9Ë6,5!

60+93+;685@/

5XYGZ2OMUXOU
@GMXKH
6U[XÊTG
:[KYSUTOTYVOXGZOUTIUTYZGTZK

/
 2[QG\GËLZUJOZUTGƔGXKT[VXOPKYZUR[HKYSXZTOXUJK@K[YU\SUROS
ZK!TKSUXOSOVXKHXOƱTUYXIKTKMUGSUNUJO:OSKYO\Kā[YROƔGRGć[RG
SUP `U\ O` JGRKQG O YOƔRG Y UćK\ON `RGZTON J\UXG [ QUROSG [VXKMT[ZOS [
PGXGS\URU\GGNOZXOZKORP[VQO\XGVIO\UċGN[YTKHKYGVXKQUUHRGQGOIXTOIK
`KSRPK[`ƱO\GNGTQRKVKZQXORG;YQUXU\XGVIOYZOMUƔKGZOHRGƱKTGMUĢYVUċK
HKYSXZTOTG\[QRGYSOPKƔGQVGZXGƱORGƔZUROSKZUTGTU\US[ćOO`GƔZUROZK
[VUSUāYGJG`U\KSOQUMGHOROSOVUR[JPKRUYXIKYGJGNZPKRU§1UMGJG
U\GPV[ZTGRP[HG\YOROS&:QUZK9GVLUPKJO&ËQUZKYGJGJPK\UPQGTKāKƒTK
NGPƒYGSGāKZK[YQUXUJGPK[`SKƔSUROZOËQUYGJGTKāKJGXU\GVXOSOZO
[YQUXUāKUTGZKHKJGXO\GZOËQUZKYGJGTK\URO[YQUXUāKZKSGQGXTGYOR[
TGP\URPKZO6USU`OSOO[U\GPćGYOHXOMÜSKUYRUHUJOOS[QK*GPY\KƔZUSO
YXIKNUāK*UċOJGYKYQ[VG`GRP[HG\HOPKSU
 5\GSUQSKTONUJOY1XKZKQU\USVXKY\KZUSNXGS[MJPKY[ZO
VUlY\KpāKTOpPGH[QU\Ɣ[SGXGQOƱXZ\KTOQ\XNQUPKMGYKZGSPGTV[ƔO5\JPKYK
SKċ[PGH[QU\OSMXGTGSGMGRO`\[QYZ[JKTVUZUQGGćOZG\USPKYZUYPKTUS
QXOPKX[ƱGćOPKJXNZG\KRGZOIK[XGTPGP[ćU\PKQG[`GćGXGTOYGT/RKJOT[OSGSU
MJPKQUTPONUJKTGVGƔ[VUXKJVXUI\GRONVXGSGRPKZTONV[VURPGQGG\PKZGX
VOXO5\JPKËLXUJOZUY)OVXG[`SOOYQRGJTU[`RGZTKVKNGXKROPTKQZGXO
ćOYZ[XGJUYZ
 JGZO[H[J[āKć[\KTONROPKVONOVRKSKTOZONVXOPGZKRPKS[ćOƔSK
[QUX TGZKQRK PKX ZU TK ZGQU TGNUJO YK TO YN\GāGS `RUlāč JX[MK
YXIGJUHXUYXIKUVāKTOZUGQUSUM[JUQSOPKY\OPKZROZOVXKJYKHK
&ROPKVUROIK
 ËLXUJOZUY)OVXGO\O4KXKPQKJGPZKJGSOHXGZYOM[XTUJUYVOPK[U\GP
QXGP O JG S[ YK UHOYZOTO Y\K ƔZU S[ YXIK ƱKRO JGPZK JG YK OYQ[VO `G VXUƔRK
MXPKNUZKOJGVXOPGZKRPOSGH[JKTGXGJUYZGTKVXOPGZKRPOSGTGƱGUOY\OSGTGS
JGPZKPUƔSTUMUYXKZTONRPKZG*GPZKPUƔJGYKYZX[UHXGJ[PKO[ćOTOPUPćGYZ
ƱGRUHTONVGZTPOQUPOSGPK[VXUƔRUYZOGYGSPKZXVOUOYR[ƔGUMXGċGTÜG
ZOËLXUJOZUY)OVXG`GTKSGXO\ƔO`GRÜ
  .UJO JG \OJOSU MUYVUlċG @UXG XõQû HRPKƔZG\K V֫ZO MRG\G 
*UXONG`GVU\OPKJGPKXTKUHOPKYZVUV[ZSRGJOāGJXGMËZOJUZKHO
`Ul\čY\KTKY\GJH[[ćOTOZO.KXOJUQYGSƱO\G
  HRGƱKTG YXKZGT VRU\ & TKQG YK OYQ[VO `G VXUƔRK MXPKNUXZK YG
YXKāUSR[mQčËLXUJOZUY)OVXGH[JO\KUSGYZXUMGVXKSGTPUPOTKQGYKZG


*UXONGTKN\GYZGJGYKSORUPRP[HG\TOIOZUHUƱKJ\GƔ\XGZOU
  4KQO QGƱ[ JG PK TGPRPKVƔG YZ\GX TG Y\OPKZ[ QUTPOIG JX[MO VPKƔGJOPG
GZXKāOSUXTGXOIGƒPGSOYROSJGPKTGPRPKVƔKUTUƔZUćU\PKQ\URO:GQ\UPK
SOƔRPKTPKO`\PKYTUPKXPK.KRKTGƒQUPGPKRPKVUZUSTGJSGƔORGUYZGRKJPK\UPQK
ƒTGV[YZORG\KRK[MRKJTGS[ƱGO[V[ZORGYKV[Z:XUPKTKSOYRKāOTOTGQāKX
TOTG\URPKTKXUJOZKRPKƒ&RP[HG\P[PK`G\KRGUTGSKYGJGVUJYPKZORGTG
ËTGQZUXOP[QUPGPKJGRKQU8GJOPKHONVXUSGZXGRGTPKTRP[VQONUJOHRPKƔZG\U
PUPROIKTKMUROJOPYQGQURGOTGUX[ƱGTK\UPTOQKTKSUƱKHOZOćU\PKQSUROZO
JGY[JPKR[PK
 &([JOSOHRO`[JUQYKSUROSROPKVGMֳYVUċK.KXUƒZKHK[VUSUā
`\GƔKOYPGPTOQXGRPK\OāORU`KËZXKPK\K4GQUTƔZUY[YKJUQG`GRO[STUMOS
`MUJGSGVX\UUQU:XUPKG`GZOSOTGSUX[UZOYT[YKJGāKTGV[ZU\GTPK
GRGċKOSTGƔOXG`HOP[ƱGROVGOVGQUVKZY[YK[V[ZOROZKQQGJY[[VUSUā
`G`\GROZKHKVGXIG@K[YGORP[VQU9KSKROTUćKJUËYGJGZKOPGSUROS
HRGƱKTOIKVXKSGYZGXUSY\KZGOJUHXGJPK\UPQKUQURUHOZOYZOāO
 Y\KXKāO&SUPPK`OQOYVXOVU\OPKJGZOGS[ƔQGXGI\KāO QUPG
ćKQGTGƱXZ\GSGUT[QUPGOSGJUHX[QUPGOJKPKX`TGSUJPKnRûOTG
GXKāOYPGPYGYXKāUSVXOYZGZO[R[Q[IXmTč`KlSRPčSUXTGXOYTGƱTK
TGRKZK\PKZXGGTGQUVT[VRU\ZKXKZQGJ\KāSTUMUJPKRGTGQUVT[
ƱGRUYZVRGƔRPO\KYZGXUYZ\KāQUƱ[VUQXO\G[RKZ[ZXÜƱŕYPGPTKZK[`K\
VPK\GPTGSUUTUPRP[HOćGYZONYQõZûTGP\OƔKR[ZG
 JPKRUROIK[MUJOZO`OSGHîROËHGTZOJUSUROSZK[`SOZX`GROI[
O VPK\GP U -UTMORO JUQ ZK ROPKV[ ćKƱTPG UVKZ YGROPKāK PKX ZK TPKTG NGRPOTG
[`H[JORGćOSYOP[[MRKJGRGGSKTOPKZUHGƔJXGMU/YGSGSKËLXUJOZGY
)OVXGPKJTUSQUXORGPKXYGSZXGƱORGU\UƱKROS
 RP[HG\OPKXQGJGZKVUMRKJGS[ROIKTO.KXSOUTGYKTKJGJKYZUHUS
YZG\OZOOYGY\OSPKVXGĢ\UVUXKJOZOZKYVRG\UPQUS.KRKTUSYSXZTOIK`TGP
ZGQUZOZ\UPKSKY\ONHXèMûXUYTKUHGRKHJPKZOćOZG\[TUā
 GYPKZOZāKZKYKPKXYSUOYGSKZUXGJORK[SRGJUYZOPKXSTUMKOROPKVK
MXÜJSOUƔZXK
HƱO\OSUTGY[VXUZYSOUTUYZćU\PKQIZONGMRGYGćKYZUPKX
SO[VXG\UUlTŕ`GQUPKYKYQXHOSTGP\OƔKƔQUJKOPGYGSY\PKYTGZUMG
 PKX YO TKQGJG HORG JOPKZK Nֳ†SU Y\K VPK\GPZK MUl\UXŕ G TGSG
[YR[MKPKXSOOJKSUTG\PKTćGTPKO\OZUJUHXU`TGZKVGUZVXG\OZKUTJG
ćOSHXƱKJPK\UPQKOTKQGHUMU\OOSGP[ćU\PKQYKTK[SOPKVUVKZOTG\XN
5ROSVG UJPKāGUMXROIK-UXMU-OXOTU
  TUā JPK\UPQK ćOZG\[ TUā JG VPK\GP[ U RP[HG\O SKċ[ ZUHUS O
SRGnJƀSRP[HOćGYZONYQ[ZGn.GPJ†VXUH[JOYKONUJOVUSUSQK\XƔTPGQKQGQU
HOYSUUJ`GHG\KYVG\GROQXGāKTKMUROVZOćOIGQUPG`\UTQUVXK\OPG
 (UMU\OSGSOYKYROćGTćOTOZQUVXKJZUHUSYPKJOOO`HRO`GZKYR[ƔGJUQ
YRGZQU`HUXOƔORP[VQUYKYSOPKƔ9GSGSOVUSOYGUMGROYXIKOMX[JPKXQGJG
ZKYVG`OSƒSGQGXOTGZXKT[ZGQƒYRKJOSYKOXOPKćèTKSGSOPK`OQSOZXTKO
ZGTGNTOSKVRGSVUJQUƱUSTKTGJGTUVKIQGGTGUćOSOSXGQVGJGO[ƔO

27
SOYKMR[ƔKO`TUPYKYSKTKYROPK\GOJXƔāKćOZG\USOZOPKRUGPGYGSHROPKJG
VUV[ZQXVKOćOTOSOYKJGā[Y\GQUMZXKTG[SXOPKZOËROY\KYKJGJKVUJTOPKZO
PKX
 QUPKY[SK[ćOTORKJUYZUPTUSJGP[āOSOY\UPGJPKRGËLXUJOZUYG
`RGZTOS\OPKTIKSQGJGHOSOYKYGSUZUOYV[TORU@\OPK`JKUQUROPKVG
SPKYKIG O`TU\G YQXO\GP[ Y\UP HRPKƔZG\O ROQ QGJG [ƔZGV YOPK TGJ & ćOZG\US
`KSRPUS
ZKHKORO)OVGXORO6GLORO6GTGXGSćK`TKSOƱ[JOSTGSUP[
HURQGSUYXKāKJGƱGRUYZOHKYQ[āOIG`GJKYOUTUMGZQUSKQUXOƱKƱKƔTGY
 TUMKPUPUHG\ORGƔGXKTGQUƱTG[`OIGƒVXKQXGYTGROJOPYQGX[QUZ\UXOTG
ZKHOā[PG&TGURZGX[HOPäRčQUl`čSUPKYKSOƔRPKTPKU
\GSGTKāKVXUSOPKTOZOPKXYZKZGQUROPKVK

//
 TPOSGUYPKāGPOY\K\OƔKO\OƔKZõVčGQXORGOSYRUSRPKTG[MUJTU
V[ĤƔčS[ĢQGYXIKYPäJûNUJOZKVXOPGZKRPOIKJGTYKHROƱO
  )OVGX MRGYTOQ PK YZOMGU NOZXO MRGYTOQ /JKP U\K XOPKćO §O` UYZGZQG
Ë`OPKHKYSXZT[YRG\[.KQZUXOTPKMU\OJX[`ORGċGSGVXKQUYRGTKV[ćOTK
JU\UJKO`Y\KZK:KHKOYVRGćQUMGO`\UXGTPKƱT[ËTJXUSGN[ROPKVONUćOP[
*OMGUYK\PKZGXYZOƱ[YTPOSGSTUMK`RGZTKTGX[Q\OIKOZGSTUIX\KTKNGRPOTK
ƔGXKTOTGQOZYRUTU\GćGOHK`HXUPTOYXKHXKTOVKNGXO˜:GQUXKćKG\URPKTOS[
UZGIYSPKYZG[YZGTKO\OPKYZYKVXUƔOXOTPKMU\OSVXOPGZKRPOSGVUćOZG\[MXGJ[
:XUPGTQK YSPKYZG [VXKMT[ SG`MK [ HX`G QURG G ćOZG\U YK STUƔZ\U ƱKTG
O JPK\UPGQG TPKƱTON MRKƱTPK\G VUVTK TG TPON TGVUYK 6XOPGSU\K QāKXO G
TKƱKTPK [VXKMT[ QUTPK [ QUćOPK [\KROQK \U`GćO VUV[Z HUMU\G Y\KZU
TG /ROP G ROPKVO YK `\[Q LX[RK VUSOPKƔGU Y QOZGXUS O H[QUS VXGVUXGQG O
JPK\UPQK`\UTQU`GVPK\GRKY\KZ[VPKYS[OHUƱGTYZ\KTGYKYQRGJHGJUTKHKYG
JO`GRGOVUY\[JGPKTG[ROIGSGHORUVUY[JGOVKNGXGVUSOPKƔGUYKSOXOY
SXćKZGSPGTGOIOSKZG9ZGXOIKY[QXOćGRKUJYXKāKGS[ƔQGXIOY[YQ[VGTG
YG\MRGY
VUHPKJUTUYTU[XRGROO`G`O\GROËVURUTGVUMGċGćGOM[YRGćGZKVPK\GROVPKYSK
U.KQZUX[OËTJXUSGYOQUPOHOPGN[HU`OSGTGROQ
 G `RGZUQUYUS ,KH[ QUPKMG PK XUJORG 1KPK\G QāO TGQUT ƔZU PK RKMRG
YG ć[\KTOS @K[YUS ËRO ËXZKSOJG VXOYKMTK TG UćK\[ MRG\[ \KROQUS
`GQRKZ\USHUMU\G!§(OZā[JPK\OIG`G[\OPKQƒTKā[YK[JG\GZOORU\OZā[VU
VRGTOTYQOS\XN[TIOSGYGSUSOSUROSZK[ćOTOU\[RP[HG\˜:GQUXKćK
G UZGIHRGƱKTON HUMU\G QROSTK[`TGQVXOYZGTQG/HUMU\OP[ORP[JO`U\[
RU\OIUSTGPKRKTKGZUPK`TGćGPGTTGYRU\4PUPYK2P[HG\QUPG[`OSGYTGM[
TOQGJGTKVXOHROƱG\G
 H YPGPTK & JGXU\K 3[`Gn ćOlTŕ O .GXOZGn TPKƱTK TK `GHUXG\OZO
YXJƱH[YSXZTOIOSGJUQMUJƱKROZKGPGā[TGSKQGTUS[`MRG\RP[
UJSUXOZO ZOPKRU  2P[HG\ SO PK [`JXSGRG YXIK VUV[Z \PKZXG QUPO \OZRG

28
MUXYQOSNXGƔāKS9ZOMRGYOGPGYGSƱ[JPKRG`GZUHUSO[SOXORGSOYXIK
XGYVRGSYGRUUJćKƱTPK ËZOJUTKQUāYGSZKJG\TU\URPKRGJUOSGRGYOYK
SGRKTOS O TK[MRKJTOS JPKZKZUS  PKX [ VXUYZUP RPKVUZO [ƱO\GSU YGSU
JUQP[VXUSGZXGSU"JUHXUZGVGQVX[ƱGTKVUYXKJGTUYPKāGPRPKVUZKTK
`TGSƔZU[ćOTOZOJ\U[SOSYKTKUćKQ[PKSJGāKSK[`\OPK`JKQU\GZO

///
 U\GSU&NUJOZK@K[YU\K.GXOZKX[SKTKV֫ZOJUƔGUYTKHKYG
UMXT[Z ZGSTUIX\KTUS NRGSOJUS  §3XZ\G āKƔ ZGQU RKƱGZO O TOZQU YK
TOQGJG\OƔKTKāKYVUSKT[ZOTOZKHKTOZ\UPONćKƱTPOPKXTK[ƱO\GƔ[VOPKXOPYQOS
X[ƱGSGƒOYZPKXGTGāKƔOTK\OJRPO\GVU.GJU\[YZGT[R[ZGZOSKċ[YPKTQGSG
VUQUPTOQG˜TK\PKX[PKSJGāKYKOQGJGTGY\OPKZ[TGāOJPK\UPQKQUPGHOZO
HORGXG\TG[VPKYSOQUPGROZKYKRPGTQG`G\KRGUH[ćKTGVUYKUYQ[QUPG
TOPKQGJXGTG\[āOJXUTPQKVXKQUMRKƱTPK\G&

/<
 V[YZOZO[YZGJGMU\UXKJPK\UPQKROPKVOJGXU\OUT[QUPUPPKVPKYSG
SORG O `\UTQ[ Y\OXG ROX[ YZGXUYZ \Kā ćOZG\[ QUƱ[ G TKQUā Y[ IXTK QUYK
VUYOPKJORKQURPKTGSO\OƔKTKVUJTUYKZKXKZVUV[ZRGTKZGƔZUJG[ćOTOS&
TK SUƱK HOZO @UX[ X[SKTK V֫ZO QUPG TUYO JU QUTIG Y\OPKZG Y\KPKJTU
`MXGHORGY[VX[ƱTOQGYSGZXGQGSUYXKāKJGJGJKGROPG\UROSTPKƱTUYZ
ZUGƔZUYKSKTKZOćKRP[HG\PKVUVXOSORGRPKVUZ[OY\PKZRUYZY[TIG
QUPGOSGćOZG\[YGYR[ƔGPƔZUSOYROSJU`O\GSO`TKTKGJGVXKSG
UTUS ƔZU YXIK NUāK Y\K ƔZU ƱKROƔ OSGZO HUXOZOYK YG STUS VUV[ƔZGP[āO
[SOƔRPKTUPPKXZOJUHXU`TGƔ
 4GPKƱOYZKYKRU\UlXOQčQGJGGY\KYRGċKTKMUUTUOUTOSV[ZTOQ
PKJ\GJGYGSOQGJGYR[ƔGU\URPKTGJ[ƔGGYGJGZGQ\KNGRPOTKJUāOTPKƱGT
VX\KYZKJUƔRKROPKV[NGRPOTK
 9TK IXĤTû TG\XGāGƔ QGJG MUJ [SUX YRGJGQ HUM `GOYZG UJ HURO
MXU`TUUJ\UPOZOSUāTGJGSYKJGTKā[JOPKROZOTOƔZGUJHRGƱKTOQGnPKX
TKHONHORGZGQUTGQOZOQGSUYXKāKJGSOYKUHOYZOTOUTKQUPOY\K
 9GVLU\UROSZK&QXGRPOIGTG)OVX[VGOVGQ\KROQUY\KUTKQUPK
YPGPTU&9[TIKVUY\[JGYRG\GOZKHKTGËNKXUTZU\[&ƱGR[
 GHRGƱKTONHUMU\GOU\UJ[N`GOYZGTOYGS\UROUGYGJGG[`XUQ
TOTKSTUMUGPKXSKUJUlTčOVGQPKHOUPKJTGQ[HUƱOIGSGUVGQ
ËTJXUSKJ[ \֯ƔTPû G TGćOT XG`[`JGZO UHOPKYZ :OTJGXKPK\K QāKXO O
RP[VQKTKUVKZHK`\GXQK3KMGXGOāOā[YQRGJGVRKYV[TXGJUYZO
`\UTGQ
  3OQG GRO TKā[ ZO JGZO JG TGP\URORG VXOPGZKRPYZ\U Y 6KTZORKPK\OS
QāKXOSG `ROIU TKQG [MUJTG VPKYSG YRGZQUXPKćO\ & VPK\G O `\UTQK
XUYTGËLXUJOZGYRGZQUXPKćO\OHGnIŕQUPGOSGJKI\GZKXUlYč
 UYZG\OZOćOSHXƱKGZO*OQURP[VQU\PKTćGƔQֳYKOYGHOXKƔPKJOāK\K


SRGJOIKTPKƱTOSX[QGSG:QUYKXäYŕI\OPKāKSPGSGćTUāKVXO\[āOVGƱTP[
ćGYTON.GXOZGPKXYKUTKTKSGXK`GTKU\PKTćGTUćKRPGJK
 3TGYOJOQGRPKVƔGUJTPKƱTK-OXOTKËXZKSOJGHVUV[ZYZGXIG
KMOJUTUƔK&@K[YG1OZKXQGJ[Nć[PSUP[SUROZ\[GQUTGUJRGYQ[
SUP[`JGNS[ćTK
 ƱKRPKRGSGRUTUƔKTOYGSG`TGƔ`GHUlXG\ŕJGTKZQUQGƱKPKXā[
ZK\URPKZOJUQH[JKS&ƱO\G\KROSJGYGSHORGJUHXGVXOPGZKRPOIGƱGRUYZGT
MUXQGGRO`GVGSZOJGā[ZK[\OPKQ\URPKZOPKXYZXOPãRû /XKTUTOQGJG
SOJUYGJGTOYOHORGU\GQUJUYGJTG

<
  UMXZGć HUPK HUƱ[XG ZGSTUIX\KTO UMXZGć & VKX`OPYQK NGRPOTK
\OPKTIO&ROPKV&LXOMOPYQO&VKX`OPYQO&ZGSTUIX\KTO
  ƱKRPKRG HON [SXOPKZO `GOYZG 5YZG\ORG SK [ MUXQOS Y[`GSG O XKQRG!
§+N 9GVLU QGQU YSU YK YGSU RUƔK VXU\KRK" TKNUZOIK ZK TGV[ƔZGS˜ Ë PG
PUPXOPKN!§@HUMUSOYVUSKTOSKYK@TGƔQUROQUSOPKYZGRUJUZKHKËGQU
TKāKƔVUJYPKZOZā[ZKTGOY\KMGROPKVUMGƔZUYSUYQ[VGVXUƔRK;`SKTKYOYK
\PKTćGRGSTUMOSI\OPKāKSRP[HOćOIGSGX[ƱGSGOHUƱ[XOSGGUQUHOPKRGYO
\XGZGYZG\RPGRGVRKZKTKUMXROIKTGćOTPKTKUJI\OPKāGOSOXOYGRGYOYKI\OPKZTUS
SGƔā[OQXGRPK\YQUSTGSKQUPVUYZKRPOTPKƱT[`GJU\URPORGćKƱTP[TOPK
HORUTOY\KZOƔZGQUPKTGYTOPK\OJPKRUTOƔ[SGXGQTOVRKYƔZXUVUZ˜
 -UTMORGYOM[XTUTKQO`TGQUYUHOZUY\OSG&.KXSKYPKYZOMGU
XOPKN!§-UĢYVGpX[TKZGQUS[Y\äZč4OSGRUSOYKTKY\OċGƔZUYZUPOSTG
`KSRPOƱKROSYQUTćGZOO[MRKJGZOXUYTKRUVUćKTGUHGROËNKXUTZG˜
  9GXJ ćKYZU U\GSU UQXKāK SèYRO ZKHK TGROQ HUƱOIO QUP[ YK RGQU
VXKVU`TGPKOZ\USYKVPK\[\KUSGUHXGJU\G9GJGYKOYZOćKSKċ[2OJOPQGSG
VUV[ZX[ƱUVXYZGSPKYKIG\XNY\ON`\OPK`JGTGQUTƔZUPKSOT[RUY[TIKTG
`GRG`[GSPKYKćOTGYKPKJTUROćTUƔOXOYRGTUSV[ćOTUSOVXUI\GROSVURPOSG
6GRGPKROPKVGXUYGOX[ƱKI\GZ[OZGTGNTKQXGY[RPOIKOI\OPKZTGƱ[ćQG5TGYK
ćKYZUƔKāKG[YVUSKTGOćKƱTPG`GRP[VQUSËZOJUSYGMUXOPK\G[TPKƱTOS
PUPMX[JOSGOāOUTGSUTKSOYRKāOTGU\USTUMUVP֟\ûYXKJOTG4OPK
TGSRGQUYZG\OZOYKYHUƱOIGSGQGJGPKJXGƱKYZORPKVUZGVUYXOPKJOËLXUJOZG
֯`RŕTKQZGXO``RGZTK6èZUX[QGSGMKXKYZOPYQOXZJXGMK
 GPKXSUPGSGZO&\KROJGPK[TPKTUPSRGJUYZOHOU`TGQ\KROQKXKYK
QGJG HO JPK\UPQG Y\K`GRG VRKZKTOIK ZGSTUIX\KTUS & VU\K`GćUS GRO
JPK\UPIOPKYQUYUSY\PKZROPUSUJVRGSKTGHGQRPKHURPKJGON[XKYOVXUI\GROS
\OPKTIOSGTKZUSPKYGXJYQ[VU\K`Gć[PUTYQKMXGJU\K
 H @G ZK 1RKPU TKSGS UJGQRK TGHG\OZO ƔGXKT[ VU\K`Gć[ GRO
3OZORKTPGTOT[OSGZOGQUƔGXKTOTGƔMXGJć[\GYVUSKTUO`MTGTYZ\[
1RKGTZU\ONYOTU\GUTOY[TGOSKYZXGNU\OZUVXUVGRO
  TGQUT QXGZQG 6UROPGTGQZU\K QāKXO Y\OXGP[ O VXOSGP[ [ YK [J UJ
QUƱK RP[HG`TU JXƔāK *OPKZK 2KZK O @K[YG JUċO TG ƱXZ\U\GTPK TG


UJRGYQ[O``KRKTUM-XOTKPGNXGSVPK\YKYZX[6UROPGTGQZOPK\OāQ[ƱKROS
VXUQG`GZOSGNTOZUćKRPGJK
 JUHXUPKVֳQXŕVRGZTKTOSVUQXO\GćKSGZGSTUIX\KTOX[VIO
[ \PKZGX O` ,UQKPK VUYRGU YQ[VUIPKTK JGXU\K G Ë UJ OYVUJ QXçRû Y֯Vû
`\UTQ[VPKYS[QGJGƱGXQURPKZUƔOXKāOYK

</
 SGZO JXGMG TK [SOPKS ZQO\U ZQGZO PKX SK `HUM TPKƱTK ËLXUJOZK
UH[`KRGƱKRPG`GSRGJOāKS

<//
 9ZUMG YK VXOHROƱO O QGƱO 6PK\GPZK U SRGJUP ROPKVON TUM[@K[YU\[
QāKX RP[HOćGYZON YQ[ZG @GZUSRP[P[āOYXJƱH[VUV[ZUTKRP[HOćGYZONYQ[ZÜ
ĆGYTK .GXOZK O VOPKXKPYQK 3[`K 1GJG VPKYSK J[N @\UTQ[ VPKYS[
3RGJUƱKTP[PKXJX[MU\OQUPOSGPKJU`RUMXJORU1UYOUJRGƱ[āOROX[;`RGZU
UH[ZG@UXGGYֳHčRPKVUTUM[SRGnJƞ

9\GJHKTKVPKYSK
G<KćKXTPGćUY\KƔZUPKY\OPKZRG`UXGXGY[RGZO\XGāGƔ!U\I[OPGXKQ[āO
GSGZKXOćKJUHTGPRPKVƔG`\OPK`JGGQGUYRGZQGPGH[QGƔZU`XOPK\XN
MXGTK\XNTGP\OƔKMXGTK(KXGćOY[PKYSKZT[ROY[SGƒTKTOY[PKVUY\KSG
`GHUXG\ORO \Kā PK TK [SOPKN[ JUN\GZOZO H VUV[Z NOPGIOTZU\G I\OPKZG
QUPO VGYZOXO [ MUXO TUMGSG MG`K G VU ZROSG ZGSTUIX\KTU I\OPKāK 
4GJSUāGTVUV[ZRK`HOPYQUMGVPKYTOQGSKċ[YZXGTIOSGĆK`TKSROPG
ZUPUƔ`GćKJTUƔā[&ROPKVGRP[VQGJPK\UPQU §*GZāKSU&P[˜\KRO
UZGI
Ć[\GX[Y[\XÛZûTUMKJ[MGćQKYKJGSN\GZOGUH[āGS[PKUJVKZ
\UR[PYQONQUƱGTGQUPUPPKXGJORUJKYKZVUYZURGXG;\OYQXU\ƒKPY\GZU\O
ƒ JOMTOZK `OJGXO ƒ KP Y\GZU\O 9ZOƱK SRGJUƱKTPG TGROQ ËXKY[ ƒ Q[JOQGSU
UJ\KROQGćU\PKQG\KāO9XKZTOSRGJUƱKTPUVXUYRG\OYGJGHXGQUQUPKS
YO YGTPGU ƒ JPK\UPQG `G QUP[ YO SUROU YGJG PK Z\UPG JXƱGTPK ZO PK `GTUYTU
GUćOQGUSKJYRGZQKRP[HG\YKVXKROPK\GVURP[VQUSZOROI[ËLXUJOZGZK
HUMGZUTGMXGJORGPKXSRGJUƱKTPUTKSGZO\OƔKJPK\UPQKVUV[ZU\K
§ĆKJTUYZOćKJTUYZOUYZG\ORGYOSK-JPKROYOVUƔRG&˜§4OQGJGZOYK\OƔKTKā[
\XGZOZOTOQGJG\OƔK˜9ćOSKJGZK[YVUXKJOSSOROSRGJUƱKTPU&8GJU
ZK[YVUXKċ[PKSYZGTQUSMXGTćOIUS`JXG\USRGnJƀPO\KROQVU`JXG\
\XOPKJTUSSRGJUƱKTPO`JXG\USRGnJƀPO`JXG\USRGJUƱKTPOG[RGƔZKTG
[RG`GH\KćKXTPGćGKPY\GZU\OGJUTOPYQUMGS[

31
 *X[MK6PKYSK
  .GPJK HUƱGTYZ\KTG ROXU QG`[P SO MRGYUS YZKćKTOS   [HX[ćOā
QUPOQ֍Vû
ËROPGTOYGSYXJOZGVUā[JO[SKTKPKSOXTGJ[ƔGËQUSK
\UROƔRK`OYSRGJUSI[XUSƒTKHONVUJTOPKRGƱO\UZ`TGP[āOJGYGSYZGXOPG
UJZKHK9GVLUQGƱKJGPK\OJPKRG\KUSGTPKƱT[JPK\UPQ[QGQUHKXK
I\OPKāK`RGZUSPKUH[ZG@UXGTKZUSOZOMRG\US1GROUVU
OPGYGSQGUJPK\UPćOIGVRKRG\OPKTIKVUćO\GP[āOTGSKQGTOSMX[JOSG
VXOPGZKRPOIK/UVKZGSU3[`K`GYUHUSUYZG\OZK`RGZTO&J\UX@K[YU\
ËSUYGJGTPKƱTK.GXOZKO3[`KROPKVKQUYK TKYPKāGƔSKYKORO
\UROƔQUMGJX[MUM\OƔKUJSKTK
/`TU\GSKZXKYK2P[HG\QUPG[`OSGYTGM[5TGPKOVXOSGSRPO\GO
UVGYTGOVXUZO\TPKYKTKJGËZOJUSOYGUZOYKTGSKTKUSXG`ORGOZO
NOZGƔQËTJXUSKJO/SGSROPKV[JPK\UPQ[QUPGPKTGROQ`RGZT[I\OPKā[
ƒ SUPG RP[HRPKTG 1RKPG ƒ QUP[ TK HON SOPKTPGRG TO `G ćOZG\[ 2OJOP[ TO `G
JXGƱKYT[ËTJXUSKJGPKHUSKJUHORGUTUƔZUP[PKOƔRU9GVLU`GƔZU
HRGMUJGXTGËLXUJOZG;YT[YGSUXG`MU\GXGRK)OVGXQU@GƔZU
SK/XKTU6GTJOUTU\GQāORGYZGYRG\[P\PKYTOQVXURPKāGRP[VQGMRGYG
§ưKROSZOTKƔZUXKāOGROYKYZOJOS˜§*GYO`GOYZGTG[SOUƔZUMUJćGYTU
OJUHXUOJGZOTG\XN[PK`OQGTKć[ćO`RUHTGSOYGUTKHOYKYGJGYZOJOU
VUMRKJGZO SK [ UćO O Y VXG\US HO SO XKQGU ƔZU ƱKROƔ˜  9ZGTO JXGMO O
VXUYVORP[HG\QUPGZOPK[UćOSG HUMU\OUJSGNUTUMGQUPOTKVRGćK
 §ËLXUJOZUY1OZKXKSXKTGSTPKƱTOËJUTƒƔZUJGXGJOSU&˜§(OPZK
VXYOJPK\UPQKOJKXOZKNGRPOTK˜5TJPKPKHOU`GSOPKƔGTQUZROāGSHXU`OPK
G.KXSKY[`KH[QGX[OTGRO\OTUHU`OSG9\OJXƱGN[VKNGXKOTG`JXG\RPGN[
ZXGƱKāOUJHUMU\GHRGMUYRU\`GSRGJUƱKTP[2KZUY[O4OUHGHORK\XRU
VXOYTKGTGUHGRGSG[YVOPK\GƔK`RGZTOYRGT[ZGQUTOSGQUPOY[YK
`GYOZORO-UXMK4KQXKāONXVOI[4KZOćKSKYKTOSKJTOVćKRG
<KROSTKZQUāKTGYYKYPKZOZOPKJTUS(UMGZGƔHK`\XROTKPKOZKQGQU
`RUHGT Y[YPKJ GRO HUMGZ O \XU ćU\PKQ ƒ K ZU PK \XN[TGI YXKāK   1GJG
J[HUQOYGT`GZ\UXOTPONU\KUćO
  4OPK XKJ VRGQGZO [ Q[āO VUQRUTOZKRPOIG 3[`Ü 4GSG ZU TK HO
JUROQU\GRU  G IXTO YGT UHTUā UćO YQRGVG  VXUƔGXGTG HK`HXUPTOS
HUPGSG  JPK\UPQ[ YRGZQG MRGYG  6[T PK YPGU 3PKYKI G JPK\UPQK
UQU ƱXZ\KTOQG YZGRK  4G`O\GS JUHGX JGT 6UROPGTGQZU\UP QāKXO 
Q[JOQGSUSORU`\[ćTOPGUJNGXLKUJ`RGZG`RGZTOPGMUYVìċG@UXG
9GVLUY\PKZ[PK!JXƱORGPG\OPK`OQ`G`[HOSGQGJGZOYXJƱHGTGJOSGVXYG 
ËLXUJOZGQGƱK!ZOOSUPYR[MG2P[HG\
 9GJGā[YVPK\GZOU\KRP[VQKVPKYSKTKHONROUHXGJU\GRGVXOPGZKRPOIK
 VG`OZK TG TP[SRGJUƱKTPKQXGRPK\O MXGJU\G  QUPOS UćOSG& 
RP[HG\OSUPG`U\KY\UMGYOTG5TYKYÜSYKHOćOTO6XOćGYKJG
PK2KJGPKJTUSVXUTGƔRGZGSTUIX\KTUPGPKYQXO\KTUQ[JOQGSUHPKROPK

32
UJPGPKZGGQUPG\UROJPKI[\OƔKUJ-KRKH@GƔGUPKO3PKYKIO<RGƔOāO
6UTUāPK\XOPKSKVXURG`OGPGYGSGVUćO\GSIƓGXâTŕYK`KSRPG[XKƔKTG
STUMOS\OPKTIOSG

-RUYK
  \UJORGHON GËY\GJHKTOJGXU\O
 5\ćPOXZTK\OTUT[QUPG`GJGPKHURORì`čVKTPÚćOIč
PGXGQ@UXGHGXHOZUYHGXUSUYHGXSUYNGRPOTOIG ZUXHOIG
.KQZUXVXUNUJTUOƔRGHON\PKZGXQUPOV[ƔKY\OYUQG
UVGYTUYZMRGYGUJSKJGYRGċKMTOPKJTG3õ`ûUT[
QUPGVXKJKVXOćK YGROZXG
  \KRK`TGUI[ VKXƔOT `RGZTOVKNGXOYZGRQGTGROQQGTJƱO

1G`GRUOSKTG
ËHGTZOJG9GVLOTG[ćKTOIG
ËJUTOYËLXUJOZOT\PKXKTOQH
ËLXUJOZGHUƱOIGRP[HG\O 
ËLXUJOZGY)OVXG
ËLXUJOZGY1OZKXK
ËNKXUTZXOPKQG[VUJ`KSRP[ 
ËTGQZUXOPG9GVLOTG[ćKTOIG
ËTJXUSGNGƱKTG.KQZUXU\G
ËTJXUSKJG9GVLOTGY[VGXTOIGH
ËVURUTVXKZNUJTOQ3[`GSG
ËXKYHUMXGZGO[TOƔZKTPG
ËXZKSOJGHUƱOIGRU\GOSPKYKIGG
ËZXKPQXGRP[3OQKTO
ËZOJG9GVLOTG[ćKTOIG  
Ë`OPG`KSRPGTGOYZUQUJ-XćQK
)OVGX
*OQGVKXYUTOLOQGIOPGVXG\JK
*UXONGKMOVGZYQGNKZKXG
+XUY\2P[HG\
,KHTGJOSGQËVURUTU\G
,UQKPGROJOPYQOMXGJ
-KRU[Z\GXGTG2K`H[G$
-KXKYZOPXZ[+[HKPO 
-OXOTU9GVLOTGVXOPGZKRPOIG 
-UTMORG9GVLOTG[ćKTOIG 
-UXMU9GVLOTGY[VGXTOIG 
-XOTKPMXGJ[+UROJO 
.GJ`GMXUHTOY\OPKZ

33
.GXOZKHUƱOIKJXGƱKYZOORPKVUZKHG
.KQZUX6XOPGSU\YOTOP[TGQVUJ:XUPUS
.KRKTGYVGXZGTYQGTK\PKYZG
.KXGƱKTG@K[YU\G 
.KXSKYY\KYZXGTOUROSVYQOHUM 
.KXSOUTG.KRKTOTGQāO
.OSKTKPHUMY\GJHKH
/JKPZXUPGTYQOMRGYTOQ
/ROPZP:XUPGMXGJ[Ë`OPO
/XKTG9GVLOTG[ćKTOIG 
1GROUVG`GƔZOZTOIGKVYQKVUK`OPK
1KPUZGI2KZOTG
1RKGTZ3OXYORU\\VXKJGQ H
1RKPGJOPKZK9GVLOTU H
1XKZG
1XUTZOZGTQUPOPKYZURU\GU`RGZTOSJUHUSG
2KZU@K[YU\G\PKXKTOIG 
2KJG@K[YU\G\PKXKTOIG
2OJOPGQXGP[3GRUPË`OPO
2P[HG\<KTKXOTUJOPKZKG  
3KJKPG0G`UTU\G&
3KMGXG9GVLOTG[ćKTOIGH
3OQG9GVLOTGVXOPGZKRPOIG
3OXYORZOXGTOTTG2K`H[ H
3PKYKI.OVKXOUTU\UJOPKZKH
3TGYOJOQG9GVLOTG[ćKTOIG
3[`KVUQXU\OZKRPOIK[SPKZTUYZOHG
4OUHGËSLOUTU\G
5ROSVYZGTHUMU\G
5\ćPOXZTGSGRUG`OPYQUPUHGRO
6GLMXGJTG)OVX[
6GTJOUTQXGRP[ËZKTO
6GTUXGSMXGJTG9OIOROPO
6KTZORKPYOT5XKYZU\
6OPKXOPGQXGP[3GQKJUTOPOG
6OZUHUƱOIGTGMU\UXG 
6RGQMUXG[3O`OPO
6RKPGJKORO<RGƔOāOËZRGTZU\KQāKXOH
6UROPGTGQZJUSGāOTTG2K`H[ 
6XOPGSQXGRP[:XUPO
9GVLU 
9GXJVKX`OPYQGQ[RG 
9KSKRG@K[YU\G\PKXKTOIG

34
:KHGMXGJ[(KUZOPO
:OTJGXKPQXGRP[9VGXZOH
@K[YTKHKYQOUZGI& G
@UXG9[TćK\GYKYZXGG

/@Ë68/0+<5*Ë

0K`OQ
 +URYQOSYKJOPGRKQZUSTG`O\GHKUZYQOZKYGRYQOORK`HOPYQOMU\UX:KYGRYQO
YK SUƱK JGRPK VUJOPKROZO TG LGXYGRYQO O RGXOƔQO ; [YVUXKJHO YK Y PUTYQOS O
JUXYQOSVXGJOPGRKQZUSVXKJGQKURYQONJOPGRKQGZGUJROQU\GUSGROSHXUPKS
`GPKJTOćQON OTU\GIOPG 4U KURYQO Y[ YK MU\UXO [HX`U VUćKRO SPKTPGZO VUJ
[ZPKIGPKSY[YPKJTONJOPGRKQGZG4GP\OƔKPKVXKZXVOUHKUZYQOQUPOYKO`UHROćOU
VUJ[ZPKIGPKSPUTYQUGZOćQUMG:KYGRYQOPKVGUVUJ[ZPKIGPYPK\KXU`GVGTUM
JOPGRKQZG G RK`HOPYQO YK VU\KU `G PUTYQOS 6XKSG ZUSK KURYQO UHPKJOTP[PK
XG`ROćOZKGXNGOćTKMU\UXKUJQUPONPKTGPOYZGQT[ZOPOQTPOƱK\TORK`HOPYQOMU\UX
ƒPK`OQ9GVLOTONOËRQKPK\ONVPKYGSG

ËXNGO`SO
 +URYQO PK YGć[\GU VMXć Gp [YV KUR ɩəɱɟɮ # OK SKN2ZKX ; PUTYQU PK
GZOćQUS ZGP \UQGR VXUSOPKTOUHUP[O`GZ\UXOUYK VXKSGAK!C [YV GZ ɩɢɱɟɮ
;YVUXKJO O RK`H ɨəɦə ʆɜɬɩəȽ [SPKYZU ɨɢɦɟ ͂ɜɬɩəȽ 1GYTOPK PK ZU AK!C
VUXGYRU[AO!C/KYKRGHOU\KRGXOOYVXKJVXKJTPON\UQGRGUHOćTUVGRGZGRO`OXGP[
[YVGZɱɡɱɱəɮɝɯPUTɱɡɰɰɝɮɝɯJUXɱɡɱɬɮɝɯ#OKQKZ]UXKY4U[KURYQUS
VGRGZGRO`GIOPKTKSG!RK`HɭȽɰɤɮɝɯHKUZɭɝɱɱəɮɝɯ;YVUXKJOORK`Hɰɭɝɨɝɵ
ɰɭɬɨə [SPKYZU ɰɱɝɨɡɵ ɰɱɬɨɢ *OMGSSG PK TGQUT ƔKYZUM YZURPKāG UVYZGRG
YGSU [ ZKYGRYQUS O HKUZYQUS G O UTJPK YGSU TG VUćKZQ[ XOPKćO [YV
HKUZࠝɡɭɬɯ#OK]KQ];RK`HOPYQUSTKYZGJKVXOPK9GVLOTG\XKSKTG4G
SUXLURUƔQUSPKVRGT[ZKYGRYQOYGć[\GUZKSGZYQOMKTOZO\!ZKYɬȽɬ#OK
UY_U ;YVUXKJO O ʆɮɛɤɮɮɬȽ ɔȽɨɬɩɮɬɱɬȽ [SPKYZU ʆɮɛɤɮɣɬɤ ɔȽɨɬɩɚɮɸɱɬɤ
; `GSPKTOćQUP PK VXUSPKTO KURYQO YGć[\GU ̱ɛɵɪ Y JUćKZTOS ɪ ;YVUXKJO
UJSGNO\KJGNGm .

@GPKJTOćQKOTU\GIOPK
 /KYKYRUMUZ\UXTOYUTGTZOVUTKQGJ\UQGRO`OXGP[\UQGRUSɬ[YVɜɝɧɬɱɬɯ
# OK JKQSĸZUY ;YVUXKJO O ɚɮɬɳɤɯ ɰɱɮɬɱɬɯ [SPKYZU ɚɮəɳɹɯ ɰɱɮəɱɸɯ
1UTYUTGTZYQK MX[VK Y8 O 8_ QXGZK VXKZNUJTO \UQGR [SPKYZU JG MG
VXUJ[ƱK[YV̱ɩɩȽ#N1KYSO;YVUXKJOOͩɩɩɝɯʆɝɮɮɵ[SPKYZU̾ɩɝΏɯʆɡȽɮɵ
4GSUXLURUƔQUSPKVRGT[UYUHOZJGZO\STUƱOTKQUTYUTGTZYQONUYTU\GTG
ɝɰɰȽ5TPK\PKXUPGZTUVUYZGUVXKSGLUXS[ROɨɸɛɬɯ!ɨɸɛɬȽɯ!!ɭəɪɱɝɯ!^
MJPKPK^ɭəɪɱɝɰɰȽ;YVUXKJOORK`HɭɬɨȽɝɰɰȽɚəɰȽɨɟɝɰɰȽ[SPKYZUɭɸɨɝɰȽ
35
ɚəɰȽɨɝϢɰȽ6GZXUTOSOIOYKZ\UXKUJUYTU\KO`G\XƔKZQGȽɬɯ;JX[MOSYK
JOPGRKQZOSGZOVXOJPK\OPKJTUYZG\TUSOPKTPGP[MKTOZO\USUćK\GOSKTG4U
TGP\OƔKPKUYUHOZUYZO[QUTP[MGIOPO-RGMUROY[YUYTU\USTG\UQGR`GSOPKTORO
ZKSGZYQ[ YQRUTOJH[ GZKSGZYQUS ;YVUXKJO RK`H ɱȽɩəɩȽ ɲȽɨɟɩȽ ɜɟɨɵɩȽ
[SPKYZUɱȽɩɠɵɲȽɨɡɵɜɟɨɸɵ0GSGćTUYKXGJOUVXGKURYQUPVUPG\OOGQUZU
TOPKZGQU[HKUZYQUS:GPPKJOPGRKQZTGQTGJTU\XGZOUZKSGZYQ[VXUSPKT[
VUJ [ZPKIGPKS PUTYQUGZOćQUMG *UJGZT[ PK VXUSPKT[ JUƱO\OU O OTLOTOZO\
GZKSGZYQON MRGMURG 5T `G\XƔG\G TG ɩɝɪəȽ ;YVUXKJO HKUZ O ZKY ɝ͍ɩɝɪ
RK`H̱ɩɩɝɪəȽ[SPKYZUɝ͓ɪəȽ6GXZOIOVYKGQZO\TUMVKXLKQZGZ\UXOY[LOQYUS
ɬɪɱ ;YVUXKJO RK`H ɛɝɛɬɪɬɪɱə ɧəɱɝɨɟɨɤɦɬɪɱɬɯ [SPKYZU ɛɝɛɬɪɸɱə
ɧəɱɝɨɟɨɤɦɸɱɬɯ:GPPKVGXZOIOVVXKUHROQU\GTVU[`UX[TGVGXZOIOVVXK`KTZG
TGQUTƔZUYKOK]UYXG`\ORU[VXUHRKSGZOćTUVMXć]UN

9GSUYZGRTKOTU\GIOPK
 5YUHOZO Y[ XG`\UP [ HKUZYQUS O ZKYGRYQUS JUƱO\PKRO J[MGćQO \UQGRO O
VXKJTPOJOLZUT`O*[MGćQOYK\UQGROLUTKZYQO`GZ\GXGP[!OKKp%ZKYɝȽAKĶpCHKUZ
ɝȽAKĶpCOKUp%ZKYɬɤAUpĶC;YVUXKJOZKYɜɝȽɳɬɤɮəHKUZɩɝȽ[SPKYZUɜɢɳɺɮə
ɩɢ6XKJTPOY[YK\UQGRO`GZU\XOPKSKSUTULZUTMO`OXGROOKK_U_N2K_%
HKUZȽAŕCɬɝɤA_pCəɝɟAϴpC;YVUXKJO̱ɳȽࠝɤɧȽəɆɟɚɟɬɯ[SPKYZU̴ɳɝȽɬ͍ɧɣə
ɆɟɚəΏɬɯ4U[ZKYGRYQUSSUTULZUTMO`GIOPKTKSG9GSU[RGXOƔQUSOKN2K_
%əȽɝȽAKĶpC;RK`HOPYQUSYKJUMUJORU\OƔK`GYKHTONOTU\GIOPG9XKJTPOPK\UQGR
ɬVU\OƔKT[ɤOYVXKJRGHOPGRÜ[YV͝ɪɤɩə#OKN3TUSTĸ;YVUXKJOOɰɱɬɩə
ͩɩɬȽ[SPKYZUɰɱɸɩə͞ɩɬϢ1UTYUTGTZYQGYKMX[VG<TYVUPKJTUYZG\ORG
[<Ƚɰ[YVɱɬȽɯ#OKZUTY;YVUXKJOOɱəȽɯɭəȽɰəȽɯ[SPKYZUɱɠɯɭɠɰəȽɯ
/K Y TKYZGPK O TG VUćKZQ[ XOPKćO G YKQ[TJGXTU Y TGYZGPK UJ MX[VK ZO
[YVࠝɝɦɝɪɚɮɬɜɬɪ[SPKYZUɰɡɦɝɪϡɸɜɬɪ4GLUTURUƔQUSPKVRGT[QZUSK
`G RK`HOPYQO QGXGQZKXOYZOćTG VYORU`G O`UYZGTGQ GYVOXGIOPK O HGXOZUTK`G
VU\RGćKTPK TGMRGYQG! ͍ɭɭɬɯ Ϡɝɦɬɯ ɦɡɬɯ ɜɹɪəɱɬɪ ɭəΏɜɬɯ [SPKYZU ͒ɭɭɬɯ
ϡΆɦɬɯɦɝɸɯɜɤɪəɱɸɪɭəȽɜɸɯ4GSUXLURUƔQUSPKVRGT[RK`HOPYQOYGSUYZGRTU
VUQXGZOUVUYRPKJTPKYRUMU\K[ZXKāKSROI[STUƱOTKOSVKXGZO\Ü[YVGQZ
ɪɱɬɪOSKJVGYɰɦɬɪ([J[āOJGYKZOUHROIOOTGćKUHXG`[P[VXKSGZXKāKS
ROI[PKJTOTK MJPKPK\UQGRVUVUYZGTP[J[MUćKQO\GROHOYSUTKVUQXGāKTK
UHROQK;YVUXKJOʆɛɬɪɱɬɪ[SPKYZUʆɛɸɪɱɵɪ

9GƱKZGQLUTURUƔQUMGXG`\UPG!
OK VMXć VKUR ZKY HKUZ RK`H OK VMXć VKUR ZKY HKUZ RK`H
]4
V V V ɭ ɭ ɭ ] ] ࠝ  ࠝ
2
G U
Z Z Z ɱ ɱ ɱ ‫ؖ‬ əɬɩ əɬɩ əɬɩ
GS5 US5
G U
Q Q Q ɧ ɧ ɧ ‫ة‬ əɬɪ əɬɪ əɬɪ
GT5 UT5
ʺ Q Q ɧ ɧ ɧ ‫ط‬ RG RU ɨɬ ɨɬ ɨɬ
Q] Q] V ɭ ɭ ɭ ‫ث‬ XG XU ɮɬ ɮɬ ɮɬ


 H H H ɚ ɚ ɚ O O O Ƚ Ƚ Ƚ
J J J ɜ ɜ ɜ [ [ [ ɤ ɬɤ ɤ
M M M ɛ ɛ ɛ ʮ1 K K ɝ ɝ ɝ
‫ע‬ M M ɛ ɛ ɛ ʮ2 G G ə ə ə
M] M] H ɚ ɚ ɚ ʮ3 U U ɬ ɬ ɬ
N N N  5
H V V ɲ ɲ ɲ K K K ɝȽ ɝȽ ɝ
N N N
J Z Z ɦ ɦ ɦ U U U ɬ ɬ ɬ
N N N
M Q Q ɳ ɳ ɳ N2K G G ə ə əɝ
N N N
‫ע‬ Q Q ɳ ɳ ɳ č č č ɝȽ ɝȽ ɟ
]N ]N N
M Q V ɲ ɲ ɲ ƀ ƀ ƀ ɬɤ ɵ ɵ
Y1 Y1 ɰ ɰ ࠝɰ
Y KN2 û û ̥ ̥ ̥
N2 2 ɯ ɯ ɯ
S S ɩɪ ɩɪ ɩɪ
S K_ K_ K_ ɝȽ Ƚ ɝȽɟ
T3 T3
8
T T T ɪ ɪ ɪ U_ U_ U_ ɬȽ ɬɝ ɤ ɬȽ
8
R R R ɨ ɨ ɨ N2K_ G_ G_ əȽɝȽ əɝ ɟ əȽ
X X X ɮ ɮ ɮ K] K] K] ɝɤ ɝɤ ɝɤ
_2 2
_ ɞ ɞ ɞ
J_4 `4
(ORPKƔQK!ƒTGVUćKZQ[OTGQXGP[XOPKćO"ƒOTZKX\UQGRTU"ƒTGQXGP[XOPKćO"ƒTG
VUćKZQ[XOPKćO"ƒOYVXKJ\UQGRG"OYVXKJəOɬ"ƒVXOPKRG`TOUHROIO

/`\UXO`G9GVLOTƱO\UZUVOY
65^_LX"9[JGɑO\YËJRKX"9[JGɑO\ËJRKX"ËKR<. 
V*ORZY"3GXS6GX+VV0GIUH_"+[YKH)NXUT5RV .KRSOO 
9INðTK9ZXOOOY1XGSKX"ËZNKT HI IJOOOY1GOHKR"
.JZ"ËKRGV9ZUH,RUX OOOY=GINYS[ZN.KTYK"6URR OO
(KZNK"9ZXOOO1XGSKX"5\.KXY"65^_LXIUROOO\\
ƒ"ËZNKT IJOOOY1GOHKR"5\.KXƒ"6UXVN_XOT.UX+VOYZ
 V.URJKX".UX)GXSY"5\.KXƒY"3G^:_X
 VY.UHKOT"6NORUYZX<OZËVURRO1G_YKX"9KT+VOYZV
8K_TURJY"9ZX OO1XGSKX")OI<KXXƒ"ËZNKTKOO
 1GOHKR"ËZNKTGOOO1GOHKR"ËTZN6GR$ËTZN6GR"9INUR
SKZX6OTJ6_ZNOOY*XGINSGTT".KVN6UKSV)UTYHX[IN")GKY
(GYYJKSKZX1KOR"6NUZ(OHRVG(KQQKXOOY.KTX_"3GX<OIZ
GXYMXGSS1KOR".UX+VOYZ "ËTZN6GR  Y"*OUT.GR)USV
 \O;YKTKX8GJKXSGINKX"6R[Z3[YI\O@OKMRKX"ËZNKT
HOOO1GOHKR"ËZNKT GOOO1GOHKR"9[J OOËJRKX"9ZX
OOO1XGSKX"*OUT.GR¨*KS\YY;YKTKX8GJKXSGINKX"ËTZN
6GRY"5\.KX Y"*KSKZX+RUIV8N_Y8UHKXZY"3KT8Nɭ
̱ɭȽɜ Y=GR`Y9VKTMKR"ËV[RËVUR V.KRS"5\:XOYZ
ƒ".OSKX5XVY)URUTTG".UX)GXS  ƒ":NKSOYZ5X
JGV *OTJUXLV*U]TK_"Ë[R-KRR4UIZËZZ  YV
3GXYNGRR"6R[Z3[R<OXZHOO4GINYZÞJZ"ËTZN6GR")GZY"
ËTZN6GR"ËTZN6GR"ËTZN6GR  "ËTZN6GR ":`ɭɏȽɪɜ
ɩɝɱɮƒ)XGSKXËT6GXO

37
 -JPKYKLXGMSKTZOTGRG`K&
*.)USV\OYY;YKTKX8GJKXSGINKX65^_5YZXGIUT,RUX
6(KXUR\\ƒ65^_\\ƒ6(KXUR65^_ 
65^_ LXGH65^_ LX65^_ LX 65^_ LX
4 65^_LXIVOƒLX65^_LXIUROƒIUROOG
5^6GV^^OV69/ƒ69/OO65^_LXIUROOƒ
G5^6GV^^OV LX 65^_LXIUROOƒ 65^_
LX 65^_LX GË5^6GV^^OV65^_
LXX65^_LXG6G5^_LXGG5^6GV
^^UV65^_LX65^_LXXƒG5^6GV^^O
V G65^_LX G(5^6GV^^OV65^_LX
G˧2UTMOT[Y˜JKY[HRƒVVY8[YYKR69/\LX(
ËV*_YI6XUTGO9INTKOJKXËV*_YI9_TZOO;NROM
+[YZ/R 9ZXGHOY1XGSKX+Z-KTV)GRGSK
+Z-KTV)GRGSKËV*_YI6XUTGO9INTKOJKX 9INURËX6G^
V*÷HTKXËV*_YI6XUTIO9INTKOJKX\OTIG[IZ
ËV*_YI6XUTIO 9INTKOJKX9INUR6OTJ6_ZNOO*XGINSGTT
65^_LXIURO 65^_LXIURROOOOOLXIUROOË
$ËRI266,U[GJ ËV*_YI6XUT HO 9INTKOJKX.JT
ɭɩɬɪɨɡɫɚ†OO 2KTZ`3G^:_X V.UHKOT/[ROGT+V
VY(OJK`)[SUTZ .KVN+TINV)UTYHX[IN-GRKT
O3GXW[GXJZ)NX_YOVVɭʆɭɬɲ9<,OOËXTOS.JTɭɩɬɪ
ɨɡɫə†OO 2KTZ`9INUR:NKUIXGXMV=KTJKR6URROO
(KZNK9ZUHOOOY=GINYS[ZN.KTYK)NX_YOVVɭʆɭɬɲ
9<,OOËXTOSËZNKTHIO1GOHKR65^_LXƒLX
LXTU\2UHKRɑɩV.GRRK$65^_LX65^_LXIUR
OOƒ65^_LXIUROOƒ65^_LXG65^_LX
G65^_LXLXXTU\2UHKRɑɩV5^6GV65^_
LX65^_LXKO[YJKSVGVLX5^6GV^^OG65^_
LXËZNKTKOOO 1GOHKR\\ƒ65^_LX\\ƒG
.KVN+TINV)UTYHX[IN65^_LXXH65^_
LX65^_LXVUYZSUJUXKVKXZ[S$J/65^_  .KVN
+TIN\OJLX 6(KXUR LUR(KXROTKX1RGYOQKXZK^ZKV
*OKNRË2-VY 6(KXUR LUR(KXROTKX1RGYYOQKXZK^ZKVYY
2UHKRɑɩV  6(KXUR  6(KXUR LUR(KXROTKX1RGYYOQKXZK^ZK
VYY2UHKRɑɩV 6.G[T $ËRIË<UOMZ65^_ 
6URROO(KZNKËZNKT KOO 1GOHKRG*KSKZX+RUI
V8GJKXSGINKX$ËRIH.KVN+TINV)UTYHX[IN
65^_ H<UOMZ$OTIG[IZ2665^_G*KSKZX
+RUIV8GJKXSGINKXH.OSKX5XV)URUTTGG9_XOGT
OT.KXSUM/JO8GHKH*KSKZX+RUIV8GJKXSGINKX
*KSKZX+RUIV8GJKXSGINKXËV*_YI)UTO O9INTKOJKX
.OSKX5X  V)URUTTG +VOS.USËTKIJ5^UTO )XGSKX
.KVN+TINV)UTYHX[IN.KVN6UKSV)UTYHX[IN
.KVN+TINVY)UTYHX[INɭʆɰɤɪəɮɱɟԤɱɵɪ*.)USV
\O Y ;YKTKX8GJKXSGINKX  *KSKZX +RUI  V  8GJKXSGINKX 
.KVN+TINV)UTYHX[IN9KX\OT<KXM-KXUMOOO Y:NORU
38
.GMKT.KVN+TINV)UTYHX[ING.YINɍH3GX6RUZ
9GIKXJMXGSSHOOO\O1KOR.KXSUM/JV8GHK 9INR
ËXOYZUVN6R[Z V*÷HTKX+Z3GM9ZUH+IR
O\=GINYS[ZN.KTYK͢ɱȽ̱ɪɱɬΏɯɛ̜ɩɬȽɯɱ̚ɯɱβɪɰɤɪəɭɱɬɩɡɪɵɪ̾ɨȽɧɣəɯɳɮ·
ɰɧɬɭɝΏɪËZNKTHOOO1GOHKRËSSUT*OLLV 4OIQG[
.KVN+TINV)UTYHX[IN9INURËXOYZUVN:NKYSV
*÷HTKX+Z-KTV)GRGSK$+Z3GMY.KVN+TIN
V)UTYHX[IN.KVN+TIN V)UTYHX[IN ËV*_YI6XUT
HIO9INTKOJKX.KVN+TINV)UTYHX[IN.KVN+TIN
\GJLX.KVN+TINVY)UTYHX[IN.KVN+TINV
 )UTYHX[IN  .KVN +TIN  V   )UTYHX[IN  .KVN +TIN 
VY)UTYHX[IN9INUR9UVN+R V6GVGMKUXMËXOYZ8NKZ
GV8ðSKXËZNKTJOOO1GOHKR 6NORU65^_
LURGYY2UHKRɑɩV.KVN+TINV)UTYHX[INËZNKT
JOO1GOHKRËZNKTJOOO Y1GOHKRËZNKTLO
Y1GORKR.JTɭɧɨɣɰ͝ɪɬɩGVËRJO:NKY)UXT[IUV\!\)NUKXUH
OOR^\Y.ORMGXJ$IUJ<UYYMX8KOZ`KTYZKOT-KYIN+Z9INURËV
8NUJV Y=KTJKR:X_VNU:XUV8NKZ-X\OOO=GR`
*OU)NX_YOO ËXTOS9INUR6OTJ5R LOY*XGINSGTT 
ËV*_YI6XUTHO 9INTKOJKX3G^:_X V.UHKOT+Z
-KTV )GRGSK$+Z3GMYY9INURËV8NUJV=KTJKR
ËZOR,UXZËXY\O1KORJKSKZXOY.UXGZOO.KVN+TINV
)UTYHX[INɭ͍ɵɪȽɧɬϢɱɬϢʆɭΑɩɝΊɞɬɪɬɯ3G^:_X JV.UHKOT
*KSKZX+RUIYV8GJKXSGINKX+Z-KTV)GRGSK$+Z3GM
YY6R[ZJKIUNOHOXGKOOO6UNRKT`9OK\KQOTM 3G^:_X
 MV.UHKOTËZNKTJ\LX6(U[XOGTZ YY\Ë6,
 V)NUKXUHOT:NKUJUYO .ORMGXJ/[ROGT+V V
(OJK`)[SUTZËV*_YI6XUTHO9INTKOJKXËV*_YI6XUT
GOO9INTKOJKXËZNKTJO1GOHKRËZNKTJ\
LXG@KTUHOO2K[ZYIN9INTKOJK]OTH<UOMZ$LX
GJKYV 63-I<UOMZ$LXGJKYV 63-*KSKZX+RUIV
8GJKXSGINKX 9INUR/ṞɭȽɰɳɬΊɟɯOO*OTJUXL G<UOMZ.YIN
Ë9ZXGHOOO1XGSKX6NUZV8KOZ`KTYZKOT3G^
:_X NV.UHKOT)NUKXUHOT:NKUJUYOO.ORMGXJ5XOUT
YY 9Z[X`  ËV *_YI ËJ\   O  9INTKOJKX  ËZNKT  L  
1GOHKR6URR OO(KZNK$G  6NX_TOIN6XGKV9UVNOYZV
\UT(UXXOKY.IN+OO2GZZK9INUR2UTJOT*OUT:NXGI
ËXZV .ORMGXJ9INUR/R\LX 6UXVN_XGJ/RO
9INXGJKX)NUKXUHOT:NKUJUY)GTO.ORMGXJ6NORUYZX/SGM
OO1G_YKX/UËRK^ɱɬɪɭəɮV*OTJUXL+VOS.USËTKIJ
5^UTO)XGSKX3G^:_X NV.UHKOT 6NX_TOINV 
,OYINKX 9INURË/R ̆ȽɜɮɝɶO*OTJUXL 6URROO(KZNK
 6URR OO(KZNK


 (OHROUMXGLOPG
G:KQYZ
 (KXMQ:NKUJUX 6UKZGKR_XOIO-XGKIO2KOV`OM!:K[HTKX
 )GSVHKRR*Ë-XKKQ2_XOI2UTJUT!2UKH)RGYYOIGR2OHXGX_
 *NOKR+XTYZ ËTZNURUMOGR_XOIG-XGKIG2KOV`OM!:K[HTKX
 +JSUTJY03 2_XG-XGKIG.GX\XJ;TO\KXYOZ_6XKYY
 2UHKR+6GMK* 6UKZGX[S2KYHOUX[S,XGMSKTZG5^LUXJ!
)RGXKTJUT6XKYY
 9NOIQKR0UGINOS9GVVNU!9ZXUVNKT[TJ<KXYK,XGTQL[XZG3!/TYKR

H*OPGRKQZ
 (KINZKR,XOKJXOIN *OKMXOKINOYINKT*OGRKQZK(KXROT!
=JKOSGTTYINK([INNGTJR[TM
 .GSS+\G3GXOG -XGSSGZOQ`[9GVVNU[TJËRQGOUY(KXROT!
ËQGJKSOK<KXRGM
 3KOYZKX8OINGXJ *OK-XOKINOYINKT*OGRKQZK-ðZZOTMKT!
<GTJKXNUKIQ[TJ8[VXKINZ
 8OYIN+XTYZ 9VXGINROINK(KSKXQ[TMKT`[ËRQGOUY3[YK[S
.KR\KZOI[Sƒ
 9INSOZZ8÷JOMKX +OTL÷NX[TMOTJOKMXOKINOYINKT*OGRKQZK
*GXSYZGJZ!
 =OYYKTYINGLZROINK([INMKYKRRYINGLZ
 :N[SHËRHKXZ  ƒ .GTJH[INJKXMXOKINOYINKT*OGRKQZK
.KOJKRHKXM!)=OTZKX

I6XOPK\UJO
 *OUTO`OPK9GHGJUƔ -XćQUVPKYTOƔZ\U@GMXKH!ƓQURYQGQTPOMG
 0KƱOā91XQRKI-ËTZURUMOPGY\PKZYQKROXOQK@GMXKH!1[RZ[XG
 8GI1URUSGT  6XOSPKXOO`MXćQKQTPOƱK\TUYZO[NX\GZYQUS
VXOPK\UJ[@GMXKH!1XGRPK\YQG\RGJG
 8GI1URUSGT ËTZURUMOPGYZGXKMXćQKROXOQK@GMXKH!3GZOIG
NX\GZYQG
 9KTI9ZPKVGT 6XOSPKXOO`MXćQKQTPOƱK\TUYZO[NX\GZYQUS
VXOPK\UJ[@GMXKH!1XGRPK\YQG\RGJG
 9SKXJKR:UTO 6GRGZOTYQGGTZURUMOPG@GMXKH!G[ZUXU\GTGQRGJG
 9SKXJKR:UTO 9GVLU!2OXOQG(KUMXGJ!4UROZ
 9U\XKËTZUT 9ZGXUMXƔQGROXOQG2P[HRPGTG!*XƱG\TG`GRUƱHG
9RU\KTOPK
 ƓQORPGT*[HXG\QU /`MXćQKROXOQK@GMXKH!G[ZUXU\GTGQRGJG