windows server 2008 nastolnaya kniga administratora

½·¼Ã·»©·¼¾²Â·´ M>D ;;D Q Q Q_dfZj_\ : G :LQGRZV 6HUYHU GZklhevgZy dgb]Z Z^fbgbkljZlhjZ ² KI[ ;O<I_l_j[mj] ² k be ² Kbkl_fguc Z^fbgbkljZlhj ,6%1 Jmdh\h^kl\h fh`_l bkihevah\Zlvky ijb jZ[hl_ k ex[ufb j_^Zdpbyfb hi_jZ pbhgghc kbkl_fu 0LFURVRIW :LQGRZV 6HUYHU êy b jZajy^guo ieZl nhjf Ihfbfh ljZ^bpbhgguo ijhp_^mj gZkljhcdb kbkl_fu k ihfhsvx ]jZnbq_ kdh]h bgl_jn_ckZ hibkZgu j_`bf mklZgh\db 6HUYHU &RUH b kbkl_fZ +\SHU9 6HUYHU Ih^jh[gh jZkkfhlj_gu kihkh[u gZkljhcdb hkgh\guo jhe_c k_j\_ jh\ jZ[hlZxsbo \ khklZ\_ jZ[hqbo ]jmii b ^hf_gh\ $FWLYH 'LUHFWRU\ Hkh[h_ \gbfZgb_ m^_e_gh hkh[_gghklyf m^Ze_ggh]h Z^fbgbkljbjh\Zgby b mijZ\e_gbx \bjlmZevgufb fZrbgZfb \ kj_^_ +\SHU9 HibkZgu nZceh\u_ b k_l_\u_ kem` [u ^hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ kj_^kl\Z Zjob\Zpbb b \hkklZgh\e_gby Z lZd`_ ^jm]b_ dhfihg_glu kbkl_fu >ey kbkl_fguo Z^fbgbkljZlhjh\ b ,7ki_pbZebklh\ M>D ;;D =jmiiZ ih^]hlh\db ba^Zgby =eZ\guc j_^Zdlhj ?dZl_jbgZ Dhg^mdh\Z AZf ]eZ\gh]h j_^ZdlhjZ ?\]_gbc Ju[Zdh\ AZ\ j_^Zdpb_c =jb]hjbc >h[bg Dhfivxl_jgZy \_jkldZ GZlZevb Kfbjgh\hc Dhjj_dlhj GZlZeby I_jrZdh\Z >baZcg k_jbb Bggu LZqbghc Hnhjfe_gb_ h[eh`db ?e_gu ;_ey_\hc AZ\ ijhba\h^kl\hf GbdheZc L\_jkdbo K ! "# # $ % &' ( )* +* ,-./0123,$ ($ 4*0123$ 5#*5 $ 40)#3* *#6 2*6 7 (8 % % 3 9 #5 #2'15 2 ! :9 1#5 1#3#2 #* ; 39< =" ,&3! ,>2*, 8$ 4*0123$ #$ Q_dfZj_\ : G Hnhjfe_gb_ ba^Zl_evkl\h ;O<I_l_j[mj] H]eZ\e_gb_ I J?>BKEH<B? <<?>?GB? < HAFH@GHKLB B DHFIHG?GLU KBKL?F : ,1'2:6 6 (59(5 J_^Zdpbb HK 0LFURVRIW :LQGRZV 6HUYHU Gh\u_ kj_^kl\Z kbkl_f :LQGRZV 6HUYHU MklZgh\dZ b \hkklZgh\e_gb_ ;Zah\u_ dhfihg_glu K_l_\u_ \hafh`ghklb K_j\_jgu_ nmgdpbb Kem`[u dZlZeh]Z $FWLYH 'LUHFWRU\ KjZ\g_gb_ nmgdpbhgZevguo \hafh`ghkl_c j_^Zdpbc :LQGRZV 6HUYHU gZ jZaebqguo ieZlnhjfZo Lj_[h\Zgby d ZiiZjZlguf j_kmjkZf >bnn_j_gpbZpby lj_[h\Zgbc d ]jZnbq_kdhc ih^kbkl_f_ = E:<: M KL:GH<D: KBKL?F B <BJLM:EVGUO F:RBG Ih^]hlh\dZ d mklZgh\d_ kbkl_fu <u[hj j_`bfZ bgklZeeypbb Dhgnb]mjbjh\Zgb_ jZa^_eh\ gZ `_kldhf ^bkd_ <u[hj nZceh\hc kbkl_fu Hj]ZgbaZpby kbkl_f k ^\hcghc aZ]jmadhc MijZ\e_gb_ hipbyfb aZ]jmadb Hkh[_gghklb :LQGRZV 6HUYHU 6HUYHU &RUH Bgl_jZdlb\gZy mklZgh\dZ kbkl_f :LQGRZV 6HUYHU Gh\Zy mklZgh\dZ kbkl_fu k aZ]jmahqgh]h dhfiZdl^bkdZ H[gh\e_gb_ kbkl_f <uiheg_gb_ ijhp_^mju h[gh\e_gby IhklbgklZeeypbhggu_ aZ^Zqb MklZgh\dZ iZjhey GZqZevgh_ dhgnb]mjbjh\Zgb_ kbkl_fu Hkgh\gu_ jZ[hqb_ iZjZf_lju k_j\_jZ Bkihevah\Zgb_ fZkl_jZ dhgnb]mjbjh\Zgby ,9 H]eZ\e_gb_ MklZgh\dZ iZjZf_ljh\ Z\lhfZlbq_kdh]h h[gh\e_gby :dlb\Zpby kbkl_fu :\lhfZlbq_kdZy bgklZeeypby kbkl_f Kj_^kl\Z \hkklZgh\e_gby kbkl_fu ijb k[hyo Hipbb \hkklZgh\e_gby ijb aZ]jmad_ k bgklZeeypbhggh]h ^bkdZ Kem`[u jZa\_jlu\Zgby MklZgh\dZ kem`[ b dhgnb]mjbjh\Zgb_ k_j\_jZ >h[Z\e_gb_ h[jZah\ >hihegbl_evgZy gZkljhcdZ iZjZf_ljh\ k_j\_jZ MklZgh\dZ mkljhckl\ \ jZ[hlZxs_c kbkl_f_ Ijhkfhlj khklhygby mkljhckl\ MklZgh\dZ ^jZc\_jh\ êy ih^dexq_gguo mkljhckl\ JZ[hlZ k \bjlmZevgufb fZrbgZfb \ kj_^_ MijZ\e_gb_ k_j\_jhf ! "# MijZ\e_gb_ \bjlmZevgufb fZrbgZfb $ mlbeblZ %%& MklZgh\dZ gh\hc \bjlmZevghc fZrbgu Kem`[u bgl_]jZpbb '#&%# ! Ih^dexq_gb_ d \bjlmZevguf fZrbgZf = E:<: D HGNB=MJBJH<:GB? J:;HQ?C KJ?>U B :>FBGBKLJ:LB<GU? A:>:QB GZkljhcdZ wdjZgZ j_]bkljZpbb \ kbkl_f_ Dhgljhev mq_lguo aZibk_c ()* <bjlmZebaZpby hi_jZpbc aZibkb \ nZceu b j__klj <uiheg_gb_ Z^fbgbkljZlb\guo aZ^Zq MijZ\e_gb_ f_oZgbafhf ()* Dhgnb]mjbjh\Zgb_ kbkl_fu IZg_ev mijZ\e_gby G_ihkj_^kl\_gguc ^hklmi d aZ^ZqZf iZg_eb mijZ\e_gby K\hckl\Z kbkl_fu GZkljhcdZ fhgblhjZ b we_f_glh\ ihevah\Zl_evkdh]h bgl_jn_ckZ GZkljhcdZ iZjZf_ljh\ fhgblhjZ Klbeb l_fu hnhjfe_gby OjZgbl_ev wdjZgZ wdjZggZy aZklZ\dZ <u[hj yaudh\ b j_]bhgZevguo klZg^Zjlh\ MijZ\e_gb_ we_dljhiblZgb_f Wg_j]hk[_j_]Zxsb_ j_`bfu MklZgh\dZ ijbeh`_gbc b dhfihg_glh\ Jheb b dhfihg_glu k_j\_jZ MklZgh\dZ jhe_c b dhfihg_glh\ MklZgh\dZ jhe_c ba dhfZg^ghc kljhdb MijZ\e_gb_ kbkl_fgufb dhfihg_glZfb b mq_lgufb aZibkyfb $ hkgZkldZ &RPSXWHU 0DQDJHPHQW H]eZ\e_gb_ 9 Hj]ZgbaZpby ijhnbe_c ihevah\Zl_e_c Ijhnbeb ihevah\Zl_e_c KljmdlmjZ ijhnbey ihevah\Zl_ey Ebqgu_ b h[sb_ iZidb Ihbkd bgnhjfZpbb+ ojZgys_cky gZ k_j\_j_ <uiheg_gb_ hi_jZpbc ihbkdZ Dhgnb]mjbjh\Zgb_ kem`[u %!, IjZ\beZ b ijbf_ju ihbkdZ :m^bl kh[ulbc \ ehdZevghc kbkl_f_ <dexq_gb_ Zm^blZ GZkljhcdZ b ijhkfhlj iZjZf_ljh\ Zm^blZ êy iZihd b nZceh\ Hldexq_gb_ Zm^blZ êy \u[jZgguo h[t_dlh\ M^Ze_gguc Z^fbgbkljZlb\guc ^hklmi d dhfivxl_jm KhojZg_gb_ b baf_g_gb_ iZjZf_ljh\ ih^dexq_gby H^gh\j_f_ggh_ ih^dexq_gb_ d h^ghfm dhfivxl_jm Hldexq_gb_ hl k_ZgkZ b mijZ\e_gb_ m^Ze_gguf dhfivxl_jhf <dexq_gb_ nmgdpbb -. # /# ba dhfZg^ghc kljhdb IeZgbjh\Zgb_ aZ^Zgbc+ \uihegyxsboky ih jZkibkZgbx Kem`[Z \j_f_gb 0. GZkljhcdZ kbgojhgbaZpbb k bklhqgbdhf \j_f_gb KbgojhgbaZpby b ijh\_jdZ jZ[hlu kem`[u \j_f_gb Hldexq_gb_ kbgojhgbaZpbb Yaud kp_gZjb_\ b dhfZg^guc ijhp_kkhj 1 ,22 MklZgh\dZ b aZimkd 1 ,22 <uiheg_gb_ kp_gZjb_\ = E:<: F HGBLHJBG= KBKL?FU B IJBEH@?GBC Kj_^kl\Z fhgblhjbg]Z \ :LQGRZV 6HUYHU >bki_lq_j aZ^Zq 7DVN 0DQDJHU AZimkd ^bki_lq_jZ aZ^Zq Ijhkfhlj khklhygby ijbdeZ^guo ijh]jZff Fhgblhjbg] ijhp_kkh\ Ke_`_gb_ aZ jZ[hlhc kbkl_fguo kem`[ :gZeba aZ]jmadb kbkl_fu Fhgblhjbg] k_lb Ijhkfhlj kibkdZ aZj_]bkljbjh\Zgguo ihevah\Zl_e_c Fhgblhjbg] ijh]jZff b k_j\bkh\ ² ijh]jZffZ 6RIWZDUH ([SRUHU Ijhkfhlj kh[ulbc j_]bkljbjm_fuo kbkl_fhc kem`[Zfb b ijbeh`_gbyfb Ijhkfhlj `mjgZeh\ b iZjZf_ljh\ kh[ulbc NbevljZpby kh[ulbc Ihîbkdb b hlijZ\ey_fu_ kh[ulby Fhgblhjbg] iZjZf_ljh\ b klZ[bevghklb jZ[hlu kbkl_fu Kbkl_fguc fhgblhj 3HUIRUPDQFH 0RQLWRU H]eZ\e_gb_ 9, H[t_dlu b kq_lqbdb ijhba\h^bl_evghklb GZkljhcdZ kq_lqbdh\ Fhgblhjbg] hl^_evguo ijhp_kkh\ b ijbeh`_gbc GZkljhcdZ kihkh[h\ ij_^klZ\e_gby bgnhjfZpbb HkgZkldZ 5HOLDELOLW\ 0RQLWRU Fhgblhj klZ[bevghklb kbkl_fu Dhfihg_gl 'DWD &ROOHFWRU 6HWV =jmiiu k[hjsbdh\ ^Zgguo = E:<: D HGNB=MJBJH<:GB? N:CEH<UO KEM@; MklZgh\dZ nZceh\uo kem`[ Dhgnb]mjbjh\Zgb_ ^bkdh\ b lhfh\ Klbeb jZa^_eh\ JZa^_eu b lhfZ Bkihevah\Zgb_ hkgZkldb 'LVN 0DQDJHPHQW JZkrbj_gb_ b k`Zlb_ jZa^_eh\ b eh]bq_kdbo ^bkdh\ >_njZ]f_glZpby ^bkdh\ LjZ^bpbhggu_ kj_^kl\Z mijZ\e_gby h[sbfb ^bkdh\ufb j_kmjkZfb MijZ\e_gb_ h[sbf ^hklmihf ba ijh]jZffu :LQGRZV ([SORUHU FZkl_j h[s_]h ^hklmiZ DeZkkbq_kdbc ihôh^ HkgZkldZ 6KDUHG )ROGHUV Ih^dexq_gb_ k_l_\uo ^bkdh\ b bkihevah\Zgb_ mlbebl dhfZg^ghc kljhdb MijZ\e_gb_ jZaj_r_gbyfb ^hklmiZ d nZceZf b iZidZf IjZ\beZ gZagZq_gby jZaj_r_gbc gZ ^hklmi JZaj_r_gby ^hklmiZ gZ mjh\g_ nZceh\hc kbkl_fu 17)6 MklZgh\dZ jZaj_r_gbc êy nZceh\ MklZgh\dZ jZaj_r_gbc êy iZihd Hij_^_e_gb_ ^_ckl\mxsbo jZaj_r_gbc êy nZceh\ b iZihd I_j_^ZqZ ijZ\Z \eZ^_gby P_gljZebah\Zggh_ mijZ\e_gb_ h[sbfb j_kmjkZfb k ihfhsvx hkgZkldb 6KDUH DQG 6WRUDJH 0DQDJHPHQW D\hlu ^bkdh\h]h ijhkljZgkl\Z <dexq_gb_ klZg^Zjlgh]h f_oZgbafZ d\hl Bkihevah\Zgb_ d\hl MijZ\e_gb_ ^hklmihf d nZceh\hf j_kmjkZf k ihfhsvx hkgZkldb MijZ\e_gb_ d\hlZfb êy lhfh\ b iZihd ;ehdbjh\dZ dhibjh\Zgby b kha^Zgby nZceh\ :gZeba bkihevah\Zgby ^bkdh\uo j_kmjkh\ GZkljhcdZ iZjZf_ljh\ ^hklmiZ d h[sbf k_l_\uf iZidZf b ijbgl_jZf JZkij_^_e_ggZy nZceh\Zy kbkl_fZ MklZgh\dZ dhfihg_glh\ b gZqZevgh_ dhgnb]mjbjh\Zgb_ MijZ\e_gb_ Kha^Zgb_ ijhkljZgkl\Z bf_g ')6 ')6 ')6 ')6 H]eZ\e_gb_ 9,, >h[Z\e_gb_ iZihd Kha^Zgb_ ]jmii j_iebdZpbb MijZ\e_gb_ j_iebdZpb_c DjbilhaZsblZ iZihd b nZceh\ ojZgysboky gZ `_kldhf ^bkd_ H[yaZl_evgu_ lj_[h\Zgby ijb \uiheg_gbb hi_jZpbc rbnjh\Zgby Rbnjh\Zgb_ nZceh\ b iZihd Rbnjh\Zgb_ nZceh\ êy kh\f_klgh]h bkihevah\Zgby Dhibjh\Zgb_ i_j_f_s_gb_ i_j_bf_gh\Zgb_ b mgbqlh`_gb_ aZrbnjh\Zgguo nZceh\ b iZihd :job\Zpby aZrbnjh\Zgguo nZceh\ ')6 = E:<: : JOB<:PBY B <HKKL:GH<E?GB? BGNHJF:PBB MklZgh\dZ kbkl_fu Zjob\Zpbb ^Zgguo Kihkh[u Zjob\Zpbb b \hkklZgh\e_gby ^Zgguo b kbkl_fguo nZceh\ Kj_^kl\Z mijZ\e_gby kbkl_fhc Zjob\Zpbb \ :job\Zpby kbkl_fu b ^Zgguo GZkljhcdZ Z\lhfZlbq_kdhc Zjob\Zpbb lhfh\ Bkihevah\Zgb_ mlbeblu Zjob\Zpbb Kha^Zgb_ ihegh]h h[jZaZ kbkl_fu beb Zjob\Z hl^_evguo lhfh\ <uiheg_gb_ Zjob\Zpbb ba dhfZg^ghc kljhdb <hkklZgh\e_gb_ bgnhjfZpbb <hkklZgh\e_gb_ ^Zgguo ba Zjob\Z <uiheg_gb_ hi_jZpbb \hkklZgh\e_gby ba dhfZg^ghc kljhdb Ij_`gb_ \_jkbb nZceh\ b iZihd :\Zjbcgh_ \hkklZgh\e_gb_ kbkl_fu k ihfhsvx ihegh]h h[jZaZ kbkl_fu KhojZg_gb_ b \hkklZgh\e_gb_ khklhygby kbkl_fu :LQGRZV 6HUYHU :LQGRZV 6HUYHU 6\VWHP 6WDWH = E:<: K ?L?<U? DHFIHG?GLU B KEM@;U K_l_\u_ kj_^kl\Z m^Ze_ggu_ ba Hkh[_gghklb bkihevah\Zgby g_dhlhjuo k_l_\uo dhfihg_glh\ DZl_]hjbb k_l_c k_l_\h_ jZaf_s_gb_ b ijhnbeb \kljh_ggh]h [jZg^fZmwjZ JZ[hlZ gZ dhfivxl_j_ \ k_l_\hc kj_^_ P_gljZebah\Zggh_ mijZ\e_gb_ k_l_\ufb iZjZf_ljZfb Ijhkfhlj iZjZf_ljh\ k_l_\uo ih^dexq_gbc MijZ\e_gb_ ih^dexq_gbyfb Kha^Zgb_ gh\uo ih^dexq_gbc Lbiu k_l_\uo ih^dexq_gbc Ih^dexq_gby ih ehdZevghc k_lb L_e_nhggu_ dhffmlbjm_fu_ ih^dexq_gby <bjlmZevgu_ qZklgu_ k_lb Ijyfu_ ih^dexq_gby <oh^ysb_ ih^dexq_gby :LQGRZV 6HUYHU 931 H]eZ\e_gb_ 9,,, K_j\_ju Hkgh\gu_ ihgylby kem`[u MklZgh\dZ b gZkljhcdZ k_j\_jZ :\lhjbaZpby k_j\_jZ Kha^Zgb_ h[eZklb ^_ckl\by GZkljhcdZ f_oZgbafZ ^bgZfbq_kdhc j_]bkljZpbb ^hf_gguo bf_g KhojZg_gb_ b \hkklZgh\e_gb_ dhgnb]mjZpbb k_j\_jZ :]_gl j_ljZgkeypbb K_j\_ju kem`[u ^hf_gguo bf_g <hafh`ghklb k_j\_jh\ gZ [Za_ <hafh`ghklb deb_glh\ Ij_^\Zjbl_evgu_ mkeh\by êy mklZgh\db k_j\_jZ b kihkh[u _]h bkihevah\Zgby MklZgh\dZ k_j\_jZ K_j\_j gZ dhgljhee_j_ ^hf_gZ MklZgh\dZ \lhjbqguo k_j\_jh\ :^fbgbkljbjh\Zgb_ k_j\_jh\ GZkljhcdZ i_j_kuehd MijZ\e_gb_ ahgZfb Baf_g_gb_ lbiZ ahgu b kihkh[Z ojZg_gby Baf_g_gb_ h[eZklb j_iebdZpbb ahgu MklZgh\dZ j_`bfZ ^bgZfbq_kdh]h h[gh\e_gby MijZ\e_gb_ jZa^_eZfb ijbeh`_gbc Ijh\_jdZ dhgnb]mjZpbb Bkihevah\Zgb_ mlbeblu GZkljhcdZ deb_glh\ Kem`[Z fZjrjmlbaZpbb b m^Ze_ggh]h ^hklmiZ <hafh`ghklb kem`[u \ GZqZevgh_ dhgnb]mjbjh\Zgb_ kem`[u M^Ze_gguc ^hklmi Bkihevah\Zgb_ k_j\_jZ m^Ze_ggh]h ^hklmiZ êy h[kem`b\Zgby ih^dexq_gbc MklZgh\dZ k_j\_jZ m^Ze_ggh]h ^hklmiZ F_oZgbafu mijZ\e_gby dhgnb]mjZpb_c m^Ze_ggh]h ih^dexq_gby Ij_h[jZah\Zgb_ k_l_\uo Z^j_kh\ Dhfihg_glu Dhgnb]mjbjh\Zgb_ k ihfhsvx ijh]jZffu fZkl_jZ GZkljhcdZ gZ m`_ mklZgh\e_gghf k_j\_j_ JZaj_r_gb_ \u^_e_gby Z^j_kh\ ehdZevguf ohklZf Nmgdpby jZaj_r_gby '16bf_g Dhgnb]mjbjh\Zgb_ ij_h[jZah\Zgby ki_pbZevguo ihjlh\ b kem`[ Dhgnb]mjbjh\Zgb_ ohklh\ \ ehdZevghc k_lb êy jZ[hlu k 1$7 Kh\f_klgh_ bkihevah\Zgb_ bgl_jg_lih^dexq_gby ,&6 '+&3 '+&3 '+&3 '+&3 '+&3 '+&3%2273 '16 '16 :LQGRZV 6HUYHU '16 '16 '16 '16 '16 '16 IRUZDUGHUV '16 'QV&PG '16 55$6 55$6 :LQGRZV 6HUYHU 55$6 931 1$7 1$7 1$7 1$7 55$6 ,3 H]eZ\e_gb_ ,; AZsblZ k_l_\uo ih^dexq_gbc k ihfhsvx \kljh_ggh]h [jZg^fZmwjZ :LQGRZV )LUHZDOO Kj_^kl\Z jZkrbj_ggh]h dhgnb]mjbjh\Zgby [jZg^fZmwjZ GZkljhcdZ k_l_\uo iZjZf_ljh\ b [jZg^fZmwjZ ba dhfZg^ghc kljhdb = E:<: > HF?GGU? KEM@;U $ &7,9( ' ,5(&725< B =JMIIH<U? IHEBLBDB Dhgnb]mjbjh\Zgb_ kem`[u '16 êy jZa\_jlu\Zgby ^hf_gh\ $FWLYH 'LUHFWRU\ :\lhfZlbq_kdZy gZkljhcdZ '16k_j\_jZ Kha^Zgb_ ^hihegbl_evguo ^hf_gh\ Ijh\_jdZ dhgnb]mjZpbb '16 MklZgh\dZ b m^Ze_gb_ dhgljhee_jh\ ^hf_gZ Hkh[_gghklb kha^Zgby dhgljhee_jh\ \ m`_ kms_kl\mxsbo ^hf_gZo H[gh\e_gb_ ^hf_gh\ :LQGRZV 6HUYHU >h[Z\e_gb_ dhgljhee_jh\ gZ [Za_ :LQGRZV 6HUYHU \ ^hf_gu :LQGRZV 6HUYHU >h[Z\e_gb_ dhgljhee_jh\ gZ [Za_ :LQGRZV 6HUYHU \ ^hf_gu :LQGRZV 6HUYHU AZimkd fZkl_jZ mklZgh\db $FWLYH 'LUHFWRU\ AZ\_jr_gb_ mklZgh\db b l_klbjh\Zgb_ NZceu `mjgZeh\ Bkihevah\Zgb_ mlbeblu 'FSURPR ba dhfZg^ghc kljhdb MklZgh\dZ dhgljhee_jZ ba Zjob\ghc dhibb MklZgh\dZ 52'&dhgljhee_jZ ^hf_gZ M^Ze_gb_ dhgljhee_jh\ ^hf_gZ AZimkd fZkl_jZ mklZgh\db $FWLYH 'LUHFWRU\ Ijbgm^bl_evgh_ ihgb`_gb_ jheb M^Ze_gb_ k bkihevah\Zgb_f mlbeblu dhfZg^ghc kljhdb Hkh[_gghklb ih^dexq_gby deb_glh\ ^hf_gZ Hkgh\gu_ kj_^kl\Z Z^fbgbkljbjh\Zgby ^hf_gh\ b dZlZeh]h\ $FWLYH 'LUHFWRU\ Mlbeblu dhfZg^ghc kljhdb HkgZkldZ $FWLYH 'LUHFWRU\ 8VHUV DQG &RPSXWHUV Ih^dexq_gb_ d ^hf_gm beb dhgljhee_jm ^hf_gZ MijZ\e_gb_ hlh[jZ`_gb_f h[t_dlh\ dZlZeh]Z KhojZg_ggu_ aZijhku 6DYHG 4XHULHV <dexq_gb_ hipbb ijhkfhljZ ^hihegbl_evguo dhfihg_glh\ J_`bf Ihevah\Zl_eb dhglZdlu ]jmiiu b dhfivxl_ju dZd dhgl_cg_ju NbevljZpby hlh[jZ`Z_fuo h[t_dlh\ Ihbkd h[t_dlh\ \ dZlZeh]_ $FWLYH 'LUHFWRU\ H^gh\j_f_ggh_ j_^Zdlbjh\Zgb_ fgh`_kl\Z h[t_dlh\ dZlZeh]Z HkgZkldZ JZa^_eu dZlZeh]Z $FWLYH 'LUHFWRU\ b f_oZgbaf j_iebdZpbb JZa^_eu ijbeh`_gbc ; H]eZ\e_gb_ Nhjfbjh\Zgb_ lhiheh]bb j_iebdZpbb Kem`[Z j_iebdZpbb nZceh\ )56 MijZ\e_gb_ j_iebdZpb_c ba dhfZg^ghc kljhdb Ijhkfhlj kibkdZ iZjlg_jh\ ih j_iebdZpbb Ijhkfhlj kibkdZ kh_^bg_gbc k iZjlg_jZfb ih j_iebdZpbb Ijbgm^bl_evguc aZimkd j_iebdZpbb HkgZkldZ J_`bfu jZ[hlu ^hf_gh\ IXQFWLRQDO OHYHOV Baf_g_gb_ nmgdpbhgZevgh]h mjh\gy ^hf_gZ Ijh\_jdZ ^h\_jbl_evguo hlghr_gbc HkgZkldZ HkgZkldZ Gh\u_ \hafh`ghklb ]jmiih\uo iheblbd \ :LQGRZV 6HUYHU >hihegbl_evgu_ h[eZklb dhgljhebjm_fuo iZjZf_ljh\ Memqr_ggh_ mijZ\e_gb_ [jZma_jhf ,QWHUQHW ([SORUHU Gh\uc nhjfZl b \hafh`ghklb nZceh\ Z^fbgbkljZlb\guo rZ[ehgh\ $'0; =b[dhklv ijb jZ[hl_ \ jZaguo k_lyo 1/$ Kem`[Z *URXS 3ROLF\ &OLHQW Kbkl_fgu_ kh[ulby b `mjgZeu <hafh`ghklv kha^Zgby g_kdhevdbo ehdZevguo h[t_dlh\ ]jmiih\hc iheblbdb HkgZkldZ GZqZevgu_ h[t_dlu ]jmiih\hc iheblbdb 6WDUWHU *32 Ij_îhql_gby 3UHIHUHQFHV Kha^Zgb_ yjeudZ êy we_f_glZ h[hehqdb Kha^Zgb_ ehdZevghc iZidb b dhgljhev aZ __ kh^_j`bfuf Memqr_gby dZkZxsb_ky kem`[u )56 b lhfZ 6<692/ OjZg_gb_ iZjZf_ljh\ ]jmiih\uo iheblbd EhdZevgu_ *32h[t_dlu >hf_ggu_ *32h[t_dlu Dhgl_cg_j ]jmiih\uo iheblbd RZ[ehg ]jmiih\uo iheblbd Ih^dZlZeh]b rZ[ehgZ ]jmiih\uo iheblbd NZce *SWLQL Kj_^kl\Z j_^Zdlbjh\Zgby iZjZf_ljh\ [_ahiZkghklb b ]jmiih\uo iheblbd HkgZkldZ !" Ij_^klZ\e_gb_ kljmdlmju *32h[t_dlZ \ hdg_ hkgZkldb JZkrbj_gby hkgZkldb !" IZjZf_lju [_ahiZkghklb 6HFXULW\ 6HWWLQJV >hihegbl_evgu_ bgkljmf_glu gZkljhcdb [_ahiZkghklb GZkljhcdZ iZjZf_ljh\ [_ahiZkghklb ba dhfZg^ghc kljhdb Hij_^_e_gb_ ^_ckl\mxsbo agZq_gbc iheblbd HkgZkldZ # $ Hij_^_e_gb_ iheblbd \ ^hf_g_ >hdmf_glbjh\Zgb_ Zjob\Zpby b \hkklZgh\e_gb_ *32h[t_dlh\ H]eZ\e_gb_ ;, IJBEH@?GBY I JBEH@?GB? < ?; KKUEDB I JBEH@?GB? H KG:KLDB B A:>:QB I:G?EB MIJ:<E?GBY KBKL?F ,1'2:6 (59(5 HkgZkldb bo bf_gZ b gZagZq_gb_ GZa\Zgby kem`_[guo mlbebl b aZ^Zq iZg_eb mijZ\e_gby IJBEH@?GB? : >FBGBKLJ:LB<GU? MLBEBLU DHF:G>GHC KLJHDB <kljh_ggu_ mlbeblu IZd_l :LQGRZV 6XSSRUW 7RROV IJ?>F?LGUC MD:A:L?EV Ij_^bkeh\b_ Hi_jZpbhggu_ kbkl_fu k_f_ckl\Z 0LFURVRIW :LQGRZV 6HUYHU aZj_dhf_g ^h\Zeb k_[y gZ^_`ghc k_j\_jghc ieZlnhjfhc b ij_êZ]Zxl fgh]h gh\uo j_r_gbc b dhfihg_glh\ \u]h^gh hlebqZxsbo bo hl kbkl_f ij_û^ms_c \_jkbb ² :LQGRZV 6HUYHU Ijb agZdhfkl\_ k gh\hc kbkl_fhc \k_]^Z \Z`gh g_ l_jylv \j_fy gZ m`_ agZdhfu_ \_sb ijb wlhf g_ ijhimklblv b [uklj__ hk\hblv \Z`gu_ gh\bgdb iha\heyxsb_ m\_ebqblv wnn_dlb\ghklv bkihevah\Zgby j_kmjkh\ b mijh klblv \uiheg_gb_ Z^fbgbkljZlb\guo aZ^Zq P_ev wlhc dgb]b ² ihfhqv ^hklZlhqgh hiulghfm kbkl_fghfm Z^fbgbkljZlhjm [u klj__ khjb_glbjh\Zlvky \ \hijhkZo \hagbdZxsbo ijb bkihevah\Zgbb kbkl_f :LQGRZV 6HUYHU b h[jZlblv _]h \gbfZgb_ gZ kZfu_ \Z`gu_ kj_^kl\Z \i_j\u_ ihy\b\rb_ky \ wlhc kbkl_f_ GZ ljZ^bpbhggu_ j_r_gby agZdhfu_ ih ij_û^msbf \_jkbyf :LQGRZV b :LQGRZV 6HUYHU \ dgb]_ h[jZsZ_lky f_gvr_ \gb fZgby dZd b gZ hkh[_gghklb gh\h]h ihevah\Zl_evkdh]h bgl_jn_ckZ ihy\b\r_]hky \ :LQGRZV 9LVWD LZdhc ihôh^ iha\hebe k^_eZlv l_dkl dhgdj_lguf b eZdhgbqguf Fgh]h \gbfZgby \ dgb]_ m^_ey_lky hkh[_gghklyf gh\h]h kihkh[Z dhgnb]mjbjh\Z gby k_j\_jh\ 6HUYHU &RUH b l_ogheh]byf \bjlmZebaZpbb +\SHU9 ² j_r_gbyf dhlhju_ kh\_jr_ggh g_ agZdhfu Z^fbgbkljZlhjZf ih ij_û^msbf \_jkbyf :LQGRZV :\lhj \ujZ`Z_l ijbagZl_evghklv ba^Zl_evkl\m ;O<I_l_j[mj] aZ \hafh`ghklv ba^Zgby wlhc dgb]b b bkdj_gg_ [eZ]h^Zjbl \k_o mqZklgbdh\ l\hjq_kdhc ]jmiiu ih^]hlh\b\r_c dgb]m d \uoh^m >ey k\yab k Z\lhjhf ih we_dljhgghc ihql_ fh`gh bkihevah\Zlv Z^j_k $7FKHN PDUHY#KRWPDLOFRP \ l_f_ ibkvfZ `_eZl_evgh mdZaZlv gZa\Zgb_ hi_jZpbhgghc kbkl_fu :e_dk_c Q_dfZj_\ <\_^_gb_ <hafh`ghklbbdhfihg_glukbkl_f :LQGRZV6HUYHU Wlhl h[ahjguc jZa^_e ^Z_l h[s__ ij_^klZ\e_gb_ h[ hkgh\guo gh\uo \hafh`ghklyo hi_jZpbhgguo kbkl_f k_f_ckl\Z :LQGRZV 6HUYHU bf_xsboky j_^Zdpbyo b jZaebqbyo f_`^m gbfb LZd`_ jZkkfZljb\Zxlky lj_[h\Zgby d ZiiZjZlguf j_kmj kZf k mq_lhf bkihevah\Zgby g_dhlhjuo ki_pbnbq_kdbo dhfihg_glh\ l_fu hnhjf e_gby b jhe_c k_j\_jZ +\SHU9 Ihke_ \uoh^Z deb_glkdhc hi_jZpbhgghc kbkl_fu :LQGRZV ;3 ]h^ b khhl\_lkl\mxs_c _c k_j\_jghc \_jkbb :LQGRZV 6HUYHU dhfiZgby 0LFURVRIW \_eZ jZajZ[hldm hi_jZpbhgguo kbkl_f gh\h]h ihdhe_gby ihemqb\rbo h[s__ dh^h\h_ gZa\Zgb_ iZjZee_evgh jZajZ[Zlu\Zebkv deb_gl kdZy \_jkby êy jZ[hqbo klZgpbc b k_j\_jgZy ieZlnhjfZ dhlhjZy [ueZ aZdhgq_gZ gZ ]h^ < dhgp_ ]h^Z deb_glkdZy \_jkby kbkl_fu ijh_dlZ /RQJKRUQ ihemqbeZ gZa\Zgb_ b hnbpbZevguc \uimkd wlhc kbkl_fu khklhyeky \ yg \Zj_ ]h^Z < n_\jZe_ ]h^Z \ureZ \ k\_l b k_j\_jgZy \_jkby ²:LQGRZV 6HUYHU m`_ \dexqZ\rZy \ k_[y iZd_l h[gh\e_gbc 6HUYLFH 3DFN GZ gZqZeh ]h^Z :LQGRZV 6HUYHU hklZ_lky ihke_^g_c \_jkb_c :LQGRZV \uims_gghc dhfiZgb_c 0LFURVRIW ohly m`_ \uims_gZ im[ebqgZy [_lZ\_jkby ke_ ^mxs_c kbkl_fu gZa\Zgghc :LQGRZV 6HUYHU 5 J_^Zdpbb HK0LFURVRIW:LQGRZV6HUYHU 0LFURVRIW :LQGRZV 6HUYHU ² wlh h[s__ bfy êy p_eh]h k_f_ckl\Z hi_jZpb hgguo kbkl_f dhlhju_ \uimkdZxlky \ g_kdhevdbo j_^Zdpbyo hjb_glbjh\Zgguo gZ jZagu_ aZ^Zqb b jZaebqgu_ ZiiZjZlgu_ ieZlnhjfu JZaebqby f_`^m j_^Zdpbyfb :LQGRZV 6HUYHU hij_^_eyxlky p_e_\uf k_]f_g lhf jugdZ ² l _ gZ[hjhf \uihegy_fuo aZ^Zq b mkeh\byfb bkihevah\Zgby <k_ Bf__lky \ \b^m h[sghklv dh^Z [Zah\uo dhfihg_glh\ <\_^_gb_ j_^Zdpbb aZ bkdexq_gb_f :LQGRZV 6HUYHU :HE fh]ml mklZgZ\eb\Zlvky \ j_ `bf_ b bf_xl \ZjbZgl ^bkljb[mlb\Z [_a dhfihg_glZ Ij_^gZagZq_gZ êy [ukljh]h jZa\_jlu\Zgby ki_pbZeb abjh\Zgguo k_j\_jh\ \uihegyxsbo jhev \_[k_j\_jZ <dexqZ_l kem`[u ,,6 kj_^kl\Z $631(7 b 1(7 )UDPHZRUN ;Zah\Zy kbkl_fZ êy bkihevah\Zgby \h \k_o h[eZk lyo Iha\hey_l mklZgZ\eb\Zlv ex[u_ jheb kem`[u b dhfihg_glu Kbkl_fZ êy jZa\_jlu\Zgby djblbq_kdb \Z`guo ijbeh`_gbc \ dhjihjZlb\ghc kj_^_ Bf__l memqr_ggu_ \hafh`ghklb deZkl_jbaZ pbb b aZf_gu ijhp_kkhjh\ h[_ki_qb\Z_l fZdkbfZevgmx [_ahiZkghklv kbkl_fu b ijhp_kkh\ Iha\hey_l mijhklblv jZa\_jlu\Zgb_ ijbeh`_gbc aZ kq_l bkihevah\Zgby f_oZgbafh\ \bjlmZebaZpbb GZb[he__ fhsgZy ieZlnhjfZ êy jZa\_jlu\Zgby hl\_lkl\_gguo ijbeh`_gbc k \ukhdbfb \hafh`ghklyfb fZkrlZ[bjh\Zgby gZ]jma db Bf__l g_h]jZgbq_ggh_ dhebq_kl\h ebp_gabc gZ bkihevah\Zgb_ kj_^kl\ \bjlmZ ebaZpbb Fh`_l ih^^_j`b\Zlv ^h ijhp_kkhjh\ kbkl_fu Kbkl_fu hilbfbabjh\Zggu_ êy [hevrbo [Za ^Zgguo b hl\_lkl\_gguo ijbeh`_gbc Bf_xl \ukhdb_ \hafh`ghklb hldZahmklhcqb\hklb b fZkrlZ[bjh\Zgby ih^^_j`b\Zxl ^h ijhp_kkhjh\ êy h[_ki_q_gby djblbq_kdb \Z`guo aZ^Zq ! " #$ % Gh\uc kZfhklhyl_evguc ijh^mdl ij_^klZ\eyx sbc kh[hc [_kieZlgmx mj_aZggmx \_jkbx :LQGRZV 6HUYHU ij_^gZagZq_g gmx êy \uiheg_gby lhevdh h^ghc jheb ² +\SHU9 LZdbf h[jZahf wlZ \_jkby y\ ey_lky ieZlnhjfhc êy jZa\_jlu\Zgby \bjlmZevguo fZrbg jZ[hlZxsbo ih^ mijZ\e_gb_f ^jm]bo \_jkbc hi_jZpbhgguo kbkl_f ih^jh[ghklb kf \ ]eZ\_ >ey __ mklZgh\db g_ lj_[m_lky ijbh[j_l_gb_ ebp_gabb h^gZdh khhl\_lkl\mxsb_ eb p_gabb g_h[oh^bfu êy dZ`^hc mklZgh\e_gghc \bjlmZevghc fZrbgu <k_ j_^Zdpbb :LQGRZV 6HUYHU ihklZ\eyxlky lhevdh gZ '9'^bkdZo ihkdhev dm ^bkljb[mlb\u bf_xl h[t_f ihjy^dZ =[Zcl =[Zcl êy ieZlnhjfu [ >ey kjZ\g_gby ² kbkl_fZ :LQGRZV 6HUYHU 5 ihklZ\ey_lky gZ ^\mo h[uqguo &'^bkdZo GZ ^bkljb[mlb\ghf '9'^bkd_ ijbkmlkl\m_l dh^ ijZdlbq_kdb \k_o j_^Zdpbc :LQGRZV 6HUYHU b Z^fbgbkljZlhj fh`_l \ l_klh\hf j_`bf_ mklZgh\blv ex [mx ba j_^Zdpbc kf ]eZ\m H^gZdh êy b êy jZajy^guo \_jkbc :LQGRZV 6HUYHU ^bkljb[mlb\gu_ ^bkdb \uimkdZxlky hl^_evgh dZd b êy +\SHU9 6HUYHU LZdb_ \_jkbb g_kdhevdh ^_r_\e_ iheguo Ihwlhfm fu [m^_l jZkkfZljb\Zlv _]h \ dgb]_ dZd h^gm ba j_^Zdpbc :LQGRZV 6HUYHU <hafh`ghklb b dhfihg_glu kbkl_f :LQGRZV 6HUYHU Gh\u_kj_^kl\Zkbkl_f:LQGRZV6HUYHU >Ze__ fu jZkkfhljbf gZagZq_gb_ hkgh\guo dhfihg_glh\ \i_j\u_ ihy\b\rboky \ :LQGRZV 6HUYHU \ kdh[dZo mdZaZgu ghf_jZ ]eZ\ ]^_ mihfygmlh_ kj_^kl\h jZk kfZljb\Z_lky ih^jh[gh Bf_ggh gh\u_ nmgdpbb ijb\e_dZxl \ i_j\mx hq_j_^v \gbfZgb_ b lj_[mxl hk\h_gby ijb i_j_oh^_ gZ gh\u_ \_jkbb kbkl_fu < dgb]_ lZd`_ jZkkfZljb\Zxlky b g_ mihfygmlu_ \ wlhf jZa^_e_ ljZ^bpbhggu_ dhfihg_g lu b kem`[u gZijbf_j k_l_\u_ k_j\bku ohly kj_^kl\Z mijZ\e_gby bfb lh`_ \ g_fZehc kl_i_gb [ueb fh^_jgbabjh\Zgu K EM@;U FMEVLBF?>B: Jhev Ihlhdh\u_ kem`[u fmevlbf_^bZ g_ \dexq_gZ \ khklZ\ :LQGRZV 6HUYHU wlhl ijh]jZffguc iZd_l fh`_l aZ]jm`Zlvky b mklZ gZ\eb\Zlvky hl^_evgh < khklZ\_ :LQGRZV 6HUYHU bf__lky dhfihg_gl 4XDOLW\ :LQGRZV $XGLR 9LGHR ([SHULHQFH T:DYH dhlhjuc h[_ki_qb\Z_l g_dhlhju_ \ha fh`ghklb ih i_j_^Zq_ ihlhdh\uo Zm^bh b \b^_hnZceh\ MklZgh\dZb\hkklZgh\e_gb_ Jheb k_j\_jZ MklZgh\dZ b m^Ze_gb_ kem`[ b dhfihg_glh\ \ kbkl_fZo :LQGRZV 6HUYHU `_kl dh m\yaZgu k ihgylb_f jheb k_j\_jZ VHUYHU UROH >ey mijZ\e_gby jheyfb b kem` [Zfb bkihevam_lky gh\Zy hkgZkldZ >bki_lq_j k_j\_jZ dhlhjZy lZd`_ kem`bl kj_^kl\hf êy p_gljZebah\Zggh]h fhgblhjbg]Z \k_o dhfihg_glh\ kbkl_fu ]eZ\Z J_`bf mklZgh\db hkgh\guo dhfihg_glh\ k_j\_jZ 6HUYHU &RUH <hafh`_g j_`bf jZa\_jlu\Zgby hi_jZpbhgghc kbkl_fu ijb dhlhjhf bgklZeebjm xlky lhevdh gm`gu_ dhfihg_glu b kem`[u [_a ]jZnbq_kdh]h bgl_jn_ckZ ihevah \Zl_ey Wlh iha\hey_l kha^Z\Zlv k_j\_ju k [hevr_c aZsbs_gghklvx lj_[mxsb_ f_gvr_ \gbfZgby kh klhjhgu Z^fbgbkljZlhjZ ]eZ\Z L_ogheh]by \bjlmZebaZpbb +\SHU9 Kj_^kl\Z \bjlmZebaZpbb +\SHU9 iha\heyxl aZimkdZlv gZ dhfivxl_j_ ^jm]b_ hi_ jZpbhggu_ kbkl_fu [ b [ WlZ jhev k_j\_jZ fh`_l mklZgZ\eb\Zlvky lhevdh \ jZajy^guo \_jkbyo b gZ ijhp_kkhjZo dhlhju_ bf_xl ZiiZjZlgmx ih^^_j`dm \bjlmZebaZpbb ,QWHO 97 beb $0'9 kibkhd lZdbo ijhp_kkhjh\ fh`gh gZclb gZ kZclZo ijhba\h^bl_e_c LZd`_ ijhp_kkhj b fZl_jbgkdZy ieZlZ dhfivxl_jZ ^he` gu ih^^_j`b\Zlv 'DWD ([HFXWLRQ 3URWHFWLRQ '(3 ]eZ\Z <\_^_gb_ H[jZau mklZgh\db NhjfZl :LQGRZV ,PDJLQJ :,0 iha\hey_l ojZgblv \ h^ghf nZce_ h^bg beb g_ kdhevdh aZdhgq_gguo h[jZah\ mklZgh\db kbkl_f >ey mf_gvr_gby ijhkljZgkl\Z aZgbfZ_fh]h gZ ^bkd_ nZce k`bfZ_lky b \k_ nZceu ojZgylky lhevdh \ h^ghf wd a_fieyj_ Bkihevah\Zgb_ h[jZah\ iha\hey_l mf_gvrblv \j_fy jZa\_jlu\Zgby kbk l_f \ hj]ZgbaZpbb qbklZy mklZgh\dZ kbkl_f aZgbfZ_l hdheh fbgml b mf_gv rblv qbkeh \hafh`guo hrb[hd dhgnb]mjbjh\Zgby ]eZ\Z <hkklZgh\e_gb_ k ihfhsvx Zjob\gh]h h[jZaZ kbkl_fu :LQGRZV &RPSOHWH 3& Gh\Zy nmgdpby ² ² iha\hey_l iheghklvx \hkklZgh\blv kbk l_fm \ kemqZ_ djZoZ ijb aZ]jmad_ k ^bkljb[mlb\gh]h ^bkdZ ih^h[gZy nmgdpby ² $XWRPDWHG 6\VWHP 5HFRYHU\ $65 FZkl_j Z\Zjbcgh]h \hkklZgh\e_gby kbkl_fu ² kms_kl\m_l b \ ij_û^msbo \_jkbyo :LQGRZV h^gZdh l_i_jv hgZ iheghklvx fh ^bnbpbjh\ZgZ H[jZa kbkl_fu fh`_l khojZgylvky gZ `_kldhf ^bkd_ beb aZibku \Zlvky g_ihkj_^kl\_ggh gZ '9'^bkd < h[jZa fh]ml [ulv \dexq_gu kbkl_fguc b aZ]jmahqguc jZa^_eu Z lZd`_ ^jm]b_ eh]bq_kdb_ ^bkdb K ihfhsvx wlhc nmgdpbb e_]dh i_j_g_klb kbkl_fm b ^Zggu_ gZ `_kldbc ^bkd [hevr_]h jZaf_jZ ]eZ\Z ;Zah\u_dhfihg_glu Ihevah\Zl_evkdbc bgl_jn_ck :LQGRZV $HUR Gh\uc ihevah\Zl_evkdbc bgl_jn_ck klbev l_fZ hnhjfe_gby ihemqb\rbc gZa\Z gb_ \ iheghf h[t_f_ ^hklmi_g b \ k_j\_jguo \_jkbyo :LQGRZV 6HUYHU Wlhl bgl_jn_ck ijba\Zg h[_ki_qblv fZdkbfZevgmx ijhba\h^bl_ev ghklv \ jZ[hl_ k dhfivxl_jhf _]h hlebqZxl kh\j_f_gguc ^baZcg k ihemijhajZq gufb hdgZfb $HUR *ODVV fgh]hqbke_ggu_ \bamZevgu_ wnn_dlu gh\u_ \hafh` ghklb ijb fZgbimeypbyo k hldjulufb hdgZfb \dexqZy nmgdpbb lj_of_jgh]h ij_^klZ\e_gby hdhg ijb bo i_j_dexq_gbb ² )OLS b )OLS ' b l ^ Gh\u_ lbiu mq_lguo aZibk_c [_ahiZkghklb b dhgljhev mq_lguo aZibk_c 8VHU $FFRXQW &RQWURO 8$& >ey ih\ur_gby aZsbs_gghklb kbkl_fu bf__lky f_oZgbaf dhgljhey mq_lguo aZibk_c ihevah\Zl_e_c 8VHU $FFRXQW &RQWURO 8$& Kfuke _]h jZ[hlu khklhbl \ lhf qlh ihevah\Zl_evkdb_ mq_lgu_ aZibkb ^_eylky ih ijb\be_]byf gZ g_kdhevdh lbih\ b kbkl_fZ kljh]h dhgljhebjm_l hi_jZpbb jZaj_r_ggu_ lhfm beb bghfm ihevah\Zl_ex < j_amevlZl_ kgb`Z_lky jbkd ih\j_`^_gby kbkl_fu beb \_jhylghklv \uiheg_gby g_kZgdpbhgbjh\Zgguo ^_ckl\bc ?keb gZijbf_j h[uqguc ihevah\Z l_ev dhfivxl_jZ aZimklbl kbkl_fgmx mlbeblm beb ihiulZ_lky baf_gblv iZjZf_lju <hafh`ghklb b dhfihg_glu kbkl_f :LQGRZV 6HUYHU dhgnb]mjZpbb lh kbkl_fZ ihijhkbl \\_klb iZjhev Z^fbgbkljZlhjZ kbkl_fu beb hldZ`_l ihevah\Zl_ex \ ^hklmi_ d aZijhr_gguf nmgdpbyf ]eZ\Z ;ukljh_ i_j_dexq_gb_ ihevah\Zl_e_c )DVW 8VHU 6ZLWFKLQJ Wlh kj_^kl\h \i_j\u_ ihy\b\r__ky \ k_j\_jghc \_jkbb :LQGRZV iha\hey_l g_ kdhevdbf ihevah\Zl_eyf [ulv h^gh\j_f_ggh aZj_]bkljbjh\Zggufb gZ dhfivxl_j_ ^Z`_ _keb dhfivxl_j \oh^bl \ ^hf_g LZdbf h[jZahf fh`gh g_ \uoh^y ba kbkl_fu b g_ aZdju\Zy jZ[hlZxsb_ ijh]jZffu hgb g_ [m^ml hklZgh\e_gu i_j_dexqblvky gZ ^jm]mx mq_lgmx aZibkv b jZ[hlZlv \ kj_^_ ^jm]h]h ihevah\Zl_ey ]eZ\Z Kj_^kl\Z ^bZ]ghklbdb b fhgblhjbg]Z Fhsgu_ kj_^kl\Z fhgblhjbg]Z iha\heyxl dhgljhebjh\Zlv jZ[hlm dhfihg_glh\ hi_jZpbhgghc kbkl_fu \dexqZy ZiiZjZlgu_ kj_^kl\Z b ijbdeZ^guo ijh]jZff Ijb gZebqbb ijh[e_f bgnhjfZpby fh`_l i_j_^Z\Zlvky \ dhfiZgbx 0LFURVRIW ih ke_ q_]h ihevah\Zl_ev bf__l \hafh`ghklv magZlv h gZebqbb j_r_gbc ih mkljZg_ gbx g_bkijZ\ghkl_c b aZ]jmablv gm`gu_ h[gh\e_gby KlZg^ZjlgZy gh agZqbl_evgh fh^_jgbabjh\ZggZy hkgZkldZ Ijhkfhlj kh[ulbc b kh\_jr_ggh gh \uc bgkljmf_gl ² hkgZkldZ Fhgblhj ijh ba\h^bl_evghklb b klZ[bevghklb ² bf_xl fgh`_kl\h gh\uo \hafh`ghkl_c ih a\heyxsbo ZgZebabjh\Zlv \k_ iZjZf_lju kbkl_fu b j_]bkljbjh\Zlv bo \ kbkl_fguo `mjgZeZo ]eZ\Z IeZgbjh\sbd aZ^Zq 7DVN 6FKHGXOHU IeZgbjh\sbd aZ^Zq [ue agZqbl_evgh fh^_jgbabjh\Zg b ij_\jZlbeky \ fhsgh_ kj_^kl\h ^bki_lq_jbaZpbb aZ^Zq bf_xs__ fgh`_kl\h \hafh`ghkl_c b jZa\bluc bgl_jn_ck ]eZ\Z Kj_^kl\Z ihbkdZ bgnhjfZpbb Kj_^kl\Z jZkrbj_ggh]h ihbkdZ :LQGRZV 6HDUFK (QJLQH iha\heyxl bkdZlv bgnhjfZ pbx kh^_j`Zsmxky \ ehdZevguo b m^Ze_gguo nZceZo ihqlh\uo khh[s_gbyo b bg l_jg_lkkuedZo Ijb wlhf Zdlb\gh bkihevam_lky kem`[Z bg^_dkbjh\Zgby qlh agZqb l_evgh khdjZsZ_l \j_fy ihbkdZ b ihbkd fh`_l hkms_kl\eylvky ih bf_gb beb lbim nZceh\ ih Z\lhjm kha^Zgby ^hdmf_glZ b ^Zl_ _]h kha^Zgby Z lZd`_ ih fgh`_kl\m ^jm]bo iZjZf_ljh\ êy q_]h fh`gh kha^Z\Zlv keh`gu_ nbevlju ]eZ\Z DhfZg^guc ijhp_kkhj :LQGRZV 3RZHU6KHOO Gh\uc dhfZg^guc ijhp_kkhj iha\heyxsbc jZ[hlZlv \ bgl_jZdlb\ghf j_`bf_ beb \ j_`bf_ \uiheg_gby Z^fbgbkljZlb\guo kp_gZjb_\ Bf__l jZkrbj_ggu_ \hafh` <\_^_gb_ ghklb ^hklmiZ d dhfihg_glZf kbkl_fu êy ihemq_gby hl gbo bgnhjfZpbb Z lZd`_ êy mijZ\e_gby ]eZ\Z AZsblgbd :LQGRZV :LQGRZV 'HIHQGHU Ijh]jZffZ :LQGRZV 'HIHQGHU y\ey_lky klZg^Zjlguf dhfihg_glhf kbkl_fu \ ^jm ]bo \_jkbyo :LQGRZV __ fh`gh mklZgZ\eb\Zlv nZdmevlZlb\gh hgZ iha\hey_l aZ sblblv dhfivxl_j hl jZaghh[jZaguo ribhgkdbo VS\ZDUH ijh]jZff Z lZd`_ g_ `_eZl_evguo ijbeh`_gbc dhlhju_ fh]ml gZjmrblv jZ[hlhkihkh[ghklv b [_ahiZkghklv kbkl_fu ]eZ\Z Rbnjh\Zgb_ ^bkdh\ :LQGRZV %LW/RFNHU 'ULYH (QFU\SWLRQ Gh\Zy ZiiZjZlghijh]jZffgZy l_ogheh]by aZsblu ^Zgguo gZ `_kldhf ^bkd_ ih a\hey_l ij_^hl\jZlblv ^hklmi d ojZgys_cky gZ g_f bgnhjfZpbb \ lhf kemqZ_ _keb ^bkd ihl_jyg beb mdjZ^_g >ey __ jZ[hlu lj_[m_lky ki_pbZevgZy fbdjhko_fZ ² 730 dhlhjZy h[uqgh mklZgZ\eb\Z_lky gZ fZl_jbgkdmx ieZlm dhfivxl_jZ < g_c ojZgylky dexqb iZjheb b pbnjh\u_ k_jlbnbdZlu ijb q_f ^hklmi d wlhc bgnhjfZpbb keh`gh ihemqblv iml_f ijh]jZffguo ZlZd beb \ kemqZ_ nbabq_kdhc djZ`b dhfivxl_jZ K_l_\u_\hafh`ghklb Ih^^_j`dZ ijhlhdheZ ,3Y Kbkl_fu iheghklvx ih^^_j`b\Zxl ijhlhdhe ,3 YHUVLRQ iha\heyxsbc jZkrbjblv \hafh`ghklb Z^j_kZpbb dhfivxl_jh\ \ Bgl_jg_l_ ihkdhevdm hg ij_^mkfZljb\Z_l agZqbl_evgh [hevr__ Z^j_kgh_ ijhkljZgkl\h q_f ih\k_f_klgh jZkijhkljZg_gguc \ gZklhys__ \j_fy ijhlhdhe ,3 YHUVLRQ \ dhlhjhf êy Z^j_kZpbb bkihevamxlky q_ luj_ ^\mo[Zclh\uo keh\Z gZijbf_j <k_ k_l_\u_ kbkl_fgu_ mlb eblu jZkkqblZgu gZ jZ[hlm k ,3Y hg mklZgZ\eb\Z_lky ih mfheqZgbx b iha\heyxl dhgnb]mjbjh\Zlv _]h iZjZf_lju <kljh_gguc [jZg^fZmwj :LQGRZV Ihevah\Zl_e_c kbkl_f fh`gh h]jZ^blv hl hiZkguo \lhj`_gbc ba Bgl_jg_lZ k ih fhsvx ijhklh]h gh wnn_dlb\gh]h [jZg^fZmwjZ ,QWHUQHW &RQQHFWLRQ )LUHZDOO <ha fh`ghklb gZkljhcdb [jZg^fZmwjZ aZf_lgh jZkrbj_gu bf__lky \hafh`ghklv nbevljZpbb bkoh^ysbo ih^dexq_gbc ]eZ\Z <hafh`ghklb b dhfihg_glu kbkl_f :LQGRZV 6HUYHU AZsblZ ^hklmiZ d k_lb 1$3 L_ogheh]by aZsblu ^hklmiZ d k_lb 1$3 iha\hey_l ij_ ^hl\jZlblv ^hklmi d \gmlj_gg_c ihevah\Zl_evkdhc k_lb kh klhjhgu g_[_ahiZkgh]h dhfivxl_jZ dhlhjuc g_ hl\_qZ_l hij_^_e_gguf djbl_jbyf [_ahiZkghklb wlb djb l_jbb fh]ml aZ^Z\Zlvky k ihfhsvx ]jmiih\uo iheblbd ;eZ]h^Zjy wlhfm k_lv klZ gh\blky f_g__ mya\bfhc d ZlZdZf \bjmkh\ b q_j\_c dhlhju_ fh]ml ihy\blvky gZ fh[bevguo dhfivxl_jZo g_ bf_xsbo ihke_^gbo h[gh\e_gbc [_ahiZkghklb \dex q_gguo kj_^kl\ aZsblu b l i Deb_glkdbc dhfihg_gl ih^^_j`b\Zxsbc ^Zggmx l_ogheh]bx \oh^bl \ khklZ\ :LQGRZV 9LVWD b :LQGRZV ;3 6HUYLFH 3DFN Z k_j\_j gZy qZklv ^he`gZ jZkiheZ]Zlvky gZ dhfivxl_jZo jZ[hlZxsbo ih^ mijZ\e_gb_f :LQGRZV 6HUYHU Kem`[u Bgl_jg_lZ ,,6 GZ[hj kem`[ ,QWHUQHW ,QIRUPDWLRQ 6HUYLFHV ,,6 iha\hey_l mklZgh\blv gZ dhfivxl_j_ )73 b \_[k_j\_j \hafh`ghklb wlbo kem`[ bkihevamxlky fgh]bfb ^jm]bfb dhf ihg_glZfb hi_jZpbhgghc kbkl_fu gZijbf_j kem`[Zfb i_qZlb beb kem`[Zfb l_jfbgZeh\ < khklZ\_ kbkl_f ihklZ\eyxlky kem`[u ,,6 h[gh\e_gghc \_jkbb K_j\_jgu_nmgdpbb MijZ\e_gb_ nZceh\uf k_j\_jhf Gh\u_ kj_^kl\Z Z^fbgbkljbjh\Zgby ² lZdb_ dZd hkgZkldb MijZ\e_gb_ h[sbfb iZidZfb b ojZgbebsZfb b >bki_lq_j j_kmjkh\ nZceh\h]h k_j\_jZ ² iha\heyxl wnn_d lb\gh jZkij_^_eylv h[sb_ ^bkdh\u_ j_kmjku b ke_^blv aZ bo bkihevah\Zgb_f LZd`_ h[gh\e_gu kj_^kl\Z mijZ\e_gby kem`[hc ')6 ]eZ\Z ! H[gh\e_ggu_ kem`[u l_jfbgZeh\ 7HUPLQDO 6HUYLFHV Kem`[u l_jfbgZeh\ dZiblZevgh fh^_jgbabjh\Zgu b \dexqZxl \ k_[y 7HUPLQDO 6HUYLFHV *DWHZD\ Rexa kem`[ l_jfbgZeh\ b 5HPRWH $SSOLFDWLRQV M^Ze_ggu_ ijbeh`_gby Rexa h[_ki_qb\Z_l [_kij_iylkl\_gguc m^Ze_gguc ^hklmi d ijbeh `_gbyf mklZgh\e_gguf gZ k_j\_j_ l_jfbgZeh\ L_ogheh]by 5HPRWH$SSV iha\hey_l [ukljh jZa\_jlu\Zlv ijbeh`_gby ^hklmigu_ m^Ze_gguf ihevah\Zl_eyf \ lhf qbke_ b h[jZsZxsbfky d k_j\_jm q_j_a Bgl_jg_l Kh\f_klgh_ bkihevah\Zgb_ nZdkh\ Ihevah\Zl_eb k_lb fh]ml ihevah\Zlvky nZdkk_j\_jhf beb h[sbf nZdkbfbevguf ZiiZjZlhf ih^dexq_gguf d ex[hfm ba dhfivxl_jh\ Bf__lky gh\Zy deb_glkdZy ijh]jZffZ êy jZ[hlu k nZdkZfb b kdZg_jZfb <\_^_gb_ Kem`[udZlZeh]Z$FWLYH'LUHFWRU\ Fgh]b_ gh\r_kl\Z :LQGRZV 6HUYHU k\yaZgu kh kem`[Zfb dZlZeh]Z $FWLYH 'LUHFWRU\ dhlhju_ fh]ml bkihevah\Zlvky êy jZa\_jlu\Zgby ^hf_gh\ Z lZd`_ jZ[h lZlv kZfhklhyl_evgh \ dZq_kl\_ bgnhjfZpbhggh]h ojZgbebsZ Bkihevah\Zgbx ^h f_gguo kem`[ $FWLYH 'LUHFWRU\ b ]jmiih\uo iheblbd p_ebdhf ihk\ys_gZ ]eZ\Z " X :^fbgbkljZlb\gu_ hkgZkldb bkihevam_fu_ êy mijZ\e_gby ^hf_gZfb $FWLYH 'LUHFWRU\ fh^_jgbabjh\Zgu b bf_xl gh\u_ nmgdpbb Fgh`_kl\h mlbebl \oh ^b\rbo jZg__ \ khklZ\ iZd_lZ :LQGRZV 6XSSRUW 7RROV l_i_jv y\eyxlky qZklvx kbkl_fu Bf__lky klZg^Zjlgh_ kj_^kl\h êy p_gljZebah\Zggh]h mijZ\e_gby ]jmiih\ufb iheblbdZfb \ ^hf_gZo ² hkgZkldZ MijZ\e_gb_ ]jmiih\hc iheblbdhc X < ^hf_gZo $FWLYH 'LUHFWRU\ fh`gh mklZgZ\eb\Zlv dhgljhee_ju ^hklmigu_ lhevdh êy ql_gby 5HDG2QO\ 'RPDLQ &RQWUROOHU b bf_xsb_ h]jZgbq_ggu_ \hafh`ghklb j_iebdZpbb dZlZeh]Z LZdh_ j_r_gb_ fh`_l hdZaZlvky [he__ [_ahiZkguf êy m^Ze_gguo hnbkh\ q_f jZaf_s_gb_ h[uqguo dhgljhee_jh\ ^hf_gZ X >ey wnn_dlb\ghc j_iebdZpbb dZlZeh]Z $FWLYH 'LUHFWRU\ \hafh`gh bkihevah\Z gb_ kem`[u #$% & J_iebdZpby ')6 Wlh iha\hey_l ijbf_gylv [he__ wnn_dlb\guc f_oZgbaf kbgojhgbaZpbb kbkl_fgh]h lhfZ 6<692/ b kgbablv ljZnbd j_iebdZpbb X Kem`[u ' # ( % ' Kem`[u k_jlbnbdZlh\ $FWLYH 'LUHFWRU\ iha\heyxl \u^Z\Zlv k_jlbnbdZlu b mijZ\eylv bfb h[_ki_qb\Zy jZ [hlm ijbeh`_gbc b kem`[ bkihevamxsbo l_ogheh]bb hldjuluo dexq_c 3., X Kem`[u ' # ( $ % ' Kem`[u n_^_jZpbb $FWLYH 'LUHFWRU\ iha\heyxl hj]Zgbah\Zlv ijh\_jdm ihêbgghklb ihevah\Zl_e_c ijb ^hklmi_ d g_kdhevdbf k\yaZgguf \_[ijbeh`_gbyf >ey wlh]h ij_^hklZ\ey_lky [_ahiZkguc h[sbc ^hklmi d pbnjh\hfm m^hklh\_j_gbx dhlhjuc fh`gh dhg ljhebjh\Zlv gZ ]jZgbpZo jZaguo hj]ZgbaZpbc X Kem`[u ' # ( &)* ) % ' Kem`[u mijZ\e_gby ijZ \Zfb $FWLYH 'LUHFWRU\ $' 506 h[_ki_qb\Zxl aZsblm dhgnb^_gpbZevghc pbn jh\hc bgnhjfZpbb hl g_kZgdpbhgbjh\Zggh]h bkihevah\Zgby b iha\heyxl ih \ukblv [_ahiZkghklv ^hdmf_glhh[hjhlZ nZceh\ khh[s_gbc we_dljhgghc ihqlu b l i \gmljb hj]ZgbaZpbb IjZ\Z ^hklmiZ d ^hdmf_glm \k_]^Z i_j_^Z xlky \f_kl_ k gbf b ^hdmf_gl hklZ_lky aZsbs_gguf ^Z`_ aZ ij_^_eZfb hj]Z gbaZpbb X Bf_xlky Z\lhghfgu_ kem`[u dZlZeh]Z ² ' # ( +)* )* # ( % ' # +#% Kem`[u $FWLYH 'LUHFWRU\ h[e_]q_ggh]h ^hklmiZ d dZlZeh]Zf dhlhju_ iha\heyxl jZa\_jlu\Zlv gZ k_j\_j_ g_kdhevdh wda_fieyjh\ dZlZeh]Z $FWLYH 'LUHFWRU\ b gbdZd g_ k\yaZgu k ^hf_ggufb kem`[Zfb $FWLYH 'LUHFWRU\ <hafh`ghklb b dhfihg_glu kbkl_f :LQGRZV 6HUYHU KjZ\g_gb_nmgdpbhgZevguo\hafh`ghkl_c j_^Zdpbc:LQGRZV6HUYHU gZjZaebqguoieZlnhjfZo <k_ j_^Zdpbb :LQGRZV 6HUYHU \uimkdZxlky dZd \ jZajy^ghc [ lZd b \ jZajy^ghc [ \_jkbb lZd`_ bf_xlky \_jkbb êy ieZlnhjfu ,WDQLXP DZ`^Zy j_^Zdpby hjb_glbjh\ZgZ gZ hij_^_e_ggmx h[eZklv ijbf_g_gby b \ i_j\mx hq_j_^v jZaebqby f_`^m j_^Zdpbyfb khklhyl g_ \ gZ[hj_ dhfihg_glh\ b kem`[ Z \ \hafh` ghklyo fZkrlZ[bjh\Zgby b khhl\_lkl\bb [hevrbf gZ]jmadZf <hafh`ghklb jZaebqguo j_^Zdpbc :LQGRZV 6HUYHU i_j_qbke_gu \ lZ[e < mdZaZgu fZdkbfZevgu_ agZq_gby iZjZf_ljh\ Dhfihg_glu b nmgdpbb j_Zebah \Zggu_ \h \k_o \_jkbyo \ lZ[ebpm g_ \dexq_gu 1 JBF?Q:GB? Ih g_h^ghdjZlguf aZy\e_gbyf dhfiZgbb 0LFURVRIW \ ke_^mxsbo k_j\_jguo \_jkb yo :LQGRZV ih^^_j`dZ jZajy^guo ieZlnhjf [m^_l ij_djZs_gZ <h \kydhf kemqZ_ i_j\Zy [_lZ\_jkby ke_^mxs_c kbkl_fu ² :LQGRZV 6HUYHU 5 ² ij_êZ]Z_lky lhevdh êy jZajy^guo kbkl_f ;_lZ\_jkby deb_glkdhc kbkl_fu ² :LQGRZV ² ^hklmigZ b êy b êy jZajy^guo ieZlnhjf LZ[ebpZ < Hkgh\gu_ dhfihg_glu hij_^_eyxsb_ jZaebqby \ j_^Zdpbyo :LQGRZV 6HUYHU [ ijhp_kkhjh\ [ ijhp_kkhjh\ ,$ ijhp_kkhjh\ HAM jZajy^gu_ kbkl_fu HAM jZajy^gu_ kbkl_fu =hjyq__ jZkrbj_ gb_ HAM =hjyqZy aZf_gZ HAM b ^h[Z\e_ gb_aZf_gZ ijhp_k khjh\ :LQGRZV :LQGRZV :LQGRZV :LQGRZV ,WDQLXP 6HUYHU 6HUYHU 6HUYHU 6HUYHU kbkl_fu 6WDQGDUG (QWHUSULVH 'DWDFHQWHU :HE ± =[ ± =[ ± =[ ± =[ ± ± ± =[ =[ L[ L[ L[ ± ± ^Z ^Z ^Z ± ± ± ^Z ^Z <\_^_gb_ LZ[ebpZ < ijh^he`_gb_ :LQGRZV :LQGRZV :LQGRZV :LQGRZV ,WDQLXP 6HUYHU 6HUYHU 6HUYHU 6HUYHU kbkl_fu 6WDQGDUG (QWHUSULVH 'DWDFHQWHU :HE Dhebq_kl\h deZkl_jh\ ± ± J_iebdZpby ')6 ± ± ^Z ^Z ^Z 1HWZRUN $FFHVV 3UR WHFWLRQ ± ^Z ^Z ^Z ± Ih^dexq_gby m^Ze_ggh]h ^hklmiZ ± g_ h]jZgb q_gh g_ h]jZgb q_gh Ih^dexq_gby q_j_a rexa kem`[u l_jfbgZeh\ ± ± $' 5LJKWV 0DQDJH PHQW 6HUYLFHV 506 ± ^Z ^Z ^Z ± :LQGRZV 'HSOR\PHQW 6HUYLFHV Kem`[u mklZgh\db :LQGRZV ± ^Z ^Z ^Z ± <bjlmZebaZpby ± ^Z ^Z ^Z ± ;ukljZy OLYH ± ± ^Z ^Z ± DeZkl_jbaZpby ± ± ^Z ^Z ± =hjyq__ ^h[Z\e_ gb_aZf_gZ \bjlm ± ± ^Z ^Z ± ')65HSOLFDWLRQ k bkihevah\Zgb_f &URVVILOH 5'& 5H PRWH 'LIIHUHQWLDO &RPSUHVVLRQ AZsblZ ^hklmiZ d k_lb 55$6 76 *DWHZD\ Kem`[u mijZ\e_gby ijZ\Zfb +\SHU9 fb]jZpby \bjlmZevguo h[jZah\ Zevghc iZfylb <hafh`ghklb b dhfihg_glu kbkl_f :LQGRZV 6HUYHU LZ[ebpZ < hdhgqZgb_ :LQGRZV :LQGRZV :LQGRZV :LQGRZV ,WDQLXP 6HUYHU 6HUYHU 6HUYHU 6HUYHU kbkl_fu 6WDQGDUG (QWHUSULVH 'DWDFHQWHU :HE =hjyq__ ^h[Z\e_ gb_aZf_gZ \bjlm ± Ebp_gabb gZ \bjlm Zevgu_ fZrbgu ]hkl_\u_ kbkl_fu ± J_`bf mklZgh\db ^Z ^Z ± ^Z ± g_ h]jZgb q_gh g_ h]jZ gbq_gh ^Z ± Zevguo ijhp_kkhjh\ 6HUYHU &RUH Ohkl 90 Ohkl 90 ^Z ^Z ² \ kemqZ_ khhl\_lkl\by lj_[h\Zgbc d ZiiZjZlguf kj_^kl\Zf kf ^Ze__ J_Zevguc h[t_f ^hklmighc iZfylb gZ [kbkl_fZo aZ\bkbl hl bkihevam_fhc fZl_ jbgkdhc ieZlu qbik_lZ b iZfylb b gZebqby gZ g_c f_oZgbafZ 3$( iha\heyxs_]h jZajy^guf kbkl_fZf bkihevah\Zlv [he__ =[Zcl nbabq_kdhc iZfylb Ihwlhfm \hafh`ghklb jZ[hlu kbkl_fu k fZdkbfZevguf h[t_ fhf iZfylb gm`gh ijh\_jylv êy dZ`^hc dhgdj_lghc dhgnb]mjZpbb bgnhjfZpbx gm`gh ihemqZlv hl ijhba\h^bl_ey beb bkdZlv gZ \_[kZcl_ 0LFURVRIW FZdkbfZevguc h[t_f \bjlmZevgh]h Z^j_kgh]h ijhkljZgkl\Z êy dZ`^h]h beb jZajy^gh]h ijhp_kkZ jZ[hlZxs_]h \ ihevah\Zl_evkdhf j_`bf_ XVHU PRGH jZ \_g =[Zcl êy [ b [kbkl_f ij_^_e fh`_l [ulv \ur_ aZ kq_l hkh[uo f_oZ gbafh\ bgnhjfZpbx fh`gh gZclb gZ \_[kZcl_ 0LFURVRIW \ [b[ebhl_d_ 06'1 FZdkbfZevguc h[t_f \bjlmZevgh]h Z^j_kgh]h ijhkljZgkl\Z êy j_`bfZ y^jZ NHUQHO PRGH jZ\_g =[Zcl êy [kbkl_f b L[Zcl ² êy [kbkl_f Lj_[h\ZgbydZiiZjZlgufj_kmjkZf I_j_q_gv lj_[h\Zgbc d ZiiZjZlghc dhgnb]mjZpbb g_h[oh^bfhc êy :LQGRZV 6HUYHU ij_^klZ\e_g \ lZ[e < Hl^_evgu_ iZjZf_lju \ agZqbl_evghc kl_i_gb aZ\bkyl hl gZ[hjZ mklZgh\e_gguo jhe_c k_j\_jZ Wlh hagZqZ_l qlh ebp_gaby gZ mklZgh\e_ggmx kbkl_fm jZkijhkljZgy_lky b gZ h^gm beb q_luj_ beb g_h]jZgbq_ggh_ dhebq_kl\h kbkl_fm aZims_ggmx \ \bjlmZevghc kj_^_ GZ jZajy^guo kbkl_fZo fh]ml aZimkdZlvky lhevdh jZajy^gu_ ijhp_kku gZ jZajy^guo kbkl_fZo b l_ b ^jm]b_ :LQGRZV ² <\_^_gb_ LZ[ebpZ < Hkgh\gu_ iZjZf_lju ZiiZjZlguo kj_^kl\ g_h[oh^bfuo êy mklZgh\db :LQGRZV 6HUYHU Dhfihg_gl Lj_[h\Zgby Ijhp_kkhj jZajy^guc [ beb jZajy^guc [ ijhp_kkhj k lZdlh\hc qZk lhlhc ==p ==p êy [ >ey dhfnhjlghc jZ[hlu j_dhf_g^m_lky ==p b \ur_ Ijb bkihevah\Zgbb jheb beb kbkl_fu jZajy^guc ijhp_kkhj k lZdlh\hc qZklhlhc ==p b \ur_ b Zi iZjZlghc ih^^_j`dhc \bjlmZebaZpbb beb :iiZjZl gZy ih^^_j`dZ ! ! Ijhp_kkhj " êy "kbkl_f G_ f_g__ #$ F[Zcl $ =[Zcl êy % j_Zevgh lj_[m_lky =[Zcl b [he__ Ijb bkihevah\Zgbb jheb g_h[oh^bfh mqblu \Zlv iZfylv& \u^_ey_fmx dZ`^hc ]hkl_\hc '( kbkl_f_ FbgbfZevgh ih^^_j`b\Z_fh_ jZaj_r_gb_ wdjZgZ )** gZ **& \ j_Zevghklb lj_[m_lky $* gZ + ) b \ur_ =em[bgZ p\_lZ , $ [bl j_dhf_g^m_lky - [blZ >ey [Zah\uo j_`bfh\ hkh[uo lj_[h\Zgbc g_l Ijb bkihevah\Zgbb l_fu h[yaZl_evgZ kh\f_klbfhklv k . /*% lj_[m xlky ih^^_j`dZ ! 01 *& ^jZc\_ju& hl\_qZxsb_ ki_pbnbdZ pbb 2& h[t_f \b^_hiZfylb Hi_jZlb\gZy iZfylv Fhgblhj <b^_h Z^Zil_j g_ f_g__ F[Zcl kf ^Ze__ @_kldb_ ^bkdb JZa^_e gZ `_kldhf ^bkd_ k h[t_fhf k\h[h^gh]h ijhkljZgkl\Z g_ f_g__ $* =[Zcl iexk nZceu ih^dZqdb& ]b[_jgZpbb b ^Zfiu iZfylb% j_dhf_g ^m_lky * =[Zcl b \ur_ G_ f_g__ ) =[Zcl g_aZgylh]h f_klZ lj_[m_lky ijb h[gh\e_gbb kbkl_fu Ijb jZkq_l_ h[t_fZ k\h[h^gh]h ^bkdh\h]h ijhkljZgkl\Z& g_h[oh^bfh]h êy mklZgh\db& ke_^m_l mqblu\Zlv h[t_f iZfylb HAM& mklZgh\e_gghc gZ dhfivxl_j_ DeZ\bZlmjZ KlZg^ZjlgZy Furv KlZg^ZjlgZy furv beb ^jm]h_ kh\f_klbfh_ dhhj^bgZlgh_ mkljhckl\h 34 Mkljhckl\h 34 beb 332 êy aZibkb Zjob\h\ K_l_\hc Z^Zil_j Kh\f_klbfuc k_l_\hc Z^Zil_j Fbgbfmf êy dhfnhjlghc jZ[hlu ² gZ ijb bkihevah\Zgbb klbey $HUR *ODVV ]em[b gZ p\_lZ ² [blZ ijb f_gvr_f agZq_gbb ^Zgguc klbev hldexqZ_lky >ey emqr_]h hlh[jZ`_gby \k_o agZqdh\ b hdhg G_ ke_^m_l imlZlv wlm Z[[j_\bZlmjm k :'0 :LQ 'ULYHU 0RGHO J_qv b^_l lhevdh h[ bgklZeeypbb kZfhc kbkl_fu b __ ghjfZevghc jZ[hl_ Ijb mklZgh\d_ ijb deZ^guo ijh]jZff lj_[m_lky ^hihegbl_evgh_ f_klh hl^_evgZy l_fZ ² nZceu ihevah\Zl_e_c b k\h[h^gh_ ijhkljZgkl\h g_h[oh^bfh_ êy jZ[hlu g_dhlhjuo \kljh_gguo ijbeh`_gbc gZijb f_j ijb aZibkb Zjob\h\ gZ '9'^bkdb b l i <hafh`ghklb b dhfihg_glu kbkl_f :LQGRZV 6HUYHU < GBF:GB? Ijb mklZgh\d_ jheb +\SHU9 \ iheghc \_jkbb :LQGRZV 6HUYHU beb kbkl_fu 0LFURVRIW +\SHU9 6HUYHU \uihegy_lky ijh\_jdZ ZiiZjZlghc ih^^_j`db nmgdpbc \bjlmZebaZpbb Ihfbfh ijhp_kkhjZ wlb nmgdpbb ^he`gu ih^^_j`b\Zlvky b [ulv Zdlb\bjh\Zgu gZ fZl_jbgkdhc ieZl_ dhfivxl_jZ b \ ;BHK_ fh`_l ih lj_[h\Zlvky _]h h[gh\e_gb_ <dexq_gb_ nmgdpbb 'DWD ([HFXWLRQ 3URWHFWLRQ '(3 lZd`_ \uihegy_lky \ ;BHK_ wlZ hipby fh`_l gZau\Zlvky ihjZaghfm gZijbf_j ([HFXWH 'LVDEOH %LW (QDEOHG \ jZa^_e_ dhgnb]mjZpbb ijhp_kkhjZ < iheguo \_j kbyo h __ gZebqbb fh`gh km^blv ih khh[s_gbx <RXU FRPSXWHU V SURFHVVRU VXS SRUWV KDUGZDUHEDVHG '(3 Ijhp_kkhj \Zr_]h dhfivxl_jZ bf__l ZiiZjZlgmx ih^^_j`dm '(3 dhlhjh_ ihy\ey_lky \ hdg_ IZjZf_lju ijhba\h^bl_evghklb ² dghidZ IZjZf_lju gZ iZg_eb Ijhba\h^bl_evghklv \ hdg_ ^hihegbl_evguo k\hckl\ kbkl_fu kf jbk ?keb gZa\Zggu_ mkeh\by g_ kh[ex^Zxlky lh \hagbdg_l hrb[dZ ijb ^h[Z\e_gbb jheb beb `_ mklZgh\dZ kbkl_fu 0LFURVRIW +\SHU9 6HUYHU [m^_l ij_djZs_gZ >bnn_j_gpbZpbylj_[h\Zgbc d]jZnbq_kdhcih^kbkl_f_ ;Zah\u_ \u[jZggu_ ih mfheqZgbx j_`bfu jZ[hlu ]jZnbq_kdhc ih^kbkl_fu :LQGRZV 6HUYHU g_ ij_^ty\eyxl hkh[uo lj_[h\Zgbc d ZiiZjZlguf kj_^kl\Zf ² ijZdlbq_kdb gZ ex[uo dhfivxl_jZo [m^ml ^hklmigu klbeb Mijhs_gguc klbev :LQGRZV 9LVWD beb DeZkkbq_kdbc klbev H^gZdh fh]ml \hagbdgmlv ^hihegbl_evgu_ lj_[h\Zgby ijb bkihevah\Zgbb \k_o \hafh`ghkl_c gh\h]h \bamZevgh]h bgl_jn_ckZ ihy\b\r_]hky \ :LQGRZV 9LVWD b \ iheghf h[t_f_ ^hklmigh]h lZd`_ b \ :LQGRZV 6HUYHU kf ]eZ\m Fh`gh \u^_eblv ljb dZq_kl\_gguo mjh\gy hij_^_eyxsbo \hafh`ghklb ihevah\Z l_evkdh]h ]jZnbq_kdh]h bgl_jn_ckZ X [Zah\uc ² kjZ\gbfuc k bgl_jn_ckhf :LQGRZV ;3 X memqr_gguc ² bkihevah\Zgb_ \hafh`ghkl_c :''0^jZc\_jh\ X fZdkbfZevguc ² ih^^_j`dZ klbey $HUR *ODVV ]eZ^dh_ i_j_f_s_gb_ hdhg wkdbau 'wnn_dlu fZkrlZ[bjm_fhklv bgl_jn_ckZ \bamZevgu_ klbeb \dex qZxsb_ ijhajZqgu_ hdgZ memqr_ggu_ i_j_oh^gu_ wnn_dlu b l ^ FbgbfZevgu_ lj_[h\Zgby d ]jZnbq_kdhfm Z^Zil_jm êy bkihevah\Zgby klbey $HUR *ODVV ke_^mxsb_ ijb gZebqbb :''0^jZc\_jZ X \b^_hiZfylv F[Zcl ]em[bgZ p\_lZ [blZ X ZiiZjZlgZy ih^^_j`dZ 'LUHFW; b 3L[HO 6KDGHU X $*3 [ b \ur_ kdhjhklv i_j_^Zqb ^Zgguo gZ rbg_ \b^_hiZfylb F[Zclk b \ur_ <\_^_gb_ H[t_f g_h[oh^bfhc \b^_hiZfylb hij_^_ey_lky ba lj_[h\Zgby [blZ gZ ibdk_e Ihwlhfm \ aZ\bkbfhklb hl bkihevam_fh]h jZaj_r_gby wdjZgZ __ fbgbfZevguc h[t _f [m^_l ke_^mxsbf X F[Zcl êy h^gh]h fhgblhjZ k jZaj_r_gb_f g_ \ur_ ibdk_eh\ gZ kdhjhklv i_j_^Zqb g_ f_g__ F[Zclk X F[Zcl êy h^gh]h fhgblhjZ k jZaj_r_gb_f g_ \ur_ ibdk_eh\ gZ X F[Zcl b \ur_ êy [he__ \ukhdbo jZaj_r_gbc beb g_kdhevdbo wdjZgh\ =E:<: MklZgh\dZkbkl_f b\bjlmZevguofZrbg WlZ ]eZ\Z ihk\ys_gZ jZaebqguf kihkh[Zf mklZgh\db hi_jZpbhgguo kbkl_f :LQGRZV 6HUYHU b bo ih^]hlh\d_ d wdkiemZlZpbb JZkkfZljb\Zxlky hkgh\gu_ \hijhku \hagbdZxsb_ k fhf_glZ ieZgbjh\Zgby gh\hc bgklZeeypbb b ^h __ ]hlh\ ghklb d bkihevah\Zgbx \ jZ[hqbo mkeh\byo Kj_^kl\Z dhgnb]mjbjh\Zgby m`_ mklZgh\e_gghc kbkl_fu gZkljhcdZ __ dhfihg_glh\ b kem`[ ih^ dhgdj_lgu_ aZ^Zqb jheb k_j\_jZ jZkkfZljb\Zxlky hl^_evgh \ ]eZ\_ LZd`_ hibku\Z_lky mklZgh\dZ \bjlmZevguo fZrbg ijb bkihevah\Zgbb jheb +\SHU9 \ iheguo \_jkbyo :LQGRZV 6HUYHU beb ki_pbZevgh]h ijh^mdlZ 0LFURVRIW +\SHU9 6HUYHU Ih^]hlh\dZdmklZgh\d_kbkl_fu < wlhf jZa^_e_ jZkkfZljb\Zxlky g_[hevrb_ gh ijbgpbibZevgu_ \hijhku k dh lhjufb gm`gh hij_^_eblvky ^h gZqZeZ mklZgh\db kbkl_fu hl hl\_lh\ gZ wlb \h ijhku aZ\bkbl \u[hj hipbc \ ijhp_kk_ bgklZeeypbb b ihke_^h\Zl_evghklv ih ke_^mxsbo ^_ckl\bc IeZgbjh\Zgb_ ^_ckl\bc iha\hebl ba[_`Zlv hrb[hd ijb bgklZeeypbb qlh qj_\Zlh g_h[oh^bfhklvx ih\lhjghc mklZgh\db ihl_j_c ihev ah\Zl_evkdbo gZkljh_d beb \ugm`^_ggufb h]jZgbq_gbyfb ijb ^Zevg_cr_c jZ[h l_ k dhfivxl_jhf Kbkl_fu :LQGRZV 6HUYHU g_ ij_^ty\eyxl dZdbolh hkh[uo lj_[h\Zgbc d jZa f_ld_ ^bkdh\ jZa^_eh\ beb lhfh\ b [_a ijh[e_f fh]ml kms_kl\h\Zlv gZ h^ghf nbabq_kdhf ^bkd_ gh \ jZaguo eh]bq_kdbo jZa^_eZo k ^jm]bfb hi_jZpbhggufb kbkl_fZfb Ohly b bf_xlky g_dhlhju_ \Z`gu_ hlebqby b ijbgpbibZevgu_ fhf_g lu h dhlhjuo b [m^_l jZkkdZaZgh \ wlhf jZa^_e_ ihe_agh lZd`_ ij_^\Zjbl_evgh hagZdhfblvky k gZqZevgufb jZa^_eZfb ]eZ\u ihkdhevdm \ gbo jZkkdZau\Z_lky h[ =eZ\Z hkh[_gghklyo hj]ZgbaZpbb ^bkdh\uo lhfh\ kihkh[Zo mijZ\e_gby bfb b bf_xsbo ky h]jZgbq_gbyo ² wlZ bgnhjfZpby ihfh`_l ijZ\bevgh kieZgbjh\Zlv gZqZevgmx jZa[b\dm ^bkdh\ b [_a ijh[e_f wdkiemZlbjh\Zlv kbkl_fm \ ^Zevg_cr_f Ijb ieZgbjh\Zgbb jZaf_ldb ^bkdh\uo lhfh\ ke_^m_l ij_^mkfhlj_lv \hafh`ghklb bo Zjob\Zpbb b \hkklZgh\e_gby kf ]eZ\m GZijbf_j _keb hi_jZpbhggZy kbkl_ fZ b ^Zggu_ [m^ml ojZgblvky gZ h^ghf ^bkd_ lh wlh hkeh`gbl ijhp_kk Zjob\Zpbb ihkdhevdm klZg^Zjlgu_ kj_^kl\Z :LQGRZV 6HUYHU iha\heyxl jZ[hlZlv lhevdh k p_eufb lhfZfb ke_^h\Zl_evgh khojZgblv hl^_evgh beb kbkl_fm beb ^Zggu_ g_ ihemqblky <u[hjj_`bfZbgklZeeypbb >ey kbkl_f :LQGRZV kms_kl\mxl ^\Z j_`bfZ mklZgh\db gh\hc \_jkbb hi_jZpbhg ghc kbkl_fu X mklZgh\dZ gh\hc dhibb qbklZy bgklZeeypby \ qbkluc jZa^_e ^bkdZ Ijb wlhf hl^_evgh gm`gh [m^_l mklZgZ\eb\Zlv ijbdeZ^gu_ ijh]jZffu b \hafh` gh i_j_ghkblv gZkljhcdb b nZceu ijbeh`_gbc b ihevah\Zl_e_c ba ^jm]hc jZ [hq_c kbkl_fu beb k ^jm]h]h dhfivxl_jZ X h[gh\e_gb_ m`_ kms_kl\mxs_c kbkl_fu < wlhf kemqZ_ \k_ ihevah\Zl_evkdb_ gZkljhcdb khojZgyxlky b mklZgh\e_ggu_ ijbeh`_gby hklZxlky jZ[hlhkihkh[ gufb \h \kydhf kemqZ_ l_ ba gbo dhlhju_ ih^^_j`b\Zxlky \ :LQGRZV 6HUYHU ih hdhgqZgbb h[gh\e_gby ijZdlbq_kdb \ g_baf_g_gghf \b^_ khojZgy_lky jZ[hqZy kj_^Z kbkl_fu < i_j\hf kemqZ_ \hafh`_g lZd`_ \ZjbZgl dh]^Z gZ dhfivxl_j_ bf_xlky m`_ mklZ gh\e_ggu_ dhibb :LQGRZV g_\Z`gh dZdhc \_jkbb ² ihemqblky kbkl_fZ k ^\hcghc beb fgh`_kl\_gghc aZ]jmadhc b gm`gmx êy jZ[hlu kbkl_fm fh`gh [m^_l \u[b jZlv i_j_^ aZ]jmadhc kf ^Ze__ jZa^ Hj]ZgbaZpby kbkl_f k ^\hcghc aZ]jmadhc Kbkl_fm :LQGRZV 6HUYHU g_evay mklZgh\blv \ lhl jZa^_e ]^_ m`_ bf__lky ^jm ]Zy bgklZeeypby :LQGRZV ?keb lhqg__ ² mklZgh\blv fh`gh ijb gZebqbb f_klZ gh kms_kl\h\Z\rZy jZg__ kbkl_fZ klZg_l iheghklvx g_jZ[hlhkihkh[ghc ihevah\Z l_evkdb_ nZceu g_ l_jyxlky gh \k_ klZju_ kbkl_fgu_ nZceu [m^ml kdhibjh\Zgu \ ki_pbZevgmx iZidm Ihwlhfm ijb hj]ZgbaZpbb kbkl_f k ^\hcghc aZ]jmadhc gh \u_ kbkl_fu ke_^m_l mklZgZ\eb\Zlv lhevdh \ qbklu_ jZa^_eu \h \kydhf kemqZ_ g_ bf_xsb_ kbkl_fguo iZihd :LQGRZV 3URJUDP )LOHV b l ^ < GBF:GB? Ijb h[gh\e_gbb kms_kl\mxs_c kbkl_fu g_h[oh^bfh \j_f_ggh hldexqblv emqr_ m^Zeblv \k_ Zglb\bjmkgh_ ijh]jZffgh_ h[_ki_q_gb_ Z lZd`_ jZ[hlZxsb_ k_l_ \u_ k_j\bku b deb_glkdh_ ijh]jZffgh_ h[_ki_q_gb_ lj_lvbo nbjf <hafh`gh gZebqb_ b ^jm]bo hi_jZpbhgguo kbkl_f MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg Dhgnb]mjbjh\Zgb_jZa^_eh\gZ`_kldhf^bkd_ < ijhp_kk_ bgklZeeypbb :LQGRZV 6HUYHU ijh]jZffZ mklZgh\db ij_êZ]Z_l ihevah\Zl_ex \u[jZlv ^bkd beb jZa^_e `_kldh]h ^bkdZ êy mklZgh\db kbkl_fu Kha^Z\Zlv jZa^_eu gZ `_kldhf ^bkd_ fh`gh lj_fy kihkh[Zfb X Ijh]jZffZ mklZgh\db :LQGRZV 6HUYHU aZ]jm`_ggZy k ^bkljb[mlb\gh]h dhfiZdl^bkdZ iha\hey_l kha^Zlv gh\uc jZa^_e êy :LQGRZV 6HUYHU ijb mkeh\bb qlh gZ ^bkd_ bf__lky k\h[h^gh_ ijhkljZgkl\h Z lZd`_ kha^Z\Zlv m^Zeylv b nhjfZlbjh\Zlv ^jm]b_ jZa^_eu b lhfZ >ey keh`guo kemqZ_\ bf__lky \hafh`ghklv bkihevah\Zgby mlbeblu 'LVN3DUW kf ^Ze__ < GBF:GB? Ijh]jZffZ mklZgh\db :LQGRZV 6HUYHU kha^Z_l gZ `_kldhf ^bkd_ lhevdh hk gh\gu_ jZa^_eu kf ]eZ\m ?keb g_h[oh^bfZ [he__ keh`gZy dhgnb]mjZpby eh ]bq_kdbo ^bkdh\ lh __ gm`gh ]hlh\blv aZjZg__ X AZ]jmab\rbkv k ^bkljb[mlb\gh]h ^bkdZ b \hkihevah\Z\rbkv hipb_c \hkklZgh\ e_gby kbkl_fu kf ^Ze__ jZa^ Hipbb \hkklZgh\e_gby ijb aZ]jmad_ k bgklZe fh`gh hldjulv hdgh dhfZg^ghc kljhdb b aZimklblv mlbeb lm 'LVN3DUW dhlhjZy iha\hey_l \uihegylv \k_ hi_jZpbb ih jZaf_ld_ ^bkdh\ b ih^]hlh\d_ jZa^_eh\ beb lhfh\ X ?keb gZ dhfivxl_j_ m`_ mklZgh\e_gZ kbkl_fZ :LQGRZV lh jZa^_eu gZ `_kldhf eypbhggh]h ^bkdZ ^bkd_ kha^Zxlky k ihfhsvx Z^fbgbkljZlb\guo kj_^kl\ wlhc hi_jZpbhgghc kbkl_fu h[uqgh êy wlbo p_e_c bkihevam_lky hkgZkldZ MijZ\e_gb_ ^bkdZfb Mf_klgh \kihfgblv ^\Z hij_^_e_gby dZkZxsb_ky gZa\Zgbc jZa^_eh\ ^bkdZ fh`gh lZd`_ ]h\hjblv h gZa\Zgbyo eh]bq_kdbo ^bkdh\ beb lhfh\ Kbkl_fguf jZa^_ehf V\VWHP SDUWLWLRQ gZau\Z_lky jZa^_e `_kldh]h ^bkdZ gZ dhlh jhf jZkiheZ]Zxlky nZceu g_h[oh^bfu_ êy bgbpbZebaZpbb hi_jZpbb aZ]jmadb hi_jZpbhgghc kbkl_fu ijb mklZgh\d_ kbkl_f :LQGRZV 9LVWD b :LQGRZV 6HUYHU a^_kv [m^_l gZoh^blvky ^bki_lq_j aZ]jmadb :LQGRZV %RRW 0DQDJHU < dZq_kl \_ kbkl_fgh]h jZa^_eZ fh`_l bkihevah\Zlvky lhevdh hkgh\ghc SULPDU\ jZa^_e AZ]jmahqguc jZa^_e ERRW SDUWLWLRQ ² wlh jZa^_e dhlhjuc g_ihkj_^kl\_ggh kh^_j `bl nZceu kZfhc hi_jZpbhgghc kbkl_fu bf_xlky \ \b^m iZidZ 6\VWHP5RRW b __ ih^dZlZeh]b Ba wlh]h jZa^_eZ ijhbkoh^bl aZ]jmadZ kbkl_fu b __ dhfihg_glh\ ?keb gZ `_kldhf ^bkd_ \k_]h h^bg jZa^_e lh d g_fm [m^ml hlghkblvky h[Z hij_^_ e_gby ?keb gZ ^bkd_ g_kdhevdh jZa^_eh\ beb \ kbkl_f_ g_kdhevdh nbabq_kdbo ^bkdh\ lh aZ]jmahqguc jZa^_e fh`_l b g_ kh\iZ^Zlv k kbkl_fguf gZijbf_j ^bkd & [m^_l kbkl_fguf Z kZfZ kbkl_fZ [m^_l mklZgh\e_gZ gZ ^bkd ' beb ( =eZ\Z < GBF:GB? Ijb h[gh\e_gbb hi_jZpbhgguo kbkl_f :LQGRZV 6HUYHU gm`gh mqblu\Zlv qlh êy \uiheg_gby hi_jZpbb k\h[h^gh_ ijhkljZgkl\h gZ aZ]jmahqghf ^bkd_ ^he`gh g_ f_g__ q_f \ ^\Z jZaZ ij_\urZlv ih h[t_fm kbkl_fgu_ iZidb <u[hjnZceh\hckbkl_fu Kbkl_fu :LQGRZV 6HUYHU ih^^_j`b\Zxl \k_ nZceh\u_ kbkl_fu ljZ^bpbhggh bkihevam_fu_ \ kbkl_fZo :LQGRZV )$7 )$7 )$7 b 17)6 >\_ nZceh\u_ kbkl_fu ih^^_j`b\Zxlky êy &' b '9'ijb\h^h\ &RPSDFW 'LVF )LOH 6\VWHP &')6 b 8QLYHUVDO 'LVN )RUPDW 8') \_jkbb b Hlghkbl_evgh [he__ gh\Zy nZceh\Zy kbkl_fZ ² H[)$7 jZkrbj_ggZy )$7 ² hilbfbabjh\ZgZ êy bkihevah\Zgby \ kt_fguo newrmkljhckl\Zo [hevrh]h h[t_fZ b jZajZ[hlZgZ êy lh]h qlh[u ba[Z\blvky hl ijh[e_f b h]jZgbq_gbc k\yaZgguo k bkihevah\Zgb_f )$7 \ gZdhibl_eyo ih^h[gh]h lbiZ gZijbf_j kgylh h]jZgbq_gb_ gZ fZdkbfZevguc jZaf_j nZceh\ jZ\guc =[Zcl Ijh[e_fZ \u[hjZ nZceh\hc kbkl_fu êy ^bkdZ gZ dhlhjuc [m^_l mklZgZ\eb\Zlvky :LQGRZV 6HUYHU g_ \hagbdZ_l ihkdhevdm \u[hjZ dZd lZdh\h]h g_l ² kbkl_ fu :LQGRZV 6HUYHU mklZgZ\eb\Zxlky lhevdh gZ eh]bq_kdb_ ^bkdb beb jZa^_eu lhfZ hlnhjfZlbjh\Zggu_ ih^ %$ GZ ^jm]bo `_ ^bkdZo bkihevam_fuo ^jm ]bfb kbkl_fZfb beb êy ojZg_gby ^Zgguo fh]ml ijbf_gylvky ex[u_ ba i_j_qbk e_gguo \ur_ nZceh\uo kbkl_f IjbqbgZ lZdh]h `_kldh]h h]jZgbq_gby gZ lbi bkihevam_fhc nZceh\hc kbkl_fu hq_gv ijhklZ ² lhevdh 17)6 h[_ki_qb\Z_l ^he`gmx [_ahiZkghklv b gZ^_`ghklv ojZg_gby bgnhjfZpbb hkh[_ggh gZ ^bkdZo [hevrh]h jZaf_jZ b ij_^hklZ\ey_l \hafh`ghklb êy j_ZebaZpbb fgh]bo nmgdpbc kbkl_fu gZijbf_j kha^Zgb_ lhq_d \hkklZgh\e_gby jZ[hlZ kh kibkdZfb mijZ\e_gby ^hklmihf rbnjh\ZggZy nZceh\Zy kbkl_fZ ()6 ihlhdb bkihevam_fu_ êy ojZg_gby ^hihegbl_evguo k\hckl\ nZceh\ b l ^ Hj]ZgbaZpbykbkl_fk^\hcghcaZ]jmadhc Kbkl_fu :LQGRZV 6HUYHU [_a hkh[uo ijh[e_f fh`gh mklZgh\blv gZ dhfivx l_ju gZ dhlhjuo m`_ bf_xlky bgklZeebjh\Zggu_ kbkl_fu :LQGRZV G_dhlhju_ keh`ghklb fh]ml [ulv lhevdh baaZ gh\h]h ^bki_lq_jZ aZ]jmadb ihy\b\r_]hky \ :LQGRZV 9LVWD:LQGRZV 6HUYHU ² kf ^Ze__ < wlhf kemqZ_ dhfivxl_j dhg nb]mjbjm_lky dZd kbkl_fZ k ^\hcghc beb fgh`_kl\_gghc aZ]jmadhc ² ihy\blky \hafh`ghklv \u[hjZ hi_jZpbhgghc kbkl_fu ijb aZimkd_ dhfivxl_jZ \ ijbgpbi_ wlbo kbkl_f fh`_l [ulv ^\_ ljb b [he__ MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg Qlh[u ih^h[gZy dhgnb]mjZpby [ueZ jZ[hlhkihkh[ghc g_h[oh^bfh kh[ex^Zlv ijhklu_ ijZ\beZ baeh`_ggu_ gb`_ X MklZgZ\eb\Zcl_ dZ`^mx hi_jZpbhggmx kbkl_fm gZ hl^_evguc jZa^_e ² \ wlhf kemqZ_ kbkl_fu [m^ml kh\_jr_ggh g_aZ\bkbfufb ^jm] hl ^jm]Z b êy gbo fh` gh \u[bjZlv jZagu_ nZceh\u_ kbkl_fu )$7 b 17)6 _keb wlh lj_[m_lky h^gZdh :LQGRZV 6HUYHU fh`gh klZ\blv lhevdh gZ 17)6 MklZgh\dZ :LQGRZV 6HUYHU \ h^bg jZa^_e eh]bq_kdbc ^bkd k m`_ kms_kl\mxs_c hi_jZpbhgghc kbkl_fhc g_\hafh`gZ nZceu klZjhc kbkl_fu [m^ml i_j_g_k_ gu \ iZidm :LQGRZVROG b wlZ kbkl_fZ i_j_klZg_l nmgdpbhgbjh\Zlv ohly bg nhjfZpby ihl_jygZ g_ [m^_l X Hi_jZpbhggu_ kbkl_fu [he__ jZggbo \_jkbc ke_^m_l mklZgZ\eb\Zlv i_j\ufb ohly wlh lj_[h\Zgb_ b g_ kljh]h_ ?keb gZijbf_j mklZgZ\eb\Zlv ex[mx ij_ û^msmx \_jkbx :LQGRZV [he__ jZggxx q_f :LQGRZV 9LVWD ihke_ :LQGRZV 6HUYHU lh aZ]jmahqguc k_dlhj `_kldh]h ^bkdZ [m^_l i_j_ibkZg qlh k^_eZ _l g_\hafh`ghc aZ]jmadm :LQGRZV 6HUYHU >ey \hkklZgh\e_gby \hafh`gh klb aZ]jmadb :LQGRZV 6HUYHU ijb^_lky \hkihevah\Zlvky mlbeblZfb dhlh ju_ ^hklmigu ijb aZ]jmad_ k ^bkljb[mlb\gh]h ^bkdZ :LQGRZV 6HUYHU Kbkl_fu :LQGRZV 9LVWD b :LQGRZV 6HUYHU [hevr_ g_ bkihevamxl aZ]jmaqbd dhlhjuc jZ[hlZ_l k nZcehf ERRWLQL b bf_xl k\hc ^bki_lq_j aZ]jmadb :LQGRZV ² :LQGRZV %RRW 0DQDJHU ?keb gZ dhfivxl_j_ mklZgh\e_gu lhevdh kbkl_fu :LQGRZV 9LVWD:LQGRZV 6HUYHU lh nZce ERRWLQL gZ dhfivxl_j_ [m^_l \hh[s_ hlkmlkl \h\Zlv 1 JBF?Q:GB? < kbkl_fZo k ^\hcghc aZ]jmadhc êy i_j_dexq_gby f_`^m klZjuf aZ]jmaqbdhf 17/'5 b ^bki_lq_jhf :LQGRZV %RRW 0DQDJHU bkihevam_lky mlbeblZ %RRWVHFWH[H dhlhjmx fh`gh gZclb gZ ^bkljb[mlb\ghf ^bkd_ kbkl_fu \ iZid_ ?ERRW K __ ih fhsvx gZijbf_j fh`gh \hkklZgh\blv jZ[hlm ^bki_lq_jZ aZ]jmadb ihke_ lh]h dZd gZ dhfivxl_j k :LQGRZV 6HUYHU [ueZ mklZgh\e_gZ [he__ jZggyy \_jkby :LQGRZV HgZ lZd`_ ihe_agZ _keb gm`gh kh\k_f m^Zeblv :LQGRZV 6HUYHU b hklZ\blv ^jm]mx \_jkbx :LQGRZV bkihevamxsmx 17/'5 b ERRWLQL GZ jbk ihdZaZgh hdgh \u[hjZ aZ]jm`Z_fhc kbkl_fu hdgh ^bki_lq_jZ aZ]jma db Hgh hlh[jZ`Z_lky _keb lhevdh gZ dhfivxl_j_ mklZgh\e_gu ^\_ kbk l_fu beb _keb mki_lv gZ`Zlv deZ\brm ijb gZqZevghc aZ]jmad_ kbkl_fu H[ jZlbl_ \gbfZgb_ qlh \ hdg_ bf__lky gh\Zy hipby >bZ]ghklbdZ iZfylb êy i_j_dexq_gby gm`gh gZ`Zlv deZ\brm Ijb __ \u[hj_ aZimkdZ_lky ^\moijhoh^guc l_kl iZfylb ihke_ q_]h kbkl_fZ i_j_aZ]jm`Z _lky Ijb \uiheg_gbb l_klZ fh`gh ke_^blv aZ oh^hf ijhp_kkZ jbk DeZ\brZ \ wlhf hdg_ iha\hey_l i_j_clb d iZjZf_ljZf l_klZ ² :LQGRZV )! ² 7DE! )! =eZ\Z Jbk Hdgh \u[hjZ aZ]jm`Z_fhc hi_jZpbhgghc kbkl_fu Jbk WdjZg mlbeblu ^bZ]ghklbdb iZfylb MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg < hdg_ iZjZf_ljh\ jbk \u[bjZ_lky ih^fgh`_kl\h l_klh\ êy ^bZ]ghklbdb ih mfheqZgbx \uihegy_lky klZg^Zjlguc gZ[hj mdZau\Zxlky j_`bf bkihevah\Zgby dwrZ ijb \uiheg_gbb l_klh\ b dhebq_kl\h ijhoh^h\ êy \u[jZggh]h ih^fgh`_kl \Z l_klh\ ih mfheqZgbx Ihke_ aZ]jmadb kbkl_fu b j_]bkljZpbb ihevah\Zl_ey gZ wdjZg_ ihy\ey_lky khh[s_gb_ h j_amevlZlZo \uiheg_gby l_klZ Jbk Hdgh \u[hjZ iZjZf_ljh\ jZ[hlu mlbeblu ^bZ]ghklbdb iZfylb AZimkd l_klZ iZfylb fh`gh bgbpbbjh\Zlv b ba kZfhc kbkl_fu \u[jZ\ dhfZg^m Kj_^kl\h ^bZ]ghklbdb iZfylb \ ih^f_gx :^fbgbkljbjh\Zgb_ < wlhf kemqZ_ bf_xlky ^\_ \hafh`ghklb fh`gh kjZam aZijhkblv i_j_aZ]jmadm kbkl_fu b \uiheg_gb_ l_klZ beb `_ l_kl [m^_l Z\lh fZlbq_kdb aZims_g ijb ke_^mxs_c i_j_aZ]jmad_ dhfivxl_jZ GZ jbk ihdZaZg kemqZc dh]^Z gZ dhfivxl_j_ mklZgh\e_gu ^\_ kbkl_fu ?keb ^h mklZgh\db kms_kl\h\ZeZ kbkl_ fZ ij_û^ms_c \_jkbb [he__ jZgg_c q_f lh \ kibkd_ aZ]jm`Z_ fuo kbkl_f ihfbfh kljhdb kljhd êy kbkl_fu [m^_l ijb kmlkl\h\Zlv hipby Ij_û^msZy \_jkby Ijb __ \u[hj_ [m^_l ihy\eylvky ^hihegbl_evgh_ f_gx ljZ^bpbhggh_ f_gx aZ]jma qbdZ \ dhlhjhf [m^ml ijbkmlkl\h\Zlv hipbb ojZgysb_ky \ nZce_ Ijb wlhf hi_jZpbhggu_ kbkl_fu fh`gh [m^_l aZ]jm`Zlv lhevdh ba k\h _]h f_gx b ba ]eZ\gh]h f_gx kf jbk :LQGRZV 6HUYHU :LQGRZV 6HUYHU :LQGRZV 9LVWD :LQGRZV 6HUYHU :LQGRZV ² :LQGRZV ERRWLQL :LQGRZV 9LVWD :LQGRZV 6HUYHU ² =eZ\Z Z ij_û^msb_ \_jkbb ba ^hihegbl_evgh]h \ wlbo kbkl_fZo khojZgyxlky \k_ \hafh`ghklb dZkZxsb_ky iZjZf_ljh\ b kihkh[h\ j_^Zdlbjh\Zgby nZceZ ² ERRWLQL MijZ\e_gb_hipbyfbaZ]jmadb >ey j_^Zdlbjh\Zgby khh[s_gbc hlh[jZ`Z_fuo ^bki_lq_jhf \ kbkl_fZo b bf__lky ki_pbZevgZy mlbeblZ dhfZg^ghc kljhdb %&'HGLWH[H K g_c fh`gh jZ[hlZlv lhevdh ihemqb\ iheghfhqby Z^fbgbkljZlhjZ l _ hdgh dhgkheb g_h[oh^bfh hldju\Zlv hl bf_gb Z^fbgbkljZlhjZ \ aZ]heh\d_ hdgZ ^he`gh ijbkmlkl\h\Zlv keh\h :^fbgbkljZlhj IZjZf_lju dhfZgû fh`gh ihemqblv \uihegb\ dhfZg^m 0DQDJHU :LQGRZV :LQGRZV 9LVWD ² $GPLQLVWUDWRU %RRW :LQGRZV 6HUYHU Jbk MijZ\e_gb_ hipbyfb ^bki_lq_jZ aZ]jmadb k ihfhsvx mlbeblu 6\VWHP &RQILJXUDWLRQ Ijb aZimkd_ [_a iZjZf_ljh\ mlbeblZ \u\h^bl iZjZf_lju bf_xsboky aZibk_c [Zau ^Zgguo ^bki_lq_jZ aZ]jmadb L_dmsmx dhgnb]mjZpbx fh`gh khojZgblv \ nZce_ k ihfhsvx ke_^mxs_c dhfZgû ijb wlhf lZd`_ ihy\eyxlky nZceu \b^Z MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg Ke_^mxsZy dhfZg^Z iha\hebl ihf_gylv kljhdm hlh[jZ`Z_fmx \ f_gx \u[hjZ kbk l_f êy aZ]jm`_gghc \ ^Zgguc fhf_gl bf_xs_c b^_glbnbdZlhj kbk l_fu !"# Baf_gblv aZ]jm`Z_fmx ih mfheqZgbx kbkl_fm fh`gh k ihfhsvx dhfZgû \b^Z mdZau\Z_lky b^_glbnbdZlhj lj_[m_fhc kbkl_fu $%&!'%'()'$)&'!*((!)%& G_dhlhju_ ^hihegbl_evgu_ \hafh`ghklb êy jZ[hlu k ^bki_lq_jhf bf__l mlbeblZ Dhgnb]mjZpby kbkl_fu dhlhjmx fh`gh aZimklblv ba ih^f_gx :^fb gbkljbjh\Zgb_ GZ \deZ^d_ AZ]jmadZ jbk i_j_qbke_gu hipbb f_gx \u[hjZ hi_jZpbhgguo kbkl_f b fh`gh mklZgZ\eb\Zlv hkh[u_ j_`bfu aZ]jmadb GZb[hevrbfb \hafh`ghklyfb ih dhgnb]mjbjh\Zgbx hipbc aZ]jmadb h[eZ^Zxl ki_pbZebabjh\Zggu_ [_kieZlgu_ mlbeblu dhlhju_ g_keh`gh gZclb \ Bgl_jg_l_ gZijbf_j (DV\%&' beb 9LVWD%RRW3UR Wlb mlbeblu fh]ml mklZgZ\eb\Zlvky b jZ[hlZlv b \ ij_û^msbo \_jkbyo :LQGRZV %RRW 0DQDJHU 6\VWHP &RQILJXUDWLRQ PVFRQILJH[H :LQGRZV 9LVWD:LQGRZV 6HUYHU :LQGRZV Hkh[_gghklb:LQGRZV6HUYHU6HUYHU&RUH J_`bf mklZgh\db [Zah\uo kem`[ :LQGRZV 6HUYHU 6HUYHU &RUH lj_[m_l hkh[h]h \gbfZgby d \hijhkZf ieZgbjh\Zgby ihkdhevdm \hafh`ghklb kbkl_f \ wlhf kemqZ_ agZqbl_evgh h]jZgbq_gu Ijb wlhf ijhp_kk mklZgh\db k_j\_jZ gbq_f g_ hlebqZ_lky hl klZg^Zjlghc ijhp_^mju bgklZeeypbb kbkl_fu < j_`bf_ ih^^_j`b\Zxlky lhevdh ke_^mxsb_ jheb k_j\_jZ kjZ\gbl_ k lZ[e ² ² 6HUYHU &RUH X X X X X X X X $FWLYH 'LUHFWRU\ 'RPDLQ 6HUYLFHV $' '6 $FWLYH 'LUHFWRU\ /LJKWZHLJKW 'LUHFWRU\ 6HUYLFHV $' /'6 '+&3 6HUYHU '16 6HUYHU )LOH 6HUYLFHV h]jZgbq_gu \ j_^Zdpbb 6WDQGDUG +\SHU9 3ULQW 6HUYLFHV k h]jZgbq_gbyfb Ijb wlhf \h \k_o j_^Zdpbyo g_^hklmi_g lZdhc \Z`guc dhfihg_gl dZd ke_^h\Zl_evgh g_\hafh`gZ mklZgh\dZ ijbeh`_gbc bkihevamxsbo wlm ki_pbnb dZpbx :HE 6HUYLFHV ,,6 $631(7 ² =eZ\Z G_h[oh^bfh mqblu\Zlv b hkh[_gghklb Z^fbgbkljbjh\Zgby bgklZeeypbc I_j\h_ b hkgh\gh_ hlebqb_ wlh]h j_`bfZ hlkmlkl\b_ ]jZnbq_kdh]h bgl_jn_ckZ l _ ihke_ mklZgh\db kbkl_fu aZ]jmadb b j_]bkljZpbb Z^fbgbkljZlhj m\b^bl lhevdh imklhc wdjZg k hdghf dhgkheb Z kj_^kl\Z jZ[hq_]h klheZ \dexqZy f_gx Imkd b iZg_ev aZ^Zq [m^ml hlkmlkl\h\Zlv Iheghklvx hlkmlkl\mxl mlbeblu iZg_eb mijZ\e_gby nZceu b kj_^Z dhgkheb mijZ\e_ gby \dexqZy hkgZkldb Z^fbgbkljbjh\Zgby < jZkihjy`_gbb Z^fbgbkljZlhjZ hklZxlky mlbeblu dhfZg^ghc kljhdb b ^bki_lq_j aZ^Zq \hafh`gh h[uqgh_ i_j_dexq_gb_ hdhg ih deZ\brZf b i_j_ dexq_gb_ \ hdgh [_ahiZkghklb ijb gZ`Zlbb deZ\br êy j_ ^Zdlbjh\Zgby kp_gZjb_\ beb dhfZg^guo nZceh\ bf__lky ijhkl_crbc j_^Zdlhj ;he__ f_g__ iheghp_ggh_ mijZ\e_gb_ kbkl_fhc \hafh`gh lhevdh k bkihevah\Zgb_f hkgZklhd aZimkdZ_fuo gZ jZ[hq_c klZgpbb b ih^dexqZxsboky m^Ze_ggh d k_j\_jm :LQGRZV 6HUYHU 6HUYHU &RUH ² &3/ 00& 1RWHSDGH[H $OW!7DE! &WUO!$OW!'HO! 1 JBF?Q:GB? G_keh`gh kufblbjh\Zlv jZ[hlm iheghc \_jkbb :LQGRZV 6HUYHU \ j_`bf_ 6HUYHU &RUH AZimklbl_ j_^Zdlhj j__kljZ b \ jZa^_e_ !" aZf_gbl_ klZg ^Zjlgh_ agZq_gb_ i_j_f_gghc #!! ]^_ aZibkZgZ kljhdZ $%!&$ gZ ^jm ]h_ ² ' ( ) ( )*+, *) - . '&$ (/ &$ ( !.#!!.%) k khojZg_gb_f \k_o dZ\uq_d Ihke_ wlh]h gm`gh i_ j_aZ]jmablvky L_i_jv fh`gh [m^_l ijb[ebabl_evgh ihkfhlj_lv dZd \u]ey^bl jZ[hqZy kj_^Z k_j\_jZ Qlh[u \_jgmlvky d h[uqghc kj_^_ g_h[oh^bfh hlj_^Zd lbjh\Zlv j__klj b \_jgmlv i_j_f_gghc #!! bkoh^gh_ agZq_gb_ $%!&$ Bgl_jZdlb\gZymklZgh\dZkbkl_f :LQGRZV6HUYHU Ihke_ j_r_gby \k_o \hijhkh\ dZkZxsboky ieZgbjh\Zgby mklZgh\db hi_jZpbhgghc kbkl_fu fh`gh ijbklmiZlv g_ihkj_^kl\_ggh d bgklZeeypbb ;eZ]h^Zjy lhfm qlh bkihevamxlky h[jZau bgklZeeypbb nZceu \ nhjfZl_ \j_fy mklZgh\db kbkl_f b agZqbl_evgh khdjZ s_gh gZ dhfivxl_j_ kj_^g_c ijhba\h^bl_evghklb gZ wlm hi_jZpbx lj_[m_lky ijb [ebabl_evgh fbgml \f_klh êy ij_û^msbo \_jkbc H^gZdh ijhp_^mjZ :LQGRZV ,PDJLQJ :LQGRZV 9LVWD :LQGRZV 6HUYHU ² AZ bkdexq_gb_f ^\mo kf Ijbeh`_gb_ Ih\lhjbf qlh wlh ebrv bfblZpby j_`bfZ kh\_jr_ggh g_ ihevah\Zlvky hkgZkldZfb Ijh\h^gbd :LQGRZV ([SORUHU ² :,0 H[SORUHUH[H 6HUYHU &RUH >ey [he__ iheghc ^hklh\_jghklb gm`gh PVF iZg_eyfb mijZ\e_gby FSO b ijh]jZffhc MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg :LQGRZV 6HUYHU :LQGRZV 6HUYHU MklZgh\dZ kbkl_fguo nZceh\ ijhbkoh^bl \ iZidm ?:LQGRZV gZ mdZaZgghf ^bkd_ beb jZa^_e_ <k_ ijhnbeb ihevah\Zl_e_c jZkiheZ]Zxlky \ iZid_ ?8VHUV Z \ iZidb ?3URJUDP )LOHV b ?3URJUDP 'DWD [m^ml dhibjh\Zlvky nZceu kbkl_fguo ijbeh`_gbc b ih mfheqZgbx ihevah\Zl_evkdbo ijh]jZff >bkljb[mlb\ :LQGRZV 6HUYHU bf__l jZaf_j ihjy^dZ =[Zcl =[Zcl êy ieZlnhjfu [ kZf nZce h[jZaZ LQVWDOOZLP bf__l jZaf_j =[Zcl =[Zcl êy [ LjZ^bpbhggZy iZidZ ?L gZ ^bkljb[mlb\ghf ^bkd_ hlkmlkl\m_l dZd g_l l_i_jv b ijh]jZff mklZgh\db :LQQWH[H b :LQQWH[H >ey bgklZeeypbb kbkl_fu aZimkdZ_lky ijh]jZffZ 6HWXSH[H Z \k_ ^bkljb[mlb\gu_ nZceu gZoh^ylky gZ ^bkd_ \ iZid_ ?VRXUFHV <k_ kbkl_fgu_ [b[ebhl_db b ijh]jZffu ojZgylky \ ^\mo [hevrbo nZceZo ² b ihke_^gbc ba gbo ih kmlb b y\ey_lky ^bkljb[mlb\hf kbk l_fu h[gh\e_gby ^h ih ij_`g_fm aZgbfZ_l g_ f_g__ qZkZ ijbq_f wlh [_a mq_lZ ^hihegbl_evgh]h \j_f_gb g_h[oh^bfh]h êy fb ]jZpbb iZjZf_ljh\ ijbdeZ^guo k_j\bkh\ Gh\ZymklZgh\dZkbkl_fu kaZ]jmahqgh]hdhfiZdl^bkdZ ² JZkkfhljbf ijhp_^mjm mklZgh\db kbkl_fu êy kZfh]h ijhklh]h kemqZy dh]^Z bkihevam_lky aZ]jmahqguc ^bkljb[mlb\guc ^bkd b \uihegy _lky bgklZeeypby kbkl_fu gZ k\h[h^guc jZa^_e ^bkdZ qbklZy mklZgh\dZ Ijh p_kk mklZgh\db kbkl_fu agZqbl_evgh mijhklbeky ih kjZ\g_gbx k b l_i_jv g_ lj_[m_lky i_jbh^bq_kdb hl\_qZlv gZ \hagbdZxsb_ \hijhku Fgh ]b_ rZ]b hlkmlkl\mxl b bagZqZevgh iZjZf_lju gZijbf_j k_l_\u_ mklZgh\db b ijbgZê_`ghklv d hij_^_e_gghc jZ[hq_c ]jmii_ \u[bjZxlky ih mfheqZgbx aZ l_f bo fh`gh ihf_gylv \jmqgmx k iZg_eb mijZ\e_gby beb ba hdgZ gh\hc ki_pb Zevghc mlbeblu AZ^Zqb gZqZevghc gZkljhcdb kf ^Ze__ :LQGRZV 6HUYHU :LQGRZV 6HUYHU RREHH[H ² 1 JBF?Q:GB? MklZgh\dZ kbkl_fu 0LFURVRIW +\SHU9 6HUYHU fZdkbfZevgh ijhklZ ihkdhevdm g_dh lhju_ rZ]b gZijbf_j \u[hj \_jkbb beb \\h^ k_jbcgh]h ghf_jZ lZf \ ijbgpbi_ hlkmlkl\mxl >ey dhgnb]mjbjh\Zgby kbkl_fu ihke_ mklZgh\db bf__lky ki_pbZev gZy mlbeblZ kf jbk >ey kjZ\g_gby ^bkljb[mlb\ 0LFURVRIW +\SHU9 6HUYHU aZgbfZ_l F[Zcl nZce h[jZaZ bf__l jZaf_j F[Zcl Kbkl_fu :LQGRZV 9LVWD b :LQGRZV 6HUYHU jZkijhkljZgyxlky lhevdh gZ ^bkdZo =eZ\Z Ihke_^h\Zl_evghklv wlZih\ mklZgh\db kbkl_fu \u]ey^bl ke_^mxsbf h[jZahf aZ]jmabl_kv k ^bkljb[mlb\gh]h Qlh[u gZqZlv mklZgh\dm dhfiZdl ^bkdZ Ijb wlhf mklZgZ\eb\Z_lky y^jh kbkl_fu b ihy\ey_lky hdgh \u [hjZ j_]bhgZevguo klZg^Zjlh\ mdZ`bl_ gm`guc nhjfZl ij_^klZ\e_gby ^Zl b \j_f_gb Z lZd`_ jZkdeZ^dm deZ\bZlmju >ey ehdZebah\Zgghc \_jkbb Z\lhfZlb q_kdb mklZgZ\eb\Z_lky jmkkdbc yaud ihfbfh klZg^Zjlgh]h Zg]ebckdh]h dhlh juc ijbkmlkl\m_l \k_]^Z Ijb \u[hj_ jmkkdhc jZkdeZ^db deZ\bZlmju bfy dhf ivxl_jZ i_j\h]h ihevah\Zl_ey b _]h iZjhev [m^ml ih mfheqZgbx \\h^blvky ih jmkkdb \ hdg_ j_]bkljZpbb \ kbkl_f_ gZ wdjZg_ ijb\_lkl\by kf jbk lZd`_ [m^_l \u[jZg jmkkdbc yaud ?keb mdZaZlv jZkdeZ^dm KR: lh ih mfheqZgbx aZ^Z_lky Zg]ebckdbc yaud Fh`gh hklZ\blv iZjZf_l ju ij_êZ]Z_fu_ ih mfheqZgbx b gZ`Zlv dghidm >Ze__ < ex[hf kem qZ_ yaud \\h^Z gZ wdjZg_ ijb\_lkl\by fh`gh ihlhf baf_gblv beb ^h[Z\blv dghidm i_j_dexq_gby yaudh\ kf jbk :LQGRZV 6HUYHU :HOFRPH 6FUHHQ ² 86 ² Jbk =eZ\gh_ hdgh ijh]jZffu mklZgh\db :LQGRZV 6HUYHU < ]eZ\ghf hdg_ ijh]jZffu mklZgh\db jbk bf__lky kkuedZ Qlh ke_^m_l agZlv i_j_^ \uiheg_gb_f mklZ :LQGRZV MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg gh\db iha\heyxsZy hldjulv nZce kijZ\db \ dhlhjhf i_j_qbke_gu lj_[h\Zgby b j_dhf_g^Zpbb êy \uiheg_gby hi_jZpbb KkuedZ <hkklZgh\e_gb_ kbkl_fu iha\hey_l i_j_clb \ f_gx nmgdpbc \hk klZgh\e_gby kbkl_fu fu jZkkfhljbf bo ^Ze__ kf jbk >ey aZimkdZ bgklZeeypbb gZ`fbl_ dghidm MklZgh\blv <\_^bl_ k_jbcguc ghf_j \_jkbb jbk < aZ\bkbfhklb hl mdZaZggh]h ghf_jZ ijh]jZffZ mklZgh\db kZfZ hij_^_ey_l j_^Zdpbx bgklZeebjm_ fhc kbkl_fu ihke_ q_]h \uihegy_lky i_j_oh^ d wlZim ih^l\_j`^_gby ebp_gabhg gh]h kh]eZr_gby H[jZlbl_ \gbfZgb_ gZ lh qlh \ wlhf hdg_ mklZgh\e_g neZ`hd Zdlb\Zpbb Zdlb\Zpby kbkl_ fu ijhbahc^_l Z\lhfZlbq_kdb \ l_q_gb_ ^g_c ijb gZebqbb ih^dexq_gby dhf ivxl_jZ d Bgl_jg_lm NeZ`hd fh`gh kgylv _keb Zdlb\Zpby [m^_l \uihegylvky ih l_e_nhgm beb bguf h[jZahf Z lZd`_ _keb k_jbcguc ghf_j bagZqZevgh \\h^blvky g_ [m^_l \ wlhf kemqZ_ neZ`hd h[yaZl_evgh gm`gh k[jhkblv :LQGRZV ² :LQGRZV 6HUYHU ² Jbk <\h^ k_jbcgh]h ghf_jZ Ijb mklZgh\d_ kbkl_f fh`gh g_ mdZau\Zlv kjZam k_jbc guc ghf_j b \u[jZlv êy bgklZeeypbb ex[mx ba j_^Zdpbc bf_xsboky gZ ^b :LQGRZV 6HUYHU =eZ\Z kljb[mlb\ghf ^bkd_ Wlhl j_`bf m^h[_g ijb jZ[hl_ k \_jkbyfb dhlhju_ fh`gh kdZqZlv k \_[ kZclZ Kbkl_fZ fh`_l nmgdpbhgbjh\Zlv [_a Zd lb\Zpbb \ l_q_gb_ ^g_c ihke_ q_]h jZ[hlZ klZg_l g_\hafh`ghc ihlj_[m _lky Zdlb\Zpby k mdZaZgb_f k_jbcgh]h ghf_jZ eb[h kbkl_fm ijb^_lky i_j_ mklZgZ\eb\Zlv k ihl_j_c \k_o gZkljh_d <j_fy bkiulZl_evgh]h i_jbh^Z êy fh`gh ijhê_\Zlv k ihfhsvx kp_gZjby VOPJU kf ^Ze__ ?keb ihe_ k_jbcgh]h ghf_jZ hklZ\blv imkluf lh gZ ke_^mxs_f rZ]_ ihy\blky aZijhk <\_klb dh^ ijh^mdlZ k_c qZk GZ`Z\ dghidm G_l ihevah\Zl_ev fh`_l \u[jZlv êy mklZgh\db ex [mx j_^Zdpbx jbk ijb wlhf h[yaZl_evgh gm`gh hl f_lblv neZ`hd <u[jZg ijbh[j_l_gguc \uimkd WULDO 0LFURVRIW ² :LQGRZV 6HUYHU 'R \RX ZDQW WR HQWHU \RXU SURGXFW NH\ QRZ"´ " :LQGRZV 6HUYHU :LQGRZV Jbk <u[hj \_jkbb mklZgZ\eb\Z_fhc kbkl_fu GZ ke_^mxs_f wlZi_ ijh]jZffZ mklZgh\db hlh[jZ`Z_l gZ wdjZg_ ebp_gabhggh_ kh]eZr_gb_ dhlhjh_ ke_^m_l ijbgylv < kemqZ_ g_kh]eZkby k mkeh\byfb ebp_gabhggh]h kh]eZr_gby ihevah\Zl_ev ^he`_g hldZaZlvky hl mklZgh\db b ijh]jZffZ mklZgh\db ij_j\_l k\hx jZ[hlm >Ze__ ij_êZ]Z_lky \u[jZlv kihkh[ mklZgh\db kbkl_fu h[gh\e_gb_ beb qbklZy mklZgh\dZ jbk GZ wlhf rZ]_ \u[hjZ nZdlbq_kdb g_l /LFHQVH $JUHHPHQW FXVWRP XSJUDGH >ey wlh \j_fy khklZ\ey_l ^g_c ex[mx \_jkbx :LQGRZV 9LVWD k ^bkljb[mlb\ gh]h ^bkdZ lZd`_ fh`gh mklZgZ\eb\Zlv [_a dexqZ MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg fh`gh lZd`_ \b^_lv khh[s_gb_ h aZij_l_ h[gh\e_gby ihkdhevdm \ ex[hf kemqZ_ êy h[gh\e_gby m`_ bgklZeebjh\Zgghc kbkl_fu ijh]jZffm mklZgh\db gm`gh aZimkdZlv g_ihkj_^kl\_ggh ba wlhc kbkl_fu kf ^Ze__ >ey ijh^he`_ gby bgklZeeypbb \u[_jbl_ hipbx IhegZy mklZgh\dZ ^h ihegbl_evgu_ iZjZf_lju Jbk H[gh\e_gb_ g_\hafh`gh ^hklmigZ ebrv hipby qbklhc mklZgh\db kbkl_fu GZ ke_^mxs_f rZ]_ ijh]jZffZ mklZgh\db hlh[jZ`Z_l bf_xsbcky \ kbkl_f_ ^bkd ^bkdb beb kibkhd jZa^_eh\ m`_ kms_kl\mxsbo gZ `_kldhf ^bkd_ Fh` gh \u[jZlv jZa^_e êy bgklZeeypbb ba qbkeZ m`_ kms_kl\mxsbo m^Zeblv h^bg ba kms_kl\mxsbo jZa^_eh\ qlh[u kha^Zlv gh\u_ jZa^_eu gZ hkgh\_ hk\h[h ^b\r_]hky ijhkljZgkl\Z beb ijb gZebqbb ^hklZlhqgh]h h[t_fZ k\h[h^gh]h ijhkljZgkl\Z g_ ijbgZê_`Zs_]h gb h^ghfm jZa^_em kha^Zlv gh\uc jZa^_e ?keb gm`gu dZdb_lh fZgbimeypbb k jZa^_eZfb kha^Zgb_ b nhjfZlbjh\Zgb_ jZa^_eZ b l i lh s_edgbl_ ih kkued_ GZkljhcdZ ^bkdZ ² \ wlhf kemqZ_ \ hdg_ ihy\ylky ^hihegbl_evgu_ dhfZgû kf jbk <gh\v kha^Zgguc êy mklZgh\db jZa^_e h[yaZl_evgh nhjfZlbjm_lky ijb wlhf \hafh`ghklv \u[hjZ lbiZ nZceh\hc kbkl_fu hlkmlkl\m_l < GBF:GB? Ijh]jZffZ mklZgh\db :LQGRZV 6HUYHU kha^Z_l lhevdh hkgh\gu_ jZa^_eu ?keb lj_[m_lky keh`gZy dhgnb]mjZpby kh fgh`_kl\hf eh]bq_kdbo ^bkdh\ jZa^_ eh\ lh emqr_ kha^Z\Zlv __ i_j_^ mklZgh\dhc kbkl_fu ² kf \ur_ jZa^ Dhg nb]mjbjh\Zgb_ jZa^_eh\ gZ `_kldhf ^bkd_ =eZ\Z ?keb g_h[oh^bfu dZdb_lh fZgbimeypbb k ^bkdZfb g_ihkj_^kl\_ggh \h \j_fy mk lZgh\db kbkl_fu lh fh`gh gZ`Zlv deZ\brb 6KLIW!)! ihke_ q_]h iZjZe e_evgh k ijh]jZffhc mklZgh\db __ jZ[hlZ g_ ij_j\_lky hldjh_lky hdgh dh fZg^ghc kljhdb ]^_ fh`gh aZimklblv mlbeblm 'LVN3DUW b \uihegblv gm`gu_ ^_ckl\by AZl_f mklZgh\dm kbkl_fu fh`gh ijh^he`blv GZ jbk \ dZq_kl\_ ijbf_jZ ihdZaZg kemqZc dh]^Z jZa^_e êy mklZgh\db kbk l_fu m`_ ih^]hlh\e_g ijb wlhf hg aZgbfZ_l g_ \_kv ^bkd qlh \h\k_ g_ y\ey_l ky h[yaZl_evguf beb j_dhf_g^m_fuf \ZjbZglhf jZa^_e fh`_l [ulv _^bgkl \_gguf b aZgbfZlv \k_ k\h[h^gh_ ijhkljZgkl\h gZ nbabq_kdhf ^bkd_ DghidZ >Ze__ klZg_l Zdlb\ghc lhevdh dh]^Z bf__lky b \u[jZg jZa^_e ijb]h^ guc êy mklZgh\db kbkl_fu gZebqb_ g_h[oh^bfh]h k\h[h^gh]h ijhkljZgkl\Z hij_^_ey_lky Z\lhfZlbq_kdb ² Jbk <u[hj jZa^_eZ êy mklZgh\db L_i_jv \ l_q_gb_ fbgml dhfivxl_j g_ lj_[m_l gbdZdh]h \gbfZgby ih kdhevdm \k_ ^Zevg_crb_ ^_ckl\by \uihegyxlky \ Z\lhfZlbq_kdhf j_`bf_ GZ wd jZg_ [m^_l hlh[jZ`Zlvky ijhp_kk \uiheg_gby bgklZeeypbhgguo ijhp_^mj \h \j_fy dhlhjuo dhfivxl_j fh`_l g_kdhevdh jZa i_j_aZ]jm`Zlvky >\Z kZfuo êb l_evguo ih \j_f_gb wlZiZ wlh ba\e_q_gb_ nZceh\ b mklZgh\dZ dhfihg_glh\ Ih aZ\_jr_gbb bgklZeeypbb kbkl_fu ijh]jZffZ mklZgh\db \ ihke_^gbc jZa i_j_ aZ]jm`Z_l dhfivxl_j ihke_ q_]h gm`gh \uihegblv \oh^ \ kbkl_fm b dhgnb]mjbjh \Zgb_ jZ[hq_c kj_û k_j\_jZ kf ^Ze__ ² ² MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg H[gh\e_gb_kbkl_f:LQGRZV6HUYHU Kibkhd kbkl_f êy dhlhjuo \hafh`gh h[gh\e_gb_ ^h hlgh kbl_evgh g_\_ebd \ g_f ijbkmlkl\mxl lhevdh kbkl_fu b klZjr_ jZamf__lky bkdexqZy Gb`_ i_j_qbke_gu ih^^_j`b\Z_ fu_ hi_jZpbhggu_ kbkl_fu b mdZaZgu j_^Zdpbb ^h dhlhjuo bo fh`gh h[gh\blv k iZd_lZfb h[gh\e_gbc X beb :LQGRZV 6HUYHU ² :LQGRZV 6HUYHU :LQGRZV 9LVWD :LQGRZV 6HUYHU 6HUYLFH 3DFN 6HUYLFH 3DFN ² :LQGRZV 6HUYHU 6WDQGDUG :LQGRZV 6HUYHU (Q WHUSULVH X ² :LQGRZV 6HUYHU 6WDQGDUG :LQGRZV 6HUYHU (QWHUSULVH X 63 beb 63 ² :LQGRZV 6HUYHU (QWHUSULVH :LQGRZV 6HUYHU 'DWDFHQWHU X ² :LQGRZV 6HUYHU (QWHUSULVH :LQGRZV 6HUYHU 'DWDFHQWHU X beb 63 63 ² :LQGRZV 6HUYHU 'DWDFHQWHU X LZdbf h[jZahf fbgbfZevghc \_jkb_c êy dhlhjhc ih^^_j`b\Zxlky h[gh\e_gby y\ey_lky <hafh`gh h[gh\e_gb_ g_dhlhjuo j_^Zdpbc ^h [he__ klZjrbo \_jkbc X X Ijb \k_o \ZjbZglZo h[gh\e_gby kbkl_f g_h[oh^bfh qlh[u kh\iZ^Zeb yaudb mklZ gh\e_gghc kbkl_fu b gh\hc kbkl_fu l _ g_evay d ijbf_jm jmkkdmx \_jkbx h[gh\blv ^h Zg]ebckdhc G_\hafh`gh h[gh\e_gb_ jZajy^guo \_jkbc kbkl_fu ^h jZajy^guo beb gZ h[hjhl G_evay lZd`_ ^_eZlv h[gh\e_gby ^h \_jkbc G_ ih^^_j`b\Z_lky h[gh\e_gb_ êy kbkl_f gZ ieZlnhj f_ b \_jkbb < ijhp_kk_ h[gh\e_gby khojZgyxlky fgh]b_ jheb k_j\_jZ ^Zggu_ b dhgnb]mjZ pby khhl\_lkl\mxsbo kem`[ i_j_ghkylky \ gh\mx kbkl_fm G_dhlhju_ jheb i_j_ ghkylky emqr_ b g_ lj_[mxl ^hihegbl_evguo hi_jZpbc g_dhlhju_ kem`[u lj_[mxl ih\lhjgh]h dhgnb]mjbjh\Zgby < ex[hf kemqZ_ i_j_^ \uiheg_gb_f h[gh\e_gby j_dhf_g^m_lky \uihegblv khojZg_gb_ \k_c bgnhjfZpbb b iZjZf_ljh\ Z ihke_ g_]h ke_^m_l ijh\_jblv \k_ gZkljhcdb kem`[ ² :LQGRZV 6HUYHU 'DWDFHQWHU :LQGRZV :LQGRZV 6HUYHU 63 :LQGRZV 6HUYHU ² :LQGRZV 6HUYHU (QWHUSULVH ² :LQGRZV 6HUYHU 'DWDFHQWHU :LQGRZV :LQGRZV 6HUYHU &RUH ,WDQLXP :LQGRZV 6HUYHU 6HUYHU :LQGRZV 6HUYHU :LQGRZV 6HUYHU :HE (GLWLRQ ² =eZ\Z <uiheg_gb_ijhp_^mjuh[gh\e_gby H[gh\e_gb_ m`_ mklZgh\e_gguo kbkl_f bf__l g_dhlhju_ hkh[_gghklb Qlh[u gZ qZlv wlm hi_jZpbx g_h[oh^bfh aZ]jmablv h[gh\ey_fmx hi_jZpbhggmx kbkl_fm \klZ\blv ^bkljb[mlb\guc ^bkd :LQGRZV 6HUYHU b aZimklblv ijh]jZffm mklZ gh\db GZ`Z\ dghidm MklZgh\blv \ i_j\hf hdg_ ijh]jZffu mklZgh\db kf jbk fh`gh gZqZlv ijhp_^mjm h[gh\e_gby bf_xs_cky hi_jZpbhgghc kbk l_fu Ijh]jZffZ ij_êh`bl \uihegblv ih^dexq_gb_ d Bgl_jg_lm b aZ]jmablv ih ke_^gb_ h[gh\e_gby g_h[oh^bfu_ êy \uiheg_gby hi_jZpbb jbk Emqr_ jZaj_rblv wlm \hafh`ghklv h^gZdh \ wlhf kemqZ_ dhfivxl_j ^he`_g hklZ\Zlvky ih^dexq_gguf d Bgl_jg_lm \ l_q_gb_ \k_]h ijhp_kkZ h[gh\e_gby kbkl_fu dhlh juc \ hlebqb_ hl qbklhc mklZgh\db êblky g_ f_g__ qZkZ \ aZ\bkbfhklb hl gZeb qby ^hihegbl_evguo k_j\_jguo kem`[ Ihke_ aZ]jmadb h[gh\e_gbc ijh]jZffZ mk lZgh\db [m^_l i_j_aZims_gZ Jbk AZijhk gZ ihemq_gb_ h[gh\e_gguo nZceh\ êy mklZgh\db kbkl_fu AZl_f ijhp_^mjZ mklZgh\db :LQGRZV 6HUYHU [m^_l \uihegylvky lZd `_ dZd b ijb gh\hc mklZgh\d_ kbkl_fu ihlj_[m_lky k_jbcguc ghf_j ih^l\_j`^_gb_ eb p_gabhggh]h kh]eZr_gby b l ^ Ijb \hagbdgh\_gbb ijh[e_f ijh]jZffZ mdZ`_l ijbqbgm g_\hafh`ghklb h[gh\e_ gby gZijbf_j fh`_l [ulv g_^hklZlhqgh k\h[h^gh]h f_klZ gZ ^bkd_ beb fh`_l g_ ih^^_j`b\Zlvky h[gh\e_gb_ bf_xs_cky hi_jZpbhgghc kbkl_fu ^h \u[jZgghc j_ MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg ^Zdpbb ?keb dZdb_lh ijbeh`_gby g_ ih^^_j`b\Zxlky \ lh j_dhf_g^m_lky bo m^Zeblv i_j_^ h[gh\e_gb_f kbkl_fu < ijhlb\ghf kemqZ_ \hafh`gZ g_jZ[hlhkihkh[ghklv wlbo ijh]jZff b ihl_jy bo iZjZf_ljh\ gZkljh_d ?keb \k_ ijh\_jdb ijhreb ghjfZevgh lh ihy\ey_lky hdgh \ dhlhjhf fh`gh \u [jZlv lbi mklZgh\db jbk l_i_jv ihfbfh iheghc mklZgh\db \hafh`gh h[gh\ e_gb_ kbkl_fu kjZ\gbl_ k jbk :LQGRZV 6HUYHU :LQGRZV 6HUYHU Jbk <u[hj lbiZ mklZgh\db \ lhf kemqZ_ dh]^Z \hafh`gh h[gh\e_gb_ Ijb \u[hj_ h[gh\e_gby kbkl_fu ijh]jZffZ mklZgh\db fh`_l khh[sblv h gZebqbb ihl_gpbZevguo ijh[e_f dhlhju_ g_ [m^ml ij_iylkl\h\Zlv hi_jZpbb Ihke_ wlh]h mklZgh\dZ ihc^_l h[uqguf h[jZahf ² gZqg_lky dhibjh\Zgb_ b ba\e_q_gb_ nZceh\ mklZgh\dZ dhfihg_glh\ b l ^ GZihfgbf qlh h[gh\e_gb_ êblky kms_kl\_ggh ^hevr_ \ g_kdhevdh jZa q_f h[uqgZy mklZgh\dZ gh\hc kbkl_fu 1 JBF?Q:GB? Hkh[_gghklb h[gh\e_gby dhgljhee_jh\ ^hf_gh\ $FWLYH 'LUHFWRU\ k\yaZggu_ k ba f_g_gb_f ko_fu dZlZeh]Z jZkkfZljb\Zxlky \ ]eZ\_ Dh]^Z hi_jZpby aZdhgqblky Z^fbgbkljZlhj fh`_l \hclb \ kbkl_fm k h[uqguf bf_ g_f b iZjhe_f GZqZevgh_ dhgnb]mjbjh\Zgb_ ihke_ h[gh\e_gby kbkl_fu g_ lj_[m_lky j_dhf_g^m_lky ebrv ijh\_jblv iZjZf_lju kem`[ h[_ki_qb\Zxsbo \u iheg_gb_ ^hihegbl_evguo jhe_c k_j\_jZ =eZ\Z IhklbgklZeeypbhggu_aZ^Zqb Ihke_ mklZgh\db kbkl_fu g_h[oh^bfh \uihegblv g_dhlhju_ h[yaZl_evgu_ b j_dh f_g^m_fu_ hi_jZpbb ih gZkljhcd_ kbkl_fguo iZjZf_ljh\ Lhevdh ihke_ wlh]h fh`gh gZqbgZlv iheghp_ggmx jZ[hlm gZ k_j\_j_ MklZgh\dZiZjhey Ihke_ aZ]jmadb lhevdh qlh mklZgh\e_gghc kbkl_fu i_j_^ i_j\uf \oh^hf \ kbkl_fm lj_[m_lky kf_gZ iZjhey mq_lghc aZibkb $GPLQLVWUDWRU :^fbgbkljZlhj jbk wlh \_jgh ihkdhevdm gbdZdh]h iZjhey \ ijhp_kk_ mklZgh\db g_ aZ^Z\Zehkv G_h[ oh^bfh mklZgh\blv b ih^l\_j^blv iZjhev fh`gh kjZam kha^Zlv ^bkd_lm \hkklZgh\ e_gby iZjhey Ihke_ ihy\e_gby khh[s_gby h[ mki_rghf baf_g_gbb iZjhey fh`gh \oh^blv \ kbkl_fm Jbk Khh[s_gb_ h g_h[oh^bfhklb kf_gu iZjhey Z^fbgbkljZlhjZ i_j_^ i_j\uf \oh^hf \ kbkl_fm Gm`gh ihfgblv h lhf qlh ih mfheqZgbx lj_[m_lky keh`guc iZjhev ihkdhevdm mklZgh\e_gZ iheblbdZ IZjhev ^he `_g hl\_qZlv lj_[h\Zgbyf keh`ghklb LZdhc iZjhev \dexqZ_l gZijbf_j kljhq gu_ b aZ]eZ\gu_ [md\u Z lZd`_ pbnju beb kem`_[gu_ kbf\heu >ey \_jkbc :LQGRZV 6HUYHU &RUH b +\SHU9 6HUYHU \oh^ \ kbkl_fm ihke_ mklZgh\db \uihegy_lky g_kdhevdh bgZq_ Ihke_ aZ]jmadb ihy\ey_lky wdjZg j_]bkljZpbb ]^_ gm`gh gZ`Zlv deZ\brb &WUO!$OW!'HO! Z aZl_f ² ihy\eyxsmxky dghidm >jm]hc ihevah\Zl_ev Ihke_ wlh]h \\h^blky bfy ihevah\Zl_ey $GPLQ LVWUDWRU ^jm]bo ihevah\Zl_e_c \ kbkl_f_ _s_ g_l [_a iZjhey Lhevdh ihke_ wlh]h ihy\ey_lky ij_^mij_`^_gb_ h kf_g_ iZjhey kf jbk Ba dhfZg^ghc kljhdb iZjhev Z^fbgbkljZlhjZ \k_]^Z fh`gh ihf_gylv k ihfhsvx dhfZgû QHW 86(5 DGPLQLVWUDWRU MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg GZqZevgh_dhgnb]mjbjh\Zgb_kbkl_fu I_j_^ l_f dZd gh\uc k_j\_j [m^_l iheghklvx ]hlh\ d jZ[hl_ g_h[oh^bfh hij_^_ eblv jZ[hqb_ iZjZf_lju dhlhju_ g_ [ueb aZ^Zgu gZ wlZi_ mklZgh\db kbkl_fu g_ dhlhju_ ba wlbo iZjZf_ljh\ y\eyxlky h[yaZl_evgufb Hkh[_ggh wlh ZdlmZevgh êy kbkl_f ]^_ hlkmlkl\mxl dZdb_ eb[h \kihfh]Zl_evgu_ mlbeb lu dhgnb]mjbjh\Zgby >ey gZqZeZ jZkkfhljbf kibkhd iZjZf_ljh\ \ p_ehf k mq_lhf \hafh`ghkl_c bo jmqghc gZkljhcdb :LQGRZV 6HUYHU &RUH Hkgh\gu_jZ[hqb_iZjZf_ljuk_j\_jZ Gb`_ i_j_qbkeyxlky iZjZf_lju k_j\_jZ k mdZaZgb_f kihkh[h\ gZkljhcdb ba dh fZg^ghc kljhdb beb kkuehd gZ ]eZ\u ]^_ dhfihg_gl jZkkfZljb\Z_lky ih^jh[gh bagZqZevgh ^Z_lky ijhba\hevgh_ gZijbf_j X bfy dhfivxl_jZ ?]h fh`gh ihf_gylv k ihfhsvx dhfZgû QHWGRP ² :,1 (2-*2+53 X X 5(1$0(&20387(5 1HZ1DPH k_l_\u_ iZjZf_lju ]eZ\Z ,3 Z^j_k Z^j_k rexaZ b ij_îhqblZ_fh]h '16 k_j\_jZ m^Ze_gb_ ba ^hf_gZ êy ih^dexq_gby k_j\_jZ d ^hf_gm bkihevam_lky dhfZg^Z QHWGRP -2,1 êy hldexq_gby QHWGRP 5(029( < dhfZg^_ ke_^m_l mdZau\Zlv bfy b iZjhev ^hf_ggh]h ihevah\Zl_ey bf_xs_]h ijZ\h gZ \uiheg_gb_ hi_jZpbb ih^dexq_gb_ d ^hf_gm ² ² X Zdlb\Zpby kbkl_fu kf ^Ze__ X iZjZf_lju kem`[u :LQGRZV 8SGDWH kf ^Ze__ X jZaj_r_gb_ fhgblhjZ ]eZ\Z X \j_fy b ^ZlZ \j_f_ggZy ahgZ mlbeblZ ]eZ\Z X j_]bhgZevgu_ iZjZf_lju mlbeblZ X ih^dexq_gb_ d m^Ze_gghfm jZ[hq_fm klhem X ihevah\Zl_eb b ]jmiiu ]eZ\Z X [jZg^fZmwj :LQGRZV ]eZ\Z X jheb b dhfihg_glu ]eZ\Z 7LPHGDWHFSO ,QWOFSO 5HPRWH 'HVNWRS ]eZ\Z Ihke_ baf_g_gby g_dhlhjuo ba i_j_qbke_gguo iZjZf_ljh\ lj_[m_lky i_j_aZ]jmadZ dhfivxl_jZ dhlhjmx e_]dh \uihegblv k ihfhsvx ke_^mxs_c dhfZgû [ ]^_ iZjZf_lj U mdZau\Z_l gZ g_h[oh^bfhklv i_j_aZ]jmadb Z W \j_fy h`b^Zgby ^h gZqZeZ hi_jZpbb êy g_f_ê_ggh]h \uiheg_gby >ey \udexq_gby dhfivxl_jZ kem`bl dhfZg^Z ² ² =eZ\Z Bkihevah\Zgb_fZkl_jZdhgnb]mjbjh\Zgby < iheguo \_jkbyo aZ^ZqZ gZqZevghc gZkljhcdb iZjZf_ljh\ k_j\_jZ h[e_]qZ_lky ijb i_j\hf \oh^_ \ kbkl_fm Z^fbgbkljZlhj m\b^bl hdgh ijh ]jZffu ,QLWLDO &RQILJXUDWLRQ 7DVNV AZ^Zqb gZqZevghc gZkljhcdb jbk gZ jb kmgd_ ihdZaZgu bkoh^gu_ agZq_gby iZjZf_ljh\ ^h \g_k_gby dZdbo eb[h baf_g_ gbc A^_kv i_j_qbke_gu \k_ hkgh\gu_ iZjZf_lju kbkl_fu b fh`gh \uihegblv bo gZkljhcdm s_edgm\ ih khhl\_lkl\mxs_c kkued_ Wlh m^h[gh l_f qlh g_ gm`gh bkdZlv jZaebqgu_ kj_^kl\Z dhgnb]mjbjh\Zgby b keh`g__ aZ[ulv h g_h[oh^bfhklb \u[hjZ dZdh]h lh iZjZf_ljZ :LQGRZV 6HUYHU Jbk Ijh]jZffZ gZqZevghc gZkljhcdb iha\hey_l mklZgh\blv hkgh\gu_ jZ[hqb_ iZjZf_lju kbkl_fu MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg 1 JBF?Q:GB? < kbkl_f_ ZgZeh]bqgmx nmgdpbx +9&RQILJ dhlhjZy [m^_l jZkkfhlj_gZ ^Ze__ kf jbk \uihegy_l mlbeblZ KZfu_ \Z`gu_ aZ^Zqb khklZ\eyxl i_j\mx ]jmiim ² g_h[oh^bfh mklZgh\blv ke_ ^mxsb_ iZjZf_lju X qZkh\hc ihyk X iZjZf_lju k_lb _keb hgb g_ ihemqZxlky hl '+&3k_j\_jZ X bfy dhfivxl_jZ b _]h ijbgZê_`ghklv d jZ[hq_c ]jmii_ beb ^hf_gm AZl_f j_dhf_g^m_lky \u[jZlv iZjZf_lju êy kem`[u h[gh\e_gbc :LQGRZV 8SGDWH kf ^Ze__ KjZam `_ fh`gh ^h[Z\blv jheb b dhfihg_glu k_j\_jZ \dexqblv m^Ze_gguc ^hklmi d jZ[hq_fm klhem b gZkljhblv [jZg^fZmwj Dh]^Z \k_ hi_jZpbb [m^ml \uiheg_gu fh`gh mklZgh\blv neZ`hd 'R QRW VKRZ WKLV ZLQGRZV DW ORJRQ G_ ihdZau\Zlv wlh hdgh ijb \oh^_ \ kbkl_fm b aZdjulv hdgh < ijhlb\ghf kemqZ_ hgh [m^_l ihy\eylvky ijb dZ`^hf \oh^_ \ kbkl_fm b gZihfb gZlv h g_h[oh^bfhklb \uiheg_gby gZkljh_d 1 JBF?Q:GB? HdhgqZl_evgh aZdjulh_ hdgh ijh]jZffu ! AZ^Zqb gZ qZevghc gZkljhcdb fh`gh \ua\Zlv kgh\Z ijb ihfhsb dhfZgû 44-0 \\_^_gghc \ f_gx $9,79 Imkd Ihke_ lh]h dZd ijb i_j\hf \oh^_ \ kbkl_fm hdgh aZ^Zq gZqZevghc gZkljhcdb [m^_l aZdjulh gZ wdjZg_ ihy\blky hdgh hkgh\gh]h kj_^kl\Z Z^fbgbkljbjh\Zgby k_j\_jZ ² hdgh hkgZkldb 6HUYHU 0DQDJHU >bki_lq_j k_j\_jZ kf jbk Ihoh`__ kj_^kl\h ih^ gZa\Zgb_f 0DQDJH <RXU 6HUYHU bf__lky \ kbkl_fZo :LQGRZV 6HUYHU jbk K _]h ihfhsvx fh`gh mklZgZ\eb\Zlv jheb k_j\_jZ mklZ gZ\eb\Zy khhl\_lkl\mxsb_ dhfihg_glu b \uau\Zlv Z^fbgbkljZlb\gu_ hkgZkldb mijZ\eyxsb_ wlbfb jheyfb WlZ ijh]jZffZ m^h[gZ êy p_gljZebah\Zggh]h mijZ\ e_gby k_j\_jhf gh kdhj__ nZdmevlZlb\gZ b g_ h[_ki_qb\Z_l ^hklmi dh \k_f hkgh\ guf kj_^kl\Zf Z^fbgbkljbjh\Zgby HkgZkldZ 6HUYHU 0DQDJHU >bki_lq_j k_j\_jZ jbk \ kbkl_fZo :LQGRZV 6HUYHU bf__l agZqbl_evgh [yevrb_ \hafh`ghklb q_f fZkl_j 0DQDJH <RXU 6HUYHU b iha\hey_l \ k\h_f hdg_ mijZ\eylv ijZdlbq_kdb \k_fb jheyfb k_j\_jZ kem`[Zfb b dhfihg_glZfb Ijb i_j\hf aZimkd_ \ hdg_ ^bki_lq_jZ k_j\_jZ fh`gh \b^_lv h[smx bgnhjfZpbx h dhfivxl_j_ \dexqZy iZjZf_lju aZ^Zggu_ k ihfh svx ijh]jZffu ,QLWLDO &RQILJXUDWLRQ 7DVNV AZ^Zqb gZqZevghc gZkljhcdb ² gZ ijbf_j bfy dhfivxl_jZ jZ[hqmx ]jmiim ,3Z^j_k b l ^ b iZjZf_lju [_ahiZkgh =eZ\Z klb khklhygb_ [jZg^fZmwjZ b kem`[u h[gh\e_gby GZ jbkmgd_ hdgh ijh]jZffu ki_pbZevgh ihdZaZgh iheghklvx qlh[u emqr_ [ue ihgyl_g __ bgl_jn_ck Jbk 0@CD ijh]jZffu 0DQDJH <RXU 6HUYHU \ kbkl_fZo :LQGRZV 6HUYHU HkgZkldZ >bki_lq_j k_j\_jZ iha\hey_l mklZgZ\eb\Zlv jheb k_j \_jZ kem`[u b dhfihg_glu [he__ lh]h ² \ :LQGRZV 6HUYHU hgZ y\ey_lky _^bgkl\_gguf kj_^kl\hf _keb g_ kqblZlv mlbeblu 6HUYHU0DQDJHU&PGH[H ih a\heyxsbf baf_gylv gZ[hj nmgdpbhgZevguo \hafh`ghkl_c k_j\_jZ Ih^jh[gh ijhp_^mjZ mklZgh\db jhe_c b dhfihg_glh\ k_j\_jZ k bkihevah\Zgb_f hkgZkldb >bki_lq_j k_j\_jZ jZkkfZljb\Z_lky \ ]eZ\_ Hdgh hkgZkldb >bki_lq_j k_j\_jZ [m^_l ihy\eylvky gZ wdjZg_ ^h l_o ihj ihdZ g_ [m^_l mklZgh\e_g neZ`hd G_ ihdZau\Zlv wlm dhgkhev ijb \oh^_ \ kbkl_fm DhfZg^Z êy aZimkdZ hkgZkldb ih mfheqZgbx ijbkmlkl\m_l \ f_gx Imkd Z __ agZqhd bf__lky gZ iZg_eb [ukl jh]h aZimkdZ LZd`_ __ fh`gh aZimklblv g_ihkj_^kl\_ggh \\_^y \ hdg_ dhgkheb beb \ f_gx Imkd kljhdm FRPSPJPWODXQFKHU MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg Jbk GZqZevguc \b^ hkgZkldb 6HUYHU 0DQDJHU MklZgh\dZiZjZf_ljh\ Z\lhfZlbq_kdh]hh[gh\e_gby:LQGRZV Nmgdpby Z\lhfZlbq_kdh]h h[gh\e_gby :LQGRZV 8SGDWH k_j\bk ZXDXVHUY bkihe gy_fuc nZce mlbeblu gZkljhcdb ² ZXDSSH[H ij_^klZ\ey_l kh[hc kbkl_fguc k_j =eZ\Z \bk dhlhjuc klZjlm_l Z\lhfZlbq_kdb b i_jbh^bq_kdb \uihegy_l kdZgbjh\Zgb_ kbkl_fu qlh[u hij_^_eblv bf_xlky eb gZ kZcl_ :LQGRZV 8SGDWH h[gh\e_gby ^h klmigu_ êy aZ]jmadb AZ]jmadZ h[gh\e_gbc fh`_l hkms_kl\eylvky \ nhgh\hf j_ `bf_ b ih __ aZ\_jr_gbb mklZgh\dZ fh`_l \uihegylvky Z\lhfZlbq_kdb beb k m\_^hfe_gb_f ihevah\Zl_ey dhlhjuc bf__l \hafh`ghklv hleh`blv wlhl ijhp_kk ihkdhevdm g_dhlhju_ h[gh\e_gby fh]ml ihlj_[h\Zlv i_j_aZ]jmadb dhfivxl_jZ Ih mfheqZgbx \ kbkl_fZo :LQGRZV 6HUYHU ijh\_jdZ gZebqby h[yaZl_evguo b g_djblbq_kdbo h[gh\e_gbc g_ aZ^ZgZ ihkdhevdm ih^jZamf_\Z_lky qlh Z^fbgbkljZ lhj ^he`_g kZfhklhyl_evgh \u[jZlv iZjZf_lju h[gh\e_gby êy dZ`^hc dhgdj_l ghc bgklZeeypbb k_j\_jZ < GBF:GB? Hkh[_ggh \Z`gh mklZgh\blv \k_ h[gh\e_gby ihke_ bgklZeeypbb kbkl_fu ih kdhevdm bf_xlky h[gh\e_gby djblbq_kdb \Z`gu_ êy jZ[hlu g_dhlhjuo jhe_c k_j\_jZ gZijbf_j êy +\SHU9 Ijhs_ Z\lhfZlbq_kdb mklZgh\blv \k_ h[gh\e_ gby q_f bkdZlv b mklZgZ\eb\Zlv hl^_evgu_ nZceu êy dhgdj_lguo kemqZ_\ < ^hf_gZo hipbb Z\lhfZlbq_kdh]h h[gh\e_gby fh`gh mklZgZ\eb\Zlv k ihfhsvx ]jmiih\uo iheblbd ² \ khhl\_lkl\bb k dhjihjZlb\gufb lj_[h\Zgbyfb b \ aZ\bkb fhklb hl gZebqby beb hlkmlkl\by ijh]jZffguo ijh^mdlh\ lbiZ :686 kf ma_e Dhgnb]mjZpby dhfivxl_jZ _ :^fbgbkljZlb\gu_ rZ[ehgu _ Dhfihg_glu :LQGRZV _ P_glj h[gh\e_gby :LQGRZV >ey baf_g_gby iZjZf_ljh\ kem`[u h[gh\e_gby lj_[mxlky ke_^mxsb_ hi_jZpbb Hldjhcl_ hdgh P_gljZ h[gh\e_gby :LQGRZV 8SGDWH \uihegb\ h^gh bf_ggmx dhfZg^m \ f_gx Imkd beb \u[jZ\ khhl\_lkl\mxsmx aZ^Zqm gZ iZg_eb mijZ\e_gby lZd`_ fh`gh g_ihkj_^kl\_ggh \\_klb bfy ijh]jZffu ZXDSS < wlhf hdg_ jbk fh`gh \b^_lv gZebqb_ gh\uo h[gh\e_gbc \j_fy ihke_^ g_c hi_jZpbb ihbkdZ h[gh\e_gbc b iZjZf_lju k_j\bkZ h[gh\e_gbc dhlhju_ fh` gh \u[jZlv s_edgm\ ih kkued_ Baf_gblv iZjZf_lju LZd`_ mdZau\Z_lky êy dZdbo ijh]jZff ijh\_jyxlky h[gh\e_gby ² lhevdh êy :LQGRZV beb êy :LQGRZV b ^jm]bo ijh]jZffguo ijh^mdlh\ ba 0LFURVRIW 8SGDWH < hdg_ iZjZf_ljh\ k_j\bkZ Z\lhfZlbq_kdh]h h[gh\e_gby jbk bf_xlky ke_^mxsb_ hipbb \ ijbf_j_ ihdZaZgu j_dhf_g^h\Zggu_ agZq_gby \ j_Zevguo mkeh\byo ij_îhql_gby fh]ml [ulv kh\k_f bgufb N j_dhf_g^m_fZy hipby ² MklZgZ\eb\Zlv h[gh\e_gby Z\lhfZlbq_kdb Ijb wlhf h[gh\e_gby aZ]jm`Zxlky \ nhgh\hf j_`bf_ b mklZgZ\eb\Zxlky \ mdZaZggh_ \j_fy `_eZl_evgh qlh[u wlh g_ f_rZeh jZ[hl_ ihevah\Zl_e_c b kem`[ ihkdhevdm bgh]^Z lj_[m_lky i_j_aZ ]jmadZ MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg N ijb \u[hj_ hipbb AZ]jm`Zlv h[gh\e_gby gh ij_^hklZ\blv fg_ \u[jZlv gZ^h eb mklZ gZ\eb\Zlv bo Z^fbgbkljZlhj kgZqZeZ m\_^hfey_lky h ]hlh\ghklb aZ]jm`_g guo h[gh\e_gbc d bgklZeeypbb N _keb Z^fbgbkljZlhj ohq_l kgZqZeZ m\b^_lv kibkhd h[gh\e_gbc Z lhevdh ih lhf aZ]jm`Zlv b mklZgZ\eb\Zlv bo lh ke_^m_l \u[jZlv hipbx Ijh\_jylv gZebqb_ h[gh\e_gbc gh ij_^hklZ\blv fg_ \u[jZlv gZ^h eb aZ]jm`Zlv b mklZgZ\eb\Zlv bo WlZ hipby \hafh`gh kZfZy hilbfZevgZy ihkdhevdm h^ gh\j_f_ggh h[_ki_qb\Z_l hi_jZlb\ghklv bgnhjfbjh\Zgby Z^fbgbkljZlhjZ b iheguc dhgljhev aZ kdZqb\Zgb_f b mklZgh\dhc h[gh\e_gbc N ihke_^gyy hipby ² ! G_ ijh\_jylv gZebqb_ h[gh\ e_gbc ² iha\hey_l \hh[s_ hldexqblv Z\lhfZlbq_kdh_ h[gh\e_gb_ b \u ihegylv \k_ hi_jZpbb ih h[gh\e_gbx kbkl_fu \jmqgmx k ihfhsvx kkuedb Ijh\_jdZ h[gh\e_gbc \ ]eZ\ghf hdg_ P_gljZ h[gh\e_ gbc :LQGRZV LZd`_ bf_xlky ^hihegbl_evgu_ iZjZf_lju N neZ`hd " <dexqZlv j_dhf_g^m_fu_ h[gh\ e_gby« mdZau\Z_l gZ g_h[oh^bfhklv ijh\_jdb gZebqby g_djblbq_kdbo h[ gh\e_gbc Jbk =eZ\gh_ hdgh P_gljZ h[gh\e_gbc :LQGRZV =eZ\Z Jbk Hdgh iZjZf_ljh\ Z\lhfZlbq_kdh]h h[gh\e_gby kbkl_fu N neZ`hd # Bkihevah\Zlv 0LFURVRIW 8SGDWH mdZau\Z_l gZ g_h[oh^bfhklv ijh\_jdb ^jm]bo ijh]jZffguo ijh^mdlh\ 0LFURVRIW ih fbfh :LQGRZV Wlhl neZ`hd ihy\blky _keb lhevdh \ ]eZ\ghf hdg_ P_gljZ h[gh\e_gbc s_edgmlv ih kkued_ $ Ihemqblv h[gh\e_gby êy ^jm]bo ijh^mdlh\ b gZ hldju\r_cky \ hdg_ [jZma_jZ \_[ kljZgbp_ 0LFURVRIW 8SGDWH kh]eZkblvky k mkeh\byfb ij_^hklZ\e_gby mkem] ijb wlhf [m^_l \uiheg_gZ mklZgh\dZ dhfihg_glZ 0LFURVRIW 8SGDWH Ihke_ wlh]h mdZaZggZy kkuedZ [hevr_ hlh[jZ`Zlvky g_ [m^_l MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg <u[_jbl_ iZjZf_lju gZb[he__ ihôh^ysb_ êy dhgdj_lguo mkeh\bc jZ[hlu b aZdjhcl_ hdgh gZ`Z\ dghidm 0, JmqgZy gZkljhcdZ >ey kem`[u Z\lhfZlbq_kdh]h h[gh\e_gby \ kbkl_fghf j__klj_ bf__lky jZa^_e !" !" =eZ\guf a^_kv y\ey_lky iZjZf_lj ! ':25' hij_^_eyx sbc khklhygb_ kem`[u < j_^Zdpbyo b wlhl iZjZf_lj ih mfheqZgbx hlkmlkl\m_l >ey gZkljhcdb j_`bfZ b \uiheg_gby ihbkdZ b mklZgh\db h[gh\e_gbc \ kbkl_f_ bf_xlky ki_pbZevgu_ hipbb imgdlu b \ hdg_ mlbeblu +9&RQILJ kf jbk \ j_^Zdpbyo dhgnb]mjbjh\Zgb_ j_`bfZ gm`gh \uihegylv \jmqgmx k ihfhsvx ki_pbZevgh]h kp_gZjby beb g_ihkj_^kl\_ggh j_ ^Zdlbjmy j__klj \ j_^Zdlhj_ :LQGRZV 6HUYHU &RUH +\SHU9 6HUYHU +\SHU9 6HUYHU :LQGRZV 6HUYHU &RUH 5HJHGLW 1 JBF?Q:GB? < kbkl_f_ +\SHU9 6HUYHU êy ijh\_jdb b mklZgh\db h[gh\e_gbc fh`gh lZd`_ ijbf_gylv kp_gZjbc :8$B6HDUFK'RZQORDG,QVWDOOYEV dhlhjuc ke_^m_l bkdZlv \ iZid_ 6\VWHP5RRW?6\VWHP \ ih^dZlZeh]_ bfy dhlhjh]h khhl\_lkl\m_l yaudm kbkl_fu gZijbf_j HQ86 >ey gZkljhcdb g_dhlhjuo iZjZf_ljh\ kbkl_fu bf__lky kem`_[guc kp_gZjbc gZoh^ysbcky \ iZid_ 6\VWHP5RRW <hafh`ghklb wlh]h kp_gZjby fh`gh m\b^_lv aZimklb\ _]h [_a iZjZf_ljh\ >ey ijhkfhljZ khklhygby kem`[u h[gh\e_gby kem`bl ke_^mxsZy dhfZg^Z bagZ qZevgh iZjZf_lj ! hlkmlkl\m_l b agZq_gby êy g_]h g_l 6&UHJ(GLWZVI ?6\VWHP $ %&'() !" !" "* + ! AZij_lblv Z\lhfZlbq_kdb_ h[gh\e_gby fh`gh k ihfhsvx dhfZgû ! ! ,+ -" . ² ihke_ __ \uiheg_gby ihy\ey_lky iZjZf_lj jZ\guc >ey jZaj_r_gby Z\lhfZlbq_kdbo h[gh\e_gbc bkihevam_lky dhfZg^Z ! ,+ -" / Ihke_ ex[uo baf_g_gbc \ j__klj_ kem`[m h[gh\e_gbc g_h[oh^bfh i_j_aZimklblv \uihegb\ ke_^mxsmx dhfZg^m ! "0 11 " "0 Kibkhd mklZgh\e_gguo h[gh\e_gbc \ ex[hc \_jkbb fh`gh ihkfhlj_lv k ihfhsvx mlbeblu 6\VWHPLQIRH[H ke_^mxsZy dhfZg^Z iha\hey_l ih emqblv [he__ ih^jh[gmx bgnhjfZpbx h \k_o h[gh\e_gbyo :LQGRZV 6HUYHU & 2 * =eZ\Z :dlb\Zpbykbkl_fu ?keb ijb mklZgh\d_ kbkl_fu [ueZ jZaj_r_gZ Z\lhfZlbq_kdZy Zdlb\Zpby lh kbkl_fZ iulZ_lky kjZam `_ \uihegblv __ q_j_a Bgl_jg_l ?keb `_ neZ`hd jZaj_r_gby Zd lb\Zpbb [ue k[jhr_g gZijbf_j ijb mklZgh\d_ ijh[ghc \_jkbb lh \ l_q_ gb_ ^g_c i_jbh^bq_kdb [m^_l ihy\eylvky khh[s_gb_ gZihfbgZxs__ h g_h[oh ^bfhklb Zdlb\Zpbb Gm`gh ihfgblv h lhf qlh êy \uiheg_gby Zdlb\Zpbb ihlj_[m_lky k_jbcguc ghf_j _keb hg g_ \\h^beky ijb mklZgh\d_ kbkl_fu <j_fy hklZxs__ky ^h fhf_glZ h[yaZl_evghc Zdlb\Zpbb mdZau\Z_lky \ hdg_ k\hckl\ kbkl_fu kf jbk eb[h _]h fh`gh ihemqblv hl kem`[u ebp_gabjh\Z gby aZimklb\ \ hdg_ dhfZg^ghc kljhdb kp_gZjbc *&,+03 k iZjZf_ljhf 4* beb 4*0 Ijbf_j j_amevlZlZ ihdZaZg gZ jbk WULDO Jbk Khh[s_gb_ h ebp_gabhgghf klZlmk_ kbkl_fu <jmqgmx bgbpbbjh\Zlv Zdlb\Zpbx kbkl_fu fh`gh ba hdgZ k\hckl\ kbkl_fu kf jbk beb `_ k ihfhsvx dhfZgû I_jbh^ jZ[hlu ijh[ghc \_jkbb fh`gh ijhêblv gZ ^g_c k ihfhsvx dhfZgû ihke_ __ \uiheg_gby lj_[m_lky i_j_aZ]jmadZ Wlm hi_jZpbx fh`gh ih\lhjylv ^\Z jZaZ ijhê_\Zy h[s__ \j_fy jZ[hlu ^h ^g_c \ kmff_ :\lhfZlbq_kdZybgklZeeypbykbkl_f =eZ\guf kj_^kl\hf êy jZa\_jlu\Zgby kbkl_f :LQGRZV 9LVWD b :LQGRZV 6HUYHU \ djmiguo k_lyo y\ey_lky iZd_l :LQGRZV $,. beb :$,. IZd_l Z\lhfZlbq_kdhc mklZgh\db :LQGRZV Wlh \_kvfZ keh`guc ijh^mdl b hibku\Zlv b bamqZlv _]h \hafh`ghklb gm`gh hl^_evgh IZd_l :LQGRZV $,. fh`gh k\h[h^gh kdZqZlv k \_[kZclZ 0LFURVRIW kkuedm e_]dh gZclb \uihegb\ ihbkd kljhdb gZ ]eZ\ghc kljZgbp_ P_gljZ aZ]jmadb 0LFURVRIW ² kf kkuedb \ Ijbeh`_gbb IZd_l ojZgblky \ \b^_ h[jZaZ ,0* ^bkdZ _]h jZaf_j MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg êy Zg]ebckdhc \_jkbb khklZ\ey_l F[Zcl Ihke_ aZ]jmadb h[jZa g_h[oh^bfh aZibkZlv gZ '9'[he\Zgdm b aZimklblv k ^bkdZ ijh]jZffm mklZgh\db >ey mklZgh\db gZ dhfivxl_j hkgh\guo kj_^kl\ iZd_lZ \ ]eZ\ghf hdg_ ijh]jZffu mklZgh\db ke_^m_l \u[jZlv hipbx Ih hdhgqZgbb bgklZeey pbb \k_o ijh]jZff \ f_gx Imkd ihy\blky ]jmiiZ kh^_j`ZsZy kkuedb gZ ijh]jZffu b ^hdmf_glZpbx jbk Jbk Kj_^kl\Z iZd_lZ :LQGRZV $,. mklZgh\e_ggu_ gZ dhfivxl_j_ Hkgh\guf kj_^kl\hf ih^]hlh\db nZceh\ hl\_lh\ DQVZHU ILOHV êy Z\lhfZlbq_ kdhc mklZgh\db XQDWWHQGHG VHWXS y\ey_lky ijh]jZffZ jbk NZce hl\_lh\ \ nhjfZl_ ;0/ h[uqgh gZau\Z_fuc 8QDWWHQG[PO kh^_j`bl iZjZf_lju b agZq_gby g_h[oh^bfu_ êy jZ[hlu ijh ]jZffu mklZgh\db :LQGRZV :LQGRZV 6HWXS < iZid_ VXSSRUW?VDPSOHV gZ ^bkd_ :LQGRZV $,. bf__lky nZce KHDGOHVVXQDWWHQG[PO dhlhjuc fh`gh bkihevah\Zlv \ dZq_kl\_ ijbf_jZ nZceZ hl\_lh\ ?]h fh`gh ijh kfhlj_lv \ ex[hf l_dklh\hf j_^Zdlhj_ beb hldjulv \ ijh]jZff_ :LQGRZV 6\VWHP ,PDJH 0DQDJHU Ih^jh[gh_ hibkZgb_ \k_o l_ogheh]bc bkihevam_fuo êy mklZgh\db :LQGRZV mlbebl b iZjZf_ljh\ kem`_[guo nZceh\ \dexqZy nZceu hl\_lh\ kh ^_j`blky \ \_kvfZ bgnhjfZlb\ghc b h[t_fghc khijh\h^bl_evghc ^hdmf_glZpbb d iZd_lm :LQGRZV $,. >ey ih^]hlh\db Z\lhfZlbq_kdhc bgklZeeypbb :LQGRZV 6HUYHU lj_[m_lky k_jv_agh_ ij_^\Zjbl_evgh_ agZdhfkl\h k bkihevam_fhc l_jfbgheh ]b_c ]^_ hq_gv fgh]h gh\uo ihgylbc l_ogheh]byfb b ijh]jZffgufb kj_^kl\Zfb 6HUYHU =eZ\Z Jbk =eZ\gh_ hdgh ijh]jZffu :LQGRZV 6\VWHP ,PDJH 0DQDJHU Kj_^kl\Z\hkklZgh\e_gbykbkl_fuijbk[hyo < khklZ\_ :LQGRZV 6HUYHU bf__lky fgh`_kl\h kj_^kl\ ih^^_j`b\Zxsbo p_ ehklghklv kbkl_fu b h[_ki_qb\Zxsbo \hafh`ghklv \hkklZgh\e_gby ih\j_`^_gghc kbkl_fu Kj_^b gbo fh`gh mihfygmlv g_dhlhju_ ljZ^bpbhggu_ êy kbkl_f :LQGRZV \hafh`ghklb X aZsblZ kbkl_fguo nZceh\ hl ijhkfhljZ b aZf_gu hkms_kl\ey_fZy gZ mjh\g_ jZaj_r_gbc ^hklmiZ d nZceh\hc kbkl_f_ 17)6 Z lZd`_ k ihfhsvx kj_^kl\Z :LQGRZV )LOH 3URWHFWLRQ X ijh\_jdZ kbkl_fguo nZceh\ k ihfhsvx mlbeblu 6IFH[H X \_jbnbdZpby pbnjh\hc ihîbkb nZceh\ k bkihevah\Zgb_f mlbeblu 6LJYHULIH[H X \hafh`ghklv hldZlZ ^jZc\_jh\ 'ULYHU 5ROOEDFN kf jbk ² dghidZ HldZlblv MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg D wlhfm ke_^m_l ^h[Z\blv \hafh`ghklv \hkklZgh\e_gby ihegh]h Zjob\Z kbkl_fu < kbkl_fZo :LQGRZV 9LVWD wlZ nmgdpby gZau\Z_lky :LQGRZV &RPSOHWH 3& ihfbfh g__ \ wlbo kbkl_fZo bf_xlky ^hihegbl_evgu_ kj_^kl\Z hlkmlkl\mxsb_ \ k_j\_jguo \_jkbyo ² \hafh`ghklv kha^Zgby lhq_d \hkklZgh\e_gby b nmgdpby 6\VWHP 5HVWRUH Kms_kl\mxl jZaebqgu_ \ZjbZglu aZ]jmadb hi_jZpbhgghc kbkl_fu kibkhd dhlhjuo jbk \uau\Z_lky \ fhf_gl aZ]jmadb kbkl_fu \ wlhf kemqZ_ gm`gh mki_lv gZ `Zlv deZ\brm ^h ihy\e_gby aZklZ\db beb ba f_gx \u[hjZ kbkl_f ih gZ`Zlbx deZ \brb )! Ijb bkihevah\Zgbb [_ahiZkgh]h j_`bfZ 6DIH PRGH kbkl_fZ aZ]jm`Z_lky k fbgb fZevguf gZ[hjhf ^jZc\_jh\ mkljhckl\ b k_j\bkh\ Wlhl j_`bf iha\hey_l mkljZ gblv k[hb \ua\Zggu_ g_dhjj_dlghc mklZgh\dhc gh\h]h ijh]jZffgh]h h[_ki_q_gby beb ^jZc\_jh\ mkljhckl\ Hrb[db k\yaZggu_ k g_dhjj_dlghc jZ[hlhc gh\uo ^jZc \_jh\ \_kvfZ mki_rgh mkljZgy_l j_`bf ihke_^g_c m^Zqghc dhgnb]mjZpbb /DVW .QRZQ *RRG < l_o kemqZyo dh]^Z ih\j_`^_gby kbkl_fu k_jv_agu lj_[m_lky __ \hkklZgh\e_gb_ k ihfhsvx jZg__ khojZg_ggh]h ihegh]h Zjob\gh]h h[jZaZ \k_c ^bkdh\hc dhgnb ]mjZpbb :LQGRZV &RPSOHWH 3& >ey wlh]h gm`gh aZ]jmablvky k ^bkljb[mlb\gh]h '9'^bkdZ Jbk F_gx ^hihegbl_evguo j_`bfh\ aZ]jmadb :LQGRZV 6HUYHU =eZ\Z Hipbb\hkklZgh\e_gbyijbaZ]jmad_ kbgklZeeypbhggh]h^bkdZ Ihke_ aZ]jmadb k ^bkljb[mlb\gh]h '9'^bkdZ ihy\ey_lky hdgh ijh]jZffu mklZ gh\db :LQGRZV kf jbk \ dhlhjhf ih kkued_ <hkklZ gh\e_gb_ kbkl_fu i_j_c^bl_ \ f_gx nmgdpbc \hkklZgh\e_gby kbkl_fu KgZqZeZ \u[_jbl_ kbkl_fm k dhlhjhc gm`gh jZ[hlZlv jbk b gZ`fbl_ dghidm >Ze__ < g_dhlhjuo kemqZyo êy lh]h qlh[u ihy\beky kibkhd mklZgh\e_gguo kbk l_f imklv ^Z`_ h^gZ kljhdZ g_h[oh^bfu ^hihegbl_evgu_ ^jZc\_ju dghidZ AZ]jmablv ^jZc\_ju Jbk <u[hj \hkklZgZ\eb\Z_fhc kbkl_fu < ke_^mxs_f hdg_ jbk \uihegy_lky \u[hj kem`_[guo b ^bZ]ghklbq_kdbo nmgdpbc >ey :LQGRZV 9LVWD lZdbo \hafh`ghkl_c g_fgh]h [hevr_ ihkdhevdm lZf bf_xlky f_oZgbaf lhq_d \hkklZgh\e_gby b \hafh`ghklv Z\lhfZlbq_kdh]h bkijZ\ e_gby aZ]jmahqgh]h k_dlhjZ ^bkdZ >ey kbkl_f :LQGRZV 6HUYHU ]eZ\guf kj_^ kl\hf \hkklZgh\e_gby y\ey_lky hipby <hkklZgh\ e_gb_ Zjob\Z :LQGRZV &RPSOHWH 3& iha\heyxsZy \hkklZgh\blv \kx ^bkdh\mx dhgnb]mjZpbx \dexqZy ihevah\Zl_evkdb_ ^Zggu_ b ijbeh`_gby ba ihegh]h Zj ob\gh]h h[jZaZ kbkl_fu kf ]eZ\m Hipby Kj_^kl\h ^bZ]ghklbdb iZfylb :LQGRZV ijbkmlkl\m_l lZd`_ \ f_gx \u[hjZ kbkl_f \ kemqZ_ kbkl_f k ^\hcghc aZ]jmadhc kf jbk HgZ iha\hey_l ijhl_klbjh\Zlv iZfylv dhfivxl_jZ AZimkd l_klZ iZ fylb fh`gh bgbpbbjh\Zlv b ba jZ[hlZxs_c kbkl_fu êy wlh]h bf__lky khhl\_lkl MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg \mxsZy hipby \ ]jmii_ :^fbgbkljbjh\Zgb_ Ijb wlhf l_kl \k_ jZ\gh [m^_l \uihegylvky \ ijhp_kk_ aZ]jmadb kbkl_fu Jbk Lj_lvy hipby Hipbb \hkklZgh\e_gby kbkl_fu :LQGRZV 6HUYHU DhfZg^gZy kljhdZ ZgZeh]bqgZ dhgkheb \hkklZ 5HFRYHU\ &RQVROH dhlhjZy bf__lky \ kbkl_fZo :LQGRZV ij_û^msbo \_jkbc Hdgh dhfZg^ghc kljhdb ij_^hklZ\ey_l Z^fbgbkljZlhjZf g_h[oh^bfuc fb gbfmf kj_^kl\ iha\heyxsbo \uihegblv \hkklZgh\bl_evgu_ ijhp_^mju \ kbkl_f_ gh gZ[hj wlbo kj_^kl\ aZf_lgh rbj_ q_f \ dhgkheb \hkklZgh\e_gby K ihfhsvx mlbebl aZimkdZ_fuo \ wlhf hdg_ fh`gh jZaf_qZlv b nhjfZlbjh\Zlv ^bkdb \uihe gylv ql_gb_ b aZibkv ^Zgguo gZ ehdZevgu_ `_kldb_ ^bkdb Hkh[_ggh ihe_aghc hi pby DhfZg^gZy kljhdZ fh`_l hdZaZlvky \ lhf kemqZ_ _keb êy \hkklZgh\e_gby kbkl_fu lj_[m_lky kdhibjh\Zlv gZ `_kldbc ^bkd h^bg beb g_ kdhevdh kbkl_fguo nZceh\ k ^bkd_lu beb ^bkljb[mlb\gh]h ^bkdZ beb `_ kdhgnb ]mjbjh\Zlv ^bkdh\u_ jZa^_eu Nmgdpbb dhgkheb mijZ\e_gby mklZgZ\eb\Z_fhc k ^bkljb[mlb\gh]h ^bkdZ gZ `_kldbc ^bkd b aZimkdZ_fhc ba f_gx aZ]jmadb \ kbkl_ fZo :LQGRZV 6HUYHU hlkmlkl\mxl gh\e_gby Kem`[ujZa\_jlu\Zgby:LQGRZV :'6 Kem`[u :LQGRZV 'HSOR\PHQW 6HUYLFHV :'6 Kem`[u jZa\_jlu\Zgby :LQGRZV ijbreb gZ kf_gm kem`[Zf m^Ze_gghc mklZgh\db 5HPRWH ,QVWDOODWLRQ 6HUYLFHV 5,6 \oh^ysbf \ khklZ\ :LQGRZV 6HUYHU Hgb ij_^gZagZq_gu êy p_gljZeb ah\Zgghc mklZgh\db hi_jZpbhgguo kbkl_f gZ deb_glkdbo dhfivxl_jZo ijb wlhf gZ dZ`^hc ih^dexqZ_fhc d k_lb jZ[hq_c klZgpbb ihfbfh kZfhc HK fh`_l [ulv mklZgh\e_g klZg^Zjlguc gZ[hj dhfihg_glh\ b ijbeh`_gbc :\lhfZlbaZpby ijh =eZ\Z p_kkZ mklZgh\db ij_îheZ]Z_l k\_^_gb_ d fbgbfmfm mqZklby ihevah\Zl_ey b Z^ fbgbkljZlhjZ Kem`[u :'6 gZ [Za_ :LQGRZV 6HUYHU \ i_j\mx hq_j_^v hjb_glbjh\Zgu gZ mklZgh\dm hi_jZpbhgguo kbkl_f :LQGRZV 9LVWD b :LQGRZV 6HUYHU ohly k bo ihfhsvx fh`gh mklZgZ\eb\Zlv h[jZau b ^jm]bo \_jkbc :LQGRZV >ey nmgdpbhgbjh\Zgby kem`[ :'6 g_h[oh^bfh h[yaZl_evgh_ ijbkmlkl\b_ \ k_lb lj_o dhfihg_glh\ X kem`[u dZlZeh]Z $FWLYH 'LUHFWRU\ X k_j\_jZ '16 X k_j\_jZ '+&3 Deb_glkdb_ dhfivxl_ju ^he`gu ih^^_j`b\Zlv ijhlhdhe 3UHERRW H;HFXWLRQ (QYLURQPHQW 3;( h[_ki_qb\Zxsbc \hafh`ghklv aZ]jmadb k m^Ze_ggh]h k_j\_jZ eb[h gm`gh bkihevah\Zlv :LQGRZV 6HUYHU \_jkbx kj_û :LQGRZV 3UHLQVWDOODWLRQ (QYLURQPHQW :LQGRZV 3( Kj_^Z ij_^mklZgh\db :LQGRZV K_j\_j gZ dhlhjhf mklZgZ\eb\Zxlky kem`[u :'6 ^he`_g [ulv qe_ghf ^hf_gZ >ey i_j_^Zqb ^Zgguo bkihevam_lky ijhlhdhe 7ULYLDO )LOH 7UDQVIHU 3URWRFRO 7)73 Ijhkl_crbc ijhlhdhe i_j_^Zqb nZceh\ Ijhlhdhe 7)73 bkihevam_lky kem`[Zfb :'6 dZd ljZgkihjlguc f_oZgbaf ihkj_^kl\hf dhlhjh]h deb_glm i_j_^Zxlky g_ h[oh^bfu_ êy bgbpbZebaZpbb ijhp_kkZ m^Ze_gghc mklZgh\db nZceu Ijb wlhf Zml_glbnbdZpby g_ bkihevam_lky >ey mijZ\e_gby kem`[Zfb :'6 b ojZgbebs_f h[jZah\ bkihevam_lky hkgZkldZ Kem`[u jZa\_jlu\Zgby :LQGRZV :GV0JPWPVF kf jbk 1 JBF?Q:GB? Kem`[u :'6 gZ [Za_ :LQGRZV 6HUYHU g_ bkihevamxl 6,6 OjZgbebs_ _^bgkl\_gguo dhibc ² kj_^kl\h êy ojZg_gby h[jZah\ mklZgh\ db ijbf_gy_fh_ kem`[Zfb 5,6 MklZgh\dZkem`[bdhgnb]mjbjh\Zgb_:'6k_j\_jZ Qlh[u gZqZlv jZa\_jlu\Zgb_ kem`[ :'6 g_h[oh^bfh k ihfhsvx hkgZkldb >bki_lq_j k_j\_jZ mklZgh\blv jhev Kem`[u jZa\_jlu\Zgby :LQGRZV < __ khklZ\ \oh^yl ^\Z dhfihg_glZ K_j\_j jZa\_jlu\Zgby b LjZgkihjlguc k_j\_j >ey [Z ah\uo dhgnb]mjZpbc lj_[mxlky h[Z dhfihg_glZ Ijb mklZgh\d_ jheb g_h[oh^bfh \uihegblv dhgnb]mjbjh\Zgb_ :'6k_j\_jZ >ey wlh]h ke_^m_l aZimklblv hkgZkldm Kem`[u jZa\_j lu\Zgby :LQGRZV \u[jZlv gh\uc k_j\_j b \uihegblv dhfZg^m MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg GZkljhblv k_j\_j ba f_gx >_ckl\b_ >ey gZkljhcdb :'6k_j\_jZ lZd`_ fh`gh bkihevah\Zlv mlbeblm Ijhp_kk dhgnb]mjbjh\Zgby khklhbl ba ke_^mxsbo wlZih\ MdZ`bl_ f_klhiheh`_gb_ iZidb \ jZa^_e_ 17)6 ]^_ [m^ml ojZgblvky h[jZau kbkl_f mklZgZ\eb\Z_fuo k ^Zggh]h k_j\_jZ Ih mfheqZgbx wlh iZidZ &?5HPRWH,QVWDOO Hij_^_ebl_ iheblbdm hl\_lh\ k_j\_jZ gZ aZijhku ba\_klguo NQRZQ b g_ba XQNQRZQ deb_glh\ >ey ba\_klguo deb_glh\ \ dZlZeh]_ $FWLYH 'LUHFWRU\ bf__lky aZjZg__ kha^ZggZy mq_lgZy aZibkv dhfivxl_jZ Ih mfheqZ gbx k_j\_j \hh[s_ g_ hl\_qZ_l gZ aZijhku deb_glh\ jbk <u[jZggmx ih eblbdm fh`gh ihlhf ihf_gylv \ hdg_ k\hckl\ :'6k_j\_jZ kf jbk gZ \deZ^d_ IZjZf_lju 3;(hl\_lZ \_klguo Jbk Hij_^_e_gb_ iheblbdb hl\_lh\ gZ aZijhku deb_glh\ >h[Z\e_gb_h[jZah\ Ihke_ gZ`Zlby dghidb =hlh\h \ ihke_^g_f hdg_ fZkl_jZ dhgnb]mjbjh\Z gby kf jbk \uihegy_lky gZkljhcdZ :'6k_j\_jZ Z aZl_f fZkl_j mklZgh\db =eZ\Z ij_êZ]Z_l kjZam `_ ^h[Z\blv \ ojZgbebs_ h[jZau kbkl_fu WlZ ijhp_^mjZ \u]ey ^bl ke_^mxsbf h[jZahf MdZ`bl_ imlv d nZceZf ERRWZLP aZ]jmahqguc h[jZa b LQVWDOOZLP mklZgh\hq guc h[jZa < ijhkl_cr_f kemqZ_ fh`gh \klZ\blv \ '9'ijb\h^ ^bkljb[mlb\ guc ^bkd b mdZaZlv [md\m ^bkdh\h^Z >Zcl_ bfy gh\hc ]jmii_ h[jZah\ wlh h[jZau h^ghc hi_jZpbhgghc kbkl_fu jZa guo j_^Zdpbc MdZaZggh_ bfy [m^_l ^Zgh iZid_ \ ojZgbebs_ dm^Z [m^ml kdh ibjh\Zgu koh`b_ h[jZau ?keb \k_ iZjZf_lju mdZaZgu \_jgh fZkl_j gZc^_l h[jZau \ aZ^Zgghc iZid_ b aZl_f mdZ`bl_ dZdb_ h[jZau [m^ml dhibjh\Zlvky \ ojZgbebs_ jbk Ihke_ dhibjh\Zgby bgnhjfZpbb ba mdZaZgghc iZidb bf_gZ aZ]jmahqgh]h b mklZgh \hqguo h[jZah\ [m^ml ihf_s_gu \ khhl\_lkl\mxsb_ iZidb \ hdg_ hkgZkldb Kem`[u jZa\_jlu\Zgby :LQGRZV jbk >ey jZ[hlu :'6k_j\_jZ g_h[oh^bfu dZd fbgbfmf h^bg aZ]jmahqguc h[jZa b h^bg mklZgh\hqguc h[jZa AZ]jmahqgu_ h[jZau khhl\_lkl\mxl ieZlnhjf_ ² [ b [ b h^bg h[jZa bkihevam_lky êy mklZgh\db \k_o kbkl_f jZ[hlZxsbo gZ ^Zgghc ieZl nhjf_ Jbk <u[hj h[jZah\ ihf_sZ_fuo \ ojZgbebs_ h[jZah\ MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg Jbk IZidb kh^_j`Zsb_ aZ]jmahqgu_ b mklZgh\hqgu_ h[jZau AZ]jmahqguc ERRWZLP beb mklZgh\hqguc LQVWDOOZLP h[jZa fh`gh ^h[Z\blv \ ojZgbebs_ \ ex[hc fhf_gl êy wlh]h \u[_jbl_ khhl\_lkl\mxsmx iZidm beb beb ]jmiim h[jZah\ b \ f_gx >_ckl\b_ \uihe gbl_ dhfZg^m beb < iZid_ MklZj_\rb_ h[jZau jZaf_sZxlky h[jZau kem`[ 5,6 hklZ\rb_ky ihke_ h[gh\e_gby hi_jZpbhgghc kbkl_fu :LQGRZV 6HUYHU ]^_ [ueb jZa\_jgmlu wlb kem`[u GZijyfmx bo bkihevah\Zlv g_evay Z g_h[oh^bfh dhg\_jlbjh\Zlv k ihfhsvx ki_pbZevghc mlbeblu Kem`[u :'6 iha\heyxl bkihevah\Zlv aZdZagu_ FXVWRP h[jZau mklZgh\db êy ex[uo \_jkbc :LQGRZV \dexqZy :LQGRZV 9LVWD b [he__ jZggb_ kbkl_fu >ey wlh ]h k ihfhsvx mlbeblu 6\VSUHSH[H hgZ bf__lky gZ ex[hf dhfivxl_j_ k kbkl_fhc :LQGRZV 6HUYHU \ iZid_ 6\VWHP5RRW?6\VWHP?V\VSUHS g_h[oh^bfh ih^]h lh\blv wlZehgguc dhfivxl_j Z aZl_f kgylv k g_]h h[jZa hi_jZpbhgghc kbkl_fu k ihfhsvx fZkl_jZ ,PDJH &DSWXUH :L]DUG H[jZau fh`gh fh^bnbpbjh\Zlv ^h[Z\eyy nZceu ^jZc\_ju b ^jm]b_ dhfihg_glu k ihfhsvx kj_^kl\ iZd_lZ :LQGRZV $,. =eZ\Z >hihegbl_evgZygZkljhcdZ iZjZf_ljh\:'6k_j\_jZ MklZgh\e_gguc b kdhgnb]mjbjh\Zgguc :'6k_j\_j ]hlh\ d jZ[hl_ b fh`_l bk ihevah\Zlvky êy mklZgh\db hi_jZpbhgguo kbkl_f gZ deb_glkdbo dhfivxl_jZo H^gZdh g_dhlhju_ iZjZf_lju _]h jZ[hlu fh]ml f_gylvky \ ijhp_kk_ wdkiemZlZpbb kem`[ :'6 gZijbf_j ihjy^hd h[jZ[hldb ihevah\Zl_evkdbo aZijhkh\ [m^_l eb :'6k_j\_j hl\_qZlv gZ aZijhku \k_o deb_glh\ beb lhevdh gZ aZijhku l_o deb_g lh\ k dhlhjufb \ dZlZeh]_ Zkkhpbbjh\Zgu khhl\_lkl\mxsb_ h[t_dlu Djhf_ lh]h k ihfhsvx ]jmiih\uo iheblbd fh`gh hij_^_eblv k\hb iZjZf_lju m^Ze_gghc mklZgh\db êy jZaebqguo ]jmii ihevah\Zl_e_c ?keb \ hdg_ hkgZkldb Kem`[u jZa\_jlu\Zgby :LQGRZV \u[jZlv :'6k_j\_j b hldjulv hdgh _]h k\hckl\ lh gZ fgh]hqbke_gguo \deZ^dZo fh`gh \u[bjZlv iZjZf_lju hij_^_eyxsb_ jZ[hlm k_j\_jZ b nmgdpbhgb jh\Zgb_ kem`[ :'6 \ p_ehf Jbk Hdgh k\hckl\ :'6k_j\_jZ MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg GZijbf_j gZ \deZ^d_ Kem`[Z dZlZeh]Z jbk aZ^Z_lky ih jy^hd nhjfbjh\Zgby bf_g êy deb_glkdbo dhfivxl_jh\ Z lZd`_ ^hf_ggh_ f_klh iheh`_gb_ mq_lguo aZibk_c kha^Z\Z_fuo êy wlbo dhfivxl_jh\ GZ \deZ^d_ IZjZf_lju 3;(hl\_lZ hij_^_ey_lky iheblbdZ hl\_lh\ k_j\_jZ gZ aZijhku deb_glh\ MklZgh\dZmkljhckl\\jZ[hlZxs_ckbkl_f_ < kbkl_fZo :LQGRZV 6HUYHU kj_^kl\Z êy jZ[hlu k mkljhckl\Zfb b kihkh[u mklZgh\db ^jZc\_jh\ ijZdlbq_kdb g_ baf_gbebkv ih kjZ\g_gbx k ij_û^msbfb \_jkbyfb :LQGRZV G_kdhevdh hlebqZ_lky lhevdh ihevah\Zl_evkdbc bgl_jn_ck hi_jZpbc lj_[mxsbo \u[hjZ ^jZc\_jZ ijb hi_jZlb\ghf ih^dexq_gbb mkljhckl\Z Ijhkfhljkhklhygbymkljhckl\ Hkgh\guf bgkljmf_glhf êy dhgnb]mjbjh\Zgby ZiiZjZlguo kj_^kl\ kbkl_f :LQGRZV 6HUYHU ljZ^bpbhggh hklZ_lky hkgZkldZ ! >bki_lq_j mkljhckl\ GHYPJPWPVF dhlhjZy ij_bfms_kl\_ggh bkihevam_lky êy ijh\_jdb khklhygby ZiiZjZlguo mkljhckl\ dhfihg_glh\ b h[gh\e_gby bgh]^Z mklZgh\db ^jZc\_jh\ mkljhckl\ dhfivxl_jZ \gmlj_ggbo beb ih^dexqZ_fuo < GBF:GB? < kbkl_fZo :LQGRZV 9LVWD b :LQGRZV 6HUYHU hlkmlkl\mxl ijhnbeb h[hjm^h KDUGZDUH SURILOH :LQGRZV ;3 \Zgby kms_kl\mxsb_ \ kbkl_fZo b iha\heyx sb_ hij_^_eylv gZ[hju bkihevam_fuo ZiiZjZlguo kj_^kl\ êy wlh]h \ hdg_ k\hckl\ dZ`^h]h mkljhckl\Z bf__lky \hafh`ghklv \u[hjZ ijbf_gy_fh]h ijhnb ey Kdjulu_ ijhnbeb bf_xlky lhevdh êy i_j_ghkbfuo dhfivxl_jh\ ih^dex qZ_fuo d ^hd klZgpbb >ey aZimkdZ ^bki_lq_jZ mkljhckl\ jbk fh`gh \hkihevah\Zlvky iZg_evx mijZ\e_gby beb `_ kkuedhc >bki_lq_j mkljhckl\ \ hdg_ k\hckl\ kbkl_fu kf jbk >jm]hc imlv ² \\_klb kljhdm \ hdg_ <uihegblv beb g_ihkj_^kl\_ggh \ f_gx Imkd HkgZkldm fh`gh ^h[Z\blv d ihevah\Zl_evkdhc dhgkheb 00& ² \ wlhf kemqZ_ __ fh`gh ih^dexqblv b d m^Z e_gghfm dhfivxl_jm _keb lZd aZims_gu \k_ g_h[oh^bfu_ k_j\bku b bf_xlky jZa j_r_gby 1 JBF?Q:GB? < f_gx <b^ hdgZ ^bki_lq_jZ mkljhckl\ bf_xlky dhfZgû \u[hjZ kihkh [h\ hlh[jZ`_gby mkljhckl\ b j_kmjkh\ \dexqZy dhfZg^m IhdZaZlv kdjulu_ mkljhckl\Z k ihfhsvx dhlhjhc fh`gh m\b^_lv mkljhckl\Z =eZ\Z m^Ze_ggu_ dh]^Z lh ba kbkl_fu gh hklZ\b\rb_ ke_û WlZ bgnhjfZpby [u\Z_l ihe_aghc \ kemqZ_ \hagbdgh\_gby dhgnebdlh\ ijb ih\lhjghc mklZgh\d_ mkljhckl\ ZgZeh]bqgh]h lbiZ gZijbf_j k_l_\uo ieZl Jbk Ijhkfhlj iZjZf_ljh\ \u[jZggh]h ZiiZjZlgh]h mkljhckl\Z b k\_^_gbc h ^jZc\_j_ ;hevrbgkl\h \k_o nmgdpbc hkgZkldb >bki_lq_j mkljhckl\ dZ kZxsboky mijZ\e_gby mkljhckl\Zfb j_Zebah\Zgu \ mlbebl_ dhfZg^ghc kljhdb 'HYFRQH[H bf_xs_cky \ khklZ\_ iZd_lZ :LQGRZV 6XSSRUW 7RROV K ihfhsvx wlhc mlbeblu fh`gh gZijbf_j ijh\_jblv dhfZg^Z b baf_gblv kh klhygb_ mkljhckl\Z m^Zeblv _]h beb gZh[hjhl \jmqgmx mklZgh\blv IZjZf_lju mlbeblu fh`gh ihemqblv ba \kljh_gghc kijZ\db Ihe_agmx bgnhjfZpbx h[ mkljhckl\Zo b ^jZc\_jZo fh`gh ihemqblv k ihfhsvx mlbebl 6\VWHP,QIRH[H b 6\VWHP ,QIRUPDWLRQ K\_^_gby h kbkl_f_ 0VLQIRH[H kf ]eZ\m \ qZklghklb ² kibkhd \k_o bf_xsboky ^jZc\_jh\ bo khklhygb_ b j_ `bf aZimkdZ BgnhjfZpbx h ^jZc\_jZo fh`gh lZd`_ ihemqblv k ihfhsvx mlbeb lu dhfZg^ghc kljhdb 'ULYHU4XHU\H[H beb dhfZgû VF TXHU\ W\SH GULYHU >ey jmqghc mklZgh\db b m^Ze_gby ^jZc\_jh\ mkljhckl\ ijbf_gy_lky mlbeblZ 3QSXWLOH[H <k_ wlb mlbeblu bf_xlky \ ex[hc \_jkbb :LQGRZV 6HUYHU \dexqZy :LQGRZV 6HUYHU &RUH b +\SHU9 6HUYHU MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg MklZgh\dZ^jZc\_jh\êyih^dexq_gguomkljhckl\ >ey g_dhlhjh]h h[hjm^h\Zgby gZijbf_j êy ijbgl_jh\ kdZg_jh\ b l ^ g_ih kj_^kl\_ggZy mklZgh\dZ ^jZc\_jh\ b kem`_[guo mlbebl ^he`gZ \uihegylvky aZjZ g__ ² ^h lh]h dZd mkljhckl\h ih^dexqZ_lky d kbkl_f_ ih lj_[h\Zgbyf ijhba\h ^bl_e_c h[hjm^h\Zgby AZl_f ijb nbabq_kdhf \dexq_gbb mkljhckl\Z \uihegblky klZg^ZjlgZy ijhp_^mjZ jZkihagZ\Zgby mkljhckl\Z b kbkl_fZ kdhgnb]mjbjm_l m`_ bf_xsbcky m g__ ^jZc\_j ?keb kbkl_fZ h[gZjm`b\Z_l gh\h_ mkljhckl\h ihke_ aZ]jmadb lh ihy\ey_lky aZijhk ZgZeh]bqguc lhfm qlh ihdZaZg gZ jbk _keb ^jZc\_j bf__lky gZ ehdZevghf ^bkd_ lh kbkl_fZ gZoh^bl b mklZgZ\eb\Z_l _]h kZfZ [_a \kydbo aZijhkh\ Fh`gh hldZaZlvky hl mklZgh\db ^jZc\_jh\ \ ^Zgguc fhf_gl beb \hh[s_ gh _keb ^jZc\_ju bf_xlky lh bo ke_^m_l mklZgh\blv fh`gh lZd`_ ihiulZlvky gZclb ^jZc\_ju gZ kZcl_ 0LFURVRIW \ wlhf kemqZ_ \ ki_pbZevghf \kieu\Zxs_f hdg_ fh`gh [m^_l \b ^_lv dZd \uihegyxlky ihbkd b aZ]jmadZ ^jZc\_jZ >ey wlh]h ke_^m_l \u[jZlv i_j \mx \ kibkd_ hipbx Jbk AZijhk gZ mklZgh\dm ^jZc\_jZ êy h[gZjm`_ggh]h mkljhckl\Z ?keb kbkl_fZ mki_rgh gZoh^bl aZ]jm`Z_l b mklZgZ\eb\Z_l ^jZc\_j \ Z\lhfZlbq_ kdhf j_`bf_ lh wlhl ijhp_kk aZdZgqb\Z_lky ihy\e_gb_f bgnhjfZpbhggh]h khh[ s_gby < ijhlb\ghf kemqZ_ ^jZc\_j gm`gh mklZgZ\eb\Zlv \jmqgmx Ijb jmqghc mklZgh\d_ ^jZc\_jZ beb g_h[oh^bfhklb _]h h[gh\e_gbb \ wlhf kemqZ_ \ hdg_ ^bki_lq_jZ mkljhckl\ gm`gh \u[jZlv mkljhckl\h b \ dhgl_dklghf f_gx \u =eZ\Z ihegblv dhfZg^m H[gh\blv ^jZc\_ju ke_^m_l hij_^_ eblv kihkh[ ihbkdZ ^jZc\_jZ ² Z\lhfZlbq_kdbc beb jmqghc :\lhfZlbq_kdbc ih bkd hkms_kl\ey_lky kgZqZeZ \ klZg^Zjlghf ojZgbebs_ ^jZc\_jh\ wlh iZidZ 6\VWHP5RRW?6\VWHP? 'ULYHU6WRUH Z aZl_f ² \ Bgl_jg_l_ gZ kZcl_ :LQGRZV 8SGDWH Jmqghc ihbkd \u[bjZ_lky _keb ^jZc\_ju ojZgylky \ ^jm]bo iZidZo gZ ^bkd_ beb gZ ^bkljb[mlb\ghf ghkbl_e_ Ijb \u[hj_ hipbb ihbkdZ ^jZc\_jh\ gZ dhfivxl_j gZ ke_^mxs_f rZ]_ gm`gh hij_^_eblv f_klhiheh`_gb_ ^jZc\_jh\ ² hgb fh]ml gZoh^blvky gZ ehdZevghf ^bkd_ beb gZ kf_gghf ghkbl_e_ LZd`_ fh`gh ijhklh \u[jZlv mkljhckl\Z ba kib kdZ mkljhckl\ êy dhlhjuo \ kbkl_f_ bf_xlky klZg^Zjlgu_ ^jZc\_ju kkuedZ Ihke_ lh]h dZd \ j_amevlZl_ \uiheg_gby hibkZgguo \ur_ ijhp_^mj \u[jZg lhl beb bghc kihkh[ ihbkdZ ^jZc\_jZ êy gh\h]h mkljhckl\Z kbkl_fZ ihiulZ_lky h[gZjm `blv ihôh^ysbc ^jZc\_j b mklZgh\blv _]h ?keb ^jZc\_j g_ ihîbkZg lh ihy\ey _lky ij_^mij_`^_gb_ b ihevah\Zl_ev fh`_l eb[h jZaj_rblv _]h mklZgh\dm eb[h hldZaZlvky < kemqZ_ mki_rghc mklZgh\db hdgh ^bki_lq_jZ mkljhckl\ h[gh\ey_lky b bfy mkljhckl\Z ihy\ey_lky \ khhl\_lkl\mxs_c ]jmii_ _keb \u[jZgZ khjlbjh\dZ ih lbim mkljhckl\ JZ[hlZk\bjlmZevgufbfZrbgZfb \kj_^_+\SHU9 >ey mklZgh\db \bjlmZevguo fZrbg <F fh`gh \hkihevah\Zlvky jhevx +\SHU9 bf_xs_cky \ khklZ\_ :LQGRZV 6HUYHU beb mklZgh\blv kZfhklhyl_evguc ijh^mdl 0LFURVRIW +\SHU9 6HUYHU kf <\_^_gb_ < ex[hf kemqZ_ ijbgpbiu jZa\_jlu\Z gby b Z^fbgbkljbjh\Zgby \bjlmZevghc kj_û [m^ml kh\_jr_ggh h^bgZdh\ufb >ey \bjlmZevguo fZrbg mklZgZ\eb\Z_fuo \ kj_^_ +\SHU9 ih^^_j`b\Zxlky ke_ ^mxsb_ \_jkbb hi_jZpbhgguo kbkl_f êy b jZajy^guo ieZlnhjf X X X X X X \k_ j_^Zdpbb :LQGRZV 6HUYHU \k_ j_^Zdpbb :LQGRZV 6HUYHU k 6HUYLFH 3DFN :LQGRZV 6HUYHU b :LQGRZV $GYDQFHG 6HUYHU k 6HUYLFH 3DFN 686( /LQX[ (QWHUSULVH 6HUYHU \k_ j_^Zdpbb :LQGRZV 9LVWD k 6HUYLFH 3DFN \k_ j_^Zdpbb :LQGRZV ;3 3URIHVVLRQDO k 6HUYLFH 3DFN Fh]ml mklZgZ\eb\Zlvky b ^jm]b_ hi_jZpbhggu_ kbkl_fu gh bo jZ[hlhkihkh[ghklv g_ ]ZjZglbjm_lky Wlb kbkl_fu gZau\Zxlky ]hkl_\ufb JXHVW êy ohklkj_û MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg 1 JBF?Q:GB? >ey p_gljZebah\Zggh]h mijZ\e_gby \bjlmZevgufb kbkl_fZfb \ dhjihjZlb\ghc kj_^_ bf__lky ki_pbZevguc ijh^mdl ² 6\VWHP &HQWHU 9LUWXDO 0DFKLQH 0DQDJHU Ijh[gmx ^g_\gmx \_jkbx fh`gh kdZqZlv k \_[kZclZ 0LFURVRIW ² kf Ijbeh`_gb_ K _]h ihfhsvx fh`gh dhgljhebjh\Zlv jZ[hlm \bjlmZevguo fZ rbg jZ[hlZxsbo gZ k_j\_jZo :LQGRZV 6HUYHU \ kj_^_ +\SHU9 b 9LUWXDO 6HUYHU \uihegylv fb]jZpbx <F f_`^m jZaebqgufb k_j\_jZfb Z lZd`_ dhg \_jlbjh\Zlv nbabq_kdb_ ^bkdb k mklZgh\e_ggufb kbkl_fZfb \ \bjlmZevgu_ ^bk db h[jZah\ MijZ\e_gb_k_j\_jhf0LFURVRIW+\SHU96HUYHU Ihke_ j_]bkljZpbb Z^fbgbkljZlhjZ \ kbkl_f_ kf \ur_ jZa^ MklZgh\dZ iZjhey gZ wdjZg_ h^gh\j_f_ggh ihy\eyxlky hdgh dhgkheb b hdgh mlbeblu +9&RQILJFPG jbk dhlhjZy y\ey_lky hkgh\guf kj_^kl\hf dhgnb]mjbjh\Zgby k_j\_jZ +\SHU9 K __ ihfhsvx fh`gh ^Zlv dhfivxl_jm jZ[hq__ bfy ih^dexqblv _]h \ ^hf_g mklZgh\blv h[gh\e_gby b l ^ ² \k_ \hafh`ghklb ij_^klZ\e_gu gZ wdjZg_ Jbk Hdgh mlbeblu +9&RQILJ ij_^gZagZq_gghc êy mijZ\e_gby +\SHU9 6HUYHU =eZ\Z <k_ hi_jZpbb ih kha^Zgbx b dhgnb]mjbjh\Zgbx \bjlmZevguo fZrbg \uihegyxlky m^Ze_ggh k ihfhsvx mlbeblu +\SHU9 0DQDJHU kf ^Ze__ MijZ\e_gb_\bjlmZevgufbfZrbgZfb² mlbeblZ+\SHU90DQDJHU =eZ\guf kj_^kl\hf mijZ\e_gby \bjlmZevgufb fZrbgZfb jZ[hlZxsbfb gZ eh dZevghf beb gZ m^Ze_gghf dhfivxl_j_ y\ey_lky mlbeblZ +\SHU9 0DQDJHU Jbk =eZ\gh_ hdgh ijh]jZffu +\SHU9 0DQDJHU >ey __ mklZgh\db \ kbkl_fZo sbc dhfihg_gl \ ]jmii_ gm`gh ^h[Z\blv khhl\_lkl\mx ijb jZ[hl_ \ kbkl_ :LQGRZV 6HUYHU < Bgl_jg_l_ fh`gh gZclb kp_gZjbb iha\heyxsb_ g_ihkj_^kl\_ggh gZ k_j\_j_ mijZ\eylv kh klhygb_f \bjlmZevguo fZrbg hklZgZ\eb\Zlv bo aZimkdZlv b l i MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg fZo lj_[m_lky kdZqZlv \ P_glj_ aZ]jmadb kf Ijbeh`_gb_ b mklZgh\blv iZd_l +\SHU9 5HPRWH 0DQDJHPHQW 8SGDWH IRU :LQGRZV 9LVWD Mlb eblZ aZimkdZ_lky ba f_gx :^fbgbkljbjh\Zgb_ Ihke_ aZimkdZ mlbeblm g_h[oh^bfh ih^dexqblv d k_j\_jm d ehdZevghfm k_j\_jm hgZ ih^dexqZ_lky Z\lhfZlbq_kdb k ihfhsvx dhfZgû gZ iZg_eb >_ckl\by Ihke_ wlh]h fh`gh gZqbgZlv jZ[hlm k \bjlmZevgufb fZrbgZfb GZ jbk ihdZaZgh hdgh mlbeblu k m`_ mklZgh\e_ggufb <F GZ iZ g_eb >_ckl\by b \ dhgl_dklghf f_gx fh`gh \b^_lv \k_ hi_jZpbb dhlh ju_ fh`gh \uihegylv k \u[jZgghc <F :LQGRZV 9LVWD 0LFURVRIW +\SHU9 Jbk Bf_xlky \_jkbb iZd_lZ êy b Hdgh iZjZf_ljh\ \bjlmZevghc k_lb jZajy^guo kbkl_f =eZ\Z >ey gh\h]h k_j\_jZ i_j_^ gZqZehf jZa\_jlu\Zgby <F g_h[oh^bfh mklZgh \blv _]h iZjZf_lju \u[jZ\ dhfZg^m gZ iZg_eb >_ckl\by <Z`guf iZjZf_ljhf y\ey_lky f_klhiheh`_gb_ iZihd kh^_j`Zsbo hibkZgby <F b h[jZau ^bkdh\ LZd`_ \ hdg_ iZjZf_ljh\ fh`gh \u[bjZlv dhf[bgZpbx deZ\br hk \h[h`^Zxsbo dmjkhj \ hdg_ <F kf ^Ze__ ?keb kha^Z\Z_fu_ <F [m^ml jZ[hlZlv \ k_lb lh g_h[oh^bfh k ihfhsvx mlbeblu >bki_lq_j \bjlmZevghc k_lb kha^Zlv khhl\_lkl\mxsb_ \bjlmZevgu_ k_lb Hldju\ hdgh mlbeblu \u[_jbl_ lbi k_lb b gZ`fbl_ dghidm < ke_^mxs_f hdg_ jbk mdZ`bl_ gZa\Zgb_ k_lb Lbi ih^dexq_gby [m^_l m`_ hij_^_e_g gZ hkgh\_ \u[jZggh]h lbiZ k_lb >ey \g_rg_c k_lb fh`gh lZd`_ \u[jZlv dhgdj_lguc k_l_\hc Z^Zil_j d dhlh jhfm [m^_l ih^dexq_gZ ^ZggZy k_lv <hafh`gu ke_^mxsb_ lbiu \bjlmZevguo k_l_c ih^dexqZ_lky d k_l_\hfm Z^Zil_jm k_j\_jZ \ j_amevlZl_ X \g_rgyy q_]h <F fh]ml h[sZlvky k nbabq_kdhc k_lvx Z k_l_\u_ dhfivxl_ju fh]ml bf_lv ^hklmi d <F k\yau\Z_l <F f_`^m kh[hc b k kZfbf k_j\_jhf >h X \gmlj_ggyy klmi d nbabq_kdhc k_lb hlkmlkl\m_l bkihevam_lky lhevdh <F êy k\yab f_`^m kh[hc Wlh fZd X qZklgZy kbfZevgh aZsbs_ggZy hl \g_rg_]h \ha^_ckl\by dhgnb]mjZpby Bf_xsb_ky \bjlmZevgu_ k_lb fh`gh mdZau\Zlv ijb mklZgh\d_ gh\uo <F >ey jZ[hlu k \bjlmZevgufb ^bkdZfb h[jZaZfb kbkl_f \ khklZ\_ mlbeblu +\SHU9 0DQDJHU bf_xlky fZkl_jZ kha^Zgby ijhkfhljZ b j_^Zdlbjh\Zgby ^bkdh\ êy ij_ h[jZah\Zgby ^bgZfbq_kdb jZkrbjy_fuo ^bkdh\ \ ^bkdb nbdkbjh\Zggh]h jZaf_jZ b gZh[hjhl >ey bo aZimkdZ gZ iZg_eb >_ckl\by bf_xlky khhl\_lkl\mxsb_ kkuedb b Ijb kha^Zgbb \bjlmZevgh]h ^bkdZ fh`gh bkihevah\Zlv nbabq_kdbc ^bkd jZ[hlZxs_c kbkl_fu ih^dexqb\ _]h d k_j\_jm b gZ _]h hkgh\_ kha^Zlv \bjlmZevgmx fZrbgm iheghklvx ih\lhjyxsmx dhgnb]mjZpbx nbabq_kdh]h k_j\_jZ Ex[mx g_ jZ[hlZxsmx hklZgh\e_ggmx beb khojZg_ggmx \bjlmZevgmx fZrbgm fh`gh wdkihjlbjh\Zlv dhfZg^Z Z aZl_f bfihjlbjh\Zlv b bkihevah\Zlv êy kha^Zgby ^jm]hc <F dhfZg^Z Ijb wlhf fh]ml lZd`_ +\SHU9 UHOHDVH NH\ 9LUWXDO 1HWZRUN 0DQDJHU YLUWXDO QHWZRUN FRQQHFWLRQ W\SH H[WHUQDO ² LQWHUQDO ² SULYDWH ² wdkihjlbjh\Zlvky b bfihjlbjh\Zlvky \bjlmZevgu_ ^bkdb LZdZy ijhp_^mjZ iha\h ey_l i_j_ghkblv <F f_`^m jZaebqgufb k_j\_jZfb +\SHU9 Z lZd`_ \hkklZgZ\eb \Zlv kha^Zggu_ <F gZ gh\uo k_j\_jZo <Z`ghc nmgdpb_c ijb jZ[hl_ k <F y\ey_lky kha^Zgb_ kgbfdh\ VQDSVKRW kbkl_fu dhlhju_ fh`gh ^_eZlv \ ex[hc fhf_gl dhfZg^Z Kgbfhd ij_^klZ\ey_l kh[hc khklhygb_ \bjlmZevghc fZrbgu kh^_j`bfh_ iZfylb b \bjlmZevgh]h ^bkdZ gZ hij_^_e_gguc fhf_gl d dhlhjhfm fh`gh \_jgmlvky \ ^Zevg_cr_f k ihfhsvx dhfZgû GZijbf_j fh`gh k^_eZlv kgbfhd jZ[hlhkihkh[ghc kbkl_fu i_ MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg j_^ \uiheg_gb_f k_jv_aguo baf_g_gbc __ dhgnb]mjZpbb ?keb wlb baf_g_gby [m ^ml g_m^Zqgufb b kbkl_fZ klZg_l g_klZ[bevgZ lh fh`gh ijhklh \_jgmlvky d jZ[h q_fm khklhygbx gZ dZdhclh fhf_gl b ijh^he`blv jZ[hlm \ a^hjh\hc kbkl_f_ MklZgh\dZgh\hc\bjlmZevghcfZrbgu Ihjy^hd kha^Zgby \bjlmZevguo fZrbg <F ke_^mxsbc GZ iZg_eb >_ckl\by s_edgbl_ ih kkued_ b \u[_jbl_ hipbx 1HZ 9LUWXDO 0DFKLQH :L]DUG jbk mdZ`bl_ bfy <F Wlh bfy ijhba\hevgh_ b gbdZd g_ k\yaZgh k bf_g_f mklZgZ\eb\Z_fh]h dhfivxl_jZ < ^Zevg_cr_f _]h fh`gh ihf_gylv Fh`gh mdZaZlv f_klhiheh`_gb_ iZidb ojZgys_c hibkZgb_ <F _keb hgZ ^he`gZ hlebqZlvky hl dZlZeh]Z aZ^Zggh]h \ iZjZf_ljZo k_j\_jZ +\SHU9 < hdg_ fZkl_jZ Jbk I_j\uc rZ] \ ijhp_kk_ mklZgh\db \bjlmZevghc fZrbgu =eZ\Z GZ ke_^mxs_f rZ]_ mdZ`bl_ h[t_f iZfylb \u^_ey_fuc êy <F KmffZ agZq_ gbc êy \k_o h^gh\j_f_ggh jZ[hlZxsbo <F g_ ^he`gZ ij_\urZlv h[t_fZ nb abq_kdhc iZfylb k_j\_jZ +\SHU9 < ijhlb\ghf kemqZ_ ijb aZimkd_ <F \hafh` gZ hrb[dZ mdZau\ZxsZy gZ g_o\Zldm j_kmjkh\ <u[_jbl_ ih^dexq_gb_ d \bjlmZevghc k_lb _keb gh\Zy <F [m^_l jZ[hlZlv k k_lvx MdZ`bl_ bfy f_klhiheh`_gb_ b jZaf_j kha^Z\Z_fh]h h[jZaZ ^bkdZ jbk Ih mfheqZgbx kha^Z_lky ^bgZfbq_kdb jZkrbjy_fuc ^bkd jZaf_jhf =[Zcl J_Zevguc jZaf_j ^bkdZ [m^_l m\_ebqb\Zlvky ih f_j_ mklZgh\db ^hihegbl_evguo ijh]jZff ^h[Z\e_gby ^Zgguo b l i BagZqZevgh h[jZa ^bkdZ bf__l jZaf_j hdh eh =[Zcl êy :LQGRZV 6HUYHU b =[Zcl êy :LQGRZV 6HUYHU 6HUYHU &RUH [_a ^hihegbl_evguo dhfihg_glh\ Jbk Hij_^_e_gb_ iZjZf_ljh\ h[jZaZ ^bkdZ Fh`gh mdZaZlv m`_ kms_kl\mxsbc h[jZa ^bkdZ kha^Zgguc aZjZg__ k ihfhsvx fZkl_jZ 1HZ 9LUWXDO +DUG 'LVN :L]DUG beb ihemq_gguc ijb wdkihjl_ m`_ kms_kl\mxs_c <F MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg Ke_^mxsbf rZ]hf y\ey_lky \u[hj hipbc mklZgh\db hi_jZpbhgghc kbkl_fu êy gh\hc <F jbk MklZgZ\eb\Zlv kbkl_fm fh`gh k ^bkljb[mlb\gh]h ^bkdZ \klZ\e_ggh]h \ &''9'ijb\h^ wlh kZfuc ijhklhc \ZjbZgl beb ba nZceZ ,62 h[jZaZ kha^Zggh]h ij_^\Zjbl_evgh k ihfhsvx dZdhcgb[m^v mlbeblu b ojZgy s_]hky gZ `_kldhf ^bkd_ k_j\_jZ <hafh`gu b ^jm]b_ \ZjbZglu ihdZaZggu_ gZ jbkmgd_ Jbk <u[hj hipbc mklZgh\db hi_jZpbhgghc kbkl_fu GZ ihke_^g_c kljZgbp_ fZkl_jZ fh`gh mklZgh\blv neZ`hd mdZau\Zxsbc gZ g_f_ê_gguc aZimkd <F ihke_ __ kha^Zgby h[uqgh ijb wlhf kjZam gZqbgZ_lky mklZgh\dZ hi_jZpbhgghc kbkl_fu k mdZaZggh]h ghkbl_ey Ijh\_jvl_ \\_^_ggu_ agZq_gby b _keb hrb[hd g_l gZ`fbl_ dghidm =hlh\h ² hi_jZpby gZq g_lky ?keb êy kha^Z\Z_fhc <F g_h[oh^bfh mdZaZlv ^hihegbl_evgu_ iZjZf_lju lh fh`gh g_ gZqbgZlv mklZgh\dm kbkl_fu Z hldjulv hdgh k\hckl\ êy kha^Zgghc <F jbk b \u[jZlv gm`gu_ agZq_gby IjhkfZljb\Zlv iZjZf_lju fh`gh b êy jZ[hlZxs_c <F h^gZdh \ wlhf kemqZ_ bo baf_g_gb_ g_\hafh`gh iZjZf_lju f_ gyxlky lhevdh êy \udexq_gguo <F < ihdZaZgghf gZ jbkmgd_ hdg_ fh`gh aZ =eZ\Z ^Z\Zlv qbkeh ijhp_kkhjh\ b mijZ\eylv jZkij_^_e_gb_f j_kmjkh\ f_`^m <F mdZau \Zlv fbgbfZevgmx b fZdkbfZevgmx kl_i_gv aZ]jmadb kbkl_fu Z lZd`_ hlghkb l_evguc \_k ^Zgghc <F ijb jZkij_^_e_gbb j_kmjkh\ kbkl_fu Jbk Hdgh k\hckl\ \bjlmZevghc fZrbgu >jm]bfb \Z`gufb iZjZf_ljZfb \ hdg_ k\hckl\ <F y\eyxlky kibkhd kem`[ bgl_ ]jZpbb ,QWHJUDWLRQ 6HUYLFHV ² kf ^Ze__ f_klhiheh`_gb_ iZidb êy ojZg_gby kgbfdh\ VQDSVKRW <F b ^_ckl\by \uihegy_fu_ ijb \dexq_gbb b \udexq_gbb nbabq_kdh]h dhfivxl_jZ Ih mfheqZgbx \hkklZgZ\eb\Z_lky khklhygb_ <F jZ[h q__ beb \udexq_ggh_ dhlhjh_ [ueh gZ fhf_gl \udexq_gby dhfivxl_jZ Z ijb \udexq_gbb k_j\_jZ ijhbkoh^bl khojZg_gb_ VDYH <F MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg Kem`[ubgl_]jZpbb ,QWHJUDWLRQ6HUYLFHV < dZ`^hc kha^Zgghc \bjlmZevghc fZrbg_ j_dhf_g^m_lky mklZgZ\eb\Zlv lZd gZau \Z_fu_ Fem`[u bgl_]jZpbb ,QWHJUDWLRQ 6HUYLFHV K bo ihfhsvx h[_ki_qb\Z_lky \uiheg_gb_ ke_^mxsbo hi_jZpbc X X X X X X k\h[h^gh_ i_j_f_s_gb_ dmjkhjZ f_`^m hdghf ih^dexq_gby d <F b ^jm]bfb hdgZfb hldjulufb gZ jZ[hq_f klhe_ dhjj_dlgh_ \udexq_gb_ kbkl_fu VKXWGRZQ ba hdgZ mlbeblZ +\SHU9 0DQDJHU ijb hlkmlkl\bb kem`[ bgl_]jZpbb \udexq_gb_ g_h[oh^bfh \uihegylv \ kZfhc <F kbgojhgbaZpby \j_f_gb f_`^m <F b k_j\_jhf +\SHU9 h[f_g ^Zggufb \klZ\dZ kh^_j`bfh]h [mn_jZ h[f_gZ deb_glkdhc fZrbgu dhfZg^Z \ f_gx hdgZ ih^dexq_gby d <F kf ^Ze__ ² ² bg^bdZpby Zdlb\ghklb <F djZoZ b l i KHDUWEHDW mdZau\ZxsZy gZ hlkmlkl\b_ aZ\bkZgby Zjob\Zpby h[jZaZ kbkl_fu \ \b^_ kgbfdZ VQDSVKRW < GBF:GB? I_j_^ mklZgh\dhc kem`[ bgl_]jZpbb gZ \bjlmZevgu_ fZrbgu jZ[hlZxsb_ ih^ mijZ\e_gb_f kbkl_f :LQGRZV ;3 b :LQGRZV 6HUYHU g_h[oh^bfh mklZgh\blv gZ gbo ihke_^gb_ iZd_lu h[gh\e_gby 6HUYLFH 3DFN >ey mklZgh\db kem`[ bgl_]jZpbb g_h[oh^bfh \uihegblv ke_^mxsb_ ^_ckl\by AZimklbl_ \bjlmZevgmx fZrbgm b ih^dexqbl_kv d g_c < hdg_ k_ZgkZ ih^dexq_gby kf jbk \u[_jbl_ dhfZg^m \ f_gx ?keb g_ \uihegy_lky Z\lhaZimkd ijh]jZffu mklZgh\db kem`[ bgl_]jZpbb lh hldjhcl_ hdgh dhgkheb b i_j_c^bl_ gZ \bjlmZevguc ^bkd k f_ldhc 90*8(67 ihke_ q_]h aZimklbl_ dhfZg^m 809:5 \ ih^dZlZeh]_ ?VXSSRUW?[? GZ`fbl_ dghidm 0, \ hdg_ k khh[s_gb_f h gZebqbb ij_û^ms_c \_jkbb kem`[ bgl_]jZpbb ² [m^_l \uihegylvky bo h[gh\e_gb_ Ihke_ ihemq_gby khh[s_gby h[ mki_rghc mklZgh\d_ i_j_aZ]jmabl_ <F < GBF:GB? ?keb kem`[u bgl_]jZpbb g_ mklZgh\e_gu lh \ \bjlmZevghc fZrbg_ fh`_l mklZ gZ\eb\Zlvky kh\f_klbfuc k_l_\hc Z^Zil_j k h]jZgbq_ggufb nmgdpbyfb ijb wlhf \hafh`gu hrb[db ih^dexq_gby d k_lb _keb êy <F \u[jZg Z^Zil_j ^jm]h]h ;md\Zevgh ² [b_gb_ k_j^pZ =eZ\Z lbiZ < wlhf kemqZ_ \ hdg_ k\hckl\ <F g_h[oh^bfh \u[bjZlv <hafh`gh ^Z`_ ihlj_[m_lky m^Zeblv bf_xsbcky Z^Zil_j ^h[Z\blv kh \f_klbfuc b i_j_aZimklblv <F Ihke_ mki_rghc mklZgh\db kem`[ bgl_]jZpbb fh`gh ihf_gylv kh\f_klbfuc Z^Zil_j gZ dhlhjuc bf__l agZqb l_evgh [hevr__ [ukljh^_ckl\b_ Z lZd`_ ^hihegbl_evgu_ \hafh`ghklb Ihke_ wlh]h hiylv ihlj_[m_lky i_j_aZimklblv <F Ih^dexq_gb_d\bjlmZevguffZrbgZf >ey ih^dexq_gby d \bjlmZevghc fZrbg_ \ hdg_ mlbeblu +\SHU9 0DQDJHU ^hklZ lhqgh \uihegblv dhfZg^m \ dhgl_dklghf f_gx kf jbk beb ijhklh ^\Z`û s_edgmlv ih bf_gb <F >ey ih^dexq_gby d \bjlmZevguf fZrbgZf k m^Ze_gguo dhfivxl_jh\ fh`gh bk ihevah\Zlv ki_pbZevgmx mlbeblm 90FRQQHFWH[H dhlhjZy ihy\ey_lky \ iZid_ ?3URJUDP )LOHV?+\SHU9 ihke_ mklZgh\db khhl\_lkl\mxs_]h dhfihg_glZ beb iZd_lZ mlbebl êy m^Ze_ggh]h Z^fbgbkljbjh\Zgby k_j\_jZ +\SHU9 < hdg_ mlbeblu ke_ ^m_l \u[jZlv bfy k_j\_jZ b \bjlmZevgmx fZrbgm d dhlhjhc g_h[oh^bfh ih^dex qblvky jbk Jbk Hdgh mlbeblu '.4330.9 Ihke_ ih^dexq_gby d jZ[hlZxs_c <F \ ki_pbZevghf hdg_ k_ZgkZ ihy\ey_lky hdgh j_]bkljZpbb ihke_ q_]h ihevah\Zl_ev fh`_l jZ[hlZlv \ kj_^_ \bjlmZevghc fZrb g_ dZd gZ h[uqghf dhfivxl_j_ Ih^dexq_gb_ \hafh`gh ^Z`_ d \udexq_gghc <F Hdgh k_ZgkZ ih^dexq_gby jbk bf__l f_gx dhfZg^ b iZg_ev mijZ\e_ gby kh^_j`Zsmx dghidb mijZ\e_gby <F K bo ihfhsvx fh`gh aZimkdZlv b hklZ gZ\eb\Zlv ]hkl_\mx kbkl_fm ^_eZlv kgbfdb b l ^ ?keb gZ \bjlmZevghc fZrbg_ g_ mklZgh\e_gu kem`[u bgl_]jZpbb lh êy i_j_f_ s_gby dmjkhjZ ba hdgZ k_ZgkZ ih^dexq_gby \ ^jm]b_ hdgZ hldjulu_ gZ jZ[hq_f MklZgh\dZ kbkl_f b \bjlmZevguo fZrbg klhe_ lj_[m_lky dZ`ûc jZa gZ`bfZlv deZ\brb Klj_edZ \e_\h lZd gZau\Z_fuc dhlhjuc hij_^_ey_lky \ iZjZf_ljZo k_j\_jZ Ihke_ mklZgh\db kem`[ bgl_]jZpbb lZdh_ g_m^h[kl\h mkljZgy_lky b dmj khj fh`gh k\h[h^gh i_j_f_sZlv f_`^m ex[ufb hdgZfb \u[bjZy gm`gu_ h[t_dlu &WUO!$OW!/HIW $UURU! ² +\SHU9 Jbk F_gx dhfZg^ b iZg_ev mijZ\e_gby khklhygb_f \bjlmZevghc fZrbgu DeZ\brb iha\heyxl i_j_dexqZlvky f_`^m i_j_f_ sZ_fuf hdghf k_ZgkZ b iheghwdjZgguf j_`bfhf hlh[jZ`_gby jZ[hq_]h klheZ \bjlmZevghc fZrbgu &WUO!$OW!3DXVH%UHDN! =E:<: Dhgnb]mjbjh\Zgb_jZ[hq_ckj_û bZ^fbgbkljZlb\gu_aZ^Zqb WlZ ]eZ\Z ho\Zlu\Z_l kZfu_ jZagu_ \hijhku dZkZxsb_ky dhgnb]mjbjh\Zgby jZ[h q_c kj_û kbkl_fu gZqbgZy k gZkljhcdb iZjZf_ljh\ ihevah\Zl_evkdh]h bgl_jn_c kZ b aZdZgqb\Zy \u[hjhf j_`bfh\ jZ[hlu kem`[u ihbkdZ LZd`_ jZkkfZljb\Zxlky kihkh[u \uiheg_gby lbih\uo aZ^Zq dhlhju_ i_jbh^bq_kdb \hagbdZxl i_j_^ ex [uf Z^fbgbkljZlhjhf gZijbf_j dZd aZimklblv aZ^Zqm \ hij_^_e_ggh_ \j_fy dZd mijZ\eylv m^Ze_gguf dhfivxl_jhf dZd Z\lhfZlbabjh\Zlv lbih\u_ aZ^Zqb b l ^ Ijb wlhf \ i_j\mx hq_j_^v fu [m^_f m^_eylv \gbfZgb_ l_f \hijhkZf dhlhju_ j_Zebah\Zgu g_ lZd dZd \ ij_û^msbo \_jkbyo " " " :LQGRZV GZkljhcdZwdjZgZj_]bkljZpbb\kbkl_f_ Ihevah\Zl_evkdbc bgl_jn_ck bkihevam_fuc \ ijb \oh^_ \ kbkl_fm aZf_lgh hlebqZ_lky hl l_o j_r_gbc dhlhju_ ijbf_gyebkv \ ij_û^msbo k_j\_jguo \_jkbyo < kbkl_fZo kms_ kl\mxl ^\Z kihkh[Z bgl_jZdlb\gh]h \oh^Z \ kbkl_fm aZ^Zgguc ih mfheqZgbx kihkh[ \oh^Z X wdjZg ijb\_lkl\by \ kbkl_fm ijb dhlhjhf gZ fhgblhj_ hlh[jZ`Zxlky bf_gZ \k_o bf_xsboky gZ dhfivxl_j_ ihevah\Zl_e_c êy j_]bkljZpbb ^hklZlhqgh \u[jZlv furvx gm` gh_ bfy b \hafh`gh \\_klb iZjhev X h[uqgh_ hdgh j_]bkljZpbb \ kbkl_f_ ljZ^bpbhgguc kihkh[ \oh^Z \ kbkl_fu b hg \k_]^Z bkihevam_lky gZ dhfivxl_jZo qe_ gZo ^hf_gZ \ wlhf kemqZ_ êy j_]bkljZpbb ihevah\Zl_ev \\h^bl bfy k\h_c mq_lghc aZibkb b iZjhev fh`_l lZd`_ mdZau\Zlv bfy ^hf_gZ Bfy ihke_^g_]h jZ[hlZ\r_]h ihevah\Zl_ey ijb wlhf fh`_l g_ hlh[jZ`Zlvky :LQGRZV 6HUYHU :LQGRZV :LQGRZV ;3:LQGRZV 6HUYHU :HOFRPH VFUHHQ ² ² :LQGRZV 17 :LQGRZV ² =eZ\Z WdjZg ijb\_lkl\by iha\hey_l bkihevah\Zlv f_oZgbaf [ukljh]h i_j_dexq_gby ihevah\Zl_e_c Hg iha\hey_l g_kdhevdbf ihevah\Zl_eyf [ulv h^gh\j_f_ggh aZj_]bkljbjh\Zggufb gZ dhfivxl_j_ ijb wlhf khojZgy_lky bo jZ [hqZy kj_^Z b ijb i_j_dexq_gbb g_ hklZgZ\eb\Zxlky ijh]jZffu aZims_ggu_ ^jm ]bf ihevah\Zl_e_f >ey [ukljh]h i_j_dexq_gby ihevah\Zl_e_c g_h[oh^bfh qlh[u wdjZg ijb\_lkl\by [ue \dexq_g < kbkl_fZo _]h fh`gh \dexqZlv b hl dexqZlv ih `_eZgbx Z^fbgbkljZlhjZ ;ukljh_ i_j_dexq_gb_ b wdjZg ijb\_lkl\by \k_]^Z hldexqZxlky dh]^Z dhfivxl_j \oh^bl \ ^hf_g b lh]^Z bkihevam_lky ljZ ^bpbhggh_ hdgh j_]bkljZpbb < kbkl_fZo wdjZg ijb\_lkl\by \dexq_g \k_ ]^Z b _]h g_evay aZij_lblv ihkdhevdm hg bkihevam_lky b gZ Z\lhghfghf dhfivx l_j_ qe_g_ jZ[hq_c ]jmiiu b gZ dhfivxl_jZo \oh^ysbo \ ^hf_g g_kdhevdh f_gy_lky ebrv \b^ hdgZ F_oZgbaf [ukljh]h i_j_dexq_gby ihevah\Zl_e_c lZd`_ \k_]^Z \dexq_g b _]h g_evay [ehdbjh\Zlv fh`gh lhevdh aZij_lblv we_ f_glu bgl_jn_ckZ iha\heyxsb_ \uihegylv wlm nmgdpbx kf ^Ze__ I_j_dex q_gb_ ihevah\Zl_e_c \hafh`gh ^Z`_ gZ dhfivxl_jZo qe_gZo ^hf_gZ ijbq_f ijb jZ[hl_ k k_l_\ufb j_kmjkZfb Ihke_ aZ]jmadb kbkl_fu Z\lhghfghc beb \oh^ys_c \ ^h f_g ihevah\Zl_ev \b^bl wdjZg j_]bkljZpbb k ij_êh`_gb_f gZ`Zlv deZ\brb H[yaZl_evghklv \uiheg_gby wlh]h lj_[h\Zgby hij_^_ey _lky l_f qlh ih mfheqZgbx \dexq_gZ iheblbdZ [_ahiZkghklb EhdZevgu_ iheblbdb IZjZf_lju [_ahiZkghklb Bgl_jZdlb\guc \oh^ g_ lj_[h\Zlv gZ`Zlby khq_lZgby deZ\br Ih mfheqZgbx dghidZ \u[hjZ yaudZ \\h^Z g_ hlh[jZ`Z_lky bkihevam_lky hkgh\ghc yaud kbkl_fu Zg]ebckdbc beb ehdZeb ah\Zgghc \_jkbb < ijbgpbi_ yaud \\h^Z fh`_l ihlj_[h\Zlvky ijb \\h^_ iZjhey \ g_dhlhjuo j_`bfZo \\h^blky b bfy ihevah\Zl_ey ihwlhfm \u[hj yaudZ lh`_ fh `_l ihlj_[h\Zlvky \ wlhf hdg_ Baf_gblv kblmZpbx fh`gh iml_f j_^Zdlbjh\Zgby j__kljZ kf ^Ze__ Ihke_ gZ`Zlby deZ\br ihy\ey_lky wdjZg ijb\_lkl\by >ey \oh^Z \ kbkl_fm gZ^h s_edgmlv ih ibdlh]jZff_ bf_xs_cky gZ dhfivxl_j_ mq_l ghc aZibkb ihevah\Zl_ey b \\_klb iZjhev Ih mfheqZgbx gZ wdjZg_ ijb\_lkl\by hlkmlkl\m_l dghidZ \udexq_gby b i_j_aZ ]jmadb dhfivxl_jZ ihkdhevdm aZij_s_gZ iheblbdZ [_ahiZkghklb !"# # $ % ! "# #! ! EhdZevgu_ iheblbdb IZjZf_lju [_ahiZkghklb AZ\_jr_gb_ jZ[hlu jZaj_ rblv aZ\_jr_gb_ jZ[hlu kbkl_fu [_a \uiheg_gby \oh^Z \ kbkl_fm WlZ dghidZ lZd`_ iha\hey_l i_j_oh^blv \ kiysbc j_`bf _keb wlhl j_`bf ih^^_j`b \Z_lky dhfivxl_jhf )DVW 8VHU 6ZLWFKLQJ :HOFRPH VFUHHQ :LQGRZV ;3 :LQGRZV 9LVWD:LQGRZV 6HUYHU ² ² ² :LQGRZV 6HUYHU ² ² &WUO!$OW!'HOHWH! _ _ &75/$/7'(/ ² &WUO!$OW!'HOHWH! _ _ Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb GZ wdjZg_ ijb\_lkl\by êy \\h^Z kbf\heh\ fh`_l bkihevah\Zlvky yaud ehdZebah \Zgghc \_jkbb beb Zg]ebckdbc yaud >ey Zg]ebckdhc \_jkbb kbkl_fu yaud \\h^Z lhevdh h^bg b dghidZ \u[hjZ yaudZ \hh[s_ hlkmlkl\m_l <dexqblv ^hihegbl_ev gu_ yaudb beb baf_gblv ihjy^hd yaudh\ \\h^Z gZ wdjZg_ ijb\_lkl\by fh`gh ba f_gb\ \ j__klj_ jZa^_e Ihjy^hd yaudh\ \\h^Z ghf_jh\ dh^h\uo lZ[ebp hij_^_ey_lky agZq_gbyfb iZjZ f_ljh\ \ ijbf_j_ ihdZaZgghf gZ jbk ih mfheqZgbx \u[bjZ_lky Zg]ebckdbc yaud dh^ Z jmkkdbc yaud [m^_l ^hihegbl_evguf dh^ ?keb ihf_gylv agZq_gby lh ihf_gy_lky b ihjy^hd yaudh\ < Zg]ebckdhc \_jkbb kbkl_fu iZjZf_lj \hh[s_ lhevdh h^bg dh^ ihlhfm b hlkmlkl\m_l dghidZ \u[hjZ yaudZ gZ wdjZ g_ ijb\_lkl\by Ijb g_h[oh^bfhklb fh`gh \jmqgmx kha^Zlv \ j__klj_ kljhdh\uc iZjZf_lj k gm`guf agZq_gb_f dh^Z Jbk IZjZf_lju j__kljZ hij_^_eyxsb_ \u[hj yaudZ \\h^Z ijb \oh^_ \ kbkl_fm ?keb dhfivxl_j \oh^bl \ khklZ\ ^hf_gZ lh bfy ihevah\Zl_ey gZ wdjZg_ aZ^Z_lky iheghklvx \ nhjfZl_ bfy>hf_gZ bfyIhevah\Zl_ey ?keb jZg__ bkihevah\Zeky ehdZevguc \oh^ \ kbkl_fm lh \ dZq_kl\_ ^hf_gZ mdZaZgh bfy kZfh]h dhfivxl_jZ H[ wlhf gm`gh ihfgblv _keb g_h[oh^bfh gZ dhfivxl_j_ qe_g_ ^hf_gZ \uihegblv \oh^ k bkihevah\Zgb_f ehdZevghc mq_lghc aZibkb ?keb gm`gh \hclb ih^ ^jm]bf bf_g_f beb \ ^jm]hc ^hf_g lh ke_^m_l gZ`Zlv dghidm #! & Kf_gblv ihevah\Zl_ey jbk Ihke_ wlh]h gZ wdjZg_ ih fbfh dghidb ihke_^g_]h j_]bkljbjh\Z\r_]hky ihevah\Zl_ey ehdZevgh]h beb ^h f_ggh]h ihy\blky dghidZ ! & >jm]hc ihevah\Zl_ev jbk GZ`Z\ __ \u ihiZ^_l_ \ hdgh ]^_ fh`gh \\_klb ijhba\hevgh_ bfy Ih mfheqZgbx [m^_l ij_êZ]Zlvky \oh^ \ lhl ^hf_g d dhlhjhfm ih^dexq_g dhf ivxl_j mdZau\Z_lky 1HW%,26bfy ^hf_gZ Beb `_ fh`_l [ulv mdZaZgh bfy dhf :LQGRZV !? ! ² ivxl_jZ LZdbf h[jZahf bfy ^hf_gZ beb ehdZevgh]h dhfivxl_jZ \ 6HUYHU aZ^Z_lky lhevdh \ khklZ\_ ihegh]h bf_gb ihevah\Zl_ey :LQGRZV =eZ\Z Jbk <oh^ \ kbkl_fm gZ dhfivxl_j_ ih^dexq_gghf d ^hf_gm Jbk <oh^ \ kbkl_fm ih^ ^jm]bf bf_g_f hlebqguf hl bf_gb l_dms_]h ihevah\Zl_ey >ey lh]h qlh[u gZ wdjZg_ ijb\_lkl\by g_ hlh[jZ`Zebkv gbdZdb_ bf_gZ g_h[oh^b fh aZij_lblv hlh[jZ`_gb_ ihke_^g_]h bf_gb ihevah\Zl_ey >ey wlh]h \ ehdZevguo iheblbdZo dhfivxl_jZ beb ^hf_gZ \ jZa^_e_ IZjZf_lju [_ah iZkghklb gm`gh \dexqblv iheblbdm Bgl_jZdlb\guc \oh^ \ kbkl_fm g_ hlh[jZ`Zlv ihke_^g__ bfy ihevah\Zl_ey DZd m`_ ]h\hjbehkv \ kbkl_fZo :LQGRZV 9LVWD:LQGRZV 6HUYHU kZfm nmgdpbx [ukljh]h i_j_dexq_gby ihevah\Zl_e_c g_evay aZij_lblv h^gZdh fh`gh aZij_lblv ihevah\Zl_eyf \uihegylv wlm hi_jZpbx kdju\ hl gbo khhl\_lkl\mxsb_ we_f_glu bgl_jn_ckZ dghidb hipbb f_gx b l i >ey wlh]h gm`gh \dexqblv iheblbdm !" Dhgnb]mjZpby dhfivxl_jZ _ :^fbgbkljZlb\gu_ rZ[ehgu _ Kbkl_fZ _ <oh^ \ kbkl_fm _ Kdjulv lhqdb \oh^Z êy [ukljh]h i_j_dex q_gby ihevah\Zl_e_c b i_j_aZ]jmablv dhfivxl_j Dhgljhevmq_lguoaZibk_c 8$& < kbkl_fZo :LQGRZV 6HUYHU dZd b \ :LQGRZV 9LVWD j_Zebah\Zg f_oZgbaf jZa ^_e_gby ijZ\ Z^fbgbkljZlhjh\ b jy^h\uo ihevah\Zl_e_c ihemqb\rbc gZa\Zgb_ 8$& Dhgljhev mq_lguo aZibk_c Hg h[_ki_qb\Z_l jZaebq Bgh]^Z wlhl f_oZgbaf lZd`_ gZau\Z_lky MijZ\e_gb_ mq_lgufb aZibkyfb ihevah\Zl_e_c Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb guc mjh\_gv ^hklmiZ d \Z`guf aZsbs_gguf qZklyf kbkl_fu b hl^_ey_l bklbggh Z^fbgbkljZlb\gu_ aZ^Zqb hl klZg^Zjlguo aZ^Zq \uihegy_fuo h[uqgufb ihevah \Zl_eyfb Djhf_ lh]h mf_gvrZ_lky jbkd ijb jZ[hl_ gZ dhfivxl_j_ k ijbf_g_gb_f mq_lghc aZibkb Z^fbgbkljZlhjZ kbkl_fu ihkdhevdm _]h l_dmsb_ ijZ\Z g_ ij_\urZxl ijZ\ h[uqgh]h ihevah\Zl_ey ² ^h l_o ihj ihdZ _fm g_ ihlj_[mxlky jZkrbj_ggu_ ihe ghfhqby ihemq_gb_ dhlhjuo gm`gh y\gh ih^l\_j^blv >Z`_ _keb aehmfure_ggbd beb ribhgkdZy ijh]jZffZ ihemqZl ^hklmi d dhfivxl_jm lh l_dmsb_ ijZ\Z aZj_]b kljbjh\Zggh]h ihevah\Zl_ey g_ ij_^hklZ\yl bf \hafh`ghklb gZjmrblv jZ[hlm kbk l_fu b ijhba\_klb djblbq_kdb \Z`gu_ baf_g_gby :^fbgbkljZlhj bf__l \ kbkl_f_ ^\Z fZjd_jZ ^hklmiZ iheguc IXOO DFFHVV WRNHQ b lZd gZau\Z_fuc nbevljh\Zgguc ILOWHUHG DFFHVV WRNHQ ijbq_f ijb j_]bkljZpbb \ kbkl_f_ _fm ^Z_lky nbevljh\Zgguc fZjd_j Z iheguc fZjd_j ijbf_gy_lky lhevdh ijb \uiheg_gbb Z^fbgbkljZlb\guo aZ^Zq ijb ih^l\_j`^_gbb i_j_oh^Z \ j_`bf J_`bf h^h[j_gby Z^fbgbkljZlhjhf H[uqgu_ ijhp_kku b ijbeh`_gby aZimkdZxlky k bkihevah\Zgb_f nbevljh\Zggh]h fZjd_jZ ^hklmiZ b ke_^h\Zl_evgh bf_xl h]jZgbq_ggu_ iheghfhqby Jy^h\u_ ihevah\Zl_eb ihemqZxl ijb j_]bkljZpbb \ kbkl_f_ h[uqguc ihevah\Z l_evkdbc fZjd_j ^hklmiZ XVHU DFFHVV WRNHQ b ihegu_ ijZ\Z ^hklmiZ êy h[uqgh]h ihevah\Zl_ey g_ ij_\urZxl l_ dhlhju_ ij_^hklZ\ey_l Z^fbgbkljZlhjm nbevljh \Zgguc fZjd_j ^hklmiZ 1 JBF?Q:GB? < kbkl_fZo :LQGRZV 6HUYHU j_`bf $GPLQ $SSURYDO 0RGH ih mfheqZgbx \u dexq_g êy \kljh_gghc mq_lghc aZibkb $GPLQLVWUDWRU :^fbgbkljZlhj gh \dexq_g êy ^jm]bo qe_gh\ ehdZevghc ]jmiiu $GPLQLVWUDWRUV :^fbgbkljZlhju LZdbf h[ jZahf lhevdh \kljh_gguc Z^fbgbkljZlhj bf__l kjZam ihke_ \oh^Z \ kbkl_fm ihegu_ ijZ\Z <hafh`ghklb jy^h\uo ihevah\Zl_e_c \oh^ysbo \ ]jmiim 8VHUV Ihevah\Zl_eb \ kbkl_fZo :LQGRZV 6HUYHU g_kdhevdh jZkrbj_gu bf ij_^hklZ\e_gu ^hihegb l_evgu_ iheghfhqby g_h[oh^bfu_ êy \uiheg_gby lbih\uo aZ^Zq g_ ij_^klZ\ eyxsbo m]jhau êy [_ahiZkghklb kbkl_fu ihkdhevdm wlb iheghfhqby gb`_ ijZ\ Z^fbgbkljZlhjZ kbkl_fu <k_ hi_jZpbb lj_[mxsb_ ^hihegbl_evguo Z^fbgbkljZlb\guo ijb\be_]bc hlf_ q_gu \ ihevah\Zl_evkdhf bgl_jn_ck_ kbkl_f :LQGRZV 6HUYHU agZqdZfb ij_^m ij_`^_gbc kbkl_fu [_ahiZkghklb ² fZe_gvdbf bah[jZ`_gb_f sblZ gZijbf_j bo fh`gh \b^_lv gZ iZg_eb mijZ\e_gby \ j_`bf_ ijhkfhljZ aZ^Zq ih dZl_]hjbyf Wlb agZqdb hlh[jZ`Zxlky \k_]^Z \g_ aZ\bkbfhklb hl lh]h \dexq_g beb \udexq_g f_oZgbaf 8$& =eZ\Z <bjlmZebaZpbyhi_jZpbcaZibkb\nZceubj__klj K j_ZebaZpb_c f_oZgbafZ dhgljhey mq_lguo aZibk_c 8$& l_kgh k\yaZgZ nmgdpby \bjlmZebaZpbb YLUWXDOL]DWLRQ h[_ki_qb\ZxsZy i_j_gZijZ\e_gb_ ^Zgguo dhlhju_ mklZj_\rb_ ijbdeZ^gu_ ijh]jZffu g_ bf_xl \hafh`ghklb aZibkZlv \ aZsbs_g gu_ h[eZklb nZceh\hc kbkl_fu beb j__kljZ lZdb_ dZd iZidb 3URJUDP)LOHV :LQGLU :LQGLU?V\VWHP beb jZa^_e j__kljZ <bjlmZeb aZpby h[e_]qZ_l aZimkd l_o ijh]jZff dhlhju_ g_ fh]eb jZ[hlZlv k iheghfhqbyfb jy^h\h]h ihevah\Zl_ey b lj_[h\Zeb Z^fbgbkljZlb\guo ijZ\ Ih mfheqZgbx \bjlmZebaZpby \dexq_gZ b h[_ki_qb\Z_l êy ijbeh`_gbc i_j_gZ ijZ\e_gb_ hi_jZpbc aZibkb nZceh\ \ iZidm /RFDO$SS'DWD?9LUWXDO6WRUH \oh^y smx \ khklZ\ ehdZevgh]h ijhnbey ihevah\Zl_ey H[uqgh bfy wlhc iZidb bf__l \b^ &?8VHUV?bfyIhevah\Zl_ey!?$SS'DWD?/RFDO?9LUWXDO6WRUH >ey \bjlmZebaZpbb hi_jZpbc aZibkb \ j__klj bkihevam_lky dhjg_\hc jZa^_e Nmgdpb_c \bjlmZebaZpbb lZd`_ fh`gh mijZ\eylv k ihfhsvx ]jmiih\uo iheblbd >bki_lq_j aZ^Zq iha\hey_l m\b^_lv bkihevam_lky eb \bjlmZebaZpby êy g_dhlhjh]h ijhp_kkZ êy wlh]h gm`gh hldjulv \deZ^dm !74.08808 Ijhp_kku kf jbk b ^h[Z\blv klhe[_p <bjlmZebaZpby <uiheg_gb_Z^fbgbkljZlb\guoaZ^Zq ?keb jy^h\hc ihevah\Zl_ev iulZ_lky \uihegblv Z^fbgbkljZlb\gmx hi_jZpbx lh ihy\ey_lky hdgh aZijhkZ jbk mdZau\Zxs__ gZ g_h[oh^bfhklv \\h^Z mq_lguo ^Zgguo Z^fbgbkljZlhjZ Ihke_ \\h^Z iZjhey fh`gh [m^_l aZimklblv ijh]jZffm k ijZ\Zfb Z^fbgbkljZlhjZ \ ijhlb\ghf kemqZ_ hi_jZpby g_ \uihegy_lky Ijb \dexq_gghf j_`bf_ $GPLQ $SSURYDO 0RGH ^Z`_ h[uqguc Z^fbgbkljZlhj qe_g ]jmiiu $GPLQLVWUDWRUV :^fbgbkljZlhju ihemqZ_l aZijhku hl kbkl_fu [_ahiZkghklb jbk b ^he`_g ih^l\_j^blv \uiheg_gb_ hi_jZpbb k ih\ur_g gufb iheghfhqbyfb gZ`Z\ dghidm Ijh^he`blv LZdh_ ih\_^_gb_ fh`gh baf_gblv k ihfhsvx iheblbd ² kf ^Ze__ < dhgl_dklghf f_gx dZ`^h]h bkihegy_fh]h nZceZ \ hdg_ ijh]jZffu :LQGRZV ([SORUHU Ijh\h^gbd beb hipbb f_gx Imkd bf__lky dhfZg^Z AZimkd hl bf_gb Z^fbgbkljZlhjZ K __ ihfhsvx ex[hc ihevah\Z l_ev fh`_l aZimklblv ijbeh`_gb_ k ijZ\Zfb Z^fbgbkljZlhjZ Ijb wlhf ihy\blky khh[s_gb_ ZgZeh]bqgh_ ihdZaZgghfm gZ jbk b ihlj_[m_lky \\h^ Z^fbgbkljZ lb\gh]h iZjhey Lh qlh ijZ\Z ihevah\Zl_ey jZaebqZxlky ijb h[uqghc jZ[hl_ b ijb ih\ur_gbb _]h iheghfhqbc ^h Z^fbgbkljZlb\guo e_]dh ijh\_jblv gZ ke_^mxs_f ijbf_j_ Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb Jbk AZijhk iheghfhqbc êy \uiheg_gby Z^fbgbkljZlb\ghc hi_jZpbb Jbk AZijhk gZ ih^l\_j`^_gb_ \uiheg_gby Z^fbgbkljZlb\ghc aZ^Zqb ?keb jy^h\hc ihevah\Zl_ev hldjh_l hdgh dhfZg^ghc kljhdb b \uihegbl mdZaZggmx gb`_ dhfZg^m lh kj_^b kibkdZ ]jmii \ dhlhju_ hg \oh^bl Z bf_ggh ijbgZê_` ghklv d wlbf ]jmiiZf b hij_^_ey_l iheghfhqby ihevah\Zl_ey [m^_l ijbkmlkl\h \Zlv mq_lgZy aZibkv gh\hc \kljh_gghc ]jmiiu [_ahiZkghklb h[jZlbl_ \gbfZgb_ gZ b^_glbnbdZlhj 6,' ]jmiiu =eZ\Z 0HGLXP 6 H[yaZl_evgZy f_ldZKj_^gbc h[yaZl_evguc mjh\_gv G_ba\_klguc lbi 6 H[yaZl_evgZy ]jmiiZ <dexq_gu ih mfheqZgbx <dexq_ggZy ]jmiiZ! WlZ ]jmiiZ hij_^_ey_l mjh\_gv iheghfhqbc ihevah\Zl_ey dZd 0HGLXP Kj_^gbc ?keb ihevah\Zl_ev aZimklbl hdgh dhfZg^ghc kljhdb ijb ihfhsb dhfZgû AZimkd hl bf_gb Z^fbgbkljZlhjZ b \\_^_l Z^fbgbkljZlb\guc iZ jhev lh b^_glbnbdZlhj ]jmiiu [_ahiZkghklb [m^_l ^jm]bf +LJK 6 H[yaZl_evgZy f_ldZ<ukhdbc h[yaZl_evguc mjh\_gv G_ba\_klguc lbi 6 H[yaZl_evgZy ]jmiiZ <dexq_gu ih mfheqZgbx <dexq_ggZy ]jmiiZ! < wlhf kemqZ_ mjh\_gv iheghfhqbc hij_^_e_g dZd +LJK <ukhdbc b ihevah\Zl_ev \ hdg_ dhfZg^ghc kljhdb [m^_l jZ[hlZlv k ijZ\Zfb Z^fbgbkljZlhjZ K H<?L Fh`gh hq_gv [ukljh hij_^_eblv dlh aZj_]bkljbjh\Zg \ kbkl_f_ ² ihevah\Zl_ev $GPLQLVWUDWRU " &RPPDQG 3URPSW :^fbgbkljZlhj beb ex[hc ^jm]hc ihevah\Zl_ev >ey wlh]h ba f_ gx Imkd gm`gh hldjulv hdgh dhfZg^ghc kljhdb ?keb \ aZ]heh\d_ hdgZ ijbkmlkl\m_l keh\h :^fbgbkljZlhj lh bkihevam_l ky mq_lgZy aZibkv \kljh_ggh]h Z^fbgbkljZlhjZ >ey \k_o ^jm]bo ihevah\Zl_e_c \dexqZy qe_gh\ ]jmiiu :^fbgbkljZlhj aZ]heh\hd [m^_l h[uq guf ?keb ba f_gx Imkd aZimklblv dZdmx gb[m^v kbkl_fgmx mlbeblm lj_ [mxsmx Z^fbgbkljZlb\guo ijZ\ gZijbf_j hkgZkldm Eh dZevgZy iheblbdZ [_ahiZkghklb lh jy^h\hc ihevah\Zl_ev m\b^bl khh[s_gb_ h g_^hklZlhqghklb ijZ\ Z qe_g ]jmiiu :^fbgbkljZlhju kfh`_l [_a h]jZgbq_gbc jZ[hlZlv k wlhc ijh]jZffhc ohly ijb wlhf dZ`ûc jZa [m^_l aZijZ sb\Zlvky ijhklh_ ih^l\_j`^_gb_ hi_jZpbb [_a \\h^Z iZjhey H[ wlhf \Z`gh ihfgblv ihlhfm qlh êy \uiheg_gby g_dhlhjuo aZ^Zq qe_gkl\Z \ ]jmii_ :^fbgbkljZlhju g_^hklZlhqgh b ^Z`_ ihevah\Zl_ev k Z^fbgbkl jZlb\gufb ijZ\Zfb gh g_ ihevah\Zl_ev :^fbgbkljZlhj ^he`_g bkihevah\Zlv dhfZg^m AZimkd hl bf_gb Z^fbgbkljZlhjZ $GPLQLVWUDWRUV $GPLQLVWUDWRU $GPLQLVWUDWRUV $GPLQLVWUDWRUV $GPLQLVWUDWRU ?keb dZdb_lh ijh]jZffu beb hkgZkldb ihklhyggh gm`gh aZimkdZlv k ih\ur_ggu fb ijZ\Zfb lh \f_klh lh]h qlh[u dZ`ûc jZa bkihevah\Zlv dhfZg^m 5XQ DV DGPLQLVWUDWRU AZimkd hl bf_gb Z^fbgbkljZlhjZ \ dhgl_dklghf f_gx ijh]jZffu GZijbf_j hldjhcl_ hdgh dhfZg^ghc kljhdb b aZimklbl_ mlbeblm hgZ [m^_l jZ[hlZlv lhevdh êy ihevah\Zl_ey :^fbgbkljZlhj beb ijb aZimkd_ hdgZ dhgkheb k ih\u r_gb_f iheghfhqbc %FGHGLW ² $GPLQLVWUDWRU Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb fh`gh aZ^Zlv wlhl j_`bf \ jZkrbj_gguo k\hckl\Zo yjeudZ ijh]jZffu >ey wlh]h \u[_jbl_ bfy ijh]jZffu \ f_gx 6WDUW Imkd s_edgbl_ ijZ\hc dghidhc furb b \uihegbl_ dhfZg^m 3URSHUWLHV K\hckl\Z AZl_f gZ \deZ^d_ 6KRUWFXW Yjeud jbk gZ`fbl_ dghidm $GYDQFHG >hihegbl_evgh b \ hldju\r_fky hdg_ mklZ gh\bl_ neZ`hd 5XQ DV DGPLQLVWUDWRU AZimkd hl bf_gb Z^fbgbkljZlhjZ Jbk GZkljhcdZ ijh]jZffu beb hkgZkldb gZ aZimkd k ih\ur_ggufb Z^fbgbkljZlb\gufb iheghfhqbyfb MijZ\e_gb_f_oZgbafhf8$& >ey mijZ\e_gby nmgdpb_c dhgljhey mq_lguo aZibk_c 8$& bf__lky g_kdhevdh ]jmiih\uo iheblbd jbk GZ jbkmgd_ ihdZaZgu agZq_gby iheblbd aZ^Zggu_ ih mfheqZgbx Ih mfheqZgbx wlb iheblbdb hij_^_eyxlky lhevdh ehdZevgh \ eh dZevguo *32 gZ mjh\g_ ^hf_gZ beb dhgljhee_jh\ ^hf_gZ hgb g_ aZljZ]b\Zxlky JZkkfhljbf kZfu_ \Z`gu_ ba i_j_qbke_gguo iheblbd g_ \ lhf ihjy^d_ dZd hgb ihdZaZgu gZ jbkmgd_ H[jZlbl_ \gbfZgb_ gZ iheblbdm MijZ\e_gb_ mq_lgufb aZibkyfb ihevah\Zl_e_c \k_ Z^fb =eZ\Z gbkljZlhju jZ[hlZxl \ j_`bf_ h^h[j_gby Z^fbgbkljZlhjhf Ihkdhevdm ih mfhe qZgbx hgZ Zdlb\gZ \k_ ihevah\Zl_eb \dexqZy Z^fbgbkljZlhjh\ ijb h[uqghc jZ [hl_ l _ [_a ih\ur_gby iheghfhqbc ^he`gu ih^l\_j`^Zlv \uiheg_gb_ hi_jZ pbc lj_[mxsbo ihegu_ iheghfhqby Kbkl_fZ ihemqZ_lky [he__ aZsbs_gghc ihkdhevdm aehmfure_ggbd ^Z`_ ihemqb\ ^hklmi d l_dms_fm k_Zgkm jZ[hlu gZ dhfivxl_j_ g_ kfh`_l \uihegblv hi_jZpbb djblbq_kdb \Z`gu_ êy kbkl_fu WlZ iheblbdZ kh[kl\_ggh ]h\hjy b mijZ\ey_l \ kbkl_f_ \dexq_gb_f\udexq_gb_f f_ oZgbafZ 8$& Jbk Iheblbdb mijZ\eyxsb_ f_oZgbafhf 8$& ² klZg^Zjlgu_ agZq_gby IheblbdZ MijZ\e_gb_ mq_lgufb aZibkyfb ihevah\Zl_e_c j_`bf h^h[j_gby Z^fbgbkljZlhjhf êy \kljh_gghc mq_lghc aZibkb Z^fbgbkljZlhjZ ih mfheqZgbx \udexq_gZ b \ :LQGRZV 9LVWD b \ :LQGRZV 6HUYHU H^gZdh \ :LQGRZV 9LVWD \oh^ \ kbkl_fm hkms_kl\ey_lky k bkihevah\Zgb_f mq_lghc aZibkb ihevah\Zl_ey kha^Zggh]h ijb mklZgh\d_ kbkl_fu b \oh^ys_]h \ ]jmiim $GPLQLVWUDWRUV :^fbgbkljZlhju ² ke_^h\Zl_evgh j_`bf h^h[j_gby gZ g_]h jZk ijhkljZgy_lky < kbkl_fZo :LQGRZV 6HUYHU ihke_ mklZgh\db êy \oh^Z \ kbk l_fm bkihevam_lky \kljh_ggZy mq_lgZy aZibkv $GPLQLVWUDWRU :^fbgbkljZlhj b \ jZ[hl_ ihklhyggh bkihevamxlky ih\ur_ggu_ iheghfhqby Ijb aZijhk_ gZ ih\ur_gb_ ijZ\ ijhbkoh^bl i_j_dexq_gb_ d [_ahiZkghfm jZ[hq_ fm klhem ]^_ ^hklmi d ^jm]bf ijh]jZffZf aZij_s_g b gbdZdb_ ^jm]b_ ^_ckl\by djhf_ \\h^Z mq_lguo ^Zgguo g_\hafh`gu ?keb iheblbdm MijZ\e_gb_ mq_lgufb aZibkyfb ihevah\Zl_e_c i_j_dexq_gb_ d [_ahiZkghfm jZ[hq_fm klhem ijb \uihe <u[hj gZa\Zgby iheblbdb dZ`_lky g_ kh\k_f lhqguf ihkdhevdm hgZ jZkijhkljZgy_lky g_ lhev dh gZ Z^fbgbkljZlhjh\ gh b gZ \k_o ihevah\Zl_e_c dhfivxl_jZ \hafh`gh ihke_^g__ kqblZ _lky kZfh kh[hc jZamf_xsbfky ² Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb g_gbb aZijhkZ gZ ih\ur_gb_ ijZ\ hldexqblv lh aZijhk [m^_l hlh[jZ`Zlvky \ h[uqghf ^bZeh]h\hf hdg_ :LQGRZV IheblbdZ 8VHU $FFRXQW &RQWURO 9LUWXDOL]HV ILOH DQG UHJLVWU\ ZULWH IDLOXUHV WR SHU XVHU ORFDWLRQV MijZ\e_gb_ mq_lgufb aZibkyfb ihevah\Zl_e_c \bjlmZebaZpby k[h _\ aZibkb \ nZce beb j__klj \ jZkiheh`_gby ihevah\Zl_e_c iha\hey_l mijZ\eylv \bjlmZebaZpb_c ?keb \ kbkl_f_ bkihevamxlky lhevdh ijbeh`_gby jZajZ[hlZggu_ êy :LQGRZV 9LVWD b ke_^mxsbo \_jkbc lh wlm iheblbdm fh`gh b hldexqZlv _keb gZ lh _klv dZdb_lh ijbqbgu H^gZdh ijb hldexq_gghc iheblbd_ fh]ml g_ jZ[h lZlv ijbeh`_gby kh\f_klbfu_ k ij_û^msbfb \_jkbyfb :LQGRZV b aZibku\Zx sb_ ^Zggu_ \ aZsbs_ggu_ h[eZklb IheblbdZ 8VHU $FFRXQW &RQWURO %HKDYLRU RI WKH HOHYDWLRQ SURPSW IRU DGPLQLVWUDWRUV LQ $GPLQ $SSURYDO 0RGH MijZ\e_gb_ mq_lgufb aZibkyfb ihevah \Zl_e_c ih\_^_gb_ aZijhkZ gZ ih\ur_gb_ ijZ\ êy Z^fbgbkljZlhjh\ \ j_`bf_ h^h[j_gby Z^fbgbkljZlhjhf fh`_l bf_lv h^gh bo lj_o agZq_gbc (OHYDWH ZLWKRXW SURPSWLQJ Ih\ur_gb_ [_a aZijhkZ 3URPSW IRU FUHGHQWLDOV AZijhk mq_lguo ^Zg guo b 3URPSW IRU FRQVHQW AZijhk kh]eZkby Hdgh aZijhkZ kh]eZkby ² wlZ hipby klhbl ih mfheqZgbx ² b ihdZaZgh gZ jbk ?keb \u[jZlv i_j\mx hipbx lh i_j_dexq_gb_ \ j_`bf ih\ur_gby ijZ\ [m^_l ijhbkoh^blv g_aZf_lgh êy Z^fb gbkljZlhjh\ H^gZdh lZdhc j_`bf jZ[hlu j_dhf_g^m_lky \u[bjZlv lhevdh \ ijh \_j_gguo aZsbs_gguo kbkl_fZo IheblbdZ 8VHU $FFRXQW &RQWURO %HKDYLRU RI WKH HOHYDWLRQ SURPSW IRU VWDQGDUG XVHUV MijZ\e_gb_ mq_lgufb aZibkyfb ihevah\Zl_e_c ih\_^_gb_ aZijhkZ gZ ih\u r_gb_ ijZ\ êy h[uqguo ihevah\Zl_e_c bf__l ^\Z agZq_gby $XWRPDWLFDOO\ GHQ\ HOHYDWLRQ UHTXHVWV :\lhfZlbq_kdb hldehgylv aZijhku gZ ih\ur_gb_ ijZ\ b 3URPSW IRU FUHGHQWLDOV AZijhk mq_lguo ^Zgguo Hdgh aZijhkZ gZ ih\ur_gb_ ijZ\ ² wlZ hipby aZ^ZgZ ih mfheqZgbx ² ihdZaZgh gZ jbk Ijb \u[hj_ i_j\hc hipbb ihevah\Zl_eb g_ [m^ml \b^_lv gbdZdbo baf_g_gbc \ k\h_c jZ[hl_ gh b g_ ihemqZl ^hklmi d Z^fbgbkljZlb\guf kj_^kl\Zf < l_o kemqZyo dh]^Z ih dZdbflh khh[jZ`_gbyf gm`gh hldexqblv f_oZgbaf 8$& lh wlh fh`gh k^_eZlv eb[h k ihfhsvx hibkZgguo \ur_ iheblbd eb[h ijb ihfhsb mlbeblu 6\VWHP &RQILJXUDWLRQ Dhgnb]mjZpby kbkl_fu 0VFRQILJH[H dhlhjZy bf__lky \ f_gx $GPLQLVWUDWLYH 7RROV :^fbgbkljbjh\Zgb_ < hdg_ mlbeblu g_h[ oh^bfh i_j_clb gZ \deZ^dm 7RROV K_j\bk b \u[jZlv hipbx 'LVDEOH 8$& Hldex qblv dhgljhev mq_lguo aZibk_c 8$& Ihke_ wlh]h gm`gh gZ`Zlv dghidm /DXQFK AZimkd aZdjulv hdgh mlbeblu b i_j_aZ]jmablv kbkl_fm bgZq_ baf_g_gby g_ [m^ml ^_ckl\h\Zlv Ijb bkihevah\Zgbb mlbeblu 6\VWHP &RQILJXUDWLRQ Dhgnb]mjZpby kbkl_fu klZ gh\blky ihgylguf qlh aZ \dexq_gb_\udexq_gb_ f_oZgbafZ 8$& hl\_qZ_l iZ jZf_lj \oh^ysbc \ jZa^_e !" kbkl_fgh]h j__kljZ =eZ\Z Ijhs_ \k_]h \dexqZlvhldexqZlv dhgljhev mq_lguo aZibk_c 8$& k iZg_eb mijZ\e_gby ² gm`gh ebrv \u[jZlv aZ^Zqm 8VHU $FFRXQWV Mq_lgu_ aZibkb ihevah \Zl_e_c dZl_]hjby 8VHU $FFRXQWV Mq_lgu_ aZibkb ihevah\Zl_e_c s_edgmlv ih kkued_ 7XUQ 8VHU $FFRXQW &RQWURO RQ RU RII <dexq_gb_ beb hldexq_gb_ dhgljhey mq_lguo aZibk_c 8$& b \ ke_^mxs_f hdg_ mklZgh\blv gm`gh_ iheh`_gb_ neZ` dZ Z aZl_f i_j_aZ]jmablv kbkl_fm Dhgnb]mjbjh\Zgb_kbkl_fu IZg_evmijZ\e_gby IjZdlbq_kdb \k_ kj_^kl\Z dhgnb]mjbjh\Zgby dhfihg_glh\ b k_j\bkh\ kbkl_f :LQGRZV khkj_^hlhq_gu gZ iZg_eb mijZ\e_gby &RQWURO 3DQHO k dhlhjhc lZd`_ fh`gh ihemqblv ^hklmi b dh \k_f Z^fbgbkljZlb\guf hkgZkldZf Kbkl_fu :LQGRZV 6HUYHU g_ y\eyxlky bkdexq_gb_f \ wlhf ieZg_ IZg_ev mijZ\e_gby aZimkdZ_lky ba f_gx 6WDUW Imkd dhlhjh_ fh`gh gZkljhblv lZd qlh hgZ [m^_l hlh [jZ`Zlvky dZd ih^f_gx ]^_ [m^_l kjZam ^hklmigZ dhgdj_lgZy aZ^ZqZ Jbk KlZg^Zjlguc \b^ iZg_eb mijZ\e_gby kbkl_f :LQGRZV 6HUYHU Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb GZagZq_gb_ aZ^Zq ihgylgh ba gZa\Zgby b ^Ze__ fu jZkkfhljbf lhevdh gh\u_ kj_^ kl\Z gZkljhcdb kbkl_f :LQGRZV 6HUYHU b hkh[_gghklb dhgnb]mjbjh\Zgby \_j kbc :LQGRZV 6HUYHU &RUH b +\SHU9 6HUYHU < :LQGRZV 6HUYHU ih mfheqZgbx bkihevam_lky ljZ^bpbhgguc êy k_j\_jguo kbkl_f kihkh[ ij_^klZ\e_gby aZ^Zq ² dh]^Z h^gh\j_f_ggh hlh[jZ`Zxlky agZqdb \k_o mlbebl jbk < wlhf kemqZ_ fh`gh kjZam \u[jZlv dhgdj_lgmx aZ^Zqm b g_ bkdZlv __ ih l_fZlbq_kdbf dZl_]hjbyf 1 JBF?Q:GB? G_dhlhju_ aZ^Zqb gZijbf_j Zjob\Zpby b \hkklZgh\e_gb_ Rbnjh\Zgb_ ^bkdh\ %LW/RFNHU %LW/RFNHU 'ULYH (QFU\SWLRQ b l ^ ihy\eyxlky gZ iZg_eb mijZ\e_gby lhevdh ihke_ mklZgh\db gZ k_j\_j_ khhl\_lkl\mxsbo dhfihg_glh\ Bf__lky \hafh`ghklv ijhkfhljZ aZ^Zq mijZ\e_gby k ]jmiibjh\dhc ih dZl_]hjbyf jbk dZd ijbgylh ih mfheqZgbx \ :LQGRZV 9LVWD >ey i_j_oh^Z d wlhfm \b^m ij_^klZ\e_gby aZ^Zq kem`bl kkuedZ IZg_ev mijZ\e_gby ² ^hfZrgyy kljZgbpZ \ e_\hc qZklb hdgZ DZ`^Zy dZl_]hjby ij_^klZ\e_gZ ]jmiihc kkuehd hkgh\ghc b \kihfh]Zl_evgufb ihwlhfm êy lh]h qlh[u hldjulv kibkhd ihâZ^Zq hlghkysboky d g_dhlhjhc dZl_]hjbb ^hklZlhqgh h^bg jZa s_edgmlv fu rvx ih hkgh\ghc kkued_ Jbk <b^ iZg_eb mijZ\e_gby dh]^Z aZ^Zqb k]jmiibjh\Zgu ih dZl_]hjbyf =eZ\Z GZ jbk h[jZlbl_ \gbfZgb_ gZ lh qlh ihfbfh gZa\Zgbc dZl_]hjbc ihdZaZgu kkuedb gZ g_dhlhju_ qZklh bkihevam_fu_ aZ^Zqb hlghkysb_ky d ^Zgghc dZl_]hjbb S_edgm\ ih kkued_ fh`gh kjZam i_j_clb d \uiheg_gbx \u[jZgghc aZ^Zqb dhgnb ]mjbjh\Zgby kbkl_fu ² ijb wlhf gh\h_ hdgh g_ hldju\Z_lky Z \k_ iZjZf_lju hlh [jZ`Zxlky \ m`_ hldjulhf hdg_ iZg_eb mijZ\e_gby >ey [ukljh]h i_j_oh^Z d dZ l_]hjbyf aZ^Zq fh`gh ihevah\Zlvky jZkdju\Zxsbfbky kibkdZfb \ Z^j_kghc kljhd_ ^hklZlhqgh s_edgmlv ih klj_ehqd_ \ \b^_ lj_m]hevgbdZ hgZ \u^_e_gZ gZ jbk ² b hldjh_lky kibkhd dZl_]hjbc beb ihâZ^Zq < GBF:GB? <hae_ gZa\Zgbc g_dhlhjuo aZ^Zq ihdZaZgguo gZ jbk \b^_g agZqhd k bah[jZ lZdhc agZqhd \klj_qZ_lky \h fgh]bo hdgZo ihevah\Zl_evkdh]h `_gb_f sblZ bgl_jn_ckZ :LQGRZV 6HUYHU Wlh hagZqZ_l qlh êy \uiheg_gby mdZaZgghc aZ^Zqb lj_[mxlky ijZ\Z Z^fbgbkljZlhjZ h[uqghfm ihevah\Zl_ex hgZ g_^hklmi gZ kf \ur_ jZa^ Dhgljhev mq_lguo aZibk_c Ih^h[gu_ agZqdb hlh[jZ`Zxl ky \k_]^Z \g_ aZ\bkbfhklb hl lh]h \udexq_g dhgljhev mq_lguo aZibk_c 8$& beb g_l DZl_]hjbb beb aZ^Zqb iZg_eb mijZ\e_gby hlh[jZ`Zxlky b \ hdg_ ijh]jZffu :LQ GRZV ([SORUHU Ijh\h^gbd ² dZd maeu \ ^_j_\_ ehdZevguo iZihd < aZ\bkbfhklb hl \b^Z iZg_eb mijZ\e_gby deZkkbq_kdbc beb k ^_e_gb_f ih dZl_]hjbyf kibkhd hlh[jZ`Z_fuo maeh\ [m^_l f_gylvky G_ihkj_^kl\_gguc^hklmi daZ^ZqZfiZg_ebmijZ\e_gby Bgh]^Z Z^fbgbkljZlhjm g_h[oh^bfh bf_lv [ukljuc ^hklmi d l_f beb bguf kj_^ kl\Zf gZkljhcdb kbkl_fu gZijbf_j ijb qZklhf ijhkfhlj_ bbeb baf_g_gbb iZjZ f_ljh\ >ey ex[hc aZ^Zqb bf_xs_cky gZ iZg_eb mijZ\e_gby fh`gh kha^Zlv agZ qhd gZ jZ[hq_f klhe_ beb \ ijhba\hevghc iZid_ <u[_jbl_ aZ^Zqm gZ iZg_eb mijZ\e_gby ij_^klZ\e_gghc \ deZkkbq_kdhf \b^_ S_edgbl_ ijZ\hc dghidhc furb b \ dhgl_dklghf f_gx \uihegbl_ dhfZg^m Kha^Zlv yjeud Ijb g_h[oh^bfhklb agZqhd fh`gh k jZ[hq_]h klheZ i_j_lZsblv furvx \ f_gx Imkd b aZimkdZlv aZ^Zqm ba kibkdZ aZdj_ie_gguo ijh]jZff G_dhlhju_ aZ^Zqb dhgnb]mjbjh\Zgby kbkl_fu hlkmlkl\mxl gZ iZg_eb mijZ\e_gby h^gZdh bo fh`gh aZimklblv \\_^y bfy dhfihg_glZ &3/nZceZ \ f_gx Imkd beb \ dhfZg^ghc kljhd_ GZa\Zgby dhfihg_glh\ b bo gZagZq_gb_ mdZaZgu \ Ijbeh`_gbb Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb Bf__lky dhfZg^Z k ihfhsvx dhlhjhc fh`gh [ukljh hldjulv hdgh K\hckl\Z iZidb Djhf_ lh]h d ex[hc aZ^Zq_ iZg_eb mijZ\e_gby fh`gh h[jZlblvky gZijyfmx ba dhfZg^ghc kljhdb beb ba f_gx Imkd bkihevamy kljhdm ke_^mxs_]h \b^Z Zg]ebckdh_GZa\Zgb_AZ^Zqb! G_h[oh^bfh ebrv m^Z eblv ba bf_gb \k_ ijh[_eu Gb`_ i_j_qbke_gu ijbf_ju dhfZg^guo kljhd dhlh ju_ fh`gh bkihevah\Zlv êy g_ihkj_^kl\_ggh]h \uah\Z khhl\_lkl\mxsbo aZ^Zq ! " #$ %& ' #% K\hckl\Zkbkl_fu LjZ^bpbhggh_ êy kbkl_f hdgh k\hckl\ kbkl_fu jbk \ \_jkbyo ij_l_ji_eh agZqbl_evgmx fh^_jgbaZpbx >ey [ukljh]h \u ah\Z wlh]h hdgZ m^h[gh bkihevah\Zlv deZ\brb lZd`_ ijb f_gy_lky dhfZg^Z Kbkl_fZ gZ iZg_eb mijZ\e_gby Kkuedb \ e_\hc qZklb hdgZ k\hckl\ kbkl_fu iha\heyxl h[jZlblvky d ^bki_lq_jm mkljhckl\ b iZjZf_ljZf m^Ze_ggh]h ^hklmiZ kf ^Ze__ :LQGRZV :LQGRZV 6HUYHU :LQ!3DXVH%UHDN! 'HYLFH 0DQ DJHU 1 JBF?Q:GB? Bg^_dku ijhba\h^bl_evghklb :LQGRZV :LQGRZV 6\VWHP 3HUIRUPDQFH 5DWLQJ hij_^_ey_fu_ êy kbkl_f :LQGRZV 9LVWD \ :LQGRZV 6HUYHU g_ bkihevamxlky ihwlhfm \ hdg_ k\hckl\ kbkl_fu g_l gbdZdbo hp_ghd KkuedZ >hihegbl_evgu_ iZjZf_lju kbkl_fu iha\hey_l hldjulv hdgh k\hckl\ kbkl_fu jbk ZgZeh]bqgh_ lhfm dhlhjh_ h[uqgh bk ihevam_lky \ :LQGRZV ;3:LQGRZV 6HUYHU V\VGPFSO GZ \deZ^d_ Bfy dhfivxl_jZ fh`gh baf_gblv bfy dhfivxl_jZ ^h[Z\blv _]h \ jZ[hqmx ]jmiim beb ^hf_g baf_gblv hkgh\ghc '16kmnnbdk SULPDU\ '16 VXIIL[ <hafh` ghklb \deZ^db >hihegbl_evgh iha\heyxl kj_^b ijhq_]h gZkljhblv \bamZevgu_ wnn_dlu ihevah\Zl_evkdh]h bgl_jn_ckZ baf_gblv f_klhiheh`_gb_ nZceZ ih^dZqdb mijZ\eylv ijhnbeyfb ihevah\Zl_e_c baf_gylv hipbb aZ]jmadb kbkl_f b kbkl_fgu_ i_j_f_ggu_ < ehdZebah\Zgguo \_jkbyo kbkl_fu lZd`_ gm`gh bkihevah\Zlv Zg]ebckdb_ gZa\Zgby =eZ\Z Jbk Jbk H[sb_ k\_^_gby h kbkl_f_ b dhfivxl_j_ >hihegbl_evgu_ \hafh`ghklb dhgnb]mjbjh\Zgby kbkl_fu Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb GZkljhcdZfhgblhjZbwe_f_glh\ ihevah\Zl_evkdh]hbgl_jn_ckZ Bgl_jn_ck mlbebl bkihevam_fuo êy gZkljhcdb iZjZf_ljh\ ^bkie_y b we_f_glh\ hnhjfe_gby \ :LQGRZV 6HUYHU aZf_lgh baf_gbeky ih kjZ\g_gbx k :LQGRZV 6HUYHU ohly hkgh\gu_ ijbgpbiu khojZgbebkv <k_ ]jmiiu iZjZf_ljh\ khkj_ ^hlhq_gu \ ki_pbZevghf hdg_ jbk \ dhlhjh_ fh`gh ihiZklv k iZg_eb mijZ\ e_gby beb `_ s_edgm\ ijZ\hc dghidhc furb gZ jZ[hq_f klhe_ b \u[jZ\ \ dhgl_d klghf f_gx dhfZg^m I_jkhgZebaZpby dZl_]hjby Hnhjfe_gb_ b i_jkhgZebaZpby <k_ gZkljhcdb aZ bkdexq_gb_f iZjZf_ljh\ ^bkie_y y\eyxlky bg^b\b^mZevgufb êy dZ`^h]h aZj_]bkljbjh\Zggh ]h ihevah\Zl_ey Jbk Hdgh \u[hjZ ebqguo iZjZf_ljh\ ^bkie_y hnhjfe_gby a\mdh\uo wnn_dlh\ b mdZaZl_e_c furb =eZ\Z <u[hj gm`guo iZjZf_ljh\ g_ \uah\_l keh`ghkl_c êy ex[h]h ihevah\Zl_ey :LQGRZV ihwlhfm fu g_ jZkkfZljb\Z_f bo ih^jh[gh Ijh[e_fZ fh`_l \hagbdgmlv êy \_jkbc :LQGRZV 6HUYHU &RUH b +\SHU9 6HUYHU ]^_ gbdZdbo *8,kj_^kl\ gZ kljhcdb bgl_jn_ckZ g_l ohly g_h[oh^bfhklv \ g_dhlhjuo baf_g_gbyo bkoh^guo agZq_gbc fh`_l \hagbdgmlv GZijbf_j klZg^Zjlgh]h jZaj_r_gby gZ fh`_l hdZaZlvky g_^hklZlhqgh ^Z`_ êy jZ[hlu \ hdg_ dhgkheb Ih mfheqZgbx \dexq_g ojZgbl_ev wdjZgZ k \\h^hf iZjhey ² wlh hq_gv g_m^h[gh _keb êy fhgblhjbg]Z kbkl_fu g_h[oh^bfh ihklhyggh ]hlh\h_ d jZ[hl_ hdgh \ ehdZevghc dhgkheb beb \ hdg_ k_ZgkZ m^Ze_ggh]h ^hklmiZ _keb Z^fbgbkljZlhj Zdlb\_g \ g_f lhevdh i_jbh ^bq_kdb dZd qZklh b [u\Z_l lh wdjZggZy aZklZ\dZ [m^_l \dexqZlvky b dZ`ûc jZa ihlj_[m_lky \\h^blv iZjhev Baf_g_gb_ ih^h[guo iZjZf_ljh\ ba dhfZg^ghc kljh db ² aZ^ZqZ ^Ze_dh g_ ljb\bZevgZy ihwlhfm ^Ze__ [m^ml jZkkfZljb\Zlvky kihkh[u gZkljhcdb hjb_glbjh\Zggu_ \ i_j\mx hq_j_^v gZ jZ[hlm \ kj_^_ :LQGRZV 6HUYHU &RUH b +\SHU9 6HUYHU GZkljhcdZiZjZf_ljh\fhgblhjZ < iheguo \_jkbyo :LQGRZV 6HUYHU êy gZkljhcdb \b^_hkbkl_fu bkihevam_lky aZ^ZqZ IZjZf_lju ^bkie_y ijbkmlkl\mxsZy \ hdg_ I_jkhgZebaZpby kf jbk K __ ihfhsvx fh`gh f_gylv jZa j_r_gb_ wdjZgZ ]em[bgm p\_lZ Z lZd`_ qZklhlm jZa\_jldb b ^jm]b_ iZjZf_lju \b ^_hZ^Zil_jZ b ^bkie_y < iheguo \_jkbyo :LQGRZV 6HUYHU jZaj_r_gb_ wdjZgZ hij_^_ey_lky iZjZf_l jZfb j__kljZ dhlhju_ ojZgylky \ jZa^_e_ ! " <gmljb g_]h bf_xlky jZa^_eu êy ]jZnbq_kdbo mkljhckl\ bf_gZ jZa^_eh\ ij_^klZ\eyxl kh[hc b^_glbnbdZlhju \b^Z #$%&'%()* ]^_ jZkiheZ]Zxlky iZjZf_l < dZ`^hf ba gbo bf__lky jZa^_e ju mkljhckl\Z \ lhf qbke_ ^\Z iZjZf_ljZ jZaj_ r_gb_ ih ]hjbahglZeb b jZaj_r_gb_ ih \_jlbdZeb < kbkl_fZo b bkihevam_lky mkljhckl\h k bf_ g_f !"# "$% #$ ih mfheqZgbx êy g_]h mklZgZ\eb\Z_lky jZaj_r_gb_ gZ lhq_d IZjZf_lju mkljhckl\Z ojZgylky \ jZa^_e_ &'()*+,#*)-#,&./(01(-0, , 0,0! >ey ba f_g_gby klZg^Zjlgh]h jZaj_r_gby gm`gh gZclb \ jZa^_e_ mkljhckl\h k mdZaZgguf bf_g_f h[uqgh hgh i_j\h_ \ kibkd_ b ihf_gylv êy g_]h agZq_gby iZjZf_ljh\ b M^h[g__ \\h^blv qbkeZ \ ^_kylbqghf nhjfZl_ kdZ`_f b Ihke_ \uoh^Z ba kbkl_fu b ih\lhjghc j_]bkljZpbb gh\u_ iZjZf_lju gZqgml ^_c kl\h\Zlv :LQGRZV 6HUYHU &RUH +\SHU9 6HUYHU 'HYLFH 'HVFULSWLRQ Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb Klbeb l_fu hnhjfe_gby < kbkl_fZo ih mfheqZgbx ij_êZ]Z_lky ijhklhc b g_lj_[h\Z l_evguc d iZjZf_ljZf \b^_hih^kbkl_fu lZd gZau\Z_fuc deZkkbq_kdbc klbev hnhjfe_gby L_f g_ f_g__ khojZg_gZ \hafh`ghklv bkihevah\Z gby b gh\h]h [he__ we_]Zglgh]h b wnn_dlb\gh]h klbey jZ[hq_]h klheZ bf_xs_]h ky \ b gZa\Zggh]h :LQGRZV $HUR >ey wlh]h ihlj_[m_lky <hafh`ghklb jZ[hq_]h klheZ >h[Z\blv dhfihg_gl L_fu mklZ AZimklblv hkgZkldm Kem`[u b \dexqblv k_j\bk gh\b\ kgZqZeZ êy g_]h Z\lhfZlbq_kdbc j_`bf aZimkdZ Ihke_ wlh]h \ kibkd_ l_f ^hklmiguo aZ^Zq_ L_fZ \ hdg_ I_jkhgZebaZpby kf jbk ihy\blky ^hihegbl_evgZy l_fZ :LQGRZV 9LVWD iha\heyxsZy \u[bjZlv ^\_ gh\u_ p\_lh\u_ ko_fu :LQGRZV $HUR b :LQGRZV mijhs_gguc klbev 9LVWD %DVLF :LQGRZV 6HUYHU :LQGRZV &ODVVLF :LQGRZV 9LVWD 'HVNWRS ([SHULHQFH 7KHPHV ² ² :LQGRZV 9LVWD ± 1 JBF?Q:GB? L_fu b p\_lh\u_ ko_fu fh`gh f_gylv gZ oh^m g_ i_j_aZ]jm`Zy kbkl_fm b g_ aZdju\Zy hdhg ijbeh`_gbc OjZgbl_evwdjZgZ wdjZggZyaZklZ\dZ AZklZ\dZ wdjZgZ ihy\ey_lky \ i_jbhû [_a^_ckl\by ihevah\Zl_ey H[uqgh \ dZq_kl\_ aZklZ\db bkihevamxlky ]jZnbq_kdb_ nZceu ki_pbZevgh]h nhjfZlZ beb ex [u_ ]jZnbq_kdb_ nZceu >ey \u[hjZ iZjZf_ljh\ aZklZ\db \ hdg_ I_j khgZebaZpby bkihevam_lky aZ^ZqZ WdjZggZy aZklZ\dZ BagZqZevgh \ kbkl_fZo bf_xlky lhevdh ^\_ aZklZ\db Imklhc wdjZg b Wf[e_fZ <u[jZgZ aZklZ\dZ \dexqZxsZyky q_j_a fbgml ijb \hah[gh\e_gbb jZ[hlu lj_[m_lky ih\lhj guc \oh^ \ kbkl_fm >hihegbl_evgu_ aZklZ\db ihy\eyxlky ihke_ mklZgh\db dhf ihg_glZ <hafh`ghklb jZ[hq_]h klheZ < kbkl_fZo b ih bkl_q_gbb fbgml \dexqZ_lky wdjZg \oh^Z \ kbkl_fm b lj_[m_lky \\h^ iZjhey aZj_]bkljbjh\Zggh]h ihevah\Zl_ey JZ[hlhc ojZgbl_ey wdjZgZ mijZ\eyxl iZjZf_lju j__kljZ ojZgysb_ky \ jZa^_e_ &'(),2(/1)2(0, 3 0 4$ i_j\ufb mdZaZgu agZq_gby aZ^Zggu_ ih mfheqZgbx lj_[m_lky iZjhev êy \hah[gh\e_gby jZ[hlu iZ X 5 . jhev g_ lj_[m_lky VFUHHQ VDYHU :LQGRZV 6HUYHU :LQGRZV /RJR /RJR %ODQN :LQGRZV :LQGRZV 'HVNWRS ([SHULHQFH :LQGRZV 6HUYHU &RUH +\SHU9 6HUYHU ² <k_ beexkljZpbb \ dgb]_ \uiheg_gu k bkihevah\Zgb_f bf_ggh wlhc p\_lh\hc ko_fu =eZ\Z X X X \j_fy h`b^Zgby \ k_dmg^Zo _keb aZklZ\dZ Zdlb\gZ aZklZ\dZ Zdlb\gZ aZklZ\dZ \udexq_gZ 5 #5 bfy nZceZ aZklZ\db _keb aZ ,/#!((( klZ\dZ \udexq_gZ wlhl iZjZf_lj fh`gh kh\k_f m^Zeblv Ijb g_h[oh^bfhklb fh`gh baf_gblv wlb agZq_gby b \u[jZlv gm`guc j_`bf jZ[h lu aZklZ\db 5 16 + ² ² ² &?:LQGRZV?V\VWHP?ORJRQVFU <u[hjyaudh\bj_]bhgZevguoklZg^Zjlh\ <hafh`ghklb gZkljhcdb j_]bhgZevguo klZg^Zjlh\ b yaudh\ \ \ hkgh\ghf gbq_f g_ hlebqZxlky hl ZgZeh]bqguo hi_jZpbc \ ij_û^msbo \_jkbyo b h^bgZdh\u \h \k_o j_^Zdpbyo \dexqZy b >ey baf_g_gby iZjZf_ljh\ gZ iZg_eb mijZ\e_gby ke_^m_l \u[jZlv aZ^Zqm Yaud b j_]bhgZevgu_ klZg^Zjlu dZl_]hjby QZku yaud b j_]bhg Ijb mklZgh\d_ iZd_lZ fh`gh ihemqblv ^h ihegbl_evgmx \hafh`ghklv baf_g_gby yaudZ bkihevam_fh]h \ bgl_jn_ck_ kbkl_f :LQGRZV êy hlh[jZ`_gby dhfZg^ f_gx b l_dklh\ \ kem`_[guo hdgZo b kijZ\hq ghc kbkl_f_ wlh gZijbf_j fh`_l [ulv ihe_agh ijb bkihevah\Zgbb k_j\_jZ l_j fbgZeh\ Ijb wlhf yaud ihevah\Zl_evkdh]h bgl_jn_ckZ fh`gh i_j_dexqZlv [_a i_j_aZ]jmadb dhfivxl_jZ ohly ihevah\Zl_ex g_h[oh^bfh aZgh\h j_]bkljbjh\Zlvky \ kbkl_f_ b \u[bjZlv yaud êy dZ`^h]h ihevah\Zl_ey dhfivxl_jZ hl^_evgh Ihfbfh 08,iZd_lh\ bf_xlky yaudh\u_ iZd_lu /,3 \ dhlhjuo ehdZebaZpby qZklbqgZy i_j_\_^_gu lhevdh hkgh\gu_ qZklh bkihevam_fu_ we_f_glu ihevah\Zl_evkdh]h bgl_jn_ckZ b kijZ\dZ /,3iZd_lu êy kbkl_f :LQGRZV 6HUYHU e_]dh gZclb gZ kZcl_ P_gljZ aZ]jmadb 0LFURVRIW 0LFURVRIW 'RZQORDG &HQWHU ² kf kkuedm \ Ijbeh`_gbb \uihegb\ ihbkd ih kljhd_ :LQGRZV 6HUYHU /DQJXDJH 3DFNV KdZqZgguc nZce ij_^klZ\eyxsbc kh[hc h[jZa \ nhjfZl_ ,0* gm`gh aZibkZlv gZ &'[he\Zgdm dhlhjZy [m^_l bkihevah \Zlvky êy mklZgh\db yaudZ \ kbkl_f_ >ey mklZgh\db yaudZ b i_j_dexq_gby bf_xsboky yaudh\ bkihevam_lky \deZ^dZ Yaudb b deZ \bZlmju hdgZ Yaud b j_]bhgZevgu_ klZg^Zjlu <u[hj j_]bhgZevguo iZjZf_ljh\ b bf_xsboky yaudh\uo \hafh`ghkl_c hkms_kl\ ey_lky \ klZg^Zjlghf hdg_ Yaud b j_]bhgZevgu_ klZg^Zjlu jbk dhlhjh_ bf__lky \h \k_o \_jkbyo :LQGRZV 6HUYHU \dexqZy :LQGRZV 6HUYHU &RUH b +\SHU9 6HUYHU < iheguo \_jkbyo aZ^ZqZ gZkljhc db iZjZf_ljh\ aZimkdZ_lky k iZg_eb mijZ\e_gby \ ex[uo \_jkbyo ² ih dhfZg^_ LQWOFSO ba dhfZg^ghc kljhdb :LQGRZV 6HUYHU :LQGRZV 6HUYHU :LQGRZV 6HUYHU &RUH +\SHU9 Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb Jbk KlZg^Zjlgh_ hdgh gZkljhcdb j_]bhgZevguo agZq_gbc b yaudh\ MijZ\e_gb_we_dljhiblZgb_f < kbkl_fZo :LQGRZV 9LVWD:LQGRZV 6HUYHU f_oZgbaf mijZ\e_gby we_dljhib lZgb_f b bgl_jn_ck gZkljh_d iZjZf_ljh\ kms_kl\_ggh baf_gbebkv ih kjZ\g_gbx k ij_û^msbfb \_jkbyfb :LQGRZV <f_klh ihgylby ko_fu we_dljhiblZgby SRZHU VFKHPH \\_^_g l_jfbg ieZg we_dljhiblZgby SRZHU SODQ ijb wlhf \f_klh r_klb lbih\uo ko_f we_dljhiblZgby :LQGRZV ;3:LQGRZV 6HUYHU ij_êZ]Z_lky \k_ ]h ljb klZg^Zjlguo ieZgZ jbk fh`gh kha^Z\Zlv b kh[kl\_ggu_ ieZgu h[uqgh hlh[jZ`Zxlky ljb ieZgZ \dexqZy ^_ckl\mxsbc hklZevgu_ kdju\Zxlky Dhebq_kl\hf djm`dh\ \bamZevgh ij_^klZ\e_gu hkgh\gu_ oZjZdl_jbklbdb dZ`^h]h ieZgZ we_dljhiblZgby k[_j_`_gb_ wg_j]bb qlh hkh[h \Z`gh êy dhfivxl_jh\ iblZxsboky hl [ZlZj_c b ijhba\h^bl_evghklv [ukljhlZ j_Zdpbb gZ ^_ckl\by =eZ\Z ihevah\Zl_ey Ih mfheqZgbx \u[jZg k[ZeZgkbjh\Zgguc ieZg <u[hj ieZgZ hkm s_kl\ey_lky ijhkluf \u[hjhf i_j_dexqZl_ey \ hdg_ iZjZf_ljh\ kf jbk ijb wlhf mdZaZgguc ieZg kjZam gZqbgZ_l ^_ckl\h\Zlv ² gbdZdbo ^hihegbl_evguo ih^l\_j`^_gbc g_ lj_[m_lky Jbk <u[hj ieZgZ we_dljhiblZgby 1 JBF?Q:GB? Ihke_ mklZgh\db k_j\_jZ j_dhf_g^m_lky ijh\_jblv khhl\_lkl\mxl eb klZg^Zjl gu_ iZjZf_lju we_dljhiblZgby \dexqZy j_`bfu kgZ jZ[hqbf lj_[h\Zgbyf <hafh`gh mklZgh\e_ggu_ agZq_gby [m^ml g_ kZfufb hilbfZevgufb êy dhg dj_lguo mkeh\bc GZijbf_j êy ihklhyggh jZ[hlZxs_]h k_j\_jZ j_`bfu kgZ b g_ lj_[mxlky H^gZdh ih mfheqZgbx _keb dhfivxl_j ih^^_j`b\Z_l khhl\_lkl \mxsb_ j_`bfu j_`bf ]b[_jgZpbb Zdlb\babjm_lky b nZce KLEHUILOV\V kha^Z_lky : 6 & * + 9 6 >ey wlbo \_jkbc _^bgkl\_gguf kj_^kl\hf mijZ\e_gby we_dljhiblZgb_f y\ey_lky mlbeblZ 3RZHU&IJH[H K __ ihfhsvx fh`gh ijhkfhlj_lv kibkhd bf_xsboky ieZ gh\ we_dljhiblZgby dhfZg^Z /,67 \u[jZlv ^jm]hc ieZg dhfZg^Z 6(7$&7,9( beb i_j_hij_^_eblv iZjZf_lju l_dms_]h ieZgZ dhfZg^Z &+$1*( Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb Jbk GZkljhcdZ iZjZf_ljh\ \u[jZggh]h ieZgZ we_dljhiblZgby KkuedZ Baf_g_gb_ iZjZf_ljh\ ieZgZ iha\hey_l hldjulv hd gh j_^Zdlbjh\Zgby iZjZf_ljh\ \u[jZggh]h ieZgZ we_dljhiblZgby jbk A^_kv \b^gu agZq_gby hkgh\guo oZjZdl_jbklbd dZ`^h]h klZg^Zjlgh]h ieZgZ >ey [he__ ^_lZevghc gZkljhcdb j_`bfZ wg_j]hk[_j_`_gby s_edgbl_ ih kkued_ Baf_gblv ^hihegbl_evgu_ iZjZf_lju iblZgby < hdg_ ^hihegbl_evguo iZjZf_ljh\ jbk hij_^_ey_lky ih\_^_gb_ dhfihg_g lh\ b kZfhc kbkl_fu êy dZ`^h]h j_`bfZ beb ^_ckl\by H[jZlbl_ \gbfZgb_ gZ lh qlh hipby \dexq_gby j_`bfh\ ]b[jb^gh]h kgZ K\EULG VOHHS b ]b[_jgZpbb KLEHUQDWH ijbkmlkl\m_l \ kibkd_ iZjZf_ljh\ Z lZd`_ \ kibkd_ hipbc dghidb iblZ gby ² kf gb`_ _keb lhevdh ]b[_jgZpby \dexq_gZ kf ^Ze__ Ihkdhevdm ijb gZ`Zlbb dghidb iblZgby \ f_gx Imkd kf jbk \\_jom fh]ml \uihe gylvky jZaebqgu_ ^_ckl\by ² êy bo \u[hjZ bkihevam_lky iZjZf_lj DghidZ iblZgby f_gx Imkd jbk Ih mfheqZgbx êy kbkl_f aZ^Zgh ihegh_ \udexq_gb_ < hkgh\ghf hdg_ We_dljhiblZgb_ kf jbk fh`gh lZd`_ hij_^_eblv j_Zdpbx dhfivxl_jZ gZ gZ`Zlb_ dghidb iblZgby gZ kbk l_fghf [ehd_ kf kkuedm MdZ`bl_ ^_ckl\b_ dghidb iblZgby Hl \u[jZggh]h ^_ckl\by aZ\bkbl p\_l dghidb _keb [m^_l \uihegylvky \udexq_gb_ lh dghidZ bf__l djZkguc hll_ghd _keb aZ^Zg j_`bf kgZ lh a_e_gh\Zluc =eZ\Z Jbk GZkljhcdZ ^hihegbl_evguo iZjZf_ljh\ we_dljhiblZgby Jbk <u[hj ^_ckl\by dhlhjh_ [m^_l \uihegylvky ijb gZ`Zlbb dghidb iblZgby \ f_gx 6WDUW ihfbfh aZ^Zgghc hi_jZpbb lZd`_ mdZau\Z_lky gm < kbkl_fZo \hafh`gh lZd`_ bg^b\b^mZevgh mdZau\Zlv ^_ckl\b_ êy dghidb kgZ < kbkl_fZo ijb \udexq_gbb dhfivxl_jZ k bkihevah\Zgb_f f_gx Imkd \uihegy_lky lh ^_ckl\b_ dhlhjh_ hij_^_e_gh êy dghidb iblZ gby f_gx Imkd jbk \\_jom e_\Zy dghidZ beb \u[jZgh \ f_gx < ki_pbZevghf hdg_ jbk `_g eb iZjhev ijb \uoh^_ ba j_`bfZ kgZ Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb Jbk Hij_^_e_gb_ ^_ckl\bc ijb gZ`Zlbb dghidb iblZgby Jbk Hipbb aZ\_jr_gby jZ[hlu \uoh^ ba kbkl_fu b \udexq_gb_ dhfivxl_jZ =eZ\Z !"#$ %# ?keb ijb aZdjulhf jZ[hq_f klhe_ gZ`Zlv deZ\brb lh ihy\ey_lky f_ gx \udexq_gby jbk \gbam ]^_ bf_xlky ^hihegbl_evgu_ \hafh`ghklb kh ojZg_gby l_dms_]h jZ[hq_]h khklhygby kbkl_fu hipbb Khg b =b[_jgZpby < wlbo ^\mo kemqZyo \k_ aZims_ggu_ ijbeh`_gby b hldjulu_ hdgZ [m^ml \hkklZgh\e_gu ijb \dexq_gbb kbkl_fu \uoh^ ba j_`bfh\ kgZ ijhbkoh^bl _keb g_kdhevdh jZa gZ`Zlv gZ deZ\brm deZ\bZlmju beb ih\lhjgh gZ`Zlv dghidm iblZgby jZaebqby f_`^m j_`bfZfb hibku\Zxlky \ ke_^mxs_f jZa^_e_ Wg_j]hk[_j_]Zxsb_j_`bfu:LQGRZV6HUYHU & Kbkl_fu & ih^^_j`b\Zxl ljb ke_^mxsbo j_ `bfZ wg_j]hk[_j_`_gby \ gZklhevguo kbkl_fZo b gZ ihjlZlb\guo dhfivxl_jZo' X khg kiysbc j_`bf " (!) jZ[hqb_ ^Zggu_ kbkl_fgu_ b ijbdeZ^gu_ khojZgyxlky \ iZfylb dhlhjZy i_j_dexqZ_lky \ j_`bf ihgb`_g gh]h wg_j]hihlj_[e_gby @_kldbc ^bkd b fhgblhj hldexqZxlky Ijhp_kkhj fh`_l i_j_dexqZlvky \ j_`bf ihgb`_ggh]h wg_j]hihlj_[e_gby beb \hh[s_ hldexqZlvky wlh aZ\bkbl hl iZjZf_ljh\ ;BHKZ *+, dhfivxl_jZ- \_glb eylhj [ehdZ iblZgby jZ[hlZ_l Ijb \dexq_gbb kbkl_fu ^Zggu_ kqblu\Zxlky ba iZfylb b q_j_a g_kdhevdh k_dmg^ dhfivxl_j ]hlh\ d jZ[hl_ wdjZg aZ]hjZ_l ky b \k_ jZ[hqb_ hdgZ b ijbeh`_gby hdZau\Zxlky .gZ k\hbo f_klZo. ?keb .kiysbc. dhfivxl_j iheghklvx hldexqblv hl k_lb lh gZqbgZ_lky ihegZy aZ ]jmadZ' gZ wdjZg_ ihy\blky f_gx \u[hjZ kbkl_f _keb bo g_kdhevdh ijb aZ ]jmad_ kbkl_fu [m^_l khh[s_gb_ h __ Z\Zjbcghf \udexq_gbbX ]b[_jgZpby / 0 jZ[hqb_ ^Zggu_ khojZgyxlky gZ `_kldhf ^bkd_ Ijhp_kkhj iZfylv b ^bkd \udexqZxlky h[uqgh ijb wlhf Z\ Mlhqgbf kfuke g_dhlhjuo gh\uo l_jfbgh\ k\yaZgguo k wg_j]hk[_j_]Zxsbfb j_ `bfZfb kbkl_f b i_j_qbkebf ^_ckl\by \u ihegyxsb_ky \ jZaguo j_`bfZo lhfZlbq_kdb hldexqZ_lky b \_glbeylhj [ehdZ iblZgby ijb wlhf gZ ebp_\hc iZg_eb bg^bdZlhj iblZgby fh`_l fb]Zlv mdZau\Zy gZ lh qlh dhfivxl_j g_ \udexq_g hdhgqZl_evgh Ihke_ \dexq_gby iblZgby \ky bgnhjfZpby kqblu\Z _lky k `_kldh]h ^bkdZ b \hkklZgZ\eb\Z_lky \ iZfylb ijb wlhf gZ wdjZg_ fhgb lhjZ gZ l_fgh kbg_f nhg_ ihy\ey_lky khh[s_gb_ <hkklZgh\e_gb_ kbkl_fZ \dexqZy ijbeh`_gby b hldjulu_ hdgZ \ha\jZsZ_lky \ bkoh^gh_ jZ[hq__ khklhygb_ h^gZdh gZ wlh lj_[m_lky agZqbl_evgh [hevr_ \j_f_gb q_f ijb \uoh^_ ba kiys_]h j_`bfZ ihqlb dZd ijb h[uqghc aZ]jmad_ ² :LQGRZV ² WlZ hipby ijbkmlkl\m_l _keb lhevdh dhfivxl_j g_ ih^^_j`b\Z_l ]b[jb^guc kiysbc j_`bf LZdhc l_jfbg bkihevah\Zg \ ehdZebah\Zgghc jmkkdhc \_jkbb Gm`gh ihfgblv h lhf qlh gZ kh\j_f_gguo dhfivxl_jZo \udexq_gb_ iblZgby dghidhc gZ i_ j_^g_c iZg_eb g_ hagZqZ_l ihegh_ h[_klhqb\Zgb_ mkljhckl\ dhlhjh_ ^hklb]Z_lky ebrv ijb hl dexq_gbb k_l_\h]h ijh\h^Z beb ijb bkihevah\Zgbb ^hihegbl_evgh]h \udexqZl_ey gZ [ehd_ ib lZgby \ aZ^g_c qZklb kbkl_fgh]h [ehdZ Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb X ]b[jb^guc kiysbc j_`bf h[t_^bgy_l h[Z \ur_gZa\Zgguo j_ `bfZ ^Zggu_ khojZgyxlky b \ iZfylb b gZ `_kldhf ^bkd_ dhfivxl_j i_j_ oh^bl \ j_`bf ihgb`_ggh]h wg_j]hihlj_[e_gby \_glbeylhju hldexqZxlky ?keb dhfivxl_j g_ h[_klhqb\Z_lky iheghklvx kdZ`_f ijh\h^ g_ \u^_j]b\Z _lky ba k_lb lh ijb \dexq_gbb \uihegy_lky [ukljuc \uoh^ ba j_`bfZ kgZ _keb `_ dhfivxl_j \udexqZeky iheghklvx lh kbkl_fZ \hkklZgZ\eb\Z_lky ba j_`bfZ ]b[_jgZpbb LZdhc ihôh^ h[_ki_qb\Z_l [ukljh_ \udexq_gb_ kbkl_fu ijb hlkmlkl\bb jbkdZ ihl_jb ^Zgguo ijb iheghf hldexq_gbb iblZgby < kbkl_fZo ]b[jb^guc kiysbc j_`bf y\ey_lky hkgh\guf b _keb hg ih^^_j`b\Z_lky ;BHKhf dhfivxl_jZ lh hipby +LEHUQDWH =b[_jgZpby \ f_gx \udexq_gby dhfivxl_jZ kf jbk \gbam \hh[s_ g_ ihy\ey_lky ijb \u[hj_ hipbb 6OHHS Khg \uihegy_lky i_j_oh^ \ ^Zgguc j_`bf >ey bkihevah\Zgby j_`bfZ ]b[_jgZpbb b ]b[jb^gh]h kiys_]h j_`bfZ lj_[m_lky nZce kha^Z\Z_fuc gZ aZ]jmahqghf ^bkd_ h[uqgh wlh ^bkd f_klhih eh`_gb_ nZceZ baf_gblv g_evay \ wlhf nZce_ khojZgy_lky kh^_j`bfh_ hi_jZ lb\ghc iZfylb JZaf_j wlh]h nZceZ ijbf_jgh jZ\_g h[t_fm hi_jZlb\ghc iZfylb mklZgh\e_gghc gZ dhfivxl_j_ Wg_j]hk[_j_]Zxsb_ j_`bfu l_kgh k\yaZgu k \hafh`ghklyfb fZl_jbgkdhc ieZlu b gZkljhcdZfb ;BHKZ dhfivxl_jZ GZ \hafh`ghklv bkihev ah\Zgby j_`bfZ ]b[_jgZpbb fh`_l lZd`_ \ebylv jZ[hlZ g_dhlhjuo ZiiZjZlguo kj_^kl\ DhfZg^Z \uiheg_ggZy \ hdg_ dhfZg^ghc kljhdb iha\hey_l ihemqblv bgnhjfZpbx h ^hklmiguo j_`bfZo Ijbf_j khh[s_gbc dhfZgû ijb\_ ^_g gb`_ +\EULG VOHHS :LQGRZV 6HUYHU KLEHUILOV\V & ² :LQGRZV 6HUYHU ! " # $< ^Zgghc kbkl_f_ ^hklmigu ke_^mxsb_ khklhygby kiys_]h j_`bfZ % =b[jb^guc kiysbc Ke_^mxsb_ khklhygby kiys_]h j_`bfZ g_^hklmigu \ ^Zgghc kbkl_f_ ! Kbkl_fgu_ fbdjhijh]jZffu g_ ih^^_j`b\Zxl `^msbc j_`bf#& < ^Zgghf kemqZ_ hipby +LEHUQDWH =b[_jgZpby \ kbkl_f_ hlkmlkl\m_l b \k_]^Z bkihevam_lky ]b[jb^guc kiysbc j_`bf ?keb ]b[jb^guc j_`bf g_ ih^^_j`b\Z_lky lh \u[hj hipbb 6OHHS Khg hagZqZ_l i_j_\h^ dhfivxl_jZ \ j_ `bf kgZ Z gZebqb_ hipbb +LEHUQDWH =b[_jgZpby aZ\bkbl hl \hafh`ghkl_c fZl_ jbgkdhc ieZlu b iZjZf_ljh\ we_dljhiblZgby \u[jZgguo \ kbkl_f_ +\EULG 6OHHS =eZ\Z < GBF:GB? Ijb g_h[oh^bfhklb êy \dexq_gby hldexq_gby j_`bfZ ]b[_jgZpbb fh`gh bk ihevah\Zlv dhfZgû b Ijb hldexq_gbb j_`bfZ nZce KLEHUILOV\V m^Zey_lky k aZ]jmahqgh]h ^bkdZ Hldexqblv ]b[_jgZpbx b m^Zeblv nZce KLEHUILOV\V fh`gh lZd`_ ijb ihfhsb mlbeblu Hqbkl dZ ^bkdZ bf_xs_cky \ khklZ\_ ijh]jZffghc ]jmiiu <k_ ijh]jZffu _ KlZg^Zjlgu_ _ Kem`_[gu_ $OO 3URJUDPV _ $FFHVVRULHV _ 6\VWHP 7RROV MklZgh\dZijbeh`_gbc bdhfihg_glh\:LQGRZV DZl_]hjby Ijh]jZffu gZ iZg_eb mijZ\e_gby kbkl_f :LQGRZV 9LVWD :LQGRZV 6HUYHU kh^_j`bl jZaebqgu_ aZ^Zqb hlghkysb_ky d mklZgh\e_gguf gZ dhfivxl_j_ ijbeh`_gbyf b h[gh\e_gbyf kbkl_fu < hkgh\ghf hgb j_Zebamxl l_ `_ \hafh`ghklb êy j_ZebaZpbb dhlhjuo \ ij_û^msbo \_jkbyo :LQGRZV kem `bl mlbeblZ $GG RU 5HPRYH 3URJUDPV MklZgh\dZM^Ze_gb_ ijh]jZff Ijb \u[hj_ aZ^Zqb Ijh]jZffu b dhfihg_glu hldju\Z_l ky hdgh \ dhlhjhf i_j_qbke_gu \k_ ijbeh`_gby mklZgh\e_ggu_ \ kbkl_f_ >ey m^Ze_gby ijh]jZffu bkihevam_lky khhl\_lkl\mxsZy dhfZg^Z ihy\eyxsZyky gZ iZg_eb aZ^Zq ijb \u[hj_ wlhc ijh]jZffu KkuedZ Ijh kfhlj mklZgh\e_gguo h[gh\e_gbc \ e_\hc qZklb hdgZ iha\hey_l m\b^_lv j_amevlZ lu jZ[hlu kem`[u h[gh\e_gby :LQGRZV ² ijb \u[hj_ kkuedb \ hdg_ ihy\blky kibkhd \k_o mklZgh\e_gguo h[gh\e_gbc dhlhju_ ijb g_h[oh^bfhklb fh`gh b m^Zeylv <Z`gh_ agZq_gb_ bf__l aZ^ZqZ <dexq_gb_ beb hldexq_gb_ dhfihg_glh\ :LQGRZV ² ZgZeh] dghidb >h[Z\blvM^Zeblv dhfihg_glu :LQGRZV \ hdg_ MklZgh\dZ beb m^Ze_gb_ ijh]jZff bf_xs_fky \ kbkl_fZo :LQGRZV ;3:LQGRZV 6HUYHU < kbkl_fZo :LQGRZV 9LVWD k ihfhsvx wlhc aZ^Zqb fh`gh baf_gblv dhgnb]mjZpbx mklZgh\e_gguo dhfihg_glh\ b kem`[ :LQGRZV ² \ kbk l_fZo :LQGRZV 6HUYHU êy wlbo p_e_c bkihevam_lky kh\_jr_ggh gh\uc f_oZ gbaf j_Zebam_fuc k ihfhsvx hkgZkldb >bki_lq_j k_j\_jZ hibku\Z_fhc gb`_ Jhebbdhfihg_gluk_j\_jZ < kbkl_fZo :LQGRZV 6HUYHU bf__lky mlbeblZ MijZ\e_gb_ ^Zgguf k_j\_jhf k ihfhsvx dhlhjhc fh`gh hkms_kl\eylv p_gljZebah\Zggh_ mijZ\e_gb_ mklZgh\e_ggufb gZ k_j\_j_ kem`[Zfb Z lZd`_ h[jZsZlvky d \kihfh]Z Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb l_evguf bgkljmf_glZf b kem`[Zf ih^^_j`db gZoh^blv bgnhjfZpbx h[ h[gh\e_ gbyo kihkh[Zo j_r_gby ijh[e_f b l i WlZ mlbeblZ hkh[_ggh ihe_agZ gZqbgZx sbf Z^fbgbkljZlhjZf ihkdhevdm hgZ mijhsZ_l gZkljhcdm b khijh\h`^_gb_ k_j \_jZ Hiulgu_ Z^fbgbkljZlhju fh]ml kjZam h[jZsZlvky d ki_pbZebabjh\Zgguf hkgZkldZf g_h[oh^bfuf êy dhgdj_lguo aZ^Zq GZqbgZy k :LQGRZV 6HUYHU ^hklZlhqgh rbjhdh klZeh bkihevah\Zlvky ihgylb_ jheb k_j\_jZ VHUYHU UROH dhlhjh_ k\yau\Zehkv k hij_^_e_ggufb ijbdeZ^gufb kem`[Zfb jZ[hlZxsbfb gZ k_j\_j_ GZijbf_j k_j\_j fh`_l \uihegylv jhev '16k_j\_jZ beb dhgljhee_jZ ^hf_gZ $FWLYH 'LUHFWRU\ < kbkl_fZo :LQGRZV 6HUYHU dhgp_ipby jhe_\h]h mijZ\e_gby k_j\_jZfb b gZkljhcdb kbkl_fguo k_j\bkh\ ihemqbeZ ^Zevg_cr__ jZa\blb_ b ijb\_eZ d ihy\e_gbx ijbgpbibZevgh gh\uo kj_^kl\ Z^fbgbkljbjh\Zgby dhlhjuf m`_ g_ klZeh Zevl_jgZlb\u GZijbf_j ihe ghklvx baf_gbeky f_oZgbaf mklZgh\db dhfihg_glh\ :LQGRZV dhlhjuc \ ij_û ^msbo \_jkbyo aZimkdZeky k iZg_eb mijZ\e_gby ijb \u[hj_ hipbb MklZgh\dZ beb m^Ze_gb_ ijh]jZff < kbkl_fZo :LQGRZV 6HUYHU rbjhdh bkihevamxlky ^\Z gh\uo l_jfbgZ X jhev 5ROH ² kh\hdmighklv kbkl_fguo k_j\bkh\ b bo gZkljh_d bkihevam_fZy êy j_ZebaZpbb ijbdeZ^ghc kem`[u kf kibkhd jhe_c Ijbf_g_gb_ hij_^_ e_gghc kem`[u gZijbf_j kem`[u i_qZlb \e_q_l aZ kh[hc baf_g_gby \ iZjZ f_ljZo ^jm]bo kem`[ ² \ qZklghklb \ gZkljhcdZo [jZg^fZmwjZ k_l_\h]h ih^ dexq_gby MklZgh\dZ jheb ijb\h^bl d kh]eZkh\Zgghfm baf_g_gbx iZjZf_ljh\ kbkl_fu qlh mijhsZ_l aZ^Zqm Z^fbgbkljZlhjm b mf_gvrZ_l \_jhylghklv hrb [hd < khklZ\ jheb \oh^yl hij_^_e_ggu_ kem`[u jheb 5ROH 6HUYLFHV dhlhju_ \u[bjZxlky b aZimkdZxlky bg^b\b^mZevgh X dhfihg_gl )HDWXUH ² ijh]jZffguc fh^mev beb kj_^kl\h bkihevam_fu_ êy \uiheg_gby qZklguo Z^fbgbkljZlb\guo aZ^Zq beb h[_ki_qb\Zxsb_ ^hihegb l_evgu_ nmgdpbhgZevgu_ \hafh`ghklb kf kibkhd dhfihg_glh\ Hkgh\guf kj_^kl\hf êy mijZ\e_gby k_j\_jhf b mklZgh\dbm^Ze_gby jhe_c b dhf ihg_glh\ kbkl_f :LQGRZV 6HUYHU y\ey_lky hkgZkldZ >bki_l q_j k_j\_jZ kf jbk êy dhlhjhc \ f_gx Imkd bf__lky aZdj_ie_gguc agZqhd Z lZd`_ khhl\_lkl\mxsbc agZqhd ijbkmlkl\m_l gZ iZg_eb [ukljh]h aZimkdZ Ih mfheqZgbx \ kbkl_fZo :LQGRZV 6HUYHU bf__lky jhe_c gZ [kbkl_fZo bf__lky ^hihegbl_evgZy jhev ² +\SHU9 Ih mfheqZgbx qZklbqgh mklZgh\e_gZ lhevdh h^gZ jhev ² )LOH 6HUYLFHV NZceh\u_ kem`[u Kibkhd jhe_c ijb\_^_g \ lZ[e hg ^hklZlhqgh bgnhjfZlb\_g kZf ih k_[_ b g_ lj_[m_l ^hihegbl_evguo dhff_glZjb_\ : bf_ggh ² kem`[Z )LOH 6HUYHU NZceh\uc k_j\_j =eZ\Z LZ[ebpZ Jheb k_j\_jh\ :LQGRZV 6HUYHU Kem`[u k_jlbnbdZpbb >hf_ggu_ kem`[u Kem`[u n_^_jZpbb Kem`[u mijZ\e_gby ijZ\Zfb q_ggh]h ^hklmiZ d dZlZeh]Zf Kem`[u h[e_] K_j\_j ijbeh`_gbc ! !k_j\_j " "k_j\_j NZdkk_j\_j )LOH 6HUYLFHV NZceh\u_ kem`[u )D[ 6HUYHU +\SHU9 1HWZRUN 3ROLF\ DQG $FFHVV 6HUYLFHV Kem`[u iheblbdb k_lb b ^hklmiZ Kem`[u i_qZlb 7HUPLQDO 6HUYLFHV Kem`[u l_jfbgZeh\ 8'', 6HUYLFHV Kem`[u 8'', :HE 6HUYHU ,,6 <_[k_j\_j ,,6 :LQGRZV 'HSOR\PHQW 6HUYLFHV Kem`[u jZa\_jlu\Zgby :LQGRZV 3ULQW 6HUYLFHV < kbkl_fZo :LQGRZV 6HUYHU ih mfheqZgbx bf_xlky dhfihg_glh\ IHDWXUH bagZqZevgh gb h^bg ba gbo g_ mklZgh\e_g Kibkhd dhfihg_glh\ ijb\_^_g \ lZ[e Fgh]b_ dhfihg_glu [m^ml jZkkfZljb\Zlvky ih^jh[gh \ khhl\_lkl\mxsbo ]eZ\Zo ijb hibkZgbb l_o beb bguo Z^fbgbkljZlb\guo aZ^Zq beb ijbdeZ^guo kem`[ LZ[ebpZ Dhfihg_glu k_j\_jh\ :LQGRZV 6HUYHU <hafh`ghklb 1(7 )UDPHZRUN %LW/RFNHU 'ULYH (QFU\SWLRQ Rbnjh\Zgb_ ^bkdZ %LW/RFNHU %,76 6HUYHU ([WHQVLRQV K_j\_jgu_ jZkrbj_gby %,76 &RQQHFWLRQ 0DQDJHU $GPLQLVWUDWLRQ .LW &0$. IZd_l Z^fbgbkljbjh\Zgby ^bki_lq_jZ ih^dexq_gbc 1(7 )UDPHZRUN )HDWXUHV Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb LZ[ebpZ ijh^he`_gb_ <hafh`ghklb jZ[hq_]h klheZ )DLORYHU &OXVWHULQJ Kj_^kl\h hldZahmklhcqb\hklb deZkl_jh\ *URXS 3ROLF\ 0DQDJHPHQW MijZ\e_gb_ ]jmiih\hc iheblbdhc ,QWHUQHW 3ULQWLQJ &OLHQW Deb_gl i_qZlb q_j_a Bgl_jg_l ,QWHUQHW 6WRUDJH 1DPH 6HUYHU K_j\_j kem`[u bf_g ojZgbebs Bgl_jg_lZ /35 3RUW 0RQLWRU Fhgblhj /35ihjlh\ 0HVVDJH 4XHXLQJ Hq_j_^v khh[s_gbc 0XOWLSDWK ,2 Fgh]himl_\hc \\h^\u\h^ 1HWZRUN /RDG %DODQFLQJ 1/% ;ZeZgkbjh\dZ k_l_\hc gZ]jmadb 3HHU 1DPH 5HVROXWLRQ 3URWRFRO Ijhlhdhe 3153 'HVNWRS ([SHULHQFH 4XDOLW\ :LQGRZV $XGLR 9LGHR ([SHULHQFH T:DYH M^Ze_gguc ihfhsgbd 5HPRWH 'LIIHUHQWLDO &RPSUHVVLRQ M^Ze_ggh_ jZaghklgh_ k`Zlb_ 5HPRWH 6HUYHU $GPLQLVWUDWLRQ 7RROV Kj_^kl\Z m^Ze_ggh]h Z^fbgbkljbjh\Zgby k_j\_jZ 5HPRYDEOH 6WRUDJH 0DQDJHU 560 >bki_lq_j kt_fguo ghkbl_e_c 53& RYHU +773 3UR[\ 53& q_j_a +773ijhdkb 6LPSOH 7&3,3 6HUYLFHV Ijhklu_ kem`[u 7&3,3 6073 6HUYHU K_j\_j 6073 6103 6HUYLFHV Kem`[u 6103 6WRUDJH 0DQDJHU IRU 6$1V >bki_lq_j ojZgbebsZ êy k_l_c 6$1 6XEV\VWHP IRU 81,;EDVHG $SSOLFDWLRQV Ih^kbkl_fZ êy 81,;ijbeh`_gbc 7HOQHW &OLHQW Deb_gl 7HOQHW 7HOQHW 6HUYHU K_j\_j 7HOQHW 7)73 &OLHQW Deb_gl 7)73 :LQGRZV ,QWHUQDO 'DWDEDVH <gmlj_ggyy [ZaZ ^Zgguo :LQGRZV 5HPRWH $VVLVWDQFH :LQGRZV 3RZHU6KHOO Kem`[Z Zdlb\Zpbb ijhp_kkh\ :LQGRZV <hafh`ghklb kbkl_fu Zjob\Zpbb ^Zgguo :LQGRZV :LQGRZV 3URFHVV $FWLYDWLRQ 6HUYLFH :LQGRZV 6HUYHU %DFNXS )HDWXUHV 6HUYHU =eZ\Z LZ[ebpZ hdhgqZgb_ :LQGRZV 6\VWHP 5HVRXUFH 0DQDJHU :650 >bki_lq_j kbkl_fguo j_kmjkh\ :,16 6HUYHU :,16k_j\_j :LUHOHVV /$1 6HUYLFH Kem`[Z [_kijh\h^ghc ehdZevghc k_lb 1 JBF?Q:GB? <Z`guf we_f_glhf êy jZ[hlu \ kbkl_f_ y\ey_lky dhfihg_gl 'HVNWRS ([SHULHQFH <hafh`ghklb jZ[hq_]h klheZ Ijb _]h mklZgh\d_ \ kbkl_f_ ihy\eyxlky gh\u_ klZg^Zjlgu_ ijbeh`_gby ijh]jZffZhj]ZgZca_j :LQGRZV &DOHQGDU DZe_g^Zjv :LQGRZV ijh]jZffu ijhkfhljZ bah[jZ`_gbc :LQGRZV 3KRWR *DOOHU\ NhlhZev [hf :LQGRZV b 3KRWR *DOOHU\ 9LHZHU Z lZd`_ ijhb]ju\Zl_ev :LQGRZV 0HGLD 3OD\HU Qlh hq_gv \Z`gh ² ihy\ey_lky \hafh`ghklv bkihevah\Zgby klbey l_fu :LQGRZV 9LVWD kh \k_fb __ ^hihegbl_evgufb \hafh`ghklyfb kf \ur_ MklZgh\dZjhe_cbdhfihg_glh\ Hdgh hkgZkldb >bki_lq_j k_j\_jZ 6HUYHU0DQDJHUPVF ij_^klZ\ e_gh gZ jbk DZd fh`gh \b^_lv \ __ khklZ\ \oh^yl fgh]b_ kj_^kl\Z dhlhju_ ljZ^bpbhggh \oh^beb b ijh^he`Zxl \oh^blv \ khklZ\ ]eZ\gh]h bgkljmf_glZ Z^ fbgbkljZlhjZ ² hkgZkldb MijZ\e_gb_ dhfivxl_jhf D qbkem wlbo kj_^kl\ hlghkylky hkgZkldb Ijhkfhlj kh[ulbc >bki_lq_j mkljhckl\ b l ^ kjZ\gbl_ k jbk MgbdZevghc `_ \hafh`ghklvx hkgZkldb >bki_lq_j k_j\_jZ y\ey_lky lh qlh lhevdh k __ ihfhsvx fh`gh mklZgZ\eb\Zlv b m^Zeylv jheb b dhfihg_glu k_j\_jZ <hafh`ghklb fhgblhjbg]Z mklZgh\e_gguo jhe_c gZijbf_j nZceh\uo kem`[ [m ^ml jZkkfZljb\Zlvky \ khhl\_lkl\mxsbo ]eZ\Zo dgb]b <k_ mklZgh\e_ggu_ gZ k_j\_j_ jheb \b^gu \ jZa^_e_ K\h^dZ ih jheyf lZd`_ hgb ij_^klZ\e_gu \ ^_j_\_ h[t_dlh\ \ khklZ\_ maeZ Jheb IZg_eb \ hdg_ hkgZkldb fh`gh kdju\Zlv b jZkdju\Zlv s_edZy ih klj_ed_ jZkih eh`_gghc ke_\Z hl gZa\Zgby iZg_eb Gb`_ i_j_qgy jhe_c jZkiheZ]Zxlky bgnhj fZpbhggu_ iZg_eb êy dZ`^hc jheb ]^_ hlh[jZ`Z_lky khklhygb_ jheb \dexqZxs__ qbkeh bgnhjfZpbhgguo b ^jm]bo khh[s_gbc Z lZd`_ kibkhd kem`[ jheb _keb \ khklZ\ jheb \oh^yl g_kdhevdh kem`[ >ey dhfihg_glh\ hlh[jZ`Z_lky lhevdh h^gZ iZg_ev ]^_ mdZaZgh dhebq_kl\h b gZ a\Zgby mklZgh\e_gguo we_f_glh\ jbk H[jZlbl_ \gbfZgb_ gZ kkuedb bf_x sb_ky gZ iZg_eyo \ ijZ\hc qZklb ² k bo ihfhsvx mklZgZ\eb\Zxlky b m^Zeyxlky jheb b dhfihg_glu Z lZd`_ hl^_evgu_ kem`[u jheb >ey aZimkdZ wlhc hkgZkldb ba f_gx $9,79 Imkd bkihevam_lky ki_pbZevgZy mlbeblZ ohly hkgZkldZ fh`_l aZimkdZlvky g_ihkj_^kl\_ggh ijb \\h^_ __ bf_gb &RPS0JPW/DXQFKHUH[H Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb Jbk Hkgh\gh_ hdgh hkgZkldb 6HUYHU 0DQDJHU Jbk IZg_ev mklZgh\e_gguo dhfihg_glh\ =eZ\Z Qlh[u mklZgh\blv jhev k_j\_jZ \u[_jbl_ ma_e Jheb b s_edgbl_ ih kkued_ >h[Z\blv jheb < hdg_ fZkl_jZ ^h[Z\e_gby jhe_c jbk mklZgh\b l_ neZ`db hdheh gZa\Zgbc gm`guo jhe_c h[jZlbl_ \gbfZgb_ gZ lh qlh êy dZ` ^hc jheb bf__lky ih^jh[gh_ hibkZgb_ Z aZl_f gZ`fbl_ dghidm MklZgh \blv M`_ mklZgh\e_ggu_ jheb hlf_q_gu ]ZehqdZfb êy bo m^Ze_gby bkihevam_lky khhl\_lkl\mxsZy kkuedZ gZ iZg_eb jhe_c Ihke_ mklZgh\db fgh]bo jhe_c lj_[m_lky i_j_aZ]jmadZ dhfivxl_jZ ² \ wlhf kemqZ_ \ hdg_ fZkl_jZ ihy\ey _lky ij_^mij_`^_gb_ Jbk Hdgh fZkl_jZ ^h[Z\e_gby jhe_c < ijhp_kk_ mklZgh\db jheb fZkl_j fh`_l ij_êh`blv gZ \u[hj kibkhd mklZgZ\eb \Z_fuo kem`[ jheb GZijbf_j \ khklZ\_ nZceh\uo kem`[ bf__lky fgh]h jZaguo k_j\bkh\ kf jbk b ijb mklZgh\d_ jheb fh`gh mdZaZlv ebrv g_dhlhju_ ba gbo Kem`[u jheb fh`gh ^h[Z\eylv beb m^Zeylv b iha^g__ m`_ ihke_ mklZgh\db jheb :gZeh]bqguf h[jZahf ^h[Z\eyxlky dhfihg_glu k_j\_jZ \ hdg_ hkgZkldb gm`gh \u[jZlv ma_e Dhfihg_glu b s_edgmlv ih kkued_ >h[Z \blv dhfihg_glu AZl_f \ hdg_ fZkl_jZ ^h[Z\e_gby dhfihg_glh\ ke_^m_l mklZgh \blv ]Zehqdb êy gm`guo dhfihg_glh\ b gZ`Zlv dghidm MklZgh\blv Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb 1 JBF?Q:GB? Ijb mklZgh\d_ dhfihg_glh\ fh]ml ihy\eylvky hdgZ aZijhkh\ gZ jZaj_r_gb_ ^h ihegbl_evguo ^_ckl\bc beb khh[s_gby h \uiheg_gguo baf_g_gbyo gZijbf_j ijb mklZgh\d_ dhfihg_glZ 5HPRWH $VVLVWDQFH M^Ze_gguc ihfhsgbd f_gyxlky gZkljhcdb \kljh_ggh]h [jZg^fZmwjZ h q_f khh[sZ_lky \ hl^_evghf hdg_ >ey m^Ze_gby jhe_c beb hl^_evguo kem`[ jheb b dhfihg_glh\ bkihevamxlky kh hl\_lkl\mxsb_ kkuedb gZ iZg_eyo K\h^dZ ih jheyf b K\h^dZ dhfihg_glh\ < GBF:GB? <k_ khh[s_gby k\yaZggu_ k mklZgh\dhc b m^Ze_gb_f jhe_c dhfihg_glh\ b kem`[ jhe_c k_j\_jZ j_]bkljbjmxlky \ kbkl_fghf `mjgZe_ 6HWXS GZkljhcdZ MklZgh\dZjhe_cbadhfZg^ghckljhdb < iheguo \_jkbyo :LQGRZV 6HUYHU bf__lky mlbeblZ 6HUYHU0DQDJHU&PGH[H k ihfhsvx dhlhjhc fh`gh mijZ\eylv mklZgh\dhc b m^Ze_gb_f jhe_c b dhfihg_glh\ k_j\_jZ DhfZg^Z iha\hey_l m\b^_lv kibkhd \k_o bf_x sboky dhfihg_glh\ ]^_ dj_klbdhf hlf_q_gu mklZgh\e_ggu_ jheb b kem`[u gZ ijbf_j >;@ 5HPRWH 6HUYHU $GPLQLVWUDWLRQ 7RROV >56$7@ >;@ 5ROH $GPLQLVWUDWLRQ 7RROV >56$75ROH7RROV@ ! ! >;@ $FWLYH 'LUHFWRU\ 'RPDLQ 6HUYLFHV 7RROV >56$7$''6@ >;@ $FWLYH 'LUHFWRU\ 'RPDLQ &RQWUROOHU 7RROV >56$7$''&@ "# "# >;@ $FWLYH 'LUHFWRU\ /LJKWZHLJKW 'LUHFWRU\ 6HUYLFHV 7RROV >56$7 $'/'6@ < d\Z^jZlguo kdh[dZo mdZaZgu bf_gZ dhfihg_glh\ dhlhju_ bkihevamxlky êy bo mklZgh\db b m^Ze_gby GZijbf_j êy mklZgh\db gZ k_j\_j_ hkgZklhd êy Z^fbgbkl jbjh\Zgby ^hf_gguo kem`[ $FWLYH 'LUHFWRU\ lj_[m_lky ke_^mxsZy dhfZg^Z êy m^Ze_gby kem`bl iZjZf_lj VHUYHUPDQDJHUFPG LQVWDOO < GBF:GB? Ke_^m_l bf_lv \ \b^m qlh _keb ijb mklZgh\d_ m^Ze_gbb mdZau\Z_lky bfy kh klZ\gh]h dhfihg_glZ lh mklZgZ\eb\Zxlky \k_ \oh^ysb_ \ g_]h we_f_glu k bf_ Hgb lZd`_ \u^_e_gu p\_lhf =eZ\Z gZfb [he__ gbadh]h mjh\gy Wlh ^Ze_dh g_ \k_]^Z gm`gh ihwlhfm lj_[m_fu_ dhfihg_glu emqr_ mdZau\Zlv dhgdj_lgh < kbkl_fZo :LQGRZV 6HUYHU &RUH b +\SHU9 6HUYHU mlbeblZ 6HUYHU0DQDJHU&PGH[H hlkmlkl\m_l \f_klh g__ bkihevamxlky ^\_ mlbeblu ² 2FOLVWH[H b 2FVHWXSH[H DhfZg^Z iha\hey_l ihemqblv kibkhd dhfihg_glh\ \ ke_^mxs_f \b^_ bf_gZ mdZaZgu ihke_ ^\h_lhqby $ % & ' " # ()* ' " # (+& " # ( # ( , " # (" >ey mklZgh\db b m^Ze_gby dhfihg_glh\ kem`bl mlbeblZ 2FVHWXS dhlhjmx ke_^m_l aZimkdZlv ke_^mxsbf h[jZahf iZjZf_lj -% g_h[oh^bf êy lh]h qlh[u [ueh \b^ gh hdhgqZgb_ hi_jZpbb VWDUW Z RFVHWXS " >ey m^Ze_gby mdZaZggh]h dhfihg_glZ d dhfZg^_ gm`gh ^h[Z\blv iZjZf_lj - MijZ\e_gb_kbkl_fgufbdhfihg_glZfb bmq_lgufbaZibkyfb² hkgZkldZ&RPSXWHU0DQDJHPHQW Ihfbfh gh\hc hkgZkldb >bki_lq_j k_j\_jZ kf \ur_ h^gbf ba hkgh\guo bgkljmf_glh\ Z^fbgbkljbjh\Zgby kbkl_f :LQGRZV 6HUYHU hk lZ_lky ljZ^bpbhggZy hkgZkldZ MijZ\e_gb_ dhfivxl_ jhf jbk < hlebqb_ hl mihfygmlh]h ^bki_lq_jZ k_j\_jZ wlm hkgZkldm fh`gh ih^dexqZlv dZd d ehdZevghfm dhfivxl_jm lZd b d m^Ze_gguf kbkl_fZf HkgZkldm fh`gh aZimkdZlv ba f_gx Imkd beb k iZg_eb mijZ\e_gby < ij_û^msbo \_jkbyo :LQGRZV __ fh`gh lZd`_ \ua\Zlv s_edgm\ ijZ\hc dghidhc furb ih agZqdm Fhc dhfivxl_j \ f_gx Imkd beb gZ jZ[hq_f klhe_ b \u[jZ\ \ dhgl_dklghf f_gx imgdl MijZ\e_gb_ < kbkl_fZo :LQGRZV 6HUYHU \ wlhf kemqZ_ aZimkdZ_lky hkgZkldZ >bki_lq_j k_j\_jZ DZd fh`gh \b^_lv gZ jbk \ ijhkljZgkl\_ bf_g hkgZkldb bf_xlky ljb maeZ kh^_j`Zsb_ hkgZkldb hij_^_e_ggh]h gZagZq_gby IjZdlbq_kdb \k_ wlb kj_^kl\Z ih^jh[gh jZkkfZljb\Zxlky \ ihke_^mxsbo ]eZ\Zo Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb Jbk Hdgh hkgZkldb &RPSXWHU 0DQDJHPHQW MijZ\e_gb_ mq_lgufb aZibkyfb LjZ^bpbhggZy hkgZkldZ EhdZevgu_ ihevah\Zl_eb b ]jmi iu \oh^ysZy \ khklZ\ hkgZklhd >bki_lq_j k_j\_jZ b MijZ\e_gb_ dhfivxl_jhf bkihevam_lky êy mijZ\e_gby ehdZevgu fb ihevah\Zl_eyfb b ]jmiiZfb \ ^hf_gZo êy mijZ\e_gby mq_lgufb aZibkyfb kem`bl hkgZkldZ $FWLYH 'LUHFWRU\ ² ihev ah\Zl_eb b dhfivxl_ju < ijhkl_crbo kemqZyo êy jZ[hlu k ehdZevgufb ihevah \Zl_eyfb fh`gh lZd`_ bkihevah\Zlv bf_xsmxky gZ iZg_eb mijZ\e_gby aZ^Zqm Mq_lgu_ aZibkb ihevah\Zl_e_c dZl_]hjby Mq_l gu_ aZibkb ihevah\Zl_e_c Bf__lky _s_ h^gh hdgh mijZ\e_gby mq_lgufb aZibkyfb êy ^hklmiZ d dhlhjhfm ijhs_ \k_]h \\_klb kljhdm beb \ f_gx Imkd beb \ hdg_ <uihegblv < wlhf hdg_ i_j_qbke_gu ehdZevgu_ mq_lgu_ aZibkb ihevah\Zl_e_c b ij_êZ]Zxlky g_dhlhju_ ^hihegbl_evgu_ nmgdpbb dZ kZxsb_ky [_ahiZkghklb Bgl_j_k ij_^klZ\eyxl \hafh`ghklb wlh]h hdgZ gZ Z\lh ghfguo dhfivxl_jZo jbk <u[jZ\ \ kibkd_ mq_lgmx aZibkv ihevah\Zl_ey fh`gh kf_gblv êy g__ iZjhev ?k eb neZ`hd Lj_ [h\Zlv \\h^ bf_gb ihevah\Zl_ey b iZjhey mklZgh\e_g lZd aZ^Zgh ih mfheqZgbx lh êy \oh^Z \ kbkl_fm dZ`ûc ihevah\Zl_ev ^he`_g mdZau\Zlv k\hc iZjhev ?keb `_ \u[jZlv g_dhlhjmx mq_lgmx aZibkv b k[jhkblv neZ`hd ijb ih^l\_j`^_gbb K __ ihfhsvx g_evay jZ[hlZlv k mq_lgufb aZibkyfb ]jmii =eZ\Z hi_jZpbb lj_[m_lky lZd`_ \\_klb iZjhev wlhc mq_lghc aZibkb lh \oh^ \ kbkl_fm [m^_l \uihegylvky Z\lhfZlbq_kdb k bkihevah\Zgb_f wlhc mq_lghc aZibkb l _ \u ihegy_lky nmgdpby Z\lheh]hg DXWRORJRQ Wlh iha\hey_l ba[_]Zlv jmqgh]h j_^Zd lbjh\Zgby j__kljZ êy \dexq_gby ^Zgghc nmgdpbb Jbk Hdgh ^hihegbl_evguo \hafh`ghkl_c ih mijZ\e_gbx ehdZevgufb mq_lgufb aZibkyfb < hdg_ dhgkheb êy mijZ\e_gby mq_lgufb aZibkyfb bkihevam_lky klZg^ZjlgZy dhfZg^Z k iZjZf_ljZfb b K __ ihfhsvx fh`gh \uihegylv ke_^mxsb_ hi_jZpbb X X X X kha^Z\Zlv b m^Zeylv ehdZevgu_ mq_lgu_ aZibkb ihevah\Zl_e_c b ]jmii ijhkfZljb\Zlv kibkdb mq_lguo aZibk_c b qe_gh\ ]jmii ^h[Z\eylv ihevah\Zl_e_c \ ]jmiiu baf_gylv iheblbdb iZjhe_c b kZfb iZjheb ihevah\Zl_e_c Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb Ijb wlhf _klv hi_jZpbb dhlhju_ hlkmlkl\mxl \ hkgZkld_ b bo fh`gh \uihegblv lhevdh k ihfhsvx mlbeblu ² gZijbf_j dhfZg^Z iha\hey_l aZ^Zlv \j_fy dh]^Z ihevah\Zl_ev kfh`_l j_]bkljbjh\Zlvky gZ k_j\_j_ Djhf_ lh]h mlbeblZ jZkiheZ]Z_l fgh`_kl\hf ^jm]bo \hafh`ghkl_c gZijbf_j ih mijZ\e_gbx ih^dexqZ_fufb ^bkdZfb b ijbgl_jZfb m^Ze_gguo dhfivxl_jh\ ² kf ]eZ\m g_dhlhju_ ba dhlhjuo jZkkfZljb\Zxlky \ ^jm]bo ]eZ\Zo MijZ\e_gb_ kbkl_fgufb kem`[Zfb >ey jZaebqguo aZ^Zq Z^fbgbkljbjh\Zgby qZklh bkihevam_lky hkgZkldZ Kem`[u dhlhjmx fh`gh aZimkdZlv kZfhklhyl_evgh beb \ khklZ\_ ^jm]bo hkgZ klhd kf jbk b K __ ihfhsvx fh`gh ijhkfZljb\Zlv klZlmk b hibkZgb_ kem`[ aZimkdZlv hklZgZ\eb\Zlv b i_j_aZimkdZlv k_j\bku kem`[u Z lZd`_ dhg nb]mjbjh\Zlv hipbb aZimkdZ b \hkklZgh\e_gby k_j\bkh\ :\lhghfgZy hkgZkldZ Kem`[u m^h[gZ l_f qlh fh`_l ih^dexqZlvky b k m^Ze_gguf dhfivxl_ jZf ² êy wlh]h bkihevam_lky dhfZg^Z Ih^dex qblvky d ^jm]hfm dhfivxl_jm \ f_gx >_ckl\b_ >ey mijZ\e_gby kem`[Zfb ba dhfZg^ghc kljhdb bkihevam_lky mlbeblZ GZijb f_j k ihfhsvx dhfZgû fh`gh ihemqblv ih^jh[gmx b lhqgmx bgnhj fZpbx h khklhygbb kem`[ ehdZevgh]h beb m^Ze_ggh]h dhfivxl_jZ jZ[hlZxs_]h ih^ mijZ\e_gb_f :LQGRZV 6HUYHU beb ^jm]bo kbkl_f gZijbf_j :LQGRZV ;3 beb 6HUYHU Ihke_^h\Zl_evghklv dhfZg^ bfyKem`[u! b bfyKem`[u! iha\hey_l i_j_aZimklblv mdZaZggmx kem`[m < \_jkbyo :LQGRZV 6HUYHU &RUH b +\SHU9 6HUYHU mlbeblZ y\ey_lky hkgh\guf kj_^kl\hf mijZ\e_gby k_j\bkZfb GZijbf_j _keb gZ k_j\_j_ mklZgZ\eb\Z_lky jhev '+&3k_j\_jZ lh khhl\_lkl\mxsbc k_j\bk gm`gh aZimklblv Z êy lh]h qlh[u wlhl k_j\bk aZimkdZeky Z\lhfZlbq_kdb ijb aZ]jmad_ kbkl_fu g_h[oh^bfh baf_gblv _]h khklhygb_ aZimkdZ Wlh e_]dh ijh^_eZlv k ihfhsvx ke_^mxs_c dhfZgû VF FRQILJ VWDUW ijh[_e ihke_ agZdZ jZ\gh h[yaZl_e_g Hj]ZgbaZpbyijhnbe_cihevah\Zl_e_c IhgbfZgb_ hkh[_gghkl_c j_ZebaZpbb f_oZgbafZ ihevah\Zl_evkdbo ijhnbe_c \ kbk l_fZo :LQGRZV 6HUYHU \Z`gh êy hj]ZgbaZpbb jZ[hlu \ kj_^_ :LQGRZV 6HUYHU >ey ihemq_gby ijhklh]h kibkdZ k_j\bkh\ aZims_gguo gZ ehdZevghf dhfivxl_j_ fh`gh bk ihevah\Zlv dhfZg^m H^gZdh wlh gm`gh ^_eZlv k hklhjh`ghklvx ihkdhevdm \ hleb qb_ hl mlbeblu wlZ dhfZg^Z \dexqZ_l \ kibkhd jZ[hlZxsbo kem`[ ijbhklZgh\e_ggu_ k_j\bku SDXVHG =eZ\Z 6HUYHU ihkdhevdm Z^fbgbkljZlhj ^he`_g agZlv ]^_ ih mfheqZgbx ojZgylky ihevah\Zl_evkdb_ nZceu b dZd h[_ki_qb\Z_lky bo aZsblZ ² dZdZy bgnhjfZpby Z\ lhfZlbq_kdb [m^_l aZdjulZ hl ^jm]bo ihevah\Zl_e_c Z dZdZy [m^_l ^hklmigZ \k_f Ijhnbebihevah\Zl_e_c JZ[hqZy kj_^Z ihevah\Zl_ey hij_^_ey_lky gZkljhcdZfb jZ[hq_]h klheZ gZijbf_j p\_lZ wdjZgZ dmjkhjZ furb jZaf_jZ b jZkiheh`_gby hdhg iZjZf_ljZfb ih^dex q_gguo k_l_\uo mkljhckl\ b ijbgl_jh\ i_j_f_ggufb kj_û iZjZf_ljZfb j__kljZ gZ[hjh\ ^hklmiguo ijbeh`_gbc b l ^ <k_ gZkljhcdb jZ[hq_c kj_û ojZgylky \ ijhnbe_ ihevah\Zl_ey XVHU SURILOH b hij_^_eyxlky kZfbf ihevah\Zl_e_f Hgb Z\lhfZlbq_kdb khojZgyxlky \ iZid_ bfy dhlhjhc \ kbkl_fZo :LQGRZV 9LVWD:LQGRZV 6HUYHU ih mfheqZgbx \u]ey^bl ke_^mxsbf h[jZahf 6\VWHP'ULYH?8VHUV?bfyIhevah\Zl_ey! 6\VWHP'ULYH ² bfy aZ]jmahqgh]h ^bkdZ gZ dhlhjhf gZoh^ylky nZceu kbkl_fu êy mdZaZgguo kbk l_f wlh ihqlb \k_]^Z ^bkd &? < GBF:GB? < kbkl_fZo :LQGRZV ;3 b :LQGRZV 6HUYHU êy ojZg_gby ijhnbe_c ihevah\Zl_e_c bkihevam_lky iZidZ 6\VWHP'ULYH?'RFXPHQWV DQG 6HWWLQJV? bfyIhevah\Zl_ey! IZidZ lh`_ ijbkmlkl\m_l \ :LQGRZV 9LVWD:LQGRZV 6HUYHU êy kh\f_klbfhklb gh g_ ij_^klZ\ey_l kh [hc j_Zevgmx iZidm nZceh\hc kbkl_fu EhdZevgu_ ijhnbeb kha^Zxlky Z\lhfZlbq_kdb êy dZ`^h]h ihevah\Zl_ey \ ijhp_k k_ _]h i_j\hc j_]bkljZpbb gZ dhfivxl_j_ Ijb \oh^_ ihevah\Zl_ey \ kbkl_fm jZ[h qZy kj_^Z bf__l lm `_ dhgnb]mjZpbx dZdZy kms_kl\h\ZeZ \ fhf_gl ij_û^ms_]h \uoh^Z ihevah\Zl_ey ba kbkl_fu ;eZ]h^Zjy gZebqbx ijhnbe_c g_kdhevdh ihevah \Zl_e_c fh]ml jZ[hlZlv gZ h^ghf b lhf `_ dhfivxl_j_ \ bg^b\b^mZevguo kj_^Zo g_ \ebyy ^jm] gZ ^jm]Z < iZid_ Ihevah\Zl_eb ihfbfh iZidb ijhnbey Z^fbgbkljZlhjZ dhfivxl_ jZ b kdjuluo kbkl_fguo iZihd bf__lky iZidZ H[sb_ ij_^gZagZq_ggZy êy ojZg_gby bgnhjfZpbb k dhlhjhc fh]ml jZ[hlZlv dZd \k_ ehdZevgu_ ihevah\Z l_eb lZd b ihevah\Zl_eb m^Ze_gguo dhfivxl_jh\ _keb d wlhc iZid_ [m^_l jZaj_ r_g h[sbc ^hklmi Ih^jh[g__ gZagZq_gb_ ^Zgghc iZidb fu jZkkfhljbf ^Ze__ KljmdlmjZijhnbeyihevah\Zl_ey Ijhnbev ihevah\Zl_ey kha^Z_lky gZ hkgh\_ ijhnbey gZagZqZ_fh]h ih mfheqZgbx Kdjulu_ kbkl_fgu_ iZidb b bkihevam_fu_ êy hij_^_e_gby gZ Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb qZevguo iZjZf_ljh\ klZg^Zjlgh]h ijhnbey ij_^klZ\eyxl kh[hc j_Zevgu_ iZidb nZceh\hc kbkl_fu IZidZ hklZ\e_gZ êy kh\f_klbfhklb b y\ey_lky kkuedhc Wlb iZidb dZd b \k_ iZidb ihevah\Zl_evkdbo ijhnbe_c lZd`_ ojZgylky \ iZid_ Ihevah\Zl_eb dhjg_\h]h dZlZeh]Z aZ]jmahqgh]h ^bkdZ GZ jbk ihdZaZgZ kljmdlmjZ ehdZevgh]h ijhnbey ihevah\Zl_ey êy gZ]ey^gh klb bah[jZ`_gu \k_ bf_xsb_ky iZidb b kkuedb Fgh]b_ h[t_dlu y\eyxlky kdju lufb b ih mfheqZgbx g_ \b^gu \ hdg_ ijh]jZffu Ijh\h^gbd gZ jbkmgd_ wlb iZi db [he__ k\_leu_ b g_ bf_xl hkh[hc ibdlh]jZffu ² gZijbf_j iZidZ g_dhlhju_ ba gbo gZ kZfhf ^_e_ ij_^klZ\eyxl kh[hc g_ nZceh\u_ iZidb Z kkuedb MXQFWLRQ SRLQW qlh \b^gh ih bah[jZ`_gbx klj_edb gZ agZqd_ iZidb ² gZijbf_j iZidZ b ^hklmi d gbf g_\hafh`_g bo bf_gZ bkihevamxlky êy kh \f_klbfhklb lhevdh ijbdeZ^gufb ijh]jZffZfb H[jZlbl_ \gbfZgb_ gZ lh qlh g_kfhljy gZ lh qlh nbabq_kdZy iZidZ \oh^bl \ khklZ\ iZidb \ hdg_ ijh]jZffu hgZ hlh[jZ`Z_lky \ \b^_ kZfhklhyl_evgh]h h[t_dlZ Jbk KljmdlmjZ ehdZevgh]h ijhnbey ihevah\Zl_ey =eZ\Z IZidb ij_^klZ\eyxsb_ kh[hc lhqdb ih\lhjghc h[jZ[hldb Z g_ j_Zevgu_ nbabq_kdb_ iZidb fh`gh m\b^_lv \ hdg_ dhfZg^ghc kljhdb k ihfhsvx ki_pbZevgh]h iZjZf_ljZ dhfZgû gb`_ ijb\_^_gu g_dhlhju_ ijbf_ju kljhdb g_ bf_xsb_ hlghr_gby d ^_em g_ ihdZaZgu MXQFWLRQ SRLQWV ² GLU $/ FG XVHUV # #GLU $/ # ! " # $" % # %)*+, "&# '# #( -.. # # '/ &$! $ $( $ . # '# # $ . ( < ijb\_^_gguo kljhdZo fh`gh \b^_lv bfy dhlhjh_ nb]mjbjm_l \ hdg_ ijh]jZffu Ijh\h^gbd b ^hklmigh ijbdeZ^guf ijh]jZffZf Z \ d\Z^jZlguo kdh[dZo bfy nbabq_kdhc iZidb k\yaZgghc k ^Zgguf h[t_dlhf ² < GBF:GB? Kkuedb g_\hafh`gh m^Zeblv k ihfhsvx h[uqguo hi_jZpbc m^Ze_gby \ hdg_ ijh ]jZffu :LQGRZV ([SORUHU Ijh\h^gbd beb \ dhfZg^ghc kljhd_ < kemqZ_ lZdhc g_h[oh^bfhklb ke_^m_l bkihevah\Zlv mlbeblm )VXWLO k iZjZf_ljZfb 0$# 0 " . G_dhlhju_ iZidb ijhnbe_c ijb\uqguo êy kbkl_f l_i_jv hlkmlkl\mxl bo ZgZeh]b \ fh`gh gZclb \gmljb iZidb bfyIhevah\Zl_ey! < lZ[e i_j_qbke_gu g_dhlhju_ ba wlbo iZihd b mdZaZgh bo gh\h_ ihegh_ bfy :LQGRZV ;3:LQGRZV 6HUYHU :LQGRZV 6HUYHU &?8VHUV? ?$SS'DWD?5RDPLQJ?0LFURVRIW?:LQGRZV LZ[ebpZ >hihegbl_evgu_ iZidb \oh^ysb_ \ ijhnbev ihevah\Zl_ey IZidZ &RRNLHV Kh^_j`bfh_ b iheguc imlv Kem`_[gu_ nZceu ihemqZ_fu_ k ihk_s_gguo \_[ k_j\_jh\ bfyIhevah\Zl_ey!?$SS'DWD?5RDPLQJ?0LFURVRIW?:LQGRZV? &?8VHUV? &RRNLHV 5HFHQW G_^Z\gb_ ^hdmf_glu >Zggu_ h ^hdmf_glZo b ]jZnbq_kdbo nZceZo hldjuluo ihevah\Zl_e_f \ l_q_gb_ ihke_^g_]h \j_f_gb bfyIhevah\Zl_ey!?$SS'DWD?5RDPLQJ?0LFURVRIW?:LQGRZV? &?8VHUV? 5HFHQW Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb LZ[ebpZ hdhgqZgb_ IZidZ 6HQG7R Kh^_j`bfh_ b iheguc imlv Yjeudb h[t_dlh\ dm^Z fh]ml ihkueZlvky ^hdmf_glu bfyIhevah\Zl_ey!?$SS'DWD?5RDPLQJ?0LFURVRIW?:LQGRZV? &?8VHUV? 6HQG7R < wlm iZidm fh`gh ihf_klblv yjeudb ijh]jZffu dhlhju_ [m^ml hldju \Zlvky ijb \uah\_ dhgl_dklgh]h f_gx êy nZceZ beb iZidb b \u[hj_ dhfZgû 6HQG 7R HlijZ\blv GZijbf_j lZdhc ijh]jZffhc fh`_l [ulv ki_pbnbq_kdbc l_dklh\uc j_^Zdlhj beb ijh]jZffZ g_ aZimkdZ_fZy ih mfheqZgbx êy ^Zggh]h lbiZ nZceh\ Yjeudb ijh]jZff 6WDUW 0HQX =eZ\gh_ f_gx bfyIhevah\Zl_ey!?$SS'DWD?5RDPLQJ?0LFURVRIW?:LQGRZV? &?8VHUV? 6WDUW 0HQX Ebqgu_bh[sb_iZidb <gmljb iZidb ihevah\Zl_evkdh]h ijhnbey bf__lky fgh`_kl\h ki_pbZebabjh\Zgguo iZihd êy ojZg_gby jZagh]h jh^Z ^Zgguo kf jbk GZagZq_gb_ iZihd ihgylgh ba bo gZa\Zgby Fh`gh h[_ki_qblv ^hklmi d wlbf iZidZf kh klhjhgu m^Ze_gguo ihevah\Zl_e_c gh ih mfheqZgbx ebqgu_ iZidb aZdjulu êy ex[uo ^jm]bo ihevah\Zl_e_c Ijb jZ[hl_ k ebqgufb b h[sbfb ihevah\Zl_evkdbfb iZidZfb ke_^m_l h^gZdh mqblu\Zlv lhl nZdl qlh ihegu_ bf_gZ nZceh\ fZkdbjmxlky \ ihe_ Z^j_kZ hdgZ ijh]jZffu :LQGRZV ([SORUHU Ijh\h^gbd ?keb lj_[m_lky m\b^_lv j_Zevgh_ bfy iZidb s_edgbl_ furvx ih ihex Z^j_kZ ² ihke_ wlh]h [m^_l hlh[jZ`Zlvky nbab q_kdbc imlv d iZid_ bgh]^Z bf_ggh hg gm`_g êy jZ[hlu Wlh ijhbeexkljbjh\Z gh gZ jbk \\_jom ihdZaZgh ij_^klZ\e_gb_ ih mfheqZgbx \gbam ² j_Zevgh_ bfy iZidb Jbk Ij_^klZ\e_gb_ Z^j_kZ iZidb \ hdg_ ijh]jZffu :LQGRZV ([SORUHU b __ j_Zevgh_ nbabq_kdh_ bfy =eZ\Z DZd m`_ ]h\hjbehkv \gmljb iZidb Ihevah\Zl_eb bf__lky iZidZ H[ sb_ \ dhlhjhc ihevah\Zl_eb fh]ml khojZgylv bgnhjfZpbx dhlhjZy [m^_l ^hklmi gZ \k_f ^jm]bf ihevah\Zl_eyf Ih^dZlZeh]b wlhc iZidb ihdZaZgu gZ jbk :^fbgbkljZlhj fh`_l k ihfhsvx g_keh`ghc hi_jZpbb h[_ki_qblv ^hklmi d ih^dZlZeh]Zf iZidb H[sb_ mdZaZ\ ijb wlhf dhgdj_lgu_ ijZ\Z ^hklmiZ d bgnhjfZpbb kf jZa^ GZkljhcdZ iZjZf_ljh\ ^hklmiZ d h[sbf k_l_\uf iZi dZf b ijbgl_jZf ]eZ\u Jbk KlZg^Zjlgu_ iZidb êy h[s_]h ^hklmiZ < GBF:GB? Ijb g_h[oh^bfhklb klZg^Zjlgh_ f_klhiheh`_gb_ ex[hc hl^_evghc ebqghc b h[s_c iZidb fh`gh baf_gblv b i_j_g_klb iZidm kdZ`_f gZ ^jm]hc eh]bq_kdbc ^bkd >ey wlh]h ke_^m_l hldjulv hdgh k\hckl\ gm`ghc iZidb i_j_clb gZ \deZ^dm IZidZ gZ`Zlv dghidm I_j_f_klblv b \u[jZlv gh\h_ f_klhih eh`_gb_ êy iZidb Kbkl_fZ ij_êh`bl i_j_g_klb nZceu ba klZjhc iZidb \ gh \mx GZ`Z\ dghidm Ih mfheqZgbx fh`gh \ ex[hc fhf_gl \_j gmlv \k_ \ bkoh^gh_ khklhygb_ Ih^h[gZy \hafh`ghklv hlkmlkl\m_l \ ij_û^msbo kbkl_fZo :LQGRZV lZf iZidm Fhb ^hdmf_glu fh`gh i_j_f_k lblv lhevdh p_ebdhf kh \k_f __ kh^_j`bfuf IhbkdbgnhjfZpbbojZgys_ckygZk_j\_j_ Kj_^kl\Z ihbkdZ \ kbkl_fZo [h]h lbiZ b ih ex[uf djbl_jbyf h[_ki_qb\Zxl ihbkd ^Zgguo ex dZd gZ ehdZevguo j_kmjkZo lZd b \ k_lb Wlb :LQGRZV 6HUYHU ² Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb kj_^kl\Z Zdlb\gh bkihevamxl kem`[m Kem`[Z ihbkdZ :LQGRZV k_j\bk :6HDUFK dhlhjZy ij_^\Zjbl_evgh ijhkfZljb\Z_l \k_ nZceu gZ ehdZevghf dhfivxl_j_ qlh mkdhjy_l ihbkd 1 JBF?Q:GB? < kbkl_fZo :LQGRZV 6HUYHU kem`[Z ,QGH[LQJ 6HUYLFH Kem`[Z bg^_dkbjh\Z gby \oh^ysZy \ khklZ\ :LQGRZV 6HUYHU khojZg_gZ lhevdh êy kh\f_klbfh klb k ij_û^msbfb \_jkbyfb b fh`_l mklZgZ\eb\Zlvky ^hihegbl_evgh \ khklZ\_ jheb k_j\_jZ )LOH 6HUYLFHV NZceh\u_ kem`[u Ihbkd \hafh`_g \ jZaguo j_`bfZo b ba jZaguo ijh]jZff JZkkfhljbf wlb \ZjbZg lu ihhq_j_^gh J_dhf_g^m_f ^h dhgpZ jZah[jZlvky \h \k_o nmgdpbyo hibkZgguo gb`_ b hijh[h\Zlv bo \ j_Zevguo mkeh\byo ihkdhevdm g_ijZ\bevgu_ beb g_h`b ^Z_fu_ j_amevlZlu fh]ml k_jv_agh hkeh`gblv jZ[hlm Wlh l_f [he__ \Z`gh qlh gh\u_ kj_^kl\Z ihbkdZ kbevgh hlebqZxlky hl l_o dhlhju_ bf_ebkv \ ij_û^msbo \_jkbyo :LQGRZV < GBF:GB? Hipbb ijhkl_cr_]h ihbkdZ \uihegyxs_]hky g_ihkj_^kl\_ggh ba f_gx $9,79 Imkd \u[bjZxlky \ hdg_ k\hckl\ iZg_eb aZ^Zq b f_gx $9,79 jbk Ih mfheqZgbx bg^_dkbjh\Zgguc ihbkd \uihegy_lky lhevdh \ ebqguo iZidZo ihev ah\Zl_ey gh fh`gh mdZaZlv qlh[u ijhkfZljb\Zeky \_kv bg^_dk Jbk GZkljhcdZ kihkh[h\ ihbkdZ ba f_gx 6WDUW Hlf_lbf g_dhlhju_ \Z`gu_ hkh[_gghklb dZkZxsb_ky nmgdpbc ihbkdZ \ :LQGRZV 6HUYHU X hipby 6HDUFK Ihbkd hlkmlkl\m_l \ f_gx \k_o dhgl_cg_jh\ iZihd ^bkdh\ b l ^ 6WDUW Imkd b \ dhgl_dklguo f_gx ² ?keb ihevah\Zl_ev g_ijZ\bevgh bgl_jij_lbjm_l aZ^Z\Z_fu_ iZjZf_lju l _ hg ij_îheZ]Z _l qlh ^he`gZ \uihegylvky h^gZ hi_jZpby Z nZdlbq_kdb hkms_kl\eyxlky ^jm]b_ ^_ckl\by X X =eZ\Z ihke_ \uiheg_gby ihbkdZ g_ihkj_^kl\_ggh ba f_gx Imkd ihy\ey_lky kkuedZ BkdZlv \_a^_ iha\heyxsZy i_j_clb \ hdgh ihbkdZ ih \k_f bg^_dkbjh\Zgguf iZidZf ZgZeh]bqguc j_amevlZl ihemqZ_lky ijb gZ `Zlbb deZ\br :LQ!)! \ hdg_ iZjZf_ljh\ bg^_dkbjh\Zgby kf jbk bf__lky dghidZ IZm aZ iha\heyxsZy ijbhklZgh\blv jZ[hlm ih bg^_dkbjh\Zgbx nZceh\ b iZihd gZ fbgml 1 JBF?Q:GB? Ihkdhevdm \ khklZ\ kbkl_f :LQGRZV 6HUYHU m`_ \oh^bl iZd_l h[gh\e_gbc 6HUYLFH 3DFN \hafh`ghklb ihbkdZ \ wlbo kbkl_fZo hlebqZxlky hl l_o dhlhju_ bf_xlky \ klZg^Zjlghc UHOHDVH \_jkbb :LQGRZV 9LVWD <uiheg_gb_hi_jZpbcihbkdZ >ey aZimkdZ nmgdpbb ihbkdZ fh`gh gZ`Zlv deZ\brb :LQ!)! beb gZ`Zlv deZ \brm )! beb &WUO!)! \u[jZ\ iZidm \ hdg_ ijh]jZffu :LQGRZV ([SORUHU Ijh\h^gbd < i_j\hf kemqZ_ ihbkd \uihegy_lky \ bg^_dk_ ihkljh_gghf êy \k_o aZ^Zgguo iZihd ijbq_f bg^_dkbjh\Zgguc ihbkd kZfuc wnn_dlb\guc \h \lhjhf ² ihbkd hkms_kl\ey_lky lhevdh \ ij_^_eZo \u[jZgghc iZidb wlh fh`_l [ulv f_^ e_ggh _keb iZidZ g_ bg^_dkbjh\ZgZ Ijb ex[hf kihkh[_ \uah\Z hi_jZpbb \ ihy\eyxs_fky hdg_ gm`gh \\_klb kljhdm beb mkeh\b_ ihbkdZ \ klZg^Zjlghf ihe_ ihbkdZ \ ijZ\hf \_jog_f m]em Hi_jZpby ihbkdZ gZqbgZ_lky kjZam `_ ihke_ gZ`Zlby i_j\hc deZ\brb b j_amevlZl h[gh\ey _lky ijb \\h^_ dZ`^h]h ke_^mxs_]h kbf\heZ Ihemq_ggu_ j_amevlZlu fh`gh ijh kfZljb\Zlv \ lZ[ebp_ b nbevljh\Zlv \u[bjZy lbiu nZceh\ \k_ ihqlZ ^hdmf_glu b l i gZ iZg_eb ihbkdZ jbk Jbk Hipbb mijZ\e_gby ihbkdhf Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb K H<?L Ijb \uiheg_gbb ihbkdZ ih keh`ghfm djbl_jbx h[jZsZcl_ \gbfZgb_ gZ dhebq_ kl\h gZc^_gguo nZceh\ e_\uc gb`gbc m]he hdgZ j_amevlZlh\ ihbkdZ Wlh ih a\hebl ke_^blv aZ ijZ\bevghklvx nhjfbjh\Zgby kljhdb ihbkdZ b ihgbfZlv \eby_l eb baf_g_gb_ iZjZf_ljh\ ihbkdZ gZ ihemqZ_fu_ ijb wlhf j_amevlZlu gZijbf_j _keb \ gZr_f ijbf_j_ gZ jbk \ kljhd_ ihbkdZ \\_klb kljhdm beb beb `_ kljhdm \ dZ\uqdZo lh j_amevlZlu [m^ml ijbgpbibZevgh jZagufb K ihfhsvx dghidb KhojZgblv mkeh\by ihbkdZ bf_xs_cky gZ iZg_ eb aZ^Zq \ hdg_ ihbkdZ kf jbk kha^Z_lky ojZgbfuc aZijhk dhlhjuc fh`gh bkihevah\Zlv \ ^Zevg_cr_f \ qZklghklb êy kha^Zgby lZd gZau\Z_fuo \bjlmZev guo iZihd Jbk GZkljhcdZ h[sbo iZjZf_ljh\ ihbkdZ < f_gx dghidb Kj_^kl\Z ihbkdZ gZ iZg_eb aZ^Zq bf_xlky ^\_ dhfZgû êy gZkljhcdb iZjZf_ljh\ ihbkdZ DhfZg^Z IZjZf_lju ihbkdZ hldju\Z_l hdgh \ dhlhjhf hij_^_eyxlky h[sb_ iZjZf_lju ihbkdZ jbk A^_kv hq_gv \Z`gh ihgylv qlh \ bg^_dkbjh\Zgguo iZidZo bgnhjfZpby bs_lky ih =eZ\Z bf_gZf nZceh\ b bo kh^_j`bfhfm \dexqZy dexq_\u_ keh\Z < l_o iZidZo dhlh ju_ g_ \dexq_gu \ bg^_dk kh^_j`bfh_ nZceh\ g_ ijhkfZljb\Z_lky H[ wlhf ke_ ^m_l ihfgblv b g_ m^b\eylvky _keb dZdZylh bgnhjfZpby g_ gZoh^blky LZd`_ \b^ gh qlh ih mfheqZgbx g_ ijhkfZljb\Zxlky kbkl_fgu_ iZidb b Zjob\u jZkiheh`_ggu_ \ g_bg^_dkbjm_fuo iZidZo Dhgnb]mjbjh\Zgb_kem`[u:LQGRZV6HDUFK Ihke_ gZ`Zlby dghidb Baf_g_gb_ bg^_dkbjm_fuo f_kl \ hdg_ j_amevlZlh\ ihbkdZ kf jbk hldju\Z_lky hdgh iZjZf_ljh\ bg^_dkbjh\Z gby jbk \ dhlhjhf i_j_qbke_gu \k_ iZidb \dexq_ggu_ \ bg^_dk \ hklZev guo iZidZo ihbkd [m^_l \uihegylvky f_ê_ggh lhevdh ih bf_gZf nZceh\ Jbk IZjZf_lju bg^_dkbjh\Zgby ² kibkhd bg^_dkbjm_fuo iZihd Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb < hdg_ ihklhyggh hlh[jZ`Z_lky oh^ ijhp_kkZ bg^_dkZpbb nZceu fh]ml [ulv m`_ bg^_dkbjh\Zgu iheghklvx beb bg^_dkZpby fh`_l ijh^he`Zlvky H[uqgh bg^_dkZ pby \uihegy_lky ijb ijhklh_ b kgb`Z_lky dh]^Z ihevah\Zl_ev jZ[hlZ_l aZ fhgblh jhf DghidZ IZmaZ iha\hey_l ijbhklZgh\blv bg^_dkbjh\Zgb_ gZ fbgml 1 JBF?Q:GB? Hdgh bg^_dkbjm_fuo iZihd fh`gh hldjulv k iZg_eb mijZ\e_gby \u[jZ\ aZ^Zqm IZjZf_lju bg^_dkbjh\Zgby dZl_]hjby Kbkl_fZ b __ h[kem`b\Zgb_ LZd`_ ba wlh]h hdgZ fh`gh ihemqblv ^hklmi d gZkljhcdZf kem`[u :LQGRZV 6HDUFK Jbk Hdgh \u[hjZ bg^_dkbjm_fuo iZihd < GBF:GB? Ih mfheqZgbx kem`[Z :LQGRZV 6HDUFK k_j\bk :6HDUFK g_ aZims_gZ gZ wlh mdZau \Z_l khhl\_lkl\mxs__ khh[s_gb_ \ \_jog_c qZklb hdgZ iZjZf_ljh\ bg^_dkbjh\Zgby GZ]jmadm gZ kbkl_fm \ ijhp_kk_ bg^_dkbjh\Zgby g_keh`gh hp_gblv k ihfhsvx Kbkl_fgh]h fhgblhjZ 3HUIRUPDQFH 0RQLWRU kf ]eZ\m =eZ\Z >ey ih^]hlh\db kem`[u d jZ[hl_ gm`gh aZimklblv hkgZkldm >bk i_lq_j k_j\_jZ \ kibkd_ jhe_c \u[jZlv ma_e NZceh\u_ kem`[u b ^h[Z\blv kem`[m :LQGRZV 6HDUFK 6HUYLFH Kem`[Z ihbkdZ :LQGRZV Ijh]jZffZ fZkl_j ij_êh`bl \u[jZlv ^bkdh\u_ lhfZ dhlhju_ [m^ml bg^_dkbjh\Zlvky ² fh`gh kjZam mdZaZlv gm`gu_ lhfZ beb \uihegblv dhgnb]mjbjh\Zgb_ iha`_ kf ^Ze__ Ih mfheqZgbx bg^_dkbjmxlky lhevdh f_gx Imkd b iZidZ Ihevah\Zl_eb J_dhf_g^m_lky i_j_^ gZqZehf jZ[hlu k_j\_jZ \u[jZlv \k_ iZidb \ dhlhjuo [m^_l \uihegylvky ihbkd \dexqblv bo \ bg^_dk b ^h`^Zlvky aZ\_jr_gby hi_jZpbb Lh ]^Z fh`gh jZkkqblu\Zlv gZ lh qlh ihbkd \k_]^Z [m^_l mki_rguf Qlh[u jZkrbjblv kibkhd bg^_dkbjm_fuo iZihd gm`gh \ hdg_ iZjZf_ljh\ kf jbk gZ`Zlv dghidm Baf_gblv b \ ke_^mxs_f hdg_ jbk hlf_lblv neZ`dZfb \k_ gm`gu_ iZidb Kibkhd \k_o m`_ \u[jZgguo iZihd \b^_g \ gb`g_c qZklb hdgZ LZdhc lhqguc \u[hj h[eZklb ihbkdZ iha\hey_l khdjZlblv \j_fy hi_jZ pbb b \ lh `_ \j_fy h[_ki_qb\Z_l __ ]b[dhklv Ih mfheqZgbx nZce bg^_dkZ kha^Z_lky \ iZid_ &?3URJUDP'DWD?0LFURVRIW ?]h f_ klhiheh`_gb_ fh`gh baf_gblv gZ`Z\ dghidm >jm]b_ \ hdg_ ^hihegb l_evguo iZjZf_ljh\ fh`gh \uihegblv lhgdmx gZkljhcdm kem`[u :LQGRZV 6HDUFK Ihbkd fh`gh gZqbgZlv g_ ba ki_pbZevgh]h hdgZ hldjulh]h k ihfhsvx deZ\br :LQ!)! Z g_ihkj_^kl\_ggh ijb ijhkfhlj_ iZihd \ hdg_ ijh]jZffu :LQGRZV ([SORUHU Ijh\h^gbd dh]^Z g_dhlhjZy iZidZ \u[bjZ_lky gZ iZg_eb gZ\b]Zpbb b kljhdZ \\h^blky \ ihe_ ihbkdZ beb _keb ihke_ \u[hjZ iZidb gZ`bfZ_lky deZ\brZ )! < lZdbo kemqZyo ihy\ey_lky ij_^mij_`^_gb_ h aZf_ê_gbb ihbkdZ \ g_bg ^_dkbjm_fuo iZidZo Ihbkd \uihegy_lky f_ê_ggh oh^ ijhp_kkZ hlh[jZ`Z_lky \ \b^_ a_e_gh]h klhe[bdZ \ ihe_ Z^j_kZ ?keb s_edgmlv furvx ih kljhd_ ij_ ^mij_`^_gby h aZf_ê_gbb ihbkdZ lh ihy\blky f_gx \ dhlhjhf fh`gh \u[jZlv dhfZg^m \dexq_gby l_dms_c iZidb \ bg^_dk wlh dhg_qgh g_ hagZ qZ_l qlh ihbkd kjZam [m^_l [ukljuf ² gZ ihkljh_gb_ bg^_dkZ gm`gh \j_fy Ih wlhfm j_dhf_g^m_lky \k_ qZklh bkihevam_fu_ iZidb aZjZg__ \dexqZlv \ bg^_dk Ih hdhgqZgbb ihbkdZ \ dhgp_ j_amevlbjmxs_]h kibkdZ hlh[jZ`Z_lky iZg_ev jbk k dhlhjhc fh`gh aZimklblv ^hihegbl_evguc ihbkd ih kh^_j`bfhfm nZceh\ fu ihfgbf qlh \ g_bg^_dbjm_fuo iZidZo ihbkd \gmljb nZceh\ g_ \uihe gy_lky beb \dexqblv hipbx jZkrbj_ggh]h ihbkdZ Jbk >hihegbl_evgu_ \hafh`ghklb ihbkdZ \ g_bg^_dkbjm_fhc iZid_ < hdg_ jZkrbj_ggh]h ihbkdZ jbk fh`gh mdZau\Zlv lbi ijhkfZljb\Z_fuo nZceh\ aZ^Z\Zlv dexq_\u_ keh\Z b ^jm]b_ ^hihegbl_evgu_ djbl_jbb ihbkdZ Z Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb lZd`_ jZaj_rblv ihbkd \ g_bg^_dkbjh\Zgguo b kbkl_fguo nZceZo < wlhf kemqZ_ gm`gh kgZqZeZ \\_klb kljhdm ihbkdZ \u[jZlv \k_ iZjZf_lju Z ihlhf gZqZlv hi_ jZpbx gZ`Z\ dghidm GZclb Jbk Hdgh jZkrbj_ggh]h ihbkdZ 1 JBF?Q:GB? H[jZlbl_ \gbfZgb_ gZ lh qlh dghidZ JZkrbj_gguc ihbkd bf__lky b \ klZg^Zjlghf hdg_ ihbkdZ \ bg^_dkbjh\Zgguo iZidZo dhlhjh_ \uau \Z_lky ijb gZ`Zlbb deZ\br kf jbk Ihwlhfm ^hihegbl_evgu_ \hafh`ghklb ihbkdZ ^hklmigu \k_]^Z :LQ!)! IjZ\beZbijbf_juihbkdZ KlZg^Zjlgu_ \hafh`ghklb ihbkdZ \ kbkl_fZo :LQGRZV 9LVWD:LQGRZV 6HUYHU agZqbl_evgh jZkrbjbebkv ih kjZ\g_gbx k :LQGRZV ;3:LQGRZV 6HUYHU h^gZ dh êy lh]h qlh[u [ukljh ihemqZlv ijZ\bevgu_ b h`b^Z_fu_ j_amevlZlu g_h[ oh^bfh agZlv g_dhlhju_ ijZ\beZ \uiheg_gby ihbkdZ b dexq_\u_ keh\Z dhlhju_ ijb wlhf fh]ml bkihevah\Zlvky IjZ\beZ ihbkdZ jZkijhkljZgyxlky gZ \k_ kemqZb g_\Z`gh dZdbf kihkh[hf hi_jZpby ihbkdZ bgbpbbjm_lky JZkkfhljbf gZ ijbf_jZo nhjfZl kljhdb \\h^bfhc \ ihe_ ihbkdZ ]jZnbq_kdbc bgl_jn_ck êy hij_^_e_gby g_dhlhjuo iZjZf_ljh\ ihbkdZ gZijbf_j ih lbim ^hdmf_glh\ ih l_]Zf ih ^Zl_ beb jZaf_jm j_Zebah\Zg \ hdg_ jZkrbj_ggh]h ihbkdZ kf jbk Ih mfheqZgbx ihbkd hkms_kl\ey_lky \ bf_gZo nZceh\ bo kh^_j`bfhf b dexq_ \uo keh\Zo l_]Zo <\_^_ggu_ q_j_a ijh[_e keh\Z h[t_^bgyxlky eh]bq_kdhc hi_ jZpb_c B l _ \ gZc^_gguo nZceZo ^he`gu ijbkmlkl\h\Zlv \k_ keh\Z mdZaZggu_ \ kljhd_ ihbkdZ wlb keh\Z fh]ml \klj_qZlvky \ bf_gZo nZceh\ bo kh^_j`bfhf beb \ dexq_\uo keh\Zo GZijbf_j ijb \\h^_ kljhdb kljhqgu_ b ijh ² ² =eZ\Z ibkgu_ [md\u g_ jZaebqZxlky [m^ml gZc^_gu \k_ nZceu b ^hdmf_glu \ dhlhjuo bf__lky h^gh\j_f_ggh b keh\h b keh\h ?keb gm`gh bkdZlv dhg dj_lgmx kljhdm lh \k_ \oh^ysb_ keh\Z ke_^m_l aZdexqblv \ ^\hcgu_ dZ\uqdb gZ ijbf_j ?keb \ kljhd_ ihbkdZ \\_klb 25 h[yaZl_evgh aZ]eZ\gufb [md \Zfb lh [m^ml gZc^_gu \k_ nZceu kh^_j`Zsb_ i_j\h_ keh\h Z lZd`_ \k_ nZceu kh^_j`Zsb_ \lhjh_ keh\h l _ mdZaZggu_ keh\Z h[t_^bgyxlky eh]bq_kdhc hi_jZ pb_c BEB KljhdZ 127 h[yaZl_evgh aZ]eZ\gufb [md\Zfb iha\hebl gZclb nZceu kh^_j`Zsb_ keh\h :LQGRZV b g_ kh^_j`Zsb_ keh\h 6HUYHU >ey lh]h qlh[u dhgdj_lbabjh\Zlv h[eZklv ihbkdZ bkihevamxlky kem`_[gu_ keh\Z j_]bklj agZq_gby g_ bf__l \ kdh[dZo mdZaZg wd\b\Ze_gl êy jmkkdhyauqguo \_j kbc kbkl_fu X bfy ² êy ihbkdZ \ bf_gZo nZceh\ X jZkrbj_gb_ ² êy ihbkdZ \ jZkrbj_gbyo nZceh\ X dexq_\h_ keh\h ² êy ihbkdZ kj_^b dexq_\uo keh\ l_]h\ X baf_g_g ² êy ihbkdZ ih ^Zl_ baf_g_gby nZceZ X Z\lhj ² êy ihbkdZ nZceh\ kha^Zgguo ^Zgguf Z\lhjhf LZdbf h[jZahf kljhdZ iha\hebl gZclb \k_ nZceu \ dhlhjuo \klj_qZxlky mdZaZgguo keh\Z >ey ihbkdZ 03nZceh\ \ bf_gb dhlh juo kh^_j`blky keh\h 9LGHR ke_^m_l bkihevah\Zlv kljhdm Kem`_[gu_ keh\Z b kbf\heu eh]bq_kdbo hi_jZpbc fh`gh dhf[bgbjh\Zlv ihemqZy keh`gu_ mkeh\by ihbkdZ GZihfgbf qlh wlb mkeh\by fh`gh khojZgblv b \ihke_^ kl\bb h[jZsZlvky d gbf ih\lhjgh bf_gZo h[Z :m^blkh[ulbc\ehdZevghckbkl_f_ DXGLW ² :m^bl wlh ijhp_kk iha\heyxsbc nbdkbjh\Zlv g_djblbq_kdb_ kh[ulby ijhbkoh^ysb_ \ hi_jZpbhgghc kbkl_f_ b bf_xsb_ hlghr_gb_ d __ ih\_^_gbx \ i_j\mx hq_j_^v d [_ahiZkghklb gZijbf_j j_]bkljZpby \ kbkl_f_ beb ihiuldb kha^Zgby h[t_dlZ nZceh\hc kbkl_fu ihemq_gby d g_fm ^hklmiZ beb m^Ze_gby Fh gblhjbg] lZdbo kh[ulbc ihfbfh klZg^Zjlguo kh[ulbc j_]bkljbjmxsboky \ kbkl_fguo `mjgZeZo fh`_l [ulv \Z`_g êy ZgZebaZ baf_g_gbc \ khklhygbb kbk l_fu \ ijhp_kk_ __ wdkiemZlZpbb ² Ijb gZkljhcd_ Zm^blZ Z^fbgbkljZlhj kZf \u[bjZ_l dZdb_ kh[ulby ^he`gu hlke_ `b\Zlvky BgnhjfZpby h lZdbo kh[ulbyo [m^_l aZghkblvky \ h[uqguc hi_jZpbhgghc kbkl_fu DZ`^Zy aZibkv `mjgZeZ ojZgbl ^Zggu_ h lbi_ \u iheg_ggh]h ^_ckl\by ihevah\Zl_e_ \uihegb\r_f _]h Z lZd`_ h ^Zl_ b fhf_gl_ `mjgZe kh [ulbc Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb \j_f_gb \uiheg_gby ^Zggh]h ^_ckl\by Ihemq_ggmx \ j_amevlZl_ bgnhjfZpbx `mjgZe ;_ahiZkghklv fh`gh ijhkfZljb\Zlv k ihfhsvx ljZ^bpbhgghc hkgZkldb Ijhkfhlj kh[ulbc 6HFXULW\ :m^bl iha\hey_l hlke_`b\Zlv dZd mki_rgu_ lZd b g_m^Zqgu_ ihiuldb \uiheg_gby hij_^_e_ggh]h ^_ckl\by ihwlhfm ijb ijhkfhlj_ `mjgZeZ kh[ulbc fh`gh \uykgblv dlh ij_îjbgye ihiuldm \uiheg_gby g_jZaj_r_ggh]h _fm ^_ckl\by < aZ\bkbfhklb hl ihklZ\e_gghc aZ^Zqb gZkljhcdZ Zm^blZ fh`_l \uihegylvky dZd \ h^bg lZd b \ ^\Z ijb_fZ EhdZevgZy iheblbdZ [_ahiZkghklb beb KgZqZeZ Zm^bl ke_^m_l Zdlb\babjh\Zlv k ihfhsvx hkgZklhd J_^Zdlhj h[t_dlh\ ]jmiih\hc iheblbdb Ohly \ kbkl_fZo :LQGRZV 6HUYHU Zm^bl ih mfheqZgbx \udexq_g \ `mjgZe_ [_ahiZkghklb \k_ jZ\gh j_]bkl jbjm_lky fgh]h kh[ulbc Ijb wlhf g_h[oh^bfh hij_^_eblv gZ[hj lbi hlke_ `b\Z_fuo kh[ulbc Wlh fh]ml [ulv gZijbf_j \oh^ b \uoh^ ba kbkl_fu ih iuldb ihemqblv ^hklmi d h[t_dlZf nZceh\hc kbkl_fu b l ^ >ey fgh]bo kh[ulbc ^hklZlhqgh h^ghc wlhc hi_jZpbb Zdlb\baZpbb Zm^blZ b bo j_]bkljZpby \ `mjgZe_ gZqbgZ_lky g_f_ê_ggh GZ \lhjhf rZ]_ ke_^m_l mdZaZlv dZdb_ dhgdj_lgh h[t_dlu g_h[oh^bfh ih^\_j] gmlv Zm^blm b êy dZdbo ]jmii beb ihevah\Zl_e_c hg [m^_l hkms_kl\eylvky WlZ hi_jZpby \uihegy_lky \ hdg_ k\hckl\ wlbo h[t_dlh\ ]^_ aZ^Zxlky jZaj_r_gby gZ ^hklmi êy wlh]h j_^Zdlbjmxlky lZd gZau\Z_fu_ $FFHVV &RQWURO /LVW $&/ ² >ey jZaguo h[t_dlh\ ² nZceh\ j__kljZ beb h[t_dlh\ dZlZeh]Z $FWLYH 'LUHFWRU\ ² bkihevam_fuc ijb wlhf ihev ah\Zl_evkdbc bgl_jn_ck [m^_l jZaebqZlvky gh g_kms_kl\_ggh kbkl_fguo kibkdb mijZ\e_gby ^hklm ihf kf ^Ze__ <dexq_gb_Zm^blZ ² qe_g_ jZ AZimklbl_ hkgZkldm EhdZevgZy iheblbdZ [_ahiZkghklb Fh`gh lZd`_ \hkihevah\Zlvky hkgZkldhc J_^Zdlhj h[t_dlh\ ]jmiih\hc iheblbdb GZ iZg_eb kljmdlmju hldjhcl_ ma_e EhdZevgu_ ih eblbdb _ IheblbdZ Zm^blZ jbk GZ ijZ\hc iZg_eb hlh[jZ`Z_lky kibkhd bf_xsboky iheblbd Zm^blZ <uihegbl_ ^\hcghc s_eqhd gZ bf_gb baf_gy_fhc iheblbdb Zm^blZ ² ihy\blky ^bZeh]h\h_ hdgh k ihfhsvx dhlhjh]h fh`gh jZaj_rblv beb aZij_lblv Zm^bl kf jbk < ]jmii_ <_klb Zm^bl ke_^mxsbo ihiulhd ^hklmiZ mklZ gh\bl_ neZ`db Mki_o beb ! HldZa beb h[Z GZ`fbl_ dghidm " >ey Zdlb\baZpbb Zm^blZ gZ Z\lhghfghf dhfivxl_j_ beb dhfivxl_j_ [hq_c ]jmiiu \uihegbl_ ke_^mxsb_ ^_ckl\by =eZ\Z Ih^h[gmx hi_jZpbx ke_^m_l ih\lhjblv êy l_o iheblbd Zm^blZ dhlhju_ lj_[m_lky Zdlb\babjh\Zlv >ey lh]h qlh[u hldexqblv Zm^bl neZ`db Mki_o b ! HldZa ke_^m_l kgylv *32 Hi_jZpby \dexq_gby Zm^blZ êy dhfivxl_jh\ \oh^ysbo \ ^hf_g [m^_l ZgZeh]bq ghc lhevdh gm`gh [m^_l kgZqZeZ \u[jZlv h[t_dl ]jmiih\uo iheblbd k\y aZgguc k ^hf_ghf beb hj]ZgbaZpbhgguf ih^jZa^_e_gb_f ² 28 Jbk GZkljhcdZ iheblbd Zm^blZ gZ ehdZevghf dhfivxl_j_ GZkljhcdZbijhkfhljiZjZf_ljh\Zm^blZ êyiZihdbnZceh\ < hdg_ ijh]jZffu :LQGRZV ([SORUHU >ey lh]h qlh[u gZkljhblv ijhkfhlj_lv beb baf_gblv iZjZf_lju Zm^blZ nZceh\ b iZihd lj_[mxlky ke_^mxsb_ ^_ckl\by Ijh\h^gbd \u[_jbl_ nZce beb iZidm hldjhcl_ hdgh k\hckl\ b i_j_c^bl_ gZ \deZ^dm ;_ahiZkghklv Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb ² Ijb ^h[Z\e_gbb aZibk_c êy dhlhjuo [m^_l \_klbkv Zm^bl ihy\ey_lky klZg ^Zjlgh_ hdgh \u[hjZ mq_lguo aZibk_c ² \u[_jbl_ gm`gmx aZibkv b gZ`fbl_ dghidm " Hldjh_lky hdgh We_f_gl Zm^blZ jbk ]^_ gm`gh mklZgh\blv \k_ lj_[m_fu_ iZjZf_lju Zm^blZ êy mdZaZgghc aZibkb < kibkd_ Ijbf_gylv mdZ`bl_ ]^_ bf_ggh ke_^m_l \uihegylv Zm^bl wlh ihe_ \\h^Z ^hklmigh lhevdh êy iZihd GZ iZg_eb >hklmi mdZ`b l_ dZdb_ kh[ulby gm`gh hlke_`b\Zlv hdhgqb\rb_ky mki_rgh # Mki_o g_m^Zqgh ! HldZa beb h[Z lbiZ kh[ulbc NeZ`hd $ Ijbf_ gylv wlhl Zm^bl d h[t_dlZf b dhgl_cg_jZf lhevdh \gmljb wlh]h dhgl_cg_jZ hij_^_ey_l gm`gh eb jZkijhkljZgylv \\_^_ggu_ gZkljhcdb Zm^blZ gZ nZceu b iZidb gZoh^ysb_ky lhevdh \ \u[jZgghc iZid_ g_ ]em[`_ GZ \deZ^d_ ;_ahiZkghklv gZ`fbl_ dghidm >hihegbl_evgh Z aZl_f hldjhcl_ \deZ^dm :m^bl H[uqgh wlZ \deZ^dZ imklZ ?keb gm`gh ijh\h^blv \dexqblv Zm^bl êy ihevah\Zl_ey beb ]jmiiu gZ`fbl_ dghidm Baf_gblv Z \ hldju\r_fky hdg_ jbk dghidm >h[Z\blv Jbk Hij_^_e_gb_ mq_lguo aZibk_c b hi_jZpbc êy dhlhjuo [m^_l \uihegylvky Zm^bl êy \u[jZgghc iZidb =eZ\Z Jbk Hij_^_e_gb_ kh[ulbc Zm^bl dhlhjuo [m^_l \_klbkv êy \u[jZgguo mq_lguo aZibk_c ihevah\Zl_e_c beb ]jmii Ih mfheqZgbx Zm^bl [m^_l jZkijhkljZgylvky gZ \k_ \eh`_ggu_ h[t_dlu < ijhlb\ghf kemqZ_ mklZgh\bl_ wlhl neZ`hd beb \u[_jbl_ \ kibkd_ Ijbf_gylv hipbx % # Lhevdh êy wlhc iZidb Wlh iha\hebl g_ \uihegylv Zm^bl êy l_o \eh`_gguo h[t_dlh\ nZceh\hc kbkl_fu dhlhju_ g_ ij_^klZ\eyxl bgl_j_kZ Ihke_ aZ\_jr_gby gZkljhcdb Zm^blZ êy iZidb beb nZceZ gZ`fbl_ g_kdhevdh jZa dghidm " qlh[u aZdjulv \k_ ^bZeh]h\u_ hdgZ Ihke_ \k_o \uiheg_gguo ^_ckl\bc \k_ kh[ulby ^hklmiZ d \u[jZgguf h[t_dlZf nZceh\hc kbkl_fu [m^ml j_]bkljbjh\Zlvky \ `mjgZe_ [_ahiZkghklb êy dhlhjh ]h emqr_ kha^Zlv gZkljZb\Z_fh_ ij_^klZ\e_gb_ nbevljmxs__ gm`gu_ kh[ulby !kf jZa^ NbevljZpby kh[ulbc ]eZ\u "# Hldexq_gb_Zm^blZêy\u[jZgguoh[t_dlh\ Qlh[u hldexqblv Zm^bl êy nZceZ beb iZidb ^hklZlhqgh m^Zeblv \k_ aZibkb Zm^b lZ \ hdg_ ^hihegbl_evguo iZjZf_ljh\ wlh]h h[t_dlZ kf jbk ?keb dghidZ Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb & M^Zeblv g_^hklmigZ wlh agZqbl qlh gZkljhcdb Zm^blZ gZke_^mxlky hl jh^bl_evkdhc iZidb b gm`gh f_gylv b_jZjobx gZke_^h\Zgby l _ baf_gylv iZjZ f_lju Zm^blZ jh^bl_evkdbo h[t_dlh\ M^Ze_ggucZ^fbgbkljZlb\guc^hklmi ddhfivxl_jm Nmgdpby $ % M^Ze_gguc jZ[hqbc klhe j_Zebam_lky gZ hkgh\_ kem`[ l_jfbgZeh\ b iha\hey_l ih^dexqZlvky d kbkl_f_ k ex[h]h m^Z e_ggh]h dhfivxl_jZ beb l_jfbgZeZ b jZ[hlZlv dZd gZ ehdZevghc dhgkh eb >ey \_jkbc wlZ nmgdpby y\ey_lky h^gbf ba \Z`g_crbo kj_^kl\ Z^fbgbkljbjh\Zgby Ih khh[jZ`_gbyf [_ahiZkghklb m^Ze_gguc ^hklmi ih mfheqZgbx \udexq_g 7HUPLQDO 6HUYLFHV :LQGRZV :LQGRZV 6HUYHU &RUH Jbk Hdgh mijZ\e_gby m^Ze_gguf ^hklmihf :LQGRZV 6HUYHU khojZg_gh _s_ h^gh kj_^kl\h k ihoh`bfb \ha &' M^Ze_gguc ihfhsgbd K _]h ihfh < kbkl_fZo fh`ghklyfb gZau\Z_fh_ =eZ\Z svx ihevah\Zl_ev dhfivxl_jZ fh`_l êy ihemq_gby dhgkmevlZpbb h[jZlblvky k ijb]eZr_gb_f d m^Ze_gghfm ihevah\Zl_ex Z^fbgbkljZlhjm jZ[hlgbdm kem`[u ih^^_j`db beb ijhklh hiulghfm ki_pbZebklm b ij_^hklZ\blv \hafh`ghklv ^hklm iZ d k\h_fm dhfivxl_jm Ih mfheqZgbx m^Ze_gguc ihevah\Zl_ev fh`_l lhevdh \b^_lv jZ[hqbc klhe dhfivxl_jZ gh ijb g_h[oh^bfhklb b h[hx^ghf kh]eZkbb fh`gh ^Zlv ijZ\h mijZ\e_gby dhfivxl_jhf ijb wlhf h[Z ihevah\Zl_ey [m^ml nZd lbq_kdb h^gh\j_f_ggh jZ[hlZlv \ kbkl_f_ >ey \dexq_gby j_`bfZ Z^fbgbkljZlb\gh]h m^Ze_ggh]h ^hklmiZ bkihevam_lky \deZ^dZ & M^Ze_ggh_ bkihevah\Zgb_ hdgZ K\hckl\Z kbk l_fu jbk >ey [ukljh]h ^hklmiZ d wlhfm hdgm gZ`fbl_ deZ\brb Z \ hldju\r_fky hdg_ kf jbk s_edgbl_ ih kkued_ & GZkljhcdZ m^Ze_ggh]h ^hklmiZ GZ jbkmgd_ ihdZaZgu mklZgh\db aZ^Zggu_ ih mfheqZgbx H[jZlbl_ \gbfZgb_ gZ lh qlh neZ`hd & M^Ze_gguc ihfhsgbd \hh[s_ g_^hklmi_g :LQ!3DXVH%UHDN! >ey lh]h qlh[u ihevah\Zl_eb k ^jm]bo dhfivxl_jh\ kfh]eb h[jZlblvky d ehdZevghc kbkl_f_ mklZgh\bl_ neZ`hd # RI 5HPRWH 'HVNWRS JZaj_rblv ih^dexq_gb_ hl dhfivxl_jh\ k ex[hc \_jkb_c m^Z e_ggh]h jZ[hq_]h klheZ Ke_^mxsZy hipby $OORZ FRQQHFWLRQV RQO\ IURP FRPSXWHUV UXQQLQJ 5HPRWH 'HVNWRS ZLWK 1HWZRUN /HYHO $XWKHQWLFDWLRQ jZaj_rZ_l ih^dexq_ gb_ lhevdh hl l_o dhfivxl_jh\ gZ dhlhjuo bkihevam_lky f_lh^ k_l_\hc Zml_glbnb dZpbb 1/$ iha\heyxsbc ih\ukblv aZsbs_gghklv m^Ze_ggh]h kh_^bg_gby Wlhl f_lh^ bkihevam_lky \ :LQGRZV 9LVWD b :LQGRZV 6HUYHU ijb mklZgh\d_ iZd_lh\ h[gh\e_gby _]h fh`gh ijbf_gylv b gZ ij_û^msbo \_jkbyo :LQGRZV Ihke_ \dexq_gby m^Ze_ggh]h ^hklmiZ d jZ[hq_fm klhem gZ wdjZg_ ihy\ey_lky kh h[s_gb_ h lhf qlh gZkljhcdb \kljh_ggh]h [jZg^fZmwjZ :LQGRZV [ueb Z\lhfZlb q_kdb baf_g_gu b jZaj_r_gu bkdexq_gby êy ijh]jZffu 5HPRWH 'HVNWRS L_i_jv gZ`Z\ dghidm 6HOHFW 8VHUV <u[jZlv ihevah\Zl_e_c fh`gh y\gh mdZaZlv dZdbf ihevah\Zl_eyf jZaj_r_g m^Ze_gguc ^hklmi d dhfivxl_jm wlb ihevah\Zl_eb Z\lhfZlbq_kdb [m^ml \dexq_gu \ ]jmiim 5HPRWH 'HVNWRS 8VHUV Ihevah\Zl_eb m^Z e_ggh]h jZ[hq_]h klheZ Ih mfheqZgbx ^hklmi d dhfivxl_jm bf_xl lhevdh Z^fbgbkljZlhju >ey bgbpbZebaZpbb k_ZgkZ m^Ze_ggh]h ^hklmiZ kem`bl mlbeblZ Ih^dexq_gb_ d m^Ze_gghfm jZ[hq_fm klhem hgZ aZimkdZ_lky ba f_gx 6WDUW _ $OO 3URJUDPV _ $FFHVVRULHV Imkd _ <k_ ijh]jZffu _ KlZg^Zjlgu_ Qlh[u bgbpbbjh\Zlv kh_^bg_gb_ k m^Ze_gguf dhfivxl_jhf ^hklZlhqgh \\_klb _]h bfy beb ,3Z^j_k b gZ`Zlv dghidm &RQQHFW Ih^dexqblv 1 JBF?Q:GB? >ey aZimkdZ mlbeblu 5HPRWH 'HVNWRS &RQQHFWLRQ Ih^dexq_gb_ d m^Ze_gghfm jZ [hq_fm klhem ba hdgZ dhfZg^ghc kljhdb bkihevam_lky dhfZg^Z 2898. ?_ iZjZ f_lju fh`gh m\b^_lv aZimklb\ k dexqhf Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb H[uqgh ijb h[jZs_gbb d m^Ze_gghfm dhfivxl_jm ihy\ey_lky ij_^mij_`^_gb_ h lhf qlh ^Zggh_ ih^dexq_gb_ g_ ijhreh iheghc ijh\_jdb gZ [_ahiZkghklv b wlh khh[s_gb_ [m^_l ihy\eylvky dZ`ûc jZa ihdZ g_ [m^_l mklZgh\e_g neZ`hd 'RQ W DVN PH DJDLQ IRU UHPRWH FRQQHFWLRQV WR WKLV FRPSXWHU G_ \u\h^blv ^Zggh_ ij_^m ij_`^_gb_ êy ih^dexq_gbc d wlhfm m^Ze_gghfm dhfivxl_jm beb g_ [m^ml j_Zeb ah\Zgu ^hihegbl_evgu_ kj_^kl\Z b^_glbnbdZpbb dhfivxl_jh\ ?keb ih^dexq_gb_ \uihegy_lky d ba\_klghfm dhfivxl_jm b ^_ckl\b_ bgbpbbjh\Zgh kZfbf ihevah\Z l_e_f lh fh`gh kf_eh gZ`bfZlv dghidm &RQQHFW Ih^dexqblv GZ ke_^mxs_f rZ]_ lj_[m_lky mdZaZlv bfy b iZjhev mq_lghc aZibkb dhlhjZy [m ^_l bkihevah\Zlvky êy j_]bkljZpbb gZ m^Ze_gghf dhfivxl_j_ Ijb mklZgh\d_ neZ`dZ 5HPHPEHU P\ FUHGHQWLDO AZihfgblv fhb mq_lgu_ ^Zggu_ \\_^_ggu_ ^Zg gu_ khojZgyxlky b bkihevamxlky ijb ih\lhjguo ih^dexq_gbyo d \u[jZgghfm dhfivxl_jm ?keb \uihegy_lky ih^dexq_gb_ d dhfivxl_jm jZ[hlZxs_fm ih^ mijZ\e_gb_f hi_jZpbhgghc kbkl_fu feZ^r_ q_f :LQGRZV 9LVWD lh iZjZf_lju mq_lghc aZibkb \\h^ylky \ hdg_ j_]bkljZpbb \ m^Ze_gghc kbkl_f_ Jbk Hij_^_e_gb_ iZjZf_ljh\ hdgZ bkihevam_fh]h \ k_Zgk_ m^Ze_ggh]h ^hklmiZ =eZ\Z Ih mfheqZgbx kbkl_fu :LQGRZV 6HUYHU iulZxlky bkihevah\Zlv 1/$ Zml_glbnbdZpbx ?keb wlh g_ m^Z_lky lh fh`_l ihy\blvky khh[s_gb_ h g_\hafh` ghklb ijh\_jdb m^Ze_gghc kbkl_fu ?keb l_dmsbc mjh\_gv [_ahiZkghklb ijhlhdh eZ 5'3 ijb_fe_f êy jZ[hlu lh ih^dexq_gb_ fh`gh ijh^he`blv Kihkh[ ijh \_jdb Zml_glbnbdZpbb fh`gh aZ^Zlv \ hdg_ iZjZf_ljh\ mlbeblu 5HPRWH 'HVNWRS &RQQHFWLRQ M^Ze_ggh_ ih^dexq_gb_ d jZ[hq_fm klhem ² kf gb`_ ?keb \k_ iZ jZf_lju aZ^Zgu ijZ\bevgh lh ihy\blky hdgh j_]bkljZpbb \ kbkl_f_ beb kjZam jZ [hqbc klhe m^Ze_ggh]h dhfivxl_jZ _keb mq_lgZy aZibkv b iZjhev [ueb mdZaZgu aZjZg__ >ey gZkljhcdb iZjZf_ljh\ kh_^bg_gby \ hdg_ M^Z e_ggh_ ih^dexq_gb_ d jZ[hq_fm klhem gZ`fbl_ dghidm IZjZf_lju GZ \deZ^d_ H[sb_ fh`gh \\_klb bfy mq_lghc aZibkb b khojZgblv iZjZf_l ju \ nZce_ gZ \deZ^d_ WdjZg mklZgZ\eb\Zxlky jZaf_j wdjZgZ b ]em[bgZ p\_lZ ^h [bl jbk gZ \deZ^d_ >hihegbl_evgh aZ^Z_lky kdh jhklv ih^dexq_gby b l ^ Ke_^m_l hkh[h h[jZlblv \gbfZgb_ gZ \deZ^dm EhdZevgu_ j_kmj ku jbk a^_kv fh`gh mdZaZlv dZdb_ ehdZevgu_ ^bkdb beb ^jm]b_ j_kmjku gZijbf_j ijbgl_ju [m^ml bkihevah\Zlvky ijb jZ[hl_ gZ m^Ze_gghf dhfivxl_j_ Jbk IZjZf_lju bkihevah\Zgby ehdZevguo j_kmjkh\ \ k_Zgk_ m^Ze_ggh]h ^hklmiZ Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb Ihke_ \uiheg_gby ih^dexq_gby g_dhlhju_ ehdZevgu_ j_kmjku fh]ml [ulv ^h klmigu ijb jZ[hl_ gZ m^Ze_gghf dhfivxl_j_ ² \ ihdZaZgghf ijbf_j_ jZaj_r_g ^hklmi d g_dhlhjuf ehdZevgufb ^bkdZf ijbgl_jm b [mn_jm h[f_gZ Kbkl_fgu_ a\mdh\u_ kb]gZeu k m^Ze_ggh]h dhfivxl_jZ ih mfheqZgbx i_j_gZagZqZxlky gZ ehdZevguc dhfivxl_j ?keb jZaj_rblv ih^dexq_gb_ ehdZevguo ^bkdh\ lh \ hdg_ ijh]jZffu :LQGRZV ([SORUHU Ijh\h^gbd gZ m^Ze_gghf dhfivxl_j_ h^gh\j_f_g gh [m^ml hlh[jZ`Zlvky ^bkdb h[hbo dhfivxl_jh\ qlh hq_gv m^h[gh gZijbf_j êy \uiheg_gby hi_jZpbc dhibjh\Zgby nZceh\ KhojZg_gb_bbaf_g_gb_iZjZf_ljh\ih^dexq_gby IZjZf_lju l_dms_]h ih^dexq_gby fh`gh khojZgblv \ 5'3nZce_ khhl\_lkl \mxsb_ dhfZgû bf_xlky \ hdg_ iZjZf_ljh\ gZ \deZ^d_ H[sb_ ² kgZqZeZ gm`gh \uihegblv dhfZg^m KhojZgblv dZd Z ihlhf ^hklZlhqgh h[uqghc dhfZgû khojZg_gby b bkihevah\Zlv \ ^Zevg_cr_f êy [ukljh]h ih^ dexq_gby d dhgdj_lghfm dhfivxl_jm >ey j_^Zdlbjh\Zgby khojZg_gguo iZjZ f_ljh\ ih^dexq_gby \u[_jbl_ nZce beb agZqhd s_edgbl_ ijZ\hc dghidhc furb b \ dhgl_dklghf f_gx \uihegbl_ dhfZg^m Baf_gblv ² ihy\blky hdgh gZ kljh_d kf jbk H^gh\j_f_ggh_ih^dexq_gb_dh^ghfmdhfivxl_jm < kbkl_fZo :LQGRZV 6HUYHU h^gh\j_f_ggh Zdlb\gufb fh]ml [ulv ^\Z ih^ dexq_gby d jZ[hq_fm klhem ijb wlhf kqblZxlky ehdZevgu_ ih^dexq_gby b ih^ dexq_gby k bkihevah\Zgb_f nmgdpbb 5HPRWH 'HVNWRS M^Ze_gguc jZ[hqbc klhe LZdbf h[jZahf h^gh\j_f_ggh \ kbkl_f_ fh]ml jZ[hlZlv ^\Z m^Ze_gguo ihevah\Z l_ey beb h^bg ehdZevguc b h^bg m^Ze_gguc Ebrgb_ ihevah\Zl_eb [m^ml \u lZedb\Zlvky ba kbkl_fu ² k_Zgk m^Ze_ggh]h ihevah\Zl_ey [m^_l hldexqZlvky Z ehdZevguc ihevah\Zl_ev m\b^bl wdjZg j_]bkljZpbb \ kbkl_f_ Ijb wlhf \ky jZ[hqZy kj_^Z ² aZims_ggu_ ijbeh`_gby b hldjulu_ hdgZ ² [m^_l khojZgylvky ^h ihke_ ^mxs_]h \oh^Z \ kbkl_fm Wlh gm`gh bf_lv \ \b^m dZd \ ijhp_kk_ jZ[hlu lZd b ijb \udexq_gbb dhfivxl_jZ ?keb ijb ihiuld_ ih^dexq_gby m^Ze_ggh]h ihevah\Zl_ey gZ dhfivxl_j_ m`_ aZj_]bkljbjh\Zgu ^\Z ^jm]bo ihevah\Zl_ey b \hagbdZ_l dhgnebdl lh ihevah\Zl_ev \oh^ysbc \ kbkl_fm fh`_l \u[jZlv mq_lgmx aZibkv dhlhjZy ^he`gZ [ulv hldex q_gZ ² êy wlh]h gm`gh k^_eZlv \u[hj \ ki_pbZevghf hdg_ jbk HldexqZ_ fuc ihevah\Zl_ev gZ k\h_f wdjZg_ m\b^bl khh[s_gb_ h ihiuld_ m^Ze_ggh]h ih^dexq_gby d ehdZevghfm dhfivxl_jm < wlhf kemqZ_ hg fh`_l kjZam ij_djZlblv jZ[hlm _]h ijh]jZffu b hdgZ aZljZ]b\Zlvky g_ [m^ml b hklZgmlky \ l_dms_f kh klhygbb ^h ke_^mxs_]h ih^dexq_gby eb[h `_ hg fh`_l hldehgblv aZijhk gZ ih^ dexq_gb_ gZ`Z\ dghidm Hlf_gZ =eZ\Z Jbk AZijhk gZ hldexq_gb_ aZj_]bkljbjh\Zggh]h ihevah\Zl_ey \ kemqZ_ dhgnebdlh\ Hldexq_gb_hlk_ZgkZ bmijZ\e_gb_m^Ze_ggufdhfivxl_jhf M^Ze_gguc ihevah\Zl_ev ih^dexqb\rbkv d dhfivxl_jm fh`_l \uclb ba kbkl_fu dhfZg^Z b aZdhgqblv jZ[hlm \ g_c Z fh`_l \j_f_ggh hldexqblvky hl k_Zg kZ hklZ\b\ jZ[hlZxsb_ ijbeh`_gby b hldjulu_ hdgZ d dhlhjuf hg kfh`_l \_j gmlvky ijb ke_^mxs_f ih^dexq_gbb LZd`_ ijb gZebqbb Z^fbgbkljZlb\guo ihe ghfhqbc ihevah\Zl_ev fh`_l m^Ze_ggh i_j_aZ]jmablv dhfivxl_j beb \udexqblv _]h Bgl_jn_ck \k_o i_j_qbke_gguo dhfZg^ aZ\bkbl hl m^Z e_gghc hi_jZpbhgghc kbkl_fu b g_kdhevdh hlebqZ_lky êy jZaguo \_jkbc :LQGRZV Jbk F_gx dhfZg^ mijZ\e_gby dhfivxl_jhf ijb m^Ze_gghf ^hklmi_ d :LQGRZV 6HUYHU Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb GZ jbk ihdZaZgh f_gx Imkd m^Ze_gghc kbkl_fu :LQGRZV 6HUYHU <k_ dhfZgû djhf_ hldexq_gby k_ZgkZ ijbkmlkl\mxl \ f_gx bo lZd`_ fh`gh \b^_lv \ hdg_ [_ahiZkghklb \ dhlhjh_ fh`gh ihiZklv gZ`Z\ dghidm ! ;_ahiZkghklv :LQGRZV Qlh[u \j_f_ggh hldexqblvky hl k_ZgkZ gm`gh ijhklh aZdjulv hdgh m^Ze_ggh]h jZ[hq_]h klheZ s_edgm\ ih khhl\_lkl\mxs_c dghid_ \ _]h ijZ\hf \_jog_f m]em b ih^l\_j^b\ hi_jZpbx ijb wlhf \k_ ijbeh`_ gby b hdgZ hklZgmlky \ jZ[hq_f khklhygbb >ey kjZ\g_gby ihdZ`_f ih^dexq_gby d m^Ze_gghc kbkl_f_ :LQGRZV ;3 Dghidb dhfZg^ \uoh^Z ba kbkl_fu b hldexq_gby k_ZgkZ ijbkmlkl\mxl \ f_gx Imkd jbk Z ^hklmi d dhfZg^Zf i_j_aZ]jmadb beb \udexq_gby dhfivxl_jZ fh`gh ihemqblv lhevdh gZ`Z\ dghidm ;_ahiZkghklv ! Jbk We_f_glu mijZ\e_gby k_Zgkh\ m^Ze_ggh]h ^hklmiZ \ :LQGRZV ;3 <dexq_gb_nmgdpbb5HPRWH'HVNWRS badhfZg^ghckljhdb >ey \dexq_gby m^Ze_ggh]h ^hklmiZ \ \_jkbyo :LQGRZV 6HUYHU &RUH b +\SHU9 6HUYHU fh`gh bkihevah\Zlv mlbeblm 5HJ(GLWH[H b g_ihkj_^kl\_ggh j_^Zdlbjh \Zlv iZjZf_lju j__kljZ beb `_ \hkihevah\Zlvky bf_xsbfbky ki_pbZevgufb kp_gZjbyfb JZaj_r_gb_ beb aZij_l gZ jZ[hlm nmgdpbb 5HPRWH 'HVNWRS M^Ze_gguc jZ[hqbc klhe hij_^_ey_lky \ kbkl_fghf j__klj_ iZjZf_ljhf ':25' dhlhjuc gZoh^blky \ jZa^_e_ =eZ\Z >ey baf_g_gby wlh]h iZjZf_ljZ \ \_jkbyo :LQGRZV 6HUYHU &RUH bkihevam_lky ke_ ^mxsZy dhfZg^Z agZq_gb_ jZaj_rZ_l m^Ze_gguc ^hklmi ² aZij_sZ_l Mjh\_gv [_ahiZkghklb ih^dexq_gby ² [_ahiZkguc PRUH VHFXUH beb g_[_ahiZkguc OHVV VHFXUH kf jbk ² hij_^_ey_lky iZjZf_ljhf 8VHU$XWKHQWLFDWLRQ ojZ gysbfky \ jZa^_e_ +.(<B/2&$/B0$&+,1(?6<67(0?&XUUHQW&RQWURO6HW?&RQWURO? 7HUPLQDO 6HUYHU?:LQ6WDWLRQV?5'37FS Wlh agZq_gb_ fh`gh hij_^_eblv k ihfh svx j_^ZdlhjZ j__kljZ beb ihkj_^kl\hf dhfZgû FVFULSW VFUHJHGLWZVI FV khhl\_lkl\m_l g_[_ahiZkguf ih^dexq_gbyf ² [_ahiZkguf < kbkl_f_ +\SHU9 6HUYHU êy \uiheg_gby hibkZgguo hi_jZpbc ijbf_gy_lky klZg ^Zjlguc kp_gZjbc mijZ\e_gby +9&RQILJFPG kf ]eZ\m ]^_ bf__lky khhl\_lkl \mxsZy hipby ² 5HPRWH 'HVNWRS < GBF:GB? Ijb jZaj_r_gbb m^Ze_gguo ih^dexq_gbc d jZ[hq_fm klhem g_h[oh^bfh lZd`_ jZaj_rblv khhl\_lkl\mxsb_ ijZ\beZ ]jmiiZ 5HPRWH 'HVNWRS êy \kljh_ggh]h [jZg^fZmwjZ :LQGRZV kf ]eZ\m IeZgbjh\Zgb_aZ^Zgbc \uihegyxsbokyihjZkibkZgbx < kbkl_fZo :LQGRZV 6HUYHU dZiblZevgh h[gh\e_gu ^\Z hkgh\guo kj_^kl\Z ieZgbjh\Zgby aZ^Zq Z\lhghfgZy hkgZkldZ 7DVN 6FKHGXOHU IeZgbjh\sbd aZ^Zgbc b mlbeblZ dhfZg^ghc kljhdb 6FKWDVNVH[H K bo ihfhsvx fh`gh khklZ\eylv jZkib kZgb_ êy aZimkdZ dhfZg^guo nZceh\ ijbdeZ^guo ijh]jZff beb jZaebqguo mlb ebl êy h[kem`b\Zgby kbkl_fu <hafh`gu keh`gu_ jZkibkZgby êy aZimkdZ b hk lZgh\Z aZ^Zq ijb\yaZggu_ dZd dh \j_f_gb lZd b d kbkl_fguf kh[ulbyf h^gh\j_f_ggh fh]ml aZimkdZlvky g_kdhevdh ijh]jZff b \hafh`gu jZaebqgu_ ^_c kl\by ih bo aZ\_jr_gbx >ey aZimkdZ ijh]jZff kms_kl\mxl jZaebqgu_ j_]eZf_glu h^ghdjZlgh _`_^g_\ gh _`_g_^_evgh beb _`_f_kyqgh \ aZ^Zggu_ ^gb ijb aZ]jmad_ kbkl_fu beb j_ ]bkljZpbb \ g_c Z lZd`_ ijb [_a^_ckl\bb kbkl_fu LGOH VWDWH IeZgbjh\sbd ih a\hey_l aZ^Z\Zlv ^hklZlhqgh keh`gh_ jZkibkZgb_ êy \uiheg_gby aZ^Zgbc \ dhlhjhf aZ^Zxlky ijh^he`bl_evghklv aZ^Zgby \j_fy _]h hdhgqZgby dhebq_kl\h ih\lhjh\ b l i H[jZlbl_ \gbfZgb_ gZ gZa\Zgb_ iZjZf_ljZ ]^_ nb]mjbjm_l keh\h aZij_l agZq_gb_ hij_^_ey_l jZaj_r_gb_ hi_jZpbb ² ihwlhfm bf_ggh Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb K H<?L MlbeblZ 6FKWDVNV aZims_ggZy \ hdg_ dhfZg^ghc kljhdb [_a iZjZf_ljh\ iha\hey_l \b^_lv kibkhd aZ^Zgbc \uihegyxsboky \ kbkl_f_ \ ^Zgguc fhf_gl \ kbkl_fZo :LQGRZV 6HUYHU ^Z`_ ih mfheqZgbx wlhl kibkhd ^hklZlhqgh \gmrbl_evguc Kem`[Z IeZgbjh\sbd aZ^Zgbc bfy 6FKHGXOH bgklZeebjm_lky \f_ kl_ k kbkl_fhc b Z\lhfZlbq_kdb aZimkdZ_lky ijb __ aZ]jmad_ >ey mijZ\e_gby aZ^Z qZfb kem`bl hkgZkldZ IeZgbjh\sbd aZ^Zgbc WDVNVFKGPVF aZ imkdZ_fZy ba f_gx :^fbgbkljbjh\Zgb_ < __ hdg_ jbk hkms_kl\ey_lky ijhkfhlj kibkdh\ aZieZgbjh\Zgguo aZ^Zgbc qlh mijhsZ_l ih^]h lh\dm b hleZ^dm aZ^Zgbc Z lZd`_ h[smx klZlbklbdm ih \k_f aZ^Zgbyf Ihke_ aZ imkdZ hkgZkldb ih mfheqZgbx hlh[jZ`Zxlky hkgh\gu_ iZg_eb iZg_ev Khklhygb_ aZ^Zqb iha\hey_l [ukljh hij_^_eblv dZdb_ aZ^Zgby \uihegyxlky kdhevdh aZ^Zq aZ\_jrbehkv mki_rgh b kdhevdh ihl_ji_eb g_m^Zqm bagZqZevgh ih dZaZgu ^Zggu_ aZ ihke_^gb_ qZkZ A^_kv \u\h^blky hkgh\gZy bgnhjfZpby h aZ ^Zgbyo \j_fy aZimkdZ b hdhgqZgby khklhygb_ j_amevlZl \uiheg_gby aZ^Zgby Jbk Hdgh ieZgbjh\sbdZ iha\hey_l ijhkfZljb\Zlv \uiheg_ggu_ b aZieZgbjh\Zggu_ aZ^Zgby =eZ\Z GZ iZg_eb :dlb\gu_ aZ^Zqb mdZaZgh h[s__ dhebq_kl\h \dexq_gguo aZ^Zq b ^Zg iheguc bo i_j_q_gv k mdZaZgb_f \j_f_gb ke_^mxs_]h aZimkdZ jZkib kZgby b f_klhiheh`_gby \ [b[ebhl_d_ aZ^Zq ieZgbjh\sbdZ ?keb \ kibkd_ ^\Z`û s_edgmlv ih gZa\Zgbx aZ^Zqb lh hldjh_lky khhl\_lkl\mxsZy iZidZ [b[ebhl_db ieZgbjh\sbdZ b fh`gh m\b^_lv iZjZf_lju \u[jZggh]h aZ^Zgby kf jbk Ijb ijhkfhlj_ hl^_evguo aZ^Zgbc \ hdg_ ieZgbjh\sbdZ fh`gh g_ hldju\Zy ^h ihegbl_evguo hdhg kjZam \b^_lv hkgh\gu_ iZjZf_lju aZ^Zgby jbk \k_ iZjZ f_lju \dexqZy iZjZf_lju aZimkdZ b jZkibkZgb_ hlh[jZ`Zxlky gZ \deZ^dZo gZ iZg_eb \ p_glj_ ]eZ\gh]h hdgZ hkgZkldb >ey baf_g_gby iZjZf_ljh\ \u[_jbl_ kkuedm K\hckl\Z kijZ\Z gZ iZg_eb >_ckl\by GZ \deZ^d_ @mjgZe hlh[jZ`Zxlky j_amevlZlu \uiheg_gby \u[jZgghc aZ^Zqb < ex [hc fhf_gl aZ^Zqm fh`gh aZimklblv êy ijh\_jdb g_ihkj_^kl\_ggh ba iZidb aZ^Z gbc dhfZg^Z <uihegblv \ dhgl_dklghf f_gx \u[jZggh]h aZ^Zgby beb gZ iZg_eb ^_ckl\bc Jbk Ijhkfhlj k\hckl\ aZ^Zgby b dhfZgû mijZ\e_gby >ey ijbf_jZ ihdZaZgZ klZg^ZjlgZy aZ^ZqZ aZimkdZ mlbeblu ^_njZ]f_glZpbb ^bkdh\ Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb FZkl_j ieZgbjh\Zgby aZ^Zgbc aZimkdZ_fuc ijb \u[hj_ dhfZgû Kha^Zlv ijhklmx aZ^Zqm gZ iZg_eb ^_ckl\bc iha\h ey_l \ bgl_jZdlb\ghf j_`bf_ e_]dh b [ukljh mdZaZlv hkgh\gu_ iZjZf_lju êy aZ imkdZ aZieZgbjh\Zggh]h aZ^Zgby AZ^Zgby fh]ml bf_lv g_kdhevdh jZkibkZgbc ijbgpbibZevgh hlebqZxsboky ^jm] hl ^jm]Z GZijbf_j g_dhlhjZy ijh]jZffZ fh `_l aZimkdZlvky _`_^g_\gh \ h^gh \j_fy _`_g_^_evgh \ ^jm]h_ \j_fy b h^gh djZlgh \ aZ^Zggh_ \j_fy mdZaZggh]h ^gy AZ^Zgby fh`gh kha^Zlv b \jmqgmx gZ `Z\ dghidm Kha^Zlv aZ^Zqm gZ iZg_eb >_ckl\by b hij_^_eb\ \k_ iZjZf_lju aZ^Zqb gZ \deZ^dZo \ hdg_ k\hckl\ aZ^Zgby &UHDWH %DVLF 7DVN :L]DUG ² ² Jbk H[sb_ iZjZf_lju gh\hc ieZgbjm_fhc aZ^Zqb Ijb kha^Zgbb aZ^Zgby kgZqZeZ \ [b[ebhl_d_ ieZgbjh\sbdZ \u[_jbl_ beb kha^Zcl_ iZidm ]^_ [m^_l ojZgblvky hibkZgb_ aZ^Zgby ihke_ q_]h \ hdg_ __ k\hckl\ jbk \\_^bl_ g_h[oh^bfmx bgnhjfZpbx kgZqZeZ ihfbfh bf_gb aZ^Zgby lj_[m_lky mdZaZlv bfy b iZjhev ihevah\Zl_ey hij_^_eyxsb_ dhgl_dkl [_ahiZkghklb \ dhlh jhf \uihegy_lky aZ^Zgb_ ijb wlhf ihevah\Zl_ev g_h[yaZl_evgh ^he`_g [ulv aZj_ ]bkljbjh\Zg \ kbkl_f_ >ey \u[hjZ ^jm]h]h ihevah\Zl_ey gZ`fbl_ dghidm Baf_gblv b gZc^bl_ lj_[m_fmx mq_lgmx aZibkv LZdhc ihôh^ =eZ\Z iha\hey_l aZimkdZlv gZ h^ghf dhfivxl_j_ g_kdhevdh aZ^Zgbc k jZaebqgufb ijZ\Z fb \ hlghr_gbb dhgl_dklZ [_ahiZkghklb l _ g_kdhevdh ihevah\Zl_e_c fh]ml h^ gh\j_f_ggh bf_lv bg^b\b^mZevgu_ g_aZ\bkbfu_ jZkibkZgby aZieZgbjh\Zgguo aZ^Zgbc Ijb jmqghf ieZgbjh\Zgbb aZ^Zgbc ihke_^h\Zl_evgh \\_^bl_ g_h[oh^bfu_ iZjZ f_lju gZ \deZ^dZo hdgZ Kha^Zgb_ aZ^Zqb kf jbk ihke_ q_]h aZdjhcl_ hdgh gZ`Z\ dghidm 0, ?keb \k_ iZjZf_lju aZ^Zgu ijZ\bevgh gh\Zy aZ ^ZqZ ihy\blky \ [b[ebhl_d_ ieZgbjh\sbdZ aZ^Zgbc Ijb kha^Zgbb aZ^Zqb h[yaZl_evghc y\ey_lky bgnhjfZpby mdZau\Z_fZy gZ \deZ^dZo Ljb]]_ju b >_ckl\by GZ i_j\hc ba gZa\Zgguo \deZ^hd jbk aZ^Zxlky hkgh\gu_ b ^hihegbl_evgu_ iZjZf_lju jZkibkZgby aZimkdZ aZ^Zqb jZk ibkZgbc fh`_l [ulv g_kdhevdh h^gh\j_f_ggh GZ \lhjhc \deZ^d_ i_j_qbke_gu ^_ckl\by \uihegy_fu_ \ mdZaZggh_ \j_fy aZimkd ijh]jZffu hlijZ\dZ khh[s_gby we_dljhgghc ihqlu beb hlh[jZ`_gb_ khh[s_gby HibkZgby aZ^Zgbc fh`gh wdkihjlbjh\Zlv \ \b^_ nZceh\ gZijbf_j êy khojZg_gby beb ihke_^mxs_]h bfihjlZ gZ ^jm]bo dhfivxl_jZo Khhl\_lkl\mxsb_ dhfZgû êy \uiheg_gby wlbo hi_jZpbc bf_xlky gZ iZg_eb >_ckl\by ;0/ ² Jbk <u[hj jZkibkZgby êy aZimkdZ aZ^Zqb Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb Kem`[Z\j_f_gb:LQGRZV :7LPH bfy k_j\bkZ h[_ki_ qb\Z_l kbgojhgbaZpbx kbkl_fguo qZkh\ < ^hf_gZo lhqghklv \j_ f_gb hkh[_ggh \Z`gZ ihlhfm qlh deb_glu jZ[hlZxsb_ ih^ mijZ\e_gb_f kbkl_f b \ur_ b dhgljhee_ju ^hf_gZ ijb Zml_glbnbdZpbb bkihevamxl ijhlhdhe êy ghjfZevghc jZ[hlu dhlhjh]h g_h[oh^bfh qlh[u ihdZ aZgby qZkh\ gZ dhfivxl_jZo hlebqZebkv g_ [he__ q_f gZ fbgml < khklZ\_ kl_dZ ijhlhdheh\ bf__lky ijhlhdhe 173 dhlhjuc kem`bl êy kbgojhgbaZpbb kbkl_fguo qZkh\ dhfivxl_jh\ k\yaZgguo k_lvx Deb_gl ijhlhdheZ kbgojhgbabjm_l ihdZaZgby k\hbo qZkh\ k ihdZaZgbyfb qZkh\ k_j\_jZ Kem`[Z \j_f_gb :LQGRZV :LQGRZV 7LPH 6HUYLFH :LQGRZV :7LPH $FWLYH 'LUHFWRU\ .HUEHURV 9 7&3,3 1HWZRUN 7LPH 3URWRFRO 5)& 7&3,3 173 173 1 JBF?Q:GB? JZ[hlZ kem`[u \j_f_gb hij_^_ey_lky iZjZf_ljZfb j__kljZ jZkiheh`_ggufb \ jZa^_e_ <k_ iZjZf_lju jZkkfZljb\Z_fu_ ^Ze__ hlghkylky d ^Zgghfm jZa^_em j__kljZ Ih mfheqZgbx kem`[Z \j_f_gb :LQGRZV kbgojhgbabjm_lky hl \g_rg_]h k_j\_jZ \j_f_gb ihkdhevdm iZjZf_lj jZ\_g ijb wlhf iZjZf_lj bf__l agZq_gb_ Z iZjZf_lj hij_^_ey_l k_j\_j 173 k dhlhjuf ijhbkoh^bl kbgojhgbaZ pby IZjZf_lj bagZqZevgh jZ\_g b dhfivx l_j g_ fh`_l \uihegylv nmgdpbb k_j\_jZ \j_f_gb < kemqZ_ ih^dexq_gby dhfivxl_jZ d ^hf_gm iZjZf_lj baf_gy_l k\h_ agZq_gb_ gZ !" b kbgojhgbaZpby \j_f_gb hkms_kl\ey_lky lhevdh hl dhg ljhee_jh\ ^hf_gZ >ey kbkl_f :LQGRZV 6HUYHU lZd`_ fh`gh bkihevah\Zlv agZq_gb_ # ² lh]^Z dhfivxl_j fh`_l ihemqZlv lhqgh_ \j_fy dZd hl dhg ljhee_jh\ ^hf_gZ lZd b hl \g_rgbo k_j\_jh\ \j_f_gb Lh `_ kZfh_ ijhbkoh^bl b ijb ih\ur_gbb jheb jy^h\h]h k_j\_jZ ^h dhgljhee_jZ ^hf_gZ ijb wlhf iZjZf_lj klZgh\blky jZ\guf ihkdhevdm dZ`ûc dhg ljhee_j ^hf_gZ fh`_l \uihegylv nmgdpbb k_j\_jZ \j_f_gb < GBF:GB? Ihke_ dZ`^h]h baf_g_gby iZjZf_ljh\ \ j__klj_ kem`[u \j_f_gb :LQGRZV __ ke_^m_l i_j_aZimklblv k ihfhsvx hkgZkldb 6HUYLFH beb \ hdg_ dhgkheb bkihev amy dhfZg^m % && % ?keb êy gZkljhcdb iZjZf_ljh\ bkihevah\ZeZkv mlbeblZ ZWPH[H lh gh\u_ agZq_gby gZqbgZxl ^_ckl\h\Zlv lhevdh ihke_ \uiheg_gby dhfZgû % '() ' Deb_glu jZ[hlZxsb_ ih^ mijZ\e_gb_f kbkl_f :LQGRZV ;3:LQGRZV 6HUYHU Z\lhfZlbq_kdb kbgojhgbabjmxl \j_fy k dhgljhee_jhf ^hf_gZ $FWLYH 'LUHFWRU\ \ ijhp_kk_ aZ]jmadb kbkl_fu Dhgljhee_ju ^hf_gZ k\_jyxl \j_fy k dhg =eZ\Z ljhee_jhf \uihegyxsbf nmgdpbb wfmeylhjZ 3'& 3'& (PXODWRU beb k ex[uf dhgljhee_jhf jh^bl_evkdh]h ^hf_gZ Wfmeylhj 3'& kbgojhgbabjm_l \j_fy k wfm eylhjhf 3'& jh^bl_evkdh]h ^hf_gZ beb dhjg_\h]h ^hf_gZ e_kZ beb k ex[uf k_j \_jhf wlh]h ^hf_gZ Wfmeylhj 3'& dhjg_\h]h ^hf_gZ e_kZ ^he`_g ihemqZlv \j_fy hl \g_rg_]h 173k_j\_jZ eb[h \hafh`gZ kblmZpby dh]^Z kbgojhgbaZpby qZkh\ dhgljhee_jZ dhjg_\h]h ^hf_gZ e_kZ g_ \uihegy_lky < wlhf kemqZ_ ihdZaZgby kbk l_fguo qZkh\ wfmeylhjZ 3'& wlh]h ^hf_gZ kqblZxlky wlZehggufb GZkljhcdZkbgojhgbaZpbbkbklhqgbdhf\j_f_gb < h[s_f kemqZ_ bfy beb ,3Z^j_k \g_rg_]h k_j\_jZ \j_f_gb fh`gh aZ^Zlv k ihfh svx dhfZgû ' *bfyK_j\_jZ<j_f_gb! Z dhfZg^Z '+, - ihdZau\Z_l dZdhc \g_rgbc k_j\_j k_j\_ju \j_f_gb bkihevam_lky \ ^Zgguc fhf_gl 1 JBF?Q:GB? < dZq_kl\_ \g_rgbo fh`gh bkihevah\Zlv jZaebqgu_ 173k_j\_ju \j_f_gb bf_xsb_ky \ Bgl_jg_l_ bo ijbf_jguc kibkhd bf__lky \ klZlv_ .% [Zau agZgbc 0LFURVRIW Wlm `_ aZ^Zqm fh`gh \uihegblv k ihfhsvx ke_^mxsbo ^\mo dhfZg^ *. / *. / *bfyK_j\_jZ<j_f_gb! ( 0 ( 0 Ih mfheqZgbx \k_ dhfivxl_ju jZ[hlZxsb_ ih^ mijZ\e_gb_f :LQGRZV \ dZq_kl \_ k_j\_jZ \j_f_gb bkihevamxl \_[ma_e WLPHZLQGRZVFRP >ey lh]h qlh[u qZku dhfivxl_jZ kbgojhgbabjh\Zebkv lhevdh \ khhl\_lkl\bb k b_jZjobq_kdhc kljmdlmjhc ^hf_gh\ qlh[u iZjZf_lj baf_gbe agZq_gb_ gZ !" \uihegbl_ dhfZg^m % '() ' ( ()* !" ' DhfZg^Z % '() ' ( ()* ' iha\hey_l jZaj_ rblv ihemq_gb_ lhqgh]h \j_f_gb hl dhgljhee_jh\ ^hf_gZ b \g_rgbo k_j\_jh\ \j_f_gb ijb wlhf iZjZf_lj baf_gbl agZq_gb_ gZ # KbgojhgbaZpbybijh\_jdZjZ[hlukem`[u\j_f_gb >ey g_f_ê_gghc kbgojhgbaZpbb qZkh\ k aZ^Zgguf bklhqgbdhf \j_f_gb \g_rgbf k_j\_jhf beb dhgljhee_jhf ^hf_gZ bkihevam_lky dhfZg^Z % ' ?keb ihke_ g_kdhevdbo aZimkdh\ hgZ ijh^he`Z_l \u^Z\Zlv hrb[dm lh ke_^m_l ijh\_ jblv dhgnb]mjZpbx kem`[u \j_f_gb hkh[_ggh wlh \Z`gh \ ^hf_g_ Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb DhfZg^Z beb iha\hey_l m\b^_lv dZdb_ k_j\_ju \j_f_gb bkihevamxlky \ mdZaZgghf ^hf_g_ _keb ^hf_g g_ aZ^Z_lky lh ijh\_jy_lky l_dmsbc ^hf_g beb gZ dhfivxl_jZo ^hf_gZ i_j_qbke_gguo y\gh lZd`_ hlh[jZ`Zxlky hldehg_gby ihdZaZgbc qZkh\ Hldexq_gb_kbgojhgbaZpbb >ey lh]h qlh[u kbgojhgbaZpby kbkl_fguo qZkh\ \hh[s_ g_ hkms_kl\eyeZkv \u ihegbl_ dhfZg^m ijb wlhf iZjZf_lj baf_gbl agZq_gb_ gZ Fh`gh \hh[s_ aZij_lblv k_j\bk 173deb_glZ mklZgh\b\ agZq_gb_ iZjZf_ljZ j__kljZ ! jZ\guf Qlh[u dhfivxl_j i_j_klZe jZ[hlZlv \ dZq_kl\_ k_j\_jZ \j_f_gb gm`gh iZjZf_ljm ! aZ^Zlv agZq_gb_ Ihke_ ih^h[guo baf_g_gbc kem`[m \j_f_gb ke_^m_l i_j_aZimklblv Yaudkp_gZjb_\ bdhfZg^gucijhp_kkhj3RZHU6KHOO ij_^klZ\ey_l kh[hc gh\mx jZajZ[hldm 0LFURVRIW wlh hjb_glb jh\Zgguc gZ kbkl_fguo Z^fbgbkljZlhjh\ dhfZg^guc ijhp_kkhj iha\heyxsbc \uihegylv ^bj_dlb\u \ bgl_jZdlb\ghf j_`bf_ b ih^^_j`b\Zxsbc kp_gZjbb Z lZd`_ yaud gZibkZgby wlbo kp_gZjb_\ 1 JBF?Q:GB? >ey \uiheg_gby kp_gZjb_\ gZibkZgguo gZ yaudZo 9%6FULSW b -6FULSW \ kbkl_fZo :LQGRZV 6HUYHU \dexqZy :LQGRZV 6HUYHU &RUH b +\SHU9 6HUYHU bf__lky ljZ^bpbhgguc dhfihg_gl ² K_j\_j kp_gZjb_\ :LQGRZV :LQGRZV 6FULSW +RVW :6+ L_dmsZy \_jkby :6+ ² >bj_dlb\u 3RZHU6KHOO gZau\Zxlky dhfZgê_lZfb FPGOHW hgb ij_^klZ\eyxl kh [hc ijhklu_ ki_pbZebabjh\Zggu_ kj_^kl\Z dhfZg^ghc kljhdb \uihegyxsb_ _^bgkl\_ggmx nmgdpbx \kljh_ggu_ \ h[hehqdm b ij_^gZagZq_ggu_ êy jZ[hlu k h[t_dlZfb Bf__lky [he__ klZ klZg^Zjlguo dhfZgê_lh\ ijb wlhf fh`gh kha^Z \Zlv b gh\u_ kh[kl\_ggu_ dhfZgê_lu H[hehqdZ :LQGRZV 3RZHU6KHOO fh`_l jZ[hlZlv \ kbkl_fZo ;3 6HUYLFH 3DFN :LQGRZV 6HUYHU 6HUYLFH 3DFN b :LQGRZV 6HUYHU 5 :LQGRZV 9LVWD b G_heh]baf d dhlhjhfm ijb^_lky ijb\udZlv ih ZgZeh]bb k Ziie_lZfb DSSOHW k_j\e_lZfb VHUYOHW =eZ\Z :LQGRZV 6HUYHU [ [ ,$ 0LFURVRIW :LQGRZV 6HUYHU 3RZHU6KHOO 3RZHU6KHOO 1(7 )UDPHZRUN :LQGRZV 3RZHU6KHOO ehdZebah\Zg djhf_ lh]h bf__lky iZd_l dhlhjuc fh`gh k\h[h^gh kdZqZlv ba P_gljZ aZ]jmadb 0LFURVRIW Wlhl iZd_l h[_ki_qb\Z_l ehdZebaZpbx 3RZHU6KHOO êy fgh]bo yaudh\ \dexqZy jmk kdbc b fh`_l bkihevah\Zlvky gZ ke_^mxsbo kbkl_fZo X 0LFURVRIW :LQGRZV 6HUYHU 5 X 0LFURVRIW :LQGRZV 6HUYHU ZLWK 6HUYLFH 3DFN 63 b 63 X 0LFURVRIW :LQGRZV ;3 ZLWK 6HUYLFH 3DFN 63 Fgh`_kl\h jZ[hqbo kp_gZjb_\ dhlhju_ fh`gh bkihevah\Zlv ijb bamq_gbb yaudZ b \ dZq_kl\_ ijbf_jh\ êy kha^Zgby kh[kl\_gguo kp_gZjb_\ fh`gh gZclb gZ \_[ kZcl_ ! " \ jZa^_e_ :LQGRZV 3RZHU6KHOO kf kkuedm 6FULSW 5HSRVLWRU\ Bf__lky *8,h[hehqdZ hl klhjhggbo jZajZ[hlqbdh\ k ihfhsvx dhlhjhc fh`gh ihkljhblv bgl_jZdlb\gmx kj_^m êy jZ[hlu k 3RZHU6KHOO hgZ lZd`_ bf__l m^h[guc ijhn_kkbhgZevguc j_^Zdlhj êy kp_gZjb_\ gZibkZgguo gZ yaud_ 3RZHU6KHOO j_ ^Zdlhj h[_ki_qb\Z_l nhjfZlbjh\Zgb_ p\_lh\h_ \u^_e_gb_ dhfZg^ b l i Wlh kj_^kl\h [_kieZlgh_ _]h fh`gh gZclb gZ \_[kZcl_ # $ %! "&&' ih Z^j_km gZ \k_o ieZlnhjfZo b ?_ fh`gh kdZqZlv ba P_gljZ aZ]jmadb êy \k_o i_j_qbke_gguo kbkl_f \ h[hehqdZ \oh^bl dZd klZg^Zjlguc dhfihg_gl >ey mklZgh\db b jZ[hlu lj_[m_lky MklZgh\dZbaZimkd3RZHU6KHOO 3RZHU6KHOO H[hehqdZ ih mfheqZgbx g_ Zdlb\babjh\ZgZ êy lh]h qlh[u fh`gh [ueh ihevah\Zlvky dhfZgê_lZfb b \uihegylv kp_gZjbb g_h[oh^bfh kgZqZeZ k ihfhsvx hkgZkldb >bki_lq_j k_j\_jZ mklZgh\blv dhfihg_gl Ihke_ wlh]h \ f_gx Imkd ihy\blky gh\Zy ijh]jZffgZy ]jmiiZ kh^_j`ZsZy dhfZg^m aZimkdZ h[hehqdb b kkuedm gZ iZidm kh^_j`Zsmx kijZ\hqgu_ nZceu b H[yaZl_evgh ihagZdhfvl_kv k kh^_j`bfuf i_j\h]h b ihke_^g_]h nZc eh\ ?keb gZ dhfivxl_j_ êy ehdZebaZpbb bgl_jn_ckZ mklZgh\e_g iZd_l lh \ky bgnhjfZpby \ nZceZo [m^_l gZ jmkkdhf yaud_ 0LFURVRIW 3RZHU6KHOO 8VHU*XLGHUWI ,QWHUIDFH 3DFN /,3 ² *HWWLQJ6WDUWHGUWI 4XDG)ROGUWI UHOHDVH1RWHVUWI /DQJXDJH Ihkdhevdm h[hehqdZ nmgdpbhgbjm_l \ hdg_ dhgkheb __ fh`gh aZimklblv k ihfh svx dhfZgû SRZHUVKHOO lh hgZ bf__l khhl\_lkl\mxsbc bgl_jn_ck b \hafh`gh klb \dexqZy kihkh[u gZkljhcdb iZjZf_ljh\ b [mn_j dhfZg^ ?keb aZimkdZlv :LQGRZV 3RZHU6KHOO ih bf_gb ba f_gx <uihegblv lh \ aZ]heh\d_ hdgZ ih y\ey_lky ki_pbZevguc agZqhd jbk b fh`gh \b^_lv iheguc imlv d bkihegy_ fhfm nZcem Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb Jbk Hdgh dhfZg^gh]h ijhp_kkhjZ 3RZHU6KHOO Jbk Ijbf_j gZ\b]Zpbb ih iZidZf nZceh\hc kbkl_fu b jZa^_eZf kbkl_fgh]h j__kljZ =eZ\Z ?keb `_ \hkihevah\Zlvky \hafh`ghklyfb f_gx $9,79 Imkd lh \ aZ]heh\d_ hdgZ [m^_l mdZaZgh gZa\Zgb_ ijh]jZffu Z nhg \ hdg_ klZgh\blky kbgbf kf jbk Kibkhd dhfZgê_lh\ fh`gh ihemqblv k ihfhsvx dhfZgû dhfZg^Z iha\hey_l m\b^_lv kibkhd \k_o ik_\^hgbfh\ Zevl_jgZlb\guo bf_g dhfZgê_ lh\ bkihevam_fuo êy djZldhklb b kZfbo dhfZgê_lh\ >ey hlh[jZ`_gby kijZ \hqghc bgnhjfZpbb ih h[sbf \hijhkZf b hl^_evguf dhfZg^Zf bkihevamcl_ dhfZg^m K ihfhsvx h[hehqdb 3RZHU6KHOO fh`gh ihemqblv ^hklmi dh fgh]bf jZaghjh^guf j_kmjkZf hi_jZpbhgghc kbkl_fu ij_^klZ\e_gguf \ _^bghf jZ[hq_f ijhkljZgkl\_ b iha\heyxsbf bkihevah\Zlv h[sb_ dhfZgû Dhgp_ipby _^bgh]h jZ[hq_]h ijh kljZgkl\Z beexkljbjm_lky gZ jbk ]^_ h^gb b l_ `_ dhfZgû b kem`Zl êy gZ\b]Zpbb b ijhkfhljZ kh\_jr_ggh jZaguo h[t_dlh\ kbkl_fu kgZqZeZ ijh kfZljb\Z_lky kh^_j`bfh_ ehdZevghc iZidb nZceh\hc kbkl_fu Z aZl_f ² jZa^_eu kbkl_fgh]h j__kljZ <uiheg_gb_kp_gZjb_\ JZkkfhljbf ijhp_^mjm \uiheg_gby kp_gZjby gZibkZggh]h gZ yaud_ 3RZHU6KHOO HgZ g_ kh\k_f hq_\b^gZy ihwlhfm aZkem`b\Z_l \gbfZgby Ijhp_kk ijh\_jdb ]h lh\ghklb dhfZg^gh]h ijhp_kkhjZ d jZ[hl_ kh^_j`bl g_kdhevdh g_keh`guo rZ]h\ b \u]ey^bl ke_^mxsbf h[jZahf AZimklbl_ 3RZHU6KHOO ba hdgZ dhgkheb beb ba f_gx $9,79 Imkd MklZgh\bl_ iheblbdm jZaj_rZxsmx \uihegylv ehdZevgu_ kp_gZjbb k ihfh svx dhfZgû ;_a wlh]h gbdZdb_ kp_gZjbb jZ[hlZlv g_ [m^ml Hldjhcl_ j_^Zdlhj 1RWHSDG ;ehdghl b \\_^bl_ hi_jZlhj kh^_j`Zsbc kZdjZ f_glZevgmx njZam ba\_klgmx \k_f ijh]jZffbklZf KhojZgbl_ nZce k ex[uf bf_g_f b jZkrbj_gb_f SV < hdg_ 3RZHU6KHOO \\_^bl_ bfy nZceZ h[yaZl_evgh ^h[Z\eyy EDACK? imlv jZk rbj_gb_ SV mdZau\Zlv g_ h[yaZl_evgh ?keb khh[s_gb_ ihy\ey_lky gZ wdjZg_ lh ijh\_jdm fh`gh kqblZlv mki_rgh aZ dhgq_gghc b fh`gh aZimkdZlv ^jm]b_ kp_gZjbb &?KHOOR Dhgnb]mjbjh\Zgb_ jZ[hq_c kj_û b Z^fbgbkljZlb\gu_ aZ^Zqb BgnhjfZpbx h iheblbdZo \uiheg_gby kp_gZjb_\ b pbnjh\uo ihîbkyo fh`gh ih emqblv k ihfhsvx ke_^mxs_c dhfZgû dhg\_c_j g_h[oh^bf êy lh]h qlh[u ijhkfZljb\Zlv kijZ\dm ihkljZgbqgh ! " Ih mfheqZgbx mklZgh\e_gZ iheblbdZ 5HVWULFWHG jZaj_rZxsZy \uiheg_gb_ dhfZg^ gh iheghklvx aZij_sZxsZy kp_gZjbb Ihwlhfm qlh[u kp_gZjbb fh]eb \uihegylv ky g_h[oh^bfh dZd fbgbfmf mklZgh\blv iheblbdm 5HPRWH6LJQHG ² \ wlhf kemqZ_ kp_gZjbb ehdZevgh]h dhfivxl_jZ [m^ml \uihegylvky [_a h]jZgbq_gbc Z êy kp_ gZjb_\ ihemq_gguo ba ^jm]bo bklhqgbdh\ ihlj_[m_lky pbnjh\Zy ihîbkv KZfZy kljh]Zy iheblbdZ ² $OO6LJQHG \ wlhf kemqZ_ pbnjh\u_ ihîbkb ^he`gu [ulv Z[ khexlgh m \k_o kp_gZjb_\ >ey mklZgh\db iheblbdb b ijhkfhljZ l_dms_c iheblbdb bkihevamxlky khhl\_lkl \_ggh dhfZgû # b $# =E:<: Fhgblhjbg]kbkl_fubijbeh`_gbc < khklZ\_ kbkl_f :LQGRZV 6HUYHU ihy\bebkv gh\u_ kj_^kl\Z ij_^gZagZq_ggu_ êy ZgZebaZ kh[ulbc ijhbkoh^ysbo \ kbkl_f_ Z lZd`_ êy hilbfbaZpbb b fhgb lhjbg]Z jZ[hqbo iZjZf_ljh\ kbkl_fguo kem`[ b ijbdeZ^guo ijh]jZff <hafh` ghklb hkgZklhd mgZke_^h\Zgguo hl ij_û^msbo \_jkbc :LQGRZV agZqbl_evgh fh ^_jgbabjh\Zgu b jZkrbj_gu K bo ihfhsvx fh`gh hp_gblv aZ]jmadm ijhp_kkhjZ iZfylb b ^jm]bo dhfihg_glh\ dhfivxl_jZ h[gZjm`blv madb_ f_klZ \ jZ[hl_ kbk l_fu kgb`Zxsb_ __ ijhba\h^bl_evghklv dhgljhebjh\Zlv \uiheg_gb_ ijh]jZff h[gZjm`b\Zlv k[hb \ jZ[hl_ ZiiZjZlguo b ijh]jZffguo kj_^kl\ Djhf_ kj_^kl\ fhgblhjbg]Z jZkkfZljb\Z_fuo gb`_ bf_xlky jZaghh[jZagu_ \kljh_ggu_ kj_^kl\Z ^bZ]ghklbdb iha\heyxsb_ khh[sZlv \ dhfiZgbx 0LFURVRIW h \hagbdZxsbo ijh[e_fZo gZijbf_j k\yaZgguo k ^jZc\_jZfb mkljhckl\ beb jZ[h lhc ijbeh`_gbc b ihemqZlv hl g__ j_dhf_g^Zpbb beb j_r_gby kf jZa^ >bZ]gh klbdZ b mkljZg_gb_ g_iheZ^hd \ ]eZ\_ Kj_^kl\Zfhgblhjbg]Z\:LQGRZV6HUYHU G_dhlhju_ kj_^kl\Z fhgblhjbg]Z bf_xsb_ky \ :LQGRZV 6HUYHU ljZ^bpbhg gu êy kbkl_f :LQGRZV h^gZdh dZj^bgZevgh i_j_jZ[hlZgu ih kjZ\g_gbx k ij_û ^msbfb \_jkbyfb ihfbfh gbo ihy\bebkv b kh\_jr_ggh gh\u_ bgkljmf_glu Gb`_ i_j_qbke_gu kms_kl\mxsb_ ijh]jZffu b mdZaZgu h[eZklb bo ijbf_g_gby X LjZ^bpbhggZy mlbeblZ 7DVN 0DQDJHU >bki_lq_j aZ^Zq bkihevam_lky êy ijh kfhljZ jZ[hqbo iZjZf_ljh\ kbkl_fu b ijbdeZ^guo ijh]jZff wlh \dexqZ_l \ k_[y aZ]jmadm ijhp_kkhjZ kl_i_gv bkihevah\Zgby hi_jZlb\ghc b \bjlmZevghc iZfylb dhwnnbpb_gl aZgylhklb k_lb b l ^ X K ihfhsvx ijb\uqghc hkgZkldb (YHQW 9LHZHU Ijhkfhlj kh[ulbc fh`gh ZgZebabjh\Zlv kh[ulby j_]bkljbjm_fu_ ijbeh`_gbyfb kem`[Zfb b kZfhc =eZ\Z kbkl_fhc Bgl_jn_ck hkgZkldb dZj^bgZevgh i_j_jZ[hlZg b \ g_c bf__lky fgh ]h ^hihegbl_evguo \hafh`ghkl_c @mjgZeu kh[ulbc êy jhe_c k_j\_jZ b k\yaZgguo k gbfb kem`[ lZd`_ fh`gh ijhkfZljb\Zlv \ hdg_ hkgZkldb 6HUYHU 0DQDJHU >bki_lq_j k_j\_jZ X HkgZkldZ 5HOLDELOLW\ DQG 3HUIRUPDQFH 0RQLWRU Fhgblhj ijhba\h^bl_evghklb b klZ[bevghklb iha\hey_l \ j_`bf_ j_Zevgh]h \j_f_gb kh[bjZlv b ijhkfZljb \Zlv ^Zggu_ h[ bkihevah\Zgbb iZfylb `_kldh]h ^bkdZ ijhp_kkhjZ b k_l_\uo j_kmjkh\ dhfivxl_jZ < __ khklZ\ \oh^yl ljb dhfihg_glZ N dhfihg_gl 3HUIRUPDQFH 0RQLWRU Kbkl_fguc fhgblhj iha\hey_l \bamZevgh hlke_`b\Zlv baf_g_gby ijhba\h^bl_evghklb kbkl_fu K _]h ihfhsvx fh`gh h^gh\j_f_ggh ijhkfZljb\Zlv ^Zggu_ k jZaguo dhfivxl_jh\ \ \b^_ ]jZnbdh\ beb ^bZ]jZff gZ dhlhjuo hlh[jZ`Zxlky ihdZaZgby kq_lqbdh\ ijhba\h^bl_evghklb N hkgZkldZ 5HOLDELOLW\ 0RQLWRU Fhgblhj klZ[bevghklb kbkl_fu h[_ki_qb\Z _l \hafh`ghklv hp_gdb gZ^_`ghklb jZ[hlu kbkl_fu gZ ijhly`_gbb g_dh lhjh]h bgl_j\ZeZ \j_f_gb b iha\hey_l hij_^_eylv keZ[u_ f_klZ kbkl_fu N dhfihg_gl 'DWD &ROOHFWRU 6HWV =jmiiu k[hjsbdh\ ^Zgguo iha\hey_l kha ^Z\Zlv gZ[hju eh]bq_kdb k\yaZgguo kq_lqbdh\ ijhba\h^bl_evghklb dhlh ju_ aZl_f fh`gh bkihevah\Zlv êy \_^_gby `mjgZeh\ k ihke_^mxsbf hlh [jZ`_gb_f \ hdg_ dhfihg_glZ 3HUIRUPDQFH 0RQLWRU beb êy k[hjZ ^Zgguo k ^jm]bo dhfivxl_jh\ < gbo fh`gh hij_^_eylv ^_ckl\by dhlhju_ [m^ml \uihegylvky ijb ij_\ur_gbb kq_lqbdZfb aZ^Zggh]h fZdkbfZevgh]h beb fbgbfZevgh]h agZq_gby \ wlhf kemqZ_ Z^fbgbkljZlhjm fh`_l hlijZ\eylvky khh[s_gb_ beb fh`_l aZimkdZlvky hij_^_e_ggZy bf aZ^ZqZ X Kj_^kl\h 6RIWZDUH ([SRUHU Ijh\h^gbd ijh]jZffgh]h h[_ki_q_gby \oh^ys__ \ khklZ\ ijh]jZffu :LQGRZV 'HIHQGHU AZsblgbd :LQGRZV ij_^hklZ\ey_l jZa\_jgmlmx bgnhjfZpbx h ijh]jZffZo b ijhp_kkZo aZimkdZxsboky ijb klZjl_ kbkl_fu Zdlb\guo \ l_dmsbc fhf_gl b \aZbfh^_ckl\mxsbo k k_lvx LZd`_ ke_^m_l gZihfgblv _s_ h ^\mo bgkljmf_glZo k ihfhsvx dhlhjuo fh`gh ihemqblv bgnhjfZpbx h dhgnb]mjZpbb ZiiZjZlguo b ijh]jZffguo kj_^kl\ mklZ gh\e_gguo ^jZc\_jZo b h[gh\e_gbyo ijh]jZffguo dhfihg_glZo b l i X mlbeblZ dhfZg^ghc kljhdb 6\VWHP,QIRH[H \u\h^bl gZ wdjZg [Zah\mx bgnhjfZ pbx h[ hi_jZpbhgghc kbkl_f_ mklZgh\e_gghc gZ ehdZevghf beb m^Ze_gghf dhfivxl_j_ \ lhf qbke_ ^Zlm mklZgh\db hkgh\gu_ iZjZf_lju h[hjm^h\Zgby kibkhd mklZgh\e_gguo h[gh\e_gbc X ijh]jZffZ 6\VWHP ,QIRUPDWLRQ K\_^_gby h kbkl_f_ 0VLQIRH[H iha\hey_l ihemqblv bkq_jiu\Zxsmx bgnhjfZpbx h dZ`^hf ZiiZjZlghf b ijh]jZffghf dhfihg_gl_ kbkl_fu \dexqZy hibkZgb_ iZjZf_lju b l i < kbkl_fZo :LQGRZV ;3:LQGRZV 6HUYHU wlhl dhfihg_gl gZau\Z_lky Fhgblhjbg] kbkl_fu b ijbeh`_gbc < GBF:GB? Ba \k_o i_j_qbke_gguo \ur_ kj_^kl\ \ khklZ\_ b bf_xlky lhevdh mlbeblu >bki_lq_j aZ^Zq b K\_^_gby h kbkl_f_ L_f g_ f_g__ fhgblhjbg] g_dhlhjuo jZ[hqbo iZjZf_ljh\ kbkl_f fh`gh \uihegylv m^Ze_ggh k dhfivxl_jZ Z^fbgbkljZlhjZ gZijbf_j wlh iha\heyxl hkgZkldZ Ijhkfhlj kh[ulbc beb dhfihg_gl Kbkl_fguc fhgblhj # !" $ % >bki_lq_jaZ^Zq 7DVN0DQDJHU >bki_lq_j aZ^Zq 7DVN 0DQDJHU ljZ^bpbhggh bkihevam_lky \ kbkl_fZo :LQGRZV êy fhgblhjbg]Z hi_jZlb\gh]h khklhygby ehdZevghc kbkl_fu hp_gb\Zlv kblmZ pbx \ l_q_gb_ êbl_evgh]h \j_f_gb k _]h ihfhsvx g_m^h[gh êy wlbo p_e_c kem `Zl ^jm]b_ kj_^kl\Z ² kf ^Ze__ jZa^ Fhgblhjbg] iZjZf_ljh\ b klZ[bevghklb jZ[hlu kbkl_fu < kbkl_fZo :LQGRZV 6HUYHU ^bki_lq_j aZ^Zq \ p_ehf g_ baf_gbeky ih kjZ\g_gbx k ij_û^msbfb \_jkbyfb :LQGRZV h^gZdh hg bf__l gh \u_ \kihfh]Zl_evgu_ nmgdpbb gZ dhlhju_ fu \ i_j\mx hq_j_^v b h[jZlbf \gbfZ gb_ L_i_jv hdgh ^bki_lq_jZ kh^_j`bl r_klv \deZ^hdbg^bdZlhjh\ \b^ b gZagZq_ gb_ dhlhjuo ih^jh[gh hibku\Zxlky ^Ze__ AZimkd^bki_lq_jZaZ^Zq Kms_kl\mxl jZaebqgu_ kihkh[u aZimkdZ ^bki_lq_jZ ² i_j\uc ba i_j_qbke_gguo gb`_ ihôh^h\ \hafh`_g lhevdh \ iheguo \_jkbyo :LQGRZV 6HUYHU Z hklZev gu_ ljb jZ[hlZxl \h \k_o \_jkbyo \dexqZy :LQGRZV 6HUYHU &RUH b +\SHU9 6HUYHU X X X X S_edgmlv ijZ\hc dghidhc furb ih iZg_eb aZ^Zq b \u[jZlv \ dhgl_dklghf f_ gx imgdl >bki_lq_j aZ^Zq GZ`Zlv dhf[bgZpbx deZ\br &WUO!6KLIW!(VF! GZ`Zlv dhf[bgZpbx deZ\br &WUO!$OW!'HO! b gZ`Zlv \ hldju\r_fky hdg_ dghidm AZimklblv ^bki_lq_j aZ^Zq G_ihkj_^kl\_ggh \\_klb dhfZg^m WDVNPJU \ hdg_ <uihegblv bkdZ f_gx Imkd beb \ hdg_ dhfZg^ghc kljhdb \ ihe_ ih ?keb \ iheguo \_jkbyo :LQGRZV 6HUYHU ^bki_lq_j aZ^Zq aZims_g lh \ ijZ\hf gb`g_f m]em wdjZgZ gZ iZg_eb aZ^Zq \ h[eZklb m\_^hfe_gbc V\VWHP WUD\ ihy\ey_l ky bg^bdZlhj aZ]jmadb ijhp_kkhjZ ?keb ih^\_klb mdZaZl_ev furb d wlhfm bg^bdZ lhjm lh [m^_l hlh[jZ`_gZ kl_i_gv aZ]jm`_gghklb ijhp_kkhjZ Hldjulv hdgh ^bki_lq_jZ aZ^Zq fh`gh ^\Z`û s_edgm\ ih agZqdm bg^bdZlhjZ ijhba\h^bl_evghklb gZ iZg_eb aZ^Zq ?keb g_`_eZl_evgh qlh[u k\_jgmlh_ hdgh ^bki_lq_jZ hklZ\Zehkv gZ iZg_eb aZ^Zq b gm`gh qlh[u [ue \b^_g lhevdh _]h agZ =eZ\Z qhd lh \ hdg_ ^bki_lq_jZ \ f_gx Kdju\Zlv k\_jgmlh_ IZjZf_lju \u[_jbl_ imgdl Ih mfheqZgb_ hdgh ^bki_lq_jZ aZ^Zq hlh[jZ`Z_lky ih\_jo \k_o hdhg lZdh_ ih\_ ^_gb_ lh`_ fh`gh baf_gblv k[jhkb\ neZ`hd Ih\_jo hklZevguo hdhg \ f_gx IZjZf_lju IjhkfhljkhklhygbyijbdeZ^guoijh]jZff GZ \deZ^d_ Ijbeh`_gby jbk fh`gh \b^_lv kibkhd aZims_gguo ijh]jZff b bo khklhygb_ < lhf kemqZ_ _keb ijh]jZffZ aZ\bkeZ beb ^he]h g_ hl\_ qZ_l __ fh`gh m^Zeblv ba iZfylb k ihfhsvx dhfZgû Kgylv aZ^Zqm DhfZg^Z I_j_dexqblvky iha\hey_l [ukljh i_j_clb \ hdgh \u[jZgghc ijh]jZffu Jbk Ijhkfhlj khklhygby ijbdeZ^guo ijh]jZff aZims_gguo \ kbkl_f_ K ihfhsvx gh\hc dhfZgû *R 7R 3URFHVV I_j_clb d ijhp_kkm fh`gh i_j_clb gZ \deZ^dm 3URFHVVHV Ijhp_kku ]^_ Z\lhfZlbq_kdb [m^_l \u^_e_g ijhp_kk khhl\_lkl Fhgblhjbg] kbkl_fu b ijbeh`_gbc \mxsbc \u[jZgghc bagZqZevgh ijbdeZ^ghc ijh]jZff_ Wlh hkh[_ggh m^h[gh \ l_o kemqZyo dh]^Z g_ba\_klgh bfy bkihegy_fh]h nZceZ êy dhgdj_lghc ijh]jZffu Fhgblhjbg]ijhp_kkh\ >ey ijhkfhljZ aZims_gguo ijhp_kkh\ b ihdZaZl_e_c bo ijhba\h^bl_evghklb bk ihevam_lky \deZ^dZ 3URFHVVHV Ijhp_kku jbk LZ[ebpZ ijhp_kkh\ kh^_j`bl \k_ ijhp_kku aZims_ggu_ \ kh[kl\_gghf Z^j_kghf ijhkljZgkl\_ \dexqZy \k_ ijbdeZ^gu_ ijh]jZffu b kbkl_fgu_ k_j\bku H[jZlbl_ \gbfZgb_ gZ lh qlh ih mfheqZgbx êy dZ`^h]h ijhp_kkZ hlh[jZ`Z_lky _]h hibkZgb_ klhe[_p 'HVFULSWLRQ Wlh agZqbl_evgh mijhsZ_l ZgZeba kblmZpbb ihkdhevdm g_ lZd ijhklh aZihfgblv bf_gZ h[jZah\ ^_kyldh\ ijhp_kkh\ b gZa\Zgby khhl\_lkl\mxsbo ijh ]jZff LZd`_ gZ jbkmgd_ ihdZaZg hlkmlkl\mxsbc ih mfheqZgbx klhe[_p &RPPDQG /LQH DhfZg^gZy kljhdZ l_kgh k\yaZgguc k dhfZg^hc 2SHQ )LOH /RFDWLRQ Hldjulv f_klh ojZg_gby nZceZ kf ^Ze__ ² \ wlhf klhe[p_ fh`gh \b ^_lv iZjZf_lju bkihevah\Zggu_ êy aZimkdZ dhgdj_lgh]h ijhp_kkZ b iheguc imlv d bkihegy_fhfm nZcem Jbk Kibkhd ijhp_kkh\ aZims_gguo \ kbkl_f_ b hdgh \u[hjZ hlh[jZ`Z_fuo iZjZf_ljh\ =eZ\Z < dhgl_dklghf f_gx ex[h]h ijhp_kkZ ijbkmlkl\mxl ^\_ \Z`gu_ dhfZgû X 2SHQ )LOH /RFDWLRQ Hldjulv f_klh ojZg_gby nZceZ ² hldju\Z_l gh\h_ hdgh Ijh\h^gbdZ ]^_ hlh[jZ`Z_lky iZidZ kh^_j`ZsZy bkihegy_fuc nZce k\yaZg guc k ^Zgguf ijhp_kkhf LZdZy nmgdpby hq_gv ihe_agZ \ l_o kemqZyo dh]^Z bfy b ijhbkoh`^_gb_ ijhp_kkZ \uau\Zxl ih^haj_gb_ gZijbf_j _keb gZ dhfivxl_j ihiZe \bjmk beb ljhygkdbc dhgv b gm`gh ihemqblv ^hihegbl_ev gmx bgnhjfZpbx h ijbdeZ^ghc ijh]jZff_ A^_kv lZd`_ fh`_l ihfhqv dhfZg^Z 3URSHUWLHV K\hckl\Z k ihfhsvx dhlhjhc hldju\Z_lky hdgh k\hckl\ bkihe gy_fh]h nZceZ ² \ g_f gZ \deZ^d_ 'HWDLOV Ih^jh[gh h[uqgh bf_xlky k\_^_ gby h jZajZ[hlqbd_ ijbeh`_gby hibkZgb_ ijh]jZffu b l i X *R WR 6HUYLFH V I_j_clb d kem`[Zf ² \uihegy_l i_j_oh^ gZ \deZ^dm 6HUYLFHV Kem`[u d kem`[_ khhl\_lkl\mxs_c ^Zgghfm ijhp_kkm _keb lZdh\Zy bf__lky Ijb jZ[hl_ \ hdg_ dhfZg^ghc kljhdb fh`gh bkihevah\Zlv mlbeblu b Wlh hlghkblky dh \k_f \_jkbyf \dexqZy :LQGRZV 6HUYHU &RUH b +\SHU9 6HUYHU BgnhjfZpbx h iZjZf_ljZo fh`gh ihemqblv \h \kljh_gghc kijZ\d_ mlbebl aZimklb\ bo k dexqhf GZijbf_j k ihfhsvx dhfZgû fh`gh m\b^_lv k dZdhc kem`[hc dZdbfb kem`[Zfb k\yaZg ijhp_kk beb _]h dhgdj_lguc wda_fieyj gZijbf_j wlh [u\Z_l g_h[oh^bfh \ l_o kemqZyo dh]^Z h^bg ^\hbqguc h[jZa bkihevam_lky êy aZimkdZ jZaebqguo k_j\bkh\ b gm`gh gZclb hij_^_e_gguc wda_fieyj ijhp_kkZ QZklh lZdZy g_h[oh^bfhklv \hagbdZ_l êy h[jZah\ nZceZ VYFKRVWH[H dhlhjuc bk ihevam_lky êy aZimkdZ fgh`_kl\Z kem`[ :gZeh]bqgmx bgnhjfZpbx fh`gh ihem qblv b k ihfhsvx ijh]jZffu 6RIWZDUH ([SRUHU Ijh\h^gbd ijh]jZffgh]h h[_ki_ q_gby kf ^Ze__ iha\hey_l aZ\_jrblv g_`_eZl_evguc ijhp_kk MlbeblZ dhfZg^ghc kljhdb gZijbf_j kgylv aZ\bkrmx aZ^Zqm Ih mfheqZgbx \ hdg_ ^bki_lq_jZ aZ^Zq hlh[jZ`Zxlky ijhp_kku lhevdh êy aZj_]b kljbjh\Zggh]h ihevah\Zl_ey :^fbgbkljZlhj fh`_l mklZgh\blv neZ`hd 6KRZ SURFHVVHV IURP DOO XVHUV Hlh[jZ`Zlv ijhp_kku \k_o ihevah\Zl_e_c b m\b^_lv ijh p_kku aZims_ggu_ ^jm]bfb ihevah\Zl_eyfb gZijbf_j ijb m^Ze_gghf ^hklmi_ beb ijb i_j_dexq_gbb ihevah\Zl_e_c beb kbkl_fgufb mq_lgufb aZibkyfb b l ^ K ihfhsvx dhfZgû 6HOHFW &ROXPQV <u[jZlv klhe[pu \ f_gx 9LHZ <b^ fh`gh hldjulv hdgh \u[hjZ klhe[ph\ iZjZf_ljh\ êy \deZ^hd 3URFHVVHV Ijhp_kku 1HWZRUNLQJ K_lv b 8VHUV Ihevah\Zl_eb < hldju\Zxs_fky ^bZeh]h\hf hdg_ 6HOHFW « &ROXPQV <u[hj klhe[ph\« kf ijbf_j gZ jbk mklZgh\bl_ neZ`db jy^hf k l_fb ihdZaZl_eyfb dhlhju_ ^he`gu [ulv hlh[jZ`_gu \ lZ[ebp_ b gZ `fbl_ dghidm 0, < gZr_f ijbf_j_ \ j_amevlZl_ lZdhc hi_jZpbb gZ \deZ^d_ ijh p_kkh\ ihy\beky klhe[_p &RPPDQG /LQH DhfZg^gZy kljhdZ Fhgblhjbg] kbkl_fu b ijbeh`_gbc < lZ[e ijb\_^_gh djZldh_ hibkZgb_ ihdZaZl_e_c êy \deZ^db 3URFHVVHV Ijh p_kku ^bki_lq_jZ aZ^Zq LZ[ebpZ I_j_q_gv ihdZaZl_e_c bf_xsboky \ ^bki_lq_j_ aZ^Zq êy kibkdZ ijhp_kkh\ Klhe[_p Bfy h[jZaZ B> ijhp_kkZ 3,' Ihevah\Zl_ev Dh^ k_ZgkZ AZ]jmadZ PI <j_fy PI IZfylv ± jZ[hqbc gZ[hj IZfylv ± ibd jZ[hq_]h gZ[hjZ IZfylv ± ^_evlZ jZ[hq_]h gZ[hjZ HibkZgb_ <k_]^Z hlh[jZ`Z_fh_ bfy bkihegy_fh]h nZceZ bkihev ah\Zggh]h êy aZimkdZ ijhp_kkZ Qbkeh\h_ agZq_gb_ dhlhjh_ mgbdZevguf h[jZahf hij_ ^_ey_l ijhp_kk \h \j_fy _]h jZ[hlu Bfy ihevah\Zl_ey beb gZa\Zgb_ k_j\bkZ aZimklb\r_]h ijhp_kk Dh^ k_ZgkZ k\yaZggh]h k ^Zgguf ijhp_kkhf gZ k_j\_ j_ l_jfbgZeh\ <ujZ`_ggh_ \ ijhp_glZo \j_fy \ l_q_gb_ dhlhjh]h ijhp_kk bkihevah\Ze \j_fy ijhp_kkhjZ k fhf_glZ ih ke_^g_]h h[gh\e_gby KmffZjgh_ \j_fy ijhp_kkhjZ bkihevah\Zggh_ ijhp_k khf kh \j_f_gb _]h ijhp_kkZ aZimkdZ \ujZ`_ggh_ \ k_dmg^Zo JZaf_j qZklgh]h jZ[hq_]h gZ[hjZ bkihevam_fh]h ijh p_kkhf iexk iZfylv dhlhjmx ijhp_kk fh`_l bkihevah \Zlv kh\f_klgh k ^jm]bfb ijhp_kkZfb FZdkbfZevguc jZaf_j jZ[hq_]h gZ[hjZ bkihevam_fh]h ijhp_kkhf <_ebqbgZ baf_g_gby jZaf_jZ jZ[hq_]h gZ[hjZ bkihevam_fh]h ijhp_kkhf H[t_f iZfylb bkihevam_fhc ijhp_kkhf wdkdexab\gh IZfylv ± qZklguc jZ[hqbc gZ[hj IZfylv ± \u^_e_ggZy iZfylv H[t_f \bjlmZevghc iZfylb beb Z^j_kgh]h ijhkljZgkl \Z \u^_e_ggh]h ijhp_kkm =eZ\Z LZ[ebpZ ijh^he`_gb_ Klhe[_p IZfylv ± \u]jm`Z_fuc ime !" IZfylv ± g_\u]jm`Z_fuc ime #$ Hrb[db kljZgbp #$ >_evlZ hrb[hd kljZgbp % ;Zah\uc ijbhjbl_l HibkZgb_ <bjlmZevgZy iZfylv ^hklmigZy êy dwrbjh\Zgby gZ ^bkd dhlhjZy \dexqZ_l \ k_[y \kx ihevah\Zl_evkdmx iZfylv b qZklv kbkl_fghc iZfylb Dwrbjh\Zgb_ ij_^ klZ\ey_l kh[hc i_j_f_s_gb_ j_^dh bkihevam_fuo dhf ihg_glh\ jZ[hq_c iZfylb ba HAM gZ ^jm]hc ghkbl_ev h[uqgh gZ `_kldbc ^bkd H[t_f iZfylb hi_jZpbhgghc kbkl_fu bkihevam_fhc ijhp_kkhf \ dbeh[ZclZo >ZggZy iZfylv gbdh]^Z g_ \u]jm`Z_lky gZ ^bkd >ey ijhp_kkZ ² dhebq_kl\h ihiulhd ql_gby ^Zgguo ih ijbqbg_ bo hlkmlkl\by \ iZfylb Wlh agZq_gb_ gZdZieb \Z_lky k fhf_glZ aZimkdZ ijhp_kkZ Baf_g_gb_ dhebq_kl\Z hrb[hd kljZgbp k fhf_glZ ih ke_^g_]h h[gh\e_gby ;Zah\uc ijbhjbl_l ijhp_kkZ bkihevam_fuc ijhp_kkh jhf êy \u[hjZ hq_j_^ghklb \uiheg_gby ijhp_kkh\ Ijbhjbl_l fh`gh f_gylv \ hdg_ ^bki_lq_jZ aZ^Zq kf dhfZg^m Ijbhjbl_l \ dhgl_dklghf f_gx \u[jZggh]h ijhp_kkZ Dhebq_kl\h ^_kdjbilhjh\ h[t_dlh\ \ lZ[ebp_ h[t_dlh\ ijhp_kkZ Qbkeh ihlhdh\ aZims_gguo ijhp_kkhf & >_kdjbilhju ' Kq_lqbd ihlhdh\ () *+, H[t_dlu 86(5 - *+, H[t_dlu *', .* ) Qbkeh ql_gbc .* Qbkeh aZibk_c Dhebq_kl\h 86(5h[t_dlh\ bkihevam_fuo ijhp_kkhf \ ^Zgguc fhf_gl wlb h[t_dlu y\eyxlky \gmlj_ggbfb h[t_dlZfb ^bki_lq_jZ :LQGRZ 0DQDJHU b ij_^klZ\eyxl kh[hc we_f_glu ihevah\Zl_evkdh]h bgl_jn_ckZ ² hdgZ f_gx agZqdb b l ^ Dhebq_kl\h h[t_dlh\ *UDSKLFV 'HYLFH ,QWHUIDFH *', bkihevam_fuo ijhp_kkhf \ ^Zgguc fhf_gl wlh h[t_dlu $3,bgl_jn_ckh\ êy mkljhckl\ ]jZnbq_kdh]h \u\h^Z Qbkeh hi_jZpbc \\h^Z\u\h^Z k]_g_jbjh\Zgguo ijh p_kkhf ql_gby \dexqZy hi_jZpbb \\h^Z\u\h^Z êy nZceh\ k_lb b mkljhckl\ Qbkeh hi_jZpbc \\h^Z\u\h^Z k]_g_jbjh\Zgguo ijh p_kkhf aZibkb \dexqZy \\h^\u\h^ nZceh\ k_lb b mkljhckl\ Fhgblhjbg] kbkl_fu b ijbeh`_gbc LZ[ebpZ hdhgqZgb_ Klhe[_p HibkZgb_ Qbkeh hi_jZpbc \\h^Z\u\h^Z k]_g_jbjh\Zgguo ijh p_kkhf aZibkb b g_ y\eyxsboky hi_jZpbyfb ql_gby beb aZibkb gZijbf_j nmgdpbb mijZ\e_gby Qbkeh [Zclh\ ijhqblZgguo \ oh^_ hi_jZpbc \\h ^Z\u\h^Z k]_g_jbjh\Zgguo ijhp_kkhf ql_gby \dex qZy hi_jZpbb \\h^Z\u\h^Z êy nZceh\ k_lb b mkl jhckl\ Qbkeh [Zclh\ aZibkZgguo \ oh^_ hi_jZpbc \\h ^Z\u\h^Z k]_g_jbjh\Zgguo ijhp_kkhf aZibkb \dex qZy hi_jZpbb \\h^Z\u\h^Z k\yaZggu_ k nZceZfb k_ lvx b mkljhckl\Zfb Qbkeh [Zclh\ i_j_^Zgguo \ oh^_ hi_jZpbc \\h ^Z\u\h^Z k]_g_jbjh\Zgguo ijhp_kkhf b g_ y\eyx sboky hi_jZpbyfb ql_gby beb aZibkb gZijbf_j \u iheg_gb_ nmgdpbc mijZ\e_gby Ihegh_ bfy h[jZaZ bkihegy_fh]h nZceZ ^Zggh]h ijh p_kkZ gZijbf_j &?:LQGRZV?6\VWHP?VYFKRVWH[H DhfZg^Z k iZjZf_ljZfb bkihevam_fZy êy aZimkdZ ijhp_kkZ gZijbf_j &?:LQGRZV?6\VWHP?VYFKRVWH[H ±N .* *' Ijhqbc \\h^\u\h^ .* ) % IjhqblZgh [Zcl .* % AZibkZgh [Zcl .* *' % Ijhqbo [Zcl ijb \\h^_\u\h^_ ' Imlv d h[jZam / DhfZg^gZy kljhdZ 0 $ VHFVYFV MdZau\Z_l ² \dexq_gZ eb $OORZHG hldexq_gZ 'LVDEOHG beb aZij_s_gZ 1RW $OORZHG \bjlmZebaZpby f_oZgbafZ mijZ\e_gby mq_lgufb aZibkyfb 8VHU $FFRXQW &RQWURO 8$& êy ^Zggh]h ijhp_kkZ \bjlmZebaZpby 8$& h[_ki_qb\Z_l i_j_gZijZ\e_gb_ hi_jZpbc aZibkb nZceh\ b j__kljZ \ hij_^_e_ggu_ f_klZ aZ^Zggu_ êy dZ`^h]h ihevah\Zl_ey GZa\Zgb_ kem`[u ijh]jZffu beb ijhp_kkZ <bjlmZebaZpby " HibkZgb_ (1 $ Ij_^hl\jZs_gb_ \uihe g_gby ^Zgguo MdZau\Z_l ² \dexq_gh (QDEOHG beb \udexq_gh 'LVDEOHG ij_^hl\jZs_gb_ \uiheg_gby ^Zgguo êy ^Zggh]h ijhp_kkZ Ke_`_gb_aZjZ[hlhckbkl_fguokem`[ GZ \deZ^d_ Kem`[u jbk i_j_qbke_gu \k_ kem`[u k_j\bku bf_xsb_ky \ kbkl_f_ ^Zgh bo hibkZgb_ b mdZaZgu l_dms__ khklhygb_ b mq_lgZy aZibkv [_ahiZkghklb dhlhjZy bkihevam_lky ijb aZimkd_ kem`[u >ey dZ`^hc jZ[h lZxs_c kem`[u mdZaZg b^_glbnbdZlhj ,' khhl\_lkl\mxs_]h ijhp_kkZ agZy wlhl =eZ\Z b^_glbnbdZlhj ijhs_ ke_^blv aZ l_f dZdb_ j_kmjku bkihevam_l ijhp_kk < wlhf hdg_ \u[jZggmx kem`[m fh`gh aZimklblv beb hklZgh\blv Jbk Kibkhd kbkl_fguo kem`[ b bo khklhygb_ Kibkhd fgh]hqbke_gguo kem`[ fh`gh khjlbjh\Zlv ih ex[hfm klhe[pm Wlh iha\h ey_l gZijbf_j \u[bjZlv ]jmiiu ih bo khklhygbx beb ih ijbgZê_`ghklb d hij_^_e_gghc ]jmii_ ?keb \ dhgl_dklghf f_gx g_dhlhjhc aZims_gghc kem`[u \uihegblv dhfZg^m I_j_clb d ijhp_kkm lh hldjh_lky \deZ^dZ Ijhp_kku gZ dhlhjhc [m^_l \u[jZg ijhp_kk k\yaZgguc k wlhc kem`[hc b ke_^h\Zl_evgh fh`gh m\b^_lv dZdb_ j_kmjku bkihevam_l \u[jZggZy kem`[Z Wlh hkh[_ggh m^h[gh êy ijhp_kkZ VYFKRVWH[H dhlhjuc y\ey_lky ohklijhp_kkhf êy fgh]bo kbkl_fguo kem`[ b g_ \k_]^Z fh`gh ihgylv dZdhc _]h wda_fieyj k\yaZg k dhgdj_lghc kem` [hc beb gZh[hjhl LZdbf h[jZahf dZd fh`gh \b^_lv \deZ^dZ Kem`[u aZf_lgh jZkrbjy _l nmgdpbhgZevgu_ \hafh`ghklb ^bki_lq_jZ aZ^Zq \ :LQGRZV 6HUYHU ih kjZ\g_gbx k ij_û^msbfb \_jkbyfb :LQGRZV b ih\urZ_l wnn_dlb\ghklv jZ[h lu k gbf Fhgblhjbg] kbkl_fu b ijbeh`_gbc >ey ihemq_gby bgnhjfZpbb h kem`[Zo \ hdg_ dhfZg^ghc kljhdb fh`gh bkihevah \Zlv mlbeblm 6F dhfZg^Z VF TXHU\ k ihfhsvx dhlhjhc fh`gh lZd`_ iheghklvx mijZ\eylv khklhygb_f b iZjZf_ljZfb kem`[u :gZebaaZ]jmadbkbkl_fu >ey hlke_`b\Zgby aZ]jmadb kbkl_fu ijhp_kkhjh\ b iZfylb ljZ^bpbhggh bkihev am_lky \deZ^dZ ;ukljh^_ckl\b_ jbk bf_xsZyky \ hdg_ ^bk i_lq_jZ aZ^Zq GZ jbk \b^_g gh\uc we_f_gl ^bki_lq_jZ aZ^Zq ² dghidZ Fh gblhj j_kmjkh\ gZ`Z\ dhlhjmx fh`gh i_j_clb \ hdgh ]^_ ij_^klZ\e_gZ ih^jh[gZy bgnhjfZpby ih aZ]jmad_ ijhp_kkhjZ ^bkdZ k_lb b iZfylb kf jbk ² Fh gblhj j_kmjkh\ ih^jh[g__ [m^_l hibkZg iha`_ \ khklZ\_ hkgZkldb Fhgblhj ijhba\h^bl_evghklb b klZ[bevghklb Jbk >bZ]jZffu aZgylhklb ijhp_kkhjh\ b iZfylb =eZ\Z Fhgblhjbg]k_lb GZ \deZ^d_ K_lv jbk fh`gh \ \b^_ ]jZnbdZ \b^_lv h[t_f bg nhjfZpbb i_j_^Z\Z_fhc ih k_lb \ dZ`ûc fhf_gl \j_f_gb ?keb gZ dhfivxl_j_ mklZgh\e_gu g_kdhevdh k_l_\uo Z^Zil_jh\ \ gZr_f ijbf_j_ ihdZaZgu ^\Z Z^Zil_ jZ lh êy dZ`^h]h Z^Zil_jZ hlh[jZ`Z_lky hl^_evgZy iZg_ev gZ dhlhjhc [m^_l ij_^klZ\e_gZ djb\Zy ihdZau\ZxsZy aZ]jmadm dhgdj_lgh]h Z^Zil_jZ Jbk Hlh[jZ`_gb_ aZ]jm`_gghklb k_l_\uo ih^dexq_gbc < ih^f_gx <b^ _ @mjgZe k_l_\h]h Z^Zil_jZ mdZ au\Z_lky lbi hlh[jZ`Z_fhc gZ ]jZnbd_ bgnhjfZpbb ih mfheqZgbx gZ ]jZnbd_ \b^gh lhevdh h[s__ dhebq_kl\h i_j_^Zgguo ijbgyluo b ihkeZgguo [Zclh\ Z djhf_ wlh]h hl^_evgh fh`gh \b^_lv qbkeh ihemq_gguo ! Ihemq_gh [Zcl bbeb hlijZ\e_gguo [Zclh\ ! HlijZ\e_gh [Zcl K ihfhsvx dhfZgû " <b^ _ <u[jZlv klhe[pu fh`gh i_j_c lb \ hdgh hlh[jZ`Z_fuo klhe[ph\ b \u[jZlv d ijbf_jm \u\h^ \ lZ[ebp_ h[s_]h qbkeZ ihemq_gguo %\WHV 5HFHLYHG bbeb hlijZ\e_gguo [Zclh\ %\WHV 6HQW êy dZ`^h]h k_l_\h]h Z^Zil_jZ kf jbk Ijb wlhf _keb mklZgh\blv neZ`hd # $ " % IZjZf_lju _ Hlh[jZ`Zlv gZdZieb\Z_fu_ ^Zg Fhgblhjbg] kbkl_fu b ijbeh`_gbc gu_ lh [m^ml mqblu\Zlvky g_ lhevdh l_ ^Zggu_ dhlhju_ [ueb ihemq_gu ihke_ aZimkdZ ^bki_lq_jZ aZ^Zq gh b kmffZjgu_ ² k fhf_glZ aZ]jmadb kbkl_fu ?keb gZijbf_j hlh[jZ`Z_lky hdgh Z^Zil_jZ q_j_a dhlhjuc hkms_kl\ey_lky ih^dexq_ gb_ d Bgl_jg_lm \ gZr_f ijbf_j_ lZdh_ kh_^bg_gb_ gZa\Zgh $'6/ lh gZ \deZ^d_ K_lv fh`gh \_kvfZ lhqgh hp_gb\Zlv \g_rgbc k_l_\hc ljZ nbd ijZ\^Z ^h hij_^_e_ggh]h ij_^_eZ ihkdhevdm ihke_ ijb[ebabl_evgh =[Zcl agZq_gby kq_lqbdh\ k[jZku\Zxlky b hlkq_l gZqbgZ_lky k gZqZeZ Ih mfheqZgbx ]jZnbd aZ]jmadb k_lb ihy\ey_lky gZ \deZ^d_ K_lv k fh f_glZ \u[hjZ wlhc \deZ^db b ij_û^msb_ ihdZaZgby \b^_lv g_evay ?keb mklZgh \blv gh\uc neZ`hd & <deZ^dZ \k_]^Z Zdlb\gZ lh bgnhjfZpby h[ bkihevah\Zgbb k_lb gZqbgZ_l kh[bjZlvky kjZam `_ ihke_ aZimkdZ ^bki_lq_jZ aZ^Zq ^Z`_ _keb \deZ^dZ K_lv b g_ hldju\ZeZkv < wlhf kemqZ_ ihke_ \u[hjZ \deZ^db fh`gh \ \b^_ ]jZnbdZ \b^_lv m`_ gZdhie_ggu_ ^Zggu_ IjhkfhljkibkdZ aZj_]bkljbjh\Zgguoihevah\Zl_e_c GZ \deZ^d_ ' Ihevah\Zl_eb hlh[jZ`Zxlky bf_gZ \k_o ihevah\Zl_e_c aZj_]b kljbjh\Zgguo \ ^Zgguc fhf_gl gZ dhfivxl_j_ ehdZevgh [eZ]h^Zjy gZebqbx hi pbb [ukljh]h i_j_dexq_gby ihevah\Zl_e_c )DVW 8VHU 6ZLWFKLQJ beb m^Ze_ggh ijb bkihevah\Zgbb kem`[ l_jfbgZeh\ 7HUPLQDO 6HUYLFHV beb nmgdpbc 5HPRWH 'HVNWRS M^Ze_gguc jZ[hqbc klhe b 5HPRWH $VVLVWDQFH M^Ze_gguc ihfhsgbd GZ jbk beexkljbjm_lky kblmZpby dh]^Z \ kbkl_f_ aZj_]bkljbjh\Zgu ljb ihev ah\Zl_ey h^bg ehdZevgh $GPLQLVWUDWRU Z ^\Z ^jm]bo m^Ze_ggh GZ \deZ^d_ ' Ihevah\Zl_eb \u[jZgghfm ihevah\Zl_ex fh`gh ihkeZlv khh[ s_gb_ k ihfhsvx dhfZgû dhgl_dklgh]h f_gx beb dghidb HlijZ \blv khh[s_gb_ Djhf_ lh]h ebrgbo ihevah\Zl_e_c fh`gh hldexqblv dghidZ % Hldexqblv ijb wlhf \k_ aZims_ggu_ ihevah\Zl_e_f aZ^Zqb khojZgy xlky b hg kfh`_l \_jgmlvky d gbf ihke_ ih\lhjgh]h ih^dexq_gby beb jZaj_]b kljbjh\Zlv bo \ kbkl_f_ dghidZ ( <uclb ba kbkl_fu \ wlhf kemqZ_ ihev ah\Zl_ev ij_djZsZ_l jZ[hlm \ kbkl_f_ >ey wlh]h jZamf__lky gm`gh bf_lv ijZ\Z Z^fbgbkljZlhjZ dhfivxl_jZ < GBF:GB? :LQGRZV 6HUYHU ² 8VHU Ihkdhevdm \ kbkl_fZo h^gh\j_f_ggh Zdlb\gufb fh]ml [ulv lhevdh ^\Z ih^dexq_gby d jZ[hq_fm klhem ebrgbc ihevah\Zl_ev \ gZr_f ijb f_j_ gZ jbk mq_lgZy aZibkv hldexqZ_lky ohly \k_ _]h ijbeh`_gby hklZxlky Zdlb\gufb b iZjZf_lju k_ZgkZ ih^dexq_gby khojZgyxlky Ihwlhfm \u dexq_gb_ dhfivxl_jZ \ ih^h[ghc kblmZpbb ^he`gh \uihegylvky k hklhjh`gh klvx b ke_^m_l mqblu\Zlv \hafh`ghklv ihl_jb ^Zgguo \ kemqZ_ ijbgm^bl_evgh]h ij_djZs_gby jZ[hlu ihevah\Zl_ey =eZ\Z Jbk Bf_gZ ihevah\Zl_e_c aZj_]bkljbjh\Zgguo gZ dhfivxl_j_ Fhgblhjbg]ijh]jZffbk_j\bkh\² ijh]jZffZ6RIWZDUH([SRUHU < iheguo kbkl_fZo :LQGRZV 6HUYHU bf__lky ijh]jZffZ AZsblgbd :LQGRZV iha\heyxsZy aZsblblv dhfivxl_j hl jZaghh[jZaguo ribhg kdbo VS\ZDUH ijh]jZff Z lZd`_ \j_^hghkguo ijbeh`_gbc dhlhju_ fh]ml gZjm rblv jZ[hlhkihkh[ghklv b [_ahiZkghklv kbkl_fu Y^jh ijh]jZffu j_Zebah\Zgh dZd kbkl_fguc k_j\bk bfy :LQ'HIHQG b mijZ\eylv bf fh`gh k ihfhsvx hkgZkl db Kem`[u < khklZ\_ ijh]jZffu :LQGRZV 'HIHQGHU AZsblgbd :LQGRZV bf__lky kj_^kl\h Ijh\h^gbd ijh]jZffgh]h h[_ki_q_gby dhlhjh_ iha\hey_l ihem Fhgblhjbg] kbkl_fu b ijbeh`_gbc qZlv ih^jh[gmx bgnhjfZpbx h[h \k_o ijh]jZffZo jZ[hlZxsbo \ kbkl_f_ KkuedZ gZ 6RIWZDUH ([SRUHU lZd`_ bf__lky g_ihkj_^kl\_ggh gZ iZg_eb mijZ\e_gby ² kf dZl_]hjbx Ijh]jZffu kkuedZ Ijh kfhlj \uihegyxsboky ijh]jZff < hdg_ ijh]jZffu \f_klh kibkdZ g_ \k_]^Z ihgylguo bf_g ijhp_kkh\ fh`gh \b ^_lv gZa\Zgby b iZjZf_lju khhl\_lkl\mxsbo ijbeh`_gbc \dexqZy ^jm]b_ \Z`gu_ k\_^_gby gZijbf_j ghf_jZ ihjlh\ b \g_rgb_ ,3Z^j_kZ d dhlhjuf h[jZsZ_lky ijh]jZffZ jbk Kibkhd ijbeh`_gbc jZa[bl ih nbjfZfijhba\h^bl_eyf [eZ ]h^Zjy q_fm hjb_glbjh\Zlvky \ ijh]jZffZo hq_gv m^h[gh G_ihkj_^kl\_ggh ba wlh ]h hdgZ fh`gh kjZam ij_djZsZlv ih^hajbl_evgu_ aZ^Zqb Jbk Fhgblhjbg] ijhp_kkh\ h[jZsZxsboky d k_lb < lhf kemqZ_ _keb bkihevam_lky gh\uc \b^ iZg_eb mijZ\e_gby k ^_e_gb_f ih dZl_]hjbyf =eZ\Z G_ f_g__ bgl_j_kgu_ j_`bfu ² ijhkfhlj ijh]jZff aZ]jm`Z_fuo ijb aZimkd_ kbkl_fu dZl_]hjby 6WDUWXS 3URJUDPV b kibkhd ijh]jZff \uihegyxsboky \ ^Zg guc fhf_gl dZl_]hjby &XUUHQWO\ 5XQQLQJ 3URJUDPV Ijhkfhljkh[ulbcj_]bkljbjm_fuokbkl_fhc kem`[Zfbbijbeh`_gbyfb < kbkl_fZo :LQGRZV 6HUYHU kh[ulby kbkl_fu kem`[ b ijbeh`_gbc q_ldh deZkkbnbpbjh\Zgu b bo fh`gh ijhkfZljb\Zlv \ bg^b\b^mZevguo `mjgZeZo qbkeh dhlhjuo ijb[eb`Z_lky d khlg_ >ey ijhkfhljZ kbkl_fguo `mjgZeh\ gZ ehdZevghf beb m^Ze_gghf dhfivxl_j_ ljZ^bpbhggh bkihevam_lky hkgZkldZ Ijhkfhlj kh[ulbc dhlhjZy \ kbkl_fZo :LQGRZV 6HUYHU dZj^bgZevgh i_j_ jZ[hlZgZ b kh^_j`bl \k_ k\_^_gby h lhf qlh ijhbkoh^beh \ kbkl_f_ G_kfhljy gZ [hevrh_ dhebq_kl\h hlh[jZ`Z_fuo ^Zgguo b we_f_glh\ mijZ\e_gby `mjgZeZfb jZ[hlZlv k kh[ulbyfb klZeh ijhs_ hkh[_ggh ijb [hevrhf dhebq_kl\_ jZaghh[jZa guo kh[ulbc bf_xsbo jZagmx kl_i_gv \Z`ghklb Gh\uc ^baZcg hkgZkldb iha\h ey_l \b^_lv fgh]h h[h[sZxs_c b klZlbklbq_kdhc bgnhjfZpbb Z \ g_dhlhjuo kem qZyo gZh[hjhl kjZam \u[bjZlv djblbq_kdb \Z`gu_ kh[ulby 1 JBF?Q:GB? Hkgh\ghc \hafh`ghklvx ijhkfhljZ kh[ulbc gZ dhfivxl_jZo ]^_ bkihevam_lky beb y\ey_lky hkgZkldZ Ijh kfhlj kh[ulbc ih^dexqZ_fZy k m^Ze_ggh]h dhfivxl_jZ jZ[hlZxs_]h ih^ mijZ\e_gb_f beb iheghc \_jkbb LZd`_ fh` gh bkihevah\Zlv ihîbkdb gZ kh[ulby kf ^Ze__ b mlbeblm dhfZg^ghc kljhdb iha\hey_l ih GZijbf_j dhfZg^Z kfhlj_lv \ l_dklh\hf j_`bf_ \k_ kh[ulby kh^_j`Zsb_ky \ `mjgZe_ GZ kljhcdZ :LQGRZV 6HUYHU &RUH +\SHU9 6HUYHU :LQGRZV 9LVWD :HYWXWLOH[H :LQGRZV 6HUYHU 6HWXS HkgZkldZ Ijhkfhlj kh[ulbc \oh^bl \ khklZ\ hkgZkldb MijZ\e_gb_ dhfivxl_jhf b gh\hc êy :LQGRZV 6HUYHU hkgZkl db >bki_lq_j k_j\_jZ __ lZd`_ fh`gh \uau\Zlv g_ihkj_^kl\_g gh ba f_gx Imkd beb k iZg_eb mijZ\e_gby Ijbf_j hdgZ hkgZkldb aZim s_gghc Z\lhghfgh ihdZaZg gZ jbk Ihke_ aZimkdZ hkgZkldb \ p_gljZevghc qZklb __ hdgZ ij_^klZ\e_gZ klZlbklbdZ k\h^dZ ih \k_f `mjgZeZf qbkeh hrb[hd ij_^mij_`^_gbc b l ^ IZidZ GZkljZb\Z_fu_ ij_^klZ\e_gby _ Kh[ulby mijZ\e_ gby kh^_j`bl lhevdh l_ kh[ulby dhlhju_ lj_[mxl \gbfZgby Z^fbgbkljZlhjZ ² hrb[db b ij_^mij_`^_gby LZdh_ j_r_gb_ iha\hey_l g_ hl\e_dZlvky gZ ijhkfhlj f_g__ agZqbl_evghc bgnhjfZpbb A^_kv `_ jZaf_sZxlky kha^Zggu_ ihevah\Zl_e_f ij_^klZ\e_gby `mjgZeh\ Fhgblhjbg] kbkl_fu b ijbeh`_gbc Jbk Hkgh\gh_ hdgh hkgZkldb (YHQW 9LHZHU < kbkl_fZo :LQGRZV 6HUYHU \ khklZ\_ iZidb GZkljZb\Z_fu_ ij_^klZ\e_gby ihy\beky gh\uc ma_e ² Jheb k_j\_jZ ]^_ êy dZ` ^hc jheb k_j\_jZ bf__lky hl^_evguc `mjgZe ij_^klZ\e_gb_ \ dhlhjhf hlh[jZ `Zxlky lhevdh l_ kh[ulby dhlhju_ hlghkylky d dhgdj_lghc jheb d \oh^ysbf \ __ khklZ\ k_j\bkh\ Wlh agZqbl_evgh mijhsZ_l dhgljhev aZ jZ[hlhc ijbdeZ^guo kem`[ < ijZ\hc qZklb hdgZ hkgZkldb gZoh^blky lbibqgZy êy gh\hc dhgkheb mijZ\e_gby 0LFURVRIW 0DQDJHPHQW &RQVROH iZg_ev >_ckl\by gZ dhlhjhc jZkiheZ ]Zxlky dhfZgû bf_xsb_ky êy h[t_dlZ \u[jZggh]h k ihfhsvx dmjkhjZ gZ ^jm ]bo iZg_eyo hkgZkldb A^_kv `_ gZoh^blky dhfZg^Z ih^dexq_gby d m^Ze_gghfm dhfivxl_jm ijb wlhf fh`gh g_ihkj_^kl\_ggh mdZaZlv bfy b iZjhev ex[hc mq_l ghc aZibkb >Zggmx iZg_ev fh`gh [ukljh \dexqZlv b m[bjZlv k ihfhsvx khhl \_lkl\mxs_c dghidb gZ iZg_eb bgkljmf_glh\ K ihfhsvx hkgZkldb Ijhkfhlj kh[ulbc fh`gh ijhkfZljb\Zlv `mjgZeu jZaebqguo lbih\ Ihfbfh ljZ^bpbhgguo kbkl_fguo `mjgZeh\ :LQGRZV bf_xlky ^\Z gh\uo `mjgZeZ X GZkljhcdZ ² bkihevam_lky êy khh[s_gbc dZkZxsboky mklZgh\db b h[gh\e_gbc kbkl_fu __ jhe_c dhfihg_glh\ b ijbeh`_gbc =eZ\Z X I_j_keZggu_ kh[ulby ² kh[ulby ihemq_ggu_ ih aZijhkm k ^jm]bo dhfivxl_jh\ < ]jmii_ @mjgZeu ijbeh`_gbc b kem`[ gZoh^ylky ki_pbZevgu_ `mjgZeu êy hl^_evguo dhfihg_glh\ b kbkl_fguo kem`[ gZijbf_j êy '16k_j\_jZ kem`[u dZlZeh]h\ kem`[u j_iebdZpbb nZceh\ b l ^ Djhf_ wlh]h \ iZid_ bf_xlky fgh]hqbke_ggu_ `mjgZeu \ dhlhju_ aZghkylky kh[ulby dhgdj_lguo dhfihg_glh\ kem`[ b ih^kbkl_f \ i_j\mx hq_j_^v ² ^_lZevgZy bg nhjfZpby h[ hrb[dZo \ bo jZ[hl_ Ijhkfhlj`mjgZeh\biZjZf_ljh\kh[ulbc < kbkl_fZo :LQGRZV 6HUYHU hkgZkldZ Ijhkfhlj kh[ulbc ih a\hey_l ijhkfZljb\Zlv `mjgZeu b kjZam \b^_lv \k_ ^Zggu_ h \u[jZgghf kh[ulbb \ hdg_ jZkiheZ]Zxs_fky gb`_ kibkdZ kh[ulbc jbk KijZ\Z gZ iZg_eb >_ckl\by i_j_qbke_gu hi_jZpbb dhlhju_ fh`gh \uihegylv k \u[jZgguf `mj gZehf b mdZaZgguf kh[ulb_f gZijbf_j khojZgylv `mjgZe nbevljh\Zlv kh[ulby kha^Z\Zlv \bû ijhkfhljZ ijb\yau\Zlv aZ^Zqm d mdZaZgghfm kh[ulbx b l ^ Jbk Ijhkfhlj kh[ulbc \ \u[jZgghf `mjgZe_ Fhgblhjbg] kbkl_fu b ijbeh`_gbc Fh`gh gZh[hjhl kibkhd kh[ulbc k^_eZlv fZdkbfZevgh \b^bfuf êy m^h[kl\Z ihbkdZ kh[ulbc Z ^hihegbl_evgmx bgnhjfZpbx h gbo ijhkfZljb\Zlv \ hl^_evghf hdg_ ih f_j_ g_h[oh^bfhklb >ey wlh]h \ ih^f_gx <b^ gZ iZg_eb >_ckl\by gm`gh k[jhkblv neZ`hd b hldexqblv h[eZklv ijhkfhljZ 3UHYLHZ 3DQH Hdgh k\hckl\ kh[ulbc \ wlhf kemqZ_ [m^_l hldju\Zlvky ihke_ ^\hcgh]h s_eqdZ gZ aZibkb \ `mjgZe_ beb ijb \u[hj_ khhl\_lkl\mxs_c aZ^Zqb gZ iZg_eb >_ckl\by GZ \deZ^d_ H[sb_ jbk \b^gu \k_ iZjZf_lju kh[ulby Z gZ iZg_eb Ih^jh[ghklb ijb\_^_gZ ^_lZevgZy bgnhjfZpby h kh[ulbb Klj_edb i_j_f_s_gby \\_jo b \gba iha\heyxl ijhkfZljb\Zlv aZibkb \ `mjgZe_ g_ aZdju\Zy hdgZ k\hckl\ kh[ulbc Jbk Gh\uc ^baZcg hkgZkldb iha\hey_l \u[bjZlv kihkh[ ijhkfhljZ kibkdZ kh[ulbc b bgnhjfZpbb h dhgdj_lghf kh[ulbb Gh\Zy hkgZkldZ >bki_lq_j k_j\_jZ ihy\b\rZyky \ :LQGRZV 6HUYHU iha\hey_l ijhkfZljb\Zlv kh[ulby hlghkysb_ky d dhgdj_lguf kem` [Zf h[_ki_qb\Zxsbf \uiheg_gb_ lhc beb bghc jheb k_j\_jZ LZdZy p_gljZebaZ pby b nbevljZpby kh[ulbc iha\hey_l [ukljh hp_gblv gZkdhevdh k_j\_j kijZ\ey _lky k dhgdj_lghc jhevx b \hagbdZxl eb ijb wlhf ijh[e_fu GZ jbk \ dZq_kl\_ ijbf_jZ ihdZaZgh hdgh hkgZkldb êy jheb )LOH 6HUYLFHV NZceh\u_ kem` =eZ\Z [u KjZam fh`gh \b^_lv \k_ kh[ulby \hagbdrb_ \ ijhp_kk_ jZ[hlu Z lZd`_ l_ dms__ khklhygb_ kem`[ hlghkysboky d ^Zgghc jheb Ijb g_h[oh^bfhklb fh`gh [ukljh \ua\Zlv ^jm]b_ hkgZkldb Ijhkfhlj kh[ulbc beb Kem`[u b ihemqblv [he__ ^_lZevgmx bgnhjfZpbx beb ^hihegbl_evgu_ \ha fh`ghklb mijZ\e_gby k_j\bkZfb ² êy wlh]h \ ijZ\hc qZklb hdgZ bf_xlky khhl \_lkl\mxsb_ kkuedb Jbk Ijhkfhlj kh[ulbc êy \u[jZgghc jheb k_j\_jZ \ hdg_ hkgZkldb NbevljZpbykh[ulbc 6HUYHU 0DQDJHU < kbkl_fguo `mjgZeZo j_]bkljbjm_lky ]jhfZ^gh_ dhebq_kl\h kh[ulbc b g_ \k_ hgb fh]ml [ulv h^bgZdh\h \Z`gu êy Z^fbgbkljZlhjZ >ey \u[hjZ gm`guo kh[u lbc ke_^m_l ihevah\Zlvky nbevljZfb `mjgZeh\ dhlhju_ \ :LQGRZV 9LVWD:LQGRZV 6HUYHU gZau\Zxlky gZkljZb\Z_fufb ij_^klZ\e_gbyfb FXVWRP YLHZ Fhgblhjbg] kbkl_fu b ijbeh`_gbc >ey kha^Zgby ij_^klZ\e_gby lj_[m_lky \u[jZlv gm`guc `mjgZe kh[ulbc b \ dhg l_dklghf f_gx \u[jZlv dhfZg^m Kha^Zlv gZkljZb\Z_fh_ ij_^klZ\e_gb_ beb Nbevlj l_dms_]h `mjgZeZ Wlb dhfZgû ih kmlb ihoh`b hlebqb_ ebrv \ lhf qlh i_j\Zy dhfZg^Z iha\hey_l khojZgblv ij_^klZ\e_gb_ `mjgZeZ g_kdhevdbo `mjgZeh\ \ \b^_ gh\h]h `mjgZeZ Z \lhjZy ijhklh h]jZgbqb\Z_l qbkeh kh[ulbc ijhkfZljb\Z_fuo \ dhgdj_lghf `mjgZe_ kh [ulbc < hdg_ k\hckl\ ij_^klZ\e_gby gm`gh mdZaZlv oZjZdl_jbklbdb kh[ulbc dh lhju_ ij_^klZ\eyxl bgl_j_k b [m^ml hlh[jZ`Zlvky \ gh\hf ij_^klZ\e_gbb beb nbevlj_ Jbk Ijbf_j nbevljZ gZkljZb\Z_fh]h ij_^klZ\e_gby `mjgZeZ Lbibqghc kblmZpb_c dh]^Z bkihevah\Zgb_ gZkljZb\Z_fh]h ij_^klZ\e_gby êy `mjgZeZ 6HFXULW\ ;_ahiZkghklv ijhklh g_h[oh^bfh y\ey_lky aZ^ZqZ Zm^blZ ^hklm =eZ\Z iZ d nZceZf b iZidZf `_kldh]h ^bkdZ Ijb \dexq_gbb Zm^blZ ]_g_jbjm_lky ]jh fZ^gh_ dhebq_kl\h kbkl_fguo kh[ulbc g_ ij_^klZ\eyxsbo g_ihkj_^kl\_ggh]h bgl_j_kZ êy fhgblhjbg]Z h[jZs_gbc ql_gby kha^Zgby m^Ze_gby b l ^ d djblb q_kdb \Z`guf nZceZf Ihwlhfm ke_^m_l \u[bjZlv lhevdh l_ kh[ulby dhlhju_ hl jZ`Zxl hi_jZpbb baf_g_gby nZceZ beb iZidb GZ jbk ihdZaZg ijbf_j nbevl jZ êy j_r_gby wlhc aZ^Zqb DZd fh`gh \b^_lv ba `mjgZeZ 6HFXULW\ ;_ahiZkghklv \u[jZgu lhevdh kh[ulby k\yaZggu_ k Zm^blhf bklhqgbd ² 0LFURVRIW :LQGRZV VHFXULW\ DXGLWLQJ >Zlm ijhkfhljZ fh`gh f_gylv b ijhkfZljb\Zlv d ijbf_jm g_ \k_ kh[ulby Z lhevdh l_ dhlhju_ ijhbahreb aZ ihke_^gbc qZk qZkh\ b l ^ Ba \k_o kh[ulbc Zm^blZ \u[jZgu lhevdh kh[ulby k dh^hf k\yaZggu_ k ^hklm ihf d h[t_dlm nZceh\hc kbkl_fu 7DVN FDWHJRU\ DZl_]hjby aZ^Zqb ² )LOH 6\VWHP NZceh\Zy kbkl_fZ Gm`gu_ dhû kh[ulbc ijhs_ \k_]h gZclb hiulguf iml_f ijhkfZljb\Zy `mjgZeu b \u[bjZy kh[ulby ij_^klZ\eyxsb_ bgl_j_k êy fhgblh jbg]Z < j_amevlZl_ ijbf_g_gby nbevljZ dhebq_kl\h ijhkfZljb\Z_fuo kh[ulbc j_adh mf_gvrZ_lky ?s_ [hevr_ kmablv h[eZklv ihbkdZ dhgdj_lguo kh[ulbc fh` gh k ihfhsvx dhfZgû GZclb \uihegyxs_cky ba dhgl_dklgh]h f_gx `mj gZeZ beb ij_^klZ\e_gby Z lZd`_ ijbkmlkl\mxs_c gZ iZg_eb >_ckl\by GZijbf_j fh`gh \\_klb kljhdm beb AZibkv ^Zgguo _keb bgl_jn_ck jmkkdhyauqguc beb bfy bgl_j_kmxs_]h nZceZ b ijhkfZljb\Zlv lhevdh hi_jZpbb baf_g_gby b kha^Zgby nZceh\ beb iZihd beb kh[ulby k\yaZggu_ k dhgdj_lguf nZcehf Ijb \uiheg_gbb ihbkdZ \ hdg_ hkgZkldb \b^gu \k_ k\hckl\Z gZc^_ggh]h kh[ulby ihwlhfm gm`gmx bgnhjfZpbx gZoh^blv hq_gv e_]dh <k_ kha^Zggu_ gZkljZb\Z_fu_ ij_^klZ\e_gby ih mfheqZgbx khojZgyxlky \ iZid_ GZkljZb\Z_fu_ ij_^klZ\e_gby kf jbk Bo gZa\Zgb_ b ^jm]b_ oZjZdl_jbklbdb \dexqZy iZjZf_lju nbevljZ fh`gh f_gylv \ ex[hc fhf_gl \ hd g_ k\hckl\ Ijhkfhlj ij_^klZ\e_gbc b \uiheg_gb_ ^jm]bo hi_jZpbc gbq_f g_ hl ebqZxlky hl kihkh[h\ jZ[hlu k h[uqgufb kbkl_fgufb `mjgZeZfb $SSOLFDWLRQ Ijbeh`_gb_ 6HFXULW\ ;_ahiZkghklv b l ^ IhîbkdbbhlijZ\ey_fu_kh[ulby < kbkl_fZo :LQGRZV 9LVWD:LQGRZV 6HUYHU ihy\beZkv dhgp_ipby hlijZ\ey_ beb i_j_kueZ_fuo kh[ulbc IRUZDUGHG HYHQW Kfuke b^_b khklhbl \ lhf qlh[u fh`gh [ueh ihîbkZlvky gZ hij_^_e_ggu_ kh[ulby ijhbkoh^ysb_ gZ m^Z e_gguo dhfivxl_jZo jZ[hlZxsbo ih^ mijZ\e_gb_f :LQGRZV 9LVWD beb :LQGRZV 6HUYHU Ijb hnhjfe_gbb ihîbkdb lhqgh mdZau\Zxlky lbi kh[ulbc b i_ jbh^bqghklv bo hlijZ\db ihîbkqbdm Ihemq_ggu_ kh[ulby fh`gh ijhkfZljb\Zlv b h[jZ[Zlu\Zlv lZd `_ dZd b ex[u_ kh[ulby \ kbkl_f_ LZdhc ihôh^ iha\hey_l ba[Z\blvky hl g_h[oh^bfhklb ijhkfhljZ [hevrh]h dhebq_kl\Z bgnhjfZpbb ih kdhevdm fh`gh ihemqZlv lhevdh l_ ^Zggu_ dhlhju_ lj_[mxlky < i_j\mx hq_j_^v fuo Fhgblhjbg] kbkl_fu b ijbeh`_gbc wlh m^h[gh \ ^hf_gghc kj_^_ kh fgh]bfb dhfivxl_jZfb dhfivxl_ju \oh^ysb_ \ jZ[hqmx ]jmiim gZkljZb\Zlv keh`g__ >ey Zdlb\baZpbb f_oZgbafZ ihîbkhd lj_[mxlky ^_ckl\by gZ h[hbo dhfivxl_jZo ² gZ lhf dhlhjuc [m^_l hlijZ\eylv kh[ulby b gZ lhf dhlhjuc [m^_l bo ihemqZlv J_ZebaZpby wlh]h f_oZgbafZ \hafh`gZ [eZ]h^Zjy ihy\e_gbx \ khklZ\_ :LQGRZV 9LVWD:LQGRZV 6HUYHU gh\hc kem`[u ² :LQGRZV 5HPRWH 0DQDJHPHQW :6 0DQDJHPHQW Kem`[u m^Ze_ggh]h mijZ\e_gby :LQGRZV :60DQDJHPHQW k_j\bk :LQ50 dhlhjZy bkihevam_l ijhlhdhe :60DQDJHPHQW >ey hlijZ\e_gby b ihem q_gby khh[s_gbc bf_xlky ki_pbZevgu_ kbkl_fgu_ k_j\bku :LQGRZV (YHQW &ROOHFWRU 6HUYLFH K[hjsbd kh[ulbc :LQGRZV :HFVYF b :LQGRZV (UURU 5HSRUWLQJ 6HUYLFH Kem`[Z j_]bkljZpbb hrb[hd :LQGRZV :HU6YF aZimkdZ_fu_ gZ dhfivx l_jZo ihîbkqbdZ b hlijZ\bl_ey khhl\_lkl\_ggh >ey mijZ\e_gby kem`[hc :60DQDJHPHQW bf__lky kbkl_fgZy mlbeblZ dhfZg^ghc kljhdb :LQUPH[H ?_ hibkZgb_ b iZjZf_lju fh`gh ihemqblv \\_^y \ hdg_ dhgkheb kljhdm >ey lh]h qlh[u dhfivxl_j fh] ijbgbfZlv aZijhku kem`[u :LQGRZV 5HPRWH 0DQDJHPHQW b i_j_^Z\Zlv bgnhjfZpbx ihîbkqbdZf g_h[oh^bfh _]h ih^]hlh\blv d jZ[hl_ k ihfhsvx dhfZgû Wlm dhfZg^m ke_^m_l ij_^\Zjb l_evgh \uihegblv gZ dZ`^hf dhfivxl_j_ k dhlhjh]h g_h[oh^bfh ihemqZlv bg nhjfZpbx h kh[ulbyo >bZeh] \ hdg_ dhfZg^ghc kljhdb [m^_l \u]ey^_lv ke_^mx sbf h[jZahf ! "# $ % & ' (% )* ! "# $ % & Ih mfheqZgbx kem`[Z k[hjsbdZ kh[ulbc :LQGRZV (YHQW &ROOHFWRU 6HUYLFH hl dexq_gZ h^gZdh ijb h[jZs_gbb d f_oZgbafm ihîbkhd kbkl_fZ fh`_l Z\lhfZlb q_kdb aZimklblv kem`[m b gZkljhblv j_`bf gZqZevgh]h imkdZ Ijb wlhf g_h[oh^b fh \jmqgmx jZaj_rblv \ gZkljhcdZo \kljh_ggh]h [jZg^fZmwjZ bkdexq_gby êy kem`[u :LQGRZV 5HPRWH 0DQDJHPHQW ?keb \ hdg_ hkgZkldb \u[jZlv ma_e Ihîbkdb kf jbk b \ dhgl_dklghf f_gx beb gZ iZg_eb >_ckl\by \uihegblv dhfZg^m Kha^Zlv ihîbkdm lh hldjh_lky hdgh k\hckl\ gh\hc ihîbkdb jbk GZa\Zgb_ ihîbkdb fh`_l [ulv ijhba\hevguf gh `_eZl_evgh bg =eZ\Z nhjfZlb\guf <k_ ihemq_ggu_ kh[ulby ih mfheqZgbx aZghkylky \ `mjgZe I_j_keZggu_ kh[ulby )RUZDUGHG (YHQWV Jbk Hdgh k\hckl\ ihîbkdb gZ kh[ulby DghidZ <u[jZlv dhfivxl_ju iha\hey_l \u[jZlv dhfivxl_ju k dhlhjuo [m^ml kh[bjZlvky kh[ulby < ki_pbZevghf hdg_ jbk i_j_qbke_gu bf_gZ \u[jZgguo dhfivxl_jh\ khhl\_lkl\mxsb_ dghidb iha\heyxl ^h[Z\eylv gh\u_ bf_gZ beb m^Zeylv bf_xsb_ky K ihfhsvx dghidb Ijh\_jblv fh`gh hp_gblv jZ[hlhkihkh[ghklv kem`[u :LQGRZV 5HPRWH 0DQDJHPHQW wlh hkh[_ggh \Z`gh ijb kha^Zgbb gh\hc ihîbkdb ihkdhevdm g_h[oh^bfh m[_^blvky \ lhf qlh m^Ze_gguc dhfivxl_j gZkljh_g khhl\_lkl\mxsbf h[jZahf kf \ur_ DghidZ <u[jZlv kh[ulby \ hdg_ k\hckl\ ihîbkdb iha\hey_l i_j_c lb d gZkljhcd_ nbevljZ kh[ulbc kf jbk beb \u[jZlv nbevlj m`_ kms_kl \mxs_]h gZkljZb\Z_fh]h ij_^klZ\e_gby êy wlh]h gm`gh s_edgmlv ih klj_ed_ \ ijZ\hc qZklb dghidb G_h[oh^bfh mdZaZlv bfy b iZjhev ihevah\Zl_ey bf_xs_]h \hafh`ghklv ijhkfhljZ kh[ulbc gZ bkoh^ghf m^Ze_gghf dhfivxl_j_ >ey wlh]h b ^hihegbl_evguo gZkljh_d kem`bl dghidZ >hihegbl_evgh Ihke_ \u [hjZ \k_o iZjZf_ljh\ ihîbkdb gm`gh gZ`Zlv dghidm 0, Ihke_ wlh]h \ iZid_ Fhgblhjbg] kbkl_fu b ijbeh`_gbc ihîbkhd ihy\blky gh\Zy kljhdZ jbk b gZebqb_ a_e_gh]h neZ`dZ \ e_\hc qZklb k\b^_l_evkl\m_l h[ mki_rghf hdhgqZgbb hi_jZpbb b Zdlb\ghklb ihîbkdb >ey mijZ\e_gby ihîbkdZfb bkihevamxlky dhfZgû \ dhgl_dklghf f_gx ihdZaZg gu_ gZ jbkmgd_ Jbk Kibkhd dhfivxl_jh\ k dhlhjuo kh[bjZxlky kbkl_fgu_ kh[ulby Jbk IZidZ ihîbkhd b dhfZgû mijZ\e_gby ihîbkdZfb <k_ ihîbkdb ojZgylky \ iZid_ Ihîbkdb b bo l_dms__ khklhygb_ e_]dh \b^_lv IhîbkdZfb fh`gh lZd`_ mijZ\eylv b \ hdg_ k\hckl\ `mjgZeZ =eZ\Z (YHQWV I_j_keZggu_ kh[ulby gZ \deZ^d_ Ihîbkdb Kh[ulby ihemq_ggu_ ih ihîbkd_ ijhkfZljb\Zxlky b ZgZebabjmxlky lZd `_ dZd b h[uqgu_ `mjgZeu )RUZDUGHG Fhgblhjbg]iZjZf_ljh\ bklZ[bevghklbjZ[hlukbkl_fu HkgZkldZ Fhgblhj ijhba\h^bl_evghklb b klZ[bevghklb SHUIPRQPVF ihabpbhgbjm_lky dZd ZgZeh] bgkljmf_glZ 3HUIRUPDQFH Ijhba\h^bl_evghklv kms_kl\mxs_]h \ khklZ\_ :LQGRZV 6HUYHU WlZ hkgZkl dZ \dexqZ_l \ k_[y ke_^mxsb_ dhfihg_glu X X X ljZ^bpbhgguc êy kbkl_f Kbkl_fguc fhgblhj :LQGRZV dhfihg_gl 3HUIRUPDQFH gh\Zy hkgZkldZ Fhgblhj klZ[bevghklb kbkl_fu 0RQLWRU dhfihg_gl 'DWD &ROOHFWRU 6HWV =jmiiu k[hjsbdh\ ^Zgguo dhlhjuc gZihfb gZ_l hkgZkldm @mjgZeu b hih\_s_gby ijhba \h^bl_evghklb ijbkmlkl\mxsmx \ khklZ\_ :LQGRZV 6HUYHU <hafh`ghklb bgkljmf_glh\ \ kbkl_fZo :LQGRZV 6HUYHU agZqbl_evgh jZkrb jbebkv kms_kl\_ggh baf_gbeky b bo ^baZcg Ihy\bebkv ijbgpbibZevgh gh\u_ kj_^kl\Z gZijbf_j hkgZkldZ Fhgblhj klZ[bevghklb kbkl_fu b bgkljmf_gl êy hi_jZlb\gh]h fhgblhjbg]Z \Z`g_crbo ih^kbkl_f ijhp_kkhjZ iZfylb b l ^ ² dhfihg_gl 5HVRXUFH 0RQLWRU Fhgblhj j_kmjkh\ < GBF:GB? HkgZkldm 5HOLDELOLW\ DQG 3HUIRUPDQFH 0RQLWRU Fhgblhj ijhba\h^bl_evghklb b klZ[bevghklb fh`gh ih^dexqZlv d m^Ze_gguf dhfivxl_jZf h^gZdh g_ \k_ __ dhfihg_glu [m^ml jZ[hlZlv ^Z`_ gZ iheguo \_jkbyo :LQGRZV 6HUYHU GZ ijbf_j dhfihg_gl 5HVRXUFH 0RQLWRU Fhgblhj j_kmjkh\ \ wlhf kemqZ_ g_ hlh [jZ`Z_lky HkgZkldZ 5HOLDELOLW\ DQG 3HUIRUPDQFH 0RQLWRU Fhgblhj ijhba\h^bl_evghklb b klZ[bevghklb ij_^klZ\ey_l kh[hc fhsgh_ kj_^kl\h bg^bdZpbb dhebq_kl\_gguo ihdZaZl_e_c jZ[hlu kbkl_fu hlh[jZ`Zxsboky \ j_Zevghf \j_f_gb jbk K __ ihfhsvx Z^fbgbkljZlhj fh`_l kh[bjZlv g_h[oh^bfu_ ^Zggu_ \ `mjgZeu b hij_^_eylv ihjh]h\u_ agZq_gby iZjZf_ljh\ \ kemqZ_ ij_\ur_gby dhlhjuo [m^ml ]_g_jbjh\Zlvky ij_^mij_`^_gby beb aZimkdZlvky hij_^_e_ggu_ aZ^Zqb Z lZd`_ kha^Z\Zlv hlq_lu b ZgZebabjh\Zlv jZ[hlm kbkl_fu gZ ijhly`_gbb g_dhlhjh]h hl >Zggmx hkgZkldm fh`gh aZimkdZlv ba dhfZg^ghc kljhdb ih bf_gb [_a jZkrbj_gby Fhgblhjbg] kbkl_fu b ijbeh`_gbc j_adZ \j_f_gb Fgh]b_ ihdZaZgby ij_^klZ\e_gu \ \b^_ ]jZnbdh\ qlh h[e_]qZ_l bo \hkijbylb_ b ZgZeba Jbk Hkgh\ghc \b^ hkgZkldb GZ jbk p_gljZevgh_ f_klh \ hdg_ aZgbfZ_l dhfihg_gl Fh gblhj j_kmjkh\ Hg iha\hey_l \ j_Zevghf \j_f_gb \b^_lv dZd bkihevamxlky ijh p_kkhj ^bkd k_lv b hi_jZlb\gZy iZfylv >ey dZ`^hc ba wlbo ih^kbkl_f fh`gh ih emqblv ih^jh[gmx bgnhjfZpbx _keb s_edgmlv ih klj_ed_ jZkiheh`_gghc gZ khhl\_lkl\mxs_c iZg_eb gZoh^ys_cky gb`_ bg^bdZlhjh\ ijhba\h^bl_evghklb 5HVRXUFH 0RQLWRU 1 JBF?Q:GB? Fhgblhj j_kmjkh\ fh`gh aZimkdZlv Z\lhghfgh ² êy wlh]h ke_^m_l gZ`Zlv h^gh bf_ggmx dghidm \ hdg_ ^bki_lq_jZ aZ^Zq kf jbk beb \\_klb \ hdg_ dhfZg^ghc kljhdb beb \ ihe_ ihbkdZ f_gx $9,79 Imkd < hdg_ fhgblhjZ bf_xlky iZg_eb ]jZnbq_kdbo bg^bdZlhjh\ êy q_luj_o hkgh\guo dhfihg_glh\ kbkl_fu p_gljZevgh]h ijhp_kkhjZ ^bkdh\hc kbkl_fu k_l_\uo Z^Zi l_jh\ b iZfylb >ey ijhp_kkhjZ hlh[jZ`Zxlky kibkhd Zdlb\guo ijhp_kkh\ \dex qZy bo hibkZgby b \j_fy aZgylhklb ijhp_kkhjZ jbk =eZ\Z Jbk Fhgblhjbg] aZ]jmadb p_gljZevgh]h ijhp_kkhjZ >ey `_kldh]h ^bkdZ gZ iZg_eb fh`gh \b^_lv gZa\Zgby b b^_glbnbdZlhju ijhp_k kh\ jZ[hlZxsbo k ^bkdhf bfy nZceZ d dhlhjhfm ijhp_kk h[jZsZ_lky dhebq_kl\h i_j_^Zgghc bgnhjfZpbb jbk Jbk Fhgblhjbg] ^bkdh\uo hi_jZpbc Jbk Fhgblhjbg] k_l_\uo hi_jZpbc Fhgblhjbg] kbkl_fu b ijbeh`_gbc >ey k_lb hlh[jZ`Zxlky gZa\Zgby b b^_glbnbdZlhju ijhp_kkh\ ehdZevgu_ b \g_r gb_ Z^j_kZ ih dhlhjuf \uihegyxlky h[jZs_gby Z lZd`_ ]_g_jbjm_fuc ljZnbd jbk GZ iZg_eb bg^bdZlhjh\ hi_jZlb\ghc iZfylb jbk i_j_qbke_gu Zdlb\gu_ ijbeh`_gby b ijhp_kku êy dhlhjuo mdZaZgh qbkeh hrb[hd kljZgbp h[t_f \u^_ e_gghc iZfylb b jZaf_ju jZ[hqbo gZ[hjh\ h[sb_ b qZklgu_ gZ[hju ihdZaZgu \ hl^_evguo klhe[pZo ,3 Jbk Fhgblhjbg] aZgylhklb hi_jZlb\ghc iZfylb Kbkl_fgucfhgblhj 3HUIRUPDQFH0RQLWRU Dhfihg_gl Kbkl_fguc fhgblhj iha\hey_l ke_^blv aZ iZjZ f_ljZfb hij_^_eyxsbfb ijhba\h^bl_evghklv ehdZevgh]h dhfivxl_jZ beb m^Z e_gguo dhfivxl_jh\ jZ[hlZxsbo \ k_lb >ey wlh]h \ hdg_ fhgblhjZ \bamZevgh ij_^klZ\eyxlky agZq_gby \kljh_gguo kq_lqbdh\ ijhba\h^bl_evghklb Fh]ml hlh[jZ`Zlvky agZq_gby ihemqZ_fu_ \ j_Zevghf \j_f_gb beb `_ j_amevlZ lu gZdhie_ggu_ \ `mjgZeZo =jmiiu k[hjsbdh\ ^Zgguo b ojZgysb_ky \ nZceZo 3HUIRUPDQFH 0RQLWRU :LQGRZV 'DWD &ROOHFWRU 6HWV H[t_dlubkq_lqbdbijhba\h^bl_evghklb Kj_^kl\Z fhgblhjbg]Z ihemqZxl bgnhjfZpbx h ijhba\h^bl_evghklb hl fgh]bo dhf ihg_glh\ hi_jZpbhgghc kbkl_fu dhlhju_ \ oh^_ k\h_c jZ[hlu ]_g_jbjmxl ^Zggu_ h ijhba\h^bl_evghklb LZdb_ dhfihg_glu gZau\Zxlky h[t_dlZfb ijhba\h^bl_evgh < hi_jZpbhgghc kbkl_f_ bf__lky klZg^Zjlguc gZ[hj h[t_dlh\ ijhba\h^bl_ev ghklb h[uqgh khhl\_lkl\mxsbo ]eZ\guf ZiiZjZlguf dhfihg_glZf lZdbf dZd iZ fylv ijhp_kkhju b l ^ Ijbeh`_gby fh]ml lZd`_ bgklZeebjh\Zlv k\hb h[t_dlu ijhba\h^bl_evghklb < dhebq_kl\h h[t_dlh\ ijhba\h^bl_ev ghklv dhlhjuo fh`gh hlke_`b\Zlv bkqbkey_lky ^_kyldZfb bo [he__ klb :LQGRZV 6HUYHU =eZ\Z DZ`ûc h[t_dl ijhba\h^bl_evghklb bf__l lZd gZau\Z_fu_ kq_lqbdb dh lhju_ kh[bjZxl ^Zggu_ oZjZdl_jbamxsb_ jZ[hlm ^Zggh]h h[t_dlZ GZijbf_j kq_lqbd H[f_g kljZgbp \ k_d h[t_dlZ IZfylv hlke_`b\Z_l kl_i_gv dwrbjh\Zgby kljZgbp Qlh[u m\b^_lv ih^jh[gh_ hibkZgb_ ^Zgguo dhlh ju_ ij_^hklZ\ey_l dhgdj_lguc kq_lqbd mklZgh\bl_ neZ`hd Hlh[jZ`Zlv hibkZgb_ \ ^bZeh]h\hf hdg_ ^h[Z\e_gby kq_lqbdh\ >h[Z\blv kq_lqbdb kf jbk QZs_ \k_]h êy hp_gdb ijhba\h^bl_evghklb k_j\_jZ bkihevamxlky ke_^mxsb_ h[t _dlu IZfylv Ijhp_kk X X K_l_\hc bgl_jn_ck X Ijhp_kkhj X NZce ih^dZqdb K_j\_j X X Nbabq_kdbc ^bkd Kbkl_fZ X X FRXQWHU 0HPRU\ 0HPRU\ 3URFHVV 1HWZRUN ,QWHUIDFH 3URFHVVRU 3DJLQJ )LOH 6HUYHU 3K\VLFDO'LVN 6\VWHP G_dhlhju_ h[t_dlu lZdb_ dZd IZfylv b K_j\_j bf_xl lhevdh h^bg wda_fieyj \ lh \j_fy dZd ^jm]b_ h[t_dlu ijhba\h^bl_evghklb fh]ml bf_lv fgh`_kl\h wda_fieyjh\ ?keb h[t_dl bf__l fgh`_kl\h wda_fieyjh\ lh fh`gh ^h [Z\blv kq_lqbdb êy hlke_`b\Zgby klZlbklbdb ih dZ`^hfm wda_fieyjm hl^_evgh beb êy \k_o wda_fieyjh\ h^gh\j_f_ggh 0HPRU\ 6HUYHU GZkljhcdZkq_lqbdh\ < hdg_ dhfihg_glZ ihdZaZgby kq_lqbdh\ hlh[jZ`Zxlky \ \b^_ ]jZnbdh\ beb ^bZ]jZff < kbkl_fZo ih mfheqZgbx hlh[jZ`Z _lky l_dmsZy Zdlb\ghklv ijhp_kkhjZ b hdgh fhgblhjZ bagZqZevgh kh^_j`bl lhevdh h^bg kq_lqbd aZ]jm`_gghklb ijhp_kkhjZ h[t_dl Ijhp_kkhj >ey ^h[Z\e_gby ^jm]bo kq_lqbdh\ \uihegbl_ ke_^mxsb_ ^_ckl\by GZ iZg_eb j_amevlZlh\ s_edgbl_ ijZ\hc dghidhc furb b \ dhgl_dklghf f_gx \u[_jbl_ dhfZg^m >h[Z\blv kq_lqbdb >jm]hc ihôh^ gZ`Zlv dghidm >h[Z\blv bah[jZ`_gb_ agZdZ iexk gZ iZg_eb bgkljmf_glh\ beb deZ\brb mdZ`bl_ dhfivxl_j k dhlhjh]h [m^ml kh[bjZlv < hldju\r_fky hdg_ jbk ky ihdZaZgby kq_lqbdh\ \ kibkd_ <u[jZlv kq_l qbdb k dhfivxl_jZ Ih mfheqZgbx mdZaZg ehdZevguc dhfivxl_j < kibkd_ h[t_dlh\ \u[_jbl_ h[t_dl êy fhgblhjbg]Z Qlh[u mdZaZlv dhgdj_l guc kq_lqbd gm`gh ^\Z`û s_edgmlv ih gZa\Zgbx h[t_dlZ ihke_ q_]h ihy\bl ky i_j_q_gv kq_lqbdh\ hlghkysboky d wlhfm h[t_dlm ?keb h[t_dl bf__l g_ kdhevdh wda_fieyjh\ \u[_jbl_ gm`guc \ kibkd_ Wda_fieyju \u[jZggh]h h[t_dlZ 3HUIRUPDQFH 0RQLWRU :LQGRZV 6HUYHU 3URFHVVRU ² &WUO!,! Fhgblhjbg] kbkl_fu b ijbeh`_gbc >ey ^h[Z\e_gby \u[jZggh]h kq_lqbdZ gZ`fbl_ dghidm >h[Z\blv Dh]^Z \k_ gm`gu_ kq_lqbdb [m^ml ^h[Z\e_gu aZdjhcl_ hdgh gZ`Z\ dghidm Jbk >bZeh]h\h_ hdgh êy \u[hjZ h[t_dlh\ kq_lqbdh\ b wda_fieyjh\ h[t_dlh\ êy fhgblhjbg]Z GZ jbk ihdZaZg ijbf_j hdgZ kbkl_fgh]h fhgblhjZ k ^bZ]jZffZfb ij_^klZ\ eyxsbfb baf_g_gb_ agZq_gbc g_dhlhjuo \u[jZgguo kq_lqbdh\ >ey lh]h qlh[u ]jZnbd êy ^h[Z\e_ggh]h kq_lqbdZ [ue gZ]ey^gh \b^_g \ hdg_ b g_ \uoh^be aZ _]h ij_^_eu fh`gh \u^_eblv gZa\Zgb_ h^gh]h beb g_kdhevdbo kq_lqbdh\ \ kibkd_ b \uihegblv dhfZg^m FZkrlZ[bjh\Zlv \u^_e_ggu_ kq_lqb db \u[jZ\ __ \ dhgl_dklghf f_gx hdgZ fhgblhjZ LZd`_ fh`gh f_gylv p\_l b lbi ebgbb kq_lqbdh\ kf ^Ze__ ?keb gZ\_klb dmjkhj gZ ]jZnbd hlh[jZ`Zxsbcky \ hdg_ fhgblhjZ lh fh`gh m\b^_lv gZa\Zgb_ kq_lqbdZ agZq_gb_ b ihdZaZgby qZkh\ \ \u[jZgghc lhqd_ =eZ\Z jbk WlZ bgnhjfZpby ihe_agZ ijb ZgZeba_ ]jZnbdh\ hkh[_ggh _keb bo fgh]h gZ wdjZg_ Jbk Jbk Hdgh dhfihg_glZ 3HUIRUPDQFH 0RQLWRU k Zdlb\babjh\Zggufb kq_lqbdZfb Ihemq_gb_ bgnhjfZpbb h ]jZnbd_ \u[jZgghf \ hdg_ kbkl_fgh]h fhgblhjZ GZ`Z\ gZ iZg_eb bgkljmf_glh\ kbkl_fgh]h fhgblhjZ dghidm Ijh kfhlj ^Zgguo `mjgZeZ fh`gh hldjulv êy ijhkfhljZ khojZg_ggu_ nZceu `mjgZ eh\ kh^_j`Zsb_ kq_lqbdb \u[jZggu_ jZg__ k ihfhsvx dhfihg_glZ =jmiiu k[hjsbdh\ ^Zgguo kf ^Ze__ 6HWV 'DWD &ROOHFWRU Fhgblhjbg] kbkl_fu b ijbeh`_gbc Fhgblhjbg]hl^_evguoijhp_kkh\bijbeh`_gbc <Z`ghc aZ^Zq_c fhgblhjbg]Z k_j\_jh\ y\ey_lky k[hj bgnhjfZpbb h kl_i_gb bk ihevah\Zgby j_kmjkh\ êy kbkl_fguo ijhp_kkh\ beb ijbdeZ^guo ijh]jZff \u ihegyxsboky gZ dhfivxl_j_ GZijbf_j ijh[e_fZ h[gZjm`_gby ml_qdb iZfylb ijb jZ[hl_ g_ijZ\bevgh kijh _dlbjh\Zggh]h ijbeh`_gby lj_[m_l êbl_evgh]h ke_`_gby aZ h[t_fhf iZfylb \u ^_ey_fhc ^Zgghc ijh]jZff_ Bgh]^Z fh`_l [ulv \Z`guf dZdmx gZ]jmadm gZ kbk l_fm hdZau\Zxl klZg^Zjlgu_ k_j\bku gZijbf_j kem`[Z bg^_dkbjh\Zgby beb ^jm]b_ ihklhyggh Zdlb\gu_ ijbeh`_gby 6HDUFK :LQGRZV Jbk <u[hj kq_lqbdh\ êy kbkl_fguo ijhp_kkh\ b ijbdeZ^guo ijh]jZff >ey j_r_gby ih^h[guo aZ^Zq bkihevam_lky h[t_dl ijhba\h^bl_evghklb Ijhp_kk ?keb _]h \u[jZlv \ i_j_qg_ bf_xsboky kq_lqbdh\ jbk lh fh`gh \b^_lv qlh \ kibkd_ wda_fieyjh\ ^Zggh]h h[t_dlZ ijbkmlkl\mxl bf_gZ \k_o ijh 3URFHVV =eZ\Z p_kkh\ kbkl_fguo kem`[ b ijbdeZ^guo ijh]jZff aZims_gguo gZ dhfivxl_j_ \ ^Zgguc fhf_gl >ey ex[h]h ba gbo fh`gh \u[jZlv gm`gu_ kq_lqbdb b ^h[Z\blv bo \ hdgh kbkl_fgh]h fhgblhjZ GZkljhcdZkihkh[h\ij_^klZ\e_gbybgnhjfZpbb Dhfihg_gl Kbkl_fguc fhgblhj ij_^hklZ\ey_l ljb kihkh[Z ijhkfhljZ bgnhjfZpbb h ijhba\h^bl_evghklb kbkl_fu ^\Z ]jZnbq_kdbo Kljh dZ b Ebg_cqZlZy ]bklh]jZffZ b h^gh l_dklh\h_ Hlq_l <u[hj kihkh[Z ij_^klZ\e_gby hkms_kl\ey_lky k ihfhsvx jZkdju\Zxs_]hky kib kdZ gZ iZg_eb bgkljmf_glh\ gZijbf_j gZ jbk \u[jZgZ hipby KljhdZ 3HUIRUPDQFH 0RQLWRU Jbk Hdgh \u[hjZ \b^Z hlh[jZ`Z_fuo ]jZnbdh\ b ]bklh]jZff >ey gZkljhcdb \g_rg_]h \b^Z hdgZ fhgblhjbg]Z s_edgbl_ ijZ\hc dghidhc furb \ hdg_ ^bZ]jZff b \u[_jbl_ imgdl ! K\hckl\Z Fh`gh ijhklh ^\Z`û s_edgmlv ih bf_gb kq_lqbdZ \ kibkd_ jZkiheh`_gghf \ gb`g_c qZklb hdgZ <_jg__ [ueh [u kdZaZlv ² ebgby ]jZnbd qlh fgh]h [eb`_ ih kfukem ² Fhgblhjbg] kbkl_fu b ijbeh`_gbc \ wlhf kemqZ_ \ hldju\Zxs_fky hdg_ [m^_l \u^_e_g bf_ggh wlhl kq_lqbd b fh`gh f_gylv iZjZf_lju ij_^klZ\e_gby khhl\_lkl\mxs_]h ]jZnbdZ êy emqr_c gZ]ey^ ghklb ijb h^gh\j_f_gghf hlh[jZ`_gbb g_kdhevdbo ]jZnbdh\ < hdg_ k\hckl\ kbkl_fgh]h fhgblhjZ jbk gZ g_kdhevdbo \deZ^dZo êy ]jZ nbdZ b ]bklh]jZffu fh`gh aZ^Zlv jy^ ^hihegbl_evguo iZjZf_ljh\ hlh[jZ`_gby X X X gZa\Zgb_ ]jZnbdZ beb ]bklh]jZffu fh`gh lZd`_ ^Zlv gZa\Zgb_ hkyf dhhj^bgZl ^bZiZahg b ]eZ\gh_ fZkrlZ[ 6FDOH \u\h^bfuo agZq_gbc ijZ\bevguc fZkrlZ[ g_h[oh^bf êy lh]h qlh[u ]jZnbd agZq_gbc [ue \b^_g beb ihf_sZeky \ hdg_ fhgblhjZ êy Z\lhfZlbq_kdh]h \u[hjZ fh`gh lZd`_ bkihevah\Zlv dhfZg^m FZkrlZ[bjh\Zlv \u^_e_ggu_ kq_lqbdb ² kf \ur_ oZjZdl_jbklbdb ]jZnbdh\ gZ ^bZ]jZff_ beb dhehghd gZ ]bklh]jZff_ gZijb f_j êy ebgbc ² p\_l lhesbgZ b klbev HkgZkldZ5HOLDELOLW\0RQLWRU FhgblhjklZ[bevghklbkbkl_fu < kbkl_fZo :LQGRZV 9LVWD:LQGRZV 6HUYHU ihy\behkv kh\_jr_ggh gh\h_ kj_^ kl\h iha\heyxs__ ZgZebabjh\Zlv h[smx klZ[bevghklv jZ[hlu kbkl_fu b gZoh^blv __ keZ[u_ f_klZ ² wlh hkgZkldZ Fhgblhj klZ[bevghklb kbk l_fu dhlhjZy \oh^bl \ khklZ\ hkgZkldb Fhgblhj ijhba\h^bl_evghklb b klZ[bevghklb gh fh`_l bkihevah\Zlvky b Z\lh ghfgh _keb __ ih^dexqblv d ihevah\Zl_evkdhc dhgkheb 00& < GBF:GB? >ZggZy ijh]jZffZ lj_[h\Zl_evgZ d ihdZaZgbyf kbkl_fguo qZkh\ < kemqZ_ ijb gm^bl_evghc kf_gu ^Zlu b agZqbl_evghc dhjj_dlbjh\db \j_f_gb \ ijhp_kk_ wdk iemZlZpbb kbkl_fu _klv jbkd ihl_jylv \kx jZg__ gZdhie_ggmx bgnhjfZpbx b ijhke_^blv bklhjbx baf_g_gby klZ[bevghklb kbkl_fu [m^_l g_\hafh`gh HkgZkldZ fh`_l jZ[hlZlv b k m^Ze_ggufb dhfivxl_jZfb _keb gZ gbo mklZgh\e_ gu ihegu_ \_jkbb :LQGRZV 6HUYHU HkgZkldZ Fhgblhj klZ[bevghklb kbkl_fu hlke_`b\Z_l kbk l_fgu_ kh[ulby hrb[db b ij_^mij_`^_gby hlghkysb_ky d h[eZklb gZ^_`ghklb jZ[hlu kbkl_fu b ih j_amevlZlZf bo ZgZebaZ kljhbl ]jZnbd klZ[bevghklb kbkl_ fu \ dhlhjhf ijb\h^blky h[sbc bg^_dk klZ[bevghklb b mdZau\Z_lky \ dZdhc ba iylb ijh[e_fguo h[eZkl_c [ueb hrb[db jbk X 6RIWZDUH 8Q ,QVWDOOV MklZgh\dZ beb m^Ze_gb_ ijh]jZff ² mklZgh\dZ b m^Ze_ gb_ dhfihg_glh\ hi_jZpbhgghc kbkl_fu h[gh\e_gbc :LQGRZV ^jZc\_jh\ b ijbeh`_gbc =eZ\Z X X X X $SSOLFDWLRQ )DLOXUHV Hrb[db ijbeh`_gbc ² aZ\bkZgby b djZo ijbeh`_gbc ijbgm^bl_evgh_ aZ\_jr_gb_ g_hl\_qZxsbo ijbeh`_gbc +DUGZDUH )DLOXUHV hrb[db iZfylb G_iheZ^db h[hjm^h\Zgby ² hldZau `_kldh]h ^bkdZ b :LQGRZV )DLOXUHV G_iheZ^db :LQGRZV ² djZo hi_jZpbhgghc kbkl_fu hrb[ db aZ]jmadb b \uoh^Z ba kiys_]h j_`bfZ 0LVFHOODQHRXV )DLOXUHV JZagu_ g_iheZ^db ² jZaebqgu_ hrb[db b hldZau g_ hlghkysb_ky d m`_ i_j_qbke_gguf ]jmiiZf Jbk Hlh[jZ`_gb_ klZ[bevghklb kbkl_fu gZ g_dhlhjhf \j_f_ggOf hlj_ad_ Fhgblhjbg] kbkl_fu b ijbeh`_gbc ?keb kbkl_fZ jZ[hlZ_l b^_Zevgh lh bg^_dk jZ\_g lZdh]h ijZdlbq_kdb g_ [u\Z _l < aZ\bkbfhklb hl k_jv_aghklb \hagbdZxsbo ijh[e_f beb g_bkijZ\ghkl_c ijh ]jZffZ kgb`Z_l bg^_dk b _]h baf_g_gby \ l_q_gb_ hij_^_e_ggh]h ijhf_`mldZ \j_f_gb \b^gu gZ ^bZ]jZff_ < gb`g_c qZklb hdgZ ijh]jZffu gZ jZkdju\Zxsboky iZg_eyo hlh[jZ`Z_lky ih^ jh[gZy bgnhjfZpby h j_]bkljbjm_fhf kh[ulbb gZijbf_j êy ]jmiiu kh[ulbc Hrb[db ijbeh`_gbc mdZau\Z_lky bfy ijh]jZffu __ \_jkby b lbi hldZaZ LZdmx bgnhjfZpbx fh`gh ihemqblv ih dZ`^hc ba ijh[e_fguo h[eZkl_c Ih mfheqZgbx hlh[jZ`Zxlky ^Zggu_ gZ l_dmsbc ^_gv Dmjkhjhf fh`gh \u[jZlv ex[mx ^Zlm hlh[jZ`_ggmx gZ ]jZnbd_ ?keb s_edgmlv ih klj_ed_ jZkiheh`_gghc \ ijZ\hf \_jog_f m]em hdgZ ijh]jZffu jy^hf k l_dms_c ^Zlhc fh`gh \u[jZlv h^gm ba ^\mo dhfZg^ X <u^_eblv \k_ ² êy dZ`^hc ijh[e_fghc h[eZklb [m^ml hlh[jZ `Zlvky \k_ kh[ulby ijhbahr_^rb_ aZ \j_fy wdkiemZlZpbb kbkl_fu X <u[_jbl_ ^Zlm ² iha\hey_l k ihfhsvx \u[hjZ \ dZe_g^Zj_ [u kljh i_j_clb d dhgdj_lghc ^Zl_ g_ hlh[jZ`Z_fhc gZ ^Zgguc fhf_gl \ hdg_ GZ hkgh\Zgbb ihdZaZgbc fhgblhjZ klZ[bevghklb Z^fbgbkljZlhj fh`_l [ukljh hp_gblv dZd jZ[hlZ_l kbkl_fZ b dZdb_ nZdlhju \ebyxl gZ __ gZ^_`ghklv Dhfihg_gl'DWD&ROOHFWRU6HWV =jmiiuk[hjsbdh\^Zgguo Dhfihg_gl 'DWD &ROOHFWRU 6HWV =jmiiu k[hjsbdh\ ^Zgguo fh`gh jZkkfZljb\Zlv dZd ZgZeh] hkgZkldb @mjgZeu b hih\_s_gby ijh ba\h^bl_evghklb bf_xs_cky \ kbkl_fZo :LQGRZV 6HUYHU Hg iha\hey_l h[t _^bgylv kq_lqbdb ijhba\h^bl_evghklb \ _^bgu_ eh]bq_kdb_ gZ[hju dhlhju_ fh` gh aZl_f bkihevah\Zlv êy kha^Zgby `mjgZeh\ ijhkfZljb\Z_fuo \ hdg_ kbkl_fgh]h fhgblhjZ beb êy k[hjZ ^Zgguo h ijhba\h^bl_evghklb k m^Ze_ggh]h dhfivxl_jZ Ihemq_ggu_ ^Zggu_ fh`gh lZd`_ wdkihjlbjh\Zlv \ we_dljhggu_ lZ[ ebpu beb [Zau ^Zgguo êy ihke_^mxs_]h ZgZebaZ b kha^Zgby hlq_lh\ < GBF:GB? =jmiiu k[hjsbdh\ ^Zgguo fh`gh aZimkdZlv b gZ m^Ze_gghf dhfivxl_j_ ih^dex qb\ d g_fm hkgZkldm 5HOLDELOLW\ DQG 3HUIRUPDQFH 0RQLWRU Fhgblhj ijhba\h^b l_evghklb b klZ[bevghklb H^gZdh êy wlh]h gZ dhfivxl_j_ ^he`gZ [ulv mklZ gh\e_gZ ihegZy \_jkby :LQGRZV 6HUYHU =jmiiu k[hjsbdh\ ^Zgguo fh]ml kha^Z\Zlvky \jmqgmx beb k ihfhsvx ki_pbZev guo ijh]jZfffZkl_jh\ dhlhju_ hjb_glbjh\Zgu gZ lbih\u_ aZ^Zqb \hagbdZxsb_ =eZ\Z \ oh^_ wdkiemZlZpbb kbkl_fu b ij_^klZ\eyxsb_ bgl_j_k êy ,3ki_pbZebklh\ Bf_xlky b m`_ ]hlh\u_ kbkl_fgu_ ]jmiiu k[hjsbdh\ jbk jZkiheh`_g gu_ \ iZid_ Kbkl_fguc < ijZ\hc iheh\bg_ hdgZ i_j_qbke_gu bf_gZ dhgdj_lguo k[hjsbdh\ ^Zgguo \oh^ysbo \ ]jmiim bo fh`gh m^Zeylv b ^h[Z\ eylv >\Z`û s_edgm\ ih gZa\Zgbx k[hjsbdZ ^Zgguo fh`gh i_j_clb \ hdgh _]h k\hckl\ b ijhkfhlj_lv bkihevam_fu_ iZjZf_lju Jbk Kibkhd klZg^Zjlguo kbkl_fguo ]jmii k[hjsbdh\ ^Zgguo K H<?L 6\VWHP 3HUIRUPDQFH AZimklb\ ]jmiim fh`gh ihemqblv hlq_l h ijhba\h^bl_evghklb kbkl_fu kl_i_gb bkihevah\Zgby dhfihg_glh\ madbo f_klZo b l i =jmiiZ iha\hey_l ihemqblv ih^jh[g_crmx bgnhjfZpbx h kbkl_f_ K[hjsbdb ^Zgguo \ l_q_gb_ fbgmlu ZgZebabjmxl jZ[hlm kbkl_fu b gZ hkgh\_ ihemq_gguo j_amevlZlh\ ]_g_jbjmxlky hlq_lu \ \b^_ lZ[ebp b fgh]hqbke_gguo ]jZnbdh\ dhlhju_ fh`gh ihkfhlj_lv \ hdg_ hkgZkldb \ iZid_ #054798 Hlq_lu gZ ^bkd_ hgb ojZgylky \ iZid_ < qZklghklb wlh iha\hey_l hij_^_eblv ^hklZlhqgh eb \ kbkl_f_ hi_jZlb\ghc iZfylb o\ZlZ_l eb [ukljh ^_ckl\by ijhp_kkhjZ êy aZims_gguo ijhp_kkh\ \k_ eb mkljhckl\Z jZ[hlZxl ijZ\bevgh b l i J_dhf_g^m_lky i_jbh^bq_kdb \uihegylv wlb ijh\_jdb êy \k_o k_j\_jh\ WHP 'LDJQRVWLFV &?3HUI/RJV?6\VWHP 6\V Fhgblhjbg] kbkl_fu b ijbeh`_gbc =jmiiu k[hjsbdh\ kha^Z\Z_fu_ kZfbf Z^fbgbkljZlhjhf ihf_sZxlky \ iZid_ Hkh[uc kf jbk ijb bo kha^Zgbb bkihevam_lky ijh]jZffZ fZkl_j b jZaebqgu_ rZ[ehgu < dZq_kl\_ ]jmiiu k[hjsbdh\ ^Zgguo fh`gh khojZ gblv l_dmsbc gZ[hj kq_lqbdh\ ihdZaZgby dhlhjuo hlh[jZ`Zxlky \ hdg_ dhfih g_glZ 3HUIRUPDQFH 0RQLWRU Kbkl_fguc fhgblhj >ey wlh]h gm`gh \u[jZlv bfy dhfihg_glZ \ hdg_ hkgZkldb Fhgblhj ijhba \h^bl_evghklb b klZ[bevghklb s_edgmlv ijZ\hc dghidhc furb b \ dhgl_dklghf f_gx \uihegblv dhfZg^m Kha^Zlv _ =jmiiZ k[hjsbdh\ ^Zgguo K ihfhsvx ]jmii k[hjsbdh\ ^Zgguo fh`gh lZd`_ hij_^_eylv ^_ckl\by dhlhju_ [m^ml \uihegylvky \ lhf kemqZ_ _keb g_dhlhjuc kq_lqbd ijhba\h^bl_evghklb ij_ \ukbl aZ^Zggh_ agZq_gb_ ² \ wlhf kemqZ_ fh`_l ]_g_jbjh\Zlvky ij_^mij_`^_gb_ beb aZimkdZlvky g_dhlhjZy aZ^ZqZ ij_îbkZggZy Z^fbgbkljZlhjhf =E:<: Dhgnb]mjbjh\Zgb_nZceh\uokem`[ < wlhc ]eZ\_ hibku\Zxlky kj_^kl\Z mijZ\e_gby ehdZevgufb ^bkdZfb b h[sbfb ^bkdh\ufb j_kmjkZfb kbkl_f :LQGRZV 6HUYHU Z lZd`_ ^hihegbl_evgu_ nmgd pbb k\yaZggu_ k ojZg_gb_f bgnhjfZpbb gZijbf_j mijZ\e_gb_ ^hklmihf d nZc eZf b iZidZf beb aZsblZ hl g_kZgdpbhgbjh\Zggh]h ^hklmiZ Fgh]b_ ba gbo h[t_ ^bg_gu h^ghc jhevx k_j\_jZ ² NZceh\u_ kem`[u G_dhlhju_ nmgdpbb b kj_^kl\Z Z^fbgbkljbjh\Zgby ijbkmlkl\h\Zeb b \ ij_û^msbo \_jkbyo :LQGRZV Z fgh]b_ ihy\bebkv lhevdh \ :LQGRZV 6HUYHU 1 JBF?Q:GB? ?s_ h^gZ nmgdpby hlghkysZyky d jZ[hl_ k nZceZfb ² Ij_û^msb_ \_jkbb nZceh\ SUHYLRXV YHUVLRQV ² hibku\Z_lky \ ]eZ\_ ihkdhevdm hgZ l_kgh k\yaZ gZ k aZ^ZqZfb Zjob\Zpbb b \hkklZgh\e_gby ^Zgguo MklZgh\dZnZceh\uokem`[ >ey kbkl_f :LQGRZV 6HUYHU \hafh`ghklb dhfivxl_jZ dZd nZceh\h]h k_j\_jZ hij_^_eyxlky kem`[Zfb jheb NZceh\u_ kem`[u Ih mfheqZgbx \ kbkl_f_ \k_]^Z mklZgh\e_gZ kem`[Z NZceh\uc k_j\_j dhlhjZy h[_ki_ qb\Z_l jZ[hlm h[sbo iZihd Qlh[u mklZgh\blv ^hihegbl_evgu_ kj_^kl\Z êy jZ[hlu k nZceZfb g_h[oh^bfh \uihegblv ke_^mxsb_ ^_ckl\by AZimklbl_ hkgZkldm >bki_lq_j k_j\_jZ \u[_jbl_ ma_e Jheb b \ ijZ\hc qZklb hdgZ hkgZkldb gZc^bl_ iZg_ev NZceh\u_ kem`[u Ke_^m_l aZf_lblv qlh fgh]b_ gh\bgdb kbkl_f dZkZxlky bf_ggh jheb nZc eh\h]h k_j\_jZ < ij_û^msbo \_jkbyo ZgZeh]bqgZy nmgdpby gZau\ZeZkv L_g_\u_ dhibb 6KDGRZ &RSLHV :LQGRZV 6HUYHU :LQGRZV =eZ\Z <u[_jbl_ kkuedm $GG 5ROH 6HUYLFHV >h[Z\blv kem`[u jhe_c < hdg_ ijh]jZf fufZkl_jZ mklZgh\bl_ neZ`db hdheh gZa\Zgbc lj_[mxsboky kem`[ b dhfih g_glh\ jbk Jbk Jbk Hdgh \u[hjZ mklZgZ\eb\Z_fuo dhfihg_glh\ nZceh\uo kem`[ <u[hj ^bkdh\uo lhfh\ êy dhgljhey aZ bkihevam_fuf ijhkljZgkl\hf b ^jm]bo iZjZf_ljh\ êy khklZ\e_gby hlq_lh\ Ijb mklZgh\d_ hkgZkldb )LOH 6HUYHU 5HVRXUFH 0DQDJHU >bki_lq_j j_kmjkh\ nZc eh\h]h k_j\_jZ fh`gh kjZam mdZaZlv êy dZdbo ^bkdh\uo lhfh\ [m^_l hkms_kl\ eylvky fhgblhjbg] bkihevam_fh]h ijhkljZgkl\Z jbk Ijb gZ`Zlbb dghidb 2SWLRQV K\_^_gby hldju\Z_lky hdgh ]^_ aZ^Zxlky ihjh]h\h_ agZq_gb_ êy \u Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ [jZggh]h lhfZ b \bû hlq_lh\ dhlhju_ [m^ml ]_g_jbjh\Zlvky K ihfhsvx wlh]h kj_^kl\Z fh`gh gZijbf_j e_]dh hlke_`b\Zlv ihy\e_gb_ gZ ^bkd_ nZceh\ [hevrh ]h jZaf_jZ GZ ke_^mxs_f wlZi_ gm`gh mdZaZlv iZidm ]^_ [m^ml ojZgblvky \k_ \u[jZggu_ hl q_lu LZd`_ fh`gh aZ^Zlv Z^j_kZ we_dljhgghc ihqlu ih dhlhjuf wlb hlq_lu [m^ml Z\lhfZlbq_kdb jZkkueZlvky \ wlhf kemqZ_ g_h[oh^bfh mdZaZlv Z^j_k beb bfy 6073k_j\_jZ q_j_a dhlhjuc ihqlZ [m^_l hlijZ\eylvky Ihke_ lh]h dZd gm`gu_ kem`[u [m^ml mklZgh\e_gu \ hdg_ hkgZkldb 6HUYHU 0DQDJHU >bki_lq_j k_j\_jZ \gmljb iZidb )LOH 6HUYLFHV NZceh\u_ kem`[u ihy \ylky agZqdb êy gh\uo bgkljmf_glh\ mijZ\e_gby wlbfb kem`[Zfb jbk GZ iZg_eb kh[ulbc e_]dh ke_^blv aZ \k_fb bgnhjfZpbhggufb b djblbq_kdbfb khh[ s_gbyfb ihklmiZxsbfb hl \k_o nZceh\uo kem`[ Z gZ iZg_eb gb`_ hlh[jZ`Z_lky l_dms__ khklhygb_ \k_o k_j\bkh\ A^_kv `_ bf_xlky dghidb k ihfhsvx dhlhjuo k_j\bku fh`gh hklZgZ\eb\Zlv b i_j_aZimkdZlv Jbk BgnhjfZpbhggu_ iZg_eb êy jheb )LOH 6HUYLFHV < gb`g_c qZklb kibkdZ Z^fbgbkljZlb\guo iZg_e_c bf__lky kijZ\hqgZy iZg_ev 5HVRXUFHV DQG 6XSSRUW J_kmjku b ih^^_j`dZ jbk ]^_ i_j_qbke_gu j_dh f_g^Zpbb ih wnn_dlb\ghfm bkihevah\Zgbx \u[jZgghc jheb b __ kem`[ \ gZqZe_ jZ[hlu k jhevx beb kem`[Zfb ihe_agh hagZdhfblvky d ij_êZ]Z_fhc bgnhjfZpb =eZ\Z _c LZd`_ a^_kv bf_xlky kkuedb ih dhlhjuf fh`gh h[jZlblvky d bgnhjfZpbhg guf b k_j\bkguf \_[j_kmjkZf dhfiZgbb 0LFURVRIW Jbk BgnhjfZpbhggZy iZg_ev ² gZ[hj j_dhf_g^Zpbc ih bkihevah\Zgbx kem`[ \u[jZgghc jheb b kkuedb gZ \_[j_kmjku Dhgnb]mjbjh\Zgb_^bkdh\blhfh\ JZkkfhljbf kgZqZeZ g_dhlhju_ h[sb_ \hijhku g_h[oh^bfu_ êy ihgbfZgby kihkh[h\ hj]ZgbaZpbb ^bkdh\uo j_kmjkh\ \ kbkl_fZo :LQGRZV 6HUYHU Gm`gh kjZam hlf_lblv qlh \k_ ihôhû j_Zebah\Zggu_ \ ij_û^ms_c k_j\_jghc \_jkbb khojZgyxlky b \ wlbo kbkl_fZo KlbebjZa^_eh\ Dhfivxl_ju bkihevamxsb_ [kh\f_klbfu_ ijhp_kkhju êy mijZ\e_gby ^bkdZ fb h[uqgh bkihevamxl ]eZ\gmx aZ]jmahqgmx aZibkv 0DVWHU %RRW 5HFRUG 0%5 0%5 kh^_j`bl lZ[ebpm jZa^_eh\ SDUWLWLRQ WDEOH hibku\Zxsmx jZa[b_gb_ ^bkdZ Bf_ggh 0%5^bkdb qZs_ \k_]h bkihevamxlky \ kbkl_fZo :LQGRZV Klbev jZa^_eZ fh`gh \b^_lv \ hdg_ hkgZkldb 'LVN 0DQDJHPHQW MijZ\e_gb_ ^bkdZfb GZ dhfivxl_jZo jZ[hlZxsbo gZ [Za_ ijhp_kkhjh\ ,WDQLXP ih^ mijZ\e_gb_f :LQGRZV ;3 ELW ,WDQLXP (GLWLRQ b khhl\_lkl\mxsbo jZajy^guo k_j\_jguo \_jkbc :LQGRZV \i_j\u_ ihy\beky ^jm]hc f_oZgbaf jZkij_^_e_gby ^bkdh\h]h Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ ijhkljZgkl\Z ² *8,' SDUWLWLRQ WDEOH *37 < gZklhys__ \j_fy *37^bkdb ih^ ^_j`b\Zxl b kbkl_fu :LQGRZV 9LVWD beb :LQGRZV 6HUYHU ohly _klv hij_^_ e_ggu_ h]jZgbq_gby êy jZaguo j_^Zdpbc kbkl_f KZfh_ kms_kl\_ggh_ jZaebqb_ f_`^m 0%5 b *37^bkdZfb aZdexqZ_lky \ fZd kbfZevgh \hafh`ghf jZaf_j_ ^bkdh\h]h lhfZ b \ dhebq_kl\_ jZa^_eh\ gZ ^bkd_ wdkZ[Zcl b jZa^_eh\ gZ ^bkd ² êy *37^bkdZ b l_jZ[ZclZ b hkgh\guo jZa^_eZ gZ ^bkd ² êy 0%5^bkdZ beb ljb hkgh\guo jZa^_eZ b h^bg ^hihegb l_evguc k g_h]jZgbq_gguf dhebq_kl\hf eh]bq_kdbo ^bkdh\ Djblbq_kdb \Z`gu_ ^Zggu_ gZ *37^bkdZo ojZgylky g_ \ kdjuluo k_dlhjZo beb g_\u^_e_gghf ijh kljZgkl\_ Z \ kZfbo jZa^_eZo djhf_ lh]h m wlbo ^bkdh\ bf_xlky ^hihegbl_evgu_ hkgh\gu_ b j_a_j\gu_ lZ[ebpu jZa^_eh\ êy ih\ur_gby p_ehklghklb 0%5^bkd fh`gh dhg\_jlbjh\Zlv \ *37^bkd b gZh[hjhl _keb ^bkd imkl ih^h[gZy hi_jZpby \hafh`gZ b êy ij_h[jZah\Zgby [Zah\uo b ^bgZfbq_kdbo ^bkdh\ Ih^jh[gmx bg nhjfZpbx h *37^bkdZo ke_^m_l bkdZlv gZ \_[kZcl_ 0LFURVRIW \hkihevah\Z\rbkv ihbkdhf kljhdb Jbk <u[hj klbey jZa^_eh\ ijb ih^dexq_gbb d kbkl_f_ gh\h]h ^bkdZ Ohly f_`^m 0%5 b *37jZa^_eZfb b kms_kl\mxl g_dhlhju_ jZaebqby lbiu ^bk dh\ [Zah\u_ b ^bgZfbq_kdb_ kj_^kl\Z b f_lhû Z^fbgbkljbjh\Zgby hklZxlky h^gbfb b l_fb `_ Ihwlhfm \ wlhc dgb]_ fu g_ [m^_f dZkZlvky gxZgkh\ bkihevah \Zgby *37jZa^_eh\ l_f [he__ qlh bo bkihevah\Zgb_ p_e_khh[jZagh gZ k_j\_jguo ieZlnhjfZo kh keh`gufb ^bkdh\ufb dhgnb]mjZpbyfb [hevrh]h h[t_fZ Ijb bgbpbZebaZpbb imklh]h ^bkdZ jbk kbkl_fZ ij_êZ]Z_l \u[jZlv lbi jZa^_eZ b WdkZ[Zcl H[DE\WH i_lZ[Zcl [Zcl L_jZ[Zcl WHUDE\WH ]b]Z[Zcl [Zcl =eZ\Z mdZau\Z_l gZ hlkmlkl\b_ kh\f_klbfhklb k ij_û^msbfb \_jkbyfb :LQGRZV Z lZd `_ j_dhf_g^m_l ijbf_gylv *37jZa^_eu gZ ^bkdZo jZaf_jhf [hevr_ L[Zcl beb êy ^bkdh\ jZ[hlZxsbo \ ,WDQLXPkbkl_fZo JZa^_eublhfZ DZd b \ ij_û^msbo \_jkbyo :LQGRZV \ kbkl_fZo :LQGRZV 6HUYHU bkihevam xlky `_kldb_ ^bkdb jZ[hlZxsb_ \ [Zah\hf j_`bf_ ojZg_gby bgnhjfZpbb EDVLF VWRUDJH b \ ^bgZfbq_kdhf j_`bf_ ojZg_gby ^Zgguo G\QDPLF VWRUDJH khhl\_lkl \_ggh ^bkdb gZau\Zxlky [Zah\ufb EDVLF b ^bgZfbq_kdbfb G\QDPLF JZaebqb_ f_`^m gbfb aZdexqZ_lky \h \gmlj_gg_c hj]ZgbaZpbb kem`_[guo jZa^_eh\ nZceh \uo lZ[ebp gZ ^bkd_ qlh ihjh`^Z_l jZagu_ nmgdpbhgZevgu_ \hafh`ghklb hj]Z gbaZpbb ^bkdh\h]h ijhkljZgkl\Z dZd gZ h^ghf ^bkd_ lZd b gZ fZkkb\Zo ^bkdh\ >ey Z^fbgbkljZlhjZ ]eZ\guf ^hklhbgkl\hf ^bgZfbq_kdbo ^bkdh\ y\ey_lky \hafh` ghklv [he__ ]b[dh]h dhgnb]mjbjh\Zgby ^bkdh\h]h ijhkljZgkl\Z nbabq_kdbo ^bkdh\ b eh]bq_kdbo lhfh\ [_a i_j_aZ]jmadb hi_jZpbhgghc kbkl_fu Z lZd`_ hi_jZlb\gh]h jZkrbj_gby beb k`Zlby lhfh\ ohly \ kbkl_fZo :LQGRZV 6HUYHU fh`gh f_gylv jZaf_j lhfh\ b gZ [Zah\uo ^bkdZo gh êy gbo bf__lky [hevr_ h]jZgbq_gbc QZs_ \k_]h ^bgZfbq_kdb_ ^bkdb ijbf_gyxlky \ fgh]h^bkdh\uo dhgnb]mjZpbyo ;Zah\u_ ^bkdb ;Zah\u_ ^bkdb fh]ml ^_eblvky gZ jZa^_eu ² lZd gZau\Z_lky qZklv ^bkdZ nmgdpbh gbjmxsZy dZd eh]bq_kdb Z\lhghfgZy _^bgbpZ Hkgh\ghc jZa^_e SULPDU\ SDUWLWLRQ aZj_a_j\bjh\Zg êy bkihevah\Zgby hi_jZpbhgghc kbkl_fhc l _ h^bg hkgh\ghc jZa^_e h[yaZl_evgh ^he`_g ijbkmlkl\h\Zlv gZ ^bkd_ hg fh`_l aZgbfZlv \k_ k\h [h^gh_ ijhkljZgkl\h ^bkdZ DZ`ûc nbabq_kdbc ^bkd fh`_l bf_lv ^h q_luj_o hkgh\guo jZa^_eh\ beb ^h lj_o _keb kha^Zg ^hihegbl_evguc jZa^_e >hihegb l_evguc jZa^_e H[WHQGHG SDUWLWLRQ kha^Z_lky k bkihevah\Zgb_f hklZ\r_]hky k\h [h^gh]h ijhkljZgkl\Z ^bkdZ b fh`_l [ulv jZa^_e_g gZ eh]bq_kdb_ ^bkdb GZ dZ` ^hf nbabq_kdhf ^bkd_ fh`_l [ulv lhevdh h^bg ^hihegbl_evguc jZa^_e < GBF:GB? ;Zah\uc ^bkd \ ex[hc fhf_gl fh`gh ij_\jZlblv \ ^bgZfbq_kdbc [_a ihl_jb bg nhjfZpbb H[jZlgZy ijhp_^mjZ lj_[m_l ij_^\Zjbl_evghc Zjob\Zpbb ^Zgguo gZ \k_f ^bkd_ \h \k_o jZa^_eZo beb eh]bq_kdbo ^bkdZo l d \ky bgnhjfZpby gZ ^bkd_ l_jy_lky < kbkl_f_ k ^\hcghc aZ]jmadhc hi_jZpby ij_h[jZah\Zgby [Zah\h]h ^bkdZ \uah\_l g_jZaj_rbfmx ijh[e_fm k aZimkdhf ^jm]bo kbkl_f mklZgh\e_gguo gZ ^bkd_ kbk l_fZ ^Z`_ \u^Z_l khhl\_lkl\mxs__ ij_^mij_`^_gb_ ijb \uiheg_gbb hi_jZpbb ij_h[jZah\Zgby Ijh[e_fu [m^ml b k mklZgh\dhc \lhjhc kbkl_fu :LQGRZV ex [hc \_jkbb gZ ^bgZfbq_kdbc ^bkd Ihwlhfm ke_^m_l \u[bjZlv h^gh ba ^\mo eb[h kbkl_fZ k ^\hcghc aZ]jmadhc eb[h ^bgZfbq_kdb_ ^bkdb Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ < kbkl_fZo :LQGRZV 6HUYHU \hafh`ghklb [Zah\uo ^bkdh\ bkihevamxlky fh` gh kdZaZlv fbgbfZevguf h[jZahf ijb mklZgh\d_ kbkl_fu b \ ijhp_kk_ jZ[hlu klZg^Zjlgu_ kj_^kl\Z Z^fbgbkljbjh\Zgby iha\heyxl kha^Z\Zlv lhevdh hkgh\gu_ jZa^_eu SULPDU\ SDUWLWLRQ qbkehf g_ [hevr_ o >bkdh\u_ dhgnb]mjZpbb k ^h ihegbl_evguf H[WHQGHG jZa^_ehf iheghklvx ih^^_j`b\Zxlky _keb hgb mgZke_ ^h\Zgu hl ij_û^msbo kbkl_f l _ _keb hgb [ueb kha^Zgu k bkihevah\Zgb_f ^jm ]bo hi_jZpbhgguo kbkl_f beb ijh]jZff beb _keb hgb [ueb kha^Zgu \jmqgmx k ihfhsvx mlbeblu 'LVN3DUW >bgZfbq_kdb_ ^bkdb >bgZfbq_kdb_ ^bkdb ^_eylky g_ gZ jZa^_eu Z gZ lhfZ YROXPH Lhf ² wlh eh]b q_kdb hj]Zgbah\Zggh_ ijhkljZgkl\h gZ h^ghf beb g_kdhevdbo nbabq_kdbo ^bkdZo DZd b ij_û^msb_ \_jkbb :LQGRZV kbkl_fu :LQGRZV 6HUYHU ih^^_j`b\Zxl ke_^mxsb_ lbiu lhfh\ X X X X X VLPSOH YROXPH khklZ\ghc lhf VSDQQHG YROXPH a_jdZevguc lhf PLUURUHG YROXPH q_j_^mxsbcky lhf VWULSSHG YROXPH 5$,' lhf 5$,' YROXPH ijhklhc lhf 5$,' Bkihevah\Zgb_hkgZkldb'LVN0DQDJHPHQW HkgZkldZ MijZ\e_gb_ ^bkdZfb GLVNPJPWPVF jbk ljZ^b pbhggh hklZ_lky hkgh\guf bgkljmf_glhf Z^fbgbkljZlhjZ êy \uiheg_gby hi_jZ pbc k ^bkdh\ufb jZa^_eZfb lhfZfb beb eh]bq_kdbfb ^bkdZfb ?_ fh`gh bkihev ah\Zlv dZd Z\lhghfgmx hkgZkldm beb \ khklZ\_ hkgZkldb MijZ\e_gb_ dhfivxl_jhf ² \ wlhf kemqZ_ fh`gh ^bgZfbq_kdb ih^dexqZlvky d ex[uf dhfivxl_jZf k_lb Ijb ^h[Z\e_gbb Z\lhghfghc hkgZkldb d dhgkheb mijZ\ e_gby 00& ih^dexq_gb_ d ehdZevghfm beb m^Ze_gghfm dhfivxl_jm \u[bjZ_lky klZlbq_kdb b f_gylvky g_ fh`_l < GBF:GB? Ijb ih^dexq_gbb hkgZkldb MijZ\e_gb_ ^bkdZfb Z\lhghfghc beb \ khklZ\_ ^jm]bo dhgkhe_c 00& d m^Ze_gghfm dhfivxl_jm g_h[oh^bfh qlh [u gZ wlhf dhfivxl_j_ [ueZ aZims_gZ kem`[Z 9LUWXDO 'LVN <bjlmZevguc ^bkd k_j\bk YGV b \ [jZg^fZmwj_ :LQGRZV gZ h[hbo dhfivxl_jZo [ueh jZaj_r_gh bkdexq_gb_ M^Ze_ggh_ mijZ\e_gb_ lhfZfb 1 JBF?Q:GB? Ijb jZ[hl_ \ hdg_ dhgkheb beb \ \_jkbyo :LQGRZV 6HUYHU &RUH b +\SHU9 6HUYHU mijZ\e_gb_ ^bkdZfb jZa^_eZfb b lhfZfb hkms_kl\ey_lky k ihfhsvx mlbeblu =eZ\Z 'LVN3DUWH[H dhlhjZy bkihevam_lky \ bgl_jZdlb\ghf j_`bf_ MlbeblZ )VXWLOH[H kem`bl êy mijZ\e_gby nZceh\ufb kbkl_fZfb k\yayfb OLQN lhqdZfb ih\lhjghc h[jZ[hldb UHSDUVH SRLQW b d\hlZfb Jbk Hdgh hkgZkldb GZ jbk h[jZlbl_ \gbfZgb_ gZ lh qlh kbkl_fguf \ gZr_f ijbf_j_ y\ey_lky i_j\uc ih nbabq_kdhfm f_klhiheh`_gbx jZa^_e ^bkd klZlmk GZ wlhf ^bkd_ jZkiheZ]Z_lky ^bki_lq_j aZ]jmadb bgbpbbjmx sbc aZimkd kbkl_f AZ]jmahqguf y\ey_lky ^bkd klZlmk gZ wlhf ^bkd_ gZoh^ylky \k_ nZceu hi_jZpbhgghc kbkl_fu ijb mklZgh\d_ \ ex[hc nbabq_kdbc jZa^_e \k_]^Z f_gy_l gZa\Zgby ^bkdh\ b ihf_sZ_l k_[y gZ ^bkd hklZevgu_ ^bkdb m`_ bf_gmxlky ih ihjy^dm Bkdexq_gb_ khklZ\ ey_l lhevdh \ZjbZgl h[gh\e_gby kbkl_fu _keb kdZ`_f kbkl_fZ aZ]jm`ZeZkv k ^bkdZ wlhl ^bkd aZ]jmahqguf b hklZg_lky b gZa\Zgb_ _]h g_ baf_gblky JZkiheh`_gb_ iZg_e_c \ hdg_ hkgZkldb MijZ\e_gb_ ^bkdZfb fh`gh f_gylv êy wlh]h \ f_gx <b^ bf_xlky dhfZgû <_jo b Gba kf \j_adm gZ jbk Ih mfheqZgbx \ \_jog_c qZklb hdgZ hlh [jZ`Z_lky Kibkhd lhfh\ Z \ gb`g_c =jZnbq_ kdh_ ij_^klZ\e_gb_ wlh jZkiheh`_gb_ ij_^klZ\e_gh gZ jbk ?keb \u[jZlv hipbx Kibkhd ^bkdh\ lh fh`gh \b^_lv h[sb_ k\_^_gby h ih^dex ² ' $FWLYH 6\VWHP :LQGRZV & %RRW 3DJH )LOH :LQGRZV 6HUYHU & ' ² Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ q_gguo ^bkdZo jbk ^_eZ beb 0%5 H[jZlbl_ \gbfZgb_ qlh a^_kv mdZau\Z_lky klbev jZa *37 Jbk J_`bf hlh[jZ`_gby ih^dexq_gguo ^bkdh\ HkgZkldZ MijZ\e_gb_ ^bkdZfb iha\hey_l \uihegylv ke_^mx sb_ hi_jZpbb k [Zah\ufb ^bkdZfb jZa^_eu ijhklu_ lhfZ ^h o X kha^Z\Zlv b m^Zeylv hkgh\gu_ X fhglbjh\Zlv ^bkdb ih^dexqZlv kha^Z\Z_fuc lhf d imklhc iZid_ kms_kl\mx s_]h ^bkdZ X nhjfZlbjh\Zlv lhfZ ijbk\Zb\Zlv bf f_ldb Z lZd`_ ihf_qZlv lhfZ dZd Zdlb\gu_ b jZkrbjylv lhfZ X k`bfZlv X bgbpbZebabjh\Zlv ^bkdb X ij_h[jZah\u\Zlv [Zah\u_ ^bkdb \ ^bgZfbq_kdb_ HkgZkldZ g_ iha\hey_l kha^Z\Zlv gZ[hju lhfh\ q_j_^mxsb_ky b a_jdZevgu_ gZ [hju b q_j_^mxsb_ky gZ[hju k q_lghklvx lZdb_ dhgnb]mjZpbb fh]ml ih^^_j`b \Zlvky lhevdh dZd mgZke_^h\Zggu_ hl ^jm]bo kbkl_f G_evay kha^Zlv ^hihegbl_ev guc jZa^_e _keb ih dZdbf lh khh[jZ`_gbyf wlh lj_[m_lky lh ke_^m_l bkihevah\Zlv mlbeblm dhfZg^ghc kljhdb SULPDU\ VKULQN H[WHQG H[WHQGHG 'LVN3DUW < GBF:GB? < jmkkdhyauqghc l_jfbgheh]bb kbkl_f :LQGRZV 9LVWD:LQGRZV 6HUYHU \ha Kms_kl\m_l ljZ^b gbdeZ g_dhlhjZy g_hij_^_e_gghklv ihgylby k`bfZlv ^bkd $% ^bkdb lZd`_ fh]ml hlh[jZ`Zlvky dZd ,'( =eZ\Z ² FRPSUHVVLRQ pbhggh_ hij_^_e_gb_ k`Zlb_ kj_^kl\Zfb nZceh\hc kbkl_fu \k_]h ^bkdZ beb hl^_evguo nZceh\ b iZihd gZ lhf_ êy wdhghfbb f_klZ < gZa\Zgguo kbkl_fZo jZa^_e beb eh]bq_kdbc ^bkd fh`gh hi_jZlb\gh k`Zlv b jZkrbjblv < i_j\hf kemqZ_ jZaf_j ^bkdZ mf_gvrZ_lky _keb wlh \hafh`gh b hk\h[h^b\r__ky ijhkljZgkl\h i_j_oh^bl \ k\h[h^gmx g_jZaf_ q_ggmx h[eZklv \h \lhjhf gZh[hjhl jZaf_j ^bkdZ fh`gh m\_ebqblv aZ kq_l k\h[h^gh]h ijhkljZgkl\Z bf_xs_]hky gZ lhf `_ nbabq_kdhf ^bkd_ VKULQN H[WHQG 17)6 Ijb jZ[hl_ k ^bgZfbq_kdbfb ^bkdZfb hkgZkldZ MijZ\e_gb_ ^bkdZfb iha\hey_l hkms_kl\eylv ke_^mxsb_ ^_ckl\by X kha^Z\Zlv b m^Zeylv ijhklu_ VLPSOH khklZ\gu_ VSDQQHG q_j_^mxsb_ky VWULSSHG b a_jdZevgu_ PLUURUHG lhfZ Z lZd`_ lhfZ 5$,' _keb \ kbkl_f_ mklZgh\e_gh g_ f_g__ o `_kldbo ^bkdh\ êy [Zah\uo ^bkdh\ \ f_gx \u[hjZ lbiZ lhfZ ^hklmigZ lhevdh i_j\Zy hipby X nhjfZlbjh\Zlv lhfZ b gZagZqZlv bf f_ldb bf_gZ X jZkrbjylv lhfZ k bkihevah\Zgb_f g_jZkij_^_e_ggh]h ijhkljZgkl\Z gZ lhf `_ ^bkd_ beb gZ ^jm]bo ^bkdZo X k`bfZlv lhfZ X ih\lhjgh bgbpbZebabjh\Zlv hldexq_ggu_ ^bkdb X ij_h[jZah\u\Zlv ^bgZfbq_kdb_ ^bkdb \ [Zah\u_ JZkrbj_gb_bk`Zlb_jZa^_eh\beh]bq_kdbo^bkdh\ < kbkl_fZo :LQGRZV 6HUYHU hi_jZlb\gh_ k`Zlb_ b jZkrbj_gb_ jZa^_eh\ \ha fh`gh g_ lhevdh ijb ihfhsb mlbeblu 'LVN3DUWH[H dZd \ :LQGRZV 6HUYHU gh b g_ihkj_^kl\_ggh \ hdg_ hkgZkldb MijZ\e_gb_ ^bkdZfb JZkrbjblv fh`gh lhevdh lZdhc jZa^_e g_ihkj_^kl\_ggh aZ dhlhjuf bf__lky k\h[h^gh_ g_jZkij_^_e_ggh_ ijhkljZgkl\h <hafh`ghklv k`Zlby jZa^_eZ hij_^_ ey_lky lhevdh gZebqb_f k\h[h^gh]h f_klZ \ wlhf jZa^_e_ >ey jZkrbj_gby jZa^_eZ bkihevamxlky ke_^mxsb_ hi_jZpbb <u[_jbl_ jZa^_e \ hdg_ hkgZkldb s_edgbl_ ijZ\hc dghidhc furb b \ dhgl_d klghf f_gx \uihegbl_ dhfZg^m JZkrbjblv lhf fZkl_j FZkl_j jZkrbj_gby lhfZ <u[_jbl_ h[t_f ^h[Z\ey_fh]h ^bkdh\h]h ijhkljZgkl\Z jbk dghidm jZa^_eZ ² aZimklblky b gZ`fbl_ >Ze__ Ijb \\h^_ agZq_gbc kjZam fh`gh \b^_lv gh\uc jZaf_j Ijh\_jvl_ ijZ\bevghklv hi_jZpbb b gZ ihke_^g_c kljZgbp_ fZkl_jZ gZ`fbl_ dghidm =hlh\h < kbkl_fZo :LQGRZV 6HUYHU wlZ hkgZkldZ iha\hey_l lhevdh jZkrbjylv lhfZ Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ Jbk <u[hj gh\h]h jZaf_jZ jZkrbjy_fh]h ^bkdZ Jbk <u[hj iZjZf_ljh\ k`Zlby ^bkdZ K`Zlb_ jZa^_eZ \uihegy_lky ZgZeh]bqguf h[jZahf lhevdh g_h[oh^bfh \u[jZlv dhfZg^m K`Zlv lhf <uihegblky hijhk lhfZ êy hij_^_e_gby ^h klmigh]h f_klZ êy k`Zlby ihke_ q_]h ihy\blky hdgh jbk \ dhlhjhf gm`gh mdZaZlv gZ kdhevdh f_]Z[Zcl [m^_l mf_gvr_g jZa^_e Ihke_ gZ`Zlby dghidb K`Zlv hi_jZpby [m^_l \uiheg_gZ Wlhc hi_jZpb_c gm`gh ihevah\Zlvky hklhjh`gh qlh[u gZ ^bkd_ hklZ\Zehkv ijhkljZgkl\h ^hklZlhqgh_ êy jZ[hlu =eZ\Z >_njZ]f_glZpby^bkdh\ >ey mf_gvr_gby njZ]f_glZpbb ^bkdh\uo lhfh\ \ khklZ\ hi_jZpbhgguo kbkl_f :LQGRZV 9LVWD b :LQGRZV 6HUYHU \dexq_gZ mlbeblZ >_njZ] f_glZpby ^bkdZ jbk HkgZkldZ >_njZ]f_glZpby ^bkdZ bf_xsZyky \ :LQGRZV ;3 b :LQGRZV 6HUYHU l_i_jv hlkmlkl\m_l Jbk Hdgh mlbeblu 'LVN 'HIUDJPHQWHU Mlbeblm 'LVN 'HIUDJPHQWHU fh`gh aZimklblv ba f_gx Imkd _ >jm]b_ ijh]jZffu _ KlZg^Zjlgu_ _ Kem`_[gu_ beb \ hdg_ k\hckl\ ex[h]h ^bkdh\h]h lhfZ gZ \deZ^d_ K_j\bk gZ`Z\ dghi dm <uihegblv ^_njZ]f_glZpbx ?s_ h^bg \ZjbZgl ² \u[jZlv aZ^Zqm >_njZ]f_glZpby `_kldh]h ^bkdZ \ jZa^_e_ :^fbgbkljbjh\Zgb_ hlghkys_fky d dZl_]hjbb Kbkl_fZ b __ h[kem`b\Zgb_ Ihke_ aZimkdZ mlbeblZ Z\lhfZlbq_kdb ZgZebabjm_l ^bkdb b mdZau\Z_l ² ke_^m_l eb ijh\_klb ^_njZ]f_glZpbx < kbkl_fZo :LQGRZV 6HUYHU ih mfheqZgbx ^_njZ]f_glZpby g_ \uihegy_lky ?keb \dexqblv __ \uiheg_gb_ ih jZkibkZgbx neZ`hd <uihe gylv ih jZkibkZgbx ² kf jbk lh hi_jZpby [m^_l aZimkdZlvky jZa \ g_^_ex GZ`Z\ dghidm Baf_gblv jZkibkZgb_ fh`gh hldjulv hdgh iZjZ f_ljh\ aZimkdZ aZ^Zqb jbk b mklZgh\blv j_`bf jZ[hlu ^_njZ]f_glZlhjZ g_ f_rZxsbc jZ[hl_ k_j\_jZ DghidZ <u[jZlv lhfZ iha\hey_l hl djulv hdgh \u[hjZ lhfh\ ^bkdh\ dhlhju_ [m^ml aZ^_ckl\h\Zgu \ ijhp_kk_ jZ[h lu ih mfheqZgbx \u[jZgu \k_ ^bkdb >ey ijbgm^bl_evgh]h b g_f_ê_ggh]h aZ Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ imkdZ mlbeblu ke_^m_l \ __ hdg_ gZ`Zlv dghidm njZ]f_glZpbx Jbk <uihegblv ^_ Hdgh gZkljhcdb jZkibkZgby jZ[hlu ^_njZ]f_glZlhjZ ^bkdh\ Ijhp_kk jZ[hlu mlbeblu 'LVN 'HIUDJPHQWHU gbdZd g_ \bamZebabjm_lky ebrv \ hdg_ ijh]jZffu hlh[jZ`Z_lky khh[s_gb_ h \uiheg_gbb hi_jZpbb dhlhjmx fh`gh \ ex[hc fhf_gl hlf_gblv <h \k_o \_jkbyo :LQGRZV 6HUYHU \dexqZy :LQGRZV 6HUYHU &RUH b +\SHU9 6HUYHU bf__lky mlbeblZ ^_njZ]f_glZpbb 'HIUDJH[H aZimkdZ_fZy ba hdgZ dhgkheb IZjZf_lju mlbeblu fh`gh ihemqblv \\_^y kljhdm GZijbf_j k ihfh svx dhfZgû fh`gh \uihegblv qZklbqgmx ^_njZ]f_glZpbx ^bkdZ ) >ey aZimkdZ hi_jZpbb ^_njZ]f_glZpbb ih jZkibkZgbx \ [b[ebhl_d_ ieZ gbjh\sbdZ aZ^Zq 7DVN 6FKHGXOHU /LEUDU\ bf__lky klZg^ZjlgZy aZ^ZqZ 'HIUDJ dhlh jmx fh`gh gZclb \ iZid_ Ih mfheqZgbx wlZ aZ^ZqZ gZkljh_ gZ gZ aZimkd jZa \ g_^_ex qlh fu b \b^_eb \ur_ LjZ^bpbhggu_kj_^kl\ZmijZ\e_gbyh[sbfb ^bkdh\ufbj_kmjkZfb JZkkfhljbf kihkh[u gZkljhcdb h[s_]h ^hklmiZ d ^bkdZf b hl^_evguf iZidZf < kbkl_fZo :LQGRZV 6HUYHU bf_xlky jZaebqgu_ kj_^kl\Z mijZ\e_gby h[sbfb j_kmjkZfb ² dZd kms_kl\h\Z\rb_ \ ij_û^msbo \_jkbyo :LQGRZV lZd b kh\_jr_ gh gh\u_ KgZqZeZ [m^ml hibkZgu ljZ^bpbhggu_ kj_^kl\Z b hkh[_gghklb bo j_Zeb aZpbb \ :LQGRZV 6HUYHU =eZ\Z MijZ\e_gb_h[sbf^hklmihf baijh]jZffu:LQGRZV([SORUHU AZqZklmx êy kha^Zgby b Z^fbgbkljbjh\Zgby h[sbo ^bkdh\uo j_kmjkh\ ^hklZlhqgh \hafh`ghkl_c ijh]jZffu :LQGRZV ([SORUHU Ijh\h^gbd gm`gh \u[jZlv lj_[m_ fmx iZidm \ dhgl_dklghf f_gx \uihegblv dhfZg^m H[sbc ^hklmi b [_ah iZkghklv b \ hdg_ k\hckl\ iZidb jZaj_rblv h[sbc ^hklmi < kbkl_fZo :LQGRZV 9LVWD:LQGRZV 6HUYHU j_ZebaZpby lZdh]h ihôh^Z g_kdhevdh baf_gbeZkv Jbk <deZ^dZ hdgZ k\hckl\ iZidb hldm^Z fh`gh mijZ\eylv h[sbf ^hklmihf d \u[jZgghc iZid_ 1 JBF?Q:GB? <k_ Zki_dlu [_ahiZkghklb h[sbo k_l_\uo j_kmjkh\ jZkkfZljb\Zxlky ^Ze__ \ jZa^ MijZ\e_gb_ jZaj_r_gbyfb ^hklmiZ d nZceZf b iZidZf ihkdhevdm jZaj_ Gm`gh hlf_lblv qlh êy gZkljhcdb iZjZf_ljh\ ^hklmiZ l_i_jv lj_[m_lky qmlv [hevr_ gZ`Zlbc deZ\br beb s_eqdh\ furb Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ r_gby ^hklmiZ gm`gh hij_^_eylv \ kh\hdmighklb k jZaj_r_gbyfb mklZgh\e_g gufb gZ mjh\g_ nZceh\hc kbkl_fu :\lhfZlbq_kdb wlh ^_eZ_l lhevdh fZkl_j h[s_]h ^hklmiZ hibkZgguc \ ke_^mxs_f jZa^_e_ GZqZevguc \b^ \deZ^db >hklmi \ wlbo kbkl_fZo ihdZaZg gZ jbk Wlh hdgh [m^_l \u]ey^_lv lZd êy ex[hc \u[jZgghc iZidb >ey jZaj_r_gbyaZij_lZ gZ ^hklmi d iZid_ bkihevamxlky dghidZ H[sbc ^hklmi b dghidZ >hihegbl_evguc ^hklmi bkihevah\Zgb_ \lhjhc dghidb lj_[m_l Z^fbgb kljZlb\guo ijb\be_]bc JZkkfhljbf ih hq_j_^b wlb ^\_ \hafh`ghklb mijZ\e_gby h[sbf ^hklmihf 1 JBF?Q:GB? Ijhp_^mjZ mijZ\e_gby h[sbf ^hklmihf h^bgZdh\Z b êy Z\lhghfguo kbkl_f b êy dhfivxl_jh\ ² qe_gh\ ^hf_gZ ohly \ ^hf_gZo emqr_ bkihevah\Zlv lZd gZ au\Z_fuc deZkkbq_kdbc ihôh^ kf ^Ze__ < hdg_ ijh]jZffu Ijh\h^gbd iZidb d dhlhjuf jZaj_r_g h[ :LQGRZV ([SORUHU sbc ^hklmi bf_xl g_[hevrhc ^hihegbl_evguc agZqhd FZkl_jh[s_]h^hklmiZ ?keb gZ \deZ^d_ >hklmi \ hdg_ k\hckl\ iZidb gZ`Zlv dghidm H[ sbc ^hklmi kf jbk lh aZimklblky fZkl_j FZkl_j h[s_]h ^hklmiZ jbk Hg iha\hey_l \uihegylv hkgh\gu_ hi_jZpbb ih mijZ\e_gbx h[sbf ^hklmihf d iZid_ b bkihevam_lky \ i_j\mx hq_j_^v \ ijhkluo h^ghjZg]h \uo k_lyo Wlhl fZkl_j aZimkdZ_lky kjZam _keb \ dhgl_dklghf f_gx \u[jZgghc iZidb \uihegblv dhfZg^m H[sbc ^hklmi beb gZ`Zlv dghidm JZa j_rblv h[sbc ^hklmi gZ iZg_eb aZ^Zq < GBF:GB? >ey lh]h qlh[u \ ijh]jZff_ :LQGRZV ([SORUHU Ijh\h^gbd fh`gh [ueh bkihevah \Zlv fZkl_j h[sbo j_kmjkh\ g_h[oh^bfh qlh[u \ hdg_ k\hckl\ iZihd dhfZg^Z Mihjy^hqblv _ K\hckl\Z iZihd b ihbkd gZ \deZ^d_ <b^ [ue mklZgh\e_g neZ`hd Bkihevah\Zlv fZkl_j h[s_]h ^hklmiZ < ijhlb\ghf kemqZ_ dghidZ H[sbc ^hklmi gZ \deZ^d_ >hklmi hdgZ k\hckl\ \u[jZgghc iZidb kf jbk [m^_l g_ ^hklmigZ Ih mfheqZgbx \ kibkd_ ihevah\Zl_e_c dhlhjuf jZaj_r_g ^hklmi d iZid_ kf jbk mdZaZg lhevdh \eZ^_e_p iZidb ?keb jZkdjulv kibkhd jZkiheh `_gguc ke_\Z hl dghidb $GG >h[Z\blv lh \ g_f fh`gh \u[jZlv hipbx (YHU\RQH <k_ beb i_j_clb \ \u[hjm mq_lghc aZibkb ihevah\Zl_ey beb ]jmiiu ba qbkeZ 2ZQHU =eZ\Z bf_xsboky gZ dhfivxl_j_ beb \ ^hf_g_ ah\Zl_e_c iZidb ² ihke_ q_]h ^h[Z\blv __ \ kibkhd ihev Jbk <u[hj jZaj_r_gbc k ihfhsvx fZkl_jZ h[s_]h ^hklmiZ Gh\hfm ihevah\Zl_ex beb ]jmii_ ih mfheqZgbx ^Z_lky jZaj_r_gb_ 5HDGHU QblZ l_ev iha\heyxs__ lhevdh qblZlv ^Zggu_ Hipby &RQWULEXWRU KhZ\lhj jZaj_rZ_l ql_gb_ b aZibkv Z hipby &RRZQHU Kh\eZ^_e_p jZaj_rZ_l iheguc ^hklmi Ihke_ lh]h dZd \k_ ihevah\Zl_eb b mjh\gb jZaj_r_gbc \u[jZgu ke_^m_l gZ`Zlv dghidm 6KDUH H[sbc ^hklmi b hi_jZpby [m^_l \uiheg_gZ FZkl_j khh[sbl h kha^Zgbb gh\hc h[s_c iZidb b \ j_amevlbjmxs_f hdg_ fh`gh \u[jZlv kkuedm ijhkfhljZ \k_o h[sbo j_kmjkh\ dhfivxl_jZ D fZkl_jm h[sbo j_kmjkh\ fh`gh h[jZsZlvky b iha^g__ êy baf_g_gby jZaj_r_gbc ^hklmiZ beb êy hlf_gu h[s_ ]h ^hklmiZ d iZid_ )XOO ² 1 JBF?Q:GB? < hdg_ fZkl_jZ h[s_]h ^hklmiZ kf jbk g_evay nhjfZevgh hlebqblv eh dZevgh]h ihevah\Zl_ey beb ]jmiim hl ^hf_gguo Wlh kha^Z_l hij_^_e_ggu_ g_ m^h[kl\Z ihwlhfm \ ^hf_gZo êy mijZ\e_gby jZaj_r_gbyfb ^hklmiZ emqr_ bk ihevah\Zlv deZkkbq_kdbc ihôh^ jZkkfZljb\Z_fuc gb`_ Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ <hh[s_ ke_^m_l hlf_lblv qlh \ k_lyo kh fgh`_kl\hf deb_glh\ jZaj_r_gby gZ ^hklmi d iZidZf h[uqgh ij_^hklZ\eyxl ]jmiiZf Z g_ ihevah\Zl_eyf Wlhl fh f_gl ih^jh[gh jZkkfZljb\Z_lky ^Ze__ \ jZa^ MijZ\e_gb_ jZaj_r_gbyfb ^h klmiZ d nZceZf b iZidZf < GBF:GB? <Z`ghc hkh[_gghklvx fZkl_jZ h[s_]h ^hklmiZ y\ey_lky lh qlh h^gh\j_f_ggh k ij_^hklZ\e_gb_f mq_lghc aZibkb ihevah\Zl_ey beb ]jmiiu ijZ\ ^hklmiZ d h[s_ fm j_kmjkm fZkl_j ^Z_l khhl\_lkl\mxsb_ jZaj_r_gby gZ mjh\g_ nZceh\hc kbkl_fu kf ^Ze__ Khhl\_lkl\_ggh baf_gyxlky hlau\Zxlky jZaj_r_gby b ijb m^Ze_gbb mq_lghc aZibkb ba kibkdZ ihevah\Zl_e_c h[s_]h j_kmjkZ Ijb jmq ghf mijZ\e_gbb jZaj_r_gbyfb lZdh]h g_ ijhbkoh^bl ² ijZ\Z ^hklmiZ b jZaj_ r_gby gZ mjh\g_ nZceh\hc kbkl_fu baf_gyxlky g_aZ\bkbfh ^jm] hl ^jm]Z DeZkkbq_kdbcihôh^ >ey [he__ ^_lZevghc gZkljhcdb jZaj_r_gbc ^hklmiZ d iZid_ fh`gh bkihevah\Zlv ljZ^bpbhgguc êy ij_û^msbo \_jkbc :LQGRZV ihôh^ ohly bgl_jn_ck wlhc hi_ jZpbb \ kbkl_fZo :LQGRZV 6HUYHU kh\_jr_ggh baf_gbeky ?keb gZ \deZ^d_ >hklmi \ hdg_ k\hckl\ iZidb gZ`Zlv dghidm >hihe gbl_evguc ^hklmi kf jbk lh hldjh_lky hdgh ih nmgdpbyf gZihfbgZxs__ \deZ^dm >hklmi ij_û^msbo \_jkbc :LQGRZV Jbk < wlhf hdg_ hij_^_eyxlky iZjZf_lju h[s_]h ^hklmiZ d iZid_ =eZ\Z >ey jZaj_r_gby h[s_]h ^hklmiZ \ wlhf hdg_ jbk mklZgh\bl_ neZ`hd Hldjulv h[sbc ^hklmi d wlhc iZid_ < ihe_ Bfy h[s_]h j_kmjkZ mdZau\Z_lky ijhba\hevgh_ gZa\Zgb_ h[ s_c iZidb \ihke_^kl\bb wlh ihe_ fh`_l klZlv kibkdhf ihkdhevdm bf_g m h[s_c iZidb fh`_l [ulv g_kdhevdh ² gZ`Z\ dghidm >h[Z\blv fh`gh hij_^_eblv ^hihegbl_evgh_ bfy êy dZ`^h]h bf_gb [m^_l k\hc gZ[hj jZaj_r_gbc DghidZ Dwrbjh\Zgb_ iha\hey_l i_j_clb d gZkljhcdZf j_`bfZ bkihevah\Zgby iZidb \ Z\lhghfghf j_`bf_ Qlh[u aZ^Zlv jZaj_r_gby ^hklmiZ gZ`fbl_ dghidm JZaj_r_gby b \ hldju\r_fky hdg_ jbk \u[_jbl_ lj_[m_fu_ iZjZf_lju ^hklmiZ Jbk < GBF:GB? <u[hj jZaj_r_gbc ^hklmiZ d h[s_c iZid_ Ih mfheqZgbx \k_f gh\uf h[sbf iZidZf ^Z_lky jZaj_r_gb_ 5HDG Ql_gb_ êy ]jmiiu (YHU\RQH <k_ G_ aZ[m^vl_ baf_gblv gZkljhcdb _keb êy jZ[hlu lj_[m xlky ^jm]b_ [he__ rbjhdb_ madb_ jZaj_r_gby Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ HkgZkldZ6KDUHG)ROGHUV >ey Z^fbgbkljbjh\Zgby [hevrh]h dhebq_kl\Z h[sbo iZihd ij_îhqlbl_evg__ bk ihevah\Zlv ljZ^bpbhggmx Z\lhghfgmx hkgZkldm H[sb_ iZidb IVPJPWPVF dhlhjZy iha\hey_l jZ[hlZlv dZd k ehdZevgufb j_kmjkZfb lZd b k m^Z e_ggufb dhfivxl_jZfb qlh m^h[gh êy mijZ\e_gby h[sbfb j_kmjkZfb kbkl_f :LQGRZV 6HUYHU &RUH b +\SHU9 6HUYHU K __ ihfhsvx fh`gh lZd`_ mijZ\eylv k_ ZgkZfb b hldjulufb nZceZfb >ZggZy hkgZkldZ bkihevam_lky \ khklZ\_ klZg^Zjl gh]h bgkljmf_glZ Z^fbgbkljbjh\Zgby ² hkgZkldb MijZ\e_gb_ dhfivxl_jhf jbk beb aZimkdZ_lky Z\lhghfgh Jbk Hdgh hkgZkldb 6KDUHG )ROGHUV \ khklZ\_ bgkljmf_glZ &RPSXWHU 0DQDJHPHQW K ihfhsvx maeZ H[sb_ j_kmjku hkgZkldb H[sb_ iZidb fh`gh jZaj_rZlv b aZij_sZlv h[sbc ^hklmi d ehdZevguf iZidZf Z lZd`_ \b^_lv dhebq_kl\h ihevah\Zl_e_c ih^dexq_gguo d lhc beb bghc iZid_ >ey kha^Zgby gh\hc h[s_c iZidb ^hklZlhqgh \u[jZlv \ hdg_ imklh_ f_klh b s_ed gmlv ijZ\hc dghidhc furb ihke_ q_]h \ dhgl_dklghf f_gx gm`gh \u[jZlv dhfZg^m Gh\uc h[sbc j_kmjk AZimklblky fZkl_j k ihfhsvx dhlhjh ]h e_]dh \uihegblv \k_ ^_ckl\by gm`gu_ êy h[_ki_q_gby h[s_]h ^hklmiZ d aZ ^Zgghc iZid_ < hdg_ k\hckl\ h[s_c iZidb fh`gh j_^Zdlbjh\Zlv \k_ __ iZjZf_lju \dexqZy bfy hibkZgb_ hipbb dwrbjh\Zgby jZaj_r_gby ^hklmiZ b jZaj_r_gby aZ^Zggu_ gZ mjh\g_ nZceh\hc kbkl_fu Djhf_ lh]h gZ dhfivxl_jZo ² qe_gZo ^hf_gZ fh`gh =eZ\Z hkms_kl\eylv im[ebdZpbx iZidb \ dZlZeh]_ $FWLYH 'LUHFWRU\ ² êy wlh]h bf__lky khhl\_lkl\mxsZy \deZ^dZ jbk Dexq_\u_ keh\Z iha\heyxl [ukljh gZoh^blv ex[u_ j_kmjku him[ebdh\Zggu_ \ dZlZeh]_ Jbk Im[ebdZpby iZidb \ dZlZeh]_ $FWLYH 'LUHFWRU\ Ih^dexq_gb_k_l_\uo^bkdh\ bbkihevah\Zgb_mlbebldhfZg^ghckljhdb Ihevah\Zl_eb k_lb fh]ml ih^dexqblv ex[mx ihklhyggh g_h[oh^bfmx h[smx iZi dm \ \b^_ k_l_\h]h ^bkdZ dhlhjuc [m^_l ijbkmlkl\h\Zlv \ kibkd_ mkljhckl\ dhf ivxl_jZ Ih^dexq_gby d k_l_\uf ^bkdZf fh]ml khojZgylvky b \hkklZgZ\eb\Zlvky ijb \oh^_ ihevah\Zl_ey \ kbkl_fm >ey jZ[hlu k k_l_\ufb ^bkdZfb h[uqgh bkihevam_lky ijh]jZffZ :LQGRZV ([SORUHU Ijh\h^gbd >ey lh]h qlh[u h[sZy iZidZ gZ m^Ze_gghf dhfivxl_j_ klZeZ ^hklmi ghc \ \b^_ ^bkdZ ^hklZlhqgh \ hdg_ ijh]jZffu \ iZid_ K_lv \u[jZlv dhfivxl_j b iZidm ihke_ q_]h s_edgmlv ijZ\hc dghidhc b \uihegblv \ dhgl_dkl Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ ghf f_gx dhfZg^m Ih^dexqblv k_l_\hc ^bkd >bkdm fh`gh gZagZqblv ex[mx k\h[h^gmx [md\m mkljhckl\Z b mdZaZlv lj_[m_lky eb ih\lhjgh_ ih^dexq_gb_ ijb dZ`^hf \oh^_ \ kbkl_fm >ey m^Ze_gby k_l_\h]h ^bkdZ bkihevam _lky dhfZg^Z Hldexqblv \ _]h dhgl_dklghf f_gx <k_ hi_jZpbb ih mijZ\e_gbx h[sbfb iZidZfb b k_l_\ufb ^bkdZfb fh`gh \uihe gylv b \ hdg_ dhgkheb I_j_qbkebf hkgh\gu_ dhfZgû b ijb\_^_f ijbf_ju bo bk ihevah\Zgby HibkZgb_ iZjZf_ljh\ dZ`^hc dhfZgû b __ ^hihegbl_evguo hipbc fh`gh ihemqblv ba \kljh_gghc kijZ\db aZimklb\ __ k dexqhf DhfZg^Z ijbf_gy_lky êy ijhkfhljZ kibkdZ h[sbo iZihd b ijbgl_jh\ bf_xsboky gZ dhfivxl_j_ ² êy wlh]h __ gm`gh aZimklblv [_a iZjZf_ljh\ ?keb \uihegblv dhfZg^m mdZaZ\ bfy h[s_c iZidb lh fh`gh m\b^_lv iZjZf_lju bk ihevah\Zgby wlhc iZidb \dexqZy hibkZgb_ bf_gZ ih^dexqb\rboky ihevah\Zl_ e_c jZaj_r_gby gZ ^hklmi b l ^ ² gZijbf_j QHW ! # & VKDUH IZidZ ijhkljZgkl\Z bf_g ! " $ % # ! & ' ! (")*" % #++ (")*" ! % ,$"* - #*% *$ ) !'!./ K ihfhsvx dhfZgû fh`gh ^h[Z\eylv beb baf_gylv jZaj_r_gby h[s_ ]h ^hklmiZ Z lZd`_ j_^Zdlbjh\Zlv ^jm]b_ iZjZf_lju h[s_c iZidb DhfZg^Z 0 1 iha\hey_l ijhkfZljb\Zlv kibkhd h[sbo j_kmjkh\ \dexqZy kem `_[gu_ ² iZjZf_lj gZ m^Ze_gghf dhfivxl_j_ gZijbf_j QHW YLHZ 2 ! 2 3 4 ). # 5 "*)+66" +& 0 7-6+ +& 0 # ) !'!./ WlZ hi_jZpby qZklh [u\Z_l ihe_aghc ijb aZimkd_ dhgljhee_jh\ ^hf_gZ ihkdhevdm iha\hey_l [ukljh ijh\_jblv im[ebdZpbx h[sbo iZihd b [_a dhlhjuo ghjfZevgZy jZ[hlZ dhgljhee_jZ g_\hafh`gZ 1(7/2*21 6<692/ =eZ\Z LZd`_ k ihfhsvx wlhc dhfZgû fh`gh m\b^_lv j_`bf dwrbjh\Zgby h[sbo iZihd iZjZf_lj DhfZg^Z kem`bl êy ih^dexq_gby b hldexq_gby k_l_\uo ^bkdh\ hgZ ih a\hey_l ih^dexqblv h[smx iZidm gZ m^Ze_gghf dhfivxl_j_ \ dZq_kl\_ k_l_\h]h ^bkdZ b gZagZqblv _fm [md\m mkljhckl\Z gZijbf_j ihke_ \uiheg_gby ke_^mxs_c dhfZgû \ kbkl_f_ ihy\blky k_l_\hc ^bkd k bf_g_f < dhlhjuc [m^_l ij_^klZ\ eylv kh[hc h[smx iZidm ojZgysmxky gZ dhfivxl_j_ 309 :80 Ijb ih^dexq_gbb k_l_\uo ^bkdh\ fh`gh y\gh mdZau\Zlv mq_lgmx aZibkv [_ahiZk ghklb bkihevam_fmx êy ^hklmiZ d m^Ze_gghfm dhfivxl_jm <Z`guf ^hklhbgkl\hf dhfZgû y\ey_lky lh qlh hgZ iha\hey_l ih^dexqblv \ dZq_kl\_ k_l_\h]h ^bkdZ iZidm gZoh^ysmxky \gmljb h[s_]h j_kmjkZ ijh]jZffZ :LQGRZV ([SORUHU Ijh\h^gbd lZdhc \hafh`ghklb g_ ij_^hklZ\ey_l GZijbf_j dhfZg^Z ih^dexqZ_l iZidm gZoh^ysmxky \gmljb h[s_c iZidb dZd ^bkd ; LZdbf h[jZahf ihevah\Zl_ev ihemqbl ^hklmi d dhg dj_lghc iZid_ b g_ kfh`_l \b^_lv ^jm]b_ iZidb lZd`_ gZoh^ysb_ky \ h[s_c iZid_ ?s_ h^gh ^hklhbgkl\h dhfZgû aZdexqZ_lky \ \hafh`ghklb ih^dexq_gby d lZd gZau\Z_fuf Z^fbgbkljZlb\guf h[sbf iZidZf dhlhju_ ih mfheqZgbx bf_xlky \ ex[hc kbkl_f_ :LQGRZV kf jbk Bfy Z^fbgbkljZlb\ghc iZidb h[jZam_lky ba [md\u ^bkdZ b agZdZ ^heeZjZ GZijbf_j dhfZg^Z iha\hey_l ih^dexqblvky d ^bkdm & gZ mdZaZgghf dhfivxl_j_ LZdhc ihôh^ mijhsZ_l jZ[hlm k m^Ze_ggufb kbkl_fZfb hkh[_ggh \ l_o kemqZyo dh]^Z h[uqgu_ h[sb_ iZidb gZ gbo hlkmlkl\mxl MijZ\e_gb_jZaj_r_gbyfb^hklmiZ dnZceZfbiZidZf H^ghc ba \Z`g_crbo aZ^Zq Z^fbgbkljZlhjZ nZceh\h]h k_j\_jZ y\ey_lky jZkij_^_ e_gb_ ijZ\ ^hklmiZ d ojZgys_cky bgnhjfZpbb Wlh dZkZ_lky b hl^_evguo nZceh\ b iZihd Bf_xlky jZagu_ f_oZgbafu mijZ\e_gby ^hklmihf d bgnhjfZpbb gh fu jZkkfhljbf gZagZq_gb_ ijZ\ ^hklmiZ \ kh\hdmighklb ihkdhevdm f_lhû \u[hjZ wlbo ijZ\ l_kgh \aZbfhk\yaZgu b \Z`gh ihgbfZlv dZdb_ `_ jZaj_r_gby [m^_l bf_lv \ dhgp_ dhgph\ dZ`ûc ihevah\Zl_ev IjZ\beZgZagZq_gbyjZaj_r_gbcgZ^hklmi >ey lh]h qlh[u g_ gZjmrZeZkv p_ehklghklv baeh`_gby l_fu ih\lhjbf g_dhlhju_ oj_klhfZlbcgu_ ijZ\beZ gZkljhcdb ^hklmiZ d h[sbf j_kmjkZf Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ >ey h[sbo iZihd jZaj_r_gby gZ ^hklmi d j_kmjkm hij_^_eyxlky gZ ^\mo mjh\gyo X gZ mjh\g_ h[s_c iZidb wlb jZaj_r_gby jZkijhkljZgyxlky gZ \k_ \eh`_ggu_ iZidb b nZceu kh^_j`Zsb_ky \ h[s_c iZid_ b ^_ckl\mxl lhevdh ijb ^hklmi_ d iZid_ q_j_a k_lv X gZ mjh\g_ nZceh\hc kbkl_fu %$ _keb h[sZy iZidZ jZkiheh`_gZ gZ )$7 lhf_ lh lZdb_ jZaj_r_gby êy g__ g_\hafh`gu wlb jZaj_r_gby fh`gh gZagZ qZlv dZd \k_c iZid_ lZd b dhgdj_lguf \eh`_gguf iZidZf b nZceZf \gmljb h[s_c iZidb hgb ^_ckl\mxl \k_]^Z g_aZ\bkbfh hl kihkh[Z ^hklmiZ d iZid_ Ijb \u[hj_ jZaj_r_gbc ^hklmiZ h[uqgh jmdh\h^kl\mxlky ke_^mxsbfb ijZ\beZfb X gZ mjh\g_ h[s_]h j_kmjkZ j_dhf_g^m_lky aZ^Z\Zlv gZb[he__ rbjhdb_ ijZ\Z _keb iha\heyxl lj_[h\Zgby [_ahiZkghklb ² iheguc ^hklmi êy \k_o X gZ mjh\g_ nZceh\hc kbkl_fu 17)6 hij_^_eyxlky [he__ madb_ jZaj_r_gby gZ dhgdj_lgu_ iZidb b nZceu êy hl^_evguo ]jmii beb ihevah\Zl_e_c LZdhc ihôh^ mijhsZ_l Z^fbgbkljbjh\Zgb_ iheghfhqbc ihevah\Zl_e_c J_amevlb jmxsb_ ijZ\Z ^hklmiZ hij_^_eyxlky gZb[he__ kljh]bfb jZaj_r_gbyfb mklZgh\e_ggufb eb[h gZ mjh\g_ h[s_]h j_kmjkZ eb[h gZ mjh\g_ nZceh\hc kbk l_fu ijb wlhf kZfufb ijbhjbl_lgufb y\eyxlky aZij_lu dZdboeb[h jZaj_r_ gbc ² dh]^Z mklZgh\e_g neZ`hd 'HQ\ AZij_lblv Ij_îheh`bf gZ mjh\g_ h[s_c iZidb mklZgh\e_gh jZaj_r_gb_ 5HDG Ql_gb_ êy ]jmiiu (YHU\RQH <k_ ?keb \^jm] gm`gh dZdhclh ]jmii_ beb ihevah\Zl_ex ^Zlv [he__ rbjhdb_ ijZ\Z gZijbf_j jZaj_r_gb_ gZ aZibkv \ dZdmxlh iZidm lh wlh k^_eZlv g_\hafh`gh ihkdhevdm ijZ\Z ^hklmiZ h]jZgbq_gu gZ mjh\g_ h[s_c iZidb [he__ madbf jZaj_r_gb_f 5HDG Ql_gb_ Djhf_ lh]h jZaj_r_gby gZ mjh\g_ h[s_c iZidb g_ iha\heyxl ^_lZebabjh\Zlv ijZ\Z ^hklmiZ ihkdhevdm hgb jZkijhkljZgyxlky gZ \_kv h[sbc j_kmjk b ij_^klZ\eyxl kh[hc ^hklZlhqgh h[h[ s_ggu_ \hafh`ghklb ql_gb_ baf_g_gb_ beb iheguc ^hklmi JZaj_r_gby aZ ^Zggu_ gZ mjh\g_ nZceh\hc kbkl_fu [he__ mgb\_jkZevgu hgb g_ aZ\bkyl hl lh]h aZj_]bkljbjh\Zg eb ihevah\Zl_ev gZ dhfivxl_j_ ehdZevgh beb h[jZsZ_lky d g_fm q_j_a k_lv < GBF:GB? JZaj_r_gby ijbgylh ij_^hklZ\eylv g_ hl^_evguf ihevah\Zl_eyf Z ]jmiiZf \ khhl\_lkl\bb k nmgdpbhgZevgufb aZ^ZqZfb \haeZ]Z_fufb gZ wlb ]jmiiu Ihev ah\Zl_eb `_ ihemqZxl ijZ\Z hihkj_^h\Zggh q_j_a qe_gkl\h \ hij_^_e_gghc ]jmii_ =eZ\guf h[jZahf wlh k\yaZgh k l_f qlh qe_gkl\h ihevah\Zl_ey \ ]jmii_ ihf_gylv agZqbl_evgh e_]q_ q_f \k_ jZaj_r_gby _keb [u hgb [ueb gZagZq_gu g_ihkj_^kl\_ggh wlhfm ihevah\Zl_ex Djhf_ lh]h ]jmii h[uqgh agZqbl_evgh f_gvr_ q_f ihevah\Zl_e_c JZaj_r_gby aZ^Zggu_ \gmljb dZ`^h]h mjh\gy l _ gZ mjh\g_ h[s_c iZidb beb gZ mjh\g_ nZceh\hc kbkl_fu y\eyxlky Z^^blb\gufb l _ j_amevlbjmxsb_ ijZ\Z [m^ml kdeZû\Zlvky ba \k_o jZaj_r_gbc y\gh beb dhk\_ggh jZkijhkljZgyxsboky =eZ\Z gZ ihevah\Zl_ey \ i_j\mx hq_j_^v wlh ijZ\beh ijbf_gbfh d jZaj_r_gbyf aZ^Z \Z_fuf gZ mjh\g_ nZceh\hc kbkl_fu ihkdhevdm jZaebqguo jZaj_r_gbc lZf [hev r_ ?keb gZijbf_j ihevah\Zl_ev bf__l jZaj_r_gb_ gZ ql_gb_ Z ]jmii_ \ dhlh jmx hg \oh^bl ^Zgh jZaj_r_gb_ gZ aZibkv lh \ j_amevlZl_ wlhl ihevah\Zl_ev [m^_l bf_lv \hafh`ghklv b qblZlv b aZibku\Zlv < GBF:GB? Ihevah\Zl_eb deb_glkdbo dhfivxl_jh\ bf_xsb_ mq_lgu_ aZibkb [_a iZjhey g_ fh]ml h[jZsZlvky ih k_lb d h[sbf iZidZf kbkl_f :LQGRZV 6HUYHU ihkdhev dm \ wlbo kbkl_fZo ih mfheqZgbx ^_ckl\m_l iheblbdZ [_ahiZkghklb Mq_lgu_ aZib kb jZaj_rblv bkihevah\Zgb_ imkluo iZjhe_c lhevdh ijb dhgkhevghf \oh^_ kf jbk ² l _ imklu_ iZjheb ^himkdZxlky lhevdh ijb ehdZevghf \oh^_ \ kbk l_fm Z ijb h[jZs_gbb ih k_lb Zml_glbnbdZpby ihevah\Zl_ey g_ ijhba\h^blky Ihwlhfm êy h[_ki_q_gby ^hklmiZ d h[sbf iZidZf gm`gh eb[h ^Zlv ihevah\Zl_ eyf iZjheb eb[h hldexqblv wlm iheblbdm Kihkh[u gZkljhcdb jZaj_r_gbc gZ mjh\g_ h[sbo j_kmjkh\ [ueb jZkkfhlj_gu \u r_ ?keb fZkl_j FZkl_j h[s_]h ^hklmiZ g_ bkihevam_lky lh bagZ qZevgh ijb jZaj_r_gbb h[s_]h ^hklmiZ d iZid_ ij_^hklZ\ey_lky jZaj_r_gb_ 5HDG Ql_gb_ êy ]jmiiu (YHU\RQH <k_ < kemqZ_ ijbf_g_gby fZkl_jZ mq_lgu_ aZibkb b bo ijZ\Z \u[bjZxlky bg^b\b^mZevgh ijb wlhf Z\lhfZlbq_kdb mklZgZ\eb\Z xlky ZgZeh]bqgu_ jZaj_r_gby b gZ mjh\g_ nZceh\hc kbkl_fu JZaj_r_gby^hklmiZ gZmjh\g_nZceh\hckbkl_fu17)6 MklZgZ\eb\Zy ihevah\Zl_eyf hij_^_e_ggu_ jZaj_r_gby SHUPLVVLRQV gZ ^hklmi d nZceZf b iZidZf Z^fbgbkljZlhju kbkl_fu fh]ml aZsbsZlv bgnhjfZpbx hl g_kZgdpbhgbjh\Zggh]h ^hklmiZ Djhf_ lh]h dZ`ûc ihevah\Zl_ev Z\lhfZlbq_kdb klZgh\blky \eZ^_evp_f kha^Z \Z_fuo nZceh\ beb iZihd Wlh lZd`_ h[mkeZ\eb\Z_l _]h ijZ\Z ^hklmiZ d ^Zgguf :^fbgbkljZlhj fh`_l gZagZqblv k_[y \eZ^_evp_f ex[h]h h[t_dlZ nZceh\hc kbk l_fu nZceZ beb iZidb < kbkl_fZo :LQGRZV 6HUYHU \hafh`gZ b h[jZlgZy i_j_^ZqZ \eZ^_gby hl Z^fbgbkljZlhjZ d ihevah\Zl_ex beb hl h^gh]h ihevah\Z l_ey ² ^jm]hfm DZd m`_ ]h\hjbehkv jZaj_r_gby ihevah\Zl_ey gZ ^hklmi d h[t_dlZf nZceh\hc kbk l_fu jZ[hlZxl ih ijbgpbim ^hiheg_gby Z^^blb\ghklb Wlh agZqbl qlh ^_ckl \mxsb_ jZaj_r_gby l _ l_ jZaj_r_gby dhlhju_ ihevah\Zl_ev j_Zevgh bf__l \ hlghr_gbb dhgdj_lghc iZidb beb nZceZ h[jZamxlky ba \k_o ijyfuo aZ^Zgguo y\gh b dhk\_gguo ihemq_gguo q_j_a qe_gkl\h \ ]jmiiZo jZaj_r_gbc dhlhju_ h[t_^bgyxlky k ihfhsvx eh]bq_kdhc nmgdpbb BEB Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ H^gZdh ke_^m_l aZf_lblv qlh ijZ\beh keh`_gby jZaj_r_gbc fh`_l gZjmrblvky _k eb ihevah\Zl_ex ^Zgh hij_^_e_ggh_ jZaj_r_gb_ Z ]jmii_ \ dhlhjmx hg \oh^bl hldZaZgh \ wlhf jZaj_r_gbb beb gZh[hjhl < wlhf kemqZ_ hldZa \ jZaj_r_gbb bf__l [he__ \ukhdbc ijbhjbl_l b \ j_amevlZl_ ihevah\Zl_ev nZdlbq_kdb g_ [m^_l bf_lv ^Zggh]h jZaj_r_gby Ihwlhfm ijb mklZgh\d_ hldZaZ \k_]^Z ihy\ey_lky hdgh k gZihfbgZgb_f h k_jv_aghklb lZdh]h ^_ckl\by ihkdhevdm hq_gv e_]dh \hh[ s_ ebrblv ihevah\Zl_ey ^hklmiZ d nZcem beb iZid_ 'HQ\ MklZgh\dZjZaj_r_gbcêynZceh\ <k_ hi_jZpbb k jZaj_r_gbyfb ^hklmiZ d nZceZf b iZidZf bgbpbbjmxlky \ hdg_ ijh]jZffu Ijh\h^gbd < kbkl_fZo b g_kdhevdh baf_gbeky bgl_jn_ck bkihevam_fuc ijb jZ[hl_ k jZaj_r_ gbyfb ijb \uiheg_gbb baf_g_gbc \k_]^Z lj_[mxlky ^hihegbl_evgu_ rZ]b ohly \ky eh]bdZ hi_jZpbc hklZeZkv ij_`g_c JZkkfhljbf ihjy^hd \uiheg_gby hi_jZpbc k nZceZfb ZgZeh]bqgu_ rZ]b ihlj_ [mxlky b ijb jZ[hl_ k iZidZfb ihwlhfm êy iZihd [m^ml mdZaZgu lhevdh hlebqby :LQGRZV ([SORUHU 6HUYHU :LQGRZV 9LVWD :LQGRZV * KIHEVAH<:GB? MLBEBL DHF:G>GHC KLJHDB Bf_xlky mlbeblu iha\heyxsb_ \ hdg_ dhgkheb mijZ\eylv jZaj_r_gbyfb ^hklmiZ bkihevam_lky êy gZ mjh\g_ nZceh\hc kbkl_fu KlZg^ZjlgZy mlbeblZ ijhkfhljZ mklZgh\db b baf_g_gby jZaj_r_gbc êy nZceh\ b iZihd HgZ bf__lky \h \k_o \_jkbyo \dexqZy b ,FDFOVH[H :LQGRZV 6HUYHU :LQGRZV 6HUYHU &RUH +\SHU9 6HUYHU >ey gZagZq_gby ihevah\Zl_ex beb ]jmii_ jZaj_r_gby gZ ^hklmi d hij_^_e_gghfm nZcem <u[_jbl_ nZce gZ`fbl_ ijZ\mx dghidm furb b \uihegbl_ dhfZg^m K\hckl\Z dhgl_dklgh]h f_gx < hdg_ k\hckl\ nZceZ i_j_c^bl_ gZ \deZ^dm ;_ahiZkghklv jbk H[jZlbl_ \gbfZgb_ \ kbkl_fZo gZ wlhc \deZ^d_ fh`gh kjZam baf_gylv jZaj_r_gby êy bf_xsboky \ kibkd_ ]jmii b ihevah\Zl_e_c Z \ bo fh`gh lhevdh ijhkfZljb\Zlv [_a \hafh`ghklb fh^bnbdZpbb GZ iZg_eb =jmiiu beb ihevah\Zl_eb ihdZaZg kibkhd ihevah\Zl_e_c b ]jmii dhlhjuf m`_ ij_^hklZ\e_gu jZaj_r_gby êy ^Zggh]h nZceZ >ey lh]h qlh[u ^h[Z\blv beb m^Zeblv ihevah\Zl_e_c beb ]jmiiu ke_^m_l gZ`Zlv dghidm Baf_gblv DghidZ >hihegbl_evgh iha\hey_l ihemqblv ^hklmi d lhgdhc gZkljhcd_ gZ mjh\g_ ki_pbZevguo jZaj_r_gbc :LQGRZV ;3:LQGRZV 6HUYHU :LQGRZV 9LVWD:LQGRZV 6HUYHU WlZ mlbeblZ y\ey_lky h[gh\e_gghc b jZkrbj_gghc \_jkb_c mlbeblu &DFOVH[H gZ \h \k_o kbkl_fZo dhlhjZy khojZg_ =eZ\Z Jbk <deZ^dZ 6HFXULW\ hdgZ k\hckl\ nZceZ Ihke_ gZ`Zlby dghidb Baf_gblv ihy\ey_lky hdgh jbk \b^ dhlhjh ]h ijb\uq_g ihevah\Zl_eyf ij_û^msbo \_jkbc :LQGRZV a^_kv fh`gh baf_ gylv jZaj_r_gby êy mdZaZgguo ]jmii b ihevah\Zl_e_c jZaj_r_gby ij_^klZ\e_ gu g_ ijhklh ]ZehqdZfb dZd \ ij_û^ms_f hdg_ Z neZ`dZfb dhlhju_ fh`gh mklZgZ\eb\Zlv b k[jZku\Zlv >ey baf_g_gby wlh]h kibkdZ kem`Zl dghidb >h[Z\blv beb M^Zeblv Ijb ^h[Z\e_gbb mq_lguo aZibk_c ihy\blky ^bZeh]h\h_ hdgh ]^_ gm`gh mdZaZlv bf_gZ ihevah\Zl_e_c beb ]jmii dhlhju_ ihemqZl ijZ\Z ^hklmiZ d nZcem < ^h f_gZo lZd`_ fh`gh mdZau\Zlv mq_lgu_ aZibkb dhfivxl_jh\ A^_kv bf_xlky ^\_ \hafh`ghklb fh`gh kjZam \\_klb bfy \ hdg_ <\_^bl_ bf_gZ \u[bjZ_fuo h[t_dlh\ b gZ`Zlv dghidm Ijh\_jblv bf_gZ êy ijh\_jdb \\_^_ggh]h bf_gb lZdZy ijh\_j dZ g_ h[yaZl_evgZ gh `_eZl_evgZ >ey ihbkdZ gm`guo bf_g fh`gh gZ`Zlv dghidm >hihegbl_evgh Ijb wlhf hldjh_lky fh^bnbpbjh\Zggh_ hd gh \u[hjZ mq_lguo aZibk_c jbk \ dhlhjhf fh`gh mdZaZlv f_klhiheh`_ Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ gb_ ORFDWLRQ mq_lghc aZibkb ^hf_g beb ehdZevguc dhfivxl_j b \uihegblv ihbkd gZ`Z\ dghidm Ihbkd < gb`g_c iheh\bg_ hdgZ ihy\blky kib khd \k_o ]jmii b ihevah\Zl_e_c bf_xsboky êy ^Zggh]h jZaf_s_gby ² eh dZevgh]h dhfivxl_jZ ^hf_gZ beb dhgdj_lgh]h ih^jZa^_e_gby Jbk Hdgh j_^Zdlbjh\Zgby jZaj_r_gbc ^hklmiZ Ihke_ \u[hjZ gm`guo mq_lguo aZibk_c fh`gh \_jgmlvky \ hdgh j_^Zdlbjh\Zgby jZaj_r_gbc kf jbk b gZagZqblv ihevah\Zl_ex beb ]jmii_ klZg^Zjlgu_ jZaj_r_gby êy nZceh\ ² Iheguc ^hklmi Baf_g_gb_ Ql_gb_ b \uiheg_gb_ Ql_gb_ b AZibkv >ey mklZgh\db jZaj_r_gby beb hldZaZ \ jZaj_r_gbb kem`Zl neZ`db JZaj_ rblv b ! AZij_lblv DZ`^h_ ba i_j_qbke_gguo \ur_ klZg^Zjlguo jZaj_r_gbc khklhbl ba gZ[hjZ ki_ pbZevguo hkh[uo jZaj_r_gbc aZ^Zxsbo \hafh`ghklv \uiheg_gby lh]h beb bgh ]h [he__ qZklgh]h ^_ckl\by k nZceZfb beb iZidZfb Qlh[u ihemqblv ^hklmi d ki_pbZevguf jZaj_r_gbyf \ hdg_ k\hckl\ nZceZ gZ \deZ^d_ " ;_ahiZkghklv kf jbk gZ`fbl_ dghidm >hihe gbl_evgh < hdg_ ^hihegbl_evguo iZjZf_ljh\ [_ahiZkghklb jbk ihdZaZgh =eZ\Z hl dZdhc iZidb mgZke_^h\Zgu jZaj_r_gby ^_ckl\mxsb_ gZ \u[jZgguc nZce Z lZd`_ fh`gh hij_^_eblv b baf_gblv \eZ^_evpZ nZceZ DghidZ Baf_gblv iha\hey_l ihemqblv ^hklmi d hdgm j_^Zdlbjh\Zgby ki_pbZevguo jZaj_r_gbc Jbk KlZg^Zjlgh_ hdgh ihbkdZ b \u[hjZ mq_lguo aZibk_c MklZgh\dZjZaj_r_gbcêyiZihd Ijhp_^mjZ mklZgh\db jZaj_r_gbc êy iZihd kh\_jr_ggh g_ hlebqZ_lky hl hibkZg ghc \ur_ ijhp_^mju gZagZq_gby jZaj_r_gbc êy nZceh\ g_fgh]h hlebqZ_lky ebrv kibkhd klZg^Zjlguo jZaj_r_gbc êy iZihd _s_ bf__lky jZaj_r_gb_ # Kibkhd kh^_j`bfh]h iZidb hij_^_eyxs__ \hafh`ghklv ijh kfhljZ __ kh^_j`bfh]h Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ Jbk Hdgh ijhkfhljZ ^hihegbl_evguo iZjZf_ljh\ [_ahiZkghklb êy nZceZ < GBF:GB? Ihevah\Zl_ev beb ]jmiiZ bf_xsb_ ijZ\h )XOO FRQWURO Iheguc ^hklmi gZ iZidm fh]ml m^Zeblv ex[hc nZce gZoh^ysbcky \ wlhc iZid_ \g_ aZ\bkbfhklb hl jZa j_r_gbc aZ^Zgguo êy ^Zggh]h nZceZ Ijb j_^Zdlbjh\Zgbb ^hihegbl_evguo iZjZf_ljh\ [_ahiZkghklb êy iZihd jbk bf_xlky ^hihegbl_evgu_ \hafh`ghklb dZkZxsb_ky baf_g_gby b_jZjobb gZke_ ^m_fuo jZaj_r_gbc h[jZlbl_ \gbfZgb_ gZ hlkmlkl\mxsbc êy nZceh\ klhe[_p $SSO\ 7R Ijbf_gylv d ]^_ mdZaZgZ h[eZklv ^_ckl\by dZ`^h]h jZaj_r_gby NeZ`hd ,QFOXGH LQKHULWDEOH SHUPLVVLRQV IURP WKH REMHFW V SDUHQW >h[Z\blv jZaj_ r_gby gZke_^m_fu_ hl jh^bl_evkdbo h[t_dlh\ hg bf__lky \ hdg_ ^hihegbl_ev guo iZjZf_ljh\ b êy nZceh\ ih mfheqZgbx mklZgh\e_g b \u[jZgguc h[t_dl Z\ lhfZlbq_kdb ihemqZ_l \k_ jZaj_r_gby aZ^Zggu_ gZ [he__ \ukhdbo mjh\gyo ?keb wlhl neZ`hd k[jhkblv lh \kydh_ gZke_^h\Zgb_ ij_djZlblky b \k_ jZaj_r_gby [m^ml y\gh aZ^Zgu lhevdh gZ mjh\g_ ^Zggh]h h[t_dlZ < wlhf kemqZ_ \hafh`gu ^\Z \Zjb ZglZ ^_ckl\bc fh`gh kdhibjh\Zlv jZaj_r_gby Z aZl_f baf_gylv bo dZd lj_[m_l ky beb m^Zeblv b aZ^Zlv gh\u_ =eZ\Z Jbk Hdgh j_^Zdlbjh\Zgby ^hihegbl_evguo iZjZf_ljh\ [_ahiZkghklb êy iZidb ?keb mklZgh\blv neZ`hd 5HSODFH DOO H[LVWLQJ LQKHULWDEOH SHUPLVVLRQV RQ DOO GHVFHQGDQWV ZLWK LQKHULWDEOH SHUPLVVLRQV IURP WKLV REMHFW AZf_gblv \k_ gZke_^m_ fu_ jZaj_r_gby êy \k_o ihlhfdh\ gZ gh\u_ gZke_^m_fu_ jZaj_r_gby hl wlh]h h[t_dlZ kf jbk lh \k_ jZaj_r_gby aZ^Zggu_ y\gh beb g_y\gh êy ^hq_jgbo h[t_dlh\ nZceh\ b iZihd [m^ml m^Ze_gu b aZf_g_gu gZ l_ jZaj_r_gby dhlhju_ hij_^_e_gu êy \u[jZgghc iZidb Qlh[u aZ^Zlv êy iZidb ki_pbZevgu_ jZaj_r_gby \ hdg_ ^hihegbl_evguo iZjZf_l jh\ kf jbk gZ`fbl_ dghidm (GLW Baf_gblv Ihy\blky hdgh 3HUPLVVLRQV (QWU\ We_f_gl jZaj_r_gby jbk ]^_ mklZgZ\eb\Zxlky ki_pbZevgu_ jZaj_ r_gby êy iZidb \ kibkd_ $SSO\ RQWR Ijbf_gylv fh`gh lZd`_ \u[jZlv h[eZklv bo ^_ckl\by Dh]^Z neZ`hd $SSO\ WKHVH SHUPLVVLRQV WR REMHFW DQGRU FRQWDLQHUV ZLWKLQ WKLV FRQWDLQHU RQO\ Ijbf_gylv wlb jZaj_r_gby d h[t_dlZf b dhgl_cg_jZf lhevdh \gml jb wlh]h dhgl_cg_jZ g_ mklZgh\e_g ih mfheqZgbx \u[jZggu_ jZaj_r_gby [m^ml jZkijhkljZgylvky g_ lhevdh gZ h[t_dlu hij_^_e_ggu_ ihe_f $SSO\ RQWR Ijbf_ gylv gh b gZ \k_ h[t_dlu gZoh^ysb_ky gb`_ ih ^_j_\m Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ Jbk Ki_pbZevgu_ jZaj_r_gby êy iZidb Hij_^_e_gb_^_ckl\mxsbojZaj_r_gbc êynZceh\biZihd DZd m`_ ]h\hjbehkv ihevah\Zl_ev beb ]jmiiZ ihemqZxl jZaj_r_gby gZ ^hklmi d nZceZf beb iZidZf g_ihkj_^kl\_ggh b q_j_a qe_gkl\h \ ]jmiiZo ke_^m_l lZd`_ ihfgblv h lhf qlh \ ^hf_gZo $FWLYH 'LUHFWRU\ ]jmiiu fh]ml [ulv qe_gZfb ^jm]bo ]jmii Ihwlhfm g_ \k_]^Z e_]dh magZlv dZdb_ `_ jZaj_r_gby bf__l ihevah\Zl_ev êy dhgdj_lgh]h h[t_dlZ >ey j_r_gby wlhc aZ^Zqb bf__lky nmgdpby hij_^_e_gby ^_ckl\mxsbo jZaj_r_gbc HIIHFWLYH SHUPLVVLRQV dhlhjmx fh`gh bkihevah\Zlv ke_^mxsbf h[jZahf <u[_jbl_ gm`guc nZce beb iZidm b i_j_c^bl_ gZ \deZ^dm ;_ahiZk ghklv >hihegbl_evgh b \ hdg_ GZ`fbl_ dghidm >hihegbl_evgu_ iZjZf_lju [_ahiZkghklb i_j_c^bl_ gZ \deZ^dm >_ckl\mxsb_ jZaj_r_gby =eZ\Z GZ`fbl_ dghidm <u[jZlv b \u[_jbl_ lj_[m_fmx mq_lgmx aZibkv eh dZevgh]h beb ^hf_ggh]h ihevah\Zl_ey beb ]jmiiu ihke_ q_]h gZ`fbl_ dghidm L_i_jv gZ \deZ^d_ >_ckl\mxsb_ jZaj_r_gby [m^ml hlh [jZ`_gu \k_ jZaj_r_gby dhlhju_ \u[jZgguc ihevah\Zl_ev beb ]jmiiZ bf_xl ih hlghr_gbx d ^Zgghfm h[t_dlm jbk Jbk GZ \deZ^d_ hlh[jZ`Zxlky \k_ jZaj_r_gby êy \u[jZggh]h ihevah\Zl_ey beb ]jmiiu (IIHFWLYH 3HUPLVVLRQV I_j_^ZqZijZ\Z\eZ^_gby < kbkl_fZo ijZ\h \eZ^_gby nZcehf beb iZidhc g_ y\ey_lky oZjZdl_jbklbdhc `_kldh ijb\yaZgghc d kha^Zl_ex ^Zggh]h h[t_dlZ Ihevah\Zl_ev kha^Z\rbc nZce beb iZidm klZgh\blky \eZ^_evp_f wlh]h h[t_dlZ h^gZdh ijb g_h[ oh^bfhklb \eZ^_evp_f nZceZ fh`_l klZlv Z^fbgbkljZlhj beb ihevah\Zl_ev k ZgZ eh]bqgufb iheghfhqbyfb b djhf_ lh]h ijZ\h \eZ^_gby fh`_l [ulv i_j_^Zgh Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ ^jm]hfm ihevah\Zl_ex wlh fh`_l k^_eZlv ihevah\Zl_ev bf_xsbc jZaj_r_gb_ gZ kf_gm \eZ^_evpZ ijZ\h Kf_gZ \eZ^_evpZ K ihfhsvx ehdZevguo beb ^hf_gguo ]jmiih\uo iheblbd fh`gh mdZaZlv dZdb_ ihevah\Zl_eb \k_]^Z fh]ml klZgh\blvky \eZ^_evpZfb nZceh\ beb ^jm]bo h[t_dlh\ ih mfheqZgbx lZdh_ ijZ\h bf_xl lhevdh Z^fbgbkljZlhju ijb wlhf hgb fh]ml ^Z`_ g_ bf_lv gbdZdbo ^jm]bo jZaj_r_gbc êy wlh]h h[t_dlZ K H<?L Ba \ur_kdZaZggh]h ke_^m_l Z^fbgbkljZlb\gh_ ijZ\beh ihemq_gby jZaj_r_gbc gZ ex[hc g_^hklmiguc h[t_dl \ lhf qbke_ êy h[t_dlh\ m dhlhjuo hrb[hqgh m^Ze_gu \k_ jZaj_r_gby gm`gh klZlv _]h \eZ^_evp_f Z aZl_f mklZgh\blv gm` gu_ jZaj_r_gby êy k_[y beb ^jm]bo ihevah\Zl_e_c b ]jmii >ey i_j_^Zqb \eZ^_gby h[t_dlhf nZceh\hc kbkl_fu beb êy ijhkfhljZ l_dms_]h \eZ^_evpZ nZceZ beb iZidb lj_[mxlky ke_^mxsb_ ^_ckl\by Hldjhcl_ khhl\_lkl\mxs__ hdgh k\hckl\ i_j_c^bl_ gZ \deZ^dm ;_ah iZkghklv b gZ`fbl_ dghidm >hihegbl_evgh Jbk <deZ^dZ 2ZQHU ^bZeh]h\h]h hdgZ =eZ\Z < hdg_ >hihegbl_evgu_ iZjZf_lju [_ahiZkghklb kf jbk i_j_c^bl_ gZ \deZ^dm <eZ^_e_p L_dmsbc \eZ^_e_p h[t_dlZ \b^_g \ ihe_ L_dmsbc \eZ^_e_p Ihke_ gZ`Zlby dghidb Baf_gblv hldjh_lky hdgh ]^_ \eZ^_evpZ fh`gh ihf_gylv kf jbk < wlhf hdg_ \b^gu mq_lgu_ aZibkb ih mfheqZgbx bf_xsb_ ijZ\h ihemq_gby \h \eZ^_gb_ ^Zggh]h h[t_dlZ nZceh\hc kbkl_fu >ey kf_gu \eZ^_evpZ \u^_ebl_ gm`gmx mq_lgmx aZibkv b gZ`fbl_ dghidb Ijbf_gblv b ?keb ijZ\h \eZ^_gby gm`gh i_j_^Zlv dZdhfmlh ^jm]hfm lh gZ`fbl_ dghidm >jm]b_ ihevah\Zl_eb beb ]jmiiu b \hkihevah\Zlvky klZg^Zjlghc ijhp_^mjhc \u[hjZ mq_lguo aZibk_c ² ihke_ wlh]h bfy gZc^_ggh]h ihevah\Zl_ey beb ]jmiiu ihy\blky \ hdg_ ihl_gpbZevguo \eZ^_evp_\ jbk ]^_ _]h ke_^m_l \u^_eblv b aZdhgqblv hi_jZpbx gZ`Z\ dghidm 0, P_gljZebah\Zggh_mijZ\e_gb_h[sbfb j_kmjkZfbkihfhsvxhkgZkldb 6KDUHDQG6WRUDJH0DQDJHPHQW HkgZkldZ MijZ\e_gb_ h[sbfb iZidZfb b ojZgb ebsZfb 6WRUDJH0JPWPVF ijbkmlkl\m_l \ kbkl_f_ ih mfheqZgbx hgZ \oh^bl \ khklZ\ hkgZkldb >bki_lq_j k_j\_jZ b __ fh`gh lZd`_ aZimkdZlv Z\lhghfgh ba ih^f_gx :^fbgbkljbjh\Zgb_ WlZ hkgZkldZ ij_^klZ\ey_l kh[hc bgkljmf_gl fhgblhjbg]Z b mijZ\e_gby \_jog_]h mjh\gy < __ hdg_ jbk fh`gh kjZam \b^_lv h[sb_ iZidb khklhygb_ d\hl klhe[_p gZebqb_ nbevljh\ [ehdbjh\db nZceh\ klhe[_p b gZkljhcdb l_g_\uo dhibc klhe[_p < GBF:GB? Ijb ih^dexq_gbb hkgZkldb MijZ\e_gb_ h[sbfb j_kmjkZfb b ojZgbebsZfb d m^Ze_gghfm dhfivxl_jm g_h[oh^bfh qlh[u gZ wlhf dhfivxl_j_ [ueZ aZims_gZ kem`[Z 9LUWXDO 'LVN <bjlmZevguc ^bkd k_j\bk YGV b \ [jZg^fZmwj_ :LQGRZV gZ h[hbo dhfivxl_jZo [ueh jZaj_r_gh bkdexq_gb_ M^Ze_ggh_ mijZ\e_gb_ lhfZfb ?keb ^\Z`û s_edgmlv ih bf_gb h[s_c iZidb lh hldjh_lky hdgh __ k\hckl\ ]^_ hlh[jZ`Zxlky \k_ iZjZf_lju j_kmjkZ jbk K \deZ^db fh`gh kjZam ihemqblv ^hklmi d kibkdZf jZaj_r_gbc mklZgh\e_gguo êy h[s_c iZidb b gZ mjh\g_ nZceh\hc kbkl_fu Wlh agZqbl_evgh mf_gvrZ_l dhebq_kl\h hi_jZpbc g_h[oh^bfuo êy ijhkfhljZ \k_o \Z`guo iZjZf_ljh\ Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ GZ iZg_eb >_ckl\by kf jbk bf_xlky dhfZgû k ihfhsvx dhlh juo hlh[jZ`Zxlky kibkhd ih^dexq_gbc d j_kmjkZf kkuedZ b kibkhd hldjuluo nZceh\ kkuedZ < khhl\_lkl\mxsbo hdgZo fh`gh ijhkfZljb\Zlv iZjZf_lju k_Zgkh\ ^hklmiZ d iZidZf ij_djZsZlv k_Zgku b aZdju\Zlv nZceu Jbk Ijhkfhlj kibkdZ h[sbo iZihd \ hdg_ hkgZkldb 6KDUH DQG 6WRUDJH 0DQDJHPHQW DhfZg^Z Ih^]hlh\dZ ojZgbebsZ aZimkdZ_l fZkl_j k ihfhsvx dhlhjh]h fh`gh kha^Zlv b ih^]hlh\blv d jZ[hl_ gh\uc ^bkd jZa^_e beb lhf LZdhc ihôh^ mijhsZ_l jZ[hlm ihkdhevdm ijb wlhf bkihevam_lky h^bg bgkljmf_gl b g_ lj_[m_lky aZimkdZlv ^hihegbl_evgu_ Z^fbgbkljZlb\gu_ hkgZkldb Ih ZgZeh]bq guf ijbqbgZf wnn_dlb\_g fZkl_j aZimkdZ_fuc ih dhfZg^_ Ih^ ]hlh\dZ h[s_]h j_kmjkZ ² hg iha\hey_l \ bgl_jZdlb\ghf j_`bf_ kha^Zlv h[smx iZidm hij_^_eblv êy g__ jZaj_r_gby 17)6 b iZjZf_lju ijhlhdheZ ^hklmiZ 60% mklZgh\blv d\hlm b nbevlju [ehdbjh\db nZceh\ Z lZd`_ \uihegblv im[eb dZpbx j_kmjkZ \ ijhkljZgkl\_ bf_g ')6 _keb lZdh\h_ bf__lky =eZ\Z Jbk <deZ^db hdgZ k\hckl\ h[s_c iZidb D\hlu^bkdh\h]hijhkljZgkl\Z >ey nZceh\h]h k_j\_jZ \Z`ghc Z^fbgbkljZlb\ghc aZ^Zq_c y\ey_lky mq_l ^bkdh\h]h ijhkljZgkl\Z aZgbfZ_fh]h nZceZfb ihevah\Zl_e_c Ijb wlhf gm`gh ke_^blv aZ l_f qlh[u h^bg ihevah\Zl_ev g_ aZgbfZe kebrdhf fgh]h f_klZ aZ kq_l ^jm]bo Ih^h[gZy aZ^ZqZ ijhklh j_rZ_lky k ihfhsvx \\_^_gby d\hl TXRWD gZ ^bkdh\h_ ijhkljZgkl\h ^hklmigh_ êy jZ[hlu dZ`^hfm ihevah\Zl_ex :^fbgbkljZlhj fh `_l \u^_eylv d\hlu êy lhfZ b dhgdj_lgh]h ihevah\Zl_ey g_\hafh`gh aZ^Zlv d\hlm êy ]jmii < kbkl_fZo :LQGRZV 6HUYHU ihy\beZkv \hafh`ghklv mklZgZ\ eb\Zlv d\hlu gZ hl^_evgu_ iZidb ² êy wlh]h bkihevam_lky hkgZkldZ >bki_lq_j j_kmjkh\ nZceh\h]h k_j\_jZ Ihkdhevdm bkihevah \Zgb_ wlhc hkgZkldb lj_[m_l ^hihegbl_evguo hi_jZpbc gZagZq_gb_ d\hl k __ ih fhsvx fu jZkkfhljbf \ hl^_evghf jZa^_e_ kf ^Ze__ Ihke_ mklZgh\db d\hl ^bkdh\h]h ijhkljZgkl\Z ihevah\Zl_ev kfh`_l ojZgblv gZ lh f_ h]jZgbq_gguc h[t_f ^Zgguo \ lh \j_fy dZd gZ wlhf lhf_ fh`_l hklZ\Zlvky k\h[h^gh_ ijhkljZgkl\h Ijb wlhf ihevah\Zl_ev [m^_l \b^_lv g_ j_Zevguc jZaf_j Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ lhfZ Z lhevdh h[t_f ^hklmigh]h _fm k\h[h^gh]h f_klZ ?keb ihevah\Zl_ev ij_\u rZ_l mklZgh\e_ggmx d\hlm lh \ `mjgZe kh[ulbc \ghkblky khhl\_lkl\mxsZy aZibkv AZl_f \ aZ\bkbfhklb hl dhgnb]mjZpbb kbkl_fu ihevah\Zl_ev eb[h kfh`_l aZibkZlv bgnhjfZpbx gZ lhf [he__ fy]dbc j_`bf h]jZgbq_gbc eb[h _fm [m^_l hldZaZgh \ aZibkb baaZ hlkmlkl\by k\h[h^gh]h ijhkljZgkl\Z `_kldbc j_`bf < GBF:GB? MklZgZ\eb\Zlv b ijhkfZljb\Zlv d\hlu gZ ^bkd_ fh`gh lhevdh \ 17)6jZa^_e_ b ijb gZebqbb g_h[oh^bfuo iheghfhqbc aZ^Z\Z_fuo k ihfhsvx ehdZevguo beb ^hf_gguo ]jmiih\uo iheblbd m ihevah\Zl_ey mklZgZ\eb\Zxs_]h d\hlu >ey jZ [hlu k d\hlZfb gm`gh [ulv qe_ghf ]jmiiu $GPLQLVWUDWRUV :^fbgbkljZlhju 1 JBF?Q:GB? D\hlZfb fh`gh mijZ\eylv b ba dhfZg^ghc kljhdb ke_^h\Zl_evgh b ba dhfZg^guo nZceh\ >ey wlh]h bkihevam_lky mlbeblZ )VXWLOH[H F iZjZf_ljhf Wlm mlb eblm fh`gh bkihevah\Zlv b \ j_^Zdpbyo :LQGRZV 6HUYHU &RUH >ey \dexq_gby d\hl kem`bl dhfZg^Z Z êy gZagZq_gby d\hlu dhgdj_lghfm ihevah\Zl_ex ² dhfZg^Z <dexq_gb_klZg^Zjlgh]hf_oZgbafZd\hl >ey Zdlb\baZpbb d\hl gZ g_dhlhjhf lhf_ g_h[oh^bfh \uihegblv ke_^mxsb_ ^_c kl\by < hdg_ ijh]jZffu Ijh\h^gbd \u[_jbl_ dhgnb]mjbjm_fuc lhf b gZ`fbl_ ijZ\mx dghidm furb aZl_f \ dhgl_dklghf f_gx \uihegbl_ dhfZg^m K\hckl\Z < hdg_ k\hckl\ lhfZ i_j_c^bl_ \ g_f gZ \deZ^dm D\hlZ jbk :LQGRZV ([SORUHU <dexqblv mijZ\e_gb_ d\hlZfb iha\hey_l \dexqblv d\hlbjh\Zgb_ dhgnb]mjbjm_fh]h lhfZ < wlhf kemqZ_ [m^_l mklZgh\ e_g fy]dbc j_`bf dhgljhey bkihevam_fh]h ^bkdh\h]h ijhkljZgkl\Z NeZ`hd `_kldbc j_`bf h]jZgbq_gby ijb dhlhjhf ihevah\Zl_ ex \ kemqZ_ ij_\ur_gby d\hlu [m^_l hldZaZgh \ ^hklmi_ d lhfm mklZgh\bl_ neZ`hd G_ \u^_eylv f_klh gZ ^bkd_ ijb ij_\ur_gbb d\hlu Lh]^Z gZ wlhc `_ \deZ^d_ gm`gh mklZgh\blv jZaf_j \u^_ey_fhc d\hlu <u^_eylv gZ ^bkd_ g_ [he__ b ihjh] ij_\ur_gb_ dhlhjh]h \uau\Z_l aZibkv ij_^mij_`^_gby \ `mjgZe kh [ulbc ihe_ Ihjh] \u^Zqb ij_^mij_`^_gbc Wlb iZjZ f_lju mklZgZ\eb\Zxlky ih mfheqZgbx h^bgZdh\ufb êy \k_o ihevah\Zl_e_c ijb g_h[oh^bfhklb fh`gh mdZaZlv bg^b\b^mZevgu_ agZq_gby êy dhgdj_lguo ihevah\Zl_e_c ?keb lj_[m_lky aZ^Zlv =eZ\Z Jbk <deZ^dZ 4XRWD hdgZ k\hckl\ ^bkdh\h]h lhfZ >ey j_]bkljZpbb kh[ulbc ij_\ur_gby d\hlu fh`gh mklZgh\blv khhl\_lkl\mx sb_ neZ`db gZoh^ysb_ky \ ]jmii_ Ijhlhdhebjh\Zgb_ ij_\ur_gby d\hlu êy wlh]h lhfZ Bkihevah\Zgb_d\hl Qlh[u m\b^_lv l_dms__ khklhygb_ d\hl b magZlv dZdb_ ihevah\Zl_eb ij_\ukbeb \u^_e_ggmx bf d\hlm \ fy]dhf j_`bf_ gZ`fbl_ dghidm AZibkb d\hl beb \ hdg_ dhgkheb bkihevamcl_ dhfZg^m Ihy\blky hdgh jbk ]^_ hlh[jZ`Z_lky kibkhd ihevah\Zl_e_c k iZjZf_ljZfb bo d\hl b h[t_fhf bkihevam_fh]h bfb ^bkdh\h]h ijhkljZgkl\Z Mq_lgu_ aZibkb ihevah\Zl_ e_c dhlhju_ ij_\ukbeb mklZgh\e_ggmx êy gbo d\hlm hlf_q_gu ki_pbZevguf agZqdhf \ klhe[p_ Khklhygb_ Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ Jbk Kibkhd ihevah\Zl_e_c bf_xsbo nZceu gZ ^bkd_ b bo ^bkdh\u_ d\hlu < hdg_ AZibkb d\hl fh`gh baf_gblv iZjZf_lju d\hlu aZ^Z\Z_fhc êy dhgdj_lgh]h ihevah\Zl_ey >ey wlh]h \u[_jbl_ dhgnb]mjbjm_fmx kljhdm b ^\Z `û s_edgbl_ gZ g_c ² ihy\blky ^bZeh]h\h_ hdgh IZjZf_lju d\h lu jbk Jbk IZjZf_lju d\hlu êy dhgdj_lgh]h ihevah\Zl_ey =eZ\Z ?keb g_dhlhjuc ihevah\Zl_ev ij_\ukbe k\hx d\hlm b mklZgh\e_g neZ`hd J_]bkljZpby ij_\ur_gby d\hlu ihev ah\Zl_e_f lh \ kbkl_fghf `mjgZe_ j_]bkljbjm_lky bgnhjfZpbhggh_ kh[ulb_ k dh^hf hl bklhqgbdZ 1WIV ^Zgguc dh^ fh`gh bkihevah\Zlv êy nbevljZpbb `mjgZeZ kh[ulbc ?keb ijb wlhf aZ^Zg `_kldbc j_`bf h]jZgbq_gbc gZ jZkoh ^m_fh_ ^bkdh\h_ ijhkljZgkl\h hldZa \ aZibkb l _ neZ`hd G_ \u^_eylv f_klh gZ ^bkd_ ijb ij_\ur_gbb d\hlu mklZgh\e_g lh ijb \uiheg_gbb ex[hc hi_jZpbb aZibkb \ d\hlbjm_fuc lhf lj_ [mxs_c ^hihegbl_evgh]h ijhkljZgkl\Z ihevah\Zl_ev ihemqbl hrb[dm mdZau\Zx smx gZ g_^hklZlhd k\h[h^gh]h f_klZ Jbk < wlhf hdg_ i_j_qbkeyxlky \k_ nZceu \f_kl_ k bo lhqguf f_klhiheh`_gb_f ijbgZê_`Zsb_ \u[jZgghfm ihevah\Zl_ex gZ mdZaZgghf lhf_ k \dexq_gguf d\hlbjh\Zgb_f Ke_^m_l bf_lv \ \b^m h^gm hkh[_gghklv k\yaZggmx k j_]bkljZpb_c mq_lguo aZib k_c ihevah\Zl_e_c \ kibkd_ aZibk_c d\hl kf jbk ?keb ihevah\Zl_ev aZibkZe ohlv h^bg nZce gZ mdZaZgghf lhf_ bf__lky g_ gme_\h_ agZq_gb_ \ klhe[p_ Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ Bkihevah\Zgguc h[t_f lh _]h mq_lgmx aZibkv g_evay lZd ijhklh m^Zeblv ba kibkdZ g_h[oh^bfh qlh[u kgZqZeZ hg m^Zebe \kx ijbgZê_`Zsmx _fm bg nhjfZpbx Beb `_ êy wlh]h Z^fbgbkljZlhj fh`_l klZlv \eZ^_evp_f nZceZ b \u ihegblv gm`gu_ hi_jZpbb LZdh_ lj_[h\Zgb_ ^Z_l ih[hqguc wnn_dl hq_gv m^h[guc êy Z^fbgbkljZlhjZ ijb ihiuld_ m^Ze_gby bf_gb ihevah\Zl_ey bf_x s_]h ebqgu_ nZceu gZ lhf_ e_]dh m\b^_lv dZdb_ bf_ggh nZceu ijbgZê_`Zl wlh fm ihevah\Zl_ex Ijb ihiuld_ m^Ze_gby kljhdb ba kibkdZ aZibk_c d\hl ihke_ ih^l\_j`^_gby wlhc hi_jZpbb \u\h^blky kibkhd nZceh\ ijbgZê_`Zsbo \u[jZgghfm ihevah\Zl_ex jbk _keb `_ m ihevah\Zl_ey hlkmlkl\mxl ijbgZê_`Zsb_ _fm nZceu lh aZibkv ijhklh m^Zey_lky < wlhf hdg_ Z^fbgbkljZlhj fh`_l \uihegblv hi_jZpbb k i_j_qbke_ggufb nZceZfb klZlv bo \eZ^_evp_f \u^_eb\ gm`gu_ nZceu Z aZl_f m^Zeblv beb i_j_f_klblv \ ^jm]h_ f_klh Ijbq_f m^Zeylv beb i_j_f_sZlv nZceu kh\k_f g_h[yaZl_evgh ² ijhklh ijb baf_g_gbb ijZ\Z kh[kl\_gghklb wlb nZceu [m^ml qbkeblvky aZ gh\uf \eZ^_evp_f MijZ\e_gb_^hklmihfdnZceh\hfj_kmjkZf kihfhsvxhkgZkldb)LOH6HUYHU5HVRXUFH0DQDJHU H^gbf ba ^hihegbl_evguo dhfihg_glh\ jheb )LOH 6HUYLFHV NZceh\u_ kem`[u kf jbk y\ey_lky hkgZkldZ ! " >bki_lq_j j_kmjkh\ nZceh\h]h k_j\_jZ IVUPPVF gZagZq_gb_ kjZam ihgylgh ih gZa\Zgbyf aZ^Zq \ hdg_ ijh]jZffu ² wlh mijZ\e_gb_ d\hlZfb [ehdbjh\dhc nZceh\ b j_kmjkZfb ojZgb ebsZ jbk >ey mklZgh\db ijh]jZffu bkihevam_lky hkgZkldZ " >bki_lq_j k_j\_jZ \ khklZ\ dhlhjhc ihlhf b [m^_l \oh^blv wlZ ijh ]jZffZ ² kf ma_e " MijZ\e_gb_ h[sbfb iZidZfb b ojZgbebsZfb DZ`^mx ba i_j_qbke_gguo aZ^Zq fu ih^jh[gh jZkkfhljbf gb`_ < GBF:GB? Ijb ih^dexq_gbb hkgZkldb >bki_lq_j j_kmjkh\ nZceh\h]h k_j\_jZ d m^Ze_gghfm dhfivxl_jm g_h[oh^bfh qlh[u gZ wlhf dhf ivxl_j_ \ [jZg^fZmwj_ :LQGRZV [ueh jZaj_r_gh bkdexq_gb_ MijZ\e_gb_ m^Ze_gguf ^bki_lq_jhf j_ kmjkh\ nZceh\h]h k_j\_jZ I_j_^ bkihevah\Zgb_f hkgZkldb >bki_lq_j j_kmj kh\ nZceh\h]h k_j\_jZ \Z`gh hij_^_eblv g_dhlhju_ \Z`gu_ __ iZjZf_lju \ i_j \mx hq_j_^v wlh dZkZ_lky Z^j_kh\ we_dljhgghc ihqlu ihkdhevdm aZ^Zggu_ ih mfheqZgbx agZq_gby [m^ml ^Z\Zlv hrb[db ² bo gm`gh aZf_gblv gZ j_Zevgmx bg nhjfZpbx >ey \u[hjZ iZjZf_ljh\ gm`gh \ hdg_ hkgZkldb s_edgmlv ih kkued_ GZkljhblv iZjZf_lju gZ iZg_eb >_ckl\by =eZ\Z Jbk =eZ\gh_ hdgh hkgZkldb )LOH 6HUYHU 5HVRXUFH 0DQDJHU b hdgh __ hkgh\guo iZjZf_ljh\ < hdg_ iZjZf_ljh\ hkgZkldb kf jbk gZ \deZ^d_ M\_ ^hfe_gby ke_^m_l mdZaZlv beb gZh[hjhl hqbklblv \k_ ihey X Z^j_k beb bfy $%! k_j\_jZ q_j_a dhlhjuc [m^_l hlijZ\eylvky ihqlZ fh`gh bkihevah\Zlv k_j\_ju \g_rgbo ijh\Zc^_jh\ ijb mkeh\bb ijZ\bevghc gZkljhcdb X Z^j_k Z^fbgbkljZlhjZ dhlhjuc [m^_l ihemqZlv khh[s_gby X Z^j_k hlijZ\bl_ey hl bf_gb dhlhjh]h [m^ml ]_g_jbjh\Zlvky khh[s_gby wlh bfy \Z`gh êy jZ[hlu 6073k_j\_jZ Ihke_ \\h^Z i_j_qbke_gguo iZjZf_ljh\ h[yaZl_evgh gZ`fbl_ dghidm HlijZ\blv ijh\_jhqgh_ khh[s_gb_ b m[_^bl_kv \ lhf khh[s_gb_ mki_rgh i_j_^Zgh b ihemq_gh mdZaZgguc Z^j_kZl ^he`_g ihemqblv khh[s_gb_ k aZ]heh\dhf Djhf_ lh]h j_dhf_g^m_lky ijhkfhlj_lv b ijb g_h[oh^bfhklb kdhjj_dlbjh\Zlv iZjZf_lju gZ ^jm]bo \deZ^dZo wlh]h hdgZ a^_kv d ijbf_jm hij_^_ey_lky f_klh ojZg_gby \k_o kha^Z\Z_fuo hlq_lh\ Ihke_ \k_o \uiheg_gguo gZkljh_d hkgZkldm fh`gh kqblZlv ih^]hlh\e_gghc d jZ[hl_ Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ MijZ\e_gb_d\hlZfbêylhfh\biZihd >ey mijZ\e_gby d\hlZfb bkihevamxlky lZd gZau\Z_fu_ rZ[ehgu d\hl dhlhju_ ojZgylky \ iZid_ RZ[ehgu d\hlu jbk BagZqZevgh a^_kv ij_^klZ\e_gu klZg^Zjlgu_ rZ[ehgu dhlhju_ j_^Zdlbjh\Zlv g_ j_dhf_g^m_lky ijb g_h[oh^bfhklb baf_g_gby iZjZf_ljh\ ke_^m_l gZ bo hkgh\_ kha^Z\Zlv kh[kl \_ggu_ rZ[ehgu k lj_[m_fufb agZq_gbyfb RZ[ehg d\hlu hij_^_ey_l ihjh]h\h_ agZq_gb_ êy ^bkdh\h]h ijhkljZgkl\Z b j_Zdpbx gZ ij_\ur_gb_ d\hlu êy `_kl dbo ! d\hl wlh hldZa \ ^hklmi_ êy fy]dbo ij_^mij_`^_gb_ Jbk IZidZ rZ[ehgh\ d\hl Ijb kha^Zgbb k\h_]h rZ[ehgZ jbk fh`gh kdhibjh\Zlv bkoh^gu_ iZjZf_lju ba bf_xs_]hky rZ[ehgZ jZkdju\Zxsbcky kibkhd \ \_jog_c qZklb hdgZ ihke_ q_]h hlj_^Zdlbjh\Zlv bo \ khhl\_lkl\bb kh k\hbfb ihlj_[ghklyfb H[jZlbl_ \gb fZgb_ gZ lh qlh ihjh]h\uo agZq_gbc fh`_l [ulv g_kdhevdh b êy dZ`^h]h hij_ ^_e_g k\hc gZ[hj ^_ckl\bc :dlb\gu_ d\hlu hlh[jZ`Zxlky \ iZid_ D\hlu kf jbk " Gh\u_ d\h lu fh`gh kha^Z\Zlv \ wlhc iZid_ beb \ m`_ jZkkfhlj_gghc \ur_ iZid_ rZ[ehgh\ d\hl Qlh[u mklZgh\blv d\hlm ^hklZlhqgh ebrv mdZaZlv iZidm gZ dhlhjmx gZdeZ û\Z_lky h]jZgbq_gb_ b \u[jZlv rZ[ehg d\hl jbk # DZd fh`gh \b^_lv k ih fhsvx hkgZkldb >bki_lq_j j_kmjkh\ nZceh\h]h k_j\_jZ d\hlu fh`gh hij_^_eylv g_ lhevdh êy p_euo lhfh\ gh b êy hl^_evguo ^hq_jgbo iZihd =eZ\Z Jbk Hdgh iZjZf_ljh\ gh\h]h rZ[ehgZ d\hl < iZid_ D\hlu jbk " \b^gu \k_ mklZgh\e_ggu_ d\hlu k bo iZjZf_l jZfb Z lZd`_ l_dms__ khklhygb_ iZidb gZ dhlhjmx ^_ckl\m_l \u^_e_ggZy d\hlZ A^_kv iZjZf_lju d\hl fh`gh j_^Zdlbjh\Zlv kha^Z\Zlv gh\u_ d\hlu b hldexqZlv mklZgh\e_ggu_ ?keb ihevah\Zl_ev iulZ_lky aZibkZlv ^Zggu_ \ iZidm gZ dhlhjmx mklZgh\e_gZ d\h lZ k `_kldbf h]jZgbq_gb_f b ij_\urZ_l ihjh]h\h_ agZq_gb_ lh hg ihemqZ_l khh[s_gb_ h[ hrb[d_ mdZau\Zxs_c h g_o\Zld_ k\h[h^gh]h f_klZ b ^he`_g eb[h hldZaZlvky hl hi_jZpbb eb[h ijyfh ba hdgZ khh[s_gby \ua\Zlv kem`_[gmx mlbeb lm b hqbklblv p_e_\mx iZidm hl g_gm`ghc bgnhjfZpbb ihke_ wlh]h hi_jZpbx aZibkb fh`gh ijh^he`blv ih\lhjblv g_ aZdju\Zy hdgZ Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ Jbk Hdgh mklZgZ\eb\Z_fhc d\hlu Jbk Kibkhd Zdlb\guo d\hl =eZ\Z < kemqZ_ ij_\ur_gby ihevah\Zl_eyfb ihjh]h\uo agZq_gbc mklZgh\e_gguo d\hl lhl Z^fbgbkljZlhj q_c Z^j_k mdZaZg \ iZjZf_ljZo hkgZkldb ihemqZ_l ih we_dljhgghc ihql_ khh[s_gb_ k aZ]heh\dhf $ % !! ke_^mxs_]h \b^Z !" # $%&' !" (')* + (Ihevah\Zl_ev ij_\ukbe ij_^_e d\hlu êy iZidb gZ k_j\_j_ Ij_^_e d\h, lu- l_dms__ bkihevah\Zgb_ * hl ij_^_eZ+ LZdbf h[jZahf fh`gh \b^_lv qlh k ihfhsvx kj_^kl\ hkgZkldb >bki_lq_j j_kmjkh\ nZceh\h]h k_j\_jZ e_]dh wnn_dlb\gh dhgljhebjh\Zlv bkihevah\Zgb_ ^bkdh\h]h ijhkljZgkl\Z gZ ex[uo lhfZo beb hl ^_evguo iZidZo Ijb wlhf Z^fbgbkljZlhj p_gljZebah\Zggh ihemqZ_l \kx ^_lZev gmx bgnhjfZpbx h aZ]jm`_gghklb j_kmjkh\ b dhgnebdlguo kblmZpbyo ;ehdbjh\dZdhibjh\Zgbybkha^ZgbynZceh\ Ijbgpbi gZkljhcdb f_oZgbafZ [ehdbjh\db nZceh\ lZdhc `_ dZd hibkZggZy \ur_ ijhp_^mjZ mklZgh\db d\hl gZ iZidb b lhfZ \u[bjZ_lky ijZ\beh rZ[ehg nbevljZ pbb nZceh\ b mdZau\Z_lky iZidZ gZ dhlhjmx wlh ijZ\beh ^_ckl\m_l Jbk I_j_q_gv rZ[ehgh\ êy [ehdbjh\db nZceh\ <k_ ij_^hij_^_e_ggu_ klZg^Zjlgu_ b kha^Z\Z_fu_ rZ[ehgu ojZgylky \ iZid_ RZ[ehgu nbevljZ [ehdbjh\db nZceh\ jbk & \oh^ys_c \ kh klZ\ maeZ MijZ\e_gb_ [ehdbjh\dhc nZceh\ KjZam e_]dh ihgylv êy dZdbo nZceh\ ^_eZxlky h]jZgbq_gby Bf_xsb_ky rZ[ehgu ba f_gylv g_ j_dhf_g^m_lky ke_^m_l gZ bo hkgh\_ kha^Z\Zlv k\hb kh[kl\_ggu_ DZ` ûc rZ[ehg bkihevam_l h^gm beb g_kdhevdh ]jmii nZceh\ :dlb\gu_ rZ[ehgu aZ Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ ij_sZxl aZibkv nZceh\ mklZgh\e_ggh]h lbiZ iZkkb\gu_ lhevdh bgnhjfbjmxl Z^fbgbkljZlhjZ h kha^Zgbb lZdbo nZceh\ I_j_^ bkihevah\Zgb_f ex[uo rZ[ehgh\ h[yaZl_evgh gm`gh ijhkfhlj_lv k\hckl\Z rZ[ehgZ b kdhjj_dlbjh\Zlv Z^j_k we_dljhgghc ihqlu Z^fbgbkljZlhjZ dhlhjuc [m^_l ihemqZlv bgnhjfZpbx h [ehdbjh\d_ nZceh\ Jbk =jmiiu nZceh\ jZaebqgh]h lbiZ Jbk :dlb\gu_ nbevlju [ehdbjh\db nZceh\ < iZid_ =jmiiu nZceh\ jbk ' ojZgylky hibkZgby nZceh\ jZa ebqguo lbih\ ij_^klZ\eyxsb_ kh[hc ihke_^h\Zl_evghklb ]jmiih\uo bf_g k hij_^_e_gguf jZkrbj_gb_f nZceZ < ]jmiiZo nZceh\ fh`gh aZ^Z\Zlv bkdexq_ gby gZ nZceu wlh]h lbiZ [ehdbjh\dZ ^_ckl\h\Zlv g_ [m^_l GZijbf_j fh`gh aZ ij_lblv \k_ nZceu bah[jZ`_gbc djhf_ ()* < wlhf kemqZ_ \ p_e_\mx iZidm fh`gh =eZ\Z [m^_l aZibku\Zlv lhevdh bah[jZ`_gby mdZaZggh]h lbiZ b nZceu ^jm]bo lbih\ l_d klu ijh]jZffu b l ^ Z \k_ hklZevgu_ ]jZnbq_kdb_ nZceu [m^ml [ehdbjh\Zlvky MklZgh\e_ggu_ ijZ\beZ [ehdbjh\db nZceh\ ojZgylky \ iZid_ Nbevl ju [ehdbjh\db nZceh\ jbk + < gZr_f ijbf_j_ aZ[ehdbjh\ZgZ aZibkv \ iZidm ,) \k_o ]jZnbq_kdbo nZceh\ aZ bkdexq_gb_f ()* ?keb ihevah\Zl_ev ih iulZ_lky aZibkZlv \ iZidm nZce aZij_s_ggh]h lbiZ hg ihemqbl gZ fhgblhj_ khh[ s_gb_ h g_^hklZlhqghklb ijZ\ gZ \uiheg_gb_ hi_jZpbb- ijb wlhf ihevah\Zl_ex b Z^fbgbkljZlhjm fh]ml [ulv ihkeZgu khh[s_gby ih we_dljhgghc ihql_ :gZebabkihevah\Zgby^bkdh\uoj_kmjkh\ < iZid_ MijZ\e_gb_ j_kmjkZfb ojZgbebsZ jbk . fh`gh kha^Z\Zlv aZijhku gZ ihemq_gb_ hlq_lh\ k aZ^Zggufb djbl_jbyfb êy ^bk dh\uo lhfh\ beb iZihd Jbk AZieZgbjh\Zggu_ aZijhku b k\hckl\Z aZijhkZ gZ ihemq_gb_ hlq_lh\ Wlb aZijhku fh]ml [ulv jZah\ufb b lml `_ \uihegylvky Z fh]ml ojZgblvky b \u ihegylvky ieZgbjh\sbdhf aZ^Zgbc ih aZ^Zgghfm jZkibkZgbx DZd \b^gh gZ jbkmg d_ ijb kha^Zgbb aZijhkZ mdZau\Z_lky p_e_\Zy iZidZ beb lhf h^bg beb g_kdhevdh h[t_dlh\ hij_^_eyxlky lbiu ]_g_jbjm_fuo hlq_lh\ \deZ^dZ b bo iZjZ Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ f_lju aZ^Zxlky ihemqZl_eb hlq_lZ \deZ^dZ >ey ieZ gbjm_fuo aZijhkh\ lZd`_ hij_^_ey_lky jZkibkZgb_ \deZ^dZ Kha^Z\Zlv jZah\u_ beb j_]meyjgu_ aZijhku fh`gh ijb ihfhsb dhfZg^ gZ iZg_eb >_ckl\by Ihemq_ggu_ hlq_lu ih mfheqZgbx khojZgyxlky \ iZid_ /, 0 \ khhl\_lkl\mxsbo ih^dZlZeh]Zo X ,QFLGHQW Z\lhfZlbq_kdb ]_g_jbjm_fu_ hlq_lu êy kh[ulbc ij_\ur_gby d\hl beb [ehdbjh\db nZceh\X ,QWHUDFWLYH hlq_lu kha^Zggu_ ih aZijhkm ihevah\Zl_eyX 6FKHGXOHG hlq_lu ihemq_ggu_ k ihfhsvx aZieZgbjh\Zgguo aZijhkh\ ih jZkibkZgbx F_klhiheh`_gb_ \k_o iZihd aZ^Z_lky \ hdg_ iZjZf_ljh\ hkgZkldb kf jbk Kha^Zggu_ hlq_lu ij_^klZ\eyxl kh[hc \_kvfZ bgnhjfZlb\gu_ ^hdmf_glu h[uqgh \ nhjfZl_ kh^_j`Zsb_ lZ[ebpu p\_lgu_ ^bZ]jZffu ZgZeblbq_kdmx bg nhjfZpbx b l i Bo hq_gv e_]dh ijhkfZljb\Zlv b fh`gh [ukljh ijbgbfZlv j_r_ gby gZ hkgh\_ kh[jZgguo ^Zgguo +70/ GZkljhcdZiZjZf_ljh\^hklmiZ dh[sbfk_l_\ufiZidZfbijbgl_jZf ?keb ^Z`_ gZ k_j\_j_ b jZaj_r_g h[sbc ^hklmi d iZidZf b ijbgl_jZf lh êy lh]h qlh[u ihevah\Zl_eb ^jm]bo dhfivxl_jh\ fh]eb h[jZsZlvky d h[sbf j_kmjkZf ^Zggh]h dhfivxl_jZ g_h[oh^bfh qlh[u \ [jZg^fZmwj_ [ueb jZaj_r_gu khhl\_l kl\mxsb_ ihjlu kl_dZ ijhlhdheh\ LZdbf h[jZahf bf__lky gZ[hj iZjZf_l jh\ jZaebqguo ih^kbkl_f hij_^_eyxsbc j_Zevgu_ \hafh`ghklb êy deb_glh\ k_ lb b wlb iZjZf_lju ^he`gu [ulv m\yaZgu f_`^m kh[hc Bkihevah\Zgb_ jhe_c k_j\_jZ hlqZklb j_rZ_l wlm aZ^Zqm gZ gZqZevghf wlZi_ \ fhf_gl ^h[Z\e_gby jheb k ihfhsvx hkgZkldb >bki_lq_j k_j\_jZ gh \ ^Zevg_cr_f Z^fb gbkljZlhj ^he`_g kZf ke_^blv aZ k_l_\ufb iZjZf_ljZfb Gm`gu_ êy jZ[hlu k_l_\u_ iZjZf_lju b gZkljhcdb [_ahiZkghklb ijhs_ \k_]h \u [jZlv k ihfhsvx kj_^kl\ P_gljZ mijZ\e_gby k_lyfb b h[sbf ^hklmihf kf ]eZ\m < _]h ]eZ\ghf hdg_ jbk \b^gu iheh`_gby i_j_dexqZl_e_c h[_ki_qb\Zxsbo lj_[m_fu_ \hafh`ghklb m^Ze_ggh]h ^hklmiZ d j_kmjkZf < gZr_f ijbf_j_ ihdZaZgu iZjZf_lju êy dhfivxl_jZ \oh^ys_]h \ ^h f_g ^hf_ggZy k_lv êy im[ebqghc h[s_kl\_gghc k_lb \k_ bg^bdZlhju [m^ml \ khklhygbb \udexq_gh >ey baf_g_gby iZjZf_ljh\ s_edgbl_ ih klj_ed_ jZkih eh`_gghc kijZ\Z hl bg^bdZlhjZ l_dms_]h khklhygby Kh\hdmighklv i_j_qbke_gguo gb`_ hipbc iha\hey_l hij_^_eblv g_h[oh^bfu_ b [_ahiZkgu_ iZjZf_lju ^hklmiZ d h[sbf j_kmjkZf Z lZd`_ [ukljh f_gylv bo ijb ih^dexq_gbb d ^jm]bf k_lyf Fh`gh ijhke_^blv aZ l_f dZdb_ iZjZf_lju [jZg^ 7&3,3 1HWZRUN DQG 6KDULQJ &HQWHU =eZ\Z fZmwjZ f_gyxlky _keb hldjulv \deZ^dm baf_g_gby hipbc ^hklmiZ b ihke_ g_]h Jbk Bkdexq_gby kf jbk ^h GZkljhcdZ ^hklmiZ d h[sbf j_kmjkZf Lhevdh ijb \dexq_gghf bg^bdZlhj_ K_l_\h_ h[gZjm`_gb_ dhfivxl_j [m^_l \b^_g \ k_lb \ im[ebqguo k_lyo h[gZjm`_gb_ [ehdbjm_lky b h[ jZs_gb_ d dhfivxl_jm \hh[s_ g_\hafh`gh Bg^bdZlhj H[sbc ^hklmi d nZceZf iha\hey_l gZ ]eh[Zevghf mjh\g_ jZaj_rblv beb aZij_lblv ^hklmi d h[sbf iZidZf ijb wlhf hklZevgu_ bg^bdZlhju lh`_ \udexqZxlky < kemqZ_ aZij_lZ gZ \deZ^d_ Bkdexq_gby \ hdg_ iZjZf_ljh\ [jZg^fZmwjZ k[jZku\Z_lky neZ`hd H[sbc ^hklmi d nZceZf b ijbgl_jZf b \k_ j_kmjku dhfivxl_jZ kjZam `_ klZgh \ylky g_\b^bfufb \ k_lb ijb wlhf bfy kZfh]h dhfivxl_jZ hklZ_lky \b^bfuf :LQGRZV Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ Bg^bdZlhj H[sbc ^hklmi d h[sbf iZidZf mdZau\Z_l gZ \ha fh`ghklv m^Ze_ggh]h ^hklmiZ d iZid_ H[sb_ ehdZevgh]h dhfivxl_jZ <ha fh`_g iheguc ^hklmi lhevdh ql_gb_ beb aZij_l kf jbk Khklhygb_ aZij_lZ g_ hagZqZ_l qlh ihevah\Zl_eb g_ kfh]ml h[jZsZlvky d h[uqguf h[sbf iZidZf Bg^bdZlhj Bkihevah\Zgb_ h[sbo ijbgl_jh\ ZgZeh]bq_g bg^bdZ lhjm H[sbc ^hklmi d nZceZf lhevdh hlh[jZ`Z_l ^hihegbl_evgh_ khklhygb_ h[s_]h ^hklmiZ d ijbgl_jZf _keb bg^bdZlhj \udexq_g lh neZ`db h[ s_]h ^hklmiZ m \k_o ijbgl_jh\ kgbfZxlky wlh fh`gh ijh\_jblv \ hdg_ k\hckl\ bf_xsboky ijbgl_jh\ GZ dhfivxl_jZo g_ \oh^ysbo \ ^hf_g bf__lky lZd`_ bg^bdZlhj H[sbc ^hklmi k iZjhevghc aZsblhc jbk Ijb hldexq_ gbb iZjhevghc aZsblu ^hklmi d h[sbf j_kmjkZf ihemqZxl ex[u_ ihevah\Zl_eb ihkdhevdm jZa[ehdbjm_lky mq_lgZy aZibkv =hklv *XHVW Jbk <u[hj ^hklmiZ k iZjhevghc aZsblhc >\_ kkuedb \ gb`g_c qZklb hdgZ iha\heyxl ijhkfhlj_lv kibkhd h[sbo nZceh\ b iZihd d dhlhjuf [m^_l jZaj_r_g ^hklmi k ^jm]bo dhfivxl_jh\ Ijb \u[hj_ ihke_^g_c kkuedb hlh[jZ`Zxlky h[t_dlu \b^bfu_ \ iZid_ dhfivxl_jZ \ khklZ\_ maeZ K_lv KjZ\gbl_ wlhl kibkhd j_kmjkh\ k j_amevlZlZfb ihemqZ_fufb ijb ihfhsb dhfZgû QHW VKDUH >ey ihgbfZgby ijbgpbih\ mijZ\e_gby ^hklmihf ihe_agh lZd`_ ijhZgZebabjh\Zlv baf_g_gby \ wlhf hdg_ dh]^Z [m^ml i_j_hij_^_ eylvky hipbb ^hklmiZ \ hdg_ P_gljZ mijZ\e_gby k_lyfb JZkij_^_e_ggZynZceh\Zykbkl_fZ')6 mijhsZ_l mijZ\ e_gb_ ^Zggufb \ k_lb b h[e_]qZ_l bo ihbkd HgZ iha\hey_l h[t_^bgblv nZceh\u_ JZkij_^_e_ggZy nZceh\Zy kbkl_fZ 'LVWULEXWHG )LOH 6\VWHP ')6 < jmkkdhyauqguo \_jkbyo wlh g_m^Zqguc i_j_\h^ k[b\Zxsbc k lhedm bf__lky \ \b^m g_ ^hklmi d h[sbf iZidZf \hh[s_ Z ^hklmi d klZg^Zjlghc iZid_ 3XEOLF H[sb_ kf ]eZ\m =eZ\Z j_kmjku gZoh^ysb_ky gZ jZaebqguo dhfivxl_jZo \ _^bgh_ ijhkljZgkl\h bf_g ;eZ]h^Zjy ')6 ihevah\Zl_eb jZ[hlZxl g_ k nbabq_kdhc k_lvx khklhys_c ba [hev rh]h dhebq_kl\Z fZrbg k kh[kl\_ggufb bf_gZfb b h[sbfb iZidZfb Z fh]ml \b ^_lv _^bgmx kljmdlmjm eh]bq_kdbo bf_g h[sbo nZceh\uo j_kmjkh\ < kbkl_fZo :LQGRZV 6HUYHU kj_^kl\Z mijZ\e_gby ')6 klZeb ijhs_ ihwlhfm Z^fbgbkljZlhj fh`_l [_a hkh[uo mkbebc jZa\_jgmlv ijhkljZgkl\h bf_g ')6 b h[_ki_qb\Zlv _]h k\yav k nbabq_kdbfb h[t_dlZfb MklZgh\dZdhfihg_glh\')6 bgZqZevgh_dhgnb]mjbjh\Zgb_ MklZgh\dZ kem`[ ')6 dhlhju_ \oh^yl \ khklZ\ jheb )LOH 6HUYLFHV NZceh\u_ kem` [u \uihegy_lky k ihfhsvx hkgZkldb >bki_lq_j k_j\_jZ hgb \dexqZxl \ k_[y ^\Z dhfihg_glZ kf jbk X ')6 1DPHVSDFHV IjhkljZgkl\Z bf_g ')6 ² hkgh\gh_ kj_^kl\h mijZ\e_gby iha\heyxs__ kha^Z\Zlv eh]bq_kdh_ ijhkljZgkl\h bf_g k\yaZggh_ k h[sbfb iZidZfb X ')6 5HSOLFDWLRQ J_iebdZpby ')6 ² kem`[Z h[_ki_qb\ZxsZy kbgojhgbaZpbx iZihd gZ jZaguo k_j\_jZo k bkihevah\Zgb_f ijhlhdheZ 5HPRWH 'LIIHUHQWLDO &RPSUHVVLRQ 5'& M^Ze_ggh_ jZaghklgh_ k`Zlb_ fh`_l bkihevah\Zlvky k ijhkljZgkl\Zfb bf_g ')6 beb kZfhklhyl_evgh Ijb \u[hj_ khhl\_lkl\mxs_]h dhfihg_glZ ijh]jZffZ mklZgh\db ij_êZ]Z_l kjZam `_ k ihfhsvx fZkl_jZ kha^Zlv ijhkljZgkl\h bf_g ')6 :^fbgbkljZlhj fh`_l hldZaZlvky b \uihegblv gZkljhcdm iha^g__ k ihfhsvx hkgZkldb MijZ\e_gb_ ')6 ?keb mklZgh\dZ ')6 ^_eZ_lky \i_j\u_ lh fh`gh \hkihevah \Zlvky ihfhsvx fZkl_jZ < GBF:GB? Ijb bkihevah\Zgbb fZkl_jZ \ ijhp_kk_ mklZgh\db dhfihg_glh\ ')6 ijhkljZgkl\h bf_g kha^Z_lky gZ lhf k_j\_j_ gZ dhlhjhf \uihegy_lky wlZ hi_jZpby l _ wlhl dhfivxl_j [m^_l k_j\_jhf ijhkljZgkl\Z bf_g b [m^_l ojZgblv dhj_gv ')6 m[_^bl_kv \ lhf qlh wlh khhl\_lkl\m_l \Zrbf ieZgZf Ijb bkihevah\Zgbb hkgZ kldb ')6 0DQDJHPHQW MijZ\e_gb_ ')6 dhj_gv fh`gh kha^Z\Zlv gZ ex[hf ^h klmighf k_j\_j_ GZ gZqZevghf wlZi_ fZkl_j mklZgh\db ijhkbl \\_klb bfy ijhkljZgkl\Z bf_g < ^Zevg_cr_f wlh bfy [m^_l nb]mjbjh\Zlv \ dZq_kl\_ hkgh\gh]h eh]bq_kdh]h gZ a\Zgby h[s_]h j_kmjkZ GZ ke_^mxs_f rZ]_ jbk mdZau\Z_lky lbi ijhkljZgkl\Z bf_g dhj_gv ')6 fh `_l ojZgblvky \ dZlZeh]_ $FWLYH 'LUHFWRU\ wlh ih\urZ_l gZ^_`ghklv b ^hklmighklv Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ beb `_ gZ hl^_evghf k_j\_j_ \ wlhf kemqZ_ ijb hldZa_ k_j\_jZ \ky ')6 [m^_l g_^hklmigZ Ijb gZebqbb ^hf_gZ $FWLYH 'LUHFWRU\ emqr_ \u[bjZlv i_j\mx hipbx ')6 Jbk <u[hj lbiZ ijhkljZgkl\Z bf_g ')6 Jbk Kha^Zgb_ iZihd \oh^ysbo \ gh\h_ ijhkljZgkl\h bf_g ')6 =eZ\Z AZl_f fZkl_j iha\hey_l kha^Zlv iZidb ')6 ² \bjlmZevgu_ dZlZeh]b k\yaZggu_ k h[sbfb iZidZfb ojZgysbfbky gZ jZaebqguo k_j\_jZo jbk Ijb ^h[Z\e_gbb iZihd dghidZ g_h[oh^bfh \ nhjfZl_ ??bfyK_j\_jZ!?bfyH[s_cIZidb! mdZau\Zlv bfy j_Zevgh]h h[s_]h j_kmjkZ b ijhba\hevgh_ bfy iZidb \ ijhkljZgkl\_ bf_g ')6 jbk Ihke_ lh]h dZd ijhkljZgkl\h iZihd ')6 [m^_l ohly [u qZk lbqgh knhjfbjh\Zgh fh`gh gZ`Zlv dghidm MklZgh\blv b gZqZlv mklZgh\ dm b dhgnb]mjbjh\Zgb_ kem`[ ')6 Jbk <u[hj h[s_c iZidb b hij_^_e_gb_ __ bf_gb \ ijhkljZgkl\_ bf_g ')6 MijZ\e_gb_')6 MijZ\e_gb_ jZkij_^_e_gghc nZceh\hc kbkl_fhc \uihegy_lky p_gljZebah\Zggh k ihfhsvx hkgZkldb MijZ\e_gb_ ')6 GIVPJPWPVF jbk aZimkdZ_fhc ba ih^f_gx :^fbgbkljbjh\Zgb_ K __ ihfh svx fh`gh ih^dexqZlvky d ex[uf dhjgyf ')6 b mijZ\eylv bfb h^gh\j_f_ggh \ hdg_ hkgZkldb fh`_l hlh[jZ`Zlvky fgh`_kl\h dhjg_c ')6 Ijb i_j\hf aZimkd_ hkgZkldb MijZ\e_gb_ ')6 gZ __ ]eZ\ghc kljZgbp_ kf jbk fh`gh \b^_lv kkuedb gZ kijZ\hqgu_ j_kmjku ih jZaebqguf Zki_dlZf bkihevah\Zgby ')6 Kkuedb gZ iZg_eb >_ckl\by iha\heyxl \u ihegylv hkgh\gu_ aZ^Zqb ih hj]ZgbaZpbb ')6 kha^Z\Zlv gh\u_ ijhkljZgkl\Z bf_g b ]jmiiu j_iebdZpbb K ihfhsvx khhl\_lkl\mxsbo kkuehd fh`gh \u[bjZlv h[t_dlu ijhkljZgkl\Z bf_g b ]jmiiu j_iebdZpbb êy hlh[jZ`_gby \ hdg_ hkgZkldb >ey mijZ\e_gby ')6 ba dhfZg^ghc kljhdb fh`gh lZd`_ ijbf_gylv mlbeblu 'IV8WLOH[H kha^Zgb_ dhjgy b iZihd 'IVKPGH[H kha^Zgb_ j_iebd 'IVU$GPLQH[H h[s__ mijZ\e_gb_ b 'IVU'LDJH[H mijZ\e_gb_ j_iebdZpb_c b ^bZ]ghklbdZ Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ Jbk =eZ\gZy kljZgbpZ hkgZkldb ')6 0DQDJHPHQW Kha^Zgb_ijhkljZgkl\Zbf_g')6 Hj]ZgbaZpby ^_j_\Z eh]bq_kdbo bf_g jZkij_^_e_gghc nZceh\hc kbkl_fu gZqbgZ _lky k kha^Zgby ijhkljZgkl\Z bf_g b k\yaZggh]h k gbf dhjgy ')6 DZd m`_ [ueh ihdZaZgh kha^Zlv ijhkljZgkl\h bf_g fh`gh k ihfhsvx fZkl_jZ ijb mklZgh\d_ dhfihg_glh\ ')6 h^gZdh k ihfhsvx Z^fbgbkljZlb\ghc hkgZkldb \hafh`ghklb gZfgh]h rbj_ >ey kha^Zgby gh\h]h ijhkljZgkl\Z bf_g jZkij_^_e_gghc nZceh\hc kbkl_fu \u ihegbl_ ke_^mxsb_ hi_jZpbb MijZ\e_gb_ ')6 <u[_jbl_ iZidm IjhkljZgkl\Z bf_g b gZ iZg_eb >_ckl \by s_edgbl_ ih kkued_ Kha^Zlv ijhkljZgkl\h bf_g GZ ke_^mxs_c kljZgbp_ fZkl_jZ \u[_jbl_ dhfivxl_j dhlhjuc [m^_l \uihe gylv jhev k_j\_jZ ijhkljZgkl\Z bf_g AZimklbl_ hkgZkldm =eZ\Z < ^hf_gZo $FWLYH 'LUHFWRU\ hldZahmklhcqb\hklv h[_ki_qb\Z_lky k ihfhsvx j_ iebdZpbb ^Zgguo dhlhjmx \uihegy_l kem`[Z j_iebdZpbb nZceh\ )LOH 5HSOLFDWLRQ 6HUYLFH )56 JZaebqgu_ k_j\_ju \ ^hf_g_ fh]ml ojZgblv iZjZf_l ju dhjgy ')6 qlh h[_ki_qbl mklhcqb\hklv dhjgy d hldZaZf KZfZ kem`[Z $FWLYH 'LUHFWRU\ h[_ki_qb\Z_l ijhp_kk kbgojhgbaZpbb bgnhjfZpbb h jZaebq guo j_iebdZo ^hf_ggh]h dhjgy ')6 b hlghkysboky d g_fm iZidZo ?keb dhf ivxl_j gZ dhlhjhf kha^Z_lky dhj_gv ')6 g_ bgl_]jbjh\Zg \ $FWLYH 'LUHFWRU\ lh \ wlhf kemqZ_ fh`_l [ulv kha^Zg lhevdh bahebjh\Zgguc dhj_gv ')6 g_ h[ eZ^Zxsbc kj_^kl\Zfb j_iebdZpbb MdZ`bl_ bfy êy gh\h]h ijhkljZgkl\Z bf_g <u[_jbl_ lbi ijhkljZgkl\Z bf_g mklZgh\bl_ i_j_dexqZl_ev >hf_ggh_ ijhkljZgkl\h bf_g beb jh\Zggh_ ijhkljZgkl\h bf_g Baheb Ijh\_jvl_ ijZ\bevghklv \\_^_gguo iZjZf_ljh\ b gZ`fbl_ dghidm ^Zlv Kha Jbk Ijbf_ju ijhkljZgkl\ bf_g hldjuluo \ hdg_ hkgZkldb ')6 0DQDJHPHQW GZ mdZaZgghf k_j\_j_ ijhkljZgkl\Z bf_g gZ ^bkd_ & \ iZid_ ?'IV5RRWV [m^_l Z\lh fZlbq_kdb kha^ZgZ h[sZy iZidZ êy ojZg_gby dhjgy ')6 __ bfy [m^_l kh\iZ^Zlv k Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ bf_g_f \u[jZgguf êy ijhkljZgkl\Z bf_g L_i_jv d gh\hfm ijhkljZgkl\m bf_g fh`gh ^h[Z\eylv iZidb ')6 k\yaZggu_ k h[sbfb iZidZfb ojZgysbfbky gZ dhf ivxl_jZo k_lb GZ jbk bah[jZ`_gh hdgh hkgZkldb MijZ\e_gb_ ')6 k g_ kdhevdbfb ijhkljZgkl\Zfb bf_g ojZgysbfbky \ ^hf_g_ LQWHUQGRP < dhgl_dklghf f_gx b gZ iZg_eb >_ckl\by \b^gu ^_ckl\by dhlhju_ fh`gh \uihegylv êy \u[jZggh]h ijhkljZgkl\Z bf_g Ijh\_jblv \b^bfhklv dhjgy ')6 fh`gh k ihfhsvx dhfZgû QHW VKDUH ² gZ eh dZevghf dhfivxl_j_ beb dhfZgû QHW YLHZ bfyDhfivxl_jZ! ² k m^Ze_ggh]h dhfivxl_jZ K ihfhsvx ke_^mxs_c dhfZgû fh`gh ijhkfZljb\Zlv bgnhjfZpbx h iZidZo ??LQWHUQGRP?'DWDEDVHV ')6 b __ >ey ih^dexq_gby eh]bq_kdh]h ^bkdZ k\yaZggh]h k ijhkljZgkl\hf bf_g fh`gh bk ihevah\Zlv dhfZgû \b^Z ??LQWHUQGRP?'DWDEDVHV >A> ??LQWHUQGRP?'DWDEDVHV?bfy<eh`_gghcIZidb! >h[Z\e_gb_iZihd Ihke_ \uiheg_gby ihke_^h\Zl_evghklb rZ]h\ hibkZgghc \ ij_û^ms_f jZa^_e_ ihy\behkv ijhkljZgkl\h bf_g ')6 k dhlhjuf l_i_jv fh`gh k\yau\Zlv ^hq_jgb_ iZidb eh]bq_kdb_ bf_gZ >ey kha^Zgby ^hihegbl_evghc iZidb ')6 lj_[mxlky ke_^mxsb_ hi_jZpbb MdZ`bl_ ijhkljZgkl\h bf_g b \ dhgl_dklghf f_gx \u[_jbl_ dhfZg^m Kha^Zlv iZidm kf jbk Kha^Zlv iZidm jbk mdZ`bl_ gZa\Zgb_ iZidb \ ihe_ IZidZ b gZ`Z\ dghidm >h[Z\blv \\_^bl_ 81&bfy khhl\_lkl \mxs_c h[s_c iZidb \ ihe_ Imlv d dhg_qghfm h[t_dlm iZi db >ey ihbkdZ g_h[oh^bfuo h[sbo j_kmjkh\ fh`gh bkihevah\Zlv dghidm H[ahj Ihke_ aZ\_jr_gby \\h^Z bgnhjfZpbb gZ`fbl_ dghidm ?keb < hdg_ mdZaZlv kjZam ^\_ iZidb lh fZkl_j ij_êh`bl gZ hkgh\_ wlbo iZihd kha^Zlv ]jmiim j_iebdZpbb l _ kh^_j`bfh_ wlbo iZihd [m^_l kbgojhgbabjh\Zgh f_`^m kh[hc wlm hi_jZpbx fu jZkkfhljbf hl^_evgh \ ke_^mxs_f jZa^_e_ ?keb aZ^ZgZ h^gZ iZidZ lh hgZ ijhklh ^h[Z\ey_lky d \u[jZgghfm ijhkljZgkl\m bf_g ')6 K ihfhsvx dhfZgû fh`gh \b^_lv \k_ ih^dexq_ggu_ iZidb bo k\hckl\Z b khklhygb_ =eZ\Z Jbk Kha^Zgb_ ^hq_jg_]h eh]bq_kdh]h bf_gb iZidb ')6 Kha^Zgb_]jmiij_iebdZpbb ?keb \ k_lb jZ[hlZ_l g_kdhevdh k_j\_jh\ lh ihy\ey_lky \hafh`ghklv kha^Zlv hldZ ahmklhcqb\mx ko_fm ojZg_gby \Z`ghc bgnhjfZpbb k ihfhsvx j_iebd ² Zevl_j gZlb\guo dhg_qguo h[t_dlh\ iZidb WDUJHWV k\yaZgguo k eh]bq_kdbfb iZidZfb ')6 Kbgojhgbabjh\Zggu_ f_`^m kh[hc h[sb_ iZidb h[jZamxl ]jmiim j_iebdZpbb >ey kha^Zgby gh\hc ]jmiiu fh`gh hldjulv iZidm J_iebdZpby b \u [jZlv khhl\_lkl\mxsmx dhfZg^m ;he__ ijhklhc kihkh[ ² \u[jZlv iZidm ')6 b kha^Zlv êy g__ j_iebdm >ey wlh]h lj_[mxlky ke_^mxsb_ ^_ckl\by <u[_jbl_ iZidm ')6 b \ dhgl_dklghf f_gx \uihegbl_ dhfZg^m J_iebpbjh\Zlv iZidm Ijh]jZffZ gZihfgbl h lhf qlh êy j_iebdZpbb gm`gu ^\_ iZidb b ij_êh`bl ^h[Z\blv dhg_qguc h[t_dl iZidb WDUJHW DZd b \ ij_û^ms_f jZa^_e_ \u[_jbl_ h[smx iZidm ² ihke_ wlh]h fZkl_j ij_êh`bl kha^Zlv ]jmiim j_iebdZpbb êy kbgojhgbaZpbb mdZaZgguo iZihd < kemqZ_ kh]eZkby gZ ke_^mxs_f rZ]_ mdZ`bl_ ijhba\hevgh_ bfy êy ]jmiiu j_iebdZpbb Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ Ijh\_jvl_ ijZ\bevghklv iZjZf_ljh\ êy iZihd \u[jZgguo \ dZq_kl\_ mqZklgb dh\ j_iebdZpbb ')6 jbk \ wlhf hdg_ g_ ^he`gh [ulv khh[s_gbc h[ hrb[dZo Ijb g_h[oh^bfhklb fh`gh \_jgmlvky gZaZ^ b \u[jZlv ^jm]b_ iZidb Jbk Ijhkfhlj iZihd \u[jZgguo \ dZq_kl\_ qe_gh\ ]jmiiu j_iebdZpbb <u[_jbl_ k_j\_j gZ dhlhjhf ojZgblky ]eZ\guc qe_g SULPDU\ PHPEHU ]jmiiu j_iebdZpbb Kh^_j`bfh_ iZidb k wlh]h k_j\_jZ [m^_l hij_^_eyxsbf ijb \u iheg_gbb gZqZevghc kbgojhgbaZpbb MdZ`bl_ lhiheh]bx j_iebdZpbb Ih mfheqZgbx \k_ qe_gu ]jmiiu j_iebdZpbb kbgojhgbabjmxlky ^jm] k ^jm]hf IXOO PHVK Lhiheh]bx b ^jm]b_ iZjZf_lju j_iebdZpbb fh`gh \ihke_^kl\bb baf_gblv \ ex[hc fhf_gl \u[jZ\ ]jmiim j_i ebdZpbb \ iZid_ J_iebdZpby GZ ke_^mxs_f rZ]_ mdZ`bl_ ijb g_h[oh^bfhklb kdhjhklv k dhlhjhc [m^_l \uihegylvky j_iebdZpby beb \u[_jbl_ jZkibkZgb_ êy fhf_glh\ \uiheg_gby j_iebdZpbb GZ ihke_^g_c kljZgbp_ fZkl_jZ ijh\_jvl_ ijZ\bevghklv mdZaZgguo iZjZf_ljh\ b gZ`fbl_ dghidm Kha^Zlv Ijh\_jvl_ ijZ\bevghklv \uiheg_gby hi_jZpbb jbk < kemqZ_ \hagbdgh \_gby hrb[hd gZ \deZ^d_ Hrb[db ihy\blky bo ih^jh[gh_ hibkZgb_ < wlhf kemqZ_ g_h[oh^bfh \g_klb dhjj_dlb\u b ih\lhjblv hi_jZpbx =eZ\Z Jbk Ij_^mij_`^_gb_ h g_h[oh^bfhklb gZkljhcdb j_iebdZpbb êy Zevl_jgZlb\gh]h j_kmjkZ Jbk Ijhkfhlj dhg_qguo h[t_dlh\ êy \u[jZgghc iZidb ')6 Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ L_i_jv ijb \u[hj_ iZidb ')6 \ hdg_ hkgZkldb [m^_l \b^gh qlh êy g__ bf_xlky ^\Z dhg_qguo h[t_dlZ jbk b \hafh`gZ j_iebdZpby f_`^m gbfb Ex[mx dh g_qgmx h[smx iZidm fh`gh hldjulv \ hdg_ ijh]jZffu :LQGRZV ([SORUHU Ijh \h^gbd dhfZg^Z GZ ihdZaZgghf jbkmgd_ h[jZlbl_ \gbfZgb_ gZ gZ[hj dhfZg^ bf_xsboky êy \u[jZggh]h h[t_dlZ gZ iZg_eb >_ckl\by K bo ihfhsvx e_]dh mijZ\eylv dhgnb]mjZpb_c dhg_qguo h[t_dlh\ <k_ kh[ulby k\yaZggu_ k kha^Zgb_f ]jmii j_iebdZpbb b \uiheg_gb_f kbgojhgb aZpbb iZihd j_]bkljbjmxlky \ kbkl_fghf `mjgZe_ ')6 5HSOLFDWLRQ J_iebdZpby ')6 \ ]jmii_ $SSOLFDWLRQ DQG 6HUYLFHV /RJV @mjgZeu ijbeh`_gbc b kem`[ Dh]^Z ihevah\Zl_ev ih^dexqZ_lky d h[s_fm j_kmjkm ij_^klZ\e_gghfm dhjg_f ')6 beb h^ghc ba iZihd \ hdg_ k\hckl\ wlh]h j_kmjkZ hg m\b^bl gh\mx \deZ^dm ² jbk gZ dhlhjhc hg fh`_l ijh\_jblv khklhygb_ j_iebdb dghidZ Ijh\_jblv khklhygb_ \u[jZlv Zdlb\gmx j_iebdm dghidZ :d lb\babjh\Zlv hlf_q_ggmx ]Zehqdhc \ djZkghf djm`d_ b magZlv k dZdbfb h[sb fb k_l_\ufb iZidZfb k\yaZg ^Zgguc h[t_dl ')6 Jbk Hdgh k\hckl\ nZceh\h]h j_kmjkZ ij_^klZ\e_ggh]h kkuedhc bf_xs_c ^\_ j_iebdb ')6 =eZ\Z MijZ\e_gb_j_iebdZpb_c')6 KbgojhgbaZpbx ^Zgguo gZoh^ysboky \ jZaebqguo iZidZo \oh^ysbo \ ]jmiim j_ iebdZpbb h[_ki_qb\Z_l k_j\bk ')6 5HSOLFDWLRQ J_iebdZpby ')6 Ijhkfhlj_lv iZjZf_lju j_iebdZpbb \dexqZy jZkibkZgb_ _keb hgh mklZgh\e_gh fh`gh \ iZid_ J_iebdZpby ]^_ hlh[jZ`Zxlky bf_xsb_ky ]jmiiu j_iebdZpbb jbk <u[jZ\ ]jmiim b hldju\ \deZ^dm Ih^dexq_gby fh`gh ihemqblv ^hklmi dh \k_f iZjZf_ljZf h[jZlbl_ \gbfZgb_ gZ gZ[hj dhfZg^ bf_x sboky gZ iZg_eb >_ckl\by b aZimklblv ijbgm^bl_evgmx j_iebdZpbx dhfZg^Z ijb wlhf j_amevlZl hi_jZpbb [m^_l aZj_]bkljbjh\Zg \ kbkl_fghf `mjgZe_ ')6 5HSOLFDWLRQ J_iebdZpby ')6 Hdgh k\ya_c j_iebdZpbb Zevl_jgZlb\guo h[sbo iZihd Jbk <Z`ghc hi_jZpb_c y\ey_lky ijh\_jdZ lhiheh]bb aZimkdZ_fZy k iZg_eb >_ckl\by k ihfhsvx khhl\_lkl\mxs_c dhfZgû kkuedZ DhfZg^Z gZkljhcdb jZkibkZgby j_iebdZpbb kkuedZ ! " ! iha\hey_l ijhkfhlj_lv b kdhjj_dlbjh\Zlv \j_fy kbgojhgbaZpbb dhg_q guo h[t_dlh\ Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ DjbilhaZsblZiZihdbnZceh\ ojZgysbokygZ`_kldhf^bkd_ >ey h[_ki_q_gby dhgnb^_gpbZevghklb bgnhjfZpbb ojZgys_cky gZ `_kldhf ^bkd_ \ kbkl_fZo :LQGRZV gZqbgZy k :LQGRZV bkihevam_lky (QFU\SWLQJ )LOH 6\VWHP ()6 Rbnjh\ZggZy nZceh\Zy kbkl_fZ jZ[hlZxsZy lhevdh gZ lhfZo 17)6 1 JBF?Q:GB? >ey rbnjh\Zgby p_euo ^bkdh\ \ kbkl_fZo :LQGRZV 9LVWD b :LQGRZV 6HUYHU lZd`_ fh`gh bkihevah\Zlv dhfihg_gl %LW/RFNHU 'ULYH (QFU\SWLRQ Rbnjh\Zgb_ ^bkdZ %LW/RFNHU êy jZ[hlu dhlhjh]h lj_[m_lky ZiiZjZlguc 730 >h\_j_gguc ieZlnhjf_gguc fh^mev Kbkl_fZ ()6 iha\hey_l ihevah\Zl_ex rbnjh\Zlv k\hb nZceu [_a \kydh]h \f_rZ l_evkl\Z kh klhjhgu Z^fbgbkljZlhjZ hgZ Z\lhfZlbq_kdb ]_g_jbjm_l êy ihevah \Zl_ey iZjm dexq_c hldjuluc b ebqguc ijbf_gy_fuo êy djbilhaZsblu ^Zg guo b kha^Z_l k_jlbnbdZl êy hi_jZpbc rbnjh\Zgby Hi_jZpbb rbnjh\Zgby b ^_rbnjh\Zgby \uihegyxlky Z\lhfZlbq_kdb gZ e_lm ijb aZibkb beb kqblu\Zgbb bgnhjfZpbb Rbnjh\Zgb_ b ^_rbnjh\Zgb_ nZceh\ fh`_l [ulv \uiheg_gh dZd êy hij_^_e_gguo nZceh\ lZd b êy \k_c iZidb LZdbf h[jZahf djbilhaZsblZ ^Zgguo ijhajZqgZ êy ihevah\Zl_ey ?keb aZrbnjh\Zggu_ nZceu [m^ml bkihevah\Zlvky kh\f_klgh k ^jm]bfb ihevah\Z l_eyfb lh \eZ^_e_p nZceh\ ^he`_g kZf ^h[Z\blv k_jlbnbdZlu l_o ihevah\Zl_e_c dhlhjuf hg jZaj_rZ_l ^hklmi d wlbf ^Zgguf <ihke_^kl\bb dZ`ûc iheghfhqguc ihevah\Zl_ev fh`_l ijb g_h[oh^bfhklb g_aZ\bkbfh jZkrbnjh\Zlv nZce ijb ih fhsb k\h_]h ebqgh]h dexqZ 1 JBF?Q:GB? >ey p_gljZebah\Zgghc gZkljhcdb iZjZf_ljh\ \u_ iheblbdb ()6 fh`gh bkihevah\Zlv ]jmiih H[yaZl_evgu_lj_[h\Zgby ijb\uiheg_gbbhi_jZpbcrbnjh\Zgby =eZ\ghc hrb[dhc ijb jZ[hl_ k ()6 y\ey_lky i_j_mklZgh\dZ hi_jZpbhgghc kbkl_fu gZ Z\lhghfguo dhfivxl_jZo ]^_ ihevah\Zl_eb rbnjh\Zeb ^Zggu_ gh g_ \uihe gbeb ^hihegbl_evguo hi_jZpbc ih khojZg_gbx k_jlbnbdZlh\ < wlhf kemqZ_ ^Zg gu_ [m^ml [_a\ha\jZlgh ml_jygu ihkdhevdm bagZqZevgh ^hklmi d gbf bf_eb lhevdh ^\Z ihevah\Zl_ey lhc kbkl_fu \ dhlhjhc ^Zggu_ [ueb aZrbnjh\Zgu ihev ah\Zl_ev \uihegb\rbc wlm hi_jZpbx b lZd gZau\Z_fuc Z]_gl \hkklZgh\e_gby 'DWD 5HFRYHU\ $JHQW ² ihevah\Zl_ev bf_xsbc ijZ\h jZkrbnjh\Zlv bgnhjfZ =eZ\Z pbx Hrb[dZ khklhbl \ lhf qlh êy jZkrbnjh\db ^Zgguo g_h[oh^bfh ij_^ty\blv k_jlbnbdZlu h^gh]h ba gZa\Zgguo ihevah\Zl_e_c Z êy wlh]h wlb k_jlbnbdZlu gm`gh [ueh aZjZg__ wdkihjlbjh\Zlv b khojZgblv 1 JBF?Q:GB? Kha^Zlv k_jlbnbdZl b dexq êy Z]_glZ \hkklZgh\e_gby ()6 fh`gh \ hdg_ dh fZg^ghc kljhdb ijb ihfhsb dhfZgû :^fbgbkljZlhj fh`_l bkihev ah\Zlv kha^Zggu_ nZceu êy hij_^_e_gby iheblbdb \hkklZgh\e_gby MijZ\e_gb_ k_jlbnbdZlZfb bo bfihjl b wdkihjl hkms_kl\eyxlky k ihfhsvx hk gZkldb &HUWLILFDWHV K_jlbnbdZlu Ihevah\Zl_eb \dexqZy Z^fbgbkljZlhjZ fh ]ml mijZ\eylv lhevdh k\hbfb kh[kl\_ggufb k_jlbnbdZlZfb HkgZkldZ iha\hey_l \b^_lv ebqgu_ k_jlbnbdZlu ihevah\Zl_ey ² \ qZklghklb k_jlbnbdZl dhlhjuc kbkl_fZ Z\lhfZlbq_kdb \u^ZeZ ihevah\Zl_ex hl _]h bf_gb ijb i_j\hf \uihe g_gbb hi_jZpbb rbnjh\Zgby nZceZ beb iZidb GZagZq_gb_ k_jlbnbdZlZ hlh[jZ `Z_lky \ khhl\_lkl\mxs_f klhe[p_ ,QWHQGHG 3XUSRVHV >ey lh]h qlh[u ba[_`Zlv hrb[hd k\yaZgguo k hlkmlkl\b_f wdkihjlbjh\Zggh]h k_jlbnbdZlZ ihevah\Zl_ey aZrbnjh\Z\r_]h bgnhjfZpbx \ kbkl_fZo :LQGRZV 9LVWD:LQGRZV 6HUYHU ihy\bebkv ^hihegbl_evgu_ f_ju ih aZsbl_ hl ih^h[ guo kblmZpbc JZkkfhljbf bo jZ[hlm gZ dhgdj_lghf ijbf_j_ Rbnjh\Zgb_nZceh\biZihd Ihkdhevdm hi_jZpby rbnjh\Zgby \uihegy_lky Z\lhfZlbq_kdb b ijhajZqgh êy ihevah\Zl_ey jZ[hlZ k nZcehf ijh^he`Z_lky lZd `_ dZd b ^h \dexq_gby djbilh aZsblu H^gZdh \k_ hklZevgu_ ihevah\Zl_eb dhlhju_ ihiulZxlky ihemqblv ^hklmi d aZrbnjh\Zgghfm nZcem ihemqZl khh[s_gb_ h[ hrb[d_ ^hklmiZ ihkdhevdm hgb g_ \eZ^_xl g_h[oh^bfuf ebqguf dexqhf iha\heyxsbf bf jZkrbnjh\Zlv nZce < GBF:GB? J_dhf_g^m_lky rbnjh\Zlv iZidb kh \k_f bo kh^_j`bfuf Z g_ hl^_evgu_ nZc eu < wlhf kemqZ_ mf_gvrZ_lky jbkd lh]h qlh hdZ`_lky ^hklmiguf jZkrbnjh \Zggh_ kh^_j`bfh_ nZceZ gZijbf_j ijb _]h dhibjh\Zgbb \ g_aZrbnjh\Zggmx iZidm Hi_jZpby rbnjh\Zgby^_rbnjh\Zgby bgnhjfZpbb \uihegy_lky \ hdg_ ijh]jZffu :LQGRZV ([SORUHU Ijh\h^gbd b \u]ey^bl ke_^mxsbf h[jZahf <u[_jbl_ nZce beb iZidm dhlhjmx lj_[m_lky aZrbnjh\Zlv gZ`fbl_ ijZ\mx dghidm furb b \u[_jbl_ \ dhgl_dklghf f_gx dhfZg^m 3URSHUWLHV K\hckl\Z < ihy\b\r_fky hdg_ k\hckl\ gZ \deZ^d_ H[sb_ gZ`fbl_ dghidm >jm]b_ Hldjh_lky ^bZeh]h\h_ hdgh >hihegb l_evgu_ Zljb[mlu Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ < ]jmii_ :ljb[mlu k`Zlby b rbnjh\Zgby mklZgh\bl_ neZ`hd Rbnjh\Zlv kh^_j`bfh_ êy aZsblu ^Zgguo b gZ`fbl_ dghidm Khhl\_lkl\_ggh êy ^_rbnjh\Z gby g_h[oh^bfh kgylv wlhl neZ`hd GZ`fbl_ dghidm \ hdg_ k\hckl\ aZrbnjh\u\Z_fh]h nZceZ beb iZidb < ihy\b\r_fky ^bZeh]h\hf hdg_ ih^l\_j^bl_ j_`bf \uiheg_gby hi_jZpbb Jbk Jbk Ij_^mij_`^_gb_ kbkl_fu $ AZijhk gZ wdkihjl dexqZ $ ?keb hi_jZpby rbnjh\Zgby \uihegyeZkv gZ dhfivxl_j_ g_ y\eyxs_fky qe_ghf ^hf_gZ lh ihke_ lh]h dZd hdgh k\hckl\ rbnjm_fh]h h[t_dlZ [m^_l aZdjulh gZ iZ g_eb aZ^Zq \ h[eZklb m\_^hfe_gbc ihy\blky agZqhd b \kieu\Zxs__ hdgh ij_^m ij_`^_gby h g_h[oh^bfhklb khojZg_gby dexqZ rbnjh\Zgby ()6 jbk Wlh ij_^mij_`^_gb_ ihy\ey_lky lhevdh ijb i_j\hf \uiheg_gbb hi_jZpbb rbnjh\Zgby ^Zgguo gh agZqhd g_ bkq_ag_l k iZg_eb ^h l_o ihj ihdZ g_ [m^_l \uiheg_gh lj_ [h\Zgb_ KhojZgblv dexq fh`gh ijb ihfhsb ki_pbZevghc ijh]jZffufZkl_jZ =eZ\Z beb \jmqgmx wdkihjlbjh\Z\ k\hc k_jlbnbdZl k ihfhsvx hkgZkldb K_jlbnbdZlu ?keb s_edgmlv ih agZqdm ()6 gZ iZg_eb aZ^Zq lh ihy\blky hdgh \ dhlhjhf ke_^m_l \u[jZlv hipbx :job\bjh\Zlv k_cqZk jbk < wlhf kemqZ_ aZimk lblky fZkl_j FZkl_j wdkihjlZ k_jlbnbdZlh\ k ihfhsvx dhlhjh]h e_]dh \uihegblv lj_[m_fmx hi_jZpbx khojZg_gby ebqgh]h dexqZ FZkl_j wdkihjlZ ihijhkbl mdZaZlv iZjZf_lju wdkihjlbjm_fhc bgnhjfZpbb jbk iZjhev êy aZsblu ebqgh]h dexqZ b bfy nZceZ \ dhlhjhf [m^_l aZibkZg k_jlbnb dZl Gm`gh ihgbfZlv qlh wlhl nZce [m^_l dexqhf d ex[hc bgnhjfZpbb rbnjm_ fhc ihevah\Zl_e_f ihwlhfm _]h gm`gh khhl\_lkl\mxsbf h[jZahf ojZgblv b aZih fbgZlv gZ ^bkd_l_ beb kt_fghf ghkbl_e_ Ihke_ ih^l\_j`^_gby ijZ\bevghklb \u[jZgguo oZjZdl_jbklbd hi_jZpby wdkihjlZ [m^_l \uiheg_gZ L_i_jv agZqhd gZ iZg_eb aZ^Zq b ij_^mij_`^_gb_ h g_h[oh^bfhklb khojZg_gby dexqZ [hevr_ ihy\ eylvky g_ [m^ml L_i_jv ijb g_h[oh^bfhklb khojZg_gguc k_jlbnbdZl fh`gh ijb ihfhsb hkgZkldb K_jlbnbdZlu b hi_jZpbb bfihjlZ mklZgh\blv \ ex[hc kbkl_f_ b bk ihevah\Zlv êy ^_rbnjh\Zgby ^Zgguo Jbk IZjZf_lju wdkihjlbjm_fh]h dexqZ $ Dhgnb]mjbjh\Zgb_ nZceh\uo kem`[ 1 JBF?Q:GB? >ey rbnjh\Zgby^_rbnjh\Zgby nZceh\ b iZihd fh`gh bkihevah\Zlv mlbeblm dhfZg^ghc kljhdb FLSKHUH[H AZims_ggZy [_a iZjZf_ljh\ wlZ mlbeblZ ihdZ`_l khklhygb_ êy \k_o nZceh\ \ l_dms_c iZid_ ² dZdb_ ba gbo aZrbnjh\Zgu Z dZ db_ g_l b [m^ml eb rbnjh\Zlvky nZceu ihf_s_ggu_ \ wlm iZidm < kbkl_fZo :LQGRZV 6HUYHU &RUH rbnjh\Zgb_ ih^^_j`b\Z_lky nZceh\hc kbkl_ fhc 17)6 h^gZdh kj_^kl\Z mijZ\e_gby ()6 \dexqZy mlbeblm FLSKHUH[H hlkml kl\mxl LZdbf h[jZahf \dexqZlv b \udexqZlv rbnjh\Zgb_ nZceh\ b iZihd fh` gh gh lhevdh ijb ih^dexq_gbb d ^bkdh\uf j_kmjkZf k m^Ze_ggh]h dhfivxl_jZ Rbnjh\Zgb_nZceh\ êykh\f_klgh]hbkihevah\Zgby Kbkl_fu :LQGRZV 6HUYHU ih^^_j`b\Zxl kh\f_klguc ^hklmi d aZrbnjh\Zg guf nZceZf jZkiheh`_gguf gZ h[sbo k_l_\uo j_kmjkZo beb gZ ehdZevguo ^bk dZo >hihegbl_evgu_ jZaj_r_gby fh`gh ^Z\Zlv lhevdh êy dZ`^h]h hl^_evgh]h nZceZ ² kh\f_klguc ^hklmi d aZrbnjh\Zgguf iZidZf jZaj_rZlv g_evay Jbk Kibkhd ihevah\Zl_e_c bf_xsbo ^hklmi d aZrbnjh\Zgghfm nZcem =eZ\Z < GBF:GB? I_j_^ l_f dZd jZaj_rZlv kh\f_klguc ^hklmi d aZrbnjh\Zgguf nZceZf g_h[oh ^bfh ij_^\Zjbl_evgh bfihjlbjh\Zlv k_jlbnbdZl gh\h]h ihevah\Zl_ey Ihke_ lh]h dZd \eZ^_e_pkha^Zl_ev aZrbnjh\Ze iZidm kh \eh`_ggufb nZceZfb beb hl^_evguc nZce hg fh`_l kgh\Z hldjulv hdgh >hihegb l_evgu_ Zljb[mlu kf \ur_ b gZ`Zlv dghidm Ih^jh[gh Ihy\blky hdgh ZgZeh]bqgh_ bah[jZ`_gghfm gZ jbk A^_kv i_j_qbke_gu \k_ ihevah\Zl_eb \dexqZy \eZ^_evpZ nZceZ dhlhjuf jZaj_r_g ^hklmi d nZcem Fh`gh mdZau\Zlv mq_lgu_ aZibkb ehdZevgh]h dhfivxl_jZ beb ^hf_gguo ihevah\Zl_e_c Qlh[u jZkrbjblv djm] iheghfhqguo ebp gm`gh gZ`Zlv dghidm >h[Z\blv b \ hldju\r_fky hdg_ mdZaZlv dZdb_ ihevah\Zl_eb kfh]ml lZd`_ jZ[hlZlv k aZrbn jh\Zgguf nZcehf < wlhf hdg_ fh`gh aZijhkblv ijhkfhlj bf_xsboky k_jlbnbdZ lh\ ihevah\Zl_e_c Z lZd`_ gZclb k_jlbnbdZlu ihevah\Zl_e_c \ dZlZeh]_ $FWLYH 'LUHFWRU\ _keb dhfivxl_j ih^dexq_g d ^hf_gm b k_jlbnbdZlu him[ebdh\Zgu \ dZlZeh]_ Dhibjh\Zgb_i_j_f_s_gb_i_j_bf_gh\Zgb_ bmgbqlh`_gb_aZrbnjh\ZgguonZceh\biZihd Hi_jZpbb dhibjh\Zgby i_j_f_s_gby i_j_bf_gh\Zgby b mgbqlh`_gby aZrbnjh \Zgguo nZceh\ b iZihd \uihegyxlky lhqgh lZd `_ dZd b k g_aZrbnjh\Zggufb h[t_dlZfb H^gZdh ke_^m_l ihfgblv qlh imgdl gZagZq_gby aZrbnjh\Zgghc bg nhjfZpbb p_e_\Zy iZidZ beb lhf ^he`_g ih^^_j`b\Zlv rbnjh\Zgb_ l _ ^he`_g bf_lv nZceh\mx kbkl_fm 17)6 < ijhlb\ghf kemqZ_ ijb dhibjh\Zgbb ^Zggu_ [m ^ml jZkrbnjh\Zgu b dhiby [m^_l kh^_j`Zlv hldjulmx bgnhjfZpbx :job\ZpbyaZrbnjh\ZgguonZceh\ J_a_j\gmx dhibx aZrbnjh\Zggh]h nZceZ fh`gh kha^Zlv iml_f _]h h[uqgh]h dh ibjh\Zgby gZ ^jm]hc `_kldbc ^bkd beb k bkihevah\Zgb_f mlbeblu Zjob\Zpbb H^ gZdh dZd kdZaZgh \ur_ ijhklh_ dhibjh\Zgb_ gZijbf_j gZ ^bkd_lm gZ jZa^_e )$7 beb hilbq_kdbc ^bkd fh`_l ijb\_klb d lhfm qlh j_a_j\gZy dhiby [m^_l kh^_j`Zlv hldjulu_ ^Zggu_ ^hklmigu_ êy ql_gby ex[hfm ihevah\Zl_ex Ki_pbZebabjh\ZggZy hi_jZpby Zjob\Zpbb g_ lj_[m_l êy __ \uiheg_gby ^hklmiZ d hldjuluf dexqZf ihevah\Zl_ey ² lhevdh d Zjob\bjm_fhc bgnhjfZpbb Ihwlhfm êy h[_ki_q_gby [_ahiZkghklb dhgnb^_gpbZevguo ^Zgguo ijb kha^Zgbb j_a_j\guo dhibc j_dhf_g^m_lky ijbf_gylv klZg^Zjlgu_ kj_^kl\Z Zjob\Zpbb hibkZggu_ \ ]eZ\_ < ijhp_kk_ Zjob\Zpbb aZrbnjh\Zggu_ ^Zggu_ [m^ml kdhibjh\Zgu gZ mdZ aZgguc ghkbl_ev [_a ^_rbnjh\Zgby =E:<: :job\Zpby b\hkklZgh\e_gb_bgnhjfZpbb Kj_^kl\Z j_a_j\gh]h dhibjh\Zgby b \hkklZgh\e_gby bgnhjfZpbb \ kbkl_fZo :LQGRZV 6HUYHU ij_l_ji_eb dZiblZevgh_ h[gh\e_gb_ ih kjZ\g_gbx k ij_û ^msbfb \_jkbyfb :LQGRZV \dexqZy :LQGRZV 9LVWD Bgl_jn_ck ijh]jZff Zjob \Zpbb kbevgh baf_gbeky g_dhlhju_ \hafh`ghklb klZeb g_^hklmigu g_evay gZ ijbf_j ijhklh khojZgblv \ Zjob\ hl^_evgmx iZidm beb nZce \uihegy_lky lhevdh Zjob\Zpby ^bkdh\ p_ebdhf ijb wlhf nZceu \u[bjZxlky ih lbim I JBF?Q:GB? >ey \hkklZgh\e_gby jZg__ kha^Zgguo Zjob\h\ gZ dhfivxl_jZo jZ[hlZxsbo ih^ mijZ\e_gb_f :LQGRZV 6HUYHU bf__lky mlbeblZ :LQGRZV 17 %DFNXS 5HVWRUH 8WLOLW\ dhlhjmx fh`gh k\h[h^gh kdZqZlv ba P_gljZ aZ]jmadb 0LFURVRIW kf kkuedb \ ijbeh`_gbb >ey ^jm]bo p_e_c __ bkihevah\Zlv g_evay MklZgh\dZkbkl_fuZjob\Zpbb^Zgguo :LQGRZV6HUYHU < kbkl_fZo :LQGRZV 6HUYHU kj_^kl\Z Zjob\Zpbb b \hkklZgh\e_gby ih mfheqZ gbx hldexq_gu êy lh]h qlh[u bfb fh`gh [ueh ihevah\Zlvky g_h[oh^bfh k ih fhsvx hkgZkldb >bki_lq_j k_j\_jZ mklZgh\blv dhfihg_gl <hafh`ghklb kbkl_fu Zjob\Zpbb ^Zgguo :LQGRZV 6HUYHU Wlhl dhfihg_gl kh^_j`bl ^\_ hipbb Kbkl_fZ Zjob\Zpbb ^Zgguo :LQGRZV 6HUYHU ² \dex X qZ_l mijZ\eyxsmx hkgZkldm 00& mlbeblm dhfZg^ghc kljhdb :EDGPLQH[H b kZfb kem`[u Zjob\Zpbb b \hkklZgh\e_gby =eZ\Z X Ijh]jZffu dhfZg^ghc kljhdb ² mlbeblu iha\heyxsb_ kha^Z\Zlv j_a_j\gu_ dhibb ih jZkibkZgbx b mijZ\eylv bfb k ihfhsvx kp_gZ jb_\ :LQGRZV 3RZHU6KHOO wlhl dhfihg_gl mklZgZ\eb\Zlv g_h[yaZl_evgh < GBF:GB? >ey bkihevah\Zgby kj_^kl\ Zjob\Zpbb :LQGRZV 6HUYHU gm`gh [ulv qe_ghf eh dZevghc ]jmiiu $GPLQLVWUDWRUV :^fbgbkljZlhju beb ]jmiiu %DFNXS 2SHUDWRUV Hi_jZlhju Zjob\Z ijb wlhf hkgZkldm beb mlbeblm :EDGPLQ gm`gh aZimkdZlv k ih\ur_gb_f iheghfhqbc hl bf_gb Z^fbgbkljZlhjZ Ijb bkihevah\Zgbb ijh]jZff Zjob\Zpbb b \hkklZgh\e_gby k m^Ze_ggufb dhfiv xl_jZfb gm`gh ihfgblv h lhf qlh êy ghjfZevghc jZ[hlu \ [jZg^fZmwj_ :LQGRZV ^he`gh [ulv mklZgh\e_gh bkdexq_gb_ :LQGRZV %DFNXS :job\Zpby :LQGRZV ijb mklZgh\d_ dhfihg_glZ wlh ^_eZ_lky Z\lhfZlbq_kdb gh emqr_ ijh dhgljhebjh\Zlv wlhl fhf_gl hkh[_ggh ijb i_j\hf aZimkd_ Qlh[u hkgZkldZ Kbkl_fZ Zjob\Zpbb ^Zgguo :LQGRZV 6HUYHU fh]eZ ih^ dexqZlvky d m^Ze_gguf dhfivxl_jZf mklZgh\bl_ \ [jZg^fZmwj_ bkdexq_gb_ M^Ze_ggh_ Z^fbgbkljbjh\Zgb_ >ey mklZgh\db we_f_glh\ kbkl_fu Zjob\Zpbb fh`gh lZd`_ bkihevah\Zlv mlbeblm 6HUYHU0DQDJHU&PGH[H Wlhl imlv y\ey_lky _^bgkl\_gguf êy K ihfhsvx dhfZgû e_]dh ihemqblv gZa\Zgby dhfihg_glh\ :LQGRZV 6HUYHU &RUH Hkgh\gu_ we_f_glu mklZgZ\eb\Zxlky k ihfhsvx dhfZgû < kbkl_f_ kibkhd dhfihg_glh\ e_]dh ihemqblv k ihfhsvx dhfZgû Kbkl_fZ Zjob\Zpbb mklZgZ\eb\Z_lky k ihfhsvx ke_^mxs_c dhfZgû +\SHU9 6HUYHU >ey m^Ze_gby dhfihg_glZ \ dhfZg^m gm`gh ^h[Z\blv iZjZf_lj Kihkh[uZjob\Zpbb b\hkklZgh\e_gby^Zgguobkbkl_fguonZceh\ < kbkl_fZo gZ[hj kj_^kl\ h[_ki_qb\Zxsbo Zjob\Zpbx b \hkklZgh\e_gb_ ^Zgguo b kbkl_fguo nZceh\ fbgbfZe_g h^gZdh hg iha\hey_l mkl jZgblv ex[mx Z\Zjbcgmx kblmZpbx \hagbdrmx ijb jZ[hl_ k_j\_jZ >hklmi dh \k_f \hafh`ghklyf h[_ki_qb\Z_l hkgZkldZ Kbkl_fZ Zj :LQGRZV 6HUYHU :job\Zpby b \hkklZgh\e_gb_ bgnhjfZpbb ob\Zpbb ^Zgguo beb mlbeblZ dhfZg^ghc kljhdb :EDGPLQH[H Nmgdpbb kbkl_fu Zjob\Zpbb i_j_qbke_gu \ lZ[e :LQGRZV 6HUYHU ZEDGPLQPVF LZ[ebpZ <hafh`ghklb kbkl_fu Zjob\Zpbb ^Zgguo \ KhojZgy_fZy bgnhjfZpby I_jkhgZevgu_ nZceu ihevah\Zl_e_c b ^Zg gu_ ijbdeZ^guo ijh ]jZff Bkihevam_fh_ kj_^kl\h :job\ lhfZ Khklhygb_ kbkl_fu nZceu kbkl_fu b kbkl_fguo ijbeh`_ gbc j__klj [ZaZ ^Zg guo $FWLYH 'LUHFWRU\ :job\ khklhygby kbkl_fu <k_ kh^_j`bfh_ nbabq_kdh]h ^bkdZ ^bkdh\ Iheguc Zjob\guc h[jZa kbkl_fu \ :LQGRZV 9LVWD hg gZau\Z_lky L_dms__ kh^_j`bfh_ nZceh\ L_g_\u_ dhibb 6KDGRZ &RSLHV Kihkh[ ijbf_g_gby I_jbh^bq_kdh_ khojZg_gb_ \k_o kha^Zgguo b baf_g_gguo nZceh\ < qZklghklb wlh j_dhf_g^m_lky ^_eZlv i_j_^ fh^_jgbaZpb_c dhfivx l_jZ beb mklZgh\dhc iZd_lZ h[gh\e_ gbc VHUYLFH SDFN JZ[hq__ khklhygb_ kbkl_fu gm`gh khojZgylv gZ kemqZc k_jv_aguo hldZ ah\ beb hrb[hd ijb baf_g_gbb dhgnb ]mjZpbb :job\ [Zau ^Zgguo $FWLYH 'LUHFWRU\ fh`_l ihlj_[h\Zlvky ijb hrb[hqghf m^Ze_gbb jZa^_eh\ beb h[t_dlh\ dZlZeh]Z Bf__l kfuke khojZgblv khklhygb_ \k_o ^Zgguo gZ dhfivxl_j_ gZ fh f_gl _]h iheghklvx jZ[hlhkihkh[gh]h khklhygby LZdZy dhiby hdZ`_lky ih e_aghc gZ kemqZc ihegh]h \uoh^Z ba kljhy dhfivxl_jZ beb `_kldh]h ^bkdZ Kbkl_fZ fh`_l i_jbh^bq_kdb ^_eZlv kgbfdb lhfh\ b khojZgylv bo \ kem `_[ghc h[eZklb ^bkdZ Ihevah\Zl_ev fh`_l \_jgmlvky d \_jkbb nZceZ kms_kl\h\Z\r_c jZg__ gZ fhf_gl kha^Zgby hq_j_^gh]h kgbfdZ Ih f_j_ aZiheg_gby [mn_jghc h[eZklb nZceu m^Zeyxlky ihwlhfm wlZ \hafh`ghklv g_ fh`_l ]ZjZglb jh\Zlv kms_kl\h\Zgb_ \k_o klZjuo \_jkbc ^Zgguo < kbkl_fZo :LQGRZV 6HUYHU Zjob\bjm_fmx bgnhjfZpbx fh`gh khojZgylv gZ ke_^mxsbo ghkbl_eyo X `_kldb_ ^bkdb \gmlj_ggb_ b h[sb_ k_l_\u_ X kt_fgu_ ^bkdb 86% )LUH:DUH b l i X aZibku\Z_fu_ b i_j_aZibku\Z_fu_ '9'^bkdb =eZ\Z G_evay dhibjh\Zlv Zjob\u gZ e_glm :job\bjmxlky lhevdh lhfZ bf_xsb_ nZceh \mx kbkl_fm 17)6 :job\ ij_^klZ\ey_l kh[hc nZce \ nhjfZl_ 9+' djhf_ lh]h \ p_e_\hc iZid_ kha ^Zxlky kem`_[gu_ ;0/nZceu g_h[oh^bfu_ êy jZ[hlu kbkl_fu Zjob\Zpbb <Z`ghc hkh[_gghklvx kbkl_f :LQGRZV 6HUYHU y\ey_lky lh qlh êy ojZg_gby j_a_j\guo dhibc kha^Z\Z_fuo ih jZkibkZgbx Z lZd`_ ihegh]h h[jZaZ kbkl_fu lj_[m_lky hl^_evguc \u^_e_gguc ^bkd \gmlj_ggbc beb kt_fguc Kbkl_fZ Zjob\Zpbb :LQGRZV 6HUYHU %DFNXS bkihevam_l êy k\h_c jZ[hlu kem`[m 966 Ihke_ lh]h dZd \gZqZe_ kha^Z_lky iheguc Zjob\ IXOO EDFNXS fh`gh mdZaZlv j_`bf ^h[Z\hqghc Zjob\Zpbb LQFUHPHQWDO EDFNXS bg dj_f_glgh_ j_a_j\gh_ dhibjh\Zgb_ < wlhf kemqZ_ [m^ml khojZgylvky lhevdh l_ ^Zggu_ dhlhju_ baf_gyebkv ihke_ fhf_glZ ij_û^ms_c Zjob\Zpbb >Z`_ ijb bk ihevah\Zgbb iheguo Zjob\h\ kbkl_fZ :LQGRZV 6HUYHU %DFNXS jZ[hlZ_l [uklj__ q_f kem`[u Zjob\Zpbb ij_û^msbo \_jkbc K bkihevah\Zgb_f kem`[u 966 l_kgh k\yaZgZ nmgdpby gZau\Z_fZy Ij_û^msb_ beb ij_`gb_ \_jkbb ² hgZ [m^_l jZkkfZljb\Zlvky ^Ze__ \ hl^_evghf jZa^_e_ wlhc ]eZ\u JZg__ ZgZeh]bqgZy \hafh`ghklv gZau\ZeZkv L_g_\u_ dhibb Kj_^kl\ZmijZ\e_gbykbkl_fhcZjob\Zpbb \:LQGRZV6HUYHU :^fbgbkljZlb\gu_ kj_^kl\Z êy mijZ\e_gby ijh]jZffZfb Zjob\Zpbb b \hkklZgh\ e_gby \ kbkl_fZo :LQGRZV 6HUYHU dZj^bgZevgh hlebqZxlky hl l_o dhlhju_ bf_xlky \h \k_o ij_û^msbo \_jkbyo :LQGRZV \dexqZy :LQGRZV 9LVWD Hkgh\ guf bgkljmf_glhf y\ey_lky hkgZkldZ Kbkl_fZ Zjob\Zpbb ^Zgguo :LQGRZV 6HUYHU ZEDGPLQPVF __ ZgZeh] ijb jZ[hl_ \ hdg_ dhfZg^ghc kljh db \dexqZy :LQGRZV 6HUYHU &RUH b +\SHU9 6HUYHU ² mlbeblZ Hdgh hkgZkldb Kbkl_fZ Zjob\Zpbb ^Zgguo :LQGRZV 6HUYHU ij_^klZ\e_gh gZ jbk < g_f e_]dh \b^_lv l_dms__ khklhygb_ kem`[ ² gZ iZg_eb Khklhygb_ hlh[jZ`Z_lky \j_fy ihke_^g_c b hq_j_^ghc hi_jZpbb Zjob\Zpbb dhebq_kl\h \uiheg_gguo hi_jZpbc b bo j_amevlZl \ ihe_ >\Z`û s_edgm\ ih \u^_e_gghc kljhd_ fh`gh ihemqblv ih^jh[gmx bgnhjfZpbx h iZjZf_ljZo hi_jZpbb Kibkhd \uiheg_gguo hi_jZpbc Zjob\Zpbb b \hkklZgh\e_ gby h[gh\ey_lky ^Z`_ \ lhf kemqZ_ _keb hi_jZpby aZimkdZeZkv ba dhfZg^ghc kljh db k ihfhsvx mlbeblu :EDGPLQ GZebqb_ aZieZgbjh\Zgguo Zjob\Zpbc b iZjZf_l ju bkihevam_fh]h êy wlh]h nbabq_kdh]h ^bkdZ ihdZaZgu gZ iZg_eb :job\Zpby ih jZkibkZgbx :job\Zpby b \hkklZgh\e_gb_ bgnhjfZpbb Jbk Hdgh hkgZkldb :LQGRZV 6HUYHU %DFNXS K ihfhsvx kkuehd gZ iZg_eb >_ckl\by aZimkdZxlky hi_jZpbb Zjob\Zpbb b \hkklZgh\e_gby hgb [m^ml jZkkfhlj_gu iha`_ HkgZkldm fh`gh ih^dexqZlv dZd d ehdZevghfm lZd b d m^Ze_gghfm dhfivxl_jm wlh dZkZ_lky iheguo \_jkbc Z lZd `_ :LQGRZV 6HUYHU &RUH b +\SHU9 6HUYHU KkuedZ GZkljhcdZ iZjZf_ljh\ ijhba\h^bl_evgh klb iha\hey_l i_j_clb \ hdgh ]^_ mdZau\Z_lky lbi Zjob\bjh\Zgby ² iheguc IXOO beb bgdj_f_glguc ^h[Z\hqguc LQFUHPHQWDO ² êy dZ`^h]h lhfZ Ijb g_h[oh^b fhklb fh`gh \u[jZlv bg^b\b^mZevgu_ iZjZf_lju \ aZ\bkbfhklb hl gZ]jmadb gZ dhgdj_lguc ^bkd :job\Zpbykbkl_fub^Zgguo KgZqZeZ jZkkfhljbf kihkh[u kha^Zgby Zjob\h\ kh^_j`Zsbo djblbq_kdb_ lhfZ dhlhju_ kh^_j`Zl nZceu g_h[oh^bfu_ êy aZ]jmadb kbkl_fu b dhfihg_glu kZ fhc kbkl_fu b g_djblbq_kdb_ lhfZ ^Zggu_ ihevah\Zl_e_c b ijbdeZ^guo ijh ]jZff =eZ\Z GZkljhcdZZ\lhfZlbq_kdhcZjob\Zpbblhfh\ :\lhfZlbq_kdh_ j_a_j\gh_ dhibjh\Zgb_ djblbq_kdbo b g_djblbq_kdbo lhfh\ \uihegy_lky ijh]jZffhc Zjob\Zpbb \ khhl\_lkl\bb k mklZgh\e_gguf jZkibkZgb_f Hkh[_gghklvx kbkl_f :LQGRZV 6HUYHU y\ey_lky lh qlh \ wlhf j_`bf_ êy ojZg_gby Zjob\h\ ^he`_g bkihevah\Zlvky hl^_evguc \gmlj_ggbc beb \g_rgbc `_kldbc ^bkd '9'^bkdb beb h[sb_ k_l_\u_ iZidb \u[bjZlv g_evay Wlhl ^bkd ih mfheqZgbx g_ [m^_l \b^_g \ hdg_ ijh]jZffu :LQGRZV ([SORUHU Ijh\h^gbd ihkdhevdm _fm g_ gZagZqZ_lky [md\Z ^bkdZ hg ijbf_gy_lky lhevdh \ p_eyo Zjob \Zpbb b \hkklZgh\e_gby ^Zgguo Jbk JZkibkZgb_ Z\lhfZlbq_kdhc Zjob\Zpbb ^Zgguo >ey gZkljhcdb j_`bfZ Zjob\Zpbb ih jZkibkZgbx \uihegbl_ ke_^mxsb_ ^_ckl\by Kbkl_fZ Zjob\Zpbb ^Zgguo :LQGRZV < hdg_ hkgZkldb 6HUYHU kf jbk \u[_jbl_ kkuedm JZkibkZgb_ Zjob\Zpbb :job\Zpby b \hkklZgh\e_gb_ bgnhjfZpbb b ke_^mcl_ mdZaZgbyf fZkl_jZ FZkl_j jZkibkZgby Zjob\Zpbb KgZqZeZ g_h[oh^bfh \u[jZlv ² \_kv k_j\_j [m^_l dhibjh\Zlvky beb lhevdh hl ^_evgu_ lhfZ < kemqZ_ Zjob\Zpbb hl^_evguo lhfh\ mdZ`bl_ l_ lhfZ dhlhju_ [m^ml \dexq_gu \ Zjob\ <u[_jbl_ jZkibkZgb_ êy \uiheg_gby ijhp_^mju Z\lhfZlbq_kdhc Zjob\Zpbb jbk wlh jZkibkZgb_ \ihke_^kl\bb fh`gh f_gylv \ ex[hc fhf_gl \ l_q_ gb_ h^gh]h ^gy hi_jZpby fh`_l \uihegylvky fgh]hdjZlgh < i_j\uc jZa dh]^Z [m^_l kha^Z\Zlvky ihegZy dhiby ^Zgguo ijhp_^mjZ ihlj_[m_l fgh]h \j_f_gb Ijb ihke_^mxsbo aZimkdZo nZdlbq_kdb dhibjmxlky lhevdh gh\u_ beb baf_ g_ggu_ nZceu Ijb \u[hj_ jZkibkZgby gm`gh bkoh^blv ba djbl_jby hilbfZev ghklb qZklh_ \uiheg_gb_ hi_jZpbb [m^_l f_rZlv jZ[hl_ Z ijb j_^dhf aZimkd_ \hajZkl dZ`^hc \_jkbb Zjob\Z [m^_l kebrdhf [hevrbf ² ^Zggu_ \ Zjob\_ hdZ`mlky kebrdhf klZjufb MdZ`bl_ nbabq_kdbc ^bkd êy ojZg_gby Zjob\Z < gZqZevguc fhf_gl fZkl_j fh`_l khh[sblv qlh g_ gZc^_gu \g_rgb_ ^bkdb beb ^bkdb ih^dexq_ggu_ d ihjlZf 86( beb )LUH:LUH < wlhf kemqZ_ gZ`fbl_ dghidm IhdZaZlv \k_ ^hklmigu_ ^bkdb b \ ihy\eyxs_fky hdg_ \u[_jbl_ ^bkd ihôh^ysbc êy jZ[hlu Bfy ^bkdZ ihy\blky \ hdg_ >hklmigu_ ^bkdb ]^_ _]h ke_^m_l hlf_lblv neZ`dhf jbk Ihke_ gZ`Zlby dghidb >Ze__ ihy\blky ij_^mij_`^_gb_ h lhf qlh \k_ lhfZ b ^Zggu_ gZ ^bkd_ [m^ml mgbqlh`_gu ² g_h[oh^bfh ih^l\_j^blv ijZ\bevghklv bkihevah\Zgby \u[jZggh]h ^bkdZ Jbk <u[hj p_e_\h]h ^bkdZ êy ojZg_gby Zjob\h\ kha^Z\Z_fuo ih jZkibkZgbx =eZ\Z < ke_^mxs_f hdg_ fZkl_j mdZ`_l gZa\Zgb_ f_ldb ^bkdZ hgh \dexqZ_l ^Zlm b \j_fy kha^Zgby Zjob\Z ² wlm bgnhjfZpbx ke_^m_l khojZgblv b bkihevah\Zlv êy fZjdbjh\db ^bkdZ ihkdhevdm hgZ fh`_l ihlj_[h\Zlvky ijb \hkklZgh\e_gbb ^Zgguo ba Zjob\Z GZ ihke_^g_f wlZi_ g_h[oh^bfh ijh\_jblv ijZ\bevghklv iZjZf_ljh\ b gZ`Zlv dghidm ! =hlh\h P_e_\hc ^bkd [m^_l hlnhjfZlbjh\Zg b ihy\blky khh[ s_gb_ h[ mki_rghf hdhgqZgbb ih^]hlh\db hi_jZpbb ieZgh\hc Zjob\Zpbb Ih ke_ wlh]h hdgh fZkl_jZ fh`gh aZdjulv IZjZf_lju Zjob\Zpbb ih jZkibkZgbx Z lZd`_ bfy b k\hckl\Z p_e_\h]h ^bkdZ [m ^ml hlh[jZ`Zlvky \ hdg_ hkgZkldb Kbkl_fZ Zjob\Zpbb ^Zgguo :LQGRZV 6HUYHU gZ iZg_eb :job\Zpby ih jZkibkZgbx S_edgm\ ih kkued_ " IhdZaZlv ih^jh[ghklb fh`gh m\b^_lv k\_^_gby h \k_o Zjob\Zo aZibkZgguo gZ ^Zgguc ^bkd \dexqZy jZaf_j gZqZevgh]h Zjob\Z b h[gh\e_gbc aZibkZgguo ijb \uiheg_gbb ih\lhjguo hi_jZpbc Zjob\Zpbb Ijb ih\lhjghf aZimkd_ fZkl_jZ %DFNXS 6FKHGXOH :L]DUG fh`gh ijhkfhlj_lv \k_ iZjZf_lju Z\lhfZlbq_kdhc Zjob\Zpbb wlh fh`gh lZd`_ k^_eZlv k ihfhsvx dhfZgû Z lZd`_ baf_gblv bo Gh\u_ iZjZf_lju [m^ml mqblu\Zlvky ijb ke_^mxsbo aZimkdZo kh]eZkgh jZkibkZgbx ?keb ijb gZebqbb kdhgnb]mjbjh\Zggh]h j_`bfZ Z\lhfZlbq_kdhc Zjob\Zpbb \u [jZlv kkuedm # H^ghdjZlgZy Zjob\Zpby b kh]eZkblvky k \u[hjhf iZ jZf_ljh\ aZ^Zgguo êy Zjob\Zpbb ih jZkibkZgbx lh fh`gh kjZam `_ gZqZlv aZ ieZgbjh\Zggmx hi_jZpbx Bkihevah\Zgb_mlbebluZjob\Zpbb >ey :LQGRZV 6HUYHU &RUH b +\SHU9 6HUYHU _^bgkl\_gguf bgkljmf_glhf êy jZ[h lu k kbkl_fhc Zjob\Zpbb y\ey_lky mlbeblZ :EDGPLQH[H KgZqZeZ ke_^m_l ijhZgZebabjh\Zlv ^bkdh\mx dhgnb]mjZpbx Gb`_ \ dZq_kl\_ ijbf_jZ ijb\_^_gu khh[s_gby êy kbkl_fu k ^\mfy ^bkdZfb ² \gmlj_ggbf kh ^_j`Zsbf q_luj_ lhfZ b \g_rgbf imkluf #$ %&$ 7RWDO VSDFH 8VHG VSDFH 9ROXPHV !" '(( ))))` *% *% &>:@'>:[@(>'DWD@)>'DWD@ 'LVN QDPH 'LVN QXPEHU 'LVN LGHQWLILHU 7RWDO VSDFH :'& :' $$-%:5$ 86% 'HYLFH ^HIEI` *% :job\Zpby b \hkklZgh\e_gb_ bgnhjfZpbb 8VHG VSDFH 9ROXPHV E\WHV 8QDEOH WR JHW YROXPH LQIRUPDWLRQ B^_glbnbdZlhj ^bkdZ lj_[m_lky êy gZkljhcdb kbkl_fu Zjob\Zpbb GZijbf_j qlh[u gZ \g_rg_f ^bkd_ Z\lhfZlbq_kdb kha^Z\Zeky iheguc Zjob\ Zjob\ \k_o bf_xsboky lhfh\ lj_[m_lky \uihegblv ke_^mxsmx dhfZg^m &?! ^HIEI` &'() ZEDGPLQ %DFNXS FRPPDQGOLQH WRRO & &RS\ULJKW 0LFURVRIW &RUS 5HWULHYLQJ YROXPH LQIRUPDWLRQ 7KH VFKHGXOHG EDFNXS VHWWLQJV 9ROXPHV LQ EDFNXS : & :[ ' 'DWD ( 'DWD ) /RFDWLRQ WR VWRUH EDFNXS :'& :' $$-%:5$ 86% 'HYLFH 7LPHV RI GD\ WR UXQ EDFNXS 'R \RX ZDQW WR HQDEOH EDFNXSV ZLWK WKH DERYH VHWWLQJV" ><@ <HV >1@ 1R 7KH VFKHGXOHG EDFNXS LV HQDEOHG < hlebqb_ hl gZkljhcdb k ihfhsvx hkgZkldb Kbkl_fZ Zjob\Zpbb ^Zgguo mdZaZgguc p_e_\hc ^bkd g_ h[yaZl_evgh nhj fZlbjm_lky _keb gZ g_f m`_ bf_xlky Zjob\u lh mlbeblZ \u^Zkl aZijhk b iha\hebl khojZgblv bo IZjZf_lju Z\lhfZlbq_kdhc Zjob\Zpbb fh`gh ihkfhlj_lv k ihfhsvx dhfZgû ZEDGPLQ (1$%/( %$&.83 DhfZg^Z ZEDGPLQ 67$57 %$&.83 iha\hey_l \ ex[hc fh f_gl aZimklblv Zjob\Zpbx k aZ^Zggufb iZjZf_ljZfb K ihfhsvx dhfZgû ZEDGPLQ ',6$%/( %$&.83 Z\lhfZlbq_kdZy Zjob\Zpby hldex qZ_lky b \k_ iZjZf_lju m^Zeyxlky :LQGRZV 6HUYHU Kha^Zgb_ihegh]hh[jZaZkbkl_fu bebZjob\Zhl^_evguolhfh\ ?keb kbkl_fZ gZoh^blky \ jZ[hq_f khklhygbb b \ g_c mklZgh\e_gu \k_ g_h[oh^b fu_ ijbdeZ^gu_ ijh]jZffu lh bf__l kfuke khojZgblv iheguc h[jZa kbkl_fu kh \k_c bgnhjfZpb_c ojZgys_cky gZ ehdZevguo ^bkdZo Ijb \uoh^_ dhfivxl_jZ ba kljhy h[jZa kbkl_fu e_]dh fh`gh \hkklZgh\blv gZ dhfivxl_j_ k ZgZeh]bqghc Zi iZjZlghc dhgnb]mjZpb_c JZamf__lky êy khojZg_gby ihegh]h Zjob\Z ihlj_[m_lky `_kldbc ^bkd [hevrh]h h[t_fZ =eZ\Z 1 JBF?Q:GB? < kbkl_fZo :LQGRZV 6HUYHU g_l hl^_evghc hi_jZpbb ih khojZg_gbx ihegh]h h[jZaZ kbkl_fu dZd nmgdpby :LQGRZV &RPSOHWH 3& \ :LQGRZV 9LVWD G_h[oh^b fh ijhklh ijb kha^Zgbb Zjob\Z mdZaZlv hipbx )XOO VHUYHU <_kv k_j\_j Ijb \hk klZgh\e_gbb kbkl_fu ijh]jZffZfZkl_j kZfZ ihcf_l fh`gh eb ba bf_xsboky Zjob\h\ \uihegblv ihegh_ \hkklZgh\e_gb_ k_j\_jZ Qlh[u kha^Zlv h[jZa kbkl_fu beb Zjob\ hl^_evguo lhfh\ \uihegbl_ ke_^mxsb_ hi_jZpbb Kbkl_fZ Zjob\Zpbb ^Zgguo < hdg_ hkgZkldb kf jbk \u[_jbl_ kkuedm H^ghdjZlgZy Zjob\Zpby aZimklblky fZkl_j FZkl_j h^ghdjZlghc Zjob\Zpbb FZkl_j fh`_l bkihevah\Zlv iZjZf_lju hij_^_e_ggu_ êy Zjob\Zpbb ih jZkib kZgbx \ wlhf kemqZ_ fh`gh kh]eZrZlvky k mklZgh\e_ggufb iZjZf_ljZfb beb dhjj_dlbjh\Zlv bo beb ^jm]b_ aZ^Zggu_ êy dhgdj_lghc hi_jZpbb ² k^_eZcl_ :LQGRZV 6HUYHU ² khhl\_lkl\mxsbc \u[hj >Ze__ [m^_l jZkkfZljb\Zlvky kemqZc k gh\ufb bg^b \b^mZevgufb iZjZf_ljZfb ² iheguc h[ GZ ke_^mxs_f wlZi_ mdZau\Z_lky dZdhc Zjob\ [m^_l kha^Z\Zlvky jZa kbkl_fu hipby )XOO 6HUYHU beb Zjob\ hl^_evguo lhfh\ hipby &XVWRP H[jZa \k_c kbkl_fu [m^_l aZgbfZlv agZqbl_evguc h[t_f b wlh gm`gh mqblu \Zlv ijb \u[hj_ p_e_\hc iZidb beb ghkbl_ey K H<?L ?keb \u[jZlv iheguc h[jZa gh \ dZq_kl\_ p_e_\h]h mdZaZlv h^bg ba ijbkh_^b g_gguo ^bkdh\ lh kh^_j`bfh_ wlh]h ^bkdZ [m^_l bkdexq_gh ba Zjob\Z b ke_ ^h\Zl_evgh nZdlbq_kdb ihemqblky Zjob\ hklZevguo lhfh\ Ihwlhfm ^Z`_ ijb bkihevah\Zgbb \g_rg_]h gZdhibl_ey gm`gh kgZqZeZ gZkljhblv Z\lhfZlbq_kdmx Zjob\Zpbx gZ wlhl ^bkd Z ihlhf ijbgm^bl_evgh \uihegblv h^ghdjZlgmx hi_ jZpbx Ijb \u[hj_ hipbb &XVWRP GZkljZb\Z_fuc fh`gh mdZaZlv dZdb_ bf_ggh ^bk db \hc^ml \ khklZ\ Zjob\Z jbk Ih mfheqZgbx mklZgh\e_g neZ`hd (QDEOH V\VWHP UHFRYHU\ <dexqblv \hkklZgh\e_gb_ kbkl_fu \ wlhf kemqZ_ \ Zjob\ \hc^ml \k_ dhfihg_glu hi_jZpbhgghc kbkl_fu b nZceu g_h[oh^bfu_ êy aZ ]jmadb ?keb neZ`hd kgylv lh fh`gh Zjob\bjh\Zlv hl^_evgu_ g_djblbq_kdb_ lhfZ ² ² AZl_f ijh]jZffZ ij_êh`bl \u[jZlv êy aZibkb h[jZaZ h^bg ba ehdZevguo ^bk dh\ `_kldbc ^bkd beb ijb\h^ beb m^Ze_ggmx h[smx k_l_\mx iZidm \u[_jbl_ gm`guc \ZjbZgl Iheguc Zjob\ g_evay khojZgylv gZ lhf `_ ^bkd_ dhlhjuc [m^_l \dexq_g \ _]h khklZ\ ke_^h\Zl_evgh ijb gZebqbb _^bgkl\_ggh ]h jZa^_eZ eh]bq_kdh]h ^bkdZ beb lhfZ kha^Zgb_ Zjob\Z \hafh`gh lhevdh gZ ^bkdZo beb \ k_lb '9' '9' :job\Zpby b \hkklZgh\e_gb_ bgnhjfZpbb Jbk Kibkhd ^bkdh\ dhlhju_ [m^ml \dexq_gu \ h[jZa kbkl_fu K H<?L Ihkfhlj_lv dZdb_ h[sb_ iZidb bf_xlky gZ m^Ze_gghf k_j\_j_ fh`gh ijb ih fhsb dhfZgû QHW YLHZ ??bfyK_j\_jZ! 9ROXPH 6KDGRZ &RS\ 6HUYLFH 966 GZ aZ\_jrZxs_f rZ]_ ijh\_jvl_ ijZ\bevghklv \u[hjZ iZjZf_ljh\ Zjob\Zpbb b gZ`fbl_ dghidm %DFNXS :job\bjh\Zlv Ihke_ wlh]h gZqg_lky l_g_\h_ dhibjh \Zgb_ \u[jZgguo ^bkdh\ \ mdZaZggh_ f_klh AZ oh^hf ijhp_kkZ fh`gh ke_^blv g_ihkj_^kl\_ggh \ hdg_ ijh]jZffufZkl_jZ ?keb wlh hdgh aZdjulv lh aZ \u iheg_gb_f hi_jZpbb fh`gh ke_^blv \ hdg_ hkgZkldb gZ iZg_eb 0HVVDJHV Kh h[s_gby beb `_ \ hdg_ dhgkheb \uihegb\ dhfZg^m ZEDGPLQ *(7 67$786 < ijhp_kk_ \uiheg_gby hi_jZpbb gZ p_e_\hf ^bkd_ kha^Z_lky iZidZ ?:LQGRZV,PDJH%DFNXS kh^_j`ZsZy ih^dZlZeh] bfy dhlhjh]h khhl\_lkl\m_l bf_gb GZ ke_^mxs_f rZ]_ mdZ`bl_ lbi Zjob\Z kem`[u ?keb \ kbkl_f_ g_l ^jm]bo ijh]jZff êy Zjob\Zpbb ^Zgguo lh fh`gh \u[jZlv hipbx 966 IXOO EDFNXS IhegZy Zjob\Zpby 966 ² =eZ\Z Zjob\bjm_fh]h dhfivxl_jZ Z \gmljb g_]h iZidZ k nZceZfb Zjob\Z < bf_gb wlhc iZidb nb]mjbjmxl ^ZlZ kha^Zgby Zjob\Z b kem`_[guc dh^ I JBF?Q:GB? Ihkdhevdm \ kbkl_fZo :LQGRZV 9LVWD:LQGRZV 6HUYHU hlkmlkl\mxl klZg^Zjl gu_ kj_^kl\Z Zjob\Zpbb hl^_evguo nZceh\ b iZihd lh êy kha^Zgby dhibc \Z` guo ^Zgguo hklZxlky ^\Z kj_^kl\Z \kljh_ggu_ \hafh`ghklb aZibkb ^bkdh\ b mlbeblZ 5RERFRS\H[H h[eZ^ZxsZy hq_gv wnn_dlb\gufb b jZa\blufb \hafh` ghklyfb ih dhibjh\Zgbx nZceh\ K __ ihfhsvx e_]dh dhibjh\Zlv nZceu ba h^ ghc iZidb \ ^jm]mx ijb wlhf fh`gh dhibjh\Zlv lhevdh baf_g_ggu_ nZceu beb nZceu k aZ^Zggufb k\hckl\Zfb Z lZd`_ fh`gh h[_ki_qb\Zlv kbgojhgbaZpbx kh^_j`bfh]h ^\mo iZihd '9' <uiheg_gb_Zjob\Zpbb badhfZg^ghckljhdb Gb`_ ijb\_^_g ijbf_j \uiheg_gby h^ghdjZlgh hi_jZpbb Zjob\Zpbb \u[jZggh]h lhfZ ' gZ m^Ze_gghf dhfivxl_j_ ??659 \ h[s_c iZid_ ?'DWD \ wlhf kemqZ_ h[yaZl_evgh gm`gh mdZau\Zlv bfy b iZjhev ihevah\Zl_ey bf_xs_]h ijZ\h gZ \u iheg_gb_ hi_jZpbb êy ^Zggh]h dhfivxl_jZ !" #$% & '( )$ ) ( *% ) +! " # % , -+. + -/. / $ $ $ $ % % # ( ) 0 ( ( ) +! "1 !2" ( ) +! "1 !2" GZ`Z\ deZ\brb &WUO! &! fh`gh ij_j\Zlv \u\h^ khh[s_gbc h oh^_ hi_jZpbb ijb wlhf kZfZ hi_jZpby [m^_l ijh^he`Zlvky M\b^_lv __ l_dms__ khklhygb_ iha\h ey_l dhfZg^Z 34* *5*6 ?keb l_dmsmx hi_jZpbx Zjob\Zpbb beb \hkklZgh\e_gby lj_[m_lky ij_djZlblv \\_ ^bl_ dhfZg^m *78 97 :job\Zpby b \hkklZgh\e_gb_ bgnhjfZpbb <hkklZgh\e_gb_bgnhjfZpbb L_i_jv fh`gh jZkkfhlj_lv hi_jZpbb k\yaZggu_ k bkihevah\Zgb_f kha^Zgguo Zj ob\h\ Ihfbfh ijhklh]h ba\e_q_gby ^Zgguo ba Zjob\h\ \ kbkl_fZo :LQGRZV 6HUYHU bf__lky nmgdpby ihemq_gby ij_`gbo \_jkbc nZceh\ dhlhjZy êy ihevah\Zl_ ey \u]ey^bl lZd `_ dZd \ :LQGRZV 9LVWD ohly kihkh[u ih^]hlh\db Zjob\h\ bk ihevam_fuo êy j_ZebaZpbb wlhc nmgdpbb hlebqZxlky <hkklZgh\e_gb_^ZgguobaZjob\Z ?keb bf_xlky \jmqgmx beb Z\lhfZlbq_kdb ih jZkibkZgbx kha^Zggu_ Zjob\u lh fh`gh ihevah\Zlvky hi_jZpb_c \hkklZgh\e_gby ^Zgguo Ijb wlhf fh`gh \hkklZ gZ\eb\Zlv bgnhjfZpbx ba Zjob\h\ ih^]hlh\e_gguo gZ ^jm]bo dhfivxl_jZo Ijhp_^mjZ \hkklZgh\e_gby kemqZcgh m^Ze_gguo beb bkihjq_gguo ^Zgguo \u]ey ^bl ke_^mxsbf h[jZahf Kbkl_fZ Zjob\Zpbb ^Zgguo :LQGRZV < hdg_ hkgZkldb 6HUYHU kf jbk \u[_jbl_ kkuedm <hkklZgh\e_gb_ ² aZimklblky fZkl_j FZkl_j \hkklZgh\e_gby KgZqZeZ gm`gh mdZaZlv k dZdh]h k_j\_jZ gm`gh \hkklZgZ\eb\Zlv ^Zggu_ k eh dZevgh]h dhfivxl_jZ beb k ^jm]h]h hipby Ijb \u[hj_ i_j\hc hipbb [m^ml ijhkfZljb\Zlvky \k_ Zjob\u bf_xsb_ky gZ dhfivxl_j_ dZd kha ^Zggu_ ih jZkibkZgbx b ojZgysb_ky gZ hl^_evguo ^bkdZo lZd b Zjob\u kha ^Zggu_ ih aZijhkm < kemqZ_ \u[hjZ ^jm]h]h dhfivxl_jZ fh`gh mdZau\Zlv lhevdh \jmqgmx kha^Zggu_ Zjob\u aZ^Z\Zy bo lhqgh_ f_klhiheh`_gb_ ² wlh fh`_l [ulv jZa^_e ehdZevgh]h `_kldh]h ^bkdZ '9'ijb\h^ beb h[sZy k_l_\Zy iZidZ < hklZevghf wlb ^\_ hipbb g_ jZaebqZxlky >ey mdZaZggh]h gZ ij_û^ms_f rZ]_ f_klhiheh`_gby fZkl_j bs_l kha^Zggu_ Zjob\u b mdZau\Z_l dZdb_ ba gbo ^hklmigu Ijb wlhf hlh[jZ`Z_lky dZe_g^Zjv ih dhlhjhfm fh`gh \u[jZlv ^Zlm kha^Zgby Zjob\Z ?keb gZ g_dhlhjuc ^_gv ijboh^blky g_kdhevdh Zjob\h\ lh bo fh`gh \u[bjZlv ih ^Zl_ kha^Zgby Ke_^m _l mdZaZlv Zjob\ dhlhjuc [m^_l bkihevah\Zlvky êy \hkklZgh\e_gby ^Zgguo >Ze__ mdZ`bl_ dZdZy bgnhjfZpby [m^_l dhibjh\Zlvky ba Zjob\Z wlh fh]ml [ulv nZceu b iZidb ijbeh`_gby aZj_]bkljbjh\Zggu_ \ kbkl_f_ beb p_eu_ lhfZ %DFNXS :LQGRZV 6HUYHU Ijb \hkklZgh\e_gbb nZceh\ b iZihd fh`gh mdZaZlv dhgdj_lgu_ h[t_dlu dhlh ju_ lj_[m_lky \u[jZlv ba Zjob\Z jbk G_h[oh^bfh ijhkfhlj_lv ^_j_\h iZ ihd b \u^_eblv \ hdg_ kijZ\Z gm`gu_ nZceu beb iZidb hi_jZpby \u^_e_gby hkms_kl\ey_lky lZd `_ dZd \ hdg_ ijh]jZffu :LQGRZV ([SORUHU Ijh\h^gbd =eZ\Z Jbk <u[hj hl^_evguo nZceh\ b iZihd êy \hkklZgh\e_gby MdZ`bl_ f_klhiheh`_gb_ êy \hkklZgZ\eb\Z_fuo ^Zgguo nZceu fh]ml aZib ku\Zlvky \ bkoh^gh_ f_klh beb \ ijhba\hevgh \u[jZggmx iZidm Fh`gh \u [jZlv ^_ckl\b_ dhlhjh_ [m^_l \uihegylvky \ kemqZ_ dhgnebdlh\ ijb kh\iZ^_ \hkklZgZ\eb\Zlvky k ^jm]bfb bf_gZfb klZju_ nZceu i_j_aZibku\Zlvky beb `_ dhgnebdlmxsb_ nZceu [m^ml ijhims_gu l _ gbb bf_g nZceu fh]ml fh]ml hklZgmlky \_jkbb kms_kl\mxsb_ gZ fhf_gl \uiheg_gby hi_jZpbb gbx êy nZceh\ b iZihd \hkklZgZ\eb\Zxlky iZjZf_lju [_ahiZkghklb Ih mfheqZ 17)6 GZ aZ\_jrZxs_f wlZi_ gm`gh ijh\_jblv kibkhd \hkklZgZ\eb\Z_fuo nZceh\ beb iZihd b aZimklblv hi_jZpbx gZ`Z\ dghidm <hkklZgh\blv <uiheg_gb_hi_jZpbb\hkklZgh\e_gby badhfZg^ghckljhdb WlZ hi_jZpby lj_[m_l g_dhlhjuo ij_^\Zjbl_evguo ^_ckl\bc KgZqZeZ k ihfhsvx dhfZgû gm`gh ihkfhlj_lv dZdb_ Zj ob\u bf_xlky \ mdZaZgghf f_kl_ \ m^Ze_gghc iZid_ gZ nbabq_kdhf beb eh]bq_ :job\Zpby b \hkklZgh\e_gb_ bgnhjfZpbb kdhf ^bkd_ GZijbf_j ke_^mxsZy dhfZg^Z iha\hey_l m\b^_lv kibkhd Zjob\h\ khojZg_gguo gZ mdZaZgghf lhf_ ) ² a^_kv gm`gh hjb_glbjh\Zlvky gZ b^_glbnb dZlhju \_jkbc AZl_f fh`gh ijhkfhlj_lv dZdb_ we_f_glu kh^_j`Zlky \ dhgdj_lghf Zjob\_ ohly wlh b g_h[yaZl_evgh _keb \u m\_j_gu qlh gm`gZy bgnhjfZpby \ Zjob\_ ijbkmlkl \m_l !"# $%& '$$% () $#*+,-' . / +$0$1' $+# $%"& 2 3.455& 6455&1&457 $%"& 898: $"'& ' ;##% '$ 2 &,0'+* $#$&' 2 &,0'+* ( &,0'+*) >ey \hkklZgh\e_gby we_f_glh\ ba Zjob\Z g_h[oh^bfh dZd fbgbfmf mdZaZlv b^_g lbnbdZlhj \_jkbb lbi we_f_glZ b kibkhd wlbo we_f_glh\ GZijbf_j ke_^mxsZy dhfZg^Z iha\hey_l \hkklZgh\blv \ bkoh^gh_ f_klh mdZaZgguc nZce &?'RFV?WH[WW[W b i_j_aZibkZlv bf_xsbcky nZce ! " #$% <$ 0'&=''=' Qlh[u \hkklZgh\blv p_ebdhf lhf ! & ^hklZlhqgh \uihegblv dhfZg^m " # % K Kibkhd ^hihegbl_evguo iZjZf_ljh\ dhfZg^ fh`gh ihemqblv \\_^y bo gZa\Zgb_ [_a ^hihegbl_evguo dexq_c Ij_`gb_\_jkbbnZceh\biZihd < kbkl_fZo \_jkbc bf__lky \hafh`ghklv \hkklZgh\e_gby :LQGRZV 6HUYHU SUHYLRXV YHUVLRQV ij_û^msbo nZceh\ b iZihd Wlh fh`_l ihlj_[h\Zlvky ijb kemqZcghf m^Ze_gbb bgnhjfZpbb beb ijb g_h[oh^bfhklb \_jgmlvky d [he__ jZgg_c \_jkbb nZceZ Nmgdpby ij_`gbo \_jkbc ^hklmigZ ehdZevguf ihevah\Zl_eyf k_j\_jZ b k_ l_\uf deb_glZf dhlhju_ h[jZsZxlky m^Ze_ggh d h[sbf iZidZf ?keb hldjulv hdgh ijh]jZffu :LQGRZV ([SORUHU Ijh\h^gbd lh fh`gh \b^_lv qlh \ dhgl_dklghf f_gx ex[h]h nZceZ beb iZidb bf__lky dhfZg^Z <hkklZgh\blv ij_`gxx \_jkbx beb iZidb kha^Z\Zebkv l_g_\u_ VKDGRZ ?keb êy \u[jZggh]h nZceZ dhibb lh \ hdg_ k\hckl\ gZ \deZ^d_ =eZ\Z Ij_û^msb_ \_jkbb jbk fh`gh m\b^_lv kibkhd khojZ g_gguo \ZjbZglh\ nZceZ beb iZidb ijhkfhlj_lv bo b \hkklZgh\blv gZ bkoh^gh_ f_klh dghidZ Dhibjh\Zlv <hkklZgh\blv beb \ Zevl_jgZlb\gmx iZidm dghidZ Jbk <u[hj ij_û^ms_c \_jkbb nZceZ êy \hkklZgh\e_gby beb dhibjh\Zgby H^gZdh êy lh]h qlh[u nmgdpby ij_û^msbo \_jkbc nZceh\ aZjZ[hlZeZ g_h[oh ^bfh kgZqZeZ \dexqblv l_g_\u_ dhibb gZ dhgdj_lghf lhf_ >ey wlh]h gm`gh \u ihegblv ke_^mxsmx ijhp_^mjm < hdg_ ijh]jZffu :LQGRZV ([SORUHU Ijh\h^gbd \u[_jbl_ ex[hc ^bkd s_edgbl_ ijZ\hc dghidhc furb b \ dhgl_dklghf f_gx \uihegbl_ dhfZg^m Zgl ² aZimklblv hkgZkldm GZkljhblv l_g_\u_ dhibb :evl_jgZlb\guc \Zjb H[sb_ iZidb IVPJPWPVF hldjulv dhgl_dklgh_ f_gx êy dhjg_\h]h maeZ b \u[jZlv ZgZeh]bqgmx dhfZg^m \ ih^f_ gx <k_ aZ^Zqb :job\Zpby b \hkklZgh\e_gb_ bgnhjfZpbb < kibkd_ lhfh\ bf_xsboky gZ k_j\_j_ jbk `fbl_ dghidm <dexqblv mdZ`bl_ gm`guc lhf b gZ Jbk Hdgh ijhkfhljZ l_g_\uo dhibc bf_xsboky gZ k_j\_j_ b hdgh iZjZf_ljh\ êy \u[jZggh]h ^bkdZ Ijb \dexq_gbb l_g_\hc dhibb ihy\ey_lky khh[s_gb_ h lhf qlh êy __ kha^Zgby [m^_l bkihevah\Zlvky jZkibkZgb_ mklZgh\e_ggh_ ih mfheqZgbx b qlh iZjZf_l ju \u[jZggu_ ih mfheqZgbx fh]ml [ulv g_ ijb]h^gu êy k_j\_jh\ k [hevrhc gZ]jmadhc Ihwlhfm klZg^Zjlgu_ iZjZf_lju gm`gh ijh\_jblv b ijb g_h[oh^b fhklb kdhjj_dlbjh\Zlv Ihke_ ih^l\_j`^_gby hi_jZpbb l_g_\Zy dhiby [m^_l kha^ZgZ b \j_fy __ kha^Z L_g_\u_ dhibb \u[jZg K ihfhsvx dghidb ! Kha^Zlv l_g_\mx dhibx fh`gh gby ihy\blky \ hdg_ gh]h lhfZ kha^Zlv \ ex[hc fhf_gl DghidZ IZjZf_lju kf jbk iha\hey_l ijhkfhlj_lv iZjZf_lju l_g_\uo dhibc êy \u[jZggh]h ^bkdZ < hdg_ iZjZf_ljh\ aZ^Z_lky jZaf_j [m n_jghc h[eZklb b hij_^_ey_lky jZkibkZgb_ êy kha^Zgby l_g_\hc dhibb mfheqZgbx wlh ^_eZ_lky ih jZ[hqbf ^gyf ^\Z jZaZ \ ^_gv \ Ihke_ \u[hjZ iZjZf_ljh\ hdgh fh`gh aZdjulv gZ`Z\ dghidm b 0, ih =eZ\Z ?keb \ hdg_ l_g_\uo dhibc \u[jZlv ih ^Zl_ kha^Zgby hij_^_e_ggmx \_jkbx dhibb lh k ihfhsvx dghidb <hkklZgh\blv fh`gh \hkklZgh\blv kh^_j`bfh_ \k_o nZceh\ kms_kl\h\Z\r__ gZ fhf_gl kha^Zgby wlhc l_g_\hc dhibb Ijb wlhf \k_ ba f_g_gby \uiheg_ggu_ iha^g__ wlh]h \j_f_gb [m^ml ml_jygu :\Zjbcgh_\hkklZgh\e_gb_kbkl_fu kihfhsvxihegh]hh[jZaZkbkl_fu < kemqZ_ djZoZ kbkl_fu fh`gh \hkklZgh\blv __ khklhygb_ b \k_ ihevah\Zl_evkdb_ ^Zggu_ ba h[jZaZ kbkl_fu ² jZamf__lky _keb wlhl h[jZa [ue ij_^\Zjbl_evgh kha ^Zg gZ hl^_evghf nbabq_kdhf ^bkd_ >ey \hkklZgh\e_gby kbkl_fu k ihfhsvx __ h[jZaZ lj_[mxlky ke_^mxsb_ hi_ jZpbb AZimklbl_ ijh]jZffm mklZgh\db :LQGRZV aZ]jmab\rbkv k ^bkljb[mlb\gh]h ^bkdZ < i_j\hf hdg_ ijh]jZffu mklZgh\db s_edgbl_ ih kkued_ <hkklZgh\e_gb_ kbkl_fu kf jbk Jbk Hipby \uiheg_gby nhjfZlbjh\Zgby :job\Zpby b \hkklZgh\e_gb_ bgnhjfZpbb < hdg_ jbk " IZjZf_lju \hkklZgh\e_gby kbkl_fu kf \u[_jbl_ hipbx # <hkklZgh\e_gb_ Zjob\Z :LQGRZV &RPSOHWH 3& AZimklblky fZkl_j \hkklZgh\e_gby dhlhjuc ihiulZ_lky gZclb ihôh^ysbc h[ jZa kbkl_fu beb ihijhkbl mklZgh\blv `_kldbc ^bkd gZ dhlhjhf [ue khojZg_g iheguc Zjob\ ?keb fZkl_j fh`_l kZfhklhyl_evgh gZclb h[jZau gZ ih^dexq_g guo ^bkdZo lh g_h[oh^bfh mlhqgblv dZdhc ba Zjob\h\ [m^_l bkihevah\Zlvky :\lhfZlbq_kdb \u[bjZ_lky kZfuc k\_`bc Zjob\ Ihke_ \u[hjZ Zjob\Z gm`gh m[_^blvky \ ijZ\bevghklb bgnhjfZpbb b hij_^_eblv khklhygb_ neZ`dZ mdZau\Zxs_]h [m^_l eb \uihegylvky jZaf_ldZ b nhjfZlbjh \Zgb_ ^bkdh\ jbk Ih mfheqZgbx neZ`hd k[jhr_g b nhjfZlbjmxlky lhevdh \hkklZgZ\eb\Z_fu_ ^bkdb bkihevah\Zggu_ ijb kha^Zgbb h[jZaZ ² \ky bgnhjfZ pby gZ gbo m^Zey_lky b [m^_l kdhibjh\ZgZ ba Zjob\Z >jm]b_ ^bkdb _keb hgb bf_xlky gZ dhfivxl_j_ g_ aZljZ]b\Zxlky ijb \hkklZgh\e_gbb ?keb \ khklZ\ ihegh]h Zjob\Z \oh^yl djblbq_kdb_ b g_djblbq_kdb_ lhfZ lh \ ^Zgghf hdg_ ihy \blky lZd`_ neZ`hd ijb mklZgh\d_ dhlhjh]h [m^ml \hkklZgZ\eb\Zlvky lhevdh djb lbq_kdb_ lhfZ l_ dhlhju_ g_h[oh^bfu êy aZ]jmadb kbkl_fu GZ`Z\ dghidm >hihegbl_evgh fh`gh hij_^_eblv iZjZf_lju i_j_ aZ]jmadb kbkl_fu ihke_ \hkklZgh\e_gby b g_h[oh^bfhklv ijh\_jdb ^bkdh\ ih mfheqZgbx h[_ hi_jZpbb \uihegyxlky < ihke_^g_f hdg_ fZkl_jZ ihke_ gZ`Zlby dghidb =hlh\h gm`gh ih^ l\_j^blv kh]eZkb_ gZ m^Ze_gb_ bgnhjfZpbb k \hkklZgZ\eb\Z_fuo ^bkdh\ b lhevdh aZl_f gZqg_lky \hkklZgh\e_gb_ Zjob\Z ihke_ q_]h dhfivxl_j Z\lhfZlb q_kdb i_j_aZ]jmablky <hkklZgh\e_gb_ h[jZaZ ijhbkoh^bl aZf_lgh [uklj__ q_f _]h kha^Zgb_ KhojZg_gb_b\hkklZgh\e_gb_ khklhygbykbkl_fu 6\VWHP6WDWH >ey khojZg_gby khklhygby kbkl_fu \h \k_o \_jkbyo :LQGRZV 6HUYHU lj_[m_lky hkh[Zy ijhp_^mjZ ihkdhevdm k ihfhsvx hkgZkldb Kbk l_fZ Zjob\Zpbb ^Zgguo :LQGRZV 6HUYHU wlm hi_jZpbx \uihegblv g_evay Khklhygb_ kbkl_fu \dexqZ_l \ k_[y ke_^mxsmx bgnhjfZpbx X Kbkl_fguc j__klj X J_]bkljZpbhggZy [ZaZ deZkkh\ &20 X NZceu g_h[oh^bfu_ êy aZ]jmadb kbkl_fu \dexqZy nZceu kZfhc kbkl_fu X Kbkl_fgu_ nZceu aZsbs_ggu_ nmgdpb_c :LQGRZV )LOH 3URWHFWLRQ =eZ\Z Djhf_ lh]h fh]ml ijbkmlkl\h\Zlv ^hihegbl_evgu_ dhfihg_glu _keb hgb mklZgh\ e_gu \ kbkl_f_ X ;ZaZ ^Zgguo kem`[ k_jlbnbdZlh\ &HUWLILFDWH 6HUYLFHV X Kem`[Z dZlZeh]Z $FWLYH 'LUHFWRU\ X Lhf 6<692/ X BgnhjfZpby kem`[u deZkl_jh\ X F_lZdZlZeh] kem`[ ,,6 Khklhygb_ kbkl_fu fh`gh khojZgblv lhevdh gZ \gmlj_ggbc beb \g_rgbc ^bkd dhfivxl_jZ '9'^bkd beb k_l_\mx h[smx iZidm bkihevah\Zlv g_evay Ba Zjob\Z khklhygby kbkl_fu \hkklZgZ\eb\Zxlky lhevdh kZfh khklhygb_ kbkl_fu b kbkl_f gu_ ijbeh`_gby êy \hkklZgh\e_gby lhfZ beb jZ[hqbo nZceh\ ke_^m_l ijbf_gylv h[uqgu_ Zjob\gu_ dhibb < GBF:GB? < ^hf_gZo $FWLYH 'LUHFWRU\ gZ [Za_ :LQGRZV 6HUYHU fh`gh kha^Z\Zlv ^hihe gbl_evgu_ dhgljhee_ju ^hf_gZ bkihevamy khklhygb_ kbkl_fu khojZg_ggh_ k ihfhsvx ijh]jZffu Zjob\Zpbb < kbkl_fZo :LQGRZV 6HUYHU êy wlbo p_e_c g_h[oh^bfh bkihevah\Zlv mlbeblm 1WGVXWLOH[H kf ]eZ\m >ey khojZg_gby khklhygby kbkl_fu bkihevam_lky mlbeblZ dhfZg^ghc kljhdb :EDGPLQ Gb`_ ijb\_^_gu khh[s_gby ihy\eyxsb_ky ijb \uiheg_gbb hi_jZpbb k bkihevah\Zgb_f ehdZevgh]h lhfZ ( !"# $%&&'$ ! $ $( ) * )+* + $, - $, . , / 0'1 $ $, 2 # 2 3 2 # 2 . , / 001 $ $, 24, # 2 3 24, # 2 3 2.56 47!3 # 2 3 2#58 # 2 . , / 001 $ $, $ :job\Zpby b \hkklZgh\e_gb_ bgnhjfZpbb ////////////////// 3 )&%&9%&&' :;<:* = , 2# $ = , # $ 3 3 &%/&9/%&&' :;/&;/ >& ,2 Ihke_ \uiheg_gby hi_jZpbb gZ p_e_\hf ^bkd_ kha^Z_lky iZidZ :LQGRZV,PDJH%DFNXS kh^_j`ZsZy ih^dZlZeh] bfy dhlhjh]h khhl\_lkl\m_l bf_gb dhfivxl_jZ Z \gmljb g_]h ² iZidZ 6\VWHP6WDWH%DFNXS <gmljb g__ [m^ml ojZgblv ky dhgdj_lgu_ \_jkbb khklhygby kbkl_fu Ihkdhevdm Zjob\ \dexqZ_l \k_ kbkl_f gu_ nZceu hi_jZpby khojZg_gby khklhygby kbkl_fu \uihegy_lky ^h\hevgh ^he]h Z kZf Zjob\ aZgbfZ_l agZqbl_evgh_ f_klh k\ur_ ² =[Zcl >ey \hkklZgh\e_gby khklhygby kbkl_fu bkihevam_lky dhfZg^Z $ ?4 ?keb __ aZimklblv [_a ^hihegbl_evguo dexq_c lh \u\h^blky kibkhd g_h[oh^bfuo iZjZf_ljh\ 5?4.@4 =E:<: K_l_\u_dhfihg_glubkem`[u >ZggZy ]eZ\Z ihk\ys_gZ bkihevah\Zgbx kbkl_f :LQGRZV 6HUYHU \ k_lb b \dexqZ_l hibkZgb_ hkgh\guo k_l_\uo kem`[ dhlhju_ ijbf_gyxlky \ k_lyo ih kljh_gguo gZ [Za_ kl_dZ ijhlhdheh\ 7&3,3 ;m^ml ho\Zq_gu \k_ \hijhku g_h[oh ^bfu_ êy jZa\_jlu\Zgby dZ`^hc kem`[u \ ehdZevghc k_lb KgZqZeZ fu jZkkfhljbf hkgh\gu_ ihgylby b lbih\u_ hi_jZpbb g_h[oh^bfu_ ijb jZ[hl_ \ k_l_\hc kj_^_ gZijbf_j kha^Zgb_ b gZkljhcdZ k_l_\uo ih^dexq_gbc AZl_f hibku\Zxlky k_l_\u_ kem`[u dhlhjuf \ kbkl_fZo :LQGRZV 6HUYHU kh hl\_lkl\mxl ke_^mxsb_ jheb k_j\_jZ ^h[Z\ey_fu_ k ihfhsvx hkgZkldb >bki_lq_j k_j\_jZ X '+&3 6HUYHU '+&3k_j\_j X '16 6HUYHU '16k_j\_j X 1HWZRUN 3ROLF\ DQG $FFHVV 6HUYLFHV Kem`[u iheblbdb k_lb b ^hklmiZ < wlhc ihke_^h\Zl_evghklb fu b [m^_f jZkkfZljb\Zlv kem`[u [he__ ih^jh[gh < aZ\_jr_gbb ]eZ\u hibku\Z_lky \kljh_gguc [jZg^fZmwj :LQGRZV y\eyxsbcky h^gbf ba ]eZ\guo kj_^kl\ h[_ki_q_gby k_l_\hc [_ahiZkghklb dhfivxl_jh\ b ^Z xlky ijbf_ju ih gZkljhcd_ k_l_\uo iZjZf_ljh\ b [jZg^fZmwjZ ijb jZ[hl_ \ hdg_ dhfZg^ghc kljhdb K_l_\u_kj_^kl\Z m^Ze_ggu_ba:LQGRZV6HUYHU < kbkl_fZo :LQGRZV 9LVWD b :LQGRZV 6HUYHU ij_djZs_gZ ih^^_j`dZ g_dhlh juo ijhlhdheh\ b kem`[ i_j_qbkebf bo \ ZenZ\blghf ihjy^d_ X $V\QFKURQRXV 7UDQVIHU 0RGH $70 =eZ\Z X %DVLF )LUHZDOO \ khklZ\_ kem`[u 5RXWLQJ DQG 5HPRWH $FFHVV FZjrjmlbaZpby b m^Ze_gguc ^hklmi aZf_g_g \kljh_gguf [jZg^fZmwjhf :LQGRZV )LUHZDOO X &OLHQW 6HUYLFH IRU 1HWZDUH Deb_gl êy k_l_c 1HWZDUH X 1:/LQN ,3;63;1HW%,26 &RPSDWLEOH 7UDQVSRUW 3URWRFRO X 2SHQ 6KRUWHVW 3DWK )LUVW 263) ijhlhdhe fZjrjmlbaZpbb êy kem`[u 5RXWLQJ DQG 5HPRWH $FFHVV FZjrjmlbaZpby b m^Ze_gguc ^hklmi X 6HULDO /LQH ,QWHUIDFH 3URWRFRO 6/,3 X 6HUYLFHV IRU 0DFKLQWRVK 6)0 X 63$3 ($30'&+$3 b 06&+$3 06&+$3 Y ijhlhdheu Zml_glbnbdZ pbb êy 333kh_^bg_gbc X ; < kbkl_fZo :LQGRZV 6HUYHU khojZg_g dhfihg_gl 6073 6HUYLFH Kem`[Z 6073 iha\heyxsbc hlijZ\eylv ihqlh\u_ khh[s_gby gZ 6073k_j\_ju h^gZdh hlkmlkl \mxl dZdb_eb[h \kljh_ggu_ kj_^kl\Z h[_ki_qb\Zxsb_ ojZg_gb_ khh[s_gbc b i_j_^Zqm bo deb_glZf ih ijhlhdhem 323 M LBEBL: 6* >EY HLIJ:<DB KHH;S?GBC >ey hlijZ\db ih k_lb ijhkluo l_dklh\uo khh[s_gbc \f_klh dhfZgû 309 803/ l_i_jv bkihevam_lky mlbeblZ 0VJH[H Khh[s_gby fh]ml ihkueZlvky hl^_evguf ihevah\Zl_eyf beb \k_f deb_glZf mdZaZggh]h k_j\_jZ Kibkhd iZjZf_ljh\ mlb eblu e_]dh ihemqblv \\_^y \ dhfZg^ghc kljhd_ bfy mlbeblu [_a dexq_c Hkh[_gghklbbkihevah\Zgby g_dhlhjuok_l_\uodhfihg_glh\ < khklZ\_ kbkl_f :LQGRZV 6HUYHU bf_xlky ke_^mxsb_ k_l_\u_ dhfihg_glu mlbeblu b k_j\bku dhlhju_ ih mfheqZgbx g_ mklZgh\e_gu X 6073 6HUYHU K_j\_j 6073 X 6103 6HUYLFHV Kem`[u 6103 X 6XEV\VWHP IRU 81,;EDVHG $SSOLFDWLRQV Ih^kbkl_fZ êy 81,;ijbeh`_gbc X 7HOQHW &OLHQW Deb_gl 7HOQHW X 7HOQHW 6HUYHU 7HOQHWk_j\_j X 7)73 &OLHQW Deb_gl 7)73 X :LUHOHVV /$1 6HUYLFH Kem`[Z [_kijh\h^ghc ehdZevghc k_lb K_l_\u_ dhfihg_glu b kem`[u >ey lh]h qlh[u ihemqblv ^hklmi d i_j_qbke_gguf k_l_\uf kj_^kl\Zf g_h[oh^bfh kgZqZeZ mklZgh\blv khhl\_lkl\mxsb_ dhfihg_glu k ihfhsvx hkgZkldb >bki_lq_j k_j\_jZ DZl_]hjbbk_l_c k_l_\h_jZaf_s_gb_ bijhnbeb\kljh_ggh]h[jZg^fZmwjZ < kbkl_fZo :LQGRZV 9LVWD b :LQGRZV 6HUYHU ihy\behkv ihgylb_ dZl_]hjbb QHWZRUN FDWHJRU\ dhlhjh_ k\yaZgh k fgh`_kl\hf iZjZf_ljh\ hij_^_eyx sbo mjh\_gv [_ahiZkghklb ij_^ty\ey_fuc d dhgdj_lghc k_lb d dhlhjhc ih^ dexqZ_lky dhfivxl_j < ihevah\Zl_evkdhf bgl_jn_ck_ :LQGRZV 9LVWD:LQGRZV 6HUYHU êy h[hagZq_gby dZl_]hjbb k_lb bkihevam_lky l_jfbg k_l_\h_ jZa k_lb f_s_gb_ 1HWZRUN /RFDWLRQ <u[hj dZl_]hjbb k_lb \ i_j\mx hq_j_^v \Z`_g êy ihevah\Zl_e_c fh[bevguo dhf ivxl_jh\ dhlhju_ fh]ml i_j_f_sZlvky f_`^m jZagufb k_lyfb ² dhjihjZlb\gu fb b h[s_^hklmigufb >ey lZdbo ihevah\Zl_e_c \Z`gh qlh[u dhfivxl_j \ i_j \mx hq_j_^v \kljh_gguc [jZg^fZmwj ihfgbe êy wlbo k_l_c gZkljhcdb kh\f_klgh bkihevam_fuo j_kmjkh\ b iZjZf_lju [ehdbjh\db ljZnbdZ êy jZaebq guo k_l_\uo k_j\bkh\ gZijbf_j êy kem`[u )LOH DQG 3ULQWHU 6KDULQJ Kem`[Z ^h klmiZ d nZceZf b ijbgl_jZf >ey k_j\_jh\ bf_xsbo g_kdhevdh k_l_\uo ih^dex q_gbc hkh[_ggh jZaebqgh]h lbiZ lZd`_ fh]ml [ulv \Z`gufb iZjZf_lju [_ahiZk ghklb êy dZ`^hc ih^dexqZ_fhc k_lb beb êy jZaguo ^hf_gh\ < kbkl_fZo :LQGRZV 9LVWD:LQGRZV 6HUYHU ij_^mkfhlj_gu ljb dZl_]hjbb k_l_c X 3ULYDWH QHWZRUN QZklgZy k_lv >hf ² h^ghjZg]h\Zy aZdjulZy k_lv g_[hevrh]h hnbkZ bkihevam_fZy h]jZgbq_gguf b ba\_klguf djm]hf ex^_c Ih mfheqZgbx \ lZdbo k_lyo jZaj_r_gh jZkihagZ\Zgb_ dhfivxl_jZ b _]h j_ kmjkh\ qlh iha\hey_l ^jm]bf ihevah\Zl_eyf k_lb h[jZsZlvky d k_j\bkZf dhf ivxl_jZ \ lhf qbke_ ² d ^bkdZf b ijbgl_jZf X 3XEOLF QHWZRUN H[s_kl\_ggZy k_lv H[s_kl\_ggh_ f_klh ² k_lv k lhqdZfb ^hklmiZ jZkiheZ]Zxsbfbky \ im[ebqguo f_klZo bgl_jg_ldZn_ b l i beb qm `Zy k_lv êy \j_f_ggh]h ih^dexq_gby >ey lZdhc k_lb mklZgZ\eb\Zxlky gZb [he__ `_kldb_ h]jZgbq_gby iha\heyxsb_ fZdkbfZevgh h[_ahiZkblv dhfivx l_j gZijbf_j hldexq_gh jZkihagZ\Zgb_ dhfivxl_jZ X 'RPDLQ QHWZRUN >hf_ggZy k_lv JZ[hlZ ² dhjihjZlb\gZy k_lv WlZ dZl_]hjby \u[bjZ_lky Z\lhfZlbq_kdb ijb ih^dexq_gbb dhfivxl_jZ d ^hf_gm b __ \jmq gmx baf_gblv g_evay < aZ\bkbfhklb hl \u[jZgghc dZl_]hjbb k_lb \kljh_gguc [jZg^fZmwj :LQGRZV :LQGRZV )LUHZDOO \u[bjZ_l lhl beb bghc ijhnbev SURILOH ² l _ mklZgh\e_ggu_ êy wlhc dZl_]hjbb bkdexq_gby H[FHSWLRQV beb ijZ\beZ UXOHV _keb ]h\hjblv h =eZ\Z jZkrbj_gghc dhgnb]mjZpbb ² kf ^Ze__ [ehdbjmy beb gZh[hjhl hldju\Zy gZ \oh^ beb gZ \uoh^ l_ beb bgu_ ihjlu 7&38'3 bkihevam_fu_ kbkl_fgufb k_j\b kZfb b ijbeh`_gbyfb LZdbf h[jZahf dhfivxl_j fh`_l [ulv fZdkbfZevgh nmgd pbhgZevguf b \ lh `_ \j_fy aZsbs_gguf \ dZ`^hc dhgdj_lghc k_l_\hc kj_^_ I_j\hgZqZevguc \u[hj dZl_]hjbb k_lb hkms_kl\ey_lky _s_ ijb mklZgh\d_ hi_jZ pbhgghc kbkl_fu >ey :LQGRZV 6HUYHU ih mfheqZgbx aZ^Z_lky dZl_]hjby 3XEOLF QHWZRUN H[s_kl\_ggZy k_lv Ijb wlhf dhfivxl_j g_ \b^_g kZf b g_ \b^bl ^jm]b_ dhfivxl_ju \ k_lb _klv ^hklmi lhevdh d Bgl_jg_lm < GBF:GB? < ijhp_kk_ jZ[hlu ke_^m_l ke_^blv aZ l_f dZdZy dZl_]hjby k_lb \u[jZgZ b g_ ihf_gyeZkv eb hgZ baaZ dZdbolh baf_g_gbc \ k_l_\hc dhgnb]mjZpbb beb ihke_ i_j_aZ]jmadb kbkl_fu < ijhlb\ghf kemqZ_ ² _keb \u[jZgu [he__ kljh]b_ iZjZ f_lju h[s_kl\_ggZy k_lv ² fh]ml \hagbdgmlv ijh[e_fu k \b^bfhklvx dhfivx l_jZ \ k_lb ^hklmihf d h[sbf j_kmjkZf b l i ?keb \u[jZlv dZl_]hjbx 3ULYDWH QHWZRUN QZklgZy k_lv lh iZjZf_lj K_l_\h_ h[gZjm`_gb_ ihemqZ_l agZq_gb_ Hkh[u_ iZjZf_lju kf jZa^ GZkljhcdZ k_l_\uo iZjZf_ljh\ ^hklmiZ d h[sbf iZidZf b ijbgl_ jZf ]eZ\u \ j_amevlZl_ q_]h dhfivxl_j fh`_l \b^_lv ^jm]bo deb_glh\ k_lb b ih^dexqZlvky d bo j_kmjkZf kh[kl\_ggu_ h[sb_ j_kmjku _keb lZdh\u_ bf_xlky ^jm]bf g_ \b^gu ihkdhevdm iZjZf_lj H[sbc ^hklmi d nZceZf hklZ _lky \ \udexq_gghf khklhygbb b Z^fbgbkljZlhj ^he`_g \u[jZlv hklZevgu_ iZjZ f_lju k_l_\hc dhgnb]mjZpbb >ey gZkljhcdb dZl_]hjbc k_lb \ iZjZf_ljZo [_ahiZkghklb bf__lky ]jmiiZ iheblbd \ iZid_ Iheblbdb ^bki_lq_jZ kibkdZ k_l_c K bo ihfhsvx fh`gh hij_^_eblv \u[hj dZl_]hjbb ijb ih^dexq_gbb dhfivxl_jZ d gh \uf jZkihagZ\Z_fuf beb g_hihagZgguf k_lyf JZ[hlZgZdhfivxl_j_\k_l_\hckj_^_ Bgl_jn_ck mijZ\e_gby k_l_\ufb nmgdpbyfb \ :LQGRZV 6HUYHU aZf_lgh baf_ gbeky ih kjZ\g_gbx k :LQGRZV 6HUYHU Ihwlhfm jZkkfhljbf djZldh hkgh\gu_ hkh[_gghklb gZkljhcdb k_l_\uo iZjZf_ljh\ IhgZqZem lZdhc kihkh[ hj]ZgbaZpbb k_l_\uo nmgdpbc dZ`_lky g_ijb\uqguf h^gZdh kmlv b dhebq_kl\h hi_jZpbc ih gZkljhcd_ k_lb ijZdlbq_kdb g_ baf_gbebkv ih kjZ\g_gbx k ij_û^msbfb \_jkby fb :LQGRZV >ey :LQGRZV 9LVWD dZl_]hjby k_lb mdZau\Z_lky y\gh ijb mklZgh\d_ b gZqZevghf dhgnb]mjbjh \Zgbb kbkl_fu <ijhq_f ihevah\Zl_eyf :LQGRZV 9LVWD \k_ gh\r_kl\Z m`_ [m^ml agZdhfu K_l_\u_ dhfihg_glu b kem`[u Ijb gZebqbb k_l_\h]h Z^Zil_jZ k ijZ\bevgh mklZgh\e_ggufb ^jZc\_jZfb kbkl_fZ Z\lhfZlbq_kdb kha^Z_l ih^dexq_gb_ ih ehdZevghc k_lb /RFDO $UHD &RQQHFWLRQ ² _]h agZqhd ih mfheqZgbx hlh[jZ`Z_lky gZ iZg_eb aZ^Zq \ h[eZklb m\_^hfe_gbc ?keb gZ\_klb gZ g_]h dmjkhj furb lh ihy\blky \kieu\Zxs__ hdgh \ dhlhjhf mdZaZgu ih^dexq_gb_ y b gZa\Zgb_ k_lb k_l_c k dhlhjhc dhfivxl_j kh_^bg_g bagZqZevgh gZa\Zgb_ k_lb ^Z_lky Z\lhfZlbq_kdb gh _]h fh`gh b ihf_gylv ?keb dhfivxl_j ih^dexq_g d ^hf_gm lh \ dZq_kl\_ gZa\Zgby k_lb ih mfheqZgbx bk ihevam_lky '16bfy ^hf_gZ ?keb s_edgmlv ih agZqdm ih^dexq_gby ih ehdZevghc k_lb lh ihy\blky hdgh jbk \ dhlhjhf mdZaZgu bf_gZ ih^dexq_gbc b k_l_c d dhlhjuf bf__l ^hklmi dhfivx l_j gh lZd`_ bf_xlky ^\_ kkuedb >ey ih^dexq_gby d ^jm]hc k_lb ^hklZlhqgh s_edgmlv ih kkued_ Ih^dexq_gb_ beb hldexq_gb_ _keb Zdlb\gh lhevdh ih^dexq_gb_ ih ehdZevghc k_lb lh hlh[jZ`Z_lky kkuedZ Ih^dexqblvky d k_lb DhfZg^Z Ih^dexq_gb_ fh`_l ijbkmlkl\h\Zlv b g_ihkj_^kl\_ggh \ f_gx Imkd ?keb s_edgmlv ih kkued_ P_glj mijZ\e_gby k_lyfb b h[sbf ^hklmihf lh hl djh_lky ]eZ\gh_ hdgh \k_o k_l_\uo gZkljh_d kbkl_fu kf gb`_ Jbk Hdgh Zdlb\guo k_l_\uo ih^dexq_gbc Ijb \uiheg_gbb dhfZgû ih^dexq_gby d k_lb \ ki_pbZevghf hdg_ jbk fh` gh \u[jZlv ex[mx k_lv êy dhlhjhc \ kbkl_f_ jZg__ [ueh kha^Zgh ih^dexq_gb_ b bgbpbbjh\Zlv ih^dexq_gb_ d g_c \ kemqZ_ ^hklmighklb \ wlhf hdg_ lZd`_ [m^ml mdZaZgu [_kijh\h^gu_ k_lb :gZeh]bqgmx hi_jZpbx fh`gh \uihegblv b \ hdg_ k_l_\uo ih^dexq_gbc ² kf jbk ?keb ih agZqdm k_l_\uo ih^dexq_gbc s_edgmlv ijZ\hc dghidhc furb lh lZd`_ fh`gh mijZ\eylv ih^dexq_gbyfb b \uihegylv ^hihegbl_evgu_ hi_jZpbb ² \ wlhf kemqZ_ lj_[m_fZy dhfZg^Z \u[bjZ_lky \ dhgl_dklghf f_gx =eZ\Z A^_kv ke_^m_l h[jZlblv \gbfZgb_ gZ ^\_ dhfZgû X _keb g_h[oh^bfh ke_^blv aZ Zdlb\ghklvx ih^dexq_gby lh \uihegbl_ dhfZg^m <dexqblv ZgbfZpbx Zdlb\ghklb < wlhf kemqZ_ ijb i_j_^Zq_ iZd_lh\ ih ^Zgghfm ih^dexq_gbx gZ _]h agZqd_ [m^ml fb]Zlv bah[jZ`_gby wdjZgh\ dhfivxl_jh\ X dhfZg^Z >bZ]ghklbdZ b \hkklZgh\e_gb_ iha\hey_l mkljZ gblv g_bkijZ\ghklb ijb hrb[dZo ih^dexq_gby Ijb wlhf ijh\_jyxlky b k[jZku\Zxlky k_l_\u_ iZjZf_lju fh`_l h[gh\eylvky ,3Z^j_k _keb hg ihemqZ_lky Z\lhfZlbq_kdb b l i Jbk Hdgh \u[hjZ ih^dexqZ_fhc k_lb P_gljZebah\Zggh_mijZ\e_gb_k_l_\ufbiZjZf_ljZfb < kbkl_fZo :LQGRZV 9LVWD b :LQGRZV 6HUYHU ihevah\Zl_evkdbc bgl_jn_ck \k_o k_l_\uo nmgdpbc aZf_lgh baf_gbeky \k_ hi_jZpbb ih fhgblhjbg]m b dhgnb ]mjbjh\Zgbx k_l_\uo kj_^kl\ \uihegyxlky \ hdg_ P_glj mijZ\e_gby k_lyfb b h[sbf ^hklmihf jbk ² a^_kv fh`gh \b^_lv \k_ Zdlb\gu_ ih^dexq_gby f_gylv bo iZjZf_lju mijZ\eylv h[sbf ^hklmihf d nZc K_l_\u_ dhfihg_glu b kem`[u eZf b ijbgl_jZf Z lZd`_ bgbpbbjh\Zlv hi_jZpbb ih^dexq_gby d k_lyf kha^Zgby b dhgnb]mjbjh\Zgby gh\uo ih^dexq_gbc Jbk =eZ\gh_ hdgh mijZ\e_gby k_l_\ufb nmgdpbyfb kbkl_fu ² Hdgh P_glj mijZ\e_gby k_lyfb b h[sbf ^hklmihf fh`gh hldjulv k iZg_eb mijZ\e_gby ba hdgZ Zdlb\guo ih^dexq_gbc kf jbk beb ba dhgl_dklgh]h f_gx ih^dexq_gby < wlhf hdg_ ihdZaZgu j_`bfu bkihevah \Zgby \k_o Zdlb\guo \ ^Zgguc fhf_gl ih^dexq_gbc >ey jZaju\Z kh_^bg_gby bk ihevam_lky kkuedZ Hldexqblv >ey dZ`^h]h ih^dexq_gby mdZaZgZ \u[jZggZy êy g_]h dZl_]hjby k_lb 1HWZRUN FDWHJRU\ \ gZr_f ijbf_j_ kf jbk =eZ\Z h^gh ih^dexq_gb_ hlghkblky d ^hf_gghc k_lb 'RPDLQ Z ^\Z ^jm]bo ² d im[ebq ghc h[s_kl\_gghc 3XEOLF S_edgm\ ih kkued_ GZkljhcdZ fh`gh baf_gblv dZl_]hjbx < hdg_ gZkljhcdb k_l_\h]h jZaf_s_gby jbk fh`gh baf_gblv bfy ih^dexq_ gby b \u[jZlv dZl_]hjbx k_lb jZaf_s_gb_ dhfivxl_jZ K^_eZ\ \u[hj gm`gh gZ`Zlv dghidm >Ze__ ² kbkl_fZ \uihegbl hi_jZpbx b khh[sbl h __ j_amev lZlZo \ ke_^mxs_f hdg_ Jbk <u[hj dZl_]hjbb k_lb k_l_\h]h jZaf_s_gby >ey dhfivxl_jZ ih^dexq_ggh]h d ^hf_gm k_l_\h_ jZaf_s_gb_ baf_gblv g_evay ² wlh \b^gh gZ ijbf_j_ ijb\_^_gghf gZ jbk Fh`gh lhevdh baf_gblv k_l_\h_ bfy \ dZq_kl\_ dhlhjh]h ih mfheqZgbx bkihevam_lky '16bfy ^hf_gZ Bgh]^Z kbkl_fZ g_ fh`_l ijhZgZebabjh\Zlv \k_ iZjZf_lju k_lb d dhlhjhc ih^ dexq_g dhfivxl_j b \ wlhf kemqZ_ \ k_l_\hf bf_gb 1HWZRUN 1DPH mdZau\Z_lky 8QNQRZQ QHWZRUN G_hihagZggZy k_lv IjZdlbdZ ihdZau\Z_l qlh h[uqgh wlh]h kh h[s_gby hiZkZlvky g_ klhbl ihkdhevdm gZ jZ[hlhkihkh[ghklb k_l_\h]h ih^dexq_ gby wlh g_ kdZau\Z_lky KkuedZ Ijhkfhlj iheghc dZjlu kf jbk iha\hey_l m\b^_lv lZd gZau\Z_fmx dZjlm k_lb QHWZRUN PDS êy \u[jZggh]h ih^dexq_gby jbk GZ wlhc dZjl_ ij_^klZ\e_gu dhfivxl_ju k dhlhjufb bf__lky k\yav fh`gh [ukl K_l_\u_ dhfihg_glu b kem`[u jh m\b^_lv hkgh\gu_ k_l_\u_ iZjZf_lju êy \aZbfh^_ckl\mxsbo maeh\ \ ijbf_j_ ihdZaZgu k\hckl\Z rexaZ q_j_a dhlhjuc hkms_kl\ey_lky \uoh^ \ Bgl_jg_l S_edgm\ ih agZqdm k bah[jZ`_gb_f dhfivxl_jZ fh`gh ihemqblv ^hklmi d kibkdm \k_o bf_xsboky m dhfivxl_jZ h[sbo k_l_\uo j_kmjkh\ iZihd b ijbgl_jh\ Jbk K_l_\h_ jZaf_s_gb_ êy dhfivxl_jZ \oh^ys_]h \ khklZ\ ^hf_gZ Jbk DZjlZ k_lb êy \u[jZggh]h ih^dexq_gby =eZ\Z < GBF:GB? GZ dZjl_ k_lb fh]ml g_ hlh[jZ`Zlvky dhfivxl_ju jZ[hlZxsb_ ih^ mijZ\e_gb_f Wlh h[tykgy_lky l_f qlh gZ gbo hlkmlkl\m_l dhfihg_gl /LQN /D\HU :LQGRZV ;3 Hl\_qZxs__ mkljhckl\h //7' bkihevamx sbcky êy ihkljh_gby k_l_\hc ^bZ]jZffu \ k_lyo gZ hkgh\_ :LQGRZV 9LVWD b :LQGRZV 6HUYHU Wlhl dhfihg_gl fh`gh mklZgZ\eb\Zlv lhevdh gZ :LQGRZV ;3 6HUYLFH 3DFN kkuedm êy k\h[h^gh]h kdZqb\Zgby bgklZeeypbhggh]h nZceZ e_]dh gZclb \ P_glj_ aZ]jmadb 0LFURVRIW kf kkuedm \ Ijbeh`_gbb \uihegb\ ihbkd kljhdb //7' UHVSRQGHU DZjlm k_lb g_\hafh`gh ihemqblv êy h[s_kl\_gghc SXEOLF k_lb K_l_\h_ khihk lZ\e_gb_ lZd`_ ih mfheqZgbx hldexq_gh \ ^hf_gguo k_lyo _]h fh`gh \dexqblv k ihfhsvx ]jmiih\uo iheblbd jZkiheh`_gguo \ h[t_dlZo *32 \ iZid_ 7RSRORJ\ 'LVFRYHU\ //7' UHVSRQGHU Dhgnb]mjZpby dhfivxl_jZ _ :^fbgbkljZlb\gu_ rZ[ehgu _ K_lv _ H[ gZjm`_gb_ lhiheh]bb k\yab /LQN/D\HU < gb`g_c qZklb hdgZ P_gljZ mijZ\e_gby k_lyfb kf jbk ihdZaZgu iZjZf_lju h[s_]h ^hklmiZ hij_^_eyxsb_ gZkljhcdb [jZg^fZmwjZ êy k_j\bkh\ h[gZjm`_gby k_lb 1HWZRUN 'HWHFWLRQ b kem`[u ^hklmiZ d iZidZf b ijbgl_jZf )LOH DQG 3ULQWHU 6KDULQJ Z lZd`_ iZjZf_lju k\yaZggu_ k g_dhlhjufb gZkljhcdZfb kbkl_fu [_ah iZkghklb gZijbf_j k khklhygb_f mq_lghc aZibkb *XHVW =hklv Wlb iZjZf_lju [he__ ih^jh[gh jZkkfZljb\Zebkv \ jZa^ GZkljhcdZ k_l_\uo iZ jZf_ljh\ ^hklmiZ d h[sbf iZidZf b ijbgl_jZf ]eZ\u Emqr_ \k_]h ihgylv dZdb_ iZjZf_lju bkihevamxlky \ dZ`^hf kemqZ_ fh`gh g_ihkj_^kl\_ggh \ hdg_ [jZg^fZmwjZ :LQGRZV :LQGRZV )LUHZDOO gZ[ex^Zy kibkhd \u[jZgguo bkdexq_ gbc kf ^Ze__ IjhkfhljiZjZf_ljh\k_l_\uoih^dexq_gbc Ih kkued_ Ijhkfhlj khklhygby \ ]jmii_ iZjZf_ljh\ k_l_\h]h ih^ dexq_gby bf_xsboky \ hdg_ P_gljZ mijZ\e_gby k_lyfb êy dZ`^h]h ih^dexq_gby kf jbk fh`gh ihiZklv \ ljZ^bpbhggh_ hdgh khklhygby k_l_\h]h ih^dexq_gby ]^_ hlh[jZ`Zxlky ke_^mxsb_ iZjZf_lju ijh^he`bl_evghklv b kdhjhklv ih^dex q_gby dhebq_kl\h [Zclh\ hlijZ\e_gguo b ijbgyluo \h \j_fy Zdlb\ghklb ih^dexq_gby Z êy g_dhlhjuo lbih\ ih^dexq_gby _s_ dhwnnbpb_gl k`Zlby b qbkeh hrb[hd H[jZlbl_ \gbfZgb_ gZ lh qlh bg ^b\b^mZevgh hlh[jZ`Z_lky khklhygb_ Zdlb\ghklb êy ijhlhdheh\ ,3Y b ,3Y GZ jbk \ dZq_kl\_ ijbf_jZ ihdZaZgh hdgh k\hckl\ 931ih^dexq_gby < GBF:GB? >ey ijhkfhljZ k_l_\uo iZjZf_ljh\ b mijZ\e_gby k_l_\ufb ih^dexq_gbyfb ijh lhdheZfb b dhfihg_glZfb fh`gh lZd`_ bkihevah\Zlv fhsgmx b fgh]hnmgdpbh gZevgmx mlbeblm dhfZg^ghc kljhdb êy j_^Zdpbc :LQGRZV 6HUYHU &RUH b +\SHU9 6HUYHU wlh ² hkgh\gh_ kj_^kl\h gZkljhcdb k_lb kf ^Ze__ ijbf_ju \ K_l_\u_ dhfihg_glu b kem`[u jZa^ GZkljhcdZ k_l_\uo iZjZf_ljh\ b [jZg^fZmwjZ ba dhfZg^ghc kljhdb >ey ijhkfhljZ iZjZf_ljh\ dhgnb]mjZpbb kl_dZ 7&3,3 h[uqgh bkihevam_lky mlb eblZ dhlhjZy iha\hey_l lZd`_ bgbpbZebabjh\Zlv aZijhk gZ \u^Zqm ,3Z^j_kZ aZimkdZlv j_]bkljZpbx Z^j_kh\ \ kem`[_ '16 hqbsZlv dwr '16 deb_glZ b l i Jbk Hdgh khklhygby k_l_\h]h ih^dexq_gby GZ`Z\ \ hdg_ khklhygby ih^dexq_gby kf jbk dghidm K\_^_gby fh`gh m\b^_lv ^hihegbl_evgu_ k\hckl\Z l_dms_]h k_ZgkZ aZ^Zggu_ Z^j_kZ kl_dZ ijhlhdheh\ 7&3,3 ,3Y b ,3Y kihkh[ ihemq_gby Z^j_kh\ '+&3 beb klZlbq_ kdbc gZebqb_ b lbi rbnjh\Zgby ijhlhdhe Zml_glbnbdZpbb Z lZd`_ ^jm]b_ iZ jZf_lju hgb bg^b\b^mZevgu êy dZ`^h]h lbiZ ih^dexq_gby <k_ wlb iZjZf_lju hkh[_ggh \Z`gu êy ZgZebaZ kblmZpbb \ kemqZ_ g_bkijZ\ghklb ih^dexq_gby GZ jbk ke_\Z \ dZq_kl\_ ijbf_jZ ihdZaZgu ^hihegbl_evgu_ iZjZf_lju ih^ dexq_gby ih ehdZevghc k_lb Z gZ jbk kijZ\Z ² iZjZf_lju \oh^ys_]h ih^ dexq_gby ]^_ lZd`_ mdZaZgu lbi k_j\_jZ f_lhû Zml_glbnbdZpbb b rbnjh\Zgby DghidZ >bZ]ghklbdZ \ hdg_ khklhygby ih^dexq_gby kf jbk ih a\hey_l ijh\_jblv ijZ\bevghklv kh_^bg_gby b mkljZgblv hrb[db FZkl_j ^bZ]gh klbdb k_lb fh`_l Z\lhfZlbq_kdb mkljZgblv g_dhlhju_ g_bkijZ\ghklb k\yaZggu_ k =eZ\Z g_ijZ\bevgufb iZjZf_ljZfb 7&3,3 ijhlhdheZ gZijbf_j _keb hgb g_ ihemq_gu hl '+&3k_j\_jZ hg fh`_l hij_^_eblv hlkmlkl\b_ jZaj_r_gby '16bf_g b h[gZ jm`blv hlkmlkl\b_ ^hklmiZ d Bgl_jg_lm Ijb gZebqbb k_l_\uo hrb[hd ihevah\Z l_ev \b^bl aZijhk gZ \uiheg_gb_ l_o beb bguo ^_ckl\bc dhlhju_ fh]ml mkljZgblv g_bkijZ\ghklv ?keb hrb[dZ bkijZ\e_gZ lh ihy\ey_lky khhl\_lkl\mxs__ khh[s_ gb_ b k\_^_gby h[ hrb[d_ fh`gh hlijZ\blv dhfiZgbb 0LFURVRIW Jbk >hihegbl_evgu_ k\hckl\Z k_ZgkZ k\yab K H<?L Bgh]^Z \hagbdZxl hrb[db k\yaZggu_ k g_\hafh`ghklvx ihemq_gby ,3Z^j_kZ b ^jm]bo iZjZf_ljh\ kl_dZ 7&3,3 hl ZiiZjZlgh]h fZjrjmlbaZlhjZ $'6/ 55$6 k_j\_jZ beb dhfivxl_jZ gZ dhlhjhf \dexq_gh kh\f_klgh_ bkihevah\Zgb_ bgl_j g_lih^dexq_gby ,&6 < wlbo kemqZyo ² dZd ih^kdZau\Z_l fZkl_j ^bZ]ghklbdb k_lb ² ihfh]Z_l \udexq_gb_ b ih\lhjgh_ \dexq_gb_ mkljhckl\Z i_j_aZimkd kem`[u 55$6 beb i_j_aZ]jmadZ dhfivxl_jZ k ,&6ih^dexq_gb_f K ihfhsvx dghidb K\hckl\Z fh`gh ba hdgZ khklhygby ih^dexq_gby ihiZklv \ hdgh _]h k\hckl\ ]^_ êy ih^dexq_gby ih ehdZevghc k_lb i_j_qbke_gu mklZgh\e_ggu_ ijhlhdheu b dhfihg_glu jbk H[jZlbl_ \gbfZgb_ gZ lh qlh ih mfheqZgbx ijhlhdhe 7&3,3Y mklZgh\e_g dZd b gh\u_ dhfihg_glu dZgZevgh]h mjh\gy OLQNOD\HU Ijb mklZgh\d_ k_l_\h]h fhgblhjZ \ hdg_ k\hckl\ lZd`_ fh`gh \b^_lv ijb\yadm d _]h ^jZc\_jm 0LFURVRIW 1HWZRUN 0RQLWRU 'ULYHU K_l_\u_ dhfihg_glu b kem`[u >ey dhffmlbjm_fuo b 931ih^dexq_gbc iZjZf_ljh\ gZfgh]h [hevr_ b hgb k]jmiibjh\Zgu gZ g_kdhevdbo \deZ^dZo GZ jbk ihdZaZgZ \deZ^dZ ;_ahiZkghklv êy 931ih^dexq_gby a^_kv mdZau\Zxlky kihkh[u b^_glbnbdZpbb deb_glh\ b fh`gh aZ^Z\Zlv f_lhû rbnjh\Zgby k_ZgkZ \ lhf qbke_ fh`gh hij_ ^_eylv \k_]^Z eb [m^ml bkihevah\Zlvky lhevdh [_ahiZkgu_ rbnjh\Zggu_ ih^ dexq_gby Jbk Hdgh k\hckl\ ih^dexq_gby ih ehdZevghc k_lb < hdg_ k\hckl\ k_l_\h]h ih^dexq_gby kf jbk gZ \deZ^d_ K_lv fh`gh aZijhkblv mklZgh\dm ^hihegbl_evguo deb_glh\ ijhlhdheh\ b kem`[ ijb gZ`Zlbb dghidb MklZgh\blv ihy\ey_lky hdgh \u[hjZ lbiZ dhfihg_glh\ Ke_^m_l h^gZdh hlf_lblv qlh ijZdlbq_kdb \k_ klZg^Zjlgu_ k_l_\u_ dhfihg_glu bf_xsb_ky \ khklZ\_ :LQGRZV 6HUYHU m`_ ijbkmlkl\mxl \ ihdZaZgghf gZ jbk hdg_ k\hckl\ ih^dexq_gby fh`gh ebrv ^h[Z\blv 503 GZ^_`guc fgh]hZ^j_kguc ijhlhdhe beb `_ mklZgZ\eb\Zlv dhfihg_glu k ^bkd_l b ^jm]bo ghkbl_e_c =eZ\Z Jbk Hdgh k\hckl\ '! ih^dexq_gby MijZ\e_gb_ih^dexq_gbyfb <_jg_fky d hdgm P_gljZ mijZ\e_gby k_lyfb kf jbk b jZkkfhljbf aZ^Zqb kibkhd dhlhjuo bf__lky \ e_\hc qZklb hdgZ >ey i_j_oh^Z \ iZidm K_lv ZgZeh] iZidb K_l_\h_ hdjm`_gb_ \ ij_û^msbo \_jkbyo :LQGRZV wlm iZidm fh`gh \b^_lv \ hdg_ ijh]jZffu :LQGRZV ([SORUHU Ijh\h^ gbd kem`bl kkuedZ Ijhkfhlj dhfivxl_jh\ b mkl jhckl\ ?keb iZidm K_lv ijhkfZljb\Zlv \ j_`bf_ 'HWDLOV LZ[ebpZ lh fh`gh \dexqblv kdjuluc ih mfheqZgbx klhe[_p F_lh^ h[gZjm`_gby êy wlh]h ^hklZlhqgh s_edgmlv ijZ\hc dghidhc furb ih aZ]heh\dm ex[h]h klhe[pZ b mklZgh\blv khhl\_lkl\mxsbc neZ`hd \ kibkd_ klhe[ph\ < wlhf klhe[p_ êy dZ`^h]h \b^bfh]h dhfivxl_jZ mdZaZg ijhlhdhe bkihevam_fuc êy ihbkdZ dhfivxl_jh\ \ k_lb < kbkl_fZo :LQGRZV 9LVWD b :LQGRZV 6HUYHU êy wlh]h h[uqgh ijbf_gy_lky gh\uc ijhlhdhe :6'LVFRYHU\ :6' Z êy ij_û^msbo \_jkbc :LQGRZV mdZau\Z_lky ijhlhdhe 1HW%,26 K_l_\u_ dhfihg_glu b kem`[u Ih kkued_ Ih^dexqblv d k_lb ba hdgZ P_gljZ mijZ\e_gby k_lyfb fh`gh ihiZklv \ hdgh bf_xsboky \ kbkl_f_ ^hihegbl_evguo ih^dexq_gbc kf jbk ]^_ lZd`_ fh`gh \u[bjZlv Zdlb\gmx [_kijh\h^gmx k_lv _keb dhf ihg_gl [_kijh\h^ghc k\yab mklZgh\e_g b k_lv bf__lky nbab q_kdb >ey lh]h qlh[u m\b^_lv ijb\uqgmx ih ij_û^msbf \_jkbyf :LQGRZV iZidm k_ l_\uo ih^dexq_gbc s_edgbl_ ih kkued_ MijZ\ e_gb_ k_l_\ufb ih^dexq_gbyfb < hldju\Zxs_fky ijb wlhf hdg_ jbk \b^gu \k_ ih^dexq_gby kha^Zggu_ \ kbkl_f_ g_ lhevdh Zdlb\gu_ khklhygb_ dhlhjuo hlh[jZ`Z_lky \ hdg_ P_gljZ mijZ\e_gby k_lyfb A^_kv fh`gh ijhkfZl jb\Zlv bo k\hckl\Z baf_gylv bf_gZ b \u[bjZlv gZb[he__ m^h[guc kihkh[ ijh kfhljZ bo iZjZf_ljh\ k ihfhsvx f_gx <bû A^_kv `_ ih^dexq_gby fh`gh Zdlb\babjh\Zlv dhfZg^Z Ih^dexqblv beb gZh[hjhl jZaju \Zlv GZ`Z\ deZ\brm $OW! fh`gh \dexqblv \ hdg_ hlh[jZ`_gb_ deZkkbq_kdh]h f_gx b aZ^Zlv ]jmiibjh\dm ih lbim 7\SH ih^dexq_gby dZd ihdZaZgh \ gZr_f ijbf_j_ beb ex[mx ^jm]mx Jbk Hdgh k_l_\uo ih^dexq_gbc K H<?L ?keb \ ijhp_kk_ jZ[hlu lj_[m_lky qZkluc ^hklmi d hdgm khklhygby kf jbk g_dhlhjh]h k_l_\h]h ih^dexq_gby hldjhcl_ hdgh k_l_\uo ih^dexq_gbc kf jbk \u[_jbl_ ih^dexq_gb_ b \ dhgl_dklghf f_gx \uihegbl_ dhfZg^m =eZ\Z Kha^Zlv yjeud Yjeud fh`_l [ulv kha^Zg lhevdh gZ jZ[hq_f klhe_ hldm^Z _]h fh`gh i_j_f_klblv \ ex[h_ gm`gh_ f_klh gZijbf_j \ jZa^_e aZdj_ie_gguo ijh]jZff f_gx Imkd ?keb ijboh^blky qZklh h[jZsZlvky d hdgm k_l_\uo ih^dexq_gbc lh gZc^bl_ \ iZid_ &?:LQGRZV?6\VWHP nZce QFSDFSO kha^Zcl_ êy g_]h yjeud b i_j_g_kbl_ \ gm`gh_ f_klh ² gZ jZ[hqbc klhe beb \ f_gx Imkd < dhgl_dklghf f_gx dhffmlbjm_fuo b 931ih^dexq_gbc bf__lky dhfZg^Z 6HW DV K __ ihfhsvx fh`gh \u[jZlv ih^dexq_gb_ dhlhjh_ [m^_l Z\lhfZlbq_kdb mklZgZ\eb \Zlvky \ lhf kemqZ_ _keb dhfivxl_j g_ k\yaZg k k_lvx gh dZdb_lh ijh]jZffu iu lZxlky h[jZlblvky d k_l_\uf j_kmjkZf 'HIDXOW &RQQHFWLRQ K^_eZlv ih^dexq_gb_f ih mfheqZgbx kf jbk Kha^Zgb_gh\uoih^dexq_gbc >ey kha^Zgby ^hihegbl_evguo ih^dexq_gbc \ e_\hc qZklb hdgZ P_gljZ mijZ\e_gby k_lyfb kf jbk bkihevam_lky kkuedZ 6HW XS D FRQQHFWLRQ RU QHWZRUN MklZ gh\dZ ih^dexq_gby beb k_lb Jbk <u[hj lbiZ kha^Z\Z_fh]h k_l_\h]h ih^dexq_gby K_l_\u_ dhfihg_glu b kem`[u HgZ iha\hey_l aZimklblv ijhklhc fZkl_j kha^Zgby ih^dexq_gbc k ihfhsvx dhlh jh]h \ bgl_jZdlb\ghf j_`bf_ e_]dh fh`gh kdhgnb]mjbjh\Zlv ih^dexq_gb_ ex[h ]h lbiZ Wlhl lbi mdZau\Z_lky kjZam `_ \ i_j\hf hdg_ fZkl_jZ jbk Ijhp_kk kha^Zgby gh\uo k_l_\uo ih^dexq_gbc \uihegy_lky \ ^bZeh]h\hf j_`b f_ \ hdg_ fZkl_jZ b g_ \uau\Z_l gbdZdbo keh`ghkl_c ihwlhfm fu hlf_lbf ebrv hkgh\gu_ rZ]b ih^jh[g__ [m^ml jZkkfhlj_gu lhevdh 931 b \oh^ysb_ ih^dex q_gby < GBF:GB? Ke_^m_l ihfgblv h lhf qlh ih mfheqZgbx ex[h_ kha^Zggh_ \ kbkl_f_ k_l_\h_ ih^ dexq_gb_ aZsbsZ_lky \kljh_gguf [jZg^fZmwjhf :LQGRZV :LQGRZV )LUHZDOO dh lhjuc mijZ\ey_l ljZnbdhf ih ijhlhdheZf ,3Y b ,3Y Kihkh[u _]h dhgnb]mjbjh\Z gby jZkkfZljb\Zxlky ^Ze__ \ wlhc ]eZ\_ >ey gZkljhcdb iZjZf_ljh\ [jZg^fZmwjZ fh`gh lZd`_ bkihevah\Zlv mlbeblm 1HWVKH[H b ]jmiih\u_ iheblbdb Lbiuk_l_\uoih^dexq_gbc DZd b ij_^r_kl\mxsb_ \_jkbb :LQGRZV kbkl_fu :LQGRZV 6HUYHU ih^^_j`b \Zxl iylv lbih\ k_l_\uo ih^dexq_gbc dhlhju_ i_j_qbke_gu \ lZ[e LZ[ebpZ Lbiu k_l_\uo ih^dexq_gbc \ :LQGRZV 6HUYHU Lbi ih^dexq_gby Ih^dexq_gb_ ih ehdZevghc k_lb /RFDO $UHD &RQQHFWLRQ L_e_nhggh_ ih^dexq_gb_ L_ogheh]by k\yab Ijbf_j dZ[_ev guc fh^_f ['6/ )'', ,3 ih $70 ,U'$ jZ^bhfh^_f (7 b l i H[uqguc deb_gl \ukhdh kdhjhklghc k_lb QZklh ih^h[guc lbi ih^dexq_ gbc bkihevam_lky dZ[_ev gufb b $'6/fh^_fZfb Kh_^bg_gb_ k dhjihjZ lb\ghc k_lvx beb Bgl_j g_lhf k bkihevah\Zgb_f dhffmlbjm_fh]h l_e_ nhggh]h ih^dexq_gby b h[uqgh]h fh^_fZ ;_ahiZkgh_ kh_^bg_gb_ k dhjihjZlb\ghc k_lvx q_ j_a Bgl_jg_l (WKHUQHW 7RNHQ 5LQJ Fh^_f ,6'1 'LDOXS FRQQHFWLRQ ih^dexq_gb_ 931 9LUWXDO 3ULYDWH 1HWZRUN <bjlmZevgu_ qZklgu_ k_lb 931 ih ijhlhdheZf 3373 beb /73 h[t_^bgyxsb_ ehdZev gu_ k_lb beb ih^dexqZxsb_ dhfivxl_j d dhjihjZlb\guf k_lyf q_j_a Bgl_jg_l beb ^jm ]mx k_lv h[s_]h ihevah\Zgby SXEOLF QHWZRUN =eZ\Z LZ[ebpZ hdhgqZgb_ Lbi ih^dexq_gby L_ogheh]by k\yab Ijbf_j Ijyfh_ ih^dexq_gb_ Ihke_^h\Zl_evgh_ kh_^bg_ gb_ [_kijh\h^gZy k_lv iZjZee_evguc dZ[_ev 'LUHFW3DUDOOHO 86%dZ[_ev Kh_^bg_gb_ ieZgr_lgh]h dhfivxl_jZ beb ghml[mdZ k gZklhevguf dhfivxl_jhf kh_^bg_gb_ ^\mo dhfivx l_jh\ Ih^dexq_gb_ d dhfivxl_ jm k bkihevah\Zgb_f dhf fmlbjm_fhc ebgbb beb 931dZgZeZ hl m^Ze_gguo deb_glh\ 'LUHFW &RQQHFWLRQ <oh^ysb_ ih^dexq_gby ,QFRPLQJ FRQQHFWLRQ Dhffmlbjm_fZy l_e_nhggZy k\yav 931 beb ijyfh_ ih^ dexq_gb_ Ijb jZaj_r_gbb \oh^ysbo ih^dexq_gbc \ hdg_ ih^dexq_gbc kf jbk \k_]^Z bf__lky lhevdh h^bg agZqhd h^gZ aZibkv lbi jZaj_r_gguo \oh^ysbo ih^dexq_gbc ² k bkihevah\Zgb_f fh^_fZ beb 931dZgZeh\ ² mdZau\Z_lky \ k\hckl\Zo wlh]h agZqdZ GZ \j_fy ih^dexq_gby m^Ze_ggh]h ihevah\Zl_ey kha^Z_lky k\hc ^hihegbl_evguc agZ qhd k bf_g_f wlh]h ihevah\Zl_ey < GBF:GB? < kbkl_fZo :LQGRZV 6HUYHU dhfihg_gl IHDWXUH :LUHOHVV /$1 6HUYLFH Kem`[Z [_kijh\h^ghc ehdZevghc k_lb ih mfheqZgbx g_ mklZgh\e_g ihwlhfm \k_ \ha fh`ghklb [_kijh\h^guo k_l_c g_^hklmigu Ijb g_h[oh^bfhklb ke_^m_l mklZgh \blv dhfihg_gl k ihfhsvx hkgZkldb >bki_lq_j k_j\_jZ Ih^dexq_gbyihehdZevghck_lb Ijb bgklZeeypbb hi_jZpbhggZy kbkl_fZ Z\lhfZlbq_kdb h[gZjm`b\Z_l k_l_\hc Z^Zil_j b kha^Z_l êy g_]h ih^dexq_gb_ dhlhjh_ lZd b gZau\Z_lky Ih^dexq_gb_ ih ehdZevghc k_lb Ijb gZebqbb g_kdhevdbo k_l_\uo ieZl ih^h[gu_ ih^dexq_gby kha^Zxlky êy dZ`^hc ba gbo Wlh ih^dexq_gb_ hlh [jZ`Z_lky dZd b ex[u_ ^jm]b_ \ hdg_ k_l_\uo ih^dexq_gbc kf jbk ?keb \ dhfivxl_j_ bf__lky g_kdhevdh k_l_\uo Z^Zil_jh\ lh khhl\_lkl\_ggh agZqhd ehdZevgh]h ih^dexq_gby ihy\blky êy dZ`^h]h Z^Zil_jZ Ih mfheqZgbx ehdZevgh_ ih^dexq_gb_ \k_]^Z Zdlb\gh wlh _^bgkl\_gguc lbi ih^ dexq_gbc dhlhjuc Z\lhfZlbq_kdb klZgh\blky Zdlb\guf ihke_ aZimkdZ dhfivxl_ jZ beb ^Z`_ \ ijhp_kk_ mklZgh\db HK ?keb ehdZevgh_ ih^dexq_gb_ jZat_^bgblv lh hgh ihke_ i_j_aZ]jmadb kbkl_fu Zdlb\babjh\Zlvky g_ [m^_l b êy _]h jZ[hlu ihlj_[m_lky ijbgm^bl_evgh_ \dexq_gb_ Kh_^bg_gby k m^Ze_gghc k_lvx bgl_jg_l ijh\Zc^_jhf hkms_kl\ey_fu_ k ihfh svx rbjhdhihehkguo beb fh^_fh\ b l i \k_ ihklhyggu_ Z\lhfZlbq_kdb mklZgZ\eb\Z_fu_ kh_^bg_gby êy dhlhjuo fh`_l lj_[h\Zlvky Zml_glbnbdZpby gZ ² $'6/ K_l_\u_ dhfihg_glu b kem`[u ijhlb\hiheh`ghc klhjhg_ qZklh lZd`_ dhgnb]mjbjmxlky \ kbkl_f_ dZd ih^dex q_gby ih ehdZevghc k_lb b khhl\_lkl\_ggh Zdlb\babjmxlky kjZam `_ ihke_ aZ ]jmadb kbkl_fu L_e_nhggu_ dhffmlbjm_fu_ ih^dexq_gby L_e_nhggh_ beb dhffmlbjm_fh_ ih^dexq_gb_ iha\hey_l kh _^bgblv dhfivxl_j k dhjihjZlb\ghc k_lvx beb k Bgl_jg_lhf ijb ihfhsb mkljhckl\ ih^dexqZ_fuo d h[uqghc dhffmlbjm_fhc l_e_nhgghc k_lb QZs_ \k_]h lZdbfb mkljhckl\Zfb y\eyxlky l_e_nhggu_ fh^_fu Ij_`^_ q_f kha^Z\Zlv dhffmlbjm_fh_ ih^dexq_gb_ mklZgh\bl_ b ijh\_jvl_ fh ^_f êy wlh]h bkihevam_lky aZ^ZqZ L_e_nhg b fh^_f gZ iZg_eb mijZ\e_gby AZl_f \ hdg_ fZkl_jZ ih^dexq_gbc kf jbk \u[_jbl_ h^gm ba lj_o hipbc dhlhju_ iha\heyl kha^Zlv ih^dexq_gb_ dhgdj_lguc \u[hj hij_^_ey_lky ebrv gZagZq_gb_f ih^dexq_gby >ey ih^dexq_gby d bgl_jg_l ijh\Zc^_jm fh`gh bkihevah\Zlv kZfmx ijhklmx hipbx GZkljhcdZ l_e_nhggh]h ih^dexq_gby ?keb gm`gh ih^dexqblvky d dhjihjZlb\ghfm k_j\_jm m^Ze_ggh]h ^hklmiZ \u[bjZcl_ hipbx Ih^dexq_gb_ d jZ[hq_fm f_klm \ wlhf kemqZ_ mdZau\Z_lky lhevdh ghf_j l_e_nhgZ Z bfy ihevah\Zl_ey b _]h iZjhev hij_^_eyxlky mq_lghc aZibkvx [_ahiZkghklb dhlhjZy [m^_l bkihevah\Zlvky ijb \uiheg_gbb ih^dexq_gby < kemqZ_ g_m^Zqb ijb kha^Zgbb gh\h]h ih^dexq_gby ex[h]h lbiZ ihevah\Zl_ev bf__l ljb \hafh`ghklb hg fh`_l ih\lhjblv ihiuldm aZijhkblv ^bZ]ghklbdm beb kha^Zlv ih^dexq_gb_ g_kfhljy gZ hrb[dm ih^dexq_gby \ wlhf kemqZ_ ijb mklZ gh\e_gbb kh_^bg_gby iZjhev gm`gh [m^_l \\h^blv kgh\Z \ kemqZ_ mki_oZ hg aZih fbgZ_lky kjZam Ih aZ\_jr_gbb hi_jZpbb gh\uc agZqhd beb aZibkv ihy\ey_lky \ hdg_ k_l_\uo ih^dexq_gbc kf jbk GLDOXS FRQQHFWLRQ ² ² 5$6 <bjlmZevgu_qZklgu_k_lb 931 Ijhlhdheu beb ijbkmlkl\mxsb_ \ kbkl_f_ h[_ki_qb\Zxl gZ^_`guc ^hklmi d k_l_\uf j_kmjkZf ijb kh_^bg_gbb k k_j\_jhf m^Ze_ggh]h ^hklmiZ q_j_a Bgl_jg_l beb ^jm]mx k_lv ?keb êy kha^Zgby k_l_\h]h ih^dexq_gby d qZklghc k_lb bkihevam_lky h[s_^hklmigZy k_lv lh kh\hdmighklv lZdbo ih^ dexq_gbc gZau\Z_lky \bjlmZevghc qZklghc k_lvx Kha^Zlv dZgZe f_`^m ^\mfy kbkl_fZfb ^hklZlhqgh ijhklh êy wlh]h gm`gh X gZ h^ghf dhfivxl_j_ gZkljhblv \oh^ys__ ih^dexq_gb_ kf ^Ze__ b jZaj_ rblv wlhl dhfivxl_j [m^_l \uihegylv nmgdpbb k_j\_jZ \u[jZlv hipbx X gZ ^jm]hf \ hdg_ fZkl_jZ ih^dexq_gbc kf jbk Ih^dexq_gb_ d jZ[hq_fm f_klm ihke_ q_]h \ hdg_ 3373 /73 5$6 SULYDWH SXEOLF 9LUWXDO 3ULYDWH 1HWZRUN 931 931 931 ² =eZ\Z \u[hjZ lbiZ kh_^bg_gby jbk mdZaZlv gZ bkihevah\Zgb_ gby 931 ih^dexq_ Jbk <u[hj kihkh[Z ih^dexq_gby d m^Ze_gghfm jZ[hq_fm f_klm >Ze__ ke_^m_l \\_klb bfy beb Z^j_k k_j\_jZ b ^Zlv ih^dexq_gbx ijhba\hevgh_ bfy >ey j_]bkljZpbb gZ k_j\_j_ gm`gh mdZaZlv bfy mq_lghc aZibkb b iZjhev Z lZd`_ bfy ^hf_gZ k_j\_jZ Ih^dexq_gb_ fh`_l mklZ gZ\eb\Zlvky kjZam beb \ [m^ms_f kf khhl\_lkl\mxsbc neZ`hd \ hdg_ fZkl_jZ Dh]^Z ih^dexq_gb_ kha^Zgh b mklZgh\e_gh fh`gh aZdjulv hdgh fZkl_jZ I_j_^ZqZ bgnhjfZpbb ih ih^dexq_gbx ih mfheqZgbx rbnjm_lky M[_^blv ky \ wlhf fh`gh ijhkfZljb\Zy khklhygb_ ih^dexq_gby ih^dexq_gb_ dZd b ex[h_ ^jm]h_ fh`gh k^_eZlv h[sbf êy \k_o dhfivxl_jh\ k_lb l _ jZaj_rblv hipbx H[sbc ^hklmi d ih^dexq_gbx d Bgl_jg_ lm kf gb`_ '16 ,3 931 931 931 931 ,&6 Ijyfu_ih^dexq_gby \hafh`gu ijb gZebqbb nbabq_kdh]h kh _^bg_gby k ^jm]bf dhfivxl_jhf q_j_a ihke_^h\Zl_evguc dZ[_ev dZ[_ev dZ [_ev ijyfh]h iZjZee_evgh]h ih^dexq_gby fh^_f b l ^ Ijyfu_ Ijyfu_ ih^dexq_gby 'LUHFW &RQQHFWLRQ 86% 'LUHFW3DUDOOHO K_l_\u_ dhfihg_glu b kem`[u ih^dexq_gby fh]ml h[oh^blvky [_a Zml_glbnbdZpbb êy wlh]h gm`gh gZkljhblv \oh^ys__ ih^dexq_gb_ gZ \_^hfhf dhfivxl_j_ <oh^ysb_ih^dexq_gby Ijb jZaj_r_gbb \oh^ysbo ih^dexq_gbc dhfivxl_j ih^ mijZ\e_gb_f [m^_l kem`blv k_j\_jhf m^Ze_ggh]h ^hklmiZ Fh`gh kha^Z\Zlv \oh^y sb_ ih^dexq_gby êy ijb_fZ \uah\h\ \uihegy_fuo k ihfhsvx l_e_nhgguo ih^ dexq_gbc fh^_f ih^dexq_gbc beb ijyfuo ih^dexq_ gbc ihke_^h\Zl_evguc beb iZjZee_evguc dZ[_ev [_kijh\h^gZy k\yav < ex[hf kemqZ_ kihkh[ \dexq_gby \oh^ysbo ih^dexq_gbc hklZ_lky l_f `_ kZfuf :LQGRZV 6HUYHU ,6'1 931 3373 /73 Jbk <u[hj mq_lguo aZibk_c dhlhju_ kfh]ml ihemqblv m^Ze_gguc ^hklmi d ^Zgghfm dhfivxl_jm Ijhp_^mjZ jZaj_r_gby \oh^ysbo ih^dexq_gbc \ kbkl_fZo :LQGRZV 9LVWD b :LQGRZV 6HUYHU bgbpbbjm_lky g_ kZfuf hq_\b^guf h[jZahf kh\_jr_ggh hl ebqgh hl \k_o hklZevguo lbih\ ih^dexq_gbc >ey lh]h qlh[u \dexqblv \hafh` ghklv ijb_fZ \oh^ysbo ih^dexq_gbc \ hdg_ k_l_\uo ih^dexq_gbc kf jbk gZ`fbl_ dghidm $OW! ² ihy\blky deZkkbq_kdh_ f_gx lZdhc `_ f_lh^ \dexq_gby =eZ\Z f_gx bkihevam_lky \ ijh]jZff_ :LQGRZV ([SORUHU Ijh\h^gbd [jZma_j_ ,QWHUQHW ([SORUHU b l ^ < f_gx \uihegbl_ dhfZg^m NZce _ Gh\h_ \oh^ys__ ih^dexq_gb_ Ijb kha^Zgbb ih^dexq_gby hij_^_eyxlky ihevah\Zl_eb dhlhju_ kfh]ml m^Ze_ggh ih^dexqZlvky d dhfivxl_jm jbk Ih mfheqZgbx \ kibkd_ ij_^klZ\e_gu bf_xsb_ky ehdZevgu_ beb ^hf_ggu_ mq_lgu_ aZibkb \ wlhf `_ hdg_ fh`gh kha ^Zlv b gh\uo ihevah\Zl_e_c GZ ke_^mxs_f rZ]_ mdZ`bl_ lbi \oh^ysbo ih^dexq_gbc dhlhju_ [m^ml bkihev ah\Zlvky jbk >hklmi fh`_l hkms_kl\eylvky q_j_a k_lv Bgl_jg_l ² 931 ih^dexq_gby ² bbeb k ihfhsvx fh^_fZ fh^_fh\ ih^dexq_ggh]h d dhfivxl_jm < i_j\hf kemqZ_ dhfivxl_j [m^_l \uihegylv nmgdpbb k_j\_jZ \h \lhjhf ² k_j\_jZ 5HPRWH $FFHVV 6HUYHU k_j\_j m^Ze_ggh]h ^hklmiZ AZl_f \u[_jbl_ kem`[u b ijhlhdheu êy \oh^ysbo ih^dexq_gbc jbk b qlh hq_gv \Z`gh hij_^_ebl_ k\hckl\Z ijhlhdheh\ ihkdhevdm hgb mdZau\Zxl gZ \ha fh`ghklv ^hklmiZ d ehdZevghc k_lb b kihkh[ gZagZq_gby ,3Z^j_kh\ ² kf gZ jbk hdgh k\hckl\ ijhlhdheZ ,3Y Dh]^Z \k_ iZjZf_lju aZ^Zgu gm`gh gZ`Zlv dghidm JZaj_rblv ^hklmi L_i_jv m^Ze_ggu_ deb_glu kfh]ml ih^dexqZlvky d k_j\_jm Jbk <u[hj lbiZ jZaj_r_gguo \oh^guo ih^dexq_gbc K_l_\u_ dhfihg_glu b kem`[u Jbk <u[hj ijhlhdheh\ b kem`[ bkihevam_fuo \oh^ysbfb ih^dexq_gbyfb K_j\_ju'+&3 Kj_^b k_l_\uo k_j\_jguo kem`[ i_j\hc fu jZkkfhljbf kem`[m '+&3 ihkdhevdm hgZ y\ey_lky [Zah\uf k_j\bkhf êy jZa\_jlu\Zgby k_l_\hc kj_û \ dhlhjhc bk ihevam_lky ijhlhdhe 7&3,3 Hl iZjZf_ljh\ aZ^Z\Z_fuo wlhc kem`[hc aZ\bkbl dhgnb]mjZpby deb_glh\ b ^jm]bo k_l_\uo k_j\bkh\ =eZ\Z Ijhlhdhe '\QDPLF +RVW &RQILJXUDWLRQ 3URWRFRO ijhlhdhe ^bgZfbq_kdhc dhg nb]mjZpbb ohklZ ij_^gZagZq_g êy ^bgZfbq_kdh]h \u^_e_gby deb_glZf k_lb ohklZf jZaebqguo iZjZf_ljh\ bkihevam_fuo kl_dhf 7&3,3 Wlhl ijhlhdhe m^h [_g ijb p_gljZebah\Zgghf mijZ\e_gbb k_l_\ufb gZkljhcdZfb gZ deb_glkdbo fZ rbgZo < ki_pbnbdZpbb ijhlhdheZ '+&3 hij_^_eyxlky ^\Z mqZklgbdZ h[f_gZ ^Zggufb X kem`[Z deb_glZ bkihevamy rbjhdh\_sZl_evgu_ iZd_lu gZoh^bl '+&3k_j\_j b aZijZrb\Z_l m g_]h iZjZf_lju êy gZkljhcdb kl_dZ ijhlhdheh\ 7&3,3 '+&3deb_gl lZd beb bgZq_ j_Zebah\Zg \h \k_o kbkl_fZo :LQGRZV X kem`[Z k_j\_jZ h[jZ[Zlu\Z_l deb_glkdb_ aZijhku hkms_kl\eyy \u^Zqm \ Zj_g^m ,3Z^j_kZ ba g_dhlhjh]h ^bZiZahgZ DZ`ûc Z^j_k \u^_ey_lky gZ hij_^_e_gguc kjhd ih hdhgqZgbb dhlhjh]h ohkl ^he`_g eb[h ijhêblv kjhd Zj_gû eb[h hk\h[h^blv Z^j_k <k_ m^h\e_l\hj_ggu_ aZijhku ihevah\Zl_ey nbdkbjmxlky kem`[hc k_j\_jZ '+&3 \ kh[kl\_gghc [Za_ ^Zgguo Ih^h[gh_ j_r_gb_ iha\hey_l ij_^hl\jZlblv \u^_e_gb_ h^gh]h ,3Z^j_kZ ^\mf ohk lZf H^gh\j_f_ggh k \u^Zq_c ,3Z^j_kZ '+&3k_j\_j fh`_l lZd`_ ij_^hklZ\blv deb_glm ^hihegbl_evgmx bgnhjfZpbx h gZkljhcdZo kl_dZ ijhlhdheh\ 7&3,3 lZ dmx dZd fZkdZ ih^k_lb Z^j_k rexaZ ih mfheqZgbx b Z^j_kZ k_j\_jh\ '16 b :,16 b l ^ Gb`_ i_j_qbke_gu hkgh\gu_ \hafh`ghklb kem`[u '+&3 k_j\_jh\ b deb_glh\ gZ [Za_ k_j\_jh\ :LQGRZV 6HUYHU X Bgl_]jZpby k '+&3k_j\_ju b '+&3deb_glu fh]ml hkms_kl\eylv ^b gZfbq_kdmx j_]bkljZpbx \u^Z\Z_fuo ,3Z^j_kh\ [Za_ ^Zgguo '16k_j\_jZ Ijb wlhf \ [Za_ ^Zgguo '16k_j\_jZ kha^Zxlky j_kmjkgu_ aZibkb lbiZ 375 mdZaZl_ev b $ Z^j_k ?keb deb_gl g_ fh`_l kZf aZj_]bkljbjh\Zlv k\hc Z^j_k gZ '16k_j\_j_ lh '+&3k_j\_j fh`_l \uihegblv j_]bkljZpbx ijb \u^_e_ gbb Z^j_kZ X AZsblZ hl ih^f_gu k_j\_jh\ ?keb bkihevam_lky dhfivxl_j ² qe_g ^hf_gZ lh h^gbf ba h[yaZl_evguo mkeh\bc nmgdpbhgbjh\Zgby '+&3k_j\_jZ y\ey_lky lj_[h\Zgb_ _]h Z\lhjbaZpbb \ dZlZeh]_ $FWLYH 'LUHFWRU\ Ijb dZ`^hf aZimkd_ kem`[Z '+&3k_j\_jZ iulZ_lky h[gZjm`blv \ dZlZeh]_ aZibkv ih^l\_j`^Zx smx Z\lhjbaZpbx kem`[u ?keb ih^h[gZy aZibkv g_ gZc^_gZ kem`[Z k_j\_jZ g_ aZimkdZ_lky X :\lhfZlbq_kdZy gZkljhcdZ deb_glh\ Kem`[Z '+&3deb_glZ \ kemqZ_ hlkml kl\by \ k_lb '+&3k_j\_jZ fh`_l \uihegblv g_h[oh^bfmx gZkljhcdm kZfh klhyl_evgh Bkihevamy êy jZ[hlu \j_f_ggmx dhgnb]mjZpbx kl_dZ ijhlhdheh\ 7&3,3 deb_gl ijh^he`Z_l ihiuldb k\yaZlvky k '+&3k_j\_jhf \ nhgh\hf j_`bf_ dZ`û_ fbgml Ijb wlhf Z\lhfZlbq_kdh_ gZagZq_gb_ Z^j_kZ \k_]^Z ijhajZqgh êy ihevah\Zl_e_c :^j_kZ êy lZdh]h jh^Z deb_glh\ \u[bjZxlky ba ^bZiZahgZ qZklguo k_l_\uo Z^j_kh\ 7&3,3 dhlhju_ g_ bkihevamxlky \ Bgl_j g_l_ kf ^Ze__ K_l_\u_ dhfihg_glu b kem`[u X <hafh`ghklv aZ^Zgby Zevl_jgZlb\ghc dhgnb]mjZpbb deb_glZ >ey '+&3deb_glZ fh`gh aZ^Zlv Zevl_jgZlb\gmx dhgnb]mjZpbx 7&3,3 bkihev am_fmx ijb hlkmlkl\bb '+&3k_j\_jZ qlh iha\hey_l i_j_f_sZlv dhfivxl_j f_`^m jZaebqgufb ih^k_lyfb X <hafh`ghklv j_a_j\gh]h dhibjh\Zgby [Zau ^Zgguo < [Za_ ^Zgguo '+&3k_j\_jZ ojZgblky bgnhjfZpby h \u^Zgguo deb_glZf ,3Z^j_kZo \dexqZy bgnhjfZpbx h \j_f_gb hdhgqZgby Zj_gû J_]bkljZpby wlhc bgnhjfZpbb iha\h ey_l ba[_`Zlv ih\lhjgh]h \u^_e_gby m`_ \u^Zgguo Z^j_kh\ Ih\j_`^_gb_ wlhc [Zau ^Zgguo fh`_l ijb\_klb d lhfm qlh jZ[hlhkihkh[ghklv k_lb hdZ`_lky ih^ m]jhahc :^fbgbkljZlhj fh`_l \uihegylv j_a_j\gh_ dhibjh\Zgb_ [Zau ^Zgguo '+&3k_j\_jZ Kha^ZggZy j_a_j\gZy dhiby fh`_l bkihevah\Zlvky \ihke_^kl\bb êy \hkklZgh\e_gby jZ[hlhkihkh[ghklb '+&3k_j\_jZ X <u^_e_gb_ ]jmiih\uo Z^j_kh\ '+&3k_j\_j fh`_l \u^Z\Zlv deb_glZf ]jmi ih\u_ PXOWLFDVW Z^j_kZ dhlhju_ bkihevamxlky ijbeh`_gbyfb i_j_^Zxsbfb ^Zggu_ fgh`_kl\m deb_glh\ gZijbf_j ijh]jZffZfb êy ijh\_^_gby \b^_h beb Zm^bhdhgn_j_gpbc X Ki_pbZebabjh\Zggu_ hipbb b ih^^_j`dZ deZkkh\ hipbc :^fbgbkljZlhj fh`_l kha^Z\Zlv kh[kl\_ggu_ deZkku '+&3 bkihevam_fu_ êy dhgnb]mjZpbb deb_glh\ \ khhl\_lkl\bb k g_h[oh^bfhklvx F_oZgbaf ihevah\Zl_evkdbo deZkkh\ iha\hey_l ijbf_gylv '+&3 \ aZdZaguo ijbeh`_gbyo êy k_l_c fZk rlZ[Z ij_îjbylby DeZkku ihklZ\sbdh\ YHQGRU FODVVHV fh]ml bkihevah\Zlvky êy gZkljhcdb jZaebqguo nmgdpbc k_l_\h]h ZiiZjZlgh]h h[_ki_q_gby Hkgh\gu_ihgylbykem`[u'+&3 I_j_qbkebf hkgh\gu_ ihgylby ijhlhdheZ '+&3 b kjZam `_ ihdZ`_f gZ ijbf_jZo dZd khhl\_lkl\mxsb_ nmgdpbb j_Zebah\Zgu \ '+&3k_j\_j_ \oh^ys_f \ khklZ\ :LQGRZV 6HUYHU X H[eZklv ^_ckl\by VFRSH Ih^ h[eZklvx ^_ckl\by \ '+&3 ihgbfZ_lky ^bZ iZahg ihke_^h\Zl_evguo ,3Z^j_kh\ \u^Z\Z_fuo ih aZijhkm '+&3deb_glZf <k_ deb_glu h^ghc h[eZklb ihemqZxl h^bgZdh\u_ iZjZf_lju H[eZklv ^he`gZ [ulv hij_^_e_gZ ij_`^_ q_f '+&3deb_glu kfh]ml bkihevah\Zlv '+&3 k_j\_j êy ihemq_gby ,3Z^j_kh\ b ^jm]bo iZjZf_ljh\ GZ jbk ihdZaZg ijbf_j dhgnb]mjZpbb '+&3k_j\_jZ gZ dhlhjhf kha^Zgu g_kdhevdh h[eZkl_c ^_ckl\by êy jZaguo ih^k_l_c ?keb h[eZklv g_ Zdlb\gZ lh hgZ ihf_qZ_lky khhl\_lkl\mxsbf agZqdhf klj_edZ \gba ?keb \ k_lb êy h[_ki_q_gby hldZahmklhcqb\hklb bf__lky g_kdhevdh '+&3 k_j\_jh\ g_h[oh^bfh jZkij_^_eblv bf_xsb_ky ^bZiZahgu Z^j_kh\ f_`^m gb fb DZd ijZ\beh êy dZ`^hc ih^k_lb ^he`gu [ulv ^hklmigu dZd fbgbfmf ^\Z '+&3k_j\_jZ kihkh[guo \u^Zlv g_h[oh^bfuc ,3Z^j_k Ijb wlhf j_dhf_g^m _lky kha^Z\Zlv gZ wlbo k_j\_jZo h[eZklb k h^bgZdh\ufb imeZfb Z^j_kh\ gZ =eZ\Z ijbf_j ± gh k jZagufb ^bZiZahgZfb bkdexq_gby d ijbf_jm ± êy h^gh]h k_j\_jZ b ± ² êy ^jm]h]h ?keb '+&3k_j\_ju gZoh^ylky \ h^ghc ih^k_lb lh ime Z^j_kh\ fh`gh ^_eblv ihiheZf dZd ihdZaZgh \ur_ AZijhku hl deb_glh\ [m^ml kemqZcguf h[jZahf jZkij_^_eylvky f_`^m k_j\_jZfb Jbk Ijbf_j h[eZkl_c ^_ckl\by kha^Zgguo gZ k_j\_j_ '+&3 X Ime Z^j_kh\ DGGUHVV SRRO >bZiZahg jZaj_r_gguo d k^Zq_ \ Zj_g^m Z^j_kh\ g_dhlhjhc h[eZklb jbk '+&3 gZau\Z_lky imehf Z^j_kh\ êy wlhc h[eZklb kf X >bZiZahg bkdexq_gby H[FOXVLRQ UDQJH >bZiZahg bkdexq_gby ² wlh ihke_^h \Zl_evghklv ,3Z^j_kh\ \ ij_^_eZo h[eZklb ^_ckl\by dhlhju_ ^he`gu [ulv bk dexq_gu ba ij_^hklZ\e_gby kem`[hc '+&3 l _ aZj_a_j\bjh\Zgu êy dZdbolh p_e_c GZ jbk ihdZaZg ime Z^j_kh\ aZ^Zgguo êy g_dhlhjhc h[eZklb 6XEQHW hij_^_e_g ^bZiZahg Z^j_kh\ hl ^h Ijb wlhf ih^^bZ iZahg ± bkdexq_g ba imeZ Z^j_kh\ hg [m^_l \u^_ eylvky j_a_j\guf '+&3k_j\_jhf Z ih^^bZiZahg ± aZ j_a_j\bjh\Zg ih^ Z^j_kZ dhlhju_ [m^ml aZ^Z\Zlvky klZlbq_kdb K_l_\u_ dhfihg_glu b kem`[u X J_a_j\bjh\Zgb_ UHVHUYDWLRQ J_a_j\bjh\Zgb_ iha\hey_l gZ hkgh\_ 0$& Z^j_kZ nbabq_kdh]h Z^j_kZ k_l_\h]h Z^Zil_jZ gZagZqblv deb_glm ihklhygguc ,3Z^j_k b ]ZjZglbjh\Zlv qlh mdZaZggh_ mkljhckl\h \ ih^k_lb [m^_l \k_]^Z bk ihevah\Zlv h^bg b lhl `_ ,3Z^j_k Jbk Ijbf_j Z^j_kgh]h imey êy h[eZklb ^_ckl\by Jbk Ijbf_j aZj_a_j\bjh\Zggh]h Z^j_kZ =eZ\Z DZd \b^gh gZ jbk Z^j_k aZj_a_j\bjh\Zg êy dhgdj_lgh]h dhf ivxl_jZ hg [m^_l \u^Z\Zlvky lhevdh dhfivxl_jm k aZ^Zgguf 0$&Z^j_khf gZijbf_j '&( >ey j_a_j\bjh\Zgby fh`gh aZ^Z\Zlv bg^b\b^mZev gu_ iZjZf_lju '+&3 \ wlhf ijbf_j_ dhfivxl_jm mdZau\Z_lky Z^j_k '16 k_j\_jZ AgZqdb hdheh gZa\Zgby iZjZf_ljZ iha\heyxl ihgylv gZ dZdhf mjh\g_ wlb agZ q_gby [ueb hij_^_e_gu \ ^Zgghf ijbf_j_ bfy '16^hf_gZ '16 'RPDLQ 1DPH aZ^Zgh \ iZjZf_ljZo '+&3k_j\_jZ Z^j_k rexaZ 5RXWHU \ iZjZf_ljZo h[eZklb ^_ckl\by Z Z^j_k '16k_j\_jZ '16 6HUYHUV ² êy dhgdj_lgh]h h[t_dlZ X I_jbh^ Zj_gû OHDVH Ih^ i_jbh^hf Zj_gû ihgbfZ_lky hlj_ahd \j_f_gb \ l_q_gb_ dhlhjh]h deb_gl fh`_l bkihevah\Zlv \u^_e_gguc ,3Z^j_k Ih bkl_q_ gbb iheh\bgu kjhdZ ^_ckl\by Zj_gû deb_gl ^he`_g \hah[gh\blv Zj_g^m h[ jZlb\rbkv d k_j\_jm k ih\lhjguf aZijhkhf Ke_^m_l ihfgblv h lhf qlh ijh ^he`bl_evghklv i_jbh^Z Zj_gû \eby_l gZ qZklhlm h[gh\e_gby Zj_gû ^jm]bfb keh\Zfb gZ bgl_gkb\ghklv h[jZs_gbc d k_j\_jm I_jbh^ Zj_gû fh`gh mklZgZ\eb\Zlv bg^b\b^mZevgh êy dZ`^hc h[eZklb ^_ckl\by ih mfheqZ gbx ² ^g_c Jbk Kibkhd \u^Zgguo Z^j_kh\ kh kjhdZfb bkl_q_gby Zj_gû GZ jbk ihdZaZg kibkhd Z^j_kh\ m`_ \u^Zgguo deb_glZf '+&3k_j\_jZ >ey dZ`^h]h Z^j_kZ mdZau\Z_lky '16 beb 1HW%,26bfy dhfivxl_jZ êy j_ a_j\bjh\Zgby mdZau\Z_lky _]h bfy b \j_fy hdhgqZgby Zj_gû ?keb kjhd Zj_g û bkl_d b deb_gl g_ \hah[gh\be Zj_g^m lh hdheh khhl\_lkl\mxs_]h Z^j_kZ 0$&Z^j_k khklhbl ba ^\_gZ^pZlb kbf\heh\ \ r_klgZ^pZl_jbqghc ghlZpbb K_l_\u_ dhfihg_glu b kem`[u ihy\ey_lky agZqhd >ey aZj_a_j\bjh\Zggh]h Z^j_kZ kjhd Zj_g û g_ mdZaZg ihkdhevdm Zj_g^Z [_kkjhqgZy h^gZdh \b^gh qlh wlhl deb_gl k\hc Z^j_k ihemqbe klZlmk DFWLYH X IZjZf_lj '+&3 '+&3 RSWLRQ IZjZf_lju '+&3 ij_^klZ\eyxl kh[hc k_l_ \u_ gZkljhcdb \ i_j\mx hq_j_^v iZjZf_lju kl_dZ 7&3,3 dhlhju_ '+&3 k_j\_j fh`_l gZagZqZlv deb_glZf h^gh\j_f_ggh k \u^_e_gb_f ,3Z^j_kZ K_j \_j '+&3 ih^^_j`b\Z_l [he__ iZjZf_ljh\ < dZq_kl\_ ijbf_jZ fh`gh ijb \_klb ke_^mxsb_ iZjZf_lju ,3Z^j_kZ rexaZ ih mfheqZgbx Z^j_k :,16 k_j\_jZ beb Z^j_k '16k_j\_jZ Ijh\_jblv ihemq_ggu_ deb_glhf iZjZf_lju fh`gh k ihfhsvx mlbeblu ,SFRQILJH[H IZjZf_lju '+&3 fh]ml [ulv hij_^_e_gu bg^b\b^mZevgh êy dZ`^hc h[eZklb b j_a_j\bjh\Zgby beb ]eh[Zevgh ² êy \k_o h[eZkl_c aZ^Zgguo gZ '+&3 k_j\_j_ M dZ`^hc h[eZklb ^_ckl\by bf__lky iZidZ 6FRSH 2SWLRQV \ dhlhjhc aZ^Zxlky iZjZf_lju êy dhgdj_lghc h[eZklb lZdb_ iZjZf_lju bf_xl agZqhd GZ jbk ihdZaZg ijbf_j iZjZf_ljh\ '+&3 êy j_a_j\bjh\Zgby dhg dj_lgh]h deb_glZ ]^_ iZjZf_lju hij_^_e_gu gZ jZaebqguo mjh\gyo LZd`_ bf__lky iZidZ 6HUYHU 2SWLRQV ]^_ hij_^_e_gu iZjZf_lju bkihevam_fu_ \k_fb h[eZklyfb wlb iZjZf_lju hlf_q_gu agZqdhf kha^Zggufb gZ k_j\_j_ ?k eb g_dhlhjuc iZjZf_lj aZ^Zg b êy k_j\_jZ b êy h[eZklb lh ^_ckl\mxsbf y\ey_lky agZq_gb_ mdZaZggh_ \ iZid_ 6FRSH 2SWLRQV êy h[eZklb X DeZkk iZjZf_ljh\ '+&3 '+&3 RSWLRQ FODVV Deb_glh\ '+&3k_j\_jh\ fh` gh h[t_^bgylv \ lZd gZau\Z_fu_ deZkku DeZkk jZkkfZljb\Z_lky \ ^Zgghf kem qZ_ dZd g_dZy eh]bq_kdZy ]jmiiZ dhfivxl_jh\ h[t_^bg_gguo ih g_dhlhjhfm ijbagZdm gZijbf_j d h^ghfm deZkkm fh`gh hlg_klb dhfivxl_ju bf_xsb_ ^hklmi d Bgl_jg_lm ihkdhevdm k_l_\u_ dhfihg_glu lZdbo dhfivxl_jh\ fh]ml ihlj_[h\Zlv ^hihegbl_evghc gZkljhcdb IZjZf_lju '+&3 aZ^Zxlky bg^b\b^m Zevgh êy dZ`^h]h deZkkZ b ijbf_gyxlky khhl\_lkl\_ggh lhevdh d l_f deb_g lZf dhlhju_ hlghkylky d ^Zgghfm deZkkm ijhba\h^bl_e_c beb ihevah\Zl_e_c DeZkku fh]ml hij_^_eylvky dZd êy \k_]h '+&3k_j\_jZ lZd b gZ mjh\g_ hl ^_evguo h[eZkl_c beb bg^b\b^mZevguo deb_glh\ j_a_j\bjh\Zgbc >ey jZ[hlu k deZkkZfb gm`gh hldjulv hdgh iZjZf_ljh\ k_j\_jZ beb h[eZklb ^_ckl\by b i_ j_clb gZ \deZ^dm $GYDQFHG >hihegbl_evgh MklZgh\dZbgZkljhcdZ'+&3k_j\_jZ >ey jZa\_jlu\Zgby \ k_lb kem`[u ke_^mxsb_ ^_ckl\by MklZgh\blv '+&3k_j\_j '+&3 Ihwlhfm g_ gm`gh m^b\eylvky lhfm qlh \ iZid_ dhlhju_ lZf b g_ hij_^_eyebkv g_h[oh^bfh dZd fbgbfmf \uihegblv fh]ml hlh[jZ`Zlvky iZjZf_lju =eZ\Z ?keb '+&3k_j\_j mklZgh\e_g gZ dhfivxl_j_ ² qe_g_ ^hf_gZ beb gZ dhgljhee_ j_ ^hf_gZ lh g_h[oh^bfh Z\lhjbah\Zlv _]h \ dZlZeh]_ $FWLYH 'LUHFWRU\ Ijb mklZgh\d_ '+&3k_j\_jZ gZ dhfivxl_j_ bf_xs_f g_kdhevdh k_l_\uo Z^Zil_jh\ g_h[oh^bfh ijh\_jblv ijb\yadm k_j\_jZ d k_l_\uf ih^dexq_gbyf ^he`gu [ulv \dexq_gu lhevdh l_ k_]f_glu dhlhjuf lj_[m_lky ih^^_j`dZ '+&3 Fh`gh hij_^_eblv iZjZf_lju '+&3 êy \k_]h k_j\_jZ ² \ wlhf kemqZ_ hgb [m^ml ijbf_gylvky b dh \k_f h[eZklyf ^_ckl\by _keb iZjZf_lju g_ i_j_hij_ ^_eyxlky gZ mjh\g_ h[eZklb >ey wlh]h \ dhgl_dklghf f_gx iZidb IZjZf_lju k_j\_jZ g_h[oh^bfh \uihegblv dhfZg^m GZkljhblv iZjZf_lju b aZ^Zlv lj_[m_fu_ iZjZf_lju Kha^Zlv h[eZklv ^_ckl\by b hij_^_eblv __ k\hckl\Z iZjZf_lju '+&3 JZaj_rblv bkihevah\Zgb_ '+&3 gZ deb_glZo \ hdg_ k\hckl\ ijhlhdheZ 7&3,3 < GBF:GB? Dhfivxl_j \u[jZgguc gZ jhev Z^j_k k_j\_jZ ^he`_g bf_lv klZlbq_kdbc '+&3 ,3 >ey mklZgh\db '+&3k_j\_jZ gm`gh aZimklblv hkgZkldm >bki_l q_j k_j\_jZ b ^h[Z\blv k_j\_jm jhev '+&3k_j\_j < ijhp_kk_ mklZgh\db '+&3k_j\_jZ fh`gh kjZam mdZaZlv dZdb_ k_l_\u_ Z^Zil_ju bf_xsb_ klZlbq_kdb_ Z^j_kZ gh\uc k_j\_j [m^_l h[kem`b\Zlv >Zevg_crb_ rZ]b \ jZ[hl_ fZkl_jZ ^h[Z\e_gby jheb [m^ml ke_^mxsbfb MdZ`bl_ bfy ^hf_gZ \ dhlhjhf k_j\_j [m^_l jZ[hlZlv b Z^j_k ij_îhqblZ_fh ]h '16k_j\_jZ bkihevam_fh]h deb_glZfb ^hf_gZ K ihfhsvx dghidb fh`gh kjZam ijh\_jblv ^hklmighklv b jZ[hlhkihkh[ghklv mdZaZggh]h '16 k_j\_jZ GZ ke_^mxs_f rZ]_ ZgZeh]bqguf h[jZahf fh`gh aZ^Zlv bfy :,16 k_j\_jZ _keb hg bkihevam_lky \ k_lb êy kh\f_klbfhklb kh klZjufb deb_glZfb >Ze__ fZkl_j ^h[Z\e_gby jheb ij_êh`bl kjZam kha^Zlv h[eZklv h[eZklb ^_c kl\by êy gh\h]h k_j\_jZ jbk < hdg_ iZjZf_ljh\ h[eZklb VFRSH g_h[oh^bfh mdZaZlv __ bfy b ^bZiZahg Z^j_kh\ Ih g_h[oh^bfhklb fh`gh aZ^Zlv Z^j_k rexaZ ih mfheqZgbx lbi ih^k_lb hg hij_^_ey_l êbl_evghklv Zj_gû Z^j_kh\ êy ijh\h^guo b [_kijh\h^guo k_l_c b g_h[oh^bfhklv g_f_ê_gghc Zdlb\Zpbb h[eZklb ^_ckl\by ?keb \ k_lb hlkmlkl\mxl deb_glu k Z^j_kZfb ,3Y lh gZ ke_^mxs_f rZ]_ fh` gh aZij_lblv j_`bf MdZ`bl_ mq_lgmx aZibkv dhlhjZy [m^_l bkihevah\Zlvky êy Z\lhjbaZpbb '+&3 k_j\_jZ \ kem`[_ ^hf_gh\ $FWLYH 'LUHFWRU\ beb hldZaZlvky hl Z\lhjbaZpbb \ wlhf kemqZ_ __ h[yaZl_evgh gm`gh [m^_l \uihegblv ihlhf bgZq_ k_j\_j g_ [m K_l_\u_ dhfihg_glu b kem`[u ^_l h[kem`b\Zlv deb_glh\ >ey Z\lhghfgh]h '+&3k_j\_jZ jZ[hlZxs_]h \ k_ lb [_a ^hf_gh\ Z\lhjbaZpby \ ijbgpbi_ g_ lj_[m_lky Ihke_ ijh\_jdb \k_o \\_^_gguo iZjZf_ljh\ gZ`fbl_ dghidm MklZgh \blv b mklZgh\dZ '+&3k_j\_jZ gZqg_lky Jbk Kha^Zgb_ gh\uo h[eZkl_c ^_ckl\by êy mklZgZ\eb\Z_fh]h '+&3k_j\_jZ VFRSHV Ihke_ ^h[Z\e_gby jheb aZimkd '+&3k_j\_jZ fh`gh ijh\_jblv ijb ihfhsb hkgZ kldb Kem`[u bfy k_j\bkZ ² '+&36HUYHU ?keb '+&3deb_gl ihkueZxsbc rbjhdh\_sZl_evgu_ aZijhku gZ h[gZjm`_gb_ '+&3k_j\_jh\ g_ ihemqZ_l gbdZdh]h hl\_lZ ih ijbqbg_ g_^hklmighklb beb g_ jZ[hlhkihkh[ghklb kem`[u '+&3 lh hg fh`_l kZfhklhyl_evgh \u[jZlv ,3Z^j_k ba kem`_[gh]h ^bZiZahgZ Z^j_kh\ ih^k_lv fZkdZ ih kdhevdm hipby Z\lhdhgnb]mjbjh\Zgby ih mfheqZgbx \dexq_gZ gZ \k_o deb_glZo dhlhjuf jZaj_r_gh ihemq_gb_ iZjZf_ljh\ hl kem`[u '+&3 Ihke_ wlh]h deb_gl [m^_l dZ`û_ iylv fbgml ih\lhjylv ihiuldb h[gZjm`_gby '+&3k_j\_jZ b ihem q_gby hl g_]h ,3Z^j_kZ =eZ\Z >ey ijbgm^bl_evgh]h aZimkdZ ijhp_^mju ihemq_gby Z^j_kZ b h[gh\e_gby iZjZf_l jh\ fh`gh bkihevah\Zlv dhfZg^m < kbkl_fZo :LQGRZV ;3 b \u r_ fh`gh \hkihevah\Zlvky dhfZg^hc ijh\_jdb b mkljZg_gby k_l_\uo g_bkijZ\gh kl_c dhlhjZy bf__lky \ dhgl_dklghf f_gx agZqdZ k_l_\h]h ih^dexq_gby ehdZevghc k_lb _keb wlhl agZqhd hlh[jZ`Z_lky gZ iZg_eb aZ^Zq :\lhjbaZpby'+&3k_j\_jZ ?keb '+&3k_j\_j mklZgh\e_g gZ dhfivxl_j_ \oh^ys_f \ ^hf_g wlh fh`_l [ulv jy^h\hc k_j\_j beb dhgljhee_j ^hf_gZ lh ij_`^_ q_f k_j\_j kfh`_l ijbklmiblv d jZ[hl_ hg h[yaZl_evgh ^he`_g [ulv Z\lhjbah\Zg \ dZlZeh]_ $FWLYH 'LUHFWRU\ Lhevdh ihke_ wlh]h deb_glu kfh]ml jZ[hlZlv k ^Zgguf k_j\_jhf Ijb Z\lhjbaZpbb \ dhgl_cg_j_ &1 1HW6HUYLFHV&1 6HUYLFHV&1 &RQILJXUDWLRQ'& BfyE_kZ kha^Z_lky h[t_dl lbiZ khhl\_lkl\mxsbc '+&3k_j\_jm bfy h[t_dlZ kh^_j`bl ,3Z^j_k '+&3k_j\_jZ <k_ h[yaZgghklb ih h[gZjm`_gbx g_Z\lhjbah\Zgguo '+&3k_j\_jh\ \haeh`_gu g_ihkj_^kl\_ggh gZ kZfb '+&3k_j\_ju Hkms_kl\ey_lky wlh ke_^mxsbf h[jZahf '+&3k_j\_j ijb aZimkd_ h[jZsZ_lky d $FWLYH 'LUHFWRU\ qlh[u ijhkfhlj_lv kib khd ,3Z^j_kh\ Z\lhjbah\Zgguo k_j\_jh\ ?keb k_j\_j g_ h[gZjm`b\Z_l k\hc Z^j_k \ wlhf kibkd_ hg hklZgZ\eb\Z_l k\hx jZ[hlm < GBF:GB? ?keb '+&3k_j\_j mklZgh\e_g gZ Z\lhghfghf dhfivxl_j_ g_ \oh^ys_f \ ^h f_g lh hg kfh`_l jZ[hlZlv lhevdh \ ih^k_lb \ dhlhjhc hlkmlkl\mxl Z\lhjbah \Zggu_ '+&3k_j\_ju < ijhlb\ghf kemqZ_ '+&3k_j\_j g_ aZimkdZ_lky ohly k_j\bk '+&36HUYHU b hklZ_lky \ jZ[hq_f khklhygbb b gZ k_j\_j_ fh`gh kha^Z \Zlv b Zdlb\babjh\Zlv h[eZklb ^_ckl\by >ey Z\lhjbaZpbb '+&3k_j\_jZ _keb wlh g_ [ueh k^_eZgh ijb _]h mklZgh\d_ g_ h[oh^bfh aZimklblv hkgZkldm \u[jZlv dhjg_\hc h[t_dl '+&3 b \ dhgl_d klghf f_gx \uihegblv dhfZg^m MijZ\e_gb_ Z\lhjbah \Zggufb k_j\_jZfb Kbkl_fZ ihdZ`_l kibkhd m`_ Z\lhjbah\Zgguo '+&3 k_j\_jh\ >ey Z\lhjbaZpbb ^jm]bo k_j\_jh\ gm`gh gZ`Zlv dghidm :\ lhjbah\Zlv b mdZaZlv ,3Z^j_k '+&3k_j\_jZ DhfZg^Z :\lhjbah\Zlv bf__lky lZd`_ \ dhgl_dklghf f_gx h[t_dlh\ ij_^klZ\eyxsbo k_j\_ju \ hdg_ hk gZkldb Ih^dexqb\rbkv d dhgdj_lghfm k_j\_jm fh`gh _]h Z\lhjbah\Zlv ijb ihfhsb wlhc dhfZgû DZ`ûc jZ[hlhkihkh[guc '+&3k_j\_j \ hdg_ hkgZkldb ^he`_g [ulv hl ?keb hlh[jZ`Z_lky ^jm]hc agZqhd lh ih dZdhclh ijbqbg_ f_q_g agZqdhf '+&3k_j\_j g_ kfh] aZimklblvky ² eb[h hg g_ Z\lhjbah\Zg eb[h g_ jZ[hlZ_l k_j \bk '+&36HUYHU < ex[hf kemqZ_ lZdZy kblmZpby lj_[m_l \f_rZl_evkl\Z Z^fbgbkl jZlhjZ K_l_\u_ dhfihg_glu b kem`[u Kha^Zgb_h[eZklb^_ckl\by >ey kha^Zgby gh\hc h[eZklb ^_ckl\by VFRSH \ hdg_ hkgZkldb bkihevam_lky fZkl_j FZkl_j kha^Zgby h[eZklb dhlhjuc aZimkdZ_lky ba dhg l_dklgh]h f_gx '+&3k_j\_jZ ih dhfZg^_ Kha^Zlv h[eZklv Ijb kha^Zgbb h[eZklb ke_^m_l mdZaZlv ke_^mxsb_ __ oZjZdl_jbklbdb Bfy h[yaZl_evgh b hibkZgb_ g_h[yaZl_evgh GZqZevguc b dhg_qguc ,3Z^j_kZ ime Z^j_kh\ Z lZd`_ fZkdm ih^k_lb >bZiZahgu Z^j_kh\ bkdexq_gbc g_h[yaZl_evgh >ebl_evghklv Zj_gû ih mfheqZgbx ² qZkh\ AZl_f fZkl_j ij_êZ]Z_l kjZam aZ^Zlv g_dhlhju_ iZjZf_lju '+&3 êy gh\hc h[ eZklb wlh fh`gh k^_eZlv b iha^g__ h^gZdh \ wlhf kemqZ_ h[eZklv kjZam g_ Zdlb\b abjm_lky :^j_k Z^j_kZ fZjrjmlbaZlhjZ rexaZ ih mfheqZgbx hipby 5RXWHU Rexa ih mfheqZgbx hkgh\ghc rexa bkihevam_lky êy fZjrjmlbaZpbb iZd_ lh\ Z^j_kh\Zgguo ohklZf \ ^jm]bo ih^k_lyo ?keb ohkl g_ agZ_l ,3Z^j_kZ fZj rjmlbaZlhjZ hg g_ kfh`_l \aZbfh^_ckl\h\Zlv k ih^h[gufb ohklZfb Bfy jh^bl_evkdh]h ^hf_gZ kf ijbf_qZgb_ gb`_ hipby '16 'RPDLQ b Z^j_k ij_îhqblZ_fh]h '16k_j\_jZ hipby '16 6HUYHUV Fh` gh mdZau\Zlv g_kdhevdh '16k_j\_jh\ qlh h[_ki_qbl jZaj_r_gb_ bf_g \ kemqZ_ _keb h^bg ba k_j\_jh\ \uc^_l ba kljhy 1DPH :^j_k k_j\_jZ êy jZaj_r_gby 1HW%,26bf_g hipby :,161%16 Ijb mdZaZgbb :,16k_j\_jZ lZd`_ Z\lhfZlbq_kdb aZ^Z_lky hipby :,161%7 1RGH 7\SH kh agZq_gb_f [ ]b[jb^guc ma_e +QRGH :,16 6HUYHUV NhjfZevgh gb h^bg ba i_j_qbke_gguo \ur_ iZjZf_ljh\ g_ y\ey_lky h[yaZl_evguf êy h[eZklb \ wlhf kemqZ_ [m^ml ^_ckl\h\Zlv iZjZf_lju hij_^_e_ggu_ êy \k_]h k_j\_jZ Ihke_ kha^Zgby h[eZklv ^_ckl\by fh`gh Zdlb\babjh\Zlv kjZam beb `_ hleh`blv wlm hi_jZpbx gZ [he__ iha^g__ \j_fy :dlb\baZpby h[eZklb ^_ckl\by ijb\h^bl d lhfm qlh ,3Z^j_kZ aZ^Zggu_ imehf Z^j_kh\ fh]ml [ulv ih lj_[h\Z gbx k^Zgu \ Zj_g^m deb_glZf FZkl_j kha^Zgby h[eZklb iha\hey_l hij_^_eblv lhevdh klZg^Zjlgu_ iZjZf_lju '+&3 '+&3 6WDQGDUG 2SWLRQV >ey hij_^_e_gby ^hihegbl_evguo iZjZf_ljh\ g_h[oh^bfh \ f_gx iZidb IZjZf_lju h[eZklb bf_xs_cky m dZ`^hc h[eZklb \uihegblv dhfZg^m GZkljhblv iZjZf_lju b \u[jZlv gm`gmx \deZ^dm iZjZf_ljh\ hkgh\guo beb jZkrbj_gguo GZkljhcdZf_oZgbafZ^bgZfbq_kdhcj_]bkljZpbb^hf_gguobf_g ?keb \ k_lb bkihevam_lky kem`[Z '16 b \ g_c jZaj_r_gZ ^bgZfbq_kdZy j_]bkljZ pby j_kmjkguo aZibk_c lh g_h[oh^bfh ijZ\bevgh hj]Zgbah\Zlv \aZbfh^_ckl\b_ =eZ\Z kem`[ '16 b '+&3 GZ jbk ihdZaZgu aZ^Zggu_ ih mfheqZgbx iZjZf_lju hij_^_eyxsb_ ^_ckl\by '+&3k_j\_jZ \ hlghr_gbb kem`[u '16 MklZgh\e_gguc neZ`hd ! <dexqblv ^bgZfbq_kdh_ h[gh\e_gb_ '16 \ khhl\_lkl\bb k gZkljhcdhc jZaj_rZ_l '+&3 k_j\_jm j_]bkljbjh\Zlv '16bf_gZ hl bf_gb deb_glh\ Jbk :dlb\baZpby j_`bfZ Z\lhfZlbq_kdhc j_]bkljZpbb ^hf_gguo bf_g \ [Za_ ^Zgguo '16 Ijb\_^_ggu_ gZ jbk mklZgh\db ih^jZamf_\Zxl qlh deb_glu k_lb jZ[hlZxl ih^ mijZ\e_gb_f kbkl_f \ur_ wlb deb_glu ih mfheqZgbx kZfh klhyl_evgh j_]bkljbjmxl k\hx aZibkv lbiZ Z aZibkv lbiZ êy gbo j_]bkljb jm_l k_j\_j \ khhl\_lkl\bb kh ki_pbZevguf aZijhkhf nhjfbjm_fuf deb _glhf ?keb mklZgh\blv i_j_dexqZl_ev <k_]^Z ^bgZfbq_kdb h[gh\eylv b aZibkb lh k_j\_j [m ^_l j_]bkljbjh\Zlv aZibkb h[hbo lbih\ g_aZ\bkbfh hl lh]h [ue eb khhl\_lkl\mx sbc aZijhk hl deb_glZ beb g_ [ueh NeZ`hd M^Zeylv b aZibkb ijb m^Ze_gbb Zj_gû ^he`_g [ulv mklZgh\e_g \ wlhf kemqZ_ j_kmjkgu_ aZibkb [m^ml m^Ze_gu k k_j\_jZ _keb deb_gl g_ ijhêbe Zj_g^m beb _keb kh :LQGRZV $ 375 '+&3 '16 $ 375 '+&3 $ 375 ² '16 K_l_\u_ dhfihg_glu b kem`[u hl\_lkl\mxsZy kljhdZ [ueZ \jmqgmx m^Ze_gZ ba kibkdZ \u^Zgguo Z^j_kh\ ba iZi db ?keb dZdb_ lh deb_glu k_lb g_ fh]ml kZfb j_]bkljbjh\Zlv b h[gh\eylv j_kmjkgu_ aZibkb \ Z lZd`_ g_ fh]ml ihkueZlv k_j\_jm khhl\_lkl\mxsbc aZijhk gZ \uiheg_gb_ wlhc hi_jZpbb lh êy lh]h qlh[u k_j\_j fh] ihke_ \u^Zqb Z^j_kZ deb_glm h[gh\blv aZibkb \ g_h[oh^bfh mklZgh\blv neZ`hd >bgZfbq_kdb h[gh\eylv b aZibkb êy deb_glh\ g_ lj_[mxsbo h[gh\e_gby '16 '+&3 '+&3 '16 '16 $ 375 '+&3 KhojZg_gb_b\hkklZgh\e_gb_dhgnb]mjZpbb'+&3k_j\_jZ >ey khojZg_gby \k_o iZjZf_ljh\ k_j\_jZ ^hklZlhqgh \ hdg_ hkgZkldb hldjulv dhgl_dklgh_ f_gx k_j\_jZ b \uihegblv dhfZg^m ! dhfZg^Z kem`bl khhl\_lkl\_ggh êy \hkklZgh\e_gby Ih mfheqZgbx ^Zggu_ khojZgyxlky \ ehdZevghc iZid_ gh fh`gh mdZaZlv b ijhba\hevgh_ f_klh êy ojZg_gby dhgnb]mjZpbb Wlm hi_jZpbx fh`gh \uihegylv gZ k_j\_jZo jZ[hlZxsbo ih^ mijZ\e_gb_f b j_dhf_g^m_lky __ ^_eZlv ijb h[gh\e_gbb hi_jZpbhgghc kbkl_fu ^h wlh iha\hebl h[_ahiZkblv bgnhjfZpbx k_j\_jZ gZ kemqZc g_m^Zqgh]h h[gh\e_gby MlbeblZ iha\hey_l khojZgblv dhgnb]mjZpbx k_j\_jZ \ l_dklh\hf nZce_ Wlhl nZce fh`gh bkihevah\Zlv êy Zjob\Zpbb beb i_j_ghkZ ^Zgguo gZ ^jm ]hc k_j\_j ihke_ j_^Zdlbjh\Zgby iZjZf_ljh\ b baf_g_gby Z^j_kZ k_j\_jZ beb êy \hkklZgh\e_gby bgnhjfZpbb ihke_ i_j_mklZgh\db kbkl_fu >ey khojZg_gby ^Zgguo k_j\_jZ bkihevam_lky ke_^mxsZy dhfZg^Z \ ^Zgghf kemqZ_ \uoh^gu_ khh[s_gby mlbeblu i_j_gZagZqZxlky \ nZce '+&3 '+&3 :LQGRZV 6HUYHU :LQGRZV 6HUYHU '+&3 ² 1HWVKH[H '+&3 ,3 '+&3 1HWVK GKFSVKRZW[W ]^_ GKFSVKRZW[W lb\u êy mlbeblu ² GKFSFRQILJW[W l_dklh\uc dhfZg^guc nZce kh^_j`Zsbc ke_^mxsb_ ^bj_d 1HWVK LQWHUIDFH GKFS VHUYHU GXPS A^_kv Z^j_k k_j\_jZ >ey \hkklZgh\e_gby ^Zgguo k_j\_jZ ihemq_gguc nZce dhgnb]mjZpbb gm`gh bk ihevah\Zlv \ dZq_kl\_ dhfZg^gh]h nZceZ ² ,3 '+&3 GKFSFRQILJW[W Ihke_ \uiheg_gby mdZaZgghc dhfZgû k_j\_j g_h[oh^bfh i_j_aZimklblv k ihfhsvx dhfZgû QHW VWRS '+&36HUYHU QHW VWDUW '+&36HUYHU beb hkgZ klhd beb " Kem`[u '+&3 =eZ\Z :]_glj_ljZgkeypbb'+&3%2273 JZ[hlZ ijhlhdheh\ b hkgh\ZgZ gZ f_oZgbafZo rbjhdh\_sZgby H[uqgh fZjrjmlbaZlhju ih mfheqZgbx g_ j_ljZgkebjmxl rbjhdh\_sZl_evgu_ iZd_lu qlh fh`_l kha^Zlv ljm^ghklb êy ihemq_gby Z^j_kh\ deb_glZfb gZoh ^ysbfbky \ ^jm]hc ih^k_lb I_j_^ZqZ rbjhdh\_sZl_evguo jZkkuehd fh`_l \uihegylvky Z]_glhf j_ljZgkeypbb dhlhjuc ijh kemrb\Z_l ih^k_lb gZ gZebqb_ rbjhdh\_sZl_evguo khh[s_gbc b i_j_Z^j_kh\u\Z_l bo gZ g_dhlhjuc aZ^Zgguc k_j\_j Bkihevah\Zgb_ Z]_glh\ j_ljZgkeypbb ba[Z\ey_l hl g_h[oh^bfhklb mklZgZ\eb\Zlv k_j \_j \ dZ`^hf nbabq_kdhf k_]f_gl_ k_lb :]_gl g_ lhevdh h[kem`b\Z_l ijyfu_ ehdZevgu_ aZijhku deb_glZ b i_j_gZijZ\ey_l bo gZ m^Ze_ggu_ k_j\_ju gh lZd`_ b \ha\jZsZ_l hl\_lu m^Ze_gguo k_j\_jh\ deb_glZf %2273 '+&3 ,3 '+&3 %2273 '+&3 UHOD\ '+&3%2273 '+&3 '+&3 '+&3 '+&3 '+&3 Jbk <dexq_gb_ Z]_glZ j_ljZgkeypbb '+&3 \ hdg_ hkgZkldb 5RXWLQJ DQG 5HPRWH $FFHVV >ey mklZgh\db Z]_glZ j_ljZgkeypbb g_h[oh^bfh bkihevah\Zlv ij_^\Zjbl_evgh \dexqb\ b gZkljhb\ kem`[m FZjrjmlbaZpby b m^Ze_g 5RXWLQJ DQG 5HPRWH $FFHVV K_l_\u_ dhfihg_glu b kem`[u guc ^hklmi 55$6k_j\_j \u[jZgguc êy mklZgh\db Z]_glZ ^he`_g [ulv gZkljh _g dZd fZjrjmlbaZlhj gZ g_f g_ ^he`gh [ulv kem`[u '+&3 >ey \dexq_gby Z]_g lZ j_ljZgkeypbb g_h[oh^bfh \uihegblv ke_^mxsb_ ^_ckl\by FZjrjmlbaZpby b m^Ze_gguc ^h ,3Y _ H[sb_ < dhgl_dklghf f_gx iZidb \uihegblv dhfZg^m Gh\uc < hdg_ hkgZkldb klmi \u[jZlv iZidm _ ijhlhdhe fZjrjmlbaZpbb <u[jZlv \ kibkd_ hipbx jbk b \uihegb\ dhfZg^m Gh\uc bgl_jn_ck \u[jZlv k_l_\u_ bgl_jn_cku k dh lhjuo Z]_gl j_ljZgkeypbb [m^_l ijbgbfZlv deb_glkdb_ aZijhku Hldjulv dhgl_dklgh_ f_gx ihy\b\r_]hky maeZ Hldjulv dhgl_dklgh_ f_gx maeZ b \uihegb\ dhfZg^m K\hckl\Z mdZaZlv Z^j_k Z^j_kZ '+&3k_j\_jh\ dhlhjuf [m^ml i_j_Z^j_kh\u\Zlvky aZijhku deb_glh\ K_j\_jukem`[u^hf_gguobf_g '16 Kem`[Z ^hf_gguo bf_g 'RPDLQ 1DPH 6\VWHP '16 y\ey_lky \Z`guf dhfihg_glhf ex[hc djmighc k_l_\hc bgnjZkljmdlmju Kem`[Z ^hf_gguo bf_g hkms_kl\ey_l jZa j_r_gb_ beb ij_h[jZah\Zgb_ kbf\hevguo bf_g \ ,3Z^j_kZ Kbf\hevgu_ bf_gZ bk ihevamxlky êy ^hklmiZ d j_kmjkZf Bgl_jg_lZ b \_[maeZf dhjihjZlb\ghc k_lb Kem`[Z '16 y\ey_lky h[yaZl_evghc êy ^hf_gh\ $FWLYH 'LUHFWRU\ b êy bo jZa\_j lu\Zgby gm`_g ohly [u h^bg '16k_j\_j B_jZjoby ^hf_gh\ $FWLYH 'LUHFWRU\ hlh [jZ`Z_lky gZ ijhkljZgkl\h bf_g '16 Deb_glu ^hf_gh\ bkihevamxl kem`[m '16 êy h[gZjm`_gby dhgljhee_jh\ ^hf_gZ Z dhgljhee_ju h[jZsZxlky d g_c êy ih bkdZ Z^j_kh\ iZjlg_jh\ ih j_iebdZpbb Hrb[db ^hims_ggu_ ijb ijh_dlbjh\Zgbb ijhkljZgkl\Z bf_g '16 gZijbf_j g_m^Zqguc \u[hj bf_g ^hf_gh\ beb g_ijZ \bevgZy gZkljhcdZ ahg fh]ml k_jv_agh hkeh`gblv \g_^j_gb_ b jZa\blb_ k_lb Z \ g_dhlhjuo kemqZyo fh`_l ^Z`_ ihlj_[h\Zlvky ih\lhjgh_ jZa\_jlu\Zgb_ \k_]h e_kZ ^hf_gh\ <hafh`ghklb'16k_j\_jh\ gZ[Za_:LQGRZV6HUYHU Gb`_ i_j_qbke_gu hkgh\gu_ nmgdpbhgZevgu_ \hafh`ghklb k_j\_jh\ l_fZo :LQGRZV 6HUYHU '16 \ kbk X Ih^^_j`dZ bgdj_f_glguo i_j_^Zq ahgu f_`^m k_j\_jZfb I_j_^ZqZ ahgu hkms_kl\ey_lky f_`^m '16k_j\_jZfb \ dZq_kl\_ kj_^kl\Z kbgojhgbaZpbb hl =eZ\Z ^_evguo wda_fieyjh\ [Zau ^Zgguo ahgu wlh g_h[oh^bfh lhevdh êy ahg g_ bgl_]jbjh\Zgguo \ $FWLYH 'LUHFWRU\ KlZg^ZjlgZy ijhp_^mjZ i_j_^Zqb ahgu ij_îheZ]Z_l dhibjh\Zgb_ \k_c [Zau ^Zgguo ahgu k h^gh]h k_j\_jZ gZ ^jm]hc Bgdj_f_glgZy i_j_^ZqZ ahgu iha\hey_l dhibjh\Zlv lhevdh k\_^_gby h[ baf_ g_gbyo X Ahgu aZ]emrdb AhgZaZ]emrdZ ij_^klZ\ey_l kh[hc njZ]f_gl ah gu kh^_j`Zsbc lhevdh l_ j_kmjkgu_ aZibkb lbih\ 62$ 16 b $ qlh g_h[oh ^bfu êy gZoh`^_gby '16k_j\_jh\ y\eyxsboky ghkbl_eyfb iheghc \_jkbb ahgu Ihwlhfm ahguaZ]emrdb ihijhklm i_j_gZijZ\eyxl deb_glkdb_ aZijhku l_f '16k_j\_jZf dhlhju_ ojZgyl Z\lhjbl_lgu_ ahgu b fh]ml \uihegblv jZa j_r_gb_ ^hf_gguo bf_g ijbgZê_`Zsbo d wlbf ahgZf VWXE ]RQHV X Mkeh\gu_ i_j_kuedb aZijhkh\ FRQGLWLRQDO IRUZDUGLQJ >Zgguc f_oZgbaf iha\hey_l i_j_gZijZ\eylv aZijhku deb_glh\ gZ ^jm]b_ '16k_j\_ju \ khhl\_l kl\bb k ^hf_gguf bf_g_f kh^_j`Zsbfky \ aZijhk_ H[uqguc j_`bf i_j_ kuedb IRUZDUGLQJ ij_îheZ]Z_l i_j_gZijZ\e_gb_ \k_o aZijhkh\ gZ hij_^_e_g guc '16k_j\_j beb ]jmiim k_j\_jh\ F_oZgbaf mkeh\guo i_j_kuehd nZdlbq_kdb iha\hey_l \uihegylv gZ '16k_j\_j_ khjlbjh\dm aZijhkh\ g_dh lhjmx qZklv aZijhkh\ k_j\_j kihkh[_g jZaj_rblv kZf ^jm]Zy qZklv [m^_l i_j_ gZijZ\e_gZ jZaebqguf k_j\_jZf bf_g Mkeh\gu_ i_j_kuedb fh]ml [ulv d ijbf_jm bkihevah\Zgu dZd kj_^kl\h hj]Z gbaZpbb \aZbfh^_ckl\by ^\mo e_kh\ ^hf_gh\ bf_xsbo kh[kl\_ggu_ kh\_j r_ggh g_aZ\bkbfu_ ijhkljZgkl\Z bf_g '16 < wlhf kemqZ_ êy jZaj_r_gby bf_g gZ '16k_j\_jZo h^gh]h e_kZ mdZau\Zxlky Z^j_kZ '16k_j\_jh\ ^jm]h]h e_kZ dhlhju_ [m^ml h[jZ[Zlu\Zlv aZijhku h[jZs_ggu_ d qm`hfm ijhkljZg kl\m bf_g X Bgl_]jZpby kh kem`[hc DZd m`_ ]h\hjbehkv gZebqb_ kem` [u '16 y\ey_lky h[yaZl_evguf mkeh\b_f jZa\_jlu\Zgby $FWLYH 'LUHFWRU\ ih kdhevdm hgZ bkihevam_lky dZd hkgh\ghc f_oZgbaf h[gZjm`_gby j_kmjkh\ b Z^ j_kgh_ ijhkljZgkl\h '16bf_g y\ey_lky hkgh\hc êy bf_gh\Zgby h[t_dlh\ \ $FWLYH 'LUHFWRU\ < k\hx hq_j_^v '16k_j\_ju fh]ml bkihevah\Zlv dZlZeh] $FWLYH 'LUHFWRU\ êy ojZg_gby ahg \ lhf kemqZ_ _keb wlb k_j\_ju mklZgh\e_gu gZ dhgljhee_jZo ^hf_gZ Ijb wlhf ijhp_kk j_iebdZpbb ahg \ j_`bf_ kh fgh ]bfb fZkl_jZfb hkms_kl\ey_lky g_ihkj_^kl\_ggh kj_^kl\Zfb $FWLYH 'LUHFWRU\ H[eZklv j_iebdZpbb ahgu aZ\bkbl hl lh]h \ dZdhf jZa^_e_ dZlZeh]Z hgZ ojZ gblky Ahgu fh]ml jZkiheZ]Zlvky \ jZa^_e_ ^hf_gguo bf_g dhlhjuc j_iebpb jm_lky f_`^m \k_fb dhgljhee_jZfb h^gh]h ^hf_gZ gh qZs_ bkihevam_lky [he__ wnn_dlb\guc \ZjbZgl dh]^Z ahgu ojZgylky \ jZa^_eZo ijbeh`_gbc DSSOLFDWLRQ SDUWLWLRQ < lhf kemqZ_ dh]^Z '16k_j\_ju mklZgh\e_gu gZ dhgljhee_jZo ^hf_gZ êy jZaf_s_gby kh^_j`bfh]h ahgu fh]ml bkihevah\Zlvky ^\Z ki_pbZevguo klZg ^Zjlguo jZa^_eZ ijbeh`_gbc k bf_gZfb )RUHVW'QV=RQHV'16bfyE_kZ! b 'RPDLQ'QV=RQHV'16bfy>hf_gZ! Wlb jZa^_eu ih mfheqZgbx j_iebpbjmxl K_l_\u_ dhfihg_glu b kem`[u ky gZ \k_ '16k_j\_ju e_kZ b ^hf_gZ khhl\_lkl\_ggh Z g_ gZ \k_ dhgljhee_ju ^hf_gZ Djhf_ lh]h ahgu fh]ml ojZgblvky b \ jZa^_eZo ijbeh`_gbc kha^Zg guo Z^fbgbkljZlhjhf b bf_xsbo k\hb kh[kl\_ggu_ h[eZklb j_iebdZpbb < wlhf kemqZ_ bf_ggh Z^fbgbkljZlhj hij_^_ey_l dhgljhee_ju ^hf_gZ gZ dh lhjuo [m^ml ojZgblvky j_iebdb wlbo jZa^_eh\ X =jmiih\u_ iheblbdb JURXS SROLF\ êy mijZ\e_gby iZjZf_ljZfb '16 deb_glh\ gZ dhfivxl_jZo jZ[hlZxsbo ih^ mijZ\e_gb_f kbkl_f :LQGRZV ;3 b \ur_ kf \ h[t_dlZo ]jmiih\uo iheblbd ma_e ! " ! # ! $ Z lZd`_ iheblbdb mijZ\ eyxsb_ h[gh\e_gb_f j_kmjkguo 659aZibk_c dhlhju_ dhgljhee_ju ^hf_gZ gZ [Za_ :LQGRZV 6HUYHU :LQGRZV 6HUYHU j_]bkljbjmxl \ '16 ma_e $ ! % ! % $ X Bgl_]jZpby k ^jm]bfb k_l_\ufb kem`[Zfb & Kem`[Z '16 \aZbfh ^_ckl\m_l k ^jm]bfb k_l_\ufb kem`[Zfb :LQGRZV Wlh dZkZ_lky bgl_]jZpbb kh kem`[Zfb :,16 b '+&3 gZijbf_j mklZj_\rb_ deb_glu g_ fh]ml g_ihkj_^kl \_ggh j_]bkljbjh\Zlv beb h[gh\eylv k\hb '16bf_gZ h^gZdh wlh \hafh`gh k ihfhsvx kem`[u :,16 dhlhjZy [m^_l \uihegylv gm`gu_ ^_ckl\by \ '16 <hafh`ghklb'16deb_glh\ < khklZ\_ kbkl_f :LQGRZV b \ur_ bf__lky kem`[Z '16deb_glZ '16 &OLHQW bfy k_j\bkZ 'QVFDFKH '16deb_gl \uihegy_l h[jZs_gby d '16k_j\_jZf b ih a\hey_l jZaj_rZlv ^hf_ggu_ bf_gZ \ ,3Z^j_kZ '16deb_gl bf__l ke_^mxsb_ \hafh`ghklb X dwrbjh\Zgb_ hl\_lh\ J_kmjkgu_ aZibkb 55 ihemq_ggu_ \ hl\_l gZ aZijh ku ^h[Z\eyxlky \ deb_glkdbc dwr WlZ bgnhjfZpby ojZgblky \ l_q_gb_ hij_ ^_e_ggh]h \j_f_gb hij_^_ey_lky \j_f_g_f `bagb aZibkb WLPHWROLYH 77/ b fh`_l bkihevah\Zlvky ijb ihke_^mxsbo aZijhkZo X dwrbjh\Zgb_ hljbpZl_evguo hl\_lh\ Ihfbfh iheh`bl_evguo hl\_lh\ hl k_j\_jh\ '16 '16deb_gl lZd`_ dwrbjm_l hljbpZl_evgu_ hl\_lu gZ aZijhku HljbpZl_evguc hl\_l ijboh^bl _keb j_kmjkgZy aZibkv k aZijhr_gguf bf_g_f g_ kms_kl\m_l Dwrbjh\Zgb_ hljbpZl_evguo hl\_lh\ ij_^hl\jZsZ_l ih\lhjgu_ aZijhku êy g_kms_kl\mxsbo bf_g kgb`Zxsb_ ijhba\h^bl_evghklv deb_gl kdhc kem`[u X [ehdbjh\dZ g_hl\_qZxsbo k_j\_jh\ $ '16deb_gl ijb ihbkd_ bkihevam _l kibkhd k_j\_jh\ mihjy^hq_gguo ih ij_îhql_gbx Wlhl kibkhd \dexqZ_l \k_ k_j\_ju '16 gZkljh_ggu_ êy dZ`^h]h k_l_\h]h ih^dexq_gby Kbkl_fZ kihkh[gZ i_j_kljZb\Zlv wlhl kibkhd hkgh\u\Zykv gZ ke_^mxsbo djbl_jbyo ij_îhqlblZ_fu_ k_j\_ju '16 bf_xl \ukrbc ijbhjbl_l Z hklZevgu_ k_j\_ju '16 q_j_^mxlky G_hl\_lb\rb_ k_j\_ju \j_f_ggh m^Zeyxlky ba kibkdZ =eZ\Z Ij_^\Zjbl_evgu_mkeh\byêymklZgh\db'16k_j\_jZ bkihkh[u_]hbkihevah\Zgby K_j\_j gZ dhlhjhf nmgdpbhgbjm_l kem`[Z '16 ^he`_g bf_lv klZlbq_kdbc Z^j_k G_evay bkihevah\Zlv Z^j_k \u^_ey_fuc k_j\_jhf '+&3 JZkkfhljbf ljb hkgh\guo j_`bfZ jZ[hlu k_j\_jh\ aZpbb \ kbkl_fZo :LQGRZV '16 ,3 b hkh[_gghklb bo j_Zeb X Dwrbjmxsbc FDFKLQJ :\lhghfguc k_j\_j '16 dhlhjuc kjZam ihke_ mklZ gh\db g_ ojZgbl Z\lhjbl_lguo ahg b ke_^h\Zl_evgh fh`_l lhevdh ojZgblv hl \_lu gZ aZijhku deb_glh\ ihemq_ggu_ hl ^jm]bo '16k_j\_jh\ k_j\_jh\ i_ j_kuedb IRUZDUGHUV kf jbk ?keb k_j\_ju i_j_kuedb êy lZdh]h k_j\_jZ g_ aZ^Zgu lh hg fh`_l bkihevah\Zlv dhjg_\u_ kkuedb URRW KLQWV qlh \ ijbg pbi_ g_`_eZl_evgh LZdbf h[jZahf qlh[u h[_ki_qblv nmgdpbhgbjh\Zgb_ dw rbjmxs_]h k_j\_jZ g_h[oh^bfh _]h mklZgh\blv b kdhgnb]mjbjh\Zlv k_j\_ju i_j_kuedb _keb k_j\_j bf__l \uoh^ \ Bgl_jg_l qZklh \ wlhf dZq_kl\_ \uklm iZxl '16k_j\_ju ijh\Zc^_jZ Bgl_jg_lZ Ihke_ wlh]h k_j\_j kfh`_l jZaj_ rZlv aZijhku l_o deb_glh\ k_lb êy dhlhjuo hg [m^_l mdZaZg \ dZq_kl\_ ij_^ ihqblZ_fh]h SUHIHUUHG X Hkgh\ghc SULPDU\ K_j\_j dhlhjuc ih^^_j`b\Z_l h[gh\ey_fmx Z\lhjb l_lgmx ahgm beb g_kdhevdh ahg êy g_dhlhjh]h ^hf_gZ beb g_kdhevdbo ^h f_gh\ _keb ahg g_kdhevdh < wlhc ahg_ jZkiheZ]Zxlky j_kmjkgu_ aZibkb êy dhfivxl_jh\ ^Zggh]h ^hf_gZ AhgZ fh`_l dhibjh\Zlvky k hkgh\gh]h k_j\_jZ gZ \lhjbqgu_ k_j\_ju _keb g_ bkihevamxlky ahgu bgl_]jbjh\Zggu_ \ $FWLYH 'LUHFWRU\ X <lhjbqguc VHFRQGDU\ K_j\_j ojZgysbc ^hklmigmx êy ql_gby UHDGRQO\ dhibx ahgu dhibjm_fhc k g_dhlhjh]h hkgh\gh]h Z\lhjbl_lgh]h k_j\_jZ Ahg fh`_l [ulv fgh`_kl\h Ijb wlhf k_j\_j fh`_l [ulv \lhjbqguf êy h^ghc ah gu b hkgh\guf êy ^jm]hc ahgu ?keb `_ b hkgh\ghc b \lhjbqguc k_j\_ju '16 ih^^_j`b\Zxl ahgu bgl_]jbjh\Zggu_ \ $FWLYH 'LUHFWRU\ lh lZdb_ k_j\_ ju jZkkfZljb\Zxlky dZd jZ\ghijZ\gu_ l _ ihgylby i_j\bqguc\lhjbqguc êy gbo hlkmlkl\mxl b h[gh\e_gby fh]ml \uihegylvky gZ ex[hf k_j\_j_ >ey bgl_]jbjh\Zgguo ahg lj_[mxlky k_j\_ju '16 jZ[hlZxsb_ gZ dhgljhee_jZo ^hf_gZ $FWLYH 'LUHFWRU\ < kbkl_fZo :LQGRZV 6HUYHU ahgu fh]ml ojZgblvky \ ki_pbZevguo jZa^_eZo ijbeh`_gbc h[eZklv j_iebdZpbb dhlhjuo hij_^_ey_l Z^fbgbkljZlhj MklZgh\dZ'16k_j\_jZ >ey mklZgh\db '16k_j\_jZ gZ [Za_ :LQGRZV 6HUYHU g_h[oh^bfh k ihfhsvx hkgZkldb $ & >bki_lq_j k_j\_jZ ^h[Z\blv jhev '16 6HUYHU '16 k_j\_j Ihlhf ba f_gx " :^fbgbkljbjh\Zgb_ aZimkdZ_lky K_l_\u_ dhfihg_glu b kem`[u hkgZkldZ $ GQVPJPWPVF b \k_ ^Zevg_crb_ fZgbimeypbb k k_j\_jhf b ahgZfb hkms_kl\eyxlky k __ ihfhsvx <gh\v mklZgh\e_gguc '16k_j\_j jZ[hlZ_l \ j_`bf_ dwrbjh\Zgby aZijhkh\ ih kdhevdm ih mfheqZgbx gZ g_f gZkljh_gu dhjg_\u_ kkuedb URRW KLQWV dhlhju_ fh ]ml jZaj_rZlv aZijhku deb_glh\ b g_ ih^^_j`b\Z_l Z\lhjbl_lguo ahg K_j\_j fh`_l h[kem`b\Zlv aZijhku ihklmiZxsb_ ih \k_f bf_xsbfky bgl_jn_ckZf beb lhevdh ih mdZaZgguf y\gh gZ \deZ^d_ Bgl_jn_cku \ hdg_ k\hckl\ k_j \_jZ kf jbk MklZgh\dZ b gZkljhcdZ '16k_j\_jZ gZ Z\lhghfghf dhfivxl_j_ beb jy^h\hf k_j \_j_ \ khklZ\_ ^hf_gZ g_ \uau\Z_l ijh[e_f ihwlhfm fu \ i_j\mx hq_j_^v [m^_f h[km`^Zlv l_ kemqZb dh]^Z '16k_j\_ju bkihevamxlky gZ dhgljhee_jZo ^hf_gZ K_j\_j'16gZdhgljhee_j_^hf_gZ ?keb kem`[u $FWLYH 'LUHFWRU\ b '16 mklZgZ\eb\Zxlky gZ k_j\_j_ h^gh\j_f_ggh gZ i_j\hf dhgljhee_j_ ^hf_gZ \ k_lb ² kf ]eZ\m fZkl_j mklZgh\db $FWLYH 'LUHFWRU\ mlbeblZ 'FSURPRH[H Z\lhfZlbq_kdb kha^Z_l gZ '16k_j\_j_ Z\lhjbl_l gmx ahgm êy mdZaZggh]h ^hf_gZ e_kZ ?keb k_j\_j '16 m`_ bf_eky \ k_lb imklv ^Z`_ b gZ lhf dhfivxl_j_ dhlhjuc klZg_l dhgljhee_jhf ^hf_gZ g_h[oh^bfh aZ jZg__ \jmqgmx kha^Zlv ahgm êy gh\h]h e_kZ b jZaj_rblv ^bgZfbq_kdh_ h[gh\e_gb_ wlhc ahgu Ih mfheqZgbx fZkl_j mklZgh\db $FWLYH 'LUHFWRU\ kha^Z_l ^\_ Z\lhjbl_lguo ahgu ² êy dhjg_\h]h ^hf_gZ e_kZ b kem`_[gmx ahgm BPVGFV kf jbk H[_ ahgu bg l_]jbjh\Zgu \ $FWLYH 'LUHFWRU\ b ^himkdZxl lhevdh [_ahiZkgu_ h[gh\e_gby AhgZ êy ^hf_gZ ojZgblky \ jZa^_e_ ijbeh`_gbc 'RPDLQ'QV=RQHV'16bfy>hf_gZ! dhlhjuc j_iebpbjm_lky gZ \k_ '16k_j\_ju dhjg_\h]h ^hf_gZ Kem`_[gZy ahgZ ojZgblky \ jZa^_e_ ijbeh`_gbc )RUHVW'QV=RQHV'16bfyE_kZ! dhlhjuc j_ieb pbjm_lky gZ \k_ '16k_j\_ju \k_]h e_kZ ^hf_gh\ Dh]^Z \ kms_kl\mxs_f e_km kha^Z_lky ^hq_jgbc ^hf_g bkihevam_lky ahgZ dhjg_\h ]h ^hf_gZ e_kZ b fZkl_j Z\lhfZlbq_kdb kha^Z_l \ g_c km[^hf_g '16 êy ^hq_jg_]h ^hf_gZ H^gZdh _keb d e_km ^h[Z\ey_lky gh\h_ ^_j_\h g_h[oh^bfh \jmqgmx kha ^Zlv Z\lhjbl_lgmx ahgm êy gh\h]h ijhkljZgkl\Z bf_g '16 Lh _klv g_h[oh^bfh \jmqgmx kha^Z\Zlv Z\lhjbl_lgmx ahgm êy dZ`^h]h gh\h]h ^hf_ggh]h ^_j_\Z aZ bkdexq_gb_f kemqZy h^gh\j_f_gghc mklZgh\db $FWLYH 'LUHFWRU\ b kem`[u '16 gZ h^ghf k_j\_j_ < GBF:GB? MlbeblZ .57424 g_ kha^Z_l gZ k_j\_j_ '16 ahg h[jZlgh]h ijhkfhljZ UHYHUVH ]RQHV Ihwlhfm êy lh]h qlh[u k_j\_j '16 [ue iheghklvx kdhgnb]mjbjh\Zgguf [_a ahgu h[jZlgh]h ijhkfhljZ g_dhlhju_ mlbeblu g_ fh]ml hlh[jZ`Zlv ihegmx bgnhjfZpbx fh`gh \jmqgmx kha^Zlv khhl\_lkl\mxsmx ahgm h[jZlgh]h ijh =eZ\Z kfhljZ ihkdhevdm hgZ bkihevam_lky fgh]bfb mlbeblZfb b ijbeh`_gbyfb jZa j_rblv __ ^bgZfbq_kdh_ h[gh\e_gb_ b i_j_j_]bkljbjh\Zlv Z^j_k dhgljhee_jZ k ihfhsvx dhfZgû ;_ahiZkgu_ h[gh\e_gby VHFXUH XSGDWHV b gZkljhcdZ jZaj_r_gbc gZ \deZ^d_ ;_ahiZkghklv \ hdg_ k\hckl\ ahgu ² kf jbk jZaj_r_gu lhevdh êy '16ahg bgl_]jbjh\Zgguo \ $FWLYH 'LUHFWRU\ LZdb_ ahgu \hafh`gu lhevdh gZ '16k_j\_jZo mklZgh\e_gguo gZ dhgljhee_jZo ^hf_gZ Dh]^Z h[uqgZy ahgZ ojZgysZyky \ l_dklh\hf nZce_ ij_h[jZam_lky \ bgl_]jbjh \Zggmx \ $FWLYH 'LUHFWRU\ khhl\_lkl\mxsbc nZce wlhc ahgu i_j_f_sZ_lky ba iZi db ?V\VWHP?GQV \h \eh`_ggmx iZidm EDFNXS H^gh\j_f_ggh \ dZlZ eh]_ $FWLYH 'LUHFWRU\ êy ojZg_gby ahgu kha^Zxlky h[t_dlu lbih\ b _keb ahgZ ojZgblky gZ \k_o dhgljhee_jZo ^hf_gZ lh h[t_dlu jZaf_sZ xlky \ dhgl_cg_j_ &1 0LFURVRIW'16&1 6\VWHP jZa^_eZ ^hf_gguo bf_g Z gZ k_j \_jZo :LQGRZV 6HUYHU b :LQGRZV 6HUYHU ahgu fh]ml jZkiheZ]Zlvky \ kh hl\_lkl\mxsbo jZa^_eZo ijbeh`_gbc LZd`_ fh`gh e_]dh \uihegblv h[jZlgh_ ij_h[jZah\Zgb_ ² ba bgl_]jbjh\Zgghc ahgu \ h[uqgmx < GBF:GB? Ke_^m_l ihfgblv h lhf qlh dhgljhee_ju gZ [Za_ :LQGRZV g_ ih^^_j`b\Zxl jZa^_eh\ ijbeh`_gbc Ihwlhfm êy lh]h qlh[u '16k_j\_ju jZ[hlZxsb_ gZ dhgljhee_jZo ih^ mijZ\e_gb_f :LQGRZV 6HUYHU b :LQGRZV 6HUYHU :LQGRZV 6HUYHU fh]eb kh\f_klgh bkihevah\Zlv bgl_]jbjh\Zggu_ ahgu gm`gh \u[bjZlv khhl\_lkl\mxsmx h[eZklv j_iebdZpbb ahgu gZ \k_ dhgljhee_ju ^hf_gZ ² kf ^Ze__ MklZgh\dZ\lhjbqguo'16k_j\_jh\ >ey m\_ebq_gby hldZahmklhcqb\hklb k_lb fh`gh mklZgZ\eb\Zlv ^hihegbl_evgu_ j_a_j\gu_ k_j\_ju '16 WlZ aZ^ZqZ hq_gv ijhklZ _keb '16k_j\_j mklZgZ\eb\Z _lky gZ dZdhfgb[m^v dhgljhee_j_ ^hf_gZ b ahgu '16 y\eyxlky bgl_]jbjh\Zggu fb \ $FWLYH 'LUHFWRU\ ² ihke_ aZimkdZ gh\uc k_j\_j '16 Z\lhfZlbq_kdb aZ]jm`Z _l ^hklmigmx ahgm ahgu ba dZlZeh]Z $FWLYH 'LUHFWRU\ < wlhf kemqZ_ \k_ '16 k_j\_ju [m^ml jZ\ghijZ\gufb b ihgylb_ \lhjbqgh]h k_j\_jZ [m^_l ebr_gh kfuk eZ ihkdhevdm Z\lhjbl_lgmx ahgm fh`gh [m^_l h[gh\eylv gZ ex[hf k_j\_j_ ?keb '16k_j\_j mklZgZ\eb\Z_lky gZ jy^h\hf k_j\_j_ beb _keb bgl_]jbjh\Zggu_ \ $FWLYH 'LUHFWRU\ ahgu g_ bkihevamxlky lh gm`gu_ ahgu g_h[oh^bfh kha^Z\Zlv \jmqgmx h[_ki_qb\Zy i_j_^Zqm ahgu ]RQH WUDQVIHU mijZ\e_gb_ wlhc nmgdpb_c hkms_kl\ey_lky \ hdg_ k\hckl\ ahgu gZ \deZ^d_ I_j_^Zqb ahg < wlhf kemqZ_ k_j\_j [m^_l nmgdpbhgbjh\Zlv dZd \lhjbqguc ihwlhfm b ahgu ^he`gu kha^Z\Zlvky \lhjbqgufb beb ^hihegbl_evgufb VHFRQGDU\ ]RQHV ² k mdZaZgb_f hkgh\guo PDVWHU '16k_j\_jh\ K_l_\u_ dhfihg_glu b kem`[u Ihke_ mklZgh\db gh\h]h '16k_j\_jZ g_h[oh^bfh mdZaZlv ,3Z^j_k wlh]h k_j\_jZ \ kibkd_ ij_îhqblZ_fuo k_j\_jh\ \ hdg_ k\hckl\ ijhlhdheZ 7&3,3 gZ deb_glZo beb dhgljhee_jZo ^hf_gZ :^fbgbkljbjh\Zgb_'16k_j\_jh\ >ey gZkljhcdb ehdZevgh]h beb m^Ze_gguo '16k_j\_jh\ bkihevam_lky hkgZkldZ jbk aZimkdZ_fZy ba f_gx :^fbgbkljbjh\Zgb_ Ihke_ mklZgh\db k_j\_jZ fh`gh \u[jZlv _]h bfy \ hdg_ hkgZkldb b ba dhgl_dklgh ]h f_gx \ua\Zlv fZkl_j FZkl_j gZkljhcdb k_j\_jZ '16 dhlhjuc ihfh]Z_l kha^Z\Zlv ahgu b j_kmjkgu_ aZibkb bf fh`gh ihevah \Zlvky b \ ^Zevg_cr_c jZ[hl_ G_ihkj_^kl\_ggh \ hdg_ hkgZkldb fh`gh ijhkfZljb\Zlv mkeh\gu_ i_j_kuedb aZijhkh\ iZidZ b `mjgZe kh[ulbc '16 k_j\_jZ iZidZ >ey Z^fbgbkljbjh\Zgby '16k_j\_jh\ lZd`_ fh`gh bkihevah\Zlv h[gh\e_ggmx mlbeblm dhfZg^ghc kljhdb WlZ mlbeblZ bf__l fgh`_kl\h gh\uo dhfZg^ ihkdhevdm hgZ lZd`_ iha\hey_l jZ[hlZlv k jZa^_eZfb ijbeh`_gbc H^gZdh êy iheghp_ggh]h mijZ\e_gby jZa^_eZfb ijbeh`_gbc ke_^m_l bkihevah\Zlv mlbeb lm 17'6XWLOH[H Jbk < GBF:GB? Hdgh hkgZkldb $ gZ k_j\_jZo :LQGRZV 6HUYHU Ih mfheqZgbx Z^fbgbkljbjh\Zlv '16k_j\_j bf_xl ijZ\h qe_gu ]jmiiu 'QV$GPLQV H^gZdh hgb g_ fh]ml hklZgZ\eb\Zlv b i_j_aZimkdZlv k_j\_j k_j\bk =eZ\Z '16 Z lZd`_ bf_xl h]jZgbq_ggu_ ijZ\Z ih mijZ\e_gbx ahgZfb ojZgysbfbky \ jZa^_eZo ijbeh`_gbc Ihegu_ ijZ\Z gZ '16k_j\_j bf__l ehdZevguc Z^fbgb kljZlhj dhfivxl_jZ Z lZd`_ Z^fbgbkljZlhju ^hf_gZ b ij_îjbylby Ihwlhfm êy lhgdhc gZkljhcdb Z^fbgbkljZlb\guo \hafh`ghkl_c ke_^m_l bkihevah\Zlv jZaj_r_gby gZ dhgdj_lgu_ ahgu b jZa^_eu ijbeh`_gbc dZlZeh]Z $FWLYH 'LUHFWRU\ GZkljhcdZi_j_kuehd IRUZDUGHUV '16k_j\_ju gZ [Za_ :LQGRZV 6HUYHU fh]ml kjZam `_ ihke_ mklZgh\db jZaj_ rZlv '16aZijhku dh \g_rgbf bf_gZf gZijbf_j d bf_gZf Bgl_jg_lZ jZamf__l ky _keb gZ k_j\_j_ mdZaZg rexa GHIDXOW JDWHZD\ b bf__lky bgl_jg_l ih^dexq_gb_ < wlhf kemqZ_ êy i_j_kuedb mdZau\Z_lky Z^j_k rexaZ aZ^Zggh]h êy dhfivxl_jZ ij_îheZ]Z_lky qlh hg fh`_l lZd`_ \uihegylv jZaj_r_gb_ bf_g beb bkihevamxlky dhjg_\u_ kkuedb URRW KLQWV ² k_j\_ju k_lb Bgl_jg_l jZaj_ rZxsb_ '16bf_gZ i_j\h]h mjh\gy Jbk GZkljhcdZ k_j\_jh\ i_j_kuedb êy jZaj_r_gby \g_rgbo bf_g K_l_\u_ dhfihg_glu b kem`[u >ey [hevr_c wnn_dlb\ghklb h[jZ[hldb aZijhkh\ b êy lh]h qlh[u g_ i_j_]jm`Zlv dhjg_\u_ k_j\_ju Bgl_jg_lZ j_dhf_g^m_lky y\gh mdZau\Zlv k_j\_ju i_j_kuedb gZijbf_j Z^j_kZ k_j\_jh\ ijh\Zc^_jZ Bgl_jg_lZ Wlh ^_eZ_lky k ihfhsvx hkgZkldb gZ \deZ^d_ I_j_kuedZ \ hdg_ k\hckl\ k_j\_jZ jbk '16 '16 )RUZDUGHUV '16 MijZ\e_gb_ahgZfb '16 NZdlbq_kdb ijhp_^mjZ gZqZevghc gZkljhcdb k_j\_jZ k\h^blky d kha^Zgbx g_h[oh^bfuo ahg dhlhju_ [m^ml bkihevah\Zlvky êy ojZg_gby j_kmjkguo aZibk_c :^fbgbkljZlhj fh`_l \ ex[hc fhf_gl f_gylv iZjZf_lju ahgu ijbq_f h[kem`b \Zgb_ deb_glkdbo aZijhkh\ ijb wlhf gbdZd g_ gZjmrZ_lky >ey wlh]h gm`gh hl djulv hdgh k\hckl\ ahgu \uihegb\ \ __ dhgl_dklghf f_gx dhfZg^m K\hckl\Z 3URSHUWLHV Jbk Hdgh k\hckl\ ahgu '16 bgl_]jbjh\Zgghc \ dZlZeh] $FWLYH 'LUHFWRU\ =eZ\Z Hkgh\gu_ iZjZf_lju ahgu dhlhju_ fu ih^jh[gh jZkkfhljbf \ ihke_^mxsbo jZa ^_eZo aZ^Zxlky ijb __ kha^Zgbb k ihfhsvx fZkl_jZ dhgnb]mjbjh\Zgby k_j\_jZ beb dhfZgû 1HZ =RQH Kha^Zlv gh\mx ahgm \ dhgl_dklghf f_gx iZihd ahg ijy fh]h IRUZDUG b h[jZlgh]h UHYHUVH ijhkfhljZ Hdgh k\hckl\ jbk h[uqghc ahgu khklhbl ba iylb \deZ^hd >ey ahgu bgl_]jb jh\Zgghc \ $FWLYH 'LUHFWRU\ ihy\ey_lky r_klZy \deZ^dZ ² 6HFXULW\ ;_ahiZkghklv gZ dhlhjhc Z^fbgbkljZlhj fh`_l h]jZgbqblv ^hklmi d ahg_ b __ kh^_j`bfhfm K H<?L >ey lh]h qlh[u fh`gh [ueh [uklj__ ijhkfZljb\Zlv k\hckl\Z ahg ihevamcl_kv dghidhc 3URSHUWLHV K\hckl\Z Ijb __ gZ`Zlbb kjZam hldju\Z_lky hdgh k\hckl\ h[t_dlZ \u[jZggh]h \ hdg_ hkgZkldb b dhgl_dklgufb f_gx ihevah\Zlvky g_ gm`gh Baf_g_gb_lbiZahgubkihkh[ZojZg_gby GZ \deZ^d_ *HQHUDO H[sb_ \ ihe_ 7\SH Lbi hlh[jZ`Z_lky lbi ahgu kf jbk Ijb g_h[oh^bfhklb _]h baf_g_gby gm`gh gZ`Zlv dghidm &KDQJH Ba f_gblv Jbk <u[hj lbiZ kihkh[Z ojZg_gby ahgu < hldju\r_fky hdg_ jbk Z^fbgbkljZlhj fh`_l \u[jZlv gh\uc lbi ahgu H[jZlbl_ \gbfZgb_ qlh mklZgh\e_gguc neZ`hd 6WRUH WKH ]RQH LQ $FWLYH 'LUHFWRU\ OjZgblv ahgm \ $FWLYH 'LUHFWRU\ k\b^_l_evkl\m_l h lhf qlh ahgZ bgl_]jbjh\ZgZ \ dZlZeh] $FWLYH 'LUHFWRU\ Ihkdhevdm wlhl kihkh[ ojZg_gby g_ ^himkdZ_l bkihevah K_l_\u_ dhfihg_glu b kem`[u \Zgb_ ^hihegbl_evguo ghkbl_e_c ahg \lhjbqguo '16k_j\_jh\ \u[hj i_j_dex qZl_ey 6HFRQGDU\ ]RQH >hihegbl_evgZy ahgZ \ dZq_kl\_ lbiZ ahgu ijb\h^bl d lh fm qlh ^Zgguc neZ`hd Z\lhfZlbq_kdb kgbfZ_lky b klZgh\blky g_^hklmiguf êy baf_g_gby ?keb ahgZ ojZgblky \ $FWLYH 'LUHFWRU\ Z^fbgbkljZlhj fh`_l j_]eZf_glbjh\Zlv ^hklmi d h[t_dlZf ijhkljZgkl\Z bf_g '16 gZ \deZ^d_ 6HFXULW\ ;_ahiZkghklv LZ dmx \deZ^dm bf__l dZ`ûc h[t_dl ijhkljZgkl\Z bf_g '16 ^hf_gu ahgu j_kmjk gu_ aZibkb '16k_j\_ju ih^^_j`b\Zxl ahgu aZ]emrdb VWXE ]RQH iha\heyxsb_ dhjg_\hfm '16k_j\_jm ojZgys_fm Z\lhjbl_lgmx ahgm e_kZ gZijbf_j LQWHUQGRP bf_lv k\_ ^_gby h k_j\_jZo y\eyxsboky Z\lhjbl_lgufb êy g_dhlhjhc ^hq_jg_c ahgu gZijbf_j VXELQWHUQGRP Ihkdhevdm mkeh\gu_ i_j_kuedb kihkh[gu j_rZlv l_ `_ aZ^Zqb qlh b ahgu aZ]emrdb hq_gv ljm^gh m\b^_lv jZaebqby f_`^m gbfb ² \ h[hbo kemqZyo aZijhku ihevah\Zl_e_c ih jZaj_r_gbx hij_^_e_ggh]h ^hf_ggh]h bf_gb i_j_gZijZ\eyxlky gZ dhgdj_lguc u_ '16k_j\_j u Bkihevah\Zgb_ ahgaZ]emr_d h[_ki_qb\Z_l [yevrmx ]b[dhklv \ dhgnb]mjbjh\Zgbb kljmdlmju '16 Baf_g_gb_ kibkdZ '16 k_j\_jh\ \uklmiZxsbo \ dZq_kl\_ ghkbl_e_c iheghp_gghc dhibb ahgu Z khhl\_l kl\_ggh kihkh[guo \uihegblv jZaj_r_gb_ hij_^_e_ggh]h fgh`_kl\Z ^hf_gguo bf_g ijb\h^bl d Z\lhfZlbq_kdhfm h[gh\e_gbx ahguaZ]emrdb gZ \k_o __ ghkbl_ eyo < kemqZ_ `_ bkihevah\Zgby f_oZgbafZ mkeh\guo i_j_kuehd Z^fbgbkljZlhjm ijb^_lky \jmqgmx baf_gblv dhgnb]mjZpbx \k_o \h\e_q_gguo '16k_j\_jh\ Baf_g_gb_h[eZklbj_iebdZpbbahgu >ey '16k_j\_jh\ gZ [Za_ k_j\_jh\ :LQGRZV 6HUYHU b :LQGRZV 6HUYHU \ ihe_ 5HSOLFDWLRQ J_iebdZpby \deZ^db *HQHUDO H[sb_ hdgZ k\hckl\ ahgu mdZau \Z_lky h[eZklv jZkijhkljZg_gby baf_g_gbc ahgu êy kbkl_f :LQGRZV bgl_] jbjh\Zggu_ ahgu fh]ml ojZgblvky lhevdh \ jZa^_e_ ^hf_gguo bf_g b \u[hjZ lml g_l Wlh ihe_ hlh[jZ`Z_lky lhevdh êy ahg bgl_]jbjh\Zgguo \ $FWLYH 'LUHFWRU\ NZdlbq_kdb agZq_gb_ ^Zggh]h ihey hij_^_ey_l jZa^_e dZlZeh]Z \ dhlhjhf ojZgblky kh^_j`bfh_ ahgu Khhl\_lkl\_ggh \u[hj jZa^_eZ \eby_l gZ h[eZklv j_iebdZpbb baf_g_gbc GZ`Z\ dghidm &KDQJH Baf_gblv Z^fbgbkljZlhj fh`_l \ hldju\r_f ky hdg_ hij_^_eblv gh\h_ f_klh ojZg_gby ahgu jbk I_j_q_gv agZq_gbc ij_êZ]Z_fuo Z^fbgbkljZlhjm \ wlhf hdg_ ijb\_^_g \ lZ[e LZ[ebpZ H[eZklb j_iebdZpbb ahg bgl_]jbjh\Zgguo \ $FWLYH 'LUHFWRU\ H[eZklv j_iebdZpbb HibkZgb_ 7R DOO '16 VHUYHUV LQ WKLV IRUHVW AhgZ jZaf_sZ_lky \ jZa^_e_ ijbeh`_gbc ^hklmighf \ ij_^_eZo \k_]h e_kZ GZ \k_ '16k_j\_ju \ e_km =eZ\Z LZ[ebpZ hdhgqZgb_ H[eZklv j_iebdZpbb HibkZgb_ 7R DOO '16 VHUYHUV LQ WKLV GRPDLQ AhgZ jZaf_sZ_lky \ jZa^_e_ ijbeh`_gbc ^hklmighf \ ij_^_eZo dhgdj_lgh]h ^hf_gZ AhgZ jZaf_sZ_lky \ ^hf_gghf jZa^_e_ dZ lZeh]Z Wlhl kihkh[ jZaf_s_gby ahgu g_h[ oh^bfh \u[bjZlv _keb \ dZq_kl\_ ghkbl_ e_c ahgu lZd`_ bkihevam_lky :LQGRZV GZ \k_ '16k_j\_ju \ ^hf_g_ 7R DOO GRPDLQ FRQWUROOHUV LQ WKLV GRPDLQ GZ \k_ dhgljhee_ju ^hf_gZ \ ^hf_g_ 7R DOO GRPDLQ FRQWUROOHUV LQ WKH VFRSH RI WKLV GLUHFWRU\ SDUWLWLRQ GZ \k_ dhgljhee_ju ^hf_gZ \ h[eZklb \b^bfhklb ke_^mxs_]h jZa^_eZ ijbeh`_gbc '16 6HUYHU AhgZ jZaf_sZ_lky \ g_dhlhjhf jZa^_e_ ijb eh`_gbc j_iebdZ dhlhjh]h bf__lky gZ ^Zgghf dhgljhee_j_ ^hf_gZ Wlhl jZa^_e kha^Z_lky Z^fbgbkljZlhjhf :^fbgbkljZlhj lZd`_ hij_^_ey_l b dhgljhee_ju ^hf_gZ dhlhju_ [m^ml ojZgblv j_iebdb wlh]h jZa^_ eZ ijbeh`_gbc Jbk <u[hj h[eZklb j_iebdZpbb ahgu H[eZklv j_iebdZpbb ahgu fh`gh lZd`_ baf_gblv k ihfhsvx mlbeblu 'QV&PGH[H >ey ijhkfhljZ kh^_j`bfh]h jZa^_eZ ijbeh`_gbc bkihevamcl_ hkgZkldm J_^Zdlbjh\Zgb_ $'6, ² kf ]eZ\m Ke_^mxsZy dhfZg^Z iha\hebl [ukljh gZclb bf_gZ \k_o dhgljhee_jh\ ² ojZgbl_e_c j_iebdb mdZaZggh]h jZa^_eZ ijbeh`_gbc )RUHVW'QV=RQHVLQWHUQGRP )RUHVW'QV=RQHVLQWHUQGRP K_l_\u_ dhfihg_glu b kem`[u Bfy '16k_j\_jZ fh`gh g_ mdZau\Zlv _keb dhfZg^Z \uihegy_lky g_ihkj_^kl\_g gh gZ wlhf k_j\_j_ >ey i_j_f_s_gby ahg \ ^jm]hc jZa^_e dZlZeh]Z ijbf_gy_lky dhfZg^Z GQVFPG =RQH&KDQJH'LUHFWRU\3DUWLWLRQ Ahgu fh`gh i_j_f_sZlv lhevdh p_ebdhf MklZgh\dZj_`bfZ^bgZfbq_kdh]hh[gh\e_gby J_`bf ^bgZfbq_kdhc j_]bkljZpbb j_kmjkguo aZibk_c \ ahg_ aZ^Z_lky iZjZf_ljhf >bgZfbq_kdh_ h[gh\e_gb_ gZ \deZ^d_ H[sb_ hdgZ k\hckl\ ahgu kf jbk >bgZfbq_kdh_ h[gh\e_gb_ \uihegy_lky ijb \u[hj_ hipbb G_[_ahiZkgu_ b [_ahiZkgu_ h^gZdh \ wlhf kemqZ_ j_]bkljZpby b h[gh\e_gb_ aZibk_c [m^ml jZaj_r_gu êy ex[uo deb_glh\ \ lhf qbke_ b g_Zml_glbnbpbjh\Zgguo \ ^hf_g_ >ey Zdlb\baZpbb [he__ kljh]h]h j_`b fZ [_ahiZkgh]h h[gh\e_gby g_h[oh^bfh \u[jZlv agZq_gb_ Lhevdh [_ahiZkgu_ MijZ\e_gb_jZa^_eZfbijbeh`_gbc K\yav f_`^m jZa^_eZfb ijbeh`_gbc dZlZeh]Z $FWLYH 'LUHFWRU\ b kem`[hc '16 b mlbeblhc 'QV&PGH[H klZgh\blky \iheg_ ihgylghc _keb ihfgblv h lhf qlh \ ^hf_gZo gZ [Za_ :LQGRZV 6HUYHU :LQGRZV 6HUYHU ki_pbZevgu_ jZa^_eu ijbeh`_gbc fh]ml bkihevah\Zlvky êy ojZg_gby '16ahg bgl_]jbjh\Zgguo \ $FWLYH 'LUHFWRU\ MlbeblZ 'QV&PG ihfbfh \hafh`ghkl_c mijZ\e_gby '16k_j\_jZfb ij_^hklZ\ey_l Z^fbgbkljZlhjm \hafh`ghklv kha^Zgby b m^Ze_gby jZa^_eh\ ijbeh`_gbc Z lZd`_ iha\hey_l gZagZqZlv dhgljhee_ju ^hf_gZ ojZgbl_eyfb j_iebd jZa^_eh\ ijbeh`_ gbc b m^Zeylv j_iebdb ^jm]bf bgkljmf_glhf êy \uiheg_gby wlbo hi_jZpbc y\ey _lky mlbeblZ 17'6XWLOH[H JZ[hlZ k j_iebdZfb jZa^_eh\ ijbeh`_gbc K ihfhsvx ke_^mxs_c dhfZgû jZa^_e ijbeh`_gbc fh`gh kha^Zlv gZ ex[hf '16k_j\_j_ jZkiheh`_gghf gZ dhgljhee_j_ ^hf_gZ jZ[hlZxs_]h ih^ mijZ\e_ gb_f :LQGRZV 6HUYHU :LQGRZV 6HUYHU '163DUWLQWHUQGRP Bfy jZa^_eZ ijbeh`_gbc ijhba\hevgh_ h^gZdh gZ '16k_j\_j_ ^he`gZ [ulv kha ^ZgZ Z\lhjbl_lgZy ahgZ khhl\_lkl\mxsZy jh^bl_evkdhfm ^hf_gm \ gZr_f ijbf_ j_ ² LQWHUQGRP bgZq_ ^hklmi d jZa^_em [m^_l g_\hafh`_g ?keb dhfZg^Z \uihe gy_lky g_ihkj_^kl\_ggh gZ dhgljhee_j_ ^hf_gZ ]^_ mklZgh\e_g '16k_j\_j lh bfy k_j\_jZ mdZau\Zlv g_h[yaZl_evgh Wlhl dhgljhee_j kjZam `_ klZgh\blky ojZgb l_e_f gh\h]h jZa^_eZ ijbeh`_gbc =eZ\Z M\b^_lv dZdb_ jZa^_eu ijbeh`_gbc bf_xlky gZ dhfZgû &?! (QXPHUDWHG GLUHFWRU\ SDUWLWLRQ OLVW 'LUHFWRU\ SDUWLWLRQ FRXQW $SSO3DUWLQWHUQGRP '163DUWLQWHUQGRP 'RPDLQ'QV=RQHVLQWHUQGRP 'RPDLQ'QV=RQHVVXELQWHUQGRP )RUHVW'QV=RQHVLQWHUQGRP &RPPDQG FRPSOHWHG VXFFHVVIXOO\ '16 k_j\_j_ fh`gh k ihfhsvx (QOLVWHG (QOLVWHG (QOLVWHG $XWR 'RPDLQ 1RW(QOLVWHG (QOLVWHG $XWR )RUHVW < ^Zgghf ijbf_j_ ljb ihke_^gbo jZa^_eZ ² klZg^Zjlgu_ jZa^_eu bkihevam_fu_ kem`[hc '16 Hgb bf_xl khhl\_lkl\mxsb_ h[eZklb j_iebdZpbb \ ij_^_eZo ^h f_gZ b \ jZfdZo \k_]h e_kZ ^hf_gh\ >ey lh]h qlh[u k^_eZlv ^jm]hc dhgljhee_j ^hf_gZ '& ojZgbl_e_f j_iebdb jZa ^_eZ ijbeh`_gbc bkihevam_lky ke_^mxsZy dhfZg^Z GFLQWHUQGRP '163DUWLQWHUQGRP Ihke_ lh]h dZd baf_g_gby h[eZklb j_iebdZpbb jZa^_eZ hlh[jZaylky \ lhiheh]bb j_iebdZpbb f_`^m ghkbl_eyfb j_iebd ^he`gu [ulv mklZgh\e_gu beb fh^bnbpb jh\Zgu kh_^bg_gby j_iebdZpbb ² wlh Z\lhfZlbq_kdb ^_eZ_l k_j\bk .QRZOHGJH &RQVLVWHQF\ &KHFNHU .&& gZ mdZaZgghf dhgljhee_j_ ^hf_gZ ihy\blky j_iebdZ jZa^_eZ Wlh fh`gh ijh\_jblv k ihfhsvx dhfZgû GQVFPG 'LUHFWRU\3DUWLWLRQ,QIR dhlhjmx fh`gh \uihegylv gZ ex[hf '16k_j\_j_ Ke_^mxsZy dhfZg^Z iha\hey_l m^Zeblv j_iebdm jZa^_eZ ijbeh`_gbc k mdZaZggh]h dhgljhee_jZ ^hf_gZ GFLQWHUQGRP '163DUWLQWHUQGRP B hiylv gZ nZdlbq_kdh_ m^Ze_gb_ dhibb jZa^_eZ k mdZaZggh]h dhgljhee_jZ ihlj_ [m_lky g_dhlhjh_ \j_fy ² ihdZ k_j\bk .&& g_ hlke_^bl baf_g_gby lhiheh]bb j_ iebdZpbb beb _keb g_ [m^_l \uiheg_gZ ijbgm^bl_evgZy j_iebdZpby >ey m^Ze_gby jZa^_eh\ bkihevam_lky dhfZg^Z GQVFPG 'HOHWH'LUHFWRU\3DUWLWLRQ Ijb wlhf gm`gh ke_^blv aZ l_f qlh[u \ jZa^_e_ g_ ojZgbebkv [u bgl_]jbjh\Zggu_ ahgu l _ kgZqZeZ gm`gh m^Zeblv ahgu \ hkgZkld_ beb baf_gblv lbi ojZg_gby ahg gZ h[uqguc \ nZce_ ² \ ijhlb\ghf kemqZ_ kh^_j`bfh_ ahg [m^_l ml_jygh Kha^Zgb_ ki_pbZevguo jZa^_eh\ ijbeh`_gbc êy kem`[u $ ?keb jhev '16 6HUYHU K_j\_j '16 [ueZ ^h[Z\e_gZ gZ k_j\_j_ jZgvr_ q_f wlhl k_j\_j [ue ih\ur_g ^h dhgljhee_jZ ^hf_gZ lh klZg^Zjlgu_ jZa^_eu ijbeh`_gbc )RUHVW'QV=RQHV'16bfyE_kZ! b 'RPDLQ'QV=RQHV'16bfy>hf_gZ! dhlhju_ fh K_l_\u_ dhfihg_glu b kem`[u ]ml bkihevah\Zlvky k_j\_jhf '16 gZ wlhf dhgljhee_j_ ^hf_gZ g_ kha^Zxlky < j_ amevlZl_ ^\Z wlbo jZa^_eZ \hh[s_ fh]ml hlkmlkl\h\Zlv \ e_km ^hf_gh\ ?keb ijbgb fZ_lky j_r_gb_ bkihevah\Zlv ahgu bgl_]jbjh\Zggu_ \ $FWLYH 'LUHFWRU\ b êy gbo lj_[mxlky khhl\_lkl\mxsb_ jZa^_eu ijbeh`_gbc lh êy bo kha^Zgby ijhs_ \k_]h \uihegblv dhfZg^m GQVFPG &UHDWH%XLOWLQ'LUHFWRU\3DUWLWLRQV k iZjZf_ljhf 'RPDLQ )RUHVW beb $OO'RPDLQV ² \ aZ\bkbfhklb hl lh]h dZdZy h[eZklv j_iebdZ pbb lj_[m_lky GZijbf_j êy kha^Zgby jZa^_eZ )RUHVW'QV=RQHV'16bfyE_kZ! g_ h[oh^bfZ ke_^mxsZy dhfZg^Z Ihke_ j_iebdZpbb baf_g_gbc dZlZeh]Z $FWLYH 'LUHFWRU\ b h[gh\e_gby lhiheh]bb j_ iebdZpbb \k_ dhgljhee_ju \ e_km ^hf_gh\ gZ dhlhjuo mklZgh\e_gu '16k_j\_ju klZgml ojZgbl_eyfb j_iebdb jZa^_eZ )RUHVW'QV=RQHV'16bfyE_kZ! :gZeh]bqgmx hi_jZpbx fh`gh \uihegblv b êy jZa^_eh\ 'RPDLQ'QV=RQHV'16bfy>hf_gZ! Fh`gh kha^Zlv jZa^_e \ dhgdj_lghf ^hf_g_ Z k ihfhsvx iZjZf_ljZ $OO'RPDLQV fh`gh kha^Zlv jZa^_eu êy \k_o ^hf_gh\ e_kZ ]^_ mklZgh\e_gu '16k_j\_ju Ijh\_jdZdhgnb]mjZpbb'16 Ih hdhgqZgbb ijhp_kkZ mklZgh\db kem`[u '16 g_h[oh^bfh ijh\_jblv jZ[hlhkih kh[ghklv k_j\_jZ Ke_^m_l m[_^blvky \ lhf qlh '16k_j\_j fh`_l h[kem`b\Zlv aZijhku d bf_gZf hlghkysbfky d ahgZf ijyfh]h b h[jZlgh]h ijhkfhljZ ?keb k_j\_j h[_ki_qb\Z_l jZaj_r_gb_ bf_g \ ^hf_g_ gm`gh lZd`_ ijh\_jblv \hafh` ghklv ^bgZfbq_kdh]h h[gh\e_gby ahg LZdb_ ijh\_jdb fh]ml ihlj_[h\Zlvky b \ ijhp_kk_ wdkiemZlZpbb kem`[u '16 ² \ kemqZ_ \hagbdgh\_gby hrb[hd ijb jZa j_r_gbb bf_g L_klbjh\Zgb_ hkh[_ggh \Z`gh _keb \g_rgbc '16k_j\_j gZoh^ysbcky gZ m^Ze_gghc iehsZ^d_ beb ^Z`_ \ ^jm]hc hj]ZgbaZpbb bkihevam_lky êy ojZg_ gby Z\lhjbl_lguo ahg ^hf_gh\ =ZjZglbjh\Zlv jZ[hlhkihkh[ghklv kem`[u '16 fh`gh ebrv ihke_ \uiheg_gby hij_^_e_gguo l_klh\ ihkdhevdm bgh]^Z bo j_ amevlZlu fh]ml jZahclbkv k fg_gb_f Z^fbgbkljZlhjZ h ijZ\bevghklb k_l_\hc dhgnb]mjZpbb ² \ wlhf kemqZ_ bgnhjfZpby ihemq_ggZy k ihfhsvx kbkl_fguo mlbebl [m^_l [he__ ^hklh\_jghc Djhf_ mlbeblu 'QV&PG êy l_klbjh\Zgby '16 fh`gh bkihevah\Zlv mlbeblu 1VORRNXSH[H 1HWGLDJH[H ba iZd_lZ 6XSSRUW 7RROV b 'FGLDJH[H k iZjZf_ljhf WHVW'16 1 JBF?Q:GB? mlbeblu 'QV&PGH[H '16k_j\_jZfb ex[uo lbih\ < hlebqb_ hl jZkkfZljb\Z_fhc ^Ze__ fh`_l bkihevah\Zlvky \f_kl_ k nhjfZo dhfZg^Z 1VORRNXS b gZ ex[uo ieZl =eZ\Z Bkihevah\Zgb_mlbeblu'QV&PG Ihke_ ijh\_jdb jZaj_r_gby bf_g fh`gh ijh\_jblv k\hckl\Z ahg ijyfh]h b h[jZl gh]h ijhkfhljZ \ lhf qbke_ \hafh`ghklv ^bgZfbq_kdh]h h[gh\e_gby >ey wlbo p_e_c ihfbfh hkgZkldb $ m^h[gh bkihevah\Zlv mlbeblm dhfZg^ghc kljhdb 'QV&PGH[H Mlbeblm fh`gh aZimkdZlv gZ ex[hf dhfivxl_j_ dhlhjuc bf__l ^h klmi d ijh\_jy_fhfm k_j\_jm ]^_ nmgdpbhgbjm_l kem`[Z '16 WlZ mlbeblZ fh`_l \uihegylv \k_ hi_jZpbb g_h[oh^bfu_ êy m^Ze_ggh]h mijZ\e_gby '16 gZ [Za_ k_j\_jh\ :LQGRZV 6HUYHU b \ur_ >ey i_j_qbke_gby ahg bkihevam_lky dhfZg^Z ?keb mlbeblZ aZimkdZ_l ky g_ihkj_^kl\_ggh gZ '16k_j\_j_ lh _]h bfy fh`gh g_ mdZau\Zlv Ijbf_j \u iheg_gby wlhc dhfZgû ijb\h^blky gb`_ GQVFPG (QXP=RQHV ! % ()*+$ $/ 0 "#$# "#$& "#$, "#$& "#$# & ' -. ' < ijb\_^_gghf ijbf_j_ . ² bfy '16k_j\_jZ ahgZ 11 khhl\_lkl \m_l dwrbjh\Zgguf aZijhkZf ² bfy ahgu b '16bfy ^hf_gZ % ² kem`_[gZy ahgZ wlh]h ^hf_gZ Z ()*+$ ² ahgZ h[jZlgh]h ijhkfhljZ h[ wlhf ]h\hjbl iZjZf_lj -. êy qZklghc k_lb fZkdZ bf_gZ Z^j_k b fZkdZ aZ\bkyl hl dhgnb]mjZpbb dhgdj_lghc k_lb H[uqgu_ ahgu ojZgysb_ky \ nZceZo ihf_qZxlky dZd & Z ahgu j_iebpbjmx sb_ky gZ \k_ dhgljhee_ju ^hf_gZ ojZgysb_ky \ jZa^_e_ ^hf_gguo bf_g hlf_q_ gu dZd "#$, Ahgu ojZgysb_ky \ jZa^_e_ ijbeh`_gbc )RUHVW'QV=RQHVbfyE_kZ ihf_qZxlky dZd "#$& Z êy jZa^_eZ ijbeh `_gbc 'RPDLQ'QV=RQHVbfy>hf_gZ mdZau\Z_lky "#$# ?keb ahgZ hl f_q_gZ dZd "#$ lh hgZ ojZgblky \ jZa^_e_ ijbeh`_gbc kha^Zgghf Z^fbgb kljZlhjhf IZjZf_lj ' beb ² êy [_ahiZkguo h[gh\e_gbc mdZau\Z_l gZ lh qlh ahgZ fh`_l h[gh\eylvky ^bgZfbq_kdb Wlh k\hckl\h ahgu fh`gh lZd`_ ijh\_jblv k ihfhsvx ke_^mxs_c dhfZgû GQVFPG =RQH,QIR $OORZ8SGDWH 2 #/ 3(((((((+4 K_l_\u_ dhfihg_glu b kem`[u AgZq_gb_ mdZau\Z_l gZ lh qlh ahgZ ^bgZfbq_kdZy Z agZq_gb_ + mdZau\Z_l gZ [_ahiZkgh_ h[gh\e_gb_ ahgu Ihke_ kha^Zgby dhgljhee_jZ ^hf_gZ \ hkh[_gghklb wlh dZkZ_lky i_j\h]h dhgljhe e_jZ \ e_km beb \ gh\hf ^_j_\_ h[yaZl_evgh ijh\_jvl_ j_]bkljZpbx \k_o g_h[oh ^bfuo 659aZibk_c 659aZibkb fh`gh ijh\_jylv b k ihfhsvx mlbeblu 'QV&PG gh \k_ `_ kZfuf emqrbf kj_^kl\hf êy ijh\_jdb dhgljhee_jh\ ^hf_gZ y\ey_lky mlbeblZ '&GLDJ dhlhjZy kj_^b ijhqbo l_klh\ wnn_dlb\gh h[gZjm`b\Z_l hrb[db \ dhgnb]mjZpbb '16 êy mdZaZggh]h beb ehdZevgh]h dhfivxl_jZ b iha\hey_l bk ijZ\blv g_dhlhju_ hrb[db j_]bkljZpbb aZibk_c iZjZf_lj 56 ?_ ke_^m_l aZ imkdZlv k iheghfhqbyfb Z^fbgbkljZlhjZ GZijbf_j _keb ke_^mxsZy dhfZg^Z g_ \u\h^bl gbdZdhc bgnhjfZpbb lh fh`gh kqblZlv qlh mdZaZgguc dhgljhee_j jZ[hlZ_l [_a hrb[hd GFGLDJ V T G_ ke_^m_l ij_g_[j_]Zlv ijh\_jdhc '16 ijb jZ[hl_ \ ^hf_g_ ihkdhevdm fgh]b_ ijh[e_fu deb_glh\ b dhgljhee_jh\ ^hf_gZ fh]ml [ulv \ua\Zgu g_ijZ\bevguf jZaj_r_gb_f '16bf_g GZkljhcdZdeb_glh\'16 < kbkl_fZo :LQGRZV b \ur_ dhgnb]mjZpby deb_glh\ '16 \dexqZ_l ke_^mx sb_ iZjZf_lju ^\Z i_j\uo ba gbo y\eyxlky h[yaZl_evgufb agZq_gby hklZevguo fh`gh hklZ\blv klZg^Zjlgufb beb baf_gylv lhevdh \ kemqZ_ g_h[oh^bfhklb X '16bfy ohklZ beb dhfivxl_jZ gZijbf_j . X ,3Z^j_kZ ij_îhqblZ_fh]h SUHIHUUHG b ^hihegbl_evguo DOWHUQDWH '16 k_j\_jh\ dhlhju_ [m^ml bkihevah\Zlvky deb_glhf êy jZaj_r_gby '16bf_g X hkgh\ghc kmnnbdk SULPDU\ '16 VXIIL[ bkihevam_fuc êy nhjfbjh\Z gby ihegh]h IXOO\ TXDOLILHG bf_gb ohklZ gZijbf_j \ iheghf bf_gb . kmnnbdkhf y\ey_lky hdhgqZgb_ '16 kmnnbdk fh`gh lZd`_ aZ^Z\Zlv bg^b\b^mZevgh êy dZ`^h]h k_l_\h]h ih^ dexq_gby '16kmnnbdk h[yaZl_e_g lhevdh ijb jZ[hl_ dhfivxl_jh\ \ khklZ \_ ^hf_gZ hg baf_gy_lky Z\lhfZlbq_kdb b \f_rZl_evkl\h Z^fbgbkljZlhjZ h[uqgh g_ lj_[m_lky X jZaj_r_gby gZ j_]bkljZpbx \ kem`[_ '16 ihegh]h bf_gb deb_glZ k mq_lhf kmnnbdkh\ '16 hkgh\gh]h kmnnbdkZ b kmnnbdkh\ ih^dexq_gbc _keb lZdh\u_ bf_xlky X hq_j_^ghklv bf_g ^hf_gh\ bkihevam_fuo ijb aZijhkZo \ kemqZ_ g_iheghklvx aZ^Zggh]h bf_gb dhfivxl_jZ [_a kmnnbdkh\ '16 =eZ\Z < GBF:GB? G_ j_dhf_g^m_lky \ dZq_kl\_ '16kmnnbdkh\ Z lZd`_ bf_g ^hf_gh\ $FWLYH 'LUHFWRU\ bkihevah\Zlv '16bf_gZ ^hf_gh\ i_j\h]h mjh\gy ² bf_gZ khklhysb_ lhevdh ba h^ghc f_ldb gZijbf_j beb < wlhf kemqZ_ \hafh`gu ijh[e_fu k ^bgZfbq_kdbf h[gh\e_gb_f aZibk_c gZ '16k_j\_jZo DZd ijZ\beh ijbf_gyxl bf_gZ ^hf_gh\ g_ gb`_ \lhjh]h mjh\gy Bfy ohklZ '16 Z lZd`_ hibkZgb_ dhfivxl_jZ aZ^Z_lky ijb mklZgh\d_ gZ dhfivx l_j hi_jZpbhgghc kbkl_fu Wlh bfy h[uqgh khhl\_lkl\m_l 1HW%,26bf_gb dhf ivxl_jZ êbgZ dhlhjh]h g_ ij_\urZ_l kbf\heh\ <ihke_^kl\bb baf_gylv bfy ohklZ fh`gh \ hdg_ Baf_g_gb_ bf_gb dhfivx l_jZ beb ^hf_gZ \ dhlhjh_ fh`gh ihiZklv ba hdgZ k\hckl\ kbkl_fu kf jbk lZf `_ fh`gh aZ^Zlv hkgh\ghc '16kmnnbdk dhfivxl_jZ gZ`Z\ dghidm >hihegbl_evgh < ki_pbZevghf hdg_ hlh[jZ`Z_lky hkgh\ghc '16kmnnbdk ² h[uqgh wlh bfy lh]h ^hf_gZ \ dhlhjuc \oh^bl ^Zgguc dhfivxl_j Ih mfheqZgbx ² ihke_ mklZgh\db kbkl_fu ² kmnnbdk hlkmlkl\m_l Ihke_ kf_gu kmnnbdkZ lj_[m _lky i_j_aZ]jmadZ kbkl_fu ?keb dhfivxl_j ih^dexqZ_lky d ^hf_gm $FWLYH 'LUHFWRU\ hkgh\ghc '16kmnnbdk nhjfbjm_lky Z\lhfZlbq_kdb ba bf_gb ^hf_gZ ihke_ ih^dexq_gby b i_j_aZ]jmadb deb_glZ Kf_gZ kmnnbdkZ Z\lhfZlbq_kdb ijhbkoh^bl b ijb i_j_f_s_gbb deb_glZ ba h^gh]h ^hf_gZ \ ^jm]hc < GBF:GB? H[jZlbl_ \gbfZgb_ gZ lh qlh neZ`hd Kf_gblv hkgh\ghc kmnnbdk ijb kf_g_ qe_gkl\Z \ ^hf_g_ h[uqgh ih mfheqZgbx mklZgh\e_g Wlh hkh[_ggh \Z`gh êy k_j\_jh\ jhev dhlhjuo ih\urZ_lky ^h dhgljhee_jh\ ^hf_gZ b êy dhfivxl_jh\ ih^dex qZ_fuo d ^hf_gm < ijhlb\ghf kemqZ_ dhgljhee_ju b qe_gu ^hf_gZ g_ ihemqZl ijZ\bevgh_ ihegh_ bfy b g_ kfh]ml aZj_]bkljbjh\Zlv _]h gZ ij_îhqblZ_fhf k_j\_j_ >ey mijZ\e_gby hkgh\guf kmnnbdkhf gZ dhfivxl_jZo jZ[hlZxsbo ih^ mijZ\e_gb_f kbkl_f b \ur_ fh`gh lZd`_ bkihevah\Zlv ]jmiih\mx iheblbdm ma_e Dhgnb]mjZpby dhfivxl_jZ :^fbgbkljZlb\gu_ rZ[ehgu K_lv Deb_gl ?keb iheblbdZ hij_^_ey_l g_dhlhjuc kmnnbdk lh ehdZevgh aZ^Zggh_ agZq_gb_ b]ghjbjm_lky '16 '16 '16 :LQGRZV _ _ _ _ _ _ '16 ?keb dhfivxl_j \oh^bl \ khklZ\ ^hf_gZ $FWLYH 'LUHFWRU\ lh \ dZq_kl\_ '16 k_j\_jh\ ke_^m_l mdZau\Zlv l_ `_ k_j\_ju dhlhju_ bkihevamxlky dhgljhee_jZfb ^hf_gZ Gb \ dh_f kemqZ_ g_evay mdZau\Zlv Z^j_kZ k_j\_jh\ ijh\Zc^_jZ Bgl_jg_lZ >ey jZaj_r_gby bf_g Bgl_jg_lZ g_h[oh^bfh gZ ij_îhqblZ_fuo '16k_j\_jZo gZkljhblv i_j_kuedm aZijhkh\ IRUZDUGLQJ gZ \g_rgb_ '16k_j\_ju <k_ gZkljhcdb deb_glh\ agZqbl_evgh mijhsZxlky _keb \k_ iZjZf_lju 7&3,3 ih emqZxlky hl k_j\_jZ '+&3 H^gZdh \ kemqZ_ dZdbolh ijh[e_f ih^dexq_gby d ^h K_l_\u_ dhfihg_glu b kem`[u f_gm beb jZaj_r_gby bf_g ke_^m_l \gbfZl_evgh ijh\_jylv dhgnb]mjZpbx g_ihkj_^kl\_ggh gZ dhfivxl_j_ deb_glZ '16 Kem`[ZfZjrjmlbaZpbb bm^Ze_ggh]h^hklmiZ 55$6 Kem`[Z Kem`[Z fZjrjmlbaZpbb b m^Z e_ggh]h ^hklmiZ h[_ki_qb\Z_l ^\_ hkgh\gu_ nmgdpbb X m^Ze_gguc ^hklmi ² k\yav m^Ze_gguo deb_glh\ k dhfivxl_jhf beb ehdZevghc k_lvx ijb ihfhsb dhffmlbjm_fuo beb 931ih^dexq_gbc 9LUWXDO 3ULYDWH 1HW X 55$6 ² ZRUN fZjrjmlbaZpby ² i_j_^ZqZ k_l_\uo iZd_lh\ f_`^m ehdZevgufb k_lyfb beb ehdZevghc k_lvx b \g_rg_c gZijbf_j Bgl_jg_lhf \dexqZy ij_h[jZah\Zgb_ k_l_\uo Z^j_kh\ 1$7 Ihevah\Zl_eb mklZgZ\eb\Zxl kh_^bg_gb_ k k_j\_jhf m^Ze_ggh]h ^hklmiZ j_Zebah \Zggh]h gZ [Za_ kem`[u 55$6 ijb ihfhsb deb_glkdh]h ijh]jZffgh]h h[_ki_q_ gby m^Ze_ggh]h ^hklmiZ dhlhjh_ bf__lky \ khklZ\_ ex[hc \_jkbb :LQGRZV K_j\_j m^Ze_ggh]h ^hklmiZ ih^ dhlhjuf fu \ ^Zevg_cr_f ih^jZamf_\Z_f ex[hc dhfiv xl_j ih^ mijZ\e_gb_f :LQGRZV 6HUYHU gZ dhlhjhf mklZgh\e_gZ kem`[Z fZj rjmlbaZpbb b m^Ze_ggh]h ^hklmiZ Zml_glbnbpbjm_l dZd ihevah\Zl_e_c lZd b k_ Zgku k\yab m^Ze_gguo fZjrjmlbaZlhjh\ <k_ kem`[u ^hklmigu_ ihevah\Zl_eyf jZ[hlZxsbf \ ehdZevghc k_lb \dexqZy ^hklmi d kh\f_klgh bkihevam_fuf nZceZf b ijbgl_jZf ^hklmi d \_[k_j\_jZf b k_j\_jZf we_dljhgghc ihqlu ^hklmigu lZd`_ b ihevah\Zl_eyf ih^dexqZxsbfky m^Ze_ggh q_j_a k_j\_j m^Ze_ggh]h ^hklmiZ Kh_^bg_gb_ k \bjlmZevghc qZklghc k_lvx beb 931ih^dexq_gb_ ij_^klZ\ey_l kh[hc aZsbs_ggh_ kh_^bg_gb_ lbiZ lhqdZlhqdZ q_j_a k_lv h[s_]h ihevah\Zgby gZijbf_j Bgl_jg_l beb [hevrmx dhjihjZlb\gmx k_lv Ih^^_j`dZ k_j\_jhf m^Ze_ggh]h ^hklmiZ f_oZgbafZ \bjlmZevguo qZklguo k_l_c iha\hey_l mklZgZ\eb \Zlv [_ahiZkgh_ kh_^bg_gb_ k dhjihjZlb\ghc k_lvx q_j_a jZaebqgu_ hldjulu_ k_ lb lZdb_ gZijbf_j dZd Bgl_jg_l >ey wfmeypbb ijyfh]h kh_^bg_gby ^Zggu_ bg dZikmebjmxlky ki_pbZevguf kihkh[hf l _ kgZ[`Zxlky ki_pbZevguf aZ]heh\dhf dhlhjuc ij_^hklZ\ey_l bgnhjfZpbx g_h[oh^bfmx êy fZjrjmlbaZpbb qlh[u iZd_l fh] ^hklb]gmlv Z^j_kZlZ IhemqZl_e_f iZd_lZ y\ey_lky 931deb_gl eb[h 931k_j\_j QZklv imlb ih dhlhjhfm ^Zggu_ ke_^mxl \ bgdZikmebjh\Zgghf \b^_ gZau\Z_lky lmgg_e_f >ey hj]ZgbaZpbb [_ahiZkghc \bjlmZevghc qZklghc k_lb 931 i_j_^ bgdZikmeypb _c ^Zggu_ rbnjmxlky I_j_o\Zq_ggu_ ih imlb ke_^h\Zgby iZd_lu g_\hafh`gh ijhqblZlv [_a dexq_c rbnjh\Zgby MqZklhd 931kh_^bg_gby gZ dhlhjhf ^Zggu_ i_j_^Zxlky \ aZrbnjh\Zgghf \b^_ b gZau\Z_lky kh[kl\_ggh \bjlmZevghc qZklghc =eZ\Z k_lvx K_j\_j m^Ze_ggh]h ^hklmiZ \ kemqZ_ bkihevah\Zgby f_oZgbafZ 931 \uklm iZ_l \ dZq_kl\_ ihkj_^gbdZ hkms_kl\eyy h[f_g ^Zggufb f_`^m deb_glhf 931 b dhjihjZlb\ghc k_lvx Ijb wlhf k_j\_j m^Ze_ggh]h ^hklmiZ hkms_kl\ey_l \k_ g_ h[oh^bfu_ ij_h[jZah\Zgby ^Zgguo rbnjh\Zgb_^_rbnjh\Zgb_ >ey wlh]h bk ihevamxlky ki_pbZevgu_ ijhlhdheu lmgg_ebjh\Zgby WXQQHOLQJ SURWRFROV 931 deb_gl b 931k_j\_j ^he`gu bkihevah\Zlv h^bg b lhl `_ ijhlhdhe lmgg_ebjh\Z gby qlh[u kha^Zlv 931kh_^bg_gb_ < kem`[_ m^Ze_ggh]h ^hklmiZ \ :LQGRZV 6HUYHU j_Zebah\ZgZ ih^^_j`dZ ijhlhdheh\ lmgg_ebjh\Zgby 3373 b /73 <hafh`ghklbkem`[u55$6\:LQGRZV6HUYHU I_j_qbkebf hkgh\gu_ \hafh`ghklb kem`[u fZjrjmlbaZpbb b m^Ze_ggh]h ^hklmiZ j_Zebah\Zggu_ \ :LQGRZV 6HUYHU X Ih^^_j`dZ ijhlhdheZ ,3Y <dexqZ_l \ k_[y 333Y i_j_^ZqZ ljZnbdZ ,3Y q_j_a 333ih^dexq_gby beb ih^dexq_gb_ gZ [Za_ 333R( 333 RYHU (WKHUQHW 931lmgg_eb /73 ih\_jo ,3Y Z]_glZ j_ljZgkeypbb '+&3Y b 5$',86 ih \_jo ljZgkihjlZ ,3Y X Ijhlhdhe lmgg_ebjh\Zgby 6673 6HFXUH 6RFNHW 7XQQHOLQJ 3URWRFRO Gh\uc \b^ lmgg_ey \bjlmZevghc qZklghc k_lb 931 h[_ki_qb\Zxsbc ijhoh`^_gb_ ljZnbdZ q_j_a [jZg^fZmwju [ehdbjmxsb_ ljZnbd 3373 b /73,3VHF < wlhf kemqZ_ ijbf_gy_lky bgdZikmeypby ljZnbdZ 333 ih\_jo dZgZeZ 66/ beb ijhlh dheZ +7736 7&3ihjl b ih^^_j`b\Zxlky gZ^_`gu_ f_lhû rbnjh\Zgby lZdb_ dZd ($37/6 X Ih^^_j`dZ 3373 jZajy^gh]h Ze]hjblfZ rbnjh\Zgby 5& êy ijhlhdheZ X Bkihevah\Zgb_ f_oZgbafZ 1HWZRUN $FFHVV 3URWHFWLRQ 1$3 ² AZsblZ ^h klmiZ d k_lb êy 931ih^dexq_gbc \uihegy_fuo deb_glZfb gZ [Za_ :LQGRZV 9LVWD b :LQGRZV 6HUYHU >hklmi d k_lb deb_glh\ g_ hl\_qZxsbo lj_[h\Zgbyf mklZgh\e_gghc iheblbdb fh`_l [ulv h]jZgbq_g X Bgl_]jZpby f_oZgbafZ ij_h[jZah\Zgby k_l_\uo Z^j_kh\ 1$7 kh \kljh _gguf [jZg^fZmwjhf :LQGRZV J_Zebah\Zgguc \ :LQGRZV 6HUYHU \kljh _gguc [jZg^fZmwj fh`_l [ulv bkihevah\Zg êy nbevljZpbb iZd_lh\ h[jZ[Z lu\Z_fuo ljZgkeylhjhf k_l_\uo Z^j_kh\ X Ih^^_j`dZ f_oZgbafZ ij_^\Zjbl_evguo dexq_c êy Zml_glbnbdZpbb \ kemqZ_ bkihevah\Zgby ijhlhdheh\ /73,36HF Ij_^\Zjbl_evguf dexqhf SUHVKDUHG NH\ gZau\Z_lky ihke_^h\Zl_evghklv kbf\heh\ ba\_klgZy aZjZg__ deb_glm b k_j\_jm m^Ze_ggh]h ^hklmiZ Wlhl dexq bkihevam_lky êy Zml_glb nbdZpbb mqZklgbdh\ kh_^bg_gby m^Ze_ggh]h ^hklmiZ \ kblmZpbb dh]^Z ijbf_ gyxlky aZsbs_ggu_ ijhlhdheu /73,36HF Bkihevah\Zgb_ f_oZgbafZ ij_^\Z jbl_evguo dexq_c iha\hey_l Z^fbgbkljZlhjm hldZaZlvky hl jZa\_jlu\Zgby bgnjZkljmdlmju hldjuluo dexq_c 3XEOLF .H\ ,QIUDVWUXFWXUH 3., K_l_\u_ dhfihg_glu b kem`[u X Ih^^_j`dZ f_oZgbafhf ij_h[jZah\Zgby k_l_\uo Z^j_kh\ 1$7 aZsbs_g guo kh_^bg_gbc hkms_kl\ey_fuo k ijbf_g_gb_f ijhlhdheh\ /73,36HF X X X X X Fh`gh bkihevah\Zlv f_oZgbaf ij_h[jZah\Zgby k_l_\uo Z^j_kh\ êy hj]ZgbaZ pbb \bjlmZevguo qZklguo k_l_c NZdlbq_kdb j_qv b^_l h lhf qlh kh_^bg_gb_ k \bjlmZevghc qZklghc k_lvx fh`_l [ulv kha^Zgh q_j_a bgl_jn_ck 1$7 Bgl_]jZpby k $FWLYH 'LUHFWRU\ K_j\_j m^Ze_ggh]h ^hklmiZ gZ [Za_ :LQGRZV 6HUYHU y\eyxsbcky qZklvx ^hf_gZ :LQGRZV b aZj_]bkljbjh\Zgguc \ dZ lZeh]_ fh`_l h[jZsZlvky d iZjZf_ljZf gZkljhcdb m^Ze_ggh]h ^hklmiZ ihevah \Zl_ey gZijbf_j d jZaj_r_gbyf m^Ze_ggh]h ^hklmiZ b iZjZf_ljZf hl\_lgh]h \uah\Z dhlhju_ ojZgylky \ $FWLYH 'LUHFWRU\ Ihke_ j_]bkljZpbb k_j\_jZ m^Z e_ggh]h ^hklmiZ \ $FWLYH 'LUHFWRU\ bf fh`gh mijZ\eylv b hlke_`b\Zlv _]h kh klhygb_ ijb ihfhsb klZg^Zjlguo bgkljmf_glh\ Ih^^_j`dZ ijhlhdheZ Zml_glbnbdZpbb 06&+$3 \_jkbb Ijhlhdhe ijh \_jdb ihêbgghklb aZijhkZih^l\_j`^_gby 0LFURVRIW &KDOOHQJH +DQGVKDNH $XWKHQWLFDWLRQ 3URWRFRO 06&+$3 Y ij_^gZagZq_g êy Zml_glbnbdZpbb mqZkl gbdh\ kh_^bg_gby b kha^Zgby dexq_c rbnjh\Zgby g_ihkj_^kl\_ggh \h \j_fy mklZgh\e_gby kh_^bg_gby m^Ze_ggh]h ^hklmiZ Ijhlhdhe 06&+$3 Y fh`_l [ulv lZd`_ bkihevah\Zg êy Zml_glbnbdZpbb mqZklgbdh\ kh_^bg_gby ijb ih kljh_gbb \bjlmZevguo qZklguo k_l_c Ih^^_j`dZ ijhlhdheZ Zml_glbnbdZpbb ($3 JZkrbjy_fuc ijhlhdhe Zml_g lbnbdZpbb ($3 ([WHQVLEOH $XWKHQWLFDWLRQ 3URWRFRO iha\hey_l bkihevah\Zlv gh \u_ f_lhû ijh\_jdb ihêbgghklb mqZklgbdh\ ih^dexq_gby m^Ze_ggh]h ^h klmiZ \dexqZy j_ZebaZpbx aZsblu hkgh\Zggmx gZ kfZjldZjlZo Bgl_jn_ck ($3 iha\hey_l ih^dexqZlv fh^meb ijh\_jdb ihêbgghklb klhjhggbo ijhba\h ^bl_e_c F_oZgbaf iheblbd m^Ze_ggh]h ^hklmiZ Ih^ iheblbdhc m^Ze_ggh]h ^hklmiZ ihgbfZ_lky gZ[hj mkeh\bc b iZjZf_ljh\ gZkljhcdb kh_^bg_gby ij_^hklZ\ eyxsbo k_l_\uf Z^fbgbkljZlhjZf [hevrmx ]b[dhklv ih mklZgh\d_ b gZkljhc d_ jZaj_r_gbc m^Ze_ggh]h ^hklmiZ b Zljb[mlh\ kh_^bg_gbc Ih^^_j`dZ rbjhdh\_sZl_evguo Z^j_kh\ ,3 ,3 PXOWLFDVW Bkihevamy f_oZ gbaf ,*03 URXWHU DQG SUR[\ \_jkbb fZjrjmlbaZlhj b ihkj_^gbd ,*03 k_j \_j m^Ze_ggh]h ^hklmiZ fh`_l ih^^_j`b\Zlv h[f_g ]jmiih\uf ,3ljZnbdhf f_`^m deb_glZfb m^Ze_ggh]h ^hklmiZ b Bgl_jg_lhf beb dhjihjZlb\ghc k_lvx 1 JBF?Q:GB? Ijhlhdhe jZkij_^_e_gby ihehku ijhimkdZgby ! %DQGZLGWK $OORFDWLRQ 3URWRFRO Z lZd`_ ijhlhdhe mijZ\e_gby jZkij_^_e_gb_f ihehku ijhimkdZgby %$&3 %DQGZLGWK $OORFDWLRQ &RQWURO 3URWRFRO bkdexq_gu ba khklZ\Z :LQGRZV 9LVWD h^gZ dh bf_xlky \ :LQGRZV 6HUYHU =eZ\Z GZqZevgh_dhgnb]mjbjh\Zgb_kem`[u55$6 Kem`[Z 55$6 ih mfheqZgbx mklZgZ\eb\Z_lky gZ dZ`ûc dhfivxl_j jZ[hlZxsbc ih^ mijZ\e_gb_f :LQGRZV 6HUYHU gh gZoh^blky \ hldexq_gghf khklhygbb k_j\bk 5HPRWH$FFHVV I_j_^ gZqZehf __ dhgnb]mjbjh\Zgby êy bkihevah\Zgby \ ex[hf j_`bf_ g_h[oh^bfh gZ k_j\_j_ k ihfhsvx hkgZkldb >bki_lq_j k_j\_jZ ^h[Z\blv jhev Kem`[u ih eblbdb k_lb b ^hklmiZ \ dhlhjhc fh`gh \u[jZlv hl^_evgu_ kem`[u jbk Ihke_ mklZgh\db jheb kem`[m 55$6 h[yaZl_evgh gm`gh gZkljhblv Jbk <u[hj dhfihg_glh\ 55$6 kj_^b ^jm]bo kem`[ jheb 1HWZRUN 3ROLF\ DQG $FFHVV 6HUYLFHV Dhfihg_gl Kem`[Z m^Ze_ggh]h ^hklmiZ h[_ki_qb\Z_l jZ[h lm 931 b dhffmlbjm_fuo ih^dexq_gbc dhfihg_gl FZjrjmlbaZpby \dexqZ_l \ k_[y kj_^kl\Z fZjrjmlbaZpbb êy ehdZevguo k_l_c 1$7 b ih^^_j`dm rbjhdh\_sZl_evghc fZjrjmlbaZpbb ,*03 Hkgh\gh_ kj_^kl\h mijZ\e_gby kem`[hc hkgZkldZ FZjrjmlbaZpby b m^Ze_gguc ^hklmi fh`_l aZimkdZlvky Z\lhghfgh ba f_gx :^fbgbkljbjh\Zgb_ LZd`_ hgZ \oh^bl \ khklZ\ hkgZkldb MijZ\e_gb_ dhfivxl_jhf GZqZevgZy gZkljhcdZ kem`[u fZjrjmlbaZpbb b m^Ze_ggh]h ^hklmiZ hkms_kl\ey_l ky ijb ihfhsb fZkl_jZ FZkl_j gZ kljhcdb k_j\_jZ fZjrjmlbaZpbb b m^Ze_ggh]h ^hklmiZ >ey aZimkdZ wlh]h fZkl_jZ g_h[oh^bfh \ hdg_ Z^fbgbkljZlb\ghc hkgZkldb \u[jZlv bfy dhgnb]mjbjm_fh]h k_j\_jZ b \ dhgl_dklghf f_gx \u[jZlv hipbx GZkljhblv b \dexqblv fZjrjmlbaZpbx b m^Ze_gguc ^hklmi Ijb ihfhsb mdZaZggh]h fZkl_jZ Z^fbgbkljZlhj fh`_l kdhgnb]mjbjh\Zlv k_j\_j \ dZ q_kl\_ fZjrjmlbaZlhjZ bbeb k_j\_jZ m^Ze_ggh]h ^hklmiZ Z lZd`_ Zdlb\babjh\Zlv gZ g_f f_oZgbaf ij_h[jZah\Zgby k_l_\uo Z^j_kh\ I_j\uf rZ]hf [m^_l \u[hj hkgh\ghc jheb dhlhjmx [m^_l \uihegylv k_j\_j k mklZgh\e_gghc kem`[hc jbk K_l_\u_ dhfihg_glu b kem`[u Jbk <u[hj gZqZevghc dhgnb]mjZpbb k_j\_jZ Bf_xlky ke_^mxsb_ \ZjbZglu gZqZevghc gZkljhcdb k_j\_jZ X M^Ze_gguc ^hklmi beb fh^_f mklZ gh\dZ k_j\_jZ m^Ze_ggh]h ^hklmiZ iha\heyxs_]h m^Ze_gguf deb_glZf ih^ dexqZlvky d k_j\_jm q_j_a dhffmlbjm_fu_ b ih^dexq_gby X ! Ij_h[jZah\Zgb_ k_l_\uo Z^j_kh\ ij_h[jZah\Zgb_ \gmlj_ggbo Z^j_kh\ \h \g_rgb_ klZg^Zjlguc \ZjbZgl êy ih^ dexq_gby ihevah\Zl_e_c ehdZevghc k_lb d Bgl_jg_lm q_j_a h^gh ih^dexq_gb_ X ! >hklmi d \bjlmZevghc qZklghc k_lb b kh\f_s_gb_ ^\mo mdZaZgguo \ur_ \hafh`ghkl_c X " ! ;_ahiZkgh_ kh_^bg_gb_ f_`^m ^\mfy qZklgufb k_lyfb bkihevah\Zgb_ k_j\_jZ \ dZq_kl\_ fZjrjmlbaZlhjZ X Hkh[Zy dhgnb]mjZpby ex[Zy dhf[bgZpby i_j_qbk e_gguo \hafh`ghkl_c fh`gh \jmqgmx \u[bjZlv mklZgZ\eb\Z_fu_ kem`[u Ihke_ lh]h dZd \uiheg_gh gZqZevgh_ dhgnb]mjbjh\Zgb_ ijb ^Zevg_cr_c jZ[hl_ iZjZf_lju gZkljhcdb fh`gh baf_gylv \ hdg_ k\hckl\ k_j\_jZ ^h[Z\eylv beb m^Zeylv j_`bfu jZ[hlu k_j\_jZ =eZ\Z 1 JBF?Q:GB? >ey \udexq_gby ##$ k_j\_jZ b ihegh]h m^Ze_gby dhgnb]mjZpbb kem`bl hipby Hldexqblv fZjrjmlbaZpbx b m^Ze_gguc ^hklmi M^Ze_gguc^hklmi Ih^ m^Ze_gguf ^hklmihf ihgbfZ_lky j_r_gb_ hkgh\Zggh_ gZ fZjrjmlbaZpbb h[ jZs_gbc ih^dexqZxs_]hky m^Ze_ggh]h deb_glZ \ ehdZevgmx k_lv dhjihjZpbb <k_ ijbeh`_gby ihkj_^kl\hf dhlhjuo ijhbkoh^bl ^hklmi d j_kmjkZf dhjihjZlb\ghc k_lb nmgdpbhgbjmxl g_ihkj_^kl\_ggh gZ klhjhg_ deb_glZ Ke_^m_l lZd`_ mihfygmlv ijh ^jm]mx \hafh`ghklv hj]ZgbaZpbb ^hklmiZ d j_kmj kZf dhjihjZlb\ghc k_lb ^bklZgpbhggh_ mijZ\e_gb_ Ih^ ^bk lZgpbhgguf mijZ\e_gb_f ihgbfZ_lky j_r_gb_ hkgh\Zggh_ gZ bkihevah\Zgbb m^Z e_ggufb ihevah\Zl_eyfb ijh]jZffguo b \uqbkebl_evguo j_kmjkh\ k_j\_jZ Ijb wlhf lZd`_ \hafh`_g ^hklmi d j_kmjkZf dhjihjZlb\ghc k_lb H^gZdh \k_ ijbeh`_ gby ihkj_^kl\hf dhlhjuo wlhl ^hklmi hkms_kl\ey_lky \uihegyxlky g_ gZ deb_g l_ Z gZ k_j\_j_ Deb_glm i_j_^Zxlky lhevdh h[jZau wdjZgZ >Zggh_ j_r_gb_ j_Z ebam_lky ijb ihfhsb kem`[ l_jfbgZeh\ beb m^Ze_ggh]h ^hklmiZ d jZ[hq_fm klhem ² UHPRWH FRQWURO WHUPLQDO VHUYLFHV Bkihevah\Zgb_k_j\_jZm^Ze_ggh]h^hklmiZ êyh[kem`b\Zgby931ih^dexq_gbc K_j\_j m^Ze_ggh]h ^hklmiZ ih^ mijZ\e_gb_f fh`_l h[kem`b \Zlv ih^dexq_gby \uklmiZy \ dZq_kl\_ k_j\_jZ G_h[oh^bfh ihgbfZlv qlh nZdlbq_kdb j_qv b^_l h \k_ lhf `_ m^Ze_gghf ^hklmi_ d j_kmjkZf dhjihjZlb\ ghc k_lb H^gZdh \ hlebqb_ hl h[uqgh]h m^Ze_ggh]h ^hklmiZ \aZbfh^_ckl\b_ deb _glZ b k_j\_jZ hkms_kl\ey_lky ih aZsbs_gghfm dZgZem dhlhjuc j_Zebam_lky aZ kq_l bkihevah\Zgby ki_pbZevguo ijhlhdheh\ lmgg_ebjh\Zgby Ijbf_g_gb_ f_oZ gbafZ \bjlmZevguo qZklguo k_l_c hijZ\^Zgh \ kblmZpbb dh]^Z g_evay bk dexqZlv jbkd i_j_o\ZlZ dhgnb^_gpbZevguo ^Zgguo gZijbf_j _keb \aZbfh^_ckl \b_ k m^Ze_gguf deb_glhf j_Zebam_lky q_j_a hldjulu_ h[s_kl\_ggu_ k_lb ?keb Z^fbgbkljZlhj ieZgbjm_l bkihevah\Zlv k_j\_j m^Ze_ggh]h ^hklmiZ êy h[ kem`b\Zgby ih^dexq_gbc hg ^he`_g hij_^_eblv dZdhc ba ijhlhdheh\ lmg g_ebjh\Zgby [m^_l ijbf_gylvky êy kha^Zgby aZsbs_ggh]h dZgZeZ :^fbgbkljZ lhj ^he`_g \u[jZlv f_`^m ijhlhdhehf b ijhlhdhehf Ijhlhdhe ih^^_j`b\Z_lky \k_fb deb_glZfb \ lhf qbke_ klZjufb \_jkbyfb Fbgmkhf wlh]h ijhlhdheZ y\ey_lky hlkmlkl\b_ f_oZgbafh\ ]ZjZglb jmxsbo p_ehklghklv i_j_^Z\Z_fuo ^Zgguo b ihêbgghklv mqZklgbdh\ kh_^bg_gby Ijhlhdhe k\h[h^_g hl wlbo g_^hklZldh\ < p_ehf hg y\ey_lky [he__ ij_îhq :LQGRZV 6HUYHU 931 931 931 931 3373 /73 3373 0LFURVRIW :LQGRZV /73 K_l_\u_ dhfihg_glu b kem`[u lbl_evguf \ZjbZglhf g_`_eb ijhlhdhe Ijhlhdhe [Zabjm_lky gZ f_oZ gbafZo ijhlhdheZ ih^^_j`dZ dhlhjh]h j_Zebah\ZgZ \ hi_jZpbhgguo kbkl_ fZo b \ur_ ?keb Z^fbgbkljZlhjhf \ dZq_kl\_ kj_^kl\Z kha^Zgby aZsbs_ggh]h dZgZeZ [ue \u [jZg ijhlhdhe lmgg_ebjh\Zgby hg ^he`_g hij_^_eblv dZd bf_ggh [m^_l hkm s_kl\eylvky \aZbfgZy Zml_glbnbdZpby mqZklgbdh\ kh_^bg_gby Ijhlhdhe ih\_jo dhlhjh]h nmgdpbhgbjm_l ijhlhdhe lmgg_ebjh\Zgby ih^^_j`b \Z_l ^\Z kihkh[Z Zml_glbnbdZpbb mqZklgbdh\ kh_^bg_gby pbnjh\u_ k_jlbnbdZlu j_qv b^_l h pbnjh\uo k_jlbnbdZlZo gZagZqZ_fuo dhfivxl_jZf b ij_^\Zjbl_ev guc dexq K lhqdb aj_gby [_ahiZkghklb [he__ gZ^_`guf kihkh[hf y\ey_lky bkihevah\Zgb_ pbnjh\uo k_jlbnbdZlh\ 3373 /73 ,36HF :LQGRZV /73 931 ,36HF /73 SUHVKDUHG NH\ MklZgh\dZk_j\_jZm^Ze_ggh]h^hklmiZ I_j_^ \uiheg_gb_f ijhp_^mju dhgnb]mjbjh\Zgby k_j\_jZ m^Ze_ggh]h ^hklmiZ g_h[oh^bfh hij_^_eblvky kh ke_^mxsbfb \hijhkZfb X jZkij_^_e_gb_ ,3Z^j_kh\ f_`^m deb_glZfb m^Ze_ggh]h ^hklmiZ Kms_kl \mxl ^\Z \ZjbZglZ bkihevah\Zgb_ \ k_lb k_j\_jZ b ihemq_gb_ Z^j_kZ g_ihkj_^kl\_ggh hl k_j\_jZ m^Ze_ggh]h ^hklmiZ ba g_dhlhjh]h klZlbq_kdh]h imeZ hij_^_e_ggh]h Z^fbgbkljZlhjhf X fZdkbfZevgh_ dhebq_kl\h \oh^ysbo ih^dexq_gbc Hl wlh]h aZ\bkbl lh kdhevdh fh^_fh\ hjb_glbjh\Zgguo gZ ih^dexq_gb_ m^Ze_gguo ihevah\Zl_e_c ihlj_[m_lky ih^dexqblv d k_j\_jm m^Ze_ggh]h ^hklmiZ '+&3 ,3 X fh^_ev dhgnb]mjbjh\Zgby iZjZf_ljh\ m^Ze_ggh]h ih^dexq_gby [m^_l bk ihevah\Zlvky IZjZf_lju m^Ze_ggh]h ih^dexq_gby fh]ml aZ^Z\Zlvky gZ mjh\ g_ mq_lguo aZibk_c hl^_evguo ihevah\Zl_e_c beb hij_^_eylvky iheblbdhc m^Ze_ggh]h ^hklmiZ GZ wlZi_ jZa\_jlu\Zgby k_j\_jZ m^Ze_ggh]h ^hklmiZ ^he`gu [ulv ijhba\_^_gu \k_ g_h[oh^bfu_ gZkljhcdb mq_lguo aZibk_c ihev ah\Zl_e_c Z lZd`_ hij_^_e_gu iZjZf_lju iheblbd m^Ze_ggh]h ^hklmiZ X ko_fZ Zml_glbnbdZpbb Bf_xlky ^\Z \ZjbZglZ eb[h Zml_glbnbdZpby \u ihegy_lky g_ihkj_^kl\_ggh k_j\_jhf m^Ze_ggh]h ^hklmiZ eb[h bkihevamxlky kj_^kl\Z ijhlhdheZ Bkihevah\Zgb_ ijhlhdheZ hijZ\^Zgh \ kblmZpbb dh]^Z \ k_lb bf__lky g_kdhevdh k_j\_jh\ m^Ze_ggh]h ^hklmiZ < wlhf kemqZ_ Z^fbgbkljZlhj bf__l \hafh`ghklv j_Zebah\Zlv p_gljZebah\Zggh_ mijZ\e_gb_ ijhp_kkhf Zml_glbnbdZpbb ihevah\Zl_e_c JZkkfhljbf ijhp_^mjm gZkljhcdb k_j\_jZ m^Ze_ggh]h ^hklmiZ gZ ijbf_j_ mklZgh\ db k_j\_jZ gZkljhcdZ k_j\_jZ h[kem`b\Zxs_]h dhffmlbjm_fu_ ih^dexq_ gby \uihegy_lky ZgZeh]bqguf h[jZahf Ihke_ aZimkdZ fZkl_jZ gZqZevgh]h dhg nb]mjbjh\Zgby g_h[oh^bfh \u[jZlv hipbx 5HPRWH DFFHVV GLDOXS RU 931 M^Ze_gguc ^hklmi beb fh^_f ² 5$',86 5$',86 931 931 =eZ\Z < hdg_ fZkl_jZ gZ kljZgbp_ #02490 ..088 M^Ze_gguc ^hklmi g_h[oh^bfh mlhq gblv nmgdpbb dhlhju_ [m^_l \uihegylv dhgnb]mjbjm_fuc k_j\_j ?keb k_j\_j ^he`_g h[kem`b\Zlv h[uqgu_ dhffmlbjm_fu_ ih^dexq_gby m^Ze_gguo ihevah\Z l_e_c ke_^m_l mklZgh\blv neZ`hd 'LDOXS M^Ze_gguc ^hklmi NeZ`hd 931 >hklmi d \bjlmZevghc qZklghc k_lb gm`gh mklZgZ\eb\Zlv lhevdh \ lhf kemqZ_ _keb k_j\_j ^he`_g h[kem`b\Zlv ih^dexq_gby \g_rgbo ihevah\Zl_ e_c ih^dexqZxsboky gZijbf_j q_j_a Bgl_jg_l AZl_f ke_^m_l \u[jZlv bgl_jn_ck ih^dexq_gguc dh \g_rg_c k_lb Bgl_jg_lm jbk b jZaj_rblv nbevljZpbx iZd_lh\ Ih mfheqZgbx mklZgZ\eb\Zxlky klZ lbq_kdb_ nbevlju ijhimkdZxsb_ q_j_a \u[jZgguc bgl_jn_ck lhevdh ljZnbd ih^dexq_gbc >Ze__ lj_[m_lky hij_^_eblv kihkh[ ij_^hklZ\e_gby ih^dexqZxsbfky deb_glZf Z^j_kh\ g_h[oh^bfuo êy jZ[hlu \ dhjihjZlb\ghc k_lb Ih mfheqZgbx Z^j_kZ \u^Zxlky Z\lhfZlbq_kdb k_j\_jhf m^Ze_ggh]h ^hklmiZ beb k_j\_jhf <u [hj hipbb $XWRPDWLFDOO\ :\lhfZlbq_kdb hagZqZ_l bkihevah\Zgb_ k_j\_jZ ?keb lj_[m_lky \u^_eylv Z^j_kZ ba klZlbq_kdh]h imeZ ke_^m_l \u[jZlv hipbx )URP D VSHFLILHG UDQJH RI DGGUHVVHV Ba aZ^Zggh]h ^bZiZahgZ Z^j_kh\ < ihke_^ g_f kemqZ_ Z^fbgbkljZlhj ^he`_g [m^_l aZ^Zlv wlhl ^bZiZahg gZ ke_^mxs_c kljZ gbp_ fZkl_jZ 931 931 931 ,3 '+&3 '+&3 Jbk <u[hj \g_rg_]h bgl_jn_ckZ b jZaj_r_gb_ \dexq_gby klZlbq_kdbo nbevljh\ K_l_\u_ dhfihg_glu b kem`[u B gZdhg_p gZ ihke_^g_c kljZgbp_ fZkl_jZ g_h[oh^bfh hl\_lblv gZ aZijhk h[ bk ihevah\Zgbb k_j\_jZ l _ \u[jZlv ko_fm Zml_glbnbdZpbb ihevah\Zl_ e_c ?keb Zml_glbnbdZpby [m^_l \uihegylvky g_ihkj_^kl\_ggh k_j\_jhf m^Ze_ggh ]h ^hklmiZ g_h[oh^bfh \u[jZlv hipbx 1R XVH 5RXWLQJ DQG 5HPRWH $FFHVV WR DXWKHQWLFDWH FRQQHFWLRQ UHTXHVWV G_l bkihevah\Zlv fZjrjmlbaZpbx b m^Ze_gguc ^hklmi êy ijh\_jdb ihêbgghklb aZijhkh\ gZ ih^dexq_gb_ < kemqZ_ bkihevah \Zgby êy Zml_glbnbdZpbb k_j\_jZ g_h[oh^bfh \u[jZlv i_j_dexqZl_ev <HV VHW XS WKLV VHUYHU WR ZRUN ZLWK D 5$',86 VHUYHU >Z gZkljhblv ^Zgguc k_j\_j êy jZ[hlu k k_j\_jhf Ih hdhgqZgbb k\h_c jZ[hlu fZkl_j aZimklbl kem`[m fZjrjmlbaZpbb b m^Ze_ggh]h ^hklmiZ GZqbgZy k wlh]h fhf_glZ k_j\_j m^Ze_ggh]h ^hklmiZ ]hlh\ h[kem`b\Zlv ih^dexq_gby m^Ze_gguo ihevah\Zl_e_c < ijhkl_cr_f kemqZ_ bkihevam_lky h[uqgZy Zml_glbnbdZpby gZ k_j\_j_ k mdZaZgb _f ehdZevguo mq_lguo aZibk_c dhlhju_ deb_glu mdZau\Zxl ijb ih^dexq_gbb d ^Zgghfm k_j\_jm BgnhjfZpbx h k_ZgkZo m^Ze_ggh]h ^hklmiZ d k_j\_jm fh`gh ijhkfZljb\Zlv \ iZi d_ 5HPRWH $FFHVV &OLHQWV Deb_glu m^Ze_ggh]h ^hklmiZ jbk H^bg b lhl `_ ihevah\Zl_ev fh`_l kha^Z\Zlv g_kdhevdh ih^dexq_gbc b ijb wlhf \oh^blv gZ k_j \_j ih^ h^gbf bf_g_f < wlhf hdg_ k_Zgku fh`gh ijbgm^bl_evgh hldexqZlv 5$',86 ² 5$',86 5$',86 Jbk Ijhkfhlj k_Zgkh\ ih^dexq_gby d k_j\_jm m^Ze_ggh]h ^hklmiZ F_oZgbafumijZ\e_gbydhgnb]mjZpb_cm^Ze_ggh]hih^dexq_gby GZkljhcdZ iZjZf_ljh\ m^Ze_ggh]h ^hklmiZ êy dhgdj_lgh]h ihevah\Zl_ey fh`_l \uihegylvky ^\mfy kihkh[Zfb eb[h ijb ihfhsb ki_pbZevguo Zljb[mlh\ mq_lghc aZibkb ihevah\Zl_ey eb[h ihkj_^kl\hf iheblbd m^Ze_ggh]h ^hklmiZ =eZ\Z Ki_pbZevgu_ iZjZf_lju mq_lghc aZibkb ihevah\Zl_ey <ky bgnhjfZpby h ihevah\Zl_eyo jZaf_sZ_lky \ dZlZeh]_ \ \b^_ h[t_dlh\ Zkkhpbbjh\Zgguo k mq_lgufb aZibkyfb beb \ ehdZevghc [Za_ mq_lguo aZibk_c Ijb wlhf k dZ`ûf ih^h[guf h[t_dlhf k\yaZg hij_^_e_gguc gZ[hj Zljb [mlh\ < lhf qbke_ bf_xlky ki_pbZevgu_ Zljb[mlu iha\heyxsb_ aZ^Zlv dhgnb]m jZpbx m^Ze_ggh]h ^hklmiZ êy dhgdj_lgh]h ihevah\Zl_ey GZkljhcdZ iZjZf_ljh\ mq_lghc aZibkb ihevah\Zl_ey bkihevam_fuo êy dhgnb]m jbjh\Zgby m^Ze_ggh]h ^hklmiZ \uihegy_lky gZ \deZ^d_ 'LDOLQ <oh^ysb_ a\hgdb \ hdg_ k\hckl\ h[t_dlZ Zkkhpbbjh\Zggh]h k mq_lghc aZibkvx ihevah\Zl_ey \ hkgZ kld_ $FWLYH 'LUHFWRU\ 8VHUV DQG &RPSXWHUV ihevah\Zl_eb b dhfivxl_ju < kemqZ_ Z\lhghfgh]h k_j\_jZ m^Ze_ggh]h ^hklmiZ êy dhgnb]mjb jh\Zgby ZgZeh]bqguo iZjZf_ljh\ mq_lghc aZibkb bkihevam_lky hkgZkldZ /RFDO 8VHUV DQG *URXSV EhdZevgu_ ihevah\Zl_eb b ]jmiiu $FWLYH 'LUHFWRU\ $FWLYH 'LUHFWRU\ ² Iheblbdb m^Ze_ggh]h ^hklmiZ >ey mijZ\e_gby m^Ze_gguf ^hklmihf fh]ml bkihevah\Zlvky iheblbdb m^Ze_ggh]h ^hklmiZ Ih^ iheblbdhc m^Ze_ggh]h ^hklmiZ ihgbfZ_lky gZ [hj mkeh\bc b iZjZf_ljh\ kh_^bg_gby dhlhju_ ij_^hklZ\eyxl k_l_\hfm Z^fbgb kljZlhjm [hevr_ \hafh`ghkl_c \ gZkljhcd_ jZaj_r_gbc m^Ze_ggh]h ^hklmiZ b Zl jb[mlh\ kh_^bg_gby NZdlbq_kdb iheblbdZ m^Ze_ggh]h ^hklmiZ ij_^klZ\ey_l kh[hc kh\hdmighklv iZjZf_ljh\ hij_^_eyxsbo dhgnb]mjZpbx k_l_\h]h ih^dexq_gby Ijb ihfhsb iheblbdb m^Ze_ggh]h ^hklmiZ fh`gh ij_^hklZ\eylv jZaj_r_gby m^Ze_g gh]h ^hklmiZ \ aZ\bkbfhklb hl \j_f_gb ^gy ^gy g_^_eb ]jmiiu h[t_dlh\ d dhlhjhc ijbgZê_`bl h[t_dl Zkkhpbbjh\Zgguc k mq_lghc aZibkvx a\hgys_]h ihevah\Zl_ey lbiZ lj_[m_fh]h ih^dexq_gby dhffmlbjm_fh_ beb ih^dexq_gb_ Fh`gh hij_ ^_eblv iZjZf_lju gZkljhcdb ih^dexq_gby dhlhju_ h]jZgbqb\Zxl fZdkbfZevgh_ \j_ fy k_ZgkZ k\yab lbi Zml_glbnbdZpbb b rbnjh\Zgby Z lZd`_ nbevljZpbx iZd_lh\ <Z`gh ihfgblv qlh ijb bkihevah\Zgbb iheblbd m^Ze_ggh]h ^hklmiZ kh_^bg_gb_ jZaj_rZ_lky lhevdh _keb iZjZf_lju gZkljhcdb kh_^bg_gby khhl\_lkl\mxl ih djZc g_c f_j_ h^ghc ba iheblbd m^Ze_ggh]h ^hklmiZ \ khhl\_lkl\bb kh k\hckl\Zfb mq_lghc aZibkb ihevah\Zl_ey b dhgnb]mjZpb_c iheblbdb m^Ze_ggh]h ^hklmiZ ?k eb iZjZf_lju gZkljhcdb ijb ihiuld_ kh_^bg_gby g_ khhl\_lkl\mxl gb h^ghc ba iheblbd m^Ze_ggh]h ^hklmiZ ihiuldZ kh_^bg_gby hldehgy_lky g_aZ\bkbfh hl k\hckl\ mq_lghc aZibkb ihevah\Zl_ey GZ k_j\_jZo m^Ze_ggh]h ^hklmiZ wlb iheblb db dhgnb]mjbjmxlky k ihfhsvx hkgZkldb 5RXWLQJ DQG 5HPRWH $FFHVV FZjrjmlb aZpby b m^Ze_gguc ^hklmi UHPRWH DFFHVV SROLF\ 931 ,3 Ij_h[jZah\Zgb_k_l_\uoZ^j_kh\ 1$7 F_oZgbaf ij_h[jZah\Zgby k_l_\uo Z^j_kh\ j_Zebam_l ij_h[jZah\Zgb_ Z^j_kh\ b ghf_jh\ ihjlh\ iZd_lh\ 1HWZRUN ,3 $GGUHVV 7UDQVODWLRQ 7&3 1$7 b ^ZlZ]jZff K_l_\u_ dhfihg_glu b kem`[u dhlhjufb h[f_gb\Zxlky ehdZevgZy b \g_rgyy lZdZy dZd Bgl_jg_l k_lb GZ ebqb_ wlh]h f_oZgbafZ iha\hey_l hj]Zgbah\Zlv \aZbfh^_ckl\b_ ehdZevghc k_lb k Bgl_jg_lhf ijhklufb kj_^kl\Zfb [_a ijb\e_q_gby ki_pbZebabjh\Zggh]h ijh ]jZffgh]h h[_ki_q_gby 8'3 1 JBF?Q:GB? Ij_h[jZah\Zl_ev Z^j_kh\ \ i_j\mx hq_j_^v jZajZ[hlZg êy ih^dexq_gby d hl djuluf k_lyf lZdbf dZd Bgl_jg_l g_[hevrbo ehdZevguo k_l_c Wlhl f_oZgbaf g_ ij_^gZagZq_g êy kh_^bg_gby \h_^bgh g_kdhevdbo jZajhag_gguo ehdZevguo k_l_c beb ih^dexq_gby g_kdhevdbo ehdZevguo k_l_c nbebZeh\ d h[s_dhjihjZ lb\ghc k_lb < dZq_kl\_ Zevl_jgZlb\u f_oZgbafm ij_h[jZah\Zgby k_l_\uo Z^j_kh\ \ g_[hev rbo k_lyo fh`gh bkihevah\Zlv nmgdpbx ,QWHUQHW &RQQHFWLRQ 6KDULQJ ,&6 H[sbc ^hklmi d ih^dexq_gbx d Bgl_jg_lm kf gb`_ Dhfihg_glu1$7 F_oZgbaf ij_h[jZah\Zgby k_l_\uo Z^j_kh\ \dexqZ_l \ k_[y ke_^mxsb_ we_f_glu X dhfihg_gl ij_h[jZah\Zgby < wlhf dZq_kl\_ jZkkfZljb\Z_lky k_j\_j \uklm iZxsbc \ dZq_kl\_ ljZgkeylhjZ k_l_\uo Z^j_kh\ Bf_ggh ljZgkeylhj k_l_\uo Z^j_kh\ y\ey_lky l_f dhfihg_glhf dhlhjuc kh[kl\_ggh b \uihegy_l ij_h[jZah\Zgb_ Z^j_kh\ b ghf_jZ ihjlh\ iZd_lh\ b ^ZlZ]jZff i_ j_^Z\Z_fuo f_`^m ehdZevghc k_lvx b \g_rg_c k_lvx k_j\_j k mklZgh\e_gguf ij_^hklZ\eyxsbc X dhfihg_gl Z^j_kZpbb bgnhjfZpbx h dhgnb]mjZpbb Z^j_kZ ^jm]bf dhfivxl_jZf ^hfZrg_c k_lb Dhfihg_gl Z^j_kZpbb ij_^klZ\ey_l kh[hc mijhs_gguc k_j\_j i_j_ ^Zxsbc deb_glZf k\_^_gby h[ Z^j_k_ fZkd_ ih^k_lb Z^j_k_ rexaZ ih mfheqZgbx k_j\_j_ \ dZq_kl\_ ihke_^gbo ^\mo Z^j_kh\ bkihevam_lky Z^j_k g_ihkj_^kl\_ggh kZfh]h ljZgkeylhjZ k_l_\uo Z^j_kh\ <k_ dhfivxl_ju \ ehdZevghc k_lb y\eyxsb_ky deb_glZfb fh]ml [ulv kdhgnb]mjbjh\Zgu dZd deb_glu qlh[u Z\lhfZlbq_kdb ihemqZlv dhgnb]mjZpbx X dhfihg_gl jZaj_r_gby bf_g K_j\_j k ij_h[jZah\Zl_e_f Z^j_kh\ klZgh\blky k_j\_jhf êy ^jm]bo dhfivxl_jh\ ehdZevghc k_lb Dh]^Z hg ihemqZ_l hl deb_glZ aZijhku h jZaj_r_gbb bf_g lh i_j_kueZ_l bo k_j\_jZf \ f_`k_ l_\hc kj_^_ gZ dhlhju_ hg gZkljh_g b \ha\jZsZ_l hl\_lu gZ dhfivxl_j \ eh dZevgmx k_lv 1$7 ,3 7&3 8'3 55$6 1$7 ,3 '+&3 ,3 ,3 '16 ,3 1$7 '+&3 ,3 '16 '16 Dhgnb]mjbjh\Zgb_1$7kihfhsvxijh]jZffufZkl_jZ F_oZgbaf fh`_l [ulv Zdlb\babjh\Zg gZ ex[hf dhfivxl_j_ ih^ mijZ\e_gb_f >ey wlh]h g_h[oh^bfh khhl\_lkl\mxsbf h[jZahf kdhgnb]m jbjh\Zlv kem`[m FZjrjmlbaZpby b m^Ze_gguc ^hklmi 1$7 :LQGRZV 6HUYHU 5RXWLQJ DQG 5HPRWH $FFHVV =eZ\Z >ey gZqZevghc gZkljhcdb kem`[u bkihevam_lky ijh]jZffZ fZkl_j kf \ur_ \ hdg_ dhlhjhc g_h[oh^bfh mdZaZlv hipbx Ij_ h[jZah\Zgb_ k_l_\uo Z^j_kh\ kf jbk Ih kjZ\g_gbx k gZkljhcdZ k ihfhsvx fZkl_jZ klZeZ agZqbl_evgh ijhs_ < hdg_ fZkl_jZ gZ kljZgbp_ Ih^dexq_gb_ d Bgl_jg_lm gZ hkgh\_ jbk mdZ`bl_ ih^dexq_gb_ dhlhjh_ [m^_l bkihevah\Zlvky f_ oZgbafhf ij_h[jZah\Zgby bf_g Ij_îheZ]Z_lky qlh wlh ih^dexq_gb_ d Bgl_jg_lm beb ^jm]hc \g_rg_c k_lb I_j_dexqZl_ev Bkihevah\Zlv h[s_^hklmiguc bgl_jn_ck êy ih^dexq_gby d Bgl_j g_lm iha\hey_l \u[jZlv h^gh ba kms_kl\mxsbo ih^dexq_gbc < dZq_kl\_ Zevl_j gZlb\u fh`gh bkihevah\Zlv ih^dexq_gb_ ih lj_[h\Zgbx \u[jZ\ hipbx Kha^Zlv bgl_jn_ck êy gh\h]h ih^dex q_gby ih lj_[h\Zgbx d Bgl_jg_lm Ih^dexq_gb_ ih lj_[h\Zgbx bkihevam_lky dZd ijZ\beh \ kemqZ_ dhffmlbjm_fh]h ^hklmiZ d \g_rg_c k_lb Hgh mklZgZ\eb\Z_lky lhevdh \ lhf kemqZ_ dh]^Z h^bg ba ihevah\Zl_e_c aZijZrb\Z_l ^hklmi d j_kmjkZf Bgl_jg_lZ b ih hdhgqZgbb jZ[hlu ihevah\Zl_ey jZaju\Z_lky ?keb êy jZ[hlu f_oZgbafZ [ue \u[jZg bgl_jn_ck kh_^bg_gby ih lj_[h\Zgbx kbkl_fZ aZimklbl fZkl_j kha^Z gby kh_^bg_gby ih lj_[h\Zgbx 1HWZRUN DGGUHVV WUDQVODWLRQ 1$7 1$7 :LQGRZV 6HUYHU 1$7 1$7 ,QWHUQHW &RQQHFWLRQ 1$7 8VH WKLV SXEOLF LQWHUIDFH WR FRQQHFW WR WKH ,QWHUQHW &UHDWH D QHZ GHPDQGGLDO LQWHUIDFH WR WKH ,QWHUQHW GHPDQGGLDO LQWHUIDFH 1$7 Jbk <u[hj k_l_\h]h bgl_jn_ckZ êy jZ[hlu f_oZgbafZ 1$7 K_l_\u_ dhfihg_glu b kem`[u GZ ke_^mxs_f rZ]_ gm`gh mdZaZlv ^he`_g eb k_j\_j k mklZgZ\eb\Z_fuf h[ kem`b\Zlv b aZijhku deb_glh\ k_lb jbk ?keb wlb kem`[u \ k_ lb hlkmlkl\mxl lh fh`gh \u[jZlv hipbx ij_êZ]Z_fmx ih mfheqZgbx < wlhf kemqZ_ k_j\_j [m^_l \u^Z\Zlv Z^j_kZ ba ^bZiZahgZ Z^j_kh\ lhc ih^k_lb k dhlh jhc k\yaZg ehdZevguc k_l_\hc bgl_jn_ck < ihke_^g_f hdg_ fZkl_jZ gm`gh gZ`Zlv dghidm =hlh\h fZkl_j aZimk lbl kem`[m b \uihegbl aZ^Zggh_ dhgnb]mjbjh\Zgb_ Ijb wlhf \ iZjZf_ljZo \kljh_ggh]h [jZg^fZmwjZ Z\lhfZlbq_kdb Zdlb\babjm_lky bkdexq_gb_ FZjrjmlbaZpby b m^Ze_gguc ^hklmi '+&3 1$7 '16 ,3 ² 55$6 :LQGRZV Jbk <u[hj f_oZgbafZ jZaj_r_gby '16bf_g b \u^_e_gby ,3Z^j_kh\ GZkljhcdZ1$7gZm`_mklZgh\e_gghfk_j\_j_55$6 ?keb \ k_lb m`_ bf__lky nmgdpbhgbjmxsbc k_j\_j gZ dhlhjhf kdhgnb]mjbjh\ZgZ kem`[Z fh`gh \uihegblv Zdlb\baZpbx f_oZgbafZ [_a bkihevah\Zgby ki_pbZevgh]h fZkl_jZ dhgnb]mjbjh\Zgby ?keb bgl_jn_ck h[_ki_qb\Zxsbc ih^ dexq_gb_ d Bgl_jg_lm gZijbf_j ih^dexq_gb_ ih lj_[h\Zgbx m`_ bf__lky lh g_h[oh^bfh \uihegblv ke_^mxsmx ihke_^h\Zl_evghklv ^_ckl\bc AZimklbl_ hkgZkldm FZjrjmlbaZpby b m^Ze_gguc ^hklmi 55$6 1$7 =eZ\Z ?keb \ kibkd_ Zdlb\guo ijhlhdheh\ ma_e hlkmlkl\m_l h[t_dl ^h [Z\vl_ d kibkdm ijhlhdhe ij_h[jZah\Zgby k_l_\uo Z^j_kh\ >ey wlh]h gm`gh \u^_eblv iZidm H[sb_ \ua\Zlv dhgl_dklgh_ f_gx b \uihegblv dhfZg^m Gh\uc ijhlhdhe fZjrjmlbaZpbb < hldju\r_fky hdg_ jbk \u[_jbl_ kljhdm b ih^l\_j^bl_ k\hc \u [hj gZ`Z\ dghidm 1$7 ,3Y _ Jbk MklZgh\dZ ijhlhdheZ ij_h[jZah\Zgby k_l_\uo bf_g GZ ke_^mxs_f wlZi_ lj_[m_lky \u[jZlv k_l_\u_ bgl_jn_cku dhlhju_ [m^ml jZ[hlZlv k f_oZgbafhf ij_h[jZah\Zgby k_l_\uo Z^j_kh\ <uah\bl_ dhgl_dklgh_ f_gx iZidb b \uihegbl_ dhfZg^m Gh\uc bgl_jn_ck Ba kibkdZ mklZgh\e_gguo bgl_jn_ckh\ \u[_jbl_ lj_[m_fuc b gZ`fbl_ dghidm >Ze__ \ hldju\r_fky hdg_ gZ \deZ^d_ jbk \ aZ\bkbfhklb hl lbiZ \u[jZggh]h bgl_jn_ckZ \uihegbl_ ke_^mxsb_ ^_ckl\by N êy k_l_\h]h bgl_jn_ckZ ih^dexq_ggh]h d Bgl_jg_lm \u[_jbl_ i_j_dex qZl_ev H[sbc bgl_jn_ck ih^ dexq_g d Bgl_jg_lm b mklZgh\bl_ neZ`hd ! <dexqblv gZ ^Zgghf bgl_jn_ck_ N êy k_l_\h]h bgl_jn_ckZ ih^dexq_ggh]h d ehdZevghc k_lb mklZgh\bl_ i_j_dexqZl_ev " # QZklguc bgl_jn_ck ih^dexq_g d qZklghc k_lb 1$7 K_l_\u_ dhfihg_glu b kem`[u Jbk :dlb\baZpby f_oZgbafZ 1$7 êy \u[jZggh]h k_l_\h]h bgl_jn_ckZ Jbk Ijhkfhlj klZlbklbdb ih jZ[hl_ 1$7 =eZ\Z AZdjhcl_ hdgh gZ`Z\ dghidm 0, L_i_jv \dexq_g b fh`_l h[kem`b\Zlv ih^k_lv ih^dexq_ggmx d ehdZevghfm bgl_jn_ckm K ihfhsvx dhfZg^ \ dhg l_dklghf f_gx iZidb fh`gh ijhkfZljb\Zlv klZlbklbdm ih ihemq_gguf b hlijZ\e_gguf iZd_lZf dhebq_kl\m hi_jZpbc ij_h[jZah\Zgby Z lZd`_ ih aZijhkZf gZ ihemq_gb_ Z^j_kh\ b gZ jZaj_r_gb_ bf_g jbk 1$7 PDSSLQJ '+&3 '16 JZaj_r_gb_\u^_e_gby,3Z^j_kh\ehdZevgufohklZf K_j\_j gZ dhlhjhf Zdlb\babjh\Zg f_oZgbaf fh`_l h[kem`b\Zlv deb_glkdb_ aZijhku gZ ihemq_gb_ Z^j_kh\ Qlh[u jZaj_rblv wlm nmgdpbx hldjhcl_ hdgh k\hckl\ iZidb i_j_c^bl_ gZ \deZ^dm GZagZq_gb_ Z^j_kh\ jbk b mklZgh\bl_ neZ`hd $ $ %&' GZagZqZlv Z^j_kZ k ihfhsvx jZkij_^_ebl_ey Ihey Z^j_k b ( # FZkdZ iha\heyxl aZ^Zlv ghf_j ih^k_lb d dh lhjhc [m^ml hlghkblvky dhgnb]mjbjm_fu_ deb_glu \ ehdZevghc k_lb 1$7 '+&3 ,3 ,3 '+&3 ,3 '+&3 Jbk JZaj_r_gb_ bkihevah\Zgby ijhlhdheZ '+&3 êy \u^_e_gby Z^j_kh\ ehdZevguf ohklZf K_l_\u_ dhfihg_glu b kem`[u Ih mfheqZgbx ij_êZ]Z_lky \_kv ^bZiZahg Z^j_kh\ \ky ih^k_lv h[kem`b\Z_fuo ehdZevguf bgl_jn_ckhf Ijb g_h[oh^bfhklb gZ`Z\ dghidm !) Bkdexqblv fh`gh bkdexqblv g_dhlhju_ Z^j_kZ ba wlh]h ^bZiZahgZ NmgdpbyjZaj_r_gby'16bf_g Ihfbfh ^bgZfbq_kdh]h \u^_e_gby Z^j_kh\ ohklZf ehdZevghc k_lb k_j\_j k mklZ gh\e_gguf fh`_l \uihegylv jZaj_r_gb_ ^hf_gguo bf_g \ ehdZevghc k_lb Qlh[u \dexqblv ih^h[guc f_oZgbaf hldjhcl_ hdgh k\hckl\ iZidb i_j_c^b l_ gZ \deZ^dm JZaj_r_gb_ bf_g \ Z^j_kZ jbk b mklZgh\bl_ neZ`hd ' % *$ +%*, >ey deb_glh\ bkihevamxsbo kem`[m 1$7 '16 Jbk <dexq_gb_ jZaj_r_gby ^hf_gguo bf_g q_j_a f_oZgbaf 1$7 ?keb lj_[m_lky qlh[u kh_^bg_gb_ k Bgl_jg_lhf mklZgZ\eb\Zehkv \ lhl fhf_gl dh]^Z h^bg ba jZkiheh`_gguo \ qZklghc k_lb ohklh\ hlijZ\ey_l aZijhk gZ jZaj_ r_gb_ bf_gb dhfivxl_jm k lh ke_^m_l mklZgh\blv neZ`hd ' " # Ih^dexqZlvky ijb wlhf d im[ 1$7 =eZ\Z ebqghc k_lb b \u[jZlv \ kibkd_ % - Bgl_jn_ck \uah\Z ih lj_ [h\Zgbx lj_[m_fuc bgl_jn_ck Dhgnb]mjbjh\Zgb_ij_h[jZah\Zgbyki_pbZevguoihjlh\ bkem`[ :^fbgbkljZlhj fh`_l h[_ki_qblv [he__ lhqgmx gZkljhcdm f_oZgbafZ \u ihegb\ dhgnb]mjbjh\Zgb_ ki_pbZevguo ihjlh\ NZdlbq_kdb Z^fbgbkljZlhj aZ^Z_l ki_pbnbq_kdb_ ijZ\beZ ij_h[jZah\Zgby iZd_lh\ ijboh^ysbo gZ hij_^_e_ggu_ ihjlu Ih^h[gh_ j_r_gb_ iha\hey_l h[_ki_qblv ijhajZqgh_ nmgdpbhgbjh\Zgb_ dhjihjZlb\guo ijbeh`_gbc ih\_jo f_oZgbafZ GZijbf_j Z^fbgbkljZlhj fh`_l hij_^_eblv ihjy^hd ij_h[jZah\Zgby iZd_lh\ ijboh^ysbo gZ ihjl ijh lhdhe 1$7 1$7 6073 Jbk JZkrbj_ggZy gZkljhcdZ ij_h[jZah\Zl_ey Z^j_kh\ JZkrbj_ggZy gZkljhcdZ f_oZgbafZ ij_h[jZah\Zgby ihjlh\ hkms_kl\ey_lky gZ \deZ^d_ * Kem`[u b ihjlu \ hdg_ k\hckl\ \g_rg_]h k_l_\h]h K_l_\u_ dhfihg_glu b kem`[u bgl_jn_ckZ \u[jZggh]h êy kf jbk :^fbgbkljZlhjm ij_êZ]Z_lky \u[hj ba ij_^hij_^_e_gguo k_l_\uo kem`[ jbk Ijb g_h[oh^bfhklb fh`gh kha^Zlv b gh\u_ hibkZgby kem`[ >ey ij_^hij_^_e_gguo kem`[ Z^fbgbkljZlhj fh`_l hij_^_eblv lhevdh qZklguc Z^j_k ohklZ Z^j_k \ qZklghc k_lb gZ dhlhjhf aZims_gZ mdZaZggZy kem`[Z <k_ hklZevgu_ iZjZf_lju baf_g_gu [ulv g_ fh]ml < ijhp_kk_ kha^Zgby gh\h]h hibkZ gby kem`[u ijZ\beZ ij_h[jZah\Zgby Z^fbgbkljZlhjm g_h[oh^bfh ihfbfh bf_gb hij_^_eblv ke_^mxsb_ iZjZf_lju jbk X ^_ckl\bl_evguc Z^j_k êy dhlhjh]h kha^Z_lky ijZ\beh Ih mfheqZgbx ij_îh eZ]Z_lky Z^j_k bkihevam_fuc dhgnb]mjbjm_fuf bgl_jn_ckhf ?keb êy bg l_jn_ckZ kdhgnb]mjbjh\Zg ime Z^j_kh\ \ ihe_ m i_j_dexqZl_ey " $ gZ wlhf we_f_gl_ imeZ Z^j_kh\ mdZ`bl_ h^bg ba Z^j_kh\ wlh]h imeZ beb \ ]jmii_ i_j_dexqZl_e_c Ijhlhdhe X ijhlhdhe X ghf_j \g_rg_]h ihjlZ \ ihe_ " <oh^ysbc ihjl Wlh ihjl gZ dh lhjuc [m^ml ijboh^blv iZd_lu 1$7 7&3 8'3 Jbk IZjZf_lju gh\h]h ijZ\beZ ij_h[jZah\Zgby ihjlh\ =eZ\Z X Z^j_k ohklZ \ dhjihjZlb\ghc k_lb gZ dhlhjuc [m^_l \uihegylvky i_j_gZijZ\ e_gb_ \k_o ljZgkebjm_fuo iZd_lh\ ih^h[gh]h lbiZ \ ihe_ :^j_k \ qZklghc k_lb X ghf_j \gmlj_gg_]h ihjlZ \ ihe_ " Bkoh^ysbc ihjl Wlh ihjl dhlhjuc [m^_l bkihevah\Zlvky êy ij_h[jZah\Zgby aZ]heh\dZ iZd_lZ Dhgnb]mjbjh\Zgb_ohklh\\ehdZevghck_lbêyjZ[hluk1$7 DZ`ûc deb_gl k_lb dhlhjuc [m^_l bkihevah\Zlv f_oZgbaf ^he`_g bf_lv khhl\_lkl\mxsmx kh]eZkh\Zggmx k dhgnb]mjZpb_c gZkljhcdm kl_dZ ijhlh dheh\ klZlbq_kdmx beb ihemqZ_fmx hl k_j\_jZ X Z^j_k ijbgZê_`Zsbc d jZaj_r_gghfm ^bZiZahgm qZklguo Z^j_kh\ < jZk kfZljb\Z_fhf gZfb ijbf_j_ hg ^he`_g hlghkblvky d k_lb k b^_glbnbdZlhjhf b fZkdhc X fZkdZ ih^k_lb X \ dZq_kl\_ rexaZ ih mfheqZgbx ^he`_g [ulv mdZaZg Z^j_k ehdZevgh]h bg l_jn_ckZ k_j\_jZ k k_j\_jZ ^he`_g [ulv mdZaZg Z^j_k ehdZevgh]h bgl_jn_ckZ X \ dZq_kl\_ k_j\_jZ k 1$7 1$7 7&3,3 ,3 '+&3 ,3 55$6 '16 55$6 1$7 ,3 1$7 Kh\f_klgh_bkihevah\Zgb_ bgl_jg_lih^dexq_gby ,&6 < ijhkl_crbo kemqZyo jZa\_jlu\Zgb_ kem`[u fh`_l [ulv g_p_e_khh[jZa guf b fh`gh \hkihevah\Zlvky [he__ ijhkluf b ljZ^bpbhgguf j_r_gb_f Nmgd pby H[sbc ^hklmi d ih^dexq_gbx d Bgl_jg_lm iha\hey_l h^gh k_l_\h_ kh_^bg_gb_ ex[h]h lbiZ kha^Zggh_ gZ dhfivxl_j_ bk ihevah\Zlv êy ih^dexq_gby g_[hevrhc h^ghjZg]h\hc k_lb d Bgl_jg_lm beb \g_rg_c k_lb < wlhf kemqZ_ ^Zgguc dhfivxl_j ij_^hklZ\bl \k_f hklZevguf dhf ivxl_jZf ehdZevghc k_lb \hafh`ghklv bkihevah\Zgby kem`[ ij_h[jZah\Zgby k_l_ \uo Z^j_kh\ \u^Zqb Z^j_kh\ b jZaj_ r_gby bf_g Dhfivxl_jm bkihevamxs_fm lj_[mxlky dZd fbgbfmf ^\Z k_l_\uo ih^dex q_gby gZijbf_j X ih^dexq_gb_ q_j_a h[uqguc k_l_\hc Z^Zil_j kem`bl êy k\yab f_`^m dhfivx l_jZfb \ ehdZevghc k_lb X dhffmlbjm_fh_ beb ihklhyggh_ ih^dexq_gb_ êy k\yab dhfivxl_jZ k Bgl_j g_lhf ex[hc \g_rg_c k_lvx beb ih^dexq_gb_ d m^Ze_gghfm k_j\_jm 55$6 ,&6 1HWZRUN $GGUHVV 7UDQVODWLRQ 1$7 '+&3 '16 ,&6 931 K_l_\u_ dhfihg_glu b kem`[u Ijb jZaj_r_gbb kh\f_klgh]h bkihevah\Zgby \g_rg_]h ih^dexq_gby dhfivxl_j klZgh\blky k_j\_jhf êy \k_c ehdZevghc k_lb ^bgZfbq_kdb \u^_eyy dhf ivxl_jZf Z^j_kZ ijb aZimkd_ kbkl_f êy wlh]h \k_ deb_glu k_lb ^he`gu [ulv gZkljh_gu gZ Z\lhfZlbq_kdh_ ihemq_gb_ iZjZf_ljh\ wlhl j_`bf h[uqgh aZ^Z_lky kjZam ijb mklZgh\d_ kbkl_f Ihfbfh wlh]h \u[jZgguc dhfivxl_j \u ihegy_l nmgdpbb dwrbjmxs_]h k_j\_jZ hkms_kl\eyy jZaj_r_gb_ bf_g êy deb_glh\ k\h_c k_lb ijb wlhf bkihevamxlky iZjZf_lju \g_rg_]h ih^dexq_gby '+&3 ,3 ² ,3 '16 b '16k_j\_ju bgl_jg_lijh\Zc^_jZ Jbk <dexq_gb_ j_`bfZ ,&6 gZ \u[jZgghf k_l_\hf ih^dexq_gbb < GBF:GB? Hi_jZpby jZaj_r_gby h[s_]h ^hklmiZ d ih^dexq_gbx d Bgl_jg_lm ^h\hevgh hl\_lkl\_ggZ ihkdhevdm \eby_l gZ kms_kl\mxsb_ k_l_\u_ iZjZf_lju dhfivx l_jZ b lj_[m_l qlh[u m deb_glh\ ehdZevghc k_lb [ueZ \dexq_gZ Z\lhfZlbq_ kdZy gZkljhcdZ ijhlhdheZ Dh]^Z jZaj_rZ_lky kh\f_klgh_ bkihevah\Zgb_ ih^dexq_gby k_l_\hc Z^Zil_j k\yaZgguc k ehdZevghc k_lvx ihemqZ_l gh\uc klZlbq_kdbc Z^j_k Kms_kl\mxsb_ ih^dexq_gby bkihevamx sb_ gZ wlhf dhfivxl_j_ [m^ml ihl_jygu b ^he`gu [ulv \hkklZgh\e_gu ,3 ,3 7&3,3 =eZ\Z \jmqgmx Ihwlhfm ^Zggmx hi_jZpbx ke_^m_l \uihegylv \ kZfhf gZqZe_ jZ[h lu ijb jZa\_jlu\Zgbb k_lb Qlh[u jZaj_rblv kh\f_klgh_ bkihevah\Zgb_ g_dhlhjh]h ih^dexq_gby \u[_jbl_ _]h \ hdg_ k_l_\uo ih^dexq_gbc kf jbk hldjhcl_ hdgh k\hckl\ b gZ \deZ^ d_ >hklmi mklZgh\bl_ neZ`hd JZaj_rblv ^jm]bf ihevah\Zl_eyf k_ lb bkihevah\Zlv ih^dexq_gb_ d Bgl_jg_lm ^Zggh]h dhfivxl_jZ jbk ?keb lj_[m_lky qlh[u \u[jZggh_ ih^dexq_gb_ Z\lhfZlbq_kdb Zdlb\babjh\Z ehkv dh]^Z ^jm]hc dhfivxl_j ehdZevghc k_lb iulZ_lky h[jZlblvky d \g_rgbf j_kmjkZf Z wlh \ i_j\mx hq_j_^v bf__l kfuke êy dhffmlbjm_fuo ih^dexq_ gbc mklZgh\bl_ neZ`hd MklZgZ\eb\Zlv l_e_ nhggh_ ih^dexq_gb_ ijb ihiuld_ ^hklmiZ d Bgl_jg_lm < kbkl_fZo :LQGRZV 6HUYHU ^jm]b_ ihevah\Zl_eb k_lb g_ bf_xl \hafh`ghklb mijZ\eylv h[sbf bgl_jg_lih^dexq_gb_f Jbk <u[hj k_j\bkh\ d dhlhjuf [m^_l jZaj_r_g ^hklmi êy ihevah\Zl_e_c Bgl_jg_lZ M ihklhygguo ih^dexq_gbc lbiZ $'6/ wlhl neZ`hd hlkmlkl\m_l K_l_\u_ dhfihg_glu b kem`[u Fh`gh mdZaZlv dhgdj_lgu_ ijbeh`_gby b kem`[u d dhlhjuf kfh]ml h[jZsZlvky ihevah\Zl_eb Bgl_jg_lZ beb \g_rg_c k_lb GZijbf_j _keb \ ehdZevghc k_lb \ lhf qbke_ b gZ ^jm]bo dhfivxl_jZo _klv beb \_[ k_j\_j lh êy lh]h qlh[u k gbf fh]eb jZ[hlZlv ba\g_ gm`gh gZ kh\f_klgh bkihevam_fhf ih^dexq_gbb jZa j_rblv khhl\_lkl\mxsmx kem`[m >ey wlh]h gZ \deZ^d_ >hklmi kf jbk ke_^m_l gZ`Zlv dghidm GZkljhcdZ b \ hldju\r_fky hdg_ jbk mklZgh\blv neZ`db jy^hf k bf_gZfb kem`[ dhlhju_ ^he`gu [ulv ^hklmigu )73 AZsblZk_l_\uoih^dexq_gbckihfhsvx \kljh_ggh]h[jZg^fZmwjZ:LQGRZV)LUHZDOO >Zgguc jZa^_e aZ\_jrZ_l hibkZgb_ k_l_\uo kj_^kl\ ihkdhevdm \ kbkl_fZo \kljh_gguc [jZg^fZmwj y\ey_lky h^gbf ba p_gljZevguo dhf ihg_glh\ kbkl_fu b aZsbsZ_l \k_ k_l_\u_ ih^dexq_gby Z lZd`_ \_kv ljZnbd ijh oh^ysbc q_j_a kem`[m :LQGRZV 6HUYHU 55$6 Jbk =eZ\gh_ hdgh [jZg^fZmwjZ :LQGRZV =eZ\Z ;jZg^fZmwj ;jZg^fZmwj \oh^ysbc \ khklZ\ b ij_^klZ\ey_l kh[hc fh^bnbpbjh\Zgguc b agZqbl_ev gh jZkrbj_gguc \ZjbZgl kj_^kl\Z j_Zebah\Zggh ]h \ ij_û^msbo \_jkbyo ;jZg^fZmwj iha\hey_l nbevljh\Zlv \kx bgnhjfZpbx ihklmiZxsmx ba \g_rg_c k_lb ba Bgl_jg_lZ ijhimkdZy lhevdh jZaj_r_ggu_ iZd_lu b hl[jZku\Zy \k_ hklZevgu_ LZdbf h[jZahf hg h]jZ`^Z_l dhfivxl_j hl g_kZgdpbhgbjh\Zggh]h ^hklmiZ beb ZlZd ba \g_rg_c k_lb khojZgyy ijb wlhf \hafh`ghklv jZ[hlu k \_[ k_j\bkZfb we_dljhgghc ihqlhc ^jm]bfb dhfivxl_jZfb b l ^ LZd`_ \hafh`gZ nbevljZpby bkoh^ysbo iZd_lh\ wlZ hipby hlkmlkl\h\ZeZ \ ij_û^msbo \_jkbyo :LQGRZV 9LVWD :LQGRZV :LQGRZV 6HUYHU ,QWHUQHW &RQQHFWLRQ )LUHZDOO ,&) :LQGRZV :LQGRZV 7&38'3 ² :LQGRZV Jbk Hdgh mijZ\e_gby khklhygb_f b iZjZf_ljZfb [jZg^fZmwjZ :LQGRZV ;jZg^fZmwj fh`gh aZimklblv k iZg_eb mijZ\e_gby dZl_]hjby ;_ahiZkghklv beb ba hdgZ P_gljZ mijZ\e_gby k_lyfb kf jbk GZ jbk ihdZaZgh ]eZ\gh_ hdgh [jZg^fZmwjZ a^_kv \b^gu _]h khklhygb_ ih :LQGRZV )LUHZDOO ² K_l_\u_ dhfihg_glu b kem`[u mfheqZgbx hg \dexq_g b hkgh\gu_ iZjZf_lju k_l_\hc [_ahiZkghklb >ey gZ kljhcdb [jZg^fZmwjZ beb ijhkfhljZ _]h iZjZf_ljh\ gm`gh s_edgmlv ih kkued_ Baf_gblv iZjZf_lju < hdg_ iZjZf_ljh\ jbk \ dhlhjh_ fh`gh lZd`_ ihiZklv ih kkued_ <dexq_gb_ b hldexq_gb_ [jZg^fZmwjZ hij_^_ey_lky khklhygb_ [jZg^fZmwjZ A^_kv fh`gh [ukljh hldexqZlv [ehdbjh\Zlv \k_ \oh^ysb_ kh_^bg_gby _keb jZ[hlZ \ k_lb lj_[m_l ih\ur_gguo lj_[h\Zgbc d [_ahiZkghklb dhfivxl_jZ neZ`hd KZfhc \Z`ghc \ bgl_jn_ck_ [jZg^fZmwjZ y\ey_lky \deZ^dZ Bkdexq_ gby jbk a^_kv mdZau\Zxlky ijh]jZffu b k_j\bku dhlhjuf jZaj_r_g ^hklmi ih k_lb :LQGRZV :LQGRZV ² Jbk <u[hj jZaj_r_gguo kem`[ ^hklmiguo ba \g_rg_c k_lb Ijb jZ[hl_ k k_l_\ufb kj_^kl\Zfb lZdbfb dZd H[sbc ^h klmi d nZceZf b ijbgl_jZf beb M^Ze_gguc jZ[hqbc klhe Z lZd`_ )LOH DQG 3ULQWHU 6KDULQJ 5HPRWH 'HVNWRS =eZ\Z ijb ih^dexq_gbb Z^fbgbkljZlb\guo hkgZklhd d m^Ze_gguf dhfivxl_jZf gm`gh \k_]^Z ke_^blv aZ l_f qlh[u khhl\_lkl\mxsb_ neZ`db [ueb mklZgh\e_gu < ijhlb\ ghf kemqZ_ \_kv ljZnbd d wlbf k_j\bkZf beb ijh]jZffZf [m^_l aZ[ehdbjh\Zg NeZ`hd M\_^hfeylv dh ]^Z [jZg^fZmwj [ehdbjm_l gh\mx ijh]jZffm kf jbk emqr_ ^_j`Zlv mklZgh\ e_gguf \ wlhf kemqZ_ ijb ihiuld_ ex[hc gh\hc ijh]jZffu mklZgh\blv k_l_\h_ kh_^bg_gb_ [jZg^fZmwj [m^_l khh[sZlv h[ wlhf Z^fbgbkljZlhjm b h`b^Zlv hl g_]h jZaj_r_gby gZ jZ[hlm ijh]jZffu jbk ?keb ijh]jZffZ [m^_l jZa[ehdbjh\ZgZ lh [jZg^fZmwj \dexqbl ihjlu aZijZrb\Z_fu_ ijbeh`_gb_f \ qbkeh jZaj_r_gguo Ihke_ wlh]h ijh]jZffZ kfh`_l jZ[hlZlv [_kij_iylkl\_ggh LZdhc ihôh^ iha\hey_l [he__ kljh]h ke_^blv aZ jZ[hlhc ijbeh`_gbc h[jZsZxsboky d k_lb ² Jbk AZijhk gZ jZaj_r_gb_ \oh^ysbo ih^dexq_gbc êy aZims_gghc ijh]jZffu GZ`Z\ dghidm >h[Z\blv ihjl kf jbk fh`gh aZl_f \jmqgmx mdZ aZlv ^hihegbl_evgu_ ihjlu beb jZ[hlZ ih dhlhjuf [m^_l jZaj_r_gZ jbk >ey lhqgh]h hij_^_e_gby lbiZ k_lb beb ^bZiZahgZ Z^j_kh\ dhlhjuf [m ^_l jZaj_r_gh h[jZsZlvky d mdZaZgghfm ihjlm gZ`fbl_ dghidm Ba f_gblv h[eZklv b \u[_jbl_ gm`gu_ iZjZf_lju jbk :gZeh]bqguf h[jZahf baf_gy_lky h[eZklv ^himklbfuo Z^j_kh\ b êy ijbdeZ^guo ijh]jZff kf ^Ze__ DghidZ >h[Z\blv ijh]jZffm gZ \deZ^d_ bkdexq_gbc kf jbk iha\hey_l i_j_clb \ hdgh \u[hjZ ijbeh`_gbc jbk dhlhju_ kfh]ml \aZbfh ^_ckl\h\Zlv k ^jm]bfb dhfivxl_jZfb q_j_a k_lv >ey ijh]jZff dZd b êy ^hihe gbl_evguo ihjlh\ fh`gh mdZau\Zlv h[eZklv ^himklbfuo Z^j_kh\ dhfivxl_jh\ dghidZ 7&3 8'3 K_l_\u_ dhfihg_glu b kem`[u Jbk Hij_^_e_gb_ iZjZf_ljh\ ihjlZ ^hklmi q_j_a dhlhjuc [m^_l jZaj_r_g [jZg^fZmwjhf :LQGRZV Jbk < wlhf hdg_ fh`gh h]jZgbqblv kibkhd dhfivxl_jh\ ihemqZxsbo ^hklmi d hij_^_e_gghc ijh]jZff_ beb jZ[hlZxsbo k ijhlhdhehf jZa[ehdbjh\Zgguf [jZg^fZmwjhf :LQGRZV GZ \deZ^d_ ! >hihegbl_evgh jbk fh`gh mdZaZlv k dZdbfb k_l_\ufb ih^dexq_gbyfb [m^_l jZ[hlZlv [jZg^fZmwj iZjZf_lju [m^ml h^bgZdh\ufb êy \k_o ih^dexq_gbc < gZr_f ijbf_j_ \b^gh qlh ih mfheqZgbx [jZg^fZmwj aZsbsZ_l \k_ ih^dexq_gby kha^Zggu_ \ kbkl_f_ >ey hij_^_e_gguo ih^dexq_gbc ljZnbd ih dh lhjuf kqblZ_lky iheghklvx [_ahiZkguf [jZg^fZmwj fh`gh hldexqblv =eZ\Z Jbk <u[hj ijh]jZff k dhlhjufb fh`gh [m^_l \aZbfh^_ckl\h\Zlv q_j_a k_lv Jbk Hdgh \u[hjZ ^hihegbl_evguo iZjZf_ljh\ [jZg^fZmwjZ K_l_\u_ dhfihg_glu b kem`[u DghidZ " # Ih mfheqZgbx kf jbk iha\hey_l \hkklZgh\blv \k_ klZg^Zjlgu_ agZq_gby iZjZf_ljh\ ijbgylu_ êy \u[jZgghc dZl_]hjbb k_lb 1 JBF?Q:GB? < [jZg^fZmwj_ \oh^ys_f \ khklZ\ kbkl_f :LQGRZV 9LVWD:LQGRZV 6HUYHU gZkljhcdZ aZijhkh\ ih ijhlhdhem ,&03 Z lZd`_ \_^_gb_ `mjgZeZ hkms_kl\eyxlky lhevdh k ihfhsvx hkgZkldb ;jZg^fZmwj :LQGRZV \ j_`bf_ ih\ur_gghc [_ahiZkgh klb hibku\Z_fhc ^Ze__ Kj_^kl\ZjZkrbj_ggh]h dhgnb]mjbjh\Zgby[jZg^fZmwjZ HkgZkldZ :LQGRZV )LUHZDOO ZLWK $GYDQFHG 6HFXULW\ ;jZg^fZmwj :LQGRZV \ j_`bf_ ih\ur_gghc [_ahiZkghklb aZimkdZ_fZy ba f_gx $GPLQLVWUDWLYH 7RROV :^fbgbkl jbjh\Zgb_ iha\hey_l mijZ\eylv \kljh_gguf [jZg^fZmwjhf :LQGRZV \ l_o kemqZyo dh]^Z g_^hklZlhqgh klZg^Zjlguo hipbc gZkljhcdb hgb [ueb jZkkfhlj_gu \ur_ Jbk =eZ\gh_ hdgh hkgZkldb =eZ\Z < ]eZ\ghf hdg_ jbk kjZam ihke_ aZimkdZ hkgZkldb fh`gh \b^_lv hkgh\gu_ iZjZf_lju aZ^Zggu_ êy dZ`^h]h k_l_\h]h ijhnbey k\yaZggh]h k jZaf_s_gb_f dhfivxl_jZ beb dZl_]hjb_c k_lb DghidZ K\hckl\Z [jZg^fZmwjZ :LQGRZV \ p_glj_ gZqZevghc kljZgbpu iha\hey_l i_j_clb \ hdgh gZkljh_d jbk ]^_ hij_^_ey xlky h[sb_ iZjZf_lju [jZg^fZmwjZ êy dZ`^h]h k_l_\h]h ijhnbey b ijhlhdheZ ,36HF LZdbf h[jZahf ijb i_j_dexq_gbb ijhnbey jmqghf beb Z\lhfZlbq_kdhf khhl\_lkl\mxsbf h[jZahf kjZam `_ [m^_l f_gylvky j_`bf jZ[hlu [jZg^fZmwjZ b ijZ\beZ êy \oh^ysbo b bkoh^ysbo kh_^bg_gbc ;jZg^fZmwj :LQGRZV gZkljh_g gZ ljb ijhnbey ^hf_gguc 'RPDLQ 3URILOH qZkl guc 3ULYDWH 3URILOH b h[sbc 3XEOLF 3URILOH K dZ`ûf ijhnbe_f dhlhjuc khhl \_lkl\m_l dZl_]hjbb k_lb kf jZg__ k\yaZgu hij_^_e_ggu_ ijZ\beZ UXOHV b wlb ijZ\beZ fh`gh bg^b\b^mZevgh gZkljZb\Zlv \ khhl\_lkl\bb kh k\hbfb ij_^klZ\e_ gbyfb h lj_[h\Zgbyo [_ahiZkghklb \ ^Zgghf kemqZ_ j_qv b^_l h gZ[hj_ jZaj_r_g guo ihjlh\ ij_^ty\ey_fuo d dZ`^hc dZl_]hjbb k_lb Jbk =eh[Zevgu_ iZjZf_lju [jZg^fZmwjZ êy dZ`^h]h lbiZ k_l_\h]h ijhnbey b êy ijhlhdheZ ,36HF K_l_\u_ dhfihg_glu b kem`[u Hkgh\gh_ gZagZq_gb_ hkgZkldb ;jZg^ fZmwj :LQGRZV \ j_`bf_ ih\ur_gghc [_ahiZkghklb ² \hafh`ghklv gZkljhcdb ijZ\be êy \oh^ysbo b bkoh^ysbo iZd_lh\ k lhqghklvx ^h ihjlZ 7&3 beb 8'3 Z lZd`_ mijZ\e_gb_ dZ`ûf kha^Zgguf ijZ\behf < hdg_ hkgZkldb bf_xlky iZidb ]^_ k]jmiibjh\Zgu ijZ\beZ êy dZ`^h]h lbiZ kh_^bg_gbc DZd \b^gh gZ jbk \ kbkl_f_ bf__lky fgh`_kl\h ij_^mklZgh\e_gguo ijZ\be fgh]b_ iZjZf_lju dhlh juo f_gylv g_evay JZaj_r_ggu_ ijZ\beZ hlf_q_gu agZqdZfb a_e_gh]h p\_lZ Ihfbfh klZg^Zjlguo ijZ\be fh`gh kha^Z\Zlv b dhgnb]mjbjh\Zlv kh[kl\_ggu_ ² êy wlh]h bkihevam_lky ki_pbZevguc fZkl_j mijhsZxsbc wlm hi_jZpbx >ey _]h aZimkdZ kem`bl kkuedZ Gh\h_ ijZ\beh gZ iZg_eb >_ckl\by < hdg_ k\hckl\ ijZ\beZ fh`gh \b^_lv ih^jh[gu_ k\_^_gby h[h \k_o aZ^Zgguo iZ jZf_ljZo < i_j\mx hq_j_^v hij_^_ey_lky jZaj_r_gu beb aZij_s_gu k_l_\u_ iZ d_lu k aZ^Zggufb oZjZdl_jbklbdZfb gZ jbk \ dZq_kl\_ ijbf_jZ ihdZaZgh ij_^mklZgh\e_ggh_ ijZ\beh j_]eZf_glbjmxs__ ^hklmi d h[sbf iZidZf b ijbgl_ jZf ih ijhlhdhem 60% Jbk I_j_q_gv ijZ\be mklZgh\e_gguo êy \oh^ysbo kh_^bg_gbc =eZ\Z GZ ^jm]bo \deZ^dZo hdgZ k\hckl\ ijZ\beZ hij_^_eyxlky iZjZf_lju hibku\Zxsb_ \k_ Zki_dlu k_l_\h]h \aZbfh^_ckl\by ijhlhdheu ihjlu ^bZiZahgu jZaj_r_gguo Z^j_kh\ ijbeh`_gby k_j\bku b l ^ IjZ\beh [m^_l jZkijhkljZgylvky lhevdh gZ l_ ijhlhdheu b ihjlu Z^j_kZ b dhfivxl_ju dhlhju_ aZ^Zgu \ hdg_ k\hckl\ jbk gZ \deZ^d_ >hihegbl_evgh lZd`_ fh`gh mdZaZlv êy dZdh]h bf_ggh ijhnbey [m^_l bkihevah\Zlvky ^Zggh_ ijZ\beh DZd m`_ ]h\hjbehkv \_kv ljZnbd khh[s_gby ih ijhlhdhem ,QWHUQHW &RQWURO 0HVVDJH 3URWRFRO ,&03 j_]eZf_glbjm_lky ijZ\beZfb aZ^Zggufb \ hkgZkld_ ;jZg^fZmwj :LQGRZV \ j_`bf_ ih\u r_gghc [_ahiZkghklb >ey \oh^ysbo b bkoh^ysbo aZijhkh\ k bkihevah\Zgb_f ijhlhdheh\ ,&03Y b ,&03Y bf_xlky klZg^Zjlgu_ ijZ\beZ êy \k_o lj_o k_l_\uo ijhnbe_c wlb ijZ\beZ gZau\Zxlky H[ sbc ^hklmi d nZceZf b ijbgl_jZf wohaZijhk Ih mfheqZgbx jZaj_r_gu lhevdh wohaZijhku hklZevgu_ ,&03khh[s_gby [ehdbjmxlky Jbk Hij_^_e_gb_ ^_ckl\bc êy \u[jZggh]h ijZ\beZ K_l_\u_ dhfihg_glu b kem`[u Jbk Ijhlhdhe b ihjl gZ dhlhju_ jZkijhkljZgy_lky ^Zggh_ ijZ\beh GZkljhcdZk_l_\uoiZjZf_ljh\ b[jZg^fZmwjZbadhfZg^ghckljhdb MlbeblZ dhfZg^ghc kljhdb 1HWVKH[H ij_^gZagZq_gZ êy gZkljhcdb iZjZf_ljh\ k_ l_\uo ih^dexq_gbc b fh`_l bkihevah\Zlvky \ ex[uo \_jkbyo :LQGRZV 6HUYHU \dexqZy :LQGRZV 6HUYHU &RUH b +\SHU9 6HUYHU MlbeblZ aZimkdZ_lky \ bgl_jZd lb\ghf beb dhfZg^ghf j_`bf_ < i_j\hf kemqZ_ Z^fbgbkljZlhj ihrZ]h\h \u[bjZ _l gm`guc dhgl_dkl gZ[hj k_l_\uo iZjZf_ljh\ hlghkysboky d hij_^_e_gghfm dhfihg_glm beb ijhlhdhem b \uihegy_l bf_xsb_ky dhfZgû <h \lhjhf ² \k_ iZjZf_lju aZ^Zxlky mlbebl_ ijb aZimkd_ b hgZ \uihegy_l dhgdj_lgmx aZ^Zqm wlhl j_`bf fh`gh bkihevah\Zlv b ba dhfZg^guo nZceh\ >ey dZ`^h]h dhgl_dklZ e_]dh ihemqblv gZ[hj ^himklbfuo dhfZg^ \\_^y keh\h KHOS beb ijhklh kbf\he \hijhkZ JZkkfhljbf gZ ijbf_jZo g_dhlhju_ \hafh`ghklb mlbeblu 1HWVK =eZ\Z GZagZq_gb_ Z^j_kh\ >ey ijhkfhljZ l_dmsbo iZjZf_ljh\ kl_dZ 7&3,3 êy ijhlhdheZ ,3Y beb ,3Y bkihevam_lky ke_^mxsZy dhfZg^Z ,3 LSY HgZ iha\hey_l \b^_lv gZa\Zgb_ bgl_jn_ckh\ gZijbf_j ih^dexq_gb_ ih ehdZevghc k_lb \ Zg]ehyauqguo \_jkbyo h[uqgh gZau\Z_lky /RFDO $UHD &RQQHFWLRQ LZd`_ bf_gZ bgl_jn_ckh\ fh`gh ihemqblv k ihfhsvx dhfZgû QHWVK LQWHUIDFH LSY VKRZ LQWHUIDFHV Bfy bgl_jn_ckZ \Z`gh agZlv ijb baf_g_gbb iZjZf_ljh\ kl_dZ GZijbf_j ke_^mx sZy dhfZg^Z gZagZqZ_l ih^dexq_gbx ih ehdZevghc k_lb klZlbq_kdbc ,3Z^j_k k fZkdhc b Z^j_k rexaZ k f_ljbdhc /RFDO $UHD FRQQHFWLRQ Qlh[u \dexqblv ihemq_gb_ Z^j_kZ hl k_j\_jZ '+&3 bkihevam_lky dhfZg^Z QHWVK LQWHUIDFH LSY VHW DGGUHVV QDPH /RFDO $UHD &RQQHFWLRQ VRXUFH GKFS >ey gZagZq_gby ih^dexq_gbx klZlbq_kdh]h Z^j_kZ ij_îhqblZ_fh]h SUHIHUUHG '16k_j\_jZ fh`gh \uihegblv lZdmx dhfZg^m /RFDO $UHD &RQQHFWLRQ >hihegbl_evguc Z^j_k '16k_j\_jZ aZ^Z_lky k ihfhsvx iZjZf_ljZ GQVVHUYHU DGG MijZ\e_gb_ [jZg^fZmwjhf Fgh]hqbke_ggu_ \hafh`ghklb mlbeblu 1HWVK fh`gh bkihevah\Zlv b êy mijZ\e_ gby [jZg^fZmwjhf :LQGRZV )LUHZDOO Bgh]^Z l_dmsb_ agZq_gby k_l_\uo iZjZf_l jh\ ijhs_ ihemqblv k __ ihfhsvx g_`_eb \ j_amevlZl_ ijhkfhljZ fgh]hqbke_g guo ^bZeh]h\uo hdhg beb kibkdh\ bkdexq_gbc ijZ\be K ihfhsvx dhfZgû QHWVK ILUHZDOO VKRZ VWDWH fh`gh m\b^_lv l_dms__ khklhy gb_ [jZg^fZmwjZ :LQGRZV \dexqZy \u[jZgguc k_l_\hc ijhnbev lZd`_ m^h[gZ dhfZg^Z QHWVK ILUHZDOO VKRZ RSPRGH >ey ijhkfhljZ iZjZf_ljh\ mklZgh\e_gguo êy \k_o ijhnbe_c kem`bl dhfZg^Z QHWVK ILUHZDOO VKRZ FRQILJ =jmiiu iZjZf_ljh\ [jZg^fZmwjZ fh`gh ijhkfZljb\Zlv bg^b\b^mZevgh gZijbf_j X QHWVK ILUHZDOO VKRZ DOORZHGSURJUDP ² ihdZau\Z_l kibkhd jZaj_r_gguo ijh ]jZff êy bkihevam_fuo ijhnbe_c X QHWVK ILUHZDOO VKRZ SRUWRSHQLQJ ² i_j_qbkey_l ihjlu \jmqgmx ^h[Z\e_ggu_ d kibkdm bkdexq_gbc K_l_\u_ dhfihg_glu b kem`[u X QHWVK ILUHZDOO VKRZ LFPSVHWWLQJ ² ihdZau\Z_l jZaj_r_ggu_ ,&03 khh[s_gby DhfZg^Z QHWVK ILUHZDOO VHW RSPRGH PRGH ',6$%/( iha\hey_l iheghklvx \u dexqblv [jZg^fZmwj ijb bkihevah\Zgbb iZjZf_ljZ (1$%/( [jZg^fZmwj Zdlb\b abjm_lky >ey jZ[hlu k [jZg^fZmwjhf :LQGRZV \ j_`bf_ ih\ur_gghc [_ahiZkghklb bkihevam_lky dhgl_dkl QHWVK DGYILUHZDOO K ihfhsvx ke_^mxs_c dhfZgû fh`gh m\b^_lv iZjZf_lju \k_o ijZ\be êy \oh ^ysbo LQ beb bkoh^ysbo RXW kh_^bg_gbc _keb iZjZf_lj GLU hlkmlkl\m_l lh hlh[jZ`Zxlky \k_ bf_xsb_ky ijZ\beZ DOO LQ Fh`gh mdZaZlv bfy dhgdj_lgh]h ijZ\beZ gZijbf_j j_]bklj [md\ \ bf_gb agZq_ gby g_ bf__l :LQVRFN )73 &OLHQW LQ GZa\Zgby ijZ\be fh`gh lZd`_ \b^_lv gZ iZg_eb ijZ\be \oh^ysbo b bkoh^ysbo kh_^bg_gbc \ hdg_ hkgZkldb :LQGRZV )LUHZDOO ZLWK $GYDQFHG 6HFXULW\ ;jZg^fZm wj :LQGRZV \ j_`bf_ ih\ur_gghc [_ahiZkghklb kf jbk A^_kv hlh[jZ`Z xlky b gZa\Zgby ]jmii ijZ\be GZa\Zgb_ ijZ\beZ e_]dh kdhibjh\Zlv ba hdgZ _]h k\hckl\ b \klZ\blv \ gm`gmx dhfZg^m \ hdg_ dhgkheb <dexqZlv b \udexqZlv ijZ\beZ fh`gh dZd êy hl^_evgh]h bf_gb iZjZf_lj QDPH lZd b êy ]jmiiu bf_g iZjZf_lj JURXS GZijbf_j ke_^mxsZy dhfZg^Z iha\hey_l aZij_lblv wohhl\_lu êy \k_o ijhnbe_c ijb bkihevah\Zgbb iZjZf_ljZ SURILOH fh`gh gZagZqblv hi_jZpbx êy dhgdj_lgh]h ijhnbey )LOH DQG 3ULQWHU 6KDULQJ (FKR 5H TXHVW ,&03Y,Q QR Ke_^mxsZy dhfZg^Z jZaj_rZ_l \k_ ijZ\beZ \oh^ysb_ \ ]jmiim 5HPRWH $GPLQLVWUD WLRQ êy \k_o ijhnbe_c 5HPRWH $GPLQLVWUDWLRQ \HV =E:<: >hf_ggu_kem`[u$FWLYH'LUHFWRU\ b]jmiih\u_iheblbdb < wlhc ]eZ\_ jZkkfZljb\Zxlky hkgh\gu_ aZ^Zqb \hagbdZxsb_ ijb jZa\_jlu\Zgbb e_kZ ^hf_gh\ b kj_^kl\Z bo Z^fbgbkljbjh\Zgby Hibku\Zxlky \hafh`ghklb ]jmiih\uo iheblbd b kihkh[u bo bkihevah\Zgby \ ^hf_gZo ]^_ iheb lbdb y\eyxlky ]eZ\guf kihkh[hf p_gljZebah\Zggh]h mijZ\e_gby ihevah\Zl_evkdhc kj_^hc b jZ[hqbfb iZjZf_ljZfb dhfivxl_jh\ $FWLYH 'LUHFWRU\ 1 JBF?Q:GB? G_dhlhju_ Z^fbgbkljZlb\gu_ hkgZkldb b mlbeblu bkihevamxlky lZd`_ êy jZ[h lu kh kem`[Zfb Kem`[u $FWLYH 'LUHFWRU\ h[e_]q_ggh]h ^hklmiZ d dZlZeh]Zf $' /'6 dhlhju_ iha\heyxl mklZ gZ\eb\Zlv gZ k_j\_jZo Z\lhghfgu_ wda_fieyju dZlZeh]h\ $FWLYH 'LUHFWRU\ g_ aZ\bkysbo hl gZebqby kem`[u ^hf_gh\ Dhgnb]mjbjh\Zgb_kem`[u'16êy jZa\_jlu\Zgby^hf_gh\$FWLYH'LUHFWRU\ JZkkfhljbf hkh[_gghklb gZkljhcdb kem`[u dhlhju_ Z^fbgbkljZlhj ^he`_g mqblu\Zlv êy k_lb k ^hf_gZfb WlZ kem`[Z y\ey_lky [Zah\uf b h[yaZl_evguf dhfihg_glhf êy jZa\_jlu\Zgby e_kZ ^hf_gh\ b hl ijZ\bevghklb __ iZjZf_ljh\ \h fgh]hf aZ\bkbl jZ[hlhkihkh[ghklv ^hf_gghc kj_û \ p_ehf < kbem lh]h qlh kms_kl\m_l fgh`_kl\h k_l_\uo dhgnb]mjZpbc b lj_[h\Zgbc d dhjihjZ lb\ghc k_lb keh`gh ^Zlv h^ghagZqgu_ j_dhf_g^Zpbb ih gZkljhcd_ b fu ba eh`bf hkgh\gu_ j_r_gby dhlhju_ fh`gh dhf[bgbjh\Zlv b Z^Zilbjh\Zlv d dhg dj_lguf mkeh\byf Ohly \ ijhkl_crbo kemqZyo \f_rZl_evkl\h Z^fbgbkljZlhjZ \ gZkljhcdm k_j\_jZ \hh[s_ g_ lj_[m_lky '16 $FWLYH 'LUHFWRU\ '16 '16 =eZ\Z :\lhfZlbq_kdZygZkljhcdZ'16k_j\_jZ Ijhkl_crZy kblmZpby dh]^Z ijb kha^Zgbb i_j\h]h dhgljhee_jZ \ e_km ^hf_gh\ jZaj_rZ_lky mklZgh\dZ k_j\_jZ kf jbk < wlhf kemqZ_ fZkl_j mklZgh\db ihke_ mklZgh\db kem`[ dZlZeh]Z kZf mklZgZ\eb\Z_l b dhgnb]mjb jm_l k_j\_j gZ wlhf dhgljhee_j_ bkihevamy bfy dhjg_\h]h ^hf_gZ Ihfbfh lj_o klZg^Zjlguo jZa^_eh\ dZlZeh]Z kha^Zxlky ^\Z ki_pbZebabjh\Zgguo jZa^_eZ ijbeh`_gbc bkihevam_fuo kem`[hc >ey ojZg_gby aZibk_c g_h[oh^bfuo êy jZ[hlu \k_]h e_kZ kha^Z_lky ^hihegbl_evgZy ahgZ bfy dhlhjhc qZklbqgh kh\iZ^Z_l k bf_g_f hkgh\ghc Z\lhjbl_lghc ahgu k bf_g_f dhjg_\h]h ^hf_gZ e_kZ '16bfy>hf_gZ! Ihke_ i_j_aZ]jmadb dhgljhee_jZ ^hf_ gZ \k_ j_kmjkgu_ aZibkb j_]bkljbjmxlky gZ k_j\_j_ Ihemq_gguc j_amevlZl êy ^hf_gZ k bf_g_f ij_^klZ\e_g gZ jbk ² '16 $FWLYH 'LUHFWRU\ '16 '16 '16 695 ² BPVGFV '16 LQWHUQGRP Jbk Ahgu '16 êy dhjg_\h]h ^hf_gZ e_kZ LQWHUQGRP kha^Zggu_ b kdhgnb]mjbjh\Zggu_ fZkl_jhf mklZgh\db $FWLYH 'LUHFWRU\ 1 JBF?Q:GB? H[jZlbl_ \gbfZgb_ gZ lh qlh ohly ahgZ h[jZlgh]h ijhkfhljZ b bf__lky \ iZid_ HUVH /RRNXS =RQHV ² dZd j_dhf_g^m_fuc \ZjbZgl ² hgZ [ueZ kha^ZgZ \jmq $FWLYH 'LUHFWRU\ g_ kha^Z_l h[jZlguo ahg gZ k_j\_j_ '16 5HY gmx Z fZkl_j mklZgh\db >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb <Z`gh ihgbfZlv qlh ohly \ ijhkljZgkl\_ bf_g ih^^hf_g \ khklZ\_ dhjg_\hc ahgu \uihegye [u l_ `_ nmgdpbb qlh b ahgZ k lhqdb aj_gby kihkh[h\ ojZg_gby ahg jZagbpZ ijbgpbibZevgZy <k_ ih^^hf_gu ahgu hgb bf_xl agZqhd h[uqghc iZidb ojZgylky \gmljb wlhc ahgu \ nZce_ beb \ KZfhklhyl_evgZy ahgZ ohlv b ij_^klZ\ e_gZ \gmljb ahgu ki_pbZevguf agZqdhf ojZgblky kh\_jr_ggh g_aZ \bkbfh hl g__ AhgZ ih mfheqZgbx gZoh^blky \ jZa^_e_ ijbeh`_gbc LQWHUQ GRP Z ahgZ ojZgblky \ jZa^_e_ LQWHUQ GRP Wlh g_keh`gh ijh\_jblv ih^dexqb\rbkv d dZ`^hfm jZa^_em k ihfhsvx hkgZkldb J_^Zdlbjh\Zgb_ H[_ ahgu y\eyxlky bgl_]jbjh\Zggufb \ êy gbo jZaj_r_gu lhev dh [_ahiZkgu_ h[gh\e_gby AhgZ j_iebpbjm_lky gZ \k_ k_j\_ju e_kZ hipby Z ahgZ j_iebpbjm_lky gZ \k_ k_j\_ju ^hf_gZ hipby '16 BPVGFV BPVGFVLQWHUQGRP LQWHUQGRP $FWLYH 'LUHFWRU\ BPVGFVLQWHUQGRP LQWHUQGRP LQWHUQGRP '& '& '& '& '& BPVGFVLQWHUQGRP 'RPDLQ'QV=RQHV '& )RUHVW'QV=RQHV $'6, $FWLYH 'LUHFWRU\ 6HFXUH RQO\ '16 BPVGFVLQWHUQGRP LQWHUQGRP LQWHUQGRP '16 LQWHUQGRP Wlh hagZqZ_l qlh ijb mklZgh\d_ k_j\_jZ gZ dhgljhee_j_ ^hf_gZ wlhl dhgljhee_j Z\lhfZlbq_kdb klZg_l ojZgbl_e_f j_iebdb jZa^_eZ ijbeh`_gbc b dZd ke_^kl\b_ wlhl k_j\_j ihem qbl dhibx ahgu b jZamf__lky \k_o ^jm]bo ahg ojZgysboky \ wlhf jZa ^_e_ ijbeh`_gbc :gZeh]bqgh ijb mklZgh\d_ k_j\_jZ gZ dhgljhee_j_ ex[h]h ^hf_gZ e_kZ djhf_ dhjg_\h]h ^hf_gZ e_kZ wlhl dhgljhee_j Z\lhfZlbq_kdb klZg_l ojZgbl_e_f j_iebdb jZa^_eZ ijbeh`_gbc b wlhl k_j\_j ihemqbl dhibx ahgu b ^jm]bo bf_xsboky ahg '& '16 'RPDLQ'QV=RQHV'& LQWHUQ'& LQWHUQGRP LQWHUQGRP GRP ² ² '16 LQWHUQGRP '& )RUHVW'QV=RQHV'& BPVGFVLQWHUQGRP LQWHUQ'& GRP < GBF:GB? >hihegbl_evgu_ '16k_j\_ju aZ]jm`Zxl bgl_]jbjh\Zggu_ \ $FWLYH 'LUHFWRU\ ah gu ijb k\h_c i_j_aZ]jmad_ Ihwlhfm ihke_ mklZgh\db '16k_j\_jZ fh`_l ihlj_ [h\Zlvky _]h i_j_aZimkd Fh`gh aZjZg__ mklZgh\blv kem`[m b kha^Zlv Z\lhjbl_lgmx ahgm êy dhjg_\h ]h ^hf_gZ gh\h]h e_kZ Ijb wlhf g_\Z`gh gZ dZdhf dhfivxl_j_ mklZgh\e_g k_j\_j gZ hl^_evghf dhfivxl_j_ beb gZ [m^ms_f dhgljhee_j_ ^hf_gZ dhgnb]mjZpby ahg g_ [m^_l hlebqZlvky hl lhc dhlhjZy [ueZ hibkZ gZ \ ij_û^ms_f jZa^_e_ '16 $FWLYH 'LUHFWRU\ '16 ² ² '16 Bf_gZ ih^h[gh]h \b^Z y\eyxlky aZj_a_j\bjh\Zggufb \ ^hf_g_ ihkdhevdm bkihevamxlky hkh [uf h[jZahf b g_ ke_^m_l kha^Z\Zlv kh[kl\_ggu_ jZa^_eu k lZdbfb bf_gZfb =eZ\Z Kha^Zgb_^hihegbl_evguo^hf_gh\ ?keb ihke_ kha^Zgby dhjg_\h]h ^hf_gZ \ e_km ihy\eyxlky gh\u_ ^hf_gu lh gZkljhcdZ kem`[u '16 aZ\bkbl hl bf_g wlbo ^hf_gh\ X êy gh\h]h ^_j_\Z k g_kf_`guf bf_g_f Z\lhjbl_lgmx ahgm gZ '16k_j\_j_ ke_^m_l ij_^\Zjbl_evgh kha^Zlv \jmqgmx mqblu\Zy kihkh[ ojZg_gby b h[ eZklv j_iebdZpbb Ijbf_jhf g_kf_`gh]h bf_gb êy e_kZ k dhjg_\uf ^hf_ghf LQWHUQGRP [m^_l ^hf_g LQWHUQQHZGRP X '16ih^^hf_gu \ Z\lhjbl_lghc ahg_ ^_j_\Z ^hf_gh\ $FWLYH 'LUHFWRU\ kha^Zxl ky gZ ij_îhqblZ_fhf '16k_j\_j_ Z\lhfZlbq_kdb ijb kha^Zgbb i_j\h]h dhg ljhee_jZ ^hq_jg_]h ^hf_gZ GZ jbk hlf_q_gZ ahgZ ^hf_gZ VXELQWHUQGRP \oh^ys_]h \ e_k LQWHUQGRP Ihkdhevdm ijb kha^Zgbb wlh]h ^hf_gZ gZ dhg ljhee_j_ h^gh\j_f_ggh mklZgZ\eb\Zeky '16k_j\_j lh [ue kha^Zg ki_pbZev guc jZa^_e ijbeh`_gbc 'RPDLQ'QV=RQHVVXELQWHUQGRP kh^_j`bfh_ dhlhjh]h [m^_l j_iebpbjh\Zlvky lhevdh gZ '16k_j\_ju jZ[hlZxsb_ gZ dhgljhee_jZo wlh]h ^hq_jg_]h ^hf_gZ >ey ^hq_jgbo ^hf_gh\ Z\lhjbl_lgu_ ahgu fh`gh \jmqgmx kha^Z\Zlv b aZjZg__ ^h jZa\_jlu\Zgby kZfbo ^hf_gh\ < wlhf kemqZ_ bo fh`gh [m^_l dhgnb]mjbjh\Zlv g_aZ\bkbfh hl jh^bl_evkdbo ahg Ijh\_jdZdhgnb]mjZpbb'16 Wlh h^bg ba kZfuo \Z`guo wlZih\ ijb ih^]hlh\d_ k_j\_jZ d hi_jZpbb ih\ur_gby jheb BaaZ kdjuluo hrb[hd \ '16 kha^Zgguc dhgljhee_j ^hf_gZ fh`_l jZ[hlZlv g_ijZ\bevgh ohly ijbqbg êy wlh]h g_ lZd fgh]h <hafh`gu ke_^mxsb_ hrb[db X gZ dhfivxl_j_ g_ mdZaZg ij_îhqblZ_fuc k_j\_j '16 X gZ ij_îhqblZ_fhf k_j\_j_ '16 hlkmlkl\m_l gm`gZy Z\lhjbl_lgZy ahgZ bfy ^hf_gZ X Z\lhjbl_lgZy ahgZ kms_kl\m_l gh g_ y\ey_lky ^bgZfbq_kdb h[gh\ey_fhc FZkl_j mklZgh\db $FWLYH 'LUHFWRU\ ijh\_jy_l dhgnb]mjZpbx '16 b fh`_l khh[ sZlv h gZc^_gguo hrb[dZo < wlhf kemqZ_ emqr_ ij_djZlblv ijhp_^mjm kha^Zgby dhgljhee_jZ b jZah[jZlvky \ ijbqbgZo ihy\e_gby ^bZ]ghklbq_kdbo khh[s_gbc MklZgh\dZbm^Ze_gb_dhgljhee_jh\^hf_gZ L_jfbgu kha^Zgb_ dhgljhee_jZ ^hf_gZ mklZgh\dZ ^hf_gguo kem`[ $FWLYH b ih\ur_gb_ jheb k_j\_jZ SURPRWLRQ hibku\Zxl h^bg b lhl `_ ijh 'LUHFWRU\ >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb p_kk g_evay kha^Zlv dhgljhee_j ^hf_gZ g_ mklZgh\b\ ^hf_ggu_ kem`[u $FWLYH ZgZeh]bqgh fh`gh ]h\hjblv h[ m^Ze_gbb dhgljhee_jZ m^Ze_gbb $FWLYH 'LUHFWRU\ beb h ihgb`_gbb jheb dhgljhee_jZ < hlebqb_ hl ^hf_gguo kem`[ $FWLYH 'LUHFWRU\ wda_fieyju kem`[ $FWLYH 'LUHFWRU\ /LJKWZHLJKW 'LUHFWRU\ 6HUYLFHV Kem`[u $FWLYH 'LUHFWRU\ h[e_]q_ggh]h ^hklmiZ d dZ lZeh]Zf $' /'6 gbdZd g_ k\yaZgu k dhgljhee_jZfb ^hf_gZ b fh]ml mklZgZ\eb \Zlvky gZ ex[uo k_j\_jZo :LQGRZV 6HUYHU ijbq_f gZ h^ghf k_j\_j_ fh`_l gZoh^blvky g_kdhevdh jZaguo dZlZeh]h\ k jZaebqgufb bf_gZfb >Z`_ _keb kem` [u $' /'6 jZa\_jlu\Zxlky b gZ dhgljhee_j_ dhgljhee_jZo ^hf_gZ lh bo lhih eh]by j_iebdZpbb g_ k\yaZgZ k ^hf_ghf b \uihegy_lky k ihfhsvx ^jm]bo f_oZ gbafh\ ijyfuo 53&\uah\h\ Dhgljhee_j ^hf_gZ fh`gh ihgbablv GHPRWH beb ^_bgklZeebjh\Zlv ^hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ ^h jy^h\h]h k_j\_jZ ^hf_gZ beb Z\lhghfgh]h k_j\_jZ Z aZl_f ijb g_h[oh^bfhklb kgh\Z ih\ukblv jhev k_j\_jZ < h[hbo kemqZyo bkihev am_lky fZkl_j $FWLYH 'LUHFWRU\ ,QVWDOODWLRQ :L]DUG FZkl_j mklZgh\db $FWLYH 'LUHF WRU\ mlbeblZ '&SURPRH[H ² 'LUHFWRU\ < GBF:GB? <Z`guf hlebqb_f j_ZebaZpbb ^hf_gguo kem`[ $FWLYH 'LUHFWRU\ gZ [Za_ k_j\_jh\ :LQGRZV 6HUYHU y\ey_lky lh qlh kem`[Z dZlZeh]Z nmgdpbhgbjm_l dZd kZfh klhyl_evguc kbkl_fguc k_j\bk 17'6 b ke_^h\Zl_evgh _]h fh`gh hklZgZ\eb \Zlv b aZimkdZlv g_aZ\bkbfh hl ^jm]bo kem`[ Wlh iha\hey_l \uihegylv h[kem`b \Zgb_ [Zau ^Zgguo dZlZeh]Z [_a g_h[oh^bfhklb aZ]jmadb \ j_`bf_ 'LUHFWRU\ 6HUYLFHV 5HVWRUH 0RGH >ey ZgZebaZ kh^_j`bfh]h dZlZeh]Z gZijbf_j êy hij_^_e_gby dZdb_ h[t_dlu [ueb m^Ze_gu kgbfdb [Zau ^Zgguo $FWLYH 'LUHFWRU\ ihemq_ggu_ k ihfhsvx mlbeblu 1WGVXWLOH[H ^bj_dlb\Z 6QDSVKRW fh`gh fhglbjh\Zlv l _ h[_ki_qb \Zlv d gbf ^hklmi dZd d /'$3k_j\_jm bkihevamy mlbeblm 'VDPDLQH[H Z aZl_f ijhkfZljb\Zlv ijb ihfhsb mlbeblu /GSH[H LZdZy \hafh`ghklv ihy\beZkv lhev dh \ :LQGRZV 6HUYHU >ey kha^Zgby dhgljhee_jZ ^hf_gZ $FWLYH 'LUHFWRU\ fh`gh bkihevah\Zlv ke_^mxsb_ kihkh[u X aZimklblv fZkl_j mklZgh\db $FWLYH 'LUHFWRU\ gZ m`_ mklZgh\e_gghc kbkl_f_ gZ Z\lhghfghf beb jy^h\hf k_j\_j_ ² qe_g_ ^hf_gZ k wlbf fZkl_jhf fh`gh jZ [hlZlv \ ^bZeh]h\hf j_`bf_ beb `_ \ j_`bf_ Z\lhfZlbq_kdhc mklZgh\db XQDWWHQGHG PRGH < j_amevlZl_ [m^_l kha^Zg dhgljhee_j gh\h]h ^hf_gZ beb ^hihegbl_evguc dhgljhee_j \ m`_ kms_kl\mxs_f ^hf_g_ X h[gh\blv dhgljhee_j ^hf_gZ gZ [Za_ :LQGRZV 6HUYHU MlbeblZ '&SURPRH[H aZimkdZ_lky Z\lhfZlbq_kdb ihke_ lh]h dZd aZdhgqblky h[gh\e_ gb_ kbkl_fu ^h :LQGRZV 6HUYHU b dhfivxl_j [m^_l i_j_aZ]jm`_g =eZ\Z 1 JBF?Q:GB? >ey jZ[hlu ^hf_gh\ lhqg__ êy Zml_glbnbdZpbb ih ijhlhdhem .HUEHURV \Z`gZ kbgojhgbaZpby kbkl_fguo qZkh\ gZ \k_o deb_glZo b dhgljhee_jZo ^hf_gZ Ih wlhfm \Z`gh_ f_klh \ jZ[hl_ ^hf_gh\ aZgbfZ_l Kem`[Z \j_f_gb :LQ GRZV 7LPH k_j\bk :7LPH :LQGRZV Hkh[_gghklbkha^Zgbydhgljhee_jh\ \m`_kms_kl\mxsbo^hf_gZo Kha^Zgb_ gh\uo ^hf_gh\ $FWLYH 'LUHFWRU\ gZ [Za_ :LQGRZV 6HUYHU beb mklZ gh\dZ ^hihegbl_evguo dhgljhee_jh\ \ lZdbo ^hf_gZo keh`ghkl_c g_ \uau\Z_l wlm ijhp_^mjm fu ih^jh[gh jZkkfhljbf iha`_ KgZqZeZ jZkkfhljbf lZdb_ kemqZb mk lZgh\db ^hihegbl_evguo dhgljhee_jh\ dhlhju_ bf_xl ki_pbnbdm beb lj_[mxl ^hihegbl_evguo ^_ckl\bc Kx^Z \dexq_gZ b ijhp_^mjZ h[gh\e_gby ^hf_gh\ :LQGRZV 6HUYHU ihkdhevdm dZd ijZ\beh \ wlhf kemqZ_ h[jZam_lky kf_rZg gZy kj_^Z dhgljhee_jh\ bf_xsZy k\hb hkh[_gghklb H[gh\e_gb_^hf_gh\:LQGRZV6HUYHU Ijb h[gh\e_gbb bf_xsboky ^hf_gh\ :LQGRZV 6HUYHU bkihevam_lky m`_ kha ^ZggZy lhiheh]by ^hf_gh\ b kms_kl\mxsZy kljmdlmjZ '16 dhlhjZy ijZdlbq_kdb gbdZd g_ f_gy_lky AZ^ZqZ k\h^blky d h[gh\e_gbx hi_jZpbhgguo kbkl_f gZ dhg ljhee_jZo ^hf_gZ ^h [he__ klZjr_c \_jkbb Ijb h[gh\e_gbb ^hf_gZ :LQGRZV 6HUYHU ^h :LQGRZV 6HUYHU beb ijb mklZgh\d_ dhgljhee_jZ ^hf_gZ gZ [Za_ :LQGRZV 6HUYHU \ e_km :LQGRZV 6HUYHU kgZqZeZ g_h[oh^bfh h[gh\blv ko_fm ^jm]bfb keh\Zfb ² ih^]hlh\blv e_k b ^hf_gu ;_a wlh]h mklZgh\dZ dhgljhee_jh\ :LQGRZV 6HUYHU g_\hafh`gZ Ijhp_^mjZ h[gh\e_gby ko_fu \dexqZ_l \ k_[y lZdb_ hi_jZpbb X kha^Zgb_ gh\uo h[t_dlguo deZkkh\ b Zljb[mlh\ X ^h[Z\e_gb_ gh\uo Zljb[mlh\ d m`_ kms_kl\mxsbf deZkkZf X fh^bnbdZpby ^_kdjbilhjh\ [_ahiZkghklb gZagZqZ_fuo deZkkZf ih mfheqZgbx X baf_g_gb_ qe_gh\ ]jmii [_ahiZkghklb WlZi KgZqZeZ k ihfhsvx dhfZgû ke_^m_l ih^]hlh\blv e_k MlbeblZ dhfZg^ghc kljhdb $GSUHSH[H jZkiheZ]Z_lky gZ ^bkljb[mlb\ghf ^bkd_ :LQGRZV 6HUYHU b \ iZid_ ?VRXUFHV?DGSUHS Ijb wlhf dhfZg^Z ^he`gZ \uihe gylvky gZ dhgljhee_j_ ^hf_gZ y\eyxs_fky \eZ^_evp_f )602jheb 6FKHPD 0DVWHU <k_ baf_g_gby ^he`gu [ulv j_iebpbjh\Zgu \h \k_f e_km Lhevdh ihke_ wlh]h _keb mdZaZggZy hi_jZpby ijhc^_l [_a hrb[hd fh`gh i_j_clb d ih^]hlh\d_ >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb ^hf_gh\ Gb`_ ijb\_^_gu khh[s_gby hlh[jZ`Z_fu_ \ hdg_ dhgkheb ijb h[gh\e_ gbb e_kZ ^hf_gh\ mlbeblZ aZimkdZ_lky k dhfiZdl^bkdZ !""" # $ % & ' ' ( !""" )# * + ,)+- . /0 1 22 $ 3 !""" # $ % & % ' 4% $ & ' 5 . 6 ' $ $ ' *$ 5 4 . 6 & )7!""8 )) & )'% 7 8" 0 '% # ++ & 9)7!""89 2 )) % $ % 9& 6) $ %8! '8:.9 2 ....................................... :8; % $. ... ... ... 5' %% ' % $ & 9)7!""89 2 )) % $ % 9& 6) $ %8! '++.9 2 ............ :: % $. 5' %% ' % $ ...................................................... $ ' < % . <k_ ^_ckl\by \uihegy_fu_ mlbeblhc $GSUHS j_]bkljbjmxlky \ `mjgZeZo iZidZ 6\VWHP5RRW qZ_ \hagbdgh\_gby hrb[hd dhlhju_ ke_^m_l ijhkfhlj_lv \ kem WlZi GZ \lhjhf wlZi_ g_h[oh^bfh ih^]hlh\blv dZ`ûc ^hf_g êy wlh]h gZ \k_o dhgljhee_jZo y\eyxsboky \eZ^_evpZfb jheb ! gm`gh \uihegblv ke_^mxsmx dhfZg^m ! "# H[jZlbl_ \gbfZgb_ gZ bf_gZ /')nZceh\ kh\iZ^Zxsb_ k ghf_jhf ko_fu Ihke_^gyy \_jkby ² =eZ\Z < GBF:GB? Gm`gh ihfgblv h lhf qlh ^hf_gu lh]^Z dh]^Z hgb jZ[hlZxl \ j_`bf_ :LQGRZV 6HUYHU fh`gh h[gh\eylv lhevdh >h[Z\e_gb_dhgljhee_jh\gZ[Za_:LQGRZV6HUYHU \^hf_gu:LQGRZV6HUYHU K_j\_j "#$ "#$ % &&' :LQGRZV QDWLYH Ijb kha^Zgbb gh\h]h ^hf_gZ gZ [Za_ k_j\_jh\ g_h[oh^bfh qlh[u nmgdpbhgZevguc mjh\_gv e_kZ [u g_ \ur_ :LQGRZV Gm`gh ihgbfZlv qlh \h \k_o wlbo kemqZyo ghf_j \ur_ 6HUYHU && fh`gh k^_eZlv dhgljhee_jhf kms_kl\mxs_]h ^hf_gZ _keb lhevdh wlhl ^hf_g bf__l nmgdpbhgZevguc mjh\_gv g_ % :LQGRZV :LQGRZV ko_fu dZgZeh]Z [m^_l khhl\_lkl\h\Zlv mjh\gx e__ \ukhdbo nmgdpbhgZevguo mjh\g_c ijb mklZgh\d_ kem`[u k_j\_jZo [m^_l \hagbdZlv nZlZevgZy hrb[dZ :LQGRZV 6HUYHU 6HUYHU < kemqZ_ [h gZ $FWLYH 'LUHFWRU\ :LQGRZV 6HUYHU >h[Z\e_gb_dhgljhee_jh\gZ[Za_:LQGRZV6HUYHU \^hf_gu:LQGRZV6HUYHU K_j\_j fh`gh k^_eZlv dhgljhee_jhf kms_kl\mxs_]h e_kZ ^hf_gh\ \ khklZ\_ bf_xs_]hky ^hf_gZ beb \ dZq_kl\_ dhg ljhee_jZ gh\h]h ^hf_gZ _keb lhevdh wlhl e_k ih^]hlh\e_g Lh _klv nZdlbq_kdb hi_jZpby kha^Zgby gh\h]h dhgljhee_jZ y\ey_lky h[gh\e_gb_f e_kZ ^hf_gh\ ^h [h e__ \ukhdhc \_jkbb Ihwlhfm dZd ]h\hjbehkv jZg__ kgZqZeZ gm`gh h[gh\blv ko_ fm b ih^]hlh\blv ^hf_gu k ihfhsvx dhfZg^ b Lhevdh ihke_ wlh]h fh`gh kha^Z\Zlv dhgljhee_ju gZ [Za_ :LQGRZV 6HUYHU :LQGRZV 6HUYHU :LQGRZV 6HUYHU AZimkdfZkl_jZmklZgh\db$FWLYH'LUHFWRU\ < iheguo \_jkbyo $FWLYH 'LUHFWRU\ :LQGRZV 6HUYHU ,QVWDOODWLRQ bgl_jZdlb\ghf j_`bf_ X aZimklblv hkgZkldm :L]DUG kms_kl\mxl ^\Z kihkh[Z aZimkdZ fZkl_jZ FZkl_j mklZgh\db \ $FWLYH 'LUHFWRU\ >bki_lq_j k_j\_jZ b mklZgh\blv jhev >hf_ggu_ kem`[u X \\_klb dhfZg^m \ f_gx Imkd beb \ hdg_ <uihegblv < ex[hf kemqZ_ gZ i_j\hf wlZi_ dhibjmxlky ^\hbqgu_ nZceu Z lZd`_ mklZgZ\eb\Zxlky g_dhlhju_ kem`[u bo aZimkd ijb wlhf aZij_s_g \ lhf qbke_ X $FWLYH 'LUHFWRU\ 'RPDLQ 6HUYLFHV k_j\bk X ,QWHUVLWH 0HVVDJLQJ k_j\bk X .HUEHURV .H\ 'LVWULEXWLRQ &HQWHU k_j\bk $FWLYH 'LUHFWRU\ 'RPDLQ 6HUYLFHV $' '6 $FWLYH 'LUHFWRU\ 17'6 ,VP6HUY NGF >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb Wlb nZceu b kem`[u hklZgmlky gZ k_j\_j_ ^Z`_ _keb hldZaZlvky hl ijh^he`_gby mklZgh\db dhgljhee_jZ Qlh[u m[jZlv bo iheghklvx ke_^m_l m^Zeblv jhev k ihfh svx ^bki_lq_jZ k_j\_jZ beb ihkj_^kl\hf dhfZgû 1 JBF?Q:GB? Kha^Z\Zlv b m^Zeylv dhgljhee_j ^hf_gZ fh`gh b \ Z\lhfZlbq_kdhf j_`bf_ bk ihevamy dhfZg^m nZceHl\_lh\! Ijbf_j kh^_j`bfh]h nZceZ hl\_lh\ [m^_l ijb\_^_g gb`_ :\lhfZlbq_kdmx mklZgh\dm dhgljhee_jh\ m^h[gh \uihegylv ijb jZ[hl_ k kbkl_fZfb ihkdhevdm ih^]hlh\blv nZce hl\_lZ ijhs_ q_f \u[bjZlv fgh`_kl\h iZjZf_ljh\ êy mlbeblu :LQGRZV 6HUYHU &RUH 'FSURPR Ijb ^h[Z\e_gbb jheb ba hdgZ hkgZkldb >bki_lq_j k_j\_jZ fZk l_j mklZgh\db gm`gh aZimklblv \jmqgmx êy wlh]h gZ iZg_eb jhe_c bf__lky ki_pbZevgZy kkuedZ ?keb fZkl_j \uau\Z_lky g_ihkj_^kl\_ggh lh ihke_ dhibjh\Zgby ^\hbqguo nZceh\ ijb wlhf \k_]^Z hlh[jZ`Z_lky ki_pb Zevgh_ bgnhjfZpbhggh_ hdgh ihy\blky _]h i_j\h_ hdgh Bf_xsbcky \ wlhf hd g_ neZ`hd iha\hey_l \udexqblv ^hihegbl_ev gu_ \hafh`ghklb ijb jZ[hl_ fZkl_jZ mklZgh\db wlh khhl\_lkl\m_l \uiheg_gbx dhfZgû k iZjZf_ljhf >Zggu_ \ha fh`ghklb i_j_qbke_gu \ lZ[e $FWLYH 'LUHFWRU\ $FWLYH 'LUHFWRU\ LZ[ebpZ >hihegbl_evgu_ \hafh`ghklb fZkl_jZ mklZgh\db $FWLYH 'LUHFWRU\ WlZi mklZgh\db Gh\uc e_k Gh\uc ^hf_g \ kms_kl\mxs_f e_km >hihegbl_evguc dhgljhee_j ^hf_gZ \ kms_kl\mxs_f ^hf_g_ Kha^Zgb_ mq_lghc aZibkb êy 52'&dhgljhee_jZ >hihegbl_evgu_ hipbb \u[hjZ iZjZf_ljh\ 'RPDLQ 1HW%,26 QDPH 1HW%,26bfy ^hf_gZ Gh\h_ ^_j_\h ^hf_gh\ k g_kf_`gufb bf_gZfb 'RPDLQ 1HW%,26 QDPH 1HW%,26bfy ^hf_gZ 6RXUFH 'RPDLQ &RQWUROOHU Bkoh^guc dhgljhee_j ^hf_gZ ,QVWDOO IURP 0HGLD MklZgh\dZ ba Zjob\Z kf jbk 6RXUFH 'RPDLQ &RQWUROOHU Bkoh^guc dhgljhee_j ^hf_gZ 6SHFLI\ 3DVVZRUG 5HSOLFDWLRQ 3ROLF\ MdZaZlv iheblbdm j_iebdZpbb iZjhe_c lhevdh ijb mklZgh\d_ 52'&dhgljhee_jZ kf jbk 6SHFLI\ 3DVVZRUG 5HSOLFDWLRQ 3ROLF\ MdZaZlv iheblbdm j_iebdZpbb iZjhe_c =eZ\Z LZ[ebpZ hdhgqZgb_ WlZi mklZgh\db K\yau\Zgb_ k_j\_jZ k mq_lghc aZibkvx 52'&dhgljhee_jZ >hihegbl_evgu_ hipbb \u[hjZ iZjZf_ljh\ ,QVWDOO IURP 0HGLD MklZgh\dZ ba Zjob\Z 6RXUFH 'RPDLQ &RQWUROOHU Bkoh^guc dhgljhee_j ^hf_gZ Fu jZkkfhljbf jZ[hlm fZkl_jZ \ iheghf j_`bf_ _keb mklZgh\dZ dhgljhee_jZ ^hf_gZ hkms_kl\ey_lky \ h[uqghf j_`bf_ [_a jZkrbj_gguo \hafh`ghkl_c lh gm`gh ihfgblv h lhf qlh g_dhlhju_ iZjZf_lju [m^ml mklZgZ\eb\Zlvky ih mfheqZ gbx b hij_^_e_ggu_ \hafh`ghklb i_j_qbke_ggu_ \ lZ[e [m^ml g_^hklmigu I_j\h_ qlh ^_eZ_l fZkl_j mklZgh\db $FWLYH 'LUHFWRU\ ² ij_^mij_`^Z_l h gh\uo agZq_gbyo iZjZf_ljh\ [_ahiZkghklb dhlhju_ fh]ml ihf_rZlv deb_glZf ih^dex qZlvky d ^hf_gZf Gm`gh mq_klv \k_ baeh`_ggu_ khh[jZ`_gby b hagZdhfblvky k mdZaZgghc klZlv_c [Zau agZgbc 0LFURVRIW .% < h[s_f kemqZ_ ijb mklZgh\d_ $FWLYH 'LUHFWRU\ kms_kl\mxl q_luj_ \hafh`ghklb jbk hl \u[hjZ hipbb aZ\bkyl ^Zevg_crb_ rZ]b mklZgh\db b iZjZf_lju dh lhju_ ihlj_[m_lky \\_klb gZ wlbo wlZiZo DZ`ûc \ZjbZgl bglmblb\gh ihgyl_g b lj_[m_lky ebrv hl\_lblv gZ \hijhku fZk l_jZ Fu jZkkfhljbf gZqZevgh_ jZa\_jlu\Zgb_ ^hf_gh\ $FWLYH 'LUHFWRU\ ihkdhev dm wlh kZfuc hl\_lkl\_gguc wlZi b g_dhlhju_ djblbq_kdb \Z`gu_ hi_jZpbb \ ^jm ]bo kemqZyo [m^ml m`_ hlkmlkl\h\Zlv BlZd bf_xlky ke_^mxsb_ \ZjbZglu kha^Zgby ^hf_gh\ b mklZgh\db gh\h]h dhg ljhee_jZ ^hf_gZ X gh\uc e_k ^hf_gh\ Z GRPDLQ LQ D QHZ IRUHVW Kha^Zlv gh\uc ^hf_g \ gh\hf e_km ² dhjg_\hc ^hf_g e_kZ LQWHUQGRP m`_ kms_kl\mxsbc e_k ^hf_gh\ hipby ([LVWLQJ IRUHVW N $GG D GRPDLQ FRQWUROOHU WR H[LVWLQJ GRPDLQ Kha^Zlv dhgljhee_j ^hf_gZ \ kms_kl\mxs_f ^hf_g_ ² ^hihegbl_evguc dhgljhee_j \ ex[hf bf_x s_fky ^hf_g_ N &UHDWH D QHZ GRPDLQ LQ DQ H[LVWLQJ IRUHVW Kha^Zlv gh\uc ^hf_g \ kms_kl\mxs_f e_km ² ^hq_jgbc ^hf_g ex[h]h bf_xs_]hky ^hf_gZ N X VXELQWHUQGRP Hipbb fZkl_jZ mklZgh\db $FWLYH 'LUHFWRU\ g_fgh]h baf_gbebkv ih kjZ\g_gbx k \_jkb_c bf_x s_cky \ :LQGRZV 6HUYHU h^gZdh eh]bdZ jZ[hlu b dhebq_kl\h \ZjbZglh\ kha^Zgby dhgljhe e_jh\ nZdlbq_kdb hklZebkv ij_`gbfb Bf_gZ ^hf_gh\ mkeh\gu_ \u[jZgu êy ijbf_jZ >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb N &UHDWH D QHZ GRPDLQ WUHH URRW LQVWHDG RI D QHZ FKLOG GRPDLQ Kha^Zlv gh \h_ dhjg_\h_ ^_j_\h ^hf_gh\ \f_klh gh\h]h ^hq_jg_]h ^hf_gZ ² gh\h_ ^_j_\h g_kf_`guo bf_g l _ hlebqZxsboky hl bf_gb dhjg_\h]h ^hf_gZ kms_kl\mxs_]h e_kZ LQWHUQQHZGRP Jbk <u[hj f_klhiheh`_gby gh\h]h dhgljhee_jZ \ lhiheh]bb ^hf_gh\ $FWLYH 'LUHFWRU\ 1 JBF?Q:GB? Kha^Zgb_ gh\h]h e_kZ ² wlh _^bgkl\_ggZy hipby dhlhjZy g_ lj_[m_l k\yab k m`_ kms_kl\mxsbf ^hf_ghf <h \k_o ^jm]bo kemqZyo jZa^_eu 6FKHPD b &RQILJXUDWLRQ j_iebpbjmxlky k g_dhlhjh]h dhgljhee_jZ ² bklhqgbdZ kms_kl\mxs_]h ^hf_gZ ijb kha^Zgbb ^hihegbl_evgh]h dhgljhee_jZ beb jh^bl_evkdh]h ^hf_gZ ijb kha^Zgbb ^hq_jg_]h ^hf_gZ eb[h \ dhjg_\hf ^hf_g_ ijb kha^Zgbb gh\h]h ^_ j_\Z >Z`_ _keb dhgljhee_j gZ [Za_ mklZgZ\eb\Z_lky ba Zjob\ghc dhibb g_dh lhju_ ba kms_kl\mxsbo dhgljhee_jh\ ^hf_gZ ^he`gu [ulv ^hklmigu l_ dhg ljhee_ju dhlhju_ \uihegyxl ki_pbnbq_kdb_ )602jheb =eZ\Z >Ze__ ijhp_^mjZ mklZgh\db dhgljhee_jZ ^hf_gZ \u]ey^bl ke_^mxsbf h[jZahf jZkkfZljb\Z_lky kha^Zgb_ gh\h]h e_kZ <\_^bl_ bfy dhjg_\h]h ^hf_gZ e_kZ < aZ\bkbfhklb hl k^_eZggh]h jZg__ \u[hjZ wlh bfy [m^_l bkihevah\Zlvky êy kha^Zgby gh\h]h e_kZ beb gh\h]h ^_j_\Z ^hf_ gh\ beb `_ \ dZq_kl\_ jh^bl_evkdh]h bf_gb êy ^jm]bo kemqZ_\ D wlhfm fhf_g lm g_h[oh^bfh lhqgh hij_^_eblvky \ \u[hj_ '16bf_g Z lZd`_ ihgbfZlv dZ dh_ ihegh_ '16bfy ihemqbl gh\uc dhgljhee_j ^hf_gZ FZkl_j ijh\_jbl kms_kl\h\Zgb_ \ k_lb mdZaZgguo '16 b 1HW%,26bf_g b \ kemqZ_ hlkmlkl\by dhgnebdlh\ iha\hebl ijh^he`blv jZ[hlm GZ ke_^mxs_f rZ]_ fh`gh \ kemqZ_ g_h[oh^bfhklb kdhjj_dlbjh\Zlv 1HW%,26bfy kha^Z\Z_fh]h ^hf_gZ Ih mfheqZgbx hgh ]_g_jbjm_lky ba '16 bf_gb gZijbf_j êy ^hf_gZ LQWHUQGRP [m^_l \u[jZgh bfy ,17(51 Wlhl rZ] hlkmlkl\m_l \ h[uqghf j_`bf_ jZ[hlu fZkl_jZ mklZgh\db Jbk <u[hj nmgdpbhgZevgh]h mjh\gy gh\h]h e_kZ AZl_f \ hlebqb_ hl dhgljhee_jh\ gZ [Za_ :LQGRZV 6HUYHU fh`gh kjZam mklZ gh\blv nmgdpbhgZevguc mjh\_gv j_`bf jZ[hlu gh\h]h e_kZ hlebqguc hl fb >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb gbfZevgh]h jbk Khhl\_lkl\_ggh \k_ ^hf_gu kha^Z\Z_fu_ \ wlhf e_km ^he`gu b [m^ml bf_lv mjh\_gv g_ gb`_ lh]h dhlhjuc \u[jZg gZ wlhf wlZi_ :gZeh]bqguf h[jZahf ijb mklZgh\d_ dhgljhee_jZ lZd`_ fh`gh aZ^Zlv kjZam nmgdpbhgZevguc mjh\_gv gh\h]h ^hf_gZ < ijbgpbi_ hg fh`_l hlebqZlvky hl j_`bfZ jZ[hlu \k_]h e_kZ gh g_ [ulv \ur_ Lj_[m_fuc mjh\_gv \u[bjZ_lky \ jZkdju\Zxs_fky kibkd_ \ ihe_ jZkiheh`_gghf ih^ gbf i_j_qbkeyxlky \ha fh`ghklb ^hklmigu_ êy dZ`^h]h j_`bfZ jZ[hlu ^hf_gZ AZl_f fZkl_j ijh\_jy_l dhgnb]mjZpbx '16 b _keb k_j\_j '16 g_ mklZgh\e_g beb \ jZa\_jgmlhc kem`[_ '16 hlkmlkl\mxl aZibkb êy kha^Z\Z_fh]h e_kZ lh ij_êZ]Z_l mklZgh\blv jhev '16 6HUYHU b kdhgnb]mjbjh\Zlv '16k_j\_j gZ ^Zg ghf dhfivxl_j_ jbk Jbk <u[hj ^hihegbl_evguo k\hckl\ gh\h]h dhgljhee_jZ ^hf_gZ ?keb kem`[Z '16 \ k_lb bf__lky b g_ ieZgbjmxlky __ baf_g_gby lh hipbx mklZ gh\db '16k_j\_jZ ke_^m_l hldexqblv LZd`_ gZ wlhf wlZi_ fh`gh mdZaZlv [m^_l eb dhgljhee_j ^hf_gZ k_j\_jhf =eh[Zevgh]h dZlZeh]Z b ^he`_g eb hg [ulv dhgljhee_jhf ^hklmiguf lhevdh êy ql_gby wlZ hipby ^hklmigZ lhevdh _keb ^hf_g jZ[hlZ_l \ j_`bf_ :LQGRZV 6HUYHU b \ur_ Ijb kha^Zgbb 52'& dhgljhee_jh\ j_dhf_g^m_lky mklZgZ\eb\Zlv '16k_j\_j qlh[u \ ^hf_g_ khojZgy eZkv \hafh`ghklv jZaj_r_gby bf_g ijb ihl_j_ k\yab k ^jm]bfb ^hf_gZfb GZ ke_^mxs_f wlZi_ fZkl_j ijh\_jy_l dhgnb]mjZpbx kem`[u '16 ?keb ihy\ ey_lky khh[s_gb_ h g_\hafh`ghklb j_]bkljZpbb bf_gb gh\h]h dhgljhee_jZ ^h f_gZ lh g_h[oh^bfh ihgylv ijbqbgm ih^h[gh]h khh[s_gby ihkdhevdm \ ijh lb\ghf kemqZ_ mklZgh\dZ dhgljhee_jZ fh`_l hdZaZlvky g_m^Zqghc GZijbf_j lZdZy hrb[dZ fh`_l \hagbdgmlv _keb gZ ij_îhqblZ_fhf '16k_j\_j_ hlkmlkl \m_l Z\lhjbl_lgZy ahgZ êy gh\h]h ^_j_\Z ^hf_gh\ fZkl_j mklZgh\db $FWLYH 'LUHFWRU\ lZdb_ ahgu Z\lhfZlbq_kdb g_ kha^Z_l <hafh`gh gm`gh ijh\_jblv jZaj_r_gb_ '16bf_g êy ^Zggh]h k_j\_jZ Ijh^he`blv kha^Zgb_ dhgljhee_jZ ^hf_gZ [_a mklZgh\db '16k_j\_jZ fh`gh gh lhevdh \ kemqZ_ ihegh]h ihgbfZ gby kblmZpbb b _keb ghjfZevgZy j_]bkljZpby \k_o kem`_[guo aZibk_c \ kbkl_ f_ '16 [m^_l h[_ki_q_gZ \ ^Zevg_cr_f MdZ`bl_ f_klhiheh`_gb_ nZceh\ [Zau ^Zgguo $FWLYH 'LUHFWRU\ `mjgZeh\ b lh fZ 6<692/ GZ dhgljhee_jZo k hq_gv [hevrhc gZ]jmadhc ^_kyldb lukyq ihevah\Zl_e_c wlb nZceu fh]ml gZoh^blvky gZ jZaguo nbabq_kdbo ^bkdZo Emqr_ kjZam hij_^_eblvky k \u[hjhf f_klhiheh`_gby nZceh\ ihkdhevdm ihke_ kha^Zgby dhgljhee_jZ wlh fh`gh [m^_l k^_eZlv g_ lZd ijhklh lhevdh k ihfhsvx mlbeblu 1WGVXWLO >Ze__ fZkl_j ihijhkbl mklZgh\blv iZjhev Z^fbgbkljZlhjZ êy j_`bfZ \hkklZ gh\e_gby dZlZeh]Z 'LUHFWRU\ 6HUYLFHV 5HVWRUH 0RGH $GPLQLVWUDWRU WlZ mq_lgZy aZibkv hlebqZ_lky hl klZg^Zjlghc \kljh_gghc aZibkb $GPLQLVWUDWRU :^ fbgbkljZlhj b bkihevam_lky ijb aZ]jmad_ kbkl_fu \ j_`bf_ 'LUHFWRU\ 6HUYLFHV 5HVWRUH 0RGH kf jbk < blh]h\hf hdg_ fZkl_jZ ijh\_jvl_ ijZ\bevghklv \u[jZgguo iZjZf_ljh\ < kemqZ_ hrb[hd fh`gh \_jgmlvky gZ ex[hc hibkZgguc \ur_ rZ] b baf_gblv \u[jZggu_ hipbb GZ[hj iZjZf_ljh\ fh`gh wdkihjlbjh\Zlv \ nZce hl\_lh\ dghidZ b bkihevah\Zlv êy mklZgh\db ^jm]bo dhgljhee_jh\ ^h f_gZ k khhl\_lkl\mxs_c dhjj_dlbjh\dhc agZq_gbc Gb`_ ijb\_^_g ijbf_j nZceZ hl\_lh\ êy dhgnb]mjZpbb gh\h]h dhgljhee_jZ ^hf_gZ jZkkfhlj_gghc \ur_ wlh h[uqguc l_dklh\uc nZce \ nhjfZl_ W[W g_ h[oh^bfh mdZaZlv iZjhev j_`bfZ \hkklZgh\e_gby ² ihke_ \uiheg_gby hi_jZ pbb hg [m^_l Z\lhfZlbq_kdb m^Ze_g ba nZceZ 52'& =eZ\Z '&35202 XQDWWHQG ILOH DXWRPDWLFDOO\ JHQHUDWHG E\ GFSURPR 8VDJH GFSURPRH[H XQDWWHQG&?$',QVWDOO'&W[W >'&,QVWDOO@ 1HZ IRUHVW SURPRWLRQ >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb 5HSOLFD2U1HZ'RPDLQ 'RPDLQ 1HZ'RPDLQ )RUHVW 1HZ'RPDLQ'161DPH LQWHUQGRP )RUHVW/HYHO 'RPDLQ1HWELRV1DPH ,17(51 'RPDLQ/HYHO ,QVWDOO'16 <HV &RQILUP*F <HV &UHDWH'16'HOHJDWLRQ 1R 'DWDEDVH3DWK &?:LQGRZV?17'6 /RJ3DWK &?:LQGRZV?17'6 6<692/3DWK &?:LQGRZV?6<692/ 6HW 6DIH0RGH$GPLQ3DVVZRUG WR WKH FRUUHFW YDOXH SULRU WR XVLQJ WKH XQDWWHQG ILOH 6DIH0RGH$GPLQ3DVVZRUG iZjhev 5XQWLPH IODJV RSWLRQDO 5HERRW2Q&RPSOHWLRQ <HV LZdhc nZce hl\_lh\ fh`gh bkihevah\Zlv b êy mklZgh\db dhgljhee_jZ gZ [Za_ kbkl_f :LQGRZV 6HUYHU &RUH H[jZlbl_ \gbfZgb_ qlh \ wlhf ijbf_j_ aZ^ZgZ mklZgh\dZ '16k_j\_jZ gZ kha^Z\Z_fhf dhgljhee_j_ ijb wlhf k_j\_j [m^_l Z\ lhfZlbq_kdb gZkljh_g gZ bkihevah\Zgb_ mdZaZggh]h bf_gb gh\h]h e_kZ Ihke_ gZ`Zlby dghidb >Ze__ \ hdg_ ijhkfhljZ \u[jZgguo iZjZf_ljh\ 6XPPDU\ gZqg_lky dhgnb]mjbjh\Zgb_ kem`[ $FWLYH 'LUHFWRU\ \_jgmlvky gZ aZ^ m`_ [m^_l g_evay AZ oh^hf ijhp_kkZ b gZa\Zgb_f \uihegy_fuo hi_jZpbc fh`gh ke_^blv \ ki_pbZevghf hdg_ ?keb [ueZ aZ^ZgZ mklZgh\dZ '16k_j\_jZ lh aZl_f [m^_l lZd`_ ^h[Z\e_gZ wlZ jhev k_j\_jZ < ihke_^g_f hdg_ fZkl_jZ khh[sZxlky j_amevlZlu \uiheg_gby hi_jZpbb mklZ gh\db $FWLYH 'LUHFWRU\ AZ\_jrbl_ _]h jZ[hlm gZ`Z\ dghidm =hlh\h Ihke_ wlh]h ihlj_[m_lky i_j_aZ]jmadZ kbkl_fu AZ\_jr_gb_mklZgh\dbbl_klbjh\Zgb_ Ihke_ i_j_aZ]jmadb kbkl_fu fh`gh aZj_]bkljbjh\Zlvky \ kha^Zgghf ^hf_g_ bk ihevamy bfy b iZjhev ehdZevgh]h Z^fbgbkljZlhjZ EhdZevguc Z^fbgbkljZlhj k_j \_jZ gZ dhlhjhf [ue kha^Zg kZfuc i_j\uc dhgljhee_j ^hf_gZ \ gh\hf e_km klZ gh\blky qe_ghf ke_^mxsbo ]jmii X $GPLQLVWUDWRUV :^fbgbkljZlhju \kljh_ggZy ehdZevgZy ]jmiiZ X 'RPDLQ $GPLQV :^fbgbkljZlhju ^hf_gZ \oh^bl \ ]jmiim $GPLQLVWUDWRUV =eZ\Z X X X X 'RPDLQ 8VHUV 8VHUV Ihevah\Zl_eb ^hf_gZ \oh^bl \h \kljh_ggmx ehdZevgmx ]jmiim :^fbgbkljZlhju ij_îjbylby \oh^bl \ ]jmiim $GPLQLVWUDWRUV *URXS 3ROLF\ &UHDWRU 2ZQHUV <eZ^_evpukha^Zl_eb ]jmiih\hc iheblbdb 6FKHPD $GPLQV :^fbgbkljZlhju ko_fu (QWHUSULVH $GPLQV < GBF:GB? J_dhf_g^m_lky ijhkfhlj_lv \k_ khh[s_gby \ `mjgZeZo kh[ulbc b ijhl_klbjh \Zlv gh\uc dhgljhee_j ^hf_gZ k ihfhsvx mlbebl '&GLDJ b 1HW'LDJ >ey ijh\_j db j_iebdZpbb f_`^m dhgljhee_jZfb ^hf_gZ bkihevamcl_ hkgZkldm $FWLYH 'LUHFWRU\ ² kZclu b kem`[u NZceu`mjgZeh\ <k_ kh[ulby \hagbdZxsb_ \ ijhp_kk_ mklZgh\db j_]bkljbjmxlky \ `mjgZeZo dhlhju_ fh]ml [ulv \_kvfZ ihe_agufb êy ZgZebaZ ijbqbg g_m^Zqghc mklZgh\db wlb `mjgZeu gZoh^ylky \ iZid_ ijhp_kk mklZgh\db \ p_ehf kha^Zgb_ jZa^_ X eh\ dZlZeh]Z gZkljhcdZ [_ahiZkghklb k_j\bkh\ b l ^ ^_ckl\by fZkl_jZ mklZgh\db X ijh\_jdZ k_l_\uo bf_g X `mjgZeu kem`[u j_iebdZpbb nZceh\ X ih^]hlh\dZ kem`[u X $FWLYH 'LUHFWRU\ ?GHEXJ '&35202/2* $FWLYH 'LUHFWRU\ GFSURPRXLORJ 1HW6HWXS/2* 1W)UVB[[[[ORJ 1W)UV$SLORJ )56 )56 Bkihevah\Zgb_mlbeblu'FSURPR badhfZg^ghckljhdb Bkihevah\Zgb_ nZceh\ hl\_lh\ kf \ur_ beb mlbeblu k iZjZf_ljZfb y\ey_lky _^bgkl\_gguf kihkh[hf kha^Zgby dhgljhee_jh\ ^hf_gZ gZ [Za_ j_^Zdpbc G_h[oh^bfu_ \ dZ`^hf kemqZ_ iZjZf_lju aZ\bkyl hl lhiheh]bb kms_kl\mxs_]h e_kZ ^hf_gh\ ihwlhfm fu êy ijbf_jZ jZkkfhljbf kha^Zgb_ gh\h]h e_kZ b ^h[Z\e_gb_ dhgljhee_jZ \ bf_xsbcky ^hf_g >jm]b_ \Zjb Zglu m`_ g_ [m^ml hlebqZlvky ijbgpbibZevgh 'FSURPR :LQGRZV 6HUYHU &RUH Kha^Zgb_ gh\h]h e_kZ k mklZgh\dhc $ k_j\_jZ Ke_^mxsZy dhfZg^Z iha\hey_l kha^Zlv gh\uc e_k k ijhba\hevgh_ Z lZd`_ mklZgh\blv b kdhgnb]mjbjh\Zlv '16 bf_g_f k_j\_j '16 LQWHUQGRP LQWHUQGRP 6DIH0RGH bfy >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb < dhfZg^_ lj_[m_lky mdZaZlv keh`guc iZjhev êy j_`bfZ \hkklZgh\e_gby Ihke_ \uiheg_gby dhfZgû kbkl_fZ Z\lhfZlbq_kdb i_j_aZ]jm`Z_lky k_j\_j mklZgZ\eb\Zlv g_ h[yaZl_evgh _keb \ k_lb jZa\_jgmlZ kem`[Z gZ dhfivxl_j_ aZ^Zg ij_îhqblZ_fuc k_j\_j gZ dhlhjhf kha^ZgZ Z\ lhjbl_lgZy ahgZ b jZaj_r_gh __ h[gh\e_gb_ '16 '16 SUHIHUUHG '16 MklZgh\dZ ^hihegbl_evgh]h dhgljhee_jZ \ bf_xs_fky ^hf_g_ Qlh[u mklZgh\blv ^hihegbl_evguc dhgljhee_j \ ^hf_g_ k bf_g_f lZlhqgh \uihegblv ke_^mxsmx dhfZg^m LQWHUQGRP ^hk LQWHUQGRP 6DIH0RGH LQWHUQGRP DGPLQLVWUDWRU DZd fh`gh \b^_lv ijb wlhf mdZau\Z_lky mq_lgZy aZibkv ihevah\Zl_ey bf_xs_]h ijZ\h gZ \uiheg_gb_ hi_jZpbb __ iZjhev b bfy ^hf_gZ Kha^Zgb_ ^hq_jg_]h ^hf_gZ Ihke_ ijb\_^_gguo ijbf_jh\ dhfZg^Z êy kha^Zgby ^hq_jg_]h ^hf_gZ ijhba \hevgh_ bfy êy jh^bl_evkdh]h ^hf_gZ dZ`_lky m`_ ^hklZlhqgh hq_ \b^ghc VXE LQWHUQGRP ! VXE ! LQWHUQGRP 6DIH0RGH LQWHUQGRP DGPLQLVWUDWRU Ihegh_ '16 bfy ^hq_jg_]h ^hf_gZ [m^_l \u]ey^_lv lZd VXELQWHUQGRP MklZgh\dZdhgljhee_jZbaZjob\ghcdhibb >hihegbl_evguc dhgljhee_j fh`gh kha^Zlv bkihevamy dhibx [Zau ^Zgguo ihemq_ggmx k bf_xs_]hky dhgljhee_jZ ^hf_gZ LZdhc ihôh^ iha\hey_l agZqbl_evgh mf_gvrblv \j_fy gZ gZqZevgmx j_iebdZpbx jZa^_eh\ \ lhf kemqZ_ _keb dhgljhee_ju k\yaZgu f_ê_gguf dhffmlbjm_fuf dZgZehf beb _keb [ZaZ ^Zgguo bf__l agZqbl_evgu_ jZaf_ju Ijb wlhf h^gZdh \ ijhp_kk_ ih\ur_ gby jheb k_j\_jZ \k_ jZ\gh g_h[oh^bfZ k\yav f_`^m kha^Z\Z_fuf dhgljhee_jhf b kms_kl\mxsbf ^hf_ghf beb mdZau\Z_fuf ijb mklZgh\d_ dhgljhee_jhf ^hf_gZ $FWLYH 'LUHFWRU\ $FWLYH 'LUHFWRU\ < GBF:GB? :job\ khklhygby kbkl_fu fh`gh bkihevah\Zlv lhevdh êy kha^Zgby ^hihegb l_evgh]h dhgljhee_jZ kms_kl\mxs_]h ^hf_gZ Gh\u_ ^hf_gu bbeb ^_j_\vy fh`gh kha^Z\Zlv lhevdh h[uqguf kihkh[hf =eZ\Z < ^hf_gZo gZ [Za_ k_j\_jh\ :LQGRZV 6HUYHU êy mklZgh\db dhgljhee_jZ ^h f_gZ k ghkbl_ey bkihevam_lky Zjob\ khklhygby kbkl_fu 6\VWHP 6WDWH kha^Z \Z_fuc k ihfhsvx ijh]jZffu Zjob\Zpbb < k_j\_jZo :LQGRZV 6HUYHU bk ihevam_lky kh\k_f ^jm]hc ihôh^ KgZqZeZ gm`gh ih^]hlh\blv dhibx [Zau ^Zgguo $FWLYH 'LUHFWRU\ >ey wlh]h bk ihevamxlky mlbeblZ 1WGVXWLOH[H bf_xsZyky gZ \k_o dhgljhee_jZo ^hf_gZ b gh\Zy __ ^bj_dlb\Z Z[[j_\bZlmjZ hl ,QVWDOO )URP 0HGLD ² mklZgh\dZ k ghkbl_ey Ijb mklZgh\d_ h[uqgh]h dhgljhee_jZ ^hf_gZ lj_[m_lky dhiby [Zau ^Zgguo k h[uqgh]h dhgljhee_jZ ijb kha^Zgbb 52'&dhgljhee_jZ g_h[oh^bfh kgbfZlv b bkihevah \Zlv dhibx k m`_ kms_kl\mxs_]h 52'&dhgljhee_jZ Gb`_ ijb\_^_gZ ihke_^h\Zl_evghklv dhfZg^ dhlhju_ ke_^m_l \uihegblv gZ dhg ljhee_j_ ^hf_gZ dhlhjuc [m^_l wlZehghf êy gh\uo k_j\_jh\ dZlZeh]Z $FWLYH 'LUHFWRU\ \\h^bfu_ dhfZgû \u^_e_gu ihem`bjguf rjbnlhf ² [ZaZ ^Zgguo k wlh]h dhgljhee_jZ [m^_l kdhibjh\ZgZ \ mdZaZggmx iZidm &?,QVWDOODWLRQ0HGLD'& !"# !$%#!"&! "$ &' ( &#)#!)* !$*#!%!"*$$ ")' +,-.%%&%)###% ./01234+ &#)#!)* !$*#!%!"*$$ ")' ( 5 6478934,::50, 6 " +,-.%%&%)###%./01234+; < ,:6 : 6 " 5 3 !6 6 ( 6 => ? % % % #% $% *% % )% &% % %% @!!!!@!!!!@!!!!@!!!!@!!!!@!!!!@!!!!@!!!!@!!!!@!!!!@ ( ( ( 5 3 !6 (A:43 ( 5 3 !6 (4285:A &#)#!)* !$*#!%!"*$$ ")' 573 ( 5 3 !6 >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb L_i_jv \k_ nZceu \ mdZaZgghc iZid_ fh`gh aZibkZlv gZ ex[hc ghkbl_ev dhlhjuc [m^_l bkihevah\Zlvky ijb kha^Zgbb dhgljhee_jZ ^hf_gZ G_h[oh^bfh [m^_l bkihevah\Zlv jZkrbj_gguc j_`bf jZ[hlu fZkl_jZ mklZgh\db $FWLYH 'LUHFWRU\ Fh`gh lZd`_ aZimklblv fZkl_j k ihfhsvx dhfZgû B >Zevg_crb_ rZ]b ke_^mxsb_ Ihke_ \u[hjZ ^hf_gZ êy dhlhjh]h kha^Z_lky j_a_j\guc dhgljhee_j b ^hihe gbl_evguo iZjZf_ljh\ dhgljhee_jZ kf jbk ihy\blky hdgh MklZgh\dZ k ghkbl_ey jbk MdZ`bl_ a^_kv bfy iZidb k Zjob\hf ?keb hklZ\blv hipbx lh mklZgh\dZ dhgljhee_jZ [m^_l \uihegylvky \ h[uqghf j_`bf_ b ^Zggu_ [m^ml j_iebpbjh\Zlvky ih k_lb k bf_xs_]hky dhgljhee_jZ ^hf_gZ Jbk <u[hj mklZgh\db dhgljhee_jZ ba Zjob\ghc dhibb =eZ\Z GZ ke_^mxs_f rZ]_ fh`gh y\gh mdZaZlv k dZdh]h bf_ggh dhgljhee_jZ ^hf_gZ [m^_l hkms_kl\eylvky j_iebdZpby ^Zgguo dZlZeh]Z wlZ hipby lZd`_ ihy\ey_lky lhevdh \ jZkrbj_gghf j_`bf_ jZ[hlu fZkl_jZ mklZgh\db Ih mfheqZgbx dhgljhee_j \u[bjZ_lky Z\lhfZlbq_kdb gh _keb bf_xlky dZdb_ lh hkh[_gghklb lhiheh]bb j_iebdZpbb lh wlh fh`gh k^_eZlv b ijbgm^bl_evgh < kibkd_ i_j_qbkeyxlky \k_ ^hklmigu_ dhgljhee_ju b fh`gh \u[jZlv ex[hc Ihke_ \k_o \uiheg_gguo ^_ckl\bc ijhp_^mjZ kha^Zgby dhgljhee_jZ ^hf_gZ \u ihegy_lky dZd h[uqgh \k_ ^Zevg_crb_ rZ]b m`_ [ueb hibkZgu jZg__ Ijb aZimkd_ mlbeblu ba hdgZ dhgkheb bkihevam_lky m`_ ijb\_^_gguc \ur_ kf jZa^ MklZgh\dZ ^hihegbl_evgh]h dhgljhee_jZ \ bf_xs_fky ^hf_g_ gZ[hj iZjZf_ljh\ d dhlhjhfm ^h[Z\ey_lky dexq mdZau\Zxsbc iZidm \ dhlhjhc ojZgblky dhiby [Zau ^Zgguo $FWLYH 'LUHFWRU\ 'FSURPR $FWLYH 'LUHFWRU\ &?,QVWDOODWLRQ0HGLD'& LQWHUQGRP &?,QVWDOODWLRQ0HGLD'& 6DIH0RGH LQWHUQGRP DGPLQLVWUDWRU MklZgh\dZ52'&dhgljhee_jZ^hf_gZ MklZgh\dZ dhgljhee_jh\ lhevdh êy ql_gby bf__l g_dhlhju_ hkh[_gghklb k\yaZggu_ k oZjZdl_jhf bkihevah\Zgby lZdbo dhg ljhee_jh\ 5HDGRQO\ 'RPDLQ &RQWUROOHU 52'& < GBF:GB? >ey mklZgh\db 52'&dhgljhee_jZ nmgdpbhgZevguc mjh\_gv e_kZ ^he`_g [ulv :LQGRZV 6HUYHU b \ur_ Ijb wlhf fZkl_j mklZgh\db $FWLYH 'LUHFWRU\ ^he`_g aZimkdZlvky \ jZkrbj_gghf j_`bf_ Ijb mklZgh\d_ dhgljhee_jZ g_h[oh^bfh aZ^Zlv iheblbdm j_iebdZpbb iZjh e_c jbk l _ hij_^_eblv iZjheb dZdbo ihevah\Zl_evkdbo mq_lguo aZibk_c [m^ml j_iebpbjh\Zlvky gZ ^Zgguc dhgljhee_j ?keb dZdhc lh iZjhev [m^_l hlkml kl\h\Zlv gZ dhgljhee_j_ ^hf_gZ lh g_\hafh`gh aZj_]bkljbjh\Zlvky \ ^hf_g_ k ih fhsvx mq_lghc aZibkb êy dhlhjhc wlhl iZjhev aZ^Zg LZdbf h[jZahf ih\urZ_l ky aZsbs_gghklv ^hf_gghc kj_û Ih mfheqZgbx iheblbdZ j_iebdZpbb iZjhe_c hij_^_ey_l ]jmiiu êy qe_gh\ dhlhjuo iZjheb g_ dhibjmxlky DZd fh`gh \b^_lv gZ jbkmgd_ jZaj_r_gZ lhevdh h^gZ ^hf_ggZy ]jmiiZ >ey qe_gh\ wlhc ]jmiiu [m^_l \hafh`gZ j_]bkljZpby gZ kha^Z \Z_fhf dhgljhee_j_ Fh`gh ^h[Z\blv ^jm]b_ mq_lgu_ aZibkb beb m^Zeblv bf_xsb_ky lh]^Z gZ gbo iheblbdZ ^_ckl\h\Zlv g_ [m^_l >ey dhgljhee_jZ fh`gh kha^Zlv ki_pbZevgmx ]jmiim Z^fbgbkljZlhjh\ beb ihevah\Zl_evkdmx mq_lgmx aZibkv b mdZaZlv __ ijb kha^Zgbb dhgljhee_jZ jbk >ZggZy mq_lgZy aZibkv ihemqbl ijZ\h aZdhgqblv mklZgh\dm dhgljhee_jZ gZijbf_j 52'& ² $OORZHG 52'& 3DVVZRUG 5HSOLFDWLRQ *URXS 52'& 52'& >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb ihke_ nbabq_kdh]h i_j_f_s_gby dhfivxl_jZ gZ iehsZ^dm m^Ze_ggh]h ih^jZa^_e_ gby LZd`_ mdZaZggZy mq_lgZy aZibkv [m^_l bf_lv ehdZevgu_ Z^fbgbkljZlb\gu_ iheghfhqby gZ ^Zgghf dhgljhee_j_ Jbk Hij_^_e_gb_ iheblbdb j_iebdZpbb iZjhe_c < hklZevghf mklZgh\dZ 52'&dhgljhee_jZ g_ hlebqZ_lky hl ijhp_^mju kha^Zgby h[uqguo dhgljhee_jh\ ^hf_gZ FZkl_j mklZgh\db [m^_l j_dhf_g^h\Zlv mklZgh\blv gZ k_j\_j_ jhev '16k_j\_jZ êy lh]h qlh[u \ m^Ze_gghf ih^jZa^_e_gbb khojZgy eZkv \hafh`ghklv jZaj_r_gby bf_g ijb jZaju\_ k\yab k ]eZ\guf hnbkhf Ijb mklZgh\d_ 52'&dhgljhee_jZ ba dhfZg^ghc kljhdb mdZau\Z_lky khhl\_lkl \mxsbc lbi j_iebdb b ihy\ey_lky ^hihegbl_evguc iZjZf_lj hij_^_eyxsbc kZcl \ dhlhjhf [m^_l jZkiheZ]Zlvky gh\uc dhgljhee_j ih mfheqZ gbx bfy kZclZ LQWHUQGRP 6DIH0RGH =eZ\Z Jbk <u[hj ehdZevguo Z^fbgbkljZlhjh\ êy # dhgljhee_jZ < ijhp_kk_ mklZgh\db 52'&dhgljhee_jZ gZ wdjZg_ hlh[jZ`Z_lky kibkhd ]jmii gZ dhlhjuo jZkijhkljZgy_lky iheblbdZ j_iebdZpbb iZjhe_c ² ih mfheqZgbx wlh ]jmiiu i_j_qbke_ggu_ gZ jbk ?keb lj_[m_lky baf_gblv gZ[hj ]jmii êy dh lhjuo jZaj_r_gZ beb aZij_s_gZ j_iebdZpby iZjhe_c lh \ ijb\_^_gghc \ur_ kljhd_ gm`gh mdZaZlv lZd`_ iZjZf_lju bbeb GZijbf_j ijb bkihevah\Zgbb ke_^mxs_]h iZjZf_l jZ \f_klh klZg^Zjlghc ]jmiiu $OORZHG 52'& 3DVVZRUG 5HSOLFDWLRQ *URXS [m^_l jZaj_r_gZ j_iebdZpby iZjhe_c mq_lguo aZibk_c ihevah\Zl_e_c ^hf_gZ '& 7\SH fh`gh \b^_lv \ hdg_ hkgZkldb $FWLYH 'LUHFWRU\ ² ihevah\Zl_eb b dhfivxl_ju beb $FWLYH 'LUHFWRU\ ² kZclu b kem`[u ² êy 52'& Lbi dhgljhee_jZ ^hf_gZ dhgljhee_jh\ mdZau\Z_lky 5HDGRQO\ '& >ey lZdbo dhgljhee_jh\ dhfZg^Z hlh[jZ`Z_l hkh[u_ hipbb k_j\_jZ ! "#$%&'# &%$ "& ( >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb DZd fh`gh \b^_lv j_iebdZpby hl 52'&dhgljhee_jh\ aZij_s_gZ b hgb g_ y\ey xlky êy ^jm]bo dhgljhee_jh\ iZjlg_jZfb ih j_iebdZpbb wlh fh`gh \b^_lv \u ihegyy dhfZg^m gZ ^jm]bo dhgljhee_jZo ^hf_gZ M^Ze_gb_dhgljhee_jh\^hf_gZ Dhgljhee_j ^hf_gZ g_evay ijhklh m^Zeblv dZd h[t_dl ba kms_kl\mxs_c ^hf_gghc kljmdlmju l d bgnhjfZpby h g_f ojZgblky \h fgh]bo dhgl_cg_jZo dZlZeh]Z $FWLYH 'LUHFWRU\ b ]eZ\gh_ gm`gh khh[sblv iZjlg_jZf ih j_iebdZpbb h lhf qlh ^Zgguc dhgljhee_j ij_djZsZ_l jZ[hlm K ihfhsvx ijhp_^mju gZau\Z_fhc ihgb`_gb_f jheb GHPRWLRQ fh`gh dhjj_dlgh m^Zeblv $FWLYH 'LUHFWRU\ k dhfivxl_jZ ebrblv k_j\_j nmgdpbc dhgljhee_jZ ^hf_gZ b Z\lhfZlbq_kdb h[gh\blv k\yaZggmx k gbf bgnhjfZpbx \ dZlZeh]_ $FWLYH 'LUHFWRU\ _keb wlhl dhgljhee_j g_ ihke_^gbc \ k_ lb ?keb `_ dhgljhee_j ^hf_gZ ih\j_`^_g beb iheghklvx g_bkijZ\_g lh g_h[oh ^bfh \jmqgmx qbklblv dZlZeh] $FWLYH 'LUHFWRU\ Hi_jZpby ihgb`_gby dhgljhee_jZ ^hf_gZ \uihegy_lky fZkl_jhf mklZgh\db $FWLYH 'LUHFWRU\ mlbeblZ 'FSURPR Ihke_ m^Ze_gby dhgljhee_jZ ^hf_gZ k ihfhsvx fZkl_jZ mklZgh\db $FWLYH 'LUHFWRU\ gZ k_j\_j_ hklZgmlky ^\hbqgu_ nZceu kf \ur_ jZa^ AZimkd fZkl_jZ mklZgh\db $FWLYH 'LUHFWRU\ dhlhju_ ke_^m_l m[jZlv k ihfhsvx hkgZkldb >bki_lq_j k_j\_jZ beb ihkj_^kl\hf dhfZgû # DZd b ijb mklZgh\d_ dhgljhee_jZ ^hf_gZ ^he`gu [ulv ^hklmigu ^jm]b_ ^hf_gu $FWLYH 'LUHFWRU\ jh^bl_evkdbc beb dhjg_\hc bgZq_ ijhp_kk ihgb`_gby jheb g_ gZqg_lky _keb lhevdh wlhl dhgljhee_j g_ ihke_^gbc \ e_km ^hf_gh\ Dhgljhee_j ^hf_gZ g_evay m^Zeblv _keb j_iebdZpby h[gh\e_gbc jZa^_eh\ dZlZeh]Z k ihgb `Z_fh]h k_j\_jZ aZdhgqbeZkv g_m^Zq_c ihwlhfm ijh\_jvl_ hlkmlkl\b_ hrb[hd j_iebdZpbb i_j_^ _]h m^Ze_gb_f < GBF:GB? I_j_^ \uiheg_gb_f hi_jZpbb ihgb`_gby jheb dhgljhee_jZ ^hf_gZ ke_^m_l m[_ ^blvky \ lhf qlh dhgljhee_j g_ y\ey_lky k_j\_jhf =eh[Zevgh]h dZlZeh]Z beb bkihegbl_e_f ki_pbZebabjh\Zgguo )602jhe_c G_h[oh^bfh qlh[u ihke_ m^Z e_gby dhgljhee_jZ \ ^hf_g_ hklZ\Zeky ohly [u h^bg k_j\_j =eh[Zevgh]h dZlZeh ]Z H[uqgh )602jheb Z\lhfZlbq_kdb i_j_^Zxlky dZdhfmgb[m^v ^jm]hfm dhg ljhee_jm ^hf_gZ h^gZdh Z^fbgbkljZlhj fh`_l ij_îhq_klv kZfhklhyl_evgh mijZ\eylv wlbf ijhp_kkhf ij_^\Zjbl_evgh i_j_^Z\ jheb \ khhl\_lkl\bb k lj_ [h\Zgbyfb dhgdj_lghc dhgnb]mjZpbb k_lb ?keb m^Zey_lky ihke_^gbc dhgljhee_j \ ^hf_g_ wlh hagZqZ_l m^Ze_gb_ \k_]h ^hf_gZ M^Zeblv fh`gh lhevdh lhl ^hf_g dhlhjuc g_ bf__l ^hq_jgbo ^hf_gh\ b g_ y\ey _lky dhjg_\uf ^hf_ghf e_kZ dhlhjuc fh`_l m^Zeylvky lhevdh kZfuf ihke_^gbf k mgbqlh`_gb_f \k_]h e_kZ =eZ\Z AZij_sZ_lky m^Zeylv dhgljhee_ju ^hf_gZ y\eyxsb_ky ihke_^gbfb ghkbl_eyfb j_iebd jZa^_eh\ ijbeh`_gbc DSSOLFDWLRQ GLUHFWRU\ SDUWLWLRQ :^fbgbkljZlhj ^he `_g kgZqZeZ \jmqgmx m^Zeblv jZa^_eu ijbeh`_gbc k ihfhsvx mlbeblu 17'6XWLO beb jZaj_rblv wlm hi_jZpbx fZkl_jm AZimkdfZkl_jZmklZgh\db$FWLYH'LUHFWRU\ >ey m^Ze_gby dhgljhee_jZ ^hf_gZ $FWLYH 'LUHFWRU\ aZimklbl_ gZ g_f fZkl_j mklZ gh\db $FWLYH 'LUHFWRU\ ² mlbeblm 'FSURPRH[H ?keb m^Zey_fuc dhgljhee_j y\ey_lky k_j\_jhf =eh[Zevgh]h dZlZeh]Z *& lh ih y\blky ij_^mij_`^_gb_ ² m[_^bl_kv \ lhf qlh \ e_km bf__lky ^jm]hc k_j\_j *& Ijb g_h[oh^bfhklb kha^Zcl_ gh\uc k_j\_j *& ^h`^bl_kv fhf_glZ dh]^Z hg [m^_l h[ty\e_g b lhevdh lh]^Z ijh^he`Zcl_ ijhp_kk m^Ze_gby dhgljhee_jZ ^hf_gZ GZ ke_^mxs_f rZ]_ fZkl_jZ mklZgh\db ihlj_[m_lky hij_^_eblv klZlmk neZ`dZ M^Zeblv wlhl ^hf_g ihkdhevdm ^Zgguc k_j\_j y\ey_lky \ g_f ihke_^gbf dhgljhe e_jhf ^hf_gZ >ey m^Ze_gby ihke_^g_]h dhgljhee_jZ \ g_dhlhjhf ^hq_jg_f ^hf_ g_ l _ ijb m^Ze_gbb wlh]h ^hq_jg_]h ^hf_gZ beb \ dhjg_\hf ^hf_g_ ^_j_\Z l _ ijb m^Ze_gbb \k_]h wlh]h ^_j_\Z gm`gh [m^_l \\_klb bfy b iZjhev ihevah\Zl_ey \oh^ys_]h \ ]jmiim (QWHUSULVH $GPLQ :^fbgbkljZlhju ij_îjbylby >ey m^Ze_ gby ^hihegbl_evgh]h dhgljhee_jZ ^hf_gZ ^hklZlhqgh bf_lv iheghfhqby ihevah\Z l_ey \oh^ys_]h \ ]jmiim 'RPDLQ $GPLQV :^fbgbkljZlhju ^hf_gZ ?keb m^Zey_fuc dhgljhee_j jZ[hlZ_l b ojZgbl ihke_^gb_ j_iebdb h^gh]h beb g_ kdhevdbo jZa^_eh\ ijbeh`_gbc lh ihy\blky ij_^mij_`^_gb_ ZgZeh]bqgh_ lhfm qlh ihdZaZgh gZ jbk < wlhf kemqZ_ jZa^_eu ijbeh`_gbc fh`gh m^Zeblv \jmq gmx gZijbf_j k ihfhsvx mlbebl 17'6XWLO beb 'QV&PG beb jZaj_rblv kbkl_f_ m^Zeblv jZa^_eu ijbeh`_gbc gZ wlhf dhgljhee_j_ ² êy wlh]h gZ ke_^mxs_c kljZgbp_ fZkl_jZ ke_^m_l ih^l\_j^blv hi_jZpbx mklZgh\b\ neZ`hd ?keb g_ k^_eZlv gb lh]h gb ^jm]h]h lh ijhp_^mjZ ihgb`_gby jheb [m^_l ij_j\ZgZ Ihke_ mklZgh\db gh\h]h iZjhey êy ehdZevghc mq_lghc aZibkb $GPLQLVWUDWRU :^ fbgbkljZlhj b ijh\_jdb iZjZf_ljh\ fh`gh gZ`Zlv dghidm >Ze__ ² gZq g_lky m^Ze_gb_ dhgljhee_jZ MklZgh\b\ \ bgnhjfZpbhgghf hdg_ neZ`hd fh`gh jZaj_rblv Z\lhfZlbq_kdmx i_j_aZ]jmadm k_j\_jZ ih aZ\_j r_gbb hi_jZpbb Dh]^Z $FWLYH 'LUHFWRU\ m^Zey_lky k g_dhlhjh]h dhgljhee_jZ ^hf_gZ b ijhp_kk ih gb`_gby jheb aZ\_jrZ_lky ihke_ i_j_aZ]jmadb k_j\_jZ \k_ khhl\_lkl\mxsb_ j_ kmjkgu_ aZibkb m^Zeyxlky k ij_îhqblZ_fh]h k_j\_jZ '16 _keb dhg_qgh wlhl k_j\_j ih^^_j`b\Z_l ^bgZfbq_kdh_ h[gh\e_gb_ aZibk_c b aZibkb \ nZce_ 6\VWHP5RRW?6\VWHP?FRQILJ?QHWORJRQGQV ^_Zdlb\bjmxlky >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb Jbk Kibkhd ihke_^gbo j_iebd jZa^_eh\ ijbeh`_gbc gZ ^Zgghf dhgljhee_j_ ^hf_gZ Ihke_ m^Ze_gby $FWLYH 'LUHFWRU\ ihke_^gbc dhgljhee_j ex[h]h ^hf_gZ klZgh\blky Z\lhghfguf k_j\_jhf ijbgZê_`Zsbf d jZ[hq_c ]jmii_ :25.*5283 Ijb wlhf hkgh\ghc kmnnbdk '16 gZ dhfivxl_j_ g_ f_gy_lky ?keb dhgljhee_j g_ ihke_^gbc \ ^hf_g_ lh ihke_ ihgb`_gby jheb hg klZgh\blky jy^h\uf k_j\_jhf PHPEHU VHUYHU wlh]h ^hf_gZ Ihke_ \uiheg_gby hi_jZpbb ihgb`_gby jheb dhgljhee_jZ ^hf_gZ g_ aZ[m^vl_ hdhgqZl_evgh m^Zeblv ^\hbqgu_ nZceu kem`[ $FWLYH 'LUHFWRU\ Ijbgm^bl_evgh_ihgb`_gb_jheb Bgh]^Z fh`_l \hagbdgmlv kblmZpby dh]^Z ih jZaguf ijbqbgZf dhjj_dlgh_ m^Ze_gb_ dhgljhee_jZ ^hf_gZ g_\hafh`gh ijb wlhf hi_jZpbhggmx kbkl_fm gZ k_j\_j_ i_j_ mklZgZ\eb\Zlv g_`_eZl_evgh _keb gZijbf_j gZ g_f bf_xlky jZaebqgu_ ijbdeZ^ gu_ ijh]jZffu >ey dhgljhee_jZ gZ [Za_ :LQGRZV 6HUYHU bf__lky \hafh`ghklv =eZ\Z ijbgm^bl_evgh]h m^Ze_gby ijb dhlhjhf g_ \uihegy_lky j_iebdZpby k ^jm]bfb dhgljhee_jZfb b g_ dhjj_dlbjm_lky kh^_j`bfh_ dZlZeh]Z $FWLYH 'LUHFWRU\ Qlh[u m^Zeblv kem`[m $FWLYH 'LUHFWRU\ k dhgljhee_jZ ^hf_gZ b ij_\jZlblv _]h \ h[uqguc k_j\_j \uihegbl_ \ hdg_ dhgkheb dhfZg^m kijZ\dm ih fgh]hqbke_gguf \hafh`ghklyf wlhc ^bj_dlb\u fh`gh ihemqblv k ih fhsvx dhfZgû AZimklblky fZkl_j mklZgh\db $FWLYH 'LUHFWRU\ dhlhjuc iha\hebl \uihegblv lj_[m_fmx hi_jZpbx Ijb wlhf \ hlebqb_ hl ghjfZevghc hi_jZpbb ihgb`_gby jheb aZl_f ihlj_[mxlky ^hihegbl_evgu_ jmqgu_ hi_jZpbb ijhke_^bl_ m^Ze_gu eb j_kmjkgu_ aZibkb gZ ij_îhqblZ_fhf '16k_j\_j_ b m[_jbl_ \k_ kkuedb gZ dhgljhee_j ^hf_gZ \ hklZ\r_cky kljmdlmj_ dZlZeh]Z $FWLYH 'LUHFWRU\ gZijbf_j k ihfhsvx hkgZkldb $FWLYH 'LUHFWRU\ ² kZclu b kem`[u M^Ze_gb_kbkihevah\Zgb_fmlbebludhfZg^ghckljhdb >ey m^Ze_gby ihke_^g_]h dhgljhee_jZ e_kZ fh`gh \uihegblv gZ g_f ke_^mxsmx dhfZg^m lZd`_ m^Zeyxlky jZa^_eu ijbeh`_gbc _keb lZdh\u_ bf_xlky ² wlhl iZ jZf_lj g_ \k_]^Z h[yaZl_e_g $GP3VZ < dhfZg^_ lj_[m_lky mdZaZlv keh`guc iZjhev êy mq_lghc aZibkb dhlhjZy [m^_l bk ihevah\Zlvky ehdZevguf Z^fbgbkljZlhjhf k_j\_jZ ihke_ m^Ze_gby ^hf_gguo kem`[ ?keb m^Zey_lky ^hihegbl_evguc dhgljhee_j b \ ^hf_g_ hklZxlky ^jm]b_ dhgljhee_ ju lh ke_^m_l bkihevah\Zlv iZjZf_lj Ijb m^Ze_gbb ihke_^ g_]h dhgljhee_jZ \ ^hq_jg_f ^hf_g_ l _ ijb m^Ze_gbb ^hq_jg_]h ^hf_gZ g_h[oh ^bfh bkihevah\Zlv iZjZf_lju 8VHU'RPDLQ 8VHU1DPH b 3DVVZRUG qlh[u mdZaZlv mq_lgu_ ^Zggu_ ihevah\Zl_ey bf_xs_]h ijZ\Z Z^fbgbkljZlhjZ ij_îjbylby >ey ijbgm^bl_evgh]h ihgb`_gby jheb \ur_^r_]h ba kljhy dhgljhee_jZ g_ bf_x s_]h \hafh`ghklb kbgojhgbaZpbb dZlZeh]Z k bf_xsbfbky dhgljhee_jZfb ^hf_gZ fh`gh bkihevah\Zlv ke_^mxsmx dhfZg^m $GP3VZ Hkh[_gghklbih^dexq_gbydeb_glh\^hf_gZ Dh]^Z deb_glkdbc dhfivxl_j \dexqZ_lky \ ^hf_g $FWLYH 'LUHFWRU\ khhl\_lkl\mx sZy mq_lgZy aZibkv dhfivxl_jZ \k_]^Z kha^Z_lky \ dhgl_cg_j_ &RPSXWHUV AZl_f >\h_lhqb_ h[yaZl_evgh >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb ijb g_h[oh^bfhklb wlm mq_lgmx aZibkv fh`gh i_j_f_klblv \ ex[hc dhgl_cg_j ih^jZa^_e_gb_ H^gZdh \hafh`_g b ^jm]hc ihôh^ Mq_lgmx aZibkv fh`gh kha^Zlv ^h lh]h dZd dhfivxl_j ih^dexqZ_lky d ^hf_gm ih^]hlh\vl_ wlm aZibkv k ihfhsvx hkgZkldb $FWLYH 'LUHFWRU\ ² ihevah\Zl_eb b dhfiv xl_ju beb dhfZgû \ ex[hf dhgl_cg_j_ Z aZl_f bkihevamcl_ __ ijb ^h[Z\e_gbb dhfivxl_jZ 1 JBF?Q:GB? < ^hf_gZo bf_xsbo nmgdpbhgZevguc mjh\_gv g_ gb`_ k ihfhsvx mlbeblu 5HGLU&PSH[H fh`gh gZagZqblv ex[hc dhgl_cg_j ih^jZa^_e_ gb_ êy gh\uo mq_lguo aZibk_c dhfivxl_jh\ < wlhf kemqZ_ fh`gh gZijbf_j gZagZqblv wlhfm dhgl_cg_jm ki_pbZevgmx iheblbdm ijb\yaZ\ d dhgl_cg_jm aZjZ g__ kdhgnb]mjbjh\Zgguc *32h[t_dl dhlhjZy kjZam `_ [m^_l ^_ckl\h\Zlv gZ \k_ gh\u_ mq_lgu_ aZibkb Ijh[e_fu k ih^dexq_gb_f dhfivxl_jh\ \ ^hf_gu $FWLYH 'LUHFWRU\ \hagbdZxl \ i_j\mx hq_j_^v baaZ g_kh]eZkh\Zgby ijhlhdheh\ êy dZgZeh\ k\yab f_`^m deb_glhf b dhgljhee_jhf ^hf_gZ ² iheblbdb [_ahiZkghklb hipbb rbnjh\Zgby b ihîbku\Z gby k_l_\h]h ljZnbdZ gZ deb_glZo b gZ dhgljhee_jZo ^hf_gZ ^he`gu kh\iZ^Zlv Ih mfheqZgbx dhgljhee_ju gZ [Za_ :LQGRZV 6HUYHU lj_[mxl pbnjh\uo ih^ ibk_c êy \k_o h[f_gh\ bgnhjfZpb_c ih ijhlhdhem 60% 6HUYHU 0HVVDJH %ORFN ² ;ehd k_j\_jguo khh[s_gbc b bkihevamxl Zml_glbnbdZpbx /$1 0DQDJHU 17/0Y Djhf_ lh]h lj_[m_lky qlh[u \k_ [_ahiZkgu_ dZgZeu VHFXUH FKDQQHO ihîbku\Zebkv b rbnjh\Zebkv JZkkfhljbf iheblbdb [_ahiZkghklb \ebyxsb_ gZ ihjy^hd \aZbfh^_ckl\by f_`^m deb_glZfb b dhgljhee_jZfb ^hf_gZ ² wlb iheblbdb ^he`gu [ulv kh]eZkh\Zgu f_`^m gbfb <u[hj iheblbd ^he`_g hkms_kl\eylvky Z^fbgbkljZlhjhf ^hf_gZ gZ hkgh\_ j_Zevghc kblmZpbb \ k_lb X Ihîbku\Zgb_ 60%ljZnbdZ hij_^_ey_lky iheblbdhc _c khhl\_lkl\m_l iZjZf_lj j_ _kljZ X Lj_[h\Zgb_ ihîbkb beb rbnjh\Zgby êy [_ahiZkguo dZgZeh\ aZ^Z_lky iheb lbdhc khhl\_lkl\mxsbc iZjZf_lj j__kljZ ² " X Ijhlhdhe Zml_glbnbdZpbb deb_glh\ hij_^_ey_lky iheblbdhc +.(<B/2&$/B0$&+,1(?6<67(0? &XUUHQW&RQWURO6HW?&RQWURO?/VD?OPFRPSDWLELOLW\OHYHO IheblbdZ mklZgh\e_ggZy eh =eZ\Z dZevgh gZ deb_gl_ ^he`gZ khhl\_lkl\h\Zlv lj_[h\Zgbyf ij_^ty\ey_fuf iheb lbdZfb dhgljhee_jh\ ^hf_gZ Gm`gh ihfgblv h lhf qlh kjZam ihke_ aZ]jmadb kbkl_fu ^_ckl\mxl ehdZevgu_ ih eblbdb [_ahiZkghklb b lhevdh ihke_ Zml_glbnbdZpbb deb_glkdh]h dhfivxl_jZ gZ dhgljhee_j_ ^hf_gZ d deb_glm ijbf_gyxlky ^hf_ggu_ iheblbdb dhlhju_ fh]ml i_j_hij_^_eblv ehdZevgu_ agZq_gby H^gZdh _keb ehdZevgu_ iZjZf_lju [_ahiZk ghklb g_ iha\heyl deb_glm ^h]h\hjblvky k dhgljhee_jhf h ihjy^d_ h[f_gZ ^Zg gufb lh b Zml_glbnbdZpbb deb_glZ b ih^dexq_gby d ^hf_gm g_ ijhbahc^_l Hkgh\gu_kj_^kl\ZZ^fbgbkljbjh\Zgby ^hf_gh\bdZlZeh]h\$FWLYH'LUHFWRU\ HkgZkldb g_h[oh^bfu_ êy Z^fbgbkljbjh\Zgby ^hf_gh\ $FWLYH 'LUHFWRU\ Z\lhfZ lbq_kdb mklZgZ\eb\Zxlky gZ k_j\_j_ ihke_ gZagZq_gby _fm jheb >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ g_dhlhju_ hkgZkldb lZd`_ ihy\eyxlky ihke_ gZagZq_gby jheb Kem`[u $FWLYH 'LUHFWRU\ h[e_]q_ggh]h ^hklmiZ d dZlZeh]Zf Wlb hkgZkldb i_j_qbke_gu \ Ijbeh`_gbb b [m^ml ih^jh[gh jZkkfZljb\Zlvky ^Z e__ < kbkl_fZo :LQGRZV 6HUYHU bf__lky \hafh`ghklv mklZgh\db kj_^kl\ m^Z e_ggh]h Z^fbgbkljbjh\Zgby dZlZeh]h\ gZ ex[hf k_j\_j_ >ey wlh]h gm`gh ebrv k ihfhsvx hkgZkldb >bki_lq_j k_j\_jZ mklZgh\blv khhl\_lkl \mxsb_ dhfihg_glu m^Ze_ggh]h mijZ\e_gby jbk G_dhlhju_ bgkljmf_glu êy Z^fbgbkljbjh\Zgby dZlZeh]h\ $FWLYH 'LUHFWRU\ jZg__ \oh^beb \ khklZ\ iZd_lZ :LQGRZV 6XSSRUW 7RROV k_cqZk hgb y\eyxlky klZg^Zjlgu fb ijh]jZffZfb k_j\_jh\ :LQGRZV 6HUYHU Ihfbfh mihfygmlhc \ Ijbeh`_ gbb hkgZkldb J_^Zdlbjh\Zgb_ $'6, fh`gh lZd`_ gZa\Zlv _s_ mlb eblm /GSH[H k ihfhsvx dhlhjhc fh`gh \uihegylv ihbkd b fh^bnbdZpbx h[t_dlh\ $FWLYH 'LUHFWRU\ ijb ihfhsb aZijhkh\ /'$3 ihklZ\ey_lky gh\Zy \_jkby < khklZ\_ iZd_lZ :LQGRZV 6XSSRUW 7RROV hk lZ_lky hq_gv m^h[gZy mlbeblZ 5HSOPRQH[H iha\heyxsZy ke_^blv aZ khklhygb_f b lhiheh]b_c j_iebdZpbb ^hf_gh\ $FWLYH 'LUHFWRU\ bgbpbbjh\Zlv j_iebdZpbx jZaebqguo jZa^_eh\ dZlZeh]Z b \uihegylv fhgblhjbg] jhe_c )602 b khklhygby dhgljhee_jh\ ^hf_gZ K H<?L >ey lh]h qlh[u aZimkdZlv Z^fbgbkljZlb\gu_ hkgZkldb bo bf_gZ ijb\_^_gu \ Ijbeh`_gbb êy mijZ\e_gby m^Ze_ggufb k_j\_jZfb g_ j_]bkljbjmykv gZ gbo k mq_lgufb aZibkyfb Z^fbgbkljZlhjh\ qlh g_ ijb\_lkl\m_lky lj_[h\Zgbyfb [_ahiZkghklb bkihevamcl_ dhfZg^m 7:3,8 gZijbf_j ke_^mxsb_ dhfZgû ih >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb a\heyxl aZimklblv hkgZkldb mijZ\e_gby ]jmiih\ufb iheblbdZfb beb ^hf_ggufb h[t_dlZfb b mdZaZlv Zevl_jgZlb\gmx mq_lgmx aZibkv Jbk Dhfihg_glu êy m^Ze_ggh]h mijZ\e_gby jheyfb MlbebludhfZg^ghckljhdb I_j_qbke_ggu_ gb`_ mlbeblu dhfZg^ghc kljhdb Z\lhfZlbq_kdb mklZgZ\eb\Zxlky gZ dhgljhee_jZo ^hf_gZ b ijb ^h[Z\e_gbb k_j\_jm jheb Kem`[u $FWLYH 'LUHFWRU\ h[e_]q_ggh]h ^hklmiZ d dZ lZeh]Zf $' /'6 b iha\h X b mlbeblu bkihevamxsb_ ijhlhdhe ² /'$3 eyxsb_ gZoh^blv \ dZlZeh]Zo h[t_dlu jZaebqgh]h lbiZ Z lZd`_ hlh[jZ`Zlv bo Zljb[mlu Hi_jZpbb ihbkdZ fh`gh \uihegylv dZd \ hl^_evghf ^hf_g_ lZd b \h \k_f e_km Wlh dZkZ_lky dZd iheguo \_jkbc :LQGRZV 6HUYHU lZd b \_jkbc :LQGRZV 6HUYHU &RUH X X X X X =eZ\Z ² kha^Z_l h[t_dlu mdZaZgguo ij_^hij_^_e_gguo lbih\ ² fh^bnbpbjm_l Zljb[mlu ij_^hij_^_e_gguo lbih\ h[t_dlh\ ² m^Zey_l h[t_dlu ex[uo lbih\ ² i_j_f_sZ_l ex[u_ h[t_dlu ba h^gh]h dhgl_cg_jZ \ ^jm]hc ij_^_eZo ^hf_gZ Z lZd`_ baf_gy_l bfy h[t_dlh\ 1HW'RPH[H ² \ mlbeblZ iha\heyxsZy ihemqZlv g_ dhlhjmx bgnhjfZpbx h k\hckl\Zo ^hf_gh\ gZijbf_j bf_gZ ohay_\ jhe_c kibkhd ^h\_jbl_evguo hlghr_gbc b l ^ Z lZd`_ \uihegylv baf_g_gby \ dhgnb]mjZpbb ^hf_gh\ )602 Djhf_ i_j_qbke_gguo mklZgZ\eb\Zxlky _s_ ^\_ mlbeblu ² /',)'( /GLIGHH[H b &69'( &VYGHH[H dh lhju_ \ i_j\mx hq_j_^v ij_^gZagZq_gu êy \uiheg_gby ]jmiih\uo hi_jZpbc k h[t_dlZfb H[_ mlbeblu jZ[hlZxl k nZceZfb \ dhlhju_ aZibku\Zxlky j_amevlZlu hi_jZpbc beb ba dhlhjuo kqblu\Zxlky ^Zggu_ b \uihegy_fu_ dhfZgû Gb`_ i_ j_qbkeyxlky hi_jZpbb dhlhju_ fh`gh \uihegylv k ihfhsvx wlbo mlbebl X Wdkihjl bgnhjfZpbb ba $FWLYH 'LUHFWRU\ \ l_dklh\uc nZce \ nhjfZl_ /',) beb &69 dhlhjuc e_]dh fh`gh ijhkfZljb\Zlv bbeb j_^Zdlbjh\Zlv Ihemq_g gmx bgnhjfZpbx fh`gh bkihevah\Zlv \ ke_^mxsbo p_eyo N êy ^hdmf_glbjh\Zgby k\_^_gbc h[ h[t_dlZo dZlZeh]Z N êy \uiheg_gby ]jmiih\uo hi_jZpbc j_^Zdlbjh\Zgby g_ j_Zebah\Zgguo \ klZg^Zjlguo Z^fbgbkljZlb\guo hkgZkldZo N êy kha^Zgby rZ[ehgh\ êy gh\uo ihevah\Zl_e_c _keb klZg^ZjlgZy hi_jZ pby dhibjh\Zgby ihevah\Zl_evkdbo mq_lguo aZibk_c \Zk g_ mkljZb\Z_l beb êy ex[uo ^jm]bo h[t_dlh\ dZlZeh]Z N êy i_j_ghkZ h[t_dlh\ f_`^m ^hf_gZfb hlghkysbfbky d h^ghfm e_km beb jZaguf e_kZf Z lZd`_ f_`^m jZagufb /'$3kh\f_klbfufb dZlZeh]Zfb N êy Zjob\bjh\Zgby kms_kl\mxs_c ^hf_gghc dhgnb]mjZpbb \ p_eyo [_ahiZkghklb beb êy i_j_mklZgh\db dhgljhee_jh\ ^hf_gZ X Bfihjl bgnhjfZpbb ba nZceZ \ $FWLYH 'LUHFWRU\ WlZ hi_jZpby ih^jZamf_\Z_l kha^Zgb_ gh\uo h[t_dlh\ beb baf_g_gb_ Zljb[mlh\ kms_kl\mxsbo h[t_dlh\ \ iZd_lghf Z\lhfZlbq_kdhf j_`bf_ Djhf_ m`_ mihfygmluo \ur_ hi_jZpbc wdkihjlZ dhlhju_ qZs_ \k_]h lZd`_ ih^jZamf_\Zxl bfihjl hi_jZpbc ]jmiih \h]h j_^Zdlbjh\Zgby fb]jZpbb Zjob\bjh\Zgby b kha^Zgb_ rZ[ehgh\ h[t_d lh\ bfihjl bgnhjfZpbb \ $FWLYH 'LUHFWRU\ fh`_l hkms_kl\eylvky êy j_r_ gby ke_^mxsbo aZ^Zq N êy jZa\_jlu\Zgby aZjZg__ kdhgnb]mjbjh\Zgghc ^hf_gghc kljmdlmju dklZlb ]h\hjy hi_jZpby bfihjlZ \uihegy_lky ijb mklZgh\d_ dhgljhee_jh\ ^hf_gZ ² êy kha^Zgby klZg^Zjlghc kljmdlmju $FWLYH 'LUHFWRU\ bkihevam >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb &69'( _lky mlbeblZ wlZ `_ mlbeblZ b khhl\_lkl\mxsb_ nZceu hibkZgby gh\uo h[t_dlh\ b Zljb[mlh\ ijbf_gyxlky ijb h[gh\e_gbb ko_fu \ kemqZ_ i_j_oh^Z e_kZ ^hf_gh\ d [he__ \ukhdhc \_jkbb N $FWLYH 'LUHFWRU\hjb_glbjh\Zgguo êy jZa\_jlu\Zgby wlhf \hafh`gh jZkrbj_gb_ ko_fu ijbeh`_gbc ijb >ey j_r_gby dhgdj_lguo aZ^Zq fh`gh bkihevah\Zlv ex[mx ba ^\mo mlbebl Ijb wlhf gm`gh ihfgblv h ^\mo ]eZ\guo hlebqbyo f_`^m gbfb k lhqdb aj_gby ihevah \Zl_ey /',)'( /',) l_dkl k &69'( &69 l_dkl k X \hafh`gu_ hi_jZpbb ² mlbeblZ &69'( h[_ki_qb\Z_l lhevdh wdkihjl b bf ihjl ^Zgguo kha^Zgb_ h[t_dlh\ mlbeblZ /',)'( lZd`_ iha\hey_l fh^bnb pbjh\Zlv Zljb[mlu b m^Zeylv h[t_dlu Djhf_ kem`_[guo mlbebl êy jZ[hlu k h[t_dlZfb dZlZeh]h\ $FWLYH 'LUHFWRU\ fh` gh bkihevah\Zlv jZaebqgu_ kp_gZjbb $'6, :0, 3RZHU6KHOO b l ^ ² wlh kZfuc ]b[dbc b g_ hq_gv keh`guc kihkh[ fZgbimebjh\Zgby h[t_dlZfb $FWLYH 'LUHFWRU\ hkh[_ggh êy \uiheg_gby klZg^Zjlguo qZklh ih\lhjyxsboky aZ^Zq beb ijb jZ[h l_ k [hevrbf dhebq_kl\hf jZaebqguo h[t_dlh\ X ² nhjfZl ^Zgguo mlbeblZ bkihevam_l nZceu \ nhjfZl_ hij_^_e_ggufb l_]Zfb Z mlbeblZ ih^^_j`b\Z_l nhjfZl jZa^_ebl_eyfb HkgZkldZ$FWLYH'LUHFWRU\8VHUVDQG&RPSXWHUV $FWLYH $FWLYH 'LUHFWRU\ Ijb jZ[hl_ k ^hf_gZfb hkgZkldZ ihevah\Zl_eb b dhfivxl_ju y\ey_lky kZfuf mgb\_jkZevguf bgkljm f_glhf Z^fbgbkljZlhjZ b bkihevam_lky gZ\_jgh_ qZs_ ^jm]bo hkgZklhd Hkgh\gh_ gZagZq_gb_ ^Zgghc hkgZkldb kha^Zgb_ b fh^bnbdZpby \ ^hf_gghf jZa^_e_ dZlZ eh]Z jZaebqguo h[t_dlh\ g_h[oh^bfuo dZd êy jZ[hlu ^hf_gZ gZijbf_j mq_lguo aZibk_c ihevah\Zl_e_c dhfivxl_jh\ b ]jmii ih^jZa^_e_gbc h[sbo iZihd b l ^ lZd b êy ijbeh`_gbc ojZgysbo k\hb ^Zggu_ \ dZlZeh]_ HkgZkldZ iha\hey_l mijZ\eylv ijZ\Zfb ^hklmiZ d h[t_dlZf dZlZeh]Z b ^_e_]bjh\Zlv ihevah \Zl_eyf b ]jmiiZf hij_^_e_ggu_ Z^fbgbkljZlb\gu_ iheghfhqby gZ mijZ\e_gb_ dhgl_cg_jZfb ^hf_gZfb ih^jZa^_e_gbyfb kZclZfb b l ^ 'LUHFWRU\ ² ² < GBF:GB? < dhgljhee_jZo ^hf_gZ gZ [Za_ :LQGRZV 6HUYHU k ihfhsvx hkgZkldb $FWLYH 'LUHFWRU\ ² ihevah\Zl_eb b dhfivxl_ju *32 56R3 ² g_evay bgbpbbjh\Zlv dZdb_ eb[h hi_jZpbb k h[t_dlZfb ijhkfhlj j_^Zd lbjh\Zgb_ mijZ\e_gb_ gZke_^h\Zgb_f hij_^_e_gb_ j_amevlbjmxsbo iheblbd aZimkd hkgZkldb êy \u[jZgguo dhgl_cg_jh\ b h[t_dlh\ b l i <ky jZ[hlZ k h[t_dlZfb hkms_kl\ey_lky lhevdh k ihfhsvx hkgZkldb MijZ\e_gb_ ]jmiih\hc iheblbdhc *32 =eZ\Z Ih^dexq_gb_d^hf_gmbebdhgljhee_jm^hf_gZ < dZ`ûc fhf_gl \j_f_gb hkgZkldZ $FWLYH 'LUHFWRU\ ² ihevah\Zl_eb b dhfivxl_ju fh`_l jZ[hlZlv lhevdh k h^gbf dhgljhe e_jhf b ke_^h\Zl_evgh k h^gbf ^hf_ghf Ih mfheqZgbx \u[bjZxlky ^hf_g b dhgljhee_j ^hf_gZ ]^_ \ gZklhysbc fhf_gl aZj_]bkljbjh\Zeky ihevah\Zl_ev >ey \u[hjZ ^hf_gZ gm`gh \ hdg_ kljmdlmju \u^_eblv dhj_gv hkgZkldb beb ^hf_g guc h[t_dl ihke_ q_]h \u[jZlv dhfZg^m Kf_gblv ^hf_g \ f_gx >_ckl\b_ < hdg_ Kf_gZ ^hf_gZ ke_^m_l \\_klb bfy ^h f_gZ \ ihe_ beb gZ`Zlv dghidm H[ahj b \u[jZlv ^hf_g \ jZkdju \Zxs_fky ^hf_gghf ^_j_\_ H[jZlbl_ \gbfZgb_ gZ neZ`hd KhojZgblv wlhl iZjZf_lj ^hf_gZ êy wlhc dhgkheb k ihfhsvx dhlhjh]h fh`gh khojZgblv \ dhgkheb g_kdhevdh hkgZklhd gZkljh_gguo gZ jZagu_ ^hf_gu Jbk <u[hj dhgljhee_jZ ^hf_gZ :gZeh]bqguf h[jZahf fh`gh \u[jZlv ex[hc dhgljhee_j \ l_dms_f ^hf_g_ êy wlh]h bkihevamcl_ dhfZg^m Kf_gblv dhgljhee_j ^hf_ gZ \ f_gx >_ckl\b_ Wlh [u\Z_l gm`guf dh]^Z ih dZdbflh ijbqbgZf gZijbf_j ijb \uy\e_gbb ijh[e_f k j_iebdZpb_c \Zf g_h[oh^bfh Z^fbgbkljb >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb jh\Zlv dZdhcgb[m^v k_j\_j =eh[Zevgh]h dZlZeh]Z beb dhgljhee_j ^hf_gZ \eZ ^_xsbc hij_^_e_gghc )602jhevx gZijbf_j 3'& (PXODWRU < hdg_ Kf_gZ k_j\_jZ dZlZeh]h\ jbk fh`gh \b^_lv bfy l_dms_]h dhgljhee_jZ ^hf_gZ b kibkhd bf_xsboky dhgljhee_jh\ beb `_ fh`gh \\_klb bfy b ihjl êy k_j\_jZ kem`[ $' /'6 MijZ\e_gb_hlh[jZ`_gb_fh[t_dlh\dZlZeh]Z HkgZkldZ $FWLYH 'LUHFWRU\ ² ihevah\Zl_eb b dhfivxl_ju bf__l \kihfh]Zl_evgu_ hipbb dhlhju_ ijZdlbq_kdb g_ \ebyxl gZ kmlv hi_jZpbc ih Z^fbgbkljbjh\Zgbx h^gZdh kms_kl\_ggh \ebyxl gZ dhebq_kl\h hlh[jZ`Z_fuo h[t_dlh\ <k_ wlb hipbb jZkkfZljb\Zxlky gb`_ KhojZg_ggu_aZijhku 6DYHG4XHULHV :^fbgbkljZlhj fh`_l kha^Zlv h^bg beb g_kdhevdh aZijhkh\ gZ hkgh\_ /'$3 nbevljh\ b khojZgblv bo \ kj_^_ hkgZkldb êy ihke_^mxs_]h bkihevah\Zgby LZdb_ aZijhku iha\heyxl [ukljh hl[bjZlv lhevdh gm`gu_ h[t_dlu qlh mijhsZ_l jZ[hlm ijb gZebqbb [hevrh]h qbkeZ h[t_dlh\ h^gh]h lbiZ ihevah\Zl_e_c ]jmii dhfiv xl_jh\ b l ^ Hq_gv \Z`gh b lh qlh \ hlebqb_ hl hkgh\gh]h hdgZ hkgZkldb \ dh lhjhf gZ[hj \u[jZgguo êy hlh[jZ`_gby ihe_c h^bgZdh\ êy \k_o ijhkfZljb\Z_ fuo dhgl_cg_jh\ êy dZ`^h]h aZijhkZ fh`gh mklZgh\blv bg^b\b^mZevguc gZ[hj ihe_c Jbk Ijbf_j ^_j_\Z khojZg_gguo aZijhkh\ =eZ\Z <k_ bf_gZ aZijhkh\ ojZgylky \ iZid_ KhojZg_ggu_ aZijhku \ hdg_ ^_j_\Z h[t_dlh\ b bo fh`gh ihf_sZlv \ iZidb kha^Z\Zy g_dhlhjmx hj]ZgbaZpb hggmx kljmdlmjm jbk Gh\uc aZijhk fh`gh kha^Z\Zlv g_ihkj_^kl\_ggh \ hdg_ hkgZkldb Z fh`gh bfihj lbjh\Zlv hibkZgb_ m`_ kms_kl\mxsbo aZijhkh\ \ nhjfZl_ ;0/ >ey kha^Zgby aZijhkZ \hkihevamcl_kv ke_^mxs_c ijhp_^mjhc <u[_jbl_ iZidm KhojZg_ggu_ aZijhku beb ^jm]mx m`_ kms_kl \mxsmx \gmljb __ iZidm b s_edgbl_ ijZ\hc dghidhc furb <u[_jbl_ \ dhgl_dklghf f_gx dhfZg^m Gh\uc aZijhk jbk HibkZgb_ g_h[yaZl_evgh < hdg_ Kha^Zlv _ AZijhk aZihegbl_ ihey Bfy b Jbk Ijbf_j gh\h]h khojZg_ggh]h aZijhkZ H[ahj b \u[_jbl_ dhj_gv aZijhkZ ² g_dhlhjuc dhg l_cg_j \ kljmdlmj_ ^hf_gZ ih mfheqZgbx ijhkfZljb\Z_lky \_kv ^hf_g Ijh \_jvl_ ijZ\bevgh eb \u[jZgh khklhygb_ neZ`dZ <dex qZy ih^dhgl_cg_ju GZ`fbl_ dghidm GZ`fbl_ dghidm AZijhk b hij_^_ebl_ gm`gmx kljhdm aZijhkZ GZ`fbl_ dghidm !" AZijhk ]hlh\ >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb KhojZg_ggu_ aZijhku g_ khjlbjmxlky Z aZihfbgZxlky \ kljmdlmj_ aZijhkh\ \ ih jy^d_ bo kha^Zgby Khjlbjh\Zlv bf_gZ aZijhkh\ fh`gh lhevdh \ hdg_ j_amevlZlh\ ijZ\h_ ih^hdgh hkgZkldb >ey jZkijhkljZg_gby khojZg_gguo aZijhkh\ bf__lky ijhklhc b ijh\_j_gguc imlv ^hklZlhqgh ijhklh wdkihjlbjh\Zlv khojZgblv hibkZgb_ aZijhkZ TXHU\ GHILQLWLRQ \ nhjfZl_ ;0/ b bfihjlbjh\Zlv _]h gZ l_o dhfivxl_jZo ]^_ hgh lj_[m_lky >ey wlh]h \u[_jbl_ aZijhk b \ dhgl_dklghf f_gx \uihegbl_ dhfZg^m #$ Wdkihjl hij_^_e_gby aZijhkZ KhojZgbl_ hibkZgb_ \ nZce_ kdhibjmc l_ wlhl nZce gZ ^jm]hc dhfivxl_j aZimklbl_ gZ g_f hkgZkldm $FWLYH 'LUHFWRU\ ² ihevah\Zl_eb b dhfivxl_ju \uah\bl_ dhgl_dklgh_ f_gx êy iZidb KhojZg_ggu_ aZijhku beb êy ex[hc \eh`_gghc iZidb b \uihegbl_ dhfZg^m Bfihjl hij_^_ e_gby aZijhkZ <dexq_gb_hipbbijhkfhljZ ^hihegbl_evguodhfihg_glh\ Ih mfheqZgbx \ hkgh\ghf j_`bf_ hdgZ hkgZkldb $FWLYH 'LUHFWRU\ ² ihevah\Zl_eb b dhfivxl_ju hlh[jZ`Z_lky lhevdh iylv maeh\ _keb g_ kqblZlv ih^jZa^_e_gbc kha^Zgguo Z^fbgbkljZlhjhf Wlh]h g_^hklZlhqgh êy \uiheg_gby g_dhlhjuo aZ^Zq b \ wlhf kemqZ_ g_h[oh^bfh \dex qZlv j_`bf /;,3.0/ 0,9:708 \ dhlhjhf lZd`_ hlh[jZ`Zxlky g_dhlhju_ \Z`gu_ g_\b^bfu_ dhgl_cg_ju b ihy\eyxlky ^hihegbl_evgu_ \hafh`ghklb >ey wlh]h bkihevam_lky dhfZg^Z % >hihegbl_evgu_ dhfihg_glu \ f_gx & <b^ H^gbf ba \Z`g_crbo maeh\ hlh[jZ`Z_fuo \ jZkrbj_gghf j_`bf_ y\ey_lky dhgl_cg_j jbk dhlhjuc h[_ki_qb\Z_l ^hklmi dh fgh]bf kbkl_fguf h[t_dlZf Qlh _s_ \Z`g__ lhevdh \ j_`bf_ $GYDQFHG )HDWXUHV >hihegbl_evgu_ dhfihg_g lu \ hdg_ ' K\hckl\Z êy dZ`^h]h h[t_dlZ $FWLYH 'LUHFWRU\ ihy\eyxlky \deZ^db !( H[t_dl ;_ahiZkghklv b gh\Zy \deZ^dZ ² # J_^Zdlhj Zljb[mlh\ kf jbk GZ \deZ^d_ hlh[jZ`Zxlky \ qZklghklb \k_ baf_g_gby k\yaZggu_ k ^_e_]bjh\Zgb_f ijZ\ gZ mijZ\e_gb_ h[t_d lZfb dZlZeh]Z ?keb gZijbf_j \Zf gm`gh hlha\Zlv Z^fbgbkljZlb\gu_ ijZ\Z ^Zggu_ ihevah\Zl_ex beb ]jmii_ \ hlghr_gbb g_dhlhjh]h h[t_dlZ lh ke_^m_l hldjulv wlm \deZ^dm \ k\hckl\Zo h[t_dlZ b m^Zeblv khhl\_lkl\mxsb_ jZaj_r_gby < GBF:GB? < hdg_ k\hckl\ dhgl_cg_jh\ l_i_jv hlkmlkl\m_l \deZ^dZ =jmiih\Zy iheblbdZ gZ dhlhjhc \ kbkl_fZo :LQGRZV :LQGRZV 6HUYHU fh`gh ijh kfZljb\Zlv kibkhd *32h[t_dlh\ k\yaZgguo k ^Zgguf dhgl_cg_jhf b \uihegylv jZaebqgu_ gZkljhcdb k\yaZggu_ k ijbf_g_gb_f ]jmiih\uo iheblbd =eZ\Z Jbk Ijhkfhlj ^_j_\Z ^hf_gguo h[t_dlh\ \ j_`bf_ /;,3.0/ 0,9:708 M \k_o h[t_dlh\ dZlZeh]Z gZ \deZ^d_ H[t_dl l_i_jv bf__lky neZ`hd AZsblblv h[t_dl hl kemqZcgh]h m^Ze_gby Wlhl neZ`hd ih mfheqZgbx mklZgh\e_g êy \k_o hi_jZpbc kha^Zgby gh\uo dhgl_c g_jh\ \jmqgmx _]h fh`gh mklZgh\blv b êy ex[uo ^jm]bo h[t_dlh\ dZlZeh]Z Dh ]^Z neZ`hd mklZgh\e_g ijb ihiuld_ m^Ze_gby h[t_dlZ [m^_l \hagbdZlv hrb[dZ mdZau\ZxsZy gZ hlkmlkl\b_ ijZ\ gZ \uiheg_gb_ hi_jZpbb Ihwlhfm êy m^Ze_gby lZdbo aZsbs_gguo h[t_dlh\ gm`gh kgZqZeZ hldjulv hdgh k\hckl\ h[t_dlZ b k[jh kblv ^Zgguc neZ`hd <deZ^dZ J_^Zdlhj Zljb[mlh\ jbk h[_ki_qb\Z_l ^hklmi d k\hckl\Zf \u[jZggh]h h[t_dlZ dZlZeh]Z dhlhju_ g_ hlh[jZ`Zxlky gZ iZg_eyo k\hckl\ hkgZkldb b iha\hey_l j_^Zdlbjh\Zlv bo agZq_gby _keb wlh ^himklbfh ijZ \beZfb ^hklmiZ d h[t_dlZf dZlZeh]Z J_`bf8VHUV&RQWDFWV*URXSVDQG&RPSXWHUVDVFRQWDLQHUV Ihevah\Zl_ebdhglZdlu]jmiiubdhfivxl_judZddhgl_cg_ju Fgh]b_ h[t_dlu $FWLYH 'LUHFWRU\ y\eyxlky dhgl_cg_jZfb dhlhju_ fh]ml kh^_j `Zlv ^jm]b_ h[t_dlu Ih mfheqZgbx wlh hlghr_gb_ \bamZevgh g_ \k_]^Z ij_^klZ\ e_gh \ hdg_ hkgZkldb $FWLYH 'LUHFWRU\ ² ihevah\Zl_eb b dhfivxl_ju >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb Jbk <deZ^dZ j_^ZdlhjZ Zljb[mlh\ \u[jZggh]h h[t_dlZ dZlZeh]Z L_f g_ f_g__ \ g_dhlhjuo kblmZpbyo g_h[oh^bfh \b^_lv hlghr_gby f_`^m h[t_d lZfb b êy wlh]h \ f_gx <b^ gm`gh mklZgh\blv khhl\_lkl\mxsbc neZ`hd < wlhf kemqZ_ [m^_l gZijbf_j \b^gh qlh dhfivxl_ju \dexqZy dhgljhee_ju ^h f_gZ fh]ml bf_lv ^hq_jgb_ h[t_dlu ² \ qZklghklb k gbfb k\yaZgu h[t_dlu im[ ebdm_fuo j_kmjkh\ ijbgl_jh\ b h[sbo iZihd Wlb h[t_dlu fh]ml [ulv \Z`gu dZd ijb Z^fbgbkljbjh\Zgbb gZijbf_j ijb i_j_f_s_gbb h[t_dlh\ ijbgl_jh\ lZd b ijb m^Ze_gbb dhgl_cg_jh\ dhlhju_ fh]ml kh^_j`Zlv \Z`gu_ h[t_dlu NbevljZpbyhlh[jZ`Z_fuoh[t_dlh\ Ijb [hevrhf dhebq_kl\_ h[t_dlh\ \ $FWLYH 'LUHFWRU\ gZ ihbkd hl^_evguo h[t_d lh\ fh`_l moh^blv fgh]h \j_f_gb H^gZdh fh`gh mklZgh\blv nbevlj b ijhkfZl jb\Zlv lhevdh gm`gu_ h[t_dlu <u[_jbl_ dhfZg^m IZjZf_lju nbevljZ \ f_gx <b^ beb gZ`fbl_ dghidm MklZ gZ klZg^Zjlghc iZg_eb bgkljmf_glh\ Lbi gh\dZ iZjZf_ljh\ nbevljZpbb hlh[jZ`Z_fuo h[t_dlh\ fh`gh \u[jZlv ba ij_êZ]Z_fh]h kibkdZ jbk beb `_ fh`gh kha^Zlv kh[kl\_gguc ihevah\Zl_evkdbc nbevlj ijhp_kk kha^Zgby =eZ\Z nbevljZ bglmblb\gh ihgyl_g b ^hklZlhqgh ijhkl ² kgZqZeZ \u[bjZ_lky lbi h[t _dlh\ b bfy Zljb[mlZ Z aZl_f mkeh\b_ Jbk Ijbf_j nbevljZ hlh[jZ`Z_fuo h[t_dlh\ < GBF:GB? Ijb bkihevah\Zgbb nbevljh\ \hagbdZ_l ihl_gpbZevgZy hiZkghklv ijb jZ[hl_ k dhgl_cg_jZfb ih^jZa^_e_gbyfb Ij_îheh`bf qlh mklZgh\e_g nbevlj dhlh juc jZaj_rZ_l hlh[jZlv lhevdh mq_lgu_ aZibkb dhfivxl_jh\ Ijb ijhkfhlj_ ^hf_gZ fh`_l ihdZaZlvky qlh \ g_dhlhjhf ih^jZa^_e_gbb g_l h[t_dlh\ beb hgh kh^_j`bl lhevdh g_gm`gu_ mq_lgu_ aZibkb dhfivxl_jh\ E_]dh aZ[ulv h lhf qlh wlh ih^jZa^_e_gb_ fh`_l lZd`_ kh^_j`Zlv h[t_dlu ^jm]bo lbih\ b g_qZyggh m^Zeblv ih^jZa^_e_gb_ p_ebdhf Z g_ lhevdh hlh[jZ`Z_fu_ h[t_dlu Ihwlhfm g_ aZ[u\Zcl_ \udexqZlv \k_ nbevlju i_j_^ \uiheg_gb_f hi_jZpbc m^Ze_gby beb i_j_f_s_gby dhgl_cg_jguo h[t_dlh\ Ijb bkihevah\Zgbb nbevljh\ j_dhf_g^m_lky h[yaZl_evgh \dexqZlv h[eZklv hibkZ gby 'HVFULSWLRQ %DU b h[jZsZlv \gbfZgb_ gZ kljhdm Nbevlj \dex q_g dhlhjZy gZihfbgZ_l h jZ[hl_ nbevljZ jbk WlZ iZg_ev \dexqZ_lky \ hdg_ GZkljhcdZ hldju\Zxs_fky ih dhfZg^_ _ <b^ _ GZkljhcdZ < gZr_f ijbf_j_ jZaj_r_gh hlh[jZ`_gb_ ihevah\Zl_e_c lZdbo h[t_dlh\ \ ^Zgghf dhgl_cg_j_ g_l b hg dZ`_lky kh\_jr_ggh imkluf h[t_dlh\ ohly \ g_f jZkiheZ]Zxlky mq_lgu_ aZibkb dhgljhee_jh\ ^hf_gZ HlqZklb wlZ ijh[e_fZ j_rZ_lky _keb êy dhgl_cg_jZ mklZgh\e_g neZ`hd AZsblblv h[t_dl hl kemqZcgh]h m^Ze_gby >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb Jbk Dhebq_kl\h hlh[jZ`Z_fuo h[t_dlh\ b mdZaZgb_ gZ \dexq_gguc nbevlj Ihbkdh[t_dlh\\dZlZeh]_$FWLYH'LUHFWRU\ >jm]bf kj_^kl\hf h[e_]qZxsbf jZ[hlm k [hevrbf qbkehf h[t_dlh\ b iha\heyxsbf gZoh^blv h[t_dlu hij_^_e_ggh]h lbiZ beb k aZ^Zggufb k\hckl\Zfb y\ey_lky hipby Ihbkd < g_dhlhjhf kfuke_ hgZ jZ[hlZ_l dZd b nbevlj lhevdh bf__l [he__ rbjhdmx h[eZklv ^_ckl\by h[t_dlu fh`gh gZoh^blv \h \k_f dZlZeh]_ \ e_km \ ex[hf ^hf_g_ beb \ mdZaZgghf dhgl_cg_j_ >ey ihbkdZ h[t_dlh\ fh`gh bkihevah\Zlv dhfZg^m GZclb bf_xsmxky \ dhgl_dklghf f_gx dZ`^h]h dhgl_cg_jZ beb `_ fh`gh \u[jZlv dhgl_cg_j b gZ`Zlv dghidm Ihbkd h[t_dlh\ \ ^hf_gguo kem`[Zo gZ iZg_eb bgkljmf_glh\ GZ[hj ihe_c ihbkdZ b jZkrbj_ggh]h ihbkdZ f_gy_lky \ aZ\bkbfhklb hl lbiZ h[t_dlZ dZlZeh]Z fh`gh bkdZlv ihevah\Zl_e_c dhfivxl_ju ijbgl_ju b l ^ Mkeh\by ihbkdZ êy jZkrbj_gguo hi_jZpbc aZ^Zxlky lZd `_ dZd b êy nbevljh\ b bf_xl l_ `_ h]jZgbq_gby Hipby Ihevah\Zl_evkdbc ihbkd \ kibkd_ GZclb ij_^hklZ\ey_l gZb[hevrmx ]b[dhklv \ jZ[hl_ fh`gh mdZ aZlv \ aZijhk_ ijZdlbq_kdb ex[hc Zljb[ml ex[h]h h[t_dlgh]h lbiZ dZlZeh]Z LZd`_ bf__lky hipby H[sb_ aZijhku k ihfhsvx dhlhjhc fh`gh gZoh^blv lhevdh ihevah\Zl_e_c dhfivxl_ju b ]jmiiu GZijbf_j k __ ihfhsvx fh`gh gZclb aZ[ehdbjh\Zggu_ ihevah\Zl_evkdb_ b fZrbggu_ mq_lgu_ aZibkb beb ihevah\Zl_evkdb_ aZibkb g_ bkihevah\Zggu_ \ l_q_gb_ mdZaZggh]h $FWLYH 'LUHFWRU\ $FWLYH 'LUHFWRU\ =eZ\Z bgl_j\ZeZ \j_f_gb \ ^gyo < hdg_ gZc^_gguo h[t_dlh\ \ dhgl_dklguo f_gx fh`gh \u[bjZlv l_ `_ dhfZgû kf jbk dhlhju_ bf_xlky êy wlbo h[t_d lh\ \ ]eZ\ghf hdg_ hkgZkldb Ijbf_j hdgZ GZclb b j_amevlZlu ihbkdZ ihdZaZgu gZ jbk K ihfhsvx mdZaZggh]h aZijhkZ \h \k_f dZlZeh]_ gZc^_gu \k_ ]jmiiu bf_gZ dhlhjuo gZqbgZ xlky k [md\u Wlhl ijbf_j beexkljbjm_l lhl nZdl qlh ihbkd fh`gh \uihegylv \h \k_f e_km ^hf_gh\ \ ^Zgghf kemqZ_ bf_xlky ^\Z ^hf_gZ b Z g_ lhevdh \ ^hf_g_ beb dhgl_cg_j_ H[jZlbl_ lZd`_ \gbfZgb_ gZ lh qlh ]jmiiZ Hi_jZlhju k_j\_jZ bf__lky \ h[hbo ^hf_gZo h^ gZdh lhevdh \ h^ghf ^hf_g_ dhjg_\hf ^hf_g_ e_kZ _klv ]jmiiZ :^fbgbkljZlhju ko_fu V ² VXELQWHUQGRP LQWHUQGRP 6HUYHU 2SHUDWRUV 6FKHPD $GPLQV Jbk Ihbkd b ijhkfhlj h[t_dlh\ \ dZlZeh]_ $FWLYH 'LUHFWRU\ GZ[hj klhe[ph\ \ hdg_ ihdZaZgghf gZ jbk g_ y\ey_lky klZg^Zjlguf GZijb f_j qlh[u m\b^_lv ihegu_ hlebqbl_evgu_ bf_gZ gZc^_gguo h[t_dlh\ kh^_j`Z sb_ bf_gZ jh^bl_evkdbo dhgl_cg_jh\ \u[_jbl_ dhfZg^m <u [jZlv klhe[pu \ f_gx <b^ gZc^bl_ klhe[_p k bf_g_f >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb JZaebqZxs__ky bfy b ^h[Z\vl_ _]h \ kibkhd Hlh[jZ`Z_fu_ klhe[pu H^gh\j_f_ggh_j_^Zdlbjh\Zgb_ fgh`_kl\Zh[t_dlh\dZlZeh]Z HkgZkldZ ihevah\Zl_eb b dhfivxl_ju iha\hey_l h^gh\j_f_ggh j_^Zdlbjh\Zlv k\hckl\Z g_kdhevdbo h[t _dlh\ dZlZeh]Z \ i_j\mx hq_j_^v ihevah\Zl_evkdbo mq_lguo aZibk_c >ey [hev rbgkl\Z h[t_dlh\ dZlZeh]Z dhfivxl_jh\ ]jmii ih^jZa^_e_gbc b l ^ h^gh\j_ f_ggh fh`gh ihf_gylv lhevdh hibkZgb_ H^gZdh êy ihevah\Zl_evkdbo mq_lguo aZibk_c fh`gh baf_gylv k\ur_ Zljb[m lh\ H[t_dlu êy j_^Zdlbjh\Zgby \u[bjZxlky dZd h[uqgh ijb ihfhsb dmjkhjZ b deZ\br b AZl_f \ dhgl_dklghf f_gx beb \ f_gx >_ckl \b_ gm`gh \uihegblv dhfZg^m K\hckl\Z $FWLYH 'LUHFWRU\ ² ² GHVFULSWLRQ ² 6KLIW! &WUO! Jbk Baf_g_gb_ 831kmnnbdkZ \j_f_gb \oh^Z \ kbkl_fm b aZijhk gZ kf_gm iZjhey =eZ\Z ?keb \u^_e_gh g_kdhevdh mq_lguo aZibk_c qlh ihy\ey_lky fh^bnbpbjh\Zggh_ hdgh K\hckl\Z Ijbf_ju jZaebqguo \deZ^hd wlh]h hdgZ ihdZaZgu gZ jbk b jbk Jbk GZagZq_gb_ i_j_f_sZ_fh]h ijhnbey b kp_gZjby \oh^Z kijZ\Z êy g_kdhevdbo ihevah\Zl_evkdbo mq_lguo aZibk_c GZ \deZ^d_ ! Ijhnbev fh`gh aZ^Z\Zlv \k_ l_ k\hckl\Z dhlhju_ ^hklmigu \ h[uqghf hdg_ k\hckl\ mq_lghc aZibkb ihevah\Zl_ey ?keb dZdhc gb[m^v neZ`hd mklZgh\e_g lh agZq_gb_ khhl\_lkl\mxs_]h ihey [m^_l i_j_hij_^_e_gh ?keb wlh ihe_ imklh lh bf_xs__ky agZq_gb_ hqbsZ_lky m^Zey_lky ?keb neZ`hd g_ mklZ gh\e_g khhl\_lkl\mxs__ ihe_ g_^hklmigh lh bf_xsb_ky agZq_gby ihey hklZxl ky [_a baf_g_gbc HkgZkldZ$FWLYH'LUHFWRU\6LWHVDQG6HUYLFHV HkgZkldZ kZclu b kem`[u y\ey_lky hkgh\guf bgkljmf_glhf k ]jZnbq_kdbf bgl_jn_ckhf k ihfhsvx dhlhjh $FWLYH 'LUHFWRU\ ² >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb ]h Z^fbgbkljZlhj fh`_l dhgnb]mjbjh\Zlv dZd jZkij_^_e_ggmx k_ l_\mx kem`[m >jm]b_ Z^fbgbkljZlb\gu_ hkgZkldb ij_^klZ\eyxl $FWLYH 'LUHFWRU\ $FWLYH 'LUHFWRU\ gZ eh]bq_kdhf mjh\g_ dZd _^bgh_ bgnhjfZpbhggh_ ojZgbebs_ WlZ hkgZkldZ j_^ dh bkihevam_lky \ g_[hevrbo k_lyo k _^bgkl\_gguf kZclhf b g_kdhevdbfb dhg ljhee_jZfb ^hf_gZ H^gZdh \ [hevrbo k_lyo khklhysbo ba fgh]bo kZclh\ wlZ hk gZkldZ klZgh\blky h^gbf ba \Z`g_crbo kj_^kl\ Z^fbgbkljbjh\Zgby lhiheh]bb dZlZeh]Z Djhf_ dhgljhee_jh\ ^hf_gh\ hkgZkldm fh`gh bkihevah\Zlv êy mijZ\e_gby lhiheh]b_c j_iebdZpbb wda_fieyjh\ dZlZeh]Z GZ[hj Z^fbgbkljZlb\guo kj_^kl\ \dexqZy ^Zggmx hkgZkldm fh`gh mklZgZ\eb\Zlv gZ k_j\_jZo g_aZ\bkbfh hl ^hf_gghc kem`[u kf i_j_q_gv dhfihg_glh\ gZ jbk Gb`_ i_j_qbke_gu hi_jZpbb dhlhju_ fh`gh \uihegylv k ihfhsvx hkgZkldb kZclu b kem`[u X gZagZq_gb_ dhgljhee_jZf ^hf_gZ jheb k_j\_jZ =eh[Zevgh]h dZlZeh]Z X baf_g_gb_ lhiheh]bb j_iebdZpbb \ e_km kha^Zgb_ m^Ze_gb_ kZclh\ ih^k_l_c k\ya_c b kh_^bg_gbc ]jmii X jZaj_r_gb_ dwrbjh\Zgby mgb\_jkZevguo bkihevam_fhc h[t_dlZfb X kha^Zgb_ ko_fu jZkiheh`_gby ijbgl_jh\ dhfivxl_jh\ kZclh\ b ih^k_l_c X jmqghc aZimkd j_iebdZpbb \gmljb kZclZ b f_`^m kZclZfb $FWLYH 'LUHFWRU\ $FWLYH 'LUHFWRU\ $' /'6 $FWLYH 'LUHFWRU\ $FWLYH 'LUHFWRU\ ² OLQNV XQLYHUVDO ORFDWLRQ VFKHPH 1 JBF?Q:GB? < dhgljhee_jZo gZ [Za_ :LQGRZV 6HUYHU bf__lky gh\Zy \hafh`ghklv aZ imkdZ j_iebdZpbb k ihfhsvx ^Zgghc hkgZkldb Fh`gh \u[jZlv ex[hc ^jm]hc dhgljhee_j b bgbpbbjh\Zlv \oh^ysmx beb bkoh^ysmx j_iebdZpbx f_`^m mdZ aZgguf k_j\_jhf b ehdZevguf dhgljhee_jhf JZgvr_ lZdmx hi_jZpbx fh`gh [ueh ^_eZlv lhevdh ijb ihfhsb ki_pbZevguo mlbebl gZijbf_j 5HSOPRQH[H X X X X X êy j_]_g_jZpbb lhih baf_g_gb_ jZkibkZgbc b bgl_j\Zeh\ êy j_iebdZpbb \gmljb kZclZ b f_`^m kZc aZimkd ijhp_kkZ .QRZOHGJH &RQVLVWHQF\ &KHFNHU .&& eh]bb j_iebdZpbb lZfb gZagZq_gb_ k\yayf klhbfhklb imlb FRVW gZagZq_gb_ k_j\_jh\ nhjihklh\ k_j\_jh\ ieZp^Zjfh\ EULGJHKHDG ^_e_]bjh\Zgb_ ihevah\Zl_eyf beb ]jmiiZf ijZ\ gZ mijZ\e_gb_ kZclZfb ih^k_ lyfb k_j\_jZfb b ^jm]bfb dhgl_cg_jZfb X =eZ\Z gZkljhcdZ iZjZf_ljh\ [_ahiZkghklb b Zm^blZ êy jZaebqguo h[t_dlh\ hij_^_ X gZagZq_gb_ iheblbd aZijhkh\ /'$3 eyxsbo lhiheh]bx j_iebdZpbb < GBF:GB? < hlebqb_ hl dhgljhee_jh\ ^hf_gZ gZ [Za_ :LQGRZV 6HUYHU hkgZkldm $FWLYH 'LUHFWRU\ ² kZclu b kem`[u g_evay bkihev ah\Zlvky êy \u[hjZ *32h[t_dlh\ ijb\yaZgguo d kZclZf êy jZ[hlu kh \k_fb *32h[t_dlZfb fh`gh bkihevah\Zlv lhevdh hkgZkldm MijZ\e_gb_ ]jmiih\hc iheblbdhc ihdZaZgh ]eZ\gh_ hdgh hkgZkldb $FWLYH 'LUHFWRU\ ² kZclu b kem`[u \ dhlhjhf ij_^klZ\e_gu ijZdlbq_kdb \k_ hk gh\gu_ we_f_glu k_l_\hc lhiheh]bb kZclu ih^k_lb f_`kZclh\u_ k\yab kh_^bg_ gby b k_j\_ju dhgljhee_ju ^hf_gZ GZ jbk Jbk Ijbf_j ijhklhc k_lb k ^\mfy kZclZfb JZa^_eudZlZeh]Z$FWLYH'LUHFWRU\ bf_oZgbafj_iebdZpbb DZlZeh] $FWLYH 'LUHFWRU\ y\ey_lky jZkij_^_e_gghc k_l_\hc [Zahc ^Zgguo DZ`ûc dhgljhee_j ^hf_gZ y\ey_lky ghkbl_e_f dhibb dZlZeh]Z Ijb wlhf dZ`ûc dhgljhe >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb e_j ^hf_gZ fh`_l \ghkblv baf_g_gby \ kh[kl\_ggmx dhibx dZlZeh]Z b \k_ ijhba \_^_ggu_ baf_g_gby ^he`gu [ulv Z\lhfZlbq_kdb jZkijhkljZg_gu gZ ^jm]b_ dh ibb Ihwlhfm kem`[Z dZlZeh]Z ^he`gZ jZkiheZ]Zlv f_oZgbafhf dhlhjuc [u h[_k i_qbe ih^^_j`Zgb_ hl^_evguo dhibc dZlZeh]Z \ kh]eZkh\Zgghf khklhygbb < ih^h[guo kemqZyo ljZ^bpbhggh bkihevamxl f_oZgbaf kbgojhgbaZpbb hkgh\Zg guc gZ h[f_g_ f_`^m ghkbl_eyfb dhibb dZlZeh]Z bgnhjfZpb_c h[ baf_g_gbyo Ihkdhevdm gZ dZ`ûc ghkbl_ev dZlZeh]Z i_j_^Z_lky dhiby j_iebdZ baf_g_gbc wlhl ijhp_kk ihemqbe gZa\Zgb_ j_iebdZpbb UHSOLFDWLRQ baf_g_gbc K lhqdb aj_gby f_oZgbafZ j_iebdZpbb dZlZeh] $FWLYH 'LUHFWRU\ ij_^klZ\ey_l kh[hc g_ p_evgmx b_jZjobq_kdmx kljmdlmjm Z hl^_evgu_ njZ]f_glu dhlhju_ y\eyykv qZklvx dZlZeh]Z h[jZamxl kZfhklhyl_evgh_ ^_j_\h < l_jfbgheh]bb kem`[u $FWLYH 'LUHFWRU\ ih^h[gZy kh\hdmighklv \_l\_c gZau\Z_lky ijbe_]Zxsbf ih^^_j_ \hf FRQWLJXRXV VXEWUHH beb dhgl_dklhf bf_g QDPLQJ FRQWH[W JZa^_e_gb_ ijhkljZgkl\Z bf_g dZlZeh]Z gZ njZ]f_glu iha\hey_l hilbfbabjh\Zlv ijhp_kk kbgojhgbaZpbb dhibc dZlZeh]Z f_`^m fgh`_kl\hf _]h ghkbl_e_c Wlh ^hk lb]Z_lky aZ kq_l lh]h qlh \ dZ`^hf dhgl_dkl_ bf_g ojZgblky bgnhjfZpby hij_^_ e_ggh]h \b^Z Ih mfheqZgbx dZlZeh] $FWLYH 'LUHFWRU\ ih^_e_g gZ ljb dhgl_dklZ bf_g dhlhju_ gZau\Zxlky jZa^_eZfb dZlZeh]Z GLUHFWRU\ SDUWLWLRQ X ^hf_gguc jZa^_e dZlZeh]Z beb jZa^_e ^hf_gguo bf_g GRPDLQ SDUWLWLRQ bk ihevam_lky êy jZaf_s_gby bgnhjfZpbb h k_l_\uo j_kmjkZo ijbgZê_`Zsbo d hij_^_e_gghfm ^hf_gm J_iebdb ^hf_ggh]h jZa^_eZ jZkiheZ]Zxlky gZ \k_o dhg ljhee_jZo mdZaZggh]h ^hf_gZ Khhl\_lkl\_ggh baf_g_gby ijhbkoh^ysb_ \ wlhf jZa^_e_ j_iebpbjmxlky lhevdh gZ wlb j_iebdb X jZa^_e ko_fu 6FKHPD SDUWLWLRQ Ihgylb_ ko_fu dZlZeh]Z [ueh ^Zgh \ gZqZe_ ]eZ\u >ey __ ojZg_gby bkihevam_lky ki_pbZevguc h[t_dl dZlZeh]Z Ihkdhevdm ko_fZ y\ey_lky h[s_c êy \k_o ^hf_gh\ e_kZ baf_g_gby \ g_c jZkijhkljZgyxl ky gZ \k_ dhgljhee_ju \k_o ^hf_gh\ X jZa^_e dhgnb]mjZpbb &RQILJXUDWLRQ SDUWLWLRQ kh^_j`bl bgnhjfZpbx bkihev am_fmx jZaebqgufb kbkl_fgufb kem`[Zfb \ lhf qbke_ b kZfhc kem`[hc dZlZ eh]Z < qZklghklb \ jZa^_e_ dhgnb]mjZpbb ojZgblky bgnhjfZpby hibku\Zx sZy lhiheh]bx j_iebdZpbb f_`^m dhgljhee_jZfb ^hf_gZ WlZ bgnhjfZpby g_h[oh^bfZ êy mki_rgh]h nmgdpbhgbjh\Zgby kem`[u dZlZeh]Z \ p_ehf ih wlhfm baf_g_gby \ ^Zgghf jZa^_e_ j_iebpbjmxlky gZ \k_ dhgljhee_ju \ e_km ^hf_gh\ J_iebdb lj_o mdZaZgguo jZa^_eh\ dZlZeh]Z ijbkmlkl\mxl \ h[yaZl_evghf ihjy^d_ gZ \k_o dhgljhee_jZo ^hf_gZ >hf_gguc jZa^_e dZlZeh]Z bg^b\b^mZe_g êy dZ`^h ]h ^hf_gZ J_iebdb jZa^_eZ ko_fu b jZa^_eZ dhgnb]mjZpbb h^bgZdh\u êy \k_o dhgljhee_jh\ ^hf_gZ \ e_km JZa^_eu ko_fu b dhgnb]mjZpbb kms_kl\mxl lZd`_ \h \k_o wda_fieyjZo kem`[ $FWLYH 'LUHFWRU\ /LJKWZHLJKW 'LUHFWRU\ 6HUYLFHV Kem`[u $FWLYH 'LUHFWRU\ h[e_]q_g =eZ\Z gh]h ^hklmiZ d dZlZeh]Zf $' /'6 Dhgl_dkl bf_g beb dhgl_dkl bf_gh\Zgby ih mfheqZgbx GHIDXOW QDPLQJ FRQWH[W g_h[yaZl_e_g \ fhf_gl kha^Zgby wda_fieyjZ kem`[ gh [_a g_]h bkihevah\Zgb_ dZlZeh]Z g_\hafh`gh ihkdhevdm \ wlhf kemqZ_ dZlZeh] g_ kfh`_l \uihegylv k\hx ]eZ\gmx aZ^Zqm bgnhjfZpbhggh]h ojZgbebsZ 1 JBF?Q:GB? GZ k_j\_jZo =eh[Zevgh]h dZlZeh]Z ijbkmlkl\m_l _s_ h^bg jZa^_e ² kh^_j`Zsbc ih^fgh`_kl\h Zljb[mlh\ h[t_dlh\ \k_o ^hf_gguo jZa^_eh\ dZlZeh]Z Ijb wlhf kh klhjhgu deb_glh\ ^Zgguc jZa^_e ^hklmi_g lhevdh êy ql_gby bgnhjfZpbb Ex[hc dhgljhee_j ^hf_gZ $FWLYH 'LUHFWRU\ fh`_l ijhba\h^blv baf_g_gby \ kh[kl \_gguo j_iebdZo dZlZeh]Z \ ex[hc fhf_gl \j_f_gb Ijb wlhf \k_ ijhba\_^_ggu_ baf_g_gby [m^ml kbgojhgbabjh\Zgu k ^jm]bfb j_iebdZfb Ih^h[gZy fh^_ev j_i ebdZpbb ihemqbeZ gZa\Zgb_ j_iebdZpbb k fgh`_kl\hf jZ\ghijZ\guo mqZklgbdh\ PXOWLPDVWHU UHSOLFDWLRQ <ur_kdZaZggh_ g_ hlghkblky d 52'&dhgljhee_jZf ba f_g_gby gZ dhlhjuo g_ j_iebpbjmxlky gZ ^jm]b_ dhgljhee_ju JZa^_euijbeh`_gbc >hihegbl_evgh d i_j_qbke_gguf \ur_ jZa^_eZf \ ^hf_gZo $FWLYH 'LUHFWRU\ gZ [Za_ k_j\_jh\ :LQGRZV 6HUYHU b :LQGRZV 6HUYHU fh]ml [ulv kha^Zgu hkh[u_ jZa^_eu dhlhju_ ihemqbeb gZa\Zgb_ jZa^_eh\ ijbeh`_gbc DSSOLFDWLRQ GLUHFWRU\ SDUWLWLRQV JZa^_eu ijbeh`_gbc fh]ml [ulv kha^Zgu ijb g_h[oh^bfhklb Z^fbgbkljZlhjhf eb[h g_ihkj_^kl\_ggh kZfbfb ijbeh`_gbyfb < jZa^_e_ ijbeh `_gbc fh]ml [ulv jZaf_s_gu ex[u_ h[t_dlu hij_^_e_gby dhlhjuo kh^_j`Zlky \ ko_f_ aZ bkdexq_gb_f km[t_dlh\ ih^kbkl_fu [_ahiZkghklb lZdbo gZijbf_j dZd mq_lgu_ aZibkb ihevah\Zl_e_c beb dhfivxl_jh\ Bkihevah\Zgb_ jZa^_eh\ ijbeh`_gbc iha\hey_l khdjZlblv gZdeZ^gu_ jZkohû \u a\Zggu_ j_iebdZpb_c < hlebqb_ hl lj_o hkgh\guo jZa^_eh\ dZlZeh]Z j_iebpbjm_ fuo gZ \k_ dhgljhee_ju ^hf_gZ jZa^_eu ijbeh`_gbc fh]ml jZkiheZ]Zlvky gZ kljh]h h]h\hj_gguo dhgljhee_jZo :^fbgbkljZlhj fh`_l i_j_qbkeblv dhgljhee_ ju ^hf_gZ gZ dhlhju_ g_h[oh^bfh jZaf_klblv dhibb hij_^_e_ggh]h jZa^_eZ dZlZ eh]Z D ijbf_jm _keb ijbeh`_gb_ êy dhlhjh]h kha^Z_lky jZa^_e bkihevam_lky lhevdh \ ^\mo ^hf_gZo e_kZ lh b dhibb jZa^_eZ ijbeh`_gby ^he`gu [ulv jZaf_ s_gu lhevdh gZ dhgljhee_jZo ^hf_gZ wlbo ^hf_gh\ Z dhgljhee_ju ^jm]bo ^hf_ gh\ g_ [m^ml kh^_j`Zlv ^Zgguc jZa^_e Bf_xlky ^\Z \kljh_gguo jZa^_eZ ijbeh`_gbc dhlhju_ bkihevamxlky kem`[hc '16 êy jZaf_s_gby kh^_j`bfh]h ahg bgl_]jbjh\Zgguo k $FWLYH 'LUHFWRU\ Wlh jZa^_eu )RUHVW'QV=RQHVIRUHVW1DPH b 'RPDLQ'QV=RQHVIRUHVW1DPH Ijb wlhf \f_ klh kmnnbdkZ IRUHVW1DPH \ bf_gb jZa^_eZ mdZau\Z_lky '16bfy dhjg_\h]h ^hf_ gZ e_kZ >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb Nhjfbjh\Zgb_lhiheh]bbj_iebdZpbb Ijhp_kk j_iebdZpbb ij_îheZ]Z_l h[f_g baf_g_gbyfb \ jZa^_eZo dZlZeh]Z f_`^m hl^_evgufb mqZklgbdZfb >ey h[hagZq_gby h^ghklhjhgg_c i_j_^Zqb ^Zgguo hl h^gh]h iZjlg_jZ ih j_iebdZpbb d ^jm]hfm bkihevam_lky l_jfbg kh_^bg_gb_ FRQQHFWLRQ Kh_^bg_gb_ beb ih^dexq_gb_ ij_^klZ\ey_l kh[hc h^ghgZijZ\e_ggh_ kh]eZr_gb_ h j_iebdZpbb aZdexq_ggh_ f_`^m ^\mfy dhgljhee_jZfb ^hf_gZ H^gbf ba gZb[he__ hl\_lkl\_gguo fhf_glh\ \ jZ[hl_ ih^kbkl_fu j_iebdZpbb y\ ey_lky nhjfbjh\Zgb_ bgnjZkljmdlmju kh_^bg_gbc f_`^m bf_xsbfbky dhgljhe e_jZfb ^hf_gZ Ih^h[gZy bgnjZkljmdlmjZ gZau\Z_lky lhiheh]b_c j_iebdZpbb UHSOLFDWLRQ WRSRORJ\ DZ`ûc jZa^_e dZlZeh]Z kljhbl k\hx kh[kl\_ggmx lhiheh ]bx j_iebdZpbb bkihevamy ijb wlhf h[sb_ k ^jm]bfb jZa^_eZfb kh_^bg_gby beb kha^Z\Zy kh[kl\_ggu_ AZ nhjfbjh\Zgb_ lhiheh]bb j_iebdZpbb hl\_qZ_l ki_pbZevguc kbkl_fguc ijhp_kk .QRZOHGJH &RQVLVWHQF\ &KHFNHU .&& Wlhl ijhp_kk \uihegy_lky gZ \k_o dhgljhe e_jZo ^hf_gZ Ijb wlhf .&& hkgh\u\Z_lky gZ bgnhjfZpbb h nbabq_kdhc kljmdlmj_ dZlZeh]Z kh\hdmighklb kZclh\ b k\yaZgguo k gbfb ih^k_l_c I_jbh^bq_kdb Zdlb \babjmykv .&& ijh\_jy_l ^hklmighklv kms_kl\mxsbo kh_^bg_gbc Hkgh\u\Zykv gZ ihemq_gguo ^Zgguo .&& fh`_l i_j_nhjfbjh\Zlv lhiheh]bx j_iebdZpbb êy g_dhlhjh]h jZa^_eZ dZlZeh]Z Bf_ggh .&& hl\_qZ_l aZ mklZgh\e_gb_ kh_^bg_gby k iZjlg_jhf ih j_iebdZpbb Kh_^bg_gby ]_g_jbjmxlky Z\lhfZlbq_kdb ohly kem`[Z dZlZeh]Z ^himkdZ_l hij_^_e_gb_ kh_^bg_gbc g_ihkj_^kl\_ggh Z^fbgbkljZlhjhf Hl^_evgh ke_^m_l kdZaZlv ijh nhjfbjh\Zgb_ lhiheh]bb j_iebdZpbb êy jZa^_eh\ ijbeh`_gbc Ohly Z^fbgbkljZlhj \jmqgmx hij_^_ey_l dhgljhee_ju ojZgysb_ j_iebdb wlbo jZa^_eh\ ]_g_jZpby b ih^^_j`Zgb_ lhiheh]bb j_iebdZpbb êy wlbo jZa^_eh\ hkms_kl\eyxlky k_j\bkhf .&& Z\lhfZlbq_kdb Kem`[Zj_iebdZpbbnZceh\ )56 DZlZeh] jZkkfZljb\Z_lky dZd p_gljZebah\Zggh_ f_klh ojZg_gby bgnhjfZpbb h k_l_\uo j_kmjkZo H^gZdh \ kbem hij_^_e_gguo ijbqbg g_dhlhjZy qZklv bgnhj fZpbb g_ fh`_l [ulv jZaf_s_gZ \ dZlZeh]_ GZijbf_j ki_pbZevgZy k_l_\Zy iZidZ 1(7/2*21 /RJRQ VHUYHU VKDUH bkihevam_lky êy ojZg_gby bgnhjfZpbb g_h[oh ^bfhc êy j_]bkljZpbb \ k_lb WlZ iZidZ ij_^gZagZq_gZ êy jZaf_s_gby i_j_f_ sZ_fuo beb h[yaZl_evguo ijhnbe_c ihevah\Zl_e_c kp_gZjb_\ j_]bkljZpbb ]jmi ih\uo iheblbd b l i >ZggZy bgnhjfZpby `bag_ggh g_h[oh^bfZ êy dhjj_dlgh]h nmgdpbhgbjh\Zgby k_lb Ijb wlhf lj_[m_lky qlh[u wlZ iZidZ ijbkmlkl\h\ZeZ gZ \k_o dhgljhee_jZo ^hf_gZ Kem`[Z j_iebdZpbb nZceh\ )LOH 5HSOLFDWLRQ 6HUYLFH )56 ij_^klZ\ey_l kh[hc klZg^Zjlguc f_oZgbaf j_iebdZpbb k fgh`_kl\hf jZ\ghijZ\guo mqZklgbdh\ GZ dhgljhee_jZo ^hf_gZ kem`[Z )56 \uihegy_l kbgojhgbaZpbx kh^_j`bfh]h kbkl_f =eZ\Z gh]h lhfZ 6<692/ /RJRQ VHUYHU VKDUH Lhf 6<692/ kha^Z_lky gZ dZ`^hf k_j\_j_ g_ihkj_^kl\_ggh \ oh^_ ih\ur_gby _]h ^h dhgljhee_jZ ^hf_gZ b bkihevam_lky êy jZaf_s_gby kbkl_fguo nZceh\ h[s_]h ^hklmiZ < qZklghklb bf_ggh \gmljb g_]h jZkiheZ]Z_lky m`_ mihfbgZ\rZyky iZidZ 1(7/2*21 Ihfbfh wlh]h \ lhf_ 6<692/ jZaf_sZxlky \k_ rZ[ehgu ^hf_gguo h[t_dlh\ ]jmiih\hc iheblbdb kf ^Ze__ < ^hf_gZo jZ[hlZxsbo \ j_`bf_ :LQGRZV 6HUYHU ihy\beZkv gh\Zy \hafh`ghklv ² êy j_iebdZpbb lhfZ 6<692/ fh`gh bkihevah\Zlv kem`[m ')6 5HSOLFDWLRQ qlh iha\hey_l agZqbl_evgh mf_gvrblv ljZnbd j_iebdZpbb G_h[oh^bfh ihgbfZlv qlh nZdlbq_kdb f_oZgbaf j_iebdZpbb kem`[u dZlZeh]Z b kem`[Z j_iebdZpbb nZceh\ ij_^klZ\eyxl kh[hc ^\_ jZaebqguo kem`[u ^_ckl \mxsb_ g_aZ\bkbfh ^jm] hl ^jm]Z H[ wlhf hkh[_ggh \Z`gh ihfgblv ijb jZ[hl_ k h[t_dlZfb ]jmiih\uo iheblbd *32 ihkdhevdm hgb bf_xl ^\_ qZklb ^hf_g gmx ojZgysmxky \ dZlZeh]_ $FWLYH 'LUHFWRU\ b nZceh\mx ojZgysmxky gZ ^bkd_ \ lhf_ 6<692/ ?keb baf_g_gby \ h^ghc qZklb g_ kbgojhgbabjh\Zgu k baf_g_ gbyfb \ ^jm]hc kdZ`_f baaZ hrb[hd j_iebdZpbb \ h^ghc ba kem`[ p_ehklghklv *32h[t_dlZ gZjmrZ_lky MijZ\e_gb_j_iebdZpb_cbadhfZg^ghckljhdb ?keb Z^fbgbkljZlb\gu_ hkgZkldb g_^hklmigu beb lj_[m_lky ^_lZevguc ZgZeba lhiheh]bb j_iebdZpbb Z lZd`_ ijbgm^bl_evgZy j_iebdZpby hl^_evguo jZa^_eh\ dZlZeh]Z lh hkgh\guf kj_^kl\hf êy jZ[hlu klZgh\blky mlbeblZ 5HSOLFDWLRQ 'LDJ QRVWLFV 7RRO 5HS$GPLQH[H Ba __ fgh]hqbke_gguo \hafh`ghkl_c gb`_ jZkkfZljb \Zxlky lhevdh hkgh\gu_ ² l_ dhlhju_ g_h[oh^bfu êy ZgZebaZ ijZ\bevghklb j_ iebdZpbb b aZimkdZ qZklbqghc j_iebdZpbb Fu g_ [m^_f ijb\h^blv khh[s_gby ]_g_jbjm_fu_ mlbeblhc ihkdhevdm wlh aZgyeh [u hq_gv fgh]h f_klZ h]jZgbqbfky ebrv bkihevam_fufb iZjZf_ljZfb IjhkfhljkibkdZiZjlg_jh\ihj_iebdZpbb I_j\uf b hq_gv \Z`guf rZ]hf \ ijhp_kk_ mijZ\e_gby j_iebdZpb_c y\ey_lky ZgZ eba kibkdZ dhgljhee_jh\iZjlg_jh\ khk_^_c bf_xsbo kh_^bg_gby k mdZaZgguf dhgljhee_jhf ^hf_gZ Z lZd`_ ijhkfhlj lhiheh]bb j_iebdZpbb êy dZ`^h]h dhgl_d klZ bf_g dZlZeh]Z WlZ bgnhjfZpby \ihke_^kl\bb bkihevam_lky dZd ^Zggu_ êy fgh]bo iZjZf_ljh\ mlbeblu 5HS$GPLQ IZjZf_lju k_j\_jZ '& \ ^hf_g_ LQWHUQGRP b i_j_q_gv jZa^_eh\ dZlZeh]Z j_ieb pbjm_fuo hl ^jm]bo dhgljhee_jh\ fh`gh \b^_lv k ihfhsvx ke_^mxs_c dhfZgû GFLQWHUQGRP ?keb bfy k_j\_jZ gZ mdZau\Z_lky lh hlh[jZ`Z_lky bgnhjfZpby êy ehdZevgh]h dhgljhee_jZ WlZ dhfZg^Z iha\hey_l \b^_lv gZkdhevdh mki_rgh \uihegyeZkv j_i ebdZpby êy bf_xsboky jZa^_eh\ >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb Qlh[u lZd`_ \b^_lv iZjlg_jh\ ih bkoh^ys_c j_iebdZpbb \ gZijZ\e_gbb hl mdZ aZggh]h k_j\_jZ d ^jm]bf dhgljhee_jZf ^h[Z\vl_ d ij_û^ms_c dhfZg^_ iZjZ f_lj DOO < kemqZ_ gZebqby hrb[hd ihe_agh \dexqblv j_`bf ih^jh[gh]h ijhlhdhebjh\Zgby ² ^h[Z\blv iZjZf_lj YHUERVH IjhkfhljkibkdZkh_^bg_gbckiZjlg_jZfbihj_iebdZpbb KZfmx ih^jh[gmx bgnhjfZpbx h kh_^bg_gbyo lhiheh]bb j_iebdZpbb mklZgh\ e_gguo êy dhgljhee_jZ ^hf_gZ fh`gh m\b^_lv k ihfhsvx ke_^mxs_c dhfZgû GFLQWHUQGRP '& < wlhc dhfZg^_ fh`gh mdZaZlv X '16bfy dhgljhee_jZ ^hf_gZ dhlhjuc [m^_l kem`blv bklhqgbdhf bgnhjfZ pbb X 5'1bfy beb b^_glbnbdZlhj *8,' beb hlebqbl_evgh_ bfy h[t_dlZ '6$ bg l_j_kmxs_]h \Zk dhgljhee_jZ ;_a \lhjh]h iZjZf_ljZ mlbeblZ \u\_^_l kibkhd \k_o kh_^bg_gbc êy kZclZ \ dhlh jhf gZoh^blky mdZaZgguc dhgljhee_j ^hf_gZ WlZ dhfZg^Z iha\hey_l \b^_lv dZdb_ jZa^_eu dZlZeh]Z ih dZdbf kh_^bg_gbyf j_i ebpbjmxlky b k dZdbfb dhgljhee_jZfb hgZ hlh[jZ`Z_l \k_ g_bkijZ\gu_ kh_^b g_gby dhlhju_ g_ j_iebpbjh\Zebkv \ l_q_gb_ hij_^_e_ggh]h \j_f_gb Z lZd`_ \hafh`gu_ ijbqbgu wlbo g_bkijZ\ghkl_c <k_ hrb[db ke_^m_l lsZl_evgh ZgZeb abjh\Zlv ihkdhevdm hgb fh]ml k\b^_l_evkl\h\Zlv h k_jv_aguo gZjmr_gbyo jZ[hlu hl^_evguo dhgljhee_jh\ beb ^hf_gZ \ p_ehf Ijbgm^bl_evgucaZimkdj_iebdZpbb K ihfhsvx mlbeblu 5HS$GPLQ fh`gh hq_gv ]b[dh mijZ\eylv j_iebdZpb_c >ey \u[jZggh]h dhgljhee_jZ ^hf_gZ \hafh`gu ke_^mxsb_ \bû j_iebdZpbb X h^bg jZa^_e dZlZeh]Z j_iebpbjm_lky hl ^jm]h]h dhgljhee_jZ ^hf_gZ X h^bg jZa^_e dZlZeh]Z j_iebpbjm_lky hl \k_o iZjlg_jh\ ih j_iebdZpbb X \k_ jZa^_eu dZlZeh]Z j_iebpbjm_lky hl \k_o iZjlg_jh\ ih j_iebdZpbb X jZa^_e dZlZeh]Z j_iebpbjm_lky f_`^m kZclZfb X j_iebdZpby \ h[jZlghf gZijZ\e_gbb h[uqgh baf_g_gby dhibjmxlky hl iZjl g_jh\ SXOO PRGH fh`gh \u[jZlv h[jZlgh_ gZijZ\e_gb_ SXVK PRGH dh]^Z ba f_g_gby gZ dhgljhee_j_ [m^ml dhibjh\Zlvky _]h iZjlg_jZf ih j_iebdZpbb JZkkfhljbf wlb \bû j_iebdZpbb ih^jh[g__ =eZ\Z J_iebdZpby f_`^m ^\mfy iZjlg_jZfb Ke_^mxsZy dhfZg^Z iha\hey_l j_iebpbjh\Zlv jZa^_e ^hf_gguo bf_g f_`^m ^\mfy mdZaZggufb dhgljhee_jZfb GFLQWHUQGRP GFLQWHUQGRP '& LQWHUQ'& GRP H[uqgh ihke_ \\h^Z dhfZgû gm`gh `^Zlv ^h l_o ihj ihdZ hi_jZpby g_ [m^_l aZ dhgq_gZ Beb `_ hi_jZpbx fh`gh aZimklblv \ Zkbgojhgghf j_`bf_ ^h[Z\blv iZ jZf_lj DV\QF b ijh\_jylv hq_j_^v j_iebdZpbb qlh[u m\b^_lv fhf_gl hdhgqZgby wlhc hi_jZpbb dhfZg^Z UHSDGPLQ TXHXH J_iebdZpby hl \k_o iZjlg_jh\ dh \k_f iZjlg_jZf DhfZg^Z UHSDGPLQ V\QFDOO iha\hey_l kbgojhgbabjh\Zlv jZa^_e dZlZeh]Z f_`^m dhgljhee_jhf ^hf_gZ b \k_fb _]h iZjlg_jZfb >h[Z\b\ iZjZf_lj $ fh`gh lZd`_ bgbpbbjh\Zlv j_iebdZpbx \k_o jZa^_eh\ ojZgysboky gZ mdZaZgghf dhgljhee_j_ kf gb`_ GZijbf_j ke_^mxsZy dhfZg^Z aZimkdZ_l j_iebdZpbx jZa^_eZ ^hf_g guo bf_g hl \k_o iZjlg_jh\ mdZaZggh]h k_j\_jZ GFLQWHUQGRP '& LQWHUQ'& GRP Dh]^Z dhfZg^Z \uihegy_lky mki_rgh hgZ hlh[jZ`Z_l bf_gZ \k_o iZjlg_jh\ ih j_ iebdZpbb b \ dhgp_ ^he`gZ \u^Zlv khh[s_gb_ h[ hlkmlkl\bb hrb[hd JZaebqb_ f_`^m ijb\_^_gghc \ur_ dhfZg^hc b hi_jZpb_c j_iebdZpbb dhlhjmx fh`gh \uihegblv \ hdg_ hkgZkldb $FWLYH 'LUHFWRU\ ² kZclu b kem`[u êy g_dhlhjh]h kh_^bg_gby f_`^m dhgljhee_jZfb khklhbl \ ke_^mxs_f X dhfZg^Z \uihegy_l j_iebdZpbx lhevdh h^gh]h jZa^_eZ h^gZdh hl \k_o bklhq gbdh\iZjlg_jh\ ih j_iebdZpbb X \ hdg_ hkgZkldb fh`gh bgbpbbjh\Zlv j_iebdZpbx \k_o aZ^_ckl\h\Zgguo \ \u [jZgghf kh_^bg_gbb jZa^_eh\ h^gZdh lhevdh hl h^gh]h iZjlg_jZ < GBF:GB? ?keb \ dhfZg^_ UHSDGPLQ V\QFDOO g_ mdZau\Z_lky dhgl_dkl bf_g lh j_iebpb jm_lky lhevdh jZa^_e &RQILJXUDWLRQ Ke_^mxsZy dhfZg^Z aZimkdZ_l j_iebdZpbx \k_o jZa^_eh\ dhgljhee_jZ '& hl \k_o _]h iZjlg_jh\ ih j_iebdZpbb UHSDGPLQ V\QFDOO GFLQWHUQGRP $ Ihe_agu _s_ ^\Z iZjZf_ljZ dhfZgû X H ² jZaj_rZ_l j_iebdZpbx f_`^m kZclZfb X 3 aZ]eZ\gZy [md\Z ² f_gy_l gZijZ\e_gb_ j_iebdZpbb gZ ijhlb\hiheh`gh_ Dh]^Z bkihevam_lky wlhl iZjZf_lj baf_g_gby jZkijhkljZgyxlky hl mdZaZggh]h dhgljhee_jZ dh \k_f _]h iZjlg_jZf ih mfheqZgbx \k_ gZh[hjhl >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb HkgZkldZ$FWLYH'LUHFWRU\'RPDLQVDQG7UXVWV HkgZkldZ $FWLYH 'LUHFWRU\ ² ^hf_gu b ^h\_ jb_ \ i_j\mx hq_j_^v lj_[m_lky ijb jZ[hl_ k e_kZfb kh fgh`_kl\hf ^hf_gh\ ih kdhevdm ij_^hklZ\ey_l \hafh`ghklv [ukljh]h ijhkfhljZ e_kZ ^hf_gh\ b \u[hjZ Z^fbgbkljbjm_fh]h ^hf_gZ LZd`_ hgZ iha\hey_l mijZ\eylv ^h\_jbl_evgufb hl ghr_gbyfb \gmljb e_kZ b k\yayfb kh \g_rgbfb ^hf_gZfb e_kZfb GZ jbk ihdZaZgh ]eZ\gh_ hdgh wlhc hkgZkldb ]^_ \ dZq_kl\_ ijbf_jZ hlh[jZ `Z_lky kljmdlmjZ ijhklh]h e_kZ khklhys_]h ba ^\mo ^hf_gh\ k dhjg_\uf ^hf_ghf LQWHUQGRP ?keb \u[jZlv ^hf_g \ hdg_ kljmdlmju b \uihegblv dhfZg^m MijZ\e_gb_ ijbkmlkl\mxsmx \ dhgl_dklghf f_gx beb \ f_gx >_ckl \b_ lh êy Z^fbgbkljbjh\Zgby wlh]h ^hf_gZ [m^_l aZims_gZ hkgZkldZ $FWLYH 'LUHFWRU\ ² ihevah\Zl_eb b dhfivxl_ju Jbk <u[hj Z^fbgbkljbjm_fh]h ^hf_gZ \ e_km ^hf_gh\ J_`bfujZ[hlu^hf_gh\ IXQFWLRQDOOHYHOV >hf_gu $FWLYH 'LUHFWRU\ fh]ml bf_lv jZagu_ mjh\gb nmgdpbhgZevghklb IXQFWLRQDO OHYHOV beb j_`bfu jZ[hlu qlh hij_^_ey_lky \_jkbyfb hi_jZpbhgguo kbkl_f bkihevam_fuo gZ dhgljhee_jZo ^hf_gh\ Hl mjh\gy jZ[hlu ^hf_gZ aZ\bkbl \ha fh`ghklv \uiheg_gby g_dhlhjuo nmgdpbc dhlhju_ g_ j_Zebamxlky gZ dhgljhee_ jZo ij_û^msbo \_jkbc :LQGRZV 6HUYHU beb :LQGRZV 6HUYHU =eZ\Z =h\hjy h j_`bfZo beb nmgdpbhgZevguo mjh\gyo ^hf_gh\ b e_kZ gm`gh kjZam hl f_lblv g_dhlhju_ \Z`gu_ fhf_glu X g_\hafh`gh ihgbablv nmgdpbhgZevguc mjh\_gv ^hf_gZ beb e_kZ [_a i_j_mk lZgh\db $FWLYH 'LUHFWRU\ \ wlhf ^hf_g_ beb iheghc j_hj]ZgbaZpbb e_kZ X ihke_ ih\ur_gby mjh\gy ^hf_gZ \ ^hf_g_ g_evay kha^Z\Zlv dhgljhee_ju gZ [Za_ k_j\_jh\ [he__ feZ^rbo \_jkbc X g_h[yaZl_evgh qlh[u \k_ ^hf_gu \ ^_j_\_ jZ[hlZeb gZ h^ghf nmgdpbhgZevghf mjh\g_ gm`gh lhevdh ihgbfZlv qlh g_\hafh`gh gZijbf_j \ e_km ^hf_gh\ jZ[hlZxs_f \ j_`bf_ :LQGRZV 6HUYHU bf_lv ^hf_g mjh\gy :LQGRZV 6HUYHU wlh h[tykgy_lky l_f qlh jZa^_e 6FKHPD y\ey_lky h[sbf êy \k_]h e_kZ X nmgdpbhgZevguc mjh\_gv ^hf_gZ gbdZd g_ \eby_l gZ jZ[hlm deb_glh\ ² wlh dZkZ_lky Zml_glbnbdZpbb ^hklmiZ d j_kmjkZf b l ^ < ke_^mxs_c lZ[ebp_ mdZaZgu \hafh`gu_ nmgdpbhgZevgu_ mjh\gb ^hf_gZ b lb iu dhgljhee_jh\ ^hf_gZ dhlhju_ fh]ml ijbkmlkl\h\Zlv beb kha^Z\Zlvky gZ wlbo mjh\gyo NmgdpbhgZevguc mjh\_gv ^hf_gZ hkgh\ghc j_`bf Ih^^_j`b\Z_fu_ dhgljhee_ju ^hf_gZ b b Lhevdh Gb`_ i_j_qbke_gu hkgh\gu_ \hafh`ghklb bf_xsb_ky êy jZaebqguo j_`bfh\ jZ[hlu ^hf_gh\ $FWLYH 'LUHFWRU\ J_`bf jZ[hlu ^hf_gZ hkgh\ghc j_`bf NmgdpbhgZevgu_ \hafh`ghklb Kha^Zgb_ \eh`_gguo ]jmii [_ahiZkghklb Ih^^_j`dZ mgb\_jkZevguo ]jmii qe_gZfb dhlhjuo fh]ml [ulv mq_lgu_ aZibkb ex[h]h ^hf_gZ Bklhjby b^_glbnbdZlhjh\ dhlhjZy g_h[oh ^bfZ ijb fb]jZpbb mq_lguo aZibk_c Ij_h[jZah\Zgb_ lbih\ ]jmii ]jmii [_ahiZkghklb b ]jmii jZkkuedb >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb hdhgqZgb_ J_`bf jZ[hlu ^hf_gZ NmgdpbhgZevgu_ \hafh`ghklb <k_ \hafh`ghklb ij_û^ms_]h j_`bfZ I_j_bf_gh\Zgb_ dhgljhee_jh\ ^hf_gZ J_]bkljZpby \j_f_gb \oh^Z ihevah\Zl_ey \ ^hf_g Kha^Zgb_ gh\uo mq_lguo aZibk_c dhfivxl_jh\ b ihevah\Z l_e_c \ ijhba\hevguo dhgl_cg_jZo dZlZeh]Z ih mfheqZgbx hgb kha^Zxlky \ dhgl_cg_jZo b ! <u[hjhqgZy Zml_glbnbdZpby nbevljZpby iheghfhqbc ihevah\Zl_e_c b ]jmii h^gh]h ^hf_gZ ih hlghr_gbx d j_kmjkZf ^jm]h]h ^hf_gZ <k_ \hafh`ghklb ij_û^ms_]h j_`bfZ Bkihevah\Zgb_ kem`[u &'() " #$% êy j_iebdZpbb lhfZ J_]bkljZpby \k_c bgnhjfZpbb h \j_f_gb \oh^Z ihevah\Zl_ ey \ ^hf_g \dexqZy bfy _]h jZ[hq_c klZgpbb b dhebq_kl\h g_m^Zqguo ihiulhd GZagZq_gb_ iheblbd iZjhe_c ihevah\Zl_eyf b ]eh[Zevguf ]jmiiZf [_ahiZkghklb Iheghklvx hlkmlkl\m_l j_`bf jZ[hlu kf_rZgguc wlh hagZqZ_l qlh dhgljhee_ju gZ [Za_ :LQGRZV 17 6HUYHU g_ fh]ml gZoh^blvky \ ^hf_gZo \f_kl_ k dhgljhee_jZfb NmgdpbhgZevgu_ mjh\gb e_kZ hij_^_eyxl \hafh`ghklb bf_xsb_ky êy \k_o ^hf_ gh\ e_kZ Gb`_ i_j_qbke_gu bf_xsb_ky nmgdpbhgZevgu_ mjh\gb e_kZ b ih^^_j `b\Z_fu_ \ gbo dhgljhee_ju ^hf_gZ :LQGRZV PL[HG :LQGRZV 6HUYHU NmgdpbhgZevguc mjh\_gv e_kZ Ih^^_j`b\Z_fu_ dhgljhee_ju ^hf_gZ NmgdpbhgZevgu_ mjh\gb êy kms_kl\mxsbo beb gh \uo ^hf_gh\ Ex[u_ ba i_j_qbke_gguo b \ur_ b b Lhevdh Lhevdh =eZ\Z < ke_^mxs_c lZ[ebp_ mdZaZgu \hafh`ghklb êy dZ`^h]h j_`bfZ jZ[hlu e_kZ ^h f_gh\ $FWLYH 'LUHFWRU\ J_`bf jZ[hlu e_kZ NmgdpbhgZevgu_ \hafh`ghklb <k_ klZg^Zjlgu_ hipbb <k_ \hafh`ghklb ij_û^ms_]h j_`bfZ >h\_jbl_evgu_ hlghr_gby gZ mjh\g_ e_kh\ I_j_bf_gh\Zgb_ ^hf_gh\ J_iebdZpby dZlZeh]Z gZ mjh\g_ k\hckl\ we_f_glh\ dZlZeh]Z <hafh`ghklv mklZgh\db dhgljhee_jh\ lhevdh êy ql_gby gZ [Za_ !" # $ !# Memqr_ggu_ Ze]hjblfu f_oZgbafh\ j_iebdZpbb b <hafh`ghklv kha^Zgby ki_pbZevguo ]jmii êy Z\lhjbaZpbb gZ hkgh\_ jhe_c >_Zdlb\Zpby b i_j_hij_^_e_gb_ Zljb[mlh\ b deZkkh\ \ ko_f_ dZlZeh]Z % & <k_ \hafh`ghklb ij_û^ms_]h j_`bfZ IhdZ gh\u_ \hafh`gh klb hlkmlkl\mxl \k_ gh\u_ ^hf_gu ih mfheqZgbx [m^ml nmgd pbhgbjh\Zlv \ j_`bf_ ' & Baf_g_gb_nmgdpbhgZevgh]hmjh\gy^hf_gZ Ih\ur_gb_ nmgdpbhgZevgh]h mjh\gy IXQFWLRQDO OHYHO hl^_evgh]h ^hf_gZ beb \k_ ]h e_kZ hkms_kl\ey_lky k ihfhsvx hkgZkldb $FWLYH 'LUHFWRU\ ² ^hf_gu b ^h\_jb_ Baf_gblv j_`bf jZ[hlu beb nmgdpbhgZev guc mjh\_gv ^hf_gZ fh`gh b ijb ihfhsb hkgZkldb $FWLYH 'LUHFWRU\ ² ihevah\Zl_eb b dhfivxl_ju Qlh[u ih\ukblv nmgdpbhgZevguc mjh\_gv ^hf_gZ \u[_jbl_ _]h bfy \ ^_j_\_ ^h f_gh\ b \ dhgl_dklghf f_gx \uihegbl_ dhfZg^m Baf_g_gb_ j_`bfZ jZ[hlu ^hf_gZ kf jbk < ke_^mxs_f hdg_ jbk [m^ml mdZaZgu l_dmsbc mjh\_gv ^hf_gZ b gh\u_ \hafh`gu_ mjh\gb _keb lZdh\u_ bf_xlky ?keb \ \u[jZgghf ^hf_g_ \k_ dhgljhee_ju jZ[hlZxl ih^ mijZ\e_gb_f :LQGRZV 6HUYHU fh`gh kjZam i_j_clb gZ nmgdpbhgZevguc mjh\_gv <u[_jbl_ lj_[m_fuc mjh\_gv ba kibkdZ b gZ`fbl_ dghidm Baf_gblv >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb ?keb \ ^hf_g_ ijbkmlkl\mxl dhgljhee_ju gZ [Za_ feZ^rbo kbkl_f :LQGRZV beb :LQGRZV 6HUYHU \hagbdg_l hrb[dZ Kbkl_fZ khh[sbl h dhgljhee_jZo ij_iylkl\mxsbo ih\ur_gbx nmgdpbhgZevgh]h mjh\gy wlm bgnhjfZpbx fh`gh [m^_l khojZgblv \ nZce_ Jbk <u[hj nmgdpbhgZevgh]h mjh\gy ^hf_gZ < kemqZ_ \uiheg_gby mkeh\bc ih\ur_gby mjh\gy hi_jZpby \uihegy_lky b __ j_ amevlZl j_iebpbjm_lky gZ \k_ dhgljhee_ju \u[jZggh]h ^hf_gZ G_h[oh^bfh ^h` ^Zlvky hdhgqZgby j_iebdZpbb ihke_ q_]h fh`gh ijh\_jblv l_dmsbc nmgdpbhgZev guc mjh\_gv ^hf_gZ Qlh[u ih\ukblv mjh\_gv e_kZ \u[_jbl_ \ hdg_ hkgZkldb dhj_gv ^_j_\Z h[t_dlh\ b \uihegbl_ \ dhgl_dklghf f_gx dhfZg^m Baf_g_gb_ j_`bfZ jZ[hlu e_kZ HiylvlZdb \k_ \hafh`gu_ hrb[db [m^ml h[gZjm`_gu b bo fh`gh [m^_l khojZgblv ?keb ^\Z e_kZ ^hf_gh\ nmgdpbhgbjmxl gZ mjh\g_ b \ur_ lh ijb ihfhsb hkgZkldb $FWLYH 'LUHFWRU\ ² ^hf_gu b ^h\_jb_ f_`^m dhjg_\ufb ^hf_gZfb wlbo e_kh\ fh`gh mklZgh\blv ^h \_jbl_evgu_ hlghr_gby gZ mjh\g_ e_kh\ IRUHVW WUXVWV Ijh\_jdZ^h\_jbl_evguohlghr_gbc K ihfhsvx hkgZkldb $FWLYH 'LUHFWRU\ ² ^h f_gu b ^h\_jb_ fh`gh ijh\_jblv ^h\_jbl_evgu_ hlghr_gby f_`^m ^hf_gZfb b =eZ\Z kha^Z\Zlv gh\u_ hlghr_gby < i_j\mx hq_j_^v wlh dZkZ_lky ^h\_jbl_evguo hlgh r_gbc k ^jm]bfb e_kZfb ihkdhevdm lZdb_ hlghr_gby ^he`gu kha^Z\Zlvky \jmq gmx Bgh]^Z lZd`_ \hagbdZ_l g_h[oh^bfhklv kha^Zgby y\guo h^ghklhjhggbo ^h \_jbl_evguo hlghr_gbc f_`^m ^hf_gZfb $FWLYH 'LUHFWRU\ hlghkysboky d jZaguf ^hf_gguf ^_j_\vyf beb e_kZf ² ijb gZebqbb ^h\_jbl_evguo hlghr_gbc gZ mjh\g_ e_kh\ IRUHVW WUXVWV beb ^Z`_ d h^ghfm ^_j_\m >ey ijh\_jdb ^h\_jbl_evgh]h hlghr_gby f_`^m ^hf_gZfb \hkihevamcl_kv ke_ ^mxs_c ijhp_^mjhc Hldjhcl_ hdgh k\hckl\ ^hf_gZ <u[_jbl_ hlghr_gb_ gZ \deZ^d_ >h\_jby jbk b gZ`fbl_ dghidm K\hckl\Z Jbk Ijhkfhlj k\hckl\ ^h\_jbl_evguo hlghr_gbc f_`^m ^hf_gZfb >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb < hldju\r_fky hdg_ gZ`fbl_ dghidm Ijh\_jdZ Ijb gZebqbb ^\m klhjhggbo hlghr_gbc \k_]^Z ijh\_jy_lky bkoh^ys__ RXWJRLQJ hlghr_gb_ b ij_êZ]Z_lky \\_klb mq_lgu_ ^Zggu_ Z^fbgbkljZlhjZ ^jm]h]h ^hf_gZ êy ijh \_jdb \oh^ys_]h LQFRPLQJ hlghr_gby ?keb h[Z hlghr_gby gZoh^ylky \ jZ[h q_f khklhygbb ihy\ey_lky khh[s_gb_ 7KH WUXVW KDV EHHQ YHULILHG ,W LV LQ SODFH DQG DFWLYH >h\_jb_ ijh\_j_gh Hgh jZ[hlhkihkh[gh b Zdlb\gh ?keb kbkl_fZ khh[sZ_l h[ hrb[d_ b ij_êZ]Z_l aZgh\h bgbpbZebabjh\Zlv UHVHW hlghr_gb_ hl\_lvl_ ml\_j^bl_evgh H[uqgh \ wlhf kemqZ_ hlghr_gby mki_rgh \hkklZgZ\eb\Zxlky >ey ijh\_jdb b h[gh\e_gby ^h\_jbl_evguo hlghr_gbc fh`gh lZd`_ ihevah\Zlvky mlbeblhc GZijbf_j ke_^mxsZy dhfZg^Z ijh\_jy_l hlghr_gby .HUEHURV f_`^m ^\mfy ^hf_gZfb \ e_km bfy h^gh]h ^hf_gZ mdZau\Z_lky g_ihkj_^ kl\_ggh dZd iZjZf_lj Z bfy ^jm]h]h aZ^Z_lky iZjZf_ljhf ' ijb wlhf g_h[oh^bfh \\h^blv mq_lgu_ ^Zggu_ Z^fbgbkljZlhjh\ h[hbo ^hf_gh\ !êy ^hf_gZ " # !êy ^hf_gZ " '>h\_jbl_evgh_ hlghr_gb_ f_`^m ^hf_ghf % $%% ?keb \u aZj_]bkljbjh\Zgu \ ^hf_g_ klZlhqgh \\_klb lZdmx dhfZg^m $%% & $ b mki_rgh ijh\_j_gh( LQWHUQGRP k ijZ\Zfb Z^fbgbkljZlhjZ lh ^h >ey ih\lhjghc bgbpbZebaZpbb f_`^hf_gguo hlghr_gbc \ ijb\_^_gguo dhfZg^Zo \f_klh iZjZf_ljZ )* $ gm`gh bkihevah\Zlv dexq ) ?keb bf_xlky ijh[e_fu k\yaZggu_ k ^h\_jbl_evgufb hlghr_gbyfb lh bo fh`gh ehdZebah\Zlv k ihfhsvx dhfZg^ *+, beb % ) -. ijh\_jyy hlghr_gby f_`^m hl^_evgufb dhgljhee_jZfb ^hf_gZ l _ ijh\_jyy bo ihiZjgh HkgZkldZ$'6,(GLW Fh`gh kdZaZlv qlh hkgZkldZ J_^Zdlbjh\Zgb_ $'6, êy $FWLYH 'LUHFWRU\ b]jZ_l lZdmx `_ jhev qlh b mlbeblZ 5HJHGLWH[H êy kbkl_fgh]h j__kljZ K ihfhsvx wlhc hkgZkldb fh`gh ihemqblv gbadhmjh\g_\uc ^hklmi d dZlZeh]Zf $FWLYH 'LUHFWRU\ =eZ\Z JZg__ hkgZkldZ J_^Zdlbjh\Zgb_ $'6, \oh^beZ \ khklZ\ iZd_lZ Z \ kbkl_fZo :LQGRZV 6HUYHU hgZ y\ey_lky klZg^Zjl guf dhfihg_glhf k_j\_jZ b mklZgZ\eb\Z_lky ijb ^h[Z\e_gbb khhl\_lkl\mxsbo jhe_c LZd`_ hgZ \oh^bl \ khklZ\ kj_^kl\ m^Ze_ggh]h Z^fbgbkljbjh\Zgby kf jbk HkgZkldZ J_^Zdlbjh\Zgb_ $'6, jZ[hlZ_l k ijhkljZgkl\Zfb bf_g dZlZeh]Z $FWLYH 'LUHFWRU\ lZd`_ gZau\Z_fufb dhgl_dklZfb beb jZa^_eZfb dZlZeh]Z >ey ^hf_gghc kem`[u $FWLYH 'LUHFWRU\ bf_xlky ljb klZg^Zjlguo jZa^_eZ i_j_qbke_gguo gb`_ êy ijbf_jZ \ kdh[dZo ijb\_^_gu hlebqbl_evgu_ bf_gZ dhgl_dklh\ êy ^hf_gZ k '16bf_g_f GRPDLQFRP X dhgl_dkl bf_gh\Zgby ih mfheqZgbx 'HIDXOW QDPLQJ FRQWH[W beb ^hf_gguc jZa^_e '& GRPDLQ '& FRP X jZa^_e &RQILJXUDWLRQ &1 &RQILJXUDWLRQ '& GRPDLQ '& FRP X jZa^_e 6FKHPD &1 6FKHPD &1 &RQILJXUDWLRQ '& GRPDLQ '& FRP I_j\uc jZa^_e j_iebpbjm_lky f_`^m \k_fb dhgljhee_jZfb \oh^ysbfb \ dhgdj_l guc ^hf_g >\Z ^jm]bo jZa^_eZ j_iebpbjmxlky f_`^m \k_fb dhgljhee_jZfb \oh ^ysbfb \ ^hf_ggh_ ^_j_\h Djhf_ lh]h \k_ /'$3dZlZeh]b d dhlhjuf hlghkblky b $FWLYH 'LUHFWRU\ bf_xl _s_ h^bg ki_pbZevguc h[t_dl d dhlhjhfm fh`_l ih^dexqZlvky hkgZkldZ :LQGRZV 6XSSRUW 7RROV X 5RRW'6( Wlhl h[t_dl ojZgbl bgnhjfZpbx h[ hkgh\guo k\hckl\Zo dZlZeh]Z \dexqZy i_j_ q_gv bf_xsboky bf_g jZa^_eh\ hg hibku\Z_l dhgnb]mjZpbx b \hafh`ghklb ^Zg gh]h k_j\_jZ dZlZeh]Z < ^hf_gZo gZ [Za_ k_j\_jh\ :LQGRZV 6HUYHU :LQGRZV 6HUYHU hkgZkldZ J_^Zdlbjh\Zgb_ $'6, iha\hey_l lZd`_ ih^dexqZlvky d ex[uf jZa^_ eZf ijbeh`_gbc GZijbf_j _keb gZ dhgljhee_j_ ^hf_gZ mklZgZ\eb\Z_lky '16 k_j\_j lh ih mfheqZgbx kha^Zxlky ^\Z \kljh_gguo jZa^_eZ ijbeh`_gbc X X )RUHVW'QV=RQHV '& )RUHVW'QV=RQHV '& GRPDLQ '& FRP 'RPDLQ'QV=RQHV '& 'RPDLQ'QV=RQHV '& GRPDLQ '& FRP GZ jbk \ dZq_kl\_ ijbf_jZ ihdZaZgh hdgh hkgZkldb ]^_ \uiheg_gu ih^dexq_ gby d ^\mf kem`[Zf dZlZeh]h\ $FWLYH 'LUHFWRU\ kem`[_ ^hf_gZ LQWHUQGRP b wda_fi eyjm kem`[u $' /'6 bf_xs_fm jZa^_e '& 'EDVH H[jZlbl_ \gbfZgb_ gZ lh qlh ^\_ kem`[u dZlZeh]Z fh]ml jZkiheZ]Zlvky gZ h^ghf b lhf `_ k_j\_j_ ² '& Ijhkfhlj b j_^Zdlbjh\Zgb_ Zljb[mlh\ h[t_dlh\ dZlZeh]Z \uihegyxlky \ hdg_ k\hckl\ wlh]h h[t_dlZ dhfZg^Z kha^Zgby gh\uo h[t_dlh\ \uau\Z_lky ba dhgl_dkl gh]h f_gx \u[jZggh]h dhgl_cg_jZ >ey kha^Zgby gh\h]h kh_^bg_gby ih^dexq_gby d jZa^_em dZlZeh]Z beb h[t_dlm 5RRW'6( \u[_jbl_ dhj_gv ^_j_\Z \ hdg_ kljmdlmju b \uihegbl_ dhfZg^m >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb Ih^dexq_gb_ d \ dhgl_dklghf f_gx >Zcl_ kh_^bg_gbx bfy \ ihe_ b \\_^bl_ hlebqbl_evgh_ bfy h[t_dlZ beb \u[_jbl_ h^gh ba ij_^hij_^_e_gguo ijh kljZgkl\ bf_g \ kibkd_ <u[_jbl_ ba\_klguc dhgl_dkl bf_gh\Zgby >ey jZ[hlu fh`gh \u[bjZlv ex[u_ ^hf_gu beb k_j\_ju dZlZeh]Z Ijb ih^dexq_gbb d ^hf_gghc kem`[_ $FWLYH 'LUHFWRU\ h[uqgh bkihevam _lky dhgljhee_j gZ dhlhjhf \uiheg_gZ j_]bkljZpby Jbk Hdgh hkgZkldb $'6, (GLW k ijbf_jZfb ih^dexq_gbc d jZaebqguf jZa^_eZf dZlZeh]h\ $FWLYH 'LUHFWRU\ < hdg_ >hihegbl_evgu_ iZjZf_lju êy _]h \uah\Z \ hdg_ gZ`fbl_ dghidm fh`gh mdZaZlv Zevl_jgZlb\gh_ bfy ihevah\Z l_ey b _]h iZjhev ghf_j ihjlZ b ijhlhdhe i_j_dexqZl_ev beb >ey ijhkfhljZ beb baf_g_gby k\hckl\ kh_^bg_gby \uihegbl_ dhfZg^m \ _]h dhgl_dklghf f_gx Ex[h_ kh_^bg_gb_ fh`gh m^Zeblv ijb ihfhsb dhfZgû <k_ kha^Zggu_ ih^dexq_gby d jZa^_eZf dZlZeh]Z khojZgyxlky b Z\lhfZlbq_kdb \hkklZgZ\eb\Zxlky ijb ihke_^mxsbo aZimkdZo hkgZkldb HkgZkldZ$FWLYH'LUHFWRU\6FKHPD HkgZkldZ Ko_fZ $FWLYH 'LUHFWRU\ y\ey_lky hkgh\guf *8,bgkljmf_glhf iha\heyxsbf ijhkfZljb\Zlv b fh^bnbpbjh\Zlv deZkku b Zl jb[mlu dZlZeh]h\ $FWLYH 'LUHFWRU\ b $' /'6 WlZ hkgZkldZ iha\hey_l ijhkfZljb =eZ\Z \Zlv b^_glbnbdZlhju ; 2,' deZkkh\ b Zljb[mlh\ ^bZiZahgu ^himklbfuo agZq_gbc Zljb[mlh\ h[yaZl_evgu_ b g_h[yaZl_evgu_ Zljb[mlu deZkkh\ Z lZd`_ ^jm]mx f_lZbgnhjfZpbx h[ Zljb[mlZo b deZkkZo 1 JBF?Q:GB? >jm]hc bgkljmf_gl iha\heyxsbc jZ[hlZlv kh ko_fhc ² hkgZkldZ J_ ^Zdlbjh\Zgb_ $'6, jZ[hlZ k g_c lj_[m_l agZqbl_evgh [he__ ]em[hdh]h agZdhf kl\Z k \gmlj_ggbf mkljhckl\hf $FWLYH 'LUHFWRU\ >\Z ^jm]bo imlb fh^bnbdZpbb ko_fu ² bkihevah\Zgb_ kp_gZjb_\ beb mlbebl êy iZd_lghc h[jZ[hldb lZdbo dZd /',)'( b &69'( HkgZkldZ Ko_fZ $FWLYH 'LUHFWRU\ ih mfheqZgbx ijbkmlkl\m_l gZ \k_o dhgljhee_jZo ^hf_gZ gh ijb wlhf g_ ihy\ey_lky gb \ f_gx Imkd gb gZ iZg_eb mijZ\e_gby ² __ gm`gh \jmqgmx ^h[Z\eylv d dhgkheb 00& I_j_^ wlbf khhl\_lkl\mxsmx [b[ebhl_dm '// g_h[oh^bfh aZj_]bkljb jh\Zlv k ihfhsvx ke_^mxs_c dhfZgû Jbk Hdgh hkgZkldb $FWLYH 'LUHFWRU\ 6FKHPD >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb AZl_f fh`gh kha^Zlv gh\uc ^hdmf_gl 00& ij_^klZ\eyxsbc kh[hc dhgkhev kh ojZg_ggmx k ijhba\hevguf bf_g_f kh^_j`Zsbc hkgZkldm Ko_fZ $FWLYH 'LUHFWRU\ jbk beb ^h[Z\blv hkgZkldm d m`_ kms_kl \mxs_c ihevah\Zl_evkdhc dhgkheb 1 JBF?Q:GB? Ko_fZ $FWLYH 'LUHFWRU\ fh`_l lZd`_ mklZgZ\ eb\Zlvky gZ ex[hf k_j\_j_ :LQGRZV 6HUYHU \ khklZ\_ gZ[hjZ bgkljmf_glh\ m^Ze_ggh]h Z^fbgbkljbjh\Zgby dZlZeh]h\ $FWLYH 'LUHFWRU\ kf jbk HkgZkldZ < e_km ^hf_gh\ $FWLYH 'LUHFWRU\ baf_g_gby ko_fu jZaj_r_gu lhevdh gZ lhf dhg ljhee_j_ ^hf_gZ dhlhjuc \eZ^__l )602jhevx 6FKHPD 0DVWHU >ey ihbkdZ oh aybgZ ko_fu \ e_km ^hf_gh\ fh`gh \hkihevah\Zlvky dhfZg^hc Ih mfheqZgbx ko_fm fh]ml fh^bnbpbjh\Zlv lhevdh qe_gu ]jmi iu 6FKHPD $GPLQV :^fbgbkljZlhju ko_fu >ey dZlZeh]h\ $' /'6 lj_[mxlky ijZ\Z aZ^Zggu_ ijb mklZgh\d_ wda_fieyjZ dZlZeh]Z Gh\u_\hafh`ghklb]jmiih\uoiheblbd \:LQGRZV6HUYHU < ieZg_ j_ZebaZpbb f_oZgbafZ ]jmiih\uo iheblbd kbkl_fu :LQGRZV 6HUYHU bf_xl fgh]h h[s_]h k :LQGRZV 9LVWD ihkdhevdm y^jh kbkl_f jZajZ[Zlu\Zehkv \ jZfdZo h^gh]h ijh_dlZ Mkbeby jZajZ[hlqbdh\ [ueb gZijZ\e_gu gZ jZkrbj_gb_ \hafh`ghkl_c ]jmiih\uo iheblbd ih mijZ\e_gbx kbkl_fgufb dhfihg_glZfb b ijbeh`_gbyfb Z lZd`_ gZ mijhs_gb_ bkihevah\Zgby iheblbd \ fgh]hyaudh\hc kj_^_ < kbkl_fZo :LQGRZV 6HUYHU k\ur_ ]jmiih\uo iheblbd ihqlb \ ^\Z jZaZ [hevr_ q_f \ ij_û^msbo k_j\_jguo \_jkbyo :LQGRZV ;yevrZy qZklv gh\uo iheblbd hdheh hlghkblky d h[eZklb [_ahiZkghklb >Ze__ i_j_qbke_gu hkgh\gu_ ijbgpbibZevgh gh\u_ \hafh`ghklb ]jmiih\uo iheb lbd \ :LQGRZV 6HUYHU b \ i_j\mx hq_j_^v l_ dhlhju_ bgl_j_kgu ijb jZ[hl_ \ ^hf_gghc kj_^_ G_dhlhju_ kj_^kl\Z ]jmiih\uo iheblbd [ueb j_Zebah\Zgu m`_ \ ij_û^msbo \_jkbyo :LQGRZV h^gZdh \ :LQGRZV 9LVWD:LQGRZV 6HUYHU hgb aZf_lgh fh^_jgbabjh\Zgu b jZkrbj_gu >hihegbl_evgu_h[eZklb dhgljhebjm_fuoiZjZf_ljh\ Ihfbfh ij_îhql_gbc SUHIHUHQFHV ihy\bebkv gh\u_ ]jmiiu iZjZf_ljh\ dhlhju fb fh`gh mijZ\eylv k ihfhsvx ljZ^bpbhgguo ]jmiih\uo iheblbd Kj_^b gbo =eZ\Z hlf_lbf ke_^mxsb_ nmgdpbb b kj_^kl\Z mijZ\e_gb_ g_dhlhjufb ba gbo [ueh \hafh`gh b \ ij_û^msbo \_jkbyo :LQGRZV gh \ :LQGRZV 9LVWD:LQGRZV 6HUYHU ihy\bebkv ^hihegbl_evgu_ iheblbdb X Zglb\bjmkgZy aZsblZ X mijZ\e_gb_ we_dljhiblZgb_f X mklZgh\dZ mkljhckl\ lZdbo dZd 86%gZdhibl_eb &' b '9'ijb\hû b ^jm]b_ kf_ggu_ ghkbl_eb X \kljh_gguc [jZg^fZmwj :LQGRZV :LQGRZV )LUHZDOO X gh\u_ \hafh`ghklb [jZma_jZ ,QWHUQHW ([SORUHU X gZagZq_gb_ ijbgl_jh\ k mq_lhf f_klhiheh`_gby X mklZgh\dZ ^jZc\_jh\ mkljhckl\ ^_e_]bjh\Zgb_ jy^h\uf ihevah\Zl_eyf \ha fh`ghklb mklZgh\db ^jZc\_jh\ êy ijbgl_jh\ X kj_^kl\Z aZsblu ^hklmiZ d k_lb 1HWZRUN $FFHVV &RQWURO 1$3 b ^j X [_kijh\h^gu_ k_lb X ^hklmi d iZg_eyf bgkljmf_glh\ iZg_eb aZ^Zq f_gx Imkd b l ^ X kem`[u l_jfbgZeh\ 7HUPLQDO 6HUYLFHV X ieZgr_lgu_ dhfivxl_ju 7DEOHW 3& X mijZ\e_gb_ mq_lgufb aZibkyfb 8VHU $FFRXQW &RQWURO 8$& X kj_^kl\Z ^bZ]ghklbdb b j_r_gby ijh[e_f Memqr_ggh_mijZ\e_gb_[jZma_jhf,QWHUQHW([SORUHU Gh\Zy \_jkby [jZma_jZ ,QWHUQHW ([SORUHU \dexq_ggZy \ khklZ\ :LQGRZV 9LVWD:LQGRZV 6HUYHU b mklZgZ\eb\Z_fZy \ ij_û^msbo \_jkbyo :LQGRZV iheghklvx mijZ\ey_lky k ihfhsvx ]jmiih\uo iheblbd \ hkh[_gghklb wlh dZkZ_lky \k_o gh\uo \hafh`ghkl_c [jZma_jZ L_i_jv iZjZf_ljZfb [jZma_jZ fh`gh mijZ\ eylv p_gljZebah\Zggh [_a g_h[oh^bfhklb mklZgh\db jZkrbj_gby ,QWHUQHW ([SORUHU 0DLQWHQDQFH ,(0 beb iZd_lZ ,QWHUQHW ([SORUHU $GPLQLVWUDWLRQ .LW ,($. Gh\ucnhjfZlb\hafh`ghklbnZceh\ Z^fbgbkljZlb\guorZ[ehgh\ $'0; < kbkl_fZo :LQGRZV [he__ jZggbo \_jkbc q_f :LQGRZV 9LVWD:LQGRZV 6HUYHU hibkZgby j_]bkljh\uo ]jmiih\uo iheblbd ojZgylky \ l_dklh\uo nZceZo Z^ fbgbkljZlb\guo rZ[ehgh\ dhlhju_ gZau\Zxlky $'0nZceZfb < kbkl_fZo :LQGRZV 9LVWD:LQGRZV 6HUYHU êy ojZg_gby hibkZgbc iheblbd bkihevam_lky >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb gh\uc nhjfZl rZ[ehgh\ ² $'0; dhlhjuc [Zabjm _lky gZ ki_pbnbdZpbb ;0/ $'0;nZceu ^_eylky gZ ^\_ ]jmiiu g_ aZ\bkysb_ hl yaudZ bkihevam_fh]h \ kbk l_f_ b aZ\bkbfu_ hl yaudZ Wlhl ihôh^ iha\hey_l Z^fbgbkljZlhjZf e_]dh \u[b jZlv yaud bkihevam_fuc \ jZ[hl_ b h^gb b l_ `_ iZjZf_lju ]jmiih\uo iheblbd fh]ml [_a ijh[e_f j_^Zdlbjh\Zlvky gZ jZaebqguo yaudZo < ^hf_gZo $FWLYH 'LUHFWRU\ gZ [Za_ :LQGRZV 6HUYHU $'0;nZceu g_ ojZgylky gZ lhf_ 6<692/ Wlh iha\hey_l mf_gvrblv ljZnbd j_iebdZpbb kh^_j`bfh]h lhfZ aZ kq_l mf_gvr_gby jZaf_jZ h[t_dlh\ ]jmiih\hc iheblbdb *32 Kj_^kl\Z Z^fbgbkljbjh\Zgby ]jmiih\uo iheblbd iha\heyxl jZ[hlZlv dZd kh klZ jufb $'0nZceZfb lZd b k gh\uf nhjfZlhf $'0; Wlh h[_ki_qb\Z_l ]b[dhklv ijb jZ[hl_ Z^fbgbkljZlhjZ \ jZaguo \_jkbyo :LQGRZV H^gZdh êy Z^fbgbkljbjh \Zgby iheblbd bkihevamxsbo $'0; g_h[oh^bf dhfivxl_j k hi_jZpbhgghc kbk l_fhc g_ gb`_ :LQGRZV 9LVWD =b[dhklvijbjZ[hl_\jZaguok_lyo 1/$ F_oZgbaf 1/$ iha\hey_l ]jmiih\uf iheblbdZf ]b[dh j_Z]bjh\Zlv gZ baf_g_gb_ k_l_\hc dhgnb]mjZpbb dhfivxl_jZ b ^hklmigh klb j_kmjkh\ qlh hkh[_ggh \Z`gh êy fh[bevguo ihevah\Zl_e_c ;eZ]h^Zjy f_ oZgbafm 1/$ ]jmiih\u_ iheblbdb fh]ml lhqgh hij_^_eblv fhf_gl ]hlh\ghklb k_lb beb k_l_\h]h Z^Zil_jZ b baf_gylv k\h_ ih\_^_gb_ Wlh dZkZ_lky b gZebqby beb hlkmlkl\by k\yab k dhgljhee_jZfb ^hf_gZ Ijbf_g_gb_ ]jmiih\uo iheblbd \hafh`gh ^Z`_ ijb [ehdbjh\d_ ijhlhdheZ ,&03 [jZg^fZmwjhf beb dhjihjZlb\ guf k_l_\uf wdjZghf Kem`[Z*URXS3ROLF\&OLHQW < kbkl_fZo :LQGRZV 9LVWD b :LQGRZV 6HUYHU f_oZgbaf ]jmiih\uo iheblbd iheghklvx bahebjh\Zg hl kem`[u :LQORJRQ qlh h[_ki_qb\Z_l [he__ gZ^_`gmx jZ [hlm b kZfhc kbkl_fu b ]jmiih\uo iheblbd >ey wlh]h ihy\beZkv gh\Zy kem`[Z ² Deb_gl ]jmiih\hc iheblbdb k_j\bk JSVYF Gh\uc ihôh^ ^Z_l g_dhlhju_ ^hihegbl_evgu_ ij_bfms_kl\Z X \ kbkl_f_ fh]ml mklZgZ\eb\Zlvky gh\u_ nZceu ]jmiih\uo iheblbd ijb wlhf g_ lj_[m_lky i_j_aZ]jmadZ hi_jZpbhgghc kbkl_fu X jZ[hlZ ]jmiih\uo iheblbd [he__ wnn_dlb\gZ ihkdhevdm jZkoh^m_lky f_gvr_ j_kmjkh\ bkihevam_fuo \ nhgh\hf j_`bf_ X mf_gvrZ_lky jZaf_j aZgylhc iZfylb b ih\urZ_lky h[sZy ijhba\h^bl_evghklv =eZ\Z Kbkl_fgu_kh[ulbyb`mjgZeu ;eZ]h^Zjy gZebqbx gh\hc kZfhklhyl_evghc kem`[u *URXS 3ROLF\ &OLHQW Deb_gl ]jmiih\hc iheblbdb mijhsZ_lky j_]bkljZpby kh[ulbc k\yaZgguo k ijbf_g_gb_f ]jmiih\uo iheblbd Wlh iha\hey_l mijhklblv ehdZebaZpbx hrb[hd b ih\ukblv bgnhjfZpbhggmx p_gghklv aZibk_c \ `mjgZe_ kh[ulbc < hdg_ hkgZkldb Ijhkfhlj kh[ulbc `mjgZe *URXS3ROLF\ fh`gh gZclb \ iZid_ @mjgZeu ijbeh`_gbc b kem`[ <hafh`ghklvkha^Zgbyg_kdhevdboehdZevguo h[t_dlh\]jmiih\hciheblbdb < kbkl_fZo fh`_l kms_kl\h\Zlv g_kdhevdh eh dZevguo h[t_dlh\ ]jmiih\uo iheblbd wlh mgbdZevgZy êy kbkl_f \ha fh`ghklv dhlhjZy mijhsZ_l mijZ\e_gb_ kj_^hc \ l_o kemqZyo dh]^Z dhfivxl_j bkihevam_lky g_kdhevdbfb ihevah\Zl_eyfb Hl^_evgu_ iheblbdb fh]ml gZagZqZlv ky jZaguf ehdZevguf ihevah\Zl_eyf beb \kljh_gguf ]jmiiZf GZijbf_j êy jy ^h\uo ihevah\Zl_e_c dhfivxl_jh\ b êy Z^fbgbkljZlhjh\ fh`gh mklZgh\blv jZa ebqgu_ ]jmiih\u_ iheblbdb :^fbgbkljZlhju kbkl_f fh]ml \hh[s_ hldexqblv ijbf_g_gb_ iZjZf_ljh\ ehdZevguo ]jmiih\uo iheblbd êy k\hbo mq_lguo aZibk_c Bkihevah\Zgb_ wlhc \hafh`ghklb [m^_l hibkZgh ^Ze__ :LQGRZV 9LVWD:LQGRZV 6HUYHU ² :LQGRZV HkgZkldZ*URXS3ROLF\0DQDJHPHQW HkgZkldZ MijZ\e_gb_ ]jmiih\hc iheblbdhc iha\hey_l p_gljZebah\Zggh mijZ\eylv h[t_dlZfb ]jmiih\uo iheblbd \ fgh]h^h f_gguo e_kZo mijhsZy fgh]b_ jmlbggu_ hi_jZpbb Z lZd`_ khojZ gylv \hkklZgZ\eb\Zlv b i_j_ghkblv h[t_dlu >ey wlm hkgZkldm fh`gh [ueh kdZqZlv ^hihegbl_evgh k \_[ kZclZ l_i_jv hgZ y\ ey_lky rlZlguf dhfihg_glhf kbkl_f ?_ \hafh`ghklb fh`gh bkihevah\Zlv ba Z^fbgbkljZlb\guo kp_gZjb_\ >ZggZy \_jkby hkgZkldb iha\hey_l jZ[hlZlv k gh\uf nhjfZlhf hibkZgby iheblbd nZceZfb Kj_^b kZfuo \Z`guo hi_jZpbc dhlhju_ fh`gh \uihegylv k ihfhsvx hkgZkldb MijZ\e_gb_ ]jmiih\hc iheblbdhc hlf_lbf ke_^mx sb_ b m^Ze_gb_ h[t_dlh\ Z X kha^Zgb_ ijb\yadZ mijZ\e_gb_ k\yayfb lZd`_ \u[hj h[t_dlZ êy j_^Zdlbjh\Zgby h[t_dlh\ X ijhkfhlj agZq_gbc iZjZf_ljh\ X mijZ\e_gb_ gZke_^h\Zgb_f [ehdbjh\dhc b aZij_lhf i_j_hij_^_e_gby h[t_dlh\ JSPFPVF $FWLYH 'LUHFWRU\ *32 :LQGRZV 6HUYHU 0LFURVRIW :LQGRZV 6HUYHU ² $'0; OLQNV *32 *32 *32 >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb X hij_^_e_gb_ j_amevlbjmxs_c iheblbdb ^Zgguo \ j_`bf_ \_^_gby b \ j_`bf_ ieZgbjh\Zgby h[t_dlh\ b agZq_gbc aZ^Zgguo \ gbo iheblbd X ^hdmf_glbjh\Zgb_ k\hckl\ h[t_dlh\ \hkklZgh\e_gb_ h[t_dlh\ ba Zjob\h\ X kha^Zgb_ Zjob\guo dhibc Z lZd`_ bo dhibjh\Zgb_ h[t_dl X bfihjl ]jmiih\uo iheblbd \ mdZaZgguc h[t_dlu b hij_^_e_gb_ ]jmii [_ahiZkghklb X mijZ\e_gb_ jZaj_r_gbyfb gZ d dhlhjuf ijbf_gy_lky h[t_dl nbevljZpby ]jmii nbevljZfb X mijZ\e_gb_ h[t_dlZfb X kha^Zgb_ kp_gZjb_\ iha\heyxsbo mijZ\eylv < kbkl_fZo hkgZkldZ MijZ\e_gb_ ]jmiih\hc iheblbdhc y\ey_lky _^bgkl\_gguf bgkljmf_glhf êy fZgbimebjh\Z gby ^hf_ggufb h[t_dlZfb ]jmiih\hc iheblbdb _keb g_ kqblZlv hkgZkldb J_^Zdlhj h[t_dlh\ ]jmiih\hc iheblbdb iha\heyxs_c j_ ^Zdlbjh\Zlv iZjZf_lju dhgdj_lgh]h \u[jZggh]h h[t_dlZ Hlkmlkl\m_l \ha fh`ghklv dZd \ jZ[hlZlv k iheblbdZfb \ hdg_ hkgZkldb ! " # ihevah\Zl_eb b dhfiv xl_ju \uau\Zlv j_^Zdlhj ]jmiih\uo iheblbd mijZ\eylv [ehdbjh\dhc gZke_ ^h\Zgb_f b l i l_i_jv khhl\_lkl\mxsZy \deZ^dZ \ k\hckl\Zo h[t_dlh\ ^hf_gh\ b ih^jZa^_e_gbc hlkmlkl\m_l HkgZkldZ MijZ\e_gb_ ]jmiih\hc iheblbdhc fh`_l mklZgZ\eb\Zlvky dZd dhfihg_gl gZ ex[hf k_j\_j_ êy wlh]h gm`gh \hkihevah\Zlvky hkgZkldhc >bki_lq_j k_j\_jZ hgZ aZimkdZ_lky ba f_gx $ :^fbgbkljbjh\Zgb_ Z lZd`_ ihy\ey_lky \ kibkd_ dhfih g_glh\ \ hdg_ hkgZkldb >bki_lq_j k_j\_jZ GZ dhgljhee_jZo ^h f_gZ hkgZkldZ mklZgZ\eb\Z_lky Z\lhfZlbq_kdb ijb ih\ur_gbb jheb k_j\_jZ < hdg_ hkgZkldb MijZ\e_gb_ ]jmiih\hc iheblbdhc jbk ij_^klZ\e_gu \k_ dhgl_cg_ju ^hf_gu ih^jZa^_e_gby kZclu kms_kl \mxsb_ \ e_km ^hf_gh\ b bf_xlky ke_^mxsb_ iZidb X ! >hf_gu A^_kv kh^_j`Zlky bf_gZ \k_o ^hf_gh\ \b^bfhklvx dhlh juo fh`gh mijZ\eylv k ihfhsvx dhfZgû % ! IhdZaZlv ^hf_gu b \k_o ih^jZa^_e_gbc \oh^ysbo \ ^hf_g g_ihkj_^kl\_ggh \ wlhc iZid_ fh`gh kha^Z\Zlv b gh\u_ ih^jZa^_e_gby < dZq_kl\_ ^hq_jgbo h[t_dlh\ dZ`^h_ ih^ jZa^_e_gb_ bf__l kibkhd ijb\yaZgguo d g_fm h[t_dlh\ Djhf_ lh]h bf_ _lky iZidZ H[t_dlu ]jmiih\hc iheblbdb \ dhlhjhc i_ j_qbke_gu \k_ h[t_dlu kha^Zggu_ \ dhgdj_lghf ^hf_g_ Z lZd`_ iZidZ & ' Nbevlju ]^_ fh`gh \b^_lv hibkZgby \k_o bf_xsboky \ ^hf_g_ nbevljh\ `mjgZeZ 56R3 ORJJLQJ PRGH SODQQLQJ PRGH *32 *32 *32 *32 *32 :0, *32 :LQGRZV 6HUYHU *32 :LQGRZV 6HUYHU $FWLYH 'LUHFWRU\ ² ² ² *32 *32 :0, =eZ\Z X KZclu <iheg_ hq_\b^gh qlh a^_kv gZoh^blky kibkhd kZclh\ b ijb\y aZgguo d gbf h[t_dlh\ _keb lZdh\u_ bf_xlky X Fh^_ebjh\Zgb_ ]jmiih\hc iheblbdb < wlm iZidm ih f_sZxlky \k_ j_amevlZlu aZijhkh\ ^Zgguo ihemq_ggu_ \ j_`bf_ ieZ *32 gbjh\Zgby 56R3 SODQQLQJ PRGH X ( J_amevlZlu ]jmiih\hc iheblbdb < wlm iZidm ihf_sZ xlky j_amevlZlu aZijhkh\ gZeZ 56R3 ORJJLQJ PRGH ^Zgguo ihemq_ggu_ \ j_`bf_ \_^_gby `mj Jbk Hdgh hkgZkldb *URXS 3ROLF\ 0DQDJHPHQW <k_ dhfZgû bf_xsb_ky êy g_dhlhjhc \u[jZgghc iZidb beb êy h[t_dlZ fh`gh \b^_lv \ dhgl_dklghf f_gx beb \ f_gx >_ckl\b_ ?keb \u[jZlv g_dhlhjh_ ih^jZa^_e_gb_ lh \ ijZ\hc iheh\bg_ hdgZ hkgZkldb gZ \deZ^d_ ) K\yaZggu_ h[t_dlu ]jmiih\hc iheblbdb mdZaZgu h[t_dlu g_ihkj_^kl\_ggh ijb\yaZggu_ d wlhfm ih^jZa^_e_gbx Z gZ \deZ^d_ & % GZke_^h\Zgb_ ]jmiih\hc iheblbdb ohjhrh \b^gZ b_jZjoby h[t_dlh\ l _ kibkhd \k_o h[t_dlh\ ^_ckl\b_ dhlhjuo kh ]eZkgh ijbgpbim gZke_^h\Zgby jZkijhkljZgy_lky gZ \u[jZggh_ ih^jZa^_e_gb_ h[t_dl k gZbf_gvrbf ghf_jhf [m^_l kZfuf ijbhjbl_lguf l _ _]h iZjZf_l *32 *32 *32 ² ² *32 >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb ju fh]ml i_j_hij_^_eblv iZjZf_lju iheblbd aZ^Zggu_ \h \k_o ^jm]bo h[t_dlZo *32 GZqZevgu_h[t_dlu]jmiih\hciheblbdb 6WDUWHU*32 beb klZjlh\u_ h[t_dlu ]jmiih\hc iheblbdb y\eyxlky rZ[ehgZfb dhlhju_ fh`gh bkihevah\Zlv \ihke_^kl\bb ijb kha^Zgbb gh\uo h[t_dlh\ Hgb kh^_j`Zl lhevdh iheblbdb êy dhfivxl_jZ b ihevah\Zl_e_c \oh^ysb_ \ khklZ\ maeZ $ :^fbgbkljZlb\gu_ rZ[ehgu GZqZevgu_ 6WDUWHU *32 *32 kf ^Ze__ ?keb \ hdg_ hkgZkldb MijZ\e_gb_ ]jmiih\hc iheblb dhc \u[jZlv ma_e GZqZevgu_ h[t_dlu ]jmiih\hc iheblbdb lh \gZ qZe_ kh^_j`bfh_ maeZ hlkmlkl\m_l b hlh[jZ`Z_lky dghidZ # ' gZ`Z\ dhlhjmx fh`gh kha^Zlv iZidm êy ojZg_gby gZqZevguo h[t_dlh\ <k_ hi_jZpbb ih jZ[hl_ k gZqZevgufb h[t_dlZfb j_^Zdlbjh\Zgb_ Zjob\Z pby b \hkklZgh\e_gb_ g_ hlebqZxlky hl h[uqguo fZgbimeypbc k h[t_dlZfb g_\hafh`gZ ebrv ijb\yadZ h[t_dlZ d dhgl_cg_jZf dZlZeh]Z Ijb kha^Zgbb gh\h]h h[t_dlZ fh`gh mdZaZlv dZdhc gZqZev guc h[t_dl [_j_lky aZ hkgh\m jbk \k_ aZ^Zggu_ \ g_f iZjZf_lju kjZam [m^ml i_j_g_k_gu \ gh\uc h[t_dl *32 *32 ² ² *32 *32 $FWLYH 'LUHFWRU\ *32 *32 ² Jbk <u[hj gZqZevgh]h *32h[t_dlZ ijb kha^Zgbb gh\h]h h[t_dlZ ]jmiih\hc iheblbdb Ij_îhql_gby 3UHIHUHQFHV < ^hf_gZo gZ [Za_ k_j\_jh\ bf_xlky jZkrbj_ gby h[uqguo ]jmiih\uo iheblbd gZa\Zggu_ ij_îhql_gbyfb jbk Ij_îhql_gby bf_xlky lhevdh \ ^hf_gguo h[t_dlZo K ihfhsvx ij_îhq $FWLYH 'LUHFWRU\ :LQGRZV 6HUYHU SUHIHUHQFHV *32 =eZ\Z l_gbc fh`gh dhgnb]mjbjh\Zlv jZ[hqmx kj_^m deb_glkdbo dhfivxl_jh\ ijbq_f bf_xlky f_oZgbafu nbevljZpbb iha\heyxsb_ lhqgh mdZau\Zlv gZ dZdb_ kbkl_fu [m^ml jZkijhkljZgylvky ^_ckl\by iheblbd \ ZgZeh]bqgu_ ^_ckl\by fh]ml \uihegylv nbevlju :LQGRZV 6HUYHU :0, Jbk IZidb ij_îhql_gbc \ ^hf_gghf *32h[t_dl_ Ij_îhql_gby Z bo hdheh ^\mo ^_kyldh\ kf ijbf_ju gZ jbk fh]ml ^_ckl\h\Zlv ih hlghr_gbx d dhfivxl_jZf b beb ihevah\Zl_eyf b jZkijhkljZgyxlky gZ deb_glkdb_ dhfivxl_ju jZ[hlZxsb_ ih^ mijZ\e_gb_f kbk l_f b [he__ iha^ gbo ² :LQGRZV ;3 6HUYLFH 3DFN :LQGRZV 6HUYHU 6HUYLFH 3DFN 1 JBF?Q:GB? >_ckl\by \uihegy_fu_ k ihfhsvx ij_îhql_gbc fh`gh j_Zebah\Zlv k ihfh svx Z^fbgbkljZlb\guo kp_gZjb_\ ih^dexqZ_fuo d *32h[t_dlZf H^gZdh ij_îhql_gby bkihevah\Zlv gZfgh]h m^h[g__ Z lZd`_ ijhs_ dhgljhebjh\Zlv gZ [hj aZ^Zgguo ^_ckl\bc GZagZq_gb_ b kihkh[u bkihevah\Zgby ij_îhql_gbc ijhs_ \k_]h ihgylv gZ ijbf_ jZo JZkkfhljbf ^\Z dhgdj_lguo kemqZy >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb Kha^Zgb_yjeudZêywe_f_glZh[hehqdb AZ^ZqZ g_h[oh^bfh qlh[u m \k_o ihevah\Zl_e_c ihîZ^Zxsbo ih^ ^_ckl\b_ g_ dhlhjh]h ^hf_ggh]h *32h[t_dlZ \ gZr_f ijbf_j_ \u[jZgZ iheblbdZ \k_]h ^h f_gZ gZ jZ[hq_f klhe_ hlh[jZ`Zeky yjeud êy ijh]jZffu :LQGRZV 'HIHQGHU >ey wlh]h gm`gh \uihegblv ke_^mxsb_ ^_ckl\by <u[_jbl_ *32h[t_dl êy j_^Zdlbjh\Zgby < dhgnb]mjZpbb ihevah\Zl_ey hldjhcl_ iZidm GZkljhcdZ _ Dhgnb]mjZpby :LQGRZV _ Yjeudb jbk Jbk IZjZf_lju ij_îhql_gby êy hlh[jZ`_gby yjeudZ gZ jZ[hq_f klhe_ < ijZ\hf hdg_ s_edgbl_ ijZ\hc dghidhc furb b \uihegbl_ dhfZg^m Kha^Zlv _ Yjeud < hdg_ iZjZf_ljh\ ij_îhql_gby aZ^Zcl_ gm`gu_ iZjZf_lju kf jbk DZd fbgbfmf g_h[oh^bfh mdZaZlv bfy ij_îhql_gby ihe_ lbi h[t_dlZ jZk dju\Zxsbcky kibkhd f_klhiheh`_gb_ yjeudZ kibkhd /RFDWLRQ \ gZr_f ijbf_j_ \u[jZg jZ[hqbc klhe b p_e_\hc h[t_dl ihe_ êy =eZ\Z êy \u[hjZ h[t_dlZ gm`gh gZ`Zlv dghidm kijZ\Z hl ihey LZd`_ fh`gh mdZaZlv agZqhd êy yjeudZ ihe_ GZ \deZ^d_ H[sb_ iZjZf_lju fh`gh ^Zlv hibkZgb_ ij_îhql_gby Z lZd`_ aZ^Zlv nbevlj êy \u[hjZ oZjZdl_jbklbd deb_glkdbo kbkl_f gZ dhlhju_ [m ^_l jZkijhkljZgylvky ^_ckl\b_ ^Zggh]h ij_îhql_gby ² êy wlh]h gm`gh mklZgh \blv neZ`hd GZp_eb\Zgb_ gZ mjh\_gv we_f_glZ L_i_jv ihke_ ijbf_g_gby iheblbd m ihevah\Zl_e_c ihy\blky yjeud b wlh [m^_l ijhbkoh^blv dZ`ûc jZa ijb h[gh\e_gbb iheblbd ^Z`_ _keb yjeud [m^_l \jmqgmx m^Ze_g k jZ[hq_]h klheZ Kha^Zgb_ehdZevghciZidbbdhgljhevaZ__kh^_j`bfuf AZ^ZqZ lj_[m_lky qlh[u m ihevah\Zl_e_c gZ ehdZevghf ^bkd_ & ijbkmlkl\h\ZeZ iZidZ k bf_g_f '2&V Ih^\ZjbZgl aZ^Zqb g_h[oh^bfh qlh[u \ mdZaZgghf dZlZ eh]_ ² gZijbf_j \ iZid_ êy \j_f_gguo nZceh\ ² hlkmlkl\h\Zeb dZdb_eb[h nZceu WlZ aZ^ZqZ j_rZ_lky k ihfhsvx ij_îhql_gbc kha^Z\Z_fuo \ iZid_ ! IZi db GZqZevgu_ rZ]b l_ `_ qlh b \ ij_û^ms_f jZa^_e_ fu jZkkfhljbf lhevdh iZjZf_lju ij_îhql_gby Ih mfheqZgbx êy ij_îhql_gby aZ^Z_lky ^_ckl\b_ " H[gh\blv < wlhf kemqZ_ iZidZ [m^_l kha^ZgZ _keb hgZ hlkmlkl\m_l ?keb `_ mklZgh\blv ^_ckl\b_ # AZf_gblv lh ij_îhql_gb_ [m^_l ijbf_gylvky d bf_xs_fmky h[t_dlm b \hafh`gu ^hihegbl_evgu_ ^_ckl\by ² \ wlhf kemqZ_ [m^ml ^hklmigu neZ`db jZk iheh`_ggu_ \ gb`g_c iheh\bg_ hdgZ k\hckl\ jbk K bo ihfhsvx fh`gh m^Zeblv kZfm iZidm \eh`_ggu_ iZidb b nZceu \gmljb iZidb iZihd neZ`hd $ %& AZ^Zcl_ gm`gu_ ^_ckl\by b gZ`fbl_ dghidm '( L_i_jv ihke_ ijbf_g_gby iheblbd m \k_o deb_glh\ ^hf_gZ ihy\blky mdZaZggZy iZidZ Memqr_gbydZkZxsb_kykem`[u)56 blhfZ6<692/ GZ jZ[hl_ ]jmiih\uo iheblbd kdZau\Zxlky memqr_gby h[mkeh\e_ggu_ \hafh`gh klvx bkihevah\Zgby kem`[u ')6 5HSOLFDWLRQ J_iebdZpby ')6 k_j\bk ')65 êy j_iebdZpbb lhfZ 6<692/ b ijbf_g_gb_ gh\h]h nhjfZlZ Z^fbgbkljZlb\guo rZ[ ehgh\ $'0; ILOHV Wlh iha\hey_l mf_gvrblv ljZnbd \ k_lb k\yaZgguc k j_ieb <u[bjZlv \k_]^Z fh`gh lhevdh l_ h[t_dlu dhlhju_ bf_xlky gZ dhfivxl_j_ ]^_ aZims_gZ hkgZkldZ WlZ kem`[Z h[uqgh ijbf_gy_lky êy kbgojhgbaZpbb iZihd ')6 >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb dZpb_c lhfZ 6<692/ f_`^m dhgljhee_jZfb ^hf_gh\ ihkdhevdm kem`[Z ')6 5HSOLFDWLRQ \uihegyxsZy j_iebdZpbx nZceh\ ih jZkibkZgbx k mq_lhf aZ]jmadb k_lb bkihevam_l gh\uc Ze]hjblf k`Zlby ba\_klguc dZd 5'& Hg iha\hey_l j_iebpbjh\Zlv f_`^m dhfivxl_jZfb lhevdh ba f_g_gby ^Zgguo qlh agZqbl_evgh khdjZsZ_l ljZnbd >ZggZy \hafh`ghklv ^hklmi gZ lhevdh \ ^hf_gZo bf_xsbo nmgdpbhgZevguc mjh\_gv Jbk Ij_îhql_gb_ êy mijZ\e_gby ehdZevghc iZidhc b __ kh^_j`bfuf Ihkdhevdm [eZ]h^Zjy gh\hfm nhjfZlm $'0; dZ`ûc h[t_dl ]jmiih\hc iheblb db kha^Zgguc \ :LQGRZV 6HUYHU g_ h[yaZl_evgh kh^_j`bl \ k_[_ \k_ nZceu Z^fbgbkljZlb\guo rZ[ehgh\ \ hlebqb_ hl ij_û^msbo \_jkbc :LQGRZV h[sbc h[t_f ^Zgguo ojZgysboky \ lhf_ 6<692/ mf_gvrZ_lky Z ke_^h\Zl_evgh klZgh \blky [he__ wnn_dlb\ghc j_iebdZpby < khklZ\_ :LQGRZV 6HUYHU bf__lky ki_pbZevgh_ kj_^kl\h iha\heyxs__ i_j_ ^Zlv j_iebdZpbx lhfZ 6<692/ hl ljZ^bpbhgghc kem`[u )LOH 5HSOLFDWLRQ 6HUYLFH )56 Kem`[Z j_iebdZpbb nZceh\ d kem`[_ ')6 5HSOLFDWLRQ =eZ\Z >ey k_j\_jh\ :LQGRZV 6HUYHU j_amevlZl \uiheg_gby mlbeblu 'FSURPR kem`Z s_c êy kha^Zgby dhgljhee_jZ ^hf_gZ aZ\bkbl hl nmgdpbhgZevgh]h mjh\gy ^hf_gZ X X _keb ^hf_g bf__l nmgdpbhgZevguc mjh\_gv lh êy j_ieb dZpbb lhfZ 6<692/ k_j\_j [m^_l bkihevah\Zlv kem`[m ')6 5HSOLFDWLRQ _keb ^hf_g bf__l nmgdpbhgZevguc mjh\_gv dZpbb lhfZ 6<692/ [m^_l bkihevah\Zlvky kem`[Z )56 lh êy j_ieb OjZg_gb_iZjZf_ljh\]jmiih\uoiheblbd <k_ iZjZf_lju ]jmiih\uo iheblbd aZ^Zgguo êy ehdZevghc kbkl_fu beb êy dhf ivxl_jh\ b ihevah\Zl_e_c ^hf_gZ ojZgylky \ kljmdlmjZo gZau\Z_fuo h[t_dlZfb ]jmiih\hc iheblbdb JURXS SROLF\ REMHFW *32 G_dhlhju_ ijbgpbiu ihkljh_gby *32h[t_dlh\ \ kbkl_fZo :LQGRZV 6HUYHU baf_gbebkv ihwlhfm ^Ze__ ih^jh[ gh jZkkfZljb\Zxlky ^_lZeb bo j_ZebaZpbb dhlhju_ fh]ml [ulv \Z`gufb êy Z^ fbgbkljZlhjZ JZaebqZxl ^\Z \b^Z h[t_dlh\ ]jmiih\hc iheblbdb ² ehdZevgu_ h[t_dlu ]jmiih \hc iheblbdb ORFDO *32 b ojZgbfu_ \ dZlZeh]_ h[t_dlu ]jmiih \hc iheblbdb dhlhju_ bkihevamxlky dhgljhee_jZfb b qe_gZfb ^hf_gZ wlb *32 h[t_dlu fu [m^_f gZau\Zlv ^hf_ggufb EhdZevgu_*32h[t_dlu EhdZevguc h[t_dl ]jmiih\hc iheblbdb /RFDO *URXS 3ROLF\ 2EMHFW /*32 bf__lky gZ dZ`^hf dhfivxl_j_ jZ[hlZxs_f ih^ mijZ\e_gb_f :LQGRZV gZqbgZy k :LQGRZV wlhl h[t_dl kha^Z_lky \ ijhp_kk_ mklZgh\db hi_jZpbhgghc kbkl_fu ?]h iZjZf_lju \k_]^Z \ebyxl gZ ehdZevgmx kbkl_fm b dZ`^h]h aZj_]bkljbjh\Zggh ]h ihevah\Zl_ey h^gZdh _keb dhfivxl_j ih^dexqZ_lky d ^hf_gm lh kZf dhfivx l_j b ihevah\Zl_ev jZ[hlZxsbc gZ g_f ihîZ^Zxl lZd`_ ih^ ^_ckl\b_ *32 h[t_dlh\ hij_^_e_gguo \ dhgl_dkl_ ^Zggh]h ^hf_gZ Ihwlhfm iZjZf_lju aZ^Zg gu_ ehdZevguf *32h[t_dlhf fh]ml [ulv i_j_hij_^_e_gu gZ [he__ \ukhdhf mjh\g_ gZ mjh\g_ kZclZ ^hf_gZ beb ih^jZa^_e_gby EhdZevguc h[t_dl ]jmiih\hc iheblbdb ij_^klZ\ey_l kh[hc mk_q_gguc \ZjbZgl rZ[ehgZ ]jmiih\uo iheblbd kf ^Ze__ b jZkiheZ]Z_lky \ kdjulhc iZid_ ?6\VWHP?*URXS3ROLF\ kf jbk :^fbgbkljZlhju b hi_jZpb hggZy kbkl_fZ h[eZ^Zxl iheguf ^hklmihf d wlhc iZid_ Ihevah\Zl_eb bf_xl ^h klmi lhevdh gZ ql_gb_ < GBF:GB? AgZq_gby g_dhlhjuo ]jmiih\uo iheblbd gZijbf_j iheblbd [_ahiZkghklb ² ma_e IZjZf_lju [_ahiZkghklb \ dhgnb]mjZpbb dhfivxl_jZ beb >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb ihevah\Zl_ey ojZgylky g_ \ rZ[ehg_ ]jmiih\uo iheblbd Z g_ihkj_^kl\_ggh \ j__klj_ beb \ [Za_ ^Zgguo ehdZevguo iheblbd [_ahiZkghklb ? VHFXULW\?GDWDEDVH?VHFHGLWVGE Wlb agZq_gby aZ^Zxlky ijb mklZgh\d_ hi_jZpbhgghc kbkl_fu b baf_gyxlky kjZam `_ ijb i_j_hij_^_e_gbb ]jmiih\uo iheblbd \ hdg_ hkgZkldb aZims_gghc êy ehdZevgh]h *32 < ^hf_g guo h[t_dlZo *32 agZq_gby ih^h[guo ]jmiih\uo iheblbd ojZgylky \ nZce_ *SW7PSOLQI kf ^Ze__ >ey ijhkfhljZ iZjZf_ljh\ [_ahiZkghklb dhlhju_ h[jZ[Zlu\Zxlky jZkrbj_gb_f fh`_l bkihevah\Zlvky hkgZkldZ 6HFSROPVF >ey j_^Zdlbjh\Zgby \k_]h ehdZevgh]h *32 gm`gh ba dhfZg^ghc kljh db aZimklblv hkgZkldm J_^Zdlhj h[t_dlh\ ]jmiih\hc iheblbdb *3(GLWPVF H[_ wlb hkgZkldb [m^ml jZkkfhlj_gu iha`_ < kbkl_fZo :LQGRZV ;3 b :LQGRZV 6HUYHU ehdZevguc *32 ijbf_gy_lky dh \k_f ehdZevguf mq_lguf aZibkyf ihevah\Zl_e_c \dexqZy Z^fbgbkljZlhjZ < kbkl_fZo :LQGRZV 9LVWD:LQGRZV 6HUYHU j_Zebah\ZgZ \hafh`ghklv gZagZq_ gby bg^b\b^mZevguo iheblbd dZ`^hfm ihevah\Zl_ex beb \k_f ihevah\Zl_eyf g_ y\eyxsbfky Z^fbgbkljZlhjZfb beb gZh[hjhl lhevdh Z^fbgbkljZlhjZf EhdZev guc *32 gZagZq_gguc dhgdj_lghfm ihevah\Zl_ex ojZgblky \gmljb iZidb 6\VWHP5RRW?6\VWHP?*URXS3ROLF\8VHUV ² \ iZid_ bfy dhlhjhc ij_^klZ\ey_l kh [hc b^_glbnbdZlhj [_ahiZkghklb 6,' ihevah\Zl_ey KljmdlmjZ iZihd h[s_]h eh dZevgh]h *32 b bg^b\b^mZevguo *32 êy ^\mo ihevah\Zl_e_c dhlhjuf [ueb gZagZq_gu ^hihegbl_evgu_ iheblbdb ihdZaZgZ gZ jbk Jbk KljmdlmjZ iZihd ehdZevguo h[t_dlh\ ]jmiih\hc iheblbdb \ :LQGRZV 9LVWD:LQGRZV 6HUYHU =eZ\Z >hf_ggu_*32h[t_dlu >hf_ggu_ *32h[t_dlu ojZgyl agZq_gby iZjZf_ljh\ ]jmiih\uo iheblbd \ ^\mo kljmdlmjZo ² dhgl_cg_j_ ]jmiih\uo iheblbd *URXS 3ROLF\ &RQWDLQHU *3& b rZ[ ehg_ ]jmiih\uo iheblbd *URXS 3ROLF\ 7HPSODWH *37 Dhgl_cg_j]jmiih\uoiheblbd Dhgl_cg_j ]jmiih\uo iheblbd ij_^klZ\ey_l kh[hc h[t_dl dZlZeh]Z $FWLYH 'LUHFWRU\ \ dhlhjhf ojZgylky ke_^mxsb_ \Z`gu_ k\hckl\Z *32h[t_dlZ X ghf_j \_jkbb k ihfhsvx dhlhjh]h kbgojhgbabjmxlky baf_g_gby \ dhgl_cg_j_ b \ rZ[ehg_ X kibkhd jZkrbj_gbc bo b^_glbnbdZlhju ojZgysbo k\hb gZkljhcdb \ h[t_dl_ ]jmiih\hc iheblbdb X khklhygb_ *32h[t_dlZ jZaj_r_ggu_ b aZij_s_ggu_ qZklb X f_klhiheh`_gb_ bfy rZ[ehgZ ]jmiih\uo iheblbd \ lhf_ 6<692/ gZijbf_j ??LQWHUQGRP?V\VYRO?LQWHUQGRP?3ROLFLHV?^%)'')&)%)` Jbk OjZg_gb_ dhgl_cg_jh\ ]jmiih\uo iheblbd \ dZlZeh]_ $FWLYH 'LUHFWRU\ >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb Ijbf_j hlebqbl_evguo bf_g dhgl_cg_jh\ ]jmiih\uo iheblbd ² ^\Z klZg^Zjl guo h[t_dlZ kha^Z\Z_fuo ih mfheqZgbx \ ex[hf ^hf_g_ $FWLYH 'LUHFWRU\ bo *8,'b^_glbnbdZlhju g_baf_ggu h[t_dl 'HIDXOW 'RPDLQ 3ROLF\ k bf_ g_f &1 ^%)'')&)%)`&1 3ROLFLHV&1 6\VWHP '& bfy>hf_gZ! b h[t_dl 'HIDXOW 'RPDLQ &RQWUROOHUV 3ROLF\ k bf_ g_f &1 ^$&&)')&I%)`&1 3ROLFLHV&1 6\VWHP '& bfy>hf_gZ! jbk RZ[ehg]jmiih\uoiheblbd RZ[ehg ]jmiih\uo iheblbd ² wlh kljmdlmjZ ih^dZlZeh]h\ b nZceh\ gZ `_kldhf ^bkd_ ]^_ kh[kl\_ggh b ojZgylky agZq_gby h[t_dlh\ ]jmiih\uo iheblbd IZidb rZ[ehgh\ ^hf_gguo ]jmiih\uo iheblbd gZoh^ylky gZ kbkl_fghf lhf_ 6<692/ dhgljhee_jh\ ^hf_gh\ \ iZid_ Bfy iZidb rZ[ehgZ *32h[t_dlZ \uklmiZ_l \ dZq_kl\_ ]eh [Zevgh]h mgbdZevgh]h b^_glbnbdZlhjZ *OREDO 8QLTXH ,GHQWLILHU *8,' h^ghagZqgh oZjZdl_jbamxs_]h ^Zgguc h[t_dl ]jmiih\hc iheblbdb jbk Jbk OjZg_gb_ rZ[ehgh\ ]jmiih\uo iheblbd gZ lhf_ 6<692/ Ih^dZlZeh]brZ[ehgZ]jmiih\uoiheblbd Gb`_ i_j_qbke_gu ih^dZlZeh]b kh^_j`Zsb_ky ih mfheqZgbx \gmljb iZidb rZ[ ehgZ ]jmiih\uo iheblbd =eZ\Z < ehdZevguo *32 g_dhlhju_ ba mdZaZgguo iZihd hlkmlkl\mxl X < wlhc iZid_ ojZgblky l_dklh\uc nZce *3(,1, \ dhlhjhf mdZ aZgu b^_glbnbdZlhju jZkrbj_gbc j_Zebamxsb_ ij_îhql_gby SUHIHUHQFHV êy dhgnb]mjZpbb dhfivxl_jZ bbeb ihevah\Zl_ey ² _keb wlb ij_îhql_gby aZ^Zgu \ ^Zgghf *32h[t_dl_ < ijhlb\ghf kemqZ_ iZidZ hlkmlkl\m_l X A^_kv ojZgblky bf_xsbc ki_pbZevguc nhjfZl nZce 5HJLVWU\SRO kh agZq_gbyfb iZjZf_ljh\ j__kljZ mklZgZ\eb\Z_fuo êy dhfivxl_jh\ k ihfh svx jZkrbj_gby $GPLQLVWUDWLYH 7HPSODWHV Ijb aZ]jmad_ hi_jZpbhgghc kbkl_fu nZce 5HJLVWU\SRO ZgZebabjm_lky b _]h ^Zggu_ aZibku\Zxlky \ j__klj \ jZa^_e b +.(<B/2&$/B0$&+,1( Ih^dZlZeh] kh^_j`bl iZidb X êy ojZg_gby kp_gZjb_\ \udexq_gby b aZimkdZ kbkl_fu khhl\_lkl\_ggh < iZid_ gZoh^blky nZce *SW7PSOLQI ]^_ ojZgylky iZjZf_lju [_ahiZkghklb êy dhfivxl_jh\ gZ dhlhju_ jZkijhkljZ gy_lky h[eZklv ^_ckl\by ^hf_ggh]h *32h[t_dlZ Kh^_j`bfh_ iZidb aZ\bkbl hl lh]h dZdb_ ijbeh`_gby gZagZq_gu dhfivxl_jm k ihfhsvx ^Zggh]h *32h[t_dlZ Ijb gZebqbb aZ^Zgguo ij_îhql_gbc iZidZ kh^_j`bl ih^dZlZeh]b gZijbf_j b l i \ dhlhjuo ojZgylky ;0/nZceu hibku\Zxsb_ iZjZf_lju wlbo ij_îhql_gbc A^_kv ojZgblky nZce kh agZq_gbyfb iZjZf_ljh\ j__kljZ mklZgZ\eb\Z_fuo êy ihevah\Zl_e_c k ihfhsvx jZkrbj_gby $GPLQLVWUDWLYH 7HPSODWHV Dh]^Z ihevah\Zl_ev j_]bkljbjm_lky \ kbkl_f_ nZce 5HJLVWU\SRO ZgZ ebabjm_lky b _]h ^Zggu_ aZibku\Zxlky \ j__klj \ jZa^_e +.(<B&855(17B86(5 IZidZ kh^_j`bl ih^dZlZeh] ]^_ ih mfheqZgbx gZoh^ylky \k_ kp_ gZjbb b k\yaZggu_ k gbfb nZceu Z lZd`_ ih^dZlZeh]b b êy kp_gZjb_\ \uoh^Z ba kbkl_fu b j_]bkljZpbb \ kbkl_f_ Ijb bkihevah\Zgbb i_j_gZijZ\e_gby iZihd )ROGHU 5HGLUHFWLRQ ih^dZlZeh] ! kh^_j`bl nZce )GHSOR\LQL \ dhlhjhf ojZgblky bgnhjfZpby h khklhygbb ki_pb Zevguo ihevah\Zl_evkdbo iZihd ?keb êy ihevah\Zl_e_c aZ^Zgu ij_îhql_gby lh \ iZid_ lZd`_ ihy\ey_lky ih^dZlZeh] kf \ur_ 5HJLVWU\SRO IZidb b ihy\eyxlky kjZam `_ ijb kha^Zgbb *32h[t_dlZ >jm]b_ ih^dZlZeh]b kha^Zxlky ijb hij_^_e_gbb khhl\_lkl\mxsbo iheblbd < GBF:GB? < kbkl_fZo :LQGRZV 9LVWD:LQGRZV 6HUYHU Z^fbgbkljZlb\gu_ rZ[ehgu hij_^_eyxsb_ j_]bkljh\u_ iheblbdb g_ \oh^yl \ khklZ\ *32h[t_dlh\ Ih wlhfm \ wlbo kbkl_fZo \ rZ[ehg_ ]jmiih\uo iheblbd hlkmlkl\m_l iZidZ /2 ]^_ \ ij_û^msbo \_jkbyo :LQGRZV ojZgylky \k_ nZceu DGP ih^dexq_ggu_ d g_dh lhjhfm h[t_dlm *32 >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb NZce*SWLQL G_ihkj_^kl\_ggh \ dhjg_ iZidb rZ[ehgZ ]jmiih\uo iheblbd gZoh^blky nZce >ey ehdZevgh]h *32h[t_dlZ wlhl nZce kh^_j`bl ke_^mxsmx bgnhjfZpbx X X X *SWLQL ghf_j \_jkbb *32h[t_dlZ kibkhd b^_glbnbdZlhjh\ *8,' deb_glkdbo jZkrbj_gbc hkgZkldb # $%& J_^Zdlhj h[t_dlh\ ]jmiih\hc iheblbdb " khklhygb_ *32h[t_dlZ dZdb_ _]h qZklb jZaj_r_gu beb aZij_s_gu >ey ^hf_gguo *32h[t_dlh\ nZce *SWLQL ojZgbl X X ghf_j \_jkbb h[t_dlZ hlh[jZ`Z_fh_ bfy *32h[t_dlZ _keb hg g_ hlghkblky d klZg^Zjlguf Kj_^kl\Zj_^Zdlbjh\ZgbyiZjZf_ljh\ [_ahiZkghklbb]jmiih\uoiheblbd >ey gZkljhcdb iZjZf_ljh\ [_ahiZkghklb \ hkgh\gu_ hkgZkldb X :LQGRZV 6HUYHU bkihevamxlky ^\_ J_^Zdlhj h[t_dlh\ ]jmiih\hc iheblbdb Ijb jZ [hl_ \ ^hf_gZo wlZ hkgZkldZ \uau\Z_lky ijb g_h[oh^bfhklb ba hkgZkldb MijZ\e_gb_ ]jmiih\hc iheblbdhc êy \u[jZggh]h h[t_d lZ ]jmiih\uo iheblbd kf ^Ze__ X EhdZevgZy iheblbdZ [_ahiZkghklb Wlb hkgZkldb kem`Zl êy ijhkfhljZ b j_^Zdlbjh\Zgby h[t_dlh\ ]jmiih\hc iheb lbdb beb h[t_dlh\ *32 *URXS 3ROLF\ 2EMHFW *32 1 JBF?Q:GB? HkgZkldZ EhdZevgZy iheblbdZ [_ahiZkghklb VHFSROPVF jbk \oh^bl dZd jZkrbj_gb_ \ khklZ\ hkgZkldb J_^Zdlhj h[t_dlh\ ]jmiih\hc iheblbdb gh __ fh`gh bkihevah\Zlv b Z\lhghfgh \uau\Zy ba f_gx :^fbgbkljbjh\Zgb_ \ kbkl_fZo :LQGRZV 6HUYHU g_evay ih^dexqZlv __ d ihevah\Zl_evkdbf dhgkheyf 00& WlZ hkgZkl dZ h[_ki_qb\Z_l ^hklmi lhevdh d h]jZgbq_gghfm ih^fgh`_kl\m iZjZf_ljh\ ]jmi < ^hf_gZo wlZ hkgZkldZ fh`_l bkihevah\Zlvky êy j_^Zdlbjh\Zgby jZaebqguo ^hf_gguo *32 h[t_dlh\ b nb]mjbjm_l ih^ jZagufb bf_gZfb _keb ^h[Z\eylv hkgZkldm d dhgkheb 00& ² kf jbk h^gZdh ih kmlb wlh h^gZ b lZ `_ ijh]jZffZ H[jZlbl_ \gbfZgb_ gZ iheblbdm \u[jZggmx êy ijbf_jZ \ hdg_ hkgZkldb ih mfheqZgbx êy m^Ze_ggh]h ^hklmiZ d dhfivxl_jm g_evay bkihevah\Zlv mq_lgu_ aZibkb g_ bf_xsb_ iZjhey =eZ\Z ih\hc iheblbdb jZkiheh`_gguo \ dhgl_cg_j_ IZjZf_lju [_ahiZkghklb ehdZevgh]h h[t_dlZ ]jmiih\hc iheblbdb >Zggmx hkgZkldm fu g_ [m^_f hibku\Zlv hl^_evgh ihkdhevdm hkgZkldZ J_ ^Zdlhj h[t_dlh\ ]jmiih\hc iheblbdb i_j_dju\Z_l \k_ __ \hafh`ghklb Jbk Hdgh hkgZkldb /RFDO 6HFXULW\ 6HWWLQJV HkgZkldZ*URXS3ROLF\2EMHFW(GLWRU HkgZkldm J_^Zdlhj h[t_dlh\ ]jmiih\hc iheblbdb fh`gh aZimkdZlv dZd êy ehdZevgh]h dhfivxl_jZ lZd b êy m^Ze_ggh]h X X êy ehdZevgh]h gm`gh \ hdg_ dhfZg^ghc kljhdb beb \ hdg_ <uihegblv \\_klb JSHGLWPVF Imkd êy m^Ze_ggh]h dhfivxl_jZ g_h[oh^bfh hldjulv imklmx dhgkhev ^h[Z\e_gbb \ g__ hkgZkldb \u[jZlv m^Ze_gguc dhfivxl_j b ijb 00& _ LZd`_ hgZ bkihevam_lky êy j_^Zdlbjh\Zgby \k_o ^hf_gguo *32h[t_dlh\ ijb\y aZgguo beb g_ ijb\yaZgguo d dhgl_cg_jZf ^hf_gZ ^hf_gm ih^jZa^_e_gbyf b kZc lZf < ex[hf kemqZ_ g_evay ^bgZfbq_kdb i_j_dexqZlv hkgZkldm gZ ^jm]hc dhf ivxl_j ihke_ __ aZimkdZ wlh fh`gh ^_eZlv lhevdh ba dhfZg^ghc kljhdb _keb ijb aZimkd_ mdZau\Zlv dhgdj_lguc h[t_dl *32 >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb < GBF:GB? Ijb ih^dexq_gbb hkgZkldb J_^Zdlhj h[t_dlh\ ]jmi ih\hc iheblbdb d m^Ze_gghc kbkl_f_ g_ \k_ jZkrbj_gby ^hklmigu ² gZijbf_j hkgh\gu_ iZjZf_lju [_ahiZkghklb 6HFXULW\ 6HWWLQJV fh`gh j_^Zdlbjh\Zlv lhev dh ehdZevgh Wlh gm`gh mqblu\Zlv ijb jZa\_jlu\Zgbb kbkl_f :LQGRZV 6HUYHU &RUH b +\SHU9 6HUYHU ]^_ hkgh\guf kj_^kl\hf gZkljhcdb klZgh\blky mlbeblZ 6HFHGLWH[H kf gb`_ Jbk <u[hj j_^ZdlhjZ ]jmiih\uo iheblbd Ijb ^h[Z\e_gbb j_^ZdlhjZ iheblbd d dhgkheb 00& \ ^hf_gghc kj_^_ ihy\eyxlky ^hihegbl_evgu_ \ZjbZglu bkihevah\Zgby klZg^Zjlghc hkgZkldb jbk HkgZ kldZ J_^Zdlhj mijZ\e_gby ]jmiih\ufb iheblb dZfb kem`bl êy j_^Zdlbjh\Zgby *32h[t_dlh\ ojZgysboky \ ^hf_g_ ijb ih^ dexq_gbb wlhc hkgZkldb fh`gh \u[jZlv dhgdj_lguc *32h[t_dl \ kljmdlmj_ e_kZ ^hf_gh\ jbk HkgZkldZ J_^Zdlhj *32 bgbpbbjmxs_c ijh]jZffu ]jmiih\hc iheblbdb bkihevam_lky lhevdh \f_kl_ k gZ qZevgufb *32h[t_dlZfb _keb lZdh\u_ bf_xlky \ ^hf_g_ Ihkdhevdm \ kbkl_fZo :LQGRZV 9LVWD:LQGRZV 6HUYHU iZjZf_lju ]jmiih\uo iheblbd fh`gh gZagZqZlv hl^_evghfm ehdZevghfm ihevah\Zl_ex ijb ih^dexq_gbb hkgZkldb J_^Zdlhj h[t_dlh\ ]jmiih\hc iheblbdb d dhgkheb 00& ihke_ \u[hjZ dhfivxl_jZ fh`gh gZ`Zlv dghidm H[ahj b \ =eZ\Z hldju\r_fky hdg_ gZ \deZ^d_ Ihevah\Zl_eb mdZaZlv ihevah\Zl_ey d dhlh jhfm [m^_l ijbf_gylvky ^Zgguc h[t_dl *32 jbk GZkljhcdZ iZjZf_ljh\ ex[uo h[t_dlh\ iheblbd hkms_kl\ey_lky h^bgZdh\h Jbk <u[hj j_^Zdlbjm_fh]h ^hf_ggh]h *32h[t_dlZ ijb ih^dexq_gbb hkgZkldb Jbk <u[hj ihevah\Zl_ey gZ dhlhjh]h [m^ml jZkijhkljZgylvky iZjZf_lju *32h[t_dlZ >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb DZd fh`gh \b^_lv gZ jbk iheblbdb ehdZevgh]h *32h[t_dlZ fh]ml lZd`_ kha^Z\Zlvky bg^b\b^mZevgh êy ^\mo ehdZevguo ]jmii klZg^Zjlghc ehdZevghc ]jmiiu $GPLQLVWUDWRUV :^fbgbkljZlhju b kem`_[ghc ]jmiiu dhlhjZy hij_^_ey_l \k_o hklZevguo ihevah\Zl_e_c g_ hlghkysboky d Z^fbgbkljZlhjZf 1RQ $GPLQLVWUDWRUV Ij_^klZ\e_gb_kljmdlmju*32h[t_dlZ\hdg_hkgZkldb HkgZkldZ J_^Zdlhj h[t_dlh\ ]jmiih\hc iheblbdb ih a\hey_l dhgnb]mjbjh\Zlv iZjZf_lju ]jmiih\hc iheblbdb dZkZxsb_ky dZd dhfiv xl_jZ lZd b ihevah\Zl_ey < iZg_eb ijhkljZgkl\Z bf_g hkgZkldb khhl\_lkl\mxsb_ ]jmiiu iZjZf_ljh\ ij_^klZ\e_gu dhgl_cg_jZfb Dhgnb ]mjZpby dhfivxl_jZ b Dhgnb]mjZpby ihevah\Zl_ey X Ma_e Dhgnb]mjZpby dhfivxl_jZ kh^_j`bl iZjZ f_lju \k_o iheblbd hij_^_eyxsbo jZ[hlm dhfivxl_jZ Wlb iheblbdb j_]m ebjmxl nmgdpbhgbjh\Zgb_ hi_jZpbhgghc kbkl_fu hij_^_eyxl ijZ\Z ihev ah\Zl_e_c \ kbkl_f_ jZ[hlm kbkl_fguo kem`[ b kj_^kl\ [_ahiZkghklb b l ^ =jmiih\Zy iheblbdZ aZ^ZggZy \gmljb wlh]h maeZ ijbf_gy_lky d dhfivxl_jm gZ wlZi_ aZ]jmadb kbkl_fu b \ ^Zevg_cr_f ² ijb \uiheg_gbb pbdeh\ h[gh\e_gby X Ma_e Dhgnb]mjZpby ihevah\Zl_ey kh^_j`bl iZjZf_lju \k_o iheblbd hij_^_eyxsbo jZ[hlm ihevah\Zl_e_c beb hl^_evgh]h ihevah\Z l_ey >Zggu_ iheblbdb j_]mebjmxl \b^ jZ[hq_]h klheZ b dhgnb]mjZpbx jZ[h q_c kj_û mijZ\eyxl ihevah\Zl_evkdbfb kp_gZjbyfb \oh^Z b \uoh^Z b l ^ hgb ijbf_gyxlky d ihevah\Zl_ex ijb _]h \oh^_ \ kbkl_fm b \ ^Zevg_cr_f ² ijb \uiheg_gbb pbdeh\ h[gh\e_gby JZkrbj_gbyhkgZkldb*URXS3ROLF\2EMHFW(GLWRU < khklZ\ jh^bl_evkdbo maeh\ Dhgnb]mjZpby dhfivxl_jZ b Dhgnb]mjZpby ihevah\Zl_ey \oh^yl ^hq_jgb_ maeu dZ`ûc ba dhlhjuo y\ey_lky iheghp_gguf jZkrbj_gb_f hkgZkldb J_^Zdlhj h[t_dlh\ ]jmiih\hc iheblbdb Wlb maeu fh]ml ijbkmlkl\h\Zlv \ h[hbo jh^bl_evkdbo maeZo dZd gZijbf_j Kp_gZjbb beb IZjZf_lju [_ahiZkghklb ² ohly b k jZaebqgufb iheblbdZfb ² beb \ h^ghf ba gbo Bf_xlky ke_^mxsb_ jZkrbj_gby jbk X MklZgh\dZ ijh]jZff b Kem` [u m^Ze_gghc mklZgh\db Kem`Zl êy p_gljZebah\Zggh]h mijZ\e_gby ijh ]jZffguf h[_ki_q_gb_f dhjihjZlb\ghc k_lb K bo ihfhsvx fh`gh aZ^Z\Zlv jZaebqgu_ j_`bfu mklZgh\db gh\uo ijh]jZff êy dhfivxl_jh\ bbeb êy ihevah\Zl_e_c Bkihevamxlky lhevdh \ ^hf_gguo *32h[t_dlZo =eZ\Z Kp_gZjbb Kp_gZjbb bkihevamxlky êy Z\lhfZlbq_kdh]h \uiheg_gby gZ[hjZ dhfZg^ ijb aZ]jmad_ hi_jZpbhgghc kbkl_fu b \ ijhp_kk_ aZ\_jr_gby __ jZ[hlu Z lZd`_ ijb j_]bkljZpbb b hldexq_gbb ihevah\Zl_ey hl k_lb >ey \uiheg_gby kp_gZjb_\ gZibkZgguo gZ -6FULSW b 9LVXDO %DVLF 6FULSWLQJ (GLWLRQ fh`gh ijbf_gylv k_j\_j kp_gZjb_\ :LQGRZV 6FULSWLQJ +RVW X JZa\_jgmlu_ ijbgl_ju ^jm]h_ gZa\Zgb_ ² JZkrbj_gb_ i_j_f_s_gguo ih^dexq_gbc ijbgl_jh\ Gh\h_ jZkrbj_gb_ iha\heyxs__ mijZ\eylv gZagZq_gb_f ijbgl_jh\ ih^dex qZ_fuo \ aZ\bkbfhklb hl f_klhiheh`_gby dhfivxl_jZ \ k_lb Ihy\ey_lky _keb gZ dhfivxl_j_ b \ k_lb bf__lky jhev k_j\_jZ i_qZlb X IZjZf_lju [_ahiZkghklb Kem`bl êy gZkljhcdb iZjZf_ljh\ kbkl_fu [_ahiZkghklb dhfivxl_jh\ iheblbd Zm^blZ b [ehdbjh\db mq_lguo aZibk_c ijZ\Z ihevah\Zl_e_c b l i kf ^Ze__ X Jbk JZa\_jgmlh_ ^_j_\h h[t_dlh\ hkgZkldb \ dhlhjhf fh`gh \b^_lv __ hkgh\gu_ jZkrbj_gby êy ehdZevgh]h *32h[t_dlZ X J_^Zdlhj i_j_gZijZ\e_gby iZihd Iha\hey_l i_j_gZ ijZ\eylv h[jZs_gb_ d ihevah\Zl_evkdbf iZidZf >hdmf_glu >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb Bah[jZ`_gby b l ^ gZ k_l_\hc j_kmjk Bf__lky lhevdh \ ^hf_gguo h[t_dlZo < kbkl_fZo :LQGRZV 6HUYHU fh`gh i_j_gZijZ\eylv ex[u_ iZidb \oh^ysb_ \ ijhnbev ihevah\Zl_ey lZdb_ dZd <b^_h AZ]jmadZ b l i 4R6 gZ hkgh\_ iheblbdb Gh\h_ jZkrbj_gb_ iha\heyxs__ mijZ\eylv jZ[hlhc kem`[u mijZ\e_gby dZq_kl\hf 4XDOLW\ RI 6HUYLFH GZkljhcdZ ,QWHUQHW ([SORUHU Iheblbdb mijZ\ eyxsb_ jZ[hlhc b dhgnb]mjZpb_c [jZma_jZ ,QWHUQHW ([SORUHU :^fbgbkljZlb\gu_ rZ[ehgu A^_kv gZoh^ylky ]jmi ih\u_ iheblbdb mijZ\eyxsb_ iZjZf_ljZfb j__kljZ dhlhju_ hij_^_eyxl ih \_^_gb_ b \g_rgbc \b^ jZ[hq_]h klheZ b ^jm]bo we_f_glh\ ihevah\Zl_evkdh]h bgl_jn_ckZ mijZ\eyxl jZ[hlhc dhfihg_glh\ hi_jZpbhgghc kbkl_fu b ijbeh `_gbc NZceu Z^fbgbkljZlb\guo rZ[ehgh\ DPG[ \ :LQGRZV 9LVWD:LQGRZV 6HUYHU ojZgylky \ iZid_ ?3ROLF\'HILQLWLRQV *32 X X X IZjZf_lju[_ahiZkghklb 6HFXULW\6HWWLQJV JZkkfhljbf ih^jh[g__ jZkrbj_gb_ 6HFXULW\ 6HWWLQJV IZjZf_lju [_ahiZkghklb k ihfhsvx dhlhjh]h aZ^Zxlky iZjZf_lju kbkl_fu [_ahiZkghklb :LQGRZV Iheblb db hij_^_ey_fu_ wlbf jZkrbj_gb_f ^_ckl\mxl gZ dhfivxl_ju b qZklbqgh gZ ihevah\Zl_e_c < kbkl_fZo :LQGRZV 9LVWD:LQGRZV 6HUYHU \ khklZ\_ wlh]h jZkrbj_gby ihy\bebkv gh\u_ iheblbdb I_j_qbkebf ]jmiiu iheblbd hl\_qZxsbo aZ [_ahiZkghklv b mdZ`_f h[eZklb bo ijbf_g_gby a\_a^hqdhc hlf_q_gu iheblbdb bkihevamxsb_ky lhevdh \ ^hf_gguo *32h[t_dlZo X Iheblbdb mq_lguo aZibk_c GZkljhcdZ iheblbd [_ahiZkghklb mq_lguo aZibk_c \ fZkrlZ[Zo ^hf_gZ beb ehdZevguo mq_lguo aZibk_c A^_kv hij_^_eyxlky iheblbdZ iZjhe_c iheblbdZ [ehdbjh\db iZjhe_c b iheblbdZ .HUEHURV jZkijhkljZgyxsZyky gZ \_kv ^hf_g X EhdZevgu_ iheblbdb GZkljhcdZ iheblbdb Zm^blZ gZagZq_gb_ ijZ\ ihevah\Zl_e_c b hij_^_e_gb_ jZaebqguo iZjZf_ljh\ [_ahiZkghklb X !" @mjgZe kh[ulbc GZkljhcdZ iheblbd [_ahiZkghklb hij_^_eyx sbo jZ[hlm `mjgZeh\ kh[ulbc ijbeh`_gbc kbkl_fu b [_ahiZkghklb X #" =jmiiu k h]jZgbq_gguf ^hklmihf MijZ\e_gb_ qe_gkl\hf ihevah\Zl_e_c \ aZ^Zgguo ]jmiiZo Kx^Z h[uqgh \dexqZxl \kljh_ggu_ ]jmiiu lZdb_ dZd $GPLQLVWUDWRUV :^fbgbkljZlhju %DFNXS 2SHUDWRUV Hi_jZlhju Zjob\Z b ^jm]b_ bf_xsb_ ih mfheqZgbx ijZ\Z Z^fbgbkljZlhjZ < wlm dZl_]hjbx fh]ml [ulv \dexq_gu b bgu_ ]jmiiu [_ahiZkghklv dhlhjuo lj_[m_l hkh[h]h \gbfZgby b qe_gkl\h \ dhlhjuo ^he`gh j_]mebjh\Zlvky gZ mjh\g_ iheblbdb X " Kbkl_fgu_ kem`[u GZkljhcdZ [_ahiZkghklb b iZjZf_ljh\ aZ]jmadb êy jZ[hlZxsbo gZ dhfivxl_j_ kem`[ =eZ\Z X X X X X X X X X X ! " J__klj GZkljhcdZ ijZ\ ^hklmiZ d jZaebqguf jZa^_eZf j__kljZ " NZceh\Zy kbkl_fZ GZkljhcdZ ijZ\ ^hklmiZ d hij_^_e_gguf nZceZf $ % &' ( )*+,-. Iheblbdb ijh\h^ghc k_lb ,((( GZkljhcdZ iZjZf_ljh\ deb_glh\ ih^dexqZxsboky d ijh\h^guf k_lyf ijb gZê_`Zsbf jZaguf ^hf_gZf $ & & & / ;jZg^fZmwj :LQGRZV \ j_`bf_ ih\u r_gghc [_ahiZkghklb GZkljhcdZ ijZ\be b ^jm]bo iZjZf_ljh\ \kljh_ggh]h [jZg^fZmwjZ :LQGRZV :LQGRZV )LUHZDOO % &' ! Iheblbdb ^bki_lq_jZ kibkdZ k_l_c GZkljhcdZ k_l_\uo iZjZf_ljh\ dhfivxl_jZ b hij_^_e_gb_ \hafh`ghkl_c ihevah\Zl_e_c êy jZaguo dZl_]hjbc k_lb k_l_\h]h jZaf_s_gby $ % &' ( )*+,00. Iheblbdb [_kijh\h^ghc k_lb ,((( P_gljZebah\ZggZy gZkljhcdZ iZjZf_ljh\ \dexqZy f_lhû ijh\_jdb ihêbgghklb deb_glh\ [_kijh\h^ghc k_lb \ ^hf_gZo $FWLYH 'LUHFWRU\ 1 Iheblbdb hldjulh]h dexqZ GZkljhcdZ iheblbd [_ahiZk ghklb \ hlghr_gbb rbnjh\Zgby bgnhjfZpbb k ihfhsvx ()6 Z\lhjbaZpbb dhjg_\h]h k_jlbnbdZlZ \ fZkrlZ[Zo ^hf_gZ Z\lhjbaZpbb ^h\_j_ggh]h k_jlb nbdZlZ b l ^ IheblbdZ ()6 kms_kl\m_l b êy ehdZevgh]h *32 hklZevgu_ ih eblbdb ijbf_gyxlky lhevdh \ ^hf_gZo 2 & Iheblbdb h]jZgbq_ggh]h bkihevah\Zgby ijh ]jZff Iheblbdb mdZau\Zxsb_ gZ lh dZdb_ ijbeh`_gby fh]ml Z dZdb_ ijh ]jZffu g_ fh]ml \uihegylvky gZ ehdZevghf dhfivxl_j_ % &' GZkljhcdZ iheblbd hij_^_eyxsbo lj_[h\Zgby d deb_glm ih^dexqZxs_fmky d k_lb b ij_^hklZ\eyxsbo iheguc beb h]jZgb q_gguc ^hklmi d k_lb \ aZ\bkbfhklb hl lh]h gZkdhevdh deb_gl khhl\_lkl\m_l wlbf lj_[h\Zgbyf < ijhp_kk_ ijh\_jdb fh]ml ZgZebabjh\Zlvky jZaebqgu_ Zk i_dlu [_ahiZkghklb gZebqb_ h[gh\e_gbc ijh]jZffguo kj_^kl\ b Zglb\bjmk ghc aZsblu iZjZf_lju dhgnb]mjZpbb b [jZg^fZmwjZ kibkhd hldjuluo b aZ djuluo ihjlh\ 7&3,3 b l ^ Iheblbdb ,3[_ahiZkghklb GZkljhcdZ iheblbd [_ahiZkgh klb ,3 êy dhfivxl_jh\ gZoh^ysboky \ hij_^_e_gghc h[eZklb ^_ckl\by >hihegbl_evgu_bgkljmf_glugZkljhcdb[_ahiZkghklb < khklZ\_ :LQGRZV 6HUYHU bf__lky p_euc gZ[hj Z^fbgbkljZlb\guo kj_^kl\ iha\heyxsbo ZgZebabjh\Zlv l_dmsb_ iZjZf_lju [_ahiZkghklb kbkl_fu kha^Z\Zlv rZ[ehgu k aZ^Zggufb iZjZf_ljZfb b ijbf_gylv bo gZ jZ[hqbo kbkl_fZo KlZg^Zjl ,((( hibku\Z_l ijh\h^gu_ k_lb (WKHUQHW Dhfihg_gl 1$3 &OLHQW IRU :LQGRZV ;3 \dexq_g \ iZd_l h[gh\e_gbc :LQGRZV ;3 6HUYLFH 3DFN >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb D kj_^kl\Zf gZkljhcdb [_ahiZkghklb hlghkylky ke_^mxsb_ dhfihg_glu X hkgZkldZ RZ[ehgu [_ahiZkghklb ² wlhl bgkljmf_gl ih a\hey_l kha^Z\Zlv hibkZgby rZ[ehgu jZaebqguo dhgnb]mjZpbc [_ahiZkghklb dhlhju_ ojZgylky \ \b^_ l_dklh\uo nZceh\ >Zggu_ dhgnb]mjZpbb fh]ml khhl \_lkl\h\Zlv jZaguf aZ^ZqZf beb mjh\gyf lj_[h\Zgbc d [_ahiZkghklb kbkl_f AZl_f wlb dhgnb]mjZpbb fh`gh bfihjlbjh\Zlv \ jZkrbj_gb_ 6HFXULW\ 6HWWLQJV IZjZf_lju [_ahiZkghklb hkgZkldb *URXS 3ROLF\ 2EMHFW (GLWRU J_^Zdlhj h[t_dlh\ ]jmiih\hc iheblbdb b bkihevah\Zlv gZ dhgdj_lguo dhfivxl_jZo X hkgZkldZ :gZeba b gZkljhcdZ [_ahiZkgh klb ² ^Zgguc bgkljmf_gl iha\hey_l bfihjlbjh\Zlv h^bg beb g_kdhevdh rZ[ ehgh\ \ [Zam ^Zgguo [_ahiZkghklb wlh fh`_l [ulv [ZaZ ^Zgguo ehdZevghc iheblbdb dhfivxl_jZ beb ex[Zy ^jm]Zy ebqgZy [ZaZ < j_amevlZl_ kha^Z_lky ki_pbnbq_kdZy êy dhgdj_lgh]h dhfivxl_jZ [ZaZ ^Zgguo [_ahiZkghklb dhlh jZy ojZgbl dhfihablgmx gZkljhcdm AZl_f __ fh`gh Zdlb\babjh\Zlv gZ dhfiv xl_j_ b ijhZgZebabjh\Zlv khklhygb_ l_dms_c dhgnb]mjZpbb [_ahiZkghklb ih hlghr_gbx d dhfihablghc gZkljhcd_ LZdZy hi_jZpby iha\hey_l kjZ\gb\Zlv jZaebqgu_ dhgnb]mjZpbb iZjZf_ljh\ b ijh\_jylv bo ^_ckl\b_ gZ ijZdlbd_ ih ke_ q_]h ijh\_j_ggmx dhgnb]mjZpbx fh`gh wdkihjlbjh\Zlv \ gh\uc rZ[ehg b jZkijhkljZgylv gZ ^jm]b_ dhfivxl_ju X 6HFHGLWH[H ² mlbeblZ dhfZg^ghc kljhdb iha\heyxsZy Z\lhfZlbabjh\Zlv aZ^Z qb gZkljhcdb [_ahiZkghklb ZgZebabjh\Zlv l_dmsb_ agZq_gby dhgnb]mjbjh\Zlv bo b wdkihjlbjh\Zlv \ rZ[ehgu [_ahiZkghklb HgZ y\ey_lky _^bgkl\_gguf kj_^kl\hf dhgnb]mjbjh\Zgby iheblbd \ kbkl_fZo :LQGRZV 6HUYHU &RUH b +\SHU X 9 6HUYHU fZkl_j 6HFXULW\ &RQILJXUDWLRQ :L]DUG FZkl_j gZkljhcdb [_ahiZkghklb ² ijh ]jZffZfZkl_j iha\heyxsZy gZkljhblv dhgnb]mjZpbx iZjZf_ljh\ [_ahiZkgh klb gZ wlZehgghf dhfivxl_j_ b ijbf_gylv __ gZ ^jm]bo dhfivxl_jZo GZkljhcdZiZjZf_ljh\[_ahiZkghklb badhfZg^ghckljhdb =jmiih\u_ iheblbdb ojZgysb_ky \ iZid_ Z^fbgbkljZlb\guo rZ[ehgh\ fh`gh gZkljZb\Zlv k ihfhsvx hkgZkldb *URXS 3ROLF\ 2EMHFW (GLWRU J_^Zdlhj h[t_dlh\ ]jmiih\hc iheblbdb ih^dexqb\rbkv d kbkl_f_ k m^Ze_ggh]h dhfivxl_jZ H^gZdh g_ \k_ iheblbdb \ wlhf kemqZ_ ^hklmigu b g_dhlhju_ iZjZf_lju fh`gh f_gylv lhevdh ehdZevgh J_qv b^_l h dhfivxl_jZo jZ[hlZxsbo \ khklZ\_ jZ[hq_c ]jmi iu ihkdhevdm \ ^hf_g_ mijZ\e_gb_ iheblbdZfb p_gljZebah\Zggh_ b lZdhc ijh [e_fu g_ klhbl < lhf kemqZ_ dh]^Z bgkljmf_glu k *8,bgl_jn_ckhf g_^hklmi gu _^bgkl\_gguf kj_^kl\hf êy gZkljhcdb iheblbd [_ahiZkghklb y\ey_lky mlbeblZ 6HFHGLWH[H ?_ fh`gh bkihevah\Zlv \h \k_o \_jkbyo :LQGRZV 6HUYHU \dexqZy :LQGRZV 6HUYHU &RUH b +\SHU9 6HUYHU =eZ\Z JZkkfhljbf gZ ijbf_j_ dZd fh`gh baf_gblv klZg^Zjlgu_ iheblbdb [_ahiZkghklb jZ[hlZy \ hdg_ dhfZg^ghc kljhdb <ky hi_jZpby khklhbl ba q_luj_o wlZih\ Wdkihjlbjmcl_ \ rZ[ehg l_dmsb_ iZjZf_lju [_ahiZkghklb >ey wlh]h \ hdg_ dhgkheb \uihegbl_ dhfZg^m bfy nZceZ ijhba\hevgh_ m[_^bl_kv \ lhf qlh nZce hlkmlkl\m_l gZ ^bkd_ J_amevlZlu jZ[hlu mlbeblu fh`gh \b^_lv \ nZce_ `mjgZeZ ZLQ GLU?VHFXULW\?ORJV?VFHVUYORJ Ihe_agh hagZdhfblvky kh kljmdlmjhc nZceZ rZ[ ehgZ hldju\ _]h \ l_dklh\hf j_^Zdlhj_ Kha^Zcl_ [Zam [_ahiZkghklb k bkihevah\Zgb_f ihemq_ggh]h rZ[ehgZ >ey wlh]h \uihegbl_ ke_^mxsmx dhfZg^m bfy [Zau ^Zgguo ijhba\hevgh_ !" Hlj_^Zdlbjmcl_ nZce rZ[ehgZ mklZgh\b\ gm`gu_ agZq_gby iheblbd Wlh fh` gh k^_eZlv k ihfhsvx j_^ZdlhjZ 1RWHSDG ;ehdghl g_ihkj_^kl\_ggh \ kbkl_f_ beb ih^dexqb\rbkv d ^bkdm m^Ze_ggh G_h[oh^bfhklv gm`gh kh[ex^Zlv kh \kljh_gguf j_^Zdlhjhf ( NZceu rZ[ehgZ bf_xl nhjfZl dhlhjuc wlhl j_^Zdlhj g_ ih^^_j`b\Z_l Hl dju\Zlv lZdb_ nZceu fh`gh lhevdh dZd ^\hbqgu_ mklZgh\b\ neZ`hd b f_gylv kbf\heu g_ gZjmrZy nhjfZlbjh\Zgby dhebq_kl\Z kbf\heh\ ?keb `_ hldjulv nZce \ h[uqghf l_dklh\hf j_`bf_ lh ihke_ j_^Zdlbjh\Zgby b khojZ g_gby kh^_j`bfh_ nZceZ [m^_l jZajmr_gh GZkljhcl_ [_ahiZkghklv kbkl_fu k bkihevah\Zgb_f kha^Zgguo nZceh\ rZ[ehgZ b [Zau ^Zgguo >ey wlh]h kem`bl dhfZg^Z ?keb hrb[hd g_ ijhbahreh agZqbl hi_jZpby aZdhgq_gZ mki_rgh Fh`gh ihclb g_fgh]h ^jm]bf iml_f kha^Zlv \ j_^Zdlhj_ nZce rZ[ehgZ kh^_j`Z sbc ijb\_^_ggmx gb`_ kljmdlmjm kem`_[guo l_]h\ \k_ kljhdb h[yaZl_evgu b \klZ\blv lhevdh lhl iZjZf_lj dhlhjuc lj_[m_lky baf_gblv hg \u^_e_g dmjkb\hf !" # " $ ! %# !& %# >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb !' ( # !) '# !( # $*+,-%./+* ' $0 Ihke_ wlh]h lj_[m_lky \uihegblv lhevdh rZ]b b >ey ihke_^mxsbo baf_g_gbc iZjZf_ljh\ [_ahiZkghklb ^hklZlhqgh lhevdh j_^Zd lbjh\Zlv nZce rZ[ehgZ rZ] b dhgnb]mjbjh\Zlv kbkl_fm rZ] Hij_^_e_gb_^_ckl\mxsboagZq_gbciheblbd Ijb jZ[hl_ k ]jmiih\ufb iheblbdZfb qZklh bkihevamxlky ^\_ mlbeblu dhfZg^ghc kljhdb dhlhju_ \ i_j\mx hq_j_^v ihe_agu \ ^hf_gZo hkh[_ggh ijb [hevrhf dh ebq_kl\_ h[t_dlh\ X *38SGDWHH[H mlbeblZ iha\hey_l ijbgm^bl_evgh h[gh\blv iZjZf_lju iheb lbd aZ^Z\Z_fuo h[t_dlZfb gZ ehdZevghf beb m^Ze_gghf dhfivxl_j_ Wlh [u\Z_l g_h[oh^bfh ihke_ baf_g_gby ]jmiih\uo iheblbd dh]^Z gm`gh qlh[u hgb g_f_ê_ggh klZeb Zdlb\gufb \hafh`gZ lZd`_ ijbgm^bl_evgZy i_ j_aZ]jmadZ kbkl_fu Iheblbdb fh`gh h[gh\eylv \k_ \f_kl_ beb êy ihevah\Z l_ey b dhfivxl_jZ ih hl^_evghklb êy ijhkfhljZ kibkdZ iZjZf_ljh\ fh`gh mlbeblm aZimklblv k dexqhf 12 X *35HVXOWH[H wlZ mlbeblZ iha\hey_l hij_^_eblv dZdb_ gZkljhcdb ]jmiih\uo iheblbd nZdlbq_kdb ijbf_gyxlky ih hlghr_gbx d mdZaZgghfm dhfivxl_jm bbeb ihevah\Zl_ex Fh`_l \uihegylvky b êy m^Ze_ggh]h dhfivxl_jZ ?_ m^h[gh bkihevah\Zlv êy dhgljhey aZ ijZ\bevghklvx ijbf_g_gby baf_g_gbc \g_k_gguo \ h[t_dlu AZimkdZlv dhfZg^m emqr_ \k_]h k dexqhf 1 \ wlhf kemqZ_ kjZam klZgh\ylky \b^gu __ \hafh`ghklb :gZeh]bqgmx aZ^Zqm \uihegy_l hibku\Z_fZy gb`_ hkgZkldZ J_amevlbjmx sZy iheblbdZ HkgZkldZ5HVXOWDQW6HWRI3ROLF\ < khklZ\_ kbkl_f !!" bf__lky m`_ klZ\rbc ijb\uqguf m^h[guc bgkljmf_gl êy jZ[hlu k ]jmiih\ufb iheblbdZfb dhlhjuc hkh[_ggh ihe_a_g \ djmiguo ^hf_gZo k fgh]hmjh\g_\hc b_jZjob_c h[t_dlh\ wlh hkgZkldZ J_amevlbjmxsZy iheblbdZ Gh ^Z`_ b gZ hl^_evghf dhf ivxl_j_ k _]h ihfhsvx fh`gh [ukljh m\b^_lv dZdb_ ]jmiih\u_ iheblbdb gZagZ q_gu dhgdj_lghfm ihevah\Zl_ex g_ i_j_[bjZy \k_ maeu kljmdlmju ehdZevgh]h h[t_dlZ =eZ\Z 1 JBF?Q:GB? < ^hf_gZo m^h[g__ bkihevah\Zlv hkgZkldm MijZ\e_ gb_ ]jmiih\hc iheblbdhc dhlhjZy bf__l fgh`_kl\h \hafh`ghkl_c ih fZgbimeb jh\Zgbx *32h[t_dlZfb WlZ hkgZkldZ lZd`_ iha\hey_l aZijZrb\Zlv 56R3 ^Zggu_ kf ^Ze__ < ijhkl_cr_f kemqZ_ hkgZkldZ J_amevlbjmxsZy iheblbdZ ijhklh j_]bkljbjm_l \k_ ijbf_gy_fu_ iheblbdb b ihdZau\Z_l dZdhc *32h[t_dl hl\_qZ_l aZ dhgdj_lgu_ iheblbdb Ijh^_fhgkljbjm_f wlh gZ ijbf_j_ Hldjhcl_ imklmx dhgkhev 00& b ^h[Z\vl_ \ g__ hkgZkldm J_amevlbjmxsZy iheblbdZ GZ e_\hc iZg_eb hdgZ hkgZkldb \u[_jbl_ dhjg_\hc ma_e k bf_g_f hkgZkldb b \ dhgl_dklghf f_gx beb \ f_gx >_ckl\b_ \uihegbl_ dhfZg^m Kha^Zlv ^Zggu_ 56R3 AZimklblky fZkl_j FZkl_j j_amevlbjmxs_c iheblbdb >ey Z\lhghfgh]h dhfivxl_jZ ^hklmi_g lhevdh j_`bf \_^_gby `mjgZeZ j_`bf \oh^Z ORJJLQJ PRGH êy dhfivxl_jh\ ² qe_gh\ ^hf_gZ bf__lky lZd`_ j_`bf ieZgbjh\Zgby SODQQLQJ PRGH < j_`bf_ \oh^Z fh`gh ihemqblv ^Zggu_ lhevdh êy ihevah\Zl_e_c m`_ j_]bkljbjh\Z\rboky ohly [u jZa gZ \u[jZgghf dhf ivxl_j_ < j_`bf_ ieZgbjh\Zgby jZ[hlZ ]jmiih\uo iheblbd wfmebjm_lky gZ hkgh\_ ^Zgguo ihemqZ_fuo hl kem`[u dZlZeh]Z $FWLYH 'LUHFWRU\ <u[_jbl_ gm`guc j_`bf MdZ`bl_ dhfivxl_j ehdZevguc beb m^Ze_gguc êy dhlhjh]h ijh\_jyxlky iZjZf_lju ]jmiih\uo iheblbd ?keb iheblbdb dhfivxl_jZ g_ ij_^klZ\eyxl bgl_j_kZ b bo g_ gm`gh ]_g_jbjh\Zlv lh fh`gh êy mkdhj_gby jZ[hlu mklZgh \blv neZ`hd <u[_jbl_ ihevah\Zl_ey êy dhlhjh]h ijh\_jyxlky mklZgh\db ]jmiih\uo iheb lbd jbk < wlhf hdg_ \b^gu \k_ mq_lgu_ aZibkb ihevah\Zl_e_c j_]bkljb jh\Z\rboky gZ dhfivxl_j_ b ke_^h\Zl_evgh bf_xsbo gZ g_f 56R3^Zggu_ <u[_j_f êy ijbf_jZ ihevah\Zl_ey 8VHU ?keb `_ lj_[mxlky lhevdh agZq_gby iZjZf_ljh\ êy dhfivxl_jZ b ihevah\Zl_evkdb_ ^Zggu_ ihemqZlv g_ gm`gh lh \u[_jbl_ i_j_dexqZl_ev Dh]^Z \k_ iZjZf_lju aZijhkZ \u[jZgu gZ kljZgbp_ k\h^db gZ`fbl_ dghidm >Ze__ Kbkl_fZ g_dhlhjh_ \j_fy [m^_l ZgZebabjh\Zlv iZjZf_lju iheb lbd ihke_ q_]h ijhp_kk ^h[Z\e_gby hkgZkldb d dhgkheb 00& [m^_l aZ\_j r_g ² fh`gh ZgZebabjh\Zlv j_amevlZlu < hdg_ jbk ZgZeh]bqghf hdgm hkgZkldb J_^Zd lhj h[t_dlh\ ]jmiih\hc iheblbdb [m^ml hlh[jZ`Zlvky lhevdh l_ iZidb gb`_ \lh jh]h mjh\gy \ dhlhjuo bf_xlky baf_g_ggu_ iheblbdb >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb Jbk <u[hj mq_lghc aZibkb ihevah\Zl_ey êy dhlhjh]h [m^ml hij_^_eylvky agZq_gby ]jmiih\uo iheblbd Jbk HkgZkldZ 5HVXOWDQW 6HW RI 3ROLF\ iha\hey_l [ukljh hij_^_eblv dZdb_ iheblbdb mklZgh\e_gu êy dhfivxl_jZ beb ihevah\Zl_ey =eZ\Z < gZr_f ijbf_j_ ihdZaZgh qlh êy \u[jZggh]h ihevah\Zl_ey mklZgh\e_gu ljb ih eblbdb \ebyxsb_ gZ \g_rgbc \b^ f_gx Imkd >\_ iheblbdb hij_^_e_gu \ ki_pbZevgh kha^Zgghf h[t_dl_ ^_ckl\b_ dhlhjh]h jZkijhkljZgy_lky gZ h[uq guo ihevah\Zl_e_c ^hf_gZ Z h^gZ aZ^Z_lky klZg^Zjlghc iheblbdhc ^hf_gZ Khhl\_lkl\mxsb_ bf_gZ h[t_dlh\ fh`gh \b^_lv \ klhe[p_ Bfy Ihemq_ggu_ k\_^_gby fh`gh ijh\_jblv k ihfhsvx mlbeblu b kjZ\gblv j_amevlZlu êy gZr_]h ijbf_j_ fh`gh bkihevah\Zlv dhfZg^m Ih^h[gZy bgnhjfZpby hq_gv ihe_agZ \ keh`guo kblmZpbyo dh]^Z dhfivxl_j ih^dexq_g d ^hf_gm b bf__lky fgh`_kl\h gZke_^m_fuo ]jmiih \uo iheblbd aZ^Zgguo jZagufb h[t_dlZfb *32 'HIDXOW 'RPDLQ 3ROLF\ *32 *32 *55HVXOW *32 < GBF:GB? G_^hklZldhf l_dmsbo \_jkbc hkgZkldb J_amevlbjmxsZy iheblbdZ b mlbeblu *35HVXOWH[H y\ey_lky lh qlh hgb g_ ihdZau\Zxl mklZgh\ e_ggu_ ij_îhql_gby SUHIHUHQFHV GZb[he__ ihegmx bgnhjfZpbx fh`gh ihem qblv lhevdh k ihfhsvx hkgZkldb MijZ\e_gb_ ]jmiih \hc iheblbdhc kf gb`_ Jbk Hlh[jZ`_gb_ ijhp_kkZ k[hjZ 56R3^Zgguo êy mdZaZggh]h ihevah\Zl_ey b dhfivxl_jZ >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb H[gh\blv j_amevlZlu êy m`_ kdhgnb]mjbjh\Zgghc hkgZkldb fh`gh ijb ihfhsb dhfZgû H[gh\e_gb_ aZijhkh\ dhlhjZy bf__lky \ dhgl_dklghf f_gx maeZ bfyIhevah\Zl_ey! RQ bfyDhfivxl_jZ! 56R3 kf jbk WlZ dhfZg^Z lZd`_ bf__lky \ f_gx >_ckl\b_ DhfZg^Z Baf_ gblv aZijhk iha\hey_l fh^bnbpbjh\Zlv l_dmsb_ iZjZf_lju dhgkheb ihke_ wlh]h aZijhk fh`gh ih\lhjblv k gh\ufb iZjZf_ljZfb Kha^Zggmx dhgkhev 00& fh`gh khojZgblv ijb ih\lhjguo aZimkdZo hkgZkldZ dZ `ûc jZa [m^_l h[gh\eylv \k_ agZq_gby b \u\_^_l ZdlmZevgu_ ^Zggu_ < ijhp_kk_ k[hjZ bgnhjfZpbb hlh[jZ`Z_lky hdgh jbk \ dhlhjhf fh`gh ke_^blv aZ oh ^hf hi_jZpbb LZdh_ `_ hdgh ihy\ey_lky b ijb i_j\hf ^h[Z\e_gbb hkgZkldb d dhgkheb 00& H[jZlbl_ \gbfZgb_ gZ khh[s_gb_ \ wlhf hdg_ êy kbkl_f gZqb gZy k :LQGRZV 9LVWD 63 êy ihemq_gby iZjZf_ljh\ \k_o ]jmiih\uo iheblbd g_h[ oh^bfh bkihevah\Zlv mlbeblm *35HVXOW Hij_^_e_gb_iheblbd\^hf_g_ Hi_jZpby ih ZgZebam ^_ckl\mxsbo iheblbd \ ^hf_gZo aZimkdZ_lky \ hdg_ hkgZkldb MijZ\e_gb_ ]jmiih\hc iheblbdhc >ey ojZg_gby b ijhkfhljZ ihemq_gguo hlq_lh\ ih ^_ckl\mxsbf iheblbdZf bf_xlky ^\_ iZidb Fh^_ebjh\Zgb_ ]jmiih\hc iheblbdb b J_amevlZlu ]jmiih\hc iheblbdb kf jbk < i_j\hc iZid_ ojZgylky j_amevlZlu ihemq_ggu_ \ j_`bf_ ieZgbjh\Zgby \ wlhf kemqZ_ fh`gh hij_^_eylv dZdb_ iheblbdb [m^ml ^_ckl\h\Zlv gZ dhfivxl_j beb ihevah\Zl_ey ijb jZaf_s_gbb mq_lghc aZibkb \ g_dhlhjhf dhgl_cg_j_ dZlZeh]Z $FWLYH 'LUHFWRU\ <h \lhjhc iZid_ fh`gh m\b^_lv j_amevlZlu iheblbd ijbf_g_g guo d ihevah\Zl_ex gZ dhgdj_lghf dhfivxl_j_ ^hf_gZ ihevah\Zl_ev ^he`_g ohly [u jZa lZf aZj_]bkljbjh\Zlvky ² wlh khhl\_lkl\m_l j_`bfm \oh^Z êy hkgZkldb J_amevlbjmxsZy iheblbdZ >ey hij_^_e_gby ^_ckl\mxsbo iheblbd gm`gh \u[jZlv j_`bf ihemq_gby 56R3 ^Zgguo b ba dhgl_dklgh]h f_gx khhl\_lkl\mxs_c iZidb aZimklblv eb[h fZkl_j *URXS 3ROLF\ 0RGHOOLQJ :L]DUG FZkl_j fh^_ebjh\Zgby ]jmiih\hc iheblbdb eb[h fZkl_j *URXS 3ROLF\ 5HVXOWV :L]DUG FZkl_j j_amevlZlh\ ]jmiih\hc iheblbdb IZ jZf_lju aZijhkZ \u[bjZxlky \ bgl_jZdlb\ghf j_`bf_ wlZ ijhp_^mjZ ZgZeh]bqgZ lhc qlh [ueZ jZkkfhlj_gZ \ ij_û^ms_f jZa^_e_ ijb bkihevah\Zgbb hkgZkldb J_amevlbjmxsZy iheblbdZ HlebqZlvky [m^_l ebrv kihkh[ ij_^klZ\e_gby j_amevlZlh\ GZ jbk fh`gh \b^_lv dZd \u]ey^yl 56R3^Zggu_ ihemq_ggu_ êy dhgdj_lgh]h ihevah\Zl_ey mdZaZggh]h ^hf_gZ H[jZlbl_ \gbfZgb_ gZ lh qlh ihfbfh h[uqguo iheblbd hlh[jZ`Zxlky b ij_îhql_gby ma_e \ gb`g_c qZklb hdgZ =eZ\Z Jbk Ijhkfhlj 56R3^Zgguo kfh^_ebjh\Zgguo êy \u[jZggh]h ihevah\Zl_ey ^hf_gZ >hdmf_glbjh\Zgb_Zjob\Zpby b\hkklZgh\e_gb_*32h[t_dlh\ HkgZkldZ MijZ\e_gb_ ]jmiih\hc iheblbdhc dhfi_g kbjm_l \_kvfZ kms_kl\_gguc ijh[_e \ nmgdpbhgZevguo \hafh`ghklyo klZg^Zjl guo Z^fbgbkljZlb\guo kj_^kl\ kbkl_f :LQGRZV ;3:LQGRZV 6HUYHU wlb kj_^kl\Z g_ iha\heyxl khojZgylv b \hkklZgZ\eb\Zlv agZq_gby iZjZf_ljh\ \k_o ]jmiih\uo iheblbd hij_^_e_gguo \ ehdZevguo b ^hf_gguo *32h[t_dlZo Z lZd `_ i_j_ghkblv *32h[t_dlu ba h^gh]h ^hf_gZ \ ^jm]hc >hf_ggu_ kem`[u $FWLYH 'LUHFWRU\ b ]jmiih\u_ iheblbdb ?keb \u[jZlv h[t_dl *32 \ ex[hc iZid_ hdgZ hkgZkldb kf ijbf_j gZ jbk b \uihegblv \ dhgl_dklghf f_gx dhfZg^m KhojZgblv hlq_l lh [m^_l kha^Zg +70/nZce \ dhlhjhf kh^_j`Zlky \k_ oZjZdl_jbklbdb h[t_dlZ bfy ghf_j \_jkbb khklhygb_ ijb\yadb iZjZf_lju nbevljZpbb ]jmii b [_ahiZkghklb Z lZd`_ \k_ agZq_gby mklZgh\e_gguo iheblbd Wlhl nZce hq_gv bgnhjfZlb\_g b m^h[_g êy ijhkfhljZ b i_qZlb ?keb \u[jZlv *32h[t_dl \ iZid_ H[t_dlu ]jmiih\hc ih eblbdb lh \ dhgl_dklghf f_gx h[t_dlZ fh`gh m\b^_lv dhfZgû ! " # :job \bjh\Zlv b ! " <hkklZgh\blv ba Zjob\Z iha\heyxsb_ kha^Zlv Zjob\gu_ dhibb h[t_dlZ b \hkklZgZ\eb\Zlv h[t_dl ba hij_^_e_gghc dhibb K ih fhsvx dhfZgû $ Bfihjl iZjZf_ljh\ fh`gh aZ]jmablv \ \u[jZg guc *32h[t_dl iZjZf_lju iheblbd ex[h]h jZg__ khojZg_ggh]h h[t_dlZ ijb wlhf l_dmsb_ agZq_gby iZjZf_ljh\ fh`gh khojZgblv \ Zjob\_ DhfZg^Z Dhibjh \Zlv iha\hey_l kdhibjh\Zlv \u[jZgguc h[t_dl \ [mn_j < dhgl_dklghf f_gx kZfhc iZidb H[t_dlu ]jmiih\hc iheb lbdb bf_xlky dhfZgû ! " # :job\bjh\Zlv \k_ b ! " MijZ\e_gb_ Zjob\Zpb_c K bo ihfhsvx fh`gh wnn_dlb\gh kha^Z\Zlv Zjob\u ke_^blv aZ jZagufb \_jkbyfb *32h[t_dlh\ b \hkklZgZ\eb\Zlv gm`gu_ dhf[bgZ pbb iZjZf_ljh\ ]jmiih\uo iheblbd DhfZg^Z <klZ\blv iha\hey_l kha^Zlv ba [mn_jZ dhibx kms_kl\mxs_]h *32h[t_dlZ ijbq_f bkoh^guc b gh\uc h[t_d lu fh]ml gZoh^blvky \ jZaguo ^hf_gZo beb e_kZo IJBEH@?GBY IJBEH@?GB? <_[ kkuedb I_j_qbkebf Z^j_kZ g_dhlhjuo \_[j_kmjkh\ dhlhju_ ^he`_g agZlv dZ`ûc kbk l_fguc Z^fbgbkljZlhj jZ[hlZxsbc k :LQGRZV b \ hkh[_gghklb ² k k_j\_jgufb \_jkbyfb Ijb g_h[oh^bfhklb [he__ ]em[hdh]h agZdhfkl\Z k l_f beb bguf ijh^md lhf beb l_ogheh]b_c hkgh\guf bklhqgbdhf bgnhjfZpbb y\eyxlky kZclu 7HFK1HW b 06'1 Ijb ihbkd_ j_r_gbc ih dhgdj_lguf ijh[e_fZf emqr_ \k_]h h[jZsZlvky d [Za_ agZgbc 0LFURVRIW .QRZOHGJH %DVH <k_ hkgh\gu_ b jZa\_jgmlu_ fZl_jbZeu jZaf_sZxlky gZ Zg]ehyauqguo kZclZo ohly b jmkkdhyauqgu_ a_jdZeZ kh^_j`Zl fgh]h ihe_aghc bgnhjfZpbb X Ihbkd gZ 0LFURVRIWFRP ² hkgh\gZy kljZgbpZ ihbkdZ ih kZclm 0LFURVRIW ih kkued_ JZkrbj_gguc ihbkd fh`gh i_ j_clb \ hdgh ihbkdZ ih jZaebqguf \_[j_kmjkZf 0LFURVRIW Yaud ihbkdZ b bg l_jn_ckZ kljZgbpu fh`gh \u[bjZlv X KijZ\dZ b ih^^_j`dZ ² ]eZ\gZy kljZgbpZ ih^ ^_j`db ijh^mdlh\ DghidZ JZkrbj_gguc ihbkd iha\hey_l i_j_clb \ hdgh ihbkdZ ih klZlvyf [Zau agZgbc 0LFURVRIW 0LFURVRIW .QRZOHGJH %DVH ih dZ`^hfm ih^^_j`b\Z_fhfm ijh^mdlm Yaud kZclZ \u[bjZ_lky Z\lhfZ lbq_kdb \ khhl\_lkl\bb k yaudhf aZ^Zgguf ih mfheqZgbx \ [jZma_j_ X P_glj aZ]jmadb 0LFURVRIW ² gZ wlhf kZcl_ fh`gh gZclb jZaghh[jZagu_ mlbeblu mihfbgZ_fu_ \ dgb]_ Z lZd`_ jZaebqgu_ h[ gh\e_gby b ihe_agu_ ijh]jZffu mlbeblu gm`gh bkdZlv gZ ]eZ\ghc kljZgbp_ ih dexq_\uf keh\Zf ih gZa\Zgbx beb ih bf_gb ^bkljb[mlb\gh]h nZceZ bf_ _lky jmkkdhyauqgh_ a_jdZeh Ijbeh`_gby < qZklghklb fh`gh ihj_dhf_g^h\Zlv ^\Z p_gguo kijZ\hqguo nZceZ \ &+0 nhjfZl_ N nZce :LQ&PG5HIH[H ² kijZ\hqgbd ih dhfZg^Zf dhgkheb m^h[gh bf_lv _]h ih^ jmdhc Z g_ bkdZlv dZ`^mx dhfZg ^m ih \_[kkuedZf N ! " # nZce 1HWVKH[H ² kijZ\hqgbd ih iZjZf_ljZf mlbeblu 1HWVKH[H bkihevam_fhc ijb jZ[hl_ k jZaghh[jZagufb k_l_\ufb dhfihg_glZfb b kem`[Zfb k_l_ \ufb bgl_jn_ckZfb [jZg^fZmwjhf :LQGRZV kem`[Zfb '+&3 55$6 b l ^ X >hfZrgyy kljZgbpZ ]eZ\gZy kljZgbpZ ijh^mdlZ jmk GZ wlhf kZcl_ beb \ P_glj_ aZ]jmadb 0LFURVRIW e_]dh gZclb kkuedm êy kdZqb \Zgby ijh[ghc WULDO \_jkbb :LQGRZV 6HUYHU b [_lZ\_jkbb :LQGRZV 6HUYHU X 5 $%& ² ]eZ\gZy kljZgbpZ kZclZ ihk\ys_ggh]h wlhc hi_jZ pbhgghc kbkl_f_ Bf_xlky kkuedb êy kdZqb\Zgby iheghnmgdpbhgZevghc \_j kbb +\SHU9 6HUYHU b [_lZ\_jkbb +\SHU9 6HUYHU 5 $ & ' ² ]eZ\gZy kljZgbpZ X ijh^mdlZ ij_^gZagZq_ggh]h êy p_gljZebah\Zggh]h mijZ\e_gby bgnjZkljmdlm ju \bjlmZevguo fZrbg mklZgh\e_gguo gZ jZaebqguo k_j\_jZo :LQGRZV 6HUYHU k jhevx +\SHU9 0LFURVRIW +\SHU9 6HUYHU b l ^ Bf__lky kkuedZ êy kdZqb\Zgby ijh[ghc WULDO \_jkbb X # (' ^hfZrgyy kljZgbpZ \_[kZclZ 0LFURVRIW 7HFK 1HW y\eyxs_]hky djmig_cr_c [b[ebhl_dhc klZl_c êy ,7ki_pbZebklh\ ih \k_f ijh^mdlZf 0LFURVRIW A^_kv bf_xlky kkuedb gZ [eh]b ]^_ fh`gh gZclb kZfmx k\_`mx bgnhjfZpbx h gh\uo ijh^mdlZo beb j_r_gby \hagbdZxsbo ijh[e_f jmk X # ijyfu_ kkuedb gZ jZa^_e 7HFK1HW ihk\ys_gguc k_j\_jguf ijh^mdlZf jmk Ijbeh`_gb_ <_[kkuedb X (' ]eZ\gZy kljZgbpZ [b[ebhl_db êy jZajZ[hlqbdh\ 0LFURVRIW 'HYHORSHU 1HWZRUN i_j_gZijZ\ey_l gZ beb ² \ aZ\bkbfhklb hl yaudZ bk ihevam_fh]h ih mfheqZgbx \ [jZma_j_ ZgZeh]bqgu_ kkuedb gZ Zg]ebckdhf b jmkkdhf kZcl_ fh]ml gZijZ\eylv gZ kh\_jr_ggh jZagu_ ih kh^_j`Zgbx \_[ kljZgbpu X Ki_pbZevgZy \_[kljZgbpZ ihk\ys_ggZy l_ogheh]byf \bjlmZebaZpbb jmk X # ) $ kbkl_fgu_ mlbeblu hl g_ gm`^Zxsbo ky \ ij_^klZ\e_gbb FZjdZ Jmkkbgh\bqZ 0DUN 5XVVLQRYLFK b ;jxkZ Dh]k\_eZ %U\FH &RJVZHOO X ' ( ki_pbZevguc kZcl ihk\ys_gguc gh\hfm yaudm kp_gZjb_\ b kj_^_ bkiheg_gby ! Ih kkued_ " # $ fh`gh i_j_clb \ [b[ebhl_ dm ]hlh\uo kp_gZjb_\ dhlhju_ fh]ml hdZaZlvky ihe_agufb \ jZ[hl_ beb ijb bamq_gbb yaudZ 3RZHU6KHOO X >\_ kkuedb gZ jmkkdhyauqghf kZcl_ ,QWHO ihfh]ml \u[jZlv fh^_eb ijhp_kkh jh\ ih^^_j`b\Zxsbo +\SHU9 b ,QWHO 97 %&&&'% ( %)*++ IJBEH@?GB? HkgZkldbbaZ^Zqb iZg_ebmijZ\e_gbykbkl_f :LQGRZV6HUYHU HkgZkldbbobf_gZbgZagZq_gb_ < lZ[e I i_j_qbke_gu hkgh\gu_ hkgZkldb bf_xsb_ky \ khklZ\_ iheguo kbkl_f \ \_jkbyo b dhgkhev iheghklvx hlkmlkl\m_l LZd`_ mihfygmlu g_dhlhju_ hkgZkldb ihy\eyx sb_ky ijb mklZgh\d_ jhe_c k_j\_jZ >ey hkgZklhd \dexq_gguo \ ihevah\Zl_evkdbc bgl_jn_ck mdZaZgu gZa\Zgby khhl\_lkl\mxsbo imgdlh\ f_gx êy hklZevguo hk gZklhd ^Zgu bo kh[kl\_ggu_ bf_gZ ijbf_gy_fu_ \ dhgkheb mijZ\e_gby A\_a^hqdZfb hlf_q_gu hkgZkldb dhlhju_ fh`gh \uau\Zlv g_ihkj_^kl\_ggh ba f_ gx Imkd beb ba ]jmiiu :^fbgbkljbjh\Zgb_ gZ iZ g_eb mijZ\e_gby < kdh[dZo ihfbfh gZa\Zgby ijbgylh]h \ ehdZebah\Zgguo \_jkb yo mdZaZgh lZd`_ bfy Z\lhghfghc dhgkheb dhlhjh_ fh`gh bkihevah\Zlv êy aZimkdZ hkgZkldb ba f_gx Imkd beb hdgZ <u ihegblv _keb lZdh_ bfy hlkmlkl\m_l lh hkgZkldm fh`gh bkihevah\Zlv lhevdh dZd jZkrbj_gb_ bf_xs_cky dhgkheb :LQGRZV 6HUYHU 00& :LQGRZV 6HUYHU &RUH +\SHU9 6HUYHU 00& :LQGRZV 6HUYHU 00& LZ[ebpZ I HkgZkldb kbkl_f :LQGRZV 6HUYHU HkgZkldZ GZagZq_gb_ $FWLYH; &RQWURO We_f_gl $FWLYH; >h[Z\ey_l \ dhgkhev we_f_gl $FWLYH; < h[hbo kemqZyo h[yaZl_evgh gm`gh mdZau\Zlv jZkrbj_gb_ 28. Ijbeh`_gb_ HkgZkldb b aZ^Zqb iZg_eb mijZ\e_gby kbkl_f :LQGRZV 6HUYHU LZ[ebpZ I ijh^he`_gb_ HkgZkldZ GZagZq_gb_ $XWKRUL]DWLRQ 0DQDJHU >bki_lq_j Z\lhjbaZpbb Hij_^_e_gb_ jhe_\uo jZaj_r_gbc êy ijbeh`_gbc dhlhju_ bkihevamxl ^bki_lq_j Z\lhjbaZpbb Iha\h ey_l kha^Zlv ]b[dmx kj_^m mijZ\e_gby dhjihjZlb\ gufb ijbeh`_gbyfb gZ hkgh\_ f_oZgbafh\ ^hklmiZ [Zabjmxsboky gZ ihgylbyo jhev aZ^ZqZ hi_jZpby D]PDQPVF &HUWLILFDWHV K_jlbnbdZlu FHUWPJUPVF MijZ\e_gb_ k_jlbnbdZlZfb &RPSRQHQW 6HUYLFHV Kem`[u dhfihg_glh\ Dhgnb]mjbjh\Zgb_ b Z^fbgbkljbjh\Zgb_ &20 dhfihg_glh\ b &20ijbeh`_gbc ij_^gZagZq_gZ êy kbkl_fguo Z^fbgbkljZlhjh\ b jZajZ[hlqbdh\ ijbeh `_gbc FRPH[SPVF FRPSPJPWPVF Hkgh\ghc bgkljmf_gl Z^fbgbkljbjh\Zgby kbkl_fu kh^_j`bl \ k\h_f khklZ\_ jy^ Z\lhghfguo hkgZklhd b hkgZklhdjZkrbj_gbc 'HYLFH 0DQDJHU >bki_lq_j mkljhckl\ Kh^_j`bl kibkhd \k_o mkljhckl\ ih^dexq_gguo d dhfivxl_jm b iha\hey_l bo dhgnb]mjbjh\Zlv &RPSXWHU 0DQDJHPHQW MijZ\e_gb_ dhfivxl_jhf GHYPJPWPVF GLVNPJPWPVF MijZ\e_gb_ ^bkdZfb b lhfZfb jZa[b_gb_ ^bkdh\ gZ eh]bq_kdb_ lhfZ nhjfZlbjh\Zgb_ mijZ\e_gb_ kh \f_klguf ^hklmihf d\hlZfb b l ^ (YHQW 9LHZHU Ijhkfhlj kh[ulbc Ijhkfhlj `mjgZeh\ kbkl_fu [_ahiZkghklb b ijbeh `_gbc 'LVN 0DQDJHPHQW MijZ\e_gb_ ^bkdZfb HYHQWYZUPVF )ROGHU IZidZ Kem`bl êy ^h[Z\e_gby gh\hc iZidb \ ^_j_\h *URXS 3ROLF\ 0DQDJHPHQW MijZ\e_gb_ ]jmiih\hc ih eblbdhc JSPFPVF MijZ\e_gb_ h[t_dlZfb ]jmiih\uo iheblbd \ ^hf_gZo $FWLYH 'LUHFWRU\ Ihy\ey_lky ijb mklZgh\d_ khhl\_lkl \mxs_]h dhfihg_glZ k_j\_jZ *URXS 3ROLF\ 2EMHFW (GLWRU J_^Zdlhj h[t_dlh\ ]jmiih \hc iheblbdb JSHGLWPVF J_^Zdlbjh\Zgb_ h[t_dlh\ ]jmiih\hc iheblbdb dhlh ju_ fh]ml kkueZlvky gZ kZclu ^hf_gu beb hj]ZgbaZ pbhggu_ ih^jZa^_e_gby \ $FWLYH 'LUHFWRU\ beb `_ ojZ gblvky gZ ehdZevghf dhfivxl_j_ ,3 6HFXULW\ 0RQLWRU Fhgblhj ,3[_ahiZkghklb GZ[ex^_gb_ aZ khklhygb_f ,3[_ahiZkghklb ,3 6HFXULW\ 3ROLF\ 0DQDJHPHQW MijZ\e_gb_ iheblbdhc [_ahiZkghklb ,3 MijZ\e_gb_ iheblbdZfb ,36HF k p_evx h[_ki_q_gby [_ahiZkguo dhffmgbdZpbc k ^jm]bfb dhfivxl_jZfb Ijbeh`_gby LZ[ebpZ I ijh^he`_gb_ HkgZkldZ GZagZq_gb_ /LQN WR :HE $GGUHVV KkuedZ gZ \_[j_kmjk Iha\hey_l ^h[Z\blv ma_e dhgkheb hlh[jZ`Zxsbc kljZgbpm \ Bgl_jg_l_ /RFDO 6HFXULW\ 3ROLF\ EhdZevgZy iheblbdZ [_ah iZkghklb VHFSROPVF JZkrbj_gb_ hkgZkldb *URXS 3ROLF\ 2EMHFW (GLWRU J_ ^Zdlhj h[t_dlh\ ]jmiih\hc iheblbdb iha\heyxs__ gZkljZb\Zlv iheblbdb [_ahiZkghklb dhfivxl_jZ Wlm hkgZkldm g_evay ^h[Z\eylv d dhgkheyf 00& hgZ fh`_l \uau\Zlvky lhevdh ba f_gx 6WDUW Imkd beb ba hdgZ dhfZg^ghc kljhdb /RFDO 8VHUV DQG *URXSV EhdZevgu_ ihevah\Zl_eb b ]jmiiu OXVUPJUPVF MijZ\e_gb_ ehdZevgufb ihevah\Zl_eyfb b ]jmiiZfb 1$3 &OLHQW &RQILJXUDWLRQ Dhgnb]mjZpby deb_glZ aZsblu ^hklmiZ d k_lb MijZ\e_gb_ iZjZf_ljZfb deb_glZ aZsblu ^hklmiZ d k_lb 1HWZRUN $FFHVV 3URWHFWLRQ 1$3 1$3&/&)*06& 3ULQW 0DQDJHPHQW MijZ\e_gb_ i_qZlvx SULQWPDQDJHPHQWPVF 5HOLDELOLW\ DQG 3HUIRUPDQFH 0RQLWRU Fhgblhj ijhba\h^bl_evgh klb b klZ[bevghklb Bkihevam_lky êy mijZ\e_gby ijbgl_jZfb b hq_j_^y fb i_qZlb gZ ehdZevguo b m^Ze_gguo ijbgl_jZo i_qZ lb Ihy\ey_lky ijb mklZgh\d_ khhl\_lkl\mxs_c jheb k_j\_jZ Hij_^_e_gb_ ijhba\h^bl_evghklb dhfivxl_jZ beb ^jm]bo dhfivxl_jh\ \ j_Zevghf \j_f_gb SHUIPRQPVF 5HOLDELOLW\ 0RQLWRU Fhgblhj klZ[bevghklb kbkl_fu Fhgblhjbg] klZ[bevghklb jZ[hlu kbkl_fu j_]bkljZ pby hrb[hd ijh]jZffguo b ZiiZjZlguo kj_^kl\ 5HPRWH 'HVNWRSV M^Ze_ggu_ jZ[hqb_ klheu H[_ki_qb\Z_l ^hklmi d k_j\_jZf l_jfbgZeh\ b jZ[h qbf klheZf m^Ze_gguo dhfivxl_jh\ WVPPFPVF 5HVXOWDQW 6HW RI 3ROLF\ J_amevlbjmxsZy iheblbdZ Iha\hey_l ijhkfZljb\Zlv j_amevlbjmxsmx ^_ckl \mxsmx iheblbdm êy dhfivxl_jZ b ihevah\Zl_ey UVRSPVF 5RXWLQJ DQG 5HPRWH $FFHVV FZjrjmlbaZpby b m^Ze_g guc ^hklmi UUDVPJPWPVF Kem`bl êy dhgnb]mjbjh\Zgby fgh]hijhlhdhevguo kem`[ fZjrjmlbaZpbb \dexqZxsbo kj_^kl\Z ^hklmiZ d ]eh[Zevguf b \bjlmZevguf k_lyf 931 k_j\bk ij_h[jZah\Zgby Z^j_kh\ 1$7 b l ^ Ihy\ey_lky ijb mklZgh\d_ khhl\_lkl\mxs_]h dhfihg_glZ k_j\_jZ Ijbeh`_gb_ HkgZkldb b aZ^Zqb iZg_eb mijZ\e_gby kbkl_f :LQGRZV 6HUYHU LZ[ebpZ I ijh^he`_gb_ HkgZkldZ GZagZq_gb_ 6HFXULW\ &RQILJXUDWLRQ DQG $QDO\VLV :gZeba b gZkljhcdZ [_ah iZkghklb 6HFXULW\ 7HPSODWHV RZ[ehgu [_ahiZkghklb 6HUYHU 0DQDJHU >bki_lq_j k_j\_jZ :gZeba b gZkljhcdZ iZjZf_ljh\ [_ahiZkghklb k ihfhsvx nZceh\ rZ[ehgh\ [_ahiZkghklb H[_ki_qb\Z_l \hafh`ghklv j_^Zdlbjh\Zgby nZceh\ rZ[ehgh\ [_ahiZkghklb 6HUYHU0DQDJHUPVF Iha\hey_l dhgljhebjh\Zlv khklhygb_ k_j\_jZ \u ihegylv h[sb_ Z^fbgbkljZlb\gu_ aZ^Zqb ^h[Z\eylv beb m^Zeylv jheb b ijh]jZffgu_ dhfihg_glu k_j\_jZ 6HUYLFHV Kem`[u VHU AZimkd hklZgh\dZ b gZkljhcdZ kem`[ k_j\bkh\ YLFHVPVF :LQGRZV 6KDUH DQG 6WRUDJH 0DQDJHPHQW MijZ\e_gb_ h[sbfb iZidZfb b ojZgbebsZfb H[_ki_qb\Z_l mijZ\e_gb_ h[sbfb iZidZfb b lhfZfb 6WRUDJH0JPWPVF 6KDUHG )ROGHUV H[sb_ iZidb IVPJPWPVF 6WRUDJH ([SORUHU H[haj_\Zl_ev ojZgbebs Hlh[jZ`Z_l h[sb_ iZidb l_dmsb_ k_Zgku b hldjulu_ nZceu Kem`bl êy fhgblhjbg]Z b mijZ\e_gby we_f_glZfb jZkij_^_e_gghc k_l_\hc kj_û 6$1 6\VWHP $UHD VWRUH[SOPVF 1HWZRUN 7DVN 6FKHGXOHU IeZgbjh\sbd aZ^Zgbc MijZ\e_gb_ aZ^Zgbyfb aZimkdZxsbfbky Z\lhfZlbq_ kdb \ khhl\_lkl\bb k aZ^Zgguf jZkibkZgb_f WDVNVFKGPVF 7HOHSKRQ\ L_e_nhgby WDSLPJPWPVF 7HUPLQDO 6HUYLFHV &RQILJXUDWLRQ Dhgnb]mjZpby kem`[ l_jfb gZeh\ WVFRQILJPVF 7HUPLQDO 6HUYLFHV 0DQDJHU >bki_lq_j kem`[ l_jfbgZ eh\ WVDGPLQPVF 730 0DQDJHPHQW MijZ\e_gb_ 730 WSPPVF GZkljhcdZ b fhgblhjbg] kem`[u l_e_nhgbb Kem`bl êy gZkljhcdb iZjZf_ljh\ k_j\_jZ l_jfbgZ eh\ MijZ\e_gb_ b fhgblhjbg] k_j\_jh\ l_jfbgZeh\ MijZ\e_gb_ ^h\_j_gguf ieZlnhjf_gguf fh^me_f 7UXVWHG 3ODWIRUP 0RGXOH 730 gZ hkgh\_ dhlhjh]h j_Zebah\ZgZ nmgdpby :LQGRZV %LW/RFNHU 'ULYH (Q FU\SWLRQ h[_ki_qb\ZxsZy rbnjh\Zgb_ ^bkdh\ \ khhl \_lkl\bb kh ki_pbnbdZpb_c ([WHQVLEOH )LUPZDUH ,QWHU IDFH (), Ijbeh`_gby LZ[ebpZ I hdhgqZgb_ HkgZkldZ GZagZq_gb_ :LQGRZV )LUHZDOO ZLWK $GYDQFHG 6HFXULW\ ;jZg^fZmwj :LQGRZV \ j_ `bf_ ih\ur_gghc [_ahiZk ghklb :)PVF :LQGRZV 6HUYHU %DFNXS Kbkl_fZ Zjob\Zpbb ^Zgguo :LQGRZV 6HUYHU LhgdZy gZkljhcdZ [jZg^fZmwjZ :LQGRZV kha^Zgb_ ijZ\be êy \oh^ysbo b bkoh^ysbo ih^dexq_gbc MijZ\ey_l nmgdpbyfb Zjob\Zpbb b \hkklZgh\e_gby ^Zgguo gZ k_j\_j_ Ihy\ey_lky ijb mklZgh\d_ khhl \_lkl\mxs_]h dhfihg_glZ k_j\_jZ ZEDGPLQPVF Iha\hey_l gZkljZb\Zlv b mijZ\eylv kem`[hc :0, :0, &RQWURO MijZ\eyxsbc we_f_gl :0, :PL0JPWPVF 1 JBF?Q:GB? Djhf_ hkgZklhd i_j_qbke_gguo \ lZ[e I ihke_ mklZgh\db ^hihegbl_evguo jhe_c k_j\_jZ beb dhfihg_glh\ ² gZijbf_j k_l_\uo kem`[ '16 '+&3 b ^j kem`[ Bgl_jg_lZ ,,6 kem`[u nZdkh\ kem`[ l_jfbgZeh\ 7HUPLQDO 6HUYLFHV ² \ kbkl_f_ ihy\ey_lky fgh`_kl\h ^jm]bo hkgZklhd bkihevamxsboky êy Z^fbgbkl jbjh\Zgby wlbo kem`[ < lZ[e I i_j_qbke_gu \Z`gu_ ^hihegbl_evgu_ hkgZkldb mklZgZ\eb\Z_fu_ lhevdh gZ dhgljhee_jZo ^hf_gh\ b bkihevam_fu_ êy mijZ\e_gby kem`[Zfb dZlZeh]Z :LQGRZV 6HUYHU $FWLYH 'LUHFWRU\ HkgZkldZ HkgZkldb mklZgZ\eb\Z_fu_ gZ dhgljhee_jZo ^hf_gh\ GZagZq_gb_ $FWLYH 'LUHFWRU\ 'RPDLQV DQG 7UXVWV MijZ\e_gb_ ^hf_gZfb b ^h\_jbl_evgufb hlghr_ gbyfb f_`^m ^hf_gZfb $FWLYH 'LUHFWRU\ 6LWHV DQG 6HUYLFHV Dhgnb]mjbjh\Zgb_ lhiheh]bb b jZkibkZgbc j_iebdZ pbb kem`[u $FWLYH 'LUHFWRU\ MijZ\e_gb_ kem`[Zfb dhjihjZlb\gh]h mjh\gy $FWLYH 'LUHFWRU\ 8VHUV DQG &RPSXWHUV MijZ\e_gb_ ihevah\Zl_eyfb ]jmiiZfb hj]ZgbaZpb hggufb ih^jZa^_e_gbyfb 28 b ^jm]bfb h[t_dlZfb LZ[ebpZ I $FWLYH 'LUHFWRU\ $FWLYH 'LUHFWRU\ ² ^hf_gu b ^h\_jb_ GRPDLQPVF $FWLYH 'LUHFWRU\ ² kZclu b kem`[u GVVLWHPVF $FWLYH 'LUHFWRU\ ² ihevah\Zl_eb b dhfivxl_ju GVDPVF $FWLYH 'LUHFWRU\ Ijbeh`_gb_ HkgZkldb b aZ^Zqb iZg_eb mijZ\e_gby kbkl_f :LQGRZV 6HUYHU LZ[ebpZ I hdhgqZgb_ HkgZkldZ GZagZq_gb_ $'6, (GLW Gbadhmjh\g_\uc j_^Zdlhj h[t_dlh\ dZlZeh]Z $FWLYH 'LUHFWRU\ jZg__ hkgZkldZ \oh^beZ \ khklZ\ iZd_lZ :LQGRZV 6XSSRUW 7RROV Z l_i_jv y\ey_lky klZg^Zjl guf dhfihg_glhf kbkl_fu J_^Zdlbjh\Zgb_ $'6, DGVLHGLWPVF 1 JBF?Q:GB? Ihkdhevdm \ kbkl_fZo :LQGRZV 6HUYHU bkihevam_lky kj_^kl\h p_gljZebah \Zggh]h mijZ\e_gby iheblbdZfb \ ^hf_gZo $FWLYH 'LUHFWRU\ ² hkgZkldZ MijZ\e_gb_ ]jmiih\hc iheblbdhc ² m^Ze_gu g_dhlhju_ hkgZ kldb bf_xsb_ky \ khklZ\_ :LQGRZV 6HUYHU j_qv b^_l h[ hkgZkldZo IheblbdZ [_ahiZkghklb ^hf_gZ b IheblbdZ [_ahiZkghklb dhgljhee_jZ ^hf_gZ LZd`_ hlkmlkl\m_l hkgZkldZ >_njZ]f_glZpby ^bkdh\ GZa\Zgbykem`_[guomlbebl baZ^ZqiZg_ebmijZ\e_gby < lZ[e I i_j_qbke_gu aZ^Zqb nZceu iZg_eb mijZ\e_gby d dhlhjuf fh`gh g_ihkj_^kl\_ggh h[jZsZlvky ih bf_gb nZceZ ba f_gx $9,79 Imkd hdgZ dhgkheb b l i jZkrbj_gb_ h[yaZl_evgh Bfy nZceZ mdZaZgh \ kdh[dZo ihke_ gZa\Zgby ijbgylh]h \ ehdZebah\Zgghc jmkkdhc \_jkbb A\_a^hqdZfb hlf_q_gu ^\_ mlbeblu dhlhju_ ijbkmlkl\mxl lZd`_ \ \_jkbyo b &3/ FSO :LQGRZV 6HUYHU &RUH +\SHU9 6HUYHU LZ[ebpZ I AZ^Zqb iZg_eb mijZ\e_gby dhlhju_ fh`gh \uau\Zlv g_ihkj_^kl\_ggh DZl_]hjby aZ^Zq Kbkl_fZ b __ h[kem`b\Zgb_ AZ^ZqZ Kbkl_fZ V\VGPFSO ;_ahiZkghklv ;jZg^fZmwj :LQGRZV )LUHZDOOFSO K_lv b Bgl_jg_l K\hckl\Z h[haj_\Zl_ey LQHWFSOFSO Ijbeh`_gby LZ[ebpZ I hdhgqZgb_ DZl_]hjby aZ^Zq AZ^ZqZ +DUGZDUH DQG 6RXQG 6RXQG A\md PPV\VFSO 0RXVH Furv PDLQFSO 3RZHU 2SWLRQV H[hjm^h\Zgb_ b a\md We_dljhiblZgb_ SRZHUFIJFSO 3KRQH DQG 0RGHP 2SWLRQV L_e_nhg b fh^_f WHOHSKRQFSO 7DEOHW 3& 6HWWLQJV IZjZf_lju ieZgr_lgh]h dhfivxl_jZ 7DEOHW3&FSO 3URJUDPV Ijh]jZffu &ORFN /DQJXDJH DQG 5H JLRQ QZku yaud b j_]bhg 3URJUDPV DQG )HDWXUHV Ijh]jZffu b dhfihg_glu DSSZL]FSO 'DWH DQG 7LPH >ZlZ b \j_fy WLPHGDWHFSO 5HJLRQDO DQG /DQJXDJH 2SWLRQV Yaud b j_]bhgZevgu_ klZg^Zjlu LQWOFSO Hlkmlkl\mxl gZ iZg_eb mijZ\e_gby $GG +DUGZDUH :L]DUG FZkl_j mklZgh\db h[hjm^h\Zgby KGZZL]FSO 'LVSOD\ 6HWWLQJV IZjZf_lju ^bkie_y GHVNFSO 1HWZRUN &RQQHFWLRQV K_l_\u_ ih^dexq_gby QFSDFSO 6\VWHP 3URSHUWLHV K\hckl\Z kbkl_fu V\VGPFSO 1 JBF?Q:GB? :evl_jgZlb\guc \ZjbZgl ijyfh]h ^hklmiZ d ex[hc aZ^Zq_ iZg_eb mijZ\e_gby hib kZg \ jZa^ G_ihkj_^kl\_gguc ^hklmi d aZ^ZqZf iZg_eb mijZ\e_gby ]eZ\u IJBEH@?GB? :^fbgbkljZlb\gu_mlbeblu dhfZg^ghckljhdb <kljh_ggu_mlbeblu Dhebq_kl\h klZg^Zjlguo mlbebl dhfZg^ghc kljhdb bf_xsboky \ khklZ\_ kbkl_f agZqbl_evgh m\_ebqbehkv ih kjZ\g_gbx k ij_û^msbfb k_j \_jgufb \_jkbyfb K ihfhsvx mlbebl fh`gh \uihegylv ijZdlbq_kdb \k_ hi_jZpbb dhlhju_ ^hklmigu Z^fbgbkljZlb\guf hkgZkldZf Wlhl fhf_gl hkh [_ggh \Z`_g ijb bkihevah\Zgbb Djhf_ lh]h fgh]b_ mlbeblu g_aZf_gbfu ijb ^bZ]ghklbd_ beb \uiheg_gbb ki_pbnbq_kdbo aZ ^Zq ih mijZ\e_gbx dhfivxl_jZfb ihevah\Zl_eyfb b k_lyfb KijZ\hqgZy kbkl_fZ g_ kh^_j`bl ehdZevghc bgnhjfZpbb ih mlbeblZf dhfZg^ghc kljhdb b hlkueZ_l d \_[ kZclZf gZijbf_j fh`gh kdZqZlv kijZ\hqgbd ih dhfZg^Zf dhgkheb kf Ijbeh`_gb_ BgnhjfZpbx h iZjZf_ljZo dhgdj_lghc mlbeblu e_]dh ihemqblv aZimklb\ __ \ hdg_ dhfZg^ghc kljhdb k dexqhf Gb`_ i_j_qbke_gu klZg^Zjlgu_ mlbeblu dhfZg^ghc kljhdb bf_xsb_ky \ khklZ\_ b mdZau\Z_lky bo hkgh\gh_ gZagZq_gb_ mijZ\e_gb_ iheblbdZfb Zm^blZ X j_^Zdlhj hipbc ^bki_lq_jZ aZ]jmadb X :LQGRZV 6HUYHU :LQGRZV :LQGRZV 6HUYHU 6HUYHU &RUH :LQGRZV 6HUYHU ² 0LFURVRIW :LQGRZV 6HUYHU $XGLW3ROH[H ² %FG(GLWH[H ² X X X X X :LQGRZV :LQGRZV %RRW 0DQDJHU kjZ\g_gb_ ^\hbqguo b l_dklh\uo nZceh\ ij_h[jZah\Zgb_ nZceh\hc kbkl_fu lhfZ ba \ ^_njZ]f_glZpby ^bkdh\uo lhfh\ mijZ\e_gb_ ^bkdZfb b lhfZfb hlh[jZ`_gb_ b baf_g_gb_ kibkdh\ mijZ\e_gby ^hklmihf êy h[t_dlh\ dZlZeh]Z &RPSH[H b )FH[H ² &RQYHUWH[H ² )$7 'HIUDJH[H ² 17)6 'LVN3DUWH[H ² 'VDFOVH[H ² $FWLYH 'LUHFWRU\ $&/ Ijbeh`_gby X X X X X X X X X X X X X X X X X X X X iha\hey_l Z^fbgbkljZlhjm kha^Z\Zlv kh[kl\_ggu_ kh[ulby \ kbkl_fguo `mjgZeZo mijZ\e_gb_ ^bkdh\ufb kbkl_fZfb gZijbf_j iha\hey_l mijZ\eylv d\hlZfb ijbgm^bl_evgh_ h[gh\e_gb_ iZjZf_ljh\ ]jmiih\uo iheblbd jZkijhkljZgyxsboky gZ dhfivxl_j b ihevah\Zl_e_c ijhkfhlj b baf_g_gb_ kibkdh\ mijZ\e_gby ^hklmihf êy nZceh\ b iZihd fh^bnbpbjh\ZggZy mlbeblZ ihbkd b fh^bnbdZpby h[t_d lh\ dZlZeh]h\ ijb ihfhsb aZijhkh\ kha^Zgb_ `_kldbo b kbf\hevguo k\ya_c Z lZd`_ lhq_d kh_^bg_gbc mijZ\e_gb_ k_l_\ufb iZjZf_ljZfb b ih^dexq_gbyfb hlh[jZ`Z_l hldjulu_ nZceu ijhkfhlj kibkdh\ ijhp_kkh\ k_Zgkh\ k_j\_jh\ l_jfbgZeh\ b ihevah\Zl_e_c ijb m^Ze_gghf ^hklmi_ ijhkfhlj kibkdZ ihevah\Zl_e_c aZj_]bkljbjh\Zgguo gZ dhfivx l_j_ ijb m^Ze_gghf ^hklmi_ ljZ^bpbhgguc j_^Zdlhj kbkl_fgh]h j__kljZ bf_xsbcky \h \k_o kbkl_fZo ebg_cdb fhsgZy mlbeblZ dhibjh\Zgby nZceh\ aZimkd ijh]jZff k iheghfhqbyfb ^jm]h]h ihevah\Zl_ey mijZ\e_gb_ kbkl_fgufb k_j\bkZfb ieZgbjh\sbd aZ^Zq agZqbl_evgh [he__ fhsguc q_f ljZ^bpb hggZy dhfZg^Z % ijhkfhlj mklZgh\dZ b m^Ze_gb_ jh e_c b dhfihg_glh\ k_j\_jZ ijhkfhlj kha^Zgb_ b baf_g_gb_ kbkl_fguo b ihevah\Zl_evkdbo i_ j_f_gguo kj_û \udexq_gb_ b i_j_aZ]jmadZ ehdZevgh]h beb m^Ze_ggh]h dhfivxl_jZ ihe_agZy k\h^gZy bgnhjfZpby ihemqZ_fZy hl fgh]bo dhfih g_glh\ kbkl_fu aZ\_jr_gb_ ijhp_kkh\ kem`[ beb ijbdeZ^guo ijh]jZff (YHQW&UHDWHH[H ² )VXWLOH[H ² *SXSGDWHH[H ² ,FDFOVH[H ² $FFHVV &RQWURO /LVW $&/ /GSH[H &DFOVH[H $FWLYH 'LUHFWRU\ $GPLQLVWUDWLRQ 7RRO $FWLYH 'LUHFWRU\ 0NOLQNH[H ² ² /'$3 KDUGOLQN V\PEROLF OLQN MXQFWLRQ 1HWVKH[H ² 2SHQ)LOHVH[H ² 4XHU\H[H ² 4XVHUH[H ² 5HJ(GLWH[H 5HJ(GWH[H ² :LQGRZV 17 5RER&RS\H[H 5REXVW )LOH &RS\ IRU :LQGRZV ² 5XQ$VH[H ² 6FH[H ² 6FKWDVNVH[H ² 6HUYHU0DQDJHU&PGH[H 6HUYHU 0DQDJHU ² 6HW[H[H ² HQYLURQPHQWDO YDULDEOHV 6KXWGRZQH[H ² 6\VWHP,QIRH[H ² 7DVN.LOOH[H ² Ijbeh`_gb_ :^fbgbkljZlb\gu_ mlbeblu dhfZg^ghc kljhdb X X X X X hlh[jZ`_gb_ kibkdZ \uihegyxsboky gZ dhfivxl_j_ ijbeh`_ gbc kem`[ b ijhp_kkh\ aZibkv agZq_gbc kq_lqbdh\ ijhba\h^bl_evghklb \ hdgh dhgkheb beb \ `mjgZe mijZ\e_gb_ Zjob\Zpb_c b \hkklZgh\e_gb_f hi_jZpbhgghc kbk l_fu nZceh\ iZihd b lhfh\ jZ[hlZ k kbkl_fgufb `mjgZeZfb kh[ulbc ZgZeh] hkgZkldb Ijhkfhlj kh[ulbc ihbkd f_klhiheh`_gby \ b_jZjobb iZihd kbkl_fguo mlbebl b ijh]jZff gZijbf_j k __ ihfhsvx fh`gh ihgylv hlghkblky eb dhgdj_lgZy ijh]jZffZ d klZg^Zjlguf kbkl_fguf beb \oh^bl \ iZd_l ihemq_gb_ bgnhjfZpbb h[ bf_gb aZj_]bkljbjh\Zggh]h ihevah \Zl_ey _]h ijbgZê_`ghklb d ]jmiiZf b^_glbnbdZlhj_ [_ahiZkghklb iheghfhqbyo \ kbkl_f_ b l ^ mijZ\e_gb_ kem`[hc Kem`[Z m^Z e_ggh]h mijZ\e_gby m^Ze_ggZy dhfZg^gZy kljhdZ 7DVN/LVWH[H ² 7\SH3HUIH[H ² :EDGPLQH[H ² :HYWXWLOH[H ² :KHUHH[H ² X 6XSSRUW 7RROV :KRDPLH[H ² X X SULYLOHJHV :LQUPH[H ² 6,' :LQGRZV 5HPRWH 0DQDJHPHQW :LQUVH[H ² :LQGRZV 5HPRWH 6KHOO IZd_l:LQGRZV6XSSRUW7RROV >hihegbl_evgu_ Z^fbgbkljZlb\gu_ mlbeblu êy kbkl_f ihklZ\eyxlky \ khklZ\_ iZd_lZ dhlhjuc gZau\Z_lky Hg bf__lky gZ ^bkljb [mlb\guo ^bkdZo kbkl_f Z kZfu_ ihke_^gb_ \_jkbb fh`gh kdZqZlv \ P_glj_ aZ]jmadb kf Ijbeh`_gb_ Fgh]b_ ba mlbebl wlh]h iZd_lZ \dexq_gu \ khklZ\ g_dhlhju_ ba gbo klZgh\ylky ^hklmigufb \ kbkl_f_ lhevdh ihke_ mklZgh\db khhl\_lkl\mxsbo jhe_c k_j\_jZ gZijbf_j mlbeblu êy jZ[hlu k dZlZeh]Zfb L_f g_ f_g__ g_dhlhju_ ihe_agu_ mlbeblu gZijbf_j b ^j ih ij_`g_fm fh`gh gZclb lhevdh \ khklZ\_ iZd_lZ IjZdlbq_kdb \k_ wlb mlbeblu jZ[hlZxl \ kj_^_ Hl^_evgh gm`gh kdZqb\Zlv b mlbeblm g_aZf_gbfmx ijb fb]jZpbb b j_hj]ZgbaZpbb ^hf_gh\ :LQGRZV :LQGRZV 6XSSRUW 7RROV :LQGRZV 6HUYHU 0LFURVRIW :LQGRZV 6HUYHU ² $FWLYH 'LUHFWRU\ 1HW'LDJH[H 6HDUFKYEV 0RYH7UHHH[H 5HSO0RQH[H &ORQHSUYEV :LQGRZV 6XSSRUW 7RROV :LQGRZV 6HUYHU $FWLYH $'07 Y 'LUHFWRU\ 0LJUDWLRQ 7RRO YHUVLRQ $FWLYH 'LUHFWRU\ Ij_^f_lgucmdZaZl_ev $ Kf k_j\bk Kf ! " #$ % ! % Kf # &nZceu " $ '() #* " $ !) + ! $ !) , - . ! !$ ' /0 ') * !' * . !!" % 1 , 2 / 1/ ) 3 4 !( 15 ' 167 (8 1 4 9 0 8$ 8) 3 !( 3 '!$ ' 3 , ' 177/:;5/< Z]_gl j_ljZgkeypbb ! 1 '! 3 .2 !! & 5 '! 5# '" 5 - 0 => ') 2 ')'$ ')) ! 5 . *2 " 5 * 5 -.* ( 5 * $ dhgl_cg_j ( 5 - , . !$ '! 5 -.* ! !) .* * *3 ! 5 / 8 5 4$ iZidZ !! 5/&nZceu '$ 8$ 5 (8 * , 0 ?, !8 ' 5 !)"$ ! $ !8) . ')! . '($ !$ 8 !($ (!$ ('$ " - !' - . '"! & - (! $ jZaj_r_gb_ '! K_j\_j jZa\_jlu\Zgby )' 4 0 <hafh`ghklb jZ[hq_]h klheZ$ dhfihg_gl (!$ !" )8 . ) # '( ]jmiiZ j_iebdZpbb ' # IjhkljZgkl\Z bf_g # ' " # J_iebdZpby # ' "$ ')"$ !$ '!$ 8 - . ' ' # 8 - ' ' - . ' ' -@ ' ' -K ' ' ;5/ "'$ !8$ 8$ )' Z\lhdhgnb]mjbjh\Zgb_ 6/&Z^j_kZ "( Z]_gl j_ljZgkeypbb ! ^bZiZahg bkdexq_gby " deZkku iZjZf_ljh\ " h[eZklv ^_ckl\by " iZjZf_lju " i_jbh^ Zj_gû " ime Z^j_kh\ " j_a_j\bjh\Zgb_ ") Ij_^f_lguc mdZaZl_ev ;5/ "( &* '( 5 '(8 ! 8' 4 5* HqbkldZ ^bkdZ$ mlbeblZ !"" 4 - . '"" 4 . !() 4/ !($ '$ !()$ !($ !($ !(8 3* # # '( !!$ !)$ )' ahgu< \lhjbqgu_ '" dhjg_\u_ kkuedb 2 !8 hkgh\ghc kmnnbdk 8$ !$ ( i_j_^Zqb ahgu '" k_j\_ju i_j_kuedb - , !8 $ ]jmiiZ '! 2 ! 5 '!$ '$ '$ " . !( &deb_gl ! &k_j\_j< \lhjbqguc !8$ '" ^hihegbl_evguc ! dwrbjmxsbc !8 hkgh\ghc !8 ij_îhqblZ_fuc ! Kf , 4 '8! ! - ' A !( 34 8 B* )8 ; 5 -.* / Kf ;5/ Ij_^f_lguc mdZaZl_ev ( 0/ ) 0 15$ mlbeblZ ') 0 . # 0# ')!$ )' '8! * . " # '" 0 ? * => !(8 03 # , 6 - 0#6 ! . ' +/7 Kf H[t_dl ]jmiih\hc iheblbdb +/* ))$ )8$ )( . ! +/ Kf +@6 3 + ) + - !$ +/@ )) + * / 5 ! + * / 5 +/5 ' + * / 73C +/7 Kf H[t_dl ]jmiih\hc iheblbdb ) # @ ,2. #!' '" #! '" #' '" # #* dhfihg_gl k_j\_jZ !"!$ !"' # / 2 . '8! # # ' $ !)$ 8 # NZceh\u_ kem`[u !8( - * ' # A !( - , !" # , 0$ `mjgZe !$ !! # , !8$ '' # Kf # - . '" #7&jheb< 2 #* !! $ !($ '') -* !($ '' * +/5 Kf H[t_dl ]jmiih\hc iheblbdb +/0 ! + * / +/ ' + */ $ iZidZ " + */ @ $ iZidZ ! +@6 3 !($ ' + 2 , - ) 23 - (($ !"" ;3 ()$ (8 ;?5 -. ! ; 3 ()$ (( ; &? $ )$ ! $ !)$ " ; &? . ' ; &? Kf - ; &? '""8 , 6 '! 65/ Kf 6 5 . / 65 Kf 6 5 2 . 6+/ ) 6 . !! 6- ** ) Ij_^f_lguc mdZaZl_ev 6 5 -.* 4 AZ^Zqb gZqZevghc gZkljhcdb 8 , ' 6. ( 6 5 2 . 65 '(8$ $ )' 6 5 . / 65/ $ ! 6 0 D 60D " 6 0 60 " 6 .. 6 -. '8($ "$ !" 6 6* &kbkl_fu $ !(' - C* !! . 4 D 3 )! D 3 D 3* 5 D 3 ?) ! ! D , . 5 524 D55 '8$ !!$ !) / '/ '/:6/ .*. 6 - /4 6/ (' D , + ( - (8 $ ( " 4 . '88 5 '8$ '( + * / 73C +/7 " ... / ) 0 . E * MijZ\e_gb_ ^Zgguf k_j\_jhf ($ !"" 1 1 !(' - , 5 ) - ; &? '""8 $ " * !() $ jZkrbj_gb_ 8 &5;/ ' ) -. ')$ 8 . '8" - ' !)" $ mlbeblZ !" * "$ ) *.* @ 6 - @6 (' * ! 1 . ! / Kf , 4 / Kf , 4 '( !!" '8" 2 '"( ! ' * '!" , '"( Ij_^f_lguc mdZaZl_ev . '($ 8 $ ') 07+7$ iZidZ !) 2 '88$ '()$ !$ )$ , 4 / / ( , 4 $ '$ )' , 4 2 . 5 '$ '8 , 4 . '8!$ '8) , 4 '88 , 4 *2 !" , 4 '8! , 4 , ! , 4 '8 4* '( $ * '$ $ 8'$ 8 # '" '! /$ ijhlhdhe ! ! 2 7 !"8$ ')8 7* !"8 3 '$ ( 3 /0 Kf /2 0 3 !(' /5 0 * ! ' - ! / - !)"$ ! $ ! / - . 8 / '!' -- '!( /2 0 /0 ! . / ) /* )8 / - $ iZidZ )! /7/ '8" / , 7 ( , ( , 2 ( , -. (( / , 2 ! /// / 3 %* 0 /%0 )' - $ iheblbdb ) &2 4 ( * '! *-- 8$ ! / , 4 '8! / / - ' - !!' /*3 , 4 '8! /*3 / - ' 4 F $ mlbeblZ !) F* - " F* '' 5 6@ ! 6&" !() 6&) !() &k_j\_j "" /&nZce ! 5 )! 5 () . 3 / - !)"$ ! 3 !)"$ ! $ !8 ' "" !'( 8 4 !'( 4 5 !" -- 5 5 ' "$ ( 6 6 )! $ k_j\bk ! . ! . !) ($ !! ") * !) * - / => ) > !( 3 '8 75 88 !"! !"! 2 '' *. $ Kem`[Z fZjrjmlbaZpbb b m^Ze_ggh]h ^hklmiZ ! $ &2 4 7/ ... . * ( 6 - ( B* "! Ij_^f_lguc mdZaZl_ev $ mlbeblZ !!!$ !)( 2 * ! 2 2 ! 24 ! ;5/ "$ "8 (! ) 3 ! !$ ) * 2 () * 5 -.* ) * . )! * ) $ dhfZg^Z !!) 6 - / 6/ '8" 5 Kf = , '""8 5 . !"! !"! . !" . 5 "$ !" - 2 2 # '8" * . !"$ !) * ' - 8 2 . => '" 2* , 6 ! 6 2 '" . - 8 * !() . 6 6 )' (8 6/ '8" . "$ / '8" / '8" / '8" &< 5 * . !"8$ . ) Ij_^f_lguc mdZaZl_ev 0 ?, !')$ ! ($ ! + * / !') * . !') !!! 2 / '8" -, 0 Ijh\h^gbd ijh]jZffgh]h h[_ki_q_gby !)"$ !' * !() +/7 ) *3 A !$ ') *3 - @6%&3 '8" * ( 2 !) $ !)8 8 )) 5 -.* -.$ mlbeblZ ')$ 8 6- - '$ mlbeblZ )8$ !)" !)" !( 8 6- !)" E?7 8'$ !$ '!$ !$ '$ j_iebdZpby 8 7 4 7, 2$ jZaj_r_gb_ ''" 4 . ! ($ !)! 4 2 * ! 44$ mlbeblZ !) 4$ mlbeblZ !) 42 ! 5 '8" '8" !'($ 8 #/ 5 '8" 2 L_fu$ k_j\bk (! ! ! LjZgkihjlguc k_j\_j )' # - / #/ )' * /- * / 8$ ! *. 8 @K Kf @ * 5 @# '" * * *. @ * 5 @K $ !)$ " mijZ\e_gb_ j_`bfZfb 8! @ 5 -.* ( * - !!' @ $ 5 $ + *$ 5 * 5 " 9 $ k_j\bk !()$ ''' * , 4 ? * / , 4 ?/ '($ 8 ?1 / $ mlbeblZ ') ? " ? * 2 , 5 ? '" ?/&ih^dexq_gb_ '($ ?/&k_j\_j "" : =' ! ! =6D Kf = , * 6 D Ij_^f_lguc mdZaZl_ev =3 ')$ '"$ ' ,3 '" = ! = Kf = , =@ ) =3 & =& $ = '(' =3 '(' = !! = = !! =* ! =6 Kf = , 6 .. =- !' = , $ (! = , * 6 D = , 6D$ =6D $ )) = , 1 . !($ '! = , 5 DZe_g^Zjv = , !" = , - !' = , Kem`[u jZa\_jlu\Zgby = , )! = , 0 . !! = , 0 5 !! = , # , '8!$ '()$ ))$ bkdexq_gby '8! ijZ\beZ * '8! = , 6 .. =6 $ ' = , .2 = , / !" = , /2 + NhlhZev[hf = , !" = , / , 2 ! = , . = !! = , . ; =; ! = , 2 !!$ !'!$ !8! = , 2$ dhgnb]mjbjh\Zgb_ !'" = , '""8 5 $ ')$ = , 14* Kbkl_fZ Zjob\Zpbb ^Zgguo = , ') = , @ =@ ' = , * '$ = , 6 . . = , / - . 8 = , ! ! = , @ ! = , '! = . ! , ' ,' ' = !! = !! = Kem`[Z [_kijh\h^ghc ehdZevghc k_lb '( =6&nbevlju = 2$ k_j\bk !!$ !'! =; ! =&. !! ,* ! ,** ! ; %') '8" % ! = > < *3 ') Ij_^f_lguc mdZaZl_ev : = :\lheh]hg !!" :\lhfZlbq_kdZy Zjob\Zpby '' :\lhfZlbq_kdh_ h[gh\e_gb_ ! :\lhfZlbq_kdZy mklZgh\dZ :]_gl \hkklZgh\e_gby ')! :]_gl j_ljZgkeypbb 177/:;5/ ! :dlb\Zpby kbkl_fu :job\Zpby ihegh]h h[jZaZ beb hl^_evguo lhfh\ ') :m^bl !' Zdlb\baZpby !') hldexq_gb_ !'8 =b[_jgZpby ()$ (8 ; ;Zah\u_ ^bkdb !( $ !( ;_ahiZkgu_ dZgZeu () ;BHK (8 ;jZg^fZmwj = , '8!$ )) bkdexq_gby ) ;ukljh_ i_j_dexq_gb_ ihevah\Zl_e_c =b[jb^guc kiysbc j_`bf ()$ (( =eZ\gZy aZ]jmahqgZy aZibkv !(' =jmiiZ< :^fbgbkljZlhju 8 4 @ Ihevah\Zl_eb m^Ze_ggh]h jZ[hq_]h klheZ !" =jmiiu k[hjsbdh\ ^Zgguo 5 !)"$ ! $ !8) > >\hcgZy aZ]jmadZ '"$ )" >_ckl\mxsb_ jZaj_r_gby '!' >_njZ]f_glZpby< ba dhfZg^ghc kljhdb '"! >_njZ]f_glZpby ^bkdZ$ mlbeblZ '"" >_rbnjh\Zgb_ nZceh\ ')! >bgZfbq_kdb_ ^bkdb !()$ !(8 >bki_lq_j aZ]jmadb = >bki_lq_j aZ^Zq ! ($ !)! , '! >bki_lq_j mkljhckl\ 8 < <bjlmZebaZpby hi_jZpbc aZibkb \ nZceu b j__klj 8 <bjlmZevgZy qZklgZy k_lv $ '($ <eZ^_e_p nZceZ beb iZidb '!'$ ''" <hafh`ghklb jZ[hq_]h klheZ$ dhfihg_gl (!$ !" <hkklZgh\e_gb_ ^Zgguo ba Zjob\Z '( <oh^ysb_ ih^dexq_gby '(( <udexq_gb_ dhfivxl_jZ >h\_jbl_evgu_ hlghr_gby gZ mjh\g_ e_kh\ - * ' >hf_ggZy k_lv '8! >hihegbl_evgu_ nmgdpbb$ j_`bf >hihegbl_evguc jZa^_e !( @ @mjgZe gZkljhcdb !"$ !) @mjgZe kh[ulbc !' " Ij_^f_lguc mdZaZl_ev A E AZ]jmahqguc ^bkd !( AZ]jmahqguc jZa^_e ^bkdZ !( AZklZ\dZ wdjZgZ (! AZsblgbd = , !' AhgZ< bgl_]jbjh\ZggZy !8 aZ]emrdZ !$ ') h[jZlgh]h ijhkfhljZ !( Eh]bq_kdb_ ^bkdb !( EhdZevguc h[t_dl +/7 ' F FZjrjmlbaZpby b m^Ze_gguc ^hklmi$ kem`[Z ! B Bg^_dk ijhba\h^bl_evghklb 8 D DZjlZ k_lb '8 DZl_]hjby k_lb '8!$ '8)$ ' D\hlZ gZ ^bkdh\h_ ijhkljZgkl\h '' mijZ\e_gb_ ba dhfZg^ghc kljhdb '') Deb_gl ]jmiih\hc iheblbdb$ kem`[Z ! DhfZgê_lu ! Dhffmlbjm_fu_ ih^dexq_gby '( Dhfihg_gl #* !"!$ !"' Dhgkhev \hkklZgh\e_gby )! Dhgl_cg_j ]jmiih\uo iheblbd ' Dhgl_dkl bf_g ! Dhgljhee_j ^hf_gZ< kha^Zgb_ ' Dhgljhev mq_lguo aZibk_c 8 Dhgnb]mjZpby dhfivxl_jZ ( Dhgnb]mjZpby ihevah\Zl_ey ( Dhgnb]mjZpby kbkl_fu$ mlbeblZ ')$ 8 Dhjg_\u_ kkuedb '' Dhk\_ggu_ jZaj_r_gby '!' FZkl_j< 6 => FZkl_j mklZgh\db $ $ (!$ (' 14* 7 => FZkl_j h^ghdjZlghc Zjob\Zpbb ' 14* 2 * => FZkl_j jZkibkZgby Zjob\Zpbb ' 5 - 0 => FZkl_j wdkihjlZ k_jlbnbdZlh\ ') 5 -.* => FZkl_j gZkljhcdb k_j\_jZ '! 0 ? * => FZkl_j jZkrbj_gby lhfZ !(8 + * / . => FZkl_j fh^_ebjh\Zgby ]jmiih\hc iheblbdb )( + * / * => FZkl_j j_amevlZlh\ ]jmiih\hc iheblbdb )( , => FZkl_j kha^Zgby h[eZklb !! => FZkl_j \hkklZgh\e_gby '( * - / => FZkl_j j_amevlbjmxs_c iheblbdb ) Ij_^f_lguc mdZaZl_ev *. * => FZkl_j gZkljhcdb k_j\_jZ fZjrjmlbaZpbb b m^Ze_ggh]h ^hklmiZ * 5 -.* => FZkl_j gZkljhcdb [_ahiZkghklb ) 2 . => FZkl_j h[s_]h ^hklmiZ '" Fhgblhj j_kmjkh\ !)($ !) Fhgblhjbg] k_lb !" G GZkljZb\Z_fu_ ij_^klZ\e_gby Ijhkfhlj kh[ulbc !8 H H[eZklb "8 H[gh\e_gb_ kbkl_fu H[s_kl\_ggZy k_lv '8! H[sbc ^hklmi d ih^dexq_gbx d Bgl_jg_lm 6 5 2 65 $ )' H[sbc ^hklmi d ^bkdZf '"! H[t_dl ]jmiih\hc iheblbdb . .$ * 3C$ +/7 "$ ) ehdZevguc " gZqZevguc klZjlh\uc ) Hdgh j_]bkljZpbb HkgZkldZ< * G ^hf_gu b ^h\_jb_ !( 2 Ko_fZ ' G kZclu b kem`[u !" @ 5 * G ihevah\Zl_eb b dhfivxl_ju (( 6 0 J_^Zdlbjh\Zgb_ 6 '$ ') 5 - K_jlbnbdZlu ')' 5 * . MijZ\e_gb_ dhfivxl_jhf !"8$ !()$ . >bki_lq_j mkljhckl\ ) # . MijZ\e_gb_ # ' "$ ' ' 4 - . >_njZ]f_glZpby ^bkdZ '"" 4 . MijZ\e_gb_ ^bkdZfb !() !($ '! 0 ?, Ijhkfhlj kh[ulbc !')$ ! ($ ! # * . >bki_lq_j j_kmjkh\ nZceh\h]h k_j\_jZ ''( + * / . MijZ\e_gb_ ]jmiih\hc iheblbdhc (($ "$ '$ ) + * / 73C 0 J_^Zdlhj h[t_dlh\ ]jmiih\hc iheblbdb )$ * / EhdZevgZy iheblbdZ [_ahiZkghklb !')$ !$ ) 3 / - Fhgblhj ijhba\h^bl_evghklb b klZ[bevghklb !)"$ ! 3 Fhgblhj klZ[bevghklb kbkl_fu !)"$ ! $ !8 * - / J_amevlbjmxsZy iheblbdZ )) Ij_^f_lguc mdZaZl_ev *. FZjrjmlbaZpby b m^Ze_gguc ^hklmi$ . * RZ[ehgu [_ahiZkghklb ) * 5 -.* :gZeba b gZkljhcdZ [_ahiZkghklb ) . >bki_lq_j k_j\_jZ ($ !"!$ !" $ !)"$ ! $ !$ ( Kem`[u !!! 2 . . MijZ\e_gb_ h[sbfb iZidZfb b ojZgbebsZfb ''' 2 # H[sb_ iZidb '" 4 2 * IeZgbjh\sbd aZ^Zgbc ! = , Kem`[u jZa\_jlu\Zgby = , )' = , # , ,2 * ;jZg^fZmwj = , \ j_`bf_ ih\ur_gghc [_ahiZkghklb ! = , 14* Kbkl_fZ Zjob\Zpbb ^Zgguo = , '" HkgZkldb = , '""8 8 Hkgh\ghc &kmnnbdk 8$ ! Hkgh\ghc jZa^_e !( Hkgh\ghc kmnnbdk ( HldZa \ jZaj_r_gbb '! HldZl ^jZc\_jh\ 8 HqbkldZ ^bkdZ$ mlbeblZ !"" IZjZf_lju [_ahiZkghklb * .$ ma_e +/7 )! IZjhev$ baf_g_gb_ I_j_aZ]jmadZ dhfivxl_jZ I_j_keZggu_ kh[ulby ! I_j_keZggu_ kh[ulby$ `mjgZe !! IeZg ko_fZ we_dljhiblZgby ( IeZgbjh\Zgb_ aZ^Zgbc ! IeZgbjh\sbd aZ^Zq '"! Ih^dexq_gb_ d ^hf_gm Ih^dexq_gb_ d m^Ze_gghfm jZ[hq_fm klhem$ mlbeblZ !" Ih^dexq_gb_ ih ehdZevghc k_lb '8$ '( Ih^dexq_gb_ ih lj_[h\Zgbx IZd_l Z\lhfZlbq_kdhc mklZgh\db = , =6D IZg_ev mijZ\e_gby 8 !) Ih^dexq_gb_ j_iebdZpbb Ihîbkdb gZ kh[ulby !" Ih^kbkl_fZ êy @6%&ijbeh`_gbc '8" Ihbkd hipby hkgZkldb " Ihbkd bgnhjfZpbb gZ dhfivxl_j_ !! Ihevah\Zl_eb$ dhglZdlu$ ]jmiiu b dhfivxl_ju dZd dhgl_cg_ju$ j_`bf " IjZ\h \eZ^_gby ''" Ij_^\Zjbl_evguc dexq ( Ij_îhql_gby - ) Ij_û^msb_ ij_`gb_ \_jkbb '! Ij_h[jZah\Zgb_ k_l_\uo Z^j_kh\ ' dhfihg_glu dhgnb]mjbjh\Zgb_ Ijh\h^gbd ijh]jZffgh]h h[_ki_q_gby !' I IjhkljZgkl\Z bf_g # ' " Ijhlhdheu lmgg_ebjh\Zgby $ 8 Ijhnbev h[hjm^h\Zgby 2 , - ) Ijhnbev ihevah\Zl_ey 8$ !!' Ijyfu_ jZaj_r_gby '!' Ij_^f_lguc mdZaZl_ev K_j\_j \j_f_gb ! ' K_j\_j kp_gZjb_\ ! J JZa^_e ^bkdZ !( JZa^_eu dZlZeh]Z ! ^hf_gguc jZa^_e dZlZeh]Z ! jZa^_e dhgnb]mjZpbb ! ko_fZ ! JZa^_eu ijbeh`_gbc !$ '$ ! A !( # A !( JZaj_r_gby< ^_ckl\mxsb_ '!( êy nZceh\ b iZihd '!' kf_gZ \eZ^_evpZ ''" ki_pbZevgu_ '!) K_j\_j m^Ze_ggh]h ^hklmiZ ""$ K_j\_j&nhjihkl k_j\_j&ieZp^Zjf K_j\_ju i_j_kuedb ' !! K_jlbnbdZlu ( K_l_\h_ jZaf_s_gb_ '8! $ ' JZkij_^_e_ggZy nZceh\Zy kbkl_fZ # '( J_`bf \_^_gby `mjgZeZ / ) J_`bf \oh^Z / ) J_`bf h^h[j_gby Z^fbgbkljZlhjhf J_`bf ieZgbjh\Zgby / ) J_`bfu jZ[hlu ^hf_gh\ !( J_amevlbjmxsZy iheblbdZ< j_`bf ieZgbjh\Zgby j_`bf \_^_gby `mjgZeZ J_iebdZpby # ' "$ 8 J_iebdZpby dZlZeh]Z !'$ ! J_iebdZpby k fgh`_kl\hf jZ\ghijZ\guo mqZklgbdh\ ! Jheb #7< 2 '( Jhev k_j\_jZ !"! K_l_\hc ^bkd '"8 K_l_\u_ ih^dexq_gby< ?/&ih^dexq_gb_ '( \oh^ysb_ '(( ih ehdZevghc k_lb '( ijyfu_ '(8 l_e_nhggu_ dhffmlbjm_fu_ '( Kbkl_fZ Zjob\Zpbb ^Zgguo = , ') Kbkl_fgu_ i_j_f_ggu_ 8 Kbkl_fguc ^bkd !( Kbkl_fguc fhgblhj !)"$ ! $ ! Kbkl_fguc jZa^_e ^bkdZ !( Kbkl_fu k ^\hcghc aZ]jmadhc '" Kem`[Z< / '8" [_kijh\h^ghc ehdZevghc k_lb$ dhfihg_gl '8"$ '( \j_f_gb = , ! ! ^hf_gguo bf_g !) ^hklmiZ d iZidZf b ijbgl_jZf # / 2 . '88 bg^_dkbjh\Zgby 6 . !! dhgnb]mjbjh\Zgb_ !'" fZjrjmlbaZpbb b m^Ze_ggh]h ^hklmiZ ij_^\Zjbl_evguc dexq ihbkdZ = K K[hjsbd kh[ulbc = , = !! K\_^_gby h kbkl_f_$ mlbeblZ !)" , !! j_]bkljZpbb hrb[hd = = !! j_iebdZpbb nZceh\ ' Kem`[u< bgl_]jZpbb ( , $ !) Ij_^f_lguc mdZaZl_ev jZa\_jlu\Zgby = , )! jheb !"! l_jfbgZeh\ 8 m^Ze_ggh]h mijZ\e_gby = =&. !! m^Ze_gghc mklZgh\db )! M M^Ze_gguc ^hklmi 8 , iheblbdb Kgbfhd \bjlmZevghc fZrbgu Kh_^bg_gb_ ih^dexq_gb_ j_iebdZpbb !) Kh_^bg_gb_ k \bjlmZevghc qZklghc k_lvx Khg (8 Khklhygby kbkl_fu ') KhojZg_ggu_ aZijhku "! hibkZgb_ " Kj_^kl\Z ihbkdZ !! Kkuedb nZceh\hc kbkl_fu m^Ze_gb_ !! KlZg^Zjlgu_ jZaj_r_gby '!) Ko_fZ< fh^bnbdZpby '( h[gh\e_gb_ Ko_fu we_dljhiblZgby ( Kq_lqbdb ijhba\h^bl_evghklb ! ' M^Ze_gguc ihfhsgbd !'( M^Ze_gguc jZ[hqbc klhe !'( MijZ\e_gb_ ^Zgguf k_j\_jhf$ mlbeblZ !"" Mkeh\gZy i_j_kuedZ !$ '! MklZgh\dZ< = , '""8 ' dhfihg_glh\ = , !"! ijbeh`_gbc b dhfihg_glh\ = , !"" kbkl_fu ' Mq_lgZy aZibkv< =hklv +* '( N NZce ih^dZqdb 8 NZceu hl\_lh\ Nbevlju< \ hkgZkld_ L 6&) !() !! ") NmgdpbhgZevguc mjh\_gv LZ[ebpZ jZa^_eh\ !(' Lhf ^bkdh\uc !() a_jdZevguc !() ijhklhc !() khklZ\ghc !() q_j_^mxsbcky !() Lhiheh]by j_iebdZpbb !) Lhqdb ih\lhjghc h[jZ[hldb C* , - '' P P_glj aZ]jmadb - ) , ! P_glj h[gh\e_gby = P_glj mijZ\e_gby k_lyfb b h[sbf ^hklmihf , '$ '8$ '8 4 2 . 5 Ij_^f_lguc mdZaZl_ev Q Rbnjh\Zgb_ nZceh\ b iZihd ')' Rbnjh\ZggZy nZceh\Zy kbkl_fZ 0# ')! QZklgZy k_lv '8! R RZ[ehg ]jmiih\uo iheblbd ' Rbnjh\Zgb_ nZceh\ ')! êy kh\f_klgh]h bkihevah\Zgby ')) WY WdjZg ijb\_lkl\by We_dljhiblZgb_ ( Wg_j]hk[_j_]Zxsb_ j_`bfu (8 Yaudh\uc iZd_l @6 ('

windows server 2008 nastolnaya kniga administratora

Products

Support

windows server 2008 nastolnaya kniga administratora

Add this document to collection(s)

Add this document to saved

Suggest us how to improve StudyLib