You are on page 1of 88

:dZ^_fbygZmdJ_kim[ebdbLZlZjklZg

Bgklblmlbklhjbb

R_nj_^Zdlhj J K OZdbfh\
J_^Zdlhj ? I DZaZdh\
J_^ZdpbhggZydhee_]by
E R :jkeZgh\
?eZ[m`kdbci_^Z]h]bq_kdbcbgklblmlJhkkby
<Zkbev_\
FbgbkljwdhghfbdbJ_kim[ebdbFZjbcWeJhkkby
J > =he^bgZ
M^fmjlkdbc]hkm^Zjkl\_ggucmgb\_jkbl_lJhkkby
=jZg^\hevIhev
F_`mgb\_jkbl_lkdbcp_glj\_g]_jkdbobkke_^h\ZgbcNjZgpby
F = B\Zgh\Z
M^fmjlkdbcbgklblmlbklhjbbyaudZb ebl_jZlmjuMjZevkdh]hhl^_e_gbyJ:G
O DZii_eZg
O_evkbgdkdbc]hkm^Zjkl\_ggucmgb\_jkbl_lNbgeyg^by
K < Dmavfbguo
BgklblmlZjo_heh]bbJ:G
< Eum]Zk
Bgklblmlbklhjbb:GWklhgbb
GNFhdrbg
GBB yaudZebl_jZlmjubklhjbbb wdhghfbdbijbKFFhj^h\bb
L ; GbdblbgZ
GZmqgucp_gljnbgghm]jh\_^_gbyJhkkby
L Gmg_g
Fbgg_khlkdbcmgb\_jkbl_lKR:
W : KZ\_ev_\Z
BgklblmlyaudZebl_jZlmjub bklhjbbDhfbnbebZeZJ:G
D G KZgmdh\
FZjbckdbc]hkm^Zjkl\_ggucmgb\_jkbl_lJhkkby
I G KlZjhklbg
Bgklblmlbklhjbb:GJL
B Nh^hj
<_g]_jkdbcgZpbhgZevgucfma_c<_g]jby
Hlj_^Zdpbb

< G FZjdh\
<he]hDZfv_b nbgkdbcfbj
\ gZqZe_wihobjZgg_]h`_e_aZ
KlZjhklbgI G
H[wlghdmevlmjghc kblmZpbb\ Gb`g_fIjbdZfv_
\ i_j\hciheh\bg_ luk gw
? I DZaZdh\
<he`kdZy;me]Zjbyb nbgghm]hjkdbcfbj
F = B\Zgh\Z
M^fmjlu\ wihomkj_^g_\_dh\vy 
jZkk_e_gb_b g_dhlhju_Zki_dlubkke_^h\Zgby 
khpbZevghwdhghfbq_kdbo hlghr_gbc
H[s_kl\_gghiheblbq_kdZyojhgbdZ

KibkhdkhdjZs_gbc
<gbfZgbxZ\lhjh\

)LQQR8JULFD

Hlj_^Zdpbb

H^ghc ba djmiguo yaudh\uo k_f_c gZ a_fe_ y\ey_lky nbgghm]hjkdZy


gZkqblu\ZxsZyk\ur_fbeebhgh\q_eh\_d< __ khklZ\\oh^bl[he__^\mo
^_kyldh\ gZjh^h\ jZkk_e_gguo gZ h[rbjguo ijhkljZgkl\Zo ?\jZabb DZ`
^uc ba gbo h[eZ^Z_l ljZ^bpbhgghc dmevlmjhc hkgh\gu_ we_f_glu dhlhjhc
knhjfbjh\Zebkv\ ]em[hdhc^j_\ghklb
Nbggu b m]juijhreb^ebl_evgucb g_e_]dbcbklhjbq_kdbcimlv\ l_
q_gb_ dhlhjh]h [ueb Zkkbfbebjh\Zgu b bkq_aeb p_eu_ nbgghm]hjkdb_ gZ
jh^uf_s_jZfmjhfZf_jyb ^jm]b_
< gZr_ \j_fy ih^ m]jhahc bkq_agh\_gby gZoh^blky p_euc jy^ g_dh]^Z
fgh]hqbke_gguo wlgbq_kdbo ]jmii GZkqblu\Zy \k_]h hl g_kdhevdbo khl ^h
g_kdhevdbo lukyq q_eh\_d hgb m`_ ihl_jyeb beb l_jyxl k\hc yaud k\hx
^j_\gxx oZjZdl_jgmx lhevdh ^ey gbo dmevlmjm Ihwlhfm lZd hkljh klhyl
aZ^Zqb khojZg_gby wlbo gZjh^h\ bamq_gby bo ^j_\g_c b kh\j_f_gghc bklh
jbbnmlmjheh]bq_kdb_ijh[e_fu
Bamq_gb_ bklhjbb b dmevlmju nbgghm]jh\ ZdlmZevgh b ^ey hk\_s_gby
bklhjbbb dmevlmju^jm]bogZjh^h\gZoh^b\rbokyk gbfb\hfgh]h\_dh\hf
\aZbfh^_ckl\bb H^gbf ba jZchgh\ kh\f_klgh]h ijh`b\Zgby b nbgghm]jh\
b ^jm]bowlgbq_kdbo]jmii\ ^j_\ghklbb \ gZklhys__\j_fyy\ey_lky<he]h
DZfv_ A^_kv nbggu b m]ju \klmiZeb \ dhglZdlu k gZjh^Zf bg^hbjZgkdhc
lxjdkdhc b keZ\ygkdhc yaudh\uo k_f_c < wlhf j_]bhg_ Z lZd`_ \ Ijb
mjZev_ ijh`b\Zeb g_ lhevdh hk_^eu_ gZjh^u gh b dhq_\u_ ie_f_gZ \ lhf
qbke_dhq_\u_m]jufZ^vyju<k_hgbhklZ\bebfgh]hqbke_ggu_iZfylgbdb
ij_^hklZ\eyxsb_[h]Zlu_fZl_jbZeu^eybkke_^h\Zl_e_c
J_kim[ebdZ LZlZjklZg klj_fblky mklZgh\blv ^jm`_kdb_ ^_eh\u_ hlgh
r_gbykh\k_fbnbgghm]hjkdbfbgZjh^ZfbdZd\ gZr_ckljZg_lZdb \ aZ
jm[_`v_
Bgklblml bklhjbb :G J_kim[ebdb LZlZjklZg k  ]h^Z gZqbgZ_l \u
imkd `mjgZeZ )LQQR8JULFD < g_f ieZgbjm_lky im[ebdZpby fZl_jbZeh\ ih
\hijhkZfbklhjbbZjo_heh]bbwlgh]jZnbbyaudhagZgbyb bkdmkkl\Znbggh
m]hjkdbogZjh^h\
J_^Zdpby`mjgZeZ)LQQR8JULFDgZ^__lkyqlhkh\f_klgZyjZ[hlZk `mj
gZehf Nbgghm]jh\_^_gb_ ] ChrdZjHeZ  b ^jm]bfb ba^Zgbyfb ihk\y
s_ggufb ^Zgghc ijh[e_fZlbd_ ihfh`_l [he__ mki_rghfm j_r_gbx Zdlm
Zevg_crbo ijh[e_f bklhjbb b kh\j_f_gghc `bagb nbgghm]hjkdbo gZjh^h\
b bokhk_^_c
 )LQQR8JULFD

< G FZjdh\
<he]hDZfv_b nbgkdbcfbj
\ gZqZe_wihobjZgg_]h`_e_aZ
Bklhjby gZk_e_gby jZgg_]h `_e_agh]h \_dZ h[blZ\r_]h gZ k_\_jh
\hklhqghc qZklb ?\jhiu _]h ijhbkoh`^_gb_ b jZa\blb_ ijb\e_dZeb \h \k_
\j_f_gZ bkke_^h\Zl_e_c lZd beb bgZq_ khijbdZkZ\rboky k wlhc ijh[e_fhc
;_amkeh\gh wlh [ueh gZk_e_gb_ dhlhjh_ ih\ebyeh gZ km^v[m b wlgbq_kdbc
h[ebdgZjh^h\h[blZ\rbo\ gZr_fdjZ_\iehlv^hkj_^g_\_dh\vyb ^Z`_g_
dhlhjuogZjh^h\`b\msbo\ gZklhys__\j_fy
;hevrmxkeh`ghklv\ jZkimlu\Zgbbdem[dZijh[e_fhlghkysbokyd gZ
k_e_gbxjZgg_]h`_e_agh]h\_dZk_\_jh\hklhqghc?\jhiu jbk  khklZ\ey
_llhqlhijZdlbq_kdb\k_bkke_^h\Zl_eb\ lhcebbghckl_i_gbk\yau\Zxl
_]hk ZgZgvbgkdhcdmevlmjhcbebh[sghklvxgZa\ZggufblZdihrbjhdh
ba\_klghfm b bkke_^h\Zgghfm \i_j\u_ fh]bevgbdm m [u\r_c ^ :gZgvbgh
jZkiheh`_gghcg_^Ze_dhhl] ?eZ[m]bgZj DZf_
?kl_kl\_gghlj_[m_lkyhl\_lgZ\hijhkqlhiha\hey_lh[t_^bgylv\ jZf
dZoZgZgvbgkdhcdmevlmjubebh[sghklbfgh]hqbke_ggu_ie_f_gZh[b
lZ\rb_ \ wlh \j_fy gZ h]jhfguo ijhkljZgkl\Zo k_\_jh\hklhdZ ?\jhiu aZ
gbfZ\rbo ihdjZcg_cf_j_h^gmq_l\_jlmx__ qZklv<_^vjZaebqgufbbk
ke_^h\Zl_eyfb\ jZfdZoihgylby ZgZgvbgkdZydmevlmjZh[t_^bgyxlkyie_
f_gZ h[blZ\rb_ gZ l_jjblhjbb DZj_ebb ;_ehfhjvy DZj]hihevy <heh]h^
qbgu [Zkk_cgh\ j_d K_\_jghc >\bgu F_a_gb Kmohgu I_qhju <uq_]^u
<_lem]b <yldb <_jog_c b Kj_^g_c <he]b \iehlv ^h KZfZjkdhc Emdb \k_
IjbdZfv_Z lZd`_kj_^g__b gb`g__l_q_gb_j ;_ehc\ X`ghfIj_^mjZev_
 
Qlh aZklZ\ey_l bkke_^h\Zl_e_c hi_jbjh\Zlv ihgylb_f ZgZgvbgkdZy
dmevlmjZ gZ lZdhc h[rbjghc l_jjblhjbb dZd k_\_jh\hklhd ?\jhiu b \ lh
`_ \j_fy iha\heylv k_[_ \u^_eylv hl^_evgu_ dmevlmjgu_ h[jZah\Zgby gZ
wlhc `_ l_jjblhjbb dhlhjuf [ueb ijbk\h_gu k\hb gZa\Zgby Z khhl\_lkl
\_gghijZ\hgZkZfhklhyl_evgmxoZjZdl_jbklbdmb gZk\h_f_klh\ ijhp_kk_
bklhjbq_kdh]hjZa\blbygZjh^h\_\jhi_ckdh]hk_\_jh\hklhdZ
Hl\_lZf gZ aZljhgmlu_ \hijhku b ihklZjZ_lky ihk\ylblv wlmklZlvxZ\
lhj
;hevrbgkl\h bkke_^h\Zl_e_c gZoh^bl ijhklh_ h[tykg_gb_ jZkijhkljZ
g_gbx \he]hdZfkdh]h gZk_e_gby gZ ^jm]b_ h[eZklb QZklh wlh k\yau\Zxl k
l_f nZdlhf qlh d 9 \ ^hgw l_jjblhjby <he]hDZfvy hdZau\Z_lky aZimk
l_\r_cZ ihdbgm\r___]hgZk_e_gb_i_j_f_klbehkv\ [he__k_\_jgu_h[eZk
lb dhlhju_ [ueb i_j_qbke_gu \ur_   H^gZdh gh\_crb_ bkke_^h\Zgby
iZfylgbdh\jZgg_]h`_e_agh]h\_dZdZd\ <he]hDZfv_lZdb \ ^jm]boj_]bh
gZo k_\_jh\hklhqghc qZklb ?\jhiu jZkdju\Zxl gZf kh\_jr_ggh ijhlb\h
iheh`gmxdZjlbgm
>hgZklhys_]h\j_f_gbij_^iheZ]ZehkvqlhgZk_e_gb_jZgg_]h`_e_agh
]h \_dZ h[blZ\r_]h \ <he]hDZfv_ h[t_^bgy_fh_ ihgylb_f ZgZgvbgkdZy

)LQQR8JULFD

h[sghklvknhjfbjh\ZehkvgZ[Za_f_klguodmevlmjwihob[jhgau  
dhlhju_ \ [hevr_c beb f_gvr_c kl_i_gb ku]jZeb jhev \ _]h klZgh\e_gbb
H^gZdh ^Z`_ l_ wlghdmevlmjgu_ h[jZah\Zgby dhlhju_ fu ijb\udeb h[t_
^bgylv\ jZfdZoihgylbyZgZgvbgkdZydmevlmjZ^Z`_\ kZfhf<he]hDZfv_
g_ y\eyxlky _^bgufb Ijbq_f wlhl nZdl hlf_qZe ^Z`_ kZf hl_p bklhjbb
=_jh^hldhlhjucy\eyekykh\j_f_ggbdhfjZkkfZljb\Z_fhcgZfbwihob  
Fg_m`_ijboh^behkvhlf_qZlv\ jy^_jZ[hlqlhgZk_e_gb_<he]hDZfvy
ZgZgvbgkdh]h \j_f_gb g_ [ueh h^ghjh^guf   Ijbq_f jZaebqby _]h
g_ h]jZgbqb\Zxlky jZfdZfb ihgylbc ehdZevguc \ZjbZgl beb ehdZevgu_
hkh[_gghklb <uau\Z_l fgh]h \hijhkh\ b lZdh_ ihgylb_ dZd ZgZgvbgkdZy
h[sghklvdhlhjh_dZdijZ\beh\klj_qZ_lky\h\k_ojZ[hlZoihke_^gboe_l
ihk\ys_gguoZgZgvbgkdhcijh[e_f_
Ohl_ehkv[uhlf_lblvb ihke_^gb_jZajZ[hldbZjo_heh]h\ihk\ys_ggu_
ijhbkoh`^_gbx iZfylgbdh\ ZgZgvbgkdh]h \j_f_gb _\jhi_ckdh]h K_\_jh
<hklhdZ Z hkh[_ggh <he]hDZfvy D gZklhys_fm \j_f_gb bo ba\_klgh ^hk
lZlhqghfgh]h>mfZxqlha^_kvg_lgZ^h[ghklbi_j_qbkeylvbo\k_Bkke_
^h\Zl_eyfagZdhfufk ZgZgvbgkdhcijh[e_fhchgbohjhrhba\_klgu
Hlf_qm lhevdh qlh hkgh\gu_ gZijZ\e_gby ihbkdh\ _kl_kl\_ggh jZaeb
qZykv\ ^_lZeyodZdijZ\behmdeZ^u\Zxlky\ jZfdbZ\lholhgghcbebfb]jZ
pbhgghcdhgp_ipbc
Ij_^klZ\e_gb_h lhch]jhfghcl_jjblhjbbdhlhjmxk\yau\Zxlk ZgZgv
bgkdbfb^j_\ghklyfbhnhjfbehkv\ Zjo_heh]bq_kdhcebl_jZlmj_g_kjZam
Ihke_ hldjulby b bkke_^h\Zgby :gZgvbgkdh]h fh]bevgbdZ \  ]h^m
ihkl_i_ggh jZkrbjyeky djm] iZfylgbdh\ hlh`^_kl\ey_fuo k gbf GZ^h hl
f_lblvqlh^ebl_evgh_\j_fyhgb[uebba\_klgulhevdh\ hlghkbl_evghg_
[hevrboij_^_eZo<he]hDZfvyqlhb iha\hebeh]h\hjblvbkke_^h\Zl_eyfh
_^bghc ZgZgvbgkdhc dmevlmj_ beb h[sghklb < [he__ iha^g__ \j_fy
ijh\h^b\rbfbky gZ k_\_j_ _\jhi_ckdhc qZklb Jhkkbb jZ[hlZfb [ue agZqb
l_evgh jZkrbj_g djm] Zjo_heh]bq_kdbo iZfylgbdh\ oZjZdl_jbamxsbo wlm
l_jjblhjbxb wlmwihom
Kj_^b gbo [ueb i_j\hgZqZevgh \u^_e_gu g_fgh]hqbke_ggu_ dhfie_d
ku bf_xsb_ g_dhlhju_ ZgZeh]bb gZ dZfkdbo b \he`kdbo iZfylgbdZo GZ
wlhfhkgh\Zgbbhgb[uebhlg_k_gud jZgg_fm`_e_aghfm\_dmb aZgbfbaZ
dj_ibehkv lZd`_ gZa\Zgb_ ZgZgvbgkdbo < ^Zevg_cr_f gZ ih^h[ghf ml
\_j`^_gbb kljhbebkv b [Zabjh\Zebkv dhgp_ipbb h _^bghf ZgZgvbgkdhf fb
j_ h[uqgh h]h\Zjb\Z_fu_ dZd ehdZevgu_ jZaebqby hkh[_gghklb beb \Zjb
Zglu Ijb wlhf hkgh\gZy kx`_lgZy ebgby ihqlb \k_o gZmqguo ihkljh_gbc
ihdhblky gZ ml\_j`^_gbb h ijhgbdgh\_gbb beb kbevghf \ebygbb dmevlmju
ijbdZfkdbo ie_f_g ZgZgvbgkdh]h \j_f_gb \ [he__ k_\_jgu_ jZchgu Ihqlb
bkdexqbl_evgh gZ gb`g_dZfkdbo fZl_jbZeZo ihkljh_gZ b \ky ojhgheh]by
iZfylgbdh\ZgZgvbgkdh]h\j_f_gb_\jhi_ckdh]hk_\_jh\hklhdZ  
Khkj_^hlhq_gb_ [hevr_c qZklb fh]bevgbdh\ ZgZgvbgkdh]h \j_f_gb \
Gb`g_fIjbdZfv_g_h^ghdjZlgu_bobkke_^h\Zgbyb h[beb_fZl_jbZeh\ih
a\hebeb ]h\hjblv h emqr_c bamq_gghklb wlh]h j_]bhgZ ih kjZ\g_gbx k ^jm
]bfb   < g_fZehckl_i_gbwlhfmgZfhc\a]ey^kihkh[kl\h\Zehihy\e_
 )LQQR8JULFD

gb_ jZ[hl : F LZev]j_gZ b : < A[jm_\hc < wlbo hkgh\Zl_evguo ljm^Zo


[ueb knhjfmebjh\Zgu b \u\_^_gu ]eZ\gu_ iheh`_gby b iZjZf_lju ZgZgv
bgkdbo^j_\ghkl_c  b hgb^ebl_evgh_\j_fykem`beb_^\Zebg_hkgh\
gufihkh[b_fihfh]Zxsbfhjb_glbjh\Zlvky\ h]jhfghcfZkk_bf_xs_]hky
fZl_jbZeZ
IeZghf_jgu_ jZkdhidb b h[jZ[hldZ fZl_jbZeh\ ih gh\_cr_c f_lh^bd_
iha\hebeb ^Zlv wlbf fZl_jbZeZf hq_gv ih^jh[gmx oZjZdl_jbklbdm < j_
amevlZl_ ihy\beZkv \hafh`ghklv ^_lZevgh kjZ\gblv fZl_jbZeu jZaguo j_
]bhgh\b \uykgblvqlhhgbagZqbl_evghhlebqZxlky^jm]hl^jm]ZWlbjZa
ebqbyijhy\eyxlkygZklhevdhqlhklZ\ylih^khfg_gb_lhqdmaj_gbyh _^bg
kl\_ ZgZgvbgkdh]h gZk_e_gby g_ lhevdh \k_]h k_\_jh\hklhdZ ?\jhiu gh b
<he]hDZfvy ?keb ^Zevg_crb_ jZ[hlu ih^l\_j^yl wlh lh fu ihemqbf \ha
fh`ghklv \ g_dhlhjhc kl_i_gb ijb[ebablvky d j_r_gbx ijh[e_fu dZkZx
s_cky ijhbkoh`^_gby lZd gZau\Z_fuo ZgZgvbgkdbo iZfylgbdh\ Hkgh\ghc
kfuke a^_kv aZdexqZ_lky \ lhf qlh ijbagZgb_ bkke_^h\Zl_eyfb _^bgkl\Z
ZgZgvbgkdh]hgZk_e_gbyg_ba[_`gh\_ehd ihbkdm_^bghchkgh\u_]hkeh`_
gby H^gZdh bf_y ^_eh k jZaghjh^guf ih ijhbkoh`^_gbx fZl_jbZehf ih
bkdbwlhchkgh\u\_ebkvbfb\ jZaebqguogZijZ\e_gbyoWlhgZfhc\a]ey^
^hgZklhys_]h\j_f_gbkem`bl]eZ\ghcijbqbghcbf_xsbokyjZagh]eZkbc\
fg_gbyo bkke_^h\Zl_e_c Ih wlhc `_ ijbqbg_ kms_kl\m_l agZqbl_evgZy im
lZgbpZ \ hij_^_e_gbb dmevlmjghc ijbgZ^e_`ghklb l_o beb bguo iZfylgb
dh\Z lZd`_hlg_k_gbxh^gbob l_o`_iZfylgbdh\bebd dhgpmwihob[jhg
aubebd jZgg_fm`_e_aghfm\_dmb\ul_dZxs_fmhlkx^Zboojhgheh]bq_
kdhfmg_khhl\_lkl\bx
AgZqbl_evghckeh`ghklvxhlebqZ_lkyb \hijhkh ojhgheh]bb^j_\ghkl_c
ZgZgvbgkdh]h \j_f_gb GZ fhc \a]ey^ kh\_jr_gh kijZ\_^eb\hc y\ey_lky
lhqdZ aj_gby l_o Z\lhjh\ dhlhju_ iheZ]Zxl qlh iZfylgbdb ZgZgvbgkdh]h
\j_f_gbdZaZgkdh]hIh\he`vyb MklvDZfvynhjfbjmxlkygZhkgh\_lZdgZ
au\Z_fuo fZdeZr__\kdbo iZfylgbdh\ ^Zlbjm_fuo nbgZevguf \j_f_g_f
wihob[jhgau  < g_dhlhjuojZ[hlZohgb[uebhij_^_e_gufghxdZd
ihklfZdeZr__\kdb_  ohlywlhll_jfbgdZdfg_dZ`_lkyg_kh\k_f
ih^oh^bl ^ey \u^_e_gby ^h\hevgh agZqbl_evghc ]jmiiu iZfylgbdh\ hklZ\
e_gguogZk_e_gb_fku]jZ\rbfhij_^_eyxsmxjhev\ nhjfbjh\Zgbbh^ghc
ba hkgh\guo ]jmii ie_f_g jZgg_]h `_e_agh]h \_dZ h[blZ\r_c \ <he]h
DZfv_ >ey wlbo ie_f_g [ueb oZjZdl_jgu d_evlu k ebgah\b^guf k_q_gb_f
\lmedb jbk jbk  b ki_pbnbq_kdb_]ebgygu_khkm^udhlhju_\u
[b\Zxlky ba jZfhd klZg^Zjlgh]h hibkZgby ^Zggh]h \ mq_[guo ihkh[byo b
kijZ\hqguoba^Zgbyo jbk  
H^gZdh dZd m`_ ]h\hjbehkv \ur_ <he]hDZfv_ g_[uehh^ghjh^guf\
wlghdmevlmjghf hlghr_gbb A^_kv dZd jZa bf__lky \ \b^m h^gZ ba ]jmii
\he]hdZfkdh]hgZk_e_gbyjZgg_]h`_e_agh]h\_dZdhlhjh_hklZ\behgZflZd
gZau\Z_fmxihhij_^_e_gbxg_dhlhjuobkke_^h\Zl_e_c  deZkkbq_kdmx
ZgZgvbgkdmx d_jZfbdm k [h]Zluf b djZkb\uf keh`ghrgmjh\uf hjgZf_g
lhf jbk  Ijbf_qZl_evghqlhih^h[gZyd_jZfbdZkh\_jr_gghg_ba
\_klgZ\ ijbdZaZgkdhfIh\he`v_b MklvDZfv_b ^h\hevghqZklh\klj_qZ_lky

)LQQR8JULFD

gZdZfkdboiZfylgbdZojZkiheh`_gguod \hklhdmhlmklvyj <yldZ fh]bev


gbdbDhleh\kdbc:gZgvbgkdbcEm]h\kdhcAm_\kdbcAm_\hDexq_\kdh_]h
jh^bs_ b ^j  D lhfm `_ dZjlh]jZnbjh\Zgb_ Zjo_heh]bq_kdbo fZl_jbZeh\
ihdZau\Z_l ihqlb ihegh_ kh\iZ^_gb_ jZkijhkljZg_gby deZkkbq_kdhc d_jZ
fbdbk [jhgah\ufbd_evlZfbbf_xsbfbr_klb]jZggmx\lmedm jbk 
jbk  
<hijhk h ijhbkoh`^_gbb deZkkbq_kdhc ZgZgvbgkdhc d_jZfbdb b \j_
f_gb__ ihy\e_gby^hgZklhys_]h\j_f_gby\ey_lkyZdlmZevguf
G_dhlhju_ bkke_^h\Zl_eb iheZ]Zxl qlh d_jZfbdZ kh keh`ghrgmjh\hc
hjgZf_glZpb_cihy\ey_lkyk kZfh]hgZqZeZZgZgvbgkdhcwihob  l_
k 9,,,\ ^hgw H^gZdh wlZ ^ZlZ kh\_jr_ggh g_ ih^l\_j`^Z_lky fZl_jbZeZ
fb Hkgh\gZy qZklv fh]bevgbdh\ :gZgvbgkdbc Dhleh\kdbc Am_\kdbc  ]^_
[ueZ \klj_q_gZ deZkkbq_kdZy ZgZgvbgkdZy keh`ghrgmjh\Zy d_jZfbdZ ^Z
lbjm_lky \j_f_g_f g_ jZg__ 9,\ ^hgw qlh b fh`_l kdhj__ \k_]h mdZau
\ZlvgZ\j_fy__ ihy\e_gbyEbrvlhevdhfZl_jbZeuEm]h\kdh]hfh]bevgbdZ
dZaZehkv [u fh]ml mdZau\Zlv gZ __ [he__ jZgg__ ijhbkoh`^_gb_ H^gZdh
kihkh[ ^Zlbjh\db wlh]h fh]bevgbdZ ij_^eh`_gguc _]h bkke_^h\Zl_e_f
: < A[jm_\hc \uau\Z_l \hajZ`_gby  >Zlbjh\dZih]j_[_gbcihbo
jZkiheh`_gbx \ jy^Zo fh]bevgbdZ fh`_l ijb\_klb d hrb[hqguf \u\h^Zf
dhlhju_\uah\ml\ ^Zevg_cr_fhrb[dbg_lhevdh\ hij_^_e_gbbojhgheh]bb
ghb \ ihgbfZgbb\k_]hbklhjbq_kdh]hijhp_kkZ\ p_ehfIheZ]ZyqlhgZeb
qb_bebhlkmlkl\b_`_e_aguoij_^f_lh\\ ih]j_[_gbyofh`_lkem`blv^Zlb
jmxsbf ijbagZdhf : < A[jm_\Z \ayeZ wlh aZ hkgh\m k\hbo ojhgheh]bq_
kdboihkljh_gbc
DZd ihdZaZeb bkke_^h\Zgby ih]j_[_gby Em]h\kdh]h fh]bevgbdZ [ueb
jZkiheh`_gu\ ^\Zjy^Zk_\_jgucb x`guc< k_\_jghfjy^mih]j_[_gbcg_
[uehh[gZjm`_gh`_e_aguoij_^f_lh\qlhhij_^_eyehkv: < A[jm_\hcdZd
[he__ ^j_\gbc ijbagZd X`guc `_ jy^ ih]j_[_gbc ]^_ \klj_qZebkv `_e_a
gu_ij_^f_lu[ue^Zlbjh\Zg_x[he__iha^gbf\j_f_g_fMqblu\Zyh[smx
^Zlbjh\dm Em]h\kdh]h fh]bevgbdZ \ ij_^_eZo 9,,9,\\ ^hgw k_\_jguc
jy^[ue^Zlbjh\Zg9,,\^hgwZ x`guckhhl\_lkl\_ggh9,\^hgw
H^gZdh dZd ihdZaZeb j_amevlZlu ^Zevg_crbo bkke_^h\Zgbc iZfylgbdh\
ZgZgvbgkdhc wihob \ <he]hDZfv_ gZebqb_ beb hlkmlkl\b_ `_e_aguo ij_^
f_lh\ g_ fh`_l kem`blv hkgh\hiheZ]Zxsbf ijbagZdhf ijb hij_^_e_gbb
\hajZklZ bkke_^m_fuo h[t_dlh\ Ijh\_^_gguc Z\lhjhf gZklhys_c klZlvb
ZgZeba fZl_jbZeh\ g_dhlhjuo fh]bevgbdh\ ihdZaZe h[jZlgmx dZjlbgm [h
e__iha^gb_ih]j_[_gbykh^_j`ZlagZqbl_evghf_gvr_`_e_aguoij_^f_lh\
q_fjZggb_  WlbgZ[ex^_gbyih^l\_j`^Zxlkyb ^Zggufb< : B\Zgh\Z
bkke_^h\Z\r_]h\hhjm`_gb_wihobjZgg_]h`_e_aZ\ IjbmjZev_?]hih^kq_
lu ihdZaZeb qlh \ jZgg_ZgZgvbgkdbc i_jbh^ ij_h[eZ^Zeb `_e_agu_ gZdh
g_qgbdb klj_e b dhibc < wihom jZa\blh]h ZgZgvbgZ hgb mklmibeb f_klh
[jhgah\uf  >hklZlhqghhlf_lblva^_kvqlhjZkiheh`_ggucg_ih^Ze_dm
hlEm]h\kdh]h[he__iha^gbcDhleh\kdbcfh]bevgbdg_kh^_j`blgb h^gh]h
`_e_agh]hij_^f_lZLZdbfh[jZahfmqblu\Zyqlhhkgh\gu_b gZb[he__\u
jZ`_ggu_ gZoh^db deZkkbq_kdhc ZgZgvbgkdhc d_jZfbdb ijhbkoh^yl k [h
 )LQQR8JULFD

e__ iha^gbo fh]bevgbdh\ \j_fy __ ihy\e_gby g_ ke_^m_l kebrdhf m^j_\


gylvZ hlg_klb_]hd 9,\^hgwihdjZcg_cf_j_^eyiZfylgbdh\Gb`g_]h
IjbdZfvy
?s_ [he__ keh`_g \hijhk h ]_g_abk_ deZkkbq_kdhc ZgZgvbgkdhc d_jZ
fbdb H^gZdh [_kkihjguf y\ey_lky lhl nZdl qlh hkgh\ghc hqZ] __ jZkijh
kljZg_gby gZoh^blky \ i_jfkdhf IjbdZfv_ <_jkby h f_klghf gb`g_dZf
kdhf__ nhjfbjh\Zgbby\ey_lkyg_kh\k_fm[_^bl_evghch q_ffg_m`_ijb
oh^behkv ibkZlv   Kdhj__ \k_]h ihy\e_gb_ wlhc d_jZfbdb gZ DZf_
ke_^m_lk\yau\Zlvk ijboh^hfkx^Zgh\h]hgZk_e_gbyWlbffh`_l[ulvh[t
ykg_gh b ihy\e_gb_ q_j_ih\ fhg]hehb^gh]h lbiZ \ g_dhlhjuo fh]bevgbdZo
jZgg_]h`_e_agh]h\_dZhlf_q_ggh]hZgljhiheh]Zfbb \j_fydhlhjuokh\iZ
^Z_lk j_adbfkhdjZs_gb_f\ IjbdZfv_mihlj_[e_gby`_e_aZ
<kie_kd ijhba\h^kl\Zb mihlj_[e_gby`_e_aZd k_j_^bg_ , luk^hgwb
j_adh_khdjZs_gb_mihlj_[e_gby`_e_aZfh`_lgZjy^mk ^jm]bfbijbagZdZ
fbk\b^_l_evkl\h\Zlvlhevdhh ijboh^_kx^Zgh\h]hgZk_e_gby^eydhlhjh
]h[uebqm`^uljZ^bpbbba]hlh\e_gbyba^_ebcba`_e_aZb ^eydhlhjh]h[u
eh [he__ ijb_fe_fh ba]hlh\e_gb_ ohayckl\_gguo f_lZeebq_kdbo ij_^f_lh\
hjm`byb mdjZr_gbcba[jhgau
Djhf_ \ur_hibkZgguo ]jmii iZfylgbdh\ ihklfZdeZr__\kdh]h b
ZgZgvbgkdh]h deZkkbq_kdh]h lbih\ \ <he]hDZfv_ _klv _s_ h^gZ ]jmiiZ
ihk_e_gbc ^Zxsbo hq_gv k\h_h[jZagmx d_jZfbdm k ]j_[_gqZlhrgmjh\hc
hjgZf_glZpb_c jbk    < ij_^_eZo <he]hDZfvy hgZ ehdZebam_lky
hq_gv g_jZ\ghf_jgh \ \_joh\vyo DZfu [Zkk_cgZo j_d <yldb b <_lem]b b
ijbmklv_\uomqZkldZowlboj_dgZ<he]_b DZf_ jbk  LZdZyehkdmlhh[jZa
gZy ehdZebaZpby wlhc d_jZfbdb g_ iha\hey_l ]h\hjblv h g_c dZd h q_flh
_^bghfH^gZdh\ p_ehf]j_[_gqZlhrgmjh\Zyd_jZfbdZwlboj_]bhgh\bf_
_lf_`^mkh[hcfgh]hh[s_]hqlhkdhj__\k_]h]h\hjblh __ h[sbobklhdZo
K\yamxsbf a\_ghf a^_kv \jy^ebkem`bl[Zkk_cgjj DZfubeb<he]b=j_
[_gqZlhrgmjh\Zyd_jZfbdZ\ wlboh[eZklyo\ aZ\bkbfhklbhlf_klhiheh`_
gby iZfylgbdZ beb kh\k_f g_ba\_klgZ beb ba\_klgZ \ hq_gv g_[hevrbo dh
ebq_kl\Zo b lh lhevdh \ \_jogbo hleh`_gbyo dmevlmjgh]h kehy GZ \ylkdbo
`_b \_lem`kdbo]hjh^bsZo]j_[_gqZlhrgmjh\Zyd_jZfbdZ\klj_qZ_lkydZd
ijZ\beh \ qbklhf \b^_ IhklfZdeZr__\kdZy b deZkkbq_kdZy ZgZgvbgkdZy
keh`ghrgmjh\Zy d_jZfbdZ a^_kv ijZdlbq_kdb g_ba\_klgZ G_l a^_kv b [he__
jZggbo dZdboeb[h fgh]hqbke_gguo dhfie_dkh\ dhlhju_ fh]eb [u ihkem
`blv hkgh\hc keh`_gby iZfylgbdh\^Zxsbo]j_[_gqZlhrgmjh\mxd_jZfb
dm qlh iha\hey_l bkdexqblv [Zkk_cguj_d<yldbb <_lem]bbaqbkeZh[eZk
l_c__ nhjfbjh\Zgby
Khh[jZ`_gby h[hkgh\u\Zxsb_ wlhl \u\h^ m`_ ijb\h^bebkv fghx \
h^ghcbajZ[hl  
< ihbkdZobklhdh\nhjfbjh\Zgby]j_[_gqZlhrgmjh\hcd_jZfbdbh[gZ
jm`_gghc \ <he]hDZfv_ ijb\e_dZxl d k_[_ \gbfZgb_ d_jZfbq_kdb_ dhf
ie_dku iZfylgbdh\ K_\_jgh]h IjbmjZevy jZkiheh`_ggu_ \ [Zkk_cgZo j_d
I_qhjub <uq_]^uKjZ\g_gb_bof_`^mkh[hciha\hey_l]h\hjblvg_lhevdh
h[boagZqbl_evghfkoh^kl\_ghb ihdZau\Z_lboihegh_lh`^_kl\hKm^yih

)LQQR8JULFD

lhfmqlh\ K_\_jghfIjbmjZev_khkj_^hlhq_gZhkgh\gZyfZkkZiZfylgbdh\
kh^_j`Zsbobgl_j_kmxsmxgZkd_jZfbdmwlZl_jjblhjbyy\eyeZkvhkgh\ghc
h[eZklvx__ nhjfbjh\Zgbyb jZkijhkljZg_gby\ jZgg_f`_e_aghf\_d_  
G_khfg_ggh qlh bf_ggh K_\_jgh_ IjbmjZev_ y\eyehkv b hkgh\guf f_
klhf nhjfbjh\Zgby]j_[_gqZlhrgmjh\hcd_jZfbdbBkke_^h\Zl_eyfbg_h^
ghdjZlghmdZau\ZehkvgZ__ f_klgu_bklhdbh^gZdhk g_ij_f_gghch]ey^dhc
gZ<he]hDZfv_  
DZdm`_]h\hjbehkvgZDZf_b <he]_gZebqb_]j_[_gqZlhrgmjh\hcd_
jZfbdb [ueh aZnbdkbjh\Zgh lhevdh gZ iZfylgbdZo jZkiheh`_gguo \[ebab
hlf_klZ\iZ^_gby\ gboj_d<yldbb <_lem]bGZdZfkdboiZfylgbdZo ]hjh
^bsZ =j_fyqbc Dexq Khjhqvb =hju Q_j_iZrv_ b ^j  [ueZ \hafh`ghklv
\uykgblv mkeh\by kljZlb]jZnbq_kdh]h aZe_]Zgby]j_[_gqZlhrgmjh\hcd_jZ
fbdbihhlghr_gbxd d_jZfbd_^jm]bolbih\A^_kv\h\k_okemqZyo]j_[_g
qZlhrgmjh\Zy d_jZfbdZ [ueZ gZb[he__ oZjZdl_jgZ ^ey \_jogbo hleh`_gbc
dmevlmjgh]hkehynmgdpbhgbjh\ZgbyjZgg_ZgZgvbgkdh]h\j_f_gbWlhfh`_l
k\b^_l_evkl\h\Zlvh __ ihy\e_gbba^_kvlhevdhgZaZ\_jrZxs_fwlZi_kms_
kl\h\Zgby iZfylgbdh\ jZgg_]h `_e_agh]h \_dZ dhlhjuc h]jZgbqb\Z_lky jm
[_`hf 9,9\\ ^hgw   Wlh hagZqZ_l qlh ihy\e_gb_ ]j_[_gqZlh
rgmjh\hc d_jZfbdb gZ DZf_ Z lZd`_ \b^bfh b gZ <he]_ ke_^m_l hlghkblv
dh\j_f_gbg_jZg__9,\^hgwlh]^Z`_dh]^Zihy\beZkvb deZkkbq_kdZy
ZgZgvbgkdZyd_jZfbdZ
LZdbfh[jZahf\ ij_^_eZo<he]hDZfvyb K_\_jgh]hIjbmjZevy\u^_ey
_lkyljbdjmiguofZkkb\ZiZfylgbdh\h[t_^bgy_fu_fgh]bfbbkke_^h\Zl_
eyfb \ jZfdZo ihgylby ZgZgvbgkdZy dmevlmjZ beb ZgZgvbgkdZy h[s
ghklv Hlghr_gb_ wlbo iZfylgbdh\ ^jm] d ^jm]m \b^bfh _s_ ij_^klhbl
\uykgblv[m^msbfbkke_^h\Zl_eyfH^gZdhm`_k_cqZkfh`ghk hij_^_e_g
ghklvxml\_j`^Zlvqlh\k_hgbbf_xljZaebqgu_]_g_lbq_kdb_bklhdbjZa
gmx fZl_jbZevgmx dmevlmjm jZagmx ehdZebaZpbx b jZagmx ojhgheh]bx
KdZaZggh_ a^_kv dhg_qgh gb \ dh_c f_j_ g_ fh`_l mdZau\Zlv gZ kms_kl\h
\Zgb_ _^bghc ZgZgvbgkdhc dmevlmju ^ey \u^_e_gby dhlhjhc dZd ba\_klgh
ex[hfm bkke_^h\Zl_ex gZebqb_ \ur_i_j_qbke_gguo ijbagZdh\ y\ey_lky
hkgh\hiheZ]Zxsbf
Baj_^dZ\klj_qZ_lkygZiZfylgbdZo<he]hDZfvyd_jZfbdZaZmjZevkdh]h
ijhbkoh`^_gbyk oZjZdl_jgufbhllbkdZfbdj_klh\h]hrlZfiZ jbk  
< K_\_jghfIjbmjZev_hgZ\klj_qZ_lky^h\hevghqZklhb hljZ`Z_ljh^kl\_g
gu_ dhglZdlu f_klgh]h gZk_e_gby k aZmjZevkdbf   <b^bfh qZklv
wlh]h kf_rZggh]h gZk_e_gby [ueZ m\e_q_gZ aZ kh[hc k_\_jhijbmjZevkdbfb
ie_f_gZfbijbboijh^\b`_gbb\ <he]hDZfkdbc[Zkk_cg  
IjbqbgZfZkkh\h]hi_j_k_e_gbywlboie_f_g\ [he__x`gu_jZchguhk
lZ_lky_s_\hfgh]hfg_ykghcH^gZdhfh`ghij_^iheh`blvqlhhghk\yaZ
ghk gZqZ\rbfbkybaf_g_gbyfbdebfZlbq_kdbomkeh\bc
Ih fg_gbx g_dhlhjuo bkke_^h\Zl_e_c gZqZeh wihob jZgg_]h `_e_aZ
kh\iZ^Z_l k i_jbh^hf ih\ur_gghc \eZ`ghklb   Wlb baf_g_gby k^_eZ\
rb_ fZeh ijb]h^gufb mkeh\by kms_kl\h\Zgby \ K_\_jghf IjbmjZev_ \ha
 )LQQR8JULFD

fh`gh b ihkem`bebhkgh\ghcijbqbghci_j_f_s_gby_]hgZk_e_gby\ugm
`^_ggh]hhlijZ\eylvkygZihbkdbgh\uof_klh[blZgby
Koh`Zy kblmZpby \ wlh \j_fy kdeZ^u\Z_lky b \ AZiZ^ghKb[bjkdhf j_
]bhg_]^_lZd`_gZ[ex^Z_lkyagZqbl_evguck^\b]gZk_e_gbyd x]m\ ihbkdZo
m^h[guof_kl^eyijh`b\Zgby  
A^_kvg_ebrgbf[m^_lhklZgh\blvkygZk\h_h[jZaghfdjm]_iZfylgbdh\
dhlhjuc fgh]bfb bkke_^h\Zl_eyfb jZkkfZljb\Z_lky \ jZfdZo ZgZgvbgkdhc
h[sghklb Wlh iZfylgbdb l_jjblhjbZevgh ly]hl_xsb_ d Kj_^g_fm Ih\he
`vx b \ hkgh\ghf jZkiheh`_ggu_ gZ l_jjblhjbbfZjbckdhqm\Zrkdh]hIh
\he`vy A^_kv \klj_qZxlky dhfie_dku ihklfZdeZr__\kdhc b ]j_[_gqZlh
rgmjh\hc d_jZfbdb gh ]eZ\gZy hkh[_gghklv wlhc l_jjblhjbb \ujZ`Z_lky \
gZebqbbl_dklbevghcd_jZfbdb \ hkgh\ghfgZihk_e_gbyo b d_evlh\Zdh
abgkdhf_eZjkdh]hh[ebdZ jbk  K\yavZdhabgkdhf_eZjkdbod_evlh\
k l_dklbevghc d_jZfbdhc ^hklZlhqgh m[_^bl_evgh Zj]mf_glbjh\ZgZ \ p_
ehfjy^_jZ[hl  b \jy^ebwlhlnZdl\ gZklhys__\j_fym dh]heb[h
\uau\Z_lkhfg_gb_
< p_ehf h[ebd fZl_jbZevghc dmevlmju gZk_e_gby hklZ\b\r_]h l_d
klbevgmx d_jZfbdm b Zdhabgkdhf_eZjkdb_ d_evlu hq_gv kZfh[ulguc Hg
e_]dh hlebqbf hl dmevlmju k_\_jhijbmjZevkdh]h b hl dmevlmju ihklfZdeZ
r__\kdh]h gZk_e_gby h^gZdh \k_ ljb]jmiiuiZfylgbdh\\ ij_^_eZofZjbc
kdhqm\Zrkdh]h Ih\he`vy \klj_qZxlky \f_kl_ ijbq_f bo ojhgheh]bq_kdb_
jZfdb \h fgh]hf kh\iZ^Zxlqlhiha\hey_ldmevlmjmgZk_e_gbyk l_dklbev
ghcd_jZfbdhcjZkkfZljb\Zlv\ jZfdZoh[s_ZgZgvbgkdhcijh[e_fu  
< j_r_gbbijh[e_fjZgg_]h`_e_agh]h\_dZ<he]hDZfvyg_fZeh\Z`gmx
jhev fh]ml ku]jZlv lZd`_ b bkke_^h\Zgby iZfylgbdh\ k_\_jghc b k_\_jh
aZiZ^ghc qZkl_c _\jhi_ckdhc Jhkkbb D kh`Ze_gbx Zjo_heh]b ihdZ _s_ g_
jZkiheZ]Zxl^hklZlhqgufdhebq_kl\hffZl_jbZeh\k wlhcl_jjblhjbbdhlh
ju_fh]eb[u^Zlvhl\_lugZ\k_bf_xsb_ky\hijhkuL_fg_f_g__ke_^m_l
kh]eZkblvkyk l_fbbkke_^h\Zl_eyfbdhlhju_kqblZxlqlhiZfylgbdbk_\_j
ghc b k_\_jhaZiZ^ghc Jhkkbb ^_ckl\bl_evgh k\yaZgu k djm]hf iZfylgbdh\
ZgZgvbgkdh]h\j_f_gb<he]hDZfvyb K_\_jgh]hIjbmjZevy  
H^gZdh l_ogbdZ gZg_k_gby mahjh\ bo dhfihabpbhggh_ ihkljh_gb_ gZ
ihkm^_ k_\_jguo b k_\_jhaZiZ^guo h[eZkl_c Jhkkbb ij_^klZ\e_gguo iZ
fylgbdZfb <_jog_c <he]b [_ehfhjkdhc dZj]hihevkdhc iha^g_dZj]hihev
kdhc  b emmdhgkZZjb dmevlmj [he__ \k_]h mdZau\Zxl gZ bo [he__ l_kgmx
k\yavk k_\_jhijbmjZevkdbfj_]bhghfK\yav`_k IjbdZfv_fb Kj_^gbfIh
\he`v_f meZ\eb\Z_lky lhevdh [eZ]h^Zjy g_[hevrhfm gZebqbx a^_kv]j_[_g
qZlhrgmjh\hcd_jZfbdbdhlhjZydZdm`_hlf_qZehkv\ur_kZfZihy\beZkv
a^_kv\ j_amevlZl_ijh^\b`_gbykx^ZqZklbk_\_jhijbmjZevkdh]hgZk_e_gby
G_fgh]hqbke_gghklv ]j_[_gqZlhrgmjh\hc d_jZfbdb \ Kj_^g_f Ih\he
`v_ b ihqlb ihegh_ __ hlkmlkl\b_ \ MklvDZfv_ kdhj__ \k_]h k\b^_l_evkl
\mxlh[hrb[hqghklbml\_j`^_gbyqlhwlhlj_]bhg[uebkoh^guf^eygZk_
e_gby ihy\b\r_]hky gZ k_\_j_ b k_\_jhaZiZ^_ Jhkkbb \ k_j_^bg_ , luk
^hgw  Wlhfmijhlb\hj_qbllZd`_hlkmlkl\b_gZiZfylgbdZo<_jo
g_c<he]b[_ehfhjkdhcdZj]hihevkdhc iha^g_dZj]hihevkdhc b emmdhgkZZ

)LQQR8JULFD

jb dmevlmj d_jZfbq_kdbo dhfie_dkh\ ihklfZdeZr__\kdh]h h[ebdZ dhlhju_


gZiZfylgbdZoKj_^g_]hIh\he`vyb Gb`g_]hIjbdZfvyj_adhij_h[eZ^Zxl
gZ^ ]j_[_gqZlhrgmjh\ufb < ijhlb\ghf kemqZ_ ihklfZdeZr__\kdZy d_jZ
fbdZy\eyeZkv[uij_h[eZ^Zxs_cb gZ[he__k_\_jguoiZfylgbdZoi_j_qbk
e_gguo\ur_dmevlmj
<iheg_ hq_\b^gh qlh aZk_e_gb_ k_\_jhaZiZ^guo h[eZkl_c Jhkkbb reh
ba K_\_jgh]h IjbmjZevy g_ q_j_a Ih\he`v_ Z q_j_a [Zkk_cgu [he__ k_\_j
guo \hklhqgh_\jhi_ckdbo j_d <uq_]^u Kmohgu F_a_gb K_\_jghc >\b
gu 
Bkoh^y ba wlh]h ke_^m_l ijbagZlv qlh \_jog_\he`kdb_ [_ehfhjkdb_
dZj]hihevkdb_ b emmdhgkZZjb iZfylgbdb hljZ`Zxl wlZiu fb]jZpbb k_\_jh
ijbmjZevkdh]h gZk_e_gby gZ aZiZ^ Bf_ggh \ i_j_qbke_gghc ihke_^h\Zl_ev
ghklb fZl_jbZeu wlbo iZfylgbdh\ beexkljbjmxl ihkl_i_ggmx mljZlm ki_
pbnbq_kdboq_jlk\yau\Zxsbobok K_\_jgufIjbmjZev_f< lZdhc`_ih
ke_^h\Zl_evghklb ihy\eyxlky b \hajZklZxl gZ wlbo iZfylgbdZo gh\u_ ijb
agZdb h[mkeh\e_ggu_ Z^ZilZpb_c k_\_jhijbmjZevkdh]h gZk_e_gby d gh\uf
mkeh\byfb _]hdhglZdlZfbk f_klgufbie_f_gZfb  
Bf_ggh hlf_q_ggu_ \ur_nZdluiha\heyebbkke_^h\Zl_eyfh[t_^bgylv
b k\yau\Zlv iZfylgbdb _\jhi_ckdh]h k_\_jh\hklhdZ g_dhlhjuf h[sbf ih
gylb_f h[yaZgguf k\hbf gZa\Zgb_f fh]bevgbdm m ^ :gZgvbgh gZ Gb`g_c
DZf_ \ ?eZ[m`kdhf jZchg_ JL H^gZdh wlh gZa\Zgb_ fh`_l [ulv ijbgylh
lhevdh mkeh\gh ihkdhevdm fZl_jbZeu :gZgvbgkdh]h fh]bevgbdZ dZd [ueh
ihdZaZgh \ur_ g_ bf_xl ijyfhc k\yab k fZl_jbZeZfb iZfylgbdh\ ^jm]bo
h[eZkl_c Z hkh[_ggh k fZl_jbZeZfb iZfylgbdh\ ZgZgvbgkdh]h \j_f_gb K_
\_jgh]h IjbmjZevy IjZ\^Z wlh \u]ey^bl g_kdhevdh iZjZ^hdkZevgh ih
kdhevdmk h^ghcklhjhgubf_ggh:gZgvbgkdbcfh]bevgbd^Zek\h_bfylh
fm fbjm dhlhjuc ijbgylh k\yau\Zlv k ZgZgvbgkdbf : k ^jm]hc klhjhgu
bf_ggh gZk_e_gb_ K_\_jgh]h IjbmjZevy k\h_c fh[bevghklvx b rbjhdbf
jZkk_e_gb_f ih k_\_jh_\jhi_ckdhc qZklb Jhkkbb gZ fhc \a]ey^ b y\ey_lky
l_fa\_ghfdhlhjh_iha\hebeh]h\hjblvh _^bghfZgZgvbgkdhffbj_
< lh`_\j_fy\jy^ebfh`gh]h\hjblvh[_^bghcZgZgvbgkdhcdmevlm
j_ beb ZgZgvbgkdhc dmevlmjghc h[sghklb  ho\Zlu\Zxs_c \_kv k_\_jh
\hklhd ?\jhiu GZk_e_gb_ wlhc l_jjblhjbb ij_^klZ\eyeh kh[hc p_euc jy^
kZfhklhyl_evguowlgbq_kdboh[jZah\Zgbcdhlhju_ihemqbebq_jlukoh^kl\Z
\ j_amevlZl_ ijh^\b`_gby k_\_jhijbmjZevkdh]h gZk_e_gby q_j_a [Zkk_cgu
j_d<yldbb <_lem]bgZDZfmb Kj_^gxx<he]mZ lZd`_q_j_a[Zkk_cguk_
\_jguoj_dgZ<_jogxx<he]mb gZk_\_jhaZiZ^Jhkkbb
AgZqbl_evgmxjhev\ jZkdjulbbijh[e_fjZgg_]h`_e_agh]h\_dZ\ k_\_
jh\hklhqghc ?\jhi_ fh]ml ku]jZlv bkke_^h\Zgby fh]bevgbdh\ b bamq_gb_
ih]j_[Zevgh]hh[jy^Zlh]h\j_f_gb
Fg_ m`_ ijboh^behkv ]h\hjblv h lhf qlh fu jZkiheZ]Z_f hq_gv g_
[hevrbf dhebq_kl\hf jZ[hl dhlhju_ [he__ beb f_g__ ihegh hljZ`Zxl kh
\hdmighklv ^_ckl\bc khijh\h`^Z\rbo ihdhcgh]h \ aZ]jh[gmx `bagv  
Kj_^b gbo \ gZb[hevr_c kl_i_gb aZkem`b\Zxl \gbfZgby lhevdh bkke_^h\Z
gby : < A[jm_\hc : I Kfbjgh\Z b : O OZebdh\Z   HklZevgu_
 )LQQR8JULFD

jZ[hlu lZd beb bgZq_ aZljZ]b\Zxsb_ \hijhku k\yaZggu_ k ih]j_[Zevguf


h[jy^hf ghkyl [hevr_ hibkZl_evghj_]bkljZpbhgguc oZjZdl_j b fh]ml ih
agZdhfblv bkke_^h\Zl_ey lhevdh k mkeh\byfb aZe_]Zgby ih]j_[_ggh]h b kh
ijh\h`^Zxsbo_]hij_^f_lh\Wlhdhg_qghgb \ dh_cf_j_g_fh`_laZf_
gblv hibkZgb_ ih]j_[Zevgh]h h[jy^Z k j_dhgkljmdpb_c _]h we_f_glh\ kh
imlkl\mxsboj_ZevghfmaZohjhg_gbxmf_jr_]h\ ^j_\ghklb
;_amkeh\gh mkeh\by aZohjhg_gby mf_jr_]h khijh\h`^Zxsbc _]h bg
\_glZjvb bojZkiheh`_gb_fh]ml^Zlvfgh]h_H^gZdhwlb^Zggu_gZ^hbk
ihevah\Zlvhq_gvmf_ehb hklhjh`ghg_ij_f_gghh[jZsZykvd ^Zggufwlgh
]jZnbb b ^jm]bo gZmd iha\heyxsbo hdZaZlv ihfhsv Zjo_heh]bb >mfZ_lky
qlh ijZ\bevgh \u[jZgguc ih^oh^ d bf_xsbfky fZl_jbZeZf ihfh`_l ba[_
`Zlvg_ijZ\bevguoihkljh_gbcdhlhju_dZdijZ\beh\\h^yl\ aZ[em`^_gb_
bkke_^h\Zl_e_c A^_kv y bf_x \ \b^m qbklh mlbeblZjguc ih^oh^ d ih]j_
[Zevghfm bg\_glZjx qZklh khijh\h`^Z\r_fm ihdhcgh]h ?]h gZebqb_ beb
hlkmlkl\b_ ^Z\Zeh ih\h^g_dhlhjufbkke_^h\Zl_eyf]h\hjblvh kms_kl\h\Z
gbb ^h\hevgh ]em[hdh]h khpbZevgh]h jZkkeh_gby gZk_e_gby <he]hDZfvy \
jZgg_f `_e_aghf \_d_   H^gZdh [he__ [ebadh_ agZdhfkl\hk wlgh]jZnb
q_kdbba\_klgufbfZl_jbZeZfbiha\hey_lg_ijb^_j`b\Zlvkywlhcko_fu
< k\yab k wlbf g_dhlhju_ j_amevlZlu jZ[hl bkke_^h\Zl_e_c bf_\rbo
^_eh k ih]j_[Zevguf h[jy^hf wlgh]jZnbq_kdb ba\_klguo gZjh^ghkl_c hkh
[_gghl_odhlhju_l_jjblhjbZevghb ihmjh\gxjZa\blbyfh]ml[ulvkhihk
lZ\bfuk gZk_e_gb_f<he]hDZfkdh]hj_]bhgZjZgg_]h`_e_agh]h\_dZ\ihe
g_aZkem`b\Zxl\gbfZgby
LZdihqlbm \k_oaZiZ^ghkb[bjkdbob ijbmjZevkdbogZjh^ghkl_cih]j_
[Zevguc bg\_glZjv khijh\h`^Z\rbc mf_jrbo g_ y\eyeky ]eZ\guf ihdZaZ
l_e_fbokhpbZevgh]hiheh`_gbyJZaebqby\ ih]j_[Zevghfh[jy^_b khijh
\h`^Z\r_f _]h bg\_glZj_ fh]eb aZ\bk_lv hl fgh]bo ijbqbg hl iheh\uo
\hajZklguo khpbZevguo b wlgbq_kdbo Wlb jZaebqby fh]ml ijhy\eylvky b \
mkeh`g_gghf\b^_\ aZ\bkbfhklbhl\b^Zkf_jlbdhlhjmxijbgyeih]j_[_g
guc>hklZlhqghkdZaZlvqlhmf_jrb__kl_kl\_gghckf_jlvxm fgh]bowlgh
]jZnbq_kdb ba\_klguo gZjh^h\ ohjhgbebkv bgZq_ q_f mlhie_ggbdb mf_j
rb_hl[he_agbih]b[rb_gZhohl_\ [hxb lZd^Ze__
Yjdbf ijbf_jhf a^_kv fh]mlkem`blvfZl_jbZeuih]j_[_gby =mev
dbgkdh]h fh]bevgbdZ Dhklyd h[gZjm`_gguc \ g_f hlebqZeky l_f qlh hg
bf_e hjb_glbjh\dm ^bZf_ljZevgh ijhlb\hiheh`gmx \k_f hklZevguf bk
ke_^h\Zgguf \ wlhf `_ fh]bevgbd_ Wlh hldehg_gb_ hl kms_kl\h\Z\rbo
ghjfih]j_[Zevgh]hh[jy^ZklZgh\blky\iheg_h[tykgbfuf_kebijbgylv\h
\gbfZgb_ lh qlh \ h^ghf ba iha\hgdh\ ih]j_[_ggh]h \ mihfygmlhc fh]be_
[ue h[gZjm`_g aZkljy\rbc gZdhg_qgbd klj_eu dhlhjuc kdhj__ \k_]h b
y\beky ijbqbghc kf_jlb   < j_amevlZl_ wlh ih]j_[_gb_ \u]ey^bl bgZq_
q_fhklZevgu_Z ijbqbghcwlh]hfh]eb[ulvbgu_jblmZevgu_^_ckl\bymqZ
kl\h\Z\rbo\ g_fex^_c
LZdbf h[jZahf hlkmlkl\b_ beb gZebqb_ khijh\h`^Zxs_]h bg\_glZjy \
ih]j_[_gbbgZfhc\a]ey^_s_g_y\ey_lky[_amij_qgufbg^bdZlhjhffZl_
jbZevgh]h ^hklZldZ mf_jr_]h Z ke_^h\Zl_evgh b _]h khpbZevgh]h iheh`_

)LQQR8JULFD

gby<f_kl_k l_fg_evayaZ[u\ZlvqlhgZebqb_jZaghh[jZaguonhjfaZohjh
g_gbc h^bghqguo iZjguo qZklbqguo \lhjbqguo d_ghlZnh\ b l^  hlf_
qZ\rbokyihqlb\k_fbbkke_^h\Zl_eyfbfh]eh[ulvh[mkeh\e_ghijhgbdgh
\_gb_f \ <he]hDZfv_ gh\uo ]jmii gZk_e_gby h q_fm`_]h\hjbehkv\ur_
A^_kv mf_klgh [m^_l kdZaZlv qlh ]jmglh\u_ fh]bevgbdb ZgZgvbgkdh]h \j_
f_gb [ueb h[gZjm`_gu lhevdh gZ lhc l_jjblhjbb ]^_ ba\_klgu iZfylgbdb
ihklfZdeZr__\kdh]h h[ebdZ Wlh iha\hey_l ij_^iheZ]Zlv qlh \ ^jm]bo j_
]bhgZodhlhju_k\yau\Zxlk ZgZgvbgkdbffbjhfkdhj__\k_]hjZkijhkljZ
g_g gZa_fguc kihkh[ aZohjhg_gby B lhevdh gZ l_jjblhjbb <he]hDZfvy
ijhgbdr__kx^Zba^jm]boh[eZkl_cgh\h_gZk_e_gb_mk\hbeha^_kvh[jy^aZ
ohjhg_gby\ a_fexgh\f_kl_k l_f\g_keh\ g_]hjy^gh\uowe_f_glh\dh
lhju_b h[mkeh\beblZdh_jZaghh[jZab_ohjhrhgZfba\_klgh]hlZdgZau\Z_
fh]hZgZgvbgkdh]hih]j_[Zevgh]hh[jy^Z
A^_kv mf_klgh [ueh [u dhkgmlvky gZkdhevdh iha\hey_l h[t_f klZlvb
kbkl_fu dmevlh\ b dhkfh]hgbq_kdbo ij_^klZ\e_gbc gZk_e_gby jZgg_]h `_
e_agh]h\_dZk_\_jh\hklhdZ?\jhiu;_amkeh\gh\ k_\_jguoh[eZklyowlh]h
j_]bhgZ jZa\b\ZeZkv kbkl_fZ jZggbo rZfZgkdbo dmevlh\ oZjZdl_jguo ^ey
gZk_e_gby e_khlZ_`ghc ahgu K_\_jZ b Kb[bjb < <he]hDZfkdhf j_]bhg_
y\gh ijhke_`b\Zxlky ^\_ebgbbjZa\blbydmevlh\uoljZ^bpbcH^gZbagbo
l_kghk\yaZgZk x`gufbebkdbnkdhbjZgkdbffbjhfH[wlhfk\b^_l_evkl
\m_l [hevrh_ qbkeh dmevlh\uo ba^_ebc \klj_qZxsbo ZgZeh]b gZ h]jhfguo
ijhkljZgkl\Zo?\jZabckdbokl_i_c
>jm]Zy ebgby hij_^_e_ggh \hkoh^bl d kbkl_f_ jZggbo rZfZgkdbo \_jh
\ZgbcoZjZdl_jguo^eyh[blZl_e_ce_khlZ_`ghcahguHgZ^hdmf_glbjm_lky
k_jb_c gZoh^hd kx`_lguc fhlb\ b dhfihabpby dhlhjuo \ ^Zevg_cr_f ih
emqZxl aZdhgq_ggh_ hnhjfe_gb_ b ba\_klgu gZf ih fgh]hqbke_gguf Zljb
[mlZfiha^g_]hrZfZgbafZKj_^bgbohkh[hohl_ehkv[uhlf_lblvgZoh^dm
dhklygh]h lj_o]jZggh]h hkljby k ]hjh^bsZ Q_j_iZrv_ jZkiheh`_ggh]h gZ
j DZf_ GZ g_f bf_xlky bah[jZ`_gby ex^_c b `b\hlguo ehk_c"  b^msbo
^jm] aZ ^jm]hf jbk    Ba^_eby k ZgZeh]bqguf kx`_lhf bah[jZ`_gby
fh`gh\klj_lblv\ [he__iha^g_fdmevlh\hfeblv_IjbdZfvy  Z lZd`_gZ
jbkmgdZorZfZgkdbo[m[gh\ba\_klguoihwlgh]jZnbq_kdbffZl_jbZeZf
K rZfZgkdbfb \_jh\Zgbyfb kdhj__ \k_]h ke_^m_l k\yau\Zlv gZoh^db
Zfme_lh\ RV SHQLV f_^\_^y hij_^_e_gb_ : = I_lj_gdh  \klj_q_gguo gZ
g_dhlhjuo ihk_e_gbyo ZgZgvbgkdh]h \j_f_gb<he]hDZfvy jbk    
A^_kv ke_^m_l ^h[Z\blv qlh hkh[h_ hlghr_gb_ d iheh\uf hj]ZgZf f_^\_^y
[ueh ^h\hevgh jZkijhkljZg_gguf y\e_gb_f m gZjh^h\ Kb[bjb b >Zevg_]h
<hklhdZ  
;_amkeh\ghb x`gu_b e_khlZ_`gu_ljZ^bpbb\ kbkl_f_dmevlh\\he]h
ijbmjZevkdh]h gZk_e_gby ZgZgvbgkdh]h \j_f_gb \ g_dhlhjhc kl_i_gb i_j_
ie_lZebkvqlhihemqbehhljZ`_gb_\ Zjo_heh]bq_kdbofZl_jbZeZob khhl\_l
kl\_ggh \ Zjo_heh]bq_kdhc ebl_jZlmj_   H^gZdh [he__ `b\mqbfb \
f_klghc kj_^_ hdZaZebkv e_khlZ_`gu_ ljZ^bpbb <ihke_^kl\bb hgb klZeb
a^_kv ij_h[eZ^Zxsbfb b mki_rgh jZa\b\Zebkv gh [ueb ij_j\Zgu jZggbf
\ebygb_f fmkmevfZgkl\Z b ojbklbZgkl\Z b \b^bfh ihwlhfm g_ ihemqbeb
 )LQQR8JULFD

k\h_]h deZkkbq_kdh]h aZ\_jr_gby ih^h[gh]h lhfm dhlhjh_ fu \b^bf \


iha^g_frZfZgbaf_Kb[bjb
DZkZykv ohayckl\_ggh]h mdeZ^Z `bagb \he]hdZfkdh]h gZk_e_gby ZgZgv
bgkdh]h \j_f_gb fh`gh kdZaZlv qlh hgh \ hkgh\_ k\h_c [ueh hohlgbqv_
ju[heh\q_kdbf < fZl_jbZeZo iZfylgbdh\ jZgg_]h `_e_agh]h \_dZ <he]h
DZfvy gZoh^dbdhkl_cju[b ijhfukeh\uo`b\hlguog_j_^db<klj_qZxlky
b gZoh^db dhkl_c ^hfZrgbo `b\hlguo b \ g_dhlhjuo kemqZyo hgb ^Z`_
ij_h[eZ^Zxl  
H^gZdh gZ fhc \a]ey^ \ g_dhlhjuo jZ[hlZo jhev ^hfZrg_]h kdhlh\h^
kl\Z \ wihom jZgg_]h `_e_agh]h \_dZ \uklZ\ey_lky g_kdhevdh aZ\ur_gghc
I_j\hgZqZevgh lZdZy ihabpby ^bdlh\ZeZkv mkeh\byfb iheblbq_kdhc h[klZ
gh\db lhc wihob dh]^Z [ueb k^_eZgu ih^h[gu_ \u\h^u   < ihke_^mx
sbojZ[hlZo_s_dZdh_lh\j_fykjZ[Zlu\ZeZkbeZbg_jpbbghm`_[he__^_
lZevguc ZgZeba hkl_heh]bq_kdh]h fZl_jbZeZ iha\hebe hl\h^blv jheb hohl
gbqv_]h ohayckl\Z kms_kl\_ggh_ f_klh   D wlhfm fh`gh ^h[Z\blv qlh
^Zggu_h ijhp_glghfkhhlghr_gbbdhkl_c^bdbob ^hfZrgbo`b\hlguofh
]ml [ulv ^Ze_dh g_ ihegufb ;hevrbgkl\h bkke_^h\Zl_e_c gZ fhc \a]ey^
kijZ\_^eb\hiheZ]Zxlqlh^Ze_dhg_\k_lmrdbijhfukeh\uo`b\hlguoh[
jZ[Zlu\ZebkvgZihk_e_gbyoZ lhevdhl_qlh[uebijb]h^gu^eymihlj_[e_
gby\ ibsmHklZevgu_`_jZa^_eu\Zebkv\ p_eyowdhghfbbf_klZb kbeugZ
f_kl_^h[uqbb k kh[hcaZ[bjZeblhevdhkZfh_p_ggh_ imrgbgm
>ey\_^_gby`_^hfZrg_]hkdhlh\h^kl\Zijbmjh\g_b kl_i_gbhk\h_gby
ijbjh^guo m]h^bc <he]hDZfkdh]h e_kgh]h j_]bhgZ b l_f [he__ k_\_jguo
h[eZkl_cmkeh\by[uebfZehijb]h^guF_klhf^ey\uiZkZkdhlZfh]eb[ulv
lhevdh ihcfu j_d b lh \ e_lg__ \j_fy >Zgguo `_ ^ey lh]h qlh[u ml\_j
`^Zlvh aZ]hlh\dZok_gZgZabfmm gZkg_lKdhj__\k_]hkdhl[jZekym x`
guodhq_\uoie_f_ggZe_lh\ h[f_ggZimrgbgmb hk_gvxk gZklmie_gb_f
oheh^h\b bklhs_gb_fiZkl[bsaZ[b\ZekyKhfg_gb_\uau\ZxllZd`_b \u
kdZau\Zgbyh agZqbl_evghcb ^Z`_\_^ms_cjheba_fe_^_eby\ ohayckl\_gZ
k_e_gbyjZgg_]h`_e_agh]h\_dZ<he]hDZfvy  Ijbqbgu\ hkgh\ghfl_
`_ qlh g_ iha\heyeb \ ihegmx kbem jZa\b\Zlvky ^hfZrg_fm kdhlh\h^kl\m
hlkmlkl\b_ ihk_\guo m]h^bc Djhf_ lh]h m Zjo_heh]h\ g_l ^Zgguo iha\h
eyxsbo ij_^iheZ]Zlv gZebqb_ a_fe_^_eby m gZk_e_gby <he]hDZfvy \ jZg
g_f`_e_aghf\_d_G_la_fe_^_evq_kdbohjm^bcfhlu]k_jih\dhkKkuedb
`_gZgZebqb_l_jhqguoieblkem`b\rboydh[u^eyjZklbjZgbya_jgZfZ
ehm[_^bl_evgu D lhfm `_ gZ g_dhlhjuo ieblZo bf_xlky ke_^u djZkghc
djZkdbqlhfh`_ldhgdj_lghmdZau\ZlvgZbogZagZq_gb_
>eyj_r_gbyijh[e_fk\yaZgguok bklhjb_cjZgg_]h`_e_agh]h\_dZgZ
k_\_jh\hklhd_ ?\jhiu ij_^klZ\ey_l lhl nZdl qlh d jm[_`m 9,9\\ ^h
gw gZk_e_gb_ kj_^g_\he`kdh]h b gb`g_dZfkdh]h j_]bhgh\ ihdbgmeh f_klZ
k\h_]h h[blZgby <gh\v wlhl j_]bhg [ue aZk_e_g lhevdh d ,,, \ gw Wlh dZ
`_lky[he__q_fkljZgguf_kebmq_klvqlhlZdZy[eZ]hijbylgZy\ ijbjh^gh
]_h]jZnbq_kdhf hlghr_gbb h[eZklv dZdhc y\ey_lky f_klh kebygby <he]b k
DZfhc \h \k_ \j_f_gZ ijb\e_dZeZ k_[_ h[blZl_e_c Ijbqbgu aZimkl_gby
wlhcl_jjblhjbb^hgZklhys_]h\j_f_gbhklZxlkyaZ]Z^hqgufb

)LQQR8JULFD

Khklhjhgubkke_^h\Zl_e_c^he]h_\j_fyg_^_eZehkv^Z`_ihiulhdohlv
dZdlh h[tykgblv wlh y\e_gb_ Ebrv lhevdh \ ihke_^g__ \j_fy
: O OZebdh\uf [ueb ij_^eh`_gu ^h\hevgh hjb]bgZevgu_ j_r_gby wlh]h
\hijhkZ
I_j\hgZqZevghhghkgh\u\ZykvgZjZkkdZaZo=_jh^hlZk\yaZemoh^gZk_
e_gby k wlhc l_jjblhjbb k kh[ulbyfb kdbnkdhi_jkb^kdhc \hcgu ijhbkoh
^b\rbfb\ ]h^m^hgw  H^gZdhwlhh[tykg_gb_\b^bfhg_m^h\e_
l\hjbeh kZfh]h bkke_^h\Zl_ey \ j_amevlZl_ q_]h : O OZebdh\uf [ueZ
ij_^eh`_gZgh\Zy\_jkbyIh_]hfg_gbx\ ]h^m^hgw\ ij_^_eZo<he
]hDZfvy ijhbahreh kbevg_cr__ a_fe_ljyk_gb_ dhlhjh_ b ihkem`beh ijb
qbghcfZkkh\h]h[_]kl\Zhlkx^Zh[blZ\r_]ha^_kvgZk_e_gby  
Fg_ lZd`_ ijboh^behkv aZljZ]b\Zlv wlm ijh[e_fm \ h^ghc ba k\hbo jZ
[hlGZfhc\a]ey^gZk_e_gb_<he]hDZfvyihdbgmehij_^_euk\h_]hh[blZ
gby baaZ g_ kh\k_f fbjguo k\hbo x`guo khk_^_c Kl_igu_ dhq_\gbdb iZ
fylgbdb dhlhjuo ohjhrh ba\_klgu gZ ]jZgbp_ e_khkl_ib k bo \k_ [he__
mqZsZxsbfbky gZ[_]Zfb fh]eb kem`blv hkgh\ghc ijbqbghc hklZ\e_gby
k\hboihklhygguof_klh[blZgby\he]hdZfkdbfgZk_e_gb_f  
Djhf_lh]hfZl_jbZeuiZfylgbdh\<he]hDZfvyjZgg_]h`_e_agh]h\_dZ
^Zxlih\h^]h\hjblvqlhbkoh^f_klgh]hgZk_e_gbyg_[ue_^bgh\j_f_gguf
ZdlhfHghihdb^Zehf_klZk\h_]hh[blZgbyihkl_i_gghD \hklhdmhlMklv
DZfvy iZfylgbdb ZgZgvbgkdh]h \j_f_gb ij_djZlbeb k\h_ kms_kl\h\Zgb_
lhevdhd ,9\^hgwlh]^ZdZd\ p_gljZevghc_]hqZklbhgbbkq_aebm`_gZ
jm[_`_ 9,9\\ ^hgw <b^bfh wlh h[klhyl_evkl\h k\b^_l_evkl\m_l qlh
gZ[_]b x`guo dhq_\gbdh\ gZ ihk_e_gby f_klguo ie_f_g hkms_kl\eyebkv \
hkgh\ghfk l_jjblhjbcijbe_]Zxsbod <he]_
>Zevg_crZy km^v[Z ie_f_g gZk_ey\rbo dZaZgkdh_ Ih\he`v_ b Mklv
DZfv_ijhke_`b\Z_lky\ [Zkk_cgZoj_d;_ehcb Kj_^g_cDZfu]^_hgbku]
jZeb agZqbl_evgmx jhev \ nhjfbjh\Zgbb dZjZZ[uakdhc b ]ey^_gh\kdhc
dmevlmj
LZdbf h[jZahf gZk_e_gb_ jZgg_]h `_e_agh]h \_dZ g_kfhljy gZ k\hx
keh`gmx km^v[m hklZ\beh agZqbl_evguc ke_^ \ ^j_\g_c bklhjbb k_\_jh
\hklhdZ?\jhiu< ^Zevg_cr_fhghku]jZehg_fZeh\Z`gmxjhev\ keh`_gbb
[he__ iha^gbo wlghdmevlmjguo h[jZah\Zgbc dhlhju_ \ k\hx hq_j_^v ih
kem`bebhkgh\hcnhjfbjh\Zgbyg_dhlhjuokh\j_f_gguonbgghyauqguogZ
jh^h\k_\_jh_\jhi_ckdhcqZklbJhkkbb





:rbofbgZEBJZgg_ZgZgvbgkdb_ihk_e_gbygZ\_jog_cF_a_gb:jo_heh]bq_kdb_iZfylgbdb
I_qhjuK_\_jghc>\bgubF_a_gbF:?K<<uiKudlu\dZj



;Z^_jHG=hjh^bsZ<_lem]bbMg`bFB:

;mjh\=F>j_\gbcKbg^hjF

<_j_sZ]bgZB<:rbofbgZEBJZgg_ZgZgvbgkdb_ihk_e_gby\[Zkk_cg_K_\_jghc>\bgu
>j_\gb_iZfylgbdbK_\_jgh]hIjbmjZevyF:?K<<uiKudlu\dZj

=hjxgh\Z?BWlgbq_kdZybklhjby<he]hHdkdh]hf_`^mj_qvyFB:

>_gbkh\<IDmevlmjuwihob[jhgau\<_jog_fbKj_^g_fIjbdZfv_bbojhev\nhjfbjh\Z
gbbZgZgvbgkdhcdmevlmjuMAI=MI_jfv

A[jm_\Z:<BklhjbygZk_e_gbyIjbdZfvy\ZgZgvbgkdmxwihomFB:
 )LQQR8JULFD




 B\Zgh\ <: GZk_e_gb_ Gb`g_c b Kj_^g_c ;_ehc \ ZgZgvbgkdmx wihom  :\lhj_n ^bkk 
dZg^bklgZmdF

DZgb\_p<BI_qhjkdh_Ijbiheyjv_WihoZjZgg_]hf_lZeeZF

 Dhkf_gdh F= :jo_heh]bq_kdb_ dmevlmju i_jbh^Z [jhgau  `_e_agh]h \_dZ \DZj_ebb
KI[

FZgxobgBKIha^g_dZj]hihevkdZydmevlmjZ:\lhj_n^bkkdZg^bklgZmdF

 FZl\__\Z =B Ihk_e_gby jZgg_]h `_e_agh]h \_dZ gZ KZfZjkdhc Emd_  KZfZjkdZy EmdZ \
^j_\ghklbDmc[ur_\

IZljmr_\<KE_kgh_Ih\he`v_gZjm[_`wihob[jhgaubjZgg_]h`_e_aZ:\lhj_n^bkk
^hdlbklgZmdE

NhkkF?>j_\g_crZybklhjbyK_\_jZ?\jhi_ckdhcqZklbKKKJFB:

OZebdh\:O<he]hDZfv_\gZqZe_wihobjZgg_]h`_e_aZF

OZebdh\:O<he]hDZfv_K

A[jm_\Z:<BklhjbygZk_e_gbyK

;Z^_jHG>j_\g__Ih\_lem`v_\k\yabk\hijhkZfbwlgh]_g_aZfZjbbjZgg_cbklhjbbIh
\he`vyKW

KZevgbdh\D<D\hijhkmhijhbkoh`^_gbbZgZgvbgkdhcdmevlmjuKW

 A[jm_\Z :< Dmevlmju wihob iha^g_c [jhgau \ IjbdZfv_ \ k\yab k \hijhkhf h keh`_gbb
ZgZgvbgkdhcdmevlmjuK:

 A[jm_\Z :< IZfylgbdb wihob [jhgau \ IjbdZaZgkdhf Ih\he`v_ b Gb`g_f IjbdZfv_ 
FB:

KZevgbdh\D<Hq_jdb^j_\g_cbklhjbbX`gh]hMjZeZF

 Kfbjgh\ :I Hq_jdb ^j_\g_c b kj_^g_\_dh\hc bklhjbb gZjh^h\ Ih\he`vy b IjbdZfvy 
FB:

 Kfbjgh\ :I :jo_heh]bq_kdb_ iZfylgbdb gZ l_jjblhjbb FZjbckdhc :KKJ b bo f_klh \
fZl_jbZevghcdmevlmj_Ih\he`vyDhavfh^_fvygkd

=_jh^hlBklhjby\^_\ylbdgb]ZoE,9

 FZjdh\ <G H[ hkh[_gghklb x]haZiZ^guo iZfylgbdh\ ZgZgvbgkdhc h[sghklb  >j_\gb_
wlgbq_kdb_ijhp_kku<he]hDZfvy:WFD<uiChrdZjHeZ

FZjdh\<GHijhbkoh`^_gbbbdmevlmjghcijbgZ^e_`ghklb\ylkdbo]hjh^bsZgZgvbgkdh]h
\j_f_gbIZfylgbdbi_j\h[ulghcwihob\<he]hDZfv_DZaZgv

 FZjdh\ <G :gZgvbgkdZy ijh[e_fZ  IZfylgbdb ^j_\g_c bklhjbb <he]hDZfvy  <:L
<uiDZaZgv

FZjdh\<GWlZiufb]jZpbbk_\_jhijbmjZevkdh]hgZk_e_gby\ZgZgvbgkdmxwihomMaeh\u_
ijh[e_fukh\j_f_ggh]hnbgghm]jh\_^_gbyChrdZjHeZ

FZjdh\<G:gZgvbgkdZyijh[e_fZK

>_gbkh\<IDmevlmjuwihob[jhgauK

7DOOJUHQ$0/CHSRTXHGLWHGC$QDQLQRGDQVOD5XVVLHRSLHQWDOH60<$;;;,

OZebdh\:O>j_\gyybklhjbyKj_^g_]hIh\he`vyF

BrfmjZlh\Z=JIjbdZaZgkdZybZgZgvbgkdZyd_jZfbdZihk_e_gbyDmj]ZgMAI=M 
I_jfv

KlZjhklbgIG@bebsZihk_e_gbyDmj]ZgMAI=MI_jfv

FZjdh\<GI_jbh^baZpbybojhgheh]byiZfylgbdh\ZgZgvbgkdh]h\j_f_gbijbmklv_\hcqZk
lbDZfu:jo_heh]bq_kdb_iZfylgbdbahgu\h^hojZgbebs<he]hDZfkdh]hdZkdZ^ZDZaZgv


FZjdh\<GHijhbkoh`^_gbbbdmevlmjghcijbgZ^e_`ghklb

FZjdh\<G:gZgvbgkdZyijh[e_fZ

B\Zgh\<:Ijh[e_fZdmevlmjudmjfZglZmIjbmjZev_\wihom[jhgaubjZgg_]h`_e_aZ
MnZ

OZebdh\:O<he]hDZfv_K

:rbofbgZEB=hjh^bs_DZf_ggucEh]ZgZgvbgkdhcdmevlmjuKj_^g_]hIjbdZfvyFZl_
jbZevgZyb^moh\gZydmevlmjZnbgghm]jh\IjbmjZevyB`_\kd

)LQQR8JULFD




:rbofbgZEBIhk_e_gbywihobiha^g_c[jhgaubjZgg_]h`_e_aZgZKj_^g_cDZf_:jo_h
eh]bq_kdb_ iZfylgbdb wihob iZe_hf_lZeeZ \ K_\_jghf IjbmjZev_  F:?K< <uiKud
lu\dZj

A[jm_\Z:<BklhjbygZk_e_gbyK

A[jm_\Z:<Em]h\kdhcfh]bevgbdLjm^uBWlhf,,FE

FZjdh\<GGb`g__IjbdZfv_\ZgZgvbgkdmxwihom:\lhj_n^bkkdZg^bklgZmd
E

B\Zgh\<:<hhjm`_gb_b\h_ggh_^_ehnbgghm]jh\IjbmjZevy\wihomjZgg_]h`_e_aZ
MnZK

FZjdh\<G:gZgvbgkdZyijh[e_fZK

FZjdh\<GHijhbkoh`^_gbbbdmevlmjghcijbgZ^e_`ghklbK

Klhdhehk<KDhjhe_\DK:jo_heh]bq_kdZydZjlZDhfb:KKJFK
dZjlZ\deZ^ur

;mjh\=F>j_\gbcKbg^hjK

DZgb\_p<BI_qhjkdh_Ijbiheyjv_K

Klhdhehk<KDhjhe_\DK:jo_heh]bq_kdZydZjlZK

KZ\_ev_\ZW:I_jfv\uq_]h^kdZyFK

Ema]bg<?>j_\gb_dmevlmjuK

:rbofbgZEBDmevlmjuwihobjZgg_]h`_e_aZ\wlgh]_g_a_gZjh^ZdhfbIjh[e_fuwlgh
]_g_aZgZjh^ZdhfbKudlu\dZjK

FZjdh\<GI_jbh^baZpbybojhgheh]byK

DZgb\_p<BI_qhjkdh_Ijbiheyjv_K

:rbofbgZEBD_jZfbdZ]ZfZxgkdh]hlbiZgZihk_e_gbyo\[Zkk_cg_I_qhju:jo_heh]h
wlgh]jZnbq_kdb_Zki_dlubamq_gbyK_\_jgh]hIjbmjZevyKudlu\dZjK

FZjdh\<GHijhbkoh`^_gbbbdmevlmjghcijbgZ^e_`ghklbK

Rgblgbdh\:<Baf_gqb\hklvh[s_cm\eZ`g_gghklbfZl_jbdh\k_\_jgh]hihemrZjbyAZ
ibkdb]_h]jZnbq_kdh]hh[s_kl\ZKKKJLK

DhkZj_\FNAZiZ^gZyKb[bjv\^j_\ghklbFK

0HLQDQGHU&)'LH%URQ]H]HLWLQ)LQODQG60<$K

DmavfbguoK<F_lZeemj]by<he]hDZfvy\jZgg_f`_e_aghf\_d_F K


IZljmr_\<KGZqZehwihobjZgg_]h`_e_aZ\FZjbckdhfIh\he`v_ChrdZjHeZ
K

IZljmr_\<KFZjbckdbcdjZc\9,,,9,\\^hgwChrdZjHeZKbke

FZjdh\<G:ZgZgvbgkdZyijh[e_fZK

Dhkf_gdhF=:jo_heh]bq_kdb_dmevlmju

FZgxobgBKIha^g_dZj]hihevkdZydmevlmjZ

NhkkF?>j_\g_crZybklhjby

OZebdh\:O<he]hDZfv_\gZqZe_K

FZgxobgBKIha^g_dZj]hihevkdZydmevlmjZK

Dhkf_gdhF=:jo_heh]bq_kdb_dmevlmjuK

Dhkf_gdhF=:jo_heh]bq_kdb_dmevlmjuK

FZjdh\<G:gZgvbgkdZyijh[e_fZK

A[jm_\Z:<BklhjbygZk_e_gbyKbke

OZebdh\:O<he]hDZfv_\gZqZe_Kbke

Kfbjgh\:IHq_jdb^j_\g_cKbke

A[jm_\Z:<BklhjbygZk_e_gbyKbke

A[jm_\Z:<=mevdbgkdbcfh]bevgbdFB:K

=he^bgZJ>Ehfh\Zlh\kdZydmevlmjZ\<_jog_fIjbdZfv_Bjdmlkd lZ[e,9
jbk

FZjdh\<G=hjh^bs_=j_fyqbcDexq>j_\ghklbKj_^g_]hIh\he`vy:WFD<ui
ChrdZjHeZKjbk

:e_dk__gdh?:Dmevlf_^\_^ymd_lh\KWK
 )LQQR8JULFD




LZdkZfbQFKbkl_fZdmevlh\mgb\oh\IZfylgbdbdmevlmjugZjh^h\Kb[bjbbK_\_jZ
E

<Zkbe_\bq=FW\_gdbE

A[jm_\Z:<BklhjbygZk_e_gbyK

:rbofbgZEBJ_dhgkljmdpbyij_^klZ\e_gbchfbjh\hf^j_\_mgZk_e_gbyK_\_jgh]hIjb
mjZevy\wihom[jhgaubjZgg_]h`_e_aZK_jbyij_ijbglh\GZmqgu_^hdeZ^u<
Kudlu\dZj

I_lj_gdh:=>j_\g__bkj_^g_\_dh\h_`b\hlgh\h^kl\hKj_^g_]hIh\he`vybIj_^mjZevy
FK

A[jm_\Z:<BklhjbygZk_e_gbyK

I_lj_gdh:=>j_\g__bkj_^g_\_dh\h_K

A[jm_\Z:<BklhjbygZk_e_gbyK

OZebdh\:O<he]hDZfv_K

OZebdh\:OHkm^v[_gZk_e_gbyZgZgvbgkdhch[sghklbgZGb`g_cDZf_:jo_heh]bq_kdb_
iZfylgbdbahgu\h^hojZgbebs<he]hDZfkdh]hdZkdZ^ZDZaZgvK

FZjdh\<G:gZgvbgkdZyijh[e_fZK



)LQQR8JULFD



JbkKo_fZlbq_kdZydZjlZ]jZgbp Z jZkijhkljZg_gbyiZfylgbdh\jZgg_]h`_
e_agh]h\_dZgZk_\_jh\hklhd_?\jhiuk\yau\Z_fuok:gZgvbgkdbffh]bevgbdhf
 )LQQR8JULFD



Jbkd_jZfbdZihklfZdeZr__\kdh]hlbiZkiZfylgbdh\Gb`g_]hIjbdZfvy
[jhgah\u_d_evlukebgah\b^gufk_q_gb_f\lmedbZfme_lRVSHQLVk]hjh^bsZ
=j_fyqbcDexqjblmZevgZydhklvkbah[jZ`_gbyfbk]hjh^bsZQ_j_iZrv_

)LQQR8JULFD



JbkDeZkkbq_kdZyZgZgvbgkdZyd_jZfbdZkhkeh`ghrgmjh\uf
hjgZf_glhfkiZfylgbdh\Kj_^g_]hIjbdZfvy[jhgah\u_d_evlu
kr_klb]jZggufk_q_gb_f\lmedbkiZfylgbdh\Kj_^g_]hIjbdZfvy
 )LQQR8JULFD



Jbkd_jZfbdZaZmjZevkdh]hijhbkoh`^_gbykdj_klh\b^gufhjgZf_glhf
h[gZjm`_ggZy\ij_^_eZo<he]hDZfvy]j_[_gqZlhrgmjh\Zyd_jZfbdZ
bf_xsZyk_\_jhijbmjZevkdh_ijhbkoh`^_gb_h[gZjm`_ggZy\ijbmklv_\hcqZklbj<yldb

)LQQR8JULFD



Jbk[jhgah\u_d_evluZdhabgkdhf_eZjkdh]hlbiZkiZfylgbdh\
Kj_^g_]hIh\he`vyd_jZfbdZkl_dklbevgufbhli_qZldZfbkiZfylgbdh\
ijbdZaZgkdh]hIh\he`vy
 )LQQR8JULFD



JbkKo_fZlbq_kdZydZjlZhkgh\guoh[eZkl_cjZkijhkljZg_gbyZd_jZfbdb
ihklfZdeZr__\kdh]hh[ebdZ[[jhgah\uod_evlh\kebgah\b^gufk_q_gb_f\lmedb


JbkKo_fZlbqgZydZjlZhkgh\guoh[eZkl_cjZkijhkljZg_gbyZ]j_[_gqZlhrgmjh\hc
d_jZfbdb\ij_^_eZo<he]hDZfvy[deZkkbq_kdhcZgZgvbgkdhcd_jZfbdb\d_evlh\
kr_klb]jZggufk_q_gb_f\lmedb

)LQQR8JULFD


90DUNRY
9ROJD.DPDUHJLRQDQG)LQQLVKZRUOGDWWKHEHJLQQLQJ
RIWKH(DUO\,URQ$JH
6XPPDU\
$ VFRSH RI PHPRUDEOHV ZKLFK LQYHVWLJDWRUV XVXDOO\ FRQQHFW ZLWK $QDQLDQ
JUDYH\DUGVRI(DUO\,URQ$JHVLWXDWHGLQWKHORZHUVWUHDPRIWKHULYHU.DPDDQG
RIWHQ XQLWHG E\ WKHP E\ WKH LGHD RI$QDQLDQ FXOWXUH RU $QDQLDQ FRPPXQLW\
FRYHUVYDVWVSDFHVRI1RUWK(DVWHUQ(XURSH
$KLJKHUGHJUHHRIVWXG\RIWKHPHPRUDEOHVRIWKH(DUO\,URQ$JHLQWKHORZHU
VWUHDP RI WKH .DPDULYHU DQG VRPH IHDWXUHV RI WKH OLNHQHVV REWDLQHG E\ WKH FRP
SDULVRQRIWKH/RZHU.DPDPHPRUDEOHVZLWKWKHPHPRUDEOHVRIWKHPRUHQRUWKHUQ
UHJLRQVDOORZHGWRPDNHVXFKDGHGXFWLRQ
+RZHYHUWKHODWHVWDUFKHRORJLFDOLQYHVWLJDWLRQVPDGHFOHDUWKDWWKHSRSXODWLRQ
RIWKHVHWHUULWRULHVUHSUHVHQWHGWULEHVGLIIHULQJE\WKHLURULJLQDQGFXOWXUH$QGWKDW
HOHPHQW RI OLNHQHVVZKLFKFDQEHVHHQDPRQJWKHVHJURXSVRIWULEHVZDVEURXJKW
E\WKHSRSXODWLRQRIWKH1RUWKHUQ8UDOVZKRKDGDUULYHGLQWKH(DUO\,URQ$JHLQ
WKH /RZHU .DPD DQG RWKHU UHJLRQV RI WKH 1RUWK (DVWHUQ (XURSH KDYLQJ OHIW WKH
SODFHVRIWKHLUXVXDOVHWWOHPHQWVLQWKHVHDUFKRIQHZPRUHFRQYHQLHQWIRUWKHLUOLIH
SODFHVGXHWRWKHFKDQJHGFOLPDWLFFRQGLWLRQV
,WZDVWKHSRSXODWLRQRIWKH(DUO\,URQ$JHWKDWVXSSRVLQJO\SOD\HGDIXQGD
PHQWDOUROHLQWKHIRUPDWLRQRIPRGHUQ)LQQLVKVSHDNLQJSHRSOHV

 )LQQR8JULFD


KlZjhklbgIG
H[wlghdmevlmjghc kblmZpbb\Gb`g_fIjbdZfv_
\i_j\hciheh\bg_lukgw
Ijh[e_fu k\yaZggu_ k wlghdmevlmjghc kblmZpb_c gZ l_jjblhjbb Gb`
g_]hIjbdZfvy\gZqZe_bk_j_^bg_ lukgwm`_^Z\ghijb\e_dZeb\gbfZ
gb_bkke_^h\Zl_e_cWlhcl_fhcaZgbfZebkv_s_I:IhghfZj_\F=Om
^ydh\ GNDZebgbg :IKfbjgh\ b ^jm]b_ Zjo_heh]b AZ ihke_^gb_ ^_
kylv e_l gZdhie_g [hevrhc nZdlbq_kdbc fZl_jbZe \dexqZxsbc dhfie_dku
k ihk_e_gbc b fh]bevgbdh\ Ijh\_^_gh agZqbl_evgh_ _]h bkke_^h\Zgb_ Gh
^hkboihjkms_kl\m_ljy^k_jv_aguoijh[e_f\bamq_gbb^Zgghcl_fuH^
ghc ba gbo  ijh[e_fZ bklhjbb b iZfylgbdh\ gZk_e_gby jm[_`Z b i_j\uo
klhe_lbcgZr_cwjuFgh]hqbke_ggu_jZa\_^dbijh\h^bfu_gZGb`g_cDZ
f_\ihke_^gb_ljb^_kylbe_lbyg_ijb\_ebdhldjulbx\^ZgghfjZchg_gb
h^gh]h kheb^gh]h Zjo_heh]bq_kdh]h h[t_dlZ H[tykgblv wlm kblmZpbx \ ih
ke_^gb_]h^uiulZeky:OOZebdh\gZfZl_jbZeZoaZnbdkbjh\ZgguogZ]h
jh^bs_Khjhqvb=hjuHgiheZ]Zeqlh\9,9\\^hgwbap_gljZevguo
jZchgh\ <he]hDZfvy ijhbahr_e fZkkh\uc moh^ gZk_e_gby ghkbl_e_c
ZgZgvbgkdhcdmevlmju ihjZagufgZijZ\e_gbyfWlh]hjh^bs_gZoh^behkv
gZijZ\hf[_j_]mjDZfu\kKhjhqvb=hjuEZbr_\kdh]hjZchgZLZlZjklZgZ
bbamqZehkvI:IhghfZj_\uf:FLZev]j_ghf<GFZjdh\ufLZddZd
]hjh^bs_ hdZaZehkv \ ahg_ kljhbl_evkl\Z Z\lh^hjh`gh]h fhklZ q_j_a j_dm
DZfm\b]]ih^h[sbfjmdh\h^kl\hf:OOZebdh\ZgZwlhfih
k_e_gbb[uebijh\_^_gudjmighfZkrlZ[gu_jZ[hlu<jy^_jZkdhih\ ,,,9
9,9,, dmevlmjguckehcwlh]h]hjh^bsZe_`Zeg_ihkj_^kl\_gghgZfZl_jb
d_  ba\_klgydh\hc ieZlnhjf_ Ihke_ kgylby dmevlmjgh]h kehy \uy\beZkv
ex[hiulgZy dZjlbgZ ihqlb ih \k_c iehsZ^b reb i_j_dj_sb\Zxsb_ky ih
ehku rbjbghc ^h kf <k_ hgb hdZaZebkv aZiheg_ggufb hklZldZfb
dmevlmjgh]h kehy b gZieu\Z =em[bgZ ^Zgguo lj_sbg ^hklb]ZeZ f
Ij_^\Zjbl_evgu_gZ[ex^_gby:OOZebdh\ZbaZdexq_gb_dhfbkkbb]_heh
]h\k\_ebkvdml\_j`^_gbxqlhlj_sbgubf_xl]_heh]bq_kdh_ijhbkoh`^_
gb_ b k\yaZgu kh agZqbl_evgufi_j_f_s_gb_fa_fghcdhjub\ua\Zgu]em
[bgguf ih^gylb_f  a_fe_ljyk_gb_f Dhgdj_lgh_ \j_fy wlbo kh[ulbc
:OOZebdh\hij_^_eye]]^hgwkkueZykvgZk\_^_gby=_jh^hlZ
h ihoh^_ i_kh\ gZ FZd_^hgbx b =j_pbx dh]^Z jZajZabeZkv kljZrgZy [mjy
ijb\_^rZyd]b[_ebdhjZ[e_cb\hbgh\
Fu fh`_f \u^\bgmlv ke_^mxsmx ]bihl_am fuk ]^_ [ueh ]hjh^bs_
Khjhqvb =hju k e_\hc klhjhgu ih^fu\Zeky j_dhc DZfhc KijZ\Z hdheh
fukZ ijhl_dZe jmq_c Ihwlhfm \ufu\Zgb_ hkgh\Zgby ba\_klgydh\hc ieZl
nhjfu[ueh_kl_kl\_ggufijhp_kkhfbijb\_ehd__mkZ^d_<blh]_h[jZah
\Zebkvrbjhdb_lj_sbguaZieu\rb_dmevlmjgufkeh_f
AZimkl_gb_l_jjblhjbbGb`g_]hIjbdZfvyihqlbgZe_l_^\Zebke_
^m_lh[tykgylva_fe_ljyk_gb_fFh`ghijb\_klbfgh]hijbf_jh\dh]^Zex
^b`b\ml\k_ckfbq_kdbZdlb\guoahgZobihke_kbevguojZajmr_gbcbog_

)LQQR8JULFD


ihdb^Zxl GZ gZr \a]ey^ [he__ \_jhylgh qlh jZkkfZljb\Z_fZy l_jjblhjbb


fh]eZ[ulvih^dhgljhe_fx`guodhq_\gbdh\dhlhju_ijboh^bebgZe_lg__
\j_fy
G_ \uy\e_gu lZd`_ gZ Gb`g_c DZf_ b ijbe_]Zxsbo qZklyo <he]b iZ
fylgbdb i_j\uo \_dh\ ^hgw Ihwlhfm \dexqZlv wlm l_jjblhjbx \ j_]bhg
ivygh[hjkdhcdmevlmjumgZklh`_g_lhkgh\ZgbcGZoh^dbi_j\uo\_dh\gw
gZ l_jjblhjbb Gb`g_]h IjbdZfvy b ijbe_]ZxsboqZklyo<he]b[uebh[gZ
jm`_gu\jZagu_]h^u<dZq_kl\_ijbf_jZfh`ghijb\_klbgZoh^dbk=hem
[h]h AZeb\Z EZbr_\kdh]h jZchgZ[u\r_]hk_eZ;haydh\Zb^_j_\gb;_j_ah
\hc =jb\u :e_dk__\kdh]h jZchgZ b ^jm]bo f_kl \ lhf qbke_ b ih ijZ\hfm
[_j_]m j_db<he]b>Zggu_fZl_jbZeuk\b^_l_evkl\mxlhihy\e_gbbgh\h]h
gZk_e_gbygZGb`g_cDZf_bijbe_]ZxsboqZklyo<he]b
Wlhc lhqdb aj_gby ijb^_j`b\Zeky <N=_gbg] ?s_ \ k_j_^bg_ iylb^_
kyluo ]h^h\ bf [ueZ ij_^eh`_gZ gh\Zy ko_fZ wlgbq_kdhc kblmZpbb IjbdZ
fvy baeh`_ggZy \ ^hdeZ^_ b h[h[sZxs_c klZlv_ Ivygh[hjkdbc khxa ie_
f_g kms_kl\h\Z\rbc ih fg_gbx <N=_gbg]ZgZGb`g_c;_ehcbijbe_
]Zxsbo qZklyo jDZfu \ i_j\u_ klhe_lby gZr_c wju jZkiZeky AgZqbl_ev
gZy qZklv gZk_e_gby wlhc dmevlmju hlhreZ \ [he__ aZiZ^gu_ jZchgu  gZ
Gb`gxx DZfm ijbe_]Zxsb_ qZklb <he]b b \ <he]h<ylkdh_ f_`^mj_qv_
Bkke_^h\Zl_e_f [ueh ij_^eh`_gh gh\h_ gZa\Zgb_ dmevlmju  Za_ebgkdZy
>ZlZ Za_ebgkdbo iZfylgbdh\ hij_^_eyeZkv <N=_gbg]hf ihjZaghfm ,,,
9  ,,,,9\\gw Ohly ijh[e_fu Za_ebgkdhc dmevlmjuih^\_j]Zebkvhkl
jhc ^bkdmkkbb gh fgh]b_ maeh\u_ iheh`_gby \ukdZaZggu_ <N=_gbg]hf
ihjZkkfZljb\Z_fhcl_f_ihgug_bf_xlijZ\hgZkms_kl\h\Zgb_
< \hkvfb^_kylu_ ]h^u hi_jbjmy gh\ufb fZl_jbZeZfb J>=he^bgZ
i_j_kfhlj_eZlhqdmaj_gby<N=_gbg]Zbij_^eh`beZgh\mxdhgp_ipbx\
hlghr_gbb Zjo_heh]bq_kdbo dmevlmj IjbdZfvy < [Zkk_cg_ j<yldb _x \u
^_e_gu ljbihke_^h\Zl_evghkf_gy\rb_h^gZ^jm]mxZjo_heh]bq_kdb_dmev
lmju om^ydh\kdZy _fZgZ_\kdZy dZq_j]bgkdZy  Om^ydh\kdZy dmevlmjZ ih
fg_gbx J>=he^bghc y\ey_lky \ZjbZglhf ivygh[hjkdhc dmevlmju G_ kh
\k_fykgufbgZfhc\a]ey^hklZxlky]jZgbpuwlh]hdmevlmjgh]hnhjfbjh
\Zgby QZklv ih]j_[_gbc :a_ebgkdh]h b Km\hjh\kdh]h fh]bevgbdh\ ih]j_
[_gby99,\\ hlg_k_gud_fZgZ_\kdhcdmevlmj_gZqlhh[jZlbe\gbfZgb_
_s_ ;;:]__\ Hkgh\ghc \_s_\hc fZl_jbZe iZfylgbdh\ Za_ebgkdh]h lbiZ
koh^_gk\_s_\ufbdhfie_dkZfbj<yldb
< kbkl_fZlbd_ fZl_jbZeh\ i_j\h]h lukgw [Zkk_cgZ j<yldb fgh]h_
k^_eZgh G:E_sbgkdhc Gh jZggbo ivygh[hjkdbo dhfie_dkh\ ihdZ hq_gv
g_fgh]h Fg_ ^mfZ_lky qlh ijhp_kk moh^Z hl^_evguo ]jmii ivygh[hjkdh]h
gZk_e_gbyr_eihkl_i_ggh<_sbi_j\uoklhe_lbcgwivygh[hjkdh]hh[ebdZ
aZnbdkbjh\ZgugZGb`g_cDZf_ZlZd`_gZijZ\hf[_j_]mj<he]b<dZq_
kl\_ ijbf_jZ fh`gh ijb\_klb LboZggbgkdbc deZ^ \dexqZxsbc ivygh[hj
kdh]hh[ebdZwihe_lhh[jZagu_aZkl_`db
Nhjfbjh\Zgb_ dmevlmju Za_ebgkdbo ie_f_g Gb`g_]h IjbdZfvy [ueh
^hklZlhqgh keh`guf b fgh]hdhfihg_glguf < g_f ijbgbfZeb mqZklb_ g_
lhevdh ihlhfdb ivygh[hjkdhc dmevlmju gh b gZk_e_gb_ ijZ\h[_j_`vy
 )LQQR8JULFD


j<he]b Ih^l\_j`^_gb_f lhfm y\ey_lky e_igZy iehkdh^hggZy ihkm^Z HgZ


aZnbdkbjh\ZgZ gZ ihk_e_gbyo b ih]j_[_gbyo b ij_^klZ\e_gZ e_igufb iehk
dh^hggufb ]hjrdZfb k ijbf_kyfb rZfhlZ \ l_kl_ :gZeh]bqgZy dZjlbgZ
nbdkbjm_lky b \ [he__ k_\_jguojZchgZogZihk_e_gbyok_j_^bgu ,lukgw
MqZklb_ijZ\h[_j_`gh]hgZk_e_gby\nhjfbjh\ZgbbZa_ebgkdboie_f_gih^
l\_j`^Z_lkyfZl_jbZeZfbmdjZr_gbcdhklxfZ
Fgh]hh[sboq_jl\\_s_\hffZl_jbZe_ghkbl_e_cfZamgbgkdhcdmevlm
jubZa_ebgkdh]hdjm]ZiZfylgbdh\Wlhh[tykgy_lkyg_lhevdhh[sbfbfh
f_glZfb\bklhjbbwlboie_f_gh[sbfbbklhdZfbghbdZdbfblh\aZbfgu
fb bgnbevljZpbyfb gZk_e_gby < wlhf hlghr_gbb ijbf_qZl_evgu hklZldb
^_lkdh]h ih]j_[_gby  Jh`^_kl\_gkdh]h 9 fh]bevgbdZ khijh\h`^Zx
sb_ky kxev]ZfZfb b \bkhqgufb [jhgah\ufb ijb\_kdZfb \ \b^_ dhevpZ kh
kl_j`g_fh[fhlZggu_[jhgah\hcijh\hehdhc
DhglZdlujZkkfZljb\Z_fh]hgZk_e_gbykx`gufbkhk_^yfb^hg_^Z\g_]h
\j_f_gb beexkljbjh\Zebkv h[uqgh ihklmie_gb_f [mk b hl^_evguo \b^h\
hjm`byGhihy\b\rb_kygh\u_fZl_jbZeudZ`_lkyiha\heyxl]h\hjblvh[
wlgbq_kdbo \aZbfhk\yayo < wlhf ieZg_ aZkem`b\Zxl \gbfZgby fZl_jbZeu
KlZjhfZcgkdh]h,,fh]bevgbdZjZkdhiZggh]h?IDZaZdh\uf\]h^mgZ
k_\_j_Mevygh\kdhch[eZklb
OhlyiZfylgbdhq_gvkbevghjZajmr_gm^ZehkvmklZgh\blvqlhmf_jrb_
iheh`_gu\ulygmlhgZkibgm]heh\hcgZ\hklhd<ih]j_[_gbyogZc^_guhk
lZldb lj_o e_iguo ]hjrdh\b^guo khkm^h\ Z lZd`_ q_jghehs_gu_ qZrb b
dm\rbg Djhf_ lh]h kj_^b hklZldh\ aZohjhg_gbc ke_^m_l hlf_lblv [jhgah
\u_^\mkhklZ\gu_ijb\_kdbdjm]eu_\uimdeu_[eyrdbk^\mfyhl\_jklbyfb
hdjm]emx[eyombadjm]ehcbkdhiZ_fhcjZdh\bgu[ebadmxgZoh^dZfbaFZ
amgbgkdbo ih]j_[_gbc dhklygu_ gZdhg_qgbdb klj_e ih^lj_m]hevgu_\k_q_
gbb b ^jm]b_ ij_^f_lu ?IDZaZdh\ mkfZljb\Z_l koh^kl\h d_jZfbdb b \_
s_c wlh]h fh]bevgbdZ k fZl_jbZeZfb ]hjh^bsZ E[bs_ \ KlZ\jhihevkdhf
jZchg_ KZfZjkdhc h[eZklb Ih fg_gbx bkke_^h\Zl_ey gZk_e_gb_ hklZ\b\
r__wlhliZfylgbddhglZdlbjh\ZekZa_ebgkdbfgZk_e_gb_f
< dhgp_ ,99\\gw Za_ebgkdh_ gZk_e_gb_ Gb`g_c DZfu [ueh hll_k
g_gh \ [he__ k_\_jgu_ ]emob_ jZchgu <he]hDZfkdh]h f_`^mj_qvy gh\hc
ijbrehc ]jmiihc ie_f_g hklZ\b\r_c iZfylgbdb bf_gvdh\kdhc dmevlmju
<i_j\u_hg_h[oh^bfhklb__\u^_e_gby\uklmibe<N=_gbg][he__khjhdZ
e_l gZaZ^ H^gZdh ijZ\h gZ __ kms_kl\h\Zgb_ jy^hf Zjo_heh]h\ \ lh \j_fy
hkiZjb\Zehkv I_j\hgZqZevgh hkgh\gZy qZklv bkke_^h\Zl_e_c bf_gvdh\kdmx
dmevlmjm k\yau\ZeZ k iha^g_]hjh^_pdbfb ie_f_gZfb [ebadbfb fhj^\_ beb
fmjhf_  ijh^\bgm\rbfbky gZ \hklhd \ k\yab k hk\h_gb_f b jZa\blb_f iZ
r_ggh]ha_fe_^_ebybhij_^_eyebbowlghkdZdnbgghm]hjkdbc
< ihke_^gb_^_kylbe_lbybgl_j_kdiZfylgbdZfbf_gvdh\kdhcdmevlmju
agZqbl_evgh\hajhkBobamq_gb_fklZebaZgbfZlvky\jy^_gZmqguop_gljh\
KZfZju DZaZgb Mevygh\kdZ Wlh iha\hebeh hldjulv b jZkdhiZlv gh\u_
]jmiiu iZfylgbdh\ GZ fgh]bo ba gbo ijh\_^_gu agZqbl_evgu_ jZkdhidb
Kheb^guf j_amevlZlhf jZ[hl y\behkv hldjulb_ gh\uo fh]bevgbdh\ bf_gv
dh\kdhc dmevlmju < ihke_\h_ggu_ khjhdh\u_ b ^Z`_ r_klb^_kylu_ ]h^u

)LQQR8JULFD


[ue ba\_kl_g h^bg ^hklh\_jguc bf_gvdh\kdbc fh]bevgbd  ,,Jh`^_kl\_g


kdbcjZkiheh`_gguc\EZbr_\kdhfjZchg_LZlZjklZgZ\gbah\vyojF_rb
ijZ\h]h ijblhdZ jDZfu GZebqb_ _]h kqblZehkv y\e_gb_f kemqZcguf g_
k\yaZgguf k iZfylgbdZfb bf_gvdh\kdh]h djm]Z >hihegbl_evgu_ jZ[hlu gZ
Jh`^_kl\_gkdhf ,, ;h]hjh^bpdhf FZdeZr__\kdhf ,9 b 9 fh]bevgbdZo Z
lZd`_ jZ[hlu ?IDZaZdh\Z \ gbah\vyo j:olZc gZ ,; Baf_jkdhf b ,, Dh
fbgl_jgh\kdhffh]bevgbdZoiha\heyxl]h\hjblvhlhfqlhhkgh\ghcih]j_
[Zevguc h[jy^ ghkbl_e_c bf_gvdh\kdhc dmevlmju oZjZdl_jbam_lkyk`b]Zgb
_fmf_jrbo\iheghfh^_ygbbgZklhjhg_ihf_s_gb_fhklZldh\dj_fZpbb\
fh]bevgu_ yfu fbgbZlxjguo jZaf_jh\ gZebqb_f \h fgh]bo ih]j_[_gbyo
]ebgyguokhkm^h\g_y\eyxsbokymjgZfb^eykkuiZgbyijZoZZij_^gZagZ
q_gguo ^ey aZmihdhcghc ibsb Kj_^b i_j_``_gguo hklZldh\ \klj_qZxlky
ih[u\Z\rb_\ih]j_[Zevghfdhklj_[mku[jhgah\u_b`_e_agu_ijy`dbgZ
deZ^db h[ehfdb gh`bqdh\ b rbev_\ ]ebgygu_ ijykebpZ b ^jm]b_ f_edb_
ij_^f_lu
JZkdhidb gZ ihk_e_gbyo bf_gvdh\kdhc dmevlmju iha\hebeb mklZgh\blv
qlh \_^msbfb hljZkeyfb ohayckl\_gghc `bagb jZkkfZljb\Z_fh]hgZk_e_gby
[uebiZr_ggh_a_fe_^_eb_b^hfZrg__kdhlh\h^kl\hJhevhohlubju[ghc
eh\ebmgZk_e_gbyhlhreZgZ\lhjhcieZgGZjy^_ihk_e_gbcaZnbdkbjh\Zgu
hklZldbq_jghcbp\_lghcf_lZeemj]bbBkke_^h\Zl_eyfbEKOhfmlh\hcb
X:K_fudbgZ aZnbdkbjh\Zgu hkh[_gghklb l_ogheh]bb ba]hlh\e_gby `_
e_aguoba^_ebcbihemq_gbyklZebIj_^klZ\eyxlbgl_j_khklZldbS_j[_lv
kdbof_^ghebl_cguofZkl_jkdbo]^_]hlh\bebmdjZr_gbybijbgZ^e_`ghklb
dhklxfZ
JZ[hlu gZ ihk_e_gbyo bf_gvdh\kdhc dmevlmju iha\hebeb \uy\blv `b
ebsZa_feygdbihema_feygdbbgZa_fgu_^hfZ
GZdhg_p g_evay g_ hlf_lblv [hevrh]h \deZ^Z GIKZem]bghc \ bamq_
gb_l_ogheh]bbba]hlh\e_gbybf_gvdh\kdhcd_jZfbdb
Hlf_q_ggu_blh]bbamq_gbyiZfylgbdh\bf_gvdh\kdh]hdjm]Ziha\hebeb
ihgh\hfmih^hclbdbamq_gbxijh[e_fijhbkoh`^_gbybf_gvdh\kdhcdmev
lmjub__wlgbq_kdhcijbgZ^e_`ghklb
Eh]bq_kdbf aZ\_jr_gb_f j_amevlZlh\ bkke_^h\Zgbc [ueZ lhqdZ aj_gby
=BFZl\__\hc h ijhbkoh`^_gbb iZfylgbdh\ bf_gvdh\kdh]h djm]Z gZ [Za_
ihklaZjm[bg_pdhc dmevlmju Ihwlhfm hliZeb beb hdZaZebkv [_ki_jki_d
lb\gufb]bihl_auhlxjdkdhcm]jhfZ^vyjkdhcbeb[Zelkdhchkgh\_bf_gv
dh\kdhc dmevlmju Gh\u_ ihklaZjm[bg_pdb_ iZfylgbdb \ ihke_^gb_ ]h^u
aZnbdkbjh\Zgu \ e_\h[_j_`v_ >hgZ  gZ Ohij_ l_ gZ g_agZqbl_evghf
jZkklhygbb hl aZiZ^guo ]jmii bf_gvdh\kdbo ihk_e_gbc gZ jKmj_ b gZ KZ
fZjkdhcEmd_
>Zgguo k\b^_l_evkl\mxsbo h dhglZdlZo bf_gvdh\kdbo ie_f_g k iha^
g_Za_ebgkdbfgZk_e_gb_fihdZg_aZnbdkbjh\Zgh<hafh`ghqlhhlghr_gby
f_`^mjZkkfZljb\Z_fufb]jmiiZfbgZk_e_gbykdeZ^u\Zebkvg_kh\k_ffbj
ghK\b^_l_evkl\hflhfmy\eyxlkyfgh]hqbke_ggu_bf_gvdh\kdb_]hjh^bsZ
gZijZ\hf[_j_]mjDZfufgh]b_badhlhjuokhq_gvfhsgufbmdj_ie_gby
fb\ZeZfbbj\Zfb
 )LQQR8JULFD


;he__ Zdlb\gufb [ueb dhglZdlu bf_gvdh\kdbo ie_f_g k gZk_e_gb_f


Kj_^g_cDZfu<wlhfhlghr_gbbaZkem`b\Zxl\gbfZgbyiZfylgbdb\u^_
e_ggu_ LDXlbghc \ kZfhklhyl_evgmx \_jog_mlqZgkdmx dmevlmjm GZ h^
ghfbabamq_gguoiZfylgbdh\wlhcdmevlmju<_jog_mlqZgkdhf]hjh^bs_
gZl_jjblhjbbx`ghcM^fmjlbb\j_amevlZl_jZkdhihd[uebihemq_gubgl_
j_kgu_ j_amevlZlu < dmevlmjguo gZieZklh\Zgbyo wlh]h ihk_e_gby kh\f_kl
gh aZe_]ZeZ d_jZfbdZ jy^Z ]jmii I_j\Zy gZb[he__ fgh]hqbke_ggZy ]jmiiZ
d_jZfbdb ijh^he`Z_l jZa\blb_ f_klguo ljZ^bpbc  fZamgbgkdbo < dhf
ie_dk_ gZoh^hd k ]hjh^bsZ aZnbdkbjh\Zgu  d_jZfbdZ dmrgZj_gdh\kdh]h
h[ebdZ  k\_lehdhjbqg_\Zy ba ohjhrh ijhf_rZggh]h hlfmqg_ggh]h l_klZ
mdjZr_ggZyhjgZf_glhf\\b^_]mk_gbq_db]hjbahglZevguof_edboihehk
Bkke_^h\Zl_ev \u^_ebeZ lZd`_ ihkm^m [ebadmx ihehfkdhc b qhg^Zjkdhc
GZdhg_p \ keh_ aZnbdkbjh\Zgu njZ]f_glu e_ighc ihkm^u k ijbf_kyfb \
l_kl_djmigha_jgbklh]hrZfhlZbi_kdZHgbhlebqguhlkhkm^h\kijyfufb
r_cdZfbbjZa^mluflmeh\hfIh\_joghklv^Zgguokhkm^h\g_jh\gZy[m]jb
klZy kh ke_^Zfb g_[j_`gh]h k]eZ`b\Zgby HjgZf_glZpby gZ ^Zgghc d_jZfb
d_ dZd ijZ\beh hlkmlkl\m_l LDXlbgZ mdZau\ZeZ qlh ^ZggZy d_jZfbdZ
[ebadZihkm^_kbf_gvdh\kdbobjhfZgh\kdboiZfylgbdh\
:dlb\gufb[uebdhglZdluie_f_gbf_gvdh\kdhcdmevlmju\gbah\vyob
kj_^g_f l_q_gbb j;_ehc qlh m`_ ^Z\gh hlf_qZehkv bkke_^h\Zl_eyfb <
wlhf ieZg_ aZkem`b\Zxl \gbfZgby fZl_jbZeuDmrgZj_gdh\kdh]hfh]bevgb
dZ jZkdhiZggh]h ih^ jmdh\h^kl\hf <N=_gbg]Z \ ]h^m >\Zih]j_[_
gbywlh]hfh]bevgbdZbkh\_jr_guihh[jy^mdj_fZpbbIhnhj
fZfyfbojZaf_jZfoZjZdl_jmjZkiheh`_gbyhklZldh\wlbaZohjhg_gbyZgZ
eh]bqgu bf_gvdh\kdbf Fgh]b_ \_sb ba ih]j_[_gbc k h[jy^hf bg]mfZpbb
lZd`_gZoh^ylZgZeh]bb\fZl_jbZeZobf_gvdh\kdboiZfylgbdh\
JZa\_^hqgu_ h[ke_^h\Zgby ijh\h^bfu_ \ ihke_^gb_ ^_kylbe_lby \ aZ
dZfkdbo jZchgZo LZlZjklZgZ iha\hebeb \uy\blv ih Gb`g_c ;_ehc Bdm
B]bevd_ AZx gh\u_ bf_gvdh\kdb_ iZfylgbdb Jy^ ba gbo jZkiheZ]Z_lky
]jmiiZfb\dexqZxsbfb^hiylbihk_e_gbcDkh`Ze_gbxjZkdhidbboijh
\h^bebkv gZ ^h\hevgh h]jZgbq_gguo iehsZ^yo Ihwlhfm ^_eZlv rbjhdb_
h[h[s_gby ih ihemq_gguf fZl_jbZeZf aZljm^gbl_evgh H^gZdh fh`gh ml
\_j`^ZlvqlhijhkljZgkl\hf_`^mjhfZgh\kdhc]jmiihcbgb`g_dZfkdhcaZ
k_eyehkvbf_gvdh\kdbfbie_f_gZfb
FZl_jbZeu kh[jZggu_ k bf_gvdh\kdbo iZfylgbdh\ \ ihke_^gb_ ]h^u
iha\heyxl ]h\hjblv h lhf qlh ijhp_kk nhjfbjh\Zgby wlhc ]jmiiu gZk_e_
gbyr_ekeh`gh<ur_fum`_hlf_qZebqlh\\hklhqgu_]jmiiubf_gvdh\
kdh]hgZk_e_gby\eb\Zebkvghkbl_ebdmrgZj_gdh\kdhcdmevlmjuM`_^Z\gh
ba\_klgu gZoh^db dmrgZj_gdh\kdhc d_jZfbdb k bf_gvdh\kdbo ihk_e_gbc
kS_j[_lvkdh]hhkljh\gh]hk_ebsZ\gbah\vyojDZfu\KiZkkdhfjZchg_
LZlZjklZgZ b LZlkmevq_e__\kdh]h ]hjh^bsZ gZ j;hevrhc Kmevq_ ijblhd_
;hevrh]h Q_j_frZgZ  \ :dkm[Z_\kdhf jZchg_ LZlZjklZgZ Ih\b^bfhfm
dZdb_lh ]jmiiu dmrgZj_gdh\kdh]h gZk_e_gby ijhgbdZeb ^Ze_dh gZ aZiZ^ b
\oh^beb\bf_gvdh\kdb_h[sbgu

)LQQR8JULFD


<ihke_^gb_]h^u?IDZaZdh\uf::Qb`_\kdbfbZ\lhjhfijbjZk
dhidZo bf_gvdh\kdbo fh]bevgbdh\ aZnbdkbjh\Zgu aZohjhg_gby d_ghlZnu
ljmihkh``_gby b ljmihiheh`_gby GZ ,, Dhfbgl_jgh\kdhf fh]bevgbd_
\kdjulh ih]j_[_gb_kh[jy^hfljmihkh``_gbyfh]bekljmihiheh`_
gb_fbd_ghlZnZ<h\k_oih]j_[_gbyogZc^_ghhl^hkhkm^h\GZieh
sZ^d_ fh]bevgbdZ aZnbdkbjh\Zgu `_jl\_ggu_ dhfie_dku \dexqZxsb_ q_
j_iZbdhklbgb`g_]hhl^_eZdhg_qghkl_cehrZ^bZlZd`_khkm^ubbojZa
\Zeu
Ih]j_[_gby k h[jy^hf bg]mfZpbb kh\_jrZebkv \ ]em[hdbo ^h f 
^ebgguo kf brbjhdbo kf yfZo<g_dhlhjuoyfZo[u
eb ijhke_`_gu aZie_qbdb b ih^[hb Ih]j_[_ggu_ [ueb hjb_glbjh\Zgu ]h
eh\Zfb\klhjhgmk_\_jZe_`Zeb\ulygmlhgZkibg_GZg_dhlhjuoq_j_iZo
Dhfbgl_jgh\kdh]h,,fh]bevgbdZaZnbdkbjh\ZgZbkdmkkl\_ggZy^_nhjfZpby
<ih]j_[_gbbLZrdbjf_gvkdh]hfh]bevgbdZq_j_ihlkmlkl\h\Ze<aZku
ibfh]bekhklZldZfbbg]mfZpbb \gh]Zoih]j_[_gguo \klj_q_gu`_jl\_g
gu_dhfie_dku q_j_iZbdhklbgb`g_]hhl^_eZdhg_qghkl_cdhg_cmeh`_g
gu_ihi_j_dfh]be 
< jZkkfZljb\Z_fuo ih]j_[_gbyo Dhfbgl_jgh\kdh]h ,, fh]bevgbdZ aZ
nbdkbjh\Zgu [h]Zlu_ b jZaghh[jZagu_ gZ[hju \_s_c \dexqZxsb_ h`_j_
evy ba yglZjguo [mk k_j_[jygu_ ieZklbgqZlu_ nb[meu k rbjhdbfb sbldZ
fb ihykgu_ gZ[hju k gZdeZ^dZfb \ \b^_ k\Zklbdb jhf[h\ rbjhdbfb dh
jh[qZlufbgZdhg_qgbdZfbijy`dZfbij_^]_jZev^bq_kdbonhjf
?IDZaZdh\kijZ\_^eb\hhlf_qZeqlhfgh]b_\_sbbih]j_[Zevguch[
jy^ jZkkfZljb\Z_fh]h fh]bevgbdZ gZoh^yl ZgZeh]bb \ fZl_jbZeZo lmj[Zk
ebgkdh]h djm]Z iZfylgbdh\ Fh`gh lZd`_ ]h\hjblv h [ebahklb g_dhlhjuo
nhjf lmj[Zkebgkdhc b bf_gvdh\kdhc ihkm^u =b[jb^gu_ nhjfu djm]eh
^hgguo beb k miehs_ggufb ^gbsZfb khkm^h\ aZnbdkbjh\Zgu gZ jhfZ
gh\kdbo ihk_e_gbyo Z \ ihke_^g__ \j_fy ?IDZaZdh\uf gZ ihk_e_gbb
RboZggZjAZc e_\hfijblhd_jDZfu \:evf_lv_\kdhfjZchg_
=BFZl\__\Z bf_gvdh\kdb_ ljmihiheh`_gby hldjulu_ \ ihke_^gb_
]h^u kdehggZ k\yau\Zlv k ghkbl_eyfb q_jgyoh\kdhc dmevlmju Y ijb^_j
`b\Zxkvlhqdbaj_gby[ebadhcd\ukdZaZgghc?IDZaZdh\ufIh]j_[_gby
q_jgyoh\kdhc dmevlmju ohjhrh kbkl_fZlbabjh\Zgu Kj_^b q_jgyoh\kdbo
ljmihiheh`_gbchkgh\gmxqZklvkhklZ\eyxlaZohjhg_gbykk_\_jghchjb_g
lbjh\dhc Gh khihklZ\eylv bo k bf_gvdh\kdbfb ih]j_[_gbyfb hq_gv ljm^
gh <hi_j\uo l_jjblhjbZevgh bf_gvdh\kdb_ iZfylgbdZo b iZfylgbdb lmj
[Zkebgkdh]hlbiZkfudZxlkyq_]hg_evaykdZaZlv\hlghr_gbbbf_gvdh\kdbo
b q_jgyoh\kdbo iZfylgbdh\ <h\lhjuo fgh]h h[sbo q_jl\\_s_\hffZl_
jbZe_ lmj[Zkebgkdbo b bf_gvdh\kdbo ih]j_[_gbc qlh ljm^gh hlf_lblv ijb
khihklZ\e_gbbbf_gvdh\kdbobq_jgyoh\kdboiZfylgbdh\
<gZklhys__\j_fyhkgh\gZyqZklvbkke_^h\Zl_e_caZgbfZxsboky\lhc
beb bghc kl_i_gb bf_gvdh\kdhc dmevlmjhc \ lhf qbke_ h^bg ba \_^msbo
ki_pbZebklh\ ih jZgbf keZ\ygZf <<K_^h\ kqblZ_l __ wlgbq_kdmx ijb
gZ^e_`ghklvkeZ\ygkdhc
 )LQQR8JULFD


< lh `_ \j_fy hklZxlky ^bkdmkkbhggufb \hijhku wlgbq_kdhc b dmev


lmjghcijbgZ^e_`ghklbgZk_e_gbyhklZ\b\r_]hLmjZ_\kdb_dmj]ZgujZkdh
iZggu_ ih^ jmdh\h^kl\hf <N=_gbg]Z \  ]h^m \ F_g^_e__\kdhf jZc
hg_LZlZjklZgZWlhaZohjhg_gbyfm`qbg\hbgh\k[h]ZlufbjZaghh[jZa
gufhjm`b_f f_qbre_fudhevqm]bdhivyklj_eu[h_\u_lhihjubij 
G_ bkdexq_gh qlh wlZ ]jmiiZ gZk_e_gby fh]eZ ijbclb k x]Z b x]haZiZ^Z
\f_kl_kbf_gvdh\kdbfbie_f_gZfb
G_dhlhju_ bkke_^h\Zl_eb ml\_j`^Zxl qlh \ im[ebdZpbx <N=_gbg]Z
hrb[hqgh\dexq_g]ebgyguce_ighciehkdh^hgguckhkm^Gh<N=_gbg]
hlf_qZ_l qlh\dmj]ZgZoh[gZjm`_gunjZ]f_glue_iguokhkm^h\kdjmigu
fb]jm[ufbijbf_kyfbblhgdhkl_ggZyih\b^bfhfmdjm]eh^hggZykjZklb
l_evgufb hklZldZfb Hg ^hdZau\Ze qlh i_j\Zy ]jmiiZ ihkm^u [ebadZ ihk_
e_gq_kdhc d_jZfbd_ Dhleh\kdh]h,]hjh^bsZIhwlhfmihy\e_gb_kbf_gv
dh\kdbfgZk_e_gb_fghkbl_e_cLmjZ_\kdbodmj]Zgh\^h\hevgh\_jhylgh
Qlh dZkZ_lky bklhjbq_kdbo km^_[ ie_f_g bf_gvdh\kdhc dmevlmju lh
fuhklZ_fky gZ ij_`g_c lhqd_ aj_gby kqblZy qlh fZl_jbZeh\ k\b
^_l_evkl\mxsboh\oh`^_gbbwlh]hgZk_e_gby\khklZ\<he`kdhc;me]Zjbb
^hkboihjg_l


OZebdh\:OHkm^v[_ZgZgvbgkdhch[sghklbgZGb`g_cDZf_:jo_heh]bq_kdb_iZfylgbdb
\h^hojZgbebs<he]hDZfkdh]hdZkdZ^ZDZaZgvxK

OZebdh\:OHkm^v[_ZgZgvbgkdhch[sghklbK

=_gbg]<NWlgbq_kdb_dmevlmjuIjbdZfvy\wihom`_e_aZL_abku^hdeZ^h\gZdhgn_j_g
pbbihZjo_heh]bb^j_\g_cbkj_^g_\_dh\hcbklhjbbgZjh^h\Ih\he`vy\DZaZgbF
Hq_jdwlgbq_kdbodmevlmjIjbdZfvy\wihom`_e_aZLjm^uDN:GKKKJK_jby]mfgZmd
DZaZgv

=he^bgZJ>Ijh[e_fuwlgbq_kdhcbklhjbbi_jfkdbogZjh^h\\wihom`_e_aZ ihZjo_heh]b
q_kdbffZl_jbZeZf Ijh[e_fuwlgh]_g_aZm^fmjlh\Mklbgh\K


:]__\;;Ivygh[hjkdZydmevlmjZK

Kfbjgh\:ILjm[gbdh\ZG<=hjh^_pdZydmevlmjZK:B\ui>FK

 DZaZdh\ ?I ,, KlZjhfZcgkdbc fh]bevgbd  :jo_heh]bq_kdb_ bkke_^h\Zgby  \ Kj_^g_f Ih
\he`v_Dmc[ur_\

DZaZdh\?I,,KlZjhfZcgkdbcfh]bevgbdK

=_gbg]<NHq_jdwlgbq_kdbodmevlmjIjbdZfvyKKfbjgh\:ILjm[gbdh\Z
G<=hjh^_pdZydmevlmjZ&FZl\__\Z=BGZk_e_gb_e_kghcbe_khkl_ighc;Zr
dbjbb\,,,9,,,\\gw:\lhj_ndZg^^bkkFK

FZl\__\Z=BHijhbkoh`^_gbbbf_gvdh\kdhcdmevlmju>j_\gb_bkj_^g_\_dh\u_dmevlm
juIh\he`vyDmc[ur_\

Oj_dh\::=jmglh\ucfh]bevgbdkkh``_gb_fgZaZiZ^_KZjZlh\kdhch[eZklb:jo_heh
]by \hklhqgh_\jhi_ckdhc kl_ib  KZjZlh\  ?]h `_ JZgg_kj_^g_\_dh\h_ ihk_e_gb_
RZidbgh ,,  \ e_khkl_ighf Ijbohi_jv_  Kj_^g_\_dh\u_ iZfylgbdb Ih\he`vy  KZjZlh\


XlbgZLDBkke_^h\Zgb_]gZ<_jog_mlqZgkdhf]hjh^bs_\x`ghcM^fmjlbbIZ
fylgbdb`_e_agh]h\_dZDZfkdh<ylkdh]hf_`^mj_qvyB`_\kd

=_gbg]<NIZfylgbdbmkDmrgZj_gdh\hgZj;_ehc 9,9,,\\gw FZl_jbZeuihZjo_h
eh]bbX`gh]hMjZeZMnZKb^j

 KlZjhklbg IG IZfylgbdb bf_gvdh\kdhc dmevlmju  K:B \ui>  F  
lZ[e

 DZaZdh\ ?I Lmj[Zkebgkdhbf_gvdh\kdb_ iZfylgbdb AZdZfvy  Dmevlmju kl_i_c ?\jZabb
\lhjhciheh\bgulukgwKZfZjZ

)LQQR8JULFD




DZaZdh\?ILZf`_

FZl\__\Z=BD\hijhkmhijhbkoh`^_gbbih]j_[_gbckljmihiheh`_gbyfbgZl_jjblhjbb
bf_gvdh\kdhcdmevlmjuDmevlmju_\jZabckdbokl_i_c\lhjhciheh\bgulukgwKZfZjZ


 Kufhgh\bq W: Ih]j_[_gby k ljmihiheh`_gbyfb gZ  q_jgyoh\kdbo iZfylgbdZo K:B
\ui>FKbke

K_^h\<<Hq_jdbihZjo_heh]bbkeZ\ygFK?]h`_KeZ\yg_\^j_\gh
klbFK

=_gbg]<NLmjZ_\kdbcdmj]Zggucfh]bevgbd\IjbdZfv_<:M\uiK\_j^eh\kd
Kjbk

=_gbg]<NLZf`_K

6WDURVWLQ31
$ERXWWKHHWKQRFXOWXUDOVLWXDWLRQLQWKHORZ.DPDUHJLRQV
DWWKHILUVWSDUWRIWKHWKRXVDQG\HDUVRI$'
6XPPDU\
,QWKLVDUWLFOHHWKQRJUDSKLFDODQGFXOWXUDOVLWXDWLRQRIWKHILUVWFHQWXULHV$'
,Q WKH ORZ .DPD UHJLRQ LV FRQVLGHUHG 1R KLVWRULFDO PRQXPHQWV RI WKH EHJLQQLQJ
RI $ ' :HUH IRXQG LQ WKLV UHJLRQ ,Q WKH ,,,,9 FHQWXULHV $ ' 7KLV WHUULWRU\
ZDV VHWWOHG E\ WULEHV RI D]HOLQ FXOWXUH ,Q WKH ,99,, FHQWXULHV $ ' 7ULEHV RI
LPHQNRY FXOWXUH VHWWOHG KHUH %RWK WKHVH FXOWXUHV IRUPHG RQ WKH EDVH RI VHYHUDO
FRPSRQHQWV
 )LQQR8JULFD


?IDZaZdh\
<he`kdZy;me]Zjbybnbgghm]hjkdbcfbj
<he`kdZy ;me]Zjby  i_j\h_ ]hkm^Zjkl\_ggh_ h[jZah\Zgb_ \ Kj_^g_f
Ih\he`v_\i_jbh^k\h_]hjZkp\_lZdZdfuhlf_lbfgb`_y\eyehkvZj_Z
ehh[jZamxsbf p_gljhf \ dmevlmjghf wdhghfbq_kdhf Z lZd`_ iheblbq_
kdhf b \ hij_^_e_gghc f_j_ wlgbq_kdhf ieZg_ gZ rbjhdhc l_jjblhjbb hl
IjbmjZevy^h<_jog_]hIh\he`vyHkh[_ggh\_ebdh[ueh\ha^_ckl\b_\he`
kdbo[me]ZjgZnbgghm]hjkdbcfbjhdjm`Zxsbcbok\hklhdZk_\_jZbaZ
iZ^ZN_ghf_gihy\e_gbylZd^Ze_dhgZk_\_j_\]em[bg_h[rbjghcl_jjblh
jbb aZk_e_gghc fgh`_kl\hf yauq_kdbo ie_f_g ]hkm^Zjkl\Z q_fm ihjZ`Z
ebkvbkh\j_f_ggbdb[me]Zj _s_[he__m^b\bl_e_gmqblu\ZyqlhaZdhjhl
dh_\j_fywdhghfbdZbdmevlmjZ<he`kdhc;me]Zjbb^hklb]eZmjh\gykhihk
lZ\bfh]hkba\_klgufbpb\bebaZpbyfb<hklhdZbAZiZ^Zwlbf\hfgh]hf
b hij_^_ey_lky kbeZ \ha^_ckl\by [me]Zj gZ nbgghm]hjkdbo khk_^_c Ijb
wlhf b nbgghm]ju lZd`_ \ agZqbl_evghc f_j_ \ebyeb gZ [me]Zj H[hx^h
klhjhgg__ \aZbfh^_ckl\b_ g_ihkj_^kl\_ggh aZ\bk_eh hl khpbZevgh
wdhghfbq_kdh]h jZa\blby kZfh]h [me]Zjkdh]h h[s_kl\Z b kdeZ^u\Zxs_cky
iheblbq_kdhckblmZpbb\MjZehIh\he`v_
Ke_^m_lhlf_lblvqlh\Z`g_crZy^ey^j_\g_cbklhjbbMjZehIh\he`vy
l_fZ \aZbfh^_ckl\by \he`kdbo [me]Zj b nbgghm]jh\ ^h kbo ihj hklZ_lky
keZ[h bamq_gghc < hij_^_e_gghf ieZg_ gZ g_rbjhdhf _s_ fZl_jbZe_ d __
j_r_gbxih^oh^beb:IKfbjgh\L:Oe_[gbdh\Zb^jm]b_bkke_^h\Zl_
eb H^gZdh \ ihke_^gb_ ^_kylbe_lby [eZ]h^Zjy bamq_gbx ^j_\ghkl_c nbg
ghm]jh\ =::jobih\uf J>=he^bghc F=B\Zgh\hc
:F;_eZ\bgufL;Gbdblbghcb^jm]bfbgZdhie_gugh\u_[hevrb_fZ
l_jbZeu<Z`g_crbc\deZ^\hk\_s_gb_wlhcl_fu\g_kebZjo_heh]bLZlZj
klZgZIjbwlhfhkh[_ggh\Z`gu_^Zggu_ihemq_guijbjZkdhidZoiZfylgb
dh\ jZgg_c <he`kdhc ;me]Zjbb iZfylgbdh\ ^hfhg]hevkdh]h \j_f_gb \ AZ
iZ^ghf AZdZfv_ b iZfylgbdh\ ;,,;,9\\ \ <hklhqghf AZdZfv_ Im[ebdZ
pbbihgbfij_^klZ\e_gu\^ZgghcjZ[hl_
Bkke_^h\Zl_eb \u^_eyxl \ bklhjbb <he`kdhc ;me]Zjbb ljb wlZiZ jZg
g_[me]Zjkdbc ^hfhg]hevkdbc b ahehlhhj^ugkdbc DZ`^uc ba gbo \ k\hx
hq_j_^v^_eblkygZwlZiuGZdZ`^hfwlZi_\aZbfh^_ckl\b_[me]ZjknbggZ
fbbm]jZfbbf_ehk\hbhkh[_gghklb
JZgg_[me]Zjkdbci_jbh^
>hkjZ\gbl_evghg_^Z\g_]h\j_f_gbwlhli_jbh^[uegZbf_g__bamq_gH
g_fkm^beb\hkgh\ghfihhlju\hqgufk\_^_gbyf\hklhqguoZ\lhjh\ B[g
Jmkl_:ev;Zeobb^j ^hr_^rbf^hgZkq_j_aihkj_^gbq_kdmxi_j_ibkdm
^jm]bo Z\lhjh\ Kj_^b gbo \u^_ey_lky j_Zebklbqgh_ [h]Zlh_ ih^jh[gufb
^_lZeyfb khh[s_gb_ B[gNZ^eZgZ dhlhjuc ih[u\Ze \ kljZg_ [me]Zj \ 
]h^m
<hk\_s_gbbjZgg_cbklhjbb\he`kdbo[me]Zjfgh]h_fh]eb[u^ZlvZj
o_heh]bq_kdb_ iZfylgbdb H^gZdh aZ _^bgbqgufb bkdexq_gbyfb hgb [ueb
g_ba\_klgu b gZijbf_j <NKfhebg \  ]h^m hlf_qZe qlh fZl_jbZe

)LQQR8JULFD


^ey i_j\h]h i_jbh^Z DZfkdh<he`kdhc ;he]Zjbb \_kvfZ kdm^_g b fZeh jZa


jZ[hlZg
Iheh`_gb_ baf_gbehkv \ ihke_^gb_ ^_kylbe_lby ;eZ]h^Zjy jZ[hlZf
GYF_ji_jlZ<N=_gbg]Z:OOZebdh\hc?IDZaZdh\Zb^jm]bo\u
y\e_gh ^\Z ^_kyldZ fh]bevgbdh\ jZgg_c <he`kdhc ;me]Zjbb gZ dhlhjuo
bamq_gh[h]Zluo\_sZfbyauq_kdboih]j_[_gbc
Hgbij_^hklZ\bebbjZaghh[jZagucfZl_jbZeih\aZbfh^_ckl\bx[me]Zj
k m]jZfb b nbggZfb Wlb ^Zggu_ him[ebdh\Zgu \h fgh]bo klZlvyo b ^\mo
fhgh]jZnbyoIhemq_ggucfZkkh\ucfZl_jbZeiha\hebe\u^_eblvljbwlZiZ
\bklhjbbjZgg_c<he`kdhc;me]Zjbbuchcbi_j_oh^gucd^hfhg]hev
kdhfm i_jbh^m GZ i_j\uo ^\mo wlZiZo ,;  i_j\Zy q_l\_jlv ;\\  ;me]Z
jby\uklmiZ_l\dZq_kl\_iheblbq_kdh]hh[t_^bg_gbykdhq_\ufyauq_kdbf
gZk_e_gb_f < wlh \j_fy hlkmlkl\mxl ]hjh^bsZ b k_ebsZ k nbdkbjm_fufb
dmevlmjgufbkehyfbb\lh`_\j_fybf_xlky^_kyldbfh]bevgbdh\kih]j_
[_gbyfb \hbgh\\kZ^gbdh\ GZqbgZy kh \j_f_gb B[gNZ^eZgZ b ^h lj_lv_c
q_l\_jlbO\\kljZg_ijhbkoh^yldZj^bgZevgu_baf_g_gbyb^_lk_^_glZjb
aZpby l_ hk_^Zgb_ dhq_\gbdh\ gZ a_fex fmkmevfZgkl\h \ul_kgy_l yauq_
kl\h mdj_iey_lky ]hkm^Zjkl\_ggZy \eZklv < ihke_^g_c q_l\_jlbO\;me]Z
jby\uklmiZ_lm`_\dZq_kl\_fmkmevfZgkdh]h]hkm^Zjkl\Zk\ukhdhjZa\bluf
a_fe_^_eb_fj_f_kehfbkdhlh\h^kl\hf
GZ i_j\uo ^\mo wlZiZo jZgg_[me]Zjkdh]h i_jbh^Z \aZbfh^_ckl\by [me
]ZjknbggZfbbm]jZfbj_adhhlebqZebkvIh\he`kdb_nbggu\b^bfhhiZ
kZebkv\hbgkl\_gguoijbr_evp_\ihy\b\rbokygZ<he]_bhlebqZxsbokyhl
gboh[jZahf`bagbb^_heh]b_cyaudhf<wlh\j_fynbgkdb_iZfylgbdbg_
ba\_klgu\FZjbckdhfIh\he`v_Zfhj^h\kdb_jZkiheZ]Zxlky^Ze_dhgZaZ
iZ^_ hl [me]Zj \ hdkdhkmjkdhf f_`^mj_qv_ Iheh`_gb_ dZd fu m\b^bf
gb`_dZj^bgZevghbaf_gbehkv\dhgp_i_j_oh^gh]hi_jbh^Zdh]^Znbgkdbc
jughdklZeg_h[oh^bf^ey[mjghjZa\b\Zxs_]hkyj_f_keZ\he`kdbo[me]Zj
< hlebqb_ hl \ur_baeh`_ggh]h [me]Zju mklZgh\beb m`_ \ ,;\ l_k
g_crb_ dhglZdlu k gZk_e_gb_f IjbmjZevy b IjbdZfvy ij_^klZ\e_ggh]h
dmrgZj_gdh\kdhcehfh\Zlh\kdhcbihehfkdhcdmevlmjZfb;hevrbgkl\hbk
ke_^h\Zl_e_c k\yau\Zxl ghkbl_e_c wlbo dmevlmj k m]jZfb H^gZdh g_dhlh
ju_ Zjo_heh]b hlghkyl iZfylgbdb ehfh\Zlh\kdhc b ihehfkdhc dmevlmj d
i_jfkdbf nbggZf  ij_^dZf dhfb b m^fmjlh\ Ke_^m_l hlf_lblv qlh ^ey
^Zgguodhfie_dkh\oZjZdl_jgZe_igZydjm]eh^hggZykijbf_kvxjZdh\bgu\
l_kl_ d_jZfbdZ mdjZr_ggZy rgmjh\hc b rlZfih]j_[_gqZlhc hjgZf_glZpb
_c ki_pbnbq_kdb_ ^_lZeb dhklxfZ \ lhf qbke_ k_j_[jygu_ ih]j_[Zevgu_
fZkdbmeh`_ggu_\f_kl_q_j_ibdhklbgh]ehrZ^b\fh]beZobhdhehgbob
l^ <k_ wlb we_f_glulbibqgu^eydmevlmjm]jh\g_aZ\bkbfhhlboijh`b
\Zgby\kl_ibe_khkl_ibbebe_kghcahg_<IjbmjZev_Zjo_heh]bq_kdb_iZ
fylgbdb k ^Zggufb we_f_glZfb dmevlmjuba\_klgu^h;,,;,9\\bibkv
f_ggu_bklhqgbdbg_ihkj_^kl\_gghk\yau\Zxlbokm]jZfb kfgb`_ M]hj
kdZyijbgZ^e_`ghklvghkbl_e_cwlbodmevlmjih^l\_j`^Z_lkyb\k_cbklhjb
_cbo^ebl_evguol_kguob^jm`_kdbohlghr_gbck[me]ZjZfb
 )LQQR8JULFD


Nhjfbjh\Zgb_ wlbo dmevlmj \ MjZehIjbdZfv_ ke_^m_l \b^bfh hlgh


kblvdh\j_f_gbI_j\h]hLxjdkdh]hdZ]ZgZlZ<]h^mlxjdxlujZa[beb\
IjbZjZev_ mihjgh khijhlb\ey\rboky bf ie_f_gZ omgb obhgblh\  \Zj b
h]hjh\Fgh]b_bagbo[_`Zeb\MjZehIjbdZfv_f_klZk\hboe_lgbodhq_
\bc bkihdhg\_dh\dhq_\u_ie_f_gZwlh]hj_]bhgZmoh^bebabfh\Zlv\Ijb
ZjZev_ Kj_^bgbo[uebbdhq_\u_m]ju
<h \lhjhc iheh\bg_ 9,,,\ \ Kj_^g__ Ih\he`v_ i_j_k_eyxlky [me]Zju
dhlhju_ij_^klZ\e_gufh]bevgbdZfbkZelh\kdh]hdjm]Z<f_kl_km]hjkdbfb
ie_f_gZfbMjZehIh\he`vyhgb\oh^beb\khklZ\gZk_e_gbyOZaZjkdh]hdZ
]ZgZlZ
GZoh^ykv\ij_^_eZoh^gh]h]hkm^Zjkl\Zm]jublxjdhyauqgu_[me]Zju
ih^^_j`b\Zebk\yab^jm]k^jm]hfLZdoZjZdl_jgZydjm]h\Zyihkm^ZkZelh\
kdhc dmevlmju jbk  \klj_q_gZ ^Z`_gZ<_jog_cDZf_\iZfylgbdZog_\h
ebgkdhcdmevlmju
<h \lhjhc lj_lb ,;\ \ OZaZjbb jZa\_jgmeZkv [hjv[Z aZ \_jm f_`^m
klhjhggbdZfb fmkmevfZgkl\Z b bm^ZbafZ IjZ\ysZy \_jomrdZ jZa^_ebeZkv
gZ h`_klhq_ggh kjZ`Zxsb_ky iZjlbb dhlhju_ ijbau\Zeb gZ ihfhsv lh
fZ^vyjlhdhq_\Z\rbodx]h\hklhdmhlgboi_q_g_]h\<k_wlhijb\h^behd
hkeZ[e_gbx p_gljZevghc \eZklb \ kljZg_ hkh[_ggh \ hl^Ze_gguo jZchgZo
dhlhjufby\eyebkvIjbdZfv_bIjbmjZev_
<h \lhjhc lj_lb ,;\ i_q_g_]b jZa[beb fZ^vyj b aZklZ\beb mclb gZ aZ
iZ^ aZgy\ bo l_jjblhjbx \ kl_iyo \ k\hx hq_j_^v hlj_aZ\ k\yav \he`kdbo
[me]Zj k x]hf OZaZjbbHlkx^Zhgb\b^bfhkh\_jrZebihoh^uijhlb\m]
jh\ \ [he__ k_\_jgu_ jZchgu jbk  Ihke_^gb_ [_a ih^^_j`db fZ^vyj g_
fh]eb hdZaZlv i_q_g_]Zf k_jv_agh]h khijhlb\e_gby b \ugm`^_gu [ueb [_
`ZlvgZk_\_jb\^jm]b_jZchguDmrgZj_gdh\kdb_g_\hebgkdb_bqZklbqgh
ehfh\Zlh\kdb_bihehfkdb_iZfylgbdbbkq_aZxl jbk Boghkbl_ebi_j_
k_eyxlky\<he`kdmx;me]Zjbx\hkgh\ghf\k_\_jh\hklhqgu_jZchgu__
]^_ihy\eyxlky;hevr_lb]Zgkdbc;,,Baf_jkdbcLZgd__\kdbcb^jm]b_fh
]bevgbdb
< wlbo iZfylgbdZo hlf_qZxlky gZjy^m k [he]ZjhkZelh\kdbfb oZjZd
l_jgu_ q_jlu yauq_kdhc dmevlmju m]jh\ djm]eh^hggZy ihkm^Z kh rlZfih
]j_[_gqZlhc b \_j_\hqghc hjgZf_glZpb_c k\ur_ wda  jbk  ih]j_
[Zevgu_fZkdb wda `_jl\_ggu_dhfie_dkubaq_j_ih\bdhkl_cgh]eh
rZ^b lhevdh \ LZgd__\d_  dhfie_dkh\  ki_pbnbq_kdb_ dmevlh\u_ ba^_
eby k\yaZggu_ k mjZehkb[bjkdbf rZfZgbafhf b l^ <klj_qZ_lky lZd`_
fgh]h k_j_[jyguo ba^_ebc k ihklkZkZgb^kdbf \ebygb_f GZ jm[_`_ ,;
;\\p_gljZevgZyqZklv<he`kdhc;me]ZjbbAZiZ^gh_AZdZfv_\hfgh
]hfij_^klZ\eyeZkh[hcf_klgmx<_g]jbx
<ur_mdZaZggu_we_f_gluyauq_kdhcdmevlmjum]jh\\dhgp_,;\fZ^v
yju ijbg_keb \ IZgghgbx Ih ^Zgguf \_g]_jkdbo Zjo_heh]h\ BWj^_eb
BNh^hjZ b ^j  \ g_djhiheyo i_jbh^Z h[j_l_gby Jh^bgu \uy\e_gu ih
]j_[Zevgu_ fZkdb `_jl\_ggu_ dhfie_dku ba rdmju ehrZ^b hdheh  ih
^ZggufQ;ZebglZ dmevlh\u_ih^_edbbijOZjZdl_jghgZebqb_[hevrh]h
qbkeZ k_j_[jyguo ba^_ebc k ihklkZkZgb^kdbfb we_f_glZfb ljZ^bpbb dhlh

)LQQR8JULFD


juo \b^bfh [ueb \hkijbgylu fZ^vyjZfb _s_ \h \j_fy k_ahgguo dhq_\hd
f_`^mIjbZjZev_bX`gufMjZehf]^_lh\9,,,gZqZe_,;\\
DhgnjhglZpbyfZ^vyjki_q_g_]Zfb\p_ehfbf_eh\Z`gh_agZq_gb_^ey
bklhjbb?\jhiu<j_amevlZl___\hfgh]hfklZeh\hafh`gufihy\e_gb_lZ
dbo ]hkm^Zjkl\ dZd <_g]jby <he`kdZy ;me]Zjby I_q_g_]b kihkh[kl\h\Zeb
lZd`_iZ^_gbxOZaZjbb\h\lhjhciheh\bg_O\_d_
<dhgp_,;i_j\hcq_l\_jlbO\\\<he`kdhc;me]Zjbb\j_amevlZl_
\aZbfh^_ckl\by [he]ZjhkZelh\kdbo b m]hjkdbo wlgbq_kdbo ]jmii kha^Z_lky
yauq_kdZy dmevlmjZ H[ wlhf k\b^_l_evkl\m_l fZl_jbZe khl_g ih]j_[_gbc
bamq_gguo\\ur_mdZaZgguog_djhiheyoG_j_^dh\h^ghfblhf`_aZohjh
g_gbb \klj_qZxlky lbibqgh kZelh\kdb_ djm]h\u_ khkm^u k_jv]b k gZimkd
gufb [mkZfb b oZjZdl_jgu_ ^ey m]jh\ IjbmjZevy e_igu_ djm]eh^hggu_ kh
km^u kh rgmjh\hc hjgZf_glZpb_c rmfysb_ ih^\_kdb ih]j_[Zevgu_ fZkdb
bl^ jbk Ihy\bebkvp_eu_]jmiiu]b[jb^guoba^_ebcHkh[_gghq_ldh
wlh ijhke_`b\Z_lky gZ d_jZfbq_kdhf fZl_jbZe_ LZd  _]h khklZ\eyxl
e_igu_ h^ghjmqgu_ dm\rbgu k ijbf_kvx jZdh\bgu \ l_kl_ Ih nhjf_ hgb
y\ghbfblbjmxl[he]ZjhkZelh\kdb_djm]h\u_h^ghjmqgu_dm\rbguh^gZdh
ijbf_kv jZdh\bgu djm]eh^hgghklv b \_j_\hqgZy hjgZf_glZpby fgh]bo ba
gbo mdZau\Zxl qlh hgb ba]hlh\eyebkv m]hjkdbfb ihlhfdZfb \ kljZg_ [me
]Zj
<wlhli_jbh^\Kj_^g_fIh\he`v_nhjfbjm_lkyki_pbnbq_kdZylxjdh
m]hjkdZy h[sghklv k yjdhc b k\h_h[jZaghc yauq_kdhc dmevlmjhc LZdhc kb
lmZpbb kihkh[kl\h\ZeZ g_ lhevdh iheblbq_kdZy g_h[oh^bfhklv gh b h[s
ghklvdhq_\h]hbihemdhq_\h]hh[jZaZ`bagb[ebadZyb^_heh]by\nhjf_aZ
iZ^ghkb[bjkdh]hrZfZgbafZmlxjhdbm]jh\
H^gZdhie_f_ggu_jZaebqby\wlh\j_fy_s_khojZgyebkvB[gNZ^eZg
\ ] hlf_qZ_l m [me]Zj ie_f_gZ [he]Zj km\Zj bkd_ev ^hfhqZ^p_\ [Z
jZg^`ZjZ\p_ehfgZau\Z_lgZk_e_gb_kljZgukZdZeb[ZfbKj_^bgbog_kh
fg_ggh ijbkmlkl\h\Zeb b m]hjkdb_ ih^jZa^_e_gby HklZldb fZ^vyj 
[Z`^`Zj^h\  B[gNZ^eZg \klj_lbe \ kl_iyo ijb k\h_f iml_r_kl\bb \
kljZgm [me]Zj Hg gZa\Ze bo om^rbfb ba lxjhd Wlh gZk_e_gb_g_fh`_l
[ulv[ZrdbjZfbdZdiheZ]Z_ljy^bkke_^h\Zl_e_cBo\_jh\ZgbyhibkZggu_
\ khh[s_gbb B[gNZ^eZgZ kh\_jr_ggh g_ oZjZdl_jgu ^ey dhq_\uo lxjhd
bkih\_^mxsbol_g]jbgbZgkl\hghiheghklvxkhhl\_lkl\mxlfgh]h[h`_kl\m
m]jh\
?s_ h^gh ^hdZaZl_evkl\h m]hjkdhc ijbgZ^e_`ghklb [Z`^`Zj^h\ fugZ
oh^bf \ khh[s_gbb Ze;Zeob i_j\hc lj_lb O\ Hg ibkZe ;Z`^`Zj^u jZa
^_eyxlkygZ^\Zie_f_gbh^ghie_fy`b\_lgZkZfhc]jZgbp_=maabbl_
]maah\  dmfZg  [eba ;he]Zj =h\hjyl qlh hgh khklhbl ba  q_eh\_d
dhlhju_lZdohjhrhaZsbs_guk\hbfbe_kZfbqlhgbdlhg_fh`_lihdhjblv
bo Hgb ih^\eZklgu ;he]ZjZf >jm]b_ [Z`^`Zj^u ]jZgbqZl k i_q_g_]Zfb
Hgbbi_q_g_]blxjdb[ebadb_khk_^bJmfbcp_\Wlhkhh[s_gb_oZjZd
l_jbam_llhli_jbh^dh]^Zij_ke_^m_fZyi_q_g_]Zfbhkgh\gZyfZkkZfZ^vyj
mreZgZaZiZ^klZ\khk_^yfb\baZglbcp_\ZhklZevgu_mdju\Zebkv\<he`
 )LQQR8JULFD


kdhc ;me]Zjbb Kdhj__ \k_]h wlh gZk_e_gb_ b hklZ\beh iZfylgbdb lbiZ


;hevr_Lb]Zgkdh]h;,,Baf_jkdh]hfh]bevgbdh\\AZiZ^ghfAZdZfv_
>hfhg]hevkdbci_jbh^
>hfhg]hevkdbc i_jbh^bkke_^h\Zl_eb^_eylgZ^\ZwlZiZGZdZ`^hfba
gbo \he`kdb_ [me]Zju bf_eb k\hx ki_pbnbdm \h \aZbfh^_ckl\bb k nbggh
m]jZfbI_j\ucwlZiko]h^h\O^ho]h^h\O,\oZjZdl_jbam_lkh[hc
jZkp\_l <he`kdhc ;me]Zjbb \ dZq_kl\_ ]hkm^Zjkl\Z ^hfbgbjmxs_]h \ wdh
ghfbd_ dmevlmj_ iheblbd_ h[rbjgh]h j_]bhgZ hl IjbmjZevy ^h <_jog_]h
Ih\he`vy<wlh\j_fy\\b^miZ^_gbyOZaZjbbih^m^ZjZfbi_q_g_]h\bih
oh^Z K\ylhkeZ\Z b keZ[hklb k_\_jh\hklhqghc Jmkb ;me]Zjby hklZ\ZeZkv
_^bgkl\_gguf kbevguf ]hkm^Zjkl\_gguf h[jZah\Zgb_f gZ \k_f wlhf h[
rbjghfijhkljZgkl\_
KlZgh\e_gb_ __ \ wlhf dZq_kl\_ kihkh[kl\h\Zeb b \ur_hlf_q_ggu_ ih
eblbq_kdb_kh[ulby\<hklhqghc?\jhi_LZd\b^bfh\ _]h^ubaQ_j
ghc ;he]Zjbb :ah\hIjbdm[Zgkdh]h j_]bhgZ ]b[gms_c OZaZjbb \ Kj_^g__
Ih\he`v_ i_j_k_ey_lky gh\Zy \hegZ [me]Zj Wlh [ueh m`_ fmkmevfZgbabjh
\Zggh_gZk_e_gb_kl\_j^ufbj_f_ke_ggufbba_fe_^_evq_kdbfbgZ\udZfb
Hgb ijb\g_keb k kh[hc kh\_jr_ggh gh\u_ we_f_glu dmevlmju dhlhjuo g_
[uehmjZggbo[me]Zjghk9,,,\[uebijbkmsb[he]ZjhkZelh\kdhfmgZk_
e_gbxIh^hgvy ijh]j_kkb\gu_a_fe_^_evq_kdb_hjm^byk_jiudhkue_f_
oZ gh\u_ hjm^by f_lZeehh[jZ[hldb d_jZfbdb b l^  K wlh]h \j_f_gb
dmevlmjZ\he`kdbo[me]Zjijbh[j_lZ_ll_q_jludhlhju_fuagZ_f\_kv^h
fhg]hevkdbci_jbh^
;me]ZjbyklZeZk\h_h[jZagufj_f_ke_ggufp_ohfh[rbjgh]hj_]bhgZ
FZkl_jZ jZaebqguo dhgdmjbjmxsbo j_f_ke_gguo rdhe klZeb gm`^Zlvky \
jugd_ k[ulZ k\hbo ba^_ebc MklZgZ\eb\Zxlky [he__ l_kgu_ hlghr_gby k
nbgghm]hjkdbffbjhfH^gbfbaj_amevlZlhfwlh]hklZehihy\e_gb_gh\uo
]jmiim]jh\bnbggh\\kljZg_[me]ZjLZd\dhgp_O\bajZchgh\i_ljh]
jhfkdhcdmevlmjuKj_^g_]hMjZeZgZKj_^gxx<he]mkimkdZykvihjDZf_
ihy\ey_lky hq_j_^ghc fZkkb\ mjZevkdbo m]jh\ dhlhju_ ijb\g_keb lZdb_
we_f_glu dmevlmju dZd e_igZy k ijbf_kvx jZdh\bgu \ l_kl_ djm]eh^hggZy
ihkm^Z lg ihkli_ljh]jhfkdh]h lbiZ k \ukhdhc pbebg^jbq_kdhc r_cdhc b
]j_[_gqZlhrgmjh\hchjgZf_glZpb_c jbk LZdZyihkm^ZZlZd`___
]b[jb^gu_h[jZah\Zggu_ih^\ebygb_fdjm]h\hcd_jZfbdb[me]Zj jbk
  \ZjbZglu \_kv ^hfhg]hevkdbc i_jbh^ khojZgyxlky IjZdlbq_kdb hgb
\klj_qZxlkygZ\k_o[me]Zjkdboihk_e_gbyokhklZ\eyyhl^h\k_]hd_
jZfbq_kdh]hfZl_jbZeZ
<h \lhjhc iheh\bg_ O\ \ <he`kdhc ;me]Zjbb hlf_qZ_lky b ihy\e_gb_
hdkdbo nbggh\ < LZgd__\kdhf fh]bevgbd_ kj_^b yauq_kdbo aZohjhg_gbc
[me]Zj bamq_gh ljb ih]j_[_gby dhlhju_ ih h[jy^m b \_s_\hfm bg\_glZjx
iehkdh^hggu_e_igu_]hjrdb[jhgah\u_ih^\_kdbbij fh`ghk\yau\Zlv
ke_lhibkghcf_s_jhcHkh[_ggh[h]ZlufgZ[hjhf\_s_c [he__khlgbwda 
khijh\h`^Zehkv ih]j_[_gb_  ]^_ [ueZ aZohjhg_gZ fheh^Zy `_gsbgZ
<k_ \_sb gZoh^yl ihegu_ ZgZeh]bb \ fh]bevgbdZo f_s_ju JyaZgkdh]h Ih
hqvy

)LQQR8JULFD


>Zggu_ fZl_jbZeu k\b^_l_evkl\mxl qlh m`_ \ O\ ij_^klZ\bl_eb f_


s_ju ijh`b\Zeb \ Kj_^g_f Ih\he`v_ Km^y ih hlf_q_gghfm [me]Zju ^jm
`_kdbhlghkbebkvdbodhehgbbb^Z`_iha\heyebohjhgblv__qe_gh\gZk\h
_fdeZ^[bs_
WlhgZk_e_gb_fh]ehijbclbgZ<he]mbebkmohimlgufiml_fq_j_aa_f
ebfhj^\u qlhfZeh\_jhylgh bebihjHd_b<he]_f[\f_kl_kdmipZfb
[me]Zj Ke_^m_lhlf_lblvlZd`_qlha_febhdkdbonbggh\f_s_jubfmjh
fu \ qbke_ i_j\uo ih^\_j]ebkv keZ\ygkdhc dhehgbaZpbb b \ ;,\ lZf m`_
h[jZah\Zebkv JyaZgkdh_ b Fmjhfkdh_ dgy`_kl\Z <ke_^kl\b_ wlh]h f_s_jZ
ijhklhbkdZeZkiZk_gbyhlkeZ\ygbaZpbbbojbklbZgbaZpbbdZdwlh^_eZeb\
;,,\ b ^jm]b_ ie_f_gZ \_jog_\he`kdbo nbggh\ kf gb`_  < ;,,\ hkgh\
gZyqZklvf_s_jugZjHd_[ueZm`_Zkkbfbebjh\ZgZkeZ\ygZfb
< ihke_^g_c q_l\_jlb ;;,\\ fhsguc wdhghfbq_kdbc ihl_gpbZe
<he`kdhc ;me]Zjbb ij_^klZ\e_g ij_`^_ \k_]h \ fZl_jbZe_ lhj]h\h
j_f_ke_gguo p_gljh\ b ijbklZg_c Baf_jkdbo K_f_gh\kdbo KlZjhdmc[u
r_\kdbob^jm]bok_ebs jbk Hkgh\gZyqZklvbojZkiheZ]ZeZkv\jZchg_
kebygby jDZfu k j<he]hc Ih <he]_  ]eZ\ghfm lhj]h\hfm imlb f_`^m
:ab_c b k_\_jh\hklhqghc ?\jhihc  r_e rbjhdbc ihlhd lh\Zjh\ ij_\u
rZxsbch[t_flhj]h\ebihagZf_gblhfmimlbba\Zjy]\]j_db;me]Zjkdb_
ijbklZgb jZkiheZ]Zebkv \ ijbmklv_\hc qZklb e_\h[_j_`guo ijblhdh\ DZfu
b <he]b jbk  FZcgu ;_a^gu :olZy R_glZeu gZ g_aZlhiey_fuo \ \_
k_ggxx ihjm l_jjZkZo dm^Z ih^oh^beb ]em[hdh\h^gu_ kihdhcgu_ ijb ex
[hf \_lj_ ijhlhdb >Zggu_ ihk_e_gby kem`beb lhj]h\ufb \hjhlZfb kljZ
gu Kmohimlgufb imlyfb dhlhju_ \h fgh]hf kh\iZ^Zeb k kh\j_f_ggufb
hgb[uebk\yaZgukp_gljZevgufbjZchgZfbb\i_j\mxhq_j_^vkhklhebq
gufbp_gljZfbKm\Zjhf;beyjhf;he]Zjhf jbk 
=eZ\guflhj]h\hj_f_ke_ggufp_gljhfkljZgu[me]Zj\wlh\j_fyy\ey
ehkvBaf_jkdh_k_ebs_iehsZ^vx\lukfjZkiheZ]Z\r__ky\gbah\vyo
j:olZc gZ x`ghf m]em jZa^_eyxs_f ihcfu j_d DZfu b <he]b GZ wlhf
iZfylgbd_ \uy\e_gu fgh]hqbke_ggu_ ke_^u j_f_ke_gguo ijhba\h^kl\ jZa
ghh[jZagu_ ba^_eby k_j_[jygu_ ^bjo_fu hdheh  lbih\ gZdeZ^hd k_ev
kdhohayckl\_ggu_b[ulh\u_ba^_ebyij_^f_lu\hhjm`_gbybl^
;hevrZyqZklvj_f_ke_gguoba^_ebc[me]Zjihj_dZf<he]_Hd_DZf_
<yld_moh^beZ\h[f_ggZijh^mdluhohlue_kguoijhfukeh\ju[heh\kl\Z
f_oZ \hkd f_^ b ijhq__  \ a_feb m]jh\ b nbggh\ < h[eZklyo ijh`b\Zgby
ihke_^gbo q_ldh \u^_eyxlky ehdZevgu_ jZchgu dhgp_gljZpbb gZk_e_gby
]^_hk_^Zeblh\Zju[me]ZjGZ<_jog_cDZf_wlhjZchgiha^g_ehfh\Zlh\kdhc
dmevlmju gZ j Q_ip_  q_i_pdhc dmevlmju gZ <he]_ b Hd_  iZfylgbdb
FZjbckdh]hIh\he`vybFhj^h\bb jbk HlhfgZkdhevdhfhsgucihlhd
lh\Zjh\r_e\wlbjZchguk\b^_l_evkl\mxlgZijbf_jiZfylgbdbFZjbckdh
]hIh\he`vy[eb`Zcr_]hjugdZk[ulZ[md\Zevghi_j_iheg_ggu_ba^_
ebyfb ba <he`kdhc ;me]Zjbb ^bjo_fu gZdeZ^db gZdhg_qgbdb j_fg_c
ijy`db[jZke_lubl^ bf_xsbfbihegu_ZgZeh]bb\Baf_jkdhfk_ebs_
Ihh[jZapZfijbmjZevkdbom]jh\ hgbdZdhlf_qZehkvijh`b\Zebb\kljZg_
[me]Zj  fZkl_jZ gZeZ^beb b ijhba\h^kl\h dhgvdh\uo dj_kZe rmfysbo ih^
 )LQQR8JULFD


\_khdihykguokmfhq_dbl^dhlhju_lZd`_wdkihjlbjh\Zebkv\a_febnbg
gh\
Lhj]h\u_ dhglZdlu k nbggZfb [me]Zju ih^^_j`b\Zeb q_j_a kbkl_fm
nZdlhjbc jZkiheh`_gguo \ ijbmklv_\hc qZklb ijblhdh\ j_d <he]b Hdb b
DZfuH^ghcbagboy\eyehkvihk_e_gb_jZkiheh`_ggh_gZ^xg_\gbah\vyo
jPb\bev D wlhfm \j_f_gb b kZfb nbggu \ly]b\Zykv \ lhj]h\u_ hlghr_
gbyi_j_k_eyxlky[eb`_dlZdbff_klZfIjZ\^Zbofh]bevgbdbjZkiheZ]Z
xlkyg_gZkZfhc;hevrhc<he]_]^_\k_]^Z[ueZhiZkghklvjZa[hcgh]hgZ
iZ^_gby Z \ ]em[bg_ l_jjZku m ]em[hdh\h^ghc ijhlhdb < qZklghklb lZdh_
iheh`_gb_ aZgbfZe lbibqguc ^ey nbggh\ yauq_kdbc ;hjbkdh\kdbc fh]bev
gbdgZl_jjblhjbb]DZaZgb=^_lh\wlhfj_]bhg_fh`ghij_^iheZ]Zlvb
gZebqb_lhj]h\hcnZdlhjbb[me]Zjddhlhjhcq_j_akm^hoh^gmxijhlhdm;m
eZdGb`gbcbKj_^gbcDZ[Zgufh]ebijb[u\Zlvdmi_q_kdb_km^Z
JZkkfZljb\Z_fuc wlZi _ ]h^u O\  y\eyxsbcky i_j\hc iheh\bghc
^hfhg]hevkdh]h i_jbh^Z mkeh\gh fh`gh gZa\Zlv baf_jkdbf mqblu\Zy qlh
hkgh\ghcfZl_jbZe^ey_]hoZjZdl_jbklbdb^ZebiZfylgbdbmkBaf_jbDZd
hlf_qZehkv wlh [ueh \ke_^kl\b_ iZ^_gby OZaZjbb b keZ[hklb k_\_jh
\hklhqghc Jmkb \j_fy wdhghfbq_kdhc dmevlmjghc b iheblbq_kdhc ]_]_fh
gbb;me]ZjbbgZijhkljZgkl\_hlIjbmjZevy^h<_jog_]hIh\he`vyIhke_^
g__kdZaZehkvbgZwlgbq_kdhf\ha^_ckl\bb[me]ZjgZkhij_^_evgu_gZjh^u
<hdjm]<he`kdhc;me]ZjbbbgZ[he__hl^Ze_gguohlg__l_jjblhjbyoaZdeZ
^u\Zxlkyhkgh\uZj_Zevguo]jmiif_klgh]hgZk_e_gbyih^\_j]Z\r__ky[me
]ZjbaZpbb<qZklghklbij_^iheh`bl_evghdwlhfm\j_f_gbfh`ghhlg_klb
nhjfbjh\Zgb_ [_k_jfyg qm\Zrb Zjkdhc f[ kZfbo qm\Zr  kmZkeu fZ
jbl_qm\ZrkdbofZjbcp_\b^jNhjfbjh\Zgb_^Zgguo]jmiiihemqbehgh
\uc bfimevk \ ahehlhhj^ugkdbc i_jbh^ dh]^Z ba jZahjy_fuo p_gljZevguo
jZchgh\[me]Zju\ugm`^_gu[uebmoh^blvgZkhij_^_evgu_a_febnbggh\
Km^y ih g_dhlhjuf ^Zgguf gZ hdjZbgZo ;me]Zjbb \ wlh \j_fy fh]eb
[ulvh[jZah\ZguZ^fbgbkljZlb\gu__^bgbpudhlhjufbjmdh\h^beb[me]Zj
kdb_ gZf_klgbdb kh[bjZxsb_ k f_klgh]h gZk_e_gby oZjZ^` H^gZ ba gbo
fh]eZgZoh^blvkygZk_\_jh\hklhd_kljZgu\<hklhqghf M^fmjlkdhf Ijb
dZfv_kp_gljhf\?eZ[m`kdhf]hjh^bs_GZwlhfiZfylgbd_ZlZd`_gZk\y
lbebs_QmfZclehb^jm]boiZfylgbdZo\f_kl_\klj_qZ_lkydjm]h\Zyihkm^Z
[me]Zj e_igZy ihkli_ljh]jhfkdZy d_jZfbdZ m]jh\ kh rgmjh\hc hjgZf_glZ
pb_c b e_igZy djm]eh^hggZy keZ[h ijhnbebjh\ZggZy b keZ[h hjgZf_glbjh
\ZggZy ihkm^Z i_jfkdbo nbggh\ Ij_h[eZ^Zeh a^_kv \b^bfh m]hjkdh_ gZ
k_e_gb_njZljbbihjhdhlhjhfiha^g__khh[sZxlbibkvf_ggu_bklhqgb
db kfgb`_ <lhihgbfbd_M^fmjlbbbk_]h^gykhojZgyxlkyfgh]hqbke_g
gu_ gZa\Zgby hljZ`Zxsb_ wlhl wlghgbf kf Ihjrmj IhjdZj Ihj]mjl 
j_dZ]hjh^bs_k_e_gb_ihjh\bl^ 
<h\lhjhciheh\bg_^hfhg]hevkdh]hi_jbh^Z\k\yabkbaf_g_gb_fiheb
lbq_kdhc kblmZpbb \ j_]bhg_ f_gy_lky b iheh`_gb_ ;me]Zjbb \ g_f GZqZ
ehkv wlh \  ]h^m dh]^Z gZ j_dZo <he]_ b Hd_ [ueb h]jZ[e_gu b m[blu
[me]Zjkdb_dmipuH[jZs_gb_ihkeh\[me]ZjddgyaxHe_]mg_bf_ehmki_oZ
ld mkbeb\rZyky Jmkv kZfZ klj_fbeZkv mklZgh\blv k\hx \eZklv gZ^
khij_^_evgufb a_feyfb nbggh\ b <he`kdbf iml_f K wlh]h \j_f_gb

)LQQR8JULFD


^_evgufb a_feyfb nbggh\ b <he`kdbf iml_f K wlh]h \j_f_gb gZqZeZkv


lhj]h\Zy\hcgZ;me]ZjbbkJmkvxI_j\hgZqZevgh[me]Zjubf_ebmki_ob<
lhf `_  ]h^m hgb \ayeb ] Fmjhf kh`]eb hdj_klgu_ k_eZ < ^Zevg_c
r_fhkZ`^Zebb^jm]b_]hjh^ZH^gZdh\dhg_qghfblh]_ij_bfms_kl\hhdZ
aZehkv gZ klhjhg_ Jmkb Jmkkdb_ ^jm`bgu bkihevamy imlb dmi_q_kdbo dZjZ
\Zgh\ ih <he]_ g_h^ghdjZlgh \lhj]Zebkv \ kljZgm [me]Zj Z \  ]h^m \
]em[bg_l_jjblhjbbAZiZ^gh]hAZdZfvyhkZ^bebbklhevguc]hjh^;beyj
<ke_^kl\b_ wlh]h [me]Zju ihl_jyeb agZqbl_evgmx qZklv lhj]h\h]h imlb
gZ <_jogxx <he]m Mkbe_gb_ \eZklb Jmkb keZ\ygbaZpby b ojbklbZgbaZpby
\ugm^beZ[_`Zlvba<_jog_]hIh\he`vyyauqgbdh\nbggh\gZ\hklhdQZklv
bogZoh^blm[_`bs_mhlebqZxsboky\_jhl_jibfhklvxgZk_e_gby;me]Zjbb
DZaZgkdbce_lhibk_pkhh[sZyhaZk_e_gbb[Zkk_cgZjDZaZgdZibr_lGZ
ihegblZdbfbex^vfba_fexlm_s_bgZq_j_fbkZaZ\_fZyhlydblh_`_]eZ
]hexl jhklh\kdZy q_jgv aZ[_`Z\rb lZ hl dj_s_gby jmkkdh]h \ [he]Zjkdbo
`bebsZo
G_khfg_ggh q_jgv jhklh\kdZy y\ey_lky f_j_c l_ \_jog_\hdkdbfb
nbggZfbI_j_k_e_gb_bo\Kj_^g__Ih\he`v_^hdZau\Z_lkybl_fqlh^Z`_
\p_gljZevguoaZdZfkdbojZchgZo;me]Zjbb^hklZlhqghrbjhdh\klj_qZxlky
oZjZdl_jgu_[jhgah\u_ih^\_kdbf_jbb\_kb\\b^_i_lmrdh\mlhq_d
Wlbkbf\heuyauq_kdh]hdmevlZ^Zlbjm_fu_;,;,,\\bf_xl\_jog_\he`
kdh_ijhbkoh`^_gb_DZd^Ze_dhhgbmrebgZ\hklhdmdZau\Z_lDhleh\kdbc
fh]bevgbd\gbah\vyoj<yldb@_gkdb_ih]j_[_gby_]hkhijh\h`^Zxlky[h
]ZlufgZ[hjhf[jhgah\uof_jygkdbomdjZr_gbc
Klj_fykv mf_gvrblv ihke_^kl\by ihl_jb agZqbl_evghc qZklb jugdZ ih
j<he]_[me]Zjkdb_dmipuZdlb\babjh\Zebk\hx^_yl_evghklvihjDZf_GZ
\_jog_cDZf_b\[Zkk_cg_jQ_ipu\;,,\ihy\eyxlkyp_eu_dhehgbb[me
]Zj ]^_ ijh`b\Zeb b j_f_ke_ggbdb LZd gZ g_dhlhjuo jZkdhidZo kZfh]h
djmigh]h \ K_\_jghc M^fmjlbb ]hjh^bsZ B^gZDZj q_i_pdhc dmevlmju h[
ehfdb oZjZdl_jghc djm]h\hc ihkm^u [me]Zj khklZ\eyxl  \k_]h d_
jZfbq_kdh]hfZl_jbZeZ
Ahehlhhj^ugkdbci_jbh^
< ahehlhhj^ugkdbc i_jbh^ <he`kdZy ;me]Zjby \uklmiZ_l dZd b khk_^
kl\mxsb_ a_feb nbgghm]jh\ \ dZq_kl\_ ijh\bgpbb Ahehlhc Hj^u GZoh
^ykv\ij_^_eZoh^gh]hiheblbq_kdh]hijhkljZgkl\Z\kihdhcgu_hl\h_gguo
^_ckl\bc]h^u[me]Zjubnbgghm]juijh^he`Zebl_kgu_dhglZdlu;mjgu_
kh[ulbyhkh[_ggh\h\lhjhciheh\bg_;,9\ijb\h^bebbdfZkkh\uffb
]jZpbyf\l_bebbgu_a_feb
H^gbf ba nZdlh\ wlgbq_kdbo i_j_f_s_gbc [ueh i_j_k_e_gb_ fhj^\u \
<he`kdmx;me]ZjbxYauq_kdb_fh]bevgbdbbihk_e_gbyfhj^\u\wlh\j_
fy ihy\eyxlky \ a_feyo [me]Zj dZd gZ ijZ\hf lZd b gZ e_\hf [_j_]m
j<he]b Kj_^b gbo FmjZgkdbc dhfie_dk iZfylgbdh\ gZ KZfZjkdhc Emd_
DZjlZrbobgkdbcfh]bevgbd\EZbr_\kdhfjZchg_LZlZjklZgZb^jm]b_<k_
wlb iZfylgbdb khijh\h`^Zebkv e_igufb iehkdh^hggufb ]hjrdZfb kxev
]ZfZfb ieZklbgqZlufb [jZke_lZfb b ^jm]bfb oZjZdl_jgufb ^ey fhj^\u
ba^_ebyfb<j_f_ggufebmkbeb_fGZjh\qZlkdh]hdgy`_kl\Z[ueZ\ua\ZgZ
 )LQQR8JULFD


wlZfb]jZpbybeb^jm]bfbijbqbgZfbij_^klhbl_s_\uy\eylvG_bkdexq_
ghqlhihlhfdbwlbofb]jZglh\\hreb\khklZ\fhj^\udZjZlZ_\
<k_\_jghfijb]jZgbqv_<he`kdhc;he]Zjbbijh^he`Zehkvbgl_gkb\gh_
\aZbfh^_ckl\b_f_klgh]hnbgghi_jfkdh]hbih\he`kdhnbgkdh]hgZk_e_gby
kij_`gbfb\gh\vijb[u\ZxsbfbajZahj_gguop_gljZevguoh[eZkl_c[me
]ZjkdbfgZk_e_gb_f<^Zevg_cr_fnhjfbjh\Zgb_hij_^_e_gghch[sghklb\
j_amevlZl_lZdh]h\aZbfh^_ckl\byijhbkoh^blm`_\iheblbq_kdhfijhkljZg
kl\_DZaZgkdh]hoZgkl\Z
<Z`guf^hklb`_gb_fbklhjbq_kdhcgZmdbihke_^g_]h\j_f_gbklZehbk
ke_^h\Zgb_m]hjkdboiZfylgbdh\MjZehIjbdZfvybhk\_s_gb_k\yabbogh
kbl_e_c k \he`kdbfb [me]ZjZfb Ih khh[s_gbx \_g]_jkdh]h iml_r_kl\_g
gbdZ XebZgZ ih[u\Z\r_]h \ <he`kdhc ;me]Zjbb gZdZgmg_ fhg]hevkdh]h
gZr_kl\by\wlhckljZg_b\__khk_^kl\_ijh^he`Zebijh`b\Zlvm]jukg_
ijhqghchk_^ehklvx ihZjo_heh]bq_kdbf^Zggufdhfie_dkubofufh`_f
k\yaZlv k ihkli_ljh]jhfkdhc dmevlmjhc  < klhebp_  ];beyj_ XebZg
\klj_lbe \_g]_jdm \u^Zggmx aZfm` aZ `bl_ey ;me]Zjbb HgZ mdZaZeZ _fm
^hjh]m gZ jh^bgm b q_j_a ^\Z ^gy imlb hg gZr_e __khie_f_ggbdh\;he__
klhe_lbybkke_^h\Zl_ebbkdZeblhf_klh]^_XebZg\klj_lbek\hbokhjh^b
q_cMdZau\ZebjZaebqgu_jZchguijZ\ucbe_\uc[_j_]j<he]bj;_emx
bl^gh\k_wlbfg_gbyg_[uebih^dj_ie_gufZl_jbZehfbhklZ\Zebkv]b
ihl_lbq_kdbfbij_^eh`_gbyfbIhemq_ggu_\LZlZjklZg_Zjo_heh]bq_kdb_
fZl_jbZeu iha\heyxl ml\_j`^Zlv qlh \klj_qZ XebZgZ k \_g]jZfb ijh
bahreZ \ ^\mo ^gyo imlb hl ];beyjZ gZ [_j_]m jDZfu kdhj__ \k_]h \ gb
ah\vyo jAZc jbk  < \Z`g_cr_f ^ey bklhjbdh\ bklhqgbd_khh[s_gbb
XebZgZ  hlf_qZ_lky qlh hg \klj_lbe m]jh\ gZ [_j_]Zo [hevrhc j_db
Wlbev Blbev^eylxjhdbm]jh\jZkkfZljb\Z_fh]h\j_f_gbwlhj;_eZy
:dBlbevDZfZDZjZBlbevb<he]ZBlbevgZa\Zgb_<he]Zk\y
s_ggZy ^ey jmkh\  i_j\hgZqZevgh hlghkbehkv d ^Zgghc j_d_ lhevdh ^h
kebygby__kDZfhc Hgbbf_ebyaudkh\_jr_ggh\_g]_jkdbc_]h XebZ
gZ  ihgbfZeb hg bo Bf_y ^hfZ b k_e_gby \ lh `_ \j_fy hgb a_fex g_
\ha^_eu\Zxl_^ylfykhdhgkdh_ivxlehrZ^bgh_fhehdhbdjh\v;h]Zlu
dhgyfbbhjm`b_fb\_kvfZhl\Z`gu\\hcgZo
Ih ibkvf_gguf b Zjo_heh]bq_kdbf ^Zgguf fh`gh iheZ]Zlv qlh ^ey
<he`kdhc ;me]Zjbb khojZgb\rb_ky \ ih]jZgbqv_ m]hjkdb_ dZd b lxjdkdb_
ie_f_gZ [ueb khxagbdZfb dZd b \ ih]jZgbqv_ Jmkb [ueb k\hb ih]Zgu_
l_yauqgbdb Hgbijb_a`Zeb\kljZgm[me]Zjh[f_gb\Zebijh^mdlukdhlh
\h^kl\Z bhohlugZ\ukhdhdZq_kl\_ggu_ba^_ebyj_f_ke_ggbdh\\klmiZeb\
[jZdbbl^Ihwlhfm\;me]ZjbblZd^he]hbkhojZgyeZkvdjm]eh^hggZyrgm
jh\Zy ihkm^Z m]jh\ Km^y ih khh[s_gbx jmkkdhc e_lhibkb h klhedgh\_gbb
[me]ZjklZlZjhfhg]hevkdbf\hckdhfgZjYbd MjZe a_febm]jh\gZoh^b
ebkv g_ lhevdh ih^ wdhghfbq_kdbf dmevlmjguf gh b \h_gghiheblbq_kdbf
iZljhgZ`_f [me]Zj < [hjv[_ k fhg]hevkdbf gZr_kl\b_f m]ju b [me]Zju
kjZ`Zebkvbih]b[Zeb\f_kl_Dh]^ZXebZgkh\_jrZe\lhjh_iml_r_kl\b_gZ
j<he]m \ ]Kma^Ze_ hg \klj_lbe m]hjkdbo [_`_gp_\ dhlhju_ khh[sbeb
_fmqlh\_g]juih]b[ebih^m^ZjZfbfhg]hevkdh]h\hckdZ

)LQQR8JULFD


H^gZdh ^_eh \b^bfh h[klhyeh bgZq_ < ]] \ gbah\vyo


j;_eZy b Bd \ <hklhqghf AZdZfv_ Zjo_heh]Zfb LZlZjbb [ueh hldjulh b
bamq_gh hdheh lj_o ^_kyldh\ ihk_e_gbc b fh]bevgbdh\ dhlhju_ iha\hebeb
\i_j\u_ gZ rbjhdhf fZl_jbZe_ bkke_^h\Zlv kj_^g_\_dh\mx bklhjbx wlh]h
fZehbamq_ggh]h j_]bhgZ K\ur_  aZohjhg_gbc \kdjulh gZ LZdlZeZqmd
kdhf:af_lv_\kdhfKlZjh\Zjy`kdhfb^jm]bofh]bevgbdZo\:dlZgurkdhf
b Fmkexfh\kdhf jZchgZo ;hevrbgkl\h bo kh\_jr_gh ih fmkmevfZgkdhfm
h[jy^m ih]j_[_ggu_ hjb_glbjh\Zggu_ ]heh\hc gZ aZiZ^ \ khhl\_lkl\bb k
du[ehc [ueb ke_]dZ ih\_jgmlu gZ ijZ\uc [hd k l_f qlh[u ebph [ueh h[
jZs_ghgZx]\klhjhgmF_ddbH^gZdhwlhljblmZeg_\k_]^Z\u^_j`b\Ze
ky<g_dhlhjuoih]j_[_gbyo\klj_q_guk_jv]b[mkufhg_luoZgh\Ma[_dZb
>`Zgb[_dZ GZ ebp_\hc qZklb q_j_ih\ hlf_q_gu hklZldb k_j_[jyguoih]j_
[ZevguofZkhd<fh]beufeZ^_gp_\\b^bfhg_mki_\rboijhclbh[jy^ih
k\ys_gby\fmkmevfZgkl\hklZ\bebkve_igu_djm]eh^hggu_khkm^ukhrgm
jh\hchjgZf_glZpb_c jbk 
>ZggZy d_jZfbdZ b ih]j_[Zevgu_ fZkdb k\b^_l_evkl\mxl qlh \ur_mdZ
aZggu_g_djhihebhklZ\e_gum]hjkdbfgZk_e_gb_fdhlhjh_\b^bfhih^\_j
]ZehkvfmkmevfZgbaZpbbblxjdbaZpbbWlhgZk_e_gb_hklZ\behbihk_e_gby
k g_[hevrbf dmevlmjguf keh_f k\b^_l_evkl\mxsbf h g_ijhqghc hk_^eh
klbGZgbo\klj_qZxlkydhklbehrZ^bdjmigh]hjh]Zlh]hkdhlZ`_e_agu_b
[jhgah\u_ ba^_eby njZ]f_glu e_ighc djm]eh^hgghc ihkm^u kh rgmjh\uf
hjgZf_glhf b l^ Ih i_j\hfm bamq_gghfm k_ebsm \ :dlZgurkdhf jZchg_
wlbiZfylgbdb[uebhlg_k_gudqbyebdkdhc hl^QbyebdgZjKxgv dmev
lmj_
D gZklhys_fm \j_f_gb bamq_gu ^_kyldb qbyebdkdboiZfylgbdh\aZij_
^_eZfbLZlZjklZgZHgbba\_klgugZ\_jog_cDZf_\p_gljZevguobaZiZ^
guojZchgZo;ZrdhjlhklZgZb^Z`_\AZmjZev_]^_\uy\e_gZfZdmrbgkdZy
]jmiiZiZfylgbdh\kdjm]eh^hgghcrgmjh\hcihkm^hc
Hlf_q_ggu_ iZfylgbdb k\b^_l_evkl\mxl qlh^h;,9\\h[rbjghfj_
]bhg_hl<hklhqgh]hAZdZfvy^hjLh[he\AZiZ^ghcKb[bjbkhojZgyebkvhk
lZldbm]hjkdh]hgZk_e_gbydhlhju_\ihke_^kl\bb\hreb\khklZ\dZaZgkdbo
i_jfkdbo kb[bjkdbo lZlZj [Zrdbj brlydb kue\_gkdb_ hklydb ie_f_g
gu_]jmiiukm]hjkdbfgZa\Zgb_fwg_cxjfbbij 
H[ wlhch[rbjghckljZg_ij_^klZ\e_gghcqbyebdkdhcdmevlmjhckhh[
sZxlbibkvf_ggu_bklhqgbdbk_j_^bgu;,,,\LZdIeZghDZjibgbibkZe
qlh lZlZjhfhg]hevkdb_ \hckdZ ijbreb \ a_fex fhj^\Zgh\ dhlhju_ kmlv
yauqgbdbbih[_^bebbo\hcghxIjh^\bgm\rbkvhlkx^Z_s_gZk_\_jijh
lb\[xe_jh\lh_klv<_ebdhc;me]Zjbbhgbb__kh\_jr_gghjZahjbebIjh
^\bgm\rbkvhlkx^Z_s_gZk_\_jijhlb\;ZkdZjllh_klv<_ebdhc<_g]jbb
hgbih[_^bebbbo<uc^yhlkx^Zhgbihreb^Zevr_dk_\_jmbijb[uebd
IZjhkkblZfFh`ghiheZ]Zlvqlh [ZkdZjly\ey_lkyljZgknhjfZpb_cwl
ghgbfZ m]jh\ [Z`^`Zjl ba\_klgh]h _s_ \ jZgg_[me]Zjkdbc i_jbh^ kf
\ur_ ZiZjhkkblukhhlghkbfukwlghgbfhfihj kf\ur_ 
H[ wlhc `_ l_jjblhjbb khh[sZ_l Jm[jmd Ijh_oZ\  ^g_c hl Wlbebb
fugZreb[hevrmxj_dmbf_gm_fmxY]ZdhgZl_q_lkk_\_jZbaa_febIZk
 )LQQR8JULFD


dZlbjYaudiZkdZlbjb\_g]jh\h^bgblhl`_wlhiZklmobg_bf_xsb_gb
dZdh]h]hjh^ZkljZgZkhijbdZkZ_lkykaZiZ^Zk<_ebdhc;me]Zjb_cBawlhc
a_feb iZkdZlbj \ureb ]mggu \ihke_^kl\bb \_g]ju =bevhf ^_ Jm[jmd
ibr_llZd`_LhqlhykdZaZeha_fe_iZkdZlbjyagZxq_j_a[jZlv_\ijhih
\_^gbdh\ dhlhju_ oh^beb lm^Z ^hijb[ulbylZlZjbklh]h\j_f_gb`bl_eb
__[uebihdhj_gukhk_^yfb[me]ZjZfbbkZjZpbgZfbbfgh]b_bagboklZeb
KZjZpbgZfb
<ur_ijb\_^_ggh_ beexkljbjm_l j_^dbc kemqZc dh]^Z Zjo_heh]bq_kdb_
bibkvf_ggu_bklhqgbdbhlghkykvdh^ghfm\j_f_gb ;,,,;,9\\ h^ghc
l_jjblhjbb h^ghc wlgbq_kdhc h[sghklb ieh^hl\hjgh ^hihegyxl ^jm]^jm
]Z:jo_heh]bq_kdb_fZl_jbZeuih^l\_j`^Zxll_kgh_\aZbfh^_ckl\b_[me]Zj
bm]jh\\wlh\j_fyLZdgZjBd\f_kl_kms_kl\h\Zebqbyebdkdb_b[me]Zj
kdb_ ;bd[meeh\kdh_F_eeylZfZdkdh_k_ebsZ ihk_e_gby;me]ZjkdZydjm
]h\Zyihkm^ZjZa\blu_k_evkdhohayckl\_ggu_hjm^by\klj_qZxlky\qbyebd
kdbo iZfylgbdZo <hklhqgh]h AZdZfvy b \ ;ZrdhjlhklZg_ jZ[hlu
=G=Zjmklh\bqZ Djmigu_k_j_[jygu_\bkhqgu_ih^\_kdbk`_em^_\b^ghc
ijb\_kdhc mdjZr_ggu_ kdZgvx b fgh]b_ ^jm]b_ mdjZr_gby ba qbyebdkdbo
fh]bevgbdh\y\eyxlkyba^_ebyfb[me]Zjkdboj_f_ke_ggbdh\
;he__ x`gu_ jZchgu hl qbyebdkdhc l_jjblhjbb ;,,;,9\\aZgbfZeb
dbiqZdbBabofh]bevgbdZmk;ZcjydbLZfZd\;Z\ebgkdhfjg_LZlZjklZgZ
ijhbkoh^yl [jhgah\u_ a_jdZeZ gZijykeZ gh`gbpu b ^jm]b_ ba^_eby <
^Zevg_cr_f wlh gZk_e_gb_ dhq_\Zeh b gZ l_jjblhjbb qbyebdkdbo iZfylgb
dh\Zkkbfbebjh\Z\a^_kvhklZldbm]hjkdh]hgZk_e_gby
>Zgguc djZldbc hq_jd ih^]hlh\e_gguc ij_bfms_kl\_ggh gZ gh\uo
Zjo_heh]bq_kdbo fZl_jbZeZo mdZau\Zxl gZ fgh]hieZgh\hklv b keh`ghklv
hlghr_gbc \he`kdbo [me]Zj k nbggZfb b m]jZfb ;m^mqb dZd ijZ\beh
^jm`_kdbfbhgb\hfgh]hfaZ\bk_ebdZdhlkblmZpbb\kZfhc;me]ZjbblZd
bhlwihoZevguoiheblbq_kdbokh[ulbc\<hklhqghc?\jhi_GZ\k_owlZiZo
bklhjbb nbggu b hkh[_ggh m]ju g_j_^dh i_j_k_eyykv gZ Kj_^gxx <he]m
ijbgbfZeb kZfh_ g_ihkj_^kl\_ggh_ mqZklb_ \ nhjfbjh\Zgbb wlghkZ b dmev
lmju gZk_e_gby <he`kdhc ;me]Zjbb < k\hx hq_j_^v hl\_lgh_ \ha^_ckl\b_
[ueh gZklhevdh kbevguf qlh ijb\_eh d nhjfbjh\Zgbx gh\uo wlgbq_kdbo
]jmiiihlhfdbdhlhjuoihgug_ijh`b\Zxl\MjZehIh\he`v_


Dh\Ze_\kdbc:IDgb]Z:of_^ZB[gNZ^eZgZh_]himl_r_kl\bbgZ<he]m\]]OZjv
dh\

Kfhebg<N:jo_heh]bq_kdbchq_jdLZlj_kim[ebdb hllbkd FZl_jbZeuihbamq_gbxLZ
lZjklZgZDZaZgv<ui,,K

=_gbg]<NOZebdh\:OJZggb_[he]ZjugZ<he]_FDZaZdh\?IDmevlmjZjZg
g_c<he`kdhc;he]Zjbb wlZiuwlghdmevlmjghcbklhjbb F

DZaZdh\?IWlZiu\aZbfh^_ckl\by\he`kdbo[he]ZjknbggZfbIh\he`vyKj_^g_\_dh\u_
^j_\ghklb<he]hDZfvyChrdZjHeZK

DZaZdh\?IDmevlmjZjZgg_c<he`kdhc;he]ZjbbK

DZaZdh\?IHg_dhlhjuowe_f_glZoyauq_kdhcdmevlmjum]jh\MjZehIh\he`vyIjh[e_
fu^j_\gbom]jh\gZX`ghfMjZe_MnZK

 IZklmr_gdh B< Q_jguo ?F KZelh\hfZypdb_ iZjZee_eb \ g_\hebgkdhc dmevlmj_  OR
MjZevkdh_Zjo_heh]bq_kdh_kh\_sZgb_L_abku^hdeZ^h\Q,,MnZK

)LQQR8JULFD




Dh\Ze_\kdbc:IDgb]Z:of_^ZB[gNZ^eZgZKe_^m_lhlf_lblvqlhfZ^vyjubdhq_\u_
lxjdbfZehq_fhlebqZebkvihh[jZam`bagbbgZijbf_jDhgklZglbg;Z]jyghjh^gucgZau\Ze
fZ^vyjlmjdZfb

 O\hevkhg >: Ba\_klby h oZaZjZo [mjlZkZo [he]ZjZo fZ^vyjZo keZ\ygZo b jmkZo :[m:eb
:of_^Z[_gHfZjB[g>ZklZKI[K

&KDOLNRYD($&KDOLNRY$+$OWXQJDUQDQGHU.DPDXQGLP8UDO 'DV*UDEHUIHOGYRQ%ROVFKLH
7LJDQL 0DG\DU1HP]HWL0X]HXP

DZaZdh\?IDmevlmjZjZgg_c<he`kdhc;he]ZjbbK

 DZaZdh\ ?I H kj_^g_\_dh\uo iZfylgbdZo m]jh\ IjbdZfvy  +LVWRULD )LQQR8JULFD  
6

DZaZdh\?IHoZjZdl_j_k\ya_c\he`kdbo[me]ZjknbggZfbbm]jZfb\OO\\>j_\gb_
wlgbq_kdb_ijhp_kku<he]hDZfvyChrdZjHeZK

DjZ\q_gdhL:SZljbs_gkdbcfh]bevgbd ihjZkdhidZf]] :jo_heh]byJyaZg
kdhca_febF

DZaZdh\?IH^hfhg]hevkdbolhj]h\hj_f_ke_gguoihk_e_gbyo\he`kdbo[me]Zj\AZdZfv_
IZfylgbdb bklhjbb b dmevlmju <_jog_]h Ih\he`vy  Gb`gbc Gh\]hjh^   K


DZaZdh\?I;me]Zjkdh_k_ehO;,,,\\gbah\bcDZfuDZaZgvK

:jobih\=:FZjbcpu;,;,\\ChrdZjHeZKjbkkjbkk
jbkb^jGbdblbgZL;Bg\_glZjvfh]bevgbdZGb`gyyKlj_edZ>j_\ghklbIh
\_lem`vyChrdZjHeZKjbkkjbk

DZaZdh\?IHjhebijbreuowlgbq_kdbo]jmii\kj_^g_\_dh\hcbklhjbbIj_^dZfvyAZdZ
aZgv_ijh[e_fubklhjbbbdmevlmjuDZaZgvK

 DZaZdh\ ?I <aZbfh^_ckl\b_ \he`kdbo [he]Zj k m]jZfb b nbggZfb Dmevlmjgh
ojhgheh]bq_kdZy ki_pbnbdZ wlZih\  Maeh\u_ ijh[e_fu kh\j_f_ggh]h nbgghm]jh\_^_gby 
ChrdZjHeZK

=he^bgZJ>@_jl\_ggh_f_klhQmfZcleh\X`ghcM^fmjlbbIjh[e_fubamq_gby^j_\
g_cbklhjbbM^fmjlbbB`_\kdK

DZaZdh\?IHkj_^g_\_dh\uoiZfylgbdZoK

L_ieyrbgZLBD\hijhkmh[wlghgbf_ihjIjhbkoh`^_gb_fZjbckdh]hgZjh^ZChrdZj
HeZK

:lZfZgh\F=H[m]hjkdbogZa\Zgbyo\m^fmjlkdhclhihgbfbd_Ijh[e_fubamq_gby^j_\
g_cbklhjbbM^fmjlbbB`_\kdK

KdZaZgb_hpZjkl\_DZaZgkdhfFK

;_]h\Zlh\?:DZaZdh\?IIlbp_\b^gu_ih^\_kdbf_jbb\_kbbaLZlZjbb:jo_heh]bq_
kdb_iZfylgbdb<he]hDeyavfbgkdh]hf_`^mj_qvyB\Zgh\hK

Jy[bgbg?:Ahhfhjngu_mdjZr_gby^j_\g_cJmkbO;,\\K:B<ui?E
KlZ[e;9,,,b^j

 G_n_^h\ N> Hlq_l h[ Zjo_heh]bq_kdbo bkke_^h\Zgbyo \ IjbdZfv_ ijhba\_^_gguo e_lhf
b]]F:<=JL

B\Zgh\ZF==hjh^bs_B^gZDZj j_amevlZlubkke_^h\Zgby]] FZl_jbZeu
kj_^g_\_dh\uoiZfylgbdh\M^fmjlbbB`_\kdK

DZaZdh\?IHk\yayo\he`kdbo[he]Zjkfhj^\hcihZjo_heh]bq_kdbf^ZggufBabklhjbb
h[eZklbHq_jdbdjZ_\_^h\<ui,,I_gaZK

DZaZdh\?I>j_\gyykljZgZiZkdZlbjLZlZjklZgK

:ggbgkdbcK:Ba\_klby\_g]_jkdbofbkkbhg_jh\;,,,;,9\\hlZlZjZob<hklhqghc?\jh
i_Bklhjbq_kdbcZjob\FELK

=Zjbih\LFDma__\J=;ZrdbjhfZ^vyjkdZyijh[e_fZ:W;LMnZ

DZaZdh\?I>j_\gyykljZgZK

:ggbgkdbcK:Ba\_klbyK

DZaZdh\?IIZfylgbdb[he]Zjkdh]h\j_f_gb\\hklhqguojZchgZoLZlZjbbF
K

<h^heZ]hG<Dhjh[_cgbdh\ZL:IZklmr_gdhBXBkke_^h\Zgbykj_^g_\_dh\uofh]bev
gbdh\\IjbdZfv_:HMIKudlu\dZjK
 )LQQR8JULFD




=Zjmklh\bq=GH[wlgbq_kdhcijbgZ^e_`ghklbjZgg_fmkmevfZgkdboiZfylgbdh\aZiZ^ghc
bp_gljZevghc;ZrdbjbbIjh[e_fu^j_\gbom]jh\gZX`ghfMjZe_MnZK


DZaZdh\?IHkj_^g_\_dh\uom]hjkdboiZfylgbdZoMjZehIh\he`vyihZjo_heh]bq_kdbfb
ibkvf_ggufbklhqgbdZf;,,,MjZevkdh_Zjo_heh]bq_kdh_kh\_sZgb_MnZK


 IeZgh DZjibgb Bklhjby fhg]heh\  Iml_r_kl\b_ \ \hklhqgu_ kljZgu IeZgh DZjibgb b
Jm[jmdZFK

=bevhf^_Jm[jmdIml_r_kl\b_\\hklhqgu_kljZguK

DZaZdh\?IIZfylgbdb[he]Zjkdh]h\j_f_gbK



)LQQR8JULFD



JbkDjm]h\u_[he]ZjhkZelh\kdb_dm\rbgubaLZgd__\kdh]hfh]bevgbdZ
 )LQQR8JULFD




JbkDmevlmjuMjZehIh\he`vy\_]h^u,;\

)LQQR8JULFD




JbkMjZehIh\he`v_\dhgp_,;\

 )LQQR8JULFD



JbkDjm]eh^hggZye_igZyd_jZfbdZm]jh\MjZehIjbdZfvybaLZgd__\kdh]hfh]bevgbdZ


)LQQR8JULFD



JbkDhfie_dkih]j_[_gby]baLZgd__\kdh]hfh]bevgbdZ

 )LQQR8JULFD



JbkIhkli_ljh]jhfkdZy  b]b[jb^gZy  d_jZfbdZbaDZjZgZb\kdh]hfh]bevgbdZ
;ZrdhjlhklZg bBaf_jkdh]hk_ebsZ LZlZjklZg 




)LQQR8JULFD




JbkJZchgunbgghm]hjkdboa_f_evZdlb\ghlhj]mxsbok<he`kdhc;me]Zjb_c
\dhgp_;;,\\,<_jog__IjbdZfv_,,q_i_pdZydmevlmjZ,,,FZjbckdh_Ih\he`v_
,9Fhj^h\by
 )LQQR8JULFD




JbkImlbkhh[s_gbyAZiZ^gh]hAZdZfvy


)LQQR8JULFD



JbkQbyebdkdZyd_jZfbdZbafh]bevgbdZLZdlZeZqmd;,9\

 )LQQR8JULFD



JbkEhdZebaZpbykljZguiZkdZlbj\;,,;,9\\



(3.D]DNRY
9ROJD%XOJDULDDQGWKH)LQQR8JULF:RUOG
6XPPDU\
$WDOOWKHVWDJHVRIIRUPLQJRI9ROJD%XOJDULDDVWKHILUVWVWDWHLQWKHUHJLRQRI
0LGGOH 9ROJD ERWK XJULF DQG ILQQLVK QDWLRQV DQG WULEHV KDYH SOD\HG DQ LPSRUWDQW
UROH 7KH\ GLUHFWO\ SDUWLFLSDWHG LQ IRUPDWLRQ RI HWKQLF DQG FXOWXUDO DWWULEXWHV RI
9ROJD%XOJDUV,QWXUQ%XOJDUVH[HUWHGVWURQJHFRQRPLFFXOWXUDODQGSROLWLFDOHI
IHFWRQILQQRXJULFQDWLRQVDQGWULEHVWKDWUHVXOWHGLQIRUPDWLRQRQERUGHUODQGVRI
WKLVVWDWH%XOJDUOLNHJURXSVRIWKHSRSXODWLRQ

)LQQR8JULFD


F=B\Zgh\Z
M^fmjlu\wihomkj_^g_\_dh\vy 
jZkk_e_gb_bg_dhlhju_Zki_dlubkke_^h\Zgby 
khpbZevghwdhghfbq_kdbo hlghr_gbc
<dhgp_,gZqZe_,,lukyq_e_lbygwnbgghm]hjkdh_gZk_e_gb_e_kghc
ahgu <hklhqghc ?\jhiu i_j_`b\Zeh wlZiu jZaeh`_gbyh[sbgghjh^h\uob
klZgh\e_gby jZgg_deZkkh\uo hlghr_gbc nhjfbjh\Zgby wlghkhpbZevguo
h[t_^bg_gbc Wlb ijhp_kku kh\iZeb k \hajZklZ\rbf dmevlmjgh
wdhghfbq_kdbf\ebygb_f>j_\g_jmkkdh]h]hkm^Zjkl\Zb<he`kdhc;me]Zjbb
AZiZ^gu_bk_\_jgu_j_]bhgujZgvr_^jm]bohdZaZebkv\hj[bl_keZ\ygkdh]h
\ha^_ckl\by G_kfhljy gZ jZaghh[jZab_ nhjf b jZaebqgmx kl_i_gv bgl_g
kb\ghklb _]h ijhy\e_gby \ p_ehf jZa\_jgm\rZyky keZ\ygkdZy dhehgbaZpby
^_nhjfbjh\ZeZ ljZ^bpbhggu_ kljmdlmju b ihf_rZeZ aZ\_jr_gbx ijhp_kkZ
nhjfbjh\Zgby fgh]bo kj_^g_\_dh\uo gZjh^ghkl_c ih^\_j]rboky iheghc
bebqZklbqghcZkkbfbeypbb
Nbgghm]hjkdh_ gZk_e_gb_ IjbdZfvy hdZaZehkv \ kn_j_ \ebygby <he`
kdhc ;me]Zjbb b \ f_gvr_c kl_i_gb  >j_\g_jmkkdh]h ]hkm^Zjkl\Z < wlbo
mkeh\byo_]hhlghkbl_evgZykZfhklhyl_evghklvijh^he`ZeZkv[he__^ebl_ev
guc i_jbh^ \dexqZ\rbc ;,,;,,,\\ < [Zkk_cg_ jQ_ipu \ wlhl i_jbh^
gZ[ex^Z_lky\ukhdZydhgp_gljZpbyZjo_heh]bq_kdboiZfylgbdh\fZl_jbZeu
dhlhjuo k\b^_l_evkl\mxl h nhjfbjh\Zgbb a^_kv wlghkhpbZevgh]h h[jZah\Z
gby k_\_jguo m^fmjlh\ k ^hklZlhqgh \ujZ`_ggufb wlghhij_^_eyxsbfb
ijbagZdZfb \ dmevlmj_ [_a aZf_lguo bghwlgbqguo \dexq_gbc ;he__ lh]h
i_jbh^ ,;;,,,\\ y\beky \j_f_g_f bgl_gkb\gh]h khpbZevgh
wdhghfbq_kdh]h jZa\blby b gZb\ukr_]h jZkp\_lZ bo dmevlmju < g_c \uy\
eyxlkybklhdbfgh]boy\e_gbcdhlhju_khojZgbebkvbihemqbebjZa\blb_\
iha^g_c dmevlmj_ m^fmjlh\ b lZdbo dhlhju_ [_a\ha\jZlgh bkq_aeb dh]^Z
m^fmjlu hdZaZebkv \ khpbZevghiheblbq_kdhc kljmdlmj_ Jmkkdh]h ]hkm^Zj
kl\Z Ihwlhfm dhfie_dkgh_ bkke_^h\Zgb_ h^ghc ba wlghkhpbZevguo h[sgh
kl_ckj_^g_\_dh\vy\keh`guomkeh\byo\ha^_ckl\bylxjdkdbobkeZ\ygkdbo
ljZ^bpbc gZdZgmg_ ijbkh_^bg_gby d Jhkkbb ij_^klZ\ey_lky ZdlmZevguf g_
lhevdh ^ey \uy\e_gby hkh[_gghkl_c nhjfbjh\Zgby kZfh]h gZjh^Z gh b \
agZqbl_evghckl_i_gb^hihegy_lh[smxwlghdmevlmjgmxkblmZpbx\<he]h
DZfv_ J_amevlZlu h[rbjguo bkke_^h\Zgbc gZc^ml hljZ`_gb_ \ ki_pbZev
guo fhgh]jZnbyo Z h]jZgbq_gguc h[t_f gZklhys_c klZlvb iha\hey_l dhk
gmlvkylhevdhhl^_evguoZki_dlh\mdZaZgguo\gZa\Zgbb
HibjZykv gZ bf_xsb_ky d gZklhys_fm \j_f_gb jZajZ[hldb djZldb_
mihfbgZgby \ ibkvf_gguo bklhqgbdZo fZl_jbZeu mklgh]h gZjh^gh]h l\hj
q_kl\Z lhihgbfbb l_jjblhjbx nhjfbjh\Zgby b [ueh]h jZkk_e_gby m^fmj
lh\ k m\_j_gghklvx fh`gh khhlg_klb k x`ghc qZklvx f_`^mj_qvy DZfu b
<yldb h]jZgbq_gghc k k_\_jZ [Zkk_cghf jQ_ipu < dhgl_dkl_ Zjo_heh]b
q_kdbo fZl_jbZeh\ wlZ l_jjblhjby khhlghkblky k iZfylgbdZfb ZgZgvbgkdhc
dmevlmju wihob jZgg_]h `_e_aZ hklZ\e_ggufb gZk_e_gb_f g_^bnn_j_gpb
 )LQQR8JULFD


jh\Zgghci_jfkdhch[sghklb>Zevg_crZyl_jjblhjbZevgZyehdZebaZpbywl
gbq_kdbo h[jZah\Zgbc ijhbkoh^bl k nhjfbjh\Zgb_f gZ __ hkgh\_ ]ey^_gh\
kdhc b ivygh[hjkdhc h[sghkl_c ihkem`b\rbo \ihke_^kl\bb hkgh\hc ^ey
nhjfbjh\Zgbydhfbbm^fmjlh\
GZl_jjblhjbbkh\j_f_gghcx`ghcM^fmjlbbgZf_kl_jZkijhkljZg_gby
ivygh[hjkdbo Z aZl_f fZamgbgkdbo iZfylgbdh\ bamq_ghg_kdhevdh]hjh^bs
9,,;\\kh^_j`Zsbod_jZfbdmlj_olbih\QZklv__bf__lbklhdb\ij_^
r_kl\mxsbofZamgbgkdboiZfylgbdZoa^_kv`_ij_^klZ\e_gukhkm^ukoh^
gu_ k kbgojhggufb ihehfkdbfb gZ Q_ip_ Z lZd`_ k dmrgZj_gdh\kdbfb gZ
j;_ehc dhlhju_ dZd iheZ]Zxl bkke_^h\Zl_eb [ueb hklZ\e_gu h[kdh
m]hjkdbfb beb kZfh^bckdbfb ie_f_gZfb \uoh^pZfb ba AZiZ^ghc Kb[b
jb GZ \k_c IjbdZfkdhc M^fmjlbb bamq_g lhevdh h^bg fh]bevgbd
dhgpZ 9,  gZqZeZ 9,,\\ m ^I_ljhiZ\eh\h \ :egZrkdhf jZchg_ :gZeba
h[jy^Z aZohjhg_gby b khijh\h`^Zxs_]h bg\_glZjy lZd`_ \uy\be g_h^gh
jh^ghklvhklZ\b\r_]h_]hgZk_e_gbyWlZ]jmiiZiZfylgbdh\h[t_^bgy_lky\
\_jog_mlqZgkdmxdmevlmjm9,,;\\
>jm]bfj_]bhghfy\ey_lky[Zkk_cgj<yldb]^_\u^_ey_lkyhdhehih
k_e_gbcdhlhju_\f_kl_kfh]bevgbdZfbh[t_^bgyxlky\_fZgZ_\kdmxdmev
lmjm 9,;\\ ]_g_lbq_kdb k\yaZggmx k ij_^r_kl\mxsbfb ZgZgvbgkdh
ivygh[hjkdbfbljZ^bpbyfbG_[hevrb_jZaf_ju]hjh^bsbfh]bev
gbdh\fZeu_dmevlmjgu_gZieZklh\ZgbygZihk_e_gbyo\hlebqb_hlij_^u
^msbo b kbgojhgguo iZfylgbdh\ k\b^_l_evkl\mxl kdhj__ h g_fgh]hqbke_g
ghklbwlh]hgZk_e_gby
GZ jm[_`_ 99,\\ rbjhdh hk\Zb\Z_lky _s_ h^bg j_]bhg  [Zkk_cg
jQ_ipu < wlhl i_jbh^ a^_kv ihy\eyxlky ]hjh^bsZ djmigu_ fh]bevgbdb
h[t_^bgy_fu_ \ ihehfkdmx dmevlmjm 99,  ,;\\ AZ bk
dexq_gb_fIhehfkdh]h,,]hjh^bsZ=ujd_krmjihk_e_gbyihehfkdh]h\j_
f_gb mdj_ie_gu h^gbf \Zehf b j\hf iehsZ^v [hevrbgkl\Z g_ ij_\urZ_l
lukd\f ;hevr_c iehsZ^vx hlebqZ_lky IhjdZjDZjbe <Zjgbgkdbc DZ
jbe hdheh lukd\f  b =ujd_krmj hdheh lukd\f  Ihke_^g__ \u
^_ey_lkybkbkl_fhcmdj_ie_gbckhklhys_cba^\mo\Zeh\bj\h\hlklhysbo
^jm] hl ^jm]Z gZ f <iheg_ \hafh`gh qlh wlhl iZfylgbd bf_e agZq_gb_
ie_f_ggh]h p_gljZ ihehfkdh]h gZk_e_gby K ^jm]hc klhjhgu \f_kl_ k Ih
ehfkdbf , DZjZ\Ze_k ]hjh^bs_f iehsZ^v hdheh lukd\f  ^\mfy k_eb
sZfb b ^\mfy [h]Zl_crbfb fh]bevgbdZfb hg khklZ\ey_l _^bguc dhfie_dk
GZ\k_cl_jjblhjbbihehfkdhcdmevlmjuhlf_qZ_lky_s_ih^h[guo]g_a^Z
h[t_^bg_gby<Zjgbgkdh_=hj^bgkdh_b:^Zfkdh_
K_ebsZkhkj_^hlhq_guij_bfms_kl\_ggh\hdjm]]hjh^bsBkke_^h\Zgu
Ihehfkdh_ ,, Lhev_gkdh_ , DZqdZrmjkdh_ k_ebsZ \kdjulu ohayckl\_ggu_
khhjm`_gbybhklZldbdmag_qguo]hjgh\
Fh]bevgbdb djmigu_ GZ <Zjgbgkdhf fh]bevgbd_ 9,;\\ bamq_gh
 aZohjhg_gbc gZ Ihehfkdhf ,, 9,,;\\   Lhev_gkdhf 9,,,
,;\\   Fu^eZgvrZckdhf 9,,,,;\\  Ijbwlhfke_^m_lhlf_
lblv qlh ih jZaguf ijbqbgZf gb h^bg ba gbo g_ bkke_^h\Zg ^h dhgpZ l_

)LQQR8JULFD


jZaf_ju boagZqbl_evgh[hevr_ke_^h\Zl_evghbojhgheh]bq_kdb_jZfdb\
^Zevg_cr_ffh]mlbaf_gblvky\klhjhgmjZkrbj_gby
< aZk_e_gbb [Zkk_cgZ jQ_ipu \u^_ey_lky g_kdhevdh wlZih\ < ,,,
,9\\\gbah\vyoh[blZebg_[hevrb_]jmiiuivygh[hjkdh]hZa_ebgkdh]hgZ
k_e_gby hklZ\b\rb_ =hjh^bs_gkdbc fh]bevgbd b g_kdhevdh ihk_e_gbc k
juoehc ihjbklhc g_hjgZf_glbjh\Zgghc d_jZfbdhc Iha^g__ \ 99,\\ \
\_joh\v_ gZqbgZxl ijhgbdZlv \_jog_dZfkdb_ ie_f_gZ < ^Zevg_cr_f ih
\b^bfhfmijh^he`Z_lkybgnbevljZpbyh[_bo]jmiighij_h[eZ^ZeZ\_jog_
dZfkdZy Ih fg_gbx <:K_f_gh\Z lZdh_ kh\f_klgh_ hk\h_gb_ l_jjblhjbb
fh]eh ijhoh^blv lhevdh \ jh^kl\_gghc kj_^_ kha^Zgghc ihlhfdZfb ivygh
[hjkdh]hb]ey^_gh\kdh]hgZk_e_gby
K dhgpZ 9,,,\ a^_kv ihy\eyxlky wlgbq_kdb_ ]jmiiu ijbg_krb_ gh\u_
dZl_]hjbb ba^_ebc ba dhklb b jh]Z rZjh\b^gu_ nhjfu khkm^h\ k \ukhdhc
j_adhhlh]gmlhcr_cdhck^jm]bfbhjgZf_glZevgufbfhlb\Zfbbijb_fZfb
dhlhju_ [hevrbgkl\hf bkke_^h\Zl_e_c b^_glbnbpbjmxlky dZd m]jh
kZfh^bckdb_ < gZqZe_ ,;\ihehfkdh_gZk_e_gb_gZqbgZ_lihkl_i_gghjZk
k_eylvkygZaZiZ^bx]haZiZ^gZ<yldmbKj_^gxx<he]m
<gmlj_gg__jZa\blb_b\g_rgyyhiZkghklvgZklmie_gbygh\uoie_f_gkh
kl_iguojZchgh\hkh[_ggh[me]Zjklbfmebjh\ZebmijbdZfkdh]hgZk_e_gby
jZa\blb_ \h_gghc hj]ZgbaZpbb \u^_e_gb_ ^jm`bgghc agZlb b \gmlj_ggxx
dhgkheb^Zpbx f_klgh]h gZk_e_gby \ l_jjblhjbZevghie_f_ggu_ h[t_^bg_
gby
< gZqZe_ ,, lukyq_e_lby gw h[sZy l_jjblhjby jZkk_e_gby ij_^dh\ m^
fmjlh\\p_ehfkms_kl\_gguobaf_g_gbcg_ij_l_ji_eZohly\gmljbg__g_
dhlhjZyi_j_]jmiibjh\dZgZk_e_gbyijhbahreZB\wlhli_jbh^a^_kv_s_g_
[ueh Zjo_heh]bq_kdhc dmevlmju k\b^_l_evkl\mxs_c h nhjfbjh\Zgbb _^b
gh]h wlghkZ < ij_^_eZo jZg__ h[hagZq_gghc bklhjbq_kdhc ijZjh^bgu m^
fmjlh\ bkke_^h\Zl_eb hij_^_eyxl q_luj_ ehdZevguo \ZjbZglZ dhlhju_
\hafh`ghhljZ`Zxlhkh[_gghklbdmevlmjul_jjblhjbZevghie_f_gguoh[t
_^bg_gbc GZ l_jjblhjbb m^fmjlkdh]h IjbdZfvy \ ij_^_eZo ]jZgbp X`ghc
M^fmjlbb \u^_eyxl qmfhclebgkdmx dmevlmjm ;;9\\ gZ <yld_  dh
q_j]bgkdmx ;;,,,\\ \ [Zkk_cg_ jQ_ipu  q_i_pdmx ;;9\\ ]_g_
lbq_kdb k\yaZggu_ k ij_^u^msbfb Zjo_heh]bq_kdbfb dmevlmjZfb wihob
jZgg_]h kj_^g_\_dh\vy \ f_`^mj_qv_ gb`g_c <yldb b <he]b ij_^iheh`b
l_evgh ehdZebah\Zebkv Zjkdb_ m^fmjlu gh Zjo_heh]bq_kdb_ fZl_jbZeu ih
gbfdjZcg_h]jZgbq_gu
GZl_jjblhjbbX`ghcM^fmjlbbgZ]hjh^bsZoi_jbh^ZjZgg_]hkj_^g_
\_dh\vyb^Z`_wihobjZgg_]h`_e_aZbkke_^h\Zl_eb\u^_eyxlg_dhlhju_gZ
oh^db ij_bfms_kl\_ggh d_jZfbdb ^Zlbjmxs_cky i_jbh^hf ihke_ ;\ Ih
eZ]Zxlqlh\wlh\j_fygZk_e_gb_`beh\hkgh\ghfgZg_mdj_ie_gguok_eb
sZoke_^udhlhjuoh[gZjm`blvhq_gvkeh`ghIh]j_[Zevgu_iZfylgbdbg_
ba\_klgu?^bgkl\_ggufbamq_ggufiZfylgbdhfy\ey_lky`_jl\_ggh_f_klh
m ^Qmfhcleh Fh`]bgkdh]h jZchgZ < [Zkk_cg_ j<yldb nbgghm]hjkdb_
fZl_jbZeu \u^_e_gu ebrv gZ g_kdhevdbo ihk_e_gbyo ;ebadb q_i_pdbf fZ
l_jbZeu Dhq_j]bgkdh]h Xfkdh]h Ehivyevkdh]h fh]bevgbdh\ gZ jIb`f_
 )LQQR8JULFD


dhlhju_ jZg__ kqblZebkv ^j_\g_fZjbckdbfb KhdjZs_gb_ iZfylgbdh\ \ gZ


qZe_,,lukyq_e_lbygwk\yau\Zxlkfb]jZpb_cgZwlml_jjblhjbxfZjbckdh
]hZk;,,,\jmkkdh]hgZk_e_gby
K gbah\vyfb j<yldb  _s_ h^gbf jZchghf ijh`b\Zgby m^fmjlh\ 
k\yaZgZijh[e_fZbklhjbbe_lhibkguoZjh\:jkdhca_febGhZjo_heh]bq_
kdb_ iZfylgbdb dhlhju_ ih e_ighc d_jZfbd_ fh`gh hlg_klb d nbggh
m]hjkdhfm gZk_e_gbx a^_kv g_\ujZabl_evgu Ih mihfbgZgbyf \ jmkkdbo
e_lhibkyo \ kh\hdmighklb k nhevdehjgufb b ebg]\bklbq_kdbfb bklhqgbdZ
fbh[wlhfh[t_^bg_gbbkha^Z_lky\i_qZle_gb_dZdh^h\hevghkbevghfm^
fmjlkdhfdgy`_kl\_kp_gljhf\]:jkd_ ihm^f:jqZ jZkiheh`_gghfgZ
\ukhdhc]hj_]^_`bem^fmjlkdbcdgyav wdkwc D;9,\dh\j_f_gb\aylby
_]h \hckdhf B\ZgZ =jhagh]h :jkd [ue ohjhrh mdj_ie_gguf ]hjh^hf k
[Zrgyfb[hcgbpZfb\dhlhjhfkdju\Zehkvhdhehlukyqq_eh\_d
Bgh_khklhygb_bklhqgbdh\ih[Zkk_cgmjQ_ipu]^_\wlhli_jbh^gZ
[ex^Z_lky iehlgZy dhgp_gljZpby jZaghh[jZaguo Zjo_heh]bq_kdbo iZfylgb
dh\ieZghf_jgu_bkke_^h\Zgbydhlhjuoij_^hklZ\bebh[rbjgu_bklhqgbdb
^eybklhjbdhdmevlmjguoj_dhgkljmdpbc
<gZklhys__\j_fy\[Zkk_cg_jQ_ipuba\_klghhdhehiZfylgbdh\
hlghkysbokyddhgpm,gZqZem,,lukyq_e_lbygwGZb[hevrZybodhgp_g
ljZpby gZ[ex^Z_lky \ kj_^g_f l_q_gbb j_db \ ij_^_eZo kh\j_f_gguo Z^fb
gbkljZlb\guo]jZgbpM^fmjlkdhcJ_kim[ebdbKj_^bgbo]hjh^bs[he__
k_ebsfh]bevgbdZbhl^_evgu_gZoh^dbij_^f_lh\
=hjh^bsZ ehdZebamxlky \ kj_^g_f l_q_gbb jQ_ipu \ gZa\Zgbyo fgh
]bo ba gbo hljZabebkv bf_gZ m^fmjlkdbo [h]Zluj_c dhlhju_ a\mqZldZdhk
gh\Zl_eb b h[blZl_eb h^gh]h ba gbo  Hgb jZaebqZxlky ihiehsZ^blh
ih]jZnbb oZjZdl_jm h[hjhgbl_evguo khhjm`_gbc fhsghklb dmevlmjgh]h
kehy b l^ ;_amkeh\gh \u^_eyxlky djmigu_ iZfylgbdb iehsZ^vx 
lukd\f k fhsghc kbkl_fhc mdj_ie_gbc ba ^\molj_o ebgbc \Zeh\ b
j\h\bgZebqb_fdmevlmjgh]hkehyf_`^mh[hjhgbl_evgufbebgbyfbB^gZ
dZjMqdZdZj=mjvydZj>hg^udZjiehsZ^vxlukd\faZgbfZ_lg_\ukh
dbcfukmdj_ie_gg_[hevrbf\Zehfghdmevlmjguckehchlf_q_gbaZij_
^_eZfb \ZeZ <_kvydZj b K_iuqdZj FZeuc aZgbfZxl \ukhdb_ fuku bf_y
fhsguckehchdhehkfmdj_ie_guh^ghcebgb_c\Zeh\bj\h\baZgbfZ
xl kjZ\gbl_evgh g_[hevrmx iehsZ^v khhl\_lkl\_ggh b d\f
Bf_xlky g_[hevrb_ iZfylgbdb kh^_j`Zsb_ g_agZqbl_evguc kehc MaydZj
W[]ZdZj Qb[bgvdZj K_ebs h[gZjm`_gh [hevr_  hgb jZkiheZ]Zxlky gZ
iheh]bo kdehgZo [_j_]h\uo l_jjZk beb \ukhdbo [_j_]Zo j_d ih[ebahklb hl
\h^ubm^h[guo^eyjZkiZrdba_f_evqZklh]jmiiZfb]g_a^Zfb\hdjm]djmi
guo]hjh^bsih]j_[ZevguoiZfylgbdZjZkiheh`_guih\k_fmkj_^g_fm
l_q_gbxjQ_ipuijZ\ufbe_\ufijblhdZf\iehlv^h\_joh\v_\Ba\_klgh
 deZ^h\ kh^_j`Z\rbo k_j_[jygu_ khkm^u \hklhqghc lhj_\lbdb fhg_lu
]jb\gu]eZah\kdh]hlbiZkebldbk_j_[jZbeb[jhgauBabf_klgZoh^hd
hl^_evguoij_^f_lh\wlhgZoh^dbk_j_[jyguo]jb\_g]eZah\kdh]hlbiZ

)LQQR8JULFD


FZl_jbZeu wlbo iZfylgbdh\ \ hkgh\ghf mdeZ^u\Zxlky \ ojhgheh]bq_


kdb_jZfdbdhgpZ,;;,,,\\H]_g_lbq_kdhcij__fkl\_gghklbk[he__jZg
gbfb iZfylgbdZfb ihehfkdhc dmevlmju k\b^_l_evkl\mxl oZjZdl_j jZkiheh
`_gbyihk_e_gbcbih]j_[ZevguoiZfylgbdh\h[jy^aZohjhg_gbydhgkljmd
pbb`beuobijhba\h^kl\_ggguokhhjm`_gbchkgh\gu_q_jlud_jZfbq_kdh
]h dhfie_dkZ gZ[hju mdjZr_gbc b ^j Ojhgheh]bq_kdh]h jZaju\Z f_`^m
gbfb g_l Fgh]b_ agZqbl_evgu_ iZfylgbdb[Zkk_cgZjQ_ipu[_ai_j_ju\Z
nmgdpbhgbjmxl\ihehfkdh_bq_i_pdh_\j_fy
>ey \uy\e_gby h[s_c qbke_gghklb gZk_e_gby fh`gh \hkihevah\Zlvky
jZkq_lZfb bkoh^ysbfb ba p_e_khh[jZaghc iehlghklb h[_ki_qb\Zxs_c
nmgdpbhgbjh\Zgb_ b \hkijhba\h^kl\h h[s_kl\Z k hij_^_e_gguf lbihf oh
ayckl\_gghdmevlmjgh]hjZa\blbyBkke_^h\Zl_ebkqblZxlqlh^eygZk_e_gby
k ih^k_qghh]g_\uf a_fe_^_eb_f lj_[h\ZeZkv iehsZ^v ijbf_jgh 
d\df gZ h^gh]h q_eh\_dZ >ey ivygh[hjkdh]h \j_f_gb k ij_h[eZ^Zx
sbf kdhlh\h^q_kdbf gZijZ\e_gb_f \dhfie_dkghfohayckl\_bkke_^h\Zl_eb
kqblZxl \hafh`guf bkoh^blv ba jZkq_lZ d\df gZ h^gh]h q_eh\_dZ
Iehlghklv gZk_e_gby =eZah\kdh]h m_a^Z \ k_j_^bg_ ;9,,,\ ^h gZqZeZ ijh
fure_ggh]hhk\h_gbykhklZ\eyeZq_eh\_dZgZd\dfHibjZykvgZwlb
^Zggu_ ih\b^bfhfm ^ey kj_^g_\_dh\vy k jZa\bluf dhfie_dkguf ohayckl
\hfhkgh\mdhlhjh]hkhklZ\eyehiZr_ggh_a_fe_^_eb_fh`ghijbgylv[he__
gbadb_ q_f \ ;9,,,\ ihdZaZl_eb [ebadb_ d i_jbh^m ivygh[hjvy < lZdhf
kemqZ_ \uqbkeb\ iehsZ^v jZkijhkljZg_gby iZfylgbdh\ q_i_pdhc dmevlmju
ijhly`_gghklvx k aZiZ^Z gZ \hklhd df k k_\_jZ gZ x] df fh`gh k
[hevrhc ^he_c mkeh\ghklb ^himklblv qlh gZ wlhc l_jjblhjbb iehsZ^vx
d\ffh]ehh[blZlvhl^hlukq_eh\_d
H[rbjgu_ nhg^u bklhqgbdh\ ihemq_ggu_ \ [Zkk_cg_ jQ_ipu ^Zxl
j_Zevgu_ hkgh\u ^ey \ha\jZs_gby d ijh[e_f_ khpbZevghc lbiheh]bb ]hjh
^bs gZf_q_gghc _s_ \ _ ]h^u :IKfbjgh\uf DZd m`_ mdZ
au\ZehkvkjZ\gbl_evgucZgZebaq_i_pdbo]hjh^bsihlhih]jZnbbnhjf_b
jZaf_jZfb iehsZ^hd oZjZdl_jm h[hjhgbl_evguo khhjm`_gbc kh^_j`Zgbx
kehyiha\hebebkke_^h\Zl_ex^bnn_j_gpbjh\ZlvbogZn_h^Zevgu_]hjh^Z
ijhlh]hjh^Zdgy`_kdb_aZfdbbl^<ihke_^kl\bbwlhgZijZ\e_gb_bkke_
^h\Zgbcq_i_pdbo]hjh^bsjZa\blbyg_ihemqbehgh\hlghr_gbbd\_jog_
dZfkdbf]hjh^bsZf\ljm^Zo<:H[hjbgZgZreZhljZ`_gb_^bgZfbdZjZa
\blby ihk_e_gbc i_j_jZklZxsbo \ ;,,;9\\ \ j_f_ke_ggu_ ihk_edb ]h
jh^kdh]hlbiZbf_\rb_\h_gghh[hjhgbl_evgh_agZq_gb_ :gxrdZjJh`^_
kl\_gkdh_ b\p_gljun_h^Zebabjmxs_ckyagZlb Bkdhjkdh_ >jm]b_]hjh
^bsZ ih _]h dhgp_ipbb mljZlbeb k\hb h[hjhgbl_evgu_ nmgdpbb b ij_\jZ
lbebkv\k_ebsZ<:H[hjbguf[uebgZf_q_gubq_luj_ie_f_gguo
l_jjblhjbbkp_gljZfbgZ]hjh^bsZoRm^vydZjDm^ufdZjJh`^_kl\_gkdh_
:gxrdZj
H[jZs_gb_ d khpbZevghc lbiheh]bb q_i_pdbo ]hjh^bs klZeh \hafh`
guflZd`_[eZ]h^Zjyihy\e_gbxh[h[sZxsbojZ[hlihw\hexpbbmdj_ie_g
guo ihk_e_gbc b nhjlbnbdZpbhgguo kbkl_f \ IjbmjZev_ mki_rghc
jZajZ[hld_ ijh[e_f ]jZ^hh[jZah\Zgby gZ fZl_jbZeZo <he`kdhc ;me]Zjbb
 )LQQR8JULFD


>blh]bih^\_^_guNROmabgufb\[hevr_ckl_i_gb^j_\g_jmkkdbo]hjh
^h\ e_kghc ahgu gZr_^rbo hljZ`_gb_ \ jy^_ h[h[sZxsbo jZ[hl
      
      

Q_i_pdb_]hjh^bsZbf_\rb_kms_kl\_ggu_jZaebqbyihlhih]jZnbbaZ
gbfZ_fuo bfb fukh\ ih iehsZ^b kbkl_f_ mdj_ie_gbc khklhygbx b fhs
ghklb dmevlmjgh]h kehy g_ fh]eb g_ jZaebqZlvky ih kljmdlmj_ ihk_e_gbc
dhebq_kl\mijh`b\Z\rbogZgboex^_cbhq_\b^ghoZjZdl_jmk\ya_cf_`^m
gbfb b l^ Ih\b^bfhfm MaydZj W[]ZdZj jZkiheh`_ggu_ gZ \ukhdbo fu
kZobf_xsb_g_[hevrmxiehsZ^vbg_kh^_j`Zsb_dmevlmjgh]hkehybf_
ebagZq_gb_m[_`bs\i_jbh^uhiZkghklbbebf_klZhlijZ\e_gbydmevlh\uo
jblmZeh\\fbjgu_\j_f_gZ<_kvydZj>hg^udZjFZeh\_gb`kdbcIhjdZj,
b,,K_iuqdZjukhagZqbl_evghfkeh_faZgbfZyjZagu_ih\ukhl_biehsZ^b
fukufh]eb\uklmiZlv\dZq_kl\_j_f_ke_gguop_gljh\p_gljh\hdjm]b
B[_amkeh\ghkj_^b]hjh^bs\u^_eyxlkyiZfylgbdZB^gZdZj=mjvy
dZj b MqdZdZj ^ey dhlhjuo [ueb \u[jZgu djmigu_ fuku k i_jki_dlb\hc
jZkrbj_gbybo\gZihevgmxklhjhgmHgbbf_xlfhsgmxkbkl_fmmdj_ie_
gbc ba ^\molj_o ebgbc \Zeh\ b j\h\ fhsguc dmevlmjguc kehc iehlgmx
aZkljhcdm iehsZ^db H[sZy iehsZ^v bo ^hklb]Z_l ]Z < dhgp_ ;, 
gZqZe_ ;,,\\ aZkljhcdZ gZ wlbo ]hjh^bsZo m`_ \ureZ aZ ij_^_eu i_j\hc
ebgbbmdj_ie_gbc
B^gZdZjkZfh_djmigh_ihiehsZ^b]hjh^bs_jZkiheh`_ggh_\p_g
lj_ q_i_pdbo a_f_ev Wlh h^bg ba g_fgh]bo iZfylgbdh\ nbgghm]hjkdh]h
kj_^g_\_dh\vy gZb[he__ ihegh ho\Zq_gguo jZkdhidZfb A^_kv \ l_q_gb_ 
ihe_\uo k_ahgh\ \kdjulh [he__ lukd\f iehsZ^b gZ \k_o kljmdlmjguo
qZklyo \ lhc beb bghc kl_i_gb bamq_gu \k_ ljb ebgbb h[hjhgbl_evguo md
j_ie_gbc\h[sboq_jlZoknhjfmebjh\ZgZke_^mxsZydhgp_ipby_]hjZa\b
lby =hjh^bs_ [ueh hkgh\Zgh \h \lhjhc iheh\bg_ ,;\ gZ \ukhdhf fukm
\uklmiZxs_f \ ^hebgm jQ_ipu bf_xs_f ij_djZkgu_ \hafh`ghklb ^ey
dhgljhey gZ^ hdjm`Zxs_c l_jjblhjb_c b ^Zevg_cr_]h jZa\blby I_j\hgZ
qZevgZyiehsZ^vh]jZgbq_ggZy\Zehfbj\hf^ebghcfkhklZ\eyeZhdh
ehlukd\fGhiehsZ^dZ^hklZlhqgh[ukljhhdZaZeZkvaZkljh_gghc`b
eufb ijhba\h^kl\_ggufb b ohayckl\_ggufb khhjm`_gbyfb b m`_ \ ;\
ihy\beZkv g_h[oh^bfhklv \ jZkrbj_gbb l_jjblhjbb <lhjZy ebgbymdj_ie_
gbc ^ebghc f [ueZ \ha\_^_gZ gZ jZkklhygbb f hl \gmlj_gg_c Ieh
sZ^v ihk_e_gby ^hklb]eZ lukd\f b ijbh[j_eZ ^\moqZklgmx kljmdlmjm
< ;,\ gZ jZkklhygbb f hl kj_^g_]h \ZeZ [ueZ \ha\_^_gZ lj_lvy ebgby
h[hjhgbl_evguo khhjm`_gbc ^ebghc fIehsZ^v^hklb]eZ lukd\f
Kj_^gbc b \g_rgbc \Zeu hlebqZxlky hl \gmlj_gg_]h hlkmlkl\b_f kjm[guo
dhgkljmdpbc b agZqbl_evghc fhsghklvx \ j_amevlZl_fgh]hdjZlguojZkrb
j_gbc
LZdbfh[jZahfaZljb\_dZnmgdpbhgbjh\ZgbyiehsZ^v]hjh^bsZljb`
^ujZkrbjyeZkv:gZebakljZlb]jZnbbh[hjhgbl_evguokhhjm`_gbcihdZau
\Z_lqlhkhk\h_gb_flj_lv_cqZklbihk_e_gby_]h^\moqZklgZykljmdlmjZkh
ojZgyeZkv G_ iha^g__ O,\ \gmlj_ggbc \Ze mljZlbe k\h_ agZq_gb_ \_jogyy
qZklv_]h[ueZkjulZ<aZiheg_gbbj\ZjZaf_klbebkvijhba\h^kl\_ggu_kh

)LQQR8JULFD


hjm`_gby <lhjZy b lj_lvy ebgbb mdj_ie_gbc \ihke_^kl\bb g_h^ghdjZlgh


jZkrbjyebkv qlh [ueh \ua\Zgh ih \k_c \_jhylghklb g_h[oh^bfhklvx aZ
sblu hl mkbeb\Zxs_]hky \ebygby ]hkm^Zjkl\Z \he`kdbo [me]Zj b >j_\g_c
JmkbK^jm]hcklhjhgufhsgu_gZkuib\Zeh\k\b^_l_evkl\mxlh[mdj_ie_
gbb \gmlj_gg_]h ihl_gpbZeZ b klZ[bebaZpbb ^j_\g_m^fmjlkdh]h h[s_kl\Z
Bkoh^y ba dhebq_kl\Z b jZaf_jh\ `bebs kZgblZjghc ghjfu iehsZ^b ijb
oh^ys_ckygZh^gh]hq_eh\_dZfh`gh^himklblvqlhgZB^gZdZj_]^_\i_
jbh^ _]h gZb\ukr_]h jZkp\_lZ lhevdh gZ \gmlj_gg_c b kj_^g_c qZklb h^gh
\j_f_gghnmgdpbhgbjh\Zehg_f_g__`bebs Z[uehkdhj__\k_]hagZqb
l_evgh[hevr_ fh]ehijh`b\Zlv^hq_eh\_db[he__
AgZqbl_evgZy iehsZ^v iZfylgbdZ fhsgZy kbkl_fZ mdj_ie_gbc bkdex
qbl_evgZy gZkus_gghklv fZl_jbZeZfb fhsgh]h dmevlmjgh]h kehy b hkh[_g
gh _]h ^\moqZklgZy kljmdlmjZ eh]bqgh ih^\h^yl d ZgZebam _]h fZl_jbZeh\ \
jmke_ijhp_kkh\]jZ^hh[jZah\Zgby\e_kghcahg_Ke_^m_lhlf_lblvqlh^Z`_
\ ;,,;,,,\\ dh]^Z gZ[ex^Z_lky ih^ebgguc jZkp\_l ^j_\g_jmkkdbo ]hjh
^h\ebrv djmig_crbop_gljh\babkke_^h\Zgguo]hjh^h\bf_ebieh
sZ^v [he__ ]Z Mdj_ie_ggZy iehsZ^v ihqlb iheh\bgu ba gbo  
 g_ij_\urZeZ]ZG_[hevrmxiehsZ^vaZgbfZeb]hjh^Z<eZ^bfb
jhKma^ZevkdhcJmkb\ujhkrb_gZl_jjblhjbbjZkk_e_gbynbgghm]jh\=h
jhoh\_pFbdmebg]ZKlZjh^m[]ZFklbkeZ\ev]Z
Fgh]hqbke_ggu_ kh\j_f_ggu_ hij_^_e_gby ]hjh^Z dZd khpbZevgh
wdhghfbq_kdh]h h[jZah\Zgby ij_^iheZ]Zxl i_j_qbke_gb_ gZb[he__ kms_kl
\_gguo _]h ijbagZdh\ dhgp_gljZpbb j_f_keZ lhj]h\eb Z^fbgbkljZpbb
\hckdZ dmevlmjguo p_gghkl_c b l^  nmgdpbc \h_gghh[jhgbl_evgZy h[
s_kl\_gghZ^fbgbkljZlb\gZy lhj]h\hj_f_ke_ggZy dmevlh\Zy  bZjo_heh]b
q_kdb meh\bfuo djbl_jb_\ kjZ\gbl_evgh [hevrZyiehsZ^vgZebqb_^_lbg
pZ b ihkZ^Z gZoh^db hjm`by b ^hki_oh\ jZaghh[jZagh]h gZ[hjZ ij_^f_lh\
bfihjlZ kj_^hlhqby agZqbl_evguo p_gghkl_c hjm^bc b rbjhdh]h Zkkhjlb
f_glZ ba^_ebc j_f_ke_ggh]h ijhba\h^kl\Z b^j Ghk^jm]hcklhjhgubk
ke_^h\Zl_eb_^bgh^mrgu\ijbagZgbbqlhihegh_khq_lZgb_\k_oijbagZdh\
k\hckl\_gghebrvhij_^_e_gbxg_dhcZ[kljZdlghcfh^_eb]hjh^ZB\k_`_
ihiulZ_fky jZkkfhlj_lv B^gZdZj k lhqdb aj_gby nmgdpbhgZevguo ijbagZ
dh\
Lhih]jZnby fukZ hibkZggu_ \ur_ fhsgu_ h[hjhgbl_evgu_ khhjm`_
gby g_ hklZ\eyxl khfg_gbc \ \h_gghh[hjhgbl_evguo nmgdpbyo B^gZdZjZ
Djhf_lh]h\dhee_dpbbiZfylgbdZagZqbl_evgh_f_klhaZgbfZxlij_^f_lu
\hhjm`_gby dhebq_kl\h dhlhjuo aZf_lgh \hajZklZ_l \ \_jog_f ]hjbahgl_
>_lZeb\hhjm`_gbybdhgkdhcmijy`bB^gZdZjZfZehhlebqZxlkyhl^j_\g_
jmkkdbo [me]Zjkdbo b dhq_\gbq_kdbo h[jZaph\ dhgpZ ,  gZqZeZ ,, lukyq_
e_lbygwke_^h\Zl_evgha^_kvbkihevah\Zebkvl_`_kj_^kl\Z\_^_gby\hc
guqlhb\^jm]boj_]bhgZo<hklhqghc?\jhiuH^gZdha^_kvgZ[ex^Z_lky
hlkmlkl\b_ aZsblgh]h kgZjy`_gby b ebrv _^bgbqgu_ gZoh^db debgdh\h]h
hjm`byKblmZpbyZgZeh]bqgZg_dhlhjuf^jm]bfj_]bhgZfnbgghm]hjkdh]h
fbjZIh^kq_lu^hebfm`kdboaZohjhg_gbckhjm`b_fihdZaZebqlhkl_i_gv
\hhjm`_gbyfm`qbggZjZaebqguoiZfylgbdZogZqZeZ,,lukyq_e_lbygwg_
 )LQQR8JULFD


h^bgZdh\ZGZhl^_evguoiZfylgbdZohgZ^Z`_\ur_ihdZaZl_e_cjZgg_kj_^
g_\_dh\uo fh]bevgbdh\ h^gZdh ijb khihklZ\e_gbb dZl_]hjbc \hhjm`_gby
iha^gb_ iZfylgbdb agZqbl_evgh [_^g__ jZggbo ihwlhfm b \u^_e_gb_ ^jm
`bggh]h khkeh\by gZ wlbo fZl_jbZeZo g_ ij_^klZ\ey_lky m[_^bl_evguf Ih
\k_c\_jhylghklb\hckdZihklhyggh]hg_[uehijbg_h[oh^bfhklb\hhjm`Z
ehkv\k_fm`kdh_gZk_e_gb_ihh[jZapmgZjh^ghc^jm`bgu
M`_\jZggbci_jbh^nmgdpbhgbjh\ZgbyB^gZdZj[_amkeh\gh\uklmiZ_l
dZdj_f_ke_gguc p_glj k jZa\blufk_evkdbfohayckl\hfF_lZeeh]jZnbq_
kdb_ bkke_^h\Zgby k_jbb ba^_ebc ba q_jgh]h f_lZeeZ ihdZau\Zxl qlh dma
g_qgh_j_f_kehk_\_jguom^fmjlh\kgZqZ\rbfkyijhp_kkhfki_pbZebaZpbb
jZa\b\Zehkv \ h[s_f jmke_ \hklhqgh_\jhi_ckdhc f_lZeehh[jZ[hldb
Fgh]hqbke_ggu_ gZoh^db hjm^bc ebl_csbdZ aZ]hlh\hd kujvy Z lZd`_ deZ
^h\ mdjZr_gbc k\b^_l_evkl\mxl h jZa\blbb x\_ebjgh]h ijhba\h^kl\Z jZk
kqblZggh]h gZ ijh^Z`m RbjhqZcrbc Zkkhjlbf_gl ba^_ebc ba dhklb \ lhf
qbke_ b \ukhdhom^h`_kl\_gguo ijhba\_^_gbc m[_`^Z_l \ gZebqbb \ukhdh
jZa\blh]hdhkl_j_agh]hj_f_keZ
JZa\blb_dmag_qgh]hj_f_keZh[_ki_qb\Zxs_]ha_fe_^_evpZiZohlgufb
hjm^byfbk`_e_agufgZdhg_qgbdhfZlZd`_^hklZlhqghm^h[gu_^eya_fe_
^_evq_kdh]h hk\h_gby a_feb h[mkeh\beb jZa\blb_ [he__ ijh^mdlb\gh]h iZ
r_ggh]h a_fe_^_eby ih^l\_j`^_gb_f q_fm y\eyxlky fZkkh\u_ gZoh^db
k_evkdhohayckl\_ggh]h bg\_glZjy gZjZevgbdb dhku]hj[mrb `_jgh\Z  a_
j_gaeZdh\byf^eyojZg_gbya_jgZIZr_ggh_a_fe_^_eb_g_jZaju\ghk\yaZ
ghk`b\hlgh\h^kl\hfIhfg_gbx:=I_lj_gdhh]jhfgu_ihqbke_gghklb
dhklgu_ hklZldb dhee_dpbb ]hjh^bsZ B^gZdZj k\b^_l_evkl\mxl h agZqb
l_evghc`bag_gghcZdlb\ghklb_]hgZk_e_gbyJZkij_^_e_gb_dhklguohklZl
dh\ fe_dhiblZxsbo ih ieZklZf ihdZau\Z_l qlh ih]heh\v_ ^hfZrgbo `b
\hlguo \ klZ^_ j_adh m\_ebqbehkv d ;,,\ Hkh[_ggh bgl_gkb\gh \hajZklZeh
ih]heh\v_djmigh]hjh]Zlh]hkdhlZbehrZ^_c<mkeh\byoIjbmjZevykkmjh
\ufbkg_`gufbabfZfbkdhlh\h^kl\hfh]eh[ulvlhevdh^hfZrgbfkhklhc
eh\ufkh^_j`Zgb_fkdhlZ
<ujZabl_evguc dhfie_dk ij_^f_lh\ bfihjlZ ba <he`kdhc ;me]Zjbb
]hgqZjgZy d_jZfbdZ ahehlZy lj_o[mkbggZy dhevp_\b^gZy k_jv]Z qZrb ba
[_ehc[jhgaug_dhlhju_ba^_ebybadhklbbjh]Z >j_\g_cJmkb ijhj_agZy
ih^\_kdZdhg_d aZfdb dexqb ijykebpZ ba jhah\h]h rbn_jZ kdeZ^gu_ jZk
q_kdb^\moklhjhggb_ljZi_pb_\b^gu_jh]h\u_]j_[gbg_dhlhju_lbiu[mk 
[Zkk_cgZj<uq_]^u rmfysZyih^\_kdZkZjhqghchkgh\hc Ih\he`vy gZ
[hjgZy ih^\_kdZdhg_d  Kj_^ba_fghfhjvy hkgh\ghc khklZ\ [mk  ;eb`g_]h
<hklhdZbKj_^g_c:abb k_j^hebdh\u_bkl_deyggu_[mkuk_j_[jygu_fh
g_lubih^jZ`Zgby KdZg^bgZ\bb ihahehq_ggZynb[meZkdhevp_\b^ghc]h
eh\dhc  Z lZd`_ p\_lgu_ f_lZeeu ^eyhleb\dbmdjZr_gbcaZbfkl\h\Zgby\
ijhba\h^kl\_gghc l_ogheh]bb gZoh^db deZ^h\ mdjZr_gbc ba]hlh\e_gguo
f_klgufb fZkl_jZfb gZ ijh^Z`m k\b^_l_evkl\mxl h [he__ bgl_gkb\guo
q_fij_^iheZ]ZehkvjZg__lhj]h\uok\yayoJZkij_^_e_gb_ijb\haguo\_s_c
\keh_^_fhgkljbjm_lagZqbl_evgh_bo\hajZklZgb_\;,,;,,,\\

)LQQR8JULFD


=hjh^bs_ fh]eh \uklmiZlv b \ dZq_kl\_ dmevlh\h]h p_gljZ Ki_pbZev


gu_ khhjm`_gby ihdZ g_ \u^_e_gu gh fgh]hqbke_ggu_ gZoh^db bf_ggh
a^_kvij_^f_lh\Zgljhihbahhfhjnghcj_aghcdhklbdhlhju_hljZ`Zebfb
jh\haaj_gq_kdb_ b fbnheh]bq_kdb_ ij_^klZ\e_gby gZk_e_gby b g_khfg_ggh
bkihevah\Zebkv \ dmevlh\uo jblmZeZo \ hij_^_e_gghc kl_i_gb fh]ml ijh
eblvk\_lbgZwlmklhjhgm
DZdm`_mdZau\ZehkvB^gZdZjjZkiheh`_g\kZfhfp_glj_q_i_pdboa_
f_ev IjZdlbq_kdb \k_ ba\_klgu_ \ gZklhys__ \j_fy iZfylgbdb dhgpZ , 
gZqZeZ,,lukyq_e_lbygw hdheh jZkiheh`_gu\jZ^bmk_dfhlwlh]h
p_gljZ l_ \hafh`gh]h ^g_\gh]h i_j_oh^Z ehrZ^b gh [he__ \ukhdZy dhg
p_gljZpby bo gZ[ex^Z_lky bf_ggh \ kj_^g_f l_q_gbb \hdjm] B^gZdZjZ <
ij_^_eZo dbehf_ljh\hc ahgu a^_kv \uy\e_gh  k_ebsZ nmgdpbhgbjh\Z\
rbo \ 9,,,;,,\\ djmiguc fh]bevgbd Q_frZc 9,,,;,,,\\ g_[hevrhc
;b]_jrZc;,,,;,9\\g_kdhevdhf_klhgZoh`^_gbcij_^f_lh\bdeZ^h\
>he]h\j_f_ggu_ k_ebsZ aZgbfZxl x`gu_ kdehgu [_j_]Z eb[h jh\gmx
iehsZ^dmijh]j_\Z_fmxkhegp_fbf_xliheh]b_kdehgugZdhlhjuofh]eb
jZaf_sZlvky iZohlgu_ a_feb <k_ ihk_e_gby jZ\ghf_jgh jZkkj_^hlhq_gu
DZ`^h_ k_e_gb_ bf__l k\hx fZdkbfZevgh wdkiemZlbjm_fmx j_kmjkgmx ahgm
jZ^bmkhf hdheh df dhlhjZy \dexqZ_l jZaebqgu_ mqZkldb eZg^rZnlZ \ha
\ur_ggh_ieZlhbkdehgul_jjZkumqZkldbihcfu\h^gu_bklhqgbdbbe_k
gu_ fZkkb\u h[_ki_qb\Zxsb_ jZa\blb_ k_evkdh]h ohayckl\Z k iZr_gguf
a_fe_^_eb_fbijb^hfguf\uiZkhfkdhlZjZaebqgufb^hfZrgbfbijhfuk
eZfb K[hju k ih\_joghklb k_ebs reZdh\ njZ]f_glh\ lb]e_c k\b^_l_evkl
\mxl h aZgylbyo f_lZeemj]b_c b h[jZ[hldhc q_jguo b p\_lguo f_lZeeh\ g_
lhevdhgZ]hjh^bsZoghb\k_ok_ebsZo
Ijb lZdhc \ukhdhc iehlghklb gZk_e_gby g_ba[_`gh ^he`gu [ueb \ha
gbdgmlvZ\lhjbl_lgu_h[s_kl\_ggu_hj]ZgbaZpbbdhlhju_fh]ebj_]mebjh
\Zlv hlghr_gby f_`^m `bl_eyfb ihk_e_gbc gZ[ex^Zlv aZ jZkij_^_e_gb_f
a_f_evguom]h^bcklZjhiZohlguob\gh\vjZkqbs_gguoboihevah\Zgb_fb
l^ <_jhylgh ^he`gZ [ueZ kms_kl\h\Zlv b dZdZylh \h_ggZy hj]ZgbaZpby
\ha]eZ\ey_fZyij_^\h^bl_e_fIh\b^bfhfmdZdjZahljZ`_gb_fklj_fe_gby
khkj_^hlhqblv\k\hbojmdZoZ^fbgbkljZlb\gmxbwdhghfbq_kdmx\eZklvy\
ey_lkymihfbgZgb_\ij_^Zgbyoh[h]Zluj_B^g_dhlhjucaZohl_edgy`blv
gZ^\k_fbm^fmjlZfb\k\h_cklhjhg_Ex[hiulghqlhgZB^gZdZj_gZc^_
gZ dhklygZy i_qZlv hq_gv j_^dZy gZoh^dZ \ nbgghm]hjkdhf fbj_ DZd ba
\_klghi_qZlbbf_ebebpZaZgbfZ\rb_\ukhdb_Z^fbgbkljZlb\gu_^he`gh
klbb\eZ^_\rb_ijZ\hfkdj_ieylv^hdmf_gluk\h_ci_qZlvx
Djhf_ wlh]h \ gZqZe_ ,, lukyq_e_lby gw nhjfbjh\Zgb_ \ [ebadhf kh
k_^kl\_ jZgg_n_h^Zevgh]h ]hkm^Zjkl\Z \he`kdbo [me]Zj k yjdh \ujZ`_ggu
fbbgl_j_kZfb\jZkrbj_gbbkn_juk\h_]h\ebygbymkbe_gb_Zdlb\gh]hbg
l_j_kZ >j_\g_c Jmkb d l_jjblhjbyf\hklhqguonbggh\^he`gh[uehmkbeb
\Zlv \gmlj_ggxx dhgkheb^Zpbx m^fmjlkdh]h h[s_kl\Z <_^v g_ kemqZcgh
bf_ggh \ kZfhf dhgp_ ,  gZqZe_ ,, lukyq_e_lby gZ Q_ip_ [ueZ \ha\_^_gZ
k_jby gh\uo ]hjh^bs g_h[oh^bfhklv \ gbo [ueZ ih \k_c \_jhylghklb \u
a\ZgZ \hajZklZgb_f \g_rg_c hiZkghklb : kljhbl_evkl\h ]jZg^bhaguo ^ey
 )LQQR8JULFD


lh]h \j_f_gb h[hjhgbl_evguo khhjm`_gbc lj_[h\Zeh ijb\e_q_gby d jZ[hl_


`bl_e_c \k_c hdjm]b B \_jhylgh \ kbem ]em[hdbo khpbZevgh
wdhghfbq_kdboijhp_kkh\[eZ]h^ZjyeZg^rZnlgh]_h]jZnbq_kdbfmkeh\byf
kj_^gyyQ_ipZ\u^_ebeZkv\[he__bebf_g__aZfdgmluc^_fh]jZnbq_kdbgZ
kus_gguc j_]bhg k bgl_gkb\ghc `bagvx b keh`b\r_cky hij_^_e_gghc
kljmdlmjhchj]ZgbaZpbb
B^gZdZj[he__q_fhklZevgu_]hjh^bsZih^oh^be\dZq_kl\_p_gljZ^hk
lZlhqgh ijhqgh]h wlghkhpbZevgh]h h[jZah\Zgby H _]h jheb dZd ^j_\g_f
p_glj_ohly[udhk\_ggh]h\hjblblhlnZdlqlh_s_\;9,,\\^Khe^ujv
jy^hfk]hjh^bs_fB^gZdZjZm^fmjlub^_j_\gxgZau\ZxlB^gZdZjkh[b
jZebkv fbjkdb_ kh\_lu m^fmjlh\ <  ]h^m a^_kv [ueZ khklZ\e_gZ h^b
gZrgZy aZibkv  ibkvf_ggh_ h[yaZl_evkl\h qe_gh\ fbjkdh]h kh\_lZ [ulv
_^bgufb\aZsbl_k\hbobgl_j_kh\hldZjbgkdbolZlZjdhlhju_\wlh\j_fy
klZjZebkv aZ\eZ^_lv iZohlgufb b k_ghdhkgufb m]h^vyfb m^fmjlh\ >M^fmj
lu \ ;9;9,, \\ K[ ^hd K@ <_kvfZ \ujZabl_e_g b lhl nZdl qlh
_s_ \ k_j_^bg_ ;,;\ \ ^IZkdhlbg kms_kl\h\Zeh dZibs_ B^gZ[ZlujZ
keZ\gh]hihij_^Zgbx\hlydh\[h]Zlujyb\her_[gbdZmgbqlh`_ggh_ojb
klbZgkdbfbk\ys_ggbdZfb
BlZd m`_ \ jZggbc i_jbh^ nmgdpbhgbjh\Zgby B^gZdZj bf_e agZq_gb_
\h_gghh[hjhgbl_evgh]h Z]jZjghj_f_ke_ggh]h b lhj]h\h]h dmevlmjgh]h
h[s_kl\_gghZ^fbgbkljZlb\gh]h p_gljZ dhgkheb^bjmxs_cky wlghkhpbZev
ghch[sghklbGh\k_`__]hw\hexpby[ueZh[mkeh\e_gZij_bfms_kl\_ggh
ihlj_[ghklyfb \gmlj_gg_]h jZa\blby h[s_kl\Z Hlghkbl_evgZy m^Ze_gghklv
hl f_`^mgZjh^guo lhj]h\uo iml_c k h^ghcklhjhgug_kihkh[kl\h\ZeZZd
lb\ghfm \dexq_gbx \ lhj]h\hwdhghfbq_kdmx kbkl_fm <hklhqghc ?\jhiu
ghk^jm]hciha\hebeZ\wlhli_jbh^khojZgblvhlghkbl_evgmxg_aZ\bkb
fhklvbwlgbq_kdh_k\h_h[jZab_AZdhghf_jgufke_^kl\b_f\gmlj_gg_]hjZa
\blby m^fmjlkdh]h h[s_kl\Z \ wlhl i_jbh^ y\eyehkv lh qlh \ fZl_jbZeZo
B^gZdZjZZjo_heh]bq_kdb_ijbagZdbdjbl_jbbhij_^_ey_fu_^ey^j_\g_jmk
kdbo]hjh^h\ijhy\eyxlky\hkeZ[e_gghcnhjf_
 Ijb jZa\blhf k_evkdhf ohayckl\_ j_f_ke_ b lhj]h\e_ \k_ `_ g_ \k_
\b^uj_f_keZihemqbeb^hklZlhqgh\ukhdh_jZa\blb_dijbf_jm]hgqZjkl\h
hklZ\ZehkvgZmjh\g_jmqghce_idbdZdihdZaZehf_lZeeh]jZnbq_kdh_bkke_
^h\Zgb_ agZqbl_evghc k_jbb Zkkhjlbf_glZ ba^_ebc dmag_qgh_ j_f_keh g_
ihemqbehmadhcki_pbZebaZpbb
 Hkgh\ghc ieZgbjh\hqghc bkhpbZevghc_^bgbp_chklZ\Zehkv`bebs_
k ijbfudZxs_c yfhc ^ey ojZg_gby ijbiZkh\mkZ^_[gZyaZkljhcdZg_\uy\
e_gZ
G_lfhgmf_glZevguokhhjm`_gbcdmevlh\h]hgZagZq_gbyj_eb]byhk
lZ\ZeZkvyauq_kdhc
G_ly\guok\b^_l_evkl\gZebqbyibkvf_gghklbohly_^bgbqgu_ij_^
f_luZgZeh]bqgu_^j_\g_jmkkdbfibkZeZfh[gZjm`_gu
Fh`gh hlf_lblv b hkh[_gghklb \ khhlghr_gbb nmgdpbc kljmdlmjguo
qZkl_c ihk_e_gby \gmlj_ggyy qZklv khhl\_lkl\mxsZy ^_lbgpm ^j_\g_jmk
kdbo ]hjh^h\ ij_^klZ\eyeZ kh[hc g_ lhevdh j_ab^_gpbx dgyay gh b p_glj

)LQQR8JULFD


j_f_keZ dmag_qgh]h x\_ebjgh]h dhkl_j_agh]h  <h \lhjhc i_jbh^ nmgd


pbhgbjh\Zgbyihk_e_gby\dhgp_O,O,,,\\kaZkljhcdhcl_jjblhjbbf_`
^m \ZeZfb \hafh`gh ^hey j_f_ke_ggh]h ijhba\h^kl\Z b khdjZlbeZkv gh
ijh^he`ZeZbf_lvf_klh<h\lhjhciheh\bg_O,,,\`bagvgZB^gZdZj_dZd
b ^jm]bo q_i_pdbo ]hjh^bsZo m]ZkeZ \gmlj_ggb_ ijhp_kku jZa\blby [ueb
ij_j\Zgu
KjZ\gbl_evgucZgZebaq_i_pdbo]hjh^bs\khihklZ\e_gbbkiZfylgbdZ
fb nbgghm]hjkdbo wlgbq_kdbo h[t_^bg_gbc agZqbl_evgh aZljm^g_g D kh
`Ze_gbx fZkrlZ[u bkke_^h\Zgbc ih^h[guo iZfylgbdh\ h]jZgbq_gu Ih
oZjZdl_jmbfhsghklbdmevlmjgh]hkehy`beuobijhba\h^kl\_gguokhhjm
`_gbc q_i_pdbf [_amkeh\gh [ebadb kbgojhggu_ jh^Zgh\kdb_ gZ <_jog_c
DZf_ B^gZdZjm [he__ [ebahd :gxrdZj ohly \lhjhc agZqbl_evgh mklmiZ_l
ihiehsZ^b d\f \ukhl_fukZ f bfhsghklbh[hjhgbl_ev
guokhhjm`_gbc ebgbb\ZeZkrbjbghchkgh\Zgbyf GhihoZjZd
l_jmblhesbg_gZieZklh\ZgbcjZkrbj_gbxiehsZ^baZij_^_eu\gmlj_gg_
]h\ZeZmljZlb\r_]hk\h_agZq_gb_gZebqbxkehyaZ\lhjuf\ZehfhgZgZeh
]bq_gB^gZdZjm
GZl_jjblhjbbjZkk_e_gbyi_jfb\uq_]h^kdhcZgZeh]bqguodjmiguomd
j_ie_gguo ihk_e_gbc g_l G_[hevrhc iehsZ^vx hlebqZxlky b kj_^g_\_dh
\u_ ]hjh^bsZ <he]h<ylkdh]h f_`^mj_qvy FZehKmg^ujkdh_ ]hjh^bs_
\u^_eyxs__ky djmigufb jZaf_jZfb  d\f  \ukhlhc fukZ ^h f 
bf__l g_[hevrhc dmevlmjguc kehc ^h kf  mdj_ie_gh h^ghc ebgb_c md
j_ie_gbc>Oe_[gbdh\ZL:@Kj_^bfhj^h\kdboiZfylgbdh\\dZq_kl\_
lhj]h\hj_f_ke_gguo p_gljh\ \u^_eyxlky @mdh\kdh_ b N_^hjh\kdh_ ]hjh
^bsZh^gZdhh[t_ffZl_jbZeh\g_kjZ\gbfkihemq_ggufbgZQ_ip_
AgZqbl_evgucbgl_j_kij_^klZ\eyxlfZl_jbZeu]hjh^bsZDjmlbdhl
djulh]h lhj]h\hj_f_ke_ggh]h p_gljZ \_kb IjZ\^Z ke_^m_l aZf_lblv qlh
iehsZ^v iZfylgbdZ khhl\_lkl\m_l i_j\hgZqZevghc l_jjblhjbb B^gZdZjZ
d\f dZd\ijhq_fbojhgheh]by ,;;\\ 
BgZdhg_pihfgh]bfiZjZf_ljZfB^gZdZjm[eb`_\k_]hKZjkdh_]hjh
^bs_ie_f_gghcp_gljf_jb9,,,;,\\WlhbiehsZ^vihk_e_gby 
]Z  jZa\blb_ lhih]jZnbq_kdhc kljmdlmju b mkbe_gb_ h[hjhgbl_evguo
khhjm`_gbc oZjZdl_j \_s_\h]h fZl_jbZeZ Ih fg_gbx :?E_hglv_\Z
a^_kv gZ[ex^Z_lky l_g^_gpby d jZa\blbx ]hjh^kdboq_jlghihkZ^g_ihem
qbejZa\blbyihl_gpbZevgu_\hafh`ghklbg_[uebj_Zebah\ZguFZl_jbZeu
B^gZdZjZ dhlhjuc [ue hkgh\Zg iha`_ KZjkdh]h b nmgdpbhgbjh\Ze ^h
;,,,\ ihdZau\Zxl qlh nZdlhju jZa\blby ]hjh^kdbo q_jl a^_kv \ujZ`_gu
[hevr_ghl_fg_f_g__hgblZd`_aZ\_jr_gbyg_ihemqbebIh\k_c\_jh
ylghklbfZl_jbZeu]hjh^bsDjmlbdKZjkdh]hbB^gZdZjkdh]hhljZ`Zxl^\Z
imlbjZa\blbyihk_e_gbcnbgghm]hjkdbowlgbq_kdboh[t_^bg_gbcihebgbb
nhjfbjh\Zgby ]hjh^kdbo q_jl hldjuluo lhj]h\hj_f_ke_gguo ihk_edh\ b
mdj_ie_gguoie_f_gguop_gljh\dhlhju_[he__hlq_leb\hgZ[ex^ZxlkygZ
fZl_jbZeZo^j_\g_jmkkdbo]hjh^h\e_kghcahguGhdZdm`_mdZau\Zehkvm
nbgghm]jh\ ijhp_kku nhjfbjh\Zgby ]hjh^kdbo q_jl g_ ihemqbeb aZ\_jr_
gby
 )LQQR8JULFD


< aZdexq_gb_ bkoh^y ba \k_]h \ur_ kdZaZggh]h fh`gh kmffbjh\Zlv


keh`b\rb_ky ij_^klZ\e_gby h fh^_eb h[s_kl\Z gZk_e_gby [Zkk_cgZ
jQ_ipuIh\k_c\_jhylghklbm`_gZi_j\hfwlZi_ ,;;,\\ hghkhklhy
ehbakbkl_fuh[sbgp_gljZfbdhlhjuoy\eyebkvZ]jZjghj_f_ke_ggu_p_g
lju =mjvydZj MqdZdZj >hg^udZj <_kvydZj b ^j \ h[s_c kmff_ g_ f_g__
^_kylb<dZq_kl\_h[s_]hp_gljZ\uklmiZeh]hjh^bs_B^gZdZjkhk\h_chd
jm]hc \ dhlhjhf [ueZ khkj_^hlhq_gZ \_joh\gZy \eZklv \ jmdZo \h`^y
ij_^\h^bl_ey wdkwcdmg\agZq_gbb]hkm^ZjvpZjv\eZklv gZ^_e_ggh]h\h
_ggufb km^_[gufb \hafh`gh j_eb]bhagufb `j_q_kdbfb  nmgdpbyfb <
ex[hf kemqZ_ \ mkeh\byo m]jhau gZiZ^_gbc [ueZ g_h[oh^bfZ khhl\_lkl
\mxsZykljmdlmjZ\eZklbkihkh[gZyhj]Zgbah\ZlvaZsblmhl\lhj`_gby\jZ
]Zbj_]mebjh\Zlvhlghr_gbyf_`^m`bl_eyfbihk_e_gbcgZ[ex^ZlvaZjZk
ij_^_e_gb_f a_f_evguo m]h^bc klZjhiZohlguo b \gh\v hk\Zb\Z_fuo mqZkl
dh\
KljZlbnbdZpby \ kj_^_ jy^h\uo h[sbggbdh\ hklZ_lky g_ykghc Gh l_f
g_ f_g__ ijbagZgb_ \ kbkl_f_ hj]ZgbaZpbb h[s_kl\_gghc kljmdlmju q_i_p
dh]hh[s_kl\ZgZebqbyaZqZldh\]hkm^Zjkl\_gghklb\iheg_ijZ\hf_jghWlhl
i_jbh^bgl_gkb\gh]h\gmlj_gg_]hjZa\blbyq_i_pdbom^fmjlh\ijh^he`Zeky
g_f_g__lj_oklhe_lbcGhaZl_fdjZcg_g_[eZ]hijbylgZy\g_rgyykblmZpby
keh`b\rZyky \ k_j_^bg_ ;,,,\ \ k\yab k fhg]hehlZlZjkdbf gZr_kl\b_f b
\ua\Zggufb bf i_j_f_s_gbyfb gZk_e_gby hdjm`Zxsbo l_jjblhjbc ij_
j\ZeZ b^_nhjfbjh\ZeZijhp_kkukhpbZevghwdhghfbq_kdh]hbwlghdmevlmj
gh]hjZa\blby
Kkh`Ze_gb_fijboh^blkydhgklZlbjh\Zlvqlhh]jZgbq_gghklvbklhqgb
dh\ih\ylkdbfbijbdZfkdbfm^fmjlZfiha\hey_l]h\hjblvhgbolhevdhgZ
mjh\g_ij_^iheh`_gbcG_khfg_ggh\k_ljb]jmiiu\_ebk\h_ijhbkoh`^_
gb_ hl _^bgh]h ]_g_lbq_kdh]h dhjgy  gZk_e_gby ZgZgvbgkdhivygh[hjkdhc
dmevlmju b bo ihlhfdh\ \ jZagu_ i_jbh^u ij_l_ji_\r_]h hij_^_e_ggu_
bghwlgbqgu_ \dexq_gby b dmevlmjgu_ \ebygby Hgb h[blZeb gZ kf_`guo
l_jjblhjbyo khklZ\ey\rbo h[smx ijZjh^bgm m^fmjlh\ g_ jZa^_e_gguo
agZqbl_evgufb ijhkljZgkl\Zfb b bghwlgbqgufb ]jmiiZfb Gh km^y ih jZa
f_s_gbx Zjo_heh]bq_kdbo iZfylgbdh\ kl_i_gv iehlghklb jZkk_e_gby [ueZ
jZaghc?kebgZQ_ip_fugZ[ex^Z_fqj_a\uqZcgh\ukhdmx^eylh]h\j_f_
gbdhgp_gljZpbxgZk_e_gbylh\IjbdZfv_bgZ<yld_hgZ[ueZagZqbl_evgh
f_gvr_c Ih\b^bfhfm ke_^m_l ijbagZlv qlh \ gZqZe_ ,, lukyq_e_lby gw
[Zkk_cg jQ_ipu \uklmiZe \ dZq_kl\_ k\h_h[jZagh]h y^jZ nhjfbjmxs_cky
wlgbq_kdhch[sghklbm^fmjlh\
Ih \k_c \_jhylghklb gZk_e_gb_ \k_o ehdZevguo ]jmii bf_eh koh^gu_
nhjfu fZl_jbZevghc dmevlmju h[uqZb b dmevlu]h\hjbehgZ[ebadbo^bZ
e_dlZo Gh dZd m`_ hlf_qZehkv a^_kv g_l fZl_jbZeh\ ih^l\_j`^Zxsbo
nhjfbjh\Zgb_ _^bghc Zjo_heh]bq_kdhc dmevlmju ohly bkke_^h\Zl_eb _^b
gh^mrgh ijbagZxl gZebqb_ gZ \k_o iZfylgbdZo fZl_jbZeh\ [ebadbo q_i_p
dbf < k\yab k wlbf \_kvfZ ijbf_qZl_evgh b lh qlh m^fmjlkdbc wihk keh
`b\rbcky ih ml\_j`^_gbx nhevdehjbklh\ \ i_jbh^ jZaeh`_gby h[sbggh
jh^h\uobklZgh\e_gbyjZgg_deZkkh\uohlghr_gbc_^bguo]_jh_\g_bf__l

)LQQR8JULFD


g_ a\mqZl hlq_leb\h b fhlb\u h[t_^bg_gby kbe \k_o m^fmjlh\ \ [hjv[_ aZ
k\hb a_feb Ih\b^bfhfm ijb gZebqbb hij_^_e_ggh]h wlghdmevlmjgh]h
_^bgkl\Z ehdZevguo ]jmii m^fmjlh\ bgl_]jZpbb bo \ h[sghklv lbiZ gZjh^
ghklbg_ijhbahreh
Hkgh\gufnZdlhjhfhdZaZ\rbf\ebygb_gZjZa\blb_m^fmjlkdh]hwlgh
kZ \ ihke_^mxsbc i_jbh^ y\behkv ihkl_i_ggh_ aZk_e_gb_ [Zkk_cgZj<yldb
jmkkdbfgZk_e_gb_fgZqZehdhlhjh]hbkke_^h\Zl_ebhlghkyldjm[_`m;,,
;,,,\\ jZkrbj_gb_ b mdj_ie_gb_ bo ihabpbc gZ wlhc l_jjblhjbb ml\_j
`^_gb_ ij_\Zebjmxs_]h \ebygby gZ f_klgh_ gZk_e_gb_ QZklv m^fmjlh\
hdZaZ\rbkv \ bghwlgbqghc kj_^_ ih^\_j]eZkv Zkkbfbeypbb [hevrZy qZklv
i_j_k_ebeZkv \ p_gljZevgu_ jZchgu jZkk_e_gby m^fmjlh\ Wlghdmevlmjgh_
\ha^_ckl\b_ jmkkdh]h gZjh^Z gZ k_\_jguo m^fmjlh\ [ueh [he__ agZqbl_ev
guf q_f gZ x`guo bf_\rbo ijh^he`bl_evgh_ b l_kgh_ \aZbfh^_ckl\b_ k
lxjdZfbkgZqZeZ;me]Zjkdh]h]hkm^Zjkl\ZaZl_fAhehlhcHj^ubDZaZgkdh]h
oZgkl\ZWlh\ebygb_^\mon_h^Zevguoh[t_^bg_gbcgZ^he]haZ^_j`Zehkeh
`_gb_ _^bghc m^fmjlkdhc gZjh^ghklbM^fmjlum`_g_bf_ebj_Zevghcih
eblbq_kdhc kbeu g_ fh]eb kms_kl\_ggh \ebylv gZ j_r_gb_ ijh[e_f kh[kl
\_gghckm^v[ubi_jki_dlb\ubklhjbq_kdh]hjZa\blby


 Jy[bgbg ?:  Nbgghm]hjkdb_ ie_f_gZ \ khklZ\_ >j_\g_c Jmkb D bklhjbb keZ\ygh
nbgkdbowlghdmevlmjguok\ya_c :\lhj_n^bk^jZbklgZmdE

E_hglv_\:?:jo_heh]byf_jbDij_^uklhjbbk_\_jh\hklhqghcJmkbF

B\Zgh\ZF=Bklhdbm^fmjlkdh]hgZjh^ZB`_\kd

=he^bgZJ>ZIjh[e_fuwlgbq_kdhcbklhjbbi_jfkdbogZjh^h\\wihom`_e_aZ ihZj
o_heh]bq_kdbffZl_jbZeZf Ijh[e_fuwlgh]_g_aZm^fmjlh\Mklbgh\K

 XlbgZ LD Z Ij_^\Zjbl_evgu_ blh]b bamq_gby Zjo_heh]bq_kdbo iZfylgbdh\ wihob
kj_^g_\_dh\vy \ X`ghc M^fmjlbb  IZfylgbdb `_e_agh]h \_dZDZfkdh<ylkdh]hf_`^mj_
qvyB`_\kdK

XlbgZLD[Bkke_^h\Zgby]gZ<_jog_MlqZgkdhf]hjh^bs_\X`ghcM^fmjlbb
IZfylgbdb`_e_agh]h\_dZDZfkdh<ylkdh]hf_`^mj_qvyB`_\kdK

DZaZgp_\ZH:XlbgZLDD_jZfbdZdmrgZj_gdh\kdh]hlbiZ;eZ]h^Zlkdh]h,]hjh
^bsZIjbmjZev_\^j_\ghklbbkj_^gb_\_dZMklbgh\K

K_f_gh\<:I_ljhiZ\eh\kdbcfh]bevgbd<hijhkuZjo_heh]bbM^fmjlbbB`_\kd
K

XlbgZLD:jo_heh]bq_kdb_iZfylgbdb9,;,9\\X`ghcM^fmjlbb:\lhj_n^bk
dZg^bklgZmdB`_\kd

 E_sbgkdZy G:  Bkke_^h\Zgby ?fZgZ_\kdh]h ]hjh^bsZ  Gh\u_ Zjo_heh]bq_kdb_ iZ
fylgbdbDZfkdh<ylkdh]hf_`^mj_qvyB`_\kdK

E_sbgkdZyG:Hkh[_gghklbbwlgbq_kdZybgl_jij_lZpbykj_^g_\_dh\uoiZfylgb
dh\ [Zkk_cgZ j<yldb  KRQJUHVVXV VHSWLPXV LQWHUQDWLRQDOLV)HQQR8JULVWDUXP 6HVVLRQHV6HF
WLRQXP'LVVHUWDWLRQDOHV+LVWRULFDDUFKDHRORJLFDHWDQWURSRORJLFD'HEUHFHQ&

E_sbgkdZyG:<ylkdbc[Zkk_cg\,gZqZe_,,lukyq_e_lbygw ihZjo_heh]bq_kdbf
bklhqgbdZf :\lhj_n^bkdZg^bklgZmdB`_\kd

=_gbg]<N:jo_heh]bq_kdb_iZfylgbdbM^fmjlbbB`_\kdk

=_gbg]<NFu^eZgvrZcm^fmjlkdbcfh]bevgbd9,,,,;\\<:MK\_j^eh\kd
<uiK

 K_f_gh\ <:  <Zjgbgkdbc fh]bevgbd  Gh\uc iZfylgbd ihehfkdhc dmevlmju 
B`_\kdK

K_f_gh\<:D\hijhkmh[wlgbq_kdhfkhklZ\_gZk_e_gby[Zkk_cgZjQ_ipu ih^Zg
gufZjo_heh]bb FZl_jbZeuihwlgh]_g_amm^fmjlh\B`_\kdK
 )LQQR8JULFD




K_f_gh\<: Wlghdmevlmjgu_dhfihg_gluihehfkdhcdmevlmjuGh\u_bkke_^h\Z
gbyihwlgh]_g_amm^fmjlh\B`_\kdK

=he^bgZJ>[@_jl\_ggh_f_klhm^QmfhclehIjh[e_fubamq_gby^j_\g_cbklh
jbbM^fmjlbbMklbgh\K

Rmlh\ZGBD\hijhkmhjZkk_e_gbbZjh\\dhgp_,i_j\hciheh\bg_,,lukyq_e_lby
gwIjh[e_fubamq_gby^j_\g_cbklhjbbM^fmjlbbB`_\kdK

 =jbrdbgZ F< <eZ^udbg <?  Ibkvf_ggu_ bklhqgbdb ih bklhjbb m^fmjlh\ \,;
;9,,\\FZl_jbZeuihwlgh]_g_amm^fmjlh\B`_\kdK

B\Zgh\ZF=IZfylgbdbq_i_pdhcdmevlmju FZl_jbZeudZjo_heh]bq_kdhcdZjl_ 
K_\_jgu_m^fmjlu\gZqZe_,,lukyq_e_lbygwB`_\kdK

I_j\mobgG=HiulZjo_heh]bq_kdh]hbkke_^h\Zgby=eZah\kdh]hm_a^Z<ylkdhc]m[_j
gbbFZl_jbZeuihZjo_heh]bb\hklhqguo]m[_jgbcJhkkbbL,,F

I_j\mobgG=Wkdbauij_^Zgbcb[ulZbghjh^p_\=eZah\kdh]hm_a^ZWkdba,9<yl
dZ

I_ljh\<IIh^k_qgh_a_fe_^_eb_Db_\

=_gbg]<NBklhjbygZk_e_gbyM^fmjlkdh]hIjbdZfvy\ivygh[hjkdmxwihom<:M
B`_\kd<ui

=jbrdbgZF<Dj_klvygkl\hM^fmjlbb\;9,,,\B`_\kd

Kfbjgh\:I Nbgkdb_n_h^Zevgu_]hjh^ZGZm^fmjlkdb_l_fuMAGBBgZjh^h\
Kh\_lkdh]h<hklhdZF<uiK

H[hjbg<:G_dhlhju_ijh[e_fubamq_gbyjh^Zgh\kdhcdmevlmjuMqaZiI_jfkd
mglZL\ui

H[hjbg<:AZk_e_gb_bhk\h_gb_MjZeZ\dhgp_;,gZqZe_;9,,\Bjdmlkd

H[hjbg<:Nhjfbjh\Zgb_wlgbq_kdhcl_jjblhjbb^j_\gbodhfbi_jfydh\Bkke_^h
\Zgby ih kj_^g_\_dh\hc Zjo_heh]bb e_kghc ihehku <hklhqghc ?\jhiu  B`_\kd  K


B\Zgh\<:<hhjm`_gb_b\h_ggh_^_ehnbgghm]jh\IjbmjZevyFk

;hjamgh\<:KlZgh\e_gb_ijhba\h^ys_]hohayckl\Zb]_g_abkmdj_ie_ggh]hihk_e_gby
KlZgh\e_gb_bjZa\blb_ijhba\h^ys_]hohayckl\ZgZMjZe_K\_j^eh\kdK

 ;hjamgh\ <: Gh\bq_gdh\ GG  JZggb_ mdj_ie_ggu_ihk_e_gbynbgghm]jh\MjZeZ
<:MK\_j^eh\kd<uiK

K_^h\<<<hklhqgu_keZ\yg_\9,;,,,\\F

K_^h\<<GZqZeh]hjh^h\gZJmkbLjm^u9F_`^mgZjh^gh]hdhg]j_kkZkeZ\ygkdhc
Zjo_heh]bbFL<uiK

K_^h\<< KlZgh\e_gb__\jhi_ckdh]hjZgg_kj_^g_\_dh\h]h]hjh^ZKlZgh\e_gb__\
jhi_ckdh]hkj_^g_\_dh\h]h]hjh^ZFK

>j_\gyyJmkv=hjh^AZfhdK_eh:jo_heh]byKKKJ\lF

DmaZ:<FZeu_]hjh^Z^j_\g_cJmkbF

Lbfhsmd;:<hklhqghkeZ\ygkdZyh[sbgZ9,O\\gwF

Lbfhsmd;:<hklhqgu_keZ\yg_hlh[sbgud]hjh^ZfF

K_^h\ZF<YjhiheqAZe_kkdbcF

AZ\vyeh\<B Dmag_qgh_j_f_kehk_\_jguom^fmjlh\\dhgp_,gZqZe_,,lukgw
Gh\u_bkke_^h\Zgbyih^j_\g_cbklhjbbM^fmjlbbB`_\kdK

AZ\vyeh\<B Blh]bbi_jki_dlb\ubamq_gbydmag_qgh]hj_f_keZ^j_\gbom^fmjlh\
Bkke_^h\Zgby ih kj_^g_\_dh\hc Zjo_heh]bb e_kghc ihehku <hklhqghc ?\jhiu  B`_\kd 
K

B\Zgh\:=Kj_^g_\_dh\u_iZfylgbdbhdj_klghkl_cB^gZdZjZFZl_jbZeubkke_^h
\Zgbc]hjh^bsZB^gZdZj,;;,,,\\B`_\kdK

Emiih\IGFZl_jbZeu^eybklhjbbojbklbZgkl\Zm\hlydh\\i_j\hciheh\bg_;,;\
<yldZ

GbdblbgZL;Kj_^g_\_dh\u_]hjh^bsZ<he]h<ylkdh]hf_`^mj_qvyijh[e_fubi_j
ki_dlb\ubamq_gbyIjh[e_fukj_^g_\_dh\hcZjo_heh]bb\he`kdbonbggh\ChrdZjHeZ
K

<boey_\<BOZebg<<@mdh\kdh_]hjh^bs_:HFK

)LQQR8JULFD




<boey_\<BOZebg<<JZkdhidb<lhjh]h@mdh\kdh]h]hjh^bsZ:HF
K

 FZjlvygh\ <G  N_^hjh\kdh_ ]hjh^bs_  Ljm^u Fhj^h\kdh]h GBB  KZjZgkd 
<uiK

=hem[_\ZE: DhqdmjdbgZKB ;_eha_jkdZy\_kv ihfZl_jbZeZfihk_e_gbyDjmlbd
,;;\\ I_ljhaZ\h^kd

0*,YDQRYD
8GPXUWLDLQWKH0LGGOH$JHV6SUHDGLQJRI3RSXODWLRQ
DQG6RPH$VSHFWVRI5HVHDUFKHVRIWKH6RFLRHFRQRPLF5HODWLRQV
6XPPDU\
,Q D KLVWRULFDO VFLHQFH RI 0LGGOH $JHV WKH LPSRUWDQW VLJQLILFDQFH LV KDG ZLWK
SUREOHPV RI WKH VRFLRHFRQRPLF UHODWLRQV LQ ILQQRXJULF FRPPXQLWLHV IURP (DVW
(XURSH ,Q WKLV DUWLFOH RQ PDWHULDOV RI DUFKDHRORJLFDO GDWD RI 1RUWKHUQ 8GPXUWLD
ILUVWRIDOORQDPDWHULDORIZLGHO\LQYHVWLJDWHG,GQDNDUVHWWOHPHQW WKHFKDUDFWHULV
WLFVRIHFRQRPLFFXOWXUDODQGSROLWLFDOUHODWLRQVLQILQQRXJULFFRPPXQLWLHVRI;
;,,,FHQWXULHVLVJLYHQ,WLVPDUNHGWKDWE\YLUWXHRIDQXPEHURIWKHUHDVRQVILUVW
RIDOOVXFKSROLWLFDODQGPLOLWDULDQVWKHSURFHVVHVRIIRUPDWLRQRIDVWDWHDQGFLWLHV
LQ8GPXUWLDKDVQRWEHHQILQDOO\FRPSOHWHGEHFDXVHRIFRORQL]DWLRQIURPWKHSDUW
RI*ROG+RUGHDQG5XVVLDQVWDWH



 )LQQR8JULFD


H[s_kl\_gghiheblbq_kdZyojhgbdZ

K?FBG:JKH<?S:GB?
F:JBCKD:YDMEVLMJ:KHKLHYGB?BI?JKI?DLB<U
 n_\jZey ] :iiZjZl Ij_ab^_glZ J_kim[ebdb LZlZjklZg P_glj
]mfZgblZjguo ijh_dlh\ b bkke_^h\Zgbc FZjbckdbc dmevlmjguc p_glj ijh
\_eb \ DZaZgb k_fbgZjkh\_sZgb_ FZjbckdZy dmevlmjZ khklhygb_ b i_j
ki_dlb\u
JZ[hlZkh\_sZgbyijh\h^beZkvih^ij_^k_^Zl_evkl\hf=hkm^Zjkl\_ggh]h
Kh\_lgbdZihiheblbq_kdbf\hijhkZfijbIj_ab^_gl_J_kim[ebdbLZlZjklZg
JKOZdbfh\Z K ^hdeZ^Zfb \uklmibeb ij_^klZ\bl_eb ijZ\bl_evkl\ mq_
gu_ ^_yl_eb dmevlmju b h[s_kl\_gguo hj]ZgbaZpbc J_kim[ebdb FZjbc 
WebJ_kim[ebdbLZlZjklZgG_khfg_ggZyZdlmZevghklvkh^_j`Zgby^hdeZ^h\
k^_eZeZ\hafh`ghcboim[ebdZpbx

DjZcgh\=jb]hjbcGbdZg^jh\bq
^hdlhjbklhjbq_kdbogZmd]ChrdZjHeZ
WlZiubhkh[_gghklbfZjbckdh]hgZpbhgZevgh]h^\b`_gby
FZjbckdbcgZjh^y\ey_lkydhj_ggufgZk_e_gb_fFZjbcWe<ijhrehf
hgg_jZaih^\_j]ZekyaZ\h_\ZgbyfdhehgbaZpbbHl\_lghcj_Zdpb_cgZjh^Z
[uehkhijhlb\e_gb_klj_fe_gb_dgZpbhgZevghfmhk\h[h`^_gbxb\hajh`
^_gbx
Dhgkheb^Zpby fZjbcp_\ \ gZpbx ijhbkoh^beZ \ mkeh\byo jZa\blby dZ
iblZebklbq_kdbo hlghr_gbc \ dhgp_ ;,;  gZqZe_ ;;\\ < wlh `_ \j_fy
aZjh`^Z_lkyfZjbckdh_gZpbhgZevgh_^\b`_gb_i_j\uci_jbh^dhlhjh]h
k o ]h^h\ ;,;\ ^h ]  fh`gh gZa\Zlv dmevlmjgh
ijhk\_lbl_evkdbfHgk\yaZgkaZjh`^_gb_fb^_yl_evghklvxfZjbckdhc^_
fhdjZlbq_kdhc bgl_eeb]_gpbb klZ\b\r_c k\h_c aZ^Zq_c gZpbhgZevgh_ \ha
jh`^_gb_ jh^gh]h gZjh^Z ::ev[bgkdbc <F<Zkbev_\ FK=_jZkbfh\
=FZdZc  II=e_a^_gh\ K==jb]hjv_\ KQZ\Zcg  I==jb]hjv_\
FI>Z\u^h\ IB?jmkeZgh\ I=DZjfZabg <EEmdvygh\
BYFheyjh\ <:Fmobg GKFmobg K:Gmjfbgkdbc LKK_f_gh\
LAM^xjfbgkdbc =YYdh\e_\ b ^j k\h_c dmevlmjghc ijhk\_lbl_evkdhc
^_yl_evghklvx kihkh[kl\h\Zeb nhjfbjh\Zgbx bklhjbq_kdh]h kZfhkhagZgby
gZjh^Z
Hkgh\gufkh^_j`Zgb_fgZpbhgZevgh]h^\b`_gby\wlhli_jbh^y\eyeky
iheblbq_kdbc ijhl_kl ijhlb\ gZpbhgZevgh]h ]g_lZ pZjbafZ \hajh`^_gb_ b
jZa\blb_fZjbckdh]hgZjh^ZIjbwlhfiheblbq_kdbcijhl_klijhlb\gZpbh
gZevgh]h ]g_lZ \h fgh]hf ghkbe j_eb]bhaghk_dlZglkdbc oZjZdl_j [ue gZ
ijZ\e_g ijhlb\ ojbklbZgkl\Z ijZ\hkeZ\by MqZklgbdb ^\b`_gby hldZau\Z
ebkvihk_sZlvijZ\hkeZ\gmxp_jdh\vbkihegylvojbklbZgkdb_h[jy^ub\u
klmiZeb aZ \ha\jZl d ^j_\g_c qbklhc b bklbggh fZjbckdhc j_eb]bb Wlh
[uelZd`_khpbZevgucijhl_kl\nhjf_k_dlZglkdh]h^\b`_gby<]\^
Jmld_ Xdrmfkdhc \hehklb YjZgkdh]h m_a^Z khklhyehkvdjmigh_fhe_gb_gZ

)LQQR8JULFD


hkgh\_gh\hc\_jukmqZklb_f^hq_eh\_dIha^g__wlZk_dlZihemqbeZ
gZa\Zgb_ Dm]m khjlZ ;hevrZy k\_qZ  LZdb_ fhe_gby klZeb ijh\h^blvky
Zdlb\gh b j_]meyjgh \ _ ]h^u \ YjZgkdhf Mj`mfkdhf PZj_\hdhd
rZckdhf m_a^Zo GZ gbo h[km`^Zebkv b gZkmsgu_ \hijhku gZpbhgZevghc
`bagb \u^\b]Zebkv b^_b k\h[h^u jZ\_gkl\Z <b^gmx jhev \ ^\b`_gbb b]
jZeb =j=Z\jbeh\ [jZlvy :g^j_c b Lbohg YdfZgh\u <LYdfZgh\ b ^j
Jmdh\h^bl_eb b ihke_^h\Zl_eb ^\b`_gby ih^\_j]Zebkv ]hg_gbyf j_ij_kkb
yfkhklhjhguijZ\hkeZ\gh]h^moh\_gkl\ZdZjZl_evguohj]Zgh\]hkm^Zjkl\Z
Kj_^b qZklb fheh^hc gZpbhgZevghc bgl_eeb]_gpbb h[mqZxs_cky \ hkgh\
ghf \ DZaZgb \ wlhl i_jbh^ \hagbdeb b iheblbq_kdb_ j_\hexpbhggu_ gZ
kljh_gby
<lhjhc i_jbh^ ]]  fZjbckdh]h gZpbhgZevgh]h ^\b`_gby
fh`gh gZa\Zlv j_\hexpbhgguf Hkh[_gghklvx _]h y\ey_lky lh qlh ih^
\ebygb_fj_\hexpbhgguokh[ulbc\kljZg_gZhkgh\_jhklZgZpbhgZevgh]h
kZfhkhagZgby rbjhdbo keh_\ fZjb bkihevamxlky jZ^bdZevgu_ j_\hexpb
hggu_ nhjfu b f_lh^u^ey^hklb`_gbygZpbhgZevgh]hhk\h[h`^_gbyI_j
\Zy[mj`mZagh^_fhdjZlbq_kdZyj_\hexpby\kdheuogmeZ\k_gZjh^uJhkkbb
kha^Zxlky b \ gZr_f j_]bhg_ i_j\u_ gZpbhgZevgu_ iheblbq_kdb_ iZjlbb
^\b`_gby gZijbf_j BllbnZd m lZlZj b ^j  Ih \hkihfbgZgbyf
K=QZ\ZcgZ j_\hexpby ]] j_adh ih^gyeZ m fZjbckdhc bgl_e
eb]_gpbbgZpbhgZevgh_kZfhkhagZgb_;ueZkha^ZgZgZpbhgZevgZyi_qZlvK
 ih ]] \uoh^be `mjgZe_`_]h^gbd FZjeZ dZe_g^Zjv hj]Zgbah
\Zgguc<F<Zkbev_\uf<]\]<yldZII=e_a^_g_\ufgZm^fmjl
kdhf lZlZjkdhf b fZjbckdhf yaudZo klZeZ ba^Z\Zlvky ]Za_lZ <hcgZ m\_j
<h_ggu_\_klb 
Ihke_ n_\jZevkdhc j_\hexpbb ] gZpbhgZevghhk\h[h^bl_evgh_
^\b`_gb_fZjbckdh]hgZjh^Z bjy^Z^jm]bogZjh^h\j_]bhgZ \uebehkvnZd
lbq_kdb \ gZpbhgZevgh^_fhdjZlbq_kdmx j_\hexpbx lZd dZd \eZklv \ djZ_
gZ \j_fy i_j_reZ \ jmdb fZjbckdh]h gZjh^Z _]h gZpbhgZevguo kt_a^h\
P_gljZevgh]h KhxaZ fZjb PKF  Hj]ZgbaZpbhgghc nhjfhc h[t_^bg_gby
fZjbckdbo^_fhdjZlbq_kdbokbeklZeb FZjbMr_f KhxaufZjb 
bxey ] \ ];bjkd_ Mnbfkdhc ]m[_jgbb khklhyeky  <k_jhkkbckdbc
kt_a^ fZjb Jmdh\h^beb kt_a^hf gZpbhgZevgu_ ^_fhdjZlu <F<Zkbev_\
II=e_a^_g_\<FB\Zgh\BGDh\_^y_\b^jklhy\rb_\hkgh\ghfgZ
ihabpbyowk_jh\Ihj_r_gbxkt_a^ZklZeZ\uoh^blv]Za_lZM`ZjZ AZjy 
h[ty\b\rZy k_[y \g_iZjlbcghc h[s_^_fhdjZlbq_kdhc >ey jmdh\h^kl\Z jZ
[hlhc FZjb Mr_f \ yg\Zj_ ] [ueZ kha^ZgZ iheblbq_kdZy hj]ZgbaZ
pbyP_gljZevgucKhxafZjbdhlhjucaZy\behk_[_dZdhj]Zg\eZklbgZ
jh^Z fZjb < jmdh\h^kl\h PKF \hreb >B:^Z_\F_ljb K==Z\jbeh\
Wfbg =??j_f__\ b ^j H^gZdh \ wlh \j_fykj_^bfZjbckdhcbgl_eeb]_g
pbb klZeb ijhy\eylvky ^\Z h[s_kl\_gghiheblbq_kdbo l_q_gby j_\hexpb
hgghkhpbZebklbq_kdh_ j_\hexpbhggh[hevr_\bklkdh_  \klZ\r__ gZ ihab
pbbkh\_lkdhc\eZklbbeb[_jZevghgZpbhgZevgh_klhy\r__gZb^_yoihegh
]hgZpbhgZevgh]hkZfhhij_^_e_gbyfZjbckdh]hgZjh^Z
 )LQQR8JULFD


<n_\jZe_fZjl_]\DZaZgbkhklhyekyGZpbhgZevguckt_a^fZjb
HgohlybijbagZ\Zekh\_lkdmx\eZklvgh\_]hj_r_gbyo[uehkdZaZghqlh
gZjh^ fZjb bf__l ijZ\h mkljZb\Zlv k\hx `bagv k\h[h^gh gZ hkgh\_ gZpbh
gZevgh]hkZfhhij_^_e_gby<_kghc]ijbbkihedhf_DZaZgkdh]h]m[kh
\_lZ [ue hj]Zgbah\Zg DhfbkkZjbZl fZjb \h ]eZ\_ k <:Fmobguf Dhfbk
kZjbZl \klZe gZ ieZlnhjfm kh\_lkdhc \eZklb Z ]Za_lZ M`ZjZ jZa\_jgmeZ
khpbZebklbq_kdmxijhiZ]Zg^m
< bxg_ ] khklhyeky hc <k_jhkkbckdbc kt_a^ fZjb dhlhjuc \
[hevrbgkl\_k\h_fg_ih^^_j`Zekh\_lkdmx\eZklvk__iheblbdhcijh^jZa
\_jkldb ihlj_[h\Ze i_j_^Zqb \k_c \eZklb \ fZjbckdhf djZ_ kt_a^m fZjb b
_]hiheblbq_kdhchj]ZgbaZpbbP_gljZevghfmKhxamfZjbGhmkbeb\rZy
kykh\_lkdZy\eZklv\ayeZdmjkgZebd\b^ZpbxgZpbhgZevguohj]Zgh\\eZklb
<^_dZ[j_ ]hl^_efZjbGZjdhfgZpZihklZgh\be PKFaZdjulvgZ\k_
]^ZZ\uklmiZxsbohl_]hbf_gbaZ^_j`b\ZlvZj_klh\u\Zlv
FZjb Mr_f klZe j_hj]Zgbah\u\Zlvky ba h[s_kl\_gghiheblbq_kdhc
hj]ZgbaZpbb \ dmevlmjghijhk\_lbl_evkdh_ h[s_kl\h GZpbhgZevgh
^_fhdjZlbq_kdZy j_\hexpby fZjbckdh]h gZjh^Z ]] g_ ^h\_^_g
gZy ^h eh]bq_kdh]h aZ\_jr_gby [ueZ ih^Z\e_gZ <eZklv \ fZjbckdhf djZ_
i_j_reZ \ jmdb hj]Zgh\ kh\_lkdhc \eZklb [hevr_\bklkdhc iZjlbb Ih kmlb
gZpbhgZevgh^_fhdjZlbq_kdbc eb[_jZevghp_gljbklkdbc imlv jZa\blby fZ
jbckdh]hb^jm]bogZjh^h\Jhkkbb[ueaZf_g_ge_\hjZ^bdZevghcj_\hexpb
hgghwdklj_fbklkdhc ^bdlZlhjkdhc iheblbdhc [hevr_\bdh\ kh\_lkdbo hj
]Zgh\
< _ ]h^u b^_b gZpbhgZevghdmevlmjgh]h kljhbl_evkl\Z \ hij_^_e_g
ghckl_i_gbijh\h^bebkv\`bagvdwlhfmh[yau\Zebbijbgpbiu>_deZjZ
pbbijZ\gZjh^h\Jhkkbbijbgylhc\ghy[j_]KgZ^_`^hcfZjbckdbc
gZjh^ \hkijbgye h[jZah\Zgb_ \ ghy[j_ ] k\h_c Z\lhghfbb dhlhjZy gZ
gZqZevghf wlZi_ bf_eZ j_Zevgh_ \hiehs_gb_ IhemqbeZ jZa\blb_ gZpbh
gZevgZy dmevlmjZ \u^_ebebkv yjdb_ ij_^klZ\bl_eb fZjbckdhc bgl_eeb]_g
pbb KQZ\Zcg FRd_lZg GB]gZlv_\ Heud WiZc :=jb]hjv_\
<<Zkbev_\N?]hjh\L?\k__\b^jGh\dhgp_ogZqZe_o]h^h\
k mklZgh\e_gb_f klZebgkdhc ^_kihlbqghc \eZklb Z\lhghfby klZeZ nbdlb\
ghc gZpbhgZevgZy bgl_eeb]_gpby j_ij_kkbjh\ZgZ b^_b gZpbhgZevgh]h ^\b
`_gbyjZklhilZgu\dhjg_ih^Z\e_gu
Ihke_gZqZeZi_j_kljhcdbgZjm[_`_o]h^h\gZqbgZ_lkylj_lbc
i_jbh^fZjbckdh]hgZpbhgZevgh]h^\b`_gbydhlhjucijh^he`Z_lkybk_]h
^gy ?]h fh`gh gZa\Zlv ^_fhdjZlbq_kdbf Hkh[_gghklvx lj_lv_]h i_jbh^Z
gZpbhgZevgh]h\hajh`^_gbyfZjbckdh]hgZjh^Zy\ey_lkylhqlhhghibjZ_l
ky gZ ^_fhdjZlbq_kdb_ e_]blbfgu_ nhjfu f_lh^u kj_^kl\Z j_r_gby gZ
pbhgZevguo ijh[e_f g_ lhevdh gZ i_j_^h\mx gZpbhgZevgmx bgl_eeb]_g
pbxghbgZrbjhdb_gZjh^gu_kehbgZhij_^_e_ggmxih^^_j`dm\eZklguo
kljmdlmjijbkhijhlb\e_gbbbijhlb\h^_ckl\bbklZjuokbegZb^_bhiulb
mjhdb i_j\uo ^\mo i_jbh^h\ gZpbhgZevgh]h ^\b`_gby KlZeZ \hajh`^Zlvky
hj]ZgbaZpbyFZjbMr_f<Zij_e_]ijhr_ekt_a^^_fhdjZlbq_kdh]h
h[s_kl\_ggh]h ^\b`_gby FZjb Mr_f gZ dhlhjhf aZy\beh h k_[_ b jZ^b

)LQQR8JULFD


dZevgh_ djueh gZpbhgZevgh]h ^\b`_gby kha^Z\r__ \ihke_^kl\bb h[s_kl


\_gghiheblbq_kdmx hj]ZgbaZpbx Dm]_a_ feZg^_ A_fey ij_^dh\  <Z`
guf iheblbq_kdbf kh[ulb_f \ gZpbhgZevghc `bagb klZeh ijh\ha]eZr_gb_
 hdly[jy ] km\_j_gbl_lZ J_kim[ebdb FZjbc We Khklhyebkv bc
kt_a^ gZjh^ZfZjbkt_a^u FZjbMr_fdhlhju_ihdZaZeb\k_fgh]hh[jZ
ab_ ijhlb\hj_qb\hklv b i_jki_dlb\u jZa\blby fZjbckdh]h gZpbhgZevgh]h
^\b`_gby
< fZjbckdhf gZpbhgZevghf ^\b`_gbb \Z`gh hlf_lblv nhjfbjh\Zgb_
iheblbq_kdhcdmevlmjubjhev\wlhfgZpbhgZevghcbgl_eeb]_gpbb
Iheblbq_kdZy dmevlmjZ fZjbckdhc bgl_eeb]_gpbb  wlh h[mkeh\e_ggZy
dhgdj_lghbklhjbq_kdbfb mkeh\byfb jZa\blby kh\hdmighklv lbibqguo ^ey
fZjbckdbobgl_eeb]_glh\iheblbq_kdboij_^klZ\e_gbcagZgbchjb_glZpbc
mklZgh\hd khagZgby  b iheblbq_kdh]h ih\_^_gby \ujZ`_gguo \ iheblbq_
kdbobgklblmlZobhlghr_gbyoF_glZebl_lfZjbckdhcbgl_eeb]_gpbbwlh
mklhcqb\u_ khpbZevghikboheh]bq_kdb_ mklZgh\db hjb_glZpbb ijb\uqdb
khagZgby h[jZa b kihkh[u fure_gby ij_^klZ\e_gby fbjhkha_jpZgb_ fZ
jbckdbobgl_eeb]_glh\
Iheblbq_kdZy dmevlmjZ y\ey_lky khklZ\ghc qZklvx f_glZebl_lZ ex^_c
Fh`gh\u^_eblvg_kdhevdhlbih\iheblbq_kdhcdmevlmjufZjbckdhcbgl_e
eb]_gpbb   \_jghih^^Zgbq_kdbc lbi oZjZdl_jbam_lky kbevghc ihablb\
ghc hjb_glZpb_c gZ p_gghklb kms_kl\mxs_c iheblbq_kdhc kbkl_fu gZeb
qb_f rbjhdhc iheblbq_kdhc bgnhjfbjh\Zgghklb b __ keZ[hc hkfuke_ggh
klvxg_kbkl_fZlbabjh\ZggufbagZgbyfbgbadhckl_i_gvxebqgh]hmqZklby
\iheblbq_kdboijhp_kkZog_jZa\blufbgZ\udZfbbmf_gbyfbiheblbq_kdhc
^_yl_evghklb Z^Zilbjh\ZgguclbioZjZdl_jbam_lkygZebqb_fbgl_j_kZ
diheblbd_rbjhdhcbgnhjfbjh\Zgghklvxhijhbkoh^ys_f\kn_j_iheblb
dbjZa\_l\e_gghckbkl_fhciheblbq_kdboagZgbcgZebqb_fdmevlmjufur
e_gbybiheblbq_kdhcaj_ehklbkbkl_fuk\hbop_gghklguohjb_glZpbckha
gZl_evghc iheblbq_kdhc Zdlb\ghklb gZ\udh\ b hiulZ iheblbq_kdhc ^_y
l_evghklbZdlb\bklkdbclbioZjZdl_jbam_lkygZebqb_f\ukhdh]hmjh\
gy ihlj_[ghklb \ iheblbq_kdhf kZfh\ujZ`_gbb mqZklbb \ iheblbq_kdhc
`bagbijbq_f\dZq_kl\_\hafh`gh]heb^_jZklj_fe_gb_f[ulvdhfi_l_gl
guf\\hijhkZoiheblbdbgZebqb_fgZ\udh\bmf_gbchiulZiheblbq_kdhc
Zdlb\ghklb Kj_^b lbih\ f_glZebl_lZ fh`gh \u^_eblv lhlZeblZjguc Z\lh
jblZjgucb^_fhdjZlbq_kdbcdhgk_gkmkguc
Ex^b ijhn_kkbhgZevgh aZgbfZxsb_ky mfkl\_gguf ljm^hf klZeb gZ
au\Zlvky bgl_eeb]_gpb_c b \u^_eylvky dZd hkh[uc h[s_kl\_gguc kehc \h
\lhjhciheh\bg_;,;\_dZ\mkeh\byo[mjgh]hjZa\blbydZiblZebafZ<dhg
p_;,;gZqZe_;;\_dh\dZiblZebklbq_kdb_hlghr_gbygZqZebnhjfbjh
\Zlv b fZjbckdmx gZpbhgZevgmx bgl_eeb]_gpbx Wlh [ueb ij_`^_ \k_]h
mqbl_ey ij_ih^Z\Zl_eb dgZqZem;;\bo[uehhdheh q_eh\_d ihwlu
ibkZl_eb Hgb [he_ag_ggh i_j_`b\Zeb k\hc hlju\ hl gZjh^Z klj_fbebkv
ihfhqv_fmklZjZebkvnhjfbjh\Zlvbklhjbq_kdh_gZpbhgZevgh_kZfhkhagZ
gb_ jh^gh]h gZjh^Z Gh khpbZevgu_ dhgljZklu lh]^Zrg_c Jhkkbb gZpbh
gZevgucgb]bebafbm]g_l_gb_dmevlmjgucjZaju\f_`^mbgl_eeb]_gpb_cb
 )LQQR8JULFD


gZjh^hf nhjfbjh\Zeb \ bgl_eeb]_glkdhc kj_^_ hkh[mx fhjZev b fbjh\ha


aj_gb_;hevrbgkl\hbabgl_eeb]_glh\[uebZl_bklZfbhiihabpbhgghhlgh
kbebkvd\eZklbijb^_j`b\Zebkv^_fhdjZlbq_kdbohjb_glZpbcbp_gghkl_c
IhdZaZl_e_f ih^t_fZ fZjbckdhc bgl_eeb]_gpbb [ueh lh qlh ih^ \ebygb_f
nbgkdhc DZe_\Zeu gZqZeZkv jZ[hlZ ih gZibkZgbx fZjbckdh]h wihkZ
=YYdh\e_\K=QZ\Zcg 
I_j\Zy [mj`mZagh^_fhdjZlbq_kdZy j_\hexpby ]] ih keh
\Zf K=QZ\ZcgZ j_adh ih^gyeZ m fZjbckdhc bgl_eeb]_gpbb gZpbhgZevgh_
kZfhkhagZgb_<djZ_ihy\eyxlkyi_j\u_iheblbq_kdb_ehamg]blj_[h\Zgby
\uklmie_gby Ih^ \ebygb_f iheblbq_kdbo kkuevguo j_\hexpbhg_jh\ ba
DZaZgbGb`g_]hGh\]hjh^Z<yldbg_dhlhju_fZjbckdb_mqbl_ey ::;h[
jh\:F;Zjhgh\I==jb]hjv_\GL>m[h\=LFZl\__\<:Fmobg
GFHjeh\ b ^j  klZeb ijhiZ]Zg^bjh\Zlv j_\hexpbhggmx iheblbq_kdmx
dmevlmjmIheblbq_kdZydmevlmjZm[hevrbgkl\ZfZjbckdhcbgl_eeb]_gpbb\
gZqZe_ ;; \_dZ [ueZ ij_bfms_kl\_ggh Z^Zilbjh\Zgghc k we_f_glZfb Zdlb
\bklkdh]hlbiZF_glZebl_lfZjbckdhcbgl_eeb]_gpbb\wlh\j_fyhij_^_ey
eb lZdb_ q_jlu dZd hiihabpbhggh_ hlghr_gb_ d \eZklb ijhl_kl ijhlb\ gZ
pbhgZevgh]hm]g_l_gby`_eZgb_ijh[m^blvbdmevlmjghih^gylvk\hcgZjh^
^hmjh\gyjZa\bluogZjh^h\klj_fe_gb_ddhgkheb^ZpbbgZpbb<wlb`_]h
^uijhy\bebkvlZdb_q_jlufZjbckdhcbgl_eeb]_gpbbdZdl_jibfhklvk^_j
`Zgghklv \ ijhy\e_gbb qm\kl\ ljm^hex[b_ fgbl_evghklv aZ\bkleb\hklv
^jm]d^jm]mkZfhex[b_b^j
<Z`gmx jhev \ nhjfbjh\Zgbb iheblbq_kdhc dmevlmju fZjbckdhc bg
l_eeb]_gpbb bf_eh kha^Zgb_ gZpbhgZevghc ibkvf_gghc ebl_jZlmju b i_qZ
lb
Kh[ulby ]]klZeb\Z`gufwlZihf\iheblbq_kdhfjZa\blbb
b jhkl_ fZjbckdhc bgl_eeb]_gpbb Ihke_ n_\jZevkdhc j_\hexpbb ] \
djZ_ klZeb \u^\b]Zlvky lj_[h\Zgby i_j_^Zqb \eZklb \ jmdb gZjh^Z ihemq_
gby a_feb l_fb dlh __ h[jZ[Zlu\Z_l ebd\b^Zpbb dmevlmjghc hlklZehklb b
^j >\b`_gb_ ^_fhdjZlbq_kdb gZkljh_gghc bgl_eeb]_gpbb aZ j_r_gb_ wlbo
\hijhkh\ijbgyehnhjfmhj]ZgbaZpbbFZjbMr_f h[s_kl\fZjb Ihkm
lb \ djZ_ \ wlh \j_fy j_rZebkv aZ^Zqb gZpbhgZevgh^_fhdjZlbq_kdhc j_\h
expbb GZ kt_a^_ [ue ijbgyl MklZ\PKFhij_^_ey\rbc_]hdZdiheblbq_
kdmxhj]ZgbaZpbxWlbkh[ulbyagZqbl_evghZdlb\babjh\Zebnhjfbjh\Zgb_
m fZjbckdhc bgl_eeb]_gpbb iheblbq_kdhc dmevlmju Z^Zilbjh\Zggh]h b Zd
lb\bklkdh]h lbih\ Wlh [ueh \j_fy gZpbhgZevgh]h jhfZglbafZ ^moh\gh]h
ih^t_fZ b gZijy`_gghc jZ[hlu < f_glZebl_l_ fZjbckdhc bgl_eeb]_gpbb
ij_h[eZ^ZeblZdb_ij_^klZ\e_gbyhjb_glZpbbdZdhsms_gb_gZpbhgZevgh]h
ih^t_fZ gZpbhgZevghc dhgkheb^Zpbb hk\h[h`^_gb_ hl m]g_l_gby h[j_l_
gb_k\h[h^uk\h_]himlbgZpbhgZevgh]hjZa\blbybl^
H^gZdh \h_ggu_ mki_ob DjZkghc Zjfbb ihimebaf [hevr_\bdh\ ijhiZ
]Zg^Zbob^_cehamg]h\iha\hebebi_j_ehfblviheblbq_kdb_gZkljh_gbymd
j_iblv [hevr_\bklkdmx \eZklv FZjbckdZy bgl_eeb]_gpby jZkdheheZkv ih
iheblbq_kdbf fhlb\Zf gZ klhjhggbdh\ j_\hexpbhggh[hevr_\bklkdh]h kh
\_lkdh]h imlb b ijb\_j`_gp_\ eb[_jZevghgZpbhgZevghc hjb_glZpbb QZklv

)LQQR8JULFD


^_fhdjZlbq_kdhc bgl_eeb]_gpbb hlhreZ hl iheblbdb b aZgyeZkv jZ[hlhc \


kn_j_ dmevlmju Ih^ ^Z\e_gb_f gZ`bfhf j_ij_kkbyfb hiihabpbhggh_ hl
ghr_gb_ d [hevr_\bdZf kh\_lkdhc \eZklb ihkl_i_ggh ij_h^he_\Zehkv gZ
qZehkv nhjfbjh\Zgb_ gh\hckh\_lkdhckhpbZebklbq_kdhcgZpbhgZevghcbg
l_eeb]_gpbb M bklhdh\ fZjbckdhc bgl_eeb]_gpbb k gh\uf khpbZebklbq_
kdbf f_glZebl_lhf klhyeb <:Fmobg G::e_dk__\ :JJhfZgh\ b ^j
< iheblbq_kdhc dmevlmj_ gZpbhgZevghc bgl_eeb]_gpbb klZeb gZkZ`^Zlvky
\_jghih^^Zggbq_kdb_p_gghklbbhjb_glZpbbH^gZdhkjZami_j_\hkiblZlv
h[jZah\Zgguo ex^_c [ueh g_\hafh`gh hklhjh`gh_ g_^h\_jqb\h_ hlghr_
gb_dkh\_lkdhc\eZklb[hevr_\bdZfkhojZgyehkvMgZpbhgZevghcbgl_eeb
]_gpbb ijhy\beky dmevlmjguc dhgk_j\Zlbaf \ hlghr_gbb gZkZ`^_gby kh
pbZebklbq_kdhcijhe_lZjkdhcdmevlmjuWlhfmkh^_ckl\h\ZeZhij_^_e_ggZy
wjhaby\h_gghdhffmgbklbq_kdhcj_\hexpbhgghciheblbq_kdhcdmevlmju\
_ ]h^u \ mkeh\byo gwiZ We_f_glZfb gwih\kdhc iheblbq_kdhc dmevlmju
klZeb fgh]hmdeZ^gZy wdhghfbdZ \hkklZgh\e_gb_ lh\Zjgh^_g_`gh]h h[jZ
s_gbyhij_^_e_ggZy^_fhdjZlbaZpbyh[s_kl\_gghcdmevlmjghc`bagb;u
eb mql_gu g_dhlhju_ gZkmsgu_ ijh[e_fu gZpbhgZevgh]hkm^Zjkl\_ggh]h
kljhbl_evkl\Z fZjbckdh]h gZjh^Z jZa\blby _]h Z\lhghfbb H^gZdh m`_ \
dhgp_o]h^h\i_jbh^hij_^_e_ggh]hgZpbhgZevgh]hjhfZglbafZij_j\Ze
ky klZebgkdhc j_\hexpb_c k\_jom Ih^ebggZygZpbhgZevgZydmevlmjZbg
l_eeb]_gpbyhq_gvkdhjh\[hevrbgkl\_k\h_f[ueZmgbqlh`_gZkZfhihgy
lb_ gZpbhgZevgZy bgl_eeb]_gpby klZeh aZ[u\Zlvky K mgbqlh`_gb_f klZ
ebgkdbfb j_ij_kkbyfb i_j\h]h ihdhe_gby fZjbckdhc bgl_eeb]_gpbb \ _
]h^uihkmlb[uekj_aZg^_fhdjZlbq_kdbciheblbdhdmevlmjguckehcdhlh
juc nhjfbjh\Ze b klbfmebjh\Ze gZpbhgZevgh_ jZa\blb_ \hajh`^_gb_ Lh
lZeblZjghfm j_`bfm gm`gZ [ueZ ijhe_lZjkdhbgl_jgZpbhgZevgZy bgl_eeb
]_gpbykZ\lhjblZjguflhlZeblZjguff_glZebl_lhfb\_jghih^^Zggbq_kdhc
iheblbq_kdhcdmevlmjhc
< ]h^u<_ebdhcHl_q_kl\_gghc\hcgubojms_\kdhciheblbq_kdhc hl
l_i_eb \ iheblbq_kdhc dmevlmj_ fZjbckdhc bgl_eeb]_gpbb ijhbahreb g_
dhlhju_baf_g_gbyk\yaZggu_kh`b^Zgb_fjZ^bdZevguoi_j_f_g\h[s_kl
\_ Mkbeb\Zxlky we_f_glu Z^Zilbjh\Zggh]h lbiZ iheblbq_kdhc dmevlmju
GhjZ^bdZevguoi_j_f_gg_ihke_^h\Zeh<qZklghklbwlhihdZaZeb]hg_gby
gZ fZjbckdh]h dhfihablhjZ DKfbjgh\Z Bgl_eeb]_gpby h[s_kl\h \gh\v
[uebihklZ\e_gu\`_kldb_jZfdb\_jghih^^Zggbq_kdhchjb_glZpbb<wlhc
aZloehc Zlfhkn_j_ kj_^b fZjbckdhc bgl_eeb]_gpbb ijhreZ \hegZ kmbpb^Z
dhlhjmxfh`ghjZkkfZljb\ZlvdZdnhjfmijhl_klZKlZebaZf_lgulZdb_q_j
lu dZd ^\hcgZy fhjZev aZ\bkleb\hklv ^hghkbl_evkl\h ih^oZebfkl\h b l^ <
wlh \j_fy ^ey ihgbfZgby f_glZebl_lZ gZpbhgZevghc bgl_eeb]_gpbb ihy\ey_lky
keh\hkhq_lZgb_fZjbcdhcurihgbfZ_fh_\g_]Zlb\ghfkfuke_H^gZdh\wlh
`_ aZklhcgh_ \j_fy \ kj_^_ bgl_eeb]_gpbb aj_eb hiihabpbhggu_ gZkljh_gby
\ukdZau\Zebkv b^_b h g_h[oh^bfhklb i_j_f_g gZpbhgZevgh]h \hajh`^_gby <
qZklghklbwlhijhy\behkv\l\hjq_kl\_ihwlZ<Dhemf[Z
Kk_j_^bgu o]h^h\\iheblbq_kdhcdmevlmj_fZjbckdhcbgl_eeb]_g
pbbijhbkoh^ylkms_kl\_ggu_baf_g_gbyhkh[_gghkjm[_`Zo]h^h\
 )LQQR8JULFD


jZkl_l \ebygb_ Z^Zilbjh\Zggh]h b Zdlb\bklkdh]h lbih\ :dlb\gZy qZklv bg


l_eeb]_gpbb knhjfbjh\ZeZ g_nhjfZevgh_ ^\b`_gb_ ^_fhdjZlbq_kdh_
h[s_kl\_ggh_ ^\b`_gb_ FZjb Mr_f aZeh`beZ hkgh\u kh\j_f_gghc fgh
]hiZjlbcghklb Nhjfbjm_lky gh\uc f_glZebl_l bgl_eeb]_gpbb dhlhjuc
hagZqZ_l \ kn_j_ agZgbc  rbjhdmx bgnhjfbjh\Zgghklv \ klbe_
fure_gby]b[dhklvj_Zebafdhgk_gkmkghklv\p_gghklguohjb_glZpbyo
ijbhjbl_lh[s_q_eh\_q_kdbop_gghkl_c]mfZgbafZ^_fhdjZlbb

YgZeh\<Zkbebc=_hj]b_\bq
>bj_dlhjGZpbhgZevghc[b[ebhl_dbJ_kim[ebdbFZjbcWe
Qe_gijZ\e_gbyh[s_fZjbckdh]h^\b`_gbyFZjbcmr_f
FZjbckdhlZlZjkdb_dmevlmjgu_k\yab
FZjbckdhlZlZjkdb_ k\yab bf_xl ^he]mx bklhjbx ^ey dhlhjhc oZjZd
l_jgu ^mo ^h[jhkhk_^kl\Z \aZbfhijhgbdgh\_gby yaudh\ dmevlmj h[uqZ_\
GZ ijhly`_gbb klhe_lbc gZrb gZjh^u g_ jZa \uklmiZeb wlgbq_kdbf lZg^_
fhfijhlb\gZkbebyqm`_a_fgh]h\lhj`_gbyBklhjbq_kdZyiZfylvh[wlhf
`b\_l\hfgh]boihdhe_gbyofZjb
Ihqlb ^\Z \_dZ DZaZgv \uihegy_l jhev dmevlmjgh]h h[jZah\Zl_evgh]h
p_gljZ ^ey gZjh^h\ Kj_^g_]h Ih\he`vy wlb nmgdpbb ]hjh^Z ljm^gh i_j_
hp_gblv\^_e_aZjh`^_gbybjZa\blbyibkvf_gghklb]hkm^Zjkl\_gghklbfZ
jba^_kvihy\bebkvi_j\u_fZjbckdb_dgb]b`mjgZeu]Za_lua^_kvkhklhy
ebkvi_j\u_h[s_fZjbckdb_dhgn_j_gpbbkt_a^u
Ieh^hl\hjgmx [Zam ^ey khljm^gbq_kl\Z gZrbo j_kim[ebd kha^Ze >h]h
\hj h ^jm`[_ khljm^gbq_kl\_ b \aZbfghc ihfhsb f_`^m FZjbc We b J_k
im[ebdhc LZlZjklZg ih^ibkZgguc \ ChrdZjHe_ \ fZ_  ]h^Z Wlhl ^h
dmf_gl kh^_j`bl iheh`_gb_ h \aZbfh^_ckl\bb j_kim[ebd kh k\hbfb gZpbh
gZevgufb^bZkihjZfbijh`b\ZxsbfbgZl_jjblhjbbFZjbcWebLZlZjklZ
gZ
K_cqZk\]hjh^ZoDZaZgbGZ[_j_`guoQ_egZo?eZ[m]_bjZchgZoLZlZj
klZgZ ijh`b\Z_l [he__  lukyq fZjb Bo wlgbq_kdb_ dmevlmjgu_ h[jZah\Z
l_evgu_ijh[e_fuklZebij_^f_lhfh[km`^_gbcf_`^mfbgbkl_jkl\Zfbh[jZ
ah\ZgbydmevlmjugZrboj_kim[ebd?klvkh\f_klgu_ijh]jZffuihjZa\blbx
b khojZg_gbx fZjbckdhc dmevlmju ljZ^bpbc h[uqZ_\ FZjbckdZy ^bZkihjZ
ijh`b\ZxsZy \ LZlZjklZg_ khlgyfb gbl_c k\yaZgZ kh k\hbfb khjh^bqZfb \
FZjbc We Keh`beZkv ijZdlbdZ h[f_gh\ dhgp_jlgufb ]jmiiZfb ijh\_^_gby
kh\f_klguo gZjh^guo ijZa^gbdh\ yauq_kdbo fhe_gbc A^_kv agZqbl_evgh
\ebygb_ \hklhqghc ]jmiiu h[s_fZjbckdh]h ^\b`_gby FZjb Mr_f dhlhjZy
bf__l k\hb yq_cdb ijZdlbq_kdb \h \k_o djmiguo fZjbckdbo k_eZo LZlZjklZgZ
FZjbcMr_fklZebgbpbZlhjhf\hajh`^_gby^j_\g_fZjbckdboijZa^gbdh\
k_fudmyjgyZ]ZiZcj_fmdbg^_<_k_ggbcijZa^gbdk_fud\b]h^Zo
kh[bjZe\^_j_\g_Wevg_lF_g^_e__\kdh]hjZchgZJ_kim[ebdbLZlZjklZglukyqb
fZjbcp_\ \  ]h^m lZdb_ ijZa^g_kl\Z ih ^j_\gbf h[uqZyf khklhyebkv \^_
j_\g_;bfZ:]juakdh]hjZchgZ<djmiguo]hjh^ZoLZlZjklZgZ\hagbdebfZjbc
kdb_dem[ua_feyq_kl\Z<]hjh^_GZ[_j_`gu_Q_eguijhoh^yl^gbfZjbckdhc

)LQQR8JULFD


dmevlmju^_ckl\mxl^\_\hkdj_kgu_fZjbckdb_rdheukha^ZgZgkZf[evnhevd
ehjghcfmaudbFZjbck_f
< klhebp_ LZlZjklZgZ ijh`b\Z_l hdheh  fZjb a^_kv ljZ^bpbhggh
kbevgZy\_l\vfZjbckdhcbgl_eeb]_gpbbGZfhc\a]ey^p_e_khh[jZagh\DZ
aZgbhldjulvihklhyggh^_ckl\mxsbcfZjbckdbck_fbgZjihijh[e_fZfbk
lhjbb yaudZ ebl_jZlmju b dmevlmju fZjb ^ey Zdlb\bklh\ fZjbckdbo dmev
lmjguo p_gljh\ b a_feyq_kl\ ij_ih^Z\Zl_e_c fZjbckdbo rdhe jZ[hlgbdh\
mqj_`^_gbcdmevlmjujZkiheh`_gguogZl_jjblhjbbdhfiZdlgh]hijh`b\Z
gby fZjbcp_\ \ LZlZjklZg_ LZdb_ k_fbgZju k jmdh\h^bl_eyfb fZjbckdbo
dmevlmjguo p_gljh\ b a_feyq_kl\ ^_ckl\mxsbo aZ ij_^_eZfb FZjbc We \
]hjh^_ ChrdZjHe_ klZeb j_]meyjgufb GZ ihke_^g_f k_fbgZj_ ^hklb]gmlZ
^h]h\hj_gghklvhkha^ZgbbDhhj^bgZpbhggh]hkh\_lZ^eyihklhygghck\yabk
fZjbckdhc ^bZkihjhc K_cqZk ChrdZjHeZ j_]meyjgh gZijZ\ey_l \ f_klZ
dhfiZdlgh]hijh`b\ZgbyfZjbom^h`_kl\_ggu_dhee_dlb\uZm^bhb\b^_h
aZibkb dgb]b gZ fZjbckdhf yaud_ km\_gbjgmx ijh^mdpbx < DZaZgb klZeh
\hafh`guf ijh\_^_gb_ ^g_c fZjbckdhc dmevlmju k mqZklb_f ihimeyjguo
gZjh^guo ZgkZf[e_c fmaudZglh\ Zjlbklh\ < jZfdZo ^g_c fh]ml khklhylky
\uklZ\db fZjbckdbo om^h`gbdh\ GZ wlhl kq_l Fbgbkl_jkl\h dmevlmjuFZ
jbcWe]hlh\hki_pbZevghh[jZlblkydFbgbkl_jkl\mdmevlmjuLZlZjklZgZ
ChrdZjHeZ ih^]hlh\beZ b j_Zebam_l ijh_dl hj]ZgbaZpbhgghc b f_lh
^bq_kdhc ihfhsb fZjbckdbf dmevlmjguf p_gljZf P_glj gZjh^gh]h
l\hjq_kl\Z gZijZ\ey_l \ DZaZgv ieZgu dmjkh\ dmevlijhk\_ljZ[hlgbdh\
<Z`g_cr__ agZq_gb_ \ ^_e_ khojZg_gby b jZa\blby gZpbhgZevghc dmevlmju
bf__l i_qZlv jZ^bh b l_e_\b^_gb_ D kh`Ze_gbx fhsghklb FZjbckdhc
l_e_jZ^bh\_sZl_evghc klZgpbb g_ iha\heyxl ^hg_klb fZjbckdmx jh^gmx
j_qvijh`b\ZxsbfaZij_^_eZfbj_kim[ebdbJZ^bh`mjgZeF_`^m<he]hc
b MjZehf g_\_ebd ih wnbjghfm h[t_fm b ih^[hj fZl_jbZeh\ ghkbl
kemqZcguc oZjZdl_j b^_l gZ jmkkdhf yaud_ kemrZl_eb gZ fhc \a]ey^ g_
j_Z]bjmxlgZg_]hYaZlhqlh[uwlhljZ^bh`mjgZe^hghkbejh^gh_keh\h
BgnhjfZpbhggZy k\yav ihkj_^kl\hf i_qZlghc ijh^mdpbb g_ ihl_jyeZ
k\h_cZdlmZevghklbbk_cqZk?`_]h^ghGZpbhgZevgZy[b[ebhl_dZbf_gbK=
QZ\ZcgZ J_kim[ebdb FZjbc We ^jm]b_ djmigu_ [b[ebhl_db gZijZ\eyxl \
rdheu [b[ebhl_db jZkiheh`_ggu_ \ f_klZo dhfiZdlgh]h ijh`b\Zgby fZ
jbcp_\ \ LZlZjklZg_ khlgb dgb] < ^_dZ[j_ ]h^Zfukh\f_klghkP_g
ljZevghc ]hjh^kdhc [b[ebhl_dhc DZaZgb ijh\_eb \uklZ\dm fZjbckdbo dgb]
ihk\ys_ggmxe_lbxfZjbckdhcibkvf_gghklb
Fu ih^^_j`b\Z_f ijZdlbdm ijh\_^_gby fZjbckdbo k_fbgZjh\ \Z`guo
^ey jZajZ[hldb f_oZgbafh\ ih^^_j`db gZpbhgZevguo dmevlmjguo p_gljh\
a_feyq_kl\ j_ZebaZpbb ijh]jZff khojZg_gby b jZa\blby yaudZ ljZ^bpbc
fZjbckdh]hgZjh^Z
 )LQQR8JULFD



?]hjh\ZHev]ZDhgklZglbgh\gZ
dZg^b^Zlbkdmkkl\h\_^_gby
^hp_glDZaZgkdhc]hkm^Zjkl\_gghcdhgk_j\Zlhjbb
FZjbckdh_\hajh`^_gb_bkm^v[ugZpbhgZevghcbgl_eeb]_gpbb
L_jfbg <hajh`^_gb_ ijbf_gy_lky \ dmevlmjheh]bb b bklhjbb ih hl
ghr_gbx d gZjh^Zf beb wlghkZf i_j_`b\rbf i_jbh^ ^j_\ghklb b \ha\jZ
lb\rbokydp_gghklyf^j_\g_cdmevlmjuihke_^ebl_evgh]hi_jbh^Zh[uqgh
gZau\Z_fh]h Kj_^gbfb \_dZfb Ihgylb_ <hajh`^_gb_ [ueh \i_j\u_
ijbf_g_gh\aZiZ^gh_\jhi_ckdbokljZgZobk\yau\Z_lkyh[uqghkbklhjb_c
lZdbokljZgdZdBlZebyNjZgpby=_jfZgby
<hafh`ghebijbf_g_gb_wlh]hihgylbydbklhjbbgZjh^h\Ih\he`vy\
qZklghklb bklhjbb gZjh^Z fZjb" < bklhjbdhdmevlmjheh]bq_kdhc ebl_jZlm
j_ihk\ys_gghcfZjbcpZfhgh\klj_qZ_lky\\b^_f_lZnhjuijbf_gy_fhc
di_jbh^mj_\hexpbhgguokh[ulbc ]h^Zbihy\e_gbx\fZjbckdhci_
qZlb k\_lkdbo ba^Zgbc lbiZ FZjeZ dZe_g^Zj_c >h g_^Z\g_]h\j_f_gb\ky
bklhjby fZjbckdh]h gZjh^Z hl  ]h^Z jZkkfZljb\ZeZkv dZd ih^t_f b
jZkp\_l Gh gZqZeh \hajh`^_gby gZpbhgZevgh]h kZfhkhagZgbyke_^m_lbk
dZlv \ ;9,,, klhe_lbb dh]^Z ijhbkoh^bl nhjfbjh\Zgb_ kehy fZjbckdhc gZ
pbhgZevghcbgl_eeb]_gpbbI_j\ufb__ij_^klZ\bl_eyfbklZgh\ylkyfZjbc
pu ihemqb\rb_ h[jZah\Zgb_ \ rdheZo ^ey bghjh^p_\ ^moh\guo k_fbgZ
jbyo ki_pbZevguo mq_[guo aZ\_^_gbyo ]^_ ]hlh\beb dZ^ju mqbl_e_c ij_
bfms_kl\_gghk_evkdbo H[mjh\g_ihemq_gguoagZgbck\b^_l_evkl\m_llhl
nZdlqlhbf_gghij_^klZ\bl_ebwlh]hbgl_ee_dlmZevgh]hhljy^ZklZebZ\
lhjZfb i_j\uo bklhjbdhwlgh]jZnbq_kdbo bkke_^h\Zgbc h fZjbcpZo gZib
kZgguo ex^vfb dhj_gghc gZpbhgZevghklb b ih k_c ^_gv b]jZxsbo jhev
\Z`g_cr_]hbklhqgbdZ^eygh\uoihdhe_gbcmq_guoGZah\_fHq_jdj_eb
]bhaguo\_jh\Zgbcq_j_fbkhim[ebdh\Zgguc\]h^m\uimkdgbdhfDZ
aZgkdhc ^moh\ghc ZdZ^_fbb K:Gmjfbgkdbf J_eb]bhagu_ h[jy^u q_j_
fbk ] Z\lhj  mqbl_ev b k\ys_ggbd =Ydh\e_\ wlhlkibkhdfh`gh
ijh^he`blv^hkh\_lkdh]hi_jbh^Zmihfygm\ohly[ubf_gZZ\lhjh\fgh]bo
p_gguo bklhjbdhwlgh]jZnbq_kdbo bkke_^h\Zgbc N??]hjh\Z b L<?n
j_fh\ZMg`bgkdh]h < bghjh^q_kdhc mqbl_evkdhc rdhe_ aZl_f \ ^moh\ghc
k_fbgZjbb ihemqbe h[jZah\Zgb_ b \u^Zxsbcky mq_guc <F<Zkbev_\ dh
lhjuci_j\ufbafZjbcp_\ihemqbeb^biehfDZaZgkdh]hmgb\_jkbl_lZ
:[khexlgh_ [hevrbgkl\h mq_guo klhy\rbo m bklhdh\ gZpbhgZevghc
gZmqghc fukeb bf_eh ljZ]bq_kdmx km^v[m H[jZah\Zgb_ ihemq_ggh_ bfb\
kl_gZo ojbklbZgkdbo mq_[guo aZ\_^_gbc [ueh \h \j_fy b^_heh]bq_kdbo j_
ij_kkbcijbjZ\g_ghd]hkm^Zjkl\_gghcbaf_g_G_ijbgbfZehkv\h\gbfZgb_
blhqlhg_dhlhju_bagbohlgx^vg_[uebm[_`^_ggufbklhjhggbdZfbijZ
\hkeZ\ghc\_juZebrvbkihevah\Zebihemq_ggu_bfbagZgbybh[jZah\Zgb_
^eyjZaghklhjhgg_ck\_lkdhcbgZmqghc^_yl_evghklb=jm[ZyljZ\ey\hfgh
]bokemqZyobnbabq_kdh_mgbqlh`_gb_fZjbckdbomq_guoh[hj\Zeb\Z`gmx
ebgbx gZmqguo bkke_^h\Zgbc gZpbhgZevghc dmevlmju AZqZklmx ihqlb
g_ba\_klgubfgh]b_nZdlukm^_[b`bag_ggh]himlbwlboex^_c

)LQQR8JULFD


Ih^ebggh gZmqgh_ bamq_gb_ bo ^_yl_evghklb ^he`gh kihkh[kl\h\Zlv


jZa\blbxgZmdbgZk_]h^gyrg_fwlZi_

FZdeu]bg:e_dkZg^jEv\h\bq
dZg^b^Zlbkdmkkl\h\_^_gbyaZ\_^mxsbcdZn_^jhcl_hjbbfmaudb
DZaZgkdhc]hkm^Zjkl\_gghcdhgk_j\Zlhjbb
aZkem`_gguc^_yl_evbkdmkkl\JL
DZaZgvbfZjbckdZyfmaudZevgZydmevlmjZ
DZaZgv \ l_q_gb_ fgh]bo klhe_lbc y\ey_lky djmiguf dmevlmjguf p_g
ljhf Ih\he`vy GZoh^ykv dZd [u \ lhqd_ i_j_k_q_gby [hevrbo dmevlmjguo
kbkl_f AZiZ^  <hklhd DZaZgv dZd jhkkbckdh_ hdgh gZ <hklhd ZgZeh
]bqgZ I_l_j[mj]m dZd hdgm gZ AZiZ^  DZaZgv Zdlb\gh \[bjZeZ \ k_[y ^m
oh\gu_ ljZ^bpbb jZaguo gZjh^h\Wlhfm\g_fZehckl_i_gbkihkh[kl\h\ZeZ
ihebwlgbqghklv ]hjh^Z i_kljuc khklZ\  `bl_e_c FOm^ydh\  Gh DZ
aZgvbklhjbq_kdbklZeZg_lhevdh \[bjZxsbfghbkhab^Zxsbfdmevlmj
guf p_gljhf ih hlghr_gbx dZd d lZlZjkdhfm gZjh^m lZd b gZjh^Zf \k_]h
Kj_^g_]hIh\he`vyLh_klvDZaZgvihkl_i_gghh[j_eZagZq_gb_p_gljZhkh
[hc kj_^g_\he`kdhc fgh]hgZpbhgZevghc km[dmevlmju \ lhf qbke_ b fmau
db Ijb \k_f jZaebqbb lZlZjkdhc qm\Zrkdhc b fZjbckdhc fmaudb f_`^m
gbfbbf__lkyjy^h[sboijbagZdh\ i_glZlhgbdZfhgh^bcguclbinhevdeh
jZ dhlhju_klZeb[eZ]h^Zlghcihq\hc^eyom^h`_kl\_ggh]h\aZbfh^_ckl\by
\wlhfj_]bhgZevghfdmevlmjghfijhkljZgkl\_
KlZgh\e_gb_ fZjbckdhc ijhn_kkbhgZevghc fmaudZevghc dmevlmju ijh
bkoh^bl \ dhgp_ ;,;  gZqZe_ ;; \_dh\ b hgh k\yaZgh k DZaZgvx < wlh
\j_fy DZaZgv  djmiguc bgl_ee_dlmZevguc ijhk\_lbl_evkdbc ba^Zl_ev
kdbch[jZah\Zl_evgucp_gljJhkkbb>eyfZjbckdh]hgZjh^Zwlhl]hjh^[ue
g_ lhevdh ]m[_jgkdhc klhebp_c gh b k\h_h[jZaguf ]_hwlgbq_kdbf p_g
ljhf jZkiheh`_gguf f_`^m f_klZfb ijh`b\Zgby em]h\uo ]hjguo b \hk
lhqguofZjb<Z`gmxjhev\bamq_gbbfZjbckdh]hfmaudZevgh]hnhevdehjZ
ku]jZeb wlgh]jZnbq_kdb_ bkke_^h\Zgby ijh\h^b\rb_ky DZaZgkdbf mgb\_j
kbl_lhf H[s_kl\hZjo_heh]bbbklhjbbbwlgh]jZnbb <gZqZe_\_dZihy\
eyxlky i_j\u_ k[hjgbdb fZjbckdh]h nhevdehjZ \ pbnbjghc ghlZpbb
::iljb_\]<<Zkbev_\]FZjeZdZe_g^Zjv <h\lhjhf^_
kylbe_lbb gug_rg_]h \_dZ \_^_lky Zdlb\gZy jZ[hlZ \ ieZg_ iylbebg_cghc
jZkrbnjh\dbfZjbckdboi_k_g\dZ[bg_l_wdki_jbf_glZevghcnhg_lbdbijb
mqZklbbijhn_kkhjZ:;h]hjh^kdh]h kh\f_klghkB;_j]b<<Zkbev_\uf 
AgZf_gZl_evgufkh[ulb_fklZe\uimkdi_j\h]hk[hjgbdZfZjbckdboi_k_g\
iylbebg_cghcghlZpbb<<Zkbev_\Zba^Zgguc\DZaZgb\]h^m
DZaZgv y\eyeZkv ]eZ\guf ijhk\_lbl_evkdbf p_gljhf \ bklhjbb fZjbc
kdh]h gZjh^Z jhev <yldb \ wlhf hlghr_gbb [ueZ agZqbl_evgh kdjhfg__ 
I_j\h_agZdhfkl\hfZjbkfmaudZevghc]jZfhlhchlghkblkyd]h^mdh
]^Z\K\by`kd_[ueZhldjulZrdheZghlgh]hi_gbyijb;h]hjh^bpdhffh
gZkluj_JZkrbj_gbxfmaudZevgh]hijhk\_lbl_evkl\Zkj_^bfZjbkihkh[kl
\h\Zehhldjulb_\]h^mDZaZgkdhcmqbl_evkdhck_fbgZjbbklZ\r_ch^
gbf ba nhjihklh\ ojbklbZgkdh]hijhk\_s_gby\j_]bhg_Bf_ggha^_kvih^
 )LQQR8JULFD


jmdh\h^kl\hf GBevfbgkdh]h b KKfhe_gkdh]h b^_l jZ[hlZ ih i_j_\h^m


ijZ\hkeZ\guoi_kghi_gbcgZfZjbckdbcyaud i_j\u_i_j_\h^u[uebk^_eZ
gu _s_ \ gZqZe_ ;,; \_dZ k\ys_ggbdhf ]hjghfZjbckdh]h djZy ::ev
[bgkdbf  J_amevlZlhf y\behkv ba^Zgb_ ghlbjm_fuo i_kghi_gbc gZ fZjbc
kdhfyaud_ ]gZ]hjghfgZj_qbb]gZem]h\hfgZj_qbb 
G_kfhljy gZ mkbe_gb_ klZjZgby ojbklbZgkdbo fbkkbhg_jh\ ijZ\hkeZ\b_
g_ \hreh ]em[hdh \ khagZgb_ fZjb ohly \ebygb_ _]h b [ueh agZqbl_evguf
D<Zkbg IjZ\hkeZ\gZy`_fmaudZ__a\mdh\hckljhchdZaZeZkvfZjb[he__
[ebadhc ihemqZy ih^qZk \g_p_jdh\gh_ ijbf_g_gb_ gZijbf_j \h \j_fy
yauq_kdbo fhe_gbc  Ijh[e_fu khhlg_k_gby ijZ\hkeZ\gh]h b yauq_kdh]h
jhev fmaudb \ klZgh\e_gbb ojbklbZgkdh]h ^moZ fZjb [ueb ij_^f_lhf
hkh[h]h\gbfZgbyFbkkbhg_jkdh]hh[s_kl\ZgZoh^b\r_]hky\DZaZgb<ba
^Z\Z\r_fky wlbf h[s_kl\hf `mjgZe_ Bghjh^q_kdh_ h[haj_gb_ ^ZggZy
ijh[e_fZlbdZ hlghkbl_evgh fZjb h[klhyl_evgh jZkdju\Z_lky L?nj_fh\uf
\_]hklZlvyo]h^Z
Hl ijZ\hkeZ\gh]h fgh]h]hehkby ihkl_i_ggh Z^Zilbjh\Z\r_]hky \ f_
klguogZpbhgZevguomkeh\byo\_^_lkyimlvdi_j\ufohjh\ufhiulZffZ
jbckdboi_j\hijhoh^p_\ijhn_kkbhgZevghcfmaudbIhqlb\k_hgbbf_eb
p_jdh\ghi_\q_kdh_\hkiblZgb_GZj_]_glkdbodmjkZoijbDZaZgkdhffmau
dZevghf mqbebs_ ihemqbe h[jZah\Zgb_ hkgh\hiheh`gbd fZjbckdhc fmaudb
BDexqgbdh\IZeZglZc < wlhf `_ mq_[ghf aZ\_^_gbb g_kdhevdh iha`_
mqbebkvmJ=mff_jlZ[m^msb_dhfihablhjuYWriZcbGKb^mrdbg
Ihke_ kha^Zgby FZjbckdhc j_kim[ebdb p_gljhf dmevlmjghc gZpbhgZev
ghc `bagb klZgh\blky DjZkghdhdrZckd ChrdZjHeZ  <f_kl_ k l_f agZq_
gb_DZaZgb\nmgdpbhgbjh\ZgbbfZjbckdhcijhn_kkbhgZevghcfmaudb\h\k_
g_kgb`Z_lkyHkh[mxjhev\wlhfl\hjq_kdhf\aZbfh^_ckl\bbgZqZeZb]jZlv
hlju\rZyky\]h^mDZaZgkdZydhgk_j\Zlhjby\dhlhjhcihemqbebh[jZ
ah\Zgb_fgh]b_\b^gu_^_yl_ebfZjbckdhcfmaudZevghcdmevlmju
<gZklhys__\j_fyklhbljy^k_jv_aguoijh[e_fihZdlb\baZpbbl\hjq_
kdh]h\aZbfh^_ckl\byf_`^mfmaudZevghch[s_kl\_gghklvxDZaZgbbChr
dZjHeu D bo qbkem ke_^m_l hlg_klb \ qZklghklb kha^Zgb_ j_]bhgZevgh]h
l_e_jZ^bh\_sZgby k p_evx h[f_gZ om^h`_kl\_gghc bgnhjfZpb_c jZ[hlZ
gZ^ kha^Zgb_f gZmqgh jZajZ[hlZgguo mq_[guo ijh]jZff ih fmaud_ dZd \
kbkl_f_ ki_pbZebabjh\Zggh]h fmaudZevgh]h h[jZah\Zgby lZd b \ kbkl_f_
gZpbhgZevghZ^Zilbjh\Zggh]hh[s_]hh[jZah\Zgbyfh^_jgbaZpbym`_kms_
kl\mxsbo nhjf l\hjq_kdh]h khljm^gbq_kl\Z j_]bhgZevguc fmaudZevguc
n_klb\Zev gZmqgu_ dhgn_j_gpbb dhgp_jlgZy ijZdlbdZ  GZjy^m k Zdlb\gh
nmgdpbhgbjmxs_c bgnjZkljmdlmjhc j_kim[ebdZgkdh]h mjh\gy \ h[eZklb
dmevlmjghc`bagb^hklZlhqghy\ghhk_[_aZy\ey_lihlj_[ghklv\om^h`_kl
\_gguo Zdpbyo j_]bhgZevgh]h ihjy^dZ \ dhlhjuo p_gljZebabjmxsb_ nmgd
pbbfh`_lb]jZlvDZaZgvIh^h[gZyjhev__bklhjbq_kdbh[mkeh\e_gZ

)LQQR8JULFD



DZaZdh\?\]_gbcI_ljh\bq
^hdlhjbklhjbq_kdbogZmd
klZjrbcgZmqguckhljm^gbdBYEB:GJL
WlZiuwlghdmevlmjgh]h\aZbfh^_ckl\bygZk_e_gbyLZlZjklZgZbFZjbcWe
K ]em[hdhc ^j_\ghklb gZjh^u ijh`b\Zxsb_ gZ l_jjblhjbb LZlZjklZgZ
b FZjbckdh]h Ih\he`vy gZoh^bebkv \ l_kguo dhglZdlZo f_`^m kh[hc Wlh
[uehh[mkeh\e_ghbokhk_^kl\hf[ebadbfbijbjh^gufbmkeh\byfbhij_^_
eyxsbfb koh^guc h[jZa `bagb gZebqb_f j<he]b \h \k_ \j_f_gZ \uihe
gyxs_c jhev \Z`g_cr_]h imlb khh[s_gby M`_ \ wihom g_heblZ gZk_e_gb_
hlf_q_gguo j_]bhgh\ \oh^beh \ h^gm wlghdmevlmjgmx h[sghklv LZ `_ kb
lmZpbyhlf_qZ_lky^eywihob[jhgaudh]^ZbDZaZgkdh_Ih\he`v_bFZjbc
kdbcdjZcaZgbfZebie_f_gZijbdZaZgkdhcdmevlmju ::OZebdh\ <wih
omjZgg_]h`_e_aZwlb`_jZchguaZgbfZebZgZgvbgkdb_ie_f_gZZiha^g__
\,99,,\\gwghkbl_ebZa_ebgkdhcdmevlmju IGKlZjhklbg 
DZq_kl\_ggh gh\uc wlZi \h \aZbfhhlghr_gbyo gZk_e_gby hlf_q_gguo
j_]bhgh\ gZklmibe \ [me]Zjkdmx wihom H[jZah\Zgb_ \ Kj_^g_f Ih\he`v_
]hkm^Zjkl\Zk\ukhdbfmjh\g_fkhpbZevghwdhghfbq_kdh]hjZa\blbyh[mkeh
\beh Zj_Zehp_gljbklkdb_ ijhp_kku <he`kdZy ;me]Zjby klZeZ p_gljhf hdZ
au\Zxsbf[hevrh_dmevlmjgh_wdhghfbq_kdh_biheblbq_kdh_\ha^_ckl\b_
gZkhk_^_c<boqbke_[uehbgZk_e_gb_fZjbckdh]hIh\he`vy
< wlhl i_jbh^ ijhbkoh^bl Zdlb\guc ijhp_kk kha^Zgby \hdjm] lxjdhy
auqgh]hy^jZKj_^g_]hIh\he`vyZj_Zevguo]jmiigZk_e_gbyHgbnhjfbjh
\Zebkv kj_^b nbgghyauqgh]h b m]jhyauqgh]h gZk_e_gby ijh`b\Zxs_]h ih
h]jhfghc^m]_gZaZiZ^guok_\_jguob\hklhqguo]jZgbpZo<he`kdhc;me
]Zjbb Ih^ \ebygb_f \ukhdhjZa\blhc dmevlmju [me]Zj ijhbkoh^beZ lxjdb
aZpby jy^Z wlgbq_kdbo ]jmii dhlhju_ ihlhf \hreb \ khklZ\ [me]Zj dZaZg
kdbolZlZjZg_dhlhju_khojZgbebkvb^hgZr_]h\j_f_gb [_k_jfyg_fhj^
\ZdZjZlZb b ^j  LZdh_ `_ \ha^_ckl\b_ bkiulu\ZeZ b dmevlmjZ gZk_e_gby
FZjbckdh]h djZy < ih]jZgbqghc l_jjblhjbb [me]Zju ijh`b\Zeb ijZdlbq_
kdb kh\f_klgh k ij_^dZfb fZjbcp_\ q_j_fbkZfb  LZd gZ l_jjblhjbb
]DZaZgbbamq_g;hjbkdh\kdbcfh]bevgbd;;,\\hklZ\e_ggucij_^dZfb
fZjbcp_\bkhijh\h`^Zxsbcky[h]Zlufbdhee_dpbyfbba^_ebcih\he`kdbo
nbggh\
K\h_]hjZkp\_lZ<he`kdZy;me]Zjby^hklb]eZ\ihke_^g_cq_l\_jlb;
;,\\ < wlh \j_fy OZaZjby m`_ iZeZ Z K_\_jh<hklhqgZy Jmkv [ueZ keZ[Z
GZ h[rbjghf ijhkljZgkl\_ Kj_^g_]h Ih\he`vy ;me]Zjby klZeZ iheblbq_
kdbfbwdhghfbq_kdbf]_]_fhghf;mjghjZa\b\Zxs__kyj_f_ke_ggh_ijhba
\h^kl\hkljZgukg_h[oh^bfhklvxlj_[h\Zehh[t_fguojugdh\k[ulZ<wlh
\j_fyfZkkZ\ukhdhdZq_kl\_gguoba^_ebc\he`kdbo[me]Zjhlf_qZ_lky\iZ
fylgbdZo gZjh^h\ <hklhqghc ?\jhiu gZ rbjhdhc l_jjblhjbb hl <_jog_c
DZfu ^h <_jog_]h Ih\he`vy hkh[_ggh \^hev j_qguo iml_c ;eb`Zcrbf
jugdhf k[ulZ lh\Zjh\ [me]Zj [ueh FZjbckdh_ Ih\he`v_ jZkiheh`_ggh_
\k_]h \ df hl p_gljZevghc qZklb kljZgu [me]Zj b k\yaZggh_ k g_c
j<he]hc < iZfylgbdZo FZjbckdh]h djZy >m[h\kdhf <_k_eh\kdhf b ^jm
 )LQQR8JULFD


]bo fh]bevgbdZo \klj_q_gh fgh]h k_j_[jyguo b [jhgah\uo ba^_ebc [me]Zj


kdbo x\_ebjh\ GZc^_ggh_ \ gbo [hevrh_ qbkeh k_j_[jyguo ^bjo_fh\ ba
<he`kdhc ;me]Zjbb k\b^_l_evkl\m_l qlh f_klgh_ gZk_e_gb_ Zdlb\gh mqZkl
\h\Zeh\lhj]h\uohi_jZpbyo
GZqbgZy k ] ihke_ ih]jhfZ [me]Zjkdbo dmiph\ gZ <he]_ b Hd_
h[hkljy_lkydhgnjhglZpbyf_`^m<he`kdhc;me]Zjb_cbJmkvxMkbeb\rZy
ky K_\_jh<hklhqgZy Jmkv klj_fbeZkv mklZgh\blv k\hc iheblbq_kdbc b wdh
ghfbq_kdbc dhgljhev gZ^ a_feyfb ih\he`kdbo nbggh\ FZjbckdh_ Ih\he
`v_ \ agZqbl_evghc f_j_ klZeh Zj_ghc dhgnjhglZpbbf_`^m^\mfy]hkm^Zj
kl\Zfb Bgl_j_kgh qlh \ wlh \j_fy gZ l_jjblhjbb FZjbckdh]h Ih\he`vy k
<_jog_]hIh\he`vyi_j_k_eyxlky]jmiiuf_jygkdh]hgZk_e_gbymoh^b\rb_
ih\b^bfhfm hl ojbklbZgbaZpbb b keZ\ygbaZpbb Hgb hklZ\beb a^_kv jy^
ih]j_[_gbc yauq_kdbo fh]bevgbdh\ ;,,;,,,\\ <u`mfkdh]h
Ihqbgdh\kdh]h Jmldbgkdh]h =::jobih\  < ih]j_[Zevghf bg\_glZj_ bo
\klj_q_gh fgh]h [jhgah\uo ij_^f_lh\ h^_`^u mdjZr_gbc `_gkdh]h
dhklxfZ dmevlh\uo ih^_ehd b l^ ZgZeh]bqguo ba^_ebyf ba f_jygkdbo
iZfylgbdh\ <_jog_c <he]b K mqZklb_f wlh]h gZk_e_gby ijhbkoh^beb
aZ\_jrZxsb_ijhp_kkunhjfbjh\Zgbyq_j_fbkfZjb
Hloh^b\rZy d \hklhdm \hegZ f_jygkdh]h i_j_k_e_gby ^hklb]eZ b <he`
kdhc;me]ZjbbGZfgh]boihk_e_gbyo\he`kdbo[me]Zj\klj_q_guoZjZdl_j
gu_^eyf_jbmdjZr_gbydmevlh\u_ih^\_kdb\\b^_i_lmrdh\mlhq_db
^j ^Zlbjh\Zggu_ ;,,;,,,\\ <gbah\vyoj_db<yldbm^_j_\gbDhleh\dZ
bamq_gp_eucfh]bevgbd]^_ihyauq_kdhfmh[jy^m[uebkh\_jr_guih]j_
[_gby k [hevrbf qbkehf [jhgah\uo mdjZr_gbc kh\_jr_ggh ZgZeh]bqguo
ih^_edZf ba iZfylgbdh\ f_jb \ a_feyo Jhklh\hKma^Zevkdh]h dgy`_kl\Z
Bf_xlky b ibkvf_ggu_ khh[s_gbyhlZdhfi_j_k_e_gbbDZaZgkdbce_lhib
k_p ]h\hjy h aZk_e_gbb [me]ZjZfb [Zkk_cgZ j_db DZaZgdb \ k\h_f ljm^_
KdZaZgb_hpZjkl\_DZaZgkdhf^h[Z\ey_lGZihegblZdbfbex^vfba_fex
lm _`_ bgZ q_j_fbkZ aZ\_fZy hlydb lh_ `_ ]eZ]hexl jhklh\kdmx q_jgv aZ
[_`Z\rblZhldj_s_gbyjmkdZ]h\[he]Zjkdbo`bebsZo
Ihke_fhg]hevkdh]hgZr_kl\byb<he`kdZy;me]ZjbybFZjbckdbcdjZc
\hreb \ khklZ\ Ahehlhc Hj^u Ijb wlhf b a^_kv b lZf gZ[ex^Z_lky hloh^
gZk_e_gby \ f_g__ ^hklmigu_ ^ey ahehlhhj^ugkdbo oZgh\ k_\_jgu_ e_kgu_
jZchgu]^_ljm^gh[uehijh\h^blvih]heh\gmxi_j_ibkvgZk_e_gbykp_evx
gZeh`blvykZd<lh`_\j_fy\i_jbh^klZ[bevgh]hkms_kl\h\ZgbyAhehlhc
Hj^u gZk_e_gb_ hlf_q_gguo j_]bhgh\ ijh^he`Zeb ih^^_j`b\Zlv lhj]h\u_
k\yabhkh[_gghihj_d_<he]_
Baf_gbe kblmZpbx jZkiZ^ Ahehlhc Hj^u H^gh\j_f_ggh k wlbf reh
klZgh\e_gb_bmkbe_gb_DZaZgkdh]hoZgkl\ZbFhkdh\kdh]h]hkm^Zjkl\ZFZ
jbckdh_ Ih\he`v_ klZgh\blky Zj_ghc [hjv[u f_`^m gbfb Ijb wlhf _keb
e_\h[_j_`gu_ fZjbckdb_ a_feb \oh^beb \ khklZ\ DZaZgkdh]h oZgkl\Z lh
a_febihijZ\mxklhjhgm<he]bgZoh^bebkvih^\ebygb_fGb`_]hjh^kdh]h
Z ihlhf Fhkdh\kdh]hdgy`_kl\ZWlh[ueh\j_fygZb[he__l_kgh]h\aZb
fh^_ckl\bylZlZjkdh]hbfZjbckdh]hgZk_e_gbydhlhjh_\^Zevg_cr_ffh]eh
ijb\_klb d kha^Zgbx hij_^_e_gghc wlghdmevlmjghc h[sghklb H^gZdh \

)LQQR8JULFD


] ihke_ iZ^_gby DZaZgb h[Z djZy [ueb ijbkh_^bg_gu d Fhkdh\kdhfm


]hkm^Zjkl\m<wlhc\hcg_\f_kl_kdZaZgpZfbgZb[he__mihjgh_khijhlb\e_
gb_\hckdZfB\ZgZ,9hdZau\ZebfZjbckdb_\h_ggu_hljy^u
<^Zevg_cr_f\aZbfh^_ckl\b_dmevlmjlZlZjkdh]hbfZjbckdh]hgZjh^h\
ijh^he`Zehkvm`_\khklZ\_Jhkkbb
LZdbf h[jZahf aZ bkdexq_gb_f dhgpZ;,gZqZeZ;,,,\\i_jbh^Z
h[hklj_gby dhgnjhglZpbb f_`^m <he`kdhc ;me]Zjb_c b Jmkvx  FZjbc
kdh_Ih\he`v_bl_jjblhjbyLZlZjklZgZh[uqgh\oh^beb\khklZ\h^gh]hih
eblbq_kdh]h h[t_^bg_gby KgZqZeZ wlh [ueb <he`kdZy ;me]Zjby AhehlZy
Hj^ZDZaZgkdh_oZgkl\hZk]Jmkkdh_]hkm^Zjkl\h>ebl_evgh_gZ
oh`^_gb_FZjbckdh]hdjZy\khklZ\_]hkm^Zjkl\kij_bfms_kl\_gghlxjdhy
auqgufgZk_e_gb_fgZrehhljZ`_gb_\yaud_fZjbcp_\bobf_gZo\lhih
gbfbd_djZyK^jm]hcklhjhgufZjbckdh_gZk_e_gb_ijbgyehZdlb\gh_mqZ
klb_\nhjfbjh\ZgbbwlghkZbdmevlmju\he`kdbo[me]ZjbdZaZgkdbolZlZj
>h kbo ihj gZ l_jjblhjbb LZlZjklZgZ hkh[_ggh gZ djZcg_f k_\_jhaZiZ^_
\klj_qZxlky ^_j_\gb lZlZjkdh_ gZk_e_gb_ dhlhjuo _s_ ihfgbl qlh ij_^db
bo[uebfZjbcpZfb
<aZdexq_gb_fh`ghdhgklZlbjh\Zlvqlh^h[jhkhk_^kdb_hlghr_gbygZ
jh^h\LZlZjklZgZbFZjbcWebf_xl^ebl_evgmxbklhjbq_kdmxljZ^bpbx

Ebkbpbg=_jfZgB\Zgh\bq
ij_^k_^Zl_evFZjbckdh]hdmevlmjgh]hp_gljZ
AZ^ZqbFZjbckdh]hdmevlmjgh]hp_gljZ
ihjZa\blbxfZjbckdhcdmevlmju\J_kim[ebd_LZlZjklZg
FZjbckdbc dmevlmjguc p_glj FDP  [ue h[jZah\Zg \ ] AZ bkl_d
rbci_jbh^ijh^_eZgZg_fZeZyjZ[hlZwlh
 MqZklb_ \ ih^ibkZgbb >h]h\hjZ h ^jm`[_ b khljm^gbq_kl\_ f_`^m
J_kim[ebdhcLZlZjklZgbJ_kim[ebdhcFZjbcWe ] 
MqZklb_\jZ[hl_Kt_a^ZgZjh^h\LZlZjklZgZ fZc] 
 Ijh\_^_gb_ dmevlmjghc Zdpbb \ k\by`kdhf Kh[hj_ ;h]hfZl_jb <k_o
Kdhj[ysboJZ^hklb k_gly[jv] 
MqZklb_\_fkt_a^_fZjbckdh]hgZjh^Z hdly[jv] 
MqZklb_\Qm\ZrkdhfgZpbhgZevghfdhg]j_kk_ ghy[jv] 
MqZklb_\N_klb\Ze_bkdmkkl\^_l_cgZjh^h\JL bxev] 
MqZklb_\>gyoJ_kim[ebdbLZlZjklZg\FZjbcWe Z\]mkl] 
<uimkdbgnhjfZpbhggh]h[xee_l_gy Z\]mkl] 
MqZklb_\>_lkdhfn_klb\Ze_<_ghd^jm`[u Zij_ev] 
Hldjulb_bjZ[hlZ\hkdj_kghcfZjbckdhcrdheu ]] 
 Ijh\_^_gb_ k_fbgZjZ  kh\_sZgby ih ijh[e_fZf fZjbckdhc dmev
lmju\JL n_\jZev] 
 Hj]ZgbaZpbhggZy jZ[hlZ ih kh^_ckl\bx kljhbl_evkl\Z fZjbckdhc
rdheu\^_j_\g_Wevg_lF_g^_e__\kdh]hjZchgZJL ]] 
 MqZklb_ \ f_jhijbylbyo ih \klmie_gbx \ ^he`ghklv gh\h]h Ij_ab
^_glZJ_kim[ebdbFZjbcWe ] 
 )LQQR8JULFD


 :dlb\g_cr__ mqZklb_ \ \uimkd_ fZl_jbZeh\ ^Zggh]h k_fbgZjZ


kh\_sZgby
Ohl_ehkv [u hlf_lblv ihablb\gh_ hlghr_gb_ d ijh[e_fZf fZjbcp_\
ijh`b\ZxsbogZl_jjblhjbbJLkhklhjhguijZ\bl_evkl\h[_boj_kim[ebd
B ih f_j_ \hafh`ghklb gZf \k_]^Z b^ml gZ\klj_qm ohly keh`guo \hijhkh\
hq_gvfgh]hWlhhlkmlkl\b_i_qZlguoba^ZgbcgZjh^ghfyaud_klZju_a^Z
gby rdhe g_ \b^_\rbo dZiblZevguo j_fhglh\ hq_gv ijh^he`bl_evgh_ \j_
fybfgh]h_fgh]h_^jm]h_\hegmxs__FDPb\k_odlh[he__laZdmevlmjm
fZjbckdh]hgZjh^Z

,,<K?FBJGUCDHG=J?KKNBGGHM=HJKDBOG:JH>H<
< ]h^ e_lby h[j_l_gby \_g]jZfb Jh^bgu  Z\]mklZ ] \
<_g]jbb khklhyeky ,,hc <k_fbjguc dhg]j_kk nbgghm]hjkdbo gZjh^h\ GZ
g_f ijbkmlkl\h\Zeh k\ur_  ^_e_]Zlh\ ba Jhkkbb <_g]jbb Nbgeyg^bb
WklhgbbbihkeZgpu^bZkihjba^jm]bokljZgHgbij_^klZ\eyebfbeebh
gh\ `bl_e_c hl ihemlhjZ ^_kyldh\ nbgghm]hjkdbo gZjh^h\ < \_g]_jkdhf
iZjeZf_l_bolhj`_kl\_gghijb\_lkl\h\Zeij_ab^_gl:jiZ^=_gp
GZ dhg]j_kk_ ih^\h^bebkv g_dhlhju_ blh]b ih \uiheg_gbx j_r_gbc
dhlhju_ [ueb ijbgylu gZ ,hf <k_fbjghf dhg]j_kk_ nbgghm]hjkdbo gZjh
^h\ khklhy\r_fky \ ]Kudlu\dZj_ Jhkkby   ghy[jy   ^_dZ[jy ]
Ijbgylu\Z`gu_^hdmf_gluhp_eyobaZ^ZqZo\^_e_khljm^gbq_kl\Znbggh
m]hjkdbogZjh^h\fbjZ

)LQQR8JULFD


<GBF:GBX:<LHJH<

@mjgZe )LQQR8JULFD ijbgbfZ_l ^ey im[ebdZpbb ljm^u ih ^j_\g_c b
kh\j_f_gghc bklhjbb nbgghm]hjkdbo gZjh^h\ bo \aZbfh^_ckl\bx k^jm]b
fbgZjh^Zfbijh[e_fZfkhojZg_gbybjZa\blbydmevlmjnbggh\bm]jh\
@_eZl_evguch[t_fklZl_cgZjmkkdhfbebZg]ebckdhfyaudZo^hh^
gh]h Z\lhjkdh]h ebklZ  fZrbghibkguo kljZgbpu \f_kl_ k beexkljZpby
fbl_dkli_qZlZ_lkyq_j_abgl_j\ZeZ ?kebfZl_jbZeugZ^bkd_l_ke_^m_l
ijbeZ]ZlvbojZki_qZldm
Kkuedb gZ ebl_jZlmjm ^Zxlky \ ihjy^dh\hc gmf_jZpbb k ihke_^mxs_c
jZkrbnjh\dhcbo\kibkd_ebl_jZlmjuijb\h^bfhfihke_klZlvbKkuedbgZ
ebl_jZlmjm ke_^m_l hnhjfeylv \ ke_^mxs_f ihjy^d_ nZfbeby Z\lhjZ bgb
pbZeu gZa\Zgb_ jZ[hlu gZa\Zgb_ ba^Zgby f_klh b ]h^ ba^Zgby kkuedZ gZ
kljZgbpuIjbih\lhjghckkued_gZlhl`_ljm^^Z_lkykhdjZs_ggh_gZqZev
gh_gZa\Zgb__]hbghf_jZkljZgbp
D klZlv_ ijbeZ]Z_lky kibkhd bkihevah\Zgguo khdjZs_gbc b Z\lhjkdh_
j_axf_h[t_fhfg_[he__h^ghckljZgbpuDklZlv_gZjmkkdhfyaud_ij_^
eZ]Z_lky j_axf_ gZ Zg]ebckdhf yaud_ d Zg]ebckdhfm l_dklm  gZ jmkkdhf
yaud_



KibkhdkhdjZs_gbcbkihevam_fuo\`mjgZe_

:HMI:jo_heh]bq_kdb_hldjulbyMjZeZbIh\he`vy
:W;:jo_heh]bybwlgh]jZnby;Zrdbjbb
:WFD:jo_heh]bybwlgh]jZnbyFZjbckdh]hdjZy
<:L<hijhkuZjo_heh]bbLZlZjklZgZ
<:M<hijhkuZjo_heh]bbMjZeZ
DN:GDZaZgkdbcnbebZe:dZ^_fbbgZmdKKKJ
F:<=JFZl_jbZeuihZjo_heh]bb\hklhqguo]m[_jgbcJhkkbb
F:?K<FZl_jbZeuihZjo_heh]bb_\jhi_ckdh]hk_\_jh\hklhdZ
FB:FZl_jbZeubbkke_^h\ZgbyihZjo_heh]bbKKKJ
K:Kh\_lkdZyZjo_heh]by
K:BK\h^Zjo_heh]bq_kdbobklhqgbdh\
KWKh\_lkdZywlgh]jZnby
Ljm^uBWLjm^ubgklblmlZwlgh]jZnbb
MAI=MMq_gu_aZibkdbI_jfkdh]h]hkm^Zjkl\_ggh]hmgb\_jkbl_lZ
60<$6XRPHQ0XLQRLVPXLWR\KGVWLNVHQ$LNDNXVNLUMD

 )LQQR8JULFD


M\Z`Z_fu_dhee_]b

Bgklblml bklhjbb :dZ^_fbb gZmd J_kim[ebdb LZlZjklZg k  ]h^Z gZqbgZ_l
\uimkdgZmqgh]h`mjgZeZ)LQQR8JULFDI_jbh^bqghklvba^Zgbyghf_jZ\]h^
h[t_fghf_jZi_qZlguoebklh\
< `mjgZe_ [m^ml im[ebdh\Zlvky fZl_jbZeu ih ijh[e_fZf bklhjbb Zjo_heh]bb
wlgh]jZnbbyaudhagZgbybbkdmkkl\Znbgghm]hjkdbogZjh^h\
Ijbhjbl_lgufb ^ey ba^Zgby y\eyxlky lZdb_ keZ[h bamq_ggu_ b i_jki_dlb\gu_
gZijZ\e_gbydZd\aZbfh^_ckl\b_nbgghm]jh\klxjdkdbfbkeZ\ygkdbfbb^jm]bfb
gZjh^Zfb\^j_\ghklbbgZkh\j_f_gghfwlZi_dhglZdlunbgghm]jh\JhkkbbkaZjm
[_`gufbkljZgZfbgZpbhgZevgh]hkm^Zjkl\_ggh_jZa\blb_nbgghm]hjkdbogZjh^h\
aZdhghf_jghklbjZa\blbydmevlmjunbgghm]hjkdbogZjh^h\MjZehIh\he`vynmlm
jheh]bq_kdb_ijh[e_funbgghm]jh\
Ijb]eZrZ_f<ZkijbgylvmqZklb_\`mjgZe_)LQQR8JULFD@_eZl_evguch[t_f
klZlvb^hh^gh]hi_qZlgh]hebklZ ijb[hevr_fh[t_f_jZ[hlZ[m^_lhim[ebdh\ZgZ
\g_kdhevdboghf_jZo L_dklfh`_l[ulvhli_qZlZggZfZrbgd_q_j_a^\Zbgl_j\ZeZ
eb[h gZ[jZg gZ dhfivxl_j_ < ihke_^g_f kemqZ_ `_eZl_evgh djhf_ jZki_qZldb \u
keZlv_s_b^bkd_lmBeexkljZpbb^he`gu[ulvijhgmf_jh\ZgubkgZ[`_guihykgb
l_evgufbl_dklZfb
< `mjgZe_ klZlvb b aZf_ldb [m^ml khijh\h`^Zlv j_axf_ gZ Zg]ebckdhf yaud_
@_eZl_evghqlh[ul_dklj_axf_ghkbeZ\lhjkdbcoZjZdl_j


'HDU&ROOHDJXH

)URP-XO\7KH,QVWLWXWHRI+LVWRU\RI$FDGHP\RI6FLHQFHVRIWKH5HSXEOLF7DWDU
VWDQVWDUWVWRLVVXHWKHQHZVFLHQWLILF-RXUQDO)LQQR8JULFD7KLVQHZHGLWLRQZLOOEHSXE
OLVKHGTXDUWHUO\WKHXVXDOYROXPHRIVLQJOHLVVXHZLOOEHSDJHVLQTXDUWR)LQQR
8JULFD LQWHQGV WR SXEOLVK WKH DUWLFOHV RQ WKH SUREOHPV RI KLVWRU\ DUFKDHRORJ\ HWKQRJUD
SK\OLQJXLVWLFVDQGDUWRI)LQQR8JULFQDWLRQV
$PRQJ WKH WRSLFV PHQWLRQHG DERYH WKH IROORZLQJ SRRUO\ NQRZQ DQG SURVSHFWLYH
SUREOHPVZLOOEHSUHIHUUHG
LQWHUDFWLRQRI)LQQR8JULFWULEHVHWKQLFJURXSVDQGQDWLRQVZLWK7XUNLVK6ODYLFDQG
RWKHUWULEHVHWKQLFJURXSVDQGQDWLRQVERWKLQWKHDQFLHQWWLPHVDQGDWWKHSUHVHQW
FRQWDFWVRI)LQQR8JULFQDWLRQVRI5XVVLDZLWKRQHVIURPDEURDG
VWDWHDQGQDWLRQDOSURJUHVVRI)LQQR8JULFQDWLRQV
WKHEDVLFFXOWXUHWUHQGVLQSURJUHVVRI)LQQR8JULFQDWLRQVLQWKH9ROJD8UDOUHJLRQ
)LQQR8JULFIXWXURORJLFDOSUREOHPV
:HZRXOGOLNHWRZHOFRPH\RXWRSXEOLVKWKHDUWLFOHVLQ)LQQR8JULFD7KHSUHIHUUHG
YROXPHRIVLQJOHDUWLFOHLVSDJHVGRXEOHVSDFHG7KHDUWLFOHVRIJUHDWHUYROXPHZLOO
EHGLYLGHGDQGSXEOLVKHGLQVHYHUDOQXPEHUVRIWKH-RXUQDO:KHQXVLQJ3&IRUZRUGSURF
HVVLQJWKHGLVNHWWHUHTXLUHGLQDGGLWLRQWRGRXEOHVSDFHGKDUGFRS\RIWKHDUWLFOH$XWKRUV
VKRXOGXVHRQHRIWKHIROORZLQJIRUPDWVRIZRUGSURFHVVLQJWH[W06'26 W[W :RUGIRU
:LQGRZVRU:RUG3HUIHFWIRU:LQGRZVGRFXPHQW GRF $OOWKHILJXUHVLQWKHDUWL
FOHVKRXOGEHFRQVHTXHQWO\QXPEHUHGDQGSURYLGHGZLWKDOLVWRIVXEVFULSWV7KHDUWLFOHVIRU
WKH-RXUQDOZLOOEHDFFHSWHGDQGSXEOLVKHGERWKLQ(QJOLVKDQG5XVVLDQ(YHU\DUWLFOHVKRXOG
KDYHDVKRUWVXPPDU\LQ(QJOLVKSUHSDUHGE\WKHDXWKRU



You might also like