E_dpbyD:G:EUBI?J?GHKQBDB :DLB<GUCLJ:GKIHJL Ij_`^_q_fi_j_clbdjZkkfhlj_gbxZdlb\gh]hljZgkihjlZhklZgh \bfkygZf_oZgbafZoijhoh`^_gbybhgh\q_j_af_f[jZgm DZgZeu ;bheh]bq_kdZy f_f[jZgZ kh^_j`bl bhggu_ dZgZeu ij_^ klZ\eyxsb_ kh[hc ebihijhl_bgh\u_ dhfie_dku keh`ghc kljmdlmju < madbodZgZeZogZljb_\ucocdZeb_\ucoc\hafh`ghh^gh jy^gh_^\b`_gb_bhgh\dhlhju_fh]ml\aZbfh^_ckl\h\Zlv^jm]k^jm]hf b k fhe_dmeyjgufb ]jmiiZfb dZgZeZ Ijb ihklmie_gbb bhgZ \ dZgZe ijhbkoh^bl aZf_s_gb_ fhe_dme \h^u ]b^jZlghc h[hehqdb bhgZ gZ ih eyjgu_]jmiiuihehklbdZgZeZM\_ebq_gb_k\h[h^ghcwg_j]bbbhgZijb ^_]bljZpbb k ba[uldhf dhfi_gkbjm_lky wg_j]b_c _]h \aZbfh^_ckl\by k iheyjgufb]jmiiZfbdZgZeZ<j_amevlZl_h[sZywg_j]bybhgZkgb`Z_l ky qlh b h[e_]qZ_l _]h ijhoh`^_gb_ q_j_a dZgZe GZebqb_ iheyjguo ]jmii Z lZd`_ nbdkbjh\Zgguo Zgbhgguo p_gljh\ \ dZgZe_ ijb\h^bl aZ kq_l bo dmehgh\kdbo \aZbfh^_ckl\bc k bhghf d kgb`_gbx wg_j]_lbq_ kdh]h[Zjv_jZi_j_oh^ZbhgZba jZkl\hjZ \ dZgZe Emqr_ \k_]h ijhoh^yl q_j_a dZgZe bhgu dhlhju_ ijhqgh k\yau\Zxlky we_dljhklZlbq_kdbfb kbeZfb k Zgbhgguf p_gljhf GZijbf_j k g_[hevrbf hljbpZl_evguf Zgbhgguf p_gljhf [he__ ijhqgh ihke_ ihl_jb ]b^jZlghc h[hehqdb [m^_l k\yau\Zlvky f_gvrbc ih jZaf_jm dZlbhg 1D ih kjZ\g_gbx k dZ lbhghfD<lh`_\j_fyjZ^bmk]b^jZlbjh\Zggh]hbhgZ1D [hevr_q_f Db[_aihl_jb]b^jZlghch[hehqdbbhg1Dom`_ijhoh^blq_j_ahlgh kbl_evgh rbjhdb_ ihju \ f_f[jZg_ GZebqb_ \ dZgZe_ nbdkbjh\Zgguo Zgbhgguo p_gljh\ ijbly]b\Zxsbo dZlbhgu h[e_]qZ_l bo ijhoh`^_gb_ q_j_adZgZekgb`Zywg_j]bxbhgZ GZ jbk b ijb\_^_gu wg_j ]_lbq_kdb_ ijhnbeb 1D± b D±dZgZeh\ Kdhjhklv ijh\_^_gby 1D± JbkWg_j]_lbq_kdbc ijhnbevgZljb_\h]hdZgZeZ \ha[m^bfuof_f[jZg JbkWg_j]_lbq_kdbc ijhnbevdZeb_\h]hdZgZeZ \ha[m^bfuof_f[jZg dZgZeZ^hklb]Z_lbhgh\kQ_j_a1D±dZgZe fh]ml ijhoh^blv b jZa ebqgu_ hj]Zgbq_kdb_ dZlbhgu jZaf_jhf g_ [hevr_ o c < dZq_kl\_ Zgbhggh]h p_gljZ fh]ml \uklmiZlv Zlhfu dbkehjh^Z ]jmiiu KHH DZ eb_\u_ dZgZeu bf_xl rbjhdh_ mklv_ ! c kh klhjhgu pblhieZafu dhlhjh_fh`_l[ehdbjh\Zlvkyl_ljZwlbeZffhgb_f H^ghjy^gucljZgkihjl bhgh\ q_j_a dZgZe h[eZ^Z_l oZjZdl_jgufb hkh[_gghklyfbBhghlghkbl_evgh^he]haZ^_j`b\Z_lky\dZ`^hcihl_g pbZevghc yf_ Wlh agZqbl qlh \lhjhc bhg g_ fh`_l ihiZklv \ aZgylmx ihl_gpbZevgmx yfm baaZ we_dljhklZlbq_kdh]h \aZbfh^_ckl\by hllZedb\Zgbykm`_ gZoh^ysbfky lZf bhghf I_j_kdhdb f_`^m yfZfb kh\_jrZxlky ih^ ^_ckl\b_f l_ieh\uo nemdlmZpbc Ijbeh`_ggh_ \g_r g__ we_dljbq_kdh_ ihe_ baf_gy_l wg_j]bx bhgZ b l_f kZfuf \eby_l gZ \_jhylghklv i_j_kdhdZ <uoh^ ba dZgZeZ bhgZ k\yaZggh]h Zgbhgguf p_gljhf h[e_]qZ_lky ijb ihy\e_gbb gZ \oh^_ dZgZeZ ^jm]h]h bhgZ \ke_^kl\b_ bo bhgbhggh]h we_dljhklZlbq_kdh]h hllZedb\Zgby Ijh\h ^bfhklvdZgZeZaZ\bkblhllh]hgZkdhevdhaZiheg_gumqZkldb \oh^Zb \uoh^ZdZgZeZ k\yau\Zxsb_ bhgu Ijb \ukhdbo dhgp_gljZpbyo we_d ljheblZh[ZmqZkldZk\yau\Zgbyfh]ml[ulvaZiheg_gubhgZfbqlhijb \_^_l d [ehdbjh\d_ dZgZeZ b gZkus_gbx _]h ijh\h^bfhklb Ykgh qlh baf_g_gb_ qbkeZ qZklbp \ dZgZe_ baf_gy_l b wg_j]_lbq_kdbc ijhnbev dZgZeZ\ke_^kl\b_dmehgh\kdbo\aZbfh^_ckl\bcH^gZdhdhgnhjfZpbhg gu_ i_j_kljhcdb [_edZ nhjfbjmxs_]h bhgguc dZgZe fh]ml lZd`_ ba f_gylv \ukhlm wg_j]_lbq_kdh]h [Zjv_jZ \ j_amevlZl_ i_j_hjb_glZpbb iheyjguo]jmii I_j_ghkqbdbI_j_ghkbhgZq_j_af_f[jZgmhkms_kl\ey_lkylZd`_k ihfhsvxljZgkihjlZbhghnhjh\i_j_ghkqbdh\Bhghnhjufh]mlh[jZ ah\u\Zlv dhfie_dku k bhghf eb[h nhjfbjh\Zlv ihju \ f_f[jZg_ aZ iheg_ggu_\h^hc dZgZeu AZdhghf_jghklb wlbo ijhp_kkh\ bamq_gu gZ [bkehcguo ebib^guo f_f[jZgZo Wg_j]by dhfie_dkZ bhgi_j_ghkqbd agZqbl_evghgb`_wg_j]bb^_]b^jZlbjh\Zggh]hbhgZDhfie_dkbhghnh jZkbhghfh[jZam_lkygZh^ghcklhjhg_f_f[jZguZaZl_fi_j_f_sZ_l ky gZ ^jm]mx ]^_ ijhbkoh^bl hk\h[h`^_gb_ bhgZ b \ha\jZs_gb_ bhghnhjZLbibqgufih^\b`gufi_j_ghkqbdhf y\ey_lky \Zebghfbpbg dhlhjuc ljZgkihjlbjm_l D DZlbhg dZeby \oh^bl \h \gmlj_ggxx ih ehklv\ZebghfbpbgZijbq_fh[jZah\Z\rZykykljmdlmjZklZ[bebabjm_lky aZ kq_l \aZbfh^_ckl\by bhgZ k ± iheyjgufb ]jmiiZfb KH jbk dhlhju_ aZf_gyxl ]b^jZlgmx h[hehqdm bhgZ Bhg 1D h[eZ^Zx sbcf_gvrbfjZ^bmkhfg_ \ khklhygbb wnn_dlb\gh \aZbfh^_ckl\h\Zlv kdbkehjh^ZfbdZj[hgbevguo]jmiiFhe_dmeZ\ZebghfbpbgZi_j_ghkbl q_j_a ;EF a bhgh\k >jm]hc i_j_ghkqbd±gb]_jbpbg±h[jZam_l k bhgZfbdhfie_dku\ dhlhjuo fhe_dmeZ gZoh^blky \ k\_jgmlhc dhgnhj fZpbbGb]_jbpbg fh`_l i_j_ghkblv b bhgu G y\eyykv keZ[hc dbkeh lhcHgbg^mpbjm_l\;EFb[bheh]bq_kdbo f_f[jZgZo h[f_g G gZ D Fhe_dmeZ bhghnhjZ fh`_l h[jZah\u\Zlv dhfie_dk bf_xsbc \h^gmx ihjm<g_rgyy qZklv fhe_dme \ ihj_ ]b^jhnh[gZ Z \gmljv dZgZeZ h[jZ s_guohjhrhiheyjbam_fu_]jmiiuGZb[he__ba\_kl_gdZd dZgZehh[jZ amxsbc bhghnhj ]jZfbpb^bg Fhe_dmeZ ]jZfbpb^bgZ : knhjfbjh\Zg gZyiylgZ^pZlvx]b^jhnh[gufbZfbghdbkehlZfbgZoh^ykv\ f_f[jZg_ k\hjZqb\Z_lky \ kibjZe_\b^gmx kljmdlmjm HgZ ij_^klZ\ey_l kh[hc ih euc pbebg^j ^ebghc hdheh c b ^bZf_ljhf ihju hdheh ± c Ih lZdhfm dZgZem fh`_l i_j_ghkblvky hdheh ± bhgh\k Ijb \oh^_ bhgZ \ ]jZfbpb^bgh\uc dZgZe ijhbkoh^bl qZklbqgh_ aZf_s_gb_ \h^u ]b^jZlghch[hehqdbgZdZj[hgbevgu_]jmiiuh[jZs_ggu_\gmljvihju Bhggu_dZgZeu h[eZ^Zxl oZjZdl_j gufb nemdlmZpbyfb ijh\h^bfhklb \ke_^kl\b_ bo hldju\Zgby b aZdju \Zgby qlh hlebqZ_l dZgZevgmx ijh\h^bfhklv hl ljZgkihjlZ k mqZ klb_f i_j_ghkqbdh\ :gZeba wlbo nemdlmZpbc iha\hey_l hp_gblv kj_^g__ \j_fy `bagb dZgZeZ \ hl djulhf khklhygbb b ijh\h^bfhklv h^bghqgh]h dZgZeZ Hq_\b^gh qlh ijb klhoZklbq_kdhf oZjZdl_j_ hl dju\Zgby b aZdju\Zgby dZgZeZ agZ q_gb_ _]h ijh\h^bfhklb J dhe_[e_lky hdheh g_dhlhjh]h kj_^ g_]h agZq_gby J kh kj_^gbf d\Z^jZlbqguf hldehg_gb_f beb ^bki_jkb_cV V J J ! GZihfgbf qlh ijh\h^bfhklv J dZgZeZ ^ey ^Zggh]h bhgZ ijh ihjpbhgZevgZ_]hijhgbpZ_fhklb J bdhgp_gljZpbbK JaJK JbkObfbq_kdh_kljh_gb_ fhe_dmeu\ZebghfbpbgZ± bhghnhjZ KlZlbklbq_kdbc ZgZeba rmfh\ ijhp_kkh\ hldju\Zgby±aZdju\Zgby dZgZeh\ihdZau\Z_lqlhkj_^g__agZq_gb_ijh\h^bfhklb f_f[jZgu k\y aZghkijh\h^bfhklvxK__h^bghqgh]hdZgZeZijhklufkhhlghr_gb_f V KJ Hlkx^Z fh`gh hij_^_eblv agZq_gb_ K h^bghqgh]h dZgZeZ b W± \j_fy`bagbdZgZeZ\hldjulhfkhklhygbb dhlhjh_ fh`_l \Zjvbjh\Zlv hlfbeebk_dmg^^hk_dmg^ :dlb\guc ljZgkihjl Kbkl_fu Zdlb\gh]h ljZgkihjlZ h[_ki_qb\Z xl i_j_ghk bhgh\ ijhlb\ ]jZ^b_glZ we_dljhobfbq_kdh]h ihl_gpbZeZ b bkihevamxl ^ey wlh]h wg_j]bx f_lZ[hebafZ :LN khijy`_ggu_ hdbk ebl_evgh±\hkklZgh\bl_evgu_ ijhp_kku :dlb\guc ljZgkihjl \ g_j\ guo de_ldZo hkms_kl\ey_lky 1D D±:LNZahc ehdZebah\Zgghc \ ieZafZlbq_kdbof_f[jZgZo Ijbgpbi ^_ckl\by 1DD±:LNZau khklhbl \lhf qlh aZ kq_l hk\h[h`^Zxs_cky ijb ]b^jheba_ :LN wg_j]bb \ g_c ijhbkoh^yl dhgnhjfZpbhggu_ baf_g_gby dhlhju_ khijh\h`^Zxlky i_j_ghkhf bhgh\ 1D ba de_ldb \h \g_de_lhqgmx kj_^m b h^gh\j_f_ggh D±\ h[jZlghf gZijZ\e_gbb GZ jbk bah[jZ`_gZ ko_fZ nmgdpbh gbjh\Zgby1DD±:LNZau khklhys_c ba ^\mo ihebi_ilb^guo km[t_^b gbpfZehcb[hevrhcGZ\gmlj_gg_cklhjhg_f_f[jZgu\ijbkmlkl\bb 1D b 0J±:LN ijhbkoh^yl nhknhjbebjh\Zgb_ [_edZ b h[jZah\Zgb_ dhfie_dkZ1D(a3\dhlhjhf[_ehd n_jf_glZ ? gZoh^blky \ dhgnhjfZ pbhggh±gZijy`_gghf khklhygbb b i_j_oh^ _]h gZ \g_rgxx klhjhgm f_f[jZgu AZl_f ^_nhknhjbebjh\Zgb_ [_edZ gZ \g_rg_c klhjhg_ f_f [jZgu baf_gy_l kjh^kl\h n_jf_glZ d bhgZf 1D b D L_i_jv bhgu D emqr_ k\yau\Zxlky k [_edhf bhgu \uoh^yl \h \g_rgxx kj_^m Z n_j f_gl i_j_oh^bl \ gh\h_ dhgnhjfZpbhggh_ khklhygb_ .( ]^_ m g_]h \ukhdh_ kjh^kl\h d D AZl_f dhfie_dk D? fb]jbjm_l \h \gmlj_ggxx kj_^m]^_hls_iey_lkyDZn_jf_gl\ha\jZsZ_lky\bkoh^gh_khklhygb_ (l_i_jvhg\gh\v\klmiZ_l\pbdeij_\jZs_gbc a KlZ[bevguc nhknhjbebjh\Zgguc dhfie_dk ( 3 k\yau\Z_l ljb bhgZ 1D Z \ khklhygbb (±^\Z bhgZ D LZdbf h[jZahf wg_j]by :LN ljZlblky gZ kha^Zgb_ lZdh]h dhgnhjfZpbhggh]h gZijy`_ggh]h khklhy a gby dhfie_dkZ 1D ( aJ ]^_ kjh^kl\h d 1D ihgb`Z_lky Z \hajZklZ_l kjh^kl\hdDAZf_gZ\wlhfkhklhygbb1DgZ D kgbfZ_l gZijy`_ gb_ LZdbf h[jZahf aZ kq_l wg_j]bb :LN ijhbkoh^bl mihjy^hq_ggh_ baf_g_gb_ kjh^kl\Z bhg±k\yau\Zxsbo p_gljh\ n_jf_glZ d dZlbhgZf Kf_s_gb_ \ f_f[jZg_ km[t_^bgbp g_kmsbo bhgu hkms_kl\ey_lky \ JbkKo_fZnmgdpbhgbjh\ZgbyD1D±:LNZau j_amevlZl_ l_ieh\uo dhe_[Zgbc <ukdZau\Z_lky ij_^iheh`_gb_ qlh bhg±k\yau\ZxsZy yq_cdZ n_jf_glZ kh^_j`bl dhhj^bgZpbhggmx kn_jm kZlhfZfbdbkehjh^ZBa\_klghqlhZlhfZdbkehjh^Zfh]ml h[jZah \u\Zlv1D±ki_pbnbq_kdmxyq_cdmZZlhfh\ dbkehjh^Z±D±ki_pb nbq_kdmx yq_cdm I_j_]jmiibjh\dZ wlbo Zlhfh\ dbkehjh^Z ba khklhygby ]^_ k\yau\Zxlky 1D ZlhfZ dbkehjh^Z u bhgZ 1D \ khklhygb_ ]^_ k\yaZgu D Zlhfh\ dbkehjh^Z u bhgZ D lj_[m_l dhgnhjfZpbhgghc i_j_kljhcdb [_edZ b khhl\_lkl\_ggh wg_j]bb :LN .±1D±:LNZaZ jZ[hlZ_l \ we_dljh]_gghf j_`bf_ lZd dZd h[f_g bhgh\1DgZbhgZDkha^Z_l^hihegbl_evgmxjZaghklvihl_gpbZeh\gZ f_f[jZg_ < f_f[jZgZo kms_kl\m_l lZd`_ KZ±aZ\bkbfZy :LNZaZ bf_xsZy jy^ hkh[_gghkl_c koh^guo k 1D D±:LNZahc ?_ jZ[hqbc pbde lZd`_ \dexqZ_lk\yau\Zgb_KZb:LNkh[jZah\Zgb_fdhgnhjfZpbhgghg_mk lhcqb\h]h khklhygby \ dhlhjhf baf_gy_lky kjh^kl\h [_edZ k bhghf KZ aZ kq_l wg_j]bb fZdjhwj]bq_kdhc nhknZlghc k\yab DZd b \ kemqZ_ 1D D±:LNZau baf_g_gb_ kjh^kl\Z a^_kv h[mkeh\e_gh ih±\b^bfhfm baf_g_gb_fjZkiheh`_gbyiheyjguo]jmiik\yau\ZxsboKZ\dhhj^b gZpbhgghckn_j_p_gljZn_jf_glZ :dlb\guc ljZgkihjl G fh`_l ijhoh^blv ih G±dZgZeZf G± :LNZauihdhlhjufhgbi_j_ghkylkydZdlb\ghfmp_gljm]^_hkms_kl \ey_lkykbgl_a±]b^jheba:LN F_oZgbaf kZfh]h i_j_ghkZ G ^h dhgpZ g_yk_g Ij_^iheZ]Z_lky wk lZn_lgZy i_j_^ZqZ ijhlhgh\ ih kbkl_f_ \h^hjh^guo k\ya_c dhlhjZy khijh\h`^Z_lky \aZbfguf kf_s_gb_f ^hghjgh±Zdp_ilhjguo ]jmii KljmdlmjZ wg_j]_lbq_kdbo [Zjv_jh\ hij_^_eyxsZy kdhjhklv b gZijZ\ e_gb_ i_j_ghkZ G \ G±dZgZe_ aZ\bkbl hl _]h dhgnhjfZpbhggh]h kh klhygbyKhhl\_lkl\_gghfh^bnbdZpbxwg_j]_lbq_kdh]hijhnbeybhgZ\ dZgZe_ fh`gh hkms_kl\blv aZ kq_l wg_j]bb :LN d\ZglZ k\_lZ G± dZgZe \ [Zdl_jbhjh^hikbg_ hdbkebl_evgh±\hkklZgh\bl_evguo j_Zd pbc