MEVLJ:KLJMDLMJ:SMI:E?PKBIMGDMEB>U 7+<6$12&$5',$1,*5$,.('$6,381&8/$ ‹]:KFZchjh\Z :<:^jbZgh\

;BHEH=BYFHJYlhf‹k±
M>D
AHHEH=BY;?KIHA<HGHQGUO
MEVLJ:KLJMDLMJ:SMI:E?PKBIMGDMEB>U
7+<6$12&$5',$1,*5$,.('$6,381&8/$
‹]:KFZchjh\Z:<:^jbZgh\
Bgklblml[bheh]bbfhjy><HJ:G<eZ^b\hklhd
>Zevg_\hklhqguc]hkm^Zjkl\_ggucmgb\_jkbl_l<eZ^b\hklhd
HPDLOLQPDUELR#PDLOSULPRU\HUX
KlZlvyijbgylZdi_qZlb]
GZijbf_j_yihghfhjkdhckbimgdmeb^u7K\VDQRFDUGLDQLJUDbamq_ghmevljZkljmdlmjgh_kljh_gb_smiZe_p
kbkihevah\Zgb_ff_lh^h\ljZgkfbkkbhgghcwe_dljhgghcfbdjhkdhibb=b[db_iZevp_\b^gu_smiZevpZhj]Zgb
ah\Zgu\^hjkZevgmxbhjZevgmxsmiZevp_\u_dhjhgugZl_jfbgZevghc]heh\ghcdZikme_bgljh\_jlZ7KQLJUD
SmiZevp_g_k_ljy^uhjZevguoeZl_jZevguobZ[hjZevguoj_kgbq_dZihrbjhdhchjZevghcih\_joghklbly
g_lkyijh^hevguc`_eh[hd<gmljbsmiZevpZijhoh^yl^\ZhjZevguobh^bgZ[hjZevgucsmiZevp_\u_dZgZeu
HjZevgZyih\_joghklvsmiZevpZkhklhblbah^ghkehcgh]hklhe[qZlh]hwibl_ebykdjmigufb`_e_abklufbde_l
dZfbkh^_j`bfh_dhlhjuobaeb\Z_lkygZhjZevgmxih\_joghklvEZl_jZevgucbZ[hjZevgucwibl_ebckhklhbl
badm[bq_kdbobebmiehs_gguode_lhdSmiZevp_\u_dZgZeu\ukleZgumiehs_ggufp_ehfbq_kdbfwibl_eb_f
ba hljhklqZluo ih^hpblh\ b fmevlbpbebZjguo de_lhd SmiZevp_\u_ dZgZeu \iZ^Zxl \ jZ^bZevgu_ p_ehfbq_
kdb_dZgZeu\kl_gd_]heh\ghcdZikmeubij_^klZ\eyxlkh[hcl_jfbgZevgu_mqZkldbh[rbjgh]hsmiZevp_\h]h
p_ehfZbf_xs_]hkeh`gmxdhgnb]mjZpbx<h\g_de_lhqghffZljbdk_\kl_gd_smiZevpZaZe_]ZxlsmiZev
p_\uog_j\h\ZlZd`_ly`bdhevp_\hcbijh^hevghcsmiZevp_\hcfmkdmeZlmjuH[km`^Z_lkykoh^kl\hbjZaeb
qb_smiZe_p7KQLJUDb^jm]bokbimgdmeb^
Dexq_\u_keh\ZmevljZkljmdlmjZih^hpblufmevlbpbebZjgu_de_ldbsmiZevpZp_ehfbq_kdbcwibl_ebc
8OWUDVWUXFWXUHRIWKHWHQWDFOHVRI7K\VDQRFDUGLDQLJUD,NHGD6LSXQFXOD$60D\RURYD$9$GUL
DQRY,QVWLWXWHRI0DULQH%LRORJ\)DU(DVW%UDQFK5XVVLDQ$FDGHP\RI6FLHQFHV9ODGLYRVWRN)DU(DVWHUQ
6WDWH8QLYHUVLW\9ODGLYRVWRN
8OWUDVWUXFWXUDOGHWDLOVRIWKHWHQWDFOHVRIWKHVLSXQFXODQ7K\VDQRFDUGLDQLJUDIURPWKH6HDRI-DSDQZHUHVWXGLHG
XVLQJ WUDQVPLVVLRQ HOHFWURQ PLFURVFRS\ )OH[LEOH ILQJHUOLNH WHQWDFOHV DUH DUUDQJHG LQWR QXFKDO DQG RUDO WHQWDFXODU
FURZQV7KHWHQWDFOHEHDUVRUDOODWHUDODQGDERUDOURZVRIFLOLD:LGHRUDOVXUIDFHEHDUVDORQJLWXGLQDOWHQWDFXODUJURRYH
7KHWHQWDFOHKDUERUVWZRRUDODQGRQHDERUDOFRHORPLFFDQDOVHPEHGGHGLQWRWKHILEULOODUH[WUDFHOOXODUPDWUL[7KHRUDO
VXUIDFHRIWHQWDFOHLVFRPSRVHGRIDVLQJOHOD\HURIWKHFROXPQDUHSLWKHOLXPZLWKODUJHJODQGXODUFHOOV7KHODWHUDODQG
DERUDOHSLWKHOLXPFRQVLVWVRIFXERLGDORUIODWWHQHGFHOOV7HQWDFXODUFDQDOVDUHOLQHGZLWKDVTXDPRXVSHULWRQHXPFRP
SRVHGSULPDULO\RIPXOWLFLOLDWHGFHOOVDQGQRQFLOLDWHGSRGRF\WHVZLWKORQJSURFHVVHV7HQWDFXODUFDQDOVHQWHUUDGLDOFRH
ORPLFFDQDOVEHQHDWKWKHFRUUHVSRQGLQJIHVWRRQ)LYHWHQWDFXODUQHUYHVORQJLWXGLQDODQGFLUFXODUPXVFOHVDUHHPEHGGHG
LQWKHILEULOODUH[WUDFHOOXODUPDWUL[EHWZHHQWKHWHQWDFXODUHSLWKHOLXPDQGWKHSHULWRQHXPRIFDQDOV6LPLODULWLHVDQGGLI
IHUHQFHV EHWZHHQ WHQWDFOHV RI 7K QLJUD DQG RWKHU VLSXQFXODQV DUH GLVFXVVHG %LRORJL\D 0RU\D 9ODGLYRVWRN YROQRSS±
.H\ZRUGVXOWUDVWUXFWXUHSRGRF\WHVPXOWLFLOLDWHGFHOOVFRHORP
j_kgbqgh_ihe_h[jZam_ljZ^bZevgu_jZajZklZgby\^hev
ih\_joghklb ]heh\u Z hjZevgu_ smiZevpZ ih djZyf
wlbo jZajZklZgbc nhjfbjmxl 8h[jZagu_ n_klhgu
*LEEVHWDO
H[rbjgZyihehklvl_eZkbimgdmeb^ij_^klZ\e_gZ
^\mfyg_khh[sZxsbfbky^jm]k^jm]hfhl^_eZfbi_
j_^gbfsmiZevp_\ufbaZ^gbflmeh\bsgufI_j_^gbc
hl^_ep_ehfZbf__lkeh`gmxdhgnb]mjZpbxM7KQLJ
UDsmiZevp_\uchl^_eij_^klZ\e_gh[rbjgufp_ehfb
q_kdbf kbgmkhf aZe_]Zxsbf \ hkgh\Zgbb gmoZevghc
smiZevp_\hc dhjhgu b khh[sZxsbfky k gbf h[rbj
gufdhevp_\ufkbgmkhfih^hdhehjhlh\ufj_kgbqguf
ihe_f \hdjm] jhlh\h]h hl\_jklby :^jbZgh\ FZchjh
\Z <i_j_^ hl ^hjkZevgh]h kbgmkZ hloh^yl l_j
Kbimgdmeb^uij_^klZ\eyxlkh[hchl^_evguclbi
g_k_]f_glbjh\Zgguo p_ehfbq_kdbo fhjkdbo q_j\_c
FmjbgZ 5LFH &XWOHU Hj]ZgbaZpby
smiZevp_\uo ZiiZjZlh\ kbimgdmeb^ y\ey_lky \Z`guf
fZdjhlZdkhghfbq_kdbfijbagZdhf&XWOHUFhjh
ah\:^jbZgh\Mkbimgdmeb^deZkkZ3KDVFRORVR
PDWLGHD smiZevpZjZkiheZ]ZxlkylhevdhgZ ih^dh\hh[
jZaghc ]heh\ghc kdeZ^d_ h]b[Zxs_c ^hjkZevguc gm
oZevguc hj]Zg b h[jZamxl gmoZevgmx ^hjkZevgmx
smiZevp_\mx dhjhgm M`b\hlguo hlghkysboky d
deZkkm 6LSXQFXOLGHD ihfbfh gmoZevghc dhjhgu sm
iZevpZ jZkiheZ]Zxlky b \hdjm] hdhehjhlh\h]h j_kgbq
gh]h ihey h[jZamy hjZevgmx smiZevp_\mx dhjhgm
Mij_^klZ\bl_e_c jh^Z 7K\VDQRFDUGLD hdhehjhlh\h_
JZ[hlZ \uiheg_gZ ijb nbgZgkh\hc ih^^_j`d_ JNNB ]jZgl ]jZglZ Ij_ab^_glZ JN ^ey fheh^uo ^hdlhjh\ gZmd
0>&5')bFbgbkl_jkl\ZgZmdbbh[jZah\ZgbyJN5(&Fbgbkl_jkl\ZgZmdbbh[jZah\ZgbyJN(>Zevg_\h
klhqgh]hhl^_e_gbyJ:G]jZgluII
MEVLJ:KLJMDLMJ:SMI:E?P
fbgZevgu_p_ehfbq_kdb_dZgZeulygmsb_ky\gmoZev
gu_ smiZevpZ Z gZaZ^ hl wlh]h kbgmkZ hloh^bl ^ebg
guckhdjZlbl_evguckhkm^dhlhjuclyg_lky\^hev^hj
kZevghcih\_joghklbibs_\h^Z\iehlv^hgZqZeZkj_^
g_]hhl^_eZdbr_qgbdZ:^jbZgh\FZchjh\ZHl
dhevp_\h]h kbgmkZ hloh^yl jZ^bZevgu_ beb ijh^hev
gu_ p_ehfbq_kdb_ dZgZeu lygmsb_ky gZaZ^ \ kl_gd_
]heh\ghcdZikmeuDZ`^ucdZgZeaZe_]Z_l\hkgh\Zgbb
khhl\_lkl\mxs_]hsmiZevp_\h]hn_klhgZbhlg_]hhl
oh^yl lhgdb_ p_ehfbq_kdb_ dZgZevpu lygmsb_ky \ dZ
`^h_ ba fgh]hqbke_gguo hjZevguo smiZe_p kh[jZg
guo\ijh^hevgu_jy^uihdjZyfhjZevguon_klhgh\
SmiZevpZ kbimgdmeb^ kem`Zl ^ey k[hjZ ibsb Z
q_j_aboih\_joghklvhkms_kl\ey_lky]Zahh[f_g3LOJHU
5LFH 5XSSHUW 5LFH :^jbZgh\ b ^j
FZchjh\Z:^jbZgh\
Lhgdh_ kljh_gb_ smiZe_p b Zkkhpbbjh\Zgguo k
gbfbl_jfbgZevguomqZkldh\smiZevp_\h]hhl^_eZp_
ehfZ bamq_gh \_kvfZ njZ]f_glZjgh Bf_xlky hl^_ev
gu_ ^Zggu_ ih kljh_gbx smiZevp_\uo ZiiZjZlh\ m
*ROILQJLD YXOJDULV * HORQJDWH 6LSXQFXOXV QXGXV 7KHP
LVWHODJHQLIRUPLV&XHQRW0HWDOQLNRII$ZDWL
3UDGKDQ 6WHKOH ihemq_ggu_ k ihfhsvx
k\_lh\hc fbdjhkdhibb Lhgdh_ kljh_gb_ smiZe_p k
ijbf_g_gb_f kdZgbjmxs_c we_dljhgghc fbdjhkdhibb
\ jZaebqghc kl_i_gb bamq_gh m7KODJHQLIRUPLV 1HSKD
VRPD SHOOXFLGD 3KDVFROLRQ FU\SWXP 3KSVDPPRSK\OXP
3KDVFRORVRPDSHUOXFHQVb$VSLGRVLSKRQEURFNLkf5LFH
GZ mevljZkljmdlmjghf mjh\g_ k ijbf_g_gb_f
f_lh^h\ljZgkfbkkhgghcwe_dljhgghcfbdjhkdhibbbk
ke_^h\Zgu smiZevpZ lhevdh h^gh]h ij_^klZ\bl_ey kb
imgdmeb^±7KODJHQLIRUPLV3LOJHU5LFH
LhgdZy fhjnheh]by b mevljZkljmdlmjZ smiZe_p
kbimgdmeb^ jh^Z 7K\VDQRFDUGLD f_lh^Zfb we_dljhgghc
fbdjhkdhibb ^h kbo ihj g_ bamq_gu HibkZgZ mevljZ
kljmdlmjZ ebrv k\h[h^ghieZ\Zxsbo p_ehfhpblh\ ba
smiZevp_\h]hhl^_eZp_ehfZ7KQLJUDij_^klZ\e_gguo
]_fwjbljhpblZfb Zf_[hpblZfb b ]jZgmeZpblZfb g_
kdhevdbo fhjnheh]bq_kdbo lbih\ FZchjh\Z :^jbZ
gh\
< gZklhys_c jZ[hl_ \i_j\u_ k ijbf_g_gb_f f_
lh^h\ ljZgkfbkkbhgghc we_dljhgghc fbdjhkdhibb
ij_^ijbgylh bkke_^h\Zgb_ mevljZkljmdlmju smiZe_p
ij_^klZ\bl_ey jh^Z 7K\VDQRFDUGLD gZ ijbf_j_ yihgh
fhjkdhc7KQLJUD
F:L?JB:EBF?LH>BD:
7K\VDQRFDUGLD QLJUD rbjhdh jZkijhkljZg_gZ \ f_edh
\h^guo [molZo aZe<hklhd ]^_ gZ ]em[bgZo ± f h[jZam_l
kdhie_gby \ dmjlbgZo =RVWHUD PDULQD \ ihyk_ fZdjhnblh\
<ajhkeu_hkh[b7KQLJUDkh[jZgue_lhf]gZFhjkdhc
[bheh]bq_kdhcklZgpbb<hklhdB;F><HJ:GIhke_jZk
keZ[e_gby\0J&Obihegh]h\u\hjZqb\Zgbybgljh\_jlZ
ijh\h^beb ^_dZiblZpbx ]heh\guo dhgph\ k iheghklvx \u
\_jgmluf smiZevp_\uf ZiiZjZlhf Qlh[u bamqblv jZ[hlm
j_kgbqgh]hZiiZjZlZbhij_^_eblvgZijZ\e_gb_lhdh\`b^dh
klb\smiZevpZo]heh\ukbimgdmeb^\j_f_gghkhojZgyxsb_
ih^\b`ghklv smiZevp_\h]h ZiiZjZlZ b ihke_ ^_dZiblZpbb
ihf_sZeb \ kmki_gabx ba p_ehfhpblh\ >ey ljZgkfbkkbhg
ghc we_dljhgghc fbdjhkdhibb LWF bo nbdkbjh\Zeb ;BHEH=BYFHJYlhf‹
]emlZjZev^_]b^hfgZdZdh^beZlghf[mn_j_jGk^h\_^_
gb_f hkfhfheyjghklb ^h fhkf oehjb^hf gZljby b ih
ke_^mxs_cihklnbdkZpb_cl_ljZhdkb^hfhkfbygZlhf`_
[mn_j_Ihke_^_]b^jZlZpbb\kibjlZo\hajZklZxs_cdhgp_g
ljZpbb b Zp_lhg_ hl^_evgu_ smiZevpZ aZeb\Zeb \ kfhem
6SXUULhgdb_kj_ausmiZevpZlhesbghc±gfbihemlhg
db_ kj_au lhesbghc fdf ba]hlh\eyeb gZ mevljZlhf_
5HLFKHUW8OWUDFXW(Ihemlhgdb_kj_auijhkfZljb\Zeb\k\_lh
hilbq_kdhf fbdjhkdhi_ 5HLFKHUW3RO\YDU ^ey hij_^_e_gby
jZaf_jguoijhihjpbc\gmlj_ggbowe_f_glh\smiZevpZbih
eh`_gby g_j\guo kl\heh\ Lhgdb_ kj_au ihke_ dhgljZklbjh
\Zgby \ \h^ghf jZkl\hj_ mjZgbeZp_lZlZ b jZkl\hj_ pbljZlZ
k\bgpZ bamqZeb gZ ljZgkfbkkbhgghf we_dljhgghf fbdjhkdh
i_ -HRO -(0% \ EZ[hjZlhjbb we_dljhgghc fbdjhkdhibb
B;F><HJ:G
GZ jbkmgdZo ijbgylu ke_^mxsb_ mkeh\gu_ h[hagZ
q_gby$%±Z[hjZevgucsmiZevp_\ucdZgZe$&±Z[hjZev
gu_ j_kgbqdb smiZevpZ $0 ± Zf_[hpbl KK ± j_kgbqgu_
de_ldbsmiZevp_\h]hwibl_eby&,±j_kgbqdbfmevlbpbebZj
guo de_lhd &0 ± dhevp_\u_ fur_qgu_ \hehdgZ (0 ± \g_
de_lhqgucfZljbdkgZZibdZevghcih\_joghklbsmiZevp_\h]h
wibl_eby)0±\hehdgbkluc\g_de_lhqgucfZljbdkih^sm
iZevp_\uf wibl_eb_f */± `_e_abklu_ de_ldb \ smiZevp_
\hfwibl_ebb+(±]_fwjbljhpbl/&±eZl_jZevgu_j_kgbq
dbsmiZevpZ/0±ijh^hevgu_fur_qgu_\hehdgZ/<±eb
ahkhfu 0& ± fmevlbpbebZjgZy de_ldZ p_ehl_ebZevghc \u
klbedbsmiZevp_\h]hdZgZeZ0(±eZf_eeyjgu_l_eZ\de_l
dZo smiZevp_\h]h wibl_eby 0, ± fblhohg^jbb 09 ± Zib
dZevgu_ fbdjh\hjkbgdb smiZevp_\h]h wibl_eby 1( ± sm
iZevp_\u_ g_j\u 18 ± y^jh 2& ± hjZevgu_ j_kgbqdb sm
iZevpZ 25 ± hjZevguc smiZevp_\uc dZgZe 3& ± ih^hpbl
p_ehl_ebZevghc \uklbedb smiZevp_\h]h dZgZeZ 33 ± gZe_
]Zxsb_^jm]gZ^jm]Zhljhkldbih^hpblh\5&±jZ^bZevguc
dZgZe52±dhj_rdbj_kgbq_d
J?AMEVL:LU
<k_ smiZevpZ 7K\VDQRFDUGLD QLJUD gZ ihi_j_qghf
kj_a_ bf_xl k_j^p_\b^gmx nhjfm jbk <^hev rb
jhdhc ihdjulhc j_kgbqdZfb hjZevghc ih\_joghklb
ijhoh^bl ]em[hdbc hjZevguc `_eh[hd kem`Zsbc ^ey
ljZgkihjlbjh\db aZo\Zq_gguo smiZevpZfb ibs_\uo
qZklbq_d Ih [hdZf smiZevpZ lygmlky ^\Z jy^Z eZl_
jZevguoj_kgbq_dZ\uimdeZyZ[hjZevgZyih\_joghklv
g_k_ljy^Z[hjZevguoj_kgbq_d
HjZevgZyklhjhgZkhklhblbah^ghkehcgh]hklhe[
qZlh]h wibl_eby jbk Z :ibdZevgZy ih\_joghklv
de_lhd g_k_l fgh]hqbke_ggu_ j_kgbqdb b h^bghqgu_
beb^\m\_l\bklu_fbdjh\hjkbgdbfdfihqlbihe
ghklvx ih]jm`_ggu_ \ lhekluc kehc \g_de_lhqgh]h
fZljbdkZjbkZ±]WlhldmlbdmeyjgucfZljbdkkljZ
lbnbpbjh\ZggZgZjm`gmxhkfbhnbevgmxf_f[jZgmb
^\Z juoeuo \hehdgbkluo kehy jZa^_e_gguo [he__
iehlguf hkfbhnbevguf km[keh_f jbk Z HjZevgu_
j_kgbqdb hlghkbl_evgh dhjhldb_ fdf aZydhjb
\Zxsb_ky ^ebgguf h^bghqguf dhj_rdhf hlklhysbf
hl ijh^hevghc hkb j_kgbqdb ih^ m]ehf ž jbk [
Y^jZ de_lhd kf_s_gu [ZaZevgh Z ZibdZevgZy pblh
ieZafZ kh^_j`bl [hevrh_ dhebq_kl\h fblhohg^jbc
dhfie_dku =hev^`b pbkl_jgu r_jhoh\Zlh]h wg^h
ieZafZlbq_kdh]h j_lbdmemfZ jZaghjZaf_jgu_ \_abdm
eu ebahkhfu b eZf_eeyjgu_ l_eZ ba hkfbhnbevguo
dhgp_gljbq_kdbo f_f[jZg jbk Z F_`^m j_kgbq
F:CHJH<::>JB:GH<
JbkKo_fZihi_j_qgh]hkj_aZsmiZevpZ7K\VDQRFDUGLDQLJUDMkeh\gu_h[hagZq_gbya^_kvbgZjbk±kf\jZa^_e_FZl_jbZeb
f_lh^bdZ
gufb de_ldZfb hjZevgh]h wibl_eby \klj_qZxlky [_a
j_kgbqgu_ `_e_abklu_ de_ldb k djmigufb l_fgufb
]jZgmeZfb kdhgp_gljbjh\Zggu_ \hkgh\Zgbb hjZevgh
]h `_eh[dZ b ih [hdZf \uimdehkl_c hjZevghc ih\_jo
ghklb smiZevpZ jbk @_e_au \u^_eyxl ebidbc
k_dj_l dZieb dhlhjh]h h[gZjm`b\Zxlky gZ hjZevguo
j_kgbqdZo b kem`Zl ^ey kdj_ie_gby aZo\Zq_gguo ba
lhesb\h^uqZklbq_d\ibs_\u_dhfdb;ZaZevgu_ih
\_joghklb de_lhd klhe[qZlh]h wibl_eby h[jZamxl fgh
]hqbke_ggu_ iZevp_\b^gu_ \ujhklu ih]jm`_ggu_ \
lhekluc \g_de_lhqguc fZljbdk kl_gdb smiZevpZ
jbk < wlbo [ZaZevguo \ujhklZo fh]ml \klj_qZlvky
ly`blhghnbeZf_glh\
;hdh\u_ b Z[hjZevgZy ih\_joghklb smiZevpZ kh
klhylbadm[bq_kdbobebg_kdhevdhmiehs_gguowibl_
ebZevguo de_lhd jbk ± G_dhlhju_ ba wlbo de_
lhd g_kml ^ebggu_ j_kgbqdb nhjfbjmxsb_ ijh^hev
gu_ jy^u jbk :[hjZevgu_ j_kgbqdb bf_xl ^ebgm
±fdfZeZl_jZevgu_j_kgbqdb^ebgg__±^h±
fdf:ibdZevgu_ih\_joghklbde_lhdg_kmlh^bghqgu_
beb^\m\_l\bklu_fbdjh\hjkbgdbb\hehdgbklucdmlb
dmeyjguc fZljbdk kljZlbnbdZpby dhlhjh]h \ujZ`_gZ
kbevg__ q_f \ hjZevghf dmlbdmeyjghf fZljbdk_ jbk
\±] GZjm`guc \hehdgbkluc kehc fZljbdkZ ih^ hk
fbhnbevghc f_f[jZghc khklhbl ba ± \ujZ`_gguo
km[keh_\ ba mihjy^hq_ggh jZkiheh`_gguo nb[jbee
lh]^ZdZd\gmlj_ggbc\hehdgbkluckehc[he__iehlguc
bkhklhblbajZaghgZijZ\e_gguonb[jbeejbk]Ih^
keh_f fbdjh\hjkbghd \ ZibdZevghc pblhieZaf_ \klj_
qZxlky ly`b lhghnbeZf_glh\ \hafh`gh h[_ki_qb
\Zxsb_ jb]b^ghklv smiZevp_\h]h wibl_eby :[hjZev
gu_ b eZl_jZevgu_ wibl_ebZevgu_ de_ldb kh^_j`Zl
djmigu_y^jZdhfie_dku=hev^`bpbkl_jguWIJfb
lhohg^jbbbebahkhfujbk\±]@_e_abklu_de_ldbk
djmigufb]jZgmeZfbkdhgp_gljbjh\Zgu\eZl_jZevguo
k_dlhjZo jbk <h fgh]bo wibl_ebZevguo de_ldZo
Z[hjZevghc ih\_joghklb \klj_qZxlky fgh]hqbke_ggu_
f_edb_hkfbhnbevgu_]jZgmeujbkZ
Ih^klbeZxsbc wibl_ebc \g_de_lhqguc fZljbdk
kh^_j`bldjmigu_dheeZ]_gh\u_\hehdgZkoZjZdl_jghc
bkq_jq_gghklvx ih]jm`_ggu_ \we_dljhgghk\_leuc
]hfh]_gguc f_edh\hehdgbkluc kehc < fZljbdk_ aZe_
]ZxlljbsmiZevp_\uodZgZeZdhlhju_\\_jrbg_sm
iZevpZkeb\Zxlky\_^bgmxl_jfbgZevgmxdZf_jm>\Z
hjZevguo dZgZeZ ^bZf_ljhf fdf lygmlky \^hev
hjZevghcih\_joghklbsmiZevpZZ[he__rbjhdbcZ[h
jZevguc dZgZe ^bZf_ljhf ± fdf aZe_]Z_l \ Z[h
jZevghf \uklmi_ jbk DZgZeu gmoZevguo smiZe_p
\iZ^Zxl\p_ehfbq_kdbckbgmk\hkgh\ZgbbgmoZevghc
dhjhgulh]^ZdZddZgZeuhjZevguosmiZe_p\iZ^Zxl\
khhl\_lkl\mxsbcjZ^bZevgucijh^hevgucp_ehfbq_
kdbc dZgZe lygmsbcky ih^ dZ`^uf ]heh\guf n_klh
ghfDZgZeu\ukleZgumiehs_ggufp_ehl_eb_fij_^
klZ\e_gguf fmevlbpbebZjgufb de_ldZfb b ih^hpblZ
;BHEH=BYFHJYlhf‹
MEVLJ:KLJMDLMJ:SMI:E?P
JbkMevljZkljmdlmjZsmiZevp_\h]hwibl_eby7K\VDQRFDUGLDQLJUDnjZ]f_gluihi_j_qguokj_ah\Z±hjZevgucj_kgbqguc`_eh[hd
[±hjZevgu_j_kgbqdb\±ihjZ`_e_au\eZl_jZevghfk_dlhj_]±njZ]f_glde_ldb\Z[hjZevghfk_dlhj_FZkrlZ[fdf
fbk^ebggufbgZe_]Zxsbfb^jm]gZ^jm]ZhljhkldZfb
jbk ± Khk_^gb_ de_ldb kh_^bg_gu de_lhqgufb
dhglZdlZfb ]RQXODH DGKHUHQWV Ih\_joghklv fmevlbpb
ebZjguo de_lhd g_k_l j_kgbqdb b ZibdZevgu_ fbdjh
\hjkbgdbJ_kgbqdbwlbode_lhdaZydhjb\Zxlky\pblh
ieZaf_ iZjhc g_jZ\guo dhj_rdh\ jZkoh^ysboky ih^
m]ehf hdheh ž ± ^ebgguf dZm^Zevguf b dhjhldbf
jhkljZevgufZZibdZevgZypblhieZafZkh^_j`bl[hev
rh_ dhebq_kl\h fblhohg^jbc GZ \gmlj_gg_c kl_gd_
dZgZeZ fmevlbpbebZjgu_ de_ldb h[jZamxl ijh^hevgu_
]jmiiu b hl\_qZxl aZ kha^Zgb_ lhdZ p_ehfbq_kdhc
`b^dhklbbi_j_^\b`_gb_p_ehfhpblh\\madboijhk\_
lZo smiZevp_\uo dZgZeh\ GZ `b\uo smiZevpZo ohjh
rh\b^ghdZdfmevlbpbebZjgu_de_ldb\hjZevguodZ
gZeZo i_j_f_sZxl p_ehfhpblu d\_jrbg_ smiZevpZ \
ZibdZevgmxdZf_jmZ\Z[hjZevghfdZgZe_]hgyliheh
klgmx`b^dhklvbp_ehfhpblubaZibdZevghcdZf_jud
hkgh\Zgbx smiZevpZ b ^Ze__ \ jZ^bZevguc p_ehfbq_
kdbc dZgZe Ih\_joghklv ih^hpblh\ jh\gZy [_a j_kgb
q_dbfbdjh\hjkbghd
;BHEH=BYFHJYlhf‹
<h \g_de_lhqghf \hehdgbklhf fZljbdk_ ih^
klbeZxs_f p_ehfbq_kdbc wibl_ebc dZgZeh\ aZe_]Z
xl \gmlj_ggb_ ijh^hevgu_ b gZjm`gu_ dhevp_\u_
fur_qgu_\hehdgZjbkZ[Djhf_gbo\p_g
lj_ smiZevpZ \h[rbjghf fZljbdk_ f_`^m dZgZeZfb
aZe_]Zxl fhsgu_ imqdb ijh^hevghc fmkdmeZlmju
jbk =eZ^db_ fur_qgu_ \hehdgZ smiZe_p hlgh
kylky dpbjdhfbZjghfm lbim Ijh^hevgu_ ly`b
h[_ki_qb\Zxl ih^\b`ghklv b [hevrmx ]b[dhklv hl
^_evgh]h smiZevpZ lh]^Z dZd dhevp_\u_ \hehdgZ
kihkh[guf_gylvijhk\_ldZgZeh\h[_ki_qb\Zyi_jb
klZevlbdm ihfh]Zxsmx ^\b`_gbx p_ehfhpblh\ \
ijhk\_l_dZgZeh\
Ihfbfhfur_qguo\hehdhg\h\g_de_lhqghffZl
jbdk_ f_`^m gZjm`guf wibl_eb_f b p_ehl_eb_f dZgZ
eh\ aZe_]Zxl smiZevp_\u_ g_j\u jbk SmiZevp_
7K QLJUD kh^_j`bl ijh^hevguo g_j\guo ly`_c ^\Z
lhgdbohjZevguog_j\Z^\Z[he__lhekluoeZl_jZevguo
g_j\Zbh^bgkZfuclheklucp_gljZevgucg_j\jbk
HjZevgu_ly`baZe_]Zxlf_`^m[ZaZevgufb\ujhklZfb
F:CHJH<::>JB:GH<
JbkMevljZkljmdlmjZsmiZe_p7K\VDQRFDUGLDQLJUDnjZ]f_gluijh^hevguokj_ah\Z±kl_gdZsmiZevpZ\Z[hjZevghfk_dlhj_[±
njZ]f_glhjZevgh]hdZgZeZFZkrlZ[Z±fdf[±fdf
de_lhd hjZevgh]h wibl_eby ih i_j_^g_fm djZx hjZev
guo smiZevp_\uo dZgZeh\ EZl_jZevgu_ g_j\u aZe_]Z
xl \ [hdh\uo k_dlhjZo f_`^m [ZaZevgufb hljhkldZfb
wibl_ebZevguo b `_e_abkluo de_lhd ih [hdZf hl Z[h
jZevgh]hsmiZevp_\h]hdZgZeZP_gljZevgucg_j\jZk
iheh`_g f_`^m hjZevgufb smiZevp_\ufb dZgZeZfb
gZijhlb\hkgh\ZgbyhjZevgh]h`_eh[dZjbkJZkih
eh`_gb_ smiZevp_\uo g_j\h\ hij_^_e_gh ijb ijh
kfhlj_k_jbcihemlhgdbokj_ah\
SmiZevp_\u_ dZgZeu kh^_j`Zl k\h[h^ghieZ\Zx
sb_ ihehklgu_ de_ldb ± p_ehfhpblu ij_^klZ\e_ggu_
]_fwjbljhpblZfb Zf_[hpblZfb b ]jZgmehpblZfb g_
kdhevdbofhjnheh]bq_kdbolbih\jbk[Wlbde_l
dbhibkZgu\gZr_cij_^u^ms_cim[ebdZpbbFZchjh
\Z:^jbZgh\
H;KM@>?GB?
YihghfhjkdZy 7K\VDQRFDUGLD QLJUD h[blZ_l \ dhj
g_\bsZo fhjkdhc ljZ\u b ih lbim iblZgby y\ey_lky
k_klhghnZ]hfKbimgdmeb^u\uklZ\eyxlsmiZevp_\uc
ZiiZjZl gZ^ ih\_joghklvx km[kljZlZ b aZo\Zlu\Zxl
ibs_\u_qZklbqdbbaijb^hggh]hkehy\h^uljZgkihj
lbjmy bo ih smiZevp_\uf `_eh[dZf b `_eh[dZf n_k
lhgh\ d jhlh\hfm hl\_jklbx < hlebqb_ hl ^jm]bo \b
^h\ kbimgdmeb^ kihkh[guo ^urZlv b q_j_a ih\_jo
ghklv l_eZ 7K\VDQRFDUGLD bf_xl kiehrghc g_ ih^_
e_gguc gZ fur_qgu_ e_glu dh`ghfmkdmevguc f_
rhd b g_ bf_xl dh`guo wib^_jfZevguo dZgZeh\ ih
wlhfm ]Zahh[f_g m gbo hkms_kl\ey_lky lhevdh q_j_a
dhjhgmsmiZe_p5LFH5XSSHUW5LFH FZc
hjh\Z :^jbZgh\ LZdb_ kbimgdmeb^u ih deZk
kbnbdZpbb Jmi_jlZ b JZck 5XSSHUW 5LFH hlgh
kylkyddZl_]hjbbWHQWDFXODUEUHDWKHUV Ihfbfh^ebg
guo b fgh]hqbke_gguo smiZe_p wlb kbimgdmeb^u
bf_xl ^ebgguc b \_l\bkluc khdjZlbl_evguc khkm^
ih dhlhjhfm ]_fwjbljhpblu ba smiZe_p ljZgkihjlb
jmxl dbkehjh^ \lmeh\bsguc hl^_e :^jbZgh\ FZc
hjh\Z
SmiZevpZ 7K QLJUD g_kdhevdh hlebqZxlky hl lZ
dh\uo7KHPLVWHODJHQLIRUPLV±_^bgkl\_gghckbimgdmeb
^umdhlhjhcsmiZevpZbamq_gugZmevljZkljmdlmjghf
mjh\g_ 3LOJHU SmiZevpZ 7K\VDQRFDUGLD nmgd
pbhgZevgh b fhjnheh]bq_kdb khhl\_lkl\mxl hl^_ev
guf ibggmeZf 7KHPLVWH kb^ysbf gZ ^ebgguo \_l\y
sbokyjmdZo smiZevp_\hcdhjhgu <hlebqb_hl sm
iZevpZ7KQLJUDibggmeZg_g_k_lZ[hjZevgh]hbeZl_
jZevguo jy^h\ j_kgbq_d J_kgbqgZy hjZevgZy ih\_jo
ghklvibggmeurbjhdZyghhjZevguc`_eh[hdg_lZdhc
]em[hdbc dZd m 7K\VDQRFDUGLD :[hjZevguc p_ehfbq_
kdbcdZgZeibggmeuihqlb\^\h_rbj_madbohjZevguo
dZgZeh\f_`^mdhlhjufb bf__lky [he__ rbjhdZy q_f
\ smiZevpZo 7K QLJUD p_gljZevgZy h[eZklv k ]eZ\guf
g_j\guf kl\hehf b imqdZfb ijh^hevghc fmkdmeZlmju
3LOJHUILJIZjuhjZevguobeZl_jZevguog_j
\h\^ey7KHPLVWHg_mdZaZgu
M 7K QLJUD hjZevgu_ `_e_au smiZe_p kh^_j`Zl
djmigu_ hkfbhnbevgu_ k_dj_lhjgu_ ]jZgmeu `_e_au
\ hjZevghf wibl_ebb ibggmeu 7K ODJHQLIRUPLV gZihe
g_guiehlghmiZdh\Zggufb\_abdmeZfbkhk\_leufkh
^_j`bfuf Ih^h[gu_ djmigu_ `_e_au hlf_q_gu m
;BHEH=BYFHJYlhf‹
MEVLJ:KLJMDLMJ:SMI:E?P
Jbk MevljZkljmdlmjZ smiZe_p 7K\VDQRFDUGLD QLJUD njZ]f_glu ihi_j_qguo kj_ah\ Z ± [ZaZevgu_ mqZkldb hjZevgh]h wibl_eby b
kl_gdZhjZevgh]hdZgZeZ[±kl_gdZf_`^mhjZevgufbZ[hjZevgufdZgZeZfb\±Z[hjZevgucwibl_ebcbkl_gdZZ[hjZevgh]hdZgZeZ
]±p_ehfbq_kdZy\uklbedZjZ^bZevgh]hp_ehfbq_kdh]hdZgZeZFZkrlZ[Z\±fdf[]±fdf
7KHPLVWHb\Z[hjZevghfwibl_ebblh]^ZdZd\smiZev
p_7K\VDQRFDUGLD\wlhfk_dlhj_g_ldjmiguo`_e_aaZ
lh ZibdZevgZy pblhieZafZ [hevrbgkl\Z Z[hjZevguo
wibl_ebZevguo de_lhd gZiheg_gZ fgh]hqbke_ggufb
f_edbfbhkfbhnbevgufb]jZgmeZfb
< hlebqb_ hl smiZe_p 7K QLJUD kehc \g_de_lhq
gh]hfZljbdkZgZih\_joghklbibggmeuijZdlbq_kdbg_
kljZlbnbpbjh\Zg gZ km[kehb <hklZevghf ibggmeu
7KHPLVWH b smiZevpZ 7K\VDQRFDUGLD koh^gu ih k\h_c
mevljZkljmdlmj_
G_dhlhju_hlebqby\kljh_gbbsmiZe_p7KQLJUD
b 7K ODJHQLIRUPLV ih djZcg_c f_j_ \ jZkiheh`_gbb
j_kgbqguo jy^h\ b kl_i_gb bgg_j\Zpbb ih\b^bfhfm
fh]ml [ulv h[tykg_gu bo nmgdpbhgZevgufb hkh[_g
ghklyfb Mh[hbo \b^h\ wlb hj]Zgu \oh^yl \ khklZ\
ibs_^h[u\Zxs_]hZiiZjZlZbh[Z\b^Zy\eyxlkyk_k
lhghnZ]Zfb ih lbim iblZgby Fhjhah\ :^jbZgh\
<lh`_\j_fywlb\b^uihjZaghfmj_rZxlaZ
^Zqm m\_ebq_gby nbevljmxsbo ih\_joghkl_c aZ kq_l
jZajZklZgbyj_kgbqgh]hhdhehjhlh\h]hiheyM7K\VD
QRFDUGLD nhjfbjmxlky jZ^bZevgu_ jZajZklZgby hdh
ehjhlh\h]h j_kgbqgh]h ihey dhlhju_ lygmlky gZaZ^
ih [hdh\hc ih\_joghklb ]heh\ghc dZikmeu Ih djZyf
wlbo jZajZklZgbc jZkiheZ]Zxlky hjZevgu_ smiZevpZ
h[jZamxsb_ ijh^hevgu_ smiZevp_\u_ n_klhgu Ih^
;BHEH=BYFHJYlhf‹
\b`gufb h[jZah\Zgbyfb \ wlhf dhfie_dk_ y\eyxlky
lhevdh kZfb smiZevpZ dhlhju_ m7K\VDQRFDUGLD ^ebg
gu_ b hq_gv ]b[db_ M 7KHPLVWH i_j_^gbc djZc ]heh\
ghc dZikmeu nhjfbjm_l djhgm ba \_l\ysboky jmd
\u^Zxsboky^Ze_dh\i_j_^aZij_^_euhdhehjhlh\h]h
iheyJZ^bZevgu_jZajZklZgbyj_kgbqgh]hiheylygml
kyihhjZevghcih\_joghklbjmd\bol_jfbgZevgu_
mqZkldb GZ \k_f ijhly`_gbb jmd gZ bo hjZevghc
ih\_joghklb \^hev p_gljZevgh]h `_eh[dZ jZkiheZ]Z
xlky dhjhldb_ smiZevpZ beb ibggmeu khhl\_lkl
\mxsb_ hl^_evguf smiZevpZf 7K\VDQRFDUGLD < hl
ebqb_ hl 7K QLJUD jmdb smiZevp_\h]h ZiiZjZlZ
7KODJHQLIRUPLV hq_gv ih^\b`gu b h[_ki_qb\Zxl
[hevrmx ahgm h[eh\Z gZ^ ih\_joghklvx km[kljZlZ
Ibggmeu lZd`_ h[eZ^Zxl ih^\b`ghklvx gh hgb g_
k]jmiibjh\Zgu \ jy^u b bo ^\b`_gby g_ kdhhj^bgb
jh\Zgu lZd q_ldh dZd wlh bf__l f_klh \ n_klhgZo
7K\VDQRFDUGLD Jy^u ^ebgguo Z[hjZevguo b eZl_jZev
guo j_kgbq_d [ebadh jZkiheh`_gguo smiZe_p
7KQLJUD fh]ml jZ[hlZlv kbgojhggh b h[_ki_qb\Zxl
gZijZ\e_ggu_ lhdb \h^u ijbghkysb_ ibs_\u_ qZk
lbqdb \ hjZevgu_ n_klhgu Ih\b^bfhfm ibggmeu
7KHPLVWH g_ bf_xl lZdbo \ujZ`_gguo j_kgbqguo jy
^h\ ihkdhevdm kZfb jZkiheZ]Zxlky gZ ih^\b`guo
we_f_glZosmiZevp_\h]hZiiZjZlZ
F:CHJH<::>JB:GH<
KIBKHDEBL?J:LMJU
:^jbZgh\ :< FZeZoh\ << Fhjhah\ L; Kljh_gb_ g_njb
^b_\ kbimgdmeb^u 3KDVFRORVRPD DJDVVL]LL .HIHUVWHLQ
6LSXQFXOD 3KDVFRORVRPDWLGHD Ahhe `mjg L‹K±
:^jbZgh\ :< FZchjh\Z :K FZeZoh\ << Fbdjhkdhibq_
kdZyZgZlhfbybmevljZkljmdlmjZg_njb^b_\yihghfhj
kdhc kbimgdmeb^u 7K\VDQRFDUGLD QLJUD ,NHGD 6LSXQFXOD6LSXQFXOLGHD;bhefhjyL‹
K±
:^jbZgh\:<FZchjh\Z:KFbdjhkdhibq_kdZyZgZlhfbyb
mevljZkljmdlmjZ Iheb_\Z khkm^Z yihghfhjkdhc kbimg
dmeb^u 7K\VDQRFDUGLD QLJUD ,NHGD ;bhe fhjy
L‹K±
FZchjh\Z :K :^jbZgh\ :< MevljZkljmdlmjZ p_ehfhpblh\
ba smiZevp_\h]h hl^_eZ p_ehfZ 7K\VDQRFDUGLD QLJUD
,NHGD 6LSXQFXOD ;bhe fhjy L ‹ K±
Fhjhah\ L; :^jbZgh\ :< NZmgZ kbimgdmeb^ 6LSXQFXOD
aZeb\Z<hklhdYihgkdh]hfhjy;bhefhjyL
‹K±
FmjbgZ << Fhjkdb_ q_j\b kbimgdmeb^u Zjdlbq_kdbo b [h
j_Zevguo \h^ ?\jZabb Hij_^_ebl_ev ih nZmg_ KKKJ
ABG:GKKKJEGZmdZk
$ZDWL353UDGKDQ/%7KHDQDWRP\RI'HQGURVWRPDVLJQLILHU
6HOHQND DQG GH 0DQ ,, - 8QLY %RPED\ 9RO 3±
&XHQRW / /H 3KDVFRORVRPD FRPPXQ 3KDVFRORVRPD YXOJDUH GH
%ODLQYLOOH =RRO 'HVFU ,QYHUW 3DULV 9RO 3±
&XWOHU(%7KH6LSXQFXOD7KHLUV\VWHPDWLFVELRORJ\DQGHYROX
WLRQ,WDND&RUQHOO8QLY3UHVVS
*LEEV 3( &XWOHU (% &XWOHU 1- $ UHYLHZ RI WKH VLSXQFXODQ
JHQXV 7K\VDQRFDUGLD )LVFKHU =RRO 6FU 9RO QR3±
0HWDOQLNRII 6 6LSXQFXOXV QXGXV :LVV =RRO /HLS]LJ 9RO3±
3LOJHU-)8OWUDVWUXFWXUHRIWKHWHQWDFOHVRI7KHPLVWHODJHQLIRUPLV
6LSXQFXOD=RRPRUSKRORJ\9RO3±
5LFH 0( 6LSXQFXOD 0LFURVFRSLF DQDWRP\ RI LQYHUWHEUDWHV
1HZ<RUN:LOH\/LVV,QF9RO3±
5XSSHUW (( 5LFH 0( )XQFWLRQDO RUJDQL]DWLRQ RI GHUPDO FRH
ORPLFFDQDOVLQ6LSXQFXOXVQXGXV6LSXQFXOLGDZLWKDGLV
FXVVLRQRIUHVSLUDWRU\GHVLJQVLQVLSXQFXODQV,QYHUW%LRO
9ROQR3±
6WHKOH*$QDWRPLHXQG+LVWRORJLHYRQ3KDVFRORVRPDHORQJDWXP
.HIHUVWHLQ $QQ 8QLY 6DUDYLHQVLV 9RO 3 ±
;BHEH=BYFHJYlhf‹