You are on page 1of 21

$GÕ\DPDQhQ৻YHUV৻WHV৻

øVODP৻øO৻POHU)DNOWHV৻
øVODP৻øO৻POHU$UDúWÕUPDODUÕ'HUJ৻V৻
  

(668<Ó7̶1ø10$.Æ0Æ7¶,1'$.218ù$1
'(ö(5/ø7$ù/$5(/0$.Æ0$78¶/<Æ.Ó7ø<<(
g51(öø*

+DFÕdød(.**

g]HW
0DNkPkW$UDSG൴O൴YHHGHE൴\DWÕQGDoRN|QHPO൴\HU൴RODQHGHEvWUOHUGHQE൴
U൴G൴U%൴UEDNÕPDú൴൴UWRQXQGDN൴QHV൴U൴IDGHOHUG൴U+HUFPOHYHNHO൴PHNHQG൴
DUDVÕQGD E൴U ൴QV൴FDP YH DKHQJH VDK൴SW൴U .HO൴PHOHU DUDVÕQGD P]൴NDO E൴U ER
\XW YDUGÕU 7HFQ൴V YH VHF൴ VDQDWÕ ൴OH |UOGU 7HúK൴V YH ൴QWkNIDEO VDQDWÕ GD
0DNkPkWODUÕQYD]JHo൴OPH]HGHEvXQVXUODUÕDUDVÕQGD\HUDOPDNWDGÕU%XHGHEv
VDQDWODUD \HU YHUHQOHUGHQ E൴U൴V൴ GH &HOkOXGGvQ HV6X\€Wv | ¶G൴U HV
6X\€Wv¶Q൴Q0DNkPkW¶ÕQGDWHúK൴VYH൴QWDNVDQDWÕQÕHQ൴GHDOúHN൴OGH൴FUDHWW൴÷൴Q൴
V|\OHPHNPPNQGU(VHU൴QGHE൴WN൴OHU൴o൴oHNOHU൴J]HONRNXODUÕYHNÕ\PHW
O൴ WDúODUÕ NRQXúWXUPXúWXU %XQODU NHQG൴ |]HOO൴NOHU൴Q൴ E൴UHU E൴UHU G൴OH JHW൴UP൴ú
NDUúÕWDUDIDVWQO÷Q൴VSDWDoDOÕúPÕúWÕUhVWQONOHU൴Q൴൴VSDWODPDN൴o൴Q൴ON
HWDSWD D\HW YH KDG൴VOHUGHQ GHO൴OOHU JHW൴UPH\H JD\UHW HWP൴úW൴U %X oDOÕúPDGD
HV6X\€Wv¶Q൴Q PDNkPHOHU൴QGHQ HO0DNkPDWX¶O<kN€W৻\\H DGOÕ HGHEv HVHU൴QGH
NRQXúWXUXODQGH÷HUO൴WDúODUHOHDOÕQPÕúWÕU2QODUÕQWDU൴KvVUHoWHN൴GXUXPODUÕQD
GD൴UE൴OJ൴OHUYHU൴OP൴úKDNODUÕQGDKDG൴VG൴\HU൴YD\HWHG൴OHQKDEHUOHU൴QDQDO൴]YH
NU൴W൴÷൴\DSÕOPÕúWÕU
$QDKWDU.HO൴PHOHU0DNkPkWHV6X\€Wv$UDSoDøQWkN0FHYKHUDW

35(&,2866721(67$/.,1*,1$668<87ø¶6
0$4Æ0Æ7$60$4Æ0$78¶/<Æ4Ó7,<<(
(;$03/(

$EVUDFW
0DTkPkWLVRQHRIWKHOLWHUDU\VSHFLHVWKDWKDYHDYHU\LPSRUWDQWSODFHLQ$UD
ELFODQJXDJHDQGOLWHUDWXUH7KH\DUHSURVHH[SUHVVLRQVLQDWRQHRISRHWU\(YH
U\VHQWHQFHDQGZRUGKDVDQLQVLQFHULW\DQGKDUPRQ\DPRQJWKHPVHOYHV7KHUH
LVDPXVLFDOGLPHQVLRQEHWZHHQZRUGV:RUNVDUHDUWLFXODWHGZLWKWHFQLVDQG
VHFLDUW'LDJQRVLVDQGIDEOHDUWDUHDPRQJWKHLQGLVSHQVDEOHOLWHUDU\HOHPHQWV
RI0DTkPkW2QHRIWKHDUWLVWVZKRWRRNSDUWLQWKHVHOLWHUDU\DUWVLV-DOkODGGvQ
DV6X\€Wv G ,WLVSRVVLEOHWRVD\WKDWDV6X\XWLSUDFWLFHGWKHDUWRI
GLDJQRVLVDQGLQWXLWLRQLQ0DTDPDWLQWKHPRVWLGHDOZD\,QKLVZRUNKHPDGH
SODQWVIORZHUVEHDXWLIXOVPHOOVDQGSUHFLRXVVWRQHV6RWKDWWDONHGDERXWKLV
RZQFKDUDFWHULVWLFVVRPHRIWKHPH[SUHVVHGWKHVXSHULRULW\RIWKHRWKHUVLGH

 %XoDOÕúPDGD$EGXUUDKPkQE(E€EHN൴U&HOkOXGGvQHV6X\€Wv¶Q൴Q0DNkPkWX¶V6X\€Wv0DWEDµDWX¶O
&HYk൴E.XVWDQW൴Q൴\\HQVKDVÕHVDVDOÕQPÕúWÕU
 <UG'Ro'U$GÕ\DPDQhQY(÷W)DN$UDSoDg÷UHWPHQO൴÷൴HPD൴OKF൴FHN#DG൴\DPDQHGXWU
$GÕ\DPDQhQ৻YHUV৻WHV৻
øVODP৻øO৻POHU)DNOWHV৻
øVODP৻øO৻POHU$UDúWÕUPDODUÕ'HUJ৻V৻
  

KDVZRUNHG,QRUGHUWRSURYHWKHLUVXSHULRULW\WKH\WULHGWREULQJHYLGHQFHIURP
YHUVHVDQGKDGLWKVLQWKHILUVWSODFH,QWKLVZRUNSUHFLRXVVWRQHVZHUHSUHVHQW
HGLQWKHOLWHUDU\ZRUNRIDO0DTkPDWX¶O<kT€WL\\HRQHRIWKHDXWKRULWLHVRI
DV6X\XWL,QIRUPDWLRQRQWKHLUKLVWRULFDOVLWXDWLRQZDVJLYHQWKHDQDO\VLVDQG
FULWLFLVPRIWKHQHZVWKDWKDGEHHQQDUUDWHGDVKDGLWKLQWKHLUULJKWVZHUHPDGH
.H\ZRUGV0DTkPDWDV6X\€WL$UDELF)DEOH-HZHOHU\
(V6X\€Wv¶Q৻Q0DNkPkW¶ÕQGD.RQXúDQ'H÷HUO৻7DúODU(O0DNkPDWX¶O<kN€W৻\\HgUQH÷৻ 

*൴U൴ú
øQVDQODUHUNHQE൴UG|QHPGHoHYUHV൴QGHN൴GH÷HUO൴WDúODUKDNNÕQGDNDID\RUPXú
HVHUOHUNDOHPHDOPÕúYH\DV|]NRQXVXHVHUOHU൴WHUFPHHWP൴úW൴U0VOPDQODU
\]\ÕOGDQEDúOD\DUDNWDúODUYHPHWDOOHUNRQXVXQGDNHQG൴OHU൴QGHQ|QFH\D]ÕOPÕú
RODQE൴O൴PVHOoDOÕúPDODUÕG൴OOHU൴QHoHY൴UP൴úYHNXOODQPÕúWÕU<XQDQøUDQYH+൴QW
X\JDUOÕNODUÕ\OD ED÷ODQWÕ NXUGXNODUÕ EX G|QHPGH |]HOO൴NOH 6RNDWRV ;HXVNUDWHV
%RORV'HPRNU൴WRV7UDOOHVO൴$OH[DQGU൴RV'൴RVFRU൴GHV*DOHQRVYH7\DQDOÕ$SRO
ORQ൴RVJ൴E൴<XQDQOÕ\D]DUODUGDQE\N|OoGH\DUDUODQPÕúODUGÕU
<DEDQFÕE൴O൴PDGDPODUÕQÕQPFHYKHUDWDGD൴UHVHUOHU൴QGHQ\DUDUODQDQ0VO
PDQE൴OJ൴QOHUNHQG൴൴QDQoODUÕ\ODPWHQDV൴SE൴USHUVSHNW൴IOHWDúODUDEDNPÕúODUGÕU
2QODUHú\DQÕQNXUXE൴UREMHGHQ൴EDUHWROPDGÕ÷ÕQÕWDúODUÕQGDNHQG൴GQ\DODUÕQ
GDO൴VDQÕKDO൴OH$OODK¶ÕDQGÕNODUÕJHUoH÷൴Q൴J|]DUGÕHWPHP൴úOHUG൴U%X൴W൴EDUOD
HV6X\€Wv 0DNkPkW¶ÕQGD HOH DOGÕ÷Õ GH÷HUO൴ WDúODUÕ NRQXúWXUXUNHQ EX JHUoHNWHQ
KDUHNHWHWP൴úEXQGDGDROGXNoDEDúDUÕOÕROPXúWXU1HYDUN൴HV6X\€WvWHúK൴VYH
൴QWDNVDQDWÕQÕ൴FUDHWPHGHEDúDUÕOÕROGX÷XNDGDUWDúODUDGD൴UVDK൴KKDG൴VOHUJHW൴U
PHGHEDúDUÕOÕROPXúWXUGHQ൴OHPH]+DG൴VG൴\HND\GHWW൴÷൴൴IDGHOHU൴QE൴UoR÷X൴OJ൴O൴
kO൴POHUWDUDIÕQGDQHOHúW൴U൴OP൴úW൴U
'H÷HUO൴WDúODUVDGHFHHVHUOHUGHV|]HORODUDN|YOPúGH÷൴OG൴U*HUHNKDONJH
UHNVH൴GDUHF൴OHUQH]G൴QGHWRSOXPVDOG]H\GHWDúODUDPDOvNÕ\PHWYHU൴OP൴úW൴U%D]Õ
VDUD\PHQVXSODUÕGH÷HUO൴WDúYHPFHYKHUDW൴o൴QE\NPHEOD÷GDSDUDKDUFDPÕú
WÕU0HVHOD$EEDV൴KDO൴IHOHU൴QGHQ0WHYHNN൴Oµ$ODOOkK | PFHYKHUDWD
\ÕOOÕN o \] E൴Q G൴QDU EWoH D\ÕUPÕúWÕU ù൴PG൴ PDNkPH V|]F÷QH YH RQODUÕQ
KDQJ൴NRQXODUDGD൴U\D]ÕOGÕ÷ÕQDNÕVDFDGH÷൴QPHN൴VW൴\RUX]

 0DNkPH1HG൴U
6|]ONWH ³D\D÷D NDONPDN NÕ\DP HWPHN´ DQODPÕQD JHOHQ PDNkPH NHO൴PHV൴
³%৻UDPDoX÷UXQDWRSODQDQ৻QVDQODUÕQNDOGÕNODUÕYH\DRWXUGX÷XPHNkQ´GHPHN

 'HP൴U5HP]൴.ÕOÕo0XWOX³&HYkK൴UQkPHOHUYH2VPDQOÕODU'|QHP൴¶QGH<D]ÕOPÕúøN൴&HYkK൴UQkPH´
$QNDUDhQ৻YHUV৻WHV৻2VPDQOÕ7DU৻K৻$UDúWÕUPDYH8\JXODPD0HUNH]৻'HUJ৻V৻ 27$0 6D\Õ$QNDUD
V
 ³<HG൴J|N\HUYHEXQODUGDEXOXQDQKHUúH\$OODK¶ÕWHVE൴KHGHU2QX|YJ൴OHWHVE൴KHWPH\HQK൴oE൴UúH\
\RNWXU1HYDUN൴V൴]RQODUÕQWHVE൴K൴Q൴DQODPD]VÕQÕ]2KDO൴PG൴UED÷ÕúOD\ÕFÕGÕU´ øVUk ³*|NOHUGHYH
\HU\]QGHEXOXQDQN൴PVHOHUOHVÕUDKDO൴QGH NDQDWoÕUSDUDNXoDQ NXúODUÕQ$OODK¶ÕWHVS൴KHWW൴÷൴Q൴J|UPH]
P൴V൴Q"+HUE൴U൴NHQG൴GXDVÕQÕYHWHVE൴K൴Q൴NHV൴QRODUDNE൴OPHNWHG൴U$OODKRQODUÕQ\DSPDNWDROGX÷XúH\OHU൴
KDNNÕ\ODE൴OHQG൴U´ 1€U ³2QODUGHU൴OHU൴QH³1൴o൴QDOH\K൴P൴]HúkK൴WO൴NHWW൴Q൴]"´GHUOHU'HU൴OHU൴GH
³%൴]൴KHUúH\൴NRQXúWXUDQ$OODKNRQXúWXUGX´G൴\HFHYDSYHU൴U )XVV൴OHW 
 <DµN€EEøVKkNHO.൴QGv.৻WkEX¶W7DUDIIXNIv¶Oµ,WÕUWKN6H\IEùkK൴QE+DOHIHO0HUvKv9൴]kUHWX¶V6DNkIH
YH¶O)XQ€QYH¶W7XUkV'RKDV
 +DFÕdød(.

W൴U'DKDVRQUDEXQDEHQ]HUPHNkQODUGDV|\OHQHQYH൴UDGHG൴OHQHGHEvV|]OHUHGH
PDNkPHDGÕYHU൴OP൴úW൴U
0DNkPHOHU൴Q HOH DOGÕ÷Õ NRQXODU ROGXNoD oHú൴WO൴G൴U 0HVHOD %HG൴X]]D
PDQ HO+HPH]kQv |  HO+DUvUv |  øEQ 6D\NDO HO&H]HUv
| YH1kVÕIHO<k]൴Fv¶Q൴Q | PDNkPHOHU൴QGHJHoHQ൴V൴POHUH
G൴NNDWHG൴OG൴÷൴QGHRQODUÕQJHQHOO൴NOHøVODPkOHP൴QGHN൴úHK൴UYHE|OJH൴V൴POHU൴Q൴
൴oHUG൴÷൴J|UOHFHNW൴U%D÷GDW¶DQ൴VEHWHG൴OHQHO0DNkPDWX¶O%D÷GDG৻\\H+൴FD]¶D
Q൴VEHW HG൴OHQ HO0DNkPDWX¶O+৻Fk]৻\\H .XGV¶H Q൴VEHW HG൴OHQ HO0DNkPDWX¶O
.XGXV৻\\HRQODUGDQE൴UNDoÕGÕUHO+HPH]kQv¶Q൴QHO0DNkPDWX¶O(VHG৻\\H $VODQ
0DNkPHV൴  HO0DNkPDWX¶O HO.ÕUG৻\\H 0D\PXQ 0DNkPHV൴  J൴E൴ PDNkPHOHU൴
൴VHED]ÕKD\YDQODUDQ൴VEHWHG൴OHQHGHEvPDNkPHOHUG൴U=HPDKúHUv¶Q൴QPDNkPHOHU൴
൴VH JHQHOO൴NOH 0DNkPDWX¶W7DNYD 0DNkPDWX¶W7HVO৻P 0DNkPDWX¶OøIIHW NR
QXOX øVOkPv N൴PO൴NO൴ PDNkPHOHUG൴U %XQODUÕQ \DQÕ VÕUD D] GD ROVD 0DNkPDWX¶Q
1DKY 0DNkPDWX¶O$U€] YH 0DNkPDWX¶O.DYkIv ൴V൴PO൴ HGHE൴ VDQDWODUOD ൴OJ൴O൴
PDNkPHOHUG൴UøEQX¶O&HY]v¶Q൴Q | PDNkPHOHU൴Q൴Q൴V൴POHU൴NRQXVXQGD
EHOO൴ E൴U VÕQÕUODPD \RNWXU 0HVHOD RQXQ ൴ON PDNkPHV൴ Hú\D oQF PDNkPHV൴
NÕVVDODUG|UGQFPDNkPHV൴Q൴PHWOHUYHGRNX]XQFXPDNkPHV൴൴VHJDI൴OOHU൴X\DU
PD\D GD൴UG൴U (E€ 7kK൴U øVPkvO E +DOHI E 6DvG HV6DUDNXVWv |  ൴VH
ED]ÕPDNkPHOHU൴QH൴V൴PE൴OHNR\PDPÕúED]ÕODUÕQDQk]ÕPQHV൴U HOO൴QF൴PDNkPH 
ED]ÕODUÕQDGD0DNkPDWX¶G'XEE $\ÕPDNkPHV൴ YH0DNkPDWX¶O)XU€V৻\\H
%൴Q൴F൴O൴N J൴E൴KD\YDQ൴V൴POHU൴Q൴YHUP൴úW൴U
6X\€Wv¶Q൴Q PDNkPHOHU൴QH JHO൴QFH RQODUÕQ E൴U NÕVPÕ úHK൴U ൴OH \|UH E൴U NÕVPÕ
o൴oHN PDGHQ YH NRNX ൴V൴POHU൴Q൴ WDúÕPDNWDGÕU  2QODU 0DNkPDWX¶U5H\\kKvQ
0DNkPDWX¶O<DNXW৻\\H 0DNkPDWX¶]]XPUXG৻\\H   0DNkPDWX¶]=HKHE৻\\H YH
0DNkPDWX¶O0৻VN৻\\HJ൴E൴UQOHUG൴U
6X\€WvED]ÕPDNkPHOHU൴Q൴WDUWÕúPDDWÕúPDYHPXKDWDEÕ\ODDOD\HWPHIRUPD
WÕQGDNDOHPHDOPÕúRQODUDEXP൴QYDOGHEDúOÕNODUNR\PXúWXU2QXQHG'HYUkQX¶O
)HOHNvDOkøEQ৻¶O.HUHNvYHHO.kIvIv7kUvK৻¶V6HKkYvDGOÕPDNkPHOHU൴EXQD|QHN
RODUDNYHU൴OHE൴O൴U
6X\€Wv PDNkPHOHU൴Q൴ SHú SHúH \D]PDPÕú E൴U N൴WDSWD WRSODPDPÕúWÕU 2
GDKD oRN ROD\ODUÕQ VH\U൴ GkK൴O൴QGH PDNkPHOHU൴Q൴ NDOHPH DOPÕúWÕU %X ൴W൴EDUOD
PDNkPHOHU൴V൴POHU൴QRNWDVÕQGDROGXNoDoHú൴WO൴O൴NJ|VWHUPHNWHG൴U0HVHOD൴ONVD

 %N](EXµ$PUøVKkNE0൴UkUHúùH\EkQv.৻WDEX¶O&vPWKNøEUkKvPHO$E\kUvNRP൴V\RQ.kK൴UH
,,,(E€)DGO&HPkOXGGvQ0XKDPPHGøEQ0DQ]€U/৻VkQX¶Oµ$UDE'kUX6kGÕU%H\U€W
;,,
 6HPvU0DKP€GHG'HUU€EvùHUKX0DNDPDWL&HOkOXGGvQHV6X\€Wv0XHVVHVHWX¶U5൴VkOH%H\U€WV

 HG'HUU€EvDJHV
 0XVWDIkE$EGXOOkK+DFÕ+DO൴IH.kW൴EdHOHEv6X\€Wv¶Q൴QNDOHPHDOGÕ÷Õ\൴UP൴GRNX]PDNkPHQ൴Q൴V൴POHU൴Q൴
(V6X\€Wv¶Q৻Q0DNkPkW¶ÕQGD.RQXúDQ'H÷HUO৻7DúODU(O0DNkPDWX¶O<kN€W৻\\HgUQH÷৻ 

\ÕODQ HO0DNkPDWX¶O$V\€W৻\\H HO0DNkPDWX¶O&v]৻\\H 0DNkPDWX¶O0HNN৻\\H


YH 0DNkPDWX¶O0ÕVU৻\\H DGOÕ PDNkPHOHU൴Q൴  WDU൴K൴QGH \D]PÕúWÕU
%൴Nkv WDUDIÕQGDQ KXOXO YH ൴WW൴DG DQOD\ÕúÕQD PH\OHWPHNOH VXoODQDQ YH HOHúW൴U൴OHQ
øEQX¶O)kU൴V¶൴VDYXQGX÷X.DP¶X¶l0X¶DUÕ] Iv1XVUHW৻ øEQ৻¾O)kQ]DGOÕPDNkPH\൴
GH ¶GH \D]PÕúWÕU $\UÕFD ³0DNkPDWX¶O.kYv Iv 7kUvK৻¶V6HKkYv´\൴
¶GD 0DNkPDWX¶O)kUÕN EH\QH¶O0XVDQQÕI YH¶V6kUÕN PDNkPHV൴Q൴ ൴VH
 \ÕOÕQGDQ |QFH \D]PÕúWÕU 0DNkPDWX 7DU]Õ¶OµøPkPH DGOÕ PDNkPHV൴Q൴
൴VH  ൴OH  WDU൴KOHU൴ DUDVÕQGD  HO0DNkPDWX¶%DKU৻\\H YH HO
0DNkPDWX¶G'XUU৻\\H¶\৻ ¶GH  0DNkPDWX¶O)HWWkú µDOk¶O.Dúúkú¶Õ
¶WH0DNkPDWX6kK৻E৻6D\I¶൴൴VH¶WH NDOHPHDOPÕúWÕU
ù൴PG൴ PHOO൴I WDUDIÕQGDQ  \ÕOÕQGD NDOHPH DOÕQDQ V|] NRQXVX HO
0DNkPDWX¶O<kN€W৻\\H¶GHJHoHQGH÷HUO൴WDúODUÕQGHG൴NOHU൴QHNXODNYHUPHNRQODU
KDNNÕQGDHV6X\€Wv¶Q൴Q]൴NUHWW൴÷൴KDG൴VOHU൴QDQDO൴]YHNU൴W൴÷൴Q൴\DSPDN൴VW൴\RUX]

 HO0DNkPDWX¶O<kN€W൴\\H˵Δ͉ϴ˶ΗϮ˵ϗΎ˴ϴϟ˸ ΍˵Δϣ˴ Ύ˴ϘϤ˴ ϟ˸ ˴ ΍


%XPDNkPHEDúOÕFD\HG൴PDGHQ൴HOHDOPDNWDGÕU2QODU\DNXWO¶O¶൴QF൴]P
UWPHUFDQ]HEHUFHWDN൴NYHIvU€]HWXUNXD]DGOÕGH÷HUO൴PDGHQOHUG൴U

 <DNXW ˵ΕϮ˵ϗΎ˴ϴϟ˸ ˴ ΍


*QQE൴U൴QGHE൴UPHNkQGD\XNDUÕGDDGÕJHoHQ\HG൴GH÷HUO൴WDúWRSODQÕU6H
N൴]൴QF൴N൴ú൴ RODUDN&HOkOXGGvQHV6X\€Wv RQODUÕQDUDVÕQGDEXOXQPDNWDYH RQODUÕ
NRQXúWXUXSG൴QOHPHNWHG൴U2QODU൴VHN൴E൴UOHQPHGHQKDGOHU൴Q൴DúPDGDQYHJQDKD
J൴UPHGHQNHQG൴VWQIÕWUvYHJ]HO|]HOO൴NOHU൴Q൴E൴UHUE൴UHUVD\PDNWDGÕU
%൴UDUD\DJHOHQYH\HNG൴÷HU൴\OH\DUÕúDQGH÷HUO൴WDúODUGDQ൴ONRODUDN\DNXWV|]
DOÕUYHú|\OHNRQXúXU
%HQ൴ HQ ൴GHDO VXUHWWH \DUDWDQ  ൴QVDQODUÕQ J|]QGH ൴SO൴÷H G൴]൴OP൴ú ൴QF൴OHUGHQ

VÕUDVÕ\ODWDVQ൴IHWP൴úW൴U%N].HúIX¶]=XQ€QµDQ(VkP৻¶O.XWXEYH¶O)XQ€Q0HNWHEHWX¶O0XVHQQk%D÷GkW
,,
 +DO൴Wg]NDQ³6X\€Wv´PDGGHV൴´'ø$øVWDQEXO;;;9,,,
 HG'HUU€EvDJHV
 6HPvU0DKP€GHG'HUU€EvùHUKX0DNkPkWL&HOkOXGGvQHV6X\€Wv0XHVVHVHWX¶U5൴VkOH%H\U€WV

 6|]ONWH³D\D÷DNDONPDNNÕ\DPHWPHN´DQODPÕQDJHOHQPDNkPHNHO൴PHV൴ oR÷XOX0DNkPkW ³%৻UDPDo
X÷UXQDWRSODQDQ৻QVDQODUÕQNDOGÕNODUÕYH\DRWXUGX÷XPHNkQ´DQODPÕQGDGÕU'DKDVRQUDEXQDEHQ]HU
\HUOHUGHV|\OHQHQHGHEvV|]OHUHGHPDNkPHDGÕYHU൴OP൴úW൴U%N](E€µ$PUøVKkNE0൴UkU(E€µ$PUHú
ùH\EkQv.৻WkEX¶O&vPWKNøEUkKvPHO$E\kUvNRP൴V\RQ.kK൴UH,,,(E€)DGO&HPkOXGGvQ
0XKDPPHGøEQ0DQ]€U/৻VkQX¶Oµ$UDE'kUX6kGÕU%H\U€W;,,
 µ$EGXUUUDKPkQ E (E€EHN൴U &HOkOXGGvQ HV6X\€Wv 0DNkPkWX¶V6X\€Wv 0DWEDµDWX¶O&HYk൴E .XVWDQW൴Q൴\\H
V
 +DFÕdød(.

GDKDSDUODNJ|VWHUHQDNUDQODUÕPDJ|UHGDKDoRNRQXUODQGÕUDQ$OODK¶DKDPGROVXQ
N൴DGÕPÕ.XU¶DQ¶GDDoÕNoDG൴OHJHW൴UP൴ú5DKPkQVXUHV൴QGHFHQQHWWHGDKD|QFH
K൴oE൴U൴QVDQYHF൴Q൴QGRNXQPDGÕ÷ÕEDNÕúODUÕQÕ\DOQÕ]FDHúOHU൴QHoHY൴UHQNDGÕQODUÕ
GDEDQDEHQ]HWP൴úW൴U$OODK¶ÕQEDQD\DSPÕúROGX÷XWPEX൴OW൴IDWODUPDNDPYH
PHYN൴EDNÕPÕQGDQPHUFDQGDQGDKDúHUHIO൴ROGX÷XPXQE൴U൴VSDWÕGÕU%XQODUD൴OD
YHWHQSHNoRNVDK൴KKDVHQYHPHUIXKDG൴VOHUGHGH൴VP൴PJHoP൴úW൴U<]N
WDúÕRODUDNEHQWDYV൴\HHG൴OP൴ú൴PIDN൴UO൴÷൴|QOHG൴÷൴PEX\UXODUDNEDQDGH÷HUYH
U൴OP൴úW൴U
HV6X\€Wv GDKD VRQUD \DNXWXQ G൴O൴QGHQ NHQG൴QH GD൴U ED]Õ KDG൴V PHW൴QOHU൴Q൴
ND\GHWP൴úW൴U 0HVHOD FHQQHW൴Q JPú YH DOWÕQ WX÷ODGDQ KDUFÕQÕQ NRNXOX P൴VN
WHQoDNÕOODUÕQÕQ൴QF൴YH\DNXWWDQWRSUD÷ÕQÕQ൴VH]kIHUDQGDQ൴QúDHG൴OG൴÷൴Q൴RUD
\DJ൴UHQ൴QNHV൴QW൴V൴]Q൴PHWOHUHPD]KDURODFD÷ÕQÕH]൴\HWJ|UPH\HFH÷൴Q൴HEHG൴\HW
ND]DQDFD÷ÕQÕ |OPOH NDUúÕODúPD\DFD÷ÕQÕ HOE൴VHV൴Q൴Q HVN൴PH\HFH÷൴Q൴ YH JHQo
O൴÷൴Q൴Q ND\EROPD\DFD÷ÕQÕ E൴OG൴UP൴úW൴U +] 3H\JDPEHUH ³&HQQHWWH DW YDU PÕ"´
G൴\HVRUDQN൴ú൴\H+]3H\JDPEHU൴Q³$OODKVHQ൴FHQQHWHNR\GX÷XWDNG൴UGHNÕ]ÕO
\DNXWWDQE൴UDW]HU൴QGHRUDGDGRODúPDN൴VWH\HFHNROVDQRVHQ൴൴VWHG൴÷൴QKHU\HUH
XoXUDFDNWÕU´G൴\HEX\XUDUDNFHYDSYHUP൴úW൴U
<DNXW NHO൴PHV൴ )DUVoDGDQ$UDSoD\D JHoP൴úW൴U 6RQ GHUHFH GH÷HUO൴ VD\ÕODQ
YHVV൴o൴QNXOODQÕODQ\DNXWDOP൴Q\XPRNV൴WWHQROXúXU(OPDVWDQVRQUDHQVHUW

 5DKPkQ
 6DK൴KKDG൴V$GDOHWYH]DEW|]HOO൴NOHU൴Q൴WDúÕ\DQUDY൴OHUWDUDIÕQGDQNHV൴QW൴V൴]E൴U൴VQDWODU൴YD\HWHG൴OHQKDG൴VOHUH
GHQ൴U6XSK൴øEUkKvPHV6kO൴Kµ8O€PX¶O+DGvVYH0XVWDODKDKX$U]XQYH'ÕUkVDWXQ'kUX¶OøOPO൴¶O0HOk\vQ
%H\U€WV
 +DVHQ KDG൴V$GDOHW YH ]DEW |]HOO൴NOHU൴Q൴ WDúÕ\DQ UDY൴OHU൴Q NHV൴QW൴V൴] ൴VQDWOD U൴YD\HW HWW൴÷൴ KDG൴VW൴U +DVHQ
KDG൴VVDK൴KKDG൴VOH]D\ÕIKDG൴VDUDVÕQGD\HUDODQIDNDWVDK൴KKDG൴VHGDKD\DNÕQGÕU%N]6XSK൴øEUkKvPHV
6kO൴KDJHV
 0HUIXKDG൴V6DKDEHWDE൴€QYH\DGDKDVRQUDN൴QHV൴OOHU൴QVHQHG൴PXWWDVÕOROVXQYH\DROPDVÕQ+]3H\JDPEHUH
൴]DIHHWW൴÷൴KDG൴VW൴U6XSK൴øEUkKvPHV6kO൴KDJHV
 øEQX¶O&HY]vEXV|]QPHY]XROGX÷XQXE൴OG൴UP൴úW൴U%N](E€¶O)HUHFµ$EGXUUDKPkQEµ$OvøEQX¶O&HY]v
.৻WkEX¶O0HY]XµkW  WKN µ$EGXUUDKPkQ 0XKDPPHG µ8VPkQ HO0HNWHEHWX¶V6HOHI൴\\H 0HGvQH 
,,,
 7൴UPv]v&HQQHW
 7൴UPv]v&HQQHW
 HV6X\€Wv0DNkPkWV
 (E€ µ$EGXUUDKPkQ +DOvO E $KPHG E µ$PU HO)HUkKvGv .৻WkEX¶O$\Q WKN 0HKGv HO0DK]€Pv øEUkKvP
6DPDUUDv'kUX0HNWHEHW൴¶O+൴OkOWV9(E€%HNU0XKDPPHGEHO+DVHQE'XUH\GHO(]Gv | 
&HPKHUHWX¶O/X÷DWKN5HP]v0XQvU%DµODEHNv'kUX¶OµøOPO൴¶O0HOk\vQ%H\U€W,,(E€1DVU
øVPkµvOE+DPPkG&HYKHUvHV6ÕKkK7kFX¶O/X÷DYH6ÕKkKX¶Oµ$UDE৻\\HWKN$KPHGµ$EGXOJDI€Uµ$WWkU
.kK൴UH,0XKDPPHG0XUWD]kH]=HEvGv7kFX¶Oµ$U€VP৻Q&HYkK৻U৻¶O.kP€VWKN+H\HW'kUX¶O
+൴Gk\H.kK൴UHWV95H൴QKDUW3൴HWHU$QQH 'R]\7HNP৻OHWX¶O0HµkF৻PHO$UDE৻\\HoHY0XKDPPHG
6HOvPHQ1DµvPv9൴]kUHWX¶V6HNkIHYH¶OøµOkPµ,UkN,;<DNXWNHO൴PHV൴Q൴Q)DUVoDDVÕOOÕROGX÷XQX
൴GG൴D HGHQOHU൴Q \DQÕ VÕUD RQXQ <XQDQFDGDQ )DUVoD\D JHoW൴÷൴Q൴ ൴GG൴D HGHQOHU GH YDUGÕU +HU ൴N൴ J|UúQ
GÕúÕQGD NHO൴PHQ൴Q 6U\DQ൴FH ROGX÷XQX V|\OH\HQOHU GH YDUGÕU 2QXQ<XQDQFD ROGX÷X J|Uú oRN ]D\ÕIWÕU
.HO൴PHQ൴Q)DUVoDYXUJXVXQDGDKDX\XPOXROGX÷XV|\OHQHE൴O൴UHO&HYkOvNvGHEXJ|UúSD\ODúPDNWDGÕU%N]
0XKDPPHG+DVDQ&HEHOHO0X¶FHPX¶OøúW৻NkNvHO0X¶HVVDOHO৻(OIk]৻¶O.XU¶kQ0HNWHEHWX¶OÆGkE.kK൴UH
,9
(V6X\€Wv¶Q৻Q0DNkPkW¶ÕQGD.RQXúDQ'H÷HUO৻7DúODU(O0DNkPDWX¶O<kN€W৻\\HgUQH÷৻ 

PDGHQOHUDUDVÕQGD\HUDOÕU$QDYDWDQÕGDKDoRN*QH\GR÷X$V\DYH$YXVWUDO\D
%XUPD7D\ODQG6U൴/DQND¶GÕU$IJDQ൴VWDQ3DN൴VWDQYH9൴HWQDP¶GDoÕNDUÕODQ\D
NXWODUJHQHOO൴NOHEHUUDNNÕUPÕ]ÕUHQJHVDK൴SROPDVÕQDUD÷PHQ$PHU൴ND5XV\D
$YXVWUDO\DYH1RUYHo¶WHoÕNDUÕODQ\DNXWODU൴VHoDEXFDNVRODQYHNDUDUDQWUGHQ
\DNXWODUGÕU*QP]GHN൴PFHYKHUDWX]PDQODUÕNÕUPÕ]Õ\DNXWXQGÕúÕQGDN൴WP
\DNXWUHQNOHU൴QH³VDI൴U´GHPHNWHG൴U%DúOÕFDNÕUPÕ]ÕVDUÕ\Hú൴OYHV൴\DKROPDN
]HUHE൴UoRNoHú൴G൴YDUGÕU(QNDO൴WHO൴RODQÕQDUNÕUPÕ]ÕVÕQDoDODQ\DNXWWXUN൴
EXoHú൴W\DNXWD)DUVoDGD³%HKUDPkQv´GHQ൴U1DG൴UJ|UOHQE൴U\DNXWoHú൴G൴GDKD
YDUGÕUN൴RQD൴OJ൴O൴X]PDQODU³JYHUF൴QNDQÕ´DGÕQÕYHUP൴úOHUG൴U<DNXWkOHP൴
úXK€G¶XQ J|UUJ൴E൴E൴O൴QHQkOHP WHPDúDHG൴OPHV൴Q൴QVHPEROROGX÷XQGDQVXI൴
OHUQH]G൴QGH|QHPO൴E൴U\HU൴YDUGÕU
)D\GDODUÕ KDNNÕQGD HVN൴GHQ oRN úH\ V|\OHQP൴ú ROXS EXQODUÕ ú|\OH VÕUDOD\D
E൴O൴U൴] h]HU൴QGH WDúÕ\DQ N൴PVHQ൴Q NXUXQWXODUÕQD PDQ൴ ROXU WDQV൴\RQXQ G]HQO൴
ROPDVÕQDNDWNÕGDEXOXQXUNDQÕQSÕKWÕODúPDVÕQÕJHF൴NW൴U൴U6ÕNÕQWÕYHNXUXQWXODUD
NDUúÕ UDKDWODWÕFÕGÕU 6DUD KDVWDODUÕQD ROXPOX \|QGH HWN൴V൴ YDUGÕU %൴U SDUoDVÕQÕ
G൴O൴Q DOWÕQD NR\DQ N൴ú൴Q൴Q VXVX]OX÷XQX NHVHU .Õú JQOHU൴QGH ൴o൴QGH EXOXQGX÷X
EDUGD÷ÕQVX\XGRQPD]

 øQF൴˵Ά˵ϟ ˸Ά͊Ϡϟ˴΍


<DNXWWDQVRQUD൴QF൴GHYUH\HJ൴UHUYHú|\OHG൴OHJHO൴U%DQDEH\D]HOE൴VHJ൴\G൴
UHQEDKoHOHUGHN൴\DNXWODUDUDVÕQGDEHQ൴E൴UQXUJ൴E൴NÕODQ|YPHNOHEDQD൴KVDQGD
EXOXQDQPFHYKHUDW൴o൴QGH|QFHO൴NWDQÕ\DQ.XU¶DQÕQUHIHUDQVÕ\ODEHQ൴൴QVDQODUD

 øEUkKvP 0XVWDIk YH DUNDGDúODUÕ HO0XµFHPXO9DVvW 0DFPDµX¶O/XJD HOµ$UDE൴\\H 'kUX¶G'DµYD


øVNHQGHU൴\H WV ,,$KPHG 0XKWkU µ$EGXOKDPvG µ8PHU 0XµFHPX¶O/XJDW৻¶Oµ$UDE৻\\H HO0XµkVÕUD
µ$OHPX¶O.XWXE%H\U€W,,,,
 µ8ND\ODJHV
 1HúYkQHO+൴P\HUvùHPVX¶Oµ8O€PYH'HYkX.HOkPL¶Oµ$UDEPLQH¶O.XO€P'kUX¶O)LNUHO0XkVÕU%H\U€W
;,H]=HEvGvDJH9&HEHODJH,90XKV൴Qµ8ND\O0HYVXµDWX¶O$KFkUHO.HUvPH
HO0XVDYYDUDHW7DKDWWXPHQ1XN€úHO+DYYkV'kUX¶O0DKDFFDHO%H\]k%H\U€WV
 0HFGXGGvQ0XKDPPHGE<DµN€E)vU€]kEkGvHO.kP€VX¶O0XKvW0X¶HVVHVHWX¶U5൴VkOH%H\U€WV

 H]=HEvGvDJH9'R]\ DJH,øEQX¶O(NIkQv\DNXWWDúÕQÕNÕUPÕ]ÕVDUÕPDY൴YHEH\D]G൴\HG|UGH
D\ÕUPÕú NÕUPÕ]Õ \DNXWX ൴VH ³HU5XPPkQv´ ³HO%HKUkPv´ ³HO(UJXYkQv´ ³HO/DKPv´ ³HO%HQHIVHFv´ ³HO
*XOQkUv´YH³HO9HUGv´G൴\H\HG൴WRQDD\ÕUPÕúWÕU0HOO൴IGDKDVRQUD\DNXWFHYKHU൴Q൴QQHUHOHUGHEXOXQGX÷XQX
N൴POHU൴QKDQJ൴WU\DNXWXWHUF൴KHWW൴÷൴Q൴$EEkVvOHUG|QHP൴QGH\DNXWWUOHU൴Q൴QJUDPDMI൴\DWODUÕQÕQG|NPQ
YHUP൴úW൴U *HQ൴ú E൴OJ൴ ൴o൴Q EN] (E€ µ$EGXOOkK ùHPVXGGvQ 0XKDPPHG E øEUkKvP E 6DvG øEQX¶O(NIkQv
1XKDEX¶]=HKk৻UIv0Dµ৻IHW৻¶O&HYkK৻U%H\U€WV
 µ8ND\ODJHV
 0XKDPPHGEµ$OvE.kGvHW7DKkQHYv.HúúkIXøVW৻ODKkW৻O)XQ€QYH¶Oµ8O€PWKNµ$Oî 'DKU€F\D\ÕQHY൴DGÕ
\RN%H\U€W,,µ8ND\ODJHV
 )vU€]kEkGvDJHVH]=HEvGvDJH9$KPHG0XKWkUµ$EGXOKDPvGµ8PHUDJH,µ8ND\ODJH
V
 'HP൴U.ÕOÕoDJHV
 +DFÕdød(.

VHYG൴UHQ .XU¶DQ¶GD E൴UoRN \HUGH EHQGHQ V|] HGHQ YH EHQ൴ G൴÷HUOHU൴QGHQ |QFH
DQDQ$OODK¶DKDPGROVXQ
øQF൴ $OODK¶D KDPG HWW൴NWHQ VRQUD PFHYKHUDW DUDVÕQGDN൴ NRQXPXQD GD൴U
.XU¶DQ¶GDQED]ÕD\HWOHU൴GHO൴ORODUDNJHW൴U൴U2D\HWOHUGHQ൴]OHUGHQoÕNDUÕODQ൴Q
F൴OHU൴Q GXUXPXQD FHQQHWWHN൴ HúOHU൴Q YH RQODUD ൴NUDPGD EXOXQDQ K൴]PHWNkUODUÕQ
൴QF൴\HEHQ]HG൴÷൴QHYXUJX\DSPDNWDGÕU³2৻N৻V৻QGHQ GHQ৻]GHQ ৻QF৻YHPHUFDQ
oÕNDU´³6DQN৻RQODU FHQQHWWHN৻HúOHU VDNODQPÕú৻QF৻WDQHV৻J৻E৻G৻UOHU´³.HQ
G৻OHU৻৻o৻QK৻]PHWHGHQ JHQoGHO৻NDQOÕODU RQODUÕQHWUDIODUÕQGDGRODúÕUODU2QODU
VDQN৻VHGHI৻QGHVDNODQPÕú৻QF৻J৻E৻G৻UOHU´³ &HQQHWO৻NOHU RUDGDDOWÕQE৻OH]৻N
OHUOHYH৻QF৻OHUOHVVOHQ৻UOHU2UDGDRQODUÕQO৻EDVÕ HOE৻VHOHU৻ ৻SHNWHQG৻U´
øQF൴NHQG൴V൴QGHQ|YJ\OHV|]HGHQ\XNDUÕGDN൴D\HWOHU൴G൴OHJHW൴UP൴úW൴U'DKD
VRQUDPDNDPRODUDNFHQQHWKDONÕQÕQHQGúNRODQÕQRGDODUÕYHNDSÕODUÕ\HNSD
UH൴QF൴GHQHY൴RODQN൴PVHQ൴QROGX÷XQXEHO൴UWP൴úW൴U$\UÕFDFHQQHWÕUPDNODUÕQÕQ
\HU\]QHoÕNWÕ÷ÕQÕoHYUHV൴Q൴Q൴QF൴oDGÕUODUGDQWRSUD÷ÕQÕQ൴VHHQNÕ\PHWO൴P൴VN
WHQROXúWX÷X.HYVHUKDYX]XQXQNHQDUODUÕQÕQ൴QF൴]HEHUFHWYH\DNXWWDQPH\GDQD
JHOG൴÷൴FHQQHWNROWXNODUÕQÕQ൴QF൴YH\DNXWWDQ\DSÕOGÕ÷ÕQÕ൴IW൴KDUODV|]OHU൴QHHNOH
P൴úW൴U
+]&HEUD൴O¶൴Q+]3H\JDPEHUHJHOHUHN+]+DW൴FH¶\൴JUOWYH\RUJXQOXN
EXOXQPD\DQ FHQQHWWH ൴oHU൴V൴ R\XOPXú ൴QF൴GHQ PDPXO E൴U HYOH PMGHOHP൴úW൴U
&HQQHWWHPP൴Q൴o൴Q൴o൴ERúWHNE൴U൴QF൴GHQE൴UoDGÕUÕQYDUOÕ÷ÕYHFHQQHWHKO൴
൴o൴Q൴QF൴GHQ]HEHUFHWWHQYH\DNXWWDQE൴UoDGÕUNXUXOXROGX÷XQXYXUJXODPÕúWÕU
'൴NNDWHG൴OG൴÷൴QGHJHUHNVDK൴KKDVHQPHUIXJHUHNVH]D\ÕIYH\DPHY]XROVXQ
E൴UoRNKDG൴VU൴YD\HW൴QGH൴QF൴NDYUDPÕQÕQYDUOÕ÷ÕQDúDK൴WROX\RUX]

 HV6X\€Wv0DNkPkWV
 HV6X\€Wv0DNkPkWV
 5DKPkQ
 9kNÕµD
 7€UøQVkQ
 +DF)kWÕU
 0XKDPPHG 1kVÕUXGGvQ (OEkQv EX KDG൴V൴Q ]D\ÕI ROGX÷XQX V|\OHP൴úW൴U %N] =D\vIX¶O&kP৻µ৻¶V6D÷vU YH
=৻\kGHWXK HO0HNWHEX¶OøVOkPv '൴PDúN WV V  HOµ$FO€Qv ൴VH 7DEHUkQv¶Q൴Q JoO E൴U ൴VQDWOD (QHV E
0DO൴NWHQU൴YD\HWHWW൴÷൴Q൴E൴OG൴UP൴úW൴U%N](E€¶O)൴GkøVPkvOE0XKDPPHGEHOµ$FO€Qv .HúIX¶O+DIkYH
0X]vOX¶O/৻EkVµDPPkøúWHKHUHP৻QH¶O(KkGvVµDOk(OV৻QHW৻¶Q1kVWKNµ$EGXOKDPvGE$KPHGE<€VXIE
+DQGkYvHO0HNWHEHWX¶Oµ$VU൴\\H%H\U€W,³&HQQHWHKO൴QGHQGHUHFHV൴HQGúNRODQÕQ൴QF൴GHQ
]HEHUFHWWHQYH\DNXWWDQE൴UoDGÕUÕRODFDNWÕU´7൴UPv]v&HQQHW
 HV6X\€Wv0DNkPkWX¶V6X\€WvV
 %XKkUv0HQkNÕEX¶O(QVkU7HYKvG0XVO൴P)H]k৻OX¶V6DKkEH
 %XKkUv%HG¶X¶O+DON7HIVvU5DKPkQ7HYKvG0XVO൴P&HQQHW7൴UPv]v&HQQHW
 7൴UPv]v&HQQHW
(V6X\€Wv¶Q৻Q0DNkPkW¶ÕQGD.RQXúDQ'H÷HUO৻7DúODU(O0DNkPDWX¶O<kN€W৻\\HgUQH÷৻ 

øQF൴OHU൴Q No÷QH ³PHUFDQ´ E\N RODQODUÕQD GD έ˵͇ Ω GXUU GHQ൴U %X QH
GHQOH.XU¶DQ¶GDHWUDIÕQÕoRND\GÕQODWDQSDUODN\ÕOGÕ]ODU൴o൴Q ϱ ͇ έ˵˷ ˶ Ω ΐ˴
˲ ϛϮ˴˸ ϛNHYNHEXQ
GXUU൴\\XQ Q൴WHOHPHV൴ \DSÕOPÕúWÕU  øQF൴OHU൴Q SDUODNOÕ÷ÕQGDQ GROD\Õ$UDSoDGD D\


JQHú\ÕOGÕ]DWHúú൴PúHN൴QVDQÕQSDUOD\DQ\]YHN൴ú൴Q൴QJQHúWHQ|WU\D
˴˸
QDQVÕUWÕ൴o൴Q൴QF൴Q൴QNHQG൴V൴QGHQWUHG൴÷൴I൴൴ORODQϷ˴ ϷOH¶OH¶HI൴൴O൴NXOODQÕOPÕúWÕU
'R÷DO ൴QF൴OHU൴Q EXOXQGX÷X \HU GDKD oRN %DKUH\Q .DWDU ONHOHU൴ F൴YDUÕGÕU
1൴VDQD\ÕQGD\D÷PXU\D÷GÕ÷ÕQGDGHQ൴]GHN൴VHGHIOHU ൴VW൴U൴G\HP൴G\H VX\]QH
oÕNDUDN DoÕOÕU YH \D÷PXU GDPODFÕNODUÕQÕ \XWDUODU 'DPODFÕNODUÕ \XWDQ VHGHIOHU
E൴UVUHVRQUD\DEDQFÕPDGGHROGX÷X൴oJGV\OH൴o൴QGHN൴OHU൴Q൴൴QF൴RODUDNGÕúDUÕ
DWDUODU6HGHIOHUVUKDO൴QGHGRODúÕU\൴\HFH÷HWRSOXFDúúUOHUøúWH\DSÕúNDQYH
FDQOÕRODQVHGHIOHU൴QUHWW൴÷൴൴QF൴OHUEXúHN൴OGHROXúXUYHVHGHIOHU൴QF൴OHU൴WP\
OHVDUPDODUøQF൴³NDOV൴\XPNDUERQDW´ DGÕYHU൴OHQE൴UPDGGHGHQROXúXU ι ˵ Ϯ˸ ˴ϐϟ΍
˴
³HO÷DYV´V|]F÷³GHQ൴]GH൴QF൴OHU൴QoÕNDUÕOGÕ÷Õ\HU´ ϖ͉ΒτϤ˵ ϟ΍³HOPXWDEEDN´൴VH


³൴QF൴Q൴QVR\XODQNDEX÷X´GHPHNW൴UøSO൴NWHN൴G൴]൴V൴QGHQD\UÕODQNRSDQ൴QF൴OHUH
$UDSODUέϮΠδϣ˲
˲ ΆϟΆϟ³OX¶OX¶XQPHVF€UGHUOHU'HQ൴]GHQ൴QF൴OHU൴oÕNDUDQGDOJÕoODUD
˴
൴VH ˲κ΋ΎϏ ³÷k൴V´YH\D ˲ι΍Ϯ͉ Ϗ˴  ³÷DYYkV´GHQ൴U
$÷ÕUOÕNRODUDN൴QF൴Q൴QNoNRUWDQFDYHE\NER\XEXOXQPDNWDGÕUHO(NIkQv
| ¶Q൴QEHO൴UWW൴÷൴QHJ|UHG|QHP൴Q³HO<HWvP൴\\H´DGÕYHU൴OHQHQE\N
൴QF൴V൴(PHYvGHYOHW൴Q൴QEHú൴QF൴KDO൴IHV൴$EGOPHO൴NE0HUYkQ | ¶ÕQVDUD
\ÕQGDEXOXQX\RUGX'DKDVRQUD൴VH*D]QHO൴VXOWDQÕ<HPvQGGHYOH(E€¶O0X]DIIHU
%HKUkPùkKE0HVµ€G | ¶XQKD]൴QHV൴QGHD÷ÕUOÕ÷ÕJUDPRODQHQ

 HO)HUkKvGv DJH9,(E€øEUkKvPøVKkNEøEUkKvPE+XVH\QHO)kUkEv0XµFHPX'vYkQ৻¶O(GHEWKN


$KPHG0XKWkUµ8PHU'kUX¶úùDµE.kK൴UH,,
 HO)HUkKvGv DJH 9, øEQ 'XUH\G DJH ,, ,,, (E€¶O.kVÕP 0DKP€G H]=HPDKúHUv (VkVX¶O
%HOk÷DWKN0XKDPPHG%kV൴Oµ8\€QX¶6€G'kUX¶O.XWXE൴¶OµøOP൴\\H%H\U€W,(E€¶O+DVDQµ$Ov
E øVPk൴O E 6vGH HO0XUVv HO0XKNHP YH¶O0XKvW HO$µ]DP WKN µ$EGXOKDPvG +DQGkYv 'kUX¶O.XWXE HO
µøOP൴\\H%H\U€W9,
 1€U  .XU¶DQ EDúND E൴U VXUHGH FHQQHW KXU൴OHU൴Q൴ ³VDNOÕ EXOXQDQ ൴QF൴OHUH´ EHQ]HWP൴úW൴U %N]9kNÕµD
.XU¶DQD\QÕúHN൴OGHGHQ൴]GHQoÕNDUÕODQVVHú\DODUÕQGDQGDV|]HWPHNWH )kWÕU YHFHQQHW
HKO൴Q൴Q൴QF൴OHU൴OHVVOHQHFHNOHU൴Q൴ +DF KDEHUYHUPHNWHG൴U
 (E€ 0DQV€U 0XKDPPHG E$KPHG HO(]KHUv 7HK]vEX¶O/X÷D WKN 0XKDPPHG µ$YG 0XµU൴E 'kUX øK\k൴
7XUkV൴¶Oµ$UDEv%H\U€W9,,,,HO0XUVvDJH,9øEQ0DQ]€U/৻VkQX¶Oµ$UDE,;
H]=HEvGv DJH V$KPHG0XKWkUµ$EGXOKDPvGµ8PHUDJH,,
 H]=HEvGv DJH V  0XKDPPHG +DVDQ &HEHOHO0X¶FHPX¶OøúW৻NkNvHO0X¶HVVDOH O৻(OIk]৻¶O.XU¶kQ
0HNWHEHWX¶OÆGkE.kK൴UH,9
 (E€ øVKkN øEUkKvP E øVKkN E øEUkKvP HO+DUEv *DUvEX¶O+DGvV WKN 6XOH\PkQ øEUkKvP 0XKDPPHG HO
µÆ\൴G&kP൴µDWX8PP൴¶O.XUk0HNNH,,
 HO(]KHUvDJH;,,øEQX¶O(NIkQv DJHV
 1HúYkQ HO+൴P\HUv DJH 9, øEQ 0DQ]€U DJH ,;$KPHG 5Õ]k 0XµFHPX 0HWQ৻¶O/XJD 'kUX
0HNWHEHWL¶O+D\kW%H\U€WWV,,,˽˼˽
 $KPHG0XKWkUµ$EGXOKDPvGµ8PHUDJH,,,
 HO(]KHUvDJH9,,,HO0XUVv DJH,;
 HO(]KHUvDJH,;HO0XUVvDJH9,
 øEQ0DQ]€UDJH,9H]=HEvGv DJH;,
 H]=HEvGv DJH;9,,,7X]OXVX൴QF൴V൴EXOXQGX÷XJ൴E൴WDWOÕVX൴QF൴V൴GHPHYFXWWXU%N]µ8ND\ODJHV
 +DFÕdød(.

E\N൴QF൴J|UOPúWU2G|QHPGHEX൴QF൴\HDVWURQRP൴NGHUHFHGHRWX]E൴QG൴QDU
I൴\DWE൴o൴OP൴úW൴U

 =PUW˲Ωή͊ ϣ˵ ί˵
'DKD VRQUD ]PUW V|] DOÕU YH ú|\OH VHVOHQ൴U %DQD GH÷HU YHUHQ \Hú൴O HOE൴
VHEDKúHGHQEHQ൴J|÷QUHQJ൴QGHQJ൴\G൴UHQYHVXGDQGDKDEHUUDNNÕODQ$OODK¶D
KDPG ROVXQ %HQ DFÕODUÕ G൴QG൴U൴U KDVWDODUÕ ൴\൴OHúW൴U൴U൴P %HQ൴P KDNNÕPGD Q൴FH
KDG൴V YH KDEHUOHU U൴YD\HW HG൴OP൴úW൴U =PUWQ ൴IDGHV൴QGH ]൴NU൴ JHoHQ KDG൴VOHU
GHQE൴UNÕVPÕHO%H\KDNv | ¶Q൴QùXµDEX¶OÌPkQDGOÕHVHU൴QGH(QHVE
0kO൴N | ¶WHQ³+HUN൴PoDUúDPEDSHUúHPEHYHFXPDJQOHU൴RUXoWXWDU
VD$OODKRQXQ൴o൴QFHQQHWWH\DNXW൴QF൴YH]PUWWHQE൴UVDUD\൴QúDHGHFHNYHRQX
DWHúWHQX]DNWXWDFDNWÕU´³&HQQHWWHN൴KXUPDD÷DFÕQÕQN|N\Hú൴O]PUWWHQG൴U´
G൴\HU൴YD\HWHWW൴÷൴KDG൴VOHUG൴U
=PUW )DUVoDGDQ$UDSoD\D JHoP൴ú \DEDQFÕ E൴U NHO൴PHG൴U =PUW \Hú൴O
UHQNWHYHúHIIDIROXS\DNXWDEHQ]H\HQGH÷HUO൴E൴UWDúWÕU'DKDoRNNR\X\Hú൴O
RODQÕWHUF൴KHG൴O൴U%WQG|QHPOHUGH\]NWDúÕRODUDNNXOODQÕOPÕúWÕUdRNHVN൴
G|QHPOHUGHE൴OHd൴Q+൴QW0ÕVÕUYHG൴÷HUEHOGHOHUDUDVÕQGDKDP]PUWYHPD
PXOOHU൴W൴FDUHW൴Q൴Q\DSÕOGÕ÷ÕQÕ]PUWQG൴÷HUGH÷HUO൴PDGHQOHUJ൴E൴ONH൴GDUH
F൴OHU൴DUDVÕQGDKHG൴\HOHúPHREMHV൴RODUDN\HUDOGÕ÷ÕQÕJ|UPHNWH\൴]7DúÕ]PUW
WHQRODQN൴P൴\]NOHUE൴QOHUFHG൴QDUYHU൴OHUHNVDWÕQDOÕQPÕúWÕU=PUW\]÷Q
VDUD\ DGDPODUÕQÕQ E൴UE൴U൴QH NDUúÕ VWQON WDVODPD DUDFÕ RODUDN GD NXOODQÕOGÕ÷Õ
$EEDV൴OHUG|QHP൴QGHEXWDYUÕQGDKD\R÷XQROGX÷XV|\OHQHE൴O൴U
=PUWQID\GDOÕROGX÷XQDGD൴UoRNHVN൴]DPDQODUGDQEHU൴oHú൴WO൴J|UúOHUYDU
GÕU

 *HQ൴úE൴OJ൴൴o൴QEN]øEQX¶O(NIkQvDJHV
 HV6X\€Wv 0DNkPkW V  =PUW KDNNÕQGD ULYD\HW HGLOHQ KDGLVOHUH (E€¶O)HUHF µ$EGXUUDKPkQ E
µ$Ov øEQX¶O&HY]v .৻WâEX¶O0HY]€µkW WKN µ$EGXUUDKPkQ 0XKDPPHG µ8VPkQ HO0HNWHEHWX¶V6HOHI൴\\H
0HGvQH,,൴OH0XKDPPHG1kVÕUXGGvQ(OEkQvLKWL\DWOD\DNODúPÕúODURQODUÕQ\D]D\ÕI\DGDPHY]X
ROGX÷XQXE൴OG൴UP൴úOHUG൴U%N]6৻OV৻OHWX¶O(KkGvV৻¶]=DvIHYH¶O0HYĪ€DYH(džHUXKD¶V6H\\৻¶I৻¶O8PPH'kUX¶O
0DµkULI5L\kG;,5551
 (E€0DQV€U0HYK€EE$KPHGE0XKDPPHGHO+XGDUHO&HYkOvNv HO0XµDUUDEP৻Q.HOkPHO$µFHPvµDOk
+XU€IHO0X¶FHPWKN)µ$EGXUUDKvP'kUX¶O.DOHP%H\U€WV
 0HVHOD 7UNoHGH ³]PUGv´ GHQ൴OG൴÷൴QGH ³]PUW UHQJ൴QGH \HP\Hú൴O´ ³]PUW \Hú൴O൴´ GHQ൴OG൴÷൴QGH ൴VH
³NR\X\Hú൴O´PDQDVÕDQODúÕOÕU%N]7UNoH6|]ON7UN'൴O.XUXPXKD].RP൴V\RQ%VP$QNDUD
,,
 &HOkOXGGvQ HV6X\€Wv +XVQX¶O0XKkGDUD Iv 7kUvK 0ÕVU YH¶O.kK৻UH WKN 0XKDPPHG (E€¶O)DGO øEUkKvP
'kUXøK\kHO.XWXEHOµ$UDE൴\\H.kK൴UH,,
 $KPHG0XKWkUµ$EGXOKDPvGµ8PHUDJH,,
 (E€¶U5H\KkQ0XKDPPHGE$KPHGHO%vU€QvHO&HPkK৻UIv0DµU৻IHW৻¶O&HYkK৻UEDVÕP\HU൴YHWDU൴K൴\RNV
+൴QGO൴OHUYHd൴QO൴OHU]PUWQ³UH\KkQv´oHú൴G൴Q൴$\UXSDOÕODU൴VH]PUWQNR\X\Hú൴ORODQÕQÕWHUF൴K
HGHUOHUG൴%N]øEQX¶O(NIkQvDJHV
 µ$OvE/kOvE0XKDPPHGHO.XVWDQWvQv +D\UX¶O.HOkPIv¶W7DNDVVvµDQ$÷OkW৻¶Oµ$YkPWKN+kWÕP6kO൴KHG
(V6X\€Wv¶Q৻Q0DNkPkW¶ÕQGD.RQXúDQ'H÷HUO৻7DúODU(O0DNkPDWX¶O<kN€W৻\\HgUQH÷৻ 

 0HUFDQ ˵ϥΎΟ˴ ή˸ Ϥ˴ ϟ˸ ˴ ΍


=PUWWDúÕV|]QE൴W൴UG൴NWHQVRQUDPHUFDQV|]DOÕUYHoHYUHV൴QHú|\OHVHVOH
Q൴U%HQ൴J]HOHOE൴VH൴OHVVOH\HQDGÕPÕ<FH.൴WDEÕ¶QGD5DKPDQVXUHV൴QGHDoÕN
oD൴N൴NH]WHNUDUOD\DQFHQQHWKXU൴OHU൴Q൴EDQDEHQ]HWHQFHYKHU൴P൴GHQ൴]OHUGHNÕ
ODQ\HU൴P൴\XUGXPXNRO\HOHUGHX\JXQJ|UHQ$OODK¶DKDPGROVXQ%HQ.XU¶DQ¶GD
DGÕJHoHQoGH÷HUO൴WDúÕQoQFV\P+DG൴VOHUGHGHDGÕPJHoP൴úW൴UEXE൴OH
EDQDQHNDGDUGH÷HUYHU൴OG൴÷൴Q൴QE൴U൴VSDWÕGÕU
'DKD |QFH ൴QF൴OHU൴Q No÷QH ϥΎ˴Οή˸ Ϥ˴ ϟ˸ ˴ ΍ ³PHUFDQ´ E\N RODQODUÕQD GD έ˵͇ Ω
³GXUU´GHQG൴÷൴Q൴V|\OHP൴úW൴N0HUFDQNHO൴PHV൴$UDSoDN|NHQO൴E൴UV|]FNGH
÷൴OG൴UdQN$UDSoDGDEXKDUIOHU൴Q\DQ\DQDJHOG൴÷൴NHO൴PHEXOXQPDPDNWDGÕU
6U\DQ൴FHGHQ$UDSoD\DJ൴UG൴÷൴NXYYHWOHPXKWHPHOG൴U
0HUFDQSU]V]NU൴VWDO൴]HYHoRNEH\D]ROGX÷XQGDQGROD\ÕGÕUN൴.XU¶DQ¶GD
FHQQHWWHN൴HúOHUGHQ൴]GHQoÕNDUÕODQPHUFDQDEHQ]HW൴OP൴úW൴U
%H\D]YHNÕUPÕ]ÕPHUFDQODUÕQGÕúÕQGDV൴\DKWDQHO൴E൴UWUYDUGÕUN൴.Õ]ÕOGHQ൴]¶GH
EXOXQXUøQF൴YHPHUFDQODUGDRGHQO൴J൴]HPJ|UOPúN൴ED]Õ൴QVDQODU൴QF൴YH
PHUFDQODUÕQF൴QOHUWDUDIÕQGDQGHQ൴]HEÕUDNÕOGÕ÷ÕQD൴QDQPÕúWÕU

 =HEHUFHW˲ΪΟ˴ ή˸ ˴Αί˴


0HUFDQNHQG൴V൴KDNNÕQGD|YJGROXV|]OHU൴VDUIHWW൴NWHQVRQUD]HEHUFHWV|]H
J൴UHUYHú|\OHGHU
%HQ൴YH]PUWNDUGHú\DSDQJHFHYHJQG]GHYDPHWW൴NoHE൴]൴PGHNDU
GHúO൴÷൴P൴]൴GHYDPHWW൴UHQ$OODK¶DKDPGROVXQ%൴UoRNKDG൴VYHKDEHUGHGHIDODUFD
൴VP൴PDOHQHQ]൴NUHG൴OP൴úW൴U%൴UKDG൴VWHEHQ൴PKDNNÕPGDFHQQHWWH]HU൴QGH]H
EHUFHWWHQRGDODUÕQEXOXQGX÷X\DNXWWDQVWXQODUÕQYDUROGX÷XEDúNDE൴UKDG൴VWH
FHQQHW RGDODUÕQÕQ \D NÕUPÕ]Õ \DNXWWDQ \D \Hú൴O ]HEHUFHWWHQ YH\D EH\D] ൴QF൴GHQ
ROXúWX÷XE൴OG൴U൴OP൴úW൴UHW7DEHUkQv¶Q൴Q | HVHU൴QHDOGÕ÷ÕE൴UU൴YD\HWWH
'kP൴Qµ$OHPX¶O.XWXE%H\U€WWVV'R]\,,,H]=HEvGvDJH9,,,
 0HOOLIEXUDGD\DNXWLQFLYHPHUFDQoOVQNDVWHWPHNWHGLU
 HV6X\€Wv0DNkPkWV&HQQHWWHPP൴QOHUHWDKV൴VHG൴OHQHYOHU൴QWDYDQODUÕQÕQPHUFDQGDQROGX÷XQDGD൴U
EN]7൴UPv]v&HQQHW
 HO)HUkKvGv DJH9,&HYKHUvDJH,,(E€¶O+XVH\൴Q$KPHGøEQ)kU൴V 0XµFHPX0HNk\৻V৻¶O
/X÷DWKNµ$EGXVVHOkP0XKDPPHG+DVDQ'kUX¶O&v\O%H\U€W,HO0XUVvDJH9,,
 HO)HUkKvGv DJH 9,%N]1€U
 HO&HYkOvNv DJHV
 5DKPkQ
 5DKPkQ
 HO(]KHUvDJH;,
 'R]\DJH;,
 HO(]KHUvDJH;,
 HV6X\€Wv0DNkPkWV
 +DFÕdød(.

൴VH³+HUN൴PUDPD]DQD\ÕQGDVHVV൴]VDN൴QRODUDNE൴UJQRUXoWXWDUVD$OODKRQD
FHQQHWWHNÕUPÕ]Õ\DNXWWDQYH\Hú൴O]HEHUFHWWHQE൴UHY\DSDFDNWÕU´G൴\HV|]HG൴O
P൴úW൴U
=HEHUFHW GDKD VRQUD +] 3H\JDPEHU¶൴Q SDUPD÷ÕQGDN൴ \]N WDúÕ ROGX÷X
QX NHQG൴V൴QH +] 3H\JDPEHU¶൴Q HO൴Q൴Q GH÷G൴÷൴Q൴ NHQG൴V൴QGH ³0XKDPPHGXQ
5HV€OXOOkK´൴EDUHV൴Q൴QQDNÕúOÕROGX÷XQX&HEUD൴O¶൴QNDQDWODUÕQÕQ]HEHUFHWPFHY
KHU൴\OHVVOHQG൴÷൴Q൴V|\OH\HUHNEXQXQG൴÷HUGH÷HUO൴WDúODUDVWQO÷൴o൴Q\HWHUO൴
E൴UGHO൴OROGX÷XQXYHGROD\VÕ\ODN൴PVHQ൴QNHQG൴V൴QHVWQONWDVOD\DPD\DFD÷ÕQÕ
൴OHU൴VUPúWU=HEHUFHWNRQXúPDVÕQÕQVRQXQX³%HQoQFKDO൴IH2VPDQE
$IIkQ¶ÕQ HO൴QGHQ (UvV NX\XVXQD GúW÷PGH I൴WQH ND]DQÕ ND\QDPD\D EDúOD
GÕ KX]XU YH EDUÕú \RN ROGX PP൴QOHU E൴UE൴U൴QH NÕOÕoODUÕQÕ oHNW൴OHU %X ൴VH +]
6OH\PDQ¶ÕQ\]÷QGHN൴VÕUUÕQEHQGHGHROGX÷XQXQE൴UJ|VWHUJHV൴G൴U´úHNO൴QGH
ED÷ODPÕúWÕU
=HEHUFHW)DUVoDGDQ$UDSoD\DJHoP൴ú\DEDQFÕE൴UNHO൴PHG൴U=HEHUFHWIÕVWÕN
൴o൴\Hú൴OUHQJ൴QGHúHIIDIDPDoDEXNVRODQE൴UWDúWÕU

 $NvN˵ϖϴϘ˶ ˴όϟ˸ ˴ ΍


HV6X\€WvPDNkPHV൴QGH]HEHUFHWWDúÕQGDQVRQUDDN൴NWDúÕQDV|]KDNNÕQÕYHU൴U
DN൴NGHD\D÷DNDONDUDNú|\OHNRQXúXU
%HQ൴KDúPHWO൴YHJ|VWHU൴úO൴NÕODQEDQDHQJ|UNHPO൴HOE൴VH\൴J൴\G൴UHQD\UÕFDOÕN
OÕJ]HO|]HOO൴NOHUEDKúHGHQYHGRVWNRQXVXQGDEHQ൴PEDUHN\DSDQ$OODK¶DKDPG

 5DY൴OHUGHQ9HOvGE9HOvG൴o൴Q(E€+kWÕPJYHQ൴O൴UV൴NDGHP൴úDPDE൴UoRNKDG൴VNU൴W൴No൴V൴൴VHUDY൴\൴]D\ÕI
J|UPúWU %N] (E€¶O+DVDQ 1XUHGGvQ µ$Oî E %HNU E 6XOH\PkQ HO+H\VHPv 0HFPDµX¶]=HYk৻G YH
0HQEDµX¶O)HYk৻GWKN+XVVkPXGGvQHO.XGVv0HNWHEHWX¶O.XGVv.kK൴UH,,,
 HV6X\€Wv0DNkPkWV
 (UvV.X\XVXG൴÷HUDGÕ\OD%൴¶U¶O+kWHP\DQ൴<]NNX\XVX+]2VPDQ¶ÕQ3H\JDPEHU൴P൴]HD൴WPKURODUDN
NXOODQÕODQ\]÷GúUG÷NX\XGXU0HG൴QH¶\HoN൴ORPHWUHX]DNOÕNWD.XED0HVF൴G൴Q൴QEDWÕWDUDIÕQGD
EXOXQPDNWDGÕU%XNX\X(UvVDGOÕE൴U<DKXG൴\HD൴WEDKoHGHEXOXQGX÷X൴o൴Q(UvV.X\XVXG൴\HDQÕOPÕúWÕU+]
3H\JDPEHU൴Q\]÷YHIDWÕQDNDGDUSDUPD÷ÕQGD൴G൴6RQUD+](E€%HNU+]gPHUYH+]2VPDQ¶D൴QW൴NDO
HWW൴%൴UGHIDVÕQGD+]2VPDQ(UvVNX\XVXQXQEDúÕQDRWXUPXú\]÷\HU൴QGHQoÕNDUPÕúWÕ2HVQDGD\]N
NX\X\D GúPúW +] 2VPDQ¶ÕQ QH]DUHW൴QGH o JQ ER\XQFD NX\XQXQ VX\X oHN൴OPHV൴QH UD÷PHQ \]N
EXOXQDPDPÕúWÕ +൴FUv    WDU൴K൴QGH YXNX EXODQ EX ROD\GDQ VRQUD NX\X<]N .X\XVX DQODPÕQGD
%৻¶UX¶O+kWHPG൴\HGHDQÕOPÕúWÕU<]N(UvVNX\XVXQDGúQFH\HNDGDU+]2VPDQ¶ÕQHO൴QGHSDUPD÷ÕQGD
ROXS ]HU൴QGHN൴ \D]Õ 0XKDPPHG 5HV€OXOOkK ൴G൴ %N] %XKkUv /৻EkV     0XVO൴P /৻EkV 
(E€'kYXG+kWHP7൴UPv]v/৻EkV1HVkv=vQHWøEQX0kFH/৻EkVHW7DEHUkQvHO
0XµFHPX¶O.HE৻U9,,HO0XµFHPX¶O(YVDW9,,(E€%HNU$KPHGEµ$PUEHG'DKKkNE0DKOHG
HúùH\EkQvHV6XQQHWKN0XKDPPHG1kVÕUXGGvQ(OEkQvHO0HNWHEX¶OøVOkPv%H\U€W,,(E€
+kW൴P0XKDPPHGE+൴EEkQE$KPHGHO%XVWvHOøKVkQIv7DNUvE৻6DKvK৻øEQ+৻EEkQWKNùXµD\EHO$UQD€W
0X¶HVVHVHWX¶U5൴VkOH%H\U€W;,,
 HV6X\€Wv0DNkPkWV
 HO&HYkOvNv HO0XµDUUDEV
 %N] µ$Ov E /kOv E 0XKDPPHG HO.XVWDQWvQv +D\UX¶O.HOkP Iv¶W7DNDVVv µDQ $÷OkW৻¶Oµ$YkP WKN +kWÕP
6kO൴KHG'kP൴Qµ$OHPX¶O.XWXE%H\U€WWV6
(V6X\€Wv¶Q৻Q0DNkPkW¶ÕQGD.RQXúDQ'H÷HUO৻7DúODU(O0DNkPDWX¶O<kN€W৻\\HgUQH÷৻ 

ROVXQ$\UÕFD +] 3H\JDPEHU EHQ൴P KDNNÕPGD úXQODUÕ EX\XUPXúWXU ³&HQQHW


HKO৻Q৻QHQID]ODRODQWDNÕVÕDN৻NW৻U´6X\€Wv¶Q൴QHVHU൴QHDOGÕ÷ÕEXU൴YD\HWNRQX
VXQGDROGXNoDoHú൴WO൴\RUXPODU\DSÕOPÕúWÕU.൴P൴V൴EXU൴YD\HW൴o൴QPHUIXN൴P൴V൴
]D\ÕI\DODQYHPHY]XROGX÷XQXV|\OHP൴úW൴U HV6X\€Wv 0DNkPkW¶ÕQGD EX
U൴YD\HWH\HUYHUPHV൴QHUD÷PHQEDúNDE൴UHVHU൴QGH൴VHU൴YD\HW൴QNU൴W൴÷൴Q൴\DSDUNHQ
RQXQKDNNÕQGD³JDU൴EKDG൴VW൴U´KNPQYHUP൴úW൴U
³$N৻N\]NWDNDQN৻PVHKD\ÕUJ|UPH\HGHYDPHGHFHNW৻U´%XU൴YD\HW൴QGX
UXPXE൴U|QFHN൴QGHQIDUNOÕGH÷൴OG൴UgQFHN൴U൴YD\HW൴o൴Q\DSÕODQNU൴W൴NOHUEXQXQ
KDNNÕQGDGD\DSÕOPÕúWÕU
³$N৻N\]NWDNÕQÕ]oQNREHUHNHWW৻U´൴IDGHV൴KDG൴VG൴\HU൴YD\HWHG൴OP൴úVH
GHKDG൴VNU൴W൴No൴OHU൴RQD൴KW൴\DWOD\DNODúPÕúODURQXQ+]+]3H\JDPEHUWDUDIÕQ
GDQVHVOHQG൴U൴OPHG൴÷൴KNPQHYDUPÕúODUGÕU
³$N৻N\]NWDNÕQÕ]oQNRIDN৻UO৻÷৻\RNHGHU´ %XU൴YD\HW൴QDVOÕQÕQRO
PDGÕ÷Õ+]3H\JDPEHU¶൴QN൴+DFHUX¶O(VYHG¶൴QGXUXPXE൴O൴QPHV൴QHUD÷PHQ
DN൴NWDúÕJ൴E൴E൴UREMH൴o൴Q³EHUHNHWW൴UPEDUHNW൴UIDN൴UO൴÷൴\RNHGHU´J൴E൴ODIÕ]ODUÕ
NXOODQPD\DFD÷ÕDú൴NkUGÕU
³$N৻NWDNDQN৻PVHQ৻Q৻ú৻\DYHUJ৻GHUDNÕEHW৻KD\ÕUROXU´+DG൴VNU൴W൴÷൴\DSDQ
X]PDQODUPHUIXRODQEXV|]QVDK൴KROPDGÕ÷ÕQÕV|\OHP൴úW൴U+൴oE൴UoDEDYHHPHN

 HV6X\€Wv0DNkPkWV
 (E€¶O)DGO$KPHGEµ$OvE0XKDPPHGE$KPHGE+DFHUHOµ$VNDOkQv/৻VkQX¶O0v]kQWKNµ$EGXOIHWWkK
(E€*XGGH'kUX¶O%Húk൴U%H\U€W,9
 µ$OvE$KPHGE1XUHGGvQE0XKDPPHGµ$]v]vHV6৻UkFX¶O0XQvUE৻ùHUK৻¶O&kP৻µ৻¶V6D÷vU0HUNH]HQ
1DKEHOµøOP൴\\H6XµXG൴\\HWV,
 %N]øEQX¶O&HY]vDJH,,,ùHPVXGGvQ(E€µ$EGXOOkK0XKDPPHGE$KPHGEµ8VPkQE.D\Pk]H]
=HKHEv 0v]kQX¶OøµW৻GkO Iv 1DNG৻¶U5৻FkO WKN µ$Ov 0XKDPPHG HO%HFkYv 'kUX¶O0DµU൴IH %H\U€W 
,,(E€¶O+D\UùHPVXGGvQ0XKDPPHGE$EGXUUDKPkQE0XKDPPHGHV6HKkYvHO0HNkVÕGX¶O+DVHQH
Iv%H\kQ.HVvUP৻QH¶O(KkGvVHO0HúK€UDµDOk¶O(OV৻QHWKN0XKDPPHGµ8VPkQHO+ÕúW'kUX¶O.XWWkE൴¶O
µ$UDEv %H\U€W  V  0XKDPPHG E µ$Ov ùHYNkQv HO)HYk৻GX¶O0HFPX¶D I৻¶O(KkGvV৻¶O 0HY]XµD
WKN µ$EGXUUDKPkQ E<DK\k HO0XµDOO൴Pv HO<DPkQvµ$EGXOYDKKkE µ$EGXOODW൴I 'kUX¶O.XWXE൴¶OµøOP൴\\H
%H\U€WV(OEkQv=D\vIX¶O&kP৻µ৻¶V6D÷vUYH=৻\kGHWXK,
 %N]HV6X\€Wv&kP৻µX¶O(KkGvVQúU+DVDQµ$EEkV=HNv0ÕVÕUWV9˼˾˽
 %N] øEQX¶O.D\VHUkQv (E€¶O)D]O øEQX¶O.D\VHUkQv 0XKDPPHG E 7kK൴U E µ$Ov HO0DNG൴Vv HúùH\EkQv
7H]N৻UHWX¶O+XIIk] (WUkI (KkGvV৻ .৻WkE৻¶O0HFU€KvQ O৻ øEQ +৻EEkQ 5൴\kG  V  øEQX¶O.D\VHUkQv
0DµU৻IHWX¶W7H]N৻UH Iv¶O(KkGvV৻¶O0DµU৻IH WKN µøPkGXGGvQ $KPHG +D\GkUkEkG 0X¶HVVHVHWX¶O.XWXE HV
6HNkI൴\\H%H\U€WVøEQX¶O&HY]vDJH,,,HV6HKkYvDJHVH]=HKHEv0v]kQX¶OøµW৻GkO
,9  HO$VNDOkQv /৻VkQX¶O0v]kQ ,; ùHYNkQv DJH V  (OEkQv 6৻OV৻OHWX¶O(KkGvV৻¶]=DvIH
YH¶O0HYĪ€DYH(džHUXKH¶V6H\\৻XI৻¶O8PPH'kUX¶O0DµkULI5L\kG,
 HO%H\KDNvùXµDEX¶OÌPkQ9,,,
 øEQX¶O&HY]v DJH ,,, (E€¶O+DVDQ 0ROOD µ$Ov E 0XKDPPHG µ$O൴\\X¶O.kUv HO(VUkUX¶O0HUI€µD Iv¶O
$KEkU৻¶O0HY]€µkWKN0XKDPPHG6DEEk÷'kUX¶O(PkQH%H\U€WWVVùHYNkQvDJHV
 +] gPHU¶൴Q +DFHUX¶O(VYHG¶൴Q \DQÕQD JHOHUHN RQX KHP |SPú KHP GH ³%৻O৻\RUXP N৻ VHQ E৻U WDúVÕQ QH
E৻UID\GDQQHGH]DUDUÕQYDUGÕU%HQ+]3H\JDPEHU৻QVHQ৻|SW÷QJ|UPHVH\G৻PVHQ৻DVOD|SPH]G৻P´
GHP൴úW൴U%N]%XKDUv+DFF0XVO൴P+DFF7൴UPv]v+DFF(E€'kY€G0HQkV৻N
1HVkv+DFFøEQX0kFH0HQkV৻N0XYDWWD+DFF
 %N]øEQX¶O&HY]vDJH,,,H]=HKHEv0v]kQX¶OøµW৻GkO,ùHYNkQvDJHV(OEkQv6৻OV৻OHWX¶O
(KkGvV৻¶]=DvIHYH¶O0HYĪ€µD,,,,;,
 +DFÕdød(.

VDUIHWPHGHQVDOWE൴USDUoDWDúÕEXOXQGXUPDQÕQN൴ú൴Q൴Q൴ú൴Q൴Q\DYHUJ൴WPHV൴QHVH
EHSRODFD÷ÕN൴ú൴Q൴QDNÕEHW൴Q൴QGHKD\ÕUODVRQODQDFD÷ÕúHNO൴QGHN൴GúQFH൴QVDQ
HPHN ൴QVDQVHUPD\H YH ൴QVDQHú\D ൴O൴úN൴V൴ PDQWDO൴WHV൴\OH X]DNWDQ \DNÕQGDQ E൴U
൴OJ൴V൴EXOXQPDPDNWDGÕUøEQX¶O&HY]v |  DN൴NOH൴OJ൴O൴KDG൴VG൴\HU൴YD\HW
HG൴OHQV|]OHU൴QK൴oE൴UVDK൴KWDUDIÕEXOXQPDPDNWDGÕU
³$N৻N\]NWDNDQKHUKD\UDPXYDIIDNROXUYHRQX৻N৻PHOHNVHYHU´HO0XQkYv
|  VHQHWWHN൴ UDY൴ <DµN€E E 9HOvG HO0HGHQv¶Q൴Q \DODQFÕ ROGX÷XQX
ND\GHWP൴úW൴U
'H÷HUO൴ WDú oHú൴WOHU൴QGHQ RODQ DN൴N GDKD oRN NÕUPÕ]Õ UHQNO൴G൴U *HQHOO൴NOH
\]NWDúÕRODUDN൴VW൴KGDPHG൴O൴U%H\D]DPDKDI൴Io൴]J൴O൴DN൴N<HPHQ¶GH6DQµD
WDUDIODUÕQGDEXOXQXU=DWHQRQXQEDúNDE൴UDGÕQD³<HPHQWDúÕ´GHQ൴U6DQµD¶GDQ
$GHQ¶H JHW൴U൴O൴U RUDGDQ GD VD൴U EHOGHOHUH J|QGHU൴O൴U  \ÕOÕQGDQ ൴W൴EDUHQ
)UDQVD¶GDN൴P\DVDOODUDUDFÕOÕ÷Õ\ODVXQ൴DN൴N൴PDOHG൴OPH\HEDúODQPÕúWÕU(QGH
÷HUO൴NÕUPÕ]ÕDN൴N+൴QG൴VWDQ¶GDEXOXQXURUDGDNDKYHUHQJ൴DN൴NUHQJ൴NÕUPÕ]Õ\D
G|QúVQG൴\HE൴UVUHJQHúHEÕUDNÕOÕU'Q\DSD]DUODUÕQGDN൴DN൴N൴QE\NoR
÷XQOX÷X൴VH\DSD\GÕU%UH]൴O\DYH8UXJXD\PHQúHO൴G൴U 
)D\GDODUÕ9FXWWDN൴NDQDPDQÕQGXUPDVÕQD\DUGÕPFÕROXU%HGHQHFDQOÕOÕNYH
]൴QGHO൴NYHU൴U6WUHVYHJHUJ൴QO൴÷൴D]DOWÕUdHú൴WOHU൴DUDVÕQGDHQPDNEXONÕUPÕ]Õ
VRQUDVDUÕGDKDVRQUD൴VHEH\D]RODQÕGÕU$N൴N൴QWR]XG൴úOHU൴QWHP൴]OHQPHV൴QH
\DUGÕPFÕROXUG൴úOHU൴QoUPHV൴Q൴JHF൴NW൴U൴U<]NWDúÕQÕQP൴JUHQH൴\൴JHOG൴÷൴QH
GD൴U\RUXPODU\DSÕOPÕúWÕU

˴ ή˸˵ ϴ˴ϔϟ΍
 )vU€]H7XUNXD]Νίϭ
0FHYKHUDWDUDVÕQGDHQVRQV|]IvU€]HDOÕUYH³%HQ൴൴N൴UHQNVD\HV൴QGHVWQ
NÕODQ ൴N൴ HOE൴VH\OH J൴\G൴UHQ N൴P\D ൴OP൴QGH J|]OHU ൴o൴Q ൴ODoODUÕQ DUDVÕQD NDWDQ
E൴]]DWEHQ൴RQXUHHGHUHNG൴÷HUPDGHQOHUGHQIDUNOÕODúPDPÕVD÷OD\DQ$OODK¶DKDPG
ROVXQ+DYDEHUUDNODúWÕ÷ÕQGDEHQGHEHUUDNODúÕUKDYDEXODQÕNROGX÷XQGDEHQGH

 øEQX¶O&HY]vDJH,,,
 %N]=H\QXGGvQ0XKDPPHGµ$EGXUUH]]kNHO0XQkYv)H\]X¶O.DGvUùHUKX¶O&kP৻µ৻¶V6D÷vUHO0HNWHEHWX¶W
7൴FkU൴\\HHO.XEUk0ÕVÕU,,,
 (E€µ$EGXOOkKùHPVXGGvQ0XKDPPHGE(E€¶O)HWKHO%D¶Ov¶HO0XWWDO৻µµDOk(OIk]৻¶O0XNQ৻µWKN0DKP€G
HO$UQkXW<kV൴Q0DKP€GHO+DWvE0HNWHEHWX¶V6HYYkGv&൴GGHV
 )vU€]kEkGvDJHV$KPHG 5Õ]k0XµFHPX0HWQ৻¶O/XJD,90XKV൴Qµ8ND\ODJHV 
 µ8ND\ODJHV
 µ8ND\ODJHV
 )vU€]kEkGvDJHV
 H]=HEvGvDJH;;9,øEUkKvP0XVWDIkYHG൴÷HUOHU൴0XµFHPXO9DVvW,,
 1HúYkQHO+൴P\HUvDJH9,,µ8ND\ODJH
(V6X\€Wv¶Q৻Q0DNkPkW¶ÕQGD.RQXúDQ'H÷HUO৻7DúODU(O0DNkPDWX¶O<kN€W৻\\HgUQH÷৻ 

EXODQÕN ROXUXP 1൴VkE€U 'D÷Õ GÕúÕQGD EDúND \HUGH EXOXQPDP  +HU N൴P WR]
KDO൴QGHEHQ൴൴oHUVHKHUJ൴U൴úW൴÷൴൴úWHEDúDUÕOÕROXU´GHU
)vU€]HG൴÷HUDGÕ\ODWXUNXD]WDúÕGÕU)DUVoDGDQ$UDSoD\DJ൴UP൴úE൴UV|]FNWU
)DUVoDGD³3൴U€]H]DIHU´DQODPÕQDJHOHQEXNHO൴PH³]DIHUJDO൴E൴\HWWDúÕ´YH³J|]
WDúÕ´RODUDNPHúKXUGXU7UN൴\H¶GHWXUNXD]G൴\HE൴O൴Q൴U
g]HOO൴NOHU൴ ൴VH \Hú൴O YH J|N PDY൴V൴ WRQODUÕ RODQ WXUNXD] KDYDQÕQ GXUXPXQD
J|UHGH÷൴ú൴UKDYDEHUUDNROGX÷XQGDWDúGDEHUUDNYHDoÕNROXUKDYDEXODQÕNYH
NDSDOÕROGX÷XQGD൴VHKDYD\DPXDG൴OEXODQÕNYHNDUDUDQE൴UúHN൴ODOÕU+DYDE൴U
VDDW൴o൴QGH\]GHIDGH÷൴úVHE൴OHIvU€]HWDúÕGDRVD\ÕGDGH÷൴ú൴PHX÷UDU*HQHOGH
³øVKkNv´YH³+DODQFv´ROPDN]HUH൴N൴oHú൴WIvU€]HYDUGÕU(QGH÷HUO൴YHEHUUDN
RODQÕ³øVKkNv´G൴\HDQÕODQIvU€]HG൴U)vU€]HWDúÕW|USOHQPH]DWHúWHYHVÕFDN
VXGD |]Q ND\EHWPH]<]N WDúÕ ROPDVÕ QRNWDVÕQGD ൴GHDOG൴U )vU€]H \D÷OD
EXOXúWX÷XQGDJHYúHUYHEHUUDNODúÕU2QJQNDGDU\D÷GDEÕUDNÕOGÕ÷ÕQGDD÷ÕUOÕ÷Õ
JQEHJQDUWDU
øPDP &DIHU 6DGÕN | ¶D ൴VQDW HG൴OHQ ³)vU€]H \]N WDúÕ WDNÕODQ HO
IDN൴UROPD]´V|]ROGXNoD\D\JÕQGÕU
)vU€]HQ൴Q൴QVDQVD÷OÕ÷ÕQDID\GDVÕNRQXVXQGDHVN൴GHQEHU൴൴QDQoODUV|]NRQX
VXGXU

 HV6X\€WvNHQG൴G|QHP൴Q൴QHQIRUPDW൴NNRúXOODUÕQDJ|UHIvU€]HQ൴QVDGHFHøUDQ¶GD1൴VkE€U'D÷Õ¶QGDPHYFXW
ROGX÷XQXV|\O\RU%XNRQXGDHV6X\€Wv¶Q൴QYHUG൴÷൴E൴OJ൴\൴JDU൴SVHPHPHNJHUHN൴U2\VDN൴IvU€]H൴ONGHID
0ÕVÕU¶GD 0g  \ÕOODUÕQGD 6൴QD 'D÷Õ¶QGD EXOXQPXúWXU %X QHGHQOH EX PDGHQ൴Q E൴U DGÕ GD   IvU€]H൴
0ÕVUv¶G൴U*QP]GHIvU€]H\R÷XQOXNOXRODUDNøUDQ0ÕVÕU0HNV൴ND6H\ODQ 6U൴/DQND 7D\ODQGYH$PHU൴ND
J൴E൴ONHOHUGHEXOXQPDNWDGÕU%N]µ8ND\ODJHV
 HV6X\€Wv0DNkPkWV
 $KPHG5Õ]kDJH,9
 (E€¶U5H\KkQHO%vU€QvDJHVøEQX¶O(NIkQvDJHVµ8ND\ODJH
 (E€¶Oµ$EEkV ù൴KkEXGGvQ $KPHG E 0XKDPPHG HO+H\WHPv 7XKIHWX¶O0XKWkF E৻ùHUK৻¶O0৻QKkF HO
0HNWHEHWX¶W7൴FkU൴\\HHO.XEUk%H\U€W,'R]\ DJH9,,øEUkKvP0XVWDIkYHG൴÷HUOHU൴DJH
,,0XKDPPHGEµ$EEkV(E€%HN൴UHO+kU൴]Pv 0XIvGX¶Oµ8O€PYH0XEvGX¶O+XP€P HO0HNWHEHWX¶O
µ8QVXU൴\\H %H\U€WV
 (E€¶O)HWK%DKkXGGvQ0XKDPPHGE$KPHGE0DQV€UHOøEúvKvHO0XVWDWUDIIv.XOO৻)HQQ৻Q0XVWD]UDI
µ$OHPX¶O.XWXEV
 $OÕQWÕ\DSWÕ÷ÕPÕ]\D]DUODUNHQG൴G|QHPOHU൴Q൴QNRúXOODUÕQDJ|UH\RUXPGDEXOXQPXúODUGÕU2JQQúDUWODUÕQGD
VDGHFH\]NWDúÕRODUDNNXOODQÕODQIvU€]HJQP]GHWHNQRORM൴Q൴QJHO൴úPHV൴\OHWDúÕQ൴úOHQG൴÷൴DODQODUDUWPÕú
GQW|USOHQPH\HQWDúWHVE൴KNRO\HE൴OHNO൴NYHNSHRODUDNNXOODQÕOPDNWDGÕU
 (E€µ8VPkQµ$PUE%DKUE0DKE€EHO&kKÕ]HO.൴QkQv.৻WkEX¶W7HEDVVXUE৻¶W7৻FkUHWKN+DVDQ+XVQv
µ$EGXOYDKKkEHW7XQ€Vv0HNWHEHWX¶O+DQFv.kK൴UHVµ8ND\ODJH
 HO+kU൴]PvDJH V
 6൴UkFXGGvQ (E€ +DIV µ8PHU E 0X]DIIHU E HO9HUGv +DUvGHWX¶Oµ$Fk৻E YH )HUvGHWX¶O*DUk৻E WKN (QYHU
0DKP€G=HQQkWv0HNWHEHWX¶V6HNkIHHOøVOkP൴\\H.kK൴UHV
 1H NDGDU ID\GDOÕ ROGX÷X KXVXVXQGD E൴OJ൴OHU ൴o൴Q EN] HO+kU൴]Pv DJH V  ùLKkEXGGvQ $KPHG E
<DK\kE)DGOXOOkKHOµ8PHUv0HVkO৻NX¶O(EVkUIv0HPkO৻N৻¶O(PVkUHO0DFPDµX¶V6HNkIv$EXGDEv
;,,HOøEúvKvHO0XVWDWUDIIv.XOO৻)HQQ৻Q0XVWD]UDIV(E€¶U5H\KkQHO%vU€QvDJHV
øEQX¶O(NIkQvDJHV
 +DFÕdød(.

6RQXo
%൴]oDOÕúPDPÕ]GDHOHDOGÕ÷ÕPÕ]GH÷HUO൴WDúODUÕQIÕNKvGXUXPXQXGH÷൴OGDKD
oRNRQODUÕQ൴úOHYOHU൴Q൴YHHV6X\€WvWDUDIÕQGDQN൴ú൴OHúW൴U൴OHQ\|QOHU൴Q൴DQDO൴]HW
PH\H oDOÕúWÕN 7DúODUÕQ KDG൴V ൴OP൴ ED÷ODPÕQGDN൴ GXUXPODUÕQD \HU൴ JHOG൴NoH GH
÷൴QPH\HJD\UHWHWW൴N1HYDUN൴RQODUDGD൴UE൴UoRNKDG൴V൴Q\DPHY]XYH\DWHUJvE
NDE൴O൴QGHQROGXNODUÕQÕJ|UGN
HV6X\€WvGH÷HUO൴WDúODUÕNRQXúWXUXUNHQHú\DQÕQIÕWUv\DSÕVÕQDX\JXQKDUHNHW
HGHUHNHú\D\DEDúWD$OODK¶DKDPGHWPH\NPOO÷QKDWÕUODWPÕúWÕUdQNJH
UHNFDQOÕJHUHNVHFDQVÕ]ROVXQWPYDUOÕNODUÕQúXYH\DEXúHN൴OGH$OODK¶ÕDQPD
øVUk1€U6kG J|UHYOHU൴YDUGÕU%XUDGDJHUHNFDQOÕJHUHN
FDQVÕ]ROVXQEWQYDUOÕNODUÕQ$OODK¶ÕWHVS൴KHWW൴÷൴QHGD൴UE൴UWHOP൴KEXOXQPDNWD
GÕU
HV6X\€Wv WDUDIÕQGDQ G൴OH JHW൴U൴OHQ WDúODUÕQ |QFH .XU¶DQ¶GDQ GDKD VRQUD ൴VH
KDG൴VOHUGHQGHO൴OOHUJHW൴UPHV൴GROD\OÕRODUDNPP൴QN൴ú൴\HGHGHO൴OOHU൴QND\QDN
VÕUDODPDVÕQÕKDWÕUODWPÕúROPDNWDGÕU%XQRNWDGD0DNkPkW¶ÕQYHUPHN൴VWHG൴÷൴൴Q
FHO൴NOHU൴DUDVÕQGDVD\ÕODE൴O൴U
'൴NNDWHG൴O൴UVHNRQXúDQWDúODUVDGHFHNHQG൴OHU൴\OH൴OJ൴O൴GHO൴OOHU൴JHW൴UPH\HoD
OÕúÕ\RUODUøUDGHVDK൴E൴ED]Õ൴QVDQODUÕQ\DSWÕ÷ÕJ൴E൴PXKDWDEÕQÕN|WOH\HUHNNHQG൴
OHU൴Q൴WHP൴]HoÕNDUPÕ\RUODU%XQRNWDDKODNvDQODPGD0DNkPkW¶ÕRNX\DQODU൴o൴Q
E൴UGHUVYH൴EUHWRODUDNDOJÕODQPDOÕGÕU
dDOÕúPDPÕ]GDGH÷HUO൴WDúODUÕQN൴P൴WRSOXPODUGDNXWVDQGÕ÷ÕQÕWHVS൴WHWW൴N%D
]ÕODUÕ ൴QF൴Q൴Q WDQUÕ KH\NHOOHU൴Q൴Q J|]\DúODUÕ ROGX÷XQD ED]ÕODUÕ GD ൴QF൴ YH PHU
FDQODUÕQF൴QOHUWDUDIÕQGDQGHQ൴]HEÕUDNÕOGÕ÷ÕQD൴QDQPÕúWÕU0HVHOD+]gPHU¶൴Q
+DFHUX¶O(VYHG¶൴Q\DQÕQDJHOHUHNRQXKHP|SSKHP³%৻O৻\RUXPN৻VHQE৻UWDúVÕQ
QHE৻UID\GDQQHGH]DUDUÕQYDUGÕU%HQ+]3H\JDPEHU৻QVHQ৻|SW÷QJ|UPH
VH\G৻PVHQ৻DVOD|SPH]G৻P´V|]EXEDNÕúDoÕVÕQÕQHQFDQOÕ|UQH÷൴\G൴
HV6X\€Wv¶Q൴QKDG൴VG൴\HHVHU൴QHDOGÕ÷ÕU൴YD\HWOHUKDNNÕQGDPHY]XDWVDK൴E൴E൴O
J൴QOHU൴QNU൴W൴NOHU൴QHúDK൴WROGXN+DG൴VED÷ODPÕQGDN൴P൴U൴YD\HWOHU൴QPHUIXYH]D
\ÕIN൴P൴U൴YD\HWOHU൴Q൴VHEDWÕOPHY]XYHDVÕOVÕ]G൴\HQ൴WHOHQG൴U൴OG൴NOHU൴Q൴J|UGN
$PD6X\€Wv¶Q൴QKDG൴VVHo൴F൴O൴÷൴NRQXVXQGDSHNKDVVDV൴\HWJ|VWHUPHG൴÷൴úHNO൴QGH
DOJÕODQDE൴O൴U
(VHUGHN൴PDNkPHOHU൴Q൴oHU൴÷൴QHGD൴U\DSÕODQROXPOXYHROXPVX]GH÷HUOHQG൴U
PHOHUH UD÷PHQ HV6X\€Wv¶Q൴Q 0DNkPkW¶Õ IDUNOÕ ER\XWODUGDQ HOHDOÕQPD\Õ ]H
U൴QGH DQDO൴W൴N oDOÕúÕOPD\Õ KDN HWPHNWHG൴U dQN 0HOO൴I ³EWQ øVOkP ൴O൴POHU൴
NRQXVXQGDHVHU\D]DQN൴PVH´RODUDNDQV൴NORSHG൴NE൴UúDKV൴\HWW൴U
(V6X\€Wv¶Q৻Q0DNkPkW¶ÕQGD.RQXúDQ'H÷HUO৻7DúODU(O0DNkPDWX¶O<kN€W৻\\HgUQH÷৻ 

.D\QDNoD
µ$EGXOEkNv 0XKDPPHG )XkG |  HO0XµFHPX¶O 0XIHKUHV O৻ (OIk]৻¶O.XU¶kQ৻¶O
.HUvmHO0DWEDµDWX¶OøVOkP൴\\HøVWDQEXO
HOµ$FO€Qv (E€¶O)൴Gk øVPkvO E 0XKDPPHG E µ$EGXOKkGv HO&HUUkKv | 
.HúIX¶O+DIk YH 0X]vOX¶O/৻EkV µDPPk øúWHKHUH P৻Q HO(KkGvV µDOk (OV৻QHW৻¶Q
1kVWKNµ$EGXOKDPvGE$KPHGE<€VXIE+DQGkYvHO0HNWHEHWX¶Oµ$VU൴\\H
%H\U€W
µ$O൴\\X¶O.kUv (E€¶O+DVDQ 0ROOD µ$Ov E 0XKDPPHG |  HO(VUkUX¶O
0HUI€µD Iv¶O$KEkU৻¶O0HY]€µk WKN 0XKDPPHG 6DEEk÷ 'kUX¶O(PkQH %H\U€W
WV
HO$VEDKkQv (E€1XµD\P$KPHGEµ$EGXOODKEøVKkNE0€VkE0HKUkQ | 
6ÕIDWX¶O&HQQHWWKNµ$Ov5Õ]kµ$EGXOOkK'kUX¶O0H¶P€Q'ÕPDúNWV
HOµ$VNDOkQv (E€¶O)DGO$KPHGEµ$OvE0XKDPPHGE$KPHGE+DFHU | 
/৻VkQX¶O0v]kQWKNµ$EGXOIHWWkK(E€*XGGH'kUX¶O%Húk൴U%H\U€W
HOµ$\Qv(E€0XKDPPHG%HGUXGGvQ0DKP€GE$KPHG | µ8PGHWX¶O.kUv
ùHUKX6DKvKHO%XKkUv'kUXøK\kHW7XUkV൴¶Oµ$UDEv%H\U€WWV
µ$]v]vµ$OvE$KPHGE1XUHGGvQE0XKDPPHGHV6৻UkFX¶O0XQvUE৻ùHUK৻¶O&kP৻µ৻¶V
6D÷vU0HUNH]HQ1DKEHOµøOP൴\\H6XµXG൴\\HWV
HO%H\KDNv$KPHG E +XVH\൴Q E µ$Ov E 0€Vk |  ùXµDEX¶OÌPDQ WKN µ$E
GXOµDO൴µ$EGXOKDPvG0HNWHEHWX¶U5XúG5൴\kG
)H]k৻OX¶O(YNkW0HNWHEHWX¶O0HQkUH0HNNH
%XKkUv(E€µ$EGXOOkK0XKDPPHGEøVPkµvO | 6kKvKX¶O%XKkUvWKN0XKDP
PHG=XKH\UE1kVÕU'kUX7€NHQ1HFkW%H\U€W
HO%HQGkUv µ$EGXOJDIIkU 6XOH\PkQ±=D÷O€O 0XKDPPHG 6DµvG %HV\€Qv 0DNkPkWX¶V
6X\€Wv'kUX¶O.XWXE൴¶OµøOP൴\\H%H\U€W
HO%vU€Qv(E€¶U5H\KkQ0XKDPPHGE$KPHG | HO&HPkK৻UIv0DµU৻IHW৻¶O
&HYkK৻UEDVÕP\HU൴YHWDU൴K൴\RN
HO&kKÕ](E€µ8VPkQµ$PUE%DKUE0DKE€E | HO+D\DYkQ'kUX¶O.XWXE൴¶O
µøOP൴\\H%H\U€W
HU5HVk৻OX¶V6৻\kV৻\\H'kUXYH0HNWHEHWX¶O+൴OkO%H\U€WWV
 .৻WkEX¶W7HEDVVXU E৻¶W7৻FkUH WKN +DVDQ +XVQv µ$EGXOYDKKkE HW7XQ€Vv
0HNWHEHWX¶O+DQFv.kK൴UH
&HEHO 0XKDPPHG +DVDQHO0X¶FHPX¶OøúW৻NkNvHO0X¶HVVDOH O৻(OIk]৻¶O.XU¶kQ
0HNWHEHWX¶OÆGkE.kK൴UH
HO&HYkOvNv (E€ 0DQV€U 0HYK€E E$KPHG E 0XKDPPHG HO+XGDU |   HO
0XµDUUDEP৻Q.HOkPHO$µFHPvµDOk+XU€IHO0X¶FHPWKN)$EGXUUDKvP'kUX¶O
.DOHP%H\U€W
&HYKHUv(E€1DVUøVPkµvOE+DPPkG | HV6ÕKkK7kFX¶O/X÷DYH6ÕKkKX¶O
µ$UDE৻\\HWKN$KPHGµ$EGXOJDI€Uµ$WWkU.kK൴UH,
 +DFÕdød(.

HG'HUU€Ev6HPvU0DKP€GùHUKX0DNkPkW৻&HOkOXGGvQHV6X\€Wv0X¶HVVHVHWX¶U5൴VkOH
%H\U€W
'HP൴U 5HP]൴ .ÕOÕo 0XWOX ³&HYkK൴UQkPHOHU YH 2VPDQOÕODU '|QHP൴¶QGH<D]ÕOPÕú øN൴
&HYkK൴UQkPH´$QNDUDhQ৻YHUV৻WHV৻2VPDQOÕ7DU৻K৻$UDúWÕUPDYH8\JXODPD0HU
NH]৻'HUJ৻V৻ 27$0 6D\Õ$QNDUD
'R]\5H൴QKDUW3൴HWHU$QQH | 7HNP৻OHWX¶O0HµkF৻PHOµ$UDE৻\\HoHY0X
KDPPHG6HOvPHQ1DµvPv9൴]kUHWX¶V6HNkIHYH¶OøµOkPµ,UDN
(E€%HN൴UHO+kU൴]Pv0XKDPPHGEµ$EEkV | 0XIvGX¶Oµ8O€PYH0XEvGX¶O
+XP€PHO0HNWHEHWX¶Oµ8QVXU൴\\H%H\U€W
(E€¶O%HNk HO.HIHYv (\\€E E 0€Vk HO+XVH\Qv HO.ÕUÕPv |  HO.XOO৻\\kW
0XµFHPXQI৻¶OøVWODKkWYH¶O)XU€NHO/XJDY৻\\H0X¶HVVHVHWX¶U5൴VkOH%H\U€WWV
(E€¶O)HWKHO%D¶Ov¶(E€µ$EGXOOkKùHPVXGGvQ0XKDPPHGE | HO0XWWDO৻µ
µDOk(OIk]৻¶O0XNQ৻µ0HNWHEHWX¶V6HYYkGv&൴GGH
(E€'kY€G6XOH\PkQE(úµkV | 6XQHQWKN00XK\൴GGvQµ$EGXOKDPvGHO
0HNWHEHWX¶Oµ$VU൴\\H%H\U€WWV
(OEkQv 0XKDPPHG 1kVÕUXGGvQ |  =D\vIX¶O&kP৻µ৻¶V6D÷vU YH =৻\kGHWXK HO
0HNWHEX¶OøVOkPv'ÕPDúNWV
 6৻OV৻OHWX¶O(KkGvV৻¶]=DvIH YH¶O0HYĪ€D YH (džHUXKD¶V6H\\৻¶ I৻¶O8PPH 'kUX¶O
0DµkU৻I5৻\kG
HO(]KHUv(E€0DQV€U0XKDPPHGE$KPHGHO+HUHYv | 7HK]vEX¶O/X÷DWKN
0XKDPPHGµ$YG0XµU൴E'kUXøK\k൴7XUkV൴¶Oµ$UDEv%H\U€W
HO)kUkEv(E€øEUkKvPøVKkNEøEUkKvPE+XVH\Q | 0XµFHPX'vYkQ৻¶O(GHE
WKN$KPHG0XKWkUµ8PHU'kUX¶úùDµE.kK൴UH
HO)HUkKvGv(E€µ$EGXUUDKPkQ+DOvOE$KPHGEµ$PU | .৻WkEX¶Oµ$\QWKN
0HKGvHO0DK]€PvøEUkKvP6DPDUUDv'kUX0HNWHEHW൴¶O+൴OkOWV
)vU€]kEkGv 0HFGXGGvQ 0XKDPPHG E <DµN€E |  HO.kP€VX¶O0XKvW
0X¶HVVHVHWX¶U5൴VkOH%H\U€W
HO+DUEv(E€øVKkNøEUkKvPEøVKkN | *DUvEX¶O+DGvVWKN6XOH\PkQøEUkKvP
0XKDPPHGHOµÆ\൴G&kP൴µDWX8PP൴¶O.XUk0HNNH
HO+DUvUv (E€ 0XKDPPHG .kVÕP E µ$Ov E 0XKDPPHG E µ8VPkQ | 
0DNkPkWX¶O+DUvUv0DWEDµDWX¶O0DµkU൴I%H\U€W
HO+H\VHPv(E€¶O+DVDQ1XUXGGvQµ$OvE%HNUE6XOH\PkQ | 0HFPDX¶]
=HYk৻GYH0HQEDµX¶O)HYk৻G0HNWHEHWX¶O.XGVv.kK൴UH
øEQ'XUH\G(E€%HNU0XKDPPHGEHO+DVHQHO(]Gv | &HPKHUHWX¶O/X÷D
WKN5HP]v0XQvU%DµODEHNv'kUX¶OµøOPO൴¶O0HOk\vQ%H\U€W
øEQ(E€ÆVÕP(E€%HNU$KPHGEµ$PUEHG'DKKkNE0DKOHGHúùH\EkQv | 
HV6XQQHWKN0XKDPPHG1kVÕUXGGvQ(OEkQvHO0HNWHEX¶OøVOkPv%H\U€W
øEQ )kU৻V (E€¶O +XVH\൴Q $KPHG |  0XµFHPX 0HNk\৻V৻¶O/X÷D WKN
µ$EGXVVHOkP0XKDPPHG+DVDQ'kUX¶O&v\O%H\U€W
(V6X\€Wv¶Q৻Q0DNkPkW¶ÕQGD.RQXúDQ'H÷HUO৻7DúODU(O0DNkPDWX¶O<kN€W৻\\HgUQH÷৻ 

øEQ+DFHUHO+H\WHPv(E€¶Oµ$EEkVù൴KkEXGGvQ$KPHG | 7XKIHWX¶O0XKWkF


E৻ùHUK৻¶O0৻QKkFHO0HNWHEHWX¶W7൴FkU൴\\HHO.XEUk%H\U€W
øEQ +DQEHO $KPHG |  0XVQHG WKN ùXµD\E HO$UQD€Wµ$G൴O 0XUú൴G
0XHVVHVHWX¶U5൴VkOH%H\U€W
øEQ+৻EEkQ(E€+kW৻P0XKDPPHGE+৻EEkQE$KPHGHO%XVWv | HOøKVkQIv
7DNUvE৻6DKvK৻øEQ+৻EEkQWKNùXµD\EHO$UQD€W0X¶HVVHVHWX¶U5൴VkOH%H\U€W

øEQ0kFH(E€µ$EGXOOkK0XKDPPHGE<H]vG | 0XKDPPHG)XkGµ$EGXOEkNv
'kUXøK\k൴¶O.XWXE൴¶Oµ$UDE൴\\H%H\U€WWV
øEQ0DQ]€U(E€)DGO&HPkOXGGvQ0XKDPPHG | /৻VkQX¶Oµ$UDE'kUX6kGÕU
%H\U€W
øEQX¶O&HY]v (E€¶O)HUHF µ$EGXUUDKPkQ E µ$Ov |  .৻WDEX¶O0HY]€µkW WKN
µ$EGXUUDKPkQ0XKDPPHGµ8VPkQHO0HNWHEHWX¶V6HOHI൴\\H0HGvQH
øEQX¶O(NIkQv (E€ µ$EGXOOkK ùHPVXGGvQ 0XKDPPHG E øEUkKvP E 6k৻G HO(QVkUv HV
6৻QFkUv | 1XKDEX¶]=HKk৻UIv0Dµ৻IHW৻¶O&HYkK৻U%H\U€W
øEQX¶O.D\VHUkQv (E€¶O)D]O øEQX¶O.D\VHUkQv 0XKDPPHG E 7kK৻U | 
7H]N৻UHWX¶O+XIIk](WUkI(KkGvV৻.৻WkE৻¶O0HFU€KvQO৻øEQ+৻EEkQ5൴\kG
 0DµU৻IHWX¶W7H]N৻UH Iv¶O(KkGvV৻¶O0DµU৻IH WKN µøPkGXGGvQ $KPHG +D\GDU
0XHVVHVWX¶O.XWXEHV6HNkI൴\\H%H\U€W
øEQX¶O9HUGv6৻UkFXGGvQ(E€+DIVµ8PHUE0X]DIIHU | +DUvGHWX¶Oµ$Fk৻EYH
)HUvGHWX¶O*DUk৻E0HNWHEHWX¶V6HNkIHHOøVOkP൴\\H.kK൴UH
HOøEúvKv (E€¶O)HWK %DKkXGGvQ 0XKDPPHG E $KPHG E 0DQV€U |  HO
0XVWDWUDIIv.XOO৻)HQQ৻Q0XVWD]UDIµ$OHPX¶O.XWXE
.kW൴EdHOHEv0XVWDIkEµ$EGXOOkK+kFv+DOvIH | .HúIX¶]=XQ€QDQ(VkP৻¶O
.XWXEYH¶O)XQ€Q0HNWHEHWX¶O0XVHQQk%D÷GkG
.HKKkOHµ8PHU5Õ]k | 0XµFHPX¶O0X¶HOO৻IvQ%H\U€WWV
HO.൴QGv<DµN€EEøVKkN.৻WkEX¶W7DUDIIXNIv¶Oµ,WÕUWKN6H\IEùkK൴QE+DOHIHO0HUvKv
9൴]kUHWX¶V6DNkIHYH¶O)XQ€QYH¶W7XUkV'RKD
HO.XVWDQWvQv µ$Ov E /kOv E 0XKDPPHG |  +D\UX¶O.HOkP Iv¶W7DNDVVv µDQ
$÷OkW৻¶Oµ$YkPWKN+kWÕP6kO൴KHG'kP൴Qµ$OHPX¶O.XWXE%H\U€WWV
0XEkUHNI€Uv(E€¶Oµ$Ok0XKDPPHGµ$EGXUUDKPkQEµ$EGXUUDKvP | 0XNDGG৻
PHWX7XKIHW৻¶O$KYH]v'kUX¶O.XWXE൴¶OµøOP൴\\H%H\U€WWV
HO0XµFHPX¶Oµ$UDEv HO(VkVv HO0XQD]]DPDWX¶Oµ$UDE൴\\H O൴¶W7HUE൴\\H YH¶V6HNkIH
YH¶Oµ8O€P7€QXV
HO0XQkYv=H\QXGGvQ0XKDPPHGµ$EGXUUH]]kN | )H\]X¶O.DGvUùHUKX¶O
&kP৻µ৻¶V6D÷vUHO0HNWHEHWX¶W7൴FkU൴\\HHO.XEUk.kK൴UH
HO0XUVv (E€¶O+DVDQ µ$Ov E øVPkµvO E 6vGH |  HO0XKNHP YH¶O0XKvW HO
$µ]DPWKNµ$EGXOKDPvG+DQGkYv'kUX¶O.XWXEHOµøOP൴\\H%H\U€W
0XVWDID øEUkKvP YH DUNDGDúODUÕ HO0XµFHPXO9DVvW 0DFPDµX¶O/XJD HOµ$UDE൴\\H
 +DFÕdød(.

'kUX¶G'DµYDøVNHQGHU൴\HWV
1HVkv(E€µ$EGXUUDKPkQ$KPHGEùXµD\E | 6XQHQWKNµ$EGXOIHWWkK(E€
*XGGH0HNWHEX¶O0DWE€µkWHOøVOkP൴\\H+DOHE
g]NDQ+DO৻W³6X\€Wv´PDGGHV৻´'ø$øVWDQEXO
5Õ]k$KPHG0XµFHPX0HWQ৻¶O/XJD'kUX0HNWHEHW৻¶O+D\kW%H\U€WWV
HV6kO൴K6XSK൴øEUDK൴Pµ8O€PX¶O+DGvVYH0XVWDODKDK$U]XQYH'ÕUkVDWXQ'kUX¶OøOP
O൴¶O0HOk\vQ%H\U€W
6HµkO൴Ev(E€0DQV€Uµ$EGXOPHO൴NE0XKDPPHGEøVPkµvO | 6৻PkUX¶O.XO€E
I৻¶O0XGkIYH¶O0HQV€E'kUX¶O0DµkU൴I.kK൴UHWV
HV6HKkYv (E€¶O+D\U ùHPVXGGvQ 0XKDPPHG E µ$EGXUUDKPkQ E 0XKDPPHG
|  HO0HNkVÕGX¶O+DVHQH Iv %H\kQ .HVvU P৻QH¶O(KkGvV HO0HúK€UD
µDOk¶O(OV৻QH WKN 0XKDPPHG µ8VPkQ HO+ÕúW 'kUX¶O.XWWkE൴¶Oµ$UDEv %H\U€W

HV6X\€Wv µ$EGXUUUDKPkQ E (E€EHN൴U &HOkOXGGvQ |  0DNkPkWX¶V6X\€Wv
0DWEDµDWX¶O&HYk൴E.XVWDQW൴Q൴\\H
 +XVQX¶O0XKkGDUD Iv 7kUvK 0ÕVU YH¶O.kK৻UH WKN 0XKDPPHG (E€¶O)DGO
øEUkKvP'kUXøK\kHO.XWXEHOµ$UDE൴\\H.kK൴UH
µ$EGXUUUDKPkQE(E€EHN൴U&HOkOXGGvQHV6X\€Wv&kP৻µX¶O(KkGvVQúU+DVDQ
µ$EEkV=HNv.kK൴UHWV
ùHPVX¶Oµ8O€P 1HúYkQ HO+൴P\HUv |  ùHPVX¶Oµ8O€P YH 'HYkX .HOkP৻¶O
µ$UDE P৻QH¶O.XO€P WKN +XVH\Q E µ$EGXOOkK HOµ8PHUv 0XWDKKDU E µ$Ov HO
øU\kQv<€VXI0XKDPPHGµ$EGXOOkK'kUX¶O)൴NUHO0XµkVÕU%H\U€W
ùHYNkQv 0XKDPPHG E µ$Ov |  HO)HYk৻GX¶O0HFPXµD I৻¶O(KkGvV৻¶O
0HY]XµD'kUX¶O.XWXE൴¶OµøOP൴\\H%H\U€W
HúùH\EDQv(E€µ$PUøVKkNE0൴UkU(E€µ$PU | .৻WDEX¶O&vPWKNøEUkKvP
HO$E\kUvNRP൴V\RQ.kK൴UH
HW7DEHUkQv (E€¶O.kVÕP 6XOH\PkQ E $KPHG |  HO0XµFHPX¶O.HE৻U WKN
+DPGvEµ$EGXOPHFvGHV6HOHIv0HNWHEHWXøEQ7H\P൴\\H.kK൴UH
HO0XµFHPX¶O(YVDW'kUX¶O+DUDPH\Q.kK൴UHWV
HW7DKkQHYv 0XKDPPHG E µ$Ov E .kGv |  .HúúkIX øVW৻OkKkW৻O)XQ€Q YH¶O
µ8O€PWKNµ$Ov'DKU€F\D\ÕQHY൴DGÕ\RN%H\U€W
7൴UPv]v (E€ µÌVk 0XKDPPHG |  6XQHQ WKN %HúúkU µ$YYkG 0DµU€I 'kUX¶O
*DUEHOøVOkPv%H\U€W
7UNoH6|]ON7UN'൴O.XUXPXKD].RP൴V\RQ%VP$QNDUD
µ8ND\O 0XKV൴Q 0HYV€µDWX¶O$KFkU HO.HUvPH HO0XVDYYDUD HW7DKDWWXPHQ1XN€úHO
+DYYkV'kUX¶O0DKDFFDHO%H\]k%H\U€W
HOµ8PHUvù൴KkEXGGvQ$KPHGE<DK\kE)DGOXOOkKHOµ$GHYv | 0HVkO৻NX¶O
(EVkUIv0HPkO৻N৻¶O(PVkUHO0DFPDµX¶V6HNkIv$EXGDEv
µ8PHU $KPHG 0XKWkU µ$EGXOKDPvG |  0XµFHPX¶O/XJDW৻¶Oµ$UDE৻\\H HO
(V6X\€Wv¶Q৻Q0DNkPkW¶ÕQGD.RQXúDQ'H÷HUO৻7DúODU(O0DNkPDWX¶O<kN€W৻\\HgUQH÷৻ 

0XµkVÕUDµ$OHPX¶O.XWXE%H\U€W
<H÷൴Q$EGXOOkK | øVOkPvøOPv(GHEv)HOVHIv<HQ৻/JDW<HQ൴$V\D<D\øVWDQEXO

H]=HEvGv0XKDPPHG0XUWD]k | 7kFX¶Oµ$U€VP৻Q&HYkK৻U৻¶O.kP€VWKN
+H\HW'kUX¶O+൴Gk\H.kK൴UHWV
H]=HKHEv ùHPVXGGvQ (E€ µ$EGXOOkK 0XKDPPHG E $KPHG E µ8VPkQ E .D\Pk]
| 0v]kQX¶OøµW৻GkOIv1DNG৻¶U5৻FkO'kUX¶O0DµU൴IH%H\U€W
=HPDKúHUv (E€¶O.kVÕP 0DKP€G |  0DNkPkW 'kUX¶O.XWXE൴¶OµøOP൴\\H
%H\U€W
(VkVX¶O%HOk÷DWKN0XKDPPHG%kV൴Oµ8\€QX¶6€G'kUX¶O.XWXE൴¶OµøOP൴\\H
%H\U€W
=൴U൴NOv+D\UXGGvQ | HO$¶OkP'kUX¶O.DOHP%H\U€W

You might also like