžXB27_-PLHL"
‰UZET/I7TZYLTBŠ
zžIB+IB\LIB)LX-PLHL"
‰JRJ\LTJLEKTBŠ

OG\KGMN
WBYRGZLTBFTBJBQJKFT#IEI-'LLJVLEKVL
zžLBLFLTWGKHBSLLBžLBWBYR#L)LBVF"
zžIBLFLTGM
LLBžIBSU;VI)LBVF"
zžBXLFLTWLCGKLLBžBXFFL)LBVF"
zžL4BLFLTNP5LLLBžL4BWVLGFEL)LBVF"
zžLFLTZLT M0PMLHXLBžEGVG#EL)LBVF"
zžLBžIBžXBžL4BžEKSZL)LBVF"
zžLBžIBžXBžL4BžEKJA#L)LBVF"

104
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
WBYLRG
‰OLTVLTBHL'LLTBMTWBY-JL;EKTBŠ
zžLBLFLTWGKHBSLLBžLBFFLILK\LK\L-PLHL"
zžIBLFLTGM
LLBžIBFFPOVBK\LK\L-PLHL"
zžXBLFLTWLCGKLLBžXBFF®OBK\LK\L-PLHL"
zžL4BLFLTNP5LLLBžL4BFFVLG)LBK\LK\L-PLHL"
zžLFLTZLT M0PMLHXLBžFFJLOL4K\LK\L-PLHL"

NMKMLMLTL^NVLNGMVD$
zžLBLFLTWGKHBSLLBžLBFLBK\LK\L-PLHL"
R/ NVDLMLTL^NVLNGMVD
zžIBLFLTGM
LLBžIBFFP-LBK\LK\L-PLHL"
LZWXQ]2LMLTL^NVLNGMVD
zžBXLFLTWLCGKLLBžXBFFJXULO[0BK\LK\L-PLHL"
/)NNXIXMK^NNGMVD
zžL4BLFLTNP5LLLBžL4BFFJXUL-'LZBK\LK\L-PLHL"
OR=W[UGKM^NNGVI\W\IODSXGMVD
zžLFLTZLT M0PMLHXLBžMP;UYS_K\LK\L-PLHL"
QNIJXVJN)NHVDM^NNOZ FNv½NVD
zVFLT…H;STMPK\LK\LžXB27_-PLHL"

.NVLRKU½NNMN
zVFJKFLL6SLLLG6SEKLJGPLIEKLLLHBK3VL-PJB
,LTJPISBO´LLGFFFYLLBJGPLB)LPSRWHVF-PLHL"
IXH
M*S0MVLTBEL3LY>W7FXZYRLLTBELT´LLKLEKVL"
W\
NTI‘
zžLBžIBžXBžL4BžVFLT…H;ST)LYPST+IFSTJO_FFHLJO_F
GSGYB1/ETMGKJR.KIEFHLJR.KIEYBYLGM6´LRKLTGHO[LTGHSL-L
HGK
GKEL6SLMISLMISLTOLVLKIVKEL6SLMRPL;*EXZLK%SLK%SLTOL\LIKL&)LLTGVG´L
UZBMRPL; L7BJ[\LG*SBMP;Y6´LJRJL_FFLTOEBJGPLBERERBBL4BL4BPBPBFB
FBHBHBMBMBSBSBJBJBO[LBO[LBO[IBO[IBHBM-PLHL"

105
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
A8 L]IU%N
FBYZL7E>GO9D6LV>K\LLF6L PBLLG6SF6LLKLLVEKETGM
)LG°J TB"
JQLS_GUV6LLTBEIJ[GS#LEKVLHLTN6HTBMPL4;LGLETUZMT
LR
EKGV&VF6LJ EKETLKZYLVLQLGH "
G2KUZMTWG)LLTEEKTB"
YI+NNVGLN%
+I)L6VSL…FKGLK-S7K3VOIG*S>
SLTL…P)LLGMQKLL&DRUR9FFILF_"
WH;6SFR6VSJOJ[OFLG)LV&>
3P6FXGS;LX]OG)LLTEGPG´LBEGKT
W'LJL4PL;GžEOTPP6OVLLBJXPL;QLL;VR¤FTLMEZEF;\LL'L
)LLPJXUL-SPP6OVLMFTSB+IJ£QFHLYR)LG%SJXP;EF_"
‰HJ EKVL4DLKLFLTELKF6LJ TB"Š
PLWNIU
+IJI#%ZA*ST>GPLOL\LSL4 L4>+IJ[-SKTJXL;>ƒLLLÂ%ZJT"
+IPS;ETQ6O[FMIGSPLSL>M3LJ6SIB>G+FLGZ<LLGF
zžIBWH+IZT<LVBEKLTGF"
EVELGOGV)LBEF[B>JLPVBJRELKLF_"
-'LLJLGFJKBJI#B>GUV-VJVL)LG%SS
zžIB+IJI#-'LLJVBEKLTGF"
LLSER&)LIER&)LL4 LLV_>\LIKL$´LT-SLTJXGKSLV_"
-'LLJLGFGUV-VLVQ6OVLGOMRQGQ;SLV_
zžIB-P-STQSRELTLTLRQSREZL-'LLJVBEKLTGF"
‰HJ EKQLKELTVLTBFTBEZL-'LLGJSEKTB"Š
WLV6OGV)L;KMRKJ[FOLGOYLV4>
PLGOLJXKUL$OEZJ[L-S4"
NO_YIFLVUYSIJ[GSEIGS;FTVLB>
JI#-'LZIBPMRGP´LL…Q;VLT:ZMLGF
zžIB-VJVJI#G-'LSLGUVLW GVP;JLFIGS-PLHL"

106
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
RO8UIU\GN
)LAÄLKQLFKMROJ;LJI#ER&)Lƒ
SLZPULSJGVPLKE)LXGLSLY[T"
P´L;-PV6OUJI#JOLPZIG)L>
GMBHLMVTGUV)LP6SFHB+LGF
EF;J[D6´LGVYN4KGJHIVSL*SB>
,L3PLGJ)LG%SPLSJKFLGOOTPF_"
3PLB-PIE:FLYLLT6F'LVLOTP
LR
LTOE4KG)LVLGFVL'L;E-
zžIB+IB%ZIB TBWHPBFBHBMBSBJBPBPBFBFBHTBHBMBMBSBSBJBJBBBCPIB
CPIB\PIB\PIBO[LBO[LBO[IBO[IBO[LPO[LPVFLT…H;ST)LYPS+IFSTJGPLSKUZTV
GUVT6O[FLG)LLTQGF-PLHL"
JLVIQ6OVMO_\LSJRJJR£Uƒ
V4PT]OIJEMR´LXJ2ZP[UTV"
EFL;7E¤'LVPIKFV6SLG%SB>
MBJXULGFMHMLFHMBLGV´LLVF_
zžIBWG)LLTEL6STPAL)LLGOPIKL6ST)LT… GVP;JLFIGS-PLHL"
NMETDLOLLBGS´LLKLEKT
HTSI'L;JLGVULLT´LPZIŸSLLL>
GM
L4L´LLQ)LPOR<LFHLYOLVLF_"
MO_)L0®5UGVSJÂED6´LE:JL>
XBGUVLMSSLLG6SEKL)LP6SR
ŠHJ EKLLG6SETGZ JRJLBUGZ/LT. TB"‹
YI+NNVGH8
zžLBžIBžXBH[L4BH[WJ[GSQ¤T27_GPQ¤L-PLHL"
L
“oH[IBWH+IGUVLJKFGUVLVF6LB-VJLGF"
‰DLKF6LLT1QLKLEKUZEILLKLOTPTBŠ
\"NT
NNI8UNNMNH8
LFLTWGKHBSLLB>LFLTGM
LLBLFLTWLCGKLLB"

107
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
LFLTNP5LLLB>LFLTZLT M0PMLHXLB""
Q¥LLGKFBYZBWGKHBSLFBYZBGM
LFBYZBMLHXFBYZBETGPZJL¥LLTL&FLTFBYZB"
Q¥LLGKZLTYR¥LFLWGKHBSLZLTYR¥LFLGM
LZLTYR¥LFLMLHXZLTYR¥LFLETPGZJL¥LLT
L&FLTZLTYR¥LFLT"Q¥LLGKMKLBJ0P5ULGFWGKHBSTMKLBJ0P5ULGFGM
TMKLB
J0P5ULGFMLHXMKLBJ0P5ULGFETPGZJL¥LBL&FBMKLBJ0P5UGF"+ILLG6SK-SR"
GLPF-SR"ULT…-SR"GV3FLKLT9F-S"MPT;LLBJRG7K-SR"SRG7K-SR"MFAG
K-SR"
E:LLF-SR"MR<LF-SR"HIB+I%ZIBMP;LLG6S)L;PSRLLG6S)L;PSRLLG6S)L;PSR"
‰6LLTBELLR
P-LMTFLU;VEKTBS'LL
HF6LDLKJ STHR JRJ\LTJLEKTB"Š
“oJKFHBMLVFHBMHBMHBHBHTBH4BHL4BH
WGMWLNMLM&9OL;V,LVQLGKLT)LTVF"
8 L]NNL]IU%NH8
“oWLB¤L4BHIBWGMWLNMLWWLCC;N“@ZAZA  TWLTWL4WBW>E
<LY L>Q/U£L>7#.L>S'LOLV>J2D)LF>KZP>
LLMHWLRJ[LLLWFRUIPLCHG-'LSLWFR
ŠWFRET-'LLVJK6LELVLFZTPTB"‹
6LF6LS6L-MPTG6O[LGLELPL_FVQ\LR+LT;L L[LLJ[LLL
CH4PL6SRWHBWLMR<LBGQKBGS#6SR"
JQLS_DLKLFLTELKF6LJ TB"
RCJaQ
NNI8UNNMN
zVFGM
T)z+IPISKLYLVF
zLFLTWGKHBSLLB>LFLTGM
LLBLFLTWLCGKLLB"
LFLTNP5LLLB>LFLTZLT M0PMLHXLB""
Q¥LLGKFBYZBWKHBSLFBYZBGM
LFBYZBMLHXFBYZBETPGZBJL¥LLTL&FLTFBYZB"
Q¥LLGKZLTYR¥LFLWKHBSLZLTYR¥LFLGM
LZLTYR¥LFLMLHXZLTYR¥LFLETPGZJL¥LLTL&FLT
ZLTYR¥LFLT"Q¥LLGKMKLBJ0P5ULGFWGKHBSTMKLBJ0P5ULGFGM
TMKLBJ0P5ULGFMLHX
MKLBJ0P5ULGFETPGZJL¥LBL&FBMKLBJ0P5ULGF"zH[IBWVLGOFXZF6LT)LLTVF
MP;LLG6SSRG7BJRG7BQERER"
zVFLT…H;ST)LYPSTJ[\LILLLTLOLTLE:FLLGO0STULTFXS;TVF+ILLG6SVL'LL
LLG6SEKLMP;GP VJ[LLLVLMP;KLTYLJFA3RGPVLLVL

108
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
MP;JKŸS\LRO[LTJO[PGPVLLVLMP;\LLF.LFKGPVLLVLHLBHIBHXBHL4BH
WGMWLNMLVF
MP;LLG6SBSRG7BJRG7BQERER"
zHBX\LXB27_GEGKG7BGEGKG7B LLS LLSJKGP VLV_-2LT7-2LT7
MHM[<L.LV_ERERJKFRO[LBG/6OG/6OJKF6LLV_G)L6OG)L6O
\L\LHXB27_MP;LLG6SBERER"
zHIB+IB%ZIBWHWGMWLNMLWVLHSGP]L4LFLTWGKHBSLLBHL4B
MP;LLG6SBSRG7BJRG7BQERER"
zWžLBGMH[IBWLH[XBNH[L4BMLH[UYOLJO_GPVLLVL
H[IBLLG6SVL'LLVFMP;LLG6SBERER"
zH[IB+ILLG6SVL'LLWLLTESM3J[LGSHL;FG.SL
WLLTESM3J[LGSHL;LLT)LVJOJ[OLH&:0[XDIUL
MPLT;JO[PLLG6SEKLVFMP;LLG6SBERER"
zH[IB+ILLG6SVL'LLMRKJRJPAG7M3J[LGSHL;FG.SL
MRKJRJPAG7M3J[LGSHL;LLT)LVJOJ[OL)&:0[XDIUL
MPLT;JO[PLLG6SEKLVFMP;LLG6SBERER"
zžIB+ILLG6SVL'LLGO0PGVM3J[LGSHL;FG.SL
GO0PGVM3J[LGSHL;LLT)LVJOJ[OL&&:0[XDIUL
MPLT;JO[PLLG6SEKLVFMP;LLG6SBERER"
zžIB+ILLG6SVL'LLQLFKLT55PZM3J[LGSHL;FG.SL
QLFKLT55PZM3J[LGSHL;LLT)LVJOJ[OLK_&:0[XDIUL
MPLT;JO[PLLG6SEKLVFMP;LLG6SERER"
zžIB+ILLG6SVL'LLGMBHLMVM3J[LGSHL;FG.SL
GMBHLMVM3J[LGSHL;LLT)LVJOJ[OL &:0[XDIUL
MPLT;JO[PLLG6SEKLVFMP;LLG6SBERER"
zžIB+ILLG6SVL'LL)LLF.ZM3J[LGSHL;FG.SL
)LLF.ZM3J[LGSHL;LLT)LVJOJ[OL_&:0[XDIUL
MPLT;JO[PLLG6SEKLVFMP;LLG6SBERER"
zžIB+ILLG6SVL'LLOR6ORG)LM3J[LGSHL;FG.SL

109
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
OR6ORG)LM3J[LGSHL;LLT)LVJOJ[OL-&:0[XDIUL
MPLT;JO[PLLG6SEKLVFMP;LLG6SBERER"
zžIB+ILLG6SVL'LL/LLM3J[LGSHL;FG.SL
/LLM3J[LGSHL;LLT)LVJOJ[OL<L&:0X[DIUL
MPLT;JO[PLLG6SEKLVFMP;LLG6SBERER"
zžIB+ILLG6SVL'LLJ[LGSHLL;7MGHSL
DIUL7F.VFG.SLMP;GP VLLG6SEKLVF"
MP;LLG6SBERER"
zžIBWHLFLTGULLLBMP;LLG6S)L;PSR"
zžIBWHLFLTWLTGHGULLL;MP;LLG6S)L;PSR"
zžIBWHLFLTJKFLTGHGULLL;MP;LLG6S)L;PSR"
zžIBWHLFLTM0PLTGHGULLLBMP;LLG6S)L;PSR"
zžIBWHLFLTWLBSLTGHGULLLBMP;LLG6S)L;PSR"
zžIBWHLFLTELT7_#DR
ILBMP;LLG6S)L;PSR"
zžIBWHLFLTDIUDR
ILBMP;LLG6S)L;PSR"
zžIBWHLFLTJOLLRMLKILBMP;LLG6S)L;PSR"
zžIBWHLFLTMBG)LLMLTOLKLBMP;LLG6S)L;PSR"
zžIBWHLFLTMBDR
LLBMP;LLG6S)L;PR"
zžIBWHLFLTJ¥LTDR
LLBMP;LLG6S)L;PSR"
zžIBWHLFLTDLTGHDR
LLBMP;LLG6S)L;PSR"
zžIBWHLFLTNURFOILBMP;LLG6S)L;PSR"
zžIBWHLFLTGPNZFOILBMP;LLG6S)L;PSR"
zžIBWHLFLTOMJR0PILBMP;LLG6S)L;PSR"
zžIBWHLFLTQNOMJR0PILBMP;LLG6S)L;PSR"
zžIBWHLFLTW·BYFHLGLGF¥LERMZLLBMP;LLG6S)L;PSR"
zžIBWHLFLTGPN0PCG._J¥LLLBMP;LLG6S)L;PSR"
zžIBWHLFLTGP5ULHKLLBMP;LLG6S)L;PSR"
zžIBWHLFLTQLKLLLBMP;LLG6S)L;PSR"
zžIBWHLFLTJLMFLLLLBMP;LLG6S)L;PSR"

110
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
zžIBWHLFLTWLYLMYLFILBMP;LLG6S)L;PSR"
zžIBWHLFLTWLMIGPMLLBMP;LLG6S)L;PSR"
zžIBWHLFLTGOG·GPMLLBMP;LLG6S)L;PSR"
zžIBWHLFLTN9YSPLLBMP;LLG6S)L;PSR"
zžIBWHLFLTGO¥LSPLLBMP;LLG6S)L;PSR"
zžIBWHLFLTS¥LSPLLBMP;LLG6S)L;PSR"
zžIBWHLFLTFHLSPLLBMP;LLG6S)L;PSR"
zžIBWHLFLT LLTKSPLLBMP;LLG6S)L;PSR"
zžIBWHLFLT LLTKYRLLLBMP;LLG6S)L;PSR"
zžIBWHLFLT LLTKJK%EFLLBMP;LLG6S)L;PSR"
zžIBWHLFLT LLTKYRLDB)LLKILBMP;LLG6S)L;PSR"
zžIBWHLFLTWLFLTMGHJ¥LLLBMP;LLG6S)L;PSR"
zžIBWHLFLT<LT:ZLTMGHJ¥LLLBMP;LLG6S)L;PSR"
zžIBWHLFLTU:ZLTMGHJ¥LLLBMP;LLG6S)L;PSR"
zžIBWHLFLTGP*JLTMGHJ¥LLLBMP;LLG6S)L;PSR"
zžIBWHLFLTM0PLTMGHJ¥LLLBMP;LLG6S)L;PSR"
zžIBWHLFLTFLDZILBMP;LLG6S)L;PSR"
zžIBWHLFLTPGQDZILBMP;LLG6S)L;PSR"
zžIBWHLFLTELDZILBMP;LLG6S)L;PSR"
zžIBWHLFLT<LIKMPILBMP;LLG6S)L;PSR"
zžIBWHLFLTMG*JMPILBMP;LLG6S)L;PSR"
zžIBWHLFLTFHRKMPILBMP;LLG6S)L;PSR"
zžIBWHLFLTWGFMPILBMP;LLG6S)L;PSR"
zžIBWHLFLTW%<LILFHLLMLLBMP;LLG6S)L;PSR"
zžIBWHLFLTP._FLLLLBMP;LLG6S)L;PSR"
zžIBWHLFLTGM
LOLLLBMP;LLG6S)L;PSR"
zžIBWHLFLT)LYPOLTFHGOFHLPIKP_FLLDR
GKMILLTQTGO"
U-MBGSB´L&FJHBGLB1/T>S-MBSBPTLCJNBUT"
ELLPLQLFLMLGPL1QB>M%ELK SBGMKJBQFTL"

111
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
SP)LG%SJ[MLOLZ\FIJRKKL5YTHJO)L[7LTJO[POLGKO[LTO_)LPLTJO[P
-PQ¤JKQ¤LTO_)LPLTJO[PJ[P.JPVLVZUZLTO_)LPLTJO[PLLGEVI.LGEVI
)LXSGJLLQŸSLTJO[PORG)L;\L0LJLKPAG
KGHSLTJO[PLLLBGPVLLVB)LPSR"
+ILLG6SK-SR"GLPF-SR"ULT…-SR"GV3FLKLT9F-SR"+T#I+IMPT;LLB
JRG7K-SR"MAG7K-SR"MFAG
K-SR"E:LLF-SR"MR<LF-SR"WG)LPAG
K-SR"
ERZYLTL´LV´LL6BMOL-SR"+IM
F;DZLRKLKLT94PLL;G)LPAG
K-SR"
zžIBWHLFLTM&JXL;E:LLFBYZJFLT\LJRLL'L;Q)LPSR"
J[P-S LLGSEFL;LETPZ,LV)LL-EKL"
ERP;6SRUYSLBLLG6SPAL)LLOGUVTPKL""
NJULGS/6O
M&JXUELVLBJ[GSJLZELVLBSI6O[MLFL6SJLT´LVLVLF_"
OTL-KL7x-JRK-KL,EKLTSRLLG6SB)LYPLV_GUVT6O[""
‰GK%S-'LLVFTB+LPELNJQLKEWJVL-PBELL
GUMETGZ NJQLKGELULKHLH4NMELVLFN1QLKLEKTBŠ
D LIMHNW=XHD
V3PLFRHRGV;UEK4KFASLTJFT4>
-P1/4GU;VT6O[SPQ6O[EKL…POLS4"
LR
LB…LRETVGPFZTVGVSL6SK&T>
OTHTG-'LSL6UZELL6JGKFLU;LGF""
zžIBWFZLBLRETVGUVGD&D!BLJGKFLU;VBEKLTGF"
‰HJ EKLR
WL4K-P1/P-LMTJ[GSFLUI!BLELTJLTB/TB"Š
D /)NNLXN
zžIBLF;SI'L;-'LLJVL'LBBL-'LLJVLEKLTGF"
‰BLETML'LGUVPLLI-'LLJVL)LIEKTB"Š

112
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
+N'UNHMIRNNXH0L
NTI‘
“oH[IBWH[)L%SLFKJ[GS#LGPLLVTF.JLR
_'LJRJL£UGZBG\LJTS_"
‰JRJ\LTJLEKTBŠ
H0L
NTI‘H8
“o\LLB\LIB\LXB\LL4B\LJ[GS#LFB.J!PTOIJ[)LAGS-'LLJVLVLBLRG
BER)L;"
HD[\G\
NHVDOTLN0K@J<QKM>NXVGNH8
zžIBWHWGMWLNMLVFFBYZEZLT
JBRYLGO2ZLGVJ[)LAGSP-SXGVJ[G\LJLFIGS-PLHL"
HD[\G\
NGVšLM-K4\M>NXVGNH8
z\LLB\LIB\LXB\LTB\L4B\LLTB\LL4B\LVFLT…H;ST)LYPST
+IFSTMPK\LK\LžXB27_-PLHL"
HD[\G\
N/)NNLXN HD0\LM
zW])LYPSLTFHLJRL-+IFOLGOD[¯LTFST…G-FV_GP´LIFLVTEF;GL
PIKGVPL;LMBP3MKTFLMTJ\LTGS'LL4PLMKTJ[L-SZ9VT
VPK3VY6´LJRJL\LSDIUJXKLGOLLTG)LSBEL;-GVGP; VM&J6VL'L;
FBYZEZL-'LLJVBEKLT&HB\LPIB\PIBHBM-PLHL"
‰FB.ZETC;LLVELTLFTBEZL-'LLGJSEKTB"Š
HD[\QKL=G/)NNLXN
GQKOIG*SEKBLR)LOIJEB>MEZZLTEMR<LLEKFR55PZF_"
GSGFKULZHKBJ[EKBFROL>GEZ´LKLGFMRFBYZE;FROL""
yIBW,LVGSGFKHKBOIJEB-'LLJLGF"

113
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

LZWNL]NM(+NIRI"N

z UUU"VFLT…-SRVFLT…-SRVFLT…-SR"
LFLTWGKHBSLL>LFLTGM
LLB>
LFLTWLCGKLLB>LFLTNP5LLLB>
LFLTZLT M0PMLHXLB"
z HIBWVLGOFXZFBLT)LTVF"ŠJRJLBUGZBG\LJTS_‹
Q¥LLGKFBYZBWKHBSLFBYZB>GM
LFBYZB>MLHXFBYZBETPGZJL¥LLTL&FLTFBYZB"Q¥LLGK
ZLTYR¥LFLWKHBSLZLTYR¥LFL>GM
LZLTYR¥LFL>MLHXZLTYR¥LFL>ETPGZJL¥LLTL&FLT
ZLTYR¥LFLT>Q¥LLGKMKLBJ0P5ULGF>WGKHBSTMKLBJ0P5ULGF>GM
TMKLBJ0P5ULGF>MLHX
MKLBJ0P5ULGF>ETPGZJL¥LBL&FBMKLBJ0P5ULGF"
zLFLT…H;ST-PLHL"ŠJRJLBUGZBG\LJTS_‹

WJGPLJGPLLTPLMRG-'LSLTORG-'LSLT…GJPL"
LT3JBQVF-ELKBMP;JLJ4J[FR1STa
WJGPLJGPLLTPLMPL;P-'LLBYSLT…GJPL"
-FKT3JKFL3FLVBMDL­L)BSKTLRGQb
WJKLGUSFBLLT…BMP;GP VGPVLLV"
FYZTLRQMPT;LRJ['LFBFBYZBFSc
MLTJBQLFLTLKLTM0PJLP*JLLMLLT"
FBYZLLBQM0PTGMBJFBHLTCFBYZBd
WH;GF3\LKBD[¯PLQEBJKFTG#V"
GM
Q¤-MO_DIUBMP;SJ[LFL&HBe
EFL;7EGPGVFR;°BFLT\LZ\FIGVETSVB"
M&%3PLGOYRLLTJTSBGM
Q¤BVFL&HBf
GP VL4 LLJ[ZBLG6SLLGEVI)LXSJµYL"
GPLGVGP;LSLBLGS-SXFLVTGUVT¨PKTg
ŠJRJLBUGZG\LJTS‹
NOEQ6OVS6ORZJRJE4¨QMROIJMRLXJ2ZL ;E4"

114
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
´LPZFBYZYLVKPLERZTGUVYAHTE:LLFHBUTa
zHIB+I)LYPSLTY)L;U6FSJ,LVGVPL;L
JBQE:LLET)LTW LGVP;JLFIGS-PLHL"
NOEQ6OVS6ORZJRJE4QMROIJMR´LXJ2ZL ;E4"
´LPZFBYZYLVKPLERZTGUVYAHTGUVVL'LFHBUTb
zHIBWH;S_GM
LQLLT;JLLMP;MLLR)LT
W LGVP;JLFIGS-PLHL"
NOEQ6OVS6ORZJRJE4¨QMROIJMRLXJ2ZL ;E4"
LPZFBYZYLVKPLERZTGUVYAHTGUVVLFFHBUTc
zHIB+I)LYPG5UVL7LT¥LKMH¾VLFT)LT… GVP;JLFIGS-PLHL"
NOEQ6OVS6ORZJRJE4¨QMROIJMRLXJ2ZL ;E4"
LPZFBYZYLVKPLERZTGUVYAHTGUVMXLFHBUTd
zHIB^LOLLBY+RS,LVLW LGVP;JLFIGS-PLHL"
NOEQ6OVS6ORZJRJE4¨QMROIJMRLXJ2ZL ;E4"
LPZFBYZYLVKPLERZTGUVYAHTGUVLL-LFHBUTe
zHIB+IWLQL;NFL-PLFIOTPGPKGQSS3PL'L;MXLT)W LGVP;JLFIGS-PLHL"
+IFG5UVTBO[FG)LPB]UY3LTLB>-L^LOVLEFVBSQSR7LH;F_"
+IFXZMB LMROALLBMRŸS4HTSRƒU4BVT6O[,GPGLKTLFL…)LLGa
-PG-SGLZLTEYRKPTGUVJRBYPL>-PG-S-P)LLPFGHFLTOMRG-'LSL"
-PG-SJ[ELLMHULTG5U;SOA_FL>-PG-SJ[M6VZGZSLO_)LRSP4)LPLb
-P-3R1/ZG^FZDLTLMRLL*ZPL>-PG-S-P)LLPJK)LLPGP)LLMEL"
-PG-SGLZLTEGPSS4EGQORO_YFL>-PG-SGLELZMEZLSGP-SASLc
O[0-LRG
FGLY&'LLVRJB>)LLP-LRG
FGLELFGLYBSRELF"
WLZBDVLGVGPGPLL6PZB0P:YV_)LXSL'L;,JRL-EKLTGF,Bd
WH;SJRKLLJRLLT¥LFJLPVLGV>P-SX6VXVFG<LZL6FTE PB"
WG-FV_5PZG^FZETPZDLTLP6HL4JRBMFY[FHFTEFVLURHLTGFe
zHIBGPGL,J[GS,LVLGUVJ[GSFLY[TJRJLBUGZBG\LJTS_"
ŠHLoJKJ[3TE)LYPLV_ETVLFETJQLS_JRJL£L_UGZ\LTJLEKTB‹
+IPAL)LLTV-PG-S>-PG-S+IWGUS"
+IMB)LP-PG-S>-PG-S+IWG)LVBOV"
+IMRFGS-PG-S>-PG-S+IJ—J[)L"
115
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
+IMRJLP;-PG-S>-PG-S+IQ6O[J[)L"
+IJRJOBS-PG-S>-PG-S+ILISZ"
+I+TLM-PG-S>-PG-S+IPLMRJX5"
+IGPFZ-PG-S>-PG-S+IWV6S"
+ILF;-PG-S>-PG-S+ILLBGS"
+IERB'LR-PG-S>-PG-S+IWKVL'L"
+IFG:Z-PG-S>-PG-S+IFRGVMRP[S"
+IVGF-PG-S>-PG-S+IVTGFVL'L"
+IJLP;-PG-S>-PG-S+IP
;FLV"
ŠCGSGUVT6O[-PG-SFYBZGPLLVBJRJLBUGZBG\LJTS_‹
GV3LJ[EBJLO_)LRS_ETPZL4 LL-2RK6FVJ;LR
DLTLL"
GO0LPGL,LVDZJ[DLTLL-PG-SG¤LMRJKFL;LTVa
ELT#-'LLL6LTJFFTEDIUBMBG)LµMB+LTSAJOLVRMLGK"
QSRGP;LBDRG
DZBOLLVL-PG-SG¤LMRJKFL;LTVb
MB-JL;VBMB+PLBQOXKLOL-PLOV L[LLGPZLTEVLGV"
GO0L6FGS,LVDZL^HBS-PG-SG¤LMRJKFL;LTVc
J[,LJ[LLVL+FLLMFA
LJ[3TEDR
LOLMP;JXP4"
J[PLGOVLT…7LBYGVGF¥LGP,L-PG-SG¤LMRJKFL;LTVd
UB LLPGZ+TGL2ZLBDRSBSRJ[MXVDIULBERKQLKLL¬"
V)LLT…YBL-P4KGPHLGKL¨Q-PG-SG¤LMRJKFL;LTVe
WGLG&VO\LLERLZLFGHG&VZG LG&VL°LŸGSVLTYGKG&L"
FVLTPJRPL;9DGZV¨QGV3B>-PG-SG¤LMRJKFL;LTVf
MELFGJ3PPGL3PF4BJ[LEL&F6SG
;F'LLG*SFL*SL"
S'LLJ[SI LLSYRLJ[LLVL-PG-SG¤LMRJKFL;LTVg
OI*SBQS*SBQS'LLFHLTY[B LLTKBSJLT LLTKJKL¤F-'LL"
D[¯LJKB LLTKYRLL¨QKBS-PG;-SG¤LMRJKFL;LTVh
WLFL;MPL4;LL-S'LLLIGP;LBGPLLOAG7GPLBGPLL¨Q"
MG<L:ZGP._U:ZFZL4LLILL-PG-SG¤LMRJKFL;LTVi
\LIKB¾PBSLT…L LASBM[PBSLTF´LRM[PBSLT…*FASBM[PBS"
W\LILMBPLMFHLVML¨Q-PG-SG¤LMRJKFL;LTVa`
ŠCGSJKFGL;-PG-SFBYZGPLLVBJRJL£UGZBG\LJTS_‹
116
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

-KRCN+NQVRIWXLZWN
Y)N/)NNLXN
FLT\LML4<-ES;rLLB>)LLT%SrLLBGLPM&JOLF_"
WL¬LVVBJ[ERP;T…HB>UY1/LG6SGPLLGVLF_
zžIB+IB%ZIBFHLDIUL\LKM&J6V+IPAL)LOTPGUVT6O[
FF®OTWPSKWPSKMBPL4L7_C3L¬LVVF_"
OTPLGLOTPBPAL)LBGUVT6O[B>C\PLERPBL-JKBJGPLB"
MB-'LLJLFIHJRKJ[GM
B>UY3MRJX5BUYSLBJGSBQ
zžIB+IB%ZIBFHLDIUL\LKM&J6V+IPAL)LOTPGUVT6O[
FF®OTGS#GS###"CGS-'LLJVF_"
E:LLE¥LL;>GLPML4<)LLT°L>FR°TMROLSL>JKFL'L;R°"
LTPISKLYLT>YSKLTLOLTL>SFLGOVL'LB>GVE7BEKLTGF
zžIB+IB%ZIBFHLDIUL\LKM&J6V+IPAL)LOTPGUVT6O[
FF®OTMFIJTMG6VGHSLT)LP)LPPL7_"CGSMG6VGLEKLF_"

Y)NN9GHa
ŠLLO;XZGP¤IG.S‹
YLBYTLFRVLHGK3MRMGKSLF_>MISLVOILS'LL"
\LIKLG$LJ[FR<LLG$LSI'L;FGHSL>VIK-H4F-Q
W&)LLTUIJKLYPLGMSFHO_Y6L-LLKLMSI"
OTL+IGUVJLOJI#EFZ-LY[TMOLJROL
zžIBJKFLLG6SGPLLEL®OG-'LSL
+IPAL)LGUVQKLLUZBGVP;JLFIGS-PLHL"
+I<L.LGO[GYKL4)LPTVYHVT>@\L4>MRPA\L4 L;V4"
+I<L.TVMRYG6LVL)LP)LASLB>M6SLJGP1/TGOVL

117
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
ELFIKJ[)LP4QER_ERFKM4> LA7TVVIKTLP4"
+IFLHT6O[VKT6O[MTGPSJOB>MP;,OTPBUT
zžIBJKFLLG6SGPLLEL®OG-'LSL
+IPAL)LGUVQKLLQ6OVBGVP;JLFIGS-PLHL"
+ILL:R PS6ORZ4MRGPZMO_Y6L4U;YZ_ZLT)LE4"
+IOTPLG$LMJHLKLPZ4>VTL4F;VLTHLGKG)L
ML4LL4S4KGSLG°ULGSFGLG)L>JR-)LLY4GKP"
Q6O[LGO3MFJ[)LBJ[)LRFHLT>MBQQ;LFLTPF_
zžIBJKFLLG6SGPLLEL®OG-'LSL
+IPAL)LGUVQKLLW\LSLV_GVP;JLFIGS-PLHL"
F6OLKL$UMRPL;ULGSERMRF4>MT6O[IPA\LLTO_)LP4"
TLLBY6LGPZR$LF¥LFLRJ4>J[L*SBJ[FLTOL-JOF_
FLZLG)LJ[GPKLGUG)LGUVGP)LLTOTPLGLOTP-ST"
MBQQT;QKLLKGP6ORYZB>FLT\LLG'L;VLBFRG%SOF_
zžIBJKFLLG6SGPLLEL®OG-'LSL
+IPAL)LGUVQKLLJRJBGVP;JLFIGS-PLHL"
LL:6VB LASJXL;MGJ;MGHSB>Q\LRF;VLTKBUEF_"
MR-PLORB3PGKSLT PB>FAORSKB>\LIKL5J%PBPKF_
\LRO[LTYLGOHKBMRDRG
UVEB>-PYL;JPY;J[OF_"
V4PT]BGUVJLOJ—JRKS>MB-'LLJT…HBFROL
zžIBJKFLLG6SGPLLEL®OG-'LSL
+IPAL)LGUVQKLLV4PT]BGVP;JLFIGS-PLHL"
W,LVLGOSFLTGPVLLVEK4>EJ;XKOI*S4P;K4"
ELJL;M-GPPGS;ELY[GPGHS4>OIJ4J[)LL)LLMRK4
GP]R3ELG6SGPLTLMBLEK4>E:LLM&JLOE4"
ERL;OLGS;HKLGS;ELBGUVGP)LLTJLOLY[SLTRG°S
zžIBJKFLLG6SGPLLEL®OG-'LSL

118
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
+IPAL)LGUVQKLLOIJBGVP;JLFIGS-PLHL"
+IŸLLYROTPOLUGVS4>LXJ4P;ULT^GS;G)L"
WLELLBJ[GS0L*SLXFJ7Z4>WL¬LGVS4L7_JO4
LR
L3FGPPA
EF;J7ZLT1/TOTVULSLTGUV"
S-4P¤FJ—R9FJRKS>M6LXJLFLTPF_
zžIBJKFLLG6SGPLLEL®OG-'LSL
+IPAL)LGUVQKLLLXJBGVP;JLFIGS-PLHL"
VLGKBYLF[EJG3'LJXYEOZIO[L\LLGOULS42Z4"
Q\LRGÇ¥LHK4J[FLTOUVE4JLJLJH4O;TGHVLF_
PLL;]4FLRK4MRKTLSU4><LUX;KGJ.4-S'LL"
OTPLLILGUVTLJLORYZB>M&JXULGF¤FLS_
zžIBJKFLLG6SGPLLEL®OG-'LSL
+IPAL)LGUVQKLL2ZBGVP;JLFIGS-PLHL"
VIK4Q6OVS6ORZ4MRM LV4>JRJ4J[FLTOL-JO4>"
V4PT]4VPK3VOIJGVEK4>LXJ4-S'LLLXJU4
W QL2Z4QFRG°2ZOB>Ÿ3PLGUVLG_Y L[^T"
)L%3L+IFRGVMLTFMTVYGLVL>FLT\LLTFLJ[LG'L;S
zžIBJKFLLG6SGPLLEL®OG-'LSL
+IPAL)LGUVQKLLW GVP;JLFIGS-PLHL"
GUVT6O[JLOL$URY-)L%3L>GUVT6O[FLY;-MRK\LJLZB"
M&%3PR%SBYRLKGFJXL>YLTP%L\LBJGKJXULGF
zžIB+IPAL)LOTPJLOLKGP6OMTPEYLTP%L\LLWLYSGP VHKL
W ;F_J[GSYA­SLBJ[GSYA­SLB-PLHL"
Q¤TPKIBU4VJOLKGP6OMHLVRK%SLBGUVLLMV-'LLB"
GP VL4 LH6LIBMR<LLLFELI>)L%3LUTSLBMR<LEL;ELI;F_
zžIBGUVFLY;K\LLEL4OLGKO[_GVPLKEL4Q¤TP4;
W ;F_J[GSYA­SLBJ[GSYA­SLB-PLHL"

119
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

ORNV=LQ]RIRXN
NGD
)L%SLFKJ[LSFL4GZFGLJ[)LLLLFR]LTSEBOGZSJLJSFLTGPSLVF_"
M&E_J[L&GUVJLORYBRYLOLPLZ&DVB)LPUZTJSSLBUVLVLF_
&LEOX»QEVE4VEREXE1EYPM1EÂM4VEFL»R»1YHH]SXEOEÏ(EPMXE4»TE8EQS:MX»REQ
7EQ]EO4VEÂEQ]E.MRET»HE=YKEÏ=YK»H»:»PEQFEREQ&LEZENEPI4EXEX»Q.ER»R»Q

WLGOJRLWLOILGUV>WLGOMRGPG´LEKSLK"
´LKF´LRK6´LKJKFYR>VFLTWLGOWPSLK
MRKVSFRER7KSV/GPEK4B>W6SKJLJGSGFKMDHK4>
GUVJOD6OLTFVPQEL>)LPUZJGSSN´LKVMHL

\^HKQNGBI YN6MH8
@G
ULJƒyIBWH~LFLTWGKH6SLLB>LFLTGULLLB>LBIBXnL4BWGMWLNML
WJ[GSQ£T27_GPQ£LL4BL4BVF-PLHL"
F6LULJƒyLnIBXn+IB%ZIB$ZXn£L4ByHIBVF-PLHL"
W ;ƒyIBGPPGP VHKL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒJ['LFEL0ELBLGPKLUFLVEK>M2TOP-LJHVEK>M2TOWLMVJK
JXPL;G)LFR<LD4#EKJGPL)LLPLTBETML'LJ[GSGOVJ[LSDLKJ['LFEL0>@G
ULJS'LL
FBLELWLKL³LVEKSTHR  EZL<LULJJXL;EKVLQLGH "

ORNV=LQ]RIRXN
NGD

120
G)NN
\NVG

NCF;K
MBE:JFTBDHRSLG%SHLTSIH4"MBE:JHIFVRELTFLT\LSEJHRnQLMESLH4"MBE:JHIML³LLKLFVRELT
GM
)LYPLVDVLMESLH4"MBE:JHIHFTBMBE7MTDLHKGVEZVTELFLY;DSLMESLH4"HFLKL?MBE:J +
L
J[LM ELY[SLFLY;MTWLYTD STHR ?GPPTE J[L*SEKWG6SF³TSEHFTBJHnRQLSLH4"
WLQL;FLVSRBY-PLFIVTNJMY;WLVTJKGOYBDKU4VFRGVETWLQKLELOA SLMTGVP;HVGEL"N6HLTBVT
NJMY;ELTWL3FML³LVLELNJHLKFLVLWL4KW3BSLLBS)LLPMT)LYPLV@L)LOTPEI)LG%SFTBPTS:ZIVHLTYT"
??MBE:J JXP;EN6HLTBVTWLGOVL'LJ[)LREI-SRGSJ[LKB)LEI‚?)L%SLFKJ[LSFL4GZFGLJ[)LLLL WL4KCMMBE:J
MTHINVEIDTG. Ln7X7VLS'LL ETESLZL<LRZVLJ[LKB)LHRWL"CMMBO)L;FTBHE'LL?MBE:J J[TKEKHTYI"
ERPLSJ-PIHKT)LKTPVFTBML³LVLKSH4"J[žGSELFVLTHLKIPLSLPKLWJVIWL)LLGD<LTKKHLH4>MLKL
PVJ[L6SNFBGYSWLVG6OSH4> ESJ-PIELTWJVTDIQFTBJLEK"WQLVE EMF[L7ELN³LKMTGVEZVL
HRWL"MF[L7EIVUKRPLSJ-PIJKJ. I"OT<LSTHISJ-PIETGVE7ULEKEHL‚SRFWL4KHUBYZ>L4PVFTB
MB6LM=%LGEMIVTKL5MTDLHKGVELZGOLH4LGEMIVTSR&HLKLKL5/IVGZLH4>%LSR&HTBSR&HLKL
WG³LELKVHIBGFZLH4=FRTDSLWLT>F4BJZ)LKFTBNMT#IEEKOXnYL"RPLSJ-PIETQTHKTJKH:EIMIFR-ELV
N)LKWLI"MF[L7FR-ELVELW'L;MFVMEL"NMVTJRVEHL‚WYKSRFWVL'LHLTSLTF4BSR&LKL-PLFIDVXnYL>
QZLTN#LT>FTKTML'LQZLT"RPLSJ-PIVTEHL>PL-SPFTBF4BWVL'LHXn>ZTGEVSRF)LIFRTWVL'LGO<LSTHLT>E4MTSRF
FTKTVL'LDVLTYT=MF[L7VTEHL>WLJELT,LSVHIBH4>F4BMF[L7HXnWL4KDYZETKL5JKWL£FLEKVTULKHLHXn"
SJ-PIVTEHL‚FRTSRFOGKO[VUKWLSTHLT>SRFOXMKLTBELTWVL'LDVLEKFTKTVL'LDVLTYT=SRFMF[L7VHIB
HLT"SRF-PBMLTQLT"WYKMF[L7HLTSLTOXMKTETKL5JKWL£FLEKVT%LTBULKHTHLT=FTKTUIPVFTBE)LIELTC;
EFIVHIBKHI"F4BVTULTC1/LEIFTKTFLSLGJSLVTSRK6SJXL;EI"UDFRTWLKLFEKVLHLT>JLVIJIVLHLT>)LX<L
ZYIHLTSLTWVTEOLGMLnMTPLFTBNJG-'LSHLTULSI'LIB"FTKTUIPVFTB TP;EIEFIVHIB'LI"MF[L7VTJX/L‚G2K
PVFTBWLVTEL>MB6LM³LLKLEKVTELELKL=M6SVTEHL> EGOVFTKTGMKFTBWM¬OO;HRWL>OO;D SLHI
YL"WVTE.L8%7K>HEIF>P4]VTEL2ICZLUGEL>GJSLUIELMLKLP4)LPFTKLGMKOO;GF7LVMEL"S)LIFRT
MBMLKEIWMGZSEL,LVHRWL" LKFTBLKLVHIBH4>MBMLKFTBLKLVHIBH4>JGKPLKFTB)LILKLVHIBH4>LKLSLT
EHIBWL4KHLTVLQLGH "S)LI EOLMIVTWLEKDSLLGEU4VFRGVFHLVSJ-PIHLTSTHB4WL4KNVETLKLFTBULVT
PLZLM)LIOR<LLTBMTFR%SHLTULSLH4"F4BYHVWL-'LLZTEKNVEILKLFTBULJHRnQL"NVEIPISKLYIFRO[LELT
OT<LSTHI EWZL4GEEWLV6OELWVR)LPHRWL"N6HLTBVTEHL‚ZLTHFBL>CMFBLEL E L7LULJEKLT"F4BVT
NVEIWL,LELJLZVGEL"FTKI*LM>FTKIZYV>FTKTMBE:JWL4KFTKT+FVTFRTKLTYFR%SEKGOL"FTKL
GMKOO;QZLYLPTOVLMFL*SHRC;"
GMKOO;ULSTHI>FVFTBGPQLKWLL>U6FFKLELKLTYSLTCMMT)LI5LOLJI. LOLEH4>NMKLTYMTMOL
ELTFR%SHLTULVLQLGH "DMNMI*LMVTFRTHLnJHRnQLGOLWL4KULTWLV6O>Q4VFRTGFZKHLH4>PHJGKY[H
ETW)LLPFTB>)LLTUVETW)LLPFTB>FHZETW)LLPFTB>PHCM3LYEIOTVH4"PHMF[L7ML³LRETQKLLTBFTBREYL
WL4KGVPTOVGEL‚FRT)LIWLJU4MLDVLZLT"PHMF[L7FLT\LFLYI;DVYL>JKFL3FL)LG%SFTB.XDYLWL4K
UIPVEIM1QLC;ELYPLHDVYL"FHLFA3RBUI)L%SLFK-SLTLELMBE:JEKTB"

121
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

OG\MNV[XN
NG
MB-SRSMEZƒPL_FS¥PDLT´LLƒORO_)LXSDRG
J7RG)LMRKZLTEVL'L4"
-SLTL4U;YG3LSGQ¥LHK4OLK4ƒ-SLTTGEZLHFGJSBJ['LFBGUVT6O[F_
=EË7E2WXYXEË7EOEPE:»RKEQE]E8EXXZEFSHË»(YHFLSSXE&YHHLM4EXYFLMË7YVEPSOE2»XLEMË
7XSXVEMV.EKEXXVMXE]E'LMX»,EVEM6YH»VEMË7XSz]I/MP»LEQETM8EQ4VEXLEQEQ.MRIRHVEQ

+RSJLKYC6O[LGOEOTP>ULEI'LRGSEIVIEKMTP"
L$OFVLTHKW'L;GPLLZ>GSMJ[)LREIPKVLTBYRVFLZ

G9IXRNMGBI YN6MH8
@G
ULJƒyIBWH~LFLTWLTGH‚GULLLB[L4B[L4BVF-PLHL"
F6LULJƒyIB+IB%ZIB$ZXnVF"MEZL'L;GMG
LF_"
W ;ƒyIBVLVLFKMB-SRSLMEZKLTYHKL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒBLGPKLUFLVEK>ELZT P-LJHVEK>ELZIFLZLZTEK>ELZT WLMVJK
JXPL;G)LFR<LO.LMVMTD4#EK>JXPL;™ETMFLGOVSE>J[GSGOVDLKW'LPL
MLSGOVSEJ[GSGOVDLKOXMKLEL0>@G
ULJ PBF6LEIWLKL³LVLEKVI
QLGH "WLKL³LVLHLTVTSEKLTUVFEMTHPVEKVLQLGH "

OR=IR"XIRXN
NGD

122
G)NN
\NVG

VCZ[GUCGCZ[
UIPVFTBMBE7LTBELTGVFBLLVHIBOTVLJ. SL"MBE7WJVTWLJHIWLULSTH4B"QLTKELT/LT. MB6LMIELT2LnMI
HLTULSIH4"WM3ETMF\LM3EIJKLUHLTSTOT<LIULSIH4"JKBSRWBSSUISSLTM3EIHIHLTSIH4"S'LLGJ
M3PLGOLTBELTM3ETJ[GSOA GV#L>)LYPLVETJ[GSOA +
LS'LLJ[)LR)LG%SFTBOA WL-'LLK<LVLUKIH4"
WLQL;FLVSRBY-PLFIEI)LYPLV@L)LOTPETJ[GSWEL7_+
LMTJ[-2RG7SFHLFA3RBUI)L%SLFK-SLTLMT
NVELNJMY;SLTOXKHRWLJKBSRW6EC;)L%SLTBETMBE7WLTBEL)LIGVPLKLHRWLH4" TMIHI EE'LLHTFO¤LMT#EI
UBYZFTBFBYZ HLnJ[-SRSH4>ULTGUVT6O[)L%SLTBETGZ FVVIH4"
H TGSHLGME L7VLF³ELZEIH4>UDGEOTL/LT7T/LT7TYLKL5LTBFTBDB7L'LL"MRO¤LVLFEQLTKQLTKIEKVT
EIEZLFTBCSVLERLZS'LLGM
H-S'LLGEKL5LLMVETM)LIJ[LMLTBETDLPUXOJE. FTBVHIBWLSL'LL"LLME
JKTLLV)LI'LLPGQG6SS)LI"GE6SRWLR)LEF;WLSLH4SLTE)LIE)LIHLTVI)LIWVHLTVIDVULSIH4"LLO TMIHI
WVHLTVIETELKLMRO¤LQLTK)LI EGOVKLUFHZFTBKnYTHL'LLTBJE. LYLK\LELTBVTQLTKELTKLUOKDLKFTBNJG-'LS
GEL"KLULJ[M6VS'LYPLT;6VS'LT"
KLULVTQLTKMTJX/L‚??PLLT~MTJKTLLVEKVTETDLOWLG<LKWLUJE. FTBWLYT"LKIKJKSLTSRFP-L)LI
27TJHVTHLT>QRKLQRKLEKWLG<LK³LVK<LSTEHLnHLT= MRO¤LQLTKETPZQLTKIEKVTEIEZLFTBHIGM
H-SVHIB'LL
DG:EJE. TULVTJKX#S'LLFLLQLK^LKLDQGVEZVTEIEZLFTB)LIJLKBYS'LL"KLULETJ[VETN¤LKFTBSRK6S
DLTZL‚??MT#HTFO¤LETJLMK<LSLHXnFHLKLUL" CMN¤LKMTKLULS'LLHTFO¤LMT#OLTVLTBHIQGESKHYT"MT#VT
SRK6SJ[GSPLOGELGE??KLUV_F4BVTSLTCMEIL%ZHIWLUOT<LIH4"HFU4VZLTYSLTGHBMLGOJLnQJLJLTBPQLK
ELLLTBET3LYIHLTSTH4B"FTKLCMMT%LM&D6³L=HQLTKX#DLTZEKDQVLQLHSLH4 "MT#EIM3PLGOSLELKLUL
JKJ[)LLPHLTSLOT<LQLTKVTVLVL7ELREKGOL"YHKIGMMGELn)LKSTHR QLTKDLTZL‚??MT#UI³LF;EL)LI.K
VHIBKHLWLJELT=WLJ)LZTHI.XDLT>FRYKIDELT%LTB.RDLSTHLT=F4BVTQLTKIELMLKL³LVWLJETJLMHISLTUFLGEL
'LL"U4MLWLJVTEHL>P4MLGEL"%LHNMIELCVLFH4=ULTWLJ-PBDQEKFRTDKDLOEKKHTH4B"FTKLSLT
JGKPLKHI)LX<LLFKULTYL" TMLW6LEKSTHR SRF)LYPLVMT)LIVHIB.KST= QLTKWJVIDLSJXKIEH)LIV
JLL'LLGENMMTJ[)LLGPSHLTEKKLULVTWL,LOI‚??ELTSPLZ>HMT#KLUO[LTHIH4>QLTKLTBELMKOLKH4"CMTVYKET
DLHKGDLPLVUBYZET LLTKW6³LELKPLZTER nFTBHL'LJ4KDLn³LEK.LZOLT" K\LELTBVTKLULEIWL,LELJLZV
GEL"W6³LEXJFTBJ. TJ. T)LX<L*LMWL4KD6³LVETE7LTBMTOR<LIMT#ELTSIVGOVHLTYT"JK>MT#M&E_OAG7'LT>
WSWLR)LEF;ELNOULVEKPTLLKIGKEPTOVLELT)LXZWL3F³LVFTBZIVHLTYT"J['LFSI'L~EK)LYPLV
WLGOVL'LEI)L0FXGS;NVEIWLB<LLTBFTBXZVTZYI"W7X7+
LPLN6HLTBVT)L%SLFK-SLTLETJ['LFRYZZLTEEL
JL#JXL;)LG%SMT@G
WL4KF6LMGHSGEL"'LLT. IOTKDLOHIPHLn24ZTGO0J[ELLMTNVEIWLn<LTB<LRZIBSLT-PB
ELTN6HLTBVTDB³LVFR%SS'LLK3VUG. SGMBHLMVJKJLLS'LLMLFLVT EOTPI<L. I'LI"JX/VTJKPHDLTZI‚??F4BLLMV
OTPI?GPUL HXn>SR&HLKTRYZZLTEEI@G
 PBFBLFLTGHVIETPLI)LXSHLTEKF4BHLnWLC;'LI" CSVLEHSTHIPH
WLn<LLTBMTOXKHLTYI"'LLT. IOXKJKJHKLOTKHTK\LELTBVTW6³LEXJFTBJ[ELLWL4KMT#EIG-'LGSELTOT<LLSLTUBYZFTB
FBYZEKVTPLZTCMQF3ELKEI<LDKKLULELTOI"KLULMFYLGEHTFO¤LGVOLT;L'LT"PT-PBWLEKMT#UIELT
M&FLVMGHSKLUOKDLKFTBZTYTWL4KNVMT\LFLLQVLEI"FLVSRBYLQL;^LKLKGQS)L%SLFK-SLTLETJ['LFRYZ
ZLTEEI)LG%SMTJ[)LLGPSHLTEKKLULS'LLHULKLTBJ[ULUVLTBVTU4V³LF;ELTWBYIELKGEL")L%SLFKETJ[)LLPMT
WLG<LKELKWM3EIHLKHRC;WL4KM3EIUUELKHRC;S'LLUBYZFTBFBYZHLTYL"KLULVT)LI6LEKSTHR 
OLTLIQLTKELTO.GOL"

123
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

N TQCI9F8NG@OR=IOI QNG@XV 7NVIURN=GD


DR
LGPVL…GJGPDR´LLGQ;SJLOJI#ƒ-SLTSRBMFR]SFGSGP;YSLJLT…HF_"
DLZBGPHLUZMBG-'LSGF6ORGD&DF6EC1/GSUVMHMLY[HISRF_
&YHHL]¾:MR¾TM:MFLYHL¾VGLMXE4¾HETýLE7XSXYQ7EQYH]EXE1EXMV:MKEXEXVETSLEQ
&¾PEQ:ML¾]¾.EPE7ERWXLMXE1MRHY&MQFE1ER]EË/E-GLGLEXM.EREË7ELEW¾+VELMXYQ

GDPR´LP6]JOF4BFGSHIV>HLT GV:5U'LRGSFVMLEIV"
UZJ[GSGP&DDR
ELTYH4>LGLF.ZDLZEHIQH4

QCI9QNVNLIMJNMBI RDH8
@G
ULJƒyIBWH~LFLTJKFLTGH‚GULLLB[L4BL4BVF-PLHL"
F6LULJƒyIB+IB%ZIBGM
T)LTDR
T)LTMP;GMG
OLET)LTVF-PLHL"yVFLT
)LYPSTJKFS¤PL'L;)LLPEL;GMG
LnIBXnL4BWMJLVF"
W ;ƒyIBF3LGOMR,LVJ[ELLVL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒBLGPKLUFLVEK>PTSP-LJHVEK>PL0GOLLEIWLTKFR<LEKET>J–LMV
MTO)LL;MVJKD4#EK> LIELOIJEUZLEK>WG9VFTBOLLBY³LXJ<LTSTHR >W³L;KLGLFTB>
EFZYµTEIFLZLMT>YRZLDET2XZQ LSTHR MLSGOVSEJ[GSGOVDLKSIMKL
EL0>@G
ULJ PBF6LULJEIML³LVLEKVLQLGH "


N TQCI9F8NGD

124
G)NN
\NVG

XMIMLPMWFMRG4FML
M3JLLFRGVKLUELTWLHLKOLVOTVTMTJBQLQ;J[E7HLTSLH4"KLUL+TLBMVT)LYPLV@L)LOTPELTFRGVWP-'LLFTB
WLHLKOLVGOL'LLSDK3VLTBEIPA7IHRC;'LIWL4KPHGOV??W\LSASIL ‰WL<LLSIUŠETJFTBHFWLU)LIFVLSTHB4"
FRGVKLUELTHFK3VLJLZVHTSRGM2;WLHLKOTSTH4BSLTFRGVKLUNMETDOZTFTBHFTBULTNJOTLOTSTH4B>PHHFLKTGZ 
W\LK3VDVULSTH4B" TMTHI EFRGVKLUELTMRO¤LMT#VTWLHLKOLVGOL'LL>SDFRGVKLUVTNMTFHLFA3RBUI
)L%SLFK-SLTLELGPG³LJXP;EJL#J LL'LL"PHJL#MT#ETMBE7MFE4MTELFWLL>CMEIHE'LL?WLHLKOLVEL
QF3ELK WLHLKOLVEIFGHFLS'LL)L%SLFK-SLTLEIFHLFA3RBUIFGHFLGPLOEKVTHTSRM\LFH4"
HE'LL)LIF³RYEIH4"JIZTP-LJHVTS'LLHL'LULT. TPGLE_JRLMRO¤L+T#IFÃZEZLGZ J3VIETML'L
WJVTYAH^LKJK<L. TGV&VL$OLTBETF³LRKN1QLKL^LKLWJVTYRPKJKFGOY&DKFRGVELWLLVEKKHT'LT‚??HT-PLGF
VFLT„-SR>VFLT„-SR>VFLT„-SR>WLLTWLLT>GS#GS#WLHLKUZLR
H4" P4MTSLTWLU)LIHFGOY&DKFRGVLTBELTWLHLK
OTSTH4B>JK6SRWLUVSLTPHMB<LGOY&DKML³LRWLTBEIH4WL4KVWLHLKOTVTPLZT+LPE+LGPELWLTBEI"GE6SRNMRYET
PLSLPKLFTBCMRPLO&JSIETF³LRKE#LTBMTGVEZLNJR;%SWLH_PLVPLRF.ZFTBWLV6OGD<LTKKHL'LL"%LTBGE
VPO&JSIETN%SWLH_PLVFTBETPZU. L$OHIVHIB'LT>DG:ENVFTBNVEIHLGO;E+
L>)LG%S>GPVWL4KNJLMVL
WLGOEIF³LRKFHE'LI"S)LINMFLY;MTGPHLKEKVTPLZT)LLPJLK<LIFRGVNV-PKLTBELTMRV)LLTUVLLZLFTBJ[GP7HR 
WL4K'LLGPG³LGVK6SKLWLHLKY[HLGEL"CMETNJKL6SNMO&JSIVTFRGV+IMTER/S¤P,LVOTVTEIGPVJXP;E
J[L'L;VLEI"U4VML³LR)LIMFWL4KJLLELTOT<LEKHINJOTLEKSTH4B"
NMMFF³RYET)LG%SELZELMF'LL"W6³LFLT~PM&J[OLLTBETZLTYF6LLTBETDZJKQF3ELKJ[E7EK
WJVTWJVT³LF;EIFH¤LLDSLVTEIHLT. FTBMBZ9V'LT"P4MTU4V³LF;QF3ELKEKVTELVHIBWGJSRML³LVLEKVTEL³LF;H4>
GE6SRU4VML³LRQXnGEMFEIHPLELTJHQLVST'LTWSNVJKFGOY&DKFRGVVTVPO&JSIELTFHLJ[)LLPE)L%SLFK
-SLTLETG^SIRYZEL0‰SASIS'LLQSR'L;ZLTEŠWL4KNVEIF6L@G
ML³LVLGPG³LWLGOFL4G<LEJMTK7LEK
LOEKLOIWL4K-PBUBYZEIWLTKGPHLKEKYT"MRO¤L+T#IPGLE_JRL'LL"PGLE_ELGM
L6SHLTSLH4‚??0LJLKT
PMGSZ\FI WSUHLULTBFTBFLZZLOEKMROXKMFRO[FTBK3V^IJEIWLTKPHQZGOL"UHLUMFRO[EI/LSIELTQIKST
HR D TQZTULKHT'LTWL4KNVFTBD4#THR FLVLTNMWYL³LUZJKGPUJLEKYP;PWHBELKMTWµHLMEKKHTHLTB"N6HTB
%LJSL'LLGEUHLULTB^LKLJLVIJKDVLC;KT<LLWLTBMT)LID. IS'LL)LLKIEF;EIKT<LL nHLTSIH4B"S)LIMLBELZETMF
MFRO[FTBULTKLTBELSX2LVWLL" L7L nG LKWLC;BS'LLJ[Q.PLRQZVTZYI"MFRO[EIQL4. I/LSIJKYP;MTQZVTPLZT
UHLU.YFYLVTZYTS'LL.XDVTEIG-'LGSFTBWLJHRnQT"UHLUETLLIFA3RELTGVE7ULVEKKLTVTGQ:ZLVTZYT"
DQLWLTDQLWLTEL£BOVYXnUVTZYL"
CM£6OVMTMLFLGEFTBZIVD4#TPGLE_JRLMRO¤L+T#IEL³LV)LBYHRWLWL4KN6HTBMBE7G-'LGSELTMFSTOTK
VZYI"PTSRK6SYRFRGV+I^LKLEB#-'LEKLTYT)L%SLFK-SLTLETSIMKTPQL4'LTZLTEELN1QLKL@G
PF6L
MGHSULTKULTKMTEKVTZYT"LR
LT1QLKLET E EL$OVTWJVLJ[)LLPGO<LLLWL4KPHLn EMRBOKMUIPJ[GSFL
J[E7HRC;"O4PIWL)LLPLZINMJ[GSFLVTWJVLVLF?J[)LLPSI DSLLWL4KNVELTQBO[EL6SFGLOTEK5LTBHIW6S³LL;V
HRC;3LTBHISX2LVEVTMLZYL"DLOZ/n7VTZYT>WLMFLVML2HLTYL>Q6O[FLGVEZWLLWL4KULVZTPLMBE77Z
YL"J[LSELZ5LTBHIUHLUK3V^IJETS7JKJHRnQT>^IJETGVPLGMLTBPUHLUETLGLLTBETQTHKTJ[M6VSLMTG<LZT
HR 'LT"LLOOLTVLTBELTHIWLQ;'LLGE TMT)LBEKSX2LVMTDQEKUHLUE4MTMRKG\LSWLYT"G2KUDN6HTB
WLHLKOLV^LKLJ[L*S)L%SLFK-SLTLETZLTEETQF3ELKETELKLMRKG\LSDQVTEIULVELKIJ[L*SHRC;SLTNVFTB
)L%SLFK-SLTLS'LLU4V³LF;ETJ[GSM)LIELTHIWYL³L+
LHLTYC;"M3HIEHLH4GEWLHLKOLVEKVTMTJRSIP[PTY
MTD SLH4")LYPLV)LIOLVPIKETMLFVT/LT7THLTULSTH4B"KLUL+TLBMETMF\LWLGOVL'L)LIWLHLKETP%S/LT7T'LT"
+TLBMETOLVEIJ[LBMLOTPLTBVTEIWL4KEKLT. K3VLTBEIPLL;EKJBQLQ;GEL"HWLHLKOLVEIFGHFLH4"
FHLFA3RBUI)L%SLFK-SLTLELJ[)LLPH4"

125
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

W\WDUTY+NL]QNGD
P%SRBYRLLV_YRLMFRO[LLLƒEL6SLV_ƒE-ST\LFMRKYRJ[GSFLT…GJDR
L"
E:JL6SELZJPVLT
SV¤Q¤BƒELTPLSKISRFZF&DRGVG´LB)LRUL)LF_
:EOXYQ+Y»R+YRE7EQYHVE7LEWLEROE/¾RX¾R/EWXI/zLEQEË7YVEKYVY4VEXMQSTM&YHHL]»
/EPT»RXE/»PE4EZERSHHLEXE2EOVE'LEOVEÏ/SZ»8EVÃXY1EPEQEQFY2MFLMÏ&LYN»FL]»Q

YRVMFRO[SRFYRVWGPELK>EHSVMRKYRJLP4BJLK"
J[ZJPVN
SUZU6SR>UZG´LGSK4ELT)LRUDZP6SR

WKRM^NGBI YN6MH8
@G
ULJƒyIBWH~LFLTM0PLTGHGULLLB[L4B[L4BVF-PLHL"
F6LULJƒyIB+IB%ZIBUZLLLUZOTPSL)LTVF-PLHL"
W ;ƒyIBVLVLOR<LMFRO[SLKLL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´Lƒ-VLVEKET-P1/M2TOLR
P-LJHVEK>-PB6L-'LLGJSEKTB>JQLS_6L
EIJXULEKTB"JQLS_JXP;GOLLEIWLTKFR<LEKET>O)LL;MVLWLFETJL7TJKD4#EK>
LR
 LIELOIJEUZLEK>WYKSYKWLGOGFG+S³LXJ<LTSTHR >JXPL;™FTB>-2G7EFGL
EIFLZLMTMLSGOVSEJ[GSGOV EHULKDLKEL0>@G
F6LWL4KUL*F6LEI
ML³LVLEKSTHRTWLKL³LVLJXKIEKTB"

W\WDUTY+NL]QNGD

126
G)NN
\NVG

[MU*M0MU/ MU
XH|MFHG[UZM
UIPVFTBML´LVLEKVTMTHFTBJ[)LRJ[MLO)LIJ[L*SHLTSLH4")LG%SMT)LYPLVET\LG\LLIJ[M6V
HLTEKHFLKIMHLSL)LIEKSTH4B" TMTMFFTBHFLKLES;0HLTSLH4GEHFJ[ZLT)LVFTBV2nMEKMBSR7KHTB
NVETWLLIPL;OEIFLLELFVLEKTB"W3:JZL)LETZLT)LFTBHFOTPSLWLTBELWLLIPL;OYnPLVD4#BT"
FHLFA3RBUI)L%SLFK-SLTLETJKF)L%S EMT#EIE'LLHFLKTGZ WLOL;E'LLH4"GPVF[)LLPMT
K3VELTW-PIELKEKNMMT#VTETPZWLLIPL;OEILQVLEI"2Z-PJOXMKTP%S³LF;K\LLHTSR\LI
VTG2KMTJ[E7HLTEK³LF;EIK\LLEI'LI"
EMT#MFRO[EILLLJK'LL"MFRO[EILLL'LI>WQLVESX2LVG LKWLL>MBE7ETDLOZ
Fn.KLVTZYT"MT#GVP;-LHLTEK)LG%SFTB.XDYL"MT#EI)LG%SMT EOTPIJ[Y7HRC;"OTPIVTEHL‚JRLF4B
SR&HLKI)LG%SMTEL2IJ[M6VHXn>ZLTF4BSR&HTB)LTB7-PJHK3VOTSIHXn>CMT-PIELKEKLT"MT#VTEHL‚OTPI>
F4BVTWLKL³LVLK3VJ[LG*SETGZ VHIBEI'LI>CMGZ FRTK3VEIWLPESLVHIBH4"WLJELFRJKD. L
NJELKH4>ZTGEVWLJH4BEL4V=OTPIVTEHL‚F4BGUVT6O[)LYPLVEIG\LLIHXn>MOLNVEI)LG%SFTB>³LF;
EIK\LLFTBS3JKKHSIHXn"W1/L>WDF4BQSZIHXn>E)LIFTKIWLPESLJ. TSLTLOEKZTVLWL4KOTPI
ZR*SHLTYC;"MT#ELMBE77ZQREL'LL>SX2LVEQREL'LL"D6OKYLHMLFVTWLYL"MT#VTUHLU
GEVLKTJKZYLGOL"MLFVTHI EGUVLZVUKWLL"MT#)LG%SEKVTFBGOKYL"GUVFBGOKETJLM
EGF'LSLJMVTWJVLW._.LUFLK<LL'LL"WL4KPH)LYPLVETMLFVTDGZQ PLSL'LL"NMVTMT#ELT
)LIDGZQ LVTHTSRFUDXKGEL"MT#VTEHL‚F4BU4VHXn>-P*VFTB)LIDGZVHIBQ L’nYL"HFLKTHLnSLT
DGZELT LLTKJLJDSLLH4> TMLU L6JLJF4BHKGYUVHIBEnBYL"SLJMVTEHL‚WYKDGZVHIB
Q LWLTYTSLTF4BSR&HLKIDGZQ LOXnYL>CMSZPLKMTSR&HLKLGMK³L. MTWZYEKOXBYL"MT#VTSIMKTEL0
EL ELY[GQ¤LHLTEKJL#EKVTZLY>JL#EKSTHIJRVOTPIJ[Y7HRC;>WL4KNMOTPIVTSLJMELTEIZ
GOL"SLJMVT\LFLLQVLEIWL4KGHBMLEL3LYEKGOL"S'LLU4V³LF;EL+
LVIDVYL" E
GF'LFLYI;SLJMELFHLFA3RBUI)L%SLFK-SLTLETJ[)LLPMTN
LKHLTYL"
MT#VTK3VELT-PIEKVHIBGEL>K3VELT-PIELKEKZTSLSLTOTPIHFTLLETGZ QZIULSIWL4K
OXMKTP%SPHMHLSLEKVTVHIBWLSI"MT#EIGV/Z)LG%SNJMY;GVPLKLWL4K³LF;J[)LLPVLFTBELKL
DVYC;"WLJ)LIGV/Z)LG%SETGK >)LG%SFTBFLnYELTLLGFZEKETNMTOXGLSFSEGK >FLnYEL³LRWLn
)LG%SEI5LTGS³LXGFZEKOTSLH4"WLJ)LG%SEKTBYT>GVGQSJRELWLM[PHLTYL>M&JG¤LGFZTYI"WLJ
M&JG¤LELTGSULTKIFTBK<LSTH4BWL4KWMZIM&9OL;VELK3VHL'LLTBMTGVEZULSLH4"JKFL3FLJZLVEK
ULSLH4"JKFL3FLSRFMTDLSEKTYL>SR&HLKLWLG3FEMR<LSR&HLKTJLMZL47TYL>SR&HLKT2XZFTBM3EIMRYB³L
FHEN#TYI>SR&HLKTOTHETGQKLYFTBJKFL3FLEI5LTGSUZTYI>ULTSR&HTBWFKSLJ[OLVEKTYI"DMNMTJLVT
ETGZ )LG%SELMHLKLH4"M1QI+
L)LG%SMTUIPVELE:LLHLTYL"CMI)LG%SELTHFTBWJVLVL
QLGH "

127
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

XV MNV[IXRNMGD
MLT…HBS'LLGJSP)LG%SPLL6FRVILƒESR-SPBGPYSLG%SKGJJ[PA¥L"
J[I3L3FPI;FGPQL;FAYIFAYTO[BƒVL)TGSGEBGVUGLLLTJGKJLZVL'L;F_
7SLEÏ8EXL»TM8EZE&LEOXM:Ew»R1YRÇWLE/EVXYÏ7XEZEÏ:MKEXE7LEOXM6ETM4VEZVMXXEË
4VÃX]»XQEZÃV]E1EZMGL¾V]E1ÖMKÇ1ÖMKIRHVEQ2»FL]IXM/MÏ2MNEwLMwLSË4EVMT»PER»VXLEQ

MLTF4BLG%SHIV'LRGSEo>)LG%S)LLPPLE/RVGHB.o"
5LTBFAYGVUMRSJLZVHTSR>FAYJGSM6FR<LUL WQTS

XV MNV[IXRNMGBI YN6MH8
@G
ULJƒyIBWH~LFLTWLBSLTGHGULLLB[L4B[L4BVF-PLHL"
F6LULJƒyIB+IB%ZIB£L4BMP;MBE7GVPLKLT)LTMRJLP;\LT)LTVFLTVF-PLHL"
W ;ƒyIBMEZEL;GMG
EKL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´Lƒ-P1/JIZTP-LJGK³LLVEK>JLnQPTBEL0ET6LELTJXPL;G)LFR<LIGPKLUFLVEK>
JIZTWLMVJKJO_FLMVMTN¤LKGOLLEIWLTKFR<LEKET>JXPL;™FTB>JIZTKBYET2XZLTB^LKL
MLSGOVSEJ[GSGOVOIJUZLEK>ER6OEI³LXJ<LTSTHR >@G
ULJWL4KF6LEILR

)LLPJXP;EDLKULJOTPTB"

\NVSXG9IXRNMGD

128
G)NN
\NVG

LMU/KHTFLMU/ KHTF5NUEWM>
J[)LR)LG%SEIFGHFLWO_)LRSH4"WLQL; FLVSRBY-PLFI^LKL+IWLGOVL'L)LYPLVET )LG%SJXL; FHLFA3RBUI
)L%SLFK-SLTLMT-PY;FLT\L)LIGFZMESLH4SD³LVM&JG¤LEI%LDLSH4=
HGOZQ-JEHLVIHFTBWVLLMHIJ[)LR)LG%SFTBZIVEKOTSIH4"
ELTBELJ[OTLEIMR)LO[LPSIVYKIFTBOTPZVLFE EYKIDD C;KHSL'LL"NVGOVLTBMR)LO[LPSIVYKIFTBOTPZD C;
ETGOVG2KVTEIQQL;'LI'LIBGEWLG<LKOTPZWQLVECSVIM&JG¤LE4MTJLYL=ER/GOVLTBJXP;SESLT27LERSL;³LLTSI
JHVTGOV)LKZE. IQIKSLS'LLZE. IETMLFLVEIFK&FSEKSL'LL>D1QT E EKLT7IELTSKMST'LT"-LISLVT
FLKFLKEK-PBFUOXKIEKVTETGZ EHSI'LIWL4KWQLVECSVLWO_)LRSJGKPS;VGENMVT)LYPLVWLGOVL'LEL E
GPLLZFG6OKDVLGOL>ML'LHIWJVLGPLLZYAH)LPV)LIDVPLGZL"HHRWLE4MT=OTPZETJ. LTMIC;L;EIWLY
FTBUZTULKHT'LT>OLnSLTSZTNnYZIODLKHT'LT"ML'LHIWVTEZLTY>ULTEZSEOTPZMTMI³LIDLSVHIBEKST'LT>WLU
NMEI<LRLLFOLTBFTBZYT'LT"CVZLTYLTBETWZLPL>VYKFTBER/GPQLKLIZ PB³LLGF;EJ[žGSETZLTY)LI'LT>ULTMLTQST'LTGE
OTPZETQF3ELKI)LL9JGKPS;VELELKLUKELTC;³LLGF;EG£LLFBLWLGOHLTYL"PTOTPZETJLMGU,LMLPLWL 
WL4KJX/LGEGEMFBLL³LLGF;EWVR#LVEIML³LVLMTWLJELUIPVDOZLH4WL4KPHFBLWLJELTEHLnMTJ[L*SHRWL=
%LWLJHFTBDSZLVTEIžJLEKTBYT"
OTPZD. LHIMKZFVR'LL>/ZEJ7SLTNMT/X)LIVJLL'LL>³LVIHLTULVTJK)LINMELW6SKBYW)LI)LIJHZT
U4MLHIGVF;Z'LL"WSPHWJVIMDEHLVIGPVF[SLMTEHVTZYL‚??+IFLVUIWLJLLOGPPLMVEKTBYTGE/LT7T
D1QLTBETGY:ZI.B.TU4MTML³LLKL<LTZMTFTKTUIPVFTBHQF3ELKIJGKPS;VWLLH4"W)LIER/GOVJHZTCMMLFVTPLZT
F4OLVFTBER/D1QTGY:ZI.B.L<LTZKHT'LT"F4BWJVIORELVJKD4#LN6HTBOT<LKHL'LL"CSVTFTB LXFSL LLFSL EPL;
ELDLZE)LIPHLnWLL"PHDYZFTB E/LT7IJR-SEODL 'LL>LLOJL#LLZLMTJ EKWLKHL'LL"GE6SRNMETJLM
.B.LVHLTVTETELKLPH<LTZVHIBJLKHL'LL"S)LI EOLZRDLZEVTNMT<LTZVTELT.B.LOTGOL>PH<LTZVTZYL"W)LI
PHGOZ<LLTZEK<LTZ)LIVJLL'LLGE.B.L7X7YL".B.L%L7X7L>NMELGOZ7X7YL"PHWG³LEV<LTZJLVTMT
OR<LIVHIB'LLDG:ECMGZ 'LLGE.B.TETFLFZTFTBPHOXMKTEL@LIHLTYL'LL"LLOMLTQKHL'LLGEWDEHLnMT
PLGJMOXnYLNMEL.B.L=)LLC;UI>MQJXG/TSLTNMELOR<LFRMTOT<LLVYL>F4BVTNMTJLMDRZLEKNMELJGKQJX/L"
PHMR³LV+TT#IELJRLMLTF£LG6S'LL"F4BVTNMMTJX/L‚??SR&HLKTJLMEL4VMIJR-SEH4= DLZEDLTZL‚??VHIBVHIB>
GDVL-VLVGETCMTVHIB/XVTOXnYL>HU4V³LF;ELJGPLY[6'L?)L%SLFK-SLTL H4>CMT+
LPLV+LPEHI/XMESTH4B" 
DLZEETFR<LMTGVEZSTULKHTL$OLTBWL4KNMET)LLTZTJVJKFR9³LHLTEKF4BVTNMTOLT.B.TDVLEKGOTWL4KEHL‚ EMT
-PB<LTZVLWL4K EOXMKTDLZEELTZL47LOTVL"DLZE.B.TJLEKD. L<LRLHRWLWL4KFRTJR-SE'LFLEK<LTZVTQZL
YL"FRTNMJR-SEETDLKTFTBD. IN3MRESL'LI"UIPVFTB'LLT. LJ LGZ<LLHLTVLELFWLLWL4KF4BVTJR-SEETJ6VT
JZ7TSLTNMY[6'LETJLnQPTZLTEJKFTKIVUK#HKYI"FRFTBNMTJ EK TMI+
LULYIGEF4BVTPHZLTE@G
P
F6LMGHSLOEKGZLWL4KML³LVLGPG³LJ ZI"'LLT. IOTKFTBPHDLZEWJVIJR-SEZTYL"+
LMT)LKLF4BJLMET
JP;SEI EGVU;VYR2LFTBULEKNMZLTEEL@G
PFBLMGHSJL#P³LVEKVTZYL"EC;GOVLTBDLO EGOVKLGL
ETMFCMELJL#EKSTEKST?WGUSL VLFEOTPIJ[E7HRC;WL4KDLTZI‚P3M%LQLHSTHLT=F4BVTGDVLMLTQTHIEH
GOL‚??³LV" GO0WL)LLGD<LTKSIOTPIDLTZI‚??P3MHLnMTN¤LKJXP;ETELTVTFTBULTJIJZELPA\LH4>NMETQLKLTBWLTK
EI)LXGF<LLTOLT" CSVLEHEKOTPIW6S³L,LVHLTYI"F4BVTSRK6S2LP. LZTEKNMPA\LETQLKLTBWLTK<LLTOL"<LLTOVTJK
FRTEKLT. LTBETHIKTUPLHKLSGFZT"F4BVTJ[GS,LEI>GECM³LVELNJLTYWJVTGZ SDSDVHIBEnYL>UDSEGE
JHZT)LYPLVWLGOVL'LUIEL E)L0FBGOKDVPLEKNMEIOIPLKLTBJK)L%SLFK-SLTLELJLnQPLnZLTEW'L;P
@G
FBLMGHSWBGESVEKLOXnWL4KCMIJ[GS,LETWVRMLKF4BVTH)L0FG6OKDVPLEKWJVLGVPLMYAHDVPLL
H4"
HIEHLVI'LIKLT.JGSMTEKLT. JSIDVVTEI"WD%L'LL>)L%SLFK-SLTLETJLnQPTBZLTEETJ[)LLPEIH L7VL
MRVEKM)LIJ[M6VHR WL4K)L%SLFK-SLTLET)L%SDVYT"ZLTYLTBVTU4V³LF;EI)LG%SWL4KLG%SET-PJEIZE
ML\LLS_OT<LZI'LIS'LLOTPZELT³L6PLOGO "

129
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

OM/RUKIR_NL]ONMGD
W:J+RSB+RSPSLBJGKHLM´LLFƒ3PO_)LG%SKTPFR<LKIERSTDZL6FLF_"
3ELTGEZGEZF´LL4F´LRKBGPKL4GSƒS1QLF[QLEGZELGVEK4EHTSR
%PTEwLVYXEÏwLYVEZEX»Ï4EVML»WE(L»QE8ZEHFLEOXMVIZE1YOLEVÇ/YVYXI&EP»RQ»Q
=EX/SOMPEË/MPE1EHLEY1EHLYVEÏ:MVEYXM8EGGL»QVE'L»VY/EPMO»2MOEVEMOE,IXYË

F4BL#MR´LIHoMVELT´LLF>FRSP)LG%SDRZLP4KLF"
5LTBGJEW&DEZIJK)LLP>F´LR@SRF´LRKEK4WLKLP

IR_NL]NI,UBI YN6MH8
@G
ULJƒyIWH~LFLTER7_#DR
ILB[L4B[L4BVF-PLHL"
F6LULJƒyIB+LB+IB+XB+HBMB'L'L'L##MK-PSI)LYPSIGP]LJ[MLOBERER
-PLHL"
W ;ƒyIBLGQSL'L;J[GSJLOVLG%SMGHSL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒJGPLSLJXP;EZLZP-LLTBELTJHVEK>N¤LKGOLLEIWLTKFR<LEKET6LELT
-'LLGJSEKTB>ZLZWLMVJKJ–LMVMTD4#EK>OIJUZLEKZLZFLZLMTJ[GSGOV
DLK@G
ULJWL4KF6LULJELTGOVSE>ER6OEI³LXJ<LTSTHR )LG%S)LLPJXP;E
ML³LVLEKTB"

OM/RUKIR_NL]ONMGD

130
G)NN
\NVG
ESH IJW0MFMFMMF;K
WLQL;+IFLVSRBY-PLFIVTWLGOVL'L)LYPLVEI)LG%SMT-SRGSEKSTHR EHLGEF4BW:J,HLTEK)LIWLJEI
)LG%SPL-SRGSEKKHLHXn"SD EM1QT+
LPLVFRGVKLUELH?FHLFA3RBUI)L%SLFK-SLTL DRG
J[OLEFBL
DVYL"NM-SLTLEIFGHFLEIHE'LLHFLKT W,LVELVLLEKVT FTB S'LLDRG
P³L;VFTB MHLEHLT
MESIH4"
JL#LLZLW'LPL-EXZLTBFTBULT/LLJ STH4B>NVFTBM)LIEIDRG
PJ[GS)LL EMFLVVHIBHLTSI"JXP;U6FET
,LVLPKLIEF;ET\LLTJLFETELKLELTC;/LLW3BSJ[)LLPLLZI PBDRG
FLVHLTSLH4",LVLPKLIEF;ET\L
HLTVTETELKLELTC;/LLW3BSJ[GS)LLMBJ6VHLTSLH4>SLT,LVLPKLIEF;ELNOHLTVTETELKLELTC;/LLW36S
U. FGS>FX<L;JLLULSLH4"JK6SR TMTU. FGS PBDRG
HIV/LLELUIPVGESVLE7FHLTSLH4>CMELTSLTPH
)LR%SL)LLTYIGP]L'LI;HIULVMESLH4"E\LLFTBW³LJELTBETMF\LWLTKWJVTML'LI PBMHJLG#LTBETMLFVTNMTD. L
HIWJFLVUVEUIPVGDSLVLHLTSLH4" TMLVHIBGEPHJ LC;GZ<LLC;FTB’nQLN#VTETGZ J[LMVEKSLHLTW'LPL
WJVTYEIWL,LELJLZVVEKSLHLTGE6SRJXP;,LVLPKLIEF;EL\LLTJLFVHLTVTETELKLNMTNMFTB
M2ZSLVHIBGFZSI"HLTMESLH4GEJXP;U6FFTBNMVTGEMIEI,LVJ[LG*SFTBDL³LL.LZIHLT>GEMIEIJR-SEQRKLC;
HLTW'LPLWJVTML'LILGFLWLGOEIJR-SEG/JLEKK<LOIHLT>LGEMI+LPEEI-PL³LEIJR-SE'LL-'LLV
VK<LEKZLJKPLHILNJT\LL)LLPETELKLW6GEMIWZFLKIFTBK<LOIHLTS'LL,LVLPKLIEF;ELDB³LGELHLT>
GUMETELKLNMTPS;FLV/LLUIPVFTB TMIOVIG-'LGSELMLFVLEKVLJ. LHLT" TMTHI EU. FGSDLZEET
UIPVEIHZ LRE'LLH4"GUMVTFHLFA3RBUI)L%SLFK-SLTLET/#TZLTEEL@G
PF6LMGHSJL#PWVR#LV
GELWL4KWJVT,LVLPKLIEF;ET\LLTJLFMTPH E³LRKB³LKGP^LVDVYL"
J[LQIV)LLKSEIKLU³LLVIFTBKLULHTFPLHVELL<LLMV'LL"KLULHTFPLHVETOLTJRL'LT"D. TJRLELVLF
)LXJLZWL4K/LT7TJRLEL)LRUJLZ'LL"D. L)LLC;)LXJLZD. LHIU. FGS PBFBODRG
PLZL'LL>SLT/LT7L)LLC;)LRUJLZ
D. LDRG
FLVWL4KERLLY[FGS'LL"OLTVLTBETCMW6SELTWL³LG3FE)LLLLFTB,LVLPKLIEF;ET\LLTJLFHLTVTLV
HLTVTELW6SK>U. LQTSVELW6SKW'LPLGVQWL4K0PHLKELW6SKEHLULMESLH4"OLTVLTB)LLCLTBELT
GPG)L6VGP]LWLTBWL4KLL-LLTBETW³VETGZ JB+RS³LKETWL+FFTB)LTULYL"YRVTPL;SEOLTVLTBELT
SVFVMTW³VEKLL"HRWL%L=HRWLHGE/LT7L)LLC;)LRUJLZSLTCMWPG³LFTBGPG)L6VGP]LWLTB PBLL-LLTB
FTBJLKBYSHLTYLWL4KNMVT0LEKL>/6O>SE;>6L>KLUVIGS>MLFRO[LL-L>P4]E>GP,LVS'LLFVLTGP,LVWLGO
GPLLTBELJXL;,LVJ[L*SEKGZL"GE6SRD. L)LLC;)LXJLZWJVTWLR)LEFLT;OMTU. FGS PF_FBODRG
PLZL'LL"
JB+RS³LKVT)LXJLZELT)LI,LVIDVLVTETGZ W'LEJGK+FGEL"JK6SRWM2ZKHT"N6HTBZYLGE)LXJLZET
FG-SEFTBSLTLLO)LXMLHI)LKLH4"WBSS)LXJLZELTJ LVTFTBJB+RS³LKELJG.3UPLDOTYLWL4KHLKFLV
D4#L")LL9EILJXP;U6FETLR)LPWLR)LEFLT~EIE4MIGP.&DVLH4GE EHIGJSLETOLTJRL> EHIYRETOLT
GLJK6SROLTVLTBFTBW6SKUFIVWL4KWLMFLVEL'LL" EELUIPVZLTEGJ[SLETGL<LKJKWL4KOXMKTEL
ZLTEGV6OLVTGV&V³LKLSZJK"WLG<LK/LT7T)LLC;MTD. T)LLC;ELOR<LVOT<LLYL"NMVTWJVT³LF;,LVETNJLTY
^LKLD. T)LLC;)LXJLZELTOVIUIPVMTNDLKVTELGVQGELWL4KNMT)L%SLFK-SLTLEIWLKL³LVLELJKLFL;
GOL"N³LKD. T)LLC;VT)LIJGKG-'LGSLTBMTW36SOR<LIHLTEKWJVTWVRU)LRUJLZEIM&FGSETWVRMLK)L%SLFK
-SLTLET/#TZLTEEL@G
PF6LMGHSJL#PWVR#LVD. I)LG%SJXP;EGEL"GOVETWVR#LVETDLO)LXJLZ
ELML\LL3ELKGUVLLMVEIWG³L#LLI?D[L®I VLFEIOTPIMTHRWL"NMVTEHLGEP3MSR&HLKI)L%SLFK-SLTLEI
)LG%SPML³LVLM2ZHLTYI"CMJ[ELK)L%SLFK-SLTLEI)LG%SJXP;EWLKL³LVLPML³LVLMT)LXJLZ)LIERLLY[FGS
DVYLWL4K TML³LRK6³LKGP^LVHRWLGEJRKLLLTBFTB)LINMVTWJVLGPGL7 PBFH¤PJXL;-'LLVDVLGZL"CMFTB
ELTC;M6OTHVHIBGE)L%SLFK-SLTLEIM1QI)LG%SMTWLR)LMTWLR)LEFLT~ELJ[)LLP)LI\LILGELULMESLH4"
HIH4)L%SLFK-SLTLEIFGHFL"

131
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

OL=IRNXN
NGD
3PS_MB-SPTV)LPM6SGSMG6VD
BƒJLJB\LLLS_\LFRJ4GSLKIK)LLULF_"
WL¤L6SZLTEFGZVIZFLTLFLLRƒMXLLRG)L6VGFPLLP;KF6´LELKF_
8ZEX7ERWXEZIRE&LEZE7ERXEXM7ERRMFEHHLEQ4»TEQ/zLE»X/zLE]E1YTEMXMwLEÇÃVE&L»N»Q
žOV»RXE0SOE1EPM2ÃPE1EwLIzLE1»wLY7ÍV]»QwLY&LMRRE1MZEwL»VZEVE1ERHLEO»VEQ

SRFUMU&JSUVG/VFLGHB>UVFUVFETJLJVLLGHB"
5LTBKGPNY4274S3ELZ>WGZPSVIZGVLLSFULZ

OL=R
NKGMNBI YN6MH8
@G
ULJƒyIBWH~LFLTBDIUDR
ILB[L4B[L4BVF-PLHL"
F6LULJƒyIBHBMB+LB+IB£L4B%ZIBMP;ORGKSMBE7\LRO[LTJO[PE7GVPLKLBERER
-PLHL"yIB+IB%ZIBVF"
W ;ƒyIBMEZJLJ2ZE7GVPLKLL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒBLGPKLUFLVEK>JGPLSLMTHKTKBYETP-L³LLKLEK>HKTKBYETWLMVJK>
MR<LLMVMTD4#EKHKTKBYEIFLZLMT>JXP;EIWLTKFR<LEKET>OIJUZLEKZLT)LLVEI³LXJ
<LTSTHR >GOVSEJ[GSGOVDLKMLSPLnEL0>@G
ELULJ PBF6LEIULJ
UJSTHRTWLKL³LVLEKVLQLGH "

OL=IRNXN
NGD

132
G)NN
\NVG
N'&4QFJHG(M4QKLHQV
WLQL;+IFLVSRBY-PLFIM&%3PI'LTS'LLELGZOLMWLGOWM&%3PIZLTYLTB^LKLNEMLTULVTJKKLUL
)LLTUVTN6HTBSLZLTBETELKLYAHFTBDBOEKGOL"SDWLQL;+IFLVSRBY-PFLIVT)L%SLFK-SRGSJ[LKB)LEIWL4K
WLQ;GEM&%3PETJ[)LLPMTGF'L3PETSLZT7X7VTLRHR "
)L%SLFKFHLFA3RBUIFBLET^LKLM&%3PIK3VLT<LKVTGF'L3PI³LXGZLELT)LIM&%3PIDVLGOL"CM
E'LLMTM&%3PEIGPUMFMESTH4"
H L7VL)LG%SELZETF³RYEIH4>UDGEJL7GZJRL‰PS;FLVJ7VLŠFTBKLUL³LF;JLZELLLMV'LL"
CMRYFTBF6LS6LLTB^LKLZL4GEEQF3ELKEKVTEIHLT. MIZYI'LIWL4KGF'L3PETFLY;JKQZVTPLZTWVTE
SJ-PIWJVTGF'L PBKLY^TL)LKTQF3ELKLTBMTUVSLELT)L[GFSEKSTKHST'LT"NMMF?³LXGZL VLFEL TMLHI
EFLLQLKIERSLJMI'LLULTX#>LTBYWL4KJL<L.ELULZGD/LEK>GUMTQGKL)L[7FVR)LIGDVLWL3F,LV
ETHIGM
EKZTSTH4B>NMVT)LIER/ELZSEUVSLETDIQWJVLWLSBEUFLVTWL4KGF'L3PELJ[QLKEKVTFTB>
M2ZHRWL'LL"JL7GZJRLFTBFLLQLKI?³LXGZL S'LLNMETGLLTBVTCMP4SLZEIGP]LETDZJKHIER/ TML
WLSBEUFLLGEPHLnWLFUVSLSLT%L>KLUL³LF;JLZSENMEIQKLKUZTVTWLVTZYL"ZYSL'LLGE
ZL4GEEQF3ELKEIQELQL4B³LVTNVETGPPTEEIWLn<LLTBJKJµIDLn³LOI'LI"
GF'LQLKISJG-PLTBETERSJ> TMLWLSBE'LLT. THIMFKHSLH4"ETPZSDSEHI>UDSEGENVEL
MLFVLGEMIM&9OAG7YRMTVHIBHLTSL"CVETMLFVTWLSTHIFLLQLGKLTBELWLSBE>MX;JK/LC;ELZI L7LWLTB
ETMFLVG/6VG)L6VHLTULSLH4"HIHRWL)LI"GUVT6O[J[)LREL EM&9OAG7)L%S?KGSLT<LK JL<LB.I?³LXGZL 
ETCVMDJ[JBQJXL;ž3LTB PBKLY^TL)LKTLTBYIQF3ELKLTBELTOT<LSL'LLWL4KNVEL)L.L2LT. EKVTETWPMKEI
SZLLFTB'LL"P4MT?KGSLT<LK ELTC;SJ-PIVHIB'LL>PHSLTEPTZU4V³LF;ELM&9OAG7+LPE'LL PBGUVT6O[J[)LR
EL)L%S'LL"HLn>NMTER/WBLLTBFTBWL3F,LV'LLS'LLFBLSBLWLGOFTB)LINMEIJHRnQ'LI" EGOV?KGSLT<LK 
GP]LFBGOKEIW³VLLZLFTBD4#LHRWLW³VFTBZIV'LL>S)LIJL<LB.I?³LXGZL EL EJ[FR<LGLNMETJLM
ULVDXEKCMN¸TMTWLEKD4#YLGEKGSLT<LKNMTGPVJXP;EVF-ELKEKT"JLMFTBEL4VD4#LH4>NMTVHIB
FLZXF'LL>PHSLTWJVTW³VFTB ELY[GQ¤LMT0-S'LL"D4#TD4#TQTZLKLFUDNESLYLSLTWJVLMLFRnH
ZTEKQZGOLWL4KWLEKWJVTYR³LXGZLELT EFTBQLKZYLEK)L. ELL"G2K%L'LL=WG)LFLVIPJL<LB.I
³LXGZLEIWLn<LTB£LT³LMTQ YIB"NMVTP4SLZIGP]LEIWVRYLGFVIOTPIEL-FKLGEL>OTPIHL'LDLn³LTMLFVT
WLEK<L. IHLTYIWL4KDLTZI‚?%LEL;H4SLJM= WµHLMEKSTHR ³LXGZLVTEHL‚?KGSLT<LKETJ[LLHKL" 
OTPIDLTZI‚?JKPHSLTOA GVQIM&9OAG7H4>NMELMP;VLLSLTWMB)LPH4"HLnNMETD STJ[)LLPELTEFEKVT
ETGZ ³LXZWPDKMLC;ULMESIH4"CMJ[ELKWLJETJ[)LLPELTELFK<LLULMESLH4" 
³LXGZLVTEHL‚?SLTULWLT>S3ELZ TMLHIEKLWLTOTPI WD%L'LL=³LXZEISIP[WLn³LIQZVTZYI"STU
WLn³LIS'LL³LXGZPLL;MTWLMFLVJXKLEYL"FELVGHZVTZYT>UVSLFTBLLGHLLGHFQYC;"KGSLT<LKEL
GPLLZYAH)LPV)LI³LXZETMFRO[FTB.XDMLYL"KGSLT<LKNMMF LKJKVHIB'LL"FG6OKEIW³VLLZLFTB
J#VFTBZIV'LL"NMVTMRVLSLTMBE7GVPLKLETGZ FHLFA3RBUI)L%SLFK-SLTLETMLSPTBZLTE?3P3MB-SPTV
)LPM6SGSMG6VD
B ELJL#>@G
PFBLMGHSEKVTZYL"³LV-'LWP-'LLFTBHINMVTOT<LLGEGUVLLMVEI
WG³L#LLIOTPI?UA&)L P4SLZIGP]LEIWVRQKIOTPIETP\L-'LZJKMPLKH4WL4KNMTG³L%ELKKHIH4GESXVT
)LYPLVWLGOVL'LETM&9OAG7)L%SJKGDVLELKLHIHWL2SZLVTELORMLHME4MTGEL=WLn<L<LRZVTJK
KGSLT<LKVTOT<LLEI³LXZEL)LBEKQ£PLSVYKMTH7EK³LXS;³LXGZLEIER7IJKFn.KLKHLH4"ER7IFTBCSVI³LXZ
GEMLnMZTVL)LIOX)LKHRWL"³LXGZLVTULTERWLnKGSLT<LKETGZ <LLTOL'LL>NMFTBPH-PBULGYKL"WBSS
GF'L3PI³LXGZLS'LLNMETQTZTM&%3PIKGSLT<LKEILKLFTBWL WL4KNMMT\LFLLQVLEIS'LLGF'L3PI
WLQKLELT3LYEKM&9OAG7DVVTETJ[GS+
L0%SEIWL4KU4V³LF;ELTWBYIELKGEL"

133
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

ORN=IM9ODJNMGD
F3PTGSVL'LSPMB-SPVBFTOƒFLK)STSVRG´LL…GJSPJ[)LLPLS_"
QTSLTHGKGSMSLBVGZVIOZTLRƒFR%SL2Z]RGSFRJ4GSVVXOGD6OR
1EXZIXM2»XLE8EZE7EÏWXEZEREÏ1»]IHE1EVEFL]EXIXERY(LM]»TMXEZE4VEFL»Z»X
'LIXS,EVMzL]EXM7EX»Ï2EPMRÃ(EPIzLY1YOX»TLEPE(]YXM1YTEMXM2ERÍHE&MRHYË
SPJ[)LLPS4EHXoGPQLK>HLTMIH'LRGSUVFVHLK"
5LTBUZEFZJLJ4JK4>FR%SL2ZEI]RGSGP-SK4

YIX9IXRNMGBI YN6MH8
@G
ULJƒyIBWH~LFLTWGKHBSLLBLFLTJLOLLRMLGKLB[L4B[L4BVF-PLHL"
F6LULJƒyLBIBnXWGMWLNMLWJ[GSQ£T27_GPQ£L[L4B[L4BVF-PLHL"
yIBZ\FLKLFQBO[OT04VF-PLHL"
W ;ƒyIBWVTEMBE7MBMLKOR<LGVPLKLL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPLTLW ;ƒyIB­OG-'LSLW7OZEFZLGLJST+IPAL)LVL'LGUVT6O[LW ~
GVP;JLFIGS-PLHL"
GPG´LƒPTSP-LJHVEK>JXP;LN¤LKGOLLEIWLTKFR<LEKETO)LL;MVJKD4#EKLR
 LI
ELOIJEUZLEK> LIMTGFG+SYR9YRZEI³LXJ\LLTJLEKSTHR >J[LSELZWKI#LEI
FLZLMT>GOVSEKLTUDLK@G
UL*WL4KF6LEIULJEIWLKL³LVLEKSTHR 
ULJEKVLQLGH "ULJETGOVLTBFTBJ[GSGOVVFEEI.ZIMTHLTFWPEKVLQLGH "

ORN=IM9ODJNMGD

134
G)NN
\NVG
V7GNUFCZM[?
KLWMGFU|MWKM[
WLQL;+IFLVSRBY-PLFIVTJXL;)LG%S)LLPMT)L%SLFK-SLTLETFL³FMT)LYPLV@L)LOTPEI-SRGSEI>SD
S3ELZNMELJ[)LLPGO<LLIGOL'LL"M1QI+
LS'LL)LG%SMT)L%SLFK-SLTLELJL#EKVTMTU6FULSEBYLZ
?³LVJLZ DVYL"HE'LLHFTBGVELF+
L)LG%SELMBOTLOTSIH4"
GPG³LEIE4MIGP.&DVLH4GE0G%SELVLFSLTHLTSLH4?VVMR<L GE6SRHLTSLH4WLn<LMTW6³LL"0G%SEL
VLFSLT?LTKGMBH HLTSLH4GE6SR-P)LLPMTHLTSLH4GD:ERZ.KJLTEPELK"VLFSLT³LVJLZHLTSLH4GE6SRHLTSLH4
U6FMTEBYLZ"P4³LVJLZ)LI TMLHI)LL9ZTEKWLL'LL"PHU4V'LL>PGLE_'LL>³LFL;3FL)LI'LLGE6SR)LL9VT
NMTU6FMTHIEBYLZDVLL'LL"PHETPZGV³L;VHIVHIB'LLWGJSRGVM6SLV)LI'LL"HNMMFEIDLSH4>UD
YKID)LIM6SLVJ[LG*SETGZ GF'LOTPIOTPSLWLTBPJIKJ4Y&DKLTBEIOHZIU JKFL'LLKY. STG2KST'LT"
WLUSLTG-'LGSHH4GEGUVETHLn E EZLZ‰JRLŠET7LT7TJ. TKHSTH4B>NVETHLnZLZLTB‰K3VLTBŠEI
GSULTGKLn)LKIJ. IKHSIH4BWL4KGUVETHLn E EOLVTETZLZT‰7LT7TŠJ. TH4B>NVETHLnCVZLZLTB>DLZLTB>D1QLTBEI
GYVSIHIVHIB"MLTP4³LVJLZ)LIWJVTGV³L;VPGVM6SLVHLTVTEIGQ6SLFTBMOL LRZSLKHSL'LL"³LVJLZU4V'LL
WL4K³LFL;3FL)LIGE6SR'LLG PLOI>ZEIKEL2EIK³LFL;3FL"NMT)L%SLFK-SLTLJXKLFL4G<LE'LL"GE6SRVPH
NMETZLTELTBELW'L;ULVSL'LLWL4KVNVET)LLPLTBELTMFSL'LL" EJ[ELKMTPH)L%SLFK-SLTLETETPZU. 
L$OLTBELHI)L%S'LL"WLG<LK EGOVNMETJXP;U6FETWLR)LEFLT~ET\LLTJLFEL\LL)LIWLHIJHRnQL"VYKFTB
OLTJKLTJELKIGOY&DKFRGV+IQ6O[EIGS;WL4K+IFHLEIGS;UIJ³LLKT"³LVJLZVTNVETOL;VPP6OVLEKNVMT
WJVI0'LL0%SEI"OLTVLTBFRGVKLUVTEHLGESRF)L%SLFK-SLTLELJL#>NMELW'L;P)LLPMFEKEKLT>S)LI
SR&HLKLWLR)LEF;\LILHLTYL"N6HLTBVT³LVJLZELTFHLFA3RBUI)L%SLFK-SLTLETJ[LKB)LETER/ZLTELTBEL)LLPL'L;>FBL
P@G
EL,LVEKLL"RYZFRGVLTBEIWVREBJLMTNMVTUD)LLPL'L;FJL#GEL>SDNMT,LV5LTGSETOL;V
HR WL4KWL#PTBZLTE‰F3PTGSVL'LŠETJ[GSSLTNMEI+
LP)LG%SCSVINF. J. IGENMVTCMELGPG³LJXP;E
LR
SLETML'LJ[GSGOVJL#EKVLLREKGOL"M1QI+
L>)LG%SS'LLM1QT)LLPLTBELSLTMRJGKLLFHLTVLHI'LL"
EGOVGM
LMVFTB³LV-'L³LVJLZELTPTBZLTEETF6LEIWG³L#LLIOTPI?FGHFL VTOL;VGO WL4K
GPVIS-PKFTBDLTZI‚??F4BCMZLTEETL$OLTBFTBPLMEKVTPLZI EMLELKLG%SHXn"SRFVTCMJGPLZLTEEL
GVELF)LLPMT>+
LMTJL#GELH4>CMGZ FRTSR&HLKTJLMWLVLJ. LH4"SR&HLKIOLTVLTBGQ6SLWLTBELTF4BULVSIHXn"
WSEHLTP3M%LQLHSTHLT=F4BCMMFSR&HLKIETPZGEMI EGQ6SLELHIMFXZVLLEnYI" ³LVJLZ
WMFBUMFTB J.  YL"³LVWL4KM6SLVCVOLTVLTB FTB MT GEMW)LLPEIJXGS; ET GZ PHJ[L'L;VLEKT"FVVT
EHL‚??³LVJLZ>GDVLJT7)LKTSLTSX³LF;ML³LVL)LIVEKMETYL>G2K>M6SLVEIWLPESLETPZPBLQZLVTET
GZ HISLTHLTSIH4>MLTPHEL;SLTSTKLVLFHIJXKLEKOTYL"UD³LVVHLTVTJK)LISX³LVJLZ'LL>UD³LVHLTULVT
JKS'LLNM³LVELMORJLTYJKLTJELK>MTPL>YKIDLTBEIMHLSLS'LL³LF;ELLT~FTBEKVTMTSLTSX?WFK³LVJLZ HLT
UL YL"MLTNMVT³LVHIFLnYL"WL#PTBZLTEEIM1QI)LG%SETJ[)LLPMTETPZ?VLFEL³LVJLZ WDOLFMT)LI
³LVJLZHLTYL"H'LLM&9OL;VETFXZS¤P‚+
LETQF3ELKEL2Z>ULTCHZL4GEEWL4KJLKZL4GEE>OLTVLTBHI
J[ELKETZL)LJ[OLVEKSLH4"GVELF)LLPMTEIYI)LG%SHIMOLJ[)LLPIHLTSIH4WL4KM1QLMR<LJ[OLVEKSIH4"
EWL4KGL\LLHE'LLOTSIH4GEGEMI)LI-SLTLELW'L;MFTGDVL>NMETETPZU. L$OLTBELPLQVEKVT
MTW:JJRSLTGFZMESLH4GE6SRNMMTUIPVELTM&E_GOLLVHIBGFZSI"JKGO-SLTLETL$OLTBETW'L;S'LL
)LLPMFEK)LG%SJXP;ENMELJL#GELUL >SLTNMFTBJ[)LRETYRLLTBEIJ[)LLZEVTZYSIH4"NMMTGF'L3D>
ELLTBV7HLTEKM&9OL;VEIJ[LG*SHLTSIH4>ULTM1QTPWV6SMR<LELFLY;H4"

135
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

+NLNLXN
NG#LT L]NI,UD
WL-SLBSP-SPVF-SMF-SOLTLB>3PS_MBE'LLGJUYSLBORGKSLGVHG6S"
OXKTMHM[GEKLERSTJ[)L4PƒJ—LEKTLRUZULGVGPELM)LLG5U
žWX»Q8EZE7XEZERE1EWXE7EQEWXE(SzLEQ8ZEX7EROEXL»TM.EKEX»Ï(YVMX»RM,ERXM
(ÔVI7ELEWVE/MVEREËOYVYXI4VEFLEMZE4EHQ»/EVIzLY.EPEN»RM:MO»WE&L»ÌNM

SRFYRVFGHFLHSOR<LOLTL>MLTSLTOXKKHLTMR<LJLTL"
JLJGPVLLEH4SRFVLF>EFZGPELLI5LTBKGP´LLF

HN[=OTM^NNBI YN6MH8
@G
ULJƒyIBWH~LFLTWGKHBSLLBLFLTMBG)LL‚MLTOLKLLB[L4B[L4BVF-PLHL"yLn
IBXn27_-PLHL"y@
TVF"
F6LULJƒyIB+IB£L4B¡PIBKKHBHVF-PLHL""yVFLT)LYPSTU\LLIBHXnVF
-PLHL""
W ;ƒyIBMEZFVLTPLnG/S2ZJ[OLLT%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒBLGPKLUFLVEK>LR
JIZTP-LJGK³LLVEK>JIZTWLMVJK>JXP;GOLLEIWLTK
FR<LEK>MR<LLMVMTD4#EK>OIJUZLEKOLLBYI³LXJ<LTSTHR >JXPL;™ETMF>MRPL;EI
FLZLMTJ[GSGOVDLKVL4PTBEL0>@G
ULJWL4KF6LELULJEKVLQLGH "

SNVM0NGZ+NXN
NGD

136
G)NN
\NVG
E7|MIMUWUFMPS=M&MUC>
WLQL;+IFLVSRBY-PLFI^LKL)LYPLVWLGOVL'LEI-SRGSEKVTMTNVETWLR)LEF;ETDLOZ/n7VTZYTS'LL
LR)LEF;ETEFZG<LZKHT'LT"FRGVKLUETNJOTLMTHTF+IKLVIVT)L%SLFK-SLTLEIML³LVLEIWL4KNMTJRLK3VEI
J[LG*SHRC;"HE'LLJRLHIVVLKIELTMLB3PVLOTMESIH4"
ULTVLKIML4)LL9PSIHLTEK)LIM6SLVELFRnHVHIBOT<LJLSI>PHDB³LLDLnEHZLSIH4"YAH-'LUIPVFTB
WLFLTOJ[FLTOP)LLTYGPZLMETMDML³LVHLTSTHR )LIGOJGKPLKFTBERZOIJEELU6FVHLT>SLTNMVLKIETUIPV
ETOR<LLTBEIELTC;MIFLVHIBHLTSI"GODLZE LKJGKPLKFTBVHIBH4SLT%LNMELOL&J3UIPVGV2ZWL4K
MXVLMXVLMLVHIBZYSL=ML4)LL9PSIHLTEK)LIULTVLKIDLZEETFR<LMT?FLn L$OMRVVTELTSKMSIKHSIHLT>NM
W)LLGYVET­OEIJI. LELTOXMKLEL4VULVMESLH4=ULTVL4FLHNOKFTBK<LVTWL4KNMETDLOEIVKEU4MI
WM¬J[MPJI. LELTHnMSTHnMSTMHVTELZLZLGELTDVIKHSIHLT>PHJRLGPHIVLVLKIGOVKLSE4MTEL7SIHLTYI=
NMTW6SL;FIETWGSGK%SOXMKLEL4VULVMESLH4=ELFJ‰WMFŠKL5EI)LO[LPSIVYKIETKLUL?HTFD[® S'LL
NVEI³LFL;3FLJ3VI?HTF+I ETOL&J3UIPVELT)LILLO TMTHIGEMIWLR)LEF;ELY[HLZYL'LL>S)LISLTEROTPI
PEROTPSLWLTBET^LKJK)LIPLLT~FL'LLKY. VTETDLPUXOWL³LIRPLWP-'LLDISVTJK)LINVELOL&J3UIPVW)LI
)LIM6SLVHIVHI'LL"KLVIHTF+IELTMOLHINOLMPGQG6SSKHSIOT<LEK EGOVKLULHTFD[®NVELTMFLVT
ZYT‚??WLT;F4BOT<LSLHXnSRFJRLJ[LG*SEIELFVLJXL;VHLTVTETELKLD. INOLMWL4KGVKLLKHSIHLT"GVGQSHI>
HHFLKLELTC;WLR)LEF;HIH4>JKLR)LEFLT;OMTHG-'LGSWPDOZTYI"OT<LLT>SRFVTWL#PTBSI'L~EK)LQ6O[J[)LR
ELUIPVQGKLSLTJ LHIH4>NVEIFLSLELT)LIL4PVEIZSIWLRFTBHIJRLK3VEIJ[LG*SHRC;'LI"NMELELKL
)LIELTC;JXP;U6FELWLR)LEF;HIKHLHLTYL>ULTLR)LEFLT;OMTOXKHRWL"WSSRFELTGVKLLPOR<LIHLTVTEI
WLPESLVHIBH4" WL4KWLG<LKELKNVETJXP;WLR)LEF;ET\LLTJLFELGOVWLHIJHRnQL>UDGEKLULHTFD[®
WJVIWL,LELGKLIJ3VIHTF+IETML'LPVEILLT)LLETFVLTKFOAOT<LVTELTGVEZT"
PHLnPVFTB EGLZL<L.JK³LV-'LPISKLYIGOY&DKFRGVKLUELTOT<LEKPTD. TJ[M6VHR >NVETJLMYT
WL4KP6OVEKETNVETQKLLTBETGVE7D4#YT"FRGVKLUVTWJVTFVJ;,LV^LKLNVOLTVLTB)L0UIPLTBET
FVLT)LLPLTBELTULVEKNVETER/GVPTOVEKVTMTJXP;HIEHL‚??SRF)L0UIPHLT>ULWLT> EVPIVU4VFG6OKEL
GVFL;LEKLEKNMJK-PL;EZLQ LWLTWL4KNMFTBSI'L~EKLTBEIFXGS;Ln-'LLGJSEKLT"CMETWGSGK%SMLTVT>
QLnOILELB-'LLZIFTBFHLFA3RBUI)L%SLFK-SLTLELVL4PLnZLTEETLKMTGZ<LLTWL4KNMTUZMT³LLTEK+
LP
J[TF)LLPVLMTJIGZLEKLT>SR&HLKIFVLTELFVLWPJXL;HLTYI" GOY&DKU4VML³LRMFEIYGSELTTJHQLVEK
GPLTLJGKG-'LGSLTBFTBHI+LPELTBELTNVEIFVLT)LLPVLWLTBEIJXGS; PBMBE7GVPLKLETNJLDSLLEKSTH4B"SLGE
GUV³LF;JKNVEI+
LDVIKHTWL4KPTGF'LEROTPLTBEIER)LG%SFTBJ. EKWJVTM1QTPISKLYI³LF;MTGPQGZSV
HLTB"KLULWL4KKLVIVT,LVIFRGVKLU^LKLDSLC;HRC;GPG³LELT+
LJXP;E-PIELKGELWL4KQKLLTBFTBP6OVLEKETZL47
WL "KLULKLVIVTFRGV+IETFBGOKGVFL;LWLGOETGVOT;LLTBEL+
LJXP;EW\LKLJLZVGEL"G2KDM6S@SRFTB>
UDGEJ[žGSWnY. LCLnZTSIH4>G<LZTEFZLTBJK)L[FKFn.KLSTH4BS'LLJ\LIRYZMKLTPKLTBFTBE:ZLTZEKSTH4B> TMI@SR
FTBPMBSJ¢QFIETGOPMKLGLELTKLVIHTF+IELOL&J3UIPV2ZI)LXSHRWLWL4KNMETVL4FLHDLOKLUFHZFTB
LHVLCLnDULC;ULKHI'LIBWL4KVYKFTB<LRLIMTOIJLT3MPFVLLULKHL'LL"VPULSGLLRELVLFK<LLYL
?)LRPV)LXLL " TMLDB³LUIPVJXP;U6FETWLR)LEFLT;OETELKLHLTSLH4"NOLHKLL'L;WGLG\LSFLSL nJRLELTE7R
L$OEHSIH4B‚?SXVTSLTOR<LIEKGOL>SXKFK%LTBVYL=STKTJ4OLHLTVTMTSLTF4BGVJXSIHI)LZI'LI"  TMIG-LLn
WLYFLVRMLKWYZT)LPETGZ DB³LUIPVETEF;DB³LEKSIH4B"ULTG-LLnOXMKLTBETDLZEELTOT<LEKC;L;EIWLY
FTBUZLEKSIH4B>GVQHIPT)LICMVIQEF;ELDB³LEKSIH4B"

137
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV


RNXIRNXN
NGD
VL3O_)LRSB)LRPV)LXLL)LXSVL'Lƒ)LXS4YR;L4)LR;GP)LP6SFG)L7RP6S"
SR:L)LPG6S)LPSLTVVRSTVGEBPLƒ)LX3LG+SBCHVL3FMFBEKLTGS
2»X]EH&LYXEÏ&LYZERE&LÍzLEÂE&LÍXER»XLE&LÔXEMV+YÂEMV&LYZM&LEZERXE1EFLÇzL½Y:ERXEË
8YP]»&LEZERXM&LEZERXS2ERY8IRE/MQ:»&LÔX]»wVMXEÏ=E-LE2»XQE7EQEÏ/EVSXM

VGHBWQ&)LULTHLTGHBSRK6S>SRFMTSRFYRLPL;SM6S"
ULTW´LIVELTWLJMFLV>EK4VMLTGVG6OS´LVPLV


RNXIRNIXRNMGBI YN6MH8
@G
ULJƒyIBWH~LFLTMB‚DR
ILB[L4B[L4BVF-PLHL"
F6LULJƒyLnIBL4B+LB+IB+XB+GM
DR
žSL'LLT;)LP)LP>PL7_MBJXL;B-PLHL"
W ;ƒyIBWH~GUV-FKLGUVMB)LXSL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒBLGPKLUFLVEK>JIZTKBYETLR
P-LJHVEKJXP;GOLLEIWLTK>FR<LEKET
O)LL;MVJKJ–LMVMTD4#EK> LIELOIJEUZLEK>ER6OEI³LXJ<LTSTHR >JXPL;™ET
MFFTBJIZIFLZLMTOMGOVSEKLTUDLKOLPTBEL0@G
WL4KF6LEIWLKL³LVL
EKVLQLGH "


RNXIRNXN
NGD

138
G)NN
\NVG

N'&4QNU*M8FMUGT
[MU*MGUCX8FMUGT
UIPVFTBEC;J[MBY TMTWLSTH4BGEFVRZLT)LETJ[)LLPFTBM&%3PELFLY;/LT. OTSLH4"WBSSM&%3PHINMT
MBE7MTNDLKSLH4"+IO¤LMT#ELFHLFA3RBUI)L%SLFK-SLTLVTE4MLN
LKGEL>CME'LLMT,LSHLTMESLH4"
PLKLLMIET+IO¤LMT#ETUIPVFTB)LIER/ TML LG7SHRWL"SIP[WLR)LEFLT;OETELKLNVEL0LJLKQL4J7HLT
YL"+IO¤LGUV)L%SM&9OAG7+LPE'LT"EG#VGOVLTBFTB)LINVEIMO_DRG
DVIKHI" EGOV EGOY&DKML³LRVYKFTB
WLT"+IO¤LNVETOL;VELTY PWLHLKGOL"JQLS_+IO¤LMT#VTFRGV+IMTWJVIGV³L;VSLELGU£GEL>FRGV+IVT
+IO¤LELTFHLFA3RBUI)L%SLFK-SLTLETPTBZLTE‰VL3O_)LRSBŠELLR
N1QLKL>W'L;>@G
PFBLEIGPG³LWLGO
MFLC;WL4KEG#VLC;ETMF+
LJXP;ENMELJL#EKVTELNJOTLGOL" EGOVUDPH0LJLKEKETJKOTLMTPLGJM
ZL47KHL'LLSLT TMI L7VL L7IGEPH EYHKTWB³LEXJFTBULGYKL>UHLnMTGVEZVLWMB)LPGO<LLC;OTSL'LL"+IO¤LELT
UDPHLnMTGVEZVTELELTC;NJLVMXLSLTWJVLW6SMFWLLULVEKPH)LYPO_)LG%SFTBZIVHLTYLWL4K
FHLFA3RBUI)L%SLFK-SLTLETPTBZLTEEL@G
PF6LMGHSJL#EKVTZYL"
WLLLWL4KGVKLLLETXZTFTBXZSTHR )LG%SFTBEC;GOVDISY "S)LI EGOVELE/F/FL/FEIFR9³LELKI
WLPLUMRVEKQL4BESTHR +IO¤LVTWLn<LT<LLTZTBSLTMLFVTGO0Z\FIJOTPIELTOT<LEK<LRLIWL4KWLQ;FTB.XDYL"
+IO¤LER/GVPTOVEKSL>NMMTJXP;HIOTPIDLTZI‚??F4BGUVT6O[OTPETJ[GSJXL;+
LZR?KLTGHLI VLFEOTPIHXn>F4B)L%SLFK
-SLTLETPTBZLTEET)LG%SJL#MTJ[M6VHLTEKSR&HTBMBE7MTNDLKVTS'LLGUVT6O[)LYPLVETWGHBMEMFSLPLOET
GM
L6SELTFXS;JOTEKSR&HTBGV³L;VMTJRVZ\FIJGSDVLVTWLC;HXn" OTPIVT+IO¤LMTJX/L‚??CMWB³LEXJFTBGYKVTEL%L
ELKLH4=%LKLH)L7EYT'LT= +IO¤LVTEHL‚??HLnFLST>F4BM&%3PEIKLHMT)L7EEKZLT)LFTBW7EYL'LL"ZLZQ
VTFTKTGPPTEELTV7EKGOL'LL"F4BJKOTMMT0LJLKEKZL47KHL'LLGEKL-STFTBGUVFBGOKGO<LLC;GOL>F4BOL;VL'L;QZL
SLTJLMFTB EU7L³LLKIKLYIML³LRWJVISR&DIMTKMGVELZEKZLTYLTBELTDLn7KHL'LL"NMELJ[)LLP TML'LLGEGUMDS;V
FTBPHKMGZLULSL'LL>PHDS;V-PL;ELHLTULSL'LL"UVSLDS;VZTEKNF. J. KHI'LI"F4BFG6OKULVL)LXZEKKM
ZTVTELTESLKFTBZYYLJK6SRFTKIDLKIWLSTWLSTKMMFL*SHLTYL"FRTOT<LEKNMULTYIML³LRVTEHL‚OR<LIFS
HLTWLT"SR&HTBKMQLGH SLTWLWLTFTKTML'LQZLT"F4BULTYIETJI/TJI/TCMGDLPLVUBYZFTBWLYL"NMVTFRT EQL4EI
JKD4#LEKK-MIET^LKLCMWn³LTKTER nFTB E<LLZISR&DIOTEKNSLKGOL"F4BVTNMETGVOT;LLVRMLKSR&DIKMMT)LKIWL4K
NMVTFRT’JK<LIBQGZL"CMJ[ELKNMVTWJVTSBRGDLn)LKPLC~")LKIHRC;WG6SFSR&DIZTSTHINMVTFTKIQL4EIEI.LTKI
J4VI/RKIMTEL7OI"NMT)L'LLGEF4BCMQF3ELKIER nELJSLW6ZLTYLTBELDSLOXnYL"NMETQF3ELKEL)LTO<LRZ
UL YL"UDGE-PBWETZLER nFTBNSKEKPHKMZLVHIBMESL'LL"DMHIFTKIGPJG¤LEIOR<L)LKIEHLVIH4"OTPI
WLJžJLFTKLN
LKEIGU "OLZROTPIVTNMTWB³LEXJMTGVELZLWL4KNMEIGV³L;VSLOXKEKVTETGZ NMT JLKM&JOL
J[OLVEIWL4KDLTZI‚?ZLT)LZLZQETPLHLTEKWLUMLKLMBMLKHIWB³LEXJFTBJ. LH4>SRFNMETN
LKFTBMHLEHLTMEST
HLT>SR&HTB EEL;EKVLHLTYL" GU,LMLPN3MRESLPL+IO¤L+T#IVTJX/L‚?PH%LOTPI= OTPIDLTZI‚?PHHGE
FHLFA3RBUI)L%SLFK-SLTLETGUMOMPTBZLTE>NMET@G
PFBLWLGOEI)LG%SJXL;WLKL³LVLMTSRFVTWJVLMBE7OXK
GELH4>NMTUVML³LLKLETMLFVTSR&HTBJ[E7EKVLHLTYLSLGEZLTYGF'L3PETERJ[)LLPMTDQMETB"ML'LHI>GUV
MBF³LLKIPISKLYIGOY&DKML³LRFHLKLUEIM3žJLMTSRFVTHGP]LJLC;H4>N6HTBMOL-FKLK<LVL" CSVLEHEKOTPI
W6S³LL;VHLTYI"
MT#UIWB³LEXJMTQZEK5LTBHI LKJHRnQT>³LV³LL6MTMFA
WJVIVPWµLGZELELTOT<LEKPTHIVHIB>M)LI
UVML³LLKL)LIQGESKHYT"VYK)LKFTBU4V³LF;WL4KM&%3PEIFHLVUUELKHRC;WL4KM1QT³LF;ETJ[QLKMTH
S'UVUVETFVFTBNSKYL"WSFHLVR)LLPLTWL3FLETWG-S3PP,LV PBLLG6SELTULVVTETGPG)L6VSKIELTBELT
³LF;ELZ\LLEHLH4>GUMET^LKLWL3FLET-PJELTJHQLVLULMET"MP;J['LFM&9OL;V>+
LN3J6VEKVIHLTYI"
S3ELZ,LVPQLGKL-PFTPHIWLUL YL"ZTGEVMP;J['LFSLTMP;,OTPEIEHIPLLIELT+
LJXP;EGPPLMETML'L
MHIFLVVLOL;VYRLH4>CMETDLOWLR)LEFLT~EL\L ELY[FVMTGELULSLH4"

139
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

E92I'UYNH8 G#W\
NTI GMND
OA7_PL)LP6SFGVFTLGPZLTEVIBƒVL6LSLTLFRJLGSUV-Q\LR"
JI3PLJLGLEK]RGSOR9´LGM6´LLTƒ\LLKBUZBUZGV´LTKGMSRBEC1/TS_
(ÖMz½Z»&LEZERXE1ERMQIzLE:MPSOERÃ]EQ2»R]EXVE8SzLE1YTE]»XM.EREW]E'LEOzLYË
4ÃXZ»4E]EËwLEwLMOEVE(]YXM(YKHLE7MRHLSË/zL»VEÏ.EPEÏ.EPE2MHLI6EWMXYÏ/E-GGLLIX

CE7EUVSRFELTBWGPZLTT>WPKGPL4KGSEK4VMLT "
ELTEGK\LIKUZG´LUZJLV>\LLKVIKJIPTFGSFLV

W\RCI9GNMGBI YN6MH8
@G
ULJƒyIBWH~LFLTJ¤LT‚DR
ILB[L4B[L4BVF-PLHL"
F6LULJ‚yIB+IB%ZIB+Ln+IBERFGSGVPLGK4FHLFLL4VF-PLHL"
yVFLT)LYPSTJ[GM
JL)LG%SR%SLMLBMIBML4BH_LBH_IBH_L4B£L4B_L4BVF""
W ;ƒyIBMEZJRG7SRG7EKL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒBLGPKLUFLVEKTBS'LLVHL³LLTEKM2TOP-LJHVEKLR
)LLPLTBMT)LYPLVEL
WG)LLTEJXUVEKTB"JQLS_PHIB EL6S-'LLVFTBN¤LKGOLLEIWLTKFR<LEKETO)LL;MV
JK<L. THLTEK>J[M6VFVMTM2TOFLZL^LKLGOVSEKLTUDLK9LKHPTBEL0>
@G
WL4KF6LELDLK>OIJULEK>ERBOEI³LXJ\LTJLEKSTHR )LG%SJXP;E
WLKL³LVLEKTB"

E92I'UYNH8 GD

140
G)NN
\NVG
=MMLMV[
GJ$MF5NUEWM>
WLQL;+IFLVSRBY-PLFIET^LKLKGQSFHLFA3RBUI)L%SLFK-SLTLFTBCSVIWO_)LRSP4,LGVELG%SH4
GE<LLKLUZ)LIFI#LHLTMESLH4"JKBSRCMEL;ETGZ P4,LGVELTBU4MIOA +
L>W'LEML³LVL PB
MELKL3FEOAG7ELTLUKIH4"K3VLPSIETSRKBYERFLKETFH3J[LMLTBEIHE'LLHFTBJRLL'L;EIJ[TKLLOTSIH4"
MB-žSFTBUZELTWFAS)LIEHLYLH4JK6SRGVQHIUZELHVLFF³LRKUZETGZ H4><LLKTUZ
ETGZ VHIB"WL³LRGVESFGP,LVVTSLT<LLKTUZELTGPLU4MLGM
EKSTHR EHLH4GEZPL‰VFEŠHI E
TMLJOL'L;H4>GUMETELKLMJ;ELGPLHFJKWMKEKSLH4"GODLKHPL;SEHFZPLELJ[LTYVEKTB
SLTMJ;ETGPLELHFJKUKL)LIWMKVHIBHLTYL"CMETGPJKISHFTBEL7EKMJ;-PBFKMESLH4"HI
ELKLH4GEJ[žGSVTHFTBJIVTETGZ F³LRKUZGOLH4WL4KW6NJLTYLTBETGZ JA'PIETZY)LYJ[GSLS
)LLYJKMFRO[LTBEL<LLKLUZHI)LKGOLH4"HIVHIB³LKSIETW6OKMT)LIE)LIE)LI<LLKTUZET-SLTLGVEZ
J. STH4B"P4,LGVE)LZTHIMFRO[ET<LLKTUZELTFI#LDVLVTETWJVTJ[LMLTBFTBW)LIM2ZVHR HLTBGE6SR
JRKLSVJRKLLDSLSTH4BGEOG\LLI)LLKSFTBELPTKIVOIETS7JKDMIK3VLPSIJRKIVYKIETRPKLUSRKBYERFLK
U4MTM&YOAG7³LF;JRLVTF6LLTBET^LKL<LLKIDLP. IETUZELTFI#LDVLEKUVSLELFHLV_NJELKGEL
'LL"
L7VL£FER/CMJ[ELK LG7SHRWLGEK3VLPSIJRKIETKL,LO[MTVVTRPKLUSRKBYERFLKET£I.LP
FVLTKBUVHTSR EFVLTKFN]LLVDVPLL"RPKLUSRKBYERFLKEIFHLFA3RBUI)L%SLFK-SLTLETPBTZLTEJK
W7X7 PBOA +
L'LIWL4KPHJ[GSGOVCMELJL#GELEKSL'LL"RPKLUVTN]LVETDIQFTBVYKEIUVSL
ELTFI#LUZNJZ$³LEKLVTETGZ  EGPLLZUZDLP. I‰MKLTPKŠDVLVTELGVGQGEL"³LKSIFTB<LROLC;
EKETGPLLZDLP. IDVPLC;YC;"NMFTB³LKSIETW6OKMTUZM[LTS)LIGVEZWLTWL4KJLVI)LKYL"GE6SR
JLVIELTUDQ<LLYLSLTPHMFRO[ETUZETMFLV<LLKLGVEZL"KLUERFLKSRKBYERFLKELTCMMTD. IGVKLLL
HRC;WL4KPHD. TGQG6SSMTKHVTZYT"KLUERFLKEIGQ6SLWLTBELTOT<LKLULO[MTVVTNMDLP. IET<LLKTUZELT
F³LRKDVLVTETGZ WLTLG³L>FGL>F6L>S6LWLGOWVTEJ[LTYGET>JKM2ZSLVGFZI"W6SSKLUL
O[MTV EGOVGVY[;6'LGOY&DKFRGVQ6O[EIGS;UIFHLKLUETOL;VEKVTYTWL4K³LF;S¤PM&D6³LIJ[VLTBET
MFL³LLVETDLON6HLTBVTFRGVKLUMTDLP. LTBET<LLKTUZELTF³LRKDVLVTELNJLJX/L"KLULEIGQ6SLOXKEKVT
ETGZ FRGV+IVTEHL‚??JLnQ-PL;>KUSW'LPLEZC;ETEZLLTBFTBJ[LMREUZ)LKEK+IGUVT6O[)LYPLVEL
DAHO_WG)LLTTEEKLCT"CMETDLONM<LLKTUZELNJLTYEKLR
JGPL)LLTUVDVLEKGE6HIBGOY&DKML³LR
ELTLR
)LLPLTBMTGVK6SKWLHLKEKLCT"JK6SR³LVKHT>GUMVTDLP. I<LROPLC;HLT>PHIUZ)LKEKZLTWL4K
UZ)LKSTMFFHLFA3RBUI)L%SLFK-SLTLETPTBZLTEEL@G
FBLMGHS)LG%SETML'LJL#EKSLKHT"
OLTGOVJQLS_HIRPKLUSRKBYERFLKVTNJR;%SGPG³LMTM)LIG£LTBM&J6VEKSTHR  EJKFGOY&DK
FRGVKLUELGVK6SKLWLHLKJXL;GEL"PTWLHLKOTHIKHT'LTGECSVTFTBN]LVETK\LEVTWLEKH
<LRL<LDKIMRVLC;GEKLUV_DLP. IEL<LLKLUZW)LIW)LIQF3ELGKEBYMTFI#LHLTYLH4WL4KDLP. IET
QLKLTBWLTKJV L7JKFI#LJLVI L. LTBFTB)LKEKZTULVTPLZLTBELUF L7ZYLH4"DLP. IEL<LLKLUZFI#LHLTVT
ETMFLQLKMVRSTHIRPKLSSRKBYERFLKEL­O)LIJ[M6VSLS'LLF³LRKSLMT)LKYL"N6HTBZYLGEFLVLTBWLU
N6HLTBVT)L%SLFKETJ[)LLPMTJG'LELTBPVYKPLGMLTBETGZ \LIKMLYKETF³LRKUZEL^LK<LLTZGOLHLT"VYK
FTBUVSL<LRLIMTVLQN#IWL4KNMVTU4V³LF;EIUUELKMTWLELLYRnULGOL"VGOLTBETFI#TUZELT
FVRVTWJVIWL4]LTGYEFH¤PELB\LLWLTBEIJXGS;ETGZ J[OXGLSEKGOLH4WL4KWDMFRO[ETGPLLZ<LLKTUZ
ELTFI#L>JIVTLT9DVLVTETJ[LMLTBFTBPHUR7LH4"UIPVELTM2ZDVLVTETGZ ULTGM
L6SWLUGP,LV
DSLKHLH4>PHM)LIU4VOL;VETWLQLLT~VTJXP;FTBHIDSL H4B"

141
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

RNDI1ULL]QNG#LNIMRNIMGHV\IH\NLGD
4LLBSKLYGQG)LJKFLLRG)L-3PBƒGVFL;GJSG-L)LRPV4EƒZZLF)LXS"
SLP6S P<LZRST…*LPJAG'L0LBƒ¥LTMFLVFJKBVGHJFG-S
=EMËwL»RXE6»KE6YGLMFLMË4EVEQ»ÂY&LMWXZEQ2MVQ»TMXE7XVMFLYZEREMOE0EP»QE&LÔXE
8»ZERXE)ZE/LEPY8IT]EÂEZEË4ÖMXLMZ]»Q=EXXI7EQ»RE1ETEVEÏ2ELM6ÔTE1EWXM

J[)LRSRFPISKLYYRLZIV>GUVJKFLLROTHSRFEIV"
H4GSSVTHISTJKFLLR>LS4SRFMFJVWLVR

[WHQIXRNMGBI YN6MH8
@G
ULJƒyIBWH~LFLTDLTGHDR
ILB[L4B[L4BVF-PLHL"
F6LULJƒyWLBWLBWBWMP;KLULJ[ULFLTGHVIMP;UVPBERER-PLHL"
yVFLT)LYPSTWSRZDZJKL£FLWLOIPK\LLG³L7LLnIBVF"
??yIB+IB%ZIBGVU³LFL;GQSL[L4B£L4BKBIBVF"
W ;ƒyIBPLnG/SJ2ZL%ST%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒBLGPKLUFLVEKTS'LL-VLVEKETZLZKBYETP-LJHVEK>JXP;GOLLEIWLTK
FR<LEKET>ZLZWLMVJKMR<LLMVMTD4#EKZLZFLZL^LKLOIJEUZLEK>WG9VFTB
OLLBY³LXJ<LTSTHR GOVSEKLTUDLKEL0>@G
WL4KF6LEIWLKL³LVL
EKVIQLGH "

HQNV8H²NJI/UHQXN
NGD

142
G)NN
\NVG

KMUK8KCRJWIJC
K\9&8JF[RMHI#
GEMIGPLW'LPLLL-LELTQLHTGESVIHIWG³LEDLKW'LPLWG³LEFLLLFTBJ GZLULT>JKBSRNMEL
FH¤PS)LIH4>UDGENMELFVVEKTNMETMLK)LXSS¤PELT>)LZTHIWLBGLEJMTHI>MFLWL4KWJVLLULT"
FVV^LKLS¤PEIYHKLC;FTBNSKTGDVLJ#VJL#VEIELTC;ML'L;ESLVHIBH4"FVV%LH4=M&%3P%LH4=
WL3FLLKIK>U. QTSV>M3WM3>KLYIPISKLYIU4MIGFG+SJL;LTB FTB MT HBMET VIK\LIKGPPTEET MFLV
)LTOGP,LV^LKLMLK)LXSS¤PELTY[HLW'LPLWL3FMLS_EKZTVLHIFVVH4>CMIFVVELTWL3FOL;V)LIEHLUL
MESLH4WL4KM&%3P)LI"P-SRSM&%3PGEMI)LI0G%SL³LF;EIDJL4SIVHIBH4>HSLTFVVMTN3J6VHLTSL
H4"JLTG'LLn LLT7 LLT7EKJIULVTPLZLJBG.S)LIHLTMESLH4GELL-LETS¤PELTY[HLVEKMET>GE6SROXMKIWLTK
GVKLFX<L;EHLULVTPLZL0G%S)LI>HLTMESLH4GELL-LET EHIPL%FTBOA +
LK<LEKNMEI'LL'L;SLSE
JHRnQUL WL4KNMTUIPVFTBNSLKZT"HISLT?M&%3P H4"OA +
LVPM&%3PEI EM3 L7VLH4>GUMEL
M&D6³L)L%SLFK-SLTLETDLKHPTBZLTEETJ#VPOA +
LVMTH4"
)LLKSETF³J[L6SEIWGH:LJRKIVYKIFTBERFLKJLZKLULKL5EKST'LT"NVETFBLIELVLFGPZLMQBO['LL"
FBLIEL EJRL'LLFHIQ6O["FHIQ6O[EI LGV#GFLSL EP4JRLMT'LI"OLTVLTBVT EML'L EGOY&DKFRGVKLU
ETJLMFHLFA3RBUI)L%SLFK-SLTLETPTBZLTEEL@G
PFBLEIML³LVLGPG³LETML'LJ#VGEL"HRWLHGE
PGLE_JRLVTSLTETPZJ VTETGZ HIJ LWSNMETHL'LFTBSLTZLTEELETPZK7VLFLLHIWLL"JKBSRFBLIJRL
VTNMZLTEELTJ L>K7L>NMET@G
PML³LVLF6LGPG³LELTMFL>FVVGELWL4KOA +
LETML'LNMT
WL3FMLS_GEL"PHJ[GSGOVCMIOA +
LVPM&%3PEI)LLPVLETML'LNMELJL#EKSL'LL"2Z-PJ E
GOVU4VLLMVEI)L%SFLTGHVIOTPIET^LKLNMTELF³LTVRYLEIJ[LG*SHRC;"NMQF3ELKIYLETOX³LELTUHLn)LI
G/. ELULSL>PHIB-PL;ELTKDVULSLW'LPLW6ELTC;QF3ELKHLTULSL"³LF;J[)LLPVLEIOAG7MTFHIQ6O[VT
PHIOX³LWJVT LKETQL4ETFTB.LZGOL>SLTPHLn)LLnGS)LLnGSETJEPLVS4LKHLTYT"PHLnVYKETHULKLTB-LIJRLLTB
ELT)LLTUVEKLLYL>JK)L.LK)LKJXKHIKHL"SL3J;HH4WL3FOL;VEKVTPLZTNMOA +
LVIPM&9OAG7ET
QLKLTBWLTKQF3ELKWL4K@G
GMG
LnQ%EKQZLVTZYIB"GE6SRNMEIOAG7SLTFLT\LJ'LJKZYI'LI"
M&%3PEIER/FGHFLHI TMIH4" EGSZE³LLKIJBG.S'LT>N1QELTG7ETP%SL"NVEIPLLIETULOXMT
+LTSLFBLFR9³LHLTULST>KLHYIK)LIQZVL)LXZEKNVELJ[PQVMRVVTFTBZIVHLTULST"JBG.SUIE'LLETML'LML'L
D. TS¤PEIDLSTBEHST'LTJK6SRMPLZHH4GEDLKDLKEHTULVTPLZTNMS¤PETKH-SE%LE)LIPT-PB)LI
JHRnQT'LT=NVETJ[PQVELMLK'LLGE?KLF)LUTMLT)LPJLKHLTPT"  EžLEEIJGSP[SLJ3VIWJVTJGSELT)LLTUV
OTVTNMFLY;MTULKHI'LISLTNMETELVLTBFTBJBG.SUIETPQV?KLF)LUT J. YT"ETPZJ. HIVHIBYT>KL-ST)LKPT
NMETFLVMFTBYXnUST)LIKHT"NMTJBG.SUIWL4KCVL$OLTBJKW7X7+
LHLTYC;"PHN:7TJLnPZL47IWL4KJBG.SUIET
JLMJHRnQEKGPVJXP;ENVMTKLGL)LLTUVETGZ 6L4SLGOLS'LLWJVLJSLDSLEK LKZL47QZI"CMIDIQULTKI
EIDLGKLHRC;WL4KKL-STEIDKMLSIVOIFTBDL WLYI"VOIELTOT<LEKPHG##EIJK6SRJBG.SUIETE'LV?KLF
)LUT JKNMTW7X7+
L'LIWSMLTQLUDKLF)LUVTMT)LPMLYKJLKHLTULSTH4BSLT%LF4BCM/LT7IMIVOIELT
JLKVHIBEKMESI=PHSLTCVL$OLTBJKOA +
LVI'LI>WLPOT<LLVSLP>VOIFTBNSKJ. IWL4KGDVLGEMIDL³LL
VOIJLKEKET LKJHRnQYC;WL4KJBG.SUIETGZ )LLTUVDVLEKNVETWLVTELC6SULKEKVTZYIGEBSR LB7LTBDIS
YT>KLSDISYC;>MPTKLHLTYL>JKJBG.SUIVWLT"UDGOVETDUTSDJBG.SUIJ³LLKT"N6HTBOT<LEKžLEEI
J3VIDLTZI‚?JBG.SUI>F4BEDMTWLJEIKLHOT<LKHIHXn>OTG<LT>)LLTUV)LI#B.HLTYLH4" JBG.SUIDLTZT‚?FX<L;>
SR&HTBVHIBFLZXF>VOIGESVIQ IHRC;'LI=G2K)LZLF4BE4MTWLSL=UDVOIELUZNSKLSDF4BVLPFTBD4#EKHLn
WLMELHXn" JKJBG.SUI>F4BSLTNMIMFWLYC;'LI"WLJVTHISLTEHL'LLGEULTKLF)LUTMLT)LPMLYKSKULPT >
G2KH/LT7IMIVGOL%L=NMFTBOA +
LVETML\LLS_OL;VJKJBG.SUIEI)LISKIWLn<LTB<LRZYC;"

143
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

IRIRN+NIXRNMGD
P%LB%PSTMRKVKLTKYVTLHLGKƒGVLTLGVGU;SUYS_GLSLTJFLVF_"
GD&DBEZÂFGZVB%PGVLLEK-ƒO_PLMKT)LPGSJL.RJZLLE:JF_
:EOXVEÏ/ZE8I7YVE2EVSVEKE2IXVEL»VM2ÃËwLIzLE2MVNMXE.EKEX8VMXE]STEQ»REQ
&MQFEÏ/EPEROE1EPMREQ/ZE2MwL»OEVEWW]E=EH:»WEVI&LEZEXM4»ÂyY4EP»wLE/EPTEQ

EHoSRFFR<LWVRJFWGPELK>MRKVKVLYVVFVHLK"
EHLoQ6O[F.ZMEZBE>GOVFTBLEJLMFKBE

HN[=+NIRXN
NGBI YN6MH8
@G
ULJƒyIBWH~LFLT@URFOILB[L4B[L4BVF-PLHL"
F6LULJƒyIB+IBHBML4BLnIBO[LBO[IBO[L4BO[FLTGHVIMP;UVPBERER-PLHL"
y)LLVLW7GMG
£L4BL4BH&$ZX;R%SLVF"yVFLT)LYPSTML4)LL9JLIBVF"
W ;ƒyIBZ\FIMR<LGPLLEL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒBLGPKLUFLVEK>JGPLHLTEK>JIZTP-LJHVEK>O)LL;MVJK>JXP;LN¤LKGOLLFTB
JO_FLMVMTD4#EK>W
;KLGLFTBOIJEUZLEKWG9VFTBER6OEI³LXJ<LTSTHR >JIZIL
FXnYLEIFLZLMT> ELY[SLJXP;E>KLTUDLK>MLSGOVSEEL0>@G
ULJ PB
F6LEL-FKLEKSTHR WLKL³LVLEKGMG
EKVLQLGH " ELMVMTKHEKUFIVJK
MLTVLQLGH "

IRIRN+NIXRNMGD

144
G)NN
\NVG

EISHKUFUKM=M/
FM*M/M3MU/
KLUOKDLKFTBE)LIE)LIM3ELT)LIX#TETWL«LVELMLFVLEKVLJ. SLH4"S'LLGJWLQL;+IFLVSRBY-PLFIET
FHLFA3RBUI)L%SLFK-SLTLMTDHRGJTETJL<L.EL)LB.L2LT. E4MTHRWLWL4KGUVLLMVEIUUELKE4MTHRC;CME'LL
MT-J7HLTSLH4"
QQL;F³RYEIH4"MF[L7EL;WJVTKLUMIP4)LPELTQLKLTBWLTKGD<LTKSTHR KLUGMBHLMVJKGPKLUFLV'LT"W6
GOVLTBEIWJT\LLWLUKLUOKDLK<LQL<LQ)LKLHRWL'LL"WLUKLUOKDLKFTBMP;³LF;M&FTZVELGPLLZWLLTUVGELYL
'LL"OTLOTLL6SKLTBMTJ³LLKTHR GP^LV>,LVI>LTYI>JBG.S>EGPWL4KEZLELKWLGOM)LIPHLnNJG-'LS'LT"M&FTZVFTBM)LI
ELTWJVT³LF;ETDLKTFTBDLTZVTEIS'LLNMEIFH¤LLGM
EKVTEIJXKI-PS6LSL'LI"FBQJKGPKLUFLVGP^LV_P,LGVLTB
ELTOT<LEKZYSL'LL>FLVLTGPG)L6V³LFLT~MTM&DG6³LSSE;>J[)LLPP+
LEIQRVL4GSLnJK-JK7EKLVTELTS4LK'LIB"
HE'LLNMELZEIH4ULTGEMLB-žGSEP³LLGF;EHLTSTHR )LIM&J[OLPLOEIGYKƒSFTB2nMLHRWL'LL"F³RY
EIMLBJ[OLGE-J
L;FTBZLTYLTBVTQF3ELKP)LG%SETGVSVTVTJ[LTYEKETM1QT³LF;PJL<L.ETDIQETW6SKELTOX³L
ELOX³L>JLVIELJLVIEKGOL'LLS'LLWL³LG3FESLEIVIBPELTFUDXSDVLL'LL"HLn>SLTKLUOKDLKFTBGPG)L6V³LFLT~ET
GP^LVLTBP,LGVLTBVTWJVTWJVT³LF;EIJ[LBMLETZ&DTJRZDLn³LT"GE6SRMF[L7EL;NMMTESC;)LIJ[)LLGPSVHIBHR WL4K
M&JXL;KLUOKDLKFTBGVKLLLPHSLLLU4MLPLSLPKLN3J6VHLTYL"S)LIDIQFTBMT EWJGKGQSML0G%SN#<L.L
HRWLWL4K)LKIM)LLFTBYKUEKDLTZL‚F4BD[®LGPLRFHTLELTML\LLS_CM)LXSZJKNSLKMESLHXn"YLTL>DR
>ELGS;ET
WLGOOTPSLWLTBETML\LLS_OL;VEKLMESLHXn" NJG-'LSOL;EYLNMEIWLTKWLn<LT2L. 2L. EKOT<LVTZYT"PL-SPFTBPH
EERLZEZLELK'LL"
F³RYFTBDHRGJT³LF;\LTLFTB)LIWJVIEZLGO<LLSTS'LLP4GOEPJL4KLGLEOTPIOTPSLWLTBEL)LTLDVLEKUVSL
ELTWLEGL;SPJ[)LLGPSEKST'LT"PTHVHIBFLVST'LTGE TMLEKVTMTOTPIOTPSLWLTBEIJ[GS#L L7SIH4S'LLMLB-žGSE
JK&JKLEIHLGVHLTSIH4"JK6SRCMDLSEIJ[LBMLEKVIHLTYIGEU4VLTBVTWJVTPISKLYI)LYPLV_EIJ[GS#LPJX53PELT
MOLW\LRLDVL K<LLS'LLDHRGJLTBELTE)LI TMLWPMKVHIBGOLGEPTNVETPISKLYI)LYPLVEIW,LVSLJXL;VEZ
EKETNVEIJ[GS#LEFEKMETB"WSG-'LGSH'LIGEMF[L7EL;GPG)L6V³LFLT~EIWL3FJ[LBMLMTJ[)LLGPSVHIBHR 'LT
WL4KPTWJVTKL5ELT³LF;GVKJT\LDVLVLQLHST'LTUDGENVELKL5FBLIMRFGSPHLnJ[LLIFLLETGHSELKIU4VT6O[LLMV
EI-'LLJVLEKLVLQLHSL'LL"S)LIM)LLETDIQMTPHDHRGJLYLDHLTYLWL4KER/OTKDLOWOAPLLIYXnU
N#I‚?MLP³LLVLBEKUIWLKHTH4B" OKDLGKLTBVTOT<LLSLTMQFRQV6OID4ZJKMPLKYZTFTBELZTMJLT~EIFLZL.LZTS'LL
)L-FZYL GLPUIOKDLKFTB<L. T'LT"ZLTYDHRGJTET)LTLJGKPS;VEIERLZSLJKFR9³LHLTVEZIGLPUIEIUUELK
EKVTZYT"CMI£FFTBOXMKTPSIMKTGOVD[®L>GPLR>YLTL>MK-PSIWLGO)LIJ[E7GETYT"CMMTEL2IZLTYJ[)LLGPS
)LIHR WL4KER/VTCMž3EIWLZLTQVL)LIEI"QL4'LTGOVWOAPLLIMT LLTLLLHRC;‚?WDPISKLYI)LYPLVGUVT6O[OTP
WLKHTH4B" HMRVSTHIKL5FBLIMRFGSETELV<L. THLTYT"NMVTMLTQL>PISKLYIGUVT6O[OTPEKGOY&DKJSLTELTC;
S)LI³LLKLEKMESLH4>UDGEPHMI IOKMI IML³LR³LF;ETE. TGVFLTBELJLZVEKT"CMDHRGJTET^LKLHMB)P
VHIBH4>WSGDVLGVFLTBELJLZVGET)LKTOKDLKFTBGUVT6O[OTPETGOYBDKPTLFTBWLVTELMLHMEKHIVHIBMESL"SLT
%LHP-LJHVEKGUVT6O[OTPELJ³LLKLEKTYL=CMMTSLTHFLKTJX5PISKLYIJ[)LREIJ[GS#LGYKTYI>U4V³LF;EID. I
WPFLVVLHLTYI"HMLTQSTHIMRFGSFHLFA3BRUI)L%SLFK-SLTLETPTBZLTE?P%LB%PST EL@G
PF6LMGHS
ULTKULTKMTJL#EKVTZYT"WDGUVT6O[OTPSLTJ[E7HR VHIBGE6SRER/\LLLTBJQLS_GUVLLMVEI)L%S?Q£TPKIOTPI 
WPWJVTGO0JFTBJ[E7HRC;WL4KNMDHRGJTEI/LSIJKMPLKHLTYC;S'LLNMMTDLTZI‚??OR7SRTPISKLYIJ[)LR
ELWJFLVEKVTELOR-MLHME4MTHRWL=GOSRTPISKLYIGUVT6O[OTPHIDVVLH4SLTKLY^TL>GHBML>FLLQLKWLGOJLJLTB
ELT/LT. EK3LYELFLY;WJVLZT" DHRGJTVTOTPIMT\LFLFLBYIWL4KOTPSLWLTBETVEZIJ³LLKLVEKVTEIJ[GS,L
EI"WD%L'LL=)LKTOKDLKFTBDHRGJT^LKL24ZL Y JL<L.PGF'L3PEL)L.L2LT. HRWL"UVSLVTU4VLLMVEI
UUELKMTWLELLYRnULGOL")LKTOKDLKFTBMF[L7EL;VT LLTLLLEIFTKLKL5WLUMTU4VLLMVELT-PIELKEKSL
H4"

145
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

RNU2NINXN
NG#
N T+NXN
NGD
MBJXL;FB.ZLLLÂEZLEZLJƒLR)L[LYRLLG-L)LRPVBSPZ_ LG6S"
TMBG+SLG-LUYOIPKVL'LFTEBƒE-SLV_GVPLKGSMBQKSLT'LT7F_
7EÏTÍVÂE1EÂHEPEwLEwL»ROE/EP»/EP»TEwYFLV»+YR»WXVM&LYZEREÏ8EZE0ERKLE]ERXM
=I7ERwLVMX»WXVM.EKEHÃwL[EVE2»XLE1IOEQ/EWX»R2MZ»VE]EXM7ERGLEVXS=EXLIz½EQ

JXKVQ6O[ULTGS/GDP6S>SRFYRVSIVUYSZB L6S"
EVL'LGL)LRPVWL´LLK>GSVGPQKSELTEKTGVPLK

OM/RUKL]QNGBI YN6MH8
@G
ULJƒyIBWH~LFLTGPNZFOILB[L4B[L4BVF-PLHL"
F6LULJƒy‰IBŠVFLT)LYPSIYRLPSIFHLFLVMI-PLHL"
W ;ƒyIB)LXSJ[TSLGO)LGVPLKLL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒBLGPKLUFLVEKTB"JXL;JMTLRG
MGHSM2TOP-LJGK³LLVEK>QBOVETJL7TJK
MR<LLMVMTJXP;GOLLEIWLTKFR<LEKETSIVLTBMB³LLTBFTB>LR
 LIELOIJEUZLEK>
WYKSYKEI³LXJ<LTSTHR >-2G7EFGLEIFLZLMTEL0>@G
PF6 LELULJDLK
ULJOTSTHR ML³LVLEKVIQLGH "ULJETGOVLBTFTBSIVLTBMB³LFLTBFTBDLKF6LEI>
YR9YRZE-SRKI>EJX;K>GLZLKM>K3VL¢UGZ>WYKSYKEI LIGFG+SHLTFEKSTHR WLHRGS
WPOTPTB"

RNU2NINIR"NNUGD

146
G)NN
\NVG
QMNWMNUGSH&T
K\UGFJKYHT<
WLQL;+IFLVSRBY-PLFIETFHLFA3RBUI)L%SLFK-SLTLFTBWO_)LRSFBLLG%SH4"ETSRJRKETKLULPLMVLETQ%EKMT
E4MTFR%SHRWL>HE'LLWJVTWLJFTB EWO_)LRSQF3ELKIEHLVIH4"
J[TFWL4KPLMVLOLTVLTBJA'LE_JA'LE_QIUTBH4B"J[TFOL&J3UIPVFTBMLTVTFTBMRYB³LDVEKKHSLH4"GPLR
J[TFOL&J3
UIPVELPKOLVH4ULTJGSJ3VIEI³LF;ML³LVLS'LLJRWU;VFTBMHLEHLTSLH4GE6SRCMETGPJKIS>PLMVLYAH-'L
UIPVEIGPLDTZH4>OL&J3UIPVELWG)LLLJH4ULTWV6SLV6SMBMLKPVKEGVYLTOELELKLDVSIH4"GDHLKKL5ET
ETSRJRKVYKETVKTL)LIOR)LL;9PLCMIPLMVLETORQ£FTB TMT2nMTGEJSVETGVQZTEYLKSEULJHRnQT"VYKETKLUP4]
VTKLULETGZ YRG7ELS4LKEI>GUMELVLF'LLE:ZLTZELGFVIYRG7EL"<LLSTHIYRG7ELVTKLULJKWJVLKBYUFLVL
LREKGOL"NMEIWLn<LLTBMTFLOESL7JEVTZYI"FR<LN1QK%SQLJMTZLZHLTYL>LKIKFTBYFI;PSVLPWLYL"
NMYRG7ELELVLLKLULJK EOFMPLKHLTYL"NMUFLVTFTBJ[QGZSYR7ETWPMP;ML³LLKLELTNJZ$³LVHIB'LT"
GE6SRETSRJRKVKTLNMGPGL7YRG7ELELT<LLEKJZBYJKZT7THI'LTGEJI/TMTWLPLUWLC;‚?-PLFIWLJELTFHLKLVILO
EKKHIH4B" KLULVTVUK’JKN#LC;SLTN#IEIN#IKHYC;"FLVLTN6HLTBVTGOVKLSELFEKVTPLZIQBJLDLnOIELT)LI
JHQLVLVHIB"Q&JLELTKLULEIPLMVL)LKIWLn<LTBNMETML46O;ELJLVEKSIMIGO<LLC;OI" EDLKSLTKLULEIH
W)LO[SLOT<LEKOLMIQ&JL LDKLYC;GEKLULELTWLU%LHLTYLH4=EHIBC6HLTBVTFRTKLVISLTVHIBMFGZLH4=GE6SR
?G-LQGKLBJRL-M)LL9B>O4PLTVULVLGSERSLTFVR EING%SETWVRMLKQ&JLEIDRG
)LIG2KYC;"FLVLTNMEI
PLMVL)LIULYASHLTYC;HLT>NMVTKLULETMF\LWJVLMP;-PMFJ;LEKVTFTBHIWJVI)LZLC;MFI"
ELTC;)LI0MVJ[LKB)LFTB)LZTHI/LT7LMLGO<LLC;OTSLH4JK6SRM&FX/;VUIPLTBEI)LLnGSPHGOVOXVI>KLSQL4YRVIYGSMT
D SLULSLH4"KLULEIPLMVLEL0MV)LI EGOVELVHIB>DG:EGV3J[GSELELFHLTYL"QBJLEL*LK)LINnYZI
JE. EKJL4BHQLJE. VTZYL"NMEL*LKWD*LKETML'LML'LLLMVELJZTVTZYL"VYKETLLMEET’JKWD
QBQZQ&JLLLMVEKKHI'LI"S'HH4GED. TD. T0G%S)LIGOPLMVLETYRZLFHLTULSTH4BSLTNVETMP;YRLV7HLT
ULSTH4B"Z5ULWL4KGPPTE)LIELFL6³LZLTYLTBELML'L/LT. OTSTH4B"WBSSKLULWL4KQ&JLETPLMVLFM&D6³LLTBELJSL
JGSP[SLFHLKLVIE:LLIELTQZHIYL"KLULETCMGV6OVIž3MTFHLKLVIETGVEJ7>GV/ZWL4KJGPLJ[TFELT
SLT³L%ELZYLHI>ML'LHINMTWG³LEGQ6SLCMDLSEI'LIGE?'LLKLUL>S'LLJ[UL ETGM
L6SLVRMLKKLULETORKLQKL
ELJ[)LLPJ[ULJKJ. TYLSLTKLULG2KORKLQLKIZLTYLTBELTE4MTOBG.SEKMETYL=WSKLVIVTKLULELTMFLVTWL4KMRFLY;JK
ZLVTELHKMB)LPJ[LMGELGE6SRPLMVLMTWB³LTKLULJKNMELELTC;J[)LLPVJ. L"SDKLVIVTJ[GS,LEIGEUDSE
KLULJK-LIYFVETJLJEL3LYVHIBEKTBYT>SDSEFTKLKLULMTELTC;)LILLKIGKELWLG3FEM&D6³LVHIBKHTYL"KLVIEI
J[GS,LWL4KKLULEIPLMVLETDIQMB LL;MLG/. YL"PLMVLMTGPPTEHIVHLTQRELKLULCMMB LL;MT£LTG³LSHLTN#LWL4K
NMVTKLVIELTWJVTKL-STMTH7LVTELOR)LL;9JXL;24MZLEK.LZL"NMVTFHLKLVIE:LLIELTGVE7ET LVTPVET E
GVU;VER nFTBGYKPLGOL"PLMVLFTBWB³LLHLTEKFVRJSVEIGESVIYHKLC;FTBULGYKSLH4>HNMET LAGLSNOLHKLLTBFTB
MT EH4"GE6SRETSRJRKVYKETELFL6³LVKTLEIPLMVLGO£LT³LFTBDOZI'LISLTJGSP[SLKLVIE:LLIEIOA J[GS,L)LI
WD)LG%SKMFTBDOZQREI'LI"M&9OAG7GUV)L%SHLTVTETELKLKLVIELTFHLFA3RBUI-SLTL)L%SLFKUIFTBD. IOA +
L
'LI")L%SLFK-SLTLETSLT E EL$OFTBWV6SWZL4GEEQF3ELKLTBEILG%S)LKIJ. IH4"CMMBE7ETMFFHLKLVIVT
OA +
LP)LG%SETML'L+I)L%SLFK-SLTLETPTBWL4KPTBZLTELTBEL@G
PFBLMGHSJL#EKVLLREKGOL"
OXMKTGOVHIW
;KLGLETMFKLUFHZETLVE\LFTBMLTSTHR KLULEIUDWQLVEWLn<L<LRZI>SLTGUVLLMVEI
KG\LEL?UA&)LOTPI ELTGPEKLZJ³LLKLGETWJVTMF\LOT<LEKPH)L)LISHLTYL"NMELWBYWBYJIJZETJ3STEI
SKH'LK'LKELnJVTZYL"\LFLFLnYVTJKOTPIVTNMTCMLS;JKW)LOLVGOLGEPHJK-LIEI/LLMT)LIOXKKHTYL"OTPI
EIžJLMTKLVI)LIMRKG\LS LKZL47WLC;"WD%L'LL=KLVIEI)L%SLFK-SLTLEI)LG%SMTKLULPLMVLETYHKTYS;MT
DLHKGVEZWLL'LL"KLULWL4KKLVIOLTVLTBET­OTLBFTBPLMVLEIUYHM1QTPJGPLJ[TFELMLYKGHZLTKTBZTVTZYL"
PLMVLELWG)LLLJJ[TFETPKOLVFTBDOZYL"PLMVLEIGPLDTZV7HLTYC;WL4KNVELOL&J3UIPVG2KMTMR<LIP
³LF;FHLTYL")L%SLFK-SLTLVTNVELUIPVHIDOZ.LZL"

147
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

MNWR6+NRL]QNGD
GQLBGEFLGOSTGLOLLBYVLG)LƒVI;SBFVLYGJFVLTVGPELKFLY;F_"
E:JL6SELZFSLQGZSLQZTVƒGEBF6OKLGO[GL<LKBQGZSBEOLGQS_
'LMXVEÏ/MQEXVE=EHM8I8VMHEwL»RKE2»FLM2ÃVXEÏ1ER»KETM1ERS2E:MO»VE1»VKEQ
/EPT»RXE/»PE1EVYX»'LEPMX»'LEPIRE/MQ1ERHEV»HVMwLMOLEVEÏ'LEPMXEÏ/EH»GLMX

ULTMRKGSGP)L[FWLK&)L>FVVG.9LTSRFSLTVWQ&)L"
WQZQZLPTJ[ZMFIK>FTGL<LK.YFY4BV´LIK


NI'UM^NGBI YN6MH8
@G
ULJƒyIBWH~LFLTOMJR0PILB[L4B[L4BVF-PLHL"
F6LULJƒyVFLT)LYPSIYRLPSIMRMIFLJA'PIP[U§LAB<LZLFLVMIFHLFLVMI-PLHL"
yVFLTWGQ63DZJKL£FLMPL;'L;ELFJLLnIB£L4B+IBVF""
W ;ƒyIBFTP6FVLTDZEKLL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒBLGPKLUFLVEKBTS'LL-VLVEKVTETJQLS_>ZLZKBYETP-LJHVEK>ZLZ
WLMVJK>JXP;EIWLTKFR<LEKETJ–LMVMTD4#EKZLZKBYEIFLZLMT‰FXnYLŠGOV
SE>J[GSGOVPTBEL0>@G
ULJ PBF6LEI> LIELOIJEUZLEK>OLLBY³LXJ<LTST
HR ML³LVLEKVIQLGH "

MNWR6+NRL]QNGD

148
G)NN
\NVG

HW R[E\nGR<
GOYBDKU4VFRGVLTBELLIZP[SD[®Q;FTJP;SETMFLVW.LTZWEBJKHSLH4"KFLIEL>KFLISLELE4ML
)LIBLPLSSX2LVWLLSLT)LIGOYBDKFRGVELD[®Q;OLTZLFLVVHIBHLTSLH4"WLQL;FLVSRBY-PLFI)LIWJVT
LIZP[SFTBOA 'LT"CMIELKLNVEIJ[)LRLG%SETJ[)LLPMTDTG. Ln7X7SIYIBWL4KELKLYAHETSLZT<LRZSTYT"
U4VOL;VFTBFRGVKLULIZP[SELJLZVHULKOLTLLTBELT7LZEKEKSTH4CMIGZ NVEI)LG%SFTBWJLK
LG%SHLTSIH4"U4VLYFFTBLIZP[SEIEC;E'LLTBNJZ$³LH4B"
HKNJMY;MHVULTEKST>EHEKEF;GPGQLSL"
SVSUOTSTGE6SRVSUST>WJVI³LVJGPLSL""
CVJBG%SLTBELTMLELKEKVTPLZI EE'LLFHLFA3RBUI)L%SLFKET+
LZR)LLGPELTBETGZ HLnJ[-SRSH4‚
ERPLFLSLGJSLETML'LJ[GSGOVFG6OKULSL'LL>M6SLTBELNJOTLMRVSL'LL"NJOTLMTJ[)LLGPSHLTEK
NMVTLR%ZJ\LFTBD[®Q;JLZVELMBE:JEKGZL"UIPVJ;6SELGVF'LL"RPEEILLOIHRC;"LLOIEI
J['LFKLSLGVMRHLYKLS'LI" EL6SEFKL>VPP³LXWJVTOLFVFTBWVTE<LRGLLnMnULTTD4#IH4"OR:HVDLKDLK
WLn<LN#LEKOT<LSIH4GELLOWDJGSWLTYL>J[TFDKMLTYL>*LKOTYL>FVRHLKEKTYL>ZTGEVHRWLER/WL4KHI"
OR:HVVTMLHMD7LTKLWL4KJGSETEKIDWLC;>OT<LLJGSETWLn<LLTBFTBWLnMXHB4"JX/VTJKJSLQZLGEN6HLTBVTFRGVKLU
MTFLHETLR%ZJ\LFTBD[®Q;JXP;EKHVTELGVFGZLH4"W)LIER/GOVLTLH4BCMETDLOF4BSR&HLKL-JL;EK
MEXnYL"GJ[TSRFDRKLFSFLVLT"J3VIVTEHL>GJ[F4BVT)LI EWLG;ELMTžLJ\LFTBD[®Q;P[SETJLZVEL
GVFGZLH4")LKTL4PVFTB?)LLTYELWLFBLLW-PIELK DMHISLTH4WL3FLMT*LK" OLTVLTBJGSJ3VIVTWLJMFTB
MBE:JZTGZLGEOLTVLTBDGHV)LLC;EISKHUIPVLJVEKTBYT>GUMGOVFLSLGJSLELTHFLKTP[SLTBELJSLQZ
ULTYL>NMGOVOLTVLTBFRGVWL4KWLG;ELDVULTBYT"OLTVLTBGVKGSQLKJXP;EP[SLTBELJLZVEKSTKHT"NVETMBFEI>
LIZP[SEIQQL;-PYLT~FTBHLTVTZYI"
E+LPEVTFVFTBMBE:JEKGZLGEF4BUDSE EML'LW-MIHULKFRGVLTBELTWLHLKVHIBEKLOXnYLSD
SEF4B)LLTUVY[HLVHIBEnYL"W-MIHULKFRGVWDEHLnGFZTB= EWPG³L,LVIFRGVELVYKFTBWLYFVHRWL"
+LPEETJX/VTJKFRGVKLUVTEHL>SR&HLKLMBE:JJXKLHLTMESLH4"2ZLn2ZLnYLnPFTB EDLZD[®QLKIJGSJ3VI
KHSTH4B>ULTW<L.D[®Q;ELJLZVEKKHTH4B>ULWLTN6HTBWLHLKOTOLTSLTW-MIHULKFRGVLTBELTWLHLKOTVTET
DKLDKHLTULTYL"UDSRFNVET LKULWLTYTSLTNVETKMLTC; LKFTBDn³LLHRWLELZLQnOLTPLM2TOHLTULTYL"PH
+LPE LKELJSLJX/STJX/STNVET LKJHRnQLWL4KNVETFLSLGJSLMTEHL>F4BWLJETDT7TDHXETOL;VEKVLQLHSL
HXn"FLSLGJSLETJX/VTJK+LPEVTNVETW<L.P[SETDLDSDSLL"GUM LKFTBPTDLKHPL;MTKHKHT'LT>GUM
FLSLGJSLVTJLZJLTMEKD. LGELN6HTB)LINVETW<L.D[®Q;ETDLKTFTBJSLVHIBQZL"U4MTHIFLSLGJSLELT
JSLQZL>PTOLTVLTBMB6LMEI³LLKDHYT>GPUFRGVWL4KGPULWLG;ELDVYC;"
WLJ-PBMLTGQTGEGPUGPULVTGESVLWLOL;UIPVGUL"MLFVT)LLTYMLFY[I'LIKLTEVT7LTEVTPLZL
ELTC;VHIB'LL"PTQLHSTSLTL4PVETDHLPFTBDHMEST'LT>O4GHEMR<LELWVR)LPEKMEST'LTZTGEVN6HLTBVT TMLVHIB
GEL"%LTBGEN6HTBD[®Q;ELWLV6OGFZQREL'LL"L4PVELML46O;ZR)LLVMEL"HIDLSWLQL;EHVLQLHST
H4BGEKLUL)LLTUSR&HLKIMLKIM&JG¤LWL4KJ[žGSELMEZML46O;FTKTQKLLTBFTBWLEKLQVL)LIEKTSLTF4BWJVT³LF;
MT1RSHLTVTPLZLVHIBHXn"
ER/QIUTBH4BGUVELWVR)LPHIHLTMESLH4WL4KPTHIQIUTBMQFTBFX:PLVH4B"DHRSQIUTBHB4GUMEL,LVHLT
MESLH4>PTMDDLULH4B>NVELELTC;FX:VHIB")LXYLTZCGSHLM>WVTEOLL;GVELTBETGPQLKYRG&2SLL-LH4BNVEL
,LVHLTMESLH4"ZTGEVJ[TFJ[L'L;VL)LG%SJKFL3FLD[®Q;CVEL,LVVHIB>WVR)LPHLTMESLH4"

149
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

L]IU`DQKYRMNVNGD
GV´LX;FPGS;KJPGU;SS4ZJXKƒŸ3-VBUYS_LGFOBJ[E7IEKLTGL"
Y&LTVULSRFSLBQGZSLQZLVLBƒOIJLT…JK-3PFGMVL'LUYS_J[ELL
2MVHLÍQE:EVXM6ETEZEVNMXE8EMPETÔVEL/ÖXWLREÏ.EKEXXVE]E1MHEÏ4VEOEXÇOEVSzLM
+EQ]S2E.»XY1EVYX»Ï'EPMXE'EP»R»Ï(ÇTSTEVEWXZE1EWM2»XLE.EKEX4VEOEw»Ë

´LXFKGHSPLSIYSVTH>JKELL4GL)LRPV LK H"


PLSY&VLHIBJKQ6.>WJKOIJSRFDZLTW<L.

YI;X
NNHGBI YN6MH8
@G
ULJƒyIBWH~LFLTQNOMJR0PILB[L4B[L4BVF-PLHL"
F6LULJƒyVFMRFBYZLMRMIFLVLFOTPIMP;MFIGHSL'L;PU[§LAB<LZLERER-PLHL"
W ;ƒyIBL4ZLT%PLBEKL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒBLGPKLUFLVEKTBS'LL-VLVEKVTETDLOHKTKBYETEJ. TJHVEK>J–LMVMTJXP;
EIWLTKFR<LEKETD4#EKGOVSEKLTUHKTKBYEIFLZLMTPTBEL0>@G
ULJWL4K
F6LMGHSDLK-FKLEKSTHR ML³LVLEKVIQLGH "ULJETGOVLTBFTBLR
 LIEL
OIJEZYLEKER6OEI³LXJWG9VER.FTB\LTJLEKTB"

L]IU`DQKYRMNVNGD

150
G)NN
\NVG

VEL4WGJHVW
K\HTGMK\F8ISD<
WLQL;+IFLVSRBY-PLFI^LKLN3J[TGLSFHLFA3RBUI)L%SLFK-SLTLFTBCSVILG%SGVGHSH4GEELTC;)LIQF3ELK
MHU LG7SHLTMESLH4"FLLCMETGZ GFLLS'LL\LTFBEKU4MIOA +
LQLGH "CME'LLMTHIMBDLT³LHFTBGFZSLH4"
DL:WP-'LL EMRELTFZJL4³LTLZSLMFLVHLTSIH4"GUMTMB-ELK.LZEKGEMI)LIGOLLFTBFLT. LS'LLRELL
ULMESLH4"UIPVFTB³LF;)LIJQJVFTBVHIB>DQJVFTBHIWLSLH4"KLULFHIJQ6O[EIJRLIGFLL)LIDQJVMTHIW1/T
MB-ELKLTBPYRLLTBMTM&J6V'LI"KLU LKLVTFTBN3J6VHLTVTETELKLNMELUIPVMR<L> TP;P TLLTWLKLFMT)LKJXKHLTVL
QLGH 'LLGE6SRPHDQJVMTHI³LF;PW³L3FEIWLTKREIHRC;'LI"W:JLRHLTVTJK)LIPH EL6SPLSLPKLJLSTHI
UYSEIGV-MLKSLP³LF;ETDLKTFTBGQ6SVPFVVGELEKSI'LI"KLULFHIJQ6O[WJVIJRLIELDQJVMT³LF;EIWLTK
RELPOT<LEKD. TJ[M6V'LT"N6HLTBVT³LF;ETWG³LE,LVPW³VETGZ GFLLELTWLG;EL+IFSIFLSLUIETJLM
)LTUL"WLG;EL+IETJLMKHEKGFLLVT³LF;ETYX KH-LTBELTMFLWL4KPHCMVSIUTJKJHRnQIGE³LF;ELTMFVL
NSVLFX:PLVVHIB>GUSVLGENMELWLQKLEKVL"EC;PL;SEKHEKGP]LWL4K³LF;ELW³VJXL;EKVTETNJKL6S
GFLLVTWLG;EL+IMTWLLIPL;OEILQVLEIWLG;ELWLLIPL;OOTSTHR WLG;EL+IVTEHL‚??YRLPSIJRLIJ[GSGOV
GUVOL;VEKVLJ[3TEU4VYAH-'LELWLPEES;0H4WSSR&HLKL)LIES;0H4GEGUVOL;VETGDVLW6VUZY[HL
VEKVL GFLLVT)LIJ[M6VSLMTEHL‚?JXUVIFLSL+IF4BJ[GS,LEKSIHXnGEJ[GSGOVK3VFIGUVJ[GSFLET
OL;VWQ;VETJQLS_HIW6VUZY[HLEnYI GFLLWLLIPL;OZTEKWJVTGJSAYAHZL47WLC;"PHLnPHKLUFHZET
JGKMKFTBTG-'LSGUVFG6OKFTBK3VFIGUVJ[GSFLELJ[GSGOVOL;VWQ;VEKETGVK6SK³LF;ML³LVLEKSIKHIB"
KLULFHIJQ6O[D. TM6SR7S'LLJ[M6V'LTWL4KQLHST'LTGENVETYAHNJPVEIHLLT)LLGVKBSKD SIKHTWL4K
-'LLIJMTDVIKHT"PTLLO)LXZYT'LTGEE6LSLTJKLL³LVHLTSIH4"WLG<LKQ6O[DOVIKLVIMLTF+IVT EGOV
KLULMTEHHIGOL‚?%LGFLLELTWLG;ELDVLVTELGPQLKEKK<LLH4WLJVT=E6LELT LKFTBHI/RJL K<LLTYT=NMEL
JLGLY[HLVHIBEKLWLTYT%L= KLVIEIDLSMRVEKKLULU4MTVIBOMTULYJ. T>N6HLTBVTE6LGFLLEIWLTKOT<LLWL4KJLL
GEGVQHINVEIDT7IWDD. IHLTQZI'LI"KLULVTWDWJVIE6LHTSRLT9PKEI<LLTULREKOI"LI L[HI
N6HLTBVTGVE7-'LVYKETM&9OAG7+TG#?JRL\LTFBEKUIELQVPKETJFTBGEL"KLULET LKJKGPPLHEIOR6ORG)L
DUN#I"KLULKLVIPJ[ULPKELTOT<LEK2XZTVHIBMFLKHT'LT"UVSLFTBQQL;HLTSI‚??)L4L>KLULETOLFLO\LTFBEKUI
ML³LLKLZ\FIJGSVHIB>³LVERDTKH4B³LVERDTK" ML'LHINVEIJ[EL.GP^SLP@G
LTBWLGOEIQQL;QZSIKHI"S)LI
E³LFL;3FLDLZEVTEHL‚?\LTFBEKUIJ[GSGOVFBGOKFTBUD)L%SLFK-SLTLELM-PKJL#EKSTH4BSLTMDFBLFR9³LHLT
N#STH4B"W6SFTBMP;P4PLGHEG£LTBM&J6VHRC;"³LXF³LLFMTDLKLSZL47EKWLQREI'LIWLPEKIGSGKPLUJXKTEKVTET
DLOF³L6HFTBMLMVTWLEKOR:HVELT)LLTUVETGZ DRZLL"GFLLVTMERQLSTHR EHL‚?FLn>FRT)LLTUVEIC1/LVHIB
H4" MLMVTEHL‚?MMRKLZWLEK TMIWLR)LDLSTBVHIBEKSTDT7I"SR&HLKTFL'LTETGM6OXKETML'LHISR&HLKIELL)LI
KG%SFDVIKHT>CMETGZ )LLTUVSLTWLPEH4JRLI" ??FLn>F4B+IJLP;VL'LETOL;VGETGDVL)LLTUVY[HLVHIB
EKSI" ‚GFLLDLTZI"MLMDLTZI‚?JLMHIETQ43LZFTBJLP;VL'LUIEIWGSFVLT,JLLLLJ[GSFL-'LLGJSH4>ULEK
OL;VEKZLT" GFLLDLTZI‚?JKFLSLUI>Q43LZFTBK3VFIFXGS;VHIBH4>FTKLK3VFIGUVJ[GSFLETOL;VWQ;VEL
GVFH4" MLMDHXETCMPLSL;ZLJELTMRVEK\LTFBEKUIVTFLnMTEHL‚?FLn>GEMIEIZIHRC;J[GS,LELTSLT. VTELTGPPL
EKVLNGQSVHIBH4"WLJGQ6SLVEKTB>F4BCMELNJLEnYL" NMIGOVKLGLETJ['LFJ[HKFTB\LTFBEKVT)L%SLFK-SLTL
ETPTBZLTEEL)LG%S PB+
L)LLPMTJL#J[LK&)LGEL"-SLTLET³LVJXP;EJL#FTB\LTFBEKCSVTZIV'LTGEIMFEL
N6HTB,LVHIV'LL"NVETFR<LF.ZELSTUZEEKFLVLTEHKHL'LLGEM1QIML³LVLFTBWJVILMFEILOHI
GEMTKHSIH4" NVEL³LVSLTSD)LBYHRWLUDGUVLLMVEI)L%SQSR)LR;UIOTPIVTJ[E7HLTEKEHL‚??SR&HLKIC1/L
JXL;HLTYIERFLK" WL4KWYZTGOVJ[LSVYKGVPLGMLTBETWLQ;ELG#ELVLVKHL>UDN6HLTBVTGUVLZFTBJLLLLFXGS;
ETWLYT+IJLP;VL'L)LYPLVEI EK3VFIJ[GSFLETOL;VGET"UVSLEIUUELKMTWLMFLVSEYXnUN#L"

151
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

PQMLK0NXN
NG#OR=MNV[IXMNVNGD
VL-SBEOLGQORJLGMVKLHRY&ƒ-J7IEKLTGLMHMLRYJ5UYG6S"
VL&)LLT´LKLTOKGV
FHLJ[)LLPƒMXL;GSLLGFGHFLGMFRVI6O[ZLTET
2»WXEÏ/EH»GLMHY4E]»WM2E6»LY+EQ]EË7TEz½Ç/EVSzLM7ELEW»=YKE4ENNEKERXM
2»QFLS(LEVSHEVE2MVYHHLE1EL»4VEFL»ZEË7ÔV]»XMwL»]M1ELMQ»WM1YRÃRHVE0SOI

G/JHRVZRJHRKLHREI/LoGH>UYJKELLEHLTG/VFLoGHB"
´LVWVP¥L;OLHGPGVPLK>KGPS4BWG´LE´LKLTYRLMLK

LV9MNV[IRXN
NGBI YN6MH8
@G
ULJƒyIBWH~LFLTW7_#LBYFHLGVGF¤L‚ERMZLLBL4BL4BVF-PLHL"
F6LULJƒyLFLTLGF’LW7_#T>F7_#T>\LRO[GP L7_#T\LRO[JI.LBU#KJI.LB>)LBU)LBUMP;
KLTYGVPLKLBERER-PLHL"
yVFLTWGUSLLRJKLUBERER-PLHL"
W ;ƒyIBJLJLBLELKGVPLKLL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒBLGPKLUFLVEKTBS'LLJGPL)LLPLTBMTMLSGOVSE>J[GSGOVDLK>M2TOEJ. T
JHVEK>O)LL;MVJK>JXP;GOLLEIWLTKFR<LEKET>MR<LLMVMTD4#EK>OIJEUZLEK>Q6OV
EI³LXJ<LTSTHR >PTBEL0>@G
ULJ PBF6LEL-FKLEKSTHR >D[®FRHXS;FTBWLKL³LVL
EKVIQLGH "D[®Q;S'LL EMF)LLTUVELJLZVEKTB"

PQMLK0NXN
NGD

152
G)NN
\NVG

*MMUZNUMUZFJXMUL
WLQL;+IFLVSRoY-PLFIKGQSFHLFA3RBUI)L%SLFK-SLTLFTBCSVIWJLK\LFSLHTGEFVJXP;ENMEIWLKL³LVLMT
J'L)L[70G%S)LIM6FLY;JKWLULSLH4"K3VLT<LKEIHE'LLCMM6O)L;FTBNO_DLT³LEH4‚
³LFL;GV#>³L4;PLVWL4KOA WL-'LLPLZI³LF;J3VIWJVTJ'L)L[7>GPZLMIP0MVIJGSELT)LI³LF;ETM6FLY;JK
PLJMZLMESIH4WL4K)LLTYFTB.XDTJGSELTLTYETJGPLFLY;JKQZVTELTJ[TGKSEKMESIH4"LL-LLTB>JRKLLLTBP³LF;Y[6'LLTB
FTBGUMELKLTVLKLTLULSLH4>WJVTJRLL'L;MTGPPGPUEI\LFSLK<LVTPLZLPIK)LIGUMETMF\L LR7VT7TEOTSLH4>HI
VHIB>VLF³LLKI>OTPGF'L3PI)LIGUMETWLYTVSF-SEHLTULSTH4B>%LVLFH4NMEL=NM<LZVLEELVLFH4FLTHPH
FLTH>GUMTWLC;EFLT~FTBMDMTWG³LEOROL;6SFLVLULSLH4>ULTWLSFLJIMX;ETJ[ELLELTDLOZDVEKEOTSLH4"GUMT
ZLTE0PHLKEI)LLLLFTBJ[TFLPLMVLETVLFMTJRELKLULSLH4"CMPLMVLR%SJ[TFLFLTHJKGPUJLVTETWVTE
³LLGF;ENJQLKLTBETWZLPL ENJQLKM3MBYGSEL)LIH4"ULTFVRELTPLMVLMT’JKN#LSIH4WL4KNMT)LLTYMTLTYEI
WLTKZTULSIH4"GOM3MBYGSETVLFJKFVRERMBYGSELJ:ZLJE. ZTSLTNMELQKFJSVHLTVTFTB)LIOTKVHIBZYSI"
TMIHIG-'LGSK3VLT<LKEI)LIHLTYC;'LI"
NMELJGKQ E TMTULTYIMTHLTYL'LLULTEHVTELTSLTU7LUX7³LLKIPSJ-PI'LLS'LLWVTEQF3ELKGO<LLVTEL
LTBYKQLEKSL'LL>JKPL-SPFTBPHER/WL4KHI'LT"PHG-LLTBELLLTLLGELEKSL'LL"WVTEC1/LWLTBEIJXGS;ETGZ 
G-LLnNMETJLMWLSIBWL4KOLTVLTBHL'LLTBMTWJVL³LVZR7LSI'LIB"JRLEIZLZMLFTBWLVTPLZIFLTHL6³LG-LLnWJVLMD
ER/HIHLnSEGEWJVLWFX:MSI3P)LINMLTBYIPGF'L3PIETMF\L6L4/LPKEKOTSI'LIB"K3VLT<LKOR)LL;9PL E
TMTHIERYRELQTZL'LL"PHWJVTYRMT)LID EKPLMVLELYRZLFPGPZLMIDVYL'LLS'LLGOVKLS TMTHIEREFLT~
FTBKSKHVTZYL'LL"YZSKL-STJKULSLOT<LK3VLT<LKETFLSLGJSLVTNMELGPPLHEKGOL"NMEIJ3VI?E:LL+I 
'LLVLFS'LLYRLPLV'LI"LLONMETJXP;WLR)LEF;EL\LLTJLF'LLWS)LL9VTK3VLT<LKEIPLMVLFTBDTHLTLWL3FL
ELTHLTLFTBZLVTETGZ HINMTE:LL+IELM3MBYEKGOL'LL"PHU4VERZFTBN3J6VMOLQLGKLI>³LFL;3FLPGPORLI
FGHZL'LI"FHLFA3RBUI+I)L%SLFKUIEL@G
PF6LMGHSJL#EKVLNMEIO4GVEQL;'LI"NMVTUDWJVTJGSELT
TMTORYR;LLTBMTR%SJLLSLT EDLKSLTWJVLFL'LLJI7GZL"JK6SRG2KNMVTMLHMD7LTKLWL4K³LF;ELWL+ZTEKJ[TF>
MTPLWL4KMFLVTDRLVTET^LKLWJVTJGSELTMR³LLKVTELDI. LN#LL"³LIKT³LIKTK3VLT<LKFTBE:LL+IETM3MBYP
MO_J[LMLTBMTMR³LKVTETZ\LL-J7GO<LLC;OTVTZYT"N³LKLTBYIULTYIELTUDJSLQZLGENMETGLELTMP;YRLIJ3VIET
JFTBMO_YRGFZYLH4SLTPHDTQ4VHLTN#L>NMTWJVTPLMVLET³L6³LTQL4J7HLTVTEL)LHLTYL"
WSNMVTVTVTQF3ELKLTBETULOXK3VLT<LKELTGO<LLVTLREKGOT"NOLHKLL'L;PHGEMIWBYX#IELTWLELLFTB
N. SLHRWLGO<LLEKGEMIEIFVLTVISJ[TMIEIWBYRZISE)LTUVTEIG£L nGO<LLVTZYL"CMMTK3VLT<LKELGPPLM
ULTYIJKJRVUFVTZYL"E:LL+IELTHOT<LEKGQ6SLHRC;"2SPHULTYIETG£LEZLJLTBMTWL4K)LIMLP³LLVKHVT
ZYI" EJ[ELKMTWDULTYIEIERMBYGSWL4KE:LL+IEIMO_MBYGSETDIQ^6^MLG/. YL'LL"UDGECMET
ET6O[GD6OR'LTK3VLT<LK"CMG-'LGSFTBE:LL+IVTULTYIETLTBYIPGF'L3PIJ[)LLPELTV7EKVTEILTUVLDVLC;" E
GOVE:LL+IVTK3VLT<LKMTEHEKULTYIELTWJVT LKJK)LLTUVETGZ WLF6LLG)LUPLL")LLTUVEKLVTETNJKL6S
E:LL+IVTJTUZELT+I)L%SLFK-SLTLETPTBZLTES'LLNMET@G
PF6LMTFBGLSGELS'LLNMFBGLSUZELT
-PBJIVTETJQLS_LTLUZJIVTETGZ JL<L.IULTYIETMLFVTK<LGOL"ULTYIUZELTJIEK)LLTUVMFL*SEKHIKHL
'LLGEGUVLLMVEI)L%S?YLB³LLKI VLFEIGO0OTPIWLEKNMETMLFVT<L. IHLTYC;"OTPIVT E-PL;WBYX#IEG'LS
ULTYIELTOTEKEHL‚?N. LWLTCMT" JK6SRPHEIGZSWBYX#I%LTBN. SI=WD?YLB³LLKI OTPIVTPH-PL;FRGO[EL-PBWLELL
FTB2TBEISLTUHLnPHGYKI>PHLn EMR6OK)L0GUVLZOAG7YLTQKHRWL"OTPIYLB³LLKIETCMWVLT<LTPJ[)LLPIQF3ELKELT
OT<LEKULTYIOTPIETQKLLTBFTBGYKJ. L"NMVTOTPIMT\LFLFLnYIS'LLOXMKLTBELTWJVTQBYRZFTB2nMLVTPLZI³LXS;GP]LEL
JGK3LYEKETPHGUV)L%SDVYL"WJVT‰ERŠYRULTYIEIHWP-'LLOT<LEKK3VLT<LK)LIWJIJ3VIETMF\LD. L
ZG5USHRWL"NMVTGUVLZFTBULEKWJVTWJKL³LLTBELJ[GS£FLEKLTLUIPVM3MBYGSFTBGDSLVTEIJ[GS,LEI"WD
J3VIEIM3MBYGSMTK3VLT<LK)LLTYELT/LT. EKLTYETKL-STJKQZJ. L'LL"VYKPLMI)LIGUV)L%SDVEKMR<LLLG6SEL
UIPVLJVEKVTZYT"

153
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV


N TO68/UD+NGD
GV3LTOBOGZSFLTHFHL6´LELKBƒY&BVKLHRPOV-VPLGKOLVLF_"
GP)L[LUSTSPFR<LL$UFV:JELG6SƒGP]LTS5UYOJXP;LLL_EGD&DF_
2MX]S(E]EÏ(EPMXE1SLE1EL»RHLE/»VEQ+EQ]EÏ2E6»LY:»HEREW]E2E:»VMH»R»Ï
:MFLV»NEXI8EZE1YOL»FNE1EREPTE/»RXM:MH]SXE]ENNEKEH4ÍVZEwLEwL»ROE&MÏFEQ

MOLNGOSGPOGZSFVFLTH>GP LG7SFT LKLHRWGPKLTH"


SRFFR<LEFZWJXKPQ6O>UYSGPELLIULTGSWF6O

OVXNR
NKGMNBI YN6MH8
@G
ULJƒyIWH~LFLTGPNLG7_#J¤LLLB[L4B[L4BVF-PLHL"
F6LULJƒyVFLT)LYPSTUGPUFLTHFLTH-S&)L-S&)L-PLHL"
yVFLTLL-L,LVDLT³LVLJKFG
;J[LG*SUBEKLLnIB£L4B+IBVFœ
yVFLT)LYPSTLLRM46GVPLKLLBBB\LRKGP³PBMVLVF%ZIBIBVFœ
W ;ƒyIBQ6O[P3MP;ZLTELT]LTSVEKL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒBLGPKLUFLVEKTBS'LLJGPL)LLPLTBMTMLSGOVSE>J[GSGOVZLZFLZL^LKL>ZLZ
EJ. TJHVEK>ZLZWLMVJK>JXP;EIWLTKFR<LEKET>J–LMVMTD4#EKDLKPLn
EL0>@G
ULJ PBF6LEL-FKLEKSTOLLBY³LXJ\LTJLEKSTHR LR
 LIELOIJE
UZLEKML³LVLEKVIQLGH "


N TO68/UD+NGD

154
G)NN
\NVG

V/ GHTIMUTNSVMW
WLQL;+IFLVSRBY-PLFI-PBELTW,LVIEHSTH4B>HSLTNVEIGPVLIZSLH4"NVETKGQSFHLFA3RBUI)L%SLFK
-SLTLFTB,LVEICSVI’UL;)LKIJ. IH4GE EYnPLK)LO[ERFLK)LI-SLTLULJMTERLZKLUF6LIDVL"NMIEIHE'LL
H4‚
PF;FLVMFFTBJGKPLKLTBETRPLMO-GPG)L6VGPLLBTEISEVIEIGL\LLPJ[GL\LLJ[L*SEKETWZYWZY
0PMLLTBFTBZYULSTH4B"2ZSPTWJVTJ4SAE0PMLELTDHRSEFWJVLSTH4B"GE6SR)L%SLFK-SLTLETPTBEL0MT
M&DG6³LSM3 L7VLNMUFLVTEIH4>UD EJRLWJVTGJSLETJOW'LPL0PMLEL-PL)LLGPEWG³LELKIHLTSL'LL"
EKLULELJRLGESVLHIGVE&FL>ELK PBWLT9%LTBVHLT>GJSLEIFA3RETDLOKLULEIYO_OIJKD4#TYLHI"KL5
ETJRKLTGHSETJRLETGZ QLHTELZLW\LK)L4BMDKLDKHLTJK6SRPHDVTYLKLUJRKLTGHSHI"
EGZBYOTLEIDKDKVYKIFTBKLULQ6O[EIGS;LLMVEKST'LT"NVETKL5F6LIMRFGSQ6O[EL-PY;PLMHLTYL"
JKBJKLVRMLKKLULVTFBLIJRL)LO[ERFLKELTFBLIJOML4BJVTETGZ DRZLL"OKDLKFTBULVTMTJXP;)LO[ERFLKEIFLnNMTMFLVT
ZYI‚?DT7L>KLUOKDLKFTBWODMTULVL>WJVTJOEL³LVK<LVL%LTBGEGJSLEIFA3RETDLOSRTHIFBLIDVVLH4" JK
GM<LLVTFLLMTJXS-PY;VHIBULLEKST>-PY;SLTWJVTW1/TEFLT~MTHIULLULSLH4")LO[ERFLKFVFTBD. TGQG6SS'LT"
ELKLPL;ET)LO[ERFLKVTPL;SLT<LTZEXOWL4KGJSLEIYLTOFTBHIGDSLT'LT"GJSLETJ[LMLTBETDLO)LINMVT
J VTGZ<LVTFTBELTC;GQVHIBZI'LI"2ZSGJSLETGVOT;LLVRMLKPL;SEPHJLRWLTBEIOT<LKT<LEKSLKHL'LL" TMTHIV
MB-ELKLTBETML'L)LO[ERFLKKLUOKDLKFTBJHRnQL"PHLBOKDLKELMRM)PLSL;ZLJNMTER/MFVWLL"WSELTVTFTBD4#L
KHL"S)LIKLULVTJX/L‚?)LO[ERFLKWJVTGJSL+IETFBLIJOEL)LLKPHVEKMELTYT= )LO[ERFLKVTN¤LKGOL‚??KLUV_
FTKIFLn)LIEHSI'LIGEFRTF6LIDVVLH4" )LO[ERFLKETCMN¤LKJKMDOKDLKIHnMJ. T%LTBGECMN¤LKMTNMEI
LT9SLP,LVEIJLTZ<LRZYC;'LI"KLULVTEHL‚??)LO[ERFLK,LVETGDVLSRFFBLIJOETYRSK)LLKELTE4MTN#L
MELTYT= )LO[ERFLKELTWDSEWJVIWLT9SLS'LLOKDLKETM)PLSLPKLEL,LVHLTYL'LT>NMVTEHL‚?KLUV_
GJSL+IETZL<LJ[LMLTBETDLO)LIF4BMLGH3P0LEKLLGOMTELTMLTBOXKKHL>F4BCMLT9VHIBGEFBLIDVMEXnWSFRT
KLUOKDLKFTBELTC;W6EL;OTOIGUTSLGEFTKIWLUIGPELQZMET" CMJKKLULVTEHL‚??FX<LLT~PW,LGVLTBETGZ 
FTKTOKDLKFTBELTC;-'LLVVHIBH4"GOHLB-'LLVQLHSTHLTSLTW³V^LKL,LVJ[L*SEKVLWLPEH4"
CGSHLMML\LIH4GEELGZOLM>SRZMIWLGOGUSVT)LIGP^LVHR H4B>M)LI27ELKMRVEKHIM3J'LEIWLTKD T'LT"
G)L<LLKIHLTLKLUL>GLG\LSHLTLWGLG\LS>FX<L;HLTLGP^LV>EFULTKHLTLDZPLV>WJVIGV6OLGEMIELTW1/IVHIB
ZYSI"GV6OLL27ELKMT EDLKELTSLT0G%SGSZGFZLHIN#SLH4")LO[ERFLK)LI27ELKWL4KWJFLVELE. PL LXn7
JIEKQZJ. L‚ER/EKGO<LLVTETGZ "C³LKN³LK)L7ESTHR PH EPISKLYIV9VGOY&DKFRGVKLUEIMTPLFTBUL
JHRnQL"NVEIQKLKUFL'LTJKZYLEK)LO[ERFLKVTW36SGPVJXP;ENVMTGVPTOVGEL‚??+I)LYPV_F4BW,LVIHXn>
FRT,LVOIGUTGUMMTGEF4BWJVTGJSLETFBLIJOELTJLMEXnX",LVETW)LLPETELKLKLUOKDLKFTBF4BD. LWJFLGVS
HRWLHXn" OLZRFRGVKLUVT)LLTZT)LO[ERFLKETFVEIJI. LELTMFEKNJOTLGOL??GF'L3PELT/LT. EKM&%3PELT
WJVLWLT"P3M)LYPLVGUVT6O[WL4KNVEIPLLIJK+
LK<LLT" CMETML'LHIFRGVKLUVTFHLJ[)LLPE+I)L%SFK-SLTL
ELPLBZLTE‰GV3LTOBOGZSFLTHFHL6³LELKBŠNMTJ EKMRVLL>MFLL>LOEKLLWL4KEHL‚CMZLTEEL
@G
PF6LMGHSGPG³LJXP;EJ[GSGOVULJPJL#EKVTMTSR&HLKTMDFVLTK'LJXKTHLTBYT")LO[ERFLK)L0UIP'LL"PHSIV
GOVSEZYLSLKGUV)LG%SFTBS'LL+I)L%SLFK-SLTLETPTBZLTEET@G
PF6LMGHSULJFTBZYLKHL"S)LINMVT
GUVLLMVEI)L%S?P[UL OTPIELTWJVTMF\LJ[E7HRWLOT<LLBOTPIVTEHL‚?WL,LEIGUT>FTKTLT9EL;= )LO[ERFLKVT
EHL‚?OTPIFRTPKOLVOLTGEF4BGP^LV_DVMEXn" OTPIPKOLVOTEKWOAHLTYC;"WD)LO[ERFLKVT-PBFTBJXL;JGKPS;V
JLL>PTJXL;,LVIDVQRET'LT"KLUOKDLKFTBJHRnQTSLTNVET,LVPPLSL;ZLJMTKLULPOKDLKIWLQ;QGES'LT"CSVTLI L[
GP^LVDVULVTELELKLNVEIMFFTBVWLL"WLG<LK>KLULCSVIU:OIGP^LVDVULVTELELKLJX/HID4#T"
W36SGPVETML'L)LO[ERFLKVTN¤LKGOL‚?KLUV_U4V³LF;ETJ[)LLPMTSLTD. ID. I@G
LnWL4KFHLV,LVJ[L*SHLTSL
H4"G2KCMLL-LI,LVEISLTDLSHI%LH4"HOT<LPMRVEKKLULS'LLM)LIOKDLKIU4V³LF;MTJ[)LLGPSHLTGUV)L%S
DVYT")LO[ERFLKELTFBLIJOML4BJEKKLULVT-PBELT³L6GEL"

155
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

LMIR_N1VQG#XN6GMKRDLQNV8XIUD
GEBLP;KILRLGLVLGšGPP-PSLPLƒRFV_FR<LT6OROGZSTLRSFMRVL'L
GVJ6VLLGZPVLLGZGVUIPZLTETƒELGE5UZ´LK4U;Z)LLKVF4[
/MÏwLEVZE6ÃwLYwLEwLM2»RLM:MZEWZEX»:»=YzQER1YOLIRHY(EPMXIzLY8EQELWY2»XLE
2MzLTERREwL»PM:EREwL»PMRM.ÃZEPSOI/»V]EÏ/M]ENNEPE(LEVEMV.EPE&L»VE2EQVEMË

GVLGOVLGLKGPELTVGHBELF>SRFFR<LQ6OHK4SF´LLF"
ULT-P)LLPS4BNJUTVLU>MUZFT LS4BEL4VHRELU

LMIR_N1VQGBI YN6MH8
@G
ULJƒyIBWH~LFLTGP5ULHKLLB[L4B[L4BVF-PLHL"
F6LULJƒyLBIBXn\LIBPL7_VF-PLHL"
W ;ƒyIBMEZELZROLTLGVPLKLL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒBLGPKLUFLVEKTBS'LLKLTUJ[LSELZ>VHL³LLTEKLR
JIZTP-L³LKLEK>JIZT
WLMVLWLFETJL7TJK>JXP;GOLLEIWLTKFR<LEKET>MR<LLMVMTD4#EKFVEI
ELY[SLJXP;E>PTBEL0>@G
ULJWL4KF6LELDLK>OIJUZLEKOLLBY³LXJ<LTST
HR >WLKL³LVLEKVIQLGH "

UD L]+NNRP3SN9GD

156
G)NN
\NVG

N4NMGWU
XMTMIJI5
ORGVLFTBE)LIE)LIWM3EIUISHLTSIOI<LSIH4JKBSRPHLLPSVHIBHLTSI"WBSSM3MLFVTWLSLHIH4"
MR<LLV6OERFLKUL4HKIEIHE'LLFHLFA3RBUI)L%SLFKEILLTYL'LLH4"
KLULVTMR<LLVBOERFLKELT/FLHM<SE4OEIMULMRVLHIOIWL4KUTZFTB.LZGOL"HG-SVLJRKVYKEI
YZIYZIFTBHMFLQLKPLRPTYMT24ZYL"M)LIZLTYWLQ;QGES'LTGEMR<LLV6OERFLKMKI<LT³LF;GV#>
C;FLVOLKPM&9OAG7VYKUL4HKIELT TMLE. LO.=ZLTYQQL;EKST‚MR<LLV6OERFLKETML'LSLTER/W6LHRWL
ZYSLH4>UKCMETJI/TELTC;L._BLH4GUMEL)LTOMFWLVTJKWP<LRZTYL"SDMR<LLV6OETFL'LTJKZYL
ELZL7IELM1QT 6LWL4KGPUELJ[SIEKLTZIELFBYZ7IELDVULTYL"UTZEIWG9VJKI\LLELT
MR<LLV6OVERFLKE)LISLTWJVTGEMIJXP;WLR)LEF;ELNOFLVSLWL4KE)LIMLTQSLGEWVTEFHLVJRLLTBEI
U6F)LXGFUTZHISLTKHIH4"WLUHFOT<LSTH4BGEELKLPLMFTBPLLT~SEM. VTPLZTVTSLWLUKL7wWL4KM¤LLET
EL;³LLKH4B"VYKETJ[FR<L-PL;ELKK3V5LTGSVTHIKLULMXKJLZEIWLn<LLTBFTB³LXZLTBEOI'LI"NMTKLUJGKPLKET
GZ WL)LXLLDVLVT'LT"MLTNMVTMLKTHIKT>FGLE>FLTSI>J6VLP-PL;WLGOWMZUPLHKLSLTBELTSLTWJVT LKFTBK<L
GZLWL4KVEZI³LLSRWLTBETWL)LXLLDVLEKKLULETMF\LJ[-SRSEKVTZTQZL"NMFLLPI-PL;ELKK3V5LTGSVT
)LIMLTQGZL'LLGEWYKKLULVTWJVIJ4VIOAG7MTCVVEZIUTPKLTBEIJHQLVEKZI>SLTF4BEHOXnYL
GE‚FHLKLUF4BVTSLTLR
PWMZIWL)LXLLDVLEKUL4HKIMR<LLV6OERFLKELTGOT'LT>N6HLTBVTHIWLJETML'L³LLT<LL
GELH4WL4KHIHRWL"
KLULEIJ4VIOAG7VTVEZIUTPKJHQLVGZ "-PL;ELKETSELT~JKKLULVT)LIGPPLMEKGZLWL4KUL4HKI
MR<LLV6OERFLKELTOKDLKFTBDRZLEKJX/VL)LINGQSPWLPEVMFL"K3V5LTGSVTWJVLKBYKLULJKUFST
OT<LLSLTDLTZL‚??KLUV_F4BSLTLRFTBHIWLJELT7LTEVTPLZL'LLGETUTPKSLTVEZIH4BGE6SRHMLTQEKKHYL
GEFHLKLUEHIBHVEHVTZYTBGEFTKIDRG
MTHLT. ZYLVTPLZLSXEL4V= WLG<LKELK>DOVISPV%ELZ
-PL;ELKEIRG%SELFEKYC;WL4KKLULVTNMJKGPPLMEKET>GDVLELTC;W6ULnQJ. SLZGETVYKUL4HKI
MR<LLV6OERFLKELTUTZFTB.LZGOL"MR<LLV6OERFLKUTZFTBSIVGOVSEGDVLW6VUZY[HLGETJ. TKHT"GE6SR
CMELNVETFVFTBELTC;OR<LL\LLT)LVHIB'LL"FHLFA3RBUI)L%SLFK-SLTLJKNVEIWYL³L+
L'LI"N6HTB,LS'LL
GEJ[LS-FKLI+IFLVSRBYLQL;JK)LISLT EL._BLSHS TMIHIGPJG¤LJ. I'LI"N6HTBW. SLZIMSLZLTBPLZI
UTZEIELT#KIFTBK<LLYL'LLGE6SRKLUL)LLTUNVELER/)LIVGDYL. MEL'LL"G2K>F4B)LISLTMLTZHWLVTM1QLC;
JKHXn"WS)L%SLFK-SLTLJKWYL³L+
LETELKLMR<LLV6OVERFLKVTJXL;)LG%SFHLTEK+I)L%SLFK-SLTLET
N6VIMPTBZLTEELJL#>@G
FBLMGHSEKVLLREKGOL"
]GJVYKFTBNMMFDVTFLHL4ZFTBMR<LLV6OERFLK EDTC;FLV>DOVISWL4KW0PZOKUTEL-PL;S-EK
J[QLGKSHLTKHL'LLGE6SRNMEIJGPLWL3FLW6OKMTJRELKJRELKEKHEHKHI'LIGEMLTVLWG9VFTBSJLTULVT
JKLR
ERBOVDVEKHIGVEZSLH4"MISLUIELJGSP[S³LF;)LISLTWG9VJKI\LLFTBSJVTJKGV<LKN#L'LL"GVGQS
HI>UTZEIWG9VJKI\LLETDLOFTKIWL3FL)LIJGPLHLTEKHIMDETMF\LJRVJ[E7HLTYI"UTZEIWn³LTKIELT#KIFTB
EKLGLUDPHMLTKHL'LLSDU4VLLMVEIWG³L#LLIOTPI?U&DXFGS VTWLEKGVO[LP-'LLFTBHINMTN#LEKNMET
LKZTULEKK<LGOL"OXMKTGOVKLULMXKJLZVTOT<LLGEUTZELOKPLUL<LRZLJ. LH4"JHKTOLKMLTTJ. TH4BWL4K
UL4HKIMR<LLV6OWJVIUPLHKLSLTBEIORELVJKGVGQBSD4#THR 0LJLKFTB0-SH4B"KLULMFYLGEGJ/ZIKLGL
ETWG6SFJ[HKFTBF4BVTULT-P*VOT<LL'LL>PHHISLT'LL"DMG2K%L'LL=KLULMXKJLZU4V³LF;ELW7Z+
LZR
DVYL"NMVTL._6LELKI-PL;ELKK3V5LTGSELTWJVTGETEREF;EL2Z)LRYSVTETGZ UTZFTB.LZGOL"

157
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

O8UIU@O(LI²N@ON6+NN;L]ONNG
,LVB'LL3PGGP)LLGSŸSLPELLBƒV4PBS'LLHGKHKLGOLRVLETLR"
STU-2RKV_FGLLRLGS'LLFH¥PBƒV4PBSRELQLEZTGEKLLERZT…GJ
UVWNVHJNHINNT
.REREÏ=EXL»8ZE]M:MFL»XM/VMX»ZEO»wLEÏ2EMZEÏ8EXL»,EVMLEV»(MWLY2»]EOIzLY
8INEË7JYVER¦ERMzLY=»XM=EXL»1ELEXXZEQ2EMZEÏ8Y/»GLEwLEOEPI/MVE»/YPITM

ULTMRDLT´LMLTH4SRFFLoGH>HGKHKWLGOEFTMLTVLGHB"
ULT]RGSFHLKSVFTBHLT >ELQ<L.JLP4VGHBMLT

O8UNXL]NI,UGNMGBI YN6MH8
@G
ULJƒyIBWH~LFLTQLKLLLB[L4B[L4BVF-PLHL"
F6LULJ‚y+LB+IB+XB+LLR)L‚GVPLKLL##VF-PLHL"
yVFLT)LYPSTJRLL'L;ML4<BERER-PLHLIBVFœ
W ;ƒyIBETPZ,LVJ[ELGLSZLTELZLTE-PJL%ZIBFHLDIUL\LKMGHSL
­OG-'LSL+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒKLGLETQL4'LTJ[HKFTBJGPLHLTEK>ZLZP-LJHVEK6L-'LLGJSEKJXULEKTB"
JQLS_JXP;LN¤LKGOLLEIWLTKD4#EK>L<L. THLTEK>OIJUZLEKMRYG6³LS³LXJ
<LTSTHR ZLZFLZLMT>GOVSEJ[GSGOVDLKPLnEL0>@G
ULJ PBF6L
EL-FKLEKSTHR GMG
EKVIQLGH "ULJEKSTHR ZLZKBYETJRJWPHI
Q LVLQLGH "

IRW\^HKL]QNGD

158
G)NN
\NVG

NP`ZSFMUKIRMWMU
GF'L3PIYRETULZFTB2nMLHRWLGPLROLMPISKLYIGOY&DKFRGVETNJOTLMTFHLFA3RBUI)L%SLFK-SLTLMTE4MT
³LF;FLY;JKWLL>CME'LLMTHFULVMESTH4B‚
MT#W.LTZO¤LU4V³LF;ETOA +
LVIPM&9OAG7JRL'LT"³LF;ETJ[GSNVET+
LVEIVYKETM)LIZLTYJ[LBML
EKST'LT"JK6SRMT#UIELCEZL4SLJRLGPLROLMM&9OAG7GJSLELMLG6V³PMHLTYJLEK)LI LLTKGF'L3PI'LL" E
GOVVYKFTBML³LRFHLKLUJ³LLKT"NVEIZ&DIZ&DIU7L nNVETFR<LF.ZEILLT)LLSLTD LKHI'LIBGE6SPTPL-SGPEVHIB
'LIB"ML³LRFHLKLUVTOXKMTMT#JRLGPLROLMELTWJVIWLTKWLSLOT<LMLTQLGEMLTVTEIGQG. LGJBU.T FTB2nMVTWLKHIH4>
SLTPLBMKLTEEKLTYLMVFTBP4MTHID4#YT>U4MTDYRZLF/GZLTBELTOT<LEK³LV-'LHLTULSLH4"GPLROLMVTPHLnJHRnQEK
ML³LRFHLKLUELTJ[LLFGELWL4KEHL‚??FHLKLU>ER/NJLDSLTBSLGEMBMLKMFRO[ELTJLKEKMEXn" FHLKLU
DLTZT‚??P3MSR&HLKLE'LVSLT#IEH4>JKSRF)L%SZLTYHFM3MBYIML³LRWLTBET)LLTUVPP-LWLGOEIGQ6SLVEKHK
MFNJOTLNJOTLEIHIK7ZYLSTKHSTHLT"GOOTL>³LF;WL4K)L%SLTBEIHIOLLKHI>SLTHFML³LRZLTYGHFLZJK
ERG7LDVLEK)LX<LTJT7HIKLFVLFELULJEKSTKHTBYTWL4KG2KSR&HLKICM&ZT1/JRKIFTBE)LIEOF)LIVK<LTBYT"ML³LR
FHLKLUELHNJOTLGPLROLMJKWJVLKBYUFLQREL'LL"HƒSLTBSEPTNVEIMTPLFTBZYTKHT")LLTUV>P-L>S&DLEX>
YLnULWLGOMDEI0P-'LLEL)LLKGPLROLMVTHIN#LK<LL'LL"ULTGPLROLMGJSLETZL<LEHVTJK)LIWJVT0LJLKEI
N³LLKIETJTPMXZEKVTVHIBULSL'LL>PHML³LRETEHVTMTVYKFTB-EXZ<LLTZVTETVLFJK LK LKQBOLFLnYSTG2KSL'LL
WL4KCMHTSRNMVTHULKLTBJT ELEKEG'LSML³LRETJLMUFLEKGOT'LT"ML³LRFHLKLU<LRL'LT"WDPT ELGEL
HRWLHULKLTBJLH. JVTETNJLEI<LLTUFTB'LT>LI L[HIN6HTBNJLGFZYL"
EGOVNJOTLOTSTHR DLTZT‚?³LFL;VRKLYI)LLCLT>WLJZLTYLTBETDIQHFLKL³LF;ML³LVJXL;HRWL>WDHFW6-'LLV
JKULVLQLHSTH4B‚%LTBGELL-LLTBFTBEHLH4GEML³LRWL4KJLVIGOWG³LEMFSE E-'LLVJKELKHTSLTOXGLSHLT
ULSLH4"ML³LRGEMI-'LLVGPLTLMTFLTHVHIBEKSL%LTBGEFLTHNMETJSVELELKLDVULSLH4" WBSS)L%SLTBETEVT
ETWLY[HETDLPUXOML³LRFHLKLULQZJ. TS'LLGPLROLMELTWJVLJ[FR<LGLDVLEKML'LHIZTYT"OXMKTVYKFTBHK
MFYRETML'LKHEKGPLROLMVTWJVT‰ERŠYRETPL-SGPEUIPVELTOT<LLSLTNMTNVMTM<SV2KSHLTYIWL4KPHLn
MTVL4OLT9LKHHLTVTEIG2£FTBKHVTZYL EGOVEG'LSML³LRHIGLMTJI/L/R. LEK EGLSKEFZTEKKLSLTBKLS
K2XQ%EKHLTYT"CMTOT<LEKNMTML³LRWLTBETLTBYIJVMTDHRSHI LALLHLTYC;"N³LK>W.LTZO¤L EFLLJRLETGPLTYMT
GQG6SS'LT" EGOVNVETWLQ;EIMIFLVKHI>UDNVELJRLNVETQKLLBTFTBGYKEKEHKHL'LL‚?GJSLUI>F4BJ'L)L[7
HLTYL'LL>FRT\LFLEKOIGUT" GJSLUI<LRLHR GEQZLTW1/LHRWL>DT7LGF'L3PIPLTBYIML³LRWLTBET)L[FULZMTDLHK
GVEZWLL"G2K> EGOVVYKFTB EPISKLYIGOY&DKFRGVKLUJ³LLKT"MT#JRLELTNVETJLMZTYT"GPLROLMFRGVET
FR<LF.ZJKOTOI*FLVSTUOT<LEKJ[)LLGPSSLTHRWL>JK6SRPHLTBYIML³LRELTOT<LQREL'LLWSNMELFL'LLPISKLYIFRGV
ETMF\L)LIVHIBREL"
NMVTFRGV+IETJKI\LLHTSR EJ[VGEL‚?MBMLKMT/X7VTELNJLDSLCTFHLKLU" žJLZRFRGVVTEHLGE
?P3M>LKIKWL4KWL3FLWZYWZYH4B>CM)LTOELTMFLT"FVMTKLYP^TLEFEKLT"GHBML>X#>QLTKI>ERLIZ>
JGKY[H‚CVJLnQJLJLTBMTDQLT>£LT³LFLVFLLZLT)LCVQLKELLLTBELTFVFTBVWLVTOLTWL4KUIPVETHK\LTLFTB
'LLLG%SMBF³LLKLEKLT"SR&HLKIWL3FLCMMTJGPLHLTYIWL4KSRFMBMLKMT/R7ELKLJLVTEIGOLLFTBWLYTD MELTYT" 
GPLROLMD. LJ[)LLGPSHRWLWL4KNMTUIPVFTBMHIKLHGFZSIMIGO<LLC;OI"GE6SRLTBYIML³LRWLTBETJ[GSFVFTBNJUL
WGPPLMW)LIJXKISKHGVEZLVHIB'LLWSDLTZL‚?FHLKLUELTC;QF3ELKGO<LLWLT>GUMMT³LF;PML³LRWLTBJKFTKL
GPPLMOA HLT" FRGV+IVT)L%SLFK-SLTLELPLBZLTE>@G
PF6LMGHSNMTGM<LLLWL4KEHLGEM)LIETMF\LCM
ZLTEEL@G
PF6LMGHSJL#EKWJVLFVLTK'LGM
EKLT"WYZTGOVKLUOKDLKFTBM)LIETMF\LGPLROLMVT
)LG%SJXP;EJL#GEL"S)LIGUVLLMVEI)L%S?)LAYRYI OTPIPHLnNJG-'LSHRC;S'LLGPRLOLMELTW7@G
LnJ[OLVEI"
M)LIUUELKEKN#T"GPLROLMM)LIETML'LUBYZFTBYTWL4KN6HIBFRGVKLUETQKLLTBFTBGYKEKDLTZT‚?J[)LR>WLUOTL
)LKFTBJL<L.IML³LRJT7JXULETN¸TMT³LXVIKQLEKGF'L3PISJEKKHTH4B" TMTMFFTBWLJVTGF'L3PIERYRMT
DQLEKFTKIWLn<LTB<LLTZOIB"

159
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

ORN=NKXGNMG#OR=ON6>ON6+NN;ONNGD
F6TPKBHGKHKLO POA7LƒOA7TLRTLR®OB3PGSLTLFTGS"
GEBPIG\LSTV)LPSL)LRGPTVVL6ƒEGQV_FVLTHKGSVL'L)LPL6SKT…GJ
1ER]I:EVEÏ,EVM,EV»HE]E)ZE(ÖMz½»(ÖMzXIzLY=IzLY,ÖMHE]EÏ8ZE]M8SzLQIXM
/MÏ:ÇOzLMXIRE&LEZEX»&LYZM=IRE2»R]EË/EwLGLMR1ERS,EVEXM2»XLE&LEZ»RXEVITM

MKLYOTPOT<LF4B)LZLGPLTLFLGVL>-PJULGHOT<LPISKLYSXGJ/LGVL"
E/XVSLTGHOT<LETUHLoSRHIGPLTG<LL>FVLTYGQ¥LQLTKWL4K)LXZHXVJTG<LL

R
NKGMNBI YN6MH8
@G
ULJƒyIBWH~LFLTJLMFLLLB[L4B[L4BVF-PLHL"
F6LULJƒyVF+IFGL)LO[UGPUWJKLGUSTMP;ML4)LL9BMP;ML4<BERER
-PLHL"
yVFLT)LYPSTLLR)LGVPLKLLVFœ
W ;ƒyIBMP;OLTLHKLR)LOL;VL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒBLGPKLUFLVEKTBS'LLJGPLHLTEK>LR
ZLZP-L³LLKLEK>ZLZFLZLMT>ZLZ
WLMVJK>N¤LKGOLLEIWLTKJ–LMVMTD4#EK>OIJUZLEK>ZLZQ6OVEI³LXJ<LTST
HR >JXPL;™ELZFTBGOVSEKLTUDLKPLnEL0>@G
ELULJ PBF6LELULJ
EKSTHR ML³LVLEKTB"ML³LVLETN3ž72ZHTSRZLZJRJWPQ LVLQLGH "

ORN=NKXGNMGD

160
G)NN
\NVG

K\HT-MK\MMMUCNU,U$
U4VJK&JKLFTBJ[GS,LELFX:J[LLLTBMTWG³LEH4"FHLFA3RBUI)L%SLFK-SLTLMTJ+IEIJ[GS,LE4MTJXL;
HRI>CME'LLMTULVMESTH4B‚
DM6S@SRFTBJ[žGS§LABYLKEIFVLTKF/7LGD<LTKKHI'LI"D. TD. TJP;SS'LLPA\L2ZLTBPJ¤LLTBELHKLP
KBYGDKBYLJGK³LLVJHVEKOL;ELTBELFVFLTHKHT'LT"JJIHTEIJIHXJIHX>ELTZEIERHXERHXS'LLFTBELTBEI.wL8P.wL8P
YLV³PGVET-PKM)LIELTD. TEL;MR<LOZYKHT'LT"EHIBFXKPA6OVA3EKKHT'LT>SLTEHIBYYVGP]RSEIQFEET
DIQFT LLTBELY&)LIKYU;VC6O[OTPETGMSLKPLOVU4MLZYKHL'LL"DM6S@SRET TMTMRHLPVTPLSLPKLFTB+I³LK
WL4KJ+IJLGLY[HLETMXLFTBDn³LQRET'LT"CVFTB+I³LKEIGQ³LF;FTBVHIB'LI>PHSLT³LF;ELTJXP;ULTBEIDJL4SIWL4K
³LF;ETGVFLTBELTLTBYFLVSL'LL"NMEIJ3VIJ+IU4V³LF;FTBOA +
LK<LVTPLZI³LLGF;EYAGHLI'LI"J+IEL
J[GSGOVGUVOL;VETDLOHIW6VUZZTVTELGVF'LL"PHJ[GSGOVMMRKLZYAHMTFIZOXKG-'LSGUVFBGOKULSI
WL4KOL;VEKVTETDLOHIW6VY[HLEKSI'LI"GPPLHETDLOVL4GOVSESLTHMDG£LTB#IE#LEQZSIKHIB
GE6SROMPTBGOVSLT LV LLTKPLL;EI. IHIZYYI"SIP[PLL;MTVYKETGPG)L6V\LTLLTBEIHZQZTBLL6SMIHLTYC~"
+I³LKETM)LIJGKPLKUVF³L™EL)LLTUVEKQRET'LTGE6SRJ+IW)LISEGVKLHLKHI'LI%LTBGE LV LLTK
PLL;FTBVYKMTFIZOXKGUVLZFTBOL;VHTSRULVLNMETGZ 7T I<LIK'LI"MLMRFLnVTWLEKEHL‚?DHXKLVILLF
ELTGUVFBGOKQZTBYT>W)LISLTULVLM&)LPVHIBH4WSSRF)LLTUVEKZLT" GE6SRU4V³LFL;PZ&DISLTGZ HR P[SELT
J[LLJLMTGV)LLSTH4B"N³LK>J[žGSSLTFLVLTPHJ+IEIJ[GS,LGV)LLVTEI)LLPVLWL4K\LFSLEIJKI\LLZTKHI'LI"
LV LLTKPFXMZL³LLKPLL; EOLTGOVVHIB>ZYLSLKMLSGOVSEULKIKHI"D. TD. TGPLLZ)LPVUZF9VHLTQRET
'LT"YLnPETYLnPDL MTG LKYT'LT"GUVFBGOK)LIDL \LTLETDIQFTBWLQREL'LL"WBSSMLSGOVDLOPLL;'LFISLT
MLSGOVMTGVKLHLKJ+IOL;VHTSROTPLZEIWLTKQZI"GE6SRH%L=DIQFTBJ. VTPLZIVOIEIDL VTNMT
DIQFTBHIKLTEGOL"OTPLZETQLKLTBWLTK)LIOXKMTUZHIUZ24ZLHRWLGO<LLC;OTKHL'LL"WLG<LKGVKLLHLTEK
J+IELMDJGKPLK LKPLGJMZL47WLL"PMRKUIWLEKMFLVTZYT‚??DHXKLVIMLSGOVETGVU;ZNJPLMMT
SR&HLKIER6OVMIELLE4MIFRKLYIH4"WDWL4KH#FSEKLTDT7I"WYKSR&HLKLER/WLR)LHLTYL>SLT
6LLZFTBF4B%LUPLDOXnYL=ZLTY%LFRU4MTVYK+TG#ELTM6OTHEIOAG7MTVHIBOT<LTBYT= MLMRVT)LIWLEK
MFLLGE??PMRKUISLT6LLZFTBUPLDOTVTEIDLSEHKHTH4B"JKF4B)LYPLVELT%LUPLDOXnYI=ZLTYFRJK
WLKLTJZYLTBYTGEMLMRFLnHLTEK)LIDHXELTMRKG\LSVK<LMEI= GE6SRMLSGOVMTGVKLHLKKHVTPLZIJ+IWLU
)LIWJVTP[SPGPQLKLTBJKOA KHI"NMVTM)LIELTMFLLGEJ[LWL4KJ[LLFTBELTC;SLZFTZVHIBHLTMESL"NMT
J[LLLTBELELTC;FLTHVHIB>ETPZJ[LGV)LLVTEIHIGQ6SLH4"PLL;WL4KDL MTVYK)LKFTBGQ6SLELPLSLPKL'LL>M)LI
DL JIG. SUVMBE77LZVTETGZ WJVTWJVTC7OTPEIWLKL³LVLEKKHT'LT"
³LF;FTBGPPLMVK<LVTPLZT+I³LKELT)LIJ[žGSETWLYTGMKRELVLJ. L"J3VIETEHVTMTPHJR-SEZTEK
FHLFA3RBUI+I)L%SLFK-SLTLELJL# ELY[GQSP)LG%SMTEKVTZYT"JL#ETDIQUDPHC%EIMPTBZLTE‰F6T
PKBHGKHKLO POA7LŠJKWLLSLTHIBELWL4KEL2IOTKSECMIZLTEELTDLKDLKOLTHKLSLKHL"S)LIGUV
LLMVEI)L%SS'LLWVTEWZBELKLTBMTGP)LXGLS?FIKLOTPI VTJ[E7HLTEKEHL‚?P3MF4BJ[M6VHXn"DSLWLT>%L
QLHSTHLT= +I³LKVTEHL‚?OTPIFTKIJ3VIJ+IDL EIG-'LGSFTBGUVOL;VVEKMEVTETELKLMLSGOVMT
GVKLHLKH4"WSHFLKTMF-SJGKPLKELTGUVOL;VEKLVTEIžJLEIGUT" OTPIETJ[SLJMTPLRK'LJKMPLKHLTEK
+I³LKETJXKTJGKPLKVTGUVD6OVLEIWL4KPHLnFRGVKLUELNJOTLMRVL"CMWZL4GEE PBWVRJFQF3ELKMT
+I³LKELU4V³LF;FTBJXL;+
LVHLTYL"+I³LKVTFRGV+IMTP[SY[HLGELS'LLNMEIOA J[GS,>GPORLIP
M&9OAG7J3VIU4VT6O[J[GSFLETWLYTW)LI)LI)LG%SFTBZIV'LI" TMLJ[SISHLTSL'LLFLVLTNMT)LLTUVEIWDELTC;
C1/LLGQ6SLVHIBKHYI'LI"

161
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

+NZUIL
NNSFNNNIXMNVNGGN2
-LILLBLSLGVLSLLTUVG6SJRLLV_ƒVL6LMRSB3PORJFBUVVIJ[MXSL"
MPL;GOLLTO´LGS)LLGVMH¾KGFBƒJ[L1TPGO9UVGS-2RKOBLRULZF_
7XVÃÂEQwLEX»RMwLEXEwLS.ERE]ERXM4YXV»R2»R]»7YXEÏ8ZEHYTEQEÏ.ERERÇ4VEWÍX»
7EVZ»(MwLS(EHLEXM&L»RM7ELEWVE6EwQMQ4V»GL]IZE(MK.ERE]EXM7TLYVE(ERwLY.»PEQ

WVTEJRLPG6SVIGVSBGDVIMJXSH4B>VSLTMFLVJRLWL4KFLSS4BJ[MXSH4B"
GOLL´LK6SSLGKELWVTEELTG7ELTGYV4B>GOVTLSTUP6S EJXP;HIGOLLUV4

+NZUL]VUFNNNIXRNMGBI YN6MH8
@G
 ULJƒ
.
F6LULJƒyVFLT+IPIKTGHBUA9)LUA9)L>FLTH‚FLTH>-S&)L-S&)LWP³LLKLB
ERER-PLHL"
W ;ƒyIBWO_)LRSJYRLOL+IWLGOVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL
GPG´Lƒ-VLVEKVTETJQLS_LR
³LRZTHR M2TOP-LLTBELTJHVEK>MDMTJHZT6L
-'LLGJSEKWG)LLTEPJXUVEKTB"JQLS_ULJET-'LLVFTBFBYZEZL-'LLGJSEKOIJE
UZL n PBM2TOWLMVJKJXPL;G)LFR<LMR<LLMVMTD4#EK>-2G7EFGLEIFLZLMT
J[GSGOVOTPOLEI³LXJWG9VFTB<LTSTHR >DLKPTBEL0EL>@G
ULJEL PBF6L

2DUMYNIQ+NXN
NGD

162
G)NN
\NVG

LM5P\LNKL MM7T
LNFJHQV
??KL4O[ ER/MFETGZ N3JLSFQLMESLH4JK6SRM&%3PETLL6SML&)LLPETWLYTGVJ[)LHLTULSLH4"
FHLFA3RBUI)L%SLFK-SLTLELJL#FHIQ6O[ETJ STHIFLV-SBG)LVIOTPIVTQ.IOTPIELTE4MTLL6SGEL>CME'LLMT
ULVMESTH4B‚
N5UGVIVKTL+IQ6O[ E³LF;GV#S'LLM&%3PIKLUL'LT"NVETF6LIFGSMLYKELCEZL4SLJRL'LLFHIQ6O[>
KLULVTWJVTGJ[F6LIETCEZL4STPHLTVHLKJRLEIGL\LLOI\LLELM&JXL;)LLK-PBWJVTGU&FTZTGZL'LL"CMEL
JGKLLFHHRWLGEDLZEFHIQ6O[ER/HIPLLT~FTBM)LIJ[ELKEIZL4GEEPWL³LG3FEGP]LWLTBFTBJLKBYSHLTYL"
YREIžJLPFLY;OL;VMTFHLFA3RBUI)L%SLFK-SLTLJKSLTNMTWYL³L+
LHLTYC;'LI"
EGOV EPISKLYIV9VGOY&DKFRGVKLU ELEIGPHLKEKSTHR WLTWL4KML³LVLP³LVETGZ  EL6S-'LZ
EI<LLTUFTB N5UGVIVYKIMT OXK EGVU;VPNJTG\LSMIJ. IYR2LET GVE7JHRnQT"N6HTB PH EL6S-'LLV
ELY[SLJXP;E³LVEKVTEIOAG7MTNJR%SZYL"PTPHIBJO_FLMVZYLEKWL3F³LVEKVTHTSRD4#YT"JK6SRH
DLSGEMIELTJSLVHIB'LIGEPHJRKLVIGVU;VYR2L0BSKULGSEIOTPI?Q.I ELWLPLM'LL"Q.IEL-PJNMET
VLFJW'LL;S_)LLVE.KLPVIFRO[L>GHBMEW-LL-LLTBMTMRMG5USPTL)LXLLWL4KWLSBEPLOIJ[)LR3PUFLVTEIJ[PAG¤L
-J7ZEKHI'LI"WJVTGVPLM-'LZJKGEMIDLHKI0G%SELWLEKUFVLNMTE4MTMHVHLTMESL'LL=WSWJVT
-P)LLPWL4K-PJETWVRJPHKL4O[JFTBWLI"NMGJLLGQVIVTLL6SFRO[LFTB³LVEKSTFRGVKLUJKWBYLKTPJ3'LK
DKMLEK>FLLPIJDVLEKYU;VLEKN6HTB.KLEKS'LLGHBMEJLRNVJK/LT. EKD. TNJMY;GET"JK6SRWJVI
WL3FLET³LVFTBZIVFRGVKLUNVNJMYLT~MTUKL)LIGPQGZSVHIBHR "PTSLTNVNJMYLT~ELTJXP;žSEFLT~ELNO
ULVEKMFSL)LLPMTMHSTHR EFLT~EIGVU;KLEKKHT'LT"CMG-'LGSFTBDLHKIORGVLSLTMFKHI'LIGEFRGVKULJK
LLTKMBE7H4JK6SR-PBFRGVKLUSLTWJVIWL3FLFTBKFLEKSTHR WL3FLFASELJLVEKKHT'LT"
KLUL+IQ6O[ETELVLTBSEUDHDLSJHRnQIGEN5UGVIVYKIETDLHKYR2LFTB EGVY[;6'LFRGVKLUJKQ.I
^LKLNJMY;GELULKHLH4>SLTN6HLTBVTS3ELZFHIQ6O[ELTDRZLLWL4KGEMI)LIGPG³LMTQ.IELTPHLnMTGVELZVTEL
GVOT;LGOL"FHIQ6O[LFLTEKF6LELULJEKSTHR WL4KFRGVKLUETGVE7D4#EK+I)L%SLFK-SLTLELJL#EKVT
ZYT"PTJL#EKHIKHT'LTGEPTBPPTBZLTEJKJHRnQSTHIGUVLLMVEIWG³L#LLI?FLV-SBG)LVI OTPIJ[E7HRC;
WL4KDLTZI‚?P3M>%LQLHSTHLT= FHIQ6O[DLTZT‚?LL6SFX¤LT;FLnF4BWJVTGZ SLTER/VHIBQLHSLGE6SRCMYR2LFTBKHVT
PLZIGJLLGQVIQG.ELETKL4O[JETELKLHLnELPLSLPKLD. L\LR$³LHLTN#LH4>ULTWL3F³LVFTBDL³LL.LZKHLH4"
F4BHLnELPLSLPKLLL6SEKVLQLHSLHXn" OTPIDLTZI‚?LLOCMTVHIBFLZXFGEKL4O[JMOLLL6SJMTJKL-SHRWL
H4"EOLGQS_CMTH)LI,LSVHIBH4GEKL4O[KMWL3FLELGP)LLPW'LPLDLHKMTWLVTPLZL)LLPH4WL4KLL6SKMWL3FL
ELGVUI-P)LLPH4" WDOT<LSTOT<LSTHIGUVLLMVEIWG³L#LLIOTPIFLV-SBG)LVIVTWJVIOLTVLTBWLn<LTBD6OEKZIB
WL4KHLT#LTBJKFBOFBOFRMELVZLEKOLGHVLHL'L5LTBHI’JKN#LLGEQ.IOTPIETHG'LLKNMETHL'LLTBMTGYKVTZYT"
FLLPI)LXSJT[S>)LTG. TQISTWLGOGHBMEJLR)LLY<L. THR WL4KWBSFTBQ.IOTPIFLV-SBG)LVIOTPIETQKLLTBJKGYKEK
GY. GY. LVTZYI‚?HTGUVLLMVOTPIFRW)LLGYVW,LVIELT\LFLEKOLT" OTPIDLTZI‚?OXMKLTBELTOR<LOTEKWLV6O
FVLVTPLZIOR7T%LSRTM&9OL;VELJ[)LLP,LSVHIB=\LFLF4BVHIB>DG:ETLL6SGQ¤LFRGVKLUHIEKTBYT" ZTGEV
FRGVKLU%L\LFLEKST"PTSLTMOLLL6S-P)LLPIWL4KMFOLI;HLTSTH4B"N6HTB\LFLP£LT³LMTJ[LTUVHI%L=HLn>NVET
FR<LLKGP6OMTNJOTLELULTWFASDKML>NMTMRVEKGF'L3PIUIPVUIVTPLZIQ.IOTPI)LIGUV)L%SDVYIWL4K
NMVTM&%3P³LLKLEKGZL"WD%L'LL=\LR$³LPLSLPKLLLG6SPWGHBMLETPLSLPKLFTBJGKPGS;SHLTYL'LL"KL4O[
KMVTLL6SKMETMF\LWL3FMFJ;LEKGOL'LLWL4KGF'L3PIQG.ELM&9OAG7DVYI'LI"

163
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

2DUMYNIQ+NXN
NGD
3PLFLFVG6SFRVJKFBJRFLBMƒFLGO3PL;FFZBSFM JRK-SLS_" JK-SLS_
3PLFTPM&YRJZ)LUG6SFA3RBƒVL6GLPGLPJO-FRVI6O[J6'LL
8Z»Q»QERERXM1YRE]EË4EVEQEÏ4YQ»ÏWE1»HMX]E:EVÂE1EQEPEÏ8EQEWEË4YVEWX»X
8Z»QIZE7EQ]E+YTEPEFL]E.E]ERXM1ÖMX]YÏ2»R]EËwLMZEËwLMZE4EHEW]E1YRÃHVE4ERXL»Ë

JRKLVHLTJRFLVHLTJRVISJRPLVHLT>EH4BFRVILW6´LELKVLLELTMR)LLVHLT"
FH6SSLTGHULVETVHLT PELZET>VWL4KFLTGHFLT<LJ6'LOTGHBSLTGH7LZET

L]VUFNNNIXRNMGD
@G
ULJƒyIBWH~LFLTWLMIGPMLLB[L4B[L4BVF-PHL"
F6LULJƒyVFLT)LYPSIULPSIFFMFIGHSL'L~FLT\LML4<BERER-PLHL"
yIB+IB%ZIBMP;GM
L+IBVF"
W ;‚yIBFVLTPLBG/S2ZOLEL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW L~GVP;JLFIGS-PLHL"
GPG´LƒLR)LLTYV\LLWLGOFTB>JGPL³LRZTHR M2TOP-LJHVEK>N¤LKGOLLEIWLTK6L
ELT-'LLGJSEKTB"WG)LLTEJXUVETJQLS_FBYZEZL-'LLGJSEKTB"LR
 LIELOIJE
UZLZTB"N¤LKGOLLEIWLTKFR<LEKETM2TOWLMVJK>JO_FLMVMTD4#EK>M2TO
FLZL^LKLJ[LSELZDLKEL0>@G
ULJ PB F6LEIWLKL³LVLEKGMG

EKVIQLGH "

L]VUFNNNIXRNMGD

164
G)NN
\NVG
FS MMZ\EM[F
EEHLPSH4ƒ?HLTVHLKGDKPLVETHLTSQIEVTJLS "W1/TPA\LELDIULBERKD. LSTU-PIHLTSLH4"FKL#IFTB
EHLPSH4‚?FRZLQTJLJL(LSGOMSLS "WLYTQZEKDLZEE4MLJRLL'L;EKTYLS'LLWJVTFLSLGJSLELWL4KYR
ELVLFKLTLVEKTYL>HNMEIDL:LP-'LLMTHIJ[E7HLTSLH4"
HKDLZEFTB EHR6VKHLTSLH4>N3MLHHLTSLH4"WLYTD LVTETGZ NMTN¤LTUVLOTVTEIUKSHLTSIH4"D1QLTBET
YRLLTBELTJK<LEKMFJKN¤LTUVLOTVTMTE4MTZL)LHLTSLH4>E4MT³LF;S'LLOTLEIMRK\LLHLTSIH4>HN5U4VIVYKIET
ERLLY[DLZEEIE'LLMTHFTB,LSHLTMESLH4"
FHLFA3RBUI)L%SLFKETJL#MTE4MT£LG6SHRC;HCME'LLMTHFULVMESTH4BS'LLJ[TKLL)LIZTMESTH4B"
N5U4VVYKIEIHE'LLH4"PHVYKID. I³LVMBJ6V'LI"KLULELKLUFHZGPLLZ>N¤LRBY PBGL:JEZLEL
WO_)LRSVFXVL'LL"KL5FTB0LJLKEIEL2IJ[YGS'LI"M)LIUVSL<LRLHLZ'LI"GPOTLMTEC;0LJLGKLTBELMSS
WLYFVHLTSLKHSL'LL"CMIETML'LML'LN5U4VGP]L)LMEL E+T#ET6O['LL"OTLGPOTLMT-VLSEHLnWLEK
W³VEKST'LTS'LL,LVIDVEKULST'LT"KLUL)LIJ[ULELJRLPS_JLZVEKSL'LL"M)LIJ[ULMR<LLLG6SELWVR)LP
EKSI'LI"
E³LVJGSPHLnETKLULELGFL'LL"NMELKLUOKDLKFTBULVLWLVL'LL"NMMT#EL EJRL'LL"PHD. L
HLTVHLKS'LLERLLY[DRG
EL'LL"ELTC;)LIJL#PH EDLKMRVEKFR<LLTO_YEKZTSL'LL" EGOVUDMT#UIKLUOKDLKFTB
ULVTGVEZTSDJRLVT)LIEHL‚GJSLUI>FRT)LIOKDLKFTBZTQZLTVLGJSLVTEHL‚DT7L>SR&HLKLPHLn%LELFH4=PHLn
SLTD. TD. TKLUVIGSELK>0LJLKI>GP^LVLTBELUF L7HLTSLH4>SRFPHLn%LEKLTYT=JK6SRJRLVTH#EKSTHR EHL‚VHIB>
GJSLUI>FRT)LIOT<LVLH4OKDLKWBSSMT#UIJRLELTML'LZTEKOKDLKFTBJHRnQL"
JRLGPZ\LLDRG
PLZL'LL"KLULVTNMMTER/J[VJX/T>NMVTDRG
F¤LLMTNVJ[VLTBELMFL³LLVGEL"KLULJRL
MTEL2IJ[)LLGPSHRWL"NMVTWJVT³LVJGSGFLMTEHLCMTWL³LG3FEGL\LLOLT"³LVJGSVTJRLELT EFRGVKLUET
QKLLTBFTBW³VHTSRML4BJGOL"FRGVKLUJ[GSGOVMRDH)L%SLFKEL0ELN1QLKLEKST'LT"FRGVKLUVTNM+T#IJRL
ELT)LI)L%3LLFKGM<LLGOL"DLZEUDW³VEKETZL47LSLTMF[L7VTNMEIJKI\LLZI"PHJLMHRWL%LTBGE
FRGVKLUVTDLZEELTW1/TMB-ELKGOT'LT"JGK+FJXP;EJ LL'LLWL4KGLVT)LIFVZYLEKGPV)LG%SMT,LV
Y[HLGEL'LL"W³L3FFTBNMEIEL2IYHKIJE. 'LIMF[L7J[M6VHRWL"FRGVKLU^LKLJ LLHRWL)L%SLFK-SLTL
WLYTQZEK EFRGVKLUETHIELFWLL" L7VL TMI L7I"
ER/MFDLONMIN5UVIVYKIFTB EGOY&DKFRGVKLUELWLYFVHRWL"ELZIOTPIVTNVJK LLTKNJMY;
EKVLJ[LK&)LGEL"FRGVKLUWL3FYHKLC;FTBNSKYT>³LVFTB.XDYT"³LVVHIBSLT. L>N#EKVHIB)LLYT".KTVHIB>ULT
.KSTH4B>N6HTBFL4SJE. SIH4"ULTFL4SETJI/T)LLYSTH4BSLTFL4SNVMTDQEK)LLYSIH4"DLZEELTU4MTHIFRGVKLUET
NJMY;ELJSLQZL>NMVT)L%SLFK-SLTLEL-FKLGEL"YRELTLOEKSTHR )L%SLFK-SLTLETSTC;MPTBEL0EL
W<L.JL#LREKGOL"WLMVZYLEKD4#YL"NMEI)LG%SMTGUVLLMVEIOTPIJ[Y7HRC;WL4KNMVTELZIELT
ZSL. L"ELZIELTOG.SGEL>ELZIMTEHL‚SXFRGVKLUELTMSLVT%LTBWLI=ELZI\LFLFLnYEKQZIYC;"NJMY;
7ZSTHIFRGVKLUVT³LVSLT. L>DLZEVTN6HTBJ[LLFGEL"
UDKLULELTCM L7VLELJSLQZLSDNMTD. I<LRLIHRC;"KLULVTMLTQL‚OT<LLT> EDLZEELTW1/TMB-ELK
GFZTSLTNMMT³LF;EIK\LLHRC;"WYKMFJKCMDLZEEIJ LC;VHIBHLTSISLTWLUFRGVKLUET³LVEI>SJ-LEI
K\LLVHIBHLTJLSI"GUVLLMVEIMRK\LLVHIBHLTSI"M&%3PEIORBORG)LE4MTDUSI=CMGZ DLZELTBELT³LF;EIGL\LL
WPOTVIQLGH "ELZIETJFTBML\LLS_FA3RFRGVKLUJKFB.KLKHI'LIJK6SRFRGVKLUSLTWJVIWL3FLFTBZIV'LT"N6HTB
VELZIEL)LLV'LLVWJVTLKIKEL³LV'LL"FRGVKLUSLTWJVIGQKBSVWL3FLFTBS:ZIV'LT"HIHFLKTW³L3FEL
MLKH4"FA3RFRGVKLUELLNVEIWL3FLELER/)LIGDYL. VMESI"
KLULVTDLZEELTJRK-ELKGOLWL4KNMELM&FLVGEL"MLKIUVSLVT??)L¯LFK-SLTL ELUUELKEKST
HR )L%SLFK-SLTLETGV3JL#ELGVQGEL"

165
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

IOMLK0NJNMG#O4VQQN[XN
NGD
3PLF0BGP)LRFGQ63FMB<FL]BƒD[¯LLFIPKFV6SFVBYETSRF_"
LTYIPKBGPGOSLTYFVTEFTEBƒ,LV-PJFFZBJ[POG6SM6S
8Z»1¿Z]E]EÏ:MFLY1EGLMRX]E1EWLEROL]E1»H]EQ&VELQ»REQÇwL[EVE1ERERXE1ERERKE/IXYQ
=SKÃwL[EVEÏ:MHMXE=SKE1ERIOE1IOEÏ.RERE7[EVÔTE1EQEPEÏ4VEZEHERXM7ERXEË

WV6SGV3GQ¥LEIWY&K&WLGOHLTWMB<MP;0LJIGPLRD[¯HLTWVLGOHLT"
FHTLELFETSRLTYC;LLTY,LVHLTWVTE E,LVJLR
M6SFLVHLT

IOMQQ=IXRNMGBI YN6MH8
@G
ULJƒyIBWH~LFLTGOG7_#‚GPMLLB[L4B[L4BVF-PLHL"
F6LULJƒ-'LLPKUBYFPLžGSFMEZGPLBO_)L%STWJ[GFSLTOAG7GPLLVFRVI6ST
P._FLL-PLFIMP;GHSBERER-PLHL"yLBIBXBWGMWLNML[L4B[L4BVF-PLHL"
W ;ƒyIBMH½VLFLLIPKL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPLTLW ;ƒyIB­OG-'LSLLLT.LOZEFZLGLJST+IPAL)LVL'LGUVT6O[L
FHLW ~GVP;JLFIGS-PLHL"
GPG´LƒLRGQ)LX;SHLTEK>YTPLKBYETP-LJHVPTB6LELT-'LLGJSEK>WG)LLTE>JXULEK
WLKSIEKTB"JQLS_FBYZEZL-'LLGJSEK>OIJEUZLEK>³LXJ<LTSTHR >N¤LKGOLLEI
WLTKFR<LEKET>O)LL;MVJKMR<LLMVMTD4#EK>W³L;KLGLFTBM2TOFLZLMTMLSGOVSE
DLKLJ[GSGOVDLKPTBEL0>@G
 PBF6LEL-FKLEKSTHR GMG

EKVIQLGH "

IOMLK0NJNMGD

166
G)NN
\NVG

LMZFJ3MZEWJ
HQLMZFJ3MZ
CGSHLMML\LIH4GED. TD. TSJ-PI>ML³LR>P4KLYIELTELGFVIVTWJVTJMTFLTGHSEKSJ-LS'LLJ'LMT)L[7
EKGOL"NVETN¸I*SWL3FOIJELTDRLGOL"
S'LLGJLLG6SEIGS;FRGVKLUVTKLULGUSLLRS'LLNMEIKLGVLTBELELFFOFHLFA3RBUI)L%SLFK-SLTLET
J[)LLPMTP4KL9FTBE4MTJGKPGS;SGELCME'LLMT,LSHLTSLH4"
KLULGUSLLRD. THIGPZLMIPELFRE0G%S'LT"CMGZ N6HLTBVT EOLTVHIB>DG:EKLUERFLGKLTBMTGPPLH
GEL'LL"DM6SELMRHLPVLFL4MF'LL"ELTZEIEXEPFOF-SJPVETLTBETELGFLTBELTWL4K)LIN6F¤LDVLKHT
'LT" TMLFL4MFELFRE0G%SLTBELTWL4K)LIWMBFIDVLOTSLH4"KLULGUSLLRPV£I. LELTQZT"NVETML'L
KLGVLnPNVEIOLGMLn)LI'LIB" EL6SPGVU;VPVETMKLTPKFTB-VLVELMR6OKWLLTUV'LL"KLGVLnJLKOLI;>MR6OK
PFHIVP-LJHVEKMKLTPKFTBEXOJ. IB"KLULS'LLKLGVLn L7LTBUZ£I. LFTBF9VKHT"KLGVLTBETFHIVP-L)LIYEK
NVETLKIKMTM7TULKHT'LT"WSNVETFVFLTHEJLTBELTOT<LEKELFOTPDVTKLULFVHIFVFR9³LHLTKHT'LT"WS
KLGVLTBETW
;V9VM&FLTHEJLTBELTOT<LEKKLULELGPPTE%LTBVHIBV7HLTSL=MLTNMVT2LYFTBKLYWL4KVA3ET
WLLTUVELWLOTLGOL"WD%L'LL=OLGMLnPL]6LDULVTPYLVTZYIBWL4KKLGVLnG'LKEG'LKEEKVA3EKVT
ZYIB"VA3LTJKL6S>+FMT'LEIHRC;KLGVLnFOFLSIQLZMTZL47KHI'LIB"GE6SRPVOTPSLMTKLGVLTBELHYP;VOT<LL
YL"FLVLTN6HTBVUKMIZYYC;WL4KPVOTPSLEIERGJSOAG7MTM)LIKLGVLnJLYZMIHLTN#IB"ER/KLTVTZYIB>ER/
QI3ELKEKVTZYIB"GPGQLHLP)LLPEKVTZYIB"ER/VTWJVTJLKOLI;P-LLTBELT)LI2L. .LZL"ER/HnMHnMEKKLULELT
YHKTUZFTBETZTULKHI'LI"CVJKTLLGVLTBMTDQVTETGZ WDKLULGUSLLRN6FRFKLGVLTBETN¸.0PHLKMTDQVT
EIELTGLLEKVTZYT'LT"NMIGDLPLVUBYZFTBMTHLTEK0LJLKETGZ ULSTHR  EPGLEJRLVTKLULELTOT<LLSLT
-PLYSL'L;NVETMFIJULVTZYLGE6SRN6F¤LPW
;JLYZKLGVLTBVTNMEI)LLKIORO;LLEI"CMJKKLULVLKLUHRWL
SLTKLGVLnNMJKHI7X7J. IB"KLGVLTBETCM0PHLKMTKLULWL4KPGLEJRLOLTVLTBHIGQG6SSHR "MHIFLVLTBFTB>2LY
ELKLYWDERKLYWL4KERKBYDVYL'LL"W6SSPGLEJRLEIMZLHJKJXKIF.ZIMFIJETPVFTBGPKLUFLV
LLG6SEIGS;FRGVKLUEILKLFTBJHRnQI"V9VGOY&DKFRGVKLUETELG6SR%SLKIKELTOT<LEKELFMTW³L;GPG\L*S
KLGVLnWL4K)LIN6F¤LHLTN#IB"J7KLVISLTWJVT’JKETP-L2TBEEKOLTVLTBHL'LLTBELT24ZL FRGV+IEIWLTKD IHI'LI
GENMETJ4KLTBFTBFLVLTGEMIVTZLTHTEIDTG. Ln.LZOIB"PHUHLnEISHLn<L. IKHYIB"J7KLVIEIHHLZSOT<LEK
M)LIQGESKHYT>FLVLTM)LIELTZEPLFLKYLHLT"W3BSLL6SY&)LIKPOLZRLLG6SEIGS;FRGVKLUVTSDWJVT
EF.ZRMTQR:ZX)LKUZOTEKFHLFA3RBUI)L%SLFK-SLTLETPTBZLTE‰3PLF0BGP)LRFGQ63FMB<FL]BŠWL4K
PTBZLTE‰DR
-3PFTPGPDR³LLGQ;SJLOJI#ŠELTDLKDLKJ STHR M)LIN6F¤LPGPG\L*SKLGVLTBJKQR:ZXELJLVI
.LZEKFLVLT2jLY<LTZIW'LL;S_FLVLT2LYRVEIHLTZIHI<LTZI"JK6SRH?KLYEI2LY VHIB'LI>H)LI?GPKLYEI2LY
W'LL;S_P4KL9EIHLTZI'LI" )L%SLFK-SLTLETCVOLTVLTBZLTELTBETJ[)LLPMTGPG\L*SPJLYZ0G%S)LI#IEHLTULSLH4"
HFHLFA3RBUI)L%SLFK-SLTLSLTMOLM)LIETGZ E:LLELKIGM
HLTSLH4"KLULWL4KKLGVLTBVTHLTLWLVTJKUD
WJVIW³L;V9VOLLELTOT<LLSLTD. IZG5USHRC~WL4KOLGMLnVPIVP-LZLVTETGZ KLUFHZEIWLTKOL4. J. IB"
M)LIOXKMTHIFRGVKLUELT+
LETML'LVFVEKKHI'LIB"GUSLLRKLUL)LIJQL¤LLJO9³LHRWL"PHFLVLTWJVT
WMBFIUIPVMTJKLGUSHLTQREL'LL"NMVTGPQLKGELU4V³LF;FTBMBFEIGESVIFH¤LLH4"WYKWLUMBFET
FXGS;FBSJ[SIELLG6SEIGS;FRGVVHIBHLTSTWL4KN6HLTBVTFHLFA3RBUI)L%SLFK-SLTLELJ[LTYVHIBGELULSLSLTCV
KLGVLTBEI%LOLLHLTSIS'LLFTKTKLU LKLVTEIGESVIWPVGSHLTSI=SRK6SKLULVTFRGV+IETQKLLTBFTBF-SE7TEEK
MBFIUIPVUIVTELS'LLWJVTGPZLMIUIPVELT/LT. VTELP[SGZL"

167
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

QCI9QNVNIXMNVNGD
DR
-3PFTPGPDR´LLGQ;SDRG
DLT´LLS_ƒ3PBL_EKLT…GM)LRPVLL_EK3PLS_"
´LLSLGM´LIKGLPFLY;GP´LTGP;´LLVLS_ƒ0%SB3PFTP)LYPV_JRLLT¥LFLT…GM
&YHHLEWXZEQIZE:MFYHL»VGLMXE&YHHLM&SHL»X8ZEÏ7LEROEVSWM&LYZEREXVE]E7LEROVEXZ»X
(L»X»WM(LÃVEwLMZE1»VKE:MHLIV:MHL»R»XZ]EOXEÏ8ZEQIZE&LEKE[ER4YVYzLSXXE1SWM

SRHIGUVTLDR
H4MRDRG
ETJ[FLVS4B>SRHIGUVTLLBEKLTUY3LTGP´LLVS4B"
SRHIGP´LLSH4MHIMRFLT<LJ6'L´LLKS4B>VKLT¥LFLTSRHIJ[GM
W'L;ETGPQLKS4B

QCI9QNVNIXRNMGBI YN6MH8
@G
ULJƒyIBWH~LFLTN9YSPLLB[L4B[L4BVF-PLHL"
F6LULJƒyLn IB X L4B WGMWLNML[L4B [L4B -PLHL"yVFLT )LYPST U
GPULJKLGUSTMP;ML4)LL9BMP;ML4<BERER-PLHL"
W ;ƒyIBL._OL;VJLKBYSL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´Lƒ-VLVEKVTETJQLS_ZLZKBYETEJ. TJHVEK6LELT-'LLGJSEK>WG)LLTEJXUL
EKTB>WLKSINSLKTB"W³L;KLGLETMFGEMI EL6S-'LLVFTB>JXP;GOLLEIWLTKFR<LEKET
ZLZ WLMV JK JO_FLMV MT D4#EK OIJE UZLEK> ³LXJ <LTST HR T ZLZ FLZL MT>
GV)L;SLJXP;E>EL0>@G
ULJPF6LELDLK-FKLEKF6LGM
EKVLQLGH "

YI;XUNL
NNHGD

168
G)NN
\NVG
RMULJ0Y8JGMU]M[]GJHG[J
WLQL;+IFLVSRBY-PLFIJ[LISFHLFA3RBUI)L%SLFK-SLTLETJ[)LLPMT EQLTKETUIPVFTB TML
JGKPS;VWLLGENMVTQLTKIEKVL/LT. GOLWL4KFLT\LZ\FIELTJLGZL"
EQLTKWJVTML'LIETML'LQLTKIEKVTGVEZL"N6HLTBVTMLTQL‚/LT7I/LT7IQLTGKLnEKVTMT%LZL)L=
JLJSLTNSVLHIZYSLH4>QZLTKLUFHZFTB.LEL.LZTBYT"
KLUFHZFTB LRMT>PHLnKLULKLVIET-PGL;FHIKLFLTSIETYHVT<LRZTJ. THR 'LT"NVELFVZZQLL"
JK6SRNMIP%SN6HLTBVTKLULKLVIEIDLSTBMRVIB"SD EQLTKVTMLTQL‚CSVTMTYHVTQRKLVTMT%LZL)L=
KLUERFLKIHIWJVIDVULTSLT=PHSRK6SPHLnMTGVEZYL"MI³LLUBYZFTBJHRnQL" EGOYBDKFRGVMT
X#FX#EIOI\LLY[HLEKZI=ER/MFETGZ SLTNMTVL7EEKVLUKI'LL"NMETGDVLNMELEL;E4MT
M2ZHLTSL=FRGVKLUD. TMKZ-P)LLPI'LT"N6HLTBVTNMQLTKELT>FLLPIRPLML³LRELTFHLFA3RBUI)L%SLFK
-SLTLJ LL>PHQLTK)L%SLFK-SLTLETGQ6SVFVVFTBS:ZIVHLTYL"
ER/GOVDLOKLUL,LETWVRMLKKLULETMTPERPLML³LREI<LLTUFTBGVEZT"RPLML³LRETJLMYTWL4K
EHL>MF[L7VTWLJELTFHZFTBDRZLLH4"NVMTEHL>HFML³LRWLTBELMF[L7MT%LM&D6³L=MF[L7ELTWYK
OL;VEKVLH4SLTN6HTBHLn-PBWLVLQLGH "MTPELTBVTMF[L7MTULEKEHL> ERPLSJ-PIML³LVLFTBKSH4B>
HFVTN6HTBFHZFTBJ³LLKVTELEL2IWLY[HGEL>ZTGEVN6HLTBVTWLVTMTFVLEKGOL"MF[L7KLVIELTZTEK
ML³LRETOL;VELTYL"ML³LRMTEHL‚FHLKLUFHZFTBJ³LLGKT"ML³LRVTEHL>FHZMTML³LRWLTBEL%L
J[LTUV=HFML³LRSLTERG7LFTBHIWLVG6OSH4B"MF[L7VTEHL>HFLKL TMLMBE:J'LLGEWJVIJRLIEILLOI
DLZD[®QLKIML³LRETML'LEKTBYT"WLUWLJGO<LYTH4B>QGZ FHZFBTWL4KFTKIJRLIELT-PIELKEIGU "NM
ML³LRFHLKLUVT ELY[GQ¤LHLTEK³LVZYLLWL4KGPQLKGEL"F4BJTLTMTQLTK>FLLF4BVT-PL;WL)LXLLLTBEL
3LYGELSLTKLUJRLIGFZKHIH4>FHZGFZKHLH4>P-LL)LXLLGFZKHTH4B"WYKKLULEIJRLIELT/LT. OXnYL
SLTSIVZLTEELKL5GFZMESLH4"NMVTMF[L7MTEHL>HFML³LRH4B>LLOIMT>VLKIMTHFLKL%LJ[LTUV=
%LE)LIML³LRLLOIEKSTH4B=%LWLJVTML³LRELTLLOIEKSTOT<LLH4=WL4KSRFWJVIZ. EIEILLOIEKLTYT
ML³LRMT=WLJHLnMTQZTUL >CSVLEHEKRPLML³LR³LVFTB.XDYL"ML³LRELVL7EEKSTEKSTPHM1QL
MBFIML³LRDVYL"NMEIGPPTEDGR
ULYASHRC;'LI>FHLFA3RBUI)L%SLFK-SLTLELHIFLVLTHJ[)LLP'LL"
NMVTMF-SGPE:JLTBEL3LYEKGOL"UIPVETW6SFTBFKEK-PY;FTBOTPDVLBML³LR3PELJRMF[L7ELT
NMET^LKJKZTWLL")LG%SELJRFRG%SZ\FIELTWJVTWLJ<LIBQZLSLH4"3LYEL2ZWG³LEZL)LFTB>
GQKBSVZL)LFTBJGKPGS;SHLTYL"
EQLTKELTML³LR3PELWVR)LPGFZL>NMVTKLUMIJ[ZLT)LVELT3LYGOL"JGKY[HEL3LYEKGOL"
UDPLMVL n'LIBSLTQLTKIEKVTFHZFTB LRMLWL4KZLT)LPLZL47WLL"VEZIML³LRDVL>DRG
ELULYKLHRWL>
FGSFLVHRWLSLTPLMVL n>ELFVL nMFL*SHLTYC~"UDSEFV'LLULTU. H4>SDSEPLMVLWLTBETJI/T>U. 
JOL'L;ETJI/T)LLYKHL'LL"U4MTHIFVFGSDVL>QTSVHRWLJKFL3FLELWVRKLYIHLTYLWL4KULTJKFL3FLEL
WVRKLYIHLTSLH4>ZLTEFTBMP;+T# TP;NMETQKLLTBFTBWGJ;SHLTULSLH4" EML³LLKLQLTKVTER/MFET
GZ ³LVELFLTH/LT. LSLTNMTKLUE6LGFZI"NMEL)LIFLTH/LT. LSLTFLT\LZ\FIGFZI"SDM1QI)LG%SMT
FHLFA3RBUI)L%SLFK-SLTLEIWLKL³LVLEKVTMT%LVHIBGFZMESL=MDER/GFZMESLH4"HIH43LY
EIFGHFL>CMGZ UIPVFTB/LT. STQZLTWL4KJR5LLT. STQZLT"

169
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YN=IOM#L]ORRVQXNIRXN
NGD
SR)BVFM_GL)LRPVLGS;HKLVL'LSR)BVFG\LGSSZLFZ)LXLLL"
SR)BVFM_GLUYSJKFTPKLƒSR)BVFLTGUV)LPLTOG´LLLTLLL
8YFL]EÏ2EQEWXVM&LYZER»VXM,EV»]E2»XLE8YFL]EÏ2EQEË/zLMXM8EP»QEPE&LÍzLE»]E
8YFL]EÏ2EQEWXVM.EKEXEË4EVEQIwLZEV»]E8YFL]EÏ2EQS.MRE&LEZSHEHLM7LSzLE»]E

VFLTBEoGUVTLSLTGHWLJOLGVPLKHLT>VFLTBEoMR)LXGK)LXGFZLTEETGMBYLKHLT"
VFLTBEo)LPLG$´LVIKKLGLLLTLHTSRHLT>VFLTBEoFHTLSLTGHFLT<LJ6'LOTSRHLT

OT>NQL]ORGNMGBI YN6MH8
@G
ULJƒyIBWH~LFLTGO¤LSPLLB[L4B[L4BVF-PLHL"
F6LULJƒyVFLTyIB+IB%ZIBXnnXJKUVLLG6S0PHLKTUBERER-PLHL"
W ;ƒyIBVLVLOR<LGPZIVL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´Lƒ-VLVEKVTETJQLS_ZLZKBYETLR
P-L³LLKLEKN¤LKGOLLEIWLTKFR<LEK
6L-'LLJVEKWG)LLTEPJXUVEKTB PBW
;KLGLETMFJXP;GOLEIWLTKFR<LEK>
JO_FLMVMT D4#EKLR
 LIELOIJEUZLEKZLZQBOVPLVLYETMKEI³LXJ<LTST
HR >ZLZFLZLMT DLKEL0>@G
ULJWL4KF6LELULJEKST HR GM

EKVLQLGH "

L]ORRVQXNIRXN
NGD

170
G)NN
\NVG
*M&TMGLFUNSPMGM
WLQL;+IFLVSRBY-PLFI^LKLKGQS)LG%S)LLPMTWLTSJ[LTSFHLFA3RBUI)L%SLFK-SLTLFTBCSVIWY&LG%S
H4GEWLQL;+IETSLZT7X7J. T"
G2K%L>YKIDIEIEG. Ln7X7VLMB)LPVHIBH4=GVGQSMB)LPH4")L%SLFKELM1QI+
LMTJL#EKVTPLZL
EYKID³LVGFLVLFEL#VYKMT#DVL>NMEIHE'LLH4"
VLKLL+IžLETGFLMROLFLELVLFSLTWLJVTMRVLHIHLTYL"MROLFLžLETGFL)LI'LTWL4K)L%S)LI"
GE6SRW36SYKIDHLTVTETDLPUXON6HLTBVTE)LIFLnYVLVMI<LL'LL"WJVI27THLZEIG-'LGSFTBS'LLWJVIYKIDIFTB
HIPTM6SR7KHST'LT"VLKLL+IžLVTNVEI)LG%SEIJK<LEKOISLTPTWLQ;QGESKHYT'LT"
TMIHI EM3E'LLH4ULT)L%SLFKETMROLFLETVLFMTJ[GM
H4"SLTWLG<LKEL4V'LLPH)L%SLFKEL
MROLFL=PH'LL EYKID"OKOKEI#LTEKTB<LEK>ZLTYLTBETSLVTMRVEKOXMKLTBEIOLJKUIVTPLZLOGKO[I"
27TJRKLVTGQ'L. LTBFTBWJVIZLUELTEVTPLZINMEIJ3VI'LI"VYKPMFLUMTOXK LLM2XnMEI ELB4J. INMEL
GVPLM-'LLV'LL"LTBJ. I)LI TMIUU;KGEHPLETLTBETGUMTHLVTELTWJVILG%SELJ[OL;VEKST'LT>JLVIEI
DL4/LKTBGUMT/SGPHIVDVLVTELTS4LKKHSI'LIBWL4KF³L™ETMXKUEIGQZGQZLSISTUGEKLTBNMTUZLEK)L-FEK
OTVTELTFLVLTWLSRKKHSI'LIB"WJVI TMIHIOLLFTBS'LL TMIHILTBJ. IFTBPTOLTVLTBJ[LLIWJVTUIPVEI LG. LnYRULK
KHT'LT"UHLnSEYKIDIELJ[VH4>YKIDISLTOTLFTBWLU)LIH4"WLU)LIOTLEIZY)LYJ[GSLSUVSLYKIDIEI
KT<LLETVIQTUIPVLJVEKKHIH4"WLU)LLKSFTBHIEKLT. LTBZLTYH4BGUVELU6FM. ELTBET2R7JL'LLTBJKL
R9YILTBJG. LTBEIY6OIDG-SLTBFTBHLTSLH4WL4KPHIBNVEIJXKIGU6OYIYRUKULSIH4"YKIDIJ[LQIVMFFTB)LI'LI"
VLKLL+IžLETMROLFLPCMM3E'LLETLIL;EYKIDMROLFLCMETJ[FLLH4B"
M1QLC;HH4GEYKIDIWFIKIETW6SKELHKLTYMBMLKMTE)LI)LIGF7TYLVHIB"HKLTYSLTFVRETEFLT~
ETLR)LWLR)L2ZETML'LML'LQZSLH4"LR)LEFLT~ETNOMTWFIKIGFZSIH4WL4KWLR)LEFLT~ETELKL LLTK
YKIDI"GOMBMLKFTBTW6SKVKHTBSLTMBMLKELTFLT\LEIMB,LVOIULTYI=EHLULSLH4GE LXKTETGOV)LIG2KST
H4B"G2K>CVW)LLYLTBETGOV%LTBVHIBG2KST=G2KSTSLTH4BGE6SRM)LIETVHIB"LR)LEFLT~ETNOETELKLER/ETGOV
SLTG2KSTHB4"MROLFLETGOVVLKLL+IžLEIžJLMTG2KT'LT>SLTNJR;%SOIVYKIDETGOV)LIFHLFA3RBUI
)L%SLFK-SLTLETPTBZLTEEIML³LVLMTG2KYT"J3VIEIJ[TKLLPODLPMTMROLFLWJVI7X7I2X7ILTBJ. IMT
GVEZEK^LGKELET+IžLEIWLTKD T'LTWL4KHFLKLHYKIDILTBJ. IMTGVEZEKD LGVY[;6'LGOY&DKFRGVEI
WLTK"HLTMESLH4GEYKIDVTNVGVY[;6'LFRGVELTWJVTU4MLWGEBQVWL4KWJGKY[HIMFEKWL4KNVFTBWL3FISL
EIMRY6³LJLEKHINVEIWLTKEOFD LLHLT"LLONMVTMLTQLHLTGETGOY&DKV9VFRGVSLTFRMT)LI5LOL
YKIDGO<LSTH4B"G2KCVETJI/TCVEIUUELKEKSTHR CSVTZLTY%LTBQZKHTH4B=CVETQKLLTBFTBD. TD. T
³LVIFLVI%LTBVFVEKKHTH4B=ER/)LIHLT>LLOWJVTJXP;WLR)LEF;ET\LLTJLFMTHIPHYKIDNVGVY[;6'L
GOY&DKFRGVKLUETQKLLTBFTBULD4#L"NMVTN6HTBVFVGELWL4KN6HTBOT<LLSLT E7EOT<LSLHIKHYL"FRGV+IVT
NMETFVLT)LLPLTBS'LLFVFTBG/JI+
LPJI. LELTJ LWL4KNMTFHLFA3RBUI)L%SLFK-SLTLETPTBZLTEELTLO
EKPLL>W'L;MFLLWL4KNMT@G
PF6LEIGPG³LMFLC;S'LLNMETGVK6SKJL#EKVTELNJOTLGOL"YR
ELFLY;OL;VJLEKPHJLMETGVU;VDVFTBYLWL4KPHLn EL6S-'LLVJKD4#EK)L%SLFK-SLTLETN%SZLTEEI
ML³LVLEKSLKHL"ML³LVLJXKIEKETUDPH LKZL47L>SLTNMTWJVILTBJ. IEIUYHJK E’nQIHPTZI<L. I
GO<LLC;OI"P4MTHI>U4MTMROLFLELTKLUFHZETOL;VHR 'LT"WDPHYKIDVHIB'LL>WDPH'LLVYKMT#³LVGFL>ULT
GUV)L%S>M&9OAG7>OLVIP³LFL;3FL'LL"FHLFA3RBUI)L%SLFK-SLTLEIML³LVLMTNMYKID³LVGFLELTMBJXL;
P4)LPJ[L*SHRWL'LL"

171
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV


N TPLO[=IXRNMGD
ELTGP-FLT…LGOVLFYRL4KLTL4ƒ-3PBMBG+SLTGVKPELLSLFRVIL"
OLTL4JL¥LGPGP´LL+ULSYP4;ƒ-P*VLBSKT…GJVEOLGQOJIG\LSLT…GM
/S:MWQE]SXVE=EHM2»QE+YREMVEwLIzLEMW8ZEÏ7ERwLVMXS2MVEZEO»wLE8E]»1YRÃWL»
(SzLEM6YT»XXE:MZMHL»wLVE]E.»XE+EVZEMË7ZETR»RXEVITM2E/EH»GLMHTÇOzLMXSwM

SRFGUVJXKVYRVYV)LKT>OLTLYP;EGKSRFJGKHKT"
WL4KOTPYLWL+JL>-P*VVOT<LTSRFG2KWL


N TIRWGNMGBI YN6MH8
@G
ULJƒyIBWH~LFLTS¤L‚SPLLB[L4B[L4BVF-PLHL"
F6L ULJƒy VFLT Q£TPKI OTPI Q£ ³LLGKLIQ£TL‚WVREXZB ML³L ML³L LLXV_
N6FXZ‚N6FXZ LT LT-PLHLœ
yVFLT)LYPSTMPL;'L;GM
LMR<LLIB+IBVF"
W ;ƒyIBMEZOLTLGVFR;¯L%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒELZTP-LLTBELTJHVEKZLZQBOVMTELnMTEI'LLZIFTBFBLGZ<LEK>GMBHLMVJK
GPKLUFLVEKTB"JQLS_BLUIELWG)LLTEEKBLEIJXULEKTB"FBYZEZL-'LLJVEKET
LR
 LIELOIJEUZLEKžLLYRLSYKEI³LXJELT<LTSTHR V4@3GOLLEIWLTKFR<L
EKETELZTWLMVJKJO_FLMVMTD4#EK>ELZTKBYEIFLZLMTGOVSEKLTUDLK
PLnEL0EL> PB@G
ULJWL4KF6LELULJEKSTHR JRJQ LVLQLGH "


N TPLO[=IXRNMGD

172
G)NN
\NVG

HG(M4QFU*M\GL
VM[NUERMU
WLQL;+IFLVSRBY-PLFI^LKL?FL2ZTLREOLQV )LLPMTKGQSFHLFA3RBUI)L%SLFK-SLTLETJ[)LLPMTKLUL
HGKQBO[S'LLKLVIQBO[FSIETJRJ[LG*SETFVLTK'LJXL;HR S'LLN6HLTBVTGF'L3P3LYEKM&%3PY[HLGEL"CMEI
HKLTQEEHLVI"
WJVTFVLTK'LEIGMG
ETGZ FVRHKMB)LPNJLWJVLSLH4" TMLJ[LMEKSTMFPHGF'L3PET
)L[FULZFTB2nMEKWP)L7ESLKHSLH4"HIHLZKLULHGKQ6O[WL4KNVEI³LF;J3VIQ6O[FSIEL'LL"JRLEL
W)LLPOLTVLTBELTQL4DIM LB7TMBS*SGETKHSL'LL"JRLJ[LG*SEIFVLTK'LGMG
ETGZ PTHKNJLEKVTELTS4LK'LT"H
MBMLKGF'L3PIP-PL'LI;ZLTYLTBMT)LKLJ. LH4>ULT TMTWPMKELZL)LN#LVTELTS4LKD4#TKHSTH4B"KLULHGKQ6O[ETHLn
)LIE)LIJ.TJRULKI,EKVTETVLFJKFLZN. LST'LTSLTE)LILTBYIP/O_FPTLIML³LR#YULST'LT"WLC OT<LTBGE
WJVIFVLTK'LGMG
ETGZ KLULKLVIGF'L3PET)L[FULZFTBE4MT2nMT'LT‚Š EGOV ESJ-PIML³LRKLU^LKJK
WLTWL4KG)L\LLJ[L*SEKKLVIMTDLTZT‚?ML4)LL9PSIJRLIKLUKLVIHLTEK)LISRFOR<LI%LTBHLT=KLVIVTWJVIC1/LDSL
OI>SLTML³LRWLn<LD6OEKETDLTZT‚SR&HTBGJ/ZTU6FELML³LRELJ[ELTJH4DT7I"CMU6FFTBSRFHFML³LRWLTBELT
C1/LVRMLK)LLTUVPOLVOLTSLTSR&HLKIM)LIELFVL n2ZI)LXSHLTMESIH4B"KLVIVTML³LRELT)LLTUVFTB)LKJXKGF7L6V
G<LZLT>WBSSML³LR<LL<LLEK TMTHLTYTGEN#VLD4#VL)LIOX)LKHLTYL"Š EGOV EULVTFLVT5LTGSLI
KLU)LPVFTBJ³LLKTWL4KDLTZT‚?LGVY[HSR&HTBOR<LOTKHTH4BKLVIUI"GOJGPLFVMTD[L®LLTBELT)LLTUVEKLWLTWL4K
HFKLU5LTGSGLLTBELTNVEIC1/LVRMLKOLVOG\LLLOLT>SLTLGVOTPSLEIEROAG7OXKHLTMESIH4" Š EGOVKLUP4]
VTMZLHOI‚?KLVIUIWLJOLTVLTBETGZ -PL;OLVWL4K-PL;)L-FELMTPVNJR%SKHTYL" WLGO‚
CMJ[ELKKLULKLVIJRLJ[LG*SEIELFVLFTBPLLT~GF'L3PFLY;JK)L7ESTKHTJK6SRNVEIELFVLJXKIVHRC;"
EGOVWE-FLS_HIVYKETDLHKIN]LVFTBFRGV+I+RSEIGS;UIFHLKLUJ³LLKT"KLULKLVI)LIOL;VL'L;YT"PTQXnGE
ML³LRWLTB>5LTGSLIPJTLTPK0G%SLTBFTB)L7EEKNVFTBWJVLGPPLM<LLTQRET'LT>WSFRGV+IETMF\LWJVLOR<L0%S
EKVTELNVELFVVHRWL"GE6SRFVJ;,LVIGV-JAHIFRGVKLUVTNVETFVLT)LLPLBTELTJ EKNVETE7GVPLKLET
GZ N6HTBFHLFA3RBUI)L%SLFK-SLTLELKH-MFLSTHR PTBZLTEELN1QLKLEKNMETFH¤PELJ[GSJLOVGEL
GE6SRW)LISEKLULKLVIFTBELTC;GPLTLN3MLHPGQV'LI"FRGV+ISLT)LG%SJXP;E)L%SLFK-SLTLETPTBZLTEELT
F³LRKE#MTJ STHIULKHT'LT"CMIDIQKLULHGKQ6O[WETZTN#EKGUVFBGOKJHRnQTWL4K-VLVEKETPP-LDOZEK
)LYPLVWLGOVL'LEIFXGS;ETMLFVTJO_FLMVFTBD4#YTWL4KULTKULTKMTJ VTZYT‚??ELTGP-FLTLT„LGO PTD. I
S6FSLMTNMZLTEELTOLT L7TSEOLTHKLSTKHTGE6SRG2K)LIN6HTBNMELER/GVEL;GVEZSLVGO<LLC;GOLSLTPT
GVKLLHR "HLTMESLH4"GEZLTEELTJ STMFKLULELTETPZWJVIFVLTK'LGMG
ELHI³LVKHLHLT>GUV-SRGS
ELVHIB"GVKLLKLULDLHKGVEZTWL4KJ[SI\LLFTB<L. TOKDLGKLTBETMF\LD. D. LT‚?³LF;ER/VHIBH4>ETPZJ[JBQH4"
NMETWVRLI³LFLT;JLU;VVHIBWGJSRWJVI-PL'L;GMG
ETGZ ³LF;ET^LKLUIGPELTJLU;VHIEKKHTH4B"
KL5F6LIELTKLULETCM)LLPJGKPS;VJKWLQ;HRWLWL4KOR<L)LI"M&9OAG7F6LIMFYTGEKLULVT
)L%SLFK-SLTLETZLTEELUL*WJVIFVLTK'LGMG
ELT³LVFTBK<LEKHIGELH4>GVELF)LG%SMTVHIBGEL"WS
KL5F6LIS3ELZN#TWL4KFBGOKUIFTBULEKLR
P-LJHVEKNMIPTBZLTEELJL#GDVLGEMIC1/LET)LG%SJXP;E
EKVTZYT"S)LIER/MFLTJKL6SU4VLLMVEIWG³L#LLI?³LASOTPI NVETMF\LNJG-'LSHRC;WL4KNVMTPKFLnYVTEL
WLY[HGEL"FBLIVTEHL‚?OTPI>FRTWJVTGZ ER/VHIBQLGH GE6SRMBMLKETWV6SOR<LLTBMT’DEKFVRELTFRG%S
SEJHRnQLVTPLZTGUV³LF;ETJ[GSKLULEIWL-'LLDVIKHT>CMHTSRKLULELTJRLJ[LG*SELPKOLVOIGU " OTPIS'LL-SR
EHEKW6S³LL;VHLTYI"JLnQPL;DLOFRGV+I+RSEIGS;UIFHLKLUJRVNMVYKFTBWLT>SLTKLULKLVIMJGKPLKNVET
OL;VL'L;JHRnQT>N6HTBVFVGELWLTKWJTVQLKPLI;JRLELTNVETQKLLTBFTBK<LEKEHL‚?)LYPV_CMTWLLIPL;O
OIGUT" CMSKHFHLFA3RBUI)L%SLFK-SLTLETJ[)LLPMTKLULKLVIETFVLTK'LJXL;HR S'LLVYKFTBGUV³LF;EI<LXD
J[)LLPVLHRC;"

173
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

E9GN=IOI ONNG#GT%MNV[IXRNMGD
N1Q4KLLTESMBG+SFR6FX<LƒFL)LLGSJFFZB)LPSLTGVSL6SF_"
-J7LT:ZMS_GEKLF-SSFLTGPSLVBƒGD&DBKPTGKPJLT´LKJLP;PGS;
9GLGLEMVEwLSOE8EVY7ERwLÖMXE1YR1E]ÔOLE1»FL»XM6°TE1EQEPEÏ&LEZEXS2MX»RXEQ
7TEzL½SPPEWEX/MVEÂE1EWXE8EQS:MX»REQ&MQFEÏ6EZIVMZE4E]SHLEVE4»VwLZE:EVXM

SWLLTESKGEKVNOLK>SRFSVLLTG)LSH4WGPELK"
FT LGVE75LTBSTU2RK6S>GOVEKGOJ4GSGFKGVHV6S


NL]NI,UGNMGBI YN6MH8
@G
ULJƒyIBWH~LFLTFHLSPLLB[L4B[L4BVF-PLHL"
F6LULJƒyVFLT)LYPSTUGPUUA&)LUA&)L>FLTH>FLTH>MP;GMG
ML4)LL9B
M&JG¤LML4<BERER-PLHL"
W ;ƒyIBWLLTESGPKLUFLVL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒVHL³LLTEK³LRZTHR P-LLTBELTJHVEKN¤LKLJXP;GOLLEIWLTKFR<LEKETPTB
EL0ETBLELT-'LLGJSEKNMELWG)LLTEPJXULEKTB"JQLS_N¤LKGOLLEIWLTKFR<L
EKO)LL;MVJKMR<LLMVMTD4#EKFLZSIETMX<LTJRJLTBEI³LXJELT<LTSTHR LR
 LIEL
OIJEUZLEKJIZIFLZL^LKLJ[GSGOVDLKEL0>@G
 PBFBLEIWLKL³LVLEK
GM
EKVLQLGH "J[3TEFBLETML'L E EJIZL2XZWPQ LVLQLGH "

E9GN=IOI ONNGD

174
G)NN
\NVG
GSHWHW7PMGIMKMK
FVRJLJSLTHnMSTHnMSTEKSLH4JKBSRNMEL2ZKLTSTKLTST)LLTYVLH4"FRGVGV6OLETFH3JLJMT?JERB.ZI 
ELTWLG<LKFRGVLKLFTBFHLFA3RBUI)L%SLFKELMHLKLZTVLJ. L"WLQL;FLVSBRY-PLFIETCMFHL)LG%SEL0MT
NMELN
LKHRWL"
L4PVELFOMQFRQ TMLVLLH4ULTW1/LTBW1/LTBELTFLY;MT)L7ELOTSLH4"?JER.ZI KLULJA'PIJLZEI
WJXP;MR6OKIE6L'LI"JWL4KL4PV>OLTOLTELFONMJKMPLK'LL"NMELJ TML'LLGEELFOTP)LIZG5USHLT
ULT"Q6O[FLETMOALELG6SMTR%SJER.ZI-PY;ZLTEEIW*MKLMIGO<LLC;OTSI'LI"PL;EIWP-'LLFTB
N)LKVTPLZTL4PVETFOVTSLTNMTWL4K)LIFOHLTLDVLGOL'LL"CMIETFOFTBE)LIPHWJVTMHTGZLTBELTHIV
MFSIWL4KE)LINVMTWJVTJL4PVELOB)LD<LLVSI"
S)LI EGOVUDPHDGYLFTB7HZKHI'LIGEMLFVTMT EV9VGOY&DKFRGVKLUWLGVEZT"L4PVETFO
FTBQXKJERB.ZIETCLLKTJKNMEIOLGMLTBVTFRGV+IELT/T. GOL"FRGV+IVTNJMY;MFEKMHVEKGZLWL4K
WJVTFVFTBELTC;GPELKVWLVTGOL"JEBR.ZIVT)LIFRGVKLUETERJLKIKWL4KV9V)LTLEIGV6OLEI"HIVHIB>
L4PVETFOFTBFOHLTLDVIJERB.ZIVTGLZLJKGPKLUFLVFRGV+IETV9VLKIKELTKBYGDKBYTKBYLTBMTGQGLSEKET
N6HTB E0B9GQLLEL7X;VU4MLDVLGOL" TMLEKETNVELFULEN. LSIHRC;PHKLUFHZELTZL47YC;"FRGVKLU
VTNJMY;MFLG*SJKWJVL³LV)LBYGELWL4KGDVLGEMIOR<L>^TLL£LT³LETGPHLKEKETUBYZEIWLTKQZ
GOT"NVETJI/TD1QTHnMSTQZKHT'LT"JK6SRN6HTBCMEIJKPLHV'LI"J[žGSELH EW7ZGVFH4GE?U4ML
EKLTYTP4ML)LKLTYT" JERB.ZIVTJL4PVELWHBELKEKETSLTJLJCE7_#LGELHI'LL>NMVTFRGVKLUEIGV6OLP
WJFLVEKETWD LLTKJLJEFLGZL'LL>WSNMELJLJEL L. LSLT)LKVLHI'LL"JERB.ZI LKJHRnQIHI'LIGE
FRGVGV6OLETFHLJLJETELKLNMELMR6OKLKIKELT MTY[GMSHLTVTZYL"WBSSJWL4KL4PVELQKFJKJHRnQL
WHBELKQLKLTB<LLVTGQSHLTEK³LKSIJKWLGYKL"WDSLTG-'LGSHHLTYC;GEVYKELML³LLKLMLERJRPE)LI
NMEIWLTKOT<LEK LALLMTFRnH2TKZTSL'LL"MG<LLBGQ LEK0B9FTBEHSIB?ELFOTPELTFLSJKFLSOTVTPLZI
MR6OKIJERB.ZIEHLnHLTSRF= D. TD. TP4]WL4KHEIF)LIUDJERB.ZIELELT #IEVEKMETSLTPHMFYC;
GEF4BVTL4PVFOFTBWLEKULTFRGVGV6OLEI'LI>HNMIJLJEL2ZFRTGFZLH4"
HDLSMFFTBWLSTHIPHUBYZFTBFRGVKLUETJLMYC;WL4KNVETQKLLTBFTBGYKEKDLTZI‚?HTOLETMLYK
JETFOFTBWB³LIHLTEKFRJLGJVIVTWLJELWJFLVEKVTEL LLTKJLJGELH4>GUMETELKLFRTHE7TZVL
J. KHLH4")LYPV_FRTCMJLJMT/R7ELKLGOZLC " PISKLYIFRGVKLUELTSLTH,LSHIVHIB'LLGENVETELKL
GEMIELTE7JHRnQLH4"PTSLTNMELE7OXKEKVTEIOL)LLPVLMTDLTZT‚?OTPIFHLFA3RBUI)L%SLFK-SLTLET
PTBZLTEEL@G
PFBLMGHSULJEKVTMTCM)LBEKKLTYMTSR&HTBFRG%SGFZMESIH4"JERB.ZIETJXP;
WLR)LEF;EL\LLTJLFLLOWDGVE7HIWLYL'LLWSPHML&)LLPIPMFOLI;FRGVKLUMTU4V³LF;ELNJOTL
MRVEKD. IWLVG6OSHRC;PFRGV+IETQKLLTBFTBVFLT-SREKETWJVT LKZL47WLC;"JERB.ZIVTZYLSLKSIVGOVKLS
)L%SLFKELW<L.JL#GELWL4KNMETPTBZLTEEI@G
PFBLMGHSML³LVLEI"2Z-PJNMELMLKL
LKIKJRVER6OVMLOFEN#L"KLUFHZLTBSEUDH<LDKJHRnQISLTKLULJA'PIJLZWJVIJ3VIMGHSVYKETJXPI;
)LLYFTBG-'LSER#WL+FFTBJHRnQTWL4KWJVIJRLIELTJXP;PS_-P-'LPMR6OKOT<LEKHL;GP)LLTKHLTN#T"KLULVTCM
<LRLIFTBU4V³LF;EIJ[)LLPVLHTSRER#L+FMT'LLT. IOXK ENJR%S-'LLVJKGUVFBGOKELGVFL;LEKLLWL4KNMFTB
)LYPLV+IWLGOVL'LEIGPLLZPFVLT,J[GSFLJ[GSG#SEKLI"MFLTJKLBSKLULJA'PIJLZVTWJVIJRLIETGPPLH
ELGVQGELWL4KYRLLT<LKETJFTBLT9PKSZLL)LIEKGZL"JKJERB.ZISLTWDHULVQREI'LIGE
D. TJRLTOMTJ[L*SCMVLLPLVLKIKELMORJLTYNMTE4MTEKVLH4"CMGZ NMVTW36SOA SL PBVF[SLET
ML'LGPPLHEKVTMTFVLEKETWLU6FD[®Q;P[S³LLKLEKETWLG;ELDVVTELMBE:JGEL"

175
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

RCI
SGIRNIXRNMGD
GMBHLMVTFGLFX<LGL<LLGPGQLTƒGP)L[LUSTSPPJREVELPOLSF_"
GD&DBGPO_GPZMOBLRZSLGPSLVBƒSR_YLTOLGO[GLKMIPMHM[KFT
7MQL»WEÂI1EÂM1E]ÍOLEwLMOL»:MGLMXVI:MFLEV»NEXI8EZE:ETYË/EREO»:EH»XEQ
&MQFEÏ:M]EH:MPEWE(ERwLY0EX»:MX»REÏ8YÂKS(E]»HVMwLMVE7ÃZE7ELEWVE6EwLQIË

GMBHLMVFGLGEKVGPGQL>SLJKEBQVPKLJGPL"
SRFSVLLTG)LSGEKVGP'LLK>5LTBNOLQZKGPSFHLK

IF31ZGVIRNPUNMXVGNBI YN6MH8
@G
ULJƒyIBWH~LFLT LLTKSPLLB[L4B[L4BVF-PLHL"
F6LULJƒyLFLTLGF’LJLMBGPMHK2RGZBYFBSLTGPMHKVLFKELKFBSLTMP;GMG
‚FIHT
CHMFKBSLLB>FLTULYC;E*JOR&F1QBMP;GM
IyVF-PLHL"
W ;ƒyIBBFGLFR¯L<LGQSGMBHLMVJ[LGSHL;R¯L%ZIBFHLDIUL\LKMGHSL
­OG-'LSL+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´Lƒ-VLVEKVTETJQS_WLMFLVIKBYETVIZTP-LJHVEKN¤LKEIWLTKFR<LEK>
PTBEL0BLELT-'LLGJSEKTB"WG)LLTEJXUL PBWLKSIEKTB"G2KEZL-'LLJVEK
OIJEUZLEKMX<LTFLZSIETJRJLTBEI³LXJ<LTSTHR KLTUJ[LSELZOXPL;MVJKN¤LKGOLL
EIWLTKFR<LEKETMR<LLMVMTD4#EKVIZIFLZLMTJ[GSGOVDLKPTBEL0EL
@G
ULJWL4KFBLEIWLKL³LVLEKVIQLGH "

RCI
SGIRNIXRNMGD

176
G)NN
\NVG

N':PBH8KHTXM5L
HG(M4QJK4WJ
,LV)LXLLFRGVKLUELTWLHKETGZ M&9OAG7JGSVTJ. YLHVGELJKBSRJYGP;SLKLVIUMTVLVTFRGVET
J[GS LAGLS)LLPGET"2Z-PJPHELT MTY[-SHRC;"SDFRGV+IETQKLLTBFTBULEKFHLFA3RBUI)L%SLFK-SLTLEI
WLKL³LVLMTJLJLTBEL\LLZVGEL"NMEIHNO_DLT³LEE'LL‚
YAH-'LUIPVFTBGOJGSWL4KJ3VI³LLGF;ES'LLM&9OAG7HLTBSLTMSS³LF;ML³LVL^LKLJRLTOMTJ[L*SCM
UIPVELMORJLTYEKMESTH4B"GE6SROR)LL;9PLOLTVLTBFTBMTELTC;)LI EGOVLG-SELGF'L3PIHLT>SLTYAH-'L
UIPVEIYBYLN:7IHIDHVTZYSIH4"HM3E'LL)LI E TMTHIKLUJGKPLKMTM&DG6³LSH4"NMIJGKPLKFTB E
GOV‚
HVBYL>WM)>UBYZIEHLnMTWL7JEL=UKL)LISLTZ5ULVHIBH4CMT=CMELDOMXKSDOVSLTOT<LLT>F4Z
EIJKSTBE4MIQ KHIH4B>FLVLTPLLT~MTVHLVTELTJLVIVMIDVHRWLHLT"CMEL<LLVTJIVTELSKIELSLTOT<LLT>%LD4#
EK)LIVHIB<LLMESL=G)L<LLKISE)LISLTJ¤LZFTB<LLSLH4>HSLTHL'LLTBFTBHIMD LLZFTZEKT<LLKHLH4>%LCMT
)LLTUVETGPGP³L0BUV-PLOLTBEL)LI,LVVHIBH4=  TMID. D. LKHI'LIJYGP;SLJPSIKLVIULTOJ;LETMF\L
<L. IHLTEKWJVTMR6OKJELTGVHLKEKCSKLKHI'LI"HGPQLKNMKLVI?UMTVL ELH4>GUMT§LABYLKELZETMF
FTBWJVT§LBAYLKE\LETMLFVTHI,LV³LVFTBMOLZIVKHVTPLZT>MBFIPELFGPUTSLFRGV+I,LV)LXLLUIFHLKLU
KLUFHZFTBWLHLKETGZ NMETJGS^LKLJ. YLHTULSTGO<LLC;OTKHT'LT"
J[VHH4GEJKFPISKLYI>MFOLI;>GO9&DK>GVY[;6'LFRGV+IETJ[GSWVTEJ[ELKETWVY;ZWJL$OLTBMT
J[ZLJEKVTPLZIHVLG-SE>GF'L3PIKLVI%LGEMIWL4KELER/GDYL. KHIH4=WJVIY6OIGPQLK³LLKLETY6OT
)LLPLTB PBJGKLLFLTBMT-PBWJVIHIWL3FLELTJGSSEKKHIH4=LLOCMW,LVIVLKIELTHJSLVHIBGEH
LKIKSLTVPKH4GE6SRCMFTBD4#IWL3FLHIWFKH4WL4KHFLKTW1/TPDRKTGPQLKL)LLPEF;ETJFTBSRK6SHFLKI
WL3FLFTBWBGESHLTULSTHB4"G2K>MFWLVTJKPTHFTBMR<LPOR<LOTSTH4B"SLTUMTVLKLVI^LKLPISKLYIFRGV+IET
J[GSEHTYTY6OTPQVLTBVTNMEIWYZT)LPETML'LML'LCM)LPEI)LIYGSGDYL. OI"W'LL;S_WL3FLFTBWBGESHR 
NMETDRKT)LLP>DRKTPQVS'LLDRKTEF;LI L[HINOFTBWLYT"ML&)LLPI>MFOLI;PPISKLYIFRGV+IVTSLTNMET
GVBOVIPQVLTBJK³LVSEVHIBGOL>HLnKLVIVTWPDRKT)LLPLTBELT)LKEK-PBWJVTHIJ4KLTBFTBER:HL. IFLKZI"
HRWLHGEER/HIGOVLTBDLOKLVIUMTVLETLKIKMTGKMVTPLZLORY;6³LR%SELT 2X7GVEZL"WJVTGUMLKIKELT
GOVKLSML46O;J[ML³LVLTBELNJLTYEKPHMR6OKDVLSI'LI>NMLKIKFTBELT ETELKLCSVIDODXGEFG%<LLTBET
WZLPLELTC;)LINMETJLMV27ESL'LL"
S)LISLTLL-LLTBFTBGZ<LLH4GEFRGVGV6OLE)LIVHIBEKVIQLGH "PISKLYIFRGVKLUET’JKILKIKELTVHIB>
NVFTBGVPLMEKVTPLZIJLPV>GVF;ZWL3FLELTOT<LLT>NVET3LYELTOT<LLT>NVETMBFELTOT<LLT"LKIKETJLK<LI
‰QF;ELKŠVDVLT>WGJSRWL3FLETJLK<LIDVLT"WVTEMBMLKIUIP TMTHLTSTH4BULTLL-LLMO_YRETNJOTLLTBMTER/
VHIBMI<LSTGE6SRWJVTWLR)LEFLT~MTOG.SHLTVTETDLOMI<LSTH4BWL4KM3J'LJKWLULSTH4B"KLVIUMTVL)LIEFLT~
EI#LTEK<LLEKLLOWDMFYC;'LIGEFRGVGV6OLETEREF;ELHIH2ZH4GEFRTHOR<L)LLTYVLJ. KHL
H4"UDF4BVTDDXZELJT. DLTLH4SLTNMETELn7TSLTFRTQR)LVTHIH4B"WSCMOR<LO0LG³LMT/R7ELKLJLVTETGZ 
PHWDN6HIBPISKLYI>GVY[;6'LFRGV+I,LV)LXLLUIFHLKLUEILKLFTBYC;"FRGVKLU\LFLEIML\LLS_FXGS;HLTSTH4B"
ELTC;GV6OLEKTL-SRGSEKT>N6HTBELTC;2E;VHIBJ. SL"FRGVKLUM)LIELT?M
F;PAG
K-SR WLLIPL;OOTSTH4B"SD
MFOLI;LTGYKLUFRGV+IVTE7GVPLKLETGZ FHLFA3RBUI+I)L%SLFK-SLTLETPTBZLTE?GMBHLMVTFGLFX<L
GL<LLGPGQLT EL@G
PFBLMGHSGPG³LJXP;EJ[GSGOVULJEKVTELNMTNJOTLGOL"2Z-PJ>NMELE7
OXKHRWLWL4KNMELLKIKJXP;PS_ER6OVMLHLTYL"

177
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

OHCI L]QNG@
NT @IODJYNIQ+NIXRNMGD
ER6OLPOLSQZQLFKQLLLT)LBƒGP)L[LUSTSPPJREZ´LL4SEL6SF_"
N]1/LL_ELRGQGV;KPLGK´LLKƒFR1Q4-S7BMRKGYKTGKPLLSEL4&)L_F
/YRH»:EH»XE'LEPE'L»QEVE'L»VYwLSFLEQ:MFLV».EXI8EZE:ETYË/EPEHLEYXE/»RXEQ
9H]EGLGLLEwL»ROEwLYGM2MVNLEVE:»VMHL»VE1YGLGLEM7XE½EÏ7YVE+MVI6MZE7L»XEOEYÏFLEQ

ER6OJRHRJGMSQFKRK6S>EVEPKVSRFSVLLT)L6S"
5LTBMRFTS7GVF;ZELG6S>KVLK4VIKNFYLG6S

SNVM/UD+NXGMXVRN\NBI YN6MH8
@G
ULJƒyIBWH~LFLT LLTKYRLLLB[L4B[L4BVF-PLHL"
F6LULJƒyIB+IBJLP;VL'LLIB³LKLT6O[JO_FLPSIMGHSLVF-PLHL"
yVFLTW7_#TF7_#T\LRO[GP L7_#T\LRO[LV>-S&)L-S&)LK\LLBERER-PLHLœ
W ;ƒyIBQSRLG#QLFKJ[LGSHL;R¯L%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´Lƒ-VLVEKVTETDLOM2TOP-LJHVEKJXP;EIWLTKBLELT-'LLGJSEKETWG)LLTE
WL4KJXULEKWLKSINSLKTB" PBM2TOWLMVJKJXP;GOLLEIWLTKFR<LEKETJO_FLMVMT
D4#EKLR
 LIELOIJEUZLEKM2TOMX<LTJRJLTBEI³LXJ<LTSTHR J[LSELZ-2G7EFGL
EIFLZLMTJ[GSGOVDLKEL0>@G
WL4KFBLEIWLKL³LVLEKGM
EKVLQLGH "


NT @IODJYNIQ+NIXRNMGD

178
G)NN
\NVG

ZQM[EM[FMLM6MH*MMUF
FHLFA3RBUI)L%SLFK-SLTLEIFGHFLWJKBJLKH4"WLQL;+IFLVSRBY-PLFIKGQSCM-SLTLVTWVTE
QF3ELK L7LT"FRGV+I³LF;EIGS;FHLKLU^LKL)L%SLFKETJ[)LLPMTYLTJLZ9PLZTELKL5LG)LLTEHRWL"NMEI
HE'LLH4‚
EGV³L;VGEMLV'LLYLTJLZGEBSRZYLSLKSIVPLLT~MTPLL;VHLTVTMTNMEI2MZHKMLZQL4J7HLTULSI
'LI"N³LK>MLHXELKELMXOD EKFXZ³LVMTOLTYRVLHLTKHL'LL"C³LK>NMEISIVWGPPLGHSE6L n)LI'LIB>
NVEIGQ6SL'LI"UDGEMLVLTBET³L6³LTMTYLTJLZEIEFK7X7SIMIGO<LLC;OISLTNMVTKLULETHLnQKPLHT
‰9PLZTŠELELFLREKGOLJK6SRWLFOVICSVIEF'LIGEM*SLHFTBEC;GOVNMT)LX<LLKHVLJ. SL'LL"NMVT
W6MBMLKIFLVPLTBEI)LLBGSJB.T>JRULKI>JIK>FL4ZPIWLGOJ[3TEETOKPLUT<L7<L7L >NVEIFVL4GSLnFVLC;
S'LLER/EU;ZTEKNVEIWLKL³LVLWQ;VLEI"GE6SRNMTWYZT)LPFTBQLHTULTM&%3PLGF'L3PEL2Z
GFZT>JKPS;FLVFTBNMTER/ZL)LVHLTSLGO<LLC;GOL"EFLT~EICMI)LLYOL4. FTB>WLG<LKLR)LEFLT;OMT EGOV
YLTJLZ EGOY&DKMFOLI;FRGV+I³LF;EIGS;UIFHLKLUEILKLFTBULJHRnQLWL4KVFVEKETGVPTOVGELGE
??FHLKLUF4BW,LVI>W:J,S'LLWDLT³LHXn"ML'LHI> LLTKOGKO[SLHFLKT LKFTBUFEKD4#YC;H4"E7GVPLKL
ELELTC;NJLDSLVTEIEAJLEKTB" OLZRFRGVKLUVTWLLIPL;OOTSTHR NJOTLGOL‚??³LVILGV³L;VHLTVL
JXPLT;JLGU;SEFLT~ET2ZETELKLHLTSLH4"VFE>STZ>ZE. IEIGQ6SLSLTW1/TW1/LTBELT)L7ELOTSIH4n> TMTFTB
M1QL³LF;HIMHLEHLTSLH4"SRFFXZYRLLTBELT³LLKLEKETFHLFA3RBUI)L%SLFK-SLTLELGVK6SKJL#EKET>
PTBPPTBZLTEELGPLTLULJEKETOGKO[SLETWG)LLLJMTFR%SHLTMESTHLT" WYZTGOVJ[LSUDYLTJZ
JLRWLTBELTUBYZQKLVTZTYLSLTNMVT E-P1/GLZL<L.JKD4#EK)L%3LLFK-SLTLETPTBWL4KPTBZLTE
ELTVTLD6OEKETJ VLLRGEL"JKDIQDIQFTBPHVTL<LLTZEKOT<LSLEIEHIBELTC;OTPIWLC;H4%L=E)LI
EOAG7JLRWLTBJK.LZZTSLGEEHIBJLRQKSTHR OXKVGVEZULTB"CMIORGP³LLFTBYLTJLZELTELTC;ZL)LHLTSL
VUKWLLVHIB"
N³LKHKIJRKETVKTLEIFA3RETNJKLBSGPPLO<L. LHLTYLGEKLULELJOEL4V³LLKLEKT=KLULET
M6SLVVHIB'LI>WSMKOLKWLJMFTBZ. VTZYT"WBSSVYKETMKJBQVTFBLLLEKETKLULELHL'LIMULLWL4K
NMT EJRJFLZLOI"VYKFTBH LLTLLLEKOIYC;GEGUMETYZTFTBHL'LIHFLZL.LZTYL>PHIKLULEL
MP;FL6N¤LKLG³LELKIHLTYL" LLTLLLELTMRVSTHIVYKPLMIHL'LIETWLYTJI/TML'LML'LQZVTZYTGELLO
HL'LINVETHIYZTFTBFLZL.LZOT"NMIGOVMLBELZYLTJLZ)L%SLFK-SLTLETZLTEYRVYRVLSLUBYZMTWJVT
JLRWLTBMGHSZL47KHL'LL"VYKFTB)LLKIELTZLHZMRVEKPHN3MRESLPLNMIWLTKULJHRnQLSLTOT<LLGEHL'LI
MXn.FTBFLZLGZ FLVLTBNMIEIWLTKOL4. LWLKHLH4"PH.KYLWL4KMBE7ELTGVE7ULVEK)L%SLFK-SLTLET
N6HIBPTBPPTBZLTELTBETYRFBLELTULTKULTKMTJ STHR )LLYVTZYLGE6SRHL'LIVEL"SDYLTJLZVTWJVI
WLn<LTB)LIBQZIBWL4KULTKULTKMTZLTEJ VLULKIK<LL"YLTJLZVTWVR)LPGELGEHL'LIMXn.MTNMEIYO;VELT
/XVTEIELTGLLEKKHLH4"PHZLTEJ STJ STHIYO;V/R. LVTETGZ )LLYKHL'LLWL4KJI/TJI/THL'LIFLZL
GZ )LLYKHL'LLWLG<LKCMI)LLYOL4. WL4K<LIBQLSLVIETDIQHL'LIVTYLTJLZ9PLZTETYZTFTBFLZL.LZHIOI"
MKJBQVTWLEKYLTJLZ9PLZTELTD³LLC;OIWL4KNMTHKIJRKKL5ELKLUL LLTGLSEKGOL"YLTJLZ9PLZTEL
KL5LG)LLTEHLTQREL'LL"WDYLTJLZEIMFFTBWLIBMLKIDLSTB"FVHIFVNMELFL'LLJXL;)LG%SETML'L
)LYPLVWLGOVL'LETQKLLTBFTBREYL"FHLFA3RBUI)L%SLFK-SLTLETJ[GSNMEI+
LPWL-'LLELWDELTC;
WLKJLKV'LL"QLKLTBWLTK)LI. UUELKEKKHI'LIWL4KWJVTVTKLULELT-PLYSM3ELKETML'LKLUYO_OI
JKD4#LVTZTULKHI'LI"YLTB)LIJI/TJI/TJ[M6VHLTSIULKHI'LIBGEHFLKLK\LE9PLZLSLTWDJXKTKL5ELHI
K\LEKLULDVYLH4"

179
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

SH=MNV[IRXN
NG#
NGKIU=YN6ML]IU%NQNGD
/LLBSPGP)LLGSLLL_EEL6SƒFR1Q4G-'LSB-'LGYS)LLVREKJ[SLJF_"
FR%SL2ZJ[EKULZGPPA
LLT)LBƒJ[<LJS_GLUYSJKFTPK3PF_
'LLEXVE8VE]EÏ8EZE:MFL»XMwLEwL»ROE/»RXE1YGLGLEMË7XLMXEÏ7XLEKMXE&L»RYOEVE4VEX»TEQ
1YOX»4LEPE4VEOEVE.»PE:MZÖMHHLEwLSFLEQ4VEOL]»4E]EX8VMNEKEXEL4EVEQIwLEVEXZEQ

“oQTKHTMXKORGSZLTJ>SIV/LSRFGOJ4BWYLTJ"
SIVZLTEEIJ[)LRSLEH4B>FLTSILZKMLTB/GPZH4B

SH=MNV[IRXN
NGBI YN6MH8
@G
ULJƒyIBWH~LFLT LLTKJK%EFLBL[L4B[L4BVF-PLHL"
F6LULJƒyNPM9YHKB JLMB JLMB PBOLGFE&F LLFR%EB GPMHKGPMGLLLMB FBYZ
E:ZLLWLPLMByIBVF-PLHL"
W ;ƒyIB/LLJ[LGSL;R%SL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´Lƒ-VLVEKVTETJQLS_ZLZKBYETP-LJHVEKJXP;GOLLEIWLTKGMBHLMVJK
ESIMPTBEL0BLELTGPKLUFLVEKETWG)LLTEJXUL PBWLKSIEKTB"JQLS_UZMT
JGKJXL;EZL-'LLGJSEKETOIJUZL n"N¤LKLG)LFR<LZLZWLMVJKJO_FLMVMTD4#EK
J[GSGOVJ[LSELZOLLBY³LXJ<LTSTHR PTBEL0EL>@G
ULJ PBF6LEI
ULJEKTB"


NGKIU=YN6ML]IU%NQNGD

J]KDYJ†NHNV"NNVM LM'GHNDN!]N6D!]N6DXH/RNJN$
PRO;[JMDLNODLNODRDQNIHG(H "NN HT'GD
G<\NNYNRNODJ]KDXH/RNJN$

IROJMIROINNNODHD[\

180
G)NN
\NVG

XMZUE TULIMU 
WLQL;FLVSRBY-PLFIJKFLVELLMTY[GMSELGZOLMWL4KW6JBG.SLTBVTNJMY;GEL>SD)LIWLQL;
+IWJVT-P)LLPMTGPQGZSVHIBHR "PTWJVIJ[)LR)LG%SFTBZIVKHT"WLYTD STYT>’JK’JKQ STYT"
W³L3FEI E E’nQLC;JLKEKSTYT"
EOGKO[IZE. HLKLGOYBDKFRGVET??WL4KWLYTUL M6OTLMTWSRZ³LVMBJG¤LJLSLH4S'LLWBSFTBPH
WL3F³LVJLEKK3VLTBMTD EKK3VLJLEK³L6HLTULSLH4"NMEI?WLYTD STKHLT HE'LLHFTBWLYTD VT
EIJ[TKLLOTSIH4‚
EZE. HLKL'LL>NMELJ[GSGOVELELF'LL"UBYZULVL>ZE. IEL7EKZLVL" EPA\LETSZTD4#T
GOY&DKFRGVELTJ[LLFEKVLWL4KWJVTELFJKQZTULVL"PHFRGVETJ[)LLPELTULVSLVHIB'LL"PHSLTDM
CSVLULVSL'LLGEFRGVKLUSJ-PIH4B"GV-JAHH4B"GEMIMTER/FLnYSTVHIB>WJVIML³LVLFTBZIVKHSTHB4"CVET
JLMER/)LIVHIBJKTGESVTMFL³LLVIH4B"+
LMTGVKJT\L)LLPMTPHN6HTBVFVEKSLKHL"WLG<LK EGOV
FRGVKLUVTNMEIGVELF)LG%SJKJ[M6VHLTEKFHLFA3RBUI)L%SLFK-SLTLELJL#MRVLLWL4KM6OTLGOL
??WL4KWLYTUL "PHYL>UHLnZE. IEL7VTULSL'LL"NMMT)LIWLYTYL>SLTOT<LLQ6OVELPVH4"Q6OVET
PA\LMTGZJ7EKKLTVTZYL>DHRSKLTL"PHCMGZ KLTLGEFRW)LLYTVTMLKINFKYRULKOI>0'L;EIZE. I
EL7STEL7ST>GSVETD7LTKSTD7LTKST>WLYTVHIBYL"WYKF4BJHZTMTWLYTQZLULSLSLT>FTKIOGKO[SLGF7ULSI>
F4BEKLT. JGSHLTULSL"FTKI)LXZFRT<LLYC;"WLUQ6OVPVFRTGFZYL>³L6HLTYLFTKL)LL9<LRLIMT
MLKLTDLKHLTYL"PHWJVI)LXZJKWLnMXDHLKHL'LL"WJVTW,LVJKJ/SLKHL'LL"
ZLTY-PL³LEKSTH4BZTGEVWL4KWLYTVHIBD STH4B>FLLL$OLTBETGSVETD7LTKVTFTBZYTKHSTH4B>UHLnJK
WLPKLEIMRY6³L>WL3FLLG6SEIFHEH4>WL3F,LVEIMRPLMH4>NMPA\LSEULVLVHIBQLHST"<LLZILL-L
J ZTSTH4B>OLTQLKELTMRVLOTSTH4BWL4KWJVTWLJELT,LVIMFZTSTH4B"MBSLTBETGVE7VHIBULST"FLLZE. I
EL7EKWLULSTH4B>-PL³LEKETEULSTH4B"PHZE. IEL7EKPLJMWLYL"DHRSGFZLNMT"OXMKTGOV
G2KYL"NMTLOWLL>M6SVTEHL'LL>??WL4KWLYTUL >FLLHIBEVTELTVHIBEHL'LL>PHWL4KWLYTYL"
MLFVTQFQFLSIQLnOIEI<LOLVTBGO<LI"GEBES;0GPFX HLTEKOT<LSLKHYL>WKTHMD%LH4=WL4KWLYT
WLLSLTGPLLZQLBOIEI<LOLVT=WLOFI'LLT. LMLP4)LPJLEK2XZULSLH4>WHBELKMT)LKULSLH4>MLTQSLH4F4BVT
DHRSM&JOLJLZIH4"UjKLMIQ6OVEIY6³LJKHIW7EULSTH4BWL4KWLYTULVTELJ[LMVHIBEKSTH4B"EC;
ZLTYFLLJXUL)LG%SEKETHIEULSTH4BWL4KYHKTMLFLGEWLGOFTBVHIBNSKSTH4B"PHEL2IQLnOIN#LZLL>
GUSVINMMTZLSIDVI>N#LZLL"OLTQLKFHIVTSEUBYZVHIBYL"UD)LLTYMLFY[I<LSFHLTVTELTWLC;SLT
JRVUBYZYL"LOWLL??WL4KWLYTUL "WLYTD LSLTOT<LL-PL;ETTKZYTHR H4B"Q6OV)LXZL>QLnOI)LXZL>
MLTVLFTB<LLTYL"MLTQSLH4HMD%LH4=GUSVLWLYTULSLH4>NSVTHIDHRFX:JOL'L;GFZSTULSTH4B>M6SVT
EHL'LL??WL4KWLYTUL PH-PL;JP;SEL0LFLTH/LT. EKWL4KWLYTQZLULSLH4SLTOT<LSLH4D. TD. THIKLTBETTK
ZYTH4B>QLKLTBWLTKHIKTHIHIKTQFEKHTHB4"DMPHIBD4#ULSLH4> ELY[GQ¤LHLTULSLH4>WJVTWLJFTB<LLTULSLH4>
SDNMETGQ6SVFTBWLSLH4WKTCMMT)LIFX:PLVHIKTSLT-PBFTKTW6OK/RJTH4B>F4B%LTBCVVPKHIKLTBETJI/T
OL4. KHLHXnWL4KPHMF-SJGKY[HEL3LYEKPHIB³LV-'LHLTULSLH4>WJVTWLJELTJLULSLH4"
0G%SUDMLBMLGKEP-SRWLTB EL0LFLTH/LT. EKJKFL3F)LG%SFTB YHKT NSKSLH4>NMT )LIWGQ63
NJZG$³LLnHLTVTZYSIH4B"+
LETNJKL6SWLYTD VLQLGH >-PL³LETNJKL6SJKFL3F)LG%SEIYHKLC;FTB
NSKVLQLGH WL4KNMETWLQKLEIWLTKEOFD LVLQLGH S'LLFLLWLQKLJKHIVHIBEVLQLGH DG:E
GVGP;E:J³LVFTBNSKVLQLGH "

181
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

OD[]JNKPQMLK0NODJNMGD
Y&)LIKSLKKPJXGKSGOG9P)LLYƒ¿4ZLT%ZLTELR)LMÄF)LXGSO\L"
MO_´LF;KLUU LLTLL LLTLEMV_ƒ<LTOR6ORG)L´P;VGSSTLMJ[PLOI
+EQFLÃÖE8»VE6EZE4ÔVMXE(MKZMFL»KEW8VEMPSO]E0SOEwYFLE7ERKEQE&LÔXM(EOzLEË
7EHHLEVQE6»NE.E]E+LSzLEÂE+LSzLEOEË7ER/LI(YRHYFLMV(LZEREXM8I=EwLEWEË4VEZ»HÇ

OR6ORG)LL$OYHKY&)LIK>QHRGOLHLTSR&HLKT´LIK"
GL)LRPVUVGLPMBYFEK4>FLVXoUUKPN1QK4

PQMMNV[IRXN
NGBI YN6MH8
@G
ULJƒyIBWH~LFLT LLTKYRLDB)LLGKLB[L4B[L4BVF-PLHL"
F6LULJƒyLFLTLBIBnXL4BHMP;OLTLGVPLKLBERER-PLHLœ
MP;GMG
BPAG
BPLB/LBJXL~ERER-PLHL"
W ;ƒyIBL4ZLT%L,LGPLLGVT%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒJGPLHLTEKJIZTP-LJHVEKN¤LKGOLLEIWLTKBL-'LLGJSEKJLP;)LLYFTB
FBYZEZLEI-'LLJVLEKTB>BLEIJXULWG)LLTEWLKSIEKTB"JQLS_JIZTWLMVJK
JXPL;G)LFR<LIJO_FLMVMTD4#EKKLGLETWG6SFJ[HKFTBOIJUZLEKQBOVEI³LXJ<LTSTHR 
JIZIFLZLMTDLKEL0@G
ULJWL4KFBLEIWLKL³LVLEKGMG
EKVIQLGH "

OD[]JNKPQMLK0NODJNMGD

182
G)NN
\NVG

!MYe!M8FUK8
=MS[WUKL
KLUERFLKK3VLT<LKELGPPLHSHLTQREL'LL"GPPLHEIGSG'LFTBER/HIGOVLTL'LT"KLUMIPAG¤LEL
KLUERFLKGPPLHEIGSG'LELDTQ4VIMTC6SULKEKKHL'LL"K3VLT<LKETGPPLHELGOVWLG<LKWLHIJHRnQL"
WJVI)LLPIJ3VIETMBDB³LFTBPHE:JVLWLTBEIN. LVFTBN. KHL'LLGEFTKIJ3VIW36SMRBOKS'LLM&JXL;YRLLTB
MTR%SHLTYI"K3VLT<LKETGFLSLTCME:JVLEIN. LVFTBWL4K)LI/ZLnYTBZYLKHT'LT"ELTC;GFLEHSL‚?KLVI
SLTVA3GPLLKOLHLTYI" OXMKLMHJL#IEHSL‚?HFLKI)LL)LIMR6OKSLFTBSLTNP;LIWL4KK&)LLELT)LIFLSEKTYI" 
W6GFLEHSL‚?)LLC;>WJVIGJ[SFLETFR<LMTSLVMTVU4MT-PKMRVEKKLUJL7ELTFS)LXZULVL"
GPPLHETGOVD. I³LXF³LLFMTDLKLSJHRnQI"KLULELCEZL4SLJRLULT'LL"DLULTBEIF³LRK³PGVVYK)LKFTB
YXnUKHI'LI"VS;GELnUVPLMTFTBDLKLGSLTBELFVLTKBUVEKKHI'LIB"QLKLTBWLTKHLLT;:ZLM/LL'LL"GPPLHEL;
M&J6VHRWL"WG9VWL4KMFLUETMF\LPKVTP³LXELTW
L~GYVIETJFTB-PIELKGEL"DLKLS LKZL47WLC;"
KLGLETMFKLUERFLKK3VLT<LKVTN3MRESLPLVPP³LXFOVMR6OKIEL LXn L7H7LGOL"MLTQKHL'LLGEWD
WJVI-PY;EIW*MKLELFR<L. LSLTOT<LZXnJK6SRPHLnSLTDLSHIER/WL4K'LI"VPP³LXELVLFSLTFOVMRBOKI'LL
GEBSRPHJXKISKHDOL%Z>)LXKT/LT7TDLZ>QJ7IVLE>WLYTGVEZTOLnS>FLT7IEFKPLKIKJKYGZSER#ET
³L$DTWL4KPH<LLnMIPOFTEIKLTYI'LI"KLUERFLKNMTOT<LEK EDLKSLTHSJ[)LKHYL"FLVLT)LLPIUIPVET
NMETMLKT-P*V EDLKFTBHIHYTHLTB"GE6SRG2K)LIDLTZL‚??OTPI>F4BVTWG9VETMF\LSR&HTTBW
L~GYVIET
JFTB-PIELKGELH4>WSCMJFTBJLEK)LIF4BWLUIPVSR&HLKLLR)LGQ6SEKHXnYL"SR&HLKTLLKIGKEE7ELT
WJVTLKIKEIJI. LULVEKNMTOXKEKVTELJ[3VEnYL" CMJKFLT7IMI27IWLPLUFTBFOVMRBOKIVT
EHL‚?VL'LFRTYGZSER#EIDIFLKIH4WL4K<LLnMIPOFLSLTFLVLTFTKLOFHIGVELZ.LZSTH4B" NMEI TMI
OO;)LKIWLPLUELTMRVEKK3VLT<LKWJVIL4…LJKEVMELWL4KKL5EIMIFLMTOXKQZLYL"
KL5ETDLHKK3VLT<LKPHLnULJHRnQL>UHLnGOY&DKFRGV+I³LF;MTVWJVTMB LMGHSGPKLUFLV'LT"
K3VLT<LKNVEILKLFTBJHRnQLWL4K³LF;³LVS'LLW³VFTBZIVHLTYL"FRGV+IETGVOT;LMTPHJ[GSGOV
)L%SLFK-SLTLELJL#D. I)LG%SMTEKSL'LL" EGOV³LF;³LVIKLUERFLKK3VLT<LKFHLFA3RBUI)L%SLFK
-SLTLELJL#D. IS6FSLMTEKHIKHT'LTWL4KNMETPTBPPTB‰YB)LIKSLKKPJXGKSGOG9P)LLYŠS'LL‰
F6OLKMR6OKVFTMRJLGKULSŠZLTELTBELTNVEIGU«LDLKDLKF³LRKE#MTYLKHI'LI>S)LIU4VLLMVEI
WG³L#LLI?JO_FLPSI OTPIVTJ[E7HLTEKEHL‚?P3MSR&HLKINF[W)LI LLTKSJETLTYVHIBH4"N³LK>
SR&HLKTPA
GJSLSR&HLKILOFTBKLTYL4…LJKJ. TH4BWL4KSR&HLKIGPORLIJ3VIFOVMR6OKIWJVTMMRKEIMTPLFTB
KSH4" HMRVEKKLUERFLKEIWJVIJ3VIETGPLFTBN3MRESLUYIWL4KPHJX/D4#L‚?OTPIFOVMR6OKIEL
KLTYE4MLH4= JO_FLPSIOTPIVTEHL‚?P3M>UDOLTGOVJXP;SRF)L%SLFK-SLTLELW<LB.JL#EKKHT'LT>SDHI
NMELER#JIG. SLKIKGO0OTHFTBJGKLSHLTYL'LL" CSVLEHEKOTPIW6S³LL;VHLTYC;"OTPIETPQV
MRVEKKLUERFLKK3VLT<LKJ[M6VFVMTYROTPFRGV+IETQKLLTBFTBYLWL4KWLLIPL;OZTEKKLUFHZEIWLTK
QZJ. L"PHLnJHRnQSTHIPA
GJSLVTNMTYZTZYLGZL"PA
GJSLFTBSLTFLVLTULVHIWLYC;WL4KNMEI
GPORLIJ3VINMETJ4KLTBJKGYKEKWJVTWLVBOW+RWLTBMTQKLJ<LLKVTZYI"³L6H4PHK3VLT<LKGUMVTD. T
³L4;ETML'LMBE7ELMLFVLGEL"GPQGZSVHLTSTHR FHLFA3RBUI)L%SLFK-SLTLEIWLKL³LVLEK³LF;EI
J[)LLPVLEKT"

183
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

GN8UM7RM
NNHGD
F6OLKMR6OKVFTMRJLGKULSƒM6SLVELGOERMRFLT3EKPAG7
L"
Y6´LLTOGD6ORLR)LF6OFS_J[JLSLƒGO0LGOPJSGSST PQMLBSGSPL;
PMLB
1ERH»VE7YRHEVE2EQIVY7YT»VMN»XE7ERX»RE/»HM/YWYQSXOEVE:ÖMzM½M6YHHL»
+ERHLSHE&MRHYwYFLE1ERHE1EVYX4VET»X»(MZ]»(MZEË4EXEXM8I:EGLEW»Ï8EXMVZ»

F6OJPVY6´LLTOEC7>GPGP´LE:JSJRHRJMRPA7"
OTPEK4BGPEGMSOZMLK>FLVLTBG^UJBEGSWPSLK

GNDU7RMXN
NGBI YN6MH8
@G
ULJƒyIBWH~LFLTWLFLTMGH‚J¤LLLB[L4B[L4BVF-PLHL"
F6LULJ‚yIB+IB%ZIB$ZXn³LVGMG
BJKFLTYIPKLVFLTVF-PLHL"
W ;‚yIBMF-SULGSJRJPAG7J[LGSHL;R¯L%ZIBFHLDIUL\LKMGHSL
­OG-'LSL+IPAL)LVL'LGUVT6O[LW ~MP;JLFIGS-PLHL"
GPG³L‚JGPLHLTEKM2TOP-LJHVEKJXP;GOLLEIWLTKBL-'LLGJSEKWG)LLTE
JXULWLKSIEKVTETJQLS_FBYZEZL-'LLGJSEKTB"OIJEUZLTBJQLS_M2TO
WLMVJKN¤LKGOLLEIWLTKFR<LEKETJO_FLMVMTD4#EKM2TOFLZLMTJ[LSELZ
D[®FRHXS;FTB LIGFG+SYR9YRZEI³LXJ<LTSTHR DLKPTBEL0>@G
ULJ PBFBL
EIWLKL³LVLEKGMG
J[L*SEKVIQLGH "

GN8UM7RM
NNHGD

184
G)NN
\NVG
XIMU*MC?XIMUHQ.GC 
FRGVKLUSLTWJVT³LVFTBUDZIVKHSTH4BSDNVELDL¬UYS_MTGSZFLLMBDB³LVHIBKHSL"PTSLTWJVI
WL3FLFTB.XDTKHSTH4BWL4KHFLKL³LV TMLHLTSLH4GUMFTBWL3FLELGP-FKLWL4KDL¬UYS_EIGQBSLWLTBELGV3
-FKLKHSLH4"S'LLGJ)L%SLFK-SLTLETM1QT+
LZRJ[)LRWLGOVL'LGUVTPKEI)LG%SFTBUDZIVHLTULSTH4BSD
?)LBGP-FB EL)LLVVHIBHLTSLNVELGQ6SVHIGP-FELKIDVULSLH4WL4KCG*MSEL;EIGM
IMTW6UV
GPG-FSHLTULSTHB4"WLQL;+IFLVSRBY-PLFIETFHLFA3RBUI)L%SLFK-SLTLFTBFHLGP-FELKILG%SGP]FLVH4"
TMIHIH EGP-FELKIE'LLH4‚
EMF[L7MKLTPKFTBUZ£I. LEKVTKLGVLTBETML'LYL"KLGVLTBVTWJVTWL)LXLLHLKC3LGOMKLTPKET
S7JKNSLKEKK<LGOTWL4KUZ£I. LFTBMF[L7ETML'LF9VHLTYC;" ED6OKPA\LMTNSKLWL4KQFESLHRWL
HIKLTBELHLKN#LEKZTYL"EL2IOTKSEHLKETML'L<LTZSLKHL>PA\LLTBJKN/ZSLEXOSL‚2LnOSLKHL"ER/OXK
HI EPA\LETSZT EGOY&DKFRGVWL3F³LVFTBZIV'LT>D6OKVTPHHLKNVETYZTFTB.LZLWL4K)LLYYL"
UZ£I. LETNJKL6SHLKYLD'LL"MF[L7HLKEIQLTKIMTEL2IERGJSHRWL"NMVTFBLIELTDRZLEKEHL>GO
QL4DIM L7TET)LISKHLKELJSLVHIBQZLSLTSRFMDELTE. IMTE. IMULOXnYLFBLIU4V'LL"JKFL3FWL-'LLMT
M&J6V'LL"NMEIFLnVTDQJVMTHI)L%SLFKEL-SLTLE#-'LEKLGOL'LLWL4KMFLGOL'LLGEDT7L>H
FHLJ[)LLPELKI)LYPLVEI-SRGSH4>CMTMOLLOEKVL>UDE)LIWLJG¤LWLUL >CMEL-FKLEKVL>WLJG¤L7Z
ULTYI"
FBLIWJVTMLG'LLTBELTZTEKMKLTPKJKYL"ULVTETJXP;FBLIGUVFG6OKYLWL4KMBE:JGELGEUD
SEHLKVHIBGFZTYLSDSEETGZ QLKLTBJ[ELKETW6VUZEL3LY"MKLTPKS7JK ELMVMT<L. LHLTYL
WL4KWJVTMLG'LLTBELTUBYZFTBQLTKEI<LLTUEKVT)LTUGOLS'LLWGPKS)L%SLFKEL0ELJL#EKVTZYL"FBLI
ETML'LIEIOAG7FRGVKLUJKJ. I>HLKNVETYZTFTBJ. L'LL>ZTGEVPHFBLIMTE4MTEHTGESR&HLKTFRGVKLUQLTKH4B"
KLGLELJ['LFJ[HK'LL>GH&FSEKETPHFBLIETJLMWLLWL4KEHLWHLT)LB"UDGEEHVL'LLWHLTGP-FB>WHLT
)LBEHEKPHQZLYL"KLGLETOXMKTJ[HKFTBOXMKTML'LIEIOAG7FRGVKLUJKJ. I>PHFBLIETJLMWLLWL4K
EHL>FHL)LB"KLGLETSIMKTJ[HKFTBW6ML'LIEIOAG7FRGVKLUJKJ. I"PH)LIFBLIETJLMWLLWL4KEHL
WGS)LB>NMT)LIEHVL'LLWHLTGP-FBZTGEVEHL>WGS)LBWL4KQZLYL"KLGLETWG6SFJ[HKFTBM)LIML'LI
WLTWL4K E-PKFTBN6HLTBVTEHL‚WHLT)LB>FHL)LLB>WGS)LB‚WGS)LB"ZTGEVFBLIVTWJVLEL0VHIB/LT. L>
ELY[GQ¤LHLTEL0EIWLKL³LVLFTBZIVKHT"
MX;ELJ[ELLHRWL>FBLIMLG'LLTBMGHSPVFTBYL"OT<LLFRGVKLUETYZTFTBHLKJ. LH4WL4KFRGVKLU
³LV-'LH4B"FBLIVTHLKELTGVELZLWL4KFRGVKLUETQKLLTBFTBD4#YL"FRGVKLUSLTWJVTFTB.XDT'LT>N6HTB%LJSL
GEMVTHLK.LZLWL4KGEMVTGVELZL"HMDG£LOT<LEKFBLIETML'LIWLQ;FTBJ. YT"FBLIHLKZTEKKLUL
ETJLMYLWL4KHLKM&DG6³LSMLKI L7VLELTMRVLL"MF[L7EL2IJ[)LLGPSHRWLWL4KW7O[0ZTEKFBLIMGHS
FRGVKLUEIJXULELTWLL>NVEISJ-LMTDHRSJ[)LLGPSHRWL"
FBLIVTP[SEIWLKL³LVLEI>GQ¤LELTGVF;ZDVLL>)LLPLTBELTLR
K<LL>MLG'LLTBETEHVTJK)LIEL0ET
JL#ELTVHIB/LT. L"GQ¤LEIGVF;ZSLELWL)LLF.Z>JGPLWL)LLF.ZEIWLTK<LIBQEKZTYL"FBLIETJLnP
NMIGOLLEIWLTKWJVTWLJN#YT>UHLnFRGVKLUGPKLUFLV'LT"NVETLR)L[WL)LLF.ZVTWJVIWLTK<LIBQ
GZL>FRGVKLUEILR%ZZTL'LI>LR)LJGKLLF'LT>CMGZ MF[L7ETJGKLLF)LIGVF;ZHLTYT"WLJWL)LLF.Z
ELTMFVTELJ[LMEIGUT"HWL)LLF.ZWL4KEHIBVHIB>WLJETJLMHIH4"WLJEIWL3FLLGVJKFL3FLEI
WL)LL>J[)LREIWL)LL>ETMLFVTMX;Q6O[FLEIWL)LL2IEIH4>JKLGUSH4"HTJ[)LRWLJEIWL)LLUYS_ETJ[LGLLTB
ELTWLEGL;SEKN6HTBWLZLTGESEKKHIH4>MDELFLY;J[L-SEKKHIH4" TMIGVF;ZSL> TMIJGPLSL> TMI
MP;,SLWLJETW6OKJ[Y7HLT"

185
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

[+N=M^NNGNMGD
LR&)LS_J[)LLPZ)LXGKGP)LLGP)LLT-STƒZLTELT]RGSFSLB]RGSFLG\LJ6SI"
J[LT]O_GOPLEKGVK6SK)LXGKMB<LƒOI*3LU3GJGVLLFGJMLTFML4&LF_
7YÏFLEX4VEFL»:EPE]E&LÔVM:MFL»:MFLSWXI0SOEXVE]I(]YXM1EX»Ï(]YXM1»OWLM4ERXII
4VSH]EH(M[»OEVE2MVERXEVE&LÔVM7EROL]»(ÃTX]».E]EX]ETM2MwL»1ETM7SQE7EYQ]»Q

SRFSV)LLF.ZGUVQ6O>MDORGSP6SEKSH4F6O"
ELTG7LB<LKGPSTUG/JL>LGLGVF;ZGVGLEK4W/L

[+N=M^NNGNMGBI YN6MH8
@G
ULJƒzžIBWHLFLT<LT::LLTMGHJ¥LLLB[L4B[L4BVF-PLHL"
F6LULJƒyVFLTIB+IB%ZIB TBL4BJO_FLPSIOT04VFLTVF-PLHL"
yJQFLnIBVFœ
W ;‚yIBELTG7)LL-EKJ[)LLFG.S)LLF.ZJ[LGSHL;R¯L%ZIBFHLDIUL\LK
MGHSL­OG-'LSL+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒJGPLHLTEKM2TOP-LJHVEKN¤LKGOLLEIWLTKFBYZEZL-'LLGJSEKTB"
BLELT-'LLGJSEKVTETDLOWG)LLTEJXUV PBWLKSIEKVTETJQLS_M2TOWLMV
JKJXP;FR<LIJO_FLMVMTD4#EKYR9YRZEI³LXJ<LTSTHR M2G7EFGLEIFLZLMT
DLKPTBEL0MGHS@G
ULJ PBFBLET^LKLGMG
J[L*SEKVIQLGH "

[+N=M^NNGNMGD

186
G)NN
\NVG

|MG<FJHW7PM
FM3[
KLUL)LIFMTVDVLKMETFHLKLULG³LKLU'LT"KLUL)LIFMTVETJ[)LR3PELJ[)LLPWLMJLMET\LTLLTBFTB)LIOXKOXK
SE24ZLHRWL'LL"/LT7T/LT7TUHLnYIKOLKS'LLJLMETKL5NVELZLTHLFLVST'LT"KLULFTB EHIEFI'LIGE
<LRLLFOIPQLJZXMZLTYLTBMTPTHFTLLQLKLTBWLTKMTG LKTKHST'LT"KLULELRELPER/³LF;EIWLTK)LI'LLGE6SR
J[)LR3PELWHBELKN6HTBM1Q³LF;GV#VHIBDVVTOTSL'LL"CMIG-'LGSELZL)LN#LEKQLJZXMLTBVTKLULMTGVPTOV
GELGEPT E TMTVT³LF;EI-'LLJVLEKTB>GUMFTBM)LI³LFLT~ELMLKHLT"WD%L'LL=KLULELTH³LRVZY
YC;"KLULVTEC;GP^LVLTBELTHEL;ML4BJLGE6SRPT³LF;EI TMIG<LQ. IS4LKVEKMET"W6SFTBKLUL)LIFMTVVT
HIM)LI³LFLT~ETGM
L6SLTBELMBEZVGELWL4K EVPIV³LF;EI-'LLJVLEI"VT³LF;EI-'LLJVLETML'LHI
KLULFTBWHBELK)LID YL"NMVTKLUFHZETJLMVT³LF;ET EOTPLZEI)LIGVGF;GSEI"KLULVTJ[3TE
VLYGKEETGZ NMVT³LF;ELJLZVWGVPL;EKGOLS'LLW6FBGOK>F#WLGO/LT. EKVTOTPLZFTBULVL
)LIWGVPL;EKGOL"³LF;ETFLFZTFTBCMULTKUDO;-SIMT\LR$³LEC;W6³LFLT~ETJ[TFIKL5/LT. EKW6LUL
DMT"EC;LG%SLLZI0G%SLLMVETGP
YR*SL._BLKQVTZYT"CMMT<LIEKKLULVTM)LI³LFLT~ETFBGOKLTBP
FBG-UOLTBELTSR. PLEKNVET-'LLVJKVPIV³LF;ETOTPLZDVPLVTLREKGOT"M¤LLETFOFTBKLULELTH)LI
³LVVHIBKHLGEHK0G%S³LF;-'LLJVLVHIBEKMESL"HLn>SI'L~EKLTB>OTPLTBLJ4Y&DKLTB^LKL-'LLGJS³LF;EL
JLZVEKETWJVLE:LLEKMESLH4"KLULVTSLTW6³LFLT~EIGV6OLEKET LLTKWLR)LEFLT~ELDB³LEKGZL"
CVWLR)LEFLT~EL2Z)LILI L[HINOFTBWLYL>UDGENMVPIV³LF;ETMB-'LLJES'LLEG'LSKLULELLKIK
/FLHETW6OKHIER#KLTYMTJIG. SHLTYL"NVELDGZ#PMR6OKLKIKW36SORD;ZPG LVLPVLHLTYL"
WG-'L>QF;PFLBMMDMX<LYT"J7KLVIMROL;VLSENVELTOT<LEK.KVTZYI"GUMKLULEIWL,LELTC;PKEI
WL,LETMFLVFLVLULSLH4>J[ULPEF;QLKINMEIWP,LEKVTZYT"
ER/GOVJQLS_UYHUYHGUV³LF;EIJ[)LLPVLS'LLJ[QLKEKSTEKSTFRGV+IDR
EIGS;UIFHLKLU
PLKLLMIVYKFTBJ³LLKT"KLUL)LIFMTV)LINVETOL;VL'L;YTS'LLNVETQKLLTBFTBZT7YTWL4KWJVTOR)LL;9EL
MLKLHLZGQ7_#LN6HTBEHMRVLL"PISKLYIFRGV+IWJVIGO0OAG7MTER/\LLMLTQSTKHT"G2KDLTZT‚?KLUV
GEMI)LI³LF;EIGV6OLEKVLFHLJLJH4"FOFTBQXKHL'LI³LVEIHLGVEKSLH4GE6SRFO‰VLLŠNSKVTJK
LG%SHIVHLTEKOR<LN#LSLH4"L4PVETFOFTBN6F¤LRPEWJVIMBGQSLG%SELORJLTYEKSTH4BGE6SRCMEL
JQLSLJN6HTBPA
LP-'LLFTBHLTSLH4"CMIJ[ELKWLJVTM¤LLETFOFTBWLEKW6³LFLT~EIGV6OLEI>NVEI
WPFLVVLEI>NVETJLZVJKJ[GSDB³LZYL S'LLN6HTBSR. PLEK LLTKFHLJLJELDB³LGEL"GE6SRNMET
ORJGKLLFJKWDWLJOR<LIHLTTKHTH4B"KLUL)LIFMTVELWHBELKWDGD:ERZYZQREL'LLWSW36SGPVF[SL
MTN6HLTBVTGVPTOVGEL‚??FHLKLU+ICME7ELELTC;NJQLKDSLVTEIžJLEKTB" FRGV+IVTKLULELT
FHLFA3RBUI)L%SLFK-SLTLETPTBWL4KPTBZLTE>NVELW'L;S'LLFBLWLGOEL,LVEKLLWL4KEHLGE
?)LG%SJXP;ECVELULJEKVTMTSR&HLKLE7OXKHLTYL" KLUL)LIFMTVVTSIVGOVSED. IEG#VSJ-LEIWL4K
FHLJ[)LLPE)L%SLFK-SLTLETPTBWL4KPTBZLTTELTBELW<L.JL#GELWL4KNVETF6LLTBEIML³LVLFTBPT TMT
ZPZIVHR GE-PBU4VLLMVEI)L%S?Q£TPKI OTPIVTJ[E7HLTEKEHL‚?N#LTP3MSR&HLKIFVLTELFVLJXL;
HLTYI")LYPLVWLGOVL'LETWG)LLTEEKETYB³LLTOEMTWJVTLKIKELTJGPLEKLT" HEHEKOTPIW6S³LL;VHLT
YC;"KLUL)LIFMTVETJRV-P-'LHLTVTJKNVEIWLKSINSLKI"OKDLGKLTBVTFHLKLULEL-PLYSGEL>MLKLVYKP
KLUFHZFBYZYISLTBMTYRBULFLVHLTN#L"

187
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

L]GC IUL]GNVLXN
NGD
-PYL;JPY;YFFLY;GPFLY;LT7ƒM
F;S¥PE'LV4EJ7RG¿ZLT%L"
GO0´PGV)L;PGSSTGPLOL'L;MP;ƒ)LLLL-P)LLPJGKLLFYRL4J[LT5
7[EVK»TEZEVKE+EQE1»VKE:MQ»VKEÂIz½EË7EHHLEVQE8EXXZE/EXLEREMOE4E½YWXVM0SO]»Ë
(MZ]E(LZERMV&LEZEXM8I:MwLEH»VXLE7EVZE&L»zL»7EZEFL»ZE4EVM»QE+YÂEMË4VE]SN]EË

-PY;FLT\LFLKYMBETS>JKF´LKFNJOTLVHTS"
GO0PQVSRFG<LK4BWYL´L>MD)LLLLYG)L;SGHSML´L

2NLNMRCI GNMGBI YN6MH8


@G
ULJƒyIBWH~LFLTU:ZLTMGHJ¤LLLB[L4B[L4BVF-PLHL"
F6LULJƒyIBWH~VFLTUGPUWJKLGUSTFHLZ\FIWFASPGL;LIWFASM[LGPLIWFASB
)LP)LPPL7_MR³LL4-PLHL"yVFLTYUYFVTMP;E:LLFXST;K\LK\LVF-PLHLœ
W ;ƒyIBUZLKJ7ZYGU;SMP;)LLLL3FELTUVJ[FLLGO0PGVJ[LGSHL;R¯L
%ZIBFHLDIUL\LKMGHSL­OG-'LSL+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒJIZTKBYETP-LJHVEKN¤LKLG)LFR<LBL-'LLGJSEKETWG)LLTEJXUL PBWLKSIEKTB"
JQLS_FBYZEZL-'LLGJSEKTB"OIJJ[5PGZSEKTB"JQLS_JIZTWLMVJKJXP;GOLLEIWLTK
JIZTJRJLTBELTQ LSTHR D[®FRHXS;FTBJIZTKBYEIFLZLMTJ[GSGOVDLKPTBEL0MGHS
@G
ULJ PBFBLEIML³LVLEKGMG
J[L*SEKVIQLGH "CMSKHERZFBLLTBMTH
FBLGM
HLTULSLH4"JQLS_KLTUDLKULJOTVLQLGH "

L]GC IUL]GNVLXN
NGD

188
G)NN
\NVG

|MG<XM.(MMFMHQM
WLQL;+IFLVSRBY-PLFIVTNJMY;HLTVTJKW3BS+
LMTS:ZIVHLTEK)LYPLV@L)LOTPEI-SRGSJ[LKB)LEI"
)LYPLVETQKLLTBETJ[GS EJHLTVTMT-SRGSELMELKL3FEJGKLLFMLFVTWLL>NJMY;EI E EE. I7X7VT
ZYI>OR)LL;9EL ETESLZL<LRZVTZYL"
CMISKHOA +
LK<LVTPLZTD9YIPLZTFRG-ZF)LLC;ELT)LIFHLFA3RBUI)L%SLFK-SLTLELWVR)LPWLL"
MX<LLERWLnDVIMTZDLZD)LKYL"NMIEIHJ[TKEE'LLH4‚
JKFL3FLEIPLLISIVLTBZLTELTBFTBWVRJFH4"MF-S)LLLLWLTBFTBJGKLSHLTULSIH4"M)LI+LTSLWLTBELMFL³LLV
RYJS_WJVTWLJHLTULSLH4"GO0³PGVWGSLMTM&J6VH4S'LLJKFL3FLELNJOTLGVELF)LLPMTHLTSLH4"
)LYPLVEIPLLIyELK³PGVR%SHLTSIH4"FT LEI)LLnGSYB)LIKH4"L$O'LLT. TWL4KW'L;FHLV_H4B"GO0³PGVGEMI
ET^LKLGO<LLLYLQF3ELKVHIB>PISKLYIJKFL3FLETMPL~YMTWJVTWLJG<LKVTPLZIWV\LKI)LLLLH4ULTWJVT
WLJM)LI)LLLLWLTBFTBJGKLSHLTULSIH4>PHOTPLTJRVIS)LLLLH4"PS;FLVFTBGP,LV)LIGO0³PGVELT-PIELKEKKHL
H4S'LLWLELLFTBGD<LKTGO0³PGVETJKFLLRWLTBELT ELEKVTETJ[LMFTBH4"RVLTFTBS'LLFL’B7WLDXJKP4,LGVE
ML³LVLTBMTWVTE)LLLLWLTBFTB-PBWVRPLOELWVR)LPGELULMESLH4"
³LF;WL-'LLELGPLH4>SE;GPSE;>QQL;ELVHIB>GUSVLWLJSE;EKTBYTNSVLHI³LF;MTOXKS'LLGP,LVET
GVE7ULTBYT"ULT)LL4GSEGP,LVW,LVEIDRGVLOJK>GHBMLEIVIBPJK<L. LH4>NMETGVE7ULVTFTBMRK\LLVHIB>
WMRK\LLHIHLTYI"FLVPSDSEMR<LIKHSLH4UDSE³LF;MTUR. LKHSLH4"GUMETUIPVFTBJKFPISKLY³LF;ET
J[GSWL-'LLVHIBSLTMFZTVLPHFL4SETMLTFTBUIKHLH4>NMELMP;VLLS'LLFA3RGVGQSH4"DRG
EI)LL4GSE
SRZLJK³LF;ELTFSSLTZVL>W6'LL=CMMBO)L;FTB‚
GO:ZIETGVE7 EUFIBOLKJ[GSGOV EYLnPMTOXMKTYLnPD9YIFTBD4#EKULSL'LL"NMEID9YIHLnEVTPLZL
EFRG-ZF)LLC;'LL"UFIBOLKD9YIFTBD4#TD4#TFHLFA3RBUI)L%SLFKELJL#GELEKSL'LL"MRVSTMRVSTNMET
MTPEELTD9YIPLZTELT)LILOHLTYL"NMVTWJVTFLGZEMTJX/L>WLJJ[GSGOVJKFL3FLEI-SRGSJ STH4B>CMEL
%LFH¤PH4=UFIBOLKVTEHL>-SRGSW36SQF3ELGKEH4>E4MI)LIWLJG¤LWLULTNMMFGOCMETJ4SIMPTB
EL0EL-FKLGELULTSLT>WLJG¤L7ZULSIH4"
EGOVGPGQL L7VL L7YC;"UFIBOLKELFLY;FTBW3G³LEE#MX<LVTZYL>SIP[*LMEIPTOVLMSLVT
ZYI>WLMJLMEHIB)LIJLVIVHIB'LL"MTPEELTJLVIZLVTELTEHL>NMVTMLKLUBYZXn FLKLJKEHIB)LIJLVIEI
EDXnO)LIVUKVHIBWLI" E-'LLVJKNMT E<LLZIERWLnVUKWLL>NMFTBJLVI)LKL)LIVHIB'LL"ER nET
GVE7YLWL4KNMVT)L%SLFKELJL#EKSTHR EHL>GOU4V³LF;M1QLHLT>JKFOLPLVHLTSLTCMER nFTBJLVIWL
ULT>VHIBSLTU4V³LF;X#LH4"NMVTEL0J[LK&)LGEL>ERWLnJLVIMTZDLZD)LKYL"NMEIW7Z+
L>HLGO;E
)LG%SMTUFIBOLKETJ[LLDQYT"UFIBOLKVTUIPV)LK)L%SLFKJ LWL4KELTC;ZL)LVHRWL"MTPEVTFHLFA3RBUI
)L%SLFKMRVL'LLWL4KWL-'LLEI'LI>NMETJ[)LLPMTQF3ELKJXL; L7VL L7I"CMGZ EHLULSLH4QF3ELKFBLFTB
VHIB)LLGPEEI)LG%SFTBH4")LG%SFTBD. ILG%SH4"NMETJ[)LPMT>+
LMTELTC;)LIEL;GM
HLTMESLH4"
³LF;LR
>SE;KGHS­OFTB#HKSLH4WL4KNMI)LXGFELTHKL)LKLEKSLH4"WLR
­OFTB³LF;VHIB#HKSL"
UDSE­OJGPLVHIBHLTSLWL4KUDSEUIPVFTBJGPLSLVHIBWLSIH4>SLTWLQKLE4MTWLTYL=FZIV­OMT
GELYL-PL³L>UJJXULMDDTELKH4>FLLJRFTBELKLH4"+
LETW)LLPFTB­OEIJGPLSLFTBJXUL)LG%S>
-PL³LSLTNMIJ[ELKH4U4MTHPVEKSTMFKL<LFTB LI.LZKHTHLTB>GDVLWG9VET LIEL>HPVEL%LFH¤P=
JHZT³LFL;-'LLJ4OLEKLT>M6SLTBETJ[GS+
LJ4OLEKLT>DLOFTB-PL³L>JXUL)LG%SWLQKLEKVLQLGH "+
L
WL³LG3FEUIPVEIVIBPH4"??S3PL'L;+
LVBM&9OL;VF_ MXLHFTBHIJ[TKLLOTSLH4GE‚M1QTOTPYRLL¾ET
J[GS+
LM&9OL;VH4"

189
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

OR=ODLI²U\N+NQNGD
NG6VO[HTFVPJ_EUJR£UELG6SƒJR;:ZMV_V<LFX<LGL<LLG)LKLFL4"
JLOL4JOLGVSPLGUVT6O[´L¥LƒJO_FLGVSLGPDR´LLJGKE:JG6S
9RRMHVE,IQE2EZE4EROENE4YÌNEO»RXM4EV]YP0EWERREOLE1E]ÍOLEwLMOL»&LMV»QEY
4»HEY4EH»RM8EZE=EXVE.MRIRHVE(LEXXEË4EHQ»RM8EXVE:MFYHL»4EVM/EPTE=ERXM

GPEGMSMRPKVEFZORGS>V<LORGSGFGZQFELGHB"
SRFJOJOPIUHo´LKLT>SHoMRKEFZKQLGHB

\^HKL]NI,UGNMGBI YN6MH8
@G
ULJƒyIBWH~LFLTGP*JLTMGHJ¤LLLB[L4B[L4BVF-PLHL"
F6L ULJƒy IB +IB EGZER. O. -PLGFV_ WLY1/ WLY1/> WL3FF6LLV_>
WLEL;WLEL;>WL3FFBLLV_K\LK\L>JKFBLLV_G/6OG/6OFFMFIGHSBERER-PLHLœ
W ;ƒyIBJLO6LMTJ–+IR¯L%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´Lƒ-VLVEKVTETJQLS_LR
³LRZTHR JIZTP-LJHVEK>N¤LKEIWLTKBLELT
GPKLUFLVEKWG)LLTEJXULPWLKSIEKTB"JQLS_FBYZEZL-'LLJVEKETLR
 LIEL
OIJEUZLEKJXP;GOLLEIWLTKFR<LEKETJIZTWLMVJKJO_FLMVMTD4#EKOLLBY³LXJ
<LTSTHR JIZIFLZLMTD[®FRHXS;FTBPTBEL0>@G
ULJWL4KFBLELULJJXL;EK
FBLGM
EKVLQLGH "

OR=ODLI²U\N+NQNGD

190
G)NN
\NVG
NSLNS7PLJNU
H MQNS7PLJ

WLQL;+IFLVSRBY-PLFI^LKLKGQSFHLFA3RBUI)L%SLFK-SLTLVTWLUSEEC;UIPLTBELN
LKGEL"
YPLT;6VS>FOL6³L0G%SLTBELTFHL)LBEKMBE7MTNDLKLH4" TMTHIJ7VLEIKLUERFLKIMRKMR6OKIJSVEIYS;MT
N#EKGLPMR6OKIDVI"NMEIHKLTFLBQEE'LLH4‚
J7VLVKTLEIJRLIKLUERFLKIMRKMR6OKIYYVQR&DIKLUFHZEIMLSPIBFBGUZJKD4#IHRC;WJVIMG<LLTBET
ML'LW#<LTGZLnEKKHI'LI"NMETHLMJGKHLMS'LLG<LZG<LZLEKHnMVTMTKLHQZSTKLHYIKLTBEIJ4VIVUKTBDKDM
HI’JKN#ULSI'LIB"]GJPTWJVTZ\EIWLTKWLYTEOFD LSTKHSTGE6SRNVEIWLn<LTBSLTJI/THIH7EKGEMI
WLEL;LETELKLPHIBG-'LKKHVLQLHSI'LI"PHETPZWLn<LLTBEIDLSVHIBH4>JXKTMBMLKEIDLSH4"CMMBMLKFTB
UD)LIHUIPL3FLWJVTZ\‰FLT\LŠETJ[YGSJ'LJKWLYTD KHIHLTSIH4>SLTMBMLKETGPGP³LWLEL;LHISLTNMT
JI/T<LIBQEK)LP)LPFTB2nML K<LSTHB4"JP;SEIQLT7IJKD4#T0G%SELT³LKSIJKQZVTPLZTM)LIUIP\LRO[GO<LLC;
OTSTH4BWL4KWJVLWHBELKD. LGO<LLC;OTSLH4"JK6SRPHFX HVHIBMLTQSLGEMLKIORGVLELTPH)LISLT/LT7LL
\LRO[GO<LLC;OTSLHLTYL"KLUERFLKIMRKMR6OKIEIG-'LGS)LIER/ TMIHI'LI"JWL4KL4PVETWHBELKFTBQXKHLTKHI'LI
PH"NMIFOL6³LSLFTBNMVTKLUFHZETVIQTMTGPHLKSTHR WL3FZIVGOY&DKML³LRJKULVDXEKJLVEIJIE
'LXEOI"JKCMMTNVFHLV_WL3FV_EL%LGDY. L=V4GSEJSVSLTMRKMR6OKIELHRWLV=WL4KUDV4GSEJSVHLT
ULSLH4>SLT)LL4GSEJSVHLTVTFTB%LOTKZYSIH4=MHI)LIH4>KLUMIP4)LPWL4KVLUV<LKLTBFTBJZIPHMR6OKIDLGZEL
%LULVTPISKLYSLETFX:ELT=)LLTYI%LULVT>LTYETKH-PNMEIFHLVSLELT=RPLP-'LLFTBGPPTEEL)LI
W)LLPHLTSLH4"
MRKMRBOKIETJLJEL2ZOTVTFTB)LL9VT+IELTC;OTKVHIBEI>2ZSEZEIJPSIMRKMRBOKIWLUKLTYIWL4K
ERJLHLTYC;"WLUELCBMLVCSVL)LL4GSEPLOIHLTYLH4S'LLWJVTPS;FLVFTBHICSVL)L7EYLH4GENMTVSLT
JXP;FTBEIYIYZSIMTMQTSKHVTEI2RM;SH4>VWJVT)LGPELTMnPLKVTEIGQ6SL"MRKMRBOKIELWLUELOR)LL;9
EZEIELZIEKSXSELHISLTJGKLLF'LL"NMEIERJELLOT<LEKUHLnORGVLVLE)LL4BGMELT. SI'LI>PHIBNMEL
VLFNMELF<LL4ZN. LKHL'LL"OXMKLTBJKJLVEIJIE'LXEVTPLZIJKWLUORGVL'LX'LXEKKHI'LI"HISLTH4EFLT~
EL<LTZ"EFLT~ETELKLHIHORGVL)LIJGKPS;VLIZH4"HLnGOVH4SLTKLS)LIH4>OR<LH4SLTMR<L)LIH4>KLTYH4SLT
CZLU)LIH4>D6³LVH4SLTFRG%S)LIH4WL4KWLPESLHLTSIH4SLTNMETGZ J[3V)LIHLTSLH4"J7VLVKTL³LLGKPLHV
VTWJVICEZL4SIDT7IETCMOR)LL;9ELTML4)LL9FTBDOZVTHTSR%LVHIBGEL=GE6SRUDMFWLSLH4SLTGVGF¤L
)LIGFZHIULSLH4" TMTOR)LL;9ELT7LZVTETGZ ?)LT¤LLKBEF;)LX)LASLF_ W'LL;S_EFLT~ETMFXHELT)LTOVTLV7EKOTVT
PLZT>-PJKE:LLELKIGVY[;6'LFRGVETWZLPLWL4KGVGF¤LEL4VHLTMESLH4=2ZSKLUL³LLGKPLHVELML\LL3ELK
UD EGOY&DKU4VFRGVMTHRWL>SLTOLETMLYK>SJ-PIFRGVKLUVT E L. L)LKUZFnYPLLWL4KFHLFA3RBUI
)L%SLFK-SLTLELPLnZLTE‰NG6VO[HTFVPJBEUJRBUELG6SŠ@G
PFBLMGHSJ LWL4KKLULMTEHL‚?H
UZGEMIUZLLFTB.LZVL"J[GSGOVNMUZLLFTB-VLVEKVTMTKLUERFLKIGOVDLOLLKIGKEE7MTFR%S
HLTULTYI"GE6SRF4BSR&HTBHFBGLSUZCMLS;ETML'LOTKHLHXnGE-P-'LHLTVTETDLOPHSR&HLKI?FFSL VK<LEK
)LPSLGKELWLG;ELDVTYI"CM)L0UIPEIE6LEIHLTVHLKCMTJRV?MRKMR6OKI DVLEKHIQRJVHIBKHTYIWGJSR
CMETFL'LTJKGZ<LI>)L0SLCMT?GLPMRBOKI DVVTELWLFBLLOTKHIH4"KLUL³LLGKPLHVVTFRGV+IETQKLLTBFTBVFV
EKSTHR EHL‚?FHLKLU+I TMLHIHLTYL"G2KNGQSMFWLVTJKWLG;ELFLSLEILKLFTBULEKMRKMR6OKIVT
WLG;ELOI\LLY[HLEKZI"CMSKHMRKMR6OKIWBSFTBGLPMRBOKIDVI"

191
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

QT9RSXYRMNVNGD
C3'LB'LLSPGP)LXGSK)LXG5UVT6O[ƒ´LFLT;JOTLVGP´LL4VS'LLJK-"
LOAE_J[)LLGOVŸSJ[HSL6´LELKLƒSLOAE_ERSLTY[HYL-GPELGMVLT…GJ
-XXLEÏ=EXL»8EZE:MFLÍXMV&LYNNMRIRHVE(LEVQSTEHIwLERE:MHLEY2E8EXL»4EVEW]E
=»HÖMO4VEFL»(MREOÖMXEË4VELEX»RHLO»V»8EHÖMO/YXS+VELE+EÂEW]E:MO»wLM2STM

U4MIFGHFLSRFGPL4>WL4K´LK4VGHBELT"
MXKUFTBULTULTSH4>VGHBSLKLYLHLT 

QTW=XR
NKGMNBI YN6MH8
@G
ULJƒyIBWH~LFLTM0PLTMGH‚J¤LLLB[L4B[L4BVF-PLHL"
F6LULJƒyVFLT )LYPST WJ[GSQ£T TB %ZIB $ZXn yIB FVLTPLBG/S‚GM
4 VFLT VF
WJ[GSQ£TIB##-PLHL"
W ;ƒyIBLFL;TJOTLMFTMFPLKLLGOZ\FIGP)LXGSGPKLUFLVL%ZIBFHLDIUL\LK
MGHSL­OG-'LSL+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒM2TOP-LJHVETJQLS_N¤LKGOLLEIWLTKBLELT-'LLGJSEKWG)LLTEJXUL>
WQL;EKTB"JQLS_³LPZLMVJKD4#EKJXP;LN¤LKGOLLEIWLTKFR<LEKETOIJUZLEK>
YR9YRZ>ETMK>EJXKWL4KE-SXKIGFG+S>³LXJEIYLTGZLTBELTEL0>@G
ULJWL4KFBLEL
-FKLEKSTHR  E EYLTZIELTWG9VFTB/LT. STULVLQLGH "CM@G
FBLEIWLKL³LVL
D[®FRHXS;FTBDLK-2G7EFGLEIFLZLMTEKVIQLGH "

QT9RSXYRMNVNGD

192
G)NN
\NVG

RCR[M[]GJ
Z\FIEL-P)LLPD. LQBQZHLTSLH4")LL9ETML'LZ\FIWLSIH4S'LLULSIH4"Z\FIELTOL4ZS)LIEHSTH4B"
MT#GUVOLMVTWLQL;+IFLVSRBY-PLFIKGQSFHLFA3RBUI)L%SLFK-SLTLEIWLKL³LVLMT<LLTLHRWLP4)LP
E4MTJRVJ[L*SGEL>HE'LLMBDLT³LVEKSIH4‚
³LVOL4ZSETDLKTFTB EEHLPSJ[GM
H4GEUDOL4ZSGEMIETJLMWLSIH4SLTNMEIJI#JK EZLS
FLKSIH4GUMMTNMELMIVLSVULSLH4WL4KNMFTBWE. WLULSIH4"JKUDOL4ZSNMETJLMMTULSIH4SLT
OXMKIZLSULTKMTNMEISVIHRC;/LSIJKFLKSIH4GUMMTNMEI/LSIREULSIH4"OL4ZS‰OLTZLSŠCVOLTZLSLTB
ELT<LLEKFLVPMFLUFTBOLTPY;DVYTH4B‚ E?WE. TKC;M WL4KOXMKT?GDY. TKC;M " TMTHI EGDY. TKC;M
JIZIJY. IDLn³LTWL4KFLFXZIMTP-LJHVTWJVTDISTP4)LPELTLOEKSTHR U:OIU:OIQZTULKHT'LT"
DLSH'LI>0LJLKFTBHRC;)LLKIHLGVVTN6HTBWE. TKC;MMTGDY. TKC;MDVLEKNVEIEFKHISLT. OI'LI"
TMIGQ6SLFTB)LIWJVT)LGPELTMnPLKVTEIWLLLMTWLUJHZIDLKN6HLTBVTEKLT. JGSMT#MRO¤LUIET LKFTB
EOFK<LL'LLWL4KN6HTBGPVF[WG)LPLOVEKD4#VTHIPLZT'LTGEW36SML4U6JXL;GL7LQLKGO<LLSTHR MT#
MRO¤L)LIDLTZN#T‚?WLCT>MT#GUVOLMUIGPKLGUT>DHRSGOVLTBDLOOL;VHR " FRnHMTZYTHR%ETEIVZIELT
K<LEKS'LLSGETELMHLKL/LT. EKMT#MRO¤LVTJLVEIJIEMLTVTEIJIEOLVFTB'LXEIWL4KJRVDLTZT‚?EGHT>
FTKTLT9MTPL "GDY. TKC;MGUVOLMER/EHSTGE6SRNVELMLKL³LVSLTMLTVTEIJIEOLVFTBHINZEKKH
YL"GPPTEEIUYHWLQ;VTZTZI"DLKDLKNVETFVFTBGPQLKWLEKSX2LVMLFQLULSTGECMZ\FIEI
NJLMVLEKSTEKSTF4BSLTFKLULSLHXn>G2K)LIPHFRMTOXK)LLYSIH4>UDGEHLnY¸TSGELTBJKD4#TCVMT#LTBMT
NMT'LREPLVTFTB)LIZ5ULVHIBWLKHIH4"MT#MRO¤LNVET)LLPLTBELT)LLnJEKDLTZT‚?GFL>OT<LLTV>FRGVLTB>Q£PGS;LTB
PSI'L~EKLTBVTFLTH3LYEK3LYPAG¤L³LLKLEI>SLTD. TD. TKLUL)LINVETQKLLTBFTBF-SEK<LVTZYT"FVREI
PL-SGPEGVG³L‰WL3FLŠSLT-PBNMETJLMH4"NMT)LXZEKVULVT%LTBNMVTU. JOL'LLT~ELTMPLT;1QFLVGZLH4
WL4KJKFL3FLDVVTEI\LFSLK<LVTPLZLHUIPL3FLWLUOKOKEL)L<LLKIDVYLH4"MT#MRO¤LETFR<LMT­O
ETSLKSLKELT/XZTVTPLZLNJR;%SMBDLT³LVMRVEKGUVOLMETGPPTEEISLTWLn<LTBHI<LRZYC~"PTM6SR7HLTEK
PHLnMTN#EKULVTHIPLZT'LTGEJLTBMT)LKI E'L4ZIMRO¤LMT#VTNVEIWLTKD LSTHR EHL‚??ZIGUT>CM
KEFMTJRV0LJLKWLKB)LEIGUT"
GUVOLM'L4ZIZTEKWJVT LKEIWLTKQZJ. T"MBSR7HLTEKGUVOLMMT#D. TN3MLHMTKL-STFTBWLV6O
GP)LLTKHLTU:OIU:OIULKHT'LT"ETZTETG/ZETJKMTPTWE-FLS_GYKJ. T")LL9ELW'LPLZ\FIEL<LTZOTG<LT"
'L4ZIETMLKTJTWE-FLS_M. EJKGD<LKYT"<LV<LVEIWLPLUMT)LI. CE¶IHLTYC;WL4KZLTYLTB^LKL
D7LTKEKOTVTETVLFJKPTFRHKTBZX7ZIYIB"CMJ[ELKPTFRHKTBNVETJLMJHRnQYC~GUVET)LL9FTB'LIB"WLG<LK
HRWL%L=%L'L4ZI27YC;'LI=HLn>'L4ZISLTVHIB27I'LI>JKGUVOLMEIGE-FSUK2X7YC;'LI"ER/ZLTY
EHKHT'LTGEGOM. EJKETZTELG/ZELV.LZLYLHLTSL>SLTMT#GUVOLMG2MZEKVGYKSTWL4KNVEIH
HLZSVHLTSI"JKETZTELG/ZELSLTGVGF¤L'LL>WMZSLTNVET)LL9FTBHIZL)LVHIB'LL"GE6SRGUVOLMCM
L7VLMTUKL)LIGPQGZSVHIBHR %LTBGEFLLEIJ[žGSS'LLNMEIJ[LG*SETKH-ELTPTMFHIQRET'LT"WYK
WJVT)LL9FTBHLTYISLTWPGFZTYI"HIMLTQEKPLGJMIFTBPTNMIVYKFTBGPKLUFLVFRGV+IETOL;VL'L;YT
WL4KNVETNJOTLWVRMLKWYZTM*SLHWLVTPLZIOIJLPZIETGOVN6HLTBVT+IFHLFA3RBUI)L%SLFK-SLTLETPTB
ZLTEEIFBLMGHSWLKL³LVLEI"SDU4VLLMVEI)L%S?Z\FI OTPIVTN6HTB EQF3ELKIK3VFRGO[EL)LTB7EI
WL4KGUVOLMEL)LPVOIJLTBEIKLTLVIMTUYFYLN#L"

193
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

HQNV8H²N[WR
NKGMND
1LTSVFOLGPZGPZLTZEJLTZFXZF¥L)L[FO_)L[FKVLOGPPA
ELTJF_"
TKLPSL)LGF)LFR
SFLJS6SBOA7_PL)LB)LPGSVLT)LPOLG+SLVLF_
wGL]SXERQEH»:MPE:MPSPE/ETSPE1ÍPE¦EXXE&LVEQEH&LVEQEVE2»HE:MZÖMHHLE/STEQ
%MV»ZEX»FLE1MFLE1YHHLEXE1»TEXERXEQ(ÖMz½Z»&LE]EÏ&LEZEXM2S&LEZEH»wLVMX»R»Q

FOWPGZ*SEJLTZFXZWGZERZBELK4B"GSVMRVL$OJ[Q6.¤LT´LN
SWGS´LLK4B
ELZPKVGPEKLZ>ELZPSMVFR<LWLP4" TKLPSMLTJ[DZMEZUV)LNJULP4
OTG<LY6OV)LEK4SRFJOFGHFLZIV"GPJGSKGHSM&JGSMGHS>PKS4)L%SWOIV

[WR
NKGMNBI YN6MH8
@G
ULJƒyIBWH~LFLTFLDZILB[L4B[L4BVF-PLHL"
F6LULJƒyVFLT)LYPSTW7FHLVLYERZLT1QLG7VIELZOB7wFASELT3'LLGJVI>JKFBL
J[LLGLVIOTGPLLMVOTPSTIBVFLTVF-PLHLœ
yIBLLRGPUKLKLLY[TY[LnY[IBY[XnY[VFLTVFœ
W ;ƒyIBH-3LGOYP;OR
;K)LGVPLKLL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒJGPLHLTEKJIZTP-LJHVEKN¤LKGOLLEIWLTKBL-'LLGJSEKETWG)LLTE
JXULWL4KWLKSIEKTB"JQLS_JXP;GOLLEIWLTKFR<LEKETJIZTWLMVJKJO_FLMV
D4#EKOIJUZLEK³LXJ<LTSTHR D[®FRHXS;FTBJIZIFLZLMTDLKPTBEL0MGHS
@G
ULJWL4KFBLEL-FKLEKSTHRTGMG
J[L*SEKVIQLGH "

HQNV8H²N[WR
NKGMND

194
G)NN
\NVG

,JQ <GMWGSHW
FJtKMNU
N6FLOSLTN6FLOHIH4"HUDGEMIJKMPLKHLTSLH4SLTPHWLSBEPNJO[PELJL;DVULSLH4"
EML³LLKLMLER¤LL)LIUDN6FLOMTJLYZHLTULSLH4>SLTN3JLSFQLOTSLH4"NMETWLSBEMTDQVTETGZ 
ZLTY LKLTBETOKPLUTD6OEKZTSTHB4"CMIJ[ELKGOELTC;FOLT6F¤LHL'LIGVKBERLHLTEKN3JLSFQLVLWLKB)LEK
OT>SLTNMVYKEIUVSLELTE4MT)LLVEMBE7ELMLFVLEKVLJ. SLH4>CMEIE:JVLEKET)LIFVELnJ
N#SLH4"P4MTWLUEZSLTVYKLTBFTB TMT.KLPVTOAOT<LVTFTBWLSTHIVHIB>%LTBGEFVREID SIHRC;GHBME
J[PAG¤LS'LLWLG'L;EZLT)LETELKLUBYZIJLRWLTBEIMB<LP4MTHI L7KHIH4"OXMKT>R
LTBFTBHLG'LLTBEIUYH
WD74BELTB>SLTJLTBPDFLTBVTZTZIH4"GE6SRJ[LQIV TGSHLGMERYFTBKLULWLTBEIMTVLWLTBFTBHLG'LLTBELFH¤PJXL;
-'LLVHLTSL'LL"R
ETMFHLG'LLTBELTLKLDGJZLEKFOLT6F¤LLGELULSL'LL"G2KPTLLRMTVLELTJ4KLTBSZT
KL4BOST'LT"E)LI TML)LIHLTSL'LLGEHL'LIJLYZHLTEKWJVIHIMTVLETLT
LWLTBELM2LLEKOTST'LT" TMI
G-'LGSFTBN6HTBPLFTBEKVLD. I7T I<LIKKHLHLT>WJVIGPEKLZGQB LL. LTBMTWLMFLVGMKJKN#L G2KKHLHLT>
GUMETYLZLTBMTFOQXQXEKGYKKHLHLT>ZLLLTBMTGUMVT³LKSIJL7OIHLT‚ TMTFOLT6F¤LJLYZHL'LIELTPLFTB
EKVTETGZ EL4VWJVIULVH'LTZIJKK<LEKNMETMLFVTWLTYL=JK6SRU4MTMJTKT)LISLTWJVIULVELT
<LSKTFTB.LZEKUHKIZTELZTVLYELTFBLFR9³LEKZTSTH4BP4MTHIMLTFO¤LVT)LIGEL"SLTPTMLTFO¤L'LTEL4V=
WL4KGEVEIžJLPWVRE&JLMTPTFOLT6F¤LJLYZHL'LIELTPLFTBEKVTU4MTULVZTPLEL;FTBM2ZHR 'LT=
MLTFO¤LPIKJRKVKTL'LT"OR)LL;9PLNVEL EJRL'LLWL4KPH'LLEJXSWL4KEZBEI"NVETEJXSVT
ORKLQLKFTBJ. EKVETPZWJVLHIMP;VLLGELDG:EWJVTGJSLETMLF[L5ELT)LISIVSTKHEKETN6HTB
OKOKELG)L<LLKIDVLGOL"MLTFO¤LWJVTERJRLEIEKSXSLTBETELKLD. TFOLT6F¤LHLTEKHL'LILLZLMT
§LAB<LZLSLT. ’³LFFQLKHL'LL"M)LIUVSL)L)LIS'LI"KLUFLY;JKEIOXELVTSLT. 2LT. EKHL'LIVTGP³PBM
FQLL'LLWL4KHL'LIET.KMTUVSLC³LKN³LK)LLYKHI'LI"HG-SVLJRKETM4GVE)LIHL'LIELTPLFTBEKLLBS
EKVTFTBWMF'L;'LT"MTVLFOLT6F¤LHL'LIETMLFVTHSDZ'LI"LTYLLTYMTNMIMFMLTFO¤LPHLnJHRnQL"HL'LI
ELN3JLSOT<LEKMLTFO¤LVTWLQL;+IFLVSRBY-PLFIKGQSFHLFA3RBUI)L%SLFK-SLTLJL#>@G
PFBL
MGHS ELY[SLMTJ LWL4KWLQ;>HL'LILLBSHLTYL"M)LIVTMLTFO¤LELUUELKGEL"
G2K%L'LL=PHLnKHEKN6HLTBVTVETPZWJVTHIMLF[L5ELTPLGJMJLLDG:EPHLnEIMR6OKI
KLUERFLKIFVLTKFLMTGPPLHEKETOHTUFTBGPUVYKELKL5)LIJ[L*SGEL"JK6SRHMDQF3ELGKE
JGKPS;VHRWLGEMEIžLMT=GEMEIWVRE&JLMT=GEMETWLLIPL;OMT=HHRWL'LL>PISKLYIOLETMLYK
+IP
;FLVFRGVKLUEIžJMT"GU6HLTBVTMLTFO¤LELT³LF;ML³LVLEKLVTETML'LHIML'LFHLFA3RBUI)L%SLFK
-SLTLETPTBZLTE?1LTSVFOLGPZGPZLTZEJLTZFXZ ELJL#@G
PFBLMGHSGM<LLGOL'LLULTGE
NMETORGO;VLTBFTBHKWPMKJKELFWLL'LL"PL-SPFTB>FHLFA3RBUI)L%SLFK-SLTLELHPLnEL0 TML
HIQF3ELGKEEL0H4"HKL\LMIJ[PAG¤LET LLTKGHBMLPLGOLTBS'LLWLSBEPLGOLTBEIDD;KSLP<LXn<LLKJVELT)LI
LL6SEKVTFTBPLIEKLFBLGM
HLTSLH4"FHLFA3RBUI)L%SLJK-SLTLETCMEL0FTBCSVIWO_)LRSFHLLG%S
H4GEHKJ[LLIFLLETFHLFOELT>N6F¤LSLELTPHLG%SJZ)LKFTBLLBSEKOTSIH4"M)LIETCMEIWLKL³LVL
EKVIQLGH S'LLN6F¤LFVELTMBGFSEKGVKLFLLBGSJXL;UIPVUIVLQLGH "

195
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

O8HN[=Q
N=GD
G)L6VT)LER&)LYZOR55PZLLTGLSL%SFR%SL2ZJ[EK)LXGLS)LXGF)LLY"
D
¤F¤FYSBHGKLLG´LJLT…GJVL¤LFGS¤FRYLQZMBG+SBST
&LMRRIFLE/YÏFLE+EPE(YNNZEPE7LSÂM8»OXE1YOX»TLEPE4VEOEVE&LÍzLMXE&LÍQM&L»KEË
&EHHLE/VEQEË/VEQE+EXEÏ,EVMR»(LMTSTM2»OV»QEXM/VEQE=YK»GLEPE7ERwLVMXEÏ8I

WGSFOF¥LY6OER&)L'LZV<LVGPOLKT"FLTSIK%SMFTS.LGK)LXSZGMBYLKT
DLoEIOL GPLLZ>POVFTBKMVLZLTZT")LIF)LLVEJOTG<LUV'LKHK.LTZT
TMTFAYJGSJYSZ4B>ULTVKWLLTHLT "LKLYH4SRFQKLEI>DL´LLEK4VMLT

L
NTL^NK+NIXRNMGBI YN6MH8
@G
ULJƒyIBWH~LFLTPGQDZILB[L4B[L4BVF-PLHL"
F6LULJƒyVFLT LRPA¤LTLRP
;;FLVSP)LHKBPAG¤LPLL;TLRF6LLJRV-FS;0LWSLT
VLJKF6LGVPTOLVF-PLHL"
W ; ƒ y IB RYLGOOTPVLFJ[MLOLS_ ETLGK)LGPVLMEL %ZIB FHLDIUL\LK MGHSL
­OG-'LSL+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG³L‚VHL³LLTEKLR
³LRZTHR JIZTP-LLTBELTJHVEKBLJXP;GOLLEIWLTK-'LLJVEKTB PB
)LG%S)LLPMTBLELWG)LLTE>JXUVWL4KWLKSIEKVTETJQLS_JIZTWLMVJKN¤LKLG)LFR<L
JO_FLMVMTD4#EKD[®FRHXS;FTBJIZTKBYEIFLZLMTPTBEL0EL@G
ULJWL4KF6LMGHS
DLKLR
FVMTWLKL³LVLEKTB"LR
 LIELOIJEWPUZLTBWL4KJ[3TEFBBLETDLO
YR9YRZ>ETLK>EJXK>E-SXKIWL4K LIGFG+S³LXJELTWG9VFTB<LTSTKHTB"

O8HN[=Q
N=GD

196
G)NN
\NVG

XHICNMFUKLGMMSXMUC
FJ MH&T
.L8W:D7;WLC6-7LC;VU4MTP4,LGVELTBVTJKFLLREIGP LLSELG%SMTMLKIORGVLELTJGKGQSEKLGOL"
S'LLGJWGHBMLETJKFLLRWLTBEIMAUVL3FELG%SELJ[LQIV@GLFRGVLTBVTEC;DLKOL;VEKLLH4"
WLQL; +IFLVSRBY-PLFIET FHLFA3RBUI)L%SLFKET FBLET OIPLVWFKQBO^LKLGELYLJ[LTY
KLU-'LLVETCGSHLMEIWFKE'LLDVLH4"
ME;MSLTE)LIVE)LIWLJVTOT<LLHIHLTYL"NMFTBGUSVT)LIEL4LZLEZLELKIETEKSDGO<LL ULSTH4B>
NVFTBMDMTULTG<LF)LKLEL;HLTSLH4‚GMBHLBT>DD;KLTKLTB>DL LLTBPQISLTBU4MTGHBMEULVPKLTBETDIQKHEKNVJK
E#LTKGVBLLK<LSTHR NVETEKSDGO<LLVL"ME;METEZLELKLTBEICMM2ZSLELKH-%LH4=Y&)LIK
GQ6SVMT,LSHLTSLH4GEPTDQJVMTHICVULVPKLTBJK TMTMB-ELK.LZSTH4BGEPTFLVPIGVBLLFTBKHVTET
W)-SHLTULSTH4B"ELTFZLL<LLETMFLVDQJVFTBJLRWLTBEIWLOSLTBELT)LIFLT. LLLZLULMESLH4"G2KPT
N6HTBFVQLHLJ[GL\LLOTSTH4BS'LLSBLGP]LMTU. I)LXSEKETJLREKSDLTBMTUVSLELTM&FLTGHSEKSTH4B"
S6LGP]L%LH4=-PBQTSVPULYASDVTKHEK>OXMKLTBELTU. DVLEKNVJKGVBLLK<LVLWL4KG2K
FVFLVTBYMTN6HTBNnYGZLTBJKVQLVL‚HIMDSLTSBLGP]LH4"GE6SRFBLGP]LELM&D6³LQTSVLLWL3FLMT
HLTSLH4"GOFBLETL$OLTBFTBQTSVLLWGHBMLETJKFLLRWLTBELJR7H4SLTWPHINVMTM2ZSLGFZSIH4"
)LYPLVFHLPIK>FHL3FLDR
WLGOWVTELTYIPKLTBETSJ-LELZFTBCVETGVE7GMBHWL4KDEKI E LL7JK
JLVIJIST'LT"CVDD;KGMBHLTBJKME;MLTBEI)LLnGSGDUZIETH67KMTGV6LLVHIBGELULSL'LL"WGJSRNV
FHLVSI'L~EKLTBPFRGVYLETQLKLTBWLTKGP]FLVWGHBMLETJKFLLRWLTBMTJ[)LLGPSHLTEKGHBMEJLRWLTBET)LLP
JGKPGS;SHLTULST'LT"MQFRQWGHBMLETJKFLLRFTBD. I)LLKILG%SGVGHSHLTSIH4"
WLUETZY)LYPL;JXP;EIM3 L7VLH4‚KLU-'LLVFTBUJRKETOIPLVWFKQ6OUIELVLFWLU)LI
YL4KPETML'LGZLULSLH4"PTM&9OAG7+LPE'LTGE6SROKDLKETW6GF'L3PI0G%SNVMTD. L^TLK<LST
'LT" EGOVNVETC;L;ZRMHLTGYLTBVTUJRKVKTLMTQRYZIEIGEOIPLVWFKQ6OWGHBMLEID. I.IBYTBHLnEL
EKSTH4BWL4KEHSTH4BGEWGHBMLETMLFVTDD;KGMBH)LIPLVEISKHJXn/GHZLVTZYSLH4"%LTBVNMEIJKI\LL
ZIULT=KLULEIWL,LMTOIPLVWKFQ6OELTLTKETGJBUKTFTBWETZT/LT. GOLYL"OIPLVWFKQ6OCMMT
GPQGZSVHIBHR >NVEIWGHBMLJKOA WL-'LL'LI"NVELLKIK>FVP)LLPVL nWGHBMLETJKFLLRWLTBMTWLTSJ[LTS
'LIB"GMBHETGJBU. TFTBJ[PTLEKVTMTJXP;N6HLTBVTSLUIYF;UZTGDLTBEL E'LLZWJVTML'LZTGZL"PTGV)L;)LLP
MTLTKETMLFVTJHRnQTWL4K’nQTPJ[)LLPIWLPLUFTBDLTZT‚?HT-PBGM
FAYT6O[HTPVKLUFLBMLHLKSR&HLKIWLOS
DVYC;H4"JK6SR%LSR&HLKLJT7ETPZSLUTFLBMMTHI)LKLULMESLH4=HL'LI> LLT. TU4MTW6DZLLZIP
LLELHLKIJLRWLTBEISKHOXMKI<LL]P-SRWLTBMTVHIB=FLBM<LLVTEIWJVIZLTZRJSLELTEFEKLTPVKLUPTB
SI'L~EK)LYPLVFHLPIK)LIJXP;)LPFTBSR&HLKILTGVFTBHI'LT>SRF)LI)L0UIPDVMESTHLT>WSWJVIOAG7
DOZLTWL4KWL3FE:LLEKLT" OIPLVWFKQ6OETWGHBMLETJKFLLRWLTBMTR%SM&DLT³LVETTL$O TMIEL
POLFI)LLLLFTBEHTYT'LTGENMMTPVKLUELGEMIJXP;)LPELELTC;)LLPFLVLTULYASHLTYLHLT"'LLT. IOTKFTB
NMVT'LLZEIUZTGDLn<LLEKJT7)LKGZL"WD%L'LL=MLKLOKDLK?WGHBML³LF;EIU ETVLKLTBMTYXnU
N#L"+IFLV_FLVSRBYLQL;ETFHLFA3RUBI)L%SLFK-SLTLETPTBEL0FTB)LIER/ TMIHIQTSVL>ELLS'LL
WGHBMLFIJKFLLRWLTBEILG%SGP]FLVH4GENMETPLQVFTBGMBHLGOGHBMEJLRWLTBELT)LIPLFTBGELUL
MESLH4"

197
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YI;XL]GNVL
NNHGD
E:JL6SELZJPVLT
SPGšE:JBOLPLVZB5PGZSFR55PZFR3-2RGZÄF_"
GPPBGU L3MRGFPM&FR<LFLJS6SB3P6VLFEIS;VUZBLF3LTLF_
/EPT»RXE/»PE4EZERSHHLEXE:ELRM/EPTEQ(»Z»REPEÏ.ZEPMXE1YNNZEPE1YXWTLYPMRKEQ
:MwZEÏ.MKLMXWY1MZE7EQQYOLE1»4EXERXEQ8ZERR»QE/ÃVXERE.EPEQwEQE=EX]EwLIzLEQ

J[ZJPVEKN#IWLYULTSLMJ76SK"DF4B2RGZBYGL<LLNSBYJKUZ4GVK6SK
UYSMF-SGVYl:Z)L-FEKH4YIFLVLT"S. S. L7OPWVZ>ULTKQHRoGOLLN#LVLTB
MLT EG/VFNJLF4>VLFVIKSRFZTS"HLTMKLTPKJGKVFTBGPEGMSEFZMFTS

YI;X+NIXRNMGBI YN6MH8
@G
ULJƒyIBWH~LFLTELDZILB[L4B[L4BVF-PLHL"
F6LULJƒyIB+IB%ZIBLnIBWG9VFRJLFVBLLG6SBERER-PLHL"
yML4BIB£L4B9ZL4BMR6OKJLVFœ
W ;ƒyIBMBMLKLGYtSLJGVPLKLL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒVHL³LLTEKZLZKBYETLR
P-LJHVEK>JXP;GOLLEIWLTKFBYZEZL-'LLJV
EKOIJUZLTB PBGMBHLMVJKN¤LKGOLLEIWLTKBLELT-'LLJVEKWG)LLTE>JXUL
WLKSIEKTB"JQLS_ZLZWLMVJKJXP;GOLLEIWLTKFR<LEKMR<LLMVMTD4#EKD[®FRHXS;
FTBYR9YRZEI³LXJ<LTSTHR ZLZFLZLMTPTBEL0>@G
ULJWL4KFBLMGHSULJ
EKETGM
EKVLQLGH "

YI;XL]GNVL
NNHGD

198
G)NN
\NVG

VCZ[FJXMZXM5L
*M&TMGLFMV[
WLQL; +I FLVSRBY-PLFI ^LKL NO_ LLTGLS FHLFA3BUI )L%SLFK -SLTL FTB ?WG9VLLFE BL  MT D EK
?WG9VLLFEFBL EIWJLKLG%S'LI"CMFBLETJ[LTYMTZ\FI³LKMT#VT)LILLWG9VELB.ELTOIPLZIFTBJGKPGS;S
EKGOL"NMEIHE'LLH4‚
EMFOT<LSTHIOT<LSTUBYZEIWLYMLKT0LJLGKEZEKS'LL.TKLTBFTB24ZYC;"Z\FI³LKUIEIFLZMT
)LKID4ZYLG. LnS'LLW6MDEIFSIMLFLV>ZYSL'LLGEWLYEI)LTB7HIQ ULTYLWL4KZL<LLTBEIMBJOLXnHI
-PLHLHLTULTYI"QLKLTBWLTKELTZLHZFQYL‚?JLVIZLWLT>JLVIZLWLT" FYKJLVIZLVTETGZ GQ:ZLVTPLZT
GUSVTWG³LE'LT>JLVIZLVTPLZTNSVTHIEF'LT"Z\FI³LKETMHLTYI0LJLKISLT TMT LDKLTGEN6HTBER/MXHI
VHIBKHL'LL"FLVLTNVEIW%ZJKSLZLJ. YLHLT"N³LK>ZJ7TBWLELLELT/XVTEIHLT. ZYLKHI'LIB"NMUFLVTFTB
WLUEZEISKHWG9VLLFEBL‰2LKGDY[T.ŠSLT'LTVHIB>ULTWLYJK EOFELDXJLZTST"HLn>NMMF
?WG9VLLFEFBL UKHLTST'LT"³LF;J[TFIS'LL+
LZRZLTYNMIELMHLKLZTEKJ[žGSETCMKL4O[JJKGPUJ[L*S
EKST'LT>UDMISLUIETMSI3PEIJKI\LLZTVTETGZ DVLLYLWG9VERB.U4V³LF;ETJ[)LLPMTMKLTPKDVMESL
H4>SLTELTC;ELKLVHIBGEU4V³LF;ET)L%SM&E_OAG7MT#Z\FI³LKNMWG9VETJ[QB.JELTLL6SEKVTFTBM2Z
VHLTST"PTD. T³L4;PLL6S)LLPMTCMWLUETHLTZIEL.ELTNMISKHOT<LSTKHT>GUMJ[ELKGUVT6O[)LYPLVWJVT
W7EFLT~ETC~³LVELTWJVIW6SKEIWLn<LLTBMTOT<LSTKHT'LT"Z\FI³LKUIMLTQSTGEUDWLR)LEF;ELNOULSLH4
SLT%LVHIBHLTSL=KLPLEISLTMLTVTEIZBELHIUZEKKL<LHLTYC;'LI"G2KFTKIM&JG¤LGEMGYVSIFTBH4"WS
WLR)LEF;ELT7LZVTETGZ PTFHLFA3RBUI)L%SLFK-SLTLETPTBZLTEELJL#D. T ELY[GQ¤LMT@G
PFBL
MGHSFRT-PKFTBULTKULTKMTEKVTZYT"CMJKER/ZLTY£XK PB0B9L3FEMIHnMIHnMSTHR DLTZT‚??MT#UIWLY
DRLVTETGZ ER/JLVIPLVIELJ[D6³LEKLT"HLn)LG%S)LLPVLELFWLVTPLZIVHIBH4" GE6SRMT#UIWGPQGZS>
WJVIML³LVLFTBZIVKHT"
MKELKIMBGP³LLVFTBQLHTOTKLW6³LTK)LZTHIHLT>NMFTBQLHTFVRELT6LGFZTLVGFZT>GE6SRGP³LLSLET
GP³LLVFTB>EFLT~ETGP³LLVFTBS'LLM1QT³LF;ETGP³LLVFTBOTKLW6³LTKVHIBHLTSL"HLn³LF;+
LZRM&9OAG7UI
)L%SLFK-SLTLETNMPTBZLTEETULJFTBS:ZIV'LT>PHLnU4VLLMVEIWG³L#VI?Q£TPKI OTPINVETMLFVT
HL'LULT. T<L. I'LI"JL#EYLHULVVTELTN3MREHLTBYTGEWLG<LKELKTZ\FI³LKEL4V'LT=WLYE4MTZYI=EHLn
ZYI=WL4KGEVJGKG-'LGSLTBFTBZYI=SLTZIGU MRGV Z\FI³LKUIJLTOVJRKET E³LVIMT#'LT"PTOIJLPZIETGOV
HILR)LDTZLFTBWJVTEC;0LJLKIMLG'LLTBETML'L0LJLKETGZ GMBHZ^IJELTQZT'LT"MLBELTKL-STFTB EUYH
GP+LFETGZ .TKT.LZTYT"MB³LETMFMT#UIVTMLTQLGEWLU3LTHLKELJGPLGOVH4>Z\FIJXUVEKZI
UL "HMLTQEKN6HLTBVT)LL4GSEZ\FIEINJLMVLEKVTETGZ WLKSIHTSROIJEUZLL")LL4GSEZ\FIEI
QBELQL4B³LFTBPTH)LXZYTGEOIJLPZIELOIJEUZLLH4WL4KJXULEKETMLTYT" E L7TDLOLLTKYRZP
ELTZLHZMTNVEIWLn<L<LRZI‚SDOT<LLGEWLUEILR)LOIJLPZISDSEHLTZIELJZTQREI'LI"SRK6SMT#UI
FHLFA3RUBI)L%SLFK-SLTLELPLnZLTEJ VLLRGELSDQ£TPKIOTPIVTGUVJ[GSFLELY6³LLTOEZLEK
MT#UIELTGOLWL4KPHUHLn)LIG/. ELYL>WLYLISZPLL6SHLTSIQZIYC;" LLTKMBE77ZL>M)LIVTZ\FI³LK
MT#S'LLGUVLYFELUUELKGELWL4KOIPLZIFVLC;"HK E0G%SETWBSKL3FLFTBJ[)LR)LG%SELOIJE
J[ELLFLVHRWLWL4KWL³LG3FEOIJLPZIEIWVR)LXGSMLELKHRC;"

199
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

IRNL]+NNRL]IUMNVNGD
K%ST\LLBMFOELTGEZE#VIZBƒ¤LT´LLT
SB2GLVFR32LFLJS6SF_"
WL¤LFGS¤FRYTLGVK-SLÂ-3P6VLFVLYOFVI®GO-JRBM
6EOXI/zLEÂEÏ7EQEHE/SOMPE/E½LE2ÃPEÏ/VSHLSHHLEXEÏ4LEÂMRE1YXTLEÂE1»TEXERXEQ
žOV»QEXM/VEQE]YKIÂE2MVEWXEwLEROEW8ZERR»QE2»KE(EQERÇ,ÖMHM=EW]E4YÏWEË

J[ZJPVEKN#IWLYULTSLMJ76SK"DF4B2RGZBYGL<LLNSBYJKUZ4GVK6SK
UYSMF-SGVYl:Z)L-FEKH4YIFLVLT"S. S. L7OPWVZ>ULTKQHRoGOLLN#LVLTB
MLT EG/VFNJLF4>VLFVIKSRFZTS"HLTMKLTPKJGKVFTBGPEGMSEFZMFTS

OL=IRNIXRNMGBI YN6MH8
@G
ULJƒyIBWH~LFLT<LIKMPILB[L4B[L4BVF-PLHL"
F6LƒyVFLT+LB+IB+XB+L4B+UZOTGPEFZTJO_F™OGVPLGMVI>JO_FLTJGKMBG-'LST
GMG
BOTGHFVLTPLBG/SBERER-PLHLœyIBWLGOOTPLIBVFœ
W ;ƒyIB3P´LFVLYOFVILG¯M&J´%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´Lƒ-VLVEKETLR
M2TOP-L³LLKLEKTB"BL-'LLGJSEKNMEIJXULEKTB"WLKSI
NSLKTB"FBYZEZL-'LLJVEKOIJEUZLTB"JQLS_ M2TOWLMVJKN¤LKLG)LFR<L
JO_FLMVMTD4#EK-2G7EFGLEIFLZLMTD[®FRHXS;FTBOLLBY³LXJ<LTSTHR DLK
EL0>@G
ULJWL4KFBLEIWLKL³LVLEKGMG
EKVIQLGH "

IRNL]+NNRL]IUMNVNGD

200
G)NN
\NVG
WMZEWML4WIML
WLQL;+IFLVSRBY-PLFIET^LKLYXn'LLYL@L)LOTP)LYPLVET)LG%SEL0FHLFA3RBUI)L%SLFKETJ[)LLPMT
UHKIZLVLY)LIK3VHLKDVYLS'LLOA P[SLVTWJVTJGSMRO¤LELTMJ;OBLMTDQLGZL"CME'LLMTOA PSLU4MI
HFLKI+
L)LIMROA HLTVIQLGH "
JGSJ3VIFTBYGSFGSKGSYRLLTBEIW'LPLNVETGPQLK>-P)LLPPWLQKLEIMFLVSLHLTVLW36SWLPEH4
W6'LLNVEIYAH-'LUIPVEIYL. IQZTYIVHIBWGJSRG<LBQTYI"MT#MRO¤LEIYAH-'LIEIYL. I)LIQZVHIBKHI'LI>
WGJSRQXnQXn>QK;FK;EKSIHRC;5LTB3LTBEKWLYTMKEKHI'LI"E)LI EJGHLQZSLSLTOXMKLULFHLTULSL>ELKLHI
'LLGEJ3VISLTU4V³LF;EIWVRLI'LIWL4KJGSNMELGPKLT³LI'LL"JGSGOKLGL)LLTUVEKSL>SLTJ3VINMELGPKLT³L
EKSI'LIWL4KMFLSI'LI"GOJ3VIU4VFBGOKUIETJXULJL#FTBZYSISLTJGSNMTSL. VLOTSL"2ZSWLTGOVEI
SXSXF4BF4BETELKLOLTVLTBFTBfcETDULcfELWBEDVLHRWL'LL"
JK6SRMT#MRO¤LEIJ3VIQXnGE³LF;JKLLL>MOLQLGKLI>MP;YRLM&J6VLWL4KJGSP[SL'LIWSPHJGSELTM6FLY;
JKZLVTETGZ MOLJ[3VLIZKHSI'LI"J[VHH4GEMFLUFTBGESVIG-LLnH4BULTWJVTJGSELTCMJ[ELKM6FLY;
JKZLVTELMLHMUR7LSIH4B"HLnET L7VL£FFTBJ[MBYPLHDSLVLUKIH4GEDHXEI³LLGF;EJ[PAG¤LETGPKLT³LFTB
NMEIMLMS'LLJGSVT%LL. BLKQVLWL4KFHLFA3RBUI)L%SLFK-SLTLETPTBEL0ETJ[)LLPMTPHE4MTGP2Z
HRWL=MT#MRO¤L EGOVWJVTLVE\LFTBWJVIJ3VIOA P[SLMGHSD4#T'LT"WLUMT#WJVIJ3VIETJ[GSWMIFJ[TF
ELJ[OL;VEKKHT'LT"GE6SRU4MLGELL-LLTBFTBEHLH4‚GEORU;V0G%SLTBETFVFTBER/HLTSLH4>PQVFTBER/WL4K
0PHLKPWLQKLFTBER/WL4KHIHLTSLH4"NMMFEICMVL7¹ZIZLELTOT<LVTETGZ LVE\LFTBCMO&JSIET
WZLPLELTC;OL;EV'LL"HLn>2XZFLZLWLTB>+I2ZWLGOMTMUL E-PL;ELEZLWPPHLnK<LLHRWL'LL"HEZL
]GJL. BLEI EJXP;GVLTGUSLTUVLVRMLKHIK<LLHRWL'LLGE6SROA P[SLU4MI³LF;VG#LELMBJE;JLEKPHMS_P
³LF;K\LLELWJXP;GVGF¤LDVYL'LL"SLTNM-PL;EZLEIWLTKMBETSEKSTHR MRO¤LDLTZT‚??GJ[T>HFLKLJ[TF
YBYLUZMLGVF;ZH4>F4BSR&HLKIGUVT6O[)LG%SMTDHRSJ[)LLGPSHXn>QLHSLHXnGEWLUWJVTJ4SAE³LF;/LT. EKF4BU4V³LF;
ELTWJVLZXn"2ZSF4BSR&HTBWJVLOI\LLYRFLVEKSR&HLKTGZ )LTB7-PJ EK3VUG. SHLKZLLHXnULTCMEZLFTB
MRKG\LSH4"SRFCMTWJVTYZTFTBJHVEKFTKI)LTB7-PIELKEKLT"
OA P[SLD. IJ[M6V'LIGEJGSU4V³LF;ELTWBYIELKEKVTULKHTH4BWSPHD.T WL3FGPPLMMTEZLETJLM
JHRnQIWL4KNMFTBMTK3VUG. SHLKGVELZEKJGSETMFIJZLSTHR DLTZI‚?HTVL'L>HWVRJFHLKFTKTYZTEILLT)LLVHIB
D LMESL>HSLTF4BWLJETYZTFTB.LZEKWLJELTM&FLGVSEKVLQLHSIHXn" HEHSTHR NMVT+
LJXP;EPHHLK
JGSELTJHVLGOLWL4KJI/TH7IGEOT<LXnE4MLZYSLH4=JK6SRH%L=PHLnSLTHLKEIUYHELZLVLYMT#MRO¤LET
YZTFTBZHKLKHL'LL"ER/OTKDLOMJ;OBLETELKLMRO¤LMT#FXG1/;SJ. T'LTWL4KNVETJLMGPLNSLKVTPLZTSLG6LELTBEL
UF L7ZYL'LLGE6SRN6HTBM2ZSLVGFZKHI'LI"N³LKMLMWJVIDHXELTELTMTULKHI'LIGECM.LVEI)LX<LWLU
JGSELT<LLEKLL6SHLTYI"OTG<LTNMMLMEIFLLQLGKLELHVL7EULT-PBCML._BLEIESL;³LSL;'LIWL4K
-PL;EZLFTBELZLVLYK<LEKDHXELTFLKVLQLHSI'LI"JK6SROA P[SLWJVTJGSEIHOLLOT<LEK ELY[FVMT
W36S)LG%SJXP;EFHLFA3RBUI)L%SLFK-SLTLETPTBZLTEELTDLKDLKORHKLKHI'LI"PHNMZLTEETJL#PFBL
ML³LVLFTB TMIZIV'LIGEMLMETGPLNYZSTE7RPQVLTBEL)LINMJKELTC;WMKVHIBHLTKHL'LL"S)LI EL EU4V
LLMVEIWG³L#LLI?J–LPSI OTPIVTJ[E7HLTEKEHL‚?OA P[STWLn<LTB<LLTZLTNM-PL;EZLETUZELTWJVTJGSET
LKIKJK/I. ELTB" OA P[SLVTNMEZLETUZELTJGSETLKIKJK/I. ELSLTPH TMTN#D4#TU4MTMLTEKN#THLTB"VLY
ELTPLFTBEKVTPLZTMJTKLTB>SBLGLELTBWLGOVTUDHOAOT<LLSLTOBYKHYT"M)LIWLTKU4V³LF;EIUUELKHLTVT
ZYIWL4KMT#MRO¤LVTHIVHIBWGJSRNMEIFLSLMGHSM)LIJGKPLKUVLTBVTU4V³LF;ELTMHL;WBYIELKGELS'LL
³LFL;QKLEKSTHR MR<LLLBGSMTKHVTZYT"

201
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

T YRMNVNGD
P:Y¥LRKÄYUYGU;S)LIFVLOFLUL4DZBDZPSLFGJ)LXJSIVLF_"
N]O_GOPLEKFX<LGL<LLJGP
B3PS_EIS;VL¥LFCPLLRG)LOLFRJ4GS
:EPKEXXYVERKE+ENE+EVNMXE&LÃQE2»HE1»NEY&EPEÏ&EPEZEX»QETM&LÔTEXÇR»Q
9H]EH(MZ»OEVE1E]ÔOLEwLMOL»4EZMHHLEÏ8ZEX/ÇVXER»XXEQE-Z»wLY&LMH»1YTEMXM

GUMKVFLGHB)LLVEKPEKKHTSRKBYF" LVMTYUYKULGHBF¥LFLVLTBGYGKUBYF
WGSELTZLHZFLoGHDLSUHoVLGHBMRVIU4"KLUVELTJKQB.>OT<LDZ´LIKU/IU4
VL'LGSHLKTVLFS4W LG/VFLGHBJZL"5LTBGOVEKJKELLS4BW6´LEKGPVLL

MNWNGNVR
NHVDGMXVGNBI YN6MH8
@G
ULJƒyIBWH~LFLTMG*JMPILB[L4B[L4BVF-PLHL"
F6LULJƒyVFLTLGF’LGPL³LKGPLJ[LLLVKLTYLLTEOLTLY[HE*JORF1QULC;
MRHVLFY[HLMEZMR­OTyVF-PLHL"
W ;ƒyIBMBY[LFFT\LTFBEKL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´Lƒ-VLVEKVTETJQLS_M2TOKBYETEJ. TJHVEKELnMTEI'LLZIFTBZLZQBOVMT
6LGZ<LEKJXP;GOLLEIWLTKGMBHLMVJKBLGPKLUFLVEKWG)LLTE>JXULEKTB> PB
WLKSINSLKTB"JQLS_FBYZEZL-'LLJVEKOIJUZLEKZLZQBOV PB LIEI³LXJ<LTST
HR N¤LKLG)LFR<LZLZWLMVJKJO_FLMVMTD4#EKZLZKBYEIFLZLMTML TDLKHHULK
DLKPTBEL0MGHS@G
ULJWL4KFBLEIWLKL³LVLEKGMG
J[L*SEKVIQLGH "

T YRMNVNGD

202
G)NN
\NVG
*MMD<*MMD<FMPS GW>
UIPVFTB)LLC;UD)LLC;ELORFVDVULSLH4SDFHL)LLKS L. VTFTBOTKVHIBZYSI"JK6SRUDELTC;DLHRDZIEI
KLHQZSLH4>SDSIVZLTEEL-PLFIDVSLH4"
WLQL;+IFLVSRBY-PLFIžSFHLFA3RBUI)L%SLFKEIWLKL³LVLEKYRLPFL;VT-PY;ELKL5J[L*SGEL
NMEIHE'LLH4‚
WLUEZJGKPLKLTBFTBWLTGOVSXSXF4BF4BHLTSIKHSIH4S'LL)LLC;)LLC;ETFVLTBETDIQOIPLKTB<L. IHLTULSIH4B>
CMELELKL%LH4=CMETELKLLTBFTBCVE.LTBEIKQVLEKVTPLZI-LIHIFR<SMP;LJLC;ULSIH4"JSLVHIB
WJVTJGSETELVLTBFTBPT%LULOX2XnESIH4BGEOX³LWL4KJLVIEISKHGFZTKHVTPLZTMHLTOK)LI EOXMKTETULVI
ORFVDVULSTH4B"JK6SR TMLEL.S)LIHLTSLH4UDGEJGSMLP³LLVPGPPTEIVHLTW'LPLNMFTB-PBEIELTC;
W%ZVHLT"
NJR;%SJGKG-'LGSLTBU4MIHIHM3E'LLH4‚YRLPFL;VTGUVLZMTWLEKF'LRKLETKLUFHZEIMBYFKFK
UG. SOTHZIJKJYK<LHIKHL'LLGED. T)LLC;VTZLZZLZWLn<LTBGVELZEKGQ:ZLEKEHL‚??<LDKOLKULTOKPLUT
FTB LRML"FX<L;>SXFRU4MTKLULEL)LLC;HLTVTETLT9VHIBH4"F4BSTKIL%Z)LIVHIBOT<LVLQLHSL"QZLUL>N:74J4KLTB
HLnMT"W6'LLSRTK\LELTBMT³L%ETOTEKGVEZPLOXnYL" JGKG-'LGSLTBMTDT<LDKS'LLWJVTFTBHIZIVYRLPFL;WJVT
D. T)L[LSLEINJR;%SE#LTKWL,LMRVEK\LL)LKELTSLTM6VKHYL"JK6SRG2KNMT³LVFTBWLLGEHD. T)LLC;
EIVHIB>KLULEIWL,LH4"%LTBGEGJSLUIET-PY;PLMETJQLS_D. T)LLC;HINVETN¤LKLG³LELKIDVT'LT"NMVTMLTQL
GEM¤LLPJ[)LRSLJLEKWHBELKSLTHLTHIULSLH4WL4KUDM¤LLELFOMKJKMPLKHLTULSLH4SLT0G%S
NGQSWVRGQS>W3LQLKWVLQLKM)LIER/EKVTZYSLH4" TMIG-'LGSFTBMOLHIER/ TMIGP)LXGSLnUYS_FTBWLSI
KHIH4BULTWJVTMR<LLTBJKZLSFLKEKJKLTJELKHTSRW'LPL³LF;K\LLHTSXFOL6³LLTBELFLVFO;VEKSIKHIH4B"
KLPLVTGP)LILLETML'LULTGEL>)LKSVTDLHRDZIETML'LULTGEL>ER/P4MLHIF'LRKLVKTLKLETSRVT
GEL>UDGENMVTWJVTGPPTEEIWLn<LTBD6OEKETWJVIKLVI^LKLELV)LKVTMTWJVT/LT7T³LF;GV#)LLC;YRLPFL;
ELTOTLGVELZLOTGOL"
E4MIELLFIG-'LGS'LINM/LT7T>)LLTZT)LLZTRPKLUYRLPFL;EI>ULTGEKLUVIGSPLLMVM¤LLELSLT?E >
?<L >?Y )LIVULVSL'LL"LL-L-PL³LPJ#VJL#VHIGUMEIGOVQL;HLT>M3MBYGSGUMETUIPVELWL³LLK
HLTWL4K)LYPS_)LUVMTGUMT*LKHLTG2KNMETML'L/Z>J[JBQWL4KER7VIGS^LKL TMLW6LJK6SRCMW6L
ELTKLTEVTELTEL4VDIQFTBJ. EKHIKLULELGPKLT³LFLTZZT=GEMEI<LLTJ. I2LZSXH4ULTM3EIK\LLELJ\LZT"
CGSHLMDSLSLH4GEORGVLLG%SLLZIELHIJ\LZTSIWLC;H4"GE6SRKL5FBLIVTWJVLES;0GV)LLLWL4KKLUL
ELTZL<LMFLL"JKNMEIDRG
SLT?GPVLLELZTGPJKISDRG
U4MIHLTYC;'LI" TMIG-'LGSFTBDOZTEI)LLPVLSLT
WLMLVIMTFVFTBN3J6VHLTULSIH4"ZLTEE'LLWLTBFTBWLSLH4GEMRY[IPVTWJVTD. T)LLC;DLGZMTWL4KGP)LILLVT
WJVTD. T)LLC;KLPLMTDOZLZTVTETGZ +IKLFQ6O[UIELWL+GZL'LL"GE6SRYRLPFL;EL­OD. LNOLK>
JGPLWL4KGPLLZ'LL"WJFLVETHZLHZELTJIEK)LINMVTQXnSEVHIBEI"DLHRDZIETMFLVNMVTCMJGKG-'LGS
ELTWJVTP4KL9ELELKLFLVL"OT<LLYLH4GEGOELFVLEKETML³LVLEIULSIH4SLTNMMT@G
GMG
LnOXK
)LLYSIH4B"GE6SRGVELF)LLPMTGOML³LVLEIULSIH4SLT@G
GMG
LnHL'LDLn³LTNMETWLYT<L. IKHSIH4B"
YRLPFL;VT+
LJXP;EFHLFA3RBUI)L%SLFK-SLTLETPTBPPTBEL0ELJL#GELS'LLKL5>LLMVPM¤LLET
J[GSP4KL9)LLPETELKLU4VTPKIOI\LL³LLKLEIWL4KC6O[ETJFTB-PY;ELKL5J[L*SGEL"M1QI+
L)LG%S
EL2ZD. LF³LRKHLTSLH4"WL3FGVY[HFVRELT³LKLSZMTN#LEKGM
GLZLSEJHRnQLOTSLH4"

203
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

OR=
NNDIUQNG
N/ N/ L]+NNRIXL]+NGNMGD
ER6SLY[G)L6VYULLTGLSPLGKPLHPTYLPSLKSKLLSRKLT´L)LIFT"
R
TUBGPGUSORU;UTJ\LL-3P3JLOJÂUPVL+GLLTZ)L6ST
/YRX»KVE&LMRRE+ENEwLSRMXE:»VMZ»LE:IK»ZEX»VE8EVE»XYVE=SHLE&LÃQI
=YHHLI.E]EQ:MNMXE(YVNE]E.E]E4EOzL¾W8ZEX4»HE4EROENE:ER»wLVE]MRS0EFLERXI

FLKTUHLoY6OER&)LHG'LLKGPOLKT"NFYTG´LKJ[PLHDTYUZMFGP-SLKT
HLTGSKVWMF'L;FHLULT´LLDZJXKT"GSMKVF4GUVSLTK)L%SUTH4BVKMXKT
ORU;WGKERZUISET>UJLPTGVEZBE"SRFJOJBEUFVDMTSTVKMOLGVLBE

OR=+NIRXN
NGBI YN6MH8
@G
ULJƒyIBLFLTFHRKMPILB[L4B[L4BVF-PLHL"
F6L ULJ ƒ y VFLT Q£TPKI OTPI Q£³LLGKLI GUVLLMVMTPLELGKLI\LRO[LTJO[P
GPVLGLVI³LF;LLG6SELGKLIVFLLG6SBERER-PLHL"
W ;ƒyIBPVYULGO)LGVPLKLL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´Lƒ-VLVEKETLR
-P1/³LRZTHR P-LLTBELT³LLKLEKTB"JXP;GOLLEIWLTKBL
GPKLUFLVEKTB"WG)LLTEWL4KJXUVEKVTETJQLS_FBYZEZLEI-'LLJVLEKTB"OIJE
UZLTB>N¤LKLG)LFR<LM2TOWLMVJKJO_FLMVMTD4#EKM2TOKBYEIFLZLMTD[®FRHXS;FTB
PTSQBOVWL4K LIEI³LXJ<LTSTHR PTBEL0>@G
ULJ PBFBLELML TDLKHHULKDLK
ULJEKGMG
EKVIQLGH "


N/ N/ L]+NNRIXL]+NGNMGD

204
G)NN
\NVG

0MU8U*MMD<FU4MZ
WUKLM.THFM
UD0G%S-PL'L;MTWB³LLHLTULSLH4SDPHGPPTE<LLTD4#SLH4"NMTVIGSWVIGSEL)LLVVHIBKHSLH4" TMT
HI EKLULVTWJVT/LT7T)LLC;ELTW6LMTOTLMTGVELGMSEKGOL"/LT7T)LLC;SLTC7LJG¤LMFEKFRGVOI\LL
Y[HLEKSJ-LFTBZIVHLTYT"
JK6SRD. T)LLC;VTYZSMFEK/LT7T)LLC;JKMTVLMGHSWL£FLGEL"WLG<LKFRGVKLUEISJ-L+T#
HLTSIH4"FRGVKLUFHLFA3RBUI)L%SLFK-SLTLELJL#J VTFTBS:ZIV'LT"SDOTPIVTULTQF3ELKGEL>NMEIH
E'LLHFTBWL³LG3FEDZJ[OLVEKSIH4"
ORGVLFTBWG³LESKR
S'LLY. LTBELFXZFGHZLTBKHIH4"FGHZLWLTBFTBDHRSMLKT3LY>MJF;LU4MTYRL
HLTSTHR )LIFLLQLKI ED. LORYR;LHLTSLH4"CMETJ[)LLPMT)LLC;)LLC; EOXMKTETORFVDVULSTH4")LLC;U4ML
GFLVHIBWL4K)LLC;U4MLORFVVHIB"
)LLC;)LLC;ELY. LKLULWLTBFTBHIVHIBWGJSRMLFL6ZLTYLTBFTB)LIOT<LVTELTGFZSLH4" TMIG-'LGSFTBHFTB
QLGH GEHFELTC;Y&)LIKGVL;ZTVTETJHZT'LLT. LMLTQTB" EOXMKTELTMFVTEIELTGLLEKTB"J[)LR)LG%SJKJXKI
+
LK<LSTHR FHLFA3RBUI)L%SLFK-SLTLU4MT-SRGSELMHLKLZTEKJ[)LRJ[MLOJ[L*SEKTB" TMIHI EE'LLHLn
J[-SRSH4‚ULTHFTBJ[)LRELJ[MLOOTVTFTBM\LFH4"
EMF[L7'LL>ZTGEVGPPTEHIV'LL"NMETJLM,LVELW)LLP'LL" EGOVKLVIVTMF[L7ETELV)LK
GOT"-LIEIGPLTLSLHLTSIH4GEPHJ[3TEP-SRELT-P1/ML2K<LSIH4ZTGEVFVELTY6OLK<LSIH4"VLKIMD
ELFW1/LEKSIH4GM2;OXMKLTBELFG-SEY6OLEKVTELELFJXKLEKSIH4WL4KMDW1/LH4ZTGEVFLLQLKIELT
VHIB/LT. VL<LKLDWLOSH4"KLVIVTWJVTOTPKETJ[GSELV)LKGOT"SR&HLKL/LT7L)LLC;SRFMT5LOL,LVPLVWL4K
LG%SLLZIH4>WLJCMTWJVTKL5MTDLHKGVELZOIGU "RPKLUE)LI)LIWJVTDRG
DZMTY¸IJKD4#MESTH4B"
WVREXZDRKLC;)LIW1/IZYSIH4"MF[L7VTKLVIEIWL,LELJLZVGELWL4K/LT7T)LLC;ELTKL5MTDLHKGVEZPL
GOL"/LT7L)LLC;MBMLKEIWMLKSLELJ[3\LOL;VEKPVEIWLTKQZLYL"PVFTBHIERG7LDVLEKKHVTZYL"
JLnQMLSPLLT~ETNJKL6SMF[L7ELT<LDKZYIGE/LT7L)LLC;PVFTBML³LVLKSH4>F6LGMG
FTBZYLHRWLH4"
MF[L7GQG6SSHRWL>EHIBFTKLKL5HG'LLVTETGZ SLTFBLGMG
VHIBEKKHLH4"KLVIVTJRVMF[L7ETELV)LKT>
NMTNEMLLGESR&HLKL)LLC;SR&HLKIFA3RETGZ ML³LVLEKKHLH4"ULWLTNMEIML³LVLV7EKLT"KLULWJVI
GPLLZMTVLZTEK> EGVH3'LT)LLC;ELTFLKVTYL"/LT7L)LLC;,LVI'LL>GOY&DKFRGVETMB-ELKMT)LKLHRWL'LL"
)L%SLFKEL0JKNMEIYHVWL-'LL'LI"EC;PLLT~MTPH)L%SLFKELJL#EKSLWLKHL'LL"YHVPVFTB> E
0G%SELTFLKVTGPLLZMTVLWLC;"/LT7L)LLC;)L%SLFKEL0EI-SRGSFTBF9V'LL"NMTFLZXFHIVHIB'LLGEDLHK
%LHLTKHLH4"FBLEIWG³L#LLIOTPIMDER/OT<LKHI'LI>NMVTWJVIGPG£LLG%SMTQSRKBYIMTVLDVLC;WL4K
MF[L7EIMTVLETMLFVT<L. IEKOI"MF[L7EIMTVLJZEJESTHIPHLnMT)LLY<L. IHRC;"D. T)LLC;ELTJE. EK>
D6OIDVLEKSJ-PI)LLC;ETJLMZLLYL"/LT7L)LLC;OT<LSTHI>D. T)LLC;ETQKLLTBFTBVSF-SEHRWL"/LT7T)LLC;EL
J[TFPL3M:OT<LEKD. T)LLC;ELTWJVTWLJMT LALLHRC;"WJVTERž3LTBETJ[GSJ/SLLWL4K/LT7T)LLC;MT\LFLFLnYI"
WLQL;FLVSRBY)LIHIEHVLQLHSTH4BGEUISSLHFTLL³LF;HIH4"ZLTELT¤LKGPUEILLLJKGVEZLTWL4K
JKFL3FLDVLT"£LT³LZL)LJKGPUJ[L*SEKLT>FLTHELTJKLGUSEKT>WL3FLL-SLDVT"WL3FLL-SLDVVTETGZ 
³LF;EILKLQZTWL4KZL4GEEVHIB>ZLTELT¤LKGPUJ[L*SEKT"WL3FLJKGUMVTGPUJLI>)LLPGP)LLPLTBJK
GUMVTGVBLLEKGZLPHJKFGPUIDVL"

205
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

ODG9HNVSG#L]\UZ4NX+NIXRNMGD
W&)LLTGV´LL4\LRG)LS)LILLV¤Q¤JL#IVJI#)LOLT:PLPL.PL9VL4"
KÄ¥LKÄGL<LKG-'LSLVJLLL-LLMBGPHL)LPS-FKLLO_P[UG6S
%QFLS2MHLEY/zLYFLMXE&LÃzLEÂE2EOVE'LEOVE4»½LÃRE4ýLE&LE]E(SPZEÂE:EyE:»KREY
6ERKEXXEVERKEwLMOLEVE7XLMXE=»RE4»XV»W8V»WEÏ:ML»]E&LEZEXEË7QEVE»H:VENERXM

V¤Q¤FYKLGOF1/EGK)LNJULPT"ULF4BP. PLWG9VOLHS4VIKUZLP4
JLKVJLPTULM'LLHVGHBZGH ULEI"YKUTWGSY&)LIK>ZHKEIGYVGSVSLEI
MR<LML4BGSKTMFRO[ELT>UTSRFYRVMRFKLGHB"ZLTZEZLTZVETGL<LK>JLKLVZTULGHB

ODG9HNVSGBI YN6MH8
@G
ULJƒyIBWH~LFLTWGFMPILB[L4B[L4BVF-PLHL"
F6LULJƒyVFLT KLPLLGP)LILLLER&)LELL;ZBELG³LJST FHLDZJKL£FL
FVGGQG6SSBERnERn-PLHLœ
W ;ƒyIBMBMLKLG$LSLKLL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´Lƒ-VLVEKVTETWVBSKM2TO-P1/P-L³LLKLEKN¤LKGOLLEIWLTKGMBHLMVJK
BLGPKLUFLVEKWG)LLTEJXULWLKSIEKFBYZOIJUZLTB"EZL-'LLJVEKTB"JQLS_
JXPL;G)LFR<L³LPZLMVJKJO_FLMVMTD4#EKD[®ELZFTBOLLBY³LXJ<LTSTHR M2TOFLZLMT
DLKPTBEL0>@G
ULJWL4KFBLEIWLKL³LVLEKGMG
EKVLQLGH "

L]\UZ4NX+NIXRNMGD

206
G)NN
\NVG
NGSP\TY3MW
FMHWQMLM
WLQL;+IFLVSRBY-PLFIVT)LG%SJXP;E)L%SLFK-SLTLELJL#GEL> @L)LOTP)LYPLVEI-SRGSETJ[)LLPMT
NVELNJMY;OXKHRWL"
CMISKHMLYKISX2LVETMBE7MFFTB?SLF[GZ*S MT#VTFHLFA3RBUI)L%SLFKEIML³LVLMTSX2LVEL
GVPLKLGEL'LL"NMEIHJ[TKEE'LL
J[QIVELZFTBMFRO[I0LJLKEIOAG7MT?SLF[GZG*S D. LFH¤PJXL;D6OKYLHFLVLULSL'LL"NMMFEL
MLKL0LJLKDY4KMKELKETH-S\LTJET>PGLE_UVLTBETHL'LLTBFTBHI'LL"NVFTBMT#?SLF[GZ*S ELVLFMPLT;JGK'LL"
NVETW)LXSJXP;P4)LPELZLTY EHIELKLJLST‚?U4V³LF;ELJRJ[MLO" PL-SPFTBSLF[GZ*SUI'LTSLT EERLZ
0LJLKI>JK6SR³LF;JRLL'L;JKGV)L;KKHSLH4"NVELGPPLM'LLGEGUMVT³LF;JRLL'L;ML³LV'LLGPG³LEKGZL>
NMET^LKLHIW6SIVLTBJRLL'L;MKZSLPM2ZSLJXP;EMBJLGOSHLTMESTH4B"OTPOL;VWLGOYAH-'LET/
WLPEES;0LTBELJLZVS'LL)L%SLFK-SLTLEI)LG%SJXP;EWLKL³LVLEKVLSLF[GZ*SUIEIO4GVEQL;ETWBY
'LTWL4KGEMI)LIG-'LGSFTBPTC6HTBEKVLVHIB)LXZST'LT"
J[LQIVMFFTBMFRO[ILLLWLTBFTBWVTE)LLKIFRMIDSLTBELMLFVLEKVLJ. L'LL" TMTGPE7P)LLVEWPMKLTB
JKGEMIEIW%ZELFVHIBWLSI'LI"ETPZJGPLFVMT)LYPLVEL-FKLEKVTETWZLPLNMMFELTC;OXMKL
QLKLVKHSL'LL" EDLSWL4K>PHHGE0BSKULGSETOTPUZ>'LZPV)LMTMDUYHGP]FLVKHSTH4B"UZEI
GPLLZKLGLFTBKHVTPLZTT0BSKOTPDOZLZTVTEIOAG7MTW'LPLWJVIJXULJ[GS#LGOEKLVTETGZ MFRO[IUHLULTB
ELTEIZOTSTH4BWL4KLGLLTBELTM1QT³LF;MTG.YLVTETGZ VLVLJ[ELKEILSVL nOTSTH4B"PTGHBMLJXL;DGZOLVLTBEI
FLnYEKSTH4BWL4KCMJ[ELKGF'L3PEIORJ[)LLPVLEKVTEIERQT7LEKSTH4B" TMIG-'LGSWLVTJKGUVLGLLTBEI
+
LM1QT³LF;JKVHIBHLTSI>PTVKDGZLJLRDGZOTEKNVEROTPLTBELTM6SR7EKSTH4B>GUMFTBGHBMLELDLTZDLZL
D SLH4"GE6SRWGHBMEPM&%3PIE)LI TMTEROTPLTBMT)L)LISLJ[)LLGPSVHIBHLTST"CMIJ[ELKMT#SLF[GZ*SUD
WJVIPGLE_F.ZIETML'LWJVTUHLUFTBHIKTUPLHKLSWLGO)LKEKOTLELTPLGJMWLKHT'LTSLT EUZPLGMVI
EROTPIVTNVETUHLUELTDIQMFRO[FTBHIEIZGOL"2ZSPHUHLnELSHLnG-'LKHLTYL"UZPLGMVIEROTPIEL
EHVL'LLGEGDVLJLRDGZGOTUHLUWLYTVHIBD MESL"
JK6SRMT#SLF[GZ*SSLTM1QT³LF;GV#>OA GVQI>M&%3PIS'LLJXL;WGHBMLPLOI+LPE'LT"NVELGPPLM
'LLGEGHBMLE)LIWGHBMLJKGPUVHIBJLMESI"MS_E)LIWMS_MTFLSVHIB<LLMESL"F4BJLRGHBMLE)LIVHIB
HLTVTOXnYL"WJVTZL)LPMR<LETJI/TF4BCMKL\LMIOTPIELTM6SR7EKVTETGZ E)LI)LIFXEPGVOLT;LJ[LGLLTBEI
DGZVHIBOXnYL>QLHTCMELER/)LIJGKLLF%LTBVHLT"C6HIB)LLPVLWLTBETML'LSLF[GZ*SUZPLGMVIEROTPIMT
E. EEKDLTZT‚??OR7TSXMI³LISKHFTKTFLY;MTH7UL>W6'LLFTKTM1QT³LF;EILLMVOTPISTKLVLFGVLLV)LIV
KHVTOTYI"F4BPHD[®O¤LQ£PSI;SLTHXnVHIB>GUMVTGUV³LF;FTBW+
LEKETUZ0BSKOTPMTDQVTETGZ LFLTELK
F6LELTJLVIJKGZ<LEKJ4KMTGF7LL'LLWL4KG2KNMEROTP^LKLUZFTBHI.RDLTGOLYL'LLS'LLULTWLU)LI
VKELTBETOR<L)LLTYKHLH4"F4BSLTWGHBML³LF;ELOA +
LVIHXn>SXFTKL%LGDYL. MESIH4= HEHEKSLF[GZ*S
FHLFA3RBUI)L%SLFK-SLTLETPTBZLTE?W&)LLTGV³LL4\LRG)LS)LILLV£Q£ ELJL#>@G
PFBLLMGHSEKVT
ZYT"NVEIWLn<LTBSLTD6O'LIBGE6SRW6SEKLULYAS'LL"ER/OTKDLOUHLUETGHZVT.RZVTS'LLLGLLTBEI
UUELKMTWLn<L<LRZISLTOT<LSTH4BGEUHLU>LLBGSMTWLYTD KHLH4WL4KNMETWLYTGO0J³LLGKLI?Q£TPKI 
OTPINMEROTPIEIQLT7IJE. EK LMI7SIZTULKHIH4"UHLUETLGLLTBEIWLPLUTBYXnUN#I'LIB‚??WGHBMLJKFLT
³LF;EIUHLT"

207
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

YONMNV[IXRNMGD
NO_)LXS)LILLUZLTOK)LLK)LR9VLLLT1LBOLLFRJYSL1RSUIGPSLLL"
3PS_JLOJÂUKULT…FASGO9´LOTHLF3L;)LPG6SFEK´PUSR:JL
9HFLÍXE&LÃzLEÂE.EPSHEVE&L»VE&LYKR»ËwLSGL]»Ï(EwL»1YTEKEX»W'L]YXE.ÇZM8»WL»L
8ZEX4»HE4EÌOENE6ENSEQÖMXE(MKHLE(IL»1EVXE]»&LEZERXM1EOEVE(LZENE8YP]E6ÔT»Ë

FHLUZLTOKKLTY>)LLKJIG. SVKUTH4B"DLSGJ¥LE2ER7WLGOULTKLTYYH4B
MLTQSKH4BNOLMVLGHBUIPVEIWLLL"WGSG LVLPVIOTH>´LKTORY´LGVPLML
SRFJOJBEU´LXZELT>ULTZLP4BGVUWBY"STVIKLTYLKIKZGH>G/VFTBHLTB WVBY

GT9MNV[IXRNMGBI YN6MH8
@G
ULJƒyIBWH~LFLTW%<LILFHLLMLLB[L4B[L4BVF-PLHL"
F6LULJƒyVFLT)LYPSI\LRO[LTJO;PLLG6SELGKLIKLTYE75PKLTJLFVBLLG6SBERER
-PLHLœyIB)LYPST)LILL)LHKLVFœ
W ;ƒyIBOLHSLJUZLTOKL7LOLER7MG6VJLSLGOKLTYHKL%ZIBFHLDIUL\LKMGHSL
­OG-'LSL+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´LƒVHL³LLTEKJIZTKBYETLR
P-LJHVEK>N¤LKGOLLEIWLTKBL-'LLGJSEK
WG)LLTE>JXUV>WLKSIEKVT ET JQLS_ FBYZEZL-'LLJVEKTB"OIJUZLTB WL4K
JXPL;G)LFR<LJIZTWLMVJKD4#EKJ[LSELZOTPOL>WYK>SYKWL4K LIGFG+S³LXJELT
<LTSTHR JIZIFLZLMTDLKPTBEL0>@G
WL4KFBLMGHS-FKLEKFBLELTGM

EKVLQLGH "

YONMNV[IXRNMGD

208
G)NN
\NVG

FG<FJZHT
EF;VTGEMIELT)LI/LT. LVHIB"WLR)LEFLT;OMTOR<LWL4KLR)LEFLT~MTMR<LGFZSLH4"WLQL;+IFLVSRBY-PLFI
KGQSFHLFA3RBUI)L%SLFKMT ERPKLUWLR)LEFLT~ETUBULZMT/X7EKNMELE4MTN
LKHRWL CME'LLMT,LSHLT
MESLH4
EFLT~EIYGSMQFRQD. I6LKIH4"TEF;HISLTH4BULTE)LIHnMLSTHB4>E)LIZLSTH4B"VLYJRKVKTLFLVGYGKWJVT
MLG'LLTBMGHS)L[FLELTGVEZT'LTGEN6HLTBVTKL-STFTB EPA\LLETVIQTJ. TORD;ZPDIFLKRPEELTOT<LEKJX/L‚?%LTB
)LLC;>EL4VHLTSRF=%LVLFH4SR&HLKL=>RPEVTN¤LKGOL‚?F4BN5UGVIVKTLVAJLT<LKELCEZL4SLJRLRPKLU
HnMKLUHXn" KLULVTJRVEHL‚?SR&HLKLHLnE4MTWLVLHRWL= RPEDLTZL‚?OR)LL;9ELFLKLELTC;EHIB)LIULMESLH4
KLUV_"EFLT~ETW³LIVH4FVREL)LL9"EFLT~EIHPLNMTUHLn)LIN. LZTULT>NMTULVLHIJ. SLH4"
KLULDLTZL‚?P3M"DLSQISMTSLTSRFRPKLUHIZYSTHLTJK6SRSRFHLnW'LL;S_JT. ETVIQTWVL'LEISKHJ. T
HR %LTBEKLHKHTHLT=%LSR&HTBELTC;DIFLKIH4= RPEDLTZL‚?HLnFHLKLU>F4BDIFLKHXn"ZTGEV EDIFLKIHLTSLT
DSL’n"DLS>GJ¤L>E2EIGPLFSLMTF4BJIG. SHXn"KLUP4]VT?UZLTOK KLTYDSLL'LLJK6SRPHCZLUVEKJLL"FTKT
LR7VLTBFTBYG#LETELKLJI. LHLTSIH4"E2P<LLnMISLTQ4VHIVHIBZTVTOTSI"WDSLTELT ET³L$DT)LIGO<LVTZYTH4B"
FL4SEI LG. LnGYVKHLHXn>JKPH)LIVHIBWLSI" CSVLEHSTEHSTRPEELEB#WP
HLTYL"S'LLNMEIWLn<LLTB
MTMLPVEI. IZYYC;"KLULFLVGYKI]GJD. TE#LTKPGV#RK-P)LLPET'LTGE6SRRPKLUEIELEHLVIMRVEKP
NMEIVLKEIJI. LOT<LEKPTGPQGZSMTHLTN#T"GE6SRS)LINVEIWLn<LLTBMT EG/JIFR-ELVMIWLSIGO<LLC;OI"CM
FR-ELVETJI/TLLONVELELTC;24MZL'LL>ZYSL'LLFLVLTN6HTBELTC;<LLTC;QIUGFZYC;HLT"WYZTGOVKLULFLVGYGK
EIJRLIEZLPSIOR:HVETJFTBMUIHRC;GPPLHFB.JFTB<L. I'LIWL4KNJR;%SRPKLUHBMKLUNMIWP-'LLFTBOX:HLDVL
<L. L'LL"DM2TKTJ. VTEIOTK'LI"P4MTEF;ET2TKTSLTJ. HIKHT'LT"JRKLTGHS>FBLIS'LLOKDLKI>M)LIKLULELTKLTEKHT'LT
GE?FHLKLU%LTBWJVIZL. ZICEZL4SIDT7IELWFX:UIPV EM. TYZTFROT;MFLVRPEMTGPPLHEKETV7EKKHT
HLT= TMLEKVTMTSLTVKEFTB)LIUYHVGFZTYI"
KLULETOB)LPWHBELKELSLTELTC;G#ELVLHIV'LL>PTSLTWLJTMTDLHK'LT>GEMIEIMRVVTELTS4LKVHIB'LT"
DLTZT‚?HZ. EIHFLKTWLG+SH4>HFLKLGOLHRWL<LLSIH4>G2K)LIHEF;EF;GQ:ZLSIH4>EHSIH4GEF4BWJVTEFLT~
ELHI<LLSIHXn"HFTKTNJELKEIELTC;EO[HIVHIBEKSI"OT<LTB>EF;CMTWDE4MTSLKTBYT=EFLT~ELMSLLRPKLUHI
CMETGZ LT9PKH4" GPPLHSLTHRWL>EFLT~ET2TKTVTGPPLHET2TKT)LI.ZPL GE6SROR<LOPLSLPKLFTB"FLSLEI
FFSLFLVLTOIPLKMTGMK2LT. KHI'LI"GE6SREZLPSI=PHWJVTJGSETGPKLT³LFTB EL$O)LIE4MTDLTZMESI'LI=
WSWJVT)LLPIUIPVEIWLLLWLTBETMHLKTPHSLTFL4V³LLKLGETKHI"UDEFLT~EIYGSVTEKP7ZISLTGVGF¤L)LI
GFZYL"GUMGOVRPKLUHBMKLUPEZLPSIGPPLHMXLFTBDn³LT>NMIGOVMTNVELJ[3TEGOVMLTVTELWL4KKLSQLnOI
EIDVSIQZIYI"GUMJ[ELKGPJG¤LLnWETZTVHIBWLSIB>NMIJ[ELKML4)LL9)LIUDWLSLH4SLTMLKLP4)LPWJVTML'L
ZLSLH4"
DLSHHRC;GEN%SOLTVLTBO&JSIELT EJKFGOY&DKFRGVKLUET^LKLFHLFA3RBUI)L%SLFK-SLTLETPTB
ZLTEELGVGF¤LGFZYL"NMZLTEETMLSGOVSEGVK6SKW<L.ULJMTRPKLUEIG LVL4VI"ELLEBQVMIHLT
YC;"CMETDLOPTO&JGSJX5FRGVKLUETQKLLTBFTBJRVJHRnQT>VFVGELWL4KD4#YT"SDFRGVKLUVTDSLLGEERFLK
EIHHLZSNMEIML4STZIFLnEFZL^LKLOR)LL;PVLPLJ[1/6VJMTGOTYTGPL4ZT<LL]JOL'L;ETELKLHRC;'LI"
W1/LHRWLGERPUKLUVTKLUFHZ/LT. GOLWL4KWDGVGF¤LJLEKN6HTBJRVUI;PVGFZYL"CVW1/TLDRKTEFLT~VT
SLTSI'L~EKLTBSEELTVHIB/LT. L"UDSJDZMTHFLKTMDEF;V7HLTULSTH4BSDSLTMBMLK)L[FLELHIW6SHLTULSLH4"
WSW7EFLT~ELV7HLTULVLHISLTFLT\LH4"

209
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

GNMN[CJFDNXHNVSGD
WLJLOE#FR¨LAB<LZPTG7SLÄLYLBDAHV_GVY.ELTG7GV LA7UÅL"
3P6VLFF6LFGVLBFVRUL-FKBSM]-PBGPYSD6´L)LL)LPG6S
›T»HE/ER½LE1YVYwLVMROLEPE:IzL½MX»RKE+»yLEÏ&ÖMLERRM+EyEOSXM2MKLÖMz½E.ERKL»L
8ZERR»QE1ERXVE1ERMwEÏ1ERYN»Ë7QEVERXEË7EH]EË7ZE]EÏ:MKEXE&ERHLE&LE]»&LEZERXM

JLoPE#STUEKDLo´LMLoEZWGS)LLKI"YL IDT. IJ4KFLoGH>GUVULo LGPOLKI


)LX<L*LMGQ6SLLKIKOR<LUTGPZZLVT"MKVVLGHBGUVELT )LXJETD6OI<LLVT
SRFMRFKS-PFTPHIDB´LVMD<LRZULoGH"G/VFTBSTM&JGSZH4B>GQ6SL)LGPVMLGHB

F8NXHTI'UGNMGBI YN6MH8
@G
ULJƒyIBWH~LFLTP._FLLLLB[L4B[L4BVF-PLHL"
F6LULJƒyVFLTLnIB+IBXnL4B###UUU\LLB\LIB\LXB\LL4\L-PLHL"
W ;ƒyIBVLVLGPLEG#VDBLVOXKEKLL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPG´Lƒ-VLVEKVTETJQLS_JIZTP-LJHVEKJXP;GOLLEIWLTKBL-'LLJVEK
WG)LLTE>JXUVWL4KWLKSIEKTB" PBJXUVFTBJIZTJRJQ L n>FBYZEZLEI-'LLJVLEK
OIJEUZLEKJIZTWLMVJKN¤LKGOLLEIWLTKFR<LEKJO_FLMVMTD4#EKD[®FRHXS;FTB
³LXJ<LTSTHR JIZIFLZLMTPTBEL0>@G
ULJWL4KFBLELDLKULJEKFBLEI
GMG
EKTB"

GNMN[CJFDNXHNVSGD

210
G)NN
\NVG
GSH&TFMK(M*MH&T

WLQL;+IFLVSRBY-PLFIETFHLFA3RBUI)L%SLFK-SLTLETJ[)LLPMTNVEIUBUIKTBPELKLYAHETSLZT
7X7YT"KLUERFLKKLJLZETUIPVFTB)LI TMLHIQF3ELKHRWL"NMEIHE'LLHFTBEFLT~ETD6³LVSLT. VTEI
J[TKLLOTSIH4‚
??3P6VLFFBLFGVLF_ JKFL3FLETVLFEL-FKLEKVTMTOR<LIJ[LLI)LIMR<LIHLTULSLH4>JKS6L-PS6L
HLTULSLH4>.XDSLGSKULSLH4"WLJJKFL3FLELOL;VEKTBYT>NVETYRLTBEL-FKLEKTBYTSLTEFLT~MTFR%SHLT
ULTBYT"D6³LVOR)LL;9VHIBH4>D6³LVFTBJ. TJ. TFKULVLOR)LL;9H4"D6³LVELFLTHVHIBSLT. JLVLHIOR)LL;9H4"
D6³LVSLTUIPVETGZ ML4)LL9H4>FR%SHLTVTEL>JRLL'L;EKVTELM6OTLLZTEKWLSLH4"WL3FLJKJ. I
UBUIKTBFH¤PJXL;H4B>ULTWOAH4>GO<LLC;VHIBJ. SIPTUBUIKTBPLMVLEIWL4KELFVLWLTBEIHB4"DMC6HTBHISLT. VT
ELJ[LMEKVLH4"GUMGOVJKFL3FLETJ[GSWL-'LLJ4OLHLTYINMGOVW,LVELELKLYAH7X7TYLWL4KGUM
\LLM&E_QLGKLJWLQKLHLTYLNMI\LLELFVLWLTB>PLMVLWLTBEIUBUIKLTBELE7VLJ[LK&)LHLTULTYL"
WUFTKETMF[L7EL EJRL'LL"NMET’JKGOY&DKFRGVETMB-ELK'LT"FRGVKLUVTMF[L7ETJRLELT
WL³LG3FE,LVGOLWL4KUIVTETSL4KSKIETGM<LLT"NMTGVLLSWL4KLT9DVLGOL"UIPVFTBWLVTPLZT
E7LTBMTDQVTETGZ FBLGP]LELW³VSEEKLGOL"
WUFTKETGVE7ELFRG-ZFMF[L7DZLLZI'LLULTGEHFTLLJKTLLVGELEKSL'LL"WUFTKETLLME
VTWJVIMTVLETLT
LWLTBMTJX/LGE TMLEL4VL4
LH4>ULTFRG-ZFMF[L7ELTE4OEKETZTWLT>DBOIDVLEKET
ZTWLT"NMTKLUEIM&FLVMTM&FLGVSGELULTYLS'LLMTVLFTBN1QJOJKK<LLULTYL"MF[L7ELJRL
KLJLZ-PBMTVLZTEKFRG-ZFMF[L7MTR
EKVTYL"PHJKLGUSHLTYL"NMTD6OIDVLGZLYL"
UBUIKLTBMTUE. EKELKLYAHFTB.LZGOLYL"MF[L7EL EFLLJRLHL'LLTBMTGVEZYL"GJSLEL2IOR<LI
HR "UIPVET<PLDLTBJKPU[JLSHRWL"MF[L7ELJRL-PLG)LFLVI'LL"NMVTFRG-ZFMF[L7MTLQVLVHIBEI>V
HINMETMLFVTVSF-SEHIHRRWL" ELY[GQ¤LHLTEK)L%SLFKETPTBEL0ETJL#FTB.XDYL"GPG³LJXP;E
+
LMGHSNMVTJL#J[LK&)LGEL"WJVTWLJNMETD6³LV<LRZYT>MLFVTJZBYGD/YL>NMJKMR6OK
WLKLFOTHGD-SKGD/YL"OLTQLKOTGPLnNMETMLFVT)LLTUVEI'LLGZLnZTEK<L. IHLTYC~"JHKTOLKSRK6S
OL4. TOL4. TMFLQLKZTEKMF[L7ETJLMYT"KLUFHZMTGVEZEKMF[L7WLL>NMVTOT<LLELKLYAHET^LK<LRZT
H4BWL4KD6OIKLUERFLKEIMTPLFTBOLTQLKOTGPLn<L. IH4B"NMVTJRVELKLYAHET^LKD6OEKSLZT.LZGOT"
KLUERFLKVT)L%SLFKELJL#GEL>^LKJRV<LRZYT"MF[L7OT<LSLKHYL"NMVTMM&FLVKLUERFLKELT
GDOLGELS'LLGUVLLMVEIFGHFLETJ[GSMFGJ;SHRWL"U4V³LF;ELT-PIELKGELWL4KGHBMLELJXL;S
3LYEKGOL"
KLUERFLKD6³LVELJ[SIE'LL"U4MTHID6³LV<LRZTPHELKLYAHMTDLHKGVEZEKWLYL> EQDXSKT
JKWLEKD4#YL")LG%SETFL³FMTWLJET)LID6³LV<LRZMESTH4B")LG%SEKVTMTJHZTJRELP4)LP
GFZSLH4>CG6O[GPLLTBELJ[ZLT)LLVGFZSLH4"WYKNMFTB2nMYT>W7EYT>EYTSLTJRFTBD6³LV
ELKLHLTYL"JKFL3FJ'LJKQZVLL)LLTYJ'LJKQZVL>HWLJET’JKGV)L;KH4>EL4VMTJ'LJKQZVL
H4"WLJET­OMLYKFTBJKFL3FL)LG%S>FRGVWL-'LLWL4KWLQKLEIZHKJ4OLHLTSLGEWLJ)LID6³LVEL7VT
ELTN3MREHLTMETBWL4KJKFL3FLDVMETB>FR%SHLTMETB>EF;EIUBUIKTB7X7METB"+
L)LG%SMTHIM&9OL;V
J[L*SHLTSLH4S'LL,LVQLGKLMTEFLT~EIGVU;KLHLTSIH4"

211
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

OR=+NXN
NG#Y/ 
N/ IXIG] GNMGD
F¥LG^JT6O[FAYKLUOPLVZLGHƒMBY[LFPLGKG´LFHLTOKD6´LVLT3'LF_"
S-LLRVLLFRJLGS)LBG)LTP-SLPEB-SPGFFBFGSFLV´LIST
1EXXE(ZMTIRHVE1VMKEV»NE(EZ»REP»LM7ERKV»QE:»VMHLM1ELSHEVE&ERHLE2SXXLEQ
8EW]»wLY2»wLE1YTE]»XM&LE]EÏ&LM]IZE=EW8»ZEOEÏ7XEZEQMQEÏ1EXMQ»RE(LÇXI

FHLF¥LYUKLUWL4KFAYKLUOPLVZ"2LJGSKLJKQ.VIKGVG´LKLTYFHLDZ
D6´LVT)LWL#.KJEKFLVLTBVLL4"SRFMRFKSG/VFLGHB>W)L'LLVEJKELL4
CMWJLKMBMLKFTB>LKVVLGHBJ[)LRELT "LSTBSRFJO)L%SELT)LG%SMHLC;HLT


N TIRWGNMGBI YN6MH8
@G
ULJƒyIBWH~LFLTGM
LOLLLBP._FLLLLB[L4B[L4BVF-PLHL"
F6LULJƒyVFLTLnIBXnL4BH\L+IBIB27_-PLHL"
yVFLT)LYPSTN6FST)LHKLVFœ
W ;ƒyIBDHRGPLGP VGPVLLL%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP[JLFIGS-PLHL"
GPG´Lƒ-VLVEKVTETJQLS_³LRZTHR LR
EJ. LTBELTJHVEKN¤LKGOLLEIWLTKGMBHLMV
JKBLELTGPKLUFLVEKWG)LLTEWL4KJXUVEKTBWL4KWLKSIEKTB"JQLS_JXP;GOLLEI
WLTK FR<L EK JO_FLMV MT D4#EK D[®FRHXS; FTB OLLBY ³LXJ <LTST HR  -2G7E
FGLEIFLZLMTDLKPTBEL0>@G
ULJWL4KFBLEIWLKL³LVLEKGMG

EKVIQLGH "

Y/ 
N/ IXIG] GNMGD

212
G)NN
\NVG

GCNM|MWMFM3[
C6MLVM3EIKLHJKQZVLQLHSLH4JK6SRNMTHIWM3#HKLEKUDOG.SGELULSLH4>SDNMMT/R7ELKL
JLVTETGZ FHLFA3RBUI)L%SLFK-SLTLHINJLTYIGM
HLTSIH4"WLQL;+IFLVSRBY-PLFIVT)L%SLTBJK)L%SLFK-SLTL
ETFL³FMTD. LNJELKGELH4" EPA
EIHNO_DLT³LEEHLVI‚
FVRETMLFVTSIVG-'LGSLnH4B>³LF;>JRWL4KJLJ"WLQL;FLVSRBY³LF;ETJ[SIEH4B>KLUL)LLTUJRETJ[SIE
H4B>%LTBGENVEIWL3FL³LF;ETJ[)LLPMTDOZYIWL4KPH³LF;EIJ[)LLPVLETGZ N]SHR >S'LLEGPELGZOLMJLJ
ETJ[SIEH4B>ULTMF[L7ELTYZSGOLLEIWLTK>GF'LFLY;EIWLTKZTYT"CMIMBO)L;FTB EE'LLJ[-SRSH4
GEMIVYKFTB E³LVHIVPA
WLOFI'LL"NMEL EJRL'LLS'LLJRLP³LX'LI>ULTQLGKLHIV'LI"PA
WLOFI E
U4VJGKPLKFTBELFEKSL'LL>PHLnNMVT)L%SLFKETPTBEL0ELTMI<LL'LL" LKEIFLZGEVEL0ELJL#EKSIWL4K
WJVTD1QLTBELTEL0EIFGHFLDSLSIWL4KEL0J VLGM<LLSI'LI"DX TWLOFIVT)LI)L%SLFKETEL0ELTE#-'LEK
GZL'LL"JRLP³LXELW6JRLETML'LJ[TFM&D6³L'LL"DR._ LWVR)LPIWL4KMFOLK'LL"PHULVSL'LLGEWYKDHX
ELT7LTEXnYLSLTPHN:7LFTKTJKZLB/VZYLOTYI"Z. ELSLTL4PVETDHLPFTBDHKHLH4>FTKIDLSFLVTYLVHIB"<LRZIFL4V
WLn<LLTBMTJRLP³LXETELZTELKVLFTOT<LSLKHL"KLSPHULYKHL'LL>JRLP³LXELJ[TFIGFZVTWLL"PHN#EKNMVT
GFZVIQZIYC;" LKETWLnYVFTBNMETJLnPELGD/PLGYKYL"OLOLUIN#TWL4KJLnPELGD/PLN#LZLT"S'LLH
MLTQEKWJVTGMKHLVTK<LGZLGEMRDHWJVTJRLELTGO<LZL’nYLWL4KJRLP³LXETQGKLHIVHLTVTELJ[FLLJ[-SRS
EnYL"JRLP³LRVTJLnPFTBGD/PLYLDOT<LEKOLOLUIJKLBELEIWL4KKLSFTBGQ:ZLEKEHL‚KTDQLWLT>TDR._LFTKT
JLnP<LIBQSLH4>FTKIW-FSZX7VLQLHSLH4"MRDHVYKETKLULETJLMYL>DX._LWJVTQLGKLELJ[FLLJTLVEK
MEL"MF[L7VTNMT/PL;ELELKLPLMOTGOL"
PHELKLYAHET EEFKTFTBGVGFSJMT)L%SLFKELJL#EKSL"MF[L7ETJLMNMETMOLQLKWL4KKLGL
ULYKLEI<LDKJHRnQI"MF[L7VTNMTWJVTFHZELJHKTOLKDVLGOL"PHJ[3TEKLGLFHZET^LKJKJHKLOTSL"
VYKETMF[L7EIKLVI EFHLPSMTJ[TFEKSI'LI"FHLPSHL'LIZTEKKLSFTBWLSLWL4KG<L. EIETJLM<L. L
EKOTSL"KLVIG<L. EIMTNSKEKHL'LIETJI#JKULSIWL4KFHLPSMTJ[TFEKETZL47WLSI"HOANVDX IWLn<LLTBVT
OT<LLULTQLGKLHIVSLETGF'LOR7JGKLLF)LLTYKHL'LL"WJVT)LL9JKHnMLWL4KMLTYL"NMKLSNMTYHKIVIBO
WLI%LTBGEFVHZELHLTQREL'LL"MRDHMF[L7ELT<LDKGFZVTJKNMTDRZLEKJX/L>%LSRFKLS)LKMLTSTKHT=NMVT
EHL‚UIHLn>EC;MLZLTBETDLOCSVI*LKIVIBOWLIWL4KPHHnMJ. L"F4BMLTQSL'LLGEYKIDWLOFIHIQGKLHIVHLTSL
H4ZTGEV³LVPLV)LIQGKLHIVHLTSTH4B"MF[L7CMJHTZIELTMFVMEL"NMVTEHL‚MF[L7F4BL$OLTBFTBER/VHIBEH
MESL>KLS/RJEKFTKTML'LJHKTJKD4#LT"MF[L7YR*SJMTJHKTJKD4#LWL4KNMVTKLVIWL4KFHLPSELTJ[TFEKSTOT<LL"
MRDHMF[L7VTKLVIWL4KFHLPSELTW3G³LE³LVOTEKGPOLGELWL4KWJKL³LIJHKTOLKELTMOLETGZ FR%SEKGOL"
FHLPSKLVIETML'LW6YLnPET EFBGOKFTBEL" ERPEQLTKNMFG6OKFTBUL LRML>NMETJML46O;MT
KLVIWLEGL;SHLTYC;WL4KPHQLTKETML'LMLFLVZTEKQZIYC;"FLY;FTB EVOIGFZI"NMFTBJLVIDHRS'LL"QLTKVT
EHL‚F4BSR&HTBNMJLK/LT. EKWLSLHXn>MLFLVHIBKHVTOLT"PHKLVIELTOXMKTGEVLKTJK/LT. WLLWL4KMLFLVZTEKH
EHEKQZLYLGEUDSXWJVTMF[L7WL4KJ[TFIFHLPSEIVHIBHRC;>SDFTKI%LHLTYI=KLVIVOIGEVLKTKLTSIKHYC;
WL4K E)LIZNMTN#LEKZTYL"
)LLTYWLELB\LLEIOL4. FVRELTEHIBELVHIBK<LSI")LLTYEIMRK\LLFTBFL4SMTDQVTFVR)LLYKHLH4"UDGE
MRK\LLFLL³LF;EILKLFTBHIH4"FVRETUIPVFTBEDWLJG¤LWLTWL4KEZBEZYT>EHVHIBMEST" TMTMFFTBJ[)LR
)LG%SHI EFLLMHLKLHLTSIH4"OLOLUIJKZYLEZBE?)L%SLFK ETPTBEL0VT³LLTL"H)L%SLFKEL0 E
FHLFA3BRUIEL0H4"GUMVTCMT³LL>YLL>WJVLL>PHW)LDVL"JKFL3FLEKTWLJ)LI)LG%SFTB.XDTBWL4KW)L
DVTB"

213
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

HNV^N\^HK#NX\^HKQNGD
GQK
-SLTL-LUBSPGUVT6O["YRL4GV;D
LB)L%3LFL‡GPGP´LPL;GPGQLJRJLF_"
´L¥LTUVLTCHE#YSLFUM[BSB??FLVSRÄ FPLLMFRJ4GSZ\FI
7XSXVE7VENEÏ8EZE.MRIRHVE+YÂEMV2MFEHHL»Q&LEOX]»1E]»6YGLMVE:EVÂE:MGLMXVE4YWLT»Q
(LEXXI.ERS=E-LE/ERXLE+EX»1ENEWVEQ8EÏ1»REXYRKEQEZEwL»7EQYTEMXM0EOLzQMË
HYRVFLZGPLLZVL'LSRFYRLVMPLKI"GPGP´LPL;FJRHRJ>YXo'LF4B)LG%SGP'LLKI
UTVKJGHKTBE#)LLPVLFVFTB)LLPT"FLVSRBYSTGVUL´LIV>GLPZ\FIJLPT
)LLLL)L%SLFKGELT?HTFKLU GHSHTS"UTVKJ TMR)LLPMLTBSTJLPTBGLP<LTS

OR=R
NKGMNBI YN6MH8
@G
ULJƒyIBWH~LFLTM0PMLHXLByLFLT)LPOLTFHGOFHLPIKP._FLLLLBDRG

GKMILB[L4B[L4BVF-PLHL"
F6LULJƒyLBIBXnL4BWGMWLNML[L4B[L4BVF-PLHL"
W ;ƒyIBMEZEL;MLLVMF'LL;%ZIBFHLDIUL\LKMGHSL­OG-'LSL
+IPAL)LVL'LGUVT6O[LW ~GVP;JLFIGS-PLHL"
GPLTLW ;ƒyIB­OG-'LSLQSR;GPBLGSEFZLGLJST+IPAL)LVL'LGUVT6O[LFHLW ~
GVP;JLFIGS-PLHL"
GPG´LƒLRGQ)LX;SHLTEKJIZTKBYETP-L³LLKLEKN¤LKGOLLEIWLTKGMBHLMVJKBLELT
GPKLUFLVEKWG)LLTEWL4KJXUVEKTB"FBYZEZL-'LLGJSEKOIJEUZLTB"JQLS_
JXP;GOLLEIWLTKJIZTWLMVJKJO_FLMVMTD4#EKD[®FRHXS;FTBMRYBG³LS³LXJ<LTSTHR JIZT
KBYEIFLZLMTMLSFHIVTFTB EZL<LULJEKGMG
EKVIQLGH "
ORN=NKMGNMGD

214
G)NN
\NVG
*MM:KLX8Y8, M
WLQL;+IFLVSRBY-PLFIVTFHLFA3RBUI)L%SLFK-SLTLEIKQVLVHIBEI"PHSLTOTPLG³LOTP)LIWLGOVL'L
)LYPLVEIWBSKL3FLMT)LLPGP)LLTKHLTEK-SRGSWQ;VLETJFTBN6HLTBVTWJVT)LLPLTBET)LG%SMRFV@L)LOTP
)LYPLVETQKLLTBFTBMFGJ;SGET"
WLQL;+IFLVSRBY-PLFINMMFWLGOJ[)LRFHLTQRET'LT")L%SLFK-SLTLETPTL$OMRFVVHIB'LT>PT
WL3FWFASETHIKTFLGLE'LT" TMTCMEL0MT§LAB<LZLWLTBEL7X7VLC3LGOWLQ;ELTC;D. IDLSVHIB"CMMT
OR<LGVPLKL>JI. LGPVLL>LGPU>Z\FIJ[LG*SH)LIMLFL6ZL)LH4JK6SRCMFHLFA3RBUI-SLTLETJ[)LLP
MTWMB)LPVIEL;)LIMHUMB)LPHLTSLH4"CSVLHIVHIBCMJKJ[YL +
LK<LVTMTZL)LHIZL)LHLTSLH4"
³LVO[0ZL)LSLTFLFXZIH4>FLT\LZ\FIEL)LIZL)LHLTSLH4"
TMT E+
LZREIE'LLHFLKI+
LULYASEKTYI"HFLKIOTPYRLL-LETJ[GSWL-'LLD LTYI>HFTB
)L%SLFK-SLTLEIGVGLGOVJL#EKVTEIJ[TKLLOTYI"
E0G%S)LL9PLOI'LL")LL9JKHINMEIWL-'LL'LI>JRLL'L;HIV'LL"WJVTOLT-SLTBETML'LGFµI<LLTO
KHL'LL>GEWQLVE-PL;ELF7ELGVEZWLL>HIKT>UPLHKLSELF7ELGVEZWLL"NMVTF7ELOT<LLWL4K
GPQLKGELWYKF7ELFTKT)LL9FTBHLTYLSLT-PBFTKT LKJKWLULTYL>GFµIMTLnEKHL'LLGEER/QLTKPHLnMT
WLGVEZT"NVQLTKLTBVTJX/L%LEKKHTHLT=NMVTEHL‚GFµI<LLTOSTMFHIKTUPLHKLSELF7ELGVEZWLL
'LL>NMTJRVYL. KHLHXn"WYKFTKT)LL9FTBZ\FIHLTYISLT-PBFTKT LKWLULTYI"QLTKLTBVTMLTQL>E4MLFX<L;H4>
WLC;Z\FIELT#REKLKHLH4>CMZ\FIETGZ SLTHFOKOK)L7EKHTH4B>QLTKIU4MTVIQEF;EKKHTH4B>WL4KT
W)LLYLZ\FIEL3LYEKKHLH4")LL9PLOIETULVTETNJKL6SQLTKLTBVTY._ L<LLTOL>F7ELGO<LLC;GOL><LRLHLT
YT"HIKTUPLHKLSGVELZVTF7ETFTBHL'L.LZL>ELZTELZTGD1/XHL'LFTBWLT"PTMD LDKLYT"
)LL9PLOIJK£LTG³LSHR WL4KF7ELN#LEKNMET’JK.LZVTETGZ ZTYT"N6HLTBVTMLTQL>UDGD1/XCMT
.MTBYT>SDCMTFX<L;DVLVTEL2ZGFZTYL>SDWLC6OLPHGEMIELTFX<L;VHIBDVLTYL"F7ELZTEKQLTKNMET LK
YT"/*JKFTB/TOGELWL4KF7ELN:7LEKGOL>MLKTGD1/XJRVHIKTUPLHKLSDVYT"NMP%SPH)LL9PLOI
EHSLH4GEZ\FIFTKT)LL9FTB'LI>S)LISLTQZEKWJVTWLJFTKTJLMWLI"FLVSRBYWLQL;)LIHIEHVL
QLHSTH4B"WYKWLJEI)LG%SMFIQIVH4>M1QIH4>WLJELMFJ;LM1QLH4>WLJEIWLKL³LVLNJLMVLM1QIH4
SLTGVGQSHIFLT\LZ\FIWLJELQVEKTYI"OIJEUZLH4SLTTJSBYL5LTSJKGV/LPKHLTYLHI")L%SEL
UIPV5LTGSEI)LLnGSHLTVLQLGH "5LTSIUYELTWLZLTGESEKSIH4>’³P;YFVELTJ[TGKSEKSIH4WL4K
GV-PL'L;)LLPMTUZSIH4"SRF)LI5LTGSEI)LLnGSUZLTWL4KJSBYTEI)LLnGSWGJ;SHLTULWLT"WJVTWLJUYEL
M&FLVJLULWLTYT"UHLnJKFL3FLEI5LTGSGO<LULT>JKFL3FLELFBGOKGO<LULTYL"GOY&DKM6SLTBEI5LTGS
GO<LULT>JSBYTDVEKMFLGHSHLTULWLT"
JKFL3FLETJ[GSJ[TFMT)LKT>WL3F-PLOQ<LLT>YRMTJ[TFHLTSLH4SLT)LG%SJ4OLHLTULSIH4WL4KWL3FLMTJ[TF
HLTSLH4SLT³LVP4KL9G<LBQLQZLULSLH4WL4KUHLn³LVEIG-'LGSHLTSIH4>GVGP;E:J³LVFTBWL3FL.XDSIH4SLT
FRG%SG<LBQIQZIULSIH4"
WLJEI+
LFA3RBUI)LG%SELTU6FOT"WLJFA3RBUIDZTBWL4KFLT\LZ\FIWLJELWLGZBYVEKT"
M&9OL;V,LVQLGKLEIFLZLMTWLJELEB#MRLLTG)LSHLT>WLJETMPL~YMTJKFL3FLEIMRY6³LN. T"WLJEI
J[)LR)LG%SMO4PJ:ZGPSHLTSIKHT"CMJ[)LR)LG%SFLZLEIMRKG)LSIVZLTEELTMRKG)LSEKT"FHLFA3RBUI)L%SLFK
-SLTLEI)LG%SMRFVLTBEIFLZLWLJELTUIPVJ[TKLLS'LLK3VLJI?FLT\LFLY; ELTGVKBSKGO9OL;VEKT"

215
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV

+N'UNHMHJNH0\
LZWNWHN\• NV9G RC²NHa–
LR)LOTLLR)LBEKƒEL4LZEB>JRJ¶VFMKLTUMFB"
VAJVLG)LVKT6O[MRSBMRGLB>J[LFLGFMOLPAL)LLGOGUVB
ŸSELGKSFLTOVFLTOLKB>FVMLPQMLLR)LELJKB"
ORGKSLJHKBQLFLTOEKB>J[LFLGFMOLPAL)LLGOGUVB
SPOTPMRU6FGOVTJKFB>PKGVGF;SFBYZO[0LR)LB"
EVELGO[MRJLB.REJI#YGSB>J[LFLGFMOLPAL)LLGOGUVB
P[S)LXLL)LXGKGPLTLSVRB>EKEBELE5UZVTLQLB"
FRER7L$UGPKLGUSQLFR<LB>J[LFLGFMOLPAL)LLGOGUVB
ZGZSL-MRKLGUSQLFR<LB>FOTGPMFRO_)LPULSMR<LB
MRKVL'LMRSL.PVA3LKB>J[LFLGFMOLPAL)LLGOGUVF_
PKP-LMKLTUYULPJOB>K'L)LA3OZBQSRKBYOZB"
GLP)LIMR)LLTYMRLTYLVB>J[LFLGFMOLPAL)LLGOGUVB
YSKLYMROLTLGPKLYŸGSB>MRSJLTDZMLGLSFRG°YGSB"
MR<LMLYKFMOLGVZB>J[LFLGFMOLPAL)LLGOGUVB
MRMFPMKLTKGSKLTYHKBJGKMOALR9FMRGO0PGVB"
ŸSETPZ,LVGPELLSVB>J[LFLGFMOLPAL)LLGOGUVB
NJOTLMRS¥PGPELLEKB>EFZLEKZ\LLJXL;)LKB"
)LGPLLGMSEF;EZÂHKB>J[LFLGFMOLPAL)LLGOGUVB
GUVOTGHMRFLT\LJOBMR<LOB> LV LLGS LVL LVPLRJOB"
JKFLT3MPELGKSU6FGOVB>J[LFLGFMOLPAL)LLGOGUVB
MBMLKMLYKLT¥LIL>FLT\LML4<JOJ[OF_"
VFLGFMLTFMTVL1>WLGOVL'LBGUVTPKF_

216
+NI'UYNNNIMUISIG5ON+N'UNHM/UNV
zžIBWHJXULE¥LR;EF;VLLVLWLYSGP V)LGVPLKLL
+I@L)LOTPLW ;F_GVP;JLFIGS-PLHL"
M)LPGSGUVOTP>JBQE:LLVL'L>
EGZZFZMRH¥LL;>GPPGP VL4 LH6SL"
GLPJOMR<LHTSRVLG)LKLU-MRVR"
)LPUZGVGLJLTSLT>GPPFLT\LLVL'L
C3LLIPL;O"JGKJRJLBUGZBG\LJLF"
ŠDMBSGSZEL/6O‹
OI LL;RK-SR>LR)LF-SR>MREIGS;K-SR
MO_DRG
K-SR>LVLL6MFAG
K-SR"
WLKLTYF-SR>GPULT…-SRFHLT…-SRJRL>
JL4LLTO_)LPLT…-SRMP;GMG
JGSJ[MLOLS_
CGSJRJLBUGZBG\LJLF"

2XU6HUYLFHV
&RQVXOWDWLRQ 7HDFKLQJ7UDLQLQJ
9DDVWX %KDNWDPDU5HLNL
$VWURORJ\ DQG6SULWXDO+HDOLQJ
1XPHURORJ\ 5HLNL$OO/HYHO
3DVW/LIH5HJUHVVLRQ 'RZVLQJ
'RZVLQJ &U\VWDO%DOO*D]LQJ
0DQWUD+HDOLQJ 0DJQLILHG+HDOLQJ
'LJLWDO$XUD6FDQQLQJ 3DVW/LIH5HJUHVVLRQ
$OWHUQDWLYH7KHUDS\ 9DDVWX
5HLNL+HDOLQJ $VWURORJ\
0DJQLILHG+HDOLQJ +DQGZULWLQJ,PSURYHPHQW
.DUXQD5HLNL
.DUXQD5HLNL
&U\VWDO+HDOLQJ
)UDQFKLVH
'0,7
$URPD7KHUDS\
0LG%UDLQ$FWLYDWLRQ
0DQWUD+HDOLQJ
$EDFXV
E\-DLQD0HWKRG

217

GN2NVDGVIR
NVNHD
yIBWH~LFLTGULLLByLBIBXBL4BWGMWLNMLWJ[GSQ£T27_GPQ£L[L4B[L4B
GPMXGQEL5PKLGOKLTYGPVLLVB)LPSR-PLHL"
 yIBWH~LFLTWLTGHGULLLBGLKLTKLTYGPVLLVB)LPSR-PLHL"
 yIBWH~LFLTJKFLTGHGULLLBVLGMELKLTYGPVLLVB)LPSR-PLHL"
 yIBWH~LFLTM0PLTGHGULLLBWG\LKLTYGPVLLVB)LPSR-PLHL"
 yIBWH~LFLTWLBSLTGHGULLLBEL;KLTYGPVLLVB)LPSR-PLHL"
 yIBWH~LFLTELT¶DR
ILBFFL3FGVGPPTE,LVBLXZNOKY.YRF.GPVLLVB)LPSR-PLHL"
 yIBWH~LFLTDIUDR
ILBFFMP;­OKLTYGPVLLVB)LPSR-PLHL"
 yIBWH~LFLTJLOLLRMLKILBJK-JKGPKLT³LGPVLLVB)LPSR-PLHL"
 yIBWH~LFLTMBG)LLML4OLKLBÇLMELMKLTYGPVLLVB)LPSR-PLHL"
 yIBWH~LFLTMBDR
ILBEGP3PBJLBG.3PBQ)LPSR-PLHL"
 yIBWH~LFLTJ¤LTDR
ILBJ[GSPLOIGP]LGPVLLVB)LPSR-PLHL"
 yIBWH~LFLTDLTGHDR
ILBW6YAHIS+RS,LVB)LPSR-PLHL"
 yIBWH~LFLTNURFOILBMP;LLBGS)L;PSR-PLHL"
 yIBWH~LFLTGPNZFOILBDHR+RS,LVB)LPSR-PLHL"
 yIBWH~LFLTOMJR$PILBMP;PLGOVLT)LPSR-PLHL"
 yIBWH~LFLTQNOMJR0PILB-PMFJKMFPLGOVLT)LPSR-PLHL"
 yIBWH~LFLTW¶BYFHLGLGF¤LERMZLLBUIGPSFKLLGO,LVB)LPSR-PLHL"
 yIBWH~LFLTGPLG¶J¤LLLBELGFSP-SRJ[LG*S)L;PSR-PLHL"
 yIBWH~LFLTGP5ULHKLLBNJOTLJ[OTLFLL,LVB)LPSR-PLHL"
 yIBWH~LFLTQLKLLLBV7JOL'L;GQBSL,LVB)LPSR-PLHL"
 yIBWH~LFLTJLMFLLLBWLRLPMLV,LVB)LPSR-PLHL"
 yIBWH~LFLTWLYLMYLFILBWBSGK\LYFVB)LPSR-PLHL"
 yIBWH~LFLTWLMIGPMLLBGP^TLJ[GSHBS)LPSR-PLHL"
 yIBWH~LFLTGO¶IGPMLLB-'LLPKUBYFžSGP VGPVLLVB)LPSR-PLHL"
 yIBWH~LFLTN9YSPLLBPQ-S)LVB)LPSR-PLHL"
 yIBWH~LFLTGO¤LSPLLBMTVL-S&)LVB)LPSR-PLHL"
 yIBWH~LFLTS¤LSPLLBWG9V-S&)LVB)LPSR-PLHL"
 yIBWH~LFLTFHLSPLLBUZ-S&)LVB)LPSR-PLHL"
 yIBWH~FLT LLTKSPLLBGPLKLTYLGOGPVLLVB)LPSR-PLHL"
 yIBWH~LFLT LLTKYRLLLBOR7FAYLGO)LGPVLLVB)LPSR-PLHL"
 yIBWH~LFLT LLTKJK%EFLLBZXSLY)LL;G6SELDGZGPVLLVB)LPSR-PLHL"
 yIBWH~LFLT„ LLTKDB)LLGKLB)LXSJ[TSLGO)LGPVLLVB)LPSR-PLHL"
 yIBWH~LFLTWLFLTMGHJ¤LLLBWJ-FLKJ[ZLJVGQ6SLGPVLLVB)LPSR-PLHL"
 yIBWH~LFLT<LT:ZLTMGHJ¤LLLBMPL;JFA3RGPVLLVB)LPSR-PLHL"
 yIBWH~LFLTU:ZLTMGHJ¤LLLBMPL;JFA3RGPVLLVB)LPSR-PLHL"
 yIBWH~LFLTGP*JLTMGHJ¤LLLBFVLTPLBG/SGMG
)L;PSR)LPSR-PLHL"
 yIBWH~LFLTM0PLTMGHJ¤LLLBMP;YUFLGKGPVLLVB)LPSR-PLHL"
 yIBWH~LFLTYLDZILBMP;YLTFLGKGPVLLVB)LPSR-PLHL"
 yIBWH~LFLTPGQDZILBMP;WUFLGKGPVLLVB)LPSR-PLHL"
 yIBWH~LFLTELDZILBMP;FGHLFLGKGPVLLVB)LPSR-PLHL"
 yIBWH~LFLT<LIKMPILBW7LOLER#Y.FLZLGOEGPVLLBV)LPSR-PLHL"
 yIBWH~LFLTMG*JMPILBMP;LIS5PKGPVLLVB)LPSR-PLHL"
 yIBWH~LFLTFHRKMPILBMF-SNJMY;GPVLLVB)LPSR-PLHL"
 yIBWH~LFLTWGFMPILBMP;0LG³LGPVLLVB)LPSR-PLHL"
 yIBWH~LFLTW%<LILFHLLMLLBW\LIL@G
)L;PSR-PLHL"
 yIBWH~LFLTP._FLLLLBKLUJRLLGO)LGPVLLVB)LPSR-PLHL"
 yIBWH~LFLTM0PGM
LOLLLB³LV³LL6MFAG
)L;PSRK3VLB)LPSR-PLHL"
 yIBWH~LFLT)LPOLTFHGOFHLPIKDºFLLDR
GKMILBMFLG³LMR<LB)LPSR-PLHL"

218
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

219
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

220
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

221
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

222
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

223
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

224
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

225
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

226
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

227
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

228
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

229
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

230
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

231
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

232
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

233
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

234
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

235
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

236
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

237
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

238
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

239
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

240
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

241
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

242
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

243
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

244
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

245
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

246
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

247
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

248
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

249
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

250
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

251
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

252
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

253
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

254
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

255
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

256
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

257
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

258
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

259
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

260
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

261
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

262
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

263
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

264
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

265
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

266
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

267
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

268
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

269
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

270
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

271
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

272
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

273
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

274
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

275
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

276
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

277
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

278
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

279
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

280
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

281
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

282
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

283
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

284
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

285
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

286
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

287
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

288
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

289
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

290
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

291
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

292
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

293
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

294
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

295
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

296
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

297
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

298
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

299
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

300
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

301
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

302
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

303
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

304
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

305
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

306
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

307
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

308
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

309
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

310
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

311
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

312
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Compiled by : Dr. Prriya Jain
E-mail : drprriyajain21@gmail.com

313
The Power lies within us.....Discover now
NT WOR
NA

LD

AN
WORLD
World First Bhaktamar Clinic
Website: www.annantworld.com Ph. : +91 9873518100

314
Astrology, Reiki & Spiritual Healing Centre
A unique destination of Vaastu,
Annant World
Jh ftu lgL=uke Lrks=
+ yIBWH~+IFSTVFœœ + yIBWH~WFTL3FVTVFœœ
+ yIB-P&)LRPTVFœœ + yIBWH~GPPKILLVFœœ
+ yIBWH~PAL)LLVFœœ + yIBWH~GLUY3JSTVFœœ
+ yIBWH~M&)LPLVFœœ + yIBWH~WV6SGUSTVFœœ
+ yIBWH~L&)LPTVFœœ + yIBWH~WGQB3L3FVTVFœœ
+ yIBWH~WL3F)LRPTVFœœ + yIBWH~)L0BDB³LPTVFœœ
+ yIBWH~-P&J[)LLVFœœ + yIBWH~WDB³LVLVFœœ
+ yIBWH~J[)LPTVFœœ + yIBWH~RYLGOJRLLVFœœ
+ yIBWH~)LLT%LTVFœœ + yIBWH~D[®LTVFœœ
+ yIBWH~GPP)LRPTVFœœ + yIBWH~JBQD[®FLVFœœ
+ yIBWH~WJRV)L;PLVFœœ + yIBWH~GLPLVFœœ
+ yIBWH~GPPL3FVTVFœœ + yIBWH~JKLVFœœ
+ yIBWH~GPPZLTETLLVFœœ + yIBWH~JKSKLVFœœ
+ yIBWH~GPP1Q\LRLTVFœœ + yIBWH~MX\FLVFœœ
+ yIBWH~W\LKLVFœœ + yIBWH~JKFTG#VTVFœœ
+ yIBWH~GPPGPOTVFœœ + yIBWH~MVLSVLVFœœ
+ yIBWH~GPPGP]TLLVFœœ + yIBWH~-PB5LTGSLTVFœœ
+ yIBWH~GPPLTVTVFœœ + yIBWH~WULVFœœ
+ yIBWH~WVPKLVFœœ + yIBWH~WU6FVTVFœœ
+ yIBWH~GPPOL;VTVFœœ + yIBWH~D[®LTVTVFœœ
+ yIBWH~GP)LRPTVFœœ + yIBWH~WLTGVULVFœœ
+ yIBWH~³LLLTVFœœ + yIBWH~FLTHLGKGPUGVTVFœœ
+ yIBWH~GPPTLLVFœœ + yIBWH~UTLTVFœœ
+ yIBWH~GPPZLTQVLVFœœ + yIBWH~³LF;QG£LTVFœœ
+ yIBWH~GPP0LGJVTVFœœ + yIBWH~OL³PULVFœœ
+ yIBWH~GP³L'LTVFœœ + yIBWH~J[LLBSLGKLTVFœœ
+ yIBWH~PT³LMTVFœœ + yIBWH~WVBSL3FVTVFœœ
+ yIBWH~LLPSLVFœœ + yIBWH~LTGYVTVFœœ
+ yIBWH~GPPSLTFR<LLVFœœ + yIBWH~OL³PULVFœœ
+ yIBWH~GPPEF;LTVFœœ + yIBWH~J[LLBSLGKLTVFœœ
+ yIBWH~UY5T#LVFœœ + yIBWH~WVBSL3FVTVFœœ
+ yIBWH~GPPFXS;TVFœœ + yIBWH~LTGYVTVFœœ
+ yIBWH~GUVTPKLVFœœ + yIBWH~LTYIPKLGQ;SLVFœœ
+ yIBWH~GPPOALTVFœœ + yIBWH~D[®GPOTVFœœ
+ yIBWH~GPP)LXSTLLVFœœ + yIBWH~D[®S¤P,LVFœœ
+ yIBWH~GPP5LTGSLTVFœœ + yIBWH~D[®LT]LGPOTVFœœ
+ yIBWH~WVIPKLVFœœ + yIBWH~SIPKLVFœœ
+ yIBWH~GUVLVFœœ + yIBWH~LR
LVFVFœœ
+ yIBWH~GULPTVFœœ + yIBWH~DR
LVFœœ

315
+ yIBWH~J[DR
L3FVTVFœœ + yIBWH~ETPGZVTVFœœ
+ yIBWH~GM
L'LL;VFœœ + yIBWH~C;LLVLVFœœ
+ yIBWH~GM
LLMVLVFœœ + yIBWH~JXULHL;VFœœ
+ yIBWH~GM
LVFœœ + yIBWH~-VLSELVFœœ
+ yIBWH~GM
L6SGPOTVFœœ + yIBWH~WFZLVFœœ
+ yIBWH~³TLVFœœ + yIBWH~WV6SOI*STVFœœ
+ yIBWH~GM
ML³LVFœœ + yIBWH~,LVL3FVTVFœœ
+ yIBWH~UYG
STVFœœ + yIBWH~-P&DR
TVFœœ
+ yIBWH~MGHLPTVFœœ + yIBWH~J[ULJSTVFœœ
+ yIBWH~W1RSLVFœœ + yIBWH~)LR%SLVFœœ
+ yIBWH~WV6SLVFœœ + yIBWH~L%STVFœœ
+ yIBWH~J[)LGPLRPTVFœœ + yIBWH~GVKLPL³LLVFœœ
+ yIBWH~)LPLTO_)LPLVFœœ + yIBWH~GVEZLVFœœ
+ yIBWH~J[)LGPLPTVFœœ + yIBWH~)LRPVTPKLVFœœ
+ yIBWH~WUKLVFœœ + yIBWH~GVKBUVLVFœœ
+ yIBWH~W5LVFœœ + yIBWH~UY5LTSTVFœœ
+ yIBWH~)L[LGULPTVFœœ + yIBWH~GV%SLT%STVFœœ
+ yIBWH~³LIPKLVFœœ + yIBWH~GVKLFLVFœœ
+ yIBWH~W0LVFœœ + yIBWH~WQZG-'LSLVFœœ
+ yIBWH~GP)LLPMPTVFœœ + yIBWH~W\LLT&LVFœœ
+ yIBWH~WMB)LXLPTVFœœ + yIBWH~EX7-'LLVFœœ
+ yIBWH~-P&)LXLPTVFœœ + yIBWH~-'LLLPTVFœœ
+ yIBWH~JRKLSVLVFœœ + yIBWH~W\LLVFœœ
+ yIBWH~JKFL3FVTVFœœ + yIBWH~WY[4VFœœ
+ yIBWH~JKB5LTGSLTVFœœ + yIBWH~Y[LF4VFœœ
+ yIBWH~GLUY3JKFTPKLVFœœ + yIBWH~VTLLVFœœ
+ yIBWH~GO0)LLLLJSTVFœœ + yIBWH~J[LTLTVFœœ
+ yIBWH~GO0LVFœœ + yIBWH~6LLL-LžSTVFœœ
+ yIBWH~JXSPLQTVFœœ + yIBWH~LL-SLVFœœ
+ yIBWH~JXSLLMVLVFœœ + yIBWH~³LF;JSTVFœœ
+ yIBWH~JXSL3FVTVFœœ + yIBWH~³LFL;VFœœ
+ yIBWH~JKF5LTGSLTVFœœ + yIBWH~³LFL;3FVTVFœœ
+ yIBWH~³LFL;³LVFœœ + yIBWH~³LF;SI'L;žSTVFœœ
+ yIBWH~OFIPKLVFœœ + yIBWH~PAL³PULVFœœ
+ yIBWH~+IJSTVFœœ + yIBWH~PALL³LILLVFœœ
+ yIBWH~WH;STVFœœ + yIBWH~PALETSPTVFœœ
+ yIBWH~WKUMTVFœœ + yIBWH~PALLR³LLVFœœ
+ yIBWH~WKULVFœœ + yIBWH~PALLVFœœ
+ yIBWH~GPKULVFœœ + yIBWH~PALJSTVFœœ
+ yIBWH~LRQTVFœœ + yIBWH~)LST;VFœœ
+ yIBWH~SI'L;žSTVFœœ + yIBWH~PAL)LLBELVFœœ

316
+ yIBWH~PALLTO_)LPLVFœœ + yIBWH~MH-M[JLOTVFœœ
+ yIBWH~GHKVL)LTVFœœ + yIBWH~)LXS)L0)LPO_)LLTVFœœ
+ yIBWH~)LXSL3FVTVFœœ + yIBWH~GPPGP]LFHTPKLVFœœ
+ yIBWH~)LXSFASTVFœœ + yIBWH~-'LGP#LVFœœ
+ yIBWH~)LXS)LLPVLVFœœ + yIBWH~-'LGPKLVFœœ
+ yIBWH~J[)LPTVFœœ + yIBWH~5T#LVFœœ
+ yIBWH~GP)LPTVFœœ + yIBWH~JA#LVFœœ
+ yIBWH~)LL-PSTVFœœ + yIBWH~J[T#LVFœœ
+ yIBWH~)LPLVFœœ + yIBWH~PGK#G³LTVFœœ
+ yIBWH~)LLPLVFœœ + yIBWH~-'LT#LVFœœ
+ yIBWH~)LPL6SELVFœœ + yIBWH~YGK#LVFœœ
+ yIBWH~GHKY)LL;VFœœ + yIBWH~DGH#LVFœœ
+ yIBWH~+IY)LL;VFœœ + yIBWH~+T#LVFœœ
+ yIBWH~J[)LXSGP)LPTVFœœ + yIBWH~WGV#LVFœœ
+ yIBWH~W)LPLVFœœ + yIBWH~YGK#GYKTVFœœ
+ yIBWH~-PBJ[)LLVFœœ + yIBWH~GPP)LAOLVFœœ
+ yIBWH~J[)LXSL3FVTVFœœ + yIBWH~GPP+UTVFœœ
+ yIBWH~UY3J[)LPTVFœœ + yIBWH~GPPLVFœœ
+ yIBWH~)LXSVL'LLVFœœ + yIBWH~GPP)LRUTVFœœ
+ yIBWH~MPL;OTVFœœ + yIBWH~GPPVLELVFœœ
+ yIBWH~MP;OALTVFœœ + yIBWH~GPPLGMLTVFœœ
+ yIBWH~MPL;VFœœ + yIBWH~GPPJL3FVTVFœœ
+ yIBWH~MP;,LVFœœ + yIBWH~GPPGUSTVFœœ
+ yIBWH~MP;OL;VLVFœœ + yIBWH~GPGUSL6SELVFœœ
+ yIBWH~MPL;3FVTVFœœ + yIBWH~GP)LPLVFœœ
+ yIBWH~MP;ZLTETLLVFœœ + yIBWH~GP)LLVFœœ
+ yIBWH~MP;GPOTVFœœ + yIBWH~PIKLVFœœ
+ yIBWH~MP;ZLTEGUSTVFœœ + yIBWH~GPLLTELVFœœ
+ yIBWH~MRYSTVFœœ + yIBWH~GPUKLVFœœ
+ yIBWH~MR+RSLVFœœ + yIBWH~WUKSTVFœœ
+ yIBWH~MR+RSTVFœœ + yIBWH~GPKLYLVFœœ
+ yIBWH~MRPLQTVFœœ + yIBWH~GPKSLVFœœ
+ yIBWH~MXL;VFœœ + yIBWH~WMBYLVFœœ
+ yIBWH~DHR+RSLVFœœ + yIBWH~GPGP%SLVFœœ
+ yIBWH~GP+RSLVFœœ + yIBWH~PISF3MKLVFœœ
+ yIBWH~GPPSJLOLVFœœ + yIBWH~GPVTUVSLPB³LPTVFœœ
+ yIBWH~GPPLILL;VFœœ + yIBWH~GPZIVLLTLE:FLLVFœœ
+ yIBWH~LRGQ-LPLVFœœ + yIBWH~GPLTYLVFœœ
+ yIBWH~MHM[LILL;VFœœ + yIBWH~LTYGPOTVFœœ
+ yIBWH~\LTL,LVFœœ + yIBWH~GPORLTVFœœ
+ yIBWH~MHM[L\LLVFœœ + yIBWH~GP³LLSLVFœœ

317
+ yIBWH~MRGP³LTVFœœ + yIBWH~M3ž3LVFœœ
+ yIBWH~MRG³LTVFœœ + yIBWH~žSž3LVFœœ
+ yIBWH~\LLBGS)LLUTVFœœ + yIBWH~žSž3PTVFœœ
+ yIBWH~JA'PIFXS;TVFœœ + yIBWH~GV3LVFœœ
+ yIBWH~LLBGS)LLUTVFœœ + yIBWH~WH~FA3RBULVFœœ
+ yIBWH~MGZZL3FELVFœœ + yIBWH~WFA3PTVFœœ
+ yIBWH~PLRFXS;TVFœœ + yIBWH~WFASL3FVTVFœœ
+ yIBWH~WMBYL3FVTVFœœ + yIBWH~WFASLTO_)LPLVFœœ
+ yIBWH~PG™FXS;TVFœœ + yIBWH~D[®GV#LVFœœ
+ yIBWH~W³LF;³LETVFœœ + yIBWH~JKD[®LTVFœœ
+ yIBWH~MR5PVTVFœœ + yIBWH~D[®L3FVTVFœœ
+ yIBWH~UFLVL3FVTVFœœ + yIBWH~D[®MB)LPVLVFœœ
+ yIBWH~MR3PVTVFœœ + yIBWH~FHLD[®JSTVFœœ
+ yIBWH~MXLLFJXGUSLVFœœ + yIBWH~D[®TLLVFœœ
+ yIBWH~@G3PUTVFœœ + yIBWH~FHLD[®JOTPKLVFœœ
+ yIBWH~,JSTVFœœ + yIBWH~MRJ[M6VLVFœœ
+ yIBWH~5LVFœœ + yIBWH~J[M6VL3FLVFœœ
+ yIBWH~,LBYLVFœœ + yIBWH~,LV³LF;OFJ[)LPTVFœœ
+ yIBWH~WFASLVFœœ + yIBWH~J[LFL3FVTVFœœ
+ yIBWH~HGPLTVFœœ + yIBWH~J[LLBSL3FVTVFœœ
+ yIBWH~0LTFFXS;TVFœœ + yIBWH~JRKLLJRLLT¤LFLVFœœ
+ yIBWH~WFXSL;3FVTVFœœ + yIBWH~FHLLLTE³PULVFœœ
+ yIBWH~GVZT;JLVFœœ + yIBWH~WLLTELVFœœ
+ yIBWH~GVF;ZLVFœœ + yIBWH~ELVFœœ
+ yIBWH~WQZLVFœœ + yIBWH~MA7LVFœœ
+ yIBWH~MLTFFXS;TVFœœ + yIBWH~JKFGP7KLVFœœ
+ yIBWH~MRML4&L3FVTVFœœ + yIBWH~JO_FTLLVFœœ
+ yIBWH~MX;FXS;TVFœœ + yIBWH~JO_FMB)LXSTVFœœ
+ yIBWH~FHLJ[)LLVFœœ + yIBWH~JO_FVL)LTVFœœ
+ yIBWH~FBLGPOTVFœœ + yIBWH~WVR¤LKLVFœœ
+ yIBWH~FBLžSTVFœœ + yIBWH~JO_FLTVTVFœœ
+ yIBWH~FBGLLTVFœœ + yIBWH~UY]LTVTVFœœ
+ yIBWH~FBLFXS;TVFœœ + yIBWH~C3LVFœœ
+ yIBWH~WV6SYLVFœœ + yIBWH~-SR3LVFœœ
+ yIBWH~-PSBLLVFœœ + yIBWH~-SRSIPKLVFœœ
+ yIBWH~SBLžSTVFœœ + yIBWH~-SPVLHL;VFœœ
+ yIBWH~-PLBSLVFœœ + yIBWH~­LIETLLVFœœ
+ yIBWH~žSLBSLVFœœ + yIBWH~GUSUTLVFœœ
+ yIBWH~žSLBSžSTVFœœ + yIBWH~žSG£LVFœœ
+ yIBWH~žSTVFœœ + yIBWH~YLLG³LJLVFœœ
+ yIBWH~žSL'LL;VFœœ + yIBWH~YL5T#LVFœœ

318
+ yIBWH~YLVFœœ + yIBWH~GVKL-LPLVFœœ
+ yIBWH~JRLVFœœ + yIBWH~GPLLZLVFœœ
+ yIBWH~YLLY[TVFœœ + yIBWH~GPJRZ5LTGSLTVFœœ
+ yIBWH~YRLLEKLVFœœ + yIBWH~WSRZLVFœœ
+ yIBWH~YRLLBDLT³LTVFœœ + yIBWH~WGQB3P4)LPLVFœœ
+ yIBWH~YRL,LVFœœ + yIBWH~MRMBPALLVFœœ
+ yIBWH~YRLVLELVFœœ + yIBWH~MRYR*SL3FVTVFœœ
+ yIBWH~YRLLOKTVFœœ + yIBWH~MR)LRUTVFœœ
+ yIBWH~YRLLT1/TOTVFœœ + yIBWH~MRVS¤PGPOTVFœœ
+ yIBWH~GVYR;LLVFœœ + yIBWH~ EGP]LVFœœ
+ yIBWH~JRGYKTVFœœ + yIBWH~FHLGP]LVFœœ
+ yIBWH~YRLLVFœœ + yIBWH~FRVTVFœœ
+ yIBWH~LKLVFœœ + yIBWH~JGKPALVFœœ
+ yIBWH~JRPLQTVFœœ + yIBWH~JSTVFœœ
+ yIBWH~JXSLVFœœ + yIBWH~³LILLVFœœ
+ yIBWH~PKTLVFœœ + yIBWH~GP]LGV³LTVFœœ
+ yIBWH~JRVLELVFœœ + yIBWH~MLG\LLTVFœœ
+ yIBWH~WYLVFœœ + yIBWH~GPVTLTVFœœ
+ yIBWH~JRG³LTVFœœ + yIBWH~GPGHBSLBSELVFœœ
+ yIBWH~YLVFœœ + yIBWH~GJLTVFœœ
+ yIBWH~JRžSTVFœœ + yIBWH~GJSLFHLVFœœ
+ yIBWH~JRLLMVLVFœœ + yIBWH~JLLTVFœœ
+ yIBWH~³LFL;KLFLVFœœ + yIBWH~JGPLLVFœœ
+ yIBWH~YRLY[LFLVFœœ + yIBWH~JLPVLVFœœ
+ yIBWH~JRLJRGVKLT³LELVFœœ + yIBWH~YSTVFœœ
+ yIBWH~JLJLJTSLVFœœ + yIBWH~LLLTVFœœ
+ yIBWH~GPJLJL3FVTVFœœ + yIBWH~GPL9PKLVFœœ
+ yIBWH~GPJL3FLVFœœ + yIBWH~PL;VFœœ
+ yIBWH~PISE:FLLVFœœ + yIBWH~PKOLVFœœ
+ yIBWH~GV^~6^LVFœœ + yIBWH~JKFLVFœœ
+ yIBWH~GVF;OLVFœœ + yIBWH~JRBMTVFœœ
+ yIBWH~LLnSLVFœœ + yIBWH~EPTVFœœ
+ yIBWH~GVFLT;HLVFœœ + yIBWH~JRKLLJRLLVFœœ
+ yIBWH~GVJO[PLVFœœ + yIBWH~PLI;MTVFœœ
+ yIBWH~GVGV;FTLLVFœœ + yIBWH~PAL)LLVFœœ
+ yIBWH~GVKLHLKLVFœœ + yIBWH~JRPTVFœœ
+ yIBWH~GVG£LVFœœ + yIBWH~J[GS#LJ[MPLVFœœ
+ yIBWH~GVJ*:PLVFœœ + yIBWH~HTSPTVFœœ
+ yIBWH~GVEZBELVFœœ + yIBWH~)LRPV4EGJSLFHLVFœœ
+ yIBWH~GVK-STVMTVFœœ + yIBWH~+IPA\LZ\LLLVFœœ
+ yIBWH~GVLX;SLYMTVFœœ + yIBWH~Z\LLLVFœœ

319
+ yIBWH~Z\LLLVFœœ + yIBWH~JLKLLVFœœ
+ yIBWH~LR)LZ\LLLVFœœ + yIBWH~žSTVFœœ
+ yIBWH~GVK\LLVFœœ + yIBWH~JKYLVFœœ
+ yIBWH~JR.KIEL\LLVFœœ + yIBWH~)LPSLKELVFœœ
+ yIBWH~JREZLVFœœ + yIBWH~WYL¬LVFœœ
+ yIBWH~JREKT\LLLVFœœ + yIBWH~YHVLVFœœ
+ yIBWH~GMG
BOLVFœœ + yIBWH~YR¬LVFœœ
+ yIBWH~GM
MBE:JLVFœœ + yIBWH~JKL L_L;VFœœ
+ yIBWH~GM
L3FVTVFœœ + yIBWH~JKFTPKLVFœœ
+ yIBWH~GMG
ML³LVLVFœœ + yIBWH~WVBS
;TVFœœ
+ yIBWH~DR
DLT³LVFœœ + yIBWH~WFT
;TVFœœ
+ yIBWH~FHLDLT³LLVFœœ + yIBWH~WGQB3
;TVFœœ
+ yIBWH~P
;FLVLVFœœ + yIBWH~MFY[G³LTVFœœ
+ yIBWH~FHG
;ELVFœœ + yIBWH~J[L9[LVFœœ
+ yIBWH~PTOLBYLVFœœ + yIBWH~J[LY[HKLVFœœ
+ yIBWH~PTOGPOTVFœœ + yIBWH~W)Y_Y[LVFœœ
+ yIBWH~PT]LVFœœ + yIBWH~J[3Y[LVFœœ
+ yIBWH~ULSJLVFœœ + yIBWH~W9Y[LVFœœ
+ yIBWH~GPOLBDKLVFœœ + yIBWH~WGY[FLVFœœ
+ yIBWH~PTOPT]LVFœœ + yIBWH~WY[ULVFœœ
+ yIBWH~-PMBPT]LVFœœ + yIBWH~FHLSJMTVFœœ
+ yIBWH~GPPTOLVFœœ + yIBWH~FHLSTUMTVFœœ
+ yIBWH~POSLBDKLVFœœ + yIBWH~FHLTOEL;VFœœ
+ yIBWH~WVLGOGV³LVLVFœœ + yIBWH~FHLTOLVFœœ
+ yIBWH~0%SLVFœœ + yIBWH~FHLLMTVFœœ
+ yIBWH~0%SPLQTVFœœ + yIBWH~FHL³LL&VTVFœœ
+ yIBWH~0%SLLMVLVFœœ + yIBWH~FHLM¤PLVFœœ
+ yIBWH~RYLGOžSTVFœœ + yIBWH~FHL³LASTVFœœ
+ yIBWH~RYL³LLKLVFœœ + yIBWH~FHL³L4L;VFœœ
+ yIBWH~RYLOTVFœœ + yIBWH~FHLPIL;VFœœ
+ yIBWH~UYOLGOULVFœœ + yIBWH~FHLMBJOTVFœœ
+ yIBWH~WSI6O[LVFœœ + yIBWH~FHLDZLVFœœ
+ yIBWH~WSIG6O[LVFœœ + yIBWH~FHLL%STVFœœ
+ yIBWH~³LIBO[LVFœœ + yIBWH~FHL5LTGSLTVFœœ
+ yIBWH~FHTBO[LVFœœ + yIBWH~FHL)LXSTVFœœ
+ yIBWH~WSIBGO[L'L;OALTVFœœ + yIBWH~]RSTVFœœ
+ yIBWH~WVIBGO[LVFœœ + yIBWH~FHLFSTVFœœ
+ yIBWH~WHGFBO[LQLL;VFœœ + yIBWH~FHLVISTVFœœ
+ yIBWH~FHT6O[FGHSLVFœœ + yIBWH~FHL\LLBSTVFœœ
+ yIBWH~FHSTVFœœ + yIBWH~FHLOLVFœœ
+ yIBWH~NO_)LPLVFœœ + yIBWH~FHLJ[L,LVFœœ

320
+ yIBWH~FHL)LLYLVFœœ + yIBWH~³LRL;VFœœ
+ yIBWH~FHLVBOLVFœœ + yIBWH~FHLTOLL;VFœœ
+ yIBWH~FHLEPTVFœœ + yIBWH~FGH#PLQTVFœœ
+ yIBWH~FHLFHLVFœœ + yIBWH~FHL3FVTVFœœ
+ yIBWH~FHLEIGS;TVFœœ + yIBWH~FHMLB³LL3FVTVFœœ
+ yIBWH~FHLELBSTVFœœ + yIBWH~FHGL;TVFœœ
+ yIBWH~FHLPJRLTVFœœ + yIBWH~FGHSLTOLVFœœ
+ yIBWH~FHLOLVLVFœœ + yIBWH~FHL%ZTLLBERLLVFœœ
+ yIBWH~FHL,LVLVFœœ + yIBWH~LXKLVFœœ
+ yIBWH~FHLLTYLVFœœ + yIBWH~FHL)LXJSTVFœœ
+ yIBWH~FHLYRLLVFœœ + yIBWH~YRKPTVFœœ
+ yIBWH~FHLFHLJSTVFœœ + yIBWH~FHLJKL£FLVFœœ
+ yIBWH~FHLE:LLJBQELVFœœ + yIBWH~WVBSLVFœœ
+ yIBWH~FHLJ[)LPTVFœœ + yIBWH~FHL£LT³LGKLPTVFœœ
+ yIBWH~FHLJ[LGSHLL;³LILLVFœœ + yIBWH~PGLVTVFœœ
+ yIBWH~FHTPKLVFœœ + yIBWH~FHL)LPLG$³LMBSLGKLTVFœœ
+ yIBWH~FHLFRVTVFœœ + yIBWH~FHLFLTHLGO[MXOVLVFœœ
+ yIBWH~FHLFL4GVVTVFœœ + yIBWH~FHLYRLLEKLVFœœ
+ yIBWH~FHL³LVLVFœœ + yIBWH~LLnSLVFœœ
+ yIBWH~FHLOFLVFœœ + yIBWH~LTYIPKLVFœœ
+ yIBWH~FHL\LFLVFœœ + yIBWH~FHLLGFVTVFœœ
+ yIBWH~FHLLIZLVFœœ + yIBWH~FHL³LVJSTVFœœ
+ yIBWH~FHL,LVFœœ + yIBWH~FHL³LVFHL³LFL;VFœœ
+ yIBWH~FHLF<LLVFœœ + yIBWH~FHLP[SLVFœœ
+ yIBWH~FHLP[SJSJTVFœœ + yIBWH~FHLEFL;GKHVTVFœœ
+ yIBWH~FH_LVFœœ + yIBWH~WL3F,LVFœœ
+ yIWH~FHLELBGS³LKLVFœœ + yIBWH~FHLOTPLVFœœ
+ yIBWH~WG³LJLVFœœ + yIBWH~FHTGLSLVFœœ
+ yIBWH~FHLF4LIFLVFœœ + yIBWH~MP;%ZTLLJHKLVFœœ
+ yIBWH~WFTLVFœœ + yIBWH~ML³LPTVFœœ
+ yIBWH~FHLTJLLVFœœ + yIBWH~MP;OLTLLJHKLVFœœ
+ yIBWH~FHLTFLVFœœ + yIBWH~HKLVFœœ
+ yIBWH~FHLELELVFœœ + yIBWH~WMB<TLVFœœ
+ yIBWH~FBLTVFœœ + yIBWH~WJ[FTL3FVTVFœœ
+ yIBWH~FHLFBLLVFœœ + yIBWH~LFL3FVTVFœœ
+ yIBWH~FHLSTVFœœ + yIBWH~J[LFLEKLVFœœ
+ yIBWH~FHLVLOLVFœœ + yIBWH~MP;LTYIPKLVFœœ
+ yIBWH~FHL LLTLLVFœœ + yIBWH~WGQ63LVFœœ
+ yIBWH~FHT5ULVFœœ + yIBWH~+RSL3FVTVFœœ
+ yIBWH~FHMLBJSTVFœœ + yIBWH~GP#K+PMTVFœœ
+ yIBWH~FHL³PK³LKLVFœœ + yIBWH~OLBSL3FVTVFœœ

321
+ yIBWH~OFSI'LT;LLVFœœ + yIBWH~W)LI#OLVFœœ
+ yIBWH~LTYL3FVTVFœœ + yIBWH~WGUSLVFœœ
+ yIBWH~,LVMP;YLVFœœ + yIBWH~GUSELFLGKLTVFœœ
+ yIBWH~J[³LLVLVFœœ + yIBWH~WGFSLVFœœ
+ yIBWH~WL3FVTVFœœ + yIBWH~WGFSLLMVLVFœœ
+ yIBWH~J[žST VFœœ + yIBWH~£LT³LGUSLVFœœ
+ yIBWH~JKFL VFœœ + yIBWH~GUSGFLLVFœœ
+ yIBWH~JKFLTOLVFœœ + yIBWH~GUS%ZTLLVFœœ
+ yIBWH~J[\LILDB³LLDVFœœ + yIBWH~GUSLBSELVFœœ
+ yIBWH~ELFLKTVFœœ + yIBWH~GUVT6O[LVFœœ
+ yIBWH~\LTFžSTVFœœ + yIBWH~JKFLVBOLVFœœ
+ yIBWH~\LTFLLMVLVFœœ + yIBWH~FRVI6O[LVFœœ
+ yIBWH~J[LPLVFœœ + yIBWH~ORBORG)L-PVLVFœœ
+ yIBWH~J[LLVFœœ + yIBWH~FHT6O[PBO_LVFœœ
+ yIBWH~J[LLLVFœœ + yIBWH~LTYI6O[LVFœœ
+ yIBWH~J[LLOLVFœœ + yIBWH~SI6O[LVFœœ
+ yIBWH~J[LLTPKLVFœœ + yIBWH~VLG)LV6OVLVFœœ
+ yIBWH~J[FLLLVFœœ + yIBWH~VL)LTLVFœœ
+ yIBWH~J[LG³LTVFœœ + yIBWH~VLG)LULVFœœ
+ yIBWH~O\LLVFœœ + yIBWH~WULSLVFœœ
+ yIBWH~OG\LLLVFœœ + yIBWH~MRP[SLVFœœ
+ yIBWH~W³PT;VFœœ + yIBWH~FVPTVFœœ
+ yIBWH~W³PKLVFœœ + yIBWH~N¤LFLVFœœ
+ yIBWH~WLV6OLVFœœ + yIBWH~W)LT]LVFœœ
+ yIBWH~V6OVLVFœœ + yIBWH~WV3LVFœœ
+ yIBWH~VBOLVFœœ + yIBWH~WVLPMTVFœœ
+ yIBWH~PB]LVFœœ + yIBWH~WG³LELVFœœ
+ yIBWH~WGVB]LVFœœ + yIBWH~WG³LYRKPTVFœœ
+ yIBWH~WG)LV6OVLVFœœ + yIBWH~MRGYKTVFœœ
+ yIBWH~ELFHKLVFœœ + yIBWH~MRFTLMTVFœœ
+ yIBWH~ELFOLVFœœ + yIBWH~GP£GFLTVFœœ
+ yIBWH~EL&LVFœœ + yIBWH~-PLGFVTVFœœ
+ yIBWH~ELF³LTVPTVFœœ + yIBWH~ORKL³LLL;VFœœ
+ yIBWH~WGKBULVFœœ + yIBWH~GV3MRELVFœœ
+ yIBWH~WMB-žSMRMB-EKLVFœœ + yIBWH~GPGL7LVFœœ
+ yIBWH~WJ[LžSTVFœœ + yIBWH~GL7)LRUTVFœœ
+ yIBWH~P4žSLBSžSTVFœœ + yIBWH~GL7LVFœœ
+ yIBWH~WBSžSTVFœœ + yIBWH~J[3LVFœœ
+ yIBWH~ELBSYPTVFœœ + yIBWH~ELFVLVFœœ
+ yIBWH~ELBSLVFœœ + yIBWH~WV]LVFœœ
+ yIBWH~GQBSLFLTVFœœ + yIBWH~\LTGFLTVFœœ

322
+ yIBWH~\LTFBEKLVFœœ + yIBWH~MR LLTLLVFœœ
+ yIBWH~W\LLVFœœ + yIBWH~MRFR<LLVFœœ
+ yIBWH~\LTF³LF;JSJTVFœœ + yIBWH~ML4&LVFœœ
+ yIBWH~\LGFLTVFœœ + yIBWH~MR<LOLVFœœ
+ yIBWH~WY[L¬LVFœœ + yIBWH~MRGHSLVFœœ
+ yIBWH~GVY[L¬LVFœœ + yIBWH~MR­OTVFœœ
+ yIBWH~³LVY&LVFœœ + yIBWH~MRYR*STVFœœ
+ yIBWH~GV¤LKLVFœœ + yIBWH~YRG*S)LASTVFœœ
+ yIBWH~MRžSTVFœœ + yIBWH~YLT*STVFœœ
+ yIBWH~³LLSPTVFœœ + yIBWH~ZLTEL³\LLVFœœ
+ yIBWH~C5LHL;VFœœ + yIBWH~OFTPKLVFœœ
+ yIBWH~MRVLVFœœ + yIBWH~DAHODAH-JSTVFœœ
+ yIBWH~GVPLMLVFœœ + yIBWH~PLG9FVTVFœœ
+ yIBWH~QSRKLVVLVFœœ + yIBWH~PLQ-JSTVFœœ
+ yIBWH~QSRP;£LVFœœ + yIBWH~NOLKG³LTVFœœ
+ yIBWH~QSRKL-LVFœœ + yIBWH~FVIGLLTVFœœ
+ yIBWH~QSRFR;<LLVFœœ + yIBWH~LILLLVFœœ
+ yIBWH~M3L3FVTVFœœ + yIBWH~³LIFSTVFœœ
+ yIBWH~M3GP,LVLVFœœ + yIBWH~LTFRLILLVFœœ
+ yIBWH~M3PLQTVFœœ + yIBWH~GYKLBJSTVFœœ
+ yIBWH~M3LLMVLVFœœ + yIBWH~VTEJLVFœœ
+ yIBWH~M3LGLLT;VFœœ + yIBWH~VLTSRBYLVFœœ
+ yIBWH~M3MB³LLVLVFœœ + yIBWH~V4EL3FVTVFœœ
+ yIBWH~M3LVFœœ + yIBWH~V4E³LF;žSTVFœœ
+ yIBWH~M3JKLLLVFœœ + yIBWH~WGP,TLVFœœ
+ yIBWH~-'LTMTVFœœ + yIBWH~WJ[S%L;3FVTVFœœ
+ yIBWH~-'LPIMTVFœœ + yIBWH~žS,LVFœœ
+ yIBWH~VTOIMTVFœœ + yIBWH~žSZ\LLLVFœœ
+ yIBWH~OPIMTVFœœ + yIBWH~,LVY)LL;VFœœ
+ yIBWH~OXKOL;VLVFœœ + yIBWH~OLY)LL;VFœœ
+ yIBWH~WLLTKLIMTVFœœ + yIBWH~K3VY)LL;VFœœ
+ yIBWH~WVLRPTVFœœ + yIBWH~J[)LL-PKLVFœœ
+ yIBWH~YKIMLFL]YRKPTVFœœ + yIBWH~JO_FY)LL;VFœœ
+ yIBWH~MOLLTYLVFœœ + yIBWH~UYS_Y)LL;VFœœ
+ yIBWH~MOL)LLTYLVFœœ + yIBWH~HTFY)LL;VFœœ
+ yIBWH~MOLSA*SLVFœœ + yIBWH~MROL;VLVFœœ
+ yIBWH~MOLGLPLVFœœ + yIBWH~Z\FIPSTVFœœ
+ yIBWH~MOLYSTVFœœ + yIBWH~GLOLL³\LLVFœœ
+ yIBWH~MOLML4<LVFœœ + yIBWH~OAIMTVFœœ
+ yIBWH~GP]LVFœœ + yIBWH~CVLVFœœ
+ yIBWH~MOLTOLVFœœ + yIBWH~C;GLSLVFœœ

323
+ yIBWH~FVLTHKLVFœœ + yIBWH~GO7TVFœœ
+ yIBWH~FVLT,LBYLVFœœ + yIBWH~OTPLVFœœ
+ yIBWH~³LIKLVFœœ + yIBWH~WYLTQKLVFœœ
+ yIBWH~YB)LIKLLMVLVFœœ + yIBWH~WFXS;TVFœœ
+ yIBWH~³LF;RJLVFœœ + yIBWH~FXGS;FSTVFœœ
+ yIBWH~OLLYLVFœœ + yIBWH~ E-F4VFœœ
+ yIBWH~³LF;VTGFVTVFœœ + yIBWH~V4-F4VFœœ
+ yIBWH~FRVIPKLVFœœ + yIBWH~VLV4ES¤POALTVFœœ
+ yIBWH~³LF;Q£LR³LLVFœœ + yIBWH~W³L3FY&LVFœœ
+ yIBWH~OTPLVFœœ + yIBWH~WY&L3FVTVFœœ
+ yIBWH~EF;HKLVFœœ + yIBWH~LTYGPOTVFœœ
+ yIBWH~³LF; LLTLLLVFœœ + yIBWH~LTYPBGOSLVFœœ
+ yIBWH~WFLT LPLQTVFœœ + yIBWH~MP;LYLVFœœ
+ yIBWH~WFLT LL,LVFœœ + yIBWH~MOL)LLGPVTVFœœ
+ yIBWH~GVF;ZLVFœœ + yIBWH~GLELZGPLL'L;OAYTVFœœ
+ yIBWH~WFLT LLLMVLVFœœ + yIBWH~LBEKLVFœœ
+ yIBWH~MRJLVFœœ + yIBWH~LBPOLVFœœ
+ yIBWH~MRY)LLVFœœ + yIBWH~OLBSLVFœœ
+ yIBWH~3LGYVTVFœœ + yIBWH~OGFVTVFœœ
+ yIBWH~MF,LVFœœ + yIBWH~\LLBGSJKLLLVFœœ
+ yIBWH~MFLGHSLVFœœ + yIBWH~WG³LJLVFœœ
+ yIBWH~MRG-'LSLVFœœ + yIBWH~JKFLVBOLVFœœ
+ yIBWH~-PL-')LLUTVFœœ + yIBWH~JKL3F,LVFœœ
+ yIBWH~-PL-'LLVFœœ + yIBWH~JKL3JKLVFœœ
+ yIBWH~VIKU-ELVFœœ + yIBWH~GLUY^:Z)LLVFœœ
+ yIBWH~GV
PLVFœœ + yIBWH~W)QL;VFœœ
+ yIBWH~WZTJLVFœœ + yIBWH~UY6FBYZLTOLVFœœ
+ yIBWH~GVEZBEL3FVTVFœœ + yIBWH~GLUY3JGSJX5LBG L[VTVFœœ
+ yIBWH~PISKLYLVFœœ + yIBWH~GLZLTELY[GL<LLFLTVFœœ
+ yIBWH~YS-JAHLVFœœ + yIBWH~GLELZOGL;VTVFœœ
+ yIBWH~PTBGO[LVFœœ + yIBWH~ZLTETLLVFœœ
+ yIBWH~GPFR%SL3FVTVFœœ + yIBWH~ZLTE³LLLTVFœœ
+ yIBWH~GVMJ3VLVFœœ + yIBWH~OA P[SLVFœœ
+ yIBWH~GUSTBGO[LVFœœ + yIBWH~MP;ZLTELGSLLVFœœ
+ yIBWH~J[LLBSLVFœœ + yIBWH~JX5LVFœœ
+ yIBWH~WVBS³LLFL;TVFœœ + yIBWH~MP;ZLTE4EMLKG'LTVFœœ
+ yIBWH~FBYZLVFœœ + yIBWH~JRKLLLVFœœ
+ yIBWH~FZ VTVFœœ + yIBWH~JRLLVFœœ
+ yIBWH~WV LLVFœœ + yIBWH~JXPL;VFœœ
+ yIBWH~WVIOALTVFœœ + yIBWH~žSJXPL~YGP-SKLVFœœ
+ yIBWH~NJFL)LXSLVFœœ + yIBWH~WLGOOTPLVFœœ

324
+ yIBWH~JRKLLL]LVFœœ + yIBWH~SBRYLVFœœ
+ yIBWH~JROTPLVFœœ + yIBWH~DLZLELB)LLVFœœ
+ yIBWH~RYFR<LVFœœ + yIBWH~WVZJ[)LLVFœœ
+ yIBWH~WG³LOTPLVFœœ + yIBWH~M6³L)L[P)L[RPTVFœœ
+ yIBWH~RY5T#LVFœœ + yIBWH~HTFL)LLVFœœ
+ yIBWH~RYLGOG-'LGSOTLELVFœœ + yIBWH~S*SQLFIEKJ[)LLVFœœ
+ yIBWH~E:LLPLL;VFœœ + yIBWH~GVS*SEVE1/LLVFœœ
+ yIBWH~E:LLLVFœœ + yIBWH~EV3ELBQVMG6V)LLLVFœœ
+ yIBWH~E:LVFœœ + yIBWH~GHKPLL;VFœœ
+ yIBWH~E:LLZ\LLLVFœœ + yIBWH~-PLL;)LLVFœœ
+ yIBWH~E:LLJ[žSTVFœœ + yIBWH~LLBGSERB)LGV)LJ[)LLVFœœ
+ yIBWH~OI*SE:LLL3FVTVFœœ + yIBWH~]R&VL)LLVFœœ
+ yIBWH~GPE:FLLVFœœ + yIBWH~ULSJL)LLVFœœ
+ yIBWH~GPEZBELVFœœ + yIBWH~S*SUL&DXVO]XSTVFœœ
+ yIBWH~EZLSISLVFœœ + yIBWH~MR³LL4SEZ³LL4SG+TVFœœ
+ yIBWH~EGZZ VLVFœœ + yIBWH~HL7E]RSTVFœœ
+ yIBWH~EZL³LKLVFœœ + yIBWH~J[OI*SLVFœœ
+ yIBWH~OTPOTPLVFœœ + yIBWH~GL7T7LVFœœ
+ yIBWH~UY6VL'LLVFœœ + yIBWH~JRG7OLVFœœ
+ yIBWH~UYO_DB³LPTVFœœ + yIBWH~JR7LVFœœ
+ yIBWH~UYG^)LRPTVFœœ + yIBWH~-J7LVFœœ
+ yIBWH~UYG^S4LTVFœœ + yIBWH~-J7L\LKLVFœœ
+ yIBWH~ZLTE,LVFœœ + yIBWH~\LFLVFœœ
+ yIBWH~MP~YLVFœœ + yIBWH~LLR VLVFœœ
+ yIBWH~UYOLY[ULVFœœ + yIBWH~WJ[GSYLVFœœ
+ yIBWH~QKLQKYRKPTVFœœ + yIBWH~WFLT LLVFœœ
+ yIBWH~YLT*LVFœœ + yIBWH~J[LL-LTVFœœ
+ yIBWH~YX L3FVTVFœœ + yIBWH~LLGMLTVFœœ
+ yIBWH~YXYLTQKLVFœœ + yIBWH~-PB)LRPTVFœœ
+ yIBWH~M]LTULSLVFœœ + yIBWH~LL6SGV#LVFœœ
+ yIBWH~J[ELLL3FVTVFœœ + yIBWH~FRGV5T#LVFœœ
+ yIBWH~5PZV5PZVMJ[)LLVFœœ + yIBWH~GLPSLSTVFœœ
+ yIBWH~WLGO3PLL;VFœœ + yIBWH~GLPJ[OLVFœœ
+ yIBWH~)LFL;)LLVFœœ + yIBWH~LLG6SOLVFœœ
+ yIBWH~MRJ[)LLVFœœ + yIBWH~LLG6SžSLVFœœ
+ yIBWH~EVEJ[)LLVFœœ + yIBWH~LL6STVFœœ
+ yIBWH~MRPL;PLL;VFœœ + yIBWH~ELG6SFSTVFœœ
+ yIBWH~%FL)LLVFœœ + yIBWH~ELGF3J[OLVFœœ
+ yIBWH~MX;ELTG7MFJ[)LLVFœœ + yIBWH~+TLTGV³LTVFœœ
+ yIBWH~SJVIGV)LLVFœœ + yIBWH~WG³L#LVLVFœœ

325
+ yIBWH~WJ[GS#LVFœœ + yIBWH~DB³LFLT\L,LVFœœ
+ yIBWH~J[GS#LVFœœ + yIBWH~GUSL\LLVFœœ
+ yIBWH~MRG-'LSLVFœœ + yIBWH~GUSF6F'LLVFœœ
+ yIBWH~-'LLPKLVFœœ + yIBWH~J[LLBSKML4ZRLLVFœœ
+ yIBWH~-'LLLPTTVFœœ + yIBWH~)L0JT7EVLELVFœœ
+ yIBWH~JA'LIMTVFœœ + yIBWH~FXZESL;VFœœ
+ yIBWH~J[G'LSLVFœœ + yIBWH~UY5LTGSLTVFœœ
+ yIBWH~JA'LRPTVFœœ + yIBWH~FZ L_VLVFœœ
+ yIBWH~GO9PLMMTVFœœ + yIBWH~FXZELKLLVFœœ
+ yIBWH~PLSKLVL'LVFœœ + yIBWH~WL*SLVFœœ
+ yIBWH~GVY[;'LTKLVFœœ + yIBWH~PLYIPKLVFœœ
+ yIBWH~GOY&DKLVFœœ + yIBWH~+TMTVFœœ
+ yIBWH~GVEBQVLVFœœ + yIBWH~+LMLT%STVFœœ
+ yIBWH~GVKLLBMLVFœœ + yIBWH~GV%SPLQTVFœœ
+ yIBWH~,LVQ\LRLTVFœœ + yIBWH~J[P%LTVFœœ
+ yIBWH~WFLTFRHLVFœœ + yIBWH~PQMLFILLVFœœ
+ yIBWH~STULTKLLTVFœœ + yIBWH~FLKGUSTVFœœ
+ yIBWH~WVBSL4UMTVFœœ + yIBWH~GPP)LLPGPOLVFœœ
+ yIBWH~WVBS,LVL$³LTVFœœ + yIBWH~MRSVRPTVFœœ
+ yIBWH~LIZMLYKLVFœœ + yIBWH~SVRGVFR;%SLVFœœ
+ yIBWH~STULTFLVFœœ + yIBWH~MRYSTVFœœ
+ yIBWH~WGFS5LTGSLTVFœœ + yIBWH~HSORV;LVFœœ
+ yIBWH~5LTGSFX;S;TVFœœ + yIBWH~+ILLVFœœ
+ yIBWH~SFLTJHKLVFœœ + yIBWH~+IG+SJLOL$ULVFœœ
+ yIBWH~UY1QX. LFLTVFœœ + yIBWH~PIS)LIKLVFœœ
+ yIBWH~OI*STVFœœ + yIBWH~W)LBEKLVFœœ
+ yIBWH~LBPSTVFœœ + yIBWH~N3M6VOLTLLVFœœ
+ yIBWH~GP VGPVLELVFœœ + yIBWH~GVGP; VLVFœœ
+ yIBWH~EGZ VLVFœœ + yIBWH~GVQZLVFœœ
+ yIBWH~EF;LLR VLVFœœ + yIBWH~ZLTEP3MZLVFœœ
+ yIBWH~ZLTELZLTEJ[ELLLVFœœ + yIBWH~ZLTELT¤LKLVFœœ
+ yIBWH~WGVO[LZPTVFœœ + yIBWH~ZLTEJSTVFœœ
+ yIBWH~WS6O[LZPTVFœœ + yIBWH~ZLTEQ\LRLTVFœœ
+ yIBWH~ULYELVFœœ + yIBWH~WJLKG³LTVFœœ
+ yIBWH~J[)LLFLVFœœ + yIBWH~³LIKG³LTVFœœ
+ yIBWH~Z\FIJSTVFœœ + yIBWH~DR
M6FLYL;VFœœ
+ yIBWH~UY5LTSTVFœœ + yIBWH~LR
LVFœœ
+ yIBWH~³LF;KLULVFœœ + yIBWH~MRVASJXSPLQTVFœœ
+ yIBWH~J[ULGHSLVFœœ + yIBWH~J[,LJLKGFSLVFœœ
+ yIBWH~FRFR\LPTVFœœ + yIBWH~J[L,LVFœœ

326
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 
J 

327
HkDrkej fo/kku fof/k
xks /kqyh csyk essa xk; ds ’kq/k /kh ls 48 nhid rS;kj djsa] jxksayh ;k ued
ls ikVs ij LokLfrd dh jpuk djsa] e/; esa eaxy dy’k LFkkfir djsa
rRi’pkr~ HkfDr Hkko iwoZd HkDrkej ds ’yksd _f)] ea= i<sa ,oa
v?kZ i<+rs gq,s dzekuqlkj Lokfrd ij nhid lefiZr djsaA
48
44 47
45 46

41 42 43
21 22 23 24 25

40 10

9
39
8
38
7
37
6
16 17 18 19 20
36
26
11 12 13 14 15
5
27
4

3 28

2 29

1 30
35 34 33 32 31

328
&2168/7$7,216(59,&(6
:H SURYLGH YDDVWX VHUYLFHV IRU UHVLGHQFH DQG FRPPHUFLDO HVWDEOLVKPHQWV 
$VWURORJ\6HUYLFHVDQG1XPHURORJ\DQDO\VLV
 :HDUHDOVRLQVWUXPHQWDOLQSURYLGLQJ9DDVWX6KDVWUD&RQVXOWDQF\WRRXU
FOLHQWVIURPGLIIHUHQWFRUSRUDWHKRXVHV<RXZLOOH[SHULHQFHDQXQSUHFHGHQWHG
VOHZRIKDSSLQHVVVXFFHVVDQGKDUPRQ\<RXUEXVLQHVVZLOOEORVVRPDQGVR
ZRXOG \RXU LQWHUSHUVRQDO UHODWLRQVKLSV DQG IDPLO\ ERQGLQJ :H SURYLGH
VXLWDEO\SULFHGHIIHFWLYHDQGUHOLDEOHYDVWXDVWURORJ\5HLNL0DQWUD+HDOLQJ
DQGQXPHURORJ\FRQVXOWDQF\VHUYLFHVRQPDWWHUVUHODWHGWRKHDOWKZHDOWKDQG
KDUPRQ\
9DDVWX&RQVXOWDWLRQ6HUYLFHV
)RU 5HVLGHQWLDO 3URSHUWLHV  3ORWV )ORRUV )ODWV .RWKL )DUP+RXVH
%XQJDORZ+DYHOL6RFLHWLHV&RORQL]DWLRQ*XHVW+RXVHVHWF
)RU &RPPHUFLDO 3URSHUWLHV  *RYW 2IILFHV &RUSRUDWH 2IILFHV 0HHWLQJ
3ODFHV6KRSV6KRZURRPV0DOOV5HVWDXUDQWV%DQTXHWKDOOV0RWHOV,QQV
+RWHOV +RVSLWDOV /DERUDWRULHV 1XUVLQJ KRPH &OLQLF (GXFDWLRQDO
,QVWLWXWLRQV6FKRROV&ROOHJHV8QLYHUVLWLHV7KHDWHUVDQG&LQHPDV6SRUWV
&RPSOH[ $XGLWRULXPV 6WDGLXP 5HFUHDWLRQ &OXEV $SDUWPHQWV )DFWRU\
6PDOO0HGLXP/DUJH,QGXVWULHV$OOW\SHVRI0LOOVHWF
0DS$QDO\VLVLQFOXGHV&RQFHSWXDOL]DWLRQRI0DS,QWHULRU3ODQQLQJ&RORU
6FKHPHVHWF«
 &RUSRUDWH9DDVWX&RQVXOWDQF\,PSOLPHQWDWLRQRIYDDVWXSULQFLSOHV
ZLWKRXW GHPROLWLRQ &RUSRUDWH ORJR DQDO\VLV GHVLJQLQJ DV SHU YDDVWX 
VXSHUYLVLRQ IRU SODQWV  RIILFH &RQVXOWDQF\ IRU VPRRWK SURGXFWLRQ
&RQVXOWDQF\IRUDFKLHYLQJVDOHVWDUJHW7XUQNH\VHUYLFHVIRUH[LVWLQJSURSRVHG
SURMHFWV
 2XU9DDVWX&RUUHFWLRQ0HWKRGV
D
PV
7KHUS
ORX
U7KHUS DU< QWUD F6WUHVV6 DG
LF9DDVW UD9DDVWX
P KL 3\
X
9
&R

7K
K\

K\
*H

*H R 3DW

F DQ
% KDNWD


H USK\

QH U

+RURVFRSH_-DQP3DWULND_.XQGOL
7RNQRZDERXWIXWXUHDQGWRNQRZDERXWRZQSRZHUVDQGWKHDXVSLFLRXVWLPH
RIRXUOLIH+RURVFRSHUHDGLQJLVPXVW:HSURYLGH\RXZLWKGHWDLODQDO\VLVRI
\RXUKRURVFRSH:HSURYLGHWKHIROORZLQJVHUYLFHVUHODWHGZLWKKRURVFRSH
&DOFXODWLRQRI\RXU+RURVFRSHDVSHUSURYHGDVWURORJ\SULQFLSOHV
'HWDLOHGDQGDFFXUDWHSUHGLFWLRQVZLWKWKHLUUHPHGLDOPHDVXUHV
3UHGLFWLRQIRUYDULRXVDVWURORJLFDO\RJDV
&DOFXODWLRQVRQWKHEDVLVRIVSHFLILFTXHVWLRQ
0RQWKO\DQG$QQXDO3UHGLFWLRQ
&DOFXODWLRQRI)RUWXQDWHDQG8QIRUWXQDWH3HULRGRI/LIH
0DWULPRQLDO0DWFK
0XKXUWKIRUVSHFLDOSXUSRVHVDQGGD\WRGD\DFWLYLWLHV
$'LYLQH:HOOQHVV&HQWHUIRUERG\PLQG VRXO
ZKHUH\RXZLOOJHWKHDOWKZHDOWKDQGSHDFHLQ\RXUOLIH

:21'(562)
63,5,78$/+($/,1*:25/'

:RUOG)LUVW%KDNWDPDU%DQN
$6HFWRU1HDUSHWUROSXPS
5RKLQL'HOKL ,1',$ 
(PDLODQQDQWZRUOG#JPDLOFRP
:HEVLWHZZZDQQDQWZRUOGFRP
3UUL\D-DLQ 0REL

You might also like