Джозеф О Коннор, Джон Сеймор. Введение в

advertisement
>`ha_n H
Dhgghj>`hg K_cfhj<\_^_gb_ \g_cjhebg]\bklbq_kdh_
ijh]jZffbjh\Zgb_Gh\_crZy ikboheh]by ebqgh]hfZkl_jkl\Z
IJ?>BKEH<B?
JZamfgu_ ex^b ijbkihkZ[eb\Zxlky d hdjm`Zxs_fm fbjmG_jZamfgu_ ex^b
ijbkihkZ[eb\Zxl fbj d k_[_<hl ihq_fmijh]j_kk hij_^_ey_lky ^_ckl\byfb
g_jZamfguo ex^_c>`hj^` ;_jgZj^ Rhm
Bklhjbq_kdh_ kh[ulb_\ baeh`_gbbe_lhibkpZ bf__lfgh]h h[s_]h kj_qvx
ijh^Z\pZ gh\_crboqm^h^_ckl\_gguo kj_^kl\^biehfZlZ bebaZsblgbdZJZa\_ g_
lZd"
JZa]h\hjgu_ ljZ^bpbbex^_c \dmevlmjZog_ ljhgmluopb\bebaZpb_c^h
ihy\e_gby hjnh]jZnbbkh^_j`Zl \k_[_ bm^h[kl\hb \uah\m^h[kl\h \ k\h_c
mihjy^hq_gghklb
b g_ij_eh`ghf
l_q_gbb
kh[ulbcb \uah\
e_lhibkpm
k\b^_l_evkl\mxs_fm
h
oZhk_dhlhjuc\
dhg_qghf
kq_l_^he`_g
khhl\_lkl\h\Zlv jZaf_jmb ^ebl_evghklbe_lhibkbGh kimklyg_dhlhjh_ \j_fy
ijhdeylZy Zfg_aby ho\Zlu\Z_l e_lhibkpZb _]h jZkkdZa gZqbgZ_l a\mqZlv
kh\_jr_ggh m\_j_ggh
=j_]hjb
;wclkhg
ij_^mij_`^Ze
gZk
h kf_jlhghkghf
lj_m]hevgbd_
l_ogheh]bbh
kdehgghklb q_eh\_q_kdh]h jh^Z
ih^f_gylv
_kl_kl\_gguc
nbabq_kdbc dhgl_dkl e_kZ \ [Zkk_cg_ :fZahgdbbkdmkkl\_gguf dhgl_dklhf
mebpu GvxChjdZb h khagZl_evghf ieZgbjh\Zgbbg_
mjZ\gh\_r_gghf
ih^khagZl_evgufb ijhp_kkZfbLhf FZeehc \ k\h_c [ebklZl_evghc gh\_ee_
7KH&XUWDLQRI'DZQihijZ\ey_l h]h\hjdmQZjevaZ >Zj\bgZdhlhjuc ]h\hjbe
h \u`b\Zgbb gZb[he__ijbkihkh[e_gguo\ lh\j_fy dZd hg kh\_jrbe [u
f_gvrmx hrb[dm_keb [ukdZaZe \u`b\Z_l ijbkihkZ[eb\Zxsbcky
>\Z Z\lhjZ2.RggRSb K_cfhjgZf_j_gu ij_^eh`blvgZf ihke_^h\Zl_evgmx
bklhjbxebr_ggmx ^bdboijbdexq_gbc>`mg]ebkd\hav dhlhju_fu k JbqZj^hf
ijh[bjZebkv \ k\hbo bkke_^h\Zgbyoijbqm^eb\u b m^b\bl_evguWlb ^\Z
aZf_qZl_evguo b[eZ]hgZf_j_gguo q_eh\_dZ ihdZ`ml\Zf g_qlh gZihfbgZxs__
Zg]ebckdbc jhaZjbcmoh`_gguc bijbebqgucDZd ^`mg]eblZd bjhaZjbc g_kml
\ k_[_k\hx g_ih\lhjbfmxijb\e_dZl_evghklv
Lhh q_f\u kh[bjZ_l_kv ijhqblZlvgbdh]^Z g_ ijhbkoh^behgh wlh
dZ`_lky bf_xsbfkfuke ^Z`_^ey f_gy>`hg =jbg^_j>_dZ[jv
Ih^h[gh lZeZgleb\hfm
dhfihablhjmh^gb
ex^b hdZau\Zxlky
[he__
h^Zj_ggufb \`bagbq_f ^jm]b_Hgb ^_ckl\bl_evghhdZau\Zxl agZqbl_evgh_
\ebygb_ gZ hdjm`Zxsbogh wlbf \k_ b h]jZgbqb\Z_lkyihlhfm qlh g_
kms_kl\m_l kihkh[h\ hibkZgby \ l_ogheh]bq_kdbo l_jfbgZolh]hqlh hgb
^_eZxlihkdhevdm [hevrZyqZklv wlh]hijhp_kkZ gZoh^blky\g_ h[eZklb bo
hkhagZgbyDh]^Zgb[m^v \[m^ms_fq_j_a fgh]hfgh]h e_ldh]^Z dmevlmjZ
[m^_l bkke_^h\ZgZ[he__ iheghihy\blky dZdhcgb[m^v wd\b\Ze_glfmaudZevguo
ghldhlhju_ fh`gh [m^_l\umqblvhl^_evguc ^eyjZaebqguo lbih\ fm`qbgb
`_gsbgaZgyluo
jZaghc
^_yl_evghklvx
b
\dexq_gguo
\
jZaebqgu_
\aZbfhhlghr_gby^ey dZ`^h]h hl^_evgh]h\j_f_gbf_klZjZ[hlu b b]ju
K_]h^gy fu \b^bfex^_cdhlhju_ kqZkleb\ub dhlhjuoij_ke_^m_l m^ZqZljm^
dhlhjuo hdZau\Z_lky ijh^mdlb\guf b \hagZ]jZ`^Z_lkyk_cqZkQlh ^_eZ_lbo
`bagv g_ihoh`_cgZ `bagbf_g__ m^Zqeb\uo kh\j_f_ggbdh\"GZf g_h[oh^bfh
bkke_^h\Zlv bijbf_gblv wlhlbgkljmf_glZjbcqlh[u k^_eZlv`bagv g_fgh]h
f_g__ ih^\_j`_gghc\he_ kemqZyb g_fgh]h[he__ ijbylghc
W^\Zj^ Ohee FheqZeb\ucYaud
<<?>?GB?
WlZ dgb]Z ij_^klZ\ey_l kh[hc \\_^_gb_ b iml_\h^bl_ev ih kljZg_
ba\_klgmx
ih^
gZa\Zgb_f
G_cjhebg]\bklbq_kdh_
ijh]jZffbjh\Zgb_beb
khdjZs_ggh GEIGEI wlh bkdmkkl\h b gZmdZh kh\_jr_gkl\_j_amevlZl
bkke_^h\Zgby lh]hdZd \u^Zxsb_kyex^b \jZaebqguo h[eZklyo ^_yl_evghklb
^hklb]Zeb k\hbo\u^Zxsboky j_amevlZlh\Wlbfb dhffmgbdZlb\gufb mf_gbyfb
fh`_l h\eZ^_lv dZ`^ucdlh ohq_lih\ukblv k\hxebqgmx bijhn_kkbhgZevgmx
wnn_dlb\ghklv
< wlhc dgb]_ hibkZgu jZaebqgu_ fh^_eb kh\_jr_gkl\Zdhlhju_ GEI
ihkljhbeh \ dhffmgbdZpbb[bag_k_h[jZah\Zgbb b l_jZibbGZr ih^oh^
y\ey_lky ijZdlbq_kdbfhg ijbghkblj_amevlZlu b hdZau\Z_l\ebygb_ \kZfuo
jZaebqguo h[eZklyoq_eh\_q_kdhc ^_yl_evghklb
GEI ijh^he`Z_ljZklb b]_g_jbjh\Zlv gh\u_ b^_bFu ibkZl_eb kqblZ_fqlh \ijhlb\hiheh`ghklv wlhfm dgb]b hdZau\Zxlkyh]jZgbq_ggufb b
klZlbq_kdbfbDZ`^Zy dgb]Z y\ey_lky km`^_gb_fkijZ\_^eb\uf
^ey lh]h
\j_f_gbdh]^Z hgZ[ueZ gZibkZgZWlh nhlh]jZnbyhibku\Z_fh]h ij_^f_lZB
l_f g_f_g__g_l gbdZdboijbqbg g_^_eZlv nhlh]jZnbxk_]h^gy ebrvihlhfm
qlh q_eh\_daZ\ljZ klZg_l^jm]bf
Hlg_kbl_kv d wlhcdgb]_dZd dfhklbdmiha\heyxs_fm \Zfbkke_^h\Zlv
gh\mx l_jjblhjbxb ijh^he`blv m\e_dZl_evgh_ iml_r_kl\b_ ih `bagbHgZ
ij_^klZ\ey_l ijbkms__ Z\lhjZf dgb]b ihgbfZgb_GEI b g_ ij_l_g^m_l gZ
iheh`_gb_ hij_^_eyxs_cbeb hnbpbZevghc\_jkbbLZdZy \_jkby gbdh]^Z g_
ihy\blky ih kZfhcijbjh^_ GEIWlh ebrv \\_^_gb_b mgZk [ue [h]Zluc
\u[hj hlghkbl_evghlh]hqlh \g_]h \dexqZlvZ qlhg_lIhemdgb]Z ebrv
h^bg bafgh]bo \hafh`guokihkh[h\ hj]ZgbaZpbb^Zggh]h fZl_jbZeZ
GEI wlh fh^_evlh]hdZd hl^_evgu_ex^b kljmdlmjbjmxlk\hc mgbdZevguc
`bag_gguc hiulWlh ebrvh^bg bafgh]bo kihkh[h\ihgbfZgby bhj]ZgbaZpbb
nZglZklbq_kdb keh`ghcb l_fg_ f_g__ij_djZkghc kbkl_fuq_eh\_q_kdbo fuke_c
b
dhffmgbdZpbbFu gZ^__fkyqlh
gZr_ khZ\lhjkl\h
\g_keh \ dgb]m
hij_^_e_ggmx ]em[bgmhibkZgby GEIq_]h g_ijhbahreh [u[m^v mdgb]b lhevdh
h^bg Z\lhjWnn_dl ]em[bgu\hagbdZ_ldh]^Z q_eh\_d nhdmkbjm_lgZ h[t_dl_
h[Z ]eZaZB fbjklZgh\blky iehkdbfdh]^Z hgkfhljbl gZg_]h h^gbf]eZahf
GEI
ij_^klZ\ey_l
hij_^_e_ggmx ihabpbx
fbjhihgbfZgby
b
kihkh[
kms_kl\h\Zgby \wlhf fbj_dhlhju_ g_fh]ml [ulv baeh`_gu\ h^ghcdgb]_gh
ihgylb_ hdhlhjuo fh`ghihemqblv iml_fql_gby f_`^mkljhdM^h\hevkl\b_ hl
ij_djZkgh]h fmaudZevgh]h ijhba\_^_gby \hagbdZ_l hl ijhkemrb\Zgby wlh]h
ijhba\_^_gbyZ g_hl lh]hqlh fuijhqblZ_f ghlu
GEI \_sv ijZdlbq_kdZyWlh gZ[hjfh^_e_cmf_gbc bl_ogheh]bc ^ey
lh]hqlh[u fukeblvb ^_ckl\h\Zlvwnn_dlb\gh \ wlhf fbj_P_ev GEI[ulv
ihe_agufjZkrbjylv \Zrb \u[hju b^_eZlv `bagv emqr_KZfufb \Z`gufb
\hijhkZfb hlhfqlh \ugZreb ^ey k_[y\ lhc dgb]_y\eyxlkyIhe_agh eb
wlh"Wlh jZ[hlZ_l"GZc^bl_ lhqlh hdZau\Z_lky ihe_agufb lhqlh
jZ[hlZ_lbkiulZ\ wlhgZ k_[_?s_ \Z`g__h[gZjm`blv]^_ wlhG? jZ[hlZ_lb
baf_gylv wlh^h l_oihjihdZ hghg_ klZg_ljZ[hlZlv< wlhf^mo GEI
Fu kh[bjZebkv gZibkZlvdgb]mdhlhjZy [uij_^klZ\eyeZ h[ahjGEIHgZ
jZa^_eyeZ [ugZr_ \heg_gb_k dhlhjuffu magZ\Zeb hlhfdZd ex^b^mfZxlb
h l_o baf_g_gbyodhlhju_ hdZau\Zxlky \hafh`gufbHgZ \dexqZeZ [u jy^
gZb[he__ ihe_aguo mf_gbciZll_jgh\ bl_ogbd bij_^eZ]ZeZ [u bo\ nhjf_
]hlh\hc ^eybkihevah\Zgby \dZq_kl\_ bgkljmf_glZjby^ey baf_g_gby \wlhf
f_gyxs_fky fbj_Ihke_ i_j\h]hql_gby hgZ hklZ\ZeZkv[u ihe_aghc b \
dZq_kl\_ kijZ\hqgh]hihkh[byHgZ ij_^eZ]ZeZ[u ijZdlbq_kdh_jmdh\h^kl\h ih
ijbh[j_l_gbx
^jm]bo dgb] ih GEIij_ke_^mxsbo jZaebqgu_ bgl_j_ku b
ij_^eh`_gbyB hgZij_^hklZ\beZ [uj_dhf_g^Zpbb ih\u[hjm lj_gbg]h\uodmjkh\
GEI
WlZ p_evhdZaZeZkv klhevmkljZrZxs_c ebrvbaaZ dZ`ms_cky hq_\b^ghklb
GEIqlh gb h^bgba gZkg_ [ue]hlh\ wg_j]bqgh\aylvky aZ__ ^hklb`_gb_
H[t_^bg_gb_ gZrboj_kmjkh\ ijb^ZehgZf [h^jhklb: gZkdhevdh ^Ze_dhfu
ijh^\bgmebkv dk\h_c p_ebaZ\bkbl hllh]hgZkdhevdh ihe_aghc\u gZc^_l_wlm
dgb]m
GZf hkh[_ggh ohl_ehkv[u ih^lhedgmlv\Zk d ^Zevg_crbfbkke_^h\Zgbyf \
h[eZklb GEIb d lhfmqlh[u bkihevah\Zlvwlb fhsgu_b^_b k q_klghklvxb
m\Z`_gb_f ihhlghr_gbx dk_[_ b ^jm]bfqlh[u kha^Z\Zlvgh\u_ kqZkleb\u_
\hafh`ghklb \k\h_c ebqghcb ijhn_kkbhgZevghc`bagb b\ `bagb^jm]bo ex^_c
BagZqZevgh fuieZgbjh\Zeb \dexqblv\ dgb]m]eZ\m kbklhjbyfb hlhfdZd
ex^b hldju\Zeb^ey k_[y GEIb khibkZgbyfb bo ebqgh]h hiulZijbf_g_gby
bgkljmf_glh\ GEIGh \kdhj_fu j_rbebqlh hibkZgb_qm`h]h hiulZ [m^_l
kdhj__ jZa\e_dZlvg_`_eb hdZau\Zlvg_ihkj_^kl\_ggh_ \ha^_ckl\b_GZijhlb\
kh]eZkgh ^momGEIfu gZklhyl_evgh kh\_lm_f \Zf gZibkZlvh k\h_f hiul_
aZbgl_j_kh\Zggh]h bkihevah\ZgbyGEI
Emqr_ i_j_`blv GEIkZfhfmIhwlhfm qblZcl_f_gxb _keb\Zf ihgjZ\blky
lhh q_f\u ijhqblZebihijh[mcl_ kZfh[ex^h
Nhlh]jZnby _s_gbdh]^Z g_[ueZ kZfbfq_eh\_dhfI_j\uc rZ]wlh _s_g_
iml_r_kl\b_FmaudZevgZy ghlZwlh _s_g_ a\mdG_ kms_kl\m_lfZ]bbZ
lhevdh fZ]bb q_eh\_q_kdh_\hkijbylb_
;E:=H>:JGHKLB
Fu ohl_eb[u \ujZablv gZrmijbagZl_evghklv fgh]bfex^yf\^hogh\ey\rbf
gZk ijbgZibkZgbb wlhcdgb]b bhdZaZ\rbf gZfihfhsv
Ij_`^_ \k_]hfu ohlbf
hl^Zlv ^Zgv m\Z`_gby b
ijbagZl_evghklb
hkgh\hiheh`gbdZf GEIJbqZj^m ;wg^e_jmb >`hgm=jbg^_jm
Fu ohl_eb[u lZd`_ ih[eZ]h^Zjblv>`hgZ =jbg^_jZaZ lhqlh hgijhqblZe
jmdhibkv b k^_eZe jy^ hq_gv ihe_aguo aZf_qZgbcdhlhju_ fu mqebijb
ih^]hlh\d_ dgb]bd i_qZlbZ lZd`_aZ gZibkZggh_bf ij_^bkeh\b_
Fu lZd`_ohlbf hl^Zlv^Zgv m\Z`_gbyb ijbagZl_evghklb fgh]bf ex^yf
dhlhju_ jZajZ[Zlu\Zeb wlb b^_b\ hkh[_gghklbJh[_jlm >belpmhdZaZ\r_fm
agZqbl_evgh_ \ebygb_ gZ jZa\blb_ GEI \hfgh]bo gZijZ\e_gbyo \l_q_gb_
ihke_^g_]h ^_kylbe_lbyGZrZ [eZ]h^Zjghklv b ijbagZl_evghklv Jh[_jlmaZ
jZaj_r_gb_ bkihevah\Zlv_]h fZl_jbZeuih kljZl_]byfb H[t_^bg_gghfmihexHg
ihfh]Ze gZfs_^jh h^Zjb\Zyk\hbfb b^_yfbb \^hogh\eyygZk gZ gZibkZgb_
dgb]b
>w\b^ =Zkl_jlZd`_ hdZaZe gZf agZqbl_evgmx ihfhsv bih^^_j`dm ijb
gZibkZgbb dgb]bKiZkb[h l_[_>w\b^imklv l\hbihe_lu \k_]^Z^hklZ\eyxl
l_[_ m^h\hevkl\b_
Fu
lZd`_
ohl_eb [u \ujZablv [eZ]h^Zjghklv Kvx D\beevyf b Ygm
=jhmkKlb\_gkhgm aZ lhqlh hgb gZijZ\beb gZk ih\_jghfm imlb \kZfhf
gZqZe_
GZrb [eZ]h^Zjghklb lZd`_Ghj_ FZdDmeeho aZ lhqlh hgZgZi_qZlZeZ
jmdhibkvNjwgkbkm <ZggmaZ bkke_^h\ZgbyFbr_ev ;jbgaZ ihfhsv\ k[hj_
bgnhjfZpbb h dgb]Zo ih GEIZ lZd`_ Dwjhe FZjbb Jml Lj_\_ggZ aZ
ij_^eh`_gby bih^^_j`dm \ljm^gu_ \j_f_gZ
H]jhfgZy [eZ]h^ZjghklvWcebg Dwf[_eeb WebaZ[_lOZlqbgk baLhjokhgZ aZ
bo ih^^_j`dmb bgl_j_kd dgb]_
GZrZ ijbagZl_evghklv >`hgm
NZmeam b ZkkhpbZpbb Wglhgb R_ceZ aZ
jZaj_r_gb_ ijhpblbjh\Zlvijblqm Ijbgp bfZ]ba dgb]b>`hgZ NZmekZFZ]
ba^Zgghc >`hgZlZghfD_cihf bkugh\vyfb
B gZdhg_pfu hl^Z_f ^he]ijbagZl_evghklb kha^Zl_eyfaZf_qZl_evghc
fZrbgu dhfivxl_jZ kbkl_fu 0DFLQWRVKagZqbl_evgh h[e_]qb\r_cgZibkZgb_
wlhc dgb]b>`ha_n 2.RggRS>`hg K_cfhj:\]mkl
=eZ\Z QLH L:DH?G?CJHEBG=<BKLBQ?KDH? IJH=J:FFBJH<:GB?"
Dh]^Z yaZ^mfZeky gZ^l_fdZd gZqZlvwlm dgb]my \kihfgbe\klj_qm k
^jm]hfdhlhjZy ijhbahreZg_kdhevdbfb ^gyfb jZgvr_Fu g_dhlhjh_ \j_fyg_
\b^_eb ^jm]^jm]Zb ihke_ h[uqgh]hijb\_lkl\by hg kijhkbe f_gyq_f y
aZgbfZxkvY hl\_lbeqlh ibrmdgb]m
AZf_qZl_evghkdZaZe hgH q_fhgZ"
G_ aZ^mfu\Zykvy hl\_lbeH g_cjhebg]\bklbq_kdhfijh]jZffbjh\Zgbb
GZklmibeh dhjhldh_gh fgh]hagZqbl_evgh_fheqZgb_Ihoh`_ gZ l_[y
kdZaZe hgDZd k_fvy"
< g_dhlhjhfkfuke_ fhchl\_l [ueb ijZ\bevgufb g_ijZ\bevguf?keb [u
fg_ [uehg_h[oh^bfh ij_djZlblvjZa]h\hjlh hgkjZ[hlZe \_ebdhe_ighWlZ
dgb]Z ^_ckl\bl_evgh bf__l^_eh kl_f kihkh[hffure_gby h[ b^_yo bex^yo
dhlhjuc gZau\Z_lky G_cjhebg]\bklbq_kdh_ijh]jZffbjh\Zgb_H^gZdh fhc ^jm]
ohl_e [uihemqblv lZdhc hl\_ldhlhjuc hg fh] [uihgylvGh hg g_fh]
k\yaZlv fhchl\_l kq_flh lZdbfh q_f hgbf_e ij_^klZ\e_gb_Y agZeqlh y
bf_x \\b^mgh yg_ ij_^klZ\bewlh lZdqlh[u fhc^jm] fh]wlh ihgylvFhy
j_iebdZ g_[ueZ hl\_lhfgZ ihklZ\e_ggucbf \hijhk
LZd qlh `_ wlhlZdh_ GEI"DZdb_ b^_bklhyl aZwlbf gZa\Zgb_f"<
^Zevg_cr_f_keb dlhgb[m^v kijZrb\Zef_gyh q_fwlZ dgb]Zlh y hl\_qZe
qlh hgZ h lhfdZd bamqblvdZdbf h[jZahfex^b klZgh\ylky \u^Zxsbfbky \
dZdhcgb[m^v h[eZklbb dZdgZmqblv wlbfmf_gbyf ^jm]boex^_c
GEI wlh bkdmkkl\hb gZmdZh ebqghf fZkl_jkl\_Bkdmkkl\hihlhfm qlh
dZ`^uc \ghkbl k\hxmgbdZevgmx bg^b\b^mZevghklvb klbev\ lhqlh hg^_eZ_l
b wlh g_\hafh`gh hljZablv\ keh\Zo beb l_ogheh]byoGZmdZihlhfm qlh
kms_kl\m_l f_lh^b ijhp_kkh[gZjm`_gby iZll_jgh\bkihevam_fuo \u^Zxsbfbky
ebqghklyfb \ ex[hch[eZklb ^ey ^hklb`_gby \u^Zxsboky j_amevlZlh\Wlhl
ijhp_kk gZau\Z_lkyfh^_ebjh\Zgb_fb h[gZjm`_ggu_k _]h ihfhsvx iZll_jgu
mf_gby b l_ogbdbgZoh^yl \k_[he__ rbjhdh_ ijbf_g_gb_\ dhgkmevlbjh\Zgbb
h[jZah\Zgbb
b
[bag_k_
^ey
ih\ur_gby
wnn_dlb\ghklb
dhffmgbdZpbb
bg^b\b^mZevgh]h jZa\blbyb mkdhj_ggh]hh[mq_gby
KemqZehkv eb\Zf k^_eZlvqlhgb[m^v gZklhevdhbaysgh bwnn_dlghqlh \u
^Z`_ kZfbk_[_ m^b\bebkv";ueh eb lZdqlh[u \u ^_ckl\bl_evgh\hkobsZebkv
l_fqlh k^_eZebb m^b\eyebkvlhfmdZd \uwlh k^_eZeb"GEI ihdZau\Z_l\Zf
dZd ihgylv bkfh^_ebjh\Zlv \Zrkh[kl\_gguc mki_ok l_fqlh[u \ukfh]eb
bf_lv agZqbl_evgh[hevr_ lZdbofhf_glh\Wlh kihkh[ h[gZjm`_gbyb jZkdjulby
\Zr_c bg^b\b^mZevghc]_gbZevghklbkihkh[ \uy\e_gbylh]h emqr_]hqlh _klv\
\Zk b\ ^jm]boex^yo
GEI wlh ijZdlbq_kdh_bkdmkkl\hiha\heyxs__ ^h[blvkyl_o j_amevlZlh\
d dhlhjuffu bkdj_gg_klj_fbfky \ wlhffbj_kha^Z\Zy p_gghklb^ey ^jm]bo
ex^_cWlh bkke_^h\Zgb_ lh]hqlh kha^Z_l jZaebqb_f_`^m \u^Zxsbfkyb
h[uqgufHgh lZd`_hklZ\ey_l ihke_k_[y p_euc \__jqj_a\uqZcgh wnn_dlb\guo
l_ogbd \h[eZklb h[jZah\Zgbydhgkmevlbjh\Zgby[bag_kZ bl_jZibb
K:GL: DJMAD:EBNHJGBY
GEI \hagbdeh \gZqZe_ o b klZeh ieh^hf khljm^gbq_kl\Z >`hgZ
=jbg^_jZdhlhjuc
[ue lh]^Z
Zkkbkl_glhf
ijhn_kkhjZ ebg]\bklbdb
\
mgb\_jkbl_l_ DZebnhjgbb \ KZglZ Djma_b JbqZj^Z;wg^e_jZ klm^_glZ
ikboheh]bb \ lhf `_ mgb\_jkbl_l_JbqZj^ ;wg^e_jdjhf_ lh]hkbevgh
bgl_j_kh\Zeky ikbohl_jZib_cHgb \f_kl_bamqZeb ^_ckl\by lj_o\u^Zxsboky
ikbohl_jZi_\lh\NjbpZ I_jeaZgh\ZlhjZ ikbohl_jZibbb hkgh\hiheh`gbdZrdheu
l_jZibbba\_klghc ih^
gZa\Zgb_f ]_rlZevll_jZibb<bj^`bgbb KZlbj
g_h[udgh\_ggh]h k_f_cgh]h l_jZi_\lZdhlhjhc m^Z\Zehkv jZaj_rZlv lZdb_
ljm^gu_
k_f_cgu_
\aZbfhhlghr_gbydhlhju_
fgh]b_
^jm]b_
k_f_cgu_
ikbohl_jZi_\lu
gZoh^beb g_ijbklmigufbbgZdhg_pFbelhgZ WjbdkhgZ
\k_fbjgh ba\_klgh]h]bighl_jZi_\lZ
;wg^e_j b =jbg^_j\h\k_ g_kh[bjZebkv hldju\Zlvgh\mx rdhem l_jZibb
hgb ebrvohl_eb hij_^_eblviZll_jgubkihevam_fu_ \u^Zxsbfbkyl_jZi_\lZfbb
i_j_^Zlv bo^jm]bfBo g_bgl_j_kh\Zeb l_hjbbhgb kha^Z\Zebfh^_eb mki_rghc
l_jZibbdhlhju_ jZ[hlZebgZ ijZdlbd_b dhlhjuffh`gh [uehgZmqblvkyLjh_
l_jZi_\lh\dhlhjuo hgbfh^_ebjh\Zebij_^klZ\eyeb kh[hcbg^b\b^mZevghklb
kbevgh hlebqZxsb_ky^jm] hl^jm]Zb \k_`_ hgbbkihevah\Zeb m^b\bl_evgh
ihoh`b_ hkgh\gu_ iZll_jgu;wg^e_j b =jbg^_j \kdjueb
wlb
iZll_jgu
jZnbgbjh\Zeb bo bihkljhbeb baysgmxfh^_evdhlhjZy fh`_l[ulv ijbf_g_gZ\
wnn_dlb\ghc dhffmgbdZpbbebqghklghf baf_g_gbbmkdhj_gghf h[mq_gbb b
dhg_qgh `_\ ihemq_gbb[hevr_]h m^h\hevkl\by hl`bagbHgb him[ebdh\Zeb
k\hb i_j\u_hldjulby \q_luj_o dgb]Zo\ur_^rbo \ ]h^ZoKljmdlmjZ
fZ]bbb llb IZll_jgub ll ^\_ dgb]bh ]bighlbq_kdbol_ogbdZo
FbelhgZ WjbdkhgZDhebq_kl\h im[ebdm_fhcebl_jZlmju ih GEIm\_ebqb\Z_lky k
l_o ihjk gZjZklZxs_ckdhjhklvx
< lh \j_fy >`hg b JbqZj^ `beb g_ih^Ze_dm hl =j_]hjb ;wclkhgZ
Zg]ebckdh]h Zgljhiheh]ZZ\lhjZ jZ[hl ih dhffmgbdZpbbb l_hjbb kbkl_f
GZmqgu_ bgl_j_ku ;wclkhgZ [uebqj_a\uqZcgh rbjhdb[bheh]bydb[_jg_lbdZ
Zgljhiheh]by bikbohl_jZibyHg ohjhrhba\_kl_g dZdZ\lhj l_hjbb ^\hcghc
k\yab \ rbahnj_gbb?]h \deZ^ \GEI [ue qj_a\uqZcgh\_ebdB gZ\_jgh_
lhevdh k_cqZkklZgh\blky kh\_jr_gghhq_\b^gufgZkdhevdh hg[ue ]em[hd
GZqbgZy k wlbo i_j\hgZqZevguo
fh^_e_cGEI jZa\b\Zehkv \
^\mo
\aZbfh^hihegyxsbo gZijZ\e_gbyo<hi_j\uodZd ijhp_kkh[gZjm`_gby iZll_jgh\
fZkl_jkl\Z
\ ex[hc h[eZklb q_eh\_q_kdhc ^_yl_evghklb<h\lhjuodZd
wnn_dlb\guc kihkh[fure_gby bdhffmgbdZpbbijZdlbdm_fuc \u^Zxsbfbkyex^vfb
Wlb iZll_jgu bmf_gby fh]ml [ulvbkihevah\Zgu kZfbih k_[_gh djhf_lh]h
fh]ml kem`blvh[jZlghc k\yavx\ ijhp_kk_fh^_ebjh\Zgbyqlh[u k^_eZlv _]h
_s_ [he__fh]ms_kl\_gguf
< ]h^m >`hg b JbqZj^ ijh\_ebk_jbx \_kvfZ mki_rguo im[ebqguo
k_fbgZjh\ ih \k_c :f_jbd_GEI jZkijhkljZgy_lky [ukljh\ :f_jbd_ d
gZklhys_fm \j_f_gbhdheh lukyq q_eh\_d\ lhcbeb bghc nhjfZ ijhreb
lj_gbg]b GEI
K:GL:DJMA
<_kghc ]h^Z >`hgb JbqZj^kijylZebkv \[j_\_gqZlhf ^hfbd_\ukhdh \
]hjZo g_ih^Ze_dmhl KZglZDjmaZkh[bjZy \f_kl_ \k_ijhaj_gby bhldjulby
dhlhju_ hgbk^_eZebD dhgpmfZjZnhgZdhlhjuc ^ebeky qZkh\hgb hldjueb
[mluedm djZkgh]h dZebnhjgbckdh]h\bgZ bkijhkbeb kZfbk_[yDZd wlh [m^_l
gZau\Zlvky"
< j_amevlZl_
ihemqbehkv
G_cjhebg]\bklbq_kdh_
ijh]jZffbjh\Zgb_ ]jhfha^dh_ keh\hkhq_lZgb_aZ dhlhjufkdju\Zxlky ljb ijhklu_ b^_bQZklv
G_cjhhljZ`Z_l lmnmg^Zf_glZevgmx b^_xqlh ih\_^_gb_[_j_l gZqZeh\
g_\jheh]bq_kdbo ijhp_kkZo \b^_gbykemrZgby\hkijbylby aZiZoZ\dmkZ
ijbdhkgh\_gby b hsms_gbyFu \hkijbgbfZ_ffbj q_j_aiylv k\hbo hj]Zgh\
qm\kl\fu ba\e_dZ_fkfukeba bgnhjfZpbbb aZl_fjmdh\h^kl\m_fky bfGZrZ
g_\jheh]by \dexqZ_l\ k_[yg_ lhevdhg_\b^bfu_ fukebl_evgu_ ijhp_kkugh b
gZrb \b^bfu_nbabheh]bq_kdb_ j_ZdpbbgZ b^_bb kh[ulbyH^gh ijhklhy\ey_lky
hljZ`_gb_f ^jm]h]hgZ nbabq_kdhfmjh\g_L_eh bjZamf h[jZamxlg_jZa^_ebfh_
_^bgkl\hq_eh\_q_kdh_ kms_kl\h
Ebg]\bklbq_kdZyqZklv gZa\ZgbyihdZau\Z_lqlh fubkihevam_f yaud^ey
lh]hqlh[u mihjy^hqb\Zlv gZrb fukeb b ih\_^_gb_ b qlh[u \klmiZlv \
dhffmgbdZpbx k^jm]bfb ex^vfbIjh]jZffbjh\Zgb_mdZau\Z_l gZl_ kihkh[u
dhlhjufb fuhj]Zgbam_f k\hbb^_b b^_ckl\byqlh[u ihemqblvj_amevlZlu
GEI bf__l ^_ehkh kljmdlmjhckm[t_dlb\gh]h hiulZ q_eh\_dZdZd fu
hj]Zgbam_f lhqlh \b^bfkeurbf bhsmsZ_fb dZdfu j_^Zdlbjm_fb nbevljm_f
k ihfhsvx hj]Zgh\qm\kl\ lhqlh ihemqZ_fba \g_rg_]h fbjZGEI lZd`_
bkke_^m_l lhdZd fuhibku\Z_f wlh \yaud_ bdZd fu^_ckl\m_f gZf_j_ggh
beb g_gZf_j_gghqlh[u ihemqblvj_amevlZl
D:JLU BNBEVLJU
Fu bkihevam_f k\hbhj]Zgu qm\kl\^ey \hkijbylby
bkke_^h\Zgby
b
ij_h[jZah\ZgbyFbj
ij_^klZ\ey_l
\g_rg_]hfbjZ_]h
kh[hc
[_kdhg_qgh_
jZaghh[jZab_ \k_\hafh`guok_gkhjguo ijhy\e_gbcgh fu kihkh[gu\hkijbgbfZlv
ebrv hq_gv
fZemx qZklv wlh]h jZaghh[jZabyB lZ qZklvdhlhjmx fu
\hkijbgbfZ_fnbevljm_lky gZrbf mgbdZevguf hiulhfdmevlmjhcyaudhf
m[_`^_gbyfbp_gghklyfbbgl_j_kZfb bij_^iheh`_gbyfbDZ`^uc bagZk `b\_l\
mgbdZevghc
j_Zevghklbihkljh_gghc ba k\hbo k_gkhjguo
\i_qZle_gbc b
bg^b\b^mZevgh]h hiulZ `bagbb fu ^_ckl\m_fhibjZykv gZ lhqlh fu
\hkijbgbfZ_f gZ gZrmfh^_ev fbjZ
Fbj gZklhevdhrbjhd b[h]Zlqlh fu \ugm`^_gu mijhsZlv _]hqlh[u
hkfukeblvKhklZ\e_gb_ ]_h]jZnbq_kdbodZjl ohjhrbc ijbf_jlh]hdZd fu
hkfukeb\Z_f \g_rgbcfbjDZjlu bf_xlba[bjZl_evguc oZjZdl_jhgb dZdg_kml \
k_[_ bgnhjfZpbxlZd
b mimkdZxl
__gh hgb hdZau\Zxlky [_kp_ggufb
ihfhsgbdZfb ijbbkke_^h\Zgbb l_jjblhjbbDZdh]h jh^ZdZjlm \ukhklZ\ey_l_
aZ\bkbl hllh]hqlh \uaZf_qZ_l_ bdm^Z \uohlbl_ b^lb
DZjlZ wlh g_l_jjblhjbydhlhjmx hgZhibku\Z_lFu h[jZsZ_f\gbfZgb_
gZ l_ Zki_dlufbjZdhlhju_ gZkbgl_j_kmxlb b]ghjbjm_f^jm]b_Fbj \k_]^Z
[h]Zq_q_f l_b^_bdhlhju_ fubf__f hlghkbl_evgh_]hNbevljudhlhju_ fu
gZdeZ^u\Z_f gZ gZr_ \hkijbylb_hij_^_eyxl fbj\ dhlhjhf fu `b\_f
JZkkdZau\Zxl bklhjbx hIbdZkkhd dhlhjhfmh[jZlbeky g_agZdhf_pb kijhkbe
_]hihq_fm lhlg_ jbkm_l\_sb lZdbfbdZdb_ hgb_klv gZkZfhf ^_e_
IbdZkkh \u]ey^_e haZ^Zq_ggufY g_ \iheg_ ihgbfZxqlh \ubf__l_ \
\b^mhl\_lbe hg
Fm`qbgZ ^hklZe nhlh]jZnbx k\h_c`_guIhkfhljbl_\hl dZda^_kv
kdZaZe hgBf_ggh lZd\u]ey^bl fhy`_gZ gZkZfhf ^_e_
<g_rgbc \b^IbdZkkh \u^Z\Zekhfg_gb_HgZ hq_gvfZe_gvdZyg_ ijZ\^Z
eb"B ke_]dZiehkdZy"
Om^h`gbde_khjm[ b [hlZgbdijh]meb\Zykv ihe_kmihemqZl \_kvfZ
hlebqZxsb_ky ^jm]hl ^jm]Zi_j_`b\Zgby baZf_lyl kZfu_jZagu_ \_sb?keb \u
[m^_l_ b^lbih fbjmhlukdb\Zy fZkl_jkl\hlh \ugZc^_l_ fZkl_jkl\h?keb \u
ihc^_l_ ih fbjmhlukdb\Zy ijh[e_fulh \ugZc^_l_ ijh[e_fu:jZ[kdZy
ih]h\hjdZ ]eZkblDZd \u]ey^bldmkhd oe_[ZaZ\bkbl hllh]h]heh^gu \ubeb
kulu
Hq_gv madb_ m[_`^_gby b bgl_j_kuk^_eZxl \hkijbylb_ fbjZ kdmqguf
ij_^kdZam_fuf b [_ajZ^hklgufLhl `_ fbj fh`_l
klZlv gZiheg_gguf b
\ha[m`^ZxsbfJZaebqb_ e_`bl g_ \kZfhf fbj_Z \l_o nbevljZoq_j_a
dhlhju_ fu_]h \hkijbgbfZ_f
M gZk _klvfgh`_kl\h _kl_kl\_gguoihe_aguo bg_h[oh^bfuo nbevljh\
Yaud wlh nbevljWlh dZjlZgZrbo fuke_c b i_j_`b\Zgbchl^_e_ggZy hl
j_Zevgh]h fbjZAZ^mfZcl_kv gZ f]gh\_gb_qlh hagZqZ_l ^ey \Zk keh\h
djZkhlZG_khfg_gghm \Zk _klv \hkihfbgZgby bi_j_`b\Zgby\gmlj_ggb_
dZjlbgdba\mdb bhsms_gbydhlhju_ iha\heyxl\Zf ihgylvwlh keh\h< JZ\ghc
kl_i_gb dlhgb[m^v ^jm]hc[m^_l bf_lvhlebqZxsb_ky hl\Zrbo \hkihfbgZgby b
i_j_`b\Zgby b [m^_l ^mfZlvh[ wlhfkeh\_ ^jm]bfkihkh[hfDlh ba\Zk ijZ\"
H[Z ijZ\ub dZ`^uc \ij_^_eZo k\h_ckh[kl\_gghc j_ZevghklbKeh\h wlh g_
i_j_`b\Zgb_dhlhjh_ hghhibku\Z_lb l_f g_ f_g__ex^b [m^ml[hjhlvkyZ
bgh]^Z ^Z`_ mfbjZlv\_jy \ lhqlh ]_h]jZnbq_kdZy dZjlZ wlh b _klv
l_jjblhjby GZrbm[_`^_gby lh`_^_ckl\mxl dZdnbevlju\ugm`^Zy gZkihklmiZlv
hij_^_e_gguf h[jZahfb h[jZsZlv\gbfZgb_ gZh^gb \_sb\ ms_j[ ^jm]bfGEI
ij_^eZ]Z_l g_dhlhjuckihkh[ ^mfZlvh kZfbok_[_ b h[hdjm`Zxs_f fbj_hgh
kZfh y\ey_lky nbevljhfQlh[u ijbf_gylvGEI\u g_h[yaZgu baf_gylvk\hb
m[_`^_gby beb p_gghklb\Zf ijhklh gm`gh [ulv ex[hiulguf b ]hlh\uf d
wdki_jbf_glm
GEI g_ij_l_g^m_l gZjhev h[t_dlb\ghcbklbguWlh fh^_evZ kqblZ_lky
qlh fh^_eb^he`gu [ulvihe_agufb
< GEI kms_kl\m_l g_kdhevdh hkgh\guo b^_cdhlhju_ y\eyxlky \_kvfZ
ihe_agufbFu ij_^eZ]Z_f \Zf gZqZlv\_klb k_[ylZddZd _keb[u wlbb^_b
[ueb \_jgufbb aZf_lblvl_ baf_g_gbydhlhju_ \hagbdgml\ j_amevlZl_ wlbo
ij_^iheh`_gbcBaf_gyy k\hbnbevlju<u fh`_l_baf_gblv k\hcfbj
G_dhlhju_ hkgh\gu_nbevlju GEIgZau\Zxlky ih\_^_gq_kdbfb jZfdZfbHgb
ij_^klZ\eyxl kh[hckihkh[ ihgbfZgbylh]hdZd fu^_ckl\m_fI_j\Zy jZfdZ
hjb_glZpby gZj_amevlZlZ g_gZ ijh[e_fuWlh hagZqZ_lqlh \ubs_l_ lhd
q_fm
klj_fbl_kvgZoh^bl_
g_h[oh^bfu_ j_r_gby b bkihevam_l_ bo ^ey
ijh^\b`_gby dk\h_c p_ebHjb_glZpbx gZijh[e_fu h[uqgh gZau\ZxljZfdhc
h[\bg_gbyAZdexqZ_lky hgZ\ lsZl_evghf ZgZeba_ijbqbg lh]hqlh qlhlh
b^_l g_lZddZd gm`ghWlh hagZqZ_l \hijhkulbiZ Ihq_fm mf_gy \hagbdeZ
wlZ ijh[e_fZ"DZd wlh f_gyh]jZgbqb\Z_l"Qvy wlhhrb[dZ"LZdh]h jh^Z
\hijhku j_^dhijb\h^yl d q_fmeb[h ihe_aghfmIhklZgh\dZ lZdbo \hijhkh\
aZklZ\bl \Zkqm\kl\h\Zlv k_[y_s_ om`_b gbdZdg_ ijh^\bg_l\Zk dj_r_gbx
ijh[e_fu
<lhjZy jZfdZ aZdexqZ_lky \ lhfqlh[u aZ^Z\Zlv\hijhk dZd"Z g_
ihq_fm"<hijhk dZd"ijb\_^_l \Zkd ihgbfZgbxkljmdlmju ijh[e_fu<hijhk
ihq_fm"\_jhylg__ \k_]hihfh`_l gZclb hijZ\^u\Zxsb_ h[klhyl_evkl\Zb
ijbqbgugbq_]h g_baf_gyy
Lj_lvy jZfdZwlh h[jZlgZyk\yav \f_klhg_m^ZqbG_ kms_kl\m_llZdhc
\_sbdZd g_m^ZqZkms_kl\mxl j_amevlZluHgb fh]ml [ulv bkihevah\Zgu\
dZq_kl\_ h[jZlghck\yabdhjj_dlbjh\dbij_djZkghc \hafh`ghklbaZf_lblv lh
q_fm \u jZgvr_g_ ijb^Z\ZebagZq_gbyG_m^ZqZ wlh \k_]h ebrv kihkh[
hibkZgby j_amevlZlZd dhlhjhfm \u klj_fbebkv<u fh`_l_ bkihevah\Zlv
ihemq_ggu_ j_amevlZlu^ey lh]hqlh[u kdhjj_dlbjh\ZlvgZijZ\e_gb_ ijbeh`_gby
k\hbo mkbebcH[jZlgZy k\yavm^_j`b\Z_l p_ev\ ihe_\Zr_]h aj_gbyG_m^ZqZ wlh lmibd>\Z hq_gvihoh`bo keh\Zb \k_`_ hgbij_^klZ\eyxl ^\Zkh\_jr_ggh
jZaebqguo kihkh[Zfure_gby
Q_l\_jlZy jZfdZaZdexqZ_lky \lhfqlh[u jZkkfZljb\Zlv \hafh`ghklvZ
g_ g_h[oh^bfhklvB kgh\Zwlh ebrvbaf_g_gb_ lhqdbaj_gbyKhkj_^hlhqvl_kv
gZ lhfqlh \u fh`_l_ k^_eZlvgZ bf_xsboky \hafh`ghklyoZ g_ gZ
h]jZgbqb\Zxsbo \Zkh[klhyl_evkl\ZoAZqZklmx [Zjv_ju hdZau\Zxlky g_ klhev
g_ijbklmigufbdZd dZaZehkv\gZqZe_
GZdhg_pGEI ijb\_lkl\m_l ihabpbx ex[hiulkl\Z b m^b\e_gby \aZf_g
ijbl\hjkl\ZWlZ hq_gvijhklZy b^_y bf__l ]em[hdb_ihke_^kl\byFZe_gvdb_
^_lb mqZlkyqj_a\uqZcgh [ukljhb \wlhf bfihfh]Z_l bo ex[hiulkl\hHgb
fgh]h]h g_agZxl b ihgbfZxl wlhIhwlhfm hgbkh\_jr_ggh g_[_kihdhylky h
lhfqlh [m^ml\u]ey^_lv ]emiufb_keb [m^ml aZ^Z\Zlv \hijhku< dhgpZ
dhgph\\_^v ^Z\guf^Z\gh kqblZehkv bklbggufqlh Khegp_\jZsZ_lky \hdjm]
A_febqlh l_eZly`_e__ \ha^moZg_ fh]ml e_lZlvqlh g_\hafh`gh ijh_oZlv
h^bg dbehf_lj[uklj__q_f aZfbgmlmBaf_g_gb_ \hl qlhg_baf_ggh \wlhf
fbj_
?s_ h^gZihe_agZy b^_yaZdexqZ_lky \lhfqlh \k_fu bf__fbeb fh`_f
kha^Zlv \gmlj_ggb_j_kmjkug_h[oh^bfu_ gZf^ey ^hklb`_gbygZrbo p_e_c<u k
[hevr_c
\_jhylghklvx
^h[v_l_kv mki_oZ_keb
[m^_l_
^_ckl\h\Zlv
\
ij_^iheh`_gbbdZd [m^lhwlh \_jghg_`_eb ij_^iheZ]Zyh[jZlgh_
G:MQ?GB?A:;U<:GB? BI?J?MQB<:GB?
Fu kihkh[gu khagZl_evghmo\Zlblv ebrvhq_gv fZe_gvdbcdmkhq_d balh]h
h[t_fZ bgnhjfZpbbdhlhjuc fbjij_^eZ]Z_l gZfg_hkhagZggh fu j_Z]bjm_fb
aZf_qZ_f agZqbl_evgh[hevr_q_f hkhagZ_fGZr_ khagZgb_\_kvfZ h]jZgbq_ghb
hdZau\Z_lky kihkh[guf khojZgylvke_^u fZdkbfmf k_fbi_j_f_gguo beb dmkdh\
bgnhjfZpbb\ ex[hcfhf_gl \j_f_gb
WlZ b^_y[ueZ ih^q_jdgmlZ\ ]h^m Zf_jbdZgkdbfikboheh]hf >`hj^`_f
Fbee_jhf \deZkkbq_kdhc klZlv_FZ]bq_kdh_ qbkehk_fviexkfbgmk ^\Z"Wlb
dmkdb bgnhjfZpbb g_bf_xl nbdkbjh\Zgguo jZaf_jh\hgb fh]ml [ulvq_flh
\jh^_ MijZ\e_gbyZ\lhfh[be_f bebgZ[ex^_gby \ a_jdZehaZ^g_]h \b^ZH^bg ba
kihkh[h\dhlhjuf fumqbfkykhklhbl \khagZl_evghc hj]ZgbaZpbb fZe_gvdbo
dmkdh\ ih\_^_gbyb \h[t_^bg_gby bo\h \k_ [he__b [he__agZqbl_evgu_ dmkdb
lZdbf h[jZahfqlh[u hgbklZeb ijb\uqgufb b[_kkhagZl_evgufbFu nhjfbjm_f
ijb\uqdb bl_f kZfufhk\h[h`^Z_f k_[y^ey lh]hqlh[u aZf_qZlv^jm]b_ \_sb
BlZdgZr_
khagZgb_ h]jZgbq_gh k_fvxiexkfbgmk
^\ZdmkdZfb
bgnhjfZpbb eb[h ba\gmlj_gg_]h fbjZgZrbo fuke_ceb[h ba\g_rg_]h fbjZ
GZijhlb\gZr_ ih^khagZgb_wlh \k_ `bag_h[_ki_qb\Zxsb_ ijhp_kkugZr_]h
hj]ZgbafZ\k_ lhq_fm fum`_ gZmqbebkvgZr ijhreuchiul b\k_ lhqlh fu
fh]eb [u aZf_lblvgh g_aZf_qZ_f \gZklhysbc fhf_glIh^khagZgb_ y\ey_lky
agZqbl_evgh [he__hk\_^hfe_ggufq_f khagZgb_B^_y ihklb`_gby [_kdhg_qgh
keh`gh]h fbjZk ihfhsvxkhagZl_evgh]h jZamfZdhlhjuc fh`_lho\Zlblv ebrv
hdheh k_fb_^bgbp bgnhjfZpbby\ey_lky hq_\b^ghkf_ohl\hjghc
Ihgylby khagZl_evgh]h b g_hkhagZ\Z_fh]h y\eyxlky p_gljZevgufb ^ey
jZkkfZljb\Z_fhc
fh^_eb lh]hdZd fu
mqbfky< GEI g_qlh kqblZ_lky
khagZl_evguf_keb wlh\ gZklhysbc fhf_glhkhagZ_lkydZdgZijbf_jwlh
ij_^eh`_gb_ ijyfhk_cqZkG_hkhagZgguf kqblZ_lkylhqlh \gZklhysbc fhf_gl
g_ hkhagZ_lkyHdjm`Zxsb_ a\mdbdhlhju_ \ufh`_l_ keurZlv[ueb\_jhylgh
g_hkhagZggufb ^hl_o ihjihdZ \ug_ ijhqblZebwlh ij_^eh`_gb_<hkihfbgZgb_
h lhfdZd \u \i_j\uc jZam\b^_eb kg_]ihqlb gZ\_jgydZ gZoh^blky \g_
\Zr_]h khagZgby?keb \udh]^Zgb[m^v ihfh]Zebj_[_gdm mqblvky dZlZlvkygZ
\_ehkbi_^_lh \u ihcf_l_gZkdhevdh g_hkhagZgguf klZehwlh mf_gb_\ \Zk
kZfboFu `b\_f\ dmevlmj_dhlhjZy ih^^_j`b\Z_l m[_`^_gb_ h lhfqlh
[hevrmx qZklvlh]hqlh fu ^_eZ_ffu ^_eZ_fkhagZl_evghB l_fg_ f_g__
[hevrmx qZklv balh]hqlh fu^_eZ_fb lhqlh fu^_eZ_f gZbemqrbf
h[jZahffu ^_eZ_fg_hkhagZggh
LjZ^bpbhgghc lhqdhcaj_gby y\ey_lky lhqlh h[mq_gb_ex[hfm gZ\udm
kh^_j`bl \k_[_ q_luj_klZ^bbI_j\Zy g_hkhagZggh_ g_agZgb_<u g_ lhevdh
g_ agZ_l_dZd k^_eZlv qlhlhgh \ulZd`_ g_agZ_l_qlh \uwlh]h g_
agZ_l_?keb \ugbdh]^Z g_mijZ\eyeb fZrbghc\u ihgylbyg_ bf__l_h lhfgZ
qlh wlhihoh`_
BlZd\u gZqZebmqblvky \h^blv fZrbgm<kdhj_ \uh[gZjm`b\Z_l_ k\hb
h]jZgbq_gby<u \uihegy_l_ aZ^ZgbybgkljmdlhjZ b khagZl_evghke_^bl_ aZ
\k_fb juqZ]Zfbjme_f mijZ\e_gbydhhj^bgbjm_l_ gZ`Zlb_gZ i_^Zevkp_ie_gby
b
ke_`_gb_ aZ ^hjh]hcWlh aZo\Zlu\Z_l \k_ \Zr_
\gbfZgb_\u _s_
g_dhfi_l_glgu b ijb^_j`b\Z_l_kvmebp kg_h`b\e_gguf ^\b`_gb_fWlh klZ^by
hkhagZggh]h g_agZgbyg_dhfi_l_glghklbdh]^Z \ujZaeZfu\Z_l_ r_kl_j_gdb
dhjh[db i_j_^Zq\bey_l_ ba klhjhgu \ klhjhgm
b gZ\h^bl_ m`Zk
gZ
\_ehkbi_^bklh\B ohlywlZ klZ^by y\ey_lky[_kihdhcghc \ hkh[_gghklb^ey
\_ehkbi_^bklh\bf_ggh \
wlh
\j_fy
\u mk\Zb\Z_l_
[hevrmx
qZklv
g_h[oh^bfh]h
Wlh ijb\h^bl \Zk gZ klZ^bx hkhagZggh]hagZgby dhfi_l_glghklb<u
fh`_l_ mijZ\eylvfZrbghcgh \udhgp_gljbjm_l_ gZwlhf \k_k\h_ \gbfZgb_<u
hk\hbeb mf_gb_gh _s_g_ h\eZ^_ebfZkl_jkl\hf
BgZdhg_pp_evx \Zrbomkbebc y\ey_lkyg_hkhagZggh_ agZgb_<k_ l_
hl^_evgu_ gZ\udbdhlhju_ \uk lZdbfmk_j^b_f hk\Zb\ZebieZ\gh keb\Zxlky\
h^gh p_eh_L_i_jv \h\j_fy \h`^_gby\u fh`_l_ kemrZlvjZ^bhgZkeZ`^Zlvky
i_caZ`_fih^^_j`b\Zlv [_k_^m<Zr_ khagZgb_hij_^_ebeh p_ev bij_^hklZ\beh
\hafh`ghklv ih^khagZgbx
\uihegylv ihklZ\e_ggmx aZ^Zqmhk\h[h^b\ \Zr_
\gbfZgb_ ^ey^jm]bo p_e_c
?keb \u[m^_l_ ijZdlbdh\Zlv qlhlh ^hklZlhqgh^he]hlh \u ^hklb]g_l_
wlhc q_l\_jlhcklZ^bblh _klvknhjfbjm_l_ ijb\uqdm< wlhlfhf_gl mf_gb_
klZgh\blky g_hkhagZ\Z_fufH^gZdh g_dhlhju_ ijb\uqdb fh]ml hdZaZlvkyg_
kZfufb wnn_dlb\gufb ^ey j_r_gby gh\hc aZ^ZqbGZrb nbevlju fh]ml g_
ijhimklblv
dZdmxgb[m^v
\Z`gmx
qZklv
bgnhjfZpbbdhlhjZy hdZ`_lky
kms_kl\_gghc ^ey\dexq_gby g_h[oh^bfhcijb\uqdb
Ij_^iheh`bf\u kghkgh b]jZ_l_\ l_ggbkb ohlbl_kh\_jr_gkl\h\Zlvky
Lj_g_j\_jhylgh[m^_l gZ[ex^Zlv\Zrm b]jmaZl_f gZqg_lbaf_gylv lZdb_
\_sbdZd ^\b`_gby \Zrbogh]\Zrm fZg_jm^_j`Zlv jZd_ldm bgZghkblv _x
m^Zj>jm]bfb keh\Zfbhg \havf_llhqlh ^ey \Zk y\eyehkvp_euf dmkdhf
ih\_^_gbyiehkdbc m^Zj kijZ\ZjZah[v_l _]hgZ g_kdhevdh khklZ\guo
qZkl_c baZl_f i_j_kljhblbo lZdqlh[u \Zr iehkdbcm^Zj kijZ\ZklZe [he__
kh\_jr_gguf<u \_jg_l_kvgZaZ^ ihklZ^byf gZmq_gbyd hkhagZgghfmg_agZgbx
b \Zfg_h[oh^bfh [m^_lJZamqblvkyij_`^_ q_fgZmqblvky aZgh\h?^bgkl\_ggZy
ijbqbgZ ihklmiZlv lZdbfh[jZahf aZdexqZ_lky \lhfqlh[u \kljhblv\ \Zr_
ih\_^_gb_ gh\u_ijb\uqdbjZkrbjyxsb_ \Zrb\hafh`ghklb \u[hjZlh]h kihkh[Z
ih\_^_gbydhlhjuc hdZ`_lky
gZb[he__ wnn_dlb\guf
ijb j_r_gbb ^Zgghc
dhgdj_lghc aZ^Zqb
Lh `_kZfh_ ijhbkoh^blijb h[mq_gbbGEIM gZkm`_ _klvMf_gby h[sZlvky
b mqblvkyGEI ij_^eZ]Z_ljZnbgbjh\Zlv \ZrbMf_gby b^Z_l \Zf[hevr_ \u[hjh\
b [hevr_]b[dhklb \bo bkihevah\Zgbb
Q_luj_ klZ^bbgZmq_gby
G_hkhagZggh_ g_agZgb_
HkhagZggh_ g_agZgb_
HkhagZggh_ agZgb_
G_hkhagZggh_ agZgb_
Ijhp_kk aZ[u\Zgbywlh i_j_oh^hl id iIjhp_kk i_j_mqb\Zgby
wlh i_j_oh^hl ih[jZlgh digh m`_k [hevrbfdhebq_kl\hf \u[hjh\Fu
bkke_^m_f jZaebqgu_fh^_eb gZmq_gbyqmlv iha`_
LJ?OFBGMLGUC K?FBG:J
?keb dh]^Zgb[m^v ijb^_lkyij_^klZ\eylv GEIgZ lj_ofbgmlghfk_fbgZj_
wlh [m^_l \u]ey^_lvijbf_jgh lZd<_^msbc \hc^_lb kdZ`_l>Zfu b]hkih^Z
qlh[u ^h[blvkymki_oZ \`bagb\Zf g_h[oh^bfhihfgblv ljb\_sb
<hi_j\uoagZlv lhq_]h \u ohlbl_bf_lv ykgh_ ij_^klZ\e_gb_ h
ij_^iheZ]Z_fhf j_amevlZl_\ ex[hckblmZpbb
<h\lhjuo[ulv \gbfZl_evgufb ^_j`Zlvk\hb qm\kl\Zhldjulufb ^eylh]h
qlh[u aZf_lblvqlh \u^\b`_l_kv dj_amevlZlm
<lj_lvbobf_lv ^hklZlhqgh ]b[dhklbqlh[u gZklhcqb\hbaf_gylv k\hb
^_ckl\by ^hl_o ihjihdZ \ug_ ihemqbl_lhq_]h ohlbl_Ihke_ wlh]hhg
aZibr_l gZ^hkd_
QM<KL<BL?EVGHKLV
=B;DHKLV
b \uc^_lDhg_p k_fbgZjZ
I_j\h_ wlh mf_gb_hij_^_eylv bkdhfuc j_amevlZl?keb \u g_agZ_l_
dm^Z \ub^_l_\Zf ihqlbg_\hafh`gh ihiZklvlm^Z
<Z`gZy qZklvGEI wlh lj_gbg] k_gkhjghc qm\kl\bl_evghklbgZ qlh
h[jZlblv k\h_\gbfZgb_ bdZd baf_gblvb jZkrbjblv k\hb nbevljuqlh[u \u
kfh]eb aZf_lblvl_ \_sbdhlhju_ ij_`^_g_ aZf_qZebWlh k_gkhjgh_hkhagZgb_
gZklhys_]h fhf_glZ<h \j_fyh[s_gby k^jm]bfb ex^vfbwlh hagZqZ_laZf_qZlv
keZ[u_gh kms_kl\_ggu_ kb]gZeudhlhju_ ^Zxl
\Zf ihgylvdZd ex^b
j_Z]bjmxlDh]^Z \u^mfZ_l_lh _klvh[sZ_l_kv kZfbk kh[hcwlh hagZqZ_l
jZkrbj_ggh_ hkhagZgb_k\hbo \gmlj_ggboh[jZah\a\mdh\ bhsms_gbc
<Zf lj_[m_lkyhkljhlZ bebqm\kl\bl_evghklv ^ey lh]hqlh[u aZf_lblv
ijh^\b]Z_l eb\Zk lhqlh \u^_eZ_l_d lhfmq_]h \uohlbl_d \Zr_cp_eb
?keb lhqlh \u^_eZ_l_g_ jZ[hlZ_lk^_eZcl_ qlhgb[m^v ^jm]h_qlh m]h^gh
^jm]h_<Zf g_h[oh^bfhkeurZlv\b^_lv bhsmsZlv lhqlh ijhbkoh^blb bf_lv
aZiZk jZaghh[jZaguoj_Zdpbc
P_ev GEI khklhbl\ lhfqlh[u ^Zlvex^yf [hevr_ \ZjbZglh\ih\_^_gby
H[eZ^Zgb_ lhevdhh^gbf kihkh[hf^_eZlv \_sbwlh hlkmlkl\b_ \u[hjZ\hh[s_
Bgh]^Z wlhlkihkh[ [m^_ljZ[hlZlvZ bgh]^Z g_llZd qlh\k_]^Z gZc^mlky
lZdb_ kblmZpbbk dhlhjufb\u g_\ khklhygbb[m^_l_ kijZ\blvky>\Z kihkh[Z
ihklZ\yl \Zk i_j_^ ebphf^be_ffuBf_lv \u[hjwlh agZqbl [ulvkihkh[guf
bkihevah\Zlv dZdfbgbfmf ljb ih^oh^Zd kblmZpbb< ex[hf\aZbfh^_ckl\bb lhl
q_eh\_dm dhlhjh]h [hevrZy
]b[dhklv ih\_^_gby[m^_l dhgljhebjh\Zlv
kblmZpbx
?keb \u \k_]^Z^_eZ_l_ lhqlh ^_eZeb\k_]^Zlh \u b[m^_l_ ihemqZlv
\k_]^Z lhqlh \k_]^Z ihemqZeb?keb lhqlh \u ^_eZ_l_g_ jZ[hlZ_l
k^_eZcl_ qlhgb[m^v ^jm]h_Q_f rbj_\u[hjl_f [hevr_ rZgkh\ gZmki_o
Kh]eZkh\ZggZy jZ[hlZmf_gbci_j_qbke_gguo \Lj_ofbgmlghf k_fbgZj_ihoh`Z
gZ lhl kemqZcdh]^Z \u [_j_l_gZijhdZl eh^dmqlh[u bkke_^h\Zlv \h^gu_
ijhklhju<u j_rZ_l_dm^Z \Zfohl_ehkv [uhlijZ\blvky \Zr i_j\hgZqZevguc
j_amevlZl<u gZqbgZ_l_]j_klb bke_^bl_ aZ gZijZ\e_gb_fk\h_]h ^\b`_gby
k_gkhjgZy hkljhlZ<u kjZ\gb\Z_l_ wlh gZijZ\e_gb_
k l_fdm^Z \u
gZijZ\eyebkvb_keb \uk[bebkv kdmjkZ\u baf_gy_l_gZijZ\e_gb_ ^\b`_gby
<u ih\lhjy_l_wlhl pbde>h l_oihjihdZ g_^hklb]Z_l_ f_klZgZagZq_gby
L_i_jv \umklZgZ\eb\Z_l_ k\hxgh\mx p_ev<u fh`_l_baf_gblv __\ ex[hc
lhqd_ pbdeZgZkeZ^blvky iml_r_kl\b_fb bamqblvqlhgb[m^v ih^hjh]_<Zr
dmjk\_jhylgh[m^_l gZihfbgZlvab]aZ]Hq_gv j_^dh\klj_qZ_lky Z[khexlgh
ykguc bijyfhc imlvlm^Zdm^Z \uohlbl_ ihiZklv
J?AMEVL:LU
\u g_ [m^_l_klhev ex[_agukdZaZlv fg_dZdhc ^hjh]hcfg_ ke_^m_l
\uclb hlkx^Z"
Wlh \agZqbl_evghc f_j_aZ\bkbl hllh]hdm^Z \u ohlbl_ ijbclb
hl\_lbe dhl
Fg_ [_ajZaebqghdm^ZkdZaZeZ :ebkZ
Lh]^Z g_ljZagbpudZdhc ^hjh]hclu ihc^_rvkdZaZe dhl
Evxbk Dwjjhee:ebkZ \kljZg_ qm^_k
GZqg_f kj_amevlZlh\ bebp_e_cQ_f [he__ lhqghb ihablb\gh\u fh`_l_
hij_^_eblv lhq_]h \uohlbl_b q_femqr_ \uaZijh]jZffbjm_l_ k\hc fha]gZ
lhqlh[u bkdZlv baZf_qZlv \hafh`ghklbl_f k[hevr_c \_jhylghklvx \u
ihemqbl_ lhq_]h ohlbl_;eZ]hijbylgu_ \hafh`ghklbkms_kl\mxl lhevdhlh]^Z
dh]^Z \gbo magZxl[eZ]hijbylgu_ \hafh`ghklb
Qlh[u ijh`blvk\hx `bagvlZddZd \Zf ohq_lky\Zf ke_^m_lagZlvq_]h
\u ohlbl_;ulv wnn_dlb\guf\ wlhffbj_ hagZqZ_l^h[b\Zlvky l_oj_amevlZlh\
dhlhju_ \u \u[bjZ_l_I_j\uc rZ]lZdbf h[jZahfkhklhbl \lhfqlh[u
\u[jZlv?keb \u g_k^_eZ_l_ wlh]hlh gZc^_lky fZkkZ ex^_c`_eZxsbo
k^_eZlv wlhaZ \Zk
DZd \u magZ_l_q_]h \uohlbl_"<u wlh \u^mfu\Z_l_Fu ijb\_^_f
g_kdhevdh ijZ\bedZd wlh^_eZlvlZd qlhm \Zk_klv hlebqgucrZgk ^hklbqv
mki_oZ=h\hjy yaudhfGEI\u \u[bjZ_l_ohjhrh knhjfbjh\Zggucj_amevlZlLh
_klv j_amevlZldhlhjuc y\ey_lky ohjhrhknhjfbjh\Zgguf \khhl\_lkl\bb kh
ke_^mxsbfb djbl_jbyfb
<hi_j\uohg ^he`_g[ulv knhjfmebjh\Zgihablb\ghE_]q_ ^\b]Zlvkyih
gZijZ\e_gbx dlhfmq_]h \u ohlbl_q_f moh^blvijhqv hllh]hqlh \Zfg_
gjZ\blkyH^gZdh \ug_ \ khklhygbb^\b]Zlvky ihgZijZ\e_gbx dq_fmlh_keb
\u g_agZ_l_qlh wlhlZdh_
>ey ijbf_jZgZ f]gh\_gb_ ih^mfZcl_h d_g]mjm<u ^mfZ_l_ h d_g]mjm"
Ohjhrh
L_i_jv ij_djZlbl_ ^mfZlvh d_g]mjmihdZ g_ ^hqblZ_l_ ^hdhgpZ wlm
kljZgbpmG_ iha\heycl_b^__ d_g]mjm ijhgbdZlv \ \Zr jZamf\ l_q_gb_
ke_^mxs_c fbgmlubeb hdheh lh]h<u m`_ g_ ^mfZ_l_ h d_g]mjm"K_cqZk
ih^mfZcl_ hlhfqlh \u[m^_l_ ^_eZlvaZ\ljZ
Qlh[u m[_`Zlvhl wlhcgZahceb\hc d_g]mjm\Zf ke_^m_lih^mfZlv hq_flh
^jm]hfihablb\ghf
Wlhl ljxdih^q_jdb\Z_l lhl fhf_glqlh fha]fh`_l ihgylvg_]Zlb\ebrv
aZf_gb\ _]hihablb\hfQlh[u ba[_`Zlvq_]hlh\Zf g_h[oh^bfhagZlvqlh
ij_^klZ\ey_l kh[hclhq_]h \uklhjhgbl_kvb m^_j`b\Zlvk\h_ \gbfZgb_ gZ
g_f<u ^he`guih^mfZlv h[wlhfqlh[u agZlvh q_fg_ ke_^m_l^mfZlvlhqgh
lZd `_dZd \Zf ijb \h`^_gbbZ\lhfh[bey ke_^m_l ^_j`Zlvh[t_dl \ihe_
aj_gbyqlh[u ba[_`Zlvklhedgh\_gby kgbfQ_fm [u\u gbkhijhlb\eyebkvwlh
klZgh\blky gZahceb\ufWlh h^gZba ijbqbgihq_fm lZd ljm^gh ij_djZlblv
dmjblv\u \ugm`^_guihklhyggh ^mfZlvh dmj_gbbqlh[u [jhkblvdmjblv
<h\lhjuo\u ^he`gub]jZlv Zdlb\gmxjhevj_amevlZl ^he`_g\ jZamfguo
ij_^_eZo gZoh^blvky ih^ \Zrbf dhgljhe_fJ_amevlZludhlhju_ bagZqZevgh
aZ\bkyl hllh]hqlh ^jm]b_ ex^bij_^ijbfml dZdb_lh ^_ckl\byg_ y\eyxlky
ohjhrh knhjfbjh\Zggufb?keb ex^b g_j_Z]bjmxl lZddZd \Zfohl_ehkv [u\u
l_jibl_ g_m^ZqmKhkj_^hlhqvl_kv gZ lhfqlh \Zfg_h[oh^bfh k^_eZlvqlh[u
\ua\Zlv wlb j_ZdpbbLZdgZijbf_j\f_klh lh]hqlh[u `^Zlvdh]^Z m\Zk
ihy\ylky ^jmavyih^mfZcl_ emqr_h lhfdZd ih^jm`blvkyk d_fgb[m^v
Ij_^klZ\vl_ k_[_k\hc j_amevlZlgZklhevdh ih^jh[ghgZkdhevdh \hafh`gh
Qlh \u \b^bl_keurbl_ bhsmsZ_l_"<hh[jZabl_ _]hb hibrbl__]h k_[_
ibkvf_ggh hl\_lb\gZ \hijhkudlhqlh]^_dh]^Z bdZdQ_f [he__ iheguf
y\ey_lky ij_^klZ\e_gb_ h lhfq_]h \u ohlbl_l_f emqr_ fha] fh`_l
ijhZgZebabjh\Zlv _]hb aZf_lblv\hafh`ghklb ^ey_]h ^hklb`_gby< dZdhf
dhgl_dkl_ \uohlbl_ _]hihemqblv"Kms_kl\mxl ebdhgl_dklu\ dhlhjuo\u _]h
g_ ohlbl_ihemqZlv"
DZd \u magZ_l_qlh \u^hklb]eb k\h_]h j_amevlZlZ"DZdh\h k_gkhjgh
h[hkgh\Zggh_ ih^l\_j`^_gb_dhlhjh_ ^Zkl\Zf ihgylvqlh \um`_ ihemqbeblh
q_]h ohl_eb"Qlh \um\b^bl_mkeurbl_ bihqm\kl\m_l_dh]^Z ^hklb]g_l__]h"
G_dhlhju_ j_amevlZlu gZklhevdhg_hij_^_e_gguqlh gZbo ^hklb`_gb_mreh [u
g_kdhevdh `bag_c<u fh]eb[u lZd`_ mklZgh\blv\j_f_ggu_ h]jZgbq_gbygZ lh
dh]^Z \u`_eZ_l_ ihemqblvk\hc j_amevlZl
?klv eb m \Zkj_kmjku ^ey lh]hqlh[u bgbpbbjh\Zlvb ih^^_j`b\Zlv
j_amevlZl"< q_f\u gm`^Z_l_kv"Fh`_l [ulvhgb m\Zk m`_bf_xlky"?keb g_l
lh dZd\u kh[bjZ_l_kvbo ihemqblv"Wlh fhf_gldhlhjuc ^he`_g[ulv lsZl_evgh
bamq_gWlb j_kmjkufh]ml [ulv \gmlj_ggbfb hkh[u_ mf_gbybeb ihablb\gu_
khklhygby jZamfZbeb \g_rgbfb?keb \u gm`^Z_l_kv \h \g_rgboj_kmjkZo
\hafh`ghm \Zkihy\blky g_h[oh^bfhklvihklZ\blv \kihfh]Zl_evguc j_amevlZl
qlh[u ihemqblvbo
J_amevlZl ^he`_gbf_lv j_Zevgu_jZaf_juHg fh`_l[ulv kebrdhf[hevrbf
b lh]^Z _]hke_^m_l jZa[blvgZ g_kdhevdh [he__f_edboe_]dh ^hklb`bfuo
j_amevlZlh\GZijbf_j\u fh`_l_ihklZ\blv i_j_^kh[hc p_evklZlv emqrbf
b]jhdhf \l_ggbkWlhhq_\b^ghg_ ijhbahc^_l gZke_^mxs_c g_^_e_wlh
kebrdhf kfmlgucb hl^Ze_gguc ih\j_f_gb j_amevlZl?]h ke_^m_ljZa[blv gZ
f_gvrb_ dmkdblZd qlhkijhkbl_ k_[yQlh ij_iylkl\m_l fg_\ ^hklb`_gbb
wlh]h"
Wlhl \hijhk\uk\_lbl g_kdhevdhhq_\b^guo ijh[e_fGZijbf_jm \Zkg_l
ohjhr_c
l_ggbkghc jZd_ldbb \Zf g_h[oh^bfhqlh[u \Zk
lj_gbjh\Ze
ijhn_kkbhgZevguc lj_g_jAZl_f ij_\jZlbl_wlb ijh[e_fu\ p_ebkijhkb\ k_[y
Qlh yohqm \f_klh wlh]h"Fg_ g_h[oh^bfhdmiblv ohjhrmx jZd_ldm bgZclb
lj_g_jZIjh[e_fZ wlh ijhklhj_amevlZldhlhjuc g_ijZ\bevghknhjfmebjh\Zg
<hafh`ghihklZ\b\ i_j_^kh[hc [hevrb_p_eb\Zf ijb^_lkyg_kdhevdh jZa
ijhclb q_j_aijhp_kk nhjfmebjh\ZgbyihdZ \ug_ ijb^_l_ dlhfmqlh i_j\uc
rZ] ijbf_ljZamfgu_ jZaf_ju b hdZ`_lky ^hklb`bfuf>Z`_ kZfh_ ^ebggh_
iml_r_kl\b_ gZqbgZ_lkyk i_j\h]hrZ]Z \ ijZ\bevghfgZijZ\e_gbbdhg_qgh
K ^jm]hc klhjhguj_amevlZl
fh`_l ihdZaZlvky kebrdhf
f_edbf b
ljb\bZevgufqlh[u fhlb\bjh\Zlv\ZkGZijbf_jy fh]mihklZ\blv i_j_^kh[hc
aZ^Zqm
gZ\_klb
ihjy^hd
\
jZ[hq_f
dZ[bg_l_
g_agZqbl_evgmx
b
fZehijb\e_dZl_evgmx aZ^ZqmQlh[u ijb^Zlv_c g_dhlhjh_dhebq_kl\h wg_j]bb
fg_ g_h[oh^bfhijb^mfZlvdZd wlh k\yaZghk [he__rbjhdbf[he__ \Z`guf
[he__ fhlb\bjmxsbfj_amevlZlhfLZd y kijZrb\Zx k_[y?keb yihemqm wlhl
j_amevlZlqlh hg ^Zkl fg_"< ^Zgghfijbf_j_ wlhfh`_l [ulv rZ]hf
g_h[oh^bfuf ^eylh]hqlh[u ih^]hlh\blv jZ[hq__ijhkljZgkl\h djZ[hl_ gZ^
q_flh ^jm]bfagZqbl_evgh [he__ bgl_j_kgufKh_^bgb\ wlb \_sby fh]m
\aylvky aZwlm g_agZqbl_evgmxaZ^Zqm kwg_j]b_cbkoh^ys_c ba[he__ rbjhdh]h
j_amevlZlZ
AZdexqbl_evgZy jZfdZ \hdjm]\u[hjZ j_amevlZlh\ wdheh]bq_kdZyG_l
lZdh]h q_eh\_dZdhlhjuc [u `bebahebjh\Zggh hl^jm]bo ex^_cfu \k_
y\ey_fky qZklvx [he__ rbjhdhc kbkl_fuk_fvbjZ[hludjm]Z ^jma_cb
h[s_kl\Z \ p_ehf<Zf ke_^m_ljZkkfhlj_lv ihke_^kl\by ^hklb`_gby k\hbo
j_amevlZlh\ \dhgl_dkl_ wlbo[he__ rbjhdbo\aZbfhhlghr_gbc<hagbdgml ebg_
`_eZl_evgu_ ih[hqgu_ wnn_dlu"Hl q_]hijb^_lky hldZaZlvkybeb kq_f gh\uf
ijb^_lky kfbjblvkyqlh[u ^hklbqvk\h_]h j_amevlZlZ"
GZijbf_j\hafh`ghqlh \uohl_eb [ubf_lv [hevr_jZ[hluWlh [m^_l
aZ[bjZlv [hevr_\j_f_gblZd qlhf_gvr_ \j_f_gb\u [m^_l_ijh\h^blv khk\h_c
k_fv_cAZdexq_gb_ [hevrh]hdhgljZdlZ fh`_lm\_ebqblv \ZrmjZ[hqmx gZ]jmadm
^h lZdhckl_i_gbqlh \ug_ kfh`_l_ghjfZevgh kijZ\eylvky khk\h_c jZ[hlhc
M[_^bl_kv lZd`_qlh \Zrj_amevlZl gZoh^blky\ iheghc]Zjfhgbb k\ZfbdZd k
p_evghc ebqghklvxJ_amevlZlu wlh g_lhqlh \Zfgm`gh ihemqblv\ ms_j[
^jm]bfGZb[he__ agZqbl_evgu_b m^h\e_l\hjyxsb_j_amevlZlu ^hklb]Zxlkyiml_f
i_j_]h\hjh\ b khljm^gbq_kl\Zqlh[u mklZgh\blv lZdhc jZa^_ey_fuc \k_fb
j_amevlZl\ dhlhjhf dZ`^uc hdZau\Z_lky ih[_^bl_e_fWlh Z\lhfZlbq_kdb
jZaj_rZ_l ijh[e_fmk wdheh]bq_kdbfbkoh^hf
LZdh]h jh^Zbkoh^u fh]ml\ugm^blv \Zki_j_kfhlj_lv k\hb j_amevlZlubeb
i_j_clb d ^jm]hfmj_amevlZlmdhlhjuc kem`bl lhfm`_ gZf_j_gbxgh [_a
g_`_eZl_evguo ih[hqguoy\e_gbcDeZkkbq_kdbf ijbf_jhf\u[hjZ g_wdheh]bqgh]h
j_amevlZlZ [ue pZjvFb^Zkdhlhjuc ohl_eqlh[u \k_q_]h hgdZkZeky
ij_\jZsZehkv \ahehlhHq_gv kdhjhhg h[gZjm`beqlh klhedgmekyk k_jv_agufb
ljm^ghklyfb
J_amevlZluJ_axf_
<u fh`_l_ aZihfgblv ke_^mxsb_ijZ\beZ kihfhsvx fg_fhgbq_kdh]hkeh\Z
I:DIJJW[md\u dhlhjh]h y\eyxlky i_j\ufb [md\Zfb \ gZa\Zgbb dZ`^h]h
ke_^mxs_]h rZ]Z\ hij_^_e_gbbohjhrh knhjfbjh\Zggh]hj_amevlZlZ
Ihablb\gZy nhjfmebjh\dZ
Ih^mfZcl_ hlhfq_]h \uohlbl_Z g_h lhfq_]h g_ohlbl_Kijhkbl_
Qlh yohl_e [ubf_lv"Q_]h y\ ^_ckl\bl_evghklbohqm"
:dlb\gZy ihabpby
Ih^mfZcl_ h lhfqlh \u [m^_l_Zdlb\gh ^_eZlvKijhkbl_Qlh y[m^m
^_eZlvqlh[u ^hklbqvk\h_]h j_amevlZlZ"
DZd yfh]m gZqZlvb ih^^_j`b\Zlvijhp_kk ^hklb`_gbyj_amevlZlZ"
Dhgdj_lghklv
Ij_^klZ\vl_ k_[_ j_amevlZl gZklhevdh dhgdj_lghgZkdhevdh fh`_l_
Kijhkbl_Dlh]^_dh]^Zqlh bdZd dhgdj_lgh"
Ih^l\_j`^_gb_
Ih^mfZcl_ h k_gkhjgh h[hkgh\Zgghf ih^l\_j`^_gbbdhlhjh_ ^Zkl \Zf
ihgylvqlh \um`_ ihemqbeblhq_]h ohl_eb
Kijhkbl_Qlh ym\b`mmkeurm bihqm\kl\mxdh]^Z [m^mbf_lv wlh"DZd
y magZxqlh wlhm`_ _klvm f_gy"
RZ] \\_jo?keb yihemqm wlhlj_amevlZl
qlh hg^Zkl fg_"
J_amevlZl RZ]\gba Qlhfg_ f_rZ_l"F_edbc j_amevlZl
J_kmjku
?klv ebm \Zkih^oh^ysb_ j_kmjkub \u[hjug_h[oh^bfu_ ^eylh]hqlh[u
ihemqblv \Zrj_amevlZl"
Kijhkbl_< dZdboj_kmjkZo ygm`^Zxkvqlh[u ihemqblvk\hc j_amevlZl"
JZaf_ju
Bf__l ebj_amevlZl ih^oh^ysb_jZaf_ju"?keb hgkebrdhf \_ebdkijhkbl_
Qlh f_rZ_l fg__]h ihemqblv"b jZa[_cl_dhg_qguc j_amevlZl gZ[he__
f_edb_K^_eZcl_ bo^hklZlhqgh ykgufbb ^hklb`bfufb
?keb `_ hg kebrdhffZe ^eylh]hqlh[u [ulvfhlb\bjmxsbfkijhkbl_
?keb yihemqm wlhlj_amevlZlqlh wlhfg_ ^Zkl"
>\b]Zcl_kv \\_jo ^h l_oihjihdZ \u g_ gZc^_l_ k\yav k lZdbf
j_amevlZlhfdhlhjuc [m^_l^hklZlhqgh [hevrbfb fhlb\bjmxsbf
Wdheh]bq_kdZy jZfdZ
Ijh\_jvl_
ihke_^kl\bydhlhju_
\hagbdgml
\
\Zr_c
`bagb
b
\aZbfhhlghr_gbyo \lhf kemqZ__keb \uihemqbl_ k\hcj_amevlZl
Kijhkbl_Dh]h _s_aZljhg_l wlhlj_amevlZl"Qlh kemqblky_keb y_]h
ihemqm"?keb [u y ihemqbe
_]h
g_f_^e_gghkfh] eb
[u
y
bf
\hkihevah\Zlvky"
;m^vl_ \gbfZl_evgud k\h_fmhsms_gbx khfg_gbydhlhju_ gZqbgZxlky kh
keh\>Zgh
DZdb_ khh[jZ`_gby wlh qm\kl\h khfg_gbyij_^klZ\ey_l"DZd \u fh`_l_
baf_gblv k\hcj_amevlZlqlh[u ijbgylv\ jZkq_lwlb khh[jZ`_gby"
L_i_jv ijh]hgbl_ wlhl fh^bnbpbjh\Zgguc j_amevlZl q_j_a I:DIJJW
ijhp_kkqlh[u ijh\_jblvy\ey_lky ebhg ohjhrhknhjfbjh\Zgguf
Ihke_^gbc rZ] gZqbgZcl_ ^_ckl\h\Zlv<Zf ke_^m_l k^_eZlvi_j\h_
^\b`_gb_Lukyq_dbehf_ljh\h_ iml_r_kl\b_gZqbgZ_lky ki_j\h]h rZ]Z
?keb
j_amevlZl ohjhrh knhjfbjh\Zglh
hg y\ey_lky ^hklb`bfuf
fhlb\bjmxsbf bh[yau\Zxsbf
G:KLHYS?? KHKLHYGB?B @?E:?FH? KHKLHYGB?
H^bg bakihkh[h\ ij_^klZ\eylv k_[_ baf_g_gby \[bag_k_ebqghklghf
jZa\blbb bebh[jZah\Zgbb khklhbl\ lhfqlh[u ^mfZlvh g_fdZd himl_r_kl\bb
hl gZklhys_]hkhklhygby d `_eZ_fhfm khklhygbxIjh[e_fZ aZdexqZ_lky \
jZaebqbb f_`^mwlbfb ^\mfykhklhygbyfbIhklZ\b\ i_j_^kh[hc j_amevlZl \
[m^ms_f\u \g_dhlhjhf kfuke_kha^Z_l_ ijh[e_fm\ gZklhys_fbgZh[hjhl
ex[Zy ijh[e_fZ\ gZklhys_ffh`_l [ulvij_\jZs_gZ \[m^msbc j_amevlZl
<Zr_ ih\_^_gb_fukeb b qm\kl\Z [m^mljZaebqgufb \gZklhys_f b \
`_eZ_fhf khklhygbbQlh[u ^\b]Zlvky hl h^gh]h d ^jm]hfm\Zf g_h[oh^bfu
j_kmjku
Wg_j]by ^ey iml_r_kl\by ijboh^bl bafhlb\Zpbb@_eZ_fh_ khklhygb_
^he`gh [ulv q_flh lZdbfq_]h fu ^_ckl\bl_evghohlbfbeb g_ihkj_^kl\_ggh
k\yaZgguf k l_fq_]h fu\ ^_ckl\bl_evghklbohlbfFu ^he`gu lZd`_ [ulv
aZo\Zq_gu j_amevlZlhfH]h\hjdb qZklh ihdZau\Zxlqlh wdheh]byg_ [ueZ
iheghklvx ijbgylZ\ jZkq_lDhjhq_ ]h\hjyfu ^he`gu ohl_lv kh\_jrblv
iml_r_kl\b_ b\_jblv \lhqlh p_evy\ey_lky ^hklb`bfhcb klhbllh]hqlh[u
__ ^hklb]Zlv
Mf_gbyl_ogbdb b j_kmjkgu_khklhygby y\eyxlkykj_^kl\Zfb ^hklb`_gby
p_ebHgb fh]ml
\dexqZlv \ k_[y gZrm nbabheh]bxiblZgb_kbem b
\ughkeb\hklvGEI mf_gby wlh fhsgu_ j_kmjku ^eyij_h^he_gby [Zjv_jh\
khijhlb\e_gby bijhlb\h^_ckl\by
DHFFMGBD:PBY
DhffmgbdZpby wlh fgh]h]jZggh_keh\hdhlhjh_ \dexqZ_l\ k_[yex[h_
\aZbfh^_ckl\b_ k ^jm]bfbex^vfbkemqZcguc jZa]h\hjm[_`^_gb_h[mq_gb_ b
i_j_]h\hju
Qlh hagZqZ_l keh\h
dhffmgbdZpby"Wlh keh\h ij_^klZ\ey_l kh[hc
klZlbq_kdh_ kms_kl\bl_evgh_Z j_ZevgZydhffmgbdZpby wlh pbdeu bebi_leb
h[jZlguo k\ya_cdhlhju_ \dexqZxl ih djZcg_c f_j_^\mo q_eh\_d<u g_
kfh`_l_ \klmiblv\ dhffmgbdZpbx k\hkdh\hc dmdehcwlh [m^_lebr_gh kfukeZ
wlh g_ \uah\_l j_ZdpbcDh]^Z \u \klmiZ_l_ \ dhffmgbdZpbx k ^jm]bf
q_eh\_dhf\u ihemqZ_l__]h j_Zdpbxb j_Z]bjm_l_ kZfbk\hbfb kh[kl\_ggufb
fukeyfb b qm\kl\Zfb<Zr_ l_dms__ih\_^_gb_ nhjfbjm_lky\Zrbfb \gmlj_ggbfb
hldebdZfb gZ lhqlh \u\b^bl_ b keurbl_Lhevdh [eZ]h^Zjylhfmqlh \u
h[jZsZ_l_ \gbfZgb_gZ ^jm]h]hq_eh\_dZm \Zk\hh[s_ \hagbdZ_lb^_y hlhf
qlh kdZaZlv beb k^_eZlv \ke_^mxsbc fhf_gl<Zr iZjlg_jj_Z]bjm_l gZ\Zr_
ih\_^_gb_ lZdbf`_ h[jZahf
<u h[sZ_l_kv k ihfhsvxkeh\k ihfhsvxhll_gdh\ k\h_]h]hehkZ b k
ihfhsvx k\h_]hl_eZiha`_klh\ b\ujZ`_gby ebpZ<u g_fh`_l_ g_h[sZlvky
DZdh_lh khh[s_gb_i_j_^Z_lky^Z`_ _keb \ug_ ]h\hjbl_gbq_]h bkhojZgy_l_
fheqZgb_BlZddhffmgbdZpby \dexqZ_l \k_[y khh[s_gbydhlhju_ i_j_^Zxlky
hl h^gh]hq_eh\_dZ d ^jm]hfmDZd \u magZ_l_qlh khh[s_gb_dhlhjh_ \u
ihkueZ_l_y\ey_lky bf_gghl_f khh[s_gb_fdhlhjh_ \Zr iZjlg_j ihemqbe"
<_jhylghm \Zk[ue hiuldh]^Z \uk^_eZeb dhfmlh g_cljZevgh_ khh[s_gb_b
[ueb m^b\e_gul_f agZq_gb_fdhlhjh_ lhlijb^Ze \Zr_fmkhh[s_gbxM\_j_gu eb
\u \ lhfqlh kfukedhlhjuc ihemqbe\Zr iZjlg_jy\ey_lky bf_gghl_f
kfukehfdhlhjuc \ugZf_j_\Zebkv _fmi_j_^Zlv"
?klv bgl_j_kgh_mijZ`g_gb_dhlhjh_ bkihevam_lky\ lj_ggbg]h\uodmjkZo
GEI<u \u[bjZ_l_ ijhklh_ij_^eh`_gb_gZijbf_jK_]h^gy ohjhrbc^_gvb
ljb hkgh\guowfhpbhgZevguo khh[s_gbydhlhju_ \u ohlbl_ i_j_^Zlv kwlbf
ij_^eh`_gb_f<u
fh`_l_
kdZaZlv
wlh
\hklhj`_gghm]jh`Zxs_
beb
kZjdZklbq_kdb<u ijh]h\Zjb\Z_l_k\h_ ij_^eh`_gb_ ^jm]hfmq_eh\_dm lj_fy
kihkh[Zfbg_ ]h\hjy_fm hl_o lj_okhh[s_gbyodhlhju_ \uohlbl_ i_j_^Zlv
AZl_f \Zr iZjlg_j h[tykgy_l \ZfdZdb_ wfhpbhgZevgu_ khh[s_gby hg \
^_ckl\bl_evghklb ihemqbe\ wlboij_^eh`_gbyoBgh]^Z lhqlh \ugZf_j_\Zebkv
khh[sblv[meZl khhl\_lkl\h\Zlv lhfmqlh iZjlg_j ihemqbeQZklh wlh]h
khhl\_lkl\by g_[m^_lLh]^Z \u^he`gu ih^mfZlvgZ^ l_fqlh \Zfke_^m_l
baf_gblv \ k\h_f]hehk_ b^\b`_gbyo l_eZqlh[u [ulvm\_j_gguf \lhfqlh
khh[s_gb_dhlhjh_ ihemqZ_lgZr iZjlg_jwlh bf_ggh lhkhh[s_gb_dhlhjh_
\u ihkeZeb
DhffmgbdZpby wlh agZqbl_evgh [hevr_q_f l_ keh\Zdhlhju_ fu
]h\hjbfHgb khklZ\eyxl ebrv fZemx qZklv lh]hqlh fu \ujZ`Z_f dZd
q_eh\_q_kdb_ kms_kl\ZBkke_^h\Zgby ihdZau\Zxlqlh \h\j_fy ij_a_glZpbb
i_j_^ ]jmiihcex^_c \ha^_ckl\by hij_^_ey_lkyyaudhf \Zrbol_eh^\b`_gbc
ihau`_klu bdhglZdl ]eZaZfbhij_^_ey_lky lhghf\Zr_]h ]hehkZb ebrv
kh^_j`Zgb_f lh]hh q_f \u ]h\hjbl_F:j^`Zce b^j\ ;jblZgkdhf
`mjgZe_ khpbZevghcb debgbq_kdhcikboheh]bblk
Lhqgu_ pbnju[m^ml jZaebqgufb\ jZaguokblmZpbyogh yaudl_eh^\b`_gbc
b lhg]hehkZ \ghkylh]jhfgu_ jZaebqby\ kbem\ha^_ckl\by bkfuke lh]hh q_f
fu ]h\hjbfJZaebqb_ kha^Z_lkyg_ l_fqlh fu ]h\hjbfZ l_fdZd fu wlh
]h\hjbfFZj]Zj_l Lwlq_jaZljZlbeZ mcfm \j_f_gb b mkbebc gZlhqlh[u
baf_gblv k\hc]hehkLhg ]hehkZ byaud l_eh^\b`_gbchij_^_eyxl[m^_l eb
keh\h ijb\_la\mqZlv dZdijhklh_ ijb\_lkl\b_dZd m]jhaZdZd ih^Z\e_gb_
beb dZdhqZjh\Zl_evgh_ \hkdebpZgb_:dl_ju gZ kZfhf^_e_ jZ[hlZxl g_ kh
keh\Zfbhgb hllZqb\Zxllhg ]hehkZb yaud l_eh^\b`_gbcEx[hc Zdl_j^he`_g
mf_lv i_j_^Zlv ih djZcg_c f_j_^x`bgm jZaebqguohll_gdh\ kfukeZ \keh\_
g_lDZ`^uc ba gZk \ujZ`Z_l fgh`_kl\h hll_gdh\ kfukeZ \ _`_^g_\guo
jZa]h\hjZo b\_jhylghbf__l ^x`bgm jZaebqguo kihkh[h\ kdZaZlv g_l
lhevdh fug_ ^mfZ_fh[ wlhfkhagZl_evgh
?keb keh\Z y\eyxlky kh^_j`Zgb_fkhh[s_gbylh ihau`_klu\ujZ`_gb_
ebpZ b lhg ]hehkZ ij_^klZ\eyxl kh[hc dhgl_dkl\ dhlhjuc ihf_sZxlky
khh[s_gbyZ \f_kl_hgb h[jZamxlkfuke dhffmgbdZpbb
BlZdg_l ]ZjZglbbqlh ^jm]hcq_eh\_d ihgbfZ_l kfukelh]hqlh \u
iulZ_l_kv khh[sblvHl\_l gZ wlhl\hijhk \ha\jZsZ_lgZk kgh\Zd j_amevlZlm
qm\kl\bl_evghklb b ]b[dhklb<u agZ_l_j_amevlZl k\h_c dhffmgbdZpbb<u
aZf_qZ_l_ j_Zdpbbdhlhju_ \uihemqZ_l_b \ugZklhcqb\h baf_gy_l_\Zrb
^_ckl\by bebkeh\Z ^hl_o ihjihdZ \ug_ ihemqbl_`_eZ_fmx j_Zdpbx
Qlh[u klZlv wnn_dlb\gufdhffmgbdZlhjhf^_ckl\mcl_ \ khhl\_lkl\bb k
ijbgpbihf
Kfuke dhffmgbdZpbb\ lhcj_Zdpbbdhlhjmx \uihemqZ_l_
Fu ihklhygghbkihevam_f gZrbdhffmgbdZpbhggu_ mf_gbyqlh[u hdZau\Zlv
\ebygb_ gZex^_cl_jZibyf_g_^`f_gl bh[jZah\Zgb_ \dexqZxl\ k_[ymf_gby
h[sZlvky b hdZau\Zlv\ebygb_ gZ ex^_cKms_kl\m_l iZjZ^hdkgbdh]h g_
[_kihdhbl h[mq_gb_g_wnn_dlb\guf mf_gbyf\ lh`_ \j_fywnn_dlb\gu_ mf_gby
fh]ml [ulvijbagZgu ihjhqgufbb bffh`_l [ulvijbk\h_g yjeud fZgbimeypbb
FZgbimeypby g_k_lg_]Zlb\gmx dhgghlZpbxdZd [m^lh\u hdZau\Z_l_^Z\e_gb_ gZ
q_eh\_dZqlh[u k^_eZlvqlhlh ijhlb\_]h bgl_j_kh\
Wlh Z[khexlghg_\_jgh ihhlghr_gbx d GEIGEI wlh kihkh[ghklv
wnn_dlb\gh \aZbfh^_ckl\h\Zlv k ^jm]bfb ex^vfbb kihkh[ghklv ihgbfZlv b
m\Z`Zlv bo fh^_eb fbjZDhffmgbdZpby wlh aZfdgmlucpbdelhqlh \u
^_eZ_l_hdZau\Z_l \ebygb_ gZ ^jm]h]h q_eh\_dZZ lhqlh hg^_eZ_l
hdZau\Z_l \ebygb_gZ \Zkwlh g_fh`_l ijhbkoh^blv bgZq_<u fh`_l_\aylv
gZ k_[y hl\_lkl\_gghklv aZk\hx qZklv\ wlhf pbde_<u m`_ hdZau\Z_l_
\ebygb_ gZ^jm]bo ex^_c_^bgkl\_gguc \u[hjaZdexqZ_lky \lhfhkhagZ\Zlv
beb g_hkhagZ\Zlv lhlwnn_dldhlhjuc \uijhba\h^bl_?^bgkl\_gguc \hijhk
fh`_l_ eb\u \ebylvgZ ex^_ckhojZgyy p_ehklghklvb ijyfhlm"Kh]eZkm_lky eb
wlh \ebygb_k \Zrbfbp_gghklyfb"L_ogbdb GEIy\eyxlky g_cljZevgufbDZd b \
kemqZ_ mijZ\e_gby Z\lhfh[be_fbo bkihevah\Zgb_ b ijbf_g_gb_ aZ\bkbl hl
fZkl_jkl\Z bgZf_j_gbb q_eh\_dZkb^ys_]h aZjme_f mijZ\e_gby
J:IIHJL
DZd \uihiZ^Z_l_ \aZfdgmluc pbdedhffmgbdZpbb"DZd \ufh`_l_ mq_klvb
hp_gblv fh^_ev fbjZ^jm]h]h q_eh\_dZb h^gh\j_f_ggh khojZgblvkh[kl\_ggmx
p_ehklghklv"< h[jZah\Zgbbl_jZibbdhgkmevlbjh\Zgbb[bag_k_lhj]h\e_ b
lj_gbg]_ jZiihjlbeb wfiZlbyy\ey_lky kms_kl\_gguf^ey mklZgh\e_gbylhc
Zlfhkn_ju ^h\_jbydhgnb^_gpbZevghklb b mqZklby\ dhlhjhc ex^b fh]ml
\aZbfh^_ckl\h\Zlv k\h[h^ghQlh fu^_eZ_f ^eylh]hqlh[u mklZgh\blvjZiihjl
k ex^vfbdZd fu kha^Z_fhlghr_gby ^h\_jbyb hlau\qb\hklbb dZd fufh`_f
jZnbgbjh\Zlv bmkbeb\Zlv k\hb_kl_kl\_ggu_ mf_gby"
Qlh[u ihemqblvijZdlbq_kdbcZ g_l_hj_lbq_kdbc hl\_lihklZ\bf \hijhk
ih^jm]hfmDZd \u magZ_l_dh]^Z ^\h_ex^_c gZoh^ylky \jZiihjl_"?keb \u
[jhkbl_ \a]ey^\hdjm] k_[y\ j_klhjZgZohnbkZo\ ex[uof_klZo]^_ ex^b
\klj_qZxlky bjZa]h\Zjb\Zxl ^jm]k ^jm]hflh dZd\u magZ_l_dZdb_ ex^bm`_
gZoh^ylky \jZiihjl_Z dZdb__s_ g_l"
Dh]^Z ^\h_ gZoh^ylky \ jZiihjl_bo l_eZlZd `_dZd bbo keh\Z
khhl\_lkl\mxl ^jm]^jm]mLhqlh fu ]h\hjbffh`_l kljhblvbeb jZajmrZlv
jZiihjlgh wlh ebrv dhffmgbdZpbbYaud l_eh^\b`_gbc b lhg ]hehkZ
hdZau\Zxlky [he__ \Z`gufb<u fh]eb aZf_lblvqlh ex^bgZoh^ysb_ky \
jZiihjl_bf_xl l_g^_gpbxd lhfmqlh[u hla_jdZeb\Zlvb khhl\_lkl\h\Zlv^jm]
^jm]m \ iha_`_klZo b \a]ey^ZoWlh ihoh`_gZ lZg_p\ dhlhjhfdZ`^uc
iZjlg_j hldebdZ_lkyb hla_jdZeb\Z_l ^\b`_gby ^jm]h]hk\hbfb kh[kl\_ggufb
^\b`_gbyfbHgb \h\e_q_gu \ lZg_p
\aZbfghc hlau\qb\hklbYaudb
bo
l_eh^\b`_gbc \aZbfgh^hihegyxl ^jm]^jm]Z
AZf_qZeb eb\u dh]^Zgb[m^vdZd \h\j_fy ijbylghc [_k_^uk d_fgb[m^v
\Zrb l_eZijbgbfZxl h^gm blm `_iham"Q_f ]em[`_[m^_l jZiihjll_f [he__
[ebadbf [m^_l klZgh\blvky wlh khhl\_lkl\b_DZ`_lkyqlh wlh mf_gb_
\jh`^_ggh_ihlhfm qlh gh\hjh`^_ggu_ ^_lb ^\b`mlky \ jblf k ]hehkhf
hdjm`Zxsbo boex^_cDh]^Z ex^bg_ gZoh^ylky\ jZiihjl_bo l_eZhljZ`Zxl
wlhqlh [uhgb gb ]h\hjbebbo l_eZg_ khhl\_lkl\mxl ^jm]^jm]m Hgbg_
\h\e_q_gu \lZg_pb \ufh`_l_ g_f_^e_gghwlh aZf_lblv
Mki_rgu_ ex^bkha^Zxl jZiihjlb jZiihjlkha^Z_l ^h\_jb_<u fh`_l_
mklZgh\blv jZiihjlk d_f m]h^ghkhagZl_evgh jZnbgbjmy_kl_kl\_ggh_ mf_gb_
mklZgZ\eb\Zlv jZiihjldhlhjh_ \ubkihevam_l_ dZ`^uc^_gvIh^kljZb\Zykv b
hljZ`Zy yaudl_eh^\b`_gbc blhg ]hehkZ\u fh`_l_mklZgh\blv jZiihjlihqlb k
ex[uf
q_eh\_dhfIh^kljhcdZ d ^\b`_gbx
]eZa y\ey_lky y\guf mf_gb_f
mklZgZ\eb\Zlv jZiihjl bh[uqgh _^bgkl\_ggufmf_gb_fdhlhjhfm khagZl_evgh
mqZlky \Zg]ebckdhc dmevlmj_\ dhlhjhckms_kl\m_l kljh]h_lZ[m gZlhqlh[u
aZf_qZlv yaudl_eh^\b`_gbc khagZl_evghb j_Z]bjh\ZlvgZ g_]h
MklZgh\blv jZiihjl wlh agZqbl ijbkh_^bgblvky d lZgpm^jm]h]h
q_eh\_dZih^kljZb\Zykv d_]h yaudml_eh^\b`_gbc qmldhb k m\Z`_gb_fWlh
ijh[jZku\Z_l fhklf_`^m \Zr_c b _]h fh^_evxfbjZIh^kljhcdZ wlh g_
ih^jZ`Zgb_dhlhjh_ aZf_lghij_m\_ebq_ggh b [_ajZa[hjZ dhibjm_l^\b`_gby
^jm]h]h q_eh\_dZqlh qZklhkqblZ_lky hkdhj[bl_evguf<u fh`_l_ih^kljhblvky
d ^\b`_gbyf jmdbkeZ[ufb ^\b`_gbyfb dbklbd ^\b`_gbyfl_eZ hl\_lgufb
^\b`_gbyfb ]heh\uWlh gZau\Z_lky i_j_dj_klgh_ hljZ`_gb_<u fh`_l_
ih^kljZb\Zlvky djZkij_^_e_gbx \_kZ l_eZ bd hkgh\ghc iha_Dh]^Z ex^b
ihoh`b ^jm]gZ ^jm]Zhgb gjZ\ylky^jm] ^jm]mIh^kljhcdZ d^uoZgbx y\ey_lky
hq_gv fhsgufkihkh[hf mklZgh\e_gbyjZiihjlZGZ\_jgh_\u m`_aZf_qZebqlh
dh]^Z ^\h_ex^_c gZoh^ylky\ ]em[hdhfjZiihjl_hgb ^urZl\ mgbkhg
Wlh hkgh\gu_we_f_glu jZiihjlZGh mdZ`^h]hdlh ohl_e[u bohk\hblv
^he`_g ihy\blvky k\hchiul \oh`^_gby\ jZiihjllZd qlh ke_ihdhibjh\Zlv
gZrb kh\_lug_ klhblH[jZsZcl_ \gbfZgb_gZ lhdZd wlh^_eZxl ^jm]b_ ex^b
Hlke_^bl_ kh[kl\_ggh__kl_kl\_ggh_\oh`^_gb_ \jZiihjlAZl_f jZnbgbjmcl_
k\hc hiulqlh[u bf_lv\hafh`ghklv \u[hjZlh]h bebbgh]h kihkh[Z\oh`^_gby \
jZiihjl
H[jZlbl_ hkh[h_ \gbfZgb_ gZ lhl fhf_gl_dh]^Z \u hlkljhbebkv
G_dhlhju_
dhgkmevlZglu
b l_jZi_\lu
hla_jdZeb\Zxl
b
ih^kljZb\Zxlky
g_hkhagZgghihqlb qlh dhfimevkb\ghHlkljhcdZ y\ey_lky hq_gvihe_aguf
mf_gb_fGZb[he__ we_]Zglguc kihkh[iheh`blv dhg_p jZa]h\hjmaZdexqZ_lky \
lhfqlh[u \uclb ba lZgpZ<u g_kfh`_l_ \uclb ba lZgpZ_keb \u g_
lZgp_\Zeb \i_j\hc ihabpbbGZb[he__ kbevgZyhlkljhcdZ hldmjkZ aZdexqZ_lky
\ lhfqlh[u ih\_jgmlv\ h[jZlgmxklhjhgm
Ih^kljhcdZ d ]hehkmy\ey_lky _s_ h^gbfkihkh[hfdhlhjuf \u fh`_l_
mklZgh\blv jZiihjl<u fh`_l_ih^kljhblvky dlhgml_fim]jhfdhklb bjblfm
j_qbWlh ihoh`_ gZ ijbkh_^bg_gb_ d i_gbxbeb d b]j_ gZ fmaudZevghf
bgkljmf_gl_\u \kljZb\Z_l_kv b]Zjfhgbqgh keb\Z_l_kv kh a\mqZgb_f<u
fh`_l_ bkihevah\Zlvih^kljhcdm d]hehkm ^ey mklZgh\e_gbyjZiihjlZ \h\j_fy
l_e_nhggh]h jZa]h\hjZAZl_f \u fh`_l_hlkljhblvkybaf_gb\ l_fi beb lhg
k\h_]h ]hehkZ d dhgpmjZa]h\hjZWlh \_kvfZihe_agh_ mf_gb_AZ\_jrblv
l_e_nhgguc jZa]h\hj_kl_kl\_gguf h[jZahfbgh]^Z ^h\hevghljm^gh
Kms_kl\mxl lhevdh^\Z h]jZgbq_gby^ey \Zr_ckihkh[ghklb mklZgZ\eb\Zlv
jZiihjlkl_i_gv\ dhlhjhc\u kihkh[gu\hkijbgbfZlv ihau`_klu biZll_jgu
j_qb ^jm]bo ex^_cb mf_gb_k dhlhjuf \ufh`_l_ ih^kljZb\Zlvky dgbf \
lZgp_ jZiihjlZ
H[jZlbl_ \gbfZgb_gZ lhdZd \uk_[y qm\kl\m_l_dh]^Z ih^kljZb\Z_l_kv
\u \iheg_ fh`_l_bkiulu\Zlv ^bkdhfnhjlih^kljZb\Zykv d g_dhlhjuf ex^yf
GZ\_jgydZ kms_kl\mxl g_dhlhju_ \b^uih\_^_gbyd dhlhjuf\u g_ohl_eb [u
ih^kljZb\Zlvky g_ihkj_^kl\_ggh<u [u g_ klZebih^kljZb\Zlvky d ^uoZgbx
qZklhlZ dhlhjh]h \ur_ \Zr_c_kl_kl\_gghc qZklhlubeb d ZklfZlbq_kdhfm
^uoZgbx<u fh]eb [u hla_jdZeb\Zlv b lh b^jm]h_ ^uoZgb_ g_[hevrbfb
jblfbq_kdbfb ^\b`_gbyfbk\h_c jmdb;_kihdhcgu_ ^\b`_gbyq_eh\_dZ fh]ml[ulv
ijb[eb`_ggh
hljZ`_gu jZkdZqb\Zgb_f \Zr_]h l_eZWlh
bgh]^Z gZau\Zxl
i_j_dj_klghc ih^kljhcdhcbkihevah\Zgb_ g_dhlhjuoZgZeh]h\ ih\_^_gby\f_klh
g_ihkj_^kl\_ggh]h hljZ`_gby?keb
\u
]hlh\u
ijbf_gylv
wlb mf_gby
khagZl_evgh\u kfh`_l_mklZgh\blv jZiihjl kd_f m]h^gh<u g_h[yaZgu
ex[blv ^jm]h]hq_eh\_dZqlh[u mklZgh\blv kgbf jZiihjl\u ijhklhkljhbl_
fhklqlh[u ihgylv_]h emqr_Ihkljh_gb_ jZiihjlZwlh h^bg\u[hjb \ug_
magZ_l_gZkdhevdh hgwnn_dlb\_g bdZdb_ j_amevlZluhg ijbghkbl^h l_oihj
ihdZ g_ihijh[m_l_ _]h
LZdbf h[jZahfjZiihjl wlh h[sbc
dhgl_dkl \hdjm] \_j[Zevgh]h
khh[s_gby?keb kfuke dhffmgbdZpbb aZdexqZ_lky\ lhcj_Zdpbbdhlhjmx hgZ
\uau\Z_llh ihkljh_gb_jZiihjlZ wlh kihkh[ghklv\uau\Zlv j_Zdpbb
IJBKH?>BG?GB? B<?>?GB?
JZiihjl iha\hey_l\Zf ihkljhblvfhkl d ^jm]hfmq_eh\_dm\u ihemqZ_l_
g_dhlhjmx lhqdm hihju ^ey ihgbfZgbyb dhglZdlZDh]^Z hgmklZgh\e_g\u
fh`_l_ gZqZlvbaf_gylv k\h_ih\_^_gb_b\_jhylgh\Zr iZjlg_jihke_^m_l aZ
\Zfb<u fh`_l_ih\_klb _]h\ ^jm]hf gZijZ\e_gbb<u^Zxsb_ky mqbl_ey wlh
l_dhlhju_ mklZgZ\eb\ZxljZiihjl b\oh^yl \ fbj mq_gbdZb l_f kZfuf
h[e_]qZxl mq_gbdm i_j_oh^ d emqr_fmihgbfZgbx ij_^f_lZ bebmf_gbyHgb
ohjhrh eZ^ylkh k\hbfbklm^_glZfbb ohjhrb_hlghr_gby h[e_]qZxlh[mq_gb_
< GEI wlhgZau\Z_lky ijbkh_^bg_gb_fb \_^_gb_fIjbkh_^bg_gb_ wlh
baf_g_gb_ kh[kl\_ggh]hih\_^_gby k l_fqlh[u ^jm]hcq_eh\_d ihke_^h\ZeaZ
\Zfb<_^_gb_ g_ [m^_ljZ[hlZlv [_ajZiihjlZ<u g_ kfh`_l_ ijh\_klb
dh]hgb[m^v q_j_afhklij_`^_ g_ihkljhb\ _]hDh]^Z y ]h\hjbe k\h_fm
^jm]mqlh yibrm dgb]mih g_cjhebg]\bklbq_kdhfmijh]jZffbjh\Zgbxy g_
ijbkh_^bgbeky dg_fmlZd qlhy g_kfh] [uijb\_klb _]hd h[tykg_gbxlh]hh
q_f yibkZe
KhojZgylv k\h_kh[kl\_ggh_ ih\_^_gb_ g_baf_ggufb `^Zlvdh]^Z ^jm]b_
ex^b ijbkh_^bgylky b ihcfml \Zkwlh h^bg \u[hjBgh]^Z hg ijbghkbl
g_iehob_ j_amevlZlubgh]^Z g_lKhojZgyy k\h_ kh[kl\_ggh_ ih\_^_gb_
ihklhygguf\u [m^_l_ihemqZlv kZfu_jZaghh[jZagu_ j_amevlZlugh g_\k_ hgb
[m^ml
ijb\e_dZl_evgufb?keb \u
]hlh\u baf_gylv k\h_
ih\_^_gb_
\
khhl\_lkl\bb kieZgbjm_fuf \Zfbj_amevlZlhf\u [ebadbd lhfmqlh[u klZlv
[he__ mki_rgufFu ijbkh_^bgy_fky ihklhygghqlh[u ih^kljhblvky
ih^
jZaebqgu_ h[s_kl\_ggu_kblmZpbbqlh[u mkihdhblv^jm]bo b kZfbfqm\kl\h\Zlv
k_[y kihdhcghFu ijbkh_^bgy_fkyd ^jm]bfdmevlmjZfm\Z`Zy qm`b_ ljZ^bpbb
?keb \uohlbl_ ihk_eblvky\ i_j\hdeZkkghfhl_e_lh \ugZ^_\Z_l_ ]Zeklmd<u
g_ jm]Z_l_kvi_j_^ k\ys_ggbdhf<u ijboh^bl_gZ kh[_k_^h\Zgb_\ ijbebqghc
h^_`^__keb k_jv_aghgZf_j_gu ihemqblvjZ[hlm
Ijbkh_^bg_gb_ wlh h[s__ mf_gb_ mklZgZ\eb\ZlvjZiihjldhlhjh_ fu
ijbf_gy_f ijb h[km`^_gbb h[sbo bgl_j_kh\^jma_cjZ[hlu b oh[[bFu
ijbkh_^bgy_fky dwfhpbyfDh]^Z ex[bfuci_qZe_gfu bkihevam_fkhqm\kl\_gguc
lhg ]hehkZb fZg_juZ g_djbqbf [h^jhG_ mgu\ZcWlh fh`_lmom^rblv _]h
gZkljh_gb_<u ohl_ebdZd emqr_l_m \Zk[ueb iheh`bl_evgu_gZf_j_gbygh
wlh g_kjZ[hlZeh;he__ m^Zqguc\ZjbZgl aZdexqZeky[u \ lhfqlh[u kgZqZeZ
hljZablvih^kljhblvky diha_ b bkihevah\Zlvfy]dbc lhg ]hehkZdhlhjuc
khhl\_lkl\m_l lhfmqlh hg qm\kl\m_l: aZl_f ihkl_i_ggh baf_gylv b
i_j_oh^blv d [he__ ihablb\ghc bj_kmjkghc ihabpbb?keb fhklihkljh_g
^jm]hc q_eh\_dihke_^m_l aZ\Zfb
Hg [m^_lg_hkhagZggh \hkijbgbfZlvqlh \um\Z`Z_l_ _]h khklhygb_b
aZohq_l ke_^h\Zlv aZ\Zfb_keb wlhlhl imlvih dhlhjhfmhg ohq_lb^lb
LZdh]h jh^Z
wfhpbhgZevgh_ ijbkh_^bg_gb_
b
\_^_gb_
y\ey_lky fhsguf
bgkljmf_glhf \dhgkmevlbjh\Zgbb bl_jZibb
=h\hjy kjZa]g_\Zgguf q_eh\_dhfih^kljhcl_kv d_]h ]g_\mg_fgh]h gb`_
_]h mjh\gy?keb \u aZc^_l_ kebrdhf ^Ze_dhlh \hagbdg_l hiZkghklv
h[hklj_gbyDZd lhevdh\u ih^kljhbebkv\u fh`_l_ gZqbgZlv \_klb _]h
ihkl_i_ggh \gbad [he__ kihdhcghfmkhklhygbxihkl_i_ggh mkihdZb\Zy k\h_
kh[kl\_ggh ih\_^_gb_D lhfmdlh gZklZb\Z_lgZ q_flhfh`gh ijbkh_^bgblvky
b ih^kljhblvky k ihfhsvx]hehkZ]h\hjy g_fgh]h ]jhfq_ b [uklj__q_f
h[uqgh
<u mklZgZ\eb\Z_l_jZiihjlijbgbfZy \h\gbfZgb_ lhqlh ex^b ]h\hjyl
<Zf g_l g_h[oh^bfhklb kh]eZrZlvky k wlbfH^bg hq_gv ohjhrbc kihkh[
ih^kljhblvky aZdexqZ_lky \ lhfqlh[u bkdexqblv keh\h ghba k\h_]h
keh\ZjyAZf_gbl_ _]hkhxahf bGhfh`_l [ulv^_kljmdlb\guf keh\hfhgh
ih^jZamf_\Z_lqlh \u keurbl_lhqlh \Zf]h\hjylghbf__l_ jy^
\hajZ`_gbcdhlhju_ g_ijbgbfZxl wlh \ jZkq_lB[_ah[b^ghHgh ijhklh
^h[Z\ey_l bjZkrbjy_l lhqlh m`_kdZaZghKeh\Z g_kml\ k_[_h]jhfgmx kbem
DZd [u gb [uehljm^ghmqblu\Zcl_ wlhlh]^Z \u^_ckl\bl_evgh kfh`_l_
mkbeblv jZiihjl
Ghkbl_eb h^ghcdmevlmju kdhj__\k_]h [m^mlbf_lv h[sb_p_gghklb bh[sbc
\a]ey^ gZ fbjH[sb_ bgl_j_kujZ[hlZ^jmavym\e_q_gbykbfiZlbb b
ZglbiZlbbiheblbq_kdb_ m[_`^_gby [m^mlkha^Z\Zlv g_dhlhjuc jZiihjlFu
_kl_kl\_ggh eZ^bf k
l_fb ex^vfbdhlhju_ jZa^_eyxl gZrb p_gghklb b
m[_`^_gby
Ijbkh_^bg_gb_ b\_^_gb_ wlh hkgh\gZy b^_y GEIHgZ \dexqZ_l\ k_[y
jZiihjl b m\Z`_gb_ d fh^_eb fbjZ ^jm]h]h q_eh\_dZHgZ ij_^iheZ]Z_l
ihablb\gu_ gZf_j_gby b y\ey_lkyfhsguf bgkljmf_glhfijh^\b`_gby dkh]eZkbx
beb jZa^_ey_fhfm j_amevlZlmQlh[u ijbkh_^bgblvky b \_klb mki_rgh\Zf
ke_^m_l \gbfZl_evghke_^blv aZ^jm]bf q_eh\_dhfb [ulv^hklZlhqgh ]b[dbf \
k\h_f kh[kl\_gghf ih\_^_gbbb j_ZdpbyoGEI wlh bkdmkkl\h dhffmgbdZpbb
baysgh_^hklZ\eyxs__ m^h\hevkl\b_b hq_gvwnn_dlb\gh_
=eZ\Z ><?JB <HKIJBYLBY
?keb maZfdgmlh]h pbdeZ dhffmgbdZpbb b _klvdZdh_lh gZqZehlh wlh
gZqZeh gZrb hj]Zguqm\kl\DZd ih^q_jdb\Ze He^hkOZdkeb^\_jb \hkijbylby
wlh gZrb hj]Zgu qm\kl\gZrb ]eZaZghkmrbjhl b dh`Z wlh gZrZ
_^bgkl\_ggZy lhqdZdhglZdlZ k\g_rgbf fbjhf
Gh ^Z`_ wlb lhqdb dhglZdlZ wlh g_kh\k_f lhqlh gZf dZ`_lky
<havfbl_gZijbf_j]eZaZ \Zrb hdgZ \fbjGZ kZfhf^_e_ wlhg_ hdgZb
^Z`_ g_ nhlhdZf_jZ<u dh]^Zgb[m^v bgl_j_kh\Zebkvl_fihq_fm nhlhdZf_jZ
gbdh]^Z g_ fh`_l mo\Zlblvkms_kl\h \bamZevgh]h h[jZaZdhlhjuc \u\b^bl_"
=eZaZ y\eyxlkyagZqbl_evgh [he__mlhgq_gguf bgkljmf_glhfq_f nhlhdZf_jZ
Hl^_evgu_ j_p_ilhjuiZehqdb bdhe[hqdb k_lqZldbj_Z]bjmxl g_gZ kZfk\_lZ
gZ baf_g_gbyb jZaebqby\ k\_l_
<hl ^h\hevghijhklZy aZ^ZqZjZkkfZljb\Zgb_ h^gh]hba wlbokeh\?keb
[u \Zrb ]eZaZb [mfZ]Z[ueb kh\_jr_gghg_ih^\b`gukeh\h ijhiZeh [udZd
lhevdh dZ`^Zy iZehqdZ ijhj_Z]bjh\ZeZgZ i_j\hgZqZevgucq_jguc beb [_euc
klbfmeQlh[u ijh^he`Zlv ihkueZlv bgnhjfZpbx h nhjf_[md\]eZaZ hq_gv
[ukljh ^jh`Zlqlh[u iZehqdbgZ ]jZgbp_[_eh]h bq_jgh]h ijh^he`ZebihemqZlv
klbfmeuLZdbf h[jZahffu ijh^he`Z_f\b^_lv [md\uH[jZa ijh_pbjm_lky\
i_j_\_jgmlhf \b^_gZ k_lqZld_dh^bjm_lky \\b^_ we_dljbq_kdbobfimevkh\ hl
iZehq_d bdhe[hq_d bjZaghkblky ihg_j\Zf \\bamZevgmx qZklvdhju ]heh\gh]h
fha]ZHdhgqZl_evgZy dZjlbgdZ ijh_pbjm_lky ba\g_gh kha^Z_lky]em[hdh
\gmljb ]heh\gh]hfha]Z
BlZdlhqlh fu \b^bfijhoh^bl keh`gmxk_jbx Zdlb\guo nbevljh\
\hkijbylbyLh `_kZfh_ \_jghb ^ey^jm]bo dZgZeh\ \hkijbylbyFbjdhlhjuc
fu \hkijbgbfZ_fwlh g_J_Zevguc fbjwlh g_j_ZevgZy l_jjblhjbyWlh dZjlZ
khklZ\e_ggZy gZr_c g_\jheh]b_cLhgZ qlh fu h[jZsZ_f \gbfZgb_gZ wlhc
dZjl_ijhoh^bl ^Zevg_crmx nbevljZpbb q_j_a gZrb m[_`^_gbybgl_j_ku b
ij_^ihql_gby
Fu fh`_f gZmqblvkyiha\heylv gZrbfhj]ZgZf qm\kl\ kem`blvgZf emqr_
Kihkh[ghklv aZf_qZlv[hevr_ b^_eZlv [he__lhgdb_ jZaebq_gby\h \k_odZgZeZo
\hkijbylby fh`_lagZqbl_evgh h[h]ZlblvgZrm `bagvb y\ey_lky\Z`guf mf_gb_f
\h fgh]bo h[eZklyo ^_yl_evghklb>_]mklZlhjm \bgg_h[oh^bf hq_gv lhgdbc
\dmkfmaudZglm kihkh[ghklv ^_eZlv lhgdb_ Zm^bZevgu_jZaebqbyDZf_ghl_k
beb j_aqbdih ^_j_\m^he`gu hsmsZlvk\hc fZl_jbZeqlh[u hk\h[h^blv nb]mju
ba ie_gZ^_j_\Z beb dZfgyOm^h`gbd ^he`_g [ulvqm\kl\bl_evguf dgxZgkZf
p\_lZ bnhjfu
Lj_gbjh\dZ wlbokihkh[ghkl_c aZdexqZ_lkyg_ \lhfqlh[u \b^_lv[hevr_
q_f ^jm]b_Z \ lhfqlh[u agZlvgZ qlhkfhlj_lv\ jZa\blbbmf_gby
\hkijbgbfZlv jZaebqbydhlhju_ kha^ZxljZaebqbyJZa\blb_ nbabq_kdbodZgZeh\
\hkijbylby k_gkhjghc hkljhlup_ev lj_gbg]h\GEI
J?IJ?A?GL:LB<GU? KBKL?FU
DhffmgbdZpby gZqbgZ_lky kgZrbo fuke_cb fu bkihevam_fkeh\Zlhg
]hehkZ byaud l_eh^\b`_gbc^ey lh]hqlh[u i_j_^Zlvbo ^jm]hfmq_eh\_dm:
qlh lZdh_gZrb fukeb"Kms_kl\m_l fgh`_kl\hjZaebqguo gZmqguohl\_lh\b \k_
`_ dZ`^hfm ba gZk ohjhrh agZdhfhqlh ij_^klZ\ey_l gZr_ kh[kl\_ggh_
fure_gb_H^bg ihe_aguckihkh[ ^mfZlvh fure_gbbaZdexqZ_lky \lhfqlh[u
^mfZlvqlh fubkihevam_f gZrbhj]Zgu qm\kl\\gmlj_ggbf kihkh[hf
Dh]^Z fu^mfZ_f hlhfqlh fu\b^bfkeurbf b hsmsZ_ffu \hkkha^Z_f
wlb dZjlbgua\mdb b hsms_gby\gmljb k_[yFu \gh\vi_j_`b\Z_f bgnhjfZpbx\
lhc k_gkhjghc nhjf_\ dhlhjhcfu i_j\hgZqZevgh__ \hkijbgbfZebBgh]^Z fu
hkhagZ_fqlh fuwlh ^_eZ_fbgh]^Z g_lFh`_l_ eb \ugZijbf_j\kihfgblv
dm^Z \u_a^beb \k\hc ihke_^gbchlimkd"
BlZddZd \uwlh \kihfgbeb"Fh`_l [ulvdZjlbgdZ lh]h f_klZ\kieueZ \
\Zr_c ]heh\_"<hafh`gh\u ijhbag_keb gZa\Zgb_
beb
mkeurZeb a\mdb
khimlkl\h\Z\rb_ hl^uomBebfh`_l [ulv\u \hkijhba\_eb k\hbhsms_gby
Fure_gb_ y\ey_lkygZklhevdh hq_\b^guf b[ZgZevguf ^_ckl\b_fqlh fugbdh]^Z
g_ aZ^mfu\Z_fkyh g_fFu ij_^ihqblZ_f^mfZlv hlhfh q_ffu ^mfZ_fZ g_h
lhfdZd fu^mfZ_fFu lZd`_ij_^iheZ]Z_fqlh ^jm]b_ex^b ^mfZxllhqgh lZd
`_dZd bfu
H^bg kihkh[dhlhjuf fu ^mfZ_faZdexqZ_lky
\ khagZl_evghf beb
[_kkhagZl_evghf \hkijhba\_^_gbbdZjlbga\mdh\hsms_gbc\dmkh\ baZiZoh\
dhlhju_ fu i_j_`b\ZebIhkj_^kl\hf yaudZfu fh`_f^Z`_ kha^ZlvjZaghh[jZab_
k_gkhjguo i_j_`b\Zgbc [_a lh]hqlh[u i_j_`b\Zlv bo \ ^_ckl\bl_evghklb
IjhqblZcl_ ke_^mxsbc Z[aZp gZklhevdhf_^e_gghgZkdhevdh \u km^h[kl\hf
fh`_l_ wlhk^_eZlv
AZ^mfZcl_kv gZfbgmlm hijh]med_ \ khkgh\hf e_km>_j_\vy \ha\urZxlky
gZ^ \Zfbh[klmiZy kh\k_o klhjhg<u \b^bl_djZkdb e_kZ \hdjm] k_[yb
khegp_ijh[b\Zykv kd\havebklvy ^_j_\v_\b dmklZjgbdh\hl[jZku\Z_l l_gbb
kha^Z_l fhaZbdmgZ ljZ\_<u ijhoh^bl_ kd\hav emq khegpZijhj\Z\rbcky
kd\hav ijhoeZ^gmxdjhgm baebklv_\ gZ^\Zr_c ]heh\hcBijh^\b]Zykv ^Zevr_
\u gZqbgZ_l_
hkhagZ\Zlv [_afhe\b_gZjmrZ_fh_
ebrv i_gb_f ilbp
^Z
ihojmklu\Zgb_f ih^gh]Zfbdh]^Z \ugZklmiZ_l_ gZkmob_ \_ldbrhjhohf \Zrbo
gh]klmiZxsbo ihfy]dhfm dh\jme_kZ<j_fy hl \j_f_gb jZa^Z_lkyj_adbc
lj_kddh]^Z \ukemqZcgh ehfZ_l_ kmomx \_ldmihiZ\rmx \Zfih^ gh]b<u
ijhly]b\Z_l_ jmdmb ijbdZkZ_l_kvd kl\hem^_j_\ZhsmsZy r_jhoh\Zlhklvdhju
ih^ k\h_ceZ^hgvxIhkl_i_ggh \u h[jZsZ_l_\gbfZgb_ gZ e_]dbc \_l_jhd
eZkdZxsbc \Zr_
ebphb aZf_qZ_l_
ZjhfZlguc aZiZo khkgh\hc
kfheu
ijh[b\Zxsbcky kd\hav^jm]b_[he__ ]jm[u_aZiZob e_kZIjh^he`Zy ijh]medm
\u \kihfbgZ_l_qlh m`bg[m^_l kdhjh]hlh\b wlh[m^_l h^ghba \ZrbokZfuo
ex[bfuo [ex^B \um`_ ihqlbqm\kl\m_l_ \dmkibsb \hjlm \ij_^\dmr_gbb
Qlh[u hkfukeblv wlhl ihke_^gbc Z[aZp\u ijhreb q_j_a \k_ wlb
i_j_`b\Zgby \
k\h_c ]heh\_bkihevamy k\hb hj]Zgu qm\kl\ \gmlj_ggbf
kihkh[hfqlh[u j_ij_a_glbjh\Zlv^Zggu_ i_j_`b\Zgbydhlhju_ [ueb\ua\Zgu \
\Zr_f \hh[jZ`_gbbk ihfhsvxkeh\<hafh`gh\u kha^Zebwlm kp_gm^hklZlhqgh
hlq_leb\hqlh[u ij_^klZ\blvk_[_ aZiZo e_kZ\ m`_\hh[jZ`Z_fhc kblmZpbb
?keb \u dh]^Zgb[m^v ]meyeb \ khkgh\hf e_kmlh\_jhylghaZihfgbeb
hkh[_ggu_ i_j_`b\Zgbyk\yaZggu_ k wlhcijh]medhc?keb `_k \Zfbgbdh]^Z
wlhx g_kemqZehkvlhgZ\_jgh_\u kdhgkljmbjh\Zeb wlhlhiul ba^jm]bo
ihoh`bo i_j_`b\Zgbc beb bkihevah\Zeb fZl_jbZeu l_e_\babhgguo
i_j_^Zq
nbevfh\dgb] beb ^jm]bo bklhqgbdh\<Zr_ i_j_`b\Zgb_[ueh khq_lZgb_f
\hkihfbgZgbc
b
\hh[jZ`_gby;hevrZy
qZklv
gZr_]h fure_gby h[uqgh
ij_^klZ\ey_l kh[hckf_kv lZdbo \hkihfbgZgbc b kdhgkljmbjh\Zgguok_gkhjguo
\i_qZle_gbc
Fu bkihevam_f h^gb b l_ `_ g_\jheh]bq_kdb_ imlb ^ey \gmlj_gg_c
j_ij_a_glZpbb hiulZb ^eyg_ihkj_^kl\_ggh]h _]h i_j_`b\ZgbyH^gb bl_ `_
g_cjhgu ]_g_jbjmxlwe_dljhobfbq_kdb_ aZjy^udhlhju_ fh]ml[ulv gZf_j_gu
Fukev bf__lg_ihkj_^kl\_ggu_ nbabq_kdb_ijhy\e_gbyfha] bl_eh ij_^klZ\eyxl
kh[hc h^gmkbkl_fmIj_^klZ\vl_ k_[_gZ f]gh\_gb_qlh \u_^bl_ k\hcex[bfuc
njmdlNjmdl fh`_l[ulv \hh[jZ`Z_fufZ \hlkexghhl^_e_gb_ g_l
Fu bkihevam_fk\hb hj]Zguqm\kl\ \g_rgbfkihkh[hfqlh[u \hkijbgbfZlv
fbjb \gmlj_ggbf kihkh[hfqlh[u j_ij_a_glbjh\Zlvi_j_ij_^klZ\eylv
i_j_`b\Zgby kZfbfk_[_< GEI l_imlbih dhlhjuf fuihemqZ_fojZgbf b
dh^bjm_f bgnhjfZpbx \ k\h_ffha]_dZjlbgdba\mdbhsms_gbyaZiZob b
\dmku ba\_klgu dZdj_ij_a_glZlb\gu_ kbkl_fu
<bamZevgZy kbkl_fZqZklh h[hagZqZ_fZy [md\hc<fh`_l bkihevah\Zlvky
\g_rgbf kihkh[hf_hl Zg]ebckdh]h H[WHUQDOdh]^Z fujZa]ey^u\Z_f \g_rgbc
fbj %Hbeb \gmlj_ggbf kihkh[hfLhl Zg]ebckdh]hLQWHUQDOdh]^Z fu
\bamZebabjm_f %LLhqgh lZd`_ Zm^bZevgZykbkl_fZ :fh`_l ih^jZa^_eylvky
gZ ijhkemrb\Zgb_\g_rgbo a\mdh\ $Hbeb \gmlj_ggboa\mdh\ :LHsms_gby
hlghkyl d dbg_kl_lbq_kdhckbkl_f_ D<g_rgyy dbg_kl_lbdZ .H\dexqZ_l
lZdlbevgu_ hsms_gbyijbdhkgh\_gbyl_fi_jZlmjm\eZ`ghklv<gmlj_ggyy
dbg_kl_lbdZ DL\dexqZ_l \kihfbgZ_fu_qm\kl\Zwfhpbb b\gmlj_ggb_ hsms_gby
[ZeZgkZ bhkhagZgb_ khklhygbyl_eZba\_klgu_ dZdijhijbhp_ilb\gu_ hsms_gby
dhlhju_ khh[sZxlgZf hlhfdZd fu^\b`_fkyG_ bf_y bofu g_kfh]eb [u
dhgljhebjh\Zlv iheh`_gb_k\h_]h l_eZ\ ijhkljZgkl\_k aZdjulufb]eZaZfb
<bamZevgZyZm^bZevgZy bdbg_kl_lbq_kdZy kbkl_fu y\eyxlky i_j\bqgufb
j_ij_a_glZlb\gufb kbkl_fZfbbkihevam_fufb \aZiZ^ghc dmevlmj_Hsms_gby
\dmkZ\dmkh\Zy kbkl_fZ <db aZiZoZh[hgyl_evgZy kbkl_fZ Hg_
y\eyxlky klhev`_ \Z`gufbb qZklh\dexqZxlky \dbg_kl_lbq_kdmx kbkl_fmHgb
qZklh kem`Zl \dZq_kl\_ fhsguob hq_gv[ukljuo k\ya_ck dZjlbgdZfba\mdZfb
b hsms_gbyfbZkkhpbbjh\Zggufb kgbfb J_ij_a_glZlb\gu_kbkl_fu
Fu bkihevam_f\k_ ljb i_j\bqgu_ j_ij_a_glZlb\gu_kbkl_fu ihklhyggh
ohly hkhagZ_f bo g_ \jZ\ghc kl_i_gbb fu bf__f kdehgghklv hl^Z\Zlv
ij_^ihql_gb_ h^gbf ih kjZ\g_gbx k ^jm]bfbGZijbf_jfgh]b_ ex^b bf_xl
\gmlj_ggbc
]hehkdhlhjuc \hagbdZ_l \ Zm^bZevghc kbkl_f_
b kha^Z_l
\gmlj_ggbc ^bZeh]Hgb i_j_qbkeyxlZj]mf_glu\lhjbqgh ijhkemrb\Zxlj_qb
ih^]hlZ\eb\Zxl j_iebdbbdZd ijZ\behh[km`^Zxl jZaebqgu_\_sb kZfbk
kh[hcL_f g_f_g__wlh ebrvh^bg bakihkh[h\ fure_gby
J_ij_a_glZlb\gu_
kbkl_fu
g_
y\eyxlky \aZbfhbkdexqZxsbfbFh`gh
\bamZebabjh\Zlv kp_gmbf_lv Zkkhpbbjh\Zggu_ k g_chsms_gby bh^gh\j_f_ggh
keurZlv a\mdbohly fh`_lhdZaZlvky ljm^gufh[jZsZlv \gbfZgb_gZ \k_ ljb
kbkl_fu \h^gh blh `_\j_fyG_dhlhjZy qZklvfukebl_evgh]h ijhp_kkZ\k_ `_
hklZg_lky g_hkhagZ\Z_fhc
Q_f [hevr_q_eh\_d ih]ehs_gk\hbf \gmlj_ggbf fb jhfdZjlbga\mdh\ b
hsms_gbcl_f f_gvr_hg [m^_l agZlvh lhfqlh ijhbkoh^bl\hdjm] g_]hdZd
lhl agZf_gblucrZofZlbkl gZf_`^mgZjh^ghf lmjgbj_dhlhjuc lZdm]em[beky \
ihabpbxdhlhjmx hg \b^_ek\hbf \gmlj_ggbf\ahjhfqlhkt_e ^\Z iheguo
h[_^Z aZh^bg \_q_jHg kh\_jr_gghaZ[ueqlh _ei_j\uc jZaIhl_jy\rbcky \
fukeyowlh hq_gvm^Zqgh_ hibkZgb_Ex^bi_j_`b\Zxsb_ kbevgu_ \gmlj_ggb_
wfhpbblZd`_ hdZau\Zxlkyf_g__ qm\kl\bl_evgufbd \g_rg_c[heb
GZr_ ih\_^_gb_ \hagbdZ_l ba kf_kb \gmlj_ggbo b\g_rgbo k_gkhjguo
i_j_`b\Zgbc< ex[hc fhf_gl \j_f_gb gZr_\gbfZgb_ khkj_^hlhqb\Z_lky gZ
jZaebqguo qZklyo gZr_]hhiulZ< lh \j_fy dZd \uqblZ_l_ wlmdgb]m\u
nbdkbjm_l_ k\h_ \gbfZgb_gZ kljZgbp_l_dklZ b\_jhylghg_ hkhagZ_l_
hsms_gby \k\h_c e_\hcgh]_^h l_oihjihdZ yg_ mihfygmeh[ wlhf
< lh\j_fydh]^Z yi_qZlZx wlhl l_dkly [hevr_cqZklvx hkhagZxk\hc
\gmlj_ggbc ^bZeh]ih^kljZb\Zxsbcky ih^fhx \_kvfZ gbadmxkdhjhklv i_qZlb
gZ dhfivxl_j_Y hl\e_dmkv_keb h[jZsm\gbfZgb_ gZ\g_rgb_ a\mdb;m^mqb g_
kebrdhf bkdmr_gguf\ ^_e_i_qZlZgby gZfZrbgd_y kfhljxgZ deZ\brbb hsmsZx
bo ih^ k\hbfbiZevpZfblZd qlh fhb \bamZevguc bdbg_kl_lbq_kdbc dZgZeu
bkihevamxlky \g_rgbf h[jZahfWlh baf_gblky_keb y hklZgh\exkvqlh[u
\bamZebabjh\Zlv kp_gmdhlhjmx
y ohl_e hibkZlvKms_kl\m_l g_kdhevdh
kb]gZeh\ hiZkghklbdhlhju_ kjZamaZo\Zlbeb [ufh_ \gbfZgb_\g_aZigZy [hev
fh_ bfyijhbag_k_ggh_ \kemoaZiZo ^ufZbeb aZiZoibsb _keb y]heh^_g
IJ?>IHQBL:?FU? J?IJ?A?GL:LB<GU?KBKL?FU
Fu ihklhyggh
h[jZsZ_f \gbfZgb_
bkihevam_f \k_ gZrb \g_rgb_ dZgZeu \hkijbylbyohly
gZ h^bg dZgZe[hevr_q_f gZ^jm]hc\ aZ\bkbfhklb hl
lh]hqlh fu^_eZ_f< om^h`_kl\_gghc]Ze_j__ fu[m^_f bkihevah\Zlv[hevr_c
qZklvx k\hb]eZaZgZ dhgp_jl_k\hb mrbB qlh m^b\bl_evghlZd wlhlh
qlh dh]^Zfu ^mfZ_ffu bf__fkdehgghklv [eZ]h\heblvih hlghr_gbx dh^ghc
fh`_l [ulv^\mf j_ij_a_glZlb\guf kbkl_fZfg_aZ\bkbfh hllh]hh q_f fu
^mfZ_fFu kihkh[gubkihevah\Zlv \k_kbkl_fugh d\hajZklm beb e_l fu
m`_ bf__fy\gu_ ij_^ihql_gby
Fgh]b_ ex^b fh]mlkha^Z\Zlv ykgu_ fuke_ggu_h[jZau b ^mfZlv]eZ\guf
h[jZahf dZjlbgdZfb>jm]b_ gZoh^ylwlm lhqdmaj_gby ljm^ghcHgb fh]ml^he]h
lhedh\Zlv kZfbk kh[hclh]^Z dZd ^jm]b_ hkgh\u\Zxlk\hb ^_ckl\by[hevr_c
qZklvx gZk\hbo hsms_gbyo ihhlghr_gbx d kblmZpbbDh]^Z q_eh\_d bf__l
l_g^_gpbx bkihevah\ZlvljZ^bpbhggh h^bg\gmlj_ggbc dZgZe\hkijbylbylh wlhl
dZgZe gZau\Z_lky\ GEI_]h ij_^ihqblZ_fhcbeb i_j\bqghckbkl_fhc<_jhylgh
hg hdZau\Z_lky [he__ ijhgbpZl_evguf b
kihkh[guf ^_eZlv [he__ lhgdb_
jZaebq_gby bf_ggh\ wlhckbkl_f_Z g_ \^jm]boWlh agZqblqlh g_dhlhju_
ex^b hdZau\Zxlky _kl_kl\_gguf h[jZahf [he__ lZeZgleb\ufb\ hl^_evguo
aZ^ZqZo b bf_gbyohgb gZmqbebkvb klZeb [he__bkdmkgufb wdki_jlZfb\
bkihevah\Zgbb h^gh]h beb ^\mo
\gmlj_ggbo dZgZeh\ \hkijbylbyBgh]^Z
dZdZygb[m^v j_ij_a_glZlb\gZy kbkl_fZy\ey_lky g_klhev ohjhrhjZa\blhcb
wlh ^_eZ_lhk\h_gb_ hij_^_e_gguo mf_gbc [he__ ljm^gufGZijbf_jfmaudZ
hdZau\Z_lky ljm^guf bkdmkkl\hf_keb g_l kihkh[ghklb hlq_leb\h keurZlv
a\mdb
Gb h^gZba kbkl_fg_ y\ey_lkyZ[khexlgh ij_^ihqlbl_evghc\k_ aZ\bkbl
hl lh]hqlh \u ohlbl_ k^_eZlv:le_lu gm`^Zxlky \ ohjhrh jZa\blhf
dbg_kl_lbq_kdhf hkhagZgbb ljm^gh klZlv ohjhrbf Zjobl_dlhjhfg_ bf_y
kihkh[ghklb kha^Z\Zlvykgu_ kdhgkljmbjh\Zggu_fukebl_evgu_ dZjlbgdbMf_gb_
h[t_^bgyxs__ \k_o]_gb_\aZdexqZ_lky \ lhfqlh hgbk\h[h^gh i_j_oh^yl hl
h^ghc j_ij_a_glZlb\ghckbkl_fu d^jm]hc bbkihevamxl gZb[he__ih^oh^ysmx ba
gbo ^eyj_rZ_fhc aZ^Zqb
JZaebqgu_ gZijZ\e_gby ikbohl_jZibb ijhy\eyxlkdehgghklv d jZaebqguf
j_ij_a_glZlb\guf
kbkl_fZfL_e_kgh
hjb_glbjh\ZggZy l_jZiby bagZqZevgh
dbg_kl_lbqgZikbohZgZeba y\ey_lkyij_bfms_kl\_ggh \_j[Zevguf bZm^bZevguf
:jl l_jZiby b
kbf\hebaf Xg]Z ij_^klZ\eyxl kh[hc ijbf_ju l_jZibc
[Zabjmxsboky [he__gZ \bamZevghcj_ij_a_glZlb\ghc kbkl_f_
YAUD BJ?IJ?A?GL:LB<GU? KBKL?FU
Fu bkihevam_f yaud^ey lh]hqlh[u i_j_^Z\Zlv^jm]bf k\hbfukeblZd
qlh g_m^b\bl_evghqlh l_keh\Zdhlhju_ fubkihevam_fhljZ`Zxl lhlkihkh[
dhlhjuf fu ^mfZ_f>`hg =jbg^_j jZkkdZau\Z_lh lhf\j_f_gbdh]^Z hgbk
JbqZj^hf ;wg^e_jhf`beb \aZ]hjh^ghf ^hf_b \_eb]jmiiu ih]_rlZevll_jZibb
JbqZj^Z jZkkf_rbeh^bg q_eh\_ddhlhjuc kdZaZeY \b`mqlh \u]h\hjbl_
Ih^mfZc h[wlhf [md\ZevghkdZaZe JbqZj^Qlh [u wlh fh]eh
agZqblv"
Gm ohjhrhhl\_lbe >`hgJZa[_j_f wlh^hkeh\ghIj_^iheh`bfwlh
hagZqZ_lqlh wlhl q_eh\_dkha^Z_l h[jZauba agZq_gby keh\dhlhju_ lu
ijhbaghkbrv
Wlh [ueZbgl_j_kgZy b^_yDh]^Z hgbijbreb \]jmiimhgb kjZam`_
ihijh[h\Zeb kh\_jr_gghgh\mx ijhp_^mjmHgb \ayeba_e_gu_`_elu_ bdjZkgu_
dZjlhqdb bh[hreb \k_oex^_c ]jmiiukijZrb\Zy bo hlhfk dZdhcp_evx hgb
kx^Z ijbrebL_ ex^bdhlhju_ bkihevah\Zeb fgh]h keh\
b \ujZ`_gbc
hibku\Zxsbo hsms_gbyihemqbeb `_elu_dZjlhqdbL_dlh mihlj_[eye fgh]h
keh\ bnjZahibku\Zxsbo kemrZgb_b a\mdbihemqbeb a_e_gu_dZjlhqdbL_ `_
ij_^klZ\bl_eb ]jmiiudhlhju_ bkihevah\Zebkeh\Z b njZauij_bfms_kl\_ggh
bf_xsb_ hlghr_gb_d \b^_gbxihemqbeb djZkgu_dZjlhqdb
AZl_f ke_^h\Zeh hq_gvijhklh_ mijZ`g_gb_Ex^b k kh\iZ^Zxsbf p\_lhf
dZjlhq_d ^he`gu[ueb k_klvih]h\hjblv ^jm] k^jm]hf \l_q_gb_ iylbfbgml
AZl_f hgbi_j_kZ`b\Zebkv bjZa]h\Zjb\Zeb kdZdbfgb[m^v h[eZ^Zl_e_fdZjlhqdb
^jm]h]h p\_lZJZaebqbydhlhju_ hgbgZ[ex^Zeb \h[s_gbb f_`^mex^vfb[ueb
m^b\bl_evgufbEx^b kh^gbf bl_f `_ p\_lhfdZjlhq_d mklZgZ\eb\ZebjZiihjl
agZqbl_evgh emqr_=jbg^_j b;wg^e_j ih^mfZebqlh wlhaZ\hjZ`b\Z_l b
gZ\h^bl gZhij_^_e_ggu_ fukeb
IJ?>BD:LU
Fu bkihevam_fkeh\Zqlh[u hibkZlvgZrb fukeblZdbf h[jZahfgZr \u[hj
keh\
[m^_l ihdZau\ZlvdZdmx j_ij_a_glZlb\gmx kbkl_fm fu bkihevam_f
Ij_^klZ\vl_ k_[_lj_o q_eh\_ddhlhju_ ijhqblZebh^gm blm `_dgb]m
I_j\uc fh`_lhlf_lblvdZd fgh]hhg M<B>?E \wlhc dgb]_dZd ohjhrh
ih^h[jZgu ijbf_juBEEXKLJBJMXSB? ij_^f_lb qlhhgZ gZibkZgZk ;E?KDHF
>jm]hfm
fh`_l
g_ ihgjZ\blvky LHG dgb]b__ J?ADBC klbevHg
nZdlbq_kdbg_ kfh]G:KLJHBLVKY gZb^_b Z\lhjZb ohl_e[u IHLHEDH<:LVk gbf
h[ wlhf
Lj_lbc ihqm\kl\m_lqlh ij_^f_l jZa[bjZ_lky hq_gv <A<?R?GGH?fm
bfihgbjm_l fZg_jZ\ dhlhjhcZ\lhj A:LJHGME\k_ dexq_\u_fhf_glub hge_]dh
MO<:LBL \k_gh\u_ b^_bHg QM<KL<M?LkbfiZlbx ihhlghr_gbx dZ\lhjm
Hgb \k_ qblZebh^gm blm `_dgb]m<u aZf_lbl_qlh dZ`^uc bagbo
\ujZ`Z_l k\h_hlghr_gb_ ddgb]_ jZaebqgufb kihkh[ZfbG_aZ\bkbfh hllh]h
qlh hgb^mfZxl hdgb]_bo hlebqZ_l lhdZd hgb^mfZxl hg_cI_j\uc fukebl
dZjlbgdZfb\lhjhc a\mdZfblj_lbc hsms_gbyfbWlb k_gkhjghhij_^_e_ggu_
keh\ZijbeZ]Zl_evgu_gZj_qby b]eZ]heu gZau\Zxlky \ ebl_jZlmj_ih GEI
ij_^bdZlZfbIjb\uqgh_ bkihevah\Zgb_h^gh]h \b^Z ij_^bdZlh\[m^_l mdZau\Zlv
gZ ij_^ihqblZ_fmxj_ij_a_glZlb\gmx kbkl_fmq_eh\_dZ
Fh`gh gZclbij_^ihqblZ_fmx kbkl_fmZ\lhjZ ex[hcdgb]bh[jZlb\ \gbfZgb_
gZ lhlyauddhlhjuf hgihevam_lkyBkdexq_gb_ khklZ\eyxldgb]b ihGEI\
dhlhjuo Z\lhjufh]ml ij_^ijbgylv[he__ jZkq_leb\ucih^oh^ d mihlj_[ey_fuf
keh\ZfDeZkkbq_kdZy ebl_jZlmjZ\k_]^Z kh^_j`bl [h]Zlucb jZaghh[jZaguc
gZ[hj ij_^bdZlh\bkihevamy \k_j_ij_a_glZlb\gu_ kbkl_fujZ\guf h[jZahf
LZdb_ keh\ZdZd ihgbfZlvh[tykgylv^mfZlvijhp_kkg_
y\eyxlky k_gkhjghhij_^_e_ggufb bke_^h\Zl_evghhdZau\Zxlky g_cljZevgufb
ih hlghr_gbx d j_ij_a_glZlb\gufkbkl_fZf< gZmqguoljm^Zo Z\lhju hl^Zxl
ij_^ihql_gb_ bf_ggh g_cljZevgufZ
g_ k_gkhjghhij_^_e_gguf
keh\Zf
\_jhylghg_hkhagZggh ihgbfZyqlh k_gkhjghhij_^_e_ggu_ keh\ZhdZau\Zxlky
[he__ ebqghklgufbih hlghr_gbxd Z\lhjmb qblZl_exbke_^h\Zl_evghf_g__
h[t_dlb\gufbH^gZdh g_cljZevgu_ keh\Z [m^ml i_j_\h^blvky qblZl_e_f
jZaebqgufb kihkh[Zfb dbg_kl_lbqgufZm^bZevguf b \bamZevgufb iheh`Zl
gZqZeh fgh`_kl\m ZdZ^_fbq_kdbokihjh\aZqZklmx ih ih\h^m agZq_gbywlbo
keh\DZ`^uc [m^_lm\_j_g \lhfqlh hgijZ\
<hafh`gh\Zf aZohq_lky magZlv gZ[m^ms__dZdh]h jh^Z keh\Z \u
ij_^ihqblZ_l_ \h[uqguo jZa]h\hjZoIhjZabl_evgh [u\Z_l kemrZlv^jm]bo b
hldju\Zlv ^ey k_[ydZdbf k_gkhjghhij_^_e_gguf yaudhfhgb ij_^ihqblZxl
ihevah\ZlvkyL_f ba \Zkdlh
ij_^ihqblZ_l ^mfZlv dZjlbgdZfbfh`_l
gjZ\blvky h[gZjm`b\Zlvh[jZapu djZkhqgh]hyaudZ mhdjm`Zxsbo \Zkex^_c?keb
\u ^mfZ_l_dbg_kl_lbq_kdblh kfh`_l_mo\Zlblv lhl kihkh[dhlhjuf ex^b
^h[b\Zxlky
mki_oZZ _keb \u ^mfZ_l_ a\mdZfbfu ihijhkbeb [u \Zk
ijbkemrZlvky \gbfZl_evghb gZkljhblvkygZ lhdZd jZagu_ex^b ]h\hjyl
MklZgh\e_gb_
jZiihjlZ
bf__l
\Z`gu_
ijbeh`_gbyK_dj_l ohjhr_c
dhffmgbdZpbb aZdexqZ_lkyg_ klhevdh\ lhfqlh <U]h\hjbl_kdhevdh \lhf
dZd \u wlh ]h\hjbl_Qlh[u kha^Zlv jZiihjlih^kljhcl_kv dij_^bdZlZf
^jm]h]h q_eh\_dZ<u [m^_l_]h\hjblv gZ_]h yaud_b ij_^klZ\eylv _fm b^_b
bf_ggh l_fkihkh[hfdZdbf hg^mfZ_l hgboMki_o [m^_laZ\bk_lv\hi_j\uo
hl \Zr_c k_gkhjghc hkljhlub kihkh[ghklbm\b^_lvmkeurZlv beb mo\Zlblv
ebg]\bklbq_kdb_ iZll_jgu^jm]bo ex^_cB \h\lhjuohl lh]hbf__l_ eb\u
^hklZlhqguc aZiZkkeh\ \dZ`^hc j_ij_a_glZlb\ghc kbkl_f_ ^ey Z^_d\Zlghc
j_ZdpbbDhg_qghg_ \k_jZa]h\hju [m^ml ijhbkoh^blv \ h^ghc kbkl_f_gh
ih^kljhcdZ dyaudm qj_a\uqZcgh\Z`gZ ^eyjZiihjlZ
<u kdhj__ \k_]hmklZgh\bl_ jZiihjlk q_eh\_dhfdhlhjuc ^mfZ_l l_f`_
kZfuf kihkh[hfqlh b\ub \u h[gZjm`bl_wlhijbkemrb\Zykv d l_fkeh\Zf
dhlhju_ mihlj_[ey_l \Zr iZjlg_jg_aZ\bkbfh hllh]hkh]eZrZ_l_kv \uk gbf
beb g_l<hafh`gh\u gZkljhbl_kvgZ h^gm \hegmbeb ihkfhljbl_^jm] ^jm]m
]eZaZ \]eZaZ^hklb]Zy mklhcqb\h]hihgbfZgby
H[jZsZykv d
]jmii_ ex^_cbkihevamcl_
jZaghh[jZagu_
ij_^bdZlu
Ij_^hklZ\vl_ \hafh`ghklv \bamZebklZfm\b^_lv lhqlh \u]h\hjbl_Iha\hevl_
Zm^bZevgh ^mfZxsbf ex^yf mkeurZlv \Zk ]jhfdh
b hlq_leb\hihkljhcl_
i_j_ijZ\m d l_f dbg_kl_lbq_kdb^mfZxsbf ij_^klZ\bl_eyf Zm^blhjbbdhlhju_
kfh]ml mo\Zlblvkfuke \Zr_cj_qb< ijhlb\ghfkemqZ_aZq_f bfkemrZlv \Zk"
?keb \uh]jZgbqbl_ k\h_ h[tykg_gb_ lhevdhh^ghc j_ij_a_glZlb\ghckbkl_fhc
\u jbkdm_l_l_fqlh ^\_lj_lb Zm^blhjbbg_ ihke_^m_laZ \Zfb
<?>MS:Y KBKL?F:
:gZeh]bqgh lhfmdZd fu bf__fij_^ihqblZ_fmx j_ij_a_glZlb\gmxkbkl_fm
^ey k\h_]hhkhagZ\Z_fh]h fure_gbym gZk_klv ij_^ihqblZ_fu_ kj_^kl\Z^ey
\\_^_gby bgnhjfZpbb\ k\hbhkhagZ\Z_fu_ fukebKh\_jr_ggZy iZfylvkh^_j`ZeZ
[u ihegucgZ[hj dZjlbga\mdh\hsms_gbcaZiZoh\ b \dmkh\i_j\hgZqZevgh]h
i_j_`b\Zgbygh fu ij_^ihqblZ_f h[jZsZlvkylhevdh d h^ghcqZklb gZ[hjZ
qlh[u \hkklZgh\blvi_j_`b\Zgb_<kihfgbl_ kgh\Zk\hc hlimkd
DZdbf [uehi_j\h_ \hagbdr__\hkihfbgZgb_"DZjlbgdZa\md bebhsms_gb_"
Wlh \_^msZykbkl_fZ\gmlj_ggbc dZgZedhlhjuc fubkihevam_f \dZq_kl\_
dexqZ ^hklmiZ diZfylbBf_ggh lZd bgnhjfZpby ^hklb]Z_lmjh\gy hkhagZgby
jZamfhfGZijbf_jy fh]m \kihfbgZlv k\hchlimkd bgZqZlv khkhagZ\Zgby
hsms_gbc j_eZdkZpbbdhlhju_ y bkiulu\Zegh lhlimlvih dhlhjhfmwlb
\hkihfbgZgby ihklmibeb \ fha]bagZqZevghfh] [ulvdZjlbgdZfb< ^Zgghf
kemqZ_ fhy\_^msZy kbkl_fZy\ey_lky \bamZevghcZ fhyij_^ihqblZ_fZy kbkl_fZ
dbg_kl_lbq_kdZy<_^msZy
kbkl_fZ ZgZeh]bqgZ
aZimkdZxs_c ijh]jZff_
dhfivxl_jZ g_aZf_lgZygh g_h[oh^bfZy ^eyjZ[hlu dhfivxl_jZ \ p_ehf
ijh]jZffZ?_ bgh]^Z gZau\Zxlkbkl_fhc \\h^Zihkdhevdm hgZ ihklZ\ey_l
fZl_jbZeu
^ey
khagZl_evgh]h
h[^mfu\Zgby;hevrbgkl\h
ex^_c
bf__l
ij_^ihqblZ_fmx kbkl_fm\\h^Zgh hgZ g_h[yaZgZ kh\iZ^Zlvk bo i_j\bqghc
kbkl_fhcH^bg blhl `_q_eh\_d fh`_lbf_lv jZaebqgu_ \_^msb_kbkl_fu ^ey
jZaguo lbih\i_j_`b\ZgbcGZijbf_jhg fh`_lbkihevah\Zlv dZjlbgdb^ey lh]h
qlh[u \hclb\ khijbdhkgh\_gb_k [he_ag_gguf i_j_`b\Zgb_fb a\mdbqlh[u
\hkklZgh\blv ijbylguchiul
Bgh]^Z
q_eh\_d fh`_l hdZaZlvky g_kihkh[guf ij_^klZ\blv
h^gm ba
j_ij_a_glZlb\guo kh\_lZf\ khagZgbbGZijbf_jg_dhlhju_ ex^b]h\hjylqlh
hgb g_\b^yl gbdZdbo\gmlj_ggbo dZjlbgOhly wlh\_jgh ^ey gbogZ kZfhf
^_e_ wlhg_\hafh`gh\ ijhlb\ghfkemqZ_ hgb[ueb [ug_ \khklhygbb magZ\Zlv
ex^_c beb hibku\Zlvex[u_ ij_^f_luHgb ijhklhg_ hkhagZxl l_o dZjlbg
dhlhju_ \b^yl\gmlj_ggbf aj_gb_f?keb wlZg_hkhagZ\Z_fZy kbkl_fZ]_g_jbjm_l
[he_ag_ggu_ h[jZauq_eh\_d fh`_l qm\kl\h\Zlv k_[y iehohg_ ihgbfZy
ihq_fmQ_eh\_dg_ hkhagZxsbcdbg_kl_lbq_kdmx kbkl_fm[m^_l bkiulu\Zlv
[_kihdhckl\hkhijbdZkZykv kh k\hbfb
hsms_gbyfbWlb
hsms_gby fh]ml
\uj\Zlvky gZih\_joghklv ^jm]bfbkihkh[ZfbqZklh \\b^_ [he_ag_c
KBG?KL?ABYG:EH@?GB? BI?J?<H>
;h]Zlkl\h b jZafZo gZrbo fuke_c
aZ\bkbl hl
gZrbo kihkh[ghkl_c
mklZgZ\eb\Zlv k\yab b i_j_^\b]Zlvkyhl h^gh]hkihkh[Z fure_gbyd ^jm]hfm
LZd_keb fhy\_^msZy kbkl_fZ y\ey_lkyZm^bZevghcZ fhy ij_^ihqblZ_fZy
kbkl_fZ \bamZevgZyy [m^m ij_bfms_kl\_ggh \kihfbgZlv q_eh\_dZih a\mdm
_]h ]hehkZZ aZl_f^mfZlv hg_f \dZjlbgdZoBf_ggh lZdy ihemqZxhsms_gby
ih ih\h^mwlh]h q_eh\_dZ
BlZdfu
ihemqZ_f bgnhjfZpbx
\
h^ghf dZgZe_ \hkijbylbygh
j_ij_a_glbjm_f __ \gmljb k_[y \^jm]hf dZgZe_A\mdb fh]ml\ua\Zlv \
\hh[jZ`_gbb \bamZevgu_ \hkihfbgZgbybeb Z[kljZdlgu_ \bamZevgu_h[jZauFu
]h\hjbf h p\_lh\hclhgZevghklb fmaudbh l_ieuoa\mdZoh djbqZsbop\_lZo
H^gh\j_f_ggZy b g_hkhagZ\Z_fZyk\yav f_`^m dZgZeZfb\hkijbylby gZau\Z_lky
kbg_kl_ab_cLhdZd q_eh\_d\oh^bl \k\hx ij_^ihqblZ_fmxj_ij_a_glZlb\gmx
kbkl_fmqZklh hdZau\Z_lky _]h gZb[he__ mklhcqb\uf lbibqguf iZll_jghf
kbg_kl_abb
Kbg_kl_abb ij_^klZ\eyxlkh[hc \Z`gmx qZklv lh]hdZd fu ^mfZ_fZ
g_dhlhju_
ba
gbo
hdZau\Zxlky
gZklhevdh
mdhj_gb\rbfbky
b
rbjhdh
jZkijhkljZg_ggufbqlh dZ`_lky[m^lh hgb [ueb\ie_l_gu \gZr fha]k kZfh]h
jh`^_gbyGZijbf_jp\_lZ qZklhk\yaZgu kgZkljh_gb_fdjZkguc k ]g_\hf
]hem[hc kh kihdhckl\b_fNZdlbq_kdb bdjh\ygh_ ^Z\e_gb_b qZklhlZimevkZ
ke_]dZ \hajZklZxl \ h[klZgh\d_ \ dhlhjhc ij_h[eZ^Z_l djZkgucp\_lb
ihgb`Zxlky_keb hdjm`ZxsZyh[klZgh\dZ hdjZr_gZij_bfms_kl\_ggh \ ]hem[u_
lhgZKms_kl\mxl bkke_^h\Zgbydhlhju_ ihdZaZebqlh ex^b \hkijbgbfZxl
]hem[u_ dhfgZlu[he__ oheh^gufbq_f `_elu_^Z`_ \lhf kemqZ__keb hgbgZ
kZfhf ^_e_ke_]dZ l_ie__FmaudZ rbjhdhbkihevam_l kbg_kl_abb\bamZevgh
\hkijbgbfZ_fZy \ukhlZ jZkiheh`_gbyghlu \ghlghf klZg_k\yaZgZ k l_fdZd
\ukhdh
hgZ a\mqblDjhf_ lh]hg_dhlhju_ dhfihablhju
Zkkhpbbjh\Zeb
hij_^_e_ggu_ fmaudZevgu_a\mdb khij_^_e_ggufb p\_lZfb
Kbg_kl_abb \hagbdZxl Z\lhfZlbq_kdbBgh]^Z m gZk\hagbdZ_l `_eZgb_
gZf_j_ggh mklZgh\blv k\yabf_`^m \gmlj_ggbfbdZgZeZfb \hkijbylbygZijbf_j
^ey lh]hqlh[u ihemqblv^hklmi dlhc j_ij_a_glZlb\ghckbkl_f_dhlhjZy gZfb
g_ hkhagZ_lky
Ij_^iheh`bfq_eh\_d bkiulu\Z_lljm^ghklb k \bamZebaZpb_cKgZqZeZ \u
fh`_l_ ihijhkblv _]h \_jgmlvky d
kqZkleb\hfm ijbylghfm
i_j_`b\Zgbx
\hafh`ghd l_f \j_f_gZfdhlhju_ hgijh\h^be mfhjyIj_^eh`bl_ _fm
mkeurZlv rmffhjy \gmljbk_[yZ lZd`_a\md ex[h]hjZa]h\hjZdhlhjuc fh]
ijhbkoh^blv lh]^ZIjh^he`Zy kemrZlvwlb a\mdbhg fh`_li_j_dexqblvky gZ
hsms_gby keZ[h]h\_l_jdZh[^m\Zxs_]h _]hebphkhegpZkh]j_\Zxs_]h _]h
ie_qbb i_kdZgZ[b\r_]hky f_`^miZevpZfb _]hgh]Hlkx^Z m`_iherZ]Z d
lhfmqlh[u m\b^_lv h[jZai_kdZ ih^gh]Zfb bebm\b^_lv khegp_\ g_[_WlZ
l_ogbdZ gZeh`_gbyfh`_l \hkklZgh\blv\hkihfbgZgb_ p_ebdhfdZjlbgdba\mdb b
hsms_gby
DZd i_j_\h^k h^gh]hyaudZ gZ ^jm]hckhojZgy_l agZq_gb_gh iheghklvx
baf_gy_l nhjfmlhqgh lZd `_ i_j_`b\Zgb_fh`_l [ulv i_j_\_^_gh kh^gh]h
\gmlj_gg_]h dZgZeZ gZ ^jm]hcGZijbf_j\u fh`_l_ m\b^_lv g_m[jZggmx
dhfgZlmbkiulZlv g_ijbylgu_hsms_gby baZohl_lv k^_eZlv qlhgb[m^v kwlbf
<b^ lhc `_ kZfhcdhfgZlu fh`_lkh\_jr_ggh g_aZljhgmlv \Zr_]h^jm]Zb hg
hdZ`_lky g_\ khklhygbbihgylvihq_fm \ulZd jZkkljh_guHg fh`_lih^mfZlv
qlh \ukebrdhf qm\kl\bl_evguihlhfm qlh hgg_ fh`_l\hclb \ fbj \Zrbo
i_j_`b\ZgbcHg kfh][u ihgylv \Zrbqm\kl\Z_keb [u\u h[tykgbeb_fmqlh
wlh ijbf_jghlZd `_dZd _keb [u\u h[gZjm`beb\ k\h_c ihkl_ebdjhrdb hl
i_q_gvyI_j_oh^y gZyaud a\mdh\\u fh]eb[u kjZ\gblvwlh k^bkdhfnhjlhf hl
ijhkemrb\Zgby g_gZkljh_ggh]hfmaudZevgh]h bgkljmf_glZWlZ ZgZeh]byaZ^_g_l
qm\kl\bl_evgmx kljmgdmex[h]h fmaudZglZih djZcg_cf_j_\u [m^_l_]h\hjblv
gZ _]hyaud_
=E:AGU? KB=G:EU>HKLMI:
E_]dh
h[gZjm`blvdh]^Z q_eh\_d
^mfZ_l dZjlbgdZfba\mdZfb beb
hsms_gbyfbKms_kl\mxl \b^bfu_baf_g_gbydhlhju_ ijhbkoh^yl \gZr_f l_e_
dh]^Z fu ^mfZ_f jZaebqgufb kihkh[ZfbKihkh[ gZr_]h fure_gbyhdZau\Z_l
\ebygb_ gZgZr_ l_ehZ lhdZd fubkihevam_f gZr_ l_eh^_ckl\m_l gZlh
dZd fu^mfZ_f
Qlh i_j\uf[jhkZ_lky \Zf \]eZaZdh]^Z \uhldju\Z_l_ \oh^gmx ^\_jv
\Zr_]h ^hfZ"
Qlh[u hl\_lblvgZ wlhl\hijhk\u\_jhylghihkfhlj_eb \\_job \e_\h
hl k_[yBf_ggh lZd]ey^y \\_jo b \e_\h [hevrbgkl\hijZ\r_c \kihfbgZ_l
ajbl_evgu_ h[jZau
L_i_jv ij_^klZ\vl_k_[_qlh [u\u ihqm\kl\h\Zeb_keb [u\_ev\_lh\Zy
ldZgv dZkZeZkv\Zr_c dh`b"
K_cqZk \ugZ\_jgh_ihkfhlj_eb \gba b \ijZ\hqlh y\ey_lky ^ey
[hevrbgkl\Z ex^_ckihkh[hf h[jZlblvkyd k\hbfhsms_gbyf
Fu kbkl_fZlbq_kdb i_j_^\b]Z_fk\hb ]eZaZ \jZaebqguo gZijZ\e_gbyo\
aZ\bkbfhklb hllh]hdZd fu ^mfZ_fG_\jheh]bq_kdb_ bkke_^h\ZgbyihdZaZeb
qlh ^\b`_gby ]eZa ih ]hjbahglZeb b \_jlbdZebhdZau\Zxlky k\yaZggufbk
Zdlb\Zpb_c jZaebqguo qZkl_c ]heh\gh]h fha]ZWlb
^\b`_gby gZau\Zxlky
eZl_jZevgufb ]eZagufb^\b`_gbyfb E]b\ ebl_jZlmj_ih g_\jheh]bb< GEIhgb
gZau\Zxlky ]eZagufb kb]gZeZfb^hklmiZihlhfm qlh hgby\eyxlky \bamZevgufb
kb]gZeZfbdhlhju_ iha\heyxl gZf ihgylvdZd ex^b ihemqZxl ^hklmi d
bgnhjfZpbbKms_kl\m_l hij_^_e_ggZy\gmlj_ggyy k\yavf_`^m ^\b`_gbyfb]eZa b
j_ij_a_glZlb\gufb kbkl_fZfbihkdhevdm h^gb b l_`_ iZll_jguhdZau\Zxlky
jZkijhkljZg_ggufb \h \k_f fbj_aZ bkdexq_gb_fjZchgZ ijh`b\Zgby[Zkdh\ \
BkiZgbb
Dh]^Z fu\bamZebabjm_f qlhlh ba gZr_]h ijhreh]hhiulZgZrb ]eZaZ
bf_xl l_g^_gpbx i_j_f_sZlvky\\_jo b\e_\h ih hlghr_gbxd gZf<h \j_fy
dhgkljmbjh\Zgby dZjlbgdb ba keh\ beb \ lh \j_fydh]^Z fu iulZ_fky
\hh[jZablvk_[_ g_qlhlZdh_q_]h gbdh]^Z jZgvr_ g_\b^_ebgZrb ]eZaZ
ih^gbfZxlky \\_jo b\ijZ\h=eZaZ i_j_f_sZxlky ih]hjbahglZeb \e_\hdh]^Z
\u \kihfbgZ_l_a\mdb bih ]hjbahglZeb\ijZ\h ijbdhgkljmbjh\Zgbb a\mdh\Ijb
ihemq_gbb ^hklmiZd hsms_gbyflbibqguf y\ey_lky^\b`_gb_ ]eZa\gba b\ijZ\h
Dh]^Z \ujZa]h\Zjb\Z_l_ kZfbk kh[hc\Zrb ]eZaZqZs_ \k_]hgZoh^ylky \gbam
ke_\ZJZknhdmkbjh\Zgguc \a]ey^ ijyfhi_j_^ kh[hcdh]^Z kh[_k_^gbdkfhljbl
gZ \Zkb g_\b^bl \Zklh`_ ]h\hjblh \bamZebaZpbb
;hevrbgkl\h ijZ\r_cbf_xl iZll_jgu^\b`_gbc ]eZalZdb_dZd ihdZaZghgZ
^bZ]jZff_Hgb fh]ml[ulv i_j_\_jgmlufb^ey e_\r_cdhlhju_ fh]mlkfhlj_lv
\ijZ\hqlh[u \kihfgblvh[jZau beba\mdbb \e_\hqlh[u bokdhgkljmbjh\Zlv
=eZagu_ kb]gZeu ^hklmiZmklhcqb\u ^eyh^gh]h q_eh\_dZBgh]^Z hgb [m^ml
kfhlj_lv \e_\h\gbahsmsZyb \ijZ\h\gbaijhkemrb\Zy \gmlj_ggbc^bZeh]
<k_]^Z kms_kl\mxlbkdexq_gby [m^vl_ \gbfZl_evgu\ ijbf_g_gbbd ex^yfwlbo
h[sbo ijZ\beHl\_l bsbl_g_ \ h[h[s_gbbZ \ lhfq_eh\_d_dhlhjuc i_j_^
\Zfb gZoh^blky
Ohly \ ijhp_kk_fure_gby <ufh`_l_ khagZl_evgh^\b]Zlv ]eZaZfb\ ex[hf
gZijZ\e_gbbihemq_gb_ ^hklmiZ d hij_^_e_gghc j_ij_a_glZlb\ghc kbkl_f_
hdZau\Z_lky\ h[s_fkemqZ_agZqbl_evgh [he__ e_]dbf_keb \u bkihevam_l_
ih^oh^ys__ _kl_kl\_ggu_^\b`_gby ]eZaHgb ij_^klZ\eyxl kh[hc bgkljmf_glu
lhgdhc gZkljhcdb\Zr_]h fha]ZgZ hij_^_e_ggmxj_ij_a_glZlb\gmx kbkl_fm?keb
\u ohlbl_ \kihfgblvlhqlh \u\b^_eb \q_jZe_]q_ \k_]h[m^_l ihkfhlj_lv
\\_jo \e_\hbeb aZnbdkbjh\Zlv\a]ey^ ijyfhi_j_^ kh[hcLjm^gh \kihfbgZlv
h[jZau]ey^y \gba
Fu h[uqghg_ hkhagZ_fk\hb eZl_jZevgu_ ^\b`_gby]eZab g_kms_kl\m_l
ijbqbgaZklZ\eyxsbo
gZk wlh ^_eZlvgh \ukfZljb\ZlvbgnhjfZpbx \
ijZ\bevghf f_kl_wlh ihe_agh_mf_gb_
Kb]gZeu ^hklmiZ iha\heyxl gZf magZlvdZd ^jm]hc q_eh\_d^mfZ_lb
\Z`gmx qZklv lj_gbg]h\GEI khklZ\ey_l gZ[ex^_gb_ aZ ]eZagufb kb]gZeZfb
^hklmiZ ex^_cH^bg bakihkh[h\ lZdh]h gZ[ex^_gbyaZdexqZ_lky \lhfqlh[u
aZ^Z\Zlv \hijhkub ke_^blv aZ^\b`_gbyfb ]eZaZ g_aZ hl\_lZfbGZijbf_j
_keb y kijhrmDZdh]h p\_lZihdjulb_ gZ \Zr_f ^b\Zg_"lh \Zfijb^_lky
\bamZebabjh\Zlv wlhihdjulb_qlh[u ^Zlvhl\_lg_aZ\bkbfh hllh]hdZdh]h
p\_lZ hghgZ kZfhf^_e_
<u fh`_l_ \uihegblv ke_^mxs__mijZ`g_gb_ khk\hbf ^jm]hfKy^vl_ \
kihdhcghf f_kl_aZ^Zcl_ ^jm]mke_^mxsb_ \hijhkub ke_^bl_aZ _]h]eZagufb
kb]gZeZfb ^hklmiZ?keb ohlbl_hlf_qZcl_ boIhijhkbl_ _]h k^_eZlv k\hb
hl\_lu dhjhldbfbbeb ijhklh db\Zlvdh]^Z mg_]h [m^_l]hlh\uc hl\_lDh]^Z
\u aZdhgqbl_ihf_gycl_kv f_klZfbb hl\_lvl_gZ \hijhku kZfbG_ gm`gh
^_eZlv gbq_]hki_pbZevgh]hiulZykv aZnbdkbjh\ZlvgZijZ\e_gb_ ^\b`_gby]eZa
g_h[oh^bfh ijhy\blv ebrv g_fgh]h ex[hiulkl\Zhlghkbl_evgh lh]hdZd fu
^mfZ_f
<hijhkudhlhju_ kg_h[oh^bfhklvx \dexqZxl\bamZevgu_ \hkihfbgZgb_^ey
lh]hqlh[u ihemqblvhl\_l
DZdh]h p\_lZ\ZrZ \oh^gZy^\_jv"Qlh \u \b^bl_kh\_jrZy ijh]medm\
[eb`Zcrbc fZ]Zabg"
DZd jZkiheh`_guihehkdb gZl_e_ m lb]jZ"Kdhevdh wlZ`_c \ ^hf_\
dhlhjhf \u`b\_l_"M dh]hba \Zrbo^jma_c kZfu_^ebggu_ \hehku"
Ke_^mxsZy ]jmiiZ \hijhkh\ihlj_[m_l \bamZevgh]hdhgkljmbjh\Zgby ^ey
hl\_lZ
DZd [u\u]ey^_eZ \ZrZkiZevgZy dhfgZlZk jhah\ufb\ djZibgdmh[hyfb"
?keb dZjlmi_j_\_jgmlvlh \dZdhf gZijZ\e_gbb[m^_l x]h\hklhd"
Ij_^klZ\vl_ k_[_imjimjguc lj_m]hevgbd\gmljb djZkgh]hd\Z^jZlZ
DZd [u\u ijhbag_kebih [md\Zfk\h_ ojbklbZgkdh_bfygZqbgZy kdhgpZ"
Qlh[u ihemqblv^hklmi dZm^bZevghfm \hkihfbgZgbx[u fh`_l_kijhkblv
Fh`_l_
eb
\u mkeurZlv
\gmljb k_[y k\h_
ex[bfh_
fmaudZevgh_
ijhba\_^_gb_"
DZdZy ^\_jv \\Zr_f ^hf_ kdjbibl ]jhfq_\k_o"DZd a\mqbl kb]gZe
aZgylh\ \Zr_fl_e_nhg_"Lj_lvy ghlZ\ gZpbhgZevghf]bfg_ \ur_beb gb`_
\lhjhc"Fh`_l_ eb\u mkeurZlvohjh\h_ i_gb_\gmljb k_[y"
<hijhku ^ey Zm^bZevgh]hdhgkljmbjh\ZgbyDZd ]jhfdh ihemqblky_keb
^_kylv q_eh\_ddjbdgml h^gh\j_f_ggh"
DZd [m^_l a\mqZlv\Zr ]hehk ih^ \h^hc"Ij_^klZ\vl_ k\hx ex[bfmx
f_eh^bxa\mqZsmx \^\Z jZaZ[uklj__
DZdhc a\md ba^ZklibZgbghdh]^Z hghmiZ^_l k^_kylh]h wlZ`Z"GZ qlh
[m^_l ihoh`\hiev fZg^jZ]hju"
DZd [m^_la\mqZlv p_igZyibeZ \kZjZ_ bajbne_gh]h `_e_aZ"
<hijhku ^ey\gmlj_gg_]h ^bZeh]ZDZdbf lhghf\u jZa]h\Zjb\Z_l_kZfb k
kh[hc"IjhqblZcl_ ^_lkdbcklbrhd ijh k_[yDh]^Z \u]h\hjbl_ kZfbk kh[hc
hldm^Z a\mqbl\Zr ]hehk"Qlh \u]h\hjbl_ kZfbk_[_dh]^Z ^_eZb^ml iehoh"
<hijhku ^eydbg_kl_lbq_kdh]h dZgZeZ\hkijbylby \dexqZy aZiZob \dmk
Qlh [u\u hsmsZebgZ^_\Zy fhdju_ghkdb"GZ qlhwlh ihoh`_himkdZlv
k\hb gh]b\ oheh^guc[Zkk_cg"
DZdb_ hsms_gby \u bkiulu\Zeb [ugZlygm\ r_jklyghck\bl_j gZ ]heh_
l_eh"
DZdZy jmdZk_cqZk l_ie__ijZ\Zy bebe_\Zy"GZkdhevdh ijbylgh[ueh [u
\Zf mkljhblvky\ \Zgghck l_iehc\h^hc"
DZd \uk_[y qm\kl\m_l_ihke_ \dmkgh]hh[_^Z"<kihfgbl_ aZiZogZrZlujy
Qlh \u qm\kl\m_l_ihke_ lh]hdZd oe_[gmebp_emx eh`dmi_j_khe_ggh]h
kmiZ"
Fukebl_evguc ijhp_kk \hl qlh bf__lagZq_gb_Z g_ kZfhl\_lG_l
g_h[oh^bfhklb \lhfqlh[u ihemqZlv keh\_kguc hl\_lH g_dhlhjuo\hijhkZo
fh`gh ^mfZlv jZaebqgufbkihkh[ZfbGZijbf_jqlh[u ih^kqblZlv dhebq_kl\h
gZk_q_d gZdjZx fhg_lu\ p_glh\\u fh`_l_fuke_ggh m\b^_lv fhg_lmb
ih^kqblZlv gZk_qdbbebih^jm]hfm\u fh`_l_ ih^kqblZlv bofuke_ggh
ljh]Zy djZy fhg_luLZd_keb \u aZ^Zeb\hijhkdhlhjuc ^he`_g \uau\Zlv
\bamZebaZpbxgh kb]gZeu^hklmiZ ]h\hjylh ^jm]hflh wlhijbagZd ]b[dhklbb
dj_Zlb\ghklb q_eh\_dZWlh g_ hagZqZ_l k g_h[oh^bfhklvxqlh iZll_jgu
kb]gZeh\ ^hklmiZg_ijZ\bevgu_ bebqlh ^Zggucq_eh\_d g_ijZ\bevguc?keb
khfg_\Z_l_kvkijhkbl_DZd \uih^mfZeb"
>\b`_gby ]eZa
ijhbkoh^yl
hq_gv
[ukljhb
\Zf
ke_^m_l [ulv
gZ[ex^Zl_evgufqlh[u m\b^_lv boHgb [m^mlihdZau\Zlv ihke_^h\Zl_evghklv
j_ij_a_glZlb\guo kbkl_fdhlhju_ q_eh\_d bkihevam_lqlh[u hl\_lblv gZ
ihklZ\e_gguc \hijhkGZijbf_jhl\_qZy gZ Zm^bZevguc\hijhk hkZfhc ]jhfdh
kdjbiys_c ^\_jbq_eh\_d fh`_l \bamZebabjh\Zlv dZ`^mx ^\_jvfuke_ggh
ihqm\kl\h\ZlvdZd hg__ hldju\Z_lb aZl_fmkeurZlv a\md<hafh`ghhg [m^_l
\ugm`^_g k^_eZlvwlh g_kdhevdhjZaij_`^_ q_f^Zkl hl\_lQZklh q_eh\_d
[m^_l h[jZsZlvky kgZqZeZd k\h_c\_^ms_c kbkl_f_qlh[u hl\_lblvgZ \hijhk
Lhlm dh]h \_^msZykbkl_fZ \bamZevgZyh[uqgh [m^_lkha^Z\Zlv dZjlbgdb
jZaebqguo kblmZpbc ijb hl\_l_ gZZm^bZevgu_ bdbg_kl_lbq_kdb_ \hijhku
ij_`^_ q_fmkeurbl a\mdbbeb \hkklZgh\blhsms_gby
>JM=B? KB=G:EU>HKLMI:
>\b`_gby ]eZa g_ y\eyxlky _^bgkl\_ggufb kb]gZeZfb ^hklmiZohly
\_jhylghbo e_]q_\k_]h aZf_lblvLZd dZd l_eh b fha] g_jZa^_ebfulh
kihkh[ fure_gby\k_]^Z ijhy\ey_lky \q_fgb[m^vb \u m\b^bl_ wlh_keb
agZ_l_dm^Z kfhlj_lv< qZklghklbwlh ijhy\ey_lky \iZll_jgZo ^uoZgby
p\_l_ dh`bb iha_
Q_eh\_d^mfZxsbc \bamZevgufbh[jZaZfbh[uqgh [m^_l]h\hjblv [uklj__b
[he__ \ukhdbflhghfq_f lhldhlhjuc ^mfZ_lih^jm]hfmH[jZau \hagbdZxl \
]heh\_ [ukljhb \Zf ijboh^blky ]h\hjblv[ukljhqlh[u mki_\ZlvaZ gbfb
>uoZgb_ [m^_l\_jogbf b [he__ih\_joghklgufQZklh gZ[ex^Z_lky ih\ur_ggh_
gZijy`_gb_ fmkdmeZlmju\ qZklghklb\ ie_qZo]heh\Z ih^gylZ\ukhdhZ ebph
[e_^g__ h[uqgh]h
L_ ex^bdhlhju_ ^mfZxla\mdZfb^urZl \k_c ]jm^vxQZklh \hagbdZxl
f_edb_ jblfbq_kdb_^\b`_gby l_eZZ lhg ]hehkZ qbkluc\ujZabl_evguc b
j_ahgbjmxsbc=heh\Z [ZeZgkbjm_lgZ ie_qZobeb ke_]dZgZdehg_gZ dh^ghfm ba
gbodZd [uijbkemrb\Zykv dq_fmlh
Ex^bdhlhju_ jZa]h\Zjb\ZxlkZfb kkh[hc[m^ml qZklhkdehgylv ]heh\m\
h^gm klhjhgmih^ibjZy __jmdhc bebdmeZdhfWlh iheh`_gb_ ba\_klgh ih^
gZa\Zgb_f l_e_nhggZy ihaZihlhfm qlhhgZ \u]ey^bllZddZd [m^lh q_eh\_d
]h\hjbl ihg_\b^bfhfm l_e_nhgmG_dhlhju_ ex^bih\lhjyxl lhqlh hgblhevdh
qlh mkeurZeb\ lZdl k\h_fm^uoZgbx <u kfh`_l_ m\b^_lvdZd bo ]m[u
r_\_eylky
Dbg_kl_lbq_kdbc ^hklmi oZjZdl_jbam_lky ]em[hdbf gbadbf ^uoZgb_f \
h[eZklb `b\hlZqZklh khijh\h`^Zxsbfky fmkdmevgufjZkkeZ[e_gb_fK gbadbf
iheh`_gb_f ]heh\uk\yaZg ]hehk gbadhclhgZevghklbb q_eh\_d[m^_l ]h\hjblv
f_^e_gghk ^ebggufb iZmaZfbFukebl_evkdmevilmjZ Jh^_gZ g_khfg_ggh
^mfZ_l dbg_kl_lbq_kdb
>\b`_gby b`_klu lZd`_jZkkdZ`ml hlhfdZd q_eh\_d^mfZ_lFgh]b_ ex^b
[m^ml mdZau\ZlvgZ lhl hj]Zgqm\kl\dhlhjuc hgb bkihevamxl\gmlj_ggbf
h[jZahfhgb ihdZ`ml gZk\hb mrbijbkemrb\Zykv d a\mdZf \gmljbk_[y
ihdZ`ml gZ]eZaZ\bamZebabjmybeb gZ `b\hl_keb bkiulu\Zxlkbevgu_
hsms_gbyWlb agZdbkdZ`ml \Zfg_ hlhfh q_f^mfZ_l q_eh\_dZ hlhfdZd
hg wlh^_eZ_lWlh yaud l_eh^\b`_gbc \[he__ jZnbgbjh\Zgghc bmlhgq_gghc
nhjf_q_f h[uqghijbgylh _]hbgl_jij_lbjh\Zlv
B^_b j_ij_a_glZlb\guokbkl_f wlh hq_gv ihe_aguckihkh[ ihgbfZgby
lh]hdZd jZaebqgu_ ex^b ^mfZxlZ ql_gb_ kb]gZeh\ ^hklmiZ y\ey_lky
[_kp_gguf bkdmkkl\hf ^ey
l_odlh ohq_l memqrblv k\hb
kihkh[ghklb
dhffmgbdZpbb k ^jm]bfbex^vfbWlh \Z`gh^ey l_jZi_\lh\b ij_ih^Z\Zl_e_c
L_jZi_\l fh`_lgZqZlv ihgbfZlvdZd _]hdeb_glu ^mfZxlb h[gZjm`bldZdbf
h[jZahf hgbfh]eb [u wlh baf_gblvIj_ih^Z\Zl_ev fh`_lhij_^_eblvdZdb_
kihkh[u fure_gby jZ[hlZxl emqr_ \jZaguo kblmZpbyob mqblv bf_ggh wlbf
mki_rguf kihkh[Zf
Kms_kl\m_l fgh`_kl\hl_hjbc hikboheh]bq_kdbo lbiZohkgh\Zgguo gZ
nbabheh]bb bkihkh[Zo fure_gbyGEI ij_^eZ]Z_l^jm]mx \hafh`ghklvIjb\uqgu_
kihkh[u fure_gbyhklZ\eyxl k\hchli_qZlhd gZ l_e_Wlb oZjZdl_jgu_ihau
`_klu biZll_jgu ^uoZgbyklZgh\ylky ijb\uqgufb^ey q_eh\_dZdhlhjuc ^mfZ_l
ij_bfms_kl\_ggh h^gbf kihkh[hf>jm]bfb keh\Zfbq_eh\_ddhlhjuc ]h\hjbl
[ukljh]hehkhf \ukhdhc lhgZevghklbbf_xsbc ^h\hevghqZklh_ b \_jog__
^uoZgb_ b gZijy`_gb_ \ h[eZklb
ie_q_\h]h ihykZ\_jhylghy\ey_lky
q_eh\_dhfdhlhjuc ^mfZ_l ]eZ\guf h[jZahf dZjlbgdZfbQ_eh\_ddhlhjuc
]h\hjbl f_^e_gghgbadbf ]hehkhfkhijh\h`^Zy j_qv ]em[hdbf ^uoZgb_f
ih\b^bfhfm \agZqbl_evghc kl_i_gbiheZ]Z_lky gZk\hb qm\kl\Z
JZa]h\hj f_`^mq_eh\_dhf^mfZxsbf \bamZevghb q_eh\_dhffukeysbf
hsms_gbyfbfh`_l klZlv k_jv_agufbkiulZgb_f ^eyh[_bo klhjhg<bamZevgh
fukeysbc [m^_lg_l_ji_eb\h i_j_[bjZlvgh]Zfb\ lh\j_fy dZddbg_kl_lbq_kdbc
kh[_k_^gbd [md\Zevgh g_ kfh`_l m\b^_lvihq_fm lhl\ugm`^_g b^lb lZd
[ukljhLhldlh kfh`_lijbkihkh[blvky dkihkh[m fure_gby^jm]h]h q_eh\_dZ
ihemqbl emqrb_ j_amevlZluH^gZdh aZihfgbl_qlh \k_wlb h[h[s_gby^he`gu
[ulv ijh\_j_gu\ gZ[ex^_gbyob gZhiul_Ih^q_jdb\Zxqlh GEIg_ y\ey_lky
_s_ h^gbf kihkh[hfjZa\_rb\Zgby yjeudh\gZ ex^_cb ^_e_gby bo gZ lbiu
KdZaZlvqlh dlhlh hlghkblkyd \bamZevghfm lbimg_ [he__ihe_aghq_f
aZy\blvqlh mg_]h ju`b_\hehku?keb wlb h[h[s_gby hke_ieyxl\Zkf_rZxl
\gbdgmlv \kmlvagZqbl \uaZgyebkv kha^Zgb_fkl_j_hlbih\
<hafh`ghm \Zk \hagbdg_lagZqbl_evgh_ bkdmr_gb_dZl_]hjbabjh\Zlv k_[y
b ^jm]boex^_c \ l_jfbgZoi_j\bqguo j_ij_a_glZlb\guokbkl_fK^_eZlv lZdmx
hrb[dm agZqblm]h^blv \eh\mrdm ljZ^bpbhgghc ikboheh]bb\u^mfZlv gZ[hj
dZl_]hjbc b aZl_f \ibob\Zlvex^_c \wlb dZl_]hjbb g_aZ\bkbfh hl lh]h
ih^oh^yl hgb bebg_lJ_Zevgu_ ex^b \k_]^Z [h]Zq_l_o h[h[s_gbcdhlhju_
k^_eZgu hlghkbl_evgh boih\_^_gbyGEI ij_^eZ]Z_l^hklZlhqgh [h]ZlucgZ[hj
fh^_e_cqlh[u khklZ\blvhibkZgb_ lh]hqlh ex^b^_eZxl gZkZfhf ^_e_Z g_
ih^h]gZlv boih^ kl_j_hlbiu
KM;FH>:EVGHKLB
Fu ]h\hjbeb hlj_o hkgh\guo kihkh[Zo fure_gbyk ihfhsvx a\mdh\
dZjlbghd bhsms_gbc gh wlhebrv i_j\ucrZ] ?keb\u ohlbl_hibkZlv \b^_ggmx
jZg__ dZjlbgdmlh kms_kl\m_lfZkkZ ^_lZe_cdhlhju_ \u fh]eb[u mlhqgylv
;ueZ eb hgZ p\_lghcbeb q_jgh[_ehc"Wlh nbevfbeb keZc^">Ze_dh hgZbeb
[ebadh"LZdh]h jh^Z jZaebq_gbyfh]ml [ulvk^_eZgu g_aZ\bkbfh hllh]hqlh
bah[jZ`_gh gZ dZjlbgd_:gZeh]bqguf h[jZahf\u fh]eb[u hibkZlva\md dZd
\ukhdbc bebgbadbc[ebadbc beb^Ze_dbc]jhfdbc beblbobcHsms_gby fh]ml
[ulv kbevgufbbeb keZ[ufbly`_eufb bebe_]dbfbijblmie_ggufb bebhkljufb
BlZdhij_^_eb\ h[s__ gZijZ\e_gb_k\hbo jZafure_gbcgZ ke_^mxs_frZ]_ fu
^hklb]g_f agZqbl_evgh[hevr_c lhqghklb\gmljb wlhckbkl_fu
AZcfbl_ m^h[gh_ iheh`_gb_ b\kihfgbl_ ijbylguckemqZc bak\h_c `bagb
Bkke_^mcl_ ex[mxdZjlbgdmdhlhjZy ihy\blky m\Zk \wlhf \hkihfbgZgbb<u
\b^bl_ __ dZd [m^lhk\hbfb kh[kl\_ggufb]eZaZfb Zkkhpbbjh\Zghbeb \u
\b^bl_ __dZd [m^lhgZoh^bl_kv \ dZdhflh ^jm]hff_kl_ ^bkkhpbbjh\Zggh"
?keb \u\b^bl_ k_[y\ dZjlbgd_\u^he`gh [ulv^bkkhpbbjh\ZgguP\_lgZy eb
hgZ"Wlh nbevfbeb keZc^"Wlh lj_of_jgh_bah[jZ`_gb_ bebhgh iehkdh_dZd
nhlh]jZnby"Ijh^he`Zy kfhlj_lvgZ wlmdZjlbgdm\u fh`_l_lZd`_ ^hihegblv__
hibkZgb_
>Ze__ h[jZlbl_ \gbfZgb_ gZ ex[u_ a\mdbdhlhju_ k\yaZgu k wlbf
\hkihfbgZgb_fHgb ]jhfdb_ beb lbob_";ebadb_ beb ^Ze_db_"Hldm^Z hgb
^hghkylky"
GZdhg_ph[jZlbl_ \gbfZgb_ gZex[u_ hsms_gby beb qm\kl\Zdhlhju_
y\eyxlky qZklvxwlh]h \hkihfbgZgby=^_ ihy\eyxlkywlb hsms_gby"Wlh `_kldh_
beb fy]dh_"E_]dh_ bebly`_eh_"=hjyq__ beboheh^gh_"
Wlb jZaebq_gby \ebl_jZlmj_ ih GEIgZau\Zxlky km[fh^Zevghklyfb?keb
j_ij_a_glZlb\gu_ kbkl_fuy\eyxlky fh^Zevghklyfbkihkh[Zfb \hkijbylbyfbjZ
lh km[fh^Zevghklbwlh dbjibqbdbba dhlhjuokljhylky wlb\hkijbylbylh
ba q_]hkhklhyl dZjlbgdba\mdb bhsms_gby
Ex^b bkihevah\Zeb b^_b GEI\h \k_\j_f_gZGEI aZjh^behkv \h\k_g_
lh]^Zdh]^Z ijb^mfZeb_fm gZa\Zgb_>j_\gb_ ]j_dblhedh\Zeb hqm\kl\_gghf
i_j_`b\ZgbbZ :jbklhl_ev]h\hjbe h km[fh^ZevghklyogZau\Zy boih^jm]hfm
dh]^Z kkueZekygZ dZq_kl\Zwlbo qm\kl\
Gb`_ ijb\h^blkykibkhd gZb[he__qZklh \klj_qZxsbokykm[fh^Zevghkl_c
<BAM:EVGU?
:kkhpbbjh\ZggZy \b`m k\hbfbkh[kl\_ggufb ]eZaZfbbeb ^bkkhpbbjh\ZggZy
\b`m k_[ykh klhjhguP\_lgZy beb q_jgh[_eZy< jZfd_ beb [_a g__
=em[bgZ ^\mobeb lj_of_jgZyF_klhiheh`_gb_ ke_\Z bebkijZ\Z\\_jom beb
\gbamJZkklhygb_ hl f_gy^h dZjlbgdbYjdhklvDhgljZklghklvJ_adhklv
jZafulZy
beb knhdmkbjh\ZggZy>\b`_gb_ nbevf beb keZc^Kdhjhklv
[uklj__ bebf_^e_gg__ h[uqgh]hDhebq_kl\h hl^_evgZy kp_gZbeb fgh`_kl\h
h[jZah\JZaf_j
:M>B:EVGU?
Kl_j_h bebfhghKeh\Z beba\mdb=jhfdhklv ]jhfdh beb lbohLhg
fy]dbc beb`_kldbcL_f[j gZiheg_gghklv a\mdh\F_klhiheh`_gb_ bklhqgbdZ
a\mdZJZkklhygb_
^h
bklhqgbdZ>ebl_evghklvG_ij_ju\ghklv
beb
^bkdj_lghklvKdhjhklv [uklj__ bebf_^e_gg__ h[uqgh]hQbklhlZ qbkluc beb
ijb]emr_gguc
DBG?KL?LBQ?KDB?
EhdZebaZpbyBgl_gkb\ghklv
>Z\e_gb_ kbevgh_ beb keZ[h_Kl_i_gv gZkdhevdh \_ebdhL_dklmjZ
r_jhoh\Zluc beb ]eZ^dbcLy`_klv e_]dbc beb ly`_eucL_fi_jZlmjZ
>ebl_evghklv dZd ^he]hwlh ^eblkyNhjfZ
Wlh ^Ze_dh g_ iheguc kibkhd gZb[he__ h[sbokm[fh^Zevguo jZaebqbc
dhlhju_ ^_eZxl ex^bG_dhlhju_ km[fh^Zevghklby\eyxlky g_ij_ju\gufb beb
^bkdj_lgufbih^h[gh \udexqZl_ex\dexq_gghfm beb\udexq_gghfmi_j_`b\Zgb_
fh`_l ijbgbfZlv h^gmbeb ^jm]mxnhjfmGZijbf_jdZjlbgdZ g_ fh`_l[ulv
Zkkhpbbjh\Zgghc b^bkkhpbbjh\Zgghc h^gh\j_f_ggh;hevrbgkl\h km[fh^Zevghkl_c
baf_gy_lky ihkl_i_gghdZd [m^lhbo j_]mebjmxlj_hklZlhfHgb h[jZamxlg_qlh
\jh^_ kdhevays_c
rdZeugZijbf_jj_adhklvyjdhklv beb
]jhfdhklv
:gZeh]h\Zy wlh keh\hdhlhjh_ bkihevamxl^ey hibkZgbyl_o dZq_kl\dhlhju_
fh]ml baf_gylvkyihkl_i_ggh \ij_^_eZo k\hbo]jZgbp
Fgh]b_
ba wlbo km[fh^Zevghkl_c ijyqmlky \h njZaZodhlhju_
fu
bkihevam_fb _keb\u ihkfhljbl_ gZ kibkhd\ dhgp_wlh]h iZjZ]jZnZ\u
kfh`_l_ m\b^_lv bo \ gh\hfk\_l_ bebhgb ih^_ckl\mxlgZ \Zkih^jm]hfm
ihlhfm
qlh hgb djZkghj_qb\h ]h\hjyl h lhfdZd jZ[hlZ_l gZr fha]
Km[fh^Zevghklb fh`ghjZkkfZljb\Zlv dZdgZb[he__ nmg^Zf_glZevguchi_jZpbhgguc
dh^
q_eh\_q_kdh]h
fha]ZIjhklh
g_\hafh`gh ih^mfZlv h q_flh
beb
\hkklZgh\blv dZdh_gb[m^v i_j_`b\Zgb_[_a lh]hqlh[u hghbf_eh km[fh^Zevgmx
kljmdlmjm< lh `_ \j_fy e_]dh g_ hkhagZ\Zlv km[fh^Zevgmx kljmdlmjm
i_j_`b\Zgby>h l_oihjihdZ \ug_ h[jZlbl_gZ g__khagZl_evgh_ \gbfZgb_
GZb[he__ bgl_j_kgh_ k\hckl\hkm[fh^Zevghkl_c aZdexqZ_lky \ lhfqlh
ijhbkoh^bldh]^Z \u bobaf_gy_l_G_dhlhju_ ba gbofh]ml [ulv baf_g_gu
[_agZdZaZggh bg_ ijhba\h^yl jZaebqbc>jm]b_ fh]ml [ulvdjblbq_kdbfb ih
hlghr_gbx dhl^_evguf \hkihfbgZgbyfb baf_g_gb_ boiheghklvx f_gy_lgZr_
hlghr_gb_ di_j_`b\ZgbxH[uqgh \ha^_ckl\b_b kfuke\hkihfbgZgby bebfukeb \
[hevr_c
kl_i_gb
y\ey_lky
nmgdpb_c
g_[hevrh]h
qbkeZ
djblbq_kdbo
km[fh^Zevghkl_cZ g_kh^_j`Zgby
DZd lhevdhkh[ulb_ ijhbahrehhgh aZdhgqbehkvb fugbdh]^Z g_kfh`_f
\_jgmlvky gZaZ^ bbaf_gblv _]hIhke_ wlh]hfu j_Z]bjm_f m`_ g_gZ kZfh
kh[ulb_Z gZk\h_ \hkihfbgZgb_h[ wlhfkh[ulbbdhlhjh_ fh`_l[ulv baf_g_gh
Ijh\_^bl_
ke_^mxsbc
wdki_jbf_gl<kihfgb\ dZdh_gb[m^v
ijbylgh_
kh[ulb_M[_^bl_kv \lhfqlh \uZkkhpbbjh\Zgu \dZjlbgd_\b^bl_ __k\hbfb
kh[kl\_ggufb
]eZaZfbH[jZlbl_ \gbfZgb_
gZ k\hb
hsms_gbyL_i_jv
^bkkhpbbjmcl_kv<uc^bl_ bak\h_]h l_eZb ihkfhljbl_kh klhjhgugZ q_eh\_dZ
hq_gv ihoh`_xgZ \Zkdhlhjuc \b^blb keurbl lhqlh \u\b^_eb b keurZeb
lh]^ZWlh ihqlbgZ\_jgydZ baf_gbl \Zr_hlghr_gb_ dkh[ulbx>bkkhpbZpby hl
\hkihfbgZgby ebrZ_l_]h k\h_c wfhpbhgZevghc kbeuIjbylgh_ \hkihfbgZgb_
mljZqb\Z_l k\hx ij_e_klvZ g_ijbylgh_ l_jy_l k\hx[hev< [m^ms_fdh]^Z
\hh[jZ`_gb_ [m^_l jbkh\Zlv \Zf[he_ag_ggmx kp_gm^bkkhpbbjmcl_kv hl g__
Qlh[u ihemqblvm^h\hevkl\b_ hlijbylguo \hkihfbgZgbcm[_^bl_kv \ lhfqlh
\u Zkkhpbbjh\Zgu<u fh`_l_ baf_gblv lhdZd \u ^mfZ_l_Wlh \Z`gh_
iheh`_gb_ bag_ibkZgh]h jmdh\h^kl\Zih bkihevah\Zgbxfha]Z
<uihegbl_ ke_^mxsbcwdki_jbf_gl ihbaf_g_gbx kihkh[Z\Zr_]h fure_gbyb
hij_^_ebl_dZdb_ km[fh^Zevghklby\eyxlky djblbq_kdbfb^ey \Zk
<_jgbl_kv
fuke_ggh d hkh[_gghc wfhpbhgZevgh hdjZr_gghc kblmZpbb
dhlhjmx \u fh`_l_\kihfgblv ohjhrhKgZqZeZ hkhagZcl_ \bamZevgmx qZklv
\hkihfbgZgbyij_^klZ\vl_ k_[_qlh \u ih\hjZqb\Z_l_ jmqdm j_]meylhjZ
yjdhklb bah[jZ`_gbym\_ebqb\Zy b mf_gvrZy yjdhklvHlf_lvl_dZdb_
baf_g_gby wlh\ghkbl \\Zr_ i_j_`b\Zgb_DZdZy yjdhklv hdZau\Z_lky^ey \Zk
[he__ ij_^ihqlbl_evghc"< dhgp_\_jgbl_ yjdhklv\ i_j\hgZqZevgh_khklhygb_
>Ze__ijb[ebavl_ h[jZaaZl_f m^Zebl__]hQlh ijbwlhf baf_gy_lkyb
dZdh_ iheh`_gb_h[jZaZ \Zf [hevr_gjZ\blky"<_jgbl_ _]h\ lhiheh`_gb_\
dhlhjhf hg[ue \gZqZe_
L_i_jv_keb hg[ue p\_lgufk^_eZcl_ _]hq_jgh[_euf?keb `_hg [ue
q_jgh[_euf^h[Z\vl_ _fm p\_lZHp_gbl_ baf_g_gbydZdb_ bagbo emqr_"
<_jgbl_kv \bkoh^gh_ iheh`_gb_
>Ze___klv eb\ g_f^\b`_gb_"?keb ^Zlh aZf_^eycl__]h ^h l_oihj
ihdZ hghg_ hklZgh\blkyAZl_f m\_ebqb\Zcl_kdhjhklvHlf_lvl_ gZb[he__
ij_^ihqlbl_evgmx kdhjhklvb \_jgbl_kvd i_j\hgZqZevghc
GZdhg_pihijh[mcl_
baf_gblv
Zkkhpbbjh\Zggh_
khklhygb_
gZ
^bkkhpbbjh\Zggh_ bh[jZlgh
G_dhlhju_Zfh`_l [ulvb \k_ baf_g_gby[m^ml hdZau\Zlv ]em[hdh_
\ha^_ckl\b_ gZ \Zr_hlghr_gb_ d wlhfm \hkihfbgZgbx<u fh`_l_aZohl_lv
hklZ\blv \hkihfbgZgb_k l_fbagZq_gbyfb km[fh^Zevghkl_cdhlhju_ \Zf [hevr_
ihgjZ\bebkv<Zk fh]ml g_ mkljZb\Zlv l_ km[fh^Zevghklbdhlhju_ fha]
ij_^hklZ\be \Zf[_a \Zr_]h\_^hfZ<u g_aZ[ueb \u[jZlvbo kZfb"
K_cqZk
ijh^he`Zcl_
k\hc
wdki_jbf_gl
k
^jm]bfb
\bamZevgufb
km[fh^Zevghklyfb bgZ[ex^Zcl_ aZl_fqlh ijhbkoh^blK^_eZcl_ lh`_ kZfh_k
Zm^bZevghc bdbg_kl_lbq_kdhc qZklyfbwlh]h \hkihfbgZgby
>ey [hevrbgkl\Z
ex^_c
i_j_`b\Zgb_
[m^_l
[he__ bgl_gkb\guf
b
g_aZ[u\Z_fuf_keb hgh[hevrh_yjdh_p\_lgh_[ebadh_ b Zkkhpbbjh\Zggh_
?keb wlhlZd b^ey \Zkm[_^bl_kvqlh \uojZgbl_ k\hbohjhrb_ \hkihfbgZgby
bf_ggh lZdbf kihkh[hfGZh[hjhlk^_eZcl_ k\hbg_ijbylgu_ \hkihfbgZgby
fZe_gvdbfbl_fgufbq_jgh[_eufbm^Ze_ggufb b^bkkhpbbjh\ZggufbB \lhf
b \ ^jm]hfkemqZ_ kh^_j`Zgb_\hkihfbgZgby hklZ_lkyg_baf_ggufbaf_gy_lky
ebrv lhdZd fu_]h ihfgbfIehob_ \_sb kemqZxlkyb bf_xlihke_^kl\byk
dhlhjufb fu \ugm`^_gu`blvgh hgbg_ h[yaZguij_ke_^h\Zlv gZkBo kbeZ
aZklZ\eyxsZy gZkqm\kl\h\Zlv k_[yiehoh a^_kvb k_cqZkbf__l ijhbkoh`^_gb_
\ lhfkihkh[_dhlhjuf fu ^mfZ_f h gboKms_kl\_ggh_ jZaebqb_dhlhjh_
ke_^m_l
^_eZlvaZdexqZ_lky \
lhfqlh[u gZoh^blv jZagbpm
f_`^m
^_ckl\bl_evgh ijhbahr_^rbfkh[ulb_f bl_f kfukehfb \ebygb_fdhlhjuc fu_fm
ijb^Z_f l_fkihkh[hfdhlhjuf fu_]h ihfgbf
<hafh`ghm \Zk_klv \gmlj_ggbc]hehkdhlhjuc \hjqblgZ \Zk
K^_eZcl_
_]h
f_^e_ggufL_i_jv
m\_ebqvl_
_]h
kdhjhklv
Ihwdki_jbf_glbjmcl_ kbaf_g_gb_f _]hlhgZK dZdhcklhjhgu hga\mqbl"
Qlh ijhbahc^_l_keb \ui_j_g_k_l_ _]hgZ ^jm]mxklhjhgm"
Qlh kemqblky_keb \uk^_eZ_l_ _]h[he__ ]jhfdbf"Beb [he__lbobf"
JZa]h\hj kkZfbf kh[hcfh`_l [ulvij_\jZs_g \gZklhys__ m^h\hevkl\b_
Wlhl ]hehk fh`_l ^Z`_g_ [ulv \Zrbf kh[kl\_gguf?keb hgg_ \Zr
kijhkbl_ _]hqlh hg^_eZ_l \\Zr_c ]heh\_
Baf_g_gb_ km[fh^Zevghkl_c wlh ij_^f_lkm[t_dlb\gh]h i_j_`b\Zgby
dhlhjh_ ljm^gh i_j_^Zlv keh\ZfbL_hjby kihjgZhiul m[_`^Z_l<u fh`_l_
[ulv j_`bkk_jhf k\h_]h kh[kl\_ggh]h \hh[jZ`Z_fh]h nbevfZb fh`_l_ kZfb
j_rZlvdZd \uohlbl_ ^mfZlvZ g_[ulv \h\eZklb j_ij_a_glZpbcdhlhju_
dZaZehkv [u\hagbdZxl kZfbih k_[_Ih^h[gh l_e_\bahjm\ e_lgbc i_jbh^
fha] ihdZau\Z_lfZkkm ih\lhj_gbcfgh]b_ badhlhjuo y\eyxlkyklZjufb b g_
hq_gv ohjhrbfbnbevfZfb<Zf g_lg_h[oh^bfhklb kfhlj_lvbo
Wfhpbb ijboh^yl hldm^Zlhohly ijbqbgZ bo ihy\e_gby fh`_l b g_
hkhagZ\ZlvkyGh
^Z`_
_keb kZfb
wfhpbb
y\eyxlky dbg_kl_lbq_kdbfb
j_ij_a_glZpbyfb bbf_xl \_kehdZebaZpbx b bgl_gkb\ghklvm gbo _klv
km[fh^Zevghklbdhlhju_ fh]ml [ulvbaf_g_guQm\kl\Z g_y\eyxlky iheghklvx
g_ijhba\hevgufbb \ufh`_l_ ijhclb^ebgguc imlvij_`^_ q_f\u[_j_l_ l_
qm\kl\Zdhlhju_ \uohlbl_ bf_lvWfhpbb fh]ml[ulv ij_djZkgufbkem]Zfb b
kmjh\ufb mqbl_eyfb
J_ij_a_glZlb\gu_ kbkl_fudexqb ^hklmiZb km[fh^Zevghklbij_^klZ\eyxl
kh[hc \Z`gu_dbjibqbdbba dhlhjuo kljhblky a^Zgb_ km[t_dlb\gh]hhiulZ
G_m^b\bl_evghqlh ex^bkljhyl jZaebqgu_ dZjlu hdjm`Zxs_]h bo fbjZHgb
bf_xl JZaebqgu_\_^msb_ bij_^ihqblZ_fu_ j_ij_a_glZlb\gu_kbkl_fujZaebqgu_
kbg_kl_abb bdh^bjmxl k\hb\hkihfbgZgby kihfhsvx jZaebqguokm[fh^Zevghkl_c
Dh]^Z `_gZdhg_pfu bkihevam_fyaud ^eyh[s_gby ^jm]k ^jm]hfijhklh
M^b\bl_evghdZd wlhfu mobljy_fkyihgbfZlv ^jm]^jm]Z
IJBF?JU K?GKHJGHHIJ?>?E?GGUOKEH< B<UJ:@?GBC
<BAM:EVGU?
Kfhlj_lvdZjlbgZnhdmk\hh[jZ`_gb_ijhaj_gb_kp_gZke_ihc
\bamZebabjh\Zlvi_jki_dlb\Z[e_kl_lvhljZ`ZlvijhykgylvjZkkfZljb\Zlv
]eZanhdmkbjh\Zlvij_^\b^_lvbeexabybeexkljbjh\ZlvaZf_qZlv\b^
\a]ey^lhqdZ aj_gbyihdZau\Zlvihy\blvkyZghgk\b^_lvh[ahj
h[haj_gb_aj_gb_aj_ebs_gZ[ex^Zlvg_ykgucl_fguc
:M>B:EVGU?
=h\hjblvZdp_glbjh\ZlvjbnfZ]jhfdbclhgj_ahgbjh\Zlva\md
fhghlhgguc]emohca\hghdbkijZrb\Zlvm^Zj_gb_\gylguckeurZlv
^bkdmkkbyaZy\eylv^_eZlv
aZf_qZgb_kemrZlva\_g_lvaZfheqZlv
g_jZa]h\hjqb\uc\hdZevguca\mqZlv]hehk]h\hjbllbrbgZ^bkkhgZgk
kha\mqguc]Zjfhgbqgucijhgabl_evguclbogbg_fhc
DBG?KL?LBQ?KDB?
O\ZlZlv\jmqZlvdhglZdlbjh\ZlvlhedZlvl_j_lv`_kldbcl_ieuc
oheh^gucr_jrZ\uc\aylvkyk^Z\Zlvk`ZlvgZijyqvkyhkyaZ_fuchsmlbfuc
gZijy`_gb_l\_j^ucfy]dbcg_`gucaZ`bfZlv^_j`ZlvaZ^_\Zlvkghkblv
ly`_euc]eZ^dbf
G?CLJ:EVGU?
J_rZlv^mfZlvihfgblvagZlvf_^blbjh\Zlvihgb`Zlv gZf_j_\Zlvky
hkhagZ\Zlvhp_gb\Zlvj_rZlvmqblvfhlb\bjh\Zlvbaf_gylvkhagZl_evguc
hlghkblvky
H;HGYL?EVGU?
>mrbklucZjhfZlguc^ufgucki_jluck\_`bc[eZ]hmoZxsbc\hgxqbc
<DMKH<U?
Dbkeuckhe_guckeZ^dbc\dmkguckhqgucijb\dmk]hjvdbc
<BAM:EVGU? <UJ:@?GBY
Y \b`mqlh \ubf__l_ \\b^mY \gbfZl_evghjZkkfZljb\Zx wlmb^_xFu
kfhljbf ]eZaZ \]eZaZY bf_xkfmlgh_ ij_^klZ\e_gb_M g_]hke_ih_ iylgh
IhdZ`bl_ fg_qlh \ubf__l_ \\b^m<u ihkfhljbl_gZ wlhb jZkkf__l_kvWlh
ijhev_l g_fgh]hk\_lZ gZ kms_kl\h \hijhkZHg kfhljblgZ `bagvkd\hav
jhah\u_ hqdbWlh ijhykgbehkv ^ey f_gy;_a l_gb khfg_gbyKfhlj_lv
kd_ilbq_kdb;m^ms__ \u]ey^bl k\_leufJ_r_gb_ \hagbdeh i_j_^_]h ]eZaZfb
Ijbylgh_ aj_ebs_
:M>B:EVGU? <UJ:@?GBY
GZ lhc`_ ^ebg_\hegu@blv \]Zjfhgbb
=h\hjblv gZlZjZ[Zjkdhf yaud_IjhimkdZlv fbfhmr_cA\hgblv \dhehdhe
AZ^Z\Zlv
lhgKeh\h
aZ keh\hG_keuoZggucYkgh \ujZ`_gguc>Z\Zlv
Zm^b_gpbx>_j`Zlv yaudaZ am[ZfbFZg_jZ ]h\hjblv]jhfdh bhlq_leb\h
DBG?KL?LBQ?KDB? <UJ:@?GBY
K\yaZeky k\ZfbMo\Zlbe wlmb^_x
AZ^_j`Zlvky gZ k_dmg^mY k\h_c i_q_gdhc qm\kl\mx wlhQ_eh\_d k
oheh^guf k_j^p_fOeZ^ghdjh\guc q_eh\_dLheklhdh`bcJmdb q_rmlkyIZevp_f
g_ ljhgmlvIZe_p hiZe_p g_m^ZjbeL\_j^h_ hkgh\Zgb_AZ]hj_lvky `_eZgb_f
G_ o\ZlZlva\_a^ kg_[ZIeZ\gh j_]mebjh\Zlv
H;HGYL?EVGU? B<DMKH<U? <UJ:@?GBY
Qmylv g_^h[jh_=hjvdZy ibexey<dmk dohjhr_c `bagbKeZsZ\uc q_eh\_d
DbkeZy fbgZ
=eZ\Z IKBOHEH=BQ?KDB? KHKLHYGBYB WFHPBHG:EVG:YK<H;H>:
Dh]^Z ex^b gZoh^ylky\ wfhpbhgZevghf bnbabq_kdhf miZ^d_fu qZklh
]h\hjbfqlh hgb\ m`Zkghf khklhygbb:gZeh]bqghfu hkhagZ_fqlh ^ey
j_r_gby [hevrbgkl\ZaZ^Zq fu ^he`gu[ulv \ijZ\bevghf khklhygbb^moZQlh
lZdh_ khklhygb_^moZ"Hq_gv ijhklhwlh \k_l_ fukebwfhpbb bnbabheh]by
dhlhju_ fuijhy\ey_f \wlhl fhf_gl\gmlj_ggb_ dZjlbgdba\mdbhsms_gby b
\k_ iZll_jguihau b^uoZgbyJZamf bl_eh iheghklvx\aZbfhk\yaZgulZd qlh
gZrb fukebg_f_^e_ggh hdZau\Zxl\ebygb_ gZgZrm nbabheh]bxb gZh[hjhl
Khklhygb_ gZr_]hjZamfZ g_ij_ju\ghf_gy_lkyb wlhh^gZ bal_o g_fgh]bo
\_s_ck\yaZgguo kjZamfhfgZ dhlhjmxfu fh`_fiheh`blvkyDh]^Z \uf_gy_l_
khklhygb_fbj \hdjm]lh`_ f_gy_lkyBeb dZ`_lkyqlh f_gy_lkyFu qZklh
[he__ hkhagZ_fgZr_ wfhpbhgZevgh_ khklhygb_q_f gZrm nbabheh]bxiham
`_klu^uoZgb_QZklh
kqblZ_lkyqlh wfhpbb gZoh^ylky
\g_ gZr_]h
khagZl_evgh]h dhgljheyqlh hgb y\eyxlky\b^bfhc\_jog_c qZklvxZck[_j]Z
Fu g_ \b^bf p_ebdhfnbabheh]bx b fukebl_evguc ijhp_kkdhlhju_ e_`Zl \
hkgh\Zgbb wfhpbcb ih^^_j`b\Zxl bo>_\ylv ^_kyluoZck[_j]Z kdjulu ih^
\h^hcIulZlvky \ebylvgZ wfhpbbg_ baf_gyykhklhygb_klhev `_[_kihe_agh
dZd iulZlvkyaZklZ\blv Zck[_j]bkq_agmlvJZkibeb\Zy _]h\_jomrdm;m^_l
ebrv m\_ebqb\Zlvkyih\_joghklvihdZ \ug_ ijbeh`bl_k\_jo mkbebyih]jm`Zy
_]h \\h^mb wlhbf_ggh lhqlh fuqZklh ^_eZ_fijbf_gyy gZjdhlbdbeb kbem
\hebIhgZr_fmjZamf \_^_lZ l_eh ke_^m_l ihkemrghLZdbf h[jZahf
ijb\uqgu_ wfhpbb fh]mlhljZ`Zlvky gZ ebp_b \ iha_q_eh\_dZihlhfm qlh
q_eh\_d g_aZf_qZ_ldZd wlbwfhpbb nhjfbjmxl_]h nbabheh]bx
Ijh\_^bl_ ke_^mxsbc wdki_jbf_glih^mfZcl_
h
g_dhlhjhf ijbylghf
i_j_`b\Zgbbh lhf\j_f_gbdh]^Z \u ^_ckl\bl_evghqm\kl\h\Zeb k_[yohjhrh
Dh]^Z \u_]h gZc^_l_i_j_g_kbl_kv fuke_ggh \lh i_j_`b\Zgb_IhljZlvl_
fbgmlm beb ^\_i_j_`b\Zy \gh\vwlhl hiul gZklhevdh iheghgZkdhevdh \u
fh`_l_
Dh]^Z \u ihemqbl_m^h\hevkl\b_ hl wlbo ijbylguohsms_gbcihkfhljbl_
\hdjm] k_[yhlf_lvl_ lhqlh \u\b^bl_b lZa\mdbdhlhju_ keurbl_ \h
\j_fy i_j_`b\Zgbywlh]h \hkihfbgZgby
Hlf_lvl_ k\hbhsms_gbyDh]^Z \uihegbl_\_jgbl_kv \gZklhys__
Hlf_lvl_ \ha^_ckl\b_dhlhjh_ wlZijhp_^mjZ hdZaZeZgZ \Zr_gZklhys__
khklhygb_\ hkh[_gghklb gZ \Zrmiham b ^uoZgb_Ijhreuc hiul g_ bkq_a
gZ\k_]^Zhg fh`_lihfhqv \Zf qm\kl\h\Zlvk_[y ohjhrh\ gZklhys_fohly
dZjlbgu ba\mdb ijhreh]h hklZebkvihaZ^bDh]^Z fu \hkkha^Z_f bo\gmljb
k_[y^_ckl\bl_evgu_ hsms_gby hdZau\Zxlky
gZklhevdh `_
j_Zevgufb b
g_ihkj_^kl\_ggufbdZdbfb hgb[ueb lh]^ZQlh [u \ugb qm\kl\h\Zeb i_j_^
l_fdZd ijhqblZebwlhl Z[aZp\u m`_ i_j_\_eb k_[y \[he__ j_kmjkgh_
khklhygb_
L_i_jvgZh[hjhl\kihfgbl_ ke_]dZg_ijbylguc ijhreuchiulDh]^Z hg
ijb^_l \]heh\m\hh[jZabl_ k_[ykgh\Z \lhc kblmZpbb
Qlh \u\b^bl_ \lhc kblmZpbb"Qlh \ukeurbl_"Hlf_lvl_ k\hbhsms_gby
G_ aZ^_j`b\Zcl_kv kebrdhf ^he]h gZ wlhf i_j_`b\Zgbb\_jgbl_kv \
gZklhys__ bhlf_lvl_ \ha^_ckl\b_dhlhjh_ hghhdZaZeh gZ\ZkHkhagZcl_ k\hb
hsms_gby
ihke_ wlh]h i_j_`b\Zgby
ih
kjZ\g_gbx k hsms_gbyfb
ihke_
ij_^u^ms_]hHlf_lvl_ lZd`_i_j_f_gu \iha_ b^uoZgbb
L_i_jv baf_gbl_ k\h_
wfhpbhgZevgh_ khklhygb_K^_eZcl_ g_kdhevdh
nbabq_kdbo
mijZ`g_gbcih^\b]Zcl_kv
b
i_j_\_^bl_ k\h_
\gbfZgb_ k
\hkihfbgZgbc gZ qlhlh kh\_jr_ggh bgh_Ihkfhljbl_ \hdghihiju]Zcl_
i_j_c^bl_ gZ ^jm]hc dhg_p dhfgZlu b dhkgbl_kvkl_gu beb gZdehgbl_kvb
dhkgbl_kv iZevp_\gh]H[jZlbl_ \gbfZgb_gZ nbabq_kdb_hsms_gby ^\b`_gby b
gZ lhqlh \uhkhagZ_l_ a^_kvb k_cqZk
< GEIl_jfbgZo wlZijhp_^mjZ ba\_klgZdZd baf_g_gb_khklhygbyb hgZ
klhbl lh]hqlh[u ijb[_]Zlvd g_cdh]^Z \uihqm\kl\m_l_ k_[y\ g_j_kmjkghf
khklhygbbDh]^Z \u\kihfbgZ_l_ g_ijbylgu_kh[ulby b\oh^bl_ \g_ j_kmjkgh_
khklhygb_\Zr_ l_eh
p_ebdhf
ijbgbfZ_l wlh g_]Zlb\gh_ khklhygb_
b
ih^^_j`b\Z_l _]h lhgmkhf fmkdmeh\ihahc
b ^uoZgb_fWlb nbabq_kdb
gZdhie_ggu_ \hkihfbgZgbyfh]ml bkihjlblv\Zrb [m^msb_i_j_`b\Zgby gZfbgmlu
beb qZkuFu \k_agZ_fqlh agZqbl\klZlv g_k lhcgh]bEx^bkljZ^Zxsb_
^_ij_kkb_cbf_xl [_kkhagZl_evgh mk\h_ggmx kihkh[ghklv ih^^_j`b\Zlv g_
j_kmjkgh_ khklhygb_ \ l_q_gb_ ijh^he`bl_evgh]h\j_f_gb>jm]b_ mk\hbeb
kihkh[ghklv baf_gylv k\h_ wfhpbhgZevgh_ khklhygb_ ihk\h_fm mkfhlj_gbx
kha^Z\ ^eyk_[y wfhpbhgZevgmxk\h[h^mdhlhjZy ij_h[jZam_lbo `bagvHgb
lZd`_ i_j_`b\Zxl\ae_lu biZ^_gby \`bagbgh g_aZklj_\Zxl gZ[he_ag_gguo
wfhpbyo
< l_q_gb_ `bagbfu ihklhyggh ijhoh^bfq_j_a jZaebqgu_wfhpbhgZevgu_
khklhygbybgh]^Z [ukljhbgh]^Z [he__ jZaf_j_gghGZijbf_j\u fh]eb
qm\kl\h\Zlv k_[yg_\Z`ghZ ^jm]ih l_e_nhgmkhh[sbe ohjhrb_gh\hklbM \Zk
gZ ^mr_ ihk\_le_ehBebfh`_l [ulv[ue yjdbckheg_qguc ^_gvZ \u
jZki_qZlZ\ ihqlmh[gZjm`beb g_h`b^Zggh [hevrhc kq_lB \gmlj_ggb_h[eZdZ
fh]eb aZlfblvj_Zevgh_ khegp_
Fu fh`_f\ebylv gZk\h_ khklhygb_Z g_ijhklh j_Z]bjh\ZlvgZ lhqlh
ijhbkoh^bl \hdjm]< ij_^u^msb_g_kdhevdh fbgml\u qm\kl\h\Zeb k_[yohjhrh
aZl_f bkiulu\Zebg_m^h[kl\haZl_fdZd `_ \uqm\kl\m_l_ k_[y k_cqZk":
\_^v \hdjm]\Zk gbq_]hg_ baf_gbehkv<u k^_eZeb\k_ wlhkZfb
BA<E?Q?GB?
Ba\e_q_gb_ wlh keh\hbkihevam_fh_ \GEI ^ey h[hagZq_gby ijhp_kkZ
i_j_\h^Z q_eh\_dZ \
hij_^_e_ggh_
khklhygb_Wlh
h[u^_ggh_ mf_gb_
ijhy\eyxs__ky
ih^
jZaebqgufb
gZa\Zgbyfbihlhfm qlh \k_ fu \_kvfZ
gZlj_gbjh\Zgu \^_e_ ih]jm`_gbyex^_c \jZaebqgu_ gZkljh_gbyb \u\_^_gbybo
ba wlbogZkljh_gbcFu ihklhyggh^_eZ_f wlhgZrbfb keh\Zfblhghf b`_klZfb
Bgh]^Zl_f g_f_g__fu ba\e_dZ_fg_ lhqlh ohlbfKdhevdh jZa \ukeurZeb
njZam lbiZQlh kgbf kemqbehkv\_^v ylhevdh kdZaZe
Ijhkl_crbc kihkh[ ba\e_qvdZdh_gb[m^v wfhpbhgZevgh_ khklhygb_wlh
ihijhkblv q_eh\_dZ \kihfgblv lh\j_fydh]^Z hgi_j_`b\Ze wlmwfhpbxQ_f
[he__ \ujZabl_evgu\u [m^_l_l_f [he__\ujZabl_evghc [m^_lba\e_q_ggZy \Zfb
wfhpby ?keblhg \Zr_]h ]hehkZkeh\Z\ujZ`_gb_ ebpZb ihaZkhhl\_lkl\mxl
lhc j_Zdpbbh dhlhjhc \u kijZrb\Z_l_lh \u __ ihemqbl_ k [hevr_c
\_jhylghklvx<k_ \Zrbmkbeby g_hklZgmlky [_aj_amevlZlZ?keb \uiulZ_l_kv
i_j_\_klb q_eh\_dZ\ kihdhcgh_j_kmjkgh_ khklhygb_lh [_kihe_agh]h\hjblv k
gbf ]jhfdbf[ukljuf ]hehkhfqZklh bg_]em[hdh ^urZb ijhba\h^yfgh`_kl\h
ihju\bkluo ^\b`_gbcG_kfhljy gZ\Zrb mkihdZb\Zxsb_keh\Zkh[_k_^gbd [m^_l
klZgh\blvky [he__\ha[m`^_gguf<Zf ke_^m_l^_eZlv lhqlh \u]h\hjbl_LZd
_keb \u ohlbl_i_j_\_klb dh]hlh \ khklhygb_m\_j_gghklb\u ijhkbl_ _]h
\kihfgblv lh hkh[_ggh_ \j_fydh]^Z hg [uem\_j_gguf<u ]h\hjbl_ ykgh
m\_j_gguf lhghfjh\gh ^urZk ih^gylhc ]heh\hcb \ ijyfhc iha_<u
^_ckl\m_l_ m\_j_ggh?keb \Zrb keh\Z g_[m^ml dhg]jmwglguyaudm l_eZ b
lhgm ]hehkZlh ex^b[m^ml klj_fblvkyke_^h\Zlv g_\_j[Zevgufkhh[s_gbyf
<Z`gh lZd`_ lhqlh[u q_eh\_d \kihfbgZei_j_`b\Zgb_ dZd[u bagmljbZ
g_ gZ[ex^Zy kZfh]hk_[y khklhjhgu;m^mqb Zkkhpbbjh\Zgguf\ kblmZpbbhg
kfh`_l \hkklZgh\blvhsms_gby [he__iheghGZ[ex^Zy khklhjhguhg klZgh\blky
^bkkhpbbjh\ZggufZ qm\kl\ZklZgh\ylky f_g__bgl_gkb\gufbIj_^klZ\vl_ k_[_
q_eh\_dZdhlhjuc _kl\Zr ex[bfuc njmdl: l_i_jv ij_^klZ\vl_k_[_qlh \u
kZfb _^bl_wlhl njmdlDhlhjuc bahiulh\ [he__gZkus_g \dmkh\ufbhsms_gbyfb"
Qlh[u ba\e_qvk\h_ kh[kl\_ggh_ khklhygb_ih]jmabl_ k_[y \ i_j_`b\Zgb_
gZklhevdh iheghb yjdhgZkdhevdh wlh\hafh`gh
D:EB;JH<D:
DZeb[jh\dZ wlh keh\hh[hagZqZxs__ \GEI hkhagZgb_lh]h nZdlZqlh
ex^b gZoh^ylky\ jZaebqguokhklhygbyoWlh mf_gb_dhlhjh_ m\k_o gZk_klv b
dhlhjh_ fu bkihevam_f _`_^g_\ghb wlh mf_gb_ klhbllh]hqlh[u _]h
jZa\b\Zlv bjZnbgbjh\Zlv
<u aZf_qZ_l_ lhgdb_ jZaebqby \ ijhy\e_gbyo lh]hdZd ^jm]b_ex^b
i_j_`b\Zxl jZagu_ \hkihfbgZgbyb jZagu_khklhygbyGZijbf_j_keb dlhlh
\kihfbgZ_l im]Zxsbchiul_]h ]m[ufh]ml klZlvlhgvr_dh`Z ih[e_^g_lvZ
^uoZgb_ klZlv[he__ ih\_joghklguflh]^Z dZd\kihfbgZy ijbylgh_kh[ulb_hg
fh`_l baf_gblvky ih^jm]hfm]m[u klZgmliheg__ebph ihjhah\__lb gZg_f
jZkkeZ[ylky fmkdmeu^uoZgb_ klZg_l[he__ ]em[hdbf
Ihjhc gZrbkihkh[ghklb d dZeb[jh\d_hdZau\Zxlky gZklhevdhkeZ[ufbqlh
fu aZf_qZ_fqlh ^jm]hcq_eh\_d jZkkljh_gebrv lh]^Zdh]^Z lhl gZqbgZ_l
djbqZlvFu kebrdhf iheZ]Z_fkygZ lhqlh ex^b ]h\hjyl gZf h k\h_f
kZfhqm\kl\bb\f_klh lh]h qlh[ubkihevah\Zlv kh[kl\_ggu_]eZaZ b mrb?^\Z
eb ihe_agh^h`b^Zlvky m^ZjZdmeZdhf ihghkmqlh[u magZlvqlh q_eh\_dahe
bebm\b^_\ k^\bgmlu_ [jh\bij_^iheZ]Zlv kZfh_kljZrgh_< GEI lj_gbg]_
kms_kl\m_l mijZ`g_gb_dhlhjh_ \ufh]eb [uihijh[h\Zlv k^_eZlv klh\Zjbs_f
Ihijhkbl_ lh\ZjbsZ ih^mfZlvh q_eh\_d_dhlhjuc _fmhq_gv gjZ\blky< lh
\j_fydZd hg [m^_l^_eZlv wlhh[jZlbl_ \gbfZgb_gZ ihabpbx _]h]eZa b
gZdehg
]heh\uHlf_lvl_
lZd`_y\ey_lky
eb
^uoZgb_ ]em[hdbf
beb
ih\_joghklgufqZkluf beb j_^dbf\ukhdbf bebgbadbfHlf_lvl_ baf_g_gby\
lhgmk_ fmkdmeZlmju ebpZp\_l_ dh`bjZaf_j_ ]m[b lhg_]hehkZH[jZlbl_
\gbfZgb_ gZwlb lhgdb_ijbagZdbdhlhju_ h[uqghg_ aZf_qZxlkyHgb y\eyxlky
\g_rgbf \ujZ`_gb_f\gmlj_ggbo fuke_cWlh lh`_fukebgh lhevdh\ nbabq_kdhf
baf_j_gbb
L_i_jv ihijhkbl_lh\ZjbsZ ih^mfZlvh q_eh\_d_dhlhjuc _fmg_ hkh[_ggh
gjZ\blkyHlf_lvl_ baf_g_gby\ wlboagZdZoIhijhkbl_ _]h^mfZlv ihi_j_f_ggh
lh h[h^ghflh h ^jm]hf^h l_oihjihdZ \ug_ m[_^bl_kvqlh h[gZjm`beb
hij_^_e_ggu_ jZaebqby< l_jfbgZo GEI \u k_cqZk dZeb[jh\Zeb wlb ^\Z
khklhygby<u agZ_l_l_i_jvdZd hgb\u]ey^ylIhijhkbl_ k\h_]h lh\ZjbsZ
ih^mfZlv h[h^ghf bawlbo ex^_cg_ ]h\hjy\Zf aZjZg__h dZdhfbf_ggh hg
ih^mfZ_l: l_i_jvijhqlbl_ ihnbabq_kdbf bg^bdZlhjZfh dhfhg ih^mfZeb
kdZ`bl_ _fmWlh \u]ey^bldZd ql_gb_fuke_c<u fh`_l_hllZqb\Zlv k\h_
mf_gb_QZs_ \k_]hfu dZeb[jm_f[_kkhagZl_evghGZijbf_j_keb \ukijhkbl_
ex[bfh]hohq_l ebhg koh^blvaZ ijh^mdlZfb\u magZ_l_hl\_l bglmblb\ghb
g_f_^e_ggh_s_ ^h lh]hdZd hg hldjh_ljhl>Zbeb g_lwlh kZfuc
ihke_^gbc rZ] \ ijhp_kk_ fure_gbyGZf gbq_]h g_hklZ_lkydjhf_ dZd
j_Z]bjh\Zlv l_ehfjZamfhf byaudhf klhev ]em[hdhhgb k\yaZguf_`^m kh[hc
<hafh`ghm \Zk[ue hiuldh]^Z \u ]h\hjbebk q_eh\_dhfb bglmblb\gh
^h]Z^u\Zebkvqlh hg\j_lGZ\_jgh_\u dZeb[jh\Zeb wlh[_kkhagZl_evghb m
\Zk ihy\behkvwlh hsms_gb_ohly \ug_ agZebdZd hghihy\behkvQ_f [hevr_
\u [m^_l_ijZdlbdh\Zlvky \dZeb[jh\d_l_f emqr_wlh [m^_lm \ZkihemqZlvky
G_dhlhju_ jZaebqbyf_`^m khklhygbyfb [m^mlg_agZqbl_evgufb^jm]b_ [m^ml
[_kkihjgufbIh f_j_lj_gbjh\db \k_e_]q_ [m^mlaZf_qZlvky lhgdb_baf_g_gby
Baf_g_gbydZdbfb [ufZeufb hgbgb [ueb\k_]^Z kms_kl\mxlDZd lhevdh\Zrb
qm\kl\Z klZgml[he__ mlhgq_ggufb\u [m^_l_h[gZjm`b\Zlv bo
YDHJY
WfhpbhgZevgu_ khklhygbyhdZau\Zxl kbevgh_ b ]em[hdh_\ha^_ckl\b_ gZ
fure_gb_ b ih\_^_gb_Ihke_ ba\e_q_gbyb dZeb[jh\dbwlbo khklhygbcdZd fu
fh`_f bkihevah\Zlv boqlh[u klZlv [he__ j_kmjkgufb \ gZklhys_f"Fu
gm`^Z_fky \ kihkh[_dZd
k^_eZlv bo
mklhcqb\h
^hklb`bfufb b
dZd
klZ[bebabjh\Zlv boa^_kv bk_cqZk
<hh[jZabl_dZdhc [uklZeZ \ZrZ `bagv_keb [u \ufh]eb \dexqZlvk\h_
khklhygb_ \ukr_]hfZkl_jkl\Z ihkh[kl\_gghfm `_eZgbxFZkl_jZ k\h_]h^_eZ \
iheblbd_kihjl_bkdmkkl\_ b [bag_k_^he`gu mf_lv \oh^blv \j_kmjkgh_
khklhygb_ \ex[hc fhf_gl:dl_j ^he`_gmf_lv \oh^blv \jhev \lhl fhf_gl
dh]^Z ih^gbfZ_lky aZgZ\_kZ g_ aZqZk ^hwlh]h bg_ \ k_j_^bg_\lhjh]h
^_ckl\byWlh hkgh\Zijhn_kkbhgZebafZ
Klhev `_\Z`gh mf_lvhldexqZlvky:dl_j ^he`_g mf_lvk[jhkblv k k_[y
jhev \f_kl_ k iZ^_gb_f aZgZ\_kZFgh]b_
ex^b \
[bag_k_ klZgh\ylky
qj_a\uqZcgh Zdlb\gufb^hklb]Zxl agZqbl_evguo j_amevlZlh\b \lh `_\j_fy
k`b]Zxl kZfbk_[y b klZgh\ylkyg_kqZklgufbl_jyxl k_fvx beb\ djZcg_f
kemqZ_aZ[he_\ZxlMijZ\e_gb_ k\hbfkhklhygb_f lj_[m_lmjZ\gh\_r_gghklb b
fm^jhklb
M dZ`^h]hba gZk_klv ebqgZybklhjby[h]ZlZy jZaebqgufbwfhpbhgZevgufb
khklhygbyfbQlh[u \hkijhba\_klb bogZf g_h[oh^bf ljb]]_jg_dhlhjZy
ZkkhpbZpby \ gZklhys_fqlh[u ba\e_qv bkoh^gh_ i_j_`b\Zgb_GZr fha]
_kl_kl\_gguf h[jZahfk\yau\Z_l i_j_`b\Zgbywlh lhl kihkh[dhlhjuf fu
ijb^Z_f kfuke \k_fmqlh ^_eZ_fBgh]^Z wlbZkkhpbZpbb hdZau\Zxlkyhq_gv
ijbylgufbgZijbf_jex[bfZy fmaudZevgZyiv_kZdhlhjZy gZ\_\Z_lg_`gu_
\hkihfbgZgbyB dZ`^ucjZadh]^Z \ukeurbl_ wlmhkh[_ggmx fmaudmm \Zk
\hagbdZxl g_`gu_hsms_gbyB \kydbc jZadh]^Z wlhijhbkoh^blZkkhpbZpby
mkbeb\Z_lky
Klbfmedhlhjuc k\yaZgk nbabheh]bq_kdbf khklhygb_fb aZimkdZ_l_]h
gZau\Z_lky
\
GEI
ydhj_f>jm]b_
ijbf_ju _kl_kl\_ggh
^_ckl\mxsbo
iheh`bl_evguo
ydhj_c
wlh ex[bfu_
nhlh]jZnbbaZiZob\uau\Zxsb_
\hkihfbgZgbyhkh[_gguc keh\Zex[bfh]h q_eh\_dZbeb lhg]hehkZ
Ydhjy h[uqghy\eyxlky \g_rgbfbA\_gbl a\hghd [m^bevgbdZb gZklmiZ_l
\j_fy \klZ\ZlvRdhevguc
a\hghd kb]gZebabjm_l h dhgp_ i_j_f_guWlh
Zm^bZevgu_ ydhjyDjZkguc kb]gZe k\_lhnhjZhagZqZ_l klhcDb\hd ]heh\u
hagZqZ_l ^ZWlh \bamZevgu_ydhjy: aZiZok\_`_]h ]m^jhgZfh`_ldZd ih
fZgh\_gbx \her_[ghc iZehqdbhl[jhkblv \Zk\ ^Ze_dh_^_lkl\hdh]^Z \u \
i_j\uc jZaihqm\kl\h\Zeb wlhl aZiZoJ_deZfh^Zl_eb klZjZxlky k^_eZlvfZjdm
k\h_c nbjfuydhj_f ^eyhkh[_gguo lh\Zjh\
Ydhjy wlh \k_qlh \uau\Z_l wfhpbhgZevgh_khklhygb_b hgb y\eyxlky
gZklhevdh hq_\b^gufbb rbjhdhjZkijhkljZg_ggufbqlh fu\jy^ ebaZf_qZ_f bo
DZd \hagbdZxl ydhjy"^\mfy kihkh[Zfb<hi_j\uoiml_f ih\lhj_gbc?keb \u
\klj_qZ_l_kv k ih\lhjyxsbfbky kemqZyfbdh]^Z djZkgh_ Zkkhpbbjm_lky k
hiZkghklvxwlZ ZkkhpbZpby aZdj_iey_lkyWlh ijhklh_gZmq_gb_djZkgh_
hagZqZ_l hiZkghklv<h\lhjuo b wlhagZqbl_evgh \Z`g__ydhjv fh`_l [ulv
mklZgh\e_g ki_j\h]h jZaZ_keb wfhpby y\ey_lkykbevghc b\j_fy \u[jZgh
ijZ\bevghIh\lhj_gb_ lj_[m_lky lhevdh lh]^Zdh]^Z g_l wfhpbhgZevghc
\h\e_q_gghklb<kihfgbl_ lh \j_fydh]^Z \umqbebkv \ rdhe_wlh kbevguc
ydhjv kZf ihk_[_b gZc^bl_qlhgb[m^v bgl_j_kgh_b \hegmxs__q_fm \u
e_]dh gZmqbebkvAZf_lvl_dZd e_]dh[ueh gZmqblvkyq_fmgb[m^v bgl_j_kghfm
b \hegmxs_fmL_ nZdludhlhju_ \ZkfZeh bgl_j_kh\Zeblj_[h\Zeb bajy^gh]h
dhebq_kl\Z ih\lhj_gbcQ_f f_g__ wfhpbhgZevgh\h\e_q_ggufb \uhdZau\Z_l_kv
l_f [hevr_ih\lhj_gbc \Zfg_h[oh^bfhqlh[u aZdj_iblvZkkhpbZpbx
;hevrbgkl\h
ZkkhpbZpbc y\eyxlky
hq_gv
ihe_agufbHgb nhjfbjmxl
ijb\uqdbb fu g_fh]eb [u[_a gbo ^_ckl\h\Zlv?keb \u \h^bl_evm \Zk
kf_gZ a_e_gh]hkb]gZeZ k\_lhnhjZgZ djZkguc\k_]^Z Zkkhpbbjm_lkyk gZ`Zlb_f
\Zr_c gh]bgZ hij_^_e_ggmx i_^ZevWlh g_lZ hi_jZpbyh dhlhjhc\u ohl_eb
[u ^mfZlvdZ`^uc jZakhagZl_evghb _keb\u g_aZdj_ibl_ wlmZkkhpbZpbxlh
\_kvfZ \_jhylghqlh \ug_^he]h [m^_l__a^blv [_aZ\Zjbc
>jm]b_ ZkkhpbZpbb[m^mqb ihe_agufbfh]ml [ulv f_g__ijbylgufb<u
ijh_a`Z_l_ k\_lhnhjb kfhljbl_\ a_jdZehaZ^g_]h \b^Z<u \b^bl_ihaZ^b k_[y
Z\lhfh[bev kfb]Zedhc gZdjur_ bq_eh\_dZ \mgbnhjf_ \gmljb fZrbguM \Zk
f_gy_lky khklhygb_\u ijh\_jy_l_kdhjhklv bgZqbgZ_l_ ^mfZlvh lhfqlh
fh`_l [ulvm \Zkg_ jZ[hlZxlaZ^gb_ kb]gZeulhjfh`_gby
Bgu_ ZkkhpbZpbbg_ hq_gv ihe_aguFgh]b_ ex^bZkkhpbbjmxl im[ebqgh_
\uklmie_gb_ k \ha[m`^_gb_f bk gZklmie_gb_fmf_j_gghc iZgbdb<hkihfbgZgby
h[ wdaZf_g_aZklZ\ey_l fgh]boqm\kl\h\Zlv k_[y\a\hegh\Zggufb bg_m\_j_ggufb
\ k_[_Keh\Z fh]ml^_ckl\h\Zlv dZdydhjyKeh\h l_kly\ey_lky ^eyfgh]bo
rdhevgbdh\ ydhj_fhgb qm\kl\mxl k_[y\a\hegh\Zggufb bl_jyxl kihkh[ghklv
ihdZau\Zlv emqrb_j_amevlZlu
< bkdexqbl_evguokemqZyo \g_rgbcklbfme fh`_l \dexqZlvhq_gv kbevgh_
hljbpZl_evgh_
khklhygb_Wlh
nh[bbGZijbf_jex^bkljZ^Zxsb_
deZmkljhnh[b_cmk\hbeb hq_gv
kbevgmx ZkkhpbZpbx f_`^m ij_[u\Zgb_f \
aZfdgmlhf ijhkljZgkl\_b khklhygb_fiZgbdbb hgb \k_]^Z \hkijhba\h^ylwlm
ZkkhpbZpbx
@bagv fgh]boex^_c hdZau\Z_lkybaebrg_ h]jZgbq_gghc ijhreufbkljZoZfb
dhlhju_ _s_g_ ijhrebi_j_hp_gdmGZr fha]g_ fh`_lg_ kha^Z\ZlvZkkhpbZpbc
Y\eyxlky eb l_ZkkhpbZpbbdhlhju_ \umk\hbeb b \hkijhba\h^bl_ijbylgufb
ihe_agufb bjZkrbjyxsbfb \Zrb\hafh`ghklb"
Fu fh`_f \u[bjZlvZkkhpbZpbbdhlhju_ ohlbfmk\hblv<u fh`_l_ \aylv
dZdh_gb[m^v kh[ulb_k\h_c `bagbdhlhjh_ dZ`_lky \ZfgZb[he__ ljm^gufbeb
gZb[he__ haZ^Zqb\Zxsbfb j_rblv aZjZg__dZdh_ nbabheh]bq_kdh_ khklhygb_
ohl_eb [u\u bf_lv\h \j_fywlh]h kh[ulby>ey ex[hc g_ijbylghckblmZpbb \u
fh`_l_
kha^Zlv gh\mx ZkkhpbZpbxZke_^h\Zl_evghgh\mx j_Zdpbx k
bkihevah\Zgb_f ydhj_c
Wlh ^_eZ_lky\ ^\ZwlZiZKgZqZeZ \u\u[bjZ_l_ `_eZ_fh_wfhpbhgZevgh_
khklhygb_aZl_f \uZkkhpbbjm_l_ _]hkh klbfmehfbeb ydhj_flZdqlh[u \u
fh]eb ih`_eZgbx \ua\Zlv_]h \ex[hc fhf_glKihjlkf_gu bkihevamxllZebkfZgu
gZ kqZklv_qlh[u \dexqblv k\h_ fZkl_jkl\h b \ughkeb\hklvQZklh fh`gh
m\b^_lvdZd kihjlkf_gukh\_jrZxl g_[hevrb_jblmZevgu_ ^\b`_gbykem`Zsb_
lhc `_p_eb
Bkihevah\Zgb_ j_kmjkguo khklhygbc kihfhsvx ydhj_c wlh h^bg ba
gZb[he__ wnn_dlb\guo kihkh[h\
baf_gylv
k\h_ kh[kl\_ggh_ ih\_^_gb_ b
ih\_^_gb_ ^jm]bo ex^_c?keb \uihiZ^Z_l_ \ kblmZpbx \ [he__j_kmjkghf
khklhygbbq_f wlh[ueh\ ijhrehflh\_jhylgh\Zr_ ih\_^_gb_baf_gblky d
emqr_fmJ_kmjkgu_ khklhygbywlh dexqb d \ukr_fm fZkl_jkl\mDh]^Z \u
baf_gbl_ lhqlh \u^_eZ_l_ih\_^_gb_ ^jm]boex^_c lh`_baf_gblkyKblmZpby
\ p_ehf[m^_l ^jm]hc
Ij_^hkl_j_]Zxs__ aZf_qZgb_
L_ogbdb baf_g_gbcijb\_^_ggu_ \ wlhf iZjZ]jZn_b \h \k_c dgb]_
y\eyxlky hq_gvkbevgufbb wlZkbeZ k\yaZgZ]eZ\guf h[jZahfk mf_gb_flh]h
q_eh\_dZdhlhjuc boijbf_gy_lIehlgbd fh`_lk^_eZlv \_ebdhe_igmx f_[_evk
ihfhsvx lhqguobgkljmf_glh\l_ `_kZfu_ bgkljmf_glu\ jmdZoih^fZkl_jvy g_
ijbg_kml lZdbo j_amevlZlh\JZamf__lkywlh dZkZ_lky b ba\e_q_gbyemqrbo
a\mdh\ baij_djZkgh]h fmaudZevgh]hbgkljmf_glZ
Lj_gbjmy fgh]boex^_c \ l_ogbd_baf_g_gbcfu aZf_qZeb eh\mrdb\
dhlhju_ ihiZ^Zebgh\bqdbFu gZklhyl_evgh j_dhf_g^m_f\Zf ijZdlbdh\Zlv wlb
l_ogbdb \ [_ahiZkghf dhgl_dkl_lbiZ k_fbgZjZlj_gbg]Z GEIihdZ \u
[m^_l_ m\_j_gu\ lhfqlh \Zrmjh\_gv fZkl_jkl\Zm`_ ^hklZlhqgh\ukhd
YDHJ?GB? J?KMJKH<
g_
Gb`_ ijb\_^_gu rZ]b^ey i_j_ghkZiheh`bl_evguo wfhpbhgZevguo j_kmjkh\
ba ijhreh]hi_j_`b\Zgby \gZklhysmx kblmZpbx\ dhlhjhc\u ohlbl_bf_lv d
gbf ^hklmi<u fh`_l_ijb]eZkblv ^jm]Zb ihijhkblv_]h beb__ ijh\_klb\Zk
q_j_a wlbrZ]b
Ky^vl_ m^h[gh\ dj_kehbeb \klZgvl_lZf]^_ \u fh]eb[u jZkkfhlj_lv
ijhp_kk[m^mqb g_\h\e_q_ggufIh^mfZcl_ hdZdhcgb[m^v dhgdj_lghckblmZpbb
\ dhlhjhc \u ohl_eb [u [ulv ^jm]bfih^jm]hfm qm\kl\h\Zlv k_[y beb
ih^jm]hfm j_Z]bjh\ZlvAZl_f \u[_jbl_hkh[_ggh_ wfhpbhgZevgh_khklhygb_ ba
l_o fgh]bodhlhju_ \u i_j_`b\Zeb\ k\h_c`bagbd dhlhjhfm\u [hevr_\k_]h
ohl_eb [u bf_lv^hklmi \ ^ZgghckblmZpbbWlh fh`_l[ulv ex[h_j_kmjkgh_
khklhygb_m\_j_gghklvxfhjojZ[jhklvgZklhcqb\hklvdj_Zlb\ghklv \k_
qlh bglmblb\ghijboh^bl \]heh\m dZdgZb[he__ ih^oh^ys__Dh]^Z \ZfklZg_l
ihgylgh\ dZdhfj_kmjk_ \ugm`^Z_l_kvgZqbgZcl_ bkdZlvlhl dhgdj_lguc
kemqZc \\Zr_c `bagbdh]^Z m \Zk [ue wlhl j_kmjkHlf_qZy ijbf_ju
ijboh^ysb_ \Zf \ ]heh\m\u[_jbl_ lhldhlhjuc dZ`_lky \Zf gZb[he__
hlq_leb\uf bbgl_gkb\guf
?keb \um`_ \u[jZebj_kmjkgh \Zfljm^gh \kihfgblvlh \j_fydh]^Z \u
_]h i_j_`b\Zeb\hh[jZabl_ dZdh]hgb[m^v ba\_klgh]h\Zf q_eh\_dZ beb^Z`_
\ufure_gguc i_jkhgZ`ba dgb]bbeb nbevfZ?keb [u\u [uebbflh gZqlh [ueh
[u ihoh`_i_j_`b\Zgb_ wlh]hj_kmjkZ"Ihfgbl_qlh ohlyq_eh\_d fh`_lg_ [ulv
j_Zevgufgh \Zrbhsms_gby j_ZevguZ bf_gghwlh bijbgbfZ_lky \jZkq_l
Dh]^Z \um`_ \kihfgbeb dhgdj_lguckemqZc j_Zevguc beb\ufure_gguc
\u ]hlh\ui_j_clb dke_^mxs_fm rZ]mgZ dhlhjhf g_h[oh^bfh \u[jZlvydhjy
dhlhju_ \hkijhba\_^mlwlb j_kmjkulh]^Zdh]^Z \uwlh]h aZohlbl_
DBG?KL?LBQ?KDBC YDHJVg_dhlhjh_ hsms_gb_dhlhjh_ \ufh`_l_ k\yaZlv k
\u[jZggufb \Zfb j_kmjkZfbK`bfZgb_ [hevrh]h b mdZaZl_evgh]h iZevp_\beb
dZdh_gb[m^v
hkh[h_
k`bfZgb_
dmeZdZ
jZ[hlZ_l
ohjhrh
\
dZq_kl\_
dbg_kl_lbq_kdh]h ydhjy>h\hevgh jZkijhkljZg_ggucydhjv gZl_ggbkghf dhjl_
dh]^Z b]jhdb ijbdZkZxlky d [hdh\hc kl_g_qlh[u \hkklZgh\blv qm\kl\h
m\_j_gghklbdh]^Z b]jZg_ b^_l
<Z`gh lhqlh ydhjv ^he`_g[ulv mgbdZevguf bg_ y\eylvky qZklvx
l_dms_]h ih\_^_gby<Zf g_h[oh^bf hkh[uc ydhjvdhlhjuc g_ \hagbdZ_l
ihklhyggh bg_ Zkkhpbbjm_lkyk ^jm]bfbkhklhygbyfb bih\_^_gbyfb<u lZd`_
^he`gu [ulvij_^mkfhljbl_evgu\u[bjZy ydhjvqlhlh lZdh_qlh \ufh]eb [u
k^_eZlv[m^mqb g_aZf_q_ggufKlhcdZ gZ]heh\_ fh]eZ[u ohjhrhkjZ[hlZlv \
dZq_kl\_ ydhjy m\_j_gghklbgh hgZ khklZ\bl\Zf j_imlZpbxwdkp_gljbqgh]h
q_eh\_dZ_keb \u\hkihevam_l_kv _x^ey ijhbag_k_gbyihke_h[_^_gghc j_qb
:M>B:EVGUC YDHJVWlh
fh`_l [ulv
keh\h beb njZaZdhlhjmx \u
ijhbaghkbl_ ijhk_[yG_ bf__lagZq_gbydZdh_ keh\hbeb njZam\u \u[_j_l_
ebrv [uhgb [ueb kha\mqgu\Zrbf hsms_gbyfKihkh[dhlhjuf \uwlh ]h\hjbl_
bkihevam_fuc \Zfb hkh[_gguc lhg ]hehkZ [m^ml bf_lv klhev `_ kbevgh
\ha^_ckl\b_dZd b kZfb
keh\Z b njZauK^_eZcl_ bo oZjZdl_jgufb b
aZihfbgZxsbfbkyGZijbf_j_keb m\_j_gghklvwlh lhj_kmjkgh_ khklhygb_
dhlhjh_ \u ohlbl_aZdj_iblv kihfhsvx ydhjylh \ufh`_l_ kdZaZlvk_[_Y
qm\kl\mx k_[y\k_ [he__ B[he__ m\_j_ggufbeb ijhklhM\_j_gghklv
Bkihevamcl_ m\_j_gguclhg ]hehkZM[_^bl_kvqlh hgy\ey_lky ih^oh^ysbfd
ijh[e_fghc kblmZpbb
<BAM:EVGUC YDHJV
<u fh`_l_\u[jZlv kbf\hebeb \u fh`_l_\kihfgblv lhqlh \u \b^_eb
dh]^Z ^_ckl\bl_evghqm\kl\h\Zeb k_[ym\_j_gguf?keb \u[jZgguc\Zfb h[jZa
y\ey_lky hkh[_ggufb ihfh]Z_l\Zf \uau\Zlvhsms_gb_ m\_j_gghklblh hg[m^_l
jZ[hlZlv
Dh]^Z \um`_ \u[jZebydhjv \dZ`^hc j_ij_a_glZlb\ghckbkl_f_ke_^mxsbc
rZ] aZdexqZ_lky\ lhfqlh[u i_j_`blvwlh hsms_gb_m\_j_gghklb iml_f`b\h]h
\hkkha^Zgby j_kmjkghc kblmZpbbRZ]gbl_ \i_j_^beb i_j_ky^vl_ \ ^jm]h_
dj_keh \ lh\j_fydZd \uiheghklvx \hc^_l_\ wlh i_j_`b\Zgb_Ihf_s_gb_
jZaebqguo
wfhpbhgZevguo
khklhygbc
\
jZaebqguo
f_klZo
nbabq_kdh]h
ijhkljZgkl\Z ihfh]Z_lhlq_leb\h jZa^_eblvbo
< k\h_f\hh[jZ`_gbb \_jgbl_kv \\u[jZggh_ \Zfbdhgdj_lgh_ j_kmjkgh_
khklhygb_<kihfgbl_]^_ \u[ueb bqlh \u^_eZebIh f_j_lh]hdZd wlh
[m^_l klZgh\blvky[he__ hlq_leb\uf\hh[jZabl_qlh \u \_jgmebkv \ lhl
fhf_glqlh \u\b^bl_ lhqlh \b^_eblh]^Z
<u fh`_l_keurZlv dZdb_gb[m^v a\mdbdhlhju_ lh]^ZkeurZebb gZqZlv
i_j_`b\Zlv l_hsms_gbydhlhju_ lZdkbevgh k\yaZguk wlbfhiulhf
IhljZlvl_ g_dhlhjh_\j_fy gZlhqlh[u i_j_`blv wlhlhiul gZklhevdh
iheghgZkdhevdh wlh\hafh`gh
Qlh[u \^_ckl\bl_evghklb kgh\Z \hclb\ khijbdhkgh\_gb_ k p_ehklguf
hsms_gb_f j_kmjkgh]hkhklhygbyqZklh hdZau\Z_lkyihe_aguf kgh\Z \uihegblv
l_ ^_ckl\bydhlhju_ \u\uihegyeb \ lhl fhf_gl<hafh`gh\u aZohlbl_
ijbgylv lm`_ kZfmxiham^_eZy l_`_ kZfu_\_sbdhlhju_ ^_eZeblh]^Z _keb
wlh \hafh`gh
Dh]^Z wlbhsms_gby ^hklb]ebibdZ bgZqZeb kiZ^Zlv\_jgbl_kv nbabq_kdb
\ k\hx g_\h\e_q_ggmxihabpbxL_i_jv \u agZ_l_dZd wlh aZf_qZl_evgh
\hkkha^Z\Zlv k\h_j_kmjkgh_ khklhygb_b kdhevdh\j_f_gb wlhaZgbfZ_l
L_i_jv \u]hlh\u aZdj_iblvj_kmjku ydhj_fI_j_c^bl_ gZf_klh \Zr_]h
j_kmjkgh]h khklhygby b i_j_`b\bl_ _]hkgh\ZDh]^Z hgh ^hklb]g_lk\h_]h
ibdZ\kihfgbl_ k\hch[jZak^_eZcl_ k\hc`_kl bkdZ`bl_ k\hbkeh\Z<Zf
g_h[oh^bfh k\yaZlvk\hb ydhjyk j_kmjkgufkhklhygb_f \lhl fhf_gldh]^Z hgh
^hklb]Z_l k\h_]h ibdZ<j_fy a^_kv bf__l j_rZxs__ agZq_gb_?keb \u
ijhba\_^_l_ k\yau\Zgb_
ihke_
lh]hdZd \Zr_
khklhygb_ fbgm_l ibd
bgl_gkb\ghklblh \uaZydhjbl_ \uoh^ba wlh]hkhklhygbyZ wlhg_ lhqlh \u
ohlbl_Ihke_^h\Zl_evghklv ydhj_c g_kms_kl\_ggZbkihevamcl_ lhlihjy^hd
dhlhjuc gZbemqrbfh[jZahf jZ[hlZ_lgZ \Zkbeb \dexqZcl_bo h^gh\j_f_ggh
Q_j_a g_dhlhjh_ \j_fyihke_ lh]hdZd \Zrb j_kmjkgu_hsms_gby ijhrebibd
bgl_gkb\ghklb\Zf g_h[oh^bfh \uclb
ba
j_kmjkgh]h f_klZ b baf_gblv
khklhygb_ij_`^_ q_f\u [m^_l_]hlh\u bkiulZlvydhjv
<dexqbl_
\k_
ljb
ydhjy l_f
`_ kZfuf kihkh[hf b
\ lhc `_
ihke_^h\Zl_evghklb b hlf_lvl_ lm
kl_i_gv i_j_`b\Zgby\ dhlhjhc
\u
^_ckl\bl_evgh
^hklb]Z_l_
k\h_]h
j_kmjkgh]h
khklhygby?keb
\u
g_m^h\e_l\hj_gu\_jgbl_kv gZaZ^b ih\lhjbl_ijhp_kk ydhj_gbyqlh[u mkbeblv
ZkkhpbZpbx f_`^m ydhjyfb b \Zrbf j_kmjkguf khklhygb_f<hafh`gh\Zf
ihgZ^h[blky ih\lhjblvwlh g_kdhevdhjZaqlh[u h[j_klbkihkh[ghklv bf_lvwlh
khklhygb_ lh]^Zdh]^Z hgh\Zf g_h[oh^bfh
GZdhg_pih^mfZcl_ h [m^ms_c kblmZpbb\ dhlhjhc\_jhylgh\Zf
ihgZ^h[blky wlh j_kmjkgh_khklhygb_Qlh \ufh`_l_ bkihevah\Zlv\ dZq_kl\_
kb]gZeZdhlhjuc ^Zkl \Zfihgylvqlh \ugm`^Z_l_kv \wlhf j_kmjk_"GZc^bl_
kZfmx i_j\mx\_svdhlhjmx \u\b^bl_keurbl_ bebhsmsZ_l_ bdhlhjZy ^Z_l
\Zf agZlvqlh \ubf_ggh \lZdhc kblmZpbbKb]gZe fh`_l [ulv \g_rgbf beb
\gmlj_ggbfGZijbf_jhkh[_ggh_ \ujZ`_gb_ ebpZbeb q_clh g_h[uqguc lhg
]hehkZ [m^ml\g_rgbfb kb]gZeZfbGZqZeh \gmlj_gg_]h^bZeh]Z [m^_l\gmlj_ggbf
kb]gZehf?keb \uihgbfZ_l_qlh kihkh[gu\u[bjZlvdZd k_[yqm\kl\h\Zlvlh
wlh ihgbfZgb_kZfh ihk_[_ y\ey_lky j_kmjkgufkhklhygb_fHgh lZd`_[m^_l
ij_ju\Zlv ijb\uqgmx aZdj_ie_ggmxj_ZdpbxKlhbl aZydhjblvwlh agZgb_gZ
\u[jZgguc kb]gZeb hg^_ckl\m_l ^Ze__dZd gZihfbgZgb_h lhfqlh \ufh`_l_
\u[bjZlv k\hbhsms_gby
Kimkly g_dhlhjh_\j_fy_keb \u [m^_l_ijh^he`Zlv bkihevah\Zlvydhjv
kb]gZe kZfklZg_l ydhj_f^ey \Zkqlh[u hsmlblv k_[y\ j_kmjkghfkhklhygbb
Lhl ljb]]_jdhlhjuc h[uqgh aZklZ\eye \Zk qm\kl\h\Zlvk_[y iehohl_i_jv
klZgh\blky ljb]]_jhfdhlhjuc [m^_l i_j_\h^blv\Zk \mklhcqb\h_ j_kmjkgh_
khklhygb_Gb`_ ijb\_^_gZdjZldZy aZibkvhkgh\guo rZ]h\^Zggh]h ijhp_kkZ
Ydhjy ^he`gu
ih \j_f_gbkh\iZ^Zlv k ibdhfbgl_gkb\ghklb khklhygby[ulv mgbdZevgufb
b jZaebqbfufb[ulv e_]dh\hkijhba\h^bfufb
[ulv k\yaZggufb
k l_f khklhygb_fdhlhjh_ hlq_leb\h
b
e_]dh
i_j_`b\Z_lky
Ydhj_gb_ j_kmjkguokhklhygbc
B^_glbnbpbjmcl_ kblmZpbx\ dhlhjhc\u gm`^Z_l_kv\ j_kmjkZo
B^_glbnbpbjmcl_ g_h[oh^bfuc
\Zf
hkh[_gguc j_kmjkgZijbf_j
m\_j_gghklv
M[_^bl_kv \lhfqlh j_kmjk^_ckl\bl_evgh y\ey_lkyih^oh^ysbfaZ^Z\
k_[_ \hijhk?keb [um f_gy[ue wlhlj_kmjk k_cqZk\hkihevah\Zeky [uy bf
\ ^_ckl\bl_evghklb bebg_l"?keb ^Zijh^he`Zcl_?keb g_l\_jgbl_kv d
rZ]m <kihfgbl_ kemqZc\ k\h_c`bagbdh]^Z m\Zk [uewlhl j_kmjk
<u[_jbl_ ydhjydhlhju_ \ukh[bjZ_l_kv bkihevah\Zlv\ dZ`^hcba lj_o
hkgh\guo j_ij_a_glZlb\guokbkl_flhqlh \u\b^bl_keurbl_ bhsmsZ_l_
I_j_c^bl_ gZ^jm]h_ f_klhb \k\h_f \hh[jZ`_gbb\_jgbl_kv iheghklvx
\ i_j_`b\Zgb_ j_kmjkgh]h khklhygbyI_j_`b\bl_
_]h kgh\ZDh]^Z hgh
^hklb]g_l ibdZbgl_gkb\ghklbbaf_gbl_ khklhygb_b \uc^bl_ba g_]h
I_j_`b\bl_ k\h_ j_kmjkgh_ khklhygb_b \ lhlfhf_gldh]^Z hgh
^hklb]g_l k\h_]hibdZijbkh_^bgbl_ ljbydhjyIjh^_j`bl_ wlh khklhygb_
klhevdh \j_f_gbkdhevdh \uohlbl_aZl_f baf_gbl_khklhygb_
BkiulZcl_
ZkkhpbZpbx\dexqb\ ydhjy b m[_^b\rbkvqlh
\u
^_ckl\bl_evgh \oh^bl_\ wlhkhklhygb_?keb \u g_m^h\e_l\hj_guih\lhjbl_
rZ] B^_glbnbpbjmcl_ lhl kb]gZedhlhjuc ^Z_l\Zf agZlvqlh \uihiZeb \
ijh[e_fgmx kblmZpbx\ dhlhjhc\u ohlbl_\hkihevah\Zlvky ydhj_f
L_i_jv \ufh`_l_ bkihevah\Zlvwlb ydhjy^ey lh]hqlh[u \uau\Zlvk\h_
j_kmjkgh_ khklhygb_lh]^Zdh]^Z aZohlbl_G_ aZ[u\Zcl_wdki_jbf_glbjh\Zlv k
wlhc b ^jm]bfbl_ogbdZfb GEIqlh[u hlukdZlv lhlkihkh[dhlhjuc jZ[hlZ_l
^ey \ZkgZbemqrbf h[jZahf>_j`bl_ \]heh\_ k\hcj_amevlZl bkiulu\Zy [he__
j_kmjkgu_ hsms_gbyb wdki_jbf_glbjmcl_k l_ogbdhc ^h l_oihjihdZ g_
^hklb]g_l_ mki_oZG_dhlhju_ ex^bh[gZjm`b\Zxlqlh ijhklh_\hkijhba\_^_gb_
`_klh\ \dexq_gb_dbg_kl_lbq_kdh]h ydhjyy\ey_lky
^hklZlhqguf ^ey
\hkkha^Zgby j_kmjkgh]hkhklhygby>jm]b_ ij_^ihqblZxlbkihevah\Zlv \k_ ljb
ydhjy
<u fh`_l_ bkihevah\Zlvwlhl ijhp_kk^ey lh]hqlh[u aZdj_ieylvydhj_f
jZaebqgu_ j_kmjkuG_dhlhju_ ex^bydhjyl J_kmjku dZ`^ucgZ k\h_f iZevp_
>jm]b_ k\yau\Zxl fgh`_kl\hjZaebqguo j_kmjkguo khklhygbck h^gbfb l_f`_
ydhj_fqlh[u bf_lvhq_gv fhsguc j_kmjkguc ydhjvWlZ l_ogbdZ^h[Z\e_gby
jZaebqguo j_kmjkh\d h^ghfmb lhfm`_ ydhjxba\_klgZ dZdGZdZqdZ j_kmjkh\
Bkihevah\Zgb_ k\hboj_kmjkguo khklhygbcwlh mf_gb_bih^h[gh ex[hfm
^jm]hfm mf_gbxhgh klZgh\blky [he__e_]dbf b[he__ wnn_dlb\gufq_f [hevr_
fu _]h wdkiemZlbjm_fH^gb gZoh^ylqlh wlh^_ckl\m_l \i_qZleyxs_k kZfh]h
gZqZeZ>jm]b_ h[gZjm`b\Zxlqlh bf lj_[m_lkyijZdlbdZ ^ey ^hklb`_gby
dhfi_l_glghklb \ wlhf^_e_ lZd`_dZd bm\_j_gghklb \lhfqlh bf_gghwlZ
ijhp_^mjZ kjZ[Zlu\Z_l\uau\Zy baf_g_gby<kihfgbl_ fh^_evgZmq_gby?keb
ydhj_gb_ \Zf
\ gh\bgdmlh gZrb
\Zf iha^jZ\e_gby k i_j_oh^hf
hl
g_hkhagZggh]h g_agZgbyd hkhagZgghfmg_agZgbx<hkihevamcl_kv wlhcklZ^b_c
qlh[u i_j_clbd hkhagZgghfmagZgbx
Ydhj_gb_ j_kmjkh\ wlh l_ogbdZ^ey jZkrbj_gbywfhpbhgZevguo \u[hjh\
GZrZ dmevlmjZ\ hlebqb_hl g_dhlhjuo^jm]bo dmevlmjm[_`^_gZ \lhfqlh
wfhpbhgZevgu_ khklhygby y\eyxlky g_ijhba\hevgufb b kha^Zxlky
\g_rgbfb
h[klhyl_evkl\Zfb b^jm]bfb ex^vfbIjbjh^Z fh`_lk^Zlv gZf kf_rZgguc gZ[hj
dZjlgh fufh`_f \u[bjZlvdZd bdh]^Z bfbb]jZlvDZd kdZaZeHe^hk OZdkeb
Hiul wlh g_lhqlh kgZfb ijhbahrehwlh lhqlh \u^_eZ_l_ kl_fqlh k
\Zfb ijhbahreh
P?IHQD: YDHJ?C
Ydhjy fh]ml[ulv k\yaZgu\ p_ihqdmlZdqlh[u h^bg ijb\h^bed ^jm]hfm
DZ`^uc ydhjvh[_ki_qb\Z_l k\yav\ p_ib baZimkdZ_l ke_^mxsbclhqgh lZd`_
dZd we_dljbq_kdbc bfimevkijh[_]Z_l hl g_j\Z dg_j\m \ gZr_f l_e_<
g_dhlhjhf kfuke_ ydhjyy\eyxlky \g_rgbfhljZ`_gb_f lh]hdZd fu kha^Z_f
gh\u_ g_j\gu_imlb \ k\h_cg_j\ghc kbkl_f_f_`^m gZqZevgufklbfmehf bgh\hc
j_Zdpb_c<ukljZb\Zgb_
p_ihqdb
ydhj_c
iha\hey_l
gZf
ijhoh^blv
ihke_^h\Zl_evghklv jZaebqguo khklhygbc
e_]dh b Z\lhfZlbq_kdbP_ihqdb
hkh[_ggh ihe_agu\ lhfkemqZ__keb ijh[e_fgh_khklhygb_ y\ey_lkykbevgufZ
j_kmjkgh_ khklhygb_kebrdhf ^Ze_dhqlh[u ^hklbqv_]h \h^bg ijb_f
GZijbf_jih^mfZcl_ h kblmZpbb\ dhlhjhc \u qm\kl\h\Zeb
k_[y
jZkkljh_ggufFh`_l_ eb \u b^_glbnbpbjh\Zlv mklhcqb\uc kb]gZedhlhjuc
\uau\Z_l wlh qm\kl\h"Lhg ]hehkZbeb \Zr \gmlj_ggbc ^bZeh]"Hkh[_ggh_
hsms_gb_"Qlhlh balh]hqlh \u\b^bl_"
QZklh fh`_lihdZaZlvkyqlh fbj mkljhbe aZ]h\hjijhlb\ \Zkgh \u
fh`_l_
dhgljhebjh\Zlv
k\hx j_Zdpbx
gZ aZ]h\hjB \Zr_fm qm\kl\m
jZkkljh_gghklb g_m^Zklky baf_gblvhdjm`Zxsbc fbjDh]^Z \uihemqZ_l_ wlhl
\gmlj_ggbc kb]gZej_rbl_d dZdhfmkhklhygbx \uohl_eb [ui_j_clbFh`_l
[ulvd khklhygbxex[hiulkl\Z": hlg_]h\hafh`ghd l\hjq_kdhfmkhklhygbx"
Qlh[u \ukljhblvwlm p_ihqdm\kihfgbl_ lh\j_fydh]^Z \u[ueb hq_gv
ex[hiulgub aZdj_ibl__]h ydhj_f\hafh`ghdbg_kl_lbq_kdbf ijbdhkgh\_gb_f
d jmd_
<uc^bl_ bag_]h bl_i_jv \_jgbl_k_[y \lh \j_fydh]^Z \u [ueb\
\_kvfZ l\hjq_kdhfkhklhygbbb aZydhjbl_ _]hijbdhkgm\rbkv^himklbfd
^jm]hfm f_klmgZ k\h_cjmd_
^Ze__\_jgbl_kv di_j_`b\Zgbx jZkkljhckl\ZbdZd lhevdh\u ihemqbl_
kb]gZe jZkkljhckl\Z\dexqbl_ ydhjv
ex[hiulkl\Z
bdh]^Z
hsms_gb_
ex[hiulkl\Z ^hklb]g_lfZdkbfmfZdhkgbl_kv k\h_]hydhjy dj_Zlb\ghklb
Wlh \ukljZb\Z_lg_j\gmx p_ihqdmZkkhpbZpbcdhlhju_ e_]dhi_j_f_sZxlky
hl jZkkljhckl\Z q_j_aex[hiulkl\h d dj_Zlb\ghklbLj_gbjmcl_ __ jh\gh
klhevdh jZakdhevdh \Zf g_h[oh^bfh ^ey lh]hqlh[u wlb k\yab klZeb
Z\lhfZlbq_kdbfb
DZd lhevdh\u gZmqbl_kv ba\e_dZlvdZeb[jh\Zlv b aZdj_ieylv ydhj_f
jZaebqgu_
wfhpbhgZevgu_ khklhygbym \Zk ihy\blky qj_a\uqZcgh fhsguc
bgkljmf_gl ^eydhgkmevlbjh\Zgby b l_jZibb<u b \Zrb deb_glu ihemqbl_
[ukljuc be_]dbc ^hklmid ex[hfm wfhpbhgZevghfmkhklhygbxYdhj_gb_ fh`_l
[ulv bkihevah\Zgh ^ey lh]hqlh[u ihfh]Zlvdeb_glZf kh\_jrZlv baf_g_gby
aZf_qZl_evgh [ukljhb fh`_l[ulv \uiheg_gh \ ex[hc kbkl_f_g \bamZevghc
Zm^bZevghc bebdbg_kl_lbq_kdhc
J:AJMR?GB? YDHJ?C
Qlh kemqblky_keb \uihiulZ_l_kv ihqm\kl\h\Zlv ]hjyq__b oheh^gh_ \
h^gh blh `_ \j_fy"Qlh ijhbahc^_ldh]^Z \ukf_rZ_l_ `_elh_ b]hem[h_"
DZdbf [m^_l \Zr_khklhygb_dh]^Z \u \dexqbl_^\Z ijhlb\hiheh`guo ydhjy
kjZam"<u ihqm\kl\m_l_ l_ieh bm\b^bl_ a_e_guc p\_l>ey lh]hqlh[u
jZajmrblv ydhjy\u ydhjbl_g_`_eZl_evgh_ hljbpZl_evgh_khklhygb_ gZah\_f
_]h oheh^gufbeb ]hem[ufb iheh`bl_evgh_khklhygb_ gZah\_f _]h]hjyqbf beb
`_elufb \dexqZ_l_ydhjy h^gh\j_f_gghIhke_ dhjhldh]h i_jbh^Zkf_rb\Zgby
g_]Zlb\gh_ khklhygb_baf_gblkyb \hagbdg_l gh\h_ khklhygb_<u fh`_l_
bkihevah\Zlv wlml_ogbdm jZajmr_gby ydhj_c k ^jm]hfbeb deb_glhfGb`_
ijb\_^_gh hibkZgb_ rZ]h\M[_^bl_kvqlh \u mklZgh\bebb ih^^_j`b\Z_l_
jZiihjl \l_q_gb_ \k_]hk_ZgkZ
DjZldh_ hibkZgb_rZ]h\ l_ogbdbjZajmr_gby ydhj_c
B^_glbnbpbjmcl_ ijh[e_fgh_khklhygb_ bfhsgh_ ihablb\gh_khklhygb_
\iheg_ ^hklmigh_wlhfm q_eh\_dm
Ba\e_dbl_ ihablb\gh_khklhygb_ bdZeb[jmcl_ nbabheh]bxlZdqlh[u \u
kfh]eb _]hhlebqblvBaf_gbl_ khklhygb_aZklZ\vl_ deb_glZi_j_clb \^jm]h_
khklhygb_hl\e_dZy _]h\gbfZgb_ bebijhklh ihijhkb\_]h h[wlhf
<uah\bl_ `_eZ_fh_ khklhygb_ kgh\Z b aZydhjbl_ _]h hkh[_gguf
ijbdhkgh\_gb_f bbeb keh\hfnjZahcaZl_f hiylvbaf_gbl_ khklhygb_
Ijh\_jvl_ ihablb\gucydhjvqlh[u m[_^blvkyqlh hg mklZgh\e_g
<dexqbl_ ydhjvbkihevamy lh`_ ijbdhkgh\_gb_ \ lhf`_ kZfhf f_kl_ bbeb
]h\hjy khhl\_lkl\mxsb_keh\ZM[_^bl_kvqlh \u gZ kZfhf ^_e_ \b^bl_
nbabheh]bx `_eZ_fh]hkhklhygby?keb g_\b^bl_ih\lhjbl_ rZ]bk i_j\h]hih
lj_lbcqlh[u mkbeblvZkkhpbZpbxIhke_ lh]hdZd \umklZgh\bl_ ihablb\guc
ydhjv gZ`_eZ_fh_ khklhygb_baf_gbl_ khklhygb_
B^_glbnbpbjmcl_ g_]Zlb\gh_khklhygb_ bebhiul bih\lhjbl_ rZ]b b ijbf_gbl_evgh d g_]Zlb\ghfmkhklhygbxb aZydhjbl_ _]h hkh[_gguf
ijbdhkgh\_gb_f
\
^jm]hf f_kl_Baf_gbl_
khklhygb_GZ wlhf
rZ]_
mklZgZ\eb\Z_lky ydhjv^ey ijh[e_fgh]hkhklhygby
Ijh\_^bl_ deb_glZq_j_a dZ`^h_khklhygb_ ihhq_j_^bbkihevamy ydhjy
ihi_j_f_ggh b]h\hjy ijbf_jghke_^mxs__;u\Zxl kemqZbdh]^Z <uqm\kl\m_l_
]hem[h_\dexqbl_ g_]Zlb\gucydhjvb \wlbo kblmZpbyo\Zf [u emqr_gZ
kZfh^_e_ qm\kl\h\Zlv`_elh_\dexqbl_ ihablb\gucydhjvIh\lhjbl_ wlh
g_kdhevdh jZag_ ^_eZyijhf_`mldh\ f_`^mkhklhygbyfb
Dh]^Z \u [m^_l_]hlh\uh[jZlbl_kv d deb_glm kh keh\Zfb"lbiZ
AZf_qZcl_ ex[h_ baf_g_gb_dhlhjh_ \uhkhagZ_l_b \dexqbl_h[Z ydhjy\
h^gh blh `_\j_fy<gbfZl_evgh ke_^bl_aZ nbabheh]b_cdeb_glZ<hafh`gh\u
m\b^bl_ ijbagZdbbaf_g_gby bebkf_r_gbyM[_jbl_ \gZqZe_g_]Zlb\guc ydhjv
aZl_f ihablb\guc
Ijh\_jvl_ k\hxjZ[hlm eb[h ihijhkb\deb_glZ \_jgmlvky\ ijh[e_fgh_
khklhygb_eb[h \dexqb\ g_]Zlb\gucydhjv<u ^he`gum\b^_lvqlh deb_gl
\oh^bl \khklhygb_ ijhf_`mlhqgh_ f_`^mihablb\guf b g_]Zlb\gufjZaebqgu_
hll_gdb a_e_gh]hbeb \gh\h_ hlebqZxs__ky khklhygb_beb \ihablb\gh_
khklhygb_?keb \u\k_ `_ihemqbeb g_]Zlb\gh_khklhygb_gZc^bl_\ dZdbo
_s_ j_kmjkZogm`^Z_lky deb_glAZydhjbl_ bogZ lhf`_ kZfhf f_kl_qlh b
i_j\uc ihablb\gucj_kmjk baZl_f i_j_c^bl_d rZ]m
GZdhg_pihijhkbl_ deb_glZih^mfZlv hkblmZpbb \[eb`Zcr_f [m^ms_f
\ dhlhjhcij_^iheh`bl_evgh fh]ml\hagbdgmlv g_]Zlb\gu_ hsms_gbyb imklvhg
\ k\h_f \hh[jZ`_gbb ijhc^_lq_j_a wlm kblmZpbx< wlh\j_fy \Zf ke_^m_l
gZ[ex^Zlv aZ _]hkhklhygb_fIhkemrZcl_dZd hg wlh hibku\Z_l?keb \u
g_^h\hevgu _]hkhklhygb_f bebhg g_^h\he_gwlhc i_jki_dlb\hcgZc^bl_dZdb_
_s_ j_kmjkug_h[oh^bfub aZydhjbl_bo gZlhf `_ kZfhff_kl_qlh bi_j\uc
ihablb\guc j_kmjkZ aZl_fijh^he`Zcl_ krZ]Z L_ogbdZ jZajmr_gbyydhj_c g_[m^_l jZ[hlZlv^h l_oihjihdZ ihablb\gh_
khklhygb_ g_
klZg_l kbevg__ g_]Zlb\gh]hb\hafh`gh\Zf
ijb^_lky
gZdZieb\Zlv ihablb\gu_j_kmjku gZh^ghf ydhj_qlh[u ^hklbqvwlh]h
Wlhl ijhp_kkfh`gh ihgbfZlvlZdqlh g_j\gZykbkl_fZ iulZ_lky\dexqblv
^\Z g_kh\f_klbfuokhklhygby \ h^gh blh `_ \j_fyHgZ g_ fh`_lwlh]h
k^_eZlvihwlhfm ^_eZ_l qlhlh ^jm]h_KlZjuc iZll_jgjZajmrZ_lkyZ gh\u_
kha^Zxlky<hl ihq_fmg_j_^dh \hagbdZ_laZf_rZl_evkl\hdh]^Z \dexqZxlky^\Z
ydhjyYdhjy ^_eZxl i_j_`b\Zgby^hklmigufb ^eykhagZl_evgh]h mijZ\e_gby
bkihevamy l__kl_kl\_ggu_ ijhp_kkudhlhju_ h[uqghijhl_dZxl [_kkhagZl_evgh
Fu ydhjbfk_[y ihklhygghb hq_gvqZklh kh\_jr_gghkemqZcguf h[jZahf<f_klh
wlh]h fufh`_f [ulv]hjZa^h [he__ba[bjZl_evgufb \hlghr_gbb lh]hgZ dZdb_
ydhjy j_Z]bjh\Zlv
BAF?G?GB? EBQGHKLGHCBKLHJBB
Q_eh\_q_kdh_ i_j_`b\Zgb_kms_kl\m_l lhevdh\ gZklhysbc
fhf_glIjhreh_
kms_kl\m_l \ \b^_ \hkihfbgZgbcbqlh [u\kihfgblv _]hgZf g_h[oh^bfh
dZdbflh h[jZahfi_j_`blv _]h\ gZklhys_f;m^ms__ kms_kl\m_ldZd gZ^_`^ub
nZglZabbhiylv `_kha^Zggu_ \gZklhys_fYdhj_gb_ ^_eZ_lgZk kihkh[gufb
jZkrbjblv wfhpbhgZevgmx k\h[h^mhk\h[h`^Zy hllbjZgbb ijhreuo g_]Zlb\guo
i_j_`b\Zgbc bkha^Z\Zy [he__ihablb\gh_ [m^ms__
Baf_g_gb_ ebqghklghcbklhjbb wlh l_ogbdZ^ey i_j_hp_gdbijbqbgyxsbo
[_kihdhckl\h \hkihfbgZgbc \k\_l_ gZdhie_ggh]h dgZklhys_fm fhf_glmhiulZ
DZ`^uc bagZk bf__l[h]Zlmx ebqghklgmxbklhjbx ijhreuoi_j_`b\Zgbcdhlhju_
kms_kl\mxl \\b^_ \hkihfbgZgbc\ gZklhys_fG_kfhljy gZlhqlh g_\hafh`gh
baf_gblv ijhbahr_^rb_k gZfbgZ kZfhf^_e_ kh[ulbyqlh [uwlh gb[ueh\_^v
q_eh\_q_kdZy iZfylvih^\_j`_gZ hrb[dZffu kihkh[gubaf_gblv kfukewlbo
kh[ulbc ^ey gZk \ gZklhys_f bke_^h\Zl_evghbo \ha^_ckl\b_ gZ gZr_
ih\_^_gb_
GZijbf_jqm\kl\h j_\ghklbihqlb \k_]^Z jh`^Z_lkyg_ balh]hqlh \
^_ckl\bl_evghklb ijhbahrehZ bal_o kdhgkljmbjh\Zgguoh[jZah\dhlhju_
dZ`mlky gZfm[_^bl_evgufbJ_Z]bjmy gZwlb h[jZaufu qm\kl\m_fk_[y iehoh
Wlb h[jZauhdZau\Zxlky ^hklZlhqghj_Zevgufbqlh[u \ua\Zlv kbevgu_j_Zdpbb
^Z`_ _kebhgb gbdh]^Zg_ bf_ebf_klZ \^_ckl\bl_evghklb
?keb ijhreu_ i_j_`b\Zgby [ueb hq_gv ljZ\fbjmxsbfb bebqj_a\uqZcgh
bgl_gkb\gufblZd qlh ^Z`_ mihfbgZgb_ h gbo \uau\Z_l [hevlh emqr_
bkihevah\Zlv l_ogbdm[ukljhc nh[bbhibkZggmx \]eZ\_ HgZ jZajZ[hlZgZ^ey
lh]hqlh[u
jZ[hlZlv
k
bgl_gkb\gufb
g_]Zlb\gufb
wfhpbhgZevgufb
i_j_`b\Zgbyfb
Baf_g_gb_ ebqghklghcbklhjbb ihe_agh\ l_okemqZyodh]^Z ijh[e_fgh_
hsms_gb_ bebih\_^_gb_ ijh^he`Z_lih\lhjylvky \gh\vb \gh\vI_j\uf rZ]hf\
ijbf_g_gbb wlhcl_ogbdb \jZ[hl_ kdeb_glhf beb^jm]hfdhg_qgh^he`gh [ulv
mklZgh\e_gb_ bih^^_j`Zgb_ jZiihjlZ
Baf_g_gb_ ebqghklghcbklhjbb
B^_glbnbpbjmcl_ g_]Zlb\gh_ khklhygb_ba\e_dbl_ _]hijh\_^bl_
dZeb[jh\dmaZdj_ibl_ ydhj_fb aZl_fij_j\bl_ _]h
M^_j`b\Zy g_]Zlb\guc ydhjvihijhkbl_ deb_glZ \_jgmlvkygZaZ^ b
ih^mfZlv h lhf\j_f_gbdh]^Z mg_]h [uebihoh`b_ hsms_gbyIjh^he`Zcl_ ^h
l_o ihjihdZ \ug_ ^hklb]g_l_kZfh]h jZgg_]h hiulZdhlhjuc lhevdh fh`_l
\kihfgblv deb_glHk\h[h^bl_ ydhjvij_j\bl_ khklhygb_ biheghklvx \_jgbl_
deb_glZ \gZklhys__
Ihijhkbl_ deb_glZ\ k\_l_lh]hqlh hgagZ_l l_i_jvih^mfZlv hlhf
dZdb_ j_kmjku [ueb g_h[oh^bfu _fm\ l_o ijhreuo kblmZpbyoqlh[u hgb
ij_\jZlbebkv \m^h\e_l\hjyxsb_Z g_ ijh[e_fgu_i_j_`b\ZgbyHg \_jhylgh
hij_^_ebl j_kmjkubkihevamy lZdb_keh\Z bnjZaudZd [_ahiZkghklv[ulv
ex[bfufihgbfZgb_Wlb j_kmjku ^he`gu[ulv \gmlj_ggbfb ^ey^Zggh]h
deb_glZ blZdbfbqlh[u hgfh] bodhgljhebjh\Zlv@_eZgb_qlh[u ^jm]b_ex^b
\ wlhckblmZpbb \_ebk_[y ih^jm]hfmg_ iha\hebldeb_glm gZmqblvkyq_fmlh
gh\hfmHg kfh`_l \ua\Zlvgh\u_ j_Zdpbbm ex^_c\h\e_q_gguo \ kblmZpbx
lhevdh _kebhg kZfklZg_l ^jm]bf
Ba\e_dbl_ b
aZydhjbl_
dhgdj_lgh_ b gZiheg_ggh_ i_j_`b\Zgb_
g_h[oh^bfh]h j_kmjkgh]hkhklhygby bbkiulZcl_ wlhliheh`bl_evguc ydhjv
M^_j`b\Zy iheh`bl_evguc ydhjv\_jgbl_ deb_glZ kgh\Z djZgg_fm
hiulmIj_^eh`bl_ _fm\hhjm`_gghfm gh\ufbj_kmjkZfbihkfhlj_lv gZk_[y kh
klhjhgu ^bkkhpbbjh\Zgghb aZf_lblvdZd j_kmjkubaf_gyxl _]hi_j_`b\Zgby
AZl_f ij_^eh`bl__fm \hclb\ kblmZpbxZkkhpbZpby\f_kl_ k j_kmjkZfb \u
ijb wlhf ijh^he`Z_l_m^_j`b\Zlv ydhjvb ijhclbq_j_a hiullZddZd [m^lh
wlh ijhbkoh^blkgh\ZIhijhkbl_ _]hh[jZlblv \gbfZgb_gZ j_Zdpbx ^jm]bo
ex^_c \wlhc kblmZpbbl_i_jvdh]^Z m g_]h m`__klv wlhlgh\uc j_kmjk
Ij_^eh`bl_ _fm ij_^klZ\blv k_[_dZd hg\u]ey^bl kbo lhqdbaj_gbylZd
qlh[u hggh] ihgylvdZd hgb\hkijbgbfZxl wlh gh\h_ ih\_^_gb_?keb hg
\ujZabl g_m^h\e_l\hj_gb_ \ dZdhcgb[m^v ihabpbb\_jgbl_kv d rZ]m hij_^_ebl_ bgZdhibl_ ^jm]b_ j_kmjku^ey lh]hqlh[u \g_klb bo\ jZggbc
hiulDh]^Z deb_gl[m^_l i_j_`b\ZlvkblmZpbx ihgh\hfm bkfh`_l mqblvkygZ
g_cm[_jbl_ ydhjvb ij_j\bl_khklhygb_
BkiulZcl_ baf_g_gb_g_ bkihevamy ydhjvbihijhkb\ deb_glZ
\kihfgblv ijhreh_ i_j_`b\Zgb_gZ[ex^Zcl_ aZ l_fdZd baf_gbebkv wlb
\hkihfbgZgbyH[jZlbl_ \gbfZgb_gZ _]hnbabheh]bx?keb \uaZf_lbl_ ijbagZdb
g_]Zlb\gh]h khklhygby\_jgbl_kv drZ]m b gZdhibl_[hevr_ j_kmjkh\
IJBKH?>BG?GB? D;M>MS?FM
I_j_`b\Zgb_ kblmZpbbaZjZg__ gZau\Z_lky\ GEIijbkh_^bg_gb_f d[m^ms_fm
b y\ey_lkyaZ\_jrZxsbf rZ]hffgh]bo GEIl_ogbd< k\h_f \hh[jZ`_gbb\u
^_eZ_l_ rZ] \[m^ms__ kbf_xsbfbky m \Zkgh\ufb j_kmjkZfbb i_j_`b\Z_l_
aZjZg__ [m^msmx kblmZpbx \ lZdhf \b^_\ dZdhf \uohl_eb [u__ \b^_lv
GZijbf_jijbkh_^bg_gb_ d[m^ms_fm \l_ogbd_ baf_g_gby ebqghklghcbklhjbb
aZdexqZ_lky \ lhfqlh[u ihijhkblvdeb_glZ ij_^klZ\blvk_[_ lh \j_fy\
[m^ms_fdh]^Z ijh[e_fgZy kblmZpby\_jhylghih\lhjblkyIhdZ hg wlh
^_eZ_lijh\_^bl_
dZeb[jh\dmqlh[u m\b^_lvkms_kl\mxl eb ijbagZdb
khkdZevau\Zgby h[jZlgh\ g_]Zlb\gh_khklhygb_?keb hgb kms_kl\mxlwlh
agZqblqlh \Zf ke_^m_l ijh^he`blv
jZ[hlmIjbkh_^bg_gb_ d [m^ms_fm
ijh\_jy_lwnn_dlb\gZ eb \ZrZjZ[hlZWlh djZlqZcrZyijh\_jdZdhlhjmx \u
fh`_l_ ijh\_klb\ hlghr_gbb ijh[e_fghc kblmZpbbH^gZdh ^_ckl\bl_evghc
ijh\_jdhc ex[h]hbaf_g_gby [m^_l lhl fhf_gldh]^Z deb_gl gZkZfhf ^_e_
klhedg_lky kwlhc ijh[e_fhcIjhaj_gby bbaf_g_gby fh]mle_]dh aZdj_iblvky\
dhfgZl_ ikboheh]bq_kdh]hdhgkmevlbjh\ZgbyH[mq_gb_ aZdj_iey_lky\ deZkk_
[bag_kieZgu \ dZ[bg_l_mijZ\e_gbyJ_Zevguc fbjwlh j_Zevgh_bkiulZgb_
K ^jm]hcklhjhguijbkh_^bg_gb_ d[m^ms_fm wlh k\h_]hjh^Z fuke_ggZy
j_i_lbpbyFuke_ggZy ih^]hlh\dZ b bkiheg_gb_wlh kms_kl\_gguciZll_jg
h[gZjm`_gguc m\k_o \ukhqZcrbofZkl_jh\Zdl_jh\fmaudZglh\ijh^Z\ph\ b
hkh[_gghkihjlkf_gh\<k_ lj_gbg]h\u_ ijh]jZffu kljhylky\hdjm] wlh]h
_^bgkl\_ggh]h we_f_glZFuke_ggZy j_i_lbpbywlh bkiheg_gb_\ \hh[jZ`_gbb
Z ihkdhevdm l_eh b fha]h[jZamxl _^bgmx kbkl_fmhgZ ih^]hlZ\eb\Z_lb
aZjy`Z_l l_eh^ey gZklhys_ckblmZpbb
Ij_^hklZ\e_gb_ fha]m kbevguo ihablb\guoh[jZah\ mki_oZijh]jZffbjm_l
_]h gZlhqlh[u ^mfZlv\ l_jfbgZomki_oZb ^_eZ_lmki_o [he__\_jhylguf
H`b^Zgby wlh kZfhhijZ\^u\Zxsb_ky ijhjhq_kl\ZB^_b ijbkh_^bg_gby
d
[m^ms_fm bfuke_gghc j_i_lbpbbfh]ml [ulv bkihevah\Zgu ^eydZ`^h^g_\gh]h
h[mq_gby b^ey kha^Zgby gh\h]h ih\_^_gby<u fh]eb [uijhoh^blv q_j_a
ke_^mxsmx ihke_^h\Zl_evghklvrZ]h\ dZ`^uc\_q_j i_j_^kghf
IjhkfZljb\Zy ^_gv kgh\Z\u[_jbl_ qlhlh lZdh_qlh \u ^_eZebhq_gv
ohjhrhb qlhlh lZdh_ih ih\h^mq_]h \ug_ klhevkqZkleb\uIjhkfhljbl_
kgh\Z h[_
kp_guihkemrZcl_
a\mdbi_j_`b\bl_
bo
kgh\Z[m^mqb
Zkkhpbbjh\Zggufb<uc^bl_ bagbo b kijhkbl_k_[yQlh [uy fh] k^_eZlv
ih^jm]hfm"=^_ lhqdZ \u[hjZ\ wlbo i_j_`b\Zgbyo"DZdbf h[jZahf ^Z`_
ohjhrb_ i_j_`b\Zgbyfh]ml klZlv_s_ emqr_"<u \iheg_fh`_l_ gZclb ^eyk_[y
g_kdhevdh gh\uo kihkh[h\ih\_^_gby\iheg_ mf_klguo ^ey lhc kblmZpbb
dhlhjmx \ukqblZ_l_ g_ijbylghc
L_i_jv ijhb]jZcl_fuke_ggh wlbkblmZpbb iheghklvxbaf_gb\ \ gbo k\h_
ih\_^_gb_DZd wlh\u]ey^bl"DZd wlha\mqbl"Ijh\_jvl_ \Zrb hsms_gbyWlhl
g_[hevrhc jblmZe[m^_l \ukljZb\Zlvgh\u_ \u[hju< g_ijbylghckblmZpbb \u
fh`_l_ gZclbkb]gZeij_^\_klgbd g_]Zlb\guo hsms_gbcb bkihevah\Zlv_]h \
[m^msbo kblmZpbyo \
dZq_kl\_
khh[s_gby h lhfqlh gZklmibe fhf_gl
bkihevah\Zlv gh\ucm`_ hlj_i_lbjh\Zgguc\Zfb kihkh[ih\_^_gby
<u fh`_l_bkihevah\Zlv wlml_ogbdm ^ey]_g_jbjh\Zgby kh\_jr_gghgh\h]h
ih\_^_gby beb^ey baf_g_gbyb memqr_gbylh]hqlh \um`_ ^_eZ_l_
=?G?J:LHJ GH<H=HIH<?>?GBY
A^_kv hibkZgZh[sZy l_ogbdZdhlhjmx fh`ghijbf_gylv \lhf kemqZ__keb
\u ohlbl_ijbh[j_klb gh\h_ih\_^_gb_ beb qlhlh baf_gblv\ m`_ bf_xs_fky
beb kh\_jr_gkl\h\Zlvky \k\h_f ex[bfhf\b^_ kihjlZ< k\h_f \hh[jZ`_gbb
m\b^vl_ k_[y hkms_kl\eyxsbflh ih\_^_gb_dhlhjh_ \uohl_eb [u bf_lv
GZijbf_j\u ijZ\bevgh ^_eZ_l_ ih^Zqm
\
l_ggbk_?keb wlh ljm^gh
ij_^klZ\vl_ k_[_jhe_\mx fh^_ev^_eZxsmx wlhAZcfbl_ f_klhj_`bkk_jZ \
k\h_f \gmlj_gg_f nbevf_KlZgvl_ Klb\_ghfKibe[_j]hf \k\h_f \hh[jZ`_gbb
Ihkfhljbl_ gZ kp_gm lZddZd hgZ jZa\hjZqb\Z_lkyi_j_^ \Zrbf\gmlj_ggbf
\ahjhfHklZ\Zcl_kv ^bkkhpbbjh\ZggufihdZ \ukemrZ_l_ bfhglbjm_l_ a\mdh\mx
^hjh`dm<u b]eZ\guc ]_jhcb j_`bkk_j?keb \kp_g_ mqZkl\mxl^jm]b_ ex^b
hlf_lvl_ boj_Zdpbb gZlhqlh \u^_eZ_l_
Hkms_kl\eycl_ j_`bkkmjm kp_gu ba\mdZ ^hl_o ihjihdZ \ug_ [m^_l_
iheghklvx m^h\e_l\hj_guAZl_f \hc^bl_\gmljv h[jZaZ kZfh]hk_[y bku]jZcl_
wlm kp_gmaZgh\h lZddZd [m^lh\u kZfbwlh ^_eZ_l_< lh\j_fydZd \uwlh
^_eZ_l_h[jZlbl_ hkh[_ggh_\gbfZgb_ bgZ k\hbhsms_gbyb gZj_Zdpbb ex^_c
\hdjm] \Zk>_ckl\bl_evgh ebwlh gh\h_ih\_^_gb_ \ujZ`Z_l\Zrb p_gghklb b
\Zrm ebqgmxp_ehklghklv"
?keb \Zrbhsms_gby \Zfg_ gjZ\ylky\_jgbl_kv \j_`bkk_jkdh_ dj_kehb
i_j_^_eZcl_ nbevfij_`^_ q_fkgh\Z \hclb\ g_]hDh]^Z \u[m^_l_ ^h\hevgu
k\hbf \hh[jZ`Z_fuf bkiheg_gb_fhij_^_ebl_ \gmlj_ggbcbeb \g_rgbckb]gZe
dhlhjuc \ufh`_l_ bkihevah\Zlv\ dZq_kl\_ljb]]_jZaZimkdZxs_]h \ZrZgh\h_
ih\_^_gb_Fuke_ggh hlj_i_lbjmcl_dZd \ hl\_lgZ wlhlkb]gZe \ugZqbgZ_l_
hkms_kl\eylv gh\h_ih\_^_gb_
=_g_jZlhj gh\h]hih\_^_gby wlh ijhklZyb \f_kl_k l_ffhsgZy l_ogbdZ
dhlhjmx \u fh`_l_ bkihevah\Zlv^ey ebqghklgh]hb ijhn_kkbhgZevgh]hjhklZ
DZ`^uc hiulklZgh\blky \hafh`ghklvx^ey gZmq_gbyQ_f qZs_ \u[m^_l_ ^_eZlv
wlhl_f [uklj__\u [m^_l_ijh^\b]Zlvky dlhfmqlh[u klZlv lhcebqghklvx
dhlhjhc \u^_ckl\bl_evgh ohlbl_[ulv
=eZ\Z PBDEU BKBKL?FU
G_l q_eh\_dZdhlhjuc [u[ue dZdHkljh\kZf ihk_[_dZ`^uc q_eh\_d
_klv qZklvFZl_jbdZqZklv Kmrbb _keb<heghc kg_k_l\ fhj_[_j_]h\hc Ml_k
f_gvr_ klZg_l?\jhiub lZd`__keb kfh_ldjZc FukZbeb jZajmrblAZfhd l\hc
beb >jm]Zl\h_]hkf_jlv dZ`^h]hQ_eh\_dZ mfZey_lb f_gyb[h y_^bg kh\k_f
Q_eh\_q_kl\hfZ ihlhfm g_ kijZrb\Zc gbdh]^Zih dhfa\hgbl Dhehdhehg
a\hgbl ihL_[_
>`hg >hgg
DhffmgbdZpbx fh`ghljZdlh\Zlv ijhklhdZd ijbqbgmb ke_^kl\b_<u^_ebl_
h^gh \aZbfh^_ckl\b_gZah\bl_ _]h ijbqbghcijhZgZebabjmcl_ _]h[eb`Zcrb_
ihke_^kl\byg_ ijbgbfZy\h \gbfZgb_lh \ha^_ckl\b_dhlhjh_ hghhdZau\Z_l
gZ [he__hl^Ze_ggu_ kh[ulbyFu qZklhjZafurey_f bf_gghlZdghhq_\b^gh
wlh y\ey_lkykbevguf mijhs_gb_f
AZdhg ijbqbgub ke_^kl\by bf__lkbem ^eyg_h^mr_\e_gguo h[t_dlh\_keb
h^bg [bevyj^guc rZjklZedb\Z_lky k ^jm]bflh \u fh`_l_ k ijbebqghc
lhqghklvx ij_^kdZaZlv f_klh hklZgh\db
dZ`^h]hIhke_ i_j\hgZqZevgh]h
klhedgh\_gby hgb[hevr_ g_hdZau\Zxl \ebygby^jm] gZ^jm]Z
< `b\uokbkl_fZo \k_ih^jm]hfm?keb yigm kh[Zdmy kfh]m\uqbkeblv
kbem m^ZjZ bagZy jZaf_jub \_k kh[Zdblhqgh hij_^_eblvgZijZ\e_gb_ b
kdhjhklv __ihe_lZ< ^_ckl\bl_evghklb`_ \k_ijhbahc^_l g_ lZd_keb y[ue
[u gZklhevdh]emiqlh ^h^mfZeky[u igmlvkh[ZdmhgZ\_jhylghm\_jgmeZkv
[u hlm^ZjZ bmdmkbeZ [u f_gyaZ gh]mHdhgqZl_evgh_ f_klhiheh`_gb_kh[Zdb
\jy^ eb[m^_l khhl\_lkl\h\Zlvj_amevlZlZf jZkq_lZ
Q_eh\_q_kdb_ hlghr_gby
keh`gu_
fgh]b_
\_sb \
gbo
ijhbkoh^yl
h^gh\j_f_gghG_\hafh`gh ij_^kdZaZlv lhqghqlh ijhbahc^_lihlhfm qlh
j_Zdpby h^gh]hq_eh\_dZ \eby_l gZ ih\_^_gb_ ^jm]h]hHlghr_gby wlh
aZfdgmluc pbdefu ihklhygghj_Z]bjm_f gZ h[jZlgmxk\yavqlh[u ihgylvqlh
^_eZlv ^Zevr_<u^_e_gb_ lhevdhh^ghc qZklbpbdeZ ih^h[ghihiuld_ ihgylv
l_ggbkgmx b]jmgZ[ex^Zy lhevdh aZ h^ghc iheh\bghc dhjlZ<u fh`_l_
ihljZlblv `bagv\ujbkh\u\ZydZd m^Zjih fyqmklZgh\blky ijbqbghclh]h
ih dZdhcljZ_dlhjbb hg\ha\jZsZ_lkyb mklZgZ\eb\ZyaZdhguhij_^_eyxsb_ lh
dZdbf ^he`_g[ulv ke_^mxsbcm^ZjGZr_ khagZgb_ h]jZgbq_gh b g_fh`_l
m\b^_lv pbdedhffmgbdZpbb \p_ehfgZf ^hklmiguebrv g_[hevrb__]h qZklb
Kh^_j`Zgb_ b dhgl_dkl dhffmgbdZpbb
h[t_^bgyxlkyqlh[u khklZ\blv
agZq_gb_Dhgl_dkl wlh h[sZykblmZpbyhdjm`ZxsZy kbkl_fZ\ p_ehfDZdh_
agZq_gb_ g_k_lhl^_evguc dmkhdfhaZbdb"KZf ihk_[_ gbdZdh]hhgh aZ\bkblhl
lh]h]^_ hgjZkiheh`_g gZdZjlbgd_ \p_ehfdm^Z hgmklZgZ\eb\Z_lky bdZdb_
k\yab bf__lk ^jm]bfbdmkdZfb
Qlh hagZqZ_lhl^_evgZy fmaudZevgZyghlZ"Ihqlb gbq_]hkZfZ ihk_[_\k_
aZ\bkbl hllh]hdZd hgZk\yaZgZ kghlZfbhdjm`Zxsbfb __y\ey_lky ebhgZ
\ukhdhc beb gbadhcdZd ^he]h hgZ a\mqblH^gZ b lZ`_ ghlZ fh`_l
\hkijbgbfZlvky ih^jm]hfm_keb __hdjm`blv gh\ufbghlZfb
Kms_kl\mxl ^\Z hkgh\guo kihkh[ZihgbfZgby hiulZb kh[ulbc<u fh`_l_
khkj_^hlhqblvky gZkh^_j`Zgbb bgnhjfZpbbQlh wlhaZ dmkhdfhaZbdb"DZd hg
gZau\Z_lky"GZ qlhhg ihoh`"Q_f hgihoh` gZ^jm]b_ dmkdb"< agZqbl_evghc
kl_i_gb h[mq_gb_lZd bijhbkoh^bldmkdb fhaZbdbfh]ml hdZaZlvkybgl_j_kgufb
b ij_djZkgufbijb bamq_gbb ihhl^_evghklbgh ijbwlhf \uihemqZ_l_ ebrv
h^ghf_jgh_ ij_^klZ\e_gb_h ij_^f_l_Ijhgbdgh\_gb_ \]em[bgm lj_[m_l^jm]h]h
jZkkfhlj_gby\h \aZbfh^_ckl\byobeb \dhgl_dkl_Qlh hagZqZ_lwlhl dmkhd"
DZdbf h[jZahfhg k\yaZgk ^jm]bfb"< dZdhff_kl_ hg\kljZb\Z_lky \kbkl_fm"
GZr \gmlj_ggbc fbj m[_`^_gbcfuke_cj_ij_a_glZlb\guo kbkl_f b
km[fh^Zevghkl_c lZd`_ h[jZam_lkbkl_fmBaf_g_gb_ h^ghc qZklbfh`_l bf_lv
h[rbjgh_ \ha^_ckl\b_b ]_g_jbjh\Zlvbaf_g_gby \^jm]bo qZklyokbkl_fu\ q_f
\u m[_^bl_kvdh]^Z [m^_l_wdki_jbf_glbjh\Zlv kbaf_g_gbyfb km[fh^Zevghkl_c
k\h_]h hiulZ
G_kdhevdh keh\kdZaZgguo \h\j_fyfh]ml ij_h[jZablv`bagv q_eh\_dZ
Fh`_l ihdZaZlvkykljZggufqlh baf_g_gb_ h^gh]h g_[hevrh]h dmkhqdZ
\hkihfbgZgbc fh`_l iheghklvx baf_gblv \Zr_khklhygb_Gh bf_ggh wlh b
ijhbkoh^bldh]^Z \u bf__l_ ^_eh k kbkl_fZfb h^bg keZ[uclheqhd \
ijZ\bevghf gZijZ\e_gbbfh`_l \ua\Zlv]em[hdb_ baf_g_gbylhevdh g_h[oh^bfh
agZlv]^_ lhedgmlvKlZjZgb_ [_kihe_agh<u fh`_l_klZjZlvky ^_ckl\bl_evgh
kbevghqlh[u ihqm\kl\h\Zlv k_[y emqr_Z aZdhgqbl_ l_fqlh [m^_l_
qm\kl\h\Zlv k_[yom`_KlZjZgb_ ih^h[gh ihiuld_hldjulv ^\_jv\gmljv\u
ihljZlbl_ fZkkmwg_j]bbij_`^_ q_f^h]Z^Z_l_kvqlh hgZhldju\Z_lky gZjm`m
IhklZ\b\ k_[_p_ev bgZqbgZy ^_ckl\h\Zlvg_h[oh^bfh ij_`^_m[_^blvky \
hlkmlkl\bb \gmlj_ggbo h]h\hjhd b khfg_gbcGZf ke_^m_l lZd`_h[jZlblv
\gbfZgb_ gZ\g_rgxx wdheh]bxb hp_gblv\ha^_ckl\b_dhlhjh_ gZrbp_eb [m^ml
hdZau\Zlv gZ[he__ rbjhdmxkbkl_fm gZrbohlghr_gbc
LZdbf h[jZahfj_amevlZlu gZrbo ^_ckl\bc \ha\jZsZxlky d gZf\ \b^_
aZfdgmlh]h pbdeZDhffmgbdZpby wlh \aZbfhhlghr_gbyZ g_ h^ghklhjhgg__
^\b`_gb_ bgnhjfZpbb<u g_ fh`_l_[ulv mqbl_e_f[_a mq_gbdh\beb ijh^Z\phf
[_a ihdmiZl_e_cbeb Z^\hdZlhf[_a ih^aZsblguoIhklmiZlv bkdj_gg_b fm^jh
agZqbl hp_gb\Zlv \aZbfhhlghr_gbyb \aZbfh^_ckl\by f_`^m kh[hcb ^jm]bfb
MjZ\gh\_r_gghklv b \aZbfhhlghr_gby
f_`^m qZklyfb gZr_]h jZamfZ [m^ml
a_jdZehf mjZ\gh\_r_gghklb b \aZbfhhlghr_gbcdhlhju_ mgZk keh`bebkv k
\g_rgbf fbjhfGEI wlh fure_gb_ \l_jfbgZo kbkl_fGZijbf_j=j_]hjb
;wclkhgh^gZ bagZb[he__ \Z`guonb]mj \ jZa\blbbGEIijbf_gbe db[_jg_lbdm
beb kbkl_fgh_fure_gb_ d[bheh]bbw\hexpbb b ikboheh]bb\ lh \j_fydZd
<bj^`bgby KZlbj\k_fbjgh ba\_klguc k_f_cguc l_jZi_\lijh\h^beZ l_jZibx
k_fvb dZd k[ZeZgkbjh\Zgghc kbkl_fu
\aZbfhhlghr_gbcZ g_ dZd gZ[hjZ
ebqghkl_c k ijh[e_fZfbdhlhju_ g_h[oh^bfh j_rblvDZ`^uc q_eh\_d [ue
agZqbfhc qZklvxHgZ ihfh]ZeZk_fv_ ^hklbqv[he__ m^h\e_l\hjbl_evgh]hb
a^hjh\h]h jZ\gh\_kbyb __bkdmkkl\h hibjZ_lkygZ lhqgh_ agZgb_ lh]h]^_
\f_rZlvky
b
dh]h g_h[oh^bfh
baf_gblv
lZdbf
h[jZahfqlh[u
\k_
\aZbfhhlghr_gby memqrbebkvDZd \dZe_c^hkdhi_\u g_kfh`_l_ k^\bgmlvh^bg
dmkhq_dg_ baf_gb\ jbkmgdZ \p_ehfGh dZdhc dmkhq_dbaf_gblvqlh[u
kha^Zlv `_eZ_fuc jbkmghd\aZbfhhlghr_gbc"< wlhf baZdexqZ_lky bkdmkkl\h
wnn_dlb\ghc l_jZibb
Emqrbc kihkh[baf_gblv ^jm]bowlh baf_gblvk_[yIjb wlhf\u baf_gbl_
k\hb \aZbfhhlghr_gbyb ex^b [m^ml\ugm`^_gu baf_gblvkylh`_Bgh]^Z fu
ljZlbf fgh]h \j_f_gb gZlhqlh[u baf_gblvdh]hlh\ lh \j_fy dZdkZfb
\_^_f k_[y lZdbfh[jZahfqlh ij_iylkl\m_fwlbf baf_g_gbyfJbqZj^ ;wg^e_j
gZa\Ze wlhliZll_jg q_f ^Zevr_l_f [eb`_
< nbabd_ kms_kl\m_l aZf_qZl_evgZy f_lZnhjZba\_klgZy dZd Wnn_dl
;Z[hqdbL_hj_lbq_kdb ^\b`_gb_ djuev_\[Z[hqdb fh`_lbaf_gblv ih]h^m gZ
^jm]hc klhjhg_ a_fgh]h
rZjZ_keb ijhba\_^_l \hafms_gb_ \ha^moZ
\
djblbq_kdbc fhf_gl\ djblbq_kdhf f_kl_< keh`ghckbkl_f_ fZeh_baf_g_gb_
fh`_l \ua\Zlvh]jhfguc wnn_dl
Gh g_\k_ we_f_glukbkl_fu h^bgZdh\h\Z`guH^gb fh]ml[ulv baf_g_guk
g_agZqbl_evgufb ihke_^kl\byfb^jm]b_ [m^mlbf_lv h[rbjgh_\ebygb__keb \u
ohlbl_ \ua\Zlvbaf_g_gby k\h_]himevkZZii_lblZi_jbh^Z `bagbbeb kdhjhklb
jhklZlh \Zfg_h[oh^bfh \f_rZlvky\ jZ[hlmfZe_gvdhc `_e_augZau\Z_fhc
]bihnbahfWlh kbevghgZihfbgZ_l imevlmijZ\e_gby l_ehfHgZ ^_ckl\m_llZdbf
`_ kihkh[hfdZdbf l_jfhklZldhgljhebjm_l kbkl_fmp_gljZevgh]h hlhie_gby
Fh`gh j_]mebjh\ZlvdZ`^uc jZ^bZlhj\ hl^_evghklbgh l_jfhklZldhgljhebjm_l
\k_L_jfhklZl gZoh^blkygZ [he__\ukhdhf eh]bq_kdhfmjh\g_q_f jZ^bZlhju
dhlhju_ hgdhgljhebjm_l
GEI \uy\ey_l b bkihevam_l mki_rgu_ l_ogbdbdhlhju_ kh^_j`Zlky \
jZaebqguo gZijZ\e_gbyo ikboheh]bbQ_eh\_q_kdbc fha]bf__l h^gm b lm `_
kljmdlmjm ih\kx^mgZ a_fe_b bf_gghhg kha^Ze\k_\hafh`gu_ ikboheh]bq_kdb_
l_hjbbihwlhfm hgbg_ij_f_ggh kh^_j`Zlg_dhlhju_ h[sb_hkgh\gu_ iZll_jgu
Ihkdhevdm GEIho\Zlu\Z_l iZll_jguba jZaguoh[eZkl_c ikboheh]bq_kdboagZgbc
hgh gZoh^blky gZ[he__ \ukhdhfeh]bq_kdhf mjh\g_Dgb]Z ZlhfdZd kha^Z\Zlv
dZjlugZoh^blky gZ [he__ \ukhdhf
eh]bq_kdhf mjh\g_ ih kjZ\g_gbx k
jZaebqgufb ZleZkZfbdZjl ^Z`_ _kebwlZ dgb]Zlh`_ ZleZk
PBDEU G:MQ?GBY
Fu mqbfkygZ k\hbo hrb[dZoagZqbl_evgh qZs_q_f gZmki_oZoHgb ^Zxl
gZf ihe_agmxh[jZlgmx k\yavb fuijh\h^bf agZqbl_evgh[hevr_ \j_f_gb^mfZy
h[ hrb[dZoFu j_^dh^_eZ_f kjZam\k_ ijZ\bevghaZ bkdexq_gb_fl_o kemqZ_\
dh]^Z \k_hq_gv ijhklhgh ^Z`_ \wlbo kemqZyo\k_ fh]eh[u [ulvemqr_Fu
mqbfky iml_f ihke_^h\Zl_evguo
ijb[eb`_gbcFu ^_eZ_f lhqlh fh`_f
gZklhys__ khklhygb_b kjZ\gb\Z_f wlh k l_fq_]h ohlbf `_eZ_fh_
khklhygb_Fu bkihevam_fwlh kjZ\g_gb_dZd h[jZlgmx k\yavqlh[u kgh\Z
gZqZlv ^_ckl\h\Zlv b mf_gvrblv jZaebqby f_`^m `_eZ_fuf b ihemq_gguf
Ihkl_i_ggh fuih^[bjZ_fky d gZr_cp_ebWlh kjZ\g_gb_ mijZ\ey_l gZrbf
gZmq_gb_f gZdZ`^hf mjh\g_hl hkhagZggh]hg_agZgby ^hg_hkhagZggh]h agZgby
Wlh h[sZy fh^_evlh]hdZd klZlv[he__ wnn_dlb\guf \ex[hf ^_e_<u
kjZ\gb\Z_l_ lhqlh bf__l_k l_fq_]h ohlbl_b ^_ckl\m_l_qlh[u mf_gvrblv
jZkoh`^_gb_AZl_f kgh\Z kjZ\gb\Z_l_<u ijh^he`Z_l_ ^\b]Zlvkyih wlhfm
pbdem ^hl_o ihjihdZ \Zkg_ m^h\e_l\hjbl ^hklb]gmlucj_amevlZl<Zr mki_o
[m^_l aZ\bk_lv hl dhebq_kl\Z bf_xsbokym \Zk\u[hjh\\Zr_c ]b[dhklb\
ih\_^_gbb beb jZaghh[jZaby bgkljmf_glh\ \ l_jfbgZo db[_jg_lbdbLZdbf
h[jZahfiml_r_kl\b_
hl
gZklhys_]h khklhygby d `_eZ_fhfm khklhygbx
ij_^klZ\ey_l kh[hc^Z`_ g_ab]aZ]Z i_lex
<_jhylgh\gmljb [hevrboi_l_ev [m^mlkms_kl\h\Zlv fZeu_ i_leb[he__
f_edb_ j_amevlZludhlhju_
\Zf
ihgZ^h[ylkyqlh[u ^hklbqv ]eZ\gh]h
j_amevlZlZKbkl_fZ \ p_ehf kh[bjZ_lkyih^h[gh gZ[hjmfZlj_r_d< wlhc
fh^_eb gZmq_gbyhrb[db ihe_aguldhgb y\eyxlkyl_f j_amevlZlhfdhlhjuc
hdZau\Z_lky g_`_eZl_evguf\ ^Zgghfdhgl_dkl_Hgb fh]ml[ulv bkihevah\Zgu\
dZq_kl\_ h[jZlghck\yab ^eylh]hqlh[u _s_[eb`_ ih^hclbd p_eb
>_l_c \rdhe_ mqZlfgh]bf ij_^f_lZfb hgbaZ[u\Zxl [hevrbgkl\hba gbo
Hgb qZklh g_ agZxldZd mqblvkyMf_gb_ mqblvkywlh bkdmkkl\h [he__
\ukhdh]h eh]bq_kdh]hmjh\gyq_f ex[h_mf_gb_ ^_eZlvqlhlh dhgdj_lgh_GEI
bf__l ^_ehk l_fdZd klZlv[he__ bkdmkgufmq_gbdhfg_aZ\bkbfh hlij_^f_lZ
h[mq_gbyKZfuc [ukljuc b gZb[he__ wnn_dlb\guc kihkh[ gZmqblvky wlh
bkihevah\Zlv lhqlh ijhbkoh^bl _kl_kl\_ggh b e_]dhQZklh ^mfZxlqlh
gZmq_gb_ b baf_g_gb_ wlh f_^e_gguc[he_ag_gguc ijhp_kkWlh g_\_jgh
Kms_kl\mxl f_^e_ggu_ b [he_ag_ggu_kihkh[u gZmq_gbyb baf_g_gbyh^gZdh
bkihevah\Zgb_ GEId gbfg_ hlghkblky
Jh[_jl >belkjZajZ[hlZe l_ogbdmij_\jZs_gby lh]hqlh fh`gh[ueh [u
jZkkfZljb\Zlv dZdg_m^Zqm\ h[jZlgmxk\yav b gZmq_gb_;m^_l e_]q__keb
^jm]hc q_eh\_dihfh`_l \Zfhkms_kl\blv ke_^mxsb_rZ]b
H;J:LG:Y K<YAVBA G?M>:QB
< q_faZdexqZ_lky ijh[e_fgh_hlghr_gb_ beb m[_`^_gb_"<k_ eb\Zrb
kZfhklhyl_evgu_ ijh_dlu aZdZgqb\Zxlky ihahjhf"Y\eyxlky eb\Zrb ihiuldb\
ijb]hlh\e_gbb ibsbohjhrbfb gh\bgdZfb^ey mebqguo dZn_"< dZdhch[eZklb \u
ihemqZ_l_ g_`_eZl_evguc j_amevlZl"M[_`^_gu eb\u \ lhfqlh g_ fh`_l_
k^_eZlv qlhlhbeb \ug_ hq_gvohjhrb \q_flh"
Dh]^Z \u^mfZ_l_ hijh[e_f_h[jZlbl_ \gbfZgb_gZ k\hxnbabheh]bx b
iheh`_gb_ ]eZaJZafure_gby h g_m^Zq_ qZklh khijh\h`^Z_lky g_ijbylgufb
hsms_gbyfbdZjlbgdZfb h lhf \j_f_gbdh]^Z \u ihl_ji_eb g_m^Zqmb
\hafh`gh\gmlj_ggbf ]hehkhf\u]h\Zjb\Zxsbf \Zf\k_f wlbfh^gh\j_f_ggh
G_\hafh`gh bf_lv^_eh kh\k_f wlbfkjZam<Zf g_h[oh^bfh hij_^_eblvqlh
ijhbkoh^bl hl^_evgh\ dZ`^hcj_ij_a_glZlb\ghc kbkl_f_
Ihkfhljbl_ \gba gZijZ\h b \hc^bl_\ khijbdhkgh\_gb_ khk\hbfb
hsms_gbyfbQlh qm\kl\ZkZfb ihk_[_ iulZxlkyk^_eZlv ^ey \Zk"DZdh\h bo
ihablb\gh_ gZf_j_gb_"Fh`_l [ulvhgb fhlb\bjmxl\Zk"Beb aZsbsZxl\Zk"
Ihkfhljbl_ \gbagZe_\h?klv ebqlhlh \keh\Zo\ayluo \hl^_evghklb
lZdh_qlh [ueh[u \Zfihe_aguf"
Ihkfhljbl_ \\_jo\e_\h bjZkkfhljbl_ dZjlbgdm\hkihfbgZgbc?klv eb \
g_c qlhlh gh\h_q_fm \u fh]eb[u ihmqblvky"GZqgbl_ kljhblv [he__
j_Zebklbq_kdmx i_jki_dlb\mijh[e_fu<u kihkh[gugZ [hevr__Hlf_lvl_dZdb_
iheh`bl_evgu_ j_kmjku\ie_l_gu \\hkihfbgZgby h ijh[e_f_K\y`bl_ keh\Z
dZjlbgdb bhsms_gby k`_eZ_fhc p_evxDZd hgbfh]ml ihfhqv\Zf ^hklbqv__"
Hij_^_ebl_ iheh`bl_evgucj_kmjkguc hiul\ i_jki_dlb\_g_qlh lZdh_
\ hlghr_gbbq_]h \um\_j_guqlh kfh`_l_^hklbqv _]h\ [m^ms_fWlh ^he`gh
[ulv
qlhlh \Z`gh_Hij_^_ebl_
hkgh\gu_
\bamZevgu_Zm^bZevgu_
b
dbg_kl_lbq_kdb_ km[fh^Zevghklb lh]h kihkh[Zdhlhjuf \u^mfZ_l_ h[wlhf
hiul_AZydhjbl_ wlhl hiul dbg_kl_lbq_kdbijbdhkgh\_gb_fIjh\_jvl_
ihemqZ_l_ eb \u ^hklmi dj_kmjkghfm i_j_`b\Zgbxdh]^Z \u \hkijhba\h^bl_
ydhjv
Ihkfhljbl_ \\_job \ijZ\hb kdhgkljmbjmcl_dZjlbgdm `_eZ_fhcp_eb
dhlhjZy ijbgbfZ_l\ jZkq_llhq_fm gZmqbeb\Zk hsms_gbydZjlbgdb bkeh\Z
k\yaZggu_ kijh[e_fguf m[_`^_gb_fIjh\_jvl_gZoh^bl_kv eb\u \]Zjfhgbb kh
k\h_c ebqghklvxb hlghr_gbyfbM[_^bl_kvqlh kms_kl\m_lijyfZy k\yavf_`^m
\hkihfbgZgbyfb bihablb\ghc p_evx bebiheh`_gb_f<hafh`gh\u aZohlbl_
fh^bnbpbjh\Zlv p_evmqblu\Zy lhq_fm \ugZmqbebkv bak\hbo \hkihfbgZgbc
K^_eZcl_
km[fh^Zevghklb `_eZ_fhc
p_eb
lZdbfb
`_dZd
b
km[fh^Zevghklb
iheh`bl_evgh]h
j_n_j_glgh]h
hiulZm^_j`b\Zcl_ ydhjv
j_n_j_glgh]h hiulZihdZ \uwlh ^_eZ_l_Wlhl ijhp_kk^Zkl \Zf\hafh`ghklv
mqblvky mijhreh]h bhk\h[h^blv k\hbh`b^Zgby [m^ms_]hba lbkdh\ijhreuo
g_m^Zq<u [m^_l_ ^mfZlv
h k\h_c p_eb \ km[fh^Zevghklyo ihablb\ghc
mklZgh\db
MJH<GB G:MQ?GBY
GZmq_gb_ gZ ijhkl_cr_fmjh\g_ ij_^klZ\ey_lkh[hc ijh[ub hrb[db ih^
qvbfgb[m^v jmdh\h^kl\hfbeb [_ag_]h<u mqbl_kvqlh[u k^_eZlv^hklb`bfuf
gZbemqrbc \u[hjijZ\bevguc hl\_l>ey wlh]hfh]ml ihlj_[h\Zlvky h^gZbeb
g_kdhevdh ihiulhd<u mqbl_kvibkZlvmqbl_kv ki_eebg]mlhfmqlh djZkguc
k\_l k\_lhnhjZ hagZqZ_l klhc<u gZqbgZ_l_ gZ mjh\g_ g_hkhagZggh]h
g_agZgby bjZa\b\Z_l_kv \gZijZ\e_gbb dhkhagZgghfm agZgbxijhoh^y q_j_a
aZfdgmlu_ pbdeuh[mq_gby
DZd
lhevdh
j_Zdpby klZeZ ijb\uqghc\u
ij_djZsZ_l_ h[mq_gb_
L_hj_lbq_kdb \ufh`_l_ ^_ckl\h\ZlvihjZaghfmgh gZijZdlbd_ \uwlh]h g_
^_eZ_l_Ijb\uqdb qj_a\uqZcghihe_aguhgb mijZ\eyxlgZfb \l_o kblmZpbyo\
dhlhjuo fug_ ohl_eb [u ^mfZlvDZd mlhfbl_evgh dZ`^h_ mljh j_rZlvdZd
aZ\yau\Zlv rgmjdbHij_^_e_ggh wlhg_ lZh[eZklv]^_ ke_^m_lijhy\eylv k\hx
dj_Zlb\ghklvGh bkdmkkl\h aZdexqZ_lky\ lhfqlh[u j_rblvdZdb_ kblmZpbb
k\h_c `bagb\u ohlbl_ij_\jZlblv \ijb\uqdmZ \dZdbo \uohlbl_ mqblvkyb
bf_lv \u[hjih\_^_gbyWlh dexq_\hc\hijhk [ZeZgkZWlhl \hijhk nZdlbq_kdb
ih^gbfZ_l \ZkgZ mjh\_gv\ur_<u fh`_l_ihkfhlj_lv gZl_ mf_gbydhlhjuf \u
gZmqbebkvb \u[jZlvkj_^b gbo bebkha^Zlv gh\u_ \u[hjudhlhju_ [m^ml
hkms_kl\eylv lh`_ kZfh_gZf_j_gb_L_i_jv \ufh`_l_ mqblvky[ulv _s_ [he__
mki_rguf mq_gbdhf\u[bjZy kihkh[h[mq_gby
;_^gu_ ex^bdhlhjuf \uiZ^Zeh bkiheg_gb_lj_o `_eZgbc\ kdZahqguo
bklhjbyohq_\b^ghg_ \_^Zebh[ mjh\gyogZmq_gby?keb [u\_^Zeblh \f_klh
lh]hqlh[u \ihke_^g_f \hijhk_ijhkblv \hkklZgh\blvklZlmkd\hhgb fh]eb
[u ih`_eZlvljb gh\uo`_eZgby
>_lb mqZl\ rdhe_qlh GZ lZdhfmjh\g_ wlhijhklh_ h[mq_gb_
<u g_h[yaZgu ihgbfZlvdZd ihemq_g j_amevlZlZ ebrv aZihfbgZ_l__]h
<hagbdZ_l Z\lhfZlbq_kdZy ZkkhpbZpbyhgZ ydhjblkyHklZ\Zykv gZ lhf`_
mjh\g_\u ijb^_l_d \u\h^mqlh g_ fh`_ljZ\gylvky ihlhfm qlh
Hq_\b^ghh[mq_gb_ fZl_fZlbd_lZdbf iml_f[_kihe_aghIhdZ \ug_
k\y`_l_ k\hbb^_b gZ [he__\ukhdhf mjh\g_hgb hklZgmlkyh]jZgbq_ggufb qZklgufb dhgl_dklZfbBklbggh_ h[mq_gb_\dexqZ_l bamq_gb_ ^jm]bokihkh[h\
k^_eZlv lhqlh \um`_ fh`_l_^_eZlv<u mqbl_kvlhfmqlh b ^Zxl b
lh `_kZfh_ dZkZ_lkyb AZl_f \ufh`_l_ ih^gylvky_s_ gZh^bg mjh\_gvb
ihgylv ijZ\beZkdju\Zxsb_ky aZwlbfb ijbf_jZfbAgZyq_]h \u ohlbl_\u
fh`_l_ gZclb jZaebqgu_imlbqlh[u ^hklbqvp_ebG_dhlhju_ ex^bkdhj__
baf_gyl lhqlh hgbohlylq_f lhqlh hgb^_eZxl jZ^b ^hklb`_gbyk\h_c
p_ebHgb hklZ\eyxlihiuldb ihemqblvihlhfm qlhhgb j_rbebbkihevah\Zlv Z wlhg_ jZ[hlZ_l>jm]b_ fh]ml\k_]^Z bkihevah\Zlv qlh[u
ihemqblv b gbdh]^Zg_ ijb[_]Zlvd dZdhfmgb[m^v ^jm]hfmkihkh[m
LZd gZau\Z_fuc ^mordheu y\ey_lkyijbf_jhf [he__\ukhdh]h mjh\gy
h[mq_gby<Z`gh g_ q_fmmqZlZ dZdmqZlGbdlh khagZl_evgh g_ h[mqZ_l
p_gghklyfgZau\Z_fuf ^mohfrdheurdheZ y\ey_lkydhgl_dklhf bhdZau\Z_l
[he__ agZqbl_evgh_ \ebygb_gZ ih\_^_gb_^_l_cq_f nhjfZevgu_mjhdb?keb
^_lb gbdh]^Z g_ agZebqlh kms_kl\mxl ^jm]b_ kihkh[u mqblvkydjhf_
iZkkb\gh]hq_j_a ih\lhj_gby\ ]jmii_jZ\guo blhevdh mZ\lhjbl_lZlh hgb
gZoh^ylky \lhf `_khklhygbbqlh b^_lbdhlhju_ gZmqbebkvqlh wlh
_^bgkl\_gguc kihkh[ihemqblv ?s_ [he__ \ukhdbc mjh\_gv h[mq_gby ijb\h^bl \ blh]_ d ]em[hdbf
baf_g_gbyf \lhf kihkh[_dhlhjuf fujZafurey_f hkZfbo k_[_b h fbj_Hgb
\dexqZxl ihgbfZgb_\aZbfhhlghr_gbc biZjZ^hdkh\ jZaebqguoiml_cdhlhjufb fu
mqbfky mqblvky
=j_]hjb ;wclkhg \ k\h_cdgb]_ RZ]b \ wdheh]bxjZamfZjZkkdZau\Z_l
bgl_j_kgmx bklhjbxh lhf\j_f_gbdh]^Z hgijbgbfZe mqZklb_\ bkke_^h\Zgbyo
dhffmgbdZpbhgguo iZll_jgh\m ^_evnbgh\ \Bgklblml_ fhjkdbobkke_^h\Zgbc gZ
=Z\ZcyoHg gZ[ex^ZedZd ^j_kkbjh\sbdmqbe ^_evnbgZ\uihegylv ljxdbi_j_^
ajbl_eyfb< i_j\uc ^_gvdh]^Z ^_evnbg^_eZe qlhlh g_h[uqgh_gZijbf_j
\uiju]b\Ze ba\h^u^j_kkbjh\sbd ih^Z\Ze a\mdh\hc kb]gZeb [jhkZe^_evnbgm
ju[dm \dZq_kl\_ gZ]jZ^uB dZ`^ucjZadh]^Z ^_evnbgih\lhjye wlhliju`hd
^j_kkbjh\sbd ih^Z\Zekb]gZe b [jhkZeju[dmHq_gv kdhjh^_evnbg mk\hbeqlh
lZdh_ ih\_^_gb_]ZjZglbjm_l _fm ju[dmb hgih\lhjye _]hkgh\Z bkgh\Z b
ih^ieu\Ze d^j_kkbjh\sbdm \h`b^Zgbb gZ]jZ^u
GZ ke_^mxsbc^_gv ^_evnbg\gh\v gZqbgZe\uiju]b\Zlv ba\h^u blj_[h\Zlv
ju[dmgh gbdZdhcgZ]jZ^u g_ke_^h\Zeh aZwlbfHg ih\lhjyek\hb [_kieh^gu_
ihiuldb _s_ g_dhlhjh_ \j_fyZ aZl_f k^hkZ^u kh\_jrZedZdhcgb[m^v gh\uc
ljxdgZijbf_ji_j_\hjhlB lh]^Z ^j_kkbjh\sbdkgh\Z ih^Z\Ze a\mdh\hc
kb]gZe b [jhkZe^_evnbgm ju[dmIhke_ wlh]h^_evnbg ih\lhjyewlhl gh\uc
iju`hd b\kydbc jZaihemqZe \hagZ]jZ`^_gb_Gh gbh^ghc ju[dbaZ \q_jZrgbc
ljxdlhevdh aZqlhlh gh\h_WlZ ijhp_^mjZih\lhjyeZkv \l_q_gb_ ^g_c<
gZqZe_ dZ`^h]hke_^mxs_]h ^_evnbg g_dhlhjh_ \j_fy iulZeky \hkijhba\h^blv
\umq_gguc \q_jZljxdg_ ihemqZygZ]jZ^uEbrv dh]^Zhg ^_eZeqlhlh gh\h_
_fm [jhkZebju[m<_jhylghwlh kbevgh jZa^jZ`Zeh^_evnbgZGZ iylgZ^pZluc
`_ ^_gvhg \g_aZigh mk\hbe ijZ\beZb]juHg \^jm] klZgh\bekykh\_jr_ggh
g_h[ma^Zgguf b^_fhgkljbjh\Ze m^b\bl_evgh_ij_^klZ\e_gb_\dexqZ\r__ \hk_fv
gh\uo g_h[uqguoljxdh\q_luj_ ba dhlhjuo_s_ gbdlh g_\b^_e ^h wlh]h
>_evnbg ih^gyekygZ [he__\ukhdbc mjh\_gvh[mq_gbyHgdZaZehkvihgye g_
lhevdh dZd
]_g_jbjh\Zlv gh\h_ ih\_^_gb_gh b l_
ijZ\beZdhlhju_
hij_^_eyxldh]^Z bdZd kha^Z\Zlvgh\u_ ljxdb
B _s_ h^bgfhf_glZ \ l_q_gb_l_o `_^g_c ;wclkhggZ[ex^ZedZd lhl
`_ ^j_kkbjh\sbd [jhkZedmkhqdb g_ aZjZ[hlZgghc ju[u k\h_fmiblhfpm \g_
mq_[gh_ \j_fyGZ \hijhk;wclkhgZ ^j_kkbjh\sbd hl\_lbeWlh y ^_eZx^ey
lh]hqlh[u ih^^_j`b\Zlv hlghr_gbyk ^_evnbghf?keb mgZk kgbf g_[m^_l
ohjhrbo hlghr_gbchg \hh[s_gbq_fm g_aZohq_l mqblvky
HIBK:GBY J?:EVGHKLB
Qlh[u ba\e_qvfZdkbfmf baex[hc kblmZpbb beb hiulZ\Zf g_h[oh^bfh
kh[jZlv bgnhjfZpbxk dZdfh`gh [hevr_]h dhebq_kl\Zlhq_d aj_gbyDZ`^Zy
j_ij_a_glZlb\gZy kbkl_fZ ij_^eZ]Z_lk\hc imlv hibkZgbyj_ZevghklbGh\u_
b^_b \hagbdZxl ba wlbojZaebqguo hibkZgbcih^h[gh lhfmdZd [_euc p\_l
ihy\ey_lkydh]^Z \ukf_rb\Z_l_ \k_ p\_lZ jZ^m]b<u g_kfh`_l_ mki_rgh
^_ckl\h\Zlv ebrv\ h^ghcj_ij_a_glZlb\ghc kbkl_f_<Zf g_h[oh^bfuih djZcg_c
f_j_ ^\_h^gZ ^ey lh]hqlh[u ihemqZlvbgnhjfZpbxZ ^jm]Zyqlh[u
bgl_jij_lbjh\Zlv __^jm]bf kihkh[hf
Lhqgh lZd`_ lhqdZaj_gby ex[h]hhl^_evgh]h q_eh\_dZ[m^_l bf_lvke_iu_
iylgZ\ua\Zggu_ bo ijb\uqgufb kihkh[Zfb \hkijbylby fbjZbo nbevljZfb
\hkijbylbyJZa\b\Zy kihkh[ghklv \b^_lv fbj ]eZaZfb ^jm]bo ex^_cfu
ihemqZ_f \hafh`ghklv \b^_lv fbjk ihfhsvx k\hbokh[kl\_gguo ke_iuoiyl_g
dZd [m^lhfu ijhkbfk\h_]h ^jm]Zh ihfhsbbeb hgh\hc lhqd_aj_gby_keb fu
aZkljyeb lhevdh \ k\h_cDZd fh`_f fu kf_klblv gZr_\hkijbylb_qlh[u
ij_h^he_lv h]jZgbq_gbyk\h_c lhqdbaj_gby"
LJHCGH? HIBK:GB?
Kms_kl\m_l ihdjZcg_c f_j_ljb kihkh[Zk ihfhsvx dhlhjuo fufh`_f
\a]eygmlv gZ k\hckh[kl\_gguc hiul< k\hbojZggbo jZ[hlZo>`hg =jbg^_jb
>`m^bl >_ehav_
\u^_ebeb i_j\mx\lhjmx b lj_lvx ihabpbb \hkijbylby
<hi_j\uo\u fh`_l_kfhlj_lv gZ fbjiheghklvx khk\h_c kh[kl\_gghclhqdb
aj_gbybagmljb k\h_c kh[kl\_gghcj_Zevghklb[m^mqb Zkkhpbbjh\Zggufb g_
ijbgbfZy \jZkq_l gbqv_c^jm]hc lhqdbaj_gby<u ijhklh^mfZ_l_DZd wlhgZ
f_gy ^_ckl\m_l"<kihfgbl_ b khkj_^hlhqvl_kv gZ lhf \j_f_gbdh]^Z \u
hlq_leb\h hkhagZ\Zeb
k\hb
fukebg_ h[jZsZy \gbfZgby
gZ hklZevguo
ijbkmlkl\mxsboWlh gZau\Z_lkyi_j\Zy ihabpbyb dZdjZa __\u bi_j_`beb
dhgp_gljbjmykv gZ k\h_ckh[kl\_gghc j_Zevghklbg_aZ\bkbfh hl \u[jZggh]h
\Zfb kemqZy
<h\lhjuo\u fh`_l_ij_^klZ\blv k_[_qlh [u\u m\b^_ebihqm\kl\h\Zeb
b mkeurZebk lhqdbaj_gby ^jm]h]h q_eh\_dZHq_\b^ghqlh h^gZb lZ `_
kblmZpby beb ih\_^_gb_fh`_l bf_lvjZaebqgu_ kfukeu ^eyjZaebqguo ex^_c
Kms_kl\_ggh \Z`ghhp_gblv lhqdmaj_gby ^jm]h]hq_eh\_dZ bkijhkblvDZd hg
wlh \b^bl"Wlh gZau\Z_lky \lhjZy ihabpbyqZklh ba\_klgZydZd wfiZlby
?keb m \Zk dhgnebdlk ^jm]bfq_eh\_dhf\Zf g_h[oh^bfhhp_gblvqlh hg
^mfZ_l h \Zrbo ^_ckl\byoQ_f kbevg__ m\Zk jZiihjll_f [hevr_m \Zk
\hafh`ghkl_c hp_gblv _]h j_Zevghklv b l_f [he__ bkdmkgu\u [m^_l_ \
^hklb`_gbb \lhjhcihabpbb
<lj_lvbo\u fh`_l_bf_lv hiulgZ[ex^_gby aZkblmZpb_c khklhjhgudZd
[m^lh \u kh\_jr_ggh g_aZ\bkbfucgZ[ex^Zl_evg_dlhebqgh g_\dexq_gguc \
kblmZpbxKijhkbl_DZd wlh\u]ey^bl ^eyklhjhgg_]h gZ[ex^Zl_ey"Wlh ^Z_l
\Zf h[t_dlb\gmxlhqdm aj_gbyba\_klgmx dZdlj_lvy ihabpbyHgZ gZoh^blky
gZ ^jm]hf mjh\g_ih hlghr_gbxd ^\mfhklZevgufgh g_y\ey_lky emqr_c<k_
ljb ihabpbbh^bgZdh\h \Z`gub ihe_aghmf_lv k\h[h^ghf_gylv bob i_j_oh^blv
hl h^ghcd ^jm]hcAZkljy\ \ i_j\hcihabpbb\u klZg_l_m`Zkguf w]hbklhf
_keb \Zfijb\uqgZ \lhjZyihabpbylh \ukebrdhf ihki_rgh [m^_l_ih^iZ^Zlv
ih^ \ebygb_ qm`bolhq_d aj_gbyIjb\uqdZ gZoh^blvky\ lj_lv_c ihabpbb
k^_eZ_l \Zk\ `bagbklhjhggbf gZ[ex^Zl_e_f
B^_y ljhcgh]h hibkZgby wlh ebrv
h^bg Zki_dl h[s_]h ih^oh^Z
ij_^ijbgylh]h >`hghf =jbg^_jhfb >`m^bl>_ehav_ \ bodgb]_ Q_j_iZob blZd
\gbam^ey lh]hqlh[u hibkZlv GEIgZb[he__ ijhklufiml_fWlhl ih^oh^
ba\_kl_g dZdgh\uc dh^GEI bnhdmkbjm_lky gZ^hklb`_gbb jZamfgh]h[ZeZgkZ
f_`^m khagZl_evgufbb [_kkhagZl_evgufbijhp_kkZfb
<k_ fu ijh\h^bf \j_fygZoh^ykv ihi_j_f_ggh\ wlbolj_o ihabpbyofu
^_eZ_f wlh _kl_kl\_ggufh[jZahfb hgb ihfh]Zxl gZfemqr_ ihgylvex[hc
j_amevlZl b ex[mxkblmZpbxKihkh[ghklv k\h[h^ghi_j_f_sZlvky ba h^ghc
ihabpbb \^jm]mx khagZl_evghbeb [_kkhagZl_evghg_h[oh^bfZ ^eylh]hqlh[u
^_ckl\h\Zlv fm^jh bhp_gblv m^b\bl_evgmx keh`ghklvgZrbo \aZbfhhlghr_gbc
JZaebqbydhlhju_ \ugZ[ex^Z_l_dh]^Z kfhljbl_gZ fbjih^ jZaebqgufbm]eZfb
aj_gbywlh lhqlh ^_eZ_lfbj jZaghh[jZagufb lhqlh ^Z_l\Zf \u[hju
B^_y aZdexqZ_lky\ lhfqlh[u ijbagZlvjZaebqbyZ g_iulZlvky gZ\yaZlv
h^ghjh^ghklv<Z`guf y\ey_lky bf_gghwlh JZaebqb_ b jZa]jZgbq_gb_f_`^m
jZagufb kihkh[Zfb\b^_lv<^hogh\_gb_ bhldjulb_ ijboh^blba gh\h]h\a]ey^Z
gZ
\_sbH^ghh[jZab_ ihjh`^Z_l kdmdmihkj_^kl\_gghklv b
[hjv[m<
[bheh]bq_kdhc w\hexpbbbf_ggh h^bgZdh\u_\b^u \klmiZxl\ dhgnebdlub [hjv[m
aZ \u`b\Zgb_<hcgu \kiuob\Zxllh]^Zdh]^Z ex^bij_l_g^mxl gZh^gb bl_ `_
kdm^gu_ j_kmjkuFm^jhklv \hagbdZ_lba jZ\gh\_kbyb \ug_ kfh`_l_^hklbqv
[ZeZgkZihdZ kms_kl\mxlg_mjZ\gh\_r_ggu_ kbeu
H;T?>BG?GGH? IHE?GEIJ:AJ:;HL:GGH? JH;?JLHF>BELKHF
Jh[_jl >belkihkljhbe ijhklmxbaysgmx fh^_evfure_gby h ebqghklguo
baf_g_gbyoh[mq_gbb bdhffmgbdZpbbdhlhjZy kh[jZeZ\f_kl_ b^_bdhgl_dklZ
\aZbfhhlghr_gbcmjh\g_c h[mq_gby b ihabpbc\hkijbylbyHgZdjhf_ lh]h
knhjfbjh\ZeZ dhgl_dkl ^eyfure_gby hl_ogbdZo GEIb ij_^eh`beZjZfdm ^ey
hj]ZgbaZpbb bk[hjZ bgnhjfZpbbK __ihfhsvx \ukfh`_l_ hij_^_eblvgZbemqrmx
lhqdm \f_rZl_evkl\Zqlh[u ijhba\_klb`_eZ_fh_ baf_g_gb_Fu g_baf_gy_f ih
dmkhqdZf beb qZklyfZ lhevdhhj]Zgbah\Zggh<hijhk \lhf]^_ bf_gghlh
f_klh\ dhlhjhf[Z[hqdZ ^he`gZ \afZogmlvk\hbfb djuevyfb"=^_ lhedgmlv
qlh[u \ua\Zlvbaf_g_gb_"
GZmq_gb_ bbaf_g_gb_ fh`_lbf_lv f_klhgZ jZaebqguomjh\gyo
>MOH<GHKLV
Wlh kZfuc]em[hdbc mjh\_gvgZ dhlhjhffu jZkkfZljb\Z_fb j_rZ_f\Z`gu_
f_lZnbabq_kdb_ \hijhkuAZq_f fua^_kv"DZdh\h gZr_ij_^gZagZq_gb_">moh\guc
mjh\_gv mijZ\ey_l gZr_c`bagvx bnhjfbjm_l __y\ey_lky nmg^Zf_glhfgZr_]h
kms_kl\h\ZgbyEx[h_ baf_g_gb_gZ wlhfmjh\g_ hdZau\Z_lkbevgh_ \ha^_ckl\b_
gZ \k_ hklZevgu_mjh\gbdZd k\ylhcIZ\_e h[gZjm`beih ^hjh]_\ >ZfZkd<
g_dhlhjhf kfuke_hg kh^_j`bl\k_q_f fuy\ey_fky bebqlh ^_eZ_fb \k_lZdb
g_ k\h^blkygb dh^ghc bawlbo \_s_c
B>?GLBQGHKLV
Wlh fh_ [Zabkgh_ hsms_gb_ kZfh]h k_[yfhb p_gljZevgu_p_gghklb \
`bagbfhy fbkkby
M;?@>?GBY
JZaebqgu_ b^_bdhlhju_ fu kqblZ_f \_jgufb bbkihevam_f \ dZq_kl\_
hkgh\u ^eyih\k_^g_\guo ^_ckl\bcM[_`^_gby fh]ml[ulv dZdih[m`^ZxsbfblZd
b h]jZgbqb\Zxsbfb
KIHKH;GHKLB
Kms_kl\mxl ]jmiiu bebgZ[hju ih\_^_gbch[sbo mf_gbc b kljZl_]bc
dhlhju_ fubkihevam_f \k\h_c `bagb
IH<?>?GB?
<uihegy_fu_ gZfbki_pbnbq_kdb_ ^_ckl\byg_ hlghkysb_kyd kihkh[ghklyf
HDJM@?GB?
LhgZ qlhfu j_Z]bjm_fgZr_ hdjm`_gb_Z lZd`_ ^jm]b_ ex^bk
dhlhjufb fu\klj_qZ_fky
Ijb\_^_f ijbf_jlh]hdZd lhj]h\_p^mfZ_l hk\h_c jZ[hl_ gZjZaebqguo
mjh\gyo
Hdjm`_gb_f A^_kvij_djZkgh_ f_klh^ey fh_clhj]h\eb
Ih\_^_gb_Y ijh^Zewlh k_]h^gy
Kihkh[ghklbY fh]mijh^Z\Zlv wlhlijh^mdl ex^yf
M[_`^_gby?keb y[m^m ohjhrhlhj]h\Zlvlh kfh]mih emqblvih\ur_gb_
B^_glbqghklvY ohjhrbclhj]h\_p
Wlh ijbf_j [eZ]hihemqgh]h khklhygby>ZggZy fh^_evfh`_l [ulvjZ\guf
h[jZahf ijbf_g_gZd ex[ufijh[e_fZf GZijbf_jy k^_eZehrb[dm \keh\_Y fh]
[u ihf_klblvwlh \dhgl_dkl hdjm`_gbyRmf ihf_rZefg_Y fh][u hklZ\blv
wlh gZmjh\g_ ih\_^_gbyY hrb[kybf_ggh \wlhf keh\_Y fh][u h[h[sblvb
ihklZ\blv ih^khfg_gb_ k\hxkihkh[ghklv ijZ\bevghibkZlv keh\ZY fh] [u
ih\_jblvqlh fg_ g_h[oh^bfh[hevr_ jZ[hlZlvqlh[u ih\ukblv]jZfhlghklv
beb yfh] [uihklZ\blv ih^khfg_gb_ k\hxb^_glbqghklv^mfZyqlh ylmihc
Ih\_^_gb_ qZklh jZkkfZljb\Z_lky dZdih^l\_j`^_gb_ b^_glbqghklb beb
kihkh[ghklbZ bf_ggh
lZd b
jZajmrZ_lky
Z rdhe_
m\_j_gghklv
b
dhfi_l_glghklvHrb[dZ \ keh`_gbbg_ hagZqZ_lqlh \u]emiu bebkeZ[u \
fZl_fZlbd_>mfZlv lZd agZqbl kf_rb\Zlveh]bq_kdb_ mjh\gbZgZeh]bqgh
wlhfm fh`gh^mfZlvqlh gZ^ibkv G_ dmjblv\ dbghl_Zlj_ hlghkblky d
^_ckl\mxsbf ebpZf\ nbevf_
Dh]^Z \uohlbl_ baf_gblv k_[y beb ^jm]bo\Zf g_h[oh^bfh kh[jZlv
bgnhjfZpbx^hklhcgu_ \gbfZgbyqZklb ijh[e_fukbfilhfudhlhju_ [_kihdhyl
q_eh\_dZHgb hlghkylky d gZklhys_fmkhklhygbxF_g__ hq_\b^gufbq_f
kbfilhfuy\eyxlky \gmlj_ggb_ijbqbgudhlhju_ ih^^_j`b\Zxl ijh[e_fmQlh
^Zgghfm q_eh\_dmke_^m_l ijh^he`Zlv^_eZlvqlh[u ih^^_j`b\Zlvijh[e_fm"
Kms_kl\m_l `_eZ_fh_ khklhygb_j_amevlZldhlhjuc
y\ey_lky p_evx
baf_g_gbyKms_kl\mxl j_kmjkudhlhju_ ihfh]ml ^hklbqvwlh]h j_amevlZlZ
Kms_kl\mxl lZd`_ih[hqgu_ wnn_dlu ^hklb`_gby wlh]h j_amevlZlZdZd ^ey
kZfh]h q_eh\_dZlZd b^ey ^jm]boex^_c
K ihfhsvx wlhc fh^_eb fh`gh m\b^_lvdZd \u fh`_l_ m\yagmlv \
dhgnebdlZo ^\mo lbih\M \Zk fh]ml\hagbdgmlv ljm^ghklb\ \u[hj_f_`^m
ijhkfhljhf l_e_\bahjZb ihoh^hf\ l_ZljWlh ijyfh_klhedgh\_gb_ ih\_^_gbc
Fh`_l kms_kl\h\Zlvklhedgh\_gb_\ dhlhjhfqlhlh klZgh\blkyohjhrbf gZ
h^ghf mjh\g_ b iehobf gZ ^jm]hfGZijbf_jj_[_ghd fh`_lhq_gv m^Zqgh
\uklmiZlv \ rdhevghf l_Zlj_gh ijbwlhf [ulvm\_j_ggufqlh wlhl mki_o
k^_eZ_l _]hg_ihimeyjguf kj_^bh^ghdeZkkgbdh\ihwlhfm hg g_ oh^bl gZ
j_i_lbpbbIh\_^_gb_ bkihkh[ghklb fh]ml[ulv \ukhdh\hagZ]jZ`^Z_fu b\k_ `_
\klmiZlv \dhgnebdl km[_`^_gbyfb bb^_glbqghklvx
<Z`guf y\ey_lkyb lhdZd fukfhljbf gZ\j_fyIjh[e_fZ fh`_lbf_lv
hlghr_gb_ d ijhrehc ljZ\f_ihke_^kl\by dhlhjhc bf_xl ijh^he`_gb_
\
gZklhys_fIjbf_jhf fh`_l[ulv nh[bygh kms_kl\m_lfgh]h ^jm]bof_g__
^jZfZlbq_kdbo ijh[e_f\ dhlhjuo ljm^gu_b g_kqZklgu_\j_f_gZ \ ijhrehf
hdZau\Zxl \ebygb_ gZ gZrm`bagv \gZklhys_fFgh]b_ gZijZ\e_gby l_jZibb
bkoh^yl ba ij_^iheh`_gbyqlh ijh[e_fu gZklhys_]hhij_^_eyxlky ijhreufb
kh[ulbyfbG_kfhljy gZlhqlh fugZoh^bfky ih^\ebygb_f ijhreh]hb kha^Z_f
gZrm ebqgmxbklhjbxijhreh_ fh`_lbkihevah\Zlvky kdhj__\ dZq_kl\_j_kmjkZ
g_`_eb \dZq_kl\_ h]jZgbq_gbyL_ogbdZ Baf_g_gb_ ebqghklghcbklhjbbm`_
[ueZ hibkZgZHgZ iha\hey_l ijhba\_klb i_j_hp_gdm
ijhreh]h \
k\_l_
gZdhie_ggh]h d gZklhys_fm\j_f_gb hiulZFu g_ h[j_q_gu\k_]^Z ih\lhjylv
k\hb hrb[db
K ^jm]hc klhjhgugZ^_`^u b hiZk_gby hlghkbl_evgh [m^ms_]h fh]ml
iZjZebah\Zlv gZk\ gZklhys_fWlh fh`_ldhe_[Zlvky hl[_kihdhckl\Z ihih\h^m
ijhbag_k_gby ihke_h[_^_gghcj_qb \ kj_^mq_j_a g_^_ex^h \Z`guo \hijhkh\
ebqghc bnbgZgkh\hc [_ahiZkghklb\ [m^ms_fB kms_kl\m_lgZklhysbc fhf_gl\
dhlhjhf koh^ylkyb gZrZebqghklgZy bklhjbyb \hafh`gh_[m^ms__<u fh`_l_
\hh[jZablv k\hx `bagv gZ ebgbb\j_f_gbijhly]b\Zxs_cky hl hl^Ze_ggh]h
ijhreh]h d hl^Ze_gghfm [m^ms_fmb m\b^_lvdZd gZklhys__ b `_eZ_fh_
khklhygbyb^_glbqghklvm[_`^_gbykihkh[ghklbih\_^_gb_ b hdjm`_gb_
k\yaZgu k\Zr_c ebqghklghcbklhjb_c b\hafh`guf [m^msbf
GZrZ ebqghklv
\
p_ehf ih^h[gZ ]heh]jZff_lj_of_jghfm
h[jZam
kha^Zgghfm emqZfbk\_lZDZ`^uc dmkhd]heh]jZffu \hkijhba\h^bliheguc h[jZa
<u fh`_l_ baf_gblv fZeuc we_f_gllbiZ km[fh^Zevghkl_cb gZ[ex^Zlve_]dmx
jy[vjZkijhkljZgyxsmxky ihgZijZ\e_gbx d\_jogbf mjh\gyfbeb ^_ckl\h\Zlv
k\_jom iml_fbaf_g_gby \Z`guom[_`^_gbcGZbemqrbc kihkh[klZg_l ykgufihke_
lh]hdZd \ukh[_j_l_ bgnhjfZpbxh gZklhys_fb `_eZ_fhfkhklhygbb
Baf_g_gb_ gZ[he__ gbadhfmjh\g_ g_ h[yaZl_evgh\uah\_l baf_g_gb_ gZ
[he__ \ukhdhf mjh\g_FZeh\_jhylghqlh[u baf_g_gb_hdjm`_gby ihf_gyehfhb
m[_`^_gbyLhdZd y \_^m k_[yfh`_l baf_gblv g_dhlhju_ m[_`^_gby
dZkZxsb_ky f_gyH^gZdh baf_g_gb_ m[_`^_gby
hij_^_e_ggh
baf_gbl fh_
ih\_^_gb_Baf_g_gb_ gZ[he__ \ukhdhf mjh\g_\k_]^Z [m^_l\ebylv gZ [he__
gbadb_ mjh\gbHgh [m^_l[he__ ]em[hdbfb ^ebl_evgufLZdbf h[jZahf_keb \u
ohlbl_ baf_gblv ih\_^_gb_jZ[hlZcl_ kh kihkh[ghklyfbb m[_`^_gbyfb?keb
mljZq_gZ kihkh[ghklvjZ[hlZcl_ km[_`^_gbyfbM[_`^_gby kh\_jrZxl hl[hj
kihkh[ghklbdhlhju_ hl[bjZxlih\_^_gb_Z hgh\ k\hxhq_j_^vgZijyfmx
\ukljZb\Z_l gZr_hdjm`_gb_<Z`gh bf_lvih^^_j`b\Zxs__ hdjm`_gb_\jZ`^_[gh_
hdjm`_gb_ fh`_lk^_eZlv ljm^gufbex[u_ baf_g_gby
Ljm^gh ijhba\_klb baf_g_gb_ gZ mjh\g_ b^_glbqghklb beb \ur_g_
aZljZ]b\Zy
m[_`^_gbc b
kihkh[ghkl_cih^^_j`b\Zxsbo \Zk;bag_kf_gm
g_^hklZlhqgh lhevdh\_jblv \lhqlh hgfh`_l [ulvkZfuf ]eZ\guff_g_^`_jhf
hg ^he`_g ih^l\_j^blv wlh
m[_`^_gb_ k\h_c jZ[hlhcM[_`^_gby [_a
ih^l\_j`^Zxsbo bokihkh[ghkl_c b ih\_^_gby wlh aZfdbihkljh_ggu_ gZ
i_kd_
H[t_^bg_ggZy h[eZklvwlh qZklbGEIkh[jZggu_ \ kbkl_fmdhlhjZy\
k\hx hq_j_^vkhklZ\e_gZ bab^_c g_cjheh]bq_kdbomjh\g_c\j_f_gb b ihabpbc
\hkijbylby<u fh`_l_ bkihevah\Zlv __qlh[u ihgylvdZd mklZgZ\eb\Zxlky
jZ\gh\_kb_ b\aZbfhk\yav jZaebqguowe_f_glh\Dexq \ jZ\gh\_kbbIjh[e_fu
\hagbdZxl ijbmljZl_ jZ\gh\_kbyZ h[t_^bg_ggZyh[eZklv ^Z_l\Zf \hafh`ghklv
hij_^_eblv l_we_f_gludhlhju_ ij_^klZ\eyxlqj_a\uqZcgmx \Z`ghklvb dhlhju_
hlkmlkl\mxl beby\eyxlky kebrdhfkeZ[ufb
GZijbf_jq_eh\_d fh`_lijb^Z\Zlv hkh[h_agZq_gb_ ijhrehfmb m^_eylv
qj_af_jgh_ \gbfZgb_kh[ulbyf ijhreh]hiha\heyy bf\ebylv gZk\hx `bagv b
h[_kp_gb\Zy gZklhys__ b [m^ms__>jm]hc fh`_l ijh\h^blv kebrdhffgh]h
\j_f_gb \i_j\hc ihabpbbb g_ijbgbfZlv \ jZkq_llhqdb aj_gby^jm]bo ex^_c
Lj_lbc fh`_l m^_eylv fgh]h\gbfZgby ih\_^_gbxb hdjm`_gbx bg_^hklZlhqgh
\gbfZgby k\h_c
b^_glbqghklb b m[_`^_gbyfKbkl_fZ h[t_^bg_ggh]h ihey
h[_ki_qb\Z_l \Zk kihkh[hf hij_^_e_gbyg_mjZ\gh\_r_gghklb dZdg_h[oh^bfh]h
i_j\h]h rZ]Z^ey ihbkdZ iml_c^hklb`_gby [he__ a^hjh\h]hjZ\gh\_kbyHgZ
[_kp_ggZ ^ey l_jZi_\lh\ dZd ^bZ]ghklbq_kdbcbgkljmf_gliha\heyxsbc \Zf
magZlvdZdmx ba fgh]hqbke_gguol_ogbd ke_^m_l ijbf_gblvWlh [h]ZlZy
fh^_evb fuij_^eZ]Z_f \ZfkZfbf gZclbgh\u_ kihkh[u__ ijbf_g_gby
M;?@>?GBY
Y g_fh]m ih\_jblv\ wlhkdZaZeZ :ebkZ
G_ fh`_rv"hl\_lbeZ Dhjhe_\Z lhghf\ujZ`Zxsbf kh`Ze_gb_
Ihijh[mc kgh\Z]em[hdh \^hogbb aZdjhc]eZaZ:ebkZ jZkkf_yeZkv
;_kihe_agh ijh[h\ZlvkdZaZeZ hgZG_\hafh`gh ih\_jblv \
g_\_jhylgh_
Kf_x aZf_lblvqlh ml_[y g_[ueh ^hklZlhqghcijZdlbdbhl\_lbeZ
Dhjhe_\ZDh]^Z y[ueZ \l\h_f \hajZkl_y \k_]^Z^_eZeZ wlhih iheqZkZ\
^_gvLZd \hlbgh]^Z ymfm^jyeZkv ih\_jblv \p_euo r_klvg_\_jhylguo \_s_c
^h aZ\ljZdZ
Evxbk Dwjhee:ebkZ \AZa_jdZev_
GZrb m[_`^_gby hdZau\Zxl kbevgh_ \ebygb_ gZ gZr_ ih\_^_gb_Hgb
fhlb\bjmxl gZk b nhjfbjmxllhqlh fu ^_eZ_fLjm^gh gZmqblvkyq_fmeb[h
_keb g_m\_j_gqlh wlh[m^_l ijbylghb ihe_aghQlh lZdh_m[_`^_gby"DZd
hgb nhjfbjmxlkyb dZdfu ih^^_j`b\Z_fbo"
M[_`^_gby wlh gZrbjmdh\h^ysb_ ijbgpbiu\gmlj_ggb_ dZjludhlhju_ fu
bkihevam_f ^ey lh]hqlh[u hkfukeblv hdjm`ZxsbcgZk fbjHgb h[_ki_qb\Zxl
mklhcqb\hklv bg_ij_ju\ghklvJZa^_ey_fu_ m[_`^_gby^Zxl [he__ ]em[hdh_
hsms_gb_ jZiihjlZb _^bgkl\Zq_f kh\f_klgZyjZ[hlZ
Fu \k_jZa^_ey_f g_dhlhju_hkgh\gu_ m[_`^_gbydhlhju_ nbabq_kdbcfbj
ih^l\_j`^Z_l dZ`^uc ^_gvFu \_jbf \aZdhgu ijbjh^uFu g_iju]Z_f kdjurb
^hfZb gZf g_l g_h[oh^bfhklb dZ`^uc ^_gvaZgh\h ijh\_jylvqlh h]hgv
h[`b]Z_l mgZk lZd`_ _klvfgh`_kl\h m[_`^_gbchlghkbl_evgh kZfbo k_[y b
hlghkbl_evgh lh]h\ dZdh]h jh^Z fbj_fu `b\_fdhlhju_ m`_ g_y\eyxlky
klhev q_ldhhij_^_e_ggufbEx^b g_y\eyxlky lZdbfb`_ ihke_^h\Zl_evgufb b
g_baf_ggufbdZd kbeZ]jZ\blZpbb
M[_`^_gby \hagbdZxlba fgh]bo bklhqgbdh\\hkiblZgb_fh^_ebjh\Zgb_
Z\lhjbl_lh\ijhreu_ ljZ\fu bih\lhjyxsbcky hiulFu kljhbfm[_`^_gby iml_f
h[h[s_gby k\h_]h hiulZb hiulZ^jm]bo ex^_cDZd fu magZ_fdZdhc hiul
ke_^m_l h[h[sblv"G_dhlhju_ m[_`^_gby ijboh^yld gZf\ ]hlh\hf\b^_ balhc
dmevlmju b hdjm`_gby\
dhlhjhf fu jh^bebkvH`b^Zgby Z\lhjbl_lh\
hdjm`Zxsbo gZk\ ^_lkl\_\gmrZxl m[_`^_gbyAZ\ur_ggu_ h`b^Zgby_keb hgb
j_Zebklbqgukljhyl
dhfi_l_glghklvGbadb_
h`b^Zgby
\gmrZxl
g_dhfi_l_glghklvFu \_jbf\ lhqlh ]h\hjbfh k_[_dh]^Z fufheh^uihlhfm
qlh m gZk g_l kihkh[Zijh\_jblv wlhb wlbm[_`^_gby fh]ml hklZ\Zlvky
g_baf_ggufb ^Z`_ih^ \ha^_ckl\b_fgZrbo [he__iha^gbo kh[ulbc
Dh]^Z fu\_jbf \h qlhlhfu ihklmiZ_flZddZd [m^lh wlh \_jgh
Ihwlhfm ljm^ghhijh\_j]gmlv lZdb_ m[_`^_gbyhgb ^_ckl\mxl dZdkbevgu_
nbevlju \hkijbylbyKh[ulby bgl_jij_lbjmxlky \ l_jfbgZo m[_`^_gbyb
bkdexq_gby ih^l\_j`^ZxlijZ\beZLhqlh fu^_eZ_fih^^_j`b\Z_l bmkbeb\Z_l
lh\h qlhfu \_jbfM[_`^_gby wlh g_dZjlu lh]hqlh ijhbahrehZ gZf_ldb
^ey [m^msbo^_ckl\bc
;ueh ijh\_^_ghbkke_^h\Zgb_\ dhlhjhf ]jmiiZ^_l_c [ueZjZa^_e_gZ gZ
^\_ ih^]jmiiuk h^bgZdh\uf dhwnnbpb_glhf bgl_ee_dlmZevghklbMqbl_eyf [ueh
kdZaZghqlh mi_j\hc ih^]jmiiudhwnnbpb_gl L4\ur_b h`b^Zehkvqlh kg_c
hgb [m^mljZ[hlZlv emqr_q_f kh\lhjhcOhly _^bgkl\_ggufjZaebqb_f f_`^m
wlbfb ^\mfyih^]jmiiZfb [uebh`b^Zgby m[_`^_gbymqbl_e_ci_j\Zy ih^]jmiiZ
^hklb]eZ agZqbl_evgh[he__ \ukhdbo j_amevlZlh\q_f \lhjZydZd ihdZaZeb
ihke_^mxsb_ l_kluWlhl lbikZfh hijZ\^u\Zxs_]hky ijhjhq_kl\Z ba\_kl_gdZd
wnn_dl Ib]fZebhgZ
:gZeh]bqguc \b^kZfh hijZ\^u\Zxs_]hkyijhjhq_kl\Z wlh wnn_dlieZp_[h
ohjhrh ba\_klguc\ f_^bpbg_IZpb_gl [m^_l\ua^hjZ\eb\Zlv_keb hgm[_`^_g \
lhfqlh hgijbgbfZ_l wnn_dlb\gh_ e_dZjkl\h^Z`_ _keb\ ^_ckl\bl_evghklb
_fm ^Zxl ieZp_[hg_cljZevgh_ \_s_kl\h [_a hij_^_e_ggh]h f_^bpbgkdh]h
\ha^_ckl\byM[_`^_gb_ hdZau\Z_l \ebygb_ gZ
e_q_gb_G_h[oh^bfhklv \
e_dZjkl\Zo \hagbdZ_l g_\k_]^Zgh \_jZ\ \ua^hjh\e_gb_\k_]^Z g_h[oh^bfZ
Bkke_^h\Zgby mklhcqb\h ihdZau\Zxlqlh hdhehiZpb_glh\ j_Z]bjmxlgZ
ieZp_[h
< h^ghfbkke_^h\Zgbb \jZqk^_eZe bgt_dpbx^bklbeebjh\Zgghc \h^ujy^m
iZpb_glh\ k djh\hlhqZs_cya\hc `_em^dZkdZaZ\ bfqlh wlh m^b\bl_evgh_
e_dZjkl\h b hgh ihfh`_l bf \ue_qblvkyK_fv^_kyl ijhp_glh\ iZpb_glh\
ihdZaZeb aZf_qZl_evgu_j_amevlZludhlhju_ khojZgyebkv\ l_q_gb_]h^Z
Ihablb\gu_ m[_`^_gby y\eyxlkyl_fb dexqZfbdhlhju_ aZimkdZxlgZrb
kihkh[ghklbM[_`^_gby kha^Zxlj_amevlZlu?klv ih]h\hjdZfEb[h \u \_jbl_
qlh fh`_l_eb[h \ugbq_]h g_fh`_l_<hl lZd
H]jZgbqb\Zxsb_ m[_`^_gby khkj_^hlhqb\Zxlky \keh\ZoY g_ fh]m
Hlg_kbl_kv d wlhfm \ujZ`_gbx dZdd ijhklhfmml\_j`^_gbx hnZdl_dhlhjuc
bf__l kbem lhevdh \ gZklhysbc
fhf_glGZijbf_jnjZaZY g_ fh]m
`hg]ebjh\ZlvhagZqZ_l Y fh]m g_ `hg]ebjh\ZlvB wlhhq_gv e_]dhg_
`hg]ebjh\ZlvDZ`^uc kwlbf kijZ\blky<_jZ \ lhqlh Y g_fh]my\ey_lky
hibkZgb_f \Zr_ckihkh[ghklb \gZklhys_f b\ [m^ms_f\f_klh lh]hqlh[u [ulv
hibkZgb_f \Zr_]hih\_^_gby \gZklhys_fb [m^_lijh]jZffbjh\Zlv \Zrfha] gZ
g_m^Zqm b ij_iylkl\h\Zlv \Zf \ h[gZjm`_gbbk\h_c bklbgghc kihkh[ghklb
G_]Zlb\gu_ m[_`^_gbyg_ bf_xlhkgh\Zgby \hiul_
Ohjhr_c f_lZnhjhc d \ha^_ckl\bx h]jZgbqb\Zxsbo m[_`^_gbc y\ey_lky
kihkh[ jZ[hlu ]eZaey]mrdbEy]mrdZ \b^bl [hevrbgkl\hij_^f_lh\ \k\h_f
g_ihkj_^kl\_gghf hdjm`_gbbgh hgZ bgl_jij_lbjm_lebrv l_ij_^f_ludhlhju_
^\b]Zxlky bbf_xl hij_^_e_ggmxnhjfmWlh hq_gv\Z`gh ^eyeh\eb fmoH^gZdh
ihkdhevdm lhevdh^\b`msb_ky q_jgu_h[t_dlu \hkijbgbfZxlkydZd ibsZey]mrdZ
[m^_l h[j_q_gZ gZ kf_jlv \ dhjh[d_iheghc f_jl\uo fmoLZd nbevlju
\hkijbylbyy\eyxsb_ky kebrdhf madbfbb kebrdhfwnn_dlb\gufbfh]ml ebrblv
gZk ihe_agh]h hiulZ^Z`_ \ lhf kemqZ_dh]^Z fu hdjm`_guaZo\Zlu\Zxsbfb
\hafh`ghklyfbih lhcijbqbg_qlh hgbg_ hkhagZxlkylZdh\ufb< Zg]ebckdhf
\ZjbZgl_,FDQQRWMXJJOH^hkeh\gh i_j_\h^blkyY
fh]m g_
`hg]ebjh\Zlv ijbfi_j Emqrbc kihkh[h[gZjm`blvgZ qlh\u kihkh[guaZdexqZ_lky \lhfqlh[u
ijbl\hjblvkyqlh \ufh`_l_ k^_eZlvwlh>_ckl\mcl_ lZddZd [m^lh\u
fh`_l_ k^_eZlvwlhQlh g_kfh`_l_lh bg_ k^_eZ_l_?keb wlh^_ckl\bl_evgh
g_\hafh`ghg_ jZkkljZb\Zcl_kv\u wlh h[gZjm`bl_B m[_^bl_kvijb
g_h[oh^bfhklbqlh \uij_^ijbgyeb khhl\_lkl\mxsb_f_ju [_ahiZkghklbIhdZ
\u \_jbl_\ lhqlh wlhg_\hafh`gh\u gZkZfhf ^_e_gbdh]^Z g_h[gZjm`bl_
y\ey_lky ebwlh \hafh`gufbeb g_l
Fu g_ jh^bebkv k m[_`^_gbyfb gZih^h[b_ lh]hdZd fujh^bebkv k
hij_^_e_gguf p\_lhf]eZaHgb baf_gyxlkyb jZa\b\ZxlkyFu ^mfZ_f h k_[_
ihjZaghfmfu `_gbfkyjZa\h^bfkyf_gy_f ^jma_cb kh\_jrZ_f jZaebqgu_
ihklmidbihlhfm qlhbaf_gyxlky gZrbm[_`^_gby
M[_`^_gby fh]ml klZlv ij_^f_lhf \u[hjZ<u fh`_l_hl[jZku\Zlv l_
m[_`^_gbydhlhju_ h]jZgbqb\Zxl \Zkb kljhblvm[_`^_gbydhlhju_ [m^ml
^_eZlv \Zrm `bagv [he__\_k_ehc b [he__mki_rghcIhablb\gu_ m[_`^_gby
iha\heyxl \Zf hij_^_eblvqlh fh]eh [u[ulv bklbghc^ey \Zk bgZkdhevdh
kihkh[gufb \uy\ey_l_kvHgb y\eyxlkydexqZfb dbkke_^h\Zgbx bb]j_ \fbj_
\hafh`ghkl_cDZdb_
m[_`^_gby
klhbl bf_lv
b dZdb_
ba gbo [m^ml
kihkh[kl\h\Zlv b ih^^_j`b\Zlv \Zk \ ^hklb`_gbb\Zrbo p_e_c"Ih^mfZcl_ h
dZdbogb[m^v m[_`^_gbyodhlhju_ m\Zk _klvhlghkbl_evgh k_[yY\eyxlky eb
hgb ihe_agufb"Ihfh]Zxl ebhgb bebkljhyl ij_iylkl\by"M dZ`^h]hba gZk_klv
p_gljZevgu_ m[_`^_gby hlghkbl_evghex[\b bhlghkbl_evgh lh]hqlh y\ey_lky
\Z`guf \`bagbM gZk _klvfgh`_kl\h ^jm]bo m[_`^_gbchlghkbl_evgh gZrbo
\hafh`ghkl_c b kqZklvydhlhju_ fu kha^Z_f b fh`_f baf_gblv<Z`gZy
khklZ\eyxsZy mki_oZ aZdexqZ_lky \ lhfqlh[u bf_lvm[_`^_gbydhlhju_
iha\heyl \Zf[ulv mki_rgufM[_`^_gbyjZkrbjyxsb_ \Zrb \hafh`ghklbg_
]ZjZglbjmxl dZ`^h^g_\gh]h mki_oZgh hgb ih^^_j`b\Zxl \ \Zk j_kmjkgh_
khklhygb_ bkihkh[ghklv ijh^\b]Zlvkyd mki_om
< Klwg^nhj^kdhfmgb\_jkbl_l_ [ueijh\_^_g jy^bkke_^h\Zgbc hlghkbl_evgh
kZfh hijZ\^u\Zxsboky h`b^Zgbcbeb h lhfdZd baf_gy_lkyih\_^_gb_ ^ey
lh]hqlh[u khhl\_lkl\h\Zlvgh\hfm m[_`^_gbxBkke_^h\Zgb_ aZdexqZehkv\
kjZ\g_gbb lh]hdZd ex^b ^mfZxlh lhfqlh hgb^_eZxlk l_fdZd hgbgZ
kZfhf ^_e_ ^_eZxl wlhIj_^eZ]Zebkv jZaghh[jZagu_ aZ^ZqbgZqbgZy hl
fZl_fZlbq_kdbo bdhgqZy ijbjmq_gb_faf_b
KgZqZeZ m[_`^_gby b bkiheg_gb_ khhl\_lkl\h\Zeb
^jm] ^jm]mex^b
\uihegyeb lhqlh ^mfZebAZl_f bkke_^h\Zl_ebijbklmibeb dihkljh_gbx mgbo
m[_`^_gbc hlghkbl_evgh kZfbo k_[y iml_f ihklZgh\db p_e_chj]ZgbaZpbb
^_fhgkljZpbc bij_^hklZ\e_gby bkiulm_fuflj_g_jh\H`b^Zgby \hajZklZebZ
dZq_kl\h bkiheg_gbyh[uqgh iZ^Zehihkdhevdm hgbhk\Zb\Zeb gh\u_l_ogbdb
Wlh [ueZ lhqdZ fZdkbfZevgh]hjZaebqby f_`^ml_f\h qlh hgb \_jbebqlh
kfh]eb [uk^_eZlvb l_fqlh hgb gZ kZfhf^_e_ ^_eZeb?keb bkiulm_fu_
mihjgh [jZebkv aZaZ^ZqmdZq_kl\h bobkiheg_gby ih\urZehkvijb[eb`Zykv d
h`b^Zgbyf?keb `_hgb jZkoheZ`b\Zebkvlh dZq_kl\hbkiheg_gb_ iZ^Zeh ^h
k\h_]h i_j\hgZqZevgh]hmjh\gy
Ih^mfZcl_ g_dhlhjh_ \j_fyh lj_om[_`^_gbyodhlhju_ h]jZgbqb\Zxl\Zk
AZibrbl_ bo
L_i_jv fuke_gghihkfhljbl_ \ h]jhfgh_\jZ`^_[gh_ a_jdZehIj_^klZ\vl_
k_[_dZdhc klZg_l\ZrZ `bagvq_j_a iylve_l_keb \u[m^_l_ ijh^he`Zlv
ihklmiZlv lZddZd [m^lh wlbh]jZgbqb\Zxsb_ \Zkm[_`^_gby \_jguDZdhc \ZrZ
`bagv klZg_lq_j_a ^_kylve_l"Q_j_a ^\Z^pZlv"
GZ fbgmlmba[Z\vl_kv hlwlbo fuke_c<klZgvl_ijhc^bl_kv beb k^_eZcl_
g_kdhevdh ]em[hdbo\^hoh\L_i_jv ih^mfZcl_h lj_ogh\uo m[_`^_gbyodhlhju_
[m^ml ih^^_j`b\Zlv\Zkdhlhju_ ^_ckl\bl_evghbaf_gyl \Zrm`bagv d emqr_fm
<u fh`_l_ij_j\Zlvky gZg_kdhevdh k_dmg^qlh[u aZibkZlvbo
Fuke_ggh \a]eygbl_ gZ [hevrh_
^h[jh_
a_jdZeh<hh[jZabl_ k_[y
ihklmiZxs_]h \`bagb lZddZd [m^lhwlb gh\u_m[_`^_gby gZkZfhf ^_e_\_jgu
DZd baf_gblky\ZrZ `bagvq_j_a iylve_l"Q_j_a ^_kylve_l"Q_j_a ^\Z^pZlv"
Baf_g_gb_ m[_`^_gbc ^_eZ_l
\hafh`guf baf_g_gb_ ih\_^_gbyb hgh
baf_gy_lky [uklj__ \k_]h_keb m \Zk _klv kihkh[ghklv beb kljZl_]by
iha\heyxsZy kijZ\blvkyk aZ^Zq_c<u fh`_l_lZd`_ f_gylvm[_`^_gby q_eh\_dZ
iml_f baf_g_gby _]hih\_^_gbygh wlhg_ klhev gZ^_`gucimlvG_dhlhjuo
ex^_c g_m[_`^Z_l ih\lhjyxsbcky hiulHgb \b^yl\ wlhflhevdh g_k\yaZggh_
f_`^m kh[hckemqZcgh_ kl_q_gb_ h[klhyl_evkl\M[_`^_gby y\eyxlky \Z`ghc
khklZ\eyxs_c gZr_c ebqghklbb l_f g_f_g__ hgb\ujZ`Zxlky qj_a\uqZcgh
ijhklufb keh\Zfb?keb yk^_eZx wlhlh]^Z ijhbahc^_llhY fh]mY g_
fh]m: hgbij_\jZsZxlky \Y ^he`_gFg_ ke_^m_lY g_^he`_gWlb
keh\Z klZgh\ylkyg_ij_h^hebfufbDZdbf h[jZahfwlb keh\ZihemqZxl kbemgZ^
gZfb"Yaud ij_^klZ\ey_l kh[hckms_kl\_ggmx qZklv ijhp_kkZdhlhjuc fu
bkihevam_f ^ey lh]hqlh[u ihgbfZlv hdjm`Zxsbc
fbj b \ujZ`Zlv gZrb
m[_`^_gby< ke_^mxs_c]eZ\_ fu^_lZevgh jZkkfhljbfebg]\bklbq_kdmx qZklv
g_cjhebg]\bklbq_kdh]h ijh]jZffbjh\Zgby
=eZ\Z KEH<: BAG:Q?GBY
Gh h]hjh^\h\k_ g_ agZqbl keZ\g_gvdbc kgh]krb[Zl_evguc
Zj]mf_glbd\hajZabeZ :ebkZ
Dh]^Z ebqghy mihlj_[eyxkeh\h\k_ lZd`_ ij_ajbl_evghijh]h\hjbe
RZelZc[helZchgh f_gykemrZ_lky b hagZqZ_ldZd jZalhqlh yohqmgb
[hevr_gb f_gvr_
Wlh _s_\hijhkkdZaZeZ :ebkZaZohlyl ebkeh\Z \ZkkemrZlvky
Wlh _s_\hijhkkdZaZe RZelZcdlh a^_kvohaybgkeh\Z beby
Evxbk Dwjjhe:ibkZ \AZa_jdZev_
Wlhl iZjZ]jZnh kbe_ yaudZH lhfdZd m[_^blvkyqlh \u]h\hjbl_ lh
qlh bf__l_ \\b^mdZd gZmqblvky[he__ ykghihgbfZlv lhqlh bf_xl \\b^m
^jm]b_ ex^bb dZdihfhqv ex^yf\ujZablv lhqlh hgbkZfb bf_xl\ \b^mWlhl
iZjZ]jZn h\hkklZgh\e_gbb k\yabf_`^m yaudhfb hiulhf
Keh\Z g_klhyl gbq_]h]eZkbl ih]h\hjdZb \k_`_ hgb h[eZ^Zxlkbehc
\uau\Zlv h[jZaua\mdb bhsms_gby \\hh[jZ`_gbb kemrZl_e_cb qblZl_e_cwlh
ba\_klgh ex[hfm ihwlm beb khklZ\bl_ex j_deZfuKeh\Z fh]ml aZ\yau\Zlv
^jm`_kdb_
hlghr_gby b
jZajmrZlv boj\Zlv
^biehfZlbq_kdb_
k\yab
ijh\hpbjh\Zlv kjZ`_gbyb \hcgu
Keh\Z fh]mlih]jmablv gZk\ ohjhr__beb iehoh_khklhygb_hgb y\eyxlky
ydhjyfb ^ey keh`ghc ]Zffui_j_`b\ZgbcLZd qlh _^bgkl\_ggufhl\_lhf gZ
\hijhkQlh gZkZfhf ^_e_hagZqZ_l keh\h"y\ey_lky \hijhk>ey dh]h"Y
aud ij_^klZ\ey_lkh[hc bgkljmf_gldhffmgbdZpbbZ jZa lZdkeh\Z bf_xllhl
kfukeh dhlhjhf ^h]h\hjbebkvex^bWlh jZa^_ey_fuc kihkh[ mklZgZ\eb\Zlv
dhffmgbdZpbx ih ih\h^mk_gkhjguo i_j_`b\Zgbc;_a wlh]hg_ [ueh[u hkgh\u
^ey \hagbdgh\_gbyh[s_kl\Z \ba\_klghf kfuke_
Fu iheZ]Z_fkygZ bglmbpbxex^_c]h\hjysbo gZh^bgZdh\hf kgZfb yaud_
dZd gZjh^ghfb gZlhl nZdlqlh gZrk_gkhjguc hiul^hklZlhqgh ihoh`gZ
gZrb dZjluqlh[u bf_lvfgh]h h[sbo q_jl;_a wlh]hh[s_gb_ \hh[s_[ueh [u
[_agZ^_`guf
aZgylb_fZ fu
dZd dhffmgbdZlhju
[ueb [u
ihoh`b
gZ
RZelZc[helZy
H^gZdh fu g_\k_ bf__f\ \b^mh^gb bl_ `_dZjluDZ`^uc ba gZk
\hkijbgbfZ_l wlhlfbj k\hbfmgbdZevguf kihkh[hfKeh\Z kZfb ihk_[_ ebr_gu
kfukeZb wlh klZgh\blky hq_\b^gufdh]^Z fu kemrZ_fbghkljZggmx j_qv
dhlhjmx g_ ihgbfZ_fFu ijb^Z_f keh\Zf kfuke ihkj_^kl\hf aZdj_ie_gby
ZkkhpbZpbc f_`^mwlbfb keh\Zfbb h[t_dlZfbbeb i_j_`b\ZgbyfbgZr_c `bagbFu
g_ \b^bfh^gb bl_ `_h[t_dlu bg_ bf__fh^gb bl_ `_i_j_`b\ZgbyLhl nZdl
qlh ex^b ^_ckl\bl_evgh bf_xl jZaebqgu_ dZjlu b
kfukeuh[h]ZsZ_l b
jZaghh[jZabl gZrm`bagv
<_jhylghfu ihcf_fagZq_gb_ keh\keZ^dbc lhjlihlhfm qlhkms_kl\m_l
jZa^_ey_fuc \k_fbgZfb h^bgZdh\uc\b^aZiZo b\dmk wlh]hlhjlZGh fu[m^_f
kihjblv ^h ]em[hdhc ghqb h agZq_gbb
lZdbo Z[kljZdlguo ihgylbcdZd
m\Z`_gb_ex[h\viheblbdZ<_ebdhe_igZy \hafh`ghklvaZimlZlvkyWlb
keh\Z \_kvfZihoh`b gZq_jgbevgu_ deydku JhjrZoZh[hagZqZxsb_ jZaebqgu_
\_sb ^ey jZaguoex^_cIjb wlhffu _s_g_ jZkkfZljb\Z_flZdbo \_s_cdZd
hl\e_q_gb_ \gbfZgbymljZlZ jZiihjlZg_ykghklv ij_^klZ\e_gbybeb \aZbfgZy
g_kihkh[ghklv ihgbfZlvhij_^_e_ggu_ b^_bDZd fu magZ_fqlh fuihgbfZ_f
dh]hlh"Ijb^Z\Zy kfuke _]hkeh\ZfGZr kfuke: g_ _]hB g_lgbdZdhc
]ZjZglbbqlh wlb ^\Z kfukeZh^bgZdh\uDZd fuijb^Z_f kfukel_f keh\Zf
dhlhju_ keurbf"DZdbf h[jZahffu ih^[bjZ_fkeh\Zqlh[u \ujZablvk\hb fukeb"
B dZdkeh\Z kljmdlmjbjmxlgZr hiul"Wlb \hijhku e_`ZldZd jZa\ hkgh\Zgbb
ebg]\bklbq_kdhc qZklbGEI
>\Z q_eh\_dZml\_j`^Zxsb_qlh bfh[hbf gjZ\blkykemrZlv fmaudmfh]ml
h[gZjm`blvqlh mgbo hq_gvfZeh h[s_]hdh]^Z hgbm\b^ylqlh h^ghfmba gbo
gjZ\ylky hi_ju<Z]g_jZ\ lh \j_fydZd ^jm]hckemrZ_l ly`_eucjhd?keb y
kdZ`m ^jm]mqlh ijh\_e^_gv hl^uoZylh hg fh`_l \hh[jZablvqlh y\_kv
\_q_j kb^_e\ dj_ke_ bkfhlj_e l_e_\bahj?keb `_y gZkZfhf ^_e_b]jZe \
l_ggbk b aZl_f ^he]h [jh^be ih iZjdmlh hg fh`_lih^mfZlvqlh y
kmfZkr_^rbcHg fh`_llZd`_ m^b\blvkydZd h^gh blh `_keh\h hl^uofh`_l
mihlj_[eylvky ^eyh[hagZq_gby ^\moklhev jZaebqguo\_s_cG_ kebrdhf[hevrb_
p_gghklb ihklZ\e_gugZ dZjlm\ wlhf ijbf_j_QZs_ \k_]h gZrb agZq_gby
^hklZlhqgh [ebadb^ey Z^_d\Zlgh]hihgbfZgby;u\Zxl lZd`_ kblmZpbbdh]^Z
hq_gv \Z`gh \ujZ`ZlvkylhqghgZijbf_j \ bglbfguo hlghr_gbyo beb ijb
aZdexq_gbb kh]eZr_gby\ bag_k_<Zf `_eZl_evgh [ulv m\_j_gguf\ lhfqlh
^jm]hc q_eh\_djZa^_ey_l \Zr_agZq_gb_b \ZfaZohq_lky magZlvdZd fh`gh
[he__ lhqghqlh q_eh\_dbf__l \\b^m \k\h_c dZjl_ ^_ckl\bl_evghklbb [u
aZohlbl_qlh[u hgykgh wlh\ujZabe
J:AFURE?GBY <KEMO
Yaud y\ey_lkyfhsguf nbevljhf ^ey gZr_]h bg^b\b^mZevgh]hhiulZHg
y\ey_lky qZklvxlhc dmevlmju\ dhlhjhcfu \ujhkebb g_fh`_l baf_gblvky
Hg gZijZ\ey_lgZrb fukeb\ hij_^_e_gguogZijZ\e_gbyoh[e_]qZy h^gbkihkh[u
fure_gby baZljm^gyy ^jm]b_Wkdbfhku bf_xlfgh`_kl\h jZaebqguogZa\Zgbc ^ey
h^gh]h gZr_]hihgylby kg_]Bo `bagv\h fgh]hfaZ\bkbl hllh]hgZkdhevdh
lhqgh hgbfh]ml hij_^_eblv dZq_kl\h kg_]ZBf g_h[oh^bfhlhqgh jZaebqZlv
kg_]dhlhjuc fh`gh _klvkg_]dhlhjuc
fh`_l [ulv bkihevah\Zg ^ey
kljhbl_evkl\Zb l^Fh`_l_ eb\u \hh[jZablvgZkdhevdh fbj[ue [u^jm]bf
^ey \Zk_keb [u\u fh]ebjZaebqZlv ^_kyldbjZaghh[jZaguo khklhygbckg_]Z"
GZr yaud^_eZ_l lhgdb_ jZaebq_gby ebrv \lhc h[eZklb q_eh\_q_kdh]h
hiulZdhlhjZy y\ey_lky\Z`ghc \ ^Zgghc dmevlmj_GZijbf_jm gZk _klv
^_kyldb keh\ ^ey h[hagZq_gby jZaebqguo]Zf[mj]_jh\ b [he__ iylb^_kylb
gZa\Zgbc fh^_e_c
Z\lhfh[be_cFbj
hdZau\Z_lky
gZklhevdh [h]Zluf b
jZaghh[jZagufgZkdhevdh fu ^_eZ_f_]h lZdbfb mgZke_^h\Zgguc gZfb yaud
b]jZ_l j_rZxsmxjhev \lhfqlh[u gZijZ\eylvgZr_ \gbfZgb_gZ h^gbklhjhgu
wlh]h fbjZb kdju\Zlv^jm]b_GZrb fukebg_ hij_^_eyxlkygZrbf yaudhf< lh
\j_fy dZd fu fh`_f ^mfZlv b ^_ckl\bl_evgh^mfZ_f keh\ZfbgZrb fukeb
hdZau\Zxlky lZd`_kf_kvx fuke_gguodZjlbghda\mdh\ bhsms_gbcAgZlv yaud
hagZqZ_l agZlvdZd i_j_\_klb wlb dZjlbgdba\mdb bhsms_gby \keh\Z
<hijhkdhlhjuc fu ohlbf a^_kvbkke_^h\ZlvaZdexqZ_lky \ ke_^mxs_fmqlh
ijhbkoh^bl kgZrbfb fukeyfbdh]^Z fuh[e_dZ_f bo\ nhjfmyaudZb gZkdhevdh
lhqgh hgbbkihegyxl k\hxkem`[mdh]^Z gZrbkemrZl_eb kju\Zxl kgbo wlm
nhjfm"< yaud_[_amkeh\gh_klv k\hyfgh]hagZqghklvE_]dh ihgylvqlh
keh\Z bf_xl jZaebqgu_agZq_gby eb[h kfukeh\u_ hll_gdb^ey jZaguo ex^_c
ihlhfm qlhg_ gZc^_lky^\mo ex^_cbf_xsbo h^bgZdh\uc `bag_gguchiulKeh\Z
y\eyxlky ydhjyfb^ey k_gkhjgh]hhiulZgh hiul wlh _s_g_ j_ZevghklvZ
keh\Z wlh g_ kZf hiulKe_^h\Zl_evgh^\Z rZ]Z hl^_eyxl yaud hl
j_ZevghklbKihjblv hlghkbl_evghj_Zevgh]h agZq_gby keh\Zijbf_jgh lh`_
kZfh_qlh ml\_j`^Zlvqlh h^ghf_gx \dmkg__^jm]h]h ihlhc ijbqbg_qlh \u
ij_^ihqblZ_l_ bf_ggh lmibsmdhlhjZy gZi_qZlZgZ\ i_j\hf ba gboEx^b
bamqZxsb_ bghkljZggucyaudihqlb \k_]^Z hlf_qZxljZ^bdZevgh_ baf_g_gb_
k\hbo ij_^klZ\e_gbch[ wlhffbj_
<HKKL:GH<E?GB? KFUKE:KEH< F?L:FH>?EV
Ohjhrb_ dhffmgbdZlhju bkihevamxl ^hklhbgkl\Z
b g_^hklZldb yaudZ
Kihkh[ghklv lhqghmihlj_[eylv l_beb bgu_h[hjhlu y\ey_lkykms_kl\_gghc ^ey
ijhn_kkbhgZevgh]h dhffmgbdZlhjZMf_gb_ bkihevah\Zlvlhqgu_ keh\Zdhlhju_
[m^ml bf_lvkfuke \dZjl_ fbjZ^jm]h]h q_eh\_dZb lhqghhij_^_eylvdZdhc
kfuke \deZ^u\Zeq_eh\_d \l_ keh\Zdhlhju_ hgmihlj_[bey\ey_lky [_kp_gguf
mf_gb_f \dhffmgbdZpbb
GEI kh^_j`bl\_kvfZ ihe_agmxdZjlm \ha^_ckl\by yaudZdhlhjZy [m^_l
ij_^hojZgylv \Zkhl lZdbodhffmgbdZlhjh\dZd RZelZc[helZcb g_ iha\hebl
\Zf klZlvh^gbf bagboWlZ dZjlZyaudZ gZau\Z_lkyf_lZfh^_evx \ ebl_jZlmj_
ih GEIKeh\h f_lZijbreh ba^j_\g_]j_q_kdh]h yaudZb hagZqZ_l\ur_beb
gZ^beb gZ ^jm]hfeh]bq_kdhf mjh\g_F_lZfh^_ev bkihevam_lyaud ^ey
lh]hqlh[u k^_eZlvyaud [he__ ykgufhgZ ij_^hojZgy_l\Zk hlaZ[em`^_gby \
lhfqlh \uihgbfZ_l_ kfukekeh\hgZ \hkklZgZ\eb\Z_lk\yav f_`^myaudhf b
hiulhf
F_lZfh^_ev [ueZ h^gbf ba i_j\uo
iZll_jgh\jZajZ[hlZgguo >`hghf
=jbg^_jhf bJbqZj^hf ;wg^e_jhfHgb aZf_lbebqlh ^\Z\u^Zxsboky l_jZi_\lZ
Njbp I_jea b <bj^`bgby KZlbjbf_xl kdehgghklv bkihevah\Zlv \hijhku
hij_^_e_ggh]h lbiZdh]^Z hgbkh[bjZxl bgnhjfZpbx
>`hg bJbqZj^ gZf_j_\ZebkvjZa\b\Zlv k\hbhldjulby \yaud_baf_g_gbb b
\hkijbylbb b h[gZjm`bebqlh bf lZd`_ g_h[oh^bfh kha^Zlv keh\Zjv ^ey
hibkZgby wlbo
hldjulbcHgb
ih^mfZebqlh
\_ebqZcrbc
g_^hklZlhd
l_jZi_\lbq_kdbo lj_gbg]h\k_j_^bgu o ]h^h\ aZdexqZeky \ lhfqlh
q_eh\_d fh] ihemqblv ZdZ^_fbq_kdh_ h[jZah\Zgb_gZqZlv l_jZi_\lbq_kdmx
ijZdlbdm baZl_f [ue\ugm`^_g kgh\Z hldju\Zlv\_ehkbi_^ihlhfm qlhg_ [ue
kha^Zg keh\Zjv^ey i_j_^Zqbfm^jhklb ij_^u^ms_]hihdhe_gby gh\hfmihdhe_gbx
ikbohl_jZi_\lh\
<k_ baf_gbehkv\ ]h^m kihy\e_gb_f Kljmdlmju fZ]bb\uims_gghc \
ba^Zl_evkl\_ Dgb]b hgZmd_ bih\_^_gbbHgZ ^_lZevgh hibku\Z_lf_lZfh^_ev
b kh^_j`bl[hevrmx qZklvfZl_jbZeh\ihemq_gguo >`hghf b JbqZj^hf ijb
fh^_ebjh\Zgbb NjbpZI_jeaZ b <bj^`bgbbKZlbjL_i_jv ex^bfh]ml ba\e_dZlv
ihevam bahiulZ \u^Zxsboky ikbohl_jZi_\lh\dhlhju_ ijh\_eb fgh]b_]h^u
bkke_^myqlh ^_ckl\bl_evghjZ[hlZ_lZ qlh g_lWlZ dgb]Zihk\ys_gZ
<bj^`bgbb KZlbj
KD:A:LV <K?=EM;BGG:Y KLJMDLMJ:
Qlh[u ihgylv f_lZfh^_evdhlhjZy y\ey_lky bgkljmf_glhf^ey [he__
ihegh]h ihgbfZgbylh]hqlh ex^b]h\hjylgZf ke_^m_ljZkkfhlj_lvdZd fukeb
ij_\jZsZxlky \ keh\ZYaud gbdh]^Z g_kfh`_l \ha^Zlv ^he`gh_kdhjhklb
jZaghh[jZabx bqm\kl\bl_evghklb gZr_]hfure_gbyM ]h\hjys_]h fh`_l [ulv
ihegZy baZ\_jr_ggZy b^_ylh]hqlh hgohq_l kdZaZlvebg]\bklu gZau\Zxl __
]em[bgghc kljmdlmjhc=em[bggZy kljmdlmjZ g_ ijbgZ^e_`blkhagZgbxYaud
ijhgbdZ_l gZ \_kvfZ ]em[hdb_mjh\gb gZr_cg_\jheh]bbFu khdjZsZ_f wlm
]em[bggmx kljmdlmjmqlh[u \ujZablvkyykghb lhqlh fugZ kZfhf^_e_
]h\hjbfgZau\Z_lky ih\_joghklghc kljmdlmjhc?keb [ufu g_khdjZsZeb wlm
]em[bggmx kljmdlmjmjZa]h\hj klZe[u m`Zkgh^ebl_evguf bi_^Zglbqguf?keb
dlhlh kijhkbe\ZkdZd ijhclbd [eb`Zcr_fm]hkiblZexlh hg\jy^ eb[m^_l
[eZ]h^Zj_g \ZfaZ hl\_lkh^_j`Zsbc ljZgknhjfZpbhggmx]jZffZlbdm
Qlh[u i_j_clbhl ]em[bgghckljmdlmju dih\_joghklghcfu g_hkhagZggh
^_eZ_f ljb\_sb
<hi_j\uofu hl[_j_febrv g_dhlhjmxqZklv bgnhjfZpbbbf_xs_cky \
]em[bgghc kljmdlmj_;hevrZy qZklvbgnhjfZpbb [m^_lmims_gZ
<h\lhjuofu ^Z^bfmijhs_ggmx \_jkbxdhlhjZy g_ba[_`gh[m^_l bkdZ`Zlv
kfuke
<lj_lvbofu [m^_fh[h[sZlvI_j_qbke_gb_ \k_o\hafh`guo bkdexq_gbcb
mkeh\bc fh`_lk^_eZlv jZa]h\hjkebrdhf ]jhfha^dbf
Qlh[u i_j_clb hl]em[bgghc kljmdlmju d ih\_joghklghcfu h[h[sZ_f
bkdZ`Z_f bmimkdZ_f qZklvbgnhjfZpbbdh]^Z \ukdZau\Z_fk\hx b^_x^jm]bf
F_lZfh^_ev ij_^klZ\ey_lkh[hc k_jbx\hijhkh\p_ev dhlhjuoih\_jgmlv
\kiylv bjZa]Z^Zlv mims_gbybkdZ`_gby bh[h[s_gby yaudZWlb \hijhkubf_xl
p_evx \hkihegblvmljZq_ggmx bgnhjfZpbx\hkklZgh\blv kljmdlmjm bba\e_qv
ki_pbnbq_kdmx bgnhjfZpbxqlh[u ijb^Zlvkfuke dhffmgbdZpbbKlhbl ihfgblv
qlh gbh^bg bake_^mxsbo iZll_jgh\kZf ih k_[_g_ y\ey_lky iehobf beb
ohjhrbf<k_ aZ\bkbl hl dhgl_dklZ\ dhlhjhf hgb bkihevamxlkyb hl
ihke_^kl\bc boijbf_g_gby
G?KI?PBNBQ?KDB? KMS?KL<BL?EVGU?
IjhqblZcl_ ij_^eh`_gb_f
K_fbe_lgyy ^_\hqdZ EZjZkihldgmeZkv h^b\Zggmx ih^mrdm
m^ZjbeZkv ijZ\hcjmdhc h^_j_\ygguc klme
\]hklbghc
b
BK j_[_gdhfijhbahr_e g_kqZklguckemqZc
H[Z wlbij_^eh`_gby bf_xlh^bg b lhl `_ kfukeb l_fg_ f_g__i_j\h_
kh^_j`bl agZqbl_evgh[hevr_ dhgdj_lghc bgnhjfZpbbFu fh`_fihemqblv \lhjh_
ij_^eh`_gb_
ba i_j\h]h
ijhklhc
ijhp_^mjhc
mims_gby beb
h[h[s_gby
ki_pbnbq_kdbo kms_kl\bl_evguo: \hh[s_lh
h[Z ij_^eh`_gby
gZibkZgu
kh\_jr_ggh ijZ\bevguf jmkkdbf yaudhfIjZ\bevgZy ]jZffZlbdZwlh _s_ g_
]ZjZglby ykghklbfukebFgh]b_ ex^by\eyxlky [hevrbfbki_pbZebklZfb ]h\hjblv
ih^jh[gh gZij_djZkghf jmkkdhfyaud_ bg_ khh[sZlv\Zf \j_amevlZl_ gbdZieb
gh\h]h
:dlb\gh ^_ckl\mxs__ ebph ij_^eh`_gby fh`_l[_kke_^gh bkq_agmlv ijb
bkihevah\Zgbb iZkkb\gh]h aZeh]ZgZijbf_j_keb kdZaZlv>hf [ueihkljh_g
\f_klhO ihkljhbe^hf
Lh qlh\u g_mihfygmeb kljhbl_ey\ i_j\hfij_^eh`_gbbg_ hagZqZ_lqlh
^hf \ujhkkZf ihk_[_Kljhbl_ev \k_ `_kms_kl\m_lMims_gb_ ^Zggh]h lbiZ
fh`_l
hagZqZlv
lZdh_ ij_^klZ\e_gb_ h fbj_\ dhlhjhf \u y\ey_l_kv
[_kihfhsguf gZ[ex^Zl_e_fZ kh[ulbyijhbkoh^yl lZdbf h[jZahfqlh gbdlhg_
g_k_l aZgbo hl\_lkl\_gghklb
BlZddh]^Z \ukeurbl_ ij_^eh`_gb_>hf [ueihkljh_g\u fh`_l_
aZ^Zlv \hijhkh ijhims_gghcbgnhjfZpbb
2Dlh ihkljhbewlhl ^hf"
>jm]b_ ijbf_juij_^eh`_gbc\ dhlhjuokms_kl\bl_evgu_ g_hij_^_e_gu
F_gy ihqlbko\ZlbebDlh ko\Zlbe"< wlhfkms_kl\h \hijhkZ<
q_f bf_ggh"
Hdj_klghklb [uebjZajmr_guDlh bojZajmrbe"
Ex[bfqbdb ^hklZ\eyxloehihlu"Qvb ex[bfqbdb"Ke_^mxsbc i_jejh^beky
\ mklZo ^\moe_lg_]h j_[_gdZdh]^Z _]h kijhkbebdm^Z ^_eZkv iebldZ
rhdheZ^Ze_`Z\rZy gZklhe_
?keb ex^bhklZ\eyxl rhdheZ^lh _]hkt_^ZxlDZdb_ ex^b"
G_ki_pbnbq_kdb_ kms_kl\bl_evgu_ijhykgyxlky aZ^Zgb_f\hijhkZDlh beb
qlh bf_ggh"
G?KI?PBNBQ?KDB? =E:=HEU
:ebkZ [ueZgZklhevdh hrZjZr_gZqlh g_hl\_lbeZb q_j_afbgmlm RZelZc
kgh\Z aZ]h\hjbe M g_dhlhjuo keh\ hkh[ucgjZ\Hkh[_ggh m ]eZ]heh\hgb
kZfu_ gZoZevgu_K ijbeZ]Zl_evgufb luqlh ohq_rvlh b ^_eZ_rv Z \hl k
]eZ]heZfb<ijhq_fm f_gyk gbfb jZa]h\hjdhjhldbc<h^hg_ijhgbpZ_fhklv
<hl ebqghfhy lZqdZaj_gby
Evxbk Dwjjhee:ebkZ \AZa_jdZev_
Bgh]^Z ]eZ]hefh`_l g_[ulv ki_pbnbq_kdbfgZijbf_j
Hg iml_r_kl\h\Ze\ IZjb`
HgZ ihjZgbeZkv
HgZ ihfh]eZfg_
Y iulZxkvaZihfgblv wlh
B^bl_ b\umqbl_ wlhd ke_^mxs_cg_^_e_
Fh`_l hdZaZlvky \Z`guf agZlvdZd bf_gghwlh [uehk^_eZghGZf g_
o\ZlZ_l gZj_qbyDZd hg iml_r_kl\h\Ze"DZdbf h[jZahfhgZ ihjZgbeZkv"DZd
bf_ggh hgZihfh]eZ \Zf"DZdbf kihkh[hf \uiulZ_l_kv aZihfgblvwlh"Qlh
dhgdj_lgh \uiulZ_l_kv aZihfgblv"DZdbf h[jZahffg_ ke_^m_lwlh \umqblv"
AgZq_gb_ g_ki_pbnbq_kdbo ]eZ]heh\\uykgy_lky kihfhsvx \hijhkh\DZd
dhgdj_lgh"
KJ:<G?GBY
Ke_^mxsb_ ^\Zijbf_jZ mims_gbybgnhjfZpbb ihoh`b^jm] gZ^jm]Z bqZklh
\klj_qZxlky \f_kl_km`^_gby bkjZ\g_gbyH[ty\e_gby y\eyxlky aZf_qZl_evguf
bklhqgbdhf h[hboiZll_jgh\
Gh\uc mkh\_jr_gkl\h\ZggucklbjZevguc ihjhrhd )OXIIRagZqbl_evgh emqr_
A^_kv ijb\h^blky kjZ\g_gb_gh hgh g_ij_^eZ]Z_lky \ykghc nhjf_
Ij_^f_l g_fh`_l [ulv emqr_[m^mqb bahebjh\Zgguf hl^jm]boEmqr_ q_]h"
Emqr_q_f hg[ue jZgvr_"Emqr_q_f _]h dhgdmj_glu %XIIRb 4XIIR"Emqr_
q_f bkihevah\Zlv iZlhdm \f_klhklbjZevgh]h ihjhrdZ"Ex[h_ ij_^eh`_gb_
dhlhjh_ kh^_j`bl keh\Z lbiZ
gZbemqrbcemqr_om`_om^rbc
ij_^eZ]Z_l kjZ\g_gb_<u fh`_l_k^_eZlv kjZ\g_gb_ebrv \lhf kemqZ__keb m
\Zk _klvk q_fkjZ\gb\Zlv?keb wlhmims_gh\Zf ke_^m_l aZ^Zlv\hijhk<
kjZ\g_gbb kq_f"
Ke_^mxsbc ijbf_j
Y iehohjmdh\h^be wlbfkh\_sZgb_fIehoh ihkjZ\g_gbx kq_f"DZd [u\u
fh]eb jmdh\h^blvbf"DZd [u>`h ;eh]]kjmdh\h^be bf"Beb dZdkmi_jf_g fh][u
jmdh\h^blv"
Hq_gv qZklhkijylZggZy iheh\bgZkjZ\g_gby hdZau\Z_lkyg_j_Zebklbq_kdhc
?keb \ukjZ\gb\Z_l_ k_[yk kmi_jf_ghfaZf_lvl_dZd fgh]h\u ijhb]ju\Z_l_\
wlhf kjZ\g_gbbZ aZl_fkhljbl_ f_jbehkjZ\g_gby<k_qlh m\Zk hklZg_lky
wlh qm\kl\h g_khhl\_lkl\bylj_[h\Zgbyfb \ugbq_]h g_ kfh`_l_ k wlbf
ih^_eZlv
Kfuke kjZ\g_gby\uykgy_lky \hijhkhf< kjZ\g_gbbk q_f"
KM@>?GBY
Km`^_gby wlh [ebadb_jh^kl\_ggbdb kjZ\g_gbc?keb )OXIIRy\ey_lky
ijhklh emqrbfklbjZevguf ihjhrdhfdhlhjuc fh`ghdmiblvlh bgl_j_kgh[ueh
[u agZlvqv_ wlh fg_gb_^bj_dlhjZ dhfiZgbb),XIIR"H[s_kl\_ggh_ fg_gb_"
Beb fg_gb_>`h ;eh]]kZ"
Km`^_gby g_h[yaZl_evgh kh^_j`ZlkjZ\g_gbyohly lZdh_kemqZ_lky qZklh
?keb dlhlh ]h\hjblY w]hbkl\u fh`_l_kijhkblvDlh wlhkdZaZe"
?keb hg hl\_lblYlh \u fh`_l_mkhfgblvkyGhihevamykv dZdhc
f_jdhc\u j_rbebqlh \uw]hbkl"
BlZdihe_agh agZlvdlh ^_eZ_lkm`^_gb_Hgh fh`_lijbclb ba^_lkdbo
\hkihfbgZgbc: lZd`_dZdh\u ijbqbgu ^ey \ukdZau\Zgbywlh]h km`^_gby"
Y\eyxlky ebhgb k_jv_agufb"Wlh \Zrb kh[kl\_ggu_ ^h\h^ubeb hgbgZ\yaZgu
d_flh"Fh`_l [ulvwlh ke_^\ \Zr_ciZfylbmljZlb\rbc kbemk_cqZkdh]^Z
\u m`_\ajhkeuc q_eh\_d"
Km`^_gby qZklh
ihy\eyxlky ih^ ijbdjulb_f gZj_qbcIhkfhljbl_ gZ
ke_^mxs__
ij_^eh`_gb_Hq_\b^ghwlhl q_eh\_d
y\ey_lky
b^_Zevguf
dZg^b^Zlhf>ey dh]hwlh hq_\b^gh"
Hq_gv qZklh gZj_qbyaZdZgqb\Zxsb_ky gZghkdju\Zxl lh]hq_eh\_dZ
dhlhjuc \ukdZaZe km`^_gb_Ykghqlh _keb \ukfh`_l_ i_j_njZabjh\Zlvwlh
ij_^eh`_gb_ \\b^_ Wlh y\ey_lkyhq_\b^guflh h[gZjm`blky mims_gb_Wlh
^he`gh [ulvhq_\b^guf ^eydh]hlhB ^eydh]h wlhykgh"
Kfuke km`^_gbc ijhykgy_lky k ihfhsvx\hijhkh\Dlh \ukdZaZe wlh
km`^_gb_ bgZ q_fhg hkgh\u\Zeky^_eZy _]h"
GHFBG:EBA:PBB
Ke_^mxsbc
iZll_jg
\hagbdZ_l
lh]^Zdh]^Z ]eZ]hehibku\Zxsbc
ijhl_dZxsbc ijhp_kkij_\jZsZ_lky \ kms_kl\bl_evgh_Wlh ij_\jZs_gb_b
kms_kl\bl_evgh_y\eyxs__ky
_]h
j_amevlZlhfebg]\bklu
gZau\Zxl
ghfbgZebaZpb_cIjhqblZcl_ ke_^mxs__ij_^eh`_gb_ bih^mfZcl_ hlhfqlh [u
hgh fh]ehhagZqZlv
H[mq_gb_ b^bkpbiebgZ \f_kl_k m\Z`_gb_fb gZklhcqb\hklvxij_^klZ\eyxl
kh[hc hkgh\uijhp_kkZ \hkiblZgby
=jZffZlbq_kdb
ijZ\bevgh
khklZ\e_ggh_
ij_^eh`_gb_kh^_j`Zs__
ghfbgZebaZpbb
\u^_e_ghnZdlbq_kdb \ dZ`^hf
ke_^mxs_f keh\_?keb
kms_kl\bl_evgh_
g_\hafh`gh m\b^_lvmkeurZlvihljh]ZlvihgxoZlv b
ihijh[h\Zlv gZ\dmkdhjhq_ ]h\hjy_keb _]hg_\hafh`gh iheh`blv\ l_e_`dm
lh wlhkms_kl\bl_evgh_ ghfbgZebaZpby
G_l gbq_]h g_ijZ\bevgh]h\ ghfbgZebaZpbyo hgb fh]ml [ulv \_kvfZ
ihe_agufbgh aZ gbfb
kdju\Zxlky h]jhfgu_ jZaebqby f_`^m dZjlZfb
j_Zevghklb ex^_c
<havfbl_gZijbf_j\hkiblZgb_Dlh \hkiblu\Z_lb dh]hb dZdb_
agZgby ijbwlhf i_j_^Zxlkyhl h^gh]hd ^jm]hfm"
Beb m\Z`_gb_Dlh dh]hm\Z`Z_lb dZdbfh[jZahf hgbwlh ^_eZxl"
Bgl_j_kguf ijbf_jhfy\ey_lky iZfylvQlh hagZqZ_l\ujZ`_gb_qlh m
\Zk iehoZyiZfylv"Qlh[u magZlvwlh\u fh]eb [uaZ^Zlvky \hijhkhfdZdmx
dhgdj_lgh bgnhjfZpbx \uaZihfbgZ_l_ kljm^hf b qlh\u ijb wlhf^_eZ_l_
<gmljb dZ`^hc ghfbgZebaZpbb \u
h[gZjm`bl_ h^gh beb [hevr_ mims_gguo
kms_kl\bl_evguo lZd kdZaZlvb g_ki_pbnbq_kdbc]eZ]he
=eZ]he \dexqZ_l \k_[y ^_ckl\b_beb ^eysbckyijhp_kkHgb l_jyxlky
_keb ]eZ]he ghfbgZebabjmxl bij_\jZsZxl \ klZlbq_kdh_ kms_kl\bl_evgh_
Q_eh\_ddhlhjuc ^mfZ_lqlh mg_]h iehoZy iZfylvhdZau\Z_lky \lmibd_
_keb hg ^mfZ_l h[ wlhflhqgh lZd `_dZd h lhfqlh mg_]h djb\hc
iha\hghqgbdHg hdZau\Z_lky[_kihfhsguf>`hj^` HjmweekdZaZe?keb fukeb
fh]ml bkdZ`Zlvyaudlh byaud fh`_lbkdZ`Zlv gZrbfukebIh\_jblv \lh
qlh \g_rgbc fbjmkljh_g bf_gghlZddZd fu]h\hjbf hg_fwlh ^Z`_om`_
q_f ijhklh_klv f_gx wlh hagZqZ_l ih_^Zlvq_jgbeZ gZwlhf f_gxKeh\Z
fh]ml h[t_^bgylvky b ih^[bjZlvkykihkh[hfdhlhjuc gbdZdh]hhlghr_gby g_
bf__l dk_gkhjghfm hiulmY fh]mkdZaZlvqlh k\bgvb fh]ml e_lZlvgh hl
wlh]h hgbg_ klZgml e_lZlv gZkZfhf ^_e_>mfZlv lZd agZqbl \_jblv\
qm^_kZ
GhfbgZebaZpbb wlh ^jZdhgu f_lZfh^_ebHgb g_\uau\Zxl gbdZdh]h
[_kihdhckl\Z ^hl_o ihjihdZ \u g_ih^mfZ_l_qlh hgb kms_kl\mxlgZ kZfhf
^_e_Hgb klbjZxl lZdh_ h]jhfgh_ dhebq_kl\h bgnhjfZpbbqlh \jy^ eb
qlhgb[m^v hklZ_lkyH[klZgh\dZ f_^bpbgkdbomqj_`^_gbc b[he_agb y\eyxlky
bgl_j_kguf ijbf_jhfghfbgZebaZpbcb hgb fh]ml h[tykgblvihq_fm iZpb_glu
qZklh qm\kl\mxlk_[y [_kihfhsgufbb g_bf_xsbfb rZgkh\Ij_\jZsZy ijhp_kku\
\_sbghfbgZebaZpbb\hafh`ghy\eyxlky _^bgkl\_gguf kbevgh \\h^ysbf \
aZ[em`^_gb_ ebg]\bklbq_kdbfiZll_jghf
Kfuke ghfbgZebaZpbbfh`gh \uykgblvij_\jZlb\ __\ ]eZ]he b aZ^Z\
\hijhk h[mims_gghc bgnhjfZpbbDlh dh]hghfbgZebabjm_lb dZdbfh[jZahf hg
wlh ^_eZ_l"
FH>:EVGU? HI?J:LHJU<HAFH@GHKLB
Kms_kl\mxl ijZ\beZih\_^_gbyg fum\_j_guqlh aZij_^_eu wlboijZ\be
fu g_ fh`_fbeb g_^he`gu \uoh^blvKeh\Z lbiZg_ fh]mbeb g_ ^he`_g
ba\_klgu \ ebg]\bklbd_dZd fh^Zevgu_hi_jZlhju hgb mklZgZ\eb\Zxlij_^_eu
dhlhju_ hij_^_eyxlkyg_\ukdZaZggufb ijZ\beZfb
Kms_kl\m_l ^\Zhkgh\guo lbiZfh^Zevguo hi_jZlhjh\fh^Zevgu_ hi_jZlhju
g_h[oh^bfhklb b
fh^Zevgu_
hi_jZlhju \hafh`ghklbFh^Zevgu_ hi_jZlhju
\hafh`ghklb y\eyxlkygZb[he__ kbevgufbba wlbo^\mo lbih\Wlh fh]mb g_
fh]m\hafh`ghb g_\hafh`ghHgb hij_^_eyxl \ dZjl_ j_Zevghklb
]h\hjys_]hqlh jZkkfZljb\Z_lky\ dZq_kl\_\hafh`gh]hHq_\b^gh y gZ^_xkv
\u magZeba^_kv km`^_gb_hq_\b^gh ^ey dh]h"kms_kl\mxl aZdhguijbjh^u
K\bgvb g_ fh]ml e_lZlvex^b g_ fh]ml
`blv [_a dbkehjh^ZH^gZdh
h]jZgbq_gbymklZgh\e_ggu_ M[_`^_gbyfbq_eh\_dZwlh h]jZgbq_gby^jm]h]h
jh^ZY g_fh]m hldZaZlvbeb Y wlhyY g_ kihkh[_gbaf_gylvkybeb
G_\hafh`gh kdZaZlvbf ijZ\^m
G_l gbdZdboijh[e_f_keb q_eh\_d ^mfZ_lqlh mg_]h _klvg_dhlhju_
kihkh[ghklb ^h l_oihjihdZ wlh g_ klZgh\blky y\ghc eh`vx beb g_
ijhlb\hj_qbl aZdhgZfijbjh^uwlh g_ fh]my\ey_lky h]jZgbqb\ZxsbfY g_
fh]mqZklh mihlj_[ey_lky\ kfuke_Z[khexlgh]h khklhygbyg_dhfi_l_glghklb
g_\hafh`ghklb baf_gylvky
Njbp
I_jeahkgh\Zl_ev
]_rlZevll_jZibb[u\Zehhl\_qZe
gZ
\ukdZau\Zgb_ deb_glZY g_fh]mke_^mxsbf h[jZahfG_ ]h\hjbl_y g_
fh]mkdZ`bl_y g_ [m^mWlh ^h\hevghkbevgh_ i_j_nhjfbjh\Zgb_g_f_^e_ggh
i_j_f_sZ_l deb_glZba khklhygby [_a\uoh^ghklb \ khklhygb_\hafh`ghklb ih
djZcg_c f_j_hkhagZlv \hafh`ghklv\u[hjZ
;he__ ykguf \hajZ`_gb_f
b
\hajZ`_gb_f
k f_gvr_c \_jhylghklvx
jZajmr_gby jZiihjlZy\ey_lkyQlh kemqblky_keb \uwlh k^_eZ_l_"beb
Qlh \ZkhklZgZ\eb\Z_l"bebDZd \u k_[yhklZgZ\eb\Z_l_"Dh]^Z dlhlh
]h\hjblqlh hg g_fh`_l k^_eZlvqlhlhwlh agZqblqlh hgmklZgh\be p_ev
Z aZl_fihf_klbe __ \g_ahgu ^hky]Z_fhklb<hijhkQlh \ZkhklZgZ\eb\Z_l"
i_j_ghkbl Zdp_gl kgh\Z gZp_ev b gZkljZb\Z_l gZjZ[hlm ih ij_h^he_gbx
[Zjv_jh\ \dZq_kl\_ i_j\h]hrZ]Z
Mqbl_ey bl_jZi_\lu jZ[hlZxlgZ^ baf_g_gb_flZdh]h khjlZh]jZgbq_gbcb
i_j\uc rZ]ihklZ\blv ih^khfg_gb_ fh^Zevguchi_jZlhjMqbl_ey klZedb\Zxlky
k wlbfdZ`^uc jZadh]^Z mq_gbdbaZy\eyxl bfqlh hgbg_ fh]mlihgylv beb
\k_]^Zg_ijZ\bevgh
ihgbfZxl
\hijhkuL_jZi_\lu
ihfh]Zxl deb_glZf
ijhju\Zlvky kd\havk\hb h]jZgbq_gby
?keb q_eh\_dml\_j`^Z_lY g_fh]m jZkkeZ[blvkylh hg^he`_g bf_lv
g_dhlhjh_ ij_^klZ\e_gb_h lhfgZ qlhihoh`_ jZkkeZ[e_gb_Z bgZq_dZd hg
magZ_lqlh hg jZkkeZ[beky"<havfbl_ ihablb\gmx p_evqlh [u \ufh]eb
k^_eZlvb mklZgh\bl_qlh
ij_iylkl\m_l __
hkms_kl\e_gbx qlh \Zk
hklZgZ\eb\Z_lbeb \gbfZl_evghbamqbl_ ihke_^kl\byqlh ijhbahreh[u_keb
[u \u wlhk^_eZebBf_ggh wlbihke_^kl\by b[Zjv_ju hdZaZebkvkl_jlufbB
ijb djblbq_kdhfbamq_gbb hgb fh]mlhdZaZlvky g_ lZdbfbljm^ghij_h^hebfufb
dZd \u^mfZeb
Kfuke fh^Zevguo hi_jZlhjh\ \hafh`ghklbY g_ fh]mijhykgy_lky k
ihfhsvx \hijhkh\Qlh ijhbahreh [u_keb [u \u k^_eZeb "beb Qlh
ij_iylkl\m_l \Zf"
FH>:EVGU? HI?J:LHJUG?H;OH>BFHKLB
Fh^Zevgu_ hi_jZlhjug_h[oh^bfhklb ihy\eyxlky \\b^Z keh\ke_^m_lb
g_ ke_^m_l^he`_gb g_ ^he`_gh[yaZgb g_ h[yaZgKms_kl\mxl
g_dhlhju_ ijZ\beZih\k_^g_\gh]h ih\_^_gbygh wlb ijZ\beZg_ \ujZ`Zxlky
y\ghDZdh\u ihke_^kl\by j_Zevgu_ beb \hh[jZ`Z_fu_gZjmr_gby wlbo
ijZ\be"Hgb \kdju\Zxlkyk ihfhsvx\hijhkZQlh [uijhbahreh_keb [u \u
\k_lZdb k^_eZebbeb g_k^_eZebwlh"
Y ^he`_g\k_]^Z klZ\blv gZi_j\h_ f_klh^jm]boQlh ijhbahc^_l_keb
lu wlh]hg_ k^_eZ_rv"
Y g_^he`_g jZa]h\Zjb\Zlv\ deZkk_Qlh ijhbahc^_l_keb lu\k_lZdb
aZ]h\hjbrv"
Fg_ g_ke_^m_l jZa]h\Zjb\Zlv kwlbfb ex^vfbQlh kemqblky_keb lu
aZ]h\hjbrv"
<Zf ke_^m_l fulv jmdbi_j_^ _^hcQlh kemqblky_keb \u wlh]h g_
k^_eZ_l_"
DZd lhevdh wlb ihke_^kl\byb ^h\h^u klZeb^ey \Zky\gufbhgb fh]ml
[ulv h[^mfZgu b djblbq_kdb
hp_g_gu[
ijhlb\ghf
kemqZ_ hgb [m^ml
h]jZgbqb\Zlv \u[hjub ih\_^_gb_
IjZ\beZ ih\_^_gbyhq_\b^ghy\eyxlky \Z`gufbb h[s_kl\h ^_j`blkygZ
dh^_dk_ fhjZebgh kms_kl\m_lh]jhfgh_ jZaebqb_ f_`^mL_[_ ke_^m_l [ulv
q_klguf \ k\h_f[bag_k_b L_[_ ke_^m_lqZs_ oh^blv\ dbghKe_^m_lb
g_ ke_^m_lqZklh ijb\e_dZxl lZdb_
fhjZevgu_ km`^_gbydhlhjuo hgb
g_^hklhcgu
H[gZjm`blv kdjulh_fh`ghebrv kijhkb\Qlh kemqblky_keb"
Hldjulby kh\_jrZxlky lhevdhk ihfhsvx\hijhkh\Qlh ijhbahc^_l_keb
"y [m^m \k_ \j_fyieulv gZ aZiZ^"y kfh]m^\b]Zlvky kh kdhjhklvx
k\_lZ"m f_gy ihy\blky\hafh`ghklv ihemqblv i_gbpbeebg"A_fey [m^_l
\jZsZlvky \hdjm]KhegpZ"Ih^h[gu_ \hijhkue_`Zl \hkgh\_ gZmqgh]hf_lh^Z
H[jZah\Zgb_ fh`_l e_]dh klZlv m`Zkguf fbgguf ihe_f ba fh^Zevguo
hi_jZlhjh\kjZ\g_gbc bkm`^_gbcDhgp_ipby klZg^Zjlh\ b l_klbjh\Zgbyb
lh]hqlh ^_lb^he`gu bebg_ ^he`gu mf_lv^_eZlvy\ey_lky kebrdhfkfmlghc
qlh[u [ulvihe_aghcbebom`_ lh]hkebrdhf h]jZgbqb\Zxs_cih^Z\eyxs_c
?keb y]h\hjx j_[_gdmLu ^he`_g mf_lv^_eZlv wlhlh yl_f kZfuf
ebrv \ujZ`Zxk\h_ m[_`^_gb_Y g_ kfh]ma^jZ\h hl\_lblvgZ j_ahgguc\hijhk
: qlhijhbahc^_l_keb yg_ kfh]mk^_eZlv wlh"
Ihkdhevdm gZk bgl_j_kmxl kihkh[ghklblh ]hjZa^h e_]q_ ^mfZlv \
l_jfbgZo lh]hqlh q_eh\_d fh`_l beb g_ fh`_l^_eZlvq_f lh]hqlh hg
^he`_g bebg_ ^he`_gmf_lv ^_eZlv
Bkihevah\Zgb_ ^he`_ggZ mjh\g_kihkh[ghkl_c qZklh\hkijbgbfZ_lky dZd
mij_d\u h[yaZgu mf_lv^_eZlv wlhgh g_fh`_l_lZd \\h^blkykh\_jr_ggh
g_mf_klgh_ qm\kl\h ijh\ZeZBkihevah\Zgb_ ^he`_glZdbf kihkh[hfk kZfbf
kh[hc bebk ^jm]bfbex^vfb y\ey_lkyij_\hkoh^guf kihkh[hf\uau\Zlv f]gh\_ggh
qm\kl\h \bgu ihlhfm qlh ijZ\behgZjmr_ghkha^Z\Zy bkdmkkl\_ggmx[j_rv
f_`^m h`b^Zgbyfb b j_ZevghklvxY\eyxlky eb h`b^Zgby j_Zebklbq_kdbfb"
Y\ey_lky eb ijZ\beh ihe_aguf beb ih^oh^ysbf">he`_gqZklh y\ey_lky
j_Zdpb_c k_j^blh]h mij_dZ kh klhjhgu q_eh\_dZdhlhjuc g_bf__l ijyfh]h
^hklmiZ gbd ]g_\mgb dh`b^ZgbyfZ lZd`_g_ [_j_lgZ k_[yhl\_lkl\_gghklb
aZ gbo
Kfuke fh^Zevguohi_jZlhjh\ g_h[oh^bfhklbY g_^he`_g Y ^he`_g
\uykgy_lky kihfhsvx \hijhkh\Qlh [u kemqbehkv_keb [u\u k^_eZebg_
k^_eZeb"
MGB<?JK:EVGU? D<:GLBNBD:LHJU
=_g_jZebaZpby h[h[s_gb_wlh dh]^Z h^bg ijbf_j[_j_lky \dZq_kl\_
ij_^klZ\bl_ey jy^Z jZaebqguo \hafh`ghkl_c?keb [ufu g_h[h[sZebfu
\ugm`^_gu [ueb[u ^_eZlvjZaebqgu_ \_sbkgh\Z bkgh\Zb ^mfZlv h \k_o
\hafh`guo bkdexq_gbyob h]h\hjdZowlh hlgbfZeh[u kebrdhffgh]h \j_f_gb
Fu khjlbjm_f gZrbagZgby \h[h[s_ggu_ dZl_]hjbbgh fu ihemqZ_f agZgby
ij_`^_ \k_]himl_f kjZ\g_gbyb hp_gdbjZaebqbcb wlh\Z`gh ^eyijh^he`_gby
khjlbjh\db jZaebqbclZd qlh
h[h[s_gby fh]ml [ulv ijb g_h[oh^bfhklb
baf_g_guIhjhc gZf g_h[oh^bfh[ulv dhgdj_lgufbb fure_gb_ \ l_jfbgZo
h[h[s_gbc lh]^ZhdZau\Z_lky aZimlZggufb g_ijZ\bevgufDZ`^uc kemqZclj_[m_l
k\h_]h ih^oh^ZKms_kl\m_l hiZkghklvg_ m\b^_lvhl^_evguo ^_j_\v_\ \ e_km
_keb jZagu_qZklb hiulZ[_a jZa[hjZkf_rb\Zxlky Zdmqm ih^h^gbf gZa\Zgb_f
=hlh\ghklv ^himklblvbkdexq_gby iha\hey_l\Zf [ulv[he__ j_Zebklbqgufb
J_r_gby g_^he`gu [ulvlbiZ\k_ bebgbq_]hQ_eh\_ddhlhjuc ^mfZ_lqlh
hg \k_]^Z ijZ\ij_^klZ\ey_l kh[hc [hevrmx hiZkghklvq_f lhldhlhjuc
^mfZ_lqlh hg \k_]^Z hrb[Z_lky< om^r_f kemqZ_ wlh fh`_l hagZqZlv
ij_^m[_`^_gb_madheh[hklv b ^bkdjbfbgZpbxH[h[s_gby ij_^klZ\eyxlkh[hc
ebg]\bklbq_kdbc imodhlhjuc aZkhjy_ldhffmgbdZpbx
H[h[s_gby kha^Zxl\ay\ g_kdhevdhijbf_jh\ \ dZq_kl\_ ij_^klZ\bl_e_c
p_ehc ]jmiiulZd qlh hgb qZklhkh^_j`Zl h[h[s_ggu_kms_kl\bl_evgu_ b
g_ki_pbnbq_kdb_ ]eZ]heuFgh]b_ ba wlbodZl_]hjbc f_lZfh^_ebi_j_dju\Zxl
^jm]
^jm]ZQ_f [he__ g_ykguf y\ey_lky ml\_j`^_gb_l_f k [hevr_c
\_jhylghklvx hghgZjmrZ_l g_kdhevdhdZl_]hjbc
H[h[s_gby qZklh \ujZ`Zxlky keh\Zfb lbiZ \k_dZ`^uc\k_]^Z
gbdh]^Zb gbdlhWlb keh\Z g_^himkdZxl gbdZdbobkdexq_gbc b ba\_klgu
dZd mgb\_jkZevgu_d\ZglbnbdZlhju< g_dhlhjuokemqZyo hgbhlkmlkl\mxlgh
ih^jZamf_\ZxlkygZijbf_jY ^mfZxqlh dhfivxl_ju wlh imklZy ljZlZ
\j_f_gbbebIhifmaudZ wlh \a^hj<hl _s_g_kdhevdh ijbf_jh\
Bg^bckdZy ibsZm`ZkgZ gZ\dmk
<k_ h[h[s_gbyg_ijZ\bevgu
>hfZ kebrdhf^hjh]h klhyl
:jlbklu bgl_j_kgu_ ex^b
Mgb\_jkZevgu_
d\ZglbnbdZlhju y\eyxlky iZjZ^hdkZevgh h]jZgbq_ggufb
JZkrbj_gb_ ml\_j`^_gby^h lZdhckl_i_gbqlh[u hghihdju\Zeh \k_\hafh`ghklb
beb hl\_j]Zeh\k_ \hafh`ghklb^_eZ_l bkdexq_gbyljm^gh h[gZjm`bfufb<hl
b kha^Zgnbevlj \hkijbylbybeb kZfhhijZ\^u\Zxs__ky ijhjhq_kl\h\u [m^_l_
\b^_lv bkeurZlv ebrvlhqlh h`b^Z_l_m\b^_lv bmkeurZlv
Mgb\_jkZevgu_ d\ZglbnbdZlhju g_ \k_]^Z hdZau\Zxlky hrb[hqgufbHgb
fh]ml [ulvhkgh\Zgu gZnZdlZoghqv \k_]^Zkf_gy_l ^_gvZ y[ehdbgbdh]^Z g_
iZ^Zxl \\_joKms_kl\m_l [hevrh_ jZaebqb_ f_`^mml\_j`^_gbyfb wlh]hlbiZ b
ml\_j`^_gbyfb lbiZY gbdh]^Zgbq_]h g_ ^_eZx ijZ\bevghQlh[u \_jblv\
wlhq_eh\_d ^he`_gaZf_qZlv lhevdhl_ fhf_glu\j_f_gbdh]^Z hghrb[Zekyb
aZ[ulv bebg_ ijbgbfZlv\ jZkq_l\k_ kblmZpbb\ dhlhjuohg [ueijZ\Gbdlh
g_ fh`_lZ[khexlgh \k_^_eZlv g_ijZ\bevghLZdh]h ihegh]hg_kh\_jr_gkl\Z g_
kms_kl\m_lQ_eh\_d h]jZgbqb\Z_lk\hc fbjl_fdZd hg]h\hjbl h[wlhf fbj_
Mki_rgu_ b m\_j_ggu_ex^b klj_fylky^_eZlv h[h[s_gbyijhlb\hiheh`guf
kihkh[hfHgb m[_`^_gu \ lhfqlh hgb qZklh ihklmiZxlijZ\bevghaZ
bkdexq_gb_f hl^_evguokemqZ_\>jm]bfb keh\Zfbhgb m[_`^_gu \lhfqlh m
gbo _klvkihkh[ghklb
GZijbf_j^ey
lh]hqlh[u ihklZ\blv ih^ khfg_gb_
mgb\_jkZevguc
d\ZglbnbdZlhj \ml\_j`^_gbbY gbdh]^Z gbq_]hg_ ^_eZxijZ\bevghbsbl_
bkdexq_gb_<u GBDH=>:gbq_]h g_^_eZeb ijZ\bevgh"G_ fh]eb[u \u\kihfgblv
ohly
[u h^bgkemqZcdh]^Z \u \k_lZdb ^_eZeb qlhlh ijZ\bevgh"JbqZj^
;wg^e_j jZkkdZau\Z_lbklhjbx hdeb_gl_dhlhjuc ijbr_e dg_fm gZl_jZibx ih
ih\h^m hlkmlkl\by m\_j_gghklb \ k_[_ ghfbgZebaZpbyJbqZj^ gZqZe k
\hijhkh\
;ueh ebdh]^Zgb[m^v \j_fydh]^Z \u[ueb m\_j_gu\ k_[_"
G_l
<u ohlbl_kdZaZlvqlh gb jZamaZ \kxk\hx `bagv g_[ueb m\_j_gu\
k_[_"
Kh\_jr_ggh \_jgh
G_ [uehgb h^gh]h_^bgkl\_ggh]h kemqZy"
G_l
<u m\_j_gu"
:[khexlgh
<lhjhc kihkh[dhlhjuf \ufh`_l_ ihklZ\blv ih^ khfg_gb_ h[h[s_gb_
lZdh]h jh^Zwlh ^h\_^_gb_^h Z[kmj^Ziml_f ij_m\_ebq_gbyLZd\ hl\_l
gZY gbdh]^Zg_ kfh]mihgylv GEI
\u fh`_l_kdZaZlv<u ijZ\uHq_\b^ghGEI kebrdhfljm^gZy \_sv
qlh[u \u kfh]eb ihgylv__Ihq_fm [u g_ [jhkblvwlh ijyfhk_cqZk"Wlh
[_agZ^_`ghhklZ\rZyky qZklv\Zr_c `bagbg_^hklZlhqgh ^ebggZqlh[u hk\hblv
GEI
Wlh qZklh[m^_l \uau\Zlvj_Zdpbxih^h[gmx ke_^mxs_cGm m`g_ly g_
lZdhc lmibpZ
?keb \u klZ\bl_ih^ khfg_gb_ h[h[s_gb_ij_m\_ebqb\Zy _]h^hklZlhqgh
m[_^bl_evghlh q_eh\_ddhlhjuc _]h \ukdZaZekdhj__ \k_]h ij_djZlbl
aZsbsZlv ijhlb\hiheh`gmxlhqdm aj_gbyH[jZlgZy k\yavij_^hklZ\e_ggZy \Zfb
ihdZaZeZ __Z[kmj^ghklvHg klZg_l[he__ k^_j`Zgguf_keb \uhddmibjm_l_ _]h
djZcgxx ihabpbx[he__ m[_^bl_evghq_f hgkZf
Kfuke mgb\_jkZevguo d\ZglbnbdZlhjh\ fh`gh\uykgblvihijhkb\ gZclb
dhgljijbf_j;ueh ebdh]^Zgb[m^v \j_fydh]^Z"
DHFIE?DKG:Y WD<B<:E?GLGHKLV
Dhfie_dkgZy wd\b\Ze_glghklv \hagbdZ_llh]^Zdh]^Z ^\Z ml\_j`^_gby
k\yaZgu lZdbfh[jZahfqlhih fg_gbxZ\lhjZhgb h[hagZqZxlh^gh b lh`_
gZijbf_j<u g_ meu[Z_l_kv\u g_ihemqZ_l_ m^h\hevkl\b_>jm]hc ijbf_j
?keb lu g_kfhljbrv gZ f_gydh]^Z y ]h\hjx klh[hcagZqbllu g_
h[jZsZ_rv gZf_gy gbdZdh]h\gbfZgbyWlh h[\bg_gb_qZklh ij_^ty\eyxl^jm]bf
ex^bfukeysb_ ij_bfms_kl\_ggh \bamZevguf kihkh[hfdhlhjuf g_h[oh^bfh
kfhlj_lv gZ]h\hjys_]hqlh[u ihgbfZlvqlh hg]h\hjbl Q_eh\_ddhlhjuc
^mfZ_l [hevr_c
qZklvx dbg_kl_lbq_kdb_aZohq_l kfhlj_lv
\gbaqlh[u
h[jZ[Zlu\Zlv lhqlh hg keurbl >ey \bamZevgh]h q_eh\_dZwlh hagZqZ_l
hl\e_q_gb_ \gbfZgbyihlhfm qlh_keb [uhg kZf kfhlj_e\gbahg g_kfh] [u
khkj_^hlhqblv k\h_\gbfZgb_ gZj_qb kh[_k_^gbdZHg h[h[sbek\hc kh[kl\_gguc
hiul\dexqb\ \g_]h hiul\k_o ^jm]bo ex^_cb aZ[ue hlhfqlh ex^b
^mfZxl ihjZaghfm
Dhfie_dkgZy
wd\b\Ze_glghklv
fh`_l [ulv
ihklZ\e_gZ ih^ khfg_gb_
\hijhkhfDZdbf h[jZahfh^gh k\yaZghk ^jm]bf"
IJ?KMIIHABPBB
M \k_o gZk_klv m[_`^_gby b h`b^Zgby\hagbdrb_ bagZr_]h ebqgh]h
hiulZ[_a gbo `blv g_\hafh`ghLZd dZd fu \ugm`^_gu ^_eZlvg_dhlhju_
ij_^iheh`_gbylh hgb fh]eb [u [ulv lZdbfb
ij_^iheh`_gbyfbdhlhju_
ij_^hklZ\eyxl gZf k\h[h^m\u[hju b m^h\hevkl\b_ \ wlhf fbj_Z g_
ij_^iheh`_gbyfbdhlhju_ h]jZgbqb\ZxlgZkFu qZklhihemqZ_f lhqlh h`b^Z_f
ihemqblv
;Zah\u_
ij_^iheh`_gbydhlhju_ h]jZgbqb\Zxl
\u[hjufh]ml [ulv
ih^\_j]gmlu khfg_gbxHgb qZklh ijyqmlky\ \hijhkZogZqbgZxsboky khkeh\Z
ihq_fmIhq_fm \ug_ fh`_l_ ihaZ[hlblvky h[h fg_ ^he`guf h[jZahf"
ij_^iheZ]Z_lqlh \u g_ aZ[hlbl_kv hq_eh\_d_ ^he`gufh[jZahf?keb \u
ihiulZ_l_kv hl\_qZlvgZ wlhl\hijhk ijyfhlh \u ih^l\_j^bl_g_\ukdZaZggh_
ij_^iheh`_gb_
Lu kh[bjZ_rvkygZ^_lv a_e_gmxbeb djZkgmxib`Zfmqlh[u e_qvkiZlv"
y\ey_lky ijbf_jhfobljh]h ij_^hklZ\e_gbyydh[u k\h[h^gh]h\u[hjZgh \u[hj
hdZau\Z_lky k\h[h^gufebrv \ lhfkemqZ__keb \ZfbijbgbfZ_lky [he__\Z`gh_
ij_^iheh`_gb_\ ^Zgghf kemqZ_qlh \u b^_l_ kiZlvHgh fh`_l [ulv
ihklZ\e_gh ih^khfg_gb_ \hijhkhfK q_]h\u \ayebqlh ykh[bjZxkv eh`blvky
kiZlv"
Ij_^eh`_gbykh^_j`Zsb_ keh\Z lZd dZddh]^Zb _kebqZklh
kh^_j`Zl \ k_[_ij_kmiihabpbblh `_kZfh_ ijhbkoh^bl\ ij_^eh`_gbyo k
]eZ]heZfb ihcfbl_hkhagZcl_beb b]ghjbjh\ZlvgZijbf_jIhcfbl_
ihq_fm
fu
ijb^Z_f
klhev \Z`gh_
agZq_gb_ ebqghklb>jm]b_ ijbf_ju
ij_kmiihabpbc
Dh]^Z \u aZ[he__l_\u ihcf_l_ wlh<u g_ [he__l_M` g_
kh[bjZ_rvky eblu kdZaZlvfg_ hq_j_^gmxeh`v"<u m`_e]Zeb fg_jZgvr_
Ihq_fm [u\Zf g_klZlv [he__meu[qb\uf"<u g_^hklZlhqghmeu[qb\uc
Lu lZdhc `_ ]emiucdZd l\hchl_pL\hc hl_p]emiY \k_kbeu
ijbeh`m dwlhc jZ[hl_WlZ jZ[hlZljm^gZy
M fh_ckh[Zdb ijhbaghr_gb_dhdgbFhy kh[ZdZmf__l ]h\hjblv
Ij_kmiihabpbb h[yaZl_evghkh^_j`Zl ^jm]b_gZjmr_gby f_lZfh^_ebdhlhju_
lj_[mxl khjlbjh\dbBlZd\u ^mfZ_l_qlh y g_^hklZlhqgh meu[qb\uc":
^hklZlhqgh wlh dZd"< dZdboh[klhyl_evkl\Zo ;uohlbl_qlh[u ymeu[Zeky"
Ij_kmiihabpbb fh]ml [ulv ih^\_j]gmlu
khfg_gbx \hijhkhfQlh
aZklZ\beh \Zkih^mfZlvqlh "b ih^jh[gufijhy\e_gb_f ij_kmiihabpbb
IJBQBG: BKE?>KL<B?
<u aZklZ\ey_l_f_gy qm\kl\h\Zlvk_[y iehohY gbq_]hgZ fh]mk wlbf
ih^_eZlvYaud ihl\hjkl\m_lfure_gbx \klbe_ ijbqbgub ke_^kl\by:dlb\gu_
km[t_dlu h[uqgh\ha^_ckl\mxl gZiZkkb\gu_ h[t_dlugh wlh kebrdhf [hevrh_
mijhs_gb_HiZkgh ^mfZlv hex^yo[m^lh hgbih^h[gh [bevyj^guf rZjZf
ih^qbgylky aZdhgZf ijbqbgu bke_^kl\byKheg_qguc k\_l aZklZ\ey_lp\_lu
jZklbij_^klZ\ey_l kh[hckl_gh]jZnbq_kdh_ baeh`_gb_qj_a\uqZcgh keh`ghc
\aZbfhk\yabJZafure_gb_ \ l_jfbgZo ijbqbgg_ h[tykgy_l gbq_]hb ebrv
\uau\Z_l \hijhkDZd"
IjhiZklv jZaebqbc jZa^_ey_l\ujZ`_gby<_l_j ]g_l ^_j_\vyb<u
jZa^jZ`Z_l_ f_gy<_jblv \ lhqlh dlhlh ^jm]hcg_k_l hl\_lkl\_gghklvaZ
\Zr_ wfhpbhgZevgh_khklhygb_\k_ jZ\ghqlh ij_^hklZ\blvbf k\h_]h jh^Z
nbabq_kdmx \eZklvgZ^ \Zfbdhlhjhc m gbo g_l<hl ijbf_jubkdZ`_gbc wlh]h
lbiZ
<u gZ^h_ebfg_<u aZklZ\ey_l_f_gy bkiulu\Zlvkdmdm
Y jZ^qlh \umreb<Zr moh^aZklZ\ey_l f_gybkiulu\Zlv jZ^hklv
Y jZkdbkbaaZ ih]h^uIh]h^Z \uau\Z_lm f_gydbkeh_ gZkljh_gb_
H^bg q_eh\_d g_
bf__l \hafh`ghklb g_ihkj_^kl\_ggh dhgljhebjh\Zlv
wfhpbhgZevgh_ khklhygb_ ^jm]h]h q_eh\_dZFukeb h lhfqlh \u fh`_l_
aZklZ\eylv ex^_c i_j_`b\Zlv jZaebqgu_ khklhygbybeb qlh^jm]b_ ex^bfh]ml
\uau\Zlv m\Zk jZaebqgu_ gZkljh_gbyy\eyxlky \_kvfZh]jZgbqb\Zxsbfb b\
agZqbl_evghc kl_i_gb hdZau\ZxlkyijbqbgZfb jZkkljhckl\Hl\_lkl\_gghklv aZ
hsms_gby ^jm]boex^_c wlh ly`_eh_[j_fy<Zf g_h[oh^bfh[m^_l ijbgylvgZ
k_[y kebrdhf [hevrmx b baebrgxxaZ[hlm hlhfqlh \u]h\hjbl_ b^_eZ_l_
Jmdh\h^kl\mykv ijbqbgghke_^kl\_gguf iZll_jghf\u klZg_l_ eb[h `_jl\hc
eb[h gyg_c^ey ^jm]boex^_c
Keh\h ghhq_gv qZklhhagZqZ_l ijbqbgghke_^kl\_ggmx k\yavij_^eZ]Zy
ijbqbgmih dhlhjhcq_eh\_d qm\kl\m_lk_[y \ugm`^_ggufg_ ^_eZlvqlhlh
Y [uihfh] l_[_gh ykebrdhf mklZe
Y [umr_e \hlimkdgh nbjfZjZa\Zeblky [_af_gy
Kms_kl\m_l ^\Zmjh\gy j_Z]bjh\ZgbygZ ijbqbgghke_^kl\_ggmx k\yav>ey
gZqZeZ ijhklh kijhkblvdZd bf_gghh^gZ \_sv\uau\Z_l ihy\e_gb_^jm]hc
HibkZgb_ lh]hdZd wlhijhbkoh^blqZklh hldju\Z_lgh\u_ \hafh`ghklb ^ey
^Zevg_cr_]h j_Z]bjh\ZgbyGh
hgh \k_lZdb hklZ\ey_l g_aZljhgmluf
lh
nmg^Zf_glZevgh_ m[_`^_gb_dhlhjh_ lZdkbevgh mdhj_gbehkv\ gZr_cdmevlmj_ b
dhlhjh_ aZdexqZ_lky \lhfqlh ^jm]b_ex^b h[eZ^Zxl \eZklvxgZ^ gZrbf
wfhpbhgZevguf khklhygb_fb g_kmlhl\_lkl\_gghklv aZ_]h baf_g_gb_GZ kZfhf
`_ ^_e_fu kZfbkha^Z_f gZrbqm\kl\ZGbdlh ^jm]hcg_ kfh`_lk^_eZlv wlh]h
aZ gZkFu kZfbj_rZ_f bg_k_f hl\_lkl\_gghklvaZ k\hbJ_Zdpbb>mfZlvqlh
^jm]b_ ex^b\uau\Zxl gZrb qm\kl\ZagZqbl gZk_eblvk\hc fbj[_a`bag_ggufb
[bevyj^gufb rZjZfbQm\kl\Z\hagbdZxsb_ \ gZk\ hl\_lgZ ^_ckl\by^jm]bo
ex^_ch[uqgh y\eyxlkyj_amevlZlhf kbg_kl_abbFu \b^bf bebkeurbf qlhlh b
j_Z]bjm_f hsms_gb_fWlZ k\yavklZgh\blky Z\lhfZlbq_kdhc
<hijhk f_lZfh^_ebZ^j_kh\Zgguc dij_^iheh`_gbx hijbqbgghke_^kl\_gghc
k\yab \\ukdZau\Zgbb lbiZHg jZa^jZ`Z_lf_gyaZmqbl ke_^mxsbfh[jZahf
DZd bf_ggh\u \uau\Z_l_m k_[yjZa^jZ`_gb_ \hl\_l gZlhqlh hgkdZaZe"<
lZdhf \hijhk_\kljh_gh ij_^iheh`_gb_h lhfqlh q_eh\_dkZf fh`_l\u[bjZlv
k\hx wfhpbhgZevgmxj_Zdpbx
Ijbqbgghke_^kl\_ggZy k\yavfh`_l [ulv ih^\_j]gmlZ khfg_gbx\hijhkhf
DZdbf dhgdj_lghh[jZahf h^gh\uau\Z_l ^jm]h_"bebQlh ^he`ghijhbahclb
lZdh_qlh[u h^ghg_ [ueh\ua\Zgh ^jm]bf"
H[gZjm`b\ m[_`^_gb_lbiZ ijbqbgghke_^kl\_gghc k\yabaZ^Zcl_ \hijhk
DZd bf_ggh \uaZklZ\ey_l_ k_[yj_Z]bjh\Zlv lZdbfkihkh[hf gZlhqlh \u
\b^bl_ bebkeurbl_"
QL?GB? FUKE?C
Ql_gb_ fuke_c\hagbdZ_l lh]^Zdh]^Z q_eh\_dij_^iheZ]Z_l bebagZ_lg_
bf_y g_ihkj_^kl\_ggh]h ^hdZaZl_evkl\Zqlh ^jm]hc q_eh\_d ^mfZ_l
beb
hsmsZ_lFu qZklh^_eZ_f wlhBgh]^Z wlhy\ey_lky bglmblb\ghcj_Zdpb_c gZ
g_dhlhju_ g_\_j[Zevgu_kb]gZeudhlhju_ fuaZf_qZ_f gZg_hkhagZgghf mjh\g_
QZklh wlh qbklZy]ZeexpbgZpby beblhqlh fukZfb ^mfZebbeb qm\kl\h\Zeb[u
\ lZdhc kblmZpbbfu ijh_dlbjm_fgZrb kh[kl\_ggu_ fukeb b qm\kl\Z b
i_j_`b\Z_f bolZddZd [m^lhhgb ijbrebhl ^jm]h]hq_eh\_dZKdjy]Z \k_]^Z
kqblZ_l \k_o hklZevguoex^_c kdmiufbL_dlh aZgbfZ_lky ql_gb_ffuke_c
qZklh ^mfZxlqlh hgbijZ\ugh wlhg_ y\ey_lky]ZjZglb_c lh]hqlh lZdhgh
b _klvAZq_f ]Z^Zlv_keb \ufh`_l_ kijhkblv"
Kms_kl\m_l ^\Z hkgh\guo lbiZ ql_gbyfuke_c< i_j\hf lbi_ q_eh\_d
ij_^iheZ]Z_lqlh hgagZ_l hlhfqlh ^jm]hc^mfZ_lGZijbf_j
>`hj^` g_kqZkl_g
Fh]m kdZaZlvqlh _cg_ ihgjZ\bekyih^Zjhddhlhjuc y_c ih^Zjbe
Y agZxqlh ijb^Z_l_fm kbeu
Hg [uejZa]g_\Zggh g_ihdZau\Ze \b^Z
>he`gu kms_kl\h\Zlv \_kdb_ k_gkhjghh[hkgh\Zggu_ ^hdZaZl_evkl\Z ^ey
lh]hqlh[u ijbibku\Zlv fukebqm\kl\Z b fg_gby ^jm]bf ex^yf<u fh`_l_
kdZaZlv>`hj^` \ ^_ij_kkbbgh [ueh[u [he__ihe_aguf kdZaZlv>`hj^`
kfhljbl \gbab
gZijZ\h hlk_[yfmkdmeu _]hebpZ jZkkeZ[e_gub ^uoZgb_ih\_joghklgh_
M]hedb jlZhims_gu bie_qb kkmlme_gu
<lhjhc lbi ql_gby fuke_cy\ey_lky a_jdZevguf hljZ`_gb_f i_j\h]h b
ij_^hklZ\ey_l ^jm]bf ex^yf \eZklvqblZlv \Zrb fukebDZd ijZ\behwlh
bkihevam_lky ^eylh]hqlh[u aZl_fmij_dgmlv bo\ lhfqlh hgbg_ ihgbfZxl
\Zkdh]^Z \u^mfZ_l_qlh hgb^he`gu [ueb[u ihgylvGZijbf_j
?keb [ulu ex[bef_gylu [uagZeq_]h yohqm
Lu qlhg_ agZ_rvdZd yqm\kl\mx k_[y"
Y jZkkljh_gZl_fqlh l_[yg_ bgl_j_kmxlfhb qm\kl\Z
L_[_ ke_^m_lagZlvqlh fg_wlh gjZ\blky
Q_eh\_dbkihevamxsbc lZdb_ iZll_jgug_ kfh`_l ihgylgh h[tykgblv
^jm]bfq_]h hg ohq_lij_^iheZ]Z_lkyqlh ^jm]b_dZdbflh h[jZahfagZxl h[
wlhfWlh fh`_lijb\_klb di_j\hdeZkkghc kkhj_
Kihkh[ ih^\_j]gmlv khfg_gbxql_gb_ fuke_caZdexqZ_lky \ lhfqlh[u
kijhkblvdZdbf dhgdj_lgh h[jZahf hgmagZ_lqlh \u ^mfZ_l_Beb\
ijh_dlbjm_fhf ql_gbbfuke_cdZd bf_gghih \Zr_fmfg_gbxhg ^he`_gagZlv
qlh \uqm\kl\m_l_
Dh]^Z \uklj_fykv \uykgblvagZq_gb_ ql_gbyfuke_caZ^Z_l_ \hijhk
DZd \u magZ_l_"hl\_lhf qZklh y\ey_lky g_dhlhjh_ m[_`^_gb_ beb
h[h[s_gb_GZijbf_j
>`hj^` kh\_jr_gghg_ h[jZsZ_lgZ f_gygbdZdh]h \gbfZgby
DZd \umagZ_l_ h lhfqlh >`hj^`g_ h[jZsZ_lgZ \Zk gbdZdh]h
\gbfZgby"
Ihlhfm qlhhg gbdh]^Zg_ ^_eZ_llh]hqlh y]h\hjx
LZdbf h[jZahf\ fh^_eb fbjZ ]h\hjys_]h^_eZlv lhqlh y]h\hjx
jZ\ghagZqgh h[jZs_gbx \gbfZgbygZ f_gyFy]dh \ujZ`Zykvwlh khfgbl_evgh_
ij_^iheh`_gb_Ih ih\h^mlZdhc dhfie_dkghcwd\b\Ze_glghklb b gZijZrb\Z_lky
\hijhkDZd bf_gghaZ[hlZ hdhflh fh`_lhagZqZlv g_h[oh^bfhklv ^_eZlvlh
qlh hg]h\hjbl"?keb \uh[jZsZ_l_ \gbfZgb_gZ dh]hlh\u \k_]^Z^_eZ_l_ lh
qlh hg]h\hjbl"
Ql_gb_ fuke_cfh`_l [ulvih^\_j]gmlh khfg_gbx\hijhkhfDZd bf_ggh \u
magZ_l_qlh "
F_lZfh^_ev \hkklZgZ\eb\Z_lk\yav f_`^myaudhf bbg^b\b^mZevguf hiulhfb
fh`_l [ulvbkihevah\ZgZ ^ey
K[hjZ bgnhjfZpbb
<uykg_gby agZq_gby
B^_glbnbdZpbb h]jZgbq_gbc
H[gZjm`_gby gh\uo\u[hjh\
F_lZfh^_ev y\ey_lkyqj_a\uqZcgh fhsgufbgkljmf_glhf \[bag_k_l_jZibb
b h[jZah\ZgbbKmlv __aZdexqZ_lky \lhfqlh ex^b kihfhsvx keh\kha^Zxl
jZaebqgu_ fh^_ebwlh]h fbjZbke_^h\Zl_evgh\u g_ fh`_l_ij_^iheZ]Zlv
qlh \ulhqgh agZ_l_lhqlh bokeh\Z h[hagZqZxl
<hi_j\uof_lZfh^_ev
iha\hebl
\Zf
kh[jZlv
\ukhdhdZq_kl\_ggmx
bgnhjfZpbx \l_o kemqZyodh]^Z \Z`ghihgbfZlv lhqghqlh ex^bbf_xl \\b^m
?keb deb_glijbr_e dl_jZi_\lm k`Zeh[hc gZ^_ij_kkbxl_jZi_\lm g_h[oh^bfh
gZclbqlh wlhagZqbl \fh^_eb fbjZdeb_glZZ g_ij_^iheZ]Zlv kdhj__ \k_]h
hrb[hqghqlh hgagZ_l lhqghlhqlh deb_glbf__l \\b^m
< [bag_k_^_gv]b fh]ml[ulv \u[jhr_gugZ \_l_j_keb f_g_^`_jihcf_l
bgkljmdpbx g_ijZ\bevghKdhevdh jZa \ukeurZeb i_qZevguc \ha]eZkGh y
^mfZeqlh lu^mfZe
Dh]^Z mq_gbdml\_j`^Z_lqlh hg\k_]^Z ^_eZ_lhrb[db \ ]_hf_ljbq_kdbo
aZ^ZqZo\u fh`_l_ihbgl_j_kh\ZlvkyZ [ueeb \hh[s_dh]^Zgb[m^v kemqZc
dh]^Z hgj_rbe ]_hf_ljbq_kdmxaZ^Zqm ijZ\bevghZ lZd`_dZdbf h[jZahf_fm
m^Z_lky klhevmihjgh ^_eZlvhrb[db \]_hf_ljbq_kdbo aZ^ZqZo
< f_lZfh^_eb g_l \hijhkh\ ihq_fm<hijhku ihq_fmbf_xl fZeh
p_gghklb\ djZcg_fkemqZ_hl\_lu gZ gbokh^_j`Zl hijZ\^Zgbybeb ^ebggu_
h[tykg_gbydhlhju_ gbq_]hg_ ^_eZxl ^eylh]hqlh[u baf_gblvkha^Z\rmxky
kblmZpbx
<h\lhjuof_lZfh^_ev ijhykgy_l agZq_gb_ dhffmgbdZpbbHgZ ij_^eZ]Z_l
q_ldmx jZfdm^ey \hijhkh\Qlh bf_ggh\u bf__l_\ \b^m"
<lj_lvbof_lZfh^_ev ^Z_l\u[hjuM[_`^_gbyh[h[s_gbyghfbgZebaZpbb
b ijZ\beZ\k_ hgbmklZgZ\eb\Zxl h]jZgbq_gbyGh wlbh]jZgbq_gby kms_kl\mxl
\ keh\ZoZ g_ \fbj_IhklZgh\dZ \hijhkh\ bgZoh`^_gb_ ihke_^kl\bcbeb
bkdexq_gbc fh`_lhldjulv gh\u_\hafh`ghklbH]jZgbqb\Zxsb_ m[_`^_gbyfh`gh
b^_glbnbpbjh\Zlv bbaf_gylv
DZdh_ babkdZ`_gbc f_lZfh^_eb\u ih^\_j]g_l_khfg_gbx[m^_l aZ\bk_lv
hl dhgl_dklZdhffmgbdZpbb b\Zr_c p_ebJZkkfhljbf ke_^mxs__ml\_j`^_gb_
Ihq_fm wlbm`Zkgu_ ex^bg_ ij_djZlylk\hbo ihklhygguoihiulhd hdZaZlv
fg_ ihfhsvwlh f_gyjZa^jZ`Z_lY agZxqlh ^he`_gk^_j`b\Zlvkygh g_
fh]m
Wlh ml\_j`^_gb_ kh^_j`blql_gb_ fuke_cb ij_kmiihabpbxhgb iulZxlky
gZ^h_^Zlv fg_ijbqbgm b ke_^kl\b_ wlh f_gyjZa^jZ`Z_lmgb\_jkZevguc
d\ZglbnbdZlhj
ihklhygghkm`^_gb_
m`Zkgu_fh^Zevgu_
hi_jZlhju
\hafh`ghklb b g_h[oh^bfhklb ^he`_gg_ fh]mg_ki_pbnbq_kdb_ ]eZ]heu
hdZaZlvjZa^jZ`Z_lk^_j`b\ZlvkyghfbgZebaZpbb
ihfhsvb
g_ki_pbnbq_kdb_ kms_kl\bl_evgu_ex^bwlh
<
lZdh]h
jh^Z
ijbf_jZo
ql_gb_
fuke_cij_kmiihabpbb
b
ijbqbgghke_^kl\_ggu_ k\yabaZijZ\eyxl ]hjxqbf\k_ hklZevgh_<u^_e_gb_ wlbo
gZjmr_gbc [m^_l i_j\uf
rZ]hf \ gZijZ\e_gbb baf_g_gbcGhfbgZebaZpbb
g_ki_pbnbq_kdb_ ]eZ]heub g_ki_pbnbq_kdb_kms_kl\bl_evgu_ y\eyxlkygZbf_g__
\Z`gufbHklZevgu_h[h[s_gbymgb\_jkZevgu_ d\ZglbnbdZlhjukm`^_gby
kjZ\g_gby b fh^Zevgu_hi_jZlhju e_`Zl ]^_lh ihk_j_^bg_;he__ h[sZy
kljZl_]by
dhgdj_lbabjh\Zlv
kgZqZeZ dexq_\u_ kms_kl\bl_evgu_aZl_f
dexq_\u_ ]eZ]heu b aZl_f hlkhjlbjh\u\Zlv bkdZ`_gbyhl^Z\Zy ij_^ihql_gb_
fh^Zevguf hi_jZlhjZf
F_lZfh^_ev ij_^klZ\ey_l kh[hc fhsguc bgkljmf_gl k[hjZ bgnhjfZpbb
\uykg_gby agZq_gbyb b^_glbnbdZpbbh]jZgbq_gbc \fure_gbb q_eh\_dmdhlhjuc
g_m^h\e_l\hj_g gZklhysbfQ_]h [uhg ohl_e\aZf_g"=^_ [uhg ohl_e[ulv"DZd
[u hgohl_e k_[yqm\kl\h\Zlv"
Ijb bkihevah\Zgbbf_lZfh^_eb kms_kl\m_llZd`_ \_kvfZj_ZevgZy hiZkghklv
kh[jZlv kebrdhf
fgh]h
bgnhjfZpbb<Zf ke_^m_l kijhkblv k_[yFg_
^_ckl\bl_evgh g_h[oh^bfhwlh agZlv"DZdhc j_amevlZl fg_lj_[m_lky"<Z`gh
bkihevah\Zlv \hijhkuf_lZfh^_eb bkdexqbl_evgh\ dhgl_dkl_jZiihjlZ b\aZbfgh
kh]eZkh\Zggh]h j_amevlZlZ<Zrb \hijhkug_ ^he`gu[ulv kebrdhfijyfhebg_cgu
bgZq_ hgbfh]ml [ulv\hkijbgylu dZdZ]j_kkb\gu_<f_klh \hijhkZDZd bf_ggh
\u magZ_l_h[ wlhf"\u fh`_l_kdZaZlvFg_ ex[hiulghihgylv lhqghdZdbf
h[jZahf \umagZ_l_ h[ wlhf"BebY g_\iheg_ ihgbfZxdZd \umagZ_l_ h[
wlhfJZa]h\hj g_^he`_g ij_\jZlblvky\ wdaZf_gZpbhgguchijhk<u fh`_l_
bkihevah\Zlv ex[_agucb fy]dbclhg ]hehkZqlh[u kfy]qblv\hijhku
IZll_jgu f_lZfh^_eb
Jh[_jl >belk jZkkdZau\Z_ldZd hgihk_sZe aZgylby ih ebg]\bklbd_\
mgb\_jkbl_l_ KZglZDjma \gZqZe_ o]^_ >`hg=jbg^_j h[mqZef_lZfh^_eb
\ l_q_gb_h^ghc iZjuWlh [uehZ q_l\_j]Hg hlimklbemqZsbokyqlh[u hgb
ihijZdlbdh\Zebkv \bkihevah\Zgbb f_lZfh^_eb< ke_^mxsbc \lhjgbdiheh\bgZ
deZkkZ \u]ey^_eZqj_a\uqZcgh m^jmq_gghcHgb hllhedgmebk\hbo ex[bfuok\hbo
mqbl_e_c b^jma_cjZah[jZ\ boih dhklhqdZfk ihfhsvxf_lZfh^_ebJZiihjl
y\ey_lky i_j\uf
rZ]hf \
ijbf_g_gbb
ex[h]h
iZll_jgZ
GEI;m^mqb
bkihevah\Zgghc [_aqm\kl\bl_evghc h[jZlghck\yab b[_a jZiihjlZf_lZfh^_ev
ij_\jZsZ_lky \f_lZkZ^baff_lZ[_kihjy^hdf_lZg_kqZklv_
<u fh`_l_aZ^Z\Zlv \hijhkuqZklhwe_]Zglgh blhqghGZijbf_jq_eh\_d
fh`_l kdZaZlv kfhljy \\_joFhy jZ[hlZ g_ ihreZ<u fh`_l_aZ^Zlv
\klj_qguc \hijhkBgl_j_kghdZdhc [u\u m\b^_ebk\hx jZ[hlm_keb [uhgZ
ijh^\b]ZeZkv mki_rgh"
H^bg bakZfuo ihe_aguokihkh[h\ ijbf_g_gbyf_lZfh^_eb bkihevah\Zgb_
__ \k\h_f \gmlj_gg_f^bZeh]_Wlh fh`_l hdZaZlvky [he__wnn_dlb\gufq_f
ljZlblv ]h^ugZ h[mq_gb_lhfmdZd ykghfukeblv
<_jgZy kljZl_]bygZmqblvky bkihevah\Zlvf_lZfh^_ev aZdexqZ_lky \ lhf
qlh[u \aylv h^gm beb^\_ dZl_]hjbbb \l_q_gb_ g_^_ebijhklh hlf_qZlv
ijbf_ju wlbogZjmr_gbc \_`_^g_\guo jZa]h\hjZoGZ ke_^mxs_cg_^_e_ \havfbl_
g_kdhevdh ^jm]bo dZl_]hjbcIh f_j_ lh]hdZd \u[m^_l_ hk\Zb\Zlvky k
gZ[ex^_gb_f wlbo iZll_jgh\\u kfh`_l_dhgkljmbjh\Zlv [_afhe\gu_\hijhku \
k\h_c ]heh\_BgZdhg_pdh]^Z \uh\eZ^__l_ b^__ciZll_jgh\ f_lZfh^_ebb
\hijhkh\\u kfh`_l_gZqZlv bkihevah\Zlvbo \khhl\_lkl\mxsbo kblmZpbyo
F_lZfh^_ev
k\yaZgZ lZd`_ k eh]bq_kdbfb
mjh\gyfbIh^mfZcl_
h[
ml\_j`^_gbbY g_fh]m k^_eZlvwlh]h a^_kvYwlh b^_glbnbdZpby
ebqghklbG_ fh]mhlghkblky d_]h m[_`^_gbyfK^_eZlv\ujZ`Z_l _]h
kihkh[ghklbWlh]hmdZau\Z_l gZ_]h ih\_^_gb_A^_kvwlh hdjm`_gb_
<u fh`_l_ aZ^Z\Zlv\hijhku dwlhfm ml\_j`^_gbxhibjZykv gZjZaebqgu_
hkgh\ZgbyH^bg imlv ih^mfZlv h lhfgZ dZdhf eh]bq_kdhf mjh\g_ \u
kh[bjZ_l_kv jZ[hlZlvDjhf_ lh]hq_eh\_d fh`_l^Zlv \Zfdexq dlhfmdZdZy
qZklv ml\_j`^_gbyy\ey_lky gZb[he__\Z`ghclhghf ]hehkZih^q_jdgm\ h^gh ba
keh\Wlh gZau\Z_lkylhgZevghc fZjdbjh\dhc
?keb hg ]h\hjblY g_ fh]mk^_eZlv wlh]h a^_kvlh \ufh`_l_
i_j_clb dfh^Zevghfm hi_jZlhjmkijhkb\Qlh ij_iylkl\m_l\Zf"
?keb hg]h\hjblY g_fh]m k^_eZlvwlh]h a^_kvlh]^Z \ukijhkbl_
Qlh dhgdj_lgh\u g_fh`_l_ k^_eZlv"
AZf_qZlvdZdb_ keh\Zq_eh\_d \u^_ey_llhghf ]hehkZbeb yaudhf l_eZ
wlh h^bg bakihkh[h\ magZlvdZdh_ gZjmr_gb_f_lZfh^_eb ke_^m_lih^\_j]gmlv
khfg_gbx>jm]Zy kljZl_]by aZdexqZ_lky \lhfqlh[u ihkemrZlv jZa]h\hj
q_eh\_dZ \l_q_gb_ g_kdhevdbo fbgmlb hij_^_eblvdZdmx ba dZl_]hjbchg
bkihevam_l qZs_\k_]hHgZkdhj__ \k_]hmdZ`_l lhf_klh]^_ _]hfure_gb_
h]jZgbq_ghb lhl\hijhkk dhlhjh]hemqr_ \k_]h[ueh [ugZqZlv
< _`_^g_\ghc ijZdlbd_f_lZfh^_ev ^Z_l\Zf kbkl_fZlbq_kdbckihkh[ k[hjZ
bgnhjfZpbbdh]^Z \Zfg_h[oh^bfh agZlv[he__ lhqghqlh bf_ggh q_eh\_dbf_e
\ \b^mWlh mf_gb_dhlhjhfm klhblgZmqblvky
KdZ`bl_ih`ZemcklZkljZrgh \_`eb\hkijhkbeZ :ebkZ
qlh bf_ggh\u bf__l_\ \b^m"
Gm \hlfheh^_pLu aZ^ZeZ ^_ckl\bl_evgh mfguc\hijhkkdZaZe
^h\hevguc RZelZcIh^ <H>HG?IJHGBG:?FHKLVXy ih^jZamf_\Zxke_^mxsmx fukev
fu klh[hc m`_ ^hklZlhqgh ^he]h[_k_^m_fb yg_ ijhqvmagZlvqlh lu
kh[bjZ_rvky ^_eZlv^Zevr_lZd dZdgZ^h iheZ]Zlvlu g_gZf_j_gZ ijh\_klb
ih^ wlbfaZ[hjhf hklZlhdl\hbo ^g_c
Evxbk Dwjjhee:ebkZ \AZa_jdZev_
=eZ\Z :IL:CF B>:MGL:CF
>h
kbo
ihj
gZr_ \gbfZgb_ [ueh aZgylh bkke_^h\Zgb_f k_gkhjghc
qm\kl\bl_evghklbkihkh[ghklvx ^_j`Zlv k\hb qm\kl\Zhldjulufb baZf_qZlv
j_Zdpbb hdjm`Zxsbo \Zk ex^_gWlh khklhygb_dh]^Z \Zrb hj]Zguqm\kl\
gZkljh_gu gZ\hkijbylb_ \g_rg_]hfbjZ\ GEIh[hagZqZ_lky l_jfbghfZilZcf
Djhf_ lh]hkms_kl\mxl khklhygbydhlhju_ ih]jm`Zxl gZk ]em[`_\ gZrm
kh[kl\_ggmx j_Zevghklv\ gZr\gmlj_ggbc fbj
Hlhj\bl_kv gZfbgmlm hldgb]b b \kihfgbl_lh \j_fydh]^Z \u [ueb
ih]jm`_gu \kh[kl\_ggu_ fukeb
<_jhylgh\Zf ijbrehkv kbevgh aZ^mfZlvkyqlh[u wlh\kihfgblv<u
h[jZlbebkv \gmljv k_[yd \gmlj_ggbfdZjlbgZfa\mdZf b hsms_gbyfWlh
khklhygb_k dhlhjuf\k_ fuohjhrh agZdhfuQ_f ]em[`_ \u moh^bl_\ k_[y
l_f
f_gvr_
\u
gZqbgZ_l_
hkhagZ\Zlv \g_rgb_ \ha^_ckl\by=em[hdh
aZ^mfZ\rbkvwlh ohjhr__hibkZgb_ lZdh]hkhklhygbyba\_klgh]h \GEI ih^
gZa\Zgb_f ^ZmglZcfDexqb ^hklmiZih]jm`Zxl \Zk\ ^ZmglZcf<kydbc jZa
dh]^Z \u ijhkbl_ dh]hgb[m^v h[jZlblvky\gmljv k_[y b \bamZebabjh\Zlv
\hkijhba\_klb a\mdb b hsms_gby\u ijhkbl__]h ih]jmablvky\ ^ZmglZcf
>ZmglZcf \hagbdZ_llh]^Zdh]^Z \Zfg_h[oh^bfh ihf_qlZlvkhklZ\blv ieZg
ihnZglZabjh\Zlv bih^mfZlv hgh\uo \hafh`ghklyo
IjZdlbq_kdb fuj_^dh iheghklvxgZoh^bfky \ ZilZcf_beb \^ZmglZcf_
gZr_ ih\k_^g_\gh_khagZgb_ ij_^klZ\ey_lkh[hc kf_kvqZklbqgh \gmlj_gg_]hb
qZklbqgh \g_rg_]hhkhagZgbyFu h[jZsZ_fgZrb hj]Zguqm\kl\ \gmljvk_[y beb
\h\g_ \aZ\bkbfhklb hlh[klhyl_evkl\\ dhlhjuogZoh^bfky
Ihe_agh
^mfZlv
h
f_glZevguo khklhygbyo
dZd h[
bgkljmf_glZo
ij_^gZagZq_gguo ^ey lh]hqlh[u ^_eZlv jZaebqgu_ \_sbB]jZ \ rZofZlu
lj_[m_l lZdh]hkhklhygby mfZdhlhjh_ jZ^bdZevgufh[jZahf hlebqZ_lkyhl lh]h
khklhygbydhlhjh_ g_h[oh^bfh^ey ijbgylbyibrbG_ kms_kl\m_llZdhc \_sb
dZd g_ijZ\bevgh_khklhygb_ mfZkms_kl\mxl ihke_^kl\by_]h bkihevah\Zgby
Hgb fh]ml[ulv dZlZkljhnbq_kdbfb_kebgZijbf_j\u iulZ_l_kvi_j_clb mebpm
k h`b\e_gguf^\b`_gb_f ljZgkihjlZ\ lhfkhklhygbb\ dhlhjhfhloh^bl_ dhkgm
kh\_jr_ggh hq_\b^ghqlh ZilZcfy\ey_lky gZb[he__ih^oh^ysbf khklhygb_f^ey
i_j_oh^Z q_j_a mebpmBeb aZ[Z\ujZ^b\u ihiulZ_l_kv\u]h\Zjb\Zlv keh`gu_
^ey ijhbaghr_gbynjZau [m^mqb \khklhygbbgZ\_ygghf kebrdhf[hevrhc ^hahc
Zedh]heyQZklh \u^_eZ_l_ qlhlh g_hq_gv ohjhrhihlhfm qlhgZoh^bl_kv \
g_ih^oh^ys_f khklhygbb<u g_kfh`_l_ ohjhrhku]jZlv \l_ggbk_keb \u\ lhf
`_ khklhygbb\ dhlhjhfb]jZ_l_ \rZofZlu
<u fh`_l_ ihemqblv^hklmi d [_kkhagZl_evgufj_kmjkZf g_ihkj_^kl\_ggh
iml_f bg^mdpbbb bkihevamyjZagh\b^ghklv ^ZmglZcfZba\_klgmx dZdljZgk<
khklhygbb ljZgkZ
\u klZgh\bl_kv
]em[hdh ih]jm`_ggufb \ khklhygb_ k
h]jZgbq_gguf nhdmkhf\gbfZgby Wlhbaf_g_ggh_ khklhygb_ ihkjZ\g_gbx k\Zrbf
ijb\uqguf khklhygb_f khagZgbyM jZaguoex^_c i_j_`b\Zgb_ ljZgkZ [m^_l
jZaebqgufihlhfm qlh dZ`^uc q_eh\_d gZqbgZ_l
kh k\h_]h ghjfZevgh]h
khklhygbydhlhjh_ \hfgh]hhij_^_ey_lky ij_^ihqblZ_fhcbf j_ij_a_glZlb\ghc
kbkl_fhc
;hevrZy qZklv jZ[hl ih bkke_^h\Zgbx ljZgkZ bbaf_g_gguo khklhygbc
khagZgby [ueZ\uiheg_gZ \ikbohl_jZibbihkdhevdm \k_ l_jZi_\lu \lhc beb
bghc kl_i_gbbkihevamxl ljZgk<k_ hgbjZaebqgufb kihkh[ZfbihemqZxl ^hklmi
d
g_hkhagZ\Z_fuf
j_kmjkZfK\h[h^gh_
Zkkhpbbjh\Zgb_
gZ
dmr_ld_
ikbohZgZeblbdZ ohjhrhijh\h^blv \ khklhygbb^ZmglZcfZlh `_dZkZ_lky b
jZau]ju\Zgby jhe_c\ ]_rlZevll_jZibb=bighl_jZi_\lu bkihevamxlljZgk y\guf
h[jZahf
Q_eh\_d ijboh^bl gZ l_jZibxihlhfm qlh hg bklhsbe k\hc
aZiZk
khagZl_evguo j_kmjkh\Hg aZkljyeHg g_agZ_lqlh _fm g_h[oh^bfhbeb ]^_
wlh bkdZlvLjZgk ij_^hklZ\ey_l \hafh`ghklvjZaj_rblv ijh[e_fmihlhfm qlh
hg h[oh^blkhagZgb_ b^_eZ_l ^hklmigufb g_hkhagZ\Z_fu_ j_kmjku;hevrZy
qZklv baf_g_gbcijhbkoh^bl gZg_hkhagZ\Z_fhf mjh\g_KhagZgb_ g_gm`^Z_lky \
lhfqlh[u bgbpbbjh\Zlvbaf_g_gbyb qZklh\h\k_ g_ aZf_qZ_lboDhg_qgZy
p_ev ex[hc l_jZibb aZdexqZ_lky \ lhfqlh[u deb_gl kgh\Z \_jgmeky \
j_kmjkgh_ khklhygb_^hklhcgh_ _]hkihkh[ghkl_c DZ`^ucq_eh\_d bf__l[h]Zlmx
ebqghklgmx
bklhjbxgZiheg_ggmx
i_j_`b\Zgbyfbdhlhjufb
hg
fh`_l
\hkihevah\ZlvkyHgb kh^_j`Zl\k_ g_h[oh^bfh_^ey kh\_jr_gbybaf_g_gby_keb
lhevdh \ukfh`_l_ ^h[jZlvky^h gbo
H^gZ ba ijbqbgih dhlhjhc fu bkihevam_fklhev fZemx qZklv gZrbo
f_glZevguo \hafh`ghkl_cfh`_l aZdexqZlvky
\ lhfqlh gZrZ
kbkl_fZ
h[jZah\Zgby m^_ey_lklhev fgh]h\gbfZgby \g_rg_fm l_klbjh\ZgbxklZg^ZjlZf
^hklb`_gbc bklhedgh\_gbx p_e_cjZaebqguo ex^_cFu hq_gvfZeh lj_gbjm_fky\
mlbebaZpbb gZrbo mgbdZevguo \gmlj_ggbo kihkh[ghkl_c;hevrZy qZklv gZr_c
bg^b\b^mZevghklb gZfbg_ hkhagZ_lkyLjZgk y\ey_lkyb^_Zevguf khklhygb_f^ey
bkke_^h\Zgby bhldjulby gZrbomgbdZevguo \gmlj_ggboj_kmjkh\
FBELHGFH>?EV
G_m`_eb H>GHkeh\h fh`_lklhevdh \k_]hagZqblvaZ^mfqb\h kdZaZeZ
:ebkZDh]^Z y^Zx keh\mfgh]h jZ[hlukdZaZe RZelZc[helZcy \k_]^Z
ieZqm _fmk\_jomjhqgu_
Evxbk Dwjjhee:ebkZ \AZa_jdZev_
=j_]hjb ;wclkhg k[hevrbf wglmabZafhf\hkijbgye Kljmdlmjm fZ]bb\
dhlhjhc [ueZhibkZgZ f_lZfh^_evHg m\b^_e[hevrhc ihl_gpbZe\ wlhcb^__Hg
kdZaZe >`hgmb JbqZj^m?klv h^bgkljZgguc klZjbd\ N_gbdk_rlZl :jbahgZ
;e_klysbc l_jZi_\lgh gbdlhg_ ihgbfZ_lqlh hg^_eZ_l bdZd hgwlh ^_eZ_l
Ihq_fm [u\Zf g_ih_oZlv bg_ magZlvwlh]h";wclkhg agZewlh]h kljZggh]h
klZjbdZFbelhgZ WjbdkhgZ\ l_q_gb_e_lb hgihh[_sZe bfmkljhblv
\klj_qm kWjbdkhghf
>`hg bJbqZj^ jZ[hlZeb kFbelhghf Wjbdkhghf\ ]h^mdh]^Z hg[ue
m`_ rbjhdhijbagZg dZd\u^Zxsbcky ijZdlbd]bighl_jZibbHg [ueij_ab^_glhf
:f_jbdZgkdh]h H[s_kl\Z debgbq_kdh]h]bighaZ bfgh]h iml_r_kl\h\Zeijh\h^y
k_fbgZju b e_dpbbZ lZd`_ \_^y qZklgmxijZdlbdmHg bf_e j_imlZpbx
bkdmkgh]h b mki_rgh]h l_jZi_\lZ b [ue ba\_kl_g k\hbfb ijhgbpZl_evgufb
gZ[ex^_gbyfb aZ g_\_j[Zevguf ih\_^_gb_fBkke_^h\Zgby >`hgZ b JbqZj^Z
iheh`beb gZqZeh ^\mfdgb]Zf b lhf ih^gZa\Zgb_f IZll_jgu ]bighlbq_kdbo
l_ogbd FbelhgZ WjbdkhgZ[ue ba^Zg 0HWD3XEOLFDWLRQ\ ]h^mLhf gZibkZgguc \khZ\lhjkl\_ k>`m^bl >_ehav_ihke_^h\Ze \]h^mWlb dgb]b
ihk\ys_gu dZdnbevljZf \hkijbylbylZd b f_lh^Zf WjbdkhgZbg_kfhljy gZ
wlhWjbdkhg \k_ `_hlf_lbeqlh wlb dgb]b ij_^eh`beb ]hjZa^hemqr__
h[tykg_gb_ _]h jZ[hl_q_f hgkZf fh] [u^ZlvB wlh[ue ij_\hkoh^guc
dhfiebf_gl
>`hg =jbg^_jkdZaZeqlh Wjbdkhg[ue kZfhcagZqbl_evghc fh^_evxba l_o
dhlhju_ _fmijbrehkv dh]^Zeb[h kljhblvihlhfm qlhWjbdkhg ijheh`beimlv g_
ijhklh d^jm]hc j_ZevghklbZ dp_ehc gh\hc]jmii_ j_Zevghkl_c?]h jZ[hlu
k\yaZggu_ kljZgkhf bbaf_g_ggufb khklhygbyfbkhagZgby[ueb m^b\bl_evgufb
b fure_gb_>`hgZ lZd`_ih^\_j]ehkv ]em[hdhfmbaf_g_gbx
GEI lZd`_baf_gbehkvF_lZfh^_ev [ueZihk\ys_gZ lhqguf agZq_gbyfkeh\
Wjbdkhg bkihevah\Zeyaud g_meh\bfh kfmlgufh[jZahflZd qlh[udeb_gl fh]
\u[jZlv lh agZq_gb_dhlhjh_ [hevr_
_fm ih^oh^blHg bg^mpbjh\Ze b
mlbebabjh\Ze
ljZgkh\u_
khklhygbyij_^hklZ\eyy
ex^yf
\hafh`ghklv
ij_h^he_\Zlv ijh[e_fu bhldju\Zlv k\hb j_kmjkuWlhl kihkh[mihlj_[e_gby
yaudZ klZegZau\Zlvky fbelhgfh^_evx \^hiheg_gb_ bijhlb\h\_k d lhqghklbb
f_lZfh^_eb
Fbelhgfh^_ev wlh kihkh[mihlj_[e_gby yaudZ k p_evxgZ\_^_gby b
ih^^_j`Zgby ljZgkZGZagZq_gb_ ljZgkZ \hclb \ dhglZdl kh kdjulufb
j_kmjkZfb ebqghklbHgZ ke_^m_l l_f `_iml_fih dhlhjhfm ijhbkoh^bl
_kl_kl\_ggZy
jZ[hlZ fha]ZLjZgk y\ey_lky khklhygb_f\
dhlhjhf \u
hdZau\Z_l_kv \ukhdh fhlb\bjh\Zggufb mqblvky m
k\h_]h [_kkhagZl_evgh]h
\gmlj_ggbf h[jZahfHg g_ y\ey_lkyiZkkb\guf khklhygb_f\u lZd`_ g_
ihiZ^Z_l_ ih^ \ebygb_^jm]bo ex^_cIjhbkoh^bl \aZbfh^_ckl\b_deb_glZ b
l_jZi_\lZj_Zdpbb deb_glZiha\heyxl l_jZi_\lmihgylvqlh ^_eZlv^Zevr_
JZ[hlu WjbdkhgZhkgh\u\Zebkv gZjy^_ b^_cdhlhju_ jZa^_eyebkvfgh]bfb
bkdmkgufb bmki_rgufb l_jZi_\lZfbL_i_jv hgby\eyxlky ij_kmiihabpbyfbGEI
Wjbdkhg km\Z`_gb_f hlghkbeky d [_kkhagZl_evghfm khklhygbx deb_glZHg
iheZ]Zeqlh kms_kl\m_l ihablb\gh_gZf_j_gb_ ^Z`_ mgZb[he__ [_ah[jZagh]h
ih\_^_gby bqlh q_eh\_d\u[bjZ_l gZbemqr__ ^hklmigh]h_fm \^Zgguc fhf_gl
\j_f_gbHg jZ[hlZegZ^ l_fqlh[u ^Zlv q_eh\_dm [hevr_\u[hjh\Hg lZd`_
iheZ]Zeqlh gZg_dhlhjhf mjh\g_q_eh\_d m`_bf__l \k_j_kmjkug_h[oh^bfu_
^ey lh]hqlh[u kh\_jrblvbaf_g_gby
Fbelhgfh^_ev wlh kihkh[mihlj_[e_gby yaudZk p_evx
Ijbkh_^bg_gby dj_Zevghklb q_eh\_dZb \_^_gby_]h aZkh[hc
Hl\e_q_gby bmlbebaZpbb khagZgby
Ihemq_gby ^hklmiZd [_kkhagZl_evghfmb dj_kmjkZf
IJBKH?>BG?GB? B<?>?GB?
Fbelhg Wjbdkhg[ue fZkl_jhf ihkljh_gbyjZiihjlZHg m\Z`Zeb ijbgbfZe
j_Zevghklv deb_glZHg iheZ]Zeqlh khijhlb\e_gb_\hagbdZ_l lhevdh baaZ
mljZlu jZiihjlZIh _]h fg_gbx\k_ j_Zdpbb bf_xl kfukeb fh`ghbo
bkihevah\Zlv>ey WjbdkhgZg_ kms_kl\h\Zeh khijhlb\eyxs_]hky deb_glZZ
lhevdh g_]b[dbcl_jZi_\l
Ijbkh_^bgblvky d j_Zevghklb ^jm]h]h q_eh\_dZgZkljhblvky gZ _]h
\gmlj_ggbc fbjagZqbl ijhklhhibkZlv _fm_]h l_dmsbck_gkhjguc hiullh
qlh hg h[yaZl_evgh^he`_g hsmsZlvkeurZlv b\b^_lv?fm [m^_le_]dh b
_kl_kl\_ggh ke_^h\ZlvaZ l_fqlh \u_fm ]h\hjbl_<Z`gh blhdZd \uwlh
]h\hjbl_<Zf [m^_l e_]q_gZ\_klb kihdhcgh_ \gmlj_gg__khklhygb_]h\hjy
ieZ\ghbkihevamy fy]dbc lhg]hehkZ b ih^kljZb\Zyk\hx j_qv ih^^uoZgb_
q_eh\_dZ
Ihkl_i_ggh \\h^ylky \gmr_gbybaysgh i_j_\h^ysb_ _]h \ khklhygb_
^ZmglZcfZ iml_fgZijZ\e_gby _]h\gbfZgby \gmljvk_[y<k_ hibku\Z_lkylZdbfb
h[sbfb keh\Zfbqlh[u hgbhljZ`Zeb ex[h_ i_j_`b\Zgb_ q_eh\_dZG_ klhbl
]h\hjblvK_cqZk \u aZdjh_l_k\hb ]eZaZihqm\kl\m_l_ dhfnhjlb \hc^_l_\
ljZgk<f_klh wlh]h\u fh]eb [ukdZaZlv<Zf [m^_l e_]dhaZdjulv k\hb
]eZaZ
lh]^Zdh]^Z \u
wlh]h ih`_eZ_l_ihqm\kl\h\Zlv k_[y
[he__
kihdhcguffgh]b_ ex^bgZoh^yl \oh`^_gb_\ ljZgkijhkluf bm^h[gufH[sb_
dhff_glZjbb lZdh]h khjlZ ^himkdZxl ex[mx j_Zdpbx\hagbdZxsmx \h\j_fy
fy]dh]h \\_^_gby\ ljZgkh\h_khklhygb_
I_ley h[jZlghc k\yabihkljh_gZIh f_j_lh]hdZd \gbfZgb_deb_glZ
klZgh\blky ihklhygghknhdmkbjh\Zgguf bijbdh\Zgguf dg_[hevrhfm dhebq_kl\m
klbfmeh\hg \k_ ]em[`_ih]jm`Z_lky \^ZmglZcf?]h i_j_`b\ZgbyklZgh\ylky
[he__ km[t_dlb\gufbb hgbklZgh\ylky h[jZlghck\yavx ^eyl_jZi_\lZdhlhjmx
fh`gh bkihevah\Zlv^ey lh]hqlh[u m]em[blvljZgk<u g_]h\hjbl_ q_eh\_dm
qlh ^_eZlv\u h[jZsZ_l_ _]h\gbfZgb_ gZ lhqlh ijhbkoh^blDZd fh`gh
magZlvh q_fq_eh\_d ^mfZ_l"Wlh magZlv g_\hafh`ghKms_kl\m_l bkdmkkl\h
mihlj_[e_gby yaudZ lZdbfkihkh[hfdhlhjuc hdZiu\Z_lky ^hklZlhqghg_ykguf
qlh[u deb_gl kfh]ih^h[jZlv ^eyg_]h ih^oh^ys__ agZq_gb_< ^ZgghfkemqZ_
_fm ]h\hjylg_ klhevdhh lhfqlh ^_eZlv kdhevdhh lhfdZd g_hl\e_dZlvky
hl khklhygbyljZgkZ
LZdb_ \gmr_gby
[m^ml gZb[he__ wnn_dlb\gufb_keb ^_eZlv ieZ\gu_
i_j_oh^u f_`^mij_^eh`_gbyfbGZijbf_j\u fh]eb[u kdZaZlv< lh\j_fy dZd
\u \b^bl_p\_lgu_ h[hb i_j_^kh[hcb [ebdb k\_lZgZ kl_g_ih f_j_
lh]hdZd \ugZqbgZ_l_ hkhagZ\Zlv k\h_^uoZgb_b lhdZd ih^ufZ_lkyb
himkdZ_lky ijb^uoZgbb \ZrZ]jm^gZy de_ldZb dhfnhjldj_keZb dZd\Zrb
gh]b hibjZxlkygZ iheb \u fh`_l_mkeurZlv ]hehk j_[_gdZb]jZxs_]h \h
^\hj_b \lh \j_fydZd \ukeurbl_ fhc]hehk b\Zf klZgh\blkyex[hiulgh
gZkdhevdh ^Ze_dh\u \hreb\ ljZgkm`_
H[jZlbl_ \gbfZgb_gZ keh\Zb\ lh\j_fy dZdih f_j_lh]hdZd\
wlhf ijbf_j_b gZ lhdZd hgbieZ\gh k\yau\Zxlij_^eh`_gby f_`^mkh[hc\
lh \j_fy dZd \u hlf_qZ_l_ lhqlh ijhbkoh^bl a\md \Zr_]h]hehkZb
k\yau\Z_l_ wlhk l_fqlh \uohlbl_qlh[u ijhbahreh\oh`^_gb_ \ljZgk
G_ ^_eZy i_j_oh^h\\u gZqbgZ_l_]h\hjblv ij_ju\bklufbij_^eh`_gbyfb
Hgb [m^mlhlhj\Zgu ^jm]hl ^jm]ZB ihwlhfmf_g__ wnn_dlb\guY gZ^_xkvwlh
ykghIbkvfh ihoh`_gZ j_qv/HJDWRbeb VWDFFDWRQlh \uij_^ihqblZ_l_"
Q_eh\_d \khklhygbb ljZgkZh[uqgh kihdh_g_]h ]eZaZ aZdjuluimevk
aZf_^e_g bebph jZkkeZ[e_ghFhj]Zl_evguc b]ehlZl_evguc j_ne_dkuaZf_^e_gu
beb iheghklvxhlkmlkl\mxlqZklhlZ ^uoZgbygb`_<hagbdZ_l hsms_gb_dhfnhjlZ
b jZkkeZ[e_gghklbQlh[u \u\_klb q_eh\_dZ ba ljZgkZl_jZi_\l eb[h
bkihevam_l aZjZg__ ih^]hlh\e_gguc kb]gZeeb[h aZ^Z\fhf_gl bkdhjhklv
\uoh^Z k\h_c j_qvxeb[h deb_gl kZfhijhba\hevgh\ha\jZsZ_lky \ghjfZevgh_
khagZgb__keb _]hih^khagZgb_ j_rblqlh m`_ihjZ
IHBKD KFUKE:
F_lZfh^_ev m^_j`b\Z_l\Zk \ khklhygbbZilZcfZ<Zf g_lg_h[oh^bfhklb
ih]jm`Zlvky \gmljvk_[y bbkdZlv kfukelh]hqlh \ukeurbl_\f_klh wlh]h\u
ijhkbl_ ]h\hjys_]h \ujZablvky [he__ dhgdj_lghF_lZfh^_ev \kdju\Z_l lm
bgnhjfZpbxdhlhjZy [ueZ mims_gZbkdZ`_gZ beb h[h[s_gZFbelhgfh^_ev
y\ey_lky a_jdZevgufhljZ`_gb_f f_lZfh^_ebhgZ ij_^klZ\ey_l kh[hckihkh[
ihkljh_gby ij_^eh`_gbcbah[bemxsbo mims_gbyfbbkdZ`_gbyfb b h[h[s_gbyfb
KemrZl_ev \ugm`^_ggZihegylv ^_lZeyfbb aZgbfZlvkyZdlb\guf ihbkdhfkfukeZ
\k_]h mkeurZggh]h\ k\h_f kh[kl\_gghfhiul_Bgufb keh\Zfb\u ij_^eZ]Z_l_
dhgl_dklih \hafh`ghklbgZbf_g__ gZiheg_gguckh^_j`Zgb_f<u ij_^eZ]Z_l_
_fm jZfdmb hklZ\ey_l_aZ gbf\u[hj dZjlbgu^ey ihf_s_gby\ wlmjZfdmDh]^Z
kemrZl_ev kZf gZihegy_l __kh^_j`Zgb_fwlh ]ZjZglbjm_lqlh hgk^_eZ_l
\u[hjgZb[he__ [ebadbcb khhl\_lkl\mxsbcih kfukemlhfmqlh \u]h\hjbl_
>himklbf\Zf kdZaZebqlh \ ijhrehf m \Zk [uehg_dhlhjh_ \Z`gh_
i_j_`b\Zgb_<Zf g_ kdZaZebdZdh_ bf_ggh i_j_`b\Zgb_b \Zf g_h[oh^bfh
fuke_ggh \_jgmlvky \h\j_f_gb gZaZ^ b\u[jZlv lh i_j_`b\Zgb_dhlhjh_
dZ`_lky \Zfk_cqZk gZb[he__ ih^oh^ysbfWlh ijhbkoh^bl gZ g_hkhagZ\Z_fhf
mjh\g_gZr_ khagZgb_kebrdhf f_^e_gghkijZ\ey_lky klZdhc aZ^Zq_c
Ijbf_jhf g_hkhagZ\Z_fh]h \u[hjZfh`_l kem`blv \ujZ`_gb_lbiZEx^b
fh]ml mqblvkyHgh bf__lgZf_j_gb_ \ua\Zlvfukeb h lhfq_fm bf_gghy fh]m
gZmqblvkyb _keby jZ[hlZx gZ^j_r_gb_f hij_^_e_gghcijh[e_fulh ij_^f_l
gZmq_gby [m^_lh[yaZl_evgh k\yaZgk l_f\hijhkhfgZ^ dhlhjufy jZafureyx
Fu kh\_jrZ_flZdh]h jh^Zihbkd ihklhygghqlh[u ihgylv kfukelh]hqlh gZf
]h\hjylB gZb[he__ihegh wlhj_Zebam_lky \khklhygbb ljZgkZ
E_]dh ihkljhblvg_hij_^_e_ggu_ bgkljmdpbb lZdqlh[u q_eh\_dkZf kfh]
\u[jZlv ih^oh^ys__i_j_`b\Zgb_ b ihmqblvky gZ g_fIhijhkbl_ _]h\u[jZlv
dZdh_gb[m^v \Z`gh_i_j_`b\Zgb_ \ k\h_fijhrehf bi_j_`blv _]hkgh\Z \k_fb
k\hbfb \gmlj_ggbfbdZgZeZfb \hkijbylbyqlh[u gZmqblvkyq_fmlh gh\hfm gZ
wlhf hiul_AZl_f ihijhkbl_ _]h ih^khagZgb_ bkihevah\Zlv wlhl mjhd \
[m^ms_fdh]^Z wlh[m^_l ihe_aguf
HL<E?Q?GB? BMLBEBA:PBY KHAG:GBY
<Z`gh_ k\hckl\h fbelhgfh^_eb aZdexqZ_lky \ lhfqlh hgZ ^_eZ_l
ijhimkdb bgnhjfZpbbl_f kZfuf aZklZ\eyy khagZgb_ihklhyggh aZgbfZlvky
aZiheg_gb_f wlbo ijhimkdh\bkihevamy ^eywlhc p_eb aZiZku\hkihfbgZgbc
;ueZ eb m \Zk dh]^Zgb[m^v lZdZykblmZpbyqlh \uijhqblZ\ g_ihgylguc
\hijhkiulZebkv jZah[jZlvkyqlh `_hg hagZqZ_l"
GhfbgZebaZpbb klbjZxlh]jhfgh_ dhebq_kl\hbgnhjfZpbb< lh\j_fy dZd\u
kb^bl_ k hsms_gb_f e_]dhklb
b dhfnhjlZ\Zr_ ihgbfZgb_ lZdh]h jh^Z
ihl_gpbZeZ
yaudZ klZgh\blky [he__ hkgh\Zl_evgufihlhfm
qlh dZ`^Zy
ghfbgZebaZpby \ wlhfij_^eh`_gbb \u^_e_gZdmjkb\hfQ_f f_gvr_ h[ wlhf
mihfbgZxl ki_pbZevghl_f f_gvr_jbkd klhedgh\_gbyhiulhf ^jm]h]hq_eh\_dZ
=eZ]heu hklZxlky g_ki_pbnbq_kdbfbDh]^Z \u ih^mfZ_l_ h ihke_^g_f
kemqZ_dh]^Z \u keurZebdZd
dlhlh ih^^_j`b\Ze h[s_gb_bkihevamy
g_ki_pbnbq_kdb_ ]eZ]heu\u kfh`_l_ \kihfgblv lh kfms_gb_dhlhjh_ \u
bkiulu\Zebb dZd\Zf ijboh^behkvbkdZlv k\h_ kh[kl\_ggh_ agZq_gb_qlh[u
ijb^Zlv kfukelhfmqlh ]h\hjblky\ wlhfij_^eh`_gbb
Lhqgh lZd`_njZaukh^_j`Zsb_ kms_kl\bl_evgu_fh]ml [ulvh[h[s_gu beb
ijhims_gu kh\_jr_gghOhjhrh ba\_klgh qlh ex^b fh]ml qblZlv dgb]b b
kh\_jrZlv baf_g_gbyOhjhrh ba\_klghdhfm"DZdb_ ex^bdZdb_ dgb]bb dZdbf
h[jZahf hgb[m^ml ^_eZlvwlb baf_g_gby"B ihkjZ\g_gbx kq_f hgbbaf_gylky b
\ dZdhfgZijZ\e_gbb"
Fh`gh bkihevah\Zlvkm`^_gby>_ckl\bl_evgh ijbylgh\b^_lvgZkdhevdh
\u jZkkeZ[e_gu
KjZ\g_gby lZd`_kh^_j`Zl mims_gbyEmqr_ ih]jm`Zlvky\ ljZgk]em[`_
DZd kjZ\g_gbylZd bkm`^_gby y\eyxlkyohjhrbfb kihkh[Zfbij_^ty\e_gby
ij_kmiihabpbcWlh fhsgu_ kj_^kl\Z gZ\_^_gby b mlbebaZpbb ljZgkZ<u
hklZ\ey_l_ \ dZq_kl\_ ij_^iheh`_gby lhh q_f g_ ohlbl_qlh[u \Zk
kijZrb\ZebGZijbf_j
<hafh`gh\Zf [m^_lbgl_j_kgh magZlvdh]^Z \u \hc^_l_\ ljZgkBeb
<u ohlbl_\hclb \ljZgk ijyfhk_cqZk bebqmlviha`_"<u \hc^_l_\ ljZgk
_^bgkl\_gguc \hijhkaZdexqZ_lky \lhfdh]^Z wlhijhbahc^_l
Y ohl_e[u magZlvhkhagZ_l_ eb\ugZkdhevdh \uk_cqZk jZkkeZ[e_gu"
<u k_cqZkjZkkeZ[e_g
Dh]^Z \ZrZjmdZ gZqg_l ih^gbfZlvkywlh klZg_l^ey \Zkl_f kb]gZehf
dhlhjh]h \u`^_l_<ZrZ jmdZgZqg_l ih^gbfZlvkyb \u`^_l_ kb]gZe
<u fh`_l_jZkkeZ[blvky \lh \j_fydZd gZr_ih^khagZgb_ mqblky<Zr_
ih^khagZgb_ mqblky
Fh`_l_ eb\u ihemqblvm^h\hevkl\b_ hllh]hqlh jZkkeZ[bebkv bm \Zk
g_l g_h[oh^bfhklb ihfgblv wlh i_j_`b\Zgb_"<u jZkkeZ[e_gu bg_ [m^_l_
ihfgblv wlh
I_j_oh^u blZd dZddh]^Z\ lh\j_fy dZdlh]^Z dZd^ey k\yau\Zgby
ml\_j`^_gbc y\eyxlky fy]dhc nhjfhc ijbqbgghke_^kl\_gguo k\ya_c;he__
`_kldhc nhjfhc
y\ey_lky
bkihevah\Zgb_ keh\Z
aZklZ\ey_lgZijbf_j
JZa]ey^u\Zgb_ dZjlbguaZklZ\ey_l \Zk\oh^blv \ljZgk
Y m\_j_gqlh \Zf[ueh [uex[hiulgh magZlvdZdbf h[jZahfql_gb_ fuke_c
fh`_l [ulv\ie_l_gh \ wlmfh^_ev mihlj_[e_gbyyaudZHgh g_ ^he`gh[ulv
kebrdhf dhgdj_lguf\ ijhlb\ghf kemqZ_ hgh fh`_l
g_ ih^hclbH[sb_
ml\_j`^_gby h lhfqlh
q_eh\_d fh`_l
^mfZlv^_ckl\mxl lZdqlh[u
ijbkh_^bgblvky b aZl_f \_klb _]h i_j_`b\ZgbyGZijbf_jGZ\_jgh_\Zf
bgl_j_kghgZ qlh [m^_l ihoh` ljZgkbeb<Zf gZqbgZxlklZgh\blvky
bgl_j_kgufb g_dhlhju_\_sbh dhlhjuoy \Zf]h\hjx
Mgb\_jkZevgu_ d\ZglbnbdZlhju lh`_bkihevamxlkyIjbf_ju<u fh`_l_
ba\e_qv mjhd ba ex[hc kblmZpbbbJZa\_ \u g_ ihgbfZ_l_qlh
ih^khagZgb_ \k_]^Zij_ke_^m_l dZdmxlh p_ev"
Ihe_agufb y\eyxlky lZd`_ bfh^Zevgu_ hi_jZlhju \hafh`ghklb<u g_
fh`_l_ ihgylvdZd lhqlh \ukfhljbl_ gZk\_l\k_ ]em[`_ih]jm`Z_l \Zk\
ljZgkWlh ml\_j`^_gb_ ij_^iheZ]Z_lqlh _keb kfhlj_lv gZ k\_llh
^_ckl\bl_evgh ih]jm`Z_rvky\ ljZgk
<u gZfh`_l_ hldjulvk\hbo ]eZa[ueh [ukebrdhf ijyfuf\gmr_gb_f
b hghih^lZedb\Z_l q_eh\_dZd lhfmqlh[u hijh\_j]gmlvwlh ml\_j`^_gb_
<u fh`_l_e_]dh jZkkeZ[blvky\ wlhf dj_ke_wlh kh\_jr_ggh^jm]hc
ijbf_jKdZaZlvqlh \u fh`_l_qlhlh k^_eZlvagZqbl ^ZlvjZaj_r_gb_ [_a
gZkbevgh]h lj_[h\Zgby \uihegblv dZdh_eb[h ^_ckl\b_H[uqgh ex^b [m^ml
j_Z]bjh\Zlv gZ lZdh_ \gmr_gb_\uihegyy jZaj_r_ggh_ ^_ckl\b_GZ om^hc
dhg_phgb h[yaZl_evghih^mfZxl hg_f
E?<H? BIJ:<H? IHEMR:JBYFHA=:
DZdbf h[jZahf
fha] h[jZ[Zlu\Z_l yaud b dZd hg
kijZ\ey_lky
k
g_hij_^_e_ggufb nhjfZfbyaudZ"I_j_^gyy qZklv]heh\gh]h fha]ZjZa^_e_gZ gZ
^\Z iheh\bgubeb ihemrZjbyH[f_g bgnhjfZpb_cf_`^m gbfbijhbkoh^bl q_j_a
kh_^bgbl_evgmx ldZgvlZd gZau\Z_fh_ fhahebklh_ l_ehWdki_jbf_glu\
dhlhjuo baf_jyeZkvZdlb\ghklv h[hboihemrZjbc ijb j_r_gbbjZaebqguo aZ^Zq
ihdZaZebqlh ihemrZjby \uihegyxl jZaebqgu_gh ^hihegyxsb_ ^jm]^jm]Z
nmgdpbb
E_\h_ ihemrZjb_ba\_klgh dZd^hfbgZglgh_ bbf__l ^_ehk yaudhfIjZ\h_
ba\_klgh_ dZd g_^hfbgbjmxs__ ihemrZjb_h[jZ[Zlu\Z_l bgnhjfZpbx [he__
ohebklbq_kdbf bbglmblb\guf kihkh[hfHgh hdZau\Z_lky[he__ aZ^_ckl\h\Zgguf
ijb ijhkemrb\Zgbb fmaudbijb \bamZebaZpbbb j_r_gbb aZ^Zq\dexqZxsbo \
k_[y kjZ\g_gb_b ihkl_i_ggh_baf_g_gb_
LZdZy ki_pbZebaZpby \klj_qZ_lky m ex^_c>ey g_agZqbl_evgh]h
f_gvrbgkl\Z
h[uqgh
e_\r_c\k_ hdZau\Z_lky i_j_\_jgmlufb
yaudhf
aZgbfZ_lky ijZ\h_ihemrZjb_M g_dhlhjuoex^_c wlb nmgdpbb jZkij_^_e_gu
f_`^m h[hbfbihemrZjbyfb
>hdZaZghqlh g_ ^hfbgbjmxs__ ihemrZjb_ lh`_kihkh[gh h[jZ[Zlu\Zlv
gZb[he__ ijhklu_
agZq_gby b we_f_glZjgu_ ]jZffZlbq_kdb_ nhjfu yaudZ
>hfbgbjmxs__ ihemrZjb_ k\yau\Zxl k khagZgb_fZ g_ ^hfbgbjmxs__ k
ih^khagZgb_fgh wlhy\ey_lky agZqbl_evgufmijhs_gb_fIhe_agh ^mfZlvqlh
gZr_ e_\h_ihemrZjb_ bf__l^_eh kkhagZl_evguf ihgbfZgb_fyaudZZ ijZ\h_
k h[jZ[hldhcijhkluo kfukeh\ bglmblb\guf kihkh[hfe_`Zsbf gb`_ gZr_]h
mjh\gy hkhagZgby
Fbelhgfh^_ev hl\e_dZ_l khagZgb_i_j_]jm`Zy ^hfbgbjmxs__ ihemrZjb_
Fbelhg Wjbdkhgfh] ]h\hjblvlZdbf keh`gufb fgh]hmjh\g_\ufkihkh[hfqlh \k_
k_fv iexk fbgmk^\Zwe_f_glh\ khagZl_evgh]h\gbfZgby [uebaZgylu ihbkdhf
\hafh`guo agZq_gbc b khjlbjh\dhc ^\mkfuke_gghkl_cKms_kl\m_l fgh`_kl\h
kihkh[h\ bkihevah\Zlvyaud lZdbfh[jZahfqlh[u aZimlZlvb hl\e_qve_\h_
ihemrZjb_
>\mkfuke_gghklv h^bg balZdbo f_lh^h\Lhqlh \u ]h\hjbl_fh`_l
a\mqZlv ^\mkfuke_gghY g_ agZxohlbl_ eb\u bl_i_jv aZdju\Zlv]eZaZ gZ
h]jhfgh_ agZq_gb_khklhygby ljZgkZAZdju\Zlv ]eZaZa^_kv g_k_l\ k_[_^\Z
agZq_gby b\u^_e_ggh_ bglhgZpbhgghfh`_l y\eylvkykdjulhc dhfZg^hcFgh]b_
keh\Z bf_xl kZfb ih k_[_ jZaebqgu_ kfukeudhlhju_ fh]mlijhy\blvky \
jZaebqguo dhgl_dklZomldZebiZaZihj bli
Kms_kl\mxl keh\Zdhlhju_bf_y jZaebqgu_ agZq_gbya\mqZl h^bgZdh\h
ijZ\bevgh ijZ\behmdjZkblv mdjZklvhi_jmiheghfhq_gguc hi_j miZe
gZfhq_ggucGZ ibkvf_ljm^gh i_j_^Zlvnhg_lbq_kdmx g_h^ghagZqghklv
>jm]hc nhjfhc ^\mkfuke_gghklby\ey_lky kbglZdkbq_kdZyfgh`_kl\_gghklv
agZq_gbcgZijbf_j=bighlbabjh\Zgb_
]bighlba_jh\
fh`_l
[ulv
fhr_ggbq_kl\hfLZdh_ \ukdZau\Zgb_\ jZ\ghckl_i_gb fh`_lhagZqZlv blhqlh
]bighlba_juaZgbfZxsb_ky ]bighahffh]ml [ulv fhr_ggbdZfbb lhqlh
ih]jm`_gb_ \
ljZgk h^gh]h ]bighlba_jZ ^jm]bf lZd`_ fh`_l
hdZaZlvky
fhr_ggbq_kl\hf
Lj_lbc lbi gZau\Z_lky imgdlmZpbhgghc g_h^ghagZqghklvxDeZkkbq_kdbc
ijbf_jDZagblv g_evay ihfbeh\Zlv>\Z ij_^eh`_gbykh_^bgyxsboky f_`^m
kh[hc k ihfhsvx keh\Zdhlhjh_ kem`bl h^gh\j_f_ggh b dhgphf i_j\h]h
ij_^eh`_gbyb gZqZehf \lhjh]hFg_ dZ`_lky\Zr ib^`Zdkb^bl gZ \Zk
kebrdhf k\h[h^ghih]jm`Zy \Zk\ ljZgkKeh\h k\h[h^ghaZdZgqb\Z_l i_j\h_
\ukdZau\Zgb_Fg_ dZ`_lky\Zr ib^`Zdkb^bl gZ\Zk kebrdhfk\h[h^ghb \
lh `_ \j_fygZqbgZ_l ke_^mxsmxnjZamK\h[h^gh ih]jm`Zy\Zk \ljZgk<k_
wlb nhjfuyaudZ lj_[mxl hij_^_e_ggh]h\j_f_gb ^ey khjlbjh\db agZq_gbc b
iheghklvx aZ]jm`Zxle_\h_ ihemrZjb_
>HKLMI DIH>KHAG:GBX BJ?KMJK:F
IjZ\h_
ihemrZjb_
qm\kl\bl_evgh
d
lhgm
]hehkZ]jhfdhklb
b
gZijZ\e_gghklb a\mdZdh \k_fl_f Zki_dlZfj_qbdhlhju_ fh]mlbaf_gylvky
ihkl_i_ggh\ hlebqb_hl kZfbokeh\dhlhju_ hl^_e_gu ^jm] hl ^jm]ZHgh
qm\kl\bl_evgh d dhgl_dklm khh[s_gbyZ g_ d \_j[Zevghfm kh^_j`Zgbx
Ihkdhevdm ijZ\h_ihemrZjb_ kihkh[ghihgbfZlv ijhklu_ebg]\bklbq_kdb_ nhjfu
lh ijhklu_ khh[s_gby\u^_e_ggu_ ki_pbZevguf h[jZahf[m^ml ihklmiZlv\
ijZ\h_ ihemrZjb_LZdb_ khh[s_gbyfbgmxl e_\ucfha] b\jy^ ebhkhagZxlky
Kms_kl\m_l fgh`_kl\hkihkh[h\ k^_eZlvlZdh]h jh^Z\u^_e_gby<u fh`_l_
fZjdbjh\Zlv hl^_evgu_qZklb lh]hqlh \u]h\hjbl_bglhgZpb_c b`_klZfbWlh
fh`_l [ulvbkihevah\Zgh ^ey \u^_e_gbybgkljmdpbc beb\hijhkh\Z^j_kh\Zgguo
ih^khagZgbx< dgb]Zo wlh
^_eZ_lky k ihfhsvx dmjkb\Z?keb Z\lhjm
`_eZl_evghqlh[u \u kfh]ebijhqblZlv qlhlh gZwlhc kljZgbp_hl^_evgh_
ij_^eh`_gb_hq_gv \gbfZl_evghlh hg\u^_ebl _]hdmjkb\hf
M^Zehkv eb\Zf meh\blvkdjulh_ a^_kvkhh[s_gb_"Lhqgh lZd`_ hkh[_gguf
lhghf ]hehkZfh]ml [ulv\u^_e_gu keh\Znhjfbjmxsb_ dhfZg^m\klZ\e_ggmx \
j_qvWjbdkhgdhlhjuc qZklvk\h_c `bagb [ueijbdh\Zg dbg\Zeb^ghc dheykd_
fZkl_jkdb bkihevah\Ze ih\hjhlu]heh\u ^ey lh]hqlh[u qZklvlh]hqlh hg
]h\hjbeijboh^beZ dkemrZxs_fm k^jm]h]h gZijZ\e_gbyGZijbf_jIhfgbl_
qlh \Zfg_l g_h[oh^bfhklbaZdju\Zlv k\hb]eZaZqlh[u \hclb\ ljZgkHg
\u^_ebe [u \klZ\e_ggmx dhfZg^m ih\hjhlhf ]heh\u \ lhl fhf_gldh]^Z
ijhbaghkbe keh\Zhlf_q_ggu_ dmjkb\hf<u^_e_gb_ \Z`guokeh\ lhghf]hehkZ g
`_klZfb wlh lhqlh fu\k_]^Z ^_eZ_f _kl_kl\_ggufh[jZahf \ h[uqguo
jZa]h\hjZo
A^_kv _klvohjhrZy ZgZeh]byk fmaudhcFmaudZglu \u^_eyxl\Z`gu_ ghlu\
fmaudZevghf ijhba\_^_gbbjZagufb kihkh[Zfb ^ey lh]hqlh[u ih^q_jdgmlv
f_eh^bx<hafh`ghkemrZl_ev g_aZf_lbl wlh]h khagZl_evgh_keb wlbghlu
^Ze_dh hlklhyl ^jm] hl^jm]Z b _keb \klZ\e_gguc f_`^m gbfb fZl_jbZe
hl\e_dZ_l \gbfZgb_gh \k_ wlhkem`bl ih\ur_gbx_]h hp_gdb bihemq_gbx
m^h\hevkl\by?fm g_lg_h[oh^bfhklb khagZ\Zlvlhl ijb_fdhlhjuc bkihevah\Ze
bkihegbl_ev
<u fh`_l_\klZ\blv \hijhk\ [he__^ebggh_ ij_^eh`_gb_lhqgh lZdbf `_
kihkh[hfFg_ bgl_j_kghagZ_l_ eb\udZdZy ba\Zrbo jmd l_ie__Wlh
ml\_j`^_gb_ kh^_j`bl lZd`_ bij_kmiihabpbxWlZ njZaZ g_y\ey_lky ijyfuf
\hijhkhfgh huqgh hgZijb\h^bl \j_amevlZl_ dlhfmqlh q_eh\_d gZqbgZ_l
hp_gb\Zlv l_iehlmk\hbo jmdFg_ bgl_j_kghkfh]eb eb \uiheghklvx hp_gblv
dZdbf lhgdbfb baysgufkihkh[hf k[hjZbgnhjfZpbb y\ey_lkywlhl iZll_jg
Kms_kl\m_l bgl_j_kguciZll_jgba\_klguc ih^ gZa\Zgb_f dZ\uqdb<u
fh`_l_ kdZaZlv qlhlh_keb \ukgZqZeZ kha^Z^bl_dhgl_dkl\ dhlhjhfgZ
kZfhf ^_e_wlh ]h\hjbebg_ \uE_]q_ \k_]hwlh k^_eZlvjZkkdZaZlv bklhjbx
\ dhlhjhcdlhlh k^_eZe khh[s_gb_dhlhjh_ \u ohlbl_i_j_^Zlvb \u^_eblv
_]h g_dhlhjufkihkh[hf ba\k_c bklhjbb
<kihfbgZ_lky kemqZcdh]^Z fuijh\h^beb k_fbgZjih wlhfmiZll_jgmH^bg
ba mqZklgbdh\ ijbkh_^bgbeky dgZf iha`_b fu kijhkbeb _]h \h\j_fy
jZa]h\hjZkeurZe ebhg hiZll_jg_ dZ\uqdbHg hl\_lbe>ZWlh [uehlZd
kf_rghY r_eih mebp_g_^_eb ^\_ gZaZ^b kh\_jr_gghg_agZdhfuc q_eh\_d
ih^hr_e dhfg_ bkijhkbe G_m`_eb wlbdZ\uqdb lZdbgl_j_kgu"
HljbpZgby ]h^ylky^ey wlh]h iZll_jgZHljbpZgby kms_kl\mxllhevdh \
yaud_gh g_ \bg^b\b^mZevghf hiul_G_]Zlb\gu_ dhfZg^u ^_ckl\mxl dZd
ihablb\gu_Ih^khagZgb_ g_h[jZ[Zlu\Z_l ebg]\bklbq_kdb_hljbpZgby bijhklh
g_ h[jZsZ_l gZ gbo\gbfZgbyJh^bl_ev bebmqbl_evdhlhjuc ]h\hjblj_[_gdm
g_ ^_eZlvqlhlhl_f kZfufih\urZ_l \_jhylghklv lh]hqlh j_[_ghd k^_eZ_l
wlh kgh\ZDjbdgbl_ dZgZlhoh^pm;m^v hklhjh`_gZ g_G_ miZ^b
Bf_ggh lhq_fm [ukhijhlb\ey_l_kvgZklhcqb\h \eZ^__l\Zrbf \gbfZgb_f
< lZdhf kemqZ_g_ ijbgbfZcl_ \h \gbfZgb_gZkdhevdh wnn_dlb\g__fh]eZ [u
[ulv \ZrZdhffmgbdZpby\ujZ`_ggZy ihablb\gufbij_^eh`_gbyfb
Ihke_^gbc iZll_jgdhlhjuc fua^_kv jZkkfhljbfjZa]h\hjgu_ ihklmeZlu
Wlh \hijhkudhlhju_ [md\Zevghlj_[mxl ebrvhl\_lZ ^Zg_lgh gZkZfhf ^_e_
\uau\Zxl hij_^_e_ggmxj_ZdpbxGZijbf_jLu fh`_rv\ug_klb fmkhj"g_
y\ey_lky [md\Zevguf\hijhkhf h \Zr_cnbabq_kdhc kihkh[ghklb \uihegblv wlm
aZ^Zqmhg ij_^klZ\ey_lkh[hc ijhkv[mk^_eZlv wlh<hl ^jm]b_ijbf_ju
>\_jv \k__s_ hldjulZ"AZdjhc ^\_jvKlhe m`_gZdjul"GZdjhc
klhe
Wlb iZll_jguihklhyggh bkihevamxlky \ h[uqguo jZa]h\hjZoGh _keb\u
agZ_l_ h bokms_kl\h\Zgbb\u kfh`_l_gZ lhevdhijZ\bevgh boijbf_gylvgh
Z^_d\Zlgh j_Z]bjh\Zlv gZbo agZq_gb_BaaZ lh]hqlh wlbiZll_jgu y\eyxlky
klhev jZkijhkljZg_ggufb>`hg =jbg^_jb JbqZj^;wg^e_j kihjyl^jm] k^jm]hf
gZ im[ebqguo k_fbgZjZoH^bg ]h\hjblG_ kms_kl\m_l lZdhc \_sbdZd
]bighaZ ^jm]hc hl\_qZ_lG_l<k_qlh fu ]h\hjbfb ^_eZ_fwlh
]bigha?keb ]bigha wlh ebrv ^jm]h_ gZa\Zgb_ ^ey fgh]hmjh\g_\hc
hdZau\Zxs_c
\ebygb_
dhffmgbdZpbblh\_jhylghfu
\k_ y\ey_fky
]bighlba_jZfb b fu ihklhyggh\oh^bf \ljZgk b \uoh^bfgZ g_]hijyfh
k_cqZk
F?L:NHJU
Keh\h f_lZnhjZmihlj_[ey_lky \ GEI \h[s_f kemqZ_ ^eyh[hagZq_gby
bklhjbb bebjblhjbq_kdhc nb]mjuaZdexqZxs_c \k_[_ kjZ\g_gb_HgZ \dexqZ_l
\ k_[y ijhklu_ kjZ\g_gbyb [he__^ebggu_ bklhjbbZee_]hjbb b ijblqb
F_lZnhju hdZau\Zxlg_ijyfh_ \ha^_ckl\b_Ijhklu_ f_lZnhjuij_^eZ]Zxl ijhklu_
kjZ\g_gby[_eucdZd y]g_ghd fbeh\b^gucdZd dZjlbgdZlheklucdZd kehg
Fgh]b_ balZdbo \ukdZau\ZgbcklZeb debr_gh ijhklZyohjhrZy f_lZnhjZfh`_l
jZatykgblv g_ihgylgh_k\yau\Zy _]hk l_fqlh \um`_ ihgbfZ_l_
Keh`gu_ f_lZnhjuwlh bklhjbbkh^_j`Zsb_ fgh`_kl\hkfukeh\uo mjh\g_c
Mf_eh jZkkdZaZggZy bklhjbyhl\e_dZ_l khagZl_evguc jZamf b Zdlb\babjm_l
[_kkhagZl_evguc ihbkdkfukeZ bj_kmjkh\Ih kms_kl\mhgZ y\ey_lkyij_djZkguf
kihkh[hf ih^^_j`b\ZlvdhffmgbdZpbx kq_eh\_dhf \ khklhygbbljZgkZWjbdkhg
rbjhdh bkihevah\Zef_lZnhju \jZ[hl_ khk\hbfb deb_glZfb
Ih^khagZgb_ hp_gb\Z_l\aZbfhk\yabKgh\b^_gby bkihevamxl\hh[jZ`_gb_ b
f_lZnhjuh^gZ \_svkbf\hebabjm_l ^jm]mxihlhfm qlhm gbo_klv dZdb_lh
h[sb_ q_jluQlh[u kha^Zlvohjhrmx f_lZnhjmdhlhjZy mdZ`_l imlvd j_r_gbx
ijh[e_fug_h[oh^bfhqlh[u k\yabf_`^m we_f_glZfbbklhjbb [ueblZdbfb `_
dZd hlghr_gbyf_`^m we_f_glZfbijh[e_fuLh]^Z f_lZnhjZ[m^_l j_ahgbjh\Zlv\
ih^khagZgbb b fh[bebah\u\Zlv ih^khagZl_evgu_ j_kmjkuIh^khagZgb_ ihemqZ_l
khh[s_gb_ bgZqbgZ_l ijhba\h^blvg_h[oh^bfu_ baf_g_gby
Kha^Zgb_ f_lZnhjuih^h[gh khqbg_gbxfmaudbb \ha^_ckl\m_l gZ gZk
f_lZnhjZ lhqghlZd `_dZd fmaudZF_eh^by khklhblba k\yaZgguof_`^m kh[hc
ghlhgZ fh`_l[ulv ljZgkihgbjh\ZgZ\ur_ bebgb`_ b\k_ `_ hklZg_lkylhc `_
kZfhc f_eh^b_cihkdhevdm f_`^mghlZfb [m^mll_ `_ bgl_j\Zeuqlh b \
i_j\hgZqZevghc f_eh^bbFmaudZevguc jblf wlh lhdZd ^he]hjZaebqgu_ ghlu
a\mqZl ihhlghr_gbx ^jm]d ^jm]mHkfuke_gb_ fmaudbijhbkoh^bl ih^jm]hfm
q_f hkfuke_gb_ yaudZHgZ ijhgbdZ_l g_ihkj_^kl\_ggh\ ih^khagZgb_e_\hfm
ihemrZjbx fha]Z g_q_]ha^_kv ihgbfZlvIh^h[gh ohjhr_c fmaud_ohjhrZy
bklhjby ^he`gZ kha^Z\Zlvh`b^Zgby baZl_f hijZ\^u\Zlvbo \ khhl\_lkl\bbkh
klbe_f dhfihabpbbJ_r_gby lbiZk\h[h^Z \gmljb]jZgbpg_^himklbfu
KdZadb wlh f_lZnhjuH^gZ`^u ^Z\guf^Z\ghihf_sZ_l kemrZl_ey\
k\h_ \gmlj_gg__ \j_fybgnhjfZpbydhlhjZy ke_^m_l ^Ze__g_ y\ey_lky
ihe_aghc bgnhjfZpb_c hj_Zevghf fbj_ wlh bgnhjfZpby h ijhp_kkZo\h
\gmlj_gg_f fbj_JZkkdZau\Zgb_ bklhjbc wlh ^j_\g__bkdmkkl\hBklhjbb
jZa\e_dZxl^Zxl gh\u_ agZgbyijh\ha]eZrZxl bklbgu^_eZxl gZf_db gZ
ihl_gpbZevgu_ \hafh`ghklbe_`Zsb_ aZij_^_eZfb ijb\uqgh]hkihkh[Z ^_ckl\bc
KHA>:GB? F?L:NHJU
JZkkdZau\Zgb_ bklhjbclj_[m_l g_lhevdh \eZ^_gbyfbelhgfh^_evxgh b
^jm]bo mf_gbcIjbkh_^bg_gb_ b \_^_gb_kbg_kl_abbydhj_gb_ljZgk b
ieZ\gu_ i_j_oh^u \k_ wlh g_h[oh^bfh^ey lh]hqlh[u jZkkdZaZlvohjhrmx
bklhjbxKx`_l ^he`_g[ulv \ukljh_gikboheh]bq_kdb bkhhl\_lkl\h\Zlv hiulm
kemrZl_ey
Qlh[u khqbgblv ihe_agmxbklhjbxbamqbl_ \gZqZe_ gZklhys__Z aZl_f
`_eZ_fh_ khklhygbydeb_glZF_lZnhjZ [m^_l bklhjb_ciml_r_kl\by hlh^gh]h d
^jm]hfm
<u^_ebl_ we_f_gluh[hbo khklhygbbex^bf_klhij_^f_lu^_ckl\by
\j_fy g_ aZ[m^vl_h j_ij_a_glZlb\guokbkl_fZo bkm[fh^Zevghklyo jZaebqguo
we_f_glh\
AZl_f ih^[_jbl_
ih^oh^ysbc dhgl_dkl ^ey bklhjbbdhlhjuc [m^_l
bgl_j_k_g ^ey^jm]h]h q_eh\_dZb aZf_gbl_\k_ we_f_gluijh[e_fghc kblmZpbb
^jm]bfb we_f_glZfbkhojZgb\ hlghr_gbyf_`^m gbfbKieZgbjmcl_ bklhjbxlZd
qlh[u hgZ bf_eZ lm `_kljmdlmjmqlh bgZklhys__ khklhygb_b ^Ze__\_eZ
q_j_a k\yau\Zxsmx kljZl_]bxd jZaj_r_gbx`_eZ_fhfm khklhygbxKx`_lgZy
ebgby hl\e_q_le_\h_ ihemrZjb_b khh[s_gb_ijhc^_l \ih^khagZgb_
Fh`gh ijhbeexkljbjh\Zlvwlhl ijhp_kkk ihfhsvxijbf_jZohly i_qZlguc
l_dkl mljZqb\Z_lhkh[_gghklb lhgZ ]hehkZdhg]jmwglghklb bfbelhgfh^_eb
jZkkdZaqbdZG_l kfukeZ iulZlvkyi_j_kdZau\Zlv f_lZnhjmdhlhjZy hlghkbeZkv
[u g_ihkj_^kl\_ggh d \ZfqblZl_evWlh ebrv ijbf_jijhp_kkZ ihkljh_gby
f_lZnhju
H^gZ`^u fujZ[hlZeb kq_eh\_dhfdhlhjuc \ukdZau\Zeh[_kihdh_gghklv ih
ih\h^m mljZlu [ZeZgkZ\ k\h_c`bagb?fm [ueh ljm^gh ijbgbfZlv \Z`gu_
j_r_gby \ gZklhys_fb _]h [_kihdhbehlhqlh hgljZlbe fZkkmwg_j]bb gZ
h^gb ijh_dlu b kebrdhffZeh gZ^jm]b_H^gb _]h bgbpbZlb\udZaZebkv _fm
iehoh ih^]hlh\e_ggufb^jm]bfgZh[hjhlhg kebrdhffgh]h m^_eye\gbfZgby
H^gZ`^u \_q_jhf\ ]hklyom hlpZ [ue aZf_qZl_evgucZdl_jba\_klguc
k\hbfb jheyfbgZ kp_g_b \dbghHg [ue fhbf]_jh_fb yk m^h\hevkl\b_f
kemrZe _]hbklhjbb
Iha^gh \_q_jhf h^bgba ]hkl_c ihijhkbe _]h hldjulv k_dj_l k\h_]h
g_h[udgh\_ggh]h bkdmkkl\ZGm ohjhrhkdZaZe Zdl_j^h\hevgh kljZggh
gh y fgh]hfm gZmqbeky \fheh^hklbaZ^Z\Zy \k_f h^bgb lhl`_ \hijhk
FZevqbrdhc yex[be pbjd djZkhqgucrmfgucwdkljZ\Z]Zglguc b\hegmxsbcY
\hh[jZ`Ze k_[ygZ Zj_g_ \emqZo ijh`_dlhjh\jZkdeZgb\Zxsbfky jmdhie_smsbf
ljb[mgZfWlh [uehbamfbl_evghH^gbf bafhbo dmfbjh\ [uedZgZlhoh^_p \
h^ghf ba\_klghf pbjd_ gZdhe_kZom g_]h [ueh g_h[udgh\_ggh_ qm\kl\h
jZ\gh\_kby bbays_kl\Z gZ\ukhl_DZdlh e_lhfy ih^jm`beky k gbfb [ue
hqZjh\Zg _]h bkdmkkl\hf bhdjm`Z\r_c _]h Zlfhkn_jhchiZkghklbhg j_^dh
bkihevah\Ze kljZoh\hqgmx k_ldmH^gZ`^u \dhgp_ e_lZ yoh^be ]jmklguc ih
ih\h^m lh]hqlh pbjdkh[bjZeky ihdbgmlvgZr ]hjh^Y hlukdZek\h_]h ^jm]Z
b fuijhkb^_eb ^hl_fghlu< lh\j_fy \k_q_]h y ohl_ewlh [ulvlZdbf
`_dZd hgy ohl_e\uklmiZlv \ pbjd_Y kijhkbe_]h\ q_f aZdexqZeky
k_dj_l _]hbkdmkkl\Z
<hi_j\uohl\_lbe hgy hlghrmkvd dZ`^hfmk\h_fm ijhoh^m ih
ijh\hehd_ dZd d kZfhfm \Z`ghfm ijhoh^m \ k\h_c `bagbdZd d kZfhfm
ihke_^g_fm ijhoh^mb yohqmqlh[u hg[ue kZfufemqrbfY ieZgbjmxdZ`^uc
k\hc \uoh^ gZZj_gm hq_gvlsZl_evghFgh]b_ \_sb \ k\h_c`bagb y^_eZx ih
ijb\uqd_gh \uklmie_gb_\ pbjd_g_ ba boqbkeZY \gbfZl_evghhlghrmkv d
lhfmqlh y ghrmqlh y _fdZd y\u]ey`mY fuke_ggh ijhb]ju\ZxdZ`^h_
\uklmie_gb_ lZddZd [m^lhhgh ijhrehmki_rghij_`^_ q_f\uclb gZZj_gmy
ij_^klZ\eyx k_[_qlh y [m^m\b^_lvqlh y [m^mkeurZlv b qlhhsmsZlv
Bf_ggh lZdy ba[_]Zx\kydbo g_ijbylguog_h`b^Zgghkl_cDjhf_ lh]hy klZ\ex
k_[y gZ f_klhajbl_ey b \hh[jZ`Zxk_[_qlh hg[m^_l \b^_lvkeurZlv b
qm\kl\h\ZlvY ijh^mfu\Zx \k_wlh aZjZg___s_ gZa_fe_Dh]^Z `_y klhxgZ
\ukhdh gZlygmlhcijh\hehd_y h[ wlhfm`_ gZ^mfZxb \k_ fh_ \gbfZgb_
gZijZ\e_gh \h\g_
B ohlywlh [ueh g_kh\k_f lhqlh yohl_e mkeurZlvhl g_]h\ lh\j_fy
y gZ\k_]^ZaZihfgbe lhqlh hgkdZaZe
Lu ^mfZ_rvy g_l_jyx jZ\gh\_kby"kijhkbe hgf_gy
Y gbdh]^Zg_ \b^_eqlh[u lul_jye jZ\gh\_kb_hl\_lbe y
Lu hrb[Z_rvkykdZaZe hgY ihklhygghl_jyx jZ\gh\_kb_Y ijhklh
m^_j`b\Zx _]h\ hij_^_e_gguo]jZgbpZodhlhju_ mklZgh\be^ey k_[yY [ug_
kfh] b^lbih ijh\hehd__keb [uihklhyggh g_l_jye jZ\gh\_kb_jZkdZqb\Zykv
kgZqZeZ \h^gm klhjhgmaZl_f \^jm]mxJZ\gh\_kb_ wlhg_ lhqlh \ufh`_l_
bf_lv
ih^h[gh lhfmdZd dehmg bf__l
dehmgkdbc ghkwlh
khklhygb_
dhgljhebjm_fh]h ^\b`_gby lh\ h^gmlh \^jm]mx klhjhgmDh]^Z fhc \uoh^
aZ\_jrZ_lkyy \gh\vijhb]ju\Zx _]hfuke_gghqlh[u m\b^_lvlh gh\h_q_fm
[u yfh] gZmqblvkygZ wlhfhiul_AZl_f yaZ[u\Zx hg_f
< k\h_f^_e_ yjmdh\h^kl\mxkv l_fb`_ kZfufbijbgpbiZfbkdZaZe fhc
]_jhc
< aZdexq_gb_y ohl_e[u ij_^eh`blv\Zf bklhjbx ba dgb]b>`hgZ NZmeaZ
FZ]< wlhcfbehc bklhjbb_klv hq_gvfgh]h ijhGEIgh ihfgbl_qlh wlh
ebrv h^bgba kihkh[h\lhedh\ZgbyFu hklZ\ey_f__ gZkm^ \Zr_]hih^khagZgby
IJBGP BF:=
H^gZ`^u ^Z\guf^Z\gh `bexguc ijbgpdhlhjuf \_jbe \k_fmdjhf_ lj_o
\_s_cHg g_\_jbe lhfmqlh kms_kl\mxlijbgp_kkug_ \_jbeqlh kms_kl\mxl
hkljh\Zb g_\_jbe \;h]Z?]h hl_pdhjhev]h\hjbe _fmqlh lZdbo \_s_c
g_ kms_kl\m_lIhkdhevdm \h\eZ^_gbyo hlpZ g_ [ueh gbdZdbo ijbgp_kkb
hkljh\h\ bgbdZdbo ijbagZdh\;h]Zxguc ijbgp\_jbe k\h_fmhlpm
H^gZ`^u ijbgp m[_`Ze bak\h_]h ^\hjpZHg ijbr_e \khk_^gb_ a_feb
A^_kvd k\h_fmm^b\e_gbxhg k ex[h]h[_j_]Z \b^_e hkljh\Zb gZ wlbo
hkljh\Zo kljZggu_b \hegmxsb_ kha^Zgbydhlhjuf hgg_ hkf_eb\Zeky^Zlv bfy
< lh\j_f ydZd hgbkdZe eh^dmgZ [_j_]md g_fmih^hr_e fm`qbgZ\ kfhdbg]_
]mey\rbc \^hev[_j_]Z
Wlh gZklhysb_hkljh\Z"kijhkbe xgucijbgp
Dhg_qghwlh gZklhygb_hkljh\Zhl\_lbe q_eh\_d \kfhdbg]_: wlb
kljZggu_ b[_kihdhcgu_ kha^Zgby"<k_ hgbgZklhysb_ bg_ih^^_evgu_ ijbgp_kku
Lh]^Z ;h]lh`_ ^he`_gkms_kl\h\Zlv%hkdebdgme ijbgp
;h]wlh yhl\_lbl q_eh\_d\ kfhdbg]_ihdehgb\rbkv
Xguc ijbgp\_jgmeky ^hfhc lZd[ukljhdZd fh]BlZdlu \_jg_lky
kdZqZe _]h hl_pdhjhevY \b^_ehkljh\Zy \b^_eijbgp_kky \b^_e;h]Z
kdZaZe ijbgpk mij_dhfDhjhev [ueg_ih^\b`_g
Gb gZklhysbc hkljh\h\gb gZklhysboijbgp_kkgb gZklhys_]h;h]Z g_
kms_kl\m_l
Y bo\b^_e
KdZ`b fg_dZd [ueh^_l ;h]
;h] [ue\ \_q_jg_fh^_ygbb
: jmdZ\Z[ueb aZdZlZgu"
fhc hl_pdhjhevkdZaZe fg_dlh \ukdZaZe xgucijbgp \hafms_ggh
<u h[fZgmebf_gy b ijhreuc jZagh l_i_jvwlh \Zfg_ m^ZklkyL_i_jv y
agZxqlh wlhg_gZklhysb_ hkljh\Zb g_gZklhysb_ ijbgp_kkuihlhfm qlh \u
fZ]
Q_eh\_d gZ[_j_]m meu[gmeky
Wlh l_[y h[fZgmebfhb fZevqbd< dhjhe_\kl\_ l\h_]h hlpZ fgh]h
hkljh\h\ bfgh]h ijbgp_kkGh luhqZjh\Zg k\hbfhlphf b g_ fh`_rv m\b^_lv
bo
Hl_pwlh ijZ\^Zqlh lug_ dhjhevZ fZ]"Hl_p meu[gmekyb aZdZlZe
jmdZ\Z
>Zkug fhby \k_]hebrv fZ]
Lh]^Z q_eh\_dgZ [_j_]m[ue ;h]
Q_eh\_d gZ[_j_]m [uelh`_ fZ]
Y ohqmagZlv gZklhysmxijZ\^mijZ\^m [_a\kydhc fZ]bb
G_ kms_kl\m_lijZ\^u [_afZ]bbkdZaZe dhjhevI_qZev ho\ZlbeZ
ijbgpZHg kdZaZeZY m[vxk_[y
Dhjhev fZ]bq_kdbfbaZdebgZgbyfb \ua\Zekf_jlvHgZ ihy\beZkv\ ^\_jyob
ihfZgbeZ ijbgpZIjbgp \a^jh]gmeHg \kihfgbe ij_djZkgu_gh g_gZklhysb_
hkljh\Z bg_gZklhysb_ ghij_djZkgu_ ijbgp_kk
eb[h iehohci_j_\h^eb[h iehohhlkdZgbehkv h f_lZnhj_
J?NJ?CFBG= BLJ:GKNHJF:PBY KFUKE:
G_l gbohjhrbo \_s_cgb iehobogZr_
<bevyf R_dkibj
fure_gb_
^_eZ_lbo
lZdbfb
Ex^b \k_]^Z b\h \k_fbsml kfukeKh[ulby ijhbkoh^ylgh ^hl_o ihj
ihdZ fug_ ijb^Z^bfbf kfukeg_ k\y`_fbo k^jm]bfb kh[ulbyfbgZr_c `bagbb
g_ hp_gbf\hafh`gu_ ihke_^kl\byhgb g_bf_xl ^eygZk gbdZdhc\Z`ghklbFu
magZ_f hkfuke_ \_s_c bagZr_c dmevlmjub bg^b\b^mZevgh]h\hkiblZgby>ey
^j_\gbo ex^_cZkljhghfbq_kdb_ y\e_gbybf_eb h]jhfgh_ agZq_gb_dhf_lu [ueb
ij_^\_klgbdZfb i_j_f_gZ \aZbfgh_ jZkiheh`_gb_a\_a^ bieZg_l hij_^_eyeh
km^v[u ex^_cK_cqZk mq_gu_m`_ g_ijbgbfZxl aZlf_gbyb dhf_lulZd [ebadhd
k_j^pmHgb ij_^klZ\eyxlkh[hc aZf_qZl_evgh_ aj_ebs_ bih^l\_j`^Zxl lhl
nZdlqlh \k_e_ggZy\k_lZdb ih^qbgy_lky l_faZdhgZfdhlhju_ fu^ey g__
ijb^mfZeb
DZdhc kfukebf__l eb\_gv"IehoZy gh\hklv_keb \ugZ hldjulhcf_klghklb
b [_aieZsZohjhrZy gh\hklv_keb \un_jf_j b[ueZ aZkmoZIehoZy gh\hklv
_keb \uhj]Zgbam_l_ ibdgbdgZ ijbjh^_OhjhrZy gh\hklv_keb \ZrZdjbd_lgZy
dhfZg^Z [ebadZ dihjZ`_gbxb fZlq hldeZ^u\Z_lkyKfuke ex[h]h kh[ulby
aZ\bkbl hllh]h\ dZdmxjZfdm \u_]h ihf_sZ_l_Dh]^Z \uf_gy_l_ jZfdm\u
f_gy_l_ b kfukeDh]^Z f_gy_lky kfuke\Zrb j_Zdpbb b ih\_^_gb_ lZd`_
f_gyxlkyKihkh[ghklv ihf_sZlvkh[ulby \ jZaebqgu_jZfdb j_nj_cfbjh\Zlv
kh[ulb_^Z_l \Zf[hevr_ k\h[h^ub [hevr_\u[hjh\
H^bg gZragZdhfuc miZe b^h\hevgh kbevgh ihjZgbek\hb dhe_gb;ueh
hq_gv [hevghwlh hagZqZehqlh hgg_ kfh`_lb]jZlv \ kd\hrb]jZ \ fyq
\jh^_ l_ggbkZ\ b]jmdhlhjmx hg hq_gv ex[beHg hlg_kkyd wlhfm
g_kqZklghfm kemqZx dZdd eZ]hijbylghc \hafh`ghklbZ g_dZd dh]jZgbq_gbx
hg ijhdhgkmevlbjh\Zeky m jy^Z ^hdlhjh\ bikbohl_jZi_\lh\ b magZedZd
jZ[hlZxl fmkdmeub k\yadbdhe_gZD kqZklvxobjmj]bq_kdh_ \f_rZl_evkl\hg_
ihlj_[h\ZehkvHg jZajZ[hlZe ^ey k_[y ijh]jZffm mijZ`g_gbcb r_klvx
f_kypZfb iha`__]h dhe_gbklZeb dj_iq_q_f [ueb^h iZ^_gbyb kZfhg lh`_
[ue \emqr_c nhjf_Hg kdhjj_dlbjh\Zek\hb ijb\uqgu_b]jh\u_ ihaudhlhju_
ij_`^_ ^_eZeb_]h dhe_gbkeZ[uf f_klhfHl wlh]h\ky _]hb]jZ memqrbeZkv
Ih\j_`^_gb_ dhe_ghdZaZehkv \_kvfZ ihe_aguf;ueZ eb wlZljZ\fZ g_m^Zq_c"
Wlh kdZdhc klhjhguihkfhlj_lv
F_lZnhjZ wlh k\h_h[jZagucj_nj_cfbg]< kmsghklbhgZ ]h\hjblWlh
fh]eh [uhagZqZlvqlh KdZadb aZf_qZl_evgu_ ijbf_ju j_nj_cfbg]ZQlh
dZaZehkv g_kqZklv_fhdZau\Z_lky
ihe_aguf=Z^dbc ml_ghd hdZau\Z_lky
fZe_gvdbf e_[_^_fG_ijbylghklv hdZau\Z_lky [eZ]h^_ygb_fEy]mrdZ fh`_l
ij_\jZlblvky \ijbgp_kkm: _keb\k_q_]h \u^hljZ]b\Z_l_kvij_\jZsZ_lky \
ahehlhlh \uihiZeb \[hevrmx [_^m
Bah[j_lZl_eb ^_eZxlj_nj_cfbg]bOhjhrh ba\_klgZ bklhjbyh q_eh\_d_
dhlhjuc ijhkgmekyh^gZ`^u baaZ lh]hqlh hkljucdjZc j`Z\hcijm`bgu ba_]h
fZljZkZ \hgabeky_fm ZkibgmQlh fh`_l [ulvihe_agh]h \klZjhc ^b\Zgghc
ijm`bg_"Djhf_ lh]hqlh hgZebrZ_l _]hkgZHg ihkfhlj_e gZg__ dZdgZ
klbebah\Zggmx jxfdm^ey ycpZb hldjuemki_rgmx dhfiZgbbih hkms_kl\e_gbx
wlhc b^_b
:g_d^hlu lh`_ j_nj_cfbg]bIhqlb \k_Zg_d^hlu gZqbgZxlkyk lh]hqlh
ihf_sZxl kh[ulby\ hij_^_e_ggmxjZfdmZ aZl_f\g_aZigh bj_adh baf_gyxl__
< Zg_d^hl_[_jml ij_^f_l beb kblmZpbxb ihf_sZxl__ \g_aZigh \ ^jm]hc
dhgl_dkl bebg_h`b^Zggh ijb^Zxl_c ^jm]hckfuke
Ihq_fm ZgZjobkluivxl qZc ba ljZ\"Hl\_lihlhfmqlh kh[kl\_gghklv
wlh j_amevlZl\hjh\kl\Z
KEH<?KG:Y WD<BEB;JBKLBD:
<hl g_kdhevdh h[jZaph\ jZaebqguo lhq_d aj_gby gZ h^gh b lh `_
ml\_j`^_gb_
Fhy jZ[hlZb^_l bajmd \hgb yqm\kl\mx k_[yih^Z\e_gguf
H[h[sbl_Fh`_l [ulv\u ijhklhqm\kl\m_l_ k_[yiehohb jZ[hlZa^_kv
gb ijbq_f
Ijbf_gbl_ dk_[_;ulv fh`_l\u wlbfbfukeyfb kZfbgZ]hgy_l_ gZk_[y
^_ij_kkbx
<u^_ebl_ p_gghklb bdjbl_jbbQlh gZklhevdh\Z`gh_ \\Zr_c jZ[hl_ g_
lZdqlh \ukqblZ_l_qlh hgZb^_l bajmd \hg"
Ihablb\guc j_amevlZlWlh aZklZ\beh [u\Zk jZ[hlZlvmihjg__qlh[u
ij_h^he_lv wlmijh[e_fm
Baf_gbl_ j_amevlZl<hafh`gh\Zf ke_^m_lkf_gblv jZ[hlm
Hij_^_e_gb_ ^Zevg_cr_]h j_amevlZlZFh`_l_ eb \u
ba\e_qv qlhlh
ihe_agh_ balh]hdZd b^_l\ZrZ jZ[hlZ\ ^Zggucfhf_gl"
JZkkdZ`bl_ f_lZnhjmWlh ihoh`_gZ lhdZd fumqbfky oh^blv
I_j_hij_^_ebl_<ZrZ ^_ij_kkby fh`_l hagZqZlvqlh \u bkiulu\Z_l_
jZa^jZ`_gb_ ihih\h^m lh]hqlh \ZrZjZ[hlZ ij_^ty\ey_ld \Zfg_h[hkgh\Zggu_
lj_[h\Zgby
>_e_gb_ \gbaDZdZy bf_gghqZklv \Zr_cjZ[hlu b^_lba jmd\hg"
>_e_gb_ \\_jo: dZd^_eZ \hh[s_"
Dhgljijbf_j;ueh ebdh]^Zgb[m^v lZdh_qlh \ZrZjZ[hlZ reZ bajmd
\hgZ \ul_f g_f_g__ g_bkiulu\Zeb ih^Z\e_gghklb"
Ihablb\gh_ gZf_j_gb_Wlh ihdZau\Z_lqlh \u\gbfZl_evgh hlghkbl_kv d
k\h_c jZ[hl_
<j_f_ggZy jZfdZWlh \j_f_ggh_ y\e_gb_wlh ijhc^_lJ_nj_cfbg] wlh
g_ kihkh[kfhlj_lv gZ fbj q_j_ajhah\u_ hqdblZdqlh[u \k_\hdjm] klZeh
gZ kZfhf^_e_ohjhrbfIjh[e_fu g_bkq_agml kZfbih k_[_k gbfb\k_ jZ\gh
ijb^_lky qlhlh ^_eZlvgh q_f [hevr_ m \Zk[m^_l kihkh[h\ ihjZaghfm
ihkfhlj_lv gZgbol_f e_]q_bo [m^_ljZaj_rblv
Baf_gbl_ jZfdmqlh[u m\b^_lv\hafh`gmx \u]h^mij_^klZ\vl_ hiullZdbf
h[jZahfqlh[u hgih^^_j`b\Ze \Zrbkh[kl\_ggu_ p_eb b l_ p_ebdhlhju_
\f_kl_ k\Zfb jZa^_eyxl^jm]b_ ex^b<u g_k\h[h^gu \u[bjZlvdh]^Z \b^bl_
qlh \Zkih^lZedb\Zxl kbeue_`Zsb_ aZ ij_^_eZfb\Zr_]h dhgljheyBaf_gbl_
jZfdm lZdqlh[u ihemqblvg_dhlhjuc ijhklhj^ey fZg_\jZ
Kms_kl\m_l ^\Z hkgh\guo \b^Z j_nj_cfbg]Zj_nj_cfbg] dhgl_dklZ b
j_nj_cfbg] kh^_j`Zgby
J?NJ?CFBG= DHGL?DKL:
IjZdlbq_kdb ex[h_ih\_^_gb_ fh`_lhdZaZlvky ihe_aguf \khhl\_lkl\mxsbo
h[klhyl_evkl\ZoEbrv hq_gv g_fgh]b_ih\_^_gby g_fh]ml bf_lv p_gghklb b
p_eb gbijb dZdboh[klhyl_evkl\Zo?keb \ugZqg_l_ jZa^_\ZlvkygZ h`b\e_gghf
rhkk_lh \Zk Zj_klmxlZ gZ gm^bklkdhf iey`_gZh[hjhlm \Zk [m^ml
g_ijbylghklb_keb \uwlh]h g_k^_eZ_l_G_ j_dhf_g^m_lky gZ^h_^Zlvk\h_c
Zm^blhjbb gZ k_fbgZj_gh wlZ kihkh[ghklvhdZau\Z_lky ihe_aghcdh]^Z \u
ohlbl_ \u^\hjblv g_ijhr_guo]hkl_c<Zk g_[m^ml ex[blv_keb \u[m^_l_
gZ]eh \jZlv k\hbf ^jmavyfb jh^gufgh \uklZg_l_ ihimeyjguf_keb [m^_l_
bkihevah\Zlv k\h_\hh[jZ`_gb_qlh[u gZibkZlvnZglZklbq_kdbc [_klk_ee_j:
dZd gZkq_lg_j_rbl_evghklb"HgZ fh`_l hdZaZlvkyihe_aghc_keb \ugbdZd g_
fh`_l_ j_rblvjZkk_j^blvky \Zfbeb g_lZ aZl_fkh\k_f aZ[u\Z_l_h[ wlhf
J_nj_cfbg] dhgl_dklZ emqr_\k_]h jZ[hlZ_l kml\_j`^_gbyfb lbiZ Y
kebrdhfbebY [u ohl_eij_djZlblvKijhkbl_ k_[yDh]^Z wlh
ih\_^_gb_ [ueh [uihe_aguf"Ijb dZdbo h[klhyl_evkl\Zowlh ih\_^_gb_[ueh
[u j_kmjkguf"
Dh]^Z \u gZc^_l_ lhl dhgl_dkl\ dhlhjhf wlh ih\_^_gb_ y\ey_lky
ih^oh^ysbf\u fh`_l_fuke_ggh ijhj_i_lbjh\Zlv_]h bf_ggh\ wlhfdhgl_dkl_ b
\ujZ[hlZlv mf_klgh_ ih\_^_gb_ ^eyi_j\hgZqZevgh]h dhgl_dklZ A^_kv fh`_l
hdZaZlvky ihe_aguf=_g_jZlhj Gh\h]hIh\_^_gby
?keb g_dhlhjh_ih\_^_gb_ \u]ey^bl g_Z^_d\ZlgufkblmZpbbqZklh wlh
hagZqZ_lqlh wlhlq_eh\_d gZoh^blky\ khklhygbb ^ZmglZcfZb j_Z]bjm_l gZ
\gmlj_ggbc dhgl_dkldhlhjuc g_khhl\_lkl\m_l \g_rg_ckblmZpbbIjbf_jhf
y\ey_lky i_j_ghk\ ikbohl_jZibbIZpb_gl j_Z]bjm_l gZ l_jZi_\lZlhqgh lZd
`_dZd hg\ k\h_\j_fy j_Z]bjh\ZegZ jh^bl_e_cLhqlh y\ey_lkymf_klguf
^ey j_[_gdZfh`_l m`_ g_ [ulvihe_aguf ^ey\ajhkeh]h q_eh\_dZL_jZi_\l
^he`_g j_nj_cfbjh\Zlvih\_^_gb_ b ihfhqv iZpb_glmhk\hblv ^jm]b_kihkh[u
^_ckl\bc
J?NJ?CFBG= KH>?J@:GBY
Kh^_j`Zgb_ hiulZ wlh lhgZ q_f \u nhdmkbjm_l_k\h_ \gbfZgb_
ijb^Z\Zy _fmlh agZq_gb_dZdh_ \ZfgjZ\blkyDh]^Z ^\moe_lgyy^hqdZ h^gh]h
ba Z\lhjh\kijhkbeZ _]hqlh agZqbl]h\hjblv g_ijZ\^mhg h[tykgbe\Z`guf
hl_q_kdbf lhghf ijbgbfZy \h\gbfZgb_ __ \hajZklb ihgbfZgb_qlh wlh
hagZqZ_l ]h\hjblv qlhlh lZdh_qlh g_y\ey_lky ijZ\^hcqlh[u aZklZ\blv
dh]hgb[m^v ^jm]h]hih^mfZlvqlh qlhlh y\ey_lkyijZ\bevgufdh]^Z gZkZfhf
^_e_ wlh g_ lZd>_\hqdZ gZ f]gh\_gb_ aZ^mfZeZkvb aZl_f ebph __
ijhk\_le_eh
<hl a^hjh\h\hkdebdgmeZ hgZ>Z\Zc aZcf_fky wlbfKe_^mxsb_
g_kdhevdh fbgmlhl_p b^hqv ijh\_ebkhh[sZy ^jm]^jm]m \hibxsmxeh`v
J_nj_cfbg] kh^_j`Zgbyihe_agh ijbf_gylvd ml\_j`^_gbyflbiZY gZqbgZx
k_j^blvkydh]^Z fghxdhfZg^mxlBebY \iZ^Zx\ iZgbdmdh]^Z ijb[eb`Z_lky
djZcgbc kjhd
AZf_lvl_qlh \ ml\_j`^_gbyo
wlh]h lbiZ
bkihevam_lky gZjmr_gb_
f_lZfh^_eb lbiZijbqbgZ ke_^kl\b_AZ^Zcl_ k_[_\hijhku
Qlh _s_wlh fh]eh[u hagZqZlv"
DZdh\Z ihablb\gZygZijZ\e_gghklv wlh]hih\_^_gby"
DZd _s_y fh][u hibkZlvwlh ih\_^_gb_"
IheblbdZ wlh bkdmkkl\hj_nj_cfbg]Z kh^_j`ZgbyOhjhrb_ wdhghfbq_kdb_
ihdZaZl_eb fh]ml [ulv ij_^klZ\e_gu dZd hl^_evgu_ ijbf_juihdZau\Zxsb_
\k_h[smx l_g^_gpbxd kiZ^m wdhghfbdbeb[h dZd ijhy\e_gb_wdhghfbq_kdh]h
ijhp\_lZgby\ aZ\bkbfhklbhl lh]hgZ dZdhcklhjhg_ iZeZluh[sbg \ukb^bl_
<ukhdb_ ijhp_glgu_klZ\db g_m^h[gu^ey ^he`gbdZgh ohjhrb ^eydj_^blhjZ
LjZgkihjlgu_ ijh[db hdZau\Zxlky m`Zkghc g_ijbylghklvx_keb \u \ gbo
ihiZ^Z_l_gh \ih^Zq_ fbgbkljZhgb fh]mlklZlv ijbagZdhfijhp\_lZgby?keb
[u ljZgkihjlgu_aZlhju [uebebd\b^bjh\Zgu \ Ehg^hg_hg [ujZihjlh\Zeqlh
wlh hagZqZ_l kf_jlvklhebpu dZd ijhfure_ggh]hp_gljZFU g_hlklmiZ_f
]h\hjbe h^bg]_g_jZefu gZklmiZ_fgZaZ^
G:F?J?GGB? BIH<?>?GB?
< hkgh\_j_nj_cfbg]Z e_`bljZaebqb_ f_`^mgZf_j_gb_ _fb ih\_^_gb_f
l_fqlh \u ^_eZ_l_b l_fq_]h \u gZkZfhf ^_e_iulZ_l_kv ^hklbqv ijb
wlhfWlh j_rZxs__jZaebqb_dhlhjh_ ke_^m_lbf_lv \\b^mklZedb\Zykv k
ex[uf ih\_^_gb_fQZklh lhqlh \u^_eZ_l_g_ ^Z_l \Zf lh]hq_]h \u
ohlbl_GZijbf_j`_gsbgZ fh`_l ihklhygghbkiulu\Zlv [_kihdhckl\h h k\h_c
k_fv_Wlh __ kihkh[ ijhy\e_gbyk\h_c ex[\b baZ[hlhx k_fv_K_fvy `_
kfhljbl gZwlh dZd gZ ijb^bjdbb h[b^gu_\uiZ^uFm`qbgZ fh`_l klj_fblvky
ijh^_fhgkljbjh\Zlv k\hxex[h\v dk_fv_fgh]h b ^he]hjZ[hlZy: _]hk_fvy
\hafh`ghohl_eZ [uqlh[u hg [hevr_\j_f_gb ijh\h^be\f_kl_ kgbfbimklv
^Z`_ \ms_j[ aZjZ[hlghcieZl_
Bgh]^Z ih\_^_gb_^Z_l \Zflhq_]h \u ohlbl_gh g_\iheg_ kh]eZkm_lky
k ^jm]bfbqZklyfb \Zr_cebqghklbGZijbf_jjZ[hlgbd fh`_levklblv brmlblv
kh k\hbfgZqZevgbdhfqlh[u ihemqblvih\ur_gb_Z aZl_f g_gZ\b^_lvk_[y aZ
wlhIhjhc \u b \kZfhf ^_e_ fh`_l_g_ agZlvq_]h iulZ_l_kv ^hklbqvk
ihfhsvx hij_^_e_ggh]h ih\_^_gbyb
wlh dZ`_lky ^hkZ^gufAZ dZ`^uf
ih\_^_gb_f \k_]^Zkdju\Z_lky ihablb\gh_gZf_j_gb_\ ijhlb\ghfkemqZ_ aZq_f
`_ \u _]hhkms_kl\ey_l_"<k_qlh \u^_eZ_l_ij_ke_^m_l g_dhlhjmxp_ev
lhev dh wlZ p_ev fh`_l [ulv mklZj_\r_c: g_dhlhju_ lbiu ih\_^_gbc
ih^oh^ysbf
ijbf_jhf
y\ey_lky
dmj_gb_^hklb]Zxlfy]dh
]h\hjy
ijhlb\hiheh`guo j_amevlZlh\
Ba[Z\blvky hl g_`_eZl_evgh]h ih\_^_gbywlh g_ agZqblklZjZlvky b
hklZgh\blv _]h\he_\uf mkbeb_fLZdb_ f_ju]ZjZglby lh]hqlh hgh[m^_l
\hah[gh\eylvky gZklhcqb\hihlhfm qlh\u h[jZlbebgZ g_]h\gbfZgb_ bijb^Zeb
_fm wg_j]bxGZc^bl_ ^jm]hcemqrbc kihkh[m^h\e_l\hjblv k\h_baf_j_gb_
kihkh[dhlhjuc [he__kha\mq_g ^jm]bfklhjhgZf \Zr_c ebqghklb<u `_ g_
[m^_l_ \u[jZku\Zlvd_jhkbgh\u_ eZfiuij_`^_q_f ijh\_^_l_ we_dljbq_kl\h
_kebdhg_qghg_ aZohlbl_hklZlvky \l_fghl_
< gZkkh^_j`blky fgh`_kl\hebqghkl_c`b\msbo \lj_\h`ghf Zevygk_B
dZ`^Zy qZklvgZr_c ebqghklbiulZ_lky hkms_kl\blvk\h_ kh[kl\_ggh_gZf_j_gb_
Q_f [he__hgb kh]eZkh\Zgub kihkh[gujZ[hlZlv \]Zjfhgbb ^jm] k^jm]hfl_f
[he__ kqZkleb\q_eh\_d< gZkkf_rZgh fgh`_kl\hqZkl_cb qZklhhgb \klmiZxl
\ dhgnebdl ^jm] k^jm]hfJZ\gh\_kb_ ihklhyggh gZjmrZ_lkyb wlh^_eZ_l
`bagv bgl_j_kghcLjm^gh [ulviheghklvx dhg]jmwglgufiheghklvx ih]ehs_gguf
^_yl_evghklvx
h^gh]h gZijZ\e_gbyZ q_f [he__ \Z`ghc
y\ey_lky wlZ
^_yl_evghklvl_f [hevr_qZkl_c \Zr_cebqghklb ^he`gu[ulv \dexq_gu\ g__
K ijb\uqdZfb ljm^ghjZkklZlvkyDmj_gb_ \j_^gh^ey a^hjh\vygh hgh
^Z_l
\Zf \hafh`ghklv jZkkeZ[blvkyaZgbfZ_l \Zrb
jmdb
b
ihfh]Z_l
ih^^_j`b\Zlv lh\Zjbs_kdb_ hlghr_gbyk ^jm]bfbex^vfbHldZa hl dmj_gbyb
ij_g_[j_`_gb_ k\yaZggufb kgbf hklZevgufbihlj_[ghklyfb hklZ\ey_l \Zdmmf
Pblbjmy FZjdZL\_gZ;jhkZlv dmjblve_]dhY ^_eZxwlh dZ`^uc^_gv
R?KLB R:=H<UCJ?NJ?CFBG=
Fu lZd`_ g_ihoh`bgZ k_[ydZd g_ihoh`bgZ ^jm]bo
Fhgl_gv
< GEIjZajZ[hlZg [he__nhjfZevguc ijhp_kkj_nj_cfbg]Z ^ey ij_djZs_gby
g_`_eZl_evgh]h ih\_^_gbyiml_f ij_^hklZ\e_gby emqrbo \ZjbZglh\ ih\_^_gby
LZdbf h[jZahf\u khojZgy_l_ ij_bfms_kl\Z klZjh]h ih\_^_gbyWlh g_fgh]h
ihoh`_ gZ iml_r_kl\b_EhrZ^v b^\mdhedZ hdZau\Zxlky_^bgkl\_gguf kihkh[hf
^h[jZlvky lm^Zdm^Z \uohlbl_ f_^e_gguf b g_m^h[gufAZl_f lh\Zjbs
khh[sZ_l \Zfqlh lm^Z gZkZfhf ^_e_ j_]meyjgh oh^yl ih_a^Z b e_lZxl
kZfhe_lu ^jm]hc b[he__ m^h[guckihkh[ ^hklb`_gby\Zr_c p_ebR_klb rZ]h\uc
j_nj_cfbg] jZ[hlZ_lohjhrh lhevdh lh]^Zdh]^Z \ \Zkkms_kl\m_l qZklv
dhlhjZy aZklZ\ey_l\Zk \_klb k_[ylZdbf kihkh[hfdhlhjuc \Zfg_ gjZ\blky
Hg fh`_l[ulv lZd`_bkihevah\Zg \kemqZ_ ikbohkhfZlbq_kdbokbfilhfh\
KgZqZeZ hij_^_ebl_ih\_^_gb_ bebj_Zdpbxih^e_`Zsmx baf_g_gbx
WlZ qZklvh[uqgh \ujZ`Z_lky\ nhjf_Y ohqmk^_eZlvgh qlhlh f_gy
hklZgZ\eb\Z_lBebY g_ohqm ^_eZlv wlhgh \dhgp_ dhgph\ y\k_lZdb
^_eZx wlh?keb \ujZ[hlZ_l_ k ^jm]bfq_eh\_dhf\Zf g_l g_h[oh^bfhklb
agZlv ^_ckl\bl_evgh_ ijh[e_fgh_ih\_^_gb_GZ kZfijhp_kk j_nj_cfbg]Z g_
hdZau\Z_l \ebygb_lhqlh ij_^klZ\ey_l kh[hcwlh ih\_^_gb_L_jZiby \iheg_
fh`_l [ulvijh\_^_gZ [_aagZgby kh^_j`Zgbyih\_^_gby
M^_ebl_ fbgmlmqlh[u \ujZablv hp_gdmlhfmqlh wlZ qZklv^_eZ_l ^ey
\Zkb m[_^bl_kv\ lhfqlh \ug_ kh[bjZ_l_kvhldZau\Zlvky hlg__Wlh fh`_l
hdZaZlvky ljm^guf_keb ijh[e_fgh_ih\_^_gb_ gZah\_f _]h ;y\ey_lky hq_gv
g_ijbylgufgh \ufh`_l_ hp_gblv _]hgZf_j_gb__keb g_ kZfkihkh[ _]h
hkms_kl\e_gby
MklZgh\bl_ dhffmgbdZpbx kqZklvxhl\_lkl\_gghc aZ^Zggh_ ih\_^_gb_
;
H[jZlbl_kv
\gmljv k_[y
b
kijhkbl_Ohq_l eb qZklv ebqghklb
hl\_lkl\_ggZy aZ;h[sZlvky khfghc gZmjh\g_ khagZgby"AZf_lvl_dZdmx
j_Zdpbx \uihemqbl_;m^vl_ \gbfZl_evgu dh\k_f k\hbf\gmlj_ggbf dZgZeZf
\hkijbylbydZjlbgdZfa\mdZf
b hsms_gbyfG_
m]Z^u\Zcl_Ihemqbl_
hij_^_e_gguc kb]gZeqZklh wlhg_agZqbl_evgh_ hsms_gb_\ l_e_Kfh`_l_ eb\u
khagZl_evgh \hkijhba\_klb \ lhqghklb wlhl kb]gZe"?keb kfh`_l_kgh\Z
h[jZlbl_kv \gmljv k_[y baZ^Zcl_ lhl `_\hijhkihdZ g_ihemqbl_ kb]gZe
dhlhjuc \ug_ kfh`_l_dhgljhebjh\Zlv ihk\h_c \he_
Wlh a\mqblkljZgghgh qZklv ebqghklbhl\_lkl\_ggZy aZ;y\ey_lky
g_hkhagZ\Z_fhc?keb [uhgZ [ueZih^ khagZl_evgufdhgljhe_f\u [ug_ klZeb
__ j_nj_cfbjh\Zlv\u [u ijhklh__ hklZgh\bebDh]^Z qZklb\klmiZxl \
dhgnebdl ^jm] k ^jm]hf\k_]^Z ihy\ey_lky g_dhlhjuc
kb]gZedhlhjuc
^hklb]Z_l
khagZgbyIjboh^behkv eb
\Zf
dh]^Zgb[m^v kh]eZrZlvky
k
qvbfbgb[m^v ieZgZfbbkiulu\Zy ijb wlhfkhfg_gby"DZd wlhhljZ`Zehkv gZ
lhg_ \Zr_]h ]hehkZ"Fh`_l_ eb \u dhgljhebjh\Zlv khkms__hsms_gb_ ih^
eh`_qdhc\hagbdZxs__ \lhl fhf_gldh]^Z \u^Z_l_ kh]eZkb_jZ[hlZlvagZy
qlh k[hevrbf m^h\hevkl\b_fijh\_eb [u \j_fyhl^uoZy \kZ^m"IhdZqb\Zgb_
]heh\hcbaf_g_gby fbfbdbb lhgZ ]hehkZij_^klZ\eyxl kh[hc y\gu_ijbf_ju
lh]hdZd dhgnebdlmxsb_qZklb \ujZ`Zxl k_[yDh]^Z \hagbdZ_l dhgnebdl
bgl_j_kh\\k_]^Z ihy\ey_lkyg_dhlhjuc g_ijhba\hevguc kb]gZeb qZs_\k_]h
hg [u\Z_lhq_gv keZ[uf<Zf ke_^m_l[ulv gZ]hlh\_Wlhl kb]gZedZd gh\
ij_^eh`_gbb>Zgh
L_i_jv \Zfg_h[oh^bfh ij_\jZlblvwlhl hl\_l\ ^Zg_l kb]gZeIhijhkbl_
qZklv ih\ukblvbgl_gkb\ghklv kb]gZeZ_keb wlhhl\_l ^Zb hkeZ[blv_keb
wlh hl\_l g_lIhijhkbl_ \hkijhba\_klbh[Z kb]gZeZh^bg aZ^jm]bfqlh[u
hlq_leb\h bojZaebqZlv
Hl^_ebl_ ihablb\gh_gZf_j_gb_ hlih\_^_gbyIh[eZ]h^Zjbl_ qZklv;aZ
khljm^gbq_kl\hKijhkbl_Ohq_l ebqZklvdhlhjZy hl\_lkl\_ggZaZ ih\_^_gb_
;^Zlv fg_ihgylvqlh hgZiulZ_lky k^_eZlv"?keb hl\_l[m^_l ^Zlh \u
magZ_l_ hgZf_j_gbbb hghfh`_l hdZaZlvkykxjijbahf ^ey\Zr_]h khagZgby
Ih[eZ]h^Zjbl_ qZklvaZ bgnhjfZpbx baZ lhqlh hgZ ^_eZ_lwlh ^ey\Zk
Ih^mfZcl_ hlhfohlbl_ eb\u gZkZfhf ^_e_bf_lv qZklvdhlhjZy ^_eZeZ[u
wlh
H^gZdh \Zfg_l g_h[oh^bfhklbagZlv hgZf_j_gbb?keb hl\_l gZ\Zr
\hijhk [m^_lg_l\u fh`_l_ ih^ukdZlv mkeh\byijb dhlhjuowlZ qZklv
aZohl_eZ [u khh[sblv \Zfh lhfq_]h hgZ iulZ_lky^hklbqvDZd [ulh gb
[uehij_^iheh`bl_ ^h[ju_gZf_j_gby k__ klhjhguWlh g_agZqblqlh \Zf
gjZ\blky wlh ih\_^_gb_ijhklh \uij_^iheZ]Z_l_qlh mwlhc qZklb _klv
g_dhlhjZy p_evb wlZp_ev \g_dhlhjhf kfuke_ihe_agZ ^ey\Zk
H[jZlbl_kv \gmljvk_[y bkijhkbl_?keb [ul_[_ ij_^hklZ\bebkihkh[u
dhlhju_ ^Zeb[u l_[_\hafh`ghklv hkms_kl\blvwlh gZf_j_gb_ih djZcg_cf_j_
g_ f_g__wnn_dlb\ghq_f lZddZd lu^_eZ_rv wlhk_cqZklh g_aZohl_eZ eb
[u luihijh[h\Zlv wlb kihkh[u"< wlhlfhf_gl hl\_lg_l[m^_l hagZqZlv
qlh kb]gZeu [hjxlky^jm] k^jm]hfGb h^gZ jZamfgZyqZklv g_ kfh]eZ[u
hl\_jgmlvky hllZdh]h ij_^eh`_gby
Ihijhkbl_ k\hxl\hjq_kdmx qZklv\ujZ[hlZlv gh\u_kihkh[u ^hklb`_gby
lhc `_kZfhc p_eb
< \Zr_c `bagb [u\Zeb fhf_gludh]^Z \ugZoh^bebkv \ l\hjq_kdhf b
j_kmjkghf khklhygbbIhijhkbl_ qZklvk dhlhjhc\u jZ[hlZ_l_khh[sblv k\hb
gZf_j_gby \Zr_cl\hjq_kdhcj_kmjkghc qZklbLh]^Z l\hjq_kdZyqZklv kfh`_l
gZclb gh\u_imlb hkms_kl\e_gby l_o `_ gZf_j_gbcQZklv ba gbo [m^ml
m^Zqgufb^jm]b_ g_ hq_gvH g_dhlhjuoba gbo\u [m^_l_agZlvgh g_bf__l
agZq_gby_keb hgb [m^ml g_^hklmigu \Zr_fmkhagZgbxIhijhkbl_ qZklv ;
\u[jZlv ebrvl_ bagbodhlhju_ hgZkqblZ_l lZdbfb `_ m^Zqgufb beb ^Z`_
[he__ wnn_dlb\gufbq_f
i_j\hgZqZevgh_
ih\_^_gb_Hgb
^he`gu [ulv
g_ihkj_^kl\_ggu b^hklmiguIhijhkbl_ __ih^Z\Zlv kb]gZe^Z\kydbc jZa
dh]^Z hgZ[m^_l ihemqZlv gh\uc\u[hjIjh^he`Zcl_ ^h l_oihjihdZ \ug_
ihemqbl_ ihdjZcg_c f_j_ljb kb]gZeZ^ZGZ wlhfwlZi_ ijhp_kkZ\u fh`_l_
ihljZlblv klhevdh \j_f_gbkdhevdh ihkqblZ_l_gm`gufIh[eZ]h^Zjbl_ k\hx
l\hjq_kdmx qZklvdh]^Z aZdhgqbl_
Kijhkbl_ qZklv;kh]eZkgZ eb hgZ\hkihevah\Zlvky gh\ufb\u[hjZfb
\aZf_g klZjh]hih\_^_gby \l_q_gb_ ke_^mxsbog_kdhevdbo g_^_ev
Wlh ijbkh_^bg_gb_ d [m^ms_fmfuke_ggZy j_i_lbpbygh\h]h ih\_^_gby\
[m^msbo kblmZpbyo
?keb ^hkbo ihj \k_ [ueh ghjfZevghlh gbdZdb_ ijbqbgug_ [m^ml
ij_iylkl\h\Zlv \Zf ihemqblvkb]gZe ^Z?keb \u ihemqbeb \k_ `_hl\_l
g_laZ\_jvl_ qZklv;\ lhfqlh hgZkfh`_l ijh^he`Zlvijb[_]Zlv dklZjhfm
klbex ih\_^_gbygh \u ohl_eb [uqlh[u hgZihijh[h\ZeZ kgZqZeZ gh\u_
\u[hju?keb ba^_kv \uihemqbl_ g_l\u fh`_l_j_nj_cfbjh\Zlv \hajZ`Zxsmx
qZklvijhc^y kg_c q_j_a\k_ r_klvrZ]h\ j_nj_cfbg]Zk kZfh]hgZqZeZ
Wdheh]bq_kdZy ijh\_jdZ
<Zf g_h[oh^bfhagZlvkms_kl\mxl eb ^jm]b_ qZklbdhlhju_ fh]eb [u
\hajZ`Zlv ijhlb\\Zrbo gh\uo\u[hjh\Kijhkbl_ ?klv eblZdb_ qZklbdhlhju_
\hajZ`Zxl ijhlb\dZdh]hgb[m^v bafhbo gh\uo\u[hjh\";m^vl_ \gbfZl_evgud
ex[hfm kb]gZemLsZl_evgh jZa[_jbl_kv k dZ`^uf ba gboDh]^Z ihy\bfky
dZdhclh kb]gZeihijhkbl_ wlmqZklv mkbeblvk\hc kb]gZe_keb hgZgZ kZfhf
^_e_ \hajZ`Z_lM[_^bl_kv \lhfqlh gh\u_\u[hju \klj_lbeb h^h[j_gb_\k_o
aZbgl_j_kh\Zgguo qZkl_c\ ijhlb\ghfkemqZ_ hgb[m^ml aZgbfZlvkykZ[hlZ`_f
?keb \hagbdeh \hajZ`_gb_\u fh`_l_ k^_eZlv h^gh ba ^\moEb[h
\_jgmlvky d rZ]mb j_nj_cfbjh\Zlv \hajZ`Zxsmx qZklveb[h ihijhkblv
l\hjq_kdmx qZklvijhdhgkmevlbjh\Z\rb_ k \hajZ`Zxs_c qZklvx\ujZ[hlZlv
^hihegbl_evguc gZ[hjgh\uo \u[hjh\M[_^bl_kvqlh wlbgh\u_ \u[hju lZd`_
ijhreb ijh\_jdmgZ ex[h_\hajZ`_gb_
R_klb rZ]h\uc j_nj_cfbg]
ij_^klZ\ey_l
kh[hc l_ogbdm l_jZibb
b
ebqghklgh]h jZa\blbyHg bf__l g_ihkj_^kl\_ggh_ hlghr_gb_ d g_kdhevdbf
ikboheh]bq_kdbf y\e_gbyf
I_j\h_ wlh \lhjbqgZy\u]h^Zb^_y h lhfqlhdZdbf [u kljZggu_b
ijbqm^eb\uf gbdZaZehkv ih\_^_gb_hgh \k_]^Z kem`blp_ebihe_aghc gZ
g_dhlhjhf mjh\g_b wlZ p_evdZd ijZ\behg_hkhagZ\Z_fZyG_l gbdZdh]h
kfukeZ ^_eZlv lhqlh iheghklvx ijhlb\hj_qbl gZrbf bgl_j_kZf<k_]^Z
kms_kl\m_l g_dZy\u]h^Zb kf_kvgZrbo fhlb\h\b wfhpbc j_^dhhdZau\Z_lky
]Zjfhgbqghc
<lhjh_ wlh ljZgkQ_eh\_dhkms_kl\eyxsbc r_klbrZ]h\ucj_nj_cfbg]
[m^_l gZoh^blvky\ e_]dhfljZgk_dh]^Z \gbfZgb_gZijZ\e_gh \gmljvk_[y
Lj_lv_r_klb rZ]h\uc b
j_nj_cfbg]
bkihevam_l mf_gb_ ijh\h^blv
i_j_]h\hju f_`^m qZklyfb h^ghcebqghklb< ke_^mxs_c]eZ\_ fu jZkkfhljbf
mf_gb_ \_klbi_j_]h\hju f_`^mex^vfb \dhgl_dkl_ [bag_kZ
EBGBY <J?F?GB
Fu g_fh`_f [ulvgb \dZdhf bghfkhklhygbbdjhf_ khklhygbyk_cqZkb
m dZ`^h]hba gZk\ q_j_ighc dhjh[d_bf__lky fZrbgZ \j_f_gbDh]^Z fukibf
\j_fy hklZgZ\eb\Z_lkyB \k\hbo f_qlZob kgh\b^_gbyofu fh`_f [_a\kydh]h
ljm^Z i_j_iju]b\Zlvba gZklhys_]h \ijhreh_ beb[m^ms__Ihjhc dZ`_lkyqlh
\j_fy e_lbl bebgZh[hjhlihea_l \aZ\bkbfhklb hllh]hq_f fuaZgyluQlh
[u gb ij_^klZ\eyeh kh[hc \j_fy \ ^_ckl\bl_evghklbgZr_ km[t_dlb\gh_
i_j_`b\Zgb_ \j_f_gbihklhyggh baf_gy_lky
Fu baf_jy_f \j_fy \ hdjm`Zxs_f gZk fbj_bkihevamy jZkklhygb_ b
^\b`_gb_ ^\b`msmxky klj_edmgZ pbn_j[eZl_qZkh\gh dZdh_hlghr_gb_ dh
\j_f_gb bf__l gZrfha]"M gZk^he`_g [ulvdZdhcgb[m^v kihkh[hij_^_e_gby
\j_f_gbbgZq_ fu gbdh]^Z[u g_magZebk^_eZeb fu qlhlh beb lhevdh
kh[bjZ_fky k^_eZlvijbgZ^e_`bl ebwlh kh[ulb_ gZr_fmijhrehfm bebgZr_fm
[m^ms_fm<_^v ljm^gh`blv khsms_gb_f GHMDYXih hlghr_gbxd [m^ms_fm<
q_f jZaebqb_f_`^m l_fdZd fu^mfZ_f h ijhreuo kh[ulbyob l_fdZd fu
^mfZ_f h[m^ms_f"
<hafh`ghfu gZc^_f dexq d jZa]Z^d_ wlh]h \ l_o fgh]hqbke_gguo
\ukdZau\Zgbyodhlhju_ fu^_eZ_f ihih\h^m \j_f_gbY g_\b`m gbdZdh]h
[m^ms_]hHg aZkljye \ ijhrehfH]ey^u\Zykv gZkh[ulbyKfhlj_lv
\i_j_^ \[m^ms__<_jhylghaj_gb_ b gZijZ\e_gb_b]jZxl a^_kvg_dhlhjmx
jhev
<u[_jbl_ dZdh_gb[m^v ijhklh_ ih\lhjyxs__ky ^_ckl\b_dhlhjh_ \u
\uihegy_l_ ihqlb dZ`^uc ^_gvlZdh_dZd qbkldZ am[h\ijbq_ku\Zgb_
mfu\Zgb_aZ\ljZd bebijhkfhlj l_e_i_j_^Zq
Ih^mfZcl_ h\j_f_gb ijbf_jghiylbe_lg_c ^Z\ghklbdh]^Z \u^_eZeb wlh
A^_kv g_h[yaZl_evgh \kihfbgZlvdhgdj_lguc ijbf_j<u agZ_l_qlh \u ^_eZeb
wlh iylve_l gZaZ^b \ufh`_l_ ijbl\hjblvkyqlh \kihfbgZ_l_wlhl kemqZc
L_i_jv ih^mfZcl_h lhfdZd \u^_eZeb lh `_ kZfh_ ^_ckl\b_g_^_ex
gZaZ^
L_i_jv ih^mfZcl_dZd [u wlh \u]ey^_eh_keb [uk^_eZeb wlhijyfh
k_cqZkQ_j_a h^gmg_^_ex
L_i_jv ih^mfZcl_h[ wlhf aZgylbb q_j_a iylve_l G_ bf__lagZq_gby
agZ_l_ eb \u]^_ \u[m^_l_ lh]^ZgZoh^blvkyijhklh ih^mfZcl_ h[wlhf
aZgylbb
BgZdhg_p\havfbl_ wlb q_luj_ kh[ulby<_jhylghm \Zk _klv
dZdZygb[m^v dZjlbgdZih ih\h^m dZ`^h]hba gboWlh fh`_l[ulv dbgh beb
hl^_evguc dZ^j?keb `_[_k i_j_f_rZebo \k_ob \ug_ kfh]ebbo m\b^_lvlh
dZdbf h[jZahf\u kfh]ebhlebqblv boh^gm hl^jm]hc"
GZ\_jgh_\Zf kZfbfbgl_j_kgh magZlvdZd \uwlh ^_eZ_l_Qmlv iha`_fu
ij_^eh`bf \Zfg_dhlhju_ h[h[s_gby
Kgh\Z ihkfhljbl_gZ wlbdZjlbgdb< q_fjZaebqby f_`^mgbfb \l_jfbgZo
i_j_qbke_gguo gb`_km[fh^Zevghkl_c "
< dZdhff_kl_ hdjm`Zxs_]h\Zk ijhkljZgkl\Zhgb jZkiheh`_gu"
DZdh\u bojZaf_ju"DZdh\Z boyjdhklv"
GZkdhevdh j_adbfbhgb y\eyxlky"H^bgZdh\uc ebm gbop\_l"Wlh dbghbeb
nhlh]jZnbb"GZkdhevdh
^Ze_dh
hl \Zk hgb jZkiheh`_gu"Ljm^gh ^_eZlv
dZdb_gb[m^v h[h[s_gby
hlghkbl_evgh
ebgbb \j_f_gbgh
h[sbc kihkh[
hj]ZgbaZpbb
dZjlbg
ijhreh]hgZklhys_]h b [m^ms_]h
aZdexqZ_lky
\
ijhkljZgkl\_gghf bo jZkiheh`_gbbIjhreh_\_jhylgh[m^_l jZkiheZ]Zlvky
ke_\Z hl\ZkQ_f ^Zevr_\ ijhreh_l_f ^Zevr_ hl \Zk[m^_l jZkiheh`_gZ
dZjlbgdZ>Ze_dh_ b kfmlgh_ijhreh_ [m^_l^Zevr_ \k_]h;m^ms__ [m^_l
moh^blv \ijZ\h hl \Zkijbq_f dZjlbgu [he__ ^Ze_dh]h [m^ms_]h [m^ml
gZoh^blvky ^Zevr_DZjlbgdZ ih h[_ klhjhgu fh]mljZkiheZ]Zlvky ^jm]gZ^
^jm]hf
eb[h dZdbflh ^jm]bf kihkh[hfiha\heyxsbf e_]dh m\b^_lv
b
jZkkhjlbjh\Zlv
boFgh]b_ ex^b
bkihevamxl \bamZevgmx
kbkl_fm
^ey
j_ij_a_glZpbb
\j_f_gghc
ihke_^h\Zl_evghklb
kh[ulbcgh \iheg_ fh]ml
kms_kl\h\Zlv g_dhlhju_km[fh^Zevgu_ jZaebqbyb \^jm]bo kbkl_fZoA\md fh`_l
mkbeb\Zlvky ih f_j_ ijb[eb`_gby dgZklhys_fmhsms_gby fh]mlklZgh\blvky
[he__ bgl_gkb\gufb
D kqZklvxlZdhc kihkh[hj]ZgbaZpbb \j_f_gb kh]eZkm_lkyk ghjfZevgufb
]eZagufb kb]gZeZfb ^hklmiZb kihkh[hf ql_gbywlbf bfh`gh h[tykgblvlhl
nZdlqlh hg y\ey_lky jZkijhkljZg_ggufiZll_jghfKms_kl\m_l fgh`_kl\h
kihkh[h\ hj]ZgbaZpbb \j_f_gghcebgbbB ohly g_kms_kl\m_l g_ijZ\bevghc
\j_f_gghc ebgbbgh bkihevah\Zgb_
dZ`^hc
ba gbo fh`_l bf_lv k\hb
ihke_^kl\byLh]^_ b dZd\u \ukljZb\Z_l_k\hx \j_f_ggmx ebgbx[m^_l
\ebylv gZlhdZd \u^mfZ_l_
Ij_^iheh`bf\Zr_ ijhreh_gZoh^blky ijyfhi_j_^ \ZfbHgh \k_]^Z[m^_l
ihiZ^Zlv \ihe_ aj_gbyb ijb\e_dZlv\Zr_ \gbfZgb_<Zr_ ijhreh_ klZgh\blky
\Z`ghc b\ebyl_evghc qZklvx\Zr_]h hiulZ
;hevrb_ b yjdb_
dZjlbgdb ^Ze_dh]h
[m^ms_]h k^_eZxl _]h \_kvfZ
ijb\e_dZl_evguf b[m^ml ijbly]b\Zlv\Zk<u [m^_l_hjb_glbjh\Zgu gZ[m^ms__
: [eb`Zcr__ [m^ms__ [m^_l k ljm^hf ih^^Z\ZlvkyieZgbjh\Zgbx?keb `_
[eb`Zcr__ [m^ms__[m^_l gZiheg_gh [hevrbfbb yjdbfb dZjlbgZfblh fh`_l
hdZaZlvky aZljm^gbl_evguf ^he]h\j_f_ggh_ ieZgbjh\Zgb_< h[s_flhqlh
y\ey_lky [hevrbfyjdbf b gZkus_gguf p\_lZfb _keb wlb km[fh^Zevghklb
y\eyxlky ^ey\Zk djblbq_kdbfb[m^_l gZb[he__ijb\e_dZl_evgufb wlhfm\u
[m^_l_ m^_eylv gZb[hevrmx qZklv\gbfZgby;md\Zevghm dh]hlh fjZqgh_
ijhreh_ bk\_leh_ [m^ms__
Km[fh^Zevghklb fh]mlbaf_gylvky ihkl_i_gghGZijbf_jq_f yjq_dZjlbgdZ
beb q_fhgZ j_aq_l_f [eb`_g gZklhys_fmWlb ^\_km[fh^Zevghklb ohjhrbijb
j_ij_a_glZpbb ihkl_i_ggu_ baf_g_gbbBgh]^Z q_eh\_dfh`_l khjlbjh\Zlv k\hb
dZjlbgdb
[he__
^bkdj_lguf
kihkh[hfbkihevamy
bo
hij_^_e_ggh_
f_klhiheh`_gb_ijb wlhfdZ`^h_ \hkihfbgZgb_g_ jZkijhkljZgy_lkyh[hkh[e_ggh
hl ij_^u^ms_]hB lh]^Z lZdhc q_eh\_d[m^_l bkihevah\Zlvij_bfms_kl\_ggh
VWDFFDWR`_klu]h\hjy h[wlbo \hkihfbgZgbyoZ \h\k_g_ OHJDWR`_klu
;m^ms__ fh`_l[ulv kbevgh\ulygmluf ijyfhi_j_^ \Zfbb ^hklZ\eylv \Zf
[_kihdhckl\h klhedgh\_gb_fk djZcgbfbkjhdZfb bkiheg_gby q_]heb[hdhlhju_
[m^ml dZaZlvky^Ze_dbfb ^hl_o ihjihdZ \g_aZigh g_ijbfml m]jh`Zxsbo
jZaf_jh\K ^jm]hc klhjhgu[m^ms__ fh`_l [ulv kebrdhfk`ZluflZd qlh
dZjlbgdZ [m^ms_]h[m^ml jZkiheh`_guhq_gv [ebadh^jm] d^jm]mb lh]^Z\u
gZ\_jgh_ihqm\kl\m_l_ ^Z\e_gb_\j_f_gb \ZfihdZ`_lkyqlh \k_^he`gh [ulv
k^_eZgh kjZamBgh]^Z ihe_agh k`bfZlv\j_f_ggmx ebgbxZ ihjhx emqr___
jZkly]b\Zlv<k_ aZ\bkblhl lh]hq_]h \uohlbl_H[s_ba\_klghqlh l_ex^b
dhlhju_ hjb_glbjh\Zgu \[m^ms__h[uqgh kijZ\eyxlky k [he_agyfb [he__
[ukljhy f_^bpbgkdb_bkke_^h\Zgby ih^l\_j`^ZxlwlhL_jZiby \j_f_gghcebgbb
fh]eZ [uihfhqv e_q_gbxk_jv_aguo aZ[he_\Zgbb
Ebgby \j_f_gb
hdZau\Z_lky \Z`ghc khklZ\eyxs_c qm\kl\Z j_Zevghklb
q_eh\_dZb ihwlhfmhgZ k ljm^hfih^^Z_lky baf_g_gbx^h l_o ihjihdZ wlh
baf_g_gb_
g_
klZgh\blky wdheh]bq_kdbfIjhreh_ hdZau\Z_lky j_Zevguf
gZklhevdh `_gZkdhevdh [m^ms__g_j_Zevguf;m^ms__ kms_kl\m_l [hevr_c
qZklvx
\
\b^_
ihl_gpbZevguo
\hafh`ghkl_cHgh
g_hij_^_e_gghB
km[fh^Zevghklb [m^ms_]h aZqZklmx dZdbflh kihkh[hfwlh hljZ`ZxlEbgby
\j_f_gb fh`_ljZa^_eblvky gZ g_kdhevdh\_l\_ceb[h dZjlbgdb fh]ml klZlv
g_hij_^_e_ggufb
Ebgbb \j_f_gb\Z`gu \ l_jZibb?keb deb_glg_ fh`_l m\b^_lvk\h_]h
[m^ms_]hlh fgh]b_l_ogbdb g_[m^ml jZ[hlZlv
Fgh]b_ l_jZi_\lbq_kdb_l_ogbdb \GEI ij_^iheZ]Zxlqlh deb_glkihkh[_g
fuke_ggh i_j_^\b]Zlvky\h \j_f_gyihemqZlv ^hklmid j_kmjkZf ijhreh]hbeb
dhgkljmbjh\Zlv ijb\e_dZl_evg__ [m^ms__Ihjhx ebgby \j_f_gb^he`gZ ijhclb
ij_^\Zjbl_evgmx khjlbjh\dm
JY>HF KH<J?F?G?F BKD<HAV <J?FY
< k\h_cdgb]_ Hkgh\u ebqghklbLw^ >`_cfk hibku\Z_l^\_ hkgh\guolbiZ
ebgbb \j_f_gbI_j\uc hggZa\Ze jy^hf kh \j_f_g_fbeb :g]eh_\jhi_ckdbc
lbi \j_f_gbdh]^Z ebgby \j_f_gb b^_l ke_\Z gZijZ\hIjhreh_ kh^ghc
klhjhguZ [m^ms__k ^jm]hcgh h[ZgZoh^ylky \ihe_ aj_gbyq_eh\_dZ ijyfh
i_j_^ gbf<lhjhc lbihg gZa\Zekd\hav \j_fybeb :jZ[kdh_\j_fylh]^Z
ebgby \j_f_gb\uly]b\Z_lkyijhgaZy \Zk ki_j_^bgZkd\hav lZdbfh[jZahfqlh
h^gZ __ qZklvh[uqgh ijbreh_kdZau\Z_lky ihaZ^b\Zk b g_\b^bfZB \Zf
ijboh^blky ih\hjZqb\ZlvkygZaZ^qlh[u m\b^_lv__
Ex^b lbiZ kd\hav \j_fyg_ fh]ml ba\e_dZlv\u]h^m baijhreh]h beb
[m^ms_]hjZaeh`_ggh]h i_j_^ gbfbHgb \k_\j_fy gZoh^ylky\ gZklhys_f
fhf_gl_lZd qlh djZcgb_kjhdbmkeh\e_ggu_ \klj_qbb ojhghf_ljZ`bf_xl ^ey
gbo f_gvr__agZq_gb_q_f ^eyex^_c lbiZjy^hf kh\j_f_g_fHgb gZoh^ylky
\gmljb k\h_c \j_f_gghc ebgbbb bo \hkihfbgZgbyqZs_ \k_]hkdZau\Zxlky
Zkkhpbbjh\ZggufbLZdZy fh^_ev \hkijbylb_\j_f_gb rey_lkyjZkijhkljZg_gghc
\ \hklhqguo\ hkh[_gghklbZjZ[kdbokljZgZo]^_ ex^b [bag_kZ[he__ ]b[dh
hlghkylky dlhfmqlh gZau\Z_lkydjZcgbc kjhdq_f gZ AZiZ^_B wlhfh`_l
kbevgh jZa^jZ`ZlvaZiZ^gh]h [bag_kf_gZ;m^ms__ \u]ey^blhq_gv ihoh`bf gZ
p_euc
jy^
k_cqZklZd
qlh
ijhiZ^Z_l
g_h[oh^bfhklv ^_ckl\h\Zlv
[_ahleZ]Zl_evgh<_^v kms_kl\m_l]hjZa^h [hevr_ dZ^jh\k_cqZkba dhlhjuo
bkoh^bl wlZkjhqghklv
YAUD B<J?FY
Yaud \ha^_ckl\m_lgZ fha]Fu j_Z]bjm_f gZyaud gZ g_hkhagZ\Z_fhf
mjh\g_LhdZd fu]h\hjbf hkh[ulbyoijh]jZffbjm_l gZrmj_ij_a_glZpbx wlbo
kh[ulbc \\Zr_c ]heh\_ bke_^h\Zl_evghgZrm j_ZdpbxgZ gboFu m`_
jZkkfZljb\Zeb g_dhlhju_ihke_^kl\by bkihevah\Zgby\ fure_gbbghfbgZebaZpbc
mgb\_jkZevguo d\ZglbnbdZlhjh\fh^Zevguo hi_jZlhjh\b ^jm]boiZll_jgh\ lh]h
`_ jh^ZG_ y\eyxlkybkdexq_gb_f b\j_f_gZ ]eZ]heh\
K_cqZk ih^mfZcl_h lhf\j_f_gbdh]^Z \u]meyeb<_jhylghlZdZy nhjfZ
ij_^eh`_gby
aZklZ\bl
\Zk ij_^klZ\blv
k_[_ Zkkhpbbjh\Zggmx ih^\b`gmx
dZjlbgdm?keb y kdZ`mIh^mfZcl_ h lhf\j_f_gbdh]^Z \u kh\_jrbeb
ijh]medmlh \u kdhj__\k_]h kha^Z^bl_^bkkhpbbjh\Zggmx g_ih^\b`gmx
dZjlbgdmLZdhc \u[hjkeh\ m^Zebeba dZjlbgdb^\b`_gb_B l_fg_ f_g__h[Z
ij_^eh`_gby bf_xlh^bg blhl `_kfukeg_ ijZ\^Zeb"
L_i_jv ih^mfZcl_h lhf[m^ms_f \j_f_gbdh]^Z \ukh\_jrbl_ ijh]medmB
kgh\Z ^bkkhpbbjh\ZggZydZjlbgdZK_cqZk h lhfdh]^Z \u [m^_l_]meylv<
wlhf kemqZ_\ZrZ fukevkdhj__ \k_]h[m^_l Zkkhpbbjh\Zggufnbevfhf
K_cqZk ykh[bjZxkv ij_^eh`blv\Zf ih[u\Zlv\ hl^Ze_gghf [m^ms_fb lZf
ih^mfZlv hijhrehf kh[ulbbdhlhjh_ gZkZfhf ^_e__s_ g_ijhbahrehKebrdhf
fm^j_gh"<h\k_ g_lijhqlbl_ ke_^mxs__ij_^eh`_gb_
Ih^mfZcl_ hlhf \j_f_gbdh]^Z \um`_ kh\_jrbl_ijh]medm
L_i_jv \_jgbl_kv \ gZklhys__<u \ha^_ckl\m_l_ gZ^jm]bo ex^_cb
hjb_glbjm_l_ bo \h\j_f_gb l_fqlh \u]h\hjbl_AgZy h[wlhf\u ihemqZ_l_
\u[hj hlghkbl_evghlh]hdZd hkms_kl\eylv wlh \ha^_ckl\b_<u g_kfh`_l_
ij_djZlblv ^_eZlv wlhEx[Zy dhffmgbdZpbyhdZau\Z_l dZdh_lh \ebygb_ gZ
^jm]boGh lheb wlh\ebygb_dhlhjh_ \u`^_l_"Kem`bl ebhgh \Zrbfp_eyf"
Ij_^klZ\vl_ k_[_ lj_\h`gh]h iZpb_glZijbr_^r_]h gZ ijb_f d ^\mf
jZaebqguf l_jZi_\lZfI_j\uc ]h\hjblBlZdm \Zk ihy\behkv[_kihdhckl\h"
Bf_ggh lZd\u hsmsZebk_[y ^hkbo ihj"
<lhjhc ]h\hjblBlZd\u hsmsZ_l_ [_kihdhckl\h"DZdb_ \_sb [m^ml
\uau\Zlv m \Zk [_kihdhckl\h"I_j\uc l_jZi_\l ^bkkhpbbjm_l iZpb_glZ hl
hsms_gby [_kihdhckl\Zb ihf_sZ_l wlh [_kihdhckl\h \ ijhreh_<lhjhc `_
Zkkhpbbjm_l
iZpb_glZ
k
wlbf hsms_gb_f
b ijh]jZffbjm_l
bkiulu\Zlv
[_kihdhckl\h \[m^ms_fY agZxd dZdhfml_jZi_\lm h[jZlblvky
Wlh ebrv g_[hevrhc ijbf_jlh]hdZd fu\ha^_ckl\m_f ^jm]gZ ^jm]Zk
ihfhsvx yaudZ^Z`_ g_hkhagZ\Zy lh]hdZdbf h[jZahffu wlh^_eZ_f
B \lh \j_fydZd \u^mfZ_l_ hlhfgZkdhevdh we_]Zglghcb wnn_dlb\ghc
fh`_l [ulv\ZrZ dhffmgbdZpbyb kwlbfb j_kmjkZfb\u h[hjZqb\Z_l_kv gZaZ^
b \kihfbgZ_l_lhdZd \uh[uqgh ihklmiZebij_`^_q_f \ubaf_gbebkvb
dZdb_ rZ]b\u ij_^ijbgyebqlh[u baf_gblvky\ lh \j_fydZd \u kb^bl_
a^_kv bk_cqZkk wlhcdgb]hc \jmdZo
=eZ\Z DHGNEBDL BDHG=JMWGLGHKLV
<k_ fu`b\_f \h^ghf blhf `_fbj_ghihkdhevdm fukha^Z_f jZaebqgu_
fh^_eb wlh]hfbjZm gZk\hagbdZxl dhgnebdlu>\h_ fh]mlkfhlj_lv gZh^gh b
lh `_ kh[ulb_keurZlv h^gb bl_ `_keh\Zgh ijb^Z\Zlvbf kh\_jr_ggh
jZaebqgu_ kfukeu;eZ]h^Zjy wlbf fh^_eyf bkfukeZf fuihemqZ_f [h]Zlh_
jZaghh[jZab_ q_eh\_q_kdbo p_gghkl_ciheblbq_kdbo gZijZ\e_gbcj_eb]bc
bgl_j_kh\ b fhlb\h\< wlhc ]eZ\_ bkke_^mxlkyi_j_]h\hju b kh\_sZgby
bf_xsb_ p_evxijbfbj_gb_ dhgnebdlmxsbo bgl_j_kh\Z lZd`_ jZkkfZljb\Zxlky
g_dhlhju_ ijb_fujZaj_r_gby dhgnebdlh\dhlhju_ mki_rghijbf_gyxlky \fbj_
[bag_kZ
GZb[he__ \Z`gufbkhklZ\eyxsbfb gZrbodZjl j_Zevghklby\eyxlky m[_`^_gby
b p_gghklbdhlhju_ \ukljZb\ZxlgZrm `bagvb ijb^Zxl_c kfukeHgb jmdh\h^yl
l_fqlh fu^_eZ_fb fh]ml\lygmlv gZk \ dhgnebdlk ^jm]bfb ex^vfb
P_gghklb hij_^_eyxl lhqlh ^eygZk y\ey_lky \Z`gufdhgnebdl \hagbdZ_l
lh]^Zdh]^Z fugZklZb\Z_f gZlhfqlh \Z`gh_^ey gZk^he`gh [ulv\Z`guf b
^ey ^jm]boIhjhc gZrb kh[kl\_ggu_ p_gghklb kljm^hf kh]eZkmxlky ^jm]k
^jm]hfb fu\ugm`^_gu ijbgbfZlvljm^gu_ j_r_gbyFh]m eby khe]Zlv ^jm]m"
Ke_^m_l eb fg_aZgylvky kdmqghcgh ohjhrh hieZqb\Z_fhcjZ[hlhcbeb `_
\aylvky aZbgl_j_kgmxgh aZdhlhjmx f_gvr_ieZlyl"
JZaebqgu_ qZklb gZk\hiehsZxl \k_[_ jZaebqgu_p_gghklbij_ke_^mxl
jZaebqgu_ bgl_j_kubf_xl jZaebqgu_gZf_j_gby blZdbf h[jZahf\klmiZxl \
dhgnebdlu ^jm]k ^jm]hfGZrZ kihkh[ghklvijh^\b]Zlvky dj_amevlZlm dhj_gguf
h[jZahf hij_^_ey_lkyl_fdZd fukh]eZkh\u\Z_f bl\hjq_kdb mijZ\ey_fjZagufb
k\hbfb qZklyfbJ_^dh [u\Z_lqlh[u fu fh]eb bkdj_gg_ beb iheghklvx
dhg]jmwglgh ijh^\b]Zlvky d ^hklb`_gbx j_amevlZlZb q_f agZqbl_evg__
j_amevlZll_f [hevr_ gZrbo qZkl_c [m^_l aZ^_ckl\h\Zgh b l_f [hevr_
\_jhylghklv dhgnebdlZ bgl_j_kh\Fu m`_ bf_eb ^_eh k
r_klb rZ]h\uf
j_nj_cfbg]hfb \ke_^mxs_c ]eZ\_fu ij_^ijbf_f ^Zevg_cr__ bkke_^h\Zgb_
lh]hdZd jZaj_rZlvg_dhlhju_ bawlbo \gmlj_ggbodhgnebdlh\
<gmlj_ggyy dhg]jmwglghklv ^Z_lkbem bwg_j]bxFu dhg]jmwglgudh]^Z
\k_ gZr_\_j[Zevgh_ bg_\_j[Zevgh_ ih\_^_gb_gZp_e_gh gZh^bg j_amevlZl<k_
qZklb gZoh^ylky\ ]Zjfhgbbb fu bf__fk\h[h^guc ^hklmid k\hbf j_kmjkZf
FZe_gvdb_ ^_lbihqlb \k_]^Zdhg]jmwglguDh]^Z hgbohlyl q_]hlhhgb ohlyl
wlh]h \k_fk\hbf kms_kl\hf;ulv \]Zjfhgbb kkZfbf kh[hcg_ hagZqZ_lqlh
\k_ l\hbqZklb b]jZxlh^gm blm `_f_eh^bx< hjd_klj_jZaebqgu_ bgkljmf_glu
b]jZxl kh]eZkh\Zgghb h[s__a\mqZgb_ ij_^klZ\ey_l kh[hcg_qlh [hevr__q_f
lhqlh fh][u \hkijhba\_klbex[hc ba bgkljmf_glh\\ hl^_evghklbb bf_ggh
jZaebqb_ f_`^m bgkljmf_glZfbijb^Z_l fmaud___ dhehjblkbem \ha^_ckl\byb
]ZjfhgbxLhqgh lZd`_dh]^Z fudhg]jmwglgugZrb m[_`^_gbyp_gghklb b
bgl_j_ku ^_ckl\mxlkh]eZkh\Zgghqlh[u ijb^Zlv gZfwg_j]bb ^ey ^hklb`_gby
gZrbo p_e_c
Dh]^Z \u ijbgbfZ_l_ j_r_gb_ b \u dhg]jmwglgu hlghkbl_evgh wlh]h
j_r_gbylh]^Z \uagZ_l_qlh fh`_l_^_ckl\h\Zlv b\hkihevah\Zlvky ex[uf
rZgkhf gZ mki_o<hagbdZ_l \hijhkdZd \u magZ_l_dh]^Z \u dhg]jmwglgu"
Gb`_ ijb\h^blky ijhklh_ mijZ`g_gb_ ^ey hij_^_e_gby \Zr_]h \gmlj_gg_]h
kb]gZeZ dhg]jmwglghklb
B>?GLBNBD:PBY KB=G:E:DHG=JMWGLGHKLB
<kihfgbl_ lh\j_fydh]^Z \u^_ckl\bl_evgh q_]hlh ohl_ebLh hkh[_ggh_
m]hs_gb_ih^Zjhd beb kh[ulb_dhlhjh]h \u ^_ckl\bl_evgh`^ZebDh]^Z \u
fuke_ggh \_jg_l_kvd lhfm \j_f_gbb kh[ulbx\u kfh`_l_ gZqZlvhkhagZ\Zlv
gZ qlhihoh`_ wlhhsms_gb_ dhg]jmwglghklbIhagZdhfvl_kv kwlbf hsms_gb_f
qlh[u bkihevah\Zlv _]h \ [m^ms_f ^ey hij_^_e_gby k\h_cdhg]jmwglghklb
hlghkbl_evgh j_amevlZlZH[jZlbl_ \gbfZgb_ gZ k\hb hsms_gbyhlf_lvl_
km[fh^Zevghklb i_j_`b\Zgby\ lh\j_fy dZd\u fuke_ggh\ha\jZsZ_l_kv dlhfm
\j_f_gbFh`_l_ eb\u gZclb dZdh_gb[m^v \gmlj_gg__hsms_gb_dZjlbgdm beb
a\mddhlhjuc [_ahrb[hqghmdZau\Ze [u\Zf gZlhqlh \udhg]jmwglgu"
G_ dhg]jmwglghklvij_^klZ\ey_l kh[hckf_rZggh_ khh[s_gb_bgkljmf_gl
b]jZxsbc g_\ eZ^ khjd_kljhffZahdp\_ldhlhjh]h kh\_jr_gghg_ ih^oh^bl
d dZjlbg_Kf_rZggu_ \gmlj_ggb_khh[s_gby [m^mlhljZ`Zlvky \^\mkfuke_gguo
khh[s_gbyo ^jm]bfex^yf bijb\h^blv \ j_amevlZl_ daZimlZgguf ^_ckl\byfb
kZfh kZ[hlZ`mDh]^Z \uklhbl_ i_j_^ g_h[oh^bfhklvxijbgylv j_r_gb_b g_
dhg]jmwglgu \ hlghr_gbb_]hwlh ij_^hklZ\ey_l \Zf[_kp_ggmx bgnhjfZpbxkh
klhjhgu \Zr_]h
ih^khagZgby=h\hjylqlh \
lZdhf kemqZ_
g_jZamfgh
ij_^ijbgbfZlv dZdb_eb[h ^_ckl\byb qlh ijbreh \j_fyih^mfZlvkh[jZlv
[hevr_ bgnhjfZpbbkha^Zlv [hevr_\u[hjh\ bebbkke_^h\Zlv ^jm]b_j_amevlZlu
<hijhk a^_kv \lhfdZd \u magZ_l_dh]^Z \u g_dhg]jmwglgu"<uihegbl_
ke_^mxs__ mijZ`g_gb_qlh[u memqrblvkihkh[ghklv hkhagZ\Zlvk\hc kb]gZe g_
dhg]jmwglghklb
B>?GLBNBD:PBY KB=G:E:G?DHG=JMWGLGHKLB
<kihfgbl_ lh \j_fydh]^Z m \Zk ihy\eyebkv h]h\hjdb hlghkbl_evgh
dZdh]hgb[m^v ieZgZ<hafh`gh\u qm\kl\h\Zebqlh wlhohjhrZy b^_ygh
qlhlh ih^kdZau\Zeh\Zfqlh wlhfh`_l ijb\_klbd g_ijbylghklyfBeb `_\u
fh]eb
ij_^klZ\eylv k_[y ^_eZxsbf
wlh b \k_ `_ bkiulu\Zlv
qm\kl\h
g_hij_^_e_gghklb< lh\j_fy dZd\u ^mfZ_l_h[ bf_xs_ckym \Zk h]h\hjd_\
\Zr_f l_e_ \hagbdZ_lhij_^_e_ggh_ hsms_gb_\hafh`ghdZdhclh hkh[_gguc
h[jZa beb a\mddhlhjuc ^Z_l\Zf ihgylvqlh \ufh[bebah\Zgu g_iheghklvx
Wlh b_klv \Zrkb]gZe g_dhg]jmwglghklb
IhagZdhfvl_kv k gbfwlh \Zrohjhrbc ^jm]hg fh] [ukwdhghfblv \Zf
dmqm ^_g_]<hafh`gh\u aZohlbl_ bkiulZlv_]h \jZaebqguo kblmZpbyo]^_ m
\Zk bf_xlkykhfg_gby bebh]h\hjdbKihkh[ghklv \uy\eylv \k_[_ kb]gZe g_
dhg]jmwglghklb ij_^hojZgbl\Zk hlfgh]bo hrb[hd
Ijh^Z\pu
ih^_j`Zgguo
Z\lhfh[be_c
i_qZevgh
ba\_klgu
k\h_c
g_
dhg]jmwglghklvxG_ dhg]jmwglghklvlZd`_ ijhy\ey_lky\ h]h\hjdZoih Nj_c^m
<uy\e_gb_ g_dhg]jmwglghklb \^jm]bo ex^yohq_gv \Z`gh_keb \ukh[bjZ_l_kv
h[sZlvky kgbfb \gbfZl_evghb wnn_dlb\ghGZijbf_jmqbl_evh[tykgyxsbc
fZl_jbZekijZrb\Z_lihgye mq_gbd _]hbeb g_lMq_gbd fh`_lhl\_lblv >Z
gh lhg _]h ]hehkZ beb\ujZ`_gb_ ebpZ fh`_lg_ khhl\_lkl\h\Zlvkeh\Zf
Ijh^Z\_pdhlhjucbf_y ^_eh k ihdmiZl_e_fg_ h[jZsZ_l \gbfZgbygZ g_
dhg]jmwglghklv\jy^ ebijh^Zkl lh\ZjZ _keb\k_lZdb ijh^Zkllh \uah\_lm
ihdmiZl_ey kh`Ze_gb_b l_fkZfuf ihklZ\bldj_kl gZ^Zevg_cr_f [bag_k_
P?GGHKLB BDJBL?JBB
P_gghklb h[_ki_qb\ZxlgZk fhlb\Zpb_cb gZijZ\e_gb_fhgbh[jZagh
]h\hjymaeh\u_ ]hjh^Zklhebpu gZ gZr_cdZjl_ fbjZGZb[he__ mklhcqb\u_b
\Z`gu_ p_gghklb k\h[h^gh \u[jZggu_Z g_gZ\yaZggu_ ^jm]bfbex^vfbHgb
\u[jZgu k hkhagZgb_f ihke_^kl\bcb g_kml\ k_[_ fgh`_kl\hiheh`bl_evguo
hsms_gbc
B \k_`_ p_gghklbqZklh hdZau\Zxlkyg_hkhagZ\Z_fufbb fuj_^dh bamqZ_f
bo khagZl_evghQlh[u ih^gylvky ih kem`_[ghce_klgbp_ \dhfiZgbb\Zf
ke_^m_l mk\hblv p_gghklb wlhc dhfiZgbb?keb hgb hlebqZxlky hl\Zrbo
kh[kl\_gguowlh
fh`_l ijb\_klb d g_ dhg]jmwglghklbDhfiZgby fh`_l
bkihevah\Zlv
jZ[hlgbdZ
ebrv
gZiheh\bgm_keb
hg
bf__l p_gghklb
ijhlb\hj_qZsb_ _]hjZ[hl_
GEI bkihevam_lkeh\h djbl_jbcqlh[u hibkZlv l_ p_gghklbdhlhju_
hdZau\Zxlky \Z`gufb\ hij_^_e_gghfdhgl_dkl_Djbl_jbb y\eyxlkyf_g__ h[sbfb
b f_g__\k_ho\Zlu\Zxsbfbq_f p_gghklbDjbl_jbb wlh ijbqbguih dhlhjuf
\u ^_eZ_l_qlheb[hb wlhlhqlh \uihemqZ_l_ bawlh]h aZgylbyH[uqgh wlh
ghfbgZebaZpbblZdb_dZd a^hjh\v_mki_o\_k_ev_[h]Zlkl\h\hklhj]
ex[h\vh[mq_gb_ bliGZrb djbl_jbbhij_^_eyxl lhaZq_f fujZ[hlZ_f^ey
dh]h fujZ[hlZ_fgZ dhffu `_gbfky_keb \hh[s_`_gbfkydZd mklZgZ\eb\Z_f
hlghr_gby b]^_ fu`b\_fJmdh\h^kl\mykv bfbfu \u[bjZ_ffZrbgmh^_`^m
dhlhjmx ghkbfb j_klhjZg\ dhlhjucihc^_f h[_^Zlv
Ijbkh_^bg_gb_ d p_gghklyfb djbl_jbyf ^jm]h]hq_eh\_dZ mklZgZ\eb\Z_l
ohjhrbc jZiihjl?keb \uhljZ`Z_l_ _]hihamgh g_ih^kljZb\Z_l_kv ih^ _]h
p_gghklblh \jy^ eb \u mklZgh\bl_jZiihjlIjbkh_^bg_gb_ d p_gghklyf
^jm]h]h g_hagZqZ_lqlh \Zf ke_^m_lk gbfkh]eZrZlvkywlh ihdZau\Z_lqlh
\u hlghkbl_kvd gbfk m\Z`_gb_f
<UY<E?GB? DJBL?JB?<
<uibrbl_ ijbf_jghgZb[he__ \Z`guop_gghkl_c Zk\h_c `bagb<u fh`_l_
k^_eZlv wlhkZfhklhyl_evgh beb\hkihevah\Zlvky ihfhsvx^jm]ZKnhjfmebjmcl_
hl\_lu gZlZdb_ \hijhkudZd
Qlh y\ey_lky\Z`guf ^ey f_gy"Qlh ihgZklhys_fm fhlb\bjm_lf_gy"Qlh
^he`gh [ulv\_jguf ^eyf_gy"
Djbl_jbb bp_gghklb ^he`gu[ulv \ujZ`_guihablb\ghBa[_]Zlv [he_ag_c
wlhdhg_qghfh`_l [ulv p_gguf ^ey\Zkgh emqrZy nhjfmebjh\dZ[ulv
a^hjh\ufWlh g_keh`ghb \u e_]dh hij_^_ebl_ p_gghklbdhlhju_ \Zk
fhlb\bjmxl
Djbl_jbb\_jhylgh[m^ml \ujZ`_gu ghfbgZebaZpbyfbb \ZfihgZ^h[blky
f_lZfh^_evqlh[u jZkimlZlvboQlh hgbhagZqZxl \j_ZevguoijZdlbq_kdbo
l_jfbgZo"<u kfh`_l_hl\_lblv gZwlhl \hijhkhlukdb\Zy ih^l\_j`^_gbylhfm
qlh ^Zgguc djbl_jbcm^h\e_l\hj_g<hafh`ghg_ \k_]^Z [m^_l e_]dh gZclb
hl\_lgh \hijhkaZdexqZ_lky \ke_^mxs_f
DZd [u\u magZebqlh wlhldjbl_jbc m^h\e_l\hj_g"
?keb h^gbfba \Zrbodjbl_jb_\ y\ey_lkyh[mq_gb_lh q_fm\u kh[bjZ_l_kv
gZmqblvky bdZd \u[m^_l_ wlh^_eZlv"DZdb_ \hafh`ghklbm \Zkbf_xlky"B dZd
\u magZ_l_h lhfqlh m`_gZmqbebkv q_fmlh"Wlh hsms_gb_"Kihkh[ghklv
k^_eZlv qlhlh lZdh_q_]h \u g_fh]eb ^_eZlv jZgvr_"Wlb ki_pbZevgu_
djbl_jbb hq_gv ihe_aguDjbl_jbb bf_xl l_g^_gpbx ijylZlvkyaZ lmfZgghc
aZ\_khcdh]^Z hgb\klmiZxl \dhglZdl_ j_Zevguffbjhf
Dh]^Z \ugZrebqlh wlbdjbl_jbb \^_ckl\bl_evghklb agZqZl^ey \Zk\u
fh`_l_ ih^mfZlv ZlhfgZkdhevdh hgb j_Zebklbqgu?keb ih^ mki_ohf \u
ihgbfZ_l_ iylbagZqguchdeZ^N_jjZjb]hjh^kdhc ^hfdhll_^` aZ]hjh^hf b
jZ[hlm k\ukhdbf iheh`_gb_f\ Kblbb \k_wlh g_iha^g__ \Zr_]hke_^mxs_]h
^gy jh`^_gbylh kdhj__ \k_]h\u [m^_l_ jZahqZjh\ZguJZahqZjh\Zgb_dZd
ex[bl ]h\hjblv Jh[_jl >belklj_[m_l lsZl_evgh]h
ieZgbjh\ZgbyQlh[u
jZahqZjh\Zlvky
ih gZklhys_fm\u
^he`gu aZnZglZabjh\Zlv
kh
\k_fb
ih^jh[ghklyfb \k_lhqlh \uohlbl_Djbl_jbb hdZau\Zxlky g_hij_^_e_ggufbb
fh]ml bgl_jij_lbjh\Zlvky kZfufb jZaebqgufbkihkh[Zfb ^jm]bfb ex^vfb<
dZq_kl\_ ijbf_jZy ohl_e[u ijb\_klbk_f_cgmx iZjmk dhlhjhcohjhrh agZdhf
>ey `_gu dhfi_l_glghklv khklhyeZZ lhfqlh hgZ^_ckl\bl_evgh mki_rgh
kijZ\beZkv kg_kdhevdbfb aZ^ZqZfbWlh [ueijhklh hibkZl_evgucdjbl_jbcg_
h[eZ^Zxsbc \ukhdhc p_gghklvx>ey fm`Z dhfi_l_glghklvhagZqZeZ hsms_gb_
lh]hqlh hgfh] [u kijZ\blvkyk aZ^Zq_c_keb [u ohjhr_gvdh ih^mfZe
Hsms_gb_ dhfi_l_glghklb\ _]hkemqZ_ ^Z\Zeh _fmkZfhm\Z`_gb_Z wlhbf_eh
\ukhdmx p_gghklvDh]^Z
hgZ
gZau\ZeZ _]h g_dhfi_l_glgufhg kbevgh
jZkkljZb\Zeky ^hl_o ihjihdZ hgg_ mykgyeqlh `_hgZ gZkZfhf ^_e_bf_eZ
\ \b^m
LhdZd jZaebqgu_ ex^b jZkkfZljb\Zxl djbl_jbb `_gkdhc b fm`kdhc
ijb\e_dZl_evghklbij_^klZ\ey_l kh[hclm kbemdhlhjZy aZklZ\ey_lwlhl fbj
\jZsZlvky
B?J:JOBY DJBL?JB?<
Fgh`_kl\h \_s_c\Z`gu ^ey gZkb [ueh [u hq_gv ihe_agh hij_^_eblv
hlghkbl_evgmx \Z`ghklv k\hbo djbl_jb_\Ihkdhevdm
djbl_jbb k\yaZgu k
dhgl_dklhflh l_ba gbodhlhjufb \ujmdh\h^kl\m_l_kv \k\h_c jZ[hl_[m^ml
hlebqZlvky hl l_odhlhju_ \uijbf_gy_l_ \ ebqguo hlghr_gbyoFu fh`_f
bkihevah\Zlv djbl_jbbqlh[u bkke_^h\ZlvkblmZpbxgZijbf_jdh]^Z \Zf
g_h[oh^bfh ij_^klZ\blvky gZ gh\hc jZ[hl_ bebi_j_^ ]jmiihc ex^_cGb`_
ijb\h^blky mijZ`g_gb_^ey bamq_gbydjbl_jb_\ \wlhc kblmZpbb
Ij_^iheh`bf\Zf g_h[oh^bfh ij_^klZ\blvky i_j_^ ]jmiihc ex^_cQlh
^he`gh ijhbahclb lZdh_qlh[u \umrebg_ ij_^klZ\b\rbkv"GZc^bl_ p_gghklv
beb djbl_jbcdhlhjuc [m^_lfhlb\bjh\Zlv \ZkmclbG_ ih^iju]b\Zcl_k kZfh]h
gZqZeZ ^h mjh\gy `bagv bebkf_jlvih^mfZcl_ hq_flh lZdhfq_]h [m^_l
^hklZlhqghqlh[u j_rblvbkoh^ ^_eZ
>Ze__ih^mfZcl_ hlhfqlh fh]eh[u hklZgh\blv\Zk^Z`_ _keb [u
ijhbahreh"GZc^bl_ djbl_jbcdhlhjuc i_j_kbebllhlqlh \ugZreb \i
L_i_jv aZ^Zcl_kv \hijhkhfqlh ^he`gh ijhbahclb^hihegbl_evgh lZdh_
qlh[u \u\k_lZdb mrebijb mkeh\bbqlh b bf_eb f_klhHldjhcl_ ^ey
k_[y [he__\Z`guc djbl_jbc
Ijh^he`Zcl_ ^hl_o ihjihdZ \ug_ kfh`_l_ijh^\b]Zlvky ^Zevr_lZd qlh
gbqlh m`_ g_kfh`_l aZklZ\blv \Zk hklZlvky_keb \Zrihke_^gbc djbl_jbc
\uiheg_g <u gZ\_jgydZ h[gZjm`bl_dZdb_gb[m^v bgl_j_kgu_\_sb ihimlb hl
d ihke_^g_fmimgdlm
<u fh`_l_bkihevah\Zlv djbl_jbb kZfufjZaebqguf h[jZahf<hi_j\uofu
qZklh kh\_jrZ_f ihklmidb ih g_^hklZlhqgh k_jv_agufijbqbgZfIjbqbgZf
dhlhju_ g_ iheghklvx \ujZ`ZxlgZrb p_gghklbBeb `_fu fh`_f ^h\hevgh
g_hij_^_e_ggh ohl_lvk^_eZlv qlhlhgh lZdb g_^_eZ_fihlhfm qlh ^jm]b_
[he__ \Z`gu_ djbl_jbb \klZxl gZ
imlbWlh kgh\Z \ha\jZsZ_l
gZk d
j_amevlZlZfh dhlhjuofu ]h\hjbeb\ i_j\hfiZjZ]jZn_<_jhylghj_amevlZl
^he`_g [ulv k\yaZgk [he__rbjhdbf j_amevlZlhfdhlhjuc y\ey_lky^hklZlhqgh
fhlb\bjmxsbfihlhfm qlh ih^^_j`b\Z_lky[he__ \Z`gufdjbl_jb_fDjbl_jbb
ijb^Zxl wg_j]bxj_amevlZlm?keb \ukfh`_l_ k^_eZlvg_qlh \Z`guf ^eyk_[y
k\yaZ\ wlhk \ukhdbfdjbl_jb_fij_iylkl\by bkq_agmlk \Zr_]himlb
Ij_^iheh`bf\u ih^mfZebqlh g_iehoh [ueh
[u j_]meyjgh ^_eZlv
mijZ`g_gbyqlh[u ih^^_j`b\Zlv ohjhrmx nhjfmQ_j_a g_dhlhjh_ \j_fy \u
h[gZjm`b\Z_l_qlh g_ kijZ\ey_l_kv kwlbfihlhfm qlh \ [m^gb ljm^gh
\udjhblv iheqZkZK\yaZ\ j_]meyjgu_ mijZ`g_gby k l_fqlh \u [m^_l_
\u]ey^_lv ijb\e_dZl_evghb h[eZ^Zlv bajy^ghc \ughkeb\hklvx ijb aZgylbyo
ex[bfuf \b^hfkihjlZ\_jhylgh\u klZg_l_]hjZa^h [he__ fhlb\bjh\Zgguf b
kfh`_l_ gZclb gZwlh \j_fyHq_gv qZklh\j_fy gZoh^blky^ey lh]hqlh fu
^_ckl\bl_evgh ohlbf^_eZlvM gZkg_l \j_f_gblh]^Zdh]^Z fug_^hklZlhqgh
fhlb\bjh\Zgu
Lhl kihkh[dhlhjuf \u^mfZ_l_ hk\h_f djbl_jbbbf__l km[fh^Zevgmx
kljmdlmjm;he__ \Z`gu_ djbl_jbbfh]ml [ulv j_ij_a_glbjh\ZgudZd [hevrb_
[he__ [ebadb_ byjdb_ dZjlbgdbbeb bf_xsb_ [he__]jhfdbc a\md b[he__
kbevgu_ hsms_gby\_jhylghehdZebah\Zggu_ \hij_^_e_gghc qZklb\Zr_]h l_eZ
DZdh\u km[fh^Zevghklb\Zrbo djbl_jb_\b dZd\u magZ_l_dZdhc badjbl_jb_\
y\ey_lky [he__ \Z`guf^ey \Zk"G_ kms_kl\m_l ijZ\bedhlhju_ jZ[hlZxl
\k_]^ZKlhbl bkke_^h\ZlvdZd wlbb^_b jZ[hlZxlm \Zk
AF?B BE?KLGBPU R:= <<?JOB R:=<GBA
Dh]^Z \umklZgZ\eb\Z_l_ k\yavf_`^m k\hbfb^_ckl\byfb bdjbl_jbyfbwlh
\_kvfZ ihoh^d_ gZ b]jmaf_b b e_klgbpu<u fh`_l_ gZqZlvk g_dhlhjh]h
g_[hevrh]h j_amevlZlZgh _keb\u k\y`_l__]h k\Z`gufb djbl_jbyfb\u hq_gv
[ukljh ^h[_j_l_kv^h \_jrbgu^hkdb<u [m^_l_fhlb\bjh\Zgu ^_eZlvwlhb \u
[m^_l_ ^mfZlvh[ wlhfk km[fh^Zevghklyfbdhlhju_ k^_eZxlwlh g_ba[_`gufb
ijbly]b\Zxsbf
LhdZd fuk\yau\Z_f f_`^mkh[hc kh[ulbyb b^_bh[jZam_l kmlvgZr_c
dZjlu j_Zevghklb^hjh]b f_`^m]hjh^ZfbAgZgb_ bkoh^ZhagZqZ_l ghlhevdh
h[eZ^Zgb_ bgnhjfZpb_cgh bkh]eZkh\Zgb_ __ k^jm]bfb qZklyfbgZr_c dZjlu
Dh]^Z fubf_eb ^_ehk jZaf_jhfgZrbo j_amevlZlh\fu k\yau\Zeb[he__ f_edbc
j_amevlZl kj_amevlZlhf [hevrbojZaf_jh\qlh[u ijb^Zlvwg_j]bbb jZa[b\Zeb
[hevrhc j_amevlZlgZ k_jbxf_edboqlh[u bf[ueh e_]q_h\eZ^_lvWlh ijbf_j
h[s_c b^_bba\_klghc ZGEI ih^gZa\Zgb_f ^_e_gb_>_e_gb_ wlh l_jfbg ba
h[eZklb ijh]jZffbjh\Zgbyh[hagZqZxsbc jZa[b_gb_ p_eh]h gZ khklZ\eyxsb_
we_f_glu>_eblv \\_jobeb rZ]Zlv\\_jo agZqbl ^\b]Zlvkyhl qZklgh]h d
h[s_fmbeb hlqZklb dp_ehfm>_e_gb_ \gba bebrZ] \gbaijh^\b]Z_l gZkhl
h[s_]h dqZklghfmbeb hlp_eh]h dqZklb
B^_y ijhklZ<havfbl_ ^eyijbf_jZ h[uqguc ij_^f_llbiZ klmeZQlh[u
ih^gylvky \\_jo
gZ
ke_^mxsbc mjh\_gv\Zf
ke_^m_l aZ^Zlv
\hijhk
Ij_^klZ\bl_e_f q_]hhg y\ey_lky"H^gbf bahl\_lh\ fh`_l[ulvWlh ij_^f_l
f_[_eb<u fh]eb [ulZd`_ kijhkblvQZklvx q_]h hg y\ey_lky"<hafh`guc
hl\_lH[_^_ggh]h ]ZjgblmjZ>ey
rZ]Z
\gba
aZ^Zcl_
\hijhk
\
ijhlb\hiheh`ghf gZijZ\e_gbbGZah\bl_
qZklgh]h ij_^klZ\bl_ey
deZkkZ
h[t_dlh\ba\_klgh]h ih^ gZa\Zgb_f klmevyHl\_l fh`_lijha\mqZlv lZd
Dj_keh;he__ \ukhdbc mjh\_gv\k_]^Z kh^_j`bllhqlh gZoh^blkygZ [he__
gbadhf mjh\g_
<u fh`_l_lZd`_ k^_eZlvrZ] \ klhjhgmb kijhkblvGZah\bl_ ^jm]h]h
ij_^klZ\bl_ey wlh]h deZkkZ\_s_cRZ] \klhjhgm hlklmeZ fh`_lijb\_klb d
hl\_lmKlheRZ] \klhjhgm hl dj_keZfh] [u ijb\_klbd r_aehg]mRZ] \
klhjhgm \k_]^Zhij_^_ey_lky l_fqlh gZoh^blkygZ ke_^mxs_f[he__ \ukhdhf
mjh\g_<u g_kfh`_l_ gZclb _s_h^gh]h ij_^klZ\bl_ey^h l_oihjihdZ g_
[m^_l_ agZlv_s_ h^gbfij_^klZ\bl_e_f q_]hhg ^he`_g[ulv
F_lZfh^_ev bkihevam_llm `_ b^_xhgZ bkke_^m_l]em[bggu_ kehb^_eZy
b^_x \k_ [he__ b [he__ hij_^_e_gghcF_lZfh^_ev ih^gbfZ_lkygZ [he__
h[h[s_ggu_ mjh\gbqlh[u ho\Zlblv\k_ qZklgu_ijbf_jue_`Zsb_ gb`_
?keb dlhlh kijZrb\Z_lm \ZkgZiblhdZ \uij_^eZ]Z_l_ _fmdhn_lh hg
fh] gZkZfhf ^_e_ ohl_lv\uiblv ebfhgZ^ZB dhn_b ebfhgZ^ wlh \k_
gZibldbB \Zfg_h[oh^bfZ [he__hij_^_e_ggZy bgnhjfZpby
>_e_gb_ \gba ijb\h^bl d[he__ ki_pbnbq_kdbfk_gkhjg_h[hkgh\Zgguf
j_Zevguf kh[ulbyfj_Zevgh]h fbjZFg_ih`ZemcklZmgpbb ]Zabjh\Zggh]h
ebfhgZ^Z \ \ukhdbcklZdZg ijb l_fi_jZlmj_‹K k lj_fy dmkhqdZfb ev^Z
\kljyogmlvgh g_jZaf_rb\Zlv>_e_gb_ \\_jofh`_l kh \j_f_g_f ijb\_klbd
j_amevlZlZf bdjbl_jbyf Y ijhrm gZiblhdihlhfm qlhf_gy fmqZ_l`Z`^Z
_keb \u[m^_l_ ijh^he`ZlvaZ^Z\Zlv \hijhkaZq_f gZ[he__ \ukhdhfmjh\g_
:g_d^hludhg_qgh `_wnn_dlgh bkihevamxl ^_e_gb_ b aZl_f\g_aZigh
f_gyxl kfuke gZ kZfhc\_jrbg_Ex^b k\yau\Zxl\_sb kZfufbijbqm^eb\ufb b
m^b\bl_evgufb kihkh[Zfb \h \kydhfkemqZ_\ khhl\_lkl\bbk bokh[kl\_ggufb
dZjlZfb j_ZevghklbG_ ^mfZcl_qlh hgbijb wlhfbkihevamxl l_`_ ijZ\beZ
qlh b\uG_ ^mfZcl_lZd`_qlh \uohjhrh agZ_l_bo ijZ\beZDZd \ b]j_
DblZckdb_ kemobq_f ^Zevr_ \u aZoh^bl_k ijZ\beZfbdZ`^uc jZa\ghky
g_agZqbl_evgu_ baf_g_gbyl_f ^Zevr_\u [m^_l_hl lh]hf_klZ]^_ih \Zr_fm
fg_gbx\u gZoh^bl_kv
<hl mijZ`g_gb_ \ ^_e_gbb\\_jo \jZaebqguo gZijZ\e_gbyoDhn_ fh`_l
[ulv k\yaZghk dZ`^hcba ke_^mxsbo \_s_c jZaebqgufb kihkh[Zfb< i_j\hf
ijbf_j_ qZcb dhn_ h[Z y\eyxlky ij_^klZ\bl_eyfb [he__h[s_]h deZkkZih^
gZa\Zgb_f gZibldbIhkfhljbfkfh`_l_ eb\u gZclb^jm]b_ kihkh[uijhba\_klb
^_e_gb_ \\_jo^ey dhn_k dZ`^ufba ke_^mxsboij_^f_lh\ ihhq_j_^b
QZc bdhn_"
GZibldb
Jh`v bdhn_"
DebgbdZ bdhn_"
GZjdhlbdb bdhn_"
LhehdgygdZ bdhn_"Hl\_lu \dhgp_ ]eZ\u
Fh`gh ^_eblv \ klhjhgmb ihemqZlv kh\_jr_ggh gh\u_ \_sbDZd \
g_h^ghdjZlgh pblbjh\Zgghcb^__ hlhfqlh \[hevrhc ^_j_\g_ q_j_ar_kl_juo
agZdhfuo \ufh`_l_ k\yaZlvkyk ex[ufq_eh\_dhf \fbj_Y agZx Nj_^Z dhlhjuc agZ_l >`hZgdhlhjZy \k\hx hq_j_^vagZ_l KvxabdhlhjZy
agZ_l >`bfZb l^
BlZd_s_ jZakfuke hij_^_ey_lky dhgl_dklhf&\yabdhlhju_ fu
mklZgZ\eb\Z_fbf_xl \Z`gh_ agZq_gb_"Kl_gu ^_j`Zlky g_ klhevdhaZ kq_l
dbjibq_ckdhevdh aZkq_l p_f_glZdhlhjuc bo k\yau\Z_lLhqlh y\ey_lky
\Z`guf ^eygZkb lhdZd fuk\yau\Z_f b^_b f_`^m kh[hcbf__l
agZq_gb_ ijbijh\_^_gbb kh\_sZgbci_j_]h\hjh\ b\ lhj]h\e_
\Z`gh_
F?L:IJH=J:FFU
F_lZijh]jZffu ij_^klZ\eyxlkh[hc nbevlju \hkijbylbydhlhju_ ^_ckl\mxl
\ gZkijb\uqguf h[jZahfGZk hdjm`Z_l lZdZyfZkkZ bgnhjfZpbbgZ dhlhjmxfu
fh]eb
[u
h[jZlblv
\gbfZgb_gh
[hevrZy
__
qZklv
hdZau\Z_lky
ijhb]ghjbjh\ZgghclZd dZd gZr_ khagZl_evgh_ \gbfZgb_ kihkh[ghmo\Zlblv
fZdkbfmf ^_\ylv_^bgbp bgnhjfZpbbF_lZijh]jZffu wlh iZll_jgudhlhju_ fu
bkihevam_f ^ey lh]hqlh[u hij_^_eblvdZdZy bgnhjfZpby[m^_l ^hims_gZ \
khagZgb_GZijbf_jih^mfZcl_ h
klZdZg_gZiheg_gghf \h^hcL_i_jv
ij_^klZ\vl_ k_[_qlh jh\ghiheh\bgm \h^uhlibeb;m^_l ebklZdZg gZiheh\bgm
iheguf beb gZiheh\bgmimkluf"B l_fb ^jm]bfg_khfg_ggh\hijhk ebrv\
lhfdZd gZg_]h ihkfhlj_lvH^gb ex^b\ ex[hckblmZpbb h[jZsZxl\gbfZgb_ gZ
ihablb\gmx __klhjhgmgZ lhqlh \g_c ^_ckl\bl_evgh_klv^jm]b_ `_\b^yl
ebrv lhq_]h \g_c g_ o\ZlZ_lH[_ lhqdbaj_gby y\eyxlkyihe_agufbb
dZ`^uc q_eh\_d[m^_l ij_^ihqblZlvlhl bebbghc kihkh[kfhlj_lv gZ\_sb
F_lZijh]jZffu ^_ckl\mxlkbkl_fZlbq_kdb bijb\uqghb fu g_qZklhaZ^Z_f
k_[_ \hijhk^hklZlhqgh ebohjhrh hgb gZf kem`ZlWlb iZll_jgufh]ml g_
baf_gylvky hl dhgl_dklZd dhgl_dklmgh mklhcqb\ufbijb\uqdZfb h[eZ^Zxl
g_fgh]b_ ex^bihwlhfm f_lZijh]jZffukdhj__ \k_]hbaf_gyxlky hldhgl_dklZ d
dhgl_dklmLhqlh ijb\e_dZ_lgZr_ \gbfZgb_\ jZ[hq_c h[klZgh\d_fh`_l
kh\_jr_ggh hlebqZlvkyhl lh]hgZ qlhfu h[jZsZ_f\gbfZgb_ ^hfZ
LZdbf h[jZahff_lZijh]jZffu nbevljmxlhdjm`Zxsbc gZkfbjqlh[u ihfhqv
gZf
kha^Zlv gZrm kh[kl\_ggmx
dZjlm wlh]h fbjZ<u fh`_l_ aZf_lblv
f_lZijh]jZffu ^jm]boex^_c dZdih boyaudmlZd bih boih\_^_gbxIhkdhevdm
f_lZijh]jZffu nbevljmxl hiul bfu i_j_^Z_f gZrhiul kihfhsvx yaudZlh
hij_^_e_ggu_
iZll_jgu
yaudZ hdZau\Zxlky
lbibqgufb
^ey hij_^_e_gguo
f_lZijh]jZff
F_lZijh]jZffu y\eyxlky dexq_\ufbfhf_glZfb \ ijhp_kkZo fhlb\Zpbbb
ijbgylby j_r_gbyOhjhrbc dhffmgbdZlhjnhjfbjm_l k\hcyaud lZdqlh[u hg
khhl\_lkl\h\Ze fh^_ebfbjZ ^jm]h]h q_eh\_dZIhwlhfm mihlj_[e_gb_yaudZ
kh]eZkh\Zggh]h k
f_lZijh]jZffZfb kh[_k_^gbdZaZjZg__
ijbkihkZ[eb\Z_l
bgnhjfZpbx d \hkijbylbxb ]ZjZglbjm_lqlh hge_]dh kfh`_lba\e_qv ba g__
kfukeWlh k[_j_`_l _fm wg_j]bxg_h[oh^bfmx ^ey ijbgylby j_r_gbc b
fhlb\bjh\Zgby
Dh]^Z \u[m^_l_ qblZlvhibkZgby f_lZijh]jZfflh\_jhylghh[gZjm`bl_
qlh dZdZylh balhq_d aj_gbyhdZ`_lky [he__ [ebadhcq_f ^jm]b_<hafh`gh
\Zf ^Z`_ihdZ`_lky kljZggufqlh dlhgb[m^v fh`_l^mfZlv ih^jm]hfmLZd \u
h[gZjm`bl_ lhl iZll_jgdhlhjuc bkihevam_l_kZfbBa ^\mo djZcgbo lhq_d
aj_gby \gmljb h^ghcf_lZijh]jZffu\_jhylghlhevdh h^gm\u g_ kfh`_l_
ijbgylv bebihgylvIjhlb\hiheh`gZy b[m^_l \Zr_ckh[kl\_gghc
Kms_kl\m_l fgh`_kl\h iZll_jgh\dhlhju_ fh`gh[ueh [ud\Zebnbpbjh\Zlv
dZd f_lZijh]jZffub jZaebqgu_dgb]b ih GEI^_eZxl Zdp_gl gZ jZaebqguo
iZll_jgZo< wlhf
jZa^_e_
fu ij_^eh`bf
g_dhlhju_
gZb[he__ qZklh
mihlj_[ey_fu_ ba gboGbdZdb_ hp_ghqgu_
km`^_gby g_ijbf_gbfu d wlbf
iZll_jgZfGb h^bgba gbog_ y\ey_lky[he__ ohjhrbfbeb [he__ ijZ\bevguf
kZf ih k_[_<k_ aZ\bkblhl dhgl_dklZb hl p_ebd dhlhjhc\u klj_fbl_kv
Hij_^_e_ggu_ iZll_jgu jZ[hlZxlemqr_ ^eyhij_^_e_ggh]h lbiZaZ^Zq<hijhk
ebrv \lhfkfh`_l_ eb\u ^_ckl\h\Zlv gZb[he__ihe_aguf h[jZahf^ey j_r_gby
ihklZ\e_gghc i_j_^\Zfb aZ^Zqb"
:dlb\guc iZkkb\guc
WlZ i_j\Zyf_lZijh]jZffZ dZkZ_lkyh[jZaZ ^_ckl\by:dlb\guc q_eh\_dkZf
ijhy\ey_l bgbpbZlb\mhg [ukljh gZqbgZ_lb ijh^\b]Z_l ^_eh\i_j_^Hg g_
^h`b^Z_lkyihdZ ^jm]b_gZqgml ^_ckl\h\Zlv
IZkkb\guc q_eh\_d`^_ldh]^Z ^jm]b_gZqgml ^_ckl\h\Zlvbeb \u`b^Z_l
m^h[gh]h kemqZy ^ey klZjlZHg fh`_l ijh\_klb \g_j_rbl_evghklb fgh]h
\j_f_gb beb\hh[s_ g_ij_^ijbgylv gbdZdbo^_ckl\bc
:dlb\guc q_eh\_d[m^_l kdhjh_bkihevah\Zlv aZdhgq_ggu_ ij_^eh`_gby k
ebqguf ih^e_`Zsbfk ]eZ]hehf\ Zdlb\ghf aZeh]_ bj_Zevguf ^hiheg_gb_f
gZijbf_jY kh[bjZxkvijh\_klb i_j_]h\hju\ djZlqZcrb_kjhdb
< j_qbiZkkb\gh]h q_eh\_dZ[m^ml qZr_\klj_qZlvky ]eZ]heu\ iZkkb\ghf
aZeh]_ b g_aZdhgq_ggu_
ij_^eh`_gby<_jhylghhg [m^_l
mihlj_[eylv
hij_^_ebl_evgu_ njZau bghfbgZebaZpbbgZijbf_j?klv ebdZdZygb [m^v
\hafh`ghklv ijh\_^_gbyi_j_]h\hjh\"
>Z`_ gZlZdhf fZe_gvdhf ijbf_j_fh`gh m\b^_lvfgh`_kl\h \hafh`ghkl_c
ijbf_g_gby wlh]hiZll_jgZ:dlb\guc q_eh\_dqZs_ fhlb\bjm_lky njZaZfblbiZ
B^b lm^ZK^_eZc wlhIhjZ ^_ckl\h\Zlv< kblmZpbbk\yaZgghc k
ihdmidhc lh\ZjZZdlb\guc q_eh\_dkdhj__ ihc^_l\i_j_^ bkh\_jrbl ihdmidm
Hg [m^_l[ukljh ijbgbfZlvj_r_gbyIZkkb\guc q_eh\_d[m^_l emqr_j_Z]bjh\Zlv
gZ njZau lbiZIh^h`^b>Z\Zc ijhZgZebabjm_fIh^mfZc h[ wlhfb
Ihkfhljbfqlh ^mfZxl^jm]b_
G_fgh]b_ ex^bijhy\eyxl wlb iZll_jgu\ klhevdjZcgbo nhjfZoIh\_^_gb_
[hevrbgkl\Z ex^_cij_^klZ\ey_l kh[hckf_kv wlbo^\mo oZjZdl_jguoq_jl
Ijb[eb`_gb_ mdehg_gb_
<lhjhc iZll_jgbf__l hlghr_gb_ d fhlb\Zpbbb h[tykgy_ldZdbf h[jZahf
ex^b
nhdmkbjmxl
k\h_
\gbfZgb_Ex^b k
f_lZijh]jZffhc ijb[eb`_gby
nhdmkbjmxlky gZk\hbo p_eyoHgb ijh^\b]Zxlkyd lhfmq_]h ohlylEx^b k
f_lZijh]jZffhc mdehg_gZ e_]dhhkhagZxl ijh[e_fub hgbagZxlq_]h ke_^m_l
ba[_]Zlvihlhfm qlhhgb q_ldhij_^klZ\eyxl k_[_q_]h hgb g_ ohlylWlh
fh`_l ijb\h^blv bod ijh[e_fZfijb mklZgh\e_gbb ohjhrh knhjfbjh\Zggh]h
j_amevlZlZ<kihfgbl_ klZjmx ^be_ffm [bag_kZh[jZah\Zgby b \hkiblZgby
^_l_cqlh emqr_bkihevah\Zlvijygbd bebdgml">jm]bfb keh\Zfbij_^eh`blv
q_eh\_dm klbfmebeb ijb]jhablv_fm"Hl\_ldhg_qghlZdh\\k_ aZ\bkblhl
lh]hdh]h \u ohlbl_ fhlb\bjh\ZlvEx^b lbiZijb[eb`_gb_aZ`b]Zxlky
agZgb_f p_ebb \hagZ]jZ`^_gb_fMdehgyxsb_ky`_ fhlb\bjmxlkyba[_`Zgb_f
ijh[e_f bgZdZaZgby: kihjblv h lhfdZdhc bawlbo kihkh[h\emqr_ \h[s_f
kemqZ_kh\_jr_ggh [_kkfuke_ggh
E_]dh jZkihagZlvwlhl iZll_jgih yaudmq_eh\_dZ=h\hjbl ebhg hlhf
q_]h hg ohq_l^hklb]Z_l bebh[j_lZ_l"Beb `_ hglhedm_l hl_o kblmZpbyo
dhlhjuo ohl_e[u ba[_`Zlvb hijh[e_fZodhlhju_ ohl_e[u h[hclbklhjhghc"
Ijb[eb`Zxsb_ky ex^bemqr_ kijZ\eyxlky k ^_eZfb lZf]^_ g_h[oh^bfZ
kihkh[ghklv g_hlklmighklj_fblvky dhij_^_e_gghc p_ebMdehgyxsb_ky ex^b
ij_\hkoh^gu \ h[gZjm`_gbb hrb[hd
b [m^ml ohjhrh jZ[hlZlvgZijbf_j
dhgljhe_jZfb
dZq_kl\ZYjdbc
ijbf_j
mdehgbafZdjblbdbdhlhju_
^hklZ\eyxl klhevdhg_ijbylguo fbgmlZjlbklZfom^h`gbdZfebl_jZlhjZf bl^
<gmlj_ggyy j_n_j_gpby\g_rgyy j_n_j_gpby
Wlhl iZll_jgdZkZ_lky lh]h]^_ ex^b gZoh^yl k\hb ghjfuQ_eh\_d k
\gmlj_gg_c j_n_j_gpb_c
[m^_l h[jZsZlvky d k\hbf \gmlj_ggbf ghjfZf b
bkihevah\Zlv bo ^ey kjZ\g_gbyjZaebqguo h[jZaph\ ^_ckl\bcb ^eyijbgylby
j_r_gby hlghkbl_evghlh]hdZd ihklmiblvIjb hkms_kl\e_gbbkjZ\g_gby b
ijbgylbb j_r_gbyhg [m^_lhjb_glbjh\Zlvky gZk\hb \gmlj_ggb_ghjfu< hl\_l
gZ \hijhkDZd \umagZ_l_ h lhfqlh ohjhrhkijZ\bebkv k jZ[hlhc"hg
\_jhylg__ \k_]h kdZ`_l qlhlh \jh^_Y ijhklhagZx h[ wlhfEx^b k
\gmlj_gg_c
j_n_j_gpb_c
\hkijbgbfZxl
bgnhjfZpbxgh
gZklZb\Zxl
gZ
kZfhklhyl_evghf j_r_gbbhibjZxs_fky gZ bo kh[kl\_ggu_ ghjfuQ_eh\_d k
j_adh \ujZ`_gghc \gmlj_gg_c j_n_j_gpb_c[m^_l khijhlb\eylvkyex[hfm qm`hfm
j_r_gbx^Z`_ _kebwlh j_r_gb_ \_]h ihevamEx^b k\g_rg_c j_n_j_gpb_c
gm`^Zxlky \lhfqlh[u dlhlh ^jm]hcmdZaZe bf ghjfm b gZijZ\e_gghklv
^_ckl\bcHgb m[_`^Zxlky\ lhfqlh jZ[hlZ\uiheg_gZ ohjhrhebrv lh]^Z
dh]^Z dlhlh kdZ`_lbf h[ wlhfLZdbf ex^yfg_h[oh^bfu \g_rg_hij_^_e_ggu_
ghjfuHgb [m^ml\ukijZrb\Zlv \Zkh \ZrboghjfZo<k_ wlh\u]ey^bl lZddZd
[m^lh hgbk ljm^hfijbgbfZxl j_r_gby
Ex^b k\gmlj_gg_c j_n_j_gpb_ck ljm^hf ih^^ZxlkymijZ\e_gbxBa gbo
fh]ml ihemqblvky ohjhrb_ ij_^ijbgbfZl_ebb hgbh[uqgh kZfb gZoh^ylk_[_
jZ[hlmHgb g_gm`^Zxlky \mijZ\e_gbb khklhjhgu
Ex^b k\g_rg_c j_n_j_gpb_c gm`^Zxlky \ lhfqlh[u bo\_eb b bfb
mijZ\eyebBf g_h[oh^bfhqlh[u ghjfu [ueb mklZgh\e_guba\g_\ ijhlb\ghf
kemqZ_ hgb gbdh]^Z g_m\_j_gu \lhfqlh ihklmiZxlijZ\bevgh<u fh`_l_
b^_glbnbpbjh\Zlv wlm f_lZijh]jZffmaZ^Z\ \hijhkDZd \umagZ_l_qlh
\uihegbeb jZ[hlmohjhrh"Q_eh\_d k \gmlj_gg_cj_n_j_gpb_chl\_lblqlh hg
kZf lZdj_rbeQ_eh\_d k \g_rg_cj_n_j_gpb_c kdZ`_lqlh hgagZ_l h[wlhf
ihlhfm qlhdlhlh ^jm]hcih^l\_j^be wlh
:evl_jgZlb\u j_p_ilu
Wlhl iZll_jg \Z`_g\ [bag_k_Klhjhggbd Zevl_jgZlb\ klj_fblky bf_lv
\u[hj b jZkkfZljb\Z_ljZaebqgu_ \hafh`ghklbHg [m^_l qm\kl\h\Zlvk_[y
kdh\Zgguf_keb _fm ijb^_lky ke_^h\Zlv kljh]hfmij_^ibkZgbxdZdbf [u
ohjhrbf hgh
gb [uehEx[bl_ev j_p_ilh\ ohjhr
\
\uiheg_gbb q_ldbo
ij_^ibkZgbcohjhrh kieZgbjh\Zgghcihke_^h\Zl_evghklb ^_ckl\bcgh g_hq_gv
m^Zqgh ^_ckl\m_ldh]^Z _fmkZfhfm ijboh^blkykhklZ\eylv ieZguihkdhevdm hg
[hevr_ bgl_j_km_lkyl_fdZd \uihegylv aZ^Zgb_Z g_p_evxQZs_ \k_]h hg
m[_`^_g \lhfqlh kms_kl\m_lijZ\bevguckihkh[ ^_eZlv \_sbHq_\b^gh
[m^_l g_ kebrdhf m^Zqghcb^__c ihjmqblv j_p_ilmjghfmq_eh\_dm jZajZ[hldm
Zevl_jgZlb\guo iml_cjZa\blby kms_kl\mxsbo kbkl_fFZeh ihevau b\ lhf
qlh[u Zevl_jgZlb\ghfmq_eh\_dm ij_^eZ]Zlvke_^h\Zlv nbdkbjh\Zgghcijhp_^mj_
dh]^Z j_amevlZl aZ\bkbl hl ^hlhrgh kljh]h]h \uiheg_gby dZ`^h]h
rZ]Z
ijhp_^mjuLZdhc q_eh\_dg_ kdehg_gih^qbgylvky aZ\_^_gghfmihjy^dmdhlhjuc
\k_]^Z [m^_lkdh\u\Zlv _]hl\hjq_kdh_ gZqZeh
<u fh`_l_ b^_glbnbpbjh\Zlv wlm f_lZijh]jZffmkijhkb\Ihq_fm lu
\u[jZe bf_gghwlm jZ[hlm":evl_jgZlb\guc q_eh\_dh[tykgbl \Zf ijbqbguih
dhlhjuf hgaZgbfZ_lky bf_gghwlbfJ_p_ilmjguc `_kdhj__ \k_]hjZkkdZ`_l \Zf
h lhfdZd hgd wlhfmijbr_ebeb ijhklhijb\_^_l nZdluHg hl\_lbllZddZd
[m^lh _fmaZ^Zeb \hijhkdZdZ g_ihq_fm
:evl_jgZlb\gu_ ex^b hlau\ZxlkygZ jZpbhgZebaZlhjkdb_ b^_bdhlhju_
jZkrbjyxl bo\hafh`ghklb \u[hjZJ_p_ilmjgu_ ex^bj_Z]bjmxl gZb^_bdhlhju_
hldju\Zxl i_j_^gbfb q_ldhjZaf_q_gguc ijh\_j_ggucimlv
H[sbc qZklguc
Wlhl iZll_jgbf__l ^_ehk ijhp_kkhf^_e_gby h[h[s_gbyH[sbfex^yf
[hevr_ gjZ\blkyjZkkfZljb\Zlv dZjlbgudjmiguf ieZghfHgb qm\kl\mxl k_[y
[he__ dhfnhjlghjZ[hlZy
k [hevrbfb dmkdZfb bgnhjfZpbbHgb
fukeyl
]eh[ZevghQZklghfmq_eh\_dm
[he__ dhfnhjlgh kj_^b f_edbo dmkdh\
bgnhjfZpbbba dhlhjuo hg fh`_l \ukljZb\Zlv dmkdb [hevrbo jZaf_jh\b
ihwlhfm _fmijbylgh bf_lv ^_eh kihke_^h\Zl_evghklyfb bebrv \ djZcgbo
kemqZyo i_j_oh^blvd ke_^mxs_fm rZ]m\ lhcihke_^h\Zl_evghklbdhlhjhc hg
ke_^m_lQZklgu_ex^b [m^ml ]h\hjblvh rZ]Zo b ihke_^h\Zl_evghklyo b
^Z\Zlv lhqgu_ hibkZgbyHgb bf_xl kdehgghklv mlhqgylv b \k_gZau\Zlv
kh[kl\_ggufb bf_gZfb
H[sbcq_eh\_ddZd \ufh]eb m`_^h]Z^Zlvkyex[bl h[h[sZlvHg fh`_l
ijhimkdZlv rZ]b\ ihke_^h\Zl_evghklbl_f kZfufkha^Z\Zy ljm^ghklb^ey __
\hkijhba\_^_gbyHg [m^_l\b^_lv ihke_^h\Zl_evghklvp_ebdhfdZd h^bgdmkhd
Z g_ k_jbxke_^mxsbo ^jm]aZ ^jm]hf rZ]h\H[sbcq_eh\_d mimkdZ_lfZkkm
bgnhjfZpbbG_dhlhjh_
\j_fy
gZaZ^ y dmibe
g_kdhevdh rZjbdh\
^ey
`hg]ebjh\Zgbyd gbf ijbeZ]ZeZkvbgkljmdpbydhlhjZy y\gh [ueZ gZibkZgZ
\_kvfZ h[sbfq_eh\_dhfHgZ ]eZkbeZ<klZgvl_ ijyfhgh]b gZrbjbg_ ie_q
>urbl_ jh\ghGZqbgZcl_ `hg]ebjh\Zlv
H[sb_ex^b ohjhrh kijZ\eyxlky k jZajZ[hldhc ieZgh\b kljZl_]bc
QZklgu_ex^b mki_rghkijZ\eyxlky k aZ^ZqZfbkhklhysbfb bag_[hevrh]h
dhebq_kl\Z ihke_^h\Zl_evguo
rZ]h\ b lj_[mxsbfb \gbfZgby
d
^_lZeyf
JZa]h\Zjb\Zy kq_eh\_dhf\u fh`_l_ hij_^_eblvfukebl ebhg h[sbfb beb
qZklgufb dZl_]hjbyfbHibku\Z_l eb hg^_lZeb bebjbkm_l dZjlbgm djmiguf
ieZghf"
Koh^kl\h hlebqb_
Wlhl iZll_jgh lhfdZd ex^b^_eZxl kjZ\g_gbyH^gb ex^baZf_qZxl lh
qlh y\ey_lky koh^guf\ jZaebqguo\_sZoBo hlghkyl d dZl_]hjbb bsmsbo
koh^kl\h>jm]b_ ijb kjZ\g_gbbh[jZsZxl \gbfZgb_gZ hlebqbyHgb qZklh
mdZau\Zxl gZ hlebqbl_evgu_q_jlu bg_j_^dh \klmiZxl \ kihjuQ_eh\_d
dhlhjuc fukebl hlh[s_]h dqZklghfm bh[jZsZ_l \gbfZgb_gZ hlebqby[m^_l
ijhq_ku\Zlv bgnhjfZpbx^h f_evqZcrboih^jh[ghkl_c \ihbkdZo jZkoh`^_gbc?keb
\u ijbwlhf kdehggud lhfmqlh[u bkdZlvkoh^kl\Z bfukeblv h[h[s_gbyfblh
lZdhc q_eh\_d ^h\_^_l\Zk ^hkmfZkr_kl\by<a]eygbl_ gZ ljb lj_m]hevgbdZ
bah[jZ`_gguo gZjbkmgd_Ij_j\bl_kv gZfbgmlm bhl\_lvl_ ijhk_[y gZ\hijhk
DZdZy k\yavf_`^m wlbfblj_m]hevgbdZfb"
IjZ\bevgh]h hl\_lZ gZ wlhl\hijhkdhg_qghg_ kms_kl\m_lihkdhevdm
k\yav wlZ\dexqZ_l dZdkoh^kl\hlZd bjZaebqb_
Wlhl \hijhk \u^_ey_l q_luj_ \hafh`guo j_ZdpbbH^gb ex^bbsmsb_
koh^kl\hhlf_lyl l_ \_sbdhlhju_ hdZau\Zxlky h^bgZdh\ufbHgb fh]ml
kdZaZlvqlh \k_ljb lj_m]hevgbdZ jZ\guf_`^m kh[hc qlh gZ kZfhf^_e_
\_jghLZdb_ ex^bqZklh [m^ml^h\hevkl\h\Zlvky h^ghcb lhc`_ jZ[hlhcgZ
ijhly`_gbb fgh]bo e_lijb wlhf hgb [m^ml ohjhrh kijZ\eylvkyk l_fb
aZ^ZqZfbdhlhju_ ihkms_kl\m ihoh`b^jm] gZ^jm]Z
GZc^mlky ex^bdhlhju_ aZf_lylkoh^kl\h kbkdexq_gbyfbHgb kgZqZeZ
m\b^yl koh^kl\hZ aZl_f hlebqby=ey^y gZjbkmghdhgb fh]mlhlf_lblvqlh
^\Z lj_m]hevgbdZh^bgZdh\uZ lj_lbchlebqZ_lky hlgbo[m^mqb i_j_\_jgmluf
Kh\_jr_ggh
\_jghLZdb_ ex^b qZklh ij_^ihqblZxlqlh[u
baf_g_gby
ijhbkoh^beb ihkl_i_ggh b g_[ukljh b qlh[ukblmZpbb gZ jZ[hl_ f_^e_ggh
jZa\b\Zebkv \h\j_f_gbDh]^Z hgbmagZxldZd \uihegylvjZ[hlmhgb ]hlh\u
aZgbfZlvky _x ^he]hb ^hklb]Zxl mki_oZ \j_r_gbb [hevrbgkl\Z aZ^ZqHgb
qZklh ihevamxlky
dhfiZjZlb\ZfbgZijbf_jemqr_om`_[hevr_
f_gvr_Hgb j_Z]bjmxl gZlm jZpbhgZebaZpbxdhlhjZy \ujZ`Z_lky keh\Zfb
emqr_memqr_ggucbeb mkh\_jr_gkl\h\Zgguc
Ih ^jm]hfm[m^ml j_Z]bjh\Zlvex^bh[jZsZxsb_ \gbfZgb_gZ hlebqbyHgb
kdZ`mlqlh \k_ljb lj_m]hevgbdZjZaebqguQlh hiylv`_ \_jghLZdb_ ex^b
klj_fylky di_j_f_gZf bihemqZxl hlgbo m^h\hevkl\b_bf_xl kdehgghklvqZklh
f_gylv jZ[hlmBo ijb\e_dZxlgh\h\\_^_gby_keb hgbaZy\e_gu dZdgh\u_beb
g_ bf_xsb_ZgZeh]h\
Ex^bfukeysb_ dZl_]hjbyfb hlebqbck bkdexq_gbyfbkgZqZeZ hlf_lyl
hlebqbyZ aZl_fkoh^kl\ZHgb fh]mlkdZaZlvqlh wlblj_m]hevgbdb jZaebqgu
gh ^\Zba gboh^bgZdh\uHgb kdehggud i_j_f_gZfb jZaghh[jZabxgh g_\ lhc
kl_i_gbdZd
ex^b
ij_^u^ms_c dZl_]hjbb: qlh[u
hij_^_eblv
wlm
f_lZijh]jZffmaZ^Zcl_ \hijhkDZdZy k\yavf_`^m wlbfb^\mfy \_sZfb"
IZll_jgu ijhp_kkZm[_`^_gby
< lhfdZd q_eh\_dklZgh\blky m[_`^_gguf\ q_feb[hfh`gh \u^_eblv^\Z
Zki_dlZ<hi_j\uoih dZdhfmdZgZem ihklmiZ_lbgnhjfZpby b\h\lhjuodZd
q_eh\_d mijZ\ey_lwlhc bgnhjfZpb_cihemqb\ __h^gZ`^u fh^Z
<gZqZe_ hdZgZe_ \hkijbylbyIj_^klZ\vl_ k_[_ kblmZpbxlhj]h\ebQlh
g_h[oh^bfh k^_eZlvihdmiZl_exqlh[u m[_^blvky\ lhfqlh ^Zgguclh\Zj klhbl
dmiblv"Beb \dZdhf k\b^_l_evkl\_gm`^Z_lky mijZ\eyxsbcqlh[u m[_^blvky\
lhfqlh ^Zgguckem`Zsbc ohjhrhkijZ\ey_lky khk\hbfb h[yaZgghklyfb"Hl\_lu
gZ wlb\hijhku qZklhk\yaZgu kl_fdZdZy j_ij_a_glZlb\gZy kbkl_fZm wlh]h
q_eh\_dZ y\ey_lky
i_j\bqghcH^gbf
ex^yf
g_h[oh^bfh
m\b^_lv
wlh
k\b^_l_evkl\h \bamZevguc>jm]b_ ohlyl ihkemrZlv dh]hgb[m^vG_dhlhjuf
ex^yf lj_[m_lky ijhqblZlvhlq_lgZijbf_jhlq_l :kkhpbZpbb ihlj_[bl_e_c
ij_^hklZ\ey_l kjZ\gbl_evgu_ oZjZdl_jbklbdbb bgnhjfZpbx hfgh]bo lh\ZjZo
>jm]bf ex^yfg_h[oh^bfh qlhlh k^_eZlv<hafh`ghbf ihgZ^h[blkyhijh[h\Zlv
lh\Zjqlh[u hp_gblv _]hbeb ihjZ[hlZlv[hd h[hd kgh\uf q_eh\_dhfqlh[u
k^_eZlv aZdexq_gb_ h[mjh\g_ _]h dhfi_l_glghklb<hijhkdhlhjuc ke_^m_l
aZ^Zlv ^eyhij_^_e_gby wlhcf_lZijh]jZffua\mqbl lZdDZd \umagZ_l_qlh
q_eh\_d ih^oh^bl^ey k\h_cjZ[hlu"
<bamZevguc q_eh\_d ^he`_g m\b^_lv
ijbf_juKemrZxs_fm g_h[oh^bfh
ih]h\hjblv k ex^vfb b kh[jZlv bgnhjfZpbxQblZxs_fm lj_[m_lkyijhqblZlv
khh[s_gb_ bebkijZ\db h q_eh\_d_>_eZxsbc h[yaZl_evghihjZ[hlZ_l \f_kl_k
q_eh\_dhfqlh[u m[_^blvky\ _]hijb]h^ghklb
>jm]Zy klhjhgZwlhc f_lZijh]jZffuaZdexqZ_lky \lhfdZdbf h[jZahfex^b
e_]q_ \k_]hhk\Zb\Zxlky k\uiheg_gb_f gh\uoaZ^Zq<bamZevguc q_eh\_de_]q_
kijZ\ey_lky k gh\hc aZ^Zq_c_keb _fmihdZaZlvdZd wlh^_eZlvKemrZxsbc
hk\hbl emqr__keb _fmjZkkdZ`mlqlh ^_eZlvQblZxsbc mqblky[uklj__ qblZy
bgkljmdpbbEmqrbc kihkh[gZmqblv ^_eZxs_]hk^_eZlv wlh\f_kl_ kgbf
<lhjZy qZklvwlhc f_lZijh]jZffudZkZ_lky lh]hdZd q_eh\_dmijZ\ey_l
bgnhjfZpb_c b dZdbfh[jZahf hgZ^he`gZ [ulv ij_^klZ\e_gZG_dhlhjuf ex^yf
g_h[oh^bfh ij_^klZ\eylv^hdZaZl_evkl\h hij_^_e_ggh_ dhebq_kl\hjZa fh`_l
[ulv^\Zljb beb [he__ij_`^_ q_fhgb m[_^ylky \_]h \_jghklb?klv
ex^bdhlhjuo m[_`^Z_l g_kdhevdh ijbf_jh\>jm]b_ g_gm`^Zxlky \ [hevrhf
dhebq_kl\_ bgnhjfZpbbHgb [_jml g_kdhevdh nZdlh\^h^mfu\Zxl ^jm]b_ b
[ukljh ijbgbfZxlj_r_gb_Hgb qZklh ijboh^yl d aZdexq_gbxhibjZykv gZ
\_kvfZ
g_agZqbl_evgh_
dhebq_kl\h ^ZgguoWlh gZau\Zxl Z\lhfZlbq_kdbf
iZll_jghfK ^jm]hc klhjhgug_dhlhju_ ex^b \hh[s_gbdh]^Z g_ [u\Zxl
m[_`^_ggufb ^h dhgpZBo m[_`^Z_llhevdh dhgdj_lguc ijbf_jbeb dhgdj_lguc
dhgl_dklWlhl iZll_jg gZau\Zxl iZll_jghf ihklhygkl\ZAZ\ljZ \Zfih
\b^bfhfmijb^_lky kgh\Zb kgh\ZgZoh^blv ^eygbo ^hdZaZl_evkl\Zihlhfm qlh
aZ\ljZ wlh m`_^jm]hc ^_gvBo g_h[oh^bfhm[_`^Zlv \k_\j_fyB gZdhg_p
^ey g_dhlhjuoex^_c ^hdZaZl_evkl\h^he`gh [ulvij_^klZ\e_gh aZ]h^yaZ ^_gv
beb aZg_^_ex ^hlh]hdZd hgbklZgml m[_`^_ggufb\ wlhf
Wlh ebrv kZfucdjZldbc h[ahj g_dhlhjuo kZfuo\Z`guo f_lZijh]jZff
BagZqZevgh hgb [ueb bkke_^h\Zgu JbqZj^hf ;wg^e_jhfb E_keb DZf_jhg ;wg^e_jZ bo^Zevg_crb_ jZajZ[hldb ijbf_gbl_evghd [bag_km ijbgZ^e_`Zl
Jh^`_jm ;wcebYaud bklbev ih\_^_gby
QZklh djbl_jbb jZkkfZljb\Zxl dZd f_lZijh]jZffugh hgb g_ y\eyxlky
iZll_jgZfbdjbl_jbb wlh p_gghklbl_ \_sbdhlhju_ ^_ckl\bl_evgh bf_xl
agZq_gb_ ^ey\Zkihwlhfm fuljZdlm_f boh[hkh[e_ggh
Hjb_glZpbx \h\j_f_gb lh`_qZklh ij_^klZ\eyxldZd f_lZijh]jZffmQZklv
ex^_c [m^_l b^lbkd\hav \j_fyl_hgb [m^mlZkkhpbbjh\Zgu khk\h_c ebgb_c
\j_f_gb>jm]b_ [m^ml b^lb jy^hf
kh \j_f_g_fl_ [m^ml
bagZqZevgh
^bkkhpbbjh\Zgu hlk\h_c \j_f_gghcebgbb_s_ h^bgiZll_jgdhlhjuc qZklh
ij_^klZ\ey_lky \\b^_ f_lZijh]jZffuwlh ij_^ihqblZ_fZy j_ij_a_glZlb\gZy
kbkl_fZG_dhlhju_ ex^b ijh\h^yl [hevrmxqZklv k\h_]h \j_f_gbgZoh^ykv \
i_j\hc ihabpbb\ k\h_ckh[kl\_gghc j_Zevghklb>jm]b_ [he__ kdehggu d
khi_j_`b\Zgbx b[hevrmx qZklv`bagb ijh\h^yl \h \lhjhcihabpbb?s_ h^gZ
dZl_]hjby ex^_cij_^ihqblZ_l lj_lvxihabpbx
JZagu_ dgb]b ij_^eZ]Zxl kZfu_jZaghh[jZagu_ kibkdb f_lZijh]jZffb
a^_kv g_kms_kl\m_l ijZ\bevgh]hj_r_gbydjhf_ dZdbkihevah\Zlv l_iZll_jgu
dhlhju_ hdZau\Zxlky\Zf ihe_agufbb b]ghjbjh\ZlvhklZevgu_<kihfgbl_qlh
\k_ fh`_lbaf_gblvky k baf_g_gb_fdhgl_dklZ Q_eh\_d\_khf dbeh]jZffh\
[m^_l ly`_euf ^ey deZkkZ aZgbfZxsboky Zwjh[bdhcA^_kv _]h \_k [m^_l
kqblZlvky ij_\ur_gb_fghjfuKj_^b [hjph\KmfhgZh[hjhlhg [m^_lkZfuf
e_]dbfQ_eh\_dijhy\eyxsbc Zdlb\gmx ihabpbx \ h^ghc kblmZpbbfh`_l
hdZaZlvky \_kvfZ iZkkb\guf \^jm]hc:gZeh]bqghq_eh\_d fh`_l[ulv hq_gv
dhgdj_lguf gZjZ[hl_Z gZ^hkm]_ fukeblvbkdexqbl_evgh h[h[s_gbyfb
F_lZijh]jZffu fh]ml
lZd`_ baf_gylvky k baf_g_gb_f wfhpbhgZevgh]h
khklhygbyQ_eh\_d fh`_lklZlv [he__Zdlb\guf \khklhygbb klj_kkZb aZgbfZlv
iZkkb\gmx ihabpbx[m^mqb kihdhcgufDZd b \ hlghr_gbb\k_o hklZevguo
iZll_jgh\ij_^klZ\e_gguo \wlhc dgb]_hl\_l ke_^m_lbkdZlv \lhf q_eh\_d_
dhlhjuc gZoh^blkyi_j_^ \ZfbIZll_jg wlh \k_]hebrv dZjlZF_lZijh]jZffu
g_ ij_^klZ\eyxl kh[hc _s_h^bg kihkh[jZa[b_gby ex^_c gZikboheh]bq_kdb_
lbiuHkgh\ghc \hijhk aZdexqZ_lky\ ke_^mxs_ffh`_l_ eb\u hkhagZlvk\hb
kh[kl\_ggu_ iZll_jgu"DZdb_ \u[hju \u fh`_l_ ij_^hklZ\blv ^jm]bf"Wlh
ihe_agu_ jmdh\h^ysb_b^_bMqbl_kv jZkihagZ\ZlviZll_jgu ihhq_j_^bMqbl_kv
bkihevah\Zlv wlb mf_gby ihkl_i_gghBkihevamcl_ bo lhevdh\ lhfkemqZ_
dh]^Z wlhihe_agh
J_axf_
:dlb\guc iZkkb\guc
:dlb\guc q_eh\_d hdZau\Z_lky bgbpbZlhjhf ^_ckl\bcIZkkb\guc `^_l
dh]^Z ^jm]b_ gZqgml ^_ckl\h\Zlv bdh]^Z \k_ijhbahc^_l kZfh kh[hc?fm
g_h[oh^bfh g_dhlhjh_\j_fyqlh[u kgZqZeZijhZgZebabjh\Zlv bihgylv \k_
Ijb[eb`_gb_ mdehg_gb_
Ijb[eb`Zxsbckyq_eh\_d nhdmkbjm_lk\h_ \gbfZgb_gZ kh[kl\_gguop_eyo
Z
fhlb\Zpb_c
_fm
kem`bl
^hklb`_gb_
wlbo
p_e_cMdehgyxsbcky
khkj_^hlhqb\Z_lky gZijh[e_fZodhlhjuo ke_^m_lba[_]ZlvZ g_gZ p_eyod
dhlhjuf ke_^m_lklj_fblvky
<gmlj_ggyy j_n_j_gpby \g_rgyy j_n_j_gpbyQ_eh\_d k\gmlj_gg_c
j_n_j_gpb_c bf__lk\hb \gmlj_ggb_ghjfu b ijbgbfZ_lj_r_gby kZfQ_eh\_d k
\g_rg_c j_n_j_gpb_c aZbfkl\m_l ghjfum ^jm]bob gm`^Z_lky\ lhfqlh[u
dlhlh ^jm]hcmdZaZe _fmgZijZ\e_gb_ b^Ze ih^jh[gu_bgkljmdpbb
:evl_jgZlb\u j_p_ilu
:evl_jgZlb\gu_ ex^b klj_fylky bf_lv \u[hju bohjhrh kijZ\eyxlky k
jZajZ[hldhc
Zevl_jgZlb\guo \ZjbZglh\J_p_ilmjgu_ ex^b m^Zqgh ke_^mxl
ij_^ibkZgghc ihke_^h\Zl_evghklbijhp_^mjBo g_fhlb\bjmxl k\hb^_ckl\bygh
hgb e_]dh\uihegyl nbdkbjh\Zggmxk_jbx rZ]h\
H[sbc qZklguc
H[h[sZxsb_ ex^bqm\kl\mxl k_[y[he__ m\_j_gghbf_y ^_eh k [hevrbfb
dmkdZfb bgnhjfZpbbHgb g_h[jZsZxl \gbfZgbygZ ^_lZebEx^bkdehggu_ d
ki_pbZebaZpbbm^_eyxl fgh]h\gbfZgby ^_lZeyf bgm`^Zxlky \ bkke_^h\Zgbb
f_edbo we_f_glh\bgnhjfZpbb qlh[uihgylv h[smxdZjlbgm
Koh^kl\Z jZaebqby
Ex^bbsmsb_ koh^kl\Z[m^ml ijbkjZ\g_gbb aZf_qZlv]eZ\guf h[jZahf
ihoh`b_
^_lZebEx^bbsmsb_ jZaebqby[m^ml h[jZsZlv
\gbfZgb_ gZ
hlebqbl_evgu_ q_jlu
KljZl_]by m[_`^_gbyDZgZe \hkijbylby
<bamZevgucLj_[m_lky m\b^_lv ih^l\_j`^_gb_KemrZxsbcLj_[m_lky
mkeurZlvQblZxsbcLj_[m_lky ijhqblZlv>_eZxsbcLj_[m_lky k^_eZlvkZfhfm
Fh^Z
G_kdhevdh ijbf_jh\Lj_[m_lky ij_^hklZ\blvbgnhjfZpbx g_kdhevdh jZa
ij_`^_ q_fq_eh\_d klZg_lm[_`^_gguf
:\lhfZlbq_kdbcLj_[m_lky lhevdhqZklbqgZy bgnhjfZpbyMklhcqb\uc>ey
^hklb`_gby
khklhygby m[_`^_gghklb lj_[m_lky
ihklhyggh_ ij_^hklZ\e_gb_
ih^l\_j`^Zxs_c bgnhjfZpbbdhlhjZy [m^_l bf_lv kbem lhevdh \
^Zgghf
dhgdj_lghf kemqZ_
I_jbh^ \j_f_gbLj_[m_lkyqlh[u bgnhjfZpbyhklZ\ZeZkv g_baf_gghcgZ
ijhly`_gbb g_dhlhjh]hijhf_`mldZ \j_f_gb
LHJ=H<EY
Ikboheh]by lhj]h\ebm`_ ihjh^beZp_emx [b[ebhl_dmdgb]b a^_kvfu ebrv
ke_]dZ aZljhg_fwlm l_fmqlh[u ihdZaZlvg_dhlhju_ \hafh`gu_ijbf_g_gby b^_c
GEI
Ijh^Z`m qZklhg_ijZ\bevgh ihgbfZxldZd j_deZfbjh\Zgb_JZkijhkljZg_ggh_
hij_^_e_gb_ hibku\Z_l j_deZfbjh\Zgb_
dZd
bkdmkkl\h kdh\Zlv
jZkkm^hd
ihdmiZl_ey gZ\j_fy^hklZlhqgh_ ^eylh]hqlh[u ihemqblvhl g_]h^_gv]bGZ
kZfhf ^_e_p_ev lhj]h\ebdZd m[_^bl_evghih^q_jdb\Zxl Ki_gk_j >`hgkhg b
EZjb MbekhgZ dgb]_H^gZ fbgmlZlhj]h\ebaZdexqZ_lky \lhfqlh[u ihfhqv
q_eh\_dm ijbh[j_klb lhqlh hgohq_l Q_f emqr_\u [m^_l_ihfh]Zlv ex^yf
ihdmiZlv lhqlh hgbohlyll_f [he__mki_rguf ijh^Z\phf\u klZg_l_
Fgh]b_ b^_bGEI jZ[hlZxl\ wlhfgZijZ\e_gbbMklZgh\e_gb_ jZiihjlZ k
kZfh]h gZqZeZbf__l \Z`gh_agZq_gb_Ydhj_gb_ j_kmjkh\ iha\hebl\Zf [jZlvky
aZ j_r_gb_aZ^Zq \j_kmjkghf khklhygbbOhjhr__ kZfhqm\kl\b_gZ jZ[hl_^Zkl
\Zf \hafh`ghklvohjhrh jZ[hlZlv
Ijbkh_^bg_gb_ d[m^ms_fm fh`_l ihfhqv\Zf ihkljhblvlZdmx kblmZpbxb
lZdb_ hsms_gbydZdb_ \Zfohl_ehkv [ubf_lvfuke_ggh ijhb]jZ\ boaZjZg__
IhklZgh\dZ ohjhrhknhjfbjh\Zggh]h j_amevlZlZy\ey_lky [_kp_ggufbkdmkkl\hf \
lhj]h\e_< ]eZ\_\u ijbf_gbebdjbl_jbb ohjhr_cknhjfbjh\Zgghklb dk\h_fm
j_amevlZlmLh`_ \hijhkudhlhju_ \u bkihevah\Zeb lZffh]ml
[ulv
bkihevah\Zgu ^eylh]hqlh[u ihfhqv^jm]bf ykghihgylvq_]h hgb ohlylgZ
kZfhf ^_e_Wlh mf_gb_bf__l j_rZxs__agZq_gb_ \ lhj]h\e_ihlhfm qlh\u
kfh`_l_ m^h\e_l\hjblvihlj_[ghklb ihdmiZl_eyebrv lh]^Zdh]^Z [m^_l_agZlv
lhqghq_]h hgohq_l
B^_y ^_e_gby\\_jo b^_e_gby \gbafh`_l ihfhqv\Zf h[gZjm`blvlh\ q_f
ex^b gm`^ZxlkyDZdh\u bodjbl_jbb"Qlh \Z`gh^ey gbo\ wlhf lh\Zj_"Bf_xl
eb hgb\ ]heh\_m k_[yp_ev hlghkbl_evghlh]hqlh hgbihdmiZxlb fh`_l_eb
\u ihfhqvbf hkhagZlv__"
Ijb\_^_f h^bgijbf_jGZ h^ghc [hevrhc mebp_ gZludZghagZqbl_evgh
[hevr_ eZ\hd kdh[yguo ba^_ebcq_f hgZfh`_l \f_klblvH^gZ bagbom
dhlhjhc emqr_\k_o b^ml ^_eZwlh fZe_gvdZyeZ\hqdZjZkiheh`_ggZy ^Ze_dh
hl ^hjh]b__ \eZ^_e_p\k_]^Z ij_^ijbgbfZ_lbkdj_ggb_ ihiuldbmagZlvqlh \u
^_eZ_l_ b^ey q_]h\Zf gm`gu bgkljmf_glubeb ijbgZ^e_`ghklbB ohlyhg g_
\k_]^Z mklZgZ\eb\Z_l ijbebqguc jZiihjlihlhfm qlh ihjhc _]h \hijhku
i_j_oh^yl \iuleb\uc ^hijhkhg \k_lZdb m[_`^Z_lky\ lhfqlh g_ijh^Ze \Zf
gbq_]h lZdh]hqlh hdZ`_lky^ey \Zk[_kihe_aguf?keb mg_]h g_lih^oh^ys_]h
bgkljmf_glZhg gZijZ\bl\Zk \lhl fZ]ZabgZ dhlhjhfwlhl bgkljmf_gl_klv
Hg \iheg_mki_rgh \u^_j`b\Z_lkbevgmx dhgdmj_gpbxk ^ebgghcp_ivx fZ]Zabgh\
p_gu \dhlhjuo kms_kl\_gghgb`_
< gZr_c fh^_eb hg^_eZ_l ^_e_gb_\\_joqlh[u hij_^_eblv j_amevlZlb
djbl_jbb k\h_]hihdmiZl_eyZ aZl_f ijhba\h^bl^_e_gb_ \gba lhqghd l_f
dhgdj_lguf bgkljmf_glZf\ dhlhjuo hg gm`^Z_lkyWlh fh`_l\dexqZlv b
^_e_gb_ \klhjhgm hllh]hh q_fk kZfh]hgZqZeZ ijhkblihdmiZl_ev<k_]^Z
bf_ggh lZdb ijhbkoh^bldh]^Z ylm^Z ijboh`m
>_e_gb_ \klhjhgm \_kvfZ ihe_agh ^eylh]hqlh[u gZclbqlh q_eh\_dm
gjZ\blky \ lh\Zj_DZdh\u
hkgh\gu_
fhf_glu wlh]h ^_e_gby"=^_ l_
hlebqbl_evgu_ q_jludhlhju_ aZklZ\eyxlihdmiZl_ey \u[bjZlvh^bg lh\ZjZ g_
^jm]hc"Bamq_gb_ lh]hqlh q_eh\_dohq_l\ wlbolj_o gZijZ\e_gbyoy\ey_lky
mklhcqb\uf iZll_jghfijbkmsbf \k_fbkdmkguf ijh^Z\pZfKms_kl\_gghc a^_kv
y\ey_lky b dhg]jmwglghklv;m^_l ebijh^Z\_p kZf bkihevah\Zlvlhl lh\Zj
dhlhjuf lhj]m_l">_ckl\bl_evgh eb \_jblhg \ l_ ij_bfms_kl\Zlh\ZjZh
dhlhjuo ]h\hjbl"G_dhg]jmwglghklv fh`_lijhkdZevau\Zlv \lhg_ ]hehkZ\ iha_
b fh`_lagZqbl_evgh aZljm^gylvlhj]h\ex
J:FDB
MklZgh\dZ jZfdb\ GEIwlh lhlkihkh[k ihfhsvxdhlhjh]h
fuihf_sZ_f
\_sb \jZaebqgu_ dhgl_dkluqlh[u ijb^Zlvbf jZaebqgu_ kfukeuwlh lhqlh
fu \u^_ey_fdZd \Z`gh_\ wlhlfhf_gl<hl iylvjZaebqguo ihe_aguokihkh[h\
ihf_sZlv kh[ulby\ jZfdbG_dhlhju_ bagbo g_y\gh\hagbdZeb ijbjZkkfhlj_gbb
^jm]bo Zki_dlh\GEI bihwlhfm a^_kvbo klhblhlf_lblv y\gh
JZfdZ j_amevlZlZ
KblmZpby hp_gb\Z_lky\ l_jfbgZo j_amevlZlZ<hi_j\uohij_^_ebl_ k\hc
kh[kl\_gguc j_amevlZlb m[_^bl_kvqlh hgohjhrh knhjfbjh\Zg<ujZ`_g ebhg
ihablb\gh"GZoh^blky ebhg ih^\Zrbf dhgljhe_f">hklZlhqgh ebhg dhgdj_l_gb
ijZ\bevgh eb \u[jZgu jZaf_juj_amevlZlZ"DZdh\h ih^l\_j`^_gb_ lh]hqlh
j_amevlZl ^hklb]gml"?klv eb m \Zk j_kmjkuqlh[u \uihegblvlhqlh
aZ^mfZeb"
DZdbf
h[jZahf wlhl j_amevlZl kh]eZkm_lky k ^jm]bfb"<h\lhjuo
\hafh`gh\Zf ke_^m_lhij_^_eblv j_amevlZludZ`^h]h ba\dexq_gguo \kblmZpbx
ex^_cihfhqv bf ijhykgblvq_]h hgbohlylk l_fqlh[u \ufh]eb \f_kl_
^\b]Zlvky ^Zevr_<lj_lvbokms_kl\mxl kh]eZkh\Zggu_j_amevlZluDZd lhevdh
\u hij_^_ebeb k\hckh[kl\_gguc j_amevlZl b j_amevlZlu^jm]bo ex^_c\u
fh`_l_ m\b^_lvgZkdhevdh hgbkh]eZkmxlky ^jm] k ^jm]hf<hafh`gh\Zf
ijb^_lky ijh\_klbi_j_]h\hju ihih\h^m dZ`^h]hjZaebqby f_`^mgbfb
GZdhg_p^_j`bl_ j_amevlZlu\ ]heh\_qlh[u \ufh]eb \b^_lv^\b]Z_l_kv
eb \u\ bogZijZ\e_gbb?keb g_llh \Zfke_^m_l k^_eZlvqlhlh ^jm]h_
JZfdZ j_amevlZlZwlh qj_a\uqZcghihe_agu_ hqdbq_j_a dhlhju_ke_^m_l
jZkkfZljb\Zlv k\hb^_ckl\by?keb f_g_^`_jg_ bf__l ykgh]hij_^klZ\e_gby h
k\h_c p_eblh mg_]h g_ll\_j^h]h hkgh\Zgby^ey ijbgylbyj_r_gbc bkihkh[h\
km^blv h lhfihe_agu_ beb [_kihe_agu_ ^_ckl\byhg ij_^ijbgbfZ_l\ k\h_f
[bag_k_
JZfdZ wdheh]bb
Hiylv `_k wlbffu bf_eb ^_eh y\ghdh]^Z h[km`^Zebj_amevlZlub
g_y\gh wlh]h
dZkZebkv
gZ ijhly`_gbb \k_c dgb]bDZd fhb ^_ckl\by
\kljZb\Zxlky \ [he__ rbjhdmx
kbkl_fm k_fvb^jma_cijhn_kkbhgZevguo
bgl_j_kh\"Y\eyxlky ebhgb \ujZ`_gb_ffh_c ebqghklb\ p_ehf"M\Z`Zxl ebhgb
p_ehklghklv ^jm]bo \dexq_gguo\ kblmZpbxex^_c"Dhg]jmwglghklv ij_^klZ\ey_l
kh[hc kihkh[dhlhjuf gZr_ih^khagZgb_ i_j_^Z_lgZf khh[s_gb_h[ wdheh]bbb
y\ey_lky g_h[oh^bfufmkeh\b_f ^eyfm^juo ^_ckl\bc
JZfdZ ih^l\_j`^_gby
WlZ jZfdZ h[jZsZ_l \gbfZgb_ gZ q_ldb_ b ki_pbnbq_kdb_ ^_lZeb<
qZklghklbdZd \umagZ_l_qlh \u^hklb]eb k\h_]hJ_amevlZlZ"Qlh \u[m^_l_
\b^_lvkeurZlv bhsmsZlv"WlZ jZfdZh[jZam_l qZklv jZfdb j_amevlZlZ b
bgh]^Z ihe_agZkZfZ ihk_[_\ hkh[_gghklb\ ijbf_g_gbbd djbl_jbyf
JZfdZ dZd [m^lh
WlZ jZfdZ y\ey_lky kihkh[hf dj_Zlb\gh]h j_r_gby ijh[e_fdhlhjuc
aZdexqZ_lky \lhfqlh[u ijbl\hjblvky[m^lh qlhlh m`_ ijhbahrehqlh[u
bkke_^h\Zlv \hafh`ghklbGZqgbl_ khkeh\?keb [uwlh m`_ijhbahrehbeb
Ij_^iheh`bfqlhKms_kl\m_l fZkkZ kblmZpbcdh]^Z wlhfh`_l hdZaZlvky
ihe_agufGZijbf_j_keb \Z`gucq_eh\_d g_ijbr_e gZkh\_sZgb_\u fh`_l_
aZ^Zlv k_[_\hijhkZ ?keb [u ;[ue a^_kvqlh [uhg ^_eZe"?keb dlhlh
agZ_l ;ohjhrhij_^eh`_ggu_ bfhl\_lu fh]ml hdZaZlvky\_kvfZ ihe_agufb
<k_]^Z i_j_ijh\_jvl_ wlh iha`_\f_kl_ k ;_keb [ueh ijbgylh \Z`gh_
j_r_gb_
>jm]hc ijbf_j bkihevah\Zgby wlhc b^_b aZdexqZ_lky \
lhfqlh[u
i_j_g_klbkv fuke_ggh gZihe]h^Z beb]h^ \i_j_^\ k\h_mki_rgh_ [m^ms__b
\a]eygm\ gZaZ^gZ k\h_ gZklhys__kijhkblv DZdb_ rZ]bfu ij_^ijbgyeb
lh]^Zdhlhju_ ijb\_eb gZk d l_i_j_rg_fm gZr_fm khklhygbx"Ba wlhc
i_jki_dlb\u \ufh`_l_ ba\e_qv\Z`gmx bgnhjfZpbxdhlhjmx ljm^ghjZa]ey^_lv \
gZklhysbc fhf_glihlhfm qlh\u gZoh^bl_kvhl g__kebrdhf [ebadh
?s_ h^bg kihkh[ijbf_g_gby wlhcjZfdb wlh ij_^klZ\blvk_[_ gZbom^r__
ba lh]hqlh fh`_l kemqblvkyQlh \u [m^_l_ ^_eZlv_keb gZbom^r__
ijhbahc^_l"Bf_xlky eb m\Zk \u[hju bieZgu gZ wlhl kemqZc"Ijb_f dZd
[m^lhfh`gh bkihevah\Zlvqlh[u ij_^mkfhlj_lvgZbom^rbc \ZjbZgl\ dZq_kl\_
qZklgh]h
ijbf_jZ [he__
h[s_]h ijhp_kkZba\_klgh]h
ih^
gZa\Zgb_f
^b\_jkbhgguc ih^oh^Ijhp_kkgZ dhlhjhfkljZoh\u_ dhfiZgbb^_eZxl [hevrb_
^_gv]b
JZfdZ \hkijhba\_^_gby
WlZ jZfdZ ijhklZ<u ih\lhjy_l_bgnhjfZpbxbf_xsmxky m\Zk d ^Zgghfm
fhf_glm\hkijhba\h^y ijbih\lhj_ dexq_\u_keh\Z blhg ]hehkZ^jm]bo ex^_c
Bf_ggh wlbf \hkijhba\_^_gb_hlebqZ_lky hl j_axfbjh\Zgbyijb dhlhjhfqZklh
ijhbkoh^bl kbkl_fZlbq_kdh_bkdZ`_gb_ keh\b \ukdZau\Zgbc^jm]bo \uklmiZ\rbo
<hkijhba\_^_gb_ ihe_agh ^eyhldjulby ^bkdmkkbb^ey lh]hqlh[u \\_klb\
dmjk ^_eZ gh\uo ex^_c \ ]jmii_ b qlh[uijh\_jblv kh]eZkbyb ihgbfZgb_
mqZklgbdh\ kh\_sZgbyHgh ihfh]Z_lihkljhblv jZiihjlb hdZau\Z_lky[_kp_gguf
ih^kihjv_f \kydbc jZadh]^Z hg mljZq_ghgh ^_eZ_l[he__ ykguf imlb
^Zevg_cr_]h ijh^\b`_gby
Bgh]^Z dZ`_lkyqlh kh\_sZgb_ijbreh d kh]eZr_gbxgh _]h mqZklgbdb
jZkoh^ylky k kh\_jr_ggh ijhlb\hiheh`gufb fg_gbyfb \ hlghr_gbb ij_^f_lZ
kihjZ<hkijhba\_^_gb_ fh`_lm^_j`Zlvky gZimlb d`_eZ_fhfm j_amevlZlm
KH<?S:GBY
G_kfhljy gZlhqlh fu[m^_f hibku\Zlv kh\_sZgby\ dhgl_dkl_[bag_kZ
wlhl iZll_jgh^bgZdh\h ijbf_gbfd ex[hfmdhgl_dklm]^_ \klj_qZxlky^\h_ beb
[he__ ex^_cbf_xsbo h[smxp_evQblZy hklZ\rmxkyqZklv wlh]hiZjZ]jZnZ\u
fh`_l_ ^mfZlvh dZ`^hfiZll_jg_ \lhf dhgl_dkl_dhlhjuc ih^oh^bl^ey \Zk
< GEI_klv fgh]h\_s_cdhlhju_ fh`gh[ueh [u ij_^eh`blv\ dhgl_dkl_
[bag_kZ<_ebqZcrbf j_kmjkhf\ ex[hf[bag_k_ y\eyxlkyex^baZgylu_ \ g_f
Q_f [he__wnn_dlb\gufb [m^mlex^bl_f [he__kh\_jr_gguf klZg_l[bag_kH^gZ
ba klhjhg[bag_kZ nhjfbjh\Zgb_ dhfZg^ujZ[hlZxs_c gZ^ h[s_cp_evxMki_o
[m^_l hij_^_eylvky]eZ\guf h[jZahf l_fgZkdhevdh ohjhrhhgb kijZ\eyxlkykh
ke_^mxsbfb dexq_\ufbfhf_glZfb
ZIhklZgh\dZ p_eb
[Wnn_dlb\gZy dhffmgbdZpby\gmljb ]jmiiub k\g_rgbf fbjhf
\<gbfZl_evgh_ hlghr_gb_
d
hdjm`_gbxIhklhyggh
ke_^blv aZ
ihlj_[ghklyfb bj_Zdpb_c deb_glh\
]M\_j_gghklv \mki_o_dhg]jmwglghklv
<eZ^_gb_
j_kmjkZfb]b[dhklvmijZ\e_gb_
nbevljZfb
\hkijbylby
ij_a_glZpbhggu_ b
dhffmgbdZlb\gu_
mf_gby ex^_caZgyluo
\ [bag_k_
hij_^_eyxlgZkdhevdh mki_rguf hg [m^_lGEI h[jZsZ_lkyd lhqgufmf_gbyf
dhlhju_ kha^Zxlmki_o \fbj_ [bag_kZ
GEI ijhgbdZ_l\ kZfmx k_j^p_\bgmhj]ZgbaZpbb [bag_kZJZnbgbjmy b
jZa\b\Zy wnn_dlb\ghklv dZ`^h]h hl^_evgh]h q_eh\_dZaZgylh]h \uiheg_gb_f
k\h_c aZ^Zqb>_eh\u_ kh\_sZgbywlh lhf_klh\ dhlhjhf \k_wlb mf_gby
kh[bjZxlky \f_kl_Fu gZqg_fk kh\_sZgbckhljm^gbdh\gZ dhlhjuo[hevrbgkl\h
ex^_c \h[sbo q_jlZokh]eZkgu kj_amevlZlhfKh\_sZgbygZ dhlhjuo\hagbdZ_l
y\guc dhgnebdl \ hlghr_gbb j_amevlZlh\[m^ml jZkkfhlj_gu
\ jZa^_e_
I_j_]h\hjuKh\_sZgby bf_xlp_evb p_evwlZ ^he`gZ[ulv y\ghhij_^_e_gZ
gZijbf_j\klj_qb kdhee_]Zfb jZa\ g_^_exqlh[u h[f_gylvkybgnhjfZpb_c
ijbgylv j_r_gb_ bjZkij_^_eblv h[yaZgghklb>jm]bfb ijbf_jZfb fh]ml[ulv
ieZgbjh\Zgb_ [x^`_lZ gZke_^mxsbc ]h^hp_gdZ bkiheg_gby bij_^klZ\e_gb_
ieZgh\
DZd mqZklgbd\Z`gh]h kh\_sZgby\u ^he`gu[ulv Zmklhcqb\hf j_kmjkghf
khklhygbb b[ulv dhg]jmwglguf\ hlghr_gbb lhcjhebdhlhjmx \Zf g_h[oh^bfh
ku]jZlvYdhjy fh]mlhdZaZlvky ihe_agufbdZd i_j_^gZqZehf kh\_sZgbyqlh[u
ijb^Zlv \Zfohjhr__ gZkljh_gb_lZd b\h \j_fykh\_sZgby \lhf kemqZ__keb
qlhlh gZqbgZ_l kdeZ^u\Zlvkyg_ lZddZd ohl_ehkv[uIhfgbl_qlh ^jm]b_
ex^b [m^ml ydhjyfb^ey \ZkZ \u[m^_l_ ydhj_f ^ey^jm]bo ex^_cKZfZ
dhfgZlZ fh`_l klZlvydhj_fHnbk qZklhij_^klZ\ey_l kh[hc f_klhihegh_
\g_rgbo Zljb[mlh\ ebqghc\eZklb b mki_oZq_eh\_dZkb^ys_]h aZ jZ[hqbf
klhehf<hafh`gh\Zf ihgZ^h[ylky\k_ ^hklmigu_j_kmjku
KhklZ\ ijbkmlkl\mxsbob ih\_kldZ^gy kh\_sZgby^he`gu [ulv mklZgh\e_gu
aZjZg__<u ^he`gu ykgh ij_^klZ\eylv k_[_k\hc j_amevlZlKe_^m_l lZd`_
ihaZ[hlblvky h ijhp_^mj_ ih^l\_j`^_gbydZd \umagZ_l_qlh \u ^hklb]eb
j_amevlZlZG_h[oh^bfh hq_gv q_ldh hij_^_eblvqlh \u ohlbl_ m\b^_lv
mkeurZlv bihqm\kl\h\Zlv?keb g_knhjfbjh\Zg j_amevlZlkh\_sZgby\_jhylgh
\u ihimklmljZlbl_ \j_fy
Hkgh\ghc nhjfZl mki_rgh]hkh\_sZgby ihoh` gZlj_ofbgmlguc k_fbgZjih
GEIhibkZgguc \]eZ\_ AgZlvq_]h \uohlbl_
AgZlvq_]h ohlyl^jm]b_
BkdZlv imlbgZ dhlhjuo\u kfh]eb[u \k_wlh ihemqblv
Wlh dZ`_lky ijhkluf b
hq_\b^gufgh qZklh l_jy_lky \ km_l_ b
g_hij_^_e_gghklb [m^g_cZ rZ]fh`_l hdZaZlvkyljm^guf_keb klZedb\Zxlky
dhgnebdlmxsb_ bgl_j_ku
<
gZqZe_ kh\_sZgby ihemqbl_ dhgk_gkmk \ hlghr_gbb
jZa^_ey_fh]h
j_amevlZlZ<Z`ghqlh[u \k_^hklb]eb kh]eZr_gbyhlghkbl_evgh j_amevlZlZ
kh\_sZgby g_dhlhjh]h h[s_]hbkoh^ZgZ^ dhlhjuf[m^ml jZ[hlZlvDh]^Z \u
mklZgh\bl_ j_amevlZlihklZ\vl_ gZg_f ydhjvE_]q_ \k_]h wlh k^_eZlv
bkihevamy dexq_\h_keh\h beb ko_fm _keb \hafh`ghaZnbdkbjmcl_ wlh gZ
^hkd_<Zf lZd`_ ke_^m_l^hklbqv kh]eZr_gbyhlghkbl_evgh ih^l\_j`^_gby
dhlhjh_ ihdZ`_lqlh j_amevlZlm`_ ^hklb]gml
DZd dZ`^uc ba mqZklgbdh\ magZ_lqlh hg m`_ ihemqbe j_amevlZl"
bkihevamcl_ jZfdmih^l\_j`^_gby
B kgh\Z \Z`guf rZ]hfy\ey_lky jZiihjl<Zf g_h[oh^bfh mklZgh\blv
jZiihjl khklZevgufb mqZklgbdZfbkh\_sZgby_keb \uwlh]h _s_g_ k^_eZeb
bkihevamcl_ g_\_j[Zevgmx \ujZabl_evghklv bkhhl\_lkl\mxsbc yaud;m^vl_
\gbfZl_evgu dijhy\e_gbyf g_dhc]jmwglghklb mex[h]h mqZklgbdZ \hlghr_gbb
jZa^_ey_fh]h j_amevlZlZfh]ml [ulv kdjulu_ ijhlb\hj_qbyb magZlv hgbo
emqr_ jZgvr_q_f iha`_<h \j_fy ^bkdmkkbbfh]ml [ulv ihe_agufb jZfdb
ih^l\_j`^_gbywdheh]bb\hkijhba\_^_gby b dZd [m^lhH^gZ ijh[e_fZ
dhlhjZy ihklhygghij_ke_^m_l kh\_sZgbyaZdexqZ_lky \lhfqlh hgbk[b\Zxlky
kh k\h_]himlbG_ mki_eb\u wlhaZf_lblvdZd \j_fym`_ ih^hrehd dhgpmZ
j_r_gb_ g_ijbgylh b j_amevlZlg_ ^hklb]gmlFgh]b_ kh\_sZgby \g_aZigh
hldehgyxlky baZoh^yl \lmibd
JZfdZ j_amevlZlZ fh`_l[ulv bkihevah\ZgZ ^ey lh]hqlh[u hp_gblv
mf_klghklv ex[h]h \f_rZl_evkl\Z b m^_j`Zlv kh\_sZgb_ gZ imlbd p_eb
Ij_^iheh`bfdhee_]Z \h\j_fy ^bkdmkkbb\g_k ij_^eh`_gb_dhlhjh_ dZ`_lkyg_
bf_xsbf hlghr_gb_dh \k_fbijbgylhfm j_amevlZlmHgh fh`_l[ulv bgl_j_kguf
bgnhjfZlb\guf b\_jgufgh g_mf_klguf<u fh`_l_kdZaZlv ijbf_jghke_^mxs__
Y [_kihdhxkvh lhfijh^\bg_l ebwlh gZk[eb`_ dj_amevlZlmfh`_l_ eb\u
kdZaZlvgZkdhevdh wlhkhhl\_lkl\m_l gZr_fmkh\_sZgbx"<u fh`_l_aZydhjblv
wlh aZf_qZgb_h[ mf_klghklb\bamZevgh ^\b`_gb_fjmdb beb]heh\u<uklmiZxsbc
^he`_g ihdZaZlvgZkdhevdh mf_klgh_]h ij_^eh`_gb_?keb g_llh \uk[_j_]eb
p_ggh_ \j_fyWlh ij_^eh`_gb_fh`_l hdZaZlvky\Z`guf \^jm]hf dhgl_dkl_\
lZdhf kemqZ_ ijbagZcl_qlh wlhlZdb ih^l\_j^bl_qlh dg_fm ke_^m_l
h[jZlblvky \^jm]h_ \j_fyIh^ulh`b\Zcl_ bkmffbjmcl_ dZ`^h_\uklmie_gb_ ih
f_j_ lh]hdZd hgbihy\eyxlky\kljZb\Zy _]h\ kh]eZkh\Zggucj_amevlZlbeb
kh]eZrZcl_kv i_j_g_klb_]h gZke_^mxs__ kh\_sZgb_
?keb dlhlh ij_ju\Z_lkh\_sZgb_ beb m\h^bl_]h ^Ze_dh \ klhjhgm\u
fh`_l_ kdZaZlvY p_gxqlh \u lZd[ebadh d k_j^pm ijbgbfZ_l_ wlh
hq_\b^ghwlh y\ey_lky\Z`guf ^ey\ZkH^gZdh fu ^h]h\hjbebkvqlh a^_kvg_
f_klh b g_ \j_fyqlh[u h[km`^Zlv wlhlfhf_glFh]eb [u fu\klj_lblvky
iha`_qlh[u jZaj_rblvwlhl \hijhk"DZeb[jmcl_ dhg]jmwglghklvdh]^Z \u
^_eZ_l_ lZdh]hjh^Z ij_^eh`_gbyDZeb[jh\dZ fh`_l ]h\hjblv \Zfqlh ;
aZdmjb\Z_l kb]Zj_lmdh]^Z hg ^h\he_gj_amevlZlhf<\k_]^Z kfhljbl\gba
dh]^Z \hajZ`Z_l lZd qlh\u fh`_l_ kijhkblvqlh _fm g_h[oh^bfhqlh[u
qm\kl\h\Zlv k_[yHd_c\ hlghr_gbb^Zggh]h bkoh^Z=]jua_l gh]lbdh]^Z
g_^h\he_gKms_kl\m_l fgh`_kl\h kihkh[h\hkhagZgby gZ^h\hevgh ]em[hdhf
mjh\g_ lh]hdZd ijh^\b]Z_lkykh\_sZgb_<hafh`gh h[hclbg_ijbylghklb _s_^h
lh]hdZd hgb\hagbdeb
< aZdexq_gb_ kh\_sZgbybkihevamcl_ jZfdm\hkijhba\_^_gby b ^h[_cl_kv
kh]eZr_gby \hlghr_gbb ijh]j_kkZ bj_amevlZlZQ_ldh hij_^_ebl_ bh[km^bl_
kh\f_klghdZdb_ ^_ckl\by ^he`gu[ulv ij_^ijbgylu b d_fBgh]^Z kh]eZkb_
hdZau\Z_lky g_iheguflZd qlh aZ\_jr_gb_aZ\bkbl hlhij_^_e_gguo ^_ckl\bc
BlZd\u ]h\hjbl_qlhlh \jh^_?keb wlhijhbahc^_l b_keb ;k^_eZ_l wlhb
_keb fu m]h\hjbf<qlh wlh ijZ\bevghlh]^Z fu[m^_f ^_ckl\h\ZlvWlh
ba\_klgh dZdmkeh\gh_ aZ\_jr_gb_
AZydhjbl_ kh]eZr_gb_ dexq_\uf keh\hfb ijbkh_^bgbl_d [m^ms_fmQlh
[m^_l
gZihfbgZlv mqZklgbdZf kh\_sZgby h ^hklb]gmluo
^h]h\hj_gghklyo"
Kijh_dlbjmcl_ j_ZebaZpbxkh]eZr_gby \g_jZ[hq_]h dZ[bg_lZb m[_^bl_kv\ lhf
qlh hghk\yaZgh k^jm]bfb g_aZ\bkbfufbkh[ulbyfbdhlhju_ fh]ml^_ckl\h\Zlv
dZd
kb]gZeugZihfbgZxsb_
h
^_ckl\byog_h[oh^bfuo ^ey \uiheg_gby
^h]h\hj_gghklb
Bkke_^h\Zgby ihdZau\Zxlqlh fuemqr_ ihfgbflhqlh ijhbahreh\ i_j\u_
b ihke_^gb_ fbgmlukh\_sZgby<hkihevamcl_kv wlbfb hlf_lvl_\Z`gu_ fhf_glu
\ gZqZe_b \dhgp_ kh\_sZgby
NhjfZl kh\_sZgby
:>h kh\_sZgby
Hij_^_ebl_ k\hcj_amevlZl b lhih^l\_j`^_gb_dhlhjh_ ^Zkl \Zf
ihgylvqlh \u^hklb]eb wlh]hj_amevlZlZ
Hij_^_ebl_ khklZ\mqZklgbdh\ bih\_kldm kh\_sZgby
;<h \j_fykh\_sZgby
Ih^^_j`b\Zcl_ j_kmjkgh_ khklhygb_Ijb g_h[oh^bfhklb bkihevamcl_
j_kmjkgu_ ydhjy
MklZgh\bl_ jZiihjl
Ihemqbl_ dhgk_gkmk \ hlghr_gbb jZa^_ey_fh]h j_amevlZlZ b _]h
ih^l\_j`^_gb_
>_eZcl_ aZf_qZgbyih ih\h^mmf_klghklbqlh[u m^_j`Zlvkh\_sZgb_ gZ
imlb dp_eb
?keb bgnhjfZpbyg_^hklmigZbkihevamcl_ jZfdmdZd [m^lh
Bkihevamcl_
jZfdm \hkijhba\_^_gbyqlh[u kmffbjh\Zlv dexq_\u_
fhf_glu kh]eZr_gby
Ijb^_j`b\Zcl_kv ^\b`_gby ih gZijZ\e_gbxd j_amevlZlmbkihevamy
f_lZfh^_ev beb^jm]b_ g_h[oh^bfu_bgkljmf_glu
<AZ\_jrZy kh\_sZgb_
Ijh\_jvl_ dhg]jmwglghklvb kh]eZkb_^jm]bo mqZklgbdh\kh\_sZgby
Kmffbjmcl_ ^_ckl\bydhlhju_ g_h[oh^bfh ij_^ijbgylvBkihevamcl_
jZfdm \hkijhba\_^_gbyqlh[u ba\e_qv\u]h^m balh]h nZdlZqlh ijha\mqZ\r__
\ dhgp_emqr_ aZihfbgZ_lky
BkiulZcl_ kh]eZr_gb_ijb g_h[oh^bfhklb
Ijbfbl_ mkeh\gh_aZdexq_gb__keb g_h[oh^bfh
Ijbkh_^bgbl_ d[m^ms_fm ijbgylh_j_r_gb_
I?J?=H<HJU
I_j_]h\hju wlh kh\_sZgbyijh\h^bfu_ k p_evx\ujZ[hldb kh\f_klguo
j_r_gbc \ l_okemqZyodh]^Z bgl_j_kug_ kh\iZ^ZxlK j_amevlZlhf mki_rguo
i_j_]h\hjh\ dhg]jmwglghkh]eZkgu h[_klhjhgu \uihemqZ_l_ lhqlh ohlbl_hl
^jm]boij_^eZ]Zy bflhqlh ohlylhgb
;ueh [ug_iehoh_keb [u hdZaZehkvqlh wlh klhev `_e_]dh k^_eZlv
kdhev bhibkZlvIjhbkoh^bl [ZeZgkbjh\Zgb_b lZg_pf_`^m \Zr_cp_ehklghklvx
p_gghklyfb bj_amevlZlZfbk h^ghcklhjhgub p_ehklghklvxp_gghklyfb b
j_amevlZlZfb ^jm]bomqZklgbdh\k ^jm]hcLZg_p dhffmgbdZpbbi_j_f_sZ_lky lh
\ h^gmklhjhgmlh \ ^jm]mxg_dhlhju_ bgl_j_kub p_gghklb[m^ml kh\iZ^Zlv
^jm]b_ [m^mlijhlb\hiheh`gu< wlhfkfuke_ i_j_]h\hjuijhgbdZxl [md\Zevgh\h
\k_qlh fu^_eZ_fFu bf__fa^_kv ^_ehk ijhp_kkhfi_j_]h\hjh\Z g_k l_f
h q_f\u m`_^h]h\hjbebkv
QZklh ijhbkoh^yli_j_]h\hju ihih\h^m g_^hklZxsboj_kmjkh\Dexq_\h_
mf_gb_ \ i_j_]h\hjZowlh kh]eZkh\Zgb_ j_amevlZlh\m\yaZlv bo^jm] k
^jm]hf lZdbfh[jZahfqlh[u dZ`^ucmqZklgbd i_j_]h\hjh\ihemqbe lhqlh hg
ohq_l ohly
wlh fh`_l b g_ kh\iZ^Zlv k _]h lj_[h\Zgbyfb \ gZqZe_
i_j_]h\hjh\Ij_^iheh`_gb_ aZdexqZ_lky\ lhfqlh gZbemqrbckihkh[ ^hklbqv
k\hbo p_e_cwlh ]ZjZglbjh\Zlvqlh dZ`^ucmqZklgbd lh`_ ^hklb]g_lk\hbo
p_e_c
Ijhlb\hiheh`ghklvx kh]eZkh\Zgbyj_amevlZlh\ y\ey_lky fZgbimebjh\Zgb_
ijb dhlhjhf`_eZgby ^jm]bo ex^_c g_ mqblu\Zxlky\h\k_Q_luj_ ^jZdhgZ
ih^kl_j_]Zxl l_o dlhijZdlbdm_l fZgbimebjh\Zgb_fm]jua_gby kh\_klbh[b^Z
\aZbfgh_ h[\bg_gb_ b f_klvDh]^Z \u ijh\h^bl_ i_j_]h\hjuklj_fykv
kh]eZkh\Zlv j_amevlZluhklZevgu_ mqZklgbdbklZgh\ylky \ZrbfbkhxagbdZfbZ
g_ hiihg_glZfb?keb i_j_]h\hju fh]ml [ulv ihf_s_gu \ jZfdm j_r_gby
khxagbdZfb h[s_c ijh[e_fulh wlh
m`_ qZklbqgh_ j_r_gb_
ijh[e_fu
Kh]eZkh\Zgb_ wlh ihbkdh[eZklb i_j_k_q_gbybgl_j_kh\ bj_amevlZlh\
Hl^_ebl_ ex^_chl ijh[e_fuKlhbl ihfgblvh lhfqlh \[hevrbgkl\_
i_j_]h\hjh\ mqZkl\mxl ex^bk
dhlhjufb \u ih^^_j`b\Z_l_
beb ohlbl_
ih^^_j`b\Zlv ohjhrb_hlghr_gby>h]h\Zjb\Z_l_kv eb\u hijh^Z`_hdeZ^_ beb
hlimkd__keb \uihemqbl_ lhqlh ohlbl_aZ kq_l^jm]bo bebhgb ih^mfZxl
qlh \u mihjgh ]g_l_k\hx ebgbxlh \ujbkdm_l_ mljZlblv ^h\_jb_dhlhjh_
fh`_l [ulv ]hjZa^hp_gg__ klhqdb aj_gby ^he]h\j_f_gguo j_amevlZlh\q_f
mki_o gZ^Zgguo i_j_]h\hjZo
<u \klmiZ_l_\ i_j_]h\hjuihlhfm qlh\Zrb j_amevlZluhlebqZxlky ^jm]
hl ^jm]Z<Zf ke_^m_lbamqblv wlb jZaebqbyihlhfm qlhhgb mdZau\ZxlgZ l_
h[eZklb\ dhlhjuo\u fh`_l_hkms_kl\blv \aZbfh\u]h^gu_ k^_edbBgl_j_ku
dhlhju_ dhgnebdlmxlgZ h^ghfmjh\g_fh]ml [ulvjZaj_r_gu_keb \u kfh`_l_
gZclb kihkh[u ihemq_gbydZ`^hc klhjhghck\h_]h j_amevlZlZgZ [he__\ukhdhf
mjh\g_Bf_ggh a^_kv ^_e_gb_\\_jo iha\hebl \ZfgZclb b\hkihevah\Zlvky
Zevl_jgZlb\gufb j_amevlZlZfb[he__ \ukhdh]hmjh\gyI_j\hgZqZevguc j_amevlZl
wlh ebrvh^bg kihkh[^hklb`_gby j_amevlZlZ[he__ \ukhdh]hmjh\gy
GZijbf_j\ i_j_]h\hjZo hlghkbl_evghhdeZ^Z i_j\hgZqZevguc j_amevlZl
m\_ebq_gb_ ^hoh^Z y\ey_lky ebrv h^gbf ba iml_c ih\ur_gbymjh\gy `bagb
j_amevlZl [he__\ukhdh]h mjh\gyFh]ml kms_kl\h\Zlv^jm]b_ imlbih\ur_gby
mjh\gy `bagb_keb m\_ebq_gb_hdeZ^Z g_\hafh`ghm\_ebq_gb_ ^ebl_evghklb
hlimkdZ beb [he__ ]b[dh_ jZ[hq__ jZkibkZgb_gZijbf_j>_e_gb_ \\_jo
ijh[jZku\Z_l fhkluf_`^m jZaebqgufbbgl_j_kZfb
Ex^b fh]ml `_eZlv h^gh]h blh]h `_ih jZaebqgufijbqbgZfGZijbf_j
ij_^klZ\vl_ k_[_^\mo ex^_ckihjysbo baaZ lud\uHgb h[Z ohlyl __
ihemqblvH^gZdhdh]^Z hgb h[tykgyl lhqghaZq_f hgZ bf gm`gZ\u
h[gZjm`bl_qlh h^bg bagbo ohq_lijbh[j_klb __qlh[u bki_qv ibjh]Z
^jm]hfm gm`gZ dhjdZhl lud\uqlh[u ba]hlh\blvfZkdm \ dZgmg>gy \k_o
k\yluoGZ kZfhf ^_e_ bf gm`gu jZagu_qZklb lud\uFgh]b_ dhgnebdlu
bkq_aZxl_keb boijhZgZebabjh\Zlv lZdbfkihkh[hfWlh g_[hevrhcijbf_jgh
\hh[jZabl_kdhevdh
jZaebqguo \hafh`ghkl_c kms_kl\m_l \
ex[hf y\ghf
jZagh]eZkbb
?keb \uaZreb \lmibd bq_eh\_d hldZau\Z_lkyjZkkfZljb\Zlv ^jm]b_rZ]b
\u fh`_l_aZ^Zlv \hijhkZ Qlh ^he`ghijhbahclb lZdh_qlh[u wlhi_j_klZeh
[ulv ijh[e_fhc"beb Ijb dZdboh[klhyl_evkl\Zo \u[ueb [u]hlh\u ijh^he`blv
i_j_]h\hju"
Wlh l\hjq_kdh_ ijbf_g_gb_jZfdb dZd [m^lhb hl\_l qZklhihfh]Z_l
\uj\Zlvky ba[_a\uoh^gh]h iheh`_gby<u ijhklh ijhkbl_ q_eh\_dZdhlhjuc
ihklZ\be ij_]jZ^mih^mfZlv hlhfdZd __h[hclb
Ij_`^_ q_f gZqZlvhij_^_ebl_ k\hbh]jZgbq_gby?keb \u gZqbgZ_l_
^h]h\Zjb\Zlvky kkZfbf kh[hc\ lh\j_fydZd \Zfg_h[oh^bfh \_klbi_j_]h\hju
k d_flh ^jm]bflh wlhk[b\Z_l klhedm bjZajmrZ_l ieZgu<Zf g_h[oh^bfh
lhqlh Jh^`_j Nbr_jb <bevyf Xjb\ k\h_cm^b\bl_evghc dgb]_h i_j_]h\hjZo
DZd ihemqblvhl\_l >ZgZa\Zeb E:KIEmqrZy :evl_jgZlb\Z^ey Kh]eZr_gby\
I_j_]h\hjZoQlh \u[m^_l_ ^_eZlv_kebg_kfhljy gZmkbeby h[_boklhjhg
\u g_ kfh`_l_^h[blvky kh]eZr_gby"GZebqb_ jZamfghc E:KI^Z_l \Zf[hevr_
kj_^kl\ ^ey^hklb`_gby p_e_c\ i_j_]h\hjZob [hevrmxaZsbs_gghklv
Khkj_^hlhqvl_ k\h_ \gbfZgb_ gZ bgl_j_kZo b gZf_j_gbyoZ g_ gZ
ih\_^_gbbE_]dh hdZaZlvky \lygmluf \ ihabpbx ih[_^bl_eyhkm`^Zxs_]h
ih\_^_gb_ ^jm]bogh gZkZfhf ^_e_ gbdlhg_ ih[_`^Z_l \kblmZpbyo lZdh]h
jh^Z
JZamfgh_ b^ebl_evgh_ kh]eZkb_ [m^_l \dexqZlv h[sghklvb wdheh]bx
bgl_j_kh\<aZbfgh
m^h\e_l\hjyxs__
j_r_gb_
[m^_l
hkgh\u\Zlvky
gZ
kh]eZkh\Zgbb bgl_j_kh\gZ fh^_eb ih[_^bl_evih[_^bl_evZ g_gZ fh^_eb
ih[_^bl_ev ih[_`^_ggucLZdbf h[jZahf\Z`gZ ijh[e_fZZ g_ ex^b
gZf_j_gby wlh g_ih\_^_gb_bgl_j_ku mqZklgbdh\wlh g_bo ihabpbb
<_kvfZ
\Z`guf y\ey_lky lZd`_ bf_lv ijhp_^mjm ih^l\_j`^_gbyg_
aZ\bkysmx
hl
mqZkl\mxsbo klhjhg_keb i_j_]h\hju ihf_s_gu
\ jZfdm
kh\f_klgh]h ihbkdZj_r_gbylh bfb[m^ml jmdh\h^blvijbgpbiuZ g_^Z\e_gb_
MklmiZcl_ lhevdhijbgpbiZfZ g_^Z\e_gbxKms_kl\m_l g_kdhevdhki_pbZevguo
b^_cdhlhju_ ke_^m_l^_j`Zlv \]heh\_ \h \j_fy i_j_]h\hjh\G_ ^_eZ_l_
g_f_^e_ggh_ dhgljij_^eh`_gb_ kjZam ihke_ lh]hdZd ij_^klZ\bl_eb^jm]hc
klhjhgu k^_eZeZk\h_ ij_^eh`_gb_Wlh bf_gghlh \j_fydh]^Z hgbf_g__ \k_]h
aZbgl_j_kh\Zgu \\Zrbo aZy\e_gbyoH[km^bl_ kgZqZeZbo ij_^eh`_gb_?keb \u
g_ kh]eZkguh[hkgmcl_ kgZqZeZijbqbgu<ukdZau\Zlv g_kh]eZkb_g_f_^e_ggh
wlh aZf_qZl_evguc kihkh[ aZklZ\blv kh[_k_^gbdZ ijhimklblv
fbfh mr_c
g_kdhevdh \Zrboke_^mxsbo ij_^eh`_gbc
Fh`_l ihdZaZlvkyqlh q_f [hevr_^h\h^h\ \uijb\h^bl_ \ih^dj_ie_gb_
k\h_c lhqdb aj_gbyl_f emqr_DZ`_lkyqlh njZau lbiZ\_k Zj]mf_glZ
ij_^iheZ]Zxlqlh [ueh [ug_iehoh gZ]jm`ZlvZj]mf_glZfb k\hxqZrm \_kh\^h
l_o ihjihdZ hgZg_ i_j_\_kblGZ kZfhf ^_e_\_jgh h[jZlgh_Q_f f_gvr_
ijbqbg \u ijb\h^bl_l_f emqr_ihlhfm qlh ijhqghklv p_ib \ p_ehf
hij_^_ey_lky ijhqghklvx__ kZfh]hkeZ[h]h a\_gZKeZ[uc Zj]mf_gljZa[Z\ey_l
kbevgucb _keb\u \lygmlu\ aZsblmwlh]h Zj]mf_glZlh \u klhbl_ gZ
g_ijhqghf hkgh\ZgbbHkl_j_]Zcl_kv ex^_cdhlhju_ ]h\hjylWlh
\Zr
_^bgkl\_gguc Zj]mf_gl"?keb wlh ohjhrbc Zj]mf_glhl\_lvl_>ZG_
m\e_dZcl_kv ihbkdhfgh\h]h[_amkeh\gh [he__keZ[h]h Zj]mf_glZIjh^he`_gb_f
fh`_l [ulvB wlh\k_"?keb \u ihiZ^_l_kvgZ wlm m^hqdmlh hl^Z^bl_
bgbpbZlb\m ^jm]hc klhjhg_DZd [u lhgb [ueh_keb i_j_]h\hjuihf_s_gu \
jZfdm kh\f_klgh]hihbkdZ j_r_gbylh lZdhcdZamk g_ijhbahc^_l
GZdhg_p\u fh`_l_ bkihevah\Zlv jZfdmdZd [m^lhb ku]jZlv jhev
ijb^bjuqlh[u ih^\_j]gmlvkh]eZr_gb_ bkiulZgbxG_lgZ kZfhf^_e_ yg_
^mfZxqlh wlh [m^_l jZ[hlZlvkebrdhf wlh\k_ g_m[_^bl_evgh?keb
hklZevgu_ kh]eZkylkyk \Zfblh wlhagZqblqlh gZ^ kh]eZr_gb_f_s_ ke_^m_l
ihjZ[hlZlv?keb `_hgb \hajZayllh \k_ghjfZevgh
I_j_]h\hju
:I_j_^ i_j_]h\hjZfbMklZgh\bl_ k\hx E:KI b k\hb h]jZgbq_gby\
i_j_]h\hjZo
;<h \j_fyi_j_]h\hjh\
MklZgh\bl_ jZiihjl
Q_ldh hij_^_ebl_ k\hc j_amevlZl b_]h ih^l\_j`^_gb_<uykgbl_
j_amevlZlu ^jm]bomqZklgbdh\ \f_kl_k boih^l\_j`^_gbyfb
Ihf_klbl_ i_j_]h\hju\ jZfdmkh\f_klgh]h ihbkdZj_r_gby
Hij_^_ebl_ gZb[he__ \Z`gu_ bkoh^u b ^h[_cl_kvkh]eZkby \ kZfhc
rbjhdhc jZfd_Kh]eZkmcl_ j_amevlZluijh\_^bl__keb g_h[oh^bfh^_e_gb_
\\_joqlh[u gZclb h[sbc j_amevlZlIjh\_jvl_ dhg]jmwglgh_kh]eZkb_ \k_o
mqZklgbd_ \hlghr_gbb wlh]hh[s_]h j_amevlZlZ
JZa[_cl_ j_amevlZl gZ qZklbqlh[u gZclb h[eZklb gZb[hevr_]hb
gZbf_gvr_]h kh]eZkby
GZqZ\ kkZfuo e_]dboh[eZkl_cijh^\b]Zcl_kv d kh]eZkbxbkihevamy
ke_^mxsb_ l_ogbdbjZaj_r_gby dhgnebdlh\I_j_]h\hju k[b\Zxlky AZf_qZgb_ k
dmjkZh[ mf_klghklbDhgnebdlmxsb_ >_e_gb_\\_jo b\gba j_amevlZlud
h[s_fm j_amevlZlmG_hij_^_e_gghklv<hkijhba\_^_gb_G_^hklZlhd bgnhjfZpbb
DZd [m^lhb f_lZfh^_evLmibdbQlh ^he`ghijhbahclb"
<hkijhba\_^_gb_dZd b kh]eZkb_^hklb]Z_lky \ dZ`^hc h[eZklb b
aZ\_jrZ_lky \gZb[he__ ljm^ghcba gbo
<AZ\_jrZy i_j_]h\hju
JZfdZ \hkijhba\_^_gby
Ih^\_j]gbl_ kh]eZr_gb_bkiulZgbx bijh\_jvl_ dhg]jmwglghklv
Ijbkh_^bg_gb_ d[m^ms_fm
AZibrbl_ kh]eZr_gb_<k_ mqZklgbdb^he`gu bf_lvih^ibkZggu_ dhibb
Hl\_lu
QZc bdhn_ gZibldb
Jh`v bdhn_ lh\Zjgu_ dmevlmju
DebgbdZ bdhn_ keh\ZgZqbgZxsb_ky k[md\u d
GZjdhlbdb bdhn_ \ha[m`^Zxsb_ kj_^kl\Z
LhehdgygdZ bdhn_ fhq_]hggu_ kj_^kl\Z
=eZ\Z IKBOHL?J:IBY
I_j\u_ fh^_eb GEI \urebba ikbohl_jZibbOhly GEI g_ h]jZgbqb\Z_lky
ikbohl_jZib_cbklhjbq_kdb keh`behkvlZdqlh >`hgb JbqZj^bf_eb ^hklmid
\u^Zxsbfky
ikbohl_jZi_\lZf
\
lh
\j_fydh]^Z
gZqbgZeb aZgbfZlvky
fh^_ebjh\Zgb_fI_j\uc lhf Kljmdlmju fZ]bbhibku\Z_ldZd fu ihjhc
h]jZgbqb\Z_f k\hc fbj l_fdZd fu bkihevam_f yaudb dZd ijbf_gylv
f_lZfh^_evqlh[u ij_h^he_\Zlvwlb h]jZgbq_gby<lhjhc lhfKljmdlmju fZ]bb
jZa\b\Z_l l_fmj_ij_a_glZlb\guo kbkl_fb k_f_cghcl_jZibbHllZedb\Zykv hl
wlhc hkgh\uGEI jZajZ[hlZeh jy^ fhsguo ikbohl_jZi_\lbq_kdbo l_ogbdb \
wlhc ]eZ\_fu ihagZdhfbfkyk lj_fygZb[he__ \Z`gufbba gbobae_q_gb_ nh[bb
\afZo b jZaj_r_gb_ \gmlj_ggbo dhgnebdlh\Djhf_ lh]h[m^_l ij_^eh`_gh
g_[hevrh_ jmdh\h^kl\hdZkZxs__ky lh]h\ dZdbokemqZyo wlbl_ogbdb emqr_
\k_]h bkihevah\Zlv
H[sZy jZfdZ^ey \k_owlbo l_ogbdaZdexqZ_lky \lhfqlh[u ijbf_gylvbo
fm^jhk ^he`guf\gbfZgb_f hlghkykvd \aZbfhk\yabq_eh\_dZ k^jm]bfb ex^vfb
b d_]h kh[kl\_gghfm \gmlj_gg_fmjZ\gh\_kbxP_ev GEI ij_^eZ]Zlv[hevr_
\u[hjh\Z g_hl[bjZlv dZdb_lh bagbo
>_yl_evghklv ex[h]h l_jZi_\lZihfh]Zxs_]h ^jm]bf ex^yf kh\_jrZlv
baf_g_gby \ k\h_c `bagbbf__l ^\Z kms_kl\_gguo Zki_dlZI_j\uc bagbo
\aZbfhhlghr_gbyMklZgh\bl_ bih^^_j`b\Zcl_ jZiihjlqlh[u kha^ZlvZlfhkn_jm
^h\_jby<lhjhc
Zki_dl dhg]jmwglghklv<Zf g_h[oh^bfh [ulv iheghklvx
dhg]jmwglgufb hlghkbl_evghlh]hqlh \u^_eZ_l_ihfh]Zy ^jm]hfm q_eh\_dm
g_ dhg]jmwglghklv k \Zr_c klhjhgu k^_eZ_l\Zr_ h[s_gb_ g_h^ghagZqgufb
kgbabl wnn_dlb\ghklv ijhp_kkZ baf_g_gbyWlh hagZqZ_lqlh \Zf ke_^m_l
^_ckl\h\Zlv lZddZd [m^lh \u \_jbl_qlh ^ZggZy l_ogbdZ kjZ[hlZ_l
<aZbfhhlghr_gby b dhg]jmwglghklv gZoh^ylky gZ[he__ \ukhdhf eh]bq_kdhf
mjh\g_q_f ex[Zy l_ogbdZdhlhjmx \u [m^_l_ ijbf_gylv gZ bo nhg_
Bkihevamcl_
jZfdm
j_amevlZlZqlh[u kh[jZlv bgnhjfZpbx h
gZklhys_f
khklhygbb`_eZ_fhf khklhygbb bh j_kmjkZog_h[oh^bfuo ^ey lh]hqlh[u
kh\_jrblv i_j_oh^ hl i_j\h]h dh \lhjhfm<h \j_fy bkihevah\Zgby jZfdb
j_amevlZlZ [m^vl_\gbfZl_evgu dlhfmqlh \u\b^bl_keurbl_ b hsmsZ_l_b
ijb]hlh\vl_kv j_Z]bjh\ZlvgZ baf_gyxs__ky[_kihdhckl\h deb_glZIjbf_gycl_
l_ogbdb lhevdh\ ij_^_eZowlbo jZfhdL_ogbdb wlhnbdkbjh\Zggu_ bgkljmf_glu
;m^vl_ ]hlh\u\Zjvbjh\Zlv bobeb hldZaZlvkyhl gbob bkihevah\Zlv^jm]b_ ^ey
^hklb`_gby j_amevlZlZ
Baf_g_gby i_j\h]hihjy^dZ
<hl h^bg ba kihkh[h\ ihgbfZgby lh]h\ dZdbo kblmZpbyo ke_^m_l
ijbf_gylv wlb l_ogbdbIjhkl_crbc kemqZc\u ohlbl_^h[blvky _^bgkl\_ggh]h
j_amevlZlZ baf_gblvkhklhygb_ bebj_Zdpbx \^Zgghc kblmZpbbWlh gZau\Z_lky
baf_g_gb_f i_j\h]hihjy^dZgZijbf_j\u fh`_l_ h[gZjm`blvqlh \k_]^Z
gZqbgZ_l_ k_j^blvky \
ijbkmlkl\bb dhgdj_lgh]h q_eh\_dZ beb gZqbgZ_l_
bkiulu\Zlv ^bkdhfnhjl\kydbc jZadh]^Z klZedb\Z_l_kvk d_flh gZjZ[hl_
?s_ h^bg ijbf_j[hyagv kp_gudh]^Z im[ebqgh_\uklmie_gb_ aZklZ\ey_l\Zk
g_j\gbqZlv bqm\kl\h\Zlv k_[yg_ \k\h_c lZj_ed_
A^_kv ihe_agh gZqZlv kijhklh]h baf_g_gby jZfdbjZkkfZljb\Zy l_
kblmZpbbdh]^Z wlZj_Zdpby [ueZ[u ihe_aghcb h[jZsZy\gbfZgb_ gZlhqlh
kgZ fh]eZ[u _s_hagZqZlv< lZdbokblmZpbyo hdZau\Zxlky mf_klgufb lZd`_
l_ogbdb ydhj_gbyJZajmr_gb_ b ihkljh_gb_ p_ihqdb ydhj_c ihfh]ml \Zf
i_j_g_klb j_kmjkuba ^jm]bo dhgl_dklh\Bkoh^gh_ ih\_^_gb_beb khklhygb_
[ueh aZdj_ie_gh ydhj_flZd qlh \u ^eybaf_g_gby ijh[e_fgh]h khklhygby
bkihevam_l_ lhl`_ kZfucijhp_kkdhlhjuc bkihevah\Zekyb ijb _]hkha^Zgbb
=_g_jZlhj gh\h]hih\_^_gby b fuke_ggZy j_i_lbpbyohjhrh jZ[hlZxlb \lhf
kemqZ__keb \ugm`^Z_l_kv \ihaZf mf_gbbbeb ih\_^_gbb
Bgh]^Z wlb l_ogbdb ydhj_gby g_ [m^mljZ[hlZlv baaZ lh]hqlh m
q_eh\_dZ \hagbdZ_lg_ij_h^hebfZy j_ZdpbygZ h[t_dl beb kblmZpbxKh[ulby
ijhreh]h fh]ml kha^Z\Zlv aZljm^g_gby ijb \u[hj_ j_Zdpbb \ gZklhys_f
Baf_g_gb_ ebqghklghc bklhjbb fh`_l lh`_ g_jZ[hlZlv baaZ kms_kl\h\Zgby
ljZ\fbjmxs_]h kh[ulby\ ijhrehf hiul_h dhlhjhfljm^gh ^Z`_ih^mfZlvg_
bkiulZ\ ijb wlhfg_ijbylguo hsms_gbcWlh kh[ulb_fh`_l kha^Zlv nh[bx
ij_^f_l beb kblmZpby\uau\Z_l \g_aZigh_iZgbq_kdh_ khklhygb_ihlhfm qlhhg
Zkkhpbbjm_lky k ijhrehcljZ\fhcNh[bb fh]ml ijbgbfZlvkZfu_ jZaghh[jZagu_
nhjfu[hyagv iZmdh\beb hldjuluoijhkljZgkl\kljZo i_j_^ihe_lZfb b l^
DZdhc [u gb[ueZ ijbqbgZj_Zdpb_c y\ey_lky ih^Z\eyxs__ [_kihdhckl\h
LjZ^bpbhggufb f_lh^Zfbnh[by fh`_le_qblvky \l_q_gb_ fgh]bo e_l\ GEI`_
_klv l_ogbdZk ihfhsvxdhlhjhc nh[byfh`_l [ulvmkljZg_gZ aZh^bg k_Zgk
Bgh]^Z __gZau\Zxl \bamZevghdbg_kl_lbq_kdhc beb ijhklh<D^bkkhpbZpb_c
G_ aZ[m^vl_i_j_qblZlv kgh\Zij_^hkl_j_]Zxs__ aZf_qZgb_h ydhjyo\ dhgp_
]eZ\uij_`^_ q_fmijZ`gylvky \ijbf_g_gbb wlbol_ogbd
BAE?Q?GB? NH;BB
<u fh`_l_ bkiulu\Zlv hsms_gb_
lhevdh \ gZklhysbc fhf_glEx[h_
g_ijbylgh_ hsms_gb_hl \hkihfbgZgbyfh`_l \hagbdZlvlhevdh [eZ]h^Zjylhfm
dZd \u_]h \hkijhba\h^bl_<u qm\kl\h\Zeb k_[y iehoh\ ijhrehfB h^gh]h
jZaZ ^hklZlhqgh
KZfuc ijhklhc kihkh[kgh\Z i_j_`blv g_ijbylgu_hsms_gby hl ijhreh]h
kh[ulby aZdexqZ_lky \ lhfqlh[u \kihfgblv _]h \\b^_ Zkkhpbbjh\Zgghc
dZjlbgdb<u ^he`gu[ulv lZf]ey^y gZ \k_qlh \Zk hdjm`Zehk\hbfb
kh[kl\_ggufb ]eZaZfbb i_j_`b\Zyl_ hsms_gby\gh\v<hkihfbgZgb_ kblmZpbbk
^bkkhpbbjh\Zgb_f hlg__dh]^Z \u kfhljbl_ gZ k_[y \ lhc kblmZpbbkh
klhjhguhkeZ[ey_l hsms_gby\ gZklhys_fBf_ggh ^bkkhpbbjh\Zgb_iha\hebl \Zf
k]eZ`b\Zlv g_ijbylgu_ hsms_gbyk\yaZggu_ kijhreufb kh[ulbyfblZd qlh\u
kfh`_l_ ijhklhkfhlj_lv gZ gbohlkljZg_gb_?keb \u ohlbl_ihjZ[hlZlv k
kh[kl\_gghc nh[b_c beb dZdbflh hq_gv g_ijbylguf\hkihfbgZgb_flh emqr_
[ueh [u_keb [u\Zr ^jm]beb dhee_]Zihfh] \Zfijhclb q_j_ake_^mxsb_ rZ]b
^ZggZy l_ogbdZhibkZgZ klhqdb aj_gbyjmdh\h^bl_ey bebl_jZi_\lZ
<Zr deb_glkh[bjZ_lky \ljm^gh_ iml_r_kl\b_\ k\h_ijhreh_ihwlhfm
mklZgh\bl_ kbevgucydhjv gZkhklhygb_ [_ahiZkghklb<u fh`_l_eb[h ihklZ\blv
ydhjv gZ
khklhygb_ a^_kv b k_cqZkeb[h ihijhkblv deb_glZ ih^mfZlv
Zkkhpbbjh\Zgh h ijhrehfhiul_dh]^Z hgqm\kl\h\Ze k_[y \ [_ahiZkghklb
Imklv hgm\b^bl \kxkp_gmmkeurbl a\mdbb hsmlblkihdhckl\b_ bm\_j_gghklv
AZdj_ibl_ wlmm\_j_gghklv dbg_kl_lbq_kdbf ydhj_fijbdhkgh\_gb_fm[_^bl_kv
\ lhfqlh \Zr_ijbdhkgh\_gb_ \ha\jZsZ_l deb_glm hsms_gb_m\_j_gghklb
M^_j`b\Zy jmdm gZ ydhj_\u [md\Zevgh \klmiZ_l_ \ khijbdhkgh\_gb_ k
hsms_gbyfb deb_glZ<u fh`_l_m^_j`b\Zlv ydhjvihklhyggh bebihevah\Zlvky bf
ih f_j_g_h[oh^bfhklb
Ihijhkbl_ deb_glZ\hh[jZablv k_[y gZoh^ysbfky\ dbgh bebkfhljysbf
l_e_\bahj kg_ih^\b`gufaZklu\rbf bah[jZ`_gb_fgZ wdjZg_Dh]^Z wlh[m^_l
k^_eZghihijhkbl_ _]hfuke_ggh \uieulvba k\h_]hl_eZqlh[u m\b^_lvk_[y
kfhljys_]h gZwdjZgkh klhjhgu
Imklv deb_glgZqbgZ_l \ha\jZsZlvkygZaZ^ ihk\h_c \j_f_gghcebgbb d
lhfm g_ijbylghfmkh[ulbx beb d kZfhfmi_j\hfm kemqZxiheh`b\r_fm gZqZeh
nh[bb?keb _fmg_e_]dh gZclbi_j\uc kemqZchklZgh\bl_kv gZkZfhf jZgg_fba
\kihfbgZ_fuoImklv deb_glijhkfhljbl nbevfh[ wlhfg_ijbylghf kh[ulbb
gZqbgZy klh]h fhf_glZdh]^Z hg[ue _s_\ [_ahiZkghklbi_j_^ kemqb\rbfkyb
aZdZgqb\Zy l_f dZ^jhfdh]^Z hiZkghklvm`_ fbgh\ZeZ bhg kgh\ZhdZaZeky \
[_ahiZkghklbQlh[u
hibkZlv wlh
^_ckl\b_ihlj_[h\Zehkv
ebrv h^gh
ij_^eh`_gb_gh
ihgZ^h[blky g_dhlhjh_ \j_fyqlh[u \uihegblv _]h
\
^_ckl\bl_evghklbDeb_gl [m^_l
\b^_lv
^_ckl\b_ \ khklhygbb ^\hcghc
^bkkhpbZpbbgZ[ex^Zy
k_[ydhlhjuc kfhljbl gZ k_[y [he__ fheh^h]h
i_j_`b\Zxs_]h lh kh[ulb_ gZ
wdjZg_>\hcgZy ^bkkhpbZpby ih^^_j`b\Z_l
g_h[oh^bfmx wfhpbhgZevgmxhlkljZg_gghklvBa wlhcihabpbbh[hagZq_gghc gZ
jbkmgd_ [md\hc:deb_gl gZ[ex^Z_lk\hx kh[kl\_ggmxnbabheh]bx \ihabpbb <
\ lh \j_fy dZdlhl kfhljblgZ wdjZg?keb nbabheh]by kZfh]h deb_glZ \
ihabpbb :dhlhjmx dhgljhebjm_l_ \ubeb nbabheh]by\ ihabpbb<dhlhjmx
gZ[ex^Z_l kZf deb_glgZqbgZ_l mdZau\Zlv gZ
\ha\jZs_gb_
nh[bq_kdh]h
khklhygbyihijhkbl_ _]hg_f_^e_ggh aZl_fgblv wdjZgIhijhkbl_ _]h kgh\Z
gZqZlv ijhkfhljnbevfZij_^eh`b\ _fmbaf_gblv km[fh^ZevghklbdZjlbgdb gZ
wdjZg_gZijbf_jk^_eZlv __ [he__l_fghcfZe_gvdhc bhl^Zeblv hl k_[y
qlh[u mf_gvrblvkbem g_]Zlb\guohsms_gbc<hl \k_qlh gm`gh k^_eZlvqlh[u
\hclb \kh]eZkb_ khk\hbf kh[kl\_ggufi_j_`b\Zgb_f
Wlh aZcf_l g_dhlhjh_ \j_fyb ihlj_[m_l\Zr_]h h[hklj_ggh]h\gbfZgby
Ijb\e_dbl_ \kx\Zrm dj_Zlb\ghklvb ]b[dhklvqlh[u hdZaZlvihfhsv deb_glm
jmdh\h^kl\mykv wlbfhkgh\guf ijhp_kkhf<Zf ihlj_[m_lky[ulv lhqguf\ \u[hj_
yaudZijh\h^y deb_glZ q_j_a i_j_`b\Zgb_ij_^eZ]Zy _fma^_kv b k_cqZk
m\b^_lv kZfh]h k_[y lZfgZ[ex^Zxsbf aZ kZfbf kh[hc[he__ fheh^uf gZ
dZjlbgd_ \lhc kblmZpbb?keb \dZdhclh fhf_gl deb_glkgh\Z ijh\Zeblky \
hsms_gb_ kljZoZ\_jgbl_kv \ khklhygb_ a^_kv
b k_cqZk\hkklZgh\bl_
dhfnhjlguc ydhjvb gZqgbl_kgZqZeZDhg_qghebrv \lhf kemqZ__keb deb_gl
kZf lh]hohq_l<Zf fh`_lihgZ^h[blky kgh\Zmkihdhblv deb_glZijbf_jgh
ke_^mxsbfb
keh\Zfb<u
k_cqZk \
[_ahiZkghklba^_kvb
ijhklh
ijbl\hjy_l_kvqlh kfhljbl_nbevfWlhl wlZi [m^_laZ\_jr_gdh]^Z deb_gl
ijhkfhljbl nbevfiheghklvx[m^mqb \khklhygbb dhfnhjlZ
Dh]^Z nbevfaZdhgqblkyiha^jZ\vl_ deb_glZk l_fqlh _fm\ i_j\uc
jZa m^Zehkvi_j_`blv wlhg_ ijh\Zeb\Zykv\ l_klZju_ g_]Zlb\gu_hsms_gbyb
l_i_jv imklvhg hiylv \_jg_lky \ k\h_l_eh gZ jbkmgd_ baihabpbb :\
ihabpbx <Ijb wlhfijhbkoh^bl bgl_]jZpbyihabpbb hlkljZg_ggh]hgZ[ex^Zl_ey
: kkZfbf kh[hc\ ihabpbb<
L_i_jv deb_gl\hh[jZ`Z_l k_[y i_j_oh^ysbf gZwdjZgqlh[u i_j_^Zlv
[he__ fheh^hfm kZfhfm k_[_ lm ih^^_j`dm b h^h[j_gb_\ dhlhjuo lhl
gm`^Z_lkyHg fh`_lmkihdhblv k_[yfheh^h]h keh\ZfbY bal\h_]h [m^ms_]h
y agZxqlh lu i_j_`b\_rv wlhb \k_[m^_l ohjhrhB l_[_gbdh]^Z g_
ijb^_lky i_j_`b\Zlvwlh kgh\Zq_eh\_d ba k_]h^gyh[eZ^Zxsbc [hevrbfb
j_kmjkZfbkbehc bagZgbyfbfh`_l kijZ\blvkyk l_fbgpb^_glhf
< g_dhlhjhfkfuke_ nh[by y\ey_lky^hklb`_gb_fkbevghc h[mkeh\e_gghc
j_Zdpb_caZdj_ib\r_ckydZd ijZ\behihke_ _^bgkl\_ggh]hi_j_`b\ZgbyEx^b
gbdh]^Z g_aZ[u\Zxl ijhy\eylvnh[bq_kdb_ j_Zdpbb;eb`_ \k_]hd ohjhr_c
nh[bbhdZau\Z_lky ex[h\v ki_j\h]h \a]ey^Z;ueh [ug_iehoh ^Zjblvk_[_ b
^jm]bf ohjhrb_ nh[bbDZd ihemqZ_lkyqlh q_eh\_dfh`_l gZmqblvkymklhcqb\h
b h[mkeh\e_gh \iZ^Zlv \ kljZoijb \b^_ iZmdh\b g_ kihkh[_g klhev `_
mklhcqb\h bkiulu\Zlvijbylgu_ hsms_gbyijb \b^_ebpZ ex[bfh]hq_eh\_dZ"
K_f_cgu_ iZjufh]ml jZkiZ^Zlvkyb \^_ckl\bl_evghklb jZkiZ^Zxlky baaZ
lh]hqlh h^bgbeb h[ZiZjlg_jZ g_hkhagZgghaZgbfZxlky bae_q_gb_f nh[bbkh
k\hbfb
ijbylgufb
hsms_gbyfb^bkkhpbbjmykv hl ijbylguo
kblmZpbc
b
Zkkhpbbjmykv kg_ijbylgufb
<afZoh dhlhjhf ihc^_lj_qv \ke_^mxs_f iZjZ]jZn_y\ey_lky l_ogbdhc
bkihevamxs_c
djblbq_kdb_
km[fh^Zevgu_
baf_g_gbyHg
jZ[hlZ_l
kh
ki_pbnbq_kdbfb
ih\_^_gbyfbhl dhlhjuo \u ohl_eb [u ba[Z\blvkybeb
j_Zdpbyfbdhlhju_ \u g_ohl_eb [u\hkijhba\h^blvWlm l_ogbdm ohjhrh
ijbf_gylv \jZ[hl_ kg_`_eZl_evgufb ijb\uqdZfb<afZo baf_gy_lijh[e_fgh_
khklhygb_ bebih\_^_gb_ij_^eZ]Zy \Zf gh\h_gZijZ\e_gb_Hg g_ ijhklh
aZf_gy_l h^ghih\_^_gb_ ^jm]bfhg ijhba\h^blihjh`^Zxs__ baf_g_gb_
Ij_`^_ \k_]h hij_^_ebl_lh dhgdj_lgh_ih\_^_gb_dhlhjh_ \uohlbl_
baf_gblvIjbf_jZfb lZdh]h
ih\_^_gby
fh]ml [ulv h[dmku\Zgb_ gh]l_c
i_j__^Zgb_ bebdmj_gb_<u fh`_l_lZd`_ \aylv hij_^_e_ggmxkblmZpbx\
dhlhjhc \u ohl_eb [uj_Z]bjh\Zlv [he__ jZamfgh\hafh`ghbf_y ^_eh k
dhgdj_lguf q_eh\_dhf
Hlg_kbl_kv d wlhfm h]jZgbq_gbxdZd d^hklb`_gbxDZd \u magZ_l_
dh]^Z ke_^m_l aZimkdZlv ijh[e_fgh_ ih\_^_gb_"DZdb_ dhgdj_lgh klbfmeu
\uau\Zxl _]h"<hh[jZabl_ k_[_qlh \Zfg_h[oh^bfh gZmqblvdh]hgb[m^v wlhfm
h]jZgbq_gbxQlh _fmg_h[oh^bfh [ueh[u ^_eZlvk q_]hgZqZlv"<k_]^Z ^he`_g
kms_kl\h\Zlv \iheg_hij_^_e_gguc bdhgdj_lguc klbfmedhlhjuc aZimkdZ_l wlm
j_Zdpbx<afZo e_]q_ \k_]h ijh\h^blvk \bamZevgufbh[jZaZfbohly fh`gh
hkms_kl\blv _]h b \ Zm^bZevghc b dbg_kl_lbq_kdhc kbkl_fZojZ[hlZy k
km[fh^Zevghklyfb wlbokbkl_f
B^_glbnbpbjmcl_ ih djZcg_c f_j_ ^\_ \bamZevgu_ km[fh^Zevghklb
aZimkdZxs_c dZjlbgdbdhlhju_ baf_gyxl\Zrm j_ZdpbxgZ g__H[uqgh ohjhrh
jZ[hlZxl jZaf_jb yjdhklv>ey [hevrbgkl\Z ex^_c m\_ebq_gb_ jZaf_jZ b
yjdhklb h[jZaZmkbeb\Z_l _]h\ha^_ckl\b_L_f g_f_g__fh]ml kms_kl\h\Zlv
>jm]b_g_
f_g__
wnn_dlb\gu_
km[fh^ZevghklbBkiulZcl_
wlb
^\_
km[fh^Zevghklb gZ^jm]hf h[jZa_qlh[u m[_^blvkyqlh hgb kha^Zxl `_eZ_fuc
wnn_dlWlh ^he`gu [ulv lZdb_ km[fh^Zevghklbdhlhju_ \ufh`_l_ ieZ\gh
i_j_\h^blv ba h^gh]hkhklhygby \^jm]h_Ij_j\bl_ wlhkhklhygb_ih^mfZ\ gZ
fbgmlm hq_fgb[m^v ^jm]hfij_`^_ q_fijh^he`blv
>Ze__ih^mfZcl_ hlhfdZdbf [u\u ohl_ebklZlv q_eh\_dhfdhlhjuc
j_Z]bjh\Ze [u m`_ ih^jm]hfm bg_ bf_e[u wlboh]jZgbq_gbcDZdbf [u\u
m\b^_eb k_[y_keb [um`_ kh\_jrbeb `_eZ_fh_baf_g_gb_"M \Zkihy\behkv [u
[hevr_ \u[hjh\\u ijbh[j_eb[u gh\u_kihkh[ghklb\u klZeb[u [eb`_d lhc
ebqghklbdhlhjhc \uohlbl_ [ulv Wlh^he`_g [ulv\Zr kh[kl\_gguc h[jZa
h[eZ^Zxsbc `_eZ_fufb dZq_kl\ZfbZ
g_ dZdh_lh dhgdj_lgh_ ih\_^_gb_
DZjlbgdZ ^he`gZ[ulv ^bkkhpbbjh\Zgghcqlh[u fhlb\bjh\Zlvb ijb\e_dZlv d
k_[_:kkhpbbjh\ZggZy dZjlbgdZ^Zkl \Zfhsms_gb_qlh baf_g_gb_\ \Zk m`_
ijhbahrehbke_^h\Zl_evghg_ [m^_lfhlb\bjh\Zlv \Zk
M[_^bl_kv \ lhfqlh gh\uc h[jZa y\ey_lky wdheh]bq_kdbfqlh hg
kh]eZkm_lky k \Zr_c ebqghklvx\Zrbf hdjm`_gb_f bhlghr_gbyfb k ^jm]bfb
ex^vfb<hafh`gh\Zf ihgZ^h[blky k^_eZlv g_dhlhju_ j_]mebjh\db wlh]h
h[jZaZ
Ih^mfZcl_ hl_o j_kmjkZodhlhjufb [m^_lh[eZ^Zlv wlhlY h[jZaHg
[m^_l gm`^Zlvky\ j_kmjkZoijb hkms_kl\e_gbb gZf_j_gby klZjh]hih\_^_gby
M[_^bl_kvqlh wlhlh[jZa mjZ\gh\_r_ggucijZ\^hih^h[guc bg_ k\yaZgl_kgh
gb kdZdhc dhgdj_lghc kblmZpb_cM[_^bl_kv lZd`_qlh wlhlh[jZa y\ey_lky
^hklZlhqgh ijbly]b\Zxsbfb qlhhg ijhba\h^bl agZqbl_evgu_ k^\b]bd [he__
ihablb\ghfm khklhygbx
L_i_jv ij_j\bl_khklhygb_ bih^mfZcl_ hq_fgb[m^v ^jm]hf
<havfbl_ dZjlbgdmklbfme bk^_eZcl_ __[hevrhc byjdhc_keb jZaf_j
b yjdhklvhdZaZebkv djblbq_kdbfb km[fh^Zevghklyfb< m]em wlhcdZjlbgdb
ihf_klbl_ fZe_gvdmx l_fgmxnhlh]jZnbx gh\h]h Y h[jZaZL_i_jv \havfbl_
[hevrhc byjdbc h[jZah]jZgbq_gby bhq_gv [ukljhij_\jZlbl_ _]h\ fZe_gvdbc
b l_fguc\ lh \j_fy dZd gh\ucJh[jZa imklvklZg_l [hevrbfb yjdbf
Kdhjhklv y\ey_lkya^_kv kms_kl\_gguffhf_glhfM[_^bl_kv \lhfqlh klbjZgb_
klZjh]h h[jZaZb jhkl gh\h]h ijhbkoh^yl h^gh\j_f_gghFh`_l hdZaZlvky
ihe_aguf_keb \u \hh[jZabl_
beb gZ kZfhf
^_e_ ijhbag_k_l_ a\md
bah[jZ`Zxsbc wlhl ijhp_kkNblvB
imklv
wlhl
a\md hljZ`Z_l lh
\ha[m`^_gb_dhlhjh_ \ubkiulu\Z_l_ hlghkbl_evgh ij_\jZs_gby\ gh\ucY h[jZaHqbklbl_ wdjZgIh\lhjbl_ wlhiylv jZa[ukljh
Fha] jZ[hlZ_l[ukljhKemqZehkv eb\Zf dh]^Zgb[m^v hibku\Zlvq_eh\_dm
dZdhclh ijhp_kkb aZf_qZlvqlh hg \uihegy_l_]h ihf_j_ \Zr_]hhibkZgby"
<u kh\_jr_gghijZ\uHg ^_eZewlhIh^mfZcl_ hk\h_c \oh^ghc^\_jbgh
ihdZ g_\oh^bl_
G_gZ^he]h hqbsZcl_wdjZg ihke_ dZ`^h]h \afZoZ]ey^y gZ qlhgb[m^v
^jm]h_H[jZlguc \afZo[m^_l aZq_jdb\Zlvijy fhc \afZoM[_^bl_kv \lhf
qlh \udmibeb [be_llhevdh \h^bg dhg_p?keb \afZo g_jZ[hlZ_l ihke_iylb
ih\lhj_gbcg_ mihjkl\mcl_<havfbl_ gZ\hhjm`_gb_ k\hx dj_Zlb\ghklvFh`_l
[ulvke_^m_l ih^h[jZlv^jm]b_ djblbq_kdb_km[fh^Zevghklbbeb `_eZ_fucY h[jZa
y\ey_lky g_^hklZlhqgh
ijbly]Zl_evgufWlhl h[yaZl_evgh
^he`gh
kjZ[hlZlvDlh \ k\h_f ijZ\hf ihemrZjbb kfh`_l
khojZgylv ijh[e_fgh_
ih\_^_gb_ i_j_^ebphf klhevaZfZgqb\uo gh\uo\hafh`ghkl_c"
Dh]^Z
\u \uihegbl_
ij_^u^msb_
rZ]bbkiulZcl_
j_amevlZl
ijbkh_^bg_gb_f d[m^ms_fmIh^mfZcl_ hklbfme_<uau\Z_l eb hg lm`_ kZfmx
j_Zdpbx"< ke_^mxsbcjZadh]^Z \uhdZ`_l_kv \lZdhc kblmZpbbgZ[ex^Zcl_ aZ
gh\hc j_Zdpb_cL_ogbdb GEIdZd bkZf fha]jZ[hlZxl [ukljhb wnn_dlb\ghFu
wnn_dlb\gh \afZob\Z_fk_[y \h \kydh]hjh^Z [_kihdhckl\ZkZfb lh]h g_
aZf_qZyL_i_jv fukfh`_f khagZl_evghbkihevah\Zlv lhl`_ kZfucijhp_kk ^ey
ijh^\b`_gby d q_fmlh [he__ijb\e_dZl_evghfmWlb l_ogbdb ijh^_fhgkljbjmxl
\ZfdZd fh`gh[ukljh \g_klbbaf_g_gby [_agZijy`_gby b[heb
BAF?G?GBY <LHJH=HIHJY>D:
Baf_g_gby \lhjh]h ihjy^dZ wlh baf_g_gbydhlhju_ \dexqZxl\ k_[y
fgh`_kl\_ggu_ j_amevlZlu baZljZ]b\Zxl \lhjbqgmx \u]h^m<_jhylghex[Zy
l_jZiby g_k_l\ k_[_ baf_g_gby \lhjh]hihjy^dZlZd dZd gh\ucj_kmjk beb
j_Zdpby ^he`gu[ulv ih^^_j`Zguhij_^_e_gguf jhklhfb i_j_[ZeZgkbjh\dhc \k_c
ebqghklb \ p_ehfBaf_g_gb_ i_j\h]hihjy^dZ wlh baf_g_gb_ h]jZgbq_ggh]h
oZjZdl_jZdhlhjh_ kZfhh k_[_aZ[hlblkyeb[h hghgZklhevdh g_agZqbl_evgh
qlh _]hfh`gh b]ghjbjh\Zlv
GZa\Zgb_ baf_g_gby \lhjh]hihjy^dZemqr_ bkihevah\Zlv^ey hibkZgby
l_o kemqZ_\dh]^Z \lhjbqgucj_amevlZl beb gZf_j_gb_hdZau\Z_lky gZklhevdh
kbevgufqlh [ehdbjm_lijh^\b`_gb_ dhkgh\ghfm `_eZ_fhfmj_amevlZlmOhjhr_c
l_ogbdhc ^ey jZ[hlu kh \lhjbqgufb j_amevlZlZfb y\ey_lkyr_klb rZ]h\uc
j_nj_cfbg]
<GMLJ?GGBC DHGNEBDL
?keb jZaebqgu_b^_b \klmiZxl\ dhgnebdl f_`^m kh[hclh bkdmkkl\h
\_^_gby i_j_]h\hjh\fh`_l [ulvijbf_g_gh djZa ebqgufqZklyf gZr_cebqghklb
JZaj_r_gb_ ijh[e_fuaZdexqZ_lky \ ^hklb`_gbb[ZeZgkZ \gZklhys_fdhlhjuc
^he`_g [ulvih djZcg_cf_j_klhev `_mklhcqb\dZd bij_`gbc
Ihkdhevdm [ZeZgky\ey_lky ^bgZfbq_kdbfZ g_klZlbq_kdbflh dhgnebdlu
jZa\b\Zxlky f_`^mjZaebqgufb qZklyfb gZr_cebqghklbdhlhju_ hebp_l\hjyxl
kh[hc jZagu_ p_gghklbm[_`^_gby b kihkh[ghklb<u fh`_l_klj_fblvky d
g_kh\f_klbfuf i_j_`b\ZgbyfFh`_l [ulv\Zf agZdhfu kblmZpbbdh]^Z \u[ueb
ijhj_aZgu ^jm]hcqZklvx kdhgnebdlmxsbfb lj_[h\Zgbyfb?keb `_\u mklmiZ_l_
_clh]^Z i_j\Zy qZklv gZqbgZ_l^hklZ\eylv \Zf [_kihdhckl\hJZa\yadZ
aZqZklmx k\h^blkyd lhfmqlh \ug_ aZgbfZ_l_kv gbl_fgb ^jm]bf< lh
\j_fy dZd \u hl^uoZ_l_^jm]Zy qZklv \^jm] gZqbgZ_l\uau\Zlv Z \Zr_f
\hh[jZ`_gbb yjdb_ h[jZau\k_c lhcjZ[hludhlhjmx \Zf ij_^klhbl k^_eZlv
?keb `_
\u jZ[hlZ_l_lh
_^bgkl\_gguf \Zrbf
`_eZgb_f hdZau\Z_lky
jZkkeZ[blvky bhl^hogmlv?keb dhgnebdlih^h[gh]h jh^ZagZdhf bm]g_lZ_l h[Z
ijhp_kkZlh ijbreh\j_fy mklZgh\blvi_j_fbjb_
JZaj_r_gb_ \gmlj_ggbodhgnebdlh\
Hlq_leb\ b^_glbnbpbjmcl_ bhl^_ebl_ qZklb ^jm] hl ^jm]Z;m^_l
dZaZlvkyqlh hgb\u^\b]Zxl dhgnebdlmxsb_ lj_[h\ZgbyGZijbf_jh^gZ qZklv
fh`_l lj_[h\Zlvk\h[h^u b^hkm]ZZ ^jm]Zy ]ZjZglbbmklhcqb\h]h ^hoh^ZBeb
`_ h^gZ fh`_l [ulv hq_gv ZddmjZlghc \ h[jZs_gbb k ^_gv]Zfb^jm]Zy
jZklhqbl_evghcH^gZ qZklv fh`_l [ulv qj_af_jgh haZ[hq_gghcl_fqlh[u
ihfh]Zlv [ebadbfex^yf\ lh\j_fy dZd^jm]Zy \hafmsZ_lky\u^\b]Z_fufb bfb
lj_[h\ZgbyfbDZ`^Zy qZklv[m^_l \ukdZau\Zlv g_]Zlb\gu_hp_ghqgu_ km`^_gby
h ^jm]hcqZklbG_dhlhju_ qZklbkljhylky gZp_gghklguo hjb_glZpbyjh^bl_e_c
b bf fh`_l hdZaZlvky ljm^gh khkms_kl\h\Zlvk l_fbqZklyfbdhlhju_ \u
ihkljhbebhibjZykv gZ k\hckh[kl\_gguc `bag_gguchiulB mdZ`^hc qZklb
_klv k\hyp_gghklv
Ihemqbl_ ykgmxj_ij_a_glZpbx dZ`^hcqZklb?keb wlh ^\_ qZklb\u
fh`_l_ ihf_klblvbo ih h^ghcgZ dZ`^hcjmd_ bebihkZ^blv [eba k_[y gZ
klmevyoIhemqbl_
ihegmx
\bamZevgmxdbg_kl_lbq_kdmx
b Zm^bZevgmx
j_ij_a_glZpbx dZ`^hcqZklbDZd hgb\u]ey^yl"Qlh hgbqm\kl\mxl"DZd a\mqbl
bo ]hehk"?klv ebdZdb_gb[m^v keh\Zbeb njZaudhlhjufb fh`gh [ueh[u
hoZjZdl_jbah\Zlv bo"Imklv h[_ qZklb bkke_^mxl \Zrm \j_f_ggmx ebgbx
gZklhys__ b[m^ms__b hij_^_eylk_[yk\hx bklhjbxb gZijZ\e_gghklv
<uykgbl_ gZf_j_gbydZ`^hc qZklbMqlbl_qlh dZ`^Zyba gbo bf__l
ihablb\gu_
gZf_j_gbyIh^gbfZcl_kv
\\_jo
gZ klhevdhgZkdhevdh \Zf
g_h[oh^bfh ^eylh]hqlh[u qZklb fh]ebijbclb dkh]eZr_gbx hlghkbl_evgh
jZa^_ey_fh]h j_amevlZlZ
I_j_]h\hjuDZdb_ j_kmjkudZ`^hc qZklbfh]eb [uhdZaZlvky ihe_agufb
^jm]hc qZklb^ey j_ZebaZpbb__ bgl_j_kh\"Q_f fh`ghh[f_gylvky"GZ q_f hgb
fh]eb [ukdhhi_jbjh\Zlvky"Qlh dZ`^Zyba gboohq_l hlk\h_c khi_jgbpuqlh[u
ihemqblv m^h\e_l\hj_gb_"Dhgnebdl f_`^mgbfb klZgh\blky^ey gboij_]jZ^hc gZ
imlb d j_ZebaZpbbbo gZf_j_gbcIhijhkbl_ dZ`^mxqZklv ih^Zlvkb]gZe \lhf
kemqZ__keb _c[m^_l qlhlh g_h[oh^bfhgZijbf_j\j_fyjZaj_r_gb_
\gbfZgb_ bebijbagZl_evghklv
Kijhkbl_ dZ`^mxqZklvohq_l ebhgZ h[t_^bgblvkyk ^jm]hcqZklvx ^ey
j_r_gby bo kh\f_klguo ijh[e_f>_ckl\bl_evgh_ bokebygb_ g_bf__l gbdZdh]h
agZq_gby">ey qZkl_cfh`_l hdZaZlvky[he__ ihe_aguf^_j`Zlvky ihjhagv_keb
fh`gh lZd \ujZablvkyGh _keb hgb \k_ `_
aZohlyl bgl_]jbjh\Zlvky
ij_^eh`bl_ bfkeblvky nbabq_kdb \ \Zr_fl_e_ l_fkihkh[hfdhlhjuc \u
ihkqblZ_l_ ijZ\bevguf?keb qZklbjZkiheZ]Zebkv m \ZkgZ jmdZoke_cl_ bo
\f_kl_ \bamZevghihfh]Zy k_[_kh_^bg_gb_f jmdAZl_f kha^Zcl_ dZjlbgdm
a\md b hsms_gb_gh\hc bgl_]jbjh\ZgghcqZklb bijbfbl_ __\ k_[ygZklhevdh
[ukljhgZkdhevdh ihkqblZ_l_ gm`gufIhkb^bl_ g_dhlhjh_ \j_fy kihdhcgh
qlh[u hp_gblvbaf_g_gb_<hafh`ghwlZ gh\ZyqZklv aZohq_li_j_kfhlj_lv \Zrm
\j_f_ggmx ebgbbbaf_gb\ \a]ey^ gZijhreu_ kh[ulbyb i_j_`b\Zgby \k\Zl_
gh\h]h agZgbyb ihgbfZgby
<h \j_fywlbo i_j_]h\hjh\fh]ml \kieulv gZih\_joghklv b^jm]b_ qZklb
Q_f ]em[`_dhgnebdll_f [he__\_jhylghqlh wlhijhbahc^_lB \k_hgb fh]ml
aZohl_lv ijbkh_^bgblvky d i_j_]h\hjZf<bj^`bgby KZlbj h[uqgh \ lZdbo
kemqZyo hj]Zgbah\u\ZeZ=jmiibjh\db qZkl_c\ gbojZaebqgu_ ex^bbah[jZ`Zeb
jZaebqgu_ qZklbdeb_glZdhlhjuc jmdh\h^bejZau]ju\Z_fhc ^jZfhc
I_j_]h\hju f_`^m qZklyfb
y\eyxlky fhsguf bgkljmf_glhf jZaj_r_gby
dhgnebdlh\aZljZ]b\Zxsbo kZfu_]em[hdb_ mjh\gbGZ kZfhf^_e_ \ufh`_l_
gbdh]^Z g_ba[Z\blvky hldhgnebdlh\< jZamfguo ij_^_eZo wlha^jZ\h_ b
g_h[oh^bfh_ ij_^\Zjbl_evgh_ f_jhijbylb_ ^ey
\hkklZgh\e_gby jZ\gh\_kby
;h]Zlkl\h bm^b\bl_evghklv q_eh\_q_kdh]hkms_kl\Z bkoh^blba jZaghh[jZabyZ
aj_ehklv bkqZklv_ ba jZ\gh\_kbyb dhhi_jZpbb f_`^mjZaebqgufb Zki_dlZfb
\Zr_c ebqghklb
=eZ\Z I?J<U? FH>?EB
>`hg bJbqZj^ \klj_lbebkvb ih^jm`bebkv\ DZebnhjgbckdhfmgb\_jkbl_l_ \
KZglZ Djma_ \]h^m>`hg [ueZkkbkl_glhf ijhn_kkhjZ ebg]\bklbdbZ
JbqZj^
mqbeky
gZ
ihke_^
g_f
dmjk_
dhee_^`ZJbqZj^
m\e_dZeky
]_rlZevll_jZib_c
Hg lsZl_evgh
bamqZe
jZ[hlu NjbpZ
I_jeaZ b k^_eZe g_ kdhevdh
\b^_haZibk_c ^eyk\h_]h ^jm]Z;h[Z Riblp_jZm dhlhjh]h[ueh kh[kl\_ggh_
ba^Zl_evkl\h gZmqghcb ih\_^_gq_kdhcebl_jZlmjuWlb aZibkbiha^g__ ijb\_eb
d gZibkZgbxdgb]b L_jZiby ]eZaZfbhq_\b^pZ
M ;h[ZRiblp_jZ [uehbf_gb_ g_^Ze_dhhl KZglZDjmaZb hgbgh]^Z k^Z\Ze
_]h k\hbf ^jmavyfLh]^Z `_\ l_of_klZo `be =j_]hjb ;wclkhgb JbqZj^
ihk_ebeky \^hf_dhlhjuc gZoh^beky[md\Zevgh \^\mo rZ]Zohl ;wclkhgZ
JbqZj^ gZqZe\_klb g_^_evgu_]_rlZevl]jmiiu \klj_q[_jy kmqZklgbdZ ^heeZjh\ aZ\_q_jHg \hkklZgh\bedhglZdl k>`hghf =jbg^_jhfdhlhjuc gZr_e
wlb \klj_qb^hklZlhqgh bgl_j_kgufbqlh[u boihk_lblv
Dh]^Z >`hg ijbr_ehg [ue aZbgljb]h\ZgJbqZj^ agZeqlh hgfh`_l
mki_rgh \_klb]_rlZevl]jmiiugh hgohl_e agZlvlhqghdZd hg wlh^_eZ_l b
dZdb_ iZll_jguhdZau\Zxlky wnn_dlb\gufbKms_kl\m_l h]jhfgZyjZagbpZ f_`^m
fZkl_jkl\hf blhqguf agZgb_flh]hdZd \u^hklb]Z_l_ mki_oZ>`hg bJbqZj^
aZgyebkv wlbfJbqZj^ ihdZau\Ze>`hgmdZd hghkms_kl\eye ]_rlZevll_jZibxZ
>`hg ^he`_g[ue h[tykgblvJbqZj^m\ q_f`_ aZdexqZehkvlhqlh lhl^_eZ_l
AZl_f >`hgr_e \ihg_^_evgbd gZ\_q_jgxx ]jmiimb fh^_ebjh\ZeJbqZj^Z
>`hg mqbekyhq_gv [ukljh?fm ihgZ^h[behkv ^\Z f_kypZqlh[u \kdjulv
iZll_jgu bgZmqblvky jZ[hlZlvdZd JbqZj^Hg ^_eZe lhqlh hgb gZau\Zeb
ih\lhjyxsbfbky qm^_kZfbdh]^Z
k mqZklgbdZfb ]jmiiu >`hgZ \ kj_^m
ijhbkoh^beb
l_ `_
kZfu_ qm^_kgu_ baf_g_gbydhlhju_ ijhbkoh^beb \
ihg_^_evgbd \]jmii_ JbqZj^Z
< iheghfijhp_kk_ fh^_ebjh\Zgby\u^_eyxlky ljb nZauI_j\Zy \dexqZ_l\
k_[y gZ[ex^_gb_aZ fh^_ebjm_fufq_eh\_dhf \lh \j_fydh]^Z hg hkms_kl\ey_l
bgl_j_kmxs__ \Zkih\_^_gb_< l_q_gb_wlhc nZau\u \hh[jZ`Z_l_k_[y gZf_kl_
wlh]h q_eh\_dZbkihevamy mf_gb_\oh^blv \h\lhjmx ihabpbxb ^_eZ_l_lh `_
kZfh_qlh b hg^h l_oihjihdZ g_ ihemqbl_ ijb[ebabl_evghlZdhc `_
j_amevlZl<u nhdmkbjm_l_kvgZ lhfqlh hg^_eZ_l ih\_^_gb_ bnbabheh]by
dZd hgwlh ^_eZ_l \gmlj_ggb_ kljZl_]bbfure_gbyb aZq_fhg wlh^_eZ_l
ih^dj_ieyxsb_
m[_`^_gby b ij_^iheh`_gbyQlh
\u fh`_l_
gZ[ex^Zlv
g_ihkj_^kl\_gghDZd baZq_f \umagZ_l_aZ^Z\ khhl\_lkl\mxsb_ \hijhku
<h \lhjhcnZa_ \ukbkl_fZlbq_kdb bkdexqZ_l_we_f_glu kfh^_ebjh\Zggh]h
ih\_^_gbyqlh[u h[gZjm`blv lhqlh ijb \h^bld jZaebqbx?keb \uqlhlh
hl[jhkbeb bwlh ijb\_ehebrv dg_[hevrhfm baf_g_gbxagZqblwlhl we_f_glgb
y\ey_lky g_h[oh^bfuf?keb `_\u hl[jhkbeb dZdhclh we_f_glb hg \ua\Ze
baf_g_gb_ j_amevlZlZdhlhjuc \uihemqZ_l_agZqblwlh kms_kl\_ggZyqZklv
^Zgghc fh^_ebGZ wlhcnZa_ \u hqbsZ_l_ fh^_ev b gZqbgZ_l_ ihgbfZlv__
khagZl_evghLZdh_
bkdexq_gb_
khklZ\ey_l
ijyfmx
ijhlb\hiheh`ghklv
ljZ^bpbhgghfm ijhp_kkm h[mq_gbydhlhjh_ ml\_j`^Z_l^h[Z\eyc dmkhqdb ih
hq_j_^b ^h l_oihjihdZ g_keh`brv bagbo p_eh_H^gZdh wlbfkihkh[hf \Zf
ljm^gh magZlvqlh y\ey_lky kms_kl\_gguf\k_ ih^oh^blFh^_ebjh\Zgb_
ij_^klZ\eyxs__ kh[hc hkgh\m mkdhj_ggh]h h[mq_gbykgZqZeZ ihemqZ_l \k_
we_f_glu kjZamZ aZl_f \uqblZ_lqlh[u gZclb l_dhlhju_ y\eyxlky
kms_kl\_ggufb
Lj_lvy baZdexqbl_evgZy nZaZwlh jZajZ[hldZkihkh[ZdZd h[mqblvwlhfm
mf_gbx ^jm]boOhjhrbc mqbl_evkihkh[_g lZdfZgbimebjh\Zlv dhgl_dklhfqlh[u
_]h mq_gbdbkZfb mqbeZkvlhfmdZd ^hklb]Zlvj_amevlZlZ
Fh^_eb ^he`gu[ulv ijhklufbb ijh\_jy_fufb<u g_h[yaZgu agZlvihq_fm
hgb jZ[hlZxllZd `_dZd \ug_ h[yaZguagZlvdZd jZ[hlZ_l Z\lhfh[bev^ey
lh]hqlh[u mijZ\eylv bf?keb \u aZ[em^bebkv \eZ[bjbgl_ q_eh\_q_kdh]h
ih\_^_gbylh \Zf gm`gZ dZjlZqlh[u gZclb \uoh^Z g_ ikboheh]bq_kdbc
ZgZeba lh]hihq_fm \u ohlbl_ gZclbwlhl \uoh^Fh^_ebjh\Zgb_ \ ex[hc
h[eZklb ^Z_lg_ lhevdhj_amevlZlu bl_ogbdbgh b^hihegbl_evgu_ bgkljmf_glu
^ey fh^_ebjh\ZgbyGEI y\ey_lky ]_g_jZlb\gufihlhfm qlh _]h j_amevlZlu
fh]ml [ulv bkihevah\Zgu^ey lh]hqlh[u k^_eZlv_]h _s_[he__ wnn_dlb\guf
<u kfh`_l_kfh^_ebjh\Zlv k\hbkh[kl\_ggu_ khklhygbydj_Zlb\ghklbj_kmjkgu_
khklhygby b l_f kZfuf h[_ki_qblv k_[_ \hafh`ghklv \oh^blv \ gbo ih
kh[kl\_gghfm `_eZgbx: bf_y\ jZkihjy`_gbb[hevr_ j_kmjkh\ bdj_Zlb\ghklb
\u kfh`_l_klZlv _s_[he__ j_kmjkgufb dj_Zlb\guf
?keb \ufh^_ebjm_l_ mki_rghlh \uihemqbl_ lhl`_ kZfucj_amevlZlqlh
b \ZrZ fh^_evb \Zf g_l g_h[oh^bfhklb fh^_ebjh\ZlvfZkl_jkl\hQlh[u
\uykgblvdZd q_eh\_dklZgh\blky dj_Zlb\gufbeb dZdhg mfm^jy_lky\iZklv \
^_ij_kkbx\u aZ^Z_l_h^gb bl_ `_dexq_\u_ \hijhku?keb [uy ^he`_g[ue
klZlv lh[hcgZ g_dhlhjh_\j_fyqlh fg_ke_^h\Zeh [uk^_eZlvqlh[u ^mfZlvb
\_klb k_[ylZd `_dZd lu"DZd lukha^Z_rv k\hxfh^_ev fbjZ"
DZ`^uc q_eh\_d\ghkbl k\hbkh[kl\_ggu_ mgbdZevgu_j_kmjku bhkh[_gghklb
ebqghklb \lhqlh hg ^_eZ_l<u g_ fh`_l_ klZlv_s_ h^gbf Wcgrl_cghf
;_loh\_ghf bebW^bkhghfQlh [u^h[blvky lh]h `_b ^mfZlvlhqgh lZd`_dZd
hgb\Zf g_h[oh^bfZ bog_ih\lhjbfZy nbabheh]byb ebqghklguc hiulGEI g_
aZy\ey_lqlh dZ`^uc fh`_l klZlvWcgrl_cghfh^gZdh hgh ml\_j`^Z_lqlh
dZ`^uc kihkh[_g^mfZlv lZddZd ^mfZeWcgrl_cgb ijbf_gylvwlb kihkh[u
fure_gby ih k\h_fm mkfhlj_gbx \ kh[kl\_gghc `bagb^_eZy wlhfh`gh
ijb[ebablvky d
iheghfm jZkp\_lm kh[kl\_gghc
]_gbZevghklb
b
k\h_]h
kh[kl\_ggh]h mgbdZevgh]hijhy\e_gby fZkl_jkl\Z
BlZd\u fh`_l_fh^_ebjh\Zlv ex[h_q_eh\_q_kdh_ ih\_^_gb__keb \u
fh`_l_ jZ[hlZlv k m[_`^_gbyfbki_pbnbq_kdbfb fukebl_evgufbijhp_kkZfb b
nbabheh]b_cdhlhjZy e_`bl\ bohkgh\_
M;?@>?GBY
M[_`^_gbydhlhju_ dZ`^uc ba gZk bf__lih hlghr_gbx d kh[kl\_gghc
ebqghklb^jm]bf ex^yfb fbjm\ p_ehfhdZau\Zxl agZqbl_evgh_\ebygb_ gZgZr
hiul;eZ]h^Zjy wnn_dlmkZfh hijZ\^u\Zxs_]hijhjhq_kl\Zm[_`^_gby baf_gyxl
ih\_^_gb_Hgb fh]ml ih^^_j`b\Zlv h^gb gZrb^_ckl\by b ij_iylkl\h\Zlv
^jm]bf<hl ihq_fmklhev \Z`gufy\ey_lky fh^_ebjh\Zgb_m[_`^_gbc
Ijhkl_crbc
kihkh[
fh^_ebjh\Zlv m[_`^_gby ex^_c
k \u ^Zxsbfbky
kihkh[ghklyfb aZ^Zlvbf \hijhkh lhfaZq_f hgb^_eZxl lhqlh ^_eZxlBo
hl\_lu ^Z^ml\Zf [h]ZlucfZl_jbZe ^eybkke_^h\Zgby bom[_`^_gbc bp_gghkl_c
Bklhjby jZkkdZau\Z_lh jbfkdhf fZevqbd_dhlhjuc \l_q_gb_ g_kdhevdboqZkh\
gZ[ex^Ze aZ kljZgguffheh^uf q_eh\_dhfm\e_q_gguf k\h_c jZ[hlhcGZdhg_p
fZevqbd kijhkbeKbgvhjihq_fm \uklmqbl_ ihwlhfm dZfgx"Fbd_eZg^`_eh
ih\_jgmeky dfZevqbdm bhl\_lbeIhlhfmqlh \gmljbwlh]h dZfgy kijylZg
Zg]_e bhg ohq_l\uclb gZk\h[h^m
< h[s_f kemqZ_m[_`^_gby ijbgbfZxlh^gm bake_^mxsbo lj_ohkgh\guo
nhjfWlh fh]ml[ulv m[_`^_gbyh agZq_gbb\_s_cGZijbf_j_keb \um[_`^_gu
\ lhfqlh `bagv\ kmsghklbij_^klZ\ey_l kh[hc dhgdmj_glgmx[hjv[m
j_amevlZlhf dhlhjhcy\ey_lky kf_jlvlhkdhj__ \k_]h\Zr hiul[m^_l kbevgh
hlebqZlvky hllh]hdhlhjuc [ue[u m \Zk_keb [u\u \_jbebqlh `bagvwlh
^moh\gZy rdheZ[h]ZlZy jZaghh[jZagufb b ihmqbl_evgufbmjhdZfbM[_`^_gby
djhf_ lh]hfh]ml hij_^_eylvqlh y\ey_lky ijbqbghc q_]h ijbqbgm b
ke_^kl\b_b ^Z\ZlvgZqZeh l_fijZ\beZfjmdh\h^kl\mykv dhlhjufbfu `b\_f
BgZq_ ]h\hjywlh fh]ml[ulv m[_`^_gbyh lhfqlh y\ey_lky\Z`guf ^eygZk b
qlh bf__lgZb[hevr__ agZq_gb_p_gghklb bdjbl_jbb
Ijb fh^_ebjh\Zgbb m[_`^_gbc`_eZl_evgh khkj_^hlhqblvkygZ l_odhlhju_
[he__ \k_]h khhl\_lkl\mxl bgl_j_kmxs_fm
\Zk
dhgdj_lghfm mf_gbx<hl
g_kdhevdh \hijhkh\ihfh]Zxsbo \uy\blvm[_`^_gby
AZq_f \u^_eZ_l_ lhqlh ^_eZ_l_"
Qlh wlhagZqbl ^ey\Zk"
Qlh kemqblky_keb \ug_ [m^_l_wlh]h ^_eZlv"
GZ qlhwlh ihoh`_"
Qlh \^hogh\ey_l\Zk aZgbfZlvkywlbf"
DZd lhevdh \u \u^_ebeb m[_`^_gby k\h_c fh^_eb\u fh`_l_gZqZlv
wdki_jbf_glbjh\Zlv kgbfbDh]^Z \u ijhc^_l_wlZi ijhklh]h ihgbfZgby b
^_ckl\bl_evgh ijbf_jbl_wlb m[_`^_gbygZ k_[yqlh[u m\b^_lvgZkdhevdh hgb
ih^oh^yllh kfh`_l_h[gZjm`blv ]em[hdb_baf_g_gby<Zf m^Zehkv \ua\Zlvbo
ijhklh ijbl\hjb\rbkvgZ \j_fy[m^lh wlbm[_`^_gby \_jgub h[jZlb\\gbfZgb_
gZ \hagbdZxsb_ijb wlhf baf_g_gbyH^gh ba ]em[bgguo m[_`^_gbcWcgrl_cgZ
aZdexqZehkv
\ lhfqlh \k_e_ggZy ^jm`_kl\_ggZ ih hlghr_gbx
d gZf
Ij_^klZ\vl_ k_[_dZd ihgh\hfm \u fh]eb[u \a]eygmlvgZ fbjij_^iheh`b\
qlh wlh\_jgh
DZdb_ gh\u_ihklmidb \ukh\_jrbeb [u_keb [u\_jbeb \wlh"
Qlh [u\u ^_eZebih ^jm]hfm"GZ qlh_s_ \uhdZaZebkv [ukihkh[gu"
?keb \uhkhagZ_l_qlh _^bgkl\_ggZy\_svhl^_eyxsZy \Zkhl \Zr_cp_eb
wlh m[_`^_gb_lh \ufh`_l_ gZqZlvZ^Zilbjh\Zlv gh\h_ m[_`^_gb_ijhklh
gZqZlv ^_ckl\h\ZlvlZddZd [m^lhhgh \_jgh
NBABHEH=BY
Ij_^klZ\vl_ k_[_gZ f]gh\_gb_qlh \ukfhljbl_ gZdjhr_qgh]h j_[_gdZ
Hg kfhljbl gZ \Zk rbjhdh hldjulufb ]eZaZfbb \ug_\hevgh meu[Z_l_kv
J_[_ghd
\hklhj`_ggh aZehihlZe b meu[gmeky
\ hl\_l gZ \Zrm meu[dm
Ih^kljZb\Zykv d\Zr_c nbabheh]bb\ ^ZgghfkemqZ_ d\Zr_c meu[d_j_[_ghd
i_j_`b\Z_l g_qlhih^h[gh_ lhfmm^h\hevkl\bxdhlhjh_ bkiulu\Z_l_\u ijb\b^_
fZeurZWlh y\e_gb_ba\_klgh_ ih^ gZa\Zgb_f bfijbglbg]Zdh]^Z ^_lb
gZqbgZxl g_hkhagZgghdhibjh\Zlv fbfbdm`_klu b]hehkZ hdjm`Zxsb_bo ex^_g
Ih\lhj_gb_ ^\b`_gbb\ujZ`_gby ebpZb lhgZ]hehkZ ^jm]bo ex^_c ^Z_lgZf
\hafh`ghklv \hkijhba\h^blvbo \gmlj_gg__khklhygb_qlh hldju\Z_lgZf ^hklmi
d gh\ufwfhpbhgZevguf j_kmjkZfIh^mfZcl_ hq_eh\_d_dhlhju_ \hkobsZ_l_kvb
dhlhjh]h m\Z`Z_l_Ij_^klZ\vl_ k_[_dZd [uhg kb^_eqblZy wlmdgb]mDZdbf
[ueh [u _]h^uoZgb_"DZdbf \ujZ`_gb_ebpZ"L_i_jv gZkZfhf ^_e_i_j_ky^vl_
lZdqlh[u \ZrZihaZ^uoZgb_ bfbfbdZ klZeb ihoh`bfbgZ l_dhlhju_ \u
lhevdh qlhij_^klZ\eyeb HljZ`Zy \lhqghklb iZll_jgu^\b`_gbcihau b^Z`_ ^uoZgby\u gZqg_l_
i_j_`b\Zlv l_`_ \gmlj_ggb_hsms_gbyqlh bdhibjm_fuc \Zfb q_eh\_dB \u
ihemqbl_ ^hklmid l_fj_kmjkZfgZ hldjulb_dhlhjuo mg_]h[ulv fh`_lmreb
]h^u
KLJ:L?=BB
KljZl_]bb fure_gby ij_^klZ\eyxl kh[hc\_jhylghgZbf_g__ hq_\b^gmx
qZklv ijhp_kkZfh^_ebjh\ZgbyIh wlhcijbqbg_ fujZkkfhljbf kljZl_]bb [he__
ih^jh[ghij_`^_ q_fijh^he`bf bkke_^h\Zgb_^jm]bo klhjhgfh^_ebjh\Zgby
KljZl_]bb wlh lhdZd \uhj]Zgbam_l_ k\h_fure_gb_ b ih\_^_gb_^ey
lh]hqlh[u \uihegblvdZdh_lh aZ^Zgb_KljZl_]bb \k_]^Z bf_xlihablb\gmx
p_evHgb fh]ml [ulv\dexq_gu beb\udexq_gu m[_`^_gbyfbqlh[u ^h[blvky
mki_oZ \aZ^Zgbb\u ^he`gu\_jblvqlh fh`_l_ _]h\uihegblv\ ijhlb\ghf
kemqZ_ \ug_ kfh`_l_iheghklvx iheh`blvkygZ k_[y<u ^he`gulZd`_ \_jblv
qlh \u ^hklhcgu lh]hqlh[u \uihegblv
_]hb [ulv ]hlh\uf k^_eZlv
g_h[oh^bfu_ ijb]hlh\e_gbyb mijZ`g_gbyLj_lv_\u ^he`gu \_jblvqlh wlbf
klhbl aZgbfZlvkyAZ^Zgb_ ^he`gh\uau\Zlv \Zrbgl_j_k bebex[hiulkl\h
Bkihevam_fu_ gZfb
kljZl_]bb y\eyxlky qZklvx gZrbo i_jp_ilmZevguo
nbevljh\hgb hij_^_eyxllhdZd fu \hkijbgbfZ_ffbjKms_kl\m_l g_[hevrZy
b]jZdhlhjZy djZkghj_qb\hih^l\_j`^Z_l wlhlfhf_glIjhqblZcl_ ke_^mxs__
ij_^eh`_gb_ bihkqblZcl_kdhevdh jZa\ g_f\u m\b^bl_[md\m A
I:JH<HA LYGMELY@?EUC =JMAB A<HGDHKLMQ:E DHE?K:FB
E_]dh"Bgl_j_kgZy \_svaZdexqZ_lky \lhfqlh jZagu_ex^b \b^yljZagh_
dhebq_kl\h [md\Ab \k_ hgbm[_`^_gu \k\h_c ijZ\hl_Ijhklh dZ`^ucba
gbo gZoh^blky\ k\h_ckh[kl\_gghc j_Zevghklb;hevrbgkl\h ex^_cgZkqblu\Zxl
[md \uijb i_j\hfql_gbbgh g_dhlhju_\b^yl [hevr_<kihfgbl__keb
lhqlh \u^_eZ_l_g_ kjZ[Zlu\Z_lihijh[mcl_ qlhgb[m^v ^jm]h_NZdlbq_kdb
k^_eZcl_ qlhgb[m^v kh\_jr_ggh^jm]h_Ijhkfhljbl_ \k_ij_^eh`_gb_ [md\Z aZ
[md\hc hl dhgpZd gZqZemKdhevdh [md\\u hkhagZeb \gZqZe_ b kdhevdh
hklZehkv g_hkhagZggufb"
IjbqbgZih dhlhjhc\u ijhimklbebqZklv bagbo\_jhylghaZdexqZ_lky \
lhfqlh \uijh]h\Zjb\Zeb keh\Zijh k_[yiheZ]Zykv gZa\mqZgb_ [md\u
qlh[u m[_^blvky \__ ijbkmlkl\bba\mqbl dZd K\ keh\_=JMADZd
lhevdh \uihkfhljbl_ gZdZ`^h_ keh\h\ h[jZlghfihjy^d_ lZdqlh[u [md\ug_
h[jZah\u\Zeb agZdhfh_ keh\h\u kjZamm\b^bl_ \k_ AFu kijZrb\Zeb
kdhevdh jZa \u \b^_eb[md\m AZ g_ kdhevdh jZa\u __ keurZebFbj
\u]ey^bl ih^jm]hfmdh]^Z \ubaf_gy_l_ kljZl_]bb
J?P?IL MKI?O:
Qlh[u ihgylvqlh lZdh_ kljZl_]by\kihfgbf r_nih\ZjZ?keb \u
ihevam_l_kv _]hj_p_ilhflh \ugZ\_jgydZ kfh`_l_ijb]hlh\blv lZd`_ ohjhrh
dZd bhgKljZl_]by wlh mki_rgucj_p_ilQlh[u hlebqghijb]hlh\blv \dmkgh_
[ex^h\Zf g_h[oh^bfhagZlv ljbhkgh\gu_ \_sb<u ^he`guagZlv bg]j_^b_glu
<u ^he`gu agZlvdhebq_kl\h bg]j_^b_glh\b bodZq_kl\hB \Zfke_^m_l agZlv
ijZ\bevgmx ihke_^h\Zl_evghklv hi_jZpbc< ijb]hlh\e_gbbibjh`gh]h bf__l
[hevrh_ agZq_gb_^h[Z\bl_ \u ycpZ ^h\h \j_fy beb ihke_ \ui_dZgby
ibjh`gh]h \^moh\d_Ihjy^hd\ dhlhjhf \u^_eZ_l_ \_sb\ kljZl_]bbbf__l
klhev `_ j_rbl_evgh_ agZq_gb_^Z`_ _keb \k_ ijhbkoh^bl \l_q_gb_ iZju
k_dmg^Bg]j_^b_glZfb kljZl_]bb
y\eyxlky j_ij_a_glZlb\gu_ kbkl_fuZ
\_ebqbgZ b dZq_kl\h ijh^mdlh\ wlh km[fh^ZevghklbQlh[u kfh^_ebjh\Zlv
kljZl_]bx\Zf g_h[oh^bfu_
Bg]j_^b_glu j_ij_a_glZlb\gu_ kbkl_fu
Dhebq_kl\h bdZq_kl\h dZ`^h]hba gbokm[fh^Zevghklb
Ihke_^h\Zl_evghklv hi_jZpbc
Ij_^iheh`bfqlh m\Zk _klv^jm]dhlhjuc ij_\hkoh^ghkijZ\ey_lky k
dZdbfgb[m^v ^_ehfWlh fh`_l [ulv ^baZcg bgl_jv_jZihdmidZ h^_`^u
bamq_gb_ fZl_fZlbdbmlj_ggbc ih^t_f beb mf_gb_ [ulv ^mrhc dhfiZgbb
AZklZ\vl_ k\h_]h ^jm]Z beb ihdZaZlvwlh ih\_^_gb_beb ih^mfZlv h lhf
hkh[_gghf \j_f_gbdh]^Z hgwlh ^_eZeM[_^bl_kvqlh \u mklZgh\bebjZiihjl
b \Zr^jm] gZoh^blky\ Zkkhpbbjh\Zgghfdhg]jmwglghf khklhygbb
Kijhkbl_Qlh [uehkZfuf i_j\ufba lh]hqlh \uk^_eZeb bebih^mfZeb \
wlhc kblmZpbb"Wlh [m^_l qlhlh lZdh_qlh hgm\b^_e <mkeurZe :beb
ihqm\kl\h\Ze D
Dh]^Z \umagZ_l_ wlhkijhkbl_Qlh ijhbahreh g_ihkj_^kl\_gghihke_
wlh]h"Ijh^he`Zcl_ ^h l_o ihjihdZ \ug_ ijhc^_l_\_kv imlv\ ^Zgghf
hiul_<Zrb \hijhku b gZ[ex^_gby\hafh`gh k ijbf_g_gb_f f_lZfh^_eb
ihdZ`mldZdb_ j_ij_a_glZlb\gu_ kbkl_fu q_eh\_d bkihevam_l b \ dZdhf
ihjy^d_AZl_f jZkkijhkbl_h km[fh^Zevghklyo\k_o j_ij_a_glZpbcdhlhju_ \u
h[gZjm`beb<u aZf_lbl_qlh ]eZagu_kb]gZeu ^hklmiZb ij_^bdZluhdZau\Zxlky
hq_gv ihe_agufbijb hij_^_e_gbbgZijZ\e_gby \Zrbo\hijhkh\GZijbf_j_keb
\u kijhkbebQlh b^_l ke_^mxsbf"b q_eh\_d hl\_lbeY g_ agZxb
ihkfhlj_e \\_jolh \ufh`_l_ kijhkblv\b^_e ebhg dZdmxlh \hh[jZ`Z_fmx
dZjlbgdmb ke_^mxsbf rZ]hf\ _]hkljZl_]bb [m^_l\bamZevgZy \gmlj_ggyy
j_ij_a_glZpby?keb \ukijhkbebZ q_eh\_dhl\_qZ_lY g_agZxwlh dZ`_lky
fg_ ykguflh \ukgh\Z fh`_l_kijhkblv h\gmlj_gg_c dZjlbgd_
< kljZl_]bb dZgZeu \hkijbylby fh]ml bkihevah\Zlvky^ey \hkijbylby
\g_rg_]h fbjZ beb [ulv h[jZs_ggufb
\h\gmljv?keb hgb
bkihevamxlky
\gmlj_ggbf h[jZahflh \ufh`_l_ aZ f_lblvgZ[ex^Zy aZkb]gZeZfb ^hklmiZ
ijhbkoh^bl ebijb wlhf\hkihfbgZgb_ bebdhgkljmbjh\Zgb_
GZijbf_jdlhlh
fh`_l
bf_lv
fhlb\Zpbhggmx
kljZl_]bxdhlhjZy
gZqbgZ_lky klh]hqlh wlhlq_eh\_d kfhljblgZ jZ[hlmdhlhjmx _fmij_^klhbl
k^_eZlv \bamZevgZy \g_rgyy<AZ l_fhg dhgkljmbjm_l\gmlj_ggxx dZjlbgm
aZ\_jr_gghc jZ[hlu\bamZevgh_ \gmlj_gg__ dhgkljmbjh\Zgb_<ihemqZ_l
ijbylgu_ hsms_gby\gmlj_ggyy dbg_kl_lbdZDb ]h\hjbl kZfhfm k_[_qlh
ihjZ gZqbgZlv \gmlj_ggbc ^bZeh]:?keb [u\u ohl_ebfhlb\bjh\Zlv wlh]h
q_eh\_dZlh \ufh]eb [ukdZaZlv _fmqlhlh \jh^_Ihkfhljb gZwlm jZ[hlm
ih^mfZc hlhfdZd ohjhrhlu [m^_rvk_[y qm\kl\h\Zlvdh]^Z __aZ\_jrbrvb
ihkemrZcg_ ihjZeb l_[_gZqZlvIhegZy kljZl_]by\u]ey^bl lZd<<D
:<Zf ke_^h\Zeh [ubf_lv kh\_jr_ggh^jm]hc ih^oh^d q_eh\_dmdhlhjuc
kfhljbl gZjZ[hlm <b kijZrb\Z_lkZfh]h k_[y:: qlhkemqblky_keb
y g_aZ\_jrm __"Hg dhgkljmbjm_l\hafh`gu_ ihke_^kl\by<b qm\kl\m_l
k_[y iehohDHg g_ ohq_lbf_lv wlbohsms_gbc b wlbo ihke_^kl\bcb
ihwlhfm gZqbgZ_lI_j\uc q_eh\_d klj_fblky d ohjhrbf hsms_gbyf<lhjhc
ba[_]Z_l g_ijbylguo qm\kl\<u fh]eb [ufhlb\bjh\Zlv i_j\h]hjbkmy _fm
kh[eZagbl_evgh_ [m^ms__Z ^jm]h]hm]jh`Zy _fmj_ij_kkZebyfb
Mqbl_eyff_g_^`_jZflj_g_jZf ijboh^blkyfhlb\bjh\Zlv ex^_clZd qlh
agZgb_ kljZl_]bc \_kvfZihe_aghM dZ`^h]h_klv k\hykljZl_]by kh\_jr_gby
ihdmidbb ohjhrbcijh^Z\_p g_ [m^_l dZ`^hfmij_^eZ]Zlv h^bgb lhl `_
jZa]h\hjH^gb ex^b ohlylkgZqZeZ m\b^_lvijh^mdlh[km^blv _]hk kZfbf
kh[hc ^hl_o ihjihdZ hgbg_ ihqm\kl\mxlqlh ohlylijbh[j_klb _]h>jm]b_
fh]ml ij_^ihq_klvihkemrZlv hg_fihqm\kl\h\Zlvqlh wlhg_iehoZy b^_yb
m\b^_lv kZfbok_[ybkihevamxsbo wlhlijh^mdl_s_ ^h_]h ihdmidbOhjhrbc
ijh^Z\_p baf_gy_l k\hc
ih^ oh^
khh[jZagh h[klhyl_evkl\Zf_keb hg
^_ckl\bl_evgh ohq_lm^h\e_l\hjblv k\hboihdmiZl_e_c
Mqbl_ex \Z`ghihgbfZlv jZaebqgu_kljZl_]bb h[mq_gby^_l_c bj_Z]bjh\Zlv
gZ gboH^gbf ^_lyfg_h[oh^bfh kgZqZeZ ihkemrZlvmqbl_eyZ aZl_fkha^Zlv
\gmlj_ggb_ dZjlbgdbqlh[u ihgylv b^_x>jm]b_ fh]ml \gZqZe_ij_^ihq_klv
\bamZevgu_ j_ij_a_glZpbbDZjlbgdZ fh`_lklhblv lukyqbkeh\gh \hfgh]hf
aZ\bkbl hllh]hdlh kfhljblgZ g__G_dhlhjuf mq_gbdZfemqr_ kemrZlvlukyqm
keh\ dZ`^uc^_gvMqbl_evdhlhjuc gZklZb\Z_lgZ lhfqlh kms_kl\m_llhevdh
h^bg ijZ\bevguckihkh[ h[mq_gbyaZ[em`^Z_lkyml\_j`^Zyqlh dZ`^uc^he`_g
bkihevah\Zlv _]hkh[kl\_ggmx kljZl_]bxWlh kha^Z_l ljm^ghklb ^ey l_o
mq_gbdh\dhlhju_ g_jZa^_eyxl __
KljZ^Zxsb_ [_kkhggbp_cfh]eb [ugZmqblvky kljZl_]bb aZkuiZgbyHgb
fh]eb [ugZqZlv klh]hqlh[u h[jZlblv\gbfZgb_ gZjZkkeZ[e_ggh_ hsms_gb_
l_eZ D]h\hjy k_[_ f_^e_gguf\yeuf ]hehkhf :h lhfdZd bf
dhfnhjlghBo kms_kl\mxsZykljZl_]by fh`_l\dexqZlv m^_e_gb_\gbfZgby \k_f
g_dhfnhjlguf hsms_gbyf\ k\h_fl_e_ k\ukemrb\Zgb_f ]jhfdh]h\ha[m`^_ggh]h
\gmlj_gg_]h ]hehkZ]h\hjys_]h bf hlhfdZdh_ wlhljm^gh_ aZgylb_aZkgmlv
>h[Z\vl_ _s_j_adb_ ^\b`_gbyyjdb_ bp\_lgu_ dZjlbgdbb \u ihemqbl_
ij_\hkoh^gmx kljZl_]bxlh]hdZd hklZ\Zlvky[h^juf dZd jZaijhlb\hiheh`gh_
lhfmq_]h \uohlbl_
KljZl_]bb kha^Zxl j_amevlZlu>_ckl\bl_evgh eb wlh l_j_amevlZlu
dhlhju_ \u ohlbl_ihemqblv"Ijbreb eb\u dlhfmd q_fmkh[bjZebkv ijbclb"
Ex[Zy kljZl_]byih^h[gh ih_a^m^\b`_lky kljh]hih jZkibkZgbxh^gZdh_keb
\u k_eb g_gZ lhlih_a^lh \uijb_^_l_ g_lm^Zdm^Z ohl_ebG_ i_gycl_gZ
ih_a^hg g_\bgh\Zl
FMAUD:EVG:Y KLJ:L?=BY
AZf_qZl_evguc ijbf_j j_ZebaZpbb g_dhlhjuo bawlbo b^_c ihemq_g \
bkke_^h\Zgbb\uiheg_gghf h^gbfba Z\lhjh\ b dZkZxs_fky l_o kihkh[h\
dhlhjufb lZeZgleb\u_fmaudZglu aZihfbgZxl fmaudmg_dhlhju_ bagbo fh]ml
aZihfgblv fmaudZevgh_ ijhba\_^_gb_ \k_]h
ebrv ihke_ h^gh]h beb ^\mo
ijhkemrb\ZgbcKlm^_glh\ ijhkbeb ijhoehiZlv bebijhi_lv dhjhldb_ dmkdb
fmaudZevguo
ijhba\_^_gbc b aZl_f \uy\eyeb kljZl_]bb
iml_f aZ^Z\Zgby
\hijhkh\gZ[ex^_gby aZ
]eZagufb
kb]gZeZfb ^hklmiZ
b nbdkbjh\Zgby
ij_^bdZlh\
;hevrbgkl\h mki_rguoklm^_glh\ ijhy\eyebg_kdhevdh ihoh`boiZll_jgh\M
gbo kbkl_fZlbq_kdb\uy\eyebkv ki_pbnbq_kdb_ihauiheh`_gb_ ]eZab ^uoZgb_
qZklh \h\j_fy kemrZgby ]heh\ZgZdehgyeZkv \klhjhgm b \a]ey^mklj_feyeky
\gbaHgb gZkljZb\Zebk\h_ l_ehgZ fmaudm< lh \j_fydZd hgb kemrZeb
fmaudmm gbo\hagbdZeh h[s__ hsms_gb_^ey ^Zgghcfmaudb DWlh qZklh
hibku\Zehkv dZd gZkljh_gb_beb \i_qZle_gb_hl iv_kuWlh hsms_gb_
ij_^klZ\eyeh iv_km\ p_ehfb bohlghr_gb_ dg_c
Ke_^mxsbf rZ]hf[ueh nhjfbjh\Zgb_ g_dhlhjhc \bamZevghcj_ij_a_glZpbb
fmaudb;hevrbgkl\h klm^_glh\
\bamZebabjh\Zeb qlhlh
\jh^_ ]jZnbdZ
\_jlbdZevgZy hkv dhlhjh]h hljZ`ZeZ ih^t_f b kgb`_gb_ \ukhlu lhgZZ
]hjbahglZevgZy hkvij_^klZ\eyeZ ^ebl_evghklv\h \j_f_gb<
Q_f [he__ ^ebgghc b ljm^ghc [ueZ
iv_kZl_f [hevr_
klm^_glh\
jmdh\h^kl\h\Zehkv wlbfh[jZahfH[jZa \k_]^Z[ue yjdbfq_ldbfj_adbf b
jZkiheh`_gguf
gZ m^h[ghf
^ey ql_gby jZkklhygbbG_dhlhju_
klm^_glu
\bamZebabjh\Zeb ghlguc klZg kghlZfbih^h[gh iZjlblmj_gh wlh [ueh
g_kms_kl\_gguf
Hsms_gb_a\md b dZjlbgdZkljhbebkv \f_kl_ijb i_j\hf ijhkemrb\Zgbb
Hsms_gb_
^Z\Zeh h[sbc dhgl_dkl
^ey
^_lZevgh]h h[jZaZIhke_^mxsb_
ijhkemrb\Zgby bkihevah\Zebkv^ey lh]hqlh[u aZnbdkbjh\Zlvl_ qZklbf_eh^bb
dhlhju_ _s_hklZebkv g_hij_^_e_ggufbQ_f ljm^g__f_eh^byl_f [he__g_`gufb
^ey aZihfbgZgby [ueb wlbhsms_gby bh[jZauKlm^_glu _s_jZa ijhkemrb\Zeb
\gmljb k_[yf_eh^bx kjZamihke_ lh]hdZd hgZij_djZsZeZ a\mqZlv\ __
i_j\hgZqZevghc lhgZevghklbb qZklhkh agZqbl_evgh[hevr_c kdhjhklvxihoh`_c
gZ kdhjhklvi_j_fhldb gZ\b^_hfZ]gblhnhg_ :
<k_ klm^_glu kgh\Z ijhkemrb\Zeb
f_eh^bxqZklh \ __ gZqZevghc
fh^Zevghklb :gZi_\Zy beb ijhoehiu\Zy __Hgb lZd`_ ijhkfZljb\Zeb
\gmlj_ggxx dZjlbgdm b khojZgyebhsms_gb_ f_eh^bbWlh ^Z\Zehljb kihkh[Z
aZihfbgZgby b\hkijhba\_^_gby iv_kuHgb jZa[b\ZebfmaudZevgh_ ijhba\_^_gb_
ijb g_h[oh^bfhklbgZ g_kdhevdhdmkdh\ bhlf_qZeb ih\lhjyxsb_kyiZll_jgu dZd
\ \ukhl_lhgZlZd b \jblf_Hgb aZihfbgZebf_eh^bx \bamZevgh^Z`_ ihke_
h^gh]h ijhkemrb\Zgby
DZaZehkv [uaZihfbgZgb_ fmaudb
^he`gh ih^dexqZlv bkdexqbl_evgh
Zm^bZevgmx iZfylvgh ^Zggh_ bkke_^h\Zgb_ihdZaZehqlh wlhkbg_kl_aby
ijhkemrb\Zgb_ dZjlbgdb hsms_gby fmaudbHgb kemrZxl
f_eh^bxkha^Zxl
hsms_gb_ ^ey ij_^klZ\e_gbyiv_ku \p_ehf bbkihevamxl lhqlh hgbkeurZl b
hsmsZxl^ey nhjfbjh\ZgbydZjlbgdb ^Zggh]hfmaudZevgh]h ijhba\_^_gby
Hkgh\gZy kljZl_]by
\u]ey^bl lZd:D<$WlZ kljZl_]by
beexkljbjm_l g_dhlhju_h[sb_ fhf_gluhlghkbl_evgh wnn_dlb\gh]haZihfbgZgby b
h[mq_gbyQ_f [hevr_j_ij_a_glZpbc fZl_jbZeZ\u bf__l_l_f [hevr_m \Zk
\_jhylghklv aZihfgblv _]hQ_f [he__ihegh \ubkihevam_l_ k\hxg_\jheh]bx
l_f gZ^_`g__ aZihfbgZgb_Emqrb_ klm^_glu h[eZ^Zxl lZd`_ kihkh[ghklvx
k\h[h^gh i_j_dexqZlvky ba h^ghcj_ij_a_glZlb\ghc kbkl_fu\ ^jm]mxbgh]^Z
dhgp_gljbjmykv gZ hsms_gbyobgh]^Z gZ dZjlbgdZo\ aZ\bkbfhklbhl lh]h
dZdh]h jh^Zfmaudm hgbkemrZxl<k_ klm^_glu\_jyl \k\hb kihkh[ghklbMki_o
fh`gh [ueh[u gZa\Zlvkmffhc nbabheh]bb\_ju b]b[dhklb
Ij_`^_ q_fhklZ\blv fmaudZevgu_ kljZl_]bbijb\_^_f hqZjh\Zl_evgmx
\u^_j`dm baibkvfZ <hevn]Zg]Z:fZ^_y FhpZjlZh lhfdZd hgkhqbgye
<k_ wlhaZ`b]Z_l fhx ^mrmb_keb lhevdhy g_jZkkljh_gfhy l_fZ
jZkrbjy_lkyklZgh\blky mihjy^hq_gghcb hij_^_e_gghcb \kyp_ebdhf^Z`_
_keb ^ebggZy\klZ_l ihqlbaZ\_jr_gghc baZdhgq_gghc \gmljb f_gylZd qlhy
fh]m kha_jpZlv __ dZdqm^_kgmx dZjlbgm bebij_djZkgmx klZlmx< k\h_f
\hh[jZ`_gbb yg_ keurmihke_^h\Zl_evguo qZkl_cgh ykeurm bodZd [u \k_
kjZamY g_fh]m \ujZablvdZdh_ wlhgZkeZ`^_gb_
Ba ibkvfZ FhpZjlZgZibkZggh]h \]h^mpblbjm_lky ih?Ohefk
@bagv FhpZjlZ\dexqZy _]hi_j_ibkdmQwifwg bOhee]
KLJ:L?=BB A:IHFBG:GBY
OhjhrZy eb m\Zk iZfylv"Wlh obljuc \hijhkihlhfm qlhiZfylv wlh
ghfbgZebaZpby\u g_fh`_l_ m\b^_lvmkeurZlv beb ihljh]Zlv __Ijhp_kk
aZihfbgZgby \_kvfZ\Z`gZy \_svGhfbgZebaZpby wlh^_ckl\byaZfhjh`_ggu_ \h
\j_f_gbIZfylv klZlbqgZ\u g_fh`_l_ \ebylvgZ g__Emqr_ ih^mfZcl_
dZd \uaZihfbgZ_l_ bdZd \ufh`_l_ memqrblvwlhl ijhp_kk
DZdh\Z \ZrZ kljZl_]byaZihfbgZgby"DZd [u \uaZihfgb eb ke_^mxsmx
ihke_^h\Zl_evghklv"B ij_^klZ\vl_gZ f]gh\_gb_qlh ^ey \Zkhq_gv \Z`gh__
aZihfgblv
>BX?>EK
<Zf ^Z_lkyljb^pZlv k_dmg^<j_fy \ureh
AZdjhcl_ kljZgbpm]em[hdh \a^hogbl_b aZibrbl_ihke_^h\Zl_evghklvGm
dZd \u kijZ\bebkv"G_aZ\bkbfh hl \Zr_]h mki_oZ[he__ \Z`guf y\ey_lky
\hijhkqlh \u^_eZeb"
>\_gZ^pZlv agZdh\ ij_\urZxl kihkh[ghklv
gZr_]h fha]Z khagZl_evgh
khojZgylv hl^_evgu__^bgbpu bgnhjfZpbb<u gm`^Z_l_kv \kljZl_]bbqlh[u
h[t_^bgblv bo\f_kl_ \f_gvr__ dhebq_kl\h[ehdh\]hlh\uo ^eyaZihfbgZgby
<u fh]eb ih\lhjylv
wlm ihke_^h\Zl_evghklv kgh\Z b kgh\Zqlh[u
h[jZah\Zlv Zm^bhaZibkv :WlZ aZibkv^eblky hq_gvdhjhldh_ \j_fy<u
fh]eb ijh]h\Zjb\Zlv__ jblfbq_kdb<u fh]ebaZibku\Zlv __gZ ebkld_D<u
fh]eb \gbfZl_evghihkfhlj_lv gZg__ b aZl_fkgh\Z m\b^_lv__ \gmljbk_[y
<gZijZ\eyy ]eZaZ\\_jo b \e_\h<hafh`gh\u bkihevah\Zebp\_lZ beb
^jm]b_
km[fh^Zevghklbqlh[u
h[e_]qblv
aZihfbgZgb_ k\h_c \gmlj_gg_c
dZjlbgdb
DZjlbgdb
khojZgyxlky
\ ^he]h\j_f_gghc
iZfylbZm^bh
aZibkb \
djZldh\j_f_gghc iZfylb?keb \uijh\_^_l_ wlhll_kl k d_fgb[m^v ba k\hbo
agZdhfuolh\_jhylgh\ug_ aZ^Z\Zy\hijhkh\kfh`_l_ kdZaZlvdZdmx
kljZl_]bx hg bkihevam_l <ukfh]eb [um\b^_lv ]m[ur_\_eysb_ky [_aa\mqgh
beb gZ[ex^Zlv ]eZaZkdZgbjmxsb_ wlm ihke_^h\Zl_evghklvkgh\Z bkgh\Z
<hafh`ghhg meu[g_lkykljhy dZdb_lh kf_rgu_k\yab
H^gZ ihe_agZy \_sv khklhbl \ lhfqlh[u ijb^Zlv wlhc kemqZcghc
ihke_^h\Zl_evghklb g_dhlhjuc kfukeGZijbf_jhgZ fh]eZ[u ij_\jZlblvky\
ke_^mxs__>bdbc Ch] gZkhj_\gh\Zgbyo Xgbhjh\e_lkt_e ?ev>ebghc f_ljZ aZK_dmg^mIhljZlvl_ ihefbgmluijb^Z\Zy wlhfmg_dhlhjuc kfukewlh
ohjhrbc kihkh[aZihfbgZgbyOhjhrbc ihlhfmqlh hgkh hl\_lkl\m_llhfmdZd
fha] jZ[hlZ_l \ ^_ckl\bl_evghklb?keb \ukha^Z^bl_ \gmlj_ggxx dZjlbgdm
lh]hdZd >bdbc Ch] gZkhj_\gh\Zgbyo bl^lh\_jhylgh\u hdZ`_l_kv
g_kihkh[gufb aZ[ulvwlm ihke_^h\Zl_evghklv^h kZfh]hdhgpZ wlh]hiZjZ]jZnZ
dZd [u\u gbklZjZebkv
Jh[_jl >belkjZkkdZau\Z_l bklhjbxh[ h^ghc`_gsbg_dhlhjZy hibku\ZeZ
k\hx
kljZl_]bx \h \j_fy ^_fhgkljZpbbIhke_^h\Zl_evghklv [ueZ lZdZy
:K;HgZ jZ[hlZeZ dhdhf gZdhjZ[e_<hi_j\uohgZ kdZaZeZqlh
ihke_^h\Zl_evghklv gZqbgZ_lkyk i_j\hc[md\u ZenZ\blZ>Ze__ b^_l\hajZkl
dh]^Z hgZklZeZ r_nih\Zjhf>Zevr_ Wlh hagZqZ_lqlh hgZgZ iylvfbgml
hiha^ZeZ d aZ\ljZdmQbkeh [ueh ljm^guf^ey aZihfbgZgbylZd qlhhgZ
jZkdjZkbeZ _]h jZaebqgufbp\_lZfb \h\gmlj_gg_c dZjlbgd_K [ueZ kZfhc
kh[hclZd qlhhgZ k^_eZeZ __[hevrhcB ihke_^gyy [md\Z; [ueZ\lhjhc
[md\hc ZenZ\blZl_f kZfuf hgZhdZaZeZkv k\yaZgghck [md\hc: \ gZqZe_
ihke_^h\Zl_evghklb
L_i_jvaZdjhcl_ dgb]m b\uibrbl_ ihke_^h\Zl_evghklv[md\ bpbnjG?
aZ[m^vl_ lmdhlhjZy [ueZ[hevr_ ^jm]bo
<_jhylgh\u ohjhrhkijZ\bebkvB \u^Z`_ g_klZjZebkvJZa \u fh`_l_
aZihfgblv wlhg_ klZjZykvlh qlh`_ \ukfh`_l_ k^_eZlv_keb ihklZjZ_l_kv"
AgZqbl_evgh f_gvr_KlZjZgb_ jZkoh^m_l fukebl_evgmx wg_j]bxdjhf_
lh]hklZjZgb_ ij_^iheZ]Z_lljm^ghklv aZ^Zqbb \hafh`gucijh\ZeQ_f kbevg__
\u klZjZ_l_kvl_f
ljm^g__ wlh klZgh\blkyKZfb mkbebydhlhju_ \u
ij_^ijbgbfZ_l_klZgh\ylky [Zjv_jhfOhjhrZy wnn_dlb\gZykljZl_]by h[e_]qZ_l
h[mq_gb_G_m^ZqgZy kljZl_]by^_eZ_l _]hljm^guf
Mf_gb_ mqblvkyy\ey_lky gZb[he__ \Z`ghckihkh[ghklvx \h[jZah\Zgbbb
_c g_h[oh^bfhh[mqZlvKbkl_fZ h[jZah\Zgbykhkj_^hlhq_gZ ]eZ\gufh[jZahf gZ
lhfqlh ij_ih^Z\ZlvgZ mq_[ghfieZd_b mimkdZ_lba \b^Zijhp_kk h[mq_gby
Wlh bf__l^\Z ihke_^kl\by<hi_j\uofgh]b_ mqZsb_kyk ljm^hfba\e_dZxl ba
mq_[gh]h ijhp_kkZbgnhjfZpbx<h\lhjuo_keb ^Z`_hgb qlhlh \umqbebwlh
bf__l g_[hevrh_agZq_gb_ihlhfm qlhwlb k\_^_gby\uj\Zgu badhgl_dklZ
;_a kljZl_]bb h[mq_gby mqZsb_kyfh]ml ij_\jZlblvky \bgnhjfZpbhgguo
ihim]Z_\\k_]^Z aZ\bkbfuohl ^jm]bo \ \hijhk_ihemq_gby bgnhjfZpbbhgb
fh]ml ojZgblv bgnhjfZpbxgh h[mqZlvky g_ kihkh[guH[mq_gb_ \dexqZ_l
aZihfbgZgb_ bihgbfZgb_lh _klv ihf_s_gb_bgnhjfZpbb \dhgl_dkl ^eylh]h
qlh[u ijb^Zlv _c agZq_gb_kfukeKhkj_^hlhq_gghklv gZ g_m^Zq_ beb__
ihke_^kl\byo \^Zevg_cr_f jZajmrZ_lijhp_kk h[m\ZgbyM dZ`^h]h^he`gh [ulv
ijZ\h gZ g_m^ZqmOhjhrb_ mq_gbdb lh`_^_eZxl hrb[dbb bkihevamxlbo dZd
h[jZlgmx k\yav^ey lh]hqlh[u baf_gblvlhqlh hgb^_eZxlHgb ^_j`Zlk\hx
p_ev \]heh\_ bkhojZgyxl j_kmjkgh_khklhygb_
Hlf_ldb bhp_gdb g_hdZau\Zxl \ebygb_gZ kljZl_]bbdhlhjufb ihevamxlky
mq_gbdbHgb \jy^eb y\eyxlky km`^_gbyfbh[ mki_rghklbh[mq_gby b kem`Zl
lhevdh ^ey lh]hqlh[u mklZgh\blv b_jZjobx mki_\Z_fhklbMq_gbdb fh]ml
klZjZlvky kbevg_ck lhc`_ g_wnn_dlb\ghckljZl_]b_c?keb `_\k_o mqZsboky
gZmqblv jy^m mki_rguokljZl_]bclh agZqbl_evgu_ jZaebqby\ mki_\Z_fhklb
f_`^m gbfbijhiZ^mlH[mq_gb_ wnn_dlb\gufkljZl_]byf memqrblj_amevlZlu \k_o
klm^_glh\;_a wlh]h h[jZah\Zgb_nmgdpbhgbjm_l dZd kihkh[ b_jZjobq_kdhc
deZkkbnbdZpbb ex^_cHgh khojZgy_lklZlmkd\hf_lbl \hedh\ b [ZjZgh\b
hl^_ey_l h^gbohl ^jm]boG_jZ\_gkl\h mkbeb\Z_lky
H[mq_gb_ \dexqZ_l\ k_[ymklZgh\e_gb_ jZiihjlZijbkh_^bg_gb_ b\_^_gb_
mq_gbdZ d emqrbfkljZl_]byf bebimlyf bkihevah\Zgbyk\h_]h l_eZb fha]Z^ey
hkfuke_gby bgnhjfZpbb?keb mq_gbdbihl_ji_eb g_m^Zqmb ijh^he`Zxll_ji_lv
g_m^Zqmlh\_jhylghhgb k^_eZebh[h[s_gb_ hlmki_\Z_fhklb d kihkh[ghklb
d m[_`^_gbx b ^mfZxlqlh hgbg_ fh]ml kijZ\blvkyk aZ^Zq_cAZl_f wlh
ij_\jZsZ_lky \kZfh hijZ\^u\Zxs__ijhjhq_kl\h
Fgh]b_ rdhevgu_ij_^f_lu aZydhj_gugZ kdmdmb lhkdmblZdbf h[jZahf
klZgh\ylky ljm^gufbIhq_fm h[jZah\Zgb_qZklh hdZau\Z_lkyklhev [he_ag_gguf
b ih]ehsZxsbf\j_fy";hevrZy qZklvkh^_j`Zgby ihegh]hh[jZah\Zgby fh]eZ[u
[ulv \umq_gZ f_g__ q_faZ iheh\bgm lh]h\j_f_gbdhlhjh_ ljZlyl^_lb \
rdhe__keb [uhgb [uebfhlb\bjh\Zgu bbf_eb ohjhrb_kljZl_]bb h[mq_gby
<k_ gZrb fukebl_evgu_ ijhp_kku\dexqZxl kljZl_]bbb fu qZklh g_
hkhagZ_fdZdb_ kljZl_]bb fubkihevam_fFgh]b_ ex^b ihevamxlkyebrv fZeuf
dhebq_kl\hf kljZl_]bc\h \k_okemqZyo `bagb
KLJ:L?=BY =J:FHLGH=HIBKVF: KI?EEBG=
Ki_eebg] wlh\Z`gh_ mf_gb_Z fgh]b_ ex^bgZoh^yl _]h ljm^guf<Zk
o\Zeyl aZ l\hjq_kdh_ khqbg_gb_Z g_aZ l\hjq_kdbcki_eebg]Jh[_jl >belk
bkke_^h\Ze ijhp_kkdhlhjucbkihevamxl ]jZfhlgu_ex^bb hj]Zgbah\Ze _]h\
ijhklmx wnn_dlb\gmxkljZl_]bx
=jZfhlgu_ ex^bihqlb \k_]^Zbkihevamxl h^gm b lm`_ kljZl_]bxb \u
fh]eb [uijh\_jblv ___keb kZfbibr_l_ ]jZfhlghbeb agZ_l_dh]hgb[m^vdlh
ibr_l ]jZfhlgh=jZfhlguc q_eh\_dkfhljbl \\_jobeb ijyfhi_j_^ kh[hcdh]^Z
ijhbaghkbl keh\h ih[md\Zf\ wlh\j_fy hg\bamZebabjm_l keh\h baZl_f
kfhljbl \gbaqlh[u ijh\_jblvk\hb hsms_gby
Ex^bibrmsb_ g_]jZfhlghq_klgh iulZxlky^_eZlv lh`_ kZfh_hibjZykv
gZ a\mqZgb_Wlh g_klhev wnn_dlb\ghKi_eebg] \dexqZ_l\ k_[y gZibkZgb_
keh\Z k\bamZevghc j_ij_a_glZpb_c_]h gZ[mfZ]_Hq_\b^guc rZ]aZdexqZ_lky \
i_j\hgZqZevghc \gmlj_gg_c\bamZevghc j_ij_a_glZpbb:g]ebckdb_ \ijhq_fdZd
b jmkkdb_keh\Z g_ih^qbgyxlky ijhkluf ijZ\beZf gZibkZgbydh]^Z a\md
khhl\_lkl\m_l [md\_
=jZfhlgu_ ex^b]h\hjylqlh \gmlj_ggbc h[jZa keh\Zk\yaZg m gbok
hsms_gb_fqlh wlhkeh\h bfagZdhfhDhjj_dlhjudhlhjuo ijhn_kkbyh[yau\Z_l
[ulv ]jZfhlgufbkfhljyl gZ kljZgbpml_dklZ b ]h\hjylqlh g_ijZ\bevgh
gZibkZggu_ keh\Zijyfh [jhkZxlky\ ]eZaZ
?keb
\u ohlbl_ klZlv
]jZfhlguf
beb m`_
lZdh\uf y\ey_l_kv b
aZbgl_j_kh\Zgu \ijh\_jd_ wlh]hlh gb`_ijb\h^ylky rZ]bkljZl_]bb
Ih^mfZcl_ h q_fgb[m^vqlh \uhsmsZ_l_ dZdagZdhfh_ bijbylgh_
Dh]^Z m\Zk \hagbdg_lwlh hsms_gb_\ l_q_gb_g_ kdhevdbok_dmg^ ihkfhljbl_
gZ keh\hk dhlhjuf\u kh[bjZ_l_kvjZ[hlZlvWlh fh`_l [ulvihe_aguf ^ey
lh]hqlh[u ihf_klblvkeh\h \\_jog_c e_\hc\bamZevghc h[eZklb
>Ze__ hl\_^bl_\a]ey^ hl keh\Z b ihkfhljbl_ \\_jo b \e_\h b
\kihfgbl_ lhqlh \u fh`_l_ba ijZ\bevgh]h gZibkZgbykeh\ZHlf_lvl_
ijhimkdb _keb _klvb kgh\Z ihkfhljbl_gZ keh\hjZkkfhljbl_ l_[md\u
dhlhju_ \oh^yl\ ijhimkdbb ih\lhjycl_ ijhp_kk ^hl_o ihjihdZ \ug_
kfh`_l_ m\b^_lv\gmlj_ggbf aj_gb_fkeh\h p_ebdhf
Ihkfhljbl_ \\_jo gZk\hc \gmlj_ggbch[jZa baZl_f gZibrbl_lhqlh
\u \b^bl_Ijh\_jvl_ ijZ\bevghklv?keb aZf_lbl_hrb[dm\_jgbl_kv drZ]m kgh\Z jZkkfhljbl_keh\h bk^_eZcl_ h[jZaq_ldbf \k\h_c ]heh\_
Ihkfhljbl_ \\_jogZ \gmlj_ggbch[jZa bijhbag_kbl_ keh\hih [md\Zf\
h[jZlghf ihjy^d_Wlh [m^_lih^l\_j`^_gb_f lh]hqlh h[jZa y\ey_lkyq_ldbf
Wlh hq_gvljm^gh k^_eZlv_keb ijhbaghkblvkeh\h \gmljbk_[y
Kms_kl\m_l g_kdhevdhihe_aguo b^_cdhlhju_ fh]ml\Zf ihfhqvijb jZ[hl_
k hkgh\ghckljZl_]b_c
ZBkihevamcl_ km[fh^Zevghklbqlh[u k^_eZlv k\hc h[ jZa gZb[he__
hlq_leb\uf baZihfbgZxsbfkyIh^mfZcl_ h dZdhcgb[m^v kblmZpbbdhlhjZy
^_ckl\bl_evgh \Zfohjhrh aZihfgbeZkv=^_ \u\b^bl_ __\gmlj_ggbc h[jZa"
DZdh\u km[fh^Zevghklb"Ihf_klbl_ keh\hk dhlhjuf \u jZ[hlZ_l_\ lh`_
kZfh_ f_klhb ijb^Zcl__fm l_`_ kZfu_km[fh^Zevghklb
[Fh`_l hdZaZlvkyihe_aguf jZkdjZkblvkeh\h \k\hc ex[bfucp\_l
\Fh`_l lZd`_[ulv ihe_agufihf_klblv _]hgZ agZdhfhfnhg_
]<u^_ebl_ km[fh^Zevghklyfb l_ qZklb keh\Zdhlhju_ dZ`mlky\Zf
ljm^gufbK^_eZcl_ bo[hevr_ ihjZaf_jmijb[ebav l_beb \u^_ebl_p\_lhf
^?keb keh\hhdZaZehkv ^ebggufjZa[_cl_ _]hgZ qZklb ihljb beb
q_luj_ [md\u\ dZ`^hcK^_eZcl_ [md\u^hklZlhqgh fZe_gvdbfblZdqlh[u \u
e_]dh kfh]ebm\b^_lv keh\h p_ebdhfgh ^hklZlhqgh[hevrbfbqlh[u qblZlvbo
[_a gZijy`_gbyG_ h]jZgbqb\Zcl_k_[y<u fh`_l_jbkh\Zlv [md\u\ \ha^mo_\
lh \j_fydZd \ukfhljbl_ gZgbobeb_keb \udbg_kl_lbqgujbkmcl_ bom
k_[y gZjmd_kljhy dZjlbgdmb ijbwlhf hibjZykvgZ k\hbhsms_gby
WlZ kljZl_]by[ueZ ijh\_j_gZ\ mgb\_jkbl_l_FhgdlhgZ Gvx;jZgk\bd \
DZgZ^_G_dhlhjh_ dhebq_kl\hex^_c kj_^g_c ]jZfhlghklb [uebjZa[blu gZ
q_luj_ ]jmiiu;ue ijh\_^_gl_kl ihki_eebg]m kbkihevah\Zgb_f [_kkfuke_gguo
keh\dhlhjuo klm^_glu gbdh]^ZjZg__ g_\b^_ebI_j\hc ]jmii_:ihdZaZeb
keh\Z b kdZaZeb \bamZebabjh\Zlv bo ke_\Z\\_jom<lhjhc ]jmii_ ;lh`_
ihijhkbeb \bamZebabjh\Zlvkeh\Zgh g_ kdZaZeb]^_ bf_gghLj_lv_c ]jmii_
<ijhklh kdZaZeb\umqblv wlbkeh\Z ex[uf kihkh[hfdZdbf hgb ih`_eZxl
Q_l\_jlhc ]jmii_=[ueh j_dhf_g^h\Zgh \bamZebabjh\Zlvkeh\Z]ey^y \ijZ\h
\gba
Bgl_j_kgu
j_amevlZlu
l_klbjh\Zgby=jmiiZ
: ihdZaZeZ memqr_gb_
j_amevlZlh\ ki_eebg]Z gZih kjZ\g_gbx k i_j\hgZqZevgufb=jmiiZ ;
ihdZaZeZ memqr_gb_gZ J_amevlZlu ]jmiiu < hklZebkvijbf_jgh l_fb`_
kZfufbdZd bke_^h\Zeh h`b^Zlvhgb g_baf_gbeb k\hxkljZl_]bxJ_amevlZlu
]jmiiu = gZ kZfhf ^_e_ mom^rbebkv gZ ihlhfm qlh hgb iulZebkv
\bamZebabjh\ZlvjZkiheZ]Zy ]eZaZ \lhc ihabpbb\ dhlhjhc k^_eZlv wlh
qj_a\uqZcgh ljm^gh
Ohjhrbc ki_eebg]wlh kihkh[ghklv?keb \u [m^_l_ ke_^h\Zlv^Zgghc
kljZl_]bblh \ukfh`_l_ gZibkZlv]jZfhlgh ex[h_keh\hAZihfbgZgb_ gZbamklv
kibkdZ keh\\_jhylghihfh`_l \ZfibkZlv ijZ\bevghwlb keh\Zgh g_k^_eZ_l
\Zk ]jZfhlgufAZihfbgZgb_ gZbamklvg_ kha^Z_lkihkh[ghklb
WlZ kljZl_]byki_eebg]Z k mki_ohf ijbf_gbeZkv \ jZ[hl_k ^_lvfb
dhlhju_ [uebihf_q_gu keh\hf^bke_dkbyQZklh lZdb_^_lb ijhklhhdZau\Zxlky
[he__ Zm^bZevgufb beb dbg_kl_lbqgufbq_f ^jm]b_M^b\bl_evghihq_fm
nhg_lbq_kdbc ih^oh^d ]jZfhlghfmibkvfm ^hkbo ihjij_ih^Z_lky \rdhe_
KLJ:L?=BY L<HJQ?KL<:
Jh[_jl >belkkha^Ze fh^_evkljZl_]bbdhlhjmx bkihevah\ZeMhel >bkg_c
m^b\bl_evgh l\hjq_kdbcb mki_rgucq_eh\_djZ[hlu dhlhjh]hijh^he`Zxl ^Zjblv
jZ^hklv [_kqbke_gghfmdhebq_kl\m ex^_cih\kx^m \fbj_Hg fh] [u klZlv
ij_djZkguf [bag_k dhgkmevlZglhfihlhfm qlh bkihevah\Zeh[smx kljZl_]bx
l\hjq_kl\ZdhlhjZy fh`_l[ulv ijbf_g_gZ^ey ex[h]hlbiZ ijh[e_f
KgZqZeZ hgkha^Z\Ze f_qlmbeb ij_^klZ\e_gb_ h nbevf_ \p_ehfHg
hp_gb\Ze hsms_gby dZ`^h]h ^_ckl\mxs_]h \ nbevfZ ebpZ\hh[jZ`ZydZd
\u]ey^bl bklhjby]eZaZfb wlh]hi_jkhgZ`Z?keb nbevf[ue fmevlbiebdZpbhgguc
hg ihjmqZeZgbfZlhjZf jbkh\Zlvi_jkhgZ`b kihabpbb wlbohsms_gbc
AZl_f hgkfhlj_e gZk\hc ieZgj_ZebklbqghHg hp_gb\Ze ^_gv]b\j_fy
j_kmjku b kh[bjZe\kx g_h[oh^bfmx bgnhjfZpbxqlh[u m[_^blvkyqlh nbevf
fh`_l [ulvmki_rgh kgylqlh f_qlZfh`_l klZlvj_Zevghklvx
Dh]^Z ij_^klZ\e_gb_h nbevf_ [uehm`_ khklZ\e_ghhg \klZ\ZegZ ^jm]mx
ihabpbx bkfhlj_e gZg_]h klhqdb aj_gbydjblbq_kdb gZkljh_ggh]hajbl_eyHg
kijZrb\Ze kZfh]hk_[y
Wlh bgl_j_kgh"Wlh jZa\e_dZl_evgh"<klj_qZ_lky eb]^_gb[m^v kmohkl_c
dZd [ukbevgh ygb [ueijb\yaZg dwlhfm i_jkhgZ`m"
>bkg_c bkihevah\Ze ljb
jZaebqguo ihabpbbF_qlZl_eyJ_ZebklZ b
DjblbdZJZ[hlZ\rb_ kgbf ex^bagZeb h[wlbo lj_o ihabpbyogh gbdh]^Zg_
agZeb aZjZg__\ dZdhc ba lj_o hgihy\blky gZ \klj_q_Hg\_jhylgh
mjZ\gh\_rb\Ze kh\_sZgb_^h[Z\eyy
lm
ihabpbxdhlhjZy [ueZ
iehoh
ij_^klZ\e_gZ
<hl kljZl_]bydhlhjmx \ufh`_l_ bkihevah\ZlvnhjfZevgh
<u[_jbl_ ijh]jZffmdhlhjhc \ukh[bjZ_l_kv aZgylvkyhgZ fh`_l [ulv
gZklhevdh ljm^ghcgZkdhevdh \uohlbl_G_ ^mfZcl_ihdZ hg_cIh^[_jbl_ ljb
f_klZ i_j_^kh[hc\ dhlhju_\u fh`_l_\klmiblvH^gh ^ey\Zr_]h F_qlZl_ey
h^gh ^eyDjblbdZ bh^gh ^ey\Zr_]h J_ZebklZ
Ih^mfZcl_ hlhf \j_f_gbdh]^Z \ugZ kZfhf ^_e_ [ueb dj_Zlb\gu
dh]^Z \Zr F_qlZl_ev ^_ckl\bl_evgh kha^Ze g_qlh l\hjq_kdh_<hc^bl_ \
jZkiheh`_ggmx i_j_^ \Zfb ihabpbx F_qlZl_ey bi_j_`b\bl_ lh \j_fy<u
aZdj_ibeb k\hbj_kmjku bkljZl_]bx F_qlZl_eygZ wlhff_kl_
?keb \Zf ljm^gh gZclb ^hklmid dj_Zlb\ghfmj_n_j_glghfm hiulmlh
gZc^bl_ f_lZnhjm^ey lhcijh[e_fudhlhjZy ihfh]eZ [u\Zf fukeblvdj_Zlb\gh
Beb `_ \u fh`_l_ kfh^_ebjh\Zlv lh]h q_eh\_dZdhlhjh]h \u agZ_l_dZd
dj_Zlb\gh]h f_qlZl_eyIj_`^_ q_f \ha\jZsZlvky d ijhp_kkmihc^bl_ b
kijhkbl_ _]hdZd hg\\h^bl k_[y\ lZdh_ khklhygb_<hafh`gh\Zf [m^_l
g_h[oh^bfh jZa[blvijh[e_fm gZ [he__mijZ\ey_fu_ dmkdbG_ iulZcl_kv^mfZlv
j_Zebklbqghwlh [m^_l iha`_G_ j_^Zdlbjmcl_ b g_hp_gb\Zcl_<u ^Z`_
fh`_l_ hl\e_qv k\h_
khagZgb_ ijhkemrb\Zgb_f
fmaudb beb
\uiheg_gb_f
dZdb_gb[m^v nbabq_kdbo ^_ckl\bcDh]^Z \u gZf_qlZebkv\keZklv\uc^bl_
h[jZlgh \f_lZ ihabpbx
Ih^mfZcl_ h lhf \j_f_gbdh]^Z \u [ueb ij_^mkfhljbl_evgu b
j_Zebklbqgu hlghkbl_evghg_dhlhjh]h ieZgZ\Zr_]h bebqv_]hlh _s_Lh \j_fy
dh]^Z \u ijb\h^beb dZdhcgb[m^v ieZg \ ^_ckl\b_ baysgufb wnn_dlb\guf
kihkh[hf?keb m \Zk\hagbdeb ljm^ghklbih^mfZcl_ hq_eh\_d_dhlhjh]h \u
kfh]eb [ufh^_ebjh\ZlvEb[h kijhkbl_qlh hg^mfZ_l hlghkbl_evghijb\_^_gby
ieZgZ \^_ckl\b_eb[h ijbdbgvl_kv bf?keb [uy [ue ;dZd [uy ijb\h^be
ieZg \^_ckl\b_">_ckl\mcl_ lZddZd [m^lh\u b_klv ;
Dh]^Z \u[m^_l_ ]hlh\ui_j_c^bl_ \ ihabpbxJ_ZebklZ gZwlhf f_kl_\u
aZydhjbeb k\hb j_kmjkub khklhygb_j_ZebklZDh]^Z \uaZdhgqbl_ i_j_`b\Zlv
k\hc hiulj_ZebklZ\_jgbl_kv \f_lZ ihabpbx
GZdhg_php_gdZDjblbd<kihfgbl_ lh \j_fydh]^Z \udjblbdh\Zeb
dZdhcgb[m^v ieZgdhgkljmdlb\guf kihkh[hf\b^_eb dZdkeZ[hklvlZd bkbem
\uy\eyeb ijh[e_fuWlh fh] [ulv h^bg ba\Zrbo kh[kl\_gguoijh_dlh\ beb
ijh_dl dhee_]bHiylv `__keb wlh ljm^ghfh^_ebjmcl_ ba\_klgh]h \Zf
ohjhr_]h djblbdZDh]^Z m\Zk [m^_l j_n_j_glguc hiuli_j_c^bl_ gZlj_lv_
f_klhhij_^_e_ggh_ \Zfbb i_j_`b\bl_hiulDh]^Z aZdhgqbl_\uc^bl_
Lhqlh \uk^_eZebwlh ydhj_gb_F_qlZl_eyDjblbdZ bJ_ZebklZ \ lj_o
jZaebqguo f_klZo<u fh`_l_bkihevah\Zlv ljbf_klZ \k\h_f jZ[hq_fdZ[bg_l_
beb ^Z`_ljb hl^_evgu_ dhfgZlu<hafh`gh\u h[gZjm`bl_qlh i_j_oh^\ h^gm
ihabpbx hdZau\Z_lky^ey \Zk[he__ e_]dbfq_f i_j_oh^\ ^jm]b_<u fh]eb[u
k^_eZlv g_dhlhju_aZdexq_gby hlghkbl_evghl_o ieZgh\dhlhju_ \uj_Zebam_l_
DZ`^Zy ba wlboihabpbc kZfZih k_[_ nZdlbq_kdby\ey_lky kljZl_]b_c>ZggZy
kljZl_]by l\hjq_kl\Zy\ey_lky kmi_jkljZl_]b_c\dexqZxs_c \ k_[yljb hl
^_evgu_ kljZl_]bb
<havfbl_ ijh[e_fmbeb j_amevlZlk dhlhjuf \uohlbl_ ihjZ[hlZlv
<klZgvl_ gZf_klh F_qlZl_eyb ^Zcl_ k\h[h^m k\hbffukeyfF_qlZl_ev g_
h[yaZg [ulv
J_ZebklhfF_qlu h[uqgh ij_^klZ\e_gu
dZjlbgdZfbb \Zr
f_qlZl_ev\_jhylghbkihevam_l \bamZevgh kdhgkljmbjh\Zggu_ ij_^klZ\e_gby
G_[h wlh h]jZgbq_gb_G_ iha\heycl_j_Zevghklb ^Z\blv gZ\Zrb fukebF_]Z
Fha]h\hc rlmjfQlh [u\u k^_eZeb_keb [ulhqgh g_fh]eb ihl_ji_lvg_m^Zqm"
F_qlZl_ey fh`gh [ueh [u \ujZablvh^ghc njZahcBgl_j_kghqlh [m^_l
_kebDh]^Z \u aZ dhgqbl_\_jgbl_kv \ f_lZihabpbxQlh [u\Zf gb
]h\hjbeb \ rdhe_f_qlZgb_ fh`_l [ulv ihe_agufdj_Zlb\guf bijbylguf
\j_fyij_ijh\h`^_gb_f
<hc^bl_ \ihabpbx J_ZebklZb ih^mfZcl_h ieZg_h dhlhjhf\u lhevdh
qlh f_qlZebMihjy^hqvl_ k\hbb^_bDZd bofh`gh j_Zebah\ZlvgZ ijZdlbd_"
Qlh ke_^m_lbaf_gblvqlh[u k^_eZlvbo [he__j_Zebklbqgufb"Dh]^Z \u[m^_l_
m^h\e_l\hj_gu hl\_lhfgZ wlb\hijhku\_jgbl_kv kgh\Z\ f_lZihabpbxNjZaZ
^ey j_ZebklZDZd yfh]m wlh j_Zebah\Zlv"<Zr J_Zebkl ihij_bfms_kl\m
dbg_kl_lbdq_eh\_d ^_ckl\by
>Ze__\hc^bl_ \ihabpbx DjblbdZ b ijh\_jvl_b hp_gbl_k\hc ieZg
Fh`_l [ulvqlhlh mims_gh"?keb wlhlieZg lj_[m_lkhljm^gbq_kl\Z k^jm]bfb
ex^vfblh qlhhgb gZc^ml\ g_f ^eyk_[y"Qlh \u kZfb ihemqbl_ ba_]h
j_ZebaZpbb"Wlh bgl_j_kgh"DZdh\u g_h`b^Zggu_ j_amevlZlub dhfi_gkZpby"
Djblbd kijZrb\Z_lQlh mims_gh"Qlh wlh fg_ ^Zkl"HdZau\Z_lkyDjblbd
[he__ hi_jbjm_l\gmlj_ggbf ^bZeh]hf
Kgh\Z \hc^bl_ \ ihabpbx F_qlZl_ey b\g_kbl_ \ieZg l\hjq_kdb_
baf_g_gbymqblu\Zy lhq_fm \ugZmqbebkv mdjblbdZ bj_ZebklZIjh^he`Zcl_
i_j_oh^blv ba ihabpbb\ ihabpbx ^h l_o ihjihdZ \ZrieZg g_ [m^_l
dhg]jmwglgh mkljZb\ZlvdZ`^h]h bagbo< dZ`^hcihabpbb m\Zk [m^mlk\hb
hlebqZxsb_ky hl^jm]bo nbabheh]byb g_\jheh]byihwlhfm m[_^bl_kv\ lhfqlh
j_amevlZl g_baf_gy_lky hlh^ghc ihabpbbd ^jm]hc
Qlh[u m[_^blvkyqlh djblbdZ
y\ey_lky [he__ dhgkljmdlb\ghcq_f
^_kljmdlb\ghcihfgbl_qlh Djblbdg_ [he__ j_Zebklbq_gq_f F_qlZl_evWlh
ijhklh
^jm]hc
kihkh[
jZafure_gby h \hafh`ghklyoDjblbd g_ ^he`_g
djblbdh\Zlv
F_qlZl_ey beb
J_ZebklZDjblbd ^he`_g djblbdh\Zlv ieZg
G_dhlhju_ ex^bgZqbgZxl djblbdh\Zlv k_[y bbkiulu\Zlv g_ijbylgu_hsms_gby
\f_klh
lh]hqlh[u bkihevah\Zlv djblbdm dZd ihe_agmx h[jZlgmx k\yav
hlghkbl_evgh k\h_]hieZgZBgh]^Z Djblbdihy\ey_lky kebrdhf jZghb jZaghkbl
\ imob ijZof_qlm
G_dhlhju_ ex^bbkihevamxl wlm kljZl_]bx _kl_kl\_ggufh[jZahfM gbo
_klv ki_pbZevgZydhfgZlZ bebf_klh]^_ hgb^mfZxl dj_Zlb\ghydhjv ^eybo
f_qlZgbcKms_kl\m_l ^jm]h_f_klh ^eyijZdlbq_kdh]h ieZgbjh\Zgbyb _klv_s_
f_klh ^ey hp_gb\ZgbydjblbdbDh]^Z wlbljb kihkh[Zfure_gby q_ldh jZa
^_e_gu \ ijhkljZgkl\_dZ`^uc fh`_l ^_eZlvlhqlh m g_]h ihemqZ_lky
gZbemqrbf h[jZahf[_a ihf_oEbrv \lhf kemqZ_dh]^Z hdhgqZl_evgZyb^_y
gZqbgZ_l jZ[hlZlvgZ dZ`^hf f_kl_ \hl^_evghklbhgb ]hlh\ud ^_ckl\bx<
dhgp_
wlh]h ijhp_kkZ\u ihemqbl_ ieZgdhlhjuc g_ [m^_l \klj_qZlv
khijhlb\e_gby<hijhk m`_[m^_l g_ \lhf[m^m eb y^_eZlv wlhHg [m^_l
a\mqZlv ih^jm]hfmY ^he`_gwlh k^_eZlvQlh [uy fh]_s_ k^_eZlv"
KGH<: HFH>?EBJH<:GBB
?keb fu hl\e_q_fky hl kljZl_]bbb \gh\v h[jZlbfky djZkkfhlj_gbx
jZaebqguo Zki_dlh\fh^_ebjh\Zgbylh klhblh[jZlblv \gbfZgb_gZ lhlfhf_gl
dhlhjuc [_kihdhblg_dhlhjuo ex^_c
< gZr_cdmevlmj_ [ulm_lkljZggZy b^_y h lhfqlh lhqgh_bkke_^h\Zgb_
lh]hqlh fu ^_eZ_f[m^_l f_rZlv gZf ^_eZlv wlh ohjhrhdZd [m^lh
g_hkhagZ\Zgb_ y\ey_lky ij_^ihkuedhc kh\_jr_gkl\ZIhdZ \u aZgbfZ_l_kv
j_r_gb_f
g_dhlhjhc
aZ^Zqb\Zr_
khagZl_evgh_
\gbfZgb_dhg_qgh
khkj_^hlhq_gh gZ\uiheg_gbb wlhcaZ^Zqb<h^bl_ev Z\lhfh[beyg_ khagZ_l\k_
^_lZeb lh]hqlh hg ^_eZ_ldh]^Z \_^_l fZrbgmZ fmaudZgl g_ ke_^bl
\gbfZl_evgh aZdZ`^hc ghlhcdhlhjmx hg b]jZ_lL_f g_f_g__dZ`^uc bagbo
kfh`_l h[tykgblv\Zf ihhdhgqZgbbqlh dhgdj_lghhg ^_eZe
H^gh jZaebqb_ f_`^m dhfi_l_glgufbkihegbl_e_f bfZkl_jhf \ex[hf ^_e_
aZdexqZ_lky \ lhfqlh fZkl_j fh`_l fuke_ggh \_jgmlvky gZaZ^b lhqgh
h[tykgblv \Zfqlh hg k^_eZe b dZd hg wlh k^_eZeFZkl_j h[eZ^Z_l
g_hkhagZgghc dhfi_l_glghklvx b kihkh[ghklvx k^_eZlv wlm dhfi_l_glghklv
y\ghcWlh bkdmkkl\hb gZau\Zxlf_lZ hkhagZgb_f
F_lZ hkhagZgb_^Z_l \Zf\hafh`ghklv hkhagZlvdZd bf_ggh\u \uihegy_l_
qlhlhiha\hey_l \Zfi_j_^Z\Zlv wlh mf_gb_^jm]bfDjhf_ lh]hhij_^_eb\
jZaebqb_ f_`^m l_fqlh \u^_eZ_l_ ohjhrhdh]^Z ^_ehb^_l ohjhrhb l_f
qlh \u ^_eZ_l_dh]^Z ^_eh b^_liehoh\u fh`_l_ m\_ebqblv \_jhylghklv
kh\_jr_ggh]h bkiheg_gbyhibjZykv gZbf_xsbcky m\Zk hiul
Bkke_^h\Zgb_ ijhp_kkZfh^_ebjh\Zgby ih^gbfZ_llZd `_\hijhk hlhfdh]h
ke_^m_l fh^_ebjh\Zlv<k_ aZ\bkbl hl lh]h j_amevlZlZd dhlhjhfm \u
klj_fbl_kvKgZqZeZ \Zfg_h[oh^bfh hij_^_eblvl_ mf_gbyagZgby bdZq_kl\Z
\ ijbh[j_l_gbb
dhlhjuo \u gZb[he__ aZbgl_j_kh\ZguAZl_f \u
fh`_l_
ihkfhlj_lvdlh [m^_lkem`blv \Zfemqr_c jhe_\hcfh^_evx
Ke_^mxsbc \hijhk dZd \u [m^_l_ \uihegylvfh^_ebjh\Zgb_Kms_kl\m_l
p_euc ki_dlj \hafh`ghkl_cdhlhjuc gZqbgZ_lky
k [_kkhagZl_evgh]h
b
g_nhjfZevgh]h fh^_ebjh\Zgby\iehlv ^hkZfuo mlhgq_gguo bkke_^h\Zgbcb
dhgqZ_lky kljZl_]byfb fh^_ebjh\Zgbyih^h[gufb l_fdhlhju_ bkihevah\Ze
Jh[_jl >belk\ k\h_f g_^Z\g_fijh_dl_ fh^_ebjh\Zgby^ey dhfiZgbb),$7ih
bkdmkkl\m eb^_jkl\ZIjhkl_crbc bg_nhjfZevguc kihkh[ \dexq_gby ijhp_kkZ
fh^_ebjh\Zgby \ k\h_ jZa\blb_aZdexqZ_lky \ lhfqlh[u ba[jZlvjhe_\mx
fh^_ev kj_^b l_o ex^_cdhlhjufb \u \hkobsZ_l_kv b dhlhjuo m\Z`Z_l_
:e_dkZg^j <_ebdbcfh^_ebjh\Ze k_[yih h[jZame_]_g^Zjgh]h \hbgZ:obee_kZZ
LhfZk J_fibk bf_e\_jhylgh[he__ \ukhdb_Zf[bpbbdh]^Z ibkZeBfblZpbx
OjbklZ< [he__ [ebadb_\j_f_gZ KljZ\bgkdbcfgh]h_ aZbfkl\h\Ze mFhpZjlZ
aZy\b\qlh hgbf__l gZwlh ijZ\hihlhfm qlhhq_gv ex[bl _]hfmaudmJwc
QZjeva fh^_ebjh\ZeIZl Dbg]DhmeZh[tykgyyqlh hg^urZe Dhmehf_e _]h
ibe _]h bhsmsZe _]h \dmk^_gv bghqv^h l_oihjihdZ g_ hldjuek\h_
kh[kl\_ggh_ hkh[_ggh_gZijZ\e_gb_ \fmaud_
LZdbf h[jZahf\^uoZy\dmk b aZiZo\Zr_c fh^_eb ih dgb]Zfbeb ih
l_e_nbevfZf\u [m^_l_ ihemqZlv^hklmi dl_f wfhpbhgZevguf khklhygbyf b
fukebl_evguf ijhp_kkZfdhlhju_ bkihevah\Zefh^_ebjm_fuc \Zfbq_eh\_d?keb
\u k_cqZk kb^bl_ijh\_^bl_ g_[hevrhc wdki_jbf_gl;hevrbgkl\h ex^_c
ijh]h\Zjb\Z_l ijhk_[y \h\j_fy ql_gbyl_hgb ]h\hjylkeh\Z \kemo\ k\h_c
]heh\_dh]^Z boijhqblu\ZxlH[jZlbl_ \gbfZgb_gZ lhqlh ijhbahc^_l_keb
\u ijyfh k_cqZk\_jg_l_kv dgZqZem wlh]h iZjZ]jZnZ biha\hebl_ ]hehkm\
\Zr_c ]heh\_ ij_\jZlblvky \]hehk lh]hq_eh\_dZdhlhjuf \u^_ckl\bl_evgh
\hkobsZ_l_kv>ey fgh]boex^_c h^gh ebrv baf_g_gb_\gmlj_gg_]h ]hehkZgZ
]hehk fh^_eb^Z_l bf^hklmi dgh\uf j_kmjkZf
QZklh ex^b\iZ^Zxl \fbklbdm hlghkbl_evghfh^_ebjh\Zgby^mfZyqlh hgb
g_ kfh]ml aZgbfZlvkyfh^_ebjh\Zgb_f ^hl_o ihjihdZ g_ gZmqZlkywlhfm dZd
ke_^m_lGh ex[hcdlh ohlvg_fgh]h bgl_j_km_lkyex^vfbg_ fh`_lg_ ^_eZlv
wlh]h<u m`_wlh ^_eZ_l_
H]ey^u\Zykv gZ \j_f_gZ ^_kylbe_lg_c
^Z\ghklbdh]^Z
y
\i_j\u_
klhedgmeky k GEIy ihgbfZxqlh [hevr_c qZklvxlh]h ihe_agh]hq_fm y
gZmqbekyy h[yaZgg_nhjfZevghfm fh^_ebjh\Zgbx
GZijbf_jy g_^Z\gh[ue mk\hbo ^jma_cb \i_j\u_h[gZjm`beqlh ohaycdZ
^hfZ ibr_l jhfZglbq_kdb_bklhjbbHgZ g_ex[beZ h[wlhf jZkkdZau\Zlvgh aZ
iheqZkZ [_k_^uy magZeg_dhlhju_ kljZl_]bb gZibkZgbybklhjbcdhlhju_ ^Zeb
fg_ lhqlh y^Z\gh bkdZeDhjhldh ]h\hjyhgZ l\hjq_kdbbkihevah\ZeZ fbgmlu
nZglZabc ^eykh[bjZgby fZl_jbZeZ ^eybklhjbc b [ukljhaZibku\ZeZ dexq_\u_
njZau \aZibkgmx dgb`dmdhlhjmx \k_]^ZghkbeZ kkh[hcHgb gZihfbgZeb _c
kh^_j`Zgb_ wlbonZglZabc \ke_^mxsbc jZadh]^Z hgZ kgh\ZkZ^beZkv ibkZlv
HgZ ex[beZwlb fbgmlu ^g_\guonZglZabclZdbf h[jZahf\ gbo[ueZ \kljh_gZ
kljZl_]by fhlb\ZpbbWe_]Zglgh
<u fh`_l_[ulv [he__bahsj_ggufb \ fh^_ebjh\Zgbb_keb m`_hij_^_ebeb
l_ dhgdj_lgu_ mf_gbydhlhjuf ohlbl_ gZmqblvky<kihfgbl_ ljb hkgh\guo
we_f_glZ ex[h]h ih\_^_gbym[_`^_gbynbabheh]by b kljZl_]bbGZijbf_j
qlh[u gZibkZlvwlm dgb]mfg_ g_h[oh^bfh[ueh [ulvm\_j_gguf \lhfqlh y
kfh]m wlhk^_eZlv bqlh wlbfklhbl aZgbfZlvkyFg_ g_h[oh^bfh[ueh bf_lv
gZ[hj kljZl_]bcihke_^h\Zl_evghkl_c h[jZah\a\mdh\ bhsms_gbck ihfhsvx
dhlhjuo ykfh]m jZajZ[hlZlvkh^_j`Zgb_b fg_ g_h[oh^bfh [uehqm\kl\h\Zlv
k_[y ijbylghjZkkeZ[e_gguf \lh \j_fydZd ykb`m biha\heyx k\hbfiZevpZf
bkihegylv aZfukeh\Zlu_lZgpu gZ^deZ\bZlmjhc fh_]hdhfivxl_jZ
?keb [u \uaZohl_eb h[h]Zlblvwlm fbgbfZevgmx fh^_ev\u\_jhylgh
m\b^_eb [u f_gy \ ^_ckl\bbbeb\hafh`ghy ^he`_g[ue [u kdZaZlv
GZ[ex^Zcl_ f_gy \^_ckl\bbihkdhevdm [hevrZyqZklv ijhp_kkZ ijhl_dZ_l
ih^khagZl_evghihdZ y aZgbfZxkv ^jm]bfb\_sZfb<hafh`gh\u aZohlbl_
aZ^Zlv fg_fgh`_kl\h \hijhkh\gZijbf_jlZdb_
< dZdbodhgl_dklZo \uh[uqgh bkihevam_l_wlh mf_gb_"
DZdb_ p_ebjmdh\h^yl \Zrbfb^_ckl\byfb \ijbf_g_gbb wlbomf_gbc"
Qlh \ubkihevam_l_ \dZq_kl\_ ih^l\_j`^_gby^Zxs_]h \Zfihgylvqlh \u
^hklb]Z_l_ wlbop_e_c"
Qlh bf_ggh\u ^_eZ_l_qlh[u ihemqblvwlb j_amevlZlu"
< q_faZdexqZxlky dhgdj_lgu_rZ]b b^_ckl\by"
Dh]^Z \uhdZau\Z_l_kv \aZljm^g_gbbqlh \u ^_eZ_l_qlh[u \uclbba
wlh]h aZljm^g_gby"
Wlb \hijhkukem`Zl ^ey \uy\e_gbyrZ]h\ fh^_eb 727(7HVW2SHUDWH
7HVW([LWL_kl Hi_jZpby L_kl <uoh^hibkZgghc \]eZ\_ Fh^_ev
dhlhjmx \ukljhbl_ij_^klZ\ey_l kh[hckbkl_fm j_dmjkb\gh \kljh_gguo^jm] \
^jm]Z 727(fh^_e_c bebijhs_ ]h\hjymf_gbc \gmljbmf_gbcdhlhju_ih^h[gh
fZlj_rdZf\klZ\e_gu h^gh\ ^jm]h_
Hl\_qZy gZwlb \hijhku\u fh`_l_gZqZlv kljhblv fh^_evlh]hqlh y
^_eZx \gmljbfh_c g_j\ghc kbkl_fuQlh[u magZlvdZdhc \hijhk aZ^Zlv
ke_^mxsbf\u ijhdjmqb\Z_l_ wlmfh^_ev \ k\h_cg_j\ghc kbkl_f_qlh[u
ihgylvqlh m`_jZ[hlZ_lZ qlh_s_ mims_ghWlh hq_gvihoh`_ gZlhl kemqZc
dh]^Z dlhgb[m^v ij_^eZ]Z_l\Zf jy^gZijZ\e_gbc b\u ijh[m_l_ i_j_^\b]Zlvky
\^hev dZ`^h]hba gbo\ k\h_f \hh[jZ`_gbbqlh[u m\b^_lvdZdh_ bagbo bf__l
kfuke
Kms_kl\m_l ]hjZa^h [hevr_ mf_gbcdhlhju_ fh]ml [ulv ih^\_j]gmlu
fh^_ebjh\Zgbxq_f fh`gh hibkZlva^_kv beb \h h[s_gZmqblvky ihdgb]Zf
GZijbf_j\Zf g_h[oh^bfhmf_gb_ \oh^blv\h \lhjmxihabpbxqlh[u ijh[blv
kl_gm khagZgbyQlh wlhaZ kl_gZ khagZgby"< ijhkl_cr_fkemqZ_dh]^Z
lZeZgleb\u_ ex^biulZxlky h[tykgblvbeb gZmqblv^jm]bo lhfmqlh hgb^_eZxl
hgb
h[gZjm`b\Zxlqlh
fgh]b_
bo
mf_gby
hdZau\Zxlky
kh\_jr_ggh
g_hkhagZ\Z_fufbDZd [m^lh e_kZ khagZl_evgh]h ijhp_kkZ
gZmq_gby [ueb
kehfZguhklZehkv lhevdh]hlh\h_ a^Zgb_ mf_gby bg_ \b^ghgbdZdbo ke_^h\
lh]hdZd wlha^Zgb_ [uehihkljh_gh
GZ ^jm]hf dhgp_ki_dljZijhlb\hiheh`ghf g_nhjfZevghfmfh^_ebjh\Zgbx
gZoh^blky
iheghp_gguc \ukhdhdZq_kl\_gguc ijhp_kk fh^_ebjh\Zgbyh[uqgh
j_Zebam_fuc \fbj_ [bag_kZHg ih^jZamf_\Z_l\eZ^_gb_ ihegufgZ[hjhf mf_gbc
fh^_ebjh\ZgbyLbibqgZy ihke_^h\Zl_evghklv^_ckl\bc fh`_l[ulv ke_^mxsZy
Ij_^\Zjbl_evgu_ bgl_j\vxk ij_^klZ\bl_eyfb hj]ZgbaZpbbk l_fqlh[u
hij_^_eblvdZdhc gZ[hjmf_gbc y\ey_lkygZb[he__ p_gguf^ey fh^_ebjh\Zgby
dlh y\ey_lkygZbemqrbf ghkbl_e_fdZ`^h]h mf_gby bkdhevdh q_eh\_dih^e_`bl
h[mq_gbxH[uqgh \ hj]ZgbaZpbb gZoh^yl lj_oemqrbo bkihegbl_e_cdhlhju_
gZoh^ylky \ dhgljZkl_ k lj_fy
^jm]bfb
ihkj_^kl\_ggufb bkihegbl_eyfb
dhgljhevguc gZ[hjdhlhju_ g_h[oh^bfu ^eylh]hqlh[u \uy\blvdjblbq_kdb_
hlebqby< dhgp_ml\_j`^Z_lky ieZg^_ckl\bc
Ijh\_^bl_ ihdjZcg_c f_j_iZjm ^g_ck ij_^klZ\bl_eyfbdZ`^hc jhe_\hc
fh^_ebgZ[ex^Zy bo\ ^_ckl\bb\ jZaebqguodhgl_dklZoAZibrbl_ bo^_ckl\by
b hijhkbl_dZ`^mx fh^_evqlh[u \kdjulvm[_`^_gbykljZl_]bbkhklhygby
f_lZijh]jZffu bl^Hijhkbl_ bodhee_]Ih\lhjbl_ lh`_ kZfh_k dhgljhevghc
]jmiihc fh^_e_cAZqZklmx ihke_^gbf g_]h\hjyl h lhfqlh hgb y\eyxlky
dhgljhevghc ]jmiihc
KhklZ\vl_ y\gh_hibkZgb_ lh]hqlhih \Zr_fmfg_gbxm \Zkm`_ _klv
b qlh _s_ mims_ghWlhl wlZi qZklh \uihegy_lky \f_kl_k ihfhsgbdhf
DhgljZklguc ZgZeba\uy\ey_l lmjZagbpmdhlhjZy hlebqZ_lemqrbo bkihegbl_e_c
hl dhgljhevghc]jmiiu
GZ wlhf wlZi_\Zf ijb^_lky\_jgmlvky gZaZ^qlh[u ih^l\_j^blv l_
iZll_jgudhlhju_ih \Zr_fmfg_gbx\u h[gZjm`bebb bkke_^h\Zlv[j_rb k
[hevr_c lsZl_evghklvx baZ^Z\Zy [hevr__ dhebq_kl\h\hijhkh\<hafh`gh\Zf
ihgZ^h[blky ih\lhjblvwlh g_kdhevdhjZa
AZibrbl_
iheguc
hlq_l\dexqZxsbc
djZldbc
i_j\hgZqZevguc
f_lh^heh]bx by\gh_ hibkZgb_fh^_ebWlh hibkZgb_ ^he`gh ho\Zlu\Zlv \k_
mjh\gbgZqbgZy kb^_glbqghklbm[_`^_gbckihkh[ghkl_c bdhgqZy dhgdj_lgufb
\g_rgbfb b\gmlj_ggbfb ijhy\e_gbyfbih\_^_gby
JZajZ[hlZcl_ ijh]jZffm lj_gbg]Zkh\f_klgh k lj_g_jZfb ba wlhc
hj]ZgbaZpbbqlh[u
gZmqblv
bo i_j_^Z\Zlv
\uy\e_ggu_ mf_gby ^jm]bf
ij_^klZ\bl_eyf hj]ZgbaZpbbIjh\_^b l_ lj_gbg] b bkihevamcl_ ihemq_ggmx
h[jZlgmx k\yav^ey lh]hqlh[u hldhjj_dlbjh\Zlv ijh]jZffmGZmqbl_ lj_g_jh\
ijh\h^blv lZdhclj_gbg]<uoh^
RZ]b k ih aZcfml ijbf_jgh ^g_c jZ[hlub ijbf_jghklhevdh `_
\j_f_gb ijboh^blkygZ rZ]LZdh]h jh^Zlj_gbg]h\Zy ijh]jZffZhdZau\Z_lky
\_kvfZ wnn_dlb\ghc\ l_o hj]ZgbaZpbyo\ dhlhjuo h^gmb lm `_ ^he`ghklv
aZgbfZxl g_kdhevdh ex^_cFh^_ebjh\Zgb_ [_aihke_^mxs_]h lj_gbg]Z lZd `_
gZqbgZ_l ijbf_gylvky\ :g]ebb^ey jZajZ[hldbwnn_dlb\gh]h ih^[hjZex^_c ^ey
\uiheg_gby ki_pbnbq_kdbo jZ[hlDjmigu_ hj]ZgbaZpbb gZqbgZxl hp_gb\Zlv
ihevam ijbdeZ^gh]hfh^_ebjh\Zgby
JZg__ [uehij_^klZ\e_gh djZldh_ \\_^_gb_\ fh^_ebjh\Zgb_< gZklhys__
\j_fy fu \eZ^__f lhgdbfb l_ogheh]byfbfh^_ebjh\Zgbydhlhju_ [_jmlk\h_
gZqZeh
\ jZ[hlZo
ih
fh^_ebjh\Zgbx yaudZ\uiheg_gguo \ ihke_^gb_
^_kylbe_lby
Dh]^Z JbqZj^ihijhkbe >`hgZ ihfhqv_fm hkhagZlvk\hb ]_rlZevliZll_jgu
>`hg ih^hr_e d wlhfmlZd `_dZd dbamq_gbx gh\h]hyaudZ:[kmj^gh bamqZlv
yaudgZ dhlhjhf\u g_ ]h\hjbl_>`hg ^he`_g[ue hk\hblviZll_jgu ^hlh]h
dZd hgkfh] [u bobamqblvWlh iheghklvx ijhlb\hiheh`gh ljZ^bpbhgghfm
h[mq_gbxdhlhjh_ kgZqZeZjZkdeZ^u\Z_l \k_gZ dmkhqdbij_`^_ q_fkh[jZlv bo
\k_ \f_kl_
Mkdhj_ggh_ h[mq_gb_wlh h[mq_gb_^_eZlv qlhlh bebrv ihlhfh[mq_gb_
lhfmdZd \uwlh ^_eZ_l_<u g_ bkke_^m_l_ gZ\ud ^hl_o ihjihdZ hgg_
klZgh\blky mklhcqb\uf b ihklhyggufb ijhba\hevgh ^hklmiguf \ZfLhevdh
lh]^Z hg klZg_l^h klZlhqghklhcdbfqlh[u \u^_j`ZlvijbklZevguc \a]ey^
khagZl_evgh]h jZamfZ
Wlhl imlv\ dhjg_hlebqZ_lky hllh]h kihkh[Zh[mq_gby \ q_luj_wlZiZ
dhlhjuc [uehibkZg \i_j\hc ]eZ\_b dhlhjucgZqbgZeky g_hkhagZggufg_agZgb_f
b aZdZgqb\Zekyg_hkhagZgguf agZgb_fGZqbgZlv k bglmblb\gh]hb aZdZgqb\Zlv
ZgZebahf \hlhkgh\Z fh^_ebjh\Zgbyb mkdhj_ggh]hh[mq_gby<u fh`_l_aZ h^bg
rZ] ijbclbijyfh dg_hkhagZgghfm agZgbxFu aZ\_jrbebpbdegZqZluc \]eZ\_
GEI [_j_lk\h_ gZqZeh\ bglmbpbbih^h[gh lhfmdZd fubamqZ_f jh^ghc
yaud>_lb _kl_kl\_ggufh[jZahf bkihevamxlfh^_ebjh\Zgb_ dZdhkgh\ghc kihkh[
gZmq_gby< wlhf h^gZba ijbqbg lh]hihq_fm hgb mqZlkylZd [ukljh b
y\eyxlky klhev ih^Zleb\ufb h[t_dlZfbh[mq_gbyHgb dhibjmxl ih\_^_gb_
kihkh[u
fure_gby b
m[_`^_gby k\hbo jh^bl_e_c b ^jma_c [_a \kydh]h
khagZl_evgh]h ZgZebaZFu \k_ mqbf yaudfh^_ebjmy \ajhkeuo\hdjm] gZk
dhibjmy bog_ihkj_^kl\_gghEbrv dh]^Zfu fh`_f]h\hjblv ieZ\ghb mklhcqb\h
fu gZqbgZ_fZgZebabjh\Zlv kljmdlmjmyaudZGZmq_gb_ yaudmwlh ij_\hkoh^gZy
fh^_ev lh]hdZdbf fh`_l[ulv h[mq_gb_Gbdlh a^_kvg_ l_jibl g_m^ZqmFu
\k_ ^_eZ_fwlh g_\_jhylgh[ukljhGbdlh ijbwlhf g_ijbdeZ^u\Z_l klZjZgb_
<u g_fh`_l_ gZmqblvj_[_gdZ ]h\hjblvh[mqZy _]h ]jZffZlbq_kdbfijb_fZf
?keb fuijbf_f wlhl ih^oh^lh l_kqZkleb\qbdbdhlhjuo fu\k_lZdb gZmqbf
]h\hjblv[m^ml ^_eZlvwlh \lZdhc g__kl_kl\_gghcfZg_j_qlh gbdlhg_
aZohq_l bokemrZlv
KljmdlmjZ hiulZkebrdhf keh`gZ^ey khagZl_evgh]h jZamfZ<Zf ke_^m_l
gZqbgZlv kbglmbpbb<ay\ \dZq_kl\_ hlijZ\ghclhqdb h[mq_gb_ fZkl_jkl\m\
p_ehf\u fh`_l_ aZl_f ijh\_klb ZgZeba \iehlv ^h km[fh^Zevghkl_c^h
f_evqZcrbo dbjibqbdh\gZrbo fuke_c
Lhqlh himklbehkv ^h ^_lZe_c^he`gh kgh\Zih^gylvky d p_ehfm
Ijh\_^_gguc \ZfbZgZeba ]ZjZglbjm_lqlh \ug_ ih^gbf_l_kvh[jZlgh gZlhl `_
mjh\_gv]^_ [ueb ij_`^_<u \kieu\_l_\ lhqd_[hevr_]h ihgbfZgbyWlhl
gh\uc ih^t_f\ g_dhlhjhfkfuke_ y\ey_lky\ha\jZs_gb_f ddhjgyf bmagZ\Zgb_f
wlh]h f_klZaZgh\hWlZ gh\ZylhqdZ ^Z_lhkgh\Zgb_ ^eyp_eh]h gh\h]hgZ[hjZ
bglmbpbbdhlhju_ kgh\Zfh]ml [ulvjZaeh`_gu \gba^h ^_lZe_cb lZd^Ze__
<u mqbl_kv gZdZ`^hf lZdhf rZ]_ijh\_jyy ]jZgbpudZ`^h]h hldjulby
Ijh[my dZ`^mx b^_xbeb l_ogbdm gZ am[gZ dZ`^hcih^oh^ys_c ijh[e_f_\u
\kdhj_ h[gZjm`bl___ bklbggmx p_gghklv b__ h]jZgbq_gbyEbrv ^_ckl\my\
ij_^iheh`_gbbqlh hgZ
jZ[hlZ_l\u
h[gZjm`bl_jZ[hlZ_l eb hgZ \
^_ckl\bl_evghklbbeb g_lb ]^_]jZgbpu __ijbf_gbfhklb
KgZqZeZ f_lZfh^_ev ijhreZq_j_a wlhl ijhp_kkAZl_f j_ij_a_glZlb\gu_
kbkl_fuihlhf ]eZagu_kb]gZeu ^hklmiZihlhf km[fh^ZevghklbB lZd^Ze__
DZ`^uc dmkhd ijh^\b]Zeky^h k\hbo ]jZgbpb ihlhfgh\uc dmkhdaZgbfZe _]h
f_klhIhklhyggZy
mljZlZ
jZ\gh\_kbyg_baf_ggh
khijh\h`^ZxsZyky
\hkklZgh\e_gb_f [ZeZgkZ
P_gghklv GEI aZdexqZ_lky \l_o gZ\udZodhlhju_ \u ijbh[j_lZ_l_
jZajZ[Zlu\Zy wlb ijhp_kkuDhjgb GEIe_`Zl \kbkl_fZlbq_kdbo iZll_jgZogZ
dhlhju_ hibjZ_lky ih\_^_gb_<u ^_eZ_l_ \k_qlh m]h^gh\ ij_^_eZo
^himklbfuo wlbq_kdboghjfqlh[u ^hklbqvj_amevlZlZZ aZl_fjZnbgbjm_l_ lh
qlh \u ^_eZ_l_qlh[u k^_eZlvwlh dZd fh`gh ijhs_l_f kZfuf hldju\Zy
jZaebqb_dhlhjh_ ^_eZ_ljZaebqb_P_ev GEIkhklhbl \lhfqlh[u jZkrbjblv
q_eh\_q_kdb_ \u[hjub k\h[h^u
JMDH<H>KL<H >EYIHEVAH<:L?EY
BlZdihkdhevdm fuijb[eb`Z_fky dhdhgqZgbx ihke_^g_c]eZ\u wlhcdgb]b
\_jhylgh\u m`_gZqZeb bgl_j_kh\Zlvkyl_fdZd ba\e_qv fZdkbfmfihe_agh]h
ba __ql_gbyDZ`^uc bagZk gZoh^blk\hc imlvb ihjhcfu ^Z`_g_ hkhagZ_f
qlh m`_^_eZ_f wlh?^bgkl\_ggZy \_svdhlhjmx \ufh`_l [ulvohlbl_ j_rblv
gZ khagZl_evghf mjh\g_aZdexqZ_lky \ ke_^mxs_fm gZoh^bl_ eb \uwlhl
fZl_jbZe ^hklZlhqghbgl_j_kguf bihe_agufqlh[u ijh^he`blvaZgbfZlvky bf\
^Zevg_cr_fihdmiZy gh\u_dgb]b bihk_sZy lj_gbg]h\u_dmjku
<hafh`gh\u h[km`^Z_l_wlb b^_bk _^bghfure_ggbdZfbhkfukeb\Zy \gh\v
ijbh[j_l_ggu_
agZgbyFh`_l [ulv\u aZf_lbebqlh g_h`b^Zggh klZeb
hkhagZ\Zlv [hevr_ jZaebqguo iZll_jgh\ih\_^_gbydhlhju_ gZqZeb bamqZlv
jZiihjl b _^\Z aZf_lgu_l_eh^\b`_gbylZg_p ]eZa m aZ^mfZ\rbokyex^_c
lhgdb_ b]em[hdb_ baf_g_gby\ \Zr_fkh[kl\_gghf khklhygbbb khklhygbb^jm]bo
ex^_c<_jhylgh\u h[gZjm`bebqlh klZeb \k_[hevr_ hkhagZ\Zlv k\hb
kh[kl\_ggu_ fukebb fukebl_evgu_ijhp_kkuaZf_qZydZdb_ ba gboihfh]Zxl
\ZfZ dZdb_y\eyxlky ijhklh l_gyfb ijhreh]h<u b]jZ_l_ kbaf_g_gb_f
kh^_j`Zgby k\hbo fuke_c\u b]jZ_l_ k baf_g_gb_fnhjfu k\hbo fuke_c b
m^b\ey_l_kv \ha^_ckl\bxk^_eZggh]h \Zfbhldjulby hlhfdZd kha^Z\Zlv[hevr_
wfhpbhgZevguo \hafh`ghkl_c^ey k_[yb ^jm]bo
GZ\_jgh_\u m`_hldjueb ^eyk_[y g_h[uqZcgmx wnn_dlb\ghklvjZa\blhc
ijb\uqdb hij_^_eylv j_amevlZl^mfZlv h ijh[e_f_ dZd h \hafh`ghklb^ey
bkke_^h\Zgby^_eZlv g_qlhhlebqZxs__ky hllh]hqlh g_jZ[hlZ_lb mqblvky
gh\hfm b\hegmxs_fm
<hafh`gh\u aZf_qZebqlh klZeb qZs_ ^h]Z^u\Zlvky h lhfqlh
ijhbkoh^bl \gmljb^jm]bo ex^_cb gZqZebqZs_ ^h\_jylvk\h_c kh[kl\_gghc
bglmbpbbIjhbkoh^bl lZddZd [m^lh\Zr_ ih^khagZgb_bgl_]jbjm_lky kZfhih
k_[_ k \Zrbfb gh\ufb agZgbyfb b gh\u_ k\yab jZa\b\Zxlkyf_`^m \Zrbf
khagZgb_f bg_hkhagZ\Z_fhc fm^jhklvxDZd [m^lhhldju\Zy k_[y\gh\v\u \k_
[hevr_ hkhagZ_l_\Z`gu_ \_sb\ k_[_b [ebadbo\Zf ex^yo
Ijbkemrb\Zykv dk\h_fm \gmlj_gg_fm ^bZeh]m\u h[gZjm`b\Z_l_qlh
ijbf_gy_l_ f_lZfh^_evgu_\hijhkuqlh \Zr_ ex[hiulkl\hjZkl_l ihf_j_ lh]h
dZd \u\k_ [hevr_magZ_l_ h k\hbokh[kl\_gguo m[_`^_gbyob \uijh^he`Z_l_
aZf_gylv h]jZgbqb\Zxsb_m[_`^_gby gZ l_dhlhju_ ^Zxl \Zf \hafh`ghklv
klZgh\blvky \k_[he__ ihoh`bfgZ lh]hq_eh\_dZdhlhjuf \u\k_]^Z lZdohl_eb
[ulv
<k_ [hevr_hkhagZ\Zy k\hx b^_glbqghklv\u dZd[m^lh ijbh[j_lZ_l_ \k_
[hevr_ gh\uo\u[hjh\\k_ ^Zevr_ moh^y hlh[jZaZ jZ[Zk\h_]h ijhreh]h<u
gZqbgZ_l_ ihgh\hfm ^mfZlvh k\h_f[m^ms_fb wlhhdZau\Z_l kbevgh_ \ebygb_
gZ lhd_f \uy\ey_l_kv \gZklhys_f
Fh`_l [ulv\u aZf_qZ_l_
jZklmsmx gZkus_gghklv b ]em[bgm k\hbo
hlghr_gbc k[ebadbfb ^jmavyfbbgZ\_jgh_\Zf ohq_lky ijh\h^blv[hevr_
\j_f_gb k^jm]bfb bkke_^h\Zl_eyfb [h]Zlh]hfbjZ q_eh\_q_kdh]hhiulZ
B ihkdhevdm\u hkhagZebqlh ^_ckl\bl_evghklvkha^Z_lky \Zfb kZfbfb
klZeh e_]q_khagZ\Zlv __lZdhcdZdhc \uohl_eb [u__ \b^_lv
Wibeh] >h kboihj \ wlhcdgb]_ hkgh\gu_ b^_bGEI hibku\Zebkvk ijZdlbq_kdhc
klhjhguGEI hibku\Zehkv ih aZdhgZf
eh]bdb
b k
ljm^hf
ih^^Z_lky
ihke_^h\Zl_evghfm hibkZgbxHibku\Zlv GEIeh]bq_kdb kljhcdZ \k_jZ\ghqlh
iulZlvky hibkZlv ]heh]jZffm\uly]b\Zy dmkhq_d aZ dmkhqdhf\_^v dZ`^uc
dmkhq_d ]heh]jZffu kh^_j`bl \ FH[_ \k_ bah[jZ`_gb_A^_kv fu ih\h^bf
g_dhlhju_ aZ\_jrZxsb_ bl_hj_lbq_kdb_ jZafure_gby h[ GEI b\ [hevg_c
kl_i_gbh lhff_kl_dhlhjh_ hghaZgbfZ_l \gZr_c dmevlmj_
Ijhklh]h h[mq_gby m`_ g_^hklZlhqgh\Z`gh gZmqblvky mqblvkyLZd
fgh]hfm gm`gh gZmqblvkyb lZdfZeh \j_f_gb hl\h^blky ^eywlh]hFu g_
lhevdh ihemqZ_fagZgby bl_ogheh]bb [he__[ukljhgh kZfZkdhjhklv ihemq_gby
wlbo agZgbcmkdhjy_lkyFu hlijZ\ey_fky\ w\hexpbhggh_iml_r_kl\b_ih^h[gh_
_a^_ gZZf_jbdZgkdbo ]hjdZoGZqZeh f_^e_ggh_b kihdhcgh_gh q_f^Zevr_ fu
ijh^\b]Z_fkyl_f [hevr_ \hajZklZ_l kdhjhklvB g_[ueh _s_gb h^gh]h
lhjfh`_gbyD kh`Ze_gbxijhklh_ gZdhie_gb_agZgbc bl_ogbq_kdbo ghmoZm g_
ijbghkbl fm^jhklbg_h[oh^bfhc gZf ^ey lh]hqlh[u
bkihevah\Zlv wlh
[h]Zlkl\h gZihevam \k_cieZg_lu bdZ`^h]h `b\ms_]hgZ g_cFu mfgugh _s_
g_ fm^ju
Ijhbkoh^yl h]jhfgu_baf_g_gby>_\yghklh ijhp_glh\\k_o gZmqguoagZgbc
ijboh^blky gZ`bagv ihdhe_gbyjh`^_ggh]h \gZqZe_ wlh]hklhe_lbyHgh klZeh
k\b^_l_e_f lh]hdZd gZmqgZynZglZklbdZ _]h^_lkl\Z ij_\jZsZeZkv\ gZmqguc
nZdlIZjZ^hdkZevguf h[jZahfm\_ebq_gb_ agZgbc aZklZ\ey_lgZk qm\kl\h\Zlv
k_[y \k_[he__ g_\_`_kl\_ggufbb [_kkbevgufbQ_f [hevr_ihy\ey_lky agZgbc
l_f [he__g_\_`_kl\_ggufb fuklZgh\bfkyihlhfm qlhijb wlhf\k_ [hevr_]hfu
g_ agZ_fb l_f \ [hevr_ffu \ugm`^_guiheZ]Zlvky gZwdki_jlh\qlh[u
k^_eZlv ijhkl_crb_\_sb
GZmdZ bl_ogheh]bbdhlhju_ ijb\_ebd klhevrbjhdhc wdkiZgkbbagZgbc b
gZr_]h
\ha^_ckl\by
gZ fbjg_kml \ k_[_ hij_^_e_ggu_ g_`_eZl_evgu_
ihke_^kl\byh dhlhjuofu ebrvgZqbgZ_f ^h]Z^u\Zlvkyhgb ij_^klZ\eyxlkh[hc
bf_ggh lhqlh ^_eZ_ldZlZgb_ gZZf_jbdZgkdbo ]hjdZoklhev hiZkgufKh[ulby
f_evdZxl klhev[ukljhqlh fukihkh[gu aZf_lblvgZijZ\e_gb_ gZr_]h^\b`_gby
ebrv \ kZfhfgZqZe_ imlbFu gZ[ex^Z_faZ ]b[_evx [jZabevkdbo e_kh\ ih
l_e_\bahjmqblZ_f \]Za_lZo h]eh[Zevghf ihl_ie_gbbgZ \k_cieZg_l_Mq_gu_
fh]ml hlke_^blvjhkl ^uj\ hahgh\hf keh_K_cqZk \hijhkg_ \lhf[m^_l eb
[m^ms__ ^jm]bfbeb ^Z`_g_kdhevdh ^jm]bf<hijhk aZdexqZ_lky\ lhf[m^_l eb
hgh mgZk \hh[s_
Fbj \ gZklhys__ \j_fy kebrdhf hiZk_gqlh[u ihoh^blv gZ Mlhibx
;Zdfbgkl_j Nmee_j
=ey^y \hdjm] k_[yfgh]b_ ebba gZkihemqZxl m^h\e_l\hj_gb_hl lh]h
qlh \b^yl"DZ`^uc bagZk bkiulu\Z_lgZjZklZxsbc ij_kkbg]baf_g_gbcB dZ`^uc
ba gZk hl\_lkl\_g_g aZ lhqlh[u wlb kdZlu\Zxsb_kyk Zf_jbdZgkdbo ]hjhd
g_m^_j`bfZy l_ogheh]byb fhsvg_ \ureb baih^ dhgljheyk m`Zkgufb^ey \k_c
ieZg_lu ihke_^kl\byfbFu h[yaZguih^qbgblv wlhk\h_fm dhgljhexfu g_fh`_f
\ue_l_lv bak_^eZ<hijhk \lhfdZd wlhk^_eZlv"
Bf_ggh bg^b\b^mmfy\ey_lky bklhqgbdhf dj_Zlb\ghklbdhlhjZy y\ey_lky
^\b]Zl_e_f khpbZevghcw\hexpbbb bf_gghmjh\_gv bg^b\b^mZebafZ\ h[s_kl\_
kha^Z_l mjh\_gvkhagZgby wlh]hh[s_kl\Z
KhpbZevgu_ baf_g_gby gZqbgZxlky
k
bg^b\b^mZevguo baf_g_gbcFu
klZedb\Z_fky khfgh`_kl\hf h[s_kl\_gguob wdheh]bq_kdbo ijh[e_f?keb fu
ohlbf ihkljhblv h[s_kl\hkihkh[gh_
wnn_dlb\gh
kijZ\eylvky k
wlbfb
ijh[e_fZfbfu ^he`gu^_ckl\h\Zlv k_cqZkIh f_j_lh]hdZd b^_l \j_fy b
jZkl_l dhebq_kl\h agZgbc^\Z \hijhkZ
klZgh\ylky \k_ [he__ b [he__
g_hleh`gufbQ_]h klhblAgZgb_"<h qlhh[oh^blky >_ckl\b_"
Fu jZahjbeb\g_rgbc fbjijh^mdlZfb gZmdbb l_ogheh]bbIhabpby b\a]ey^
gZ fbjdhlhju_ ^ZebgZf wlmgZmdm bl_ogheh]bxijhqgh hdhiZebkv \gZr_c
dmevlmj_ bhdZau\Zxl ]em[hdh_\ha^_ckl\b_ gZgZr \gmlj_ggbcfbj
GZmdZ \ujhkeZgZ k_jbbdhgljhebjm_fuo b \hkijhba\h^bfuowdki_jbf_glh\
gZ^ ijbjh^hcihklZ\e_gguo k p_evxknhjfmebjh\Zlv fZl_fZlbq_kdb_aZdhgu b
l_hjbbQ_eh\_d [hevr_ g_ jZkkfZljb\Z_lk_[y gZijZdlbd_ qZklvx ijbjh^u
Q_eh\_d wdki_jbf_glZlhj ^he`_g ^_j`Zlvky\ klhjhg_ hl ijbjh^uk\h_]h
ih^hiulgh]h djhebdZB hg^Z`_ g_^himkdZ_l lh]hqlh kZf _]hwdki_jbf_gl
baf_gy_l ijbjh^mb \eby_lgZ j_amevlZlihlhfm qlhwlh hagZqZeh[u hldZahl
lj_[h\Zgby h[t_dlb\ghklbIulZlvky ihemqblvh[t_dlb\guc j_amevlZlhagZqZeh
[uqlh
^jm]hc wdki_jbf_glZlhj
^he`_g dhgljhebjh\Zlv i_j\h]hA^_kv
\hagbdZ_l g_jZaj_rbfuc aZfdgmluc djm]dZd _keb
[u om^h`gbd iulZeky
gZjbkh\Zlv i_caZ` p_ebdhf\dexqZy kZfh]h k_[yHg gbdh]^Z g_ kfh`_l
gZjbkh\Zlv om^h`gbdZdhlhjuc jbkm_lwlm dZjlbgm
Fu ijbreb d ljZdlh\d_ijbjh^u dZd fZrbgu^_ckl\mxs_c ih aZdhgZf
gZeh`_gguf gZg__ ba\g_Z g_dZd p_evguchj]Zgbaf
FZrbgZ ^he`gZ[ulv ihijbjh^_ k\h_cij_^kdZam_fZ< l_hj_lbq_kdhcgZmd_
\k_qlh g_h[oh^bfh k^_eZlvwlh hldjulv \k_ aZdhgu b h[gZjm`blv \k_
\aZbfh^_ckl\mxsb_ qZklbLZd qlhihbkdb [ueb gZijZ\e_gu gZ lhqlh[u
gZjbkh\Zlv \k_[he__ b[he__ ihegmxdZjlbgm ijbjh^uZ hkZfhf om^h`gbd_
aZ[ueb
AgZgby [uebhlhj\Zgu hlhiulZHg klZel_fqlh fu bamqZeb\h \lhjmx
hq_j_^vZ Z[kljZdlgh_l_eh gZmdbklZeh kms_kl\h\Zlv hl^_evgh hlk\h_]h
ghkbl_ey q_eh\_dZb \k_\j_fy jhkeh<k_qlh bf_ehagZq_gb_[ueh dhg_qguf
ijh^mdlhfl_hjb_cZ g_hiulhf __ihemq_gby
LZdhc kihkh[h[t_dlb\baZpbb agZgbckljh]h h]jZgbqb\Z_llhl khjlagZgbc
k dhlhjuf fu fh`_f bf_lv^_eh>hc^y ^h djZcghklbh[_kp_gbeb wfhpbb
bkdmkkl\h bhlghr_gbyihlhfm qlh hgb hibjZxlky gZkm[t_dlb\guc hiulB
hdZau\Z_lkyqlh
gZmqgu_ aZdhgu m`_ g_ k\yaZgu k
j_Zevguf
fbjhf
q_eh\_q_kdh]h hiulZ
GZmqgu_ l_hjbb ij_^klZ\eyxlkh[hc f_lZnhjbq_kdb_bklhjbb h[wlhf fbj_
hgb g_y\eyxlky bklbghcwlh ijhklh h^bgba fgh]bokihkh[h\ ^mfZlvh fbj_
lhqgh lZd `_dZd jbkh\Zgb_y\ey_lky h^gbfba fgh]bokihkh[h\ ij_^klZ\e_gby
i_caZ`ZFu [ukljhh[gZjm`bebqlh gZrkihkh[ fure_gbyh fbj_^h gZklhys_]h
fhf_glZ [ueihe_a_g \h^gbo kemqZyob dZlZkljhnbq_kdb\j_^_g \^jm]bo
F_lZnhjZ hij_^kdZam_fhfh[t_dlb\ghf fbj_[ueZ ihdhe_[e_gZ d\Zglh\hc
l_hjb_c \nbabd_Q_f ]em[`_fu ijhgbdZeb\ k\hbobkke_^h\Zgbyol_f [he__
hq_\b^guf klZgh\behkvb lhqlh kZfgZ[ex^Zl_ev y\ey_lkyg_hlt_fe_fhc qZklvx
gZmqgh]h wdki_jbf_glZK\_l [m^_l \_klbk_[y eb[hdZd qZklbpueb[h dZd
\hegu \ aZ\bkbfhklb hl lh]hdZdh]h khjlZwdki_jbf_gl \uihklZ\bl_<u
gbdh]^Z g_kfh`_l_ mdZaZlvlhqgh bf_klh jZkiheh`_gby qZklbpub \j_fy __
ihy\e_gby \wlhf f_kl_< fbj_aZeh`_gZ nmg^Zf_glZevgZyg_hij_^_e_gghklv
D\Zglh\Zy nbabdZ\ul_kgbeZ f_oZgbq_kdmxfh^_ev fbjZk ihabpbc]hkih^kl\mxs_c
gZmqghc f_lZnhju
Gh\u_ bkke_^h\Zgbyb b^_bl_hjbb kbkl_fb bamq_gb_ oZhkZ bihjy^dZ
ihdZaZebqlh ^Z`_\ ijhkluokbkl_fZo \u g_ kfh`_l_ dhgljhebjh\Zlv \k_
i_j_f_ggu_^Z`_ keZ[u_\ZjbZpbb kihkh[gubaf_gblv kbkl_fm\ p_ehfWlh
gZqZeh j_\hexpbbwlh baf_gy_lp_emx kbkl_fm\a]ey^h\ gZijbjh^m
OZhk wlhij_^kdZam_fZy kemqZcghklvdjZldh \ujZ`_ggZy\ lZdgZau\Z_fhf
wnn_dl_ ;Z[hqdbHg gZa\ZglZd \ q_klv e_dpbbijhqblZgghc Zf_jbdZgkdbf
f_l_hjheh]hf W^\Zj^hf Ehj_gphf bhaZ]eZ\e_gghcFh`_l eb \afZodjuev_\
[Z[hqdb \ ;jZabebb \ua\Zlv
lhjgZ^h
\
L_oZk_"Ehj_gp
bkihevah\Ze
dhfivxl_jgmx fh^_ev^ey ke_`_gbyaZ ih]h^hcHg mklZegZ[bjZlv ^ebggu_jy^u
pbnj bih^mfZeqlh gbq_]hg_ ijhbahc^_l_keb hghdjm]ebl bo gZg_kdhevdh
ihjy^dh\DZd `_ hg [uem^b\e_gh[gZjm`b\qlh wlh iheghklvx baf_gbeh
ijh]gha ih]h^u \ fbj_G_agZqbl_evgh_ baf_g_gb_ \gm`ghf f_kl_ fh`_l
ijb\_klb dh]jhfguf ihke_^kl\byfWlh _s_jZa ih^l\_j`^Z_l lhqlh ijbjh^Z
y\ey_lky p_ehklghc kbkl_fhcb g_lgbq_]h hl^_evgh]hhl gZkgZ^ q_ffh`gh
wdki_jbf_glbjh\Zlv [_agZdZaZgghDZd kdZaZe =j_]hjb ;wclkhg \ RZ]Zo \
wdheh]bx
jZamfZMljZlZ
kbkl_fghc
fm^jhklb
g_ba[_`gh
h[_jg_lky
gZdZaZgb_f
WlZ gh\ZygZmqgZy f_lZnhjZ iha\hey_lgZf kgh\ZklZlv qZklvx ijbjh^u
Lhqgh
lZd `_ GEI dZd f_lZnhjZ \hkklZgZ\eb\Z_l gZrm k\yav kh k\hbf
km[t_dlb\guf hiulhf b
\ujZ`Z_l
kbkl_fgmx
ijbjh^m
gZrbo \gmlj_ggbo
i_j_`b\Zgbc
L_i_jv fubf__f ij_^klZ\e_gby hkeh`ghklb \g_rg_]hfbjZb fudh_qlh
agZ_f hlhf \ebygbbdhlhjh_ fug_\b^bfu_ gZ[ex^Zl_ebhdZau\Z_f gZ\g_rgbc
fbjIhke_^kl\by wlh]hdZd fu^mfZ_f\g_rgbc fbj\ha\jZsZ_l gZf<k_e_ggZy
y\ey_lky kh\_jr_gguf f_oZgbafhf h[jZlghck\yabQlh fu ^mfZ_flh fu b
ihemqZ_f?keb fuohlbf baf_gblvfbjfu ^he`gu\gZqZe_ baf_gblvkZfbo k_[y
Fu h[yaZgubkke_^h\Zlv bbaf_gblv k\hc\gmlj_ggbc hiul_keb fukh[bjZ_fky
hdZau\Zlv \ebygb_b nhjfbjh\Zlv\g_rgbc fbjk fm^jhklvx
< ieZg_bamq_gby kljmdlmju km[t_dlb\gh]h hiulZGEI ij_^hklZ\ey_lgZf
\hafh`ghklv bkke_^h\Zlv kZfbok_[yIhlhfm qlh hgh bamqZ_l lhdZd fu
kha^Z_f fh^_ebHgh g_[_j_l ihkljh_ggu_gZfb fh^_ebb g_kf_rb\Z_l bo k
^_ckl\bl_evghklvx
< dZq_kl\_ kihkh[Zihkljh_gby fZkl_jkl\Zhgh ijhgbdZ_l b hdZau\Z_l
\ebygb_ gZ fgh]b_ h[eZklb q_eh\_q_kdhc^_yl_evghklbDh]^Z wlhl ijhp_kk
[m^_l aZ\_jr_gGEI ij_djZlblk\h_ kms_kl\h\Zgb_\ \b^_hl^_evghc ^bkpbiebgu
Hdh [m^_lZkkbfbebjh\Zgh \ ih\k_^g_\gmx `bagv ih^h[gh mqbl_exdhlhjuc
^_eZ_l k_[y\ dhgp_ dhgph\ebrgbfihlhfm qlh_]h mq_gbdb fh]ml l_i_jv
mqblvky kZfb
GEI klZgh\blky qZklvx ^\b`_gbydhlhjh_ mklhcqb\h
jZkrbjy_lky b
gZ[bjZ_l kbeu>\b`_gby d lhfmqlh[u ^_ckl\h\Zlv \ wlhf fbj_ [he__
wnn_dlb\ghbkihevamy l_mf_gby bagZgbydhlhju_ m gZk_klvk bays_kl\hf
fm^jhklvx bmjZ\gh\_r_gghklvx<_kvfZ ihmqbl_e_g\ wlhfkfuke_ [Zebg_abckdbc
ZnhjbafM gZk g_lbkdmkkl\Zfu ijhklh^_eZ_f \_sb gZklhevdhohjhrh
gZkdhevdh wlh\hafh`gh
Fu hldju\Z_fk_[y bk\hb kihkh[ghklbqlh[u ijhkgmlvky\ ij_djZkghfb
ie_gbl_evghf fbj_g_kdhgqZ_fh]h m^b\e_gby
Ex^b iml_r_kl\mxlqlh[u m^b\eylvkygZ \_jrbgu]hjih h]jhfguf\hegZf
fhjyih ^ebgguf jmkeZfj_dih rbjhdbf ijhklhjZf hd_ZgZih fgh]he_lgbf
^hjh]Zf da\_a^Zfgh ijhoh^ylfbfhhklZ\eyy m^b\bl_evgh_\ klhjhg_
<deZ^u\Zy \k_[y <k_ [hevr__ qbkehex^_c iulZ_lkygZclb m^h\e_l\hj_gb_ \gmljb k_[y
JZaebqgu_ ex^b gZau\Zxl wlh ihjZaghfmebqghklgh_ jZa\blb_ebqghklguc
jhklkZfh\hkiblZgb_kZfh ZdlmZebaZpby^moh\gh_ jZa\blb_ bebj_ZebaZpby
kh[kl\_ggh]h ihl_gpbZeZ
Kh]eZkgh aZf_qZl_evghcdgb]_ I_l_jkZJZkk_eZ IjhkuiZxsZyky ieZg_lZ
h[eZklv ebqghklgh]h jZa\blbyjZkl_l b m^\Zb\Z_lky ijbf_jghdZ`^u_ q_luj_
]h^ZEbqghklgh_ jZa\blb_\ kZfhfrbjhdhf kfuke_\dexqZ_l \k_[y p_eucjy^
jZaebqguo \b^h\ ^_yl_evghklblZdbodZd
f_^blZpbych]Z b lZcpau
dhgkmevlbjh\Zgb_]_rlZevlikbohl_jZiby]jmiih\Zy l_jZibyljZgaZdlguc
ZgZebaj_[_nbg]lj_gbg] kZfhml\_j`^_gbymijZ\e_gb_ klj_kkhfijhp\_lZxs__
khagZgb_lj_gbg] \aZbfhhlghr_gbcb fgh]h_^jm]h_bdhg_qghGEI
DZ`^uc bagZk \jZagh_ \j_fyl_f bebbguf kihkh[hfhdZau\Z_lky \lygmluf
gZ dZdhcgb[m^v imlv ebqghklgh]hjZa\blbyLhl nZdlqlh \uqblZ_l_ wlm
dgb]mmdZau\Z_l gZ lhqlh b \u\ ^Zgguc fhf_gl hdZaZebkv\lygmlufb \
bamq_gb_ GEI
<Zf emqr_km^blvdZdhc imlv\ ^Zggucfhf_gl y\ey_lky ^ey\Zk gZb[he__
ijb_fe_fufDZdbf [u iml_f \u gb ihrebhg [m^_l lj_[h\Zlv hl \Zk
hij_^_e_gguo
\eh`_gbc \ \b^_
\j_f_gb
b ^_g_]<u
\klZg_l_ i_j_^
g_h[oh^bfhklvx hj]ZgbaZpbbi_j__a^h\ihdmidb dgb]b Zm^bh b\b^_haZibk_c
ijhoh`^_gby hij_^_e_gguo dmjkh\ h[mq_gby<u\ kmsghklb\deZ^u\Z_l_
g_dhlhjmx qZklvijhoh^ysbo q_j_a \Zk^_g_] \ k\h_ebqghklgh_ jZa\blb_
DZ`^uc bagZk ljZlbljZagu_ kmffu\ jZagh_\j_fy
Klhbl ihljZlblvg_kdhevdh fbgmlgZ lhqlh[u ijb[ebabl_evghihkqblZlv
dZdhc ijhp_glk\h_]h ^hoh^Z\u \eh`beb \k_[y aZihke_^gb_ g_kdhevdh e_l
Ij_`^_ \k_]haZibrbl_dZdh]h \b^Z ^_yl_evghklv\u hlghkbl_d ebqghklghfm
jZa\blbxDZd jmdh\h^ysZyebgbyhgZ [m^_lhdZau\Zlv ^ebl_evgh_\ha^_ckl\b_
dhlhjh_ \g_dhlhjhf kfuke_y\ey_lky ]_g_jZlb\gufHgZ ijh^he`Z_l ijbghkblv
ihevamF_^blZpby h[eZ^Z_lwlbf dZq_kl\hfZ fhjh`_gh_g_l
L_i_jv k^_eZcl_ ijb[ebabl_evgmxhp_gdm klhbfhklbdZ`^h]h \b^Zih^h[ghc
^_yl_evghklb \hl^_evghklbHlf_lvl_ lZd`_ \u]h^mdhlhjmx \uihemqbeb hl
g__L_i_jv ihkqblZcl_h[smx klhbfhklvDZdhc ijhp_glh[s_]h ^hoh^ZaZ wlhl
i_jbh^ hgZkhklZ\ey_l"
Klhbl kjZ\gblvwlh k lhc ^he_c ^hoh^Zdhlhjmx dhfiZgbbljZlyl gZ
ih^]hlh\dm bjZa\blb_ k\hboex^_c>ey [hevrbgkl\ZdhfiZgbc \ gZr_ckljZg_
hgZ khklZ\ey_lijbf_jgh h^bgbeb ^\Zijhp_glZ< gZb[he__mki_rguo dhfiZgbyo
hgZ [ebadZd ^_kylbijhp_glZf
Ijhp_gl gZr_]h
^hoh^Zdhlhjuc \u \deZ^u\Z_l_ \ k_[yy\ey_lky
hljZ`_gb_f lh]hgZkdhevdh \uk_[y p_gbl_<u kZfb^ey k_[yy\ey_l_kv kZfuf
p_gguf j_kmjkhfb \eh`_gb_ \ kZfh]h k_[y fh`_l hdZaZlvky gZbemqrbf
\eh`_gb_f bal_odhlhju_ \ufh`_l_ k^_eZlv
<deZ^u\Z_l_ eb \u \k_[y klhevdhkdhevdh ohlbl_"Djhf_ \gmlj_gg_c
\u]h^u fh`_lkms_kl\h\Zlv lZd`_qbklh nbgZgkh\Zy\u]h^Z
M f_gy _klv agZdhfZydhlhjmx \^jm]i_j_klZeZ m^h\e_l\hjylv k\hy
kh[kl\_ggZy `bagvHgZ jZ[hlZeZ ih\ZjhfihemqZy nmglh\ \ ]h^GZ
ijhly`_gbb lj_o bebq_luj_o e_lhgZ ljZlbeZ hdheh^_kylb ijhp_glh\k\h_]h
^hoh^Z gZkh[kl\_ggh_ jZa\blb_b lj_gbg]b\dexqZy GEIHgZ ij_h[jZabeZkv
kZfZb baf_gbekyklbev __`bagbL_i_jv hgZgZoh^bl `bagvagZqbl_evgh [he__
ijbylghc bdjhf_ lh]hihemqZ_l nmglh\ \]h^
L_q_gb_ ^_g_] \gZr_c `bagb lhqghhljZ`Z_l l_q_gb_ fuke_c\ gZr_f
jZamf_LZd qlh_keb \u ohlbl_baf_gblv k\hc[Zgdh\kdbc [ZeZgkbaf_gbl_
k\h_ fure_gb_Wlh p_gljZevgZyb^_y ijhp\_lZxs_]hkhagZgby
<
[he__ h[s_f
kemqZ__keb \u ohlbl_
baf_gblv k\hx
\g_rgxx
^_ckl\bl_evghklvbaf_gbl_ kgZqZeZk\hx \gmlj_ggxxj_Zevghklv
GEI hlhfdZd baf_gblv\gmlj_ggxx j_Zevghklv>h l_oihjihdZ \u]h^u
g_ klZgml^hklZlhqgh hq_\b^gufbg_ ihy\blkyfhlb\Z ljZlblv\j_fy b^_gv]b
DZdh\u `_\u]h^u \eh`_gby\ GEIlj_gbg]b"
DZ`^uc q_eh\_d \ghkbl k\hb kh[kl\_ggu_ mgbdZevgu_ hkh[_gghklb
b
\hafh`ghklb \ lj_gbg]h\u_ dmjkuGEIb \u]h^Z [m^_l \Zjvbjh\Zlvky hl
mqZklgbdZ
d
mqZklgbdmLhqlh
\u ihemqb l_[m^_l hij_^_eylvky
ij_bfms_kl\_ggh l_fqlh \uohlbl_ ihemqblvihwlhfm \_kvfZ ihe_agh ykgh
ij_^klZ\eylv k_[_k\hb ebqgu_j_amevlZlu
Fgh]b_ ex^b ijboh^yl gZ lj_gbg]bij_ke_^my]eZ\guf h[jZahfp_eb
ebqghklgh]h jZa\blby<hafh`ghhgb i_j_`b\Zxl i_jbh^ baf_g_gbb \k\h_c
`bagb bgm`^Zxlky \mf_gbyo bbgkljmf_glZo ^eyhkms_kl\e_gby wlbobaf_g_gbc
>jm]b_ fh]ml ebrvhkhagZ\Zlvqlh ^he`ghkms_kl\h\Zlv g_qlh [hevr__\ bo
`bagb
G_dhlhju_ ijboh^yl \hkgh\ghf kijhn_kkbhgZevgufb ijh[e_fZfbohly
ebqghklgh_ b ijhn_kkbhgZevgh_ jZa\blb_ b^ml jmdZ h[ jmdmMf_gby GEI
g_hp_gbfu \dZq_kl\_ mf_gbc f_`ebqghklgh]h h[s_gbyFgh]b_ ijhn_kkbhgZeu
bkihevamxl GEI\ k\h_c jZ[hl_mqbl_eylj_g_judhgkmevlZglul_jZi_\lu
ikbobZljuf_^k_kljukhpbZevgu_ jZ[hlgbdbf_g_^`_ju b lhj]h\puGEI
ih\urZ_l wnn_dlb\ghklv bo jZ[hlu b ^Z_l hsms_gb_[eZ]hihemqbyFgh]b_
ijhn_kkbhgZeu bkihevamxlGEIqlh[u ^h[blvky[hevrbo nbgZgkh\uomki_oh\l_f
kZfuf \dhjg_ baf_gb\gZijZ\e_gb_ k\hbo\eh`_gbb
MqZklgbdb qZklh
]h\hjyl h
ihy\e_gbb g_h[udgh\_gghc gZkus_gghklb
i_j_`b\Zgbbgh\uo i_jki_dlb\ \ `bagbgh\uo \u[hjh\l\hjq_kdbo b^_bb
gh\uo mf_gbcIh\ur_ggh_ hkhagZgb_ b]b[dhklv ijb^Zxlgh\u_ kbeuebqghc b
l\hjq_kdhc `bagb
B ihke_^g__ih ihjy^dmgh g_ih agZqbfhklbGEI wlhaZ[Z\Z: lj_gbg]
wlh \hafh`ghklvihemqblv m^h\e_l\hj_gb_\klj_lblv bgl_j_kguoex^_c
<u fh`_l_ mqblvkyGEI ihdgb]Zfgh GEIwlh wdki_jbf_glZevgZy gZmdZ
dhlhjZy ih^jZamf_\Z_lijbh[j_l_gb_ gh\uoi_jp_ilmZevguo nbevljh\iZll_jgh\
ih\_^_gby bmf_gbcZ g_b^_c Z]heh\_Ebqguc hiulh[s_gby k^jm]bfb ex^vfb
bf__l ]hjZa^h [hevr__agZq_gb_ b\ha^_ckl\b_q_f gZibkZggu_ keh\ZGEI
ke_^m_l bkihevah\ZlvgZ mjh\g_hiulZ_keb \u\hh[s_ ohlbl_ihemqblv hlg_]h
dZdmxlh ihevam
K_fbgZju ih GEI ij_^hklZ\eyxl \Zf
[_ahiZkgmx kj_^m\
dhlhjhc
^hklZ\ey_l m^h\hevkl\b_ijh\h^blv wdki_jbf_glZevgu_ bkke_^h\Zgby \f_kl_k
kbfiZlbqgufb ex^vfbih^ ijbkfhljhf hiulgh]hjmdh\h^bl_eyKms_kl\m_l klZjZy
dblZckdZy ih]h\hjdZf Y keurmb aZ[u\ZxY \b`mb aZihfbgZxY ^_eZx b
ihgbfZx
AZljZlu gZlj_gbg]b agZqbl_evghij_\urZxl aZljZlugZ dgb]b b lj_[mxl
\gbfZl_evgh]h jZkkfhlj_gbygh b\u]h^Z hl gbolh`_ agZqbl_evgh ;hevr_
?^bgkl\_gguc kihkh[ijh\_jblvih^oh^bl eb\Zf lj_gbg]wlh \uihegblv_]h<
ke_^mxs_f iZjZ]jZn_fu ij_^eZ]Z_f\Zf g_dhlhju_fukeb hlhfdZd \u[jZlv
gZbemqrbc ^eyk_[y lj_gbg]
<u[hj lj_gbg]h\GEI
Wlhl jZa^_e ij_^eZ]Z_lg_dhlhjh_ jmdh\h^kl\hbf_xs__ p_evxihfhqv \Zf
\u[jZlv lj_gbg]ih GEI
Dmjku GEI ij_^eZ]Zxlky\ [hevrhfdhebq_kl\_ b \kZfuo jZaguo\b^Zo
gZqbgZy k^\mo^g_\guo \\h^guo dmjkh\ bdhgqZy [he__ijh^\bgmlufb dmjkZfb
\dexqZxsbfb ki_pbZebaZpbx\ dhgdj_lguoijbf_g_gbyob ^ebl_evgufblj_gbg]Zfb
GEIFgh]b_ hj]ZgbaZpbb ijh\h^ylk\h[h^gu_ ^ey ihk_s_gby hagZdhfbl_evgu_
\_q_jZgZ dhlhjuo \u fh`_l_ihagZdhfblvky kkZfbfb hj]ZgbaZpbyfbb l_fb
lj_gbg]Zfbdhlhju_ hgbij_^eZ]Zxl
Kms_kl\m_l jy^dmjkh\madh gZijZ\e_gguogZ ijbeh`_gby GEI\ lZdbo
h[eZklyodZd h[jZah\Zgb_[bag_klhj]h\eyijh \_^_gb_ ij_a_glZpbc
kh\_sZgbci_j_]h\hjh\fmaudZZdmimgdlmjZdhgkmevlbjh\Zgb_ikbohl_jZiby
b ]bighl_jZibyKms_kl\mxl lZd`_ fh^_jgbabjh\Zggu_ dmjkuij_^eZ]Zxsb_
gh\_crb_ iZll_jgub hldjulbyGEI
K_jlbnbdZpbhggu_ lj_gbg]by\eyxlky \_kvfZ\Z`guf rZ]hfH[uqgh hgb
\dexqZxl hdhehqZkh\ aZgylbcjZkij_ ^_e_gguogZ beb [he__^g_c<k_
[hevr__ dhebq_kl\hlj_gbg]h\uo hj]ZgbaZpbcij_^eZ]Zxl kgZqZeZdhjhldb_ dmjku
ih^ kZfufbjZagufb gZa\ZgbyfbZ aZl_f nZdmevlZlb\gmx[he__ ^ebl_evgmx
qZklvqlh[u ^h\_klbdmjk ^hmjh\gy k_jlbnbdZpbhggh]h
Ke_^mxsbfb
aZ gbfb
y\eyxlky lj_gbg]b mjh\gy fZkl_jZ
ijZdlbdZ
aZgbfZxsb_ ijbf_jghklhevdh `_ \j_f_gbKms_kl\mxl lZd`_dmjku ihgh\_crbf
jZajZ[hldZf GEIb lj_gbg]b^ey lj_g_jh\
I_j\uc \hijhkdhlhjuc \u^he`gu k_[_ aZ^Zlvwlh dZdh]hjh^Z lj_gbg]
\u ohlbl_ijhclb"Fh`_l [ulvwlh m`_ykgh ^ey \Zk kkZfh]h gZqZeZbeb
gZh[hjhl\Zf g_h[oh^bfhkh [jZlv^hihegbl_evgmx bgnhjfZpbxqlh[u hl\_lblv
gZ wlhl \hijhkOhlbl_ eb\u ijhklhijhclb lj_gbg]GEIbeb `_ \u ohlbl_
ki_pbZebabjh\Zlvky \ijbeh`_gbyo GEI\ dZdhclh dhgdj_lghch[eZklb"?keb ^Z
lh ZdZdhc bf_ggh"Ohlbl_ eb\u ihemqblvk_jlbnbdZl bebd\ZebnbdZpbx"
Klhbfhklv dmjkZhq_\b^ghklhbl jZkkfhlj_lv\Z`guf nZdlhjhfy\ey_lky
b lh]^_ hg[m^_l ijh\h^blvkyk lhqdb aj_gby m^h[kl\Z b \j_f_gbG_
aZ[m^vl_ \dexqblv^hjh]m bijh`b\Zgb_ \klhbfhklv h[mq_gby
DZd ^he]h^eblky dmjk"DZd wlhkh]eZkm_lky k\Zr_c aZgylhklvx"
GZkdhevdh ]b[dhc y\ey_lky hj]ZgbaZpby"IhdmiZ_l_ eb\u \_kv dmjk
p_ebdhfbeb `_dmjk hj]Zgbah\Zg\ \b^_hl^_evguo qZkl_cdhlhju_ \u fh`_l_
ihk_sZlv ihk\h_fm mkfhlj_gbx"DZdh\u mkeh\byhieZlu bhldZaZ hldmjkZ"DZd
hg jZkij_^_e_g\h \j_f_gb"Ijhoh^bl ebhg \jZ[hqb_ ^gbbeb lhevdh\h \j_fy
mbdwg^Z"GZ lj_gbjh\dZo^ey ijZdlbdh\qZklh hl\h^blkyg_kdhevdh \_q_jh\^ey
ijZdlbq_kdbo aZgylbc
Lj_g_j hdZau\Z_l h]jhfgh_ \ebygb_ gZ dmjkG_dhlhju_ hj]ZgbaZpbb
ijb]eZrZxl Zf_jbdZgkdbo lj_g_jh\Wlh
g_kdhevdh m\_ebqb\Z_l klhbfhklv
aZgylbcgh klhbl ijb wlhf bf_lv \\b^mqlh Zf_jbdZgkdb_ lj_g_ju \
[hevrbgkl\_ m`_
^Z\gh
aZgbfZxlky
GEI b bf_xl [he__ [h]Zluc hiul
K_jlbnbdZpbhggu_ ijh]jZffu
ijZdlbd
beb ^biehfh[uqgh ih^jZamf_\Zxl
mqZklb_ih djZcg_cf_j_h^gh]h Zf_jbdZgkdh]hlj_g_jZ
B \k_`_ gZb[he__\Z`gufb hp_gdZfbgZ\_jgh_y\eyxlky \Zrbkh[kl\_ggu_
hsms_gby hllj_gbg]Z b lj_g_jZGEI aZgbfZ_lkykm[t_dlb\guf hiulhfHl^Zcl_
k_[_ hlq_l\ k\hbokh[kl\_gguo hp_gdZo lh]hqlh \ugZreb ^eyk_[y \Z`gufb
p_gguf
GjZ\blky eb \Zf lj_g_jb hlghkbl_kv eb \u d g_fmk m\Z`_gb_f"
MklZgh\beb eb \u kgbf jZiihjlb _klveb m \Zk ^h\_jb_d lhfmqlh hg
^_eZ_l"Lj_g_ju fh]mlbf_lv kZfu_jZagu_ klbebMkljZb\Z_l eb\Zk _]hklbev"
Fh`_l_ eb\u gZmqblvkyq_fmlh mg_]h"
Ihemqbl_ kgZqZeZ klhevdh bgnhjfZpbbkdhevdh kfh`_l_Iha\hgbl_ \
jZagu_ hj]ZgbaZpbb b kijhkbl_ klhbfhklv bo dmjkh\Baeh`bl_ bf k\hb
lj_[h\ZgbyFgh]b_ hj]ZgbaZpbbmkljZb\Zxl hldjulu_\_q_jZdm^Z \ufh`_l_
ijbclb b ih]h\hjblv k lj_g_jZfb>ey fgh]boex^_c mklgZy j_dhf_g^Zpby
y\ey_lky \Z`guf djbl_jb_f<hafh`ghm \Zk_klv ^jm]beb agZdhfucdhlhjuc
ijhr_e lj_gbg]b fh`_l ^Zlv \Zfp_gguc kh\_lFgh]b_ ex^b ij_^ihqblZxl
ke_^h\Zlv j_dhf_g^Zpbyf lhevdh h^gh]h q_eh\_dZdhlhjh]h hgb m\Z`Zxl b
dhlhjhfm ^h\_jyxlgZ q_f[u lhlgb hkgh\u\Zek\hb kh\_lu
DZ`^uc ]h^ \ghy[j_ :kkhpbZpbyg_cjhebg]\bklbq_kdh]h ijh]jZffbjh\Zgby
ijh\h^bl dhgn_j_gpbb\ Ehg^hg_b \h^bg ba\_q_jh\ mkljZb\Z_ldjm]euc klhe
gZ dhlhjhf\u fh`_l_ ihh[sZlvky klj_g_jZfb bij_^klZ\bl_eyfb jZaebqguo
hj]ZgbaZpbcDhgn_j_gpby wlh aZf_qZl_evgZy \hafh`ghklv mqblvky
GEI b
magZ\Zlv fgh]hgh\h]h
:kkhpbZpby GEIdjhf_ lh]h\uimkdZ_l [mde_luk ijh]jZffZfblj_gbg]h\uo
dmjkh\ ihGEI ih \k_c <_ebdh[jblZgbbhgb [m^ml\ukeZgu \Zf ih \Zr_fm
lj_[h\Zgbx
?keb \Zf ihgjZ\beZkvwlZ dgb]ZlZgZ\_jgh_\Zf bgl_j_kgh [m^_l
magZlvqlh __Z\lhju lh`_ijh\h^yl lj_gbg]bGEI>ey ihemq_gby^Zevg_cr_c
bgnhjfZpbb \u fh`_l_ k\yaZlvkyk gZfb g_ihkj_^kl\_gghKfhljbl_ \ dhgp_
dgb]b jZa^_eih^ gZa\Zgb_fH[ Z\lhjZo
Keh\Zjv GEI
:gZeh]h\uc baf_gyxsbcky
g_ij_ju\gh \
g_dhlhjuo ij_^_eZo ih^h[gh
ieZ\ghfm j_]meylhjmgZijy`_gby
:ilZcf khklhygb_\ dhlhjhf\k_ \gbfZgb_b qm\kl\Zh[jZs_gu \h\g_
:kkhpbZpby ih]jm`_gghklv\ i_j_`b\Zgb_ijb \hkijhba\_^_gbbdhlhjh]h
q_eh\_d \b^bl kh[ulbyk\hbfb kh[kl\_ggufb ]eZaZfb\hkijbgbfZy _]h \k_fb
hj]ZgZfb qm\kl\
:m^bZevguc hlghkysbckyd hj]ZgZfkemoZ
<_^_gb_ baf_g_gb_ k\h_]hkh[kl\_ggh]h ih\_^_gby \ j_`bf_ jZiihjlZ
g_h[oh^bfh]h ^eylh]hqlh[u ^jm]hcq_eh\_d ke_^h\ZeaZ \Zfb
<_^msZy kbkl_fZ j_ij_a_glZlb\gZy kbkl_fZ\ dhlhjhc \_^_lky ihbkd
bgnhjfZpbb ^eylh]hqlh[u \\_klb__ \khagZgb_
<bamZebaZpby ijhp_kkihkljh_gby \bamZevguoh[jZah\ \fha]_
<bamZevguc bf_xsbchlghr_gb_ dhj]ZgZf aj_gby
<dmkh\hc bf_xsbchlghr_gb_ dhj]ZgZf \dmkZ
<gmlj_ggb_ h[jZaubgnhjfZpbbdhlhju_ fukha^Z_f bojZgbf \k\h_f fha]_
\ \b^_dhf[bgZpbc h[jZah\a\mdh\hsms_gbcaZiZoh\ b\dmkh\
<ha\jZl h[ahjbeb j_axf_k bkihevah\Zgb_f dexq_\uokeh\ b lhgZ]hehkZ
^jm]bo ex^_cmqZklgbdh\ kh\_sZgbygZijbf_j
<lhjZy ihabpby \hkijbylb_ fbjZ k lhqdb aj_gby ^jm]h]h q_eh\_dZ
GZoh^blvky \h\lhjhc ihabpbbwlh agZqbl [ulvgZkljh_gguf b gZoh^blvky\
dhglZdl_ k_]h j_ZevghklvxH^gZ balj_o ihabpbchklZevgu_ ghkylgZa\Zgby
i_j\hc blj_lv_c ihabpbb
=eZagu_ kb]gZeu ^hklmiZ ^\b`_gby]eZa \ hij_^_e_gguo gZijZ\e_gbyo
dhlhju_ mdZau\Zxl gZ \bamZevgucZm^bZevguc beb dbg_kl_lbq_kdbc kihkh[
fure_gby
=em[bggZy kljmdlmjZ ihegZy ebg]\bklbq_kdZy nhjfZ \ukdZau\Zgbyba
dhlhjhc \hagbdZ_lih\_joghklgZy kljmdlmjZ
>ZmglZcf khklhygb_e_]dh]h ljZgkZdh]^Z \Zr_\gbfZgb_ h[jZs_gh\gmljv
d \Zrbfkh[kl\_gguf fukeyfb hsms_gbyf
>_e_gb_ baf_g_gb_ \hkijbylby iml_f
i_j_oh^Z \\_jo beb \gba
ih
eh]bq_kdbf mjh\gyf>_e_gb_ \\_jowlh i_j_oh^gZ [he__\ukhdbc eh]bq_kdbc
mjh\_gvdhlhjuc \dexqZ_l\ k_[y lhq_f \uaZgbfZ_l_kv>_e_gb_ \gbawlh
i_j_oh^ gZ[he__ gbadbcmjh\_gv d [he__dhgdj_lguf ijbf_jZf lh]hq_f \u
aZgbfZ_l_kvWlb i_j_oh^u fh]ml[ulv \uiheg_gu ihZgZeh]bb ki_j_oh^hf
deZkkqe_g deZkkZbeb qZklvp_eh_
>bkdj_lguc baf_gyxsbckyf_`^m ^\mfy jZaebqgufb khklhygbyfb ih^h[gh
\udexqZl_exdhlhjuc fh`_l[ulv eb[h\dexq_geb[h \udexq_g
>bkkhpbbjh\Zgguc g_\dexq_gguc\ i_j_`b\Zgb_jZkkfZljb\Zxsbc bkeurZsbc
kblmZpbx khklhjhgu
B^_glbqghklv \Zr Y h[jZa beb Y dhgp_ipbyD_f \uk_[y kqblZ_l_
P_ehklghklv \Zr_]hkms_kl\Z
BkdZ`_gb_ ijhp_kk\ j_amevlZl_ dhlhjh]hg_dhlhjuc hiul hdZau\Z_lky
g_lhqgh ij_^klZ\e_gguf\h \gmlj_gg_fi_j_`b\Zgbb \h]jZgbq_gghc nhjf_
DZ\uqdb h^gZ`^u fu ijhqblZeb hij_^_e_gb_dZ\uq_ddhlhjh_ ]eZkbeh
Ebg]\bklbq_kdbc iZll_jg\ dhlhjhf\Zr_ khh[s_gb_\ujZ`Z_lky lZddZd [m^lh
_]h ]h\hjbldlhlh ^jm]hc
DZeb[jh\dZ lhqgh_magZ\Zgb_ khklhygby^jm]h]h q_eh\_dZih g_\_j[Zevguf
kb]gZeZf
Dbg_kl_lbq_kdbc hsms_gby l_eZlZdlbevgu_ hsms_gby
b \gmlj_ggb_
qm\kl\ZlZdb_dZd \kihfbgZ_fu_ \i_qZle_gbyb wfhpbbZ lZd`_ qm\kl\h
jZ\gh\_kby
Dexqb ^hklmiZ \k_ lhk ihfhsvx q_]h fugZkljZb\Z_f gZrb l_eZ
bkihevamy ^uoZgb_iham`_klu b^\b`_gby ]eZagZ hij_^_e_ggh]h jh^Z
fure_gb_
Dhfie_dkgZy wd\b\Ze_glghklv ^\Z ml\_j`^_gbydhlhju_ jZkkfZljb\Zxlky
dZd bf_xsb_h^bg blhl `_kfukegZijbf_jHg g_ kfhljbl gZf_gyagZqbl
hg g_keurbl lh]hqlh y]h\hjx
Dhg]jmwglghklv khklhygb_ p_ehklghklbb iheghcbkdj_gghklbdh]^Z \k_
qZklb ebqghklbjZ[hlZxl \f_kl_ij_ke_^my h^gmp_ev
Djbl_jbc lhqlh y\ey_lky\Z`guf ^ey\Zk \dhgdj_lghf dhgl_dkl_
Djbl_jbc ohjhrh knhjfmebjh\Zggh]h
j_amevlZlZ kihkh[
fure_gby
h
j_amevlZl_ bkihkh[ _]h\ujZ`_gbydhlhjuc ^_eZ_l_]h dZd^hklb`bfuflZd b
ijh\_jy_fufWlh hkgh\Zkh]eZkh\Zgby j_amevlZlh\b ihemq_gbylZdbo j_r_gbc
\ dhlhjuog_l ijhb]jZ\rbo
DZjlZ j_Zevghklbfh^_ev fbjZmgbdZevgh_ ij_^klZ\e_gb_h fbj_ dZ`^h]h
q_eh\_dZihkljh_ggh_ ba _]hbg^b\b^mZevguo \hkijbylbbb bg^b\b^mZevgh]h
hiulZ
Ebgby \j_f_gbkihkh[dhlhjuf fu ojZgbf dZjlbgdba\mdb bhsms_gby
ijhreh]hgZklhys_]h b[m^ms_]h
Eh]bq_kdbc mjh\_gvg_qlh gZoh^blkygZ [he__\ukhdhf eh]bq_kdhfmjh\g_
_keb hgh \dexqZ_l \k_[y lhqlh gZoh^blky gZ RDTHgbadhf eh]bq_kdhf
mjh\g_
F_lZ kms_kl\mxsbcgZ [he__ \ukhdhfeh]bq_kdhf mjh\g_Ba ]j_q_kdh]h
bf__l agZq_gbyihke_aZq_j_a
F_lZfh^_ev
fh^_ev
yaudZdhlhjZy hij_^_ey_l
l_ ebg]\bklbq_kdb_
iZll_jgudhlhju_ ^_eZxl g_ykgufkfuke dhffmgbdZpbb[eZ]h^Zjy ijhp_kkZf
bkdZ`_gbymims_gby b h[h[s_gbyb hij_^_ey_ldhgdj_lgu_ \hijhkubf_xsb_
p_evx
ijhykgbkv b ihklZ\blv
ih^
khfg_gb_ g_lhqghklb yaudZqlh[u
\hkklZgh\blv bok\yav kk_gkhjguf hiulhfb k]em[bgghc kljmdlmjhc
F_lZ hkhagZgb_agZgb_ hagZgbbh[eZ^Zgb_ mf_gb_fb agZgb_fh[ wlhf
h[eZ^Zgbb kp_evx h[tykgblvlhdZd \uj_Zebam_l_ wlhm_^bg_gb_
F_lZnhjZ dhk\_ggh_khh[s_gb_ \\b^_ bklhjbbbeb h[jZagh]h \ujZ`_gby
bkihevamxs_]h kjZ\g_gb_< GEId f_lZnhjZfhlghkylky hlghkyl kjZ\g_gby
ijblqb bZee_]hjbb
Fbelhgfh^_ev h[jZs_gb_f_lZfh^_ebbkihevamxs__ ki_pbZevgu_ g_ykgu_
h[hjhlu j_qb^ey ijbkh_^bg_gbyd hiulm^jm]h]h q_eh\_dZ bihemq_gby ^hklmiZ
d g_hkhagZ\Z_fufj_kmjkZf
Fh^Zevguc hi_jZlhj\hafh`ghklb ebg]\bklbq_kdbcl_jfbg ^ey h[hagZq_gby
keh\mdZau\Zxsbo gZ\hafh`ghklv ^_ckl\byfh]mg_ fh]mb li
Fh^Zevguc hi_jZlhjg_h[oh^bfhklb ebg]\bklbq_kdbcl_jfbg ^eyh[hagZq_gby
keh\mdZau\Zxsbo gZh[yaZl_evgu_ ^_ckl\by^he`_gg_h[oh^bfhh[yaZg b
li
Fh^_ebjh\Zgb_
ijhp_kk
jZkihagZ\Zgby
ihke_^h\Zl_evghklb
b^_c
b
ih\_^_gbbdhlhjZy iha\hey_l kijZ\blvky k aZ^Zq_cHkgh\Z mkdhj_ggh]h
h[mq_gby
Fh^_ev ijZdlbq_kdh_hibkZgb_ lh]hdZd qlhlh ^_ckl\m_ldhg_qgZy p_ev
dhlhjh]h bkihevah\Zgb_gZ ijZdlbd_H[h[s_ggZybkdZ`_ggZy b kh^_j`ZsZy
mims_gby dhiby
Fh^_ev fbjZdZjlZ j_ZevghklbmgbdZevgu_ ij_^klZ\e_gbyh fbj_dZ`^h]h
q_eh\_dZihkljh_ggu_ babg^b\b^mZevguo \hkijbylbbb hiulZKmsghklgh_ p_eh_
ebqguo ijbgpbih\^_ckl\by bg^b\b^mmfZ
Fgh`_kl\_ggh_ hibkZgb_ijhp_kk hibkZgbyh^ghc blhc `_\_sb kjZaebqguo
lhq_d aj_gby
GZeh`_gb_ bkihevah\Zgb_ h^ghcj_ij_a_glZlb\ghc kbkl_fu^ey ihemq_gby
^hklmiZ d^jm]hc j_ij_a_glZlb\ghckbkl_f_gZijbf_jihemq_gb_ ajbl_evgh]h
h[jZaZ baZl_f \hkklZgh\e_gb_a\mdh\ \g_f
GZf_j_gb_ p_ev`_eZ_fuc j_amevlZl
G_cjheh]bq_kdb_ mjh\gbba\_klgu lZd`_dZd jZaebqgu_ eh]bq_kdb_mjh\gb
bg^b\b^mZevgh]h hiulZhdjm`_gb_ih\_^_gb_kihkh[ghklbm[_`^_gby
b^_glbqghklv b^moh\ghklv
G_cjhebg]\bklbq_kdh_ ijh]jZffbjh\Zgb_ bamq_gb_ fZkl_jkl\Z b fh^_ev
lh]hdZd ex^bkljmdlmjbjmxl k\hchiul G_dhg]jmwglghklv lZdh_ khklhygb_dh]^Z qlhlh \Zk k^_j`b\Z_l\u g_
iheghklvx m\_j_gu\ j_amevlZl_\gmlj_ggbc dhgnebdl
G_h[oh^bfh_ jZaghh[jZab_]b[dhklv fure_gbyb ih\_^_gby
G_hkhagZ\Z_fh_ ih^khagZgb_\k_ lhqlh
\ gZklhysbc fhf_gl g_
ij_^klZ\e_gh \\Zr_f khagZgbb
G_ki_pbnbq_kdb_ ]eZ]heu]eZ]heudhlhju_ gbq_]hg_ ]h\hjylh lhfdZdbf
h[jZahf ^_ckl\b_[ueh \uiheg_ghIjhp_kk g_hij_^_e_g
G_ki_pbnbq_kdb_ kms_kl\bl_evgu_kms_kl\bl_evgu_dhlhju_ g_hij_^_eyxl
lhqghd dhfmbeb dq_fm hgbhlghkylky
Gh\uc dh^hibkZgb_ GEIdhlhjh_ [_j_l k\h_gZqZeh k dgb]b >`hgZ
=jbg^_jZ b>`m^bl >_ehav_Q_j_iZob blZd \gbam
GhfbgZebaZpby
ebg]\bklbq_kdbc
l_jfbg
^ey
h[hagZq_gby
ijhp_kkZ
ij_\jZs_gby ]eZ]heZ\ Z[kljZdlgh_ kms_kl\bl_evgh_ b^ey h[hagZq_gbykZfh]h
kms_kl\bl_evgh]hh[jZah\Zggh]h lZdbfkihkh[hf
H[h[s_gb_ ijhp_kkihkj_^kl\hf dhlhjh]h h^bg
ki_pbnbq_kdbc
hiul
klZgh\blky j_ij_a_glZpb_cp_eh]h deZkkZhiulh\
H[hgyl_evguc hlghkysbckyd hj]ZgZfh[hgygby
H[t_^bg_ggh_
ihe_
_^bgZy
kljmdlmjZ
GEILj_of_jgZy
fZljbpZ
g_\jheh]bq_kdbo mjh\g_cihabpbc \hkijbylbyb \j_f_gb
HljZ`_gb_ lhqgZyih^kljhcdZ dp_ehc qZklbih\_^_gby ^jm]h]hq_eh\_dZ
IZll_jg kbkl_fZlbq_kdbih\lhjyxsbckymklhcqb\uc we_f_glnjZ]f_glbeb
ihke_^h\Zl_evghklv we_f_glh\njZ]f_glh\ih\_^_gby
I_j\Zy ihabpby\hkijbylb_ fbjZlhevdh khk\h_c lhqdbaj_gbyij_[u\Zgb_
\ iheghfdhglZdl_ khk\h_c kh[kl\_gghc\gmlj_gg_c j_ZevghklvxH^gZ balj_o
ihabpbc \hkijbylbyhklZevgu_ gZau\Zxlky\lhjZy blj_lvy ihabpbb
I_j_dj_klgh_
ijbkh_^bg_gb_
hljZ`_gb_
yaudZ
l_eZ
q_eh\_dZ
k
bkihevah\Zgb_f ^\b`_gby^jm]h]h lbiZgZijbf_jih^kljhcdZ dZqZgb_fgh]b d
jblfm _]hj_qb
Ih\_^_gb_ ex[Zy Zdlb\ghklv\ dhlhjmxfu \h\e_q_gu\dexqZy ijhp_kk
fure_gby
Ih\_joghklgZy kljmdlmjZebg]\bklbq_kdbc l_jfbg^ey h[hagZq_gbymklguo b
ibkvf_gguo
khh[s_gbcijboh^ysbo ba
]em[bgghc
kljmdlmju ihkj_^kl\hf
mims_gbybkdZ`_gby bh[h[s_gby
Ih^kljhcdZ aZbfkl\h\Zgb_ ^_lZe_c ih\_^_gby ^jm]h]hq_eh\_dZ kp_evx
mkbe_gby jZiihjlZ
Ihabpby \hkijbylby lhqdZ aj_gbydhlhjmx fu ijbgbfZ_f \ g_dhlhjuc
fhf_gl \j_f_gbfh`_l [ulvgZr_c kh[kl\_gghc i_j\Zy ihabpbygZr_]h
kh[_k_^gbdZ \lhjZy ihabpbyb ihabpb_c h[t_dlb\gh]h b [eZ]hkdehggh]h
gZ[ex^Zl_ey lj_lvy ihabpby
Ij_^bdZlu k_gkhjghhkgh\Zggu_ keh\ZmdZau\Zxsb_ gZbkihevah\Zgb_ lhc
beb bghcj_ij_a_glZlb\ghc kbkl_fu
Ij_^ihqblZ_fZy kbkl_fZ j_ij_a_glZlb\gZy kbkl_fZdhlhjmx bg^b\b^mmf
qZs_ \k_]hbkihevam_l ^eykhagZl_evgh]h fure_gby bdhlhjZy hj]Zgbam_l_]h
hiul
Ij_kmiihabpbb b^_bbeb ml\_j`^_gbydhlhju_ ke_^m_l kqblZlv kZfbfb
kh[hc jZamf_xsbfbky^ey lh]hqlh[u dhffmgbdZpbybf_eZ kfuke
Ijbkh_^bg_gb_ d [m^ms_fm fuke_ggZy j_i_lbpby
j_amevlZlZ k p_evx
ih\ur_gby ]ZjZglbblh]hqlh `_eZ_fh_ih\_^_gb_ ijhbahc^_l
ImgdlmZpbhggZy ^\mkfuke_gghklv ^\mkfuke_gghklvkha^ZggZy kh_^bg_gb_f
^\mo hl^_evguoij_^eh`_gbc \h^ghba dhlhjh]h \k_]^Z fh`gh ihiulZlvky
ba\e_qv kfuke
JZa]h\hjgu_
ihklmeZlu ]bighlbq_kdb_ nhjfu yaudZ \hijhkudhlhju_
bgl_jij_lbjmxlky dZddhfZg^u
JZaebq_gb_ ijhp_kkihbkdZ jZaebqbc
JZaju\ bkihevah\Zgb_ iZll_jgh\ ih\_^_gbyhlebqZxsboky hliZll_jgh\
^jm]h]h q_eh\_dZjZajmr_gb_ jZiihjlZ k p_evx baf_g_gby
gZijZ\e_gby
ij_ju\Zgby bebhdhgqZgby kh\_sZgbybeb jZa]h\hjZ
JZfdZ dZd [m^lhwlh l_kemqZbdh]^Z \uijbl\hjy_l_kvqlh g_dhlhjh_
kh[ulb_ m`_ ijhbahrehb lh]^Z^mfZyqlh hgh dZd [m^lhkemqbehkv
ijh\hpbjm_l_ l\hjq_kdh_ j_r_gb_ ijh[e_fu iml_f
fuke_ggh]h ij_h^he_gby
hq_\b^guo ij_iylkl\bc\ gZijZ\e_gbbd `_eZ_fhfmj_r_gbx
JZfdZ gZ[hj dhgl_dklh\ beb
kihkh[h\ \hkijbylby q_]h eb[hdZd
gZijbf_j\ jZfd_j_amevlZlZ\ jZfd_jZiihjlZ\ jZfd_\ha\jZlZ bli
JZiihjl ijhp_kkihkljh_gby bih^^_j`Zgby hlghr_gbc\aZbfgh]h ^h\_jbyb
ihgbfZgby f_`^m^\mfy beb[he__ ex^vfb\hafh`ghklv \uau\Zlvj_Zdpbb ^jm]bo
ex^_c
J_ij_a_glZlb\gZy kbkl_fZlhdZd fudh^bjm_f bgnhjfZpbx\ k\h_ffha]_ \
h^ghc
beb
g_kdhevdbo
k_gkhjguo
kbkl_fZo\bamZevghcZm^bZevghc
dbg_kl_lbq_kdhc\dmkh\hc bh[hgyl_evghc
J_ij_a_glZpby dh^bjh\Zgb_b gZdhie_gb_k_gkhjghc bgnhjfZpbb\ fha]_
J_kmjkgh_ khklhygb_ g_\jheh]bq_kdh_ bnbabq_kdh_ khklhygb_q_eh\_dZ \
p_ehfdh]^Z hgqm\kl\m_l k_[yh[eZ^Zxsbf j_kmjkZfb
J_kmjku ex[u_kj_^kl\Zdhlhju_ fh]ml[ulv aZ^_ckl\h\Zgu^ey ^hklb`_gby
j_amevlZlZnbabheh]bykhklhygbyfukebkljZl_]bbi_j_`b\Zgbyex^b
kh[ulby beb\_sb
J_nj_cfbg] baf_g_gb_jZfdb \hlghr_gbb ml\_j`^_gbyqlh[u ijb^Zlv_fm
^jm]hc kfuke
J_nj_cfbg] dhgl_dklZ baf_g_gb_ dhgl_dklZml\_j`^_gby k p_evxijb^Zlv
_fm ^jm]hckfuke< dZdbomkeh\byo wlh[ueh [uih^oh^ys_c j_Zdpb_c"
J_nj_cfbg] kh^_j`Zgby
ijb^Zgb_ ml\_j`^_gbx ^jm]h]h
kfukeZ iml_f
i_j_\h^Z \gbfZgbygZ ^jm]mxqZklv kh^_j`ZgbyaZ^Z\Zy \hijhkQlh _s_fh]eh
[u wlhagZqblv"
K_gkhjgZy qm\kl\bl_evghklv ijbh[j_l_gb_mf_gbc ^_eZlv[he__ lhgdb_ b
[he__ ihe_agu_ jZaebq_gby \ hlghr_gbb k_gkhjghcbgnhjfZpbbdhlhjmx fu
ihemqZ_f bahdjm`Zxs_]h fbjZ
K_gkhjghhkgh\Zggh_
hibkZgb_
bgnhjfZpbydhlhjZy
y\ey_lky
g_ihkj_^kl\_ggh gZ[ex^Z_fhc b h[gZjm`b\Z_fhc k ihfhsvxhj]Zgh\ qm\kl\
Kms_kl\m_l jZaebqb_f_`^m hibkZgb_f=m[u jZklygmlu\b^gu g_dhlhju_ am[u
b
m]hedb
jlZ
ijbih^gylubHgZ kqZkleb\Zdhlhjh_ y\ey_lky
bgl_jij_lZpb_c
Kbg_kl_aby
Z\lhfZlbq_kdZy
k\yavdhlhjZy
mklZgZ\eb\Z_lky
f_`^m
jZaebqgufb dZgZeZfb\hkijbylby
KbglZdkbq_kdZy
^\mkfuke_gghklv \
Zg]ebckdhf
yaud_ ^\mkfuke_ggh_
ml\_j`^_gb_\ dhlhjhf ]eZ]hek LQJ]h\uf hdhgqZgb_ffh`_l kem`blv eb[h
ijbeZ]Zl_evgufeb[h ]eZ]hehfgZijbf_j,QIOXHQFLQJSHRSOHFDQPDNHZ
GLIIHUHQFH
Kh]eZkh\Zgb_ j_amevlZlh\ijhp_kk ih^]hgdb jZaebqguoj_amevlZlh\ ^jm]d
^jm]mhilbfbaZpby j_r_gbcHkgh\Z lZdboi_j_]h\hjh\\ dhlhjuoh[_ klhjhgu
hdZau\Zxlky \\ub]jur_
KhagZgb_ \k_lhqlh hkhagZ_lky\ ^Zggucfhf_gl \j_f_gb
Khklhygb_ \Zrb qm\kl\Z\Zr_ gZkljh_gb_?^bgkl\h g_\jheh]bq_kdbob
nbabq_kdbo ijhp_kkh\ijhl_dZxsbo \ bg^b\b^mmf_ \ex[hc fhf_gl \j_f_gb
Khklhygb_\ dhlhjhf fugZoh^bfkyhdZau\Z_l \ebygb_gZ gZrbkihkh[ghklb b
bgl_jij_lZpbb hiulZ
Kihkh[ghklv mki_rgZykljZl_]by \uiheg_gbyg_dhlhjh]h aZ^Zgby
KljZl_]by
ihke_^h\Zl_evghklv
fuke_c
b ^_ckl\bc
^ey
ihemq_gby
dhgdj_lgh]h j_amevlZlZ
Km[fh^Zevghklb
jZaebqby \gmljb
dZ`^hc
j_ij_a_glZlb\ghc kbkl_fu
oZjZdl_jbklbdb gZrbo\gmlj_ggbo j_ij_a_glZpbckZfu_ fZe_gvdb_kljhbl_evgu_
dbjibqbdb gZrbofuke_c
LjZgk baf_g_ggh_khklhygb_ khagZgbydh]^Z \gbfZgb_gZijZ\e_gh \gmljvb
khkj_^hlhq_gh gZg_agZqbl_evghf dhebq_kl\_klbfmeh\
Lj_lvy
ihabpby
\hkijbylb_ fbjZ
k
lhqdb aj_gby klhjhgg_]h
b
[eZ]hkdehggh]h gZ[ex^Zl_eyH^gZ balj_o ihabpbc\hkijbylbyhklZevgu_ ghkyl
gZa\Zgby i_j\hcb \lhjhcihabpbc
Ljhcgh_ hibkZgb_ijhp_kk \hkijbylby hiulZk i_j\hc\lhjhc blj_lv_c
ihabpbc
M[_`^_gby h[h[s_gbydhlhju_ fu ^_eZ_f hlghkbl_evgh hdjm`Zxs_]hgZk
fbjZ bgZrbo ijbgpbih\\aZbfh^_ckl\by kgbf
Mgb\_jkZevgu_ d\ZglbnbdZlhjuebg]\bklbq_kdb_ l_jfbgu ^ey h[hagZq_gby
lZdbo keh\dZd dZ`^uc\k_ b^jdhlhju_ g_^himkdZxl bkdexq_gbcH^gZ ba
dZl_]hjbc f_lZfh^_eb
Mims_gb_ ijhimkdqZklb hiulZ\ j_qbbeb fure_gbb
Nbabheh]bq_kdbc hlghkysbckyd nbabheh]bbq_eh\_dZ
Nbevlju \hkijbylby mgbdZevgu_b^_bhiulm[_`^_gby byauddhlhju_
nhjfbjmxl gZrmfh^_ev fbjZ
Nhg_lbq_kdZy ^\mkfuke_gghklv^\Z keh\Zdhlhju_ a\mqZlh^bgZdh\hgh
ibrmlky ihjZaghfmGZijbf_jihjh] bihjhd
QZklb km[ebqghklbkh k\hbfbgZf_j_gbyfbbgh]^Z dhgnebdlmxsb_^jm] k
^jm]hf
Wdheh]by aZ[hlZh p_ehklghklb\aZbfhk\ya_c f_`^mkms_kl\hf bhdjm`Zxs_c
kj_^hcMihlj_[ey_lky
lZd`_
\
hlghr_gbb
\gmlj_gg_c
wdheh]bb
mjZ\gh\_r_gghklv \aZbfhk\ya_c f_`^m ebqghklvx b__ fukeyfbih\_^_gb_f
kihkh[ghklyfbp_gghklyfb bm[_`^_gbyfb>bgZfbq_kdh_ jZ\gh\_kb_we_f_glh\ \
kbkl_f_
Wibkl_fheh]by bamq_gb_lh]hdZd fuagZ_f hlhfqlh fuagZ_f qlhlh
L_hjby ihagZgby
Ydhj_gb_ ijhp_kkihkj_^kl\hf dhlhjh]h ex[hcklbfme beb j_ij_a_glZpby
\g_rgyy beb \gmlj_ggyyhdZau\Z_lky k\yaZgghck g_dhlhjhc j_Zdpb_c b
aZimkdZ_l __ijhy\e_gb_Ydhjy fh]ml \hagbdZlv_kl_kl\_gguf h[jZahfb fh]ml
[ulv mklZgh\e_gugZf_j_ggh
/DVWPRGLILHG7XH-XO*07
Hp_gbl_ wlhll_dklG_ qblZe
Download