Professional Documents
Culture Documents
Блюм ПА теории личности
Блюм ПА теории личности
<k_ ijZ\ZaZsbs_guaZdhgh^Zl_evkl\hfGbdZdZyqZklvwlhcdgb]bg_fh`_l[ulvba^ZgZ
gZjmkkdhfyaud_[_aibkvf_ggh]hjZaj_r_gbyba^Zl_ey
,6%1
ba^Zl_evkl\h DKI i_j_\h^OZ\bg:;hnhjfe_gb_:EV<H
AHEHLHCNHG>MQ?;GHCEBL?J:LMJU
=_jZev^ ;EXF
IKBOH:G:EBLBQ?KDB?L?HJBB
EBQGHKLB
I_j_\h^k Zg]ebckdh]hb \klmibl_evgZyklZlvy:;O:<BG:
Ba^Zl_evkl\hDKIFhkd\Z
<EBYGB?<GMLJBMLJH;GH=HI?JBH>:B JH>H<
L?HJBB<GMLJBMLJH;GH=H<HA>?CKL<BY
=JBG?CDJ
NHM>HJ
Nhm^hj kqblZ_l\ebygb_\gmljbmljh[gh]hi_jbh^ZgZjZa\blb_ebqghklb]hjZa^h
[hevrbfq_f=jbg_cdjb _]h\haaj_gby^Ze_dhhlklhylhl^jm]boZgZeblbdh\Hghl\h^bl
bkdexqbl_evgh_ f_klh ij_gZlZevguf mkeh\byf b jh^h\hc ljZ\f_ \b^bl \ gbo
[bheh]bq_kdmx hkgh\m h[mkeh\eb\Zxsmx fgh]b_ nhjfu g_\jhlbq_kdh]h ih\_^_gby
Nhm^hj aZy\ey_l qlh Hllh JZgd i_j\uf k^_eZe ihiuldm [bheh]babjh\Zlv ikbohZgZeba
gh hlf_`_\u\Z_lky hl JZgdZ h[ty\eyy k\hc ih^oh^ debgbq_kdbf Z _]h nbehkhnkdbf
:j]mf_glu Nhm^hjZ hkgh\u\Zxlky ij_`^_ \k_]h gZ ZgZeba_ nZglZabc b kgh\b^_gbc \
ijhp_kk__]hqZklghcijZdlbdb lZdgZau\Z_fuoij_gZlZevguokgh\b^_gbc
Kh]eZkgh Nhm^hjm \gmljbmljh[gu_ kgh\b^_gby g_ \k_]^Z hljZ`Zxl khklhygb_
\hklhj]Z ² `bagv g_jh`^_ggh]h j_[_gdZ g_ h[yaZl_evgh g_ij_ju\gh_ [eZ`_gkl\h Hg
aZ\bkbl hl dhebq_kl\Z dbkehjh^Z b ibs_\uo \_s_kl\ \ djh\b fZl_jb \u\_^_gby ba __
hj]ZgbafZ ih[hqguo ijh^mdlh\ h[f_gZ \_s_kl\ Fgh`_kl\h fZl_jbgkdbo g_kqZklbc
kihkh[gugZg_klb\j_^b hkeZ[blvhj]Zgbafj_[_gdZi_j_^jh`^_gb_fy\eyykvijbqbghc
gZqZeZ ihklgZlZevghc `bagb k dZdbfeb[h g_^hklZldhf Kms_kl\_ggmx ljZ\fm
jZa\b\Zxs_fmky ieh^m gZghkyl bgl_gkb\gu_ iheh\u_ kghr_gby jh^bl_e_c ihke_^kl\by
dhlhjuo
ijhke_`b\Zxlky\ kgh\b^_gbyo\ l_q_gb_\k_c`bagb
< p_eyo h[hkgh\Zgby ij_gZlZevgh]h kms_kl\h\Zgby Nhm^hj \\h^bl ihgylb_
hj]Zgbafbq_kdh_ khagZgb_ dhlhjh_ ij_^klZ\ey_l ]em[hqZcrbc mjh\_gv jZamfZ
\hafh`gh kZfmx hkgh\m [_kkhagZl_evgh]h Hg iulZ_lky hl\_klb h[\bg_gby qlh baaZ
hlkmlkl\byg_j\ghck\yabf_`^mfZl_jvxb j_[_gdhfieh^g_fh`_lbkiulu\Zlvg_\a]h^u
ijb kljZ^Zgbyo fZl_jb kf ijbf Dexqhf d ^be_ff_ ih ml\_j`^_gbx Nhm^hjZ
y\eyxlky wdki_jbf_glZevgu_ jZ[hlu \ h[eZklb l_e_iZlbb \ Mgb\_jkbl_l_ >vxdZ Hg
kqblZ_l qlh [eZ]h^Zjy kms_kl\h\Zgbx l_e_iZlbb klZgh\blky e_]dh ihgylv dZd g_`gu_ b
a^hjh\u_ qm\kl\Z fZl_jb hdZau\Zxl p_e_[gh_ \ebygb_ gZ ikbobdm ieh^Z b ih^h[guf
h[jZahf h^bghq_kl\h g_`_eZggh]h j_[_gdZ ijhke_`b\Z_lky d ikbobq_kdhc baheypbb \
fZld_kfijbf
JH>H<:YLJ:<F:
NJ?C>
HL<?LNJ?C>:J:GDM
=JBG?CDJ
NHM>HJ
A:DEXQ?GB?
IJBF?Q:GBY
IHL?GPB:EEBQGHKLBGH<HJH@>?GGH=H
Hjlh^hdkZevgZyikbohZgZeblbq_kdZyl_hjbygZ^_ey_lgh\hjh`^_ggh]hbgklbgdlZfb
eb[b^h ihy\eyxs_cky ^bnn_j_gpbZpb_c mjh\g_c khagZgby bgljb]mxsbf j_a_j\mZjhf
gZau\Z_fuf b^ b gZdhg_p khklhygb_f hibku\Z_fuf dZd i_j\bqguc gZjpbkkbaf <
]eZ\_ jZkkfZljb\Zxlky ljZ^bpbhggu_ hij_^_e_gby wlbo ihgylbc gZjy^m k \haaj_gbyfb
ikbohZgZeblbq_kdbhjb_glbjh\Zgguol_hj_lbdh\
BGKLBGDLUB DHGP?IPBYEB;B>H
HJLH>HDK:EVG:Y;BHEH=BQ?KD:YHJB?GL:PBYN?GBO?EVB KL?J;:
G?HNJ?C>BKLKD:YDMEVLMJHEH=BQ?KD:YHJB?GL:PBY
LHFIKHGB K:EEB<:G
<haaj_gby gZ ijh[e_fm eb[b^h kms_kl\_ggh \Zjvbjmxl hl ihabpbb Xg]Z ^h lhqdb
aj_gby g_hnj_c^bklh\ >ey Xg]Z eb[b^h ij_^klZ\ey_l i_j\bqgmx wg_j]bx
e_`Zsmx \ hkgh\_ g_ lhevdh k_dkmZevghc gh \k_c ikbobq_kdhc `bagb nmg^Zf_gl b
j_]meylhj ikbobq_kdh]h kms_kl\h\Zgby Wlh nmg^Zf_glZevgh_ \e_q_gb_ ^\b`msZy
`bag_ggZy kbeZ \[bjZ_l iblZgb_ jhkl k_dkmZevghklv bgl_j_ku b l^ G_hnj_c^bklu k
^jm]hc klhjhgu iheghklvx hl[jZku\Zxl bgklbgdlu b eb[b^h Hgb ^himkdZxl agZq_gb_
[bheh]bq_kdbo ihlj_[ghkl_c b bo \ebygb_ gZ ijhp_kk jZa\blby gh hldZau\Zxlky hl
ijbagZgby eb[b^h \ dZq_kl\_ ^\b`ms_c kbeu ij_ke_^mxs_c wjhlbq_kdb_ gZkeZ`^_gby
<aZf_g hgb iulZxlky bklhedh\Zlv [bheh]bq_kdh_ jZa\blb_ j_[_gdZ \ k\_l_ dmevlmjguo
\ebygbcb h[mkeh\e_gguodmevlmjhcf_`ebqghklguohlghr_gbcKh]eZkghLhfikhg
l_hjby eb[b^h Nj_c^Z hdZau\Z_lky g_m^h\e_l\hjbl_evghc \ h[tykg_gbb Z]j_kkbb
i_j\_jabc b gZjpbkkbafZ JZaebqb_ f_`^m rdheZfb klZg_l ykg__ dh]^Z fu jZkkfhljbf
\kx]_g_lbq_kdmxihke_^h\Zl_evghklvnhjfbjh\Zgbyebqghklb
G_hnj_c^bklu h^gZdh bf_xl hij_^_e_ggh_ fg_gb_ hlghkbl_evgh ihl_gpbZeZ
ebqghklbgh\hjh`^_ggh]h=ZjjbKZeeb\Zg gZijbf_jke_^myaZ:^e_jhfml\_j`^Z_l
qlhq_eh\_djh`^Z_lkyk g_dbfih[m`^_gb_fd \eZklbIjbjh`^_gbb\e_q_gb_g_\iheg_
knhjfbjh\Zgh gh kihkh[gh d jZa\blbx I_j\u_ njmkljZpbb [bheh]bq_kdhc
mklj_fe_gghklb d h[eZ^Zgbx ihjh`^Zxl gZijZ\e_gghklv gZ ij_h^he_gb_ \gmlj_gg_]h
qm\kl\Z [_kkbeby KZeeb\Zg beexkljbjm_l k\hx fukev jZkkm`^_gb_f h j_[_gd_
g_kihkh[ghf ^hklbqv \i_j\u_ m\b^_ggmx emgm G_m^ZqZ ijb\h^bl d njmkljZpbb qm\kl\Z
\eZklb b dhfi_gkZlhjghfm ihbkdm kihkh[h\ ijbh[j_l_gby fh]ms_kl\Z Mklj_fe_gb_ d
fh]ms_kl\mlZdbfh[jZahfkqblZ_lky\Z`g__q_fqm\kl\h]heh^Z`Z`^ubebk_dkmZevgh_
\h`^_e_gb_ihlhfmqlhe_`bl\ hkgh\_\k_owlbo\e_q_gbcMklj_fe_gb_d \eZklby\ey_lky
gZklhevdh kms_kl\_gguf qlh kl_i_gv _]h m^h\e_l\hj_gby beb njmkljZpbb hij_^_ey_l
jZa\blb_ebqghklbIhkeh\ZfKZeeb\ZgZ iheghp_ggh_jZa\blb_ebqghklbgZjy^mkh
klj_fe_gb_f d [_ahiZkghklb \ hkgh\ghf [Zabjm_lky gZ hldjulbb j_[_gdhf k\h_]h
[_kkbeby \ ^hklb`_gbb hij_^_e_gguo `_eZgbc bf_xsbfbky \ _]h jZkihjy`_gbb
kj_^kl\Zfb JZahqZjh\Zgb_ i_j\uf hiulhf ihklgZlZevghc `bagb \ hlebqb_ hl
\gmljbmljh[ghc `bagb ]^_ \k_ ^hklmigh ijb\h^bl d gZqZem ]jZg^bhagh]h jZa\blby
^_ckl\bc fure_gby ij_^\b^_gby b zl h]jZ`^Zxsbo hl qm\kl\ hiZkghklb b
[_kihfhsghklb\ ijhlb\hklhysbomkeh\byoijbf
<HAAJ?GBYG:BGKLBGDLKF?JLB
NJ?C>
N?GBO?EV
Lhfikhg
HJLH>HDK:EVGUCIH>OH>
XG=DHEE?DLB<GH?;?KKHAG:L?EVGH?
G?HNJ?C>BKLKDBCIH>OH>
I?J<BQGUCG:JPBKKBAF
NJ?C>HJLH>HDK:EVG:YLHQD:AJ?GBY
=JBG?CDJHLGHR?GB?G:JPBKKBAF:
D LJ?<H=?B JH@>?GBX
NJHFFG?HNJ?C>BKLKD:YLHQD:AJ?GBY
A:DEXQ?GB?
IJBF?Q:GBY
=E:<:
I?J<UC=H>@BAGB
Nhjfbjh\Zgb_w]hb kmi_jw]h
Ikbohk_dkmZevgh_jZa\blb_
Hlghr_gbyk ^jm]bfbex^vfb
Ikboheh]bq_kdb_f_oZgbafu
NHJFBJH<:GB?W=HB KMI?JW=H
HJLH>HDK:EVGH?HIJ?>?E?GB?:JO:BQ?KDH?W=H
L?HJ?LBQ?KDB?IJ?>KL:<E?GBYF?E:GBDE?CG
K:EEB<:GIJHLHL:DKBQ?KDBCFH>MK
HJLH>HDK:EVGUCIH>OH>HJ:EVG:YKL:>BY
IhabpbyDE?CG
IhabpbyXG=:
LhqdZaj_gbyXg]Z gZjZgg__ikbohk_dkmZevgh_jZa\blb_jZ^bdZevghhlebqZ_lky
hlnj_c^h\kdhcFum`_agZ_fqlhXg]hl\_j]Z_lihgylb_eb[b^hdZdk_dkmZevghckbeu
Djhf_ lh]h hg hij_^_ey_l bgnZglbevgmx k_dkmZevghklv \ ]hjZa^h [he__ madhf kfuke_
Xg] jZa^_ey_l `bagv bg^b\b^Z gZ ljb nZau jZa\blby ij_k_dkmZevgZy nZaZ
ijh^he`Z_lky^hiylbe_lg_]h\hajZklZ ij_im[_jlZlgZynZaZ^eblkyhliha^g_]h^_lkl\Z
^h im[_jlZlgh]h \hajZklZ nZaZ aj_ehklb gZqbgZ_lky kh \j_f_gb iheh\h]h khaj_\Zgby
Kh]eZkghXg]m^hdhgpZij_k_dkmZevghcnZaug_ijhy\ey_lkyiheh\uoijbagZdh\KZfZy
jZggyy nZaZ jZa\blby oZjZdl_jbam_lky ihqlb bkdexqbl_evgh iblZgb_f b jhklhf Eb[b^h
ihkl_i_gghb kljm^hfi_j_oh^blhliblZgbyd k_dkmZevghcnmgdpbbIhke_^h\Zl_evghklv
ij_^klZ\ey_lky ke_^mxs_c i_j\hgZqZevgh ibsZ ijbgbfZ_lky ihkj_^kl\hf khkZgby k
hij_^_e_gguf ijbkmsbf _fm jblfbq_kdbf ^\b`_gb_f Ihkl_i_ggh khkZgb_ ihfbfh
nmgdpbb iblZgby klZgh\blky kihkh[hf ihemq_gby gZkeZ`^_gby b m^h\e_l\hj_gby
jblfbq_kdhc Zdlb\ghklvx kZfhc ih k_[_ Kh \j_f_g_f ahgu gZkeZ`^_gby baf_gyxlky b
jblfbq_kdbc Zki_dl klZgh\blky khklZ\eyxsbf ]_gblZevghc Zdlb\ghklb Eb[b^h
ijh^\b]Zykv hl nmgdpbb iblZgby \ k_dkmZevgmx h[eZklv ijb\ghkbl \ g__ q_jlu
ij_^r_kl\mxs_cnmgdpbbq_fh[tykgy_lkyl_kgZyk\yavh[_bonmgdpbcijbf
<HAAJ?GBYG?HNJ?C>BKLH<
WJBDKHGHJ:EVG:YAHG:BGDHJIHJBJMXSBCFH>MK
Wjbdkhg jZajZ[Zlu\Z_lhjlh^hdkZevgmxl_hjbxikbohk_dkmZevgh]hjZa\blbyhg
\\h^blihgylbyahgb fh^mkh\<u^_eyxlkyljbahgu
hjZevghk_gkhjgZy dhlhjZy \dexqZ_l Zi_jlmju ebpZ b \_jogbc hl^_e
ibs_\Zjbl_evgh]hljZdlZ
ZgZevgZy \dexqZxsZy hj]Zgu \u^_e_gby wdkdj_f_glh\ ]_gblZevgZy Wlbf
ahgZf khhl\_lkl\mxl q_luj_ fh^mkZ bgdhjihjbjmxsbc \[bjZxsbc aZ^_j`b\Zxsbc
webfbgbjmxsbc\u^_eyxsbcbgljmab\guc\lhj]Zxsbcky
< l_q_gb_ i_j\hc klZ^bb \ hjZevghk_gkhjghc ahg_ ^hfbgbjm_l bgdhjihjbjmxsbc
fh^mk J_[_ghd g_ lhevdh khk_l b ]ehlZ_l khhl\_lkl\mxsb_ h[t_dlu gh \kfZljb\Z_lky
]eZaZfb\ lhqlhgZoh^blky\ ihe_aj_gbyk`bfZ_lb jZa`bfZ_ldmeZddZd[m^lh^_j`blky
aZ \_sv b ^Z`_ dZ`_lky ijbdZkZ_lky d ij_^f_lZf qlh[u \ua\Zlv ijbylgu_ lZdlbevgu_
hsms_gby >jm]b_ fh^mku \ wlh \j_fy nmgdpbhgbjmxl \ dZq_kl\_ \kihfh]Zl_evguo
k`Zlb_q_exkl_cb ^_k_giha^gbcbgdhjihjbjmxsbcfh^mkie_\Zgb_webfbgbjmxsbc
fh^mk k`Zlb_ ]m[ aZ^_j`b\Zxsbc fh^mk m wg_j]bqguo feZ^_gp_\ bf__lky l_g^_gpby
gZ[jZku\Zlvky gZ fZl_jbgkdbc khkhd bgljmab\guc fh^mk Wlb \kihfh]Zl_evgu_ fh^mku
ghkylih^qbg_ggucoZjZdl_j_kebg_gZjmrZ_lkykh\f_klgZyj_]meypbyahguijbmljZl_
feZ^_gp_f \gmlj_gg_]h dhgljhey beb g_Z^_d\Zlghf ih\_^_gbb kh klhjhgu fZl_jb
Ijbf_jhf i_j\h]h kemqZy y\ey_lky ibehjhkiZaf dh]^Z j_[_ghd hlju]b\Z_l ibsm \kdhj_
ihke_ __ ijbgylby A^_kv hjZevghwebfbgbjmxsbc fh^mk ijbh[j_lZ_l \Z`ghklv b fh`_l
bf_lv ihke_^kl\b_f qj_af_jgh k^_j`Zggh_ hlghr_gb_ d fbjm HjZevgh_ aZdjulb_
ijbh[j_lZ_lhdjZkdm]_g_jZebah\Zggh]hg_^h\_jbyd q_fm[ulhgb [ueh\k_ij_oh^ys__
g_^hklhcghhklZ\Zlvky<h\lhjhfkemqZ_ijbf_jhfkem`blhl^_j]b\Zgb_fZl_jvxkhkdZba
kljZoZ [ulv mdmr_gghc Wlh fh`_l y\eylvky ijbqbghc ij_`^_\j_f_ggh]h j_ne_dkZ
dmkZgbydhlhjuc\ ihke_^mxsbof_`ebqghklguohlghr_gbyoi_j_oh^bl\ j_ne_dkb\gmx
ihiuldmm^_j`b\Zgbyb \aylbybag_^ha\he_gguobklhqgbdh\
<lhjZy hjZevgZy klZ^by oZjZdl_jbam_lky dZd fh^mk bgdhjihjZpbb ihkj_^kl\hf
dmkZgby JZa\blb_ am[h\ khijh\h`^Z_lky m^h\hevkl\b_f hl dmkZgby l\_j^uo ij_^f_lh\
hldmku\Zgby dmkhqdh\ ij_^f_lh\ >jm]b_ \b^u Zdlb\ghklb lh`_ hlghkylky d wlhc
dZl_]hjbbijhbkoh^blh[mq_gb_nhdmkbjh\d_]eZab ko\Zlu\Zgbxh[t_dlh\hkh[_gghklb
baf_g_gbyiheh`_gbyl_eZk\b^_l_evkl\mxlh ihy\e_gbbkihkh[ghklbd ehdZebaZpbba\mdZ
jmdbko\Zlu\Zxl[he__ p_e_gZijZ\e_ggh F_`ebqghklgu_ hlghr_gby dhgp_gljbjmxlky \
khpbZevghc fh^Zevghklb \aylby b m^_j`Zgby \_s_c dZd k\h[h^gh ij_^eZ]Z_fuo lZd b
g_^ha\he_gguo
HLGHR?GBYK >JM=BFBEX>VFB
HJLH>HDK:EVG:YLHQD:AJ?GBYF:LVD:DI?J<UCH;T?DL
L?HJBYDE?CG
K:EEB<:GWFI:LBYB AG:QBFUC>JM=HC
IKBOHEH=BQ?KDB?F?O:GBAFU
<<H>GU?DHFF?GL:JBB
BGLJH?DPBYI?J<BQG:YB>?GLBNBD:PBYIJH?DPBY
HLJBP:GB?
A:DEXQ?GB?
IJBF?Q:GBY
=E:<:
I?JBH>HLH>GH=H=H>:>HLJ?OE?L
NHJFBJH<:GB?W=HB KMI?JW=H
HJLH>HDK:EVGU?<HAAJ?GBYN?GBO?EV
JZa\blb_ Zdlb\gh]h mijZ\e_gby J_[_ghd ihkl_i_ggh ijh]j_kkbjm_l hl i_jbh^Z
iZkkb\ghj_p_ilb\gh]h ]hkih^kl\Z ijb dhlhjhf hg h[_ki_qb\Z_lky fh]ms_kl\_ggufb
\ajhkeufb d kh[kl\_gghc Zdlb\ghklb GZ wlhc ke_^mxs_c nZa_ Zdlb\gu_ ^_ckl\by
aZf_gyxl ijhklh_ j_Z]bjh\Zgb_ ih lbim jZajy^db ihy\ey_lky kihkh[ghklv hldeZ^u\Zlv
m^h\e_l\hj_gb_ b \u^_j`b\Zlv gZijy`_gb_ >\_ ij_^ihkuedb khklZ\eyxl hkgh\m
Zdlb\ghklb
mijZ\e_gb_^\b]Zl_evgufZiiZjZlhfl_eZ
\hagbdgh\_gb_ nmgdpbb km`^_gby =eZ\gu_ oZjZdl_jbklbdb fhlhjgh]h jZa\blby
aZdexqZxlky \ h\eZ^_gbb oh^v[hc j_qvx b ijZ\beZfb lmZe_lZ Kihkh[ghklv
kZfhklhyl_evghoh^blvb dhgljhebjh\Zlvknbg]l_jkqblZxlky[Zabkgufb\ g_aZ\bkbfhklb
j_[_gdZ J_qv ijb\ghkbl \hafh`ghklv ij_^\hkobs_gby kh[ulbc [eZ]h^Zjy keh\_kghfm
ieZgbjh\Zgbx Wlh ijh^\b`_gb_ ijb\h^bl dh \lhjhc ij_^ihkued_ Zdlb\ghklb ²
km`^_gbx dhlhjh_ k\yaZgh k ]eZ\ghc nmgdpb_c w]h ba\_klghc dZd hp_gb\Zgb_
j_ZevghklbIhke_^gyyij_^klZ\ey_lkihkh[ghklv
ij_^\hkobs_gby [m^ms_]h \ \hh[jZ`_gbb ijb hkms_kl\e_gbb ebrv hjb_glbjh\hqguo
Zdlb\guo ^_ckl\bc \ j_Zevghf fbj_ Hp_gdZ j_Zevghklb b l_jibfhklv d gZijy`_gbx
g_ihkj_^kl\_gghkhijy`_gu\ dZq_kl\_nmgdpbcw]h
Lj_\h]Z >jm]Zyijh[e_fZgZijyfmx dZkZxsZyky w]h wlh lj_\h]Z Fu m`_ agZ_f
qlh \hagbdgh\_gb_ lj_\h]b \hafh`gh ^h ^bnn_j_gpbZpbb w]h \ ij_gZlZevghc `bagb
aZl_f\ j_amevlZl_jh^h\hcljZ\fuZ lZd`_g_ihkj_^kl\_gghihke_jh`^_gbyWlZjZggyy
i_j\bqgZy lj_\h]Z gZihegyxsZy \ha[m`^_gb_f fh^bnbpbjm_lky k gZjZklZgb_f
kihkh[ghklbw]hhp_gb\Zlvj_ZevghklvH^gh\j_f_gghk ij_^\hkobs_gb_f\ \hh[jZ`_gbb
b ieZgbjh\Zgb_f ^_ckl\bc \hagbdZ_l fukev h[ hiZkghklb Hp_gb\Zxs__ w]h l_i_jv
h[eZ^Z_l kihkh[ghklvx jZkkfZljb\Zlv kblmZpbx dZd ihl_gpbZevgh ljZ\fbjmxsmx beb
m]jh`Zxsmx LZdh_ km`^_gb_ ^himkdZ_l lhevdh mf_j_gguc dhgljhebjm_fuc mjh\_gv
lj_\h]bdhlhjucf_gvr_q_ffh][ui_j_`b\Zlvky\ kblmZpbbIj_^\hkobs_gb_lj_\h]b
kem`blkb]gZehfj_[_gdmih^kdZau\Zxsbf_fmh q_flhlj_[mxs_fij_h^he_gby
Kh^_j`Zgb_ ^_lkdhc lj_\h]b lh`_ ij_l_ji_\Z_l baf_g_gby Hkgh\hc lj_\h]b
kqblZ_lky g_kihkh[ghklv kZfhklhyl_evgh m^h\e_l\hjylv nbabheh]bq_kdb_ \e_q_gby
I_j\uc kljZo wlh kljZo i_j_`b\Zgby \ ^Zevg_cr_f ljZ\fZlbq_kdbo khklhygbc
ihjh`^Zxsbc b^_x qlh m^h\e_l\hj_gb_ ihlj_[ghkl_c fh`_l hdZaZlvky \ hiZkghklb
Ijbfblb\guc ijbgpbi \haf_a^by hkeh`gy_l jZggxx dZjlbgm lj_\h]b Jmdh\h^kl\mykv
Zgbfbklbq_kdbffure_gb_fj_[_ghdijbibku\Z_l^jm]bfk\hb`_eZgby?]hnZglZabbh
ih]ehs_gbb hdjm`_gby fh]ml khijh\h`^Zlvky kljZohf [ulv kt_^_gguf jh^bl_eyfb
Lj_\h`gu_nZglZabbh k\h_fjZajmr_gbbbf_xllh`_ijhbkoh`^_gb_
>jm]hc bklhqgbd lj_\h]b aZdexqZ_lky \ khfg_gbb qlh h`b^Z_fh_ m^h\e_l\hj_gb_
ijhbahc^_l Wlh lZd gZau\Z_fuc kljZo mljZlu ex[\b ² ex[h\v \ ^Zgghf kemqZ_
hagZqZ_l ihfhsv b aZ[hlm Lj_\h]Z \ mdZaZgghc kn_j_ hkh[_ggh bgl_gkb\gZ lZd dZd
kZfhm\Z`_gb_j_]mebjm_lkykgZ[`_gb_fba\g_W]hex[bfh_^jm]bfbkqblZ_lkykbevguf
lh]^ZdZdw]hhklZ\e_ggh_\ hiZkghklbij_^klZ\ey_lkykeZ[uf
Hlkjhq_ggh_ mijZ\e_gb_ b nmgdpbhgZevgh_ m^h\hevkl\b_ FZe_gvdb_ ^_lb
kijZ\eyxlky k lj_\h]hc hq_gv oZjZdl_jguf h[jZahf Hgb iulZxlky ij_h^he_lv
gZijy`_gb_ Zdlb\guf ih\lhj_gb_f \ b]jZo b f_qlZo kblmZpbb \ua\Z\r_c gZijy`_gb_
Wlh hlkjhq_ggh_ mijZ\e_gb_ hlebqZ_lky hl ij_`g_]h iZkkb\gh]h i_j_`b\Zgby lj_\h]b
l_f qlh j_[_ghd ih\lhj_gb_f kblmZpbb kZf hij_^_ey_l __ \j_fy b kbem Iha^g__ hg g_
lhevdh bgkp_gbjm_l \ b]jZo k\h_ ijhreh_ gh ij_^\hkobsZ_l h`b^Zgby \ [m^ms_f kf
ijbf
Kh]eZkghN_gbo_exnmgdpbhgZevgh_m^h\hevkl\b_h[uqghbf__lf_klh\ khq_lZgbb
k wjhlbq_kdbfgZkeZ`^_gb_fHgijb\h^blijbf_jdh]^Z\ajhkeucih^[jZku\Z_lj_[_gdZ
\ \ha^mo b eh\bl _]h K h^ghc klhjhgu j_[_ghd bkiulu\Z_l wjhlbq_kdh_ gZkeZ`^_gb_
ihkj_^kl\hf\ha[m`^_gbyqm\kl\k\yaZgguok khojZg_gb_fjZ\gh\_kbyk ^jm]hcklhjhgu
hgihemqZ_lnmgdpbhgZevgh_m^h\hevkl\b_aZkq_lij_h^he_gbykljZoZiZ^_gbyFm`_kl\h
ijboh^bl ihkl_i_ggh j_[_ghd h[j_lZ_l ^h\_jb_ d \ajhkehfm b m[_`^Z_lky qlh g_ klhbl
[hylvkyg_[hevrhc\ukhlu
JZa\blb_ j_qb b fure_gby JZa\blb_ j_qb ij_^klZ\ey_l j_rZxs__ ijh^\b`_gb_ \
nhjfbjh\Zgbb w]h GZmqb\rbkv k\yau\Zlv keh\Z b fukeb w]h ]hjZa^h emqr_
ijbkihkZ[eb\Z_lkyd \g_rg_fmfbjmb \gmlj_ggbf\e_q_gbyf<hagbdZ_lfZ]bq_kdZy\_jZ
qlhmijZ\e_gb_\_sZfbh[mkeh\e_ghbogZau\Zgb_fH[s_ba\_klghihklhyggh_lj_[h\Zgb_
^_l_c wlh]h \hajZklZ qlh[u bf gZau\Zeb ij_^f_lu LZdbf h[jZahf klj_fe_gb_ d
mijZ\e_gbx bgklbgdlb\gufb \e_q_gbyfb kihkh[kl\m_l bgl_ee_dlmZevghfm jZa\blbx kf
ijbf H[j_l_gb_ j_qb i_j_`b\Z_lky dZd h]jhfgZy kbeZ b hgZ h[jZsZ_l [he__ jZgg__
fh]ms_kl\hfuke_c\
fh]ms_kl\h keh\ JZggyy j_qv j_[_gdZ k\h_]h jh^Z Zfme_l ij_^gZagZq_gguc ^ey
fZ]bq_kdh]h h\eZ^_gby fbjhf k ihfhsvx keh\ FZ]bq_kdZy kbeZ keh\ kh]eZkgh l_hjbb
khojZgy_lky\ deyl\Zo[jZgbihwabb
Fure_gb_hibku\Z_lkydZd^Zevg_cr__kh\_jr_gkl\h\Zgb_mfhaZdexq_gbckgZqZeZ
f_`^m kt_^h[guf b g_kt_^h[guf iha^g__ f_`^m [_a\j_^guf b hiZkguf Fure_gb_
k\yaZgh k hlkjhqb\Zgb_f ^_ckl\bc dhlhju_ l_i_jv ohly b \ g_agZqbl_evghf fZkrlZ[_
ijh]ghabjmxlky \ ikbobq_kdhf ieZg_ Fure_gb_ kem`bl ZddmevlmjZpbb ^\mo jZggbo
Z\lhfZlbq_kdbo j_Zdpbc \e_q_gb_ d jZajy^d_ aZlhjfZ`b\Z_lky kdehgghklv d
]ZeexpbgZlhjghfm\uiheg_gbx`_eZgbcaZf_sZ_lky\hh[jZ`_gb_fh`b^Z_fuokh[ulbc
Z \ ihke_^mxs_f bo ij_^klZ\e_gb_f \ Z[kljZdlguo kbf\heZo GZ wlhc klZ^bb jZa\blby
ijhp_kku fure_gby h^gZdh g_ k\h[h^gu hl ^\mo mdZaZgguo l_g^_gpbc Ij_eh]bq_kdb_
wfhpbhgZevgu_we_f_glukihkh[kl\mxl^_ahj]ZgbaZpbbijhlb\hj_qbyfg_^hjZamf_gbyf
< wlhc ijbfblb\ghc nZa_ \hh[jZ`_gb_ kebrdhf dhgdj_lgh b h[jZagh ih f_j_ jZa\blby
fure_gb_\k_[hevr_hibjZ_lkygZkeh\Z< ihke_^mxs_c`bagbij_eh]bq_kdh_fure_gb_
bf__l f_klh m ex^_c \ khklhygbyo mklZehklb khgeb\hklb bglhdkbdZpbb ikbohaZ
Ij_^iheZ]Z_lkyqlhb \ghjfZevghfkhklhygbbdZ`^Zyfukevijhoh^blq_j_alZdmxnZam
kfijbf
<lhjhcoZjZdl_jbklbdhckZfh]hjZgg_]hfure_gbyy\ey_lkykbf\hebafIhgbfZgb_
fbjZ i_j\hgZqZevgh ijhbkoh^bl \ j_amevlZl_ hlghr_gby d h[t_dlZf dZd bklhqgbdZf
m^h\e_l\hj_gby beb m]jhau ihwlhfm klbfmeu ijh\hpbjmxsb_ h^bgZdh\u_ j_Zdpbb
jZkkfZljb\Zxlky \ dZq_kl\_ b^_glbqguo BeexkljZpb_c kem`bl h[s_ba\_klgh_
kbf\hebq_kdh_ mjZ\gb\Zgb_ moh^Z kh kf_jlvx F_g__ ykgZ k\yav f_`^m ^_gv]Zfb b
n_dZebyfb B lh b ^jm]h_ ij_^klZ\ey_l kh[kl\_gghklv koh^gmx m dZ`^h]h
g_bg^b\b^mZebabjh\Zggmx b lZdbf h[jZahf kms_kl\m_l hiZkghklv mljZlu
kh[kl\_gghklb>jm]bfbkeh\Zfbh[_g_bg^b\b^mZebabjh\Zggu_kh[kl\_gghklbgZoh^ylky
\ ihklhygghc hiZkghklb mljZlu bfb ijbgZ^e_`ghklb d w]h KqblZ_lky qlh kbf\hebaf m
fZe_gvdh]h j_[_gdZ hlebqZ_lky hl kbf\hebafZ m \ajhkeh]h Af_y b i_gbk gZijbf_j
ihgbfZxlkyj_[_gdhfdZdh^ghb lh`_K ^jm]hcklhjhgum \ajhkeuoijhbkoh^blijhp_kk
bkdZ`_gby ijb dhlhjhf g_`_eZl_evgZy b^_y i_gbk \ul_kgy_lky b ij_^klZ\ey_lky
ihkj_^kl\hfkhagZ\Z_fh]hkbf\heZaf_bkfijbf
Ih^\_^_fblh]JZa\blb_j_qbihkl_i_gghljZgknhjfbjm_lij_eh]bq_kdh_fure_gb_
\ eh]bq_kdh_ hj]Zgbah\Zggh_ b ijbkihkh[e_ggh_ fure_gb_ y\eyxs__ky j_rZxsbf
rZ]hfd ijbgpbimj_Zevghklb
AZsblZ ijhlb\ \e_q_gbc K jZa\blb_f w]h ijbgpbi j_Zevghklb ihfbfh
hlkjhqb\Zgby j_Zdpbc ijbgbfZ_l gZ k_[y \lhjmx ^hihegbl_evgmx nmgdpbx J_ZebaZpby
hij_^_e_gguo \e_q_gbc g_ lhevdh hlkjhqb\Z_lky gh \ [hevr_c beb f_gvr_c kl_i_gb
^he`gZ ihklhyggh mdjhsZlvky W]h gZmqZ_lky aZsbsZlvky hl \e_q_gbc dhlhju_ hiZkgu
beb g_Z^_d\Zlgu H[mq_gb_ y\ey_lky j_amevlZlhf gZijbf_j jZggbo ljZ\fbjmxsbo
kblmZpbc \ dhlhjuo bgklbgdlb\gu_ ijhy\e_gby g_ [ueb ijbgylu \h \gbfZgb_ fZl_jvx
m]jhab aZij_lh\ba\g_rg_]hfbjZkha^Z\rbokljZoi_j_^bgklbgdlb\gufb^_ckl\byfbb
bo ihke_^kl\byfb Wlb aZsblgu_ nmgdpbb w]h [m^ml jZatykg_gu iheg__ dh]^Z fu
i_j_c^_fd jZkkfhlj_gbxaZsblguof_oZgbafh\
Ij_^\_klgbdb kmi_jw]h GZ wlhc klZ^bb jZa\blby ebqghklb gZqbgZ_lky
nhjfbjh\Zgb_kmi_jw]hihkj_^kl\hfbgl_jgZebaZpbbjh^bl_evkdboaZij_lh\Bgljh_dpby
aZij_lh\ijhbkoh^blbakljZoZgZdZaZgbyb kljZoZ mljZlujh^bl_evkdhcex[\b QZklv w]h
klZgh\blky \gmlj_gg_c fZl_jvx ih^Zxs_c kb]gZe h ijb[eb`_gbb kblmZpbb
m]jh`Zxs_cmljZlhcex[\bH[s_ba\_klgZkp_gZ\ dhlhjhcj_[_ghdgZ]jZgbaZij_lgh]h
kfhljblgZfZlvfZoZxsmxiZevp_fb djbqZsmxG_lg_lN_j_gpbgZau\Z_lfhjZevx
knbgdl_jZh[jZah\Zgb_
ij_^r_kl\mxs__ kmi_jw]h kbghgbfu kmi_jw]h h[mqZxs__ lmZe_lm \bkp_jZevgZy
wlbdZb lilZddZdlj_gbg]\ h[eZklblmZe_lZqZklhij_^klZ\ey_lZj_gm^ey[ZlZebc
Bgl_jgZebah\Zggu_aZij_lukbevgum]jhahcgZdZaZgbyb h^gh\j_f_gghkeZ[u\ lhf
qlhfh]mle_]dhgZjmrZlvkydh]^Zgbdlhg_gZ[ex^Z_lHgblZd`_e_]dhijh_pbjmxlkygZ
^jm]bo ex^_c \jh^_ ihebp_ckdh]h dlh \uklmiZ_l wdkl_jgZebah\Zgguf gZklZ\gbdhf <
h[s_faZij_lug_ghkylmgbnbpbjh\Zggh]hb hj]Zgbah\Zggh]hoZjZdl_jZ
G?HNJ?C>BKLKDB?<HAAJ?GBYK:EEB<:G
IZjZlZdkbq_kdbc fh^mk GZ i_j\hf ]h^m `bagb dZd fu \b^_eb bf__l f_klh
ijhlhlZdkbq_kdbc fh^mk i_j_jZ[hldb hiulZ feZ^_g_p i_j\hgZqZevgh ko\Zlu\Z_l
fZl_jbgkdbc h[jZa b ebrv ihkl_i_ggh gZqbgZ_l jZaebqZlv ohjhrmx b iehomx fZlv
Hlkmlkl\m_l hjb_glZpby \h \j_f_gb b f_kl_ \hkijbgbfZxlky lhevdh g_hij_^_e_ggu_
fhf_glZevgu_ khklhygby Ih f_j_ khaj_\Zgby wlZ g_^bnn_j_gpbjh\ZggZy p_ehklghklv
hiulZ jZa[b\Z_lky gZ qZklb \k_ _s_ g_ k\yaZggu_ eh]bq_kdbf iml_f Hgb ijhklh
ijhbkoh^yl \f_kl_ beb g_l \ aZ\bkbfhklb hl h[klhyl_evkl\ Ijhp_kk ZgZeh]bq_g
]jZffZlbq_kdhfm l_jfbgm iZjZlZdkbk dhlhjuc hlghkblky d f_klm jZkiheh`_gby
ij_^eh`_gbc^jm]ihke_^jm]Z[_aex[hck\yabbbeblZddZdb zw ihdZau\Zxs_c
eh]bq_kdh_ hlghr_gb_ f_`^m gbfb Lh qlh j_[_ghd bkiulu\Z_l hg bfiebpblgh [_a
j_ne_dkbb\hkijbgbfZ_ldZd^he`gh_IhrZ]h\ucijhp_kkkbf\hebq_kdhcZdlb\ghklbg_
kms_kl\m_l b \u\h^h\ g_ ^_eZ_lky I_j_`b\Zgby ghkyl oZjZdl_j fhf_glZevguo
[_kk\yaguo hj]Zgbafbq_kdbo khklhygbc Kgh\b^_gby y\eyxlky beexkljZpb_c
iZjZlZdkbq_kdh]hfure_gbydZgZeZfbdhlhjh]h\ hkgh\ghfkem`Zlajbl_evgZyb kemoh\Zy
kbkl_fu
IZjZlZdkbq_kdh_bkdZ`_gb_kemqZ_lky\ f_`ebqghklguohlghr_gbyodh]^Zj_[_ghd
j_Z]bjm_l gZ ^jm]bo gZ g_j_Zebklbq_kdhc hkgh\_ Wlh bkdZ`_gb_ hibku\Z_lky dZd
hlghr_gb_ d q_eh\_dm gZ hkgh\_ _]h b^_glbnbdZpbb k ^jm]bfb ex^vfb J_Zdpby
i_j_g_k_gbym [hevgh]h ijb dhlhjhc hg \hkijhba\h^bl \ hlghr_gbyo k ikbohl_jZi_\lhf
ih\_^_gb_k jh^bl_eyfby\ey_lkyijbf_jhfiZjZlZdkbq_kdh]hbkdZ`_gby
:mlbklbq_kdbc yaud Kh]eZkgh KZeeb\Zgm h\eZ^_gb_ yaudhf b]jZ_l
kms_kl\_ggmxjhev\ jZa\blbbebqghklb\ ijhp_kk_ZddmevlmjZpbbYaud\ dhffmgbdZpbb
ihkl_i_gghaZgbfZ_lf_klhwfiZlbbJZgg__bkihevah\Zgb_keh\\ukhdhZmlbqghl_keh\Z
bf_xl km]m[h ebqgh_ qZklgh_ agZq_gb_ ^ey j_[_gdZ :mlbaf \ \_j[Zevghc kn_j_
ij_^klZ\ey_l ijhy\e_gb_ iZjZlZdkbq_kdh]h fh^mkZ DhffmgbdZpby gZ wlhf mjh\g_
_kl_kl\_ggh ljm^gZ lZd dZd kbf\hebq_kdh_ \ujZ`_gb_ g_ ih^e_`bl ijh\_jd_
<hh[jZ`_gb_ fZeh ijbkihkh[e_gh d j_Zevghklb FZeeZob ]h\hjbl h^gZdh qlh
Zmlbklbq_kdb_ kbf\heu bkihevamxlky \ g_dhlhjhc kl_i_gb \ ijhp_kk_ \kihfbgZgby b
ij_^\b^_gby
Ljm^ghklbk dhlhjufbj_[_ghd klZedb\Z_lky \ h\eZ^_gbb yaudhf beexkljbjmxlky
kf_r_gb_fij_^f_lh\dZjlbghdb keh\Keh\hdhrdZgZijbf_jhlghkblkyd `b\hlghfm
[_]Zxs_fm \hdjm] ^hfZ dZjlbgd_ \ dgb`d_ [md\hkhq_lZgbx dhrdZ ih^ dZjlbgdhc
Dhff_glZjbbKZeeb\ZgZke_^mxsb_ k
Y m\_j_g qlh ex[hc j_[_ghd aZf_qZ_l hkh[_gghklb g_ih^\b`ghc j_ijh^mdpbb \
dgb]_\hafh`ghih^h[ghch^ghfmbaf]gh\_gguokhklhygbc`b\h]hdhl_gdZY m[_`^_g
qlh j_[_ghd \b^bl g_qlh hq_gv kljZggh_ \ wlhc gZi_qZlZgghc j_ijh^mdpbb lZd l_kgh
k\yau\Z_fhck l_f`_keh\hfdhlhjufgZau\Zxl[_kihdhcgh_aZ[Z\gh_hq_gvZdlb\gh_
`b\hlgh_ H^gZdh baaZ [_kqbke_gguo bgh]^Z mlhgq_gguo bgh]^Z ]jm[h\Zluo
\aZbfhhlghr_gbc k ghkbl_e_f dmevlmju jh^bl_e_f j_[_ghd gZqbgZ_l gZdhg_p
ijbgbfZlv \ dZq_kl\_ khhl\_lkl\mxsbo b ihe_aguo h[jZs_gby d dZjlbgd_ dZd d
dhl_gdmb `b\hfmkms_kl\mdZdd dhl_gdm
J_[_ghd lZdbf h[jZahf h[mqZ_lky g_dhlhjhfm [he__ keh`ghfm ijbf_g_gbx
kbf\heZijhlb\hj_qZs_fm
^_ckl\bl_evghklbd dhlhjhckbf\hehlghkblky^jm]bfbkeh\Zfbh[mqZ_lkyjZaebq_gbx
kbf\heZ b kbf\hebabjm_fh]h Wlh klZgh\blky \hafh`guf _s_ ^h keh\_kgh]h
hij_^_e_gby
Lj_\h]Z b \hagbdgh\_gb_ kZfh^bgZfbafZ Lj_\h]Z y\ey_lky ^Zevg_crbf jZa\blb_f
mljZlu wcnhjbb i_j_`b\Z_fhc feZ^_gp_f ihkj_^kl\hf ijhp_kkZ wfiZlbb Wcnhjby b
lj_\h]Z h[jZlgh ijhihjpbhgZevgu Lj_\h]Z \hagbdZ_l \ j_amevlZl_ gZ]jZ^ b gZdZaZgbc
k\yaZgguo k khpbZebaZpb_c j_[_gdZ Dh]^Z jh^bl_eb h^h[jyxl _]h ih\_^_gb_ \
kh[ex^_gbb ijZ\be lmZe_lZ hg qm\kl\m_l k_[y \ [_ahiZkghklb b m^h\e_l\hj_g g_`guf
h[jZs_gb_f wcnhjby gZjZklZ_l Dh]^Z jh^bl_eb g_ h^h[jyxl g_ijbkihkh[e_gghklv
j_[_gdZhgqm\kl\m_lhiZkghklvb bkiulu\Z_llj_\h]m wcnhjbymf_gvrZ_lky
>Z`_meh\dbdhlhju_ij_`^_kem`bebkj_^kl\hfihemq_gbym^h\e_l\hj_gbylZdb_
dZd djbd h dhjfe_gbb fh]ml l_i_jv \uau\Zlv g_m^h\hevkl\b_ jh^bl_e_c Ih^h[gu_
iZll_jgu ih\_^_gby ^he`gu [ulv aZlhjfh`_gu < j_amevlZl_ ih\urZ_lky fur_qgh_
gZijy`_gb_ij_^iheZ]Zxs__ij_`^_Zdlb\ghklvLhjfh`_gb_djbdZgZijbf_j\uau\Z_l
gZijy`_gb_ ]hjlZgguo furp Fur_qgh_ gZijy`_gb_ wlh]h jh^Z ij_^klZ\ey_l
kms_kl\_ggh_mkeh\b_\hagbdgh\_gbylj_\h]bkfijbf
G_h^h[j_gb_ jh^bl_e_c \uau\Zxs__ lj_\h]m aZklZ\ey_l j_[_gdZ fh^bnbpbjh\Zlv
ih\_^_gb_Hgh[mqZ_lkyaZihfbgZlvbgpb^_gluijh\hpbjmxsb_lj_\h]mIjbmemqr_gbb
kihkh[ghklb d gZ[ex^_gbx mk\h_gb_ j_[_gdhf iZll_jgh\ h^h[j_gby b g_h^h[j_gby
klZgh\blky [he__ mlhgq_gguf Hg mk\Zb\Z_l g_h[oh^bfu_ ^_ckl\by ^ey mf_gvr_gby
lj_\h]bmkljZg_gby[he_ag_ggh]h^bkdhfnhjlZb h[j_l_gbyg_`ghklb
Lj_\h]Z y\ey_lky g_]Zlb\ghc h]jZgbqb\Zxs_c kbehc \ lhf kfuke_ qlh hgZ
ij_iylkl\m_l gZ[ex^_gbx mf_gvrZ_l kihkh[ghklv d jZaebq_gbx ^_ckl\m_l ijhlb\
wnn_dlb\gh]h\kihfbgZgbyb ij_^\b^_gbyH^gZdhlj_\h]Zih[m`^Z_lj_[_gdZ\u^_eylvl_
k\hb dZq_kl\Z dhlhju_ gjZ\ylky agZqbfuf ^ey g_]h \ajhkeuf Hg khkj_^hlhqb\Z_lky gZ
hkhagZgbb h^h[jy_fhc b g_h^h[jy_fhc ^_yl_evghklb WlZ dhgp_gljZpby kh^_ckl\m_l
jZa\blbx_]hkZfhklb
Ihkl_i_gghihy\eyxlkyljbi_jkhgbnbdZpbby ohjhr__yiehoh_yb g_y
Ohjhr__y\[bjZ_lhiulh^h[j_gbyiehoh_yhlghkblkyd khklhygbyflj_\h]bg_y
k\yaZghk iZjZlZdkbq_kdbfhiulhfgZih^h[b_m`ZkZkljZoZhl\jZs_gbyYbebkZfhklv
khklhblbaohjhr_]hyb iehoh]hy i_jbh^uZdlmZebaZpbbi_j\h]hbeb\lhjh]haZ\bkyl
hljZgg_]h`bag_ggh]hhiulZ
IKBOHK?DKM:EVGH?J:A<BLB?
HJLH>HDK:EVG:YLHQD:AJ?GBY:G:EVGHK:>BKLBQ?KD:YKL:>BY
G?HNJ?C>BKLKDB?<HAAJ?GBYLHFIKHGB K:EEB<:G
WJBDKHG:G:EVGHMJ?LJ:EVG:YAHG:A:>?J@B<:XSBCB
WEBFBGBJMXSBCFH>MKU
HLGHR?GBYK >JM=BFBEX>VFB
HJLH>HDK:EVG:YLHQD:AJ?GBY
HljZ`_ggu_hp_gdbIhKZeeb\Zgm kZfhklvjZa\b\Z_lkyba\aZbfhhlghr_gbck
^jm]bfb ex^vfb J_[_ghd hp_gb\Z_l k_[y \ khhl\_lkl\bb k hp_gdhc agZqbfuo \ajhkeuo
?]h ikbobdZ g_^hklZlhqgh jZa\blZ b hlkmlkl\m_l g_h[oh^bfuc hiul ^ey nhjfbjh\Zgby
ijZ\bevgh]h ij_^klZ\e_gby h k_[_ ihwlhfm _^bgkl\_gguf hjb_glbjhf y\eyxlky j_Zdpbb
gZ j_[_gdZ ^jm]bo ex^_c lZd gZau\Z_fu_ hljZ`_ggu_ hp_gdb J_[_ghd g_ kihkh[_g
khfg_\Zlvky hkiZjb\Zlv b \hkklZ\Zlv ijhlb\ wlbo hp_ghd Hg iZkkb\gh ijbgbfZ_l
km`^_gbydhlhju_\gZqZe_i_j_^Zxlkyihkj_^kl\hfwfiZlbbZ \hibku\Z_fhf\hajZklghf
i_jbh^_ keh\Zfb`_klZfbihklmidZfb?kebj_[_ghdg_y\ey_lky`_eZggufb jh^bl_eb
h[jZsZxlky k gbf \ `_klhdhc b mgb`Zxs_c fZg_j_ _]h kZfhklv klZgh\blky `_klhdhc b
mgb`Zxs_c K wlbo ihj hg j_Z]bjm_l gZ ^jm]bo l_f `_ `_klhdbf h[jZahf ?keb j_[_ghd
ex[bf b m\Z`Z_f agZqbfufb \ajhkeufb hg ijbh[j_lZ_l ex[ys__ b m\Z`bl_evgh_
hlghr_gb_d k_[_Hlghr_gb_d k_[_ijbh[j_l_ggh_\ jZgg_f\hajZkl_ijhghkblkyq_j_a
\kx `bagv ebrv \ g_dhlhjhc f_j_ hgh ih^\_j]Z_lky baf_g_gbyf ih^ \ebygb_f
wdkljZhj^bgZjguoh[klhyl_evkl\b \ijhp_kk_ihke_^mxs_]hhiulZ
JZaghh[jZagu_ ylu iZll_jgu F_`ebqghklgu_ hlghr_gby iZjZlZdkbq_kdh]h
fh^mkZoZjZdl_jbamxlkyjZaghh[jZagufbyluiZll_jgZfbKbkl_fZkZfhklbihjh`^Z_l
fZljbpm ylu iZll_jgh\ H]jZgbq_gby jy^Z y²lu iZll_jgh\ mklZgZ\eb\Zxlky
kbkl_fhc kZfhklb lZdbf `_ h[jZahf dZd ebqghklv mklZgZ\eb\Z_l h]jZgbq_gby kZfhklb
JZaghh[jZab_ y²lu iZll_jgh\ k\yaZgh k hlghr_gbyfb d ^jm]bf dhlhju_ g_ y\eyxlky
dhg]jmwglgufbbebh[t_dlb\ghh[hkgh\ZggufbH^gbfbaijbf_jh\fh][uklZlvq_eh\_d
ijhy\eyxsbc jZaebqgu_ hlghr_gby lbiZ `_klhdhklb ex[\b b kljZoZ \ lhc `_ kZfhc
f_`ebqghklghc kblmZpbb >jm]hc beexkljZpb_c kem`bl g_dhg]jmwglgZy j_Zdpby
`_klhdhklb d ex[ys_fm q_eh\_dm < ikbohl_jZibb iZpb_gl j_Z]bjm_l gZ ki_pbZebklZ gZ
yaud__]hjZggboyluiZll_jgh\bgl_]jbjmxsbokyiZjZlZdkbq_kdbfiml_f\ gZklhys__
@_klhdbc iZpb_gl \_^_l k_[y dZd \k_]^Z ihlhfm qlh agZqbfu_ \ajhkeu_ m[_^beb _]h gZ
jZgg_fwlZi_`bagbqlhhg^hklhbggZkf_r_db hkdhj[e_gbcIZpb_glg_^hex[eb\Z_lbeb
^Z`_ g_gZ\b^bl k_[y b ihwlhfm hg ^he`_g g_^hex[eb\Zlv beb g_gZ\b^_lv ^jm]bo
g_kfhljygZg_dhlhju_ihiuldbaZfZkdbjh\Zlvhlghr_gb_
GZ kZfhf ^_e_ [hevrbgkl\h ^_l_c g_ ijhy\ey_l y\ghc `_klhdhklb Lbibqgh
kf_r_gb_ hlghr_gbc ijb\yaZgghklb [_ajZaebqby b `_klhdhklb H^gh ba gbo h[uqgh
ij_\Zebjm_l gh l_f g_ f_g__ ^_lb hlebqZxlky ijhlb\hj_qb\ufb g_ihke_^h\Zl_evgufb
hlghr_gbyfb d k_[_ b ihwlhfm d ^jm]bf B g_ m^b\bl_evgh qlh bo ih\_^_gb_ k ex^vfb
kmfZk[jh^ghb g_ihke_^h\Zl_evgh
IKBOHEH=BQ?KDB?F?O:GBAFU
MKL:GH<E?GB?KH=E:KH<:GGHKLBK:EEB<:G
A:DEXQ?GB?
< h[km`^_gbb nhjfbjh\Zgby w]h gZ wlhf \hajZklghf mjh\g_ N_gbo_ev hlf_qZ_l
kihkh[ghklv d Zdlb\ghfm mijZ\e_gbx b j_]mebjh\Zgbx lj_\h]b < j_amevlZl_ h[hbo
ijhp_kkh\ \hagbdZxl dhgljhev gZ^ ^\b]Zl_evguf ZiiZjZlhf b nmgdpby km`^_gby h
j_Zevghklb dhgljhebjh\Zgb_ j_Zevghklb FZe_gvdbc j_[_ghd gZmqZ_lky Zdlb\gh
ijbkihkZ[eb\Zlvky d hdjm`_gbx W]h ijbh[j_lZ_l kihkh[ghklv km`^_gby h ihl_gpbZevgh
hiZkguo kblmZpbyo ihwlhfm lj_\h]Z \uklmiZ_l \ dZq_kl\_ aZsblgh]h ij_^mij_`^Zxs_]h
kb]gZeZ H[uqgh lj_\h]Z \ wlh \j_fy ihjh`^Z_lky kljZohf qlh ^jm]b_ fh]ml gZg_klb
ms_j[dhlhjucj_[_ghd\ nZglZabyoijbqbgy_lhdjm`Zxsbfb [hyagvxmljZluex[\bb
aZsblu Dh]^Z i_j_`b\Zxlky ijh\hpbjmxsb_ lj_\h]m kblmZpbb j_[_ghd q_j_a ijhp_kku
hlkjhq_ggh]h mijZ\e_gby mf_gvrZ_l gZijy`_gb_ \hkijhba\_^_gb_f ljZ\fbjmxs_c
kblmZpbb \ b]jZo b kgh\b^_gbyo Ijbh[j_l_gb_ j_qb b jZa\blb_ fure_gby kms_kl\_ggh
kh^_ckl\mxl gh\hfm qm\kl\m fh]ms_kl\Z Fure_gb_ \ wlhl i_jbh^ dZd kqblZ_lky
kh^_j`bl fgh]h ^heh]bq_kdbo b kbf\hebq_kdbo we_f_glh\ Ij_^r_kl\_ggbdb kmi_jw]h
lh`_\uklmiZxl\ nhjf_bgl_jgZebah\Zgguojh^bl_evkdboaZij_lh\
KZeeb\Zg ]h\hjbl h iZjZlZdkbq_kdhf fh^mk_ ijb dhlhjhf hiul i_j_`b\Z_lky dZd
f]gh\_ggu_ g_k\yaZggu_ hj]Zgbafbq_kdb_ khklhygby Ij_`gyy ijhlhlZdkbq_kdZy
g_^bnn_j_gpbjh\ZggZy p_ehklghklv jZa^_ey_lky gZ njZ]f_glu g_ bf_xsb_ eh]bq_kdh]h
khhlghr_gby ^jm] k ^jm]hf Kgh\b^_gby b j_Zdpby i_j_g_k_gby \ ikbohl_jZibb kem`Zl
beexkljZpb_ciZjZlZdkbq_kdh]hbkdZ`_gbyDhffmgbdZpby\ \hajZkl_
hlh^gh]h^hlj_oe_lhkms_kl\ey_lkygZZmlbklbq_kdhfyaud_keh\Zg_kmlkm]m[hebqgh_
qZklgh_ agZq_gb_ Lj_\h]Z hibkZgZ dZd ^Zevg_cr__ jZa\blb_ mljZlu wcnhjbb b
hkgh\u\Z_lky gZ gZ]jZ^Zo b gZdZaZgbyo \ ijhp_kk_ khpbZebaZpbb j_[_gdZ HgZ
khkj_^hlhqb\Z_l j_[_gdZ gZ h^h[jy_fhf b g_h^h[jy_fhf ih\_^_gbb b ba wlhc
dhgp_gljZpbb \hagbdZ_l kZfh^bgZfbaf Ihkl_i_ggh ihy\eyxlky ljb i_jkhgbnbdZpbb
kZfhklby ohjhrbcy iehohcb g_y
Ikbohk_dkmZevgh_ jZa\blb_ kh]eZkgh hjlh^hdkZevghc l_hjbb k\b^_l_evkl\m_l h[
ZgZevghkZ^bklbq_kdhc klZ^bb JZaebqZxlky ^\_ l_g^_gpbb jZggyy ba]hgyxsZy b
iha^gyy aZ^_j`b\ZxsZy Wdkdj_pby ^hklZ\ey_l nbabheh]bq_kdh_ gZkeZ`^_gb_ gh
fh`_l kem`blv b Z]j_kkb\guf gZf_j_gbyf \ujZ`Zxsbfky \ g_ih\bgh\_gbb jh^bl_eyf
dh]^Z hgb gZklhyl_evgh h[mqZxl ijZ\beZf lmZe_lZ < hkgh\_ aZ^_j`b\Zxs_c nZau e_`Zl
klbfmeypby kebabklhc h[hehqdb b khpbZevgZy p_gghklv dhlhjZy ijb^Z_lky ihkemrZgbx
G_hnj_c^bkluijb^_j`b\Zxlkyfg_gbyqlhke_^m_lijbgbfZlv\h\gbfZgb_g_wdkdj_pbx
beb aZ^_j`b\Zgb_ n_dZebc Z [hjv[m k jh^bl_eyfb Wjbdkhg aZgbfZ_l ijhf_`mlhqgmx
ihabpbxb ih^q_jdb\Z_lkhpbZevgu_fh^ZevghklbjZaj_r_gb_mclbb aZ^_j`b\Zgb_
Khimlkl\mxsb_ hlghr_gby ih hjlh^hdkZevguf bklhqgbdZf ijb\h^yl d
Zf[b\Ze_glghklb [bk_dkmZevghklb kZ^bafm b fZahobafm KqblZ_lky qlh ZgZevgZy
Zf[b\Ze_glghklv ijhbkoh^bl \ j_amevlZl_ ijhlb\hj_qb\h]h hlghr_gby d n_dZebyf
hkgh\hc [bk_dkmZevghklb kem`bl nZdl qlh ijyfZy dbrdZ ² wdkdj_lhjguc iheuc hj]Zg
kZ^baf aZjh`^Z_lky ijb njmkljZpbb \ h[mq_gbb ijZ\beZf lmZe_lZ fZahobaf \hagbdZ_l
\ke_^kl\b_ wjhlbq_kdhc klbfmeypbb ijb ihre_iu\Zgbb ih y]h^bpZf KZeeb\Zg
ZgZebabjm_l f_`ebqghklgu_ hlghr_gby ih^ ^jm]bf m]ehf Hg hibku\Z_l \ebygb_
hljZ`_gguo hp_ghd k ihfhsvx dhlhjuo j_[_ghd nhjfbjm_l fg_gb_ h k_[_ bkoh^y
]eZ\guf h[jZahf ba j_Z]bjh\Zgby gZ g_]h agZqbfuo \ajhkeuo KZeeb\Zg lZd`_
jZkkfZljb\Z_l jZaghh[jZagu_yluiZll_jgu\ujZ`Zxsb_ky\ g_Z^_d\Zlghfhlghr_gbb
d ^jm]bf
:ggZ Nj_c^ \\h^bl gZ wlhf \hajZklghf wlZi_ ^\Z gh\uo f_oZgbafZ hljbpZgb_
ihkj_^kl\hf keh\Z b ^_ckl\by [he__ iha^gbc \ZjbZgl hljbpZgby \ nZglZabb
MklZgh\e_gb_ kh]eZkh\Zgghklb ij_^klZ\ey_l ih KZeeb\Zgm ijhp_kk ihkj_^kl\hf
dhlhjh]h bg^b\b^iulZ_lky bkijZ\blv iZjZlZdkbq_kdh_ bkdZ`_gb_ hp_gb\Zy kh[kl\_ggu_
fukebb qm\kl\Ziml_fkhihklZ\e_gbyk khhl\_lkl\mxsbfbijhy\e_gbyfbm ^jm]boex^_c
IJBF?Q:GBY
Ijhp_kk hlkjhq_ggh]h mijZ\e_gby Lj_\h]Z \hagbdrZy \ j_amevlZl_
ljZ\fbjmxs_]h kh[ulby \ ihke_^mxs_f j_]mebjm_lky gZklhcqb\uf ih\lhj_gb_f
bagZqZevghc kblmZpbb P_ev khklhbl \h \aylbb wfhpbhgZevgh]h khklhygby ih^ dhgljhev
J_[_ghd aZk\b^_l_evkl\mxsbc gZim]Z\r__ _]h kh[ulb_ \ ihke_^mxs_f g_bklh\h
gZklZb\Z_l qlh[u hl_p hibku\Ze ^_lZeb kp_gu \gh\v b \gh\v LZdbf h[jZahf dZd
ij_^klZ\ey_lky hg \h\e_dZ_l hlpZ \ ijhp_kk jZaju\Z [_kihdhys_c mkeh\ghc k\yab
Ih\lhj_gb_ jZkkdZaZ ^Z_l \hafh`ghklv j_[_gdm i_j_`blv lj_\h]m \ ijbkmlkl\bb
\k_eyxs_]h m\_j_gghklv \ajhkeh]h DZ`^h_ ih\lhj_gb_ kem`bl mf_gvr_gbx kl_i_gb
lj_\h]b k\yaZgghc k kblmZpb_c ihdZ g_h[oh^bfhklv \ ih^h[ghf mijZ\e_gbb gZdhg_p g_
hliZ^Z_l
NZdlhju bgl_ee_dlmZevgh]h jhklZ Hq_\b^gh qlh klj_fe_gb_ d dhgljhex aZ
bgklbgdlb\gufb \e_q_gbyfb g_ fh`_l jZkkfZljb\Zlvky dZd bkdexqbl_evguc beb ^Z`_
]eZ\guc \deZ^ \ bgl_ee_dlmZevgh_ jZa\blb_ Khaj_\Zgb_ bgl_ee_dlmZevgh]h ZiiZjZlZ \
ijhp_kk_ih\k_^g_\gh]hhiulZg_hlebqZxs_]hkywfhpbhgZevgufbdZlZdebafZfb^he`gh
kqblZlvkynmg^Zf_glZevguf\ klZgh\e_gbbbgl_ee_dlmZevgh]hihl_gpbZeZ
Ij_eh]bq_kdZy nZaZ \ ghjfZevghf fure_gbb Kms_kl\h\Zgb_ ij_eh]bq_kdh]h
fure_gby \ g_ghjfZevguo khklhygbyo [_a aZljm^g_gbc gZ[ex^Z_lky b ^himkdZ_lky
H^gZdh ijbagZgb_ _]h dZd khklZ\eyxs_c ghjfZevgh]h ijhp_kkZ fure_gby lj_[m_l
g_dhlhjh]h^hdZaZl_evkl\ZD wlhcijh[e_f_keh`gh
j_[_gdZ mqZl dhgljhebjh\Zlv knbgdl_j ihke_ h[mq_gby j_qb lh]^Z dZd fZl_jb gZjh^Z
ZglZgZeZ gZqbgZxl h[mqZlv j_[_gdZ \ ^\molj_of_kyqghf \hajZkl_ @_kldbc lj_gbg]
dbr_qguohlijZ\e_gbc\ Yihgbbmkbeb\Z_lkynbabq_kdbfbgZdZaZgbyfbb \ukf_b\Zgb_f
DhfZgqbg_gZdZau\Zxlj_[_gdZZ bkihevamxldhf[bgZpbxg_j_adbom]jhaihhsj_gbcb
bkdmkguo iho\Ze =ZjlfZg Djbk b E_\_grlZcg ij_^iheZ]Zxl qlh e_]dhklv k dhlhjhc
ijhbkoh^blh[mq_gb_aZ\bkblhlq_luj_onZdlhjh\ klZ^bbkhaj_\ZgbynmgdpbhgZevguo
kbkl_f iha\heyxsbo m^_j`b\Zlv m^h[gmx iham ihgbfZlv h[hkgh\Zgghklv j_]meypbb b
i_j_^Z\Zlv kb]gZeu HjeZgkdbc aZ^Z_lky \hijhkhf h g_h[oh^bfhklb aZ\_jr_gby
fb_ebgbaZpbb ibjZfb^gh]h ljZdlZ ^ey m^h\e_l\hjbl_evgh]h lj_gbg]Z dbr_qguo
hlijZ\e_gbc gh hg ijbagZ_l mdZaZggu_ nbabq_kdb_ ij_^ihkuedb khqm\kl\_ggh]h
hlghr_gby jh^bl_e_c b bo gZ^_`^u gZ mki_o l_jibfhklb j_[_gdZ d ebr_gbyf
m^h\e_l\hj_gbyhlijhp_kkZh[mq_gby
Bkke_^h\Zgby\ebygbch[mq_gbykh\_jr_gbxlmZe_lZgZ^_lkdh_jZa\blb_kf]e
ijbf h[bamq_gbbhlghr_gbyjZggboZgZevguoijb\uq_dgZ\ajhkemxebqghklvhq_gv
h]jZgbq_gu=ZrdZbkke_^h\ZeZ\ebygb_lj_gbg]Zdbr_qgbdZgZ ljm^guo^_lyo\ Gvx
Chjdkdhf]hkiblZe_=jmiiZ [ueZ jZa^_e_gZ gZ ^\_ dZl_]hjbb ijbgm`^Z_fmx lj_gbg]
gZqbgZeky ^h \hkvfb f_kyp_\ beb aZ\_jrZeky ^h \hk_fgZ^pZlb f_kyp_\ b Z^_d\Zlgmx
gZqZehihke_\hkvfbf_kyp_\b aZ\_jr_gb_ihke_\hk_fgZ^pZlbf_kyp_\ HgZh[gZjm`beZ
m i_j\hcdZl_]hjbb[hevr_kemqZ_\aZihjh\ijhy\e_gbclj_\h]b]g_\Zb liGhjfZevgu_
^_lb g_ bamqZebkv b g_ ij_^ijbgbfZehkv ihiulhd kjZ\gb\Zlv mkeh\by hdjm`_gby m ^\mo
dZl_]hjbcGZ^_`ghklv^Zgguoh lj_gbg]_dbr_qgbdZlh`_hklZ_lkyih^\hijhkhflZddZd
khh[s_gbyfZl_j_c[uebihemq_gu\ i_jbh^dh]^Z^\_lj_lb^_l_cgZoh^bebkv\ \hajZkl_
hlr_klb^hljbgZ^pZlbe_l=ZrdZijbagZ_lh]jZgbq_gghklvk\hbobaukdZgbcb mdZau\Z_l
qlh hgb ijhklh kijh\hpbjmxl ^Zevg_crb_ [he__ hij_^_e_ggu_ bkke_^h\Zgby Dho
gZ[ex^ZeZ aZ qZklhlhc g_j\guo `_klh\ m ^_l_c \ ^_lkdhf kZ^bd_ b h[gZjm`beZ
iheh`bl_evgmxdhjj_eypbxk qZklhlhcaZihjh\m jh^bl_e_cfZevqbdh\ghg_^_\hq_dBa
wlbo ^Zgguo g_ fh`_l [ulv k^_eZgh \u\h^h\ h ijbqbgghke_^kl\_gguo hlghr_gbyo lZd
dZd kljZo b ]g_\ fh]ml mf_gvrZlv `_em^hqghdbr_qgmx ih^\b`ghklv b ijhy\eylvky \
g_j\haghcfZg_jghklb
<hafh`ghklvijh\_^_gbykbkl_fZlbq_kdbobkke_^h\Zgbc\ wlhch[eZklbhij_^_e_ggh
kms_kl\m_l GZ[ex^_gb_ aZ \ebygbyfb kihkh[h\ b i_jbh^Z h[mq_gby ijZ\beZf lmZe_lZ
ke_^m_lijh\h^blvgZjZaebqguo]jmiiZo^_l_clj_gbjm_fuoijbjZaghh[jZaguomkeh\byo
gh mjZ\g_gguo ih ^hfZrg_fm hdjm`_gbx b li JZa\blb_ ebqghklb \ ]jmiiZo gm`gh
kjZ\gb\ZlvgZijhly`_gbbjy^Ze_lH^gZhkh[_gghklv^hklhcgZijh\_jdb<Z`ghhl^_eblv
kemqZb \ dhlhjuo jh^bl_eb \hagZ]jZ`^Zxl Zdl ^_n_dZpbb hl kemqZ_\ \ dhlhjuo hkh[h_
\gbfZgb_ m^_ey_lky kZfhfm ijh^mdlm n_dZebyf <hafh`gh l_hj_lbq_kdh_ aZy\e_gb_ h
\ukhdhc p_gghklb ijbibku\Z_fhc n_dZebyf ^_lvfb hlghkblky ]eZ\guf h[jZahf d
ihke_^g_c]jmii_
:gZevghnZeebq_kdZy ihke_^h\Zl_evghklv MdZaZgb_ Lhfikhg hlghkbl_evgh
\hafh`gh]h \ebygby dmevlmjguo jZaebqbc gZ ojhgheh]bx ihke_^h\Zl_evghklb
ikbohk_dkmZevguo klZ^bc \iheg_ ijbgbfZ_lky H^gZdh gZf ke_^m_l [hevr_
^h\hevkl\h\Zlvkyg_dhlhjufbnZdlZfbq_f]bihl_lbq_kdbfbaZy\e_gbyfb
AZjh`^_gb_bklbgghcex[\b?kebex[h\vhij_^_eblvdZdijbgylb_\h\gbfZgb_
kqZklvy^jm]h]hq_eh\_dZlh]^Zex[ZyihiuldZmklZgh\blv__ bklbggh_gZqZehihdZ`_lky
ijhba\hevghc Dhg_qgh ^he`gu [ulv ijbf_ju ij_^r_kl\mxsb_ lj_gbg]m knbgdl_jZ \
dhlhjuo j_[_ghd jZkklZ_lky k p_gguf bfms_kl\hf qlh[u ^hklZ\blv m^h\hevkl\b_
jh^bl_eyfgZijbf_jk [mluehqdhc
Nbabq_kdh_[blv_b fZahobafJhev\ fZahobaf_k_dkmZevgh]h\ha[m`^_gbydh`b
y]h^bp hq_gv khfgbl_evgZ ;he__ ijhklh_ h[tykg_gb_ k lhqdb aj_gby ikbobq_kdh]h
m^h\e_l\hj_gbyhlgZdZaZgbydZ`_lkyijZ\^hih^h[g__ < ex[hf kemqZ_ nbabheh]bq_kdmx
]bihl_am ljm^gh [ueh [u h[hkh[blv b ijh\_jblv lZd dZd re_iZgv_ kemqZ_lky \
f_`ebqghklghf dhgl_dkl_ >Z`_ bkdmkkl\_ggh_ mkeh\b_ f_oZgbq_kdh]h re_iZgvy \
hlkmlkl\bb ^jm]bo ex^_c g_ klZeh [u j_rZxsbf dhgljhevguf hiulhf \ k\_l_ m`_
ml\_j^b\r_]hkykbf\hebq_kdh]hagZq_gbygZdZaZgby^eyj_[_gdZ
Ojhgheh]by \ul_kg_gby < k\h_f \uklmie_gbb \ Mgb\_jkbl_l_ DeZjdZ :ggZ
Nj_c^hlg_keZi_j\hgZqZevgh_bkihevah\Zgb_\ul_kg_gbyd ZgZevghfmi_jbh^mIhwlhfm
\hijhkmdZ`_lkyg_^hklb]gmlhdhgk_gkmkZ
MklZgh\e_gb_kh]eZkh\ZgghklbdZdf_oZgbafQblZl_exke_^m_lbf_lv\ \b^mqlh
jZa^_eu \ l_dkl_ haZ]eZ\e_ggu_ Ikboheh]bq_kdb_ f_oZgbafu \dexqZxl g_ lhevdh
fZl_jbZe hlghkysbcky d ijh[e_f_ aZsblu w]h GZijbf_j dhgp_ipby KZeeb\ZgZ h[
mklZgh\e_gbbkh]eZkh\Zgghklb\uoh^blaZij_^_euwlhcijh[e_fu
=E:<:
HLLJ?O>HIYLBE?L
IKBOHK?DKM:EVGH?J:A<BLB?
HJLH>HDK:EVG:YLHQD:AJ?GBYN:EEBQ?KD:YKL:>BY
WJBDKHGN:EEBQ?KD:YAHG:BGLJMAB<GUCFH>MK
HLGHR?GBYK >JM=BFBEX>VFB
HJLH>HDK:EVG:YIHABPBY
>JM=B?<HAAJ?GBYG:W>BIH<DHFIE?DK
NHJFBJH<:GB?W=HB KMI?JW=H
HJLH>HDK:EVG:YLHQD:AJ?GBY
DHGP?IPBYJ:GD:H KMI?JW=H
NJHFFKHIHKL:<E?GB?:<LHJBL:JGH=HB =MF:GBKLBQ?KDH=H
KHAG:GBY
IKBOHEH=BQ?KDB?F?O:GBAFU
HJLH>HDKUH A:SBLGUOF?O:GBAF:O
K:EEB<:GBA;BJ:L?EVGH?G?<GBF:GB?B >BKKHPB:PBY
NJHFFF?O:GBAFU;?=KL<:
A:DEXQ?GB?
IJBF?Q:GBY
=E:<:
E:L?GLGUCI?JBH>
Hliylbe_l^hij_im[_jlZlgh]h\hajZklZ
HJLH>HDK:EVGUCIH>OH>
NHJFBJH<:GB?W=HB KMI?JW=H
IKBOHK?DKM:EVGH?J:A<BLB?
HLGHR?GBYK >JM=BFBEX>VFB
IKBOHEH=BQ?KDB?F?O:GBAFU
GZ wlhf \hajZklghf mjh\g_ g_ \\h^ylky gh\u_ f_oZgbafu DZd mihfbgZehkv \ur_
qZklbqgZykm[ebfZpbyb j_Zdlb\gu_h[jZah\Zgbyij_^klZ\eyxlhkgh\gu_kj_^kl\ZaZsblu
\ eZl_glguci_jbh^< khhl\_lkl\bbkhk\h_cihabpb_c;hjgrlZcg \u^_ey_ljZggb_b
iha^gb_ aZsblgu_ j_Zdpbb JZggyy nZaZ hkeh`gy_lky kf_r_gb_f ^\mo jZaebqguo
gZijZ\e_gbc aZsblu ijhlb\ ]_gblZevguo b ijhlb\ ij_]_gblZevguo ih[m`^_gbc <
dZq_kl\_ aZsblu ijhlb\ ]_gblZevguo ih[m`^_gbc w]h \j_f_ggh j_]j_kkbjm_l d
ij_]_gblZevghklb lZd dZd ihke_^gb_ ih[m`^_gby dZ`mlky f_g__ m]jh`Zxsbfb
Ij_]_gblZevgu_ \e_q_gby h^gZdh kZfb ^hklZlhqgh hiZkgu qlh[u \ua\Zlv j_Zdlb\gu_
h[jZah\Zgby< l_q_gb_\lhjhceZl_glghcnZaukms_kl\m_lf_gvrZyihlj_[ghklv\ aZsbl_
b w]hij_`^_\k_]hhjb_glbjm_lkygZih^^_j`Zgb_\gh\vh[j_l_ggh]hjZ\gh\_kby
G?HNJ?C>BKLKDB?<HAAJ?GBY
Lhfikhg
K:EEB<:G
< kbkl_f_ KZeeb\ZgZ eZl_glguc i_jbh^ ghkbl gZa\Zgb_ x\_gbevgZy wjZ HgZ
gZqbgZ_lky k gZjZklZgby ihlj_[ghklb \h \aZbfh^_ckl\bb k ^_lvfb lh]h `_ \hajZklZ
J_[_ghd [hevr_ g_ ^h\hevkl\m_lky hdjm`_gb_f Z\lhjbl_lguo \ajhkeuo [he__ beb f_g__
ebqguob]jmr_db `b\hlguo_]hl_i_jvlyg_l\ hdjm`_gb_k\_jklgbdh\?kebk\_jklgbdb
^hklmigu h[t_^bg_gb_ k gbfb b]jZ_l gh\mx agZqbfmx jhev ?keb k\_jklgbdb g_
^hklmiguj_[_ghd\ \hh[jZ`_gbbkha^Z_llh\Zjbs_cihb]jZfGh\h_
klj_fe_gb_ d dhhi_jZpbb \oh^bl \ `bagv b gZjy^m kh kihkh[ghklvx d b]j_ k
hdjm`Zxsbfb^_lvfbijhbkoh^blh[mq_gb_khj_\gh\Zgbxb dhfijhfbkkm
H]jhfgmxagZqbfhklvijbh[j_lZ_l`bag_gguchiulij_[u\Zgby\ rdhe_HdZ`_lky
ebhg[he_ag_ggufaZ\bkblhlij_^r_kl\mxs_]h\hkiblZgbyj_[_gdZLhldlh\ugm`^_g
ijb[_]Zlv d fZ]bq_kdbf kj_^kl\Zf ba ^_lkl\Z gZih^h[b_ ke_a \kiur_d ]g_\Z beb `Zeh[
fZf_ [m^_l bkiulu\Zlv hq_gv ljm^gu_ \j_f_gZ lZd dZd hg g_ gZc^_l kbfiZlbb m
k\_jklgbdh\ RdheZ lZd`_ ijb\ghkbl gh\uc hiul ijbkihkh[e_gby d Z\lhjbl_lZf
Ij_`gbc kihkh[ h[s_gby k jh^bl_eyfb qZklh hdZau\Z_lky g_wnn_dlb\guf
F_`ebqghklgu_ hlghr_gby f_`^m mqbl_e_f b mq_gbdhf fh]ml \ebylv gZ klZgh\e_gb_
ebqghklbj_[_gdZ\ ohjhr_fbebiehohfgZijZ\e_gbb< kemqZ_qj_af_jghimjblZgkdbob
jb]b^guo jh^bl_e_c rdhevguc `bag_gguc hiul kihkh[kl\m_l \uijZ\e_gbx kZfhklb
\_kvfZ dhgkljmdlb\guf h[jZahf K ^jm]hc klhjhgu j_[_ghd ba kqZkleb\hc k_fvb ih^
\ebygb_f j_adh]h b ]jm[h]h mqbl_ey fh`_l ij_l_ji_\Zlv ijhlb\hiheh`gu_ baf_g_gby
G_ijbylgZyrdhevgZykblmZpbykihkh[gZ\ugm^blvd j_]j_kkb\guff_qlZgbyfh ijhreuo
kqZkleb\uo^gyoijh\_^_gguo^hfZ
KljZo hkljZdbafZ kh klhjhgu hdjm`Zxsbo \ x\_gbevgmx wjm b]jZ_l \u^Zxsmxky
jhev < wlh \j_fy i_jkhgbnbdZpby kZfhklb hij_^_ey_lky ]eZ\guf h[jZahf ijbagZgb_f
hdjm`Zxsbo M ^_l_c bf__lky kdehgghklv d jZa^_e_gbx gZ ihimeyjguo kj_^gbo b
g_ihimeyjguo?s_h^bggh\ucn_ghf_g wlhihy\e_gb_[ebadh]h^jm]Zhq_gv`_eZggh]h
q_eh\_dZdlhdZdlhkihkh[kl\m_lm^h\e_l\hj_gbxihlj_[ghkl_cb ba[_]Zgbxlj_\h]bkf
ijbf
A:DEXQ?GB?
:ggZ Nj_c^ ml\_j`^Z_l qlh \ l_q_gb_ eZl_glgh]h i_jbh^Z w]h ^_eZ_lky kbevg__ \
hlghr_gbb d \g_rg_fm fbjm GZjy^m k mf_gvr_gb_f kbeu bgklbgdlh\ w]h l_i_jv
\uklmiZ_l\ gh\hfkhxa_k kmi_jw]h\ [hjv[_ihmijZ\e_gbxih[m`^_gbyfb
I_j\hgZqZevgh kmi_jw]h qj_af_jgh jb]b^gh gh ihkl_i_ggh ijbkihkZ[eb\Z_lky b
klZgh\blky[he__]b[dbfKqblZ_lkyqlhk_dkmZevgu_bgl_j_kumf_gvrZxlkyWg_j]by^ey
gh\uo Zdlb\ghkl_c bgl_j_kh\ hlghr_gbc \k_ _s_ ijhbkoh^bl hl k_dkmZevghc gh
^_ckl\m_l ]eZ\guf h[jZahf ihkj_^kl\hf km[ebfZpbb b j_Zdlb\gh]h h[jZah\Zgby
Lhfikhg khfg_\Z_lky bf__l eb \hh[s_ f_klh k_dkmZevgZy eZl_glghklv HgZ
ijb^_j`b\Z_lky fg_gby qlh \ j_amevlZl_ jZkrbj_gby kn_ju hlghr_gbc j_[_ghd
ijbh[j_lZ_lkdehgghklvjZa^_eylvfukebb ihklmidbkhk\_jklgbdZfb
Eb[b^gu_ `_eZgby ih hlghr_gbx d jh^bl_eyf aZf_sZxlky km[ebfbjh\Zgguf
\ujZ`_gb_f ijb\yaZgghklb <jZ`^_[gu_ j_Zdpbb m]ZkZxl b ijhy\ey_lky ^jm`_kdZy
gZijZ\e_gghklv d hjm`Zxsbf KZeeb\Zg \\h^bl ihgylb_ x\_gbevgZy wjZ qlh[u
ih^q_jdgmlv \Z`ghklv rdhevgh]h `bag_ggh]h hiulZ b ihlj_[ghklv \h \aZbfh^_ckl\bb k
^_lvfblh]h`_\hajZklZJ_rZxsbf nZdlhjhf klZgh\blky j_imlZpby b kljZo hkljZdbafZ
hq_gv kbe_g Ihy\e_gb_ [ebadh]h ^jm]Z ij_^klZ\ey_l _s_ h^gm kms_kl\_ggmx
oZjZdl_jbklbdmwlh]hi_jbh^Z
IJBF?Q:GBY
IJ?IM;?JL:LGUCI?JBH>B XGHKLV
HJLH>HDK:EVGU?<HAAJ?GBY
IKBOHK?DKM:EVGH?J:A<BLB?
Bgl_j\Zef_`^meZl_glgufb im[_jlZlgufi_jbh^Zfbba\_kl_gdZdij_im[_jlZlguc
beb ij_^txghr_kdbc \hajZkl < mdZaZgghf bgl_j\Ze_ ijhbkoh^bl ih^]hlh\e_gb_ d
nbabq_kdhc k_dkmZevghc aj_ehklb :ggZ Nj_c^ ml\_j`^Z_l qlh ijhbkoh^yl g_
dZq_kl\_ggu_ baf_g_gby Z dhebq_kl\_ggh_ gZjZsb\Zgb_ bgklbgdlb\ghc wg_j]bb kf
ijbf GZjZsb\Zgb_ g_ h]jZgbqb\Z_lky k_dkmZevghc `bagvx < jZkihjy`_gbb b^
hdZau\Z_lky [hevr__ dhebq_kl\h eb[b^h b dZl_dlbjh\Zgb_ wg_j]bb ijhba\h^blky \_kvfZ
g_jZa[hjqb\hIhkeh\Zf:gguNj_c^ k
:]j_kkb\gu_ ih[m`^_gby bgl_gkbnbpbjmxlky ^h iheghc g_mijZ\ey_fhklb ]heh^
klZgh\blkyh[`hjeb\hklvxg_ihkemrZgb_i_j_oh^bl\ djbfbgZevgh_ih\_^_gb_xghklb
HjZevgu_ b ZgZevgu_ bgl_j_ku ^he]h ih^Z\ey\rb_ky kgh\Z \uoh^yl gZ ih\_joghklv
Ijb\uqdZ d qbklhiehlghklb k ljm^hf ijbh[j_l_ggZy \ eZl_glguc i_jbh^ mklmiZ_l
f_klh gZkeZ`^_gbx hl g_qbklhl b [_kihjy^dh\ <f_klh kdjhfghklb b kbfiZlbb fu
h[gZjm`b\Z_f l_g^_gpbx d wdk[bpbhgbafm ]jm[hklv b `_klhdhklv d `b\hlguf
J_Zdlb\gu_ h[jZah\Zgby dhlhju_ dZaZehkv l\_j^h ml\_j^bebkv \ kljmdlmj_ w]h
jZae_lZxlky\^j_[_a]bH^gh\j_f_gghklZju_bkq_agm\rb_l_g^_gpbb\oh^yl\ khagZgb_
W^bih\u `_eZgby hkms_kl\eyxlky \ nhjf_ nZglZabc b ]j_a \ dhlhjuo hgb fZeh
bkdZ`Zxlky m fZevqbdh\ fukeb h dZkljZpbb b m ^_\hq_d aZ\bklv d i_gbkm kgh\Z
klZgh\ylkyp_gljhfbgl_j_kh\<h\lhj]ZxsbokykbeZohq_gvg_fgh]hgh\uowe_f_glh\
Wlh \lhj`_gb_ ijhklh _s_ jZa \ughkbl gZ ih\_joghklv agZdhfh_ kh^_j`Zgb_ jZgg_c
bgnZglbevghck_dkmZevghklbfZe_gvdbo^_l_ckfijbf
>hcq \ujZ`Z_l^jm]h_fg_gb_h ij_im[_jlZlghfi_jbh^_m ^_\hq_dHgZkqblZ_l
_]h \j_f_g_f \hajZklZgby k\h[h^u hl bgnZglbevghc k_dkmZevghklb b Z]j_kkb\ghklb
GZjZklZxsZyZdlb\ghklvijhy\ey_lkyg_\ Z]j_kkb\ghklbZ \Z^ZilZpbb d j_Zevghklb b \
mijZ\e_gbb hdjm`_gb_f wlZ Zdlb\ghklv ij_\hkoh^bl iZkkb\ghklv im[_jlZlgh]h \hajZklZ
Rib]_ev \ h[ahj_ h \deZ^_ ikbohZgZebaZ \ bamq_gb_ xghklb khfg_\Z_lky \ \u\h^Zo
>hcq hkgh\u\Zykv gZ __ kh[kl\_gghf fZl_jbZe_ HgZ mdZau\Z_l qlh ljm^gh kh]eZkh\Zlv
ij_^iheh`_gb_ h k\h[h^_ hl bgnZglbevghc k_dkmZevghklb k ^hdZaZl_evkl\Zfb kbevgh]h
bgl_j_kZ d nmgdpbb k_dkmZevguo hj]Zgh\ haZ[hq_gghklvx nZglZabyfb h ijhklblmpbb b
kZ^hfZahobklkdhcbgl_jij_lZpb_ciheh\h]hZdlZ>_\hqdbij_im[_jlZlgh]h\hajZklZlZd`_
hibku\Zxlky dZd gZiheg_ggu_ yjhklvx g_gZ\bklvx b h^gh\j_f_ggh aZ\bkbfu_
wfhpbhgZevghhjb_glbjh\Zggu_gZfZlv
K gZklmie_gb_f nbabq_kdhc k_dkmZevghc aj_ehklb kh[kl\_ggh im[_jlZlgh]h
\hajZklZ kh]eZkgh :gg_ Nj_c^ ijhbkoh^yl ^Zevg_crb_ baf_g_gby dZq_kl\_ggh]h
oZjZdl_jZ kf ijbf Ih\ukb\rbcky bgklbgdlb\guc dZl_dkbk ij_`^_ [ue
ih\k_f_klguf b g_^bnn_j_gpbjh\Zgguf l_i_jv eb[b^h hkh[_ggh m fm`qbg
dhgp_gljbjm_lkyki_pbnbq_kdbf
h[jZahf gZ qm\kl\Zo p_eyo fukeyo dZkZxsboky ]_gblZebc Ij_]_gblZevgu_ l_g^_gpbb
hloh^yl gZ aZ^gbc ieZg qlh ijb\h^bl d y\ghfm memqr_gbx \ ih\_^_gbb =jm[Zy
Z]j_kkb\ghklv ij_^txghr_kdh]h \hajZklZ mklmiZ_l f_klh [he__ jZnbgbjh\Zgghc
]_gblZevghc fm`_kl\_gghklb Kha^Z_lky \i_qZle_gb_ h kihglZgghf bae_q_gbb hl
ij_]_gblZevghklb ohly b \h fgh]hf h[fZgqb\h_ <j_f_gguc ljbmfn ]_gblZevghklb gZ^
jZggbfb nbdkZpbyfb hdZau\Z_lky g_khklhyl_evguf \h \ajhkehc `bagb dh]^Z ^Z\e_gb_
bgklbgdlh\kiZ^Z_l^hghjfZevgh]hmjh\gy\k_klZju_lj_\h]bb dhgnebdluihy\eyxlky\
g_baf_gghf\b^_
=_l_jhk_dkmZevgZy j_ZebaZpby h^gZdh h]jZgbq_gZ nZdlhf qlh h[s_kl\h kljh]h
ij_iylkl\m_l k_dkmZevguf hlghr_gbyf \ l_q_gb_ xghklb kf ijbf Kh]eZkgh
N_gbo_ex dhgnebdlu f_`^m \e_q_gbyfb b lj_\h]Zfb hkhagZxlky kh\j_f_ggufb
xghrZfb ]eZ\guf h[jZahf \ \b^_ dhgnebdlh\ k\yaZgguo k fZklmj[Zpb_c Ih\ur_ggu_
]_gblZevgu_ mklj_fe_gby jZgh beb iha^gh gZoh^yl \ujZ`_gb_ \ fZklmj[Zlhjghc
Zdlb\ghklb _keb g_ kebrdhf bgl_gkb\gu bgnZglbevgu_ j_]j_kkbb KljZob b qm\kl\h
\bgu bagZqZevgh k\yaZggu_ k khimlkl\mxsbfb w^bih\ufb nZglZabyfb i_j_f_sZxlky d
fZklmj[ZpbbXghrbj_Z]bjmxlgZwlbkljZobb qm\kl\h\bguijbgbfZyklhjhgm\e_q_gbc
b \klmiZy\ [hjv[mk lj_\h]hcb jh^bl_eyfbbeb[he__qZklhhgbfh]mlijbgbfZlvklhjhgm
lj_\h]b b jh^bl_e_c iulZykv [hjhlvky k bgklbgdlb\gufb kh[eZagZfb G_j_^dh
ijhbkoh^blb lhb ^jm]h_kfijbf
>eyfZevqbdZk_dkmZevgh_jZa\blb_\ im[_jlZlghf\hajZkl_kqblZ_lkyijh[m`^_gb_f
b ijh^he`_gb_f bgnZglbevghc k_dkmZevghklb Hg khojZgy_l bgl_j_k d i_gbkm lh]^Z dZd
^_\hqdZ f_gy_l gZijZ\e_gghklv < l_q_gb_ xghklb hgZ hkhagZ_l \eZ]Zebs_ \ dZq_kl\_
bklhqgbdZ m^h\hevkl\by ohly ij_`^_ bgl_j_kh\ZeZkv lhevdh deblhjhf b ohl_eZ [ulv
fZevqbdhf < im[_jlZlghf \hajZkl_ ^he`gu [ulv ijbgylu `_gkdZy nmgdpby b
khhl\_lkl\mxsZy iZkkb\gZy jhev Ijb kbevghc aZ\bklb d i_gbkm wlh i_j_dexq_gb_
k_jv_agh lhjfhablky Rib]_ev ml\_j`^Z_l qlh i_j\Zy f_gkljmZpby b]jZ_l \Z`gmx
jhev \ ijhp_kk_ ih^^_j`Zgby `_gkdhc gZijZ\e_gghklb k nZglZabyfb hlghkbl_evgh
kZ^hfZahobklkdh]h m^h\e_l\hj_gby [_j_f_gghklb jh`^_gby j_[_gdZ beb gZh[hjhl
ijb\h^bl d hldehg_gbx `_gkl\_gghklb k gZjZklZgb_f aZ\bklb d i_gbkm b mkbe_gb_f
dZkljZpbhggh]h dhfie_dkZ kf ijbf ;mdk[Zmf hibku\Z_l [_kkhagZl_evgh_
i_j_`b\Zgb_ i_j\hc f_gkljmZpbb dZd ih\j_`^_gb_ ]_gblZebc ihkj_^kl\hf dZkljZpbb b
gZdZaZgb_ aZ fZklmj[Zpbx >hcq lZd`_ ih^q_jdb\Z_l ^\hckl\_gghklv k_dkmZevghc
jhebfZl_jbb \haex[e_gghcdhlhjZym ^_\hqdb^he`gZiheghklvxkugl_]jbjh\Zlvky
Rib]_ev h[h[sZ_l \ k\h_f h[ahj_ iheh\u_ jZaebqby \ gZjpbkkbaf_ \ im[_jlZlghf
\hajZkl_ \i_j\u_ knhjfmebjh\Zggu_ OZjgbd KqblZ_lky qlh fm`qbgZ khojZgy_l
gZjpbkkbq_kdmx hp_gdm i_gbkZ gZ ijhly`_gbb ihqlb \k_c `bagb @_gsbgZ ^hklb]rZy
aj_ehklb \ im[_jlZlghf \hajZkl_ kdehggZ p_gblv djZkhlm ebpZ b nb]mju Hkgh\Z k^\b]Z
`_gkdh]heb[b^hhl]_gblZebcd l_emdZdp_ehfmh[gZjm`b\Z_lky\ \ul_kg_gbbbf_xs_f
f_klh \ im[_jlZlghf \hajZkl_ dhlhjh_ hkh[_ggh hlghkblky d k_dkmZevghklb k\yaZgghc k
deblhjhfFm`qbgZij_l_ji_\Z_lih^h[gucghf_g__agZqbl_evguck^\b]\ujZ`_gguc\
ml\_j`^_gbbl_e_kghckbeub fm`_kl\_gghklb
NHJFBJH<:GB?W=HB KMI?JW=H
< ij_^r_kl\mxs_fxghklb\hajZkl_dZdfu\b^_ebjZajmrZ_l[ZeZgkf_`^mw]hb
b^^hklb]gmluc\ eZl_glguci_jbh^Nbabheh]bq_kdb_kbeuklbfmebjmxlbgklbgdlb\gu_
ijhp_kkub gZjmrZxl[ZeZgkW]hm`_mkbeb\r__kyb mdj_ib\r__kyhlqZyggh[hj_lkyaZ
\hkklZgh\e_gb_jZ\gh\_kbybkihevamy\k_bf_xsb_kym g_]h\ j_i_jlmZj_kbeuDhgnebdl
hljZ`Z_lky\ ih\_^_gbbDh]^Zh^_j`b\Z_lih[_^mb^ijhbkoh^bl[_]kl\h\ fbjnZglZabc
kdZlu\Zgb_ d ij_]_gblZevghfm k_dkmZevghfm m^h\e_l\hj_gbx \hajZklZgb_ Z]j_kkb\ghklb
b
^Z`_ bf_xl f_klh djbfbgZevgu_ ihklmidb Dh]^Z \ \ub]jur_ hdZau\Z_lky w]h
ijhy\eyxlkyaZlhjfh`_gghklvjZaebqgu_nhjfulj_\h]bg_\jhlbq_kdb_kbfilhfu
< xghklb \hafh`gu ^\_ djZcghklb \ jZaj_r_gbb dhgnebdlZ ?keb mkbeb\r__ky b^
ij_h^he__lw]h\ha\jZld ij_`g_fmoZjZdl_jmbg^b\b^Z[m^_lg_hkms_kl\bfb \oh`^_gb_
\h \ajhkemx `bagv ih keh\Zf :ggu Nj_c^ [m^_l hlf_q_gh [mglhf g_aZlhjfh`_ggh]h
m^h\e_l\hj_gbybgklbgdlh\< kemqZ_ih[_^uw]hkhojZgblkyoZjZdl_jmklZgh\b\rbckym
bg^b\b^Z \ eZl_glguc i_jbh^ Dh]^Z ijhbkoh^bl ihke_^g__ ih[m`^_gby xghrb
h]jZgbq_gu \ ij_^_eZo ij_^ibku\Z_fuo bgklbgdlb\ghc `bagvx j_[_gdZ Ijb
g_kihkh[ghklb bkihevah\Zlv \hajhkr__ eb[b^h g_h[oh^bf ihklhygguc jZkoh^ dhglj
dZl_dkbkZjZ[hlZaZsblguof_oZgbafh\\_jhylgh\hagbdgh\_gb_kbfilhfh\W]hhklZ_lky
jb]b^gufb g_]b[dbf\ l_q_gb_\k_c`bagb< j_amevlZl_dhgnebdlZkbeebqghklvxghrb
oZjZdl_jbam_lky lZdbfb ijhlb\hj_qb\ufb q_jlZfb dZd Zevljmbaf b w]hbaf
h[sbl_evghklvb m_^bg_gghklvkgbkoh^bl_evghklvb Zkd_lbaf
LjbnZdlhjZhij_^_eyxl[m^_lebj_amevlZlj_r_gbydhgnebdlZh^ghklhjhggbfbeb
mki_rguf kbeZ ih[m`^_gbc b^ h[mkeh\e_ggZy nbabheh]bq_kdbf ijhp_kkhf iheh\h]h
khaj_\Zgby mklhcqb\hklvbebg_mklhcqb\hklvw]hihhlghr_gbxd bgklbgdlZfdhlhjZy
aZ\bkbl hl ki_pbnbdb nhjfbjh\Zgby \ eZl_glguc i_jbh^ kmsghklv b wnn_dlb\ghklv
aZsblguof_oZgbafh\bf_xsboky\ jZkihjy`_gbbw]hkfijbf
< i_jbh^xghklbw]hlZd`_hlqm`^Z_lkyhlkmi_jw]h<\b^m[ebadh]hhlghr_gbyd
jh^bl_eyf kmi_jw]h jZkkfZljb\Z_lky \ dZq_kl\_ bgp_klgh]h h[t_dlZ =eZ\guc j_amevlZl
jZaju\Z w]h k kmi_jw]h khklhbl \ gZjZsb\Zgbb hiZkghklb bkoh^ys_c hl bgklbgdlh\ M
bg^b\b^Z\hagbdZ_lkdehgghklvd ZkhpbZevghklblZddZdkhxaw]hb kmi_jw]hijboh^bld
dhgpmAZsblgu_f_juih^kdZau\Z_fu_lj_\h]hckmi_jw]hklZgh\ylkyg_^_ckl\_ggufbb
w]h hl[jZku\Z_lky d mjh\gx qbklh bgklbgdlb\ghc lj_\h]b k khimlkl\mxsbfb
ijbfblb\gufb aZsblgufb kj_^kl\Zfb kf ijbf < wlbo kemqZyo \hagbdZxl mkeh\by
^eyjZa\blbylh]hqlhN_gbo_evhibku\Z_l\ dZq_kl\_bfimevkb\gh]hoZjZdl_jZ>jm]mx
djZcghklvkh]eZkghdhff_glZjbxRib]_ev ij_^klZ\ey_lih^q_jdb\Zgb_h[s_kl\hf\
i_jbh^xghklbnhjfbjh\Zgbykmi_jw]hL_g^_gpbyfZdkbfbabjh\ZlvihkemrZgb_xghrb
fh`_l[ulvhl\_lkl\_ggZaZqZklh_ijhy\e_gb_ik_\^haj_ehklbXghrZdZd[ukh]eZrZ_lky
k k_jv_agufb lj_[h\Zgbyfb kh\j_f_ggh]h h[s_kl\Z gh wfhpbhgZevgh hq_gv [ebahd d
ijhl_klmijhlb\wlbolj_[h\ZgbcRib]_ev^h[Z\ey_lqlhj_\hexpbhgguclbixghrbg_
qZklh\klj_qZ_lky\ gZrb^gb
;_jgn_e^ \ k_jbb im[ebdZpbc iulZ_lky deZkkbnbpbjh\Zlv j_Zdpbb
xghr_c gZ eb[b^gu_ i_j_f_gu \ im[_jlZlghf \hajZkl_ b k^\b]b \ hlghr_gbyo w]h b
kmi_jw]h Hg jZaebqZ_l ^\Z lbiZ j_Z]bjh\Zgby g_\jhlbq_kdbc b ijhklhc beb
g_hkeh`g_ggucG_\jhlbq_kdZy]jmiiZiulZ_lkyhljbpZlvim[_jlZlgu_i_j_f_gub `b\_l
dZd [m^lh gbq_]h g_ ijhbahreh Lj_\h]Z b aZsblZ ijhlb\ lj_\h]b oZjZdl_jbamxl
ih\_^_gb_ K ^jm]hc klhjhgu g_hkeh`g_ggZy ]jmiiZ ih^^_j`b\Z_l b^_Ze \ajhkehklb b
ke_^h\Zl_evgh ijb\_lkl\m_l ijhy\e_gb_ k_dkmZevghc aj_ehklb Qlh dZkZ_lky \ZjbZglh\ \
hlghr_gbyo w]h b kmi_jw]h ;_jgn_e^ ^bnn_j_gpbjm_l xghr_c gZ djZcg_ mklmiqb\uo
`_eZgbyf hdjm`Zxsbo b kdehgguo d fyl_`ghfm ih\_^_gbx Z lZd`_ l_o m dh]h bf_xl
f_klh kf_rZggu_ j_Zdpbb <bll_ea ij_^eZ]Z_l \u^_eylv nZau xghr_kdh]h \hajZklZ
\lhjbqgucnZeebq_kdbci_jbh^\lhjbqguceZl_glguci_jbh^bgZdhg_pklZ^bxaj_eh]h
w]h
HLGHR?GBYK >JM=BFBEX>VFB
FG?GB?J:GD:O:GDBGA
G?HNJ?C>BKLKDB?<HAAJ?GBYK:EEB<:G
A:DEXQ?GB?
:ggZNj_c^hibku\Z_lij_im[_jlZlguc\hajZkldZdnZam\ dhlhjmx[_kkhagZl_evgu_
ih[m`^_gby kgh\Z hkms_kl\eyxl ijhju\ khijh\h`^Z_fuc Z]j_kkb_c ij_]_gblZevgufb
kbfilhfZfb w^bih\ufb nZglZabyfb >hcq k ^jm]hc klhjhgu ]h\hjbl qlh ^ey ^_\hq_d
wlhl i_jbh^ y\ey_lky gZb[he__ k\h[h^guf hl bgnZglbevghc k_dkmZevghklb b Z]j_kkbb K
gZklmie_gb_f im[_jlZlgh]h \hajZklZ kh]eZkgh hjlh^hdkZevghc l_hjbb eb[b^h hkh[h
dhgp_gljbjm_lkygZ]_gblZevguoqm\kl\Zop_eyob fukeyoh^gh\j_f_gghy\ghmemqrZ_lky
ih\_^_gb_ =_l_jhk_dkmZevguc \uoh^ h^gZdh g_ h^h[jy_lky h[s_kl\hf ihwlhfm
jZkijhkljZg_gu dhgnebdlu \hdjm] fZklmj[Zpbb KqblZ_lky qlh xgZy ^_\mrdZ hkhagZ_l
\eZ]Zebs_ \ dZq_kl\_ bklhqgbdZ m^h\hevkl\by lh]^Z dZd ij_`^_ hgZ ijhy\eyeZ bgl_j_k
bkdexqbl_evghd i_gbkmb ohl_eZ[ulvfZevqbdhf< wlh\j_fyijhbkoh^blklhedgh\_gb_k
g_h[oh^bfhklvx ijbgylby `_gkdhc nmgdpbb b iZkkb\ghc jheb GZjpbkkbaf \ l_q_gb_
xghklbkbevghijhy\ey_lkym h[hboiheh\
OZjZdl_j_g dhgnebdl f_`^m w]h b b^ <hafh`gu ^\Z djZcgbo j_amevlZlZ _keb
h^_j`b\Z_l ih[_^m b^ ijhbkoh^bl g_h[ma^Zggh_ m^h\e_l\hj_gb_ bgklbgdlh\ _keb
\ub]ju\Z_lw]hih[m`^_gbyaZdexqZxlky\ madb_ij_^_euihklhygghjZkoh^m_lkywg_j]by
dhgljdZl_dkbkZ^_ckl\mxlaZsblgu_f_oZgbafu\hagbdZxlkbfilhfuW]h\ wlhli_jbh^
hlqm`^Z_lkyhlkmi_jw]hqlh_s_[hevr_gZjZsb\Z_lhiZkghklvhlbgklbgdlh\b kdehgy_l
bg^b\b^Zd ZkhpbZevghklb
< h[eZklb hlghr_gbc k ^jm]bfb ex^vfb xghrZ ^he`_g [hjhlvky k w^bih\ufb
nZglZabyfb kgh\Z ijh[m`^Zxsbfbky \ ij_im[_jlZlguc i_jbh^ K\yab k jh^bl_eyfb hg
aZf_gy_lgh\ufbijb\yaZgghklyfbGh\u_ex[h\gu_hlghr_gby[m^vlhk q_eh\_dhf_]h
\hajZklZ beb ij_^klZ\eyxsbf aZf_gm jh^bl_eyf y\eyxlky kljZklgufb b
bkdexqbl_evgufb gh kdhjhl_qgufb >jm]b_ ex^b \u[bjZxlky \ dZq_kl\_ h[t_dlh\ b
ihdb^Zxlky [_a jZafure_gbc h[ bo qm\kl\Zo Fbfhe_lgu_ ex[h\gu_ nbdkZpbb lZdh]h
jh^Z ih fg_gbx :ggu Nj_c^ \ukhdh gZjpbkkbqgu b \ ^_ckl\bl_evghklb ij_^klZ\eyxl
ijbfblb\gu_ nhjfu b^_glbnbdZpbb < khhl\_lkl\bb k wlhc \heghc bf__l f_klh
ghjfZevgZy\j_f_ggZynZaZ]hfhk_dkmZevguohlghr_gbc< kemqZ_^_\hq_dkh]eZkgh>hcq
ijhbkoh^bl kf_gZ h[t_dlZ hl ]hfhk_dkmZevgh]h \ ij_im[_jlZlghf i_jbh^_ d
[bk_dkmZevghfm \ jZgg_f im[_jlZlghf \hajZkl_ b ]_l_jhk_dkmZevghfm \ iha^g_c xghklb
AgZqbfufbwe_f_glZfb`_gkdhckmlbkqblZxlkygZjpbkkbafiZkkb\ghklvb fZahobaf
< ij_im[_jlZlguc i_jbh^ w]h [_a jZa[hjZ ijbau\Z_l \k_ aZsblgu_ f_oZgbafu
bf_xsb_ky \ _]h jZkihjy`_gbb < l_q_gb_ xghklb gZb[he__ qZklh bkihevamxlky ^\Z
f_oZgbafZ Zkd_lbaf hl\_j]Zxsbc \k_ bgklbgdlb\gu_ `_eZgby b bgl_ee_dlmZebaZpby
k\yau\ZxsZy bgklbgdlb\gu_ ijhp_kku k b^_cguf kh^_j`Zgb_f Xghr_kdh_ l\hjq_kl\h
lZdh_dZd^g_\gbdblh`_bgl_jij_lbjm_lky\ dZq_kl\_nhjfuaZsblu
< ihabpbb JZgdZ ih ih\h^m xghklb ih^q_jdb\Z_lky ijh^he`ZxsZyky [hjv[Z aZ
g_aZ\bkbfhklv b agZqbfhklv kZfhklb Bg^b\b^ kljZrblky k_dkmZevguo ih[m`^_gbc b
hdZau\Z_l khijhlb\e_gb_ lZd dZd hgb fh]ml aZ\eZ^_lv bf b aZklZ\blv hldZaZlvky hl
kihkh[ghklb ^_ckl\h\Zlv dZd p_ehklgZy kZfhklv KZeeb\Zg hibku\Z_l ij_im[_jlZlguc
\hajZkl \ dZq_kl\_ gZb[he__ [_afyl_`ghc nZau q_eh\_q_kdhc `bagb dh]^Z khaj_\Z_l
kihkh[ghklv d ex[\b AZljm^g_gby \ xghklb kemqZxlky \ hlghr_gbb f_oZgbafZ
]_gblZevgh]h \h`^_e_gby K_dkmZevghklv i_j_ihegy_lky dhgnebdlZfb ihlhfm qlh
^hkmijm`_kdbck_dkmZevguc hiul g_ h^h[jy_lky b jZggb_ [jZdb g_ j_dhf_g^mxlky ?keb
xghklv[eZ]h^Zjykm[ebfZpbbijhoh^blmki_rghlh\ ihke_^mxs_f
ihKZeeb\Zgmq_eh\_dijhy\ey_lZ^_d\Zlgh_kZfhm\Z`_gb_ihqlb\ ex[hckblmZpbb
IJBF?Q:GBY
?s_jZah keh`ghklyoijh[e_fubgklbgdlb\ghcwg_j]bbMihfbgZgb_:gguNj_c^
h gZjZklZgbb bgklbgdlb\ghc wg_j]bb \ ij_im[_jlZlghf \hajZkl_ dZd ij_^klZ\ey_lky
jZkoh^blky k hjlh^hdkZevghc dhgp_ipb_c aZfdgmlhc kbkl_fu k nbdkbjh\Zgguf
dhebq_kl\hfwg_j]bb <hafh`ghhgZbf__l \ \b^m dhebq_kl\h fh[bebam_fhc \ wlh \j_fy
wg_j]bb < ex[hf kemqZ_ dhgp_ipby ikbobq_kdhc wg_j]bb kh \k_c khimlkl\mxs_c
imlZgbp_cb h]jZgbq_gbyfbg_y\ey_lkyiZgZp__chlg_^hklZldh\ebqghklghcl_hjbb
Ijh[e_fZ bg^b\b^mZevguo b deZkkh\uo jZaebqbc Ljm^ghklv ijbkmsZy fgh]bf
ikbohZgZeblbq_kdbfhij_^_e_gbyfkhklhbl\ g_ba\_klghklb\ dZdhcf_j_hgbijbeh`bfu
d p_ehc ihimeypbb Emqrbf ijbf_jhf \ wlhc ]eZ\_ y\ey_lky hibkZgb_ :gghc Nj_c^
g_ihkemrZgby b ]jm[hklb \ ij_^txghr_kdhf \hajZkl_ <hijhk kdhevdh ih^jhkldh\
khhl\_lkl\m_llZdhcdZjlbg_g_jZkkfZljb\Z_lkyihwlhfmm qblZl_eyhklZ_lky\i_qZle_gb_
lbibqghklb oZjZdl_jbklbd G_khfg_ggh kms_kl\mxl rbjhdb_ bg^b\b^mZevgu_ jZaebqby
Khpbheh]Zfbhq_jq_gZj_rZxsZyjhev\ ^Zgguck\yabijbgZ^e_`ghklbd hij_^_e_gghfm
khpbZevghfm deZkkm Weebkhg >w\bk gZijbf_j hibku\Z_l xghr_kdmx Z]j_kkbx dZd
h^h[jy_fmxkhpbZevghgZ]jZ`^Z_fmxnhjfmih\_^_gby\ gbarbodeZkkZoIhdZg_[m^ml
ihemq_gu khhl\_lkl\mxsb_ ghjfZlb\gu_ ^Zggu_ ke_^m_l \ha^_j`Zlvky hl km`^_gbc h
qZklhl_jZaebqguoih\_^_gq_kdboijhy\e_gbc
GZqZeh nbabq_kdbo k^\b]h\ \ xghklb Dbgab b ^j ml\_j`^Zxl qlh gZqZeh
nbabq_kdbo k^\b]h\ m fZevqbdh\ \ xghklb ijhbkoh^bl [he__ beb f_g__ j_adh f_`^m
h^bggZ^pZlvxb q_lujgZ^pZlvx]h^ZfbM ^_\hq_djZa\blb_kqblZ_lky[he__ihkl_i_gguf
jZkly]b\Zykv gZ ^ebl_evguc i_jbh^ b ^hklb]Z_l k\h_]h ibdZ fgh]bfb ]h^Zfb iha^g__
khaj_\Zgby fZevqbdh\ =Klhea b EKlhea \u^_eyxl ljb nZau \ xghr_kdhf klZgh\e_gbb
ij_im[_jlZlgmx im[_jlZlgmx b ihklim[_jlZlgmx I_j\Zy nZaZ bf__l f_klh ^h
ljbgZ^pZlbe_lg_]h\hajZklZm fZevqbdh\b ^hh^bggZ^pZlbe_lg_]h \hajZklZ m ^_\hq_d ?_
ijh^he`bl_evghklvm fZevqbdh\ijb[ebabl_evghiylgZ^pZlvf_kyp_\m ^_\hq_dg_kdhevdh
dhjhq_ Im[_jlZlgZy nZaZ dhlhjZy \ujZ`Z_lky \ gZb[he__ aZf_lghf [ukljhf jhkl_
ijhl_dZ_lf_`^mljbgZ^pZlvxb iylgZ^pZlvx]h^Zfbm xghr_cb f_`^mh^bggZ^pZlvxb
q_lujgZ^pZlvx ]h^Zfb m ^_\mr_d Lj_lvy nZaZ m ^_\mr_d ijh^he`Z_lky ihelhjZ ]h^Z b
g_kdhevdh dhjhq_ m xghr_c MaZdhg_gguf hij_^_e_gb_f iheh\hc aj_ehklb kh]eZkgh
keh\ZjxMw[kl_jZkqblZ_lkyq_lujgZ^pZlbe_lgbc\hajZkl^eyxghr_cb ^\_gZ^pZlbe_lgbc
\hajZkl^ey^_\mr_d
K_dkmZevgZy Zdlb\ghklv H[ahju k_dkmZevguo ijb\uq_d xghr_c ih^l\_j`^Zxl
rbjhdh_ jZkijhkljZg_gb_ fZklmj[Zpbb b ]hfhk_dkmZevguo gZdehgghkl_c Dbgab b ^j
khh[sZxl h fZklmj[Zpbb ^h iylgZ^pZlbe_lg_]h \hajZklZ m fZevqbdh\ FZevqbdb \
kemqZ_\\kihfbgZxl h g_dhlhjuo ijhy\e_gbyo ]hfhk_dkmZevghc Zdlb\ghklb b \
kemqZ_\ h ]_l_jhk_dkmZevghc Zdlb\ghklb \ ij_^r_kl\mxs_f xghklb i_jbh^_ Kj_^gbc
\hajZklgZqZeZi_j\hcZdlb\ghklb ²]h^Z\lhjhc ]h^ZQZklhlZ]hfhk_dkmZevguo
b]jkh]eZkghkhh[s_gbxhl^\_gZ^pZlb^hiylgZ^pZlbe_l\Zjvbjm_l\ ij_^_eZohl ^h
qZklhlZ ]_l_jhk_dkmZevguo b]j khklZ\ey_l khhl\_lkl\_ggh hl ^h H[ahj
gZmqghc ebl_jZlmju aZ ] k^_eZgguc Mbeeh[b ihdZaZe [hevrmx oZjZdl_jghklv
fZklmj[Zpbb^eyxghr_cq_f^ey^_\mr_dHlghkbl_evgh]hfhk_dkmZevghklbZ\lhjh[ahjZ
^_eZ_l\u\h^qlhm fgh]bobf_eZkvd wlhfmkdehgghklvgh]eZ\gufh[jZahf\ j_amevlZl_
h]jZgbq_gguo ]_l_jhk_dkmZevguo hlghr_gbc GZ hkgh\Zgbb bamq_gby ghjfZevguo b
kljZ^Zxsboikbohahf`_gsbgEZg^bab _]hkhZ\lhjumdZau\ZxlgZqZklhlmfZklmj[Zpbbb
wfhpbhgZevguoijb\yaZgghkl_cd ^jm]bf`_gsbgZf\ xghklb
NhjfZ \ujZ`_gby k_dkmZevghklb dhg_qgh dmevlmjgh h[mkeh\e_gZ FZebgh\kdbc b
Fb^ hibku\Zxl ijbfblb\gu_ dmevlmju \ dhlhjuo xghrb k_dkmZevgh gZfgh]h [he__
k\h[h^gu q_f \ gZr_c Fb^ ih^q_jdb\Z_l g_ihke_^h\Zl_evghklv Zf_jbdZgkdbo h[uqZ_\
ihhlghr_gbxd ]_l_jhk_dkmZevghcZdlb\ghklb:dlb\ghklvgZqbgZ_lkyk ij_im[_jlZlgh]h
i_jbh^Z b ke_^m_l ijZ\beZf b]ju hkh[_ggh \ kj_^gbo deZkkZo h[s_kl\Z khhl\_lkl\my
kdhj__khpbZevgufq_fk_dkmZevguffhlb\ZfIha^g__
dh]^Z k_dkmZevgu_ \e_q_gby ^hfbgbjmxl bo \ujZ`_gb_ \ xghklb ^himkdZ_lky \
bkdZ`_gghc nhjf_ qlh kha^Z_l ihl_gpbZevgh_ ij_iylkl\b_ ijbkihkh[e_gbx \ [jZd_
Dwll_eeijhlb\hihklZ\ey_laZiZ^gmxdmevlmjmdhlhjZyg_^Z_lhjb_glbjh\\ gh\hcjhebb
\uau\Z_laZf_rZl_evkl\hm xghrb ijbfblb\guf dmevlmjZf ZjZglZ Z^ZfZgp_\ d\mhfZ k
ml_rbl_evgufbykgufbh`b^Zgbyfbb jblmZeZfbihk\ys_gby
Xghr_kdb_ nZglZabb KZcfhg^a ij_^ty\eye dZjlbgu gZih^h[b_ dZjlbg l_klZ
L_fZlbq_kdhcZii_jp_ipbb ghjfZevgufxghrZfb ^_\mrdZf>Z\ZehkvaZ^Zgb_ih
dZ`^hcdZjlbg_khklZ\blvjZkkdZaijbwlhf]h\hjbehkvqlhl_klijh\_jy_lkihkh[ghklvd
l\hjq_kdhfm\hh[jZ`_gbx< jZkkdZaZokj_^b^jm]bokx`_lh\qZklh\klj_qZeZkvl_fZ
w^bih\Z`_eZgbyb dhgnebdlZDjhf_lh]hihqlbdZ`^uckhklZ\beihdjZcg_cf_j_ljb
jZkkdZaZ\jZsZxsb_ky\hdjm]Z]j_kkbbb ex[\bLbibqgu_l_fuhlghkbebkvd ^_ij_kkbb
lj_\h]_ Zf[bpbb \bg_ g_aZ\bkbfhklb ih\j_`^_gbx ihimeyjghklb gZjm`ghklb
^hfbgbjh\Zgbx Ohly kZfh bkke_^h\Zgb_ g_ fh`_l kqblZlvky hij_^_e_gguf \ kbem
g_[hevrhc ]jmiiu bkiulm_fuo b hlkmlkl\by khihklZ\e_gby j_amevlZlh\ k ^jm]bfb
\hajZklgufb]jmiiZfbijh^_eZggZyjZ[hlZij_^eZ]Z_lieh^hl\hjgucf_lh^\ ^Zevg_cr_f
bamq_gbbnZglZabb
I_j\Zy f_gkljmZpby Fb^ ih^q_jdb\Z_l agZq_gb_ \ ijbfblb\guo dmevlmjZo
i_j\hc f_gkljmZpbb f_gZjo_ dZd hlq_leb\hc ]jZgbpu f_`^m ^_lkl\hf b `_gkdhc
aj_ehklvx HgZ hibku\Z_l jZaghh[jZab_ h[uqZ_\ \hdjm] wlh]h kh[ulby ImjblZgkdb_
`_gsbgu wlgbq_kdhc ]jmiiu fZgm h[klZ\eyxl i_j\mx f_gkljmZpbx xghc ^_\mrdb \
\Z`ghc ijZa^gbqghc nhjf_ gh \k_ ihke_^mxsb_ f_gkljmZpbb ^_j`Zlky \ [hevrhf
k_dj_l_Kj_^bZjZiZohi_j\Zyf_gkljmZpby^_\mrdbq_j_ag_kdhevdhe_lihke_ihfhe\db
lh`_ih\h^ ^eyijZa^gbdZIjboh^yl__ [jZlvyb kljhylki_pbZevgmx ob`bgm gZ hdjZbg_
ihk_e_gby qlh[u ^_j`Zlv `bl_e_c \ [_ahiZkghklb hl k\_jot_kl_kl\_gguo kbe
ijb\yau\Zxsboky d `_gsbg_ \h \j_fy f_gkljmZpbb K ^jm]hc klhjhgu bZlfmeu
sZf[meu fZg^m]Zfhju b kZfhZgpu Zdp_glbjmxl fZeh \gbfZgby beb g_ ijb^Zxl
khpbZevgh]hagZq_gbyf_gkljmZpbb
G_aZ\bkbfh hl Zgljhiheh]bq_kdbo bklhqgbdh\ Klhmg b ;Zjd_j ijh\_eb
klZlbklbq_kdb^hklh\_jgh_kjZ\g_gb_bgl_j_kh\b hlghr_gbc^_\mr_d\ ij_^r_kl\mxsbc
b ihke_^mxsbc aZ gZqZehf f_gkljmZpbc i_jbh^u Iheh\haj_eZy ]jmiiZ g_aZ\bkbfh hl
\hajZklZ hlebqZeZkv [he__ \ujZ`_ggufb ]_l_jhk_dkmZevgufb bgl_j_kZfb b Zdlb\ghklvx
qZs_ ij_^Z\ZeZkv f_qlZgbyf ba[_]ZeZ nbabq_kdbo mkbebc ijhy\eyeZ [hevrbc bgl_j_k d
k\h_c gZjm`ghklb Ih^h[gh_ bkke_^h\Zgb_ gZ xghrZo ijh\_e Ahee_g[_j]_j Hg hl[bjZe
[he__beb f_g__ aj_euo xghr_c gZ hkgh\Zgbb kh^_j`Zgby fm`kdbo iheh\uo ]hjfhgh\ \
fhq_Iheh\haj_eZy]jmiiZhdZaZeZkvZdlb\g__\ ]_l_jhk_dkmZevghfhlghr_gbbijhy\eyeZ
[he__\ujZ`_ggu_bgl_j_kud kbeh\hfmkhi_jgbq_kl\m\ kihjl_b k\h_cgZjm`ghklb
NZdlhju hij_^_eyxsb_ bkoh^ xghr_kdhc [hjv[u :ggZ Nj_c^ ijhimkdZ_l
q_l\_jluc nZdlhj \ebyxsbc gZ xghr_kdh_ jZa\blb_ ihfbfh kbeu ih[m`^_gbc
lhe_jZglghklb w]h b wnn_dlb\ghklb aZsblguo f_oZgbafh\ J_qv b^_l h kl_i_gb b lbi_
klj_kkZ h[mkeh\e_ggh]h hdjm`_gb_f ?keb ij_^iheh`blv qlh i_j_qbke_ggu_ nZdlhju
jZ\ghp_ggu j_Z]bjh\Zgb_ [m^_l jZaebqZlvky ijb g_^h[jh`_eZl_evghf khpbZevghf
debfZl_b [eZ]hijbylghfhdjm`_gbb
H[tykg_gbyZkhpbZevgh]hih\_^_gbyImlvjZkkfhlj_gbyZkhpbZevgh]hih\_^_gby
hlebqguc hl ij_^klZ\e_gby h jZks_ie_gbb w]h b kmi_jw]h aZdexqZ_lky \ h[jZs_gbb d
fZj]bgZevghc khpbZevghc ihabpbb xghrb Hg [hevr_ g_ j_[_ghd gh _s_ g_ fm`qbgZ
XghrZihklZ\e_gh[s_kl\hf\ hq_gvgZijy`_ggmxkblmZpbx<hafh`ghcj_Zdpb_cgZwlm
ZghfZevgmxjhevy\ey_lkym_^bg_gb_
Xghr_kdh_ [mglZjkl\h ijhlb\ jh^bl_e_c >heeZj^ b ^j bgl_jij_lbjmxl
h[s_ba\_klgh_ xghr_kdh_ [mglZjkl\h gZijZ\e_ggh_ ijhlb\ jh^bl_e_c b \hh[s_
Z\lhjbl_lguo nb]mj dZd j_Zdpbx gZ njmkljZpbx IjbqbgZ njmkljZpbb aZdexqZ_lky \
kblmZpbb hibkZgghc \ ijbf H^gZdh kh]eZkgh wlhc ]jmii_ Z\lhjh\ Z]j_kkb\gu_
j_Zdpbb gZb[he__ lbibqgu ^ey jZgg_c xghklb lZd dZd aZf_sZxsb_ m^h\e_l\hj_gby
\ujZ[Zlu\Zxlky ihkl_i_ggh ihkj_^kl\hf ijh[ b hrb[hd LjZchg ijb\h^bl gZ[ex^_gb_
qlhibdkhijhlb\e_gby\ajhkeufijboh^blkygZkj_^gbcxghr_kdbc\hajZkl
dh]^Z ijhbkoh^bl gZb[he__ [ukljuc jhkl LZdbf h[jZahf _keb h[h[sblv gZrb agZgby h
xghr_kdbo hlghr_gbyo ih wlhfm hl^_evghfm jZa^_em lh h[jZsZ_l \gbfZgb_ g_^hklZlhd
nZdlh\g_]h\hjym`_h ihgbfZgbbih^e_`Zsboijbqbg
Ih ^Zgghc ijh[e_f_ [ueh ijh\_^_gh g_kdhevdh hl^_evguo bkke_^h\Zgbc gh ^Z`_
ih\_joghklgh bo ljm^gh ho\Zlblv >Zggu_ DZclb ihemq_ggu_ k ihfhsvx hijhkgbdZ
k\b^_l_evkl\mxl h qm\kl\_ ihgbfZgby jh^bl_eyfb m ^_l_c hl h^bggZ^pZlb ^h
q_lujgZ^pZlbe_llh]^ZdZdihke_iylgZ^pZlbe_lg_]h\hajZklZ\hagbdZ_lkbevgh_qm\kl\h
g_ihgbfZgby jh^bl_eyfb Klhll mkj_^gyy hp_gdb ih g_kdhevdbf ebqghklguf l_klZf
hlf_lbe om^rmx ijbkihkh[ey_fhklv m xghr_c kbevgh djblbdmxsbo k\hbo jh^bl_e_c
Dwll_ee khh[sbe h[ bkke_^h\Zgbb MhlkhgZ ih^l\_j`^Zxs_f ij_^iheh`_gb_ h gZebqbb
k\yab f_`^m gZjmr_gb_f ijbkihkh[e_gby b [mglZjkl\hf Bg^b\b^u k jZ^bdZevguf
gZkljh_gb_f ijhlb\ Z\lhjbl_lh\ qZs_ b kmjh\__ hklZevguo gZdZau\Zebkv k\hbfb
jh^bl_eyfb
=hfhk_dkmZevgh_ ih\_^_gb_ < ijbf kmffbjh\Zgu kms_kl\mxsb_ ^Zggu_ h
]hfhk_dkmZevghklb\ i_jbh^xghklb
Bgl_j_ku b hlghr_gby Wlhc h[eZklb bkke_^h\Zl_eb m^_eyxl agZqbl_evgh_
\gbfZgb_ aZ bkdexq_gb_f ih^q_jdb\Z_fhc :gghc Nj_c^ ijh[e_fu Z[kljZdlghklb
dhgdj_lghklb fure_gby K\_^_gby h ij_^r_kl\mxs_f xghklb i_jbh^_ fu fh`_f
ihq_jigmlv ba aZjm[_`gh]h bkke_^h\Zgby Pbeeb] ih^ulh`_ggh]h \ h[ahj_ Dwll_eeZ
Bkke_^h\Zgb_ kljhbehkv gZ aZibku\Zgbb kihglZgguo jZa]h\hjh\ [hevrh]h dhebq_kl\Z
fZevqbdh\ b ^_\hq_d \ \hajZkl_ hl ^_\ylb ^h ^\_gZ^pZlb e_l M ]jmiiu ijhy\eyeky
o\Zkleb\uc g_j_Zebklbq_kdbc klbev ijbgylb_ `_eZ_fh]h aZ ^_ckl\bl_evgh_ g_^hklZlhd
kdjhfghklb b wlbdb FZevqbdb jZa]h\Zjb\Zeb ]eZ\guf h[jZahf h nbabq_kdhc kbe_
^_jagh\_gguo hldjulbyo lh]^Z dZd ^_\hqdb \_eb jZa]h\hju h gZjm`ghklb bfms_kl\_
khpbZevghc ba\_klghklb Bgl_j_kgh hlf_lblv dhg]jmwglghklv ^Zggh]h bkke_^h\Zgby
gZ[ex^_gbyf:ggu Nj_c^ aZ ih\_^_gb_f ^_l_c ij_^txghr_kdh]h \hajZklZ \ :\kljbb B
a^_kvkgh\ZhsmsZ_lkyg_h[oh^bfhklv[he__wdkl_gkb\guodjhkkdmevlmjguoijh\_jhd
LjZchg P_eb]_ >`hgk >`_cfk b Fmj b ^j jbkmxl dZjlbgm jZgg_c xghklb
ihdZau\Zy kljZklv d jZa\e_dZl_evguf aZ\_^_gbyf gZih^h[b_ k_dkdem[h\ klj_fe_gb_
kh[bjZlvky \ dhfiZgbb kdehggu_ d ijZ\hgZjmr_gbyf Wlb debdb g_kdhevdh jZgvr_
nhjfbjmxsb_kym ^_\hq_d\h\aZbfhhlghr_gbyoZdp_glbjmxl\gmljb]jmiih\u_k_dj_lu
bkihevamxl ke_g] p_gyl \_jghklv b \ h[s_f ih^Z\eyxl bg^b\b^mZevghklv
>\_gZ^pZlbe_lgb_ fZevqbdb \_^ml k_[y \ Zdlb\ghc Z]j_kkb\ghc dhgdmj_glghc rmfghc
fZg_j_ >_\hqdb h[uqgh ijhy\eyxl ZddmjZlghklv ihkemrZgb_ qhihjghklv ohly
g_dhlhjuf ^hklZ\ey_l m^h\hevkl\b_ ^_fhgkljZpby fZevqbr_kdhc fZg_ju ih\_^_gby
Bgl_j_ku fZevqbdh\ khkj_^hlhqb\Zxlky gZ iheblbd_ khpbZevguo \hijhkZo ebqghf
jZa\blbbijbh[j_l_gbbbfms_kl\Zb ihemq_gbbm^h\hevkl\bc>_\hq_d\hegm_lk_f_cgh_
[eZ]hihemqb_ < km`^_gbb h nmgdpbhgbjh\Zgbb kmi_jw]h ;Zd hlf_qZ_l qlh
^\_gZ^pZlbe_lgb_b ljbgZ^pZlbe_lgb_\ kjZ\g_gbbk ^\Z^pZlbe_lgbfbijbagZxlihqlbgZ
[hevr_ihklmidh\hrb[hqgufb\ fhjZevghfhlghr_gbb
LjZchg ijb^_j`b\Z_lky fg_gby h kj_^gbo ]h^Zo xghklb dZd \j_f_gb klj_fe_gby d
khpbZevghfm dhgnhjfbafm IylgZ^pZlbe_lgb_ iZjgb klZgh\ylky f_g__ rmfgufb hgb
ijhy\eyxl[hevrmxkhpbZevgmxmjZ\gh\_r_gghklvJZgvr_khaj_\Zxsb_^_\mrdb\ wlhf
\hajZkl_ Zdp_glbjmxlky gZ bkdmr_gghklb \ `bl_ckdbo ^_eZo mlhgq_gghklb fZg_j ^ey
g_dhlhjuo ba gbo \Z`g__ q_eh\_q_kdb_ dZq_kl\Z kihkh[ghklv d ^jm`_kdbf hlghr_gbyf
Hkh[mxijb\e_dZl_evghklvijbh[j_lZxl\_q_jbgdbL_cehjgZ hkgh\Zgbb bkke_^h\Zgby k
ihfhsvx hijhkgbdZ gZ Mklhcqb\hklv ijhn_kkbhgZevguo bgl_j_kh\ hlf_qZ_l [hevrmx
klZ[bevghklv bgl_j_kh\ \ ihke_^gb_ ]h^u k_j_^bgu xghklb q_f \ i_j\u_ ]h^u LjZchg
]h\hjbl qlh [eb`_ d \hajZklm k_fgZ^pZlb\hk_fgZ^pZlb e_l xghrb ijb^Zxl agZq_gb_
khpbZevghc aj_ehklb aZgylbyf kihjlhf eb^_jkl\m lh]^Z dZd ^_\mrdb ih]ehs_gu
`_gkdbfbb^_ZeZfbb khkj_^hlhq_gugZkhpbZevguo]ZjZglbyo>`_cfkb FmjZgZebabjmy
aZibkb \ ^g_\gbdZo mdZau\Zxl gZ m\_ebq_gb_ \ wlhf \hajZkl_ ]_l_jhk_dkmZevguo b
khpbZevguo bgl_j_kh\ KZcfhg^a oZjZdl_jbam_l klZjrbo xghr_c dZd ij_`^_ \k_]h
aZbgl_j_kh\Zgguo \ khpbZevghf mki_o_ ^_\mrdb ij_^klZ\eyxlky [he__ iZkkb\gufb
\hkijbbfqb\ufbijhy\eyxsbfbbgl_j_kd ex^yf
Ijhlb\hj_qb_ \a]ey^h\ gZ ij_^r_kl\mxsbc xghklb i_jbh^ HibkZgb_ KZeeb\Zghf
wlh]hi_jbh^ZdZdihqlb[_afyl_`gh]hwlZiZ
q_eh\_q_kdhc `bagb gZoh^blky \ hkljhf ijhlb\hj_qbb k fg_gb_f :ggu Nj_c^ HgZ dZd
fu \b^_eb ih^q_jdb\Z_l g_mijZ\ey_fhklv ]jm[hklv wdk[bpbhgbaf ijhju\ ij_]_
gblZevguo ih[m`^_gbc >hcq h[jbkh\u\Z_l ^_\mrdm gZ ihjh]_ xghklb dZd gZb[he__
k\h[h^gmx hl bgnZglbevghc k_dkmZevghklb b Z]j_kkbb qlh khhl\_lkl\m_l \a]ey^Zf
KZeeb\ZgZ < lh `_ \j_fy Rib]_ev ihbghfm bgl_jij_lbjm_l ^Zggu_ >hcq ke_^my aZ
:gghcNj_c^WlhjZaebqb_\a]ey^h\mdZau\Z_lgZg_h[oh^bfhklvklZlbklbq_kdbgZ^_`guo
gZ[ex^_gbcaZih\_^_gb_f
Gh\Zy nhjfmebjh\dZ f_`ebqghklguo hlghr_gbc \ k\_l_ km[ebfZpbb Qlh[u kqblZlv
aZkem]hc ihiuldm KZeeb\ZgZ ih^jm]hfm hij_^_eblv km[ebfZpbx ihgylgh lj_[mxlky
[hevrb_^hdZaZl_evkl\Zq_fij_^hklZ\ey_lFZeeZobH^ghlhevdh\ukhdh_fm`_kl\hqZklh
g_y\ey_lky^h[jh^_l_evx
=E:<:
KLJMDLMJ:O:J:DL?J:M <AJHKEUO
HJLH>HDK:EVG:YIHABPBY
HIJ?>?E?GB?B DE:KKBNBD:PBYLBIH<O:J:DL?J:
LBIUO:J:DL?J:
I?J<U?HLKLMIGBDB
:>E?J
Xg]
J:GD
< l_hjbb oZjZdl_jZ JZgdZ kl_j`g_\h_ f_klh aZgbfZ_l dhgp_ipby \heb <hey
jZkkfZljb\Z_lky dZd hkgh\gh_ ihablb\gh_ gZqZeh hkms_kl\eyxs__ hj]ZgbaZpbx b
bgl_]jZpbx y kZfhklb qlh iha\hey_l khab^Zl_evgh bkihevah\Zlv lhjfhablv b
dhgljhebjh\Zlvbgklbgdlb\gu_\e_q_gbyI_j\hgZqZevgh\he_\hcijhp_kknhjfbjm_lky\
dZq_kl\_ \gmlj_gg_c hiihabpbhgghc kbeu gZijZ\e_gghc ijhlb\ ijbgm`^_gby
Ijbgm`^_gb_fh`_l[ulvh[mkeh\e_gh\g_rgbfbnZdlhjZfblZdbfbdZd
lj_[h\Zgby jh^bl_e_c beb \gmlj_ggbf ^Z\e_gb_f k_dkmZevguo \e_q_gbc G_ba[_`gu_
ij_iylkl\byb h]jZgbq_gby\uau\Zxlm j_[_gdZkhijhlb\e_gb_b lj_gbjmxldhglj\hex
<lhjZy klmi_gv \ jZa\blbb \heb k\yaZgZ kh klj_fe_gb_f ihemq_gby \_s_c bf_xsboky m
^jm]boJ_qvb^_lg_h aZ\bklbZ kdhj__h khbaf_j_gbbkh[kl\_gghc\hebk \he_c]jmiiu
Lj_lvy klmi_gv ij_h^he_\Z_lky dh]^Z q_eh\_d i_j_klZ_l f_jblv k_[y h[sbfb f_jdZfb b
klZgh\blkyihgZklhys_fmhl\_lkl\_gguf aZk\hb\he_\u_ijhy\e_gbyAZij_lu\ ^_lkl\_
ijb\h^yl d g_^h\_jbx kh[kl\_gghc \he_ dZd aem <ajhkeu_ ihwlhfm h[eZ^Zxl \he_c
kh^_j`Zgb_ dhlhjhc hlqZklb [eZ]hgZf_j_ggh_ beb h^h[j_ggh_ jh^bl_eyfb b h[s_kl\hf
hlqZklb ² g_[eZ]hgZf_j_ggh_ beb g_h^h[j_ggh_ Khijhlb\e_gb_ Z\lhjbl_lZf
ij_^klZ\eyxs__^mjghcZki_dly\ey_lkydhglj\he_c
Djhf_ \heb ebqghklv oZjZdl_jbam_lky ih[m`^_gbyfb b wfhpbyfb Ih[m`^_gbyf
g_h[oh^bfh g_f_^e_ggh_ m^h\e_l\hj_gb_ iml_f fhlhjghc jZajy^db < kemqZyo
[ehdbjh\Zgby \hagbdZxl wfhpbb <hey \ hlebqb_ hl wfhpbc ij_^klZ\ey_l ih[m`^_gb_
gZoh^ys__ky \ Zdlb\ghf mkem`_gbb m w]h b g_ [ehdbjm_lky W]h \ ba\_klghf kfuke_
y\ey_lky Z\lhghfguf ij_^klZ\bl_e_f \heb K_dkmZevgZy nmgdpby kms_kl\m_l g_ lhevdh
^ey ijhba\_^_gby ihlhfkl\Z b gZkeZ`^_gby gh h[_ki_qb\Z_l wfhpbhgZevgmx jZajy^dm b
y\ey_lky bgkljmf_glhf \heb K_dk _^bgkl\_gguc ijbjh^guc kihkh[ mf_gvr_gby
dhgnebdlh\ \heb h^gh\j_f_ggh h^gZdh k_dkmZevgu_ `_eZgby g_kml m]jham ih^qbg_gby
qm`hc \he_ JZaebqb_ f_`^m fm`qbgZfb b `_gsbgZfb e_`bl \ bo hlghr_gbb d k_dkm
Fm`qbgu g_ kihkh[gu kfbjblvky k g_ba[_`ghklvx kf_jlghklb ihwlhfm k_dk
ih^jZamf_\Zxsbc ^ey gbo kf_jlghklv ijh\hpbjm_l kljZo <aZf_g ih[m`^Z_fu_
w]hbklbq_kdbfb ihlj_[ghklyfb w]h hgb klj_fylky mijZ\eylv b l\hjblv @_gsbgu k
^jm]hc klhjhgu \hkijbgbfZxl k_dk \ agZq_gbb [_kkf_jlby ihkj_^kl\hf jh`^_gby
ihlhfkl\Zb bkiulu\ZxlkljZoi_j_^[he__kbevghc\he_cfm`qbg
DZd fu \b^_eb \ ij_^r_kl\mxsbo ]eZ\Zo JZgd ih^q_jdb\Z_l \ jZa\blbb q_eh\_dZ
\Z`ghklvhl^_e_gbyI_j\bqgZyljZ\fZnbabq_kdh]hhl^_e_gbyhlfZl_jbbijbjh`^_gbb
khijh\h`^Z_lky jZaebqgufb nhjfZfb ikboheh]bq_kdhc aZ\bkbfhklb b mljZlhc qm\kl\Z
p_ehklghklb < p_eyo ^hklb`_gby g_aZ\bkbfhklb qlh[u k^_eZlv k\h_ w]h j_Zevguf
bg^b\b^ ^he`_g bgbpbbjh\Zlv hl^_e_gb_ dZd \ujZ`_gb_ _]h kh[kl\_gghc \heb \hij_db
iZkkb\ghfm b ljZ\fZlbq_kdhfm hiulm khhl\_lkl\mxs_fm \he_ ^jm]bo < klZgh\e_gbb
hk\h[h`^_gby bf__lky ljb klZ^bb gZ i_j\hc klZ^bb q_eh\_d kZf `_eZ_l lh]h d q_fm
ij_`^_ [ue ijbgm`^_g \g_rgbfb beb \gmlj_ggbfb lj_[h\Zgbyfb gZ \lhjhc
ijhy\ey_lky \gmlj_ggbc dhgnebdl f_`^m \he_c b dhglj\he_c \ ijhp_kk_ dhlhjh]h m
q_eh\_dZ nhjfbjmxlky b^_Zeu b klZg^Zjlu hlebqZxsb_ky hl khpbZevgh
kZgdpbhgbjh\Zgguo lj_lvy klZ^by oZjZdl_jbam_lky p_ehklguf ]Zjfhgbqguf j_r_gb_f
\hiehsZxsbfky \ \ukr_f l\hjq_kl\_ Lj_f klZ^byf khhl\_lkl\mxl ljb lbiZ
ij_^klZ\e_ggu_gb`_
Kj_^gbc q_eh\_d Kj_^gbc beb ghjfZevguc q_eh\_d wlh lhl dlh ij_g_[j_]Z_l
k\h_c \he_c b jmdh\h^kl\m_lky \he_c ]jmiiu Dmevlmjgu_ ghjfu ^_ckl\bl_evghklb
klZgh\ylkykh[kl\_gghcbklbghcq_eh\_dZHgkdehg_gk^_j`b\ZlvnZglZabbkh^_j`Zgb_
dhlhjuo jZkkfZljb\Z_lky hdjm`Zxsbfb dZd aeh b ke_^h\Zl_evgh bkiulu\Z_l qm\kl\h
\bgui_j_^^jm]bfbIj_^klZ\e_gb_h k_[_beexahjghlZddZd\ ^_ckl\bl_evghklbq_eh\_d
ebrvbah[jZ`Z_lqlhy\ey_lkykZfbfkh[hchg\hh[s_g_b]jZ_lkhpbZevgmxjhevZ kZf
k\h^blky d kh\hdmighklb khpbZevguo jhe_c Kh]eZkb_ k \he_c ]jmiiu g_ h[yaZl_evgh
ij_^klZ\ey_l iZkkb\gh_ ih^qbg_gb_ wlh fh`_l [ulv a^hjh\h_ Zdlb\gh_ ijbkihkh[e_gb_
K ^jm]hc klhjhgu kj_^gbc q_eh\_d g_ ^he`_g \k_]^Z hlebqZlvky ohjhrbf ikbobq_kdbf
a^hjh\v_f Dhgnhjfbaf [u\Z_l h[mkeh\e_g kljZohf g_h^h[j_gby < h[s_f ghjfZevguc
q_eh\_d g_ hkh[_ggh ih^\_j`_g dhgnebdlZf b g_ h[eZ^Z_l kms_kl\_ggufb l\hjq_kdbfb
\hafh`ghklyfb
G_\jhlbd G_\jhlbd g_ kihkh[_g ih^qbgblvky \he_ ]jmiiu gh g_^hklZlhqgh
k\h[h^_g qlh[u ml\_j^blv kh[kl\_ggmx \hex Hg g_ fh`_l ^hklbqv ihablb\ghc
b^_glbnbdZpbbk ]jmiihcb g_fh`_lhklZlvky[_aihklhjhgg_cihfhsblZddZdh[j_f_g_g
qm\kl\hfg_iheghp_gghklbb \bguG_\jhlbd\ugm`^_g[hjhlvkyk \g_rgbfb \gmlj_ggbf
^Z\e_gb_f hg gZoh^blky \ khklhygbb \hcgu k kZfbf kh[hc NZglZabb \ul_kgyxlky
ijyqmlky hl k_[y b ^jm]bo g_ klhevdh baaZ bo kh^_j`Zgby gh ihlhfm qlh \ujZ`_gb_
nZglZabc jZkp_gb\Z_lky dZd kh[kl\_ggZy aeZy \hey Qm\kl\h \bgu ihwlhfm gZijZ\e_gh
ijhlb\kZfh]hk_[y
L\hjq_kdbc q_eh\_d L\hjq_kdbc q_eh\_d gZih^h[b_ om^h`gbdZ ij_mki_\Z_l \
iheghf ijbgylbb b ml\_j`^_gbb kh[kl\_gghc ebqghklb Hg gZoh^blky \ ]Zjfhgbb kh
k\hbfb kbeZfb b b^_ZeZfb Ih keh\Zf JZgdZ bf__l f_klh g_ dhfijhfbkk g_ ijhklZy
kmffZpby Z aZjh`^Z_lky gh\h_ l\hjq_kdh_ p_eh_ kbevgZy ebqghklv k Z\lhghfghc \he_c
dhlhjZy ij_^klZ\ey_l \ukr__ l\hj_gb_ ihkj_^kl\hf bgl_]jZpbb \heb b ^moZ B^_Zeu
nhjfbjmxlky g_ iml_f ijhklh]h aZbfkl\h\Zgby gh khagZl_evguf ij_^ihql_gb_f
[eZ]hijbylguo nZdlhjh\ J_Zebamy k\hx \hex l\hjq_kdbc lbi \uoh^bl aZ ij_^_eu
h]jZgbq_gbc ijbjh^u lZd dZd k_dkmZevguc bgklbgdl ihklZ\e_g gZ kem`[m \he_ <
ba\_klghf kfuke_ hg bs_l kh[kl\_ggmx bklbgm dhlhjmx aZl_f \hiehsZ_l \ k\hbo
ijhba\_^_gbyoLZdbfh[jZahfnZglZabbh[yaZl_evghjZkdju\Zxlkyhdjm`ZxsbfQm\kl\h
\bgu i_j_^ ^jm]bfb b kZfbf kh[hc kem`bl klbfmehf \ ^Zevg_cr_c l\hjq_kdhc jZ[hl_
Bf_ggh ihwlhfm l\hjq_kdbc q_eh\_d h^gh\j_f_ggh ml\_j`^Z_l kh[kl\_ggu_ b^_Zeu b
kihkh[_g`blv\ fbj_g_\klmiZyk gbf\ dhgnebdlukfijbf
;HE??KH<J?F?GGU?<HAAJ?GBY
OHJGB
NJHFF
Njhff hij_^_ey_loZjZdl_jdZdhlghkbl_evghmklhcqb\mxnhjfmdZgZebaZpbb
wg_j]bb q_eh\_dZ \ ijhp_kk_ Zkkbfbeypbb b khpbZebaZpbb < ^_lkl\_ oZjZdl_j
nhjfbjm_lky \ k_fv_ dhlhjZy kem`bl ikbobq_kdbf Z]_glkl\hf h[s_kl\Z
Ijbkihkh[e_gb_j_[_gdZ\ k_f_cghch[klZgh\d_\ujZ[Zlu\Z_lm g_]hoZjZdl_jk h[s_c^ey
[hevrbgkl\Zqe_gh\_]hdeZkkZb dmevlmjuk_j^p_\bghcGZk_j^p_\bgmbebkhpbZevguc
oZjZdl_j gZdeZ^u\Zxlky \ZjbZglu bg^b\b^mZevgh]h oZjZdl_jZ h[mkeh\e_ggh]h
ki_pbnbdhc\ebygbyjh^bl_e_c
Ih fg_gbx NjhffZke_^h\Zl_evgh lbiu oZjZdl_jZ y\eyxlky ijh^mdlhf
\aZbfh^_ckl\by j_[_gdZ b jh^bl_e_c dhlhjh_ gZqbgZ_lky k fhf_glZ jh`^_gby Hg
^bkdmlbjm_lk hjlh^hdkZevgufij_^klZ\e_gb_fh lbiZodZdj_amevlZl_q_j_^h\ZgbcklZ^bc
jZa\blby eb[b^h kf ijbf :gZevguc oZjZdl_j gZijbf_j g_ bf__l gbdZdh]h
hlghr_gby d eb[b^h AZihju wlh g_ ijbqbgZ nhjfbjh\Zgby oZjZdl_jZ Z kdhj__ _]h
\ujZ`_gb_ <Z`g_crbf nZdlhjhf y\ey_lky ^hfZrgyy Zlfhkn_jZ ijhgbdgmlZy ^mohf
kly`Zl_evkl\Z lj_\h`ghklb ih^hajbl_evghklb M j_[_gdZ ihwlhfm jZa\b\Z_lky qm\kl\h
^_nbpblZ b hg p_iey_lky aZ \k_ qlh bf__l Kdmihc q_eh\_d g_ ihlhfm kdmi qlh
m^_j`b\Z_ln_dZebbhgdj_idh^_j`blkyaZex[mx\_sv\dexqZyn_dZebb
?]h jh^bl_eb ba dZl_]hjbb ex^_c ijhy\eyxsbo s_i_lbevghklv \ lj_[h\Zgbyo
lmZe_lZ
J_p_ilb\gZyhjb_glZpbyQ_eh\_dk j_p_ilb\gufoZjZdl_jhfkqblZ_lqlh\k_\ q_f
hg gm`^Z_lkyª ^he`gh [ulv ^hklZ\e_gh ba\g_ Hg iZkkb\gh hibjZ_lky gZ Z\lhjbl_lu \
ihemq_gbbagZgbcb ihfhsbb \hh[s_bs_l\ ex^yoih^^_j`dbEx[h\v^eyg_]hhagZqZ_l
[ulv ex[bfuf gh g_ Zdlb\guc ijhp_kk ex[\b hg djZcg_ qm\kl\bl_e_g d ex[hfm
g_^hklZldmex[\bbeb\gbfZgbyIZkkb\ghklvk\yaZgZk g_kihkh[ghklvxhldZaZlv^jm]bfb
[_kdhg_qguf ihbkdhf fZ]bq_kdh]h ihfhsgbdZ KljZo mljZlu ex[\b ij_iylkl\m_l
\u[hjm ba ^\mo ^jma_c dh]^Z lh]h lj_[m_l kblmZpby \\b^m \hafh`ghklb ebrblvky
jZkiheh`_gby h^gh]h ba gbo Wlhl lbi ex[bl ih_klv b \uiblv qlh kem`bl kj_^kl\hf
ij_h^he_gby [_kihdhckl\Z b ^_ij_kkbb ?]h jhl hkh[_ggh aZf_lgZy qZklh gZb[he__
\ujZ`_ggZyq_jlZGZ`bagvhgkfhljbldZdijZ\behk hilbfbafhfb ^jm`_ex[b_fihdZ
g_\hagbdZ_lm]jhaZbklhqgbdm[eZ]hihemqbyHlau\qb\b hdZau\Z_lihfhsv^jm]bfghaZ
wlbfe_`blihlj_[ghklvaZjmqblvkybo[eZ]hkdehgghklvx
WdkiemZlZlhjkdZyhjb_glZpby Q_eh\_dk wdkiemZlZlhjkdhchjb_glZpb_ciulZ_lky\k_
ihemqblvhlex^_cihkj_^kl\hfkbeub obljhklbQlhdZkZ_lkyex[\bb ijb\yaZgghklbhg
bkiulu\Z_l wlb qm\kl\Z lhevdh d l_f dlh _s_ qlhlh fh`_l ^Zlv Ih^h[guf h[jZahf hg
\hjm_lb^_bb \u^Z_lboaZk\hbG_^hklZlhdhjb]bgZevghklbm fgh]boh^Zj_gguoex^_c
ml\_j`^Z_l Njhff h[tykgy_lky hjb_glZpb_c oZjZdl_jZ MklZgh\dZ jZkijhkljZgy_lky gZ
fZl_jbZevgu_ \_sb djZcgbf ijbf_jhf kem`bl de_ilhfZgby <_sv ^hklZ\ey_l
m^h\hevkl\b_ lhevdh _keb hgZ mdjZ^_gZ ^Z`_ ijb gZebqbb [hevrh]h dhebq_kl\Z ^_g_]
Hlebqbl_evghc q_jlhc y\ey_lky dmkZxsbcky jhl h[uqgh ^Zxsbc h k_[_ agZlv
kZjdZklbq_kdbfb ya\bl_evgufb aZf_qZgbyfb h ex^yo Wlhfm q_eh\_dm k\hckl\_ggu
ih^hajbl_evghklvpbgbafaZ\bklvj_\ghklv< h[s_fhgij_^ihqblZ_l
bf_xs__kym ^jm]bob ij_^ijbgbfZ_lfZdkbfmf\hafh`gh]h\ p_eyoijbk\h_gby
GZdhibl_evkdZy hjb_glZpby Kdjy]Z hkgh\u\Z_l [_ahiZkghklv gZ [_j_`eb\hklb b
khojZg_gbbbfms_kl\ZJZkoh^u\uau\Zxlqm\kl\hhiZkghklbb lj_\h`ghklvHghdjm`Z_l
k_[y kl_ghc aZ dhlhjmx \ghkbl kdhevdh \hafh`gh b klZjZ_lky qlh[u gbq_]h g_ ihiZeh
gZjm`mKdmihklvjZkijhkljZgy_lkyjZ\gufh[jZahfdZdgZqm\kl\Zb fukeblZdgZ^_gv]b
b \_sb >Z`_ ex[h\v jZkkfZljb\Z_lky \ dZq_kl\_ kj_^kl\Z ijbk\h_gby ex[bfh]h
Ih\_^_gb_ oZjZdl_jbam_lky i_^Zglbqghc mihjy^hq_gghklvx dhfimevkb\ghc
qbklhiehlghklvx gZ\yaqb\hc imgdlmZevghklvx mijyfkl\hf Ih^hajbl_evghklv b [hyagv
bglbfghklbh[uqghy\eyxlkykhimlkl\mxsbfbq_jlZfb
JughqgZy hjb_glZpby Ex^b wlhc dZl_]hjbb hlghkylky d k\h_c ebqghklb dZd d
lh\Zjmdhlhjucfh`ghdmiblvb ijh^ZlvHgbnhjfbjmxlm k_[ydZq_kl\Zihevamxsb_ky
kijhkhfm ^jm]boM gbohlkmlkl\m_lbklbggucklZ[bevgucoZjZdl_jb gZkZfhf^_e_hgb
g_ mf_xl jZkihjy`Zlvky k\h_c km^v[hc Hkgh\gufb y\eyxlky qm\kl\Z himklhr_gghklb b
[_kihdhckl\Z JughqgZy hjb_glZpby \ jZ\ghc f_j_ hlghkblky d fure_gbx
Ij_^gZagZq_gb_fure_gbyk\h^blkyd [ukljhfmko\Zlu\Zgbxy\e_gbc\ p_eyomki_rgh]h
fZgbimebjh\Zgby Wlh ijb\h^bl d ih\_joghklghklb \f_klh ijhgbdgh\_gby \ kmsghklv
n_ghf_gh\M lZdboex^_cqlh[u\uihegylvkhpbZevgmxjhevb ihevah\ZlvkykijhkhfgZ
jugd_g_^he`ghkhojZgblvkybg^b\b^mZevghklb
Ijh^mdlb\gZy hjb_glZpby Q_luj_ ij_^u^msbo hjb_glZpbb kh]eZkgh Njhffm
y\eyxlky g_ijh^mdlb\gufb Ijh^mdlb\ghklv hij_^_ey_lky dZd kihkh[ghklv q_eh\_dZ
bkihevah\Zlv k\hb kbeu b j_Zebah\Zlv ijbkmsbc _fm ihl_gpbZe Ih^jZamf_\Z_lky
jZa\blb_ \hafh`ghkl_c l\hjq_kl\Z b ex[\b ihegh_ bo jZkdjulb_ LZdhc q_eh\_d g_
h[yaZl_evgh^he`_gklZlv\_ebdbfmq_gufbebom^h`gbdhfHgijhklhfh`_lg_aZ\bkbfh
fukeblvm\Z`Zlvk_[yb ^jm]boihemqZlvqm\kl\_ggh_gZ
keZ`^_gb_g_bkiulu\Zylj_\h]b\hkobsZlvkyl\hj_gbyfbijbjh^ub bkdmkkl\ZDhjhq_
]h\hjyhggZkeZ`^Z_lky`bagvxG_ijh^mdlb\gu_we_f_glu\k__s_khojZgyxlkyghhgb
ljZgknhjfbjmxlky Mijyfkl\h gZijbf_j klZgh\blky gZklhcqb\hklvx klj_fe_gb_ d
wdkiemZlZpbbij_\jZsZ_lky\ kihkh[ghklv\aylvbgbpbZlb\mgZk_[ykfijbf
D:J>BG?J
:E?DK:G>?J
WJBDKHG
A:DEXQ?GB?
IJBF?Q:GBY
Hij_^_e_gbyoZjZdl_jZ ImlZgbpZ\hagbdZxsZyijbihiuldZoknhjfmebjh\Zlvihgylb_
oZjZdl_jZklZgh\blkykZfhhq_\b^ghcbake_^mxsbopblZl
N_gbo_ev Wlh hibkZgb_ oZjZdl_jZ y\ey_lky ihqlb b^_glbqguf ij_^r_kl\mxs_fm
hibkZgbx^Zgghfm^eyw]h
:[jZoZfKh\hdmighklvj_Zdpbcq_eh\_dZgZ_]hkhpbZevgh_hdjm`_gb_
=ZjlfZg ?s_ jy^ nmgdpbc dhlhju_ fu ijbibku\Z_f w]h y\ey_lky l_f qlh fu
gZau\Z_foZjZdl_jhfq_eh\_dZ
;bg]eohme KljmdlmjZ oZjZdl_jZ fh`_l [ulv hkfuke_gZ dZd hj]ZgbaZpby
ihlj_[ghkl_c b wfhpbc \gmljb dZ`^h]h q_eh\_dZ ijbkihkh[e_ggZy ^ey Z^_d\Zlgh]h
j_Z]bjh\ZgbygZhkgh\gu_khpbZevug_p_gghklb]jmiiu
BakdZaZggh]hfulhevdh^_eZ_f\u\h^qlhoZjZdl_jy\ey_lkyhlqZklbnmgdpb_cw]h
hlghkys_cky dZdbflh h[jZahf d khpbZevghfm hdjm`_gbx >Z`_ klhev kms_kl\_gguc
\hijhkZkkhpbbjh\ZlveboZjZdl_jkh\k_fbnmgdpbyfbw]hN_gbo_evbebijhklhk h^ghc
ba ^ebggh]h i_j_qgy nmgdpbc =ZjlfZg hklZ_lky kihjguf Bf_y \ \b^m lZdh_ g_ykgh_
iheh`_gb_ ^_e ij_^klZ\ey_lky [_kihe_aguf h[km`^Zlv ijh[e_fm jZaebqby f_`^m
oZjZdl_jhf b \ jZ\ghc kl_i_gb g_hij_^_e_gguf ihgylb_f ebqghklb :dZ^_fbq_kdZy
ikboheh]by \ghkbl _s_ [hevrmx g_ykghklv ihkj_^kl\hf ^\mo Zevl_jgZlb\guo
hij_^_e_gbcoZjZdl_jZknhjfmebjh\Zgguo FZddbghghf dZd wlbq_kdh]h b fhjZevgh]h
Zki_dlZebqghklb \ dZq_kl\_fhlb\Zpbhggh]hZki_dlZebqghklb\g_ex[uowlbq_kdbob
fhjZevguohp_ghd
?j_kvJZcoZ < p_eyolhqghklbbaeh`_gbyke_^m_lmdZaZlvgZhlemq_gb_ \ ]
JZcoZb _]hihke_^h\Zl_e_chlhjlh^hdkZevgh]h ikbohZgZeblbq_kdh]h^\b`_gby <ke_^ aZ
\ukhdhqlbfuf jZggbf \deZ^hf \ ikbohZgZeba hg \iZe \ hrb[hqgmx djZcgxx ihabpbx
ml\_j`^Zy qlh \ujZ`_ggZy \ hj]Zaf_ k_dkmZevghklv bf__l i_j\hkl_i_ggh_ agZq_gb_ \
ihgbfZgbb[he_ag_ch[s_kl\Zb bg^b\b^Z
Bamq_gb_ hjZevghklb <ha^_ckl\b_ jZaebqguo lbih\ jZgg_]h hjZevgh]h hiulZ gZ
ihke_^mxsmx kljmdlmjm oZjZdl_jZ y\eyehkv g_dhlhjh_ \j_fy ihimeyjghc l_fhc
^bkdmkkbc Ij_\Zebjmxsb_ \a]ey^u \ wlhc h[eZklb qZklh i_j_\h^bebkv \ iehkdhklv
ijZdlbdb jZgg_]h \hkiblZgby j_[_gdZ H^gZdh jZa[jhkZgguf Zgljhiheh]bq_kdbf b
wdki_jbf_glZevguf ^hdZaZl_evkl\Zf ih lZdbf \hijhkZf dZd khihklZ\e_gb_ dhjfe_gby
]jm^vxb ba[mluehqdb^ebl_evghklvdhjfe_gbykhihklZ\e_gb_dhjfe_gbyihlj_[h\Zgbx
j_[_gdZ b ih jZkibkZgbx nhjfZ b \hajZkl hlgylby hl ]jm^b b li g_^hklZ_l
hkgh\Zl_evghklb QZklhlZ hrb[hd \ ih^h[guo bkke_^h\Zgbyo ih fg_gbx jZaebqguo
Z\lhjh\aZdexqZ_lky\ ihiuld_
\uklZ\blv ki_pbnbq_kdmx ijZdlbdm dhjfe_gby \ dZq_kl\_ ijyfhc ijbqbgu gZ fZg_j
h^bg d h^ghfm ihke_^mxsbo ebqghklguo q_jl < k\_jomijhs_gbb lZdh]h jh^Z
ij_g_[j_]Zxl\Z`gufbnZdlhjZfbmklZgh\hdjh^bl_e_cdmevlmjguop_gghkl_c b \hh[s_
\aZbfhaZ\bkbfhklvxn_ghf_gh\jZa\blby
< ^\mo g_^Z\gbo jZ[hlZo ij_^ijbgbfZ_lky ihiuldZ bamq_gby ikbohZgZeblbq_kdbo
hij_^_e_gbc hjZevghc kljmdlmju oZjZdl_jZ =hme^fZg jZ[hlZxsZy \ :g]ebb jZa^_ebeZ
k\h_ bkke_^h\Zgb_ gZ ^\_ qZklb I_j\Zy qZklv ihk\ys_gZ mklZgh\e_gbx ^hklh\_jghklb
hibkZgguohjZevguoq_jl\h\lhjhcqZklbwlbq_jlukhihklZ\eyxlkyk \hajZklhfhlgylby
hl]jm^bGZi_j\hfwlZi_hgZihemqbeZkZfhhp_gdb fm`qbgb `_gsbgih rdZeZf
ebqghklguo q_jl AZl_f hp_gdb [ueb ih^\_j]gmlu nZdlhjghfm ZgZebam \ ijhp_kk_
dhlhjh]hh[gZjm`beZkv[biheyjghklvnZdlhjZkh^_j`Zs_]hg_]Zlb\gu_q_jlugZijbf_j
i_kkbfbaf iZkkb\ghklv hjZevgZy Z]j_kkby b ihablb\gu_ q_jlu gZijbf_j hilbfbaf
ijb\yaZgghklv h[sbl_evghklv IhdZaZl_eb ih nZdlhjm =hme^fZg bgl_jij_lbjh\ZeZ dZd
ihjZabl_evgh koh`b_ k l_hj_lbq_kdbf hibkZgb_f b \h \lhjhc nZa_ bkke_^h\Zgby
khihklZ\beZbokhk\_^_gbyfbh[hlgylbbhl]jm^bihemq_ggufbhlfZl_j_cbkiulm_fuo
<uykgbeZkv agZqbfZy k\yav ] hjZevgh]h i_kkbfbafZ k jZggbf hlgylb_f hl ]jm^b
g_ iha^g__ q_luj_of_kyqgh]h \hajZklZ b hjZevgh]h hilbfbafZ ] k iha^gbf
hlgylb_f hl ]jm^b \ iylbf_kyqghf \hajZkl_ beb iha^g__ Ijb h[km`^_gbb j_amevlZlh\
=hme^fZg ijhy\ey_l fm^jmx hklhjh`ghklv HgZ ih^q_jdb\Z_l qlh ^Zggu_ g_ ]h\hjyl h
ijbqbgghf hlghr_gbb Z gbadh_ agZq_gb_ dhjj_eypbc ij_^iheZ]Z_l ^_ckl\b_ \Z`guo
g_ba\_klguonZdlhjh\
;exfhf b Fbee_jhf hkms_kl\e_g _s_ h^bg aZfuk_e gZijZ\e_gguc gZ bamq_gb_
hjZevghklbGZi_j\hfwlZi_\u\_^_ggu_gZhkgh\Zgbbml\_j`^_gbcikbohZgZeblbq_kdhc
ebl_jZlmju ]bihl_au ijh\_jyebkv h[s_ijbgylufb ikboheh]bq_kdbfb f_lh^Zfb GZ
\lhjhf wlZi_ bamqZeZkv kl_i_gv hjZevghklb dhlhjZy kh]eZkgh hi_jZpbhgZevghfm
hij_^_e_gbx \ujZ`ZeZkv \ g_ijhba\hevguo ^\b`_gbyo jlZ hlf_qZ_fuo
wdki_jbf_glZlhjZfb H[ke_^h\Zebkv ^_l_c mqZsboky lj_lv_]h deZkkZ gZqZevghc
mgb\_jkbl_lkdhc rdheu GZ[ex^_gby \dexqZeb hp_gdb mqbl_e_c \j_f_ggu_ aZf_ju
khpbhf_ljbx wdki_jbf_glZevgu_ kblmZpbb Dhjj_eypbb f_`^m \ujZ`_gghklvx
hjZevghklb b jy^hf ]bihl_lbq_kdbo i_j_f_gguo hdZaZebkv kZfufb jZaebqgufb
M[_^bl_evgh_ ih^l\_j`^_gb_ ihemqbeb ]bihl_au h k\yayo hjZevghklb k kbevguf
\e_q_gb_f d ibs_ b khpbZevghc baheypb_c mf_j_gguc oZjZdl_j ghkbeb k\yab k
ihlj_[ghklvx\ kbfiZlbbb h^h[j_gbb
aZbgl_j_kh\Zgghklvx \ ^Zj_gbb b ihemq_gbb ij_^jZkiheh`_gghklvx d kdmd_ g_
ih^l\_j^bebkv ]bihl_au h k\yayo hjZevghklb k ^_ij_kkb\gufb l_g^_gpbyfb
ihlj_[ghklvx \ aZbkdb\Zgbb g_kihkh[ghklvx d jZkij_^_e_gbx ijb\yaZgghkl_c
\uau\Zebkhfg_gb_k\yabk aZ\bkbfhklvxb \gmrZ_fhklvx
< ihke_^mxs_fijh\h^behkvdhgljhevgh_h[ke_^h\Zgb_ ^_l_c\ q_l\_jlhfdeZkk_
im[ebqghcrdheu\ dhlhjhcpZjbeZf_g__kgbkoh^bl_evgZyZlfhkn_jZ=bihl_auh k\yab
hjZevghklb k i_j_f_ggufb b kgh\Z ih^l\_j^bebkv ]bihl_au h dhjj_eypbb k
i_j_f_ggufb g_ gZreb ih^l\_j`^_gby < ^hiheg_gb_ ijh\_jyehkv _s_ ljb
]bihl_auh g_kihkh[ghklbq_eh\_dZk hjZevgufoZjZdl_jhfhldZau\Zlv]h\hjblv g_l
_]h `_eZgbb bf_lv fZ]bq_kdh]h ihfhsgbdZ b gbadhc lhe_jZglghklb H^gZdh
g_ij_^\b^_ggh_ gZjmr_gb_ ijhp_^mju kemqb\r__ky baaZ jZaebqbc \ khpbZevghc
Zlfhkn_j_ aZklZ\beh Z\lhjh\ mkhfgblvky \ ijh\_jhqghc p_gghklb wdki_jbf_glZ
Ke_^mxs_c aZ^Zq_c y\ey_lky mkh\_jr_gkl\h\Zgb_ f_lh^bdb rbjhdhfZkrlZ[gh]h \u[hjZ
hjZevguo b g_hjZevguo ^_l_c k dhg_qghc p_evx bkke_^h\Zgby ij_^r_kl\mxsbo
mkeh\bc\ jZgg_f^_lkl\_
Bamq_gb_ ZgZevghklb < ]e ijbf m`_ h[h[s_gu Zgljhiheh]bq_kdb_
gZ[ex^_gbyaZijZdlbdhcZgZevgh]hlj_gbg]Zb g_[hevrh_dhebq_kl\hwdki_jbf_glZevguo
jZ[hl dZkZxsboky \ebygby wlh]h lj_gbg]Z gZ ^_lkdh_ jZa\blb_ NjZ]f_glZjgu_
k\b^_l_evkl\Z \ebygby ZgZevgh]h lj_gbg]Z gZ ebqghklv \ajhkeh]h q_eh\_dZ bkoh^yl ba
Zgljhiheh]bq_kdbo debgbq_kdbo b wdki_jbf_glZevguo bklhqgbdh\ Fbee_j b OZll
mdZau\ZxlgZij_^\Zjbl_evgucoZjZdl_jbf_xsbokydmevlmjheh]bq_kdbo^Zgguoihwlhc
l_f_ GZ FZ^Z]ZkdZj_ m gZjh^Z ZglZgZeZ b \ Yihgbb kebrdhf jZggbc ZgZevguc lj_gbg]
dZd ijbgylh kqblZlv hljZ`Z_lky gZ kljmdlmj_ oZjZdl_jZ \ajhkeuo qe_gh\ dmevlmjgh]h
khh[s_kl\Z
:glZgZeZijhy\eyxlg_h[uqZcgmxebqgmxqbklhiehlghklvh[yaZl_evghklvklj_fe_gb_d
kh[ex^_gbx jblmZeh\ <ukhdmx p_gghklv hgb ijb^Zxl kh[kl\_gghklb b \hh[s_
gZdhie_gbyf Yihgpu lh`_ ih^q_jdb\Zxl ZddmjZlghklv klj_fe_gb_ d kh\_jr_gkl\m
i_jn_dpbhgbafb h[jy^ghklvGZjh^ghklvxjhdk ^jm]hcklhjhgu h[eZ^Z_lZgZevgufb
q_jlZfb h[yaZl_evghklvx k^_j`Zgghklvx ih^hajbl_evghklvx b l^ gh gZ[ex^_gb_ g_
h[gZjm`b\Z_lm xjhdZdp_glbjh\ZgbyZgZevgh]hlj_gbg]Z\ i_jbh^^_lkl\Z
Debgbq_kdb_ bklhqgbdb \ wlhc h[eZklb lh`_ g_ fh]ml [ulv ijhb]ghjbjh\Zgu ohly
g_ ij_^hklZ\eyxl gZf gbq_]h djhf_ iheh`_gbc dhlhju_ g_h[oh^bfh ijbgylv gZ \_jm
N_gbo_ev gZijbf_j ml\_j`^Z_l qlh ikbohZgZeba mijyfuo ex^_c ^Z_l fgh`_kl\h
^hdZaZl_evkl\ k\yab mijyfkl\Z k ZgZevgufb hsms_gbyfb b ihemq_gb_f ZgZevgh
wjhlbq_kdh]h gZkeZ`^_gby G_hnj_c^bklkdb_ ZgZeblbdb gZih^h[b_ NjhffZ k g_
f_gvr_c gZklhcqb\hklvx ijbibku\Zxl lZdb_ q_jlu h[s_c ^hfZrg_c Zlfhkn_j_ b
\aZbfhhlghr_gbxj_[_gdZb jh^bl_ey
=Zfbelhg b Kbja ijh\_eb wdki_jbf_glZevgu_ bkke_^h\Zgby =Zfbelhg h[gZjm`be
g_kdhevdh[hevr_kemqZ_\kly`Zl_evkl\ZkZ^bafZfZahobafZb li\ ]jmii_ba fm`qbg
b `_gsbgijbihfbgZ\rbog_dhlhjmxnhjfmZgZevgh]h^_lkdh]hwjhlbafZ\ kjZ\g_gbb k
dhgljhevghc ]jmiihc g_ bf_\r_c lZdbo \hkihfbgZgbc Kbja \ k\h_f h[ahj_
\ukdZau\Z_lky h khfgbl_evghc h[hkgh\Zgghklb aZ^Zgby gZ ijbihfbgZgb_ \ khq_lZgbb k
g_Z^_d\Zlghchp_gdhcq_jlqlhih_]hfg_gbxfbgbfbabjm_lagZqbfhklvj_amevlZlh\<
kh[kl\_gghf bkke_^h\Zgbb KbjaZ qe_gh\ klm^_gq_kdh]h khh[s_kl\Z hp_gb\Zeb ^jm]
^jm]Z ijb ZgZeba_ ^Zgguo wnn_dl hj_heZ hklZ\Zeky ihklhygguf < ij_^kdZau\Z_fhf
gZijZ\e_gbb [ueb ihemq_gu gbadb_ iheh`bl_evgu_ dhjj_eypbb f_`^m q_jlZfb
kly`Zl_evkl\Z mijyfkl\Z b ZddmjZlghklvx < wlhf bkke_^h\Zgbb h^gZdh g_
ij_^ijbgbfZehkvihiuldbk\yau\Zlvq_jluk lj_gbg]hf\ ^_lkl\_
Mj_ljZevgZyZf[bpby kfijbf \ ]e
AZ\bklvd i_gbkmb gZjpbkkbafK\yavgZjpbkkbafZk aZ\bklvxd i_gbkmm `_gsbg
ih^l\_j`^Z_lkyijbh[ke_^h\Zgbbl_klhfDZjlbgdb
Q_jgurZDhjj_eypbyf_`^m^\mfybaf_j_gbyfbihl_klm J
AZb ijhlb\\a]ey^h\:^e_jZLhfikhgijh\_eZh[hkgh\ZggucZgZebakbevguo
b keZ[uo klhjhg ihabpbb :^e_jZ < dZq_kl\_ iheh`bl_evguo klhjhg hgZ i_j_qbkey_l
ihgbfZgb_agZqbfhklbdmevlmjguonZdlhjh\ih\ur_ggh_\gbfZgb_d \aZbfhhlghr_gbyf
j_[_gdZ b jh^bl_e_c baukdZgby \ h[eZklb w]hikboheh]bb < djblbq_kdbo hp_gdZo qZs_
\k_]h ih^q_jdb\Zxlky ih\_joghklghklv b kebrdhf Zf[bpbhaguc oZjZdl_j l_hj_lbq_kdhc
kbkl_fu k\_jomijhs_gb_ ijh[e_fu g_\jhah\ b dZ`ms__ky ij_g_[j_`_gb_
[_kkhagZl_evgufbnZdlhjZfbIjyfh_\ebygb_:^e_jZfh`_l[ulvh[gZjm`_gh\h\a]ey^Zo
OhjgbNjhffZb KZeeb\ZgZ
<hijhk lbiheh]bb FZddbgghg h[h[sZ_l jZaghh[jZagmx djblbdm
lbiheh]bq_kdbol_hjbcebqghklbgZih^h[b_kbkl_fuwdkljZ\_jkbbbgljh\_jkbbXg]Z
Hg mdZau\Z_l qlh lbiu y\eyxlky ]jm[hc dZjlbghc ebqghklb Lbiheh]bq_kdh_
ij_^klZ\e_gb_e_]dhih^\_j`_ghbkdZ`_gbxlbiui_j_dju\Zxl^jm]^jm]Zwlmihabpbx
ljm^gh ih^l\_j^blv beb hijh\_j]gmlv G_kdhevdh Z\lhjh\ikbohZgZeblbdh\ \exqZy
N_gbo_ey JZgdZ Ohjgb b NjhffZ oZjZdl_jbamxl ij_^eh`_ggu_ bfb lbiheh]bb dZd
k\_jomijhs_gb_ Bkke_^h\Zl_evkdb_ jZ[hlu ih ^bohlhfbq_kdbf lbiheh]byf hkh[_ggh
ih^\_j]Zxlkydjblbd_lZddZdbo]hjyqb_klhjhggbdbg_ijZ\bevghhkms_kl\eyxl\u[hjdm
bkiulm_fuo g_ kh[ex^Zxl ijZ\beZ wdki_jbf_glZevghc ijhp_^mju ^himkdZxl
ih]j_rghklb \ klZlbklbq_kdhc h[jZ[hld_ ^Zgguo < ihkljh_gbb ebqghklguo hijhkgbdh\
^ey^bZ]ghklbdblbih\gZijbf_jgZ[hjl_klh\gZwdkljZ\_jkbxbgljh\_jkbxgZhkgh\_
jZ[hlu Xg]Z \ dhgp_ o ]h^h\ hrb[hqgh hl^Z_lky ij_^ihql_gb_ h^ghfh^Zevghfm
jZkij_^_e_gbxihdZaZl_e_ci_j_^^\mfh^Zevguf
<deZ^ JZgdZ Ihfbfh kha^Zgby rbjhdh ijbagZgghc l_ogbdb ikbohl_jZibb JZgd
hdZaZe\ebygb_gZl_hj_lbq_kdb_\haaj_gbyOhjgbNjhffZb KZeeb\ZgZOhly_]h\a]ey^u
gZ jZa\blb_ ebqghklb b l\hjq_kl\Z ij_^klZ\e_gu \ aZimlZgghc b g_ykghc nhjf_ hgb
klbfmebjh\Zebihke_^mxsb_l_hj_lbq_kdb_ihkljh_gby
G_hij_^_e_gghklb \ l_hjbb Ohjgb JZa]jZgbq_gb_ ijh\_^_ggh_ Ohjgb f_`^m
ghjfZevguf q_eh\_dhf b g_\jhlbdhf ij_^klZ\ey_lky hq_gv ih\_joghklguf M h[hbo
ijhy\eyxlky ljb oZjZdl_jguo mklZgh\db JZaebqb_ \b^blky \ nZdl_ qlh ghjfZevguc
q_eh\_dkihkh[_gmklmiZlv^jm]bf[hjhlvkyb hklZ\ZlvkykZfbfkh[hclh]^ZdZdg_\jhlbdm
g_k\hckl\_ggZ]b[dhklv\ khq_lZgbbwlbomklZgh\hdDZ`^ZymklZgh\dZihfg_gbxOhjgb
h[eZ^Z_l p_gghklvx klj_fe_gb_ d ex^yf kihkh[kl\m_l mklZgh\e_gbx ^jm`_kdbo
hlghr_gbc k hdjm`Zxsbfb gZijZ\e_gghklv ijhlb\ ex^_c h[_ki_qb\Z_l \u`b\Zgb_ \
dhgdmj_glghf h[s_kl\_ baheypby hl h[s_kl\Z ihfh]Z_l ^hklb`_gbx g_dhlhjhc
p_ehklghklb b [_afyl_`ghklb H^gZdh m g_\jhlbdZ ^_ckl\b_ mklZgh\hd ijbgbfZ_l
gZ\yaqb\ucjb]b^gucb \aZbfhbkdexqZxsbcoZjZdl_j
FZeZob h[jZsZ_l \gbfZgb_ gZ eh]bq_kdmx g_ihke_^h\Zl_evghklv \ hij_^_e_gbb
Ohjgb [Zabkghc lj_\h]b beb dhgnebdlZ \ k\yab k lj_fy mklZgh\dZfb ;ZabkgZy lj_\h]Z
ijbibku\Z_lky g_kh\f_klbfhklb f_`^m lj_fy mklZgh\dZfb b \ lh `_ \j_fy wlZ
g_kh\f_klbfhklv jZkkfZljb\Z_lky \ dZq_kl\_ ihiuldb jZaj_r_gby hkgh\gh]h dhgnebdlZ
BeexkljbjmyimlZgbpm\ ijbqbgghke_^kl\_gguok\yayoFZeZobijboh^bld \u\h^mqlh
Ohjgbg_\g_keZ^hklZlhqghcykghklb\ k\hbnmg^Zf_glZevgu_dhgp_ipbb
Hl\_lN_gbo_eyNjhffmN_gbo_evhkm`^Z_lhldZahlij_^klZ\e_gbcNj_c^Zh[
bgklbgdlZo \ ke_^mxs_f iZkkZ`_ GZrb dhff_glZjbb ^_eZxl ihgylguf qlh agZgb_ h
agZqbfhklbnhjfbjmxs_]h\ebygbykhpbZevguonZdlhjh\gZikbobdmbg^b\b^Zg_lj_[m_l
dZdboeb[h i_j_f_g \ dhgp_ipbyo Nj_c^Z h[ bgklbgdlZo dZd kqblZxl g_dhlhju_ Z\lhju
Njhff Ohjgb DZj^bg_j Bgklbgdlb\gu_ ihlj_[ghklb ij_^klZ\eyxl g_h[jZ[hlZgguc
fZl_jbZe nhjfbjm_fuc khpbZevgufb \ha^_ckl\byfb AZ^ZqZ ikbohZgZeblbq_kdhc
khpbheh]bb khklhbl \ bamq_gbb wlh]h nhjfbjh\Zgby \ ^_lZeyo Dmevlmjgu_ mkeh\by
h[_ki_qb\Zxsb_ j_ZebaZpbx \hafh`ghkl_c q_eh\_dZ gZijZ\eyxl _]h bgklbgdlb\gu_
ihlj_[ghklb \ hij_^_e_ggu_ jmkeZ [eZ]hijbylkl\mxl h^gbf ba gbo lhjfhayl ^jm]b_ b
^Z`_ h[hjZqb\Zxl g_dhlhju_ ihlj_[ghklb ijhlb\ hklZevguo Dhg_qgh lZdZy
bgl_jZdpbhgbklkdZy lhqdZ aj_gby jZkkfZljb\ZxsZy oZjZdl_j dZd nmgdpbx hkgh\guo
\e_q_gbcb hdjm`Zxsbomkeh\bc^he`gZ[ulv[he__ijb_fe_fZq_fh[tykg_gb_jZa\blby
h^gbf ba nZdlhjh\ H^gZdh hklZ_lky [_a hl\_lZ j_rZxsbc \hijhk h[ hlghkbl_evghc
agZqbfhklbdZ`^h]hijhp_kkZ\ nhjfbjh\ZgbboZjZdl_jZ
QZklbqgh_ kh\iZ^_gb_ jZaebqguol_hjbcQblZl_ev\_jhylghm`_aZf_lbeqlh
hibkZgb_ lbih\ ebqghkl_c ij_^eZ]Z_fh_ g_kdhevdbfb l_hj_lbdZfb h[gZjm`b\Z_l
aZf_lgh_koh^kl\hKe_^mxsbcjy^mjZ\g_gbckem`blih^l\_j`^_gb_fwlh]hiheh`_gby
HjZevghiZkkb\guclbihjlh^hdkZevgZyihabpby Mklmiqb\uclbiihOhjgb
J_p_ilb\gZyhjb_glZpbyihNjhffm
HjZevghkZ^bklbq_kdbc lbi hjlh^hdkZevgZy ihabpby :]j_kkb\guc lbi ih
Ohjgb WdkiemZlZlhjkdZyhjb_glZpbyihNjhffm
:gZevguc lbi hjlh^hdkZevgZy ihabpby GZdhibl_evkdZy hjb_glZpby ih
Njhffm
=_gblZevguc lbi hjlh^hdkZevgZy ihabpby L\hjq_kdbc q_eh\_d ih JZgdm
Ijh^mdlb\gZyhjb_glZpbyihNjhffm
WdkljZ\_jlihXg]m Kj_^gbc q_eh\_d ih JZgdm JughqgZy hjb_glZpby ih
Njhffm
Bgljh\_jlihXg]m H[hkh[e_gguclbiihOhjgb
DZdhc fh`gh k^_eZlv \u\h^ ba klhev hq_\b^gh]h \aZbfhgZeh`_gby lbiheh]bc"
GZb[he__ hilbfbklbqguf \u]ey^_eh [u aZdexq_gb_ h agZqbl_evghc ^hklh\_jghklb
lbiheh]bclZddZdjy^g_aZ\bkbfuobkke_^h\Zl_e_cijboh^yld koh^gufdeZkkbnbdZpbyf
>jm]hc djZcghklvx [ueh [u ijbibkZlv kh]eZkh\Zgghklv ijhklh \k_ijhgbdZxs_fm
aZbfkl\h\Zgbx BklbgZ dZd h[uqgh e_`bl ihk_j_^bg_ H^gZdh dZ`_lky kijZ\_^eb\uf
\ukdZaZlvg_m^h\e_l\hj_gb_[hevrbfdhebq_kl\hfih\lhj_gbci_j_bf_gh\Zgbcb fZeuf
qbkehf\aZbfguokkuehdb [eZ]h^Zjghkl_c
Dhgp_ipby[Zabkghc hkgh\ghckljmdlmjuebqghklbDZj^bg_jZ H[\bg_gb_\
k\_jomijhs_gbb dhfie_dkgh]h n_ghf_gZ y\ey_lky gZb[he__ jZkijhkljZg_gghc djblbdhc
ih^oh^Z DZj^bg_jZ b ihiulhd ^jm]bo mq_guo hibkZlv gZpbhgZevguc oZjZdl_j Y]h^Z
gZijbf_jkqblZ_ldhgp_ipbx;KE
ijb]h^ghc lhevdh ^ey fZeuo _^bghh[jZaguo aZfdgmluo dmevlmj b kh\_jr_ggh
g_ih^oh^ys_c ^ey Zf_jbdZgkdh]h h[s_kl\Z Lhfikhg b^_l ^Z`_ ^Zevr_ b aZy\ey_l h
\i_qZle_gbbqlhDZj^bg_jbgh]^Zih^]hgy_lnZdlud l_hjbb
D ]DZj^bg_jb _]hkhljm^gbdbijhZgZebabjh\Zebk ihfhsvxk\h_]hf_lh^Z
dmevlmj GZb[he__ rbjhdh pblbjmxlky ^Zggu_ kh[jZggu_ >x[mZ ijb h[ke_^h\Zgbb
dhj_gguo `bl_e_c hkljh\Z :ehj G_aZ\bkbfu_ bgl_jij_lZpbb fZl_jbZeZ ih l_klm
JhjrZoZ k^_eZggu_ H[_j]hep_jhf \uy\beb kms_kl\_ggh_ kh\iZ^_gb_ k \u\_^_gghc
kljmdlmjhc[ZabkghcebqghklbAZl_fDZj^bg_jhkgh\u\ZykvgZ[bh]jZnbyoihdZaZeqlh
bg^b\b^mZevgu_ hldehg_gby Zehjp_\ hl ghjfZlb\ghc ebqghklb fh]ml [ulv h[tykg_gu
Zlbibqghklvx jZgg_]h `bag_ggh]h hiulZ GZmqgu_ baukdZgby lZdh]h jh^Z \ [hevr_c
kl_i_gb gZ\h^yl gZ jZafure_gby q_f \u]ey^yl aZ\_jr_ggufb lZd dZd bf g_^hklZ_l
lhqghklb kljh]h kijh_dlbjh\Zggh]h wdki_jbf_glZ < ihke_^mxs_f DZj^bg_j b Hm\bab
ij_^klZ\beb kemqZ_\ ikbohZgZeblbq_kdh]h bamq_gby ZnjhZf_jbdZgp_\ gZjy^m k
j_amevlZlZfb bo h[ke_^h\Zgby ijh_dlb\gufb l_klZfb Kfbl \ h[ahj_ wlhc jZ[hlu
\ukdZau\Z_l fg_gb_ qlh ihgylb_ [Zabkghc ebqghklghc kljmdlmju hlqZklb
^_ahjb_glbjm_l \\b^m jZaebqghc ljZdlh\db y^_jguo ebqghklguo dhgnebdlh\ hl kemqZy d
kemqZx Djhf_ lh]h m g_]h \uau\Z_l \hajZ`_gb_ g_kbkl_fZlbqghklv \ ZgZeba_ b
dhgp_ilmZebaZpbb fZl_jbZeZ Z lZd`_ hlghkbl_evgZy g_wnn_dlb\ghklv bkihevah\Zgby
^Zgguoihl_klZfJhjrZoZb L_fZlbq_kdhcZii_jp_ipbb
Lbiu :e_dkZg^_jZ :e_dkZg^_j g_ ij_l_g^m_l gZ hjb]bgZevghklv \
^bnn_j_gpbZpbb nmgdpbc ihlj_[e_gby mk\h_gby b \u^_e_gby Hg ijbagZ_l
nmg^Zf_glZevghklv wlbo ihgylbc \ hjb]bgZevguo dhgp_ipbyo ij_]_gblZevguo
wjhlbq_kdbol_g^_gpbchjZevghcZgZevghcb mj_ljZevghcK\hc\deZ^:e_dkZg^_j\b^bl\
ihke_^h\Zl_evghf ijbeh`_gbb ihgylbc d `_em^hqghdbr_qguf gZjmr_gbyf N_gbo_ev
ih^\_j]Z_l djblbd_ ih^oh^ :e_dkZg^_jZ aZ hlkmlkl\b_ ^bgZfbqghklb Ih fg_gbx
N_gbo_ey^_ehg_\ lhfdZdZymklZgh\dZij_\Zebjm_lj_rZxsbfbnZdlhjZfby\eyxlkyg_
kms_kl\h\Zgb_b kbeZmklZgh\hdZ bohlghr_gb_d lj_\h]_\bg_aZsbl_w]hdhlhju_\k_
\f_kl_b]jZxljhev\ dhgnebdl_
F_klh\haaj_gbc:e_dkZg^_jZ\ kbkl_f_ikbohZgZeblbq_kdbomq_gbc :e_dkZg^_j
gZqbgZe dZd ij_^klZ\bl_ev rdheu hjlh^hdkZevgh]h ikbohZgZebaZ gh \ ihke_^mxs_f
k^_eZe kh\_jr_ggh hq_\b^guc dj_g \ klhjhgm g_hnj_c^bklkdbo \haaj_gbc ?]h ihabpbx
km^yihke_^mxsbfaZy\e_gbyffh`ghjZkkfZljb\Zlv\ dZq_kl\_ijhf_`mlhqghc
G_^Z\g__ Zdp_glbjh\Zgb_ nZdlhjh\ dmevlmju \ jZa\blbb ebqghklb \hh[s_ b \
ijhbkoh`^_gbb ikbohg_\jhah\ \ hkh[_gghklb bkoh^bl hl ]jmiiu djblbdh\ Nj_c^Z
ij_^klZ\e_gguo Ohjgb DZj^bg_jhf Njhffhf b ^jm]bfb gZ dhlhjuo kkueZxlky dZd gZ
g_hnj_c^bklh\ Bgh]^Z f_gy lh`_ dZ`_lky \dexqZxl \ wlm ]jmiim gZ hkgh\Zgbb
ijbagZgby fghx g_h[oh^bfhklb i_j_hp_gdb agZqbfhklb nZdlhjh\ dmevlmju \ jZa\blbb
ebqghklb b kh]eZkby kh \a]ey^Zfb ]jmiiu hlghkbl_evgh hij_^_e_gguo ijh[_eh\ \
ljZ^bpbhgguoikbohZgZeblbq_kdbohij_^_e_gbyo
Wlh\_^_lgZkgZaZ^d hrb[d_\ dhlhjmx\iZ^ZxllZdgZau\Z_fu_g_hnj_c^bklu
dh]^Z hgb g_^hhp_gb\Zxl ki_pbnbq_kdh_ \ebygb_ ebqghklb jh^bl_e_c b i_j_hp_gb\Zxl
nZdlhjdmevlmjuY jZkkfZljb\Zxbohrb[dmdZdwlgheh]bq_kdbcmdehg
W]hb^_glbqghklv b kZfhm\Z`_gb_ Wjbdkhg iulZ_lky hl]jZgbqblv k\hx
dhgp_ipbx w]hb^_glbqghklb hl hjlh^hdkZevghc dhgp_ipbb kZfhm\Z`_gby Hg ^himkdZ_l
djZcgxx[ebahklv^\modhgp_ipbcaZbkdexq_gb_f[hevr_chkhagZgghklbkZfhm\Z`_gby
\ kjZ\g_gbb k w]hb^_glbqghklvx dhlhjZy lhevdh qZklbqgh hkhagZ_lky GZ kZfhf ^_e_
\hijhk h ijhihjpbb khagZl_evgh]h b g_hkhagZggh]h \ ij_^klZ\e_gbb h kZfhm\Z`_gbb
hklZ_lkykihjgufdZdb \kemqZ_k w]hb^_glbqghklvxIhwlhfmfu^he`guijbgbfZlvgZ
\_jm aZy\e_gb_ WjbdkhgZ qlh \\_^_ggh_ bf ihgylb_ oZjZdl_jbam_lky [hevr_c
g_hkhagZgghklvx
IHKE?KEH<B?
Ihke_^gbcjZa^_edgb]bihk\ys_gguc\hkvfhfmwlZim`bagbq_eh\_dZaZdhghf_jgh
[ueh [u qblZlv lboh ih^ khijh\h`^_gb_ ihkl_i_ggh mfhedZxsbo a\mdh\ hj]Zgghc
fmaudbH^gZdhgZrZfbkkby\ aZdexqbl_evghfdhff_glZjbbg_ohjhgblvg_\hko\ZeylvZ
\f_klhwlh]hih^\_klbblh]b ijbh[h^jblv
< ij_^bkeh\bb fu gZqZeb k ij_^ihkuedb qlh \ ikbohZgZeblbq_kdbo hij_^_e_gbyo
kh^_j`Zlky bklhdb h[hkgh\Zgghc l_hjbb ebqghklb Ij_^iheZ]Zehkv k^_eZlv ^\Z
ij_^\Zjbl_evguo rZ]Z kihkh[kl\mxsbo kha^Zgbx l_hjbb i_j\uc baeh`blv jZaebqgu_
l_hj_lbq_kdb_ \a]ey^ugZjZa\blb_kljmdlmjuebqghklb ih\hajZklgufmjh\gyf\lhjhc
hp_gblvkms_kl\mxsb_^Zggu_\ khhl\_lkl\bbk wlbfb\a]ey^ZfbHibkZl_evgu_jZa^_eu
l_dklZgZijZ\e_gugZ\uiheg_gb_i_j\h]hgZf_j_gbyjZa^_eubaijbf_qZgbc \lhjh]h
?keb dlhlh jbkdg_l hl]Z^Zlv khklhygb_ jZamfZ qblZl_ey b Z\lhjZ hlghkbl_evgh
aZdhgq_gghklb mkbebc gZb[he__ khhl\_lkl\mxsbf keh\hf [m^_l aZf_rZl_evkl\h
Kha^Z_lky \i_qZle_gb_ qlh fgh`_kl\h ikbohZgZeblbdh\ \ l_q_gb_ ^he]h]h \j_f_gb
gZ[ex^Z\rbo [hevguo h[km`^Z\rbo kemqZb b aZbfkl\h\Z\rbo ba kh[kl\_ggh]h
[_kkhagZl_evgh]h \g_keb \deZ^ \ h[rbjgmx g_ykgmx h^gZdh fh]ms_kl\_ggmx
ebqghklgmxl_hjbxAZljhgmlufgh]b_ijhlb\hj_qb\u_\hijhkub jZagh]eZkbyDZd[m^lh
wlh]h g_^hklZlhqgh fu \k_ mkeh`gy_f dZjlbgm \\_^_gb_f gh\uo bgljb]mxsbo ^Zgguo
Hq_\b^ghgb h^bgbanZdlhjh\g_kha^Z_lqm\kl\ZaZdhgq_gghklb
Gh fh`_l [ulv dhfnhjl ^hklb`bf ihkj_^kl\hf aZ]ey^u\Zgby \ [m^ms__ Z g_ \
ijhreh_" Mq_guc h[uqgh ihemqZ_l m^h\e_l\hj_gb_ kgZqZeZ \u[bjZy gZiheg_ggmx
kfukehf h[eZklv ^_yl_evghklb aZl_f hg \u^\b]Z_l ]bihl_au ^hklhcgu_ bkke_^h\Zgby
gZdhg_p hg ih^\_j]Z_l bo ijh\_jd_ ?]h kihdhckl\b_ b mfbjhl\hj_gghklv bkoh^yl ih
djZcg_cf_j_qZklbqghbaagZgbyqlhhgkihkh[_gijbf_gblvf_lh^uZ^_d\Zlgu_aZ^Zq_
^Z`__kebhl\_lufh]ml[ulvgZc^_gug_kdhjh
Fubf__fhkgh\Zgb_jZkkm`^Zlvih^h[gufh[jZahfihhlghr_gbxd ikbohZgZebam
<Z`ghklv wlhc h[eZklb k hq_\b^ghklvx mklZgh\e_gZ Ml\_j`^_gby ikbohZgZebaZ gZoh^yl
rbjhdh_ijbeh`_gb_?kebbojZkkfZljb\Zlvg_dZdg_hijh\_j`bfu_nZdluZ ih^\_j]Zlv
ijh\_jd_ lh fh`_l [ulv kha^ZgZ l_hjby Ij_^r_kl\mxsb_ kljZgbpu iheghklvx
hijZ\^u\Zxlfg_gb_qlhikbohZgZeblbq_kdb_dhgp_ipbb^hklmigug_aZ\bkbfhcijh\_jd_
hlebqghc hl ljZ^bpbhggh]h debgbq_kdh]h f_lh^Z A^_kv aZeh`_gh \haa\Zgb_ <
bkke_^h\Zgbyo g_h[oh^bf dhf[bgbjh\Zgguc b kbkl_fguc ih^oh^ bkihevah\Zgb_
eZ[hjZlhjguo wdki_jbf_glh\ bgl_j\vx ijh_dlb\ghc l_ogbdb bamq_gb_ ihe_\hc
aZ\bkbfhklbb liMdZaZggu_f_lh^uh[eZ^Zxlj_Zevghckbehc\ jZa\blbbh[hkgh\Zgghc
l_hjbb ebqghklb K lZdbf ih^oh^hf fu gZ^__fky ihkljhblv g_ [m^msghklv beexabb Z
[m^ms__gZmdb