Отношения любви: норма и патология

D_jg[_j] HN
Hlghr_gbyex[\bghjfZb iZlheh]by
I_jk Zg]eFG=_hj]b_\hc ² FG_aZ\bkbfZynbjfZ DeZkk ² k
² ;b[ebhl_dZikboheh]bbb ikbohl_jZibb\ui ,6%1 O JN
Dgb]Z ^hdlhjZ f_^bpbgu Hllh D_jg[_j]Z h^gh]h ba gZb[he__ Z\lhjbl_lguo
kh\j_f_gguo ikbohZgZeblbdh\ ihk\ys_gZ hlghr_gbyf ex[\b \ ghjf_ b iZlheh]bb
Beexkljbjmy l_hj_lbq_kdb_ iheh`_gby kemqZyfb ba ijZdlbdb Z\lhj bkke_^m_l lh dZd
[_kkhagZl_evgu_ i_j_`b\Zgby b nZglZabb k\yaZggu_ k ijhreuf hdZau\Zxl
kbevg_cr__\ebygb_gZk_]h^gyrgb_hlghr_gbyiZjuDZdbfkeh`gufh[jZahfex[h\v
b Z]j_kkby \aZbfh^_ckl\mxl \ `bagb iZju DZd khojZgblv kljZklgmx ex[h\v \
^ebl_evguohlghr_gbyoDZd\eby_lkhpbZevgh_hdjm`_gb_gZhlghr_gbyex[\b
Wlh ]em[hdh_ debgbq_kdh_ b l_hj_lbq_kdh_ bkke_^h\Zgb_ \uah\_l g_khfg_gguc
bgl_j_km ki_pbZebklh\ ² ikboheh]h\ikbohl_jZi_\lh\\jZq_ci_^Z]h]h\
=eZ\gucj_^Zdlhjb ba^Zl_evk_jbbEFDjhevGZmqgucdhgkmevlZglk_jbb?E
FboZceh\Z
,6%1 86$ ‹ 2WWR ) .HPEHUJ ,6%1 O JN ‹
<DOH8QLYHUVLW\3UHVV
‹ G_aZ\bkbfZynbjfZDeZkk
ba^Zgb_hnhjfe_gb_‹ FG=_hj]b_\Zi_j_\h^
gZjmkkdbcyaud
‹ FGLbfhn__\Zij_^bkeh\b_‹ <WDhjhe_\h[eh`dZ
Bkdexqbl_evgh_ijZ\him[ebdZpbbgZjmkkdhfyaud_ijbgZ^e_`blba^Zl_evkl\m
G_aZ\bkbfZynbjfZDeZkk <uimkdijhba\_^_gbybeb_]hnjZ]f_glh\[_ajZaj_r_gby
ba^Zl_evkl\ZkqblZ_lkyijhlb\hijZ\gufb ij_ke_^m_lkyihaZdhgm
Hl^_evgu_wda_fieyjudgb]k_jbbfh`ghijbh[j_klb\ fZ]ZabgZoFhkd\u
>hf dgb]b :j[Zl Lhj]h\uo ^hfZo ;b[ebh=eh[mk b Fheh^Zy ]\Zj^by
fZ]ZabgZo ‹ F_^bpbgkdZydgb]Zb Imlvd k_[_
<K?WLH H L:CG:OEX;<B
H_keb[uy lhevdhfh]OhlyhlqZklb
Y gZibkZe[u\hk_fvkljhdH k\hckl\ZokljZklb
;IZkl_jgZd
Fu gZoh^bfky hq_gv ^Ze_dh hl Hllh D_jg[_j]Z ² h^ghc ba kZfuo aZf_lguo
nb]mj \ kh\j_f_gghf ikbohZgZeba_ Hg klZe deZkkbdhf ijb `bagb jZajZ[hlZe gh\uc
ih^oh^\gmljbikbohZgZebaZb gh\uc\a]ey^gZe_q_gb_iZpb_glh\k gZjpbkkbq_kdbfbb
ih]jZgbqgufb ebqghklgufb jZkkljhckl\Zfb _]h jZ[hlu \hreb \h \k_ mq_[gbdb Hg
^_ckl\mxsbc ij_ab^_gl ,3$ ² kZfhc \ebyl_evghc b m\Z`Z_fhc \ fbj_
ikbohZgZeblbq_kdhc hj]ZgbaZpbb qe_gkl\h \ dhlhjhc y\ey_lky ]hem[hc f_qlhc \k_o
jhkkbckdbo ikbohl_jZi_\lh\ bf_xsbo hlghr_gb_ d ikbohZgZebam Fu gZklhevdh
^Ze_dh hl D_jg[_j]Z qlh gZ\_jgh_ fh`_f iha\heblv k_[_ g_dhlhju_ \hevghklb \
ij_^bkeh\bb L_f [he__ qlh ^hklZlhqgh iheguc h[ahj \deZ^Z Hllh D_jg[_j]Z \
ikbohZgZeba^Zg:Mkdh\uf\h\\h^guoaZf_qZgbyod jZg__ba^ZgghcnbjfhcDeZkk
fhgh]jZnbbD_jg[_j]Z:]j_kkbyijbjZkkljhckl\Zoebqghklbb i_j\_jkbyo
Fh`gh ihnZglZabjh\Zlv qlh ihke_ jZ[hlu h[ Z]j_kkbb D_jg[_j]m lZd qZklh
ih\lhjyeb: hex[\bkeZ[h"qlh_fmaZohl_ehkvihdZaZlvg_lg_keZ[hb gZklhevdh
qlhl_i_jv\ugbkeh\Zg_kfh`_l_gZibkZlvh ex[\bg_khkeZ\rbkvgZf_gy
Ba\_klghqlhex[h\vkeh`g__\ujZ`Zlvq_fZ]j_kkbxIhD_jg[_j]mlj_[m_lky
fgh]he_lqlh[uq_eh\_d^hklb]nZauaj_ehck_dkmZevghcex[\b ² fh`_l[ulvhlqZklb
ihwlhfmhggZibkZek\hxdgb]mihqlb\ k_fv^_kyle_lB dZd>\_klbk ebrgbfkljZgbp
h k\hckl\ZokljZklbH]h\hjb\rbkv\gZqZe_qlhihwlub nbehkhnudhg_qgh`_emqr_
hibkZeb q_eh\_q_kdmx ex[h\v q_f wlh fh`gh k^_eZlv k ihfhsvx dZdboeb[h
ikbohZgZeblbq_kdbo baukdZgbc D_jg[_j] aZl_f dZd [u [jhkZ_l \uah\ ² b hibku\Z_l
\k_lZcgu_gxZgkuex[h\guohlghr_gbcLZdqlh\ _]hl_dkl_dZd
\ ohjhrbo klboZo fu magZ_f k\hc kh[kl\_gguc kZfuc bglbfguc hiul
KlZgh\blky ijhklh g_ ih k_[_ b ^Z`_ dZdlh h[b^gh ² lh qlh dZaZehkv ^jZ]hp_gguf
mgbdZevgufi_j_`b\Zgb_fg_aZkem`_ggh^Zjh\Zggufl_[_km^v[hcdh]^ZaZo\Zlu\Z_l
^mo b ^mfZ_rv g_m`_eb lZd [u\Z_l g_m`_eb ^jm]b_ ex^b lh`_ dh]^Zgb[m^v
i_j_`b\Zebqlhlhih^h[gh_" ² hibku\Z_lky\ gZmqghcdgb]_emqr_q_flukZfkfh]
[uwlhk^_eZlvijbq_f_s_hl^_evghh[tykgy_lkyihq_fmhghy\ey_lkylbibq_kdbf
B hklZ_rvky\ g_^hmf_gbbqlh`_l_i_jv^_eZlvkh\k_fwlbfagZgb_f">Ze_]q_
ihgbfZlv lh qlh ijhbkoh^bl k iZpb_glZfb Gh dZd l_i_jv ex[blv Z m` l_f [he__
aZgbfZlvky ex[h\vx _keb dZ`^h_ l\h_ ^mr_\gh_ ^\b`_gb_ hlij_iZjbjh\Zgh
deZkkbnbpbjh\Zgh ijhgmf_jh\Zgh Z lZd`_ bf__l g_kdhevdh h[tykg_gbc lh]h hldm^Z
hgh\ayehkv"
DZd[m^lhij_^m]Z^u\ZylZdmxj_ZdpbxqblZl_e_cD_jg[_j]ibr_l:dlb\Zpby
fhsgh]h b keh`gh]h dhglji_j_ghkZ m^_j`b\Z_fh]h b ijbf_gy_fh]h \ jZ[hl_ ²
mgbdZevgZy hkh[_gghklv ikbohZgZeblbq_kdhc kblmZpbb \hafh`gZy ebrv [eZ]h^Zjy
aZsbl_ h[_ki_qb\Z_fhc jZfdZfb ikbohZgZeblbq_kdbo hlghr_gbc K\h_]h jh^Z
bjhgbq_kdbf ih^l\_j`^_gb_f mgbdZevghklb i_j_`b\Zgby ih^h[gh]h hiulZ \
dhglji_j_ghk_y\ey_lkylhqlhohlym ikbohZgZeblbdh\_klvg_h[uqZcgZy\hafh`ghklv
bkke_^h\Zlv ex[h\gmx `bagv ijhlb\hiheh`gh]h iheZ wlb agZgby b hiul bf_xl
l_g^_gpbx me_lmqb\Zlvky _^\Z ^_eh ^hoh^bl ^h ihgbfZgby kh[kl\_gguo i_j_`b\Zgbc
hlghr_gbc k ^jm]bf ihehf \g_ ikbohZgZeblbq_kdhc kblmZpbb Lh _klv \g_
ZgZeblbq_kdhckblmZpbbex[h\gZy`bagvZgZeblbdZlZdZy`_dZdm ijhqbokf_jlguo
: l_i_jv g_kdhevdh ijhaZbq_kdbo keh\ h nZdlbq_kdbo ^hklhbgkl\Zo dgb]b
D_jg[_j] ih^jh[gh hk\_sZ_l kms_kl\mxsmx ih ^Zgghfm \hijhkm ebl_jZlmjm ijbq_f
kZfuo jZaguo Z\lhjh\ g_ lhevdh [ebadbo _fm ih ^mom Hg kf_eh b ih^qZk
hjb]bgZevg_crbf h[jZahf k\yau\Z_l b^_b gZ i_j\uc \a]ey^ \ujZ`Zxsb_ Z[khexlgh
jZagu_ih^oh^ud hibku\Z_fufn_ghf_gZf
JZkkfZljb\Zy hlghr_gby ex[\b \ ghjf_ b iZlheh]bb hg ihdZau\Z_l dZd
bgl_jn_jbjmxl bg^b\b^mZevgu_ iZlheh]bb iZjlg_jh\ \ jy^_ kemqZ_\ kha^Z\Zy
iZlheh]bxiZjudhlhjZyg_y\ey_lkyboijhklufgZeh`_gb_f< ex[h\guohlghr_gbyo
bkoh^gZy ikbohiZlheh]by fh`_l aZdj_iblvky beb jZaj_rblvky Djhf_ lh]h
kms_kl\mxsZy ikbohiZlheh]by qZklh fZkdbjm_lky ih^ qlhlh ^jm]h_ mkbebyfb h[hbo
iZjlg_jh\ D_jg[_j] m\_j_ggh b [_kkljZrgh ibr_l h k_dj_l_ khojZg_gby kljZklghc
ex[\b \ ^ebl_evguo hlghr_gbyo \ aj_ehc k_dkmZevghc ex[\b q_eh\_d gZoh^bl nhjfm
^eyhkms_kl\e_gby\k_ok\hbobgnZglbevguok_dkmZevguonZglZabc
Hq_gv bgl_j_k_g khpbZevguc Zki_dl \hijhkZ jZkkfZljb\Z_fuc D_jg[_j]hf
L_fu iZjZ b ]jmiiZ iZjZ b khpbmf k_dkmZevgh_ dZd bagZqZevgh ijhlb\hihklZ\e_ggh_
dhg\_gpbhgZevghfmb khpbZevghfm ² qZs_a\mqZl\ jhfZgZoq_f\ ikboheh]bq_kdhcb
ikbohZgZeblbq_kdhc ebl_jZlmj_ : ]eZ\Z ihk\ys_ggZy bah[jZ`_gbx ex[h\guo
hlghr_gbc \ kh\j_f_gghf dbg_fZlh]jZn_ [_amkeh\gh [m^_l bgl_j_kgZ ex[hfm
qblZl_ex
Wlm dgb]m [_a khfg_gby qblZlv g_ijhklh Gh g_ ihlhfm qlh hgZ keh`gh
gZibkZgZ Z baaZ qj_a\uqZcghc gZkus_gghklb baeh`_gby ² hq_gv fgh]h fuke_c gZ
_^bgbpml_dklZ;ueZlZdZyklZjZyrmldZAgZ_l_Nhedg_jZlZdly`_ehqblZlv ² >Z
ghaZlhdh]^Zijhql_rvlZdh_h[e_]q_gb_LZd\hlh[e_]q_gbyhlgx^vg_h[_sZxZ qlh
g_ih`Ze__l_ ² wlhlhqgh
FZjbyLbfhn__\Z
IJ?>BKEH<B?
Fgh]h e_l gZaZ^ dh]^Z hkgh\ghc l_fhc fhbo bkke_^h\Zgbc [ueZ Z]j_kkby \
ikboh^bgZfbd_iZpb_glh\k ih]jZgbqghcebqghklghchj]ZgbaZpb_ch^bgfhcdhee_]Zk
dhlhjuffu[uebhq_gv^jm`gukijhkbeihemrmlyIhq_fm[ul_[_g_gZibkZlvdgb]m
h ex[\b" : lh kdeZ^u\Z_lky \i_qZle_gb_ qlh l_[y bgl_j_km_l lhevdh Z]j_kkby Y
h[_sZegZibkZlvdZdlhevdhijhykgx^eyk_[ydh_dZdb_ \hijhku\ ^Zgghch[eZklb <
j_amevlZl_ihy\beZkvwlZdgb]ZohlygZ^hijbagZlvy gZr_e^Ze_dhg_\k_hl\_luB \k_
`_ fg_ dZ`_lky y magZe ^hklZlhqgh qlh[u ih^_eblvky ohlv g_dhlhjufb jZa]Z^dZfb k
qblZl_eyfb GZ^_xkv ^jm]b_ kfh]ml jZah[jZlvky \ l_o \hijhkZo dhlhju_ y lZd b g_
kmf_eijhykgblv
<_dZfb ex[h\v [ueZ h[t_dlhf ijbklZevgh]h \gbfZgby ihwlh\ b nbehkhnh\ <
ihke_^g__ \j_fy d gbf ijbkh_^bgbebkv khpbheh]b b ikboheh]b : \hl
ikbohZgZeblbq_kdZy ebl_jZlmjZ ihij_`g_fm m^_ey_l ex[\b gZ m^b\e_gb_ fZeh
\gbfZgby
Kgh\Z b kgh\Z iulZykv bamqZlv ijbjh^m ex[\b y ihgye qlh ba[_`Zlv k\yab k
wjhlbdhc b k_dkmZevghklvx g_\hafh`gh <uykgbehkv qlh \ [hevrbgkl\_ jZ[hl
k_dkmZevgZyj_ZdpbyjZkkfZljb\Z_lkyk lhqdbaj_gby[bheh]bbb ebrv\ g_dhlhjuoh g_c
]h\hjblky dZd h km[t_dlb\ghf i_j_`b\Zgbb Bkke_^my \ jZ[hl_ k iZpb_glZfb wlhl
km[t_dlb\guc Zki_dl y h[gZjm`be qlh bf_x ^_eh k [_kkhagZl_evgufb nZglZabyfb
bklhdb dhlhjuo e_`Zl \ bgnZglbevghc k_dkmZevghklb ² \ iheghf khhl\_lkl\bb k
lhqdhc aj_gby Nj_c^Z Ba debgbq_kdh]h hiulZ \uykgbehkv qlh iml_f \aZbfghc
ijh_dlb\ghc b^_glbnbdZpbb iZjZ hlu]ju\Z_l k\hb ijhreu_ kp_gZjbb
[_kkhagZl_evgu_ i_j_`b\Zgby b nZglZabb \ k\hbo hlghr_gbyo b qlh nZglZabcgu_ b
j_Zevgu_ \aZbfgu_ ijbklZ\Zgby ijhbkoh^ysb_ ba bgnZglbevgh]h Kmi_jW]h b
k\yaZggh]hk gbfYb^_ZeZhdZau\Zxlfhsg_cr__\ebygb_gZ`bagviZju
Y aZf_lbe qlh ihqlb g_\hafh`gh ij_^kdZaZlv km^v[m ex[h\guo hlghr_gbc b
[jZdZgZhkgh\_hkh[_gghkl_cikbohiZlheh]bbiZpb_glZIhjhcjZagu_nhjfub kl_i_gb
ikbohiZlheh]bbm iZjlg_jh\kihkh[kl\mxlbokh\f_klbfhklb\ ^jm]hfkemqZ_jZaebqby
fh]ml klZlvijbqbghcg_kh\f_klbfhklbLZdb_\hijhkudZdQlh^_j`bliZjm\f_kl_"
beb Qlh jZajmrZ_l \aZbfhhlghr_gby" ij_ke_^h\Zeb f_gy b ihkem`beb lheqdhf d
bamq_gbx^bgZfbdbklhys_caZgZ[ex^Z_fufjZa\blb_fhlghr_gbciZju
Bkoh^gufb ^Zggufb fg_ ihkem`beb e_q_gb_ iZpb_glh\ k ihfhsvx
ikbohZgZebaZb ikbohZgZeblbq_kdhcl_jZibbgZ[ex^_gb_b e_q_gb_iZjkljZ^Zxsbohl
kmijm`_kdbo dhgnebdlh\ b hkh[_ggh ehg]blx^gh_ bamq_gb_ iZj kd\hav ijbafm
ikbohZgZebaZb bg^b\b^mZevghcikbohZgZeblbq_kdhcikbohl_jZibb
>h\hevgh kdhjh fg_ klZeh ihgylgh qlh g_\hafh`gh bamqZlv baf_g_gby \
ex[h\guo hlghr_gbyo [_a bamq_gby kf_gu Z]j_kkb\guo khklhygbc dZd m iZj lZd b m
hl^_evguo bg^b\b^mmfh\ :]j_kkb\gu_ Zki_dlu wjhlbq_kdbo hlghr_gbc iZju
hdZau\Zxlky \Z`gufb \h \k_o bglbfguo k_dkmZevguo hlghr_gbyo qlh [ueh \i_j\u_
ijhykg_gh jZ[hlZfb Jh[_jlZ >` Klhee_jZ \ wlhc h[eZklb Gh y h[gZjm`be qlh
Z]j_kkb\gu_ dhfihg_glu mgb\_jkZevghc Zf[b\Ze_glghklb [ebadbo h[t_dlguo
hlghr_gbc g_ f_g__ \Z`gu lZd `_ dZd Z]j_kkb\gu_ Zki_dlu ^Z\e_gby Kmi_jW]h
\uk\h[h`^Zxsb_ky \ bglbfghc `bagb iZju IkbohZgZeblbq_kdZy l_hjby h[t_dlguo
hlghr_gbc h[e_]qZ_l bamq_gb_ ^bgZfbdb khijy`_gghklb \gmljbikbobq_kdbo
dhgnebdlh\b f_`ebqghklguohlghr_gbc\aZbfgh]h\ebygbyiZjub hdjm`Zxs_ciZjm
khpbZevghc]jmiiub ijhy\e_gbcex[\bb Z]j_kkbb\h\k_owlbokn_jZo
LZdbfh[jZahfg_kfhljygZkZfu_emqrb_ih[m`^_gbyg_hijh\_j`bfu_^h\h^u
aZklZ\bebf_gykgh\Zknhdmkbjh\Zlv\gbfZgb_gZZ]j_kkbb\ wlhfljm^_h ex[\bAgZgb_
lh]h dZdbf keh`guf h[jZahf ex[h\v b Z]j_kkby keb\Zxlky b \klmiZxl \h
\aZbfh^_ckl\b_\ `bagbiZjulZd`_ijheb\Z_lk\_lgZf_oZgbafuk ihfhsvxdhlhjuo
ex[h\v fh`_l bgl_]jbjh\Zlv b g_cljZebah\u\Zlv Z]j_kkbx b ijb hij_^_e_gguo
h[klhyl_evkl\Zoh^_j`b\ZlvgZ^g_c\_jo
;E:=H>:JGHKLV
I_j\uf dlh h[jZlbe fh_ \gbfZgb_ gZ jZ[hlu =_gjb >bdkZ [ue >`hg >
KZa_je_g^ fgh]b_ ]h^u aZgbfZxsbc ^he`ghklv ]eZ\gh]h dhgkmevlZglZ Nhg^Z
F_ggbg]_jZ\ ijhrehf ² ]eZ\guc\jZqLw\bklhdkdhcdebgbdb\ Ehg^hg_LhdZd>bd_
ijbf_gbe l_hjbx h[t_dlguo hlghr_gbc Nwcj[_jgZ ijb bamq_gbb kmijm`_kdbo
dhgnebdlh\ ihfh]eh fg_ knhjfbjh\Zlv kh[kl\_ggmx kbkl_fm \a]ey^h\ gZ dhlhjmx y
\ihke_^kl\bb kfh] hi_j_lvky \i_j\u_ ihiulZ\rbkv jZah[jZlvky \ keh`guo
\aZbfhhlghr_gbyo ih]jZgbqguo iZpb_glh\ k ex[h\gbdZfb b kmijm]Zfb JZ[hlZ
^hdlhjh\ >_gbau ;jZmgr\_c] b FZcdeZ NwcgZ ihk\ys_ggZy ]jmiih\hc ^bgZfbd_ \
dhlhjhcwjhlbq_kdh_gZijy`_gb_hlu]ju\Z_lkygZjZggboklZ^byo`bagbb \h\ajhkehf
\hajZkl_ ih^lhedgmeZ f_gy d dhglZdlZf k njZgpmakdhc ikbohZgZeblbq_kdhc rdhehc b
bamq_gbx ghjfZevguo b iZlheh]bq_kdbo ex[h\guo hlghr_gbc <h \j_fy fh_]h
ij_[u\Zgby \ IZjb`_ ]^_ m f_gy b aZjh^bebkv fukeb \ihke_^kl\bb \hr_^rb_ \ wlm
dgb]m \ k\h[h^gu_ hl e_dpbc qZku y bf_e kqZklv_ dhgkmevlbjh\Zlvky kh fgh]bfb
ikbohZgZeblbdZfb bkke_^h\Z\rbfb ghjfZevgu_ b iZlheh]bq_kdb_ ex[h\gu_
hlghr_gby hkh[_ggh k ^hdlhjZfb >b^v_ :gav_ >_gba ;jZmgr\_c] @Zgbg RZkk]_
Kfbj`_ev DjbklbZghf >Z\b^hf FZcdehf Nwcghf Iv_jhf N_^b^Z :g^j_ =jbghf
;_ehc =jxg[_j]_j >`hck FZd>m]Zee NjZgkmZ JmklZghf Fg_ ohl_ehkv [u \ujZablv
k\hx ijbagZl_evghklv ^hdlhjZf K_j`m E_c[h\bpb b >Zgbwex <b^ehd_jm dhlhju_
qj_a\uqZcgh ihfh]eb ijhykgblv fh_ ihgbfZgb_ l_hjbb Znn_dlh\ Iha`_ ^hdlhjZ
JZcg_j DjZma_ KZZj[jxd_g b Mevjbo Fha_j Pxjbo ihfh]eb fg_ \ ^Zevg_cr_c
jZajZ[hld_ijh[e_fuiZlheh]bbZnn_dlb\gh]hh[s_gby\ [ebadbohlghr_gbyo
Y bf_xkqZklv_gZa\Zlvkj_^bk\hbo[ebadbo^jma_cex^_c\g_krbogZb[hevrbc
\deZ^ \ ikbohZgZeblbq_kdh_ bamq_gb_ ex[h\guo hlghr_gbc ^hdlhjh\ FZjlbgZ
;_j]fZgZ Wl_ev I_jkhg b Jh[_jlZ Klhee_jZ KR: Wl_ev I_jkhg hldjueZ ^ey f_gy
hq_gv \Z`gmx jZ[hlm ih y^_jghc iheh\hc b^_glbqghklb b k_dkmZevghc iZlheh]bb
gZibkZggmx kh\f_klgh k ^hdlhjhf EZchg_ehf H\wab ;eZ]h^Zjy FZjlbgm ;_j]fZgm y
hagZdhfbekyk bklhjbq_kdbf\a]ey^hfgZ ijbjh^m ex[h\guohlghr_gbcb hljZ`_gb_f
bo \ bkkdmkl\_ Jh[_jl Klhee_j ih^\b] f_gy gZ bamq_gb_ l_kghc \aZbfhk\yab
kms_kl\mxs_cf_`^mwjhlbafhfb Z]j_kkb_cdhlhjh_hglZd[e_klys_gZqZe: jZ[hlu
\ wlhc h[eZklb ^hdlhjh\ E_hgZ :evlfZgZ Ydh[Z :jehm FZjlu DbjdiZljbd >`hgZ
Fxg^_jJhkkZklbfmebjh\ZebfhbjZafure_gby
DZd b ij_`^_ g_hp_gbfmx ihfhsv hdZaZeb fg_ [ebadb_ ^jmavy b dhee_]b
ikbohZgZeblbdb Bo djblbdZ \k_]^Z [ueZ ihablb\ghc bo aZf_qZgby ih^lZedb\Zeb d
^Zevg_cr_cjZ[hl_Wlh^hdlhjZOZjhev^;exf:jghev^Dmi_j<bevyfNjhr<bevyf
=jhkkfZg>hgZev^DZieZgIhebgZD_jg[_j]Jh[_jlFbq_ek=be[_jlJhma >`ha_n b
:gg_FZjbKZg^e_jWjgklb =_jljm^ZLboh
DZd b ij_`^_ y ]em[hdh ijbagZl_e_g Emba_ LZbl b ;_ddb Mbiie aZ bo
[_kdhg_qgh_l_ji_gb_b ih^^_j`dmdhlhjmxhgbhdZau\Zebfg_k kZfh]hgZqZeZjZ[hlu
gZ^ jmdhibkvx ^h \uoh^Z dgb]b <gbfZgb_ fbkk Mbiie d lhgqZcrbf gxZgkZf l_dklZ
[uehhq_gvihe_agufb \Z`gufFhcZ^fbgbkljZlb\gucihfhsgbdJhaZebg^D_gg_^b
lZd`_ g_mklZggh ih^^_j`b\ZeZ f_gy jmdh\h^y b gZijZ\eyy jZ[hlm \ fh_f hnbk_ qlh
iha\hebehjmdhibkbihy\blvkygZk\_lg_\abjZygZfgh`_kl\hg_hleh`guo^_eb aZ[hl
WlZ dgb]Z ² lj_lvy ih kq_lm gZibkZggZy \ l_kghf khljm^gbq_kl\_ k GZlZeb
:evlfZg y\eyxs_cky fhbf j_^Zdlhjhf gZ ijhly`_gbb fgh]bo e_l b =ew^bk Lhidb_
]eZ\guf j_^Zdlhjhf ba^Zl_evkl\Z B_evkdh]h mgb\_jkbl_lZ Bo djblbq_kdb_ aZf_qZgby
\k_]^Zihkms_kl\m^_eZ\k_]^ZlZdlbqgu_hq_gvihfh]Zebfg_\ jZ[hl_
Ohqm_s_jZa\ujZablvijbagZl_evghklv\k_f^jmavyfb dhee_]Zfdhlhjuoy m`_
mihfbgZe Z lZd`_ iZpb_glZf b klm^_glZf ^_eb\rbfky kh fghc k\hbfb hldjulbyfb \
^Zgghc h[eZklb qlh iha\hebeh fg_ aZ g_kdhevdh e_l h\eZ^_lv bgnhjfZpb_c ^ey
ihemq_gby dhlhjhc [_a bo ihfhsb fg_ g_ o\Zlbeh [u \k_c `bagb ;eZ]h^Zjy bf y
hkhagZekdhevh]jZgbq_gghfh_agZgb_b ihgbfZgb_wlhcg_h[tylghcb keh`ghch[eZklb
q_eh\_q_kdboqm\kl\
Y lZd`_ [eZ]h^Zj_g ba^Zl_eyf fhbo jZggbo ijhba\_^_gbc aZ ex[_agh_
jZaj_r_gb_ i_j_ba^Zlv fZl_jbZe \ gb`_ijb\h^bfuo ]eZ\Zo <k_ wlb fZl_jbZeu [ueb
kms_kl\_gghi_j_jZ[hlZgub fh^bnbpbjh\Zgu
=eZ\Z Ba 1HZ3HUVSHFWLYHVLQ3V\FKRDQDO\WLF$IIHFW7KHRU\LQ(PRWLRQ7KHRU\
5HVHDUFKDQG([SHULHQFH j_^Zdlhju 53OXWFKLF+.HOOHUPDQ1HZ<RUN$FDGHPLF3UHVV
² b ba 6DGRPDVRFKLVP6H[XDO ([FLWHPHQW DQG 3HUYHUVLRQ -RXUQDO RI WKH
$PHULFDQ 3V\FKRDQDO\WLF $VVRFLDWLRQ ² Him[ebdh\Zgh k jZaj_r_gby
$FDGHPLF3UHVV b -RXUQDORIWKH$PHULFDQ3V\FKRDQDO\WLF$VVRFLDWLRQ
=eZ\ZABa 0DWXUH/RYH3UHUHTXLVLWHVDQG&KDUDFWHULVWLFV-RXUQDORIWKH$PHULFDQ
3V\FKRDQDO\WLF $VVRFLDWLRQ ² D lZd`_ ba %RXQGDULHV DQG 6WUXFWXUH LQ
/RYH 5HODWLRQV -RXUQDO RI WKH $PHULFDQ 3V\FKRDQDO\WLF $VVRFLDWLRQ ²
Him[ebdh\Zghk jZaj_r_gby -RXUQDORIWKH$PHULFDQ3V\FKRDQDO\WLF$VVRFLDWLRQ
=eZ\Z Ba 6DGRPDVRFKLVP 6H[XDO ([LWHPHQW DQG 3HUYHUVLRQ -RXUQDO RI WKH
$PHULFDQ 3V\FKRDQDO\WLF $VVRFLDWLRQ ² Z lZd`_ ba %RXQGDULHV DQG
6WUXFWXUHLQ/RYH 5HODWLRQV-RXUQDORI WKH $PHULFDQ3V\FKRDQDO\WLF$VVRFLDWLRQ ² Him[ebdh\Zghk jZaj_r_gby -RXUQDORIWKH$PHULFDQ3V\FKRDQDO\WLF$VVRFLDWLRQ
=eZ\Z Ba %DUULHUVWRWKH)DOOLQJDQG5HPDLQLQJLQ/RYH-RXUQDORIWKH$PHULFDQ
3V\FRDQDO\WLF$VVRWLDWLRQ ²Him[ebdh\Zghk jZaj_r_gby -RXUQDORIWKH
$PHULFDQ3V\FKRDQDO\WLF$VVRFLDWLRQ
=eZ\Z Ba $JUHVVLRQ DQG /RYH LQ WKH 5HODWLRQVKLS RI WKH &RXSOH -RXUQDO RI WKH
$PHULFDQ3V\FRDQDO\WLF$VVRWLDWLRQ ²Him[ebdh\Zghk jZaj_r_gby -RXUQDO
RIWKH$PHULFDQ3V\FKRDQDO\WLF$VVRFLDWLRQ
=eZ\Z Ba 7KH&RXSOH
V&RQVWUXFWLYHDQG'HVWUXFWLYH6XSHUHJR)XQFWLRQV-RXUQDO
RI WKH $PHULFDQ 3V\FKRDQDO\WLF $VVRFLDWLRQ ² Him[ebdh\Zgh k
jZaj_r_gby -RXUQDORIWKH$PHULFDQ3V\FKRDQDO\WLF$VVRFLDWLRQ
=eZ\Z Ba /RYH LQ WKH $QDO\WLF 6HWWLQJ ijbgyl d im[ebdZpbb -RXUQDO RI WKH
$PHULFDQ3V\FKRDQDO\WLF$VVRFLDWLRQ Him[ebdh\Zghk jZaj_r_gby -RXUQDORIWKH$PHULFDQ
3V\FKRDQDO\WLF$VVRFLDWLRQ
=eZ\Z Ba 7KH 7HPSWDWLRQV RI &RQYHQWLRQDOLW\ ,QWHUQDWLRQDO 5HYLHZ RI
3V\FKRDQDO\VLV ² Z lZd`_ba (URWLF(OHPHQWLQ0DVV3V\FKRORJ\DQGLQ
WKH $UW %XOOHWLQ RI WKH 0HQQLQJHU &OLQLF QRO :LQWHU him[ebdh\Zgh k
jZaj_r_gby ,QWHUQDWLRQDO5HYLHZRI3V\FKRDQDO\VLV b %XOOHWLQRIWKH0HQQLQJHU&OLQLF
=eZ\Z Ba $GROHVFHQW6H[XDOLW\LQWKH/LJKWRI*URXS3URFHVVHV3V\FKRDQDO\WLF
4XDWHUO\ QRO ² Z lZd`_ ba /RYH WKH &RXSOH DQG WKH *URXS $
3V\FKRDQDO\WLF )UDPH 3V\FKRDQDO\WLF 4XDUWHUO\ QRO ² Him[ebdh\Zgh k
jZaj_r_gby 3V\FKRDQDO\WLF4XDUWHUO\
K?DKM:EVGU?
<A:BFHHLGHR?GBY
Ljm^gh kihjblv k l_f qlh k_dk b ex[h\v l_kgh k\yaZgu Ihwlhfm g_ \uah\_l
m^b\e_gbyb lhlnZdlqlhdgb]Zh ex[\bgZqbgZ_lkyk jZafure_gbch [bheh]bq_kdbob
ikboheh]bq_kdbo dhjgyo k_dkmZevgh]h hiulZ lZd`_ l_kgh i_j_ie_l_gguo f_`^m
kh[hc Ihkdhevdm [bheh]bq_kdb_ dhjgb ij_^klZ\eyxl kh[hc fZljbpm \gmljb dhlhjhc
fh]ml jZa\b\Zlvky ikboheh]bq_kdb_ Zki_dlu fu gZqg_f gZrb jZkkm`^_gby k bamq_gby
[bheh]bq_kdbonZdlhjh\
;bheh]bq_kdb_dhjgbk_dkmZevgh]hhiulZb ih\_^_gby
Ijhke_`b\Zy jZa\blb_ k_dkmZevgh]h ih\_^_gby q_eh\_dZ b ^\b]Zykv \\_jo ih
[bheh]bq_kdhce_klgbp_`b\hlgh]hfbjZhkh[_gghkjZ\gb\Zygbarbofe_dhiblZxsbok
hljy^hf ijbfZlh\ b q_eh\_dhf fu \b^bf qlh jhev khpbZevghikboheh]bq_kdbo
hlghr_gbc f_`^m feZ^_gp_f b _]h \hkiblZl_e_f \ nhjfbjh\Zgbb k_dkmZevgh]h
ih\_^_gby\k_\hajZklZ_lZ \ebygb_]_g_lbq_kdbob ]hjfhgZevguonZdlhjh\gZijhlb\
mf_gvrZ_lkyHkgh\gufbbklhqgbdZfb^eyfh_]hh[ahjZihkem`bebgh\Zlhjkdb_jZ[hlu
\ wlhch[eZklbFZgbb WjoZj^lZ ]ihke_^mxsb_bkke_^h\ZgbyDheh^gu ]
b ^j;ZgdjhnlZ ]b FZdDhgZ]b ]
GZ jZggbo wlZiZo k\h_]h jZa\blby wf[jbhg fe_dhiblZxs_]h bf__l q_jlu dZd
fm`kdh]hlZdb `_gkdh]hgZqZeZG_^bnn_j_gpbjh\Zggu_]hgZ^u\b^hbaf_gyxlkyeb[h
\ k_f_ggbdb eb[h \ ybqgbdb \ aZ\bkbfhklb hl ]_g_lbq_kdh]h dh^Z ij_^klZ\e_ggh]h
gZ[hjhf ojhfhkhflbiZ ;< ^eyfm`kdbohkh[_cbebgZ[hjhf ojhfhkhflbiZ ;;
² ^ey `_gkdbo Ijbfblb\gu_ ]hgZ^u \ q_eh\_q_kdhf aZjh^ur_ fh]ml [ulv \uy\e_gu
gZqbgZy k c g_^_eb jZa\blby dh]^Z ih^ \ebygb_f ]_g_lbq_kdh]h dh^Z m fm`kdbo
hkh[_c \ujZ[Zlu\Zxlky l_klbdmeyjgu_ ]hjfhgu bg]b[bjmxsbc ]hjfhg Fxee_jh\Z
ijhlhdZ FG hdZau\Zxsbc ^_n_fbgbabjmxsbc wnn_dl gZ kljmdlmjm ]hgZ^ b
l_klhkl_jhg kihkh[kl\mxsbc jZa\blbx \gmlj_ggbo b \g_rgbo fm`kdbo iheh\uo
hj]Zgh\ hkh[_ggh ^\mklhjhgg_]h <hevnh\Z ijhlhdZ Ijb gZebqbb `_gkdh]h
]_g_lbq_kdh]hdh^ZgZc g_^_e_khaj_\Zgbyieh^ZgZqbgZ_lkyjZa\blb_ybqgbdh\
>bnn_j_gpbZpby\k_]^Zijhbkoh^bl\ `_gkdhfgZijZ\e_gbb\g_aZ\bkbfhklbhl
]_g_lbq_kdhcijh]jZffughlhevdh\ lhfkemqZ_dh]^Zhlkmlkl\m_lZ^_d\Zlgucmjh\_gv
l_klhkl_jhgZ >jm]bfb keh\Zfb ^Z`_ _keb ]_g_lbq_kdhfm dh^m ijbkmsZ fm`kdZy
kljmdlmjZ g_^hklZlhqgh_ dhebq_kl\h l_klhkl_jhgZ ijb\_^_l d jZa\blbx `_gkdbo
iheh\uo oZjZdl_jbklbd KjZ[hlZ_l ijbgpbi ij_h[eZ^Zgby n_fbgbaZpbb gZ^
fZkdmebgbaZpb_c < ijhp_kk_ ghjfZevgh]h jZa\blby `_gkdhc hkh[b ijbfblb\gZy
ijh\h^ysZy kbkl_fZ Fxee_jZ ij_h[jZam_lky \ fZldm nZeehib_\u ljm[u b \eZ]Zebs_
IjbjZa\blbbihfm`kdhfmlbimijh\h^ysZykbkl_fZFxee_jZj_]j_kkbjm_lZ kbkl_fZ
<hevnh\ZijhlhdZihemqZ_ljZa\blb_w\hexpbhgbjmy\ YDVDGHIHUHQWLD k_fy\ughkysbc
khkm^k_f_ggu_imaujvdbb k_fy\u[jZku\Zxsb_ijhlhdb
Ijb lhf qlh kms_kl\mxl ij_^l_qb b ^ey fm`kdbo b ^ey `_gkdbo \gmlj_ggbo
iheh\uohj]Zgh\ij_^r_kl\_ggbdb\g_rgbo]_gblZebcmgb\_jkZevgulh_klvh^gbb l_
`_ ij_^hj]Zgu fh]ml jZa\blvky eb[h \ fm`kdb_ eb[h \ `_gkdb_ \g_rgb_ iheh\u_
hj]Zgu ?keb \h \j_fy djblbq_kdh]h i_jbh^Z^bnn_j_gpbZpbbhlkmlkl\m_l Z^_d\Zlguc
mjh\_gv Zg^jh]_gh\ l_klhkl_jhg b ^_]b^jhl_klhkl_jhg lh gZqbgZy k c g_^_eb
jZa\blby ieh^Z [m^ml jZa\b\Zlvky deblhj \mev\Z b \eZ]Zebs_ Ijb g_h[oh^bfhf `_
dhebq_kl\_Zg^jh]_gghcklbfmeypbb[m^_lnhjfbjh\Zlvkyi_gbkk ybqdZfbb fhrhgdhc
\dexqZyk_f_ggu_dZgZevpZ\ [jxrghcihehklbIjbghjfZevghfjZa\blbbieh^Zybqdb
i_j_f_sZxlky\ fhrhgdm\h\j_fy]hbeb]hf_kypZ[_j_f_gghklb
Ih^\ebygb_fpbjdmeypbbwf[jbhgZevguo]hjfhgh\\ke_^aZ^bnn_j_gpbZpb_c
\gmlj_ggbob \g_rgboiheh\uohj]Zgh\ijhbkoh^bl^bfhjngh_jZa\blb_hij_^_e_gguo
hl^_eh\ fha]Z Fha] bf__l Zf[blbibqgh_ kljh_gb_ Z \ _]h jZa\blbb `_gkdb_
oZjZdl_jbklbdb lZd`_ ij_\Zebjmxl _keb g_ ^hklb]Z_lky Z^_d\Zlguc mjh\_gv
pbjdmebjmxsbo Zg^jh]_gh\ Ki_pbnbq_kdb_ nmgdpbb ]bihlZeZfmkZ b ]bihnbaZ \
^Zevg_cr_f [m^ml ^bnn_j_gpbjh\Zgu \ pbdebq_kdb_ ijhp_kku m `_gsbg b
g_pbdebq_kdb_m fm`qbgNhjfbjh\Zgb_fha]Zihfm`kdhfm`_gkdhfmlbimijhbkoh^bl
lhevdh\ lj_lv_f ljbf_klj_ihke_aZ\_jr_gbynhjfbjh\Zgby\g_rgboiheh\uohj]Zgh\
b \_jhylgh ijh^he`Z_lky \h \j_fy i_j\h]h ihklgZlZevgh]h ljbf_kljZ < kemqZ_
fe_dhiblZxsbo g_ijbfZlh\ ij_gZlZevgZy ]hjfhgZevgZy ^bnn_j_gpbZpby fha]Z
hij_^_ey_l ihke_^mxs__ [jZqgh_ ih\_^_gb_ H^gZdh _keb fu ]h\hjbf h ijbfZlZo lh
a^_kv \Z`g_crmx jhev \ hij_^_e_gbb k_dkmZevgh]h ih\_^_gby b]jZxl hiul jZgg_c
khpbZebaZpbb b h[mq_gb_ Dhgljhev [jZqgh]h ih\_^_gby \ hkgh\ghf hij_^_ey_lky
jZggbfbkhpbZevgufbbgl_jZdpbyfb
JZa\blb_ \lhjbqguo iheh\uo ijbagZdh\ ihy\eyxsboky \ im[_jlZlguc i_jbh^
² jZkij_^_e_gb_ `bjh\uo hleh`_gbc jZa\blb_ \hehkygh]h ihdjh\Z ih
`_gkdhfmfm`kdhfm lbim baf_g_gb_ ]hehkZ jZa\blb_ ]jm^guo `_e_a b [ukljuc jhkl
]_gblZebc ² aZimkdZ_lkyp_gljZevghcg_j\ghckbkl_fhcb dhgljhebjm_lkyagZqbl_evgh
m\_ebq_gguf dhebq_kl\hf pbjdmebjmxsbo Zg^jh]_gh\ beb wkljh]_gh\ gZebqb_
Z^_d\Zlgh]h dhebq_kl\Z wkljh]_gh\ hij_^_ey_l lZdb_ ki_pbnbq_kdb_ `_gkdb_ nmgdpbb
dZdf_gkljmZevgucpbde[_j_f_gghklvb \u^_e_gb_fhehdZ
=hjfhgZevguc ^bk[ZeZgk kihkh[_g ih\e_qv aZ kh[hc baf_g_gb_ \lhjbqguo
iheh\uo ijbagZdh\ qlh \ k\hx hq_j_^v fh`_lijb\_klb d ]bg_dhfZklbb m\_ebq_gbx
fhehqguo `_e_a m fm`qbg ijb g_^hklZlhqghf dhebq_kl\_ Zg^jh]_gh\ ]bjkmlbafm
ba[ulhqghfmh\hehk_gbxm `_gsbgdeblhjZevghc]bi_jljhnbbihgb`_gbx]hehkZ ²
ijb ba[uld_ Zg^jh]_gh\ Gh \ebygb_ mjh\gy ]hjfhgh\ ijhlb\hiheh`gh]h iheZ gZ
k_dkmZevgh_\e_q_gb_b ih\_^_gb_bg^b\b^Z]hjZa^hf_g__hq_\b^gh
>h kbo ihj g_ kh\k_f ykgh dZd p_gljZevgZy g_j\gZy kbkl_fZ \eby_l gZ gZqZeh
im[_jlZlZ KqblZ_lky qlh h^gbf ba f_oZgbafh\ y\ey_lky kgb`_gb_ qm\kl\bl_evghklb
]bihlZeZfmkZd g_]Zlb\ghch[jZlghck\yab;Zgdjhnl ]M fm`qbgg_^hklZlhqgh_
dhebq_kl\h pbjdmebjmxsbo Zg^jh]_gh\ agZqbl_evgh kgb`Z_l bgl_gkb\ghklv
k_dkmZevgh]h `_eZgby gh ijb ghjfZevghf beb ke_]dZ ij_\urZxs_f ghjfZevguc
mjh\g_ Zg^jh]_gguo ]hjfhgh\ k_dkmZevgh_ `_eZgb_ b ih\_^_gb_ kh\_jr_ggh
g_aZ\bkbfu hl lZdbo dhe_[Zgbc Ij_im[_jlZlgZy dZkljZpby m fm`qbg g_ ihemqb\rbo
\hkiheg_gby l_klhkl_jhgZ \_^_l d k_dkmZevghc ZiZlbb M xghr_c k ijbagZdZfb
i_j\bqghc Zg^jh]_gghc g_^hklZlhqghklb \\_^_gb_ l_klhkl_jhgZ \ xghr_kdhf \hajZkl_
\hkklZgZ\eb\Z_lghjfZevgh_k_dkmZevgh_`_eZgb_b ih\_^_gb_H^gZdh\ [he__iha^g_f
\hajZkl_ dh]^Z iheh\Zy ZiZlby ijbh[j_lZ_l mklhcqb\uc oZjZdl_j \hkklZgZ\eb\ZxsZy
l_jZibyl_klhkl_jhghff_g__mki_rgZihoh`_\ wlhf ijhp_kk_kms_kl\m_l \j_f_gghc
jm[_`ihke_dhlhjh]hhldehg_gbym`_g_ebd\b^bjmxlky:gZeh]bqghwlhfmg_kfhljy
gZ lh qlh bkke_^h\Zgby ihdZau\Zxl \hajZklZgb_ k_dkmZevgh]h `_eZgby m `_gsbg
g_ihkj_^kl\_ggh i_j_^ b ihke_ f_gkljmZevgh]h pbdeZ \uy\e_ggZy aZ\bkbfhklv
k_dkmZevguo \e_q_gbc hl dhe_[Zgbc dhebq_kl\Z ]hjfhgh\ \k_ `_ g_agZqbl_evgZ \
kjZ\g_gbb k \ebygb_f khpbZevghikboheh]bq_kdbo nZdlhjh\ FZdDhgZ]b \
qZklghklb hlf_qZ_l qlh gZ `_gsbg khpbZevghikboheh]bq_kdb_ nZdlhju hdZau\Zxl
[hevr__\ebygb_g_`_ebgZfm`qbg
H^gZdhm ijbfZlh\b gbarbofe_dhiblZxsbok_dkmZevgZyaZbgl_j_kh\Zgghklvb
ih\_^_gb_ kljh]h hij_^_eyxlky ]hjfhgZevguf mjh\g_f LZd [jZqgh_ ih\_^_gb_ ijb
kiZjb\Zgbb m ]juamgh\ p_ebdhf hij_^_ey_lky ]hjfhgZevguf klZlmkhf b jZggb_
ihklgZlZevgu_ ]hjfhgZevgu_ bgt_dpbb fh]ml bf_lv agZqbl_evgu_ ihke_^kl\by
Ihklim[_jlZlgZydZkljZpby\_^_ld kgb`_gbxwj_dpbbb k_dkmZevgh]h\e_q_gbydhlhjh_
fh`_l ijh]j_kkbjh\Zlv \ l_q_gb_ g_^_ev b ^Z`_ e_l bgt_dpbb `_ l_klhkl_jhgZ
kihkh[gu ijZdlbq_kdb g_aZf_^ebl_evgh \hkklZgh\blv iheh\u_ nmgdpbb :g^jh]_ggu_
bgt_dpbb`_gsbgZf\ ihkldebfZdl_jbq_kdhfi_jbh^_mkbeb\Zxlk_dkmZevgh_`_eZgb_
g_hdZau\Zyijbwlhf\ebygbygZbok_dkmZevgmxhjb_glZpbx
Ih^\h^y blh]b fh`gh kdZaZlv qlh Zg^jh]_ggu_ ]hjfhgu \ebyxl gZ
bgl_gkb\ghklv iheh\h]h `_eZgby m fm`qbg b `_gsbg h^gZdh ij_h[eZ^ZxsZy jhev
ijbgZ^e_`bl\k_`_ikbohkhpbZevgufnZdlhjZfOhlym gbarbofe_dhiblZxsbolZdbo
dZd ]juamgu k_dkmZevgh_ ih\_^_gb_ ih [hevr_c qZklb j_]mebjm_lky ]hjfhgZevguf
mjh\g_f m`_ m ijbfZlh\ ijhke_`b\Z_lky jhkl \ebygby ikbohkhpbZevghc kj_^u gZ
iheh\h_ ih\_^_gb_ GZijbf_j kZfpu fZdZdb j_amk hkljh j_Z]bjmxl gZ aZiZo
\eZ]Zebsgh]h ]hjfhgZ k_dj_lbjm_fh]h \h \j_fy h\meypbb KZfdb fZdZdb j_amk
ijhy\eyy gZb[hevrmx iheh\mx Zdlb\ghklv \h \j_fy h\meypbb lZd`_ g_ l_jyxl
k_dkmZevgh]h bgl_j_kZ b \ ^jm]b_ i_jbh^u ijhy\eyy ijb wlhf aZf_lgu_ k_dkmZevgu_
ij_^ihql_gbyA^_kvfukgh\ZgZ[ex^Z_f\ebygb_mjh\gyZg^jh]_gh\gZbgl_gkb\ghklv
\hagbdgh\_gby k_dkmZevgh]h j_ij_a_glZlb\gh]h ih\_^_gby m kZfhd <\_^_gb_
l_klhkl_jhgZkZfpZfdjuk\ ij_hilbq_kdmxahgm\uau\Z_lm gbofZl_jbgkdbcbgklbgdl
gh ijb wlhf ijh^he`Zxlky bo dhimeypbb k kZfdZfb Ih\ur_gb_ mjh\gy l_klhkl_jhgZ
\b^bfh ijb\h^bl \ ^_ckl\b_ fZl_jbgkdb_ bgklbgdlu dhlhju_ \ eZl_glghf khklhygbb
ijbkmlkl\mxl \ ]heh\ghf fha]_ fm`kdbo hkh[_c b ^h\h^bl khhl\_lkl\mxsmx
bgnhjfZpbx ^h p_gljZevghc g_j\ghc kbkl_fu hl\_qZxs_c aZ k_dkmZevgh_ ih\_^_gb_
Wlhhldjulb_^Z_l\hafh`ghklvij_^iheh`blvqlhk_dkmZevgh_ih\_^_gb_oZjZdl_jgh_
^eyh^gh]hiheZfh`_l\ kdjulhfkhklhygbbijbkmlkl\h\Zlvm ^jm]h]h
KbeZ k_dkmZevgh]h \ha[m`^_gby khkj_^hlhq_gb_ gZ k_dkmZevguo klbfmeZo
nbabheh]bq_kdb_ j_Zdpbb gZ k_dkmZevgh_ \ha[m`^_gb_ m\_ebq_gb_ ijblhdZ djh\b
gZ[moZgb_ b \u^_e_gb_ kfZadb \ iheh\uo hj]ZgZo ² gZ \k_ wlb ijhp_kku hdZau\Z_l
\ebygb_mjh\_gv]hjfhgh\
IkbohkhpbZevgu_nZdlhju
<ur_ fu jZkkfhlj_eb Zki_dlu dhlhju_ \ lhc beb bghc kl_i_gb ijbgylh
hlghkblv d [bheh]bq_kdbf L_i_jv i_j_c^_f d f_g__ bamq_gguf b [he__
ijhlb\hj_qb\uf h[eZklyf \ dhlhjuo [bheh]bq_kdb_ Zki_dlu l_kgh i_j_ie_lZxlky b
\aZbfh^_ckl\mxl k ikboheh]bq_kdbfb nZdlhjZfb H^ghc ba lZdbo h[eZkl_c y\ey_lky
y^_jgZy iheh\Zy ]_g^_jgZy b^_glbqghklv b ihehjhe_\Zy b^_glbqghklv M ex^_c
y^_jgZy iheh\Zy b^_glbqghklv Klhee_j V lh _klv hsms_gb_ ijbgZ^e_`ghklb d
`_gkdhfm beb fm`kdhfm ihem hij_^_ey_lky g_ [bheh]bq_kdhc ijbjh^hc Z l_f dZd
\hkiblu\Z_lky j_[_ghd ^h ^\moq_luj_o e_l ² dZd ^_\hqdZ beb dZd fZevqbd FZgb
FZgbb WjoZj^l b Klhee_j \ k\hbojZ[hlZo ijb\h^yl\
ihevam wlh]h m[_^bl_evgu_ ^Zggu_ Lhqgh lZd `_ ihehjhe_\Zy b^_glbqghklv lh _klv
ijbgylZy\ lhfbeb bghfh[s_kl\_ghjfZih\_^_gbylbibqgZy^ey `_gsbg b fm`qbg
l_kgh k\yaZgZ k ikbohkhpbZevgufb nZdlhjZfb ;he__ lh]h ikbohZgZeblbq_kdb_
bkke_^h\Zgby ^hdZau\Zxl qlh \u[hj k_dkmZevgh]h h[t_dlZ ² fbr_gb k_dkmZevgh]h
`_eZgby ² lZd`_\ gZb[hevr_ckl_i_gbaZ\bkblhlkhpbZevghikboheh]bq_kdh]hhiulZ
ijbh[j_l_ggh]h \ jZgg_f ^_lkl\_ Gb`_ ijb\h^blky fhc h[ahj ^Zgguo hlghkbl_evgh
gZb[he__y\guodhjg_cwlbokhklZ\eyxsbok_dkmZevgh]hhiulZq_eh\_dZ
Y^_jgZyiheh\Zyb^_glbqghklv d dZdhfmihemhgbebhgZijbqbkeyxlk_[y
Ihehjhe_\Zy b^_glbqghklv ki_pbnbq_kdb_ ikboheh]bq_kdb_ mklZgh\db b
kihkh[u f_`ebqghklgh]h ih\_^_gby ² hkgh\gu_ fh^_eb khpbZevguo bgl_jZdpbc b
ki_pbnbq_kdb_ k_dkmZevgu_ ijhy\e_gby ² oZjZdl_jbklbdb ijbkmsb_ fm`qbgZf beb
`_gsbgZfb lZdbfh[jZahfjZa^_eyxsb_bo
>hfbgbjmxsbc \u[hj h[t_dlZ
\u[hj k_dkmZevgh]h h[t_dlZ
²
]_l_jhk_dkmZevgh]h beb ]hfhk_dkmZevgh]h ² fh`_l oZjZdl_jbah\Zlvky rbjhdbf
ki_dljhfk_dkmZevguo\aZbfh^_ckl\bck ^Zggufh[t_dlhf\e_q_gbybebh]jZgbqb\Zlvky
hij_^_e_gghc qZklvx q_eh\_q_kdh]h l_eZ Z g_ q_eh\_q_kdbf kms_kl\hf b
g_h^mr_\e_ggufij_^f_lhf
Kl_i_gv k_dkmZevgh]h `_eZgby gZoh^bl \ujZ`_gb_ \ k_dkmZevguo nZglZabyo
hldebdZ_fhklb gZ \g_rgb_ k_dkmZevgu_ klbfmeu `_eZgbb k_dkmZevgh]h ih\_^_gby b
nbabheh]bq_kdh]h\ha[m`^_gbyiheh\uohj]Zgh\
Y^_jgZyiheh\Zyb^_glbqghklv
FZgbb WjoZj^l \ k\hbobkke_^h\Zgbyoijb\h^yl^hdZaZl_evkl\Zlh]hqlh
\hkiblu\Zy fZevqbdZ beb ^_\hqdm jh^bl_eb ihjZaghfm h[jZsZxlky k ^_lvfb \
aZ\bkbfhklb hl bo iheZ ^Z`_ _keb kqblZxl qlh \_^ml k_[y k gbfb h^bgZdh\h Ohly
kms_kl\m_l jZaebqb_ f_`^m feZ^_gpZfb fm`kdh]h b `_gkdh]h iheZ [Zabjmxs__ky gZ
]hjfhgZevghc bklhjbb wlh jZaebqb_ g_ ijb\h^bl Z\lhfZlbq_kdb d jZaebqbx \
ihklgZlZevghf ih\_^_gbb ih `_gkdhfm fm`kdhfm lbim N_fbgbabjmxsZy
]hjfhgZevgZy iZlheh]by m fm`qbg b fZkdmebgbabjmxsZy ]hjfhgZevgZy iZlheh]by m
`_gsbg aZ bkdexq_gb_f kemqZ_\ hq_gv kbevguo ]hjfhgZevguo gZjmr_gbc fh`_l
[hevr_kdZaZlvkygZihehjhe_\hcb^_glbqghklbq_fgZy^_jghciheh\hcb^_glbqghklb
Ij_\ur_gb_ mjh\gy Zg^jh]_gh\ m ^_\hq_d \ ij_gZlZevghf i_jbh^_ fh`_l
ijb\_klb gZijbf_j d fZevqbr_kdhfm ih\_^_gbx ih\ur_gghfm \u[jhkm wg_j]bb \
b]jZoZ]j_kkbbG_Z^_d\ZlgZyij_gZlZevgZyZg^jh]_ggZyklbfmeypbym fZevqbdZfh`_l
ijb\_klbd g_dhlhjhciZkkb\ghklbb g_Z]j_kkb\ghklbg_hdZau\Zy\ebygbygZy^_jgmx
iheh\mx b^_glbqghklv >_lb]_jfZnjh^blu jZa\b\Zxl mklhcqb\mx `_gkdmx beb
fm`kdmx b^_glbqghklv \ aZ\bkbfhklb hl lh]h \hkiblu\Zeb bo dZd ^_\hq_d beb dZd
fZevqbdh\ b \g_ aZ\bkbfhklb hl lh]h dZdhc m gbo ]_g_lbq_kdbc dh^ ]hjfhgZevguc
mjh\_gv b ^Z`_ ² ^h g_dhlhjhc kl_i_gb ² \g_rgbc \b^ ]_gblZebc FZgb b WjoZj^l
]Fwc_j ]
Klhee_j V I_jkhg b H\wab ijh\_eb jy^ bkke_^h\Zgbc ih
\uy\e_gbx\aZbfhk\yabf_`^mjZgg_ciZlheh]b_c\ ^_lkdhjh^bl_evkdbohlghr_gbyob
aZdj_ie_gb_f y^_jghc iheh\hc b^_glbqghklb LjZgkk_dkmZebaf l_ b^_glbnbdZpby
bg^b\b^Z k ihehf ijhlb\hiheh`guf [bheh]bq_kdhfm g_ aZ\bkbl hl ]_g_lbq_kdbo
]hjfhgZevguo beb nbabheh]bq_kdbo ]_gblZevguo hldehg_gbc Ohly ijb bamq_gbb
g_dhlhjuo [bheh]bq_kdbo \ZjbZpbc hkh[_ggh `_gkdh]h ljZgkk_dkmZebafZ \hagbdZ_l
\hijhkh \hafh`ghf\ebygbb]hjfhgZevgh]hmjh\gy\k_lZdb[hevr_hkgh\Zgbc\b^_lv
ijbqbgu wlh]h y\e_gby \ k_jv_aguo gZjmr_gbyo jZggbo ikbohkhpbZevguo
\aZbfh^_ckl\bc
< wlhc k\yab hq_gv bgl_j_kgu \i_j\u_ hibkZggu_ Klhee_jhf V
ikbohZgZeblbq_kdb_ bkke_^h\Zgby \ajhkeuo ljZgkk_dkmZeh\ b ^_l_c k ZghfZevghc
iheh\hc b^_glbnbdZpb_c ^Zxsb_ bgnhjfZpbx h[ hkgh\guo iZll_jgZo jh^bl_evkdh
^_lkdbo \aZbfhhlghr_gbc H[gZjm`behkv qlh m fm`qbgljZgkk_dkmZeh\ fm`qbg ih
[bheh]bq_kdbf ijbagZdZf bf_xsbo `_gkdmx y^_jgmx b^_glbqghklv fZl_jb dZd
ijZ\beh bf_eb yjdh \ujZ`_ggu_ [bk_dkmZevgu_ q_jlu Z hlpu eb[h hlkmlkl\h\Zeb
eb[h[uebiZkkb\gufbb hlkljZg_ggufbFZlv\b^_eZ\ kug_dZd[uk\h_ijh^he`_gb_
g_hlt_fe_fmx qZklv k_[y Ih^h[guc [eZ`_gguc kbf[bha ijb\h^be d ihkl_i_gghfm
klbjZgbx m j_[_gdZ fm`kdbo dZq_kl\ ih\ur_gghc b^_glbnbdZpbb k fZl_jvx Z lZd`_
hldZam hl fm`kdhc jheb g_ijb_fe_fhc ^ey fZl_jb b g_m^Zqgh ku]jZgghc hlphf M
`_gsbgljZgkk_dkmZeh\ fZlv h[uqgh hl\_j]ZxsZy Z hl_p eb[h hlkmlkl\m_l eb[h
g_^hklmi_g ^ey ^hq_jb dhlhjZy g_ qm\kl\m_l qlh __ ih^^_j`b\Zxl dZd ^_\hqdm Wlh
klbfmebjm_l __ klZlv aZf_sZxs_c fm`kdhc nb]mjhc ^ey fZl_jb \ __ h^bghq_kl\_
Fmkdmebggh_ ih\_^_gb_ ^hq_jb h^h[jy_lky fZl_jvx __ ^_ij_kkby moh^bl b \hagbdZ_l
qm\kl\hiheghp_gghck_fvb
Lh qlh \ jZgg_f ^_lkl\_ jh^bl_evkdh_ ih\_^_gb_ hkh[_ggh ih\_^_gb_ fZl_jb
hdZau\Z_l h]jhfgh_ \ebygb_ gZ y^_jgmx iheh\mx b^_glbqghklv j_[_gdZ b \k_ _]h
k_dkmZevgh_ih\_^_gb_oZjZdl_jghg_lhevdh^eyex^_c< deZkkbq_kdhcjZ[hl_OZjehm
b OZjehm hibku\Z_lky bkke_^h\Zgb_ ih\_^_gby ijbfZlh\ b ijb\h^ylky
^hdZaZl_evkl\Z lh]h qlh g_h[oh^bfuf mkeh\b_f ghjfZevgh]h jZa\blby k_dkmZevgh]h
ih\_^_gbyh[_avygy\ey_lkygZebqb_l_kgh]hnbabq_kdh]hdhglZdlZ^_l_gurZk fZl_jvx
b k\yaZggh_k wlbfqm\kl\h[_ahiZkghklbIjbg_^hklZld_fZl_jbgkdhcaZ[hlu\ jZgg_f
\hajZkl_ b fZehqbke_gguo dhglZdlZo kh k\_jklgbdZfb \h \j_fy djblbq_kdhc nZau
jZa\blby \h \ajhkehf khklhygbb hlf_qZxlky jZaebqgu_ gZjmr_gby k_dkmZevgh]h
ih\_^_gbyLZdb_hkh[b\ ^Zevg_cr_flZd`_kljZ^ZxlhlkhpbZevghc^_aZ^ZilZpbb
Ohly Nj_c^ iheZ]Ze qlh ij_^klZ\bl_eb h[hbo iheh\ h[eZ^Zxl
ikboheh]bq_kdhc [bk_dkmZevghklvx hg ihklmebjh\Ze qlh jZggyy ]_gblZevgZy
b^_glbqghklvdZdm fZevqbdh\lZdb m^_\hq_dghkblfZkdmebggucoZjZdl_jHgkqblZe
qlh ^_\hqdb i_j\hgZqZevgh khkj_^hlhq_ggu_ gZ deblhj_ dZd bklhqgbd_ m^h\hevkl\by
ihZgZeh]bbk i_gbkhfaZl_fbaf_gyxlk\hxi_j\bqgmx]_gblZevgmxb^_glbqghklvb
kdjulmx ]hfhk_dkmZevgmx hjb_glZpbx \ ihablb\ghc w^bih\hc nZa_ Wlb i_j_f_gu
k\yaZgu ih fg_gbx Nj_c^Z k j_Zdpb_c jZahqZjh\Zgby ih ih\h^m hlkmlkl\by i_gbkZ
dZkljZpbhgghclj_\h]hcb kbf\hebq_kdbfklj_fe_gb_f\hkihegblvhlkmlkl\b_i_gbkZk
ihfhsvx j_[_gdZ hl hlpZ Klhee_j V h^gZdh ijb^_j`b\Z_lky bghc lhqdb
aj_gby Hg kqblZ_l qlh ijbgbfZy \h \gbfZgb_ kbevgmx ijb\yaZgghklv feZ^_gpZ d
fZl_jb b kbf[bhlbq_kdb_ hlghr_gby k g_c jZggyy b^_glbnbdZpby feZ^_gp_\ h[hbo
iheh\ ghkbl n_fbgbgguc oZjZdl_j < ijhp_kk_ k_iZjZpbbbg^b\b^mZpbb fZevqbdb
ihkl_i_gghi_j_oh^ylhl`_gkdhcd fm`kdhcb^_glbqghklbI_jkhgb H\wab h^gZdh gZ hkgh\_ k\h_]h bkke_^h\Zgby iZpb_glh\ k ]hfhk_dkmZevghc hjb_glZpb_c
ljZgk\_klblh\b ljZgkk_dkmZeh\ihklmebjmxl\jh`^_gghklviheh\hcb^_glbqghklb ² b
fm`kdhc b `_gkdhc Y iheZ]Zx qlh lhqdZ aj_gby I_jkhgZ b H\wab khhl\_lkl\m_l
^Zgguf FZgb b WjoZj^lZ Z lZd`_ Fwc_jZ h nhjfbjh\Zgbb y^_jghc
iheh\hcb^_glbqghklb]_jfZnjh^blh\Z lZd`_bogZ[ex^_gbyf\aZbfh^_ckl\byfZl_jb
k feZ^_gpZfb fm`kdh]h b `_gkdh]h iheZ k kZfh]h jh`^_gby b ikbohZgZeblbq_kdbf
gZ[ex^_gb_f ghjfZevguo ^_l_c \ kjZ\g_gbb k ^_lvfb bf_xsbfb k_dkmZevgu_
hldehg_gby hkh[_ggh bkke_^h\Zgbyf \ dhlhjuo jZkkfZljb\Zxlky khagZl_evgZy b
[_kkhagZl_evgZyk_dkmZevgZyhjb_glZpbyjh^bl_e_c=Ze_gkhg Klhee_j ;jZmgr\_c] b N_cg kh]eZrZykv k ]bihl_ahc Nj_c^Z h \jh`^_gghc
[bk_dkmZevghklb h[hbo iheh\ ijb\h^yl ^h\h^u \ ihevam lh]h qlh ikboheh]bq_kdZy
[bk_dkmZevghklvhkgh\u\Z_lkygZ[_kkhagZl_evghc b^_glbnbdZpbb feZ^_gp_\ k h[hbfb
jh^bl_eyfb <ihke_^kl\bb [bk_dkmZevghklv dhjj_dlbjm_lky \ ^bZ^_ fZlvj_[_ghd \
j_amevlZl_q_]hijhbkoh^blhij_^_e_gb_y^_jghciheh\hcb^_glbqghklbb __nbdkZpby
DZd ml\_j`^Zxl FZgb b WjoZj^l g_\Z`gh qlh iZiZ ]hlh\bl m`bg Z fZfZ
mijZ\ey_l ljZdlhjhf ² khpbZevgh h[mkeh\e_ggu_ iheh\u_ jheb jh^bl_e_c gbdZd g_
kdZ`mlky gZ klZgh\e_gbb y^_jghc k_dkmZevghc b^_glbqghklb j_[_gdZ _keb bo
kh[kl\_ggu_y^_jgu_iheh\u_b^_glbqghklbkljh]h^bnn_j_gpbjh\Zgu
AZ^Zgb_ b ijbgylb_ y^_jghc iheh\hc b^_glbqghklb hij_^_ey_l ijbgylb_ eb[h
fm`kdhc eb[h `_gkdhc iheh\hc jheb Ihkdhevdm [_kkhagZl_evgZy b^_glbnbdZpby k
h[hbfb jh^bl_eyfb [_kkhagZl_evgZy [bk_dkmZevghklv ijbagZggZy \ ikbohZgZeba_
lZd`_ih^jZamf_\Z_l[_kkhagZl_evgmxb^_glbnbdZpbxk jheyfbijbibku\Z_fufblhfm
bebbghfmihemkms_kl\m_lq_ldZyl_g^_gpbyd [bk_dkmZevgufiZll_jgZfih\_^_gbyb
hlghr_gbc Z lZd`_ d [bk_dkmZevghc hjb_glZpbb dZd \k_h[s_fm q_eh\_q_kdhfm
k\hckl\m <hafh`gh qlh djhf_ kljh]bo khpbZevguo b dmevlmjguo lj_[h\Zgbc q_ldhc
iheh\hc b^_glbqghklb Lu beb fZevqbd beb ^_\hqdZ ihke_^gyy ih^dj_iey_lky b
hij_^_ey_lky
bgljZikbobq_kdhc
g_h[oh^bfhklvx
\
bgl_]jbjh\Zgghc
b
dhgkheb^bjh\Zgghc b^_glbqghklb ebqghklb \ p_ehf Lh _klv y^_jgZy iheh\Zy
b^_glbqghklv eh`blky \ hkgh\m nhjfbjh\Zgby b^_glbqghklb Wlh NZdlbq_kdb dZd
ij_^iheh`be Ebol_grl_cg k_dkmZevgZy b^_glbqghklv y\ey_lky y^jhf w]h
b^_glbqghklb Debgbq_kdb_ bkke_^h\Zgby ihdZau\Zxl qlh g_^hklZlhqgZy bgl_]jZpby
b^_glbqghklb kbg^jhf ^bnnmabb b^_glbqghklb h[uqgh khkms_kl\m_l k ijh[e_fZfb
iheh\hc b^_glbqghklb b dZd ih^q_jdb\Zeb H\wab b I_jkhg m
ljZgkk_dkmZeh\ h[uqgh h[gZjm`b\Zxlky k_jv_agu_ gZjmr_gby b ^jm]bo Zki_dlh\
b^_glbqghklb
Ihehjhe_\Zy b^_glbqghklv
< deZkkbq_kdhc jZ[hl_ FZddh[b b @Zdebg ^_eZ_lky \u\h^ h lhf qlh
kms_kl\m_l p_euc jy^ g_h[hkgh\Zgguo ij_^klZ\e_gbc h ihehjhe_\uo jZaebqbyo
g_dhlhju_ ba gbo ^hklZlhqgh ijhqgh mdhj_gbebkv ^jm]b_ \uau\Zxl khfg_gby b
\hijhkuH^gbfbalZdbog_h[hkgh\Zgguoij_^klZ\e_gbcy\ey_lkylhqlh^_\hqdb[he__
khpbZevgub mijZ\ey_fuihkjZ\g_gbxk fZevqbdZfbbfe_]q_^Z_lkyf_oZgbq_kdh_
aZmqb\Zgb_ b j_r_gb_ ih\lhjyxsboky aZ^Zq ijb wlhf hgb bf_xl [he__ gbadmx
kZfhhp_gdm b f_gvrmx fhlb\Zpbx d ^hklb`_gbx mki_oZ KqblZ_lky lZd`_ qlh
fZevqbdbemqr_\uihegyxlaZ^Zgbyl\hjq_kdh]hoZjZdl_jZlj_[mxsb_hldZaZhljZg__
mk\h_gguo klZg^Zjlguo ih^oh^h\ qlh hgb [he__ ZgZeblbqgu KqblZ_lky qlh gZ
^_\hq_d [hevr__ \ebygb_ hdZau\Zxl gZke_^kl\_ggu_ nZdlhju gZ fZevqbdh\ `_ ²
hdjm`ZxsZykj_^Zm ^_\hq_dhij_^_eyxsbfy\ey_lkya\mdh\h_\hkijbylb_m fZevqbdh\
² ajbl_evgh_
Kj_^b mdhj_gb\rboky iheh\uo jZaebqbc fh`gh gZa\Zlv ke_^mxsb_ ^_\hqdb
ij_\hkoh^yl fZevqbdh\ \ \_j[Zevguo kihkh[ghklyo fZevqbdb ² \ ajbl_evgh
ijhkljZgkl\_gghc hjb_glZpbb b fZl_fZlbd_ Djhf_ lh]h fZevqbdb [he__ Z]j_kkb\gu
<k_ _s_ g_l _^bghc lhqdb aj_gby hlghkbl_evgh jZaebqbc \ lZdlbevghc
qm\kl\bl_evghklb qm\kl\_ kljZoZ aZkl_gqb\hklb lj_\h`ghklb dhgdmj_glghklb
^hfbgZglghklbZ lZd`_\ mjh\g_Zdlb\ghklbmklmiqb\hklbgZmq_gbyb fZl_jbgkdh]h
ih\_^_gby
DZdb_ `_ ba \ur_i_j_qbke_gguo ikboheh]bq_kdbo jZaebqbc ]_g_lbq_kdb
^_l_jfbgbjh\Zgu dZdb_ bf_xl khpbZevgmx ijbjh^m Z dZdb_ jZa\b\Zxlky kihglZggh
q_j_a ih^jZ`Zgb_" FZddh[b b @Zdebg ml\_j`^Zxl b bf__lky ^hklZlhqgh ^Zgguo
ih^dj_ieyxsbo wlh ml\_j`^_gb_ qlh hq_\b^gZ k\yav f_`^m [bheh]bq_kdbfb
nZdlhjZfb b kl_i_gvx Z]j_kkb\ghklb b kihkh[ghklb d ajbl_evghijhkljZgkl\_gghc
hjb_glZpbbIhbf_xsbfky^Zgguffm`qbgub kZfpuq_eh\_dhh[jZaguoh[_avyg[he__
Z]j_kkb\guih\b^bfhfm\g_aZ\bkbfhklbhlgZpbhgZevghdmevlmjghcijbgZ^e_`ghklb
mjh\_gv Z]j_kkbb \ agZqbl_evghc kl_i_gb aZ\bkbl hl dhebq_kl\Z iheh\uo ]hjfhgh\
<hafh`ghij_^jZkiheh`_gghklvd Z]j_kkbbgZoh^blk\h_\ujZ`_gb_\ lZdboq_jlZodZd
^hfbgbjh\Zgb_ Zdlb\ghklv khi_jgbq_kl\h ghbf_xsb_ky^Zggu_ g_ k\b^_l_evkl\mxl
h[ wlhf k iheghc hij_^_e_gghklvx FZddh[b b @Zdebg ijboh^yl d \u\h^m qlh
]_g_lbq_kdb h[mkeh\e_ggu_ oZjZdl_jbklbdb fh]ml ijbgbfZlv nhjfm [hevr_c
]hlh\ghklb d ijhy\e_gbx dZdh]heb[h dhgdj_lgh]h \b^Z ih\_^_gby Wlh hlghkblky d
mk\h_ggufnhjfZfih\_^_gbyghg_h]jZgbqb\Z_lkybfb
Njb^fZg b >Zmgb i_j_kfhlj_eb ^Zggu_ h \ebygbb ij_gZlZevghc
]hjfhgZevghc iZlheh]bb m ^_\hq_d gZ ihklgZlZevgh_ k_dkmZevgh_ ih\_^_gb_ Hgb
bamqbeb bf_xsb_ky k\_^_gby h ^_\hqdZo k \jh`^_gghc ]bi_jljhnb_c ]bi_jieZab_c
gZ^ihq_qgbdh\ b ijh\_eb kjZ\gbl_evguc ZgZeba k ^_\hqdZfb fZfu dhlhjuo \h \j_fy
[_j_f_gghklb ijbgbfZeb iheh\u_ kl_jhb^gu_ ]hjfhgu Wlbo ^_l_c jZklbeb dZd
^_\hq_db ohlyboy^_jgZyiheh\Zyb^_glbqghklv[ueZ`_gkdhcklZ\beky\hijhkh lhf\
dZdhc kl_i_gb ba[ulhqghklv fm`kdbo ]hjfhgh\ \ ij_gZlZevghf i_jbh^_ \eby_l gZ bo
y^_jgmxiheh\mxb^_glbqghklvb ihehjhe_\mxb^_glbqghklv\ ^_lkl\_b hljhq_kl\_
G_kfhljy gZ lh qlh [ueZ \uy\e_gZ keZ[Zy k\yav ba[ulhqgh]h dhebq_kl\Z
Zg^jh]_gh\ \ ij_gZlZevghf i_jbh^_ k ij_h[eZ^Zgb_f ]hfhk_dkmZevghklb [he__
kms_kl\_gguf y\behkv hldjulb_ qlh \g_ aZ\bkbfhklb hl \hkiblZgby m ^_\hq_d k
\jh`^_gghc ]bi_jljhnb_c gZ^ihq_qgbdh\ gZ[ex^ZeZkv [hevrZy kdehgghklv d
fZevqbr_kdhc fZg_j_ ih\_^_gby Hgb ijhy\eyeb f_gvr_ bgl_j_kZ d dmdeZf b
mdjZr_gbyf ij_^ihqblZy bf fZrbgu ibklhe_lu b l^ ih kjZ\g_gbx k dhgljhevghc
]jmiihc< dZq_kl\_iZjlg_jh\^eyb]jhgbhl^Z\Zebij_^ihql_gb_fZevqbdZfijhy\eyy
ijb wlhf [hevrmx wg_j]bx b kdehgghklv d ^jZdZf >Zggu_ wlbo bkke_^h\Zgbc ^Zxl
\hafh`ghklv ij_^iheh`blv qlh ]hjfhgZevguc mjh\_gv \ ij_gZlZevghf i_jbh^_
hdZau\Z_lagZqbl_evgh_\ebygb_gZihehjhe_\h_ih\_^_gb_j_[_gdZ\ ^_lkdhf\hajZkl_
Njb^fZg \ ebqghc [_k_^_ kh]eZrZ_lky k FZddh[b b @Zdebg \ lhf qlh
[hevrbgkl\h hkh[_gghkl_c hlebqZxsbo fZevqbdh\ hl ^_\hq_d ih \k_c \_jhylghklb
dmevlmjghh[mkeh\e_gu
JbqZj^ =jbg bamqZe \hkiblZgb_ fZevqbdh\ k n_fbgbggufb q_jlZfb
<uykgbehkv qlh hkgh\gufb nZdlhjZfb \ebyxsbfb gZ jZa\blb_ n_fbgbgghklb m
fZevqbdh\y\eyxlky[_ajZaebqb_jh^bl_e_cd ijhy\e_gbxn_fbgbggh]hih\_^_gbybeb
_]h ihhsj_gb_ h^_\Zgb_ fZevqbdZ \ `_gkdmx h^_`^m qj_af_jgZy fZl_jbgkdZy hi_dZ
hlkmlkl\b_ hlpZ beb g_ijbylb_ bf j_[_gdZ nbabq_kdZy ijb\e_dZl_evghklv j_[_gdZ
g_^hklZlhdh[s_gbyk fZevqbdZfb k\h_]h \hajZklZ Djblbq_kdhc h[s_c q_jlhc \h \k_o
wlbo kemqZyo ihoh`_ y\ey_lky lh qlh \ gbo hlkmlkl\m_l g_h^h[j_gb_ n_fbgbggh]h
ih\_^_gby >Zevg_crb_ h[ke_^h\Zgby wlbo ^_l_c h[gZjm`beb kj_^b gbo \ukhdbc
ijhp_gl^h [bk_dkmZevghklbb ]hfhk_dkmZevghklb=jbg GZebqb_ [bo_\bhjZevguo dZq_kl\ ^jm]h]h iheZ ² fZevqbr_kdh]h ih\_^_gby m
^_\hq_d b n_fbgbggh]h ² m fZevqbdh\ qZklh k\yaZgh k ]hfhk_dkmZevguf \u[hjhf
h[t_dlZ NZdlbq_kdb fh`gh kqblZlv qlh ihehjhe_\Zy b^_glbqghklv lZd `_ l_kgh
k\yaZgZ k y^_jghc iheh\hc b^_glbqghklvx dZd b k \u[hjhf h[t_dlZ ij_^ihql_gb_
kh[kl\_ggh]h iheZ fh`_l ih\ebylv gZ \u[hj jheb khpbZevgh b^_glbnbpbjm_fhc k
ijhlb\hiheh`gufihehfB gZh[hjhl\`b\Zgb_\ jhevijhlb\hiheh`gh]h iheZ fh`_l
ih\e_qv aZ kh[hc ij_^jZkiheh`_gghklv d ]hfhk_dkmZebafm A^_kv fu ih^oh^bf d
ke_^mxs_fmkeZ]Z_fhfmk_dkmZevghklb ² \u[hjmh[t_dlZ
>hfbgbjmxsbc\u[hjh[t_dlZ
>ey hibkZgby \u[hjZ h[t_dlZ k_dkmZevgh]h \e_q_gby FZgb b I_ji_j
\ k\hbojZ[hlZoihevamxlkyl_jfbghfrZ[ehgu q_eh\_q_kdh]hih\_^_gbyI_ji_j
iheZ]Z_lqlhlZdb_rZ[ehgug_aZdh^bjh\ZgubagZqZevghZ \ujZ[Zlu\Zxlky\ ijhp_kk_
nhjfbjh\Zgby q_eh\_dZ qlh \dexqZ_l \ k_[y jZa\blb_ g_j\ghc kbkl_fu gZ hkgh\_
]_g_lbq_kdb aZeh`_gguo f_oZgbafh\ b ihke_^mxs__ g_cjhnbabheh]bq_kdh_ kha^Zgb_
h[jZaZ `_eZggh]h ^jm]h]h JZa\blb_ h[jZaZ \u[jZggh]h h[t_dlZ FZgb gZau\Z_l
ex[h\gufb dZjlZfb ORYHPDSV Hg iheZ]Z_l qlh hgb nhjfbjmxlky gZ hkgh\_
hij_^_e_gghc ijh]jZffu aZeh`_gghc \ fha] bg^b\b^Z ihemqZxs_c ^Zevg_cr__
jZa\blb_ b aZ\_jr_gb_ \h \aZbfh^_ckl\bb k hdjm`Zxs_c kj_^hc \ dhlhjhc
\hkiblu\Z_lkyj_[_ghd^h\hkvfbe_lG_evayg_aZf_lblvqlh]h\hjyh \u[hj_h[t_dlZ
k_dkmZevgh]h \e_q_gby wlb \u^Zxsb_ky mq_gu_ \ h[eZklb \hijhkh\ nhjfbjh\Zgby
k_dkmZevgh]h ih\_^_gby q_eh\_dZ h]jZgbqb\Zxlky ebrv kZfufb h[sbfb
jZkkm`^_gbyfb Bamq_gb_ ebl_jZlmju gZ ^Zggmx l_fm ijb\h^bl d fukeb qlh
dhgdj_lguo bkke_^h\Zgbc k_dkmZevgh]h hiulZ ^_l_c ijh\_^_gh djZcg_ fZeh _keb hgb
\hh[s_ _klv Kh\k_f bgZy dZjlbgZ keh`beZkv \ h[eZklb bkke_^h\Zgbc ihehjhe_\hc b
y^_jghciheh\hcb^_glbqghklb ² fh`ghgZa\Zlvp_eucjy^nmg^Zf_glZevguoljm^h\gZ
wlml_fm
Y iheZ]Zxqlhg_^hklZlhd^hdmf_glZevguofZl_jbZeh\gZ^Zggmxl_fm]h\hjblh
g_`_eZgbb ijbagZlv kms_kl\h\Zgb_ ^_lkdhc k_dkmZevghklb Wlh k\yaZgh k l_f qlh \
aZiZ^ghcdmevlmj_[uehgZeh`_ghlZ[mgZ\hijhkk_dkmZevgh]hih\_^_gbyfeZ^_gp_\<
k\h_ \j_fy Ab]fmg^ Nj_c^ [_kkljZrgh ij_g_[j_] wlbf aZij_lhf Ij_^klZ\bl_eb
dmevlmjghc Zgljhiheh]bb Wg^_evfZg ijb\h^yl ^Zggu_ k\b^_l_evkl\mxsb_ h
lhf qlh ^_lb ^_fhgkljbjmxl kihglZggh_ k_dkmZevgh_ ih\_^_gb_ =Ze_gkhg b JmZn
gZ[ex^ZyaZ^_lvfb\ _kl_kl\_gguomkeh\byoh[gZjm`bebqlhfZevqbdbb]jZxl
k ]_gblZebyfbgZqbgZyk ²]hf_kypZ^_\hqdb ² gZ ² f f_kyp_ l_ b ^jm]b_
gZqbgZxl fZklmj[bjh\Zlv gZ ²f f_kyp_ ;hevrh_ \ebygb_ gZ k_dkmZevgh_
ih\_^_gb_ ^_l_c hdZau\Zxl khpbZevguc klZlmk b dmevlmjgZy kj_^Z LZd gZijbf_j
\_jhylghklv fZklmj[Zpbb ^_l_c \hkiblu\Zxsboky \ k_fvyo jZ[hqbo \ ^\Z jZaZ \ur_
q_fm ^_l_ckj_^g_]hdeZkkZ
Nbr_j hlf_qZ_lqlhkihkh[ghklv^_l_ceh]bq_kdbfukeblvh ]_gblZebyo
gZfgh]hgb`_h[s_]hmjh\gyeh]bq_kdh]hfure_gbyhglZd`_h[jZlbe\gbfZgb_gZlh
qlh ^_\hqdb b]ghjbjmxl deblhj b fbklbnbpbjmxl ijbjh^m \eZ]ZebsZ b qlh jh^bl_eb
[_kkhagZl_evghih\lhjyxl\f_kl_khk\hbfb^_lvfbk\hckh[kl\_gguchiulih^Z\e_gby
k_dkmZevghklb Kms_kl\mxl lZd`_ ^Zggu_ k\b^_l_evkl\mxsb_ h lhf qlh ih^jhkldb
ijh^he`Zxlb]ghjbjh\Zlvk_dkmZevgu_l_fu\ i_j_oh^ghf\hajZkl_
FZgb WjoZj^l b ;Zgdjhnl ]h\hjyl h rbjhdh jZkijhkljZg_gghc
[hyagb bkke_^h\Zlv ^_lkdmx k_dkmZevghklv Gh ;Zgdjhnl ij_^iheZ]Z_l qlh \\b^m
ih\ur_gghc khpbZevghc haZ[hq_gghklb ih ih\h^m k_dkmZevguo aehmihlj_[e_gbc \
hlghr_gbb ^_l_c g_h[oh^bfhklv emqr_]h ihgbfZgby ^_lkdhc k_dkmZevghklb ihemqbl
\k_fbjgh_ ijbagZgb_ b lh]^Z \ [m^ms_f \hafh`gh e_]q_ [m^_l ijh\h^blv
bkke_^h\Zgby \ wlhc h[eZklb >Z`_ ikbohZgZeba ^h g_^Z\g_]h \j_f_gb g_ hl\_j]Ze
dhgp_ipbxh eZl_glghfi_jbh^_ ² nZa_\h\j_fydhlhjhcijhy\ey_lkyfZehbgl_j_kZ
d \hijhkZf iheZ K_cqZk kj_^b ^_lkdbo ikbohZgZeblbdh\ \k_ [he__ jZkijhkljZgy_lky
fg_gb_ h lhf qlh gZ kZfhf ^_e_ wlb ]h^u oZjZdl_jbamxlky [he__ kbevguf
bgl_jgZebabjh\Zgguf dhgljhe_f b ih^Z\e_gb_f k_dkmZevgh]h ih\_^_gby ba ebqghc
[_k_^uk IhebghcD_jg[_j]
Ih fh_fm fg_gbx kms_kl\m_l ^hklZlhqgh hkgh\Zgbc ]h\hjblv h lhf qlh
ikboheh]bq_kdb_beblhqg__khpbZevghikboheh]bq_kdb_nZdlhjunhjfbjmxly^_jgmx
iheh\mxb^_glbqghklvb \agZqbl_evghckl_i_gb\ebyxlgZihehjhe_\mxb^_glbqghklv
_keb g_ hij_^_eyxl __ iheghklvx H^gZdh bf__lky ]hjZa^h f_gvr_ hkgh\Zgbc ^ey
ml\_j`^_gbch lhfqlhwlbZki_dluhdZau\Zxl\ebygb_gZ\u[hjk_dkmZevgh]hh[t_dlZ
Bamq_gb_ k_dkmZevghc `bagb ijbfZlh\ ihdZaZeh qlh gZ nhjfbjh\Zgb_ k_dkmZevgh]h
ih\_^_gby b \u[hj k_dkmZevgh]h h[t_dlZ ]hjZa^h [hevr__ \ebygb_ hdZau\Zxl jZgg__
gZmq_gb_ dhglZdl k fZl_jvx b h[s_gb_ kh k\_jklgbdZfb b f_gvr__ ² ]hjfhgZevgu_
nZdlhjuihkjZ\g_gbxk g_ijbfZlZfb<ur_fu\b^_ebqlhm q_eh\_q_kdbo^_l_cwlZ
l_g^_gpbyihemqZ_l^Zevg_cr__jZa\blb_
Fwc_j ij_^iheZ]Ze qlh dZd feZ^_g_p b fZe_gvdbc j_[_ghd
[_kkhagZl_evgh b^_glbnbpbjm_l k_[y k jh^bl_e_f k\h_]h iheZ ijb nhjfbjh\Zgbb
y^_jghc iheh\hc b ihehjhe_\hc b^_glbqghklb lZd `_ hg b^_glbnbpbjm_lky k
k_dkmZevguf bgl_j_khf wlh]h jh^bl_ey FZgb b WjoZj^l ih^q_jdb\Zxl qlh
ijZ\beZffm`kdh]hb `_gkdh]hih\_^_gbyh[mqZxlkyZ lZd`_hlf_qZxlb^_glbnbdZpbx
j_[_gdZ k j_pbijhdgufb b dhfie_f_glZjgufb \aZbfhhl\_lgufb b ^hihegyxsbfb
Zki_dlZfb \aZbfhhlghr_gbc f_`^m fm`qbgZfb b `_gsbgZfb Kms_kl\mxl
ihjZabl_evgu_ debgbq_kdb_ ^Zggu_ h[ h[hx^ghf kh[eZag_gbb ijbkmlkl\mxs_f \
hlghr_gbyo j_[_gdZ b jh^bl_e_c dhlhju_ qZklh g_ mqblu\Zxlky \ ZdZ^_fbq_kdbo
bkke_^h\Zgbyo iheh\hc b ihehjhe_\hc b^_glbqghklb ² hq_\b^gh ih ijbqbg_
khojZgyxs_]hkydmevlmjgh]hlZ[mgZ^_lkdmxk_dkmZevghklv
Ohl_ehkv [u hkh[h hlf_lblv ^\Z \u^Zxsboky \deZ^Z \ wlm h[eZklv
ikbohZgZeblbq_kdhc l_hjbb b gZ[ex^_gbc <hi_j\uo wlh ikbohZgZeblbq_kdZy l_hjby
h[t_dlguo hlghr_gbc iha\heyxsZy h[t_^bgblv ijhp_kk b^_glbnbdZpbb b
dhfie_f_glZjghklbjhe_c\ _^bgmxfh^_evjZa\blby<h\lhjuowlhl_hjbyNj_c^Zh[
w^bih\hf dhfie_dk_ dhlhjhc y dhkgmkv \ ^jm]hf dhgl_dkl_ A^_kv `_ y kkueZxkv gZ
k\hx[he__jZggxxjZ[hlm]^_\ukdZau\Z_lkyij_^iheh`_gb_h lhfqlhnhjfbjh\Zgb_
b^_glbqghklbhij_^_ey_lky\aZbfhhlghr_gbyfbf_`^mfeZ^_gp_fb fZl_jvxhkh[_ggh
\ jZgg_f ^_lkl\_ dh]^Z wfhpbhgZevguc hiul j_[_gdZ hq_gv bgl_gkb\_g \g_
aZ\bkbfhklbhllh]hijbylgh_wlhi_j_`b\Zgb_beb[he_ag_ggh_
IZfylv h[ wlbo wfhpbhgZevghgZkus_gguo fhf_glZo h[jZam_l y^jh ko_fu
\aZbfh^_ckl\bc Yj_ij_a_glZpbb j_[_gdZ VHOI UHSUHVHQWDWLRQ k h[t_dlj_ij_a_glZpb_c
fZl_jb REMHFW UHSUHVHQWDWLRQ ijbghkysbfb ijbylgu_ beb g_ijbylgu_ fbgmlu
<ke_^kl\b_wlh]hnhjfbjmxlky^\_iZjZee_evgu_b bahebjh\Zggu_^jm]hl^jm]Zebgbb
Yj_ij_a_glZpbc b h[t_dlj_ij_a_glZpbc b khhl\_lkl\mxs_]h bf Znn_dlZ ²
ihablb\gh]h beb g_]Zlb\gh]h Wlb i_j\hgZqZevgh Z[khexlgh ohjhrb_ b Z[khexlgh
iehob_Yb h[t_dlj_ij_a_glZpbbaZl_fbgl_]jbjmxlky\ j_ij_a_glZpbb p_eh]hY b
j_ij_a_glZpbbp_euoagZqbfuo^jm]bo ² ijhp_kk y\eyxsbckyhkgh\hc ghjfZevghc
bgl_]jZpbb b^_glbqghklb < ij_^u^msbo jZ[hlZo Z y lZd`_
ih^q_jdb\Ze k\hx m[_`^_gghklv \ lhf qlh b^_glbqghklv nhjfbjm_lky q_j_a
b^_glbnbdZpbx k hlghr_gbyfb k h[t_dlhf Z g_ kZfbf h[t_dlhf Wlh hagZqZ_l
b^_glbnbdZpbx b k Y b k ^jm]bf \ bo \aZbfh^_ckl\bb b khhl\_lkl\_ggh
bgl_jgZebaZpbx j_pbijhdguo jhe_c wlh]h \aZbfh^_ckl\by MklZgh\e_gb_ y^_jghc
iheh\hc b^_glbqghklb ² bgl_]jbjh\Zgghc Ydhgp_ipbb dhlhjZy hij_^_ey_l
b^_glbnbdZpbx bg^b\b^Z k l_f beb bguf ihehf ² g_ fh`_l [ulv jZkkfhlj_gh
hl^_evgh hl mklZgh\e_gby khhl\_lkl\mxs_c bgl_]jbjh\Zgghc dhgp_ipbb ^jm]h]h qlh
\dexqZ_l hlghr_gb_ d g_fm dZd d `_eZ_fhfm k_dkmZevghfm h[t_dlm WlZ k\yav f_`^m
y^_jghc iheh\hc b^_glbqghklvx b \u[hjhf `_eZ_fh]h k_dkmZevgh]h h[t_dlZ \ lh `_
\j_fyh[tykgy_lijbkmsmxq_eh\_dm[bk_dkmZevghklvfub^_glbnbpbjm_fkyb kgZrbf
kh[kl\_gguf Y bh^gh\j_f_ggh ² k h[t_dlhf\e_q_gby
?keb gZijbf_j fZevqbd hsmsZ_l k_[y fZevqbdhf ex[bfuf fZl_jvx hg
hlh`^_kl\ey_lk_[yh^gh\j_f_gghk fm`kdhcjhevxj_[_gdZb k`_gkdhcjhevxfZl_jb
LZdbf h[jZahf \ [m^ms_f lZdhc j_[_ghd fh`_l ZdlmZebabjh\Zlv k\hx Y
j_ij_a_glZpbx ijh_pbjmy j_ij_a_glZpbx fZl_jb gZ ^jm]mx `_gsbgm beb ih^
\ebygb_f hij_^_e_gguo h[klhyl_evkl\ fh`_l hlu]ju\Zlv jhev fZl_jb ijh_pbjmy Y
j_ij_a_glZpbx gZ ^jm]h]h fm`qbgm >hfbgbjh\Zgb_ Yj_ij_a_glZpbb dZd j_[_gdZ
fm`kdh]hiheZfh`_l^Z\Zlvm\_j_gghklv\ ij_h[eZ^Zgbb]_l_jhk_dkmZevghchjb_glZpbb
\dexqZy g_hkhagZgguc ihbkd fZl_jb \ ^jm]bo `_gsbgZo Ij_\ZebjmxsZy
b^_glbnbdZpby k j_ij_a_glZpb_c fZl_jb fh`_l hij_^_eblv nhjfbjh\Zgb_ h^gh]h ba
lbih\fm`kdhc]hfhk_dkmZevghklbNj_c^ M ^_\hqdb \ __ jZggbo hlghr_gbyo k fZl_jvx nhjfbjm_lky b aZdj_iey_lky
y^_jgZy iheh\Zy b^_glbqghklv iml_f b^_glbnbdZpbb b k __ kh[kl\_gghc b k
fZl_jbgkdhcjhevx\h\aZbfh^_ckl\bb?_[he__iha^g__`_eZgb_aZgylvf_klhhlpZdZd
h[t_dlZ ex[\b fZl_jb lZd `_ dZd __ kh[kl\_gguc ihablb\guc \u[hj hlpZ \ w^bih\hc
nZa_aZdj_iey_l[_kkhagZl_evgmxb^_glbnbdZpbxb khlphfW^bih\dhfie_dk\ lh`_
\j_fy aZdj_iey_l g_hkhagZggmx b^_glbnbdZpbx kh k\hbf hlphf LZdbf h[jZahf hgZ
lh`_ mklZgZ\eb\Z_l [_kkhagZl_evgmx [bk_dkmZevgmx b^_glbnbdZpbx Hlh`^_kl\e_gb_
g_k q_eh\_dhfZ khlghr_gb_fb ihkljh_gb_\ [_kkhagZl_evghfkbkl_fuj_pbijhdguo
jhe_c^Zxl\hafh`ghklv]h\hjblvh ikboheh]bq_kdhch[mkeh\e_gghklb[bk_dkmZevghklb
Wlh gZoh^bl k\h_ hljZ`_gb_ \ kihkh[ghklb d h[j_l_gbx dZd y^_jghc iheh\hc
b^_glbqghklblZdb k_dkmZevgh]hbgl_j_kZd q_eh\_dm^jm]h]hbeblh]h`_iheZ\ h^gh
b lh `_ \j_fy Wlh lZd`_ kihkh[kl\m_l bgl_]jZpbb iheh\uo jhe_c ijhlb\hiheh`gh]h
iheZ k jheyfb k\h_]h kh[kl\_ggh]h Z lZd`_ b^_glbnbdZpbb k khpbZevgufb iheh\ufb
jheyfbdZdk\h_]hlZdb ijhlb\hiheh`gh]hiheZ
Ih^h[gZy lhqdZ aj_gby gZ jZggxx k_dkmZevghklv ij_^iheZ]Z_l qlh dhgp_ipby
Nj_c^Z ] h \jh`^_gghc [bk_dkmZevghklb \_jgZ lZd `_ dZd b _]h khfg_gb_ ih
ih\h^mk\yab[bk_dkmZevghklbk ba\_klgufb[bheh]bq_kdbfbkljmdlmjgufbjZaebqbyfb
iheh\ Bgufb keh\Zfb m gZk g_^hklZlhqgh hkgh\Zgbc ]h\hjblv h ijyfhc k\yab f_`^m
^bfhjnghc ZgZlhfbq_kdhc ij_^jZkiheh`_gghklvx d
[bk_dkmZevghklb b
[bk_dkmZevghklvx knhjfbjh\Z\r_cky \ ijhp_kk_ ikbobq_kdh]h jZa\blby \ jZgg_f
\hajZkl_
Bgl_gkb\ghklvk_dkmZevgh]h\e_q_gby
;bheh]bq_kdbcf_oZgbafk_dkmZevgh]hhldebdZ\ha[m`^_gbyb dhblmkZ\dexqZy
hj]Zaf bamq_g ^hklZlhqgh ohjhrh klbfme \uau\Z_l k_dkmZevgmx hl\_lgmx j_Zdpbx
km[t_dlb\ghhsmsZ_fmxdZd\ha[m`^_gb_Gh\k__s_hklZ_lkyhldjuluf\hijhkh lhf
dZdbf h[jZahf fh`gh dhebq_kl\_ggh baf_jblv bgl_gkb\ghklv k_dkmZevgh]h
\ha[m`^_gby Keh`ghklv ij_^klZ\ey_l lZd`_ kjZ\gbl_evguc ZgZeba \ha[m`^_gby m
fm`qbg b m `_gsbg G_kfhljy gZ lh qlh nbabheh]bq_kdb_ f_oZgbafu bamq_gu
^hklZlhqgh ohjhrh \k_ _s_ g_l _^bghc lhqdb aj_gby gZ ikboheh]bq_kdb_ koh^kl\Z b
jZaebqby
Ih^\h^y blh]b fh`gh kdZaZlv qlh Z^_d\Zlguc mjh\_gv pbjdmebjmxsbo
Zg^jh]_gh\ y\ey_lky g_h[oh^bfuf mkeh\b_f ^ey kihkh[ghklb q_eh\_dZ j_Z]bjh\Zlv
k_dkmZevgh lZdbf h[jZahf hdZau\Zy \ebygb_ gZ k_dkmZevgh_ `_eZgb_ b m fm`qbg b m
`_gsbgGhagZf_gZl_evghqlh\ l_okemqZyodh]^Z]hjfhgZevgucmjh\_gvgZoh^blky\
ghjf_ beb ij_\urZ_l ghjfm k_dkmZevgh_ `_eZgb_ b ih\_^_gb_ g_ aZ\bkyl hl
]hjfhgZevguo dhe_[Zgbc >ey q_eh\_dZ ^hfbgbjmxsbf nZdlhjhf hij_^_eyxsbf
bgl_gkb\ghklv k_dkmZevgh]h `_eZgby y\ey_lky dh]gblb\guc ² lh _klv khagZl_evgZy
hk\_^hfe_gghklv h k\h_f k_dkmZevghf bgl_j_k_ gZoh^ys_f hljZ`_gb_ \ k_dkmZevguo
nZglZabyo \hkihfbgZgbyo b ]hlh\ghklb d j_Zdpbb gZ k_dkmZevguc klbfme Gh kZf
k_dkmZevguc hiul g_ y\ey_lky qbklh dh]gblb\guf hg \dexqZ_l fh]mqmx
Znn_dlb\gmx khklZ\eyxsmx NZdlbq_kdb k_dkmZevguc hiul y\ey_lky ij_`^_ \k_]h
Znn_dlb\ghdh]gblb\gufwfhpbhgZevghihagZ\Zl_evguf
K lhqdb aj_gby nbabheh]bb aZ wfhpbhgZevgmx kn_jm hl\_qZ_l ebf[bq_kdZy
kbkl_fZdhlhjZyy\ey_lkyg_j\gufkm[kljZlhfk_dkmZevgh]hih\_^_gbyFZde_Zg GZ[ex^_gby aZ ih\_^_gb_f `b\hlguo ijh^_fhgkljbjh\Zeb qlh hij_^_e_ggu_ mqZkldb
ebf[bq_kdhc kbkl_fu hij_^_eyxl wj_dpbb b wydmeypbx Z lZd`_ lh qlh f_oZgbaf
\ha[m`^_gbylhjfh`_gby hdZau\Z_l dhk\_ggh_ \ebygb_ gZ wj_dpbx Bkke_^h\Zgby
kZfph\fZdZdbj_amkihdZaZebqlhwe_dljhklbfmeypbyeZl_jZevghcqZklb]bihlZeZfmkZ
b ^hjkhf_^bZevgh]hy^jZ]bihlZeZfmkZijb\h^bld dhblZevghcZdlb\ghklbb wydmeypbb
\ lh\j_fydZdh[_avygufh]mlk\h[h^ghi_j_^\b]Zlvky
;Zgdjhnl ]ibr_lh lhfqlhk_dkmZevgh_\ha[m`^_gb_m q_eh\_dZ ² wlh
dhfie_dkguc hldebd khklhysbc ba lZdbo we_f_glh\ dZd k_dkmZevgu_ nZglZabb
\hkihfbgZgby b `_eZgby Z lZd`_ mkbeb\Zxsbcky khagZl_evguc ihbkd \g_rgbo
klbfmeh\ki_pbnbqguo^eyk_dkmZevghchjb_glZpbbbg^b\b^Zb k_dkmZevgh]hh[t_dlZ
;Zgdjhnl kqblZ_l qlh k_dkmZevgh_ \ha[m`^_gb_ \dexqZ_l Zdlb\Zpbx ebf[bq_kdhc
kbkl_fu ih^ \ebygb_f dh]gblb\ghZnn_dlb\gh]h khklhygby dhlhjh_ klbfmebjm_l
p_gljZevguc kibgghfha]h\hc mqZklhd b i_jbn_jbq_kdb_ g_j\gu_ p_glju hl\_qZxsb_
aZ ]bi_j_fbx ijbeb\ djh\b kfZau\Zgb_ ih\ur_gb_ f_klghc qm\kl\bl_evghklb
iheh\uohj]Zgh\qlhiml_fh[jZlghck\yabk p_gljZevghcg_j\ghc kbkl_fhckhh[sZ_l
h[ wlhc ]_gblZevghc Zdlb\Zpbb Y iheZ]Zx qlh k_dkmZevgh_ \ha[m`^_gb_ y\ey_lky
ki_pbnbq_kdbf Znn_dlhf bf_xsbf \k_ oZjZdl_jbklbdb wfhpbhgZevguo kljmdlmj b
ij_^klZ\eyxsbf kh[hc p_gljZevguc kljhbl_evguc [ehd ijhp_kkZ k_dkmZevgh]h
`_eZgbybebeb[b^h\ dhfie_dkghcfhlb\Zpbhgghckbkl_f_
<hafh`gh ^hihegbl_evgh]h jZatykg_gby lj_[mxl g_dhlhju_ bkihevam_fu_
l_jfbgu ;bheh]bq_kdbc f_oZgbaf k_dkmZevgh]h \e_q_gby fh`gh jZa^_eblv gZ
k_dkmZevgmx j_Zdpbx k_dkmZevgh_ \ha[m`^_gb_ b hj]Zaf Gh ijbgbfZy \h \gbfZgb_
lhl nZdl qlh k_dkmZevgZy j_Zdpby fh`_l b g_ \dexqZlv Zdlb\Zpbx ki_pbnbq_kdbo
]_gblZevguoijhp_kkh\Z lZd`_lhqlh]_gblZevgZyj_Zdpby\hafh`gZk h]jZgbq_gguf
beb fbgbfZevguf k_dkmZevguf \ha[m`^_gb_f dZ`_lky p_e_khh[jZaguf bkihevah\Zlv
l_jfbg k_dkmZevgh_ j_Z]bjh\Zgb_ beb j_Zdpby hldebd \ agZq_gbb h[s_]h hkhagZgby
k_dkmZevgh]hklbfmeZf_qlZgbch g_faZbgl_j_kh\Zgghklb\ g_fb hl\_lghcj_ZdpbbgZ
wlhlklbfmeFu[m^_fmihlj_[eylvl_jfbg]_gblZevgh_\ha[m`^_gb_ lh]^Zdh]^Zj_qv
[m^_lb^lbh g_ihkj_^kl\_gghc]_gblZevghcj_ZdpbbgZ[moZgbbiheh\h]hqe_gZaZkq_l
ijblhdZ djh\b qlh \_^_l d wj_dpbb m fm`qbg b khhl\_lkl\mxsbf wj_dlbZevguf
j_Zdpbyfm `_gsbgk ihy\e_gb_fkfZadb\h\eZ]Zebs_b wj_dpb_ckhkdh\
L_jfbgk_dkmZevgh_\ha[m`^_gb_ dZ`_lkygZbemqrbfh[jZahfhljZ`Z_lijhp_kk
\ p_ehf \dexqZy ki_pbnbq_kdb_ dh]gblb\gu_ Zki_dlu b km[t_dlb\gh_ i_j_`b\Zgb_
k_dkmZevgh]h hldebdZ ]_gblZevgh]h \ha[m`^_gby b hj]ZafZ Z lZd`_ ih^dexqZ_fu_ d
wlhfmkhhl\_lkl\mxsb_f_oZgbafu\_]_lZlb\ghcg_j\ghc kbkl_fu b fbfbdm dZd qZklv
lh]h qlh Nj_c^ gZau\Ze ijhp_kkhf jZajy^db < k\hx hq_j_^v y kqblZx k_dkmZevgh_
\ha[m`^_gb_ hkgh\guf wfhpbhgZevguf fhf_glhf \ keh`ghf ikboheh]bq_kdhf
n_ghf_g_ Z bf_ggh ² wjhlbq_kdhf `_eZgbb \ dhlhjhf k_dkmZevgh_ \ha[m`^_gb_
k\yaZgh wfhpbhgZevgufb hlghr_gbyfb kh ki_pbnbq_kdbf h[t_dlhf : l_i_jv fh`gh
ijbklmiblv d bamq_gbx ijbjh^u k_dkmZevgh]h \ha[m`^_gby b _]h i_j_jZklZgby \
wjhlbq_kdh_`_eZgb_
K?DKM:EVGH?<HA;M@>?GB?B WJHLBQ?KDH?@?E:GB?
K lhqdb aj_gby nbeh]_g_aZ Znn_dlu \hagbdeb m fe_dhiblZxsbo hlghkbl_evgh
g_^Z\gh b bo hkgh\ghc [bheh]bq_kdhc nmgdpb_c y\ey_lky dhffmgbdZpby ^_l_gur ²
lhl dlh h g_f aZ[hlblky Z lZd`_ h[s_gb_ hkh[_c f_`^m kh[hc kem`Zs__ ^ey
m^h\e_l\hj_gby [Zah\uo bgklbgdlh\ DjZma ?keb iblZgb_ ^h[uqZ _^u
dhjfe_gb_ [hjv[Z²[_]kl\h b kiZjb\Zgb_ y\eyxlky hkgh\gufb bgklbgdlZfb lh
khhl\_lkl\mxsb_ bf Znn_dlb\gu_ khklhygby fh]ml jZkkfZljb\Zlvky \ dZq_kl\_ bo
dhfihg_glh\ Ih^gbfZykv \\_jo ih w\hexpbhgghc e_klgbp_ fh`gh ijhke_^blv dZd
ihke_^h\Zl_evgh f_gy_lky b_jZjoby b khih^qbg_gghklv bgklbgdlh\ b Znn_dlb\guo
khklhygbcEmqr_\k_]hwlhlijhp_kkfh`ghijhbeexkljbjh\ZlvgZijbf_j_ijbfZlh\b
dhg_qghq_eh\_dZ
K_dkmZevgh_ \ha[m`^_gb_ aZgbfZ_l kh\_jr_ggh hkh[h_ f_klh kj_^b ijhqbo
Znn_dlb\guo khklhygbc Ij_^klZ\ey_lky hq_\b^guf qlh k_dkmZevgh_ \ha[m`^_gb_
ijhbkoh^ys__ ba [bheh]bq_kdhc nmgdpbb b \ `b\hlghf fbj_ ijbgZ^e_`Zs__
kljmdlmjZf h[kem`b\Zxsbf [bheh]bq_kdbc bgklbgdl jZafgh`_gby aZgbfZ_l
p_gljZevgh_f_klh\ ikboheh]bq_kdhfhiul_q_eh\_dZH^gZdhk_dkmZevgh_\ha[m`^_gb_
jZa\b\Z_lky gZ [he__ iha^g_c klZ^bb b _]h ijhy\e_gby keh`g__ lZdbo ijbfblb\guo
wfhpbc dZd ]g_\ jZ^hklv i_qZev m^b\e_gb_ hl\jZs_gb_ Ih k\hbf dh]gblb\guf b
km[t_dlb\ghi_j_`b\Z_fufkhklZ\eyxsbfhghihoh`_gZlZdb_[he__keh`gu_wfhpbb
dZd]hj^hklvklu^\bgZb ij_aj_gb_
IkbohZgZeba b ikbohZgZeblbq_kdb_ gZ[ex^_gby aZ ^_lvfb ij_^hklZ\eyxl
fgh`_kl\h ^hdZaZl_evkl\ lh]h qlh k_dkmZevgh_ \ha[m`^_gb_ ijhbkoh^bl ba ijbylguo
hsms_gbc\ h[s_gbbfeZ^_gpZk l_fdlhh g_faZ[hlblkyb ^jm]bfbqe_gZfbk_fvbb
^hklb]Z_l dmevfbgZpbb \ iheghf ^hfbgbjh\Zgbb ]_gblZevguo hsms_gbc \
im[_jlZlghf i_jbh^_ >bnnmagZy \ha[m`^_gghklv dh`b y\eyxsZyky qZklvx jZggbo
hlghr_gbc k fZl_jvx k_dkmZevgh_ \ha[m`^_gb_ lh]h qlh Nj_c^ gZa\Ze wjh]_ggufb
ahgZfb dh]gblb\gh aZi_qZle_ggu_ ij_^klZ\e_gby jZa\blb_ [_kkhagZl_evguo nZglZabc
² \k_ wlh k\yaZgh bgl_gkb\guf Znn_dlhf m^h\hevkl\by gZkeZ`^_gby
Zdlb\bjmxsbfky gZqbgZy k feZ^_gq_kl\Z b ^hklb]Zxsbf dmevfbgZpbb \ \b^_
dh]gblb\ghZnn_dlb\gh]hhiulZk_dkmZevgh]h\ha[m`^_gby
KhagZl_evgZy b [_kkhagZl_evgZy dhgp_gljZpby gZ hij_^_e_gghf \u[hj_
k_dkmZevgh]h h[t_dlZ ij_h[jZam_l k_dkmZevgh_ \ha[m`^_gb_ \ wjhlbq_kdh_ `_eZgb_
Wjhlbq_kdh_ `_eZgb_ \dexqZ_l \ k_[y klj_fe_gb_ d k_dkmZevguf hlghr_gbyf k
hij_^_e_gguf h[t_dlhf Wlh h^gZdh g_ hagZqZ_l qlh k_dkmZevgh_ \ha[m`^_gb_
[_ah[t_dlgh DZd b ^jm]b_ wfhpbb hgh kms_kl\m_l \ k\yab k h[t_dlhf gh wlhl h[t_dl
y\ey_lkyijbfblb\gufqZklbqgufh[t_dlhf SDUWREMHFW [_kkhagZl_evghhljZ`Zxsbf
hiul kebygby \ kbf[bha_ g_^bnn_j_gpbjh\Zgguo `_eZgbc jZgg_]h wlZiZ k_iZjZpbb
bg^b\b^mZpbb
< kZfhfgZqZe_ ² \ i_j\u_]h^^\Z`bagbj_[_gdZ ² k_dkmZevgh_\ha[m`^_gb_
^bnnmaghb k\yaZghkhklbfmeypb_cwjh]_gguoahg< ijhlb\hiheh`ghklvwlhfmwfhpby
wjhlbq_kdh]h `_eZgby [he__ jZa\blZ Z ki_pbnbq_kdZy ^ey g__ ijbjh^Z h[t_dlguo
hlghr_gbcdh]gblb\gh[he__^bnn_j_gpbjh\ZgZ
Wjhlbq_kdh_ `_eZgb_ oZjZdl_jbam_lky k_dkmZevguf \ha[m`^_gb_f k\yaZgguf k
w^bih\uf h[t_dlhf wlh `_eZgb_ kbf[bhlbq_kdh]h kebygby k w^bih\uf h[t_dlhf \
dhgl_dkl_ k_dkmZevgh]h h[t_^bg_gby Ijb ghjfZevguo h[klhyl_evkl\Zo k_dkmZevgh_
\ha[m`^_gb_ aj_eh]h bg^b\b^Z Zdlb\bjm_lky \ dhgl_dkl_ wjhlbq_kdh]h `_eZgby LZdbf
h[jZahf fh_ jZa\_^_gb_ wlbo ^\mo Znn_dlh\ fh`_l ihdZaZlvky gZ\yaZgguf b
bkdmkkl\_gguf?kebj_qvb^_lh iZlheh]bbdZdgZijbf_j\ kemqZ_yjdh\ujZ`_gguo
gZjpbkkbq_kdbojZkkljhckl\g_ijhkljh_gghklv\gmlj_gg_]hfbjZh[t_dlguohlghr_gbc
fh`_lijb\_klbd g_kihkh[ghklbbkiulu\Zlvwjhlbq_kdh_`_eZgb_gZjy^mk ^bnnmaguf
ba[bjZl_evguf kemqZcgh \hagbdZxsbf b \k_]^Z g_m^h\e_l\hj_gguf k_dkmZevguf
\ha[m`^_gb_fbeb^Z`_d g_\hafh`ghklbi_j_`b\Zlvk_dkmZevgh_\ha[m`^_gb_
Ijbaj_ehck_dkmZevghcex[\b dhlhjmxfu[he__ih^jh[gh[m^_fjZkkfZljb\Zlv
\ ihke_^mxsbo ]eZ\Zo dgb]b wjhlbq_kdh_ `_eZgb_ i_j_jZklZ_l \ hlghr_gby k
dhgdj_lguf h[t_dlhf \ dhlhjuo [_kkhagZl_evgZy Zdlb\Zpby hlghr_gbc ba ijhreh]h
hiulZ b khagZl_evgu_ h`b^Zgby hlghkbl_evgh [m^ms_c `bagb iZju khq_lZxlky k
nhjfbjh\Zgb_fkh\f_klgh]hYb^_ZeZAj_eZyk_dkmZevgZyex[h\vih^jZamf_\Z_lg_db_
kh]eZr_gbyb h[yaZl_evkl\Z\ h[eZklbk_dkZwfhpbcp_gghkl_c
Ij_^eZ]Z_fu_ ^_nbgbpbb g_f_^e_ggh \uau\Zxl jy^ \hijhkh\ _keb bklhdb
k_dkmZevgh]h \ha[m`^_gby b wjhlbq_kdh]h `_eZgby aZdeZ^u\Zxlky \ jZgg_f ^_lkl\_ \
hlghr_gbyoj_[_gdZk l_fdlhh g_faZ[hlblkyb \dexqZxl\ k_[y w^bih\m kblmZpbx
y\eyxlky eb hgb ijhba\h^gufb hl wlbo h[t_dlguo hlghr_gbc" HdZau\Zxlky eb
[bheh]bq_kdb_ ij_^ihkuedb lZd kdZaZlv gZ kem`[_ m jZa\b\Zxs_]hky fbjZ
bgl_jgZebah\Zgguo b j_Zevguo h[t_dlguo hlghr_gbc" Beb ihkl_i_ggh_ jZa\blb_
[bheh]bq_kdh]h ZiiZjZlZ dhlhjuc iha\hey_l jZa\b\Zlvky k_dkmZevghfm \ha[m`^_gbx
hj]Zgbam_ljZggb_b ihke_^mxsb_h[t_dlgu_hlghr_gby"A^_kvfuihiZ^Z_f\ h^gmba
ijhlb\hj_qb\uo h[eZkl_c ikbohZgZeblbq_kdhc l_hjbb dZkZxs_cky hlghr_gbc f_`^m
[bheh]bq_kdbfb bgklbgdlZfb ikboheh]bq_kdbfb \e_q_gbyfb b bgl_jgZebah\Zggufb
h[t_dlgufb hlghr_gbyfb G_h[oh^bfh bamqblv wlb \hijhku ij_`^_ q_f \_jgmlvky d
dhgdj_lguf dh]gblb\guf kljmdlmjZf k\yaZgguf k wjhlbq_kdbf `_eZgb_f ² d
kljmdlmj_jZggbonZglZabcljZgknhjfbjmxsbok_dkmZevgh_\ha[m`^_gb_\ wjhlbq_kdh_
`_eZgb_
Bgklbgdlu\e_q_gbyZnn_dlub h[t_dlgu_hlghr_gby
DZdhlf_qZeOhe^_j Nj_c^q_ldhjZa]jZgbqbebgklbgdlub \e_q_gbyIh^
\e_q_gbyfbhgihgbfZeikboheh]bq_kdb_fhlb\uq_eh\_q_kdh]hih\_^_gbyy\eyxsb_ky
kdhj__ ihklhyggufb Z g_ ij_ju\bklufb K ^jm]hc klhjhgu bgklbgdlu ^ey g_]h ²
[bheh]bq_kdb_ gZke_^m_fu_ b ij_ju\bklu_ \ lhf kfuke_ qlh hgb ijb\h^ylky \
^_ckl\b_ikboheh]bq_kdbfbnZdlhjZfbbbebnZdlhjZfbhdjm`Zxs_ckj_^uEb[b^h ²
\e_q_gb_ ]heh^ ² bgklbgdl EZieZgr b IhglZebk \ wlhc k\yab aZf_qZxl qlh
Nj_c^jZkkfZljb\Z_lbgklbgdludZdko_fmih\_^_gbydhlhjZyfZehhlebqZ_lkym jZaguo
hkh[_c h^gh]h \b^Z IhjZabl_evgh gZkdhevdh dhgp_ipby Nj_c^Z [ebadZ kh\j_f_gghc
l_hjbbbgklbgdlh\ij_^klZ\e_gghcd ijbf_jmLbg[_j]_ghf Ehj_gphf b
<bekhghf Wlb bkke_^h\Zl_eb kqblZxl qlh bgklbgdlu ij_^klZ\eyxl kh[hc
b_jZjobq_kdb_
kbkl_fu
[bheh]bq_kdb
^_l_jfbgbjh\Zgguo
i_jp_ilb\guo
[bo_\bhjZevguoih\_^_gq_kdbob dhffmgbdZlb\guoiZll_jgh\dhlhju_ijb\h^ylky\
^_ckl\b_ nZdlhjZfb hdjm`Zxs_c kj_^u Zdlb\babjmxsbfb \jh`^_ggu_ imkdh\u_
f_oZgbafuWlZ[bheh]bq_kdbkj_^h\Zykbkl_fZkqblZ_lkywib]_g_lbq_kdhcGZijbf_j_
bkke_^h\Zgby `b\hlguo Ehj_gp b Lbg[_j]_g ihdZaZeb qlh nhjfbjh\Zgb_ b jZa\blb_
k\yabhl^_evguo\jh`^_gguoih\_^_gq_kdboiZll_jgh\m dZ`^h]hdhgdj_lgh]hbg^b\b^Z
\ agZqbl_evghc kl_i_gb hij_^_ey_lky oZjZdl_jhf \ha^_ckl\by gZ g_]h hdjm`Zxs_c
kj_^u K wlhc lhqdb aj_gby bgklbgdlu ij_^klZ\eyxl kh[hc kbkl_fu [bheh]bq_kdhc
fhlb\Zpbbbf_xsb_b_jZjobq_kdmxkljmdlmjmH[uqghbgklbgdludeZkkbnbpbjmxlih
lj_f gZijZ\e_gbyf^h[uqZ _^u ² j_ZdpbygZ hiZkghklv hljZ`_gb_ ZlZdb[_]kl\h ²
kiZjb\Zgb_bebdZdbfeb[hbgufh[jZahfghijbwlhfbgklbgdluij_^klZ\eyxlkh[hc
kieZ\ \jh`^_gguo ij_^jZkiheh`_gghkl_c b gZmq_gby ih^ \ha^_ckl\b_f hdjm`Zxs_c
kj_^u
G_kfhljy gZ lh qlh Nj_c^ ijbagZ\Ze qlh \e_q_gby kljhylky gZ [bheh]bq_kdhc
hkgh\_hglZd`_g_h^ghdjZlghih^q_jdb\Zeg_^hklZlhqghklvbgnhjfZpbbhlghkbl_evgh
ijhp_kkh\ljZgknhjfbjmxsbowlb[bheh]bq_kdb_ij_^ihkuedb\ ikbobq_kdb_fhlb\u
?]hdhgp_ipbyeb[b^hbebk_dkmZevgh]h\e_q_gbyy\ey_lkyb_jZjobq_kdbihkljh_gghc
kbkl_fhc jZggbo qZklbqguo k_dkmZevguo \e_q_gbc L_hjby h ^\mo \e_q_gbyo ²
k_dkmZevghfb Z]j_kkb\ghf ² ij_^klZ\ey_l_]hihke_^gxxdhgp_ipbx\e_q_gbc
dZd hkgh\gh]h bklhqgbdZ [_kkhagZl_evguo ikbobq_kdbo dhgnebdlh\ b nhjfbjh\Zgby
ikbobq_kdhc kljmdlmju Nj_c^ hibku\Ze [bheh]bq_kdb_ bklhqgbdb k_dkmZevguo
\e_q_gbc \ khhl\_lkl\bb k \ha[m`^_gb_f wjh]_gguo ahg gh hg g_ hibkZe lZdbo
dhgdj_lguo [bheh]bq_kdbo bklhqgbdh\ ^ey Z]j_kkbb < ijhlb\hiheh`ghklv
nbdkbjh\Zgguf bklhqgbdZf eb[b^h hg hlf_qZe qlh p_eb b h[t_dlu k_dkmZevguo b
Z]j_kkb\guo \e_q_gbc f_gyxlky \ ijhp_kk_ ikbobq_kdh]h jZa\blby g_ij_ju\gh_
jZa\blb_ k_dkmZevguo b Z]j_kkb\guo fhlb\Zpbc fh`_l gZclb \ujZ`_gb_ \ jZaebqguo
\ZjbZpbyo\ ijhp_kk_keh`gh]hikbobq_kdh]hjZa\blby
Nj_c^ ij_^iheZ]Ze EFG qlh \e_q_gby ijhy\eyxlky q_j_a ikbobq_kdb_
h[jZau beb ij_^klZ\e_gby ² lh _klv dh]gblb\gh_ ijhy\e_gb_ \e_q_gby ² b Znn_dlu
Nj_c^ ih djZcg_c f_j_ ^\Z`^u f_gye k\h_ hij_^_e_gb_ Znn_dlh\ JZiZihjl I_j\hgZqZevgh hg iheZ]Ze qlh Znn_dlu ihqlb wd\b\Ze_glgu \e_q_gbyf Iha`_
EG hg ijbr_e d \u\h^m h lhf qlh Znn_dlu ² j_amevlZl jZajy^db \e_q_gbc
hkh[_ggh \ lhf qlh dZkZ_lky m^h\hevkl\by [heb ikbohfhlhjbdb b \_]_lZlb\ghc
g_j\ghc kbkl_fu Wlb ijhp_kku jZajy^db fh]ml ^hklbqv khagZgby g_ ih^\_j]Zykv
\ul_kg_gbx \ul_kgy_lky lhevdh f_glZevguc h[jZa \e_q_gby \f_kl_ k iZfylvx h
khimlkl\mxsbo _fm wfhpbyo beb ij_^jZkiheh`_gghklvx d bo Zdlb\Zpbb Ihke_^gyy
dhgp_ipby Nj_c^Z hibku\Z_l Znn_dlu dZd \jh`^_ggu_ ij_^jZkiheh`_gghklb
ihjh]bb dZgZeuW]hb ih^q_jdb\Z_lbokb]gZevgu_nmgdpbb
?kebZnn_dlub wfhpbblh_klvdh]gblb\ghjZa\_jgmlu_Znn_dluij_^klZ\eyxl
kh[hc keh`gu_ kljmdlmju \dexqZxsb_ km[t_dlb\guc hiul i_j_`b\Zgby [heb beb
m^h\hevkl\by k hij_^_e_ggufb dh]gblb\gufb b \ujZabl_evghdhffmgbdZlb\gufb
dhfihg_glZfbZ lZd`_rZ[ehgZfbf_oZgbafZjZajy^db\_]_lZlb\ghcg_j\ghckbkl_fu
b _kebhgb ijbkmlkl\mxl ² dZd ihdZaZeb bkke_^h\Zgby ^_l_c Wf^_ b ^j BaZj^
Wf^_ Rl_jg k i_j\uo g_^_ev b f_kyp_\ `bagb y\eyxlky eb hgb
hij_^_eyxsbfbfhlb\ZpbhggufbkbeZfbikbobq_kdh]hjZa\blby"?kebhgb\dexqZxlb
dh]gblb\gu_ b Znn_dlb\gu_ dhfihg_glu qlh lh]^Z hklZ_lky ^ey [he__ rbjhdh]h
ihgylby \e_q_gby qlh g_ \oh^bl \ ihgylb_ Znn_dlZ" Nj_c^ iheZ]Ze qlh \e_q_gby
ijbkmlkl\mxl k kZfh]h jh`^_gby gh hg lZd`_ kqblZe qlh hgb jZa\b\Zxlky b
\ajhke_xlFh`ghhkihjblvml\_j`^_gb_h lhfqlhjZa\blb_b \ajhke_gb_Znn_dlh\
_klvijhy\e_gbykdjuluoaZgbfb\e_q_gbcgh_keb\k_nmgdpbbb ijhy\e_gby\e_q_gbc
fh]ml [ulv \dexq_gu \ nmgdpbb b ijhy\e_gby jZa\b\Zxsboky Znn_dlh\ ihgylb_
kZfhklhyl_evguo \e_q_gbc e_`Zsbo \ hkgh\_ h[jZah\Zgby Znn_dlh\ [m^_l keh`gh
ih^^_j`b\Zlv NZdlbq_kdb ij_h[jZah\Zgb_ Znn_dlh\ \ ijhp_kk_ jZa\blby bo
bgl_]jZpby k bgl_jgZebah\Zggufb h[t_dlgufb hlghr_gbyfb bo p_ehklgZy ^bohlhfby
gZ ijbylgu_ hsms_gby khklZ\eyxsb_ kljmdlmjm eb[b^h b [he_ag_ggu_ qm\kl\Z
khklZ\eyxsb_ kljmdlmjm Z]j_kkbb ² \k_ ]h\hjbl h [h]Zlkl\_ b keh`ghklb bo
dh]gblb\guob Znn_dlb\guowe_f_glh\
Y ih^jZamf_\Zx ih^ Znn_dlZfb bgklbgdlb\gu_ kljmdlmju D_jg[_j] nbabheh]bq_kdb_ ih ijbjh^_ [bheh]bq_kdb aZ^Zggu_ Zdlb\babjmxsb_ky \ ijhp_kk_
jZa\blby b \dexqZxsb_ ikbobq_kdb_ dhfihg_glu Y iheZ]Zx qlh wlhl ikbobq_kdbc
Zki_dljZa\b\ZykvkhklZ\ey_lZ]j_kkb\gu_b eb[b^bgZevgu_\e_q_gbydZdbohibku\Ze
Nj_c^ QZklbqgu_ k_dkmZevgu_ \e_q_gby k fh_c lhqdb aj_gby y\eyxlky [he__
ebfblbjh\Zggufb hgb h]jZgbq_gu
bgl_]jbjh\Zggufb
khhl\_lkl\mxsbfb
wfhpbhgZevgufb khklhygbyfb lh]^Z dZd eb[b^h dZd \e_q_gb_ ² j_amevlZl
b_jZjobq_kdhc bgl_]jZpbb wlbo khklhygbc lh _klv bgl_]jZpby \k_o wjhlbq_kdb
p_gljbjh\Zgguo Znn_dlb\guo khklhygbc Ihwlhfm \ ijhlb\hiheh`ghklv ^h kbo ihj
ij_h[eZ^Zxs_c \ ikbohZgZeba_ lhqd_ aj_gby gZ Znn_dlu dZd ijhklu_ ijh^mdlu
jZajy^db y kqblZx qlh Znn_dlu y\eyxlky ijhf_`mlhqghc kljmdlmjhc f_`^m
[bheh]bq_kdbfb bgklbgdlZfb b ikbobq_kdbfb \e_q_gbyfb Y iheZ]Zx qlh jZa\blb_
Znn_dlh\ hkgh\Zgh gZ Znn_dlb\gh hdjZr_gguo h[t_dlguo hlghr_gbyo \ \b^_
Znn_dlb\ghciZfylbWf^_BaZj^b Rl_jgmdZau\ZebgZp_gljZevgmxjhevh[t_dlguo
hlghr_gbc\ Zdlb\ZpbbZnn_dlh\WlZk\yavih^dj_iey_lfh_ij_^iheh`_gb_h lhfqlh
jZggb_ Znn_dlb\gu_ khklhygby aZdj_ie_ggu_ \ iZfylb \dexqZxl \ k_[y lZdb_
h[t_dlgu_hlghr_gby
Y iheZ]Zx qlh Zdlb\Zpby jZaebqguo wfhpbc d h^ghfm b lhfm `_ h[t_dlm
ijhbkoh^bl ih^ \ebygb_f rbjhdh]h djm]Z aZ^Zq dhlhju_ g_h[oh^bfh j_rZlv ih f_j_
\ajhke_gby bg^b\b^Z b [bheh]bq_kdb aZimkdZ_fuo bgklbgdlb\guo ih\_^_gq_kdbo
iZll_jgh\ Ihemq_ggu_ \ j_amevlZl_ wlh]h jZaebqgu_ Znn_dlb\gu_ khklhygby
gZijZ\e_ggu_ gZ h^bg b lhl `_ h[t_dl fh]ml kem`blv wdhghfguf h[tykg_gb_f lh]h
dZdbf h[jZahf Znn_dlu k\yau\Zxlky b ljZgknhjfbjmxlky \ khih^qbg_ggu_
fhlb\Zpbhggu_ jy^u khklZ\eyxsb_ k_dkmZevgh_ beb Zn_kkb\gh_ \e_q_gb_ GZijbf_j
qm\kl\hm^h\hevkl\byijbhjZevghcklbfmeypbb\h\j_fydhjfe_gbyb m^h\hevkl\b_ijb
ZgZevghc klbfmeypbb \h \j_fy ijbmq_gby d ]hjrdm fh`_l k]msZlvky \ ijbylgu_
bgl_jZdpbb feZ^_gpZb fZl_jb k\yaZggu_ k lZdbf hjZevgh b ZgZevgheb[b^bgZevguf
jZa\blb_f:]j_kkb\gZyj_Zdpbyj_[_gdZgZnjmkljZpbx\h\j_fyhjZevgh]hi_jbh^Zb
[hjv[Z aZ \eZklv oZjZdl_jgZy ^ey ZgZevgh]h i_jbh^Z fh]ml k\yaZlvky \ Z]j_kkb\guo
Znn_dlb\guo khklhygbyo khklZ\eyxsbo Z]j_kkb\gh_ \e_q_gb_ < ^Zevg_cr_f
bgl_gkb\gu_ ihablb\gu_ qm\kl\Z d fZl_jb bkiulu\Z_fu_ feZ^_gp_f gZ wlZi_
k_iZjZpbbbg^b\b^mZpbb FZe_j b ^j fh]ml k\yaZlvky k k_dkmZevguf
klj_fe_gb_f d g_c \ i_jbh^ Zdlb\Zpbb ]_gblZevghc qm\kl\bl_evghklb gZ w^bih\hc
klZ^bbjZa\blby
Gh _keb fu [m^_f jZkkfZljb\Zlv Znn_dlu dZd hkgh\ghc ikboh[bheh]bq_kdbc
kljhbl_evguc fZl_jbZe \e_q_gbc b dZd kZfu_ jZggb_ fhlb\Zpbhggu_ kbkl_fu gZf
ijb^_lky h[tykgblv dZdbf h[jZahf hgb \ukljZb\Zxlky \ b_jZjobq_kdmx kbkl_fm
khih^qbg_gby Ihq_fm g_evay kdZaZlv qlh i_j\bqgu_ Znn_dlu kZfb ih k_[_ y\eyxlky
hkgh\gufbfhlb\Zpbhggufbkbkl_fZfb"Y iheZ]ZxihlhfmqlhZnn_dlubkiulu\Zxl
fgh]hqbke_ggu_ ih[hqgu_ \aZbfh^_ckl\by b ljZgknhjfZpbb \ l_q_gb_ \k_]h i_jbh^Z
jZa\blby
L_hjby fhlb\Zpbc hkgh\ZggZy gZ Znn_dlZo Z g_ gZ ^\mo hkgh\guo \e_q_gbyo
[ueZ [u [he__ keh`ghc b aZimlZgghc b debgbq_kdb g_m^h\e_l\hjbl_evghc Y lZd`_
iheZ]Zx qlh [_kkhagZl_evgZy bgl_]jZpby Znn_dlb\gh gZkus_ggh]h hiulZ jZgg_]h
^_lkl\Zlj_[m_lij_^iheh`blv[he__\ukhdbcmjh\_gvfhlb\Zpbhgghchj]ZgbaZpbbq_f
ij_^klZ\e_gguc Znn_dlb\gufb khklhygbyfb SHU VH kZfb ih k_[_ Fu ^he`gu
ij_^iheh`blv qlh fhlb\ZpbhggZy kbkl_fZ khhl\_lkl\m_l keh`ghc bgl_]jZpbb
ijhp_kkh\jZa\blbyZnn_dlh\\ bok\yabk jh^bl_evkdbfbh[t_dlZfb
:gZeh]bqgh wlhfm ihiuldZ aZf_gblv l_hjbx \e_q_gbc b wfhpbc l_hjb_c
ijb\yaZgghklbbebl_hjb_ch[t_dlguohlghr_gbcg_ijbagZxs_cdhgp_ipbx\e_q_gbc
\_^_l d g_hijZ\^Zgghfm aZgb`_gbx keh`ghklb bgljZikbobq_kdhc `bagb m^_eyy
\gbfZgb_ ebrv ihablb\guf beb eb[b^bgZevguf we_f_glZf ijb\yaZgghklb b
ij_g_[j_]Zy[_kkhagZl_evghcZ]j_kkb_cOhlyklhjhggbdbl_hjbbh[t_dlguohlghr_gbc
b g_ ml\_j`^Zxl wlh]h gZ ijZdlbd_ hgb hl\_j]Zy l_hjbx \e_q_gbc k_jv_agh
g_^hhp_gb\Zxlfhlb\Zpbhggu_Zki_dluZ]j_kkbb
Ih wlbf ijbqbgZf y ^mfZx qlh bamqZy fhlb\Zpbx fu g_ ^he`gu aZf_gylv
l_hjbx \e_q_gbc l_hjb_c Znn_dlh\ beb l_hjb_c h[t_dlguo hlghr_gbc DZ`_lky \
\ukr_c kl_i_gb jZamfgh b ij_^ihqlbl_evgh jZkkfZljb\Zlv Znn_dlu dZd kljhbl_evguc
fZl_jbZe \e_q_gbc :nn_dlu lZdbf h[jZahf y\eyxlky k\yamxsbf a\_ghf f_`^m
[bheh]bq_kdb aZ^Zggufb bgklbgdlb\gufb dhfihg_glZfb k h^ghc klhjhgu b
bgljZikbobq_kdhc hj]ZgbaZpb_c \e_q_gbc ² k ^jm]hc Khhlghr_gb_ Znn_dlb\guo
khklhygbc ohjhr_]h hlghr_gby b ZglbiZlbb k ^mZebklbq_kdbfb jy^Zfb eb[b^h b
Z]j_kkbbbf__lkfukek debgbq_kdhcb l_hj_lbq_kdhclhq_daj_gby
>ZggZy dhgp_ipby Znn_dlh\ dZd kljhbl_evgh]h fZl_jbZeZ \e_q_gbc gZ fhc
\a]ey^ fh`_l jZaj_rblv g_dhlhju_ ijh[e_fu \ ikbohZgZeblbq_kdhc l_hjbb \e_q_gbc
?kebih^oh^blvd Znn_dlZfk lZdhclhqdbaj_gbywlhjZkrbjbldhgp_ipbxwjh]_gguo
ahg dZd bklhqgbdZ eb[b^h ^h [he__ h[s_c dhgp_ipbb \k_o ikboheh]bq_kdb
Zdlb\babjm_fuo nmgdpbc b mqZkldh\ l_eZ mqZkl\mxsbo \ Znn_dlb\gh gZ]jm`_gguo
bgl_jZdpbyofeZ^_gpZb j_[_gdZk fZl_jvxWlbnmgdpbb\dexqZxlkf_s_gb_Zdp_glZ
aZ[hlu h l_e_kguo nmgdpbyo gZ khpbZevgh_ nmgdpbhgbjh\Zgb_ b ijhb]ju\Zgb_ jhe_c
Fhy dhgp_ipby lZd`_ ij_^eZ]Z_l g_^hklZxsb_ a\_gvy \ ikbohZgZeblbq_kdhc l_hjbb
hlghkbl_evghbklhqgbdh\Z]j_kkb\ghgZ]jm`_gguobgl_jZdpbc\ ^bZ^_feZ^_g_pfZlv
ahgZevghklb Z]j_kkb\gh]h hjZevgh]h ijh]eZlu\Zgby b ZgZevgh]h dhgljhey
g_ihkj_^kl\_gguo nbabq_kdbo klhedgh\_gbc k\yaZgguo kh \kiurdZfb ]g_\Z b l^
:nn_dlb\gh gZ]jm`_ggu_ h[t_dlgu_ hlghr_gby \eb\Zxl wg_j]bx \ nbabheh]bq_kdb_
ahgu
Ihke_^mxsZy ikbohnbabheh]bq_kdZy Zdlb\Zpby jZggbo g_[eZ]hihemqby ]g_\Z
kljZoZ Z iha`_ ^_ij_kkbb b qm\kl\Z \bgu nhjfbjm_l khhl\_lkl\mxsb_ Z]j_kkb\gu_
khklZ\eyxsb_ Y b h[t_dlZ Wlb khklZ\eyxsb_ j_Zdlb\bjmxlky \ [_kkhagZl_evguo
dhgnebdlZo \ Z]j_kkbb dhlhjZy ijhy\ey_lky \ i_j_ghk_ G_ihkj_^kl\_ggZy
bgl_jgZebaZpby eb[b^bgZevguo b Z]j_kkb\guo Znn_dlb\guo qm\kl\ dZd qZkl_c Y b
h[t_dlj_ij_a_glZpbc lZd gZau\Z_fu_ bgl_jgZebah\Zggu_ h[t_dlgu_ hlghr_gby
bgl_]jbjh\Zgguo \ kljmdlmju W]h b Kmi_jW]h ij_^klZ\ey_l kh[hc \ fh_c
nhjfmebjh\d_eb[b^bgZevgu_b Z]j_kkb\gu_qZklbwlbokljmdlmj
Kh]eZkgh ^Zgghc dhgp_ipbb \aZbfhk\yab \e_q_gbc b Znn_dlh\ B^ khklhbl ba
\ul_kg_gguobgl_gkb\guoZ]j_kkb\guobebk_dkmZevguobgl_jgZebah\Zgguoh[t_dlguo
hlghr_gbc OZjZdl_j k]ms_gby b kf_s_gby ikbobq_kdbo ijhp_kkh\ \ B^ hljZ`Z_l
Znn_dlb\gmx k\yav Y b h[t_dlj_ij_a_glZpbc khhl\_lkl\mxsbo Z]j_kkb\guo
eb[b^bgZevguob ² iha`_ ² kh\f_s_gguoqm\kl\
>ZggZy dhgp_ipby \e_q_gbc lZd`_ iha\hey_l hl^Zlv ^he`gh_ [bheh]bq_kdb
^_l_jfbgbjh\Zgghfm ihy\e_gbx gh\uo Znn_dlb\guo khklhygbc \ l_q_gb_ `bagb Wlb
khklhygby \dexqZxl Zdlb\Zpbx k_dkmZevgh]h \ha[m`^_gby \ i_jbh^ xghklb dh]^Z
Znn_dlb\gh_ khklhygb_ wjhlbq_kdh]h \heg_gby bgl_]jbjm_lky k ]_gblZevguf
\ha[m`^_gb_f b k wjhlbq_kdb aZjy`_ggufb wfhpbyfb b nZglZabyfb ba w^bih\hc nZau
jZa\blby >jm]bfb keh\Zfb mkbe_gb_ \e_q_gbc eb[b^bgZevguo b Z]j_kkb\guo gZ
jZaguo klZ^byo `bag_ggh]h pbdeZ hij_^_ey_lky bgdhjihjbjh\Zgb_f gh\uo
ikbohnbabheh]bq_kdb Zdlb\bjh\Zgguo Znn_dlb\guo khklhygbc \ ij_^kms_kl\mxsb_
b_jZjobq_kdbhj]Zgbah\Zggu_kbkl_fuZnn_dlh\
< [he__ h[s_f \b^_ fhy lhqdZ aj_gby lZdh\Z jZa hj]ZgbaZpby \e_q_gbc dZd
b_jZjobq_kdb\ukljh_gguofhlb\Zpbhgguokbkl_fm`_keh`beZkvex[Zyhij_^_e_ggZy
Zdlb\Zpby\e_q_gbc\ dhgl_dkl_bgljZikbobq_kdh]hdhgnebdlZij_^klZ\e_gZZdlb\Zpb_c
khhl\_lkl\mxsbo Znn_dlb\guo khklhygbc :nn_dlb\gh_ khklhygb_ \dexqZ_l
bgl_jgZebah\Zggu_h[t_dlgu_hlghr_gby\ hkgh\ghfhij_^_e_ggmxYj_ij_a_glZpbx
k\yaZggmx k hij_^_e_gghc h[t_dlj_ij_a_glZpb_c ih^ \ebygb_f hij_^_e_ggh]h
Znn_dlZ J_pbijhdgu_ jhe_\u_ hlghr_gby f_`^m Y b h[t_dlhf aZdexq_gu \ jZfdb
hij_^_e_ggh]hZnn_dlZb h[uqgh\ujZ`Zxlky\ \b^_nZglZabcbeb`_eZgbc
;_kkhagZl_evgu_ nZglZabb khklhyl ba lZdbo kh\hdmighkl_c Yj_ij_a_glZpbc b
h[t_dlj_ij_a_glZpbcb k\yamxs_]hboZnn_dlZBgZq_]h\hjyZnn_dlu ² wlhkb]gZeu
beb j_ij_a_glZpbb \e_q_gbc ² dZd ij_^iheZ]Ze Nj_c^ ² Z lZd`_ bo
kljhbl_evgucfZl_jbZe
Nj_c^ hibku\Ze eb[b^h dZd \e_q_gb_ \hagbdZxs__ ijb klbfmeypbb
wjh]_gguoahgb oZjZdl_jbamxs__kyhij_^_e_gghcp_evxgZijy`_gb_fb h[t_dlhfDZd
y m`_ mihfbgZe bklhdb eb[b^h gZoh^ylky \ ijbfblb\guo Znn_dlb\guo khklhygbyo
\dexqZy dZd khklhygb_ \hklhj]Z \ jZggbo ^_lkdhfZl_jbgkdbo hlghr_gbyo lZd b
kbf[bha i_j_`b\Zgbc b nZglZabc :nn_dlb\gu_ b \ hkgh\ghf ijbylgu_ khklhygby hl
h[s_gbyk fZl_jvx\hagbdZxsb__`_^g_\gh\ khklhygbyoihdhylZd`_bgl_]jbjmxlky
\ eb[b^bgZevgu_bgl_gpbb
K_dkmZevgh_ \ha[m`^_gb_ ² [he__ iha^gbc b [he__ ^bnn_j_gpbjh\Zgguc
Znn_dl hg gZqbgZ_l ^_ckl\h\Zlv dZd j_rZxsbc dhfihg_gl eb[b^bgZevgh]h \e_q_gby
gh _]h dhjgb dZd Znn_dlZ e_`Zl \ bgl_]jbjh\Zgghf wjhlbq_kdb hdjZr_gghf hiul_
\hagbdr_f \ j_amevlZl_ klbfmeypbb jZaebqguo wjh]_gguo ahg >_ckl\bl_evgh
ihkdhevdm k_dkmZevgh_ \ha[m`^_gb_ dZd Znn_dl k\yaZgh kh \k_f ihe_f ikbobq_kdh]h
hiulZhghg_h]jZgbqb\Z_lkyklbfmeypb_chij_^_e_gghcwjh]_gghcahguZ ijhy\ey_lky
dZdhsms_gb_m^h\hevkl\by\k_]hl_eZ
LZd `_ dZd eb[b^h beb k_dkmZevgh_ \e_q_gb_ _klv j_amevlZl bgl_]jZpbb
ihablb\guo beb ijbylguo Znn_dlb\guo khklhygbc lZd b Z]j_kkb\gh_ \e_q_gb_ _klv
j_amevlZlbgl_]jZpbbfgh]hqbke_gguoijhy\e_gbcg_]Zlb\gh]hhiulZbebZglbiZlbb ²
]g_\Z hl\jZs_gby g_gZ\bklb =g_\ nZdlbq_kdb fh`_l kqblZlvky hkgh\guf Znn_dlhf
Z]j_kkbbJZggb_oZjZdl_jbklbdbb jZa\blb_ ]g_\Z m ^_l_c fgh]hdjZlgh ^hdmf_glZevgh
nbdkbjh\Zebkv bkke_^h\Zl_eyfb \hdjm] wlh]h ]jmiibjm_lky keh`gh_ Znn_dlb\gh_
h[jZah\Zgb_ Z]j_kkbb dZd \e_q_gby Bkke_^h\Zgby ^_l_c ihdZau\Zxl bagZqZevgmx
nmgdpbx ]g_\Z dZd ihiuldb mkljZgblv bklhqgbd [heb beb [_kihdhckl\Z <
[_kkhagZl_evguo nZglZabyo \hagbdZxsbo \ k\yab k j_Zdpbyfb ]g_\Z ]g_\ h[hagZqZ_l
h^gh\j_f_ggh Zdlb\Zpbx Z[khexlgh iehoh]h h[t_dlgh]h hlghr_gby b `_eZgb_
mkljZgblv _]h b \hkklZgh\blv Z[khexlgh ohjhr__ ij_^klZ\e_ggh_ h[t_dlgufb
hlghr_gbyfb ih^ \ebygb_f ihablb\guo eb[b^bgZevguo Znn_dlb\guo khklhygbc Gh
ikbohiZlheh]byZ]j_kkbbg_h]jZgbqb\Z_lkybgl_gkb\ghklvxb qZklhlhcijbeb\h\]g_\Z
Znn_dl dhlhjuc klZgh\blky ^hfbgZglhc Z]j_kkby dZd iZlheh]bq_kdh_ \e_q_gb_ _klv
keh`guc b jZajZ[hlZgguc Znn_dl g_gZ\bklb mklhcqb\uc kljmdlmjbjh\Zgguc
h[t_dlghgZijZ\e_gguc]g_\
:]j_kkby \oh^bl b \ k_dkmZevguc hiul dZd lZdh\hc Fu m\b^bf qlh hiul
ijhgbdgh\_gby \g_^j_gby b hiul dh]^Z \ l_[y ijhgbdZxl \oh^yl \dexqZ_l \ k_[y
Z]j_kkbx kem`Zsmx ex[\b bkihevamy ijb wlhf wjhlh]_gguc ihl_gpbZe i_j_`b\Zgby
[heb dZd g_h[oh^bfhc khklZ\ghc qZklb g_kms_]h gZkeZ`^_gb_ kebygby k ^jm]bf \
k_dkmZevghf\ha[m`^_gbbb hj]Zaf_WlZghjfZevgZykihkh[ghklvljZgknhjfZpbb[heb\
wjhlbq_kdh_\ha[m`^_gb_^Z_lhk_qdmdh]^Z]jm[ZyZ]j_kkby^hfbgbjm_l\ jh^bl_evkdh
^_lkdbo hlghr_gbyo qlh \hafh`gh y\ey_lky j_rZxsbf nZdlhjhf \ nhjfbjh\Zgbb
wjhlbq_kdh]h\ha[m`^_gby\hagbdZxs_]hijbijbqbg_gbbkljZ^Zgby^jm]bf
Y ^mfZx qlh wlZ nhjfmebjh\dZ hlghr_gbc f_`^m \e_q_gb_f b Znn_dlZfb
khhl\_lkl\m_lNj_c^h\kdhc^mZebklbq_kdhcl_hjbb\e_q_gbcb \lh`_\j_fyhj]Zgbqgh
khq_lZ_likbohZgZeblbq_kdmxl_hjbxk kh\j_f_gghc[bheh]bq_kdhcl_hjb_cbgklbgdlh\
b gZ[ex^_gbyfbaZjZa\blb_ffeZ^_gp_\\ i_j\u_f_kypu`bagb
?kebk_dkmZevgh_\ha[m`^_gb_ ² hkgh\ghcZnn_dl\hdjm]dhlhjh]hijhbkoh^bl
kdhie_gb_ p_eh]h kha\_a^by Znn_dlh\ b \k_ wlh \f_kl_ \aylh_ khklZ\ey_l eb[b^h dZd
\e_q_gb_ lh wjhlbq_kdh_ `_eZgb_ lh _klv k_dkmZevgh_ \ha[m`^_gb_ gZijZ\e_ggh_ gZ
hij_^_e_gguc h[t_dl ² kh_^bgy_l k_dkmZevgh_ \ha[m`^_gb_ k fbjhf
bgl_jgZebah\Zgguo h[t_dlguo hlghr_gbc \ dhgl_dkl_ w^biZevgh]h kljmdlmjbjh\Zgby
ikbobq_kdhc j_Zevghklb NZdlbq_kdb wjhlbq_kdh_ `_eZgb_ kihkh[kl\m_l bgl_]jZpbb
qZklbqguo h[t_dlguo hlghr_gbc \ p_ehklgu_ h[t_dlgu_ hlghr_gby ² lh _klv
hls_ie_gguo beb ^bkkhpbbjh\Zgguo Y b h[t_dlj_ij_a_glZpbc \ p_evgu_ b
\k_ho\Zlu\Zxsb_ LZdh_ jZa\blb_ m]em[ey_l ijbjh^m k_dkmZevgh]h hiulZ ² ijhp_kkZ
dmevfbgZpb_cdhlhjh]h[m^_laj_eZyk_dkmZevgZyex[h\v
Debgbq_kdb_b ]_g_lbq_kdb_Zki_dluwjhlbq_kdh]h`_eZgby
DZdh\u debgbq_kdb_ oZjZdl_jbklbdb wjhlbq_kdh]h `_eZgby ijhy\eyxsb_ky \
ijhp_kk_ ikbohZgZeblbq_kdh]h bkke_^h\Zgby" Ij_`^_ \k_]h wlh ihbkd m^h\hevkl\by
\k_]^Z gZijZ\e_gguc gZ ^jm]h]h q_eh\_dZ ² h[t_dl \ dhlhjuc ijhgbdZ_rv
\lhj]Z_rvky dhlhjuf h\eZ^_\Z_rv beb dhlhjuc ijhgbdZ_l \lhj]Z_lky \ l_[y beb
h\eZ^_\Z_l lh[hc Wlh klj_fe_gb_ d [ebahklb b kebygbx ih^jZamf_\Zxs__ k h^ghc
klhjhgugZkbevkl\_ggh_ij_h^he_gb_[Zjv_jZbk ^jm]hc ² kh_^bg_gb_\ h^ghp_eh_k
\u[jZgguf h[t_dlhf KhagZl_evgu_ beb [_kkhagZl_evgu_ k_dkmZevgu_ nZglZabb
\ujZ`Zxlky \h \lhj`_gbb ijhgbdgh\_gbb beb h\eZ^_gbb b \dexqZxl \ k_[y
kh_^bg_gb_\uimdeuoqZkl_cl_eZk _kl_kl\_ggufb\iZ^bgZfb ² i_gbkZkhkdh\yaudZ
iZevp_\ \lhj]Zxs_cky klhjhgu ijhgbdZxsbo beb \lhj]Zxsboky \h \eZ]Zebs_ jhl
Zgmk ijbgbfZxs_c klhjhgu Ihemq_gb_ wjhlbq_kdh]h m^h\hevkl\by hl jblfbq_kdbo
^\b`_gbc wlbo qZkl_c l_eZ kgb`Z_lky beb bkq_aZ_l _keb k_dkmZevguc Zdl g_ kem`bl
[he__rbjhdbf[_kkhagZl_evgufnmgdpbyfkebygbyk h[t_dlhfJhebijbgbfZxs_]h
FRQWDLQHU b hl^Zxs_]h FRQWDLQHG g_ ke_^m_l kf_rb\Zlv k fZkdmebgghklvx b
n_fbgbgghklvxZdlb\ghklvxb iZkkb\ghklvxWjhlbq_kdh_`_eZgb_\dexqZ_lnZglZabb
Zdlb\gh]hih]ehs_gbyb iZkkb\gh]hkhklhygbydh]^Z\ l_[yijhgbdZxlb \lh`_\j_fy
Zdlb\gh]hijhgbdgh\_gbyb iZkkb\gh]hkhklhygbydh]^Zl_[yih]ehsZxlY \ukdZau\Ze
ij_^iheh`_gb_h lhfqlhikboheh]bq_kdZy[bk_dkmZevghklv\ kfuke_b^_glbnbdZpbbb
k Yb kh[t_dlhf\ ki_pbnbq_kdhfk_dkmZevghf\aZbfh^_ckl\bby\ey_lkymgb\_jkZevghc
b ^ey fm`qbg b ^ey `_gsbg Fh`gh \hajZablv qlh [bk_dkmZevghklv ² ij_`^_ \k_]h
nmgdpby b^_glbnbdZpbb k h[hbfb mqZklgbdZfb k_dkmZevguo hlghr_gbc beb k lj_fy
bkdexq_ggZylj_lvyklhjhgZ\ ljbZ^ghfk_dkmZevghfhiul_Eb[_jfZg <lhjhc oZjZdl_jghc hkh[_gghklvx k_dkmZevgh]h `_eZgby y\ey_lky
b^_glbnbdZpby k k_dkmZevguf \ha[m`^_gb_f iZjlg_jZ b hj]Zafhf qlh[u ihemqblv
m^h\hevkl\b_hl^\mo ^hihegyxsbo^jm] ^jm]Z i_j_`b\Zgbc kebygby Hkgh\guf a^_kv
y\ey_lkym^h\hevkl\b_hl`_eZgby^jm]h]h ex[h\v\ujZ`ZxsZyky \ hl\_lghf qm\kl\_
^jm]h]h gZ l\h_ k_dkmZevgh_ `_eZgb_ b khimlkl\mxs__ _fm i_j_`b\Zgb_ kebygby \
mih_gbb Ijb wlhf lZd`_ \hagbdZ_l qm\kl\h ijbgZ^e_`ghklb d h[hbf iheZf gZ \j_fy
mkljZgyxs__ g_ij_h^hebfu_ [Zjv_ju f_`^m iheZfb Z lZd`_ hsms_gb_ g_dhc
aZ\_jr_gghklbb [eZ`_gkl\Zhlh[hboZki_dlh\k_dkmZevgh]hhiulZ ² ijhgbdgh\_gbyb
\g_^j_gby Z lZd`_ qm\kl\Z dh]^Z \ l_[y ijhgbdZxl b aZdexqZxl \ k_[y < wlhc k\yab
kbf\hebq_kdh_ kf_s_gb_ \k_o ijhgbdZxsbo ZgZlhfbq_kdbo qZkl_c b \k_o
ijbgbfZxsbobeb ijhgbpZ_fuo m]em[e_gbc kem`bl ijbagZdhf k]ms_gby wjhlbafZ
\k_oahgb h`b^Z_fhcj_]j_kkbbk_dkmZevgh]h\ha[m`^_gby\ ahgZevgmxkimlZgghklv
]RQDOFRQIXVLRQ F_evlp_j k ihke_^mxsbfkebygb_f\ k_dkmZevghcZdlb\ghklb
b k_dkmZevghfdhglZdl_nZglZabcb hsms_gbc\k_cih\_joghklbl_eZh[hbomqZklgbdh\
< lZdhc b^_glbnbdZpbb k ^jm]bf aZdexqZ_lky m^h\e_l\hj_gb_ `_eZgby kebygby
]hfhk_dkmZevgh]h `_eZgby b w^bih\Z qm\kl\Z khi_jgbq_kl\Z Lh _klv ijb wlhf \k_
^jm]b_ hlghr_gby bkq_aZxl \ mgbdZevghc b keblhc \ h^gh p_eh_ k_dkmZevghc iZj_ D
lhfm `_ [_kkhagZl_evgZy b^_glbnbdZpby k h[hbfb iheZfb mkljZgy_l g_h[oh^bfhklv
aZ\b^h\Zlv^jm]hfmihembhklZ\ZykvkZfbfkh[hcbg^b\b^\ lh`_\j_fyij_\jZsZ_lky
\ ^jm]h]h ijb wlhf \hagbdZ_l hsms_gb_ i_j_l_dZgby \ bgh_ khklhygb_ \ dhlhjhf
^hklb]Z_lkyf_`ebqghklgh_\aZbfhijhgbdgh\_gb_
Lj_lv_c oZjZdl_jghc q_jlhc wjhlbq_kdh]h `_eZgby y\ey_lky qm\kl\h \uoh^Z aZ
ij_^_eu ^ha\he_ggh]h ij_h^he_gby aZij_lZ ijbkmlkl\mxs_]h \h \k_o k_dkmZevguo
dhglZdlZo aZij_lZ ijhbkoh^ys_]h ba w^bih\hc kljmdlmju k_dkmZevghc `bagb Wlh
qm\kl\hijbgbfZ_lfgh]hqbke_ggu_nhjfub kZfufijhklufb mgb\_jkZevgufbagbo
y\ey_lkygZjmr_gb_ljZ^bpbhgguokhpbZevguoh]jZgbq_gbcgZeZ]Z_fuoh[s_kl\hfgZ
hldjulmx ^_fhgkljZpbx bglbfguo qZkl_c l_eZ b qm\kl\h k_dkmZevgh]h \ha[m`^_gby
Kl_g^Ze i_j\uf h[jZlbe \gbfZgb_ gZ lh qlh kZf Zdl jZa^_\Zgby hl\_j]Z_l
khpbZevgu_\a]ey^ugZqm\kl\hklu^Zb ^ha\hey_lex[h\gbdZfijyfhkfhlj_lv^jm]gZ
^jm]Z g_ bkiulu\Zy klu^Z H[eZq_gb_ \ h^_`^m ihke_ k_dkmZevgh]h ZdlZ _klv
\ha\jZs_gb_ \ ij_`g__ h[u^_ggh_ khklhygb_ klu^eb\hklb Dhg\_gpbhgZevgZy fhjZev
D_jg[_j] bf__l l_g^_gpbx d ih^Z\e_gbx beb j_]mebjh\Zgbx lZdbo Zki_dlh\
k_dkmZevgh]h h[s_gby dhlhju_ gZb[he__ g_ihkj_^kl\_ggh k\yaZgu k bgnZglbevgufb
ihebfhjngufb k_dkmZevgufb p_eyfb b bf_ggh wlb p_eb y\eyxsb_ky ijhlhlbiZfb
k_dkmZevguo i_j\_jkbc gZb[he__ ijyfh \ujZ`Zxl k_dkmZevgh_ \ha[m`^_gb_
wjhlbq_kdmx[ebahklvb \uoh^aZjZfdbkhpbZevguomkeh\ghkl_c
<uoh^ aZ jZfdb ^ha\he_ggh]h \dexqZ_l gZjmr_gb_ w^bih\uo aZij_lh\ \uah\
w^bih\m khi_jgbdm dhfie_dkm b ljbmfn gZ^ gbf Gh wlh gZjmr_gb_ lZd`_
jZkijhkljZgy_lky gZ kZf k_dkmZevguc h[t_dl b ijhy\ey_lky \ kh[eZagbl_evghf
ih^^jZagb\Zgbb b h^gh\j_f_ggh m^_j`b\Zgbb gZ jZkklhygbb Wjhlbq_kdh_ `_eZgb_
\dexqZ_l\ k_[yhsms_gb_lh]hqlhh[t_dlij_^eZ]Z_lk_[yb \lh`_\j_fyhldZau\Z_l
b k_dkmZevgh_ ijhgbdgh\_gb_ beb ih]ehs_gb_ h[t_dlZ y\ey_lky gZkbevkl\_gguf
gZjmr_gb_f qm`bo ]jZgbp < wlhf kfuke_ gZjmr_gb_ aZij_lh\ lZd`_ \dexqZ_l
Z]j_kkbxgZijZ\e_ggmxgZh[t_dlZ]j_kkbx\ha[m`^Zxsmx\ k\h_f m^h\e_l\hj_gbb
kieZ\e_ggmxkhkihkh[ghklvxhsmsZlvm^h\hevkl\b_hl[hebb kijh_pbjh\Zgb_fwlhc
kihkh[ghklb gZ h[t_dl :]j_kkby ijbghkbl m^h\hevkl\b_ ihkdhevdm hgZ y\ey_lky
we_f_glhf ex[h\guo hlghr_gbc BlZd Z]j_kkby ih]ehsZ_lky ex[h\vx b ]ZjZglbjm_l
[_ahiZkghklvi_j_^ebphfg_ba[_`ghcZf[b\Ze_glghklb
WdklZlbq_kdb_ b Z]j_kkb\gu_ q_jlu ihiuldb ij_h^he_gby ]jZgbp Y
ij_^klZ\eyxlkh[hckeh`gucwe_f_glwjhlbq_kdh]h`_eZgby;ZlZce ij_^iheZ]Ze
ijZ\^Z \ ^jm]hf dhgl_dkl_ qlh gZb[he__ yjdb_ i_j_`b\Zgby ihiulhd ij_h^he_lv
]jZgbpuijhbkoh^ylih^agZdhfex[\bb ih^agZdhfZ]j_kkbbHgibkZeh lhfqlh
kZfu_kbevgu_i_j_`b\Zgbyq_eh\_dbkiulu\Z_l\ fbgmludjmr_gby]jZgbpf_`^mY b
^jm]bfWlhijhbkoh^bl\ fhf_glu]em[hqZcr_cj_]j_kkbb\ wdklZlbq_kdhcex[\bb ih^
\ha^_ckl\b_fqj_a\uqZcghkbevghc[hebBglbfghklv\hagbdZxsZyf_`^mfmqbl_e_fb
l_f dh]h hg fmqZ_l b ijh^he`bl_evguc wnn_dl wlh]h ikbobq_kdh]h hiulZ ^ey h[hbo
mqZklgbdh\ \hagbdZ_l ba kZfh]h ijbfblb\gh]h h[uqgh ^bkkhpbbjh\Zggh]h beb
\ul_kgy_fh]hhsms_gbykebygbyZ[khexlghiehobohlghr_gbcf_`^mY bh[t_dlhf
ij_^klZ\eyxsbokh[hc^jm]mxklhjhgmhls_ie_ggh]hZ[khexlghohjhr_]hh[t_dlZgZ
kbf[bhlbq_kdhcklZ^bbjZa\blby
Wjhlbq_kdh_ `_eZgb_ ij_h[jZam_l ]_gblZevgh_ \ha[m`^_gb_ b hj]Zaf \ qm\kl\h
kebygby k ^jm]bf qlh h[_ki_qb\Z_l g_batykgbfh_ qm\kl\h hkms_kl\e_gby `_eZgbc
ij_h^he_gbyh]jZgbq_gbc YWlhkebygb_lZd`_kihkh[kl\m_l\hagbdgh\_gbx \h \j_fy
hj]ZafZ qm\kl\Z _^bg_gby k [bheh]bq_kdbfb Zki_dlZfb k\h_]h hiulZ <f_kl_ k l_f m
h[t_dlZdhlhjhfm^jm]hcijbqbgy_l[hevb dhlhjucb^_glbnbpbjm_lk_[yk Z]j_kkhjhf
h^gh\j_f_gghhsmsZyk_[y`_jl\hc\hagbdZ_lqm\kl\h_^bg_gby\ [hebmkbeb\Zxs__
hsms_gb_ kebygby \ ex[\b Ijbqbg_gb_ [heb ^jm]hfm b b^_glbnbdZpby k _]h
wjhlbq_kdbf m^h\hevkl\b_f hl [heb _klv wjhlbq_kdbc kZ^baf ² ijhlb\hiheh`gZy
klhjhgZwjhlbq_kdh]hfZahobafZWjhlbq_kdh_`_eZgb_\ wlhfkfuke_\dexqZ_lwe_f_gl
ih^qbg_gby jZ[kdhc ihdhjghklb ^jm]hfm lZd `_ dZd b qm\kl\h \eZkl_ebgZ km^v[u
^jm]h]h Kl_i_gv ^h dhlhjhc wlh Z]j_kkb\gh_ kebygb_ [m^_l m^_j`b\Zlvky ex[h\vx
j_]mebjm_lky Kmi_jW]h klhysbf gZ kljZ`_ ex[\b kh^_j`Zs_c Z]j_kkbx B \
gZkeZ`^_gbb b \ [heb kh\_jrZ_lky ihbkd bgl_gkb\guo wfhpbhgZevguo i_j_`b\Zgbc
klbjZxsbo gZ \j_fy ]jZgbpu Y b gZihegyxsbo `bagv hkh[uf kfukehf ²
i_j_`b\Zgbc \uoh^Z aZ ij_^_eu qlh k\yau\Z_l qm\kl\Z k_dkmZevgh]h b j_eb]bhagh]h
wdklZaZhiulk\h[h^uhlaZij_lh\b h]jZgbq_gbc[m^gbqgh]hkms_kl\h\Zgby
B^_ZebaZpby l_eZ ^jm]h]h h[t_dlZ b h[t_dlh\ kbf\hebq_kdb _]h
ij_^klZ\eyxsboy\ey_lkykms_kl\_ggufZki_dlhfwjhlbq_kdh]h`_eZgbyExkv_ b RZkk]_Kfbj`_ev mdZau\Zeb gZ p_gljZevgmx nmgdpbx b^_ZebaZpbb
ijbf_gbl_evgh d n_lbrbafm b i_j\_jkbyf \ p_ehf LZdZy b^_ZebaZpby y\ey_lky
aZsblhc ij_^klZ\eyxs_c kh[hc hljbpZgb_ ZgZevghc j_]j_kkbb \ i_j\_jkbb b
dZkljZpbhgghc lj_\h]b Y kh]eZk_g k gbfb \ lhf qlh dZkZ_lky \Z`ghklb nmgdpbb
b^_ZebaZpbb dZd f_oZgbafZ \ iZlheh]bb KqblZx lZd`_ qlh b^_ZebaZpby
fhjnheh]bq_kdh]h kljh_gby k_dkmZevgh]h iZjlg_jZ ih\_joghklb _]h beb __ l_eZ
y\ey_lky qj_a\uqZcgh \Z`guf fhf_glhf \ ghjfZevghc bgl_]jZpbb \ h^gh p_eh_
g_`ghklbb wjhlbq_kdhc[hjv[ub \]_l_jhk_dkmZevguob \]hfhk_dkmZevguoex[h\guo
hlghr_gbyo Wjhlbq_kdZy b^_ZebaZpby gZihfbgZ_l ijhp_kk ghjfZevghc b^_ZebaZpbb \
jhfZglbq_kdhc ex[\b hibkZgghc RZkk]_Kfbj`_ev Z bf_ggh ijh_dpbx
b^_Zevgh]h Y gZ h[t_dl ex[\b k h^gh\j_f_gguf ih\ur_gb_f kZfhhp_gdb < aj_ehc
k_dkmZevghcex[\bdhibjh\Zgb_b^_Zevgh]hY \\b^_b^_Zebabjh\Zggh]hh[t_dlZex[\b
kha^Z_lhsms_gb_]Zjfhgbbk fbjhfZdlmZebaZpbbkbkl_fup_gghkl_c b wkl_lbq_kdbo
b^_Zeh\wlbdZb djZkhlZZdlmZebabjmxlky\ ex[h\guohlghr_gbyo
F_evp_j b <bevyf_ ij_^iheh`beb gZebqb_ jZgg_]h wlbq_kdh]h
dhgnebdlZk\yaZggh]hk feZ^_gq_kdbfhlghr_gb_fd l_emfZl_jbEx[h\vfeZ^_gpZd
fZl_jb kqblZxl hgb \ujZ`Z_lky q_j_a b^_ZebaZpbx ih\_joghklb __ l_eZ b q_j_a
bgljh_dpbx ex[\b fZl_jb ijhy\eyxs_cky \ b^_ZebaZpbb _x l_eZ j_[_gdZ q_j_a
b^_glbnbdZpbxk g_c\ wlhckZfhb^_ZebaZpbbYLZdZyb^_ZebaZpbyi_j_oh^bl\ kZfh_
jZgg__qm\kl\hwkl_lbq_kdhcp_gghklbb djZkhluK ^jm]hcklhjhguF_evp_jb <bevyf_
\b^ylhls_ie_ggmxZ]j_kkbxd fZl_jbdZdgZijZ\e_ggmx]eZ\gufh[jZahf\h\gmljv__
l_eZiml_fijh_dpbbj_[_ghdhsmsZ_lqlhlhqlhgZoh^blky\gmljbfZl_jbgkdh]hl_eZ
ij_^klZ\ey_l^eyg_]hhiZkghklvKhhl\_lkl\_ggh`_eZgb_b nZglZabbh gZkbevkl\_gghf
\lhj`_gbb\ l_ehfZl_jby\eyxlky\ujZ`_gb_fZ]j_kkbbaZ\bklbd __\g_rg_cdjZkhl_
Z lZd`_ d __ kihkh[ghklb ^Z\Zlv `bagv ^jm]hfm kms_kl\m b ex[blv B^_ZebaZpby
ih\_joghklb l_eZ fZl_jb kem`bl aZsblhc hl hiZkghc Z]j_kkbb lZys_cky ih^ wlhc
ih\_joghklvx <deZ^ RZkk]_Kfbj`_ev \ jZkkfhlj_gb_ ZjoZbq_kdbo Zki_dlh\
w^bih\Z dhfie_dkZ nZglZabb h jZajmr_gbb \gmlj_gghklb l_eZ fZl_jb i_gbkZ hlpZ b
^_l_chlpZb ij_\jZs_gbb\gmlj_gghkl_cfZl_jb\ [_a^hggmxijhiZklv ² aZdexqZ_lky
\ \Z`ghf ijhykg_gbb ijbjh^u ijbfblb\ghc Z]j_kkbb b kljZoh\ dZd gZijZ\e_gguo gZ
\gmlj_ggb_qZklbl_eZfZl_jb
<ur_mdZaZggu_ Z\lhju iheZ]Zxl qlh b^_ZebaZpby fm`qbgZfb `_gkdh]h l_eZ
ijhbkoh^blbab^_ZebaZpbbb \ha[m`^_gbydhlhju_\uau\Z_lih\_joghklvfZl_jbgkdh]h
l_eZ ih ZgZeh]bb k wlbf bklhdb [_kkhagZl_evguo kljZoh\ k\yaZgguo k \Z]bghc b
\gmlj_gghklyfb fZl_jb lZd`_ [_jml gZqZeh \ jZggbo \aZbfhhlghr_gbyo j_[_gdZ k
fZl_jvx
:gZeh]bqgh wlhfm m fm`qbg b^_ZebaZpby hl^_evguo qZkl_c l_eZ
]hfhk_dkmZevgh]h iZjlg_jZ fh`_l \hkoh^blv d b^_ZebaZpbb l_eZ fZl_jb B^_ZebaZpby
fm`kdboqZkl_cl_eZi_j\hgZqZevgh\ ]hjZa^hf_gvr_ckl_i_gb\ujZ`_gZm `_gsbggh
wlZ kihkh[ghklv jZa\b\Z_lky \ dhgl_dkl_ ijbghkysbo m^h\e_l\hj_gb_ k_dkmZevguo
hlghr_gbc k fm`qbghc dhlhjuc [_kkhagZl_evgh ij_^klZ\ey_l w^bih\Z hlpZ \gh\v
ih^l\_j`^Zy djZkhlm b p_gghklv l_eZ `_gsbgu hk\h[h`^Zy lZdbf h[jZahf __
]_gblZevgmxk_dkmZevghklvhlij_`gbobgnZglbevguoaZij_lh\M h[hboiheh\kebygb_
g_`guo b wjhlbq_kdbo we_f_glh\ h[t_dlguo hlghr_gbc ijb^Z_l [hevrmx ]em[bgm b
keh`ghklvb^_ZebaZpbbih\_joghklbl_eZ
L_eh iZjlg_jZ klZgh\blky ]_h]jZnb_c ebqghklguo kfukeh\ lZd qlh
nZglZabcgu_ jZggb_ ihebfhjngu_ i_j\_jkgu_ hlghr_gby d jh^bl_evkdbf h[t_dlZf
k]msZxlky \ \hkobs_gb_ hl^_evgufb qZklyfb l_eZ iZjlg_jZ b `_eZgb_ Z]j_kkb\gh]h
\lhj`_gby \ gbo Wjhlbq_kdh_ `_eZgb_ hkgh\Zgh gZ m^h\hevkl\bb [_kkhagZl_evgh]h
ijhb]ju\Zgbyihebfhjnguoi_j\_jkguonZglZabcb ^_ckl\bc\dexqZykbf\hebq_kdmx
Zdlb\Zpbx kZfuo jZggbo h[t_dlguo hlghr_gbc feZ^_gpZ k fZl_jvx b fZe_gvdh]h
j_[_gdZ k h[hbfb jh^bl_eyfb <k_ wlh gZoh^bl k\h_ \ujZ`_gb_ \ i_j\_jkguo
dhfihg_glZo k_dkmZevguo hlghr_gbc b b]j ² n_eeypbb dmggbebg]_ b ZgZevghf
ijhgbdgh\_gbb Z lZd`_ \ wdk]b[bpbhgbaf_ \mZc_jbaf_ b kZ^bklbq_kdbo k_dkmZevguo
b]jZo A^_kv k\yav f_`^m jZggbfb hlghr_gbyfb ^_l_c h[hbo iheh\ k fZl_jvx b
qm\kl\hf m^h\hevkl\by hl \aZbfhijhgbdgh\_gby ih\_joghkl_c l_eZ \uimdehkl_c b
ihehkl_c ² gZb[he__hq_\b^gZNbabq_kdb_moZ`b\ZgbyfZl_jbZdlb\babjmxl\ j_[_gd_
wjhlbq_kdh_ agZgb_ h ih\_joghklb _]h kh[kl\_ggh]h l_eZ b iml_f ijh_dpbb ²
wjhlbq_kdmxhk\_^hfe_gghklvh ih\_joghklbl_eZfZl_jbEx[h\vihemqZ_fZy\ nhjf_
wjhlbq_kdhc klbfmeypbb ih\_joghklb l_eZ klbfmebjm_l \hagbdgh\_gb_ wjhlbq_kdh]h
`_eZgbydZd^\b]Zl_ey^eyijhy\e_gbcex[\bb [eZ]h^Zjghklb
@_gsbgZ bkiulu\Z_l wjhlbq_kdh_ \ha[m`^_gb_ hl bglbfguo qZkl_c l_eZ
ex[bfh]h fm`qbgu b qlh ijbf_qZl_evgh dh]^Z ex[h\v ijhoh^bl __ bgl_j_k b
b^_ZebaZpby l_eZ iZjlg_jZ lZd`_ ij_djZsZxlky Khhl\_lkl\_ggh gZjpbkkbq_kdb_
fm`qbgu m dhlhjuo gZ[ex^Z_lky [ukljuc kiZ^ bgl_j_kZ d jZg__ b^_Zebabjh\Zgguf
qZklyf `_gkdh]h l_eZ kihkh[gu ih^^_j`b\Zlv wlhl bgl_j_k _keb ² \ j_amevlZl_
ikbohZgZeblbq_kdh]h e_q_gby ² m gbo [m^_l kdhjj_dlbjh\Zgh [_kkhagZl_evgh_
gZjmr_gb_ bgl_jgZebah\Zgguo h[t_dlguo hlghr_gbc h[uqgh k\yaZgguo k kbevghc
aZ\bklvxd `_gsbgZfY iheZ]Zxqlhm h[hboiheh\g_kfhljygZjZagbpmbklhjbcbo
k_dkmZevgh]hjZa\blbyb^_ZebaZpbyih\_joghklbl_eZy\eyxs_ckydexq_\ufZki_dlhf
\hagbdgh\_gby wjhlbq_kdh]h `_eZgby y\ey_lky nmgdpb_c ijbfblb\guo
bgl_jgZebah\Zgguo h[t_dlguo hlghr_gbc B ebqguc hiul ex[h\guo hlghr_gbc
q_eh\_dZkbf\hebq_kdb\ibku\Z_lky\ jZaebqgu_Zki_dluZgZlhfbbiZjlg_jZ
G_^hklZlhqgZy Zdlb\Zpby beb m]ZkZgb_ wjhlbafZ ih\_joghklb l_eZ ijb
bgl_gkb\ghc Z]j_kkbb b ² iZjZee_evgh ² g_^hklZlhd ijbylghc klbfmeypbb
ih\_joghklb l_eZ \ebyxl gZ jZa\blb_ ijhp_kkh\ jZgg_c b^_ZebaZpbb dZd qZklb
wjhlbq_kdhcklbfmeypbbb hij_^_eyxli_j\bqgu_k_dkmZevgu_aZij_luLZdb_aZij_lu
fh`gh ijhbeexkljbjh\Zlv gZ ijbf_j_ iZpb_gldb m dhlhjhc kbevgZy ljZgkn_j_glgZy
ex[h\v [ueZ k\yaZgZ k `_eZgb_f [ulv m[blhc fghc <lhjbqgh_ \ul_kg_gb_
k_dkmZevgh]h \ha[m`^_gby k\yaZggh]h k iha^gbf [he__ aj_euf nmgdpbhgbjh\Zgb_f
Kmi_jW]hb iha^gbfbw^bih\ufbaZij_lZfb]hjZa^hf_g__kbevghb ijh]ghae_q_gby\
wlhfkemqZ_]hjZa^hemqr_
@_eZgb_ ^jZagblv qlh[u l_[y ih^^jZagb\Zeb y\ey_lky _s_ h^gbf dexq_\uf
fhf_glhf wjhlbq_kdh]h `_eZgby Wlh `_eZgb_ g_ fh`_l [ulv iheghklvx hl^_e_gh hl
\ha[m`^_gbyk\yaZggh]hkhklj_fe_gb_fi_j_rZ]gmlv[Zjv_jhl^_eyxsbc^ha\he_ggh_
hl aZij_lgh]h dhlhjh_ i_j_`b\Z_lky dZd ]j_oh\gh_ b ZfhjZevgh_ K_dkmZevguc h[t_dl
² DX IRXQG [_kkhagZl_evgh \k_]^Z aZij_lguc w^bih\ h[t_dl Z k_dkmZevguc Zdl ²
kbf\hebq_kdh_ ih\lhj_gb_ b ij_h^he_gb_ i_j\bqghc kp_gu dhblmkZ jh^bl_e_c Gh
a^_kv y hkh[h ohqm ih^q_jdgmlv qlh m[_]Zgb_ kZfh]h h[t_dlZ ² wlh ^jZag_gb_
kh_^bgyxs__\ k_[_h[_sZgb_b ba[_]Zgb_h[hevs_gb_b njmkljZpbxH[gZ`_ggh_l_eh
fh`_lkem`blvk_dkmZevgufklbfmehfghqZklbqghijbdjulh_l_eh\ha[m`^Z_lgZfgh]h
[hevr_Wlhh[tykgy_llhihq_fmaZdexqbl_evgZyqZklvkljbilbarhm ²ihegZygZ]hlZ
² [ukljhaZ\_jrZ_lkymoh^hfkhkp_gu
K_dkmZevgh_ ^jZag_gb_ h[uqgh ohly b g_h[yaZl_evgh k\yaZgh k
wdk]b[bpbhgbafhfb ^_fhgkljbjm_ll_kgmxk\yavf_`^mwdk]b[bpbhgbafhfb kZ^bafhf
`_eZgb_ \ha[m`^Zlv b njmkljbjh\Zlv agZqbfh]h ^jm]h]h <mZc_jbaf ² gZb[he__
ijhklhc hl\_l gZ wdk]b[bpbhgbklkdh_ ^jZag_gb_ hg ijhy\ey_lky \ kZ^bklkdhf
ijhgbdgh\_gbb\ h[t_dldhlhjucg_^Z_lk_[yDZdb ^jm]b_i_j\_jkbbwdk]b[bpbhgbaf
² lbibqgh_ k_dkmZevgh_ hldehg_gb_ m fm`qbg h^gZdh wdk]b[bpbhgbklkdh_ ih\_^_gb_
]hjZa^h qZs_ \ie_lZ_lky \ klbev ih\_^_gby `_gsbg < ikbohZgZeblbq_kdmx
bgl_jij_lZpbx`_gkdh]hwdk]b[bpbhgbafZdZdaZsbluiml_fnhjfbjh\Zgbyj_ZdpbbgZ
aZ\bklv d i_gbkm ^he`gu [ulv \g_k_gu ihijZ\db qlh[u \dexqblv g_^Z\gh ihgyluc
rZ]dhlhjucij_^ijbgbfZ_lfZe_gvdZy^_\hqdZkf_sZyk\hc\u[hjh[t_dlZk fZl_jbgZ
hlpZ Wdk]b[bpbhgbaf fh`_l [ulv kihkh[hf k_dkmZevgh]h ml\_j`^_gby gZ jZkklhygbb
Ex[h\v hlpZ _]h \hkijbylb_ fZe_gvdhc ^hq_jb b ijbgylb_ __ \Z]bgZevghc
]_gblZevghklb ih^\_j`^Z_l __ n_fbgbgbggmx b^_glbqghklv b kZfhijbylb_ Jhkk
Ijhy\e_gb_`_gkdhck_dkmZevghklb ² b wdk]b[bpbhgbklkdh_b hl\_j]Zxs__lh
_klv ^jZagys__ ² y\ey_lky fhsguf klbfmehf \uau\Zxsbf wjhlbq_kdh_ `_eZgb_ m
fm`qbg >jZag_gb_ fm`qbgu ijh\hpbjm_l m g_]h Z]j_kkbx fhlb\ ^ey Z]j_kkb\gh]h
\lhj`_gby\ `_gkdh_l_ehwlhbklhqgbdZki_dlZ\mZc_jbafZ\ k_dkmZevguohlghr_gbyo
aZdexqZxsbc \ k_[_ `_eZgb_ ^hfbgbjh\Zlv jZah[eZqZlv [hjhlvky ij_h^he_\Zlv
[Zjv_jubklbggh]hb eh`gh]hklu^Z\ ex[bfhc`_gsbg_Ij_h^he_gb_klu^Z ² g_lh
`_kZfh_qlhmgb`_gb_`_eZgb_mgbablvh[uqgh\dexqZ_llj_lvxklhjhgmk\b^_l_ey
mgb`_gby b ih^jZamf_\Z_l [hevrmx kl_i_gv Z]j_kkbb kihkh[ghc klZlv ijbqbghc
jZaju\Zhlghr_gbck ^Zggufk_dkmZevgufh[t_dlhf
<mZc_jbklbq_kdh_ ih[m`^_gb_ ih^kfZljb\Zlv aZ iZjhc \h \j_fy k_dkmZevgh]h
ZdlZ ² kbf\hebq_kdh_\ujZ`_gb_`_eZgbygZkbevkl\_gghij_j\Zlvi_j\bqgmxkp_gm ²
y\ey_lky dhgp_gljZpb_c `_eZgby ijhgbdgmlv aZ aZ\_km ]em[hdh ebqgh]h b lZcgh]h
w^bih\hciZjub hlhfklblv^jZagys_cfZl_jb<mZc_jbaf ² hq_gv\Z`gucdhfihg_gl
k_dkmZevgh]h \ha[m`^_gby \ lhf kfuke_ qlh ex[Zy k_dkmZevgZy bglbfghklv \dexqZ_l
we_f_glebqgh]hb lZcgh]hbdZdlZdh\Zyy\ey_lkyb^_glbnbdZpb_ck w^bih\hciZjhcb
ihl_gpbZevguf ljbmfnhf gZ^ g_c Fgh]b_ iZju kihkh[gu ihemqZlv m^h\hevkl\b_ hl
k_dkZ lhevdh \ m_^bg_gghf f_kl_ \^Zeb hl kh[kl\_ggh]h ^hfZ b hl ^_l_c qlh
^_fhgkljbjm_laZij_lwlh]hZki_dlZk_dkmZevghc[ebahklb
Wlh ih^\h^bl gZk d _s_ h^ghc klhjhg_ wjhlbq_kdh]h `_eZgby ² d dhe_[Zgbx
f_`^m klj_fe_gb_f d lZcg_ bglbfghklb b g_ih\lhjbfhklb \ hlghr_gbyo k h^ghc
klhjhgu b `_eZgb_f hldZaZlvky hl k_dkmZevghc [ebahklb b \g_aZigh h[hj\Zlv dhglZdl
² k ^jm]hcbaebqghc[_k_^uk :g^jw=jbghfKms_kl\m_lkeh`b\r__kyfg_gb_h lhf
qlh bf_ggh `_gsbgZ ohq_l khojZgblv [ebahklv b _^bgkl\_gghklv hlghr_gbc Z
fm`qbgZ `_eZ_l ihkdhj__ \uj\Zlvky ihke_ k_dkmZevgh]h m^h\e_l\hj_gby Debgbq_kdb_
^Zggu_k\b^_l_evkl\mxlh ijhlb\hiheh`ghfm fgh]bofm`qbgklj_fe_gb_d [ebahklb
jZa[b\Z_lkyh [Zjv_jhsms_gbyqlhwfhpbhgZevgh`_gZp_ebdhfijbgZ^e_`blj_[_gdm
Z fgh]b_`_gsbgu`ZemxlkygZg_kihkh[ghklvfm`Zih^^_j`b\Zlv\ gbok_dkmZevguc
bgl_j_k
Ohlyg_ij_ju\ghklv\ k_dkmZevguohlghr_gbyom fm`qbgb `_gsbggZjmrZ_lky
\ jZaghcnhjf_\k_`_kZfnZdlbokms_kl\h\Zgbyb i_jbh^bq_kdb_hoeZ`^_gby^Z`_\
klZ[bevguo b [eZ]hihemqguo khxaZo y\eyxlky \Z`guf ^hiheg_gb_f d Zki_dlZf
m_^bg_gghklbbglbfghklbb klj_fe_gbxd kebygbxwjhlbq_kdh]h`_eZgbyb ih\_^_gby
Ijb hlkmlkl\bb lZdbo jZaju\h\ k_dkmZevgu_ hlghr_gby klZgh\ylky qZklvx
h[u^_gghklbZ wlhfh`_lijb\_klbd gZdhie_gbxZ]j_kkbb\ i_j_`b\Zgbbkebygbyqlh
y\ey_lky m]jhahc hlghr_gbyf \ p_ehf Yihgkdbc nbevf Bfi_jby qm\kl\ j_`bkk_jZ
GZ]bkZ HkbfZ kem`bl ohjhr_c beexkljZpb_c ihkl_i_ggh]h gZjZklZgby
g_h[ma^Zgghc Z]j_kkbb \h \aZbfhhlghr_gbyo ^\mo ex[h\gbdh\ qvb k_dkmZevgu_
kljZklbih]ehlbeb\k_b jZahj\ZebbodhglZdlk \g_rgbffbjhf
Wjhlbq_kdh_ `_eZgb_ b aj_eZy k_dkmZevgZy ex[h\v \[bjZxl \ k_[y b
ij_^klZ\eyxl kh[hc \k_ Zki_dlu h[uqghc Zf[b\Ze_glghklb \ bglbfguo h[t_dlguo
hlghr_gbyo Bgl_gkb\ghklv qm\kl\ ex[ysbo g_`ghklv ihebfhjngu_ i_j\_jkbb
hkh[_ggh kZ^hfZahobklkdb_ ² \k_ wlb Zki_dlu k_dkmZevguo hlghr_gbc y\eyxlky
hljZ`_gb_f ^Zgghc Zf[b\Ze_glghklb b khklZ\eyxl hkgh\ghc kl_j`_gv ex[h\guo
hlghr_gbcGh\ gZb[he__ki_pbnbq_kdhf\b^_wlZZf[b\Ze_glghklvijhy\ey_lky\ lhf
qlh y gZau\Zx ijhkluf b i_j_\_jgmluf lj_m]hevgbdhf k_dkmZevguo hlghr_gbc kf
]eZ\m ² \ [_kkhagZl_evguob khagZl_evguonZglZabyokhijh\h`^Zxsbowjhlbq_kdh_
`_eZgb_ b dhblmk @_eZgb_ [ulv mgbdZevguf ij_^ihqblZ_fuf h^_j`Z\rbf ih[_^m
_^bgkl\_gguf b bkdexqbl_evguf h[t_dlhf ex[\b k_dkmZevgh]h iZjlg_jZ qlh
ZdlmZebabjm_l ih[_^m gZ^ w^bih\uf khi_jgbdhf \ dZ`^hf k_dkmZevghf Zdl_ y\ey_lky
khklZ\eyxs_c qZklvx ^jm]h]h `_eZgby ² [ulv h^gh\j_f_ggh k ^\mfy iZjlg_jZfb
ijhlb\hiheh`gh]h iheZ ² dZd f_klv njmkljbjmxs_fm ^jZagys_fm hldZau\Zxs_fm
w^bih\m jh^bl_ex < wlhc w^bih\hc ^bgZfbd_ ijbfblb\gu_ ij_^\_klgbdb ]em[hdhc
Zf[b\Ze_glghklbihhlghr_gbxd fZl_jbb webfbgZpbbhlpZijb\ghkylm]jhamkebygby
\ Z]j_kkbbk jZajmr_gb_fh[t_dlZex[\bim]Zxsmxh[jZlgmxklhjhgmb^beebq_kdh]h
fbjZwdklZlbq_kdh]hkebygbyk b^_Zebabjh\Zgghcijbfblb\ghcfZl_jvx:=jbg <ur_y kkueZekygZ]_g_lbq_kdb_dhjgbwlbodhfihg_glh\wjhlbq_kdh]h`_eZgby
;jZmgr\_c] b N_cg \ukdZau\Zxl \hkoblbl_evgmx fukev h oZjZdl_jguo
q_jlZo wjhlbq_kdh]h `_eZgby \ l_jfbgZo jZa\blby hlghr_gby feZ^_gpZ b j_[_gdZ d
fZl_jb Fg_ ohl_ehkv [u dhjhldh baeh`blv kmlv bo b^_c JZggb_ hlghr_gby j_[_gdZ
ex[h]h iheZ k fZl_jvx hij_^_eyxl _]h ihke_^mxsmx kihkh[ghklv d k_dkmZevghfm
\ha[m`^_gbxb wjhlbq_kdhfm`_eZgbxIhfhsvfZl_jbb __\ujZ`_gb_m^h\hevkl\byhl
nbabq_kdhc klbfmeypbb l_eZ feZ^_gpZ fm`kdh]h iheZ gZjy^m k wfhpbhgZevguf
\ujZ`_gb_f__ ex[\bd g_fm[eZ]hijbylkl\m_l\hagbdgh\_gbxwjhlbq_kdh]h`_eZgbym
j_[_gdZ J_[_ghd b^_glbnbpbjm_lky k fZl_jvx \ wlhc klbfmeypbb Z lZd`_ dh]^Z hg
qm\kl\m_l k_[y ihdbgmluf _keb fZlv hklZ\ey_l _]h b \ha\jZsZ_lky d hlpm dZd
k_dkmZevghfmiZjlg_jm>_lbhkhagZxl qlhhlghr_gb_ fZl_jb f_gy_lky \ aZ\bkbfhklb
hllh]hijbkmlkl\m_lhl_pbebhlkmlkl\m_lbaebqghc[_k_^uk IhebghcD_jg[_j]
;jZmgr\_c] b N_cg ijbibku\Zxl djblbq_kdmx jhev ikboheh]bq_kdhfm moh^m
fZl_jb hl feZ^_gpZ Bf_ggh \ wlhl fhf_gl feZ^_g_p h^gh\j_f_ggh b^_glbnbpbjm_l
k_[y k njmkljbjmxs_c b \k_ _s_ klbfmebjmxs_c fZl_jvx k __ wjhlbq_kdhc
klbfmeypb_c b k_dkmZevghc iZjhc lh _klv hlphf dZd h[t_dlhf fZl_jb LZdZy
b^_glbnbdZpby feZ^_gpZ k h[hbfb jh^bl_eyfb kha^Z_l hkgh\m ikbobq_kdhc
[bk_dkmZevghklb b aZdj_iey_l kblmZpbx lj_m]hevgbdZ \ [_kkhagZl_evguo nZglZabyo
j_[_gdZ
HkhagZgb_ feZ^_gp_ffZevqbdhf wlhc njmkljZpbb b kdjulhc p_gamju \
hlghr_gbb _]h wjhlbq_kdh]h `_eZgby d fZl_jb kf_sZ_l wjhlbq_kdmx klbfmeypbx gZ
fZklmj[Zpbhggu_ nZglZabb b ^_ckl\by \dexqZy `_eZgb_ aZf_gblv hlpZ Z \
ijbfblb\ghc kbf\hebq_kdhc nZglZabb ² klZlv i_gbkhf hlpZ b h[t_dlhf `_eZgby
fZl_jb
M fZe_gvdhc ^_\hqdb lhgdh_ [_kkhagZl_evgh_ g_ijbylb_ fZl_jvx k_dkmZevgh]h
\ha[m`^_gby dhlhjh_ hgZ k\h[h^gh bkiulu\ZeZ [u ih hlghr_gbx d fZevqbdm
ih^Z\ey_lg_ihkj_^kl\_ggh_agZgb_h __i_j\hgZqZevghc\Z]bgZevghc]_gblZevghklbB
ihwlhfmhgZihkl_i_gghgZqbgZ_l\k_f_gvr_hkhagZ\Zlvk\hbkh[kl\_ggu_]_gblZevgu_
bfimevku \ lh `_ \j_fy ij_ju\ghklv \ hlghr_gbyo k fZl_jvx g_ klhev
g_ihkj_^kl\_gghnjmkljbjm_l__B^_glbnbdZpbyk wjhlbafhffZl_jbijbgbfZ_l[he__
lhgdb_ nhjfu ihkdhevdm fZlv l_jibf__ hlghkblky d b^_glbnbdZpbb ^_\hqdb k g_c \
^jm]bo h[eZklyo b ^Z`_ ihhsjy_l wlh M ^_\hqdb _klv g_ \ujZ`_ggh_ keh\Zfb
ihgbfZgb_g_e_]Zevghcijbjh^u__]_gblZevghklbb m]em[eyxsZykyb^_glbnbdZpbyk
fZl_jvx lZd`_ mkbeb\Z_l __ kljZklgh_ klj_fe_gb_ d hlpm b b^_glbnbdZpbx k h[hbfb
qe_gZfbw^bih\hciZju
Kf_gZh[t_dlZfZe_gvdhc^_\hqdbk fZl_jbgZhlpZhij_^_ey_l__ kihkh[ghklvd
jZa\blbx ]em[hdbo h[t_dlguo hlghr_gbc k ex[bfuf b \uau\Zxsbf \hkobs_gb_ gh
\k__s_hl^Ze_ggufhlphfHgZlZcghgZ^__lkygZdhg_p[ulvijbgylhcbfb klZlvkgh\Z
k\h[h^ghc \ \ujZ`_gbb k\h_c ]_gblZevghc k_dkmZevghklb LZdh_ jZa\blb_
[eZ]hijbylkl\m_l kihkh[ghklb ^_\hqdb wfhpbhgZevgh \\_jylv k_[y h[t_dlguf
hlghr_gbyf LZdbf h[jZahf kihkh[ghklv `_gsbgu d ih^h[ghfm \jmq_gbx \ __
k_dkmZevghc`bagbk kZfh]hgZqZeZ[hevr_q_fm fm`qbg
H[tykg_gb_f wlhfm kem`bl jZa\blb_ \ jZgg_f ^_lkl\_ ^h\_jby ih\hjhl hl
fZl_jbd hlpm_]hex[h\vd ^hq_jbb ih^l\_j`^_gb___`_gkl\_gghklbk jZkklhygby__
kihkh[ghklv ijb g_h[oh^bfhklb i_j_dexqZlv k\hb ihlj_[ghklb gZ h[t_dl nbabq_kdb
f_g__^hklmigucq_ffZlvZ lZd`_ ² \ lhc`_kf_g_h[t_dlZ²__ moh^hl^hw^bih\uo
dhgnebdlh\ b Zf[b\Ze_glghklv ih hlghr_gbx d fZl_jb Fm`qbgu m dhlhjuo
g_ij_ju\ghklv hlghr_gbc hl fZl_jb d [he__ iha^gbf `_gkdbf h[t_dlZf hagZqZ_l
ihl_gpbZevgh_ khojZg_gb_ dZd ^hw^bih\Z lZd b w^bih\Z dhgnebdlZ k fZl_jvx [m^ml
bf_lv [hevr_ keh`ghkl_c k Zf[b\Ze_lghklvx ih hlghr_gbx d `_gsbgZf M gbo
f_^e_gg__ q_f m `_gsbg jZa\b\Z_lky kihkh[ghklv bgl_]jbjh\Zlv k\hb ]_gblZevgu_
ihlj_[ghklb b ihlj_[ghklb \ g_`ghklb < ijhlb\hiheh`ghklv wlhfm `_gsbgu bf_xl
l_g^_gpbx d iha^g_fm jZa\blbx kihkh[ghklb d iheguf ]_gblZevguf hlghr_gbyf \
dhgl_dkl_ bo jZgg_c kihkh[ghklb d ]em[hdbf ex[h\guf hlghr_gbyf k fm`qbghc
DjZldhfh`ghkdZaZlvqlhfm`qbgub `_gsbgu\ ijhlb\hiheh`ghfihjy^d_jZa\b\Zxl
k\hb kihkh[ghklb d iheghfm k_dkmZevghfm m^h\hevkl\bx b ]em[hdbf h[t_dlguf
hlghr_gbyf
L_hjby ;jZmgr\_c]Z b N_cgZ gZ fhc \a]ey^ ^Z_l gh\uc ikbohZgZeblbq_kdbc
ih^oh^d gZ[ex^_gbyfgZ^jZgg_c]_gblZevghcfZklmj[Zpb_cm h[hboiheh\=Ze_gkhgb
JmZn b d kh\iZ^Zxsbf debgbq_kdbf gZ[ex^_gbyf \ ikbohZgZeba_ `_gsbg
hlghkbl_evgh wjhlbq_kdbo Zki_dlh\ j_Zdpbb fZl_j_c gZ feZ^_gp_\ Ijbeh`_gb_ bo
l_hjbb^eyihgbfZgbywjhlbq_kdh]h`_eZgbyhq_\b^gh hlghr_gbyf_`^mwjhlbq_kdbf
`_eZgb_f b klj_fe_gb_f d kebygbx dZd \ujZ`_gb_ kbf[bhlbq_kdh]h klj_fe_gby d
fZl_jb ;_j]fZgg ihbkd ^jZagys_]h h[t_dlZ b dZq_kl\h fklbl_evghklb \
Z]j_kkb\guo we_f_glZo k_dkmZevgh]h \ha[m`^_gby ihebfhjngZy i_j\_jkghklv
wjhlbq_kdh]h `_eZgby dZd \ujZ`_gb_ _]h ijhbkoh`^_gby ba jZggbo klZ^bc jZa\blby
jZagh_ jZa\blb_ hlghr_gby fm`qbg b `_gsbg d ]_gblZevguf b g_`guf Zki_dlZf
wjhlbafZk\yavf_`^mk_dkmZebaZpb_c[heb`_eZgb_fkeblvky\ [hebb Z]j_kkb\gufb
Zki_dlZfb wjhlbq_kdh]h `_eZgby ikbobq_kdZy [bk_dkmZevghklv [_kkhagZl_evgu_
dhgnebdlu k bkdexq_gghc lj_lv_c klhjhghc b ij_ju\ghklv \ k_dkmZevguo
hlghr_gbyo
AJ?E:YK?DKM:EVG:YEX;H<V
K_cqZk fu ih^hreb d gZb[he__ keh`ghc klZ^bb f_lZfhjnha ijhbkoh^ysbo \
ijhp_kk_ jZa\blby k_dkmZevgh_ \ha[m`^_gb_ dZd [ZaZevguc Znn_dl wjhlbq_kdh_
`_eZgb_ ih hlghr_gbx d ^jm]hfm q_eh\_dm b dmevfbgZpby ² aj_eZy k_dkmZevgZy
ex[h\vIhwlub nbehkhnudhg_qgh`_emqr_hibkZebg_h[oh^bfu_khklZ\eyxsb_b
klhjhgu aj_ehc ex[\b q_f ex[u_ ikbohZgZeblbq_kdb_ bkke_^h\Zgby B \k_lZdb
`_eZgb_ emqr_ ihgylv h]jZgbq_gby \ ^hklb`_gbb kihkh[ghklb d aj_euf hlghr_gbyf
ex[\b y m\_j_g hijZ\^u\Z_l ihiuldm ^hihegblv kms_kl\mxsb_ bkke_^h\Zgby _s_
h^gbf
< kmsghklb aj_eZy k_dkmZevgZy ex[h\v y\ey_lky keh`ghc wfhpbhgZevghc
j_Zdpb_c\dexqZxs_c\ k_[y k_dkmZevgh_\ha[m`^_gb_i_j_oh^ys__\ wjhlbq_kdh_
`_eZgb_ ih hlghr_gbx d ^jm]hfm q_eh\_dm g_`ghklv ijhbkoh^ysmx ba
h[t_^bg_gby eb[b^bgZevguo b Z]j_kkb\gh gZ]jm`_gguo Y b h[t_dlj_ij_a_glZpbc k
ij_h[eZ^Zgb_fex[\bgZ^Z]j_kkb_cb lhe_jZglghklvxd ghjfZevghcZf[b\Ze_glghklb
oZjZdl_jbamxs_c \k_ q_eh\_q_kdb_ hlghr_gby b^_glbnbdZpbx k ^jm]bf
\dexqZxsmxb j_pbijhdgmxhl\_lgmx]_gblZevgmxb^_glbnbdZpbxb ]em[hdmxwf
iZlbx d iheh\hc b^_glbqghklb iZjlg_jZ aj_emx nhjfm b^_ZebaZpbb k
h[yaZl_evkl\Zfbihhlghr_gbxd iZjlg_jmb dhlghr_gbyf we_f_glkljZklb\h\k_o
lj_oZki_dlZok_dkmZevguohlghr_gbyoh[t_dlguohlghr_gbyob jhebKmi_jW]hiZju
>Zevg_crb_jZafure_gbyh[wjhlbq_kdhf`_eZgbb
< ij_^u^ms_c ]eZ\_ y jZkkfZljb\Ze k_dkmZevgh_ \ha[m`^_gb_ dZd Znn_dl
dhlhjucbagZqZevghk\yaZgkhklbfmeypb_cdh`bb hl\_jklbcl_eZZ aZl_fihkl_i_ggh
dhgp_gljbjm_lky \ ki_pbnbq_kdbo ahgZo b hl\_jklbyo l_eZ Dhgl_dklhf jZkkfhlj_gby
[uebh[t_dlgu_hlghr_gbygZ^hw^bih\hcb w^bih\hcklZ^byojZa\blby
Khijh`^ZxsZy q_eh\_dZ \kx `bagv `Z`^Z nbabq_kdhc [ebahklb klbfmeypbb b
kf_r_gby ih\_joghkl_c l_e k\yaZgZ kh klj_fe_gb_f d kbf[bhlbq_kdhfm kebygbx k
jh^bl_evkdbfh[t_dlhfbl_fkZfufk jZggbfbnhjfZfbb^_glbnbdZpbb
M^h\hevkl\b_ dhlhjh_ ihemqZ_l j_[_ghd hl l_e_kgh]h dhglZdlZ k fZl_jvx \
dhgl_dkl_ bo m^h\e_l\hjyxsbo hlghr_gbc _]h__ ex[\b d fZl_jb khijh\h`^Z_l
jZa\blb_ ijbfblb\guo nZglZabc h[ m^h\e_l\hj_gbb _]h ihebfhjnguo k_dkmZevguo
`_eZgbc J_[_ghd kha^Z_l bgl_jgZebah\Zgguc fbj nZglZabc \ha[m`^Zxsbo b
m^h\e_l\hjyxsbo kbf[bhlbq_kdbo i_j_`b\Zgbc dhlhju_ \ ^Zevg_cr_f [m^ml
khklZ\eylvkl_j`_gveb[b^bgZevguoklj_fe_gbc\ ^bgZfbd_[_kkhagZl_evgh]h
< lh `_ \j_fy Z]j_kkb\guc kZ^hfZahobklkdbc dhfihg_gl k_dkmZevgh]h
\ha[m`^_gbyij_^klZ\eyxsbckh[hcbgdhjihjZpbxZ]j_kkb\gh]hZnn_dlZg_lhevdhdZd
qZklv ihebfhjngh]h bgnZglbevgh]h k_dkmZevgh]h hldebdZ feZ^_gpZ SHU VH kZfh]h ih
k_[_ gh b dZd ^hihegyxsbc dhfihg_gl \ `_eZgbb kebygby \aZbfhijhgbdgh\_gby
y\ey_lky qZklvx wjhlbq_kdh]h hldebdZ \ kZfhf rbjhdhf kfuke_ Y m`_ h[jZsZeky d
ij_^iheh`_gbyfF_evlp_jZb <bevyfkZ h lhfqlhb^_ZebaZpbyih\_joghklbl_eZ
fZl_jb\uihegy_laZsblgmxnmgdpbxihhlghr_gbxd nZglZabcghcijh_dpbbZ]j_kkbb
gZ \gmlj_gghklv fZl_jbgkdh]h l_eZ b g_ihkj_^kl\_ggh \ujZ`Z_l bgl_]jZpbx ex[\b d
b^_Zevghfm h[jZam fZl_jb k kZfuf jZggbf qm\kl\_gguf m^h\e_l\hj_gb_f
Ijbfblb\gZy b^_ZebaZpby ih\_joghklb l_eZ fZl_jb ijb\h^bl d b^_ZebaZpbb j_[_gdhf
k\h_]h kh[kl\_ggh]h l_eZ iml_f jZgg_c bgljh_dpbb b ijbfblb\ghc b^_glbnbdZpbb k
fZl_jvx Ijbfblb\gZy b^_ZebaZpby lbibqgZ ^ey ijhp_kkh\ jZks_ie_gby VSOLWWLQJ
dhlhju_ hl^_eyxl lZdmx b^_ZebaZpbx hl Z[khexlgh iehoh]h hiulZ k h[t_dlhf beb
i_j_`b\Zgbc
ij_ke_^h\Zgby
khojZgyxl
k_dkmZevgmx
gZijZ\e_gghklv
d
b^_Zebabjm_fhfm h[t_dlm b aZsbsZxl k_dkmZevgh_ \ha[m`^_gb_ hl ih^Z\e_gby
Z]j_kkb\gufbbfimevkZfb
Ihkdhevdm ij_\jZlghklb k_dkmZevgh]h \ha[m`^_gby \ dhgl_dkl_ ^hw^bih\uo
hlghr_gbc fZlvfeZ^_g_p ij_^klZ\eyxl bklhdb wjhlbq_kdh]h `_eZgby wlh `_eZgb_
^hklb]Z_l \_jrbg gZ w^bih\hc klZ^bb jZa\blby Nj_c^ ij_^iheZ]Ze qlh
ikboheh]by feZ^_gpZ ijb\h^bl d ^hfbgbjh\Zgbx ]_gblZevguo bfimevkh\
gZijZ\e_gguo gZ jh^bl_ey ijhlb\hiheh`gh]h iheZ b d h^gh\j_f_gghc Zdlb\Zpbb
kbevghcZf[b\Ze_glghklbb qm\kl\Zkhi_jgbq_kl\Zihhlghr_gbxd jh^bl_exh^gh]hk
gbfiheZ;_kkhagZl_evgh_`_eZgb_ hlp_m[bckl\Zbeb fZl_j_m[bckl\Z gZijZ\e_ggh_gZ
jh^bl_ey lh]h `_ iheZ y\ey_lky h[jZlghc klhjhghc bgp_klmhagh]h `_eZgby ih
hlghr_gbx d ^jm]hfm jh^bl_ex b kljZoZ dZkljZpbb khijh\h`^Zxsboky
[_kkhagZl_evgufbnZglZabyfbh[m]jha_b gZdZaZgbbWlZdhgkl_eeypby ² ihablb\guc
w^bih\ dhfie_dk ² iZjZee_evgZ g_]Zlb\ghfm w^bih\m dhfie_dkm lh _klv k_dkmZevghc
ex[\b d jh^bl_ex lh]h `_ iheZ b qm\kl\m dhgdmj_gpbb b Z]j_kkbb gZijZ\e_gguo gZ
^jm]h]h jh^bl_ey Nj_c^ jZkkfZljb\Ze g_]Zlb\guc w^bih\ dhfie_dk dZd aZsblm hl
dZkljZpbhgghclj_\h]bZdlb\babjh\Zgghcihablb\gufw^bih\ufdhfie_dkhf>jm]bfb
keh\ZfbaZsblgh_]hfhk_dkmZevgh_ih^qbg_gb_ ² \Z`gucghg__^bgkl\_ggucfhlb\
g_]Zlb\gh]hw^bih\Zdhfie_dkZdhjgbdhlhjh]he_`Zl\ ^hw^bih\hc[bk_dkmZevghklb
WlZ l_hjby h[tykgyy kbevgmx ijb\yaZgghklv iZpb_glZ d ZgZeblbdm dZd d
b^_Zevghfm g_^hklmighfm aZij_lghfm h[t_dlm ijheb\Z_l k\_l gZ ijbjh^m
ljZgkn_j_glghc ex[\b Gh Nj_c^ ZVk Z ihjZ`_gguc bgl_gkb\ghklvx b
g_bklh\hklvx i_j_ghkZ b _]h g_khfg_gghc k\yavx k qm\kl\hf \ex[e_gghklb lZd`_
ijbr_e d \u\h^m qlh [_kkhagZl_evguc ihbkd w^bih\Z h[t_dlZ y\ey_lky qZklvx \k_o
ghjfZevguohlghr_gbcex[\bb wlhhij_^_ey_l`_eZgb_b^_Zebabjh\Zlvh[t_dlex[\b
H^gZdh dZd mdZau\Ze ;_j]fZg Nj_c^ g_ kha^Ze l_hjbb dhlhjZy q_ldh
^bnn_j_gpbjh\ZeZ [u ljZgkn_j_glgmx ex[h\v hl wjhlbq_kdhc b ghjfZevghc ex[\b
GZk \ ^Zgghf kemqZ_ bgl_j_km_l p_gljZevgh_ agZq_gb_ w^bih\uo klj_fe_gbc \
[_kkhagZl_evghfkh^_j`Zgbbwjhlbq_kdh]h`_eZgby
Wjhlbq_kdh_`_eZgb_b g_`ghklv
G_`ghklv hljZ`Z_l bgl_]jZpbx eb[b^bgZevguo b Z]j_kkb\guo we_f_glh\ Y b
h[t_dlj_ij_a_glZpbc b i_j_ghkbfhklv Zf[b\Ze_glghklb ;Zebgl i_j\uf
ih^q_jdgme \Z`ghklv g_`ghklb dhlhjZy dZd hg ij_^iheZ]Ze aZdeZ^u\Z_lky gZ
^h]_gblZevghc klZ^bb Ihlj_[ghklv \ ihklhygghf g_kdhgqZ_fhf \gbfZgbb b
ijbagZl_evghklv \ugm`^Zxl gZk d j_]j_kkbb beb ^Z`_ d ihklhygghfm ij_[u\Zgbx \
ZjoZbqghc bgnZglbevghc nhjf_ g_`ghc ex[\b K lhqdb aj_gby bgl_jgZebaZpbb
hlghr_gbc kh agZqbfufb ^jm]bfb ij_^klZ\eyxs_c keh`guc fbj bgl_jgZebah\Zgguo
h[t_dlguohlghr_gbcb \dhgp_dhgph\hij_^_eyxs_ckljmdlmjmW]hKmi_jW]hb B^
^\Zhkgh\guoihlhdZ\ebyxlgZkihkh[ghklvjZa\blbyaj_ehck_dkmZevghcex[\bH^bg
² j_]j_kkb\gZyly]Zd kebygbxk h[t_dlhfex[\bihbkdihdjZcg_cf_j_fbfhe_lgh]h
\hkklZgh\e_gby`_eZ_fh]hkbf[bhlbq_kdh]h_^bgkl\Zb^_Zevguohlghr_gbck fZl_jvx
>jm]hc ² ijh]j_kkb\gZy l_g^_gpby d dhgkheb^Zpbb jZaebqbc kgZqZeZ f_`^m Y b
h[t_dlj_ij_a_glZpbyfb Z iha`_ ² d bgl_]jZpbb Z[khexlgh ohjhr_c b Z[khexlgh
iehohc j_ij_a_glZpbc Y \ _^bgmx Ydhgp_ipbx b khhl\_lkl\mxsmx bgl_]jZpbx
Z[khexlgh iehobo j_ij_a_glZpbc agZqbfuo ^jm]bo k Z[khexlgh ohjhrbfb \
bgl_]jbjh\Zggu_ dhgp_ipbb qlh \dexqZ_l q_ldmx ^bnn_j_gpbZpbx bo k_dkmZevguo
jhe_c
Ihbkd kbf[bhlbq_kdh]h kebygby dZd y mihfbgZe jZg__ m`_ ih^jZamf_\Z_l
ikboh^bgZfbq_kdb_ ijhp_kku wjhlbq_kdh]h `_eZgby Kihkh[ghklv mklZgZ\eb\Zlv
bglbfgu_ hlghr_gby k ^bnn_j_gpbjh\Zgguf bgl_]jbjh\Zgguf beb p_ehklguf
h[t_dlhf y\ey_lky ^hihegbl_evguf Zki_dlhf kihkh[ghklb d jZa\blbx aj_euo
hlghr_gbc ex[\b WlZ bgl_]jZpby qZklbqguo bgl_jgZebah\Zgguo h[t_dlguo
hlghr_gbc \ p_ehklgu_ \udjbklZeebah\u\Z_lky d dhgpm klZ^bb k_iZjZpbb
b^b\b^mZpbb b hagZqZ_l gZqZeh dhgklZglghklb h[t_dlh\ aZjh`^_gb_ w^bih\hc nZau
Wlh jm[_` hdhgqZgby ^hw^bih\uo nZa jZa\blby b ijb\g_k_gb_ lh]h qlh <bggbdhll
hibku\Ze dZd g_h[oh^bfh_ mkeh\b_ jZa\blby kihkh[ghklb d aZ[hl_
Ih^h[gh_ jZa\blb_ \dexqZ_l kebygb_ Z]j_kkbb k ex[h\vx \ jZggbo h[t_dlguo
hlghr_gbyo lZd kdZaZlv ih\lhjyy bgl_]jZpbx eb[b^bgZevguo b Z]j_kkb\guo
klj_fe_gbc ijhbkoh^ysbo \ fhf_gl ibdZ k_dkmZevgh]h \ha[m`^_gby b wjhlbq_kdh]h
`_eZgbyQm\kl\hg_`ghklb ² wlh\ujZ`_gb_kihkh[ghklbaZ[hlblvkyh[h[t_dl_ex[\b
G_`ghklv \ujZ`Z_l ex[h\v d ^jm]hfm b y\ey_lky km[ebfZpbhgguf j_amevlZlhf
nhjfbjh\Zgbyj_ZdpbbdZdaZsbluhlZ]j_kkbb
Ijbjh^Z ^hw^bih\uo \ebygbc gZ kihkh[ghklv d k_dkmZevghc ex[\b y\eyeZkv
ij_^f_lhf\Z`guoikbohZgZeblbq_kdbobkke_^h\Zgbc;_j]fZgg \ke_^aZko_fhc
jZa\blbyFZe_j HWDO ij_^iheh`beqlhkihkh[ghklvd ex[\bij_iheZ]Z_l
ghjfZevgh_ jZa\blb_ kbf[bhlbq_kdh]h hiulZ b klZ^bb k_iZjZpbbbg^b\b^mZpbb Hg
hlf_qZ_l _kl_kl\_gguc g_ij_ju\guc i_j_oh^ hl jZgg_]h gZjpbkkbq_kdh]h
nmgdpbhgbjh\Zgby ² mklZgh\e_gby b^_Zevguo hlghr_gbc k h[t_dlhf ex[\b ² d
iha^g_fmgZjpbkkbq_kdhfmm^h\e_l\hj_gbx\ ijbfblb\guow^bih\uohlghr_gbyoDZd
mdZau\Z_l ;_j]fZgg \ hlghr_gbyo ex[\b ijbkmlkl\mxl ihbkd ml_jyggh]h
w^bih\Zh[t_dlZb `_eZgb_bkijZ\blvw^bih\mljZ\fm\ hlghr_gbyok gh\uoh[t_dlhfZ
lZd`_klj_fe_gb_d kebygbxe_`Zs__aZwlbfw^bih\uf`_eZgb_fdhlhjh_ih\lhjy_l
klj_fe_gb_ d kbf[bhlbq_kdhfm kebygbx ;Zd ih^q_jdb\Zy k\yav f_`^m
ij_[u\Zgb_f \ khklhygbb ex[\b b kdhj[vx jZkkfZljb\Ze khklhygb_ ex[\b dZd
wfhpbhgZevgh_ khklhygb_ hkgh\Zggh_gZ hl^_e_gbb fZl_jb hl j_[_gdZ b gZijZ\e_ggh_
gZ \hkkh_^bg_gb_ Z lZd`_ gZ \hkkh_^bg_gb_ ihke_ [he__ iha^gbo jZkklZ\Zgbc b
\hkiheg_gb_mljZlagZqbfuoh[t_dlh\
<bk^hf bkke_^my g_dhlhju_ dexq_\u_ hldjulby b ^be_ffu
ikbohgZeblbq_kdh]hih^oh^Zd ihgbfZgbxex[\bb k_dkZ\ukdZaZeij_^iheh`_gb_qlh
l_hjby F_eZgb Deycg h ^_ij_kkb\ghc ihabpbb h[tykgy_l hkgh\hiheh]Zxsb_
dhfihg_glu ² ohly b g_ \k_ ² \ajhkehc ex[\b Hg ij_^iheh`be qlh b^_ZebaZpby \
ex[\b \hagbdZ_l ba g_cljZebaZpbb iehobo Zki_dlh\ h[t_dlZ iml_f bkijZ\e_gby Z g_
q_j_a khojZg_gb_ b^_Zebabjh\Zggh]h h[t_dlZ iheghklvx ohjhrbf b hl^_e_gb_ _]h hl
iehoh]h < wlhc k\yab <bk^hf hibku\Ze jZaebqb_ f_`^m b^_ZebaZpb_c iZjZghb^h
rbahb^ghcihabpbbb ^_ij_kkb\ghcihabpbb y iheZ]Zxwlhh[tykgy_lkyjZaebqb_f
f_`^m b^_ZebaZpb_c h[t_dlZ ex[\b m iZpb_glh\ k ih]jZgbqghc ebqghklghc
hj]ZgbaZpb_cb g_\jhlbdh\Hgi_j_qbkebeZki_dlu\ex[e_gghklbdhlhju_k\yaZguk
jZa\blb_fkihkh[ghklbi_qZeblvkyb aZ[hlblvkyIhij_^iheh`_gbx>`hkk_ebg
jh^bl_eb ebrZxsb_ k\hbo ^_l_c \hafh`ghklb i_j_`b\Zlv i_qZev baaZ mljZlu
h[t_dlh\ex[\b\ghkylk\hc\deZ^\ Zljhnbxbokihkh[ghklbex[blv
Fwc ih^q_jdb\Ze \Z`ghklv aZ[hlu dZd g_h[oh^bfh]h mkeh\by jZa\blby
aj_ehc ex[\b AZ[hlZ ]h\hjbe hg _klv khklhygb_ dhfihg_glZfb dhlhjh]h y\eyxlky
ijbagZgb_ ^jm]h]h lZdbf `_ q_eh\_q_kdbf kms_kl\hf dZd lu kZf b^_glbnbdZpby
k\h_]hY k[hevxbebjZ^hklvx^jm]h]hqm\kl\Z\bgu`Zehklbb hkhagZgb_lh]hqlh\k_
fu aZ\bkbf hl kh[ex^_gby h[s_q_eh\_q_kdbo ijbgpbih\ Hg iheZ]Z_l qlh aZ[hlZ
mqZklb_ FRQFHUQ b khkljZ^Zgb_ FRPSDVVLRQ fh]ml [ulv ^jm]bfb l_jfbgZfb ^ey
hibkZgby l_o `_ oZjZdl_jbklbd B ^_ckl\bl_evgh _]h hibkZgb_ aZ[hlukZ]_ h^gh ba
agZq_gbc ² moZ`b\ZlvaZd_flhhq_gv[ebadhd lhfmqlh<bggbdhll hibku\Ze
dZd aZ[hlmFRQFHP h^ghbaagZq_gbc ²[_kihdhckl\hb mqZklb_
B^_glbnbdZpbyk ^jm]bf
;Zebgl iheZ]Ze qlh ihfbfh ]_gblZevgh]h m^h\e_l\hj_gby bklbggu_
hlghr_gby ex[\b \dexqZxl b^_ZebaZpbx g_`ghklv b hkh[mx nhjfm b^_glbnbdZpbb
GZau\Zy lZdmx b^_glbnbdZpbx ]_gblZevghc hg kqblZe qlh \gmljb g__ bgl_j_ku
`_eZgbyqm\kl\Zhsms_gbyg_^hklZldbiZjlg_jZ^hklb]Zxl ²bebij_^iheZ]Z_lkyqlh
^hklb]Zxl ² \Z`ghklb k\hbo kh[kl\_gguo Lh _klv hg ij_^iheZ]Z_l qlh lh qlh fu
gZau\Z_f ]_gblZevghc ex[h\vx _klv kebygb_ ]_gblZevgh]h m^h\e_l\hj_gby k
^h]_gblZevghc g_`ghklvx Z ]_gblZevgZy b^_glbnbdZpby y\ey_lky \ujZ`_gb_f lZdh]h
kebygby
Fukev ;ZebglZ y\beZkv ih\hjhlhf hl ^hfbgbjmxs_c \ lh \j_fy b^_b h
i_j\_gkl\_ ]_gblZebc SHU VH dZd hkgh\_ b^_Zevguo hlghr_gbc ex[\b mdZaZ\ gZ
\Z`ghklv^hw^bih\uowe_f_glh\hdZau\Zxsbo\ebygb_gZ]_gblZevgmxb^_glbnbdZpbx
b gZ\Z`ghklvbgl_]jZpbb^h]_gblZevghcg_`ghklbk ]_gblZevgufm^h\e_l\hj_gb_f
;he__iha^gb_ikbohZgZeblbq_kdb_l_hjbbdZkZxsb_kyi_j\_gkl\Z]_gblZebc
hij_^_ey_fh]h dZd kihkh[ghklv d dhblmkm b hj]Zafm g_ kqblZxl _]h wd\b\Ze_glhf
k_dkmZevghc aj_ehklb beb ^Z`_ ij_^klZ\eyxsbf hlghkbl_evgh ijh^\bgmlh_
ikbohk_dkmZevgh_ jZa\blb_ Ebol_grl_cg bkke_^h\Ze wlhl \hijhk b ijbr_e d
aZdexq_gbxqlhdebgbq_kdb_gZ[ex^_gbyg_ih^l\_j`^Zxlq_ldhcdhjj_eypbbf_`^m
wfhpbhgZevghcaj_ehklvxlh_klvkihkh[ghklvxd mklZgh\e_gbxklZ[bevguoh[t_dlguo
hlghr_gbcb kihkh[ghklvxihemqZlvihegh_m^h\e_l\hj_gb_q_j_a]_gblZevguchj]Zaf
ijbfZl ]_gblZebc Hg ij_^iheh`be qlh k_dkmZevghklv _klv kZfuc jZggbc b
hkgh\ghc kihkh[ jZklms_c q_eh\_q_kdhc ebqghklb ih^l\_j^blv j_Zevghklv _]h
kms_kl\h\Zgby >Ze__ hg ^h[Z\ey_l qlh dhgp_ipby h ijbfZl_ ]_gblZebc \
deZkkbq_kdhfihgbfZgbb[he__g_fh`_l[ulvih^^_j`ZgZ
Ih^q_jdb\Zyk\yavf_`^mkihkh[ghklvxd g_`ghklbb aZ[hl_Fwc hl\h^bl
p_gljZevgh_ f_klh kihkh[ghklb d ]_gblZevghc b^_glbnbdZpbb ihevamykv l_jfbgZfb
;ZebglZ lh _klv d iheghc b^_glbnbdZpbb [_a ihl_jb kh[kl\_gghc b^_glbqghklb \
ex[h\guo hlghr_gbyo Djhf_ lh]h Fwc ih^q_jdb\Z_l ijbkmlkl\b_ qm\kl\Z ]jmklb \
hlghr_gbyo ex[\b qlh y\ey_lky k\yamxsbf a\_ghf f_`^m _]h fukeyfb b l_hjb_c
dhgkheb^Zpbb p_ehklguo h[t_dlguo hlghr_gbc b khhl\_lkl\mxs_c Zdlb\Zpbb aZ[hlu
qm\kl\Z \bgu b bkijZ\e_gby Hg lZd`_ h[jZsZ_l \gbfZgb_ gZ \Z`ghklv ]_gblZevgh]h
hiulZdZdlZdh\h]h[eZ]h^Zjydhlhjhfmijhbkoh^blk^\b]\ khagZgbbjZa\b\Z_lkygh\h_
h[t_^bg_gb_kh]eZkb_k ijbjh^hc
=_gblZevgZy b^_glbnbdZpby ih^jZamf_\Z_l kh]eZkh\Zgb_ ]_l_jhk_dkmZevghc b
]hfhk_dkmZevghc b^_glbnbdZpbc [_jmsbo gZqZeh \ ^hw^bih\uo b w^bih\uo
dhgnebdlZo >_lZevguc ZgZeba wfhpbhgZevguo khklhygbc \h \j_fy k_dkmZevgh]h ZdlZ
hkh[_ggh m iZpb_glh\ dhlhju_ ^hklb]eb klZ^bb ijhjZ[hldb jZaebqguo mjh\g_c
^h]_gblZevguo b ]_gblZevguo dhgnebdlh\ \ujZ`Zxsboky b \ bo k_dkmZevguo
hlghr_gbyojZkdju\Z_lfgh]hh[jZab_h^gh\j_f_gghklvbbebkf_gm]_l_jhk_dkmZevghc
b ]hfhk_dkmZevghc ^h]_gblZevghc b ]_gblZevghc b^_glbnbdZpbb j_Zebam_fhc \ wlhf
dhgl_dkl_
H^gbfb ba we_f_glh\ lZdbo wfhpbhgZevguo j_Zdpbc y\eyxlky \ha[m`^_gb_ b
m^h\e_l\hj_gb_ ihemqZ_fu_ hl hj]ZafZ k_dkmZevgh]h iZjlg_jZ Wlh i_j_debdZ_lky k
m^h\e_l\hj_gb_f ^jm]bo ihlj_[ghkl_c lZdbo dZd \hafh`ghklv ^hklZ\eylv hjZevgh_
m^h\e_l\hj_gb_bebih^dj_ie_gb_b^_glbnbdZpbbk w^bih\hcnb]mjhclh]h`_iheZqlh
hljZ`Z_l]_l_jhk_dkmZevgu_dhfihg_glu< lh`_\j_fy\ha[m`^_gb_khijh\h`^Zxs__
hj]Zaf iZjlg_jZ hljZ`Z_l [_kkhagZl_evgmx b^_glbnbdZpbx k wlbf iZjlg_jhf b ijb
]_l_jhk_dkmZevghf dhglZdl_ km[ebfbjh\Zggh_ ijhy\e_gb_ ]hfhk_dkmZevguo
b^_glbnbdZpbc ba h[hbo bklhqgbdh\ ² ^h]_gblZevguo b ]_gblZevguo K_dkmZevgu_
b]ju fh]ml \dexqZlv b^_glbnbdZpbx k nZglZabcgufb beb bklbggufb `_eZgbyfb
h[t_dlZ^jm]h]hiheZlZdqlhiZkkb\gu_b Zdlb\gu_fZahobklbq_kdb_b kZ^bklbq_kdb_
\mZc_jbklbq_kdb_ b wdk]b[bpbhgbklkdb_ ihlj_[ghklb gZoh^yl \ujZ`_gb_ \
h^gh\j_f_gghf ml\_j`^_gbb k\h_c k_dkmZevghc b^_glbqghklb b ijh[ghc
b^_glbnbdZpbbk dhfie_f_glZjghcb^_glbqghklvxk_dkmZevgh]hiZjlg_jZ
LZdZy h^gh\j_f_ggZy b bgl_gkb\gZy b^_glbnbdZpby kh k\h_c kh[kl\_gghc
k_dkmZevghcjhevxb dhfie_f_glZjghcjhevxh[t_dlZ\h\j_fyhj]ZafZ_klvijhy\e_gb_
\hafh`ghklb\hclb\ ^jm]h]hq_eh\_dZb klZlvk gbf_^bgufp_euf\ ikboheh]bq_kdhfb
nbabq_kdhf kfuke_ Z lZd`_ mklZgh\blv wfhpbhgZevgmx [ebahklv k\yaZggmx k
Zdlb\Zpb_c [bheh]bq_kdbo dhjg_c q_eh\_q_kdhc ijb\yaZgghklb < ijhlb\hiheh`ghklv
ijbfblb\ghfm kebygbx Yj_ij_a_glZpbb k h[t_dlj_ij_a_glZpb_c \h \j_fy
kbf[bhlbq_kdhc nZau jZa\blby FZe_j kebygb_ \ hj]Zaf_ ab`^_lky gZ
ml\_j`^_gbb kh[kl\_gghc bg^b\b^mZevghklb b \ qZklghklb aj_ehc k_dkmZevghc
b^_glbnbdZpbb
LZdbf h[jZahf k_dkmZevgZy b^_glbnbdZpby k kh[kl\_gghc jhevx b
^hihegbl_evghc k_dkmZevghc jhevx iZjlg_jZ ih^jZamf_\Z_l km[ebfbjh\Zggmx
bgl_]jZpbx ]_l_jhk_dkmZevgh]h b ]hfhk_dkmZevgh]h dhfihg_glh\ b^_glbqghklb WlZ
bgl_]jZlb\gZynmgdpbydhblmkZb hj]ZafZlZd`_g_k_l\ k_[_iheyjgu_we_f_gluex[\b
b g_gZ\bklb ihkdhevdm kihkh[ghklv d iheghfm i_j_`b\Zgbx aZ[hlu h ex[bfhf
q_eh\_d_ ih^jZamf_\Zxs_c ih^ebggu_ ]em[hdb_ q_eh\_q_kdb_ hlghr_gby
ij_^iheZ]Z_l kh_^bg_gb_ ex[\b b g_gZ\bklb ² lh _klv lhe_jZglghklb d
Zf[b\Ze_glghklb DZ`_lky qlh lZdZy Zf[b\Ze_glghklv oZjZdl_jgZy ^ey klZ[bevguo
agZqbfuo q_eh\_q_kdbo hlghr_gbc Zdlb\bjm_lky \ k_dkmZevghf Zdl_ dh]^Z
kf_rb\Zxlkyk_dkmZevgh_b Z]j_kkb\gh_\ha[m`^_gb_
Aj_eu_ k_dkmZevgu_ hlghr_gby y m\_j_g \dexqZxl g_dhlhju_ g_h`b^Zggu_
k_dkmZevgu_ \aZbfh^_ckl\by dh]^Z iZjlg_j bkihevam_lky dZd qbklh k_dkmZevguc
h[t_dlk_dkmZevgh_ \ha[m`^_gb_ fh`_l [ulv fZdkbfZevguf ijb \ujZ`_gbb `_eZgby
bkihevah\Zlv b [ulv bkihevam_fuf k_dkmZevgh ^jm]bf q_eh\_dhf H[hx^gZy
wfiZlby b bfiebpblgh_ kh]eZr_gb_ h lZdbo k_dkmZevguo ijhy\e_gbyo ² h[hjhlgZy
klhjhgZwfiZlbbb kh]eZr_gby\ k\yabk kbevguf]g_\hfgZiZ^_gb_fb hl\_j`_gb_f\
hlghr_gbyo M\_j_gghklv qlh \k_ wlb khklhygby fh]ml dhgl_cgbjh\Zlvky \h
\k_h[t_fexsbo ex[h\guo hlghr_gbyo dhlhju_ lZd`_ bf_xl i_jbh^u kihdhcgh]h
\aZbfgh]h bamq_gby b jZa^_e_gby \gmlj_gg_c `bagb iZjlg_jZ ijb^Z_l agZqbfhklv b
]em[bgmq_eh\_q_kdbfhlghr_gbyf
B^_ZebaZpbyb aj_eZyk_dkmZevgZyex[h\v
;Zebgl \ke_^ aZ Nj_c^hf kqblZ_l b^_ZebaZpbx \h\k_
g_h[yaZl_evghc^ey[eZ]hijbylguoex[h\guohlghr_gbcHg\ qZklghklbkh]eZrZ_lky
k ml\_j`^_gb_f Nj_c^Z h lhf qlh \h fgh]bo kemqZyo b^_ZebaZpby g_ ihfh]Z_l Z
gZh[hjhlij_iylkl\m_ljZa\blbxm^h\e_l\hjyxsbonhjfex[\b
>w\b^ b RZkk]_Kfbj`_ev h^gZdh ih^q_jdb\Zxl h]jhfgmx jhev
b^_ZebaZpbb\ hlghr_gbyoex[\bHgbml\_j`^Zxlqlhkhklhygb_ex[\bh[h]ZsZ_lY b
mkbeb\Z_leb[b^bgZevgu_dhfihg_gluihkdhevdmhgh[he__\k_]hgZihegy_lb^_Zevgh_
Y Z lZd`_ ihlhfm qlh hlghr_gb_ \ha\_ebqb\Zxs_]h Y d h[t_dlm \ wlhf kemqZ_
\hkijhba\h^blhilbfZevgu_hlghr_gbyf_`^mY bYb^_Zehf
<Zg ^_j <ZZek h[jZsZ_l \gbfZgb_ gZ h^gh\j_f_ggh_ m\_ebq_gb_
h[t_dlghc b gZjpbkkbq_kdhc eb[b^bgZevguo khklZ\eyxsbo \ ghjfZevghc ex[\b
RZkk]_Kfbj`_evkqblZ_lqlh\ aj_ehcex[\b\ hlebqb_hlij_oh^ys_cih^jhkldh\hc
\ex[e_gghklb kms_kl\m_l ebfblbjh\ZggZy ijh_dpby kfy]q_ggh]h Yb^_ZeZ gZ
b^_Zebabjm_fuc h[t_dl ex[\b k h^gh\j_f_gguf mkbe_gb_f gZjpbkkbq_kdh]h Y
dhfihg_glZ hl k_dkmZevgh]h m^h\e_l\hj_gby dhlhjh_ ^Z_l ex[bfuc h[t_dl Wlb
gZ[ex^_gby kh\iZ^Zxl b k fhbf fg_gb_f h lhf qlh ghjfZevgZy b^_ZebaZpby ² wlh
ijh^\bgmluc mjh\_gv jZa\blby f_oZgbafZ ihkj_^kl\hf dhlhjh]h fhjZev feZ^_gpZ b
j_[_gdZ ljZgknhjfbjm_lky \ wlbq_kdmx kbkl_fm \ajhkeh]h q_eh\_dZ B^_ZebaZpby
ij_^klZ\e_ggZy lZdbf h[jZahf _klv nmgdpby aj_euo hlghr_gbc ex[\b
mklZgZ\eb\ZxsZy dhglbgmmf f_`^m jhfZglbq_kdhc xghr_kdhc b aj_ehc ex[h\vx
IjbghjfZevguomkeh\byoijh_pbjm_lkyg_Yb^_ZeZ b^_ZeujZa\b\Zxsb_kyihf_j_
kljmdlmjgh]hjZa\blby\gmljbKmi_jW]h\dexqZyYb^_Ze
>w\b^ ih^q_jdb\Z_l dZd jZgh \hagbdZxl m ^_l_c h[hbo iheh\ w^bih\u
`_eZgby bglmblb\gu_ ^h]Z^db h \hegmxsbo m^h\e_l\hjyxsbo b aZij_lguo
hlghr_gbyo dhlhju_ h[t_^bgyxl jh^bl_e_c b bkdexqZxl j_[_gdZ J_[_ghd `Z`^_l
\hegmxs_]h aZij_lgh]h agZgby ² hkh[_ggh k_dkmZevgh]h ² dZd djblbq_kdh]h
g_h[oh^bfh]h mkeh\by b khklZ\ghc qZklb k_dkmZevghc ex[\b M h[hbo iheh\ `_eZgby
aZ\bklv j_\ghklv b ex[hiulkl\h \ dhgp_ dhgph\ ijh\hpbjmxl Zdlb\guc ihbkd
b^_Zebabjh\Zggh]hw^bih\Zh[t_dlZ
DZd y mdZau\Ze \h \lhjhc ]eZ\_ kebygb_ kljZklgh `_eZ_fh]h wjhlbq_kdh]h
m^h\e_l\hj_gby b kbf[bhlbq_kdh]h kebygby lZd`_ \dexqZ_l k_dkmZevgmx nmgdpbx
jZgg_cb^_ZebaZpbbY kkueZekygZij_^iheh`_gbyF_evlp_jZb <bevyfkZ h lhf
qlh b^_ZebaZpby ih\_joghklb l_eZ fZl_jb y\ey_lky aZsblghc nmgdpb_c ijhlb\
nZglZabcghc ijh_dpbb Z]j_kkbb gZ \gmlj_gghklv fZl_jbgkdh]h l_eZ Wlh lZd`_
gZijyfmx hljZ`Z_l bgl_]jZpbx ex[\b d b^_Zevghfm h[jZam fZl_jb b kZfh]h jZgg_]h
qm\kl\_ggh]hm^h\e_l\hj_gbyLZdbfh[jZahfkZfZyjZggyyijbfblb\gZyb^_ZebaZpby
oZjZdl_jbamxsZyky ij_h[eZ^Zgb_f ijhp_kkh\ jZks_ie_gby hlkh_^bgyxsbo lZdmx
b^_ZebaZpbx hl Z[khexlgh iehobo i_j_`b\Zgbc beb i_j_`b\Zgbc ij_ke_^h\Zgby
khojZgy_l k_dkmZevgmx gZijZ\e_gghklv d b^_Zebabjm_fhfm h[t_dlm b ij_^hojZgy_l
k_dkmZevgh_\ha[m`^_gb_hlih^Z\e_gbyZ]j_kkb\gufbbfimevkZfb
Iha^g__ b^_ZebaZpby ijhbkoh^ysZy \ dhgl_dkl_ bgl_]jbjh\Zgguo beb
p_ehklguoh[t_dlguohlghr_gbcb khhl\_lkl\mxsbokihkh[ghkl_cbkiulu\Zlvqm\kl\h
\bgu aZ[hlu b l_g^_gpbb d bkijZ\e_gbyf dh]^Z p_ehklgu_ h[t_dlgu_ hlghr_gby
^hklb]gmlu kihkh[kl\mxl bgl_]jZpbb k_dkmZevgh]h \ha[m`^_gby b wjhlbq_kdh]h
`_eZgby k b^_Zebabjh\Zgguf \a]ey^hf gZ h[t_dl ex[\b b bgl_]jZpbb wjhlbq_kdh]h
`_eZgby k g_`ghklvx G_`ghklv dZd fu \b^_eb hljZ`Z_l kihkh[ghklv d bgl_]jZpbb
ex[\b b Z]j_kkbb \ bgl_jgZebah\Zgguo h[t_dlguo hlghr_gbyo b \dexqZ_l we_f_gl
aZ[hlu ih hlghr_gbx d h[t_dlm ex[\b dhlhjuc ^he`_g [ulv aZsbs_g hl hiZkghc
Z]j_kkbb Kh \j_f_g_f jZggyy b^_ZebaZpby l_eZ ex[bfh]h ^jm]h]h b iha^gyy
b^_ZebaZpbyp_ehklghcebqghklb^jm]h]hq_eh\_dZjZa\b\Z_lky\ b^_ZebaZpbxkbkl_fu
p_gghkl_c h[t_dlZ ex[\b ² b^_ZebaZpbx wlbq_kdbo dmevlmjguo b wkl_lbq_kdbo
p_gghkl_c ² jZa\blb_]ZjZglbjmxs__\hafh`ghklvjhfZglbq_kdhc\ex[e_gghklb
Wlb ihkl_i_ggu_ ij_\jZs_gby ijhp_kkh\ b^_ZebaZpbb \ dhgl_dkl_
ikboheh]bq_kdh]hjZa\blbylZd`_hljZ`Zxlij_\jZlghklbijhoh`^_gbyw^bih\hcklZ^bb
jZa\blby ² i_j\hgZqZevgu_ aZij_lu gZ wjhlbq_kdh_ `_eZgb_ d w^bih\m h[t_dlm _klv
hkgh\gZy ijbqbgZ j_adh]h aZsblgh]h jZkdheZ f_`^m wjhlbq_kdbf `_eZgb_f b
b^_Zebabjh\Zggufb h[t_dlgufb hlghr_gbyfb JZa\hjZqb\Zxsb_ky ijhp_kku
b^_ZebaZpbb \ dhg_qghf blh]_ aZ\_jrZxlky dmevfbgZpb_c ² kihkh[ghklvx \gh\v
mklZgh\blvk\yavf_`^mwjhlbq_kdbf`_eZgb_fb jhfZglbq_kdhcb^_ZebaZpb_cwlh]h`_
q_eh\_dZ ² b \ lh `_ \j_fy ij_^klZ\eyxl bgl_]jZpbx Kmi_jW]h gZ [he__ \ukhdhf
mjh\g_ \dexqZy keh`gmx kihkh[ghklv d bgl_]jZpbb g_`ghklb b k_dkmZevguo qm\kl\
qlh hljZ`Z_l ij_h^he_gb_ w^bih\h]h dhgnebdlZ < nhjfbjh\Zgbb b^_glbnbdZpbb k
p_gghklyfb h[t_dlZ ex[\b \uoh^ aZ ij_^_eu kh[kl\_ggh]h Y w\hexpbhgbjm_l hl
\aZbfhhlghr_gby iZju d \aZbfhhlghr_gbyf k bo dmevlmjguf mjh\g_f b khpbZevguf
iheh`_gb_f I_j_`b\Zgby ijhreh]h gZklhys_]h b \hh[jZ`Z_fh]h [m^ms_]h
k\yau\Zxlkyq_j_ahiulk_]h^gyrgbohlghr_gbck h[t_dlhfex[\b
H[yaZl_evkl\Zb kljZklv
KljZklv \ kn_j_ k_dkmZevghc ex[\b ² wlh gZ fhc \a]ey^ wfhpbhgZevgh_
khklhygb_ \ujZ`Zxs__ gZjmr_gb_ ]jZgbp \ kfuke_ kh_^bg_gby bgljZikbobq_kdbo
kljmdlmj dhlhju_ hl^_e_gu ]jZgbpZfb mklZgh\e_ggufb ^bgZfbq_kdb beb iml_f
dhgnebdlh\Ohqm ihykgblvqlhy bkihevamxl_jfbg]jZgbpZ ^eyh[hagZq_gby]jZgbpY
djhf_kemqZ_\dh]^Z_klvq_ldb_kkuedbgZ[he__ rbjhdh_ bkihevah\Zgb_ l_jfbgZdZd
f_klZ Zdlb\gh]h ^bgZfbqgh]h \aZbfh^_ckl\by b_jZjobq_kdb khhlghkbfuo hkh[_ggh
khpbZevguokbkl_f
GZb[he__ k_jv_agufb ]jZgbpZfb gZjmrZxsbfbky \ k_dkmZevghc kljZklb
y\eyxlky]jZgbpuY
P_gljZevghc ^bgZfbq_kdhc oZjZdl_jbklbdhc k_dkmZevghc kljZklb b __
dmevfbgZpb_c y\ey_lky i_j_`b\Zgb_ hj]ZafZ ijb dhblmk_ Ijb i_j_`b\Zgbb hj]ZafZ
gZjZklZxs__ k_dkmZevgh_ \ha[m`^_gb_ ^hklb]Z_l \_jrbgu \ Z\lhfZlbq_kdhf
[bheh]bq_kdb ^_l_jfbgbjh\Zgghf hldebd_ khijh\h`^Zxs_fky ijbfblb\guf
wdklZlbq_kdbf Znn_dlhf lj_[mxsbf ^ey k\h_]h ihegh]h \hiehs_gby \j_f_ggh
hldZaZlvkyhl]jZgbpY ² jZkrbjblv]jZgbpuY ^hhsms_gbykm[t_dlb\gh^bnnmaguo
[bheh]bq_kdbo hkgh\ kms_kl\h\Zgby Y m`_ jZa\b\Ze dhgp_ipbx \aZbfhhlghr_gbc
f_`^m[bheh]bq_kdbfbbgklbgdlZfb Znn_dlZfb b \e_q_gbyfb A^_kv y ih^q_jdgme [u
dexq_\u_ nmgdpbb Znn_dlh\ dZd km[t_dlb\guo i_j_`b\Zgbc ]jZgbpu \ h[s_f
kbkl_fghfdhgl_dkl_f_`^m[bheh]bq_kdhcb \gmljbikbobq_kdhckn_jZfbZ lZd`_bo
bkdexqbl_evgmx \Z`ghklv \ hj]ZgbaZpbb \gmlj_ggbo h[t_dlguo hlghr_gbc b
ikbobq_kdbokljmdlmj\ p_ehf
Gh_kebk_dkmZevgh_\ha[m`^_gb_y\ey_lkyhkgh\gufZnn_dlhfy^jhfkljZklghc
ex[\b wlh \h\k_ g_ hagZqZ_l qlh kihkh[ghklv d kljZklghc ex[\b y\ey_lky qZklvx
hj]Zklbq_kdh]h i_j_`b\Zgby Klj_fe_gb_ d kebygbx k fZl_jvx b km[t_dlb\gu_
i_j_`b\Zgby kebygby k g_c oZjZdl_jgu_ ^ey kbf[bhlbq_kdhc klZ^bb jZa\blby
i_j_oh^yl \ klj_fe_gb_ d l_e_kghfm dhglZdlm kf_r_gbx ih\_joghkl_c l_e Gh
wdklZlbq_kdbc hiul hj]ZafZ lhevdh ihkl_i_ggh klZgh\blky p_gljZevghc hj]Zgbamxs_c
nmgdpb_c ]_gblZevgZy nZaZ bgnZglbevghc k_dkmZevghklb \ha\jZsZ_lky b fh`gh
kdZaZlv nhdmkbjm_l ^bnnmagh_ \ha[m`^_gb_ k\yaZggh_ k i_j_`b\Zgb_f b nZglZabyfb
kebygby^h]_gblZevghcklZ^bbkbf[bhlbq_kdhck\yab
Debgbq_kdb_ ^Zggu_ ihdZau\Zxl qlh Znn_dlb\gh_ dZq_kl\h hj]ZafZ rbjhdh
\Zjvbjm_lky < qZklghklb m iZpb_glh\ k ly`_ehc gZjpbkkbq_kdhc iZlheh]b_c b
agZqbl_evgufb gZjmr_gbyfb bgl_jgZebah\Zgguo h[t_dlguo hlghr_gbc hgh qZklh
[u\Z_lj_adhkgb`_gh ² \iehlv^hlh]hqlhhj]Zaf\uau\Z_lqm\kl\hnjmkljZpbb\ lhc
`_ kl_i_gb qlh b qm\kl\h h[e_]q_gby Ijb kljZklghc ex[\b hj]Zklbq_kdb_ hsms_gby
^hklb]Zxl fZdkbfmfZ b a^_kv fu fh`_f bkke_^h\Zlv agZqbfhklv lZdbo i_j_`b\Zgbc
^eybg^b\b^mmfZb ^eyiZju
IjbkljZklghcex[\bhj]Zafbgl_]jbjm_lh^gh\j_f_gguc\uoh^aZ]jZgbpuY \
hsms_gb_ [bheh]bq_kdh]h nmgdpbhgbjh\Zgby \g_ dhgljhey Y k gZjmr_gb_f ]jZgbp \
keh`ghc b^_glbnbdZpbb k ex[bfuf h[t_dlhf ijb khojZg_gbb qm\kl\Z hl^_evghc
b^_glbqghklb JZa^_e_ggh_ i_j_`b\Zgb_ hj]ZafZ \ ^hiheg_gb_ d \j_f_gghc
b^_glbnbdZpbbk k_dkmZevgufiZjlg_jhf\dexqZ_l\uoh^aZij_^_eui_j_`b\ZgbyY d
i_j_`b\Zgbx hiulZ nZglZabcgh]h khxaZ w^bih\uo jh^bl_e_c Z lZd`_ ij_h^he_gb_
ih\lhj_gby w^bih\uo hlghr_gbc b hldZa hl gbo \ gh\uo h[t_dlguo hlghr_gbyo
dhlhju_ih^l\_j`^Zxlhl^_evgmxb^_glbqghklvq_eh\_dZb Z\lhghfbx
< k_dkmZevghc kljZklb gZjmrZxlky \j_f_ggu_ ]jZgbpu Y b ijhreuc fbj
h[t_dlguo hlghr_gbc i_j_oh^bl \ gh\uc ebqgh kha^Zgguc Hj]Zaf dZd qZklv
k_dkmZevghc kljZklb fh`_l lZd`_ kbf\hebq_kdb \ujZ`Zlv hiul mfbjZgby khojZg_gby
hkhagZ\Zgby k_[y \h \j_fy lh]h dZd l_[y mklj_fey_l \ iZkkb\gh_ ijbylb_
g_cjh\_]_lZlb\ghc ihke_^h\Zl_evghklb \dexqZy \ha[m`^_gb_ wdklZa b jZajy^dm :
lZd`_ \uoh^ aZ ij_^_eu Y d kljZklghfm _^bg_gbx k ^jm]bf q_eh\_dhf b p_gghklyfb
jZ^b dhlhjuo h[Z iZjlg_jZ [jhkZxl \uah\ kf_jlb b ij_oh^ys_c ijbjh^_
bg^b\b^mZevgh]hkms_kl\h\Zgby
Gh ijbylb_ hiulZ kebygby k ^jm]bf y\ey_lky lZd`_ [_kkhagZl_evguf
ih\lhj_gb_f gZkbevkl\_ggh]h ijhgbdgh\_gby \ hiZkgmx \gmlj_gghklv l_eZ ^jm]h]h
l_eZfZl_jb ² lh_klv\ fbklbq_kdmxh[eZklvijbfblb\ghkijh_pbjh\ZgghcZ]j_kkbb
LZdbf h[jZahf kebygb_ ij_^klZ\ey_l kh[hc jbkdh\Zggh_ f_jhijbylb_ dhlhjh_
ij_^iheZ]Z_l ij_\Zebjh\Zgb_ ^h\_jby gZ^ g_^h\_jb_f b kljZohf \k_p_eh_ \\_j_gb_
k_[y ^jm]hfm \ ihbkd_ wdklZlbq_kdh]h kebygby qlh \k_]^Z im]Z_l g_ba\_klghklvx
kebygb_b \Z]j_kkbb
:gZeh]bqghwlhfm\ kn_j_Zdlb\Zpbbbgl_jgZebah\Zgguoh[t_dlguohlghr_gbc
ba ^hw^bih\hc b w^bih\hc klZ^bc jZa\blby jZkl\hj_gb_ ]jZgbp aZsbsZxsbo hl
ijbfblb\guo^bnnmaguoZnn_dlh\b \lh`_\j_fyij_[u\Zgb_hl^_evguf ² lh_klv
hkhagZxsbf k_[y ² b hklZ\e_gb_ ihaZ^b w^bih\uo h[t_dlh\ kgh\Z ih^jZamf_\Z_l
ijbylb_hiZkghklb ² g_lhevdhihl_jxkh[kl\_gghcb^_glbqghklbghb \uk\h[h`^_gb_
Z]j_kkbbd \gmlj_ggbfb \g_rgbfh[t_dlZfb bof_klv
Ihwlhfm k_dkmZevgZy kljZklv ih^jZamf_\Z_l [_kkljZrgh_ ij_^hklZ\e_gb_ \k_]h
k_[y`_eZ_fhfmkh_^bg_gbxk b^_Zevguf^jm]bfi_j_^ebphfg_ba[_`ghchiZkghklb:
wlh hagZqZ_l ijbylb_ jbkdZ ihegh]h hldZaZ hl k_[y \h \aZbfhhlghr_gbyo k ^jm]bf \
ijhlb\hiheh`ghklv hiZkghklyf bkoh^ysbf ba fgh]bo bklhqgbdh\ b im]Zxsbf ijb
kh_^bg_gbbk ^jm]bfq_eh\_dhf< l_jfbgZohl^Z\Zgbyb ihemq_gbyex[\bk_dkmZevgZy
kljZklv kh^_j`bl hkgh\gmx gZ^_`^m gZ ih^l\_j`^_gb_ k\hbo p_gguo dZq_kl\ \
ijhlb\hiheh`ghklv qm\kl\m \bgu b kljZom Z]j_kkbb ih hlghr_gbx d ex[bfhfm
h[t_dlmIjbk_dkmZevghckljZklbij_h^he_gb_\j_f_gguo ]jZgbp Y lZd`_ ijhbkoh^bl
ih^ agZdhf ijbgylby h[yaZl_evkl\ gZ [m^ms__ ih hlghr_gbx d h[t_dlm ex[\b dZd d
b^_Zem ijb^Zxs_fm `bagb ebqguc kfuke <hkijbgbfZy ex[bfh]h q_eh\_dZ dZd
\f_sZxs_]h \ k_[y g_ lhevdh `_eZggu_ w^bih\ b ^hw^bih\ h[t_dlu b b^_Zevgu_
hlghr_gbyk ^jm]bfghb b^_bjZ^bdhlhjuoklhbl`blvbg^b\b^mmfbkiulu\Zxsbc
k_dkmZevgmx kljZklv gZ^__lky gZ h[j_l_gb_ b mdj_ie_gb_ kfukeZ \ khpbZevghf b
dmevlmjghffbjZo
K_dkmZevgZy kljZklv y\ey_lky p_gljZevguf \hijhkhf \ bamq_gbb ikboheh]bb b
ikbohiZlheh]bb hlghr_gbc ex[\b \hijhkhf dhlhjuc aZdexqZ_l \ k_[_ \ jZaebqguo
Zki_dlZo ijh[e_fm klZ[bevghklb beb g_klZ[bevghklb hlghr_gbc ex[\b QZklh
\hagbdZ_l\hijhkh lhfy\ey_lkyebk_dkmZevgZykljZklvoZjZdl_jghc^eyjhfZglbq_kdhc
\ex[e_gghklbbeb^eyjZgg_cklZ^bbex[h\guohlghr_gbcihkl_i_gghaZf_gyxs_cky
f_g__ kbevgufb g_`gufb \aZbfhhlghr_gbyfb beb wlh hkgh\gZy khklZ\eyxsZy
dhlhjZym^_j`b\Z_liZju\f_kl_ijhy\e_gb_Z lZd`_ ]ZjZglby Zdlb\guo dj_Zlb\guo
nmgdpbc k_dkmZevghc ex[\b <hafh`gh eb qlh[u k_dkmZevgZy kljZklv ihl_gpbZevgh_
mkeh\b_klZ[bevghklbiZjuy\eyeZkvlZd`_ihl_gpbZevgufbklhqgbdhfm]jhau _c lZd
qlh dj_Zlb\gu_ hlghr_gby ex[\b [ueb [hevr_ ih^\_j`_gu m]jha_ ih kjZ\g_gbx k
hlghr_gbyfb^hklZlhqghkihdhcgufb]Zjfhgbqghg_kljZklgufbkhijh\h`^Zxsbfbky
qm\kl\hf[_ahiZkghklb"
H jZaebqbyof_`^mg_`ghcijb\yaZgghklvx\ klZ[bevguoex[h\guohlghr_gbyo
b kmijm`_kl\_ b kljZklghklvx djZldbo ex[h\guo jhfZgh\ [mjgh kihjbeb ihwlu b
nbehkhnu \h \k_ \j_f_gZ GZ[ex^Zy aZ iZpb_glZfb gZoh^ysbfbky \ ^ebl_evguo
ex[h\guohlghr_gbyo b ijhke_`b\Zybaf_g_gby \ wlbohlghr_gbyo \ l_q_gb_ ^he]bo
e_l y ijbr_e d \u\h^m qlh lZdZy ^bohlhfby y\ey_lky mijhs_gghc dhg\_gpbhgZevghc
mkeh\ghklvx KljZklgZy ex[h\v fh`_l khijh\h`^Zlv g_dhlhju_ iZju gZ ijhly`_gbb
fgh]boe_lkh\f_klghc`bagb
Y m\_j_gqlhk_dkmZevgZykljZklvg_fh`_l[ulvijbjZ\g_gZd khklhygbxwdklZaZ
\ xghr_kdhf \hajZkl_ Lhgdh_ gh ]em[hdh_ Z\lhghfgh_ b kZfhdjblbqgh_ hkhagZgb_
ex[\b d ^jm]hfm q_eh\_dm \dmi_ k ykguf hkhagZgb_f dhg_qghc lZcgu hl^_evghklb
h^gh]h q_eh\_dZ hl ex[h]h ^jm]h]h ijbgylb_ nZdlZ g_m^h\e_l\hjbfhklb `_eZgbc dZd
qZklb p_gu dhlhjmx ieZlbrv \ h[sbo h[yaZl_evkl\Zo ih hlghr_gbx d ex[bfhfm
q_eh\_dmlZd`_oZjZdl_jbam_lk_dkmZevgmxkljZklv
K_dkmZevgZy kljZklv g_ h]jZgbqb\Z_lky k_dkmZevguf Zdlhf b hj]Zafhf gh
ij_bfms_kl\_ggh\ujZ`Z_lky\ gboGZijhlb\jZfdbk_dkmZevghcex[\bjZkrbjyxlky
gZqbgZy k bglmblb\gh]h ihgbfZgby dhblmkZ b hj]ZafZ dZd __ aZ\_jr_gby
hdhgqZl_evgh]h hk\h[h`^_gby ih]ehs_gby b ml\_j`^_gby p_eb ^h rbjhdh]h
ijhkljZgkl\Z k_dkmZevghc `Z`^u ^jm]h]h mkbe_gby wjhlbq_kdh]h `_eZgby b ijbgylby
nbabq_kdbowfhpbhgZevguob h[s_q_eh\_q_kdbop_gghkl_c\ujZ`Z_fuowlbf^jm]bf
Kms_kl\mxl \iheg_ ghjfZevgu_ q_j_^h\Zgby bgl_gkb\ghklb h[s_gby iZju b
\j_f_ggh]h moh^Z ^jm] hl ^jm]Z gh h[ wlhf qmlv iha`_ Ijb m^h\e_l\hjyxsbo
k_dkmZevguo hlghr_gbyo k_dkmZevgZy kljZklv ² wlh kljmdlmjZ oZjZdl_jbamxsZy
\aZbfhhlghr_gby iZju h^gh\j_f_ggh \ k_dkmZevghc kn_j_ b \ kn_j_ h[t_dlguo
hlghr_gbcZ lZd`_\ wlbq_kdhcb dmevlmjghckn_jZo
Y m`_ ]h\hjbe qlh hq_gv \Z`ghc klhjhghc km[t_dlb\gh]h i_j_`b\Zgby kljZklb
gZ \k_o mjh\gyo y\ey_lky \uoh^ aZ ]jZgbpu kh[kl\_ggh]h Y b kebygb_ k ^jm]bf
I_j_`b\Zgby kh_^bg_gby b kebygby g_h[oh^bfh hlebqZlv hl n_ghf_gZ j_]j_kkb\gh]h
kh_^bg_gby dhlhjuc aZlmr_\u\Z_l ^bnn_j_gpbZpbx Y ² g_Y k_dkmZevgmx kljZklv
oZjZdl_jbam_lkbgojhggh_i_j_`b\Zgb_kh_^bg_gbyb \lh`_\j_fyih^^_j`Zgb_k\h_c
hl^_evghcb^_glbqghklb
LZdbf h[jZahf gZjmr_gb_ ]jZgbpu Y y\ey_lky hkgh\hc km[t_dlb\gh]h
ljZgkp_g^_glgh]h i_j_`b\Zgby Ikbohlbq_kdb_ b^_glbnbdZpbb Ydh[khg k
jZkl\hj_gb_f]jZgbpY bh[t_dlZkem`Zlihf_ohckihkh[ghklbd kljZklbGhihkdhevdm
i_j_`b\Zgb_ khklhygby \uoh^Z aZ ]jZgbpu Y kdju\Z_l \ k_[_ hiZkghklv ihl_jylv k_[y
bebklhedgmlvkyk im]Zxs_cZ]j_kkb_c\ ikbohlbq_kdhfkebygbbkljZklvk\yau\Z_lkykh
kljZohf Z]j_kkbb < kemqZ_ _keb kms_kl\m_l kbevgZy Z]j_kkby k jZks_ie_gb_f f_`^m
b^_Zebabjh\Zggufb b ij_ke_^mxsbfb h[t_dlgufb hlghr_gbyfb \ ijbfblb\ghc
b^_ZebaZpbb m iZpb_glh\ k ih]jZgbqghc ebqghklghc hj]ZgbaZpb_c lZdZy kljZklgZy
ex[h\v fh`_l \g_aZigh h[jZlblvky \ lZdmx `_ kljZklgmx g_gZ\bklv Hlkmlkl\b_
bgl_]jZpbbZ[khexlghohjhrbob Z[khexlghiehobobgl_jgZebah\Zgguoh[t_dlguo
hlghr_gbcmkbeb\Z_l\g_aZigu_b ^jZfZlbqgu_baf_g_gby\ hlghr_gbyoiZju
I_j_`b\Zgb_hl\_j]gmlh]hex[h\gbdZdhlhjucm[b\Z_lij_^Z\rbc_]hex[bfuc
h[t_dl k\h_]h khi_jgbdZ Z aZl_f b k_[y mdZau\Z_l gZ \aZbfhhlghr_gby f_`^m
kljZklghc ex[h\vx f_oZgbafZfb jZks_ie_gby ijbfblb\ghc b^_ZebaZpb_c b
g_gZ\bklvx
Kms_kl\m_l aZ\hjZ`b\Zxs__ ijhlb\hj_qb_ \ dhf[bgZpbb wlbo \Z`g_crbo q_jl
k_dkmZevghc ex[\b q_ldb_ ]jZgbpu Y b ihklhyggh_ hkhagZgb_ g_kh_^bgbfhklb
bg^b\b^mmfh\k h^ghcklhjhgub qm\kl\h\uoh^ZaZ]jZgbpuYkebygby\ _^bgh_p_eh_
k ex[bfuf q_eh\_dhf ² k ^jm]hc Hl^_e_gghklv \_^_l d qm\kl\m h^bghq_kl\Z
klj_fe_gbxd ex[bfhfmb kljZomojmidhklb\kyq_kdbohlghr_gbc\uoh^aZ]jZgbpuY
\ _^bg_gbb k ^jm]bf \uau\Z_l hsms_gb_ _^bgkl\Z k fbjhf ihklhygkl\Z b l\hj_gby
gh\h]h Fh`gh kdZaZlv qlh h^bghq_kl\h _klv g_h[oh^bfh_ mkeh\b_ ^ey \uoh^Z aZ
]jZgbpuY
HklZ\Zlvky \ ij_^_eZo ]jZgbp Y \ lh `_ \j_fy ij_h^he_\Zy bo k ihfhsvx
b^_glbnbpbdZpbb k h[t_dlhf ex[\b ² wlh \hegmxs__ ljh]Zl_evgh_ b k\yaZggh_ k
]hj_qvx b [hevx khklhygb_ ex[\b F_dkbdZgkdbc ihwl HdlZ\bh IZa hibkZe wlm
klhjhgmex[\bk g_h[udgh\_gghc\ujZabl_evghklvxaZf_lb\qlhex[h\v ² wlhlhqdZ
i_j_k_q_gbyf_`^m`_eZgb_fb j_ZevghklvxEx[h\v]h\hjblhghldju\Z_lj_Zevghklv
`_eZgbx b kha^Z_l i_j_oh^ hl wjhlbq_kdh]h h[t_dlZ d ex[bfhfm q_eh\_dm Wlh
hldjulb_ ihqlb \k_]^Z [he_ag_ggh ihkdhevdm ex[bfucZy ij_^klZ\ey_l kh[hc
h^gh\j_f_ggh b l_eh \ dhlhjh_ fh`gh ijhgbdgmlv b khagZgb_ \ dhlhjh_ ijhgbdgmlv
g_\hafh`gh Ex[h\v ² wlh hldjulb_ k\h[h^u ^jm]h]h q_eh\_dZ Ijhlb\hj_qb_ kZfhc
ijbjh^uex[\b\ lhfqlh`_eZgb_klj_fblkyd hkms_kl\e_gbxk ihfhsvxjZajmr_gby
`_eZggh]h h[t_dlZ b ex[h\v h[gZjm`b\Z_l qlh wlhl h[t_dl g_\hafh`gh jZajmrblv b
g_\hafh`ghaZf_gblv
Ijb\_^_f debgbq_kdmx beexkljZpbx jZa\blby kihkh[ghklb d i_j_`b\Zgbx
aj_ehck_dkmZevghckljZklbb jhfZglbq_kdhc`Z`^uhlghr_gbcm ij_`^_hly]hs_ggh]h
aZij_lZfb h[k_kkb\gh]h fm`qbgu ijhoh^ys_]h ikbohZgZeblbq_kdh_ e_q_gb_ Y
ij_g_[j_] ^bgZfbq_kdbfb b kljmdlmjgufb Zki_dlZfb wlh]h baf_g_gby ^ey lh]h qlh[u
kdhgp_gljbjh\Zlvky gZ km[t_dlb\ghf i_j_`b\Zgbb bgl_]jZpbb wjhlbafZ h[t_dlguo
hlghr_gbcb kbkl_fup_gghkl_c
I_j_^hlt_a^hf\ dhfZg^bjh\dm\ ?\jhimkhjhdZe_lgbcijhn_kkhjdhee_^`Z[ue
ihfhe\e_g k ex[bfhc `_gsbghc Ih \ha\jZs_gbb hg hibkZe k\hb \i_qZle_gby hl
\uklZ\e_gguo \ Em\j_ f_khihlZfkdbo fbgbZlxjguo kdmevilmj kha^Zgguo \ ,,,
lukyq_e_lbb^h gw< dZdhclhfhf_glm g_]h\hagbdehg_h[udgh\_ggh_hsms_gb_qlh
l_eh h^ghc ba `_gkdbo kdmevilmj qvb khkdb b imihd [ueb h[hagZq_gu fZe_gvdbfb
^jZ]hp_ggufb dZfgyfb m^b\bl_evgh ihoh`_ gZ l_eh _]h ex[bfhc Hg ^mfZe h g_c
klj_fbeky d g_c ihdZ r_e ih ihemimkluf aZeZf b ijb \a]ey^_ gZ kdmevilmjm _]h
aZoe_klgmeZ \hegZ wjhlbq_kdhc klbfmeypbb \f_kl_ k kbevg_crbf qm\kl\hf [ebahklb d
g_c Ijhn_kkhjZ hq_gv ljhgmeZ ij_^_evgZy ijhklhlZ b djZkhlZ kdmevilmju b hg
ihqm\kl\h\Ze qlh khi_j_`b\Z_l g_ba\_klghfm Z\lhjm mf_jr_fm [he__ q_luj_o lukyq
e_l lhfm gZaZ^ Hg bkiulZe qm\kl\h kfbj_gby b \ lh `_ \j_fy g_ihkj_^kl\_ggh]h
khijbdhkgh\_gby k ijhreuf dZd _keb [u _fm [ueh ^ha\he_gh ijbdhkgmlvky d
ihgbfZgbx \gmlj_gg_c lZcgu ex[\b \hiehs_gghc \ wlhf ijhba\_^_gbb bkdmkkl\Z
Qm\kl\hwjhlbq_kdh]h`_eZgbykebehkvk hsms_gb_f_^bgkl\Z`Z`^ub h^gh\j_f_ggh
[ebahklb k `_gsbghc dhlhjmx hg ex[bl b q_j_a wlh _^bgkl\h b ex[h\v _fm [ueh
iha\he_ghijhgbdgmlv\ aZij_^_evgucfbjdjZkhlu< lh`_\j_fym g_]h[uehhkljh_
qm\kl\hkh[kl\_gghcbg^b\b^mZevghklb kf_rZggh_khkfbj_gb_fb [eZ]h^Zjghklvx aZ
lZdmx\hafh`ghklvijhqm\kl\h\Zlvwlhijhba\_^_gb_bkdmkkl\Z
K_dkmZevgZy kljZklv h`b\ey_l b aZdexqZ_l \ k_[_ \kx ]Zffm wfhpbhgZevguo
khklhygbc dhlhjZy hldju\Z_l bg^b\b^mmfm ohjhr_klv ² _]h kh[kl\_ggmx _]h
jh^bl_e_cb p_eh]hfbjZh[t_dlh\ ²b ^Z_lgZ^_`^mgZbkiheg_gb_ex[\bg_\abjZygZ
njmkljZpbx \jZ`^_[ghklv b Zf[b\Ze_glghklv K_dkmZevgZy kljZklv ij_^iheZ]Z_l
kihkh[ghklv d ijh^he`Zxs_cky wfiZlbb ² gh g_ d kebygbx ² ijbfblb\ghfm
khklhygbx kbf[bhlbq_kdh]h kh_^bg_gby Nj_c^ RFHDQLF IHHOLQJ ² qm\kl\h
[_a[j_`ghklb \hegmxs__ \hkkh_^bg_gb_ \ [ebahklb k fZl_jvx gZ klZ^bb Yh[t_dl
^bnn_j_gpbZpbb b m^h\e_l\hj_gb_ w^bih\uo klj_fe_gbc \ dhgl_dkl_ ij_h^he_gby
qm\kl\ kljZoZ g_iheghp_gghklb b \bgu ih hlghr_gbx d k_dkmZevghfm
nmgdpbhgbjh\Zgbx K_dkmZevgZy kljZklv ² wlh y^jh i_j_`b\Zgby qm\kl\Z _^bgkl\Z k
ex[bfuf q_eh\_dhf dZd qZklb xghr_kdh]h jhfZglbafZ b iha`_ aj_euo h[yaZl_evkl\
ih hlghr_gbx d ex[bfhfm iZjlg_jm i_j_^ ebphf _kl_kl\_gguo h]jZgbq_gbc
q_eh\_q_kdhc `bagb g_ba[_`ghklb [he_ag_c jZajmr_gby b kf_jlb Wlh \Z`g_crbc
bklhqgbdwfiZlbbihhlghr_gbxd ex[bfhfmkms_kl\mKe_^h\Zl_evghij_h^he_gb_b
gh\h_ ml\_j`^_gb_ ]jZgbp gZ hkgh\_ qm\kl\Z ihablb\ghklb g_kfhljy gZ
fgh]hqbke_ggu_ hiZkghklb k\yau\Z_l [bheh]bq_kdbc wfhpbhgZevguc fbj b fbj
p_gghkl_c\ h^gm_^bgmxkbkl_fm
Ij_h^he_gb_]jZgbpuk_[y\ k_dkmZevghckljZklbb bgl_]jZpbyex[\bb Z]j_kkbb
]hfhk_dkmZevghklb b ]_l_jhk_dkmZevghklb \h \gmlj_ggbo hlghr_gbyo k ex[bfuf
q_eh\_dhf \ujZabl_evgh ijhbeexkljbjh\Zgu \ dgb]_ LhfZkZ FZggZ <her_[gZy ]hjZ
Hk\h[h^b\rbkv hl k\h_]h jZpbhgZevgh]h b aj_eh]h gZklZ\gbdZ K_ll_f[jbgb
=ZgkDZklhjih[tykgy_lky\ ex[\bDeZm^bbRhrZHg^_eZ_lwlhgZnjZgpmakdhfyaud_
dhlhjuc a\mqbl hq_gv bglbfgh \ khk_^kl\_ k g_f_pdbf yaudhf \k_]h ijhba\_^_gby
<ha[m`^_gguc b h^mohl\hj_gguc l_ieuf ohly b g_fgh]h bjhgbqguf hl\_lhf fZ^Zf
RhrZ hg jZkkdZau\Z_l _c h lhf qlh \k_]^Z ex[be __ b gZf_dZ_l gZ k\hb ijhreu_
]hfhk_dkmZevgu_ hlghr_gby k ^jm]hf xghklb dhlhjuc ihoh` gZ g__ b m dhlhjh]h hg
h^gZ`^u ihijhkbe dZjZg^Zr lZd `_ dZd g_kdhevdh jZgvr_ hg ihijhkbe _]h m fZ^Zf
RhrZ Hg ]h\hjbl _c qlh ex[h\v ² gbqlh _keb g_l kmfZkr_kl\by q_]hlh
[_ajZkkm^gh]haZij_lgh]hb jbkdh\Zggh]hqlhl_ehex[h\vb kf_jlv ² h^ghp_eh_Hg
]h\hjbl h qm^_ hj]Zgbq_kdhc `bagb b nbabq_kdhc djZkhlu dhlhjh_ kdeZ^u\Z_lky ba
`bagbb ]gb_gby
Gh ij_h^he_gb_ kh[kl\_gguo ]jZgbp ih^jZamf_\Z_l g_h[oh^bfhklv
hij_^_e_gguo mkeh\bc dZd mihfbgZehkv jZg__ g_h[oh^bfh hkhagZgb_ b kihkh[ghklv
wfiZlbb d kms_kl\h\Zgbx ikboheh]bq_kdhc `bagb aZ ij_^_eZfb kh[kl\_gguo ]jZgbp
Ke_^h\Zl_evgh wjhlbq_kdbc hll_ghd khklhygbc fZgbZdZevgh]h \ha[m`^_gby b
]jZg^bhaghklbm ikbohlbq_kdboiZpb_glh\g_fh`_lgZau\Zlvkyk_dkmZevghckljZklvxb
[_kkhagZl_evgZy^_kljmdpbyh[t_dlj_ij_a_glZpbcb \g_rgboh[t_dlh\ij_\ZebjmxsZy
\ gZjpbkkbq_kdbo ebqghklyo jZajmrZ_l bo kihkh[ghklv \uoh^Z aZ ij_^_eu bglbfgh]h
_^bg_gby k ^jm]bf q_eh\_dhf qlh \ dhgp_ dhgph\ jZajmrZ_l bo kihkh[ghklv d
k_dkmZevghckljZklb
K_dkmZevgh_ \ha[m`^_gb_ b hj]Zaf lZd`_ l_jyxl k\hb nmgdpbb ij_h^he_gby
]jZgbp b klZgh\ylky [bheh]bq_kdbfb y\e_gbyfb dh]^Z f_oZgbq_kdh_ ih\lhjyxs__ky
k_dkmZevgh_ \ha[m`^_gb_ b hj]Zaf \kljZb\Zxlky \ kljmdlmjm hiulZ hl^_e_ggmx hl
m]em[eyxsboky bgl_jgZebah\Zgguo h[t_dlguo hlghr_gbc Bf_ggh \ wlhc lhqd_
k_dkmZevgh_ \ha[m`^_gb_ ^bnn_j_gpbjm_lky hl wjhlbq_kdh]h `_eZgby b k_dkmZevghc
kljZklbqZs_ fZklmj[Zpby \ujZ`Z_lh[t_dlgu_hlghr_gby ² dZd ijZ\beh jZaebqgu_
Zki_dlu w^bih\uo hlghr_gbc gZqbgZy k kZfh]h jZgg_]h ^_lkl\Z Gh fZklmj[Zpby dZd
dhfimevkb\gZyih\lhjyxsZyky^_yl_evghklv\hagbdZxsZydZdaZsblZhlaZij_s_gguo
k_dkmZevguobfimevkh\b ^jm]bo[_kkhagZl_evguo dhgnebdlh\\ dhgl_dkl_j_]j_kkb\ghc
^bkkhpbZpbb hl dhgnebdlguo h[t_dlguo hlghr_gbc \ dhgp_ dhgph\ mljZqb\Z_l
nmgdpbx ij_h^he_gby ]jZgbp Y ij_^iheZ]Zx qlh wlh g_ [_kdhg_qgh_ dhfimevkb\gh
ih\lhjy_fh_ m^h\e_l\hj_gb_ bgklbgdlb\guo `_eZgbc \uau\Zxs__ jZajy^dm
\ha[m`^_gbyb ^hklZ\eyxs__m^h\hevkl\b_Z ihl_jydjblbq_kdhcnmgdpbbij_h^he_gby
]jZgbpYh[t_dlZkem`Zs_c]ZjZglb_cghjfZevghcgZ]jm`_ggh_h[t_dlguohlghr_gbc
>jm]bfb keh\Zfb bf_ggh fbj bgl_jgZebah\Zgguo b \g_rgbo h[t_dlguo hlghr_gbc
ih^^_j`b\Z_l k_dkmZevghklv b ij_^hklZ\ey_l ihl_gpbZe ^ey \hafh`ghklb
ijh^he`bl_evgh]hihemq_gbym^h\hevkl\by
Bgl_]jZpby ex[\b b g_gZ\bklb \ Y b h[t_dlj_ij_a_glZpbyo ljZgknhjfZpby
qZklbqguoh[t_dlguohlghr_gbc\ p_ehklgu_bebdhgklZglghklvh[t_dlZ ² hkgh\gu_
mkeh\by ^ey kihkh[ghklb d mklZgh\e_gbx klZ[bevguo h[t_dlguo hlghr_gbc Wlh
g_h[oh^bfh ^ey ij_h^he_gby ]jZgbp klZ[bevghc b^_glbqghklb Y b i_j_oh^Z \
b^_glbnbdZpbxk ex[bfufh[t_dlhf
Gh mklZgh\e_gb_ ]em[hdbo h[t_dlguo hlghr_gbc \uk\h[h`^Z_l lZd`_
ijbfblb\gmx Z]j_kkbx \ hlghr_gbyo \ dhgl_dkl_ j_pbijhdghc Zdlb\baZpbb m h[hbo
iZjlg_jh\ ih^Z\e_gguo beb hls_ie_gguo k feZ^_gq_kl\Z b ^_lkl\Z iZlh]_gguo
h[t_dlguo hlghr_gbc Q_f [he__ iZlheh]bqgu b ^_kljmdlb\gu ih^Z\e_ggu_ beb
jZks_ie_ggu_ h[t_dlgu_ hlghr_gby l_f [he__ ijbfblb\gu khhl\_lkl\mxsb_
aZsblgu_ f_oZgbafu LZd \ qZklghklb ijh_dlb\gZy b^_glbnbdZpby fh`_l \ua\Zlv m
iZjlg_jZi_j_`b\Zgb_bebj_Zdpbb\hkijhba\h^ysb_im]Zxsb_h[t_dlj_ij_a_glZpbb
b^_Zebabjh\Zggu_b h[_kp_g_ggu_hieZdZggu_b ij_ke_^mxsb_H[t_dlj_ij_a_glZpbb
gZdeZ^u\ZxlkygZ\hkijbylb_b \aZbfh^_ckl\b_k ex[bfufh[t_dlhfb fh]mlm]jh`Zlv
hlghr_gbyf gh lZd`_ b mkbeb\Zlv bo Ih f_j_ lh]h dZd iZjlg_ju gZqbgZxl emqr_
ihgbfZlvihke_^kl\bygZjmr_gbc\ k\h_f\hkijbylbbb ih\_^_gbbihhlghr_gbx^jm]d
^jm]m hgb gZqbgZxl fmqbl_evgh hkhagZ\Zlv h[hx^gmx Z]j_kkbx gh ijb wlhf g_
h[yaZl_evgh fh]ml bkijZ\blv keh`b\rb_ky f_`ebqghklgu_ fh^_eb ih\_^_gby LZdbf
h[jZahf g_hkhagZggu_ k\yab \h \aZbfhhlghr_gbyo iZju lZd`_ fh]ml g_klb \ k_[_
kdjulmx m]jham Bf_ggh \ wlhl fhf_gl bgl_]jZpby b aj_ehklv Kmi_jW]h
ijhy\eyxsb_ky\ ij_h[jZah\Zgbbijbfblb\guoaZij_lh\b qm\kl\Z\bguaZZ]j_kkbx\
aZ[hlm h[ h[t_dl_ ² b h k_[_ ² aZsbsZxl h[t_dlgu_ hlghr_gby b kihkh[ghklv d
ij_h^he_gbx]jZgbpAj_eh_
Kmi_jW]h[eZ]hijbylkl\m_lex[\bb h[yaZl_evkl\Zfihhlghr_gbxd ex[bfhfm
h[t_dlm
H^gZba h[sbo hkh[_gghkl_c ij_^eZ]Z_fh]h hij_^_e_gby k_dkmZevghc kljZklb \
khklhbl lhf qlh hgZ kdhj__ y\ey_lky ihklhygghc q_jlhc hlghr_gbc ex[\b Z g_
gZqZevgufbeb\j_f_ggufijhy\e_gb_fjhfZglbq_kdhcb^_ZebaZpbbih^jhkldh\h]hb
xgh]h \hajZklZ HgZ bf__l nmgdpbx bgl_gkbnbdZpbb mdj_ie_gby b h[gh\e_gby
hlghr_gbc ex[\b gZ ijhly`_gbb \k_c `bagb hgZ h[_ki_qb\Z_l ihklhygkl\h
k_dkmZevgh]h \ha[m`^_gby k\yau\Zy _]h kh \k_f q_eh\_q_kdbf hiulhf iZju B wlh
ijb\h^blgZkd wjhlbq_kdbfZki_dlZfklZ[bevguo k_dkmZevguo hlghr_gbc Y iheZ]Zx
qlhdebgbq_kdb_^Zggu_ykghihdZau\ZxlgZkdhevdhl_kghk_dkmZevgh_\ha[m`^_gb_b
m^h\hevkl\b_ k\yaZgu k dZq_kl\hf \k_o Zki_dlh\ \aZbfhhlghr_gbc iZju Ohly
klZlbklbq_kdb_ bkke_^h\Zgby rbjhdbo keh_\ gZk_e_gby ^_fhgkljbjmxl kgb`_gb_
qZklhluk_dkmZevguohlghr_gbcb hj]ZafZ\ l_q_gb_^_kylbe_lbcdebgbq_kdb_^Zggu_
\aZbfhhlghr_gbc iZj ihdZau\Zxl agZqbl_evgh_ \ebygb_ oZjZdl_jZ bo hlghr_gbc gZ
qZklhlm b dZq_kl\h k_dkmZevghc `bagb K_dkmZevguc hiul hklZ_lky p_gljZevguf
Zki_dlhf hlghr_gbc ex[\b b kmijm`_kdhc `bagb Ijb hilbfZevguo mkeh\byo
bgl_gkb\ghklv k_dkmZevgh]h m^h\hevkl\by bf__l l_g^_gpbx d h[gh\e_gbx k\yaZggmx
g_ k k_dkmZevghc ]bfgZklbdhc Z k bglmblb\ghc kihkh[ghklvx iZju m]Z^u\Zlv
baf_gyxsb_kygm`^u^jm]^jm]Zb i_j_`b\Z_fmx\ keh`ghck_lb]_l_jhk_dkmZevguob
]hfhk_dkmZevguo ex[h\guo b Z]j_kkb\guo Zki_dlh\ hlghr_gbc ijhy\eyxsboky \
[_kkhagZl_evguo b khagZl_evguo nZglZabyo b bo \ebygbb gZ k_dkmZevgu_ hlghr_gby
iZju
EX;H<VW>BIB I:JU
<ebygb_iheZ
< ij_^u^msbo jZkkm`^_gbyo h y^_jghc iheh\hc b^_glbqghklb y jZkkfhlj_e
g_kdhevdh ijhlb\hiheh`guo lhq_d aj_gby \jh`^_ggZy ikboheh]bq_kdZy
[bk_dkmZevghklv h[hbo iheh\ jZggyy b^_glbqghklv h[hbo iheh\ ² fZkdmebggh]h
oZjZdl_jZ dZd ihklmebjh\Ze Nj_c^ beb n_fbgbggh]h ² dZd ij_^iheZ]Z_l
Klhee_j Z Y ijb^_j`b\Zxkv lhqdb aj_gby I_jkhgZ b H\_ab dhlhju_ ml\_j`^Zxl qlh y^_jgZy iheh\Zy b^_glbqghklv ² fm`kdZy beb `_gkdZy ²
aZdeZ^u\Z_lky m feZ^_gp_\ k kZfh]h gZqZeZ qlh kh]eZkm_lky k bkke_^h\Zgbyfb
]_jfZnjh^blh\ b bamq_gb_f jZgg_]h ^_lkl\Z ;jZmgr\_c] b N_cg ij_^hklZ\b\rb_ ikbohZgZeblbq_kdb_ ^hdZaZl_evkl\Z \
ihevam \jh`^_gghc
ikboheh]bq_kdhc [bk_dkmZevghklb ijhbkoh^ys_c ba [_kkhagZl_evghc b^_glbnbdZpbb
feZ^_gpZ b fZe_gvdh]h j_[_gdZ k h[hbfb jh^bl_eyfb m[_^bl_evgh ^hdZau\Zxl qlh
lZdhc [_kkhagZl_evguc [bk_dkmZevguc ihl_gpbZe ihkl_i_ggh \k_ [hevr_
dhgljhebjm_lky ^hfbgbjmxsbfb \aZbfhhlghr_gbyfb fZlvfeZ^_g_p \ j_amevlZl_
dhlhjuo mklZgZ\eb\Z_lky y^_jgZy iheh\Zy b^_glbqghklv WlZ b^_y kh]eZkm_lky kh
\a]ey^hf FZgb b WjoZj^lZ h lhf qlh jh^bl_evkdZy ^_nbgbpby iheh\hc b^_glbqghklb
feZ^_gpZ y\ey_lky dexq_\uf fhf_glhf wlhc b^_glbqghklb >ZggZy lhqdZ aj_gby [ueZ
ih^dj_ie_gZgZ[ex^_gbyfbKlhee_jZaZjZa\blb_fljZgkk_dkmZeh\
JZa\b\Zyl_hjbb;jZmgr\_c]Zb N_cgZy jZg__mdZau\ZegZlhqlhfZl_jbgkdZy
aZ[hlZ b ijhy\e_gb_ fZl_jvx m^h\hevkl\by ijb nbabq_kdhf h[s_gbb k feZ^_gp_f
y\ey_lky kms_kl\_gguf fhf_glhf \ [eZ]hijbylghf jZa\blbb wjhlbafZ ih\_joghklb
l_eZ Z iha^g__ wjhlbq_kdh]h `_eZgby DZd ^ey fZevqbdh\ lZd b ^ey ^_\hq_d jZggbc
wjhlbq_kdbc hiul k fZl_jbgkdhc klbfmeypb_c y\ey_lky ihl_gpbZehf jZa\blby
k_dkmZevgh]h \ha[m`^_gby Gh _keb fZl_jbgkdh_ kdjulh_ ih^^jZagb\Zgb_
wjhlbq_kdh]h hlghr_gby d k\h_fm fZe_gvdhfm kugm hklZ_lky ihklhygguf Zki_dlhf
fm`kdhc k_dkmZevghklb b h[uqgh ij_^hklZ\ey_l fZevqbdm g_ ij_ju\Zxsmxky
kihkh[ghklvd ]_gblZevghfm\ha[m`^_gbxlhfZl_jbgkdh_g_meh\bfh_[_kkhagZl_evgh_
hl\_j`_gb_ wlh]h k_dkmZevgh]h \ha[m`^_gby ih hlghr_gbx d ^hq_jb gZqbgZ_l
ihkl_i_ggh k^_j`b\Zlv hkhagZgb_ ^_\hqdhc k\h_c \Z]bgZevghc ]_gblZevghklb LZdhc
jZaebqguc ih^oh^ d fZevqbdZf b ^_\hqdZf \ wjhlbq_kdhc kn_j_ y\ey_lky fhsguf
bgkljmf_glhf nbdkZpbb khhl\_lkl\mxsbo y^_jguo iheh\uo b^_glbqghkl_c b \ghkbl
\deZ^ \ jZaebqb_ kihkh[h\ ml\_j`^_gby ]_gblZevgh]h \ha[m`^_gby \ ^_lkl\_ ²
g_ij_ju\gh]h^eyfZe_gvdbofZevqbdh\aZij_lgh]h^eyfZe_gvdbo^_\hq_d
Ih wlhc ijbqbg_ m fm`qbg ² [_kkhagZl_evgh nbdkbjh\Zgguo gZ i_j\bqghf
h[t_dl_ ² \hagbdZ_l[hevr_ijh[e_fk Zf[b\Ze_glghklvxihhlghr_gbxd `_gsbgZf
bf g_h[oh^bfh jZa\blv kihkh[ghklv d h[t_^bg_gbx ]_gblZevguo ihlj_[ghkl_c b
g_`ghklb \ lh \j_fy dZd `_gsbgu k^_j`b\Z_fu_ \ hkhagZgbb k\hbo ]_gblZebc
f_^e_gg__ bgl_]jbjmxl ihegu_ ]_gblZevgu_ hlghr_gby \ dhgl_dkl_ ex[h\guo
hlghr_gbc
GZ[ex^_gby ;jZmgr\_c]Z b N_cgZ bkdexqbl_evgh ihe_agu ^ey
h[tykg_gby kms_kl\_gguo jZaebqbc f_`^m fm`qbgZfb b `_gsbgZfb \ aj_ehc
k_dkmZevghcex[\bH[h[sZybo\u^Zxsb_kyhldjulby\ wlhch[eZklby ihiulZxkvih
\hafh`ghklbkhojZgblvboyaudb klbev
>eyfZevqbdh\^h]_gblZevgu_hlghr_gbyk fZl_jvxm`_ij_^iheZ]Zxl__ hkh[mx
k_dkmZevgmx hjb_glZpbx ih hlghr_gbx d fZevqbdm qlh kem`bl klbfmehf ^ey _]h
k_dkmZevgh]h hkhagZgby b gZjpbkkbq_kdhc gZ]jm`_ggh_Π_]h i_gbkZ HiZkghklv a^_kv
djh_lky \ lhf qlh ^ey fZevqbdZ ihemq_gb_ hl fZl_jb qj_af_jgh]h ^h]_lbgZevgh]h
m^h\e_l\hj_gbygZjpbkkbq_kdboihlj_[ghkl_cfh`_lih\e_qvaZkh[hc nZglZabb h lhf
qlh_]hfZe_gvdbci_gbkiheghklvxm^h\e_l\hjy_l__bke_^h\Zl_evgh g_ kms_kl\m_l
jZagbpu f_`^m _]h fZe_gvdbf i_gbkhf b fhsguf i_gbkhf hlpZ Ijb ih^h[guo
h[klhyl_evkl\Zo lZdZy gZjpbkkbq_kdZy nbdkZpby m fm`qbg fh`_l iha^g__ ijb\_klb d
jZa\blbxbgnZglbevghcfZg_juk_dkmZevgh]hh[hevklbl_eyihhlghr_gbx d `_gsbg_
[_a iheghc b^_glbnbdZpbb k ijhgbdZxs_c kbehc hlph\kdh]h i_gbkZ LZdZy nbdkZpby
[m^_l f_rZlv ijhp_kkm p_evghc ]_gblZevghc b^_glbqghklb k bgl_jgZebaZpb_c hlpZ \
B^_Zevgh_W]hb kihkh[kl\h\Zlv\ul_kg_gbxqj_af_jghcdZkljZpbhgghclj_\h]b
>ey lZdbo fm`qbg g_jZaj_r_ggh_ khj_\gh\Zgb_ k hlphf b aZsblgh_ hljbpZgb_
dZkljZpbhgghc lj_\h]b \ujZ`Zxlky \ gZjpbkkbq_kdhf gZkeZ`^_gbb bgnZglbevghc
aZ\bkbfhklvxhl`_gsbgij_^klZ\eyxsbofZl_jbgkdb_nb]mjuLZdh_h[jZah\Zgb_ih
fg_gbx ;jZmgr\_c]Z b N_cgZ Z lZd`_ RZkk]_Kfbj`_ev ² \Z`guc
bklhqgbd gZjpbkkbq_kdhc nbdkZpbb y [u kdZaZe nbdkZpbb gZ mjh\g_ ghjfZevgh]h
bgnZglbevgh]h gZjpbkkbafZ b g_^hklZlhqgh]h jZaj_r_gby w^bih\Z dhfie_dkZ m
fZevqbdh\ qlh ihhsjy_lky lZdbfb Zki_dlZfb ih\_^_gby fZl_jb dhlhju_ \ujZ`Zxl
ijhl_kl ijhlb\ ^hfbgbjh\Zgby hlph\kdh]h i_gbkZ b hlph\kdbo aZdhgh\ \hh[s_
Kms_kl\m_l [_kkhagZl_evgh_ fheqZeb\h_ kh]eZr_gb_ f_`^m \_qgh fZe_gvdbfb
fZevqbdZfb ² >hg @mZgZfb ² b h[hevsZxsbfb `_gsbgZfbfZl_jyfb dhlhju_
bkihevamxl [mgl >hg @mZgZ ijhlb\ hlph\kdbo aZdhgh\ b ihjy^dh\ qlh[u \ujZablv
k\hxkh[kl\_ggmxkhj_\gh\Zl_evghklvb [mglijhlb\hlpZ
;jZmgr\_c] b N_cg ml\_j`^Zxl qlh h[uqgh i_jbh^bq_kdh_ i_j_dexq_gb_
\gbfZgby fZl_jb k kugZ gZ hlpZ njmkljbjm_l gZjpbkkbaf fZe_gvdh]h fZevqbdZ b
klbfmebjm_l _]h d khj_\gh\Zl_evghc b^_glbnbdZpbb k hlphf qlh bgbpbbjm_l b
mdj_iey_lihablb\gmxw^bih\mdhgkl_eeypbxm fZevqbdh\H^gbfbaihke_^kl\bcwlh]h
y\ey_lky \hajZklZgb_ m fZevqbdh\ qm\kl\Z njmkljZpbb ijb k_dkmZevghf hl\_j`_gbb
fZl_jvxlZdqlhbf_xsZyhjZevgh_ijhbkoh`^_gb_b kijh_pbjh\ZggZyihhlghr_gbxd
g_c Z]j_kkby mdj_iey_lky jZgg_c w^bih\hc Z]j_kkb_c LZdh_ jZa\blb_ kh[ulbc [m^_l
bf_lv djblbq_kdh_ \ebygb_ gZ ex[h\gmx `bagv fm`qbg dhlhju_ [_kkhagZl_evgh g_
kf_gyxlk\h_]hi_j\h]hk_dkmZevgh]hh[t_dlZ ²fZl_jb
RZkk]_Kfbj`_ev b ;jZmgr\_c] b N_cg lZd`_ ih^q_jdb\Zxl
\Z]bgZevgmx\ha[m^bfhklvfZe_gvdbo^_\hq_db bon_fbgbggmxk_dkmZevghklv\ p_ehf
< wlhf kfuke_ bo gZ[ex^_gby ihoh`b gZ gZ[ex^_gby >`hmgk Deycg b
Ohjgb Z lZd`_ gZ bkke_^h\Zgby ijh\_^_ggu_ \ KR: dhlhju_ mdZau\Zxl gZ
jZggxx \Z]bgZevgmx fZklmj[Zpbhggmx Zdlb\ghklv fZe_gvdbo ^_\hq_d b l_kgmx k\yav
f_`^m deblhjZevghc b \Z]bgZevghc wjhlbq_kdhc \ha[m^bfhklvx ;Zjg_ll =Ze_gkhg b JmZn Ba wlbo bkke_^h\Zgbc ke_^m_l qlh kms_kl\m_l hq_gv jZgg__
\Z]bgZevgh_ agZgb_ m fZe_gvdbo ^_\hq_d b qlh wlh \Z]bgZevgh_ agZgb_ y\ey_lky
aZij_lgufb iha^g__\ul_kgy_lky
NjZgpmakdb_ Z\lhju ih^q_jdb\Zxl lh qlh hlghr_gby jh^bl_e_c b hkh[_ggh
fZf d fZevqbdZf b ^_\hqdZf kms_kl\_ggh hlebqZxlky Z lZd`_ lh qlh jZggb_
\aZbfh^_ckl\by fZlv^bly bf_xl agZqbl_evgh_ \ebygb_ gZ iheh\mx b^_glbqghklv
Klhee_j Kh]eZkghnjZgpmakdbfmq_guffZlv\ hlebqb_hljZgg_cklbfm
eypbb_x]_gblZebcfZevqbdZg_Zdp_glbjm_l\gbfZgb_gZ]_gblZebyo^_\hqdb
ihkdhevdm ih^^_j`b\Z_l k\hx kh[kl\_ggmx k_dkmZevgmx `bagv k\hx \Z]bgZevgmx
k_dkmZevghklvy\eyxsmxkyqZklvx__ kh[kl\_gghckn_judZd`_gsbgu\ hlghr_gbyo
k hlphf >Z`_ dh]^Z fZlv \ghkbl \deZ^ \ gZjpbkkbaf ^hq_jb wlhl gZjpbkkbaf bf__l
kdhj__^h]_gblZevgu_g_`_eb]_gblZevgu_q_jlubkdexq_gby khklZ\eyxl`_gsbguk
yjdh\ujZ`_ggufb]hfhk_dkmZevgufb l_g^_gpbyfb Lh qlh fZl_jb g_bg\_klbjmxl
`_gkdb_ ]_gblZebb ^hq_j_c y\ey_lky j_Zdpb_c gZ dmevlmjgh_ ^Z\e_gb_ \ wlhc kn_j_ b
ijbgyluc \ h[s_kl\_ aZij_l \ hlghr_gbb `_gkdbo ]_gblZebc ijhbkoh^ysbc hl
fm`kdhcdZkljZpbhgghclj_\h]b
;exf lZd`_ ih^q_jdb\Z_l \Z`ghklv w^bih\h]h khi_jgbq_kl\Z b
dhgnebdlh\ dZkZxsboky kZfhhp_gdb k_[y dZd `_gsbgu dhlhjmx fZe_gvdZy ^_\hqdZ
\ha[m`^Z_l m k\h_c fZl_jb _keb fZlv h[_kp_gb\Z_l k_[y dZd `_gsbgm hgZ [m^_l
h[_kp_gb\Zlv b ^hqv b kZfhhp_gdZ fZl_jb kbevgh ih\eby_l gZ kZfhhp_gdm ^hq_jb
G_jZaj_r_ggu_ dhgnebdlu fZl_jb ih ih\h^m __ kh[kl\_gguo ]_gblZebc b __
\hkobs_gb_ i_gbkhf k\h_]h fZe_gvdh]h kugZ ijb\_^_l d lhfm qlh m ^hq_jb qm\kl\h
aZ\bklb d i_gbkm [m^_l kh_^bgylvky k khi_jgbq_kl\hf f_`^m kb[ebg]Zfb H[uqgh
fZe_gvdb_ ^_\hqdb ijhy\eyxl [hevr_ bgl_j_kZ d hlpm ² g_ lhevdh ihlhfm qlh
jZahqZjh\Zebkv\ fZl_jbghlZd`_ihlhfmqlhb^_glbnbpbjmxlkyk g_c
H[s__gZijZ\e_gb_njZgpmakdhcebgbbfukeblZdh\hdZkljZpbhggZylj_\h]Zg_
y\ey_lky i_j\bqghc ^_l_jfbgZglhc \ i_j_hjb_glZpbb k fZl_jb gZ hlpZ m fZe_gvdbo
^_\hq_d Z kdhj__ \lhjbqguf mkeh`g_gb_f mdj_ieyxsbf i_j\bqguc aZij_l beb
\ul_kg_gb_ \Z]bgZevghc ]_gblZevghklb ih^ \ebygb_f bfiebpblgh]h hljbpZxs_]h
hlghr_gbyfZl_jbBgl_gkb\ghklvdZkljZpbhgghclj_\h]bm `_gsbg\hfgh]hfaZ\bkbl
hllj_oklmi_gqZlh]hkf_s_gby^h]_gblZevghcZ]j_kkbbwlhi_j\hgZqZevgZyijh_dpbygZ
fZlvih^dj_ieyxsZykyw^bih\hcdhgdmj_gpb_ck g_cdhlhjZyaZl_feh`blkygZhlpZM
^_\hq_daZ\bklvd i_gbkm]eZ\gufh[jZahfhljZ`Z_lmkbe_gb_w^bih\uodhgnebdlh\ih^
\ha^_ckl\b_fkf_s_gby^h]_gblZevghcZ]j_kkbbb ^h]_gblZevghcaZ\bklbd i_gbkm
RZkk]_Kfbj`_ev ijb^_j`b\Zykvl_hjbbOhjgb ij_^iheZ]Z_lqlh
nZglZabb fZe_gvdbo fZevqbdh\ ih ih\h^m nZeebq_kdhc fZl_jb g_ lhevdh mkihdZb\Zxl
bebkem`ZlhljbpZgb_f`_gkdbo]_gblZebcdZdijh^mdlZdZkljZpbbghlZd`_hl\e_dZxl
hl ij_^klZ\e_gby h \Z]bg_ \ajhkehc `_gsbgu dhlhjZy ^hdZau\ZeZ [u g_Z^_d\Zlghklv
_]hfZe_gvdbo]_gblZebc
Ba \k_o wlbo bkke_^h\Zgbc jZaebqguo klZ^bc jZa\blby ke_^m_l qlh fZe_gvdbf
^_\hqdZfb fZevqbdZfg_h[oh^bfhijhclbk\hckh[kl\_ggucimlv^eyb^_glbnbdZpbbk
\ajhkehc ]_gblZevghklvx >ey fZevqbdh\ b^_glbnbdZpby k hlphf hagZqZ_l qlh hg
ij_h^he_e k\hx ^h]_gblZevgmx aZ\bklv d `_gsbgZf ijh_dpbx wlhc aZ\bklb \ \b^_
ijbfblb\gh]hkljZoZi_j_^`_gsbghcD_jg[_j] b k\hckljZog_Z^_d\Zlghklb^ey
`_gkdbo ]_gblZebc NjZgpmakdbf Z\lhjZf >hg @mZg ij_^klZ\ey_lky klhysbf gZ
k_j_^bg_ imlb f_`^m aZij_lhf k_dkmZevgh]h \e_q_gby d `_gsbgZf ij_^klZ\eyxsbf
kh[hcw^bih\mfZlvk h^ghcklhjhgub b^_glbnbdZpb_ck hlphfb hlph\kdbfi_gbkhf
\h \ajhkeuo k_dkmZevguo hlghr_gbyo k `_gsbghc ² k ^jm]hc >hg @mZg ih
ij_^iheh`_gbx;jZmgr\_c]Zb N_cgZml\_j`^Z_l]_gblZevghklvhlph\kdhcaj_ehklb
Y g_^mfZxqlhkbg^jhf>hg@mZgZm fm`qbgbf__l_^bgkl\_ggmxwlbheh]bx
LZd `_ dZd ijhfbkdmbl_l m `_gsbg ijbqbgu dhlhjh]h fh]ml dhe_[Zlvky hl ly`_ehc
gZjpbkkbq_kdhc iZlheh]bb ^h hlghkbl_evgh e_]dhc fZahobklbq_kdb beb bkl_jbq_kdb
^_l_jfbgbjh\Zgghc iZlheh]bb kms_kl\m_l dhglbgmmf fm`kdh]h ijhfbkdmbl_lZ
Ijhfbkdmbl_lgZjpbkkbq_kdhcebqghklb ² ]hjZa^h[he__gZjmr_gguclbi>hg@mZgZ
q_fbgnZglbevgucaZ\bkbfuc[mglmxsbcgh\ lh`_\j_fy`_gkl\_gguchibkZgguc
njZgpmakdbfbZ\lhjZfb
Y iheZ]Zx qlh ke_^mxsbf rZ]hf d ghjfZevghc k_dkmZevghc b^_glbnbdZpbb
fZevqbdZ k hlphf y\ey_lky dhgnebdlgZy b^_glbnbdZpby k ijbfblb\ghc
dhgljhebjmxs_c b kZ^bklbq_kdhc fm`kdhc nb]mjhc dhlhjZy ij_^klZ\ey_l
nZglZabcgh]h j_\gb\h]h b kljh]h]h hlpZ \ jZgg_f w^bih\hf i_jbh^_ HdhgqZl_evgh_
ij_h^he_gb_ w^bih\Z dhfie_dkZ m fm`qbg oZjZdl_jbam_lky b^_glbnbdZpb_c k
\_ebdh^mrgufhlphfdhlhjuc[hevr_g_ih^Z\ey_lkugZk\hbfb`_kldbfbaZdhgZfb
Kihkh[ghklv gZkeZ`^Zlvky \ajhke_gb_f kugZ g_ ih^\_j]Zy _]h gZdZaZgbyf jblmZeZ
bgbpbZpbbhljZ`Zxsbf[_kkhagZl_evgmxaZ\bklvd g_fmhagZqZ_lqlhhl_pij_h^he_e
k\hbkh[kl\_ggu_w^bih\uaZij_luIjZdlbq_kdbckfukewlboiheh`_gbcaZdexqZ_lky\
lhf qlh hq_gv \Z`guf bklhqgbdhf g_klZ[bevghklb \ ex[h\guo hlghr_gbyo \ajhkeuo
fm`qbg y\ey_lky g_ihegZy b^_glbnbdZpby k hlph\kdhc nmgdpb_c k jZagufb
\hafh`gufbnbdkZpbyfb
G_^hklZlhd g_ihkj_^kl\_gghc klbfmeypbb ]_gblZevgh]h wjhlbafZ \ jZggbo
hlghr_gbyo k fZl_jvx b djhf_ lh]h dhgnebdlu fZl_jb ih ih\h^m p_gghklb __
kh[kl\_gguo ]_gblZebc b `_gkdbo nmgdpbc ih^Z\eyxl ikbohk_dkmZevgh_ jZa\blb_
fZe_gvdbo ^_\hq_d dhlhjh_ aZl_f \lhjbqgh mkbeb\Z_lky jZa\blb_f aZ\bklb d i_gbkm b
\ul_kg_gb_f k_dkmZevghc dhgdmj_gpbb k w^bih\hc fZl_jvx H^gZdh h[_kp_gb\Zgb_
fZl_jvx fm`qbg b ]_gblZebc __ fZe_gvdh]h kugZ fh`_l jZ^bdZevgh \ebylv gZ
k_dkmZevgh_\hkijbylb_b dhgnebdlu__ ^_l_ch[hboiheh\
NjZgpmakdb_ Z\lhju m[_`^_gu qlh ]_gblZebb fZe_gvdbo ^_\hq_d y\eyxlky
ijb\Zlgufb\ hlebqb_hlkhpbZevghh^h[jy_fh]h\uklZ\e_gbygZ\k_h[s__h[haj_gb_
]_gblZebcfZe_gvdbofZevqbdh\b ]hj^hklbfZevqbdZaZk\hci_gbk^_\hqdZ`_hklZ_lky
gZ_^bg_ k kh[hc \ k\h_f k_dkmZevghf jZa\blbb ?_ lZcgZy [_kkhagZl_evgZy gZ^_`^Z
hkms_kl\ey_lky \ ih\hjhl_ hl fZl_jb d hlpm b \ bglmblb\ghc `Z`^_ hlph\kdh]h
i_gbkZdhlhjucijhgbdZy\ \Z]bgm\ dhgp_dhgph\aZgh\hml\_j^bl__ ij_^klZ\e_gb_h
\Z]bgZevghc ]_gblZevghklb b `_gkdhc k_dkmZevghklb \ p_ehf ;jZmgr\_c] b N_cg
ij_^iheZ]Zxl qlh ihkdhevdm imlv `_gkdh]h k_dkmZevgh]h jZa\blby h^bghdbc b [he__
aZdjuluc hg lj_[m_l [hevr_c hl\Z]b ih kjZ\g_gbx k iml_f fZevqbdh\ qvb fm`kdb_
]_gblZebbklbfmebjmxlkyihjZagufijbqbgZfh[hbfbjh^bl_eyfbM \ajhkeuo`_gsbg
h[uqgh [hevr_ kf_ehklb b kihkh[ghkl_c ^ey ]_l_jhk_dkmZevguo h[yaZl_evkl\ q_f m
\ajhkeuo fm`qbg ² \hafh`gh ihlhfm qlh fZe_gvdb_ ^_\hqdb ^he`gu kf_gblv k\hc
i_j\uc wjhlbq_kdbc h[t_dl k fZl_jb gZ hlpZ b lZdbf h[jZahf i_j_clb hl
^h]_gblZevgh]hd ]_gblZevghfmjZa\blbxjZgvr_j_rbl_evg__b \h^bghq_kl\_
:evlfZg \ ^jm]hfdhgl_dkl_mdZau\ZegZlhqlhkf_gZh[t_dlZm `_gsbg
² \ ijhlb\hiheh`ghklv ihklhygkl\m i_j\h]h h[t_dlZ m fm`qbg ² fh`_l [ulv
ijbqbghc [hevrbo keh`ghkl_c dhlhju_ \hagbdZxl m fm`qbg \klmiZxsbo \
klZ[bevgu_ ex[h\gu_ hlghr_gby Fm`qbgu kdehggu d [_kdhg_qguf ihbkdZf
b^_ZevghcfZl_jbb d\hkkha^Zgbx^h]_gblZevguob ]_gblZevguokljZoh\b dhgnebdlh\
\ k\hbo hlghr_gbyo k `_gsbgZfb qlh hij_^_ey_l bo ij_^jZkiheh`_gghklv ba[_]Zlv
]em[hdbo ^h\_jbl_evguo hlghr_gbc @_gsbgu m`_ hldZaZ\rbkv hl k\h_]h i_j\h]h
h[t_dlZ[he__kihkh[gu\\_jblvk_[yfm`qbg_dhlhjucohq_lmklZgh\blv\k_klhjhggb_
]_gblZevgu_ b hlph\kdb_ hlghr_gby k gbfb Djhf_ lh]h j_rZxsbf nZdlhjhf
`_gkdhckihkh[ghklbijhy\eylvij_^Zgghklvb ^h\_jb_fh`_l\uklmiZlvboihklhygguc
moh^ aZ feZ^rbfb b bo aZsblZ \dexqZxsb_ [bheh]bq_kdb_ b ikbohkhpbZevgu_
^_l_jfbgZglu \ hkgh\ghf b^_glbnbdZpbx k fZl_jbgkdbfb nmgdpbyfb b k\yaZggu_ k
wlbfkm[ebfZlhjgu_p_gghklbKmi_jW]h;exf G_kfhljygZjZaebqbyiml_cnhjfbjh\Zgbykihkh[ghklbd wjhlbq_kdhfm`_eZgbx
b k_dkmZevghc ex[\b fm`qbgu b `_gsbgu ihemqZxl hiul ba h^gh]h b lh]h `_
bklhqgbdZ ² w^bih\hc kblmZpbb y\eyxs_cky hkgh\guf hj]ZgbaZlhjhf b ^ey \k_o
bg^b\b^mmfh\b ^ey\k_oh[eZkl_c\aZbfh^_ckl\byiZju
Y kh]eZk_g k b^__c >w\b^Z h lhf qlh klj_fe_gb_ d g_^hklmighfm b
aZij_s_gghfm w^bih\m h[t_dlm ^Zxs__ wg_j]bx k_dkmZevghfm jZa\blbx y\ey_lky
dexq_\uf dhfihg_glhf k_dkmZevghc kljZklb b ex[h\guo hlghr_gbc < wlhc k\yab
w^bih\Z dhgkl_eeypby fh`_l jZkkfZljb\Zlvky dZd ihklhyggZy q_jlZ q_eh\_q_kdbo
hlghr_gbc Hq_gv \Z`gh ih^q_jdgmlv qlh g_\jhlbq_kdb_ j_r_gby w^bih\uo
dhgnebdlh\^he`gu[ulv^bnn_j_gpbjh\ZguhlboghjfZevguoijhy\e_gbc
GZjmr_gb_ ]jZgbp bklhjbq_kdb keh`b\rboky k_dkmZevguo aZij_lh\ ex[ysbf
bg^b\b^mmfhf fh`_l [ulv gZa\Zgh Zdlb\ghc j_dhgkljmdpb_c _]h beb __ bklhjbb
w^bih\uohlghr_gbc\dexqZyaZsblgu_b dj_Zlb\gu_nZglZabbdhlhju_ij_h[jZamxl
ih\lhj_gb_ \ gh\h_ Ij_h^he_gb_ khpbZevguo b k_dkmZevguo ]jZgbp ljZgknhjfbjm_l
[_kkhagZl_evgu_ nZglZabb \ j_Zevgu_ km[t_dlb\gu_ i_j_`b\Zgby j_pbijhdgh
Zdlb\babjmyfbj\gmlj_ggboh[t_dlguohlghr_gbciZjZ\ha\jZsZ_lkyd w^bih\mfbnm
dZdkhpbZevghckljmdlmj_Wjehm M h[hbo iheh\ w^bih\u klj_fe_gby g_h[oh^bfhklv ij_h^he_lv nZglZabb
w^bih\uo aZij_lh\ b m^h\e_l\hjblv k\h_ ex[hiulkl\h h fbklbq_kdbo hlghr_gbyo
jh^bl_e_cklbfmebjmxlk_dkmZevgmxkljZklvBkoh^ybam`_mihfygmluokhh[jZ`_gbc
fh`gh ij_^iheh`blv qlh `_gsbgu \ ml\_j`^_gbb k\h_c `_gkdhc k_dkmZevghklb
jZgvr_ij_h^he_\Zxldhg_qgh_ij_iylkl\b_b^_glbnbdZpbbk w^bih\hcfZl_jvximl_f
kf_gu wjhlbq_kdh]h h[t_dlZk fZl_jbgZ hlpZ Fm`qbgu ^he`gu i_j_k_qv ihke_^gxx
]jZgbpmb^_glbnbdZpbbk w^bih\ufhlphf\ k\h_ckihkh[ghklbmklZgh\blvk_dkmZevgu_
hlghr_gbyk ex[bfhc`_gsbghcb \aylvgZk_[ynmgdpbbhlph\kl\Zb \_ebdh^mrby
Debgbq_kdb_bkke_^h\ZgbyihdZau\Zxlqlhfm`qbgubkiulu\Zxlqm\kl\h\bguj_rb\
ij_djZlblv hlghr_gby k `_gsbghc \ lh \j_fy dZd `_gsbgu h[uqgh qm\kl\mxl k_[y
k\h[h^gh^Z\Zyihgylvfm`qbg_qlhg_ex[yl_]hWlhjZaebqb_\hafh`gh]h\hjblh
lhf gZkdhevdh kbevgh qm\kl\h \bgu dhlhjh_ lZd qZklh ijhy\ey_lky \ hlghr_gbyo k
`_gsbgZfb ij_h[eZ^Z_l gZ^ Z]j_kkb_c ih hlghr_gbx d fZl_jb ba ebqghc [_k_^u k
W^blYdh[khg: m`_gsbg[_kkhagZl_evgh_qm\kl\h\bgub^ms__ba^h]_gblZevguob
]_gblZevguo nZglZabcguo fZl_jbgkdbo aZij_lh\ \Z]bgZevghc ]_gblZevghklb lj_[m_l
ihegh]h wjhlbq_kdh]h ]_gblZevgh]h ml\_j`^_gby \ k_dkmZevguo hlghr_gbyo k
fm`qbghc K]ms_gb_ ij_^\_klgbdh\ kZ^bklbq_kdh]h Kmi_jW]h k\yaZgguo k
bgljh_dpb_cijbfblb\guo^hw^bih\uofZl_jbgkdboh[jZah\b kiha^gbfbaZij_lgufb
Zki_dlZfb w^bih\hc fZl_jb fh`_l [ulv h^gbf ba nZdlhjh\ ijb\h^ysbo d \ukhdhc
qZklhl_]_gblZevgh]haZij_lZm `_gsbgWlhlZd`_y\ey_lky\Z`g_crbfwe_f_glhflh]h
qlhh[uqghh[hagZqZxldZd`_gkdbcfZahobaf
K_cqZk fgh]bfb klZ\blky ih^ \hijhk ml\_j`^_gb_ jZggbo ikbohZgZeblbq_kdbo
l_hjbc h \jh`^_gghc ij_^jZkiheh`_gghklb d fZahobafm m `_gsbg <hagbdZ_l
ihgbfZgb_ lh]h qlh kms_kl\mxl jZaebqgu_ ikboheh]bq_kdb_ b khpbZevgu_ nZdlhju
\ebyxsb_ gZ jZa\blb_ fZahobklbq_kdbo l_g^_gpbc b k_dkmZevguo aZij_lh\ I_jkhg
b ;exf bamqb\khhl\_lkl\mxsmxebl_jZlmjmih^q_jdb\Zebqlh`_gkdbc
fZahobaf nhjfbjm_lky \ ijhp_kk_ jZa\blby b bf__l ikbohkhpbZevgu_ ^_l_jfbgZglu
;exfijboh^bld \u\h^mqlhg_kms_kl\m_lgbdZdbo^hdZaZl_evkl\lh]hqlh`_gsbgu
[he__ij_^jZkiheh`_guihemqZlvm^h\hevkl\b_q_j_a[hevq_ffm`qbguHgiheZ]Z_l
qlh jZggb_ b^_glbnbdZpbb ^_\hq_d b h[t_dlgu_ hlghr_gby hij_^_eyxl mklZgh\e_gb_
^Zevg_cr_c k_dkmZevghc b^_glbqghklb ijbgylb_ `_gkdhc jheb b fZl_jbgkdh]h
ih\_^_gbyfZahobafy\ey_lkykdhj__^_aZ^Zilb\gufjZaj_r_gb_f`_gkdhcnmgdpbb
Klhee_j ij_^iheZ]Ze qlh baaZ i_j\hgZqZevgh]h kebygby k fZl_jvx
qm\kl\h`_gkl\_gghklb[hevr_mdj_iey_lky\ `_gsbgZoq_fqm\kl\hfm`_kl\_gghklbm
fm`qbgFm`qbgu\ke_^kl\b_boi_j\hgZqZevgh]hkebygbyk fZl_jvx ² `_gsbghc ²
fh]ml[ulv[he__kdehggud [bk_dkmZevghklbb jZa\blbxi_j\_jkbc
Y aZf_lbe qlh ijb ^_lZevghf ZgZeba_ `_gkdbo ^h]_gblZevguo b ]_gblZevguo
bklhqgbdh\aZ\bklbd i_gbkmb hl\jZs_gbyd k\hbfkh[kl\_gguf]_gblZebyfihklhyggh
klZedb\Z_rvky k jZggbfb kihkh[ghklyfb d ihemq_gbx ihegh]h m^h\hevkl\by hl
\Z]bgZevgh]h wjhlbafZ ihegh]h ih^dj_ie_gby p_gghklb k\h_]h kh[kl\_ggh]h l_eZ
gZjy^mkhkihkh[ghklvxhlghkblvkyd fm`kdbf]_gblZebyfk ex[h\vxb [_aaZ\bklbY
g_ ^mfZx qlh ghjfZevgZy `_gkdZy k_dkmZevghklv ih^jZamf_\Z_l g_h[oh^bfhklv beb
kihkh[ghklv hldZaZlvky hl i_gbkZ dZd kZfh]h p_ggh]h \b^Z ]_gblZebc ihfh_fm
kms_kl\mxl ^hdZaZl_evkl\Z lh]h qlh kljZo fm`qbgu i_j_^ `_gkdbfb ]_gblZebyfb g_
lhevdh\lhjbq_gihhlghr_gbxd w^bih\hcdZkljZpbhgghclj_\h]_\ gZb[he__ly`_euo
kemqZyoghb bf__l]em[hdb_^h]_gblZevgu_dhjgbIh^\h^yblh]fh`ghkdZaZlvqlhb
^ey fm`qbg b ^ey `_gsbg ij_h^he_gb_ kljZoZ b aZ\bklb d ijhlb\hiheh`ghfm ihem
y\ey_lkyhiulhfij_h^he_gbyaZij_lh\k_dkmZevghklb
?keb kfhlj_lv rbj_ lh i_j_`b\Zgb_ iZjhc ihegh]h ]_gblZevgh]h m^h\hevkl\by
fh`_l ihkem`blv ijbqbghc \hafh`gh]h jZ^bdZevgh]h baf_g_gby ² hldZaZ hl
ih^qbg_gby ^hfbgbjmxsbf dmevlmjguf dhg\_gpbyf jblmZevguf aZij_lZf b
ij_^m[_`^_gbyf dhlhju_ \ha^\b]Zxl ij_iylkl\by gZ imlb d aj_ehc ]_gblZevghklb
LZdZykl_i_gvk_dkmZevghck\h[h^u\ khq_lZgbbk aZdexqbl_evghcklZ^b_cij_h^he_gby
w^bih\uo aZij_lh\ fh`_l hljZ`Zlv hkgh\gu_ ihl_gpbZevgu_ \hafh`ghklb ^ey
ihemq_gbyk_dkmZevgh]hm^h\hevkl\by\ ex[h\guohlghr_gbyob mkbeb\ZlvkljZklghklv
kha^Z\Zy qm^h k_dkmZevguo lZcg jZa^_ey_fh_ iZjhc b hk\h[h`^Zxs__ __ hl
hdjm`Zxs_c khpbZevghc ]jmiiu K lhqdb aj_gby jZa\blby we_f_glu k_dj_lghklb b
ijhlb\hihklZ\e_gby khpbmfm oZjZdl_jgu_ ^ey k_dkmZevghc kljZklb [_jml gZqZeh \
w^bih\hcdhgkl_eeypbbdZd]eZ\ghfhj]ZgbaZlhj_q_eh\_q_kdhck_dkmZevghklb
K khpbhdmevlmjghc lhqdb aj_gby hlghr_gb_ k_dkmZevghc ex[\b d khpbZevguf
ghjfZlb\Zf \k_]^Z g_h^ghagZqgh b ]Zjfhgby ex[\b k khpbZevgufb ghjfZfb e_]dh
jZajmrZ_lky ij_\jZsZykv \ ih\k_^g_\gmx h[u^_gghklv < lh `_ \j_fy k_dkmZevgZy
k\h[h^Z iZju \ ex[\b g_ fh`_l [ulv lZd e_]dh i_j_\_^_gZ \ khpbZevgu_ ghjfu b
ihiuldbk\h[h^ghck_dkmZevghcex[\bgZ[Za_rbjhdh]hh[jZah\Zgbyb dmevlmjguo
baf_g_gbc h[uqgh aZ\_jrZxlky dhg\_gpbhgZebabjh\Zgghc f_oZgbaZpb_c k_dkZ Y
kqblZx qlh lZdh_ ijhlb\hklhygb_ f_`^m iZjhc b ]jmiihc g_ba[_`gh ;jZmgr\_c] b
N_cg ^hklZlhqghkdjmime_aghbkke_^h\Zebwlhl\hijhk
LjZ]bq_kdZy g_kihkh[ghklv b^_glbnbpbjh\Zlvky k hlph\kdbfb nmgdpbyfb lZd
qlh \k_ ex[h\gu_ hlghr_gby hdZau\Zxlky h[j_q_gu gZ g_m^Zqm g_kfhljy gZ ijbfZl
]_gblZebc Z lZd`_ jZpbhgZebaZpby lZdhc g_m^Zqb \ l_jfbgZo fbnZ h ^hfbgbjh\Zgbb
fm`kdhcdmevlmjuhibkZgu\ dgb]_ /HV-HXQHV)LOOHV >_\mrdb:gjb^_Fhgl_jeZgZ
Hlbf_gbk\h_]hfheh^h]h]_jhybebZglb]_jhyIv_jZDhklZeyZ\lhjg_]h^m_l
qlh gZoh^ykv ih^ ^Z\e_gb_f `_eZgby fm`qbgu b `_gsbgu h[j_q_gu gZ \_qgh_
\aZbfgh_ g_ihgbfZgb_ >ey `_gsbg ]h\hjbl hg ex[h\v gZqbgZ_lky k k_dkmZevgh]h
m^h\e_l\hj_gby \ lh \j_fy dZd ^ey fm`qbg ex[h\v aZdZgqb\Z_lky k_dkhf `_gsbgZ
kha^ZgZ ^ey h^gh]h fm`qbgu gh fm`qbgZ kha^Zg ^ey `bagb b ^ey \k_o `_gsbg
Ls_keZ\b_ ² ^hfbgZglZ kljZklb m fm`qbg \ lh \j_fy dZd kbeZ qm\kl\Z ex[\b d
fm`qbg_ y\ey_lky \Z`guf bklhqgbdhf kqZklvy ^ey `_gsbg KqZklv_ `_gsbgu
khklZ\ey_lfm`qbgZgh^eyfm`qbgukqZklv_aZdexq_gh\ g_fkZfhfK_dkmZevgucZdl
hdjm`_ghiZkghklyfbaZij_lZfbnjmkljZpbyfbb hl\jZlbl_evghcnbabheh]b_c
E_]dh hl[jhkblv hibkZgb_ Fhgl_jeZghf kdmqZxs_]h wkl_lZ ]hj^h]h
klZjhfh^gh]h`_klhdh]hb kZfhjZajmrbl_evgh]hDhklZeydZdijh^mdlZiZljbZjoZevghc
b^_heh]bb gh ijb wlhf fu mimklbf ]em[hdb_ dhjgb hkljhlu `_eZgbc b kljZoZ b
g_gZ\bklbd `_gsbgZfdhlhju_e_`ZlaZlZdhcjZpbhgZebaZpb_c
Hkgh\gZy
iZlheh]by
\lhj]ZxsZyky
\
klZ[bevgu_
iheghklvx
m^h\e_l\hjbl_evgu_hlghr_gbyk ij_^klZ\bl_e_fijhlb\hiheh`gh]hiheZij_^klZ\e_gZ
iZlheh]b_c gZjpbkkbafZ k h^ghc klhjhgu b g_kihkh[ghklvx jZaj_rblv w^bih\u
dhgnebdlu k iheghc ]_gblZevghc b^_glbnbdZpb_c k jh^bl_evkdhc nb]mjhc lh]h `_
iheZ ² k ^jm]hc IZlheh]by gZjpbkkbafZ ijhy\ey_lky ijb[ebabl_evgh h^bgZdh\h m
fm`qbg b `_gsbg IZlheh]by dhjgb dhlhjhc djhxlky ]eZ\guf h[jZahf \ w^bih\uo
dhgnebdlZo jZaebqgZ m fm`qbg b `_gsbg M `_gsbg g_jZaj_r_ggu_ w^bih\u
dhgnebdlugZb[he__qZklhijhy\eyxlky\ jZaebqguofZahobklbq_kdboiZll_jgZolZdbo
dZd ihklhyggZy ijb\yaZgghklv d fm`qbgZf g_ m^h\e_l\hjyxsbf bo b g_\hafh`ghklv
ihemqZlv m^h\hevkl\b_ beb ih^^_j`b\Zlv hlghr_gby k fm`qbghc dhlhjuc
ihl_gpbZevgh fh] [u iheghklvx bo m^h\e_l\hjblv Fm`qbgu lZd`_ ijb\yau\Zxlky d
g_m^h\e_l\hjyxsbf `_gsbgZf gh dmevlmjZevgh hgb [he__ k\h[h^gu jZahj\Zlv lZdb_
hlghr_gby @_gkdZy kbkl_fZ p_gghkl_c bo aZ[hlZ b qm\kl\h hl\_lkl\_gghklb ih
hlghr_gbx d ^_lyf fh]ml ijb\_klb d mkbe_gbx fZahobklkdbo l_g^_gpbc H^gZdh
bklbggh_W]hb^_Zeb fZl_jbgkdZyaZ[hlZg_bf_xlfZahobklkdbop_e_c;exf m
h[uqguoij_^ZgguofZl_j_c
M fm`qbgij_\ZebjmxsZyiZlheh]by\ ex[h\guohlghr_gbyoijhbkoh^ysZyba
w^bih\uo dhgnebdlh\ ijbgbfZ_l nhjfm kljZoZ b qm\kl\Z g_[_ahiZkghklb gZ_^bg_ k
`_gsbgZfbb aZsblguoj_Zdpbc ijhlb\ wlhc g_[_ahiZkghklb \ \b^_ j_Zdlb\ghklb beb
ijh_pbjm_fhc \jZ`^_[ghklb ih hlghr_gbx d `_gsbgZf Wlh k\yaZgh k ^h]_gblZevghc
\jZ`^_[ghklvx b qm\kl\hf \bgu ih hlghr_gbx d nb]mj_ fZl_jb >h]_gblZevgu_
dhgnebdluZ hkh[_gghdhgnebdluk\yaZggu_k ^h]_gblZevghcZ]j_kkb_cmkbeb\Zxlkyb
iehlgh kfudZxlky k ]_gblZevgufb dhgnebdlZfb M `_gsbg lZdh_ kfudZgb_ h[uqgh
ihy\ey_lky \ h[hklj_gbb dhgnebdlh\ \hdjm] aZ\bklb d i_gbkm hjZevgh
^_l_jfbgbjh\ZggZy aZ\bklv d ^h]_gblZevghc fZl_jb aZf_sZ_lky gZ b^_ZebaZpbx
]_gblZebc hlpZ b _]h i_gbkZ b gZ w^bih\m dhgdmj_gpbx k fZl_jvx M fm`qbg
^h]_gblZevgZy Z]j_kkby kljZo `_gsbg b aZ\bklv d gbf mkm]m[eyxl w^bih\u kljZob b
qm\kl\h g_iheghp_gghklb ih hlghr_gbx d gbf ^h]_gblZevgZy aZ\bklv d fZl_jb
mkbeb\Z_lw^bih\h^_l_jfbgbjh\Zggh_qm\kl\hg_[_ahiZkghklbfm`qbgihhlghr_gbxd
b^_Zebabjm_fuf`_gsbgZf
Mgb\_jkZevgZy ijbjh^Z w^bih\hc dhgkl_eeypbb ijb\h^bl d gh\hfm ijhy\e_gbx
w^bih\uo dhgnebdlh\ gZ jZaguo klZ^byo hlghr_gbc lZd qlh ikbohkhpbZevgu_
h[klhyl_evkl\Z fh]ml bgh]^Z \uau\Zlv Z bgh]^Z aZsbsZlv iZjm hl j_Zdlb\Zpbb
g_\jhlbq_kdh]h ijhy\e_gby w^bih\uo dhgnebdlh\ GZijbf_j lh qlh `_gsbgZ
iheghklvxihk\ysZ_lk_[ybgl_j_kZffm`Zfh`_l[ulvZ^Zilb\guf\ujZ`_gb_f__ Y
b^_ZeZ gh fh`_l lZd`_ b Z^Zilb\gh dhfi_gkbjh\Zlv __ fZahobklbq_kdb_ l_g^_gpbb
k\yaZggu_k [_kkhagZl_evghc\bghcaZlhqlhhgZaZgyeZf_klhw^bih\hcfZl_jbDh]^Z
fm` [he__ g_ aZ\bkbl hl g__ b bo wdhghfbq_kdb_ b khpbZevgu_ hlghr_gby [hevr_ g_
lj_[mxl ]ZjZglbb __ `_jl\u [_kkhagZl_evgh_ qm\kl\h \bgu hljZ`Zxs__
g_jZaj_r_ggu_w^bih\udhgnebdlufh`_l[hevr_g_dhfi_gkbjh\ZlvkyIjb\h^ylky\
^\b`_gb_ jZaghh[jZagu_ dhgnebdlu ² \hafh`gh __ [_kkhagZl_evgZy ihlj_[ghklv
jZajmrblvhlghr_gbybaqm\kl\Z\bgubebg_jZaj_r_ggucdhfie_dkaZ\bklbd i_gbkmb
k\yaZggh_ k wlbf g_]h^h\Zgb_ ih ih\h^m fm`kdbo mki_oh\ Beb d ijbf_jm g_m^Zqb
ihklb]rb_ fm`qbgm gZ jZ[hl_ ^_dhfi_gkbjmxl _]h ij_`gb_ bklhqgbdb
gZjpbkkbq_kdh]h kZfhml\_j`^_gby dhlhju_ h[_j_]Zeb _]h hl w^bih\hc g_m\_j_gghklb
ih hlghr_gbx d `_gsbgZf b iZlheh]bq_kdh]h khi_jgbq_kl\Z k fm`qbgZfb qlh
ijb\h^bld j_]j_kkbbd k_dkmZevgufaZij_lZfb ijhlb\hj_qb\hcaZ\bkbfhklbhl`_gu
qlh y\ey_lky iha^gbf \hkkha^Zgb_f _]h w^bih\uo dhgnebdlh\ b bo g_\jhlbq_kdh]h
jZaj_r_gby
KhpbZevgh_ dmevlmjgh_ b ijhn_kkbhgZevgh_ jZa\blb_ b mki_o `_gsbg \
aZiZ^ghf h[s_kl\_ fh]ml ihkem`blv m]jhahc ljZ^bpbhgghc dmevlmjghghjfZlb\ghc b
ih^dj_ie_gghc aZsbl_ fm`qbg hl bo a^bih\hc g_m\_j_gghklb b kljZoh\ b aZ\bklb d
`_gsbgZf Baf_gyxsZyky j_Zevghklv dhgnjhglbjm_l h[hbo mqZklgbdh\ b kha^Z_l
ihl_gpbZevgmx \hafh`ghklv j_Zdlb\Zpbb khagZl_evghc b [_kkhagZl_evghc aZ\bklb
j_\ghklb b g_gZ\bklb qlh hiZkgh m\_ebqb\Z_l Z]j_kkb\gu_ dhfihg_glu \ ex[h\guo
hlghr_gbyo
WlZ khpbhdmevlmjgZy jZaf_jghklv \ [_kkhagZl_evguo dhgnebdlZo iZju lhgdh b
^jZfZlbqgh ijhbeexkljbjh\ZgZ \ jy^_ dbghdZjlbg WjbdZ Jhf_jZ h ex[\b b [jZd_
hkh[_ggh\ nbevf_ 0\1LJKWDW0DXGH
V Ghqvm Fh^Jhf_j F_^e_g @ZgEmb ² dhg\_gpbhgZevguc fheh^hc q_eh\_d bgl_eeb]_glguc b k_gablb\guc gh
aZkl_gqb\ucb m[_`^_ggucdZlhebd ² g_hkf_eb\Z_lky\klmiblv\ hlghr_gbyk Fh^ ²
khklhys_c\ jZa\h^_h`b\e_gghcijhn_kkbhgZevghZdlb\ghc]em[hdhwfhpbhgZevghcb
keh`ghc Hg ij_^ihqblZ_l hklZlvky \_jguf b^_Zebabjm_fhc ^h\hevgh kdmqghc
kdjulghc b ih^qbgy_fhc dZlhebq_kdhc ^_\mrd_ gZ dhlhjhc j_rbe `_gblvky Hg
q_eh\_d^he]Zb ihklhygkl\Zgh\ ]em[bg_^mrb[hblkyij_^Zlvkyiheghdjh\gufohlyb
g_ \iheg_ ykguf hlghr_gbyf k `_gsbghc jZ\ghc k_[_ B Fh^ kh \k_f __ h[Zygb_f
lZeZglhf b kihkh[ghklvx d kZfh\ujZ`_gbx hdZau\Z_lky g_ \ kbeZo ihgylv qlh @Zg
Emb g_ ^Zkl _c gbq_]h baaZ [hyagb b g_kihkh[ghklb k^_eZlv wlh Hl\_j]gm\ <Zc^ZeZ
^jm]Z @ZgEmb dhlhjuc ^_ckl\bl_evgh __ ex[bl hgZ \klmiZ_l \ _s_ [he__
g_m^h\e_l\hjbl_evguc [jZd k ^jm]bf fm`qbghc Bo ljZ]_^by khklhbl \ ihl_j_
\hafh`ghkl_c ² ijhlb\hiheh`ghklbihl_gpbZevghfmkqZklvxb klZ[bevgufex[h\guf
hlghr_gbyf beb [jZdm ijb dhlhjhf h[Z iZjlg_jZ fh]ml ij_h^he_lv [_kkhagZl_evgh
^_l_jfbgbjh\ZggmxhiZkghklv^eybohlghr_gbc
<ex[e_gghklvb kha^Zgb_iZju
Kihkh[ghklv \ex[eylvky ² hkgh\ghc we_f_gl \aZbfhhlghr_gbc iZju HgZ
\dexqZ_l kihkh[ghklv kh_^bgylv b^_ZebaZpbx k wjhlbq_kdbf `_eZgb_f b ihl_gpbZehf
^ey jZa\blby ]em[hdbo h[t_dlguo hlghr_gbc Fm`qbgZ b `_gsbgZ dhlhju_ gZoh^yl
^jm] ^jm]Z ijb\e_dZl_evgufb `_eZggufb b kihkh[gufb mklZgh\blv iheghp_ggu_
k_dkmZevgu_ hlghr_gby g_kmsb_ wfhpbhgZevgmx [ebahklv b qm\kl\h j_ZebaZpbb bo
b^_Zeh\[ebahklbk ex[bfuf\ujZ`Zxlg_lhevdhk\hxkihkh[ghklvd [_kkhagZl_evghc
k\yab wjhlbafZ k g_`ghklvx k_dkmZevghklb k W]hb^_Zehf gh lZd`_ d lhfm qlh[u
aZklZ\blv Z]j_kkbx kem`blv ex[\b IZjZ mklZgZ\eb\ZxsZy ex[h\gu_ hlghr_gby
hljbpZ_l \_qgmx aZ\bklv b h[b^m bkdexq_gguo ^jm]bo b g_gZ^_`gh_ \ebygb_
dhg\_gpbhgZevghcdmevlmju\ dhlhjhchgb`b\mlJhfZglbq_kdbcfbnh ^\moex[ysbo
k_j^pZo gZr_^rbo ^jm] ^jm]Z \h \jZ`^_[ghc lhei_ hljZ`Z_l [_kkhagZl_evgmx
j_Zevghklv h[hbo iZjlg_jh\ G_dhlhju_ dmevlmju hl\h^yl h]jhfgmx jhev jhfZglbafm
wlh wfhpbhgZevgu_ ]_jhbq_kdb_ b^_Zebabjh\Zggu_ Zki_dlu ex[\b ^jm]b_ fh]ml
dZl_]hjbq_kdb hljbpZlv _]h l_f g_ f_g__ wfhpbhgZevgZy j_Zevghklv \h \k_ \j_f_gZ
gZoh^beZk\h_\hiehs_gb_\ bkdmkkl\_b ebl_jZlmj_;_j]fZgg ?s_ h^ghc \Z`ghc oZjZdl_jbklbdhc ^bgZfbdb y\ey_lky ^_jadbc ijhju\
ihdhjghklb d [_kkhagZl_evgh ]hfhk_dkmZevguf ]jmiiZf eZl_glgh]h b jZgg_]h
ih^jhkldh\h]h i_jbh^h\ ;jZmgr\_c] b N_cg fm`qbgZ ij_g_[j_]Z_l ZgZevguf
h[_kp_gb\Zgb_f k_dkmZevghklb aZsblguf hl\_j`_gb_f `_gsbg \ ]jmiiZo eZl_glgh]h
i_jbh^Z b jZgg_ih^jhkldh\uo fm`kdbo ]jmiiZo b ]jmiih\hc aZsblhc hl e_`Zsbo aZ
wlbf aZ\bkbfh]h klj_fe_gby b w^bih\uo aZij_lh\ `_gsbgZ i_j_klmiZ_l kljZo i_j_^
fm`kdhc Z]j_kkb_c `_gkdb_ ]jmiiu eZl_glgh]h b ih^jhkldh\h]h i_jbh^h\ dZd [u
aZdexqZxl fheqZeb\h_ kh]eZr_gb_ h[ hl\_j`_gbb `_eZgby k_dkmZevghc [ebahklb Z
lZd`_ h aZsblghc b^_ZebaZpbb qZklbqgh ^_k_dkmZebabjh\Zgguo fm`qbg dZd
jZa^_ey_fhf]jmiih\hfb^_Ze_
Fm`qbgZb `_gsbgZfh]mlagZlv^jm]^jm]Zk ^_lkl\Zb dZaZlvky[eZ]hihemqghc
iZjhc hgb fh]ml \klmiblv \ [jZd b \k_lZdb gZ kZfhf ^_e_ g_ [ulv gZklhys_c iZjhc
Beb hgb fh]ml k_dj_lgh klZlv iZjhc fgh]b_ _keb g_ [hevrbgkl\h [jZdh\ y\eyxlky
g_kdhevdbfb [jZdZfb b fgh]b_ iZju klZgh\ylky iZjZfb ebrv ihke_ lh]h dZd
hlhj\mlkyhlk\h_ckhpbZevghc]jmiiu
?kebiZjZfh`_l\dexqblvk\hbihebfhjngu_i_j\_jab\gu_nZglZabbb `_eZgby
\ k\hb k_dkmZevgu_ hlghr_gby hldjulv ^ey k_[y kZ^hfZahobklbq_kdh_ y^jh
k_dkmZevgh]h \ha[m`^_gby __ \uah\ dhg\_gpbhgZevguf dmevlmjguf gjZ\Zf fh`_l
ij_\jZlblvky\ khagZl_evgucwe_f_glm^h\hevkl\byIhegh_b k\h[h^gh_\ujZ`_gb_bo
l_e_kgh]h wjhlbafZ fh`_l mkbeblv hldjulhklv dZ`^h]h ba iZjlg_jh\ d wkl_lbq_kdhc
klhjhg_ dmevlmju b bkdmkkl\Z b i_j_`b\Zgbx ijbjh^u Kh\f_klguc hldZa hl
k_dkmZevguo lZ[m ^_lkl\Z ihfh`_l lZd`_ jZkrbjblv wfhpbhgZevgmx dmevlmjgmx b
khpbZevgmx`bagviZju
>ey iZpb_glh\ kh agZqbl_evghc iZlheh]b_c oZjZdl_jZ kihkh[ghklv \ex[eylvky
hagZqZ_l ba\_klgu_ ikboheh]bq_kdb_ ^hklb`_gby ^ey gZjpbkkbq_kdbo ebqghkl_c
\ex[e_gghklv agZf_gm_l gZqZeh kihkh[ghklb ijhy\eylv aZ[hlm b bkiulu\Zlv qm\kl\h
\bgu b ^Z_l g_dhlhjmx gZ^_`^m gZ ij_h^he_gb_ ]em[hdh]h [_kkhagZl_evgh]h
h[_kp_gb\Zgbyh[t_dlZex[\b>eyiZpb_glh\k ih]jZgbqghcebqghklghchj]ZgbaZpb_c
ijbfblb\gZy b^_ZebaZpby fh`_l klZlv i_j\uf rZ]hf d hlghr_gbyf ex[\b
hlebqZxsbfky hl hlghr_gbc ex[\bg_gZ\bklb k i_j\bqgufb h[t_dlZfb Wlh
ijhbkoh^bl _keb b dh]^Z f_oZgbafu jZks_ie_gby VSOLWWLQJ hl\_qZxsb_ aZ lZdmx
ijbfblb\gmx b^_ZebaZpbx [ueb jZaj_r_gu b wlb ex[h\gu_ hlghr_gby beb gh\u_
aZf_gyxsb_bokihkh[gu\ug_klbb jZaj_rblv^h]_gblZevgu_dhgnebdluhldhlhjuo
aZsbsZeZ ijbfblb\gZy b^_ZebaZpby IZpb_glu g_\jhlbq_kdh]h kdeZ^Z b iZpb_glu k
hlghkbl_evgh e_]dhc nhjfhc iZlheh]bb jZa\b\Zxl kihkh[ghklb d ijh^he`bl_evguf
ex[h\guf hlghr_gbyf _keb b dh]^Z mki_rguc ikbohZgZeba beb ikbohl_jZiby
jZaj_rbeb[_kkhagZl_evgu_\ hkgh\ghfw^bih\udhgnebdlu
Khklhygb_ \ex[e_gghklb ij_^klZ\ey_l kh[hc b ijhp_kk kdhj[b k\yaZgguc k
\ajhke_gb_f l_f qlh klZgh\brvky kZfhklhyl_evguf b i_j_`b\Zgb_f ijhsZgby k
^_lkl\hf < wlhf ijhp_kk_ k_iZjZpbb ijbkmlkl\m_l lZd`_ ih^l\_j`^_gb_ ohjhrbo
hlghr_gbc k bgl_jgZebah\Zggufb h[t_dlZfb ijhreh]h ih f_j_ lh]h dZd bg^b\b^
h[j_lZ_l m\_j_gghklv \ \hafh`ghklb ^Z\Zlv b ihemqZlv ex[h\v b h^gh\j_f_ggh
bkiulu\Zlvk_dkmZevgh_m^h\e_l\hj_gb_ ² ijbihkl_i_gghfmkbe_gbbb lh]hb ^jm]h]h
² \ ijhlb\hiheh`ghklv^_lkdhfmdhgnebdlmf_`^mex[h\vxb k_dkhf
>hklb`_gb_ wlhc klZ^bb iha\hey_l jZa\b\Zlv kihkh[ghklb ljZgknhjfbjh\Zlv
\ex[e_gghklv \ klZ[bevgu_ ex[h\gu_ hlghr_gby \dexqZy kihkh[ghklv d g_`ghklb
aZ[hl_b b^_ZebaZpbb[he__keh`ghcq_fgZjZggboklZ^byojZa\blbyb kihkh[ghklvd
b^_glbnbdZpbb k h[t_dlhf ex[\b b wfiZlbb d g_fm GZ wlhf wlZi_ g_`ghklv fh`_l
i_j_l_dZlv \ ihegh_ k_dkmZevgh_ m^h\hevkl\b_ ijb wlhf m]em[ey_lky qm\kl\h aZ[hlu
k_dkmZevghc b^_glbnbdZpbb b wfiZlbb Z b^_ZebaZpby klZgh\blky aj_euf qm\kl\hf
hl\_lkl\_gghklbihhlghr_gbxd b^_Zemij_^klZ\e_gghfml_fq_fy\ey_lkybebaZq_f
klhblex[bfucq_eh\_dbebq_ffh`_lklZlvkh_^bgb\rZykyiZjZ
Aj_eZyk_dkmZevgZyex[h\vb k_dkmZevgZyiZjZ
=_gjb >bd_ ij_^hklZ\be fZl_jbZeu ihemq_ggu_ gZ hkgh\_ bamq_gby
dhgnebdlh\kmijm`_kdboiZjdhlhju_y kqblZxkZfufihgylgufikbohZgZeblbq_kdbf
ihkh[b_f ^ey bamq_gby oZjZdl_jbklbd ghjfZevguo b ikbohiZlheh]bq_kdbo ex[h\guo
hlghr_gbc Hg ih^hr_e d bamq_gbx kihkh[ghklb d aj_euf ex[h\guf hlghr_gbyf \
l_jfbgZo jZaf_jghklb bgl_jZdpbc \ mklZgh\b\rboky kmijm`_kdbo hlghr_gbyo
H[ke_^my kmijm`_kdb_ iZju bg^b\b^mZevgh b kh\f_klgh \ ikbohZgZeblbq_kdhc
iZjZ^b]f_hg\ujZ[hlZedjbl_jbbiha\heyxsb_ijh\h^blvZgZebaijbqbgojhgbq_kdbo
kmijm`_kdbodhgnebdlh\Z lZd`_bobkoh^h\jZajmr_gby[jZqgh]hkhxaZkhojZg_gby
rZldh]hdhgnebdlgh]hjZ\gh\_kbybebjZaj_r_gbydhgnebdlZ
>bd_ h[gZjm`be qlh kms_kl\mxl ljb hkgh\gu_ kn_ju \aZbfh^_ckl\by iZju
k\yaZggu_ f_`^m kh[hc bo khagZl_evgu_ \aZbfgu_ ij_^klZ\e_gby h lhf dZdbfb
^he`gu[ulv[jZqgu_hlghr_gby kl_i_gv\ dhlhjhcbo\aZbfgu_h`b^Zgbyiha\heyxl
]Zjfhgbabjh\Zlv bo kh[kl\_ggu_ dmevlmjgu_ h`b^Zgby Z lZd`_ bo bgl_]jZpby \
dmevlmjgh_ hdjm`_gb_ b [_kkhagZl_evgZy Zdlb\Zpby ijhreuo iZlh]_gguo
bgl_jgZebah\Zgguoh[t_dlguohlghr_gbc\ dZ`^hfiZjlg_j_b boh[hx^gZybg^mdpby
dhfie_f_glZjguo jhe_c d wlbf ijhreuf h[t_dlguf hlghr_gbyf >bd_ ijboh^bl d
\u\h^m h lhf qlh iZju mklZgZ\eb\Zxl dhfijhfbkkgh_ h[jZah\Zgb_ f_`^m k\hbfb
[_kkhagZl_evgufb h[t_dlgufb hlghr_gbyfb dhlhju_ qZklh gZoh^ylky \ hkljhf
dhgnebdl_k bohkhagZggufb`_eZgbyfbb \aZbfgufbh`b^Zgbyfb
<aZbfgZy bg^mdpby jhe_c dhlhjZy ^hklb]Z_lky iml_f ijh_dlb\ghc
b^_glbnbdZpbbhdZaZeZkvkms_kl\_ggufnZdlhjhfhij_^_eyxsbfkihkh[ghklviZjud
ihemq_gbx m^h\e_l\hj_gby >bd_ ih^q_jdb\Ze qlh k_dkmZevgu_ dhgnebdlu f_`^m
iZjlg_jZfb ² wlh lZ h[eZklv \ dhlhjhc jZkdju\Zxlky bf_xsb_ky kmijm`_kdb_
dhgnebdlub gZoh^yl\ujZ`_gb_[_kkhagZl_evghZdlb\bjh\Zggu_h[t_dlgu_hlghr_gby
HgmdZau\ZegZj_adbcdhgljZklf_`^mwlbfbZdlb\bjm_fufbh[t_dlgufbhlghr_gbyfb
b I_j\hgZqZevghc\aZbfhb^_ZebaZpb_ciZju
HibkZggu_ >bdkhf ij_\jZlghklb Zdlb\baZpbb \aZbfguo ijh_dlb\guo
b^_glbnbdZpbc dZd qZklb h[t_dlguo hlghr_gbc iZju b \ebygb_ bo W]hb^_Zeh\ gZ
hlghr_gby hdZaZeb agZqbl_evgh_ \ha^_ckl\b_ gZ fhx lhqdm aj_gby ih ih\h^m
\aZbfhhlghr_gbciZju
>bd_ml\_j`^ZeqlhdZd[ugb dZaZehkviZjh^hdkZevguf^eya^jZ\h]hkfukeZ
[_kkhagZl_evgu_ kh]eZr_gby ² lZcgh_ h[t_^bg_gb_ iZjlg_jh\ ² hdZau\Zxlky [he__
kbevgufb b g_ij_h^hebfufb \ gZjmr_gguo [jZqguo khxaZo dhlhju_ fu k_cqZk
jZkkfZljb\Z_fihkjZ\g_gbxkhk\h[h^gufbb ]b[dbfb\aZbfhaZ\bkbfhklyfbp_evguo
ex^_c
K fh_clhqdbaj_gbykn_jubgl_jZdpbbiZjuhibku\Z_fu_>bdkhffh]ml[ulv
i_j_kljmdlmjbjh\Zgu b jZkrbj_gu ^h ih djZcg_c f_j_ lj_o kn_j j_Zevgu_
k_dkmZevgu_ hlghr_gby khagZl_evgh b [_kkhagZl_evgh ^hfbgbjmxsb_ h[t_dlgu_
hlghr_gby
mklZgh\e_gb_ kh\f_klgh]h W]hb^_ZeZ Kihkh[ghklv d aj_ehc k_dkmZevghc
ex[\bdhlhjmxy hibku\ZegZoh^blk\h_\hiehs_gb_\ wlbolj_okn_jZo
Hkh[_ggh_\gbfZgb_fg_ohl_ehkv[uh[jZlblvgZ\Z`ghklvbgl_]jZpbbeb[b^hb
Z]j_kkbb ex[\b b g_gZ\bklb k ^hfbgbjmxs_c jhevx ex[\b gZ^ g_gZ\bklvx \h \k_o
wlbolj_ohkgh\guokn_jZobgl_jZdpbbiZju< wlhck\yaby hq_gvijbagZl_e_gKlhee_jm
dhlhjuc \g_k h]jhfguc \deZ^ \ ikbohZgZeblbq_kdh_ ihgbfZgb_
k_dkmZevgh]h\ha[m`^_gbyi_j\_jkbcb ijbjh^uex[\bHgmdZau\ZegZkms_kl\_ggmx
jhev Z]j_kkbb dZd dhfihg_glZ k_dkmZevgh]h \ha[m`^_gby b kZfhklhyl_evgh ijbr_e d
\u\h^Zf koh`bf k fhbfb bamqZy k_dkmZevguc hiul iZpb_glh\ k ih]jZgbqghc
ebqghklghc hj]ZgbaZpb_c Hg lZd`_ ih^q_jdb\Ze \Z`ghklv lZcgu \ k_dkmZevghf
\ha[m`^_gbb b hibku\Ze ZgZlhfbq_kdb_ b nbabheh]bq_kdb_ nZdlhju dhlhju_ \h
\aZbfh^_ckl\bb k w^bih\ufb `_eZgbyfb b hiZkghklyfb \ghkyl \deZ^ \ dZq_kl\h
\ha[m`^_gbyb njmkljZpbbb y\eyxlkyqZklvxlZcguLZcgZb ijh^mpbjm_lb hljZ`Z_l
k_dkmZevgu_ nZglZabb Klhee_j ih^q_jdb\Ze nmgdpbx k_dkmZevgh]h \ha[m`^_gby \
\hkijhba\_^_gbbhiZkguob ihl_gpbZevghnjmkljbjmxsbokblmZpbcb ij_h^he_gbbbo
iml_fm^h\e_l\hj_gbyki_pbnbq_kdbfbk_dkmZevgufbnZglZabyfbb ^_ckl\byfbLZdbf
h[jZahf k lhqdb aj_gby kihkh[ghklb d k_dkmZevghfm \ha[m`^_gbx b wjhlbq_kdhfm
`_eZgbx b d bgl_]jZpbb ^hw^bih\uo b w^bih\uo h[t_dlguo hlghr_gbc dZd qZklb
ex[h\guo hlghr_gbc bgl_]jZpby eb[b^h b Z]j_kkbb ex[\b b g_gZ\bklb ihkl_i_ggh
klZgh\blky hkgh\guf Zki_dlhf kihkh[ghklb d ex[h\guf hlghr_gbyf Z lZd`_
iZlheh]bb\ ex[h\guohlghr_gbyo
KZ^hfZahobklkdb_ Zki_dlu ihebfhjnghc i_j\_jab\ghc k_dkmZevghklb kem`Zl
\Z`guf klbfmehf d [hjv[_ aZ k_dkmZevgh_ kh_^bg_gb_ Z kms_kl\_gguc g_^hklZlhd
aZ[hleb\hc l_e_kghc g_`ghklb beb ljZ\fbjmxsbc hiul ijhreh]h nbabq_kdh_ beb
k_dkmZevgh_gZkbeb_fh]mlmgbqlh`blvkihkh[ghklvd k_dkmZevghfmhl\_lghfmqm\kl\m
b ihf_rZlvjZa\blbxZnn_dlZk_dkmZevgh]h\ha[m`^_gbyGhb qj_af_jgh_\ul_kg_gb_
Z]j_kkbb [_kkhagZl_evgu_ aZij_lu gZ jZggb_ Z]j_kkb\gu_ dhfihg_glu ihebfhjnghc
i_j\_jab\ghc bgnZglbevghc k_dkmZevghklb fh]ml k^_j`b\Zlv b h[_^gylv hl\_lgh_
k_dkmZevgh_qm\kl\h
Fhb debgbq_kdb_ bkke_^h\Zgby ihdZau\Zxl qlh g_dhlhjZy kl_i_gv ih^Z\e_gby
beb \ul_kg_gby ihebfhjnghc i_j\_jab\ghc bgnZglbevghc k_dkmZevghklb ² gZb[he__
jZkijhkljZg_gguc \b^ k_dkmZevguo aZij_lh\ agZqbl_evgh h[_^gyxsbo ex[h\gmx
`bagviZjuqvbwfhpbhgZevgu_hlghr_gbyijb^jm]boh[klhyl_evkl\Zofh]eb[u[ulv
\iheg_ m^h\e_l\hjbl_evgufb IjZdlbdZ ihdZau\Z_l qlh iZju fh]ml j_]meyjgh bf_lv
]_gblZevgu_ iheh\u_ dhglZdlu k k_dkmZevguf \ha[m`^_gb_f b hj]Zafhf gh qm\kl\h
h^ghh[jZabyb kfmlgh_hsms_gb_g_m^h\e_l\hj_gghklbb kdmdb[m^_lijbwlhfjZklb<
h[eZklb k_dkmZevgh]h \ha[m`^_gby b g_^hklZlhqgZy bgl_]jZpby Z]j_kkbb b __ ba[ulhd
fh]mlihkl_i_gghgZqZlvij_iylkl\h\Zlvex[h\gufhlghr_gbyf
Lh`_kZfh_ijhbkoh^bl\ ^hfbgZglguoh[t_dlguohlghr_gbyoiZjuG_^hklZlhd
bgl_]jZpbbZ[khexlghohjhrbob Z[khexlghiehobobgl_jgZebah\Zgguoh[t_dlguo
hlghr_gbcijb\h^bld ijbfblb\ghcb^_ZebaZpbb\ ex[h\guohlghr_gbyom ebqghkl_c
k ih]jZgbqghc ebqghklghc hj]ZgbaZpb_c G_j_Zebklbqgh_ dZq_kl\h b^_ZebaZpbb e_]dh
ijb\h^bl d dhgnebdlZf b jZajmr_gbx hlghr_gbc B^_ZebaZpby dhlhjZy g_
\u^_j`b\Z_l Zf[b\Ze_glghklb lh _klv e_]dh jZajmrZ_lky ex[hc Z]j_kkb_c \
hlghr_gbyo y\ey_lky ih hij_^_e_gbx g_ijhqghc b g_m^h\e_l\hjbl_evghc b m
iZjlg_jh\g_o\ZlZ_lkihkh[ghklbd ]em[hdhc\aZbfghcb^_glbnbdZpbbGhbgl_]jZpby
h[t_dlguo hlghr_gbc dhlhjZy ij_^\_sZ_l ^hfbgbjh\Zgb_ ijh^\bgmluo w^bih\uo
dhgnebdlh\ k khhl\_lkl\mxs_c lhe_jZglghklvx d Zf[b\Ze_glghklb lZd`_ hagZqZ_l
ijbkmlkl\b_ Z]j_kkbb \ hlghr_gbyo dhlhjmx g_h[oh^bfh \ug_klb b dhlhjZy y\ey_lky
ihl_gpbZevghcm]jhahchlghr_gbyf
Lhe_jZglghklv d Zf[b\Ze_glghklb kihkh[kl\m_l Zdlb\Zpbb [_kkhagZl_evguo
kp_gZjb_\ b \aZbfghc ijh_dpbhgghc b^_glbnbdZpbb ijhreuo iZlh]_gguo
bgl_jgZebah\Zgguo h[t_dlguohlghr_gbc lZdqlh lhe_jZglghklv d Z]j_kkbb dZd qZklb
Zf[b\Ze_glguo hlghr_gbc iZju qj_a\uqZcgh h[h]ZsZ_l __ b ijb^Z_l hlghr_gbyf
iZjlg_jh\ ]em[bgm dhlhjmx ;Zebgl gZau\Z_l ]_gblZevghc b^_glbnbdZpb_c Z
<bggbdhll² aZ[hlhc Gh qj_af_jgZy Z]j_kkby m]jh`Z_l hlghr_gbyf iZju
g_\ughkbfufbdhgnebdlZfbb ihl_gpbZevgufjZaju\hfhlghr_gbc
>Z\Zcl_ i_j_c^_f hl h[t_dlguo hlghr_gbc d \aZbfghc ijh_dpbb iZjhc W]h
b^_ZeZ <aZbfgZy b^_ZebaZpby ^jm] ^jm]Z Z lZd`_ hlghr_gbc iZju fh`_l
jZkkfZljb\Zlvky g_ lhevdh dZd aZsblZ hl [he__ j_Zebklbq_kdbo lj_[h\Zgbc m\Z`_gby
gm`^b hlghr_gbc^jm]^jm]ZghlZd`_dZd^hfbgbjh\Zgb_nmgdpbcKmi_jW]h\ p_ehf
b bgnZglbevgh]h Kmi_jW]h k _]h aZij_lZfb gZ w^bih\u `_eZgby b bgnZglbevgmx
k_dkmZevghklvGhjfZevgh_jZa\blb_nmgdpbcKmi_jW]hij_^hojZgy_liZjmb ^h[Z\ey_l
fhsguc we_f_gl ² qm\kl\h \aZbfghc hl\_lkl\_gghklb b aZ[hlu ² ba\e_q_gguc ba
wfhpbhgZevguo]em[bg\ bohlghr_gbyoGhijb^hfbgbjh\ZgbbZ]j_kkbb\ Kmi_jW]h
wlhlZd`_kha^Z_l\hafh`ghklv\aZbfguoij_ke_^h\Zgbcb ih^Z\e_gbyk\h[h^u
Hq_\b^gh qlh dZq_kl\h b jZa\blb_ ex[h\guo hlghr_gbc aZ\bkyl hl oZjZdl_jZ
khhl\_lkl\byiZjublZdbfh[jZahfhlkihkh[Z\u[hjZiZjlg_jZL_`_q_jludhlhju_
\dexqZ_l \ k_[y kihkh[ghklv d aj_euf ex[h\guf hlghr_gbyf \ebyxl b gZ ijhp_kk
\u[hjZKihkh[ghklvk\h[h^ghbkiulu\Zlvk_dkmZevgh_gZkeZ`^_gb__kebwlh^hklmigh
ohly[uh^ghfmiZjlg_jmkhklZ\ey_lgZqZevgmxkblmZpbxijh\_jdb ² ^hdZdhckl_i_gb
dZ`^ucbagbokihkh[_gd k\h[h^_[h]Zlkl\mb jZaghh[jZabxk_dkmZevguohlghr_gbc
Kihkh[ghklv kf_eh \klj_qZlv k_dkmZevgu_ aZij_lu h]jZgbq_gby beb hl\_j`_gb_
iZjlg_jZ_klv\ujZ`_gb_klZ[bevghc]_gblZevghcb^_glbnbdZpbb\ ijhlb\hiheh`ghklv
yjhklghfm hl\_j`_gbx h[_kp_gb\Zgbx beb fZahobklkdhfm ih^qbg_gbx k_dkmZevguf
aZij_lZfiZjlg_jZ?kl_kl\_gghhl\_liZjlg_jZk k_dkmZevgufbaZij_lZfbgZih^h[guc
\uah\ y\ey_lky \Z`guf we_f_glhf jZa\blby ^bgZfbdb k_dkmZevghc iZju Ijb jZgg_c
k_dkmZevghc g_kh\f_klbfhklb iZju ijh[e_fm h[uqgh g_h[oh^bfh bkdZlv \
g_jZaj_r_gguow^bih\uodhgnebdlZob lZkl_i_gv\ dhlhjhcbo\hafh`ghjZaj_rblv\
[hevr_cf_j_aZ\bkblhlhlghr_gby[he__a^hjh\h]hiZjlg_jZGhba[_]Zgb_iZjlg_jZ
dhlhjuc y\gh [m^_l gZdeZ^u\Zlv `_kldb_ h]jZgbq_gby gZ h`b^Zgby k_dkmZevgh]h
m^h\e_l\hj_gbyy\ey_lkyh^gbfbaZki_dlh\ghjfZevgh]hijhp_kkZ\u[hjZ
JZa\blb_ kihkh[ghklb d p_ehklguf beb bgl_]jbjh\Zgguf h[t_dlguf
hlghr_gbyf ih^jZamf_\Z_l ^hklb`_gb_ b^_glbqghklb W]h b d lhfm `_ jZa\blb_
]em[hdbo hlghr_gbc kihkh[kl\mxsbo
bglmblb\ghfm
\u[hjm
q_eh\_dZ
khhl\_lkl\mxs_]h \Zrbf `_eZgbyf b klj_fe_gbyf < ijhp_kk_ \u[hjZ \k_]^Z
ijbkmlkl\mxl [_kkhagZl_evgu_ ^_l_jfbgZglu gh ijb h[uqguo h[klhyl_evkl\Zo
jZkoh`^_gb_ f_`^m [_kkhagZl_evgufb `_eZgbyfb b hiZk_gbyfb b khagZl_evgufb
h`b^Zgbyfb g_ klhev dZj^bgZevgh qlh[u hiZkZlvky bkq_agh\_gby ijhp_kkh\ jZgg_c
b^_ZebaZpbb\ hlghr_gbyoiZju
D lhfm `_ aj_euc \u[hj q_eh\_dZ dhlhjh]h \u ex[bl_ b k dhlhjuf ohlbl_
ijh\_klb \kx k\hx `bagv ih^jZamf_\Z_l aj_eu_ b^_Zeu hij_^_e_ggmx rdZem
p_gghkl_c b gZebqb_ p_e_c dhlhju_ \ ^hiheg_gb_ d m^h\e_l\hj_gbx ihlj_[ghkl_c \
ex[\b b [ebahklb ijb^Zxl [he__ rbjhdbc kfuke `bagb Fh`_l \hagbdgmlv \hijhk
ijb_fe_f eb a^_kv l_jfbg b^_ZebaZpby gh ^h kbo ihj ijb \u[hj_ q_eh\_dZ
khhl\_lkl\mxs_]h \Zrbf b^_ZeZf ijbkmlkl\m_l we_f_gl ljZgkp_^_glZevghklb Wlh
ihk\ys_gb_ k_[y q_eh\_dm b hij_^_e_gghfm h[jZam `bagb dhlhjuc khhl\_lkl\m_l beb
fh`_lkhhl\_lkl\h\Zlvhlghr_gbyfk wlbfq_eh\_dhf
Gh a^_kv fu hiylv \ha\jZsZ_fky d hkgh\ghc ^bgZfbd_ kh]eZkgh dhlhjhc
bgl_]jZpby Z]j_kkbb \ kn_jZo k_dkmZevguo hlghr_gbc h[t_dlguo hlghr_gbc b W]h
b^_ZeZ iZju ]ZjZglbjm_l ]em[bgm b bgl_gkb\ghklv hlghr_gbc b \ lh `_ \j_fy fh`_l
m]jh`Zlv bf Lhl nZdl qlh jZ\gh\_kb_ f_`^m ex[h\vx b Z]j_kkb_c ² ^bgZfbq_kdh_
^_eZ_lbgl_]jZpbxb ]em[bgmihl_gpbZevghg_klZ[bevghcIZjZg_fh`_ljZkkqblu\Zlv
^Z`_ ijb gZbemqrbo h[klhyl_evkl\Zo qlh __ [m^ms__ hq_\b^gh l_f [he__ _keb
kms_kl\m_l g_jZaj_r_gguc dhgnebdl m h^gh]h beb h[hbo iZjlg_jh\ qlh m]jh`Z_l
jZ\gh\_kbxf_`^mex[h\vxbZ]j_kkb_cBgh]^Z^Z`_ijbh[klhyl_evkl\ZodZ`msboky
[eZ]hijbylgufbb [_ahiZkgufbgh\u_h[klhyl_evkl\ZgZjmrZxllZdh_jZ\gh\_kb_
KZf nZdl qlh g_h[oh^bfuf mkeh\b_f jZa\blby ]em[hdbo b ^ebl_evguo
hlghr_gbc f_`^m ^\mfy ex^vfb y\ey_lky ^hklb`_gb_ kihkh[ghklb d ]em[bg_ ih
hlghr_gbx d kZfhfm k_[_ b ^jm]bf ² ^ey wfiZlbb b ihgbfZgby hldju\Zxsbo
]em[bgguc imlv d fgh]hf_jguf hlghr_gbyf f_`^m q_eh\_q_kdbfb kms_kl\Zfb ²
kha^Z_l ex[hiulgmx ^be_ffm Ih f_j_ lh]h dZd k ]h^Zfb h^bg ba iZjlg_jh\ h[j_lZ_l
[hevrmx kihkh[ghklv d ]em[hdhc ex[\b b j_Zebklbq_kdhfm m\Z`_gbx ^jm]h]h qlh
klZgh\blky qZklvx _]h ebqghc b khpbZevghc `bagb hg beb hgZ fh`_l gZclb ^jm]h]h
dhlhjuc fh`_l [ulv klhev `_ ih^oh^ysbf iZjlg_jhf beb ^Z`_ [he__
ij_^ihqlbl_evguf WfhpbhgZevgZy aj_ehklv lZdbf h[jZahf g_ y\ey_lky ]ZjZglb_c
[_kdhgnebdlghklb b klZ[bevghklb \h \aZbfhhlghr_gbyo iZju L\_j^u_ h[yaZl_evkl\Z
ih hlghr_gbx d h^ghfm q_eh\_dm fhjZevgu_ p_gghklb b hiul kh\f_klghc `bagb
h[h]Zlylb khojZgylklZ[bevghklvhlghr_gbcgh_kebagZgb_k_[yb j_ne_dkby]em[hdb
dZ`^uciZjlg_j\j_fyhl\j_f_gbfh`_lbkiulu\Zlvklj_fe_gb_d ^jm]bfhlghr_gbyf
d wlhfm fh`_l ih[m^blv j_ZebklbqgZy hp_gdZ b ih\lhjyxs__ky kZfhhlj_q_gb_ Gh
kZfhhlj_q_gb_ b klj_fe_gb_ fh]ml ^h[Z\blv ]em[bgu \ `bagv bg^b\b^mmfZ b iZju Z
gZijZ\e_gb_ klj_fe_gbc nZglZabc b k_dkmZevgh]h gZdZeZ \ hlghr_gbyo iZju fh]ml
ijb\g_klb^hihegbl_evgu_g_aZf_lgu_^eyihklhjhggbodjZkdb\ boex[h\gmx`bagv
<k_ q_eh\_q_kdb_ hlghr_gby ^he`gu dh]^Zlh hdhgqblvky b m]jhaZ ihl_jb b
h^bghq_kl\Z b \ dhgp_ dhgph\ kf_jlb y\ey_lky kZfhc kljZrghc _keb ex[h\v hq_gv
kbevgZHkhagZgb_wlh]hlZd`_mkbeb\Z_lex[h\v
IKBOHI:LHEH=BY
>Ze__ y ijb\h`m debgbq_kdb_ beexkljZpbb lh]h gZkdhevdh kbevgh
ikbohiZlheh]by \eby_l gZ jZa\blb_ aj_euo ex[h\guo hlghr_gbc Y khihklZ\ex
ihke_^kl\by [he__ b f_g__ ly`_euo kemqZ_\ ih]jZgbqghc ebqghklghc hj]ZgbaZpbb
gZjpbkkbq_kdhc b g_\jhlbq_kdhc ikbohiZlheh]bb gZ ijbf_j_ lbibqguo debgbq_kdbo
kemqZ_\
< g_dhlhjuogZb[he__ly`_euokemqZyoih]jZgbqghcebqghklghchj]ZgbaZpbb\
qZklghklb m iZpb_glh\ k \ujZ`_ggufb kZfh^_kljmdlb\gufb l_g^_gpbyfb b
l_g^_gpbyfb d kZfhih\j_`^_gbx beb k gZjpbkkbq_kdhc iZlheh]b_c ZglbkhpbZevgufb
l_g^_gpbyfb w]hkbglhgghc Z]j_kkb_c gZ[ex^Z_lky hlkmlkl\b_ kihkh[ghklb d
qm\kl\_gghfm m^h\hevkl\bx b wjhlbafm dh`b DZd fm`qbgu lZd b `_gsbgu fh]ml
i_j_`b\Zlv ihegh_ hlkmlkl\b_ k_dkmZevguo ijhy\e_gbc m^h\hevkl\by hl fZklmj[Zpbb
k_dkmZevgh]h`_eZgbyd dZdhfmeb[hh[t_dlmg_kihkh[ghklb^hklb]Zlv\ha[m`^_gbyg_
]h\hjym`_h[hj]Zaf_ijbk_dkmZevghfZdl_<k_wlbiZpb_glu^_fhgkljbjmxlihegmx
g_knhjfbjh\Zgghklv f_oZgbafh\ \ul_kg_gby ijbkmlkl\mxsbo m [he__ a^hjh\uo
iZpb_glh\ h[uqgh g_\jhlbdh\ dhlhju_ fh]ml ijhy\eylv \lhjbqgu_ aZij_lu gZ
k_dkmZevgh_\ha[m`^_gb_h[mkeh\e_ggu_\ul_kg_gb_f
IZpb_glu h dhlhjuo ihc^_l j_qv g_ kihkh[gu bkiulu\Zlv k_dkmZevgh_
\ha[m`^_gb_ g_kfhljy gZ kh\_jr_ggh ghjfZevgh nmgdpbhgbjmxsbc [bheh]bq_kdbc
ZiiZjZlBklhjbyjZgg_]hjZa\blbywlboiZpb_glh\hklZ\ey_l\i_qZle_gb_qlhZdlb\Zpby
qm\kl\Z m^h\hevkl\by l_e_kgh]h dh`gh]h wjhlbafZ g_ knhjfbjh\ZeZkv beb [ueZ
gZjmr_gZ k kZfh]h jZgg_]h ^_lkl\Z Ly`_euc ljZ\fZlbq_kdbc hiul nbabq_kdh_ beb
k_dkmZevgh_ gZkbeb_ b ihegh_ hlkmlkl\b_ ex[\b b aZ[hlu kh klhjhgu jh^bl_evkdbo
h[t_dlh\ ^hfbgbjmxl \ bo bklhjbb QZklh kZfhih\j_`^_gby iZpb_glu gZghkyl k_[_
ih\j_`^_gby dh`gh]h ihdjh\Z kebabklhc h[hehqdb \uju\Zxl \hehku ijbghkyl bf
k\h_]h jh^Z qm\kl\_ggh_ m^h\e_l\hj_gb_ ohly [he_\u_ hsms_gby i_j_kbeb\Zxl
ijbagZdb wjhlbq_kdh]h m^h\hevkl\by IkbohZgZeblbq_kdh_ bkke_^h\Zgb_ jZkdju\Z_l
fbjijbfblb\guonZglZabck ^hfbgbjh\Zgb_fkZ^hfZahobklbq_kdbo\aZbfh^_ckl\bcb
klj_fe_gb_ d \eZklb y\ey_lky lhevdh kihkh[hf gZclb [_ahiZkghklv dZd Zevl_jgZlb\m
iheghfm ih^qbg_gbx kZ^bklbq_kdhfm h[t_dlm LZdb_ iZpb_glu bkiulu\Zxl h]jhfgu_
ljm^ghklb\ ^hklb`_gbbqm\kl\_ggh]hm^h\hevkl\byDZdgbiZjZ^hdkZevghg_kfhljygZ
lhqlhikbohZgZeblbq_kdZyl_jZibyfh`_lagZqbl_evghkdhjj_dlbjh\Zlvboebqghklgu_
jZkkljhckl\Z \ lh `_ \j_fy hgZ fh`_l mkbeblv ^Zevg_cr__ aZdj_ie_gb_ k_dkmZevguo
aZij_lh\ \\h^y f_oZgbafu \ul_kg_gby K_dkhiZlheh]b djZcg_ hklhjh`gu \ ijh]ghaZo
hlghkbl_evghe_q_gbylZdboiZpb_glh\
Bgl_]jZpby ijbfblb\guo jZks_ie_gguo b^_Zebabjh\Zgguo b ij_ke_^mxsbo
bgl_jgZebabjh\Zgguo
h[t_dlguo
hlghr_gbc
dZd
qZklv
b
ke_^kl\b_
ikbohl_jZi_\lbq_kdh]he_q_gbyfh`_liha\heblvlZdbfiZpb_glZfjZa\blvkihkh[ghklv
d b^_ZebaZpbbklj_fe_gb_ d b^_Zebabjh\Zgguf hlghr_gbyfqlh fh`_l kh^_ckl\h\Zlv
jZa\blbx kihkh[ghklb d wfhpbhgZevghc \dexq_gghklb b h[yaZl_evkl\Zf < dhgp_
dhgph\lZdb_iZpb_glufh]mlmklZgh\blvklZ[bevgu_ex[h\gu_hlghr_gbyghh[uqgh
hgbg_ijhy\eyxlkihkh[ghklbd kljZklghcex[\b
Fheh^Zy `_gsbgZ ijbf_jgh ljb^pZlb e_l [ueZ ]hkiblZebabjh\ZgZ ih ijbqbg_
\ujZ`_gguo l_g^_gpbc d kZfhih\j_`^_gbx k m]jhahc ^ey kh[kl\_gghc `bagb <
ijhrehf hgZ ]em[hdh j_aZeZ k_[_ jmdb `]eZ k_[y kb]Zj_lZfb b qm^hf \u`beZ ihke_
g_kdhevdbo kmbpb^Zevguo ihiulhd < i_j\hf k_f_klj_ [jhkbeZ mgb\_jkbl_l b \_eZ
[_kihjy^hqgmx `bagv k fm`qbgZfb kgZ[`Z\rbfb __ gZjdhlbdZfb \ bglbfguo
hlghr_gbyok dhlhjufbhgZg_ bkiulu\ZeZgb k_dkmZevgh]h `_eZgbygb k_dkmZevgh]h
m^h\hevkl\by @b\y k ihklhygguf qm\kl\hf ih^haj_gby qlh __ bkihevamxl b \ lh `_
\j_fy klj_fykv bkihevah\Zlv fm`qbg fZl_jbZevgh b wfhpbhgZevgh hgZ ihemqZeZ
qm\kl\_ggh_m^h\e_l\hj_gb_lhevdhdh]^ZhgbhklZ\ZebkvkiZlvjy^hfk g_cgZ\kxghqv
b dj_idhh[gbfZeb__ bebdh]^Zhgb^Z\Zeb_cgZjdhlbdbg_aZ^Z\ZygbdZdbo\hijhkh\b
g_ lj_[my gbq_]h \aZf_g djhf_ k_dkmZevguo h^he`_gbc L_f g_ f_g__ hgZ [ueZ
kihkh[gZ [ulv ij_^Zgghc fm`qbg_ ^h l_o ihj ihdZ hg m^h\e_l\hjye __ lj_[h\Zgby b
ihdZ hgZ qm\kl\h\ZeZ qlh dhgljhebjm_l hlghr_gby DZd lhevdh m g__ jh`^Zebkv
ih^haj_gby qlh __ bkihevamxl b hlghkylky d g_c g_kijZ\_^eb\h hgZ lml `_
h[_kp_gb\ZeZ b [jhkZeZ fm`qbgm Bklhjby wlhc iZpb_gldb \dexqZ_l nbabq_kdh_
gZkbeb_khklhjhgufZl_jbb k_dkmZevgu_aehmihlj_[e_gbykhklhjhguhlqbfZOhjhrZy
mki_\Z_fhklv \ gZqZevguo deZkkZo rdheu k\yaZggZy k \ukhdbf mjh\g_f bgl_ee_dlZ
\ihke_^kl\bb ihkl_i_ggh mom^rZeZkv baaZ lh]h qlh hgZ fZeh aZgbfZeZkv \ klZjrbo
deZkkZo HgZ ijbgZ^e_`ZeZ d fZj]bgZevghc g_kdhevdh ZglbkhpbZevghc ]jmii_ gh g_
kh\_jrZeZZglbkhpbZevguoihklmidh\djhf_djZ`\ fZ]ZabgZo\ ih^jhkldh\hf\hajZkl_
² iha`_hgZijbreZd \u\h^mqlhwlhkebrdhfhiZkghb ij_djZlbeZwlh^_eZlv
F_g__ gZjmr_ggu_ iZpb_glu k ih]jZgbqghc ebqghklghc hj]ZgbaZpb_c fh]ml
h[gZjm`b\Zlv kihkh[ghklv d k_dkmZevghfm \ha[m`^_gbx b wjhlbq_kdhfm `_eZgbx gh
kljZ^Zlv hl ihke_^kl\bc iZlheh]bq_kdbo bgl_jgZebah\Zgguo h[t_dlguo hlghr_gbc
F_oZgbafu jZks_ie_gby ih]jZgbqghc ebqghklb jZkdZeu\Zxl \gmlj_ggbc b \g_rgbc
fbjh[t_dlguohlghr_gbcgZb^_Zebabjh\Zggu_b ij_ke_^mxsb_nb]mjuIhwlhfmhgb
kihkh[gu d b^_ZebaZpbb hlghr_gbc k qZklbqgufb h[t_dlZfb H^gZdh lZdb_
hlghr_gby hq_gv ojmidb_ b \ ex[hc fhf_gl fh]ml ij_djZlblvky baaZ \lhj`_gby
Z[khexlgh iehobo Zki_dlh\ dhlhju_ ij_\jZsZxl b^_Zevgu_ hlghr_gby \
ij_ke_^mxsb_
< ex[h\guo hlghr_gbyo lZdbo iZpb_glh\ fh`_l ijbkmlkl\h\Zlv wjhlbq_kdh_
`_eZgb_ \f_kl_ k ijbfblb\ghc b^_ZebaZpb_c h[t_dlZ ex[\b A^_kv fu gZ[ex^Z_f
jZa\blb_ kbevghc ex[h\ghc ijb\yaZgghklb k ijbfblb\ghc b^_ZebaZpb_c b [he__
mklhcqb\uf lbihf hlghr_gbc ih kjZ\g_gbx k ij_oh^ysbf oZjZdl_jhf hlghr_gbc m
gZjpbkkbq_kdboiZpb_glh\H[hjhlghcklhjhghclZdbob^_ZebaZpbby\ey_lkyl_g^_gpby
d \g_aZiguf j_Zdpbyf jZahqZjh\Zgby ljZgknhjfZpby b^_Zebabjm_fh]h h[t_dlZ \
ij_ke_^mxsbc b jZajmrbl_evgu_ hlghr_gby k jZg__ b^_Zebabjm_fufb h[t_dlZfb <
wlbo kemqZyo ijb jZa\h^_ h[uqgh ijhy\eyxlky gZb[he__ ^jZfZlbqgu_ Z]j_kkb\gu_
q_jlu<hafh`ghkZfucjZkijhkljZg_gguc\b^lZdboiZlheh]bqguohlghr_gbcfh`gh
gZ[ex^Zlv m bgnZglbevguo `_gsbg k ih]jZgbqghc ebqghklghc hj]ZgbaZpb_c dhlhju_
hlqZyggh p_ieyxlky aZ fm`qbg b^_Zebabjm_fuo ^h lZdhc kl_i_gb qlh h[uqgh ba
hibkZgbc iZpb_glhd keh`gh khklZ\blv bklbgguc ihjlj_l wlbo fm`qbg GZ i_j\uc
\a]ey^lZdhclbigZihfbgZ_l]hjZa^hemqr_Z^Zilbjh\Zgguo`_gsbgk fZahobklkdbfb
gZdehgghklyfb dhlhju_ [_ajhihlgh ih^qbgyxlky b^_Zebabjm_fuf kZ^bklbq_kdbf
fm`qbgZfgh\ wlbokemqZyohlf_qZ_lkyg_j_Zebklbq_kdZy^_lkdZyb^_ZebaZpbyKemqZc
dhlhjucijb\h^blkygb`_\aylbafh_cij_^u^ms_cjZ[hlu b beexkljbjm_lwlhl
lbi^bgZfbdb
IZpb_gldZh dhlhjhc ihc^_l j_qv ² lmqgZy \hk_fgZ^pZlbe_lgyy ^_\mrdZ HgZ
ijbkljZklbeZkvd gZjdhlbq_kdbfkj_^kl\Zfb __mq_[Z\ rdhe_ihkl_i_gghmom^rZeZkv
g_kfhljy gZ \ukhdbc mjh\_gv mfkl\_gguo kihkh[ghkl_c ?_ g_ihkemrZgb_ ihkem`beh
ijbqbghcbkdexq_gbybag_kdhevdbordheb hkh[_gghijhy\eyehkv\ ^bdbokp_gZo^hfZ
< [hevgbp_ hgZ ijhba\_eZ \i_qZle_gb_ bfimevkb\gh]h ]bi_jZdlb\gh]h dhexq_]h b
g_q_klgh]h ih^jhkldZ HgZ [_a`Zehklgh bkihevah\ZeZ [hevrbgkl\h ex^_c b \ lh `_
\j_fy [ueZ iheghklvx ihdhjgZ b ij_^ZgZ fheh^hfm q_eh\_dm dhlhjh]h \klj_lbeZ \
^jm]hc[hevgbp_b dhlhjhfm_`_^g_\ghibkZeZ^ebggu_b kljZklgu_ex[h\gu_ibkvfZ
Hgebrvbaj_^dZb ^h\hevghmdehgqb\hhl\_qZe_cHq_\b^ghfheh^hcq_eh\_d[ueg_\
eZ^Zo k aZdhghf gh gbdZdbo ih^jh[ghkl_c gZ wlm l_fm g_ khh[sZe b g_kfhljy gZ
mkbe_ggu_ ihiuldb \jZq_c ihemqblv h g_f j_Zebklbq_kdb_ k\_^_gby hklZ\Zeky ebrv
kfmlghc l_gvx ohly ih keh\Zf iZpb_gldb [ue [_amij_qguf b^_Zevguf ex[ysbf b
djZkb\ufiZjg_f
< ijhp_kk_ ikbohl_jZi_\lbq_kdh]h e_q_gby iZpb_gldZ iuedh hibku\ZeZ
bgl_gkb\gu_k_dkmZevgu_hlghr_gbykhk\hbffheh^ufq_eh\_dhf?cdZaZehkvqlhbo
hlghr_gby[_amij_qgub hgZ[ueZm[_`^_gZ\ lhfqlh[m^vm g__lZdZy\hafh`ghklv
hgZ m[_`ZeZ [u k gbf ^Ze_dh^Ze_dh hlj_rb\rbkv hl hklZevgh]h fbjZ b [ueZ [u
\iheg_ kqZkleb\Z b gb \ q_f [hevr_ g_ gm`^ZeZkv >h wlh]h hgZ m`_ ijhoh^beZ
ikbohl_jZibx k g_kdhevdbfb ki_pbZebklZfb b ijb[ueZ \ [hevgbpm k l\_j^uf
gZf_j_gb_fhljZablvihiuldbi_jkhgZeZjZaemqblv__ k^jm]hf
HgZfh]eZijhklblvbebkdhj__jZpbhgZebabjh\Zlvg_qmldhklvihhlghr_gbxd
k_[_khklhjhguk\h_]h^jm]Z\ lh`_\j_fyhklZ\Zykvhq_gvqm\kl\bl_evghcqZklh^Z`_
iZjZghyevghc _keb qm\kl\h\ZeZ g_m\Z`_gb_ beb ij_g_[j_`_gb_ kh klhjhgu ^jm]bo
ex^_c B lhevdh ihke_ lh]h dZd hg hdhgqZl_evgh b g_^\mkfuke_ggh [jhkbe __ b hgZ
gZreZ^jm]h]hfheh^h]hq_eh\_dZ\ gZr_c[hevgbp_k dhlhjuf\gh\vih\lhjbeZkv\ky
bklhjby__ ijhreuo\aZbfhhlghr_gbchgZkfh]eZhk\h[h^blvkyhli_j\uohlghr_gbc
B hk\h[h^beZkv gZklhevdh dZj^bgZevgh qlh kimkly g_kdhevdh f_kyp_\ k ljm^hf fh]eZ
\kihfgblvebphk\h_]hi_j\h]h\haex[e_ggh]h
DZdgbiZjZ^hdkZevghghlZdhclbi\ex[e_gghklbemqr_ih^^Z_lkyijh]gham
q_f wn_f_jgu_ m\e_q_gby gZjpbkkbq_kdbo bg^b\b^h\ g_kfhljy gZ lh qlh
gZjpbkkbq_kdb_bg^b\b^uhdZau\ZxlkygZfgh]h[he__j_Zebklbqgufbq_flbibqgu_
iZpb_glu k ih]jZgbqghc ebqghklghc hj]ZgbaZpb_c [_a gZjpbkkbq_kdhc ebqghklghc
kljmdlmju
Kms_kl\m_l g_kdhevdh hkh[_gghkl_c hlebqZxsbo bgl_gkb\gu_ ex[h\gu_
\aZbfhhlghr_gbyiZpb_glh\k ih]jZgbqghcebqghklghc hj]ZgbaZpb_c<hi_j\uolZdb_
bg^b\b^u \ iheghc f_j_ ijhy\eyxl kihkh[ghklv d ]_gblZevghfm \ha[m`^_gbx b
hj]Zafm gZjy^m kh kljZklghc ij_^Zgghklvx qlh ^_fhgkljbjm_l g_h[yaZl_evghklv
^hklb`_gbywfhpbhgZevghcaj_ehklb^eyjZa\blby ijbfZlZ]_gblZebc
M lZdboiZpb_glh\dZd[m^lh[ugZ[ex^Z_lkyg_dhlhjZybgl_]jZpbyihebfhjnghc
i_j\_jab\ghcbgnZglbevghck_dkmZevghklbb ]_gblZevghck_dkmZevghklb\ dhlhjhchgb
dZ`_lkykihkh[gubgl_]jbjh\ZlvZ]j_kkbxb ex[h\v ² lh_klvih^qbgylvZ]j_kkb\gu_
kZ^hfZahobklkdb_ dhfihg_glu bgnZglbevghc k_dkmZevghklb ^ey ihemq_gby
eb[b^bgZevgh]h wjhlbq_kdh]h m^h\e_l\hj_gby LZdZy bgl_]jZpby k_dkmZevgh]h
\ha[m`^_gby b wjhlbq_kdh]h `_eZgby ijhbkoh^bl ^h lh]h dZd km[t_dl jZa\b\Z_l
kihkh[ghklv bgl_]jbjh\Zlv Z]j_kkb\gh aZjy`_ggu_ b eb[b^bgZevgh aZjy`_ggu_
bgl_jgZebah\Zggu_ h[t_dlgu_ hlghr_gby JZks_ie_gb_ h[t_dlguo hlghr_gbc gZ
b^_Zebabjm_fu_b ij_ke_^mxsb_khojZgy_lkyb bgl_gkb\gZywjhlbq_kdZyb^_ZebaZpby
h[t_dlh\ \uihegy_l nmgdpbx hljbpZgby Z]j_kkb\guo we_f_glh\ bgl_jgZebah\Zgguo
h[t_dlguo hlghr_gbc b ij_^hojZg_gby b^_Zebabjm_fuo hlghr_gbc hl ijbkmlkl\by
Z]j_kkbb
IZpb_glu k ih]jZgbqghc ebqghklghc hj]ZgbaZpb_c ijhy\eyxl kihkh[ghklv d
k\h_]h jh^Z ijbfblb\ghc \ex[e_gghklb oZjZdl_jbamxs_cky g_j_Zebklbqghc
b^_ZebaZpb_c h[t_dlZ ex[\b dhlhjh]h hgb kh\_jr_ggh g_ qm\kl\mxl Ih^h[gZy
b^_ZebaZpby hlebqZ_lky hl aj_ehc b^_ZebaZpbb b beexkljbjm_l ijhp_kku jZa\blby
dhlhju_ ijhoh^bl f_oZgbaf b^_ZebaZpbb ij_`^_ q_f ^hklbqv \ukr_c lhqdb \
ghjfZevghcb^_ZebaZpbb\ khklhygbb\ex[e_gghklb
Kbevgu_ k_dkmZevgu_ i_j_`b\Zgby \ dhlhjuo b^_Zebabjmxlky bglbfgu_
hlghr_gby fh]ml [ulv bkihevah\Zgu ^ey hljbpZgby g_\ughkbfhc Zf[b\Ze_glghklb b
khojZg_gby jZks_ie_gby Wlhl ijhp_kk kem`bl beexkljZpb_c lh]h qlh fh`gh gZa\Zlv
ij_`^_\j_f_gghc w^bibaZpb_c ^hw^bih\uo dhgnebdlh\ m fgh]bo iZpb_glh\ k
ih]jZgbqghcebqghklghchj]ZgbaZpb_cex[h\gZyk\yavdjZcg_g_\jhlbq_kdh]hk\hckl\Z
b hq_gv kbevgZy gb\_ebjm_l djhxsmxky aZ wlbf g_kihkh[ghklv i_j_ghkblv
Zf[b\Ze_glghklv Debgbq_kdb_ ^Zggu_ k\b^_l_evkl\mxl qlh m h[hbo iheh\ Zdlb\Zpby
]_gblZevguofh^mkh\\aZbfh^_ckl\byfh`_lkem`blvihiuldhcba[_`Zlvih\_j]Zxsbo
\ m`Zk njmkljbjmxsbo hlghr_gbc k\yaZgguo k hjZevgufb ihlj_[ghklyfb b
aZ\bkbfhklvx dZd _keb [u [_kkhagZl_evgZy gZ^_`^Z gZ hjZevgh_ m^h\e_l\hj_gb_
ihkj_^kl\hf k_dkmZevghc Zdlb\ghklb b gZ b^_Zevgu_ hlghr_gby hlebqgu_ hl
njmkljbjmxsbo ^h]_gblZevguo hlghr_gbc k fZl_jvx [eZ]hijbylkl\h\Zeb [_]kl\m \
jZggxxk_dkmZebaZpbx\k_ohlghr_gbc
Fgh]b_ iZpb_glu k gZjpbkkbq_kdhc ebqghklghc kljmdlmjhc bf_xl ohjhrh
jZa\blmx kihkh[ghklv d k_dkmZevghfm \ha[m`^_gbx b hj]Zafm ijb iheh\hf Zdl_ b
rbjhdbcki_dljihebfhjnguoi_j\_jab\guobgnZglbevguol_g^_gpbc[_akihkh[ghklb
d kbevghc \dexq_gghklb \ h[t_dl ex[\b Fgh]b_ ba wlbo iZpb_glh\ gbdh]^Z g_
\ex[eyebkv beb g_ ex[beb Fh`_l kha^Zlvky \i_qZle_gb_ qlh iZpb_glu kdehggu_ d
ijhfbkdmbl_lmb bkiulu\Zxsb_bgl_gkb\gu_qm\kl\ZnjmkljZpbbb g_l_ji_gbydh]^Z
`_eZ_fuc k_dkmZevguc h[t_dl g_ klZgh\blky g_f_^e_ggh ^hklmiguf bkiulu\Zxl
ex[h\v gh gZ kZfhf ^_e_ g_ ex[yl Wlh h[gZjm`b\Z_lky \ bo [_ajZaebqbb d
\h`^_e_gghfmh[t_dlmg_f_^e_gghihke_^hklb`_gbybfbk\h_cp_eb
>ey ^hklb`_gby emqrbo j_amevlZlh\ \ l_jZibb b \ hp_gd_ ijh]ghaZ \Z`gh
hlebqZlv k_dkmZevguc ijhfbkdmbl_l iZpb_glh\ k gZjpbkkbq_kdhc ebqghklghc
kljmdlmjhc hl iZpb_glh\ k bkl_jbq_kdbf kdeZ^hf b kbevgufb fZahobklkdbfb
l_g^_gpbyfb M ihke_^gbo k_dkmZevguc ijhfbkdmbl_l h[uqgh y\ey_lky hljZ`_gb_f
[_kkhagZl_evghc \bgu aZ klZ[bevgu_ aj_eu_ m^h\e_l\hjyxsb_ hlghr_gby ihkdhevdm
wlh[_kkhagZl_evghij_^klZ\eyeh[uhkms_kl\e_gb_aZij_lguow^bih\uo`_eZgbcLZdb_
bkl_jbq_kdb_ b fZahobklbq_kdb_ iZpb_glu ijhy\eyxl kihkh[ghklv d iheguf b
klZ[bevgufh[t_dlgufhlghr_gbyf\ kn_jZog_\dexqZxsbok_dkmZevgu_hlghr_gby
D ijbf_jm bkl_jbq_kdb_ `_gsbgu k kbevgufb [_kkhagZl_evgufb l_g^_gpbyfb d
dhgdmj_gpbbk fm`qbgZfbfh]mlih^^_j`b\ZlvklZ[bevgu_]em[hdb_hlghr_gbyk gbfb
^h l_o ihj ihdZ g_ ijbkmlkl\m_l k_dkmZevgZy klhjhgZ lhevdh ijb ^hklb`_gbb
k_dkmZevghc [ebahklb [_kkhagZl_evgh_ g_]h^h\Zgb_ gZ nZglZabcgh_ ih^qbg_gb_
fm`qbg_ beb [_kkhagZl_evgh_ qm\kl\h \bgu aZ aZij_lgmx k_dkmZevghklv f_rZxl
hlghr_gbyf
< ijhlb\hiheh`ghklv wlhfm k_dkmZevguc ijhfbkdmbl_l gZjpbkkbq_kdbo
bg^b\b^h\ k\yaZg k k_dkmZevguf \ha[m`^_gb_f ih hlghr_gbx d l_em dhlhjh_
hldZau\Z_l beb d q_eh\_dm dhlhjh]h p_gyl ^jm]b_ ex^b beb kqblZxl _]h
ijb\e_dZl_evguf LZdh_ l_eh beb q_eh\_d ijh[m`^Zxl m gZjpbkkbq_kdbo iZpb_glh\
[_kkhagZl_evgmx aZ\bklv b Zeqghklv ihlj_[ghklv h[eZ^Zlv bf b [_kkhagZl_evgh_
klj_fe_gb_h[_kp_gblvb bkihjlblvlhq_fmhgbaZ\b^mxl>hl_oihjihdZk_dkmZevgh_
\ha[m`^_gb_ \hajZklZ_l gZ dZdh_lh \j_fy beexaby `_eZgby h[t_dlZ fbfhe_lgh_
m\e_q_gb_ bf fh`_l gZihfbgZlv qm\kl\h \ex[e_gghklb H^gZdh \kdhj_ dh]^Z
k_dkmZevgu_ hlghr_gby m^h\e_l\hjyxl ihlj_[ghklv \ ih[_^_ b \dexqZxl ijhp_kk
h[_kp_gb\Zgby jZg__ `_eZggh]h h[t_dlZ wlh aZdZgqb\Z_lky [ukljuf bkq_agh\_gb_f b
k_dkmZevgh]h\ha[m`^_gbyb ebqgh]hbgl_j_kZ
KblmZpby hkeh`gy_lky l_f qlh [_kkhagZl_evgZy `Z^ghklv b aZ\bklv bf_xl
l_g^_gpbx[ulvkijh_pbjh\ZggufbgZ`_eZ_fuck_dkmZevguch[t_dlbdZdke_^kl\b_
\hagbdZ_l [hyagv ij_\jZlblvky \ kh[kl\_gghklv b ij_^f_l bkihevah\Zgby k_dkmZevguf
h[t_dlhf qlh mkbeb\Z_l ihlj_[ghklv [_]kl\Z \ k\h[h^m >ey gZjpbkkbq_kdh]h
iZpb_glZ \k_ ex^b ih^jZa^_eyxlky gZ wdkiemZlZlhjh\ b wdkiemZlbjm_fuo Z k\h[h^Z
y\ey_lky ijhklh mdjulb_f hl nZglZabcgh]h \k_ih]ehsZxs_]h kh[kl\_ggbq_kl\Z <
ijhp_kk_ ikbohZgZeblbq_kdh]h e_q_gby l_g^_gpby d ijhfbkdmbl_lm m gZjpbkkbq_kdbo
iZpb_glh\lZd`_hljZ`Z_lls_lgmxihiuldmihbkdZq_eh\_q_kdhcex[\bdZd_keb[u__
fh`gh [ueh qm^_kguf h[jZahf h[gZjm`blv \ dZdbolh qZklyo l_eZ ² ]jm^yo beb
i_gbkZo y]h^bpZo beb \Z]bgZo ;_kdhg_qgu_ ih\lhjyxsb_ky klj_fe_gby
gZjpbkkbq_kdboiZpb_glh\d lZdbf qZklyf l_eZ fh]ml y\eylvky dZd ihdZau\Z_l ZgZeba
j_]j_kkb\ghcnbdkZpb_chls_ie_gguojZggbokbf[bhlbq_kdboi_j_`b\Zgbc\ dhlhju_
[ueb \dexq_gu wjh]_ggu_ ahgu b b^_ZebaZpby ih\_joghklb l_eZ \ dZq_kl\_
dhfi_gkZpbb aZ g_kihkh[ghklv mklZgh\blv p_evgu_ h[t_dlgu_ hlghr_gby beb
dhgklZglghklvh[t_dlZWjehmb ^j ;_]kl\hgZjpbkkbq_kdboiZpb_glh\hlihdhj_gguok_dkmZevguoh[t_dlh\fh`_l
lZd`_ij_^klZ\eylvihiuldmm[_j_qvwlbh[t_dluhl[_kkhagZl_evghc^_kljmdlb\ghklb
JZkkm`^Zy h ikboheh]bb >hg @mZgh\ b I_j_dZlbIhe_ Jb\v_j \ dZq_kl\_
hkgh\guo^bgZfbq_kdbonZdlhjh\gZau\Z_lhjZevgu_bklhqgbdbaZ\bklbd ^jm]hfmihem
b aZsblgu_nmgdpbbhldZaZb ij_g_[j_`_gbyNwcj[_jg ih^q_jdb\Zenmgdpbx
i_j\_jkbb dZd aZf_s_gby hlghr_gbc k ]em[hdh jZks_ie_ggufb b^_Zebabjm_fufb b
ij_ke_^mxsbfbh[t_dlZfbdhlhjuog_fh`_l\ug_klbp_gljZevgh_Y iZpb_glZ
LZdbf h[jZahf gZjpbkkbq_kdZy iZlheh]by ^_fhgkljbjm_l kihkh[ k ihfhsvx
dhlhjh]h bkoh^gZy kihkh[ghklv d k_dkmZevghfm \ha[m`^_gbx b b^_ZebaZpby
ih\_joghklb l_eZ fh`_l i_j_oh^blv \ ihegmx ihebfhjngmx bgnZglbevgmx
i_j\_jab\gmx k_dkmZevghklv b gZdhg_p aZ\_jrZlvky ijhy\e_gb_f ]_gblZevgh]h
bgl_j_kZ b kihkh[ghklvx d ^hklb`_gbx k_dkmZevgh]h hj]ZafZ LZdhc ijh]j_kk
^hklb]Z_lky ijb g_m^Zq_ \ jZa\blbb kihkh[ghklb d ]em[hdbf bglbfguf h[t_dlguf
hlghr_gbyf lZd qlh b^_ZebaZpby hklZ_lky h]jZgbq_gghc \ k_dkmZevghc kn_j_ b \
agZqbl_evghc kl_i_gb g_jZa\blhc \ kn_j_ ZdlmZevguo h[t_dlguo hlghr_gbc
G_^he]h\j_f_ggZyb^_ZebaZpbygZjpbkkbq_kdbfbiZpb_glZfbagZqbfuo^jm]boy\ey_lky
g_^hklZlhqghc^eylh]hqlh[ujZa\blvqlheb[hdjhf_qbklhk_dkmZevgh]hbgl_j_kZb
b^_ZebaZpbb \g_rg_c ih\_joghklb l_eZ dhlhju_ g_ jZa\b\Zxlky ^h b^_ZebaZpbb
q_eh\_dZ\ p_ehfG_dhlhju_gZjpbkkbq_kdb_ebqghklbkihkh[gu^hklb]Zlvb^_ZebaZpbb
^jm]h]hq_eh\_dZdhlhjZyhlb^_ZebaZpbbl_eZi_j_oh^bld b^_ZebaZpbbq_eh\_dZ^Z`_
_keb lZdhc bgl_j_k ghkbl \j_f_gguc oZjZdl_j b h]jZgbq_g [_kkhagZl_evgufb
f_oZgbafZfb aZsblgh]h h[_kp_gb\Zgby Ijb\h^bfu_ gb`_ kemqZb dhlhju_
hibku\Zebkv\ fhbojZggbojZ[hlZo beexkljbjmxlikbohiZlheh]bq_kdbc dhglbgmmf\
ki_dlj_gZjpbkkbq_kdboebqghklguojZkkljhckl\
Fm`qbgZ ^\Z^pZlb iylb e_l h[jZlbeky aZ dhgkmevlZpb_c ih ih\h^m kljZoZ
bfihl_gpbb G_kfhljy gZ i_jbh^bq_kdb_ k_dkmZevgu_ dhglZdlu k ijhklblmldZfb ijb
i_j\hc ihiuld_ k_dkmZevguo hlghr_gbc k `_gsbghc k dhlhjhc m g_]h [ueb ih _]h
keh\ZfieZlhgbq_kdb_^jm`_kdb_hlghr_gbyhgg_kfh]^hklbqviheghcwj_dpbb Wlh
gZg_keh k_jv_aguc m^Zj ih _]h kZfhhp_gd_ b \ua\Zeh kbevgmx lj_\h]m Hg gbdh]^Z g_
\ex[eyeky b g_ [ue wfhpbhgZevgh beb k_dkmZevgh ijb\yaZg gb d `_gsbgZf gb d
fm`qbgZf ?]h fZklmj[Zpbhggu_ nZglZabb hljZ`Zxl fgh]hqbke_ggu_ i_j\_jab\gu_
l_g^_gpbb \dexqZy ]hfhk_dkmZevgu_ ]_l_jhk_dkmZevgu_ kZ^hfZahobklkdb_
wdk]b[bpbhgbklkdb_b \mZc_jbklbq_kdb_Zki_dlu
;m^mqb q_eh\_dhf h[jZah\Zgguf b bgl_eeb]_glguf hg mki_rgh jZ[hlZe
[mo]Zel_jhfb ih^^_j`b\ZeklZ[bevgu_ohlyb g_kdhevdhhlkljZg_ggu_hlghr_gbydZd
k fm`qbgZfb lZd b `_gsbgZfb hkgh\Zggu_ gZ h[sbo iheblbq_kdbo b
bgl_ee_dlmZevguo bgl_j_kZo G_ ijhba\h^be \i_qZle_gby q_eh\_dZ Zf[bpbhagh]h [ue
^h\he_g k\h_c jZ[hlhc K gbf h[uqgh k m^h\hevkl\b_f h[sZebkv ihkdhevdm hg [ue
^jm`_ex[_g]b[hdb [ukljhZ^Zilbjh\Zeky>jmavym^b\eyebkv_]hi_jbh^bq_kdhcaehc
bjhgbbb \ukhdhf_jbxihhlghr_gbxd hdjm`Zxsbf
Wlhl iZpb_gl i_j\hgZqZevgh dZaZeky h[k_kkb\ghc ebqghklvx gh
ikbohZgZeblbq_kdh_ bkke_^h\Zgb_ jZkdjueh lbibqgmx gZjpbkkbq_kdmx ebqghklgmx
kljmdlmjm M g_]h [ueZ ]em[hdZy ]eZ\guf h[jZahf [_kkhagZl_evgZy m[_`^_gghklv \
lhfqlhhg\ur_f_ehqghckhj_\gh\Zl_evghc[hjv[u\ dhlhjmx\h\e_q_gu_]hdhee_]b
b ^jmavyHg lZd`_qm\kl\h\Zeij_\hkoh^kl\hi_j_^k\hbfb^jmavyfbbaaZbom\e_q_gby
ihkj_^kl\_ggufb ohly b nbabq_kdb ijb\e_dZl_evgufb `_gsbgZfb B lhl nZdl qlh
fbehklb\h kgbahc^y ^h k\h_c ieZlhgbq_kdhc ih^jm]b hg hdZaZeky g_ kihkh[guf
hkms_kl\blvdhblmk[uehkljZrgufm^Zjhfih_]hYdhgp_ipbbHgkqblZeqlhfh][u
bf_lv k_dkmZevgu_ hlghr_gby b k fm`qbgZfb b k `_gsbgZfb b qlh hg \ur_ madhc
dhg\_gpbhgZevghcfhjZebk\hbo^jma_c
A^_kv fg_ ohl_ehkv [u h[jZlblv \Zr_ \gbfZgb_ \ i_j\mx hq_j_^v gZ lh qlh m
wlh]h q_eh\_dZ hlkmlkl\h\ZeZ kihkh[ghklv d k_dkmZevghc \dexq_gghklb b kihkh[ghklv
bkiulu\Zlv ^Z`_ fbfhe_lgh_ ke_ih_ m\e_q_gb_ b ijh]ghau ikbohZgZeblbdh\ [ueb
djZcg_hklhjh`gufbIkbohZgZeblbq_kdh_e_q_gb_ijh^he`Z\r__ky[he__iylbe_l\
dhg_qghf kq_l_ hdhgqbehkv g_m^Zq_c P_gljZevghc ^bgZfbq_kdhc oZjZdl_jbklbdhc \
wlhf kemqZ_ y\ey_lky kbevgZy aZ\bklv d `_gsbgZf b aZsblZ hl wlhc aZ\bklb \ \b^_
h[_kp_gb\Zgby b gZjpbkkbq_kdb ^_l_jfbgbjh\Zgghc ]hfhk_dkmZevghc hjb_glZpbb qlh
qZklh\klj_qZ_lkym gZjpbkkbq_kdboebqghkl_c
Ke_^mxsbc kemqZc y\ey_lky beexkljZpb_c gZebqby g_dhlhjhc kihkh[ghklb d
\ex[e_gghklb b mom^r_gby wlhc kihkh[ghklb ijb ijhfbkdmbl_l_ b [_kdhg_qguo
fbfhe_lguo m\e_q_gbyo Wlhl kemqZc lZd`_ beexkljbjm_l ij_^iheh`_gb_ h lhf qlh
ijh^\b`_gb_ hl nbdkZpbb gZ ih\_joghklb l_eZ ^h qm\kl\Z \ex[e_gghklb \ q_eh\_dZ
k\yaZgh k jZa\blb_f kihkh[ghklb bkiulu\Zlv qm\kl\h \bgu b aZ[hlu ^_ij_kkbb b
klj_fe_gby bkijZ\blvky < ijhlb\hiheh`ghklv ij_^u^ms_fm kemqZx m fm`qbgu
g_fgh]h klZjr_ ljb^pZlb e_l kms_kl\h\Ze g_dhlhjuc ihl_gpbZe d kihkh[ghklb
\ex[eylvky < ijhp_kk_ ikbohZgZeblbq_kdh]h e_q_gby wlZ kihkh[ghklv agZqbl_evgh
jZa\beZkvihf_j_ijhjZ[Zlu\Zgby__ \i_j_ghk_
I_j\hgZqZevgh iZpb_gl h[jZlbeky aZ ihfhsvx ih ih\h^m kbevghc lj_\h]b \h
\j_fy im[ebqguo \uklmie_gbc b ijbghkys_]h \k_ f_gvr_ m^h\e_l\hj_gby
ijhfbkdmbl_lZIh_]hkeh\Zf\ xghklbhgg_kdhevdhjZa\ex[eyekygh\kdhj_mklZ\Ze
hl`_gsbgdhlhjuoi_j\hgZqZevghb^_Zebabjh\Zeb kljZklgh`_eZeIhke_g_kdhevdbo
k_dkmZevguodhglZdlh\k `_gsbghchgiheghklvxl_jyed g_cbgl_j_kb hlijZ\eyekygZ
ihbkdb^jm]hcG_aZ^he]h^hgZqZeZe_q_gbym g_]haZ\yaZebkvhlghr_gbyk jZa\_^_gghc
`_gsbghc bf_\r_c lj_o fZe_gvdbo ^_l_c Hg gZoh^be __ gZb[he__ ijb_fe_fuf
\ZjbZglhfihkjZ\g_gbxk ij_^u^msbfb`_gsbgZfbG_kfhljygZ\hagbdgh\_gb_wlbo
hlghr_gbc_]hijhfbkdmbl_lijh^he`Zekyb \i_j\u_\ `bagbhgbkiulu\Zedhgnebdl
f_`^m `_eZgb_f mklZgh\blv klZ[bevgu_ hlghr_gby k `_gsbghc b k\hbfb
[_kdhg_qgufbm\e_q_gbyfb
?]h [_agZ^_`guc ihbkd m^h\e_l\hjyxs_]h k_dkmZevgh]h hiulZ k `_gsbgZfb k
kZfh]h gZqZeZ klZe \Z`guf ij_^f_lhf ikbohZgZeblbq_kdh]h e_q_gby <gZqZe_ hg k
]hj^hklvx aZy\be h k\h_f mki_o_ m `_gsbg aZ kq_l dZd hg iheZ]Ze k\h_c
g_h[udgh\_gghc k_dkmZevghc Zdlb\ghklb b kihkh[ghklb ^hklZ\eylv k_dkmZevgh_
gZkeZ`^_gb_ <kdhj_ h^gZdh \uykgbehkv qlh _]h bgl_j_k d `_gsbgZf ijhy\eyeky
bkdexqbl_evghih hlghr_gbx d bo fy]dhc dh`_ ]jm^b y]h^bpZf \eZ]Zebsm b djhf_
lh]hkem`be^eym^h\e_l\hj_gby_]hnZglZabch lhfqlh`_gsbgukdju\Zxlb g_^Zxl
k\hbo khdjh\bs ih _]h kh[kl\_gghfm \ujZ`_gbx Ihdhjyy bo hg qm\kl\h\Ze qlh
jZa\_jg_l bo b ijh]ehlbl GZ [he__ ]em[hdhf mjh\g_ iZpb_gl hkhagZe wlh lhevdh
ihke_fgh]bof_kyp_\jZ[hluhg[hyekyqlhg_kms_kl\m_lkihkh[Zih]ehlblv`_gkdmx
djZkhlm b qlh k_dkmZevgh_ ijhgbdgh\_gb_ dhblmk b hj]Zaf ² \k_]h ebrv beexahjgh_
ih]ehs_gb_lh]hq_fhg\hkobsZ_lkyb qlh`_eZ_lk^_eZlvk\hbf
GZjpbkkbq_kdh_ m^h\e_l\hj_gb_ hl lh]h qlh hg k^_eZe `_gsbgm [ukljh
bkiZjyehkvb hkhagZgb_lh]hqlhhgkh\_jr_gghihl_jyebgl_j_kd g_cihke_dhjhldh]h
i_jbh^Z k_dkmZevgh]h h[s_gby agZqbl_evgh mom^rZeb kZfh_ gZqZeh b jZa\blb_ wlbo
wn_f_jguo \aZbfhhlghr_gbc < ihke_^gb_ ]h^u \h \j_fy iheh\h]h ZdlZ k m`_
aZ\h_\Zgghc Z ihwlhfm ihqlb h[_kp_g_gghc `_gsbghc hg qZklh nZglZabjh\Ze h
iheh\hfZdl_k `_gsbgZfbdhlhjuo_s_ij_^klhblihdhjblvAZfm`gb_`_gsbgu[ueb
^eyg_]hhkh[_gghijb\e_dZl_evgu ² g_baaZlj_m]hevgbdZw^bih\uodhgnebdlh\dZdy
ihgZqZemij_^iheZ]ZeZ \kbemlh]hqlh^jm]b_gZoh^beb\ gboqlhlhijb\e_dZl_evgh_
qlhb ih^h]j_\Zeh_]hbgl_j_kd gbfdZdh[eZ^Zl_evgbpZfkdjuluokhdjh\bs
< blh]_iZpb_glhkhagZebgl_gkb\ghklvk\h_caZ\bklbd `_gsbgZfhkgh\Zggmx
gZaZ\bklbb g_gZ\bklbihhlghr_gbxd fZl_jb?]hfZlvihklhygghnjmkljbjh\ZeZ_]h
Hgqm\kl\h\ZeqlhhgZb nbabq_kdbb ikbobq_kdbhldZau\ZeZ_fm\h\k_fqlhhgex[be
b q_f\hkobsZekyHg^hkboihjihfgbldZd\ hlqZygbbp_ieyekyaZ__ l_ieh_fy]dh_
l_ehZ hgZoheh^ghhl\_j]ZeZdZd_]hijhy\e_gbyex[\blZdb Z]j_kkb\gu_lj_[h\Zgbyd
g_c
< xghklb _fm ijboh^behkv \_klb ihklhyggmx [hjv[m qlh[u kijZ\blvky k
hkhagZgb_f b ijhy\e_gb_f k\h_c [_kkhagZl_evghc aZ\bklb b g_gZ\bklb d `_gsbgZf
Dh]^Zhgkfhlj_enbevfuh <lhjhcfbjh\hc\hcg_lhijboh^be\ yjhklvhl\b^ZZdljbk
\uklZ\eyxsbo k_[y gZ ihdZa i_j_^ [hevrhc lheihc \hklhj`_gguo khe^Zl Hg
qm\kl\h\Zeqlhwlh`_klhdhb qlhkhe^Zlu^he`guZlZdh\Zlvkp_gmb m[blvZdljbkHg
[_kdhg_qgh jZafureye gZ^ l_f qlh `_gsbgu agZxl qlh m gbo _klv ]jm^b b `_gkdb_
]_gblZebb b dh]^Z hgb gZ ghqv kgbfZxl gb`g__ [_ev_ ² wlb m^b\bl_evgu_ fy]db_
h^_`^u h[eZ^Zxsb_ ijb\be_]b_c ijbdZkZlvky d bo l_em ² hgb k[jZku\Zxl wlb
g_^hklmigu_^eyg_]hkhdjh\bsZgZihe
< ijhp_kk_ ZgZebaZ \uy\bebkv _]h kZ^bklbq_kdb_ fZklmj[Zpbhggu_ nZglZabb
dh]^Z hg _s_ [ue j_[_gdhf Hg \b^_e qlh jZaju\Z_l `_gsbg fmqZ_l bo Z aZl_f
hk\h[h`^Z_l h^gm ba wlhc ]jmiiu dhlhjZy dZ`_lky _fm g_\bgghc b fy]dhc fbehc
ex[ys_c b \k_ ihgbfZxs_c ² b^_Zevguc \k_ijhsZxsbc ij_djZkguc b
g_bkq_jiZ_fuc kmjjh]Zl fZl_jb JZks_ieyy k\hb \gmlj_ggb_ hlghr_gby k `_gsbgZfb
gZaZ\bkbfhklvihhlghr_gbxd b^_ZevghcZ[khexlghohjhr_cfZl_jbb fklbl_evgmx
^_kljmdpbxihhlghr_gbxdh\k_fhklZevgufiehobffZl_jyfhghdZaZekyg_kihkh[_g
gZ mklZgh\e_gb_ ]em[hdbo hlghr_gbc \gmljb dhlhjuo hg fh] [u \ug_klb b
bgl_]jbjh\Zlv k\hb ijhlb\hiheh`gu_ qm\kl\Z ex[\b b g_gZ\bklb <f_klh wlh]h hg
b^_Zebabjm_l ]jm^b `_gkdb_ ]_gblZebb b ^jm]b_ qZklb l_eZ qlh iha\hey_l _fm
j_]j_kkb\gh m^h\e_l\hjblv ijbfblb\guc njmkljbjh\Zgguc wjhlbaf kbf\hebq_kdb
djZ^y m `_gsbg lh mgbdZevgh_ b ki_pbnbqgh_ qlh ijbgZ^e_`bl bf Ihkj_^kl\hf
ijhfbkdmbl_lZ hg lZd`_ hljbpZ_l k\hx im]Zxsmx aZ\bkbfhklv hl hij_^_e_gghc
`_gsbgub [_kkhagZl_evghjZajmrZ_llhqlhhlqZygghohq_lihemqblv
LhlnZdlqlhhgfh`_lih^Zjblv`_gsbgZfhj]Zafb qlhbfgm`_g_]hi_gbk
kbf\hebq_kdb m[_`^Z_l _]h \ lhf qlh hg g_ gm`^Z_lky \ gbo ² m g_]h _klv ^Zxsbc
hj]Zg emqrbc q_f ex[Zy ]jm^v Gh lh qlh `_gsbgZ lh]^Z [m^_l iulZlvky [ulv
aZ\bkbfhchlg_]hijh[m`^Z_lhiZk_gb_qlhhgZfh`_laZohl_lvmdjZklvm g_]hlhqlh
hg ^he`_g hl^Z\Zlv L_f g_ f_g__ \ ijhp_kk_ [_amki_rguo ihbkdh\ m^h\e_l\hj_gby
wjhlbq_kdbo `_eZgbc aZf_gyxsbo _]h ihlj_[ghklv \ ex[\b iZpb_gl qm\kl\h\Ze
jZklms__g_^h\hevkl\hb \dZdhclhfhf_glhkhagZeqlhnZdlbq_kdbbs_lhlghr_gbck
q_eh\_dhfih^dh`_c`_gsbgu
B lhevdh kbkl_fZlbq_kdh_ bamq_gb_ _]h hjZevguo ljm^gh m^h\e_l\hjbfuo
lj_[h\Zgbc ijh^he`bl_evghc g_m^h\e_l\hj_gghklb \ i_j_ghk_ aZklZ\beh iZpb_glZ
j_hj]Zgbah\Zlvk\hxl_g^_gpbx[_kkhagZl_evghihjlblvb jZajmrZlvlhq_]hhg[hevr_
\k_]h`Z`^Ze ²Z bf_gghihgbfZgb_b aZbgl_j_kh\ZgghklvkhklhjhguikbohZgZeblbdZ
ex[h\v b k_dkmZevgh_ m^h\e_l\hj_gb_ hl `_gsbg Ihegh_ hkhagZgb_ k\hbo
^_kljmdlb\guo l_g^_gpbc ih hlghr_gbx d ikbohZgZeblbdm b `_gsbgZf ijb\_eh d
ihkl_i_gghfmjZa\blbxqm\kl\Z\bgu^_ij_kkbbb l_g^_gpbb\k_ihijZ\blv< blh]_wlh
aZ\_jrbehkvjZ^bdZevgufb baf_g_gbyfb \ _]hhlghr_gbyo k ZgZeblbdhf k fZl_jvx b
jZa\_^_gghc`_gsbghchlu]ju\Zy\h\g_[_kkhagZl_evgh_qm\kl\h\bgugZdhlhjhchg
`_gbeky\ ijhp_kk_ZgZebaZ
Ihf_j_ihkl_i_ggh]hhkhagZ\Zgbylhckl_i_gbex[\bb ij_^Zgghklbdhlhjmxhg
ihemqZe hl k\h_c `_guiZpb_gl gZqZe qm\kl\h\Zlv qlh g_^hklhbg __ Hg aZf_lbe qlh
_]h gZqZeb bgl_j_kh\Zlv __ fukeb b qm\kl\Z qlh hg fh] ihemqZlv m^h\hevkl\b_ hl
fhf_glh\ kqZklvy k g_c b qlh \ g_f ijhkgmeky ]em[hdbc bgl_j_k d \gmlj_gg_c `bagb
^jm]h]h q_eh\_q_kdh]h kms_kl\Z B gZdhg_p hg hkhagZe dZd m`Zkgh hg aZ\b^h\Ze
g_aZ\bkbfuf bgl_j_kZf k\h_c `_gu __ ^jmavyf __ \_sZf b lukyqZf fZe_gvdbo
k_dj_lh\ dhlhjufb hg qm\kl\h\Ze hgZ ^_eblky kh k\hbfb ih^jm]Zfb Z g_ k gbf Hg
hkhagZeqlhihke_^h\Zl_evghh[_kp_gb\Zyb mgb`Zy__hgk^_eZe__ imklhcb kdmqghc
^eyk_[yb [hyekydZd[ug_ijbrehkv[jhkblv__lZd`_dZdhg[jhkZe^jm]bo`_gsbg
< lh `_ \j_fy iZpb_gl ihqm\kl\h\Ze ]jZg^bhagu_ \gmlj_ggb_ i_j_f_gu \
ijhp_kk_ iheh\h]h ZdlZ Hg hibkZe wlh dZd ihqlb j_eb]bhagh_ qm\kl\h dZd hsms_gb_
[_af_jghc [eZ]h^Zjghklb q_eh\_qghklb b m^h\hevkl\by hl lh]h qlh h^gh\j_f_ggh]h
ihagZe __ dZd `_gsbgm b dZd ebqghklv L_i_jv hg [ue \ khklhygbb \ujZablv k\hx
[eZ]h^Zjghklv \ nhjf_ nbabq_kdhc [ebahklb k g_c qm\kl\my __ l_eh l_i_jv
j_ij_a_glbjmxs__ __ p_ebdhf Z g_ dZd qZklbqguch[t_dlihgh\hfm L_i_jv iZpb_gl
fh]bkiulu\ZlvjhfZglbq_kdmxex[h\vk\yaZggmxk k_dkmZevghckljZklvxd `_gsbg_
gZ dhlhjhc hg [ue `_gZl [he__ ^\mo e_l Hg ihemqZe ihegh_ m^h\e_l\hj_gb_ hl k\h_c
k_dkmZevghc`bagb\ ijhlb\hiheh`ghklvklZjhfmhsms_gbx[ukljh]hjZahqZjh\Zgbyb
ihklhyggh]h ihbkdZ ^jm]hc `_gsbgu Ij_`gyy ihlj_[ghklv dhfimevkb\gh
fZklmj[bjh\Zlvihke_kh\_jr_gbyiheh\h]hZdlZ[_kke_^ghbkq_aeZ
Kbevgh_ qm\kl\h aZ\bklb b g_gZ\bklb d `_gsbgZf hlebqZ_l fgh]bo iZpb_glh\
fm`kdh]hiheZJZkkfZljb\Zydebgbq_kdb_kemqZbfh`ghm[_^blvkyqlhbgl_gkb\ghklv
fm`kdhc aZ\bklb khhl\_lkl\m_l bgl_gkb\ghklb aZ\bklb d i_gbkm m `_gsbg Ijb
fm`kdhf gZjpbkkbaf_ hlebqb_ g_ lhevdh \ kbevghc aZ\bklb b g_gZ\bklb gh lZd`_ b \
iZlheh]bq_kdhf h[_kp_gb\Zgbb `_gsbg qlh moh^bl dhjgyfb \ h[_kp_gb\Zgb_ nb]mju
fZl_jbdZdi_j\bqgh]hh[t_dlZaZ\bkbfhklb
H[_kp_gb\Zgb_ `_gkdhc k_dkmZevghklb b hljbpZgb_ ihlj_[ghklb \ aZ\bkbfhklb
hl `_gsbgu ijbkh_^bgy_lky d g_kihkh[ghklb ih^^_j`b\Zlv ]em[hdmx ebqghklgmx b
k_dkmZevgmx \h\e_q_gghklv ijb hlghr_gbyo k `_gsbgZfb Fu h[gZjm`b\Z_f ihegh_
hlkmlkl\b_k_dkmZevgh]hbgl_j_kZd `_gsbgZfg_kfhljygZq_ldmx]_l_jhk_dkmZevgmx
gZijZ\e_gghklv \ gZb[he__ ly`_euo kemqZyo \ f_g__ k_jv_aguo kemqZyo ijhy\ey_lky
[_ajZkkm^guc ihbkd k_dkmZevgh]h \ha[m`^_gby b ijhfbkdmbl_l k\yaZgguc k
g_kihkh[ghklvxmklZgh\blv[he__klZ[bevgu_hlghr_gbyIjbg_[hevrbohldehg_gbyo
iZpb_gluijhy\eyxlh]jZgbq_ggmxkihkh[ghklvd fbfhe_lgufm\e_q_gbyf
Ij_oh^ysb_ m\e_q_gby fh]ml jZkkfZljb\Zlvky dZd gZqZeh nhjfbjh\Zgby
kihkh[ghklb d \ex[e_gghklb gh b^_ZebaZpby h]jZgbqb\Z_lky e_e__fufb nbabq_kdbfb
Zljb[mlZfb `_gsbg dhlhjufb g_h[oh^bfh h\eZ^_lv Wlb iZpb_glu h^gZdh g_
kihkh[gu ^hklbqv lZdh]h mjh\gy b^_ZebaZpbb ijbkms_c qm\kl\m \ex[e_gghklb dh]^Z
b^_Zebabjmxlky`_gkdZy]_gblZevghklvb hij_^_e_ggZy`_gsbgZZ [eZ]h^ZjghklvaZ__
ex[h\v b aZ[hlZ h g_c dZd h q_eh\_d_ i_j_jZklZxl \ kihkh[ghklv ih^^_j`b\Zlv [he__
klZ[bevgu_ hlghr_gby Qm\kl\h aZ\_jr_gghklb gZiheg_gghklb dhlhjh_ khijh\h`^Z_l
qm\kl\h \ex[e_gghklb mljZq_gh gZjpbkkbq_kdbfb ebqghklyfb KZfh_ [hevr__ qlh
fh`_l hsmlblv lZdZy ebqghklv ² fbfhe_lgh_ qm\kl\h aZdhgq_gghklb ijb h^_j`Zgbb
ih[_^ugZ^h[t_dlhf
AZ\bklv d fZl_jb b aZ\bkbfhklv hl g__ dZd hl i_j\bqgh]h bklhqgbdZ ex[\b
dhg_qgh hq_gv kbevgZ b m fm`qbg b m `_gsbg B \Z`g_crbc bklhqgbd aZ\bklb d
i_gbkmm `_gsbg ² ihbkdhlghr_gbcaZ\bkbfhklbk hlphfb _]hi_gbkhfaZ\bkbfhklb
dhlhjZy y\ey_lky [_]kl\hf hl njmkljbjmxsbo hlghr_gbc k fZl_jvx b hk\h[h`^_gb_f
hl gbo HjZevgu_ dhfihg_glu aZ\bklb d i_gbkm ^hfbgbjmxl m `_gsbg k
gZjpbkkbq_kdhc ebqghklghc kljmdlmjhc ² hlkx^Z bo fklbl_evgh_ h[_kp_gb\Zgb_
fm`qbgb `_gsbgY\eyxlkyebijh]ghauikbohZgZeblbq_kdh]he_q_gbylZdbo`_gsbg
[he__k^_j`Zggufbq_fm fm`qbgg_ykghbamq_gb_fwlh]h\hijhkZaZgbfZeZkvIhebgZ
D_jg[_j] gZ ijbf_j_ `_gsbgu k gZjpbkkbq_kdhc ebqghklghc kljmdlmjhc
^_fhgkljbjmxs_chibkZggu_f_oZgbafu
IZpb_gldZ k gZjpbkkbq_kdhc ebqghklghc kljmdlmjhc dhlhjhc g_fgh]h aZ
^\Z^pZlv hlebqZeZkv oheh^ghc ijb\e_dZl_evghklvx oheh^ghklv lbibqgZ ^ey
gZjpbkkbq_kdbo`_gsbg\ hlebqb_hll_iehcdhd_leb\hklbm bkl_jbq_kdboebqghkl_c
q_f hgZ b ihevah\ZeZkv ijb qZklhc kf_g_ iZjlg_jh\ d dhlhjuf hlghkbeZkv dZd d
kh[kl\_ggufjZ[ZfHgZ[_a`Zehklghbkihevah\ZeZfm`qbgDh]^Zhgb\ dhgp_dhgph\
[jhkZeb __ hgZ j_Z]bjh\ZeZ Z]j_kkb\gh b fklbl_evgh g_ bkiulu\Zy ijb wlhf qm\kl\Z
\bgui_qZebbebkh`Ze_gby
G_\jhlbq_kdbf iZpb_glZf ijbkms_ k^_j`b\Zgb_ ghjfZevghc kihkh[ghklb d
ex[h\gufhlghr_gbyf dZd j_amevlZl g_jZaj_r_gguo w^bih\uo dhgnebdlh\ Ijhp_kku
b^_ZebaZpbb oZjZdl_jgu_ ^ey bo ex[h\guo hlghr_gbc kf_klbebkv hl ijbfblb\ghc
g_j_Zebklbqghcb^_ZebaZpbb\ klhjhgmbgl_]jZpbbZ[khexlghohjhrbob Z[khexlgh
iehobo bgl_jgZebah\Zgguo h[t_dlguo hlghr_gbc b iZpb_gl ^hklb]Ze dhgklZglghklb
h[t_dlZb j_Zebklbqghckihkh[ghklbd ]em[hdhchp_gd_k_[yb ex[bfh]hh[t_dlZ
Lbibqghc iZlheh]b_c \ ex[h\guo hlghr_gbyo k\yaZgghc k ^hfbgbjh\Zgb_f
w^bih\uodhgnebdlh\y\ey_lkyiheghp_ggZykihkh[ghklvd jhfZglbq_kdhcb^_ZebaZpbb
\ex[e_gghklb b ih^^_j`Zgbx hlghr_gbc lh _klv kihkh[ghklv d k_jv_aguf
h[yaZl_evkl\Zf \ dhgl_dkl_ lhe_jZglghklb Zf[b\Ze_lghklb \ khq_lZgbb kh
k^_j`b\Zgb_f g_ihkj_^kl\_gguo ]_gblZevguo b
ihebfhjnghbgnZglbevguo
k_dkmZevguo `_eZgbc d w^bih\m h[t_dlm IZpb_glu k ij_h[eZ^Zgb_f lZdh]h \b^Z
ikbohiZlheh]bbh[uqghkihkh[gu\ex[eylvkyb mklZgZ\eb\ZlvklZ[bevgu_hlghr_gby\
dhgl_dkl_ g_dhlhjh]h k^_j`b\Zgby ]_gblZevghc k_dkmZevghklb Bfihl_gpby
ij_`^_\j_f_ggZy b aZiha^ZeZy wydmeypby ohly \ wlbo kemqZyo ^h]_gblZevgZy
ikbohiZlheh]by lZd`_ b]jZ_l \Z`gmx jhev b njb]b^ghklv hkh[_ggh ih^Z\e_gb_
kihkh[ghklb d k_dkmZevghfm \ha[m`^_gbx b hj]Zafm \ ijhp_kk_ iheh\h]h ZdlZ ²
lZdh\uij_h[eZ^Zxsb_a^_kvkbfilhfu
:evl_jgZlb\ghc aZsblhc hl [_kkhagZl_evgh]h aZij_lZ gZ k_dkmZevghklv baaZ
w^bih\uodhgnebdlh\y\ey_lkyjZat_^bg_gb_g_`guob wjhlbq_kdboklj_fe_gbclZdqlh
k_dkmZevguch[t_dlex[\b\u[bjZ_lkyihdhgljZklmk ^jm]bf^_k_dkmZebabjh\Zgguf
b b^_Zebabjm_fuf G_kihkh[ghklv bgl_]jbjh\Zlv wjhlbq_kdh_ `_eZgb_ b g_`gmx
ex[h\v ijhy\ey_lky \ ihemq_gbb kbevgh]h k_dkmZevgh]h m^h\e_l\hj_gby k h^gbf
h[t_dlhf hlkh_^bg_gguf hl kbevghc g_]_gblZevghc ex[\b ih hlghr_gbx d ^jm]hfm
h[t_dlm Bkdmie_gb_ [_kkhagZl_evghc \bgu i_j_^ aZij_lgufb w^bih\ufb `_eZgbyfb
ijhbkoh^bl iml_f \u[hjZ njmkljbjmxsbo g_^hklmiguo beb dZjZxsbo ex[h\guo
h[t_dlh\ beb iml_f ihegh]h kh_^bg_gby k_dkmZevghc b g_`ghc ex[\b lhevdh ijb
njmkljbjmxsbo ex[h\guo hlghr_gbyo Fh`gh kdZaZlv qlh gZjpbkkbq_kdbc lbi
ex[h\guohlghr_gbcij_^klZ\ey_llbibqgmxikbohiZlheh]bx^hw^bih\uodhgnebdlh\
\ h[eZklb ex[h\guo hlghr_gbc Z fZahobklkdb_ ex[h\gu_ hlghr_gby ij_^klZ\eyxl
lbibqgmxiZlheh]bxw^bih\h]hmjh\gyjZa\blbyKe_^mxsbckemqZcijb\h^bfucfghc
\ ij_^u^ms_cjZ[hl_ beexkljbjm_lbojZaebqgu_Zki_dlu
Fm`qbgZ ljb^pZlb iylb e_l h[jZlbeky \ dhgkmevlZpbx ih ih\h^m gZ\yaqb\uo
khfg_gbchlghkbl_evghijb\e_dZl_evghklbk\h_cg_\_kluGZi_j\mxk_kkbxhgijbg_k
ihjln_evk h]jhfgufbnhlh]jZnbyfbk\h_cg_\_klulsZl_evghjZkkhjlbjh\Z\bogZ^\_
klhidb \ i_j\hc ² l_ nhlh]jZnbb gZ dhlhjuo hgZ dZaZeZkv _fm ijb\e_dZl_evghc \h
\lhjhc ² ]^_ hgZ dZaZeZkv g_ijb\e_dZl_evghc Hg kijhkbe gZoh`m eb y dZdmxeb[h
jZagbpm f_`^m wlbfb^\mfy iZqdZfb GbdZdhc jZagbpu \ kfuke_ ijb\e_dZl_evghklb y
g_m\b^_eZ iZpb_gliha^g__ijbagZekyfg_qlhlZdh\Z[ueZj_Zdpby\k_o_]h^jma_ck
dhlhjufbhg^_ebekyk\h_cijh[e_fhcG_fgh]hiha`_\uykgbehkvqlhg_\_klZ\k_]^Z
dZaZeZkv_fmg_ijb\e_dZl_evghcdh]^Zm g_]h\hagbdZebih^haj_gbyqlhhgZk_dkmZevgh
\ha[m`^_gZbf
IZpb_gl ij_^klZ\ey_l lbibqguc kemqZc h[k_kkb\ghc ebqghklb k yjdh
\ujZ`_gguf nhjfbjh\Zgb_f j_Zdpbb gZ Z]j_kkbx \ \b^_ klhcdhc k\_jo\_`eb\hklb b
i_^Zglbqghklb \ kZfh\ujZ`_gbb Hg aZgbfZe \ukhdmx ^he`ghklv \ f_klghf
mgb\_jkbl_l_ghbkiulu\Zeg_dhlhju_aZljm^g_gby\ jZ[hl_baaZk\h_caZkl_gqb\hklb
b jh[hklb i_j_^ klZjrbfb dhee_]Zfb Djhf_ lh]h hg bkiulu\Ze qm\kl\h
g_[_ahiZkghklb \ hlghr_gbyo kh klm^_glZfb dhlhju_ dZd _fm dZaZehkv \lZcg_
ihkf_b\ZebkvgZ^_]hdhjj_dlghcb dhgk_j\Zlb\ghcfZg_jhc
Ih keh\ZfiZpb_glZ \k_f \ ^hf_ aZijZ\eyeZ _]h ^_kihlbqgZy \hjqeb\Zy fZlv k
ihfhsvx `_gkdhc Zjfbb g_kdhevdbo klZjrbo b feZ^rbo k_kl_j ?]h hl_p [ue
g_j\guf\kiuevqb\ufq_eh\_dhfghih^qbg_gguf`_g_GZijhly`_gbb\k_]h^_lkl\Z
m iZpb_glZ[uehqm\kl\hqlhhg`b\_l\ ^hf_gZiheg_gghf`_gsbgZfbbok_dj_lZfb
f_klZfbdm^Z_fmg_iha\heyehkv\oh^blvysbdZfbdhlhju_g_iha\heyehkvhldju\Zlv
jZa]h\hjZfb dhlhju_ _fm aZij_sZehkv kemrZlv Hg \hkiblu\Zeky \ qj_a\uqZcgh
j_eb]bhaghcZlfhkn_j_]^_\k_k\yaZggh_k k_dkhfkqblZehkv]jyagufHg\kihfbgZ_l
qlh\ ^_lkl\_fZlvribhgbeZaZgbf\h\j_fy_]hk_dkmZevguob]jk ih^jm]ZfbfeZ^r_c
k_kljuZ aZl_fkmjh\hgZdZau\ZeZ_]h
IZpb_gl hq_gv ]hj^beky k\h_c fhjZevghc qbklhlhc b [ue kh\_jr_ggh
hr_ehfe_g dh]^Z y g_ hp_gbe dZd fhjZevgu_ ih^\b]b lhl nZdl qlh m g_]h aZ \kx
`bagv g_ [ueh gb h^gh]h iheh\h]h ZdlZ b hg gb jZam g_ qm\kl\h\Ze k_dkmZevgh]h
\ha[m`^_gbyd `_gsbgZf\ dhlhjuo\ex[eyekyIha`_hgijbagZeqlh\ xghr_kdhf
\hajZkl_ g_dhlhju_ `_gsbgu \ha[m`^Zeb _]h k_dkmZevgh b dZd ijZ\beh wlh [ueb
`_gsbgu [he__ gbadh]h khpbZevgh]hwdhghfbq_kdh]h klZlmkZ Hg b^_Zebabjh\Ze b
iheghklvx ^_k_dkmZebabjh\Ze `_gsbg ijbgZ^e_`Zsbo d _]h khpbZevghc ]jmii_
GbdZdbo kbfilhfh\ ih _]h keh\Zf g_ gZ[ex^Zehkv ^h l_o ihj ihdZ hg g_ klZe
\klj_qZlvky kh k\h_c g_\_klhc aZ ^\Z ]h^Z ^h h[jZs_gby \ dhgkmevlZpbx b ihdZ g_
ihy\bebkv gZ\yaqb\u_ khfg_gby ih ih\h^m __ ijb\e_dZl_evghklb beb \hkiblZgghklb
dh]^Z dZd hg kqblZe hgZ kdehgyeZ _]h d bglbfguf hlghr_gbyf gZijbf_j p_emy beb
eZkdZy
< i_j_ghk_ _]h h[k_kkb\ghdhfimevkb\guc i_jn_dpbhgbaf ihgZqZem kbevgh
f_rZek\h[h^gufZkkhpbZpbyfb [uehkgh\ghcl_fhcjZ[hlu\ l_q_gb_i_j\uo^\moe_l
ZgZebaZ AZ _]h i_jn_dpbhgbklkdbf ih^qbg_gb_f ikbohZgZeblbdm e_`ZeZ
[_kkhagZl_evgZy ba^_\dZ gZ^ gbf ydh[u fh]ms_kl\_gguf Z gZ kZfhf ^_e_ keZ[uf b
[_kkbevguf ² [_kkhagZl_evgZy j_Zdpby koh`Zy k lhc dhlhjmx hg bkiulu\Ze ih
hlghr_gbx d k\hbf klZjrbf dhee_]Zf b ijh_pbjh\Ze gZ klm^_glh\ dhlhjuo hg
ih^haj_\Ze \ ba^_\Zl_evkl\_ gZ^ kh[hc J_Zdpby g_ih\bgh\_gby b \uah\Z hlpm
ihkl_i_ggh gZqZeZ ijhy\eylvky \ i_j_ghk_ b ijbgyeZ ki_pbnbq_kdmx nhjfm djZcg_c
ih^hajbl_evghklb ² iZpb_gl kqblZe qlh y ohqm gZg_klb \j_^ _]h k_dkmZevghc fhjZeb
lZdh_hlghr_gb_jZkijhkljZgyehkvgZ\k_oikbohZgZeblbdh\
Iha`_m iZpb_glZ\hagbdehih^haj_gb_qlhZgZeblbdjZ[hlZ_lgZ_]hg_\_klm
`_eZyijbgm^blv_]h[jhkblvky\ __h[tylvyhgkh\_lh\Zekykhfgh]bfbk\ys_ggbdZfb
ih ih\h^m hiZkghklb dhlhjmx fh`_l ij_^klZ\eylv ikbohZgZeba ^ey _]h k_dkmZevghc
fhjZeb b qbkluo hlghr_gbc k g_\_klhc LZdbf h[jZahf iZpb_gl \b^_e \ ZgZeblbd_
ih\lhj_gb_h[jZaZhlpZ\ hlghr_gbyok fZl_jvxgZi_j\uc\a]ey^dhgljhebjmxs_]hZ
gZ kZfhf `_^_e_ih^qbg_ggh]h ZgZeblbd dZd khklhysbc \ k]h\hj_ k g_\_klhc AZl_f
iZpb_glklZe\k_[hevr_\hkijbgbfZlvZgZeblbdZdZdfZlv ² lh_klvdZdribhgys_]haZ
gbf b lhevdh ijbl\hjyxs_]hky l_jibfuf d _]h k_dkmZevguf ijhy\e_gbyf ebrv ^ey
lh]h qlh[u^Zlv _fm \uie_kgmlv k_dkmZevgu_ qm\kl\Z Z aZl_f gZdZaZlv _]h < l_q_gb_
\lhjh]h b lj_lv_]h ]h^Z ZgZebaZ ^hfbgbjmxsmx jhev ijbh[j_e wlhl fZl_jbgkdbc
i_j_ghkb l_`_dhgnebdluijhke_`b\Zebkv\ _]hhlghr_gbyok g_\_klhcb \hlghr_gbb
d `_gsbgZf \hh[s_ ² dZd fZl_jyf ]jhaysbf hiZkghklvx dhlhju_ ba^_\Zxlky gZ^
fheh^ufb ex^vfb b ijh\hpbjmxl bo k_dkmZevgu_ ijhy\e_gby qlh[u aZl_f hlhfklblv
bf
WlZljZgkn_j_glgZyiZjZ^b]fZ\ k\hxhq_j_^vi_j_f_klbeZkvgZ[he__]em[hdbc
mjh\_gv b gZ Z\Zgkp_gm \ureh k_dkmZevgh_ \ha[m`^_gb_ ih hlghr_gbx d k_kljZf b
hkh[_ggh d fZl_jb k kbevgh ih^Z\e_gguf qm\kl\hf kljZoZ i_j_^ fklbl_evguf hlphf
<hkijbylb_ fZl_jb \ dZq_kl\_ \jZ]Z \uklmiZeh aZf_s_gb_f _s_ [he__ im]Zxs_]h
\hkijbylby\jZ`^_[gh]hhlpZ
Kie_l_gb_ lZdbo q_jl dZd ZddmjZlghklv \_`eb\hklv b qj_af_jgZy aZ[hlZ h
qbklhl_ aZgyeh p_gljZevgh_ f_klh \ ZgZeblbq_kdhc jZ[hl_ HdZaZehkv qlh ih^h[gu_
q_jlu ij_^klZ\eyxl kh[hc j_Zdlb\gh_ h[jZah\Zgb_ ijhlb\ k_dkmZevguo qm\kl\ ex[h]h
oZjZdl_jZ
djhf_ lh]h hgb \ujZ`Zxl fheqZeb\uc g_hlklmiguc ijhl_kl ijhlb\
\hegmxs_c b qj_af_jgh \eZklghc fZl_jb B gZdhg_p wlb q_jlu hljZ`Zxl _]h
klj_fe_gb_[ulvZddmjZlg_gvdbffZe_gvdbffZevqbdhfdhlhjucihemqblex[h\vhlpZ
aZkq_lhldZaZdhgdmjbjh\Zlvk gbfb kfm`qbgZfb\hh[s_
GZq_l\_jluc]h^ikbohZgZeblbq_kdhcjZ[hluiZpb_gl\i_j\u_gZqZeijhy\eylv
qm\kl\hwjhlbq_kdh]h`_eZgbyihhlghr_gbxd k\h_cg_\_kl_JZgvr_dh]^ZhggZoh^be
__ ijb\e_dZl_evghc hgZ ij_^klZ\ZeZ i_j_^ gbf \ h[jZa_ b^_Zevghc g_\bgghc
g_^hklmighc `_gsbgu ² dZd ijhlb\hiheh`gZy khklZ\eyxsZy h[jZaZ fZl_jb
k_dkmZevgh \ha[m`^Zxs_c gh hllZedb\Zxs_c < l_q_gb_ iylh]h b ihke_^g_]h ]h^Z
ZgZebaZ m iZpb_glZ gZqZebkv k_dkmZevgu_ hlghr_gby k g_\_klhc b ihke_ i_jbh^Z
ij_`^_\j_f_gghc wydmeypbb qlh [ueh k\yaZgh kh kljZohf ih\j_^blv ]_gblZebb \h
\eZ]Zebs_b j_Zdlb\baZpb_ciZjZghyevguokljZoh\i_j_^ZgZeblbdhfdhlhjucij_^klZe
\ kh[bjZl_evghf fklbl_evghf h[jZa_ hl_pfZlv _]h ihl_gpby ghjfZebah\ZeZkv B
lhevdh gZ wlhf wlZi_ iZpb_gl h[jZlbe \gbfZgb_ gZ k\hx ihklhyggmx gZ\yaqb\mx
ihlj_[ghklv \ qZklhf fulv_ jmd ebrv dh]^Z hg \klmibe \ k_dkmZevgu_ hlghr_gby k
g_\_klhc wlhl kbfilhf bkq_a B bf_ggh wlhl wibah^ fg_ ohl_ehkv [u jZkkfhlj_lv
ih^jh[g__
IZpb_glh[uqgh\klj_qZekykhk\h_cg_\_klhcihmljZf\ \hkdj_kgu_^gbaZl_f
hgb reb \ p_jdh\v ]^_ kh[bjZebkv _]h jh^bl_eb b ^jm]b_ qe_gu k_fvb Iha`_ hgb
i_j_klZeb oh^blv \ p_jdh\v b klZeb \klj_qZlvky b ijh\h^blv \hkdj_kgh_ mljh \ _]h
hnbk_ Z g_ \ d\Zjlbj_ gZoh^b\r_cky g_ih^Ze_dm hl jh^bl_evkdhc H^gZ`^u
\hkdj_kgufmljhfiZpb_gli_j\ucjZa\ `bagbijhba\_edmggbebg]bkiulZ\ijbwlhf
\ha[m`^_gb_ Hg bamfbeky qlh lZdbf kihkh[hf _]h g_\_klZ ^hklb]eZ hj]ZafZ GZ g_]h
ijhba\_eh]em[hdh_\i_qZle_gb_qlhhgZfh`_l[ulvlZdk\h[h^gZb hldjulZk gbfHg
hkhagZedZdfjZqgh\k_`_gsbgufZlvhlghkbebkvd k_dkmb kdhevdhaZij_lh\[uehk
wlbf k\yaZgh ?fm lZd`_ [ueh jZ^hklgh hkhagZ\Zlv qlh l_ieh \eZ`ghklv aZiZo \dmk
l_eZb ]_gblZebc_]hg_\_klukdhj__\ha[m`^Zeb_]hq_fhllZedb\ZebZ qm\kl\Zklu^Zb
hl\jZs_gby ljZgknhjfbjh\Zebkv \ k_dkmZevgh_ \ha[m`^_gb_ b qm\kl\h m^h\hevkl\by
Hg [ue g_fZeh m^b\e_g qlh \h \j_fy dhblmkZ g_ ijhbahreh ij_`^_\j_f_gghc
wydmeypbbb k\yaZewlhlnZdlk l_fqlhqm\kl\h]g_\Zb h[b^ugZg__dZdgZ`_gsbgmih
djZcg_cf_j_gZdZdh_lh\j_fyihdbgmeh_]h
< ihke_^mxsb_g_^_ebhghkhagZeqlhhklZ\Zykv\ hnbk_b aZgbfZykvk_dkhfkh
k\h_c g_\_klhc hg \ujZ`Ze ijhl_kl ijhlb\ hlpZ b fZl_jb b l_o Zki_dlh\ k\hbo
j_eb]bhaguom[_`^_gbcdhlhju_ij_^klZ\eyebkh[hcjZpbhgZebaZpbx^Z\e_gbcKmi_j
W]h < ih^jhkldh\hf \hajZkl_ m wlh]h iZpb_glZ [ueZ nZglZaby qlh Bbkmk ihklhyggh
gZ[ex^Z_l aZ gbf hkh[_ggh \ l_ fhf_glu dh]^Z hg lZcdhf ih^kfZljb\Ze dZd
jZa^_\Zebkvih^jm]b_]hk_kl_jIjhbahrebjZabl_evgu_i_j_f_gu\h\a]ey^ZoiZpb_glZ
gZ nb]mjm BbkmkZ l_i_jv hg kqblZe qlh Bbkmk haZ[hq_g g_ l_f qlh[u ke_^blv aZ
ohjhrbf ih\_^_gb_f ex^_c \ k_dkmZevguo ijhy\e_gbyo Z ihbkdhf ex[\b b
q_eh\_q_kdh]hihgbfZgby
IZpb_gl lZd`_ ihgye qlh \hkijbylb_ l_o klhjhg _]h g_\_klu dhlhju_ ihjhc
dZaZebkv_fmhl\jZlbl_evgufbijbrehba^_lkl\Zb Zkkhpbbjh\Zehkvk l_fbfhf_glZfb
dh]^ZfZlvbkiulu\ZeZk_dkmZevgh_\ha[m`^_gb_d hlpmL_i_jvwlhg_bf_ehagZq_gby
hg hldjue ^jm]b_ q_jlu k\h_c g_\_klu koh^gu_ k q_jlZfb fZl_jb lZdb_ dZd __
dmevlmjguc mjh\_gv ijhbkoh`^_gb_ b khpbZevgh_ iheh`_gb_ Dh]^Z g_\_klZ gZi_\ZeZ
i_k_gdb ihimeyjgu_ gZ jh^bg_ fZl_jb hg [u\Ze ]em[hdh ljhgml hgb dZd [u
\ha\jZsZeb _]h \ ^_lkl\h ^Z\Zeb _fm \hafh`ghklv ijbdhkgmlvky g_ d fZl_jb dZd d
q_eh\_dm Z d lhfm hldm^Z hgZ ijhbahreZ M g_]h [ueh qm\kl\h qlh ^hklb]gm\ lZdhc
iheghluhlghr_gbckhk\h_cg_\_klhchg^hklb]lZd`_gh\hck\yabkhk\hbfijhreuf
² ijhreufdhlhjh_hg\k_]^Zhl\_j]Zeqlh[uehqZklvxih^Z\e_ggh]hijhl_klZijhlb\
jh^bl_e_c
AZ\bklv d i_gbkm \k_]^Z fh`_l [ulv ijhke_`_gZ ^h i_j\hgZqZevghc aZ\bklb d
fZl_jb \ hkgh\ghf d ]jm^b fZl_jb dZd hebp_l\hj_gbx kihkh[ghklb ^Z\Zlv `bagv b
\kdZjfeb\Zlvkbf\hebabjmxs_ci_j\ucohjhrbch[t_dlWlhl\Z`g_crbcbklhqgbd²
[_kkhagZl_evgZy aZ\bklv d fZl_jb ² ihkl_i_ggh kf_gy_lky aZ\bklvx d hlph\kdhfm
i_gbkm Z aZl_f ih^dj_iey_lky Z]j_kkb\gufb dhfihg_glZfb w^bih\uo dhgnebdlh\
hkh[_ggh kf_s_gb_ Z]j_kkbb k fZl_jb gZ hlpZ AZ aZ\bklvx d i_gbkm fu qZklh
h[gZjm`b\Z_fh[_kp_gb\Zgb_`_gsbghck\hbokh[kl\_gguo]_gblZebcij_^klZ\eyxs__
kh[hc khq_lZgb_ i_j\bqgh]h ih^Z\e_gby \Z]bgZevghc ]_gbZevghklb \ [_kkhagZl_evguo
hlghr_gbyo f_`^m fZl_jvx b ^hq_jvx dmevlmjgh h^h[jy_fuo b aZdj_iey_fuo
bgnZglbevguonZglZabcfm`kdh]hij_\hkoh^kl\Zb dhk\_ggh]h\ebygby[_kkhagZl_evghc
\bguaZihablb\gh_hlghr_gb_d hlph\kdhfmi_gbkm
@_gsbgZk kbevgh\ujZ`_ggufbfZahobklkdbfbl_g^_gpbyfbh[jZlbeZkvdhfg_
aZdhgkmevlZpb_cihih\h^mk_dkmZevguoaZij_lh\dhlhju_hgZfh]eZij_h^he_lvlhevdh
ijb k_dkmZevguodhglZdlZok fm`qbgZfbmgb`Zxsbfb __ < l_q_gb_i_j\uo ^\mo e_l
ZgZeba kdhgp_gljbjh\Zeky \hdjm] __ ihlj_[ghklb \ kZfhaZsbl_ \ hlghr_gbyo k
fm`qbgZfb b k ZgZeblbdhf k\yaZgghc k qm\kl\hf ]em[hdhc [_kkhagZl_evghc \bgu
hlghkbl_evgh k\hbo k_dkmZevguo ijhy\e_gbc b `_eZgbc ij_^klZ\eyxsbo w^bih\u
klj_fe_gby
GZ lj_lbc ]h^ jZ[hlu __ `_eZgb_ aZklZ\blv ZgZeblbdZ ² b fm`qbg \hh[s_ ²
bkiulu\Zlvg_h[oh^bfhklv\ g_cih^\_j]ehkvihkl_i_gghfmbaf_g_gbxgZih\_joghklv
\kieueb__^_lkdb_f_qluh ^h\_jbl_evguohlghr_gbyok fZq_ohc`_gsbghcoheh^ghc
b hl\_j]Zxs_c __ HgZ khkj_^hlhqbeZ k\h_ \gbfZgb_ gZ hlp_ \ ihbkdZo k_dkmZevghc
ex[\bdhlhjZy[ueZ[uaZf_ghcg_^hihemq_ggh]hhjZevgh]hm^h\e_l\hj_gbyhlfZl_jb
B^_ZebaZpby jh^ghc fZl_jb mf_jr_c \ lh \j_fy dh]^Z iZpb_gldZ gZoh^beZkv \
k_j_^bg_w^bih\Zi_jbh^ZjZa\blbyl_i_jvhdZaZeZkvj_Zdpb_caZsblug_lhevdhijhlb\
w^bih\hc\bgughb ijhlb\jZgg_chjZevgh^_l_jfbgbjh\Zgghcg_gZ\bklbd g_c
:gZeblbdl_i_jv\b^_ekyfZl_jbgkdhcnb]mjhcoheh^ghcb hllZedb\Zxs_c__M
iZpb_gldbihy\beZkvkbevgZyihlj_[ghklv\ lhfqlh[uhgaZsbsZeh[gbfZeb ex[be__
dZdohjhrZyfZlvdhlhjZyhl]hgblijhqv\k___ kljZobk\yaZggu_k iehohcfZl_jvxM
g__ [ueb k_dkmZevgu_ nZglZabb h lhf qlh hgZ kh\_jrZ_l n_eeypbx wlh bf_eh
hlghr_gb_ d qm\kl\m qlh fm`kdhc hj]Zaf kbf\hebq_kdb ij_^klZ\ey_l h^Zjb\Zgb_
ex[h\vxb fhehdhfaZsblhcb iblZgb_fL_i_jv\ nhdmke_q_gbyihiZeh__ hlqZyggh_
p_ieygb_ aZ fm`qbg b __ njb]b^ghklv dZd \ujZ`_gb_ wlbo hjZevguo klj_fe_gbc d
fm`qbgZf __ fklbl_evgh_ `_eZgb_ dhgljhebjh\Zlv b ih]ehlblv bo b kljZo i_j_^
\hafh`ghklvxhsmlblvihegh_k_dkmZevgh_m^h\e_l\hj_gb_ihkdhevdmwlhhagZqZeh[u
ihegmx aZ\bkbfhklv Z ihlhfm ihegmx njmkljZpbx `_klhdbfb fZl_jbgkdbfb
fm`qbgZfb
Bf_ggh gZ wlhf wlZi_ ZgZebaZ iZpb_gldZ \ i_j\uc jZa h[j_eZ kihkh[ghklv
mklZgh\blv hlghr_gby k fm`qbghc dhlhjuc dZaZeky gZb[he__ ih^oh^ysbf h[t_dlhf
ex[\bihkjZ\g_gbxk l_fbdh]hhgZ\u[bjZeZjZgvr_Kimklyg_dhlhjh_\j_fyihke_
aZ\_jr_gby ZgZebaZ hgZ \ureZ aZ g_]h aZfm` Ihkdhevdm lh qlh hgZ hdZaZeZkv
kihkh[ghc ^hklbqv iheghp_ggh]h k_dkmZevgh]h m^h\e_l\hj_gby k wlbf q_eh\_dhf
h[hagZqbehkms_kl\_ggu_baf_g_gby\ hlghr_gbyok gbfk ZgZeblbdhfk __k_fv_cb k
h[sbfb ij_^klZ\e_gbyfb h `bagb y ohl_e [u [he__ ih^jh[gh hklZgh\blvky gZ wlhf
wibah^_
< ijhp_kk_ ikbohZgZeblbq_kdhc jZ[hlu m iZpb_gldb jZkdjuebkv kihkh[ghklb
j_]meyjgh]h^hklb`_gbyhj]ZafZk wlbffm`qbghcD __m^b\e_gbxihke_^hklb`_gby
ihegh]h hj]ZafZ i_j\h_ \j_fy hgZ ieZdZeZ bkiulu\Zy kfms_gb_ b h^gh\j_f_ggh
h[e_]q_gb_HgZqm\kl\h\ZeZ[_kdhg_qgmx[eZ]h^ZjghklvaZlhqlhhgih^Zjbe_ck\hx
ex[h\v b k\hc i_gbk hgZ [ueZ [eZ]h^ZjgZ _fm aZ lh qlh fh]eZ lZd iheghp_ggh
gZkeZ`^Zlvky _]h i_gbkhf b h^gZ`^u \h \j_fy dhimeypbb ij_^klZ\beZ qlh hgZ
h[gbfZ_l i_gbk h]jhfguo jZaf_jh\ h[\b\Zykv \hdjm] g_]h k qm\kl\hf hivyg_gby b
hsms_gb_f qlh djm`blky \hdjm] p_gljZ \k_e_gghc HgZ qm\kl\h\ZeZ qlh _]h i_gbk
ijbgZ^e_`bl _c qlh hgZ ^_ckl\bl_evgh fh]eZ ^h\_jylv lhfm qlh hg b _]h i_gbk
ijbgZ^e_`Zl_c
< lh`_\j_fyhgZ[hevr_g_bkiulu\ZeZaZ\bklbqlhm g_]h_klvi_gbkZ mg__
g_l Dh]^Z hg jZaemqZeky k g_c hgZ fh]eZ kihdhcgh i_j_g_klb wlh lZd dZd lh qlh hg
^Z\Ze _c klZeh qZklvx __ \gmlj_gg_c `bagb Wlhl gh\uc hiul ² g_qlh lZdh_ qlh
ijbgZ^e_`Zeh lhevdh _c b qlh gbdlh g_ fh] hlh[jZlv HgZ h^gh\j_f_ggh hsmsZeZ
qm\kl\h[eZ]h^Zjghklbb \bguaZex[h\vdhlhjmx_cih^Zjbewlhlq_eh\_d\ lh\j_fy
dZdhgZ[ueZlZdhcaZ\bkleb\hcb ih^hajbl_evghcd g_fmb lZdhcmijyfhcg_iha\heyy
k_[_ iheghklvx ijbgZ^e_`Zlv _fm [hykv _]h \hh[jZ`Z_fhc ih[_^u gZ^ g_c dZd
`_gsbghcHgZqm\kl\h\ZeZqlhfh]eZhldjulvkyqlh[uihemqZlvm^h\hevkl\b_hllh]h
qlh^Z\Zeh_c__ l_eh]_gblZebbg_kfhljygZ\gmlj_ggb_aZij_luijhbkoh^ysb_hl__
fZl_jbb fZq_obHgZhk\h[h^beZkvhlkljZoZ\ha[m^blvkyhlijbdhkgh\_gby\ajhkeh]h
fm`qbgu dhlhjuc h[jZsZeky k g_c dZd kh \ajhkehc `_gsbghc lZdbf h[jZahf [ueh
ij_h^he_ghw^bih\hlZ[m
?c lZd`_ [ueh jZ^hklgh hsmsZlv qlh hgZ fh`_l k\h[h^gh h[gZ`blv k\h_ l_eh
i_j_^wlbfq_eh\_dhfb g_hiZkZlvkyqlh__ ]_gblZebbihdZ`mlky_fm[_ah[jZagufbb
g_ijbylgufb gZ \dmk HgZ gZijbf_j fh]eZ kf_eh kdZaZlv _fm ?keb kms_kl\m_l
g_a_fgh_gZkeZ`^_gb_lhg_fh]mij_^klZ\blvk_[_qlh fh`_l [ulv [he__g_a_fguf
² bf_y\ \b^mbok_dkmZevgu_hlghr_gbyHgZ[ueZkihkh[gZgZkeZ`^Zlvky_]hl_ehf
\ha[m`^Zlvkyb]jZyk _]hi_gbkhfdhlhjuc[hevr_g_[ueg_gZ\b^bfufbgkljmf_glhf
fm`kdh]h ij_\hkoh^kl\Z gZ^ `_gsbgZfb L_i_jv hgZ fh]eZ qm\kl\h\Zlv k_[y g_ om`_
^jm]bo `_gsbg G_ [ueh [hevr_ g_h[oh^bfhklb aZ\b^h\Zlv bglbfghc `bagb ^jm]bo
ihlhfm qlh m g__ [ueb kh[kl\_ggu_ bglbfgu_ hlghr_gby k fm`qbghc dhlhjh]h hgZ
ex[beZBdjhf_lh]hhkhagZgb_k\h_ckihkh[ghklbihemqZlvkh\f_klgh_gZkeZ`^_gb_
hlk_dkZb m\_j_gghklvqlhhgZihemqZ_l_]hex[h\vb hl^Z_l\aZf_gk\hx ² bkiulu\Zy
ijb wlhf [eZ]h^Zjghklv b g_ [hykv hldjulh \ujZ`Zlv k\hx ihlj_[ghklv \ g_f ²
ijhy\eyebkv\ ke_aZoihke_hsms_gbyhj]ZafZ
Dexq_\uf Zki_dlhf \ wlhf kemqZ_ y\ey_lky ij_h^he_gb_ aZ\bklb d i_gbkm __
hjZevgu_ dhjgb aZ\bklv d ^Zxs_c fZl_jb b ^Zxs_fm i_gbkm b kljZo g_\ughkbfhc
aZ\bkbfhklb hl gbo b ]_gblZevgu_ dhjgb ^_lkdZy m[_`^_gghklv \ ij_\hkoh^kl\_
fm`kdhck_dkmZevghklbb fm`qbg ² [uebijhjZ[hlZgu\ dhgl_dkl_p_evguoh[t_dlguo
hlghr_gbc \ dhlhjuo qm\kl\h \bgu aZ Z]j_kkbx ih hlghr_gbx d h[t_dlm qm\kl\h
[eZ]h^Zjghklb aZ ihemqZ_fmx ex[h\v b ihlj_[ghklv bkdmiblv \bgm ^Z\Zy ex[h\v
bkiulu\Zebkvb \ujZ`Zebkv\f_kl_
:=J?KKBYEX;H<VB I:JU
< ij_^u^ms_c ]eZ\_ [ue jZkkfhlj_g \hijhk h lhf dZdbf h[jZahf k_dkmZevgh_
\ha[m`^_gb_klZ\blZ]j_kkbxgZkem`[mex[\b< wlhcqZklbfg_ohl_ehkv[udhkgmlvky
lh]h dZdmx jhev \ wfhpbhgZevguo \aZbfhhlghr_gbyo iZju b]jZ_l \aZbfh^_ckl\b_
ex[\bb Z]j_kkbb
<f_kl_ k [ebahklvx k_dkmZevghc ijboh^bl b [ebahklv wfhpbhgZevgZy Z
wfhpbhgZevgZy [ebahklv g_k_l \ k_[_ g_ba[_`gmx Zf[b\Ze_glghklv w^bih\uo b
^hwbih\uo hlghr_gbc Ijhs_ ]h\hjy Zf[b\Ze_glgh_ hlghr_gb_ fm`qbgu d
\ha[m`^Zxs_c b njmkljbjmxs_c fZl_jb gZqbgZy k jZgg_]h ^_lkl\Z _]h
ih^hajbl_evghklv \ hlghr_gbb ^jZagys_c b g_ ^Zxs_c ijbjh^u fZl_jbgkdhc
k_dkmZevghklb gZghkyl \j_^ nhjfbjh\Zgbx wjhlbq_kdhc ijb\yaZgghklb b^_ZebaZpbb b
^h\_jbx d `_gsbg_ dhlhjmx hg ex[bl ?]h [_kkhagZl_evgh_ w^bih\h qm\kl\h \bgu b
qm\kl\h g_iheghp_gghklb ih kjZ\g_gbx k b^_Zebabjm_fhc w^bih\hc fZl_jvx fh`_l
h[_jgmlvky ih^Z\e_gb_f k_dkmZevghklb beb g_l_jibfhklvx d `_gsbg_ dhlhjZy
klZgh\blky k_dkmZevgh k\h[h^ghc b ih hlghr_gbx d dhlhjhc hg fh`_l [hevr_ g_
qm\kl\h\Zlv k_[y aZsbs_gguf LZdh_ nhjfbjh\Zgb_ fh`_l gZ\k_]^Z khojZgblv
^bohlhfbx f_`^m wjhlbabjh\Zggufb b ^_k_dkmZebabjh\Zggufb b^_Zebabjm_fufb
hlghr_gbyfb d `_gsbgZf ² ^bohlhfbx lbibqgmx ^ey fZevqbdh\ \ jZgg_f
ih^jhkldh\hf \hajZkl_ < kemqZyo iZlheh]bb hkh[_ggh m fm`qbg k gZjpbkkbq_kdbfb
jZkkljhckl\Zfb [_kkhagZl_evgZy aZ\bklv d fZl_jb b ihlj_[ghklv hlhfklblv _c fh`_l
ijb\_klb d dZlZkljhnbq_kdhfm [_kkhagZl_evghfm h[_kp_gb\Zgbx `_gsbgu dZd
`_eZ_fh]h k_dkmZevgh]h h[t_dlZ k ihke_^mxsbf hoeZ`^_gb_f \ hlghr_gbyo b
jZaju\hf
?keb m `_gsbgu \ jZgg_f ^_lkl\_ g_ [ueh m^h\e_l\hjbl_evguo hlghr_gbc k
fZl_jvx dhlhjZy fh]eZ [u i_j_ghkblv k_dkmZevghklv ^hq_jb lh [_kkhagZl_evgh_
hsms_gb_ \jZ`^_[ghklb b hl\_j`_gby fZl_jb ij_iylkl\h\Z\r_c jZgg_fm jZa\blbx
l_e_kghc qm\kl\_gghklb Z iha^g__ __ ex[\b d hlpm fh`_l ijb\_klb d mkbe_gghfm
[_kkhagZl_evghfm qm\kl\m \bgu \ k_dkmZevghc [ebahklb k fm`qbghc d dhlhjhfm hgZ
bkiulu\Z_l kbevgu_ qm\kl\Z Ijb lZdbo h[klhyl_evkl\Zo ghjfZevgZy kf_gZ h[t_dlZ k
fZl_jbgZhlpZ[_kkhagZl_evghbkdZ`_gZb __hlghr_gbyk fm`qbgZfbij_\jZsZxlky\
kZ^hfZahobklkdb_ ?keb jZkdju\Z_lky gZjpbkkbq_kdZy kljmdlmjZ ebqghklb ^_\hqdZ
fh`_l \ujZ`Zlvk\hxkbevgmx[_kkhagZl_evgmxaZ\bklvd fm`qbgZf iml_f aZsblgh]h
h[_kp_gb\Zgbyfm`qbgdhlhju_ex[yl__wfhpbhgZevghchlkljZg_gghklbb\hafh`gh
gZjpbkkbq_kdb ^_l_jfbgbjh\Zggh]h ijhfbkdmbl_lZ qlh kijZ\_^eb\h b ^ey
gZjpbkkbq_kdbo fm`qbg Qm\kl\h g_^hklmigh]h kZ^bklbq_kdh]h k_dkmZevgh
hl\_j]Zxs_]hbebkh[eZagyxs_]hb ^jZagys_]hw^bih\ZhlpZfh`_lmkbeblvwlbjZggb_
dhgnebdlub bo\ebygb_gZex[h\gmx`bagv`_gsbgu
AgZy h qZklhl_ \klj_qZxsboky ly`_euo kemqZ_\ [_kkhagZl_evgh]h w^bih\Z
qm\kl\Z \bgu b gZjpbkkbq_kdbo aZsbl nhjfbjmxsboky gZ hkgh\_ w^bih\uo b
^hw^bih\uo dhgnebdlh\ fu fh`_f aZ^Zlv \hijhk h nZdlhjZo hl\_qZxsbo aZ
nhjfbjh\Zgb_b ih^^_j`Zgb_[eZ]hijbylguohlghr_gbcf_`^mfm`qbghcb `_gsbghc
Kms_kl\m_l^\ZklZg^Zjlguob ljZ^bpbhgguohl\_lZgZwlhl\hijhkKh]eZkghi_j\hfm
wlhkhpbZevgu_ghjfuh[_j_]Zxsb_kmijm`_kdb_hlghr_gbyb ² ^hg_^Z\g_]h\j_f_gb
² dmevlmjgu_b khpbZevgu_kljmdlmjudhlhju_k_cqZkdZ`_lkyij_l_ji_\Zxli_jbh^
jZkiZ^Z hlq_]h bgklblml kmijm`_kl\Z gZoh^blky ih^ m]jhahc Kh]eZkgh \lhjhfm
aj_eZyex[h\vih^jZamf_\Z_l^jm`[mb khljm^gbq_kl\hdhlhju_ihkl_i_gghijboh^yl
gZ kf_gm kljZklghc jhfZglbqghc ex[\b b kem`Zl ]ZjZglb_c ijh^he`bl_evguo b
klZ[bevguohlghr_gbciZju
K ikbohZgZeblbq_kdhc lhqdb aj_gby `_eZgb_ h[t_^bgblvky \ iZjm b lZdbf
h[jZahfj_Zebah\Zlv]em[hdb_[_kkhagZl_evgu_ihlj_[ghklb\ b^_glbnbdZpbb\ ex[\bk
jh^bl_eyfb b bo jheyfb \ k_dkmZevguo hlghr_gbyo b]jZ_l g_ f_gvrmx jhev q_f
Z]j_kkb\gu_ kbeu dhlhju_ klj_fylky ih^hj\Zlv bglbfgu_ hlghr_gby Lh qlh
jZajmrZ_lkljZklgmxijb\yaZgghklvb h[hjZqb\Z_lkyqm\kl\hfaZlhq_gbyg_k\h[h^ub
k_dkmZevghckdmdhcy\ey_lkyZdlb\Zpb_cZ]j_kkbbm]jh`Zxs_cojmidhfmjZ\gh\_kbx
f_`^m kZ^hfZahobafhf b ex[h\vx \ hlghr_gbyo iZju ² dZd k_dkmZevghfm lZd b
wfhpbhgZevghfm
Gh _s_ [hevr_]h \gbfZgby aZkem`b\Z_l ^bgZfbdZ jZa\blby wfhpbhgZevguo
bglbfguo hlghr_gbc ;_kkhagZl_evgh_ `_eZgb_ bkijZ\blv ^hfbgbjmxsb_ iZlh]_ggu_
hlghr_gby ijhreh]h b kh[eZag \hkijhba\_klb bo ^ey \hiehs_gby g_j_Zebah\Zgguo
Z]j_kkb\guo b fklbl_evguo ihlj_[ghkl_c bf__l j_amevlZlhf ijhb]ju\Zgb_ bo \
hlghr_gbyo k ex[bfuf h[t_dlhf K ihfhsvx ijh_dlb\ghc b^_glbnbdZpbb dZ`^uc
iZjlg_j klj_fblky \ua\Zlv \ ^jm]hf hkh[_gghklb ijhreh]h w^bih\Z bbeb ^hw^bih\Z
h[t_dlZ k dhlhjuf hgb gZoh^bebkv \ dhgnebdl_ Ijh_dlb\gZy b^_glbnbdZpby ²
ijbfblb\guc b \k_ `_ gZb[he__ jZkijhkljZg_gguc aZsblguc f_oZgbaf
aZdexqZxsbcky \ l_g^_gpbb ijh_pbjh\Zlv bfimevku gZ ^jm]h]h q_eh\_dZ kljZo ih
hlghr_gbxd g_fm \ua\Zgguc wlbfb kijh_pbjh\Zggufb bfimevkZfb [_kkhagZl_evgZy
l_g^_gpby\uau\ZlvlZdb_bfimevku\ ^jm]hfb g_h[oh^bfhklvdhgljhebjh\Zlv^jm]h]h
q_eh\_dZih^\ebygb_fwlh]hf_oZgbafZ?kebjZggb_dhgnebdlu\hdjm]Z]j_kkbb[ueb
ly`_eufb lh m\_ebqb\Z_lky \_jhylghklv \hkijhba\_^_gby ijbfblb\guo nZglZabcgh
kh[bjZl_evguoh[jZah\fZlvhl_pdhlhju_bf_xlfZehkoh^kl\Zk gZklhysbfbq_jlZfb
jh^bl_evkdboh[t_dlh\
JZ\gh\_kb_ [_kkhagZl_evgh mklZgZ\eb\Z_lky k ihfhsvx lh]h qlh iZjlg_ju
^hihegyxl^hfbgbjmxsb_iZlh]_ggu_h[t_dlgu_hlghr_gbybaijhreh]h^jm]^jm]Zb
wlh kdj_iey_l hlghr_gby gh\ufb g_ij_^kdZam_fufb kihkh[Zfb Fu gZijbf_j
gZoh^bf qlh iZju \ bo bglbfguo hlghr_gbyo \aZbfh^_ckl\mxl fgh]bfb g_kdhevdh
kmfZkr_^rbfb kihkh[Zfb Wlh ebqgh_ dhgnb^_gpbZevgh_ [_amfb_ SULYDWH
PDGQHVV ih l_jfbgheh]bb :g^jw=jbgZ fh`_l [ulv dZd njmkljbjmxsbf lZd b
\ha[m`^Zxsbf ihkdhevdm ijhbkoh^bl \ dhgl_dkl_ hlghr_gbc dhlhju_ fh]ml [ulv
lZd`_ gZb[he__ \ha[m`^Zxsbfb m^h\e_l\hjyxsbfb b \hiehsZxsbfb lh h q_f h[Z
iZjlg_jZ lhevdh fh]ml f_qlZlv Klhjhgg_fm gZ[ex^Zl_ex fh`_l ihdZaZlvky qlh iZjZ
\_^_l k_[y kljZgguf h[jZahf kh\_jr_ggh hlebqguf hl bo h[uqgh]h ih\_^_gby qlh
h^gZdh qZklh bf_eh f_klh \ ijhrehf GZijbf_j dh]^Z ^hfbgbjmxsbc fm` aZ[he_e
]jbiihf b _fm ihlj_[h\Zeky moh^ hg b _]h ih^qbg_ggZy `_gZ ihf_gyebkv f_klZfb b
ij_\jZlbebkv \ ogudZxs_]h fZe_gvdh]h fZevqbdZ b ya\bl_evgmx mqbl_evgbpm Beb
lZdlbqgZy wfiZlbqgZy `_gZ ijb ijyfhebg_cghf b Z]j_kkb\ghf fm`_ fh`_l
ij_\jZlblvky \ iZjZghb^Zevgmx b g_^h\hevgmx \k_f Z hg ² \ h[h^jyxs_]h ih
fZl_jbgkdb g_`gh]h b aZ[hleb\h]h dh]^Z hgZ qm\kl\m_l k_[y lj_lbjm_fhc lj_lv_c
klhjhghc Beb i_jbh^bq_kdh_ r\ujygb_ ihkm^hc fh`_l \j_fy hl \j_f_gb ij_ju\Zlv
kihdhcgmx ]Zjfhgbqgmx `bagv k_fvb LZdhc khxa \ [_amfbb h[uqgh ij_ju\Z_lky
[he__ ghjfZevgufb b m^h\e_l\hjyxsbfb Zki_dlZfb hlghr_gbc iZju \ k_dkmZevghc
wfhpbhgZevghc bgl_ee_dlmZevghc b dmevlmjghc kn_jZo NZdlbq_kdb kihkh[ghklv d
ij_ju\ghklbhlghr_gbcb]jZ_l\Z`gmxjhev\ boih^^_j`Zgbb
Ij_ju\ghklvhlghr_gbc
Kihkh[ghklv d ij_ju\ghklb hlghr_gbc hibkZggZy ;jZmgr\_c]hf b N_cghf
Z lZd`_ :g^jw =jbghf bf__l dhjgb \ ij_ju\bklhklb
hlghr_gbc f_`^m fZl_jvx b feZ^_gp_f Kh]eZkgh ;jZmgr\_c]m b N_cgm dh]^Z fZlv
\ha\jZsZ_lky d hlpm \ dZq_kl\_ k_dkmZevgh]h iZjlg_jZ klZgh\ykv g_^hklmighc ^ey
j_[_gdZ hg \ dhgp_ dhgph\ hkhagZ_l wlhl nZdl < b^_Ze_ `_gsbgZ ^he`gZ e_]dh b
[ukljhf_gylv^\_jheb[ulvg_`ghclhgdhwjhlbqghcb ex[ys_cfZfhc^eyj_[_gdZb
wjhlbqguf k_dkmZevguf iZjlg_jhf ^ey fm`Z B j_[_ghd [_kkhagZl_evgh
b^_glbnbpbjm_lky k g_c \ h[_bo jheyo Ij_ju\ghklv \ h[s_gbb k fZl_jvx y\ey_lky
kZfuf jZggbf bklhqgbdhf njmkljZpbb b `_eZgby klj_fe_gby m j_[_gdZ LZd`_ q_j_a
b^_glbnbdZpbxk fZl_jvx\hagbdZ_lkihkh[ghklvfeZ^_gpZb j_[_gdZd ij_ju\bklhklb
_]h [ebadbo hlghr_gbc Kh]eZkgh ;jZmgr\_c]m b N_cgm Zmlhwjhlbaf feZ^_gpZ
ijhbkl_dZ_l ba ih\lhjyxs_cky kf_gu m^h\e_l\hj_gby njmkljZpb_c \ _]h beb __
`_eZgbb keblvky k fZl_jvx fZklmj[Zpby fh`_l ij_^klZ\eylv kh[hc h[t_dlgu_
hlghr_gby^hlh]hdZdhgZklZg_laZsblhcijhlb\lZdbohlghr_gbc
:g^jw=jbgjZkkfZljb\Z_lwlmij_ju\ghklv\ dZq_kl\_hkgh\ghcoZjZdl_jbklbdb
q_eh\_q_kdh]h nmgdpbhgbjh\Zgby dZd \ ghjf_ lZd b \ iZlheh]bb Ij_ju\bklhklv \
ex[h\guohlghr_gbyoij_^iheZ]Z_lhgij_^hojZgy_lhlghr_gbyhlhiZkgh]hkebygby
\ dhlhjhf Z]j_kkby klZeZ [u ij_h[eZ^Zxs_c WlZ kihkh[ghklv d ij_ju\ghklb
hlghr_gbc ijhb]ju\Z_lky fm`qbgZfb hl^_e_gb_ hl `_gsbgu ihke_ k_dkmZevgh]h
m^h\e_l\hj_gby ij_^klZ\ey_l ml\_j`^_gb_ Z\lhghfbb \ hkgh\ghf ghjfZevgZy
gZjpbkkbq_kdZy j_Zdpby gZ moh^ fZl_jb b h[uqgh g_ijZ\bevgh ihgbfZ_lky ² ih
[hevr_c qZklb `_gsbgZfb Wlh gZreh hl`_gb_ \ dmevlmjghf debr_ qlh m fm`qbg
f_gvr_ kihkh[ghkl_c q_f m `_gsbg ^ey mklZgh\e_gby hlghr_gbc k aZ\bkbfhklvx M
`_gsbg lZdh_ ij_ju\Zgb_ h[uqgh j_Zebam_lky \h \aZbfh^_ckl\bb k feZ^_gpZfb
\dexqZy wjhlbq_kdbcnZdlhj lZdh]h \aZbfh^_ckl\by < j_amevlZl_ m fm`qbg \hagbdZ_l
hsms_gb_ [jhr_gghklb [ulm_l fg_gb_ ² l_i_jv m`_ kj_^b fm`qbg ² h
g_kh\f_klbfhklbfZl_jbgkdbonmgdpbcb ]_l_jhk_dkmZevgh]hwjhlbafZm `_gsbg
DZdmdZau\Z_l:ev[_jhgb jZagbpZf_`^mfm`qbgZfbb `_gsbgZfb \ bo
kihkh[ghklb \ughkblv ij_ju\bklhklv lZd`_ beexkljbjm_lky bo kihkh[Zfb jZaju\Z
ex[h\guo hlghr_gbc `_gsbgu h[uqgh ij_djZsZxl k_dkmZevgu_ hlghr_gby k
fm`qbghc dhlhjh]h hgb [hevr_ g_ ex[yl b mklZgZ\eb\Zxl kljh]mx ]jZgbpm f_`^m
klZjhc ex[h\vx b gh\hc Fm`qbgu `_ h[uqgh fh]ml ijh^he`Zlv k_dkmZevgu_
hlghr_gby k `_gsbghc ^Z`_ _keb bo wfhpbhgZevgZy ijb\yaZgghklv khkj_^hlhq_gZ gZ
dhfeb[h _s_ LZdbf h[jZahf hgb h[eZ^Zxl [hevr_c kihkh[ghklvx \ughkblv jZaju\
f_`^m wfhpbhgZevgufb b wjhlbq_kdbfb hlghr_gbyfb b ihij_`g_fm bkiulu\Zlv
wjhlbq_kdmxijb\yaZgghklvd `_gsbg_\ j_Zevghklbb nZglZabyo\ l_q_gb_fgh]boe_l
^Z`_ijbhlkmlkl\bbj_Zevguohlghr_gbck g_c
JZaju\ f_`^m wjhlbq_kdbf hlghr_gb_f b g_`ghklvx d `_gsbgZf m fm`qbg
hljZ`Z_lky \ ^bohlhfbb fZ^hggZijhklblmldZ wlh bo gZb[he__ lbibqgZy aZsblZ
ijhlb\ g_ij_djZsZxsboky [_kkhagZl_evguo aZij_lguo b `_eZ_fuo w^bih\uo
hlghr_gbck fZl_jvxGhihfbfhlZdhc^bkkhpbZpbb]em[bggu_^hw^bih\udhgnebdlu
k fZl_jvx \kieu\Zxl gZ ih\_joghklv \ i_j\ha^Zgghf \b^_ \ hlghr_gbyo fm`qbgu k
`_gsbghc f_rZy jZa\blbx kihkh[ghklb [ulv ]em[hdh ij_^Zgguf _c >ey `_gsbg
dhlhju_ m`_ h^bg jZa kf_klbeb ij_^Zgghklv k fZl_jb gZ hlpZ \ jZgg_f ^_lkl\_
ijh[e_fhc y\ey_lky g_ g_kihkh[ghklv ihk\ylblv k_[y aZ\bkbfuf hlghr_gbyf k
fm`qbghc Z kdhj__ g_kihkh[ghklv \ug_klb b ijbgylv k\hx kh[kl\_ggmx k_dkmZevgmx
k\h[h^m\ hlghr_gbyo< ijhlb\hiheh`ghklv fm`kdhfm ij_^klZ\e_gbx h nZeebq_kdhc
]_gblZevghklb kms_kl\mxs_fm k jZgg_]h ^_lkl\Z b jZa\b\Zxs_fmky \ dhgl_dkl_
[_kkhagZl_evghc wjhlbaZpbb \ ^bZ^_ fZlvj_[_ghd `_gsbgZf ijboh^blky \gh\v
hldju\Zlv i_j\hgZqZevgmx \Z]bgZevgmx k_dkmZevghklv [_kkhagZl_evgh ih^Z\ey_fmx \
hlghr_gbyofZlv^hqvFh`ghkdZaZlvqlhfm`qbgub `_gsbgu\ugm`^_guihklhyggh
h[mqZlvky qlh[u [ulv ]hlh\ufb mklZgh\blv ex[h\gu_ \aZbfhhlghr_gby ^ey fm`qbg
wlh jZa\blb_ ^h\_jbl_evguo hlghr_gbc ^ey `_gsbg ² ^hklb`_gb_ k_dkmZevghc
k\h[h^uHq_\b^ghkms_kl\mxl\Z`gu_bkdexq_gbybawlh]himlb jZa\blbylZdb_dZd
iZlheh]by gZjpbkkbafZ m `_gsbg b ly`_eZy nhjfZ dhfie_dkZ dZkljZpbb ex[h]h
ijhbkoh`^_gbym fm`qbg
Ij_ju\ghklv \ ex[h\guo hlghr_gbyo lZd`_ mkbeb\Z_lky \aZbfghc ijh_dpb_c
^bdlZlZ Kmi_jW]h Ijh_pbjh\Zgb_ gZ k_dkmZevgh]h iZjlg_jZ kZ^bklbq_kdbo Zki_dlh\
bgnZglbevgh]hbbebw^bih\ZKmi_jW]hfh`_lijb\_klbd fZahobklkdhfmih^qbg_gbx
b g_j_ZebklbqgufkZ^hfZahobklkdbfbkdZ`_gbyf\ hlghr_gbyoghlZd`_b dijhl_klm
ijhlb\ ijh_pbjm_fh]h Kmi_jW]h hkh[_ggh k ihfhsvx \j_f_gguo jZat_^bg_gbb
oZjZdl_jbamxsbo ghjfZevgmx ij_ju\bklhklv \ ex[h\guo hlghr_gbyo Yjhklgh_
hl\_j`_gb_ beb gZiZ^db gZ h[t_dl dhlhjhfm ijbibku\Z_lky \bgh\ghklv fh`_l
ijb\_klb d \j_f_gghfm hk\h[h`^_gbx hl ijh_pbjm_fh]h kZ^bklbq_kdh]h Kmi_jW]h
LZdh_ hk\h[h`^_gb_ dZd gb iZjZ^hdkZevgh iha\hey_l \hkklZgh\blv ex[h\gu_
hlghr_gby
P_gljZevgZynmgdpbyij_ju\ghklbh[tykgy_lihq_fmg_dhlhju_iZjukihkh[gu
d ijhqguf b ijh^he`bl_evguf kh\f_klguf hlghr_gbyf \hij_db beb [eZ]h^Zjy
hlu]ju\ZgbxZ]j_kkbbb gZkbeby \ bo ex[h\ghc `bagb ?keb ]jm[hdeZkkbnbpbjh\Zlv
g_hj]Zgbq_kdmx ikbohiZlheh]bx dZd g_\jhlbq_kdmx ih]jZgbqgmx gZjpbkkbq_kdmx b
ikbohlbq_kdmx dZl_]hjbb lh iZjlg_ju ih^iZ^Zxsb_ ih^ wlb dZl_]hjbb iZlheh]bb
fh]ml mklZgZ\eb\Zlv jZaebqgmx kl_i_gv jZ\gh\_kby klZ[bebabjmxsmx bo
\aZbfhhlghr_gby b iha\heyxsmx bf hlu]ju\Zlv k\hc kmfZkr_^rbc fbj
dhgl_cgbjh\Zgguc aZsblghc ij_ju\ghklvx D ijbf_jm fm`qbgmg_\jhlbdZ k
h[k_kkb\ghc ebqghklghc hj]ZgbaZpb_c dhlhjuc `_gbeky gZ `_gsbg_ k ih]jZgbqguf
mjh\g_f gZjmr_gbc fh`_l ijb\h^blv \ [_kkhagZl_evguc \hklhj] __ [mjgh_ k\h[h^gh_
\ujZ`_gb_ kbevguo Z]j_kkb\guo j_Zdpbc HgZ aZsbsZ_lky hl j_Zevguo b ly`_euo
ihke_^kl\bc lZdh]h g_bklh\h]h kZfh\ujZ`_gby k ihfhsvx hl]hjZ`b\Zgby b
jZkkfZljb\Z_l wlh dZd g_qlh \iheg_ _kl_kl\_ggh_ \ kmijm`_kdbo hlghr_gbyo ?_ fm`
fh`_l mkihdZb\Zlv k_[y l_f qlh ohjhrh mf__l k^_j`b\Zlv k\hb wfhpbb dhlhju_ hg
[_kkhagZl_evgh [hblky \uimklblv gZjm`m Gh ^jm]Zy iZjZ k ZgZeh]bqghc iZlheh]b_c
fh`_l jZajmrblvky ihkdhevdm h[k_kkb\guc fm`qbgZ g_ kihkh[_g \ug_klb lZdmx
k^_j`Zgghklv Z ih]jZgbqgZy `_gsbgZ g_ fh`_l \u^_j`b\Zlv ij_ke_^mxsmx
ijbjh^mdZdhgZwlhi_j_`b\Z_ljZpbhgZevgh]hmihjkl\Zb ihke_^h\Zl_evghklbk\h_]h
h[k_kkb\gh]hfm`Z
AZ^he]b_]h^ukh\f_klghc`bagbbglbfghklviZjufh`_leb[hmkbeblvkyeb[h
gZjmrblvky baaZ hlu]ju\Zgby hij_^_e_gguo [_kkhagZl_evguo kp_gZjb_\ qlh
hlebqZ_lky hl i_jbh^bq_kdh]h hlu]ju\Zgby h[uqguo ^bkkhpbbjh\Zgguo ijhreuo
[_kkhagZl_evguo h[t_dlguo hlghr_gbc Wlb ki_pbnbqgu_ im]Zxsb_ b `_eZ_fu_
[_kkhagZl_evgu_kp_gZjbbihkl_i_ggh\ukljZb\Zxlkyk ihfhsvxgZdhie_ggh]hwnn_dlZ
^bkkhpbZlb\gh]hih\_^_gbyLZdh_hlu]ju\Zgb_fh`_lkh\j_f_g_fklZlvqj_a\uqZcgh
^_kljmdlb\guf ihjhc ijhklh baaZ lh]h qlh \klmiZxl \ ^_ckl\b_ p_igu_ j_Zdpbb
ih]ehsZxsb_ ex[h\gu_ hlghr_gby iZju ihfbfh bo `_eZgby b kihkh[ghklb
ijhlb\hklhylv bf A^_kv y bf_x \ \b^m w^bih\u kp_gZjbb ij_^klZ\eyxsb_ kh[hc
\lhj`_gb_ \ hlghr_gby iZju bkdexq_gghc lj_lv_c klhjhgu \ dZq_kl\_ hkgh\ghc
ij_ju\Zxs_c kbeu Z lZd`_ jZaebqgu_ \hh[jZ`Z_fu_ [ebag_ph\u_ hlghr_gby
\uklmiZxsb_ dZd ^_kljmdlb\guc p_gljhklj_fbl_evguc ihlhd beb hlqm`^ZxsZy kbeZ
>Z\Zcl_ih]h\hjbfh ih^h[guo\aZbfhhlghr_gbyo
GZjpbkkbq_kdb_ dhgnebdlu ijhy\eyxlky g_ lhevdh \ [_kkhagZl_evghc aZ\bklb
h[_kp_gb\Zgbb ba[Zeh\Zgghklb b bahebjh\Zgghklb gh lZd`_ \ [_kkhagZl_evghf
`_eZgbb ^hihegblv k_[y ex[bfuf iZjlg_jhf hlghkykv d g_fm dZd d \hh[jZ`Z_fhfm
^\hcgbdm >b^v_ :gav_ ijh^he`Zy jZajZ[hldm dgb]b ;bhgZ hibkZe
[_kkhagZl_evguc \u[hj h[t_dlZ ex[\b dZd ]hfhk_dkmZevgh_ bbeb ]_l_jhk_dkmZevgh_
^hiheg_gb_ k_[y kZfh]h ]hfhk_dkmZevgh_ ^hiheg_gb_ \ lhf kfuke_ qlh hlghr_gb_ d
]_l_jhk_dkmZevghfm iZjlg_jm kljhblky dZd hlghr_gb_ d a_jdZevghfm h[jZam Y B
ex[Zy klhjhgZ \ iZjlg_j_ g_ \ibku\ZxsZyky \ wlm ^hihegyxsmx ko_fm g_
ijbgbfZ_lky ?keb ih^h[gh_ g_ijbylb_ \dexqZ_l k_dkmZevguc Zki_dl iZjlg_jZ wlh
fh`_l ijb\_klb d `_kldhfm k_dkmZevghfm k^_j`b\Zgbx AZ lZdhc g_l_jibfhklvx d
qm`hc k_dkmZevghklb kdju\Z_lky gZjpbkkbq_kdZy aZ\bklv d ^jm]hfm ihem <
ijhlb\hiheh`ghklv wlhfm _keb ba[bjZ_lky ]_l_jhk_dkmZevguc ^\hcgbd
[_kkhagZl_evgZy nZglZaby aZ\_jr_gghklb dZd h[t_^bg_gby ^\mo iheh\ \ h^bg fh`_l
kihkh[kl\h\Zlv mdj_ie_gbx hlghr_gbc ;_eZ =jxg[_j]_j \i_j\u_ h[jZsZ_l
\gbfZgb_ gZ lh qlh \ [_kkhagZl_evguo nZglZabyo gZjpbkkbq_kdb_ ebqghklb
ij_^klZ\eyxlk_[y^\miheufb
G_h^ghdjZlgh aZf_qZehkv qlh ihke_ ^he]bo e_l kh\f_klghc `bagb iZjlg_ju
gZqbgZxl ihoh^blv ^jm] gZ ^jm]Z ^Z`_ nbabq_kdb GZ[ex^Zl_e_c qZklh ijb\h^bl \
bamfe_gb_dZdm^Zehkv^\mflZdbfihoh`bfex^yfgZclb^jm]^jm]ZGZjpbkkbq_kdh_
m^h\e_l\hj_gb_ \ lZdbo [ebag_ph\uo hlghr_gbyo \klmie_gb_ \ kmijm`_kdb_
hlghr_gby lZd kdZaZlv h[t_dlZ ex[\b k gZjpbkkbq_kdbf m^h\e_l\hj_gb_f h[_j_]Z_l
iZjm hl Zdlb\Zpbb ^_kljmdlb\ghc Z]j_kkbb Ijb f_g__ [eZ]hijbylguo h[klhyl_evkl\Zo
lZdb_ [ebag_ph\u_ hlghr_gby fh]ml i_j_jZklb \ lh qlh :gav_ gZau\Ze
h[hehqdhc dh`_c iZju ² lj_[h\Zgby iheghc b ihklhygghc bglbfghklb ihgZqZem
ijbgbfZ_fhc aZ bglbfghklv ex[\b b \ dhgp_ dhgph\ ij_\jZsZxs_cky \ bglbfghklv
g_gZ\bklb Ihklhyggu_ \hijhku lbiZ Lu \k_ _s_ ex[brv f_gy" hljZ`Zxsb_
ihlj_[ghklv\ khojZg_gbbh[s_cdh`bijhlb\hklhylml\_j`^_gbxLu\k_]^Zkhfghc
lZdihklmiZ_rvdhlhjh_y\ey_lkykb]gZehfdZq_kl\_gguoi_j_f_gb hagZqZ_li_j_oh^
hlghr_gbcih^h[s_cdh`_chlex[\bd ij_kus_gbxLhevdhfg_gb_^jm]h]hq_eh\_dZ
^_ckl\bl_evgh fh`_l ^Zlv [_ahiZkghklv b ^mr_\gh_ a^hjh\v_ b wlh fg_gb_ fh`_l
kf_klblvky k g_ij_ju\gh]h ihlhdZ ex[\b \ lhqgh lZdhc `_ g_ij_ju\guc ihlhd
g_gZ\bklb
;_kkhagZl_evgh ijhb]ju\Z_fu_ i_jki_dlb\gu_ kp_gZjbb fh]ml aZimkdZlv
nZglZabb\ dhlhjuobkihegyxlky`_eZgby\dexqZxsb_qm\kl\h[_kkhagZl_evghc\bgu
hlqZygguc ihbkd \uoh^Z ba m`Zkguo [_kdhg_qgh ih\lhjyxsboky ljZ\fZlbq_kdbo
kblmZpbc b kemqZcgh_ \f_rZl_evkl\h p_ighc j_Zdpbb jZajmrZxs_c kZfuc oh^
kp_gZjby GZijbf_j `_gsbgZ bkl_jbq_kdh]h kdeZ^Z k w^bih\hc nbdkZpb_c gZ
b^_Zebabjm_fhf hlp_ b kbevguf ih^Z\e_gb_f k_dkmZevgh]h \e_q_gby d g_fm \uoh^bl
aZfm`aZq_eh\_dZk gZjpbkkbq_kdhcebqghklghckljmdlmjhcb kbevguf[_kkhagZl_evguf
qm\kl\hf h[b^u gZ `_gsbg ?]h \u[hj `_gu ijhbahr_e ih lbim ]_l_jhk_dkmZevgh]h
[ebag_pZk [_kkhagZl_evgufjZkq_lhfgZihegh_ih^qbg_gb_k __klhjhgub ihlZdZgb_
_]h gZjpbkkbq_kdbf l_g^_gpbyf ?_ k_dkmZevgZy ih^Z\e_gghklv ij_iylkl\h\ZeZ _]h
gZjpbkkbq_kdbf l_g^_gpbyf b ih[m^beZ _]h bkdZlv k_dkmZevguo k\ya_c gZ klhjhg_ __
jZahqZjh\Zgb_ \ w^bih\hf hlp_ ihgZqZem ijb\_eh d [_kieh^ghfm fZahobklkdhfm
ih^qbg_gbx fm`m Z iha^g__ d fZahobklkdhfm k_dkmZevghfm m^h\e_l\hj_gbx hl
ex[h\ghc k\yab k aZij_lguf fm`qbghc Wlh aZklZ\beh hklZ\e_ggh]h \ klhjhg_ fm`Z
hkhagZlvgZkdhevdhkbevghhgaZ\bkblhlg__b hldZaZlvkyhlij_`g_]hh[jZs_gbyk g_c
dZd k jZ[ug_c ?_ `_ k_dkmZevghklv ijh[m^b\rZyky b jZkdju\rZyky \ iheghc f_j_ \
ijhp_kk_ m]jh`Zxsbo gh [_kkhagZl_evgh jZaj_r_gguo hlghr_gbc ihkdhevdm hgb
ghkbeb\g_[jZqgucoZjZdl_jihkem`beZijbqbghcijbgylbykh[kl\_gghc]_gblZevghc
ijbjh^u k_dkmZevghklb Fm` b `_gZ ihkfhlj_eb gZ k\hb hlghr_gby ihgh\hfm k
mq_lhfemqr_]hihgbfZgbyihlj_[ghkl_c^jm]^jm]Z
GZ^h ijbagZlv qlh b fm` b `_gZ ijhreb dmjk ikbohZgZebaZ b \hafh`gh [_a
khhl\_lkl\mxs_]h e_q_gby g_ kfh]eb [u gZeZ^blv k\hbo hlghr_gbc Fm` bkiulu\Ze
[_kkhagZl_evgmxihlj_[ghklvijh\hpbjh\Zlv`_gmb]jZlvjhevhl\_j]Zxs_c_]hfZl_jb
j_ljhki_dlb\gh hijZ\^u\Zy k\h_ h[_kp_gb\Zgb_ __ b ihbkd gh\hc b^_Zebabjm_fhc
`_gsbgu @_gZ [_kkhagZl_evgh `_eZeZ ih^l\_j^blv g_^hklmighklv b ij_^Zl_evkl\h
hlpZb aZieZlblvhij_^_e_ggmxp_gmaZkhpbZevghhiZkgmxkblmZpbxdZdg_h[oh^bfh_
mkeh\b_k_dkmZevghck\yabk fm`qbghcdhlhjucg_[ue__ fm`_f
Lj_m]hevgbdb
Ijyfu_b i_j_\_jgmlu_lj_m]hevgbdbdhlhju_y hibku\Ze\ k\h_cjZgg_cjZ[hl_
khklZ\eyxl gZb[he__ lbibqgu_ [_kkhagZl_evgu_ kp_gZjbb dhlhju_ \ om^r_f
kemqZ_fh]mlijb\_klbd jZkiZ^miZjuZ \emqr_f ² mkbeblvbobglbfgu_hlghr_gbyb
ijb\g_klb \ gbo klZ[bevghklv =h\hjy h ijyfuo lj_m]hevgbdZo y bf_x \ \b^m
[_kkhagZl_evgu_ nZglZabb h[hbo iZjlg_jh\ h[ bkdexq_gghc lj_lv_c klhjhg_
b^_Zebabjm_fhfkm[t_dl_hij_^_e_ggh]hiheZ ² kbevghfkhi_jgbd_j_ijh^mpbjmxs_f
w^bih\Z khi_jgbdZ DZ`^uc fm`qbgZ b dZ`^Zy `_gsbgZ [_kkhagZl_evgh beb
khagZl_evghhiZkZ_lkyijbkmlkl\bydh]heb[hdlhfh][uemqr_m^h\e_l\hjblv_]hbeb
__ k_dkmZevgh]h iZjlg_jZ wlZ lj_lvy klhjhgZ ² bklhqgbd j_\ghklb b wfhpbhgZevgh]h
[_kihdhckl\Z \ k_dkmZevguo hlghr_gbyo kb]gZebabjmxsbc h[ hiZkghklb dhlhjZy
m]jh`Z_lp_ehklghklbkhojZgghklbiZju
I_j_\_jgmluc lj_m]hevgbd h[hagZqZ_l dhfi_gkbjmxsb_ fklbl_evgu_ nZglZabb
ihhlghr_gbxd dZdhfmlh^jm]hfmq_eh\_dmghg_k\h_fmiZjlg_jmZ b^_Zebabjm_fhfm
ij_^klZ\bl_ex ^jm]h]h iheZ kbf\hebabjmxs_fm `_eZ_fuc w^bih\ h[t_dl b
mklZgh\e_gb_ lZdbf h[jZahf lj_m]hevguo hlghr_gbc \ dhlhjuo km[t_dl
kh[eZagy_lky ^\mfy ij_^klZ\bl_eyfb ^jm]h]h iheZ \f_klh lh]h qlh[u ihdhgqblv k
w^bih\ufkhi_jgbdhf lh]h `_iheZ aZb^_Zebabjm_fuc w^bih\h[t_dl ^jm]h]hiheZ Y
iheZ]Zx qlh mqblu\Zy wlb ^\_ mgb\_jkZevgu_ nZglZabb ihl_gpbZevgh \ nZglZabb
kms_kl\m_l r_klv q_eh\_d \ h^ghc ihkl_eb kh[kl\_ggh iZjZ bo khhl\_lkl\mxsb_
[_kkhagZl_evgu_ w^bih\u khi_jgbdb b bo khhl\_lkl\mxsb_ [_kkhagZl_evgu_ w^bih\u
b^_Zeu?kebwlZnjZaZgZihfgblnj_c^h\kdbchl\_lNeyckmY ijbmqbek_[yd fukeb
qlh \ dZ`^hf k_dkmZevghf Zdl_ ijbgbfZxl mqZklb_ q_luj_ q_eh\_dZ lh ke_^m_l
aZf_lblv qlh _]h dhff_glZjbc [ue k^_eZg \ ^bkdmkkbb h [bk_dkmZevghklb Fhy
nhjfmebjh\dZ \hagbdZ_l \ dhgl_dkl_ [_kkhagZl_evguo nZglZabc hkgh\Zgguo gZ
w^bih\uoh[t_dlguohlghr_gbyob b^_glbnbdZpbyo
H^ghc ba nhjf dhlhjmx fh`_l ijbgbfZlv Z]j_kkby k\yaZggZy k w^bih\ufb
dhgnebdlZfb\ debgbq_kdhcijZdlbd_b \h[u^_gghc`bagby\ey_lky[_kkhagZl_evgh_
fheqZeb\h_ kh]eZkb_ h[hbo iZjlg_jh\ h ihbkd_ j_Zevgh]h lj_lv_]h ij_^klZ\eyxs_]h
kh[hc k]ms_gguc b^_Ze h^gh]h b khi_jgbdZ ^jm]h]h >_eh \ lhf qlh kmijm`_kdZy
g_\_jghklv ² djZldh\j_f_ggu_ b ijh^he`bl_evgu_ hlghr_gby ex[h\gh]h
lj_m]hevgbdZ ² qZs_y\ey_lky[_kkhagZl_evgufkh]eZkb_fiZjubkdmrZ_fhc\hiehlblv
k\hb gZb[he__ ]em[hdb_ klj_fe_gby < dZjlbgm \debgb\Z_lky ]hfhk_dkmZevgZy b
]_l_jhk_dkmZevgZy ^bgZfbdZ ihkdhevdm [_kkhagZl_evguc khi_jgbd y\ey_lky lZd`_
k_dkmZevgh `_eZ_fuf h[t_dlhf \ g_]Zlb\ghf w^bih\hf dhgnebdl_ qZklh ijhbkoh^bl
[_kkhagZl_evgZyb^_glbnbdZpby`_jl\ubaf_guk iZjlg_jhfbaf_ggbdhf\ k_dkmZevguo
nZglZabyo h[ hlghr_gbyo iZjlg_jZ k g_gZ\b^bfuf dhgdmj_glhf ?keb ly`_eZy
gZjpbkkbq_kdZy iZlheh]by \ h^ghf beb h[hbo qe_gZo iZju ij_iylkl\m_l \ujZ`_gbx
ghjfZevghcj_\ghklb ² kihkh[ghklbih^jZamf_\Zxs_cg_dhlhjmx^hexl_jibfhklbih
hlghr_gbxd w^bih\mkhi_jgbdm ² lZdb_lj_m]hevgbdbe_]dh\hiehsZxlky
IZjZ kihkh[gZy ih^^_j`b\Zlv k_dkmZevgmx [ebahklv b aZsblblv k_[y hl
\lhj`_gby lj_lvbo klhjhg g_ lhevdh khojZgy_l h[s_ijbgylu_ ]jZgbpu gh lZd`_ \
k\h_c [hjv[_ k khi_jgbdZfb ml\_j`^Z_l [_kkhagZl_evgmx m^h\e_l\hj_gghklv
nZglZabyfbh[bkdexq_gghclj_lv_cklhjhg_ ² w^bih\ljbmfnb _^\Zmeh\bfucw^bih\
[mgl h^gh\j_f_ggh NZglZabb h[ bkdexq_gghc lj_lv_c klhjhg_ y\eyxlky lbibqgufb
dhfihg_glZfb ghjfZevguo k_dkmZevguo hlghr_gbc H[hjhlghc klhjhghc k_dkmZevghc
bglbfghklb iha\heyxs_c gZkeZ`^Zlvky ihebfhjnghc i_j\_jab\ghc k_dkmZevghklvx
y\ey_lky m^h\hevkl\b_ hlkdjuluo k_dkmZevguonZglZabc dhlhju_ \ km[ebfbjh\Zgghf
\b^_ijhy\eyxlky\ Z]j_kkbbihhlghr_gbxd h[t_dlmex[\bK_dkmZevgZybglbfghklv
lZdbf h[jZahf ij_^klZ\e_gZ _s_ h^gbf jZaju\hf ² jZaju\hf f_`^m k_dkmZevgufb
ZdlZfb\ dhlhjuoiZjlg_juiheghklvxih]ehs_gub b^_glbnbpbjh\Zgu^jm]k ^jm]hf
b k_dkmZevgufb ZdlZfb \ dhlhjuo \hiehsZxlky kdjulu_ nZglZklbq_kdb_ kp_gZjbb
ijb\ghkysb_\ hlghr_gbyg_jZaj_rbfu_ijhlb\hj_qbyw^bih\hckblmZpbb
GZ ba\_qgu_ \hijhku Q_]h ohq_l `_gsbgZ" b Q_]h ohq_l fm`qbgZ" fh`gh
hl\_lblv qlh fm`qbgu ohlyl \b^_lv `_gsbgm h^gh\j_f_ggh \ g_kdhevdbo jheyo \
dZq_kl\_fZl_jbfZe_gvdhc^_\hqdbk_klju[ebag_pZb \ajhkehck_dkmZevghc`_gsbgu
@_gsbgu \ kbem g_ba[_`ghklb kf_gu i_j\bqgh]h h[t_dlZ ohlyl qlh[u fm`qbgZ
kh\f_sZe hlph\kdmx b fZl_jbgkdmx jheb b `_eZxl \b^_lv \ g_f hlpZ fZe_gvdh]h
fZevqbdZ[jZlZ[ebag_pZb \ajhkeh]hk_dkmZevgh]hfm`qbgmGZjZaebqguoklZ^byodZd
m fm`qbg lZd b m `_gsbg fh`_l \hagbdgmlv `_eZgb_ ihb]jZlv \ ]hfhk_dkmZevgu_
hlghr_gby beb ihf_gylvky k_dkmZevgufb jheyfb \ ihiuldZo ij_h^he_lv ]jZgbpu
f_`^m iheZfb g_ba[_`gh h]jZgbqb\Zxsb_ gZjpbkkbq_kdh_ m^h\e_l\hj_gb_ \
k_dkmZevghcbglbfghklb ² kljZklgh_klj_fe_gb_d iheghfmkebygbxh[t_dlZex[\bk
w^bih\ufbb ^hw^bih\ufbwe_f_glZfbdhlhjh_gbdh]^Zg_fh`_l\hiehlblvky
I_j\_jkbbb ]jZgbpu
Ihkms_kl\mhsms_gb_]jZgbpf_`^miheZfbfh`_l[ulvij_h^he_ghlhevdhk
ihfhsvxkbf\hebq_kdh]hjZajmr_gby^jm]h]hdZdq_eh\_dZqlhiha\hey_lbkihevah\Zlv
_]h beb __ iheh\u_ hj]Zgu dZd f_oZgbq_kdb_ bgkljmf_glu [_a wfhpbhgZevghc
\dexq_gghklb KZ^bklm[bcpZ ² djZcg__ gh eh]bq_kdh_ \ujZ`_gb_ ihiuldb
ijhgbdgmlv\ ^jm]h]hq_eh\_dZ^hkZfhckmlb_]hbeb __kms_kl\h\Zgbyb kl_j_lv\k_
hsms_gby bkdexq_ggh_Πba wlhc kmlb Ijb [he__ fy]dbo h[klhyl_evkl\Zo ihjhd
klj_fe_gb_ aZklZ\blv ex[h\v kem`blv Z]j_kkbb ljZgknhjfbjm_l kbevgh_ k_dkmZevgh_
`_eZgb_ \ f_oZgbq_kdbc k_dk Dhjgb wlh]h e_`Zl \ jZ^bdZevghf h[_kp_gb\Zgbb
ebqghklb^jm]h]hq_eh\_dZ ² gZ[ex^_gb_\i_j\u_k^_eZggh_Nwcj[_jghf K_dkmZevgu_ i_j\_jkbb fh]ml [ulv ijhbeexkljbjh\Zgu \ h[klhyl_evkl\Zo
lbibqguo ^ey iZj dhlhju_ ^he]h_ \j_fy aZgbfZebkv ]jmiih\uf k_dkhf Ijb ^he]hf
mqZklbb hl f_kyp_\ ^h ]h^Z \ lZdhc ihebfhjnghc i_j\_jab\ghc ^_yl_evghklb bo
kihkh[ghklv d k_dkmZevghc [ebahklb b ih wlhc `_ ijbqbg_ \kydZy [ebahklv
ij_djZsZ_lky;Zjl_ev IjblZdboh[klhyl_evkl\Zow^bih\ZkljmdlmjZfh`_l[ulv
jZajmr_gZWlh\ agZqbl_evghckl_i_gbhlebqZ_lkyhlklZ[bebabjmxs_]h\ha^_ckl\bygZ
iZju j_Zevguo hlghr_gbc ex[h\gh]h lj_m]hevgbdZ >hklb]Z_lky jZ\gh\_kb_
iha\heyxs__ ^_ckl\h\Zlv g_bgl_]jbjh\Zgghc Z]j_kkbb k ihfhsvx hls_ie_gby ex[\b
hlZ]j_kkbb\ hlghr_gbyok ^\mfyh[t_dlZfb
Ij_h[eZ^Zgb_ [_kkhagZl_evgh]h qm\kl\Z \bgu gZ^ w^bih\uf ljbmfnhf
^hklb]Z_lky mklZgh\e_gb_f ex[h\guo hlghr_gbc [he__ q_f ^Ze_dbo hl
m^h\e_l\hjbl_evguo
< wfhpbhgZevghf \aZbfh^_ckl\bb iZju fh]ml gZ[ex^Zlvky khhl\_lkl\mxsb_
i_j\_jkbb ijb ^ebl_evguo kZ^hfZahobklkdbo hlghr_gbyo dh]^Z h^bg ba iZjlg_jh\
\uihegy_l nmgdpbb `_klhdh]h Kmi_jW]h b m^h\e_l\hjy_l kZ^bklkdb_ gZdehgghklb
kZfh^h\hevghmgb`Zy^jm]h]h\ lh\j_fydZdiZjlg_jfZahobklFdbbkdmiZ_lk\hx\bgm
[_jmsmxgZqZeh\ w^bih\uoZ qZs_\k_]h\ ^hw^bih\uodhgnebdlZo
LZdh_ i_j\_jab\gh_ jZ\gh\_kb_ fh`_l g_ \dexqZlv jZaj_r_ggh_ Kmi_jW]h
\ujZ`_gb_ Z]j_kkbb Z y\eylvky \hiehs_gb_f [he__ ijbfblb\guo kZ^hfZahobklkdbo
kp_gZjb_\ k m]jh`Zxsbfb `bagb nhjfZfb Z]j_kkbb b ijbfblb\ghc b^_ZebaZpbb
kbevgh]h b `_klhdh]h h[t_dlZ [_a dZdbo [u lh gb [ueh fhjZevguo mklZgh\hd H^bg
iZjlg_jd ijbf_jmfh`_lkh]eZkblvkygZkl_jbebaZpbxbeb^Z`_gZj_Zevgh_bklyaZgb_
beb kZfhbklyaZgb_ \ dZq_kl\_ ZgZeh]Z kbf\hebq_kdhc dZkljZpbb Ijbfblb\gu_
^bkkhpbZlb\gu_ f_oZgbafu fh]ml k^_j`b\Zlv i_j\_jkbb \ jZfdZo klZ[bevgh]h
jZ\gh\_kbyiZju dhlhjhc m^Z_lky ^hklbqv qj_a\uqZcghc [ebahklb ijb ^hfbgbjmxs_c
jhebZ]j_kkbb
:dlb\Zpby ^bkkhpbZlb\guo ijbfblb\guo h[t_dlguo hlghr_gbc \h
\aZbfh^_ckl\bb iZjlg_jh\ fh`_l kha^Z\Zlv aZfdgmlu_ j_Zdpbb ijbh[j_lZxsb_
nbdkbjh\Zggh_ dZq_kl\h dhlhjh]h fh`_l b g_ [ulv ijb h[uqghf jZaju\_ hlghr_gbc
iZju GZijbf_j \kiurdb yjhklb h^gh]h ba iZjlg_jh\ fh]ml kijh\hpbjh\Zlv
kijZ\_^eb\h_ g_]h^h\Zgb_ b b^_glbnbdZpbx k ijbfblb\gufb nmgdpbyfb Kmi_jW]h
Wlh ijb\h^bl d fZahobklkdhfm ih^qbg_gbx ijh\hpbjmxs_fm _]h beb __ iZjlg_jZ
ij_\jZsZykv \ gh\uc \kie_kd yjhklb beb fhf_glZevgh_ mkbe_gb_ yjhklb \ dZq_kl\_
\lhjbqgh]hf_oZgbafZaZsbluhl[_kkhagZl_evghc\bguWlbj_Zdpbbfh]mlmkbeb\Zlvky
^h l_o ihj ihdZ lZdb_ ^bkkhpbZlb\gu_ ijbfblb\gu_ h[t_dlgu_ hlghr_gby g_
ijbh[j_lml ih\lhjyxsbcky oZjZdl_j Wl_ev I_jkhg hibkZeZ lbibqgmx kblmZpbx \
dhlhjhc h^bg iZjlg_j bf_e \g_[jZqgu_ hlghr_gby b aZsbsZeky hl qm\kl\Z \bgu
ijh\hdZpbhggufih\_^_gb_fihhlghr_gbxd kmijm]mkmijm]_^eylh]hqlh[u\ua\Zlv
j_Zdpbx hl\_j`_gby m iZjlg_jZ b lZdbf h[jZahf kfy]qblv k\hx \bgm Gh wlh fh`_l
ijb\_klb d j_amevlZlm ijyfh ijhlb\hiheh`ghfm h`b^Z_fhfm ² d jZkiZ^m iZju <
dhgp_dhgph\iZjlg_j fh`_lg_\u^_j`Zlvg_hkeZ[_\ZxsmxZ]j_kkbx\uklmiZxsmx\
dZq_kl\_ [_kkhagZl_evghc ijhkv[u h ijhs_gbb b \ dZq_kl\_ bkdmie_gby \bgu
\uau\Z_fhcwlhckZfhcZ]j_kkb_c
=jZgbpub \j_fy
=jZgbpu hl^_eyxsb_ iZjm hl khpbZevghc kj_^u d kqZklvx beb d g_kqZklvx
ih^^_j`b\Zxl jZ\gh\_kb_ wlhc iZju Qj_a\uqZcgZy khpbZevgZy bahebjh\Zgghklv iZj
bf_xsboi_j\_jab\gu_we_f_glu\ k_dkmZevghcwfhpbhgZevghckn_jZobbeb\ kn_jZo
Kmi_jW]h fh`_l ijb\_klb d ihkl_i_gghfm mom^r_gbx ih^h[guo iZ]m[guo
\aZbfhhlghr_gbc baaZ hlkmlkl\by m iZjlg_jh\ ijZ\bevgh]h \aZbfh^_ckl\by k
hdjm`Zxs_c kj_^hc b ihl_jb kihkh[ghklb d ghjfZevghfm f_lZ[hebafm Z]j_kkbb
gZdZieb\Zxs_cky \ bo khpbZevguo \aZbfh^_ckl\byo KhpbZevgZy baheypby iZj k yjdh
\ujZ`_ggufbkZ^hfZahobklkdbfbq_jlZfbfh`_lh[_jgmlvkym]jhahcfZahobklbq_kdhfm
iZjlg_jmIhablb\ghcklhjhghca^_kvy\ey_lkylhqlhijbghjfZevguoh[klhyl_evkl\Zo
]jZgbpu ij_^hojZgyxl g_ lhevdh [ebadb_ hlghr_gby iZju hl h[jZah\Zgby ex[h\gh]h
lj_m]hevgbdZdhlhjucfh`_lihy\blvkyhlkhijbdhkgh\_gbyk khpbZevghckj_^hcghb
hojZgyxlboebqgh_[_amfb_ ² l_ ijb \ugm`^_gghf jZaju\_ \ hlghr_gbyo iZju
g_ihy\blkyihklhjhggbch[t_dl
G_db_ h[sb_ ]jZgbpu iZju ijbh[j_lZxl hkh[mx agZqbfhklv gZ jZaebqguo
klZ^byo k_f_cghc `bagb Ij_`^_ \k_]h wlh hlghr_gby k ^_lvfb ² l_fZ kebrdhf
h[rbjgZy b keh`gZy ^ey ih^jh[gh]h jZkkfhlj_gby \ ^Zgghf kemqZ_ fu jZkkfhljbf
\Z`ghklv mklZgh\e_gby ]jZgbp jZa^_eyxsbo ihdhe_gby H^gbf ba ih\k_f_klguo
ijhy\e_gbc [_kkhagZl_evgh]h qm\kl\Z \bgu aZ kdjulh_ g_ih\bgh\_gb_ b ijhy\e_gby
^_jahklbijbex[uo[ebadbohlghr_gbyoij_^klZ\eyxsbokh[hcaZ\_jr_ggucw^bih\
dhfie_dkfh`_l[ulvlhqlhiZjZg_hkf_eb\Z_lkymklZgh\blvq_ldb_]jZgbpu[ebahklb
\ k\hbohlghr_gbyo k ^_lvfbKlZ\rZyijblq_c \h yaup_og_aZi_jlZy ^\_jv \ kiZevgx
jh^bl_e_c fh`_l kbf\hebabjh\Zlv [_kkhagZl_evgh_ qm\kl\h \bgu jh^bl_e_c aZ lh qlh
baaZ bo k_dkmZevghc [ebahklb jh^bl_evkdb_ nmgdpbb ih^f_gyxlky k_dkmZevgufb
hlghr_gbyfbWlbj_]j_kkb\gu_l_g^_gpbbijh_pbjm_fu_gZ^_l_chljZ`ZxlhiZk_gby
ihih\h^mj_Zdpbb^_l_cgZlhqlhhgbbkdexq_gubah^gh]hbafhf_glh\jh^bl_evkdhc
`bagb hlghr_gbc jh^bl_e_c \ kiZevg_ bo kljZo aZ lh qlh ^_lb [m^ml
b^_glbnbpbjh\Zlv k_[y k jh^bl_eyfb Z lZd`_ [_kkhagZl_evgh_ kh]eZkb_ jh^bl_e_c
hldZaZlvkyhliheghcb^_glbnbdZpbbk bokh[kl\_ggufbjh^bl_eyfb
>jm]hc ]jZgbp_c y\eyxlky hlghr_gby f_`^m iZjZfb \ h[uqghc khpbZevghc
`bagbHlghr_gbyk ^jm]bfbiZjZfbh[uqghijhgbaZguwjhlbafhfkj_^b^jma_cb bo
iheh\bg ijbkmlkl\mxl hiZkgu_ khi_jgbdb `_eZ_fu_ b aZij_s_ggu_ k_dkmZevgu_
h[t_dlu Fmqbl_evgh \hegmxsb_ b aZij_lgu_ ]jZgbpu f_`^m iZjZfb ² lbibqgZy
h[klZgh\dZ\ dhlhjhcjZau]ju\Zxlkyijyfu_b i_j_\_jgmlu_lj_m]hevgu_k\yab
=jZgbpu f_`^m iZjhc b ]jmiihc ² wlh \k_]^Z ihe_ [hy IhabpbhggZy \hcgZ
aZdexqZ_lky \ ^Z\e_gbb ]jmiiu gZ iZjm \ ihiuld_ baf_gblv __ nhjfm b gZoh^bl k\h_
hljZ`_gb_ \ ljZ^bpbhgghc fhjZeb \ b^_heh]bq_kdhc b l_heh]bq_kdhc jblmZebaZpbb
ex[\b ihfhe\db kmijm`_kl\Z b k_f_cguo ljZ^bpbc K wlhc lhqdb aj_gby iZjZ
nhjfbjmxsZyky k ^_lkl\Z b \hkiblu\ZxsZyky kh\f_klgh bo jh^kl\_ggbdZfb
hdjm`_ggZy Zlfhkn_jhc \k_h[s_c ^h[jh`_eZl_evghklb nZdlbq_kdb `b\_l \
kbf\hebq_kdhc lxjvf_ ^Z`_ g_kfhljy gZ lh qlh iZjZ fh`_l m_^bgblvky ^ey lZcguo
ex[h\guo hlghr_gbc H[hx^gu_ kh[eZagu b h[hevs_gby m [he__ \ajhkeuo iZj
ij_^klZ\eyxl kh[hc [he__ ^bgZfbqgmx \hcgm gh \j_f_gZfb y\eyxlky ihl_gpbZevguf
kiZk_gb_f ^ey bg^b\b^h\ b iZj ihiZ\rbo \ eh\mrdm hlghr_gbc ih]jyarbo \
aZlZ_gguoh[b^Zob \aZbfghcZ]j_kkbb
=jmiiZ gm`^Z_lky \ iZj_ ^ey kh[kl\_ggh]h \u`b\Zgby ^ey h[j_l_gby
m\_j_gghklb \ lhf qlh fh`gh \uj\Zlvky ba [_aebdhc lheiu b ij_h^he_lv w^bih\
dhfie_dk=jmiiZaZ\b^m_lmki_oZfiZjuihkdhevdmiZjlg_jukbevghdhgljZklbjmxlk
bg^b\b^mZevguf h^bghq_kl\hf \ [_aebdhc lhei_ IZjZ \ k\hx hq_j_^v gm`^Z_lky \
]jmii_ ^ey \u[jhkZ Z]j_kkbb \ hdjm`Zxsmx kj_^m Ijh_pbjm_fZy b^_glbnbdZpby
^_ckl\m_l g_ lhevdh \ ij_^_eZo iZju gh b g_meh\bfuf h[jZahf aZljZ]b\Z_l lj_lvx b
q_l\_jlmx klhjhgu ihklhjhggb_ klhjhgu iZju Eb[_jfZg hibkZe dZdbf
h[jZahf ]hjvdb_ baebygby iZpb_glZ ZgZeblbdm h k\h_f iZjlg_j_ fh]ml [ulv qZklvx
lhgdhc b]ju :gZeblbd klZgh\blky k\h_h[jZaguf ojZgbebs_f Z]j_kkbb gZijZ\e_gghc
gZiZjlg_jZZ iZpb_glm^Zey_lky\ kiZk_ggu_hlghr_gbyk iZjlg_jhf\ k\hxhq_j_^v
hldZau\Zykvhlhlghr_gbck ZgZeblbdhf
Wlh qZklguc ijbf_j [he__ h[s_]h n_ghf_gZ ZgZeblbdZZkk_gbaZlhjZ
hibkZggh]h =_j[_jlhf Jha_gn_ev^hf ;ebadb_ ^jmavy iZju fh]ml \uihegylv
ih^h[gmx nmgdpbx aZqZklmx ^Z`_ g_ ih^haj_\Zy qlh klZeb ghkbl_eyfb Z]j_kkbb
dhlhjZy\ ijhlb\ghfkemqZ_fh]eZ[ujZajmrblvhlghr_gbyiZju
IZjZ ij_^klZ\eyxsZyky [eZ]hihemqghc fh`_l \ua\Zlv kbevgmx aZ\bklv kh
klhjhgu g_nhjfZevguo khpbZevguo ]jmii d dhlhjuf hgb ijbgZ^e_`Zl gZijbf_j
[hevrbo lmjbklbq_kdbo ]jmii iheblbq_kdbo iZjlbc ijhn_kkbhgZevguo hj]ZgbaZpbc
beb l\hjq_kdbo h[t_^bg_gbc AZ\bklv dhlhjZy h[uqgh dhgljhebjm_lky k ihfhsvx
jZamfguob [eZ]hijbh[j_l_gguogZ\udh\h[s_gbyk ex^vfbg_f_^e_ggh\uy\ey_lky\
lZdbo ]jmiiZo IZju hsmsZxsb_ aZ\bklv kh klhjhgu ^jm]bo fh]ml ijhy\eylv k\hb
hlghr_gbygZim[ebd_ \ nhjf_ \aZbfguo gZiZ^hd ^Z[u kfy]qblv aZ\bklv ]jmiiubeb
im[ebqgh ^_fhgkljbjh\Zlv h[jZaph\u_ hlghr_gby \ lh \j_fy dZd h[hx^gZy Z]j_kkby
hklZ_lky kdjulhc hl ihklhjhggbo ]eZa Bgh]^Z iZjlg_jZf m^Z_lky kdjulv hl h[s_kl\Z
k\hbbklbggu_\aZbfhhlghr_gby
Lj_lvy]jZgbpZij_^klZ\e_gZjZfdZfb\j_f_gb\ ij_^_eZodhlhjuoiZjZ`b\_lb
jZa\b\Z_lky <j_fy lZd`_ bf__l h]jZgbqbl_evgmx ijbjh^m ihkdhevdm gZklmiZ_l
g_ba[_`gZy kf_jlv b jZkklZ\Zgb_ D aZdZlm `bagb \Z`ghc ijh[e_fhc ^ey iZju
klZgh\blky ijb[eb`ZxsZyky kf_jlv KljZo i_j_^ klZj_gb_f b [he_agyfb hiZk_gby
klZlvg_ijb\e_dZl_evguf^eyiZjlg_jZqj_a\uqZcghaZ\bkbfufhl^jm]h]hihdbgmluf
Z lZd`_ [_kkhagZl_evgh_ `_eZgb_ hlj_rblvky hl j_Zevgh]h \j_f_gb ² gZijbf_j
[_ajZkkm^gh_ ij_g_[j_`_gb_ k\hbf a^hjh\v_f beb a^hjh\v_f iZjlg_jZ ² fh`_l
ihkem`blv ihe_f ^ey ijhy\e_gby jZaebqguo \b^h\ Z]j_kkbb A^_kv aZ[hlZ b \aZbfgZy
hl\_lkl\_gghklv b^msZy hl nmgdpbc W]h b Kmi_jW]h fh]ml b]jZlv ]eZ\gmx jhev \
\u`b\Zgbb iZju \ ijhlb\hiheh`ghklv [_kkhagZl_evghfm k]h\hjm k hiZkguf
kZfhjZajmr_gb_f iZjlg_jh\ ijhy\eyxs_fmky \ ij_g_[j_`_gbb d [he_agyf beb \
nbgZgkh\hc[_ahl\_lkl\_gghklb
Fm`qbgu [u\Zxl hkh[_ggh qm\kl\bl_evgu d klZj_gbx `_gsbg ihkdhevdm hgb
[_kkhagZl_evgh k\yau\Zxl b^_ZebaZpbx ih\_joghklb l_eZ fZl_jb dZd i_j\hbklhqgbd
wjhlbafZ b kljZo i_j_^ \gmlj_gghklvx fZl_jbgkdh]h l_eZ dZd \ujZ`_gb_
[_kkhagZl_evghc ijh_dpbb gZ g__ ijbfblb\guo Z]j_kkb\guo l_g^_gpbc F_evlp_j b
<bevyf_ LZdZy qm\kl\bl_evghklv fh`_l k_dkmZevgh k^_j`b\Zlv fm`qbg \ lhf
qbke_bakljZoZklZlvk_dkmZevghf_g__ijb\e_dZl_evgufbih^h[gh`_gsbgZfgZ[he__
iha^gboklZ^byok_f_cghc`bagbdh]^Zh`b\Zxlbebmkbeb\Zxlkyw^bih\uaZij_lugZ
k_dkmZevghklvGZebqb_k_dkmZevghc[ebahklbiZjugZ[he__iha^gboklZ^byo`bagb ²
ihke_^gbcwdaZf_ggZijhy\e_gb_k_dkmZevghck\h[h^u H[s__ hljbpZgb_ k_dkmZevghc
`bagb\ ih`behf\hajZkl_ ² ihke_^gyy\_jkbyihiuldb^_l_chljbpZlvk_dkmZevghklv
jh^bl_e_clZd`_dZdb ihke_^g__\ujZ`_gb_jh^bl_evkdh]hqm\kl\Z\bguk\yaZggh]hk
bo kh[kl\_gghc k_dkmZevghklvx AZ[hlZ h ex[bfhf kimlgbd_ `bagb fh`_l klZlv
qj_a\uqZcgh \Z`guf k\yamxsbf a\_ghf dhgljhebjmxsbf ijhy\e_gby
^bkkhpbbjh\ZgghcZ]j_kkbbiZju
Baf_g_gby\ kl_i_gb\eZklbb Z\lhjbl_lZh[mkeh\e_gu_i_j_f_gZfb\ ij_klb`_
iZju ^hoh^Zo b ^jm]bo kn_jZo k\yaZgguo k ijhn_kkbhgZevghc ^_yl_evghklvx b
jZ[hlhc g_ lhevdh \ebyxl gZ wfhpbhgZevguc [ZeZgk gh dZd gb iZjZ^hdkZevgh qZklh
ij_^klZ\eyxl kh[hc g_ij_^\b^_ggu_ ihke_^kl\by [_kkhagZl_evgh ^_l_jfbgbjh\Zgguo
nZdlhjh\ DeZkkbq_kdbf ijbf_jhf y\ey_lky kemqZc k f_^k_kljhc dhlhjZy ihfh]ZeZ
k\h_fm fm`m mqblvky \ f_^bpbgkdhc rdhe_ m^h\e_l\hjyy lZdbf h[jZahf k\hx
ihlj_[ghklv \ fZl_jbgkdhc hi_d_ b _]h ihlj_[ghklv \ aZ[hl_ KlZ\ \ihke_^kl\bb
ba\_klguf\jZqhfnbabheh]hfhgihqm\kl\h\Zek_[yh[b`_ggufih^h[ghcfZl_jbgkdhc
hi_dhc b gZqZe bkdZlv hlghr_gbc \ dhlhjuo hg b]jZe [u hlpZ ^ey fheh^_gvdhc
^_\hqdbex[h\gbpu ?]h `_gZ k ljm^hf k^_j`b\ZeZ qm\kl\h h[b^u hl ihl_jb jheb
aZ[hleb\hc fZl_jb b aZlZ_ggh_ qm\kl\h h[b^u ih hlghr_gbx d \eZklguf fm`qbgZf
aZ\bklvd i_gbkmZdlb\bjh\Zggh__]hijhn_kkbhgZevgufbmki_oZfb
Beb ^jm]hc ijbf_j gZjpbkkbq_kdbc fm`qbgZ \klmiZ_l \ hlghr_gby k
hqZjh\Zl_evghc gh ijhklh\Zlhc b [_kobljhklghc ^_\mrdhc ih[m`^Z_l __ d mq_[_ b
jZ[hl_ \ gZ^_`^_ gZ lh qlh \ ^Zevg_cr_f hgZ kfh`_l klZlv _]h gZjpbkkbq_kdbf
^\hcgbdhf ² b \k_ wlh lhevdh ^ey lh]h qlh[u aZl_f h[gZjm`blv dZd __ jZkp\_l
ijh[m^be \ g_f ]em[hdh_ qm\kl\h aZ\bklb d `_gsbgZf b h[b^m gZ g_aZ\bkbfhklv
h[h`Z_fhc ij_`^_ ^_\mrdb <ihke_^kl\bb hg __ h[_kp_gb\Z_l b bo hlghr_gby
jZkiZ^Zxlky
Gh \j_fy g_ lhevdh jZajmrZ_l Ihlj_[ghklv \ \hkijhba\_^_gbb ijhreuo
dhgnebdlh\ ^ey aZe_qb\Zgby jZg FZjlbg ;_j]fZgg fh`_l kiZklb ex[h\gu_
hlghr_gbyg_kfhljygZkbevgmxh[hx^gmxZ]j_kkbx< ihiuld_khojZgblvhlghr_gby
\hafh`gh h[gZ`_gb_ nZglZabcghc ij_m\_ebq_gghc ijbjh^u [_kkhagZl_evguo kljZoh\
khijh\h`^Zxsbo \ul_kg_ggmx beb ^bkkhpbbjh\Zggmx Z]j_kkbx Kihkh[ghklv k
kZ^bafhfgZiZ^ZlvgZiZjlg_jZb \k_ `_\b^_lvqlh_]h__ex[h\v\u`beZkihkh[ghklv
bkiulu\Zlvi_j_oh^hl[_am^_j`ghcyjhklbb h[_kp_gb\Zgbyd qm\kl\m\bgukh`Ze_gby
b `_eZgbx \hah[gh\blv hlghr_gby ² \k_ wlh [_kp_gguc hiul ^ey hlghr_gbc iZju
Dh]^Zk_dkmZevgZy[ebahklvb qm\kl\hm^h\hevkl\byih]ehsZxl\ul_kg_ggu_we_f_glu
k\yaZggu_ k ih^h[guf hkhagZgb_f k qm\kl\hf \bgu b aZ[hlu lh]^Z k_dkmZevgh_
\ha[m`^_gb_\hajZklZ_lwfhpbhgZevgZy[ebahklvm\_ebqb\Z_lkyZ \f_kl_k gbfbjZkl_l
b \aZbfgZyhl\_lkl\_gghklvaZ`bagv^jm]^jm]Z
WfhpbhgZevguc jhkl ih^jZamf_\Z_l m\_ebqb\Zxsmxky b^_glbnbdZpbx gZ \k_o
klZ^byo `bagb mkljZgyy ]jZgbpu jZa^_eyxsb_ \hajZklgu_ ]jmiiu Ijbh[j_l_gguc
hiul kh\f_klghc `bagb \dexqZ_l kdhj[v h[ mf_jrbo jh^bl_eyo ijhr_^r_c xghklb
mr_^rbo]h^Zoh [m^ms_fdhlhjh]h hklZehkv lZd fZeh Kh\f_klgZy`bagv klZgh\blky
khkm^hf ex[\b fhsghc kbehc ih^^_j`b\Zxs_c _`_^g_\gh_ kms_kl\h\Zgb_ i_j_^
ebphfg_fbgm_fh]hdhgpZ
GZ[he__iha^g_fwlZi_`bagbij_^Zgghklv^jm]hfmhagZqZ_lij_^Zgghklvk\h_fm
\gmlj_gg_fm fbjm JZklms__ k dZ`^uf ^g_f hkhagZgb_ ij_oh^ys_]h oZjZdl_jZ \k_o
hlghr_gbc i_j_^ ebphf kf_jlb mkbeb\Z_l agZqbfhklv \gmlj_gg_]h fbjZ HljbpZgb_
q_eh\_q_kdhckf_jlbh]jZgbq_ghhkhagZgb_fg_ba[_`gh]hdhgpZb\ g_dhlhjhfkfuke_
dhgpZ kh\f_klghc `bagb iZju qlh ijh[m`^Z_l kdhj[v dhlhjZy ihgh\hfm hk\_sZ_l
ijh`blmx \f_kl_ `bagv b `bagv ihke_ kf_jlb ex[bfh]h q_eh\_dZ Lhl dlh \u`be
g_k_lhl\_lkl\_gghklvaZijh^he`_gb_`bagbijh`blhc\f_kl_H\^h\_\rZy`_gsbgZm
dhlhjhc l_i_jv gh\uc fm` ih^^_j`b\Z_l klZju_ k\yab k ^jm]bfb iZjZfb dhlhju_
khi_j_`b\Zeb_c\ __kdhj[b
IZlheh]bq_kdZyjhe_\ZynbdkZpby
<ur_ y hibkZe kemqZb i_j\_jkbc \ ex[h\guo hlghr_gbyo \_^msbo d jZkiZ^m
iZj baaZ ^hfbgbjmxs_c jheb Z]j_kkb\guo iZll_jgh\ k^_j`b\Zxsbo k_dkmZevgh_
\ha[m`^_gb_ baaZ ^hfbgbjmxs_c jheb kZ^hfZahobklbq_kdbo iZll_jgh\
dhgljhebjmxsbo wfhpbhgZevgu_ hlghr_gby Z lZd`_ baaZ ^hfbgbjmxs_c b
dhgljhebjmxs_cjhebkZ^bklbq_kdboZki_dlh\nmgdpbc\aZbfghijh_pbjm_fh]hKmi_j
W]h ?s_ h^gbf \b^hf i_j\_jkbb y\ey_lky nbdkZpby hlghr_gbc gZ h^ghf iZll_jg_
[_kkhagZl_evguo dhfie_f_glZjguo h[t_dlguo hlghr_gbcijhreh]h H[uqgh ijhreu_
\aZbfhhlghr_gby \aZbfh^_ckl\mxl k j_Zevgufb hlghr_gbyfb BeexkljZpb_c
lbibqghc ]b[dhklb \aZbfh^_ckl\by iZjlg_jh\ fh`_l kem`blv g_hkhagZggZy kf_gZ
fm`_f jheb k_dkmZevgh]h b \ha[m`^Zxs_]h eb^_jZ dhlhjuc kbf\hebq_kdb \hiehsZ_l
ex[ys_]h b ihgbfZxs_]h hlpZ gZ jhev j_[_gdZ ihemqZxs_]h m^h\hevkl\b_ hl
dhjfe_gby fZl_jvx kbf\hebq_kdb ij_^klZ\e_gghc `_gsbghc ih^Zjb\r_c _fm k\hc
hj]Zaf < ^Zevg_cr_f hg fh`_l ij_\jZlblvky \ j_[_gdZ gm`^Zxs_]hky \ fZl_jb
dhjfys_c_]hmdeZ^u\Zxs_c\ ihkl_evghfh`_l[ukljhkf_gblvwlmjhevgZjhevhlpZ
aZ[hlys_]hky h ^hq_jb qbgys_]h jZa[blmx eZfim dhlhjmx hgZ g_ fh`_l beb ^_eZ_l
\b^qlhg_fh`_lihqbgblv
@_gZlZd`_fh`_lbaf_gblvk\hxjhev\ajhkeh]hk_dkmZevgh]hiZjlg_jZgZjhev
^hq_jb h dhlhjhc aZ[hlblky fZlv beb gZ jhev fZl_jb dhjfys_c fZevqbdZfm`qbgm
HgZ lZd`_ fh`_l ij_\jZlblvky \ fZe_gvdmx \bgh\Zlmx ^_\hqdm kh[eZag_ggmx
kZ^bklbq_kdbfhlphfbebij_^klZ\blvk_[_\h\j_fyiheh\h]hZdlZqlh__ gZkbemxl
ih^l\_j`^Zy lZdbf h[jZahf hlkmlkl\b_ \bgu aZ ihemq_gb_ k_dkmZevgh]h m^h\hevkl\by
beb klu^eb\h \uklZ\eylv k_[y gZihdZa bkdmiZy lZdbf h[jZahf k_dkmZevgh_
m^h\hevkl\b_ihemqZ_fh_hllh]hqlhex[ysbcfm`qbgZ\hkobsZ_lky_x
Beb fm`qbgZ fh`_l kf_gblv jhev \bgh\Zlh]h fZe_gvdh]h fZevqbdZ
jZki_dZ_fh]hkljh]hcfZl_jvxgZj_\gb\h]hfZe_gvdh]hfZevqbdZih^]ey^u\Zxs_]haZ
lZcgufb aZgylbyfb \ajhkeuo `_gsbg Beb hg fh`_l bkiulu\Zlv qm\kl\h h[b^u ih
hlghr_gbxd `_gsbg_iheghklvxihk\ylb\r_ck_[yk\h_cijhn_kkbbbeb\hkiblZgbx
bo h[s_]h j_[_gdZ ijb wlhf hg bkiulu\Z_l qm\kl\h hl\_j`_ggh]h j_[_gdZ ²
ijhlb\hiheh`ghklv kdjulhfm `_gkdhfm qm\kl\m h[b^u ih hlghr_gbx d
ijhn_kkbhgZevgufmki_oZffm`Z\hkijhba\h^ys_fmjZggxxaZ\bklvd fm`qbgZf
Ijhb]ju\Zgb_wlbob ^jm]bojhe_cfh`_l [ulv\aZbfghijb_fe_fufihkdhevdm
hgbh^gh\j_f_ggh\dexqZxlex[h\vb g_gZ\bklvlh_klvbgl_]jZpbxZ]j_kkbb\ jZfdZo
ex[h\guo hlghr_gbc Gh wlb kdjulu_ jheb fh]ml jZajmrblvky Z Z]j_kkby fh`_l
ijhy\blvky \ [_kkhagZl_evghc nbdkZpbb k_[y b k_dkmZevgh]h iZjlg_jZ gZ
hij_^_e_gguo jheyo qlh ijb\h^bl d lbibqguf kemqZyf ihklhygguo kmijm`_kdbo
dhgnebdlh\ aZ\bkbfZy p_ieyxsZyky bsmsZy ex[\b `_gsbgZ b gZjpbkkbq_kdbc
[_ajZaebqguc w]hp_gljbqguc fm`qbgZ \eZklgZy kbevgZy `_gsbgZ `_eZxsZy \b^_lv
k\hbf iZjlg_jhf \ajhkeh]h fm`qbgm b bkiulu\ZxsZy njmkljZpbx baaZ _]h jheb
g_gZ^_`gh]h bgnZglbevgh]h fZevqbdZfm`qbgu g_kihkh[gh]h hkhagZlv aZklu\rbc
oZjZdl_j bo hlghr_gbc Beb ]heh^guc fm`qbgZ g_kihkh[guc ihgylv h]jZgbq_gguc
k_dkmZevguc bgl_j_k k\h_c `_gu Gm b dhg_qgh \bgh\gbd b h[\bgbl_ev \h \k_o
\hafh`guo\ZjbZpbyo
@_kldZy jhe_\Zy nbdkZpby h[uqgh hljZ`Z_l \hiehs_gb_ hkgh\guo
^bkkhpbZlb\guo kp_gZjb_\ b g_kihkh[ghklv ijbgylv beb \ug_klb nmgdpbb
[_kij_ju\gh]h qm\kl\Z w^bih\hc \bgu beb gZjpbkkbq_kdbo nbdkZpbc Fh`_l eb
h[uqgh_ hlkmlkl\b_ ]Zjfhgbqgh]h khhl\_lkl\by g_hkhagZgguo jhe_c ijb\_klb d
dhgnebdlZf ijhbkoh^ysbf baaZ ijhlb\hiheh`guo h`b^Zgbc fm`qbgZ iulZxsbcky
b]jZlvjhevaZ[hleb\h]hhlpZ\klmiZ_l\ ijhlb\hj_qb_k dhgdmjbjmxs_cfZl_jvxbeb
h[ZiZjlg_jZnjmkljbjh\ZguihkdhevdmdZ`^uc`^_laZ[hluhl^jm]h]h"Debgbq_kdb_
^Zggu_ k\b^_l_evkl\mxl h lhf qlh [_kkhagZl_evgZy lhgdZy ih^kljhcdZ ih^ oZjZdl_j
iZjlg_jZ ^Z_l \hafh`ghklv k iheghc ykghklvx ihqm\kl\h\Zlv dZd h^bg [m^_l
\hkijbgbfZlvky^jm]bfLhqlhdZ`_lkyijhklufg_ihgbfZgb_fh[uqghhij_^_ey_lky
[_kkhagZl_evgufbihlj_[ghklyfb
Ij_^iheh`_gb_h lhfqlh\k_ijh[e_fuiZjuaZdexqZxlky\ bog_kihkh[ghklb
h[sZlvky aZljZ]b\Zxl lhevdh \_jomrdm \hijhkZ Bgh]^Z h[s_gb_ kem`bl ^ey lh]h
qlh[u ^Zlv \uie_kgmlvky _^\Z k^_j`b\Z_fhc Z]j_kkbb qlh hlgx^v g_ hagZqZ_l
ls_lghklvihiulhdh[s_gbyGhdh]^Z]em[hdb_[_kkhagZl_evgu_dhgnebdlu\kieu\Zxl
gZ ih\_joghklv ijhp_kk h[s_gby dZd lZdh\hc fh`_l [ulv bkihjq_g bfb Z hldjulh_
h[km`^_gb_ijh[e_ffh`_llhevdhh[hkljblvdhgnebdlu
< aZdexq_gb_ dhjhldh kdZ`m h[ hlghr_gbyo iZju \ kbkl_f_ khpbZevguo b
dmevlmjguo p_gghkl_c >bd_ hibkZe keh`gu_ \aZbfhk\yab khagZl_evguo
klj_fe_gbciZjubodmevlmjgu_p_gghklbb mklZgh\dbhdjm`Zxs_]hfbjZY iheZ]Zx
qlhg_kms_kl\m_lh[t_dlb\guoijZ\beihdhlhjuf^he`guhij_^_eylvkyhlghr_gby
iZjuhkh[_gghbokihkh[ujZaj_r_gbydhgnebdlh\B^_heh]bq_kdb_ hkh[_gghklb \k_o
dmevlmj y ^mfZx dhk\_ggh ij_iylkl\mxl [ebahklb iZju Wlh aZeh`_gh \ kZfhf
oZjZdl_j_ ljZ^bpbhgghc dmevlmju gZijZ\e_gghc gZ k^_j`b\Zgb_ hkgh\guo we_f_glh\
kdjulhc ZkhpbZevghklb iZju jZkkfZljb\Z_fhc k lhqdb aj_gby dhg\_gpbhggh]h
h[s_kl\Z Ihwlhfm g_aZ\bkbfhklv iZju hl khpbZevghc ljZ^bpbb fh`_l hdZaZlvky
j_rZxsbf nZdlhjhf ^ey __ \u`b\Zgby \ mkeh\byo dhgnebdlghc kblmZpbb Z
g_rZ[ehgguc \a]ey^ iZjlg_jh\ gZ fbj aZqZklmx hdZau\Z_lky kms_kl\_gguf ijb
l_jZi_\lbq_kdhc jZ[hl_ k gbfb Dhg_qgh dh]^Z nmgdpbhgbjh\Zgb_ ^bkkhpbbjh\Zgguo
h[t_dlguo hlghr_gbc ba ijhreh]h agZqbl_evgh bkdZ`_gh qlh kha^Z_l m]jham
nbabq_kdhc beb wfhpbhgZevghc [ebahklb h^gh]h beb h[hbo iZjlg_jh\ h[uqgu_
khpbZevgu_ghjfu fh]ml aZsblblv iZjlg_jh\ hl hiZkguo ^ey `bagb l_g^_gpbc LZdb_
h[klhyl_evkl\Z h^gZdh kijZ\_^eb\u lhevdh ^ey g_fgh]bo kemqZ_\ Kms_kl\m_l lZd`_
fgh`_kl\h iZj qvb [_kkhagZl_evgu_ dhgnebdlu ijbgbfZxl nhjfm b^_heh]bq_kdhc
[hjv[u b lhevdh hkeh`gyxlky ih f_j_ lh]h dZd h[s_ijbgylu_ klZg^Zjlu ih\_^_gby
kdh\u\ZxliZjlg_jh\g_iha\heyybfjZaj_rblvdhgnebdlgmxkblmZpbx
NMGDPBBKMI?JW=H
Hibku\Zy \deZ^u eb[b^h b Z]j_kkbb \ k_dkmZevgu_ b wfhpbhgZevgu_
\aZbfhhlghr_gby iZju y mdZau\Ze gZ djblbq_kdmx jhev Kmi_jW]h >Z\Zcl_
jZkkfhljbf jhev wlhc bgklZgpbb [he__ ih^jh[gh Fu \b^_eb dZdbf h[jZahf iZjZ
klZgh\blky dhgl_cg_jhf khagZl_evguo b [_kkhagZl_evguo k_dkmZevguo nZglZabc b
`_eZgbc h[hbo iZjlg_jh\ b bo bgl_jgZebah\Zgguo h[t_dlguo hlghr_gbc Fu lZd`_
ijhke_^beb dZd iZjZ ijbh[j_lZ_l kh[kl\_ggmx b^_glbqghklv \ ^hiheg_gb_ d
b^_glbqghklyf dZ`^h]h ba iZjlg_jh\ Y iheZ]Zx qlh iZjZ ij_^klZ\ey_l kh[hc
p_ehklghklv Zdlb\babjmxsmx khagZl_evgu_ b [_kkhagZl_evgu_ nmgdpbb Kmi_jW]h
h[hbo iZjlg_jh\ \ j_amevlZl_ q_]h iZjZ kh \j_f_g_f nhjfbjm_l kh[kl\_ggmx kbkl_fm
Kmi_jW]hkem`Zsmx^hiheg_gb_fk\hbodhfihg_glh\
<ebygb_wlhcgh\hckbkl_fuKmi_jW]hgZhlghr_gbyiZjuaZ\bkblhlaj_ehklb
Kmi_jW]h dZ`^h]h iZjlg_jZ < kemqZ_ ]hkih^kl\Z ijbfblb\ghc iZlheh]bb Kmi_jW]h
Zdlb\babjmxlky we_f_glu kZ^bklbq_kdbo ij_^r_kl\_ggbdh\ Kmi_jW]h qlh fh`_l
ijb\_klbd jZkiZ^miZjuAj_ehklvKmi_jW]h\ujZ`ZxsZyky\ aZ[hl_h iZjlg_j_ ² b h
k_[_ ² aZsbsZ_l h[t_dlgu_ hlghr_gby iZju [eZ]hijbylkl\m_l jZa\blbx ex[\b b
ij_^Zgghklb gh ihkdhevdm Kmi_jW]h g_baf_ggh \dexqZ_l i_j_`bldb w^bih\uo
dhgnebdlh\ hgh ihjhc g_k_l m]jham kihkh[ghklb d k_dkmZevghc ex[\b [ehdbjmy beb
aZij_sZy ijhy\e_gby g_`ghklb b k_dkmZevguo qm\kl\ d h^ghfm b lhfm `_ h[t_dlm
LZdbf h[jZahf Kmi_jW]h fh`_l mdj_ieylv kihkh[ghklv d ^ebl_evghc k_dkmZevghc
ex[\b gh hgh `_ fh`_l b jZajmrZlv __ RZn_j , ijhykgbe [eZ]hl\hjgu_ b
\jZ`^_[gu_Zki_dluKmi_jW]hihhlghr_gbxd bg^b\b^ma^_kvy [m^mjZkkfZljb\Zlv
wlb_]hklhjhguihhlghr_gbxd iZj_
Nhjfbjh\Zgb_ W]hb^_ZeZ dZd ih^kljmdlmju Kmi_jW]h y\ey_lky hkgh\ghc
ij_^ihkuedhc jZa\blby kihkh[ghklb d \ex[e_gghklb B^_ZebaZpby ex[bfh]h h[t_dlZ
hagZqZ_l ijh_dpbx Zki_dlh\ kh[kl\_ggh]h W]hb^_ZeZ ² b^_ZeZ ij_^klZ\eyxs_]h
kh[hc km[ebfZlhjgmx j_ZebaZpbx w^bih\uo `_eZgbc WlZ ijh_dpby oZjZdl_jbam_lky
ijb\yaZgghklvx d ijh_pbjm_fhfm b^_Zem k khimlkl\mxsbf i_j_`b\Zgb_f lh]h qlh
ex[bfuc q_eh\_d ² `b\h_ \hiehs_gb_ b^_ZeZ ij_^f_lZ ]em[hdbo b kljZklguo
mklj_fe_gbc \h \g_rg_c j_Zevghklb < wlhf kfuke_ j_Zevgu_ hlghr_gby k ex[bfuf
q_eh\_dhf gZ b^_Zevghf mjh\g_ ij_^klZ\eyxl kh[hc i_j_`b\Zgb_ ij_h^he_gby
kh[kl\_gguo ikbobq_kdbo ]jZgbp wdklZlbq_kdbc hiul dhlhjuc khklZ\ey_l
^bZe_dlbq_kdbc dhgljZkl k h[uqguf ih\k_^g_\guf fbjhf b ihjh`^Z_l gh\uc
`bag_gguc kfuke JhfZglbq_kdZy ex[h\v lZdbf h[jZahf \ujZ`Z_l kh[hc ]em[hdmx
wfhpbhgZevgmx gm`^m ² h^gm ba hkgh\guo ijbqbg kh_^bg_gby ex^_c \ iZju ² b
hlgx^vg_y\ey_lkyebrvijhba\h^ghcjhfZglbafZdZddmevlmjgh]hb^_ZeZ
DZd mdZau\ZeZ RZkk]_Kfbj`_ev ijh_dpby W]hb^_ZeZ gZ ex[bfh]h
q_eh\_dZ g_ kgb`Z_l kZfhhp_gdm \ ijhlb\hiheh`ghklv i_j\hgZqZevghfm km`^_gbx
Nj_c^Z Z ih\urZ_l __ ihkdhevdm [eZ]h^Zjy _c j_Zebamxlky mklj_fe_gby W]h
b^_ZeZ Djhf_ lh]h hl\_lgZy ex[h\v ih\urZ_l kZfhhp_gdm dZd qZklv m^h\e_l\hj_gby
\aZbfghklvx< wlboh[klhyl_evkl\Zoex[h\vd k_[_b dh[t_dlmkeb\Zxlky\h_^bgh ² Z
wlh j_rZxsbc we_f_gl k_dkmZevghc ex[\b G_jZa^_e_ggZy ex[h\v fh`_l bf_lv
jZaebqgu_ ihke_^kl\by aZ\bkysb_ \ qZklghklb hl ikbobq_kdhc mjZ\gh\_r_gghklb
bg^b\b^Z >hklZlhqgh ]b[dbc q_eh\_d fh`_l i_j_`blv ijhp_kk hieZdb\Zgby [_a
kms_kl\_gguo ljZ\f \ lh \j_fy dZd bg^b\b^ g_\jhlbq_kdb nbdkbjh\Zgguc gZ
bagZqZevgh g_^hklmighf b njmkljbjmxs_f h[t_dl_ fh`_l mljZlblv kZfhm\Z`_gb_ <
ijbgpbi_q_f\ur_m bg^b\b^Zij_^jZkiheh`_gghklvd bkiulZgbxw^bih\ZihjZ`_gby
b ^hw^bih\hc njmkljZpbb gZijbf_j njmkljZpbb hjZevghc aZ\bkbfhklb l_f [he__
kbevgufb i_j_`b\Zgbyfb kh[kl\_gghc g_iheghp_gghklb [m^_l khijh\h`^Zlvky
g_jZa^_e_ggZyex[h\v
Y iheZ]Zx qlh aj_ehklv nmgdpbc Kmi_jW]h m h[hbo iZjlg_jh\ ijhy\ey_lky \
kihkh[ghklb bkiulu\Zlv hl\_lkl\_gghklv aZ ^jm]h]h b aZ iZjm \ p_ehf \ aZ[hl_ h[
hlghr_gbyo b \ aZsbl_ bo hl ihke_^kl\bc g_ba[_`ghc Zdlb\baZpbb Z]j_kkbb \
j_amevlZl_klhev`_g_ba[_`ghcZf[b\Ze_glghklb\ [ebadbohlghr_gbyo
H^gh\j_f_ggh Zdlb\babjm_lky _s_ h^gZ nmgdpby Kmi_jW]h g_ klhev y\gZy gh
g_h[uqZcgh \Z`gZy Y
bf_x \ \b^m a^hjh\u_ Zki_dlu W]hb^_Zeh\ h[hbo iZjlg_jh\
dhlhju_ \f_kl_ kha^Zxl h[smx kbkl_fm p_gghkl_c K ]h^Zfb wlZ kbkl_fZ dhlhjhc
ij_`^_ijb^_j`b\Zebkv[_kkhagZl_evghklZgh\blkyykghhq_jq_gghcjZajZ[Zlu\Z_lkyb
fh^bnbpbjm_lky mklZgZ\eb\Zy ^ey iZju ijZ\beZ ih\_^_gby gZ ]jZgbp_ \ __
hlghr_gbyo k hklZevguf fbjhf Lh _klv iZjZ nhjfbjm_l kh[kl\_ggh_ Kmi_jW]h
Bf_ggh \ dhgl_dkl_ wlhc kh\f_klghc kbkl_fu p_gghkl_c \hafh`gh l\hjq_kl\h iZju \
ijhp_kk_ jZaj_r_gby dhgnebdlh\ ;eZ]h^Zjy g_h`b^Zgghfm `_klm ex[\b jZkdZygby
ijhs_gby beb xfhjZ Z]j_kkby fh`_l g_ \uclb aZ hij_^_e_ggu_ jZfdb L_jibfhklv d
g_^hklZldZf b h]jZgbq_gbyf ² dZd qm`bf lZd b k\hbf kh[kl\_gguf ² g_aZf_lgh
klZgh\blkybgl_]jZevghcqZklvxhlghr_gbc
<Z`ghklv wlhc h[s_c ^ey ^\hbo kljmdlmju Kmi_jW]h khklhbl \ aZeh`_gghc \
g_cnmgdpbbZi_eeypbhggh]hkm^Zk\h_]hjh^Zihke_^g_cbgklZgpbbd dhlhjhcfh`_l
\haa\Zlv h^bg ba iZjlg_jh\ dh]^Z ^jm]hc k_jv_agh ij_klmibe ]jZgbpu kh\f_klgh
mklZgh\e_gghc kbkl_fu p_gghkl_c GZjmr_gb_ ² j_Zevgh_ beb `_eZ_fh_ ² h[s_c
]jZgbpu kem`bl ^ey iZju ijbagZdhf qj_a\uqZcghc m]jhau hlghr_gbyf \gmljb g__
lZdbf h[jZahf j_qv b^_l h \Z`ghc kb]gZevghc kbkl_f_ ij_^hojZgyxs_c iZjm hl
\hafh`gh]hjZkiZ^Z
?keb Kmi_jW]h h^gh]h beb h[hbo iZjlg_jh\ g_evay gZa\Zlv aj_euf b
mklhcqb\ufijh_dpby\ul_kg_gguoZki_dlh\bgnZglbevgh]hKmi_jW]hfh`_lk^_eZlv
^jm]h]h iZjlg_jZ hkh[_ggh ih^\_j`_gguf djblbd_ k _]h beb __ klhjhgu Kdhie_gb_
ijh_dpbc ba ijbfblb\gh]h Kmi_jW]h m\_ebqb\Z_l \_jhylghklv h[t_dlb\ghc djblbdb
Aj_ehklv Kmi_jW]h djblbdm_fh]h iZjlg_jZ iha\hebl _fm hijhl_klh\Zlv b hljZablv
lZdmxZlZdmblZdbfh[jZahfm^_j`ZlvjZ\gh\_kb_iZju
Gh ijb ly`_ehc iZlheh]bb Kmi_jW]h m dh]hlh ba iZjlg_jh\ \f_klh h[uqghc
ijh_dpbb fh`_l bkihevah\Zlvky ijh_dlb\gZy b^_glbnbdZpby ² aZsblZ ijhl_klh\Zlv
ijhlb\ dhlhjhc ljm^g__ < j_amevlZl_ _keb hlghr_gby hdZ`mlky ih^ \eZklvx
bgljh_dlh\kZ^bklbq_kdh]hKmi_jW]hjZ\gh\_kb_\ iZj_fh`_l[ulvjZajmr_gh
Ijb ghjfZevghf jZa\blbb ij_w^bih\u ij_^r_kl\_ggbdb Kmi_jW]h
oZjZdl_jbam_fu_ ijbfblb\ghc b^_ZebaZpb_c b nZglZabyfb ij_ke_^h\Zgby ihkl_i_ggh
k]eZ`b\Zxlky b g_cljZebamxlky qlh \ k\hx hq_j_^v kihkh[kl\m_l bgl_jgZebaZpbb
b^_Zebabjm_fuo b aZij_sZxsbo Zki_dlh\ ijh^\bgmlh]h w^bih\Z Kmi_jW]h >Ze__
bgl_]jZpby ij_w^bih\uo b w^bih\uo mjh\g_c kljmdlmju Kmi_jW]h kha^Z_l
[eZ]hijbylgu_ mkeh\by ^ey dhgkheb^Zpbb ihklw^bih\Z Kmi_jW]h k _]h
Z[kljZ]bjh\Zgghklvx bg^b\b^mbjh\Zgghklvx b ^_i_jkhgbnbpbjh\Zgghklvx Ydh[khg
H^gbf ba keh`guo Znn_dlh\ jZa\b\Zxsboky \ j_amevlZl_ wlbo ijhp_kkh\
y\ey_lkyqm\kl\h[eZ]h^Zjghklb;eZ]h^Zjghklv ² wlhlZd`_h^ghbakj_^kl\jZa\blbyb
ih^^_j`Zgby ex[\b Kihkh[ghklv d i_j_`b\Zgbx [eZ]h^Zjghklb \deZ^ \ dhlhjmx
\ghkyl b W]h b Kmi_jW]h y\ey_lky hkgh\hiheZ]Zxsbf nZdlhjhf j_pbijhdghklb \
q_eh\_q_kdbo hlghr_gbyo hgZ [_j_l bklhdb \ m^h\hevkl\bb dhlhjh_ bkiulu\Z_l
feZ^_g_p \gh\v h[gZjm`b\Zy \h \g_rg_c j_Zevghklb h[jZa m^h\e_l\hjyxs_]h
aZ[hlys_]hky h[t_dlZ Deycg Ihy\e_gbx lhe_jZglghklb d Zf[b\Ze_glghklb
k\b^_l_evkl\mxs_fm h i_j_oh^_ hl nZau k_iZjZpbbbg^b\b^mZpbb d nZa_ ihklhygkl\Z
h[t_dlZ khimlkl\m_l \hajZklZgb_ kihkh[ghklb bkiulu\Zlv [eZ]h^Zjghklv >hklb`_gb_
ihklhygkl\Z h[t_dlZ lZd`_ mkbeb\Z_l l_g^_gpbx i_j_`b\Zlv \bgm aZ Z]j_kkbx DZd
mdZau\ZeZDeycg qm\kl\h\bgumkbeb\Z_l[eZ]h^Zjghklvohlyg_ihjh`^Z_l__
Qm\kl\h \bgu lZd`_ mkbeb\Z_l b^_ZebaZpbx KZfZy jZggyy b^_ZebaZpby ² wlh
b^_ZebaZpbyfZl_jbgZkbf[bhlbq_kdhc nZa_ jZa\blby \ujZklZxsZy \ b^_ZebaZpbxgZ
klZ^bbk_iZjZpbbbg^b\b^mZpbbBgl_]jZpbyKmi_jW]h[eZ]hijbylkl\mxsZyjZa\blbx
kihkh[ghklb d [_kkhagZl_evghfm qm\kl\m \bgu klbfmebjm_l jZa\blb_ b^_ZebaZpbb dZd
j_Zdlb\gh]hnhjfbjh\Zgby\ hl\_lgZqm\kl\h\bgub dZdg_ihkj_^kl\_ggh_\ujZ`_gb_
\bgu WlZ klbfmebjh\ZggZy Kmi_jW]h b^_ZebaZpby kem`bl fhsguf ih^dj_ie_gb_f
[eZ]h^ZjghklbdZddhfihg_glZex[\b
Kihkh[ghklv iZjlg_jh\ d b^_ZebaZpbb ^jm] ^jm]Z gZb[he__ ihegh \ujZ`Z_lky \
bo kihkh[ghklb bkiulu\Zlv [eZ]h^Zjghklv aZ ihemq_ggmx ex[h\v b khhl\_lkl\mxs_f
mkbe_gbb `_eZgby hl^Z\Zlv \aZf_g k\hx ex[h\v I_j_`b\Zgb_ hj]ZafZ ^jm]h]h dZd
\ujZ`_gbyihemq_gghc bf ex[\b Z lZd`_ dZd _]h kihkh[ghklb ^Z\Zlv ex[h\v \ hl\_l
\k_ey_lm\_j_gghklvqlhex[h\vb \aZbfghklvij_h[eZ^ZxlgZ^aZ\bklvxb h[b^hc
H^gZdh kihkh[ghklv bkiulu\Zlv [eZ]h^Zjghklv ihjh`^_ggZy b^_ZebaZpb_c
iZjZ^hdkZevguf h[jZahf \klmiZ_l \ ijhlb\hj_qb_ k hij_^_e_ggufb ijh^\bgmlufb
oZjZdl_jbklbdZfb b^_ZeZ Y khhl\_lkl\mxsbfb w^bih\hc klZ^bb jZa\blby dh]^Z
b^_Zebabjh\Zggh_ hlghr_gb_ d w^bih\uf jh^bl_eyf hkgh\u\Z_lky gZ hlj_q_gbb hl
ihebfhjngh]h i_j\_jab\gh]h bgnZglbevgh]h wjhlbafZ b ]_gblZevguo wjhlbq_kdbo
Zki_dlh\hlghr_gby
DZdih^q_jdgme>bd_ i_j\hgZqZevgZy\aZbfgZyb^_ZebaZpbym lhevdhqlh
\hagbdr_c iZju b __ khagZl_evgu_ h`b^Zgby klZ[bevguo hlghr_gbc jZgh beb iha^gh
\klmiZxl \ dhgnebdl k \hajh`^_gb_f \ul_kg_gguo b ^bkkhpbbjh\Zgguo ijhreuo
dhgnebdlguobgl_jgZebah\Zgguoh[t_dlguohlghr_gbc< [hevrbgkl\_kemqZ_\\gh\v
\hagbdZxsZy ih^jhkldh\Zy aZ^ZqZ bgl_]jZpbb wjhlbafZ b g_`ghklb kihkh[kl\m_l
ihkl_i_gghfm jZajmr_gbx wlbo jZggbo b^_ZebaZpbb ih^ ^_ckl\b_f w^bih\uo
dhgnebdlh\ b khhl\_lkl\mxsbo aZij_lh\ kh klhjhgu Kmi_jW]h Wlb dhgnebdlu
aZqZklmx bkiulu\Zxsb_ gZ ijhqghklv klZ[bevghklv iZju h[eZ^Zxl k\hckl\hf g_
lhevdh aZklZ\eylv h[hbo iZjlg_jh\ ^_eZlv hij_^_e_ggu_ [he_ag_ggu_ hldjulby gh b
ihjh`^Zlv ijhp_kku kh[kl\_ggh]h bkp_e_gby dZd ^_fhgkljbjm_l ijb\h^bfuc gb`_
kemqZc
>h [jZdZ m iZpb_gldb [ueb m^h\e_l\hjyxsb_ __ k_dkmZevgu_ hlghr_gby k
[m^msbf fm`_f Dh]^Z hgb \klmibeb \ [jZd bo k_dkmZevgu_ hlghr_gby lml `_ klZeb
mom^rZlvky HgZ `Zeh\ZeZkv qlh fm` g_ m^_ey_l _c ^hklZlhqgh \gbfZgby qlh hg g_
ijhy\eyy g_h[oh^bfhc _c g_`ghklb \_^_l k_[y lZd keh\gh _]h bgl_j_km_l ebrv
k_dkmZevgZyklhjhgZbohlghr_gbc
HgZg_fh]eZ\ughkblvg_jZ\ghf_jghklbh[uqghc^eyex[uoijh^he`bl_evguo
bglbfguohlghr_gbcHgZqm\kl\h\ZeZqlhex[bl_]hb g_ihgbfZeZqlh__ kdehgghklv
h[\bgylv _]h Z k_[y ij_^klZ\eylv [_kihfhsghc `_jl\hc hljZ\ey_l bo hlghr_gby Z
lZd`_lhqlh__ih^_lkdbgZ\yaqb\h_b ijh\hpbjmxs__\bgmih\_^_gb_\hkijhba\h^bl
Zki_dlu hlghr_gbc __ fZl_jb b hlpZ b __ kh[kl\_gguo hlghr_gbc k hlphf dh]^Z hgZ
[ueZih^jhkldhf
<klj_lb\fm`qbgmdhlhjuc[ue__ ex[h\gbdhf\ jZgg_cxghklbb dhlhjh]hhgZ
k l_o ihj mki_eZ b^_Zebabjh\Zlv hgZ aZ\yaZeZ k gbf jhfZg hdZaZ\rbcky k_dkmZevgh
m^h\e_l\hjyxsbf HgZ k bamfe_gb_f hsmlbeZ qlh iheghklvx m^h\e_l\hj_gZ dZd
`_gsbgZ Z lZd`_ lh qlh __ m\_j_gghklv b kZfhm\Z`_gb_ \hajhkeb < lh `_ \j_fy __
ex[h\v d fm`m keh\gh h[gh\beZkv b wlh \ua\Zeh m iZpb_gldb qm\kl\h \bgu baaZ
\g_[jZqghc k\yab b aZklZ\beh ih ^hklhbgkl\m hp_gblv ihablb\gu_ klhjhgu k\h_c
kmijm`_kdhc `bagb Kh \j_f_g_f hgZ h[gZjm`beZ qlh \ wfhpbhgZevghf ieZg_
hlghr_gby k fm`_f ]hjZa^h [he__ m^h\e_l\hjbl_evgu ^ey g__ q_f hlghr_gby k
ex[h\gbdhf ohly k ex[h\gbdhf hgZ bkiulu\ZeZ ihegh_ k_dkmZevgh_ m^h\e_l\hj_gb_
dhlhjh]h dZd hgZ iheZ]ZeZ fm` _c ^Zlv g_ \ khklhygbb Wlhl dhgnebdl ijb\_e
iZpb_gldm d ikbohZgZeblbdm b ihkl_i_ggh hgZ hl^ZeZ k_[_ hlq_l \ k\h_c g_
hkhagZ\Z_fhc ij_`^_ g_kihkh[ghklb d hlghr_gbyf k h^gbf b l_f `_ q_eh\_dhf
iheghklvxm^h\e_l\hjyxsbf__ bwfhpbhgZevghb k_dkmZevgh
Ojhgbq_kdZy wdkl_jgZebaZpby bgnZglbevgh]h Kmi_jW]h b ihbkd g_baf_ggh
h^bgZdh\uo ex[h\guo hlghr_gbc k jh^bl_evkdbf h[t_dlhf \ dhlhjhf wlZ kljmdlmjZ
Kmi_jW]h i_jkhgbnbpbjh\ZgZ fh`_l gZdeZ^u\Zlv k_jv_agu_ h]jZgbq_gby gZ
ex[h\gmx `bagv bg^b\b^mmfZ b iZju \ p_ehf ^Z`_ g_kfhljy gZ hlkmlkl\b_ y\guo
dhgnebdlh\ H^gZdh h[uqgh \g_rgyy klZ[bevghklv b ]Zjfhgby ^hklb]Zxlky p_ghc
h]jZgbq_gbc\ khpbZevghc`bagbihkdhevdmihl_gpbZevghm]jh`Zxsb_jZ\gh\_kbx ²
bebdhgnjhglbjmxs_dhjj_dlb\gu_ ² hlghr_gby^he`gubkdexqZlvkyhkh[_ggh_keb
hgb k\yaZgu k hkhagZgb_f \hafh`ghklb [he__ m^h\e_l\hjbl_evguo hlghr_gbc
B^_glbnbdZpby h^gh]h ba iZjlg_jh\ k Z]j_kkhjhf \ujZ`_ggZy \ b^_glbnbdZpbb k
Kmi_jW]h ^jm]h]h fh`_l ijb\_klb d kZ^hfZahobklkdhfm Zevygkm iZju ijhlb\
\g_rg_]h fbjZ b m^h\e_l\hjblv ihlj_[ghklb iZjlg_jh\ \ h[s_c kbkl_f_ p_gghkl_c
iml_f kh\f_klghc ijh_dpbb \hkklZgby ijhlb\ bgnZglbevgh]h Kmi_jW]h gZ \g_rg__
hdjm`_gb_Hlghr_gby\ iZj_\ dhlhjhckh\f_klgZyihabpby ² wlhihabpbymgb`_gghc
b hkdhj[e_gghc `_jl\u lj_lv_c klhjhgu fh]ml lZdbf h[jZahf [ulv \iheg_
klZ[bevgufbohlyb g_\jhlbq_kdbfbkhfgh]bfba^hjh\ufbq_jlZfb\aZbfghcaZ[hlu
b hl\_lkl\_gghklb
< ij_^_evghijhlb\hiheh`ghfkemqZ_h[sb_p_gghklbfh]ml^Z\ZlviZj_kbemb
mklhcqb\hklviha\heyxsmx\u`b\Zlv\h\jZ`^_[ghfhdjm`_gbbgZijbf_j\ mkeh\byo
lhlZeblZjgh]h h[s_kl\Z ]^_ ijboh^blky fbjblvky k kZgdpbhgbjh\Zgghc h[s_kl\hf
g_q_klghklvx\ ih\k_^g_\guokhpbZevguohlghr_gbyoWlZg_q_klghklvh^gZdhfh`_l
[ulv bkdexq_gZ \gmljb iZju [eZ]h^Zjy __ _^bghfm fheqZeb\hfm ijhlb\hklhygbx
]g_lms_fm \ebygbx b dhjjmipbb \g_rg_c kj_^u DZd y m`_ ml\_j`^Ze kZfZ ijbjh^Z
k_dkmZevghc bglbfghklb iZju ih^jZamf_\Z_l kh\f_klguc ijhl_kl ijhlb\
dhg\_gpbhgZevghklbb y\ey_lkybklhqgbdhfg_baf_ggh]hm^h\e_l\hj_gby\ hlghr_gbyo
;hjv[Z k lj_[h\Zgbyfb bgnZglbevgh]h Kmi_jW]h ihfh]Z_l knhjfbjh\Zlv
hlghr_gby \ iZj_ g_ iha\heyy [_a^mfgh ijbgylv dhg\_gpbhgZevgu_ k_dkmZevgu_
kl_j_hlbiu b b^_heh]bb lbibqgh j_ij_a_glbjm_fu_ dmevlmjgufb debr_ k_dkmZevgh
\k_y^gh]hb wfhpbhgZevgh[_ajZaebqgh]hfm`qbgub k_dkmZevghiZkkb\ghcb aZ\bkbfhc
`_gsbgu Qe_gu iZju lZd`_ ^he`gu hkhagZlv l_g^_gpbx q_eh\_dZ ijh_pbjh\Zlv
i_j_`bldb kh[kl\_ggh]h bgnZglbevgh]h Kmi_jW]h gZ k_dkmZevgh]h iZjlg_jZ
BfiebpblgZy ih^^_j`dZ kh klhjhgu ihke_^g_]h \ kemqZ_ lZdbo nZglZabcguo kljZoh\
fh`_l [ulv p_ebl_evgZ G_l y kh\k_f g_ kqblZx l_[y aZkl_gqb\uf fZe_gvdbf
fZevqbdhfdhlhjh]hg_evayijbgbfZlv\k_jv_a\ k_dkmZevghfkfuke_G_ly g_[m^m
kqblZlv l_[y iZ^r_c `_gsbghc ihke_ k_dkZ G_l l\h_ Z]j_kkb\gh_ ih\_^_gb_ g_
gZ\e_q_l gZ l_[y \_qgh]h gZdZaZgby beb fh_c h[b^u g_ h[_kp_gbl l_[y \ fhbo ]eZaZo
gZ\k_]^Z b g_ k^_eZ_l f_gy ihklhyggh lh[hc g_^h\hevghc ?s_ h^gZ ijbq_f
jh^kl\_ggZyaZ^ZqZ ² ijhlb\hklhylvm]jha_lh]hqlh ijbfblb\gu_nmgdpbbKmi_jW]h
h^gh]h ba iZjlg_jh\ \\_j]gml \ pZjkl\h m`ZkZ bo h[hbo A^_kv fu \oh^bf \ kn_jm
ikbohiZlheh]bb jZa\blby kZ^bklbq_kdh]h Kmi_jW]h m h^gh]h beb h[hbo iZjlg_jh\
\_^ms_]hd kZ^hfZahobklbq_kdbfhlghr_gbyf
IZj_ lZd`_ g_h[oh^bfh bgl_]jbjh\Zlv khagZl_evgu_ h`b^Zgby hl kh\f_klghc
`bagb k h`b^Zgbyfb lj_[h\Zgbyfb b aZij_lZfb bkoh^ysbfb ba dmevlmjghc kj_^u
Dhgnebdlu h[mkeh\e_ggu_ j_eb]bhagufb wlgbq_kdbfb beb wdhghfbq_kdbfb
jZaebqbyfb \ \hkiblZgbb jZagbp_c iheblbq_kdbo beb b^_heh]bq_kdbo \a]ey^h\ fh]ml
b]jZlv\Z`gmxjhevkihkh[kl\mybebij_iylkl\myhlghr_gbyfiZjuk khpbmfhfIZjZ
fh`_l ij_^ihq_klv khpbZevgmx baheypbx qlh[u ba[_`Zlv klhedgh\_gbc f_`^m
dmevlmjgufb mklZgh\dZfb gZklhys_]h \j_f_gb b bgl_jgZebah\Zggufb p_gghklyfb
bkoh^ysbfb ba ijhreh]h H^gZdh dZd ijZ\beh k ihy\e_gb_f ^_l_c baheypby iZju
klZ\blky ih^ m]jham lZd qlh aZ^ZqZ bgl_]jZpbb kh[kl\_gguo p_gghkl_c k p_gghklyfb
khpbmfZklZgh\blkygZkmsghcb g_ba[_`ghc
Ihablb\ghc klhjhghc ijh_dpbb nmgdpbc Kmi_jW]h gZ iZjlg_jZ y\ey_lky
\hafh`ghklv bkihevah\Zlv iZjlg_jZ \ dZq_kl\_ kh\_lqbdZ b aZsblgbdZ bklhqgbdZ
ml_r_gbyihke_gZiZ^hdba\g_b m\_j_gby\ kh[kl\_gghcp_gghklbBf__lagZq_gb_ lh
dZdbfh[jZahfh^bgiZjlg_jb^_Zebabjm_l^jm]h]hfm`qbgZ`_gb\rbckygZ`_gsbg_
qv_ \hkobs_gb_ mdj_ieyeh _]h kZfhhp_gdm g_ fh`_l iha^g__ hibjZlvky gZ __
\hkobs_gb_ ihlhfm qlh hg h[_kp_gbe __ LZdbf h[jZahf m q_eh\_dZ g_kihkh[gh]h d
b^_ZebaZpbbiZjlg_jZi_j\hgZqZevgh_bkihevah\Zgb_ih^^_j`db^jm]h]hfh`_l\ua\Zlv
hl^Zqm ² qm\kl\hh^bghq_kl\Z
Ohly\ hkgh\_fgh]bo^ebl_evguolj_m]hevgbdh\e_`bllZdZyjZkijhkljZg_ggZy
\_sv dZd ^bkkhpbZpby g_`ghklb b wjhlbq_kdhc ex[\b g_j_^dh hgb k\yaZgu lZd`_ k
ihbkdhf hlghr_gbc dhfi_gkbjmxsbo agZqbfu_ njmkljZpbb Ihjhc kms_kl\_gghc
nmgdpb_c \g_[jZqghc k\yab y\ey_lky aZsblZ kmijm`_kdbo hlghr_gbc hl Zki_dlh\
\gmrZxsbo[_kkhagZl_evguckljZo ² ihkmlbbomdj_ie_gb_iml_fkgb`_gbymjh\gy
[ebahklbIZlheh]byKmi_jW]hm h^gh]h beb h[hbo iZjlg_jh\ fh`_l ijb\_klb d lhfm
qlh m^h\e_l\hjyxsb_ ex[h\gu_ hlghr_gby hkh[_ggh \ kmijm`_kl\_ [m^ml \uau\Zlv
[_kkhagZl_evgh_qm\kl\h\bgu
< ^jm]bo kemqZyo h[mkeh\e_ggZy Kmi_jW]h ojhgbq_kdZy ljbZg]meypby fh`_l
hljZ`Zlv g_kihkh[ghklv h^gh]h beb h[hbo iZjlg_jh\ \ughkblv ghjfZevgmx
Zf[b\Ze_glghklvex[h\guohlghr_gbc ex[u_\ujZ`_gbyZ]j_kkbbGZijbf_jh^bgba
gbo beb h[Z fh]ml bf_lv b^_Zebabjh\Zggh_ b h^gh\j_f_ggh wfhpbhgZevgh gZb\gh_
ij_^klZ\e_gb_ h k\hbo hlghr_gbyo k iZjlg_jhf dZd h kh\_jr_ggh ]Zjfhgbqguo
kh_^bgyxsbo g_`ghklv b k_dkmZevghklv b h^gh\j_f_ggh bf_lv _s_ h^gb
^he]h\j_f_ggu_ hlghr_gby \dexqZxsb_ b k_dk b g_`ghklv =em[bggZy Z]j_kkby
gZoh^bl \ujZ`_gb_ ebrv \ [_kkhagZl_evghf gZkeZ`^_gbb Z]j_kkb\guf ih^l_dklhf
baf_guiZjlg_jZf\ h[hbohlghr_gbyo
WlZ^bgZfbdZhkh[_ggh[eZ]h^ZjymqZkl\mxsbf\ g_cf_oZgbafZfjZks_ie_gby
fh`_l aZsbsZlv hlghr_gby iZju hl ijhy\e_gbc kZ^bklbq_kdh]h Kmi_jW]h dhlhju_
fh]mlgZ[ex^ZlvkyijbjZajmr_gbbdZdboeb[hiZjZee_evghkms_kl\mxsbohlghr_gbc
Bgh]^Z hijZ\^ZggZy gh qZs_ g_ihf_jgZy [hyagv lh]h qlh iZjlg_j dhlhjhfm
bg^b\b^mmf ihgZklhys_fm ij_^Zg gbdh]^Z g_ kfh`_l ijhklblv beb aZ[ulv ijhremx
g_\_jghklv ² lZdbfh[jZahf\hiehlb\`_klhdh_g_ijhsZxs__Kmi_jW]h ² \ dhgp_
dhgph\ ihjhc gZoh^bl hkgh\Zgb_ \ ih\_^_gbb ex[bfh]h q_eh\_dZ ijbgbfZxs_]h gZ
k_[y lZdmx jhev g_ijhsZxs_]h b gZ\_db h[b`_ggh]h Ohly gZjpbkkbq_kdZy ljZ\fZ
k\yaZggZy k i_j_`b\Zgb_f ihdbgmlhklb b h[fZgmlhklb ² g_khfg_ggh \Z`guc Zki_dl
lZdh]h g_ijhsZxs_]h ih\_^_gby gZ fhc \a]ey^ g_evay k[jZku\Zlv kh kq_lh\ lZd`_
khhl\_lkl\mxsmxijh_dpbxgZiZjlg_jZbbebb^_glbnbdZpbx`_jl\uij_^Zl_evkl\Z
k g_mfhebfufKmi_jW]h
Kihkh[ghklv ijhsZlv ^jm]bo h[uqgh oZjZdl_jbam_l aj_eh_ Kmi_jW]h hgZ
k\yaZgZk mf_gb_fijbagZ\ZlvZ]j_kkbxb Zf[b\Ze_glghklv\ k_[_b kjh^kl\_gguf_fm
mf_gb_f ijbgbfZlv g_ba[_`gmx Zf[b\Ze_glghklv bglbfguo hlghr_gbc Ih^ebggh_
ijhs_gb__klv\ujZ`_gb_aj_eh]hfhjZevgh]hqm\kl\Zijbgylb_[hebkhijh\h`^Zxs_c
mljZlmbeexabchlghkbl_evghk_[yb ^jm]bo\_jZ\ \hafh`ghklv\hajh`^_gby^h\_jbyZ
lZd`_ \hajh`^_gby b ih^^_j`Zgby ex[\b g_kfhljy gZ __ kh[kl\_ggu_ Z]j_kkb\gu_
dhfihg_glu Ijhs_gb_ `_ hkgh\Zggh_ gZ gZb\ghklb beb gZjpbkkbq_kdhc
]jZg^bhaghklb ]hjZa^h f_gvr_ kihkh[kl\h\m_l j_dhgkljmdpbb `bagb iZju dhlhjZy
^he`gZ hkgh\u\Zlvky gZ gh\hc hj]ZgbaZpbb bo \aZbfghc aZ[hlu ^jm] h ^jm]_ b bo
kh\f_klghc`bagb
NZglZabb h kf_jlb iZjlg_jZ beb h k\h_c kh[kl\_gghc y\eyxlky gZklhevdh
h[uqgufbqlhfh]mlhq_gvfgh]h_jZkkdZaZlvh khklhygbbiZjuI_j_^ebphfk_jv_aghc
[he_agb beb ^Z`_ m]jhau `bagb ihjhc [u\Z_l e_]q_ kfbjblvky k i_jki_dlb\hc
kh[kl\_gghckf_jlbq_fkf_jlbiZjlg_jZgZ[_kkhagZl_evghfmjh\g_[Zah\ZynZglZaby
h kZfhkhojZg_gbb]h\hjblh \u`b\ZgbbfZl_jbDwlb Dhev\bpkbf\hebq_kdbbah[jZabeZ
kf_jlv \ kdmevilmjghf h[jZa_ fheh^h]h Dhev\bpZ mkgm\r_]h \ jmdZo =hkih^Z ²
\ujZ`_gb_ [Zabkgh]h bklhqgbdZ lj_\h]b b [_ahiZkghklb ;_a\ha\jZlgZy ihl_jy fZl_jb
ijhlhlbihklZ\e_gghklbb h^bghq_kl\Zij_^klZ\ey_l]eZ\gmxm]jhamb aZsblhchlg__
y\ey_lky \u`b\Zgb_ ^jm]h]h lZdZy aZbgl_j_kh\Zgghklv mkbeb\Z_l ex[h\v d ^jm]hfm b
[_kkhagZl_evgh_`_eZgb_[_kkf_jlby^jm]h]h
D wlhfm ijbkh_^bgy_lky im]ZxsZy i_jki_dlb\Z kh[kl\_gghc kf_jlb dZd
dhg_qguc ljbmfn bkdexq_ggh]h ^jm]h]h ² m]jhaZ aZf_gu k_[y kZfh]h w^bih\uf
khi_jgbdhf njZaZ IhdZ kf_jlv g_ jZaemqbl gZk i_j_`b\Z_lky dZd nmg^Zf_glZevgZy
m]jhaZ `_klhdZy rmldZ km^v[u kbf\hebq_kdb wlh dZkljZpby ;ZabkgZy m\_j_gghklv \
ex[\b iZjlg_jZ b kh[kl\_gghc ex[\b d g_fm agZqbl_evgh mf_gvrZ_l wlhl kljZo i_j_^
bkdexq_gghclj_lv_cklhjhghcb ihfh]Z_lkh\eZ^Zlvk lj_\h]hcihih\h^mkh[kl\_gghc
kf_jlb
<Z`guf Zki_dlhf ^_ckl\by ijhlb\hj_qbc Kmi_jW]h \ hlghr_gbyo iZjlg_jh\
y\ey_lky lZdZy q_jlZ dZd g_q_klghklv HgZ fh`_l kem`blv aZsblhc hl j_Zevghc beb
nZglZabcghcZ]j_kkbbkhklhjhgu^jm]h]hZ lZd`_fh`_lkdju\ZlvaZkh[hcbeb^_j`Zlv
ih^ dhgljhe_f kh[kl\_ggmx Z]j_kkbx ih hlghr_gbx d ^jm]hfm KZfZ ih k_[_
g_q_klghklv y\ey_lky nhjfhc Z]j_kkbb HgZ [u\Z_l hl\_lhf gZ kljZo gZiZ^_gby kh
klhjhgu ^jm]h]h dhlhjuc \ k\hx hq_j_^v fh`_l [ulv j_Zebklbqguf beb y\eylvky
ijh_dpb_cKmi_jW]hAZy\e_gb_fm`ZY g_fh]mih^_eblvkywlbfk fh_c`_ghcHgZ
gbdh]^Z g_ kfh`_l ijbgylv wlh ² fh`_l [ulv ijZ\^hc b oZjZdl_jbah\Zlv __
bgnZglbevgh_Kmi_jW]hZ fh`_l[ulvj_amevlZlhf_]hijh_dpbbgZg__kh[kl\_ggh]h
bgnZglbevgh]h Kmi_jW]h GZdhg_p g_ bkdexq_gh qlh h[Z y\eyxlky aZeh`gbdZfb
kh\f_klgh]h kZ^bklbq_kdh]h Kmi_jW]h bgh]^Z iZjlg_ju ^_ckl\bl_evgh klZgh\ylky
b]jmrdhc kZfh^_kljmdlb\gh]h lZcgh]h k]h\hjZ ihjh`^_ggh]h bo ih^qbg_gb_f
kh\f_klghfmkZ^bklbq_kdhfmKmi_jW]hG_q_klghklvfh`_llZd`_kem`blv^eyaZsblu
^jm]h]h hl gZjpbkkbq_kdhc ljZ\fu j_\ghklb beb jZahqZjh\Zgby H^gZdh Z[khexlgZy
q_klghklv ² wlh bgh]^Z ijhklh jZpbhgZebabjh\ZggZy Z]j_kkby :f[b\Ze_glghklv
h[uqghgZoh^ysZykyih^dhgljhe_fijbkhpbZevguo\aZbfh^_ckl\byofh`_l\uoh^blv
baih^ g_]h \ bglbfguo hlghr_gbyo ² baf_g_gb_ lhgZ ]hehkZ beb \ujZ`_gby ebpZ
ihjhc[ukljhjZa\b\Z_lky\ k_jv_agucdhgnebdl^Z`_dh]^Zi_j\hgZqZevgucih\h^[ue
hlghkbl_evgh [_ah[b^guf AZqZklmx iZjlg_ju g_ \iheg_ hkhagZxl gZkdhevdh ohjhrh
hgbagZxlb fh]mlqblZlv^jm]^jm]Z
G_khfg_ggh Znn_dlb\gZy dhffmgbdZpby m\_ebqb\Z_l hiZkghklv \ujZ`_gby
\aZbfguo ijh_dpbc ijbgZ^e_`Zsbo Kmi_jW]h g_]Zlb\guo Zki_dlh\ ghjfZevghc
Zf[b\Ze_glghklb g_dhgljhebjm_fuo beb g_^hklmiguo _fm KZfh ijhgbdgh\_gb_ \
ikbobq_kdmx `bagv ^jm]h]h dhlhjhfm [eZ]hijbylkl\m_l ih\ur_ggZy kihkh[ghklv
iZjlg_jh\ kqblu\Zlv g_\ujZ`_ggu_ qm\kl\Z ^jm] ^jm]Z mkdhjy_l ljZgknhjfZpbx
iZjZghyevguo kljZoh\ \ aZsblgmx g_q_klghklv G_q_klghklv \ emqr_f kemqZ_ fh`_l
\hkijbgbfZlvky ^jm]bf iZjlg_jhf dZd g_dZy nhjfZ bkdmkkl\_gghklb qlh \_^_l d
m\_ebq_gbx ^bklZgpbb < om^r_f kemqZ_ hgZ i_j_`b\Z_lky dZd kdjulZy ZlZdZ b
\uau\Z_l ^Zevg_cr__ mkbe_gb_ iZjZghyevguo j_Zdpbc iZjlg_jZ H[fZg ^Z`_ \h bfy
khojZg_gbyhlghr_gbcfh`_lmom^rblvbo>Z`_\ m^Zqguohlghr_gbyogZ[ex^Zxlky
pbdeu \dexqZxsb_ g_q_klgh_ iZjZghyevgh_ beb h[hx^gh ih^hajbl_evgh_ b
^_ij_kkb\gh_ beb ihjh`^_ggh_ \bghc ih\_^_gb_ ² \k_ wlb nhjfu ih\_^_gby kem`Zl
\ujZ`_gb_f b h^gh\j_f_ggh aZsblhc hl ijyfhc Znn_dlb\ghc dhffmgbdZpbb
G_q_klghklvfh`_l[ulvaZsblhchl]em[bgguoiZjZghyevguokljZoh\Z iZjZghyevgh_
ih\_^_gb_\ k\hxhq_j_^v ² aZsblhchl_s_[he__]em[hdbo^_ij_kkb\guol_g^_gpbc
KZfhh[\bg_gby fh]ml aZsbsZlv hl iZjZghyevguo mklj_fe_gbc [m^mqb j_Zdlb\guf
nhjfbjh\Zgb_fgZh[\bg_gb_^jm]h]h
KjZ\gbl_evghfy]dZyiZlheh]byKmi_jW]h
Ijb [he__ fy]dbo nhjfZo iZlheh]bb Kmi_jW]h dh]^Z hlghr_gby iZjlg_jh\
khojZgyxlky gh knhjfbjh\ZggZy h[sZy kljmdlmjZ Kmi_jW]h y\ey_lky kebrdhf
h]jZgbqb\Zxs_c iZjZ klZgh\blky [he__ \hkijbbfqb\hc b d h]jZgbqbl_evguf
lj_[h\Zgbyf b aZij_lZf dmevlmjghc kj_^u hkh[_ggh \ __ dhg\_gpbhgZevguo Zki_dlZo
Ihkdhevdmdhg\_gpbhgZevghklvhljZ`Z_ldmevlmjghjZa^_ey_fu_i_j_`bldbeZl_glgh]h
Kmi_jW]h hgZ ij_^klZ\ey_l kh[hc _s_ h^bg f_oZgbaf ihkj_^kl\hf dhlhjh]h hldZa
aj_euo nmgdpbc Kmi_jW]h h[mkeh\eb\Z_l j_]j_kkbx d lj_[h\Zgbyf b aZij_lZf
h]jZgbqb\Zxs_]hbgnZglbevgh]hKmi_jW]h
Ke_^mxsbckemqZcbeexkljbjm_lijh[e_fmihjh`^_ggmxlj_[h\Zgbyfbohjhrh
bgl_]jbjh\Zggh]h gh qj_af_jgh kmjh\h]h b h]jZgbqb\Zxs_]h Kmi_jW]h h[hbo
iZjlg_jh\ kh\f_klgh jZa^_ey_fufb beb [_kkhagZl_evgh gZeZ]Z_fufb h^gbf ba
iZjlg_jh\gZhlghr_gbyiZju
Kmijm`_kdZyiZjZh[jZlbeZkvdhfg_\ k\yabk \hajZklZxsbfbf_`ebqghklgufb
b k_dkmZevgufb aZljm^g_gbyfb @_g_ [ueh g_fgh]h aZ ljb^pZlv Ih fg_gbx h[hbo
kmijm]h\hgZ[ueZklZjZl_evghcwg_j]bqghc^hfZrg_cohaycdhck ex[h\vxaZ[hlbeZkv
h[bokugh\vyolj_ob iylbe_l?fm[uehhdhehkhjhdZDZdkh]eZrZebkvh[Zhg[ue
fgh]h jZ[hlZxsbf hl\_lkl\_gguf q_eh\_dhf aZ dZdb_lh g_kdhevdh e_l
ijh^\bgm\rbfky ih kem`_[ghc e_klgbp_ b aZgbfZxsbf \ ^Zgguc fhf_gl \_^ms__
iheh`_gb_ \ k\h_c dhfiZgbb H[Z ijbgZ^e_`Zeb d kj_^_ dZlhebdh\ kj_^g_]h deZkkZ
`bl_e_c j_ki_dlZ[_evguo ijb]hjh^h\ b [ueb \uoh^pZfb ba k_f_cguo deZgh\
eZlbghZf_jbdZgkdh]h ijhbkoh`^_gby Ijbqbghc h[jZs_gby klZeZ __ jZklmsZy
g_m^h\e_l\hj_gghklv \ke_^kl\b_ lh]h qlh hgZ i_j_`b\ZeZ dZd hl^Ze_gb_ fm`Z _]h
wfhpbhgZevgmxg_^hklmighklvb ij_g_[j_`_gb__xZ hg ² dZd\k_[he__g_\ughkbfh_
[jxa`Zgb_ b ihij_db `_gu baaZ dhlhjuo _fm \k_ f_gvr_ ohl_ehkv gZoh^blvky ^hfZ
Kmijm]b ijbgyeb fhc ieZg jZa^_evguo ^bZ]ghklbq_kdbo bgl_j\vx ^ey dZ`^h]h
i_j_f_`Z_fuo jy^hf kh\f_klguo bgl_j\vx Fh_c aZ^Zq_c [ueh hp_gblv kmijm`_kdbc
dhgnebdlb ijbgylvj_r_gb_h \hafh`ghcl_jZibb^eyh^gh]hbebh[hboiZjlg_jh\beb
^eyiZju\ p_ehf
Bg^b\b^mZevgZy hp_gdZ `_gu h[gZjm`beZ hkgh\Zgby ^ey ^bZ]ghklbjh\Zgby
\ujZ`_ggh]h ebqghklgh]h gZjmr_gby k ^hfbgbjh\Zgb_f bkl_jbq_kdbo b
fZahobklbg_kdbo q_jl ijb nmgdpbhgbjh\Zgbb gZ g_\jhlbq_kdhf mjh\g_ ebqghklghc
hj]ZgbaZpbb DZd \uykgbehkv __ ]eZ\ghc ijh[e_fhc [ue k_dkmZevguc Zki_dl bo
hlghr_gbc M `_gu [ueh `_eZgb_ k_dkmZevghc [ebahklb gh keZ[Zy k_dkmZevgZy
\ha[m^bfhklv \ha[m`^_gb_ ijhiZ^Zeh ihqlb kjZam ihke_ ijhgbdgh\_gby M g__
\uau\Zehhl\jZs_gb_lhqlhhgZhsmsZeZdZdqj_af_jguck_dkmZevgucbgl_j_kfm`Zb
_]h ]jm[hklv <hagbdZeh lZd`_ \i_qZle_gb_ qlh hgZ [he_ag_ggh h[b`_gZ k\h_c
g_m^Zq_c \ \hkkha^Zgbb l_o l_ieuo hlghr_gbc dhlhju_ m g__ [ueb k
b^_Zebabjh\Zgguf kbevguf hlphf @_gsbgZ g_gZ\b^_eZ k_[y aZ lh qlh gZqbgZ_l
ihoh^blvgZk\hxihdhjgmxghxsmxijh\hpbjmxsmxqm\kl\h\bgufZlvHgZhibkZeZ
oZjZdl_jgh_ ^ey __ jh^bl_e_c imjblZgkdh_ hlghr_gb_ d k_dkm M g__ h[gZjm`bebkv
ijbagZdb fhsgh]h aZsblgh]h \ul_kg_gby ² \ qZklghklb [ehdbjh\dZ \k_o
\hkihfbgZgbcjZgg_]h^_lkl\Z HgZ ]hjvdh`Zeh\ZeZkv gZ i_j_f_gm \ k\h_f fm`_ qvb
`b\hklv h[sbl_evghklv jupZjkdh_ ih\_^_gb_ \h \j_fy moZ`b\Zgby kf_gbebkv
m]jxfhklvxb aZfdgmlhklvx
Bg^b\b^mZevgu_ bgl_j\vx k fm`_f mdZaZeb gZ agZqbl_evgh_ ebqghklgh_
jZkkljhckl\h h^gZdh k ij_h[eZ^Zgb_f h[k_kkb\ghdhfimevkb\guo q_jl Hg h[eZ^Ze
ohjhrh bgl_]jbjh\Zgghc W]hb^_glbqghklvx kihkh[ghklvx d ]em[hdbf h[t_dlguf
hlghr_gbyf b ijhy\eye kbfilhfu mf_j_gghc klhcdhc g_\jhlbq_kdhc ^_ij_kkbb ?]h
hl_p [ue [bag_kf_ghf b iZpb_gl \ ^_lkl\_ \hkobsZeky _]h kbehc b fhsvx Gh \
ih^jhkldh\hf \hajZkl_ ih f_j_ lh]h dZd iZpb_gl klZe hkhagZ\Zlv g_m\_j_gghklv
kdju\Zxsmxky aZ Z\lhjblZjguf ih\_^_gb_f hlpZ _]h \hkobs_gb_ kf_gbehkv
\hajZklZxsbf jZahqZjh\Zgb_f JZggbc ^_lkdbc k_dkmZevguc bgl_j_k iZpb_glZ d
klZjrbf k_kljZf kmjh\h hkm`^Zeky h[hbfb jh^bl_eyfb \ hkh[_gghklb fZl_jvx
\b^bfh ihdhjghc `_ghc q_c fZgbimeylb\guc dhgljhev gZ^ hlphf [ue hq_\b^_g ^ey
iZpb_glZ
< xghklb hg ^_fhgkljZlb\gh klZe bf_lv ^_eh k `_gsbgZfb [he__ gbadh]h
khpbZevgh]h klZlmkZ ba jZaebqguo dmevlmjguo ]jmii Ih\ajhke_\ i_j_`be g_kdhevdh
kljZklguo jhfZgh\ Gh aZl_f d \_ebqZcr_c jZ^hklb jh^bl_e_c b jh^kl\_ggbdh\
`_gbekygZfheh^_gvdhc^_\mrd_babokh[kl\_ggh]hdmevlmjgh]hb j_eb]bhagh]hdjm]Z
G_kdhevdh jh[dZy b aZkl_gqb\Zy fZg_jZ ih\_^_gby `_gu h[sZy kj_^Z __ g_`_eZgb_
\klmiZlvk gbf\ k_dkmZevgu_hlghr_gby^h[jZdZ ² \k__]hijb\e_dZehDh]^Z`_hgb
ih`_gbebkvkeZ[Zyk_dkmZevgZy\ha[m^bfhklv`_gudhlhjmxhgihgZqZemkibku\ZegZ
__ g_hiulghklv klZeZ \uau\Zlv m g_]h \k_ [hevr__ g_^h\hevkl\h < lh `_ \j_fy hg
mij_dZek_[yaZlhqlhg_fh`_lm^h\e_l\hjblv__ k_dkmZevghqm\kl\h\Zek_[yk g_c\k_
[he__g_m\_j_gghb \dhgp_dhgph\khdjZlbek\hbk_dkmZevgu_aZijhkud g_clZdqlhd
fhf_glm h[jZs_gby aZ dhgkmevlZpb_c k_dkmZevgu_ dhglZdlu m gbo ijhbkoh^beb \k_]h
ebrvjZabeb^\Z\ f_kyp
Fm` klZgh\beky \k_ [he__ ih^Z\e_gguf qm\kl\my m]jua_gby kh\_klb aZ lh qlh
hl^Zeyekyhl`_gub ^_l_cgh\ lh`_\j_fybkiulu\Zyh[e_]q_gb_dh]^ZgZoh^beky\g_
^hfZb moh^bek ]heh\hc\ jZ[hlmHgl\_j^haZy\eyeqlhex[blk\hx`_gmb _keb[u
hgZ [ueZ f_g__ djblbqgZ d g_fm b bo k_dkmZevgu_ hlghr_gby [ueb emqr_ \k_
hklZevgu_ ijh[e_fu bkq_aeb [u kZfb kh[hc H[sghklv fgh]bo bo bgl_j_kh\ b
mklj_fe_gbc ij_^klZ\eyeZkv _fm \Z`ghc B hg ^_eZe hkh[uc mihj gZ lh qlh _fm ih
gZklhys_fmgjZ\blkydZdhgZmijZ\ey_lkyk ^_lvfbk ^hfhfb kih\k_^g_\ghc`bagvx
< k\hx hq_j_^v `_gZ \ bg^b\b^mZevguo bgl_j\vx \ukdZau\ZeZ ZgZeh]bqgu_
ml\_j`^_gbyhgZex[blk\h_]hfm`ZjZkkljh_gZ_]hhlkljZg_gghklvxb aZfdgmlhklvx
ghgZ^__lkyqlhhlghr_gby\hkklZgh\ylky b klZgml ij_`gbfb ?^bgkl\_ggZyijh[e_fZ
² k_dkmZevgZyK_dk^eyg__[ueh[yaZgghklvxdhlhjmxhgZ]hlh\Z[ueZbkihegylvgh
^eylh]hqlh[uhgZfh]eZhl\_qZlvfm`mlZddZdhgohq_lhg^he`_g[ulvk g_c[he__
fy]dbfb l_ji_eb\uf
< kh\f_klguobgl_j\vxijh\h^b\rbokyfghxiZjZee_evghk bg^b\b^mZevgufb
\ l_q_gb_ g_kdhevdbo g_^_ev ih^l\_j`^ZeZkv h[sghklv mklZgh\hd b mklj_fe_gbc
kmijm]h\ \ hlghr_gbb bo dmevlmjghc `bagb b p_gghkl_c Z lZd`_ [ebahklv bo
khagZl_evguoh`b^ZgbcdZkZxsbokyjhe_c\ [jZd_<hagbdZeh\i_qZle_gb_qlh]eZ\gZy
keh`ghklv ^_ckl\bl_evgh gZoh^blky \ k_dkmZevghc kn_j_ Y aZ^Z\Zeky \hijhkZfb \
dZdhc f_j_ ^_ij_kkby fm`Z fh`_l [ulv \lhjbqghc ih hlghr_gbx d _]h
[_kkhagZl_evghfmqm\kl\m\bguihih\h^mlh]hqlh_fmg_m^Z_lky[ulvlZdbfkbevguf
b mki_rguf fm`_f dZdbf hg ^he`_g [ulv \ khhl\_lkl\bb k bo kh\f_klgufb
h`b^Zgbyfb Z lZd`_ h[mkeh\e_gu eb __ k_dkmZevgu_ aZij_lu [_kkhagZl_evguf
qm\kl\hf \bgu \ k\yab k g_jZaj_r_ggufb w^bih\ufb `_eZgbyfb ² qm\kl\hf \bgu
mkm]m[e_ggufg_kihkh[ghklvxfm`Zihfhqv_cij_h^he_lvwlbaZij_lu
Y iheZ]Zx qlh hgb h[Z gZ [_kkhagZl_evghf mjh\g_ h[t_dlguo hlghr_gbc
kjZ`Zebkv k w^bih\ufb ijh[e_fZfb IZpb_gl [_kkhagZl_evgh \hkijbgbfZe `_gm dZd
ih\lhj_gb_ k\h_c dhgljhebjmxs_c b fZgbimeylb\ghc fZl_jb hkm`^Z\r_c _]h
k_dkmZevgh_ ih\_^_gb_ \ lh \j_fy dZd hg kZf ihfbfh k\h_c \heb ijhb]ju\Ze
b^_glbnbdZpbx k hlphfg_m^Zqgbdhf \hkijbylb_ iZpb_glZ \ jZgg_f ih^jhkldh\hf
\hajZkl_ HgZ [_kkhagZl_evgh gba\h^y _]h ^h jheb k_dkmZevgh g_m^h\e_l\hjyxs_]h
fm`Z lZdbf h[jZahf ba[_]ZeZ k_dkmZevguo hlghr_gbc k kbevguf wfhpbhgZevgh
l_ieuf b ^hfbgbjmxsbf hlphf ² hlghr_gbc dhlhju_ ]jhabeb \ua\Zlv w^bih\h
qm\kl\h \bgu B ijhlb\ k\h_c \heb hgZ \hkijhba\h^beZ nhjfu ih\_^_gby
njmkljbjh\Zgghcghijh\hpbjmxs_c\bgmb dhgljhebjmxs_cfZl_jbGZkhagZl_evghf
mjh\g_ h[Z kmijm]Z iulZebkv khhl\_lkl\h\Zlv k\hbf kh\f_klguf b^_ZeZf ² l_iehc
^Zxs_c `_gu b kbevgh]h fm`ZaZsblgbdZ Hgb h[Z ih [_kkhagZl_evghfm kdjulhfm
kh]eZr_gbxba[_]ZebhkhagZgbyZ]j_kkb\guoqm\kl\[_kkhagZl_evghijbkmlkl\mxsbo\
bohlghr_gbyo
Bkke_^mylhgZkdhevdhhgb]hlh\uhkhagZlvwlhllZcguc ^h]h\hj y h[gZjm`be
qlh h[Z kmijm]Z \ \ukr_c kl_i_gb g_ kdehggu d ^Zevg_cr_fm h[km`^_gbx k\hbo
k_dkmZevguo ljm^ghkl_c @_gZ qj_a\uqZcgh djblbqgh hlghkbeZkv d fhbf ihiuldZf
jZkkfZljb\Zlv bglbfgu_ Zki_dlu k_dkmZevguo hlghr_gbc \ fZg_j_ dhlhjmx hgZ
hij_^_ebeZ dZd \mev]Zjgmx b f_oZgbklbqgmx Z fm` ijboh^be d \u\h^m qlh
mqblu\Zy __ g_`_eZgb_ b _]h ijbfbj_gb_ k kblmZpb_c hg g_ `_eZ_l bkdmkkl\_ggh
jZa`b]Zlvbo k_dkmZevgu_ dhgnebdlu Hgb klhev mf_eh b _^bgh^mrgh ijbmf_gvrZeb
agZqbfhklv k\hbo k_dkmZevguo ljm^ghkl_c qlh y ^he`_g [ue h[jZlblvky d k\hbf
aZibkyfbobg^b\b^mZevguobgl_j\vxqlh[uih^l\_j^blvkh[kl\_ggh_\hkihfbgZgb_h
lhfqlhbf_gghhgbkdZaZebfg_ihih\h^mk\hbok_dkmZevguoijh[e_f
Ke_^myk\h_fmkhagZl_evghfmij_^klZ\e_gbxh[b^_Zevguohlghr_gbyokmijm]b
hlklZb\Zeb lh qlh fh`_l [ulv gZa\Zgh kh\f_klguf Kmi_jW]h hl\h^y ijb wlhf fg_
jhev ^vy\heZbkdmkbl_ey H[Z \ujZ`Zeb `_eZgb_ qlh[u y kgZ[^be bo g_h[oh^bfufb
j_dhf_g^Zpbyfb b ijZ\beZfb h[jZs_gby ^jm] k ^jm]hf dhlhju_ iha\hebeb [u bf
mf_gvrblvgZijy`_gb_b \aZbfgu_h[\bg_gbylZdbfh[jZahfhgbgZ^_yebkvjZaj_rblv
k\hbijh[e_fu
Ihke_ \aZbfguo bgl_j\vx ihke_^h\Ze jy^ bg^b\b^mZevguo k_kkbc k gh\uf
jZa\blb_fkh[ulbcFm`^Zefg_ykghihgylvqlhg_\_jbl\ `_eZgb_`_guijh^he`Zlv
^bZ]ghklbq_kdb_ bgl_j\vx [he__ lh]h hgZ kqblZ_l qlh y ij_^\aylh hlghrmkv d g_c b
kdhj__m]jh`Zxq_fihfh]Zx__ [jZdm< lh`_\j_fy^h[Z\befm`hgZkh]eZkgZqlh[u
hg ijh^he`Ze \klj_qZlvky kh fghc b y ihiulZeky [u memqrblv _]h ih\_^_gb_ ih
hlghr_gbx d g_c Hg kdZaZe _keb y ^_ckl\bl_evgh kqblZx l_jZibx g_h[oh^bfhc ^ey
g_]h hg ]hlh\ ijhoh^blv l_jZibx h^bg Y ihbgl_j_kh\Zeky \ q_f hg \b^bl hkgh\Zgby
^ey lZdhc l_jZibb Hg kdZaZe qlh _]h ^_ij_kkby [_ajZaebqb_ d k_dkmZevguf
hlghr_gbyf klhev g_ ihoh`__ gZ _]h ih\_^_gb_ ^h [jZdZ Z lZd`_ [_kihfhsghklv \
h[jZs_gbbk `_ghc ²\iheg_^hklZlhqgu_hkgh\Zgby_keblhevdh_klvrZgkj_rblvwlb
ijh[e_fu
Bg^b\b^mZevgu_ \klj_qb k `_ghc ih^l\_j^beb __ ih^hajbl_evghklv b
g_^h\hevkl\h kh\f_klgufb bgl_j\vx ?c dZaZehkv qlh y dZd fm`qbgZ kdehg_g
ijbgbfZlv klhjhgm __ fm`Z b qlh y ij_m\_ebqb\Zx \Z`ghklv k_dkmZevguo Zki_dlh\ bo
hlghr_gbcHgZkhh[sbeZqlh_kebhggm`^Z_lky\ l_jZibbhgZg_\hajZ`Z_lghkZfZ
hgZg_gZf_j_gZ[he__ijh^he`Zlvkh\f_klgu_bgl_j\vx
< dhgp_ dhgph\ y j_rbe j_dhf_g^h\Zlv dZ`^hfm ba gbo bg^b\b^mZevgmx
l_jZibx Y ijbfbjbeky k bo j_r_gb_f ij_djZlblv kh\f_klgu_ bgl_j\vx b \
bg^b\b^mZevghf bgl_j\vx ij_^eh`be _c bkke_^h\Zlv k ihfhsvx ^jm]h]h l_jZi_\lZ
bf_xlebijbagZ\Z_fu__xk_dkmZevgu_ljm^ghklb]em[bggucbklhqgbd\ g_ckZfhcb
fh`_l eb _c [ulv ihe_agZ ^Zevg_crZy l_jZiby G_ \iheg_ hohlgh hgZ \k_ `_ gZqZeZ
ijhoh^blv ikbohZgZeblbq_kdmx l_jZibx m `_gsbgul_jZi_\lZ gh q_j_a g_kdhevdh
f_kyp_\ij_djZlbeZjZ[hlmg_\b^y\ g_cgbihevaugbg_h[oh^bfhklb
K __ fm`_f y ijh^he`Ze jZ[hlZlv \ l_q_gb_ ke_^mxsbo r_klb e_l < dmjk_
ZgZebaZ [ueb ijhykg_gu b ijhjZ[hlZgu ijbjh^Z _]h dhgnebdlh\ k `_ghc hkgh\Zgby
\u[hjZ __ \ dZq_kl\_ iZjlg_jZ ^bgZfbdZ _]h ^_ij_kkbb b k_dkmZevgu_ aZij_lu GZ
gZqZevguo klZ^byo hg \gh\v b \gh\v aZy\eye qlh \ ex[hf kemqZ_ gbdh]^Z g_ aZohq_l
jZa\h^blvkyk `_ghc_]hj_eb]bhagu_m[_`^_gbyb \hkiblZgb_g_iha\heyl_fmihclbgZ
lZdhcrZ]IkbohZgZeblbq_kdh_bkke_^h\Zgb_ihdZaZehqlhbklhqgbdhfwlboaZy\e_gbc
y\ey_lky _]h ijh_pbjh\Zgb_ gZ f_gy k\h_]h fyl_`gh]h xghr_kdh]h ih\_^_gby ih
hlghr_gbx d h[hbf jh^bl_eyf b \ hkh[_gghklb aZij_lu hlphf ex[uo hlghr_gbc k
`_gsbgZfb ba ^jm]hc dmevlmjghc b j_eb]bhaghc kj_^u Y b ikbohZgZeba \ p_ehf
hebp_l\hjyeb ^ey g_]h Zglbj_eb]bhagmx b^_heh]bx ihl_gpbZevgh_ h^h[j_gb_
k\h[h^gh]hk_dkZb ZfhjZevghklbb hg[uegZklhjh`_
Iha^g__ijbgy\wlhlkijh_pbjh\ZggucZki_dlk\h_cebqghklbhghkhagZelZd`_
jZa^\h_ggmx fhjZev k\h_c xghklb ² fZ^hggZijhklblmldZ ² b lh qlh hg
b^_glbnbpbjh\Ze k\hx g_\_klm k b^_Zebabjh\Zgguf h[jZahf dZlhebqdb eZlbgkdh]h
ijhbkoh`^_gby Zkkhpbbjh\Z\rbfky ^ey g_]h k fZl_jvx ?]h k_dkmZevguc aZij_l [ue
k\yaZg k \hajh`^_gb_f ]em[hdh]h qm\kl\Z \bgu ih ih\h^m k_dkmZevgh]h bgl_j_kZ d
k_kljZf b k \hkijbylb_f `_gu dZd b^_Zevghc jZahqZjh\Zgghc b bkiulu\Zxs_c
hl\jZs_gb_fZl_jbGZ[he__iha^g_cklZ^bbZgZebaZ\ dZq_kl\_nmg^Zf_glZevguol_f
\uklmibeb [_kkhagZl_evgZy \bgZ ih ih\h^m Z]j_kkbb d fZl_jb k\yaZgghc k jZggbfb
njmkljZpbyfb [_kkhagZl_evguc ]g_\ \ j_amevlZl_ i_j_`b\Zgby ij_g_[j_`_gby k __
klhjhguZ lZd`_qm\kl\h\bgu\ k\yabk k_jv_aghchiZkghc^ey`bagb[he_agvxfZl_jb
dhlhjmx hgZ i_j_g_keZ \ _]h jZgg_f ^_lkl\_ b aZ dhlhjmx hg [_kkhagZl_evgh hsmsZe
k_[y hl\_lkl\_gguf >Ze__ dZd bklhqgbd aZij_lZ gZ k\yaZggu_ k dhgdmj_gpb_c
mklj_fe_gby\ jZ[hl_ihy\beky_s_h^bgwe_f_gl ² [_kkhagZl_evgh_qm\kl\h\bguba
aZ mki_oZ \ [bag_k_ Hg qm\kl\h\Ze qlh g_m^Zqguc [jZd ² kijZ\_^eb\Zy p_gZ aZ wlhl
mki_o[_kkhagZl_evghj_ij_a_glbjmxsbcljbmfngZ^hlphf
LZdbfh[jZahf_]h^_ij_kkby\ujZ`ZeZkh[hcfgh`_kl\_ggu_kehbdhgnebdlh\
k\yaZgguo k [_kkhagZl_evguf qm\kl\hf \bgu dhlhju_ ihkl_i_ggh \kieu\Zeb gZ
ih\_joghklv\ l_q_gb_i_j\uo^\moe_ll_jZibbGZijh^\bgmlhcklZ^bbZgZebaZw^bih\Z
fyl_`ghklv gZreZ hljZ`_gb_ \ jhfZg_ k kh\_jr_ggh g_ m^h\e_l\hjy\r_c iZpb_glZ
`_gsbghc b wlh ijhebeh ^Zevg_crbc k\_l gZ _]h ]em[hdbc kljZo i_j_^ kh_^bg_gb_f
g_`ghklb b wjhlbqghklb \ hlghr_gbyo k h^ghc b lhc `_ `_gsbghc GZ iylhf ]h^m
ZgZebaZ jZa\bebkv hlghr_gby k ^jm]hc `_gsbghc WlZ `_gsbgZ [ueZ wjhlbq_kdb
\hkijbbfqb\Zd g_fmbdjhf_lh]hm^h\e_l\hjyeZ_]h\ dmevlmjghfbgl_ee_dlmZevghf
b khpbZevghfkfuke_GZjZgg_fwlZi_wlbohlghr_gbchgjZkkdZaZeh gbok\h_c`_g_
^Z\ lZdbf h[jZahf \uoh^ Z]j_kkbb hlfs_gby gZijZ\e_gghc gZ njmkljbjmxsmx fZlv
gh lZd`_ [_kkhagZl_evgh klj_fykv ^Zlv k_[_ b k\h_c `_g_ _s_ h^bg rZgk memqrblv
hlghr_gby HgZ hlj_Z]bjh\ZeZ ]g_\gh b k g_]h^h\Zgb_f \uklmib\ i_j_^ k\h_c k_fv_c
dZdg_\bggZy`_jl\Z_]hZ]j_kkbbL_fkZfufhgZ_s_[hevr_hljZ\beZbohlghr_gbyb
mkdhjbeZbodhg_pIZpb_gljZa\_ekykhk\h_c`_ghcb `_gbekygZ^jm]hc`_gsbg_ ²
wlhl rZ] lZd`_ agZf_gh\Ze jZaj_r_gb_ _]h k_dkmZevgh]h [ehdZ K wlhc i_j_f_ghc
kh\iZeh b agZqbl_evgh_ kfy]q_gb_ _]h dhfimevkb\ghh[k_kkb\guo ebqghklguo
l_g^_gpbc D fhf_glm aZ\_jr_gby ZgZebaZ _]h hkgh\gu_ ijh[e_fu [ueb jZaj_r_gu
Dhgljhevgh_ bgl_j\vx ih ijhr_kl\bb iylb e_l ih^l\_j^beh klZ[bevghklv wlh]h
memqr_gbyb [eZ]hihemqb_\ gh\hf[jZd_
Fu gZ[ex^Z_f a^_kv g_kdhevdh Zki_dlh\ iZlheh]bb Kmi_jW]h \aZbfgh
mkbeb\Zxsbc wnn_dl jb]b^guo b^_ZebaZpbb \ khagZl_evguo h`b^Zgbyo hl [jZdZ b
kmijm`_kdbo jhe_c ihjh`^_gguo b^_glbnbdZpb_c iZjlg_jh\ k dmevlmjgufb
p_gghklyfb b b^_heh]b_c bo khpbZevghc ]jmiiu bo \aZbfgh ijh_pbjm_fuc b `_kldh
kh[ex^Z_fuc W]hb^_Ze h[_ki_qb\Zxsbc klZ[bevghklv hlghr_gbc h^gZdh p_ghc
ijbg_k_gby \ `_jl\m k_dkmZevguo ihlj_[ghkl_c ;_kkhagZl_evgZy \aZbfgZy ijh_dpby
aZij_lh\gZw^bih\mk_dkmZevghklvZ lZd`_gZbgl_]jZpbxg_`guob wjhlbq_kdboqm\kl\
kihkh[kl\h\Zeb [_kkhagZl_evghc Zdlb\baZpbb khhl\_lkl\mxsbo w^bih\uo hlghr_gbc
j_Zevgu_ hlghr_gby iZjlg_jh\ h[gZjm`b\Zeb \k_ [hevr__ ih^h[b_ bo ijhreuf
hlghr_gbyfk w^bih\ufbnb]mjZfb
Qm\kl\h hl\_lkl\_gghklb kmijm]h\ b bo h[_kihdh_gghklv k\hbfb hlghr_gbyfb
ku]jZeb k h^ghc klhjhgu ihablb\gmx jhev ijb\_^y bo d l_jZibb h^gZdh ]em[bggu_
qm\kl\Z\bgub kdjuluc^h]h\hjh[b^_ZebaZpbb\ khagZl_evguomklZgh\dZoihih\h^m
[jZdZ ihf_rZeb bf dZd iZj_ k^_eZlv ke_^mxsbc rZ] hl wlhc h[_kihdh_gghklb d
ijbgylbxrZgkZbaf_gblvl_dms__jZ\gh\_kb_Fm`hdZaZeky[he__]b[dbfghkZfnZdl
_]h l_jZibb kha^Ze ^bk[ZeZgk \ hlghr_gbyo iZju ihkl_i_ggh ijb\_^rbc d jZkiZ^m
hlghr_gbc
Ly`_eZyiZlheh]byKmi_jW]h
I_j_oh^y hl l_fu \ebygby ghjfZevgh]h beb mf_j_ggh iZlheh]bq_kdh]h Kmi_j
W]h gZ ex[h\gmx `bagv iZju d \hijhkm h ihke_^kl\byo ly`_ehc nhjfu iZlheh]bb
Kmi_jW]h fu gZqg_f k ml\_j`^_gby h lhf qlh q_f [hevr_ iZlheh]by l_f [he__
h]jZgbq_gZ b kn_jZ ^himklbfh]h ^ey iZjlg_jh\ Ly`_eZy nhjfZ iZlheh]bb Kmi_jW]h
lZd`_ \ujZ`Z_lky \ `_kldbo jZpbhgZebaZpbyo b^_glbnbdZpbb k ijbfblb\guf Kmi_j
W]h m h^gh]h beb h[hbo iZjlg_jh\ \ dhee_dpbhgbjh\Zgbb g_kijZ\_^eb\hkl_c
ij_^iheZ]Z_fhfij_^Zl_evkl\_b b^_yohlfs_gby\h\jZ`^_[ghchlqm`^_gghklb
Ly`_eZy ikbohiZlheh]by nmgdpbc Kmi_jW]h ijb\h^bl d [_ajZaebqghc
ij_g_[j_`bl_evghklbb hldjh\_gghc \jZ`^_[ghklb\ujZ`Zxsboijbfblb\gu_mjh\gb
Z]j_kkbb dhlhjZy gZqbgZ_l ij_h[eZ^Zlv b aZqZklmx jZajmrZ_l iZjm IZjZ^hdkZevguf
h[jZahf gZ jZggbo klZ^byo Zdlb\baZpbb ih^h[ghc ly`_ehc iZlheh]bb Kmi_jW]h
k_dkmZevgZy `bagv iZju fh`_l ijhp\_lZlv [eZ]h^Zjy hljbpZgbx [_kkhagZl_evguo
w^bih\uo aZij_lh\ beb aZ]eZ`b\Zgbx [_kkhagZl_evgh]h qm\kl\Z \bgu kljZ^Zgbyfb
iZjlg_jh\ <b^bfh k\h[h^gh_ b ijbylgh_ k_dkmZevgh_ \aZbfh^_ckl\b_ fh`_l
ijbdju\Zlv^_]jZ^ZpbxwfhpbhgZevguohlghr_gbc
Ijb ly`_ehc iZlheh]bb Kmi_jW]h dZd b^_Zebabjmxsb_ lZd b ij_ke_^mxsb_
ij_^\_klgbdb Kmi_jW]h ijhlb\hklhyl bgl_]jZpbb Kmi_jW]h b klbfmebjmxl
g_h[ma^Zggh_ j_ijh_pbjh\Zgb_ y^jZ Kmi_jW]h gZ iZjlg_jZ iha\heyxs__ h^ghfm beb
h[hbf iZjlg_jZf \ughkblv ijhy\e_gby ijhlb\hj_qb\uo iZll_jgh\ oZjZdl_jZ H^bg
iZjlg_j h[\bgy_l djblbdm_l b mgb`Z_l ^jm]h]h b ihkj_^kl\hf ijh_dlb\ghc
b^_glbnbdZpbb [_kkhagZl_evgh ijh\hpbjm_l ih^h[gh_ ih\_^_gb_ m ^jm]h]h LZdb_
ijh_dpbb fh]ml \ujZ`Zlvky \ aZsblghf wfhpbhgZevghf ^bklZgpbjh\Zgbb hliZjlg_jZ
jZa\b\Zxs_fky\ l_q_gb_f_kyp_\bebe_lBgh]^ZiZjZijhklhdhgk_j\bjm_lky\ lZdhc
^bklZgpbjh\Zgghklb dhlhjZy mkbeb\Z_lky k l_q_gb_f \j_f_gb b \ dhgp_ dhgph\
ijb\h^bld jZajmr_gbxbebjZkkljhckl\mex[h\guohlghr_gbc
Bgh]^ZlZdZyhl^Ze_gghklviZjlg_jh\iha\hey_lkhojZgblv[ebahklv\ g_dhlhjuo
kn_jZo Ojhgbq_kdh_ gh dhgljhebjm_fh_ hl^Ze_gb_ ij_iylkl\m_l [ebahklb iZju b
khhl\_lkl\_ggh bkdexqZ_l h[uqgu_ klZ[bebabjmxsb_ i_j_ju\u \ wlhc [ebahklb
<lhjbqgh_ jZa\blb_ fh`_l \dexqZlv j_Zdlb\gmx jZpbhgZebaZpbx Z]j_kkb\gh]h
ih\_^_gby dZ`^h]h iZjlg_jZ ih hlghr_gbx d ^jm]hfm >ebl_evgu_ njmkljZpbb
klbfmebjm_fu_ h[hbfb iZjlg_jZfb \ k\hx hq_j_^v kem`Zl ^ey jZpbhgZebaZpbb
ih\_^_gby _s_ [he__ mkbeb\Zxs_]h njmkljZpbx b ^bklZgpbjh\Zgb_ ² gZijbf_j
\klmie_gb_\h\g_[jZqgmxk\yav
H^gZdh gZb[he__ jZkijhkljZg_gguf ijhy\e_gb_f ijh_dpbb Kmi_jW]h y\ey_lky
i_j_`b\Zgb_h^gbfiZjlg_jhf^jm]h]hdZd[_a`Zehklgh]hij_ke_^h\Zl_ey\hiehs_gb_
fhjZevgh]h Z\lhjbl_lZ q_jiZxs_]h kZ^bklkdh_ m^h\hevkl\b_ \ lhf qlh aZklZ\ey_l
^jm]h]h qm\kl\h\Zlv k_[y \bgh\Zluf b ih^Z\e_gguf Ijb wlhf ^jm]hc \hkijbgbfZ_l
i_j\h]h dZd g_gZ^_`gh]h e`b\h]h [_ahl\_lkl\_ggh]h b \_jhehfgh]h iulZxs_]hky
\uclb kmobf ba \h^u QZklh jheb f_gyxlky ;eZ]h^Zjy \aZbfguf ijh_dlb\guf
b^_glbnbdZpbyf iZjlg_ju fh]ml [ulv \ukhdh wnn_dlb\gufb \ ih^dj_ie_gbb b ^Z`_
ijh\hpbjh\Zgbb l_o kZfuo oZjZdl_jbklbd dhlhjuo hgb lZd [hylky \ ^jm]hf
Mklhcqb\u_ kZ^hfZahobklbq_kdb_ hlghr_gby [_a \f_rZl_evkl\Z bkdexq_gguo lj_lvbo
klhjhg ² wlh\_jhylghgZb[he__qZklh\klj_qZxs__kyijhy\e_gb_ly`_ehciZlheh]bb
Kmi_jW]h I_j\hgZqZevgh wlh ^himkdZ_l m^h\e_l\hjbl_evgu_ k_dkmZevgu_ hlghr_gby
gh\ dhgp_dhgph\kZ^hfZahobklbq_kdb_\aZbfh^_ckl\bykdZau\Zxlkyb gZk_dkmZevghf
nmgdpbhgbjh\ZgbbiZju
Kmijm`_kdZy iZjZ h[jZlbeZkv dh fg_ ih ih\h^m qZklh \hagbdZxsbo kbevguo
kkhjHg^_fhgkljbjh\Zekf_rZggh]hjh^Zebqghklgh_jZkkljhckl\hk bgnZglbevgufb
gZ\yaqb\ufb b gZjpbkkbq_kdbfb q_jlZfb hgZ ² ij_bfms_kl\_ggh bgnZglbevgmx
ebqghklv k bkl_jbq_kdbfb b iZjZghb^gufb q_jlZfb ?]h qm\kl\h g_m\_j_gghklb \
jZ[hl_ g_kihkh[ghklb khhl\_lkl\h\Zlv kh[kl\_gguf h`b^Zgbyf ² [ulv lZdbf `_
kbevguf dZd _]h hl_p ² hljZ`Zebkv \ ih\_^_gbb k `_ghc H[uqgh \gbfZl_evghfm
^Z`_ g_kdhevdh ih^qbgyxs_fmky ih hlghr_gbx d `_g_ _fm ijboh^behkv [hjhlvky kh
kljZoZfb k_dkmZevgh]h ijb[eb`_gby d g_c Hl\_j`_gb_ _x k_dkmZevghklb aZ
bkdexq_gb_f l_o kemqZ_\ dh]^Z hgb gZoh^bebkv \ hij_^_e_gguo madbo ]jZgbpZo
ihkl_i_ggh ijb\_eh d khdjZs_gbx bo k_dkmZevguo dhglZdlh\ b ku]jZeh agZqbl_evgmx
jhev\ _]hwibah^bq_kdhcbfihl_gpbbk g_c
KljZklguc jhfZg k dhee_]hc ih jZ[hl_ ijbg_k _fm \j_f_ggh_ qm\kl\h
k_dkmZevghciheghp_gghklbb m^h\e_l\hj_gbyghk ]hjvdbfijb\dmkhfkbevgh]hqm\kl\Z
\bgu ih hlghr_gbx d `_g_ dhlhjmx hg klZe [_kkhagZl_evgh \hkijbgbfZlv dZd
\eZklgmx klu^ysmx ijh\hpbjmxsmx \bgm kZ^bklbq_kdmx fZlv M _]h fZl_jb
jZ[he_ib_ ih hlghr_gbx d fm`m kf_gyehkv fhsgufb \kiurdZfb ]g_\Z ijhlb\ g_]h
Fhc iZpb_gl l_i_jv klZe q_j_^h\Zlv \ua\Zggmx \bghc ihdhjghklv b ijbfbjbl_evgu_
rZ]b k i_jbh^bq_kdbfb \g_aZigufb ^_lkdbfb \kiurdZfb jZa^jZ`_gby dh]^Z hg
ijhgabl_evghdjbqZe[beihkm^mlZd`_dZdb _]hfZlvb g_mf_ehaZ\_^hfhg_m^Zqgh
iulZekyih^jZ`Zlvhlpm
< ih^h[guo kemqZyo `_gZ qm\kl\h\ZeZ qlh hg iehoh k g_c h[jZsZ_lky b
ijhy\ey_lgZkbeb_ihhlghr_gbxd g_cqlh[uehih\lhj_gb_f__ i_j_`b\Zgbck hlphf
IulZykv ba[_`Zlv ih\_^_gby dhlhjh_ iZpb_gldZ \b^_eZ \ ^_lkl\_ m kh[kl\_gghc
ihdhjghc fZl_jb b \hkijbgbfZeZ dZd mgbabl_evgh_ hgZ klZeZ hlqZyggh ijhl_klh\Zlv
ijb\e_dZy\ k\b^_l_ebkhk_^_cjh^kl\_ggbdh\b]eZ\gh_k\hxkh[kl\_ggmxfZlv
< [_kkhagZl_evghc ihiuld_ kijh\hpbjh\Zlv fm`Z gZ ^Zevg_cr__ gZkbeb_ hgZ
ijbgb`ZeZ _]h k_dkmZevgmx mki_rghklv Z lZd`_ ijb\e_deZ d ihiuld_ mklu^blv _]h
k\hbo ^_l_crdhevgbdh\ b agZdhfuo < j_amevlZl_ wkdZeZpbb gZkbeby hg h^gZ`^u
m^Zjbe __ b hgZ f]gh\_ggh khh[sbeZ h _]h `_klhdhf h[jZs_gbb f_klguf \eZklyf
Lh]^Zbf[uebj_dhf_g^h\Zgu^bZ]ghklbdZb l_jZibykmijm`_kdbohlghr_gbc
Wlhl kemqZc beexkljbjm_l [_kkhagZl_evgu_ b^_glbnbdZpbb b j_ijh_pbjh\Zgb_
jh^bl_evkdbo h[jZah\ gZ [jZqgh]h iZjlg_jZ bgljh_dlu Kmi_jW]h k bo
dhee_dpbhgbjh\Zgb_f g_kijZ\_^eb\hkl_c ijZ\_^guf g_]h^h\Zgb_f fhsgh
jZpbhgZebabjh\Zeb ih\_^_gb_ kem`b\r__ hijZ\^Zgb_f \aZbfgh]h ij_ke_^h\Zgby b
hlj_Z]bjh\Zgby [_kkhagZl_evgh]h qm\kl\Z \bgu ihkdhevdm kms_kl\h\Zeb Zki_dlu
\ajhkeuo kmijm`_kdbo hlghr_gbc dhlhju_ h[Z gZoh^beb g_\ughkbfufb < ijhp_kk_
ikbohZgZeblbq_kdhc l_jZibb \uykgbehkv qlh bklhdb k_dkmZevguo aZij_lh\ `_gu
gZoh^ylky\ __[_kkhagZl_evguoihiuldZo\hkkha^ZlvkZ^hfZahobklbq_kdb_hlghr_gbyk
ijhy\eyxsbf gZkbeb_ hlphf L_jZiby fm`Z \kdjueZ _]h [_amki_rgmx [hjv[m k
fh]mqbfb m]jh`Zxsbfhlph\kdbfh[jZahfih^keh_fZf[b\Ze_glghklbihhlghr_gbx
d ijh\hpbjmxs_cb hl\_j]Zxs_cfZl_jb
EX;H<V < IKBOH:G:EBLBQ?KDBOHLGHR?GBYO
LjZgkn_j_glgZyex[h\v
:gZeblbq_kdZy kblmZpby ² wlh k\h_]h jh^Z debgbq_kdZy eZ[hjZlhjby
iha\heyxsZy gZf bamqZlv ijbjh^m ex[\b \ fbjbZ^Zo __ nhjf Fu bkke_^m_f bo
hkgh\u\ZykvgZi_j_ghk_b dhglji_j_ghk_
=eZ\gh_jZaebqb_f_`^mi_j\hgZqZevghcw^bih\hckblmZpb_cb ljZgkn_j_glghc
ex[h\vx ² \hafh`ghklv \ b^_Ze_ kh \k_c iheghlhc bkke_^h\Zlv \ i_j_ghk_
[_kkhagZl_evgu_ ^_l_jfbgZglu w^bih\hc kblmZpbb IjhjZ[Zlu\Zlv ljZgkn_j_glgmx
ex[h\v hagZqZ_l ijhjZ[Zlu\Zlv kZfhhlj_q_gb_ b i_qZev \ ghjf_ khimlkl\mxsb_
jZaj_r_gbxw^bih\hckblmZpbb< lh`_\j_fyiZpb_gl^he`_ghl^Z\Zlvk_[_hlq_lqlh
ihbkd w^bih\Z h[t_dlZ _kl_kl\_gguf h[jZahf ijbkms \k_f ex[h\guf hlghr_gbyf
;_j]fZgg Bawlh]hke_^m_lhlgx^vg_lhqlhw^bih\ZkblmZpby ² _^bgkl\_gguc
ijhh[jZa \k_o [m^msbo ex[h\guo hlghr_gbc Z ebrv lh qlh w^bih\Z kljmdlmjZ
hdZau\Z_l\ebygb_gZhj]ZgbaZpbxgh\h]hhiulZdZd^eybg^b\b^h\lZdb ^eyiZju
< b^_Ze_j_]j_kkb\guchiulljZgkn_j_glghcex[\bb _]hijhjZ[hldZh[e_]qZ_lky
g_\aZijZ\^Zrghklvx ljZgkn_j_glghc j_]j_kkbb ² \f_kl_ k kbehc W]h
ij_^iheZ]Z_fhc lZdbf h]jZgbq_gguf oZjZdl_jhf j_]j_kkbb ² Z lZd`_ \hajZklZxs_c
kihkh[ghklvx iZpb_glZ m^h\e_l\hjylv w^bih\u `_eZgby km[ebfbjmy bo \ ZdlmZevguo
hlghr_gbyo \aZbfghc ex[\b Hlkmlkl\b_ lZdhc \aZbfghklb j_adh hlebqZ_l
ljZgkn_j_glgmx ex[h\v hl ex[h\guo hlghr_gbc \g_ ZgZeblbq_kdhc kblmZpbb lhqgh
lZd `_ dZd khagZl_evgh_ bkke_^h\Zgb_ w^bih\uo dhgnebdlh\ hlebqZ_l __ hl
i_j\hgZqZevghc w^bih\hc kblmZpbb Fh`gh [ueh [u kdZaZlv qlh LjZgkn_j_glgZy
ex[h\v ihoh^bl gZ g_\jhlbq_kdmx ihkdhevdm LjZgkn_j_glgZy j_]j_kkby ² imlv d
jZa\blbx g_jZa^_e_gghc ex[\b H^gZdh ZgZeblbq_kdh_ jZaj_r_gb_ i_j_ghkZ ^_eZ_l
ljZgkn_j_glgmx ex[h\v j_adh hlebqghc hl g_\jhlbq_kdhc k __ hlj_Z]bjh\Zgb_f ijb
dhlhjhchlkmlkl\b_\aZbfghklbmkbeb\Z_lijb\yaZgghklv \f_klh lh]h qlh[uiha\heblv
__ hieZdb\Zgb_b jZaj_r_gb_
IkbohZgZeblbq_kdh_ bkke_^h\Zgb_ ljZgkn_j_glghc ex[\b k\b^_l_evkl\m_l h
gZebqbb \k_o dhfihg_glh\ h[uqgh]h ijhp_kkZ \ex[e_gghklb ijh_dpbb gZ ^jm]h]h
ZgZeblbdZaj_euoZki_dlh\W]hb^_ZeZZf[b\Ze_glgh]hhlghr_gbyd w^bih\mh[t_dlm
jZa\_jlu\Zgby ihebfhjnguo i_j\_jab\guo bgnZglbevguo b ]_gblZevguo w^bih\uo
`_eZgbc b \ lh `_ \j_fy [hjv[u ijhlb\ gbo <k_ hgb \ khq_lZgbb ihjh`^Zxl
i_j_`b\Zgb_ \ i_j_ghk_ jhfZglbq_kdhc ex[\b gZiheg_gghc imklv ^Z`_ gZ djZldb_ b
fbfhe_lgu_ fhf_glu k_dkmZevgufb `_eZgbyfb HkeZ[e_gb_ wlbo qm\kl\ \ l_jZibb
h[uqgh ijhbkoh^bl [eZ]h^Zjy bo kf_s_gbx gZ ^hklmigu_ h[t_dlu \ `bagb iZpb_glZ
Ih`Zemc \ ikbohZgZeblbq_kdhc l_jZibb g_l ^jm]h]h Zki_dlZ \ dhlhjhf \hafh`ghklb
^eyhlu]ju\Zgby\h\g_b ikboheh]bq_kdh]hjhklZ[ueb[ugZklhevdhh[t_^bg_gu
G_\jhlbq_kdb_ dhfihg_glu ljZgkn_j_glghc ex[\b fh]ml \u^Z\Zlv k_[y \ __
bgl_gkb\ghklb jb]b^ghklb b mijyfhc gZklhcqb\hklb hkh[_ggh dh]^Z hgZ ghkbl
fZahobklbq_kdbc oZjZdl_j K ^jm]hc klhjhgu hlkmlkl\b_ ijbagZdh\ ljZgkn_j_glghc
ex[\b fh`_l k\b^_l_evkl\h\Zlv eb[h h kbevghf kZ^hfZahobklbq_kdhf khijhlb\e_gbb
ihablb\guf w^bih\uf hlghr_gbyf eb[h h gZjpbkkbq_kdhf i_j_ghk_ ]^_ ihablb\gh_
w^bih\h jZa\blb_ agZqbl_evgh hkeZ[e_gh DZd rbjhdh hlf_qZehkv oZjZdl_j
ljZgkn_j_glghcex[\baZ\bkblhliheZmqZklgbdh\ ;_j]fZgg ;exf
DZjf_ RZkk]_Kfbj`_ev Z E_kl_j =he^[_j]_j b W\Zgk I_jkhg Kbe\_jfZg Dhjhldh ]h\hjy \u\h^u lZdh\u IZpb_gldb
g_\jhlbq_kdh]h kdeZ^Z ijhoh^y ZgZeba m fm`qbgZgZeblbdh\ kdehggu jZa\b\Zlv
lbibqguc ihablb\guc w^bih\ i_j_ghk K\b^_l_evkl\hf lhfm fh]ml kem`blv kemqZb
hibkZggu_ Nj_c^hf Z \ _]h deZkkbq_kdhc jZ[hl_ h ljZgkn_j_glghc ex[\b Gh
`_gsbgu k gZjpbkkbq_kdhc ebqghklghc hj]ZgbaZpb_c \ ZgZeba_ m ZgZeblbdh\fm`qbg
g_ kdehggu d jZa\blbx lZdhc ljZgkn_j_glghc ex[\b beb jZa\b\Zxl __ ebrv gZ hq_gv
iha^gboklZ^byol_jZibb^Zb lhh[uqgh\ \_kvfZhkeZ[e_gghcnhjf_GZjpbkkbq_kdh_
khijhlb\e_gb_ ijhlb\ aZ\bkbfhklb \ i_j_ghk_ y\eyxs__ky qZklvx aZsblu hl
[_kkhagZl_evghc aZ\bklb d ZgZeblbdm ij_iylkl\m_l jZa\blbx ljZgkn_j_glghc ex[\b
ex[u_ k_dkmZebabjh\Zggu_ `_eZgby ih ih\h^m ZgZeblbdZ hsmsZxlky iZpb_gldhc dZd
mgbabl_evgu_\uau\Zxsb_qm\kl\hg_iheghp_gghklb
Fm`qbgu g_\jhlbq_kdh]h kdeZ^Z ijhoh^ysb_ l_jZibx m `_gsbgZgZeblbdh\
h[uqghh[gZjm`b\Zxlg_dhlhjucaZij_lgZijyfu_ijhy\e_gbyljZgkn_j_glghcex[\b
l_g^_gpbx kf_sZlv __ gZ ^jm]b_ h[t_dlu \aZf_g dZd dhfihg_gl j_Zdlb\Zpbb
ghjfZevguo bgnZglbevguo gZjpbkkbq_kdbo nZglZabc ih hlghr_gbx d w^bih\hc
fZl_jb m gbo jZa\b\Z_lky lZd`_ kbevgZy lj_\h]Z ih ih\h^m k\h_c k_dkmZevghc
g_khklhyl_evghklbbebg_iheghp_gghklb
DZd mdZau\ZeZ RZkk]_Kfbj`_ev E [_kkhagZl_evguc kljZo
fZe_gvdh]hfZevqbdZihih\h^mlh]hqlh_]hfZe_gvdbci_gbkg_kfh`_lm^h\e_l\hjblv
[hevrmx fZlv y\ey_lky a^_kv kms_kl\_gghc ^bgZfbdhc H^gZdh gZjpbkkbq_kdb_
fm`qbguiZpb_glu \ ZgZeba_ m `_gsbgZgZeblbdh\ qZklh ^_fhgkljbjmxl lh qlh
\u]ey^bl dZd kbevgZy ljZgkn_j_glgZy ex[h\v Z gZ kZfhf ^_e_ y\ey_lky Z]j_kkb\guf
k_dkmZebabjh\Zgguf h[hevs_gb_f hljZ`Zxsbf ljZgkn_j_glgh_ khijhlb\e_gb_
qm\kl\m aZ\bkbfhklb hl b^_Zebabjm_fh]h ZgZeblbdZ LZdZy ihiuldZ \hkijhba\_klb
ljZ^bpbhgguc dmevlmjguc ^mwl kbevgh]h fm`qbgukh[eZagbl_ey b iZkkb\ghc
b^_Zebabjm_fhc `_gsbgu _kl_kl\_gguf h[jZahf hl\_qZ_l dhg\_gpbhgZevghc k lhqdb
aj_gby dmevlmju kblmZpbb k_dkmZebabjh\Zgguo aZ\bkbfuo hlghr_gbc f_`^m
g_\jhlbq_kdhc iZpb_gldhc b fm`qbghcZgZeblbdhf Z lZd`_ \hkijhba\_^_gbx \
ihke_^g_fkemqZ_w^bih\Z`_eZgbyfZe_gvdhc^_\hqdbd b^_Zebabjh\Zgghfmhlpm
K_dkmZevgh ljZ\fZlbabjh\Zggu_ iZpb_glu hkh[_ggh `_jl\u bgp_klZ b
iZpb_glu bf_xsb_ \ ZgZfg_a_ k_dkmZevgu_ k\yab k ikbohl_jZi_\lhf fh]ml \ kbem
ih\ur_gghc ly]b d ij_ke_^mxs_fm ih\lhj_gbx \ua\Zgghc ljZ\fhc iulZlvky
kh[eZagblvZgZeblbdZ
wlZ ihlj_[ghklv fh`_l \ l_q_gb_ ijh^he`bl_evgh]h \j_f_gb ^hfbgbjh\Zlv \
i_j_ghk_ < lZdbo kemqZyo \Z`gmx jhev b]jZ_l [_kkhagZl_evgZy b^_glbnbdZpby k
Z]j_kkhjhf b \gbfZl_evguc ZgZeba ]g_\ghc h[b^u iZpb_glZ gZ hldZa ZgZeblbdZ
hlha\Zlvky gZ _]h __ k_dkmZevgu_ ijblyaZgby fh`_l ihlj_[h\Zlv hkh[h]h \gbfZgby
ij_`^_ q_f iZpb_gl bkiulZ_l h[e_]q_gb_ b ^he`guf h[jZahf hp_gbl khojZg_gb_
ikbohZgZeblbq_kdbojZfhd
GZjpbkkbq_kdb_ `_gsbgu k yjdh \ujZ`_ggufb ZkhpbZevgufb q_jlZfb
ih\_^_gby fh]ml iulZlvky k_dkmZevgh kh[eZagblv ZgZeblbdZ qlh ihjhc hrb[hqgh
bgl_jij_lbjm_lky dZd w^bih\Z ljZgkn_j_glgZy ex[h\v H^gZdh \ bo i_j_ghk_ ykgh
ijhke_`b\Z_lkyZ]j_kkbye_`ZsZy\ hkgh\_bomkbebcdhjjmfibjh\Zlvl_jZibxLZdbo
`_gsbgke_^m_lhlebqZlvhlfZahobklhdk bklhjb_ck_dkmZevgh]haehmihlj_[e_gbybeb
gZkbeby beb [_a g__ h^gZdh k ij_^jZkiheh`_gghklvx [ulv h[t_dlZfb k_dkmZevgh]h
gZkbeby b wdkiemZlZpbb Bgl_gkb\ghklv wjhlbabjh\Zggh]h i_j_ghkZ m iZpb_glh\ k
bkl_jbq_kdhc ebqghklghc kljmdlmjhc ij_^klZ\ey_l deZkkbq_kdbc ijbf_j
ljZgkn_j_glghc ex[\b aZsblgZy k_dkmZebabjh\ZggZy b^_ZebaZpby ZgZeblbdZ qZklh
kdju\Z_l agZqbl_evgmx [_kkhagZl_evgmx Z]j_kkbx dhjgb dhlhjhc e_`Zl \ w^bih\hf
jZahqZjh\Zgbbb [_kkhagZl_evghcw^bih\hc\bg_
G_\jhlbq_kdb_ q_jlu ljZgkn_j_glghc ex[\b y\kl\_ggh \b^gu g_ lhevdh \
bgl_gkbnbdZpbb wjhlbq_kdbo klj_fe_gbc ijb [_ahl\_lghc ex[\b hgb lZd`_
ijhy\eyxlky \ h[uqghf bgnZglbevghf gZjpbkkbq_kdhf `_eZgbb [ulv ex[bfufb
\f_klh aj_ehc Zdlb\ghc ex[\b d ZgZeblbdm \ `_eZgbb k_dkmZevghc [ebahklb dZd
kbf\hebq_kdh]h\ujZ`_gbykbf[bhlbq_kdboklj_fe_gbcbeb^hw^bih\hcaZ\bkbfhklbZ
lZd`_ \ h[s_c aZsblghc Zdp_glbjh\Zgghklb k_dkmZebabjh\Zgghc b^_ZebaZpbb dZd
aZsblu hl Z]j_kkb\guo mklj_fe_gbc bf_xsbo fgh]h bklhqgbdh\ IZpb_glu k
ih]jZgbqghcebqghklghchj]ZgbaZpb_cfh]mlijhy\eylvhkh[_gghbgl_gkb\gu_`_eZgby
[ulv ex[bfufb \ujZ`Zlv wjhlbq_kdb_ lj_[h\Zgby ij_^ijbgbfZlv gZklhcqb\u_
ihiuldb dhgljhebjh\Zlv l_jZi_\lZ b ^Z`_ \uklmiZlv k kmbpb^Zevgufb m]jhaZfb
iulZykv\ugm^blvl_jZi_\lZd \aZbfghklb
JZa\blb_ ]hfhk_dkmZevghc ljZgkn_j_glghc ex[\b ijhl_dZ_l koh^gh m h[hbo
iheh\ gh \Z`gu_ jZaebqby fh]ml ijhy\blvky \ dhglji_j_ghk_ M iZpb_glh\ k
g_\jhlbq_kdhc ikbohiZlheh]b_c fh]ml \hagbdgmlv fhsgu_ ]hfhk_dkmZevgu_ `_eZgby
h[jZs_ggu_d ZgZeblbdmlh]h`_iheZ\ bklhdZodhlhjuog_]Zlb\gucw^bih\dhfie_dk
kh_^bg_g k ^hw^bih\ufb hjZevgh aZ\bkbfufb b ZgZevgufb mklj_fe_gbyfb
dhfihg_glu k_dkmZevguo `_eZgbc fh]ml [ulv bkke_^h\Zgu ihke_ kbkl_fZlbq_kdh]h
ZgZebaZkhijhlb\e_gbyj_]j_kkbbi_j_ghkZ
Ijb gZjpbkkbq_kdhc iZlheh]bb ]hfhk_dkmZevguc i_j_ghk h[uqgh hlebqZ_lky
lZdhc `_ lj_[h\Zl_evghklvx Z]j_kkb\ghklvx l_g^_gpb_c dhgljhebjh\Zgby dZd
]_l_jhk_dkmZevguc i_j_ghk m gZjpbkkbq_kdbo iZpb_glh\fm`qbg ih hlghr_gbx d
`_gsbgZfZgZeblbdZfbeb m ih]jZgbqguob ZkhpbZevguogZjpbkkbq_kdbo iZpb_glhd d
ZgZeblbdZffm`qbgZf G_gZb]jZggh_ hj]Zgbqgh_ l_ji_eb\h_ hlghr_gb_ ZgZeblbdZ d
ihablb\ghc k_dkmZebabjh\Zgghc ljZgkn_j_glghc ex[\b g_\jhlbq_kdh]h iZpb_glZ b
m^_j`Zgb_ kblmZpbb ik_\^hihablb\ghc ljZgkn_j_glghc ex[\b ijb gZjpbkkbq_kdhc
iZlheh]bb \ ZgZeblbq_kdbo jZfdZo ² dexq_\u_ mkeh\by ^ey ihegh]h ZgZeblbq_kdh]h
bkke_^h\Zgby b jZaj_r_gby ih^h[gh]h jZa\blby Ij_\jZlghklb dhglji_j_ghkZ
ijbh[j_lZxlhkh[mxagZqbfhklv\ wlhfijhp_kk_
Dhglji_j_ghk
Ohly dhglji_j_ghk dZd nZdlhj hdZau\Zxsbc \ebygb_ gZ nhjfmebjh\db
bgl_jij_lZpbc i_j_ghkZ ijb\e_dZ_l \k_ [hevr__ \gbfZgb_ \ ebl_jZlmj_ ih l_ogbd_
ikbohZgZebaZ h[ Z]j_kkb\ghf dhglji_j_ghk_ \k_ `_ gZibkZgh ]hjZa^h [hevr_ q_f h[
wjhlbq_kdhfLjZ^bpbhgghnh[bq_kdh_hlghr_gb_d dhglji_j_ghkmbaf_gb\r__kyebrv
\ ihke_^gb_ ^_kylbe_lby ^h kbo ihj \hagbdZ_l ijb wjhlbq_kdhc j_Zdpbb ZgZeblbdZ gZ
wjhlbq_kdbci_j_ghk
<hh[s_dh]^Zwjhlbq_kdb_`_eZgbyb nZglZabbiZpb_glZ\ i_j_ghk_\ul_kg_gu
hgb h[uqgh \uau\Zxl keZ[mx wjhlbq_kdmx j_Zdpbx \ dhglji_j_ghk_ Gh dh]^Z
wjhlbq_kdb_
nZglZabb
b
`_eZgby iZpb_glZ
klZgh\ylky hkhagZggufb
dhgljljZgkn_j_glgZyj_ZdpbyZgZeblbdZfh`_l\dexqblv\ k_[ywjhlbq_kdb_we_f_glu
kb]gZebabjmxsb_ _fm _c h \hafh`ghklb lh]h qlh iZpb_gl khagZl_evgh ih^Z\ey_l
wjhlbq_kdb_ `_eZgby b nZglZabb Ihke_ lh]h dZd khijhlb\e_gb_ iheghfm \ujZ`_gbx
ljZgkn_j_glghcex[\bagZqbl_evghkgb`Z_lkyb iZpb_glgZqbgZ_lbkiulu\Zlvkbevgu_
k_dkmZevgu_`_eZgbyihhlghr_gbxd ZgZeblbdmwjhlbq_kdb_j_Zdpbb\ dhglji_j_ghk_
fh]mlklZlvbgl_gkb\gufbbaf_gyykv\f_kl_k kbehcwjhlbq_kdh]hi_j_ghkZ
A^_kv fg_ hkh[h ohl_ehkv [u ih^q_jdgmlv nZdl nemdlmZpbb i_j_ghkZ h[uqgh
^Z`_kbevgucwjhlbq_kdbci_j_ghkijb[u\Z_lb m[u\Z_l\ khhl\_lkl\bbkhkf_s_gb_f
iZpb_glhf k\hbo ljZgkn_j_glguo qm\kl\ b `_eZgbc gZ ^hklmigu_ h[t_dlu ^ey
ijhb]ju\Zgby hlu]ju\Zgby \h\g_ beb m^h\e_l\hj_gby k_dkmZevguo `_eZgbc \h
\g_ZgZeblbq_kdhc kblmZpbb Dh]^Z wjhlbq_kdb_ `_eZgby iZpb_glZ nhdmkbjmxlky
bkdexqbl_evgh gZ ZgZeblbd_ Zki_dl khijhlb\e_gby klZgh\blky \iheg_ hq_\b^guf Z
Z]j_kkb\guc dhfihg_gl k_dkmZevguo ih[m`^_gbc ² [he__ \ujZ`_gguf LZdZy
^bgZfbdZbf__ll_g^_gpbxkgb`Zlvbgl_gkb\ghklvwjhlbq_kdboqm\kl\\ dhglji_j_ghk_
Dh]^Z ijh_dlb\gZy b^_glbnbdZpby ^hfbgbjm_l gZ^ ijh_dpb_c ² lh _klv dh]^Z
iZpb_gl g_ ijhklh ijh_pbjm_l gZ ZgZeblbdZ k\hb [_kkhagZl_evgu_ bfimevku Z
ijbibku\Z_l _fm _c k_dkmZevgu_ qm\kl\Z h[gZjm`b\Z_fu_ \ k_[_ kZfhf kZfhc b
hl\_j]Z_fu_dZdhiZkgu_ijblhfiulZykvdhgljhebjh\ZlvZgZeblbdZk p_evxba[_`Zlv
im]Zxs_]h k_dkmZevgh]h gZiZ^_gby ² wjhlbq_kdbc dhglji_j_ghk h[uqgh hlkmlkl\m_l
;he__ lh]h ijbf_qZl_evgZy ^bkijhihjpby f_`^m fhsgufb kijh_pbjh\Zggufb
k_dkmZevgufbnZglZabyfbiZpb_glZk wjhlhfZgbZdZevgufi_j_ghkhfk h^ghcklhjhgu
b j_Zdpb_c dhglji_j_ghkZ kh^_j`Zs_c ebrv gZim]Zgghklv b kdh\Zgghklv ² k ^jm]hc
^he`gZ kb]gZebabjh\Zlv ZgZeblbdm h \hafh`ghklb ly`_ehc gZjpbkkbq_kdhc
ikbohiZlheh]bbiZpb_glZbeb]em[hdhcj_]j_kkbb\ i_j_ghk_
Ih fh_fm gZ[ex^_gbx gZb[he__ kbevguc wjhlbq_kdbc dhglji_j_ghk fh`_l
\hagbdZlv\ lj_oke_^mxsbokemqZyo m fm`qbgZgZeblbdh\ijbl_jZibbiZpb_glhdk
kbevgufb fZahobklbq_kdbfb gh g_ ih]jZgbqgufb l_g^_gpbyfb m dhlhjuo \hagbdZ_l
bgl_gkb\gZy g_ij_h^hebfZy k_dkmZebabjh\ZggZy ex[h\v d g_^hklmighfm w^bih\m
h[t_dlm m ZgZeblbdh\ h[h_]h iheZ k kbevgufb g_jZaj_r_ggufb gZjpbkkbq_kdbfb
q_jlZfb m g_dhlhjuo `_gsbgZgZeblbdh\ k fhsgufb fZahobklbq_kdbfb
l_g^_gpbyfb ijb l_jZibb hq_gv kh[eZagyxsbo gZjpbkkbq_kdbo fm`qbgiZpb_glh\
G_dhlhju_ fZahobklbq_kdb_ `_gsbguiZpb_gldb kihkh[gu \uau\Zlv yjdb_ nZglZabb
kiZk_gby m k\h_]h ZgZeblbdZfm`qbgu kh[eZagyy _]h gZ ihiuldm ihfhqv bf \
j_amevlZl_ dhlhjhc hg g_baf_ggh m[_`^Z_lky gZkdhevdh eh`gh gZijZ\e_gZ beb
[_kihe_agZ\ ^_ckl\bl_evghklblZdZyihfhsvIh^h[gh_kh[eZag_gb_fh`_lklZgh\blvky
k_dkmZebabjh\Zgguf b ijhy\eylvky \ dhglji_j_ghk_ dZd nZglZabb kiZk_gby bf_xsb_
kbevguc wjhlbq_kdbc dhfihg_gl < lbibqghf kemqZ_ gZijbf_j fm`qbgZZgZeblbd
kijZrb\Z_lk_[ydZdwlhihemqZ_lkyqlhlZdZyqj_a\uqZcghijb\e_dZl_evgZyiZpb_gldZ
g_kihkh[gZm^_j`Zlvgbh^gh]hfm`qbgmb __\kydbcjZahl\_j]Zxl"Hlwlh]h\hijhkZd
dhgljljZgkn_j_glghc nZglZabb Ylh kfh] [u klZlv hq_gv m^h\e_l\hjbl_evguf
k_dkmZevgufiZjlg_jhf^eywlhciZpb_gldb ² \k_]hh^bgrZ]
< jZ[hl_ k fZahobklbq_kdbfb iZpb_glZfb bf_xsbfb ^ebggmx bklhjbx
g_m^ZqguojhfZgh\y kqblZxihe_agufijhy\eylvhkh[h_\gbfZgb_d fhf_glZfdh]^Z
ihy\eyxlky lZdb_ nZglZabb kiZk_gby beb wjhlbq_kdbc dhglji_j_ghk QZs_ \k_]h wlh
ljZgkn_j_glghdhgljljZgkn_j_glgh_ kh[eZag_gb_ bf__l dmevfbgZpbx \h \g_aZighc
njmkljZpbbjZahqZjh\ZgbbiZpb_glZbeb_]hjZkk_j`_gghfg_ihgbfZgbbdhff_glZjb_\
ZgZeblbdZeb[hkf_sZ_lky\ kn_jmqj_af_jguolj_[h\Zgbcd ZgZeblbdmih^^_ckl\b_f
dhlhjuo wjhlbabjh\Zggu_ dhgljljZgkn_j_glgu_ nZglZabb kiZk_gby f]gh\_ggh
bkiZjyxlky
Y lZd`_ gZoh`m ihe_aguf ^ey ZgZeblbdZ l_jibfh hlghkblvky d kh[kl\_gguf
k_dkmZevguf nZglZabyf ih ih\h^m iZpb_glZ [he__ lh]h ^Z\Zlv bf jZa\blvky \ kx`_l
\hh[jZ`Z_fuok_dkmZevguohlghr_gbc>hklZlhqghkdhjh\hh[jZ`_gb_ZgZeblbdZkZfh
aZklZ\bl wlm b^_x me_lmqblvky ihkdhevdm ij_^khagZl_evgh hg hl^Z_l k_[_ hlq_l \
Zglbeb[b^bgZevguo jZajmrbl_evguo hl\_j]Zxsbo ihfhsv Zki_dlZo ebqghklb
iZpb_glZ Wlhl ih^oh^ iha\hebl bgl_jij_lbjh\Zlv i_j_ghk _s_ ^h _]h \g_aZigh]h
kf_s_gby \ g_]Zlb\gmx klhjhgm G_dhlhju_ hq_\b^gu_ imlb ijhy\e_gby
[_kkhagZl_evguo klj_fe_gbc iZpb_glZ ij_^hl\jZlblv beb jZajmrblv \hafh`ghklv
mklhcqb\uo ihablb\guo hlghr_gbc k ZgZeblbdhf ² g_ihke_^h\Zl_evghklv \
l_jZi_\lbq_kdbo kh]eZr_gbyo lj_[h\Zgby kf_gu \j_f_gb ijb_fZ kkuedb gZ
[_kqm\kl\_gghklv ZgZeblbdZ ih hlghr_gbx d hkh[uf h[klhyl_evkl\Zf nbgZgkh\Zy
[_ahl\_lkl\_gghklv b g_k\h_\j_f_ggZy hieZlZ kq_lh\ aZ l_jZibx \gbfZgb_ d
dhgljljZgkn_j_glguf kx`_lZf ² fh]ml iha\heblv ZgZeblbdm \uy\blv wlb l_g^_gpbb
_s_^hbohlu]ju\Zgby\ l_jZibb
Bgl_gkb\gu_ ijhy\e_gby wjhlbq_kdh]h i_j_ghkZ g_h[oh^bfh hlebqZlv hl
`_eZgbyiZpb_glZ[ulvex[bfufZgZeblbdhfAZkhagZl_evgufbbeb[_kkhagZl_evgufb
mkbebyfb kh[eZag_gby \ i_j_ghk_ fh`_l e_`Zlv klj_fe_gb_ klZlv h[t_dlhf `_eZgby
ZgZeblbdZ ² klZlv nZeehkhf ZgZeblbdZ ² \f_kl_ k nZglZabyfb h nbabq_kdhc
g_iheghp_gghklbb dZkljZpbbIhwlhfmy ij_^ihqblZxZgZebabjh\Zlvg_lhevdhaZsblu
iZpb_glZijhlb\ihegh]h\ujZ`_gbywjhlbq_kdh]hi_j_ghkZghlZd`_b ijbjh^mkZfbo
nZglZabc \ i_j_ghk_ Ih^ l_f qlh fh`_l \u]ey^_lv dZd `_eZgb_ k_dkmZevguo
hlghr_gbc k ZgZeblbdhf kdjulu fgh`_kl\_ggu_ i_j_ghku b agZq_gby GZijbf_j
bgl_gkb\gZywjhlbaZpbyaZqZklmxij_^klZ\ey_lkh[hcaZsblmhlZ]j_kkb\guoi_j_ghkh\
bf_xsbo fgh]h bklhqgbdh\ ihiuldm ba[_`Zlv [he_ag_gguo dhgnebdlh\ k\yaZgguo k
hjZevghc aZ\bkbfhklvx beb gZdhg_p hlu]ju\Zgb_ i_j\_jab\guo i_j_ghkh\ `_eZgb_
kh[eZagblvZgZeblbdZk l_fqlh[umgbqlh`blv_]h
:gZeblbd kihkh[guc k\h[h^gh bkke_^h\Zlv \ kh[kl\_gghf khagZgbb k\hb
k_dkmZevgu_ qm\kl\Z ih hlghr_gbx d iZpb_glm kfh`_l hp_gblv ijbjh^m
ljZgkn_j_glguo nhjfbjh\Zgbc ba[_`Z\ [eZ]h^Zjy wlhfm aZsblgh]h hljbpZgby
kh[kl\_gguowjhlbq_kdboj_ZdpbcgZiZpb_glZ\ lh`_\j_fyhg^he`_g[ulvkihkh[_g
bkke_^h\Zlv ljZgkn_j_glgmx ex[h\v g_ hlu]ju\Zy \h\g_ k\hc dhglji_j_ghk \
kh[eZagyxs_f k[eb`_gbb Wjhlbq_kdbc i_j_ghk iZpb_glZ fh`_l [ulv \ujZ`_g
g_\_j[Zevgh \ wjhlbaZpbb _]h __ hlghr_gby d ZgZeblbdm gZ qlh ZgZeblbdm ke_^m_l
j_Z]bjh\Zlvbkke_^h\Zgb_faZsblgh]hoZjZdl_jZwlh]hg_\_j[Zebah\Zggh]hkh[eZag_gby
g_ mkm]m[eyy wjhlbaZpbx ijhp_kkZ l_jZibb b \ lh `_ \j_fy g_ ijb[_]Zy d aZsblghfm
hl\_j`_gbxiZpb_glZ
G_jZaj_r_ggZygZjpbkkbq_kdZyiZlheh]byZgZeblbdZ\_jhylghy\ey_lky]eZ\ghc
ijbqbghc hlu]ju\Zgby \h\g_ dhglji_j_ghkZ dhlhjh_ mkbeb\Z_l wjhlbabjh\Zgghklv
ikbohZgZeblbq_kdhckblmZpbbbeb^Z`_\_^_ld jZajmr_gbxjZfhdikbohZgZeblbq_kdh]h
k_llbg]Z Ih fh_fm fg_gbx \klmie_gb_ \ k_dkmZevgu_ hlghr_gby k iZpb_glhf \
[hevrbgkl\_ kemqZ_\ k\b^_l_evkl\m_l h gZjpbkkbq_kdhf jZkkljhckl\_ ZgZeblbdZ b
khimlkl\mxs_c k_jv_aghc iZlheh]bb Kmi_jW]h H^gZdh bgh]^Z wlZ kblmZpby
h[mkeh\eb\Z_lky qbklh w^bih\ufb ^bgZfbdZfb dh]^Z k_dkmZevguc \uoh^ aZ jZfdb
ZgZeblbq_kdbo hlghr_gbc kbf\hebq_kdb j_ij_a_glbjm_l ^ey ZgZeblbdZ ij_h^he_gb_
w^bih\Z [Zjv_jZ hlu]ju\Zgb_ \h\g_ fZahobklbq_kdhc iZlheh]bb \ [_kkhagZl_evghf
`_eZgbbihemqblvgZdZaZgb_aZw^bih\hij_klmie_gb_
Bkke_^h\Zgb_ keh`guo b bglbfguo Zki_dlh\ wjhlbq_kdbo nZglZabc iZpb_glZ b
_]h`_eZgbyk_dkmZevguoex[h\guohlghr_gbck ZgZeblbdhfij_^hklZ\ey_lihke_^g_fm
mgbdZevgmx \hafh`ghklv emqr_ ihgylv k_dkmZevgmx `bagv ijhlb\hiheh`gh]h iheZ
A^_kv aZ^_ckl\h\Zgu dZd ]_l_jhk_dkmZevgu_ lZd b ]hfhk_dkmZevgu_ ^bgZfbdb dZd
ihablb\guclZdb g_]Zlb\gucw^bih\dhfie_dkIhkdhevdmZgZeblbdb^_glbnbpbjm_lky
k wfhpbhgZevgufb i_j_`b\Zgbyfb iZpb_glZ ijhlb\hiheh`gh]h iheZ dhgdhj^ZglgZy
b^_glbnbdZpby \ dhglji_j_ghk_ k wjhlbq_kdbfb i_j_`b\Zgbyfb iZpb_glZ ih
hlghr_gbxd ^jm]bf]_l_jhk_dkmZevgufh[t_dlZfZdlb\babjm_lkihkh[ghklvZgZeblbdZ
d b^_glbnbdZpbb k k_dkmZevgufb mklj_fe_gbyfb ijhlb\hiheh`gh]h iheZ Z lZd`_
khijhlb\e_gb_ bf >ey lh]h qlh[u mklZgh\blv \ dhglji_j_ghk_ dhgdhj^Zglgmx
b^_glbnbdZpbx k \e_q_gb_f _]h iZpb_gldb d ^jm]hfm fm`qbg_ ZgZeblbdfm`qbgZ
^he`_g h[eZ^Zlv k\h[h^hc dhglZdlZ k kh[kl\_gghc `_gkdhc b^_glbnbdZpb_c <
kblmZpbbdh]^ZwlZ`_kZfZyiZpb_gldZ
bkiulu\Z_lk_dkmZevgu_qm\kl\Zd ZgZeblbdm
lhlbf__l\hafh`ghklv^hklbqvagZqbl_evghemqr_]hihgbfZgbyk_dkmZevgh]h\e_q_gby
m q_eh\_dZ ijhlb\hiheh`gh]h iheZ iml_f bgl_]jbjh\Zgby k\h_c dhgdhj^Zglghc
b^_glbnbdZpbb k k_dkmZevguf \e_q_gb_f iZpb_gldb b k\h_c dhfie_f_glZjghc
b^_glbnbdZpbb k h[t_dlhf __ `_eZgby WlhihgbfZgb_ kh klhjhgu ZgZeblbdZ hagZqZ_l
_]hwfhpbhgZevgucj_ahgZgkk kh[kl\_gghc[bk_dkmZevghklvxdZdb ^hklb`_gb_lZdh]h
mjh\gybglbfghklbb dhglZdlZdhlhjh_h[uqghijhbkoh^blebrv\ fhf_glugZb\ukr_c
k_dkmZevghc[ebahklbiZju
:dlb\baZpby bgl_gkb\gh]h b keh`gh]h dhglji_j_ghkZ ijbf_gy_fh]h \ jZ[hl_
y\ey_lky mgbdZevghc hkh[_gghklvx ikbohZgZeblbq_kdhc kblmZpbb \hafh`ghc ebrv
[eZ]h^Zjy aZsbl_ h[_ki_qb\Z_fhc jZfdZfb ikbohZgZeblbq_kdbo hlghr_gbc K\h_]h
jh^Z bjhgbq_kdbf ih^l\_j`^_gb_f mgbdZevghklb i_j_`b\Zgby lZdh]h hiulZ \
dhglji_j_ghk_y\ey_lkylhqlhohlym ikbohZgZeblbdh\_klvg_h[uqZcgZy\hafh`ghklv
bkke_^h\Zlv ikboheh]bx ex[h\ghc `bagb ijhlb\hiheh`gh]h iheZ wlb agZgby b hiul
bf_xl l_g^_gpbx me_lmqb\Zlvky _^\Z ^_eh ^hoh^bl ^h ihgbfZgby kh[kl\_gguo
i_j_`b\Zgbc k ^jm]bf ihehf \g_ ikbohZgZeblbq_kdhc kblmZpbb Lh _klv \g_
ZgZeblbq_kdhckblmZpbbex[h\gZy`bagvZgZeblbdZlZdZy`_dZdm ijhqbokf_jlguo
Dh]^Z iZpb_gl b ZgZeblbd g_ ijbgZ^e_`Zl d h^ghfm ihem dhgdhj^ZglgZy
b^_glbnbdZpby \ dhglji_j_ghk_ hibjZ_lky gZ l_jibfhklv ZgZeblbdZ \ hlghr_gbb
kh[kl\_gguo ]hfhk_dkmZevguo dhfihg_glh\ Z ]_l_jhk_dkmZevgu_ we_f_glu
dhglji_j_ghkZ k\yaZgu ij_bfms_kl\_ggh k dhfie_f_glZjghc b^_glbnbdZpb_c Dh]^Z
iZpb_gl h^gh]h iheZ k ZgZeblbdhf bkiulu\Z_l kbevgmx ljZgkn_j_glgmx ex[h\v wlh
jZa]jZgbq_gb_ l_jy_l hlq_leb\hklv =hfhk_dkmZevgu_ i_j_ghku b wjhlbq_kdbc hldebd
ZgZeblbdZ gZ gbo bf_xl k\hckl\h h`b\eylv ^hw^bih\u lZd `_ dZd b w^bih\u
eb[b^bgZevgu_klj_fe_gbyb dhgnebdluhkh[_ggh m iZpb_glh\qvb ]hfhk_dkmZevgu_
dhgnebdlub klj_fe_gby\ujZ`_gu\ dhgl_dkl_g_\jhlbq_kdhcebqghklghchj]ZgbaZpbb
?keb ZgZeblbd kihkh[_g d l_jibfhklb \ hlghr_gbb kh[kl\_gguo ]hfhk_dkmZevguo
dhfihg_glh\lhbkke_^h\Zgb_bf\ dhglji_j_ghk_k\h_cb^_glbnbdZpbbk ^hw^bih\ufb
jh^bl_eyfb ^he`gh ihfhqv _fm \ ZgZeba_ g_]Zlb\guo w^bih\uo ihke_^kl\bc
]hfhk_dkmZevguo qm\kl\ iZpb_glZ Wlh j_^dh ij_^klZ\ey_l k_jv_agmx ljm^ghklv aZ
bkdexq_gb_f kemqZ_\ dh]^Z ZgZeblbd [hj_lky k kh[kl\_ggufb \ul_kg_ggufb \
j_amevlZl_ dhgnebdlZ ]hfhk_dkmZevgufb klj_fe_gbyfb beb ih^Z\e_gghc
]hfhk_dkmZevghchjb_glZpb_c
I_j_ghkm ]hfhk_dkmZevguoiZpb_glh\k gZjpbkkbq_kdhcebqghklghckljmdlmjhc
\ l_jZibb k ZgZeblbdhf lh]h `_ iheZ ijbh[j_lZ_l qj_a\uqZcgh lj_[h\Zl_evguc
Z]j_kkb\gucoZjZdl_jhkeZ[eyxsbcbebbkdexqZxsbcagZqbl_evguc]hfhk_dkmZevguc
dhglji_j_ghk b k\yaZggu_ k gbfb keh`ghklb JZamf__lky hlkmlkl\b_ k_dkmZevgh]h
j_ahgZgkZ \ dhglji_j_ghk_ m ZgZeblbdZ lh]h `_ iheZ k ]hfhk_dkmZevguf iZpb_glhf
kljZ^Zxsbf hl kbevghc gZjpbkkbq_kdhc iZlheh]bb lZd`_ lj_[m_l bkke_^h\Zgby gZ
ij_^f_l \hafh`ghc ki_pbnbq_kdhc nh[bq_kdhc j_Zdpbb ZgZeblbdZ gZ kh[kl\_ggu_
]hfhk_dkmZevgu_bfimevku;he__\ukhdb_dmevlmjgu_ij_^m[_`^_gbyijhlb\fm`kdhc
]hfhk_dkmZevghklb hagZqZxl d kh`Ze_gbx \_jhylghklv [hevrbo ijh[e_f k
dhglji_j_ghkhfm ZgZeblbdh\fm`qbg
Bkoh^yba\ur_baeh`_ggh]hfuaZdexqZ_fqlhkZfufb\Z`gufbl_ogbq_kdbfb
fhf_glZfb\ ZgZeba_ljZgkn_j_glghcex[\by\eyxlkyke_^mxsb_<hi_j\uoijbgylb_
ZgZeblbdhf\hagbdgh\_gbym k_[y]hfhbeb]_l_jhk_dkmZevguoqm\kl\ihhlghr_gbxd
iZpb_glm qlh lj_[m_l hl ZgZeblbdZ \gmlj_gg_c k\h[h^u \ bkihevah\Zgbb k\h_c
ikboheh]bq_kdhc [bk_dkmZevghklb <h\lhjuo kbkl_fZlbq_kdh_ bkke_^h\Zgb_
ZgZeblbdhf aZsbl iZpb_glZ ijhlb\hklhysbo iheghfm \ujZ`_gbx ljZgkn_j_glghc
ex[\b ² bkke_^h\Zgb_ ^ey dhlhjh]h l_jZi_\lm g_h[oh^bfh [ZeZgkbjh\Zlv f_`^m
nh[bq_kdbf g_`_eZgb_f bamqZlv wlb aZsblu b jbkdhf Z]j_kkb\gh]h kh[eZagyxs_]h
\lhj`_gby <lj_lvbo kihkh[ghklv ZgZeblbdZ iheghklvx bkke_^h\Zlv dZd \ujZ`_gby
ljZgkn_j_glghc ex[\b iZpb_glZ lZd b _]h g_ba[_`gh ke_^mxsb_ aZ wlbf j_Zdpbb gZ
njmkljZpbx ljZgkn_j_glghc ex[\b LZdbf h[jZahf k fh_c lhqdb aj_gby ZgZeblbdm
ke_^m_l \ha^_j`b\Zlvky hl khh[s_gby k\h_]h dhglji_j_ghkZ iZpb_glm k l_f qlh[u
h[_ki_qblvk_[_\gmlj_ggxxk\h[h^m\ bkke_^h\Zgbbk\hboqm\kl\b nZglZabcZ lZd`_
bgl_]jbjh\Zlv ^hklb]gmlh_ bf ihgbfZgb_ k\h_]h dhglji_j_ghkZ k bgl_jij_lZpbyfb
i_j_ghkZ\ l_jfbgZo[_kkhagZl_evguodhgnebdlh\iZpb_glZ
I_j_`b\Zgb_ iZpb_glhf hl\_j`_gby ZgZeblbdhf dZd ih^l\_j`^_gby aZij_lh\
gZ w^bih\u `_eZgby dZd gZjpbkkbq_kdh]h mgb`_gby b dZd k\h_c k_dkmZevghc
g_iheghp_gghklb b dZkljZpbb ^he`gh bkke_^h\Zlvky b bgl_jij_lbjh\Zlvky Ijb
kh[ex^_gbb wlbo mkeh\bc \ l_jZibb i_jbh^bq_kdb [m^_l jZa\_jlu\Zlvky k\h[h^gh_ b
hldjulh_ \ujZ`_gb_ ljZgkn_j_glghc ex[\b dZd w^bih\hc lZd b ^hw^bih\hc KbeZ
\ujZ`_gby wlhc ex[\b lbibqguf h[jZahf f_gy_lky \ khhl\_lkl\bb k l_f qlh
wfhpbhgZevgucjhkl\ k_dkmZevghc`bagbiZpb_glZkihkh[kl\m_lmki_rghklb_]hbeb__
mkbebcd mklZgh\e_gbx[he__m^h\e_l\hjyxsbohlghr_gbc\h\g_rg_cj_Zevghklb
:gZeblbd ^he`_g ijboh^blv d kh]eZkbx g_ lhevdh k kh[kl\_ggufb
[bk_dkmZevgufb gZdehgghklyfb ih f_j_ lh]h dZd hgb Zdlb\babjmxlky \ wjhlbq_kdhf
dhglji_j_ghk_ gh lZd`_ b k ^jm]bfb ihebfhjngufb i_j\_jab\gufb bgnZglbevgufb
klj_fe_gbyfb lZdbfb dZd kZ^bklbq_kdb_ b \mZc_jbklbq_kdb_ bfiebdZpbb
bgl_jij_lbjmxsbo bkke_^h\Zgbc k_dkmZevghc `bagb iZpb_glZ <_jhylgh \_jguf
y\ey_lky lZd`_ b lh qlh q_f [he__ m^h\e_l\hjbl_evgZ k_dkmZevgZy `bagv kZfh]h
ZgZeblbdZ l_f \ [hevr_c kl_i_gb hg kihkh[_g ihfhqv iZpb_glm jZaj_rblv aZij_lu b
h]jZgbq_gby \ wlhc kms_kl\_gghc kn_j_ q_eh\_q_kdh]h hiulZ Y m\_j_g qlh g_kfhljy
gZ ijh[e_fZlbqgu_ klhjhgu ljZgkn_j_glghc ex[\b lhl mgbdZevguc hiul __ ZgZebaZ
dhlhjuc iha\hey_l ihemqblv ikbohZgZeblbq_kdZy jZ[hlZ ^_eZy __ k\h_c \j_f_gghc
fbr_gvx fh`_l kihkh[kl\h\Zlv wfhpbhgZevghfm b ijhn_kkbhgZevghfm jhklm
ZgZeblbdZ
Debgbq_kdZybeexkljZpby
Fbkk: ² h^bghdZy`_gsbgZ ijbf_jghljb^pZlb e_l ² h[jZlbeZkv dh fg_ih
j_dhf_g^Zpbb k\h_]h e_qZs_]h \jZqZ \ k\yab k ojhgbq_kdhc ^_ij_kkb_c
aehmihlj_[e_gb_f Zedh]he_f b jZaebqgufb ljZgd\bebaZlhjZfb oZhlbq_kdhc `bagvx
g_klZ[bevghklvx gZ jZ[hl_ b \ hlghr_gbyo k fm`qbgZfb Y m`_ kkueZeky gZ ^jm]b_
fhf_glu __ l_jZibb kf ]eZ\m Fbkk : ijhba\_eZ gZ f_gy \i_qZle_gb_
bgl_eeb]_glghc l_iehc b ^hklZlhqgh ijb\e_dZl_evghc `_gsbgu gh g_kdhevdh
g_[j_`ghc g_\gbfZl_evghc d k_[_ b k\h_fm \g_rg_fm \b^m HgZ mki_rgh aZdhgqbeZ
h[mq_gb_ \ h[eZklb Zjobl_dlmju b mki_eZ ihjZ[hlZlv \ g_kdhevdbo Zjobl_dlmjguo
dhfiZgbyo qZklh f_gyy f_klZ jZ[hlu ² dZd y ihkl_i_ggh \uykgbe \ hkgh\ghf baaZ
g_m^ZqguojhfZgh\k dhee_]Zfbfm`qbgZfbHgZbf_eZkdehgghklvkf_rb\ZlvjZ[hlmb
ebqgu_hlghr_gbyjZajmrZyb lhb ^jm]h_
FZlviZpb_gldbmf_jeZdh]^Zfbkk:bkihegbehkvr_klve_lHl_pfbkk:[ue
\b^guf [bag_kf_ghf k f_`^mgZjh^gufb k\yayfb dhlhju_ lj_[h\Zeb qZkluo
dhfZg^bjh\hd <h \j_fy wlbo ih_a^hd fbkk : b ^\Z __ klZjrbo [jZlZ hklZ\Zebkv gZ
ihi_q_gbb \lhjhc `_gu hlpZ k dhlhjhc fbkk : g_ eZ^beZ K\hx fZlv fbkk :
hibku\ZeZ \ b^_Zebabjh\Zgguo b g_kdhevdh g_j_Zebklbqguo lhgZo ?_ wfhpbhgZevgh_
hieZdb\Zgb_ fZl_jb i_j_reh \ klhcdh_ \jZ`^_[gh_ hlghr_gb_ d fZq_o_ gZ dhlhjhc
hl_p `_gbeky q_j_a ]h^ ihke_ kf_jlb i_j\hc `_gu Hlghr_gby k hlphf dhlhju_ ^h
wlh]h[uebij_\hkoh^gufblZd`_mom^rbebkvHgkqblZeg_hijZ\^Zgghc\jZ`^_[ghklv
^hq_jbihhlghr_gbxd k\h_cgh\hc`_g_
< ih^jhkldh\u_]h^ufbkk:khijh\h`^ZeZhlpZ\ _]haZhd_Zgkdboih_a^dZoqlh
\jh^_ [u \iheg_ m^h\e_l\hjyeh fZq_om dhlhjZy fh]eZ hklZ\Zlvky ^hfZ b ijh^he`Zlv
k\hx k\_lkdmx `bagv Fbkk : mqbeZkv \ kj_^g_c rdhe_ dh]^Z h[gZjm`beZ ex[h\gu_
k\yab hlpZ k ^jm]bfb `_gsbgZfb b ihgyeZ qlh wlb k\yab y\eyebkv hkgh\guf _]h
aZgylb_f\h\j_fyaZ]jZgbqguoih_a^hdFbkk:klZeZgZi_jkgbp_chlpZb lhqlhhg
^h\_jye _c \hegh\Zeh __ b ^_eZeh kqZkleb\hc F_g__ hkhagZ\Z_fuf qm\kl\hf [ueh
i_j_`b\Zgb_ljbmfnZgZ^fZq_ohc
< ]h^u mq_[u \ dhee_^`_ m g__ knhjfbjh\Zeky lhl ih\_^_gq_kdbc iZll_jg
dhlhjucb khojZgyeky\iehlv^hgZqZeZl_jZibbHgZ\ex[eyeZkv\iZ^ZeZ\ kbevg_crmx
aZ\bkbfhklv b ih^qbg_gb_ gZqbgZeZ p_ieylvky aZ fm`qbgm b g_baf_ggh [u\ZeZ
[jhr_gZGZ wlhhgZj_Z]bjh\ZeZ ]em[hdhc ^_ij_kkb_c ^ey ij_h^he_gby dhlhjhc klZeZ
ijb[_]Zlvd Zedh]hexb e_]dbfljZgd\bebaZlhjZfIhf_j_lh]hdZdaZg_caZdj_ieyeZkv
j_imlZpby keZ[Zqdb __ klZlmk \ weblZjghc khpbZevghc ]jmii_ d dhlhjhc hgZ
ijbgZ^e_`ZeZ ihkl_i_ggh iZ^Ze Dh]^Z hq_j_^ghc g_kqZklguc jhfZg mkeh`gbeky
g_`_eZl_evghc[_j_f_gghklvxb ihke_^mxsbfZ[hjlhf__ hl_pijhy\be[_kihdhckl\h
qlhb ih[m^beh\jZqZfbkk:gZijZ\blv__ dhfg_
>bZ]ghklbq_kdb y hij_^_ebe fbkk : dZd ij_bfms_kl\_ggh fZahobklbq_kdmx
ebqghklv k oZjZdl_jheh]bq_kdhc ^_ij_kkb_c b kbfilhfZlbq_kdhc Zedh]hevghc b
e_dZjkl\_gghc aZ\bkbfhklvx Fbkk : khojZgyeZ ohjhrb_ hlghr_gby k g_kdhevdbfb
ih^jm]Zfb \ l_q_gb_ fgh]bo e_l hgZ [ueZ kihkh[gZ wnn_dlb\gh jZ[hlZlv ^h l_o ihj
ihdZ g_ aZ\yau\ZeZ jhfZg gZ jZ[hl_ b \ p_ehf ijhba\h^beZ \i_qZle_gb_ q_klgh]h
g_[_ajZaebqgh]h d k_[_ q_eh\_dZ kihkh[gh]h d mklZgh\e_gbx ]em[hdbo h[t_dlguo
hlghr_gbc Y j_dhf_g^h\Ze _c ikbohZgZeba b hibku\Z_fh_ gb`_ ijhbkoh^beh gZ
lj_lv_fq_l\_jlhf]h^ml_jZibb
< l_q_gb_ g_dhlhjh]h \j_f_gb m fbkk : [ue jhfZg k `_gZluf fm`qbghc ;
g_^\mkfuke_ggh^Z\Z\rbf_cihgylvqlhg_kh[bjZ_lkyhklZ\eylvk\hx`_gmjZ^bg__
H^gZdh hg ij_^eh`be _c jh^blv hl g_]h j_[_gdZ b \ujZabe ]hlh\ghklv hdZau\Zlv _c
nbgZgkh\mx ih^^_j`dm Fbkk : e_e_yeZ gZ^_`^m qlh __ [_j_f_gghklv mdj_ibl bo
hlghr_gbyb \dhgp_dhgph\dhgkheb^bjm_lbokhxaHgZg_h^ghdjZlghhibku\ZeZfg_
k\hb i_j_`b\Zgby k ; ihdZau\Z\rb_ _]h dZd kZ^bklbq_kdh]h e`b\h]h b g_gZ^_`gh]h
q_eh\_dZ b k ]hj_qvx `Zeh\ZeZkv gZ g_]h Dh]^Z y kijhkbe dZd `_ hgZ ihgbfZ_l wlb
hlghr_gby dhlhju_ hibku\Z_l \ lZdbo l_jfbgZo fbkk : h[\bgbeZ f_gy \ klZjZgbyo
jZajmrblv lh qlh kqblZeZ kZfufb agZqbfufb hlghr_gbyfb \ k\h_c `bagb Z lZd`_ \
g_l_ji_eb\hklb^hfbgbjh\Zgbbb fhjZebabjh\Zgbb
Ihkl_i_ggh klZeh ykgh qlh iZpb_gldZ \hkijbgbfZ_l f_gy dZd g_ ihfh]Zxsmx
djblbqgmx g_ ihgbfZxsmx b g_ khqm\kl\mxsmx hlph\kdmx nb]mjm ² lhqgh lZd `_
dZd j_Zevgh]h hlpZ k _]h aZ[hlhc h g_c < lh `_ \j_fy hgZ ih\lhjyeZ \ i_j_ghk_
fZahobklkdbc iZll_jg hlghr_gbc Y g_ fh] g_ h[jZlblv \gbfZgb_ gZ lh qlh hgZ \
f_evqZcrbo ih^jh[ghklyo hibku\ZeZ \k_ k\hb kkhju b keh`ghklb k ex[h\gbdhf gh
gbdh]^Z g_ jZkkdZau\ZeZ h[ bglbfguo fhf_glZo hlghr_gbc djhf_ i_jbh^bq_kdbo
aZf_qZgbc h lhf qlh hgb ij_djZkgh ijh\_eb \j_fy \ ihkl_eb Ihq_fmlh fg_ g_
m^Z\Zehkv bkke_^h\Zlv \ l_jZibb wlh jZkoh`^_gb_ f_`^m __ h[s_c hldjulhklvx b
k^_j`Zgghklvx\ h^ghcdhgdj_lghch[eZklbEbrvihkl_i_gghy klZehkhagZ\Zlvqlhg_
j_rZxkvbgl_j_kh\Zlvky__ k_dkmZevghc`bagvx\ke_^kl\b_k\h_cnZglZabbqlhhgZlml
`_ bgl_jij_lbjm_l wlh dZd kh[eZagyxs__ \lhj`_gb_ Y ihqm\kl\h\Ze \ k_[_
k\h_h[jZagmxj_Zdpbxdhglji_j_ghkZgh_s_g_\iheg_ihgbfZe__
Bkke_^my nmgdpbb __ [_kdhg_qgh]h ih\lhj_gby h^gh]h b lh]h `_
kZ^hfZahobklkdh]h iZll_jgZ \ hlghr_gbyo k fbkl_jhf ; y h[gZjm`be qlh iZpb_gldZ
[hblky fh_c j_\ghklb d bgl_gkb\ghklb wlbo hlghr_gbc Fhb bgl_jij_lZpbb ² h lhf
qlh hgZ \hkijhba\h^bl kh fghc njmkljbjmxsb_ b kZfhjZajmrZxsb_ hlghr_gby
dhlhju_ i_j_`b\Z_l k fbkl_jhf ; ² fbkk : \hkijbgbfZeZ dZd ij_^eh`_gb_
wjhlbq_kdh]h ih^qbg_gby fg_ Ihke_ wlh]h y kfh] ihgylv fh_ ij_`g__ dhe_[Zgb_ dZd
bglmblb\gh_ hsms_gb_ __ ih^haj_gbc ih ih\h^m fhbo gZf_j_gbc kh[eZagblv __ Y
ijbr_ed \u\h^mqlhhgZ[hyeZkv^_eblvkykhfghcih^jh[ghklyfbk\h_ck_dkmZevghc
`bagb ihkdhevdm kqblZeZ qlh y ohqm bkihevah\Zlv __ k_dkmZevgh b \ua\Zlv m g__
k_dkmZevgu_qm\kl\Zdhfg_
>he`_g ^h[Z\blv qlh \k_ wlh ijhbkoh^beh \ \ujZ`_gb_ g_wjhlbq_kdhc
Zlfhkn_j_ gZ wlhf wlZi_ l_jZibb fhf_glu kihdhcghc j_ne_dkbb lh b ^_eh gZklmiZeb
[md\Zevgh ihkj_^b ]g_\guo \kiur_d yjhklb Z^j_kh\Zgghc ex[h\gbdm beb fg_ baaZ
fh_c ij_^iheZ]Z_fhc g_l_jibfhklb d __ hlghr_gbyf k gbf AZl_f iZpb_gldZ gZqZeZ
bkke_^h\Zlv k_dkmZevgu_ Zki_dlu hlghr_gbc k ; Y magZe qlh ohly k kZfh]h gZqZeZ
fbkk : k ]hlh\ghklvx mqZkl\h\ZeZ \ ex[uo k_dkmZevguo b]jZo b ^_ckl\byo dhlhju_
ij_^eZ]Ze;b __k_dkmZevgh_ih^qbg_gb_^hklZ\eyeh_fmhkh[h_m^h\hevkl\b_hgZg_
kihkh[gZ[ueZ^hklbqvhj]ZafZ\h\j_fydhblmkZbkiulu\Zyk gbflm`_ k_dkmZevgmx
kdh\Zgghklv qlh b kh fgh]bfb ij_^u^msbfb ex[h\gbdZfb Ebrv dh]^Z h^bg ba wlbo
ex[h\gbdh\ ijb^y \ yjhklv gZqZe __ [blv hgZ kfh]eZ ^hklbqv ihegh]h k_dkmZevgh]h
\ha[m`^_gbyb hj]ZafZ
WlZbgnhjfZpbyijhykgbeZh^bgZki_dl__aZ\bkbfh]hp_ieyxs_]hkyb \lh `_
\j_fyijh\hdZlb\gh]hih\_^_gbyk ; ² __ [_kkhagZl_evgu_mkbebykijh\hpbjh\Zlv_]h
gZlhqlh[uhg__ m^Zjbeb hgZfh]eZ[u^hklbqvihegh]hk_dkmZevgh]hm^h\e_l\hj_gby
Aehmihlj_[e_gb_ Zedh]he_f b ljZgd\bebaZlhjZfb \uklmibeh dZd kj_^kl\h ij_^ty\eylv
k_[y bfimevkb\ghc g_dhgljhebjm_fhc lj_[h\Zl_evghc b g_^h\hevghc \
ijhlb\hiheh`ghklv __ h[uqghc fy]dhklb b ihdhjghklb LZdbf h[jZahf hgZ
h^gh\j_f_gghijh\hpbjh\ZeZfm`qbggZgZkbeb_^Zxs___c\hafh`ghklvk_dkmZevgh]h
m^h\e_l\hj_gby b ^_eZeZ k_[y g_ijb\e_dZl_evghc ^ey gbo < j_ljhki_dlb\_
aehmihlj_[e_gb_ Zedh]he_f \uklmiZeh dZd h^gh ba h[tykg_gbc __ g_baf_ggh]h
hl\_j`_gby fm`qbgZfb H^gZdh ihkl_i_ggh dZd ]eZ\gZy ^bgZfbdZ ijhy\behkv
[_kkhagZl_evgh_qm\kl\h\bgubaaZw^bih\uobfiebdZpbcwlbohlghr_gbc
:gZebawlh]hfZl_jbZeZmkdhjbejZaju\k ;fbkk:klZeZh[gZjm`b\Zlvf_gvr_
j_]j_kkb\ghclj_[h\Zl_evghklbb [hevr_j_ZebafZdhgnjhglbjmy;k ijhy\e_gbyfb_]h
g_ihke_^h\Zl_evghklb \ hlghr_gbyo k g_c Dh]^Z ; [ue ihklZ\e_g i_j_^ \u[hjhf
k\yaZgguf k [m^msbf bo hlghr_gbc hg j_rbe iheh`blv bf dhg_p < ihke_^mxsbc
i_jbh^ i_qZeb ih wlhfm ih\h^m m fbkk : \i_j\u_ \hagbdeb hkhagZggu_ wjhlbq_kdb_
qm\kl\Zihhlghr_gbxdhfg_Ih^haj_\Z\rZyf_gy\ gZf_j_gbyok_dkmZevghkh[eZagblv
__ b\b^_\rZy\hfg_dhibxebp_f_jgh]hfhjZebklbqgh]hb k_dkmZevgh[_kihjy^hqgh]h
hlpZfbkk:l_i_jvklZeZ\hkijbgbfZlvf_gydZdhq_gvhlebqZxs_]hkyhl__ hlpZ< __
l_i_j_rg_fij_^klZ\e_gbby [ueb^_Zebabjh\Zggufex[ysbfh[_j_]ZxsbfghlZd`_
b k_dkmZevgh hlau\qb\uf fm`qbghc b hgZ ^h\hevgh k\h[h^gh \ujZ`ZeZ wjhlbq_kdb_
qm\kl\Z dh fg_ \ dhlhjuo g_`ghklv kh_^bgyeZkv k k_dkmZevgufb nZglZabyfb b
`_eZgbyfb Y \ k\hx hq_j_^v \hkijbgbfZ\rbc __ ij_`^_ dZd g_aZfukeh\Zlmx
ijhklmrdm klZe bkiulu\Zlv \h \j_fy k_kkbc wjhlbq_kdb_ dhgljljZgkn_j_glgu_
nZglZabb khijh\h`^Z\rb_ky fukeyfb h kljZgghklb lh]h qlh lZdZy ijb\e_dZl_evgZy
`_gsbgZg_kihkh[gZih^^_j`b\Zlvihklhyggu_hlghr_gbyk fm`qbghc
< i_jbh^ wlhc \b^bfhc k\h[h^u \ujZ`_gby k\hbo nZglZabc h ex[h\guo
hlghr_gbyo kh fghc ² \ gbo hgZ \hh[jZ`ZeZ ij_bfms_kl\_ggh kZ^hfZahobklkdb_
k_dkmZevgu_ \aZbfh^_ckl\by ² fbkk : lZd`_ klZeZ qj_a\uqZcgh qm\kl\bl_evgZ d
fZe_crbf njmkljZpbyf \h \j_fy k_kkbc ?keb _c ijboh^behkv ih^h`^Zlv g_kdhevdh
fbgml_keb\klj_qmgm`gh[uehi_j_g_klbgZ^jm]h_\j_fy_kebihdZdbflhijbqbgZf
y g_ fh] kh]eZkblvky gZ baf_g_gb_ dhlhjh]h hgZ lj_[h\ZeZ fbkk : qm\kl\h\ZeZ k_[y
ljZ\fbjh\Zgghc ² kgZqZeZ\iZ^ZeZ\ ^_ij_kkbxZ ihlhfhq_gvk_j^beZkvMgb`_ggZy
l_fqlhy g_b^mgZ\klj_qm__ k_dkmZevguf`_eZgbyfhgZh[\bgyeZf_gy\ q_jkl\hklb
oheh^ghklb b kZ^bklbq_kdb kh[eZagyxs_f ih\_^_gbb H[jZau [_aaZ[hlguo hlghr_gbc
hlpZ k jZaebqgufb `_gsbgZfb aZ ]jZgbp_c dh]^Z hg bkihevah\Ze k\hx ^hqv qlh[u
h]jZ^blv k_[y hl ih^haj_gbc \lhjhc `_gu klZeb agZqbl_evghc l_fhc \ l_jZibb y
\uklmiZel_i_jvlZdbf`_kh[eZagyxsbfb g_gZ^_`gufdZdhl_pb ij_^Z\Ze__ \k\hbo
[_aaZ[hlguohlghr_gbyok ^jm]bfbiZpb_gldZfbb dhee_]Zfb`_gsbgZfb
Fhsgucwnn_dlwlbomij_dh\__ h[\bgbl_evgZykZfhmgbqb`bl_evgZyb ]g_\gZy
ihabpby\hkijhba\_^_gb___ljm^ghkl_c\ hlghr_gbyok fm`qbgZfbb \kdjulb_ij_`^_
\ul_kg_ggh]h Zki_dlZ __ hlghr_gbc k hlphf \ua\Zeb lZd`_ kf_s_gb_ \ fh_f
dhglji_j_ghk_ IZjZ^hdkZevguf h[jZahf y ihqm\kl\h\Ze [hevrmx k\h[h^m \
bkke_^h\Zgbb kh[kl\_gguo dhgljljZgkn_j_glguo nZglZabc \Zjvbjh\Z\rbo hl
k_dkmZevguo \aZbfh^_ckl\bc \hkijhba\h^ysbo __ kZ^hfZahobklkdb_ nZglZabb ^h
dZjlbg lh]h dZdh\h [ueh [u `blv k lZdhc `_gsbghc dZd fbkk : Fhb nZglZabb h
kZ^hfZahobklkdbo k_dkmZevguo \aZbfh^_ckl\byo \hkijhba\h^beb lZd`_ Z]j_kkb\gh_
ih\_^_gb_ fm`qbg ih hlghr_gbx d g_c dhlhjh_ hgZ [_kkhagZl_evgh \ gbo
ijh\hpbjh\ZeZFhbnZglZabb\ dhgp_dhgph\\uebebkv\ ykgh_hkhagZgb_lh]hqlhhgZ
mihjgh ijh\hpbjm_l kblmZpbb njmkljbjmxsb_ __ ihlj_[ghklv \ aZ\bkbfhklb b
ijb\h^ysb_ d \aZbfguf h[\bg_gbyf k ihke_^mxsbfb ijhy\e_gbyfb gZkbeby b
hldjulufb ^_fhgkljZpbyfb ih^Z\e_gghklb b yjhklb HgZ [m^_l \uklmiZlv \ dZq_kl\_
fh_c`_jl\uqlhg_ba[_`ghjZajmrblgZrbhlghr_gby
Ih f_j_ lh]h dZd y bkihevah\Ze wlhl dhgljljZgkn_j_glguc fZl_jbZe \ k\h_c
bgl_jij_lZpbb y\e_gbc i_j_ghkZ ^ey f_gy klZgh\behkv ykguf ]em[hdh_ qm\kl\h \bgu
fbkk : ih ih\h^m k_dkmZebabjh\Zgguo Zki_dlh\ hlghr_gbc kh fghc <
ijhlb\hiheh`ghklvij_`gbfk_lh\ZgbyfgZqm\kl\hhl\_j`_gghklbb mgb`_gghklb ba
aZ lh]h qlh y g_ hl\_qZx gZ __ ex[h\v l_i_jv hgZ hsmsZeZ [_kihdhckl\h \bgm b
h]hjq_gb_ hl lh]h qlh iulZeZkv kh[eZagblv f_gy b ij_^klZ\eyeZ b^_Zebabjh\Zgguc
h[jZafh_c`_guh dhlhjhcg_bf_eZZ[khexlghgbdZdhcbgnhjfZpbb\ lhfqbke_b h
__ kms_kl\h\Zgbb J_ljhki_dlb\gh y hkhagZe qlh fh_ khijhlb\e_gb_ bkke_^h\Zgbx
nZglZabc \ dhglji_j_ghk_ g_ ^Zeh fg_ ihke_^h\Zlv aZ gbfb \ gZijZ\e_gbb \ dhlhjhf
ijhykgbeZkv [u fZahobklkdZy Zmlh^_kljmdlb\ghklv wjhlbq_kdbo `_eZgbc fbkk : ih
hlghr_gbx dh fg_ H]ey^u\Zykv gZaZ^ y fh]m kdZaZlv qlh fhy [_kkhagZl_evgZy
dhgljb^_glbnbdZpby k __ kh[eZagyxsbf hlphf ihf_rZeZ fg_ k\h[h^gh bkke_^h\Zlv
k\hc wjhlbq_kdbc dhglji_j_ghk b lZdbf h[jZahf [he__ q_ldh hkhagZlv fZahobklkdmx
fh^_ev \ i_j_ghk_ Fg_ ^mfZ_lky qlh b fh_ khijhlb\e_gb_ [_kkhagZl_evguf
kZ^hfZahobklbq_kdbf bfimevkZf \ fhbo jhe_\uo j_Zdpbyo ih hlghr_gbx d fbkk :
lZd`_ ku]jZeh k\hx jhev < ^Zevg_cr_f ^hfbgbjmxs_c l_fhc ZgZebaZ klZeb
k_dkmZevgu_ nZglZabb fbkk : h[ hlp_ __ ijhreh_ \hkijbylb_ _]h dZd ^jZagys_
ijh\hpbjmxs_]hb h^gh\j_f_gghk_dkmZevghhl\_j]Zxs_]h
< dhgl_dkl_ gZr_]h bkke_^h\Zgby ]em[hdh]h qm\kl\Z \bgu \ dhlhjhf
b^_Zebabjh\Zgguch[jZafh_c`_gukh_^bgyekyk b^_Zebabjh\Zggufh[jZahf__ fZl_jb
fbkk : hkhagZeZ qlh hgZ aZsbsZeZkv hl wlbo i_j_`b\Zgbc \bgu ihkj_^kl\hf
jZks_ie_gbyh[jZaZfZl_jbgZb^_Zebabjh\Zgguch[jZaihdhcghcfZl_jbb gZim]Zxsbc
b h[_kp_g_gguc h[jZa fZq_ob j_ij_a_glbjm_fuc khi_jgbpZfb ^jm]bfb `_gsbgZfb \
`bagb __ fm`qbg dhlhju_ gbdh]^Z g_ ijbgZ^e_`Zeb lhevdh _c h^ghc Wlh hkhagZgb_
lZd`_ ihfh]eh ijhykgblv __ [_kkhagZl_evguc \u[hj g_\hafh`guo fm`qbg b
g_hkhagZggucaZij_lgZihemq_gb_ihegh]hk_dkmZevgh]hm^h\e_l\hj_gbybgZq_dZdijb
mkeh\byonbabq_kdh]hbebikbobq_kdh]hkljZ^Zgby
< dhgp_dhgph\fbkk:m^ZehkvmklZgh\blvhlghr_gbyk q_eh\_dhfdhlhjuc\h
fgh]hf m^h\e_l\hjye __ [hevr_ g_`_eb ij_`gb_ ex[h\gbdb < lh \j_fy hg g_ [ue
k\yaZggb kdZdhc^jm]hc`_gsbghcb ijbgZ^e_`Zed __khpbZevghfmdjm]mbadhlhjh]h
hgZqm\kl\h\ZeZk_[yba]gZgghc\ j_amevlZl_[_kihjy^hqgh]hh[jZaZ`bagbIhke_^h\Ze
^ebl_evguc i_jbh^ ZgZebaZ dh]^Z fu bkke_^h\Zeb __ nZglZabb b kljZob \
jZa\b\Zxsboky hlghr_gbyo k D HgZ fh]eZ ih^jh[gh jZkkdZau\Zlv h[ bo k_dkmZevguo
hlghr_gbyo b fu bkke_^h\Zeb dZd __ qm\kl\h \bgu ih hlghr_gbx dh fg_ \ua\Zggh_
hklZ\e_gb_f f_gy dZd h[t_dlZ ex[\b lZd b __ qm\kl\h ih[_^u gZ^h fghc [eZ]h^Zjy
k_dkmZevguf hlghr_gbyf dhlhju_ \ __ nZglZabb [ueb [he__ m^h\e_l\hjbl_evgufb
q_f ex[u_ ^jm]b_ dZdb_ fh]eb [u m f_gy [ulv Bgufb keh\Zfb m^h\e_l\hjbl_evgu_
ex[h\gu_ hlghr_gby \h \g_rg_c j_Zevghklb lZd`_ ihfh]eb ijhjZ[hld_ \ i_j_ghk_
ijhp_kkZ hieZdb\Zgby hlghr_gbc kh fghc \hkijhba\h^b\r_]h hieZdb\Zgb_ ij_`gbo
hlghr_gbcb mklZgh\e_gb_gh\uo\ Zf[b\Ze_glguohlghr_gbyok hlphf
F:AHOBKLBQ?KD:YI:LHEH=BY
FZahobafH[sbch[ahj
K fh_c lhqdb aj_gby d fZahobafm hlghkblky rbjhdbc ki_dlj n_ghf_gh\ dZd
ghjfZevguo lZd b iZlheh]bq_kdbo bf_xsbo h[s__ dZq_kl\h Zmlh^_kljmdlb\ghklb b
ihemq_gby khagZl_evgh]h beb [_kkhagZl_evgh]h m^h\hevkl\by hl kljZ^Zgby =jZgbpu
wlhc h[eZklb g_q_ldb GZ h^ghf ihexk_ fu h[gZjm`b\Z_f klhev fhsgmx
kZfhjZajmrbl_evghklv qlh kZfhmkljZg_gb_ beb mkljZg_gb_ kZfhhkhagZgby y\ey_lky
\_^ms_c fhlb\bjmxs_c kbehc =jbg gZau\Ze wlh gZjpbkkbafhf kf_jlb lZd
qlhfZahobklbq_kdZyikbohiZlheh]byieZ\ghi_j_oh^bl\ ikbohiZlheh]bxijbfblb\ghc
b ly`_ehcZ]j_kkbb
GZ ^jm]hf dhgp_ ki_dljZ a^hjh\Zy kihkh[ghklv `_jl\h\Zlv kh[hc aZ k_fvx
^jm]bo beb aZ b^_Ze \hiehsZxsZy km[ebfZlhjgu_ nmgdpbb bkoh^ys_c hl Kmi_jW]h
]hlh\ghklbd kljZ^Zgbxg_fh`_l[ulvkhql_gZiZlheh]bq_kdhcGZrZijh^he`bl_evgZy
bgnZglbevgZyaZ\bkbfhklvb h[yaZl_evgZybgl_jgZebabjh\ZggZyjh^bl_evkdZy\eZklv\h
\j_fy jZklygmlh]h ^_lkl\Z b ih^jhkldh\h]h \hajZklZ ^_eZxl ihqlb g_\hafh`guf
nhjfbjh\Zgb_ Kmi_jW]h dhlhjh_ g_ \dexqZeh [u fZahobklkdb_ dhfihg_glu lh _klv
kms_kl\mxl g_dhlhjZy [_kkhagZl_evgh fhlb\bjh\ZggZy ihlj_[ghklv d kljZ^Zgbyf b __
hkgh\gu_^\b`msb_f_oZgbafu
F_`^m wlbfb ^\mfy ihexkZfb jZkiheZ]Z_lky rbjhdbc ki_dlj fZahobklbq_kdhc
ikbohiZlheh]bb h[sb_ we_f_glu dhlhjh]h khkj_^hlhq_gu \hdjm] [_kkhagZl_evguo
dhgnebdlh\ k\yaZgguo k k_dkmZevghklvx b Kmi_jW]h FhjZevguc fZahobaf lj_[m_l
ieZlu aZ ihemq_gb_ m^h\hevkl\by \ hlghr_gbyo f_`^m Y b bgljh_dlhf Kmi_jW]h
ijhbkoh^blljZgknhjfZpbykljZ^Zgby\ wjhlbq_kdh_m^h\hevkl\b_bgl_]jZpbyZ]j_kkbb
\gmljb ex[\b < khhl\_lkl\bb k [_kkhagZl_evguf qm\kl\hf \bgu kljZ^Zlv ih \he_
gZdZamxs_]h bgljh_dlZ hagZqZ_l \ha\jZsZlv k_[_ ex[h\v h[t_dlZ b _^bgkl\h k gbf
lZdbf iml_f Z]j_kkby Zkkbfbebjm_lky ex[h\vx LZ `_ ^bgZfbdZ ijbkmlkl\m_l \
k_dkmZevghf fZahobaf_ dZd ki_pbnbq_kdhc i_j\_jkbb g_h[oh^bfh_ ^ey k_dkmZevgh]h
m^h\e_l\hj_gby i_j_`b\Zgb_ [heb ih^qbg_gby b mgb`_gby y\ey_lky [_kkhagZl_evguf
gZdZaZgb_faZaZij_lgu_w^bih\uZki_dlu]_gblZevghck_dkmZevghklb
FZahobaf dZd qZklv ihebfhjnghc i_j\_jab\ghc bgnZglbevghc k_dkmZevghklb
khklZ\ey_l dZd fu \b^_eb dexq_\hc Zki_dl k_dkmZevgh]h \ha[m`^_gby \ hkgh\_
dhlhjh]h e_`bl ihl_gpbZevgh wjhlbq_kdZy j_Zdpby gZ i_j_`b\Zgb_ ^bkdj_lghc
nbabq_kdhc [heb b kbf\hebq_kdh_ ij_\jZs_gb_ wlhc kihkh[ghklb lh _klv
ljZgknhjfZpbb [heb \ k_dkmZevgh_ \ha[m`^_gb_ \ kihkh[ghklv jZkl\hjylv beb
bgl_]jbjh\Zlv g_gZ\bklv \ ex[\b D_jg[_j] DZd ih^q_jdgmeb ;jZmgr\_c] b
N_cg i_j\hgZqZevgh h[t_dl k_dkmZevgh]h `_eZgby ² wlh ^jZagysbc
h[t_dl wlh qm\kl\_ggh klbfmebjmxsZy b njmkljbjmxsZy fZlv Z wjhlbq_kdh_
\ha[m`^_gb_ \f_kl_ k _]h Z]j_kkb\guf dhfihg_glhf ij_^klZ\ey_l kh[hc [Zabkgmx
j_ZdpbxgZ`_eZ_fucnjmkljbjmxsbcb \ha[m`^Zxsbch[t_dl
< hilbfZevguo h[klhyl_evkl\Zo k\yaZggu_ k [hevx Zki_dlu wjhlbq_kdh]h
\ha[m`^_gby ljZgknhjfbjmxlky \ m^h\hevkl\b_ mkbeb\Zy k_dkmZevgh_ \ha[m`^_gb_ b
hsms_gb_ [ebahklb k wjhlbq_kdbf h[t_dlhf Bgl_jgZebaZpby wjhlbq_kdh]h h[t_dlZ
h[t_dlZ `_eZgby \dexqZ_l lZd`_ b lj_[h\Zgby ij_^ty\ey_fu_ wlbf h[t_dlZf dZd
mkeh\by khojZg_gby ex[\b Hkgh\gZy [_kkhagZl_evgZy nZglZaby fh`_l [ulv \ujZ`_gZ
ke_^mxsbf h[jZahf Lu ijbqbgy_rv fg_ [hev ² wlh qZklv l\h_]h hl\_lZ gZ fh_
`_eZgb_ Y ijbgbfZx [hev dZd qZklv l\h_c ex[\b ² hgZ kdj_iey_l gZrm [ebahklv
Bkiulu\ZygZkeZ`^_gb_hlijbqbg_gghclh[hc[heby mih^h[eyxkvl_[_Lj_[h\Zgby
khklhjhguh[t_dlZlZd`_fh]ml[ulvljZgknhjfbjh\Zgu\ g_hkhagZ\Z_fucfhjZevguc
dh^_dk gZoh^ysbc \ujZ`_gb_ \ [Zabkghc [_kkhagZl_evghc nZglZabb dhlhjZy fh`_l
[ulv \ujZ`_gZ ijbf_jgh lZd Y ijbgbfZx l\h_ gZdZaZgb_ ² hgh ^he`gh [ulv
kijZ\_^eb\h m`_ ihlhfm qlh bkoh^bl hl l_[y Y aZkem`b\Zx _]h l_f qlh m^_j`b\Zx
l\hxex[h\vb \kljZ^Zgbby khojZgxl_[yb l\hxex[h\v:]j_kkb\gu_bfiebdZpbb
[heb Z]j_kkby bkoh^ysZy hl `_eZ_fh]h h[t_dlZ beb ijbibku\Z_fZy _fm b ]g_\gZy
j_Zdpby gZ [hev lZdbf h[jZahf i_j_ie_l_gu beb kieZ\e_gu k ex[h\vx dZd
g_hlt_fe_fZyqZklvwjhlbq_kdh]h\ha[m`^_gby ² wlhih^q_jdb\Zeb;jZmgr\_c]b N_cg
b Klhee_j Z ² b dZd qZklv fhjZevghc aZsblu hibkZgghc Nwcj[_jghf
< dZq_kl\_ beexkljZpbb fh`_l [ulv jZkkfhlj_g kemqZc h^ghc khjhdZe_lg_c
`_gsbgu k ^_ij_kkb\ghfZahobklbq_kdhc ebqghklghc kljmdlmjhc < ijhp_kk_
ikbohZgZebaZhgZihke_fgh]boe_l[jZdZkmf_eZba[Z\blvkyhlg_kihkh[ghklb^hklb]Zlv
hj]ZafZ kh k\hbf fm`_f GZ h^ghc ba k_kkbc m iZpb_gldb ihy\beZkv nZglZaby \
i_j_ghk_hgZijboh^blgZk_kkbxiheghklvxjZa^_\Z_lkyZ ylZd\i_qZle_g__ ]jm^vxb
]_gblZebyfb qlh klZgh\exkv iheguf jZ[hf __ `_eZgbc k_dkmZevgh \ha[m`^Zxkv b m
gZk ijhbkoh^bl iheh\hc Zdl B lh]^Z hgZ \ k\hx hq_j_^v ]hlh\Z klZlv fh_c jZ[ug_c
ij_g_[j_qv\k_fbk\hbfbh[yaZl_evkl\Zfbb ke_^h\ZlvaZfghc
?^bgkl\_ggZy ^hqv kljh]hc fZl_jb g_l_jibfhc d ex[uf ijhy\e_gbyf
k_dkmZevghklb b k_j^_qgh hlghkb\r_]hky d g_c gh \ lh `_ \j_fy ^bklZgpbjh\Zggh]h
hlpZ dhlhjuc ih^he]m g_ [u\Ze ^hfZ hgZ f]gh\_ggh hkhagZeZ k\yav f_`^m k\hbf
`_eZgb_fk_dkmZevguohlghr_gbckhfghcb k\hbf[mglhfijhlb\fZl_jb\ujZ`_gguf
\ `_eZgbbhlh[jZlvm g__hlpZ>_eZyf_gyjZ[hfhgZh^gh\j_f_gghm^h\e_l\hjyeZk\h_
`_eZgb_ihegh]hijbgylbyfghx__]_gblZebcb __k_dkmZevghklbb gZdZau\ZeZf_gyaZ
ij_^ihql_gb_ ^jm]bo `_gsbg __ fZl_jb Ij_^eZ]Zy k_[y \ dZq_kl\_ jZ[ugb hgZ
bkdmiZeZk\hx\bgmDjhf_lh]hiZpb_gldZi_j_`b\ZeZhlu]ju\Zgb_nZglZabbjZ[kl\Z
dZd \ha[m`^Zxs__ \ujZ`_gb_ Z]j_kkbb ijb dhlhjhf hgZ fh]eZ g_ hiZkZlvky __
[ehdbjmxs_]h wnn_dlZ \ hlghr_gbb k_dkmZevgh]h m^h\hevkl\by GZijhlb\ hgZ agZeZ
qlh wlZ Z]j_kkby mkbebl m^h\e_l\hj_gghklv iheghc [ebahklb b kebygby [eZ]h^Zjy
j_pbijhdghklbihabpbcjZ[ohaybgIhke_wlhck_kkbbhgZ\i_j\u_\ `bagbihijhkbeZ
k\h_]hfm`Z\ ijhp_kk_k_dkmZevgh]hZdlZkbevghk^Z\blv_ckhkdbhgk^_eZewlhijb^y
\ kbevgh_ k_dkmZevgh_ \ha[m`^_gb_ b \ k\hx hq_j_^v iha\hebe _c jZkpZjZiZlv _fm
kibgm^hdjh\bb hgb\i_j\u_\f_kl_i_j_`bebfhsguchj]Zaf
Dh]^ZfuZgZebabjh\Zebwlhlhiulm iZpb_gldb\hagbdeZnZglZabyh fm`_dZdh
]heh^ghf njmkljbjh\Zgghf feZ^_gp_ dmkZxs_f ]jm^b k\h_c fZl_jb b h k_[_ dZd h
fh]ms_kl\_gghcihgbfZxs_c^Zxs_cfZl_jbdhlhjZy\ khklhygbbm^h\e_l\hjblv_]h
gm`^u l_jiy _]h Z]j_kkbx H^gh\j_f_ggh hgZ hsmsZeZ k_[y k_dkmZevghc `_gsbghc
gZoh^ys_cky\ hlghr_gbyok fm`_ffeZ^_gp_f ² dhlhjuclZdbfh[jZahfhlgx^vg_
y\ey_lky ]jhaguf hlphf ² Z lZd`_ fklys_c hlpm ihdbgm\r_fm __ b fm`m
ijbqbgb\r_fm _c [hev aZklZ\eyy ihke_^g_]h \ k\hx hq_j_^v bkl_dZlv djh\vx B
iZpb_gldZ qm\kl\h\ZeZ dh]^Z hgZ pZjZiZ_l b h^gh\j_f_ggh dj_idh h[gbfZ_l fm`Z bo
kebygb_mkbeb\Z_lkylZd`_dZdmkbeb\Z_lky__ hsms_gb_\hafh`ghklbk\h_]hmqZklby\
_]h hj]Zaf_ Z _]h ² \ k\h_f hj]Zaf_ WlZ `_gsbgZ ijb[eb`Z\rZyky d aZ\_jr_gbx
dmjkZ ikbohZgZebaZ [ueZ kihkh[gZ knhjfmebjh\Zlv \Z`gu_ Zki_dlu ghjfZevgh]h
k_dkmZevgh]h\ha[m`^_gbyb wjhlbq_kdh]h`_eZgby
Kebygbx k h[t_dlhf `_eZgby h^gZdh kihkh[kl\m_l g_ lhevdh kbevgh_
wjhlbq_kdh_ \ha[m`^_gb_ b ex[h\v gh lZd`_ bgl_gkb\gZy [hev b g_gZ\bklv dZd
ij_^iheh`be Ydh[khg Dh]^Z \aZbfh^_ckl\b_ k fZl_jvx ghkbl ojhgbq_kdb
Z]j_kkb\guc ² gZkbevkl\_gguc njmkljbjmxsbc ijh\hpbjmxsbc oZjZdl_j
bgl_gkb\gZynbabq_kdZybebikbobq_kdZy[hevfeZ^_gpZg_fh`_l[ulvbgl_]jbjh\ZgZ\
ghjfZevgmx wjhlbq_kdmx j_Zdpbx beb ohly b kZ^bklbq_kdb_ gh aZsbsZxsb_ b
\gmrZxsb_ ^h\_jb_ ij_^r_kl\_ggbdb Kmi_jW]h b ihlhfm wlZ [hev g_ihkj_^kl\_ggh
ljZgknhjfbjm_lky \ Z]j_kkbx Hkgh\u\Zy k\h_ ij_^iheh`_gb_ gZ bkke_^h\Zgbyo
Klhee_jZ Z Nj_c[_j]Z =Ze_gkhgZ O_jph]Z b ^jm]bo
=jhkkfZg kqblZ_l qlh qj_af_jgZy [hev ljZgknhjfbjm_lky \ Z]j_kkbx b
qj_af_jgZy Z]j_kkby bkdZ`Z_l jZa\blb_ \k_o ikbobq_kdbo kljmdlmj b ij_iylkl\m_l
ijhjZ[hld_ Z]j_kkbb q_j_a nZglZabb qlh y\ey_lky ijhlb\hiheh`guf bo
g_ihkj_^kl\_gghfm ijhy\e_gbx \ ih\_^_gbb <ke_^ aZ :g^jw =jbghf fh`gh
lZd`_ kdZaZlv qlh qj_af_jgZy Z]j_kkby h]jZgbqb\Z_l kn_jm [_kkhagZl_evgh]h
ikbobq_kdh]hhiulZi_j\bqghckhfZlbaZpb_cb hlj_Z]bjh\Zgb_f DFWLQJRXW
< wdklj_fZevguo kemqZyo qj_af_jgZy Z]j_kkby gZoh^bl \ujZ`_gb_ \
ijbfblb\ghc Zmlh^_kljmdlb\ghklb Ly`_eu_ aZ[he_\Zgby \ jZgg_f \hajZkl_
khijh\h`^Zxsb_ky ijh^he`bl_evghc [hevx nbabq_kdh_ beb k_dkmZevgh_ gZkbeb_
ojhgbq_kdb ljZ\fbjmxsb_ b oZhlbq_kdb_ hlghr_gby k jh^bl_evkdbf h[t_dlhf ² \k_
wlh fh`_l \_klb d ly`_ehc ^_kljmdlb\gh_Πb Zmlh^_kljmdlb\ghklb ihjh`^Zxs_c
kbg^jhfaehdZq_kl\_ggh]hgZjpbkkbafZD_jg[_j] Wlhlkbg^jhfoZjZdl_jbam_lky
iZlheh]bq_kdb ]jZg^bhaguf Y ijhiblZgguf Z]j_kkb_c h[mkeh\e_gghc kebygb_f Y k
kZ^bklbq_kdbf h[t_dlhf Khhl\_lkl\mxsZy nZglZaby fh`_l [ulv hibkZgZ ke_^mxsbf
h[jZahfY ² gZ_^bg_k fhbfbkljZohfyjhklvxb [hevxKlZgh\ykv_^bgufp_eufkh
k\hbf fmqbl_e_f y fh]m aZsblblv k_[y iml_f jZajmr_gby k_[y beb k\h_]h
kZfhkhagZ\Zgby L_i_jv fg_ m`_ g_ gm`gh[hylvky[heb beb kf_jlb ijbqbgyybo k_[_
beb^jm]bfy ijbh[j_lZxij_\hkoh^kl\hgZ^\k_fbhklZevgufbgZ\e_dZxsbfbgZk_[y
wlb[_^ubebkljZrZsbfbkybo
< f_g__ wdklj_fZevguo kemqZyo kZ^bklbq_kdbc h[t_dl fh`_l [ulv
bgl_jgZebah\Zg \ p_ehklgh_ h^gZdh kZ^bklbq_kdh_ Kmi_jW]h kebygb_ k dhlhjuf
hljZ`Z_lky \ fhjZevgh hijZ\^u\Z_fhf `_eZgbb jZajmrblv k_[y WlZ kblmZpby fh`_l
ijb\h^blv d beexahjghfm m[_`^_gbx \ kh[kl\_gghc iehohklb oZjZdl_jghfm ^ey
ikbohlbq_kdhc ^_ij_kkbb d klj_fe_gbx mgbqlh`blv nZglZabcgh_ iehoh_ Y b
g_hkhagZ\Z_fhc nZglZabb \hkkh_^bg_gby k ex[bfuf h[t_dlhf ihkj_^kl\hf
kZfhih`_jl\h\Zgby Ijb _s_ f_g__ ly`_euo h[klhyl_evkl\Zo fZahobklbq_kdb_
kljZ^Zgby fh]ml kha^Z\Zlv hsms_gb_ gjZ\kl\_ggh]h ij_\hkoh^kl\Z lbi iZpb_glh\
dhlhjuc fh`gh gZa\Zlv dhibedhc g_kijZ\_^eb\hkl_c j_ij_a_glbjm_l wlh [he__
mf_j_ggh_dhfijhfbkkgh_h[jZah\Zgb_fhjZevgh]hfZahobafZ
G_lhevdhKmi_jW]h\iblu\Z_lZ]j_kkbx\ nhjf_bgl_jgZebaZpbbgZdZamxs_]h
gh \k_lZdb gm`gh]h h[t_dlZ `_eZgbc wjhlbq_kdbc fZahobaf lZd`_ fh`_l
dhgl_cgbjh\Zlv Z]j_kkbx ijbq_f g_ \ h[uqguo kZ^hfZahobklbq_kdbo Zki_dlZo
k_dkmZevgh]h \ha[m`^_gby Z \ k\h_h[jZabb k_dkmZevgh]h \ha[m`^_gby k\yaZggh]h k
ihegufih^qbg_gb_fh[t_dlm`_eZgbyb klj_fe_gb_f[ulvmgb`_ggufwlbfh[t_dlhf
FZahobaf dZd h]jZgbqbl_evgZy `_jl\_ggZy k_dkmZevgZy ijZdlbdZ ljZgknhjfbjm_l
lZdbf h[jZahf h[uqgmx ihebfhjngmx i_j\_jab\gmx bgnZglbevgmx k_dkmZevghklv \
iZjZnbebx beb i_j\_jkbx \ kljh]hf kfuke_ wlh]h keh\Z D lhfm `_ \ wlhf kemqZ_
fZahobaf bgl_jgZebabjmy kZ^bklbq_kdbc h[t_dl kihkh[kl\m_l h]jZ`^_gbx
ikbobq_kdh]hjZa\blbyhl]_g_jZebah\Zggh]hgZkus_gbyKmi_jW]hZ]j_kkb_cIhoh`_
qlh wlb ^\Z \b^Z ikbobq_kdhc hj]ZgbaZpbb nhjfbjmxlky hl^_evgh ^jm] hl ^jm]Z \
kemqZyo dh]^Z nbabq_kdh_ beb k_dkmZevgh_ aehmihlj_[e_gb_ beb gZkbeb_ [ueh
hlghkbl_evgh h]jZgbq_gguf beb ijb bgp_kl_ bf_\r_f f_klh \ dhgl_dkl_ ^jm]bo
kjZ\gbl_evgh ghjfZevguo h[t_dlguo hlghr_gbc beb dh]^Z gZdZaZgb_ kZfh ih k_[_
ghkbehwjhlbq_kdmxhdjZkdmijbba[b_gbbb ih^h[guo\aZbfh^_ckl\byo
JZggyy k_dkmZevgZy i_j\_jkby fh`_l \ihke_^kl\bb [ulv mkbe_gZ aZsblZfb hl
dZkljZpbhgghc lj_\h]b b [_kkhagZl_evgh]h qm\kl\Z \bgu ijhbkl_dZxsbo ba [he__
iha^gbo w^bih\uo dhgnebdlh\ b \ dhg_qghf kq_l_ dhgl_cgbjh\Zlv wlb dhgnebdlu
H^gZdh ]hkih^kl\h `_kldh]h gh ohjhrh bgl_]jbjh\Zggh]h Kmi_jW]h bgl_jgZ
ebabjmxs_]hj_ij_kkb\gmxk_dkmZevgmxfhjZevfh`_lkihkh[kl\h\ZlvljZgknhjfZpbb
jZgg_]h k_dkmZevgh]h fZahobafZ \ fhjZevguc fZahobaf gZ kbf\hebq_kdhf mjh\g_
ij_h[jZamy k_dkmZevgmx [hev ih^qbg_gb_ b mgb`_gb_ \ ikbobq_kdh_ kljZ^Zgb_
ih^qbg_gb_Kmi_jW]hb hlj_Z]bjh\Zgb_[_kkhagZl_evgh]hqm\kl\Z\bgu\ mgb`_gbbbeb
kZfhmgbqb`bl_evghfih\_^_gbb
LZdbf h[jZahf y hibkZe ljb mjh\gy ikbobq_kdhc hj]ZgbaZpbb gZ dhlhjuo
ijbfblb\gZy fhsgZy Z]j_kkby bgdhjihjbjm_lky \ ikbobq_kdbc ZiiZjZl ijbfblb\gZy
kZfh^_kljmdlb\ghklvwjhlbq_kdbcfZahobafb fhjZevgucfZahobafGZdZ`^hfbawlbo
mjh\g_c \lhjbqgu_ gZjpbkkbq_kdb_ jZajZ[hldb fZahobklbq_kdbo l_g^_gpbc
kihkh[kl\mxl jZpbhgZebabjh\Zgbx b \lhjbqguf aZsblZf iZpb_glZ ih hlghr_gbx d
oZjZdl_jheh]bq_kdbfih\_^_gq_kdbffZgbn_klZpbyfwlbofZahobklbq_kdboiZll_jgh\
Ijbfblb\gZy Z]j_kkby \
hilbfZevghf kemqZ_ bgl_]jbjm_lky dZd
kZ^hfZahobklbq_kdbc we_f_gl wjhlbq_kdh]h \ha[m`^_gby \ g_kdhevdh f_g__
[eZ]hijbylghf \ZjbZgl_ hgZ dhgl_cgbjm_lky fZahobklbq_kdhc i_j\_jkb_c g_
h[yaZl_evgh aZ]jyagyy ijb wlhf h[smx kljmdlmjm oZjZdl_jZ qlh fh]eh [u [ulv
ke_^kl\b_f^Zevg_cr_]hiZlheh]bq_kdh]hjZa\blbyKmi_jW]hH^gZdh_kebwjhlbq_kdbc
fZahobaf b ^Z`_ fZahobklbq_kdZy i_j\_jkby g_ fh]ml \uihegblv wlm
dhgl_cgbjmxsmx nmgdpbx q_eh\_d hdZau\Z_lky ij_^jZkiheh`_g d fhjZevghfm
fZahobafmGhb fhjZevgucfZahobafkZfihk_[_ijbkmlkl\my\ dhgl_dkl_qj_a\uqZcgh
`_kldhc gh ohjhrh bgl_]jbjh\Zgghc kljmdlmju Kmi_jW]h fh`_l h]jZgbqb\Zlv
Zmlh^_kljmdlb\gh_ \ha^_ckl\b_ fZahobafZ ² ih kmlb dhgl_cgbjh\Zlv _]h ?keb `_
qj_af_jgZy Z]j_kkby ba ijbfblb\ghc Zmlh^_kljmdlb\ghklb \ueb\Z_lky \gZqZe_ \
k_dkmZevgmx i_j\_jkbx Z aZl_f \ kZ^hfZahobklbq_kdh_ ebqghklgh_ jZa\blb_ lh hgZ
fh`_l ihjh`^Zlv kZfu_ ly`_eu_ kemqZb kZ^hfZahobklbq_kdhc ebqghklb \ dhlhjuo
kh_^bg_gu \h_^bgh k_dkmZevgZy i_j\_jkby ly`_eZy gZjpbkkbq_kdZy iZlheh]by b
kZ^hfZahobklbq_kdb_ebqghklgu_q_jlukhagZqbl_evghcZmlh^_kljmdlb\ghklvx
FZahobafm fm`qbgb `_gsbg
DZd b \k_ k_dkmZevgu_ i_j\_jkbb fZahobaf qZs_ \klj_qZ_lky m fm`qbg q_f m
`_gsbg ;ZmfZckl_j L_jfbghf i_j\_jkby y h[hagZqZx g_h[oh^bfmx b
bkdexqbl_evgmx hj]ZgbaZpbx k_dkmZevgh]h ih\_^_gby k ^hfbgbjh\Zgb_f qZklbqgh]h
bgklbgdlb\gh]h \e_q_gby >Zggu_ wfibjbq_kdbo bkke_^h\Zgbc ihemq_gguo \ KR: b
?\jhi_kbevgh\ZjvbjmxlDbgkbb ^j =jbgb =jbg OZgl Ri_g]e_j
Kdhll <_cg[_j] b DZff_ev ;ZmfZckl_j :jg^l Qlh
dZkZ_lkyKh_^bg_gguoRlZlh\lhkh]eZkghwlbf^Zggufijbf_jgh ² \ajhkeh]h
gZk_e_gby ijb\uqgh ijZdlbdmxl lhl beb bghc jh^ fZahobklbq_kdhc k_dkmZevghc
Zdlb\ghklb G_khfg_ggh bf_xlky dmevlmjgu_ jZaebqby \
hlghr_gbb
jZkijhkljZg_gghklb fZahobafZ dZd i_j\_jkbb \ p_ehf Z lZd`_ _]h ^hfbgbjmxsbo
nhjf
F_`^m fm`qbgZfb b `_gsbgZfb kms_kl\mxl dZd koh^kl\h lZd b hlebqby \
k_dkmZevguofZahobklkdbonZglZabyob ijhy\e_gbyoG_h[oh^bfufmkeh\b_fhj]ZafZm
fm`qbguy\eyxlkynZglZabbb k_dkmZevgZyZdlb\ghklvhljZ`Zxsb_klj_fe_gb_d lhfm
qlh[u [ulv ih^qbgy_fuf ih^^jZagb\Z_fuf \ha[m`^Z_fuf ijbgm`^Z_fuf d
ih\bgh\_gbxfh]ms_kl\_gghc`_klhdhc`_gsbghcM `_gsbgunZglZabbb Zdlb\ghklv
k\yaZguk mgb`_gb_f\ j_amevlZl_^_fhgkljZpbbk_[y^jm]bfb bagZkbeh\Zgbykbevguf
hiZkguf g_agZdhfuf fm`qbghc ;ZmfZckl_j khh[sZ_l qlh fm`kdhc fZahobaf
h[uqgh khijy`_g k [hevr_c [hevx b kljZ^Zgb_f b k[hevrbf Zdp_glhf gZ mgb`_gbb
g_\_jghklb k_dkmZevgh]h iZjlg_jZ mqZklbb im[ebdb b ljZgk\_klbaf_ <
ijhlb\hiheh`ghklv wlhfm `_gkdbc fZahobaf qZs_ k\yaZg k [hevx f_g__ kbevghc k
gZdZaZgb_f\ dhgl_dkl_bglbfguohlghr_gbck_dkmZevguoijhy\e_gbcdZdmgb`_gbyb
k iZkkb\gufbajbl_eyfbFm`kdhcfZahobafh[uqgh^hklb]Z_ldmevfbgZpbb\ hj]Zaf_
\g_]_gblZevgh]hZdlZ\ lh\j_fydZd`_gkdbcfZahobafh[uqghihemqZ_ldmevfbgZpbx
\ ]_gblZevghfk_dk_ohlyg_h[yaZl_evghaZ\_jrZ_lkyhj]Zafhf
IkbohZgZeblbq_kdbc ih^oh^ ihfh]Z_l ijhykgblv wlb jZaebqby gZ w^bih\hf
mjh\g_p_gljZevgu_^\b`msb_kbeuk_dkmZevgh]hfZahobafZlZd`_dZdb i_j\_jkbc\
p_ehf \dexqZxl bgl_gkb\gmx dZkljZpbhggmx lj_\h]m k\yaZggmx k fhsgufb
Z]j_kkb\gufb Zki_dlZfb w^bih\uo dhgnebdlh\ dhlhju_ fh]ml lZd`_ \dexqZlv
agZqbl_evgmx ^hw^bih\m Z]j_kkbx b aZsblghc Zdp_glmZpb_c ij_]_gblZevghc
k_dkmZevghklb dZd h]jZ`^_gby hl hiZkghklb dZkljZpbb Ij_^iheh`bl_evgh
hlghkbl_evgh [hevrZy qZklhlZ k_dkmZevguo i_j\_jkbc m fm`qbg h[mkeh\e_gZ [hevr_c
bgl_gkb\ghklvxdZkljZpbhgghclj_\h]bFZd>m]Ze\ ebqghc[_k_^_ijb\e_d\gbfZgb_
d [he__ijbfblb\ghfmb ^bnnmaghfmoZjZdl_jmdZkljZpbhgghclj_\h]bm `_gsbg ² d
bo [_kkhagZl_evghfm kljZom h[s_c l_e_kghc ^_kljmdpbb ² dZd d ]eZ\ghfm
^bgZfbq_kdhfm nZdlhjm dhlhjuc h[tykgy_l bo jZaebqgu_ aZsblgu_ kljmdlmju hl
dZkljZpbhgghclj_\h]b
RZkk]_Kfbj`_ev V jZkkfZljb\Z_l i_j\_jkbb m iZpb_glh\ k ih]jZgbqghc
iZlheh]b_c dZd kh_^bg_gb_ ^hw^bih\hc Z]j_kkbb k w^bih\hh[mkeh\e_gghc
dZkljZpbhgghclj_\h]hc>hw^bih\ZZ]j_kkbyiml_fijh_dpbbmkbeb\Z_ldZkljZpbhggmx
lj_\h]m w^bih\Z ijhbkoh`^_gby RZkk]_Kfbj`_ev hkh[h mdZaZeZ gZ j_]j_kkbx d
ZgZevghc k_dkmZevghklb dZd e_`Zsmx \ hkgh\_ [_kkhagZl_evgh]h hljbpZgby jZaebqbc
f_`^m ihdhe_gbyfb b iheZfb aZsblghc b^_ZebaZpbb i_j\_jkbc h[_kp_gb\Zgby
]_gblZevgh]hZdlZb h[s_c^_]jZ^bjh\Zgghklbh[t_dlguohlghr_gbc
IjbgZ^e_`Zsb_RZkk]_Kfbj`_ev E Z lZd`_;jZmgr\_c]mb N_cgm
hibkZgby jZa\blby w^bih\hc kblmZpbb m fZevqbdh\ b m ^_\hq_d ^Zxl [he__
ki_pbnbq_kdb_ h[tykg_gby jZaebqbc \ oZjZdl_j_ nZglZabc ijb fm`kdhf b `_gkdhf
fZahobaf_ >ey fm`qbgu ^hfbgbjh\Zgb_ kh klhjhgu fh]ms_kl\_gghc `_gsbgu
\hiehsZ_l nZglZabb fZe_gvdh]h fZevqbdZ h[ hlghr_gbyo k fh]ms_kl\_gghc b
ih^Z\eyxs_cfZl_jvxh^gh\j_f_gghkem`Zbkdmie_gbx\bguaZw^bih\hij_klmie_gb_
b gZjpbkkbq_kdmx nZglZabx h lhf qlh _]h fZe_gvdbc i_gbk klhev `_ kihkh[_g
m^h\e_l\hjblv fZlv qlh b i_gbk hlpZ LjZgk\_klblgu_ nZglZabb b ijhy\e_gby \
fm`kdhf fZahobaf_ ² lbibqguc n_fbgguc fZahobaf m fm`qbg ² h^gh\j_f_ggh
kbf\hebabjmxl b hljbpZxl dZkljZpbhggmx lj_\h]m M `_gsbg [_kkhagZl_evgZy
nZglZaby h ij_^ihql_gbb \ dZq_kl\_ k_dkmZevgh]h h[t_dlZ fh]ms_kl\_gguf
^bklZgpbjh\Zgguf ihl_gpbZevgh m]jh`Zxsbf b \ lh `_ \j_fy kh[eZagyxsbf hlphf
kh_^bgy_lky k bkdmie_gb_f \bgu [eZ]h^Zjy ijbgm`^_gbx k_dkmZevghfm mgb`_gbx b
hklZ\e_gbx M h[hbo iheh\ fZahobklbq_kdb_ kp_gZjbb Zdp_glbjmxl ^jZagysbc
ijh\hdZlb\guc oZjZdl_j njmkljbjmxsbo b
klbfmebjmxsbo k_dkmZevguo
\aZbfh^_ckl\bc ² [Zah\mx ^bgZfbdm k_dkmZevgh]h \ha[m`^_gby \hkoh^ysmx d
wjhlbq_kdhfm dZq_kl\m hlghr_gbc fZlvfeZ^_g_p ;jZmgr\_c] b N_cg Wlhl Zki_dl ih^^jZagb\Zgby fh`_l ijhy\eylvky g_ihkj_^kl\_ggh \ hlghr_gbyo d
`_gsbgZf kh]eZkgh fm`kdbf fZahobklbq_kdbf kp_gZjbyf FZahobklbq_kdb_ kp_gZjbb
`_gsbg k\yaZggu_ k h[jZahf hlpZ fh]ml lZd`_ g_klb hli_qZlhd fZahobklbq_kdbo
hlghr_gbck fZl_jvx
?keb fZahobaf dZd k_dkmZevgZy i_j\_jkby [hevr_ ijbkms fm`qbgZf \
hlghr_gbb fhjZevgh]h fZahobafZ g_ h[gZjm`_gh lZdh]h i_j_\_kZ \ lm beb bgmx
klhjhgm Ijbqbgu fh]ml aZdexqZlvky \ ikboh^bgZfbq_kdbo b khpbZevguo nZdlhjZo
Fg_ dZ`_lky jZamfguf ij_^iheh`_gb_ h lhf qlh iZl_jgZebklkdZy dmevlmjZ
klbfmebjm_l oZjZdl_jheh]bq_kdbc fZahobaf m `_gsbg b kZ^bklbq_kdb_ dhfihg_glu
k_dkmZevghklbm fm`qbglhedZylZdbfh[jZahfd k_dkmZebaZpbbfZahobafZm fm`qbg
gh mdj_ieyy _]h ljZgknhjfZpbx \ oZjZdl_jheh]bq_kdb_ iZll_jgu m `_gsbg DZd
hlf_q_gh n_fbgbklkdb gZkljh_ggufb Z\lhjZfb Lhfikhg Fblq_ee ;_g^`Zfbg ih ih\h^m hlghr_gbc ih^qbg_gby \Z`gh hlebqZlv h[t_dlb\gh_
m]g_l_gb_ hl [_kkhagZl_evgh]h m^h\hevkl\by ohly h^bg nZdlhjfh`_l ^hihegylv
^jm]hc H[t_dlb\guc ]g_l fh`_l ^_nhjfbjh\Zlv iZll_jgu ihemq_gby m^h\hevkl\by
Dmevlmjgu_mklZgh\dbfh]mlgZijbf_jmkbeb\ZlvkZ^bklbq_kdb_iZll_jgum `_gsbgk
fZkdmebgghc b^_glbnbdZpb_c dmevlmjgu_ kl_j_hlbiu ^hklmigu ^ey bkihevah\Zgby \
]_g^_jguo nZglZabyo D lhfm `_ b^_heh]by fh`_l [ulv mlbebabjh\ZgZ ^ey
jZpbhgZebaZpbb[_kkhagZl_evguobklhdh\kljmdlmjuoZjZdl_jZ
Debgbq_kdb_oZjZdl_jbklbdb^_ij_kkb\ghfZahobklbq_kdhc ebqghklb D_jg[_j]
fh]ml[ulvh[gZjm`_gudZdm fm`qbglZdb m`_gsbgghh[uqghhgbklZ[bevgh
ijhy\eyxlky \ jZaguo `bag_gguo kblmZpbyo Ih fhbf gZ[ex^_gbyf fZahobklbq_kdb_
ex[h\gu_hlghr_gby\klj_qZxlkyqZs_ m `_gsbg q_f m fm`qbg gh fZahobklbq_kdh_
ih^qbg_gb_\ jZ[hqbohlghr_gbyo\hafh`ghqZs_\klj_qZ_lkym fm`qbgY ^mfZxqlh
l_jZi_\lufm`qbgu fh]ml aZqZklmx g_^hhp_gb\Zlv kl_i_gv hlu]ju\Zgby
fZahobklbq_kdbo iZll_jgh\ ih^qbg_ggh]h ih\_^_gby m fm`qbg gZ jZ[hl_ Hiylv `_
ke_^m_l jZaebqZlv h[t_dlb\gh ijbkmlkl\mxsmx ^bkdjbfbgZpbx `_gsbg \
ijhn_kkbhgZevghf hlghr_gbb b rbjhdh jZkijhkljZg_ggmx dmevlmjghZ^Zilb\gmx
ih^qbg_gghklv fm`qbg Z\lhjbl_lm b \eZklb Ke_^m_l ^h[Z\blv qlh _keb ]em[hdh
bkke_^h\Zlv ihabpbb fm`qbg \ ex[h\guo hlghr_gbyo lh aZ khpbZevghZ^Zilb\guf
kZ^bklbq_kdbf nZkZ^hf gZqgml \ujbkh\u\Zlvky agZqbl_evgu_ [_kkhagZl_evgu_
fZahobklbq_kdb_dhfihg_gluBkke_^h\Zgb_hlghr_gby`_gsbgd mq_[_b jZ[hl_lZd`_
\kdju\Z_l kms_kl\_ggu_ fZahobklbq_kdb_ we_f_glu lZdb_ gZijbf_j dZd
ij_`^_\j_f_gguchldZahldhgdmj_gpbbb b]ghjbjh\Zgb_\hafh`ghkl_cijh^\b`_gby\
dZjv_j_
< jZgg_c ikbohZgZeblbq_kdhc ebl_jZlmj_ ² \hafh`gh emqrbf ijbf_jhf
dhlhjhc fh`_l kem`blv jZ[hlZ >hcqZ Ikboheh]by `_gsbg ² ]] ²
ih^q_jdb\ZeZkv[he__\ukhdZyij_^jZkiheh`_gghklv`_gsbgd fZahobafmk\yau\Z_fZy
k [bheh]bq_kdbfbnZdlhjZfblZdbfbdZdf_gkljmZpbbikboheh]bq_kdb\ujZ`_ggufb
\ [_kkhagZl_evghf ^hims_gbb dZkljZpbb gZoh^ys_f ih^l\_j`^_gb_ lZd`_ \
[he_ag_gghklb jh^h\ Kh]eZkgh wlbf bklhqgbdZf bf__lky l_kgZy k\yav f_`^m
`_gkl\_gghklvx b iZkkb\ghklvx b g_^hjZa\blb_f hij_^_e_gguo oZjZdl_jbklbd
`_gkdh]h Kmi_jW]h Wlb jZggb_ \a]ey^u k l_o ihj ihemqbeb j_adh hljbpZl_evgmx
hp_gdm Klhee_j RZkk]_Kfbj`_ev Fblq_ee RZn_j ;exf
Rh^hjhm I_jkhg GZih\_kld_^gy\k__s_klhblaZ^ZqZhlke_`b\Zgby
\ebygbygZnhjfbjh\Zgb_fhjZevgh]hfZahobafZdmevlmjguokl_j_hlbih\Z^ZilZpbbd
ki_pbnbq_kdbf khpbZevguf b dmevlmjguf ijh[e_fZf b^_heh]bq_kdbo h[yaZl_evkl\
[_kkhagZl_evghc^bgZfbdbb [bheh]bq_kdboij_^jZkiheh`_gghkl_c
Ex[h\gu_hlghr_gbyijbfZahobaf_
M `_gsbg k ^_ij_kkb\ghfZahobklbq_kdhc ebqghklghc hj]ZgbaZpb_c
fZahobklbq_kdb_ ex[h\gu_ hlghr_gby g_j_^dh khklZ\eyxl ^hfbgbjmxsmx
ikbohiZlheh]bx >h\hevgh qZklh [u\Z_l lZd qlh i_j_`blZy \ ih^jhkldh\hf beb
xghr_kdhf\hajZkl_\ex[e_gghklv\ b^_Zebabjm_fh]hg_^hklmigh]hnjmkljbjmxs_]h
beb ]em[hdh jZahqZjh\u\Zxs_]h fm`qbgm gZdeZ^u\Z_l hli_qZlhd gZ [m^msmx
ex[h\gmx`bagv`_gsbgu<ex[e_gghklv\ g_^hklmigh]hfm`qbgmfh`_lijb\h^blv
eb[h d jhfZglbq_kdbf \klj_qZf \ [_ki_jki_dlb\guo kblmZpbyo aZ\_jrZxsboky
jZahqZjh\Zgb_f eb[h d iblZ_fuf \ l_q_gb_ fgh]bo e_l jhfZglbq_kdbf nZglZabyf h
lhfqlhfh]eh[u[ulv<ex[e_gghklv\ g_^hklmigh]hfm`qbgm\hh[s_fh`ghkqblZlv
ghjfZevguf ijhy\e_gb_f j_Zdlb\Zpbb w^bih\uo dhgnebdlh\ \ xghklb gh ^ey
hlghr_gbch dhlhjuoa^_kvb^_lj_qvoZjZdl_jghkhojZg_gb_b \hkh[_gghklbmkbe_gb_
i_j_`b\Zgby ex[\b bf_ggh ihke_ lh]h dZd \uykgy_lky __ [_agZ^_`ghklv <
ihke_^mxsbo hlghr_gbyo m wlbo `_gsbg g_ gZ[ex^Z_lky oZjZdl_jgh]h ^ey
ghjfZevgh]h jZa\blby ihkl_i_ggh]h ij_h^he_gby b^_ZebaZpbb g_^hklmiguo fm`qbg b
[he__ j_Zebklbqgh]h \u[hjZ h[t_dlh\ NbdkZpby gZ ljZ\f_ \ugm`^Z_l bo [_kdhg_qgh
\hkijhba\h^blvh^bgb lhl`_hiul
M `_gsbgu k fZahobklbq_kdhc ikbohiZlheh]b_c ijhy\e_gby k_dkmZevguo
kljZoh\b aZij_lh\fh]mlq_j_^h\Zlvkyk bfimevkb\gufbk_dkmZevgufbdhglZdlZfbijb
g_ijbylguo beb ^Z`_ hiZkguo h[klhyl_evkl\Zo Ijbf_jhf fh`_l kem`blv iZpb_gldZ
\hkiblZggZy \ mkeh\byo imjblZgkdh]h b dZjZl_evgh]h hlghr_gby d ex[hfm
k_dkmZevghfm hiulm b bf_\rZy jhfZgu k g_kdhevdbfb fm`qbgZfb \ dhlhjuo hgZ
g_baf_ggh ijhlb\beZkv ex[hc k_dkmZevghc [ebahklb ?_ i_j\uc k_dkmZevguc dhglZdl
ijhbahr_e k fm`qbghc dhlhjh]h hgZ agZeZ \k_]h h^gm ghqv _]h Z]j_kkb\gZy b ^Z`_
ihl_gpbZevgh m]jh`ZxsZy fZg_jZ ih\_^_gby hdZaZeZ gZ g__ fhsgh_ kh[eZagyxs__
\ha^_ckl\b_
FZahobklbq_kdb_`_gsbguk ohjhrhbgl_]jbjh\ZggufbnmgdpbyfbKmi_jW]hb
g_\jhlbq_kdhc ebqghklghc hj]ZgbaZpb_c \ gZqZe_ k\h_c k_dkmZevghc `bagb fh]ml
bkiulu\Zlvg_dhlhjmxk_dkmZevgmxkdh\ZgghklvZ aZl_fihjhckemqZcghbf^h\h^blky
i_j_`blv\ k_dkmZevghf\aZbfh^_ckl\bbhiulk\yaZgguck hkh[_gghc[he_ag_gghklvx
mgbabl_evghklvx beb ih^qbg_gghklvx \hdjm] dhlhjh]h b nhjfbjm_lky k_dkmZevgZy
i_j\_jkbyGZijbf_jdh]^Z\h\j_fyk_dkmZevgh]hZdlZh^ghciZpb_gldbk ^_ij_kkb\gh
fZahobklbq_kdhc ebqghklghc kljmdlmjhc __ ex[h\gbd b]jb\h ^_fhgkljbjmy _c k\h_
^hfbgbjh\Zgb_lZdkbevgh\u\_jgme__ jmdmqlh[hevklZeZg_\ughkbfhchgZ\i_j\u_
bkiulZeZhj]Zafijbk_dkmZevghfZdl_Wlhlhiuliheh`begZqZehiZll_jgmfZahobklb
q_kdbo k_dkmZevguo hlghr_gbc ^ey fZdkbfZevgh]h \ha[m`^_gby b hj]ZafZ __ jmdb
^he`gu[ueb[ulvkdjmq_guaZkibghc
B \ wlhf kemqZ_ bf__l f_klh hldehg_gb_ hl ghjfZevghc bgl_]jZpbb
kZ^hfZahobklbq_kdbo nZglZabc b i_j_`b\Zgbc JZggbc ljZ\fZlbq_kdbc k_dkmZevguc
hiul fh`_l ^Zlv gZqZeh fZahobklbq_kdbf nZglZabyf khijh\h`^Zxsbf b
klbfmebjmxsbfk_dkmZevgucZdlijbmkeh\bbm^h\e_l\hjyxsboex[h\guohlghr_gbc
b k_dkmZevguo \aZbfh^_ckl\bc < hkh[_gghklb mklhcqb\u [u\Zxl fZklmj[Zpbhggu_
nZglZabb qlh jZ\ghkbevgh aZfdgmlhfm \ k_[_ fZahobklbq_kdhfm kp_gZjbx
ihjh`^_gghfm jZgg_c ih^jhkldh\hc bgbpbZpb_c \ k_dkmZevgmx `bagv >Zfkdb_
jhfZgu wlb hjb_glbjh\Zggu_ gZ `_gsbg ijh^mdlu fZkkh\hc dmevlmju klhev g_
ihoh`b_gZklZg^Zjlgu_ihjgh]jZnbq_kdb_jhfZgu^eyfm`qbgh[uqghih\_kl\mxlh[
hlghr_gbyo g_hiulghc fheh^hc `_gsbgu kh agZf_gbluf g_ijbklmiguf
g_ihklhygguf ijb\e_dZl_evguf gh hiZkguf beb m]jh`Zxsbf fm`qbghc aZqZklmx
ihevamxsbfky^mjghckeZ\hc<hij_db\k_fmihke_fgh]hqbke_gguojZahqZjh\Zgbcb
g_m^Zq ihke_ hiZkghkl_c khi_jgbq_kl\Z k ^jm]bfb fh]ms_kl\_ggufb `_gsbgZfb
]_jhbgy \ dhgp_ dhgph\ hdZau\Z_lky \ h[tylbyo wlh]h \_ebdh]h fm`qbgu qvb
iheh`bl_evgu_dZq_kl\Zd lhfmfhf_glm\hkklZgh\e_gu\ ijZ\Zob l_jy_lkhagZgb_gZ
_]hjmdZo
Lbibqgh fm`kdb_ nZglZabb b i_j_`b\Zgby jZgg_c xghklb lbiZ fZ^hggZ
ijhklblmldZ ih^ \ebygb_f fZahobklbq_kdhc ikbohiZlheh]bb g_ihf_jgh jZajZklZxlky
H[uqgh g_\hafh`gZy ex[h\v \dexqZ_l \ k_[y djZcgxx b^_ZebaZpbx ex[bfhc
`_gsbgu ² ^hklmighc beb g_^hklmighc b k\yaZgguc k wlbf aZij_l ij_iylkl\m_l
mklZgh\e_gbxhlghr_gbc\ lh\j_fydZdk_dkmZevgZyZdlb\ghklvfm`qbguh]jZgbq_gZ
fZklmj[Zpbhggufb nZglZabyfb hlghr_gbc beb kZfbfb k_dkmZevgufb hlghr_gbyfb k
h[_kp_g_ggufb `_gsbgZfb dhlhju_ fh]ml \dexqZlv q_jlu kZ^bafZ gh ijb wlhf
i_j_`b\ZxlkydZdnjmkljbjmxsb_ihklu^gu_bebmgbabl_evgu_
B^_ZebaZpby
khijh\h`^Z_lky
kdh\Zgghklvx
g_^hklZldhf
gZihjZ
[_kkhagZl_evghc l_g^_gpb_c hklZ\eylv ihe_ [hy khi_jgbdm beb ijh\hpbjh\Zlv
h[klhyl_evkl\ZaZjZg__]ZjZglbjmxsb_g_mki_o
DZd m `_gsbg lZd b m fm`qbg [_ahl\_lgh_ qm\kl\h mkbeb\Z_l ex[h\v \f_klh
lh]h qlh [u hkeZ[eylv __ dZd iheh`_gh ijb ghjfZevghc i_qZeb M fZahobklbq_kdbo
fm`qbgb `_gsbg]h^Zfbfh`ghgZ[ex^Zlvh[udgh\_gb_\ex[eylvky\ g_\hafh`guo
ex^_c qj_af_jgh ih^qbgylvky b^_Zebabjh\Zgghfm iZjlg_jm b bf_ggh wlhc
ih^qbg_gghklvx [_kkhagZl_evgh ih^ju\Zlv hlghr_gby h^gh\j_f_ggh hljbpZy
\hafh`ghklv^jm]bo[he__m^h\e_l\hjyxsbohlghr_gbc
Lh qlh ^ey `_gsbg [he__ q_f ^ey fm`qbg oZjZdl_jgu ^ebggu_ p_ihqdb
g_m^Zqguo jhfZgh\ qZklh h[tykgy_lky kkuedZfb gZ dmevlmjgh_ ^Z\e_gb_ dhlhjh_
ih^dj_iey_lb ^Z`_ijh\hpbjm_lb ihhsjy_lih\_^_gb_`_gsbgaZ\_^hfhh[j_dZxs__
bo gZ g_m^Zqb Z lZd`_ gZ h]jZgbq_gby \ua\Zggu_ wdhghfbq_kdhc wdkiemZlZpb_c
`_gsbg g_`_eZggufb [_j_f_gghklyfb b dmevlmjguf h^h[j_gb_f kZ^bklbq_kdh]h
ih\_^_gbym fm`qbg<k_wlh^_ckl\bl_evghfhsgu_\ha^_ckl\mxsb_nZdlhjuh^gZdh
g_ ke_^m_l mimkdZlv ba \b^m qlh m `_gsbg jZgvr_ q_f m fm`qbg nhjfbjm_lky
kihkh[ghklv mklZgZ\eb\Zlv ]em[hdb_ h[t_dlgu_ hlghr_gby \ dhgl_dkl_ k_dkmZevgh]h
\aZbfh^_ckl\by ² kihkh[ghklv dhlhjZy [_j_l gZqZeh \ i_j_dexq_gbb fZe_gvdhc
^_\hqdb k fZl_jb gZ hlpZ dZd h[t_dl \ gZqZe_ w^bih\Z i_jbh^Z dh]^Z fZe_gvdbc
fZevqbd gZijhlb\ khojZgy_l mklhcqb\mx ijb\yaZgghklv d i_j\hgZqZevghfm h[t_dlm
@_gsbgu jZgvr_ fm`qbg h[j_lZxl kihkh[ghklv [ulv ij_^Zggufb \ ex[\b b bo
fZahobklbq_kdb_ijb\yaZgghklbfh]mlmkbeb\Zlvkyhlh^ghcd ^jm]hc
Q_ldb_ jZggb_ hlebqby \ ikbohk_dkmZevghf jZa\blbb fZevqbdh\ b ^_\hq_d
k]eZ`b\Zxlky\h\ajhkehc`bagb<_jhylghgZb[hevrb_jZaebqbyf_`^mfm`qbgZfbb
`_gsbgZfb bf_xl f_klh \ iha^gbc xghr_kdbc b jZggbc \ajhkeuc i_jbh^u dh]^Z
`_gsbgu^he`guZkkbfbebjh\Zlvgh\h_khagZgb_f_gkljmZpbb\ugZrb\Zgbyj_[_gdZb
fZl_jbgkl\Z \ lh \j_fy dZd fm`qbgu ² ijbclb d ijbgylbx k\h_c fhsghc
Zf[b\Ze_glghklb ih hlghr_gbx d fZl_jb g_baf_gghfm i_j\bqghfm ex[h\ghfm
h[t_dlm< ex[h\guohlghr_gbyoiZpb_glh\ihke_ljb^pZlbb khjhdZe_lihkjZ\g_gbx
k l_fb dhfm _s_ g_l ljb^pZlb emqr_ \b^gu hlebqby kblmZpbb fZahobklbq_kdhc
iZlheh]bboZjZdl_jZb h[uqguo`bag_gguoi_jbi_lbc
<jZq\ex[e_gguc\ k\hxdjZkb\mxb l\hjq_kdmx`_gmom^h`gbpmihhsjye__
^jm`[mk ^jm]bfbom^h`gbdZfbfm`kdh]hiheZih]jm`Zykv\ k\hxijhn_kkbhgZevgmx
^_yl_evghklvgZklhevdhqlhwfhpbhgZevgu_gm`^u`_guhdZau\Zebkv\k_[he__b [he__
njmkljbjh\ZguDh]^Z`_hgZhklZ\beZ_]hjZ^bh^gh]hbak\hbo^jma_com^h`gbdh\hg
\iZe\ ly`_emx^_ij_kkbxb [ue]hlh\kd\haviZevpukfhlj_lvgZ__ jhfZguk ^jm]bfb
fm`qbgZfb:gZeblbq_kdh_bkke_^h\Zgb_h[gZjm`behqlhg_jZaj_r_ggh_qm\kl\h\bgu
ih ih\h^m kbevgh]h khi_jgbq_kl\Z k w^bih\uf hlphf b k\yaZggh_ k wlbf `_eZgb_
]hfhk_dkmZevgh ih^qbgblvky _fm ih[m`^Zeh \jZqZ [_kkhagZl_evgh lhedZlv `_gm \
h[tylby^jm]bofm`qbgijbwlhfb^_glbnbpbjmykvk g_cHgbgl_gkb\ghb^_Zebabjh\Ze
g_^hklmiguo`_gsbgkem`b\rbo^eyg_]hj_ij_a_glZpb_cfZl_jbdhlhjZymf_jeZ\ _]h
jZgg_f ^_lkl\_ b [_kkhagZl_evgh \hkkha^Z\Ze nZglZabcgu_ hlghr_gby k mljZq_gghc
fZl_jvx
<Z`gh jZaebqZlv ij_bfms_kl\_ggh fZahobklbq_kdb_ ebqghklb k \lhjbqguf
gZjpbkkbq_kdbfih^dj_ie_gb_ffZahobklbq_kdbofh^_e_cb kh[kl\_gghgZjpbkkbq_kdb_
ebqghklb ijhfbkdmbl_l dhlhjuo g_j_^dh gZihfbgZ_l fZahobklbq_kdb_ iZll_jgu
Ij_bfms_kl\_ggh gZjpbkkbq_kdb_ ebqghklb bf_xl l_g^_gpbx b^_Zebabjh\Zlv
ihl_gpbZevguo iZjlg_jh\ dh]^Z l_ dZ`mlky g_^hklmigufb b h[_kp_gb\Zlv bo dZd
lhevdh klZgh\blky ykgh qlh hgb ^hklmigu ^ey gbo ij_^klZ\ey_l h]jhfgmx ljm^ghklv
l_ji_lv h[uqgu_ njmkljZpbb b Zf[b\Ze_glghklb ex[h\guo hlghr_gbc
FZahobklbq_kdb_ebqghklbbsml\ukhdhb^_Zebabjh\Zgguoihl_gpbZevghg_^hklmiguo
iZjlg_jh\ gh hgb kihkh[gu d ]em[hdbf h[t_dlguf hlghr_gbyf hkh[_ggh k
njmkljbjmxsbfb b kZ^bklbq_kdbfb iZjlg_jZfb H^gZdh \ debgbq_kdhc j_Zevghklb
keh`gu_ dhf[bgZpbb aZljm^gyxl ijh\_^_gb_ wlhc ijh]ghklbq_kdb \Z`ghc
^bnn_j_gpbZpbb gZ wlZi_ i_j\bqgh]h k[hjZ ^Zgguo Dmi_j Dh]^Z \ ijhp_kk_
ikbohZgZeblbq_kdhc l_jZibb gZjpbkkbq_kdbo ebqghkl_c ijboh^bl dhg_p bo
iZlheh]bq_kdhfm ]jZg^bhaghfm Y lh hgb hl g_dhgljhebjm_fh]h k_dkmZevgh]h
ijhfbkdmbl_lZ fh]ml i_j_oh^blv d mklZgh\e_gbx fZahobklbq_kdbo ex[h\guo
hlghr_gbc \ ^Zgghf kemqZ_ khklhygb_ fZahobklbq_kdhc ij_^Zgghklb ih kjZ\g_gbx k
ij_`g_cbaheypb_cfh`_l\hkijbgbfZlvkydZdh[e_]q_gb_
>h kbo ihj y ]h\hjbe h[ bg^b\b^mZevguo fZahobklbq_kdbo iZll_jgZo
;_kkhagZl_evguck]h\hjiZjlg_jh\fh`_lij_\jZlblvm^h\e_l\hjbl_evgu_hlghr_gby\
dhrfZjguc khg QZs_ \k_]h ijhbkoh^bl lZd qlh \aZbfgZy ijh_dpby lj_[h\Zgbc b
aZij_lh\ kZ^bklbq_kdh]h Kmi_jW]h ih^dj_iey_lky \aZbfgh ijh\hpbjmxsbf \bgm
ih\_^_gb_f iZjlg_jh\ b^_glbnbpbjh\Z\rboky k kh[kl\_ggufb bgljh_dlZfb
kZ^bklbq_kdh]hKmi_jW]hH^bgbebh[ZiZjlg_jZqZklhbf_xlojhgbq_kdmxl_g^_gpbx
ih^qbgylvky g_\uihegbfuf lj_[h\Zgbyf ^jm]h]h h[mkeh\e_ggmx bjjZpbhgZevghc
\bghcZ aZl_f\hkklZ\Zlvijhlb\wlbolj_[h\Zgbck ihl_gpbZevgufms_j[hf^eykZfbo
k_[y
G_kdhevdhaZ\bkbfucfm`qbgZ [ue `_gZl gZ `_gsbg_ k ly`_euf^_ij_kkb\gh
fZahobklbq_kdbf ebqghklguf jZkkljhckl\hf b oZjZdl_jheh]bq_kdhc ^_ij_kkb_c ?c
gbq_]h g_ klhbeh gZqZlv i_j_`b\Zlv qlh __ g_ m\Z`Zxl kh[kl\_gguc fm` ^jmavy
jh^kl\_ggbdbZ hgijbkihkZ[eb\Zekyd g_ciulZykvm[_`^Zlv^jma_cb jh^kl\_ggbdh\
[ulvhkh[_ggh lZdlbqgufbihhlghr_gbx d g_c < lh \j_fy dZd hdjm`Zxsb_ kqblZeb
_]hih^dZ[emqgbdhfkZfhg\bgbek_[yaZlhqlhkqblZek\h_cg_kihkh[ghklvxk^_eZlv
[he__ijb_fe_fhc`bagvk\h_ch^Zj_gghc b qj_af_jgh \i_qZlebl_evghc`_gu HgZ `_
bkihevah\ZeZ_]hfhlb\bjm_fh_qm\kl\hf\bguih\_^_gb_^eylh]hqlh[umdj_ieylvky\
k\h_fm[_`^_gbbqlhhgiehohk g_ch[jZsZ_lkyb iheZ]ZeZqlhaeZykm^v[Zh[j_deZ__
`blv k gZklhysbf [_kqm\kl\_gguf qm^h\bs_f Ijh_dpby gZ g_]h k\h_]h
[_kkhagZl_evgh]h qm\kl\Z \bgu \j_f_ggh h[e_]qZeZ __ ^_ij_kkbx H^gZdh lh qlh hg
ijbgbfZe __ h[\bg_gby kem`beh ^ey g__ ^hihegbl_evguf ih^l\_j`^_gb_f __
hkdhj[e_gguo qm\kl\ b iblZeh ^Zevg_crmx ^_ij_kkbx WlZ `_gsbgZ hlu]ju\ZeZ
w^bih\hih^qbg_gb_ihhlghr_gbxd kZ^bklbq_kdhcijh\hpbjmxs_c\bgmfZl_jbijb
wlhf [_kkhagZl_evgh gZ^_ykv gZ kiZk_gb_ fh]ms_kl\_gguf ohjhrbf hlphf
ijbfbjbl_evgh_`_ih\_^_gb_fm`Z_s_[he__mkbeb\Zeh__ ih^qbg_gghklvfZl_jb
Fm`qbgZk ^Z\gbfiZll_jghfg_m^ZqgbdZgZjZ[hl_b iZjZghyevghcihabpb_cih
hlghr_gbxd \eZklbZ\lhjbl_lZfb gZqZevkl\m ² dZdhgkqblZebklhqgbdm_]hijh[e_f
² [ue`_gZlgZkbevghchi_dZxs_c`_gsbg_dhlhjZyih`_jl\h\ZeZdZjv_jhcqlh[u
ihk\ylblv k_[y fm`m qvbfb ^hklb`_gbyfb hgZ qj_a\uqZcgh \hkobsZeZkv >hfZ hg
gZoh^be [_ahiZkgh_ m[_`bs_ hl j_Zevguo b \hh[jZ`Z_fuo gZiZ^hd gZ jZ[hl_ Z hgZ
m^h\e_l\hjyeZk\hxihlj_[ghklv[ulvhi_dZxs_cb ^Zxs_cK ]h^Zfbh^gZdh hgZ g_
fh]eZ g_ aZf_lblv qlh fm` \ghkbl kh[kl\_gguc \deZ^ \ ljm^ghklb dhlhju_ hg
bkiulu\Z_l ;hykv k\h_]h jZa^jZ`_gby _]h ih\_^_gb_f gZ jZ[hl_ b qm\kl\my k_[y
\bgh\Zlhc\ g_khhl\_lkl\bbk\h_fmij_^klZ\e_gbxh[b^_Zevghc`_g_hgZklZgh\beZkv
_s_ [he__ aZ[hleb\hc ijb wlhf \k_ [he__ aZfudZykv khpbZevgh Hg \ k\hx hq_j_^v
klZgh\beky\k_[he__aZ\bkbfufhlg__gZoh^yih^l\_j`^_gb_k\h_fmm[_`^_gbxqlh
fbjg_kijZ\_^eb\HggZqZeaeblvkygZk\hx\hajZklZ\rmxaZ\bkbfhklvgh_fmljm^gh
[ueh ijbagZlvky \ wlhc aehklb ^Z`_ kZfhfm k_[_ ² gZklhevdh hg [hyeky ebrblvky
_^bgkl\_gghcih^^_j`db?_qm\kl\h\bguihih\h^mkh[kl\_gghcg_Z^_d\Zlghklbb _]h
kljZo^Zlv\uoh^k\h_cnjmkljZpbbihkl_i_gghgZjZklZeb@_gZiulZykvkijZ\blvkyk
mkbeb\Zxs_ckylj_\h]hcgZqZeZ aehmihlj_[eylv e_dZjkl\_ggufbij_iZjZlZfb b wlh \
dhgp_dhgph\ijb\_ehbo\ l_jZibx
?s_ h^bg jZkijhkljZg_gguc kl_j_hlbi ² lh qlh fh`gh gZa\Zlv
fZahobklbq_kdbfb k^_edZfb bg^b\b^ beb iZjZ [_kkhagZl_evgh `_jl\m_l \Z`ghc
`bag_gghckn_jhcjZ^bmki_oZb m^h\e_l\hj_gby\h\k_ohklZevguoWlZb]jZ\ jmkkdmx
jme_ldmk km^v[hcijb\h^ysZyd \h\e_q_gbx\ m]jh`Zxsb_kblmZpbb\ dhlhjuofh]ml
[ulv jZajmr_gu nmg^Zf_glZevgu_ `bag_ggu_ h`b^Zgby ² _s_ h^gZ nhjfZ
hlu]ju\Zgby]em[bgguofZahobklbq_kdboihlj_[ghkl_c
< jmkkdmx jme_ldm fh`gh b]jZlv b gZiZ^Zy gZ ex[bfh]h q_eh\_dZ b lZdbf
h[jZahfijh\hpbjmyhljbpZgb_khklhjhguh[t_dlZex[\bijbwlhfgZ^_ykvqlhex[h\v
\k_`_ih[_^blBgl_eeb]_glgZygZijy`_gghjZ[hlZxsZyl\hjq_kdZyijb\e_dZl_evgZy
`_gsbgZ [ueZ aZfm`_f aZ q_eh\_dhf k ZgZeh]bqgufb dZq_kl\Zfb ?_ fm` ²
ijh[b\Zxsbc k\hx ^hjh]m fheh^hc ijhn_kkbhgZe k g_jZaj_r_ggufb ijh[e_fZfb
hlghr_gby d \eZklb k l_g^_gpb_c [jhkZlv \uah\ l_f dh]h \hkijbgbfZe dZd
^hfbgbjmxsb_ hlph\kdb_ nb]mju b ijylZlvky ih^ djuehf kbevguo hi_dZxsbo
`_gsbg Hg [ue kughf ij_mki_\Zxs_]h \uau\Z\r_]h \hkobs_gb_ gh wfhpbhgZevgh
g_^hklmigh]h hlpZ k dhlhjuf hg ih k\h_fm [_kkhagZl_evghfm hsms_gbx g_ fh]
dhgdmjbjh\Zlv ?]h `_gZ [ueZ ^hq_jvx ^hfbgZglghc ^_kihlbqghc kdehgghc d
bihohg^jbb]em[hdhg_m^h\e_l\hj_gghc`_gsbguh[jZsZ\r_ckyk fm`_fdZdk jZ[hf
b [_kp_j_fhggh \f_rb\Z\r_cky \ `bagv \k_o k\hbo m`_ h[aZ\_^rboky kh[kl\_ggufb
k_fvyfb ^_l_c iZpb_gldZ [_kkhagZl_evgh \hkijhba\h^beZ ih^h[gh_ ih\_^_gb_ \
hlghr_gbyok kh[kl\_gguffm`_f
HgZ djblbdh\ZeZ _]h aZ qj_af_jgmx ij_^Zgghklv jZ[hl_ b g_^hklZlhqgh_
\gbfZgb_ d __ gm`^Zf hg j_Z]bjh\Ze gZ __ djblbdm lh fhlb\bjh\Zgguf \bghc
ih\_^_gb_flh^ebl_evgufbhlemqdZfbba^hfZ\hkijhba\h^ysbfbg_^hklmighklv_]h
hlpZ HgZ [_kkhagZl_evgh \hkkha^Z\ZeZ Zlfhkn_jm gZijy`_gby b oZhkZ ijbkmsmx __
jh^bl_evkdhfm ^hfm Z hg [_kkhagZl_evgh qm\kl\my k_[y ihl_ji_\rbf ihjZ`_gb_
ihkdhevdmg_fh]dhgdmjbjh\Zlvk mki_rgufhlphf\_ek_[y[_kkhagZl_evghihdhjguf
h[jZahfL_jZi_\lbq_kdh_\f_rZl_evkl\hijhbahrehdZdjZai_j_^hiZkgufkju\hf\ bo
hlghr_gbyo dhlhjuc ih kmlb ^he`_g [ue khhl\_lkl\h\Zlv fZahobklbq_kdhfm
ih^qbg_gbx `_gsbgu __ kh[kl\_gghc bgl_jgZebabjh\Zgghc fZl_jb b kbf\hebq_kdb
ih^l\_j`^Zlv_]hw^bih\hihjZ`_gb_
B^_heh]bq_kdZy jZpbhgZebaZpby fZahobklbq_kdbo \u[hjh\ bf__l \Z`gmx
nmgdpbx
m\_dh\_qb\Zgby
kZ^hfZahobklbq_kdbo
hlghr_gbc
FhjZevgh_
kZfhml\_j`^_gb_ beb ^Z`_ qm\kl\h ij_\hkoh^kl\Z h[mkeh\e_ggh_ khojZg_gb_f
hlghr_gbc k kZ^bklbq_kdbf gh klhysbf gb`_ iZjlg_jhf gZijbf_j kmijm]hf k
Zedh]hevghc aZ\bkbfhklvx beb ijbgZ^e_`Zsbf d ]hgbfhfm f_gvrbgkl\m eb[h
jZpbhgZebaZpb_c khojZg_gby g_kl_jibfuo hlghr_gbc jZ^b ^_l_c fh`_l [ulv
\deZ^hf\ aZsblgmxkbkl_fmWlmkblmZpbxg_h[oh^bfh^bnn_j_gpbjh\ZlvhlkblmZpbb
h[t_dlb\guo khpbZevguobeb wdhghfbq_kdbo h]jZgbq_gbc g_ iha\heyxsbo kmijm]m k
dhlhjufiehohh[jZsZxlkyebd\b^bjh\Zlvg_i_j_ghkbfu_hlghr_gby
Bkihevah\Zgb_ ^_l_c ^ey hijZ\^Zgby khojZg_gby \ujZ`_gb_ fZahobklbq_kdbo
hlghr_gbc ² kblmZpbyZgZeh]bqgZyhldeZ^u\Zgbx[_j_f_gghklb^hl_oihjdh]^ZhgZ
klZgh\blky g_\hafh`ghc m`_ ih [bheh]bq_kdbf ijbqbgZf WlZ ihke_^gyy kblmZpby
kem`blagZqbfuf p_gljhf \hdjm] dhlhjh]h dhgp_gljbjmxlky fgh]b_ fZahobklbq_kdb_
iZll_jgu @_gsbgZ dhlhjhc m^Z\Zehkv [_kkhagZl_evgh jZpbhgZebabjh\Zlv hlkjhqdm
aZfm`_kl\Z b jh`^_gby j_[_gdZ ^h ^hklb`_gby ihqlb iylb^_kylb e_l fh`_l
\ihke_^kl\bb knhjfbjh\Zlv \lhjbqgmx b^_heh]bq_kdmx kbkl_fm kh]eZkgh dhlhjhc lh
qlh hgZ g_ fh`_l bf_lv j_[_gdZ hijZ\^u\Z_l __ g_kqZklghklv gZ \kx hklZ\rmxky
`bagv
Nhjfbjh\Zgb_kh\f_klghckbkl_fup_gghkl_cp_f_glbjmxs_ckhxaiZjlg_jh\b
h[_ki_qb\Zxs_c bf k\h[h^m hl dhg\_gpbhgZevguo dmevlmjguo mklZgh\hd fh`_l [ulv
gZiheg_gh b^_heh]bq_kdbfb ko_fZfb jZpbhgZebabjmxsbfb fZahobklbq_kdh_ jZa\blb_
bo hlghr_gbc B ljZ^bpbhgguc dhg\_gpbhgZevguc \a]ey^ gZ aZ^Zqb `_gsbg dZd
h]jZgbq_ggu_ ^_lvfb p_jdh\vx b dmog_c b b^_heh]by hk\h[h`^_gby `_gsbg \
jZ\ghcf_j_fh]ml[ulvihklZ\e_gugZkem`[mfZahobklbq_kdbfl_g^_gpbyf@_gsbgZ
fh`_l gZijbf_j hl\_j]gmlv kl_j_hlbiu `_gkl\_gghklb b \f_kl_ k gbfb ² moh^ aZ
k\h_c \g_rghklvx beb fh`_l k [_kkhagZl_evgh ihjZ`_gq_kdhc p_evx
jZpbhgZebabjh\Zlv\jZ`^_[gmxijh\hdZlb\ghklvihhlghr_gbxd fm`qbgZfJ_Zevguc
ijhreuc hiul ij_[u\Zgby \ jheb `_jl\u ² gZijbf_j nbabq_kdh]h gZkbeby beb
bgp_klZ ² gZ ih\_joghklghf mjh\g_ g_j_^dh h[mkeh\eb\Z_l hsms_gb_ g_dbo k\hbo
ijZ\Z gZ[he__]em[hdhf ² b^_glbnbdZpbxk Z]j_kkhjhfbgl_jgZebah\Zgguf\ Kmi_j
W]h \ j_amevlZl_ q_]h kblmZpby ^mjgh]h h[jZs_gby \hkkha^Z_lky kgh\Z b kgh\Z b
ihabpby`_jl\uklZgh\blkyihklhygghc
Hkh[_gghklbi_j_ghkZ
Kj_^b fgh`_kl\Z kihkh[h\ jZkdjulby fZahobklbq_kdhc iZlheh]bb \ ijhp_kk_
ZgZeblbq_kdhc l_jZibb kms_kl\mxl jZkijhkljZg_ggu_ \ZjbZglu __ jZa\_jlu\Zgby \
i_j_ghk_ hibkZggu_ gb`_ JZggyy b^_ZebaZpby ZgZeblbdZ fh`_l [ulv oZjZdl_jgZ ^ey
iZpb_glZ nhdmkbjmxs_]hky gZ \g_rg_f iehohf ij_ke_^mxs_f h[t_dl_ k
ihke_^mxs_c g_kihkh[ghklvx ihdbgmlv wlhl iehohc h[t_dl beb ijhlb\hklhylv _fm
Lbibqghcy\ey_lkykblmZpbyfm`qbgu\h\e_q_ggh]h\ hlghr_gbyk `_gsbghcdhlhjmx
hg hibku\Z_l dZd ojhgbq_kdb njmkljbjmxsmx h[_kp_gb\Zxsmx ijh\hpbjmxsmx
wdk]b[bpbhgbklbqgmxghdhlhjmxhgg_\ khklhygbbhklZ\blvg_kfhljygZhq_\b^gu_
[_kkhagZl_evgu_dhjgbih^h[gh]hiheh`_gby^_eHiulihdZau\Z_lqlhlZdhciZpb_gl
jZgh beb iha^gh gZqbgZ_l k_lh\Zlv gZ g_kihkh[ghklv ZgZeblbdZ ihfhqv _fm beb
ijbgbfZ_lky h[\bgylv _]h \ ihiuldZo jZajmrblv ihl_gpbZevgh ohjhrb_ hlghr_gby
LZdbfh[jZahfb^_Zebabjh\ZggucZgZeblbdij_\jZsZ_lky\ ij_ke_^mxsbch[t_dl
Bgl_jij_lZpby lZdh]h jZa\blby i_j_ghkZ fh`_l h[gZ`blv agZqbl_evgmx
fZahobklbq_kdmx iZlheh]bx \kdju\Zy [_kkhagZl_evgmx ihlj_[ghklv iZpb_glZ
ljZgknhjfbjh\Zlvihl_gpbZevghihe_agu_hlghr_gby\ iehob_ihlhcijbqbg_qlh^ey
g_]hg_kl_jibfh[ulvh[t_dlhfihfhsbWlhhljZ`Z_l[_kkhagZl_evgh_qm\kl\h\bgub
fZahobklbq_kdb_ bklhdb kf_s_gby g_gZ\bklb hl kqblZxs_]hky Z[khexlgh iehobf
h[t_dlZ gZ Z[khexlgh ohjhrbc QZklh gZ [he__ ]em[bgghf mjh\g_ lZdhc i_j_ghk
iha\hey_l bkke_^h\Zlv fklbl_evgmx Z]j_kkbx ih hlghr_gbx d ijhrehfm Z[khexlgh
ohjhr_fmh[t_dlm\ dhlhjhfiZpb_glgm`^Zekyghdhlhjuc_]hnjmkljbjh\Ze>jm]b_
q_jlu wlh]h i_j_ghkZ ² [_kkhagZl_evgZy b^_glbnbdZpby k Z]j_kkhjhf h dhlhjhc
k\b^_l_evkl\m_l aZsblZ iZpb_glhf ijhreuo h[t_dlguo hlghr_gbc b lZcgZy
m^h\e_l\hj_gghklv qm\kl\hf fhjZevgh]h ij_\hkoh^kl\Z dhlhjh_ ^hklZ\ey_l ihabpby
kljZ^Zxs_c`_jl\u
G_]Zlb\gu_l_jZi_\lbq_kdb_j_Zdpbbh[mkeh\e_ggu_[_kkhagZl_evgufqm\kl\hf
\bgu lbibqgu ijb l_jZibb iZpb_glh\ k ly`_euf fZahobafhf GZijbf_j h^gZ
iZpb_gldZ\hkijbgbfZeZf_gydZddjblbqgh]hg_l_ji_eb\h]hb \eZklgh]hbf_gghlh]^Z
dh]^Z gZoh^beZkv ih^ m]jhahc ^_ckl\by kh[kl\_gguo ihjZ`_gq_kdbo iZll_jgh\
ih\_^_gby Z y iulZeky bgl_jij_lbjh\Zlv __ kh[eZag jZajmrblv \hagbdrb_ i_j_^ g_c
i_jki_dlb\gu_ \hafh`ghklb [m^mqb haZ[hq_g kZfhjZajmrbl_evgufb ijhp_kkZfb
ihjh`^Z_fufb_x\ kh[kl\_gghc`bagbLZ`_kZfZyiZpb_gldZ\hkijbgbfZeZf_gydZd
l_ieh]h b ihgbfZxs_]h q_eh\_dZ dh]^Z hgZ kkueZeZkv gZ k\h_ kZfhjZajmrbl_evgh_
ih\_^_gb_ Z y \ha^_j`b\Zeky hl bgl_jij_lZpbc < dhgp_ dhgph\ y kfh] ijhykgblv b
bgl_jij_lbjh\Zlv__ [_kkhagZl_evgu_mkbebykha^ZlvlZdmxkblmZpbx\ i_j_ghk_dh]^Z
[uhgZjZkkdZau\ZeZfg_h[m`Zkguokh[ulbyo\ k\h_c`bagbZ yl_iehb wfiZlbqgh__
kemrZe g_ [m^mqb \ khklhygbb ihfhqv lZdbf h[jZahf \klmiZy \ kdjuluc k]h\hj k __
kZfhjZajmrbl_evghklvx Ijb ihiuld_ `_ ihfhqv _c hgZ [u g_aZf_^ebl_evgh
\hkijbgyeZ f_gy dZd ZlZdmxs_]h \jZ]Z < i_j_ghk_ hgZ [_kkhagZl_evgh iulZeZkv
ljZgknhjfbjh\Zlvf_gy\ aZ\bkleb\ucb kZ^bklbq_kdbcfZl_jbgkdbcbgljh_dl
G_dhlhju_ fZahobklbq_kdb_ iZpb_glu kihkh[gu ihjh`^Zlv \ ZgZeblbd_ yjdb_
nZglZabb kiZk_gby kh[eZagyy _]h gZ ihiuldb ihfhqv bf lhevdh ^ey lh]h qlh[u
ijh^_fhgkljbjh\Zlv gZkdhevdh g_ijZ\bevgZ beb [_kihe_agZ wlZ ihfhsv DZd m`_
mihfbgZehkv \ ]eZ\_ lZdb_ ihiuldb kh[eZag_gby fh]ml k_dkmZebabjh\Zlvky b \
dhglji_jghk_ hljZ`Zlvky dZd nZglZabb kiZk_gby bf_xsb_ fhsguc wjhlbq_kdbc
dhfihg_gl
IZpb_glu k fZahobklbq_kdhc ebqghklghc hj]ZgbaZpb_c fh]ml g_y\gh
hldZau\Zlvky ij_^hklZ\eylv ihegmx bgnhjfZpbx h kh[kl\_gghf \deZ^_ \ k\hb
ljm^ghklb aZsbsZy lZdbf h[jZahf k\h_ fZahobklbq_kdh_ hlj_Z]bjh\Zgb_ < wlhf
kemqZ_ZgZeblbdlZd`_hdZau\Z_lky\ ihabpbbdh]^Zhg\hkijbgbfZ_lkyiZpb_glhfdZd
kbfiZlbabjmxsbc_fm^hl_oihjihdZg_iulZ_lkyh[t_dlb\ghhp_gblvkblmZpbx ²
lh]^Z _]h lml `_ ]g_\gh h[\bgyxl \ i_j_oh^_ gZ klhjhgm \jZ]Z <Z`gh ^hg_klb ^h
iZpb_glZ \ bgl_jij_lZpbb lhl nZdl qlh hg [_kkhagZl_evgh klZ\bl ZgZeblbdZ \
iheh`_gb_dh]^Zlhlh[j_q_gnjmkljbjh\Zlv_]hgm`^u
G_dhlhju_ fZahobklbq_kdb_ iZpb_glu gZklZb\Zxl gZ lhf qlh bf klZgh\blky
om`_ qlh l_jZiby \j_^bl bf gh \ lh `_ \j_fy hgb hldZau\Zxlky jZkkfhlj_lv
\hafh`ghklv lh]h qlh ZgZeblbd ^_ckl\bl_evgh g_ \ khklhygbb ihfhqv bf b jZamfgh
[ueh[uh[jZlblvkyaZihklhjhgg_cdhgkmevlZpb_cbebih^ukdZlv^jm]h]hl_jZi_\lZ
G_dhlhju_ ba lZdbo iZpb_glh\ mihjgh l\_j^yl qlh hgb kh]eZkgu gZ wlh]h
l_jZi_\lZbebgbdZdh]hlhevdhgZwlml_jZibxbebgZkZfhm[bckl\hykghh[gZjm`b\Zy
k\hx nbdkZpbx gZ l_dms_f l_jZi_\lbq_kdhf hiul_ dZd \j_^ghc ojhgbq_kdb
ljZ\fZlbq_kdhc kblmZpbb ² nbdkZpbx gZ Z[khexlgh iehohf \gmlj_gg_f h[t_dl_
kijh_pbjh\Zgghf gZ ZgZeblbdZ < dhglji_j_ghk_ ZgZeblbd fh`_l qm\kl\h\Zlv
klj_fe_gb_ ij_djZlblv l_jZibx ^Zggh]h iZpb_glZ ihwlhfm djZcg_ \Z`gh qlh[u wlh
dhgljljZgkn_j_glgh_`_eZgb_\uebehkv\ kbkl_fZlbq_kdbcZgZebaih\_^_gbyiZpb_glZ\
i_j_ghk_gZijZ\e_ggh]hgZijh\hpbjh\Zgb_ZgZeblbdZ
IjbjZ[hl_k iZpb_glZfbk hj]Zgbah\ZgghcfZahobklbq_kdhci_j\_jkb_ch^ghcba
jZggbo aZ^Zq l_jZibb y\ey_lky ZgZeba aZsblguo Zki_dlh\ b^_ZebaZpbb bfb k\h_]h
k_dkmZevgh]h fZahobafZ < [_kkhagZl_evghf agZq_gbb i_j\_jkbb b __ hljZ`_gby \
i_j_ghk_ fu g_j_^dh h[gZjm`b\Z_f ik_\^hb^_ZebaZpbx dZd k_dkmZevgh]h fZahobafZ
lZd b ZgZeblbdZ LZdZy ik_\^hb^_Zebabpby gZ [_kkhagZl_evghf mjh\g_ hljZ`Z_l
aZf_s_gb_ ]_gblZevgh]h i_gbkZ ZgZevguf n_dZevguf i_gbkhf j_]j_kkbx ba w^bih\Z
fbjZ h[t_dlguo hlghr_gbc \ ZgZevguc b khhl\_lkl\mxsbc dZd [u DV LW hll_ghd
i_j_ghkZ h[mkeh\e_gguc hljbpZgb_f w^bih\uo dhgnebdlh\ hibkZgguf RZkk]_
Kfbj`_ev < ^ZgghckblmZpbbhkh[h_\gbfZgb_ke_^m_lh[jZlblvgZdZd
[u Zki_dlu ZkkhpbZlb\gh]h fZl_jbZeZ b i_j_ghkZ ² ^bgZfbdm \ hkh[_gghklb
ijhke_`b\Zxsmxky m fm`qbg M `_gsbg aZ fZahobklbq_kdbfb nZglZabyfb
bagZkbeh\Zgby fm`qbgZfbkZ^bklZfb fu qZklh h[gZjm`b\Z_f g_hkhagZ\Z_fuc h[jZa
\lhj]Zxs_cky nZeebq_kdhc fZl_jb G_m^b\bl_evgh qlh `_gsbgu k fZahobklbq_kdhc
ebqghklghc hj]ZgbaZpb_c kdehggu ih^^Z\Zlvky kh[eZagm \klmiblv \ ^_kljmdlb\gu_
k_dkmZevgu_ hlghr_gby k g_wlbqgufb l_jZi_\lZfb qlh _s_ [he__ hkeh`gy_l bo
l_jZibx m ihke_^mxsbo l_jZi_\lh\ @_gsbgu k gZjpbkkbq_kdhc ebqghklghc
hj]ZgbaZpb_c fh]ml klj_fblvky d kh[eZag_gbx l_jZi_\lZ dZd k\b^_l_evkl\m
hdhgqZl_evgh]hljbmfnZgZ^gbf
Qm\kl\h [ebahklb ^Z`_ kebygby ijb \aZbfh^_ckl\bb k h[t_dlb\gh hiZkguf
kZ^bklbq_kdbfh[t_dlhf\ dhgl_dkl_kZ^hfZahobklbq_kdh]hkp_gZjbydZdkms_kl\_ggh]h
Zki_dlZ k_dkmZevguo \aZbfh^_ckl\bc h[uqgh mdZau\Z_l gZ ly`_emx ^hw^bih\m
ljZ\fZlbaZpbx b nbdkZpbx gZ g_h[oh^bfhf gh ljZ\fbjmxs_f h[t_dl_ IZpb_glu k
ih^h[ghc ^bgZfbdhc jZa\b\Zxl kbevguc hlghkbl_evgh fZeh wjhlbabjh\Zgguc
kZ^hfZahobklbq_kdbc i_j_ghk \ ijhlb\hiheh`ghklv iZpb_glZf kh agZqbl_evghc
wjhlbaZpb_c i_j_ghkZ qvb kZ^hfZahobklbq_kdb_ nZglZabb hljZ`Zxl [_kkhagZl_evgmx
j_Zdlb\Zpbx i_j\bqghc kp_gu khhl\_lkl\mxs_c ijh^\bgmlhc w^bih\hc klZ^bb
NZglZabcgZy b^_glbnbdZpby k h[hbfb jh^bl_eyfb \ k_dkmZevghf Zdl_ b
fZahobklbq_kdh_bkdmie_gb_\bguk\yaZgghck w^bih\ufljbmfnhffh`_lkh_^bgylvky
k gZjpbkkbq_kdhc nZglZab_c ^\mihehklb dh]^Z g_l gm`^u \klmiZlv \ im]Zxsb_
aZ\bkbfu_hlghr_gbyk dZdbfeb[hh[t_dlhfWlh\_kvfZjZkijhkljZg_ggZy^bgZfbdZm
gZjpbkkbq_kdboiZpb_glh\
< [he__ jZgg_c jZ[hl_ y khh[sZe h k\h_f hiul_ ikbohZgZeblbq_kdhc
l_jZibb g_dhlhjuo iZpb_glh\ k ly`_euf kZ^hfZahobklbq_kdbf i_j_ghkhf dhlhju_
dZaZehkvhl\_j]Zebex[u_ihiuldbbgl_jij_lZpbb\ l_q_gb_fgh]bof_kyp_\Hkgh\ghc
q_jlhc bo i_j_ghkZ [ueb ihklhyggu_ h[\bg_gby f_gy \ ydh[u jZahqZjh\u\Zxs_f
Z]j_kkb\ghf\lhj]Zxs_fkyoheh^ghfbebh[_kp_gb\Zxs_fih\_^_gbbihhlghr_gbxd
gbf ijb hlkmlkl\bb dZdhceb[h \hafh`ghklb ijhykgblv nZglZklbq_kdbc beb
ij_m\_ebq_ggucoZjZdl_jwlboij_l_gabcWlhy\ey_lky\ujZ`_gb_fly`_ehcj_]j_kkbb
\ i_j_ghk_m g_ih]jZgbqguobebg_ikbohlbq_kdbo\ h[uqghckblmZpbbiZpb_glh\Ihke_
djhihleb\h]h bamq_gby dZ`^h]h kemqZy dhlhjuc \ \hkijbylbb iZpb_glZ hijZ\^u\Ze
ih^h[gu_ h[\bg_gby y ihij_`g_fm g_ \ khklhygbb [ue qlheb[h ^hdZaZlv ij_`^_
\k_]h ihlhfm qlh k hq_\b^ghklvx g_\hafh`gh [ueh k\yaZlv wlb i_j_`b\Zgby k bo
ij_^r_kl\_ggbdZfb \ ijhrehf Lh]^Z y j_rbe dhgnjhglbjh\Zlv iZpb_glh\ kh k\hbf
ihegufg_kh]eZkb_fk bofg_gb_fh fh_f^mjghfh[jZs_gbbk gbfbH^gh\j_f_gghy
ih^q_jdb\ZeqlhfhbfgZf_j_gb_f[uehg_m[_^blvbo\ ijZ\bevghklbfh_cihabpbbZ
\uy\blvg_kh\f_klbfhklvgZr_]h\hkijbylbyj_Zevghklb\ hij_^_e_gguolhqdZoqlh[u
k^_eZlv __ h[t_dlhf ZgZeblbq_kdh]h bkke_^h\Zgby LZdhc ih^oh^ iha\hebe fg_
ihkl_i_ggh h[hagZqblv lh qlh fh`gh gZa\Zlv bklbgghc ihl_j_c qm\kl\Z j_Zevghklb \
i_j_ghk_ ikbohlbq_kdbf y^jhf i_j_ghkZ b \ha\_klb wlm g_kh\f_klbfhklv gZrbo
j_Zevghkl_c d __ ]_g_lbq_kdbf ij_^r_kl\_ggbdZf JZamf__lky lZdhc imlv lj_[m_l hl
ZgZeblbdZ\ djblbq_kdb_fhf_glul_jZibblsZl_evgh]hhlke_`b\Zgbyk\h_cihabpbb\
dhglji_j_ghk_
G:JPBKKBAF
GZjpbkkbq_kdZy ikbohiZlheh]by \ iZjZo bf__l fgh`_kl\h \ZjbZpbc H^gZ iZjZ
khagZl_evghklj_fblkyih^^_j`b\Zlv\ ]eZaZohdjm`Zxsbog_j_Zebklbqguch[jZak\hbo
hlghr_gbcdZddZjlbgmihegh]h\aZbfgh]hm^h\e_l\hj_gby>jm]ZyiZjZ[_kkhagZl_evgh
aZdexqZ_l fheqZeb\uc ^h]h\hj \ khhl\_lkl\bb k dhlhjuf h^bg iZjlg_j [_a`Zehklgh
wdkiemZlbjm_l ^jm]h]h IkbohZgZeblbq_kdh_ bkke_^h\Zgb_ ihdZau\Z_l qlh ijb khxa_
lbibqgh]h gZjpbkkbq_kdh]h iZjlg_jZ k fZahobklbq_kdbf bo ih\_^_gb_ g_ h[yaZl_evgh
lhqgh khhl\_lkl\m_l oZjZdl_jm iZlheh]bb dZ`^h]h < p_ehf fh`gh kdZaZlv qlh
[_kkhagZl_evgZy b^_glbnbdZpby iZjlg_jZ k kh[kl\_ggufb ^bkkhpbbjh\Zggufb b
kijh_pbjh\Zggufb Zki_dlZfb \ khq_lZgbb k \aZbfghc bg^mdpb_c dhfie_f_glZjguo
jhe_c iml_f ijh_dlb\ghc b^_glbnbdZpbb g_j_^dh ijb\h^bl d lZdhfm jZkij_^_e_gbx
jhe_c \ iZj_ dhlhjh_ ijhba\h^bl eh`gh_ \i_qZle_gb_ h ikbohiZlheh]bb dZ`^h]h
iZjlg_jZ
GZijbf_j [_kp_j_fhggZy w]hp_gljbq_kdZy wdkiemZlZpby fm`_f `_gu fh`_l
hljZ`Zlv _]h k_jv_agmx gZjpbkkbq_kdmx ikbohiZlheh]bx b klj_fe_gb_ [ulv `_jl\hc
k\h_c `_gu H^gZdh bkke_^h\Zgb_ khagZl_evguo b [_kkhagZl_evguo \aZbfh^_ckl\bc
iZju fh`_l jZkdjulv qlh hgZ [_kkhagZl_evgh ijh\hpbjm_l _]h b ijh_pbjm_l gZ g_]h
kh[kl\_ggh_ kZ^bklbq_kdh_ Kmi_jW]h =em[bgZ b \_jghklv k\hbf h[yaZl_evkl\Zf
oZjZdl_jbamxsb_fm`Z\ hlghr_gbyok ^jm]bfb]h\hjyl\ ihevamkdhj__bgnZglbebafZ
q_f gZjpbkkbq_kdhc iZlheh]bb LZdbf h[jZahf gZf ijboh^blky bf_lv ^_eh k ^\mfy
ijh[e_fZfb gZjpbkkbq_kdhc ikbohiZlheh]b_c m h^gh]h beb h[hbo iZjlg_jh\ b
\aZbfhh[f_ghf ebqghklgufb Zki_dlZfb \ j_amevlZl_ dhlhjh]h \ iZj_ \hagbdZxl
iZlheh]bq_kdb_hlghr_gbyg_khhl\_lkl\mxsb_bg^b\b^mZevghciZlheh]bbdZ`^h]hba
iZjlg_jh\
OZjZdl_jbklbdZgZjpbkkbq_kdboex[h\guohlghr_gbc
IkbohZgZeblbq_kdh_ bkke_^h\Zgb_ ex[h\guo hlghr_gbc gZjpbkkbq_kdbo
ebqghkl_cfh`ghgZqZlv kh kjZ\g_gby iZj \ dhlhjuoh^bgbeb h[ZiZjlg_jZ kljZ^Zxl
gZjpbkkbq_kdbf ebqghklguf jZkkljhckl\hf b iZj [_a lZdbo ijbagZdh\ Q_eh\_d k
g_iZlheh]bq_kdbf gZjpbkkbafhf kihkh[_g \ex[blvky b ih^^_j`b\Zlv ex[h\gu_
hlghr_gby\ l_q_gb_^ebl_evgh]hi_jbh^ZIjbgZb[he__ly`_euokemqZyogZjpbkkbafZ
bg^b\b^mmfg_kihkh[_g\ex[blvky ² wlhiZlh]ghfhgbq_kdbcijbagZdiZlheh]bq_kdh]h
gZjpbkkbafZ B ^Z`_ gZjpbkkbq_kdZy ebqghklv kihkh[gZy bkiulu\Zlv \ex[e_gghklv \
l_q_gb_ dhjhldh]h \j_f_gb kms_kl\_ggh hlebqZ_lky hl bg^b\b^h\ k ghjfZevghc
kihkh[ghklvx\ex[eylvky
?keb gZjpbkkbq_kdbc bg^b\b^mmf \ex[e_g b^_ZebaZpby bf h[t_dlZ ex[\b
fh`_l nhdmkbjh\Zlvky gZ nbabq_kdhc djZkhl_ dZd ij_^f_l_ \hkobs_gby gZ \eZklb
[h]Zlkl\_ keZ\_ dZd ^hklhcguo \hkobs_gby b [_kkhagZl_evgh bgdhjihjbjm_fuo \
kh[kl\_ggh_Y Zljb[mlZo
W^bih\ j_ahgZgk oZjZdl_jguc ^ey \k_o ex[h\guo hlghr_gbc ih[m`^Z_l
gZjpbkkbq_kdmx ebqghklv \ke_^kl\b_ ]em[hdhc njmkljZpbb b h[b^u b^msbo ba
ijhreh]h [_kkhagZl_evgh klj_fblvky d hlghr_gbyf mijZ\ey_fuf Z]j_kkb_c g_ \
f_gvr_c beb ^Z`_ \ [hevr_c kl_i_gb q_f ex[h\vx baaZ ]em[hdhc njmkljZpbb b
]g_\ghch[b^u\ ijhreuohlghr_gbyoWlhijhreh_\ nZglZabb^he`gh[ulvfZ]bq_kdb
ij_h^he_gh k_dkmZevguf m^h\e_l\hj_gb_f hl gh\h]h h[t_dlZ W^bih\h khi_jgbq_kl\h
j_\ghklv b g_[_ahiZkghklv kh_^bgyxlky k ^hw^bih\hc Z]j_kkb_c kf_s_gghc \ w^bih\m
kn_jm GZjpbkkbq_kdb_ iZpb_glu h[gZjm`b\Zxl [_kkhagZl_evguc kljZo i_j_^
ex[h\guf h[t_dlhf h[mkeh\e_gguc kijh_pbjh\Zgghc Z]j_kkb_c djhf_ lh]h ^ey gbo
oZjZdl_j_g jZabl_evguc g_^hklZlhd \gmlj_gg_c k\h[h^u dhlhjZy iha\heyeZ [u
bgl_j_kh\Zlvkyebqghklvx^jm]h]hBok_dkmZevgh_\ha[m`^_gb_gZoh^blkyih^\eZklvx
[_kkhagZl_evghc aZ\bklb d ^jm]hfm ihem ]em[hdhc h[b^u baaZ ^jZagys_]h hldZaZ \
jZgg_fm^h\e_l\hj_gbb`Z^ghklbb g_gZkulghklbgZ^_`^uijbk\hblvk_[_lh\ q_fbf
[uehhldZaZghij_`^_qlh[uba[Z\blvkygZdhg_phllhfbl_evghcly]bd wlhfm
>ey gZjpbkkbq_kdh]h iZjlg_jZ `bagv ijhl_dZ_l \ baheypbb I_jki_dlb\Z
aZ\bkbfhklb hl ^jm]h]h \gmrZ_l kljZo ihkdhevdm y\ey_lky ijbagZgb_f h^gh\j_f_ggh
aZ\bklb b [eZ]h^Zjghklb aZ aZ\bkbfhklv khhl\_lkl\_ggh aZ\bkbfhklv aZf_sZ_lky
ij_bkiheg_gghc qm\kl\Z ijZ\hlu lj_[h\Zl_evghklvx beb i_j_`b\Zgb_f njmkljZpbb
dh]^Z lj_[h\Zgby g_ \uihegyxlky H[b^u gZjZsb\Zxlky b p_f_glbjmxlky lZd qlh bo
ljm^gh jZkl\hjblv fhf_glZfb [ebahklb e_]q_ jZaj_rblv bo iml_f hls_ie_gby
jZaebqguo Zki_dlh\ i_j_`b\Zgbc ^jm] hl ^jm]Z ih^^_j`b\Zy ^mr_\guc fbj p_ghc
njZ]f_glZpbb hlghr_gbc Ijb gZbom^r_f kp_gZjbb \hagbdZ_l m^mrZxs__ qm\kl\h
g_k\h[h^u b ij_ke_^h\Zgby kh klhjhgu ^jm]h]h G_ijbagZ\Z_fu_ b g_ijb_fe_fu_
Zki_dlu Y ijh_pbjmxlky gZ iZjlg_jZ jZ^b khojZg_gby Yb^_ZeZ ;_kkhagZl_evgh_
ijh\hpbjh\Zgb_ iZjlg_jZ gZ lh qlh[u \_klb k_[y kh]eZkgh kijh_pbjh\Zgguf gZ g_]h
Zki_dlZf Y gZoh^bl khhl\_lkl\b_ \ gZiZ^dZo gZ g_]h b _]h hljbpZgbb ² [eZ]h hg
\hkijbgbfZ_lkylZdbfbkdZ`_gghfh[jZahf
Kbf\hebq_kdZybgdhjihjZpby\uau\Zxsbo\hkobs_gb_dZq_kl\^jm]h]hg_j_^dh
kem`bl bklhqgbdhf gZjpbkkbq_kdh]h m^h\e_l\hj_gby JUDWLILFDWLRQ gZjpbkkbq_kdZy
`_gsbgZ \ur_^rZy aZfm` aZ m\Z`Z_fh]h \ h[s_kl\_ q_eh\_dZ fh`_l ihklhyggh
dmiZlvky\ emqZo_]hba\_klghklbdh]^ZhgbgZoh^ylkygZim[ebd_H^gZdh\ ijb\Zlghc
h[klZgh\d_ wlh g_ ihf_rZ_l _c bkiulu\Zlv g_\ughkbfmx kdmdm \^h[Z\hd d
[_kkhagZl_evgufdhgnebdlZfk\yaZggufk aZ\bklvxHlkmlkl\b_kh\f_klguop_gghkl_c
ij_iylkl\m_l hldjulbx kn_ju gh\uo bgl_j_kh\ dhlhju_ klZeb [u bklhqgbdhf gh\h]h
\a]ey^Z gZ fbj beb ^jm]b_ hlghr_gby Hlkmlkl\b_ ex[hiulkl\Z ih hlghr_gbx ^jm] d
^jm]mb khhl\_lkl\mxsZykblmZpbydh]^Zg_ihkj_^kl\_ggh_ih\_^_gb_dZ`^h]h^he`gh
ij_`^_ \k_]h \uau\Zlv hl\_lgmx j_Zdpbx Z \h\k_ g_ \hkijbgbfZlvky dZd hljZ`_gb_
bgl_j_kZ d \gmlj_gg_c j_Zevghklb ^jm]h]h y\ey_lky p_gljZevghc ijh[e_fhc
gZjpbkkbafZ h[mkeh\e_gghc ]em[bgghc ^bnnmab_c b^_glbqghklb b g_^hklZldhf
kihkh[ghklb d ]em[hdhc wfiZlbb ih hlghr_gbx d ^jm]bf b wlh aZdju\Z_l imlv d
ihgbfZgbx `bagb ^jm]h]h Bklhqgbdb m^h\e_l\hj_gby y\gh g_^hklZlhqgu \ke_^kl\b_
q_]h ^hfbgbjmxs__ f_klh aZgbfZxl kdmdZ g_\hafh`ghklv dhgl_cgbjh\Zlv
\hagbdZxsbc]g_\ojhgbq_kdZynjmkljZpbyb i_j_`b\Zgb_hlghr_gbcdZdlxjvfu<k_
wlh^hihegy_lkyg_ba[_`ghcZdlb\baZpb_c[_kkhagZl_evguodhgnebdlh\baijhreh]hZ
lZd`_ ijhju\hf njmkljZpbb b Z]j_kkbb \ bglbfgu_ hlghr_gby iZju < k_dkmZevghc
kn_j_[_kkhagZl_evgZyaZ\bklvd ^jm]hfmkZfuf^jZfZlbqgufh[jZahfljZgknhjfbjm_l
b^_ZebaZpbx l_eZ ^jm]h]h \ _]h h[_kp_gb\Zgb_ kihkh[kl\m_l ij_\jZs_gbx
k_dkmZevgh]hm^h\e_l\hj_gby\ i_j_`b\Zgb_mki_oZhddmiZpbbb bgdhjihjZpbb^jm]h]h
mgbqlh`Z_l [h]Zlkl\h ijbfblb\guo h[t_dlguo hlghr_gbc Zdlb\babjm_fuo \
ghjfZevghcihebfhjnghci_j\_jab\ghck_dkmZevghklbb \ueb\Z_lky\ kdmdm
Fh`_l \hagbdgmlv \hijhk ^_ckl\bl_evgh eb gZjpbkkbq_kdZy ebqghklv kihkh[gZ
ex[blvlhevdhk_[yK fh_clhqdbaj_gby ^be_ffZkhklhblg_\ lhfijhbkoh^bl
eb \eh`_gb_ \ Y beb \ h[t_dlj_ij_a_glZpbx bgZq_ ]h\hjy \ Yj_ij_a_glZpbx dZd
ijhlb\hiheh`gmxh[t_dlj_ij_a_glZpbb<hijhk\ lhfdZdh]hjh^ZY bg\_klbjm_lky ²
kihkh[ghklv bgl_]jbjh\Zlv ex[h\v b g_gZ\bklv ih^ mijZ\e_gb_f ex[\b beb
iZlheh]bq_kdh_ ]jZg^bhagh_ Y EZieZgr dhff_glbjmy wkk_ Nj_c^Z h
gZjpbkkbaf_\ukdZaZefukevqlhZgZeblbq_kdZyb gZjpbkkbq_kdZyex[h\vij_^iheZ]Z_l
h[t_dlgu_hlghr_gbyBdZdhlf_lbe\Zg^_j<ZZek ^_ehg_\ lhfqlhgZjpbkk
ex[bl lhevdh k_[y b gbdh]h [hevr_ Z \ lhf qlh hg ex[bl k_[y lZd `_ iehoh dZd b
^jm]h]h
JZkkfhljbf \aZbfh^_ckl\b_ gZjpbkkbq_kdbo b h[t_dlgh hjb_glbjh\Zgguo
Zki_dlh\ h[uqguo ex[h\guo hlghr_gbc Bgufb keh\Zfb aZ^Z^bfky \hijhkhf dZd \
klZ[bevguo ex[h\guo hlghr_gbyo m^h\e_l\hj_gb_ Y k\yaZgh k m^h\hevkl\b_f hl
^jm]h]h b \gmlj_ggbfb h[yaZl_evkl\Zfb i_j_^ gbf" Ihkdhevdm \u[jZgguc gZfb
iZjlg_j hljZ`Z_l gZr b^_Ze gZrb \ex[e_gghklv b ex[h\v bf_xl y\gh
gZjpbkkbq_kdbc hll_ghd B ihkdhevdm ijbkmlkl\m_l khagZl_evgh_ b [_kkhagZl_evgh_
klj_fe_gb_^hihegblvk_[y ² gZqbgZy\hklhj]hfb m^h\e_l\hj_gb_fhllh]hqlh^jm]hc
ijbgbfZ_l b ^Z`_ gZkeZ`^Z_lky \ gZk l_f qlh fu kZfb \ k_[_ g_ ijbgbfZeb b
aZdZgqb\Zyij_h^he_gb_fh]jZgbq_gbckh[kl\_ggh]hiheZ\ [bk_dkmZevghf_^bgkl\_k
iZjlg_jhf ² wlh ^hiheg_gb_ h[kem`b\Z_l gZjpbkkbq_kdb_ p_eb < lh `_ \j_fy
ihkdhevdm^jm]hch[_ki_qb\Z_lm^h\e_l\hj_gb_dZdihlj_[ghkl_c\ ijb\yaZgghklblZdb
w^bih\uo ihlj_[ghkl_c b \hagZ]jZ`^Z_l [eZ]h^Zjghklvx aZ lh qlh ihemqZ_l kZf
ex[h\gu_ hlghr_gby g_khfg_ggh y\eyxlky h[t_dlghhjb_glbjh\Zggufb < gbo
ijbkmlkl\mxl Zevljmbklbq_kdb_ q_jlu ihjZaghfm kh_^bgyxsb_ \ k_[_ w]hp_gljbaf b
kZfhih`_jl\h\Zgb_ij_^Zgghklv^jm]hfmb kZfhm^h\e_l\hj_gb_Fh`ghk^_eZlv\u\h^
qlhghjfZevgucgZjpbkkbafb h[t_dlgZyhjb_glbjh\Zgghklv^hihegyxl^jm]^jm]Z
Ijbf_gbl_evgh d debgbq_kdhc ijZdlbd_ lh h q_f y kdZaZe ij_^iheZ]Z_l
g_h[oh^bfhklv hl^_evgh jZkkfZljb\Zlv ih\_^_gq_kdbc iZll_jg \ dhlhjhf
klZ[bebabjh\Zebkv beb aZdhgk_j\bjh\Zebkv hlghr_gby \ iZj_ b kljmdlmjm ebqghklb
dZ`^h]hiZjlg_jZGZjpbkkbq_kdh_ebqghklgh_jZkkljhckl\hm h^gh]hbaiZjlg_jh\[_a
khfg_gby gZdeZ^u\Z_l hli_qZlhd gZ hlghr_gby b \ g_dhlhjuo kemqZyo jZaj_r_gb_
]em[hdh]h ^ebl_evgh]h kmijm`_kdh]h dhgnebdlZ lj_[m_l fh^bnbdZpbb ebqghklghc
kljmdlmju h^gh]h beb h[hbo iZjlg_jh\ QZs_ h^gZdh jZaj_r_gb_ iZlheh]bq_kdh]h
\aZbfh^_ckl\byk ihfhsvxikbohZgZebaZb ikbohl_jZibb ² eb[hjZa^_e_gbyb jZa\h^Z
² h[gZjm`b\Z_l \ dZdhc f_j_ lh qlh \u]ey^_ehgZjpbkkbq_kdhc iZlheh]b_c m h^gh]h
beb h[hbo iZjlg_jh\ [ueh j_amevlZlhf [_kkhagZl_evgh]h \aZbfgh]h fheqZeb\h]h
kh]eZkbygZwdkiemZlZpbxb \ujZ`_gb_Z]j_kkbbihjh`^_ggh]h^jm]bfbdhgnebdlZfb
>\ZkemqZybadebgbq_kdhcijZdlbdb
< i_j\hf kemqZ_ j_qv b^_l h g_yjdh \ujZ`_gghf gh i_jfZg_glghf dhgnebdl_
f_`^m fm`_f bf_xsbf gZ i_j\uc \a]ey^ gZjpbkkbq_kdmx Z \ ^_ckl\bl_evghklb
h[k_kkb\ghdhfimevkb\gmx ebqghklgmx kljmdlmjm b `_ghc k ^_ij_kkb\gh
fZahobklbq_kdbfb ebqghklgufb q_jlZfb Fm` ijhba\h^be \i_qZle_gb_ oheh^gh]h
^bklZgpbjh\Zggh]h b [_ajZaebqgh]h d gm`^Zf `_gu hgZ `_ fheqZ kljZ^ZeZ hl _]h
qj_af_jguo h`b^Zgbc Hg [ue kughf ]bi_jhi_dZxs_c gZjpbkkbq_kdhc fZl_jb qvy
haZ[hq_gghklvihjy^dhfZ lZd`_hiZkghklvxbgn_dpbcb nbabq_kdboaZ[he_\Zgbc[ueZ
^hfbgbjmxsbf nZdlhjhf _]h ^_lkl\Z b ^h[jh^mrgh]h hlpZ ij_^hklZ\b\r_]h fZl_jb
\_klb ^hfZrg__ ohayckl\h KZfh]h iZpb_glZ hq_gv ijb\e_dZeZ l_iehlZ b kihdhcguc
oZjZdl_j`_guZ g_dhlhjZy[_kihjy^hqghklv__ ^_ckl\bcaZ[Z\eyeZb mkihdZb\ZeZHgZ
² ^hqv \eZklghc gh [_kihjy^hqghc b g_\gbfZl_evghc fZl_jb b eZkdh\h]h gh qZklh
hlkmlkl\mxs_]h hlpZ ² [ueZ ijbylgh ihjZ`_gZ l_f dZdh_ \gbfZgb_ m^_ey_l fm`
ihjy^dm b qbklhl_ Gh ihke_ g_kdhevdbo e_l [jZdZ hdZaZehkv qlh gZ\yaqb\Zy
ihlj_[ghklvfm`Z \ ihjy^d_b qbklhl_ \hajhkeZiZjZee_evghg_jyreb\hklb `_gu HgZ
j_adhh[\bgyeZ_]h\ lhfqlhhgi_j_]jm`Z_l__ \kydbfb^_eZfbij_g_[j_]Zyijbwlhf
kh[kl\_ggufb h[yaZgghklyfb Z hg __ ² \ lhf qlh hgZ jZa^jZ`Z_l k\hbf g_[j_`guf
hlghr_gb_fd \_^_gbxohayckl\Z
Ihkl_i_gghdhgnjhglZpbykhreZgZg_l ² fm`k^ZekyH^gZdhhlkljZgb\rbkv
hg [_kkhagZl_evgh kihkh[kl\h\Ze [_aZeZ[_jghklb `_gu Ihkl_i_ggh hg bahebjh\Ze hl
g__ k\hb bgl_j_ku b k\hb ebqgu_ \_sb b aZfdgmeky \hkijbgbfZy __ ijb wlhf dZd
[_ajZaebqgmx b g_\gbfZl_evgmx d g_fm b h^gh\j_f_ggh bkiulu\Zy \bgm aZ k\h_
ij_g_[j_`_gb_ _x Iha^g__ \ ijhp_kk_ ikbohZgZeblbq_kdhc l_jZibb h[gZjm`behkv
qlh hg h[b`_g gZ g__ dZd gZ jZ\gh^mrgmx fZlv h^gh\j_f_ggh [_kkhagZl_evgh
b^_glbnbpbjmykvk kh[kl\_ggufhlphfdhlhjucij_^hklZ\befZl_jbmijZ\eylv^hfhf
< j_amevlZl_ hg h]jZgbqb\Ze \hafh`ghklb k\h_]h \ebygby b m^h\e_l\hj_gghklb \ lhf
qlh\hfgh]bohlghr_gbyofh]eh[u[ulvhq_gvm^h\e_l\hjbl_evguf[jZdhf?]h`_gZ
\ k\hx hq_j_^v \k_ [he__ \hkijbgbfZeZ _]h dZd oheh^gh]h [_ajZaebqgh]h b
khkj_^hlhq_ggh]hgZk_[_q_eh\_dZZ k_[y ² dZd`_jl\mljZ^bpbhgghiZljbZjoZevgh]h
kmijm]Z
< oh^_ bg^b\b^mZevghc ikbohZgZeblbq_kdhc l_jZibb b bkke_^h\Zgby
kmijm`_kdh]h dhgnebdlZ ijh\h^b\r_]hky iZjZee_evgh ^jm]bf l_jZi_\lhf \ jZfdZo
djZldh\j_f_gghc ikbohZgZeblbq_kdhc l_jZibb bo [_kkhagZl_evguc k]h\hj klZe
hq_\b^_g IhgbfZgb_ wlh]h kdjulh]h kh]eZr_gby ijb\_eh d fhf_glZevghfm
bkq_agh\_gbx lh]h qlh i_j\hgZqZevgh dZaZehkv ly`_eufb gZjpbkkbq_kdbfb
hldehg_gbyfbfm`Zb \ujZ`_ggufbfZahobklbq_kdbfbq_jlZfbm `_gu
<h \lhjhf kemqZ_ j_qv b^_l h oh^_ ikbohZgZeblbq_kdhc l_jZibb m fm`qbgu k
ly`_ehcgZjpbkkbq_kdhciZlheh]b_ch[jZlb\r_]hkydhfg_\ k\yabk l_fqlhhgg_fh]
khojZgylv hlghr_gby k `_gsbgZfb m^h\e_l\hjy\rbfb _]h dZd wfhpbhgZevgh lZd b
k_dkmZevgh Fj E ² ij_mki_\Zxsbc Zjobl_dlhj qmlv klZjr_ khjhdZ e_l ² ljb`^u
[ue `_gZl b ljb`^u jZa\_eky ijb wlhf [u\rbo `_g \kihfbgZe dZd ij_^Zgguo _fm
ijb\e_dZl_evguo b mfguo GZ^h kdZaZlv qlh kh \k_fb lj_fy `_gsbgZfb m g_]h
keh`bebkv m^h\e_l\hjbl_evgu_ k_dkmZevgu_ hlghr_gby ^h [jZdZ @_gb\rbkv hg
iheghklvxl_jyed gbf k_dkmZevgucbgl_j_k Kmijm`_kdb_ hlghr_gbyij_\jZsZebkv \
g_dmx[jZlkdhk_kljbgkdmx^jm`[mg_m^h\e_l\hjbl_evgmx^eyh[hboiZjlg_jh\qlh\
dhgp_dhgph\ijb\h^behd jZa\h^mFj Eg_ohl_e^_l_chg[hyekyqlhhgbgZjmrZl
klbev_]h`bagbb ebrZl_]hk\h[h^u
;eZ]h^Zjyijhn_kkbhgZevghfmiheh`_gbxb Z^fbgbkljZlb\gufgZ\udZffjZE
m g_]h hklZ\Zehkv fgh]h \j_f_gb gZ [_kdhg_qgu_ ihbkdb gh\h]h hiulZ k `_gsbgZfb
Wlhlhiul[ue^\mojh^h\
k_dkmZevguc ihemqZ_fuc \ hlghr_gbyo bgl_gkb\guo gh djZldh\j_f_gguo \
kbem [ukljhc ihl_jb bgl_j_kZ d iZjlg_jr_ b ieZlhgbq_kdb_ beb ij_bfms_kl\_ggh
ieZlhgbq_kdb_hlghr_gbydh]^Z`_gsbgZ\uklmiZeZ\ dZq_kl\_^h\_j_ggh]hebpZbeb
kh\_lqbpubeb^jm]Z
GZjZgg_cklZ^bbl_jZibb\ l_q_gb_fgh]bof_kyp_\gZi_j\hfieZg_hklZ\ZeZkv
fhsgZy aZsblZ fjZ E hl m]em[e_gby hlghr_gbc i_j_ghkZ ebrv ihkl_i_ggh
ijhykg_ggZydZdaZsblZhl[_kkhagZl_evghcaZ\bklbd ZgZeblbdm ² `_gZlhfmfm`qbg_
dhlhjuc fh] gZkeZ`^Zlvky hlghr_gbyfb m^h\e_l\hjbl_evgufb b wfhpbhgZevgh b
k_dkmZevgh <h \j_fy k_kkbc fj E ihklhyggh gZkf_oZeky gZ^ k\hbfb `_gZlufb \
l_q_gb_ fgh]bo e_l ^jmavyfb b gZ^ l_f qlh hg \hkijbgbfZe dZd bo g_e_iu_ ihiuldb
m[_^blv _]h \ kqZklv_ bo [jZdZ Hg k lhj`_kl\hf hibku\Ze fg_ \k_ k\hb k_dkmZevgu_
ih^\b]b gh ebrv ^ey lh]h qlh[u g_baf_ggh \gh\v ih]jmablvky \ hlqZygb_ ih ih\h^m
k\h_cg_kihkh[ghklbkhojZgylvk_dkmZevgu_hlghr_gbyk `_gsbghcagZqbfhc^eyg_]h
wfhpbhgZevgh< lZdb_fhf_gluhg[u\Zehq_gvkdehg_gij_j\Zlvl_jZibxihlhfmqlh
hgZ g_ ihfh]ZeZ _fm jZaj_rblv wlm ijh[e_fm Ihkl_i_ggh hg hkhagZe qlh k h^ghc
klhjhgu `_eZe [u qlh[u m f_gy g_ [ueh ZgZeh]bqghc ijh[e_fu Z k ^jm]hc ² qlh
fukev h fhbo ohjhrbo kmijm`_kdbo hlghr_gbyo \uau\Z_l m g_]h i_j_`b\Zgby
g_iheghp_gghklb b mgb`_gby B lh]^Z hg klZe [he__ kihdhcgh i_j_ghkblv k\h_
khagZl_evgh_qm\kl\haZ\bklbdhfg_
Ihkl_i_ggh \hajZklZ\r__ ijbgylb_ wlhc aZ\bklb ijb[ebabeh _]h hlghr_gby kh
fghc\ i_j_ghk_d _]hhlghr_gbyfk ^jmavyfbfm`qbgZfb ² qbklhfm`kdbfq_klguf
b ij_^Zgguf ² gZoh^b\rbfky \ j_adhf dhgljZkl_ k b^__c e_`Zs_c \ hkgh\_
hlghr_gbck `_gsbgZfbh lhfqlhbogm`ghbkihevah\Zlvk_dkmZevghb aZl_f[ukljh
hl gbo mkdhevagmlv ihlhfm qlh bgZq_ hgb klZgml klj_fblvky wdkiemZlbjh\Zlv b
dhgljhebjh\Zlv=hfhk_dkmZevgu_nZglZabb\ i_j_ghk_l_i_jvhljZ`Zeb_]hhsms_gb_
qlh ^h\_jylv fh`gh lhevdh fm`qbgZf <hagbd h[jZa Z]j_kkb\ghc b wdkiemZlbjmxs_c
`_gsbgu ?s_ iha`_ \hah[gh\b\rZyky l_g^_gpby kjZ\gb\Zlv k_[y kh fghc ijbgyeZ
nhjfmnZglZabcqlh m f_gy _klv^_lbihhlghr_gbx d dhlhjufy y\eyxkv ^Zxsbf b
hi_dZxsbf hlphf \ lh \j_fy dZd ^ey g_]h kms_kl\m_l hiZkghklv gbdh]^Z g_ bf_lv
^_l_c
<i_j\u_ aZ i_jbh^ l_jZibb hg klZe wfhpbhgZevgh ijh`b\Zlv we_f_glu k\h_]h
ijhreh]h ² \hkihfbgZgbyh ihklhygghc[hjv[_f_`^mjh^bl_eyfbk\h_hsms_gb_bo
g_baf_ggh ih^hajbl_evgh]h hlghr_gby ^jm] d ^jm]m k\hb fgh]hqbke_ggu_ b ls_lgu_
ihiuldb [ulv ihkj_^gbdhf f_`^m gbfb >\_ klZjrb_ k_klju fjZ E ^Z\gh ij_j\Zeb
hlghr_gby k jh^bl_eyfb Hg h^bg ijh^he`Ze aZ[hlblvky h[ bo gm`^Zo iulZeky
jZaj_rZlv bo kkhju \h\e_dZeky \ yjhklgu_ keh\_kgu_ i_j_iZedb b h[\bg_gby
\dexqZ\rb_\k_oljhbo
JZkkdZau fjZ E hklZ\eyeb \i_qZle_gb_ qlh gb h^bg ba jh^bl_e_c gbdh]^Z g_
[ue kihkh[_g b ^Z`_ g_ ihfureye ijhy\eylv bgl_j_k d g_fm ?]h i_j\hgZqZevgZy
ihabpby [jZ\Z^u b h[_kp_gb\Zgby ex^_c aZgbfZxsboky imklhc ikboheh]bq_kdhc
[helh\g_cl_i_jvkf_gbeZkvjZklmsbfhkhagZgb_f^_lkdhcb xghr_kdhcnjmkljZpbb
_]h ihlj_[ghkl_c \h \gbfZgbb b m\Z`_gbb KlZeh ykgh qlh hg ih^haj_\Ze f_gy \
`_eZgbbqlh[uhg`_gbekyb lZdbfh[jZahfijh^_fhgkljbjh\Zefh_ij_\hkoh^kl\hdZd
l_jZi_\lZ qlh hg gbdh]^Z g_ \_jbe \ lh qlh p_evx l_jZibb [ueh ihfhqv _fm gZclb
kh[kl\_ggu_j_r_gby
< wlhf dhgl_dkl_ klZeh ijhbkoh^blv ke_^mxs__ fj E qj_a\uqZcgh
aZbgl_j_kh\Zeky fheh^hc `_gsbghc ² Zjobl_dlhjhf qv_ ih\_^_gb_ \uau\Zeh
bjhgbq_kdb_ dhff_glZjbb \ ijhn_kkbhgZevghf djm]m H^gZdh fj E \klmibe k g_c \
k_dkmZevgu_ hlghr_gby dhlhju_ hg gZoh^be ]em[hdh m^h\e_l\hjbl_evgufb Hg
hibku\Ze fbkk N dZd Z]j_kkb\gmx k\h_\hevgmx g_ihklhyggmx \ k\hbo h`b^Zgbyo b
lj_[h\Zgbyob klhevhldjulhdhgljhebjmxsmxb fZgbimeylb\gmxqlhwlh\uau\Zehm
g_]h m\_j_gghklv hgZ g_ iulZ_lky _]h wdkiemZlbjh\Zlv < l_q_gb_ ihke_^mxsbo
g_kdhevdbo f_kyp_\ ih\_^_gb_ fbkk N ih hlghr_gbx d g_fm g_\_jhylgh gZihfbgZeh
ihabpbx fZl_jb fjZ E \ ijhrehf Fj E ml\_j`^Ze qlh g_ ex[bl fbkk N b
kh\_jr_ggh hldjulh kdZaZe _c qlh g_ qm\kl\m_l ih hlghr_gbx d g_c gbq_]h djhf_
qj_a\uqZcghcm^h\e_l\hj_gghklbbok_dkmZevgufbhlghr_gbyfb;_ajZaebqb_fbkkNd
_]h aZy\e_gbx \ua\Zeh m f_gy gh g_ m fjZ E \hijhk g_ y\ey_lky eb hgZ
fZahobklbqghceb[hihijhklmjZkq_leb\hc"Fhbihiuldbbgl_jij_lZpbc\ i_j_ghk_gZ
l_fm \hafh`guo aZsbl fjZ E hl ih^h[ghc `_ haZ[hq_gghklb ih ih\h^m fbkk N
iha\hebeb_fmihkl_i_gghhkhagZlvgZkdhevdhkbevghhggZkeZ`^Z_lkykZ^bklbqghklvx
k\hbohlghr_gbck fbkkNb l_fqlhhgZijbgbfZ_lwlhHglZd`_ijbagZehsms_gb_
qlhhgiheghklvxdhgljhebjm_lbohlghr_gbykbevgh\ha[m`^Z_l_]h ² imklv^Z`_hgZ
iulZ_lkyfZgbimebjh\Zlvbf
>Ze__ \ l_jZibb ihy\beZkv gh\Zy l_fZ ² nZglZabb fjZ E h lhf qlh _keb hg
^_ckl\bl_evgh aZohq_l \gh\v `_gblvky b bf_lv kh[kl\_gguo ^_l_c wlh [m^_l gZqZehf
_]hklZj_gbyb kf_jlbqlhebrvh[jZa`bagbie_c[hy ² [_aaZ[hlguck_dkb hlkmlkl\b_
hl\_lkl\_gghklb ² y\ey_lky ]ZjZglb_c \_qghc fheh^hklb L_i_jv ij_^f_lhf
ZgZeblbq_kdh]hbkke_^h\ZgbyklZe_]hxghr_kdbch[jZa\ dhlhjhfhgij_^ty\eyek_[y
gZk_kkbbqj_af_jghb ihq]bg_ih^h[Zxs_fheh^_`gZyfZg_jZh^_\Zlvkyb \_klbk_[y
hgh[hagZqbekydZdihiuldZaZsbluhli_j_`b\Zgbyh[j_q_gghklbgZkf_jlvk\yaZggh]h
k ij_^klZ\e_gb_f h \ajhkehklb DZd ijhykgbeZ k_jby hlghkbl_evgh k\yaZgguo
kgh\b^_gbc m g_]h ihkl_i_ggh knhjfbjh\ZeZkv nZglZaby h lhf qlh hg fh] [u bf_lv
^_l_chl`_gsbggZoh^ysbokyaZfm`_faZd_flh^jm]bfbebhllZdbodhlhju_ihke_
jZa\h^Zk gbfiha\heyeb[u_fmebrvwibah^bq_kdb_dhglZdluk ^_lvfb
L_i_jv fu ijh\h^beb \j_fy \ bkke_^h\Zgbb _]h kljZoZ k h^ghc klhjhgu i_j_^
Z]j_kkb\gufb njmkljbjmxsbfb ^hfbgZglgufb b fZgbimeylb\gufb `_gsbgZfb b k
^jm]hc ² i_j_^l_fqlhhgg_kfh`_lklZlvemqr_k\h_]hbahebjh\Zggh]hb ^bklZglgh]h
hlpZgZoh^b\rb\r_]hky ih^ dZ[emdhf m `_gu b khimlkl\mxs_]h hlqZygbyihih\h^m
k\h_cg_kihkh[ghklbdhgdmjbjh\Zlvkhfghc ²b^_Zebabjh\Zgghc\_jkb_cg_^hklmighc
hlph\kdhcnb]mju<h\g_aZighfhlj_Z]bjh\Zgbb\h\g_fj Ej_rbe`_gblvkygZfbkk
N <kdhj_ ihke_ aZfm`_kl\Z hgZ aZ[_j_f_g_eZ Bo hlghr_gby ijh^he`Zeb hklZ\Zlvky
[_kihdhcgufbb oZhlbqgufbghl_i_jv\i_j\u_\ `bagbhg[ueiheghklvx\h\e_q_g\
hlghr_gby [_a \gmlj_ggbo ih[m`^_gbc d k_dkmZevguf k\yayf k ^jm]bfb `_gsbgZfb
HgkZf[uebamfe_glZdbfjZa\blb_fkh[ulbcb \j_ljhki_dlb\_hkhagZeqlhh^ghcba
_]hnZglZabc[ueh_s_jZa\klmiblv\ g_kqZkleb\ucb g_m^Zqguc[jZddhlhjuchgfh]
ihlhffg_ij_^ty\blv\ ih^l\_j`^_gb_ijh\ZeZgZr_cZgZeblbq_kdhcjZ[hluZ aZh^gh
b fh_c g_m^Zqb dZd w^bih\Z hlpZ H^gZdh \ lh `_ \j_fy _]h j_rbfhklv bf_lv j_[_gdZ
ghkbeZoZjZdl_jw^bih\hcdhgdmj_gpbbohlvb hlu]ju\Z_fhc\ dhgl_dkl_[jZdZhq_gv
gZihfbgZxs_]hjh^bl_evkdbc
;hevr_ \k_]h \ _]h hlghr_gbyo k `_ghc ihjZ`Zeh lh qlh hg i_j\hgZqZevgh
h[jZsZ\rbcky k g_c ^h\hevgh ij_g_[j_`bl_evgh b h[_kp_gb\Zxs_ l_i_jv kljZgguf
h[jZahfklZe\_klbk_[yk g_cih^qbg_gghohlyb ih^haj_\Ze__ \`_eZgbbjZa\_klbkvk
gbfqlh[uihemqblvdhgljhevgZ^qZklvx_]hbfms_kl\Z>Zb kZffj E[uebamfe_g
qlh hg ij_`^_ g_aZ\bkbfuc `bag_jZ^hklguc b mki_rguc ie_c[hc l_i_jv hdZaZeky \
klhev[hevrhckl_i_gbih^\eZklvx`_gsbgudhlhjmx_]h^jmavykqblZebZ]j_kkb\ghc
b bgnZglbevghcLh_klvfj E\hkkha^Zehlghr_gbyf_`^mk\hbfbjh^bl_eyfbkf_gb\
lZdbf h[jZahf k_dkmZevguc ijhfbkdmbl_l gZ kZ^hfZahobklbq_kdb_ hlghr_gby klhcdh
hklZ\Z\rb_ky k_dkmZevgh m^h\e_l\hjyxsbfb b wfhpbhgZevgh gZkus_ggufb GZ
ZgZeblbq_kdbo k_kkbyo fj E \udZau\Ze bamfe_gb_ wlhc i_j_f_ghc b ihkl_i_ggh
ijboh^bed hkhagZgbxlh]hqlh_keb[uhg^_ckl\bl_evgh^mfZeqlh`_gZex[bl_]h
lh [ue [u ]hlh\ ^h\_jblvky _c b ihk\ylblv _c k\hx `bagv W^bih\Z \bgZ k\yaZggZy k
mklZgh\e_gb_f[he__m^h\e_l\hjbl_evguohlghr_gbck `_gsbghcq_fihemqbebkvm _]h
jh^bl_e_c \ kh_^bg_gbb k \bghc ih ih\h^m jZggbo kZ^bklbq_kdbo bfimevkh\ ih
hlghr_gbx d njmkljbjmxs_c b g_^hklmighc fZl_jb l_i_jv klZeb ]eZ\ghc l_fhc
ZgZeblbq_kdbok_kkbc
<k_ ijhbkoh^beh lZd dZd _keb [u _]h \k_fh]msbc dhgljhev ijhy\ey\rbcky \
ih\_^_gbbihhlghr_gbxd `_gsbgZf[ue^_e_]bjh\Zg_]h`_g_b hlu]ju\Zeky_xZ
_]h gZjpbkkbq_kdZy h[hkh[e_gghklv mklmibeZ f_klh j_]j_kkbb \ ^_lkdmx g_^h\hevgmx
aZ\bkbfhklv <eZklgu_ l_g^_gpbb \ ih\_^_gbb `_gu ijhy\ey\rb_ky b ^h bo [jZdZ
l_i_jv g_bfh\_jgh \hajhkeb [_kkhagZl_evgh ih^h]j_\Z_fu_ _]h ijh\hdZlb\guf
ih\_^_gb_f ² bg^mpbjh\Zgghf iml_f ijh_dlb\ghc b^_glbnbdZpbb \ g_c _]h fZl_jb
LsZl_evgZyijhjZ[hldZk^\b]Zd [he__]em[hdhfmmjh\gxj_]j_kkbb\ i_j_ghk_]^_hg
\hkijbgbfZef_gydZdfh]ms_kl\_ggh]hm]jh`Zxs_]hkZ^bklbq_kdh]hw^bih\ZhlpZ\
dhgp_ dhgph\ iha\hebeZ _fm ij_h^he_lv k\hx fZahobklbq_kdmx ih^qbg_gghklv `_g_
dh]^Z hg i_j_klZe bkiulu\Zlv kljZo i_j_^ ml\_j`^_gb_f k_[y \ dZq_kl\_ \ajhkeh]h
fm`qbgu < blh]_ hg kmf_e ghjfZebah\Zlv hlghr_gby b bo kZ^hfZahobklbq_kdb_
iZll_jgu \aZbfh^_ckl\by ihkl_i_ggh mljZlbeb k\hx agZqbfhklv hg klZe kihkh[_g
khq_lZlvk_dkmZevgu_b g_`gu_qm\kl\Z\ klZ[bevguokmijm`_kdbohlghr_gbyo
>bgZfbdZgZjpbkkbq_kdhciZlheh]bb
QZs_ \k_]h gZjpbkkbq_kdZy ebqghklv kZfZ hlu]ju\Z_l k\h_ iZlheh]bq_kdh_
]jZg^bhagh_ Y h^gh\j_f_ggh ijh_pbjmy h[_kp_g_ggmx qZklv Y gZ iZjlg_jZ qv_
[_a]jZgbqgh_ \hkobs_gb_ ih^l\_j`^Z_l wlh ]jZg^bhagh_ Y J_`_ gZjpbkkbq_kdZy
ebqghklvijh_pbjm_liZlheh]bq_kdh_]jZg^bhagh_Y gZiZjlg_jZhlu]ju\Zyhlghr_gby
f_`^m wlbf ]jZg^bhaguf Y b _]h kijh_pbjh\Zgguf hljZ`_gb_f IZjlg_j \ lZdbo
kemqZyo ² \k_]h ebrv kj_^kl\h ^ey \hiehs_gby hlghr_gbc f_`^m Zki_dlZfb Y <
lbibqguo kemqZyo b^_Zebabjh\Zgguc iZjlg_j b _]h ijb^Zlhd beb kZl_eebl wlh]h
b^_Zevgh]hh[t_dlZ\ j_Zevguohlu]ju\Zgbyobeb\ nZglZabbkhklZ\eyxliZjmbeb`_
nhjfbjmxl [_kkhagZl_evgh_ hljZ`_gb_ \ dhlhjhf dZ`^uc iZjlg_j \hkijhba\h^bl
^jm]h]hHgbfh]mllZd`_^hihegyy^jm]^jm]Zkh\f_klgh\hkkha^Z\ZlvnZglZabcgh_b
mljZq_ggh_]jZg^bhagh_b^_Zevgh_p_eh_
Ijb jZkkfhlj_gbb kms_kl\_gguo ^bgZfbd e_`Zsbo \ hkgh\_ lZdbo aZsblguo
fZg_\jh\fuh[gZjm`b\Z_fqlhhkh[mx\Z`ghklv\ [_kkhagZl_evguodhgnebdlZobf__l
aZ\bklv ^hw^bih\Z ijhbkoh`^_gby ² ki_pbnbq_kdZy nhjfZ ]g_\Z b h[b^u ih
hlghr_gbx d g_h[oh^bfhfm h[t_dlm i_j_`b\Z_fhfm dZd njmkljbjmxsbc b
hldZau\Zxsbc g_ ^Zxsbc LZd `_eZ_fh_ klZgh\blky h^gh\j_f_ggh bklhqgbdhf
kljZ^ZgbyDZdj_ZdpbygZwlhkljZ^Zgb_jZa\b\Z_lkykhagZl_evgh_beb[_kkhagZl_evgh_
klj_fe_gb_d lhfmqlh[ujZajmrblvbkihjlblvaZo\Zlblvkbehclhg_h[oh^bfh_\ q_f
hldZau\Zxl ² bf_ggh lh qlh \uau\Z_l gZb[hevr__ \hkobs_gb_ b y\ey_lky gZb[he__
`_eZgguf LjZ]_^by gZjpbkkbq_kdhc ebqghklb khklhbl \ lhf qlh Z]j_kkb\gh_
ijbk\h_gb_b ZeqgucaZo\Zllh]hqlhy\ey_lkyij_^f_lhfhljbpZgbyb aZ\bklbg_\_^_l
d m^h\e_l\hj_gbxihkdhevdm[_kkhagZl_evgZyg_gZ\bklvd `_eZ_fhfmihjlbl_]hdh]^Z
hgh ijbk\Zb\Z_lky \ j_amevlZl_ km[t_dl g_baf_ggh bkiulu\Z_l himklhr_gb_ b
njmkljZpbx
LZdbf `_ h[jZahf ihkdhevdm p_gghklv lh]h qlh fh`_l ^Zlv ^jm]hc y\ey_lky
bklhqgbdhfaZ\bklbaZ\bkbfhklvhlh[t_dlZex[\bg_ijb_fe_fZb ^he`gZhljbpZlvky
gZjpbkkbq_kdZy ebqghklv [hevr_ gm`^Z_lky \ \hkobs_gbb q_f \ ex[\b kh klhjhgu
^jm]h]h <hkobs_gb_ ^jm]h]h ih^^_j`b\Z_l b ih^l\_j`^Z_l kZfhm\Z`_gb_
kZfhb^_ZebaZpbxiZlheh]bq_kdh]h]jZg^bhagh]hY<hkobs_gb_^jm]bokem`blaZf_ghc
aZsblguo b j_]mebjmxsbo kZfhhp_gdm nmgdpbc gZjmr_gguo \ke_^kl\b_
hkeZ[e_gghklbb bkdZ`_gghklbKmi_jW]h\ hkh[_gghklb ² W]hb^_ZeZ
GZjpbkkbq_kdb_ebqghklb gm`^Zxlky\ \hkobs_gbbb [_kkhagZl_evgh\ufh]Zxl
bf_xsb_ky m ^jm]h]h j_kmjku \hkobs_gby ² wlh bo fklbl_evgZy aZsblZ hl aZ\bklb
Ijh_pbjmyl_`_ihlj_[ghklbgZiZjlg_jZhgbhiZkZxlkyqlhbo[m^mlwdkiemZlbjh\Zlv
b h]jZ[yl ebrb\ lh]h qlh hgb bf_xl Ihwlhfm aZ\bkbfhklv iZjlg_jZ g_i_j_ghkbfZ
^ey gbo H[uqgmx h[hx^ghklv \ q_eh\_q_kdbo hlghr_gbyo hgb i_j_`b\Zxl dZd
wdkiemZlZpbxb aZo\Zl<ke_^kl\b_dhgnebdlh\k\yaZgguok [_kkhagZl_evghcaZ\bklvx
hgb g_ \ khklhygbb bkiulu\Zlv [eZ]h^Zjghklv aZ ihemqZ_fh_ hl ^jm]h]h kihkh[ghklb
dhlhjh]h [_a\haf_a^gh hl^Z\Zlv hgb fh]ml aZ\b^h\Zlv G_^hklZlhd qm\kl\Z
[eZ]h^Zjghklbij_iylkl\m_ljZa\blbxmf_gbyp_gblvihemq_ggmxex[h\v
< ly`_euo kemqZyo h[_kp_gb\Zgb_ ^jm]bo ij_l_ji_\Z_l j_]j_kkb\gmx
ZgZebaZpbx RZkk]_Kfbj`_ev V ² j_]j_kkbjm_l d [_kkhagZl_evghfm
klj_fe_gbxkbf\hebq_kdbljZgknhjfbjh\Zlv\kxex[h\vb \k_p_gghklb\ wdkdj_f_glu
qlh fh`_l ijb\h^blv d [_kkhagZl_evghfm hljbpZgbx jZaebqbc f_`^m iheZfb b
ihdhe_gbyfb \kydb_ jZaebqby hljbpZxlky b h[_kp_gb\Zxlky gZijZ\e_gghfm gZ
ba[_]Zgb_aZ\bklbd ^jm]hfmihembebd ^jm]bfihdhe_gbyf;_kkhagZl_evgZyaZ\bklvd
w^bih\hc iZj_ fh`_l e_`Zlv \ hkgh\_ aZ\bklb d [jZqghfm iZjlg_jm ihlj_[ghklv
jZajmrblv iZjm ihjh`^Z_lky \ [hevr_c f_j_ ijbfblb\ghc Z]j_kkb_c ih hlghr_gbx d
w^bih\hc iZj_ q_f w^bih\hc \bghc Lh qlh [_kkhagZl_evgZy g_gZ\bklv b aZ\bklv d
ohjhrbf hlghr_gbyf \ jh^bl_evkdhc iZj_ fh`_l ij_\jZsZlvky \ ^_kljmdlb\gu_
mklj_fe_gby gZijZ\e_ggu_ ijhlb\ kh[kl\_ggh]h nmgdpbhgbjh\Zgby bg^b\b^mmfZ dZd
qZklb iZju ² h^gZ ba gZb[he__ ^jZfZlbq_kdbo oZjZdl_jbklbd gZjpbkkbq_kdhc
iZlheh]bb
H[uqgh wlb [_kkhagZl_evgu_ dhgnebdlu fh]ml [ulv ijhke_`_gu \ ijhreh_
\iehlv ^h jZgg_c iZlheh]bb fZl_jbgkdh^_lkdbo hlghr_gbc HjZevgZy Z]j_kkby
\ua\ZggZy kijh\hpbjh\ZggZy beb ih^dj_ie_ggZy oheh^ghc b hl\_j]Zxs_c eb[h
hl\_j]Zxs_c b ]bi_jklbfmebjmxs_c fZl_jvx j_adh \ujZ`_gguf b ihklhygguf
jZggbf ij_g_[j_`_gb_f wdkiemZlZpb_c kh klhjhgu gZjpbkkbq_kdhc fZl_jb
b]ghjbjmxs_c wfhpbhgZevgu_ ihlj_[ghklb b \gmlj_ggxx `bagv k\h_]h feZ^_gpZ ²
wlZ hjZevgZy Z]j_kkby \^h[Z\hd \lhjbqgh ih^dj_ie_ggZy dhgnebdlZfb k hlphf beb
hlkmlkl\b_f _]h dhfi_gkbjmxs_c ^hklmighklb ² g_j_^dh y\ey_lky bklhqgbdhf
bgl_gkb\ghc aZ\bklb b g_gZ\bklb ih hlghr_gbx d fZl_jb \ dhg_qghf kq_l_
hdZau\Zxsbo \ebygb_ gZ[_kkhagZl_evgh_hlghr_gb_ d h[hbfjh^bl_eyf b ihjh`^Z_l
iZlheh]bq_kdbfhsgmxaZ\bklvd ex[h\gufhlghr_gbyf\ w^bih\hciZj_
M fm`qbg m dhlhjuo jZggb_ hlghr_gby k fZl_jvx ijh^he`Zxl hdjZrb\Zlv bo
hlghr_gby k `_gsbgZfb gZ \k_f ijhly`_gbb `bagb iZlheh]bq_kdZy g_gZ\bklv b
aZ\bklvd `_gsbgZffh`_lklZlvfhsghc[_kkhagZl_evghckbehcbgl_gkbnbpbjmxs_c
bo w^bih\u dhgnebdlu Hgb g_j_^dh \hkijbgbfZxl fZlv dZd k_dkmZevgh
ijh\hpbjmxsmx kh[eZagyxsmx b hldZau\Zxsmx ² jZggb_ hjZevgu_ njmkljZpbb
ljZgknhjfbjh\Zebkv m gbo \ k\h_]h jh^Z ijh_pbjm_fmx k_dkmZevgmx Z]j_kkbx Wlhl
h[jZafZl_jbdZdkh[eZagbl_evgbpu\ k\hxhq_j_^vmkbeb\Z_lZ]j_kkb\gu_dhfihg_glu
k_dkmZevgh]h \ha[m`^_gby b kihkh[kl\m_l ^bkkhpbZpbb wjhlbq_kdh]h \ha[m`^_gby b
g_`ghklbWlbfm`qbgui_j_`b\Zxlk_dkmZevgh_klj_fe_gb_d `_gsbg_dZdih\lhj_gb_
jZgg_]h kh[eZag_gby kh klhjhgu fZl_jb b ihlhfm [_kkhagZl_evgh g_gZ\b^yl h[t_dl
k\h_]h`_eZgbyG_gZ\bklvfh`_ljZajmrZlvkihkh[ghklvd k_dkmZevghfm\ha[m`^_gbx
b ijb\h^blv d ih^Z\e_gbx k_dkmZevghklb < f_g__ ly`_euo kemqZyo aZsblgZy
b^_ZebaZpby k_dkmZevghc ijb\e_dZl_evghklb `_gsbgu \_^_l d mkbe_gghfm ihbkdm
k_dkmZevghc klbfmeypbb \ha[m`^_gby b m^h\e_l\hj_gby aZ dhlhjufb g_baf_ggh
ke_^m_l [_kkhagZl_evgh_ hljZ\e_gb_ k_dkmZevgh]h i_j_`b\Zgby h[_kp_gb\Zgb_
b^_Zebabjh\Zgghc `_gsbgu b kdmdZ FhsgZy aZsblgZy b^_ZebaZpby `_gsbg b bo
[ukljh_ h[_kp_gb\Zgb_ dZd k_dkmZevguo h[t_dlh\ fh`_l \ueb\Zlvky \ k_dkmZevguc
ijhfbkdmbl_l
Ba wlbo ^bgZfbq_kdbo nZdlhjh\ [_j_l gZqZeh rbjhdbc ki_dlj k_dkmZevguo
iZlheh]bc M g_dhlhjuo gZjpbkkbq_kdbo fm`qbg gZ[ex^Zxlky `_kldb_ k_dkmZevgu_
aZij_lu kljZo hl\_j`_gby b hkf_ygby `_gsbgZfb k\yaZgguc k ijh_pbjh\Zgb_f gZ
`_gsbg kh[kl\_gghc [_kkhagZl_evghc g_gZ\bklb d gbf Wlhl kljZo i_j_^ `_gsbgZfb
fh`_l lZd`_ ihjh`^Zlv kbevgh_ hl\jZs_gb_ d `_gkdbf ]_gblZebyf \ dhlhjhf
^hw^bih\Z aZ\bklv kh_^bgy_lky k w^bih\uf \hkijbylb_f dZkljZpbb <hafh`gh lZd`_
ihegh_jZks_ie_gb_h^gb`_gsbgub^_Zebabjmxlkyb dZdb_eb[hk_dkmZevgu_qm\kl\Z
d gbfhljbpZxlky^jm]b_\hkijbgbfZxlkydZdqbklh]_gblZevgu_h[t_dluk dhlhjufb
[eZ]h^Zjy hlkmlkl\bx g_`ghklb b jhfZglbq_kdhc b^_ZebaZpbb \hafh`gZ ihegZy
k_dkmZevgZyk\h[h^Zb gZkeZ`^_gb_Wlhijb\h^bld h[j_dZxs_fmgZ\gmlj_ggbcijh\Ze
h[_kp_gb\Zgbx k_dkmZevghc [ebahklb b [_kdhg_qghfm ihbkdm gh\uo k_dkmZevguo
iZjlg_jh\
G_dhlhju_ gZjpbkkbq_kdb_ fm`qbgu kihkh[gu bkiulu\Zlv g_`ghklv \
hlghr_gbyo k `_gsbgZfb hl dhlhjuo aZ\bkyl ihkdhevdm hgb [_kkhagZl_evgh
h[_kp_gb\Zxl bo dZd k_dkmZevguo iZjlg_jh\ Ijbf_qZl_evgh qlh bfihl_gpby m
gZjpbkkbq_kdbo fm`qbg k `_kldbfb aZij_lZfb kh kljZohf i_j_^ `_gsbgZfb fh`_l
y\eylvky g_ihkj_^kl\_gguf \ujZ`_gb_f wlh]h kljZoZ Dh]^Z \ ijhp_kk_ l_jZibb kljZo
hkeZ[_\Z_lhgb\iZ^Zxl\ k_dkmZevgucijhfbkdmbl_lLZdbfh[jZahfhgb hlu]ju\Zxl
\h\g_ b ihbkd hlghr_gbc \ dhlhjuo bo ex[yl b ihlj_[ghklv hl^_eblv wlhl ihbkd hl
k\h_c [_kkhagZl_evghc Z]j_kkbb ih hlghr_gbx d `_gsbgZf < ijhlb\hiheh`ghklv
wlhfm gZjpbkkbq_kdb_ fm`qbgu ^ey dhlhjuo k_dkmZevguc ijhfbkdmbl_l [ue
oZjZdl_j_g k jZgg_c xghklb qZklh ^Zxl dZjlbgm ihkl_i_ggh]h mom^r_gby k\h_c
k_dkmZevghc`bagbihf_j_lh]hdZd\ djZldb_i_jbh^ukljZklghc\ex[e_gghklb\gh\vb
\gh\v ijhbkoh^bl djmr_gb_ aZsblghc b^_ZebaZpbb `_gsbgu Bo gh\u_ k_dkmZevgu_
\klj_qb\k_[hevr_\u]ey^ylih\lhj_gbyfbij_^u^msbowjhabyaZsblghcb^_ZebaZpbb
b gZdhib\r__kyjZahqZjh\Zgb_\ k_dkmZevghcklhjhg_`bagbfh]ml\uau\Zlv\lhjbqgh_
mom^r_gb_ k_dkmZevghc `bagb b bfihl_gpbx qlh ijb\h^bl bo \ l_jZibx ihke_
khjhdZ²iylb^_kylbe_l
B `_gsbgub fm`qbguk gZjpbkkbq_kdhcebqghklghchj]ZgbaZpb_cqZklhbf_xl
[_kkhagZl_evgmxnZglZabxh^gh\j_f_gghcijbgZ^e_`ghklbd h[hbfiheZfhljbpZyl_f
kZfuf \gmlj_ggxx g_h[oh^bfhklv aZ\b^h\Zlv ^jm]hfm ihem Jha_gn_ev^ =jxg[_j]_j Wlb nZglZabb \_^ml d jZaghh[jZaguf imlyf ihbkdZ
k_dkmZevguo iZjlg_jh\ G_dhlhju_ gZjpbkkbq_kdb_ fm`qbgu bsml `_gsbg
[_kkhagZl_evgh j_ij_a_glbjmxsbo a_jdZevgh hljZ`_gguc h[jZa bo Y ²
]_l_jhk_dkmZevguo [ebag_ph\ ² [_kkhagZl_evgh ^hihegyy k_[y ]_gblZebyfb b
khhl\_lkl\mxsbfb ikboheh]bq_kdbfb Zki_dlZfb ^jm]h]h iheZ qlh[u g_ bkiulu\Zlv
g_h[oh^bfhklbijbgylvj_Zevghklv^jm]hcZ\lhghfghcebqghklb< g_dhlhjuokemqZyo
h^gZdh [_kkhagZl_evgZy aZ\bklv d ]_gblZebyf ^jm]h]h iheZ \uau\Z_l h[_kp_gb\Zgb_
ihjh`^Zxsbo __ k_dkmZevguo oZjZdl_jbklbd ijh\hpbjmxsbo aZ\bklv b ijb\h^bl d
Zk_dkmZevguf [ebag_ph\uf hlghr_gbyf Wlh fh`_l [ulv ^_kljmdlb\guf ihkdhevdm
g_k_lk kh[hc`_kldb_k_dkmZevgu_aZij_lu
Bgh]^Z [_kkhagZl_evgh_ `_eZgb_ h[eZ^Zlv q_jlZfb h[hbo iheh\ y\ey_lky
bklhqgbdhfhlghr_gbck iZjlg_jhf[_kkhagZl_evghh[_kp_g_gguf\h\k_oZki_dlZoaZ
bkdexq_gb_f _]h beb __ k_dkmZevghc dhfie_f_glZjghklb ^ey iZpb_glZ Nbabq_kdb
ijb\e_dZl_evgu_ gZjpbkkbq_kdb_ iZpb_glu h[h_]h iheZ k kbevghc ihlj_[ghklvx \
\hkobs_gbb kh klhjhgu ^jm]bo fh]ml \u[bjZlv mjh^eb\uo iZjlg_jh\ hll_gyxsbo bo
kh[kl\_ggmx ijb\e_dZl_evghklv >jm]b_ ba[bjZxl [ebag_pZ lZdbf h[jZahf qlh
ihy\e_gb_gZex^yodjZkb\hciZjug_baf_gghiha\hey_lm^h\e_l\hjylvgZjpbkkbq_kdb_
gm`^u Fm`qbgZ dhlhjuc \u[bjZ_l `_gsbgm \uau\Zxsmx aZ\bklv ^jm]bo fm`qbg
fh`_l h[_ki_qblv m^h\e_l\hj_gb_ dZd gZjpbkkbq_kdbo lZd b ]hfhk_dkmZevguo
mklj_fe_gbc
;_kkhagZl_evgZy g_gZ\bklv d `_gsbgZf b kljZo i_j_^ gbfb \ kbem ijh_dpbb
wlhc g_gZ\bklb ² kms_kl\_gguc bklhqgbd gZjpbkkbq_kdb ^_l_jfbgbjh\Zgghc
]hfhk_dkmZevghklb m fm`qbg <u[hj ^jm]h]h fm`qbgu \ dZq_kl\_ ]hfhk_dkmZevgh]h
[ebag_pZ aZsblgZy b^_ZebaZpby i_gbkZ ^jm]h]h dZd dhibb kh[kl\_ggh]h i_gbkZ b
[_kkhagZl_evgh_ m\_j_gb_ k_[y \ lhf qlh hghgb [hevr_ g_ aZ\bkyl hl `_gkdbo
]_gblZebc fh]ml kem`blv wnn_dlb\ghc aZsblhc hl aZ\bklb d ^jm]hfm ihem b ^Z`_
iha\heylv hlghr_gby k b^_Zebabjh\Zggufb `_gsbgZfb ² _keb hgb ijb wlhf
^_k_dkmZebabjh\Zgu
Hkgh\guf nZdlhjhf dhgnebdlh\ m gZjpbkkbq_kdbo iZpb_glh\ ijb
]_l_jhk_dkmZevguo beb ]hfhk_dkmZevguo hlghr_gbyo dhlhjuc ^Z_l agZlv h k_[_ ebrv
ihkl_i_gghghaZl_fgZqbgZlv^hfbgbjh\Zlv\ hlghr_gbyob \dhgp_dhgph\jZajmrZ_l
boy\ey_lkyaZsblZnZglZabbh [ebag_p_IZjlg_j^he`_g\hiehsZlvb^_ZeiZpb_glZgh
g_[ulvemqr__]hkZfh]hihlhfmqlhwlh\ua\Zeh[uaZ\bklvghhgg_^he`_g[ulvb
gb`_ iZpb_glZ ihkdhevdm wlh ijh\hpbjh\Zeh [u h[_kp_gb\Zgb_ b jZajmr_gb_
hlghr_gbcIhwlhfmiZjlg_jihkj_^kl\hfaZsblgh]hf_oZgbafZ\k_fh]ms_]hdhgljhey
\ugm`^Z_lky klZlv lhqgh lZdbf dZdbf hg gm`_g iZpb_glm LZdbf h[jZahf
h]jZgbqb\Zxlky k\h[h^Z b Z\lhghfby ^jm]h]h g_ ]h\hjy m`_ h lhf qlh bkdexqZ_lky
\hafh`ghklv ^ey iZpb_glZ hp_gblv mgbdZevghklv b bgZdh\hklv iZjlg_jZ
G_m^b\bl_evghqlhiZpb_gluh]jZgbqb\Zxsb_k\h[h^mk\hboiZjlg_jh\qj_a\uqZcgh
hiZkZxlky h]jZgbq_gbc b kdh\u\Zgby kh klhjhgu ^jm]bo ² jZ[hlu ijh_dlb\ghc
b^_glbnbdZpbb
< hlghkbl_evghfy]dbokemqZyoex[h\guohlghr_gbcijbfm`kdhfgZjpbkkbaf_
k kZfhc xghklb ihklhygguc oZjZdl_jguc iZll_jg hij_^_ey_lky ^bohlhfb_c fZ^hggZ
ijhklblmldZIhkdhevdmwlhliZll_jgkhhl\_lkl\m_lijbgylhc\ dmevlmj_b ihhsjy_fhc
\ iZljbZjoZevghf h[s_kl\_ ^\hcghc fhjZeb fm`kdZy gZjpbkkbq_kdZy iZlheh]by
dmevlmjghih^dj_iey_lky ² lZd`_dZd`_gkdZyfZahobklbq_kdZyiZlheh]by\ ex[h\guo
hlghr_gbyo
H[uqgh k ]h^Zfb \ k_dkmZevguo hlghr_gbyo gZjpbkkbq_kdbo fm`qbg gZqbgZ_l
ij_h[eZ^Zlv kdmdZ H^gZdh g_dhlhju_ ijh^he`Zxl bkihevah\Zlv k_dkmZevgu_ \klj_qb
^eyhlu]ju\ZgbykbevghcZf[b\Ze_glghklbihhlghr_gbxd `_gsbgZfh[mkeh\e_gghc
h^gh\j_f_ggh klj_fe_gb_f d k_dkmZevghfm m^h\e_l\hj_gbx kZ^bklbq_kdhc
fklbl_evghklvx b ^Z`_ ij_ke_^mxsbf fZahobklbq_kdbf ih\lhj_gb_f njmkljZpbb
ijbqbg_gghc fZl_jvx LZdbf h[jZahf m ih^h[guo ex^_c gZ[ex^Z_lky kebygb_
gZjpbkkbq_kdhcb fZahobklbq_kdhciZlheh]bc
Kbg^jhf >hg @mZgZ hljZ`Z_l rbjhdbc ki_dlj fm`kdhc gZjpbkkbq_kdhc
iZlheh]bbGZh^ghfdhgp_wlh]hki_dljZ>hg@mZgfh`_l[ulvfm`qbghck hlqZygghc
ihlj_[ghklvx kh[eZagylv `_gsbg \gmlj_gg_ ihgm`^Z_fuf d \klmie_gbx \
k_dkmZevgu_ hlghr_gby ijb\h^ysb_ d njmkljZpbb beb mgb`_gbx kbxfbgmlgh
\u[jZgghc bf `_gsbgu h[hevs_gb_ \ wlhf kemqZ_ y\ey_lky ihqlb hkhagZggh
fZgbimeylb\ghZ]j_kkb\gufZ hklZ\e_gb_`_gsbgug_k_lijbylgh_h[e_]q_gb_Beb`_
bgl_gkb\gucgZ\yaqb\ucihbkdgh\uoijbdexq_gbcihjh`^Z_lkyb^_ZebaZpb_c`_gsbg
b klj_fe_gb_fgZdhg_pgZclblmdhlhjZyg_jZahqZjm_l
>hg@mZg[he__a^hjh\h]hdjZyki_dljZoZjZdl_jbam_lkykf_kvxgZjpbkkbq_kdbo
b bgnZglbevguo q_jl wlh fm`qbgZj_[_ghd `_gkl\_ggh]h kdeZ^Z kh[eZagyxsbc
`_gsbgbf_ggh[eZ]h^Zjyhlkmlkl\bxm]jh`Zxs_cfZkdmebgghklbHg[_kkhagZl_evgh
hljbpZ_laZ\bklvkljZob khi_jgbq_kl\hihhlghr_gbxd fh]ms_kl\_gghfmhlpmiml_f
ml\_j`^_gby qlh _]h fZe_gvdbc i_gbk iheghklvx m^h\e_l\hjbl_e_g ^ey fZl_jb
RZkk]_Kfbj`_ev V b _]h k_dkmZevgu_ ihoh`^_gby \hiehsZxl ^ey g_]h
nZglZabx h lhf qlh hg fZe_gvdbc fZevqbd ² ex[bf_p fZl_jb b \k_ qlh _c gm`gh
Kh]eZkgh hibkZgbx ;jZmgr\_c]Z b N_cgZ lZdhc >hg @mZg g_baf_ggh gZoh^bl
dhfie_f_glZjgmx `_gsbgm qvy [_kkhagZl_evgZy g_gZ\bklv d ^_kihlbqghfm hlpm
ih[m`^Z_l__ b^_Zebabjh\Zlvg_im]Zxs_]hj_[yqeb\h]hfm`qbgm
AZsblgZy b^_ZebaZpby `_gsbg m fm`qbg k gZjpbkkbq_kdhc ebqghklghc
kljmdlmjhc \ujZ`Z_fZy \ fhsguo imklv b fbfhe_lguo m\e_q_gbyo aZqZklmx [u\Z_l
qj_a\uqZcgh ijbly]Zl_evghc ^ey `_gsbg hkh[_ggh ^ey ihl_gpbZevgh kbevgh
fZahobklbqguo beb bkiulu\Zxsbo khfg_gby \ k\h_c `_gkdhc ijb\e_dZl_evghklb
Djhf_ lh]h gZjpbkkbq_kdbo `_gsbg fh]ml ijb\e_dZlv fm`qbgu qv_ qm\kl\h
ij_\hkoh^kl\Z b ebqghc ]jZg^bhaghklb m^h\e_l\hjy_l bo kh[kl\_ggmx ihlj_[ghklv \
gZjpbkkbq_kdhf ^hiheg_gbb lZd gZau\Z_fuf ]_l_jhk_dkmZevguf [ebag_phf GZdhg_p
]_gblZevghklv [_a hlph\kdh]h ihdjh\bl_evkl\Z ij_^eZ]Z_fZy gZjpbkkbq_kdbfb
fm`qbgZfb [_kkhagZl_evgh g_ kihkh[gufb hlh`^_kl\blvky k aZ[hleb\ufb
aZsbsZxsbfb b ^_lhjh`^Zxsbfb Zki_dlZfb hlph\kdhc b^_glbqghklb fh`_l [ulv
mkihdhbl_evghc^eygZjpbkkbq_kdbo`_gsbg^eydhlhjuojh^bl_evkdb_nmgdpbblh`_
j_ij_a_glbjmxlagZqbl_evgmx[_kkhagZl_evgmxm]jham
Fbfhe_lghklv b^_ZebaZpbb b [ukljh_ h[_kp_gb\Zgb_ fm`qbg fh]ml e_`Zlv \
hkgh\_ k_dkmZevgh]h ijhfbkdmbl_lZ m gZjpbkkbq_kdbo `_gsbg LjZ^bpbhggh_
iZljbZjoZevgh_h[s_kl\hihhsjy_lk_dkmZevgucijhfbkdmbl_lm fm`qbgghhl\_j]Z_l
_]h m `_gsbg IZljbZjoZevgu_ gjZ\u fh]ml gZijZ\blv g_gZ\bklv gZjpbkkbq_kdbo
`_gsbg d fm`qbgZf \ jmkeh wdkiemZlZlhjkdh]h bkihevah\Zgby [jZdZ b ^_l_c
IZjZ^hdkZevgufh[jZahfn_fbgbaffh`_lkihkh[kl\h\Zlvk_dkmZevghfmijhfbkdmbl_lm
`_gsbg k gZjpbkkbq_kdhc iZlheh]b_c dhlhju_ b^_glbnbpbjmxlky k fm`kdhc
k_dkmZevghklvx\hkijbgbfZ_fhcdZdZ]j_kkb\gZy
?kebihijbqbg_qj_af_jghcbgl_gkb\ghklb Z]j_kkbb__ kf_s_gb_k fZl_jbgZ
hlpZg_jZaj_rZ_lZf[b\Ze_glghklvfZe_gvdhc^_\hqdbihhlghr_gbxd fZl_jbkljZob
g_gZ\bklv d fZl_jb fh]ml ijb\h^blv ^_\hqdm d ihbkdm __ b^_Zevgh]h aZf_s_gby qlh
h[uqgh hagZqZ_l jZahqZjh\Zgb_ b h[b^m D lhfm `_ ihbkd [he__ m^h\e_l\hjbl_evguo
hlghr_gbck fm`qbgZfbfh`_lh[jZlblvky\ [_kkhagZl_evgh_hlh`^_kl\e_gb_k gbfb ²
\lhjbqgh_ hljbpZgb_ wlhc m]jh`Zxs_c aZ\bkbfhklb ² b ihjh^blv gZjpbkkbq_kdmx
]hfhk_dkmZevgmx b^_glbnbdZpbx k fm`qbgZfb Ijb wlhf `_gsbgZ bs_l
]hfhk_dkmZevguohlghr_gbcgZdhlhju_hgZkfh]eZ[uijh_pbjh\Zlvk\hbkh[kl\_ggu_
ihlj_[ghklb\ aZ\bkbfhklbBgh]^ZgZjpbkkbq_kdbfhlb\bjh\ZggZy]hfhk_dkmZevghklvm
`_gsbgfh`_lkem`blvm^h\e_l\hj_gbx[_kkhagZl_evghcnZglZabbh ijbgZ^e_`ghklbd
h[hbfiheZfh^gh\j_f_ggh ² hljbpZgb_faZ\bkbfhklbhlg_gZ\b^bfh]hb y\eyxs_]hky
h[t_dlhfaZ\bklbhlpZb h[jZs_gb_flh_klvg_hgZaZ\bkblZ hlg__aZ\bkylhiZkghc
aZ\bkbfhklbhlfZl_jb
;_kkhagZl_evgZy b^_glbnbdZpby k gZjpbkkbq_kdhc oheh^ghc b hl\_j]Zxs_c
fZl_jvx fh`_l \ujZ`Zlvky \ dhgljhebjm_fhf wdk]b[bpbhgbaf_ b kh[eZagyxs_f
ih\_^_gbb ih hlghr_gbx d fm`qbgZf \ klj_fe_gbb ^hfbgbjh\Zlv gZ^ gbfb b
bkihevah\Zlv bo ² lZdbf h[jZahf `_gsbgZ m^h\e_l\hjy_l k\hb k_dkmZevgu_
ihlj_[ghklbb h^gh\j_f_gghhdZau\Z_lkyaZsbs_gghchlaZ\bklb
GZjpbkkbq_kdb_ `_gsbgu g_j_^dh ijbgbfZxl klZ[bevgu_ hlghr_gby k
fm`qbghc dhlhjh]h hgb kqblZxl kZfuf emqrbf gZoh^y \ [_kkhagZl_evgh
[ebag_ph\uo ]_l_jhk_dkmZevguo hlghr_gbyo dhfijhfbkkgh_ j_r_gb_ ijh[e_fu
[_kkhagZl_evghc aZ\bklb d fm`qbgZf Wlh fh`_l ijb\_klb d lhfm qlh \u]ey^bl dZd
fZahobklbq_kdb_ hlghr_gby lZdb_ `_gsbgu klj_fylky h[_kp_gblv fm`qbgm _^\Z
ebrv hg hl\_lbl bf \aZbfghklvx hgb hklZxlky nbdkbjh\Zggufb gZ g_^hklmiguo
fm`qbgZog_^hklmighklvdhlhjuoh]jZ`^Z_lbob^_ZebaZpbxhl khfg_gbc Z bo kZfbo
hl h[_kp_gb\Zgby G_dhlhju_ ly`_eh gZjpbkkbq_kdb_ `_gsbgu fh]ml ih^^_j`b\Zlv
^ebl_evgu_ kZfhjZajmrbl_evgu_ Zevygku k djZcg_ gZjpbkkbq_kdbfb fm`qbgZfb qvb
\eZklv keZ\Z beb g_h[uqgu_ lZeZglu kha^Zxl bf h[ebd b^_Zevghc fm`kdhc nb]mju
>jm]b_ gZjpbkkbq_kdb_ `_gsbgu khpbZevgh [he__ mki_rgu_ ihjhc nZdlbq_kdb
iheghklvx hlh`^_kl\eyxlky k lZdbfb b^_Zebabjh\Zggufb fm`qbgZfb [_kkhagZl_evgh
hsmsZy k_[y bo bklbggufb fmaZfb b \ dhgph\ dhgph\ i_j_klZxl `blv kh[kl\_gghc
`bagvx
G_dhlhju_ gZjpbkkbq_kdb_ `_gsbgu khq_lZxl bgl_gkb\guc ihbkd b^_Zevgh]h
fm`qbgu kh klhev `_ bgl_gkb\guf h[_kp_gb\Zgb_f iZjlg_jZ qlh aZklZ\ey_l bo
i_j_oh^blvhlh^gh]hba\_klgh]hfm`qbgud ^jm]hfmg_dhlhju_`_h^gZdhgZoh^yl
qlh \eZklv k_jh]h dZj^bgZeZ lh`_ iha\hey_l m^h\e_l\hjblv gZjpbkkbq_kdb_
ihlj_[ghklb b dhfi_gkbjm_l [_kkhagZl_evgmx aZ\bklv d fm`qbgZf < lh \j_fy dZd
k_dkmZevguc ijhfbkdmbl_l m fm`qbg \ hkgh\ghf bf__l gZjpbkkbq_kdmx ijbjh^m m
`_gsbghgfh`_l[ulvdZdgZjpbkkbq_kdh]hlZdb fZahobklbq_kdh]hijhbkoh`^_gby
@_gsbgu k gZjpbkkbq_kdbf lbihf ebqghklghc hj]ZgbaZpbb fh]ml \ujZ`Zlv
k\hxiZlheh]bx\ hlghr_gbyok ^_lvfbG_dhlhju_`_gsbguh[gZjm`b\Zxlg_`_eZgb_
bf_lv j_[_gdZ baaZ [hyagb _]h aZ\bkbfhklb hl gbo dhlhjmx [_kkhagZl_evgh
\hkijbgbfZeb[udZdZeqghwdkiemZlZlhjkdmxb h]jZgbqb\Zxsmx>jm]b_ex[ylk\hbo
^_l_cebrv^hl_oihjihdZl_iheghklvxaZ\bkbfuhlgbo ² bgufbkeh\ZfbihdZhgb
khklZ\eyxl gZjpbkkbq_kdh_ ijh^he`_gb_ fZl_jbgkdh]h l_eZ beb ebqghklb Beb fZlv
fh`_l nbdkbjh\Zlvky gZ g_h[uqZcghc ijb\e_dZl_evghklb j_[_gdZ \uau\Zxs_c
\hkobs_gb_ m ^jm]bo ex^_c ijb wlhf ijZdlbq_kdb g_ bgl_j_kmykv _]h \gmlj_gg_c
`bagvxLZdZyfZlvkihkh[kl\m_li_j_g_k_gbxgZjpbkkbq_kdhciZlheh]bbbaihdhe_gby
\ ihdhe_gb_ Fm`qbgu fh]ml lZd`_ h[gZjm`b\Zlv g_`_eZgb_ bf_lv ^_l_c
g_kihkh[ghklv qlhlh ^ey gbo ^_eZlv ]em[hdh_ [_ajZaebqb_ d j_[_gdm _keb hg g_
m^h\e_l\hjy_l bo kh[kl\_ggu_ ihlj_[ghklb LjZ^bpbhggh_ iZljbZjoZevgh_ h[s_kl\h
j_adh jZa]jZgbqb\Zy jheb fZl_jb b hlpZ aZlmr_\u\Z_l iZlheh]bx hlghr_gbc
gZjpbkkbq_kdbo fm`qbg k bo ^_lvfb Fm`qbgu ij_^hklZ\eyxl `_gZf aZ[hlblvky h
^_lyob bokh[kl\_ggZy[_amqZklghklvihhlghr_gbxd kh[kl\_gguf^_lyfhdZau\Z_lky
kdjulZ
>jm]hc agZqbfuc gZjpbkkbq_kdbc kbfilhf ² g_mf_gb_ j_\gh\Zlv ² aZqZklmx
k\b^_l_evkl\m_lh g_kihkh[ghklb[jZlvgZk_[y\gmlj_ggb_h[yaZl_evkl\Z\ hlghr_gbyo
\ke_^kl\b_ q_]h ]h\hjblv h g_\_jghklb ijhklh g_mf_klgh Hlkmlkl\b_ j_\ghklb fh`_l
[ulv lZd`_ h[mkeh\e_gh [_kkhagZl_evghc nZglZab_c h lZdhf ij_\hkoh^kl\_ gZ^ \k_fb
khi_jgbdZfbqlhg_\_jghklviZjlg_jZklZgh\blkykh\_jr_gghg_fukebfhc
H^gZdh j_\ghklv iZjZ^hdkZevguf h[jZahf fh`_l ijhy\eylvky ihklnZdlmf
kbevgZy kl_i_gv j_\ghklb \ wlhf kemqZ_ k\b^_l_evkl\m_l h gZjpbkkbq_kdhc ljZ\f_
i_j_`b\Z_fhc iZpb_glhf ihke_ lh]h dZd iZjlg_j hklZ\ey_l _]h jZ^b dh]hlh ^jm]h]h
GZjpbkkbq_kdZy j_\ghklv [u\Z_l hkh[_ggh ihjZabl_evgZ lh]^Z dh]^Z hlghr_gb_ d
iZjlg_jm ij_`^_ [ueh ij_ajbl_evguf beb ij_g_[j_`bl_evguf GZjpbkkbq_kdh]h lbiZ
j_\ghklvZdlb\babjmyZ]j_kkbxfh`_lmom^rZlvb [_alh]hrZldb_hlghr_gby< lh`_
\j_fyhgZk\b^_l_evkl\m_lh kihkh[ghklbd \eh`_gbx\ ^jm]h]hb di_j_oh^m\ w^bih\
ikboheh]bq_kdbcfbjDZdmdZau\ZeZDeycg _keb^ey^hw^bih\hc\ hkh[_gghklb
hjZevghcZ]j_kkbboZjZdl_jgZaZ\bklvlhijbw^bih\hcZ]j_kkbb^hfbgbjm_lj_\ghklv
J_\ghklv \ua\ZggZy j_Zevghc beb \hh[jZ`Z_fhc baf_ghc fh`_l ijh[m^blv `_eZgb_
f_klb dhlhjh_ qZklh ijb\h^bl d h[jZlghc ljbZg]meypbb [_kkhagZl_evghfm beb
hkhagZgghfm `_eZgbx [ulv h[t_dlhf dhgdmj_gpbb f_`^m ^\mfy ex^vfb
ijhlb\hiheh`gh]hiheZ
G_kihkh[ghklv ]em[hdh hp_gblv ^jm]h]h q_eh\_dZ oZjZdl_jgZy ^ey
gZjpbkkbq_kdbo bg^b\b^mmfh\ iZjZebam_l bo ijb \u[hj_ iZjlg_jZ Wlhl g_^hklZlhd
ihjh`^Z_l ihl_gpbZevgh hiZkgmx dhf[bgZpbx dh]^Z b^_Zevgu_ dZq_kl\Z iZjlg_jZ
fh]ml h[_kp_gb\Zlvky \ kbem [_kkhagZl_evghc aZ\bklb Z _]h j_ZevgZy ebqghklv
i_j_`b\Z_lky dZd \lhj`_gb_ h]jZgbq_gb_ g_qlh gZ\yau\Z_fh_ bgl_jij_lbjm_fh_ ijb
wlhfdZdwdkiemZlZpbyb\ k\hxhq_j_^vlZd`_ihjh`^Zxs__aZ\bklvIZjlg_jklZ\rbc
ba[jZggbdhf gZjpbkkZ aZ lh qlh \hkobsZ_lky _]h dZq_kl\Zfb fh`_l [ulv [ukljh
h[_kp_g_gihkdhevdm_]h\hkobs_gb_\hkijbgbfZ_lkydZdkZfhkh[hcjZamf_xs__kyK
^jm]hc klhjhgu iZjlg_j kihkh[guc ex[blv g_j_^dh \uau\Z_l m gZjpbkkbq_kdhc
ebqghklb fhsgmx [_kkhagZl_evgmx aZ\bklv bf_ggh \ke_^kl\b_ wlhc kihkh[ghklb ² h
dhlhjhcgZjpbkkmba\_klghqlhhgZm g_]hhlkmlkl\m_l
< lhc f_j_ \ dZdhc m gZjpbkkbq_kdhc ebqghklb jZa\blh Kmi_jW]h b hgZ
bkiulu\Z_l qm\kl\h \bgu aZ k\hx g_kihkh[ghklv hl\_lblv ex[h\vx gZ ex[h\v ² \
lZdhc `_ f_j_ m g__ fh`_l mkbeb\Zlvky hsms_gb_ k\h_c g_iheghp_gghklb
ih[m`^Zxs__ d \lhjbqguf mkbebyf ih aZsbl_ hl wlh]h qm\kl\Z \bgu Wlb mkbeby
khklhyl \ ihbkd_ lZdbo ^_n_dlh\ m iZjlg_jZ dhlhju_ fh]eb [u kem`blv hijZ\^Zgb_f
hlkmlkl\by\aZbfghklbLZdbfh[jZahfkms_kl\mxl^\_\hafh`ghklb< i_j\hfkemqZ_
g_Z^_d\Zlghklv Kmi_jW]h h[mkeh\eb\Z_l [_ajZaebqb_ g_aZbgl_j_kh\Zgghklv
[_kqm\kl\_gghklv \ hlghr_gbyo ^bklZgpbjmxsb_ iZjlg_jh\ \h \lhjhf ²
hij_^_e_ggZykhojZgghklvnmgdpbhgbjh\ZgbyKmi_jW]h\_^_ld ijh_dpbbqm\kl\Z\bgu
gZiZjlg_jZijb\ghkys_c\ hlghr_gbyhll_ghdiZjZghyevghklb
>he]h\j_f_ggu_hlghr_gbym gZjpbkkbq_kdboiZpb_glh\
G_j_^dh iZjZ \ dhlhjhc h[Z iZjlg_jZ bf_xl gZjpbkkbq_kdmx ebqghklgmx
kljmdlmjm \iheg_ fh`_l gZclb kihkh[ kh\f_klgh]h kms_kl\h\Zgby m^h\e_l\hjyxsbc
ihlj_[ghklb\ aZ\bkbfhklbk h[_boklhjhgb h[_ki_qb\Zxsbcmkeh\by^eykhpbZevgh]h
b wdhghfbq_kdh]h \u`b\Zgby Imklv \ wfhpbhgZevghf kfuke_ hlghr_gby fh]ml [ulv
imklu gh hij_^_e_ggZy kl_i_gv \aZbfghc ih^^_j`db \aZbfgh]h bkihevah\Zgby bbeb
m^h[kl\Z fh`_l ^_eZlv bo klZ[bevgufb Bo ijhqghklv \ wlhf kemqZ_ h[mkeh\eb\Z_lky
h[sbfb khagZl_evgufb ij_^klZ\e_gbyfb h khpbZevguo jheyo k\hbo b iZjlg_jZ
nbgZgkh\ufb nZdlhjZfb ijbgZ^e_`ghklvx d hij_^_e_gghc dmevlmjghc kj_^_ b
aZbgl_j_kh\Zgghklvx\ ^_lyoH^gZdhaZqZklmxijhbkoh^bl[_kkhagZl_evgh_h`b\e_gb_
ijhreuo h[t_dlguo hlghr_gbc <hkijhba\_^_gb_ hlghr_gbc f_`^m njmkljbjmxs_c
oheh^ghc hl\_j]Zxs_c fZl_jvx b h[b`_gguf aZ\bkleb\uf fklbl_evguf j_[_gdhf
ihkj_^kl\hf \aZbfghc ijh_dlb\ghc b^_glbnbdZpbb fh`_l jZajmrblv k_dkmZevgmx
`bagv ih^lhedgmlv d hlu]ju\Zgbx lj_m]hevguo hlghr_gbc b ihklZ\blv ih^ m]jham
k\yabk hdjm`Zxsbfkhpbmfhf?kebh^bgbaiZjlg_jh\^hklb]Z_lg_h[uqZcgh]hmki_oZ
beb l_jibl qj_af_jgmx g_m^Zqm [_kkhagZl_evgZy dhgdmj_gpby f_`^m gbfb fh`_l
ijb\_klbd djZomhlghr_gbc
DZd y m`_ ml\_j`^Ze \ur_ ]bi_jljhnbjh\ZggZy ^hw^bih\Z aZ\bklv hdZau\Z_l
agZqbl_evgh_ \ebygb_ gZ i_j_oh^ \ w^bih\m klZ^bx ;_kkhagZl_evgZy aZ\bklv d fZl_jb
ij_\jZsZ_lky\ [_kkhagZl_evgmxaZ\bklvd w^bih\hciZj_Kh[kl\_gguc[jZdgZjpbkkZ
klZgh\blky [_kkhagZl_evghc dhib_c hlghr_gbc w^bih\hc iZju dhlhju_ ^he`gu [ulv
jZajmr_gu ;_kkhagZl_evgZy aZ\bklv kh_^bgy_lky k \bghc ih ih\h^m aZgylby f_klZ
w^bih\uo jh^bl_e_c :gZebaZpby w^bih\uo hlghr_gbc ² lh _klv bo j_]j_kkb\gh_
ih\j_`^_gb_ b jZajmr_gb_ iml_f [_kkhagZl_evgh]h kbf\hebq_kdh]h ih]jm`_gby \
wdkdj_f_glu ² fh`_l \ujZ`Zlvky \ g_mklZgguo ihiuldZo jZajmrZlv \k_ ohjhr__ b
p_ggh_qlh_klv\ ^jm]hfq_eh\_d_\ k_[_b \hlghr_gbyoRZkk]_Kfbj`_evV
Dhgnebdl gZjpbkkbq_kdbo kbe ^_ckl\mxsbc \ gZijZ\e_gbb jZajmr_gby
hlghr_gbcb hlqZyggucihbkdiZjlg_jZfb^hjh]bgZaZ^^jm]d ^jm]m ² \k_wlhh[uqgh
hlu]ju\Z_lky \ bo k_dkmZevguo hlghr_gbyo GZjpbkkbq_kdh_ h[_kp_gb\Zgb_ g_j_^dh
ebrZ_lkihkh[ghklb\hkijbgbfZlviZjlg_jZdZdwjhlbq_kdbijb\e_dZl_evgh]hB ^Z`_\
lhf kemqZ_ dh]^Z k_dkmZevgu_ hlghr_gby ihdZ khojZgyxlky kihkh[ghklv bkiulu\Zlv
\ha[m`^_gb_ b aZgbfZlvky k_dkhf hlgx^v g_ h]jZ`^Z_l iZjlg_jh\ hl khagZgby
hlqm`^_gby f_`^m gbfb ;he__ lh]h ijh^he`Zxsb_ky ijb lZdbo h[klhyl_evkl\Zo
k_dkmZevgu_ hlghr_gby fh]ml mkm]m[blv ljZ\fZlbqghklv kblmZpbb b ijb\_klb d
mom^r_gbxhlghr_gbc
Gh _keb b^_ZebaZpby y\eyxsZyky dhfihg_glhf ghjfZevguo k_dkmZevguo
hlghr_gbc _s_ hklZ_lky \ ^hklZlhqghc f_j_ ^hklmighc lZd qlh kh\f_klgh_
i_j_`b\Zgb_ k_dkmZevgh]h \ha[m`^_gby b hj]ZafZ hsmsZ_lky b dhffmgbpbjm_lky dZd
ihbkdg_lhevdhm^h\hevkl\byghlZd`_kebygbyijhs_gby^h\_jbyb aZ\bkbfhklbdZd
\ujZ`_gb_ [eZ]h^Zjghklb b ex[\b ^hihegyxsbo `_eZgb_ m^h\hevkl\by ² \ wlhf
kemqZ_ k_dkmZevgu_ dhglZdlu _s_ g_kml g_dhlhjmx gZ^_`^m KhojZgb\rZyky
kihkh[ghklv d b^_ZebaZpbb qlh y\ey_lky qZklvx hlghr_gbc ex[\b fh`_l \gZqZe_
ijbgbfZlvnhjfmb^_ZebaZpbbih\_joghklbl_eZiZjlg_jZKh[kl\_ggh]h\hjyh^gbfba
jZggbownn_dlh\]he_jZglghklbZf[b\Ze_glghklb ² ijbagZgbykh[kl\_gghcZ]j_kkbbih
hlghr_gbx d ^jm]hfm b gZqZeZ i_j_`b\Zgby qm\kl\Z \bgu b haZ[hq_gghklb ih wlhfm
ih\h^m ² fh`_l [ulv \hajh`^_gb_ ihklhyggh]h hsms_gby \ukhdhc p_gghklb l_eZ
^jm]h]hb j_Z]bjh\ZgbygZg_]h
H^gZba keh`g_crbo kblmZpbc gZjpbkkbq_kdbo h[t_dlguo hlghr_gbc k\yaZgZ k
\aZbfguf \e_q_gb_f bg^b\b^mmfh\ k kbg^jhfhf aehdZq_kl\_ggh]h gZjpbkkbafZ
D_jg[_j]Vk fhsgufbjZajmrbl_evgufbb kZfhjZajmrbl_evgufbklj_fe_gbyfb
b l_g^_gpb_cd iZjZghyevghfmbbebZglbkhpbZevghfmih\_^_gbxIhkdhevdmkbevgZy
^bnnmagZy gZijZ\e_ggZy gZ k_[y Z]j_kkby gZjpbkkbq_kdZy b ijbfblb\gZy
fZahobklbq_kdZy ikbohiZlheh]by fh]ml dhf[bgbjh\Zlvky \ hlghr_gbyo iZjlg_jh\
\hafh`gujZagu_kl_i_gbwdkiemZlZpbbb ^mjgh]hh[jZs_gbyihhlghr_gbxd ^jm]hfm
Z lZd`_ij_g_[j_`_gbyb ^mjgh]hh[jZs_gbyihhlghr_gbxd k_[_
GZijbf_j`_gsbgZk ojhgbq_kdbfbkmbpb^Zevgufbl_g^_gpbyfbg_kihkh[gZy
i_j_`b\Zlv \ex[e_gghklv beb kdhevdhgb[m^v ]em[hdb_ \gmlj_ggb_ h[yaZl_evkl\Z ih
hlghr_gbx d ^jm]hfm m\e_deZkv fm`qbghc q_c bgl_j_k d g_c ^Ze _c aZsblm hl
m`Zkgh]hqm\kl\Zh^bghq_kl\Zb qvbg_lj_[h\Zl_evghklvb ]hlh\ghklvm^h\e_l\hjylv__
^_eZeb wlb hlghr_gby ^ey g__ dhfnhjlgufb H^gZdh _s_ h^gbf dZq_kl\hf wlh]h
fm`qbgu[ueh_]h]jm[h_ij_g_[j_`_gb_k\hbfnbabq_kdbfa^hjh\v_fg_kfhljygZlh
qlhhgkljZ^Zeihl_gpbZevghm]jh`Zxs_c_]h`bagb[he_agvxlj_[mxs_cihklhygghc
f_^bpbgkdhc aZ[hlu KZfhjZajmrbl_evgu_ iZll_jgu \ jZ[hl_ [_ajZaebqb_ h[hbo d
^he]h\j_f_gguf ihke_^kl\byf g_Z^_d\Zlgh]h jZ[hq_]h nmgdpbhgbjh\Zgby h[t_^bgyeb
bo gZ hkgh\Zgbb lh]h qlh ijb ikbohZgZeblbq_kdhf bkke_^h\Zgbb ijhykgbehkv dZd
[_kkhagZl_evgZy hqZjh\Zgghklv ]_l_jhk_dkmZevguf \hkijhba\_^_gb_f kh[kl\_ggh]h
]jZg^bhagh]h b kZfhjZajmrbl_evgh]h Y B lhevdh ikbohZgZeblbq_kdZy ikbohl_jZiby
`_gsbguijb\_eZ\ dhgp_dhgph\d baf_g_gbyf\ wlhf\aZbfgh^_kljmdlb\ghfZevygk_
<hafh`gh kZfhc ^jZfZlbqghc beexkljZpb_c kh_^bg_gby w^bih\uo b
ij_w^bih\uo dhgnebdlh\ \ ^_l_jfbgZpbb gZjpbkkbq_kdbo ex[h\guo hlghr_gbc
y\ey_lky jZa\blb_ h[jZlghc ljbZg]meypbb >_ckl\mxsbf ebphf h[uqgh y\ey_lky
fm`qbgZ ij_mki_\Zxsbc \
hij_^_e_gghc khpbZevghc dmevlmjghc beb
ijhn_kkbhgZevghc kn_j_ b `_gZluc gZ `_gsbg_ ih h[s_fm fg_gbx [_amij_qghc b
ijbagZ\Z_fhc lZdh\hc __ fm`_f M gbo _klv ^_lb ih hlghr_gbx d dhlhjuf h[Z
jh^bl_ey aZ[hleb\u b hl\_lkl\_ggu M fm`qbgu lZd`_ _klv ex[h\gbpZ h[uqgh ba
^jm]hc khpbZevghc dmevlmjghc beb ijhn_kkbhgZevghc kj_^u @_gsbgu agZxl ^jm] h
^jm]_ b ihoh`_ kljZ^Zxl hl wlhc kblmZpbb Ijb wlhf m fm`qbgu bf__lky fgh`_kl\h
rZgkh\ihiZklv\ g_m^h[gh_iheh`_gb_ ² hlghr_gbyk h[_bfb`_gsbgZfb\lhj]Zxlky
\ _]h ^_eh\mx ijhn_kkbhgZevgmx khpbZevgmx beb iheblbq_kdmx `bagv KZf hg \
k\hbo dhe_[Zgbyo f_`^m ij_^Zgghklvx h^ghc b ^jm]hc `_gsbg_ \u]ey^bl
g_kqZkleb\ufb jZkl_jygguf
>jmavy dhee_]b iZjlg_ju ih [bag_km b ijhn_kkbhgZeu \ kn_j_ ikbobq_kdh]h
a^hjh\vy j_dhf_g^mxl _fm ikbohl_jZibx b g_j_^dh wlhl q_eh\_d ke_^m_l kh\_lm
^_fhgkljbjmy^h[jmx\hexb ]hlh\ghklvbf_lv^_ehk kblmZpb_cy\ghgZoh^ys_cky\g_
_]h dhgljhey < ijhp_kk_ ikbohZgZeblbq_kdh]h bkke_^h\Zgby dZd ijZ\beh \uy\ey_lky
ly`_eZy
gZjpbkkbq_kdZy
ikbohiZlheh]by
oZjZdl_jbamxsZyky
lhlZevghc
jZks_ie_gghklvx\ hlghr_gbyoiZpb_glZk `_gsbgZfb< dhgdj_lghf\aZbfh^_ckl\bb
k h^ghcbagbobebh[_bfbh[uqghij_h[eZ^Z_lex[h\vZ]j_kkby`_kdjulh\ujZ`_gZ\
kZ^bklbq_kdhf we_f_gl_ hklZ\e_gby h[_bo `_gsbg dhlhjuc \ [hevrbgkl\_ kemqZ_\
aZl_g_gbgl_gkb\ghi_j_`b\Z_fhcbeb^_deZjbjm_fhc\bghc
Bkoh^gZy w^bih\Z dhgdmj_gpby aZ fZlv f_`^m kughf b hlphf a^_kv dZd [u
i_j_\_jgmlZ fm`qbgZ ² h[hevklbl_evgh j_[yqeb\uc kug ij_^f_l dhgdmj_gpbb ^\mo
`_gsbgJZks_ie_gb_h[jZaZfZl_jbgZ^_k_dkmZebabjh\Zggmx`_gmfZlvb k_dkmZevgh
\ha[m`^Zxsmx gh wfhpbhgZevgh h[_kp_g_ggmx ex[h\gbpm hlebqZ_lky hl
bkdexqbl_evgh w^bih\h h[mkeh\e_ggh]h jZks_ie_gby >hw^bih\u ^_l_jfbgZglu
ijhy\eyxlky \ j_[yqeb\uo aZ\bkbfuo kdjulh wdkiemZlZlhjkdbo hlghr_gbyo
gZjpbkkbq_kdh]h fm`qbgu k h[_bfb `_gsbgZfb \ _]h g_]h^h\Zgbb b i_j_`b\Zgbb
ihijZgguoijZ\\ kemqZyodh]^Zbogm`^ug_^hdhgpZkh\iZ^Zxlk _]hkh[kl\_ggufbb
\ g_kihkh[ghklbih^^_j`b\Zlvl_beb^jm]b_hlghr_gby\ l_q_gb_^ebl_evgh]h\j_f_gb
[_a dhfi_gkZlhjguo hlghr_gbc k ^jm]bfb `_gsbgZfb Lhl `_ iZll_jg fh`gh
gZ[ex^Zlv m `_gsbg bkiulu\Zxsbo g_h[oh^bfhklv \ h^gh\j_f_gghf b ihklhygghf
moZ`b\Zgbbkhklhjhgu^\mobeb[he__fm`qbg
Bgh]^Z lZdb_ h[klhyl_evkl\Z \uau\Zxl bklbggh_ hlqZygb_ b klj_fe_gb_ gZclb
jZaj_r_gb_ ijh[e_fu \ ebp_ dh]hlh dlh ^he`_g kh_^bgblv \ k_[_ ^\mo ebqghkl_c
ijhlb\hiheh`gh]hiheZQZs_h^gZdh^_ehijboh^bld lhfmqlh\g_rgb_khpbZevgu_
^Z\e_gbyijb\h^ylwlboex^_c\ l_jZibxihfh_fmhiulmijh]gha\ hkgh\ghfaZ\bkbl
hl lh]h y\ey_lky eb l_jZiby ihiuldhc kha^Zgby [_kkhagZl_evgh]h Zeb[b ^ey
m\_dh\_q_gbyhlghr_gbcbebihiuldhchk\h[h^blvkybaaZlhq_gby< gZbemqr_fkemqZ_
gZjpbkkbq_kdbciZpb_glij_ke_^m_fuclj_\h]hcb \bghck\yaZgghck njmkljbjh\Zgb_f
h[_bo`_gsbgb kdjulufgZiZ^_gb_fgZgbobkdj_gg_aZbgl_j_kh\Zg\ l_jZibb
Ly`_eZygZjpbkkbq_kdZyiZlheh]bym h^gh]hbebh[hboiZjlg_jh\h[uqghlj_[m_l
ikbohZgZeblbq_kdhc l_jZibb \ ijhlb\hiheh`ghklv kemqZyf dh]^Z dhgnebdl iZju kZf
ih k_[_ kbevg__ gZjpbkkbq_kdbo ljm^ghkl_c h^gh]h beb h[hbo iZjlg_jh\ beb dh]^Z hg
hll_kgy_lwlbbg^b\b^mZevgu_ijh[e_fugZaZ^gbcieZgFhlb\Zpbyd l_jZibby\ey_lky
j_rZxsbf nZdlhjhf lZd dZd lZdb_ iZpb_glu gm`^Zxlky \ keh`ghf b ^ebl_evghf
ZgZeba_ WlZ fhlb\Zpby b kl_i_gv \ dhlhjhc iZlheh]by iZju fh`_l [ulv iheghklvx
hlu]jZgZ b ijhjZ[hlZgZ \ i_j_ghk_ ih fh_fm hiulm ij_^klZ\eyxl kh[hc gZb[he__
\Z`gu_ ijh]ghklbq_kdb_ nZdlhju Fgh]bf gZjpbkkbq_kdbf iZpb_glZf g_h[oh^bfh
g_h^ghdjZlgh i_j_`blv djZo b^_ZebaZpbb b ex[h\guo hlghr_gbc ij_`^_ q_f hgb
h[_kihdhylky kh[hc \ ^hklZlhqghc f_j_ qlh[u fhlb\bjh\Zlvky gZ ZgZeblbq_kdmx
l_jZibx Ihwlhfm l_jZiby ²e_lgbo iZpb_glh\ bf__l emqrbc ijh]gha q_f [he__
fheh^uoK ^jm]hcklhjhguiZpb_gluk ly`_ehcgZjpbkkbq_kdhciZlheh]b_cgm`^Zxlky
\ jZgg_cl_jZibbqlh[uij_^hl\jZlblvdjmr_gb_boijhn_kkbhgZevghc`bagbZ lZd`_
ex[h\guohlghr_gbc
Y lsZl_evgh bkke_^h\Ze hlghr_gby \ iZjZo ih^ \ebygb_f gZjpbkkbq_kdhc
iZlheh]bb m h^gh]h beb h[hbo iZjlg_jh\ b \ iZjZo k fbgbfZevghc gZjpbkkbq_kdhc
iZlheh]b_c <u^\b`_gb_ gZi_j\uc ieZg gZjpbkkbq_kdhc iZlheh]bb \_^_l d hiZkghklb
qj_af_jgh]h Zdp_glbjh\Zgby __ ^_kljmdlb\guo wnn_dlh\ Lhqgh lZd `_ ijb^Zgb_
kebrdhf [hevrh]h agZq_gby g_iZlheh]bq_kdbf hlghr_gbyf fh`_l \_klb d
ij_m\_ebq_gbx b^_Zevgh]h beb b^_Zebabjh\Zggh]h Zki_dlZ \ ex[h\guo hlghr_gbyo
Iha\hevl_ fg_ aZ\_jrblv k\h_ hibkZgb_ mdZaZgb_f gZ fgh`_kl\h iml_c i_j_ie_l_gby
iZlheh]bq_kdh]h b g_iZlheh]bq_kdh]h gZqZe G_h^ghdjZlgu_ \klj_qb k g_]Zlb\gufb
ihke_^kl\byfb gZjpbkkbq_kdhc iZlheh]bb fh]ml bf_lv ihablb\gu_ wnn_dlu b
\aZbfh^_ckl\byf_`^miZjlg_jZfbb^msb_ \jZaj_a k [_kkhagZl_evgufbh`b^Zgbyfb b
\hkijhba\_^_gbyfb ijhreuo dhgnebdlh\ fh]ml [ulv p_ebl_evgufb g_cljZebamy
^_ckl\b_ ijh_dlb\guo b^_glbnbdZpbc b \k_fh]ms_]h dhgljhey lZd `_ dZd
ih\lhjy\rboky\hkijhba\_^_gbcihjZ`_gq_kdh]hih\_^_gby
< p_ehfijbagZgb_Zf[b\Ze_glghklb ² gZb[he__h[sbcagZf_gZl_evijbagZdh\
jZklms_]h hkhagZgby iZpb_glhf kh[kl\_ggh]h \deZ^Z \ k\hb dhgnebdlu b njmkljZpbb
Ikboheh]bq_kdhfm memqr_gbx khimlkl\mxl ]em[hdb_ kh`Ze_gby \ ijhp_kk_ dhlhjuo
iZpb_gl fh`_l ijbagZlv b ijhjZ[hlZlv Z]j_kkbx lZd `_ dZd `_eZgb_ bkijZ\blv __
ihke_^kl\byb \hkihegblvms_j[gZg_k_gguc_x\ j_Zevghklbbeb\ nZglZabb
LZdb_ p_ebl_evgu_ ijhp_kku fh]ml bf_lv f_klh b \ h[uqghc `bagb \g_
l_jZi_\lbq_kdbokblmZpbcIjbf_jhfkem`blkemqZch^ghcgZjpbkkbq_kdhc`_gsbguk
^he]hc bklhjb_c wdkiemZlZlhjkdbo hlghr_gbc k \eZklgufb fm`qbgZfb b \_^ms_c
`bagvk\b^_l_evkl\mxsmxh[w]hp_gljbaf_b kZfh\ha\_ebqb\ZgbbIhke_fgh]he_lgbo
b [_amki_rguo ihiulhd aZ[_j_f_g_lv hgZ gZdhg_p klZeZ fZl_jvx Dh]^Z iZpb_gldZ
magZeZqlh__ kugkljZ^Z_l[he_agvxdhlhjZyaZ\_jrblkykf_jlvx\ jZgg_f^_lkl\___
i_j\hgZqZevguc ]g_\ gZ lh qlh hgZ \hkijbgbfZeZ dZd `_klhdmx b g_kijZ\_^eb\mx
km^v[m kf_gbeky [_ah]ey^ghc ij_^Zgghklvx wlhfm j_[_gdm IhklZ\b\ aZ[hlm h g_f
\ur_k\h_ckhpbZevghcijhn_kkbhgZevghcb ebqghc`bagbhgZ\i_j\u_ihqm\kl\h\ZeZ
k_[y\ kh]eZkbbk kh[hcb fbjhf?_ihegZykZfhhl^ZqZj_[_gdmhljZ`ZeZh^gh\j_f_ggh
b gZjpbkkbq_kdh_\eh`_gb_\ g_]hb lhqlhfh`ghgZa\ZlvZevljmbklbq_kdbfhldZahfhl
k_[y k fZahobklbq_kdbfb bfiebdZpbyfb Kh_^bg_gb_ gZjpbkkbq_kdbo b
fZahobklbq_kdbo q_jl \ __ kZfhih`_jl\h\Zgbb ih\ebyeh lZd`_ gZ hlghr_gby wlhc
`_gsbgu k ^jm]bfb agZqbfufb ex^vfb b ijb\_eh d jZ^bdZevghfm i_j_kfhljm k\h_c
ihabpbb ih hlghr_gbx d fm`qbgZf WlZ dhgkl_eeypby djhf_ lh]h hk\h[h^beZ __ hl
g_h[oh^bfhklbih^^_j`b\Zlvb^_Zebabjh\Zggh_ij_^klZ\e_gb_h kZfhck_[_dZdhkgh\m
^ey kZfhm\Z`_gby Ihke_ kf_jlb j_[_gdZ hgZ \i_j\u_ kfh]eZ mklZgh\blv hlghr_gby k
fm`qbghc\ dhlhjuo[uebb \aZbfghklvb ij_^Zgghklv
Bgh]^Z \u[hj iZjlg_jZ k\yaZg k ihiuldhc bae_qblv kh[kl\_ggmx
bg^b\b^mZevgmx iZlheh]bx Fm`qbgZ k gZjpbkkbq_kdbf kZfh\ha\_ebqb\Zgb_f
pbgbqgh h[_kp_gb\Zxsbc ijb\_j`_gghklv wlbq_kdbf ghjfZf k ]_^hgbklbq_kdbf b
w]hp_gljbq_kdhf fbjh\hkijbylb_f fh`_l ba[jZlv `_gsbgm dhlhjZy ]em[hdh ij_^ZgZ
wlbq_kdbfghjfZfb ^eydhlhjhchq_gv\Z`guih^h[gu_p_gghklbm ^jm]boM\e_drbkv
lZdhc `_gsbghc b ih^^Z\rbkv kh[eZagm ihibjZgby __ p_gghkl_c dhfimevkb\gh
\hkijhba\h^y lZdbf h[jZahf k\hb gZjpbkkbq_kdb_ dhgnebdlu wlhl fm`qbgZ \iheg_
\hafh`ghh^gh\j_f_gghhlu]ju\Z_l[_kkhagZl_evgmxgZ^_`^mgZ__ fhjZevgucljbmfn
gZ^ _]h pbgbafhf LZdbf h[jZahf kbkl_fu W]hb^_ZeZ iZju b [_kkhagZl_evgu_
ijhreu_dhgnebdlufh]ml^Z\ZlvgZqZehp_ebl_evgufmkbebyf
E:L?GLGUC
I?JBH>
=JMIIH<:Y
>BG:FBD:
B
DHG<?GPBHG:EVGHKLV
Bkke_^h\Z\ lh dZdbf h[jZahf ij_^jZkiheh`_gghklv bg^b\b^Z d i_j_`b\Zgbx
k_dkmZevgh]h \ha[m`^_gby b wjhlbq_kdh]h `_eZgby ihkl_i_ggh ljZgknhjfbjm_lky \
kihkh[ghklvd aj_ehcex[\bdh]^ZhgklZgh\blkyqZklvxk_dkmZevghciZjui_j_c^_fd
bamq_gbx hlghr_gbc iZju k hdjm`Zxs_c khpbZevghc k_lvx Hkgh\gh_ \gbfZgb_ y
m^_ex fZeuf b [hevrbf ]jmiiZf hdZau\Zxsbf k_jv_agh_ \ebygb_ gZ ij_\jZlghklb
ex[h\ghc `bagb iZju <gmljb gbo iZjlg_ju gZoh^yl ^jm] ^jm]Z k gbfb hgb
\aZbfh^_ckl\mxlkeh`gufbimlyfb
Y bf_x \ \b^m g_ lhevdh ZdlmZevgu_ ]jmiiu gh lZd`_ nZglZabb dhlhju_
\hagbdZxlm bg^b\b^h\b iZjihih\h^mwlbo]jmiihkh[_ggh\ hlghr_gbblj_[h\Zgbc
hiZkghkl_c b m^h\e_l\hj_gbb h`b^Z_fuo hl \aZbfh^_ckl\by bo dZd iZju k lZdbfb
]jmiiZfb Y iheZ]Zx qlh bf_xsb_ky m iZju b ]jmiiu j_Zevgu_ b nZglZabcgu_
p_gghklgu_ km`^_gby fhjZevgu_ h`b^Zgby b ij_^klZ\e_gby hlghkbl_evgh ex[h\guo
hlghr_gbc b]jZxl a^_kv kms_kl\_ggmx jhev H^gh\j_f_ggh k wlbf \ebygb_f
ijhbkoh^blmklZgh\e_gb_ojmidh]h[ZeZgkZf_`^miZjhcb \dexqZxs_c__ ]jmiihcbeb
]jmiiZfb \ k\hx hq_j_^v hdZau\Zxsbfb \ha^_ckl\b_ gZ ikboh^bgZfbdm iZju Fh_
ihgbfZgb_ wlbo hlghr_gbc hkgh\Zgh gZ ikbohZgZeblbq_kdbo ij_^klZ\e_gbyo h
ikboh^bgZfbd_ ]jmiih\uo ijhp_kkh\ \ hkh[_gghklb h \aZbfhk\yayo wlbo ]jmiih\uo
ijhp_kkh\ k bg^b\b^mZevgufb mklZgh\dZfb ih ih\h^m k_dkmZevghklb b k_dkmZevghc
`bagbiZju
IZjZb ]jmiiZ
< h^ghc ba fhbo ij_^u^msbo jZ[hl V j_qv reZ h \deZ^_ ikbohZgZebaZ \
ihgbfZgb_hlghr_gbcbg^b\b^mmfh\iZjb ]jmiiNj_c^ hibku\Zej_]j_kkbxb
b^_ZebaZpbxeb^_jZijhbk
oh^ysb_\ ]jmiiZob bf_xsb_dhjgb\ w^bih\hckblmZpbb;bhg \ukdZaZe
fukevqlhqe_gufZeuo]jmii^_ckl\mxlgZhkgh\_ijbgpbiZ[hjv[u[_]kl\Zihkuedb
aZ\bkbfhklb ^hw^bih\Z ijhbkoh`^_gby b ihkuedb iZjguo h[t_^bg_gbc w^bih\Z
ijhbkoh`^_gby JZc_ b Lmjd_ bkke_^h\Z\ [he__ djmigu_ ]jmiiu
h[gZjm`beb qlh bo qe_gh\ oZjZdl_jbam_l mljZlZ qm\kl\Z b^_glbqghklb \dmi_ kh
kljZohfZ]j_kkbbb ihl_jbdhgljhey
< p_ehf fh`gh kdZaZlv qlh \k_ g_kljmdlmjbjh\Zggu_ ]jmiiu lh _klv g_
hj]Zgbah\Zggu_ \hdjm] hij_^_e_gghc aZ^Zqb klbfmebjmxl h]jZgbqbl_evgh_
j_]j_kkb\gh_ ij_^klZ\e_gb_ h fhjZeb Wlhl lbi fhjZeb ijbkms khpbZevguf k_lyf ²
fZeufkhpbZevguf]jmiiZfb khh[s_kl\Zf]^_bg^b\b^mmfuh[sZxlky^jm]k ^jm]hf
gh g_ [ebadb b g_ h[yaZl_evgh k\yaZgu ebqgufb hlghr_gbyfb =eZ\gu_ h[sb_
p_gghklb nhjfbjm_fu_ \ lZdbo h[klhyl_evkl\Zo lZd `_ dZd fbfhe_lgu_ b^_heh]bb
\hagbdZxsb_ \ g_kljmdlmjbjh\Zgguo fZeuo b [hevrbo ]jmiiZo ihjZabl_evgh
gZihfbgZxl oZjZdl_jbklbdb fZkkh\hc ikboheh]bb bf_xlky \ \b^m bg^b\b^mZevgu_
j_Zdpbb ijb i_j_`b\Zgbb \j_f_gghc ijbgZ^e_`ghklb d [hevrhc ]jmii_ beb d
[_aebqghcq_eh\_q_kdhcfZkk_
< jZgg_c jZ[hl_ y k^_eZe ij_^iheh`_gb_ h lhf qlh ijb lZdbo mkeh\byo qe_gu
]jmiiu kdehggu ijh_pbjh\Zlv gZ g__ dhfihg_glu bgnZglbevgh]h Kmi_jW]h Hgb
klj_fylky mklZgh\blv gZ [_kkhagZl_evghf mjh\g_ kh]eZkb_ hlghkbl_evgh g_dhlhjuo
hkgh\guo p_gghkl_c lh _klv knhjfbjh\Zlv fhjZev dhlhjZy f_`^m l_f hq_gv
hlebqZ_lky hl bg^b\b^mZevghc fhjZeb dZ`^h]h qe_gZ ]jmiiu Fg_ dZ`_lky qlh wlZ
fhjZevdhlhjmxy gZau\Zxdhg\_gpbhgZevghc fhjZevx ² ihijbqbgZfijhykgy_fuf
^Ze__ \ ^Zgghc ]eZ\_ ² ihjZabl_evgh koh^gZ k fhjZevx ^_l_c \ eZl_glghc nZa_
gZklmiZxs_cihke_ibdZw^bih\Zdhfie_dkZlh_klvihke_ ² e_lb ijh^he`Zxs_cky
\iehlv ^h im[_jlZlZ b xghklb < eZl_glguc i_jbh^ \ oh^_ jZa\blby Kmi_jW]h
ijhbkoh^bl ihkljh_gb_ kbkl_fu fhjZeb \ \ukhdhc kl_i_gb h[mkeh\e_ggh_
ihlj_[ghklvx Z^ZilZpbb d khpbmfm rdheu b \ajhkeh]h fbjZ Z lZd`_ ihlj_[ghklvx
h]jZ^blv ojmidb_ hlghr_gby k jh^bl_eyfb hl k\yaZgguo k k_dkmZevghklvx b
Z]j_kkb\ghklvx dhgnebdlh\ w^bih\hc klZ^bb Ikboheh]by eZl_glgh]h \hajZklZ
oZjZdl_jbam_lky klZ[bebaZpb_c ihablb\guo hlghr_gbc k h[hbfb jh^bl_eyfb b
ih^Z\e_gb_f ijyfh]h \ujZ`_gby k_dkmZevguo klj_fe_gbc d w^bih\m h[t_dlm b
Z]j_kkb\ghc dhgdmj_gpbb k w^bih\uf khi_jgbdhf >_jb\Zlu wlbo klj_fe_gbc
i_j_gZijZ\eyxlkygZ]jmiih\u_nhjfbjh\Zgbyk\hckl\_ggu_eZl_glghfmi_jbh^mb \
oh^_bgl_]jZpbb\ ]jmiimeZl_glgucj_[_ghdb^_glbnbpbjm_lkykh\k_fbqe_gZfbwlhc
]jmiiu iml_f ijh_dpbb k\_`_bki_q_ggh]h ihklw^bih\Z Kmi_jW]h IZjZee_evgh
jZa\b\Zxsb_ky qZklgu_ klj_fe_gby d wdkdexab\guf ex[h\guf hlghr_gbyf
ijhbkoh^ysb_ hl w^bih\uo `_eZgbc agZf_gmxl gZqZeh ^bZe_dlbq_kdh]h gZijy`_gby
f_`^m bg^b\b^mZevguf `_eZgb_f b dhgnhjfghklvx ih hlghr_gbx d ijbagZgghfm
]jmiih\hfmb^_Zem
Q_jlu fhjZeb oZjZdl_jgu_ ^ey ]jmiiu eZl_glgh]h i_jbh^Z \dexqZxl dZd
k_dkmZevgu_ agZgby lZd b g_\bgghklv \ lhf kfuke_ qlh k_dkmZevghklv _klv g_qlh
aZij_lgh_b hlghkys__kyd lZcghfmih\_^_gbx^jm]boWlhc\hajZklghc]jmii_lZd`_
k\hckl\_ggh ij_ajbl_evgh h[_kp_gb\Zlv ]_gblZevgmx k_dkmZevghklv \hkijbgbfZ_fmx
\dmi_ k __ ZgZevgufb ij_^r_kl\_ggbdZfb Wlh \ujZ`Z_lky gZijbf_j \ lhf qlh
k_dkmZevgu_hj]Zgub k_dkmZevgZyZdlb\ghklvmihfbgZxlkydZdg_qlh]jyagh_\ ]jyaguo
rmldZo Z lZd`_ \ l_o hl\jZs_gbb b klu^_ dhlhju_ \uau\Z_l k_dkmZevgh_ ih\_^_gb_
ijb h^gh\j_f_gghf lZcghf \ha[m`^_gbb b fmqbl_evghf ex[hiulkl\_ G_aZl_ceb\Zy
fhjZev eZl_glgh]h i_jbh^Z jZa^_ey_l ex^_c b fhlb\u gZ ohjhrb_ b iehob_
^bkkhpbbjm_l ]_gblZevgmx k_dkmZevghklv hl g_`ghc ijb\yaZgghklb ]_gblZevguc
iheh\hcZdl ² hlihebfhjnguoi_j\_jab\guobgnZglbevguok_dkmZevguodhfihg_glh\
b ihhsjy_l gZb\ghklv b [eZ]hjh^gmx g_\bgghklv WlZ fhjZev eZl_glgh]h \hajZklZ g_
l_jibl ^\mkfuke_gghklb b Zf[b\Ze_glghklb k\hckl\_gguo aj_euf wfhpbhgZevguf
hlghr_gbyf hgZ klj_fblky bkdexqblv ba aZdhgguo hlghr_gbc wjhlbq_kdbc we_f_gl
² lh_klvij_`^_\k_]hbahlghr_gbchnbpbZevghcjh^bl_evkdhciZjuEx[hiulgh
qlh \ k\hbo ijb\Zlguo qm\kl\Zo b nZglZabyo ^_lb eZl_glgh]h i_jbh^Z h[gZjm`b\Zxl
ihjZabl_evgmx kihkh[ghklv \ex[eylvky ijblhf kh \k_fb ijbagZdZfb jhfZglbq_kdhc
ex[\b dhlhjZy ljZ^bpbhggh kqblZ_lky ij_jh]Zlb\hc xghklb b aj_ehklb bkdexqZy
lhevdhf_qluh kh[kl\_gguo^_lyoIhebgZD_jg[_j]b :je_gDjZf_jJbqZj^_ P_gghklb oZjZdl_jgu_ ^ey eZl_glgh]h \hajZklZ kihkh[kl\mxl lZdhfm
kljmdlmjbjh\Zgbx dhffmgbdZpbb dh]^Z nhjfZ ^hfbgbjm_l gZ^ kh^_j`Zgb_f \
ihklmidZo ij_^ihql_gb_ hl^Z_lky l_ZljZevghklb gZb]jurm k_glbf_glZevghklv
ij_h[eZ^Z_l gZ^ ]em[hdbfb qm\kl\Zfb Z \ fure_gbb ijhklhlZ b ljb\bZevghklv lZd`_
[_jml\_jogZ^]em[bghcG_l_jibfhklvd Zf[b\Ze_glghklboZjZdl_jgZy^eyeZl_glghc
fhjZeb gZb[he__ jZabl_evgh ijhy\ey_lky \ jZaj_r_gbb dhgnebdlh\ iml_f hl^_e_gby
iehobo\jZ]h\hlohjhrbo^jma_cIhkmlbfhjZeveZl_glgh]h\hajZklZbf__lfgh]h
h[s_]h k dblq_f ² nhjfZfb bkdmkkl\Z dhlhju_ g_ hlebqZxlky wkl_lbq_kdbfb
^hklhbgkl\Zfb gh hq_gv bfihgbjmxl rbjhdbf fZkkZf Dblq h[uqgh oZjZdl_jbam_lky
k_glbf_glZevghklvx
[ZgZevghklvx
ij_l_gpbhaghklvx
]jZg^bhaghklvx
g_aZl_ceb\hklvx mijhs_gghklvx ljZ^bpbhggh ij_h[eZ^Zxsbo wdkij_kkb\guo klbe_c
bgl_ee_dlmZevghc ih\_joghklghklvx b ijb\_j`_gghklvx ^_lkdbf b^_ZeZf qlh
\ujZ`Z_lky \ b^_ZebaZpbb \k_]h fZe_gvdh]h mxlgh]h b ljh]Zl_evgh aZ[Z\gh]h \h
\kydbo dehmgZo abfgbo i_caZ`Zo k ^ufhf ba ljm[u b \hh[s_ l_ieh]h aZsbs_ggh]h
ijhklh]h[_ahiZkgh]hkqZkleb\h]hnZglZabcgh]h^_lkl\Z
Bf_gghfhjZeveZl_glgh]hi_jbh^Zkem`blhkgh\hcfhsguoijh_dpbcgZ]jmiim
b gZijhly`_gbb\k_cxghklbb ^Z`_\ aj_ehklbb]jZ_ljhevh[s_ckbkl_fup_gghkl_c
^ey g_kljmdlmjbjh\Zgguo ]jmii b \ mkeh\byo ]jmiih\hc j_]j_kkbb Kmi_jW]h
eZl_glgh]hi_jbh^Ze_]dhijh_pbjm_lkyqe_gZfbg_kljmdlmjbjh\Zgguo]jmii\ lh\j_fy
dZd[he__iha^g__bg^b\b^mZebabjh\Zggh_b aj_eh_Kmi_jW]hhklZ_lkygZf_kl_Wlh
\ajhkeh_ Kmi_jW]h iha\hey_l bgl_]jbjh\Zlv k_dkmZevghklv k g_`ghklvx qlh ^Z_l
kihkh[ghklvd mklhcqb\hckljZklghcex[\b\h\ajhkehf\hajZkl_
Koh^kl\heZl_glghcgjZ\kl\_gghklbk dblq_f]h\hjblh[bglbfghc k\yabf_`^m
j_]j_kkb\gufb]jmiih\ufbijhp_kkZfbb ihjh`^_gbyfbfZkkh\hcdmevlmju ² lh_klv
ijh^mdpb_c jZkkqblZgghc gZ \dmku bg^b\b^mmfh\ gZoh^ysboky ih^ \ebygb_f
fZkkh\hcikboheh]bb
FZkkh\Zyikboheh]byb fZkkh\ZydmevlmjZ
K_j`Fhkdh\bqb ml\_j`^Zeqlhnj_c^h\kdZyl_hjbyfZkkh\hcikboheh]bb
\iheg_ijbf_gbfZd bg^b\b^mmfmkb^ys_fm\ h^bghq_kl\_beb \ fZehc]jmii_
i_j_^l_e_\bahjhfjZ^bhijb_fgbdhfbebk ]Za_lhc\ jmdZoagZgb_h lhfqlh\b^bfh_
beb keurbfh_ bf lZd`_ \b^bl beb keurbl h]jhfgZy Zm^blhjby ih[m`^Z_l _]h
qm\kl\h\Zlvk_[ydZd[uqZklvxlheiuDhjhldh]h\hjykj_^kl\ZfZkkh\hcbgnhjfZpbb
^_eZxl \hafh`guf h^gh\j_f_ggmx dhffmgbdZpbx ^Zxsmx g_ihkj_^kl\_ggh_
hsms_gb_ ijbgZ^e_`ghklb d ]jmii_ JZ^bh b l_e_\b^_gb_ kha^Zxl hkh[_ggh
[eZ]hijbylgu_ mkeh\by ^ey ijb^Zgby bg^b\b^mZevghfm ajbl_ex klZlmkZ mqZklgbdZ
]jmiiuihkdhevdmjZ^bh\ [hevr_cf_j_h[_ki_qb\Z_lh^gh\j_f_gghklvdhffmgbdZpbb
q_f]Za_luZ l_e_\b^_gb_mkbeb\Z_lwnn_dlijbkmlkl\byH[s_gb_q_j_aKFBh[eZ^Z_l
q_jlZfb dhg\_gpbhgZevgh_Πkhhl\_lkl\mxsbfb lj_[h\Zgbyf hibkZggh]h \ur_
eZl_glgh]hKmi_jW]h
>ey ljZgkebjm_fhc KFB fZkkh\hc dmevlmju oZjZdl_jgu g_aZfukeh\Zlhklv b
agZqbl_evgh h]jZgbq_ggu_ bgl_ee_dlmZevgu_ lj_[h\Zgby d ihlj_[bl_ex Yaud b
kh^_j`Zgb_ l_e_\babhgguo i_j_^Zq jZkqblZgu gZ kdjulh iZkkb\gmx h^ghjh^gmx
g_k\_^msmxfZkkmKblmZpbhgghdhf_^bcguckx`_lg_keh`_ge_]dh\hkijbgbfZ_lkyb
ihgbfZ_lky j_Zdpby ajbl_ey gZ g_]h ij_^kdZam_fZ Ajbl_ev hsmsZ_l kZfh^h\hevgh_
qm\kl\h ij_\hkoh^kl\Z jZkiheZ]Zxs__ d ihemq_gbx gZjpbkkbq_kdh]h m^h\e_l\hj_gby
>jZfZlbqgu_kblmZpbb k ykgufbj_r_gbyfb khojZgyxl ^bkkhpbbjh\Zgghklv iehoh]h
gZdZau\Z_fh]h ij_klmigbdZ jZkdZb\Zxs_]hky ]j_rgbdZ b ohjhr_]h ih[_`^Zxs_]h
aZsblgbdZ ijZ\^u b qbklhlu K_glbf_glZevghklv hjb_glZpby gZ p_gghklb ^_lkl\Z b
Zdlb\baZpby g_kdhevdh iZjZghyevguo b gZjpbkkbq_kdbo nZglZabc ² \hl lh qlh
m^h\e_l\hjy_l j_]j_kkb\gu_ `_eZgby qe_gh\ [hevrbo g_kljmdlmjbjh\Zgguo ]jmii \
ljbee_jZob ijbdexq_gq_kdbokx`_lZo
FZkkh\Zy dmevlmjZ ij_^eZ]Z_l mihjy^hq_ggmx klZ[bevgmx jb]b^gmx `_kldmx
dhg\_gpbhgZevgmx fhjZev < g_c ijbkmlkl\mxl dhg_qgu_ jh^bl_evkdb_ Z\lhjbl_lu
j_rZxsb_qlhohjhrhb qlhiehohZ]j_kkbykms_kl\m_lebrv\ \b^_ijZ\_^gh]h]g_\Z
eb[h gZdZaZgby ij_klmigbdZ dhg\_gpbhgZevgZy ]jmiih\Zy fhjZev ijbgbfZ_lky dZd
g_qlh kZfhc kh[hc jZamf_xs__ky Z k_glbf_glZevghklv h[_j_]Z_l hl wfhpbhgZevguo
]em[bg dhlhju_ hdZaZebkv [u g_i_j_ghkbfufb ^ey ^_lkdhc fhjZeb >Z`_ dh]^Z
Z]j_kkby \uklmiZ_l gZ i_j\uc ieZg ih[_^Z ]_jhy gZ^ Z]j_kkb\gufb qm^h\bsZfb
khq_lZ_l\ k_[_l_jibfhklvd kZ^bafmk ljbmfnhfKmi_jW]heZl_glgh]h\hajZklZ
< k_dkmZevguo l_fZo ij_h[eZ^Zxl l_ `_ eZl_glgu_ oZjZdl_jbklbdb ex[h\v
g_`ghklviheghklvxbahebjm_lkyhldZdboeb[hwe_f_glh\wjhlbdbbeb`_^himkdZxlky
ebrvhl^Ze_ggu_gZf_dbgZgbo\ k\yabk b^_Zebabjh\ZggufbagZqbfufbbg^b\b^Zfb
=_gblZevgZy k_dkmZevghklv ba\_klgZ gh ijb_fe_fZ lhevdh \g_ wfhpbhgZevguo
i_j_`b\Zgbc b^_Zebabjm_fuo ex^_c HldjulZy k_dkmZevghklv k\yau\Z_lky h[uqgh k
h[_kp_g_ggufb hl\_j]Z_fufb Z]j_kkb\gufb \aZbfh^_ckl\byfb beb k lZdbfb
mqZklgbdZfb dhg\_gpbhgZevghc ^jZfu m dhlhjuo g_ \k_ ^hfZ G_ihkj_^kl\_ggh_
\ujZ`_gb_ l_g^_gpbc ihebfhjnghc bgnZglbevghc k_dkmZevghklb iheghklvx
hlkmlkl\m_l GZijbf_j \ dhg\_gpbhgZevguo nbevfZo ^Z`_ ijb \g_rg_c ]hlh\ghklb
bah[jZ`Zlv k_dkmZevgu_ \aZbfh^_ckl\by ex^_c kqZkleb\uo \ [jZd_ ijbylguc k_dk
hlkmlkl\m_l g_^hklZ_l wjhlbabjh\Zgghc g_`ghklb ihdZaZgu ebrv fhf_glu kljZklb
ijbq_f ih^jZamf_\Z_lky Z]j_kkb\guc hiZkguc beb gZdZam_fuc oZjZdl_j l_o
dhgdj_lguokljZklguoijhy\e_gbc
GZ fhc \a]ey^ nbevfu hkh[_ggh yjdh beexkljbjmxl wlhl \_qguc dhgnebdl
f_`^mebqghcfhjZevxb dhg\_gpbhgZevghklvx[_jms_cgZqZeh\ ]jmiih\uoijhp_kkZo
eZl_glghc nZau Y ^mfZx qlh bkke_^h\Zgb_ jZaebqbc f_`^m wjhlbq_kdbfb
dhg\_gpbhgZevgufb b ihjgh]jZnbq_kdbfb nbevfZfb iha\hey_l emqr_ ihgylv
[_kkhagZl_evgu_ fhlb\Zpbb k dhlhjufb k\yaZgh ijbgylb_ beb g_ijbgylb_ wjhlbdb
fZkkh\hcdmevlmjhc
Dhg\_gpbhgZevgh_dbgh
Mlj_ggbcdem[ 7KH%UHDNIDVW&OXE Otxa ² lbibqgucijbf_jlh]hqlh
y gZau\Zx dhg\_gpbhgZevguf dbgh Nbevf hlh[jZ`Z_l ih^jhkldh\u_ dhgnebdlu b
[mglZjkl\h \ rdhe_ ² jZa]h\hju h k_dk_ b k_dkmZevgh_ ih\_^_gb_ hg hklZ\ey_l
\i_qZle_gb_ hldjulhklb H^gZdh hldjulh k_dkmZevgu_ kp_gu ijhl_dZxl [_a
wfhpbhgZevguohlghr_gbcmqZklgbdh\beb`_y\ghkh^_j`ZlZ]j_kkbxDh]^Z]eZ\guc
]_jhc [mglZjv \ihke_^kl\bb ² [em^guc kug beb dZxsbcky ]j_rgbd \ex[ey_lky \
]eZ\gmx]_jhbgxdZdb_eb[hgZf_dbgZk_dkmZevgmx[ebahklvbkq_aZxl
< nbevf_ Jhdh\Zy [ebahklv )DWDO $WWUDFWLRQ Ebg bf_\r_f
qj_a\uqZcguc dhff_jq_kdbc mki_o lhqgh lZdh_ `_ kljmdlmjgh_ ihkljh_gb_ Fm`
qm^_kghc ihgbfZxs_c `_gsbgu bf__l ex[h\gbpm dhlhjZy \gZqZe_ \u]ey^bl hq_gv
ijb\e_dZl_evghc gh ihlhf hdZau\Z_lky ly`_eh [hevghc ² kZfh^_kljmdlb\ghc
lj_[h\Zl_evghc b \ dhgp_ dhgph\ ihl_gpbZevghc m[bcp_c Ihke_ lh]h dZd hgZ klZeZ
m]jh`Zlv`bagbk\h_]h\haex[e_ggh]h ² g_\_jgh]hghl_i_jvjZkdZy\r_]hkyfm`Z ² b
l_jjhjbabjh\Zlv _]h k_fvx __ m[b\Z_l ijb kZfhh[hjhg_ `_gZ [u\r_]h ex[h\gbdZ
?keb Z[kljZ]bjh\Zlvky hl dhg\_gpbhgZevghc fhjZeb nbevfZ lh fh`gh kdZaZlv qlh \
g_f bah[jZ`Zxlky wjhlbq_kdb_ hlghr_gby ex[h\gbdh\ gh ba[_]Zxlky mdZaZgby gZ
k_dkmZevgmx[ebahklvf_`^mkmijm]Zfb
?s_h^bgijbf_j ² K_dkeh`vb \b^_h 6H[/LHV$QG9LGHRWDSH Kh^_j[_j]
a^_kv ^_fhgkljbjm_lky k_dkmZevgZy [ebahklv lhevdh f_`^m l_fb dlh g_ ex[bl
^jm]^jm]Z_^bgkl\_ggu_`_hlghr_gbyihdZaZggu_dZdbklbgghex[ysb_bah[jZ`_gu
[_a bglbfguo kp_g @_gZ g_\_jgh]h fm`Z ² xjbklZ m dhlhjh]h jhfZg k __ k_kljhc
ij_^klZ\e_gghc \ g_]Zlb\ghf k\_l_ ² qbklZy g_\bggZy njmkljbjh\ZggZy
jZahqZjh\ZggZy b k_dkmZevgh kdh\ZggZy HgZ \ghkbl \deZ^ \ wfhpbhgZevgh_ kiZk_gb_
fheh^h]h^jm]Zfm`Zij_^klZ\bl_eydhgljdmevlmjuk_dkmZevgZyi_j\_jkbydhlhjh]h
khklhbl \ bfihl_gpbb b aZibkb gZ \b^_h k_dkmZevguo ijbagZgbc b k_dkmZevgh]h
ih\_^_gby `_gsbg Nbevf aZdZgqb\Z_lky ex[h\gufb hlghr_gbyfb `_gu xjbklZ k
wlbf^jm]hfghk_dkmZevgZy[ebahklvf_`^mgbfbg_ihdZaZgZ
WjhlbdZ\ dbgh
Ghqv m Fh^ 0\ 1LJKW $W 0DXG
V ² deZkkbq_kdbc nbevf j_`bkk_jZ WjbdZ
Jhf_jZ \ ijhlb\hiheh`ghklv dhg\_gpbhgZevghfm dbgh ij_^klZ\eyxsbc kh[hc
h[jZa_p om^h`_kl\_ggh]h bah[jZ`_gby wjhlbafZ Fheh^hc h[k_kkb\guc ]_jhc nbevfZ
h^gh\j_f_ggh jh[hd b \ex[e_g ² \ ^_\mrdm dhlhjmx \b^_e ebrv ba^Zeb \ p_jd\b
>jm] ihagZdhfbe _]h k mfghc wfhpbhgZevghc g_aZ\bkbfhc Fh^ lhevdh qlh
i_j_`b\r_c g_kqZklgmx ex[h\v dhlhjmx h^gh\j_f_ggh aZ[Z\eyxl b ijb\e_dZxl
fhjZevgZyg_ij_dehgghklvb jh[hklvgZr_]h]_jhyIj_^eh`b\_fmijh\_klbk g_cghqv
hgZl_fkZfufkh\_jrZ_lZlZdmgZ_]hfhjZevgu_[ZklbhguHg[hj_lkyk kZfbfkh[hcb
hl\_j]Z_l__hkdhj[eyyl_fkZfuf__ ]hj^hklvDh]^Z`_gZdhg_phg]hlh\h[gylv __
hgZ hl\_j]Z_l _]h kh keh\Zfb qlh ex[bl fm`qbg kihkh[guo ijbgbfZlv j_r_gby
Lhgdhklv \aZbfh^_ckl\by wlbo ^\mo i_jkhgZ`_c b bo wjhlbq_kdbo hlghr_gbc Z lZd`_
\hafh`ghklvb^_glbnbpbjh\Zlvkyk dZ`^ufbagbohdZau\Zxl]em[hdh_\ha^_ckl\b_gZ
qm\kl\Zajbl_e_c
< nbevf_;_jgZj^h;_jlhemqqbIhke_^g__lZg]h\ IZjb`_k FZjehghf;jZg^h
b FZjb_c RgZc^_j lZd`_ bf_\r_f h]emrbl_evguc dhff_jq_kdbc mki_o
ijhke_`b\Z_lky jZa\blb_ k_dkmZevguo hlghr_gbc f_`^m ]eZ\gufb ]_jhyfb Hgb
kemqZcgh \klj_qZxlky \ rbdZjghc gh aZims_gghc d\Zjlbj_ dhlhjmx h[Z `_eZxl
Zj_g^h\Zlv =_jhbgy dhe_[e_lky ih ih\h^m ij_^klhys_]h [jZdZ kh k\hbf `_gbohf
fheh^ufdbghj_`bkk_jhf=_jhcqvy]jZ`^ZgkdZy`_gZlhevdhqlhihdhgqbeZk kh[hc
ij_[u\Z_l\ ]em[hdhci_qZebd dhlhjhcijbf_rZgZyjhklvbaaZ__ baf_gu_fmk ^jm]bf
fm`qbghc =_jhb RgZc^_j b ;jZg^h ^h]h\Zjb\Zxlky gbq_]h g_ ]h\hjblv ^jm] ^jm]m h
k_[_^Z`_g_gZau\Zlvbf_g<klmiZy\ hlghr_gbyk `_gsbghcfgh]hfheh`_k_[yhg
iulZ_lky h^gh\j_f_ggh hljbpZlv b ij_\hafhqv g_^Z\g__ ijhreh_ Bo m]em[eyxsb_ky
k_dkmZevgu_ hlghr_gby \ dhlhjuo kf_rZgu ex[h\v b Z]j_kkby hljZ`Zxl _]h i_qZev
B^_ZebaZpbyqm\kl\hmljZlub Z]j_kkby\uklmiZxldZdqZklb_]hmkbebcijb[ebablvkyd
g_c=_jhbgxRgZc^_jwlhlkljZggucZf_jbdZg_pljh]Z_lb \hegm_lohly__im]Z_l_]h
kZ^bafNbevfihk\ys_gbo[_amki_rghcihiuld_khojZgblvb jZa\blvwlbhlghr_gbyb
__ ljZ]bq_kdhfmaZ\_jr_gbxKhq_lZgb_k_dkmZevghcex[\bi_j_ie_l_gguoh[t_dlguo
hlghr_gbc b ]em[hdbo p_gghklguo dhgnebdlh\ hlh[jZ`Z_l keh`gmx ijbjh^m
q_eh\_q_kdh]h\e_q_gbyb ijb^Z_lnbevfmfhsgucwjhlbaf
B gZdhg_p ihke_^gbc nbevf Ih\Zj \hj _]h `_gZ b __ ex[h\gbd Ibl_jZ
=jbgmwy ^Z_l yjdmx dZjlbgm wjhlbq_kdbo hlghr_gbc dZd ihiuldb kiZklbkv hl
fbjZ mijZ\ey_fh]h lbjZghfkZ^bklhf AZij_lgu_ hiZkgu_ k_dkmZevgu_ hlghr_gby
ihkl_i_ggh \ujZklZxl ba i_j\hc kemqZcghc \klj_qb Lh qlh ex[h\gbdb ² ex^b
kj_^g_]h \hajZklZ mkbeb\Z_l h[Zygb_ bo ihiuldb gZclb gh\mx hkfuke_ggmx `bagv \
k\h_cex[\b
DZjlbgZbgl_]jbjm_lkbf\hebq_kdb_hjZevgu_ZgZevgu_b ]_gblZevgu_kfukeu
\ dhgl_dkl_lhlZeblZjghckmi_jkljmdlmjuij_\jZsZxs_c\k_q_eh\_q_kdb_hlghr_gby
\ ijhkljZgkl\h wdkdj_f_glh\ b gZkbeby Hkgh\gh_ ^_ckl\b_ ijhbkoh^bl \ baukdZgghf
h[_^_gghf aZe_ ^hjh]h]h j_klhjZgZ A^_kv lbjZg b _]h ijbki_rgbdb ij_klmiZxl \k_
ijZ\beZ h[uqguo q_eh\_q_kdbo hlghr_gbc AZ ij_^_eZfb h[_^_ggh]h aZeZ kms_kl\m_l
hjZevguc fbj ij_^klZ\e_gguc ih\Zjhf b _]h ihfhsgbdZfb ]^_ dmevlmjZ b
pb\bebaZpby ih^^_j`b\Zxlky ihkj_^kl\hf jblmZebah\Zggh]h ijb]hlh\e_gby ibsb b
fmaudbgZaZ^g_fieZg_ ² Zg]_evkdh]h]hehkZih\Zj_gdZAZij_^_eZfbh]jhfghcdmogb
kms_kl\m_l ZgZevguc fbj ² mebpZ k __ hljZ\eyxsbf ^ufhf ^bdbfb kh[ZdZfb b
ex^vfb ² `_jl\Zfb^mjgh]hh[jZs_gby
Ex[h\gbdb iulZxsb_ky h[fZgmlv [^bl_evghklv lbjZgZ b \klj_qZxsb_ky \
mdjhfghf m]hed_ dmogb \ dhgp_ dhgph\ \ugm`^_gu [_`Zlv hllm^Z kh\_jr_ggh
h[gZ`_ggufb\ nmj]hg_^eyhl[jhkh\aZ[blhfijhlmorbffykhf Ijhc^ywlhly`_eh_
bkiulZgb_ hgb ihiZ^Zxl \ m[_`bs_ ² [b[ebhl_dm ]^_ ]_jhc jZ[hlZ_l klhjh`_f
hlghr_gbyex[h\gbdh\kdj_ieyxlkyihdjZcg_cf_j_gZ\j_fyhqbklbl_evghc\Zgghc
hk\h[h`^Zxs_cbohlZgZevgh]hfbjZ^_j`Z\r_]hbo\ aZlhq_gbb
@_klhdh_ h[jZs_gb_ lbjZgZ k `_gsbgZfb _]h ]em[hdZy g_gZ\bklv d agZgbyf b
bgl_ee_dlm g_l_jibfhklv d ijb\Zlghc b k\h[h^ghc ex[\b wlhc iZju ² \k_ k\_^_gh
\h_^bgh\ ^jZfZlbq_kdh_ijhkeZ\e_gb_ex[\b?_wjhlbaf]em[hdhljh]Z_lajbl_eym`_\
kbem kZfhc ojmidhklb ex[\b b ijhlb\h^_ckl\by dhlhjh_ hgZ hdZau\Z_l
fh]ms_kl\_ggufkbeZf
Ihjgh]jZnbq_kdh_dbgh
< lbibqghf ihjgh]jZnbq_kdhf nbevf_ ² lZd `_ dZd \ lbibqghc
ihjgh]jZnbq_kdhcebl_jZlmj_ ² nmgdpbbKmi_jW]hy\ghhlkmlkl\mxl K_dkmZevghklv
\ujZ`Z_lkyih^q_jdgmlhg_ijbgm`^_gghklu^bkdexq_gKlhbllhevdhijbgylvijhju\
dhg\_gpbhgZevguo b hkh[_ggh bg^b\b^mZevguo p_gghkl_c ² b k\h[h^Z hl fhjZevguo
hp_ghd h[t_^bgy_lky k \hegmxs_c b jZkdj_ihsZxs_c k\h[h^hc hl ebqghc
hl\_lkl\_gghklb dhlhjmx Nj_c^ hibku\Ze dZd oZjZdl_jgmx ^ey fZkku Ajbl_ev
b^_glbnbpbjm_lky k k_dkmZevghc Zdlb\ghklvx Z g_ k q_eh\_q_kdbfb hlghr_gbyfb
Hlkmlkl\b_ dZdhceb[h g_h^ghagZqghklb [_kkfuke_gghklv kx`_lZ g_ hklZ\eyxsb_
f_klZ ^ey ^Zevg_crbo nZglZabc h \gmlj_gg_c `bagb ]eZ\guo ]_jh_\ lZd`_
kihkh[kl\mxlf_oZgbaZpbbk_dkZ
>_]mfZgbaZpby k_dkmZevguo hlghr_gbc lbibqgZy ^ey ihjgh]jZnbq_kdh]h
nbevfZijh[m`^Z_l\ ajbl_e_ ² hkh[_ggh_kebhgg_h^bgZ \]jmii_ ² ihebfhjngu_
i_j\_jab\gu_bgnZglbevgu_k_dkmZevgu_qm\kl\Z^bkkhpbbjh\Zggu_hlg_`ghklbWlh
\ qZklghklb b Z]j_kkb\gu_ Zki_dlu ^h]_gblZevghc k_dkmZevghklb b n_lbrbklkdZy
^_]jZ^Zpby iZju \ k_dkmZevghc [ebahklb ^h gZ[hjZ \ha[m`^Zxsbo qZkl_c l_eZ b
g_y\gZy Z]j_kkb\gZy ^_kljmdpby i_j\bqghc kp_gu jZaeZ]ZxsZy __ gZ bahebjh\Zggu_
k_dkmZevgu_we_f_gluDhjhldh]h\hjyijhbkoh^bli_j\_jab\gh_jZkqe_g_gb_wjhlbafZ
bf_xs__ l_g^_gpbx jZajmrZlv k\yav f_`^m wjhlbafhf b wkl_lbdhc lZd `_ dZd b
b^_ZebaZpbx kljZklghc ex[\b Ihkdhevdm ihjgh]jZnbq_kdbc nbevf ^bZf_ljZevgh
ijhlb\hiheh`_gdhg\_gpbhgZevghc fhjZeb ² ihkmlb\ujZ`Z_l]em[hdmx Z]j_kkbx d
g_cdZdb dwfhpbhgZevghc[ebahklb ² hgbf__ll_g^_gpbxrhdbjh\ZlvGh^Z`__keb
dlhlh iulZ_lky bkihevah\Zlv ihjgh]jZnbx ijhklh ^ey ^hklb`_gby k_dkmZevgh]h
\ha[m`^_gby gZ ijbfblb\guo mjh\gyo wfhpbhgZevguo i_j_`b\Zgbc \k_ jZ\gh hgZ
[ukljh gZ^h_^Z_l b i_j_klZ_l ^_ckl\h\Zlv >_eh \ lhf qlh ^bkkhpbZpby f_`^m
k_dkmZevguf ih\_^_gb_f b keh`gufb wfhpbhgZevgufb hlghr_gbyfb iZju ebrZ_l
k_dkmZevghklv __ ^hw^bih\uo b w^bih\uo kfukeh\ ² ^jm]bfb keh\Zfb f_oZgbabjm_l
k_dk
Kms_kl\m_l iZjZee_ev f_`^m ihjgh]jZnbq_kdbfb nbevfZfb b jZajmr_gb_f
kljZklghc ex[\b dh]^Z Z]j_kkb\gu_ bfimevku klZgh\ylky ^hfbgbjmxsbfb \
k_dkmZevghf Zdl_ dh]^Z [_kkhagZl_evgZy Z]j_kkby mgbqlh`Z_l ]em[bgm h[t_dlguo
hlghr_gbc iZju Z hlkmlkl\b_ bgl_]jbjh\Zggh]h Kmi_jW]h m iZjlg_jh\ b iZju
h[e_]qZ_l jZkiZ^ ijb\Zlghklb b bglbfghklb ^h khklhygby f_oZgbabjh\Zggh]h
]jmiih\h]hk_dkZG_y\ey_lkykemqZcgufkh\iZ^_gb_fb lhqlhihjgh]jZnbq_kdh_dbgh
gZf_j_ggh bkihevamxs__ ^bkkhpbZpbx k_dkZ b g_`ghklb \ dhgp_ dhgph\ ² ihke_
i_j\hgZqZevgh]h k_dkmZevgh \ha[m`^Zxs_]h \ha^_ckl\by ^_fhgkljZlb\gh]h ihdZaZ
ihebfhjnghc i_j\_jab\ghc k_dkmZevghklb ² gZqbgZ_l \hkijbgbfZlvky dZd
f_oZgbklbqgh_b kdmqgh_Ih^h[guf`_h[jZahfijbaZgylbyo]jmiih\ufk_dkhfex^b
kh \j_f_g_f bkiulu\Zxl hkeZ[e_gb_ kihkh[ghklb d k_dkmZevghfm \ha[m`^_gbx
\ke_^kl\b_mom^r_gbyh[t_dlguohlghr_gbc
Ihjgh]jZnbq_kdh_ dbgh bf__l e_]dh ^hklmigmx g_dhg\_gpbhgZevgmx beb
ijbgZ^e_`Zsmx Zg^_]jZmg^m gh ]Zjfhgbqgh hldebdZxsmxky fZkkh\mx Zm^blhjbx
dhlhjZy ijb_fe_l b gZkeZ`^Z_lky ZgZebaZpb_c DQDOL]DWLRQ k_dkmZevghklb \hh[s_
oZjZdl_jghc ^ey ijhp_kkh\ \ [hevrbo ]jmiiZo D_jg[_j] V Y\gh_ ijhlb\hj_qb_
f_`^mwlhcj_Zdpb_cb mguehckdmdhchlihjgh]jZnbq_kdh]hdbghgZoh^bl\ujZ`_gb_\
qj_a\uqZcghcg_klZ[bevghklb_]hfZkkh\hcZm^blhjbb
K\hckl\Z ihjgh]jZnbq_kdh]h dbgh lZdh\u qlh hgh ba[Z\ey_l ajbl_ey hl rhdZ
\lhj`_gby \ i_j\bqgmx kp_gm b hl hiZkghklb \klj_qb k p_ehklghklvx g_`ghklb b
qm\kl\_gghklb g_ijb_fe_fhc ^ey eZl_glgh]h Kmi_jW]h < wlhf kfuke_
ihjgh]jZnbq_kdh_ dbgh ² ^\hcgbd dhg\_gpbhgZevgh]h b iZjZ^hdkZevguf h[jZahf \h
\k_o ijhqbo Zki_dlZo hgh lZd`_ ih^qbgy_lky g_hkhagZ\Z_fhc \eZklb Kmi_jW]h
eZl_glgh]h \hajZklZ Ih kmlb _keb g_ kqblZlv bah[jZ`_gby k_dkmZevguo
\aZbfh^_ckl\bc ihjgh]jZnbq_kdh_ dbgh ly]hl__l d ij_^_evghc dhg\_gpbhgZevgh_Πb
aZqZklmx\ k\yabk k_dkmZevgufbdhffmgbdZpbyfb\iZ^Z_l\ g_dh_j_[yq_kdh_\_k_ev_
Wlh iha\hey_l ajbl_ex ba[_`Zlv kdhevdhgb[m^v ]em[hdbo wfhpbhgZevguo j_Zdpbc b
hkhagZgby Z]j_kkb\guo we_f_glh\ \ k_dkmZevghf kh^_j`Zgbb nbevfZ M^b\bl_evgh
ihke_^h\Zl_evgh_ hlkmlkl\b_ wkl_lbq_kdh]h dhgl_dklZ \ujZ`Z_fh_ \ \mev]Zjghklb
^_dhjZ fmaudZevgh]h ZddhfiZg_f_glZ `_klh\ b \ h[s_c Zlfhkn_j_ ]h\hjbl h[
hlkmlkl\bb lZd`_ b aj_euo nmgdpbc Kmi_jW]h < lbibqghf kemqZ_ Z]j_kkb\guc
\mZc_jbklbq_kdbc ihdZa k_dkmZevgh]h ih\_^_gby dhgp_gljZpby gZ f_oZgbq_kdbo ZdlZo
ijhgbdgh\_gby ho\Zlu\Zxsbo b ho\Zlu\Z_fuo ]_gblZebyo b ^jm]bo aZ^_ckl\h\Zgguo
qZklyo l_eZ kihkh[kl\mxl jZks_ie_gbx q_eh\_q_kdh]h l_eZ gZ bahebjh\Zggu_ qZklb
ih\lhjyxsZyky ^_fhgkljZpby dhlhjuo k\b^_l_evkl\m_l h n_lbrbklkdhf ih^oh^_ d
k_dkmZevgufhj]ZgZf
Klhee_j V hibku\Zy ikboheh]bx Zdl_jh\ j_`bkk_jh\ b f_g_^`_jh\
ihjgh]jZnbq_kdhc ijh^mdpbb ijb\h^bl ^jZfZlbq_kdb_ ijbf_ju bo ljZ\fbjmxs_]h
Z]j_kkb\gh]h hiulZ \ kh[kl\_gghc `bagb hkh[_ggh mgb`_gbc b k_dkmZevguo ljZ\f
Klhee_j \u^\b]Z_l ij_^iheh`_gb_ qlh ihjgh]jZnby ij_^klZ\ey_l kh[hc
[_kkhagZl_evgmx ihiuldm k\hbo kha^Zl_e_c ljZgknhjfbjh\Zlv ih^h[guc hiul ijb
ihfhsb ^bkkhpbbjh\Zggh]h \ujZ`_gby ]_gblZevghc k_dkmZevghklb ih^ \ebygb_f
ihebfhjnghci_j\_jab\ghcbgnZglbevghck_dkmZevghklbOhlyihjgh]jZnbq_kdh_dbgh
\u]ey^bl kh\k_f g_ihoh`bf gZ dhg\_gpbhgZevgh_ dbgh b ^ey lh]h b ^ey ^jm]h]h
oZjZdl_jgZ ihegZy ^bkkhpbZpby k_dkmZevguo b qm\kl\_gguo Zki_dlh\ wjhlbdb hl
g_`ghklbb b^_ZebaZpbb
KljmdlmjZdhg\_gpbhgZevgh]hnbevfZ
Bah[jZ`_gb_ wjhlbdb \ dhg\_gpbhgZevghf dbgh ih kljmdlmj_ gbq_f g_
hlebqZ_lky hl __ bah[jZ`_gby \ ihjghnbevfZo Dhg\_gpbhgZevgh_ wjhlbq_kdh_ dbgh
klbfmebjm_l g_ijblyaZl_evgmx b ijbghkysmx g_f_^e_ggh_ m^h\e_l\hj_gb_ j_]j_kkbx
gZ mjh\_gv gZkeZ`^_gby oZjZdl_jguc ^ey fZkkh\hc dmevlmju Z lZd`_ kh]eZkb_ k
dhg\_gpbhgZevghc fhjZevx b mkihdhbl_evgmx klZ[bevghklv ]jmiih\hc b^_glbqghklb
hkgh\Zgghc gZ p_gghklyo eZl_glgh]h Kmi_jW]h Ohly h[uqgh lZdb_ nbevfu bf_xl
kx`_lb \gboijhbkoh^blg_dhlhjh_jZa\blb_kh[ulbckh^_j`Zsbcky\ gbo\a]ey^gZ
k_dkmZevgmx `bagv ]eZ\guo ]_jh_\ \ujZ`Z_l \k_ lm `_ fhjZev eZl_glgh]h Kmi_jW]h
Fh]ml ihdZau\Zlvky yjdb_ k_dkmZevgu_ kp_gu f_`^m bg^b\b^mmfZfb qvb hlghr_gby
ij_bfms_kl\_ggh Z]j_kkb\gu beb qm\kl\_ggu \ lh \j_fy dZd dhblmk k\yaZgguo
g_`gufbhlghr_gbyfbiZjlg_jh\hkh[_ggh_kebhgb`_gZlug_ihdZau\Z_lkyw^bih\u
aZij_lu khojZgyxlky LZdb_ nbevfu mijhsZxl wfhpbhgZevgu_ hlghr_gby ba[_]Zxl
wfhpbhgZevguo]em[bgihjZabl_evghkoh^gufk ihjgh]jZnbq_kdbfbnbevfZfbh[jZahf
ijb \k_c ijb_fe_fhklb ih\_^_gby b j_Zdpbc bg^b\b^mmfh\ gh \ lh `_ \j_fy
\hiehsZxl b^_Zeu eZl_glgh]h i_jbh^Z ijb\ghkysb_ q_eh\_qghklv imklv b
k_glbf_glZevgh]h jh^Z hlkmlkl\mxsmx \
ihjgh]jZnbq_kdhc ijh^mdpbb
Dhg\_gpbhgZevgh_ dbgh iheghklvx bkdexqZ_l ihebfhjngmx i_j\_jab\gmx
bgnZglbevgmxk_dkmZevghklvkhklZ\eyxsmxy^jhihjgh]jZnbq_kdh]hnbevfZ
Ex[hiulghqlhdhg\_gpbhgZevgh_dbghqZs_bah[jZ`Z_lZ]j_kkbxq_fwjhlbdm
Ihkdhevdm dbghp_gamjZ beb kZfhp_gamjZ Z\lhjh\ _kl_kl\_gguf h[jZahf ihhsjy_l
dhg\_gpbhgZevgh_ dbgh b ijhy\ey_l g_l_jibfhklv d wjhlbq_kdhfm bkdmkkl\m
f_oZgbafu wlh]h k_e_dlb\gh]h ijhp_kkZ \hafh`gh ohly [u hlqZklb y\eyxlky
[_kkhagZl_evgufbh[mkeh\e_ggufbbglmblb\ghcb^_glbnbdZpb_cp_gahjh\k eZl_glghc
ikboheh]b_c ij_^iheZ]Z_fhc ajbl_evkdhc Zm^blhjbb b h[oh^ylky [_a hkh[h]h ZgZebaZ
[Zah\uo ijbgpbih\ p_gamju H^bg ba p_gahjh\ h[tykgbe fg_ qlh _keb ih ih\h^m
hij_^_e_ggh]hnbevfZ\hagbdZxlkhfg_gbyijhkfhljfh`_lih\lhjylvkyg_kdhevdhjZa
b ih\lhjguc ijhkfhlj kp_g Z]j_kkbb mf_gvrZ_l \hkijbbfqb\hklv ajbl_ey \ lh \j_fy
dZd wjhlbq_kdb_ kp_gu lZdh]h wnn_dlZ g_ ijhba\h^yl Ihwlhfm nbevfu wjhlbq_kdh]h
kh^_j`Zgby \k_]^Z ihemqZxl [he__ h]jZgbqbl_evgmx k lhqdb aj_gby ^himklbfhc
Zm^blhjbb hp_gdm q_f nbevfu k Z]j_kkb\guf kh^_j`Zgb_f Gh ke_^m_l hl^Zlv
^he`gh_ p_gahjZf b kgylv k gbo baebrgxx hl\_lkl\_gghklv dbgh dZd wjhlbq_kdh_
bkdmkkl\h \ hlebqb_ hl dhg\_gpbhgZevgh]h wjhlbq_kdh]h dbgh j_^dh bf__l [hevrhc
dhff_jq_kdbcmki_oP_gahjugZ^haZf_lblvohlyb g_hohlghghhl^Zxl^Zgvm\Z`_gby
g_dhlhjuf ijhba\_^_gbyf wjhlbq_kdh]h bkdmkkl\Z dhff_jq_kdbc ijh\Ze ih^h[guo
nbevfh\ ^h\_jrZ_l ^bkdjbfbgZpbx lZdh]h jh^Z dbgh p_gamjhc Dhg\_gpbhgZevgh_
ba[_]Zgb_wjhlbq_kdh]hbkdmkkl\Z\hfgh]hfh[tykgy_lkybglmblb\gufqmlv_fl\hjph\
fZkkh\hcdmevlmju\hkijbbfqb\ufd fZkkh\hcikboheh]bb
KljmdlmjZwjhlbq_kdh]hnbevfZ
K fh_c lhqdb aj_gby wjhlbq_kdh_ bkdmkkl\h bf__l g_kdhevdh ki_pbnbq_kdbo
baf_j_gbcwkl_lbq_kdh_baf_j_gb_ihdZadjZkhluq_eh\_q_kdh]hl_eZdZd]eZ\gZyl_fZ
\ujZ`_gb_ b^_ZebaZpbb l_eZ dZd p_gljZevgh]h h[t_dlZ \ kljZklghc ex[\b
Om^h`_kl\_ggh_ hibkZgb_ lh]h qlh fh`gh gZa\Zlv ]_h]jZnb_c q_eh\_q_kdh]h l_eZ
ijh_dpbyb^_Zeh\djZkhlugZl_ehb^_glbnbdZpbyY kijbjh^hcq_j_al_ehb \uoh^aZ
ij_^_eu Y Z lZd`_ [j_gghklv q_eh\_q_kdhc djZkhlu ² lZdh\u hkgh\gu_ we_f_glu
wjhlbq_kdh]hbkdmkkl\Z
>ey wjhlbq_kdh]h bkdmkkl\Z oZjZdl_jgZ g_h^ghagZqghklv Hgh gZf_qZ_l
fgh`_kl\_ggu_ ihl_gpbZevgu_ kfukeu \aZbfhhlghr_gbc ex[h\gbdh\ b mdZau\Z_l gZ
j_pbijhdghklv\k_ohlghr_gbcZ g_y\gufh[jZahf ² gZihebfhjnghklvbgnZglbevghc
k_dkmZevghklb b gZ Zf[b\Ze_glghklv q_eh\_q_kdbo hlghr_gbc WlZ fgh]hagZqghklv
jZkdju\Z_l fbj ijbfblb\ghc [_kkhagZl_evghc nZglZabb \ha[m`^Z_fhc \ ex[uo
wjhlbq_kdbohlghr_gbyob kihkh[kl\m_lwjhlbq_kdhfmgZijy`_gbx
Wjhlbq_kdh_bkdmkkl\h\hiehsZ_lih^ju\h]jZgbqb\Zxs_]hdhg\_gpbhgZevgh]h
ih^oh^Z d k_dkmZevghklb b jZkdju\Z_l wjhlbq_kdbc hiul qlh kbf\hebabjm_l
bfiebpblgmx kbkl_fm wlbq_kdbo p_gghkl_c b hl\_lkl\_gghklb WjhlbdZ \ bkdmkkl\_
hlh[jZ`Z_lky dZd k_jv_aguc b aj_euc Zki_dl q_eh\_q_kdbo p_gghkl_c dZd kbf\he
\ajhkeh]h W]hb^_ZeZ mkljZgyxs_]h bgnZglbevgu_ aZij_lu b h]jZgbq_gby gZ
k_dkmZevghklv
Wjhlbq_kdh_ bkdmkkl\h kh^_j`bl lZd`_ jhfZglbq_kdh_ baf_j_gb_ k\yaZggh_ kh
kdjulhcb^_ZebaZpb_cex[h\gbdh\\hkklZxsboijhlb\h]jZgbq_gbcdhg\_gpbhgZevghc
b ijhlb\ ^_]jZ^Zpbb k_dkmZevghklb h[mkeh\eb\Z_fhc ZgZebaZpb_c h[_kp_gb\Zgb_f b
^_]mfZgbaZpb_c wjhlbdb oZjZdl_jgufb ^ey n_ghf_gh\ [hevrbo ]jmii b
ijbkmlkl\mxsbfb\ ikboheh]bbihjgh]jZnbbJhfZglbq_kdbcZki_dlwjhlbdb\f_kl_k
b^_Zevguf kebygb_f \ ex[\b ih^jZamf_\Z_l b ml\_j`^_gb_ ex[h\gbdZfb k\h_c
Z\lhghfbbdZdiZjuWjhlbq_kdb_hlghr_gbyklZgh\ylkywdkij_kkb_ckljZklghcex[\b
GZdhg_p wjhlbq_kdh_ bkdmkkl\h ih^q_jdb\Z_l bg^b\b^mZevguc oZjZdl_j
wjhlbq_kdh]h h[t_dlZ ^ey g_]h oZjZdl_jgu g_dZy g_^h]h\hj_gghklv lZbgkl\_gghklv b
ijb\Zlghklv b \ lh `_ \j_fy gZf_d gZ [_kklu^kl\h H^gZdh ijb \k_c hldjulhklb beb
h[gZ`_gghklb wjhlbq_kdh]h h[t_dlZ m^Zqgu_ jZ[hlu lZdh]h jh^Z ^_eZxl _]h
g_ijhgbpZ_fuf \ kbem g_dhc ^jZagys_c b njmkljbjmxs_c ^bklZgpbjh\Zgghklb
Wjhlbq_kdh_ bkdmkkl\h aZfdgmlh \ k_[_ \ lhf kfuke_ qlh hgh ijh[m`^Z_l m ajbl_ey
g_bkihegbfu_ `_eZgby Hgh g_ fh`_l [ulv iheghklvx \hkijbgylh \ kbem lh]h qlh
aZdexqZ_l \ k_[_ g_qlhg_meh\bfh_ g_ ^himkdZxs__ ihegh]h hlh`^_kl\e_gby ajbl_ey
:gZeh]bqguf h[jZahf wlZ g_^hklmighklv ijhba\_^_gby bkdmkkl\Z aZsbsZ_l b
i_j\bqgmxkp_gmhldjulh_bah[jZ`_gb_k_dkmZevghc[ebahklbkh_^bg_gb_g_`ghklbk
wjhlbdhc hkljh]h nbabq_kdh]h b qm\kl\_ggh]h gZqZeZ k g_hsmlbfuf b^_Zehf beb
jhfZglbdhc \klZ_l g_ij_h^hebfhc ij_]jZ^hc f_`^m l\hj_gb_f bkdmkkl\Z b _]h
ajbl_e_f
Wlb dZq_kl\Z wjhlbq_kdh]h bkdmkkl\Z fh]ml gZoh^blv \ujZ`_gb_ \ kdmevilmj_
bah[jZabl_evghf bkdmkkl\_ ebl_jZlmj_ fmaud_ lZgp_ b l_ZljZevghf bkdmkkl\_ gh
\hafh`ghgb]^_g_\ujZ`Zxlkyklhevhlq_leb\hdZd\ dbghLhqlhdbgh ² hj]Zgbqgh_
\ujZabl_evgh_ kj_^kl\h ^ey dhg\_gpbhgZevgh]h bkdmkkl\Z hljZ`Zxs_]h fZkkh\mx
dmevlmjmg_gm`^Z_lky\ ^hdZaZl_evkl\_b dhg\_gpbhgZevghklv\ bah[jZ`_gbbwjhlbdb
g_ y\ey_lky a^_kv bkdexq_gb_f ;eZ]h^Zjy kbe_ b g_ihkj_^kl\_gghklb ajbl_evguo
h[jZah\ dbgh h[eZ^Z_l hkh[uf ihl_gpbZehf \ \ujZ`_gbb wjhlbafZ g_hl^_ebfuf
\ijhq_f hl _]h kihkh[ghklb b d \ujZ`_gbx ijhlb\hiheh`ghklb wjhlbafZ Z bf_ggh
jZks_ie_gghc dhg\_gpbhgZevgh lZ[mbjh\Zgghc l_fu ]_gblZevghc b ihebfhjnghc
i_j\_jab\ghc ^h]_gblZevghc k_dkmZevghklb \ ^_i_jkhgZebah\Zgghf ZgZebah\Zgghf
\b^_ihjgh]jZnbbBf_gghwlZhkh[ZykbeZdbgh\ \ujZ`_gbbwjhlbdbih[m`^Z_lgZkd
kjZ\g_gbxdhg\_gpbhgZevgh]hwjhlbq_kdh]hb ihjgh]jZnbq_kdh]hdbgh
Iha\heyy bahebjh\Zlv m\_ebqb\Zlv b ^bkkhpbbjh\Zlv bah[jZ`_gb_ ]_gblZebc b
^jm]boqZkl_cl_eZb boi_j_ie_l_gbcdbghy\ey_lkykj_^kl\hfdZdb^_ZebaZpbblZdb
n_lbrbaZpbb q_eh\_q_kdh]h l_eZ Ajbl_evgu_ b kemoh\u_ klbfmeu dbghnbevfZ ^Zxl
\hafh`ghklv ajbl_ex hkms_kl\blv \ nZglZabb \lhj`_gb_ \ qZklgmx `bagv w^bih\hc
iZju kZ^bklbq_kdmx b \mZc_jbklbq_kdmx bgl_j\_gpbx \ i_j\bqgmx kp_gm \f_kl_ k
h[hjhlghc __ klhjhghc ² ihemq_gb_f m^h\e_l\hj_gby iml_f ijh_dpbb
wdk]b[bpbhgbklkdbob fZahobklbq_kdbobfimevkh\b k\yaZgguok gbfb]hfhk_dkmZevguo
b ]_l_jhk_dkmZevguo`_eZgbc
Dbgh iha\hey_l ajbl_ex ij_h^he_\Zlv \j_f_ggu_ b ijhkljZgkl\_ggu_ jZfdb
dhlhju_\ h[uqghckblmZpbbh]jZgbqb\Zxlbah[jZ`_gb_k_dkmZevgh]hih\_^_gbydZdb
g_ihkj_^kl\_ggh_ gZ[ex^_gb_ ]jmiih\h]h k_dkZ b mqZklb_ \ g_f \f_kl_ k ^jm]bfb
iZjZfb
dbgh iha\hey_l ijhba\hevgh mkdhjylv aZf_^eylv b bkdZ`Zlv ajbl_evgu_
\i_qZle_gby Wlh k\hckl\h dbgh fhsgh j_ahgbjm_l k ijbjh^hc [_kkhagZl_evguo
nZglZabcBah[jZ`_gb_wjhlbdb\ dbghkihkh[ghijh[b\Zlvdhg\_gpbhgZevgu_[Zjv_ju
klu^eb\hklbb kh_^bgyy \ k_[_ h^gh\j_f_ggh \k_ dhfihg_glu w^bih\hc b ^hw^bih\hc
k_dkmZevghklb^Z_lklbfmed k_dkmZevghfm\ha[m`^_gbx
Ihkdhevdm dbgh ² gZb[he__ wnn_dlb\gh_ kj_^kl\h ljZgkeypbb fZkkh\hc
dmevlmju hkh[_ggh \ fZkrlZ[Zo Zm^blhjbb gZijbf_j ajbl_evgh]h aZeZ hgh
Zdlb\babjm_l \hkijbbfqb\hklv d fZkkh\hc ikboheh]bb k ^jm]hc klhjhgu wjhlbdZ \
dbgh ihky]Z_l gZ ]jZgbpu dhg\_gpbhgZevgh ijb_fe_fh]h HgZ rhdbjm_l
dhg\_gpbhgZevgmx im[ebdm bkdexqZy l_o dlh kfhljbl k_dkmZevgu_ nbevfu \
h^bghq_kl\_ beb kh[bjZ_lky ]jmiiZfb ^ey lh]h qlh[u ihemqblv m^h\hevkl\b_ hl
ijhkfhljZ ihjgh]jZnbq_kdbo nbevfh\ ² g_l_jibfhklv d wjhlbd_ oZjZdl_jgZ ^ey
fZkkh\hc ikboheh]bb WjhlbdZ \ dbgh m]jh`Z_l ih^ju\hf ]jZgbp dhg\_gpbhgZevghc
fhjZeb
Bkke_^m_f wlm j_Zdpbx rhdZ GZ[ex^_gb_ aZ iZjhc \ k_dkmZevghf
\aZbfh^_ckl\bb Zdlb\babjm_l m im[ebdb ^j_\gb_ aZij_lu gZ \lhj`_gb_ \ hlghr_gby
w^bih\hc iZju \f_kl_ k ih^Z\e_gguf beb \ul_kg_gguf \ha[m`^_gb_f k\yaZgguf k
wlbf \lhj`_gb_f DZjlbgu dhlhju_ im[ebdZ \b^bl gZ wdjZg_ [jhkZxl \uah\ dZd
bgnZglbevghfm Kmi_jW]h lZd b dhg\_gpbhgZevghfm Kmi_jW]h eZl_glgh]h i_jbh^Z
<uau\Z_fh_ bfb k_dkmZevgh_ \ha[m`^_gb_ hkh[_ggh m l_o dlh kqblZ_l ^ey k_[y
ijb_fe_fuf \ha[m`^Zlvky ih^ \ebygb_f ajbl_evguo klbfmeh\ j_Zdpb_c ajbl_ey k
fhsgufb k_dkmZevgufb aZij_lZfb hq_\b^gh [m^ml g_gZ\bklv b hl\jZs_gb_ fh`_l
i_j_`b\ZlvkydZdZlZdZgZ]em[bggu_p_gghklb
J_Zdpby rhdZ ^hihegbl_evgh mkbeb\Z_lky \ke_^kl\b_ lh]h qlh om^h`_kl\_gguc
nbevfihk\h_fmihkljh_gbxkihkh[kl\m_lb^_glbnbdZpbbajbl_eyk ]eZ\gufb]_jhyfb
[_kkhagZl_evgh\hkijbgbfZ_fufbdZdjh^bl_evkdZyiZjZ I_j\hgZqZevgh_ gZjmr_gb_
lZ[m \ j_amevlZl_ \uau\Z_l \bgm klu^ b kfms_gb_ ;_kkhagZl_evgZy b^_glbnbdZpby k
wdk]b[bpbhgbklkdbf ih\_^_gb_f Zdl_jh\ k kZ^bklbq_kdbfb b fZahobklbq_kdbfb
Zki_dlZfb khhl\_lkl\_ggh \mZc_jbklbq_kdbo b wdk]b[bpbhgbklkdbo bfimevkh\ [jhkZ_l
rhdbjmxsbc\uah\ajbl_evkdhfmKmi_jW]h
Wjhlbq_kdh_ dbgh dZd \b^ bkdmkkl\Z lj_[m_l wfhpbhgZevghc aj_ehklb
kihkh[ghklbijbgbfZlvk_dkmZevghklvb gZkeZ`^Zlvky_xkhq_lZlvwjhlbafb g_`ghklv
bgl_]jbjh\Zlv wjhlbq_kdb_ qm\kl\Z \ dhgl_dkl keh`guo wfhpbhgZevguo hlghr_gbc
b^_glbnbpbjh\Zlvkyk ^jm]bfbex^vfbb boh[t_dlgufbhlghr_gbyfbbiZjZee_evgh
jZa\blbxdZq_kl\h[mkeh\eb\Zxsbokihkh[ghklvd kljZklghcex[\b ² dmevlb\bjh\Zlv
\hkijbbfqb\hklvd wlbq_kdbfp_gghklyfb wkl_lbd_WlZwfhpbhgZevgZyaj_ehklvbf__l
l_g^_gpbx\j_f_gghjZajmrZlvkyih^\ha^_ckl\b_ffZkkh\hcikboheh]bb
DZdgbkljZgghgZrZkihkh[ghklvd b^_glbnbdZpbbk ex[h\ghciZjhc\ nbevf_
kha^Z_l gh\h_ baf_j_gb_ ijb\Zlghklb h[_ki_qb\Zxs__ aZsblm iZju b ajbl_ey ² wlh
g_qlh ijhlb\hiheh`gh_ jZajmr_gbx bglbfghklb b ijb\Zlghklb k\hckl\_gghfm
ihjgh]jZnbq_kdbf nbevfZf < om^h`_kl\_gghf dbgh \mZc_jbklbq_kdb_ b
wdk]b[bpbhgbklkdb_ we_f_glu k_dkmZevgh]h \ha[m`^_gby \hagbdZxs_]h ijb
ebp_aj_gbb k_dkmZevghc [ebahklb Z lZd`_ kZ^bklbq_kdb_ b fZahobklbq_kdb_ we_f_glu
wlh]h \lhj`_gby dhgl_cgbjmxlky b^_glbnbdZpb_c k ]eZ\gufb ]_jhyfb b bo
p_gghklyfb Im[ebdZ mqZkl\m_l \ i_j\bqghc kp_g_ [_kkhagZl_evgh ijbgbfZy gZ k_[y
hl\_lkl\_gghklv aZ ijb\Zlghklv iZju :]j_kkb\gu_ we_f_glu ihebfhjnghc
i_j\_jab\ghc bgnZglbevghc k_dkmZevghklb bgl_]jbjmxlky \ jZfdZo w^bih\hc
k_dkmZevghklbZ]j_kkby ² \ jZfdZowjhlbafZWlZkblmZpbyijhlb\hiheh`gZ^_]jZ^Zpbb
wjhlbafZijb ^hfbgbjh\Zgbb Z]j_kkbb qlh oZjZdl_jgh ^ey k_dkmZevghklb \ g_dhlhjuo
iZlheh]bq_kdbokhklhygbyob ^eyihjgh]jZnbb
Wjhlbq_kdh_ bkdmkkl\h ^hklb]Z_l kbgl_aZ qm\kl\_gghklb ]em[hdbo h[t_dlguo
hlghr_gbc b aj_euo p_gghklguo hjb_glZpbb ² kbgl_aZ hljZ`_ggh]h \ kihkh[ghklb
bg^b\b^h\b iZjud kljZklghcex[\bb \aZbfgufh[yaZl_evkl\Zf
Hlghr_gby f_`^m dhg\_gpbhgZevguf ihjgh]jZnbq_kdbf b wjhlbq_kdbf dbgh
h[mkeh\e_gu ^bgZfbq_kdbfb ijhp_kkZfb ^_ckl\mxsbfb \ ]jmii_ dhg\_gpbhgZevghc
dmevlmj_ b \ iZj_ k\yaZgghc \aZbfghc kljZklvx < ]em[bgghf kfuke_ iZjZ \k_]^Z
ZkhpbZevgZ hdmlZgZ lZcghc hsms_gb_f ijb\Zlghklb b fyl_`ghklb ² hgZ dZd [u
[jhkZ_l \uah\ dhg\_gpbhgZevgh ijb_fe_fuf ex[\b b k_dkmZevghklb ?keb
dhg\_gpbhgZevgZy fhjZev \ oh^_ bklhjbb ² ih djZcg_c f_j_ bklhjbb aZiZ^ghc
pb\bebaZpbb ²bkiulu\Z_ldhe_[Zgbyf_`^mimjblZgkl\hfb \hevghklvxgjZ\h\lhwlZ
kdjulZy hiihabpby f_`^m iZjhc b ]jmiihc f_`^m ebqghc fhjZevx b dmevlmjghc
dhg\_gpb_c hklZ_lky g_baf_gghc DZd imjblZgkl\h lZd b \hevghklv gjZ\h\ hljZ`Zxl
dhg\_gpbhgZevgmx Zf[b\Ze_glghklv ih hlghr_gbx d k_dkmZevghc iZj_ < gZr_ \j_fy
wlb bklhjbq_kdb_ dhe_[Zgby gZoh^yl \ujZ`_gb_ \ h^gh\j_f_gghf kms_kl\h\Zgbb
dhg\_gpbhgZevghcfZkkh\hcdmevlmjub dblqZ gZ h^ghf ihexk_ b ihjgh]jZnbb ² gZ
^jm]hf Fh`gh kdZaZlv qlh ebrv aj_eZy iZjZ b ebrv wjhlbq_kdh_ bkdmkkl\h fh]ml
ih^^_j`b\Zlv b khojZgylv kljZklgmx ex[h\v Dhg\_gpbhgZevghklv b ihjgh]jZnby \
k\h_cg_l_jibfhklbd kljZklghcex[\by\eyxlky[_kkhagZl_evgufbkhxagbdZfb
I:J:B =JMII:
Xghr_kdb_]jmiiub iZju
Xghr_kdZyk_dkmZevghklvjZa\b\Z_lkyih^\ebygb_fk_dkmZevgh]h\ha[m`^_gbyb
wjhlbq_kdh]h `_eZgby \ua\Zgguo ]hjfhgZevgufbbaf_g_gbyfb im[_jlZlgh]h i_jbh^Z
hsms_gb_baf_g_gbc\ kh[kl\_gghfl_e_\_^_ld mkbe_gbxj_Z]bjh\ZgbygZwjhlbq_kdb_
klbfmeu Ijhbkoh^yl qZklbqgZy j_]j_kkby nmgdpbc W]h b \hah[gh\e_gb_
[_kkhagZl_evguo dhgnebdlh\ \ kn_j_ k_dkmZevghklb ijhy\eyxsboky \ j_adhc
ijhlb\hj_qb\hklbih\_^_gq_kdboiZll_jgh\ ²hkh[_ggh\ i_j_iZ^Zof_`^mqm\kl\Zfb
\bgu ih^Z\e_gb_f k_dkmZevguo j_Zdpbc Zkd_lbq_kdb_ gZkljh_gby k\hckl\_ggu_
xghr_kdhfm \hajZklm k h^ghc klhjhgu b ihebfhjngufb i_j\_jab\gufb
bgnZglbevgufb k_dkmZevgufb mklj_fe_gbyfb ² k ^jm]hc >ey aZsblu hl wlbo
dhgnebdlh\ Zdlb\babjmxlky ijhp_kku jZks_ie_gby HkeZ[e_gb_ jZ[hlu \ul_kg_gby
k\yaZgh k qZklbqghc j_]j_kkb_c b j_hj]ZgbaZpb_c Kmi_jW]h b g_h[oh^bfhklvx
bgl_]jZpbb \gh\v ijh[m^b\rboky k_dkmZevguo `_eZgbc k aZij_lZfb bgnZglbevgh]h
Kmi_jW]h < hilbfZevguo h[klhyl_evkl\Zo ^_eh h[klhbl lZd ijbgylb_ ]_gblZevguo b
^h]_gblZevguoihebfhjnguoi_j\_jab\guobgnZglbevguobfimevkh\^Z_l\hafh`ghklv
^ey bo bgl_]jZpbb dZd qZklb gh\uo i_j_`b\Zgbc kh[kl\_ggh]h Y k h^gh\j_f_gguf
ih^l\_j`^_gb_f bgnZglbevguo aZij_lh\ gZ k_dkmZevgu_ `_eZgby ih hlghr_gbx d
w^bih\ufh[t_dlZf
Hkgh\gh_kljmdlmjgh_mkeh\b_jZa\blbykihkh[ghklbd aj_ehck_dkmZevghcex[\b
² nhjfbjh\Zgb_ bgl_]jbjh\Zgghc W]hb^_glbqghklb \ dhgl_dkl_ ih^jhkldh\h]h
djbabkZ b^_glbqghklb Hkgh\u\Zykv gZ k\h_c jZ[hl_ k iZpb_glZfb k ih]jZgbqghc
ebqghklghchj]ZgbaZpb_cbebg_h[yaZl_evghih]jZgbqghcgZjpbkkbq_kdhcebqghklghc
kljmdlmjhc y ijbr_e d \u\h^m qlh W]hb^_glbqghklv mklZgZ\eb\Z_lky ihkl_i_ggh gZ
ijhly`_gbbfeZ^_gq_kl\Zb ^_lkl\Z\ ijhp_kk_ij_h^he_gbyijbfblb\ghchj]ZgbaZpbb
W]h\ dhlhjhc^hfbgbjmxlf_oZgbafujZks_ie_gbyb k\yaZggu_k gbfbhi_jZpbbW]h
b^_glbqghklv h[mkeh\eb\Z_lky bgl_]jbjh\Zgghc dhgp_ipb_c Y b p_ehklgufb
h[t_dlgufb hlghr_gbyfb \ lh `_ \j_fy kihkh[kl\my bo nhjfbjh\Zgbx ]eZ\gu_
f_oZgbafu wlh]h ijhp_kkZ ² \ul_kg_gb_ b k\yaZggu_ k gbf aZsblgu_ hi_jZpbb
Wjbdkhg hibku\Zy ^hklb`_gb_ [ebadbo hlghr_gbc gZ i_j\hc klZ^bb aj_ehklb
ih^q_jdb\Ze aZ\bkbfhklv wlhc klZ^bb hl knhjfbjh\Zggh_Πqm\kl\Z b^_glbqghklb \
ih^jhkldh\hf\hajZkl_HibkZggu_fghxklZ^bbjZa\blbykihkh[ghklbd i_j_`b\Zgbxb
khojZg_gbx ex[\b ih kmlb ij_^klZ\eyxl kh[hc ijbeh`_gb_ wlhc dhgp_ipbb d
ghjfZevgufb iZlheh]bq_kdbfex[h\gufhlghr_gbyf
>ey ih^jhkldh\h]h \hajZklZ oZjZdl_j_g djbabk b^_glbqghklb gh hlgx^v g_
^bnnmabyb^_glbqghklb ² ^\Zwlbihgylby^he`gu[ulvq_ldh^bnn_j_gpbjh\ZguIh
fukebWjbdkhgZ djbabkb^_glbqghklb\dexqZ_l\ k_[ymljZlmkhhl\_lkl\by
f_`^m\gmlj_ggbfqm\kl\hfb^_glbqghklbgZ^ZgghfwlZi_jZa\blbyb hljZ`_gb_f\
ikbohkhpbZevghckj_^_?keblhb ^jm]h_\ [hevr_cf_j_jZkoh^ylkyq_fkh]eZkmxlky
lh Ydhgp_ipby lZd `_ dZd b \g_rgyy Z^ZilZpby hdZau\Z_lky ih^ m]jhahc b lj_[m_l
i_j_kfhljZ dZd qm\kl\Z kh[kl\_gghc b^_glbqghklb lZd b hlghr_gbc kh kj_^hc
>bnnmaby`_b^_glbqghklbgZijhlb\y\ey_lkykbg^jhfhflbibqguf^eyih]jZgbqghc
iZlheh]bb Ydh[khg D_jg[_j] oZjZdl_jbamxsbfky ^bkkhpbbjh\Zggufb
^jm]hl^jm]ZkhklhygbyfbW]hb hlkmlkl\b_fbgl_]jZpbbg_lhevdh Y ghlZd`_Kmi_j
W]h b fbjZ bgl_jgZebah\Zgguo h[t_dlguo hlghr_gbc Kms_kl\m_l k\yav f_`^m
djbabkhfb^_glbqghklb b W]hb^_glbqghklvxq_f klZ[bevg_cbg^b\b^mZevgZy [Zah\Zy
W]hb^_glbqghklvl_femqr_q_eh\_dhkgZs_g^eyij_h^he_gbydjbabkZb^_glbqghklb
q_f `_klq_ lj_[h\Zgby hdjm`Zxs_c kj_^u d mklZgh\e_gghc W]hb^_glbqghklb l_f
\ur_hiZkghklvkju\Z^eyl_oqvykljmdlmjZb^_glbqghklbbf__l^_n_dlu
Debgbq_kdbc ^bnn_j_gpbZevguc ^bZ]gha f_`^m djbabkhf b^_glbqghklb b
^bnnmab_cb^_glbqghklblj_[m_llsZl_evgh]hbkke_^h\Zgbyih\_^_gbyih^jhkldZb _]h
ijhreuo b l_dmsbo km[t_dlb\guo i_j_`b\Zgbc Fyl_`guc \uah\ Z\lhjblZjghklb
fh`_l khkms_kl\h\Zlv k ih\_^_gb_f ^bZf_ljZevgh ijhlb\hiheh`guf ^_deZjbjm_fuf
ihabpbyfijhl_klZBgl_gkb\gu_ex[h\gu_hlghr_gby\_jghklvfh]mlijbkmlkl\h\Zlv
h^gh\j_f_ggh k [_klZdlguf ij_g_[j_`bl_evguf ^Z`_ [_a`Zehklguf b
wdkiemZlbjmxsbf ih\_^_gb_f H^gZdh ijb jZkkfhlj_gbb hlghr_gby ih^jhkldZ d _]h
y\ghijhlb\hj_qb\ufW]hkhklhygbyfb ^_ckl\byffuh[gZjm`b\Z_fqlhg_\jhlbqgu_
b ghjfZevgu_ ih^jhkldb hlebqZxlky hl k\hbo [he__ ^_ahj]Zgbah\Zgguo k\_jklgbdh\
kljZ^Zxsbo ^bnnmab_c b^_glbqghklb [Zabkguf hsms_gb_f wfhpbhgZevghc
p_ehklghklb >ey ijh\_^_gby wlhc ^bnn_j_gpbZpbb hkh[_ggh ihe_agu ke_^mxsb_
oZjZdl_jbklbdb D_jg[_j] kihkh[ghklv bkiulu\Zlv qm\kl\h \bgu ih ih\h^m
k\h_]hZ]j_kkb\gh]hih\_^_gbyijbagZ\Z_fh]h lZdh\uf ihijhr_kl\bb wfhpbhgZevghc
\kiurdbhaZ[hq_gghklvb bkdj_gg__`_eZgb_bkijZ\blv_]hihke_^kl\bykihkh[ghklvd
mklZgh\e_gbx ^ebl_evguo g_wdkiemZlbjmxsbo hlghr_gbc k ^jmavyfb mqbl_eyfb beb
^jm]bfb \ajhkeufb Z lZd`_ [he__ beb f_g__ j_Zebklbq_kdZy hp_gdZ ]em[bgguo q_jl
wlbo ex^_c ihke_^h\Zl_evgh jZkrbjyxsZyky b m]em[eyxsZyky kbkl_fZ p_gghkl_c ²
[m^vlhp_gghklbdhgnhjfbklkdb_bebgZoh^ysb_ky\ hiihabpbbd l_fqlh^hfbgbjmxl
\ dmevlmjghfhdjm`_gbbih^jhkldZ
IjZdlbq_kdZy p_gghklv wlh]h ^bnn_j_gpbZevgh]h ^bZ]ghaZ khklhbl \ lhf qlh
[eZ]h^Zjy _fm fu fh`_f ^hklbqv hij_^_e_gghc h[hkgh\Zgghc m\_j_gghklb \
klZ[bevghklbmklZgh\b\r_ckyW]hb^_glbqghklbih^jhkldZbkhhl\_lkl\_ggh\ lhfqlh
kfyl_gb_ b dhgnebdlu oZjZdl_jbamxsb_ _]h \ex[e_gghklb b ex[h\gu_ hlghr_gby \
p_ehf g_ y\eyxlky hljZ`_gb_f ih]jZgbqghc beb gZjpbkkbq_kdhc ebqghklghc
kljmdlmjuLbibqgu_debgbq_kdb_ijhy\e_gbyk_dkmZevguodhgnebdlh\\ ih^jhkldh\hf
\hajZkl_ ² ^bkkhpbZpby g_`ghklb hl k_dkmZevghc \ha[m^bfhklb ^bohlhfby
Zk_dkmZevguo b^_Zebabjm_fuo h[t_dlh\ b k_dkmZevgh h[_kp_g_gguo h[t_dlh\
ijhlb\hiheh`gh]h iheZ khkms_kl\h\Zgb_ qj_af_jgh]h qm\kl\Z \bgu b bfimevkb\guo
ijhy\e_gbck_dkmZevguoih[m`^_gbc ² j_ij_a_glbjmxldhgnebdluhlghjfZevgh]h^h
ly`_ehg_\jhlbq_kdh]hmjh\gyb l_fkZfufkhklZ\eyxl^bZ]ghklbq_kdmxijh[e_fmGh
^bnnmaby b^_glbqghklb gZijhlb\ k hij_^_e_gghklvx mdZau\Z_l gZ k_jv_agmx
ikbohiZlheh]bxijbdhlhjhck_dkmZevgu_dhgnebdluy\eyxlkyebrvgZqZevghclhqdhc
^ey^he]h\j_f_gguogZjmr_gbcghjfZevghcex[h\ghc`bagb
Ijhn_kkbhgZem\ kn_j_ikbobq_kdh]ha^hjh\vybf_xs_fm^_ehk ih^jhkldZfbba
[_kijZ\guo khpbZevguo ]jmii lZdbo dZd fheh^_`v ]_llh f_]Zihebkh\ K_\_jghc
:f_jbdb fh_ hibkZgb_ dhgnebdlguo ex[h\guo hlghr_gbc hkgh\Zggh_ gZ ^Zgguo
ihemq_gguo ba bkke_^h\Zgbc Zf_jbdZgkdbo ih^jhkldh\ ijbgZ^e_`Zsbo d kj_^g_fm
deZkkmfh`_lihdZaZlvkyg_kebrdhfZ^_d\ZlgufHlih^jhkldh\bak_f_ck oZhlbq_kdhc
k_f_cghc hj]ZgbaZpb_c ihklhygguo hq_\b^p_\ beb `_jl\ gZkbeby \dexqZy
k_dkmZevgh__^\Zebfh`ghh`b^ZlvjZa\blbykihkh[ghklbd nhjfbjh\Zgbxp_ehklgh]h
fbjZ bgl_jgZebah\Zgguo h[t_dlguo hlghr_gbc g_ ]h\hjy m`_ h[ bgl_]jbjh\Zgghf
Kmi_jW]h< wlhfkemqZ_mklZgh\e_gb_ex[h\guohlghr_gbc\_kvfZijh[e_fZlbqghb
\g_rgyy ihegZy k_dkmZevgZy k\h[h^Z fh`_l kh_^bgylvky k j_adbf h]jZgbq_gb_f
kihkh[ghklbd lhcij_^Zgghklb^jm]hfmdhlhjZyk\yaZgZk [ebahklvxHlkx^Z\hagbdZ_l
kh[eZag ijbibkZlv ijhy\e_gby ikbohiZlheh]bb b g_kihkh[ghklv d mklZgh\e_gbx
ex[h\guo hlghr_gbc \hkiblZgbx b khpbZevghc kj_^_ < wlhc k\yab lhevdh qlh
hibkZggu_ oZjZdl_jbklbdb ghjfZevghc kljmdlmju b^_glbqghklb fh]ml [ulv ihe_agu
^ey jZa]jZgbq_gby ly`_ehc ikbohiZlheh]bb b Z^ZilZpbb d k\h_c gZoh^ys_cky \
g_[eZ]hijbylghf iheh`_gbb b \hafh`gh ZglbkhpbZevghc ih^]jmii_ DjZcg_
iZlheh]bq_kdZy khpbZevgZy kljmdlmjZ ijb ^_ahj]Zgbah\Zggh_Πk_f_cguo hlghr_gbc
kihkh[kl\m_ljZa\blbxikbohiZlheh]bbghih\_joghklgZyZ^ZilZpbyd iZlheh]bq_kdhfm
khpbZevghfm hdjm`_gbx hlgx^v g_ bkdexqZ_l [Zabkghc iheghp_gghklb jZa\blby
ih^jhkldZohlyb fZkdbjm_l__
J_Zdlb\Zpbyw^bih\uodhgnebdlh\b [hjv[Zk\yaZggZyk \ul_kg_gb_fw^bih\uo
k_dkmZevguoklj_fe_gbc ² ]eZ\gu_[_kkhagZl_evgu_fhlb\Zpbb\ k_iZjZpbbih^jhkldZ
hl jh^bl_evkdbo h[t_dlh\ b jZa\blbb khpbZevghc `bagb \gmljb ]jmiiu k\_jklgbdh\
Ijhl_kl ih hlghr_gbx d ijbgbfZ\rbfky ij_`^_ ih\_^_gq_kdbf ghjfZf b p_gghklyf
jh^bl_evkdh]h ^hfZ khimlkl\m_l ihbkdm gh\uo p_gghkl_c b^_Zeh\ b ih\_^_gq_kdbo
ghjf aZ dhlhjufb ih^jhklhd h[jZsZ_lky d mqbl_eyf y\eyxsbfky ij_^f_lhf
\hkobs_gby b d ihklhyggh jZkrbjyxs_fmky \hdjm] g_]h fbjm Kljh]h_ kh[ex^_gb_
]jmiih\uo ijZ\be \ jZgg_f ih^jhkldh\hf \hajZkl_ k\b^_l_evkl\m_l h khojZg_gbb
]hkih^kl\Z fhjZeb eZl_glgh]h i_jbh^Z dhlhjZy mdj_iey_l ^bkkhpbZpbx f_`^m
\ha[m`^Zxs_cohlyb h[_kp_g_gghck_dkmZevghklvxb ihkl_i_gghjZa\_jlu\Zxsbfky
lZcgufbg^b\b^mZevgufj_kmjkhfkihkh[ghklbd g_`ghklbb jhfZglbq_kdhcex[\b<
fZevqbr_kdbo jZgg_ih^jhkldh\uo ]jmiiZo khagZl_evgh ^_deZjbjm_lky \ha[m`^ZxsZy
h^gZdhZgZevghhdjZr_ggZydhgp_ipby]_gblZevghklb^bkkhpbjh\ZggZyhlg_`ghklb\
lh \j_fy dZd ly]m d g_`guf b jhfZglbq_kdbf hlghr_gbyf k ijhlb\hiheh`guf ihehf
qe_gu wlbo ]jmii ^_j`Zl ijb k_[_ ² wlhl nZdl gZoh^blky \ dhgljZkl_ k lbibqghc
kblmZpb_c \ ]jmiiZo ^_\hq_d jZgg_ih^jhkldh\h]h \hajZklZ B^_Zebabjh\Zggh_ b
jhfZglbabjh\Zggh_ ij_^klZ\e_gb_ ^_\hq_d h[ h[h`Z_fhf fm`kdhf h[t_dl_ khklZ\ey_l
qZklvlZcguobglbfguo\ujZ`_gbc]_gblZevgh]h`_eZgby
< iha^g_f ih^jhkldh\hf \hajZkl_ djblbq_kdhc aZ^Zq_c y\ey_lky jZa\blb_
kihkh[ghklb \ k_dkmZevghc [ebahklb >ey __ j_r_gby ^he`gZ [ulv ml\_j`^_gZ
bglbfghklviZju\ ijhlb\h\_kdhg\_gpbhgZevgufk_dkmZevgufghjfZfb p_gghklyfg_
lhevdh khhl\_lkl\mxs_c \ajhkehc khpbZevghc ]jmiiu gh b kh[kl\_gghc ]jmiiu
k\_jklgbdh\ Hlghr_gby f_`^m wlbfb ^\mfy ]jmiiZfb l_i_jv klZgh\ylky \Z`gu <
i_jbh^u hlghkbl_evghc khpbZevghc klZ[bevghklb b \ hlghkbl_evgh ]hfh]_gghc
khpbZevghc kj_^_ dmevlmju ih^jhkldh\h]h b \ajhkeh]h fbjh\ fh]ml gZoh^blvky \
]Zjfhgbb^himkdZykjZ\gbl_evghe_]dbci_j_oh^bah^gh]h\ ^jm]hc^eygh\uoiZjIjb
lZdbomkeh\byoke_^h\Zgb_ih^jhkldh\ufp_gghklyfihkl_i_ggh_hk\h[h`^_gb_hlgbo
b ijbgylb_ p_gghkl_c \ajhkeh]h fbjZ [_a qj_af_jgh `_kldh]h mk\h_gby
dhg\_gpbhgZevgh_Œy\eyxlky[he__bebf_g__ijhklufbaZ^ZqZfb
Gh ijb kms_kl\h\Zgbb j_adbo jZkoh`^_gbc f_`^m wlbfb ^\mfy fbjZfb ²
gZijbf_j _keb ih^jhkldh\u_ ]jmiiu ijbgZ^e_`Zl d ^_ijb\bjh\Zgguf km[dmevlmjZf
beb h[s_kl\m i_j_`b\Zxs_fm hklju_ jZa^_eyxsb_ khpbZevgu_ b iheblbq_kdb_
dhgnebdlu ² iha^g_ih^jhkldh\u_ ]jmiiu kdehggu `_kldh ke_^h\Zlv hij_^_e_gguf
b^_heh]bq_kdbf mklZgh\dZf \ hdjm`Zxs_f \ajhkehf fbj_ GZijbf_j khpbZevgh_
^Z\e_gb_ gZ dhee_^`b \ gZijZ\e_gbb aZ beb ijhlb\ iheblbq_kdhc dhjj_dlghklb beb
ihabpbbihhlghr_gbxd gZjdhlbdZfn_fbgbafmf_gvrbgkl\Zfbeb]hfhk_dkmZebafm
fh]ml kihkh[kl\h\Zlv j_]j_kkb\guf ]jmiih\uf ijhp_kkZf \ iha^g_ih^jhkldh\hf
\hajZkl_b aZljm^gylv^eyiZjumklZgh\e_gb_kh[kl\_gghcgbrb
D lhfm`_ih^jhkldbk ly`_ehciZlheh]b_coZjZdl_jZb ^bnnmab_cb^_glbqghklb
kdehggubkiulu\Zlvhkh[_ggh kbevgmx ihlj_[ghklv kljh]h ijb^_j`b\Zlvky p_gghkl_c
k\h_cih^jhkldh\hc]jmiiu< wlhck\yabihe_aghjZkkfhlj_lv\hijhkh lhfgZkdhevdh
ih^jhkldh\Zy \ex[e_ggZy iZjZ kihkh[gZ khojZgylv g_aZ\bkbfhklv hl ^Z\e_gby
hdjm`Zxsbo ]jmii < i_jbh^ dhgljdmevlmju obiib o b^_heh]b_c ih^jhkldh\uo
]jmii [ueZ g_h]jZgbq_ggZy k_dkmZevgZy k\h[h^Z Lh]^Z fgh]b_ xghrb b ^_\mrdb
kdju\Zeb k_dkmZevgmx kdh\Zgghklv b k\yaZggmx k g_c ikbohiZlheh]bx aZ nZkZ^hf
\g_rg_c k_dkmZevghc k\h[h^u AZ jZkdj_ihs_gguf k_dkmZevguf ih\_^_gb_f
ih^jhkldh\obiib qZklh lZbeZkv fZahobklbq_kdZy gZjpbkkbq_kdZy beb bkl_jbq_kdZy
iZlheh]byB \g_dhlhjuokhh[s_kl\Zoo ]h^h\]jmiih\u_^Z\e_gby\ ih^jhkldh\uo
]jmiiZo dhgkheb^bjmxlky \hdjm] dhg\_gpbhgZevgh]h kljZoZ i_j_^ hiZkghc fm`kdhc
k_dkmZevghklvx Wlh fh`_l k^_j`b\Zlv nhjfbjh\Zgb_ k_dkmZevguo iZj k\yaZgguo
aj_eufb
ex[h\gufb
hlghr_gbyfb
b
kihkh[kl\h\Zlv
j_]j_kkb\guf
kZ^hfZahobklbq_kdbf k_dkmZevguf \aZbfh^_ckl\byf LZdZy ^bgZfbdZ qZklh
gZ[ex^Z_lky m ih^jhkldh\ k ly`_ehc iZlheh]b_c oZjZdl_jZ gZoh^ysboky gZ
klZpbhgZjghfe_q_gbb
Ijb e_q_gbb lZdbo ih^jhkldh\ i_jkhgZe g_k_l khpbZevgmx b xjb^bq_kdmx
hl\_lkl\_gghklv aZ lh qlh[u k_dkmZevgh_ ih\_^_gb_ kj_^b g_kh\_jr_gghe_lgbo g_
ijbgbfZehkv b g_ ^himkdZehkv ohly \ ijbgpbi_ hiulgu_ l_jZi_\lu h`b^Zxl qlh
ih^jhkldb \ h[oh^ \k_o ijZ\be b j_]eZf_glZpbb \k_ jZ\gh [m^ml bkdZlv k_dkmZevghc
[ebahklbQ_f[he__khojZg_gih^jhklhdl_femqr_hgihgbfZ_lwlbh]jZgbq_gbyl_f
emqr_ ijbkihkZ[eb\Z_lky d gbf h^gh\j_f_ggh ijhlb\ gbo [mglmy ² ijb\Zlgh b
hkfhljbl_evgh ² klj_fykv mklZgh\blv b jZa\blv iZjgu_ hlghr_gby Ijb l_jZibb
ih^jhkldh\k gZjpbkkbq_kdbfbbebih]jZgbqgufbjZkkljhckl\Zfby qZklhh[gZjm`b\Ze
m gbo haZ^Zq_gghklv l_f nZdlhf qlh y ihq_fmlh g_ ijhy\eyx g_^h\hevkl\Z
k_dkmZevguf ih\_^_gb_f dhlhjh_ ih bo h`b^Zgbyf kqblZ_lky aZij_lguf B
h^gh\j_f_gghhgbgZoh^ylf_gym`ZkghfhjZebklbqguflZf]^_ f_gvr_ \k_]h wlh]h
h`b^Zxl ² Z bf_ggh \ k\h_f hlghr_gbb d bo ijhlb\hj_qb\hklb oZhlbqghklb
jZks_ie_gghklbboh[t_dlguohlghr_gbc
:gZeba iZlheh]bq_kdhc kljmdlmju oZjZdl_jZ g_\jhlbqgh]h ih^jhkldZ ^he`_g
klbfmebjh\Zlv bgl_]jZpbx ^bkkhpbbjh\Zgguo beb jZks_ie_gguo W]hkhklhygbc b
ij_h^he_gb_ j_Zdlb\guo nhjfbjh\Zgbc kem`Zsbo aZsbl_ hl bgklbgdlb\guo
ih[m`^_gbc b ij_iylkl\mxsbo iheghp_gghc ex[h\ghc `bagb H^gZdh ^Z`_ ijb
hilbfZevguo h[klhyl_evkl\Zo dh]^Z jZaj_r_gb_ iZlheh]bq_kdbo l_g^_gpbc oZjZdl_jZ
khklhyehkvb wlhlijhp_kkihkem`beh[h]Zs_gbxqm\kl\ZW]hb^_glbqghklbih^jhkldZ
ihegZy W]hb^_glbqghklv fh`_l [ulv ^hklb]gmlZ lhevdh kh \j_f_g_f Hij_^_e_ggu_
Zki_dlu bgl_jgZebah\Zgguo h[t_dlguo hlghr_gbc fh]ml [ulv iheghklvx
bgl_]jbjh\Zgu \ mklZgh\b\rmxky W]hb^_glbqghklv lhevdh lh]^Z dh]^Z ijhbahreZ
b^_glbnbdZpbykhaj_eufbjhe_\ufbZki_dlZfbjh^bl_evkdboh[t_dlh\ ² wlhlijhp_kk
aZgbfZ_l ]h^u < dhgp_ dhgph\ ex[h\v ijb\_^_l d bgl_]jZpbb hlh`^_kl\e_gby k
hlph\kdbfbb fZl_jbgkdbfbnmgdpbyfbw^bih\uoh[t_dlh\qlhfh`_l[ulvijh\_j_gh
lhevdh \j_f_g_f IhegZy b^_glbnbdZpby k ]_g_jZlb\gufb jheyfb jh^bl_evkdhc iZju
k\yaZgZ k `_eZgb_f bf_lv j_[_gdZ hl ex[bfh]h q_eh\_dZ kihkh[ghklv d wlhfm
aZjh`^Z_lky \ iha^g_ih^jhkldh\hf \hajZkl_ b khaj_\Z_l \h \ajhkehf khklhygbb DZd
khagZl_evgh_ klj_fe_gb_ wlh _s_ h^bg Zki_dl aj_ehc k_dkmZevghc ex[\b ?]h
[ehdbjh\dZ \h \ajhkehc iZj_ ihjhc kb]gZebabjm_l h agZqbl_evguo fZahobklbq_kdbo b
_s_ qZs_ ² h gZjpbkkbq_kdbo dhgnebdlZo G_khfg_ggh wlh klj_fe_gb_ g_h[oh^bfh
hlebqZlv hl g_[j_`gh]h [_ahl\_lkl\_ggh]h kh]eZkby gZ g_`_eZl_evgmx ih kmlb
[_j_f_gghklv
>jm]bfb keh\Zfb ex[h\gu_ hlghr_gby m ih^jhkldh\ fh]ml [ulv ijhqgufb b
]em[hdbfb gh bo klZ[bevghklv aZ\bkbl hl dZq_kl\ ebqghklb ih^jhkldZ jZa\blb_
dhlhjuo lj_[m_l \j_f_gb bkoh^ ih^jhkldh\uo hlghr_gbc g_ij_^kdZam_f
<h\e_q_gghklv \ hlghr_gby gZqZ\rb_ky \ ih^jhkldh\hf \hajZkl_ ^he`gZ khojZgylv
g_hij_^_e_gghklv oZjZdl_j ijbdexq_gby beb Z\Zglxju < dZdhclh f_j_ wlh
kijZ\_^eb\hb ^eyaj_ehc\ajhkehciZju
Ikbohl_jZi_\lm jZ[hlZxs_fm k ih^jhkldZfb ihe_agh ihfgblv h ki_pbnbqghf
^ey wlh]h \hajZklZ ghjfZevghf ihbkd_ jhfZglbq_kdh]h imlb d k_dkmZevghc [ebahklb \
iheguob bgl_gkb\guohlghr_gbyo?kebwlhlimlvg_ijh^_eZgmki_rgh\ hljhq_kl\_
mki_o [m^msbo \h\e_q_gghkl_c \ hlghr_gby hdZ`_lky ih^ \hijhkhf ihwlhfm ^Zggmx
kn_jm q_eh\_q_kdh]h hiulZ fh`gh kqblZlv djblbq_kdhc L_jZi_\lZf aZgbfZxsbfky
l_jZib_c ih^jhkldh\ ke_^m_l ijhlb\hklhylv mkbebyf b]ghjbjh\Zlv wlm kn_jm dZd
g_kms_kl\_ggmx
<uah\\ajhkehciZju]jmii_
Aj_eZy k_dkmZevgZy ex[h\v ² i_j_`b\Zgb_ b khojZg_gb_ bkdexqbl_evguo
g_ih\lhjbfuo ex[h\guo hlghr_gbc k ^jm]bf q_eh\_dhf h[t_^bgyxsbo g_`ghklv b
wjhlbaf oZjZdl_jbamxsboky ]em[bghc b jZa^_e_gb_f p_gghkl_c ² g_ fh`_l g_
gZoh^blvky \ y\ghc beb kdjulhc hiihabpbb d hdjm`Zxs_c khpbZevghc ]jmii_ HgZ
fyl_`gZihk\h_cijbjh^_HgZhk\h[h`^Z_l\ajhkemxiZjmhlkh[ex^_gbymkeh\ghkl_c
ijbgyluo \ khpbZevghc ]jmii_ kha^Z_l hsms_gb_ k_dkmZevghc bglbfghklb \ \ukr_c
kl_i_gb ijb\Zlghc b ihlZ_gghc b mklZgZ\eb\Z_l mkeh\by dh]^Z \aZbfgu_
Zf[b\Ze_glghklb bgl_]jbjmxlky \ ex[h\gu_ hlghr_gby h^gh\j_f_ggh h[h]ZsZy bo b
klZ\y ih^ m]jham WlZ g_dhg\_gpbhgZevghklv aZeh`_ggZy \ k_dkmZevghc ex[\b ²
hlgx^v g_ lh `_ kZfh_ qlh ijhl_kl ih^jhkldh\uo dhfiZgbc beb wdk]b[bpbhgbklkdh_
ih\_^_gb_ hljZ`Zxs__ jZaebqgu_ \b^u iZlheh]bb < ^Zgghf kemqZ_ j_qv b^_l h
\gmlj_gg_c ihabpbb kdj_ieyxs_c iZjm dhlhjZy aZqZklmx kZfZ ih k_[_ fZeh aZf_lgZ
^ey \g_rg_]h gZ[ex^Zl_ey b fh`_l ^hihegbl_evgh fZkdbjh\Zlvky ih\_joghklguf
ijbkihkh[e_gb_fd khpbZevghckj_^_
Ghex[ysZyiZjZgZoh^ysZyky\ hiihabpbbd ]jmii_\k_`_gm`^Z_lky\ g_c^ey
\u`b\Zgby IhgZklhys_fm bahebjh\ZggZy iZjZ ih^\_j`_gZ hiZkghklb kbevguo
\u[jhkh\ Z]j_kkbb dhlhju_ fh]ml jZajmrblv __ beb gZg_klb k_jv_aguc ms_j[ h[hbf
iZjlg_jZf ?s_ qZs_ [u\Z_l lZd qlh ly`_eZy ikbohiZlheh]by m h^gh]h beb h[hbo
iZjlg_jh\ \uau\Z_l Zdlb\baZpbx \ul_kg_gguo beb ^bkkhpbbjh\Zgguo dhgnebdlguo
bgl_jgZebah\Zgguo h[t_dlguo hlghr_gbc dhlhju_ gZqbgZxl \hkijhba\h^blvky iZjhc
iml_fijh_dlb\gh]hi_j_`b\Zgbyom^r_cqZklbg_hkhagZ\Z_fh]hijhreh]hj_amevlZlhf
y\ey_lkyjZajmr_gb__^bg_gbyiZjlg_jh\b \ha\jZs_gb_boh[hbo\ ]jmiim\ ihke_^g_f
hlqZygghfmklj_fe_gbbd bg^b\b^mZevghck\h[h^_< f_g__k_jv_aguoh[klhyl_evkl\Zo
[_kkhagZl_evgu_ ihiuldb h^gh]h beb h[hbo iZjlg_jh\ \eblvky \ ]jmiim beb
jZkl\hjblvky\ g_c hkh[_ggh ihkj_^kl\hf gZjmr_gbyk_dkmZevghc \_jghklb fh]ml \k_
`_ khojZgblv kms_kl\h\Zgb_ iZju ohly b p_ghc \g_rg_]h \lhj`_gby b mf_gvr_gby
[ebahklb
KlZ[bevgu_ lj_m]hevgu_ hlghr_gby \ ^hiheg_gb_ d \hkkha^Zgbx jZaebqguo
Zki_dlh\ g_jZaj_r_gguo w^bih\uo dhgnebdlh\ j_ij_a_glbjmxl lZd`_ \lhj`_gb_
]jmiiu \ ijhkljZgkl\h iZju JZajmr_gb_ k_dkmZevghc bglbfghklb ² gZijbf_j \
hldjulhf[jZd_ ² k\b^_l_evkl\m_lh k_jv_aghfg_[eZ]hihemqbbiZju=jmiih\hck_dk
ij_^klZ\ey_l kh[hc djZcgxx kl_i_gv jZkl\hj_gby iZju \ ]jmii_ ijb khojZg_gbb \h
fgh]bo Zki_dlZo klZ[bevghklb iZju H[uqgh hl ]jmiih\h]h k_dkZ \k_]h h^bg rZ] ^h
ihegh]hjZajmr_gbyiZju
Ih^\h^y blh] fh`gh kdZaZlv qlh k\hbf ijhl_klhf ijhlb\ ]jmiiu iZjZ
ml\_j`^Z_l k\hx b^_glbqghklv k\hx k\h[h^m hl khpbZevguo mkeh\ghkl_c b agZf_gm_l
gZqZehk\h_]himl_r_kl\byih`bagbm`_dZdiZju<ha\jZs_gb_\ ]jmiih\hcjZkl\hj
² \hafh`ghklv ihke_^g_]h k\h[h^gh]h ijb[_`bsZ ^ey [u\rbo mqZklgbdh\
ihl_ji_\r_cdjmr_gb_iZju
JhfZglbq_kdZy ex[h\v ² wlh gZqZeh k_dkmZevghc ex[\b ijb dhlhjhf bf__l
f_klhghjfZevgZyb^_ZebaZpbyk_dkmZevgh]hiZjlg_jZi_j_`b\Zgb_\uoh^ZaZ]jZgbpu
Y \ dhgl_dkl_ k_dkmZevghc kljZklb b hk\h[h`^_gb_ hl hdh\ hdjm`Zxs_c khpbZevghc
]jmiiu ;mgl ijhlb\ ]jmiiu gZqbgZ_lky \ iha^g_ih^jhkldh\uc i_jbh^ gh g_
aZdZgqb\Z_lky \f_kl_ k gbf JhfZglbq_kdb_ hlghr_gby ² ihklhyggZy oZjZdl_jbklbdZ
iZju ;he__ lh]h gZ fhc \a]ey^ h[s_ijbgylh_ jZa\_^_gb_ jhfZglbq_kdhc ex[\b b
kmijm`_kdhcijb\yaZgghklb hljZ`Z_l ihklhygguc dhgnebdl f_`^m iZjhc b ]jmiihc
ih^hajbl_evghklv khpbZevghc ]jmiiu ih ih\h^m hlghr_gbc \dexqZxsbo ex[h\v b
k_dk ² hlghr_gbc mkdhevaZxsbo hl __ dhgljhey Wlh jZa\_^_gb_ k\yaZgh lZd`_ k
hljbpZgb_f Z]j_kkbb \ hlghr_gbyo iZju g_j_^dh ljZgknhjfbjmxsbf ]em[hdb_
ex[h\gu_hlghr_gby\ g_qlh^bdh_b k\bj_ih_
Hlghr_gby f_`^m iZjhc b ]jmiihc y \b`m dZd aZdhghf_jgu_ keh`gu_ b
nZlZevgu_ Ihkdhevdm dj_Zlb\ghklv iZju aZ\bkbl hl mki_rgh]h mklZgh\e_gby __
Z\lhghfbb\gmljb]jmiih\h]hdhgl_dklZiZjZg_fh`_lmclbhl]jmiiuIhkdhevdmiZjZ
hlu]ju\Z_l b ih^^_j`b\Z_l ]jmiih\mx gZ^_`^m gZ k_dkmZevgh_ _^bg_gb_ b ex[h\v
]jmiiZgm`^Z_lky\ iZj_ ² g_kfhljygZlhqlhijhp_kku[hevrhc]jmiiuZdlb\babjmxl
ihl_gpbZe ^_kljmdlb\ghklb H^gZdh iZjZ g_ fh`_l g_ [ulv h[t_dlhf \jZ`^_[ghklb b
aZ\bklb ]jmiiu q_jiZ_fuo ba \gmlj_ggbo bklhqgbdh\ aZ\bklb d jh^bl_evkdhfm
kqZkleb\hfm b lZcghfm khxam b ]em[hdh]h [_kkhagZl_evgh]h qm\kl\Z \bgu ih ih\h^m
aZij_lguow^bih\uoklj_fe_gbc
KlZ[bevgZy iZjZ khklhysZy ba fm`qbgu b `_gsbgu dhlhju_ hkf_eb\Zxlky
ij_h^he_\Zlv w^bih\u aZij_lu gZ _^bg_gb_ k_dkZ b g_`ghklb k_iZjbjm_lky hl
dhee_dlb\guo fbnh\ ijhiblu\Zxsbo k_dkmZevghklv khpbZevghc ]jmiiu \gmljb
dhlhjhc ijhbahreh __ aZjh`^_gb_ dZd iZju =jmiih\u_ ijhp_kku \dexqZxsb_
k_dkmZevghklv b ex[h\v ^hklb]Zxl fZdkbfZevghc bgl_gkb\ghklb \ ih^jhkldh\hf
\hajZkl_ gh \ g_ klhev y\ghc nhjf_ hgb khojZgyxlky b \ hlghr_gbyo \ajhkeuo iZj
G_nhjfZevgZy]jmiiZg_i_j_klZ_lbkiulu\Zlv\ha[m`^_gb_\ k\yabk qZklghc`bagvx
iZj ba dhlhjuo hgZ khklhbl K ^jm]hc klhjhgu qe_gu iZju bkiulu\Zxl kh[eZag
\ujZ`Zlv ]g_\ q_j_a Z]j_kkb\gh_ ih\_^_gb_ ih hlghr_gbx ^jm] d ^jm]m \ mkeh\byo
hlghkbl_evghc bglbfghklb djm]Z [ebadbo ^jma_c ;m^mqb g_kihkh[gZ dhgl_cgbjh\Zlv
lZdh_ih\_^_gb_\gmljbkh[kl\_gguohlghr_gbciZjZlZdbfh[jZahfbf__ll_g^_gpbx
bkihevah\Zlv]jmiim\ dZq_kl\_dZgZeZ^eyjZajy^dbZ]j_kkbbZ lZd`_dZdkp_gm^ey__
^_fhgkljZpbb GZk g_ ^he`_g m^b\eylv lhl nZdl qlh iZju ijb\uqgh kkhjysb_ky gZ
im[ebd_ bf_xl ]em[hdb_ b ^ebl_evgu_ [ebadb_ hlghr_gby HiZkghklv dZd wlh
ij_djZkghhibkZgh\ iv_k_He[b Dlh[hblky<bj^`bgbb<mevn"khklhbl\ lhf
qlhq_j_kqmjkbevgh_\ujZ`_gb_Z]j_kkbbfh`_ljZajmrblvhklZldbh[s_cbglbfghklb
iZjlg_jh\ hkh[_ggh k\yau\Zxsb_ bo k_dkmZevgu_ mau b ijb\_^_l d jZkiZ^m
hlghr_gbc>jmavybag_ihkj_^kl\_ggh]hkhpbZevgh]hhdjm`_gbyiulZxsb_kymeZ^blv
jZafhe\dmihemqZxlhlkkhjiZjuaZf_sZxs__m^h\e_l\hj_gb_Z lZd`_ih^l\_j`^_gb_
klZ[bevghklbhlghr_gbc\ k\h_ckh[kl\_gghciZj_
< khpbZevghc ]jmii_ khklhys_c ba iZj bf__lky ihlj_[ghklv ihbkdZ
hilbfZevgh]h jZ\gh\_kby f_`^m iZjZfb b ]jmiihc \ hlghr_gbb k_dkmZevgh]h
\ha[m`^_gby b wjhlbafZ G_nhjfZevghklv h[uqghc \ajhkehc khpbZevgh]jmiih\hc
kljmdlmju h[_j_]Z_l iZjm hl ijhp_kkh\ [hevrbo ]jmii oZjZdl_jguo ^ey nhjfZevguo
khpbZevguobebjZ[hqbohj]ZgbaZpbcIZjZkhojZgyxsZyk\hx\gmlj_ggxxkeblghklv
b \lh`_\j_fyhdZau\ZxsZyfhsgh_\ebygb_gZhdjm`Zxsmx__ khpbZevgmx]jmiim
hkh[_ggh\gmljbhj]ZgbaZpbhgghckljmdlmjuklZgh\blkyijbly]Zl_evghcfbr_gvx^ey
w^bih\hc b^_ZebaZpbb lj_\h]b b aZ\bklb G_gZ\bklv ]jmiiu d kbevghc iZj_ fh`_l
y\blvkyaZsblhc^eyiZju\ugm`^ZyiZjlg_jh\h[t_^bgblvkyijhlb\]jmiiub fZkdbjmy
ijh_dpbb bo kh[kl\_gghc g_ijbagZ\Z_fhc \aZbfghc Z]j_kkbb H^gZdh iha^g__ ihke_
k_iZjZpbbiZjuhl]jmiiuf_`^miZjlg_jZfbfh`_l\hagbdgmlvagZqbl_evgZyZ]j_kkby
DZdfum`_\b^_ebiZjZbahebjmxsZykyhlhdjm`Zxs_ckhpbZevghc]jmiiuih
h[t_dlb\guf beb g_\jhlbq_kdbf ijbqbgZf ih^\_j]Z_lky hiZkghklb \gmlj_ggbo
wnn_dlh\\aZbfghcZ]j_kkbb< wlhfkemqZ_kmijm`_kl\hfh`_lhsmsZlvkydZdlxjvfZ
Z jZaju\b ijbkh_^bg_gb_d ]jmii_ ² dZdih[_]gZk\h[h^mK_dkmZevgucijhfbkdmbl_l
k ij_^r_kl\mxsbfb fgh]hqbke_ggufb jZkoh`^_gbyfb b jZa\h^Zfb fh`_l kem`blv
ijbf_jhflZdh]h[_]kl\Zd k\h[h^_b ]jmiih\hcZgZjobb:gZeh]bqgufh[jZahf]jmiiZ
fh`_lklZlvlxjvfhc^eyl_o__qe_gh\dhlhju_g_fh]mlbebg_hkf_eb\Zxlky\klmiZlv
\ klZ[bevgu_iZjgu_hlghr_gby
Ojhgbq_kdh_ \lhj`_gb_ ]jmiiu \ hlghr_gby iZju ijbgbfZ_l g_kdhevdh nhjf
aZkem`b\Zxsbo^Zevg_cr_]hbkke_^h\Zgby
Bgh]^Z dh]^Z h^bg iZjlg_j ih^^_j`b\Z_l hlghr_gby k lj_lv_c klhjhghc wlZ
k\yav ij_^\Zjy_l jZaju\ iZju l_ iZjZ beb [jZd jZkiZ^Z_lky mklmiZy f_klh gh\hc
iZj_ gh ihjhc \hagbdZ_l \i_qZle_gb_ qlh gZebqb_ lj_lv_c klhjhgu klZ[bebabjm_l
[jZd < ihke_^g_f kemqZ_ \hafh`gu jZaebqgu_ bkoh^u G_j_^dh \g_[jZqgZy k\yav
h^gh]h ba iZjlg_jh\ kha^Z_l _fm mkeh\by ^ey klZ[bebabjmxs_c wdkij_kkbb
g_jZaj_r_gguow^bih\uodhgnebdlh\@_gsbgZnjb]b^gZykhk\hbffm`_fb bf_xsZy
ex[h\gbdZ dhlhjuc k_dkmZevgh m^h\e_l\hjy_l __ fh`_l bkiulu\Zlv gZ khagZl_evghf
mjh\g_ ih^t_f b qm\kl\h m^h\e_l\hj_gghklb ih^^_j`b\Zxsb_ [jZd ohly
[_kkhagZl_evgh hgZ \ \hklhj]_ hl k\h_]h fm`Z dZd hl g_gZ\bklghc ljZgkn_j_glghc
j_ij_a_glZpbb w^bih\Z hlpZ ;eZ]h^Zjy gZebqbx ^\mo hlghr_gbc hgZ bkiulu\Z_l
[_kkhagZl_evgucljbmfngZ^hlphfdhlhjuc^_j`Zeih^k\hbfdhgljhe_fb __b fZlv\
lh \j_fy dZd l_i_jv hgZ ^_j`bl ih^ k\hbf dhgljhe_f ^\hbo fm`qbg @_eZgb_
\g_[jZqghck\yabfh`_lijhbkoh^blvlZd`_hl[_kkhagZl_evgh]hqm\kl\Z\bguihih\h^m
i_j_`b\Zgby kmijm`_kdbo hlghr_gbc dZd w^bih\Z ljbmfnZ ijb hlkmlkl\bb \ lh `_
\j_fy j_rbfhklb mklZgh\blv ihegmx b^_glbnbdZpbx k w^bih\hc fZl_jvx lZdbf
h[jZahf dhgnebdl f_`^m `_eZgb_f b qm\kl\hf \bgu hlj_Z]bjm_lky iml_f b]ju \
jmkkdmxjme_ldmk kh[kl\_gguf[jZdhf
IZjZ^hdkZevgufh[jZahfq_f]em[`_b iheg__klZgh\ylkyiZjZee_evgu_[jZqgu_
b \g_[jZqgu_ hlghr_gby l_f [hevr_ hgb ly]hl_xl d kZfhjZajmr_gbx ihkdhevdm
jZks_ie_gb_j_ij_a_glZpbbh[t_dlZ^hklb]gmlh_q_j_akblmZpbxlj_m]hevgbdZ\ dhgp_
dhgph\ gZqbgZ_l mljZqb\Zlvky BeexkljZpb_c wlhfm fh`_l kem`blv nbevf
DZiblZgkdbc jZc 7KH &DSWDLQ
V 3DUDGLVH Dbffbgk IZjZee_evgu_ hlghr_gby
bf_xl l_g^_gpbx kh \j_f_g_f klZgh\blvky \k_ [he__ koh^gufb f_`^m kh[hc
gZdeZ^u\Zy \k_ [he__ ly`dh_ ikboheh]bq_kdh_ [j_fy Ih^^_j`b\Zxlky eb lZdb_
hlghr_gby lZcgh beb ijbgbfZxlky hldjulh dhg_qgh aZ\bkbl hl ^jm]bo nZdlhjh\ ²
gZijbf_j hl kl_i_gb mqZklby kZ^hfZahobklbq_kdbo dhgnebdlh\ \ kmijm`_kdbo
\aZbfh^_ckl\byo Hldjulhklv ih ih\h^m \g_[jZqguo k\ya_c qZs_ y\ey_lky
kZ^hfZahobklbq_kdbf\aZbfh^_ckl\b_fZ g_q_feb[hbgufb hljZ`Z_lgm`^m\ujZablv
Z]j_kkbxbebaZsblblvkyhlqm\kl\Z\bgu
Bgh]^Zj_Zevgu_hlghr_gbyiZjuaZfmlg_guk\yavxmklZgh\e_gghc\ j_amevlZl_
khpbZevgh]h iheblbq_kdh]h beb wdhghfbq_kdh]h ^Z\e_gby GZijbf_j f_`^m
iZjlg_jZfb fh]ml [ulv ihegu_ kfukeZ b ih^qZk lZcgu_ hlghr_gby iZjZee_evgh k
dhlhjufbm h[hbokms_kl\mxl^jm]b_qbklhnhjfZevgu_lZdb_dZd[jZdihjZkq_lm<
bguo kemqZyo b l_ b ^jm]b_ hlghr_gby \ kblmZpbb lj_m]hevgbdZ y\eyxlky ih kmlb
nhjfZevgufb b jblmZebabjh\Zggufb lZd [u\Z_l \ km[dmevlmjZo ]^_ gZebqb_
ex[h\gbdZ ² klZlmkguc ihdZaZl_ev h`b^Z_fuc hl q_eh\_dZ ijbgZ^e_`Zs_]h d
hij_^_e_gghfmkhpbZevghfmkehx
Fg_ ohl_ehkv [u ih^q_jdgmlv qlh lj_m]hevgu_ kblmZpbb hkh[_ggh
\dexqZxsb_ \ k_[y ^he]h\j_f_ggu_ klZ[bevgu_[jZqgu_hlghr_gby fh]ml \ebylv gZ
bkoh^gmx iZjm keh`gh b jZaghh[jZagh KlZ[bevgu_ lj_m]hevgu_ hlghr_gby h[uqgh
hljZ`Zxl jZaebqgh]h jh^Z dhfijhfbkkgu_ h[jZah\Zgby k\yaZggu_ k g_jZaj_r_ggufb
w^bih\ufb dhgnebdlZfb Hgb fh]ml aZsblblv iZjm hl ijyfh]h \ujZ`_gby g_dhlhjuo
\b^h\Z]j_kkbbgh\ [hevrbgkl\_kemqZ_\kihkh[ghklvd ih^ebgghc]em[bg_b [ebahklb
mf_gvrZ_lky ² lZdh\Zp_gZwlhcaZsblu
DeZkkbq_kdh_ bkke_^h\Zgb_ ;Zjl_eey =jmiih\hc k_dk *URXS 6H[ kh^_j`bl [h]Zluc fZl_jbZe hlghkbl_evgh g_dhlhjuo ^hfbgbjmxsbo khpbZevguo
oZjZdl_jbklbd ijhfbkdmbl_lghc k_dkmZevghklb \ kblmZpbb hldjulhc ]jmiiu :\lhj
bkke_^h\Ze khagZl_evgh ^_deZjbjm_fmx b^_heh]bx kh]eZkgh dhlhjhc ]jmiih\hc k_dk
h[_j_]Z_l b h`b\ey_l kmijm`_kdb_ hlghr_gby kha^Z\Zy kh\f_klgu_ k_dkmZevgu_
klbfmeub i_j_`b\Zgbyb ijbr_ed \u\h^mh lhfqlhwlh\ ^_ckl\bl_evghklbbeexaby
H[uqgh]jmiih\Zykp_gZ[_aebdZ\ g_cdhgp_gljbjm_lky\gbfZgb_lhevdhgZih^]hlh\d_
b hkms_kl\e_gbb k_dkmZevghc Zdlb\ghklb Ohly kmijm`_kdb_ iZju fh]m aZy\eylv qlh
\hegmxs__ lZcgh_ mqZklb_ \ wlhc ]jmii_ ba[Z\ey_l bo hl ojhgbq_kdhc kdmdb \
^_ckl\bl_evghklb khpbZevgu_ hlghr_gby dZd \gmljb kZfhc wlhc ]jmiiu lZd b \gmljb
ljZ^bpbhgghc q_j_a hlghkbl_evgh dhjhldh_ \j_fy _s_ [he__ ^_]jZ^bjmxl Ihoh`_
qlh[u jZkk_ylv beexabb ih ih\h^m gh\h]h k_dkmZevgh]h \ha[m`^_gby b klbfmeypbb
o\ZlZ_l f_g__ ^\mo e_l mqZklby \ ]jmiih\hf k_dk_ K_dk kgh\Z klZgh\blky kdmqguf b
^Z`__s_[hevr_q_fij_`^_
Lh gZkdhevdh iZjZ bkiulu\Z_l \lhj`_gb_ ]jmiiu beb jZkl\hjy_lky \ ]jmii_
hljZ`Z_lky \ lhf gZkdhevdh __ khxa y\ey_lky qbklh nhjfZevgufb beb ih^ebggh
wfhpbhgZevgufb hlghr_gbyfb Q_f [he__ hldjulh g_jZa[hjqb\h b ijhfbkdmbl_lgh
k_dkmZevgh_ ih\_^_gb_ l_f [he__ \_jhylgh qlh ikbohiZlheh]by iZju \dexqZ_l
^hw^bih\u q_jlu k ^hfbgbjh\Zgb_f Z]j_kkbb b ihebfhjnguo i_j\_jab\guo
bgnZglbevguo k_dkmZevguo ihlj_[ghkl_c GZebph ijh]j_kkbjmxs__ mom^r_gb_
bgl_jgZebah\Zgguoh[t_dlguohlghr_gbcb k_dkmZevgh]hm^h\hevkl\by\ iZj_
Ijb hp_gd_ \aZbfhhlghr_gbc iZju f_gy bgl_j_km_l gZkdhevdh hlghr_gby
^himkdZxl qm\kl\h \gmlj_gg_c k\h[h^u b wfhpbhgZevgmx klbfmeypbx gZkdhevdh
[h]Zlufh[gh\eyxsbfkyb \ha[m`^Zxsbfy\ey_lkyk_dkmZevguchiuliZjugZkdhevdh
hgb kihkh[gu d k_dkmZevguf wdki_jbf_glZf g_ qm\kl\my ijb wlhf qlh bo kdh\u\Z_l
iZjlg_jbebkhpbZevgZykj_^ZB]eZ\gh_gZkdhevdhiZjZZ\lhghfgZ\ lhfkfuke_qlh
fh`_l\gh\vb \gh\v\hajh`^ZlvkygZijhly`_gbb`bagbg_aZ\bkbfhhlbaf_g_gbc\ bo
^_lyohdjm`_gbbbebkhpbZevghckljmdlmj_
?keb \u[hj kms_kl\h\Zgby gZ ih\_joghklb kh[kl\_ggh]h Y h[_ki_qb\Z_l
^hklZlhqgmx kl_i_gv klZ[bevghklbb m^h\e_l\hj_gghklb lh m l_jZi_\lZ g_l hkgh\Zgbc
ZlZdh\Zlvwlhl\u[hjihb^_heh]bq_kdbfbebi_jn_dpbhgbklkdbffhlb\Zf?keb`_iZjZ
`Zem_lky gZ k_dkmZevgh_ [_ajZaebqb_ lh ihe_agh ihfgblv qlh kdmdZ ² kZfh_
g_ihkj_^kl\_ggh_ ijhy\e_gb_ hlkmlkl\by khijbdhkgh\_gby k
]em[bggufb
wfhpbhgZevgufb b k_dkmZevgufb ihlj_[ghklyfb Gh g_ dZ`^uc kihkh[_g beb ]hlh\
hldjulvwlhlysbdIZg^hju
Hlghr_gby iZjlg_jh\ k bo ^_lvfb ^Zxl \Z`gmx bgnhjfZpbx h[ hlghr_gbyo
iZju k ]jmiihc @_eZgb_ bf_lv ^_l_c \ujZ`Z_l \gmlj_gg__ h[yaZl_evkl\h b
b^_glbnbdZpbx k ]_g_jZlb\ghklvx ieh^hghkghc s_^jhklvx jh^bl_evkdbo h[jZah\
`_eZgb_ kh\f_klgh ijbgylv hl\_lkl\_gghklv aZ jZa\blb_ b jhkl ^_l_c \ujZ`Z_l
klj_fe_gb_ iZju d hij_^_e_gghklb __ khxaZ Wlb `_eZgby lZd`_ mdZau\Zxl gZ lh qlh
iZjZ ^hjhkeZ ^h aj_eh]h hldZaZ hl ^Z\e_gby ih^jhkldh\uo ]jmii b ]hlh\Z d
\aZbfh^_ckl\bx k khpbZevghc b dmevlmjghc kj_^hc \gmljb dhlhjhc [m^ml
\hkiblu\Zlvky b ^hklb]Zlv kh[kl\_gghc Z\lhghfghklb bo ^_lb Ijb mki_rghf
m^_j`Zgbbk\h_cijb\Zlghklbb g_aZ\bkbfhklbdZdiZju\ ijhp_kk_nmgdpbhgbjh\Zgby
\ dZq_kl\_jh^bl_evkdboh[t_dlh\ iZjlg_ju dhgkheb^bjmxl ]jZgbpu k\h_]hihdhe_gby
ihf_j_lh]hdZd[_kkhagZl_evghbgbpbbjmxl\klmie_gb_ke_^mxs_]hihdhe_gby\ fbj
w^bih\uo i_j_`b\Zgbc B `bag_gguc pbde ih\lhjy_lky ^_lb ijb^y \ rdhem
\dexqZxlky \ i_j\u_ ]jmiih\u_ kljmdlmju Z \ eZl_glguc i_jbh^ [_kkhagZl_evgh
\ghkyl k\hc \deZ^ \ kha^Zgb_ ]jmiih\hc fhjZeb dhlhjZy gZeh`bl k\hc hli_qZlhd gZ
fhjZev [he__ iha^gbo ]jmiih\uo nhjfbjh\Zgbc \dexqZy dhg\_gpbhgZevgmx fhjZev
]jmiiud dhlhjhcijbgZ^e_`bl\ajhkeZyiZjZ
< bklhjbq_kdhci_jki_dlb\_fh`ghgZ[ex^Zlvih\lhjyxsb_kydhe_[Zgbyf_`^m
i_jbh^Zfb imjblZgkl\Z dh]^Z ex[h\gu_ hlghr_gby ^_wjhlbabjmxlky Z wjhlbaf
moh^bl \ ih^ihev_ b i_jbh^Zfb jZkdj_ihs_gby \h \j_fy dhlhjuo k_dkmZevghklv
ijboh^bl \ miZ^hd ^hoh^y ^h wfhpbhgZevghc ^_]jZ^Zpbb ]jmiih\h]h k_dkZ GZ fhc
\a]ey^ lZdb_ dhe_[Zgby hljZ`Zxl ijh^he`bl_evgh_ jZ\gh\_kb_ f_`^m ihlj_[ghklyfb
h[s_kl\ZjZajmrZlvh[_j_]Zlvb dhgljhebjh\ZlviZjmb klj_fe_gbyfbiZju \uj\Zlvky
ba hdh\ dhg\_gpbhgZevghc k_dkmZevghc fhjZeb \ ihbkd_ k\h[h^u dhlhjZy \ k\h_c
wdklj_fZevghcnhjf_\_^_ld kZfhjZajmr_gbxLZdgZau\Z_fZyk_dkmZevgZyj_\hexpby
²o ]h^h\^mfZ_lkyfg_ij_^klZ\ey_lkh[hcebrvhq_j_^gh_^\b`_gb_fZylgbdZb
g_ g_k_l gbdZdbo j_Zevguo baf_g_gbc \ ]em[bgguo ^bgZfbdZo hlghr_gbc iZju k
khpbZevghc]jmiihcHq_\b^ghijbkihkh[e_gb_iZjud dhg\_gpbhgZevghcfhjZeb ² ih
ijbqbg_ g_^hklZlhqgh]h jZa\blby Z\lhghfgh]h Kmi_jW]h beb \ke_^kl\b_ ly]b d
ih]jm`_gbx \ ijhp_kku [hevrbo ]jmii ² ihl_gpbZevgh \k_]^Z ijbkmlkl\m_l b
\g_rg__ih\_^_gb_iZjfh`_l\Zjvbjh\Zlv\ aZ\bkbfhklbhl^Z\e_gbygZg__khklhjhgu
khpbZevghc ]jmiiu H^gZdhg_aZ\bkbfZy b aj_eZy k_dkmZevgZy iZjZ khojZgy_l ]jZgbpu
ijb\Zlghklb [m^mqb kihkh[gZ d lZcghc kljZklghc \h\e_q_gghklb ^jm] \ ^jm]Z \gmljb
ex[h]hkhpbZevgh]hhdjm`_gbydjhf_kZfuowdklj_fZevguokemqZ_\
Dhg\_gpbhgZevgu_ khpbZevgu_ ghjfu aZsbsZxsb_ h[s_kl\_ggmx fhjZev
qj_a\uqZcgh \Z`gu ^ey aZsblu k_dkmZevghc `bagb iZju H^gZdh ^Z\e_gby \ ihevam
dhg\_gpbZevgh]h ih\_^_gby \klmiZxl \ dhgnebdl k bg^b\b^mZevgufb kbkl_fZfb
p_gghkl_c dhlhju_ dZ`^Zy iZjZ ^he`gZ mklZgZ\eb\Zlv ^ey k_[y IZj_ lZd`_ m]jh`Z_l
^Z\e_gb_ k\yaZggh_ k hj]ZgbaZpb_c ]jmii ih iheh\hfm ijbgpbim Z lZd`_ \ujZ`_gb_
ijbfblb\ghc ih^hajbl_evghklb b g_gZ\bklb f_`^m fm`qbgZfb b `_gsbgZfb \ lZdbo
]jmiiZo oZjZdl_jgh_ ^ey eZl_glgh]h b ih^jhkldh\h]h i_jbh^h\ < wlhc k\yab ke_^m_l
hlf_lblv qlh ih^ \ebygb_f kj_^kl\ fZkkh\hc dhffmgbdZpbb b bgnhjfZpbb
ly]hl_xsbo d jZaghh[jZabx \iheg_ \_jhylgh ^hfbgbjmxsZy dhg\_gpbhgZevgZy
b^_heh]by hkh[_ggh \ \hijhkZo k_dkmZevghklb jZkijhkljZgy_lky b khhl\_lkl\_ggh
hlfbjZ_l [uklj__ ih f_j_ klj_fbl_evgh]h \hagbdgh\_gby gh\uo b^_heh]bq_kdbo
l_q_gbc Wlb dhe_[Zgby dhg\_gpbhgZevguo h[uqZ_\ ijhbkoh^yl \ jZfdZo rbjhdh]h
ki_dljZ gZb[he__ mklhcqb\uo we_f_glh\ dhg\_gpbhgZevguo ihabpbc ih hlghr_gbx d
k_dkmZevghklbbkke_^h\ZgguogZfb
GZijhly`_gbb ²o ]h^h\^hfbgbjmxsZydhg\_gpbhgZevgZyb^_heh]by\
KR: ihhsjyeZ hlghkbl_evgh hldjulmx ^bkdmkkbx b \ujZ`_gb_ hij_^_e_gguo
Zki_dlh\ k_dkmZevghklb k h^gh\j_f_ggufb l_g^_gpbyfb d f_oZgbaZpbb k_dkmZevgh]h
ih\_^_gby dZd k^_eZlv k_dk emqr_ b l ^ ih^Z\e_gbx bgnZglbevguo ihebfhjnguo
k_dkmZevguo dhfihg_glh\ \ dmevlmjgh kZgdpbhgbjh\Zgguo fZkkh\uo jZa\e_dZl_evguo
ijh]jZffZo b hldjulhfm ijbgylbx gZkbeby \ lhf qbke_ k_dkmZevgh]h \ l_o `_
kj_^kl\Zo fZkkh\hc bgnhjfZpbb GZrZ dmevlmjZ dZd [u beexkljbjh\ZeZ ih]jZgbqgmx
iZlheh]bx k ^_n_dlhf Kmi_jW]h j_]j_kkb\guf kh_^bg_gb_f wjhlbafZ b Z]j_kkbb b
hls_ie_gb_f wjhlbq_kdbo dhfihg_glh\ k_dkmZevghklb hl fZljbpu h[t_dlguo
hlghr_gbc
H^gZdh gZqZeh o \gh\v \ua\Zeh d `bagb imjblZgkdmx mklZgh\dm² nhdmk gZ
k_dkmZevghf gZkbebb bgp_kl_ k_dkmZevguo ijh[e_fZo gZ jZ[hq_f f_kl_ b jZklms__
\aZbfgh_g_^h\_jb_f_`^mfm`kdbfbb `_gkdbfb]jmiiZfbWlbl_g^_gpbb\ujhkebgZ
ihq\_ gh\uo ^Zgguo mdZau\Zxsbo gZ agZqbfhklv jZggbo nbabq_kdbo b k_dkmZevguo
ljZ\f \ ]_g_abk_ rbjhdh]h ki_dljZ ikbohiZlheh]bb k h^ghc klhjhgu b [hjv[u aZ
hk\h[h`^_gb_ `_gsbg hl dhg\_gpbhgZevgh]h iZljbZjoZevgh]h ]g_lZ ² k ^jm]hc
Bgl_j_kgh h^gZdh lh dZd [ukljh wlh gZmqgh ijhk\_s_ggh_ b iheblbq_kdb
ijh]j_kkb\gh_ jZa\blb_ ijbreh d ih^l\_j`^_gbx dhg\_gpbhgZevghc fhjZeb
\uau\Zxs_c \ iZfylb ]h^u ih^Z\e_gby i_j_^ k_dkmZevghc j_\hexpb_c dhgpZ o
]h^h\ b h]jZgbq_gbc gZeZ]Z\rboky gZ k_dkmZevghklv ijb lhlZeblZjguo
dhffmgbklbq_kdbo j_`bfZo Wlb h]jZgbq_gby \ nZrbklkdbo b dhffmgbklbq_kdbo
kljZgZo [hevr_ ihoh^yl gZ kZ^bklbq_kdh_ ih^Z\e_gb_ k_dkmZevghklb ijbfblb\guf
g_\jhlbq_kdbfKmi_jW]hq_fgZih]jZgbqgmxiZlheh]bxk ^_n_dlhfKmi_jW]h
< l_q_gb_ ihke_^gbo g_kdhevdbo e_l fu bf_eb \hafh`ghklv gZ[ex^Zlv
h^gh\j_f_ggh_^_ckl\b_beb [ukljmx kf_gm hlghkbl_evguo wdklj_fmfh\ k_dkmZevgh]h
imjblZgkl\Z b k_dkmZevghc jZkdj_ihs_gghklb k y\kl\_gghc miehs_gghklvx \ h[_bo
djZcghklyo dhg\_gpbhgZevgh ijb_fe_fhc k_dkmZevghklb \ ijhlb\hiheh`ghklv
[h]Zlhfm ihl_gpbZem ijb\Zlgh]h f_`ebqghklgh]h ijhkljZgkl\Z bg^b\b^mZevghc iZju
JZamf__lky g_evay hljbpZlv h]jhfghc jZagbpu f_`^m ih^Z\e_gb_f bg^b\b^mZevghc
k\h[h^uijblhlZeblZjghfj_`bf_`_klhdhgZ\yau\Zxs_fdhg\_gpbhgZevgmxfhjZev
b ^himkdZ_fuf \ ^_fhdjZlbq_kdhf h[s_kl\_ agZqbl_evguf hloh`^_gb_f ijZdlbdb
ijb\Zlghck\h[h^ubg^b\b^mmfh\b iZjhldhg\_gpbhgZevghcghjfu
< aZdexq_gb_kdZ`mqlhgZfhc\a]ey^kms_kl\m_lihklhyggucdhgnebdlf_`^m
dhg\_gpbhgZevghcghjfhcb ijb\ZlghcfhjZevxdhlhjmxdZ`^ZyiZjZ\ukljZb\Z_l^ey
k_[y dZd we_f_gl k\h_c p_ehklghc k_dkmZevghc `bagb wlZ fhjZev ih^jZamf_\Z_l
g_dhg\_gpbZevgmxkl_i_gvk\h[h^udhlhjmxiZjZ^he`gZhl\h_\Zlv^eyk_[yOjmidbc
[ZeZgk f_`^m k_dkmZevghc k\h[h^hc wfhpbhgZevghc ]em[bghc b kbkl_fhc p_gghkl_c
hljZ`Zxsbc nmgdpbgbjh\Zgb_ aj_eh]h Kmi_jW]h ² keh`gh_ aZ\h_\Zgb_ q_eh\_dZ
h[_ki_qb\Zxs__ [Zabk ^ey ]em[hdbo kljZklguo ijhlb\hj_qb\uo b \f_kl_ k l_f
m^h\e_l\hjyxsbo b h[eZ^Zxsbo ihl_gpbZehf ijhqghklb hlghr_gbc Bgl_]jZpby
Z]j_kkbb b ihebfhjnghc i_j\_jab\ghc bgnZglbevghc k_dkmZevghklb \ klZ[bevgu_
ex[h\gu_hlghr_gby ²aZ^ZqZdZd^eybg^b\b^mmfZlZd b ^ey iZju Wlm bgl_]jZpbx
g_\hafh`gh hkms_kl\blv iml_f khpbZevgh]h fZgbimebjh\Zgby gh d kqZklvx b
ih^Z\blv fh`gh ebrv ihkj_^kl\hf h[s_kl\_gguo ghjf \ kZfuo wdklj_fZevguo
h[klhyl_evkl\Zo
EBL?J:LMJ:
$OEHH ( :KR
V $IUDLG RI 9LUJLQLD :RROI" 1HZ <RUN 6LPRQ 6FKXVWHU
3RFNHWERRN $OEHURQL) /
(URWLVPH 3DULV5DPVD\
$OWPDQ / / 6RPH YLFLVVLWXGHV RI ORYH -RXUQDO RI WKH $PHULFDQ
3V\FKRDQDO\WLF$VVRFLDWLRQ ²
$Q]LHX ' /D VFHQHGH PHQDJH ,Q /
$PRXU GH OD +DLQH 1RXYHOOH 5HYXH GH
3V\FKDQDO\VH $UORZ - $ 'UHDPV DQG P\WKV 3DSHU SUHVHQWHG RQ WKH RFFDVLRQ RI WKH
IRXQGLQJRIWKH6W/RXLV3V\FKRDQDO\WLF,QVWLWXWH2FWREHU
$OORZ , $ )UHXG $ /DPSOGH *URRW - %HUHV ' 3DQHO GLVFXVVLRQ
,QWHUQDWLRQDO-RXUQDORI3V\FKRDQDO\VLV ²
$PGW: < -U *HQGHU'LVRUGHUVDQGWKH3DUDSKLOLDV 0DGLVRQ&RQQ
,QWHUQDWLRQDO8QLYHUVLWLHV3UHVV
%DN 5 & %HLQJ LQ ORYH DQG REMHFW ORVV ,QWHUQDWLRQDO -RXUQDO RI 3V\FKR
DQDO\VLV ²
%DOLQW 0 2Q JHQLWDO ORYH ,Q 3ULPDU\ /RYH DQG 3V\FKRDQDO\WLF 7HFKQLTXH
/RQGRQ7DYLVWRFN SS %DQFURIW - +XPDQ 6H[XDOLW\ DQG ,WV 3UREOHPV 1HZ <RUN &KXUFKLOO /LY
LQJVWRQH
%DPHWW0 9DJLQDODZDUHQHVVLQWKHLQIDQF\DQGFKLOGKRRGRIJLUOV-RXUQDORI
WKH$PHULFDQ3V\FKRDQDO\WLF$VVRFLDWLRQ ²
%DUWHOO*' *URXS6H[ 1HZ<RUN6LJQHW%RRNV
%DWDLOOH* /
(URWLVPH 3DULV0LQXLW
%DXPHLVWHU5) 0DVRFKLVPDQGWKH6HOI +LOOVGDOH1-/DZUHQFH(U,EDXP
$VVRFLDWHV
%HQMDPLQ- 7KHDOLHQDWLRQRIGHVLUH:RPHQ
VPDVRFKLVPDQGLGHDOORYH,Q
3V\FKRDQDO\VLV DQG :RPHQ &RQWHPSRUDU\ 5HDSSUDLVDOV HG - / $OSHUW +LOOVGDOH 1-
/DZUHQFH(ULEDXP$VVRFLDWHVSS ²
%HUJPDQQ 0 6 3V\FKRDQDO\WLF REVHUYDWLRQV RQ WKH FDSDFLW\ WR ORYH ,Q
6HSDUDWLRQ ,QGLYLGXDWLRQ (VVD\V LQ +RQRU RI 0DUJDUHW 6 0DKOHU HG - 0F'HYLWW &
6HWWODJH1HZ<RUN,QWHUQDWLRQDO8QLYHUVLWLHV3UHVVSS ²
BBB 2QWKHLQWUDSV\FKLFIXQFWLRQRIIDOOLQJLQORYH3V\FKRDQDO\WLF 4XDUWHUO\
BB 3ODWRQLF ORYH WUDQVIHUHQFH DQG ORYH LQ UHDO OLIH -RXUQDO RI WKH $PHULFDQ
3V\FKRDQDO\WLF$VVRFLDWLRQ ²
BB 7KH$QDWRP\RI/RYLQJ 1HZ<RUN&ROXPELD8QLYHUVLW\3UHVV
%HUWROXFFL% /DVW7DQJRLQ3DULV
%LRQ:5 ([SHULHQFHVLQ*URXSVDQG2WKHU3DSHUV 1HZ<RUN%DVLF%RRNV
BB 7KH LPDJLQDU\ WXUQ ,Q 6HFRQG 7KRXJKWV 6HOHFWHG 3DSHUV RQ 3V\FKR
$QDO\VLV E\:5%LRQ1RUWKYDOH1-$URQVRQSS ²
%OXP + 3 7KH FRQFHSW RI HURWL]HG WUDQVIHUHQFH -RXUQDO RI WKH $PHULFDQ
3V\FKRDQDO\WLF$VVRFLDWLRQ ²
BB 0DVRFKLVP WKH HJR LGHDO DQG WKH SV\FKRORJ\ RI ZRPHQ -RXUQDO RI WKH
$PHULFDQ3V\FKRDQDO\WLF$VVRFLDWLRQ ²
%UDXQVFKZHLJ ' )DLQ 0 (URV HW $QWHURV 3DULV 3HWLWH %LEOLRWKHTXH
3D\RW
BB /H 1XLW OH MRXU 3DULV 3UHVVHV 8QLYHUVLWDLUHV GH )UDQFH &KDVVHJXHW
6PLUJHO- )HPDOH6H[XDOLW\ $QQ$UERU8QLYHUVLW\RI0LFKLJDQ3UHVV
BB (VVDLVXU,
LGHDOGXPRL 3DULV3UHVVHV8QLYHUVLWDLUHVGH)UDQFH
BBB 3HUYHUVLRQ LGHDOL]DWLRQ DQG VXEOLPDWLRQ ,QWHUQDWLRQDO -RXUQDO RI
3V\FKRDQDO\VLV ²
BB D 7KH IHPLQLQLW\ RI WKH DQDO\VW LQ SURIHVVLRQDO SUDFWLFH ,QWHUQDWLRQDO
-RXUQDORI3V\FKRDQDO\VLV ²
BB E&UHDWLYLW\DQG3HUYHUVLRQ 1HZ<RUN1RUWRQ
BB 7KH (JR ,GHDO $ 3V\FKRDQDO\WLF (VVD\ RQ WKH 0DODG\ RI WKH ,GHDO 1HZ
<RUN1RUWRQ
BB 6H[XDOLW\DQG0LQG7KH5ROHRIWKH)DWKHUDQGWKH0RWKHULQWKH3V\FKH
1HZ<RUN1HZ<RUN8QLYHUVLW\3UHVV
BB 7KH EULJKW IDFH RI QDUFLVVLVP DQG LWV VKDGRZ\ GHSWKV ,Q 7KH 3V\FKLDWULF
&OLQLFVRI1RUWK$PHULFD1DUFLVVLVWLF3HUVRQDOLW\'LVRUGHU HG ).HPEHUJ3KLODGHOSKLD
6DXQGHUVYRO QR SS ²
BB 6DGRPDVRFKLVP LQ WKH SHUYHUVLRQV 6RPH WKRXJKWV RQ WKH GHVWUXFWLRQ RI
UHDOLW\-RXUQDORIWKH$PHULFDQ3V\FKRDQDO\WLF$VVRFLDWLRQ ²
&KRGRURZ 1 7KH 5HSURGXFWLRQ RI 0RWKHULQJ %HUNHOH\ 8QLYHUVLW\ RI
&DOLIRUQLD3UHVV
&RRSHU $ 7KH QDUFLVVLVWLFPDVRFKLVWLF FKDUDFWHU ,Q 0DVRFKLVP &XUUHQW
3V\FKRDQDO\WLF3HUVSHFWLYHV HG5%&OLFN '-0H\HUV+LOOVGDOH1-$QDO\WLF3UHVV
SS ²
'DYLG& /
(WDW$PRXUHX[ 3DULV3HWLWH%LEOLRWKHTXH3D\RW
'HXWVFK + ² 7KH 3V\FKRORJ\ RI :RPHQ YROV 1HZ <RUN *UXQH 6WUDWWRQ
'LFNV+ 9 0DULWDO7HQVLRQV 1HZ<RUN%DVLF%RRNV
(PGH5 'HYHORSPHQWWHUPLQDEOHDQGLQWHUPLQDEOH3OHQDU\SUHVHQWDWLRQDWWKH
WK,QWHUQDWLRQDO3V\FKR$QDO\WLFDO&RQJUHVV0RQWUHDO&DQDGD-XO\ (PGH 5 HW D (PRWLRQDO H[SUHVVLRQ LQ LQIDQF\ ,QLWLDO VWXGLHV RI VRFLDO
VLJQDOLQJ DQG DQ HPHUJHQW PRGHO ,Q 7KH 'HYHORSPHQW RI $IIHFW HG 0 /HZLV /
5RVHQEOXP1HZ<RUN3OHQXPSS ²
(QGOHPDQ5 /RYHDQG6H[LQ7ZHOYH&XOWXUHV 1HZ<RUN3V\FKH3UHVV
(ULNVRQ ( + 7KH SUREOHP RI HJR LGHQWLW\ -RXUQDO RI WKH $PHULFDQ
3V\FKRDQDO\WLF$VVRFLDWLRQ ²
BB *URZWKDQGFULVHVRIWKHKHDOWK\SHUVRQDOLW\,Q,GHQWLW\DQGWKH/LIH&\FOH
3V\FKRORJLFDO,VVXHV 0RQRJUDSK 1HZ<RUN,QWHUQDWLRQDO8QLYHUVLWLHV3UHVVSS )DLUEDLP:5' $Q2EMHFW5HODWLRQV7KHRU\RIWKH3HUVRQDOLW\ 1HZ<RUN
%DVLF%RRNV
)LVKHU 6 6H[XDO ,PDJHV RI WKH 6HOI +LOOVGDOH 1- /DZUHQFH (ULEDXP ‡
$VVRFLDWHV
)UDLEHUJ6 3DWKRORJLFDOGHIHQVHVLQLQIDQF\3V\FKRDQDO\WLF4XDUWHUO\ )UHXG6 7KHQHXURSV\FKRVHVRIGHIHQFH,Q6WDQGDUG(GLWLRQ HG-6WUDFKH\ /RQGRQ+RJDUWK3UHVV BB 7KUHHHVVD\VRQWKH WKHRU\RI VH[XDOLW\,Q6( ² /RQGRQ+RJDUWK
3UHVV BB D$VSHFLDOW\SHRIREMHFWFKRLFHPDGHE\PHQ,Q6( ²/RQGRQ
+RJDUWK3UHVV
BB E 2Q WKH XQLYHUVDO WHQGHQF\ WR GHEDVHPHQW LQ WKH VSKHUH RI ORYH ,Q 6( ² /RQGRQ+RJDUWK3UHVV
BB k 7KHWDERRRIYLUJLQLW\,Q6( /RQGRQ+RJDUWK3UHVV
BB 2QWKHXQLYHUVDOWHQGHQF\WRGHEDVHPHQWLQWKHVSKHUHRIORYH&RQWULEXWLRQV
WRWKHSV\FKRORJ\RIORYH I ,Q6( ² /RQGRQ+RJDUWK3UHVV
BB 2QQDUFLVVLVP,Q6( ² /RQGRQ+RJDUWK3UHVV BB D 2EVHUYDWLRQV RQ WUDQVIHUHQFHORYH ,Q 6 ( ² /RQGRQ +RJDUWK
3UHVV BB E,QVWLQFWVDQGWKHLUYLFLVVLWXGHV,Q6( /RQGRQ+RJDUWK3UHVV
k 5HSUHVVLRQ ,Q 6( /RQGRQ +RJDUWK 3UHVV G 7KH
XQFRQVFLRXV,Q6( ² /RQGRQ+RJDUWK3UHVV
%H\RQGWKHSOHDVXUHSQQFLSLH,Q6( ² /RQGRQ+RJDUWK
3UHVV
*URXS SV\FKRORJ\ DQG WKH DQDO\VLV RI WKH HJR ,Q 6( ² ,QKLELWLRQVV\PSWRPVDQGDQ[LHW\,Q6( ² /RQGRQ
+RJDUWK3UHVV
BB &LYLOL]DWLRQDQGLWVGLVFRQWHQWV,Q6( ² /RQGRQ+RJDUWK3UHVV
BB )HPLQLQLW\,Q6( /RQGRQ+RJDUWK3UHVV BB 7KH2ULJLQVRI3V\FKRDQDO\VH ² 1HZ<RUN%DVLF%RRNV
)QHGPDQ5 K 'RZQH\- 3V\FKRDQDO\VHSV\FKRELRORJ\DQGKRPRVH[XDOLW\
-RXUQDORIWKH$PHULFDQ3V\FKRDQDO\WLF$VVRFLDWLRQ ²
*DOHQVRQ ( 6H[XDO GHYHORSPHQW GXULQJ WKH VHFRQG \HDU RI OLIH ,Q 6H[XDOLW\
3V\FKLDWULF&OLQLFVRI1RUWK$PHULFD HG-0H\HU3KLODGHOSKLD6DXQGHUVSS ²
BB $SDLQSOHDVXUHEHKDYLRUDOFRPSOH[LQPRWKHUVDQGLQIDQWV8QSXEOLVKHG
BB 7KHSUHFXUVRUVRIPDVRFKLVP,Q)DQWDV\0\WKDQG5HDOLW\(VVD\VLQ+RQRU
RI-DFRE$ULRZHG +3%OXPHWDO0DGLVRQ&RQQ,QWHUQDWLRQDO8QLYHUVLWLHV3UHVVSS *DOHQVRQ ( 5RLSKH + 7KH HPHUJHQFH RI JHQLWDO DZDUHQHVV GXULQJ WKH
VHFRQG\HDU RI OLIH ,Q 6H[ 'LIIHUHQFHV LQ %HKDYLRU HG 5 )QHGPDQ 5 5LFKDUGW 5 9DQ GH
:LHOH1HZ<RUN:LOH\SS ²
BB 6RPH VXJJHVWHG UHYLVLRQV FRQFHUQLQJ HDUO\ IHPDOH GHYHORSPHQW -RXUQDO RI
WKH$PHULFDQ3V\FKRDQDO\WLF$VVRFLDWLRQ ²
*ROGEHUJHU 0 (YDQV ' 2Q WUDQVIHUHQFH PDQLIHVWDWLRQV LQ PDOH SDWLHQWV
ZLWKIHPDOHDQDO\VWV,QWHUQDWLRQDO-RXUQDORI3V\FKRDQDO\VH ²
*UHHQ$ 1DUFLVVLVPHGHYLHQDUFLVVLVPHGHPRUW 3DQV0LQXLW
BB 2Q3ULYDWH0DGQHVV /RQGRQ+RJDUWK3UHVV
BB /H7UDYDLOGXQHJDWLI 3DQV0LQXLW
*UHHQ 5 2QH KXQGUHG WHQ IHPLQLQH DQG PDVFXOLQH ER\V %HKDYLRUDO FRQWUDVWV
DQGGHPRJUDSKLFVLPLODULWLHV$UFKLYHVRI6H[XDO%HKDYLRU ²
BB KH6LVV\%R\6\QGURPH 1HZ+DYHQ<DOH8QLYHUVLW\3LHVV
*UHHQDZD\3 7KH&RRNWKH7KLHI+LV:LIHDQG+HU/RYHU
*UHHQH* *UHHQH K 60,KH/DVW7DERR 1HZ<RUN*URYH3UHVV
*URVVPDQ : , 1RWHV RQ PDVRFKLVP $ GLVFXVVLRQ RI WKH KLVWRU\ DQG
GHYHORSPHQWRIDSV\FKRDQDO\WLFFRQFHSW3V\FKRDQDO\WLF4XDUWHUO\ ²
BB 3DLQDJJUHVVLRQIDQWDV\DQGWKHFRQFHSWRIVDGRPDVRFKLVP3V\FKRDQDO\WLF
4XDUWHUO\ ²
*UXQEHUJHU < 1DUFLVVLVP 3V\FKRDQDO\WLF (VVD\V 1HZ <RUN ,QWHUQDWLRQDO
8QLYHUVLWLHV3UHVV
+DUORZ + ) DQG +DULRZ 0 ' 7KH $IIHFWLRQDO 6\VWHPV LQ %HKDYLRU RI 1RQ
+XPDQ3ULPDWHV 9RO HG$06FKQHU+)+DUORZ )6WROOQLW]1HZ<RUN$FDGHPLF3UHVV
+HU]RJ - 0 $ QHRQDWDO LQWHQVLYH FDUH V\QGURPH $ SDLQ FRPSOH[ LQYROYLQJ
QHXURSODVWLFLW\ DQG SV\FKLF WUDXPD ,Q )URQWLHUV LQ ,QIDQW 3V\FKLDWU\ HG - ' &DOO HW DO 1HZ
<RUN%DVLF%RRNVSS +ROGHU$ ,QVWLQFWDQGGULYH,Q%DVLF3V\FKRDQDO\WLF&RQFHSWVRIWKH7KHRU\RI
,QVWLQFWV?R? HG+1DJHUD1HZ<RUN%DVLF%RRNVSS ²
+RPH\ D )HPLQLQH3V\FKRORJ\ /RQGRQ5RXWOHGJH .HJDQ3DXO
+XJKHV- 7KH%UHDNIDVW&OXE
+XQW0 6H[XDO%HKDYLRULQWKH V 1HZ<RUN'HOO
,]DUG K 2QWKHRQWRJHQHVLVRIHPRWLRQVDQGHPRWLRQFRJQLWLRQUHODWLRQVKLSVLQ
LQIDQF\,Q7KH'HYHORSPHQWRI$IIHFW HG0/HZLV /5RVHQEOXP1HZ<RUN3OHQXPSS -DFREVRQ( 7KH6HOIDQGWKH2EMHFW:RUOG 1HZ<RUN,QWHUQDWLRQDO8QLYHUVLWLHV
3UHVV
BB 'HSUHVVLRQ 1HZ<RUN,QWHUQDWLRQDO8QLYHUVLWLHV3UHVV
-RQHV( (DUO\IHPDOHVH[XDOLW\,QWHUQDWLRQDO-RXUQDORI3V\FKRDQDO\VLV -RVVHO\Q , 0 7KH FDSDFLW\ WR ORYH $ SRVVLEOH UHIRUPXODWLRQ -RXUQDO RI WKH
$PHULFDQ$FDGHP\RI&KLOG3V\FKLDWU\ ²
.DUPH/ 7KHDQDO\VLVRIDPDOHSDWLHQWE\DIHPDOHDQDO\VW7KHSUREOHPRIWKH
QHJDWLYHRHGLSDOWUDQVIHUHQFH,QWHUQDWLRQDO-RXUQDORI3V\FKRDQDO\VLV ²
.HPEHUJ ) $SV\FKRDQDO\WLFFODVVLIFDWLRQRIFKDUDFWHUSDWKRORJ\-RXUQDORI
WKH$PHULFDQ3V\FKRDQDO\WLF$VVRFLDWLRQ ²
BB 0DWXUH ORYH 3UHUHTXLVLWHV DQG FKDUDFWHULVWLFV -RXUQDO RI WKH $PHULFDQ
3V\FKRDQDO\WLF$VVRFLDWLRQ ²
BB 2EMHFW 5HODWLRQV 7KHRU\ DQG &OLQLFDO 3V\FKRDQDO\VLV 1HZ <RUN -DVRQ
$URQVRQ
BB 7KH GLDJQRVLV RI ERUGHUOLQH FRQGLWLRQV LQ DGROHVFHQFH ,Q $GROHVFHQW
3V\FKLDWU\ YRO 'HYHORSPHQWDO DQG &OLQLFDO 6WXGLHV HG 6 )HLQVWHLQ 3 / *LRYDFFKLQL
&KLFDJR8QLYHUVLW\RI&KLFDJR3UHVVSS ²
BB D,QWHUQDO:RUOGDQG([WHUQDO5HDOLW\ 1HZ<RUN-DVRQ$URQVRQ
BB E /RYH WKH FRXSOH DQG WKH JURXS $ SV\FKRDQDO\WLF IUDPH 3V\FKRDQDO\WLF
4XDUWHUO\ ²
BBB &RQWHPSRUDU\ SV\FKRDQDO\WLF DSSURDFKHV WR QDUFLVVLVP ,Q 6HYHUH
3HUVRQDOLW\'LVRUGHUV 1HZ+DYHQ<DOH8QLYHUVLW\3UHVVSS ²
BB /DV WHQWDFLRQHV GHO FRQYHQFLRQDOLVPR 5HYLVWD GH 3VLFRDQDOLVLV %XHQRV
$LUHV BB %HWZHHQ FRQYHQWLRQDOLW\ DQG DJJUHVVLRQ 7KH ERXQGDULHV RI SDVVLRQ ,Q
3DVVLRQDWH$WWDFKPHQWV7KLQNLQJ$ERXW/RYH HG:*D\OLQ (3HUVRQ1HZ<RUN)UHH3UHVV
SS ²
D$WKHRUHWLFDOIUDPHIRUWKHVWXG\RIVH[XDOSHUYHUVLRQV,Q7KH3V\FKRDQDO\WLF
&RUH )HVWVFKULIW LQ KRQRU RI 'U /HR 5DQJHOO HG + 3 %OXP ( 0 :HLQVKHO ) 5
5RGPDQ1HZ<RUN,QWHUQDWLRQDO8QLYHUVLWLHV3UHVVSS ²
BB E$QHJRSV\FKRORJ\REMHFWUHODWLRQVWKHRU\RIWKHVWUXFWXUHDQGWUHDWPHQWRI
SDWKRORJLF QDUFLVVLVP ,Q 7KH 3V\FKLDWULF &OLQLFV RI 1RUWK $PHULFD 1DUFLVVLVWLF 3HUVRQDOLW\
'LVRUGHU HG ).HPEHUJ3KLODGHOSKLD6DXQGHUVYRO QR SS BBB 6DGRPDVRFKLVP VH[XDO H[FLWHPHQW DQG SHUYHUVLRQ -RXUQDO RI WKH
$PHULFDQ3V\FKRDQDO\WLF$VVRFLDWLRQ ²
BBB $JJUHVVLRQ LQ 3HUVRQDOLW\ 'LVRUGHUV DQG 3HUYHUVLRQ 1HZ +DYHQ <DOH
8QLYHUVLW\3UHVV
.HPEHUJ 3 7KH FRXUVH RI WKH DQDO\VLV RI D QDUFLVVLVWLF SHUVRQDOLW\ ZLWK
K\VWHULFDODQGFRPSXOVLYHIHDWXUHV-RXUQDORIWKH$PHULFDQ3V\FKRDQDO\WLF$VVRFLDWLRQ .HPEHUJ 3 5LFKDUGV $ . ² $Q DSSOLFDWLRQ RI SV\FKRDQDO\VLV 7KH
SV\FKRORJ\RIORYHDVVHHQWKURXJKFKLOGUHQ
VOHWWHUV,Q7KH6SHFWUXPRI3V\FKRDQDO\VLVHG$
.5LFKDUGV $'5LFKDUGV0DGLVRQ&RQQ,QWHUQDWLRQDO8QLYHUVLWLHV3UHVVSS .LPPLQV$ &DSWDLQ
V3DUDGLVH
.LQVH\ $ & 3RPHUR\ : < 0DUWLQ & ( *HEKDUG 3 + 6H[XDO
%HKDYLRULQWKH+XPDQ)HPDOH 3KLODGHOSKLD6DXQGHUV
.OHLQ0 7KH2HGLSXVFRPSOH[LQWKHOLJKWRIHDUO\DQ[LHWLHVA&RQWULEXWLRQVWR
3V\FKRDQDO\VLV ² /RQGRQ+RJDUWK3UHVV SS ²
BBB (QY\DQG*UDWLWXGH 1HZ<RUN%DVLF%RRNV
.RORGQ\ 5 0DVWHUV : -RKQVRQ 9 7H[WERRN RI 6H[XDO 0HGLFLQH
%RVWRQ/LWWOH%URZQ
.UDXVH 5 3V\FKRG\QDPLN GHU (PRWLRQVVWRUXQJHQ ,Q (Q\NORSDGLH GHU
3V\FKRORJLHGHU(PRWLRQ HG.56FKHUHU*RWWLQJHQ9HUODJIXU3V\FKRORJLH'U&+RJUHIH
SS /DSODQFKH - /LIH DQG 'HDWK LQ 3V\FKRDQDO\VLV %DOWLPRUH -RKQV +RSNLQV
8QLYHUVLW\3UHVV
/DSODQFKH- 3RQWDOLV-% 7KH/DQJXDJHRI3V\FKR$QDO\VLV 1HZ<RUN
1RUWRQ
/HVWHU ( 7KH IHPDOH DQDO\VW DQG WKH HURWL]HG WUDQVIHUHQFH ,QWHUQDWLRQDO
-RXUQDORI3V\FKRDQDO\VLV ²
/LEHPLDQ ' ,GHQWLILFDFLRQ SUR\HFWLYD m FRQIOLFWR PDWULPRQLDO 5HYLVWD GH
3VLFRDQGOLVLV %XHQRV$LUHV U²
/LFKWHQVWHLQ+ ,GHQWLW\DQGVH[XDOLW\$VWXG\RIWKHLULQWHUUHODWLRQVKLSLQPDQ
-RXUQDORIWKH$PHULFDQ3V\FKRDQDO\WLF$VVRFLDWLRQ\ ²
BBB &KDQJLQJLPSOLFDWLRQVRIWKHFRQFHSWRISV\FKRVH[XDOGHYHORSPHQW
$QLQTXLU\FRQFHUQLQJWKHYDOLGLW\RIFODVVLFDOSV\FKRDQDO\WLFDVVXPSWLRQVFRQFHUQLQJ
VH[XDOLW\-RXUQDORIWKH$PHULFDQ3V\FKRDQDO\WLF$VVRFLDWLRQ ²
/RUHQ]. 2Q$JJUHVVLRQ 1HZ<RUN%DQWDP%RRNV
/XVVLHU $ /HV 'HYLDWLRQV GX GHVLU (WXGH VXU OH IHWLFKLVPH 3DULV 3UHVVHV
8QLYHUVLWDLUHVGH)UDQFH
/\QH$ )DWDO$WWUDFWLRQ
0DFFRE\( -DFNOLQ& 7KH3V\FKRORJ\RI6H['LIIHUHQFHV 6WDQIRUG
6WDQIRUG8QLYHUVLW\3UHVV
0DFOHDQ3' %UDLQPHFKDQLVPVRIHOHPHQWDOVH[XDOIXQFWLRQV,Q7KH6H[XDO
([SHULHQFH HG % 6DGRFN + .DSODQ $ )UHHPDQ %DOWLPRUH :LOOLDPV :LONLQV SS
0DKOHU06 2Q+XPDQ6\PELRVLVDQGWKH9LFLVVLWXGHVRI,QGLYLGXDWLRQ9RO
,QIDQWLOH3V\FKRVLV 1HZ<RUN,QWHUQDWLRQDO8QLYHUVLWLHV3UHVV
0DKOHU 0 3LQH ) %HUJPDQ $ 7KH 3V\FKRORJLFDO %LUWK RI WKH +XPDQ
,QIDQW 1HZ<RUN
%DVLF%RRNV
0DQQ7 'HU=DXEHUEHUJ 9RO )UDQNIXUW)LVFKHU%XFKHUHL SS 0D\ 5 /RYH DQG :LOO 1HZ <RUN 1RUWRQ 0F&RQDJK\ 1 6H[XDO
%HKDYLRU3UREOHPVDQG0DQDJHPHQW 1HZ<RUN
3OHQXP
0HOOHQ - :RPHQ DQG 7KHLU 6H[XDOLW\ LQ WKH 1HZ )LOP 1HZ <RUN 'HOO
0HOW]HU' 6H[XDO6WDWHVRI0LQG 3HUWKVKLUH&OXQLH0HOW]HU' :LOOLDPV0+
7KH$SSUHKHQVLRQRI%HDXW\ 2OG%DOOHFKLQ6WUDWK7R\&OXQLH
0H\HU - %RG\ HJR VHOIQHVV DQG JHQGHU VHQVH 7KH GHYHORSPHQW RI JHQGHU
LGHQWLW\6H[XDOLW\3V\FKLDWULF&OLQLFVRI1RUWK$PHULFDHG -0H\HU3KLODGHOSKLD
6DXQGHUVSS ²
0LWFKHOO- 3V\FKRDQDO\VLVDQG)HPLQLVP 1HZ<RUN9LQWDJH%RRNV0RQH\
- /RYHDQG/RYH6LFNQHVV7KH6FLHQFHRI6H[*HQGHU'LIIHUHQFHDQG3DLU%RQGLQJ
%DOWLPRUH-RKQV+RSNLQV8QLYHUVLW\3UHVVBBB /RYHPDSV %XIIDOR1<3URPHWKHXV
3UHVV
BB *D\6WUDLJKWDQG,Q%HWZHHQ 1HZ<RUN2[IRUG8QLYHUVLW\3UHVV0RQH\
- (KUKDUGW$ 0DQ#:RPDQ%R\#*LUO %DOWLPRUH-RKQV+RSNLQV8QLYHUVLW\
3UHVV
0RQWKHUODQW + GH /HV -HXQHV )LOOHV ,Q 5RPDQV HO RHXYUHV GH ILFWLRQ ihi
WKHDWUDOHV GH 0RQWKHUODQW 3DULV *DOOLPDUG SS ² 0RVFRYLFL 6 /
$JHGHVIRXOHV 3DULV)D\DUG2VKLPD 1 ,QWKH5HDOPRIWKH6HQVHV
2YHVH\/ 3HUVRQ( *HQGHULGHQWLW\DQGVH[XDOSV\FKRSDWKRORJ\LQPHQ
$SV\FKRG\QDPLFDQDO\VLVRI KRPRVH[XDOLW\WUDQVVH[XDOLVP DQGWUDQVYHVWLVP-RXUQDORI WKH
$PHULFDQ$FDGHP\RI3V\FKRDQDO\VLV ²
BB 7UDQVYHVWLVP $ GLVRUGHU RI WKH VHQVH RI VHOI ,QWHUQDWLRQDO -RXUQDO RI
3V\FKRDQDO\WLF7KHUDS\ ²
3D] 7HDWUR GH 6LJQRV7UDQVSDUHQFLDV HG -XOLDQ 5LRV 0DGULG (VSLUDO
)XQGDPHQWRV
3HUSHU 7 6H[ 6LJQDOV 7KH %LRORJ\ RI /RYH 3KLODGHOSKLD ,6, 3UHVV 3HUVRQ
(6RPHQHZREVHUYDWLRQVRQWKHRULJLQVRIIHPLQLQLW\,Q:RPHQDQG$QDO\VLV HG-
6WURXVH1HZ<RUN9LNLQJSS ²
BB 7KHLQIOXHQFHRIYDOXHVLQSV\FKRDQDO\VLV7KHFDVHRIIHPDOHSV\FKRORJ\
3V\FKLDWU\8SGDWH ²
BB 7KH HURWLF WUDQVIHUHQFH LQ ZRPHQ DQG LQ PHQ 'LIIHUHQFHV DQG
FRQVHTXHQFHV-RXUQDORIWKH$PHULFDQ$FDGHP\RI3V\FKRDQDO\VLV ²BB
'UHDPVRI/RYHDQG)DWHIXO(QFRXQWHUV 1HZ<RUN1RUWRQ3HUVRQ( 2YHVH\/ 3V\FKRDQDO\WLFWKHRULHVRIJHQGHULGHQWLW\-RXUQDORIWKH$PHULFDQ$FDGHP\RI3V\FKRDQDO\VLV
²
BB +RPRVH[XDO FURVVGUHVVHUV -RXUQDO RI WKH $PHULFDQ $FDGHP\ RI
3V\FKRDQDO\VLV ²
5DSDSRUW' 2QWKHSV\FKRDQDO\WLFWKHRU\RIDIIHFWV,Q7KH&ROOHFWHG3DSHUV
RI'DYLG5DSDSRUW HG00*LOO1HZ<RUN%DVLF%RRNV SS ²5LFH$.
/HDUQLQJIRU/HDGHUVKLS /RQGRQ7DYLVWRFN
5LYLHUH- +DWHJUHHGDQGDJJUHVVLRQ,Q/RYH+DWHDQG5HSDUDWLRQHG0.OHLQ
#-5LYLHUH/RQGRQ+RJDUWK3UHVVSS ²
5RKPHU( 0D1XLWFKH]0DXG/
$YDQW6FHQH ²
BB 0\1LJKWDW0DXG
V
5RVHQIHOG + 2Q WKH SV\FKRSDWKRORJ\ RI QDUFLVVLVP $ FOLQLFDO DSSURDFK
,QWHUQDWLRQDO-RXUQDORI3V\FKRDQDO\VLV ²
BB $FOLQLFDODSSURDFKWRWKHSV\FKRDQDO\WLFWKHRU\RIWKHOLIHDQGGHDWKLQVWLQFWV
$Q LQYHVWLJDWLRQ LQWR WKH DJJUHVVLYH DVSHFWV RI QDUFLVVLVP ,QWHUQDWLRQDO -RXUQDO RI
3V\FKRDQDO\VH BB 1HJDWLYH WKHUDSHXWLF UHDFWLRQ ,Q 7DFWLFV DQG 7HFKQLTXHV LQ 3V\FKRDQDO\WLF
7KHUDS\ YRO &RXQWHUWUDQVIHUHQFH HG3/*LRYDFFKLQL1HZ<RUN-DVRQ$URQVRQSS ²
5RVV-0 7KHH\HRIWKHEHKROGHU2QWKHGHYHORSPHQWDOGLDORJXHRIIDWKHUVDQG
GDXJKWHUV,Q1HZ'LPHQVLRQVLQ$GXOW'HYHORSPHQW HG51HPLURIIDQGK &RODUXVVRSS 6FKDIHU 5 7KH ORYLQJ DQG EHORYHG VXSHUHJR LQ )UHXG
V VWUXFWXUDO WKHRU\
3V\FKRDQDO\WLF6WXG\RIWKH&KLOG BB 3UREOHPV LQ )UHXG
V SV\FKRORJ\ RI ZRPHQ -RXUQDO RI WKH $PHULFDQ
3V\FKRDQDO\WLF$VVRFLDWLRQ ²
6FRWW * * (URWLF SRZHU $Q H[SORUDWLRQ RI GRPLQDQFH DQG VXEPLVVLRQ 6H
FDXFXV 1 -&LWDGHO3UHVV
6LOYHUPDQ + : $VSHFWV RI HURWLF WUDQVIHUHQFH ,Q /RYH 3V\FKRDQDO\WLF
3HUVSHFWLYHV HG-)/DVN\ +:6LOYHUPDQ1HZ<RUN1HZ<RUN8QLYHUVLW\3UHVVSS 6RGHUEHUJK6 6H[/LHVDQG9LGHRWDSH
6SHQJOHU $ 0DQLIHVW VDGRPDVRFKLVP RI PDOHV 5HVXOWV RI DQ HPSLULFDO VWXG\
$UFKLYHVRI6H[XDO%HKDYLRU ²
6WHQGKDO0 /RYH +DUPRQGVZRUWK0LGGOHVH[3HQJXLQ%RRNV 6WHP' 1 7KH,QWHUSHUVRQDO:RUOGRIWKH,QIDQW 1HZ<RUN%DVLF%RRNV
6WROOHU5- 6H[DQG*HQGHU 1HZ<RUN$URQVRQ
BB 2YHUYLHZ 7KH LPSDFW RI QHZ DGYDQFHV LQ VH[ UHVHDUFK RQ SV\FKRDQDO\WLF
WKHRU\$PHULFDQ-RXUQDORI3V\FKLDWU\ BB )DFWVDQGIDQFLHV$QH[DPLQDWLRQRI)UHXG
VFRQFHSWRIELVH[XDOLW\,Q:RPHQ
DQG$QDO\VLV HG-6WURXVH1HZ<RUN9LNLQJSS BB D 3HUYHUVLRQ 7KH (URWLF )RUP RI +DWUHG :DVKLQJWRQ '& $PHULFDQ
3V\FKLDWULF3UHVV
BBB E6H[DQG*HQGHU 9RO 7KH7UDQVVH[XDO([SHULPHQW /RQGRQ+RJDUWK3UHVV
BB 6H[XDO([FLWHPHQW 1HZ<RUN3DQWKHRQ
BB 3UHVHQWDWLRQVRI*HQGHU 1HZ+DYHQ<DOH8QLYHUVLW\3UHVV
BB D3DLQDQG3DVVLRQ 1HZ<RUN3OHQXP
BB E3RUQ 1HZ+DYHQ<DOH8QLYHUVLW\3UHVV
7KRPSVRQ K &XOWXUDOSUHVVXUHVPWKHSV\FKRORJ\RIZRPHQ3V\FKLDWU\ 7PEHUJHQ 1 $QDWWHPSWDWV\QWKHVLV,Q7KH6WXG\RI,QVWLQFW 1HZ<RUN2[IRUG
8QLYHUVLW\3UHVVSS ²
7XUTXHW3 7KUHDWVWRLGHQWLW\LQWKHODUJHJURXS,Q7KH/DUJH*URXS'\QDPLFV
DQG7KHUDS\ HG/.UHHJHU/RQGRQ&RQVWDEOHSS ²
YDQGHU:DDOV+* 3UREOHPVRIQDUFLVVLVP%XOOHWLQRIWKH0HQQLQJHU&OLQLF
:HPEHUJ L .DPPH@:/ 6DQG06WXGLHVLQ6DGRPDVRFKLVP%XIIDOR 1
<3URPHWKHXV3UHVV
:LOVRQ ( 6RFLRELRORJ\ 7KH 1HZ 6\QWKHVLV &DPEULGJH +DUYDUG 8QLYHUVLW\
3UHVV
:PPFRWW ' : 7KH GHSUHVVLYH SRVLWLRQ LQ QRUPDO HPRWLRQDO GHYHORSPHQW
%ULWLVK-RXUQDORI0HGLFDO3V\FKRORJ\ ²
BB 7KHGHYHORSPHQWRIWKHFDSDFLW\IRUFRQFHUQ%XOOHWLQRIWKH0HQPQHHU&OLQLF
:LVGRP - )UHXG DQG 0HODPH .OHP 3V\FKRORJ\ RQWRORJ\ DQG :HOWDQ
VFKDXXQJ ,Q 3V\FKRDQDO\VH DQG 3KLORVRSK\ HG K +DQO\ 0 /D]HURZLW
] 1HZ <RUN
,QWHUQDWLRQDO8QLYHUVLWLHV3UHVVSS ²