'::LQQLFRWW

7+(3,**/(
$Q$FFRXQWRIWKH3V\FKRDQDOLWLF7UHDWPHQWRID/LWWOH*LUO
(GLWHGE\,VKDN5DP]\
3HQJXLQ%RRNV,QDVVRFLDWLRQ7KH+RJDUW3UHVVDQG7KH,QVWLWXWHRI3V\FKR$QDO\VLV

><<bggbdhll
ib]ey

Hlq_lh ikbohZgZeblbq_kdhfe_q_gbbfZe_gvdhc^_\hqdb
I_j_\h^k Zg]ebckdh]hEG;h[jh\Zih^j_^Zdpb_cFGLbfhn__\hc
Fhkd\ZG_aZ\bkbfZynbjfZ DeZkk

M>D ;;D < 

<bggbdhll><
<  Ib]ey Hlq_l h ikbohZgZeblbq_kdhf e_q_gbb fZe_gvdhc ^_\hqdbI_j k
Zg]e EG ;h[jh\Z ² F G_aZ\bkbfZy nbjfZ DeZkk  ² k² ;b[ebhl_dZ
ikboheh]bbb ikbohl_jZibb
,6%1 O JN

WlZ dgb]Z y\ey_lky gZklhevghc ^ey g_kdhevdbo ihdhe_gbb ikbohl_jZi_\lh\

jZ[hlZxsbo k ^_lvfb ?c km`^_gh hklZlvky \ bklhjbb ikbohl_jZibb djZkghj_qb\uf
ijbf_jhf j_^dhc debgbq_kdhc ijhgbpZl_evghklb b [_kp_gghc beexkljZpb_c l_hjbb b
l_ogbdbh^gh]h ba\u^Zxsboky b l\hjq_kdb fukeysbo fZkl_jh\ ikbohZgZeblbq_kdh]h
e_q_gby ^_l_c ² >< <bggbdhllZ Debgbq_kdb_ aZf_ldb b dhff_glZjbb kZfh]h
<bggbdhllZ ih^jh[gh hibku\Zxsb_ _]h gZ[ex^_gby hlju\db ba ibk_f jh^bl_e_c
xghc iZpb_gldb ihfh]ml qblZl_ex knhjfbjh\Zlv km`^_gb_ h ij_^klZ\e_gghf
fZl_jbZe_b _]hw\hexpbb
Dgb]Zbf__lhkh[mxp_gghklv^eyl_odlhijhn_kkbhgZevghaZgbfZ_lky^_lvfb
h^gZdhhgZij_^klZ\ey_lbgl_j_kb ^ey\k_odlhk\yaZgk ^_lvfbb bojZa\blb_f
=eZ\gucj_^Zdlhjb ba^Zl_evk_jbbEFDjhevGZmqgucdhgkmevlZglk_jbb?E
FboZceh\Z
,6%1 O JN‹ &ODUH:LQQLFRWW
‹ 7KH:LQQLFRWW7UXVWE\
DUUDQJHPHQWZLWK0DUN3DWHUVRQ‹G_aZ\bkbfZynbjfZ
DeZkkba^Zgb_hnhjfe_gb_‹EG;h[jh\i_j_\h^
gZjmkkdbcyaud
‹FGLbfhn__\Zij_^bkeh\b_‹<WDhjhe_\h[eh`dZ
Bkdexqbl_evgh_ijZ\him[ebdZpbbgZjmkkdhfyaud_ijbgZ^e_`blba^Zl_evkl\m
G_aZ\bkbfZy nbjfZ I&LDFF  <uimkd ijhba\_^_gby beb _]h njZ]f_glh\ [_a
jZaj_r_gbyba^Zl_evkl\ZkqblZ_lkyijhlb\hijZ\gufb ij_ke_^m_lkyih aZdhgm
Hl^_evgu_wda_fieyjudgb]k_jbbfh`ghijbh[j_klb\ fZ]ZabgZoFhkd\u
>hf dgb]b :j[Zl Lhj]h\uo ^hfZo ;b[ebh=eh[mk b Fheh^Zy ]\Zj^by
fZ]ZabgZo‹ F_^bpbgkdZydgb]Zb Imlvd k_[_dgb`ghfkZehg_DKI

<HER?;G:YKD:AD:
H IKBOH:G:EBLBQ?KDHFE?Q?GBB
F:E?GVDHC>?<HQDB
?klv\ hiul_[hevrboihwlh\Q_jlu_kl_kl\_gghklblhc;EIZkl_jgZd
Ib]eyy\ey_lkygZklhevghcdgb]hcm`_^eyg_kdhevdboihdhe_gbc l_jZi_\lh\
jZ[hlZxsbo k ^_lvfb b h g_c [_a khfg_gby fh`gh b ohq_lky gZibkZlv hl^_evgmx
dgb]mG_^Zjhf^Z`_\ wlhfba^Zgbb^Zggh_ij_^bkeh\b_y\ey_lkylj_lvbf< g_ffg_
ohl_ehkv[ug_hklZgZ\eb\ZykvgZbgl_j_kg_crbo\hijhkZok\yaZgguok Ib]e_cdZd
dhgdj_lgufdebgbq_kdbffZl_jbZehf^_lkdh]hikbohZgZebaZkdZaZlvg_kdhevdhkeh\h
lhfq_fhgZfh`_lihkem`blv^eyihgbfZgbyikbohZgZebaZdZdlZdh\h]h
GZ\_jgh_ g_ kemqZcgh i_j\Zy bgl_jij_lZpby dhlhjmx ^hdlhj <bggbdhll ^Z_l
^_\hqd_Ib]e_dh]^Z_c[ueh^\Zk iheh\bghc]h^Zb h^gZbaihke_^gbo\ ihke_^g_c
k_kkbb²ijhkhg²m^b\bl_evghihoh`bl_fqlhkh\_jr_gghg_ihgylghhldm^Zhgb
[_jmlkyLh_klvdh]^Zbgl_jij_lZpbym`_k^_eZgZb l_f[he__ihke_lh]hdZdj_Zdpby
iZpb_gldb iha\hey_l k^_eZlv \u\h^ h lhf qlh ^h]Z^dZ [ueZ \_jghc dZ`_lky qlh \k_
\iheg_eh]bqghGh_keb\_jgmlvkygZrZ]gZaZ^b^_bikbohl_jZi_\lZb _]hihgbfZgb_
ijhbkoh^ys_]hdZ`mlkyq_flhgZ]jZgb\her_[kl\Z
< [hevr_cbebf_gvr_cf_j_wlhhlghkblkyb dh\k_cjZ[hl_<bggbdhllZb _]h
fm`_kl\_gghcb mfghcfZe_gvdhciZpb_gldbb y\ey_lkym^b\bl_evgufk\b^_l_evkl\hf
lh]h dZdhc \bjlmhaghklb b \ lh `_ \j_fy ijhklhlu b _kl_kl\_gghklb fh`_l ^hklb]Zlv
ikbohZgZeba\ emqrbok\hboijhy\e_gbyo
<kxjZ[hlmp_ebdhffh`ghjZkkfZljb\ZlvdZdf_lZnhjmikbohZgZebaZIjbq_fb
hl^_evgh \aylh]h \ajhkeh]h ikbohZgZebaZ ^ebl_evghklvx \ lukyqm k_kkbc k gZqZehf
dhgphfb ki_pbnbq_kdbfbn_ghf_gZfbb \k_]hkh\j_f_ggh]hikbohZgZebaZ\ p_ehf
Kha^Z_lky \i_qZle_gb_ dZd ijb ql_gbb Lhedh\Zgby kgh\b^_gbc Nj_c^Z qlh
ihqlbg_kms_kl\m_likbohZgZeblbq_kdbob^_cbklhdbdhlhjuo\ dZdhc[ulhgb [ueh
nhjf_ g_ [ueb [u ij_^klZ\e_gu a^_kv H[gZjm`_gb_ lZdbo k\ya_c ^_eZ_l ql_gb_
Ib]eb_s_[he__m\e_dZl_evguf
< wlhf hlghr_gbb bgl_j_kgh gZijbf_j ke_^mxs__ \ukdZau\Zgb_ <bggbdhllZ
>eyj_[_gdZwlh]h\hajZklZg_\hafh`ghihgylvkfukeb]ju_kebhg\ g__g_\h\e_q_gb
g_b]jZ_lk m^h\hevkl\b_f<Z`gufijbgpbihfy\ey_lkylhqlhZgZeblbd^he`_g^Zlv
jZa\blvky m^h\hevkl\bx ij_`^_ q_f bkihevah\Zlv kh^_j`Zgb_ b]ju ^ey
bgl_jij_lZpbc >Z`_ gZ i_j\uc \a]ey^ ihgylgh qlh wlZ njZaZ g_ y\ey_lky ijhklh
l_ogbq_kdhcj_dhf_g^Zpb_cihZgZeblbq_kdhcjZ[hl_k ^_lvfbhij_^_e_ggh]h\hajZklZ
KdZaZggh_<bggbdhllhf\ iheghcf_j_hlghkblkyb d\ajhkehfmZgZebam]^_f_klhb]ju
aZgbfZ_llhqlhjZau]ju\Z_lky\ ljZgkn_j_glguohlghr_gbyoQlh[uj_[_ghdihemqZe
m^h\hevkl\b_hlb]juhg^he`_gqm\kl\h\Zlvqlh\ajhkeuck dhlhjufhgb]jZ_llZd`_
\h\e_q_g \ wlm b]jm Kh]eZkgh kh\j_f_gguf ikbohZgZeblbq_kdbf ij_^klZ\e_gbyf
iZpb_gl agZ_l g_ fh`_l g_ agZlv b _fm ihe_agh agZlv qlh ZgZeblbd \h\e_q_g \
hlghr_gby k gbf ;hevrbgkl\h ikbohZgZeblbdh\ gZau\Zxl wlh dhglji_j_ghkhf KZf
ikbohZgZeba ² ijbgpbibZevgh ² hkms_kl\ey_lky \ hlghr_gbyo Z \ agZqbl_evghc
kl_i_gbdZdjZab aZdexqZ_lky\ gboB \Ib]e_<bggbdhllihqlb\ j_Zevghf\j_f_gb
ihdZau\Z_lgZfdZd wlhijhbkoh^bl\ kdZadZokhkqZkleb\ufdhgphf
G_^Zjhf g_dhlhju_ iZpb_glu ]h\hjyl gZf Y ohqm qlh[u <u [ueb ^ey f_gy
^hdlhjhf<bggbdhllhf
FZjbyLbfhn__\Z

IJ?>BKEH<B?
< gZklhys_c dgb]_ ij_^klZ\e_gu ^hkeh\gu_ \u^_j`db ba aZibkhd
ikbohZgZeblbdZ h e_q_gbb j_[_gdZ Hgb ^Zxl qblZl_ex j_^dmx \hafh`ghklv
ijhgbdgmlv \ lZbgkl\Z \jZq_[gh]h dZ[bg_lZ b gZ[ex^Zlv aZ jZ[hlhc l_jZi_\lZ k
j_[_gdhf Ohly wlZ dgb]Z bf__l hkh[mx p_gghklv ^ey ebp ijhn_kkbhgZevgh
aZgbfZxsboky ^_lvfb hgZ ij_^klZ\ey_l bgl_j_k b ^ey \k_o dlh k\yaZg k ^_lvfb b bo
jZa\blb_f
Hkh[uc bgl_j_k Ib]ey ij_^klZ\bl ^ey l_o dlh agZdhf k ljm^Zfb gug_
ihdhcgh]h^hdlhjZ <bggbdhllZ ?]h dhff_glZjbb b ^jm]b_ wibah^bq_kdb_ aZf_ldb ^ey
qblZl_ey^ZxlhibkZgb_oh^Ze_q_gbyb l_hj_lbq_kdb_jZatykg_gbyijhbkoh^ys_]hLh
qlh hg kdZaZe b dZd \ujZabe wlh yjdh beexkljbjm_l _]h \deZ^ \ ikbohZgZeblbq_kdmx
l_hjbx b l_ogbdm e_q_gby ^_l_c Gh wlh g_ ly`_eh\_kguc mq_[gbd Wlh ² `b\hc
jZkkdZah ^\moex^yojZ[hlZxsbob b]jZxsbo\f_kl_k gZf_j_gghcbgl_gkb\ghklvxb
m^h\hevkl\b_f K lhqdb aj_gby <bggbdhllZ ^ey j_[_gdZ lZdh]h \hajZklZ g_\hafh`gh
ihgylvkfukeb]ju_kebij_`^_\k_]hhg\ wlmb]jmg_b]jZ_lb g_ihemqZ_lhlwlh]h
m^h\hevkl\by Bf_gghq_j_am^h\hevkl\b_fh`ghkijZ\blvkyk lj_\h]hcb k^_j`b\Zlv
__ \p_ehklghfhiul_LjbgZ^pZlZydhgkmevlZpby
QblZl_ebihqm\kl\mxllhm^h\hevkl\b_dhlhjh_kZf<bggbdhllihemqZ_lhlb]ju
k j_[_gdhf Hg hsmsZ_l b ijbgbfZ_l i_j_ghk gh ^_eZ_l ]hjZa^h [hevr_ hg _]h
hkms_kl\ey_lijhb]ju\ZyjZaebqgu_hl\_^_ggu__fmjheb>jZfZlbaZpby\gmlj_gg_]h
fbjZ ^_\hqdb iha\hey_l _c i_j_`b\Zlv b b]jZlv k l_fb nZglZabyfb dhlhju_ [hevr_
\k_]h __ [_kihdhyl Wlh ijhbkoh^bl k fZeuo ^haZo b \ h[klZgh\d_ ^hklZlhqgh
[_ahiZkghc [eZ]h^Zjy bkdmkkl\m l_jZi_\lZ L\hjq_kdZy gZijy`_gghklv \ i_j_ghk_ b
mjh\_gv [_kihdhckl\Z b lj_\h]b h`b^Zgby m^_j`b\Zxlky \ i_j_^_eZo \hafh`ghkl_c
j_[_gdZlZdqlhb]jZfh`_lijh^he`Zlvky
>hdlhj <bggbdhll ijbkihkZ[eb\Ze k\hx l_ogbdm d lj_[h\Zgbyf dZ`^h]h
dhgdj_lgh]h kemqZy ?keb [ue gm`_g b \hafh`_g iheguc ikbohZgZeba hg wlhl ZgZeba
ijh\h^be Ijb bguo h[klhyl_evkl\Zo hg \Zjvbjh\Ze k\hx l_ogbdm hl j_]meyjguo
k_Zgkh\ e_q_gby ^h k_Zgkh\ ih lj_[h\Zgbx eb[h ^h _^bgh\j_f_gguo beb
jZkrbj_gguo l_jZi_\lbq_kdbo dhgkmevlZpbb < ^Zgghf kemqZ_ bkihevah\Zeky f_lh^
jZ[hluihlj_[h\Zgbx
< jmdhibkbgZklhys_cdgb]b^hdlhj<bggbdhllihf_lbeqlh_fmgm`ghk^_eZlv
dhff_glZjbc h lhf dZd hg jZ[hlZe k jh^bl_eyfb iZpb_glZ D kh`Ze_gbx hg lZd b g_
gZibkZe_]hiheghklvxghko_fZlbq_kdb_aZf_ldb^Zxlg_dhlhjh_ij_^klZ\e_gb_h _]h
jZ[hqbo \aZbfhhlghr_gbyo k gbfb < aZf_ldZo ^hdlhjZ <bggbdhllZ ]h\hjblky
JZa^_eblv fZl_jbZe k jh^bl_eyfb ² g_ k_f_cgZy l_jZiby ² g_ h[km`^_gb_ bklhjbb
[he_agb ² D SDUWDJH jZa^_e_gguc kh\f_klguc ikbohZgZeba K bo klhjhgu gbdZdh]h
ih^ju\Z^h\_jbyb gbdZdh]h\f_rZl_evkl\Z
< ^jm]hc ihf_ld_ mdZau\Z_lky qlh b jZa^_e_gb_ k jh^bl_eyfb bf_xs_]hky
fZl_jbZeZ b q_j_^h\Zgb_ kh[_k_^h\Zgbc kha^Z\Zeb mkeh\by ^ey ij_^hl\jZs_gby
fhghihebb gZ ^Zgguc fZl_jbZe b l_f kZfuf ^ey k\h[h^gh]h jZa\blby hlghr_gbc
iZpb_gldb kh k\hbfb jh^bl_eyfb \ oh^_ p_ehklgh]h l_jZi_\lbq_kdh]h ijhp_kkZ
QblZl_eb ^he`guf h[jZahf hp_gyl lhl nZdl qlh \ kemqZ_ k Ib]e_c j_qv b^_l h
jh^bl_eyo ² ijhn_kkbhgZeZo agZdhfuo k ikbohl_jZib_c Bo mqZklb_ bf_eh
i_j\hkl_i_ggh_agZq_gb_^eyblh]h\wlhcjZ[hlu
L_jZiby ijh\h^beZkv \ l_q_gb_ ^\mo k iheh\bghc e_l ijbq_f \klj_qb
ijhbkoh^beb g_ qZklh < i_j_ju\Zo f_`^m gbfb iZpb_gldZ aZqZklmx hlijZ\eyeZ
\_klhqdb b jbkmgdb \ ibkvfZo k\hbo jh^bl_e_c l_f kZfuf khh[sZy ^hdlhjm
<bggbdhllm dZd hgZ k_[y qm\kl\m_l Qj_a\uqZcgh \Z`guf ^ey j_r_gby ^Zgghc
l_jZi_\lbq_kdhc aZ^Zqb [ueh lh qlh g_ihkj_^kl\_ggu_ \klj_qb hj]Zgbah\u\Zebkv ih
ijhkv[_ j_[_gdZ b wlZ l_ogbdZ bf_eZ bkdexqbl_evgh_ agZq_gb_ ^ey ih^^_j`Zgby
hlghr_gbcBgl_gkb\guci_j_ghkkhojZgyeky\ l_q_gb_\k_]hdmjkZb \dhg_qghfkq_l_
[uejZaj_r_gljh]Zl_evgufb m[_^bl_evgufh[jZahfd \aZbfghfmm^h\e_l\hj_gbx
Dewj<bggbdhllJ>R_i_j^
Dhfbkkbyihba^Zgbxljm^h\<bggbdhllZ

<KLMIBL?EVGH?KEH<HJ?>:DLHJ:
Ij_^klZ\blvgZklhysmxdgb]mgug_ihdhcgh]h^hdlhjZ>hgZev^Z<<bggbdhllZ
^eyf_gy²ijb\be_]byb q_klvHggZibkZe wlhl ijhgbdgh\_gguc b aZ\hjZ`b\Zxsbc
debgbq_kdbc^hdmf_glb hleh`be_]haZg_kdhevdhe_l^hlh]hdZdj_rbekyij_^klZ\blv
_]h dZdbfeb[h qblZl_eyf djhf_ ]`b Dewj <bggbdhll b jh^bl_e_c k\h_c fZe_gvdhc
iZpb_gldb Y magZe h jmdhibkb \h \he_ kemqZy mkljhblv dhlhjuc fh] lhevdh lZdhc
q_eh\_d dZd <bggbdhll aZ ihelhjZ ]h^Z ^h k\h_c kf_jlb \  ]h^m AZibkb gZrbo
ijh^he`bl_evguo ^bkdmkkbc k gbf \ l_q_gb_ e_lZ  ]h^Z b gZrZ ihke_^mxsZy
i_j_ibkdZ \ p_eyo kh^_ckl\by _fm \ ih^]hlh\d_ dgb]b d ba^Zgbx ihkem`beb fg_
hjb_glbjhf ijb __ j_^Zdlbjh\Zgbb Fgh]h_ ba lh]h qlh lhevdh hg fh] k^_eZlv b
gZf_qZe k^_eZlv _keb [u m g_]h o\Zlbeh \j_f_gb i_j_kfhlj_lv g_dhlhju_ hlju\db b
jZkdjulv djZldb_ ihf_ldb hklZg_lky g_k^_eZgguf ^Z[u khojZgblv ^Zggh_
ijhba\_^_gb_ \ lhc nhjf_ b lhf klbe_ dhlhju_ bagZqZevgh mklZgh\be ^ey g_]h
<bggbdhll H^gZdh b \ lhf \b^_ \ dZdhf hg k^_eZg _fm \_jhylgh km`^_gh hklZlvky
djZkghj_qb\uf ijbf_jhf j_^dhc debgbq_kdhc ijhgbpZl_evghklb b [_kp_gghc
beexkljZpb_c l_hjbb b l_ogbdb h^gh]h ba \u^Zxsboky b l\hjq_kdb fukeysbo
fZkl_jh\ikbohZgZeblbq_kdh]he_q_gbyj_[_gdZ\ ^_ckl\bb
<b^bfh ke_^m_l kdZaZlv g_kdhevdh keh\ h kZfhf <bggbdhll_ hkh[_ggh ^ey l_o
qblZl_e_c dhlhjuf \hafh`gh g_ ^h\_ehkv ihagZdhfblvky k _]h [bh]jZnb_c ;m^mqb
kughf lbibqgh Zg]ebckdbo jh^bl_e_c \ujhkrbf \ [eZ]hijbylghc kj_^_ <bggbdhll
ihemqbe f_^bpbgkdh_ h[jZah\Zgb_ dh]^Z _fm [ueh g_fgh]bf [he__ ^\Z^pZlb e_l Hg
gZqZe k\hx dZjv_jm i_^bZljZ jZ[hlZy \jZqhf \ >_lkdhc [hevgbp_ Iw^^bg]lhg =jbg \
Ehg^hg_]^_\ l_q_gb_ijbf_jghkhjhdZe_lih_]hih^kq_lZfgZ[ex^Zehdheh 
fZl_j_cb ^_l_c<kdhj_ihke_lh]hdZd<bggbdhllklZeijZdlbdmxsbfi_^bZljhfhg
h[jZlbekyd Wjg_klm>`hgkm  dhlhjucgZijZ\be_]hgZikbohZgZebad >`_cfkmKljwqb
<kihfbgZyh[wlbo]h^Zo
Wjg_kl >`hgk ² ² Zg]ebckdbc ikbohZgZeblbd Z\lhj lj_olhfghc
^hdmf_glZevghc[bh]jZnbbNj_c^Z²Ijbfi_j_\h^qbdZ

<bggbdhll ibr_l < lh \j_fy y gZqbgZe jZ[hlZlv \jZqhfdhgkmevlZglhf ih

i_^bZljbbb \ufh`_l_k_[_ij_^klZ\blvdZdm\e_dZl_evgh[uehbamqZlv[_kqbke_ggu_
bklhjbb [he_agb b ihemqZlv hl g_h[mq_gguo jh^bl_e_c ba [hevgbqguo deZkkh\ \k_
g_h[oh^bfu_ ih^l\_j`^_gby ikbohZgZeblbq_kdbo l_hjbc dhlhju_ h[j_lZeb ^ey f_gy
kfuke \ oh^_ fh_]h kh[kl\_ggh]h ZgZebaZ < lh \j_fy [hevr_ g_ [ueh gb h^gh]h
ikbohZgZeblbdZdhlhjuc[ue[uh^gh\j_f_gghb i_^bZljhfb ihwlhfm\ l_q_gb_^\mo
beblj_o^_kylbe_lbcy [ueh^bghqgufy\e_gb_f 
KeZ\Z b \k_fbjgZy ba\_klghklv ijbreb d ^hdlhjm <bggbdhllm \ l_q_gb_
ihke_^gbo iylgZ^pZlb e_l _]h `bagb Hg g_ hkgh\u\Ze k\h_c rdheu b g_ \ha]eZ\eye
gbdZdhc]jmiiuihke_^h\Zl_e_cdhlhju_ijhiZ]Zg^bjh\Zeb[u_]hl_hjbbHgaZ\h_\Ze
ijbagZgb_k\h_ckdjhfghcghg_ihkj_^kl\_gghcfZg_jhcb ijhklufghg_ih\lhjbfuf
klbe_f \ dhlhjhf ij_^klZ\eye k\hb \u\h^u < ibkvf_gghc b mklghc nhjf_ hg ^Z\Ze
yjdb_ ijbf_ju k\h_c nZdlbq_kdhc jZ[hlu ² m[_^bl_evgu_ k\b^_l_evkl\Z k\hbo
\u\h^h\ ² gZmqguf djm]Zf b `mjgZeZf ^ey ki_pbZebklh\ ih ikbobZljbb b
ikbohZgZebam Z _s_ qZs_ ² ]hjZa^h [he__ rbjhdbf djm]Zf jh^bl_e_c khpbZevguo
jZ[hlgbdh\mqbl_e_cb \k_oex^_cbf_xsbodZdh_eb[hhlghr_gb_d \hkiblZl_evguf
ikbobZljbq_kdbfb ^_lkdbfe_q_[gufmqj_`^_gbyf<bggbdhll\g_kk\hcbklhjbq_kdbc
\deZ^\ gZmdmh ijbjh^_q_eh\_dZ[eZ]h^ZjyhdjulbxagZq_gbylh]hh q_fex^b^Z\gh
agZxlg_khagZ\Zybebg_mqblu\ZyagZq_gbywlh]hagZgby^eyjZa\blbyb nhjfbjh\Zgby
q_eh\_dZ >Z`_ g_ ^h\_^_ggZy ^h ihke_^g_]h ^gy [b[ebh]jZnby _]h him[ebdh\Zgguo
dgb]b jZ[hlkh^_j`blgZa\Zgbc Qlh[u\djZlp_h[h[sblvohly[u]eZ\gu_l_fu
lZdh]hh[t_fgh]h \deZ^Z ihlj_[h\ZeZkv [u p_eZy dgb]Z gh baeh`_gb_ _]h kmlb fh`gh
ihq_jigmlv ba \\_^_gby FZkm^Z OZgZ d gh\hfm ba^Zgbx kh[jZgby khqbg_gbc
<bggbdhllZQ_j_ai_^bZljbxd ikbohZgZebam 
;m^mqb h^gbf ba fhbo gZb[he__ m\Z`Z_fuo mqbl_e_c >hgZev^ <bggbdhll \
l_q_gb_ihqlb^\Z^pZlbe_l[ue^eyf_gy^jm]hfb dhgkmevlZglhfIhkdhevdmdZ`^uc
jZahlijZ\eyykvgZF_`^mgZjh^gucikbohZgZeblbq_kdbcdhg]j_kk\ ?\jhi_y h[uqgh
ijh_a
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Ebqguc\a]ey^gZ\deZ^DeycgIjhp_kkukhaj_\Zgbyb kihkh[kl\mxsZykj_^Z
GvxChjdBgl_jgwrgexgb\_jkblbaij_kkEhg^hgOh]Zjlij_kkklj
 KfI_j_q_gv j_^ZdlhjZ \ jZ[hl_ Ijhp_kku khaj_\Zgby b kihkh[kl\mxsZy
kj_^Z
Ehg^hgOh]Zjlij_kk
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
`Zeq_j_aEhg^hg\ bxg_]h^Zy gZibkZe<bggbdhllmb kijhkbeg_gZc^_l
eb hg \j_fy ^ey \klj_qb b [_k_^u ^h lh]h dZd fu h[Z hdZ`_fky hq_gv aZgylu
ih^]hlh\dhcd fZkl_jkdbfij_^r_kl\mxsbfhkgh\ghcijh]jZff_dhg]j_kkZHg[ukljh
fg_hl\_lbeij_^eh`b\ijh\_klb\f_kl_\_q_jihfh_fijb_a^_\ Ehg^hgGh\ lhl`_
^_gvy ihemqbehlg_]h_s_h^ghfZe_gvdh_ibkvfh\ dhlhjhf]h\hjbehkv
M f_gy^ey<Zk_klvgh\hklv<uwlh]hg_agZ_l_ghbxeyk ^h<u
[m^_l_fhbf kmi_j\bahjhfi_j_^ebphf\k_o ]hkl_c dhlhju_ kh[_jmlky gZ fZkl_jkdhc
i_j_^gZqZehfdhg]j_kkZ
>_eh \ lhf qlh baaZ fh_c [he_agb g_dhlhjuf fhbf klm^_glZf ijbrehkv
h[jZsZlvky aZ kmi_j\bab_c d ^jm]bf b m f_gy dZd jZa k_cqZk g_l klm^_glZ k hq_gv
ohjhrbf debgbq_kdbf kemqZ_f ^ey fh_c kmi_j\babb Ihwlhfm y ihijhkbe jZaj_r_gby
gZ kmi_j\babx \ dhlhjhc h[t_dlhf \uklmiZx y kZf b ijhrm \uihegblv wlm jZ[hlm
<Zk
Y ij_^klZ\ex qZk ikbohZgZebaZ j_[_gdZ <hafh`gh <u gZc^_l_ _]h ^h\hevgh
m`Zkguf \ dZq_kl\_ ikbohZgZebaZ gh wlh ^he`gh \ua\Zlv ^bkdmkkbx Y h`b^Zx wlh
kh[ulb_ k wglmabZafhf Dh]^Z fu \klj_lbfky y hagZdhfex <Zk k q_f m]h^gh _s_ qlh
<Zfgm`ghagZlv_kebg_h[oh^bfhY hq_gvgZ^_xkvqlh<uijhklhk^_eZ_l_wlh
<kdhj_ ihke_ fh_]h ijb[ulby \ Ehg^hg dZdlh \_q_jhf ihke_ jhkdhrgh]h
m`bgZ dhlhjuc gZf ijb]hlh\beZ Dewj <bggbdhll jZkkdZaZe fg_ h gZf_q_gghf gZ 
bxey f_jhijbylbb ij_^eh`_gghf ;jblZgkdbf ikbohZgZeblbq_kdbf h[s_kl\hf
ij_^r_kl\mxs_f hkgh\ghc gZmqghc ijh]jZff_ dhg]j_kkZ Dh]^Z y kijhkbe g_l eb
dZdboeb[h aZf_lhd dhlhju_ y fh] [u ijhqblZlv qlh[u hagZdhfblvky kh kemqZ_f hg
ihemk_jv_aghkdZaZeqlhfg_g_gm`ghljZlblv\j_fygZih^]hlh\dmb aZ[b\Zlv]heh\m
dZdbfb [u lh gb [ueh ^_lZeyfb djhf_ l_o dhlhju_ hg kh[bjZ_lky ij_^klZ\blv b gZ
dhlhjuo y kfh]m hkgh\u\Zlv k\hb kmi_j\bahjkdb_ aZf_qZgby b \_klb hldjulmx
^bkdmkkbx gZ \klj_q_ Ebrv ihke_ h[f_gZ rmleb\ufb j_iebdZfb hg \jmqbe fg_
ihegucl_dklkemqZyhli_qZlZggucgZfZrbgd_kdZaZ\ijbwlhfqlhhg_s_g_j_rbe
dZdmxqZklvij_^klZ\blZm^blhjbb
<_jgm\rbkv \ ]hklbgbpm y h[_kihdh_gguc \hafh`ghc i_jki_dlb\hc
jZahqZjh\Zgby Zm^blhjbb l_f qlh g_ <bggbdhll [m^_l \uklmiZlv k kmi_j\bab_c Z
\f_klh wlh]h kZf [m^_l h[t_dlhf kmi_j\babb kh klhjhgu f_g__ ba\_klgh]h dhee_]b
gZki_o i_j_ebklZe kljZgbpu jmdhibkb qlh[u magZlv qlhgb[m^v h __ kh^_j`Zgbb b
ihgylvdZdfh`_lihclb^bkdmkkbyihke___ ij_^klZ\e_gbyB lmly ihgyeqlhgZiZegZ
deZ^Lhqlhy ijhq_e\ua\Zeh\hfg_lZdh_\heg_gb_b \hklhj]dhlhju_jZa\_yeb\kx
fhxh[_kihdh_gghklvb gZkljhbebf_gygZjZ^hklgh_h`b^Zgb_ij_^klhys_]hkh[ulby
WlZjmdhibkvb ij_^eZ]Z_lkyqblZl_ex\ gZklhys_cdgb]_
< [hevrhf Zfnbl_Zlj_ \k_ f_klZ [ueb aZgylu hiha^Z\rbf ijbrehkv klhylv
Km^y ih kibkdm aZj_]bkljbjh\Z\rboky ^ey mqZklby \ aZk_^Zgbb ijbkmlkl\h\Zeb
ikbohZgZeblbdbkh\k_oqZkl_ck\_lZb lhevdhg_kdhevdhq_eh\_dba:g]ebbihkdhevdm
ijh]jZffZfZkl_jkdhcij_^r_kl\mxs_cdhg]j_kkm[ueZij_^eh`_gZ]eZ\gufh[jZahf
aZjm[_`guf ]hklyf H[tykgb\ ihq_fm hg g_ [m^_l ^_fhgkljbjh\Zlv kh[kl\_ggmx
kmi_j\babx Z \f_klh wlh]h y\blky __ h[t_dlhf <bggbdhll fy]dbf ]hehkhf \ k\h_c
kdjhfghc fZg_j_ ijbklmibe d baeh`_gbx kemqZy b ij_^klZ\be jZ[hlm ijh^_eZggmx k
iZpb_glhf gZ i_j\hf k_Zgk_ e_q_gby H^bg ba \hijhkh\ ih^gyluo \ ihke_^h\Z\r_c
^bkdmkkbb khklhye \ lhf y\ey_lky eb ikbohZgZebahf beb ikbohl_jZib_c lbi e_q_gby
hibkZgguc <bggbdhllhf b gZa\Zgguc bf ikbohZgZebahf ih lj_[h\Zgbx k _]h
g_qZklufbb g_j_]meyjgufbk_ZgkZfb< hl\_l<bggbdhllh[jZlbe\gbfZgb_gZlhqlh
hg ^_eZe k i_j_ghkhf b k [_kkhagZl_evguf Z g_ gZ nhjfZevgu_ klhjhgu
ikbohZgZeblbq_kdhc kblmZpbb beb gZ qZklhlm beb j_]meyjghklv k_Zgkh\
ikbohZgZeblbq_kdh]h e_q_gby < oh^_ ^bkdmkkbb h^bg g_l_ji_eb\uc kemrZl_ev kdZaZe
^h\hevgh ]jhfdbf r_ihlhf ?keb _klv dZdb_eb[h khfg_gby \ lhf qlh wlh
ikbohZgZebaihq_fm`_lh]^ZkemqZcfZe_gvdh]h=ZgkZ ^hkboihjkqblZ_lkyh^gbfba
deZkkbq_kdbo\ ikbohZgZeblbq_kdhcebl_jZlmj_"< k\h_f\\_^_gbbd gZklhys_cdgb]_
<bggbdhlljZkkfZljb\Z_lij_bfms_kl\Zf_lh^ZjZ[hluihlj_[h\Zgbx
>_eh\ lhfqlhk\hc\a]ey^gZlhqlhlZdh_ikbohZgZeba<bggbdhllhij_^_ebe
_s_ \  ]h^m  dh]^Z kdZaZe Fg_ ij_^eh`beb \uklmiblv ih \hijhkm h
ikbohZgZeblbq_kdhfe_q_gbb Z ^eylh]hqlh[uwlh\uklmie_gb_mjZ\gh\_kblvh^ghfm
fh_fmdhee_]_[uehij_^eh`_gh\uklmiblvgZl_fmh[bg^b\b^mZevghcikbohl_jZibb Y
^mfZxqlhm gZkk gbfh^gZbkoh^gZyijh[e_fZdZdhlebqZlvh^ghhl^jm]h]h"Ebqghy
g_fh]mijh\_klblZdh]hjZaebqby
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Nj_c^   IkbohZgZeba nh[bb m iylbe_lg_]h fZevqbdZ IkbohZgZeba
j_[_gdZ \ eZl_glguc i_jbh^  Ijhp_kku khaj_\Zgby b kihkh[kl\mxsZy kj_^Z Gvx
ChjdBgl_jgwrgexgb\_jkblbaij_kkEhg^hg
Oh]Zjlij_kkklj
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
>ey f_gy \hijhk klhbl lZd bf_e eb l_jZi_\l dZdmxeb[h ikbohZgZeblbq_kdmx
ih^]hlh\dmbebg_l"
<f_klh ijhlb\hihklZ\e_gby wlbo ^\mo ij_^f_lh\ ^jm] ^jm]m fu fh]eb k
[hevr_cihevahcijhlb\hihklZ\blvh[Zij_^f_lZ^_lkdhcikbobZljbbY e_qbe lukyqb
^_l_c wlhc \hajZklghc ]jmiiu eZl_glguc i_jbh^ f_lh^hf ^_lkdhc ikbobZljbb K
khlgyfb y dZd ikbohZgZeblbd ih h[jZah\Zgbx bkihevah\Ze bg^b\b^mZevgmx
ikbohl_jZibx Ijbf_jgh k ² ^_lvfb wlhc \hajZklghc ]jmiiu y ijh\h^be
ikbohZgZeba=jZgbpugZklhevdhjZkieu\qZluqlhy g_fh]m[ulvlhqguf
G_kdhevdhe_lkimkly hg\_jgmekyd wlhcl_f_b kdZaZe
Fg_ gjZ\blky aZgbfZlvky ikbohZgZebahf b y \k_]^Z `^m aZ\_jr_gby ZgZebaZ
:gZebajZ^bZgZebaZ^ey f_gy ebr_g kfukeZ Y ijh\h`m ikbohZgZeba ihlhfm qlh wlh
lhqlhgm`ghiZpb_glmb _]hgm`gh^h\h^blv^hdhgpZ?kebiZpb_glmikbohZgZebag_
gm`_g y ^_eZx qlhgb[m^v ^jm]h_ Ijb ijh\_^_gbb ikbohZgZebaZ kijZrb\Zxl dZd
fgh]h fh`gh k^_eZlv" < fh_c debgbq_kdhc ijZdlbd_ ^_\ba lZdhc qlh kh[hc
ij_^klZ\ey_llhfZeh_ qlhgm`ghk^_eZlv"
< aZdexq_gb_lhc`_k\h_cjZ[hluhgibr_lIhfh_fmfg_gbxgZrbp_ebijb
bkihevah\ZgbbklZg^Zjlghcl_ogbdbg_f_gyxlky_kebfubgl_jij_lbjm_fikbobq_kdb_
f_oZgbafu dhlhju_ hlghkylky d ikbohlbq_kdbf lbiZf jZkkljhckl\ b ijbfblb\guf
klZ^byfwfhpbhgZevgh]hjZa\blbyq_eh\_dZ?kebgZrZp_evihij_`g_fmkhklhbl\ lhf
qlh[unhjfmebjh\ZlvaZjh`^Zxs__kykhagZl_evgh_k lhqdbaj_gbyi_j_ghkZagZqblfu
aZgbfZ_fky ikbohZgZebahf Z _keb g_l lh fu [m^mqb ikbohZgZeblbdZfb aZgbfZ_fky
q_flhbgufl_fqlhkqblZ_fkhhl\_lkl\mxsbf^ZgghfmkemqZx: ihq_fm[ub g_l"
BpoZdJwfab
fZ]bklj]mfZgblZjguogZmd^hdlhjnbehkhnbbDZgaZkLhi_dZhdly[jv]
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
P_eb ikbohZgZeblbq_kdh]h e_q_gby  Ijhp_kku khaj_\Zgby b kihkh[kl\mxsZy
kj_^ZGvxChjdBgl_jgwrgexgb\_jkblbaij_kkEhg^hgOh]Zjlij_kkklj

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

<<?>?GB?
GZklhysZydgb]Z\uoh^ysZyih^fh_cnZfbeb_cqZklbqghgZibkZgZjh^bl_eyfb
^_\hqdb dhlhjmx ijha\Zeb Ib]e_c  Dgb]Z khklhbl ba hlju\dh\ ba bo ibk_f h
=Z[jb_e_ b fhbo debgbq_kdbo aZf_lhd p_evx dhlhjuo [ueh ^Zlv ih^jh[gh_ hibkZgb_
ikbohZgZeblbq_kdbo gZ[ex^_gbc Y \dexqbe \ g__ b k\hb kh[kl\_ggu_ dhff_glZjbb
dhlhju_ gZ^_xkv g_ ihf_rZxl qblZl_ex knhjfbjh\Zlv kh[kl\_ggh_ km`^_gb_ h
ij_^klZ\e_gghffZl_jbZe_b _]hw\hexpbb
<k_]^Z \hagbdZxl khfg_gby ^himklbfh beb g_l im[ebdh\Zlv ebqgu_
ih^jh[ghklbex[h]hikbohZgZebaZgh\ ^ZgghfkemqZ_j_r_gb_h[e_]qZ_llhqlhj_qv
b^_lh iZpb_gld_dhlhjhc\ gZqZe_dmjkZe_q_gby[uehlhevdh^\Z]h^Zb q_luj_f_kypZ
Djhf_ lh]h [_jy gZ k_[y qZklv hl\_lkl\_gghklb jh^bl_eb ml\_j`^Zxl qlh ^ZggZy
im[ebdZpbyhibkZgbye_q_gbyg_ih\j_^bl=Z[jb_e__kebwlZdgb]ZihiZ^_l_c\ jmdb
dh]^ZhgZ\ujZkl_l 
Y g_ kqblZx wlh e_q_gb_ aZdhgq_gguf Fg_ ij_^klZ\ey_lky khfgbl_evguf qlh
^_lkdbcikbohZgZebake_^m_liheZ]ZlvaZ\_jr_ggufdh]^ZiZpb_gl_s_lZdfheh^qlh
ijhp_kku jZa\blby gZqbgZxl ij_h[eZ^Zlv dZd lhevdh ihy\eyxlky mki_ob \ ZgZeba_ <
^Zgghf kemqZ_ hq_\b^gh qlh \gZqZe_ hij_^_eyxsbf nZdlhjhf \ kblmZpbb y\ey_lky
[he_agv j_[_gdZ ihwlhfm memqr_gb_ debgbq_kdh]h khklhygby e_]dh h[tykgblv dZd
j_amevlZljZ[hluijh^_eZgghc\ ZgZeba_
H^gZdh kh \j_f_g_f j_[_ghd gZqbgZ_l hk\h[h`^Zlvky hl `_kldhc ko_fu
hj]ZgbaZpbb aZsbl dhlhjZy khklZ\ey_l [he_agv b lh]^Z klZgh\blky hq_gv ljm^gh
ijh\_klb jZaebqb_ f_`^m debgbq_kdbf memqr_gb_f b wfhpbhgZevguf jZa\blb_f
f_`^mjZ[hlhcijh^_
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
< :g]ebbijha\bs_Ib]eyy\ey_lkyeZkdh\ufh[jZs_gb_fd fZe_gvdbf^_lyf
Fu j_rbeb g_ aZf_gylv _]h jmkkdbf wd\b\Ze_glhf ohly g_dhlhju_ hll_gdb ijha\bsZ
i_j_^Z_lkeh\hk\bgxrdZ²Ijbfj_^
< ^Zevg_cr_f fZlv j_[_gdZ \ukdZaZeZ g_kdhevdh aZf_qZgbb ih hlq_lZf h
k_ZgkZoe_q_gbyg_hlghkysbokyd im[ebdZpbbG_dhlhju_bawlboaZf_qZgbc\dexq_gu
\ dgb]m

eZgghcijbe_q_gbbb gug_\uk\h[h`^_ggufbijhp_kkZfb\ajhke_gby
Jh^bl_ebk\yaZebkvkhfghc\ yg\Zj_]h^Zdh]^Z=Z[jb_e_[ueh^\Z]h^Zb
q_luj_ f_kypZ Y ijbgye =Z[jb_em ih lj_[h\Zgbx  jZa gZqbgZy k lh]h \j_f_gb
dh]^Z_c[ueh^\Z]h^Zb iylvf_kyp_\Q_lujgZ^pZluck_Zgke_q_gbykhklhyekydh]^Z
_c[uehiylve_l
Ihkdhevdm j_[_ghd `be gZ agZqbl_evghf jZkklhygbb hl Ehg^hgZ
ikbohZgZeblbq_kdh_ e_q_gb_ \ ^Zgghf kemqZ_ ijh\h^behkv ih lj_[h\Zgbx b wlh
\eby_lgZ\hijhkh[hdhgqZgbbe_q_gbyG_lijbqbgqlh[ug_ijh^he`Zlve_q_gb_ih
lj_[h\Zgbx \ lhf qbke_ \hafh`gh i_jbh^bq_kdb ijh\h^blv _]h b \ bgl_gkb\ghc
nhjf_ G_evay b g_ gm`gh ij_^kdZau\Zlv hl^Ze_ggh_ [m^ms__ H^gZdh \ wlhc k\yab
fh`gh aZf_lblv qlh ikbohZgZeblbdm k\hckl\_ggh [he__ l_jibfh hlghkblvky d
kbfilhfZlheh]bbj_[_gdZq_fwlh^_eZxljh^bl_ebdhlhju_kdehggujZam`j_[_gdZ
gZqZeb e_qblv kqblZlv qlh e_q_gb_ \k_]^Z g_h[oh^bfh \hah[gh\eylv ijb ihy\e_gbb
kbfilhfh\ Dh]^Z e_q_gb_ j_[_gdZ gZqZlh mimkdZxl ba \b^m h[rbjgmx
kbfilhfZlheh]bx \k_o ^_l_c h dhlhjuo aZ[hlylky \ bo kh[kl\_gguo ^hklZlhqgh
[eZ]hihemqguok_fvyoE_q_gb_j_[_gdZnZdlbq_kdbfh`_lihf_rZlvijhy\e_gbxhq_gv
p_ggh]h dZq_kl\Z k\hckl\_ggh]h k_fv_ dhlhjh_ khklhbl \ mf_gbb fbjblvky b
kijZ\eylvkyk debgbq_kdbfkhklhygb_fj_[_gdZk\b^_l_evkl\mxsbfh[wfhpbhgZevghf
gZijy`_gbb b \j_f_gghc aZ^_j`d_ wfhpbhgZevgh]h jZa\blby beb ^Z`_ kZfh]h nZdlZ
jZa\blby
< wlhfhlghr_gbbf_lh^bdZe_q_gbyihlj_[h\Zgbxbf__lij_bfms_kl\Zi_j_^
ijZdlbdhc _`_^g_\guo ijb_fh\ iylv jZa \ g_^_ex K ^jm]hc klhjhgu g_ ke_^m_l
kqblZlvdhfijhfbkkp_gghcgZoh^dhcikbohZgZebaj_[_gdZ^he`_gijhba\h^blvkyeb[h
\ oh^_ _`_^g_\guo k_Zgkh\ eb[h \ ijhp_kk_ ijb_fh\ ih lj_[h\Zgbx K_Zgku e_q_gby
h^bgjZa\ g_^_exklZ\rb_ihqlbh[s_ijbgylufdhfijhfbkkhfbf_xlkhfgbl_evgmx
p_gghklv dZd g_qlh gZoh^ys__ky f_`^m ^\mfy klmevyfb b g_ iha\heyxs__ \_klb ih
gZklhys_fm]em[hdmxjZ[hlm
<hafh`ghqblZl_evgZc^_lm^ZqgufbhibkZgbydebgbq_kdh]hkhklhygbyj_[_gdZ
\ ibkvfZo jh^bl_e_c gZibkZgguo \ ijhf_`mldZo f_`^m k_ZgkZfb e_q_gby Ba wlbo
hibkZgbc k^_eZgguo [_a \kydhc fukeb h im[ebdZpbb Z ijhklh ^ey bgnhjfbjh\Zgby
ikbohZgZeblbdZ \b^gh qlh ihke_ i_j\uo ^\mo k_Zgkh\ [he_agv =Z[jb_eu ijbh[j_eZ
[he__ ^hfbgbjmxsb_ q_jlu b hj]Zgbah\ZeZkv dZd ykguc iZll_jg [he_agb AZl_f
ihkl_i_gghiZll_jg[he_agb^hg_dhlhjhckl_i_gbjZaj_rbekyhldju\imlvjy^mklZ^bc
jZa\blby dhlhju_ ihlj_[h\Zehkv ijhjZ[Zlu\Zlv \gh\v ohly hgb hij_^_e_ggh [ueb
m^h\e_l\hjbl_evgh ijhc^_gu =Z[jb_e_c m`_ \ feZ^_gq_kdhf \hajZkl_ l_ ^h
ke_^mxs_c [_j_f_gghklb __ fZl_jb H^gZdh bf_ggh ba hibkZgby ikbohZgZeblbq_kdhc
jZ[hlu qblZl_ev fh`_l m\b^_lv a^hjh\mx hkgh\m ebqghklb wlh]h j_[_gdZ ² dZq_kl\h
dhlhjh_ \k_]^Z [ueh hq_\b^guf ^ey ikbohZgZeblbdZ ^Z`_ dh]^Z k debgbq_kdhc b
[ulh\hc lhq_d aj_gby j_[_ghd [ue ^_ckl\bl_evgh [he_g E_q_gb_ h[eZ^Zeh k\h_c
kh[kl\_gghc ^bgZfbdhc dhlhjZy [ueZ hq_\b^ghc k kZfh]h gZqZeZ b g_khfg_ggh
mkbeb\ZeZkv^h\_jb_fd ikbohZgZeblbdmkhklhjhgu jh^bl_e_cb iZpb_gldb HibkZgby
ijh^_eZgghc jZ[hlu k\b^_l_evkl\mxl h lhf qlh k kZfh]h gZqZeZ =Z[jb_eZ ijbreZ
qlh[ujZ[hlZlvb \kydbcjZaijb_a`ZygZe_q_gb_hgZbf_eZijh[e_fmdhlhjmx[ueZ\
khklhygbb ijhy\blv < dZ`^hf kemqZ_ ikbohZgZeblbd qm\kl\h\Ze qlh j_[_ghd
bgnhjfbjm_l _]h h dhgdj_lghc ijh[e_f_ ohly [ueh g_fZeh kemqZ_\ g_hij_^_e_gghc
dZaZehkvebr_gghchjb_glZpbbb]juih\_^_gbyb jZa]h\hjZWlbnZaug_hij_^_e_gghc
b]ju hq_\b^gh ij_^klZ\eyeb kh[hc \Z`guc nZdlhj \ lhf kfuke_ qlh ba wlh]h oZhkZ
\hagbdZehhsms_gb_gZijZ\e_gghklbb j_[_ghdklZgh\bekykihkh[_gdhffmgbpbjh\Zlv
bkoh^ybak\h_cj_Zevghcihlj_[ghklb²lhcihlj_[ghklbdhlhjZyih[m`^ZeZ^_\hqdm
ijhkblv h ke_^mxs_f ijb_f_ Y ij_^gZf_j_ggh hklZ\be g_ykgmx qZklv fZl_jbZeZ
g_ykghcdZdhchgZ[ueZ^eyf_gydh]^Zy \_ek\hbaZibkb
><<bggbdhll
qe_gDhjhe_\kdhcdhee_]bb\jZq_cghy[jy]

I:PB?GLD:
<u^_j`dZbai_j\h]hibkvfZhljh^bl_e_cgZibkZggh]hfZl_jvx
yg\Zjy]h^Z
G_fh]eb[u<ugZclb\j_fyijbgylvgZrm^hqv=Z[jb_emdhlhjhc^\Z]h^Zb
q_luj_ f_kypZ" G_dZy h[_kihdh_gghklv g_ ^Z_l _c mkgmlv ih ghqZf b bgh]^Z \b^bfh
kdZau\Z_lkygZh[s_fdZq_kl\___ `bagbb hlghr_gbyok gZfbohlyb g_\k_]^Z
<hlg_kdhevdhnZdlh\
H g_c ljm^gh ]h\hjblv dZd h fZe_gvdhf j_[_gd_ hgZ ijhba\h^bl \i_qZle_gb_
q_eh\_dZk [hevrbfb\gmlj_ggbfbj_kmjkZfbH dhjfe_gbbkdZaZlvihqlbg_q_]hhgh
dZ`_lkyijhoh^behe_]dhb _kl_kl\_gghdZdb hlgylb_hl]jm^bY dhjfbeZ__ ]jm^vx^h
^_\ylb f_kyp_\  HgZ hlebqZeZkv [hevrhc mklhcqb\hklvx dh]^Z mqbeZkv oh^blv ²
j_^dhiZ^ZeZZ _kebb iZ^ZeZlhihqlbg_ieZdZeZK kZfh]hjZgg_]h\hajZklZijhy\eyeZ
kbevgu_ kljZklgu_ qm\kl\Z ih hlghr_gbx d hlpm gh [ueZ g_kdhevdh k\h_\hevghc k
fZl_jvx
Dh]^Z =Z[jb_e_ [ue ]h^ b ^_\ylv f_kyp_\ m g__ ihy\beZkv k_klj_gdZ dhlhjhc
k_cqZkk_fvf_kyp_\qlhy kqblZx[uehkebrdhfjZgh^eyg__B^mfZ_lkykZfwlhl
nZdlZ lZd`_gZrZlj_\h`ghklvk\yaZggZyk gbf\ua\Zeb[hevrb_baf_g_gby\ g_c 

‡Dmjkb\fhc><<
Y ebrv ]hjZa^h iha`_ magZe qlh kZfZ fZlv \ wlhf `_ \hajZkl_ bkiulZeZ
ihoh`b_i_j_`b\Zgbyk\yaZggu_k jh`^_gb_fkb[ebg]Z²><<

HgZe_]dh\iZ^Z_l\ kdmdmb ^_ij_kkbxqlhjZgvr_g_ijhy\eyehkvb \g_aZigh
klZgh\blky hq_gv qm\kl\bl_evghc d hlghr_gbyf k hdjm`Zxsbfb b hkh[_ggh d k\h_c
b^_glbqghklbHkljuc^bklj_kkb y\gZyj_\ghklvd k\h_ck_klj_^ebebkvg_^he]hohly
^bklj_kk[uehq_gvhkljufL_i_jvh[Zj_[_gdZgZoh^yl^jm]^jm]Zhq_gvaZ[Z\gufbD
k\h_cfZl_jbqv_kms_kl\h\Zgb_hgZdZaZehkvihqlbb]ghjbjh\ZeZ=Z[jb_eZhlghkblky
k ]hjZa^h[hevr_cl_iehlhcohlyb ihjhck [hevr_caeh[hcHgZklZeZy\ghk^_j`Zgg_c
ihhlghr_gbxd hlpm
Y g_ [m^m h[j_f_gylv \Zk ^jm]bfb ih^jh[ghklyfb gh ijhklh jZkkdZ`m \Zf h
nZglZabyodhlhju_aZklZ\eyxl=Z[jb_ema\ZlvgZk^hiha^g_cghqb
M g___klvq_jgu_fZfZb iZiZQ_jgZyfZfZijboh^bld g_cihghqZfb ]h\hjbl
=^_ fhb gyfgyfdb" Hl keh\Z gyf  dmrZlv HgZ ihdZau\Z_l gZ k\hb ]jm^db
gZau\Zy bo gyfgyfdZfb b lyg_l bo qlh[u k^_eZlv ih[hevr_ Bgh]^Z q_jgZy fZfZ
kZ`Z_l__ gZ]hjrhdQ_jgZyfZfZdhlhjZy`b\_lm g__\ `b\hlbd_b kdhlhjhcfh`gh
jZa]h\Zjb\Zlvihl_e_nhgmqZklh[he__lb __ljm^gh\ue_qblv
<lhjZyqZklvnZglZabcdhlhjZyijhy\beZkv _s_ jZgvr_ ² h [Z[Zd_ DZ`^mx
ghqvhgZ[_adhgpZah\_lb ijhkblJZkkdZ`bfg_h [Z[Zd_\k_h [Z[Zd_Q_jgu_fZfZb
iZiZqZklh\ [Z[Zd_²\f_kl_bebdlhlhh^bgHq_gvj_^dhihy\ey_lkyb q_jgZyIb]ey
fuah\_f=Z[jb_emIb]e_c
Kh\k_fg_^Z\ghhgZdZ`^mxghqvkbevghpZjZiZeZk_[_ebph
QZklh hgZ dZ`_lky hq_gv `b\hc g_ihkj_^kl\_gghc b \iheg_ Zdlb\ghc gh fu
ih^mfZebh lhfqlh[uihijhkblv\Zkh ihfhsb\ ^Zggucfhf_glhiZkZykvdZd[uhgZ
g_h`_klhqbeZkvbaaZk\h_]h^bklj_kkZkqblZywlh_^bgkl\_ggufkihkh[hfkijZ\blvky
k gbf

Mom^r_gb_
debgbq_kdh]h
khklhygby
Hlju\hdbaibkvfZfZl_jb
K l_o ihj dZd y gZibkZeZ \Zf ^_eZ gbkdhevdh g_ ihijZ\bebkv Ib]ey j_^dh
b]jZ_lkhkj_^hlhqb\rbkv^Z`_j_^dhiha\hey_lk_[_[ulvkh[hchgZeb[h[Z[Zeb[h
qZs_ \k_]h fZfZ Ib]Z mreZ ihreZ d [Z[Zd_ Ib]Z q_jgZy H[_ Ib]b ² iehob_
FZfZihieZqvh [Z[Zd_
Y kdZaZeZ_cqlhgZibkZeZ^hdlhjm<bggbdhllmdhlhjucohjhrhjZa[bjZ_lky\
[Z[ZdZo b q_jguo fZfZo k l_o ihj hgZ ij_djZlbeZ ghqgu_ fhev[u JZkkdZ`b fg_ h
[Z[Zd_>\Z`^uhgZdZd[ugb klh]hgb kk_]hijhkbeZf_gyFZfZhl\_abf_gyd
^hdlhjm<bggbdhllm

I?J<:YDHGKMEVL:PBYn_\jZey]h^Z
Ib]ex ijb\_aeb jh^bl_eb b kgZqZeZ fu \k_ gZ g_dhlhjh_ \j_fy kh[jZebkv \
dZ[bg_l_ =Z[jb_eZ \u]ey^_eZ k_jv_aghc b dZd lhevdh hgZ ihy\beZkv \ ^\_jyo fg_
klZehhq_\b^ghqlhhgZijb_oZeZjZ[hlZlv
Y hl\_e\k_oljhbo\ ijb_fgmxZ aZl_fihiulZekym\_klbIb]exh[jZlgh\ fhc
dZ[bg_lHgZg_ijhy\beZhkh[hc]hlh\ghklbd wlhfmi_j_oh^mbihdZfurebkdZaZeZ
k\h_cfZl_jbY kebrdhfkl_kgyxkv
Ihwlhfmy iha\ZefZlv\f_kl_k g_cghkdZaZeqlh[uhgZgb \q_fg_ihfh]ZeZb
hgZk_eZgZdmr_ldmjy^hfk Ib]e_cD wlhfm\j_f_gby m`_ih^jm`bekyk iexr_\uf
fbrdhc dhlhjuc kb^_e gZ ihem m fh_]h ibkvf_ggh]h klheZ L_i_jv y gZoh^beky \
aZ^g_c qZklb dhfgZlu b kb^y gZ ihem b]jZe k b]jmrdZfb Y kdZaZe Ib]e_ dhlhjmx
nZdlbq_kdbg_\b^_eIjbg_kbkx^Zfbrdmy ohqmihdZaZlv_fmb]jmrdbHgZlml`_
ijbg_keZ fbrdm b klZeZ ihfh]Zlv fg_ agZdhfblv _]h k b]jmrdZfb AZl_f hgZ klZeZ
b]jZlvk gbfbm`_kZfZ\ hkgh\ghfba\e_dZyba]jm^uqZklbb]jmr_qguoih_a^h\HgZ
\k_ \j_fy ]h\hjbeZ Y ^hklZeZ b gZau\ZeZ qlh bf_ggh Fbgml q_j_a iylv fZlv
\ukdhevagmeZ \ ijb_fgmx Fu hklZ\beb ^\_jv hldjulhc qlh [ueh \Z`gh ^ey Ib]eb
dhlhjZyijh\_jyeZh[klZgh\dmIhlhfklZeZih\lhjylv<hl_s_h^bg Z \hl_s_h^bg
Wlh]h\hjbehkv\ hkgh\ghfh ]jmah\bdZob iZjh\haZoghdZaZehkvh q_fbf_ggh[ueh
g_\Z`ghIhwlhfmy bkihevah\Ze__ j_iebdbdZddhffmgbdZpbx?s_h^bgj_[_ghd
Hq_\b^gh wlh [ueh ijZ\bevgh b[h hgZ lml `_ klZeZ fg_ jZkkdZau\Zlv h
ihy\e_gbbgZk\_l>_ldbKmablZddZdhgZwlhihfgbeZY [ueZj_[_ghqdhfE_`ZeZ\
djh\Zld_ KiZeZLhevdhlhevdhihkhkZeZba[mluehqdbIhlhf qlhlh gZkq_l ebaZgby
dZdy ih^mfZeB ykijhkbe=h\hjbrvluebaZeZ": hgZG_lg_ebaZeZGZkZfhf
^_e_dZdy \uykgbeiha^g__m g__gbdh]^Zg_[ueh[mluehqdbghhgZ\b^_eZfZeurZ
bah[jZ`_ggh]hgZ[mlued_Lh]^Zy ih\lhjbe: ihlhf[ue^jm]hc j_[_ghdihfh]Zy
_cijh^he`blvjZkkdZah jh`^_gbb
AZl_f hgZ \ayeZ djm]euc ij_^f_l k dj_klh\bghc dhlhjuc dh]^Zlh [ue qZklvx
\Z]hgghchkbb kdZaZeZHldm^Zwlh"Y hl\_lbebkoh^ybaijZdlbq_kdbokhh[jZ`_gbc
Z aZl_fkijhkbe: hldm^Zihy\bekyj_[_ghd"HgZhl\_lbeZBadjh\ZldbIjbwlhf
hgZ \ayeZ nb]mjdm fm`qbgu b ihiulZeZkv ihkZ^blv __ \ Z\lhfh[bevqbd gZ kb^_gv_
\h^bl_ey Nb]mjdZ [ueZ kebrdhf [hevrZy b g_ mf_sZeZkv ^_\hqdZ ihiulZeZkv
\ibogmlv__ q_j_ahdhrdhbeb_s_dZdgb[m^v
 G_ e_a_l aZkljyeZ AZl_f hgZ \ayeZ fZe_gvdmx iZehqdm ijhkmgmeZ __ q_j_a
hdhrdh b aZf_lbeZ : iZehqdZ ijhoh^bl Y kdZaZe qlhlh gZkq_l fm`qbgu dhlhjuc
\klZ\ey_l qlhlh \ `_gsbgm qlh[u ^_eZlv ^_l_c HgZ kdZaZeZ M f_gy _klv dhrdZ <
ke_^mxsbcjZay ijbg_kmdhl_ghqdZ\ ^jm]hc^_gv
< wlhlfhf_gl_caZohl_ehkvd fZl_jbb hgZhldjueZ^\_jvY kdZaZeqlhlhijh
jZa]h\hj k fbrdhc Ihy\beZkv g_dhlhjZy lj_\h`ghklv k dhlhjhc gZ^h [ueh qlhlh
^_eZlvY ihiulZekywlh\ujZablv
LugZim]ZeZkvl_[_kgylkykljZrgu_kgu"²H [Z[Zd_²hl\_lbeZhgZWlh
keh\h__ fZlvm`_gZau\ZeZfg_\ k\yabk fZeurdhc>_ldhcKmab
< wlh \j_fy =Z[jb_eZ kgyeZ e_glhqdm k b]jmr_qgh]h [ZjZrdZ b h[_jgmeZ __
\hdjm]k\h_cr_b

LZd=Z[jb_eZgZau\Z_lk\hxk_klj_gdmKmkZggmdhlhjhc

DZ`_lky y kijhkbe __ : qlh _kl [Z[ZdZ" ² G_ agZx ² hl\_lbeZ hgZ Y
\ayeZ]hem[hchgg_lwlh\ha^mrgucrZjbd=Z[jb_eZijb\_aeZk kh[hckims_gguc
rZjbdkh[kl\_gghb]jZb gZqZeZkvk lh]hqlhhgZls_lghhjm^h\ZeZk wlhc\_sbp_ch
dhlhjhck_cqZk]h\hjbeZ
HgZ \ayeZ fZe_gvdmx we_dljbq_kdmx eZfihqdm k fZlh\hc ih\_joghklvx gZ
dhlhjhc [ueh gZjbkh\Zgh fm`kdh_ ebph KdZaZeZ GZjbkmc q_eh\_qdZ Y gZjbkh\Ze
fm`kdh_ ebph gZ eZfi_ _s_ jZa =Z[jb_eZ \ayeZ ieZklfZkkh\u_ dhjabghqdb ^ey
dem[gbdbb kdZaZeZFh`ghy qlhgb[m^viheh`mkx^Z"AZl_fklZeZ\k_kdeZ^u\Zlv\
dhjh[hqdb hq_gv p_e_gZijZ\e_ggh <hdjm] [ueh fgh`_kl\h f_ehq_c b rlmd \hk_fv
jZaguodhjh[hdY aZf_lbeihwlhfmih\h^mLu^_eZ_rv^_l_cdZdkljyiZ_rvkh[bjZy
\k_ \f_kl_ HgZ hl\_lbeZ qlhlh \jh^_ Y ^he`gZ \k_ ijb[jZlv G_evay hklZ\eylv
[_kihjy^hd
< dhgp_dhgph\Z[khexlgh\k_\iehlv^hkZfhcf_edhc\_sbqdb[uehkh[jZghb
keh`_gh \ wlb r_klv dhjh[hd Y ^mfZe dZd `_ fg_ k^_eZlv lh qlh fg_ gm`gh [ueh
k^_eZlv b y ^h\hevgh g_mf_klgh aZl_ye jZa]h\hj h q_jghc fZf_ Lu dh]^Zgb[m^v
k_j^brvky gZ fZfm" Y k\yaZe fukev h q_jghc fZf_ k __ khi_jgbq_kl\hf k fZl_jvx
ihkdhevdm hgb h[_ ex[yl h^gh]h b lh]h `_ fm`qbgm ² iZim ;ueh kh\_jr_ggh
hq_\b^ghqlhhgZ]em[hdhijb\yaZgZd k\h_fmhlpmb lZdZybgl_jij_lZpby[ueZ\iheg_
h[hkgh\ZgZGZhij_^_e_gghfmjh\g_wlh^he`gh[ulvijZ\^hc
Ijb[jZ\ \k_ =Z[jb_eZ ijhbag_keZ Y ohl_eZ [u ijb\_klb kx^Z iZim b fZfm
<uoh^y\ ijb_fgmxhgZkdZaZeZY m[jZeZkv
< l_q_gb_\k_]hwlh]h\j_f_gb=Z[jb_eZ\f_kl_khfghckdeZ^u\ZeZb]jmrdbih^
ihedm\ lhfqbke_b k\h_]hkh[kl\_ggh]hfbrdmb fukgh\ZaZ\yaZeb[Zglm [ZjZrdZgZ
r__
AZl_fy ih[_k_^h\Zek fZl_jvxihdZhl_pijbkfZljb\ZeaZIb]e_c\ ijb_fghc
 ;_k_^Zk fZl_jvx
FZlv kdZaZeZ qlh \ ihke_^g__ \j_fy a^hjh\v_ Ib]eb j_adh mom^rbehkv HgZ g_
dZijbagbqZeZb ohjhrhhlghkbeZkvd fZe_gvdhcLhqlhijhbahrehljm^ghhibkZlvGh
hgZ g_ [ueZ kZfZ kh[hc NZdlbq_kdb hgZ hldZau\ZeZkv [ulv kZfhc kh[hc b lZd b
]h\hjbeZ Y fZfZ Y fZeurdZ D g_c g_evay [ueh h[jZlblvky dZd d g_c kZfhc HgZ
gZqZeZ e_i_lZlv g_ k\hckl\_gguf _c \ukhdbf ]hehkhf Dh]^Z hgZ ]h\hjbeZ k_jv_agh
]hehk[uegZfgh]hgb`_FeZ^_gp_fIb]ey [ueZg_h[udgh\_gghkZfh^hklZlhqgZDh]^Z
jh^beZkvKmkZggZfZlvlml`_hkhagZeZqlhIb]e_ lj_[m_lky]hjZa^h[hevr_\gbfZgby
< ^hf_ i_eb i_k_gdm dhlhjZy Zkkhpbbjh\ZeZkv k feZ^_gq_kl\hf Ib]eb  gh dh]^Z
g_^Z\ghjh^bl_ebaZi_eb__hgZ]hjvdhaZieZdZeZb kdZaZeZI_j_klZgvl_G_ihcl_wlm
i_kgxKhfghchgZgZi_\ZeZh^gmf_eh^bxb [ueZhq_gv^h\hevgZdh]^Zy ]h\hjbe
Ijhieu\ZxlfbfhdhjZ[eby magZeqlhwlhci_kg___ gZmqbehl_p
I_kgy dhlhjZy _c g_ gjZ\beZkv [ueZ g_f_pdhc i_kg_c k bkdmkkl\_ggh
ih^h[jZggufb Zg]ebckdbfb keh\Zfb b [ueZ hq_\b^gh l_kgh k\yaZgZ k [ebadbf
hlghr_gb_f fZl_jb d j_[_gdm Jh^guf yaudhf __ fZl_jb [ue g_f_pdbc hl_p `_ [ue
Zg]ebqZgbghf
< hlghr_gbb q_jghc fZfu b [Z[Zdb fg_ _s_ g_ \k_ [ueh ykgh DhrfZju
Ib]ebfh]ml[ulvb h[Z[Zd_ b hih_a^_
Wlhlj_[_ghdg_[ueijbmq_gd ]hjrdmghdh]^Z\ ^hf_ihy\bekygh\ucfeZ^_g_p
hgZ gZmqbeZkv bf ihevah\Zlvky aZ g_^_ex HgZ [ueZ ba l_o ^_l_c dhlhju_ kgZqZeZ g_
]h\hjylghaZl_f\g_aZighgZqbgZxljZa]h\Zjb\Zlvk\h[h^gh>_\hqdZjZgvr_
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Ijbf_qZgb_jh^bl_e_cBaklZjhcf_eh^bbfuk^_eZebdheu[_evgmx\ dhlhjhc
[ue lZdhc ijbi_\ B fZfZ k iZihc [m^ml a^_kv l_ dh]^Z fZeurdZ kibl >he]h_
\j_fy gZ __ ]eZaZ gZ\hjZqb\Zebkv ke_au dh]^Z dlhgb[m^v gZi_\Ze wlm f_eh^bx Fu
ijb^mfZebgh\u_keh\Zi_j\hgZqZevghwlh[ueZijhsZevgZyi_kgy
b k_cqZk hgZ _c bgh]^Z gjZ\blky Z ihjhc dh]^Z dlhgb[m^v aZi_\Z_l __ hgZ djbqbl
Klhi

\k_\j_fyb]jZeZghk i_j_f_ghch[klZgh\dbm g__jZa\beZkvl_g^_gpbye_`Zlv\
djh\Zld_ b khkZlv [hevrhc iZe_p b ijb wlhf kh\k_f g_ b]jZlv M g__ [ueh hlebqgh_
qm\kl\hjZ\gh\_kbyghihke_ijhbahr_^rbo\ g_ci_j_f_ghgZklZeZiZ^ZlvieZdZlvb
h[b`Zlvky<_eZk_[yk\h_\hevghFZl_jvxlhevdhihgmdZeZK r_klbf_kyp_\h[h`ZeZ
hlpZb m`_lh]^Z]h\hjbeZIZiZGh\kdhj_ aZ[ueZ wlh keh\h eb[h ijhklh g_ fh]eZ
[hevr_ _]h ijhbaghkblv K gZqZehf i_j_f_g dZaZehkv klZeZ \hkijbgbfZlv fZlv dZd
hl^_evgh]hq_eh\_dZijhgbdeZkvex[h\vxd g_cb \lh`_\j_fyklZeZk^_j`Zgg_cih
hlghr_gbxd hlpm
G_kdhevdh ^g_c kimkly ba l_e_nhggh]h jZa]h\hjZ k fZl_jvx y magZe qlh ihke_
dhgkmevlZpbbIb]ey\i_j\u_ihke_jh`^_gbyk_kljuiha\hebeZkqblZlvk_[yj_[_gdhf
\f_klhihklhyggh]h\ujZ`_gbyijhl_klZKh[kl\_gghhgZme_]eZkv\ dheykd_b aZgyeZkv
[_kqbke_ggufb [mluehqdZfb H^gZdh gbdhfm g_ jZaj_rZeZ gZau\Zlv __ Ib]e_c Eb[h
fZeurdhc eb[h fZl_jvx Ib]eb [ueb q_jgu_ b iehob_ Y fZeurdZ FZlv ihoh`_
qm\kl\h\ZeZqlh=Z[jb_eZg_lZdkbevghkljZ^ZeZHgZgZreZkihkh[kbf\hebabjh\Zlv
k\hbi_j_`b\ZgbydZdfZlvwlh\ujZabeZJh^bl_ebqm\kl\h\Zebk\hx[_kihfhsghklv
Hgb dZaZehkv [ueb g_ \ khklhygbb m\b^_lv ihablb\gu_ Zki_dlu kihkh[ghklb j_[_gdZ
j_rblv k\hb ijh[e_fu k ihfhsvx k\hbo \gmlj_ggbo ijhp_kkh\ K ^jm]hc klhjhgu
[uebijZ\ukqblZy__ gug_rg__khklhygb_g_m^h\e_l\hjbl_evguf
Ib]ey e_`ZeZ \ djh\Zld_ b [_kijbqbggh ieZdZeZ Dh]^Z hgb mreb hl f_gy hgZ
kdZaZeZ;Z[ZdZdZd[m^lhqlhlhaZ[ueZIhlhfkdZaZeZ>hdlhj<bggbdhllg_agZ_l
h [Z[ZdZo ² h [Z[Zd_ HgZ lZd`_ kdZaZeZ qlh fbrdZ ohq_l ih_oZlv gZaZ^ \ Ehg^hg
b]jZlv k ^hdlhjhf <bggbdhllhf gh hgZ g_ ohq_l F_`^m ijhqbf hgZ qmlv g_ aZ[ueZ
fbrdmkj_^b^jm]bob]jmr_dgh\ ihke_^gxxfbgmlm\kihfgbeZh g_fb \ayeZk kh[hc
Qm\kl\h\Zehkv qlh hgZ \k_ \j_fy `Ze_eZ h lhf qlh g_ fh`_l jZkkdZaZlv ^hdlhjm
<bggbdhllm h [Z[Zd_ Jh^bl_eyf wlh gZihfgbeh h ij_`g_f i_j_`b\Zgbb baaZ q_jghc
fZfub [Z[Zdb^hl_oihjihdZdZd[uqlhlh\^jm]h[hj\ZehkvFZlvg_agZeZlhqgh]h
ijhbkoh`^_gby [Z[Zdb gh wlh [ueh k\yaZgh k q_jguf ² q_jghc fZfhc q_jghc _x
kZfhc b q_jgufb ex^vfb GZ nhg_ ijbylguo kh[ulbc =Z[jb_eZ \^jm] h[_kihdh_ggh
ijhbag_keZ ;Z[ZdZ ² b \k_ [ueh bkihjq_gh Wlh kh]eZkm_lky k b^__c qlh q_jgh_
a^_kvhagZqZ_lihy\e_gb_g_gZ\bklbbebMljZlZmljZlmbeexabc
?klv_s_h^gZ^_lZev²bgh]^ZfZlv^he`gZmiZklvb ihjZgblvkyb lh]^ZIb]ey
ihfh]Z_l fZf_ ihijZ\blvky Wlh ^hihegbl_evgh_ k\b^_l_evkl\h ² _keb lZdh\h_
lj_[m_lky²h^gh\j_f_ggh]h\hagbdgh\_gbyg_gZ\bklbb ex[\bd fZl_jbb kihkh[ghklb
Ib]eb bkihevah\Zlv fZlv Z]j_kkb\gh D wlhfm gZ^h kmf_lv ^h[Z\blv ^jm]hc \hijhk
iZ^_gb_hagZqZ_laZ[_j_f_g_lvLZdbfh[jZahf\dexqZ_lkyZ]j_kkbyhlpZ

Dhff_glZjbb
Y qm\kl\h\Ze qlh [_k_^Z k ^_\hqdhc b khh[s_gb_ fZl_jb ihdZaZeb qlh y
ijZ\bevgh \u[jZe keh\h aZkl_gqb\hklv \ dZq_kl\_ dexq_\h]h IZpb_gldZ
\ujZ[Zlu\ZeZ gh\h_ hlghr_gb_ d fZl_jb k mq_lhf lh]h qlh __ g_gZ\bklv d fZl_jb
bkoh^beZbaex[\bd hlpmEx[h\vd hlpm\ \hajZkl_r_klbf_kyp_\g_klZeZqZklvx__
p_evghc ebqghklb Z hklZ\ZeZkv lZdh\hc gZjy^m k hlghr_gb_f d fZl_jb dhlhjZy \ lh
\j_fy\k__s_[ueZkm[t_dlb\gufh[t_dlhf 
Baf_g_gb_ k\yaZggh_ k jh`^_gb_f gh\h]h j_[_gdZ ijb\g_keh lj_\h]m b
h]jZgbq_gb_k\h[h^u
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
 l_jfbg_ km[t_dlb\guc h[t_dl kf <bggbdhll B]jZ b ^_ckl\bl_evghklv
Ehg^hg Lw\bklhd iZ[ebd_crgk  klj  : lZd`_ Ijhp_kku khaj_\Zgby b
kihkh[kl\mxsZykj_^ZGvxChjdBgl_jgwrgexgb\_jkblbaij_kkEhg^hgOh]Zjl
ij_kkklj

 \ b]j_Z lZd`_dhrfZjuL_fg_f_g__\f_kl_k wlbfijbrehijbgylb_fZl_jb
dZdhl^_evgh]hq_eh\_dZbdZdke_^kl\b_kZfhml\_j`^_gb_kh[kl\_gghcebqghklb ijb
l_kghc k\yab k hlphf Ij_^iheh`bl_evgh q_jgZy fZfZ y\ey_lky i_j_`bldhf __
km[t_dlb\ghcij_^\aylhklbd fZl_jb
I_j_kfZljb\Zy ^_lZeb ^Zgghc dhgkmevlZpbb y \b`m qlh gZb[he__ \Z`gh_
kh[ulb_ijhbahrehgZjZgg_fwlZi_Wlh[uehlh]^Zdh]^ZIb]eykj_Z]bjh\ZeZgZfhx
bgl_jij_lZpbx ih ih\h^m ^jm]h]h j_[_gdZ hlklZb\Zy k\hx ihabpbx \ dZq_kl\_
j_[_gdZ\ djh\Zld_Z aZl_faZ^Z\Zy\hijhkuhlghkysb_kyd ijh[e_f_ihy\e_gby^_l_c
A^_kvijhy\ey_lkyaj_ehkvdhlhjZyg_\k_]^Zklhevhq_\b^gZ\ \hajZkl_^\moe_lb iylb
f_kyp_\
Kj_^b\Z`guofhf_glh\^ZgghcdhgkmevlZpbbhlf_qmke_^mxsb_
 Kl_kgyxkv ² k\b^_l_evkl\h kbeu b hj]ZgbaZpbb Wlh b ml\_j`^_gby
ikbohZgZeblbdZdZdiZibgh]hq_eh\_dZhlph\kdhcnb]mju
 G_ijbylghklb gZqZebkv k ihy\e_gb_f \ ^hf_ gh\h]h j_[_gdZ qlh \ugm^beh
Ib]ex d ij_`^_\j_f_gghfm ebqghklghfm jZa\blbx HgZ g_ [ueZ ]hlh\Z d ijhklhc
Zf[b\Ze_glghklb
GZebqb_we_f_glh\ihf_rZl_evkl\Z³[Z[ZdZ´kbkl_fZq_jgh]hdhrfZjub l^
E_]dhklvh[s_gby
<j_f_ggh_j_r_gb_ijh[e_fuihkj_^kl\hfj_]j_kkbbd iheh`_gbxfeZ^_gpZ
\ djh\Zld_

Ibkvfhhljh^bl_e_cgZibkZggh_hlphf
Lh qlh <u gZk ijbgyeb [ueh hq_gv fbeh k <Zr_c klhjhgu b gZf kbevgh
ihfh]ehlhqlh<uiha\hgbebdZdjZa\ lhlfhf_gldh]^Zfu^mfZebdZdemqr_\k_]hk
<Zfbk\yaZlvky
DZd<ul_i_jvagZ_l_\_kv^_gvihke_lh]hdZdIb]ey[ueZm <ZkhgZijhe_`ZeZ
\ dheykd_ihkZku\Zyba[mluehqdbY g_^mfZxqlhwlh__ iheghklvxm^h\e_l\hjyeh\
lh \j_fy b \kdhj_ hgZ [jhkbeZ wlh aZgylb_ L_i_jv hgZ ihi_j_f_ggh fZeurdZ b
;hevrZyFZfZ\h\k_f_cihlZdZxsZyghgbdZdg_hgZkZfZ^Z`_g_iha\hey_lgZf
gZau\Zlv k_[y ih bf_gb Ib]]Z lZd hgZ ]h\hjbl mreZ HgZ q_jgZy H[_ Ib]]b²
q_jgu_
Ihij_`g_fmhq_gvljm^ghk mdeZ^u\Zgb_fkiZlvh[uqghg_kiblb \^_\ylvb \
^_kylvbaaZ[Z[Zdb>g_f\\hexgZb]jZ\rbkvhgZ^\Z`^ukdZaZeZFZfZieZq_l²
Ihq_fm"²BaaZ[Z[Zdb;Z[ZdZdZ`_lkyh[uqghk\yau\Z_lkyk q_jghcfZfhcgh\
ihke_^gb_ g_kdhevdh ^g_c \i_j\u_ ihy\beZkv b ohjhrZy fZfZ K_cqZk g_ hq_gv qZklh
hgZ ]h\hjbl ^h\hevgh lj_\h`guf b kljh]bf y\gh g_ k\hbf ]hehkdhf < hkgh\ghf
lhevdhh k\h_c^_ld_²dmde_g_k_klj_K KmkZgghc__ k_kljhc>_ldhcKmabm g__
ohjhrb_ hlghr_gby ² hgZ dZ`_lky bkdj_gg_ khqm\kl\m_l _c ohly bgh]^Z b iehoh
h[jZsZ_lky hgb \f_kl_ mkljZb\Zxl rmfgmx \hagx d \aZbfghfm m^h\hevkl\bx
G_kdhevdh jZa hgZ ]h\hjbeZ dZd [u k kh`Ze_gb_f qlh ^hdlhj <bggbdhll g_ agZ_l h
[Z[Zd_ b ihijhkbeZ G_ \_abl_ f_gy \ Ehg^hg ?s_ mihfygmeZ h lhf qlh hgZ
g_ijZ\bevgh<ZfkdZaZeZqlhijb_oZeZgZfZrbg_ >hgZijb_oZeZih_a^hfohlyfh`_l
[ulvy qlhlhg_lZdihgyeghg_klZe__ i_j_kijZrb\Zlv@AZl_f\ l_q_gb_g_kdhevdbo
^g_c h[ wlhf g_ ]h\hjbeb ^h l_o ihj ihdZ =Z[jb_eZ g_ \kihfgbeZ dZdmxlh i_kgx b
ihijhkbeZ f_gy hl\_alb __ d ^hdlhjm < gZ ^jm]hc ^_gv ihijhkbeZ g_ ^_eZlv wlh]h
Ihlhfb]jZeZhlijZ\eyyih_a^Zk b]jmrdZfb\ Ehg^hgqlh[uihb]jZlvb ih]h\hjblv
Ihke_^gb_g_kdhevdh^g_cy ^he`_g[ue[ulvIb]]hcZ hgZ²FZfhcY ih\_aml_[yd
^hdlhjm<KdZ`bg_l²Ihq_fm"²Ihlhfmqlhfg_gm`ghqlh[ulukdZaZeZg_l
< ihke_^gb_ ^\Zljb ^gy hgZ hq_gv Zdlb\gh m]h\Zjb\ZeZ f_gy hl\_alb __ d
^hdlhjm < i_j\uc jZa wlh [ueh dh]^Z y kdZaZe _c qlh hgZ \u]ey^bl ]jmklghc b hgZ
hl\_lbeZ qlh ]jmklbeZ \k_ mljh Hl\_ab f_gy d ^hdlhjm < Y kdZaZe qlh gZibrm b
jZkkdZ`m^hdlhjm<h lhfqlh__ fmqZ_llhkdZIhke_dhrfZjgh]hkgZijhrehcghqvx
h [Z[Zd_q_jghcfZf_dhlhjZyohl_eZ\aylv__ gyfgyfdb k^_eZeZ Ib]ex q_jghc b
k^Z\beZ_cr_xhgZkdZaZeZ;Z[ZdZ²wlhblyDh]^Zy __kijhkbeqlhlZdh_bly
hgZ kdZaZeZ qlh jZkkdZ`_l ^hdlhjm < L_i_jv m g__ gh\Zy nZglZaby dhlhjmx hgZ
ih\lhjy_l\ jZaebqguo\ZjbZglZoh lhfqlh\k_re_iZxlih]jyabbebfmfmdbghfm[
jjj
Ib]eyihij_`g_fm\yeZyb ]jmklgZyghb]jZ_l[hevr_b klZeZkgh\Zijhy\eylv
bgl_j_kd hdjm`Zxsbf__ \_sZfqlhgZkh[gZ^_`b\Z_l
HgZ ihij_`g_fm k^_j`Zggh hlghkblky d hlpm ih kjZ\g_gbx k l_f dZd
hlghkbeZkvd g_fm^hjh`^_gbyKmkZgguhgZdZ`_lkyfh`_l[ulvg_`ghc dh]^ZhgZ
² fZeurdZ Dh]^Z ijhbkoh^bl qlhlh \hegmxs__ beb gh\h_ beb Ib]ey \klj_qZ_l
gh\h]hq_eh\_dZhgZ]h\hjblqlhwlhm`_[uehdh]^Zy [ueZfZe_gvdbfj_[_ghqdhf\
k\h_c dheykd_ Ih ghqZf fu keurbf dZd hgZ ah\_l k\h_]h j_[_gdZ b jZa]h\Zjb\Z_l k
gbfk [hevrhcg_`ghklvx
Y ^mfZxqlh<uijZ\u\ lhfqlhfui_j_mk_j^kl\h\Zeb\ gZr_fihgbfZgbb
__ ^bklj_kkZ Fu qm\kl\h\Zeb k_[y hq_gv ijbqZklgufb b \bgh\Zlufb ihlhfm qlh g_
k^_eZeb\k_]hlh]hqlhgZ^h[uehk^_eZlvqlh[ugh\ucj_[_ghdg_ihy\bekylZdkdhjh
b __hlqZyggu_fhev[udZ`^mxghqv
JZkkdZ`bl_fg_h [Z[Zd_aZklZ\bebgZkbkdZlvdZdhclh\jZamfbl_evguchl\_l
Fugbdh]^Zg_jZkkdZau\Zeb<ZfdZdhchgZ[ueZ\ feZ^_gq_kl\_hgZdZaZeZkv
m^b\bl_evgh k^_j`Zgghc b lhgdhc h[eZ^Zxs_c dZdhclh \gmlj_gg_c kbehc Fu
\kyq_kdbby ^mfZxmki_rghklZjZebkvm[_j_qv__ hlh[klhyl_evkl\dhlhju_fh]eb[u
k^_eZlv__ fbjkebrdhfkeh`gufDh]^Zjh^beZkvKmkZggZ=Z[jb_eZhdZaZeZkvdZd[u
\u[blhcbadhe_bb hlj_aZgghchlk\hbobklhqgbdh\iblZgbyGZf[ueh[hevgh\b^_lv
__ lZdhc mgb`_gghc b hljbgmlhc b \hafh`gh hgZ wlh ihqm\kl\h\ZeZ < hlghr_gbyo
f_`^mgZfbjh^bl_eyfblh`_[uegZijy`_gguci_jbh^
OhlydZd<u]h\hjbl_^_eZm g__g_lZdm`iehobdZ`_lkyhgZ\k_`_g_gZreZ
_s_ kihkh[ \hkklZgh\blv k_[y \ ij_`g_c nhjf_ Fu ih^mfZeb qlh <Zf \hafh`gh
[m^_lbgl_j_kghihkfhlj_lvg_dhlhju_lbibqgu___ nhlh]jZnbbdhlhju_fh`_l[ulv
emqr_gZrbohibkZgbcjZkdjhxl<Zf__ h[ebddZd_]h\b^bffu

IbkvfhhlfZl_jb
Y ohl_eZ [u ihkeZlv <Zf _s_ g_fgh]h aZf_lhd h Ib]e_ ij_`^_ q_f <u __
ijbf_l_
DZ`_lkyhgZk_cqZkhq_gvohjhrhk kh[hckijZ\ey_lkyb klZeZhkhagZ\Zlv\_sb
hq_gv jZamfgh b ^h\hevgh i_qZevgh Fu keurZeb dZd hgZ \ k\h_c djh\Zld_ ]h\hjbeZ
G_ieZqvfZe_gvdZy>_ldZKmab²a^_kv>_ldZKmab²a^_kv HgZ]h\hjblh lhfdZd
ohjhrhbf_lvk_kljmghy qm\kl\mx\k_lZdbqlhwlhklhbl_c[hevrbomkbebc
HgZ ljZlbl fZkkm \j_f_gb gZ jZa[hjdm qbkldm b fulv_ hkh[_ggh fulv_ \k_]h
qlhihiZ^Z_lih^jmdm< hklZevghfhgZfgh]hg_b]jZ_lb qZklhkb^bl[_a^_eZg_fgh]h
]jmklgZy >h\hevgh fgh]h \j_f_gb ljZlbl gZ kha^Zgb_ mxlZ ^ey k\h_c ^_ldb dmdeu
\ukhdhb^_Zebabjh\Zgghcnb]mjdb
K_cqZk hgZ ]hjZa^h qZs_ dZijbagbqZ_l gZijbf_j [judZ_lky b djbqbl dh]^Z
gZ^heh`blvkykiZlvb l^
Dh]^ZhgZk_j^blkylhqZklhaZfbjZ_lb ihki_rgh]h\hjblY ²fZeurdZy ²
fZeurdZaZkuiZ_lk [hevrbfljm^hf]h\hjblqlhwlhbaaZ[Z[Zdb
>h\hevgh qZklh \ ihke_^g__ \j_fy hgZ ]h\hjbl lZd [Z[ZdZ g_k_l q_jghlm hl
f_gyd l_[_Z ihlhfy [hxkvl_[yY [hxkvq_jghcIb]]bb y ²iehoZyM gZkg_
ijbgylh]h\hjblv_cqlhhgZ²iehoZy^_\hqdZbebqlheb[hih^h[gh_HgZ[hblky
KkuedZgZ^hZf[b\Ze_glgmxkm[t_dlb\gmxfZlv
Mf_gvr_gb_
lj_\h]b
jh^bl_e_c
q_jghcfZfub q_jghcIb]]b]h\hjblIhlhfmqlhhgb^_eZxlf_gyq_jghc
<q_jZ =Z[jb_eZ kdZaZeZ fg_ qlh q_jgZy fZfZ ihpZjZiZeZ fh_ fZfbgh ebph
\uj\ZeZfhbgyfgyfdb\kxf_gyi_j_fZaZeZb m[beZk ihfhsvx[jjY kdZaZeZqlh
hgZ^he`gh[ulv`Z`^_lkgh\Zbf_lvfbemxb qbklmxfZfmIb]eyhl\_lbeZqlhm g__
[ueZlZdZyfZfZdh]^ZhgZ[ueZ_s_kh\k_ffZe_gvdbfj_[_ghqdhf
DZ`_lky hgZ [ueZ hq_gv ^h\hevgZ magZ\ qlh <u __ ijbf_l_ Dh]^Z m g__
\hagbdZxl keh`ghklb hgZ ]h\hjbl qlh gZ^h kijhkblv ^hdlhjZ <bggbdhllZ DZd b
jZgvr_ b]jZ_l Lu ² Ib]ey y ² fZfZ Y ih\_am l_[y d ^hdlhjm <bggbdhllm kdZ`b
g_l²AZq_f"²JZkkdZaZlv_fmh [Z[_k\_qd_\f_klh[Z[Zdbk obljhcmeu[dhc\
m]hedZo]m[dZd[ufZkdbjmy[Z[Zdm
F_`^mijhqbf_keb__ ljm^gh[m^_lihgylvhgZg_]h\hjbljKdZ`_lChfZg
\f_klhJhfZg
>ey gZk [hevrh_ h[e_]q_gb_ qlh <u __ ijbf_l_ Y ^mfZx lhl nZdl qlh fu
agZ_f qlh <u _x aZcf_l_kv k^_eZe gZr_ ih\_^_gb_ [he__ _kl_kl\_gguf Z g_ ijhklh
g__kl_kl\_gghl_jibfufd g_cb wlhdZ`_lkyb^_lgZihevam
HgZ ]h\hjbl h ih_a^d_ d <Zf qlh[u jZkkdZaZlv \Zf h [Z[Zd_ K_cqZk [Z[ZdZ
dZ`_lkyi_j_ghkblq_jghlmhlh^gh]hq_eh\_dZd ^jm]hfm

<u^_j`dZbaibkvfZhlpZ
G_kdhevdh g_^_ev gZaZ^ d gZf gZ qZc aZr_e h^bg fhc ^jm] hq_gv ihhl_q_kdb
^h[juck\ys_ggbdb Ib]eyhq_gvkl_kgyeZkv<q_jZ\kihfbgZyh g_fhgZkdZaZeZY
hq_gv kl_kgyeZkv Z y hl\_lbe qlh hg hq_gv ihoh`bc gZ iZim q_eh\_d lZd hgZ
hibku\ZeZ _]h jZgvr_ b wlh fh`_l \uau\Zlv m ex^_c qm\kl\h kl_kg_gby HgZ
ihfheqZeZ b ihke_ [hevrh]h i_j_ju\Z kdZaZeZ >hdlhj <bggbdhll Z aZl_f kgh\Z
aZfheqZeZ<hllZd 
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
?s_h^ghih^l\_j`^_gb_lh]hqlhdexqhfd i_j\hfmk_Zgkm[uehKl_kgyxkv


<LHJ:YDHGKMEVL:PBYfZjlZ]h^Z
Ib]ey _c ^\Z ]h^Z b iylv f_kyp_\ ihy\beZkv \ ^\_jyo kh k\hbf hlphf fZlv
hklZeZkv ^hfZ k KmkZgghc b kjZam hk\hbeZkv HgZ ohl_eZ ijhclb ijyfh \ dZ[bg_l gh
ijbrehkv ih\j_f_gblv b hgb k hlphf ihreb \ ijb_fgmx LZf ih]h\hjbeb Hl_p
\_jhylghihqblZe_cqlhlhbadgb`dbDh]^Zy [ue]hlh\hgZ[hcdh\hreZh^gZb kjZam
gZijZ\beZkvd b]jmrdZfdhlhju_[uebaZ^\_jvx\ ]em[bg_dhfgZluHgZ\ayeZ\ jmdb
fZe_gvdbc iZjh\habd b gZa\ZeZ _]h AZl_f \ulZsbeZ h^gm gh\mx \_sv ² ]hem[mx
]eZagmx\Zgghqdm\hneZdhg_Hilj_dk
Qlh wlh" AZl_f __ aZbgl_j_kh\Ze ih_a^ Y ijb_oZeZ gZ ih_a^_ : wlh qlh" B
ih\lhjbeZY ijb_oZeZgZih_a^_Jh^bl_eb^_\hqdbohjhrhihgbfZeb__ yaudghfg_
hg ihdZaZeky g_kdhevdh kljZgguf AZl_f hgZ \ayeZ fZe_gvdmx `_elmx we_dljbq_kdmx
eZfihqdmk dhlhjhcfub]jZebijhreucjZab gZdhlhjhc[ueZgZjbkh\ZgZjh`bDexq
pZ HgZ kdZaZeZ K^_eZc qlh[u __ lhrgbeh b dexq ^Zgghfm k_Zgkm fg_ ijbrehkv
ijbjbkh\ZlvjhlAZl_fhgZ\ayeZdhjh[dmk b]jmrdZfbb \u\ZebeZ\k_gZihe<u[jZeZ
djm]emxb]jmrdmijh^ujy\e_ggmx\ p_glj_dhlhjZy[h]agZ_lhldm^Zihy\beZkv
Qlhwlh"M f_gylZdbog_lIhlhf\ayeZ]jmah\bqhdb kijhkbeZ: wlhqlh"Lu
agZ_rvh [Z[Zd_"Y ^\Z`^uijhkbe__ jZkkdZaZlvfg_qlhwlhlZdh_ghhgZg_kfh]eZ
hl\_lblv Wlh fZrbgZ Ib]eb" Wlh fZrbgZ fZeurdb" AZl_f y jbkdgme
ijhbgl_jij_lbjh\ZlvwlhWlhfZfbgZmljh[Zhldm^Zjh`^Z_lkyj_[_ghdHgZy\ghk
h[e_]q_gb_fhl\_lbeZ>Zq_jgZymljh[Z
DZd[u\ ijh^he`_gb_k\hbokeh\hgZ\ayeZdhjh[dmb gZf_j_gghi_j_ihegbeZ
__ b]jmrdZfb HjZevgh_ aZqZlb_ Y ihiulZeky \uykgblv qlh wlh hagZqZeh iml_f
jZaebqguo bgl_jij_lZpbc HgZ dZ`^uc jZa ^Z\ZeZ ihgylv kqblZeZ eb ohjhrbf beb
iehobf lh qlh y kdZaZe DZ`_lky gZb[he__ [eZ]hkdehggh ijbgylZy bgl_jij_lZpby
khklhyeZ\ lhfqlhwlh`b\hlbd<bggbdhllZZ g_q_jgZymljh[ZY kdZaZeqlhlh\ lhf
kfuke_ qlh ihgbfZx qlh lm^Z ihiZeh b \kihfgbe dZd \ ijhreuc jZa ]h\hjbe h
ihy\e_gbb j_[_gdZ iml_f gZiheg_gby dhjabgdb baaZ ijh`hjeb\hklb BaaZ lh]h qlh
dhjabgZ i_j_iheg_gZ hllm^Z ihklhyggh qlhlh \uiZ^Zeh Wlh [ue aZ\_^hfh
kieZgbjh\Zggucwnn_dlY bgl_jij_lbjh\ZelZdqlhwlhb hagZqZehlhrgblvb hgZlml
`_ ijh^_fhgkljbjh\ZeZ aZklZ\b\ f_gy gZjbkh\Zlv [hevrhc jhl gZ we_dljbq_kdhc
eZfihqd_L_i_jvy gZqbgZeihgbfZlvqlhijhbkoh^bl
Y <bggbdhll²j_[_ghdIb]ebhghq_gv`Z^gucihlhfmqlhlZdex[blIb]ex
b __fZlvhgkt_elZdfgh]hqlh_]hlhrgbl
Ib]ey FZeurIb]ebkt_ekebrdhffgh]h>AZl_fhgZkdZaZeZqlhlhh ih_a^d_\
Ehg^hggZgh\hfih_a^_@
Y Lh gh\h_ qlh l_[_ gm`gh wlh <bggbdhllj_[_ghd Ib]eyfZfZ <bggbdhll
ex[ysbcIb]ex>fZfm@kt_\rbcIb]exlZdqlh_]hlhrgbl
Ib]ey >ZijZ\^Z

;_kkeh\_kgh_h[s_gb_b bgl_jij_lZpby
Fh`gh [ueh kdZaZlv qlh jZ[hlZ khklZ\ey\rZy p_ev ^Zggh]h k_ZgkZ [ueZ
\uiheg_gZ
Ihke_ wlh]h fu ^he]h h[sZebkv k ihfhsvx fbfbdb HgZ \jZsZeZ yaudhf y
ih^jZ`Ze b lZdbf h[jZahf fu bah[jZ`Zeb ]heh^ b gZkeZ`^_gb_ _^hc k
ijbqfhdb\Zgb_fb \hh[s_hjZevgh_keZ^hkljZklb_GZkwlhmkljZb\Zeh
Y kdZaZeqlh\gmljbfh`_l[ulvl_fgh< __`b\hlbd_l_fgh"

AZdj_ie_gb_i_j_ghkZ
< i_j_ghk_
<bggbdhll ²
`Z^guc
k ex^h_^kdbfb
ih\Z^dZfb
j_[_ghd
Y KljZrghdh]^Zl_fgh"Ib]ey >Z
Y L_[_kgblkyqlh\gmljbq_jgh"Ib]ey Ib]e_kljZrgh
AZl_fdZdh_lh\j_fyIb]eykb^_eZgZihemb [ueZhq_gvk_jv_aghcGZdhg_py
kdZaZeL_[_gjZ\blkyk <bggbdhllhfHgZhl\_lbeZ>Z
Fu^he]hkfhlj_eb^jm]gZ^jm]ZAZl_fhgZ\_jgmeZkvb iheh`beZ_s_b]jmr_d
\ fZe_gvdmx dhjh[dm ^ey lh]h qlh[u _s_ jZa hlu]jZlv lhrghlm HgZ ijhlygmeZ fg_
we_dljbq_kdmxeZfihqdm
Ib]ey Ih^jbkmc_s_]eZaZb [jh\b
Hgb b lZd [ueb ^h\hevgh q_ldbfb gh y k^_eZe bo _s_ yjq_ AZl_f hgZ \ayeZ
^jm]mxdhjh[dmb hldjueZ__<gmljb[uebb]jmr_qgu_a\_jxrdbHgZlml`_ih^hreZ
b \ayeZ^\mofy]dboa\_jxr_dihdjmig__²imrbklh]h[ZjZrdZb imrbklh]hhe_g_gdZ
HgZ mkZ^beZ bo _klv ba dhjh[db b ^h[Z\beZ _s_ b]jmr_d d fZe_gvdbf a\_jvdZf \
dhjh[d_ Hgb _^yl k\hx _^m HgZ ijbdjueZ djurdhc dhjh[dm k _^hc LZd \hagbdeh
g_qlh\jh^_i_j_oh^gh]hy\e_gby WUDQVLWLRQDOSKHQRPHQRQ \ lhfkfuke_qlhf_`^mg_c
b fghc [ueb [hevrb_ iexr_\u_ a\_jvdb ih_^Z\rb_ k\hx _^m ijbq_f _^Z wlZ \
hkgh\ghfbaa\_jvdh\b khklhyeZIhwlhfmy bgl_jij_lbjh\ZewlhlZd[m^lhhgZkdZaZeZ
fg_ qlh wlh ² khg Y kdZaZe <hl y ² fZeurdZ<bggbdhll dhlhjuc ihy\beky ba
mljh[uIb]ebjh^bekyhlIb]ebhq_gv`Z^guchq_gv]heh^guchq_gvex[blIb]ex
_klib]ebgugh]bb jmdb
< qbke_\k_o^jm]boqZklbqguoh[t_dlh\ SDUWREMHFWV y ihiulZekybkihevah\Zlv
keh\h ]jm^v Fg_ gZ^h [ueh [u kdZaZlv gyfgyfdb Ib]ey klhyeZ k k_jv_aguf
\b^hf ^_j`Z h^gm jmdm \ dZjfZrd_ AZl_f hgZ i_j_[jZeZkv \ ^jm]hc dhg_p dhfgZlu
dhlhjuc m g__ Zkkhpbbjh\Zeky kh \ajhkeufb HgZ ^he]h kfhlj_eZ gZ p\_lu gZ
ih^hdhggbd_²djhdmkuIhlhfihqlbih^hreZd klmemdhlhjucm g__Zkkhpbbjh\Zeky
k fZl_jvxghi_j_reZd
Ihlj_[ghklv\ hlp_^eyh[s_gbykhfghc
Khfg_gb_\ kihkh[ghklbhlpZ\ughkblv__ b^_b
Ib]eyg_`Z^gZy<bggbdhll² [_kdhg_qgh`Z^guc
kbg_fm klmem dhlhjuc m g__ Zkkhpbbjh\Zeky k hlphf LZf hgZ ihkb^_eZ b
kdZaZeZqlhhgZ²dZdiZiZY hiylvaZ]h\hjbeh <bggbdhll_dZdj_[_gd_Ib]eb
Y Lu²fZfZbebiZiZ"Ib]ey Y biZiZb fZfZ
Fu gZ[ex^Zeb dZd a\_jvdb _eb Ihlhf hgZ klZeZ b]jZlv k ^\_jvx IhiulZeZkv
aZdjulv __ gh ^\_jv lZd ijhklh g_ aZdju\ZeZkv aZs_edZ g_ jZ[hlZeZ AZl_f hgZ __
hldjueZb ihreZd hlpm\ ijb_fgmxDZ`_lkyy keurZedZdhgZkdZaZeZ
Y ²fZfZHgbk hlphf^he]hjZa]h\Zjb\ZebZ ykb^_eb `^Zegbq_]hg_^_eZy
< dZdhclhfhf_gl^_\hqdZ\hreZ\f_kl_k hlphfg_ky\ jmdZok\hx\yaZgmxreyidm
Km^y ih __ ih\_^_gbx hgZ ^mfZeZ qlh fh`_l [ulv ihjZ moh^blv ;ueh ykgh qlh _x
h\eZ^_eZlj_\h`ghklvIhlhfhgZhlijZ\beZkv\f_kl_k hlphf\ ijb_fgmxAZl_f\hreZ
^_j`Z\ jmdZoiZevlhb kdZaZeZKdhjhih_^_f
Hiylv mreZ \ ijb_fgmx Y i_j_qblZe k\hb aZf_ldb Q_j_a iylv fbgml Ib]ey
hl\Z`beZkv\hclb\ dhfgZlmy ihij_`g_fmkb^_ekj_^bb]jmr_d\hae_i_j_iheg_gghc
dhjh[dbb \k_wlh\j_fyf_gylhrgbehgZiheHgZ[ueZhq_gvk_jv_aghcb kdZaZeZ
Fh`ghfg_\aylvh^gmb]jmrdm"Y ihgyeqlh^hklZlhqghykghij_^klZ\eyxqlhfg_
^_eZlv
Y <bggbdhll²hq_gv`Z^gucfZeur\k_b]jmrdbohq_l
HgZ ijh^he`ZeZ ijhkblv lhevdh h^gm b]jmrdm Z y ih\lhjye lh qlh hl f_gy
lj_[h\Zehkv ]h\hjblv \ wlhc b]j_ < dhgp_ dhgph\ hgZ hlg_keZ h^gm b]jmrdm hlpm \
ijb_fgmx DZ`_lky y keurZe dZd hgZ kdZaZeZ FZeur ohq_l \k_ b]jmrdb Q_j_a
g_dhlhjh_\j_fyhgZijbg_keZwlmb]jmrdm

Ib]eyb]jZ_ljhevfZl_jb
Jh^beZkvbaiZibgh]hl_eZdZd[m^lhhgh[uehfZfbguf
h[jZlghbdZaZehkv[ueZhq_gv^h\hevgZl_fqlhy `Z^guc
 Ib]ey L_i_jvm fZeurZ<bggbdhllZ\k_b]jmrdbIhc^md iZi_
Y Lu[hbrvky`Z^gh]hfZeurZ<bggbdhllZj_[_gdZdhlhjucjh^bekym Ib]eb
ex[blIb]exb ohq_l__ kt_klv
HgZ ihreZ d hlpm b ihiulZeZkv aZdjulv aZ kh[hc ^\_jv Y keurZe dZd hl_p \
ijb_fghcbah\k_okbeklZjZeky__ jZa\e_qvihlhfmqlhhgdhg_qghg_agZedZdh\Z_]h
jhev\ wlhcb]j_
Y kdZaZehlpmqlh[uhgl_i_jv\hr_e\ dhfgZlmb \f_kl_k gbf\hreZIb]eyHg
k_egZkbgbcklmeHgZagZeZqlhgm`gh^_eZlvHgZ\e_aeZd g_fmgZdhe_gbb kdZaZeZ
Kl_kgyxkv
Q_j_ag_dhlhjh_\j_fyhgZihdZaZeZhlpmfZeurZ²<bggbdhllZwlhqm^h\bs_
dhlhjh]hhgZjh^beZb bf_gghwlh]hhgZb kl_kgyeZkv: wlh_^Zdhlhjmxa\_jb_^yl
<_jlykv dZd xeZ gZ dhe_gyo m hlpZ hgZ jZkkdZaZeZ _fm \k_ ih^jh[ghklb Ihlhf hgZ
gZqZeZgh\mxb hq_gvfgh]hagZqbl_evgmxqZklvb]juY lh`_fZeurdZ²h[ty\beZ
hgZkhkdhevagm\k dhe_ghlpZgZihe]heh\hc\i_j_^f_`^m_]hgh]Zfb
Y Y ohqm[ulv_^bgkl\_ggufj_[_gdhfY ohqm\k_b]jmrdb
Ib]ey
 M l_[yb lZd\k_b]jmrdb
Y >Zghy ohqm[ulv_^bgkl\_ggufj_[_gdhf
y g_ ohqm qlh[u [ueb _s_ dZdb_gb[m^v fZeurdb HgZ hiylv aZ[jZeZkv gZ
dhe_gbd hlpmb jh^beZkvkgh\Z
Ib]ey
 Y lh`_fZeurdZ
Y Y ohqm[ulv_^bgkl\_gghc fZeurdhcBaf_gb\]hehk Fg_k_j^blvky"
Ib]ey
 >Z
Y ih^gye[hevrhcrmfjZkdb^Zeb]jmrdbm^Zjbek_[yihdhe_gyfb kdZaZeY
ohqm [ulv _^bgkl\_gguf j_[_gdhf Wlh _c hq_gv ihgjZ\behkv ohly hgZ \u]ey^_eZ
g_fgh]hbkim]Zgghcb kdZaZeZhlpmqlh_^mbadhjfmrdb_^yliZiZb fZfZ²[ZjZrdb
aZl_fhgZijh^he`ZeZb]jmY lh`_ohqm[ulvfZeurdhc
<k_wlh\j_fyhgZkhkZeZ[hevrhciZe_pDZ`^ucjZadh]^ZhgZ[ueZfZeurdhc
hgZjh`^ZeZkvf_`^mgh]m hlpZiZ^ZygZiheHgZgZau\ZeZwlhjh`^_gb_fGZdhg_p
kdZaZeZ;jhkvfZeurdm<aZbfhh[f_gjheyfbj_[_gdZb =Z[jb_eu\ fmkhjgh_\_^jh
Y hl\_lbe< fmkhjghf\_^j_q_jgufq_jghY ihiulZekyhij_^_eblvdlh[ued_fY
mklZgh\beqlh=Z[jb_e_c[ueyZ hgZ[ueZ\k_fbgh\ufbfZeurdZfbihy\ey\rbfbky
h^gZ aZ ^jm]hc beb h^ghc gh\hc fZeurdhc ihy\ey\r_cky kgh\Z b kgh\Z < dZdhclh
fhf_gl hgZ kdZaZeZ M f_gy j_[_ghd dhlhjh]h ah\ml =Zeeb=Zeeb=Zeeb kj
=Z[jb_eZ >_ckl\bl_evgh lZd a\Zeb h^gm ba __ dmdhe HgZ ijh^he`ZeZ jh`^Zlvky
iZ^Zyk dhe_ghlpZgZihehgZ[ueZgh\ufj_[_gdhfZ y^he`_g[uek_j^blvky[m^mqb
fZeurdhc<bggbdhllhf dhlhjuc ihy\beky ba g__ [ue jh`^_g Ib]e_c ² hq_gv
k_j^blvkyihlhfmqlhohl_e[ulv_^bgkl\_ggufj_[_gdhf
G_ [ulv l_[_ _^bgkl\_gguf j_[_gdhf ² kdZaZeZ Ib]ey Ihlhf jh^beky _s_
h^bg j_[_ghd ihlhf _s_ h^bg b lh]^Z hgZ kdZaZeZ Y ² e_\ ² b aZjuqZeZ ih
ev\bghfmFg_ijbrehkvbkim]Zlvkyihlhfmqlhe_\fh]f_gykt_klvDZaZehkvqlhe_\
ihy\beky dZd [u \ hlf_kldm aZ fhx `Z^ghklv ihkdhevdm fZeur<bggbdhll ohl_e \k_
aZ[jZlvk_[_b [ulv_^bgkl\_ggufj_[_gdhf
=Z[jb_eZhl\_qZeZml\_j^bl_evghbebhljbpZl_evgh\ aZ\bkbfhklbhllh]h[ue
eby ijZ\bebg_l]h\hjygZijbf_j>ZlZdB lh]^Zihy\eyekyev\_ghd
Ib]ey >Z wlh hg jZa^Z_lky ev\bguc jud Y lhevdh  I_j\h_ ba[Z\e_gb_ hl
nh[bbq_jgh]h qlhjh^beZkvB lZf\gmljbg_[uehq_jguf q_jgh
< wlhl fhf_gly ihqm\kl\h\Zeqlh\hagZ]jZ`^_gaZlmbgl_jij_lZpbxdhlhjmx
k^_eZe \ ij_^u^msbc jZa dh]^Z kdZaZe qlh _keb \gmljb q_jgufq_jgh lh wlh baaZ
g_gZ\bklbd gh\hfmj_[_gdmdhlhjuc[ue\ fZfbghf`b\hlbd_L_i_jvhgZijb^mfZeZ
kihkh[dZd[ulvfeZ^_gp_fijbwlhfy ^he`_g[ueij_^klZ\eylv__ kZfm 
AZl_f ijhbahreh gh\h_ kh[ulb_ L_i_jv hgZ bah[j_eZ ^jm]hc kihkh[ jh`^_gby
²baiZibghc]heh\u Wlh[uehaZ[Z\ghY ih`Ze_ehlpZb kijhkbe\u^_j`blebhg
wlhHghl\_lbe>ZeZ^ghghy [uohl_ekgylviZevlh?fm[uehhq_gv`ZjdhH^gZdh
gZwlhfwlZi_fufh]ebaZdhgqblvihlhfmqlhIb]eyihemqbeZlhaZq_fijbreZ
=^_h^_`^Z"HgZgZ^_eZk\hxreyidmb iZevlhb ihreZ^hfhce_]dhb \\_kvfZ
m^h\e_l\hj_gghfkhklhygbb

Dhff_glZjbb
< wlhfk_Zgk_ijbkmlkl\h\Zebke_^mxsb_l_fu
>_lhjh`^_gb_dZdlhrghlZ
 ;_j_f_gghklv dZd j_amevlZl hjZevghc `Z^ghklb dhfimevkb\gh]h ih_^Zgby
hls_ie_ggZynmgdpby
Q_jgZymljh[ZG_gZ\bklvd mljh[_b __kh^_j`bfhfm
JZaj_r_gb_\ i_j_ghk_dh]^Z<bggbdhllklZgh\blkyijhiZ\r_c=Z[jb_e_clZd
qlhhgZfh`_lklZlvgh\ufj_[_gdhfdZd[um^\hb\rbkv
Ij_oh^ys__hlh`^_kl\e_gb_k h[hbfbjh^bl_eyfb
 Ml\_j`^_gb_ k\hbo ijZ\ q_j_a p_ihqdm <bggbdhll  =Z[jb_eZ  `Z^guc
fZeur
Mljh[ZklZgh\blkyg_q_jghc
AZqZlb_dZd[u\ mf_MfijbwlhfehdZebah\Zg\ ]heh\_dZdfha]
Dhff_glZjbc fZl_jb IhjZabl_evgh qlh i_j_ghk bkihevam_lky dZd jZa gZ
jm[_`_f_`^mmqZklb_fb bgl_jij_lZpb_c
Jh`^_gb_dZdb^_b\ mf_ijbq_fgm`ghcb^_b²><<

<hkklZgh\e_gb_kh[kl\_gghcb^_glbqghklbk \hah[gh\e_gb_fb]ju
Wjhlbq_kdh_\ha[m`^_gb_b e_`Zsb_\ _]hhkgh\_w^bih\unZglZabb

IbkvfhhlfZl_jb
Dh]^Z Ib]ey \_jgmeZkv ba Ehg^hgZ hgZ g_ mihfbgZeZ h k\h_f \babl_ gh \_kv
hklZ\rbcky^_gvb]jZeZhq_gv`b\h< p_ehffuihqm\kl\h\Zebqlhihke_ihke_^g_]h
\bablZd <ZfhgZklZeZ]hjZa^h[he__jZkdh\ZgghchgZbgh]^Zkgh\Zb]jZ_lkZfZihk_[_
b ]h\hjbldZdy ihgbfZxk\hbfkh[kl\_gguf]hehkhf
Eh`Zkv kiZlv \ lhl ^_gv dh]^Z hgZ [ueZ m <Zk gZ ijb_f_ =Z[jb_eZ kdZaZeZ
>hdlhj fZeur [ue hq_gv k_j^bl >hdlhj fZeur [judZeky Y g_ \u[jhkbeZ _]h \
fmkhjgbdl_fmkhjgh_\_^jhdjurdmg_aZdjueZ
Ihkj_^b ghqb =Z[jb_eZ ieZdZeZ m g__ [he_eZ
ibky
 ]h\hjbeZ hgZ b _c gm`gh
_oZlv d ^hdlhjm Y kdZaZeZ qlh hgZ g_fgh]h ihdjZkg_eZ lh eb hl ih^]magbdZ lh eb hl
lh]h qlh =Z[jb_eZ kZfZ gZl_jeZ HgZ kdZaZeZ qlh l_jeZ __ b hgZ klmqbl ^^^ dZd
ih_a^b wlhim]Z_l__ ghqvxWlh^_eZ_l__ q_jghcIhlhf=Z[jb_eZ]h\hjbeZh q_jghc
fZf_ Y aZ[ueZ k q_]h wlh gZqZehkv gh ^Zevr_ q_jgZy fZfZ kdZaZeZ =^_ fhb gyf
gyfdb"²Gyfgyfdb\ lmZe_l_b lZfb^_l\h^Z²Q_jgZyfZfZ^Z_lfg_b]jZlvk __
b]jmrdZfb HgZ bki_deZ fg_ ibjh] k baxfhf Y ^_ckl\bl_evgh gZqbgyeZ baxfhf
ibjh]dhlhjuc_chq_gvgjZ\bekyM g__[uehq_gvkfms_gguc\b^dh]^ZhgZkdZaZeZ
Y k_j`mkvgZiZim²Ihq_fm"²Ihlhfmqlhy _]hkebrdhfex[ex
>Y haZ^Zq_g wlhc ih\lhjyxs_cky ^h[jhlhc q_jghc fZfu DZ`_lky wlh g_
k\yaZgh k l_f qlh[u jZkkfZljb\Zlv ohjhrmx b iehomx fZfm dZd h^gh b lh `_ G_
y\ey_lky eb wlh q_flh \jh^_ kf_kb __ kh[kl\_gguo ohjhrbo b iehobo klhjhg" <gh\v
\hagbdZ_ll_fZmfbjhl\hj_gbyiehohcfZfu@
GZ ke_^mxs__ mljh hgZ ^he]h b \ha[m`^_ggh ]h\hjbeZ \ ihkl_eb gh y g_
keurZeZqlhhgZkdZaZeZ
MljhfgZ^jm]hc^_gvhgZkdZaZeZfg_Y [ueZ\ Ehg^hg_m ^hdlhjZ<bggbdhllZ
LZf [ue [hevrhc rmf >hdlhj < [ue hq_gv aZgyl Hg [ue fZeurdhc Y lh`_ [ueZ
fZeurdhc H q_jghc fZf_ g_ ]h\hjbeb Hg [ue fZeurdhc hq_gv k_j^bluf Q_jgZy
fZfZ hq_gv \Z`gZ ^ey ^hdlhjZ <bggbdhllZ AZl_f hgZ \kmgmeZ \ djZg [meZ\dm K
[meZ\dhc [m^_l emqr_ Qlhlh gZkq_l lh]h qlh \h^Z hiylv fh`_l ± K\b^_l_evkl\h
deblhjZetghc fZklmj[Zpbb ihclb H[jZsZykv dh fg_ JZa\_ lu g_ ijboh^beZ b g_
]h\hjbeZ qlh lZd g_ emqr_" Y >he`gh [ulv wlh l_[_ ijbkgbehkv ² >Z lu
ijboh^beZ b ]h\hjbeZ qlh hl wlh]h g_ emqr_ \ wlhf <hafh`gh bf__l hlghr_gb_ d
ikbobq_kdhc ^_yl_evghklb ]jyav Ihlhf qlhlh h q_jghc fZf_ gh y g_ jZkkeurZeZ
qlh bf_ggh \ ihke_^g__ \j_fy fg_ qZklh ]h\hjyl qlh ijboh^bl q_jgZy fZfZ b ^_eZ_l
f_gyfZlvq_jghcDh]^Zy eh`mkvkiZlvfg_gm`gha\hgblvq_jghcfZf_b q_jghc
fZeurd_Kmab JZa]h\hjk\h^blkyd Ijb\_lm
WlhgZihfbgZ_lfg_h lhfqlhaZiZjm^g_c^hlh]hdZdhgZ[ueZm <Zk`Zeh\ZeZkvgZ
dhrfZjuh q_jghcfZf_y kijhkbeZ__LuohjhrhkiZeZ"Q_jgZyfZfZijboh^beZ"
²Q_jgZyfZfZg_ijboh^blQ_jgZyfZfZm f_gy\gmljb

>jm]h_ibkvfhhlfZl_jb
Fum_a`Z_f\ k_j_^bg_Zij_eyg_^_ebgZljb
Ib]ex hq_gvij_ke_^m_lq_jgZyfZfZM g__dhrfZjub hgZ^hiha^gZg_fh`_l
aZkgmlv
 Y g_ kdZaZeZ ^hdlhjm <bggbdhllm h q_jghc fZf_ ihlhfm qlh hg hq_gv aZgyl
>hdlhj <bggbdhll hq_gv aZgyl hg [ue fZeurdhc Fg_ [ueh [u kljZrgh ]h\hjblv
^hdlhjm < h q_jghc fZf_ Hg [ue hq_gv k_j^bluc hg [ue fZeurdhc B y lh`_ [ueZ
fZeurdhcY kl_kgyxkv]h\hjblv^hdlhjm<h q_jghcfZf_
?_ ]eZ\gZy `Zeh[Z gZkq_l q_jghc fZfu khklhbl \ lhf qlh hgZ ^_eZ_l Ib]ex
q_jghcZ ihlhfIb]ey^_eZ_l\k_o^Z`_iZimq_jgufb
Ijhrehc ghqvx hgZ ijhkgmeZkv bkim]Z\rbkv q_jghc fZfu b ihijhkbeZ hlpZ
^Zlvq_jghcfZf_baxfZbaxfIb]eyhq_gvex[bl
HgZ ijhkgmeZkv lZd`_ gZim]Z\rbkv q_jghc >_ldbKmab dhlhjZy ^_eZ_l __
q_jghcAZ ^_gv ^h wlh]h hgZ k[beZ KmkZggm k gh] q_f \ua\ZeZ \k_h[s__ hkm`^_gb_
Q_jgZy >_ldZKmab ijboh^bl ^h\hevgh qZklh b _c gm`gh a\hgblv qlh[u hgZ e_]eZ
kiZlv>_ldZKmab²wlhKmkZggZ
L_i_jvIb]ey]hjZa^hj_`_\uklmiZ_l\ dZq_kl\_Jhkll_g^_gpbb[ulvkh[hc
fZfubebfZeurdbHgZklZeZgZfgh]hdZijbag_cdh]^ZgZ^heh`blvkykiZlvb l^gh
h[uqgh ^h\hevgh kbevgh hl wlh]h kljZ^Z_l ?klv _s_ h^gZ \_sv gZ \k_o ibkvfZo
dhlhju_hgZibr_lb gZjbkmgdZodhlhju_hgZ^_eZ_lgZibkZghFZeurdZ[Z[eZgb
wlh gZ^h ibkZlv gZ dhg\_jlZo Ihgylby g_ bf_x qlh wlh agZqbl >mfZx y <Zf
jZkkdZau\ZeZ qlh j_[_gdZ Ib]eb ah\ml =Z[b=Z[b qlh dZd y ^mfZx hagZqZ_l
=Z[jb_eZbfydhlhjh_ijhbaghkblvhgZg_fh`_l>Fg_dZ`_lkyqlhFZeurdZ=h[eZ
%DE\*RELD g_[Z[eZg²wlh_s_h^bg\ZjbZgl=Z[jb_evih^h[gh=Zeb=Zebbeb
=Zeeb=Zeeb²g_agZxq_fwlb^\Z\ZjbZglZhlebqZxlky

?s_h^ghibkvfhhlfZl_jb
Ib]eyihijhkbeZkvd <ZfgZijb_fdZ`_lky^h\hevghkjhqghDh]^Zy kdZaZeZ
qlh fh`_l [ulv i_j_^ hlt_a^hf \h NjZgpbx gZ wlh g_ o\Zlbl \j_f_gb hgZ hq_gv
jZatyj_gghkdZaZeZqlho\Zlbl
K_]h^gy mljhf hgZ \klZeZ \ [_r_ghf gZkljh_gbb o\ZlZeZ b j\ZeZ gZ qZklb \k_
qlh ihiZ^Zehkv _c gZ ]eZaZ Ihlhf aZe_aeZ \ k\hx dheykdm kdZaZ\ qlh ohq_l _oZlv d
^hdlhjm<bggbdhllmAZl_faZ[jZeZkvdhfg_\ oZeZlb jZkkdZaZeZfg_qlhlh\jh^_lh]h
qlh _c ijbkgbehkv qlh __ _eZ q_jgZy fZfZ Ihlhf \ue_aeZ b kijhkbeZ f_gy dZd hgZ
jh^beZkv
Y jZkkdZaZeZ _c dZd b fgh]h jZa ^h wlh]h dZd hgZ ihy\beZkv gZ k\_l dZd __
aZ\_jgmeb\ ihehl_gp_b ih^Zebfg_: luf_gymjhgbeZ²G_lg_jhgyeZ²>Z
mjhgbeZIhehl_gp_[ueh]jyagh_
< ihke_^g__ \j_fy hgZ g_fgh]h oZg^jbeZ Y ^mfZx lh qlh hgZ lZd fgh]h
gZoh^blkyk gZfbfh`_l[ulv\uau\Z_lm g__[hevrh_gZijy`_gb_
^_l_c \hdjm] fZeh Y bsm ykeb qlh[u hl^Z\Zlv __ lm^Z gZ h^gh^\Z mljZ \
g_^_exGh[hevrbgkl\hbagbo[_jml^_l_clhevdhgZdZ`^uc^_gvZ wlh^mfZx[ueh
[ukebrdhffgh]h^eyg__
 IbkvfhhlhlpZ
Fu ohl_eb [u i_j_^Zlv <Zf dh_dZdb_ aZibkb dZkZxsb_ky Ib]eb Ihke_^gb_
g_kdhevdh ^g_c hgZ gZoh^blky \ khklhygbb [hevrh]h \heg_gby b lj_\h]b b ]h\hjbl
lZdb_\_sbdZdgZijbf_jY hq_gv[_kihdhxkvOhqmd ^hdlhjm<bggbdhllmDh]^Z__
kijZrb\Z_rv \ q_f ^_eh hgZ \k_ \j_fy l\_j^bl qlh \k_ wlh baaZ [Z[Zdb q_jghc
fZfubebgyfgyfhdq_jghcfZfuDjhf_lh]hhgZim]Z_lkyq_jghc>_ldbKmablh
_klvKmkZgguY k^_eZeZ__ q_jghcLh`_kZfh_]h\hjblh q_jghcfZf_HgZ\k__s_
qZklhih\lhjy_ldh]^Zeh`blkykiZlvQ_jgZyfZfZ]h\hjbl=^_fhbgyfgyfdb":
h^gZ`^umljhfhgZihke_wlh]hihijhkbeZihiblvbafZfbghc]jm^b
Ihqlb dZ`^h_ mljh hgZ ohq_l aZ[jZlvky fZf_ \ oZeZl beb ijhkbl qlh[u __
aZ\_jgmeb \ dh\jbd >_ij_kkb\gZy lj_\h]Z DZ`_lky hgZ hq_gv kljZ^Z_l hl lh]h qlh
dh]^ZlhgZau\Zehkvqm\kl\hf]j_oZB hq_gvi_j_`b\Z_ldh]^Zqlhgb[m^vihehfZ_l
beb bkiZqdZ_l bgh]^Z oh^bl ih dhfgZl_ [hjfhqZ lbobf bkdmkkl\_gguf ]hehkhf
Gbq_]h gbq_]h Lh `_ kZfh_ ijhbkoh^bl dh]^Z hgZ m^Zjbl KmkZggm d dhlhjhc
hlghkblky bkdexqbl_evgh qmldh g_kfhljy gZ hl^_evgu_ kju\u =Z[jb_eZ g_ ohl_eZ
ghkblvh^_`^mdhlhjmxfu_cihdmiZebihlhfmqlh\ g_chq_gvfgh]h

Q_jgh_
k\yau\Z_lkyk qm\kl\hf\bgu
LZdZyb]jZijhbkoh^blb gZh^ghfba^Zevg_crbok_Zgkh\e_q_gby
;_]kl\hhlg_aj_ehklbd b^__\ajhkehklb
Qm\kl\h\bgubaaZdhfimevkb\ghc^_kljmdlb\ghklb
FZ]bq_kdh_kj_^kl\hhl\jZlblvim]Zxsb_b^_b
[_eh]hy ohqmq_jgmxdhnlhqdmKdZaZeZqlhfh`_lghkblvq_jgmxh^_`^mlZd
dZdhgZkZfZq_jgZyb ^mjgZy
<q_jZfuk^_eZebg_kdhevdhaZibk_ch g_cohlywlh[ueg_lbibqguc^_gvHgZ
[ueZom`_q_fh[uqghb ijh[ueZk gZfb\_kv^_gvQZs_\k_]hmljhfk gZfb[u\Z_l
gZrZ ijbkem]Z ih`beZy `_gsbgZ dhlhjmx Ib]ey ah\_l AZbgvdhc HgZ hq_gv
ijb\yaZgZd AZbgvd_
Mljhf =Z[jb_eZ ^ZeZ gZf k\h_]h ex[bfh]h iexr_\h]h fbrdm ijh^_eZ\ \ _]h
eZi_ ^ujdm b \ulZsb\ ba g__ \kx gZ[b\dm HgZ [ueZ hq_gv m^jmq_gZ wlbf <_kv ^_gv
hlqZyggh ijhkbeZ m gZk \_sb \ dhlhjuo fu _c h[uqgh g_ hldZau\Z_f dZd [m^lh _c
ijboh^blky \_klb ^he]mx [hjv[m qlh[u ihemqblv bo m gZk KdZaZeZ fZl_jb qlh ohq_l
\uclb aZfm` Dh]^Z lZ hl\_lbeZ qlh g_iehoh [u ih^h`^Zlv hgZ gZklhcqb\h aZy\beZ
G_l g_l Y m`_ [hevrZy ^_\mrdZ dZd [u ]h\hjy l_f kZfuf qlh ^ey b]jmr_d hgZ
kebrdhf\ajhkeZy
Eh`blvky kiZlv klZeh p_euf kh[ulb_f l_i_jv wlh ^h\hevgh qZklh kemqZ_lky
Ib]ey]h\hjblqlh[hblkyq_jghcfZfudhlhjZyaZg_c]hgblky< ^_kylvqZkh\\_q_jZ
hgZih[jhkZeZgZihe\k_ihkl_evgh_[_ev_<ue_aeZbadjh\Zlbb aZy\beZqlh_cgm`_g
klme ba khk_^g_c dhfgZlu Y kdZaZe qlh wlh __ klme b qlh gm`gh lhevdh iheh`blv gZ
g_]hih^mrdmQ_jgmxih^mrdmlh]^Zy kfh]mgZg_ckb^_lv²Wlhihlhfmqlhlu
²q_jgZy"²>ZBaaZlh]hqlhy jZaehfZeZq_jgmxfZfmgZdmkdby fmqZxkv²
G_ gZ^h ² Y ohqm fmqblvky M f_gy ihiZ [hebl fh`gh fg_ ibjh`dZ k [_euf
dj_fhf" Lh b ^_eh ijboh^blky ih\lhjylv fhebl\m ihke_^g__ gh\h\\_^_gb_ \
hkgh\ghfh aZsbl_
>hihegbl_evgZyaZibkv Y m[bjZxb]jmrdb^hdlhjZ<bggbdhllZZ lhihehfZx
bo Ib]ey kdZaZeZ wlh dh]^Z [ueZ m <Zk ijhreuc jZa m`_ kb^y \ lZdkb AZ[ue lh]^Z
<ZfkdZaZlv
Kbf\he hlqZygby \ua\Zggh]h hsms_gb_f lh]h qlh hgZ aZ[_j_f_g__l dZd
\ajhkeZy

LJ?LVYDHGKMEVL:PBYZij_ey]h^Z
Ib]eyk_cqZk_c^\Z]h^Zb r_klvf_kyp_\\u]ey^_eZf_g__gZijy`_gghcq_f
jZgvr_b \lZdhfkhklhygbbhklZ\ZeZkvihklhygghDZaZehkvqlhhgZm^ZebeZkv_s_gZ
h^bgwlZihll_oZdlmZevguo lj_\h] h dhlhjuo ]h\hjbeZ Ih kmlb y l_i_jv ihgye dZd
]em[hdhhgZ[ueZih]jm`_gZ\ gbojZgvr_dZdj_[_ghdikbohlbdY ihr_e\ ijb_fgmx
b gZr_e __ lZf k j_[_gdhf ² fZe_gvdhc dmdehc aZ\_jgmlhc \ i_e_gdm aZdhehlmx
[meZ\dhcHgZkl_kgyeZkv\hclbkhfghc\f_kl_\ dZ[bg_llZdqlhy aZr_eh^bgIhlhfy
\ur_e aZ g_c b hgZ ihdZaZeZ fg_ f_rhq_d \ dhlhjuc iheh`beZ g_fgh]h i_kdZ b
dZf_gv Wlh hgZ ih^h[jZeZ gZ mebp_ >_\hqdZ g_ ohl_eZ aZoh^blv ihwlhfm y kdZaZe
IZiZlh`_aZc^_lbf_gghwlh]hhgZb ohl_eZK kh[hchgZ\ayeZf_rhq_dk i_kdhfb
dZfg_f Z j_[_gdZ hklZ\beZ Hl_p mk_eky gZ k\h_ h[uqgh_ f_klh \h \ajhkehc qZklb
dhfgZlub iheh\bgm\k_]h\j_f_gbfuk gbf[uebhl^_e_gu^jm]hl^jm]ZaZgZ\_khf
HgZkjZamgZijZ\beZkvd b]jmrdZfb ijh^_eZeZ\ lhqghklblh`_kZfh_qlhb \ijhreuc
jZa
Ib]ey >eyq_]hwlh"
Y Wlh ² lh h q_f lu f_gy \ ijhreuc jZa kijZrb\ZeZ b y kdZaZe h[ wlhf
Hldm^Zihy\bekywlhlj_[_ghd"
Y kijhkbeh i_kd_b dZfg_: wlhhldm^Z"
Ib]ey K fhjy

Ml\_j`^_gb_ qlh fu jZ[hlZ_f GZ wlhf wlZi_ b]jZ kem`bl kj_^kl\hf
dhffmgbdZpbbZ g_jZa\e_q_gby
Lj_\h]ZbaaZ[_a`Zehklghklbbebdhfimevkb\gh_ih\_^_gb_
HgZ\ayeZ^jm]b_ij_^f_lub \_^_jdhbhq_\b^gh\k_ihfgbeZAZ]h\hjbeZh[h
\k_fih^jh[gh
Ib]ey Wlhqlh"Ih_a^IZjh\ha`_e_agh^hjh`gu_\u]hgu=jmah\bdb
H^gh]hhgZgZa\ZeZev\_gdhfIhlhf\ayeZfZe_gvdh]hfZevqbdZ
Ib]ey M l_[y_klv_s_fZe_gvdbcfZevqbd"HgZgZreZfZe_gvdh]hq_eh\_qdZb
_]h`_gmIb]ey Fg_gjZ\blkywlhlfZevqbd
 Fg_ijbrehkvihfhqv_fmk_klvAZl_f\ayeZ^jm]hciZjh\ha
Ib]ey Y ijb_oZeZgZih_a^_\ Ehg^hgd <bggbdhllmY ohqmagZlvihq_fmq_jgZy
fZfZb [Z[ZdZY IhklZjZ_fkyjZamagZlvh[wlhf
GZwlhfy hklZgh\bekyHgZijh^he`ZeZ\u[bjZlvb]jmrdbgZreZdjZkghdh`_]h
bg^_cpZk^_eZggh]hbakbg_cieZklfZkku
Ib]ey M f_gyg_lh^gh]hbawlbo\Z]hgqbdh\
HgZ\ugbfZeZ\k_b]jmrdbmdeZ^u\Zybojy^Zfb
Ib]ey Bgl_j_kghqlhwlhlZdh_M l_[y_klveh^db"G_fh]mgZclbgbq_]hlZdh]h
gZ qlh [u \hl wlhfm k_klv >h ieZklfZkkh\hc kb^ys_c nb]mjd_@ <bggbdhl]m g_ [ulv
fZeurdhc[ulv_fm<bggbdhllhf>Zwlhf_gyb gZim]ZehG_[m^v[hevr_fZeurdhc
HgZ y\gh ih^mfu\ZeZ h lhf qlh[u ih\lhjblv lm b]jm \ dhlhjmx b]jZeb \
ijhreucjZa
Ib]ey Fh`ghy \ukuiex\k_ba\_^_jdZ"
Y >ZLZd\hlfZeurdmlhrgbehdh]^Z<bggbdhll[uefZeurdhc
IhlhfhgZaZ]h\hjbeZh ]jmah\bd_\ dhlhjucfh`gh[ueh[ukeh`blvb]jmrdb
Ihlhf h ^jm]hf ih_a^_ HgZ \ayeZ ^\Z ihoh`bo \Z]hgqbdZ kjZ\gbeZ bo b ihklZ\beZ
jy^hf
Y G_lhqlhIb]eyb fZeurdZihlhfmqlhIb]ey[hevr_fZeurdb
HgZjZaeh`beZfgh]hb]jmr_djy^urdhfb ijh^he`ZeZ
Ib]ey Qlhwlh"IZjh\haY ijb_oZeZgZlZdkbLu_a^begZlZdkb">\ZlZdkbD
<bggbdhl]mJZ[hlZlvk <bggbdhllhf
AZl_f hgZ ihiulZeZkv aZklZ\blv f_gy gZ^mlv rZjbd dhlhjuc y ^mfZx hgZ
hklZ\beZ m f_gy dh]^Z ijb_a`ZeZ i_j\uc jZa M f_gy wlh g_ hq_gv ihemqZehkv HgZ
ihl_jeZrZjbd\ jmdZoihdZaZeZfg_k\hxaZkl_`dmfhegbxb kdZaZeZ<\_job hiylv
\gba HgZ hiylv ihijhkbeZ f_gy gZ^mlv rZjbd KdZaZeZ qlh m g__ _klv jmqdZ qlh
\hafh`gha\mqZehdZdgZf_dohlyb _^bgkl\_ggucgZlhqlhy ibkZedZjZg^Zrhf\_^y
k\hb aZibkb Ihlhf hgZ gZreZ \ h^ghc dhjh[d_ ^\mo fZe_gvdbo a\_jxr_d b aZohl_eZ
gZclbkh[ZqdmijbgyeZkvbkdZlvB]jmrdbgb]^_g_[ueh\b^ghghhgZk ijhreh]hjZaZ
ihfgbeZ h ^\mo [hevrbo fy]dbo a\_jxrdZo HgZ mkZ^beZ bo jy^urdhf Z ihlhf
klhedgmeZ gZ ihe hgZ gZau\ZeZ bo h[_bo kh[ZqdZfb ohly \lhjZy b]jmrdZ [ueZ
he_g_gdhf
Ib]ey H^gZkh[ZqdZ[ueZk_j^blZy
H[_kh[Zqdbkh[bjZebkv\klj_qZlvih_a^b hgZ[_a`ZehklghiexogmeZbogZihe
Ib]ey M l_[y_s__klvkh[ZqdZ"Y G_l
Ib]eyihreZihdZaZlviZi_ljb\Z]hgqbdZhlih_a^ZHgZklZeZjZkkdZau\Zlv_fm
qlhlhh jZaguop\_lZoZ ihlhf[jhkbeZ b]jmrdb b aZy\beZ Wlh ih_a^ [jhkZ_l HgZ
ihdZau\ZeZqlhwlh[uehij_^gZf_j_ggh_^_ckl\b_h[hagZqZ\r__bkijZ`g_gb_AZl_f
Ib]ey ih^hreZ dh fg_ b ihiulZeZkv aZlbkgmlv fZe_gvdh]h q_eh\_qdZ b `_gsbgm \
\Z]hgqbd
Ib]ey Kebrdhf [hevrb_ g_ \e_aZxl Dh]^Zgb[m^v gZ^h gZclb fZe_gvdh]h
q_eh\_qdZY FZeurdmfZevqbrdm\f_klhiZiu"
HgZihreZd hlpmb ijbgyeZkv^hgbfZlv_]hZ yhl^_jgmeaZgZ\_kdhlhjuc _]h
kdju\Zeb lZdbfh[jZahfhgklZe[he__ijbqZkl_gd b]jh\hckblmZpbbHl_pagZyqlh
_fmijb^_lkyi_j_`blvgZijy`_ggucfhf_glkgyeiZevlhIb]eyaZ[jZeZkvijyfh_fm
gZ]heh\mZ hg__ ih^^_j`b\ZelZd\hah[gh\beZkvb]jZijhreh]hjZaZ
Ib]eyY [m^mfZeurdhcY ohqm[ulv[juuuo
Wlh dZd y magZe hagZqZeh n_dZebb Hl_p kdZaZe qlh KmkZggZ b]jZeZ \ lZdmx
b]jmdh]^Zhg^_j`Ze__ gZ^k\h_c]heh\hcIb]exwlhhq_gvaZbgljb]h\Zehb hgZqZklh
jZa\e_dZeZkvih^jZ`ZyfZe_gvdhcHgZdZd[uhijh\_j]ZeZlhlnZdlqlh^eylZdhcb]ju
hgZ\k_lZdb[ueZly`_eh\ZlZ
Ib]ey Y ²Ib]ey
Ihkl_i_gghhgZklZeZjh`^ZlvkykiheaZygZihef_`^miZibguogh]
Ib]ey fg_Lug_fh`_rv[ulvfZeurdhcihlhfmqlhf_gywlhhq_gvim]Z_l
DZdbflhh[jZahf_cm^Z\Zehkv\eZ^_lvkblmZpb_clZdqlhhgZ[ueZg_\h\e_q_gZ
Z b]jZeZ\ g__
Hl i_j\bqgh]hd \lhjbqghfmijhp_kkm
Ij_^ihql_gb_b^_b]_gblZevghc[_j_f_gghklbi_j_^ij_]_gblZetghc
< ijhreuc jZa hgZ [ueZ \h\e_q_gZ < dhgp_ dhgph\ y kdZaZe Fg_ [ulv
k_j^blhc Ib]e_c" HgZ hl\_lbeZ Gm k_j^bkv kjZam Y jZkk_j^beky b hijhdbgme
b]jmrdbHgZih^hreZb \k_boih^h[jZeZ
Ib]ey Lu gZ qlh aebrvky" Y Y ohl_e [ulv _^bgkl\_gguf fZeurdhc ihwlhfm
f_gylhrgbehM fZfufZeurdZ[juuuoIb]ey M fZfug_l[juuuom g__lhevdh
ibky
HgZ aZ]h\hjbeZ h ib]ebghf j_[_gd_ Y ah\m fhx ^_ldm =w^^b]w^^b]w^^b
*DGG\JDGG\JDGG\ >Kj =Z[jb_eZ *DEULHOOH >_ldZ^_ldZ %DE\EDE\ =Zeeb]Zeeb
]Zeeb *DOOLJDOOLJDOOL@
Hl_p kdZaZe qlh \_jhylgh wlh k\yaZgh k =Z[jb_e_c HgZ ]h\hjbeZ h fZeurd_
dmde_ \ ijb_fghc GZf hgZ ihfh]eZ kdZaZ\ >_\qmrdZ^_\qmrdZ^_\qmrdZ *LUOLH
JLUOLHJLUOLH l_f kZfuf ijb^Z\Zy ^hihegbl_evgh_ agZq_gb_ wlhfm keh\m b gZqZeZ
\hegh\Zlvkyh lhfqlhihjZ_oZlv^hfhclj_\h]Z
Y L_[ywlhim]Z_lihlhfmqlhy [uek_j^bluffZeurdhc
Ib]ey Hq_gvk_j^bkv>B yk_j^bekyb ]h\hjbeh fZeurd_[juuuo@
Ib]ey G_l>_ldZKmab
Y Y >Y Ib]ey fZeurdZ@ohl_eqlh[uiZiZ^Zefg_fZeurdm
Ib]ey h[jZsZykvd hlpmLu^Zrv<bggbdhllmfZeurdm"
Y ]h\hjbe h lhf qlh Ib]ey k_j^blky aZdju\Z_l ]eZaZ g_ \b^bl fZfm dhlhjZy
klZeZq_jghcihlhfmqlhhgZaebeZkvgZg__baaZlh]hqlhiZiZ^ZefZf_fZeurdm
Ib]ey Ghqvx\ djh\Zld_fg_hq_gvkljZrghY Khgkgblky"
Ib]ey >Zfg_kgblkykhgqlhaZfghc]hgylkyq_jgZyfZfZb [Z[ZdZ
< wlhlfhf_glhgZih^gyeZdhe_khk aZhklj_gghchkvxhghhlkdhqbehhlh^gh]h
baih_a^h\b kmgmeZaZhklj_ggmxhkvk_[_\ jhl
Ib]ey Qlh wlh" >Fh`gh kdZaZlv qlh hgZ \ayeZ _^bgkl\_ggmx hiZkgmx \_sv ba
\k_ob]jmr_db gZijZ\beZ__ k_[_\ jhl@
Y ?keb[uq_jgZyfZfZb [Z[ZdZihcfZebl_[yhgb[ul_[ykt_eb"
HgZ \k_ \j_fy ijb[bjZeZkv b jZkkljhbeZkv baaZ lh]h qlh g_ fh]eZ aZdjulv
djurdhch^gmbadhjh[hdihlhfmqlh\ g_ce_`Zehkebrdhffgh]h
Y Dh]^Zl_[_kgbekykhgqlh^_eZebiZiZb fZfZ"
Ib]ey Hgb [ueb \gbam k J_gZlhc _eb [jhddheb >J_gZlZ [ueZ gh\hc aZfhjkdhc
kem`Zgdhc@J_gZlZex[bl[jhddhebb m`bg
<k_wlh\j_fyIb]eyijh^he`ZeZklZjZl_evghijb[bjZlvky
Y LZdfuihgyeb gZkq_lq_jghcfZfub [Z[Zdb"Ib]ey G_lfg_gZ^hihclb d
fZeurd_>dmde_@ih^h`^_rvg_fgh`dh"
HgZb]jZeZk ^\_jvx
Ib]ey ;m^v <bggbdhllhf IZiZ h l_[_ ihaZ[hlblky >Z iZi" ?keb y aZdjhx
^\_jv<bggbdhllbkim]Z_lky
Y Y [ubkim]Zekyq_jghcfZfub [Z[Zdb
Ib]eyaZdjueZ^\_jvlZdiehlghdZdlhevdhfh]eZb ihreZaZfZeurdhcDh]^Z
hgZ \_jgmeZkv y kdZaZe qlh f_gy gZim]ZeZ q_jgZy fZfZ b [Z[ZdZ gh iZiZ h[h fg_
aZ[hlbeky<_jgm\rbkvhgZ^he]hb]jZeZk wlhcfZeurdhcdmdehcZ keh\Zhldjulvb
aZdjulvl_i_jvhlghkbebkvd i_e_gd_dmdeub h]jhfghc[meZ\d_< wlhf^_e_hl_p_c
ihfh]ZeHgZ^he]hgZdju\ZeZdmdemi_e_gdhc
Ib]ey L_[_gm`_gfZeurdZ<bggbdhll"Fh`_rv\aylvihlhffh_]h
IZiZijh^he`ZegZ[ex^ZlvaZijhp_kkhfi_e_gZgbyb ihfh]Zlv
Ib]ey G_aZdju\Zc__ >[meZ\dm@
IhlhfhgZihk_dj_lgbqZeZk hlphf^Z\Zlvbebg_^Z\ZlvfZeurd_d_dkb ibjh]
KdZaZeZHgZhq_gv[juuuoeZyfZeurdZqlhhagZqZehqlhhgZ\kyi_j_iZqdZeZkvb
__ ijbrehkv i_j_h^_\Zlv AZl_f Ib]ey ih^hreZ dh fg_ b ihdZaZeZ ihq_jg_\rbc
[hevrhc iZe_p gZ jmd_ dhlhjuc hgZ \b^bfh q_flh ijbs_fbeZ Ihlhf \ugmeZ ba
k\h_]h dZjfZrdZ ^\Z b]jmr_qguo ahglbdZ b \hldgmeZ h^bg fg_ \ \hehku Ih^gyeZ
fZeurdm b \hldgmeZ h[Z ahglbdZ \ __ \hehku IhiulZeZkv mkZ^blv fZeurdm gZ
klmevqbdghdZd[uihaZ\b^h\Z\_ci_j_^mfZeZb mk_eZkvkZfZAZl_faZohl_eZihdZaZlv
fZeurd_dZdhckf_rghchgZ\u]ey^_eZ\ a_jdZe_
Y FZeurdZ²wlh<bggbdhllIb]ey G_l=w^^b]w^^b]w^^b
L_i_jvhgZ[ueZ]hlh\Z_oZlv^hfhc\k_[uehijb[jZghHgZijbg_keZhlpm_]h
iZevlhb kh[jZeZf_rhq_dk i_kdhfb dZfg_f
Y OhjhrhghfujZah[jZebkvgZkq_lq_jghcfZfub [Z[Zdb"
HgZ h]ey^_eZ \k_ b]jmrdb dhlhju_ [ueb ZddmjZlgh m[jZgu b kdZaZeZ ;Z[ZdZ
\ky\ ihjy^d_B fg_ihdZaZehkvhgZ]h\hjbeZh lhfqlh[Z[ZdZbf__lhlghr_gb_d [j
uuuo bibk_ijbgZ^e_`Zs_cq_jghcfZf_
AZ[u\qb\hklvdZdkj_^kl\haZsbluhlkmfylbpub lj_\h]b
 dhlhjZyq_jgZihlhfmqlh__ g_gZ\b^yllZddZdiZiZ^Ze_cfZeurdm
Y ijh^he`Ze kb^_lv gZ ihem Z hgZ \iheg_ ^h\hevgZy \ureZ k hlphf q_j_a
iZjZ^gmx^\_jv

Dhff_glZjbb
< wlhfk_Zgk_]eZ\gufb[uebke_^mxsb_l_fu
<ha\jZld l_f_ij_^u^ms_cb]jughk aZ^_j`dhc baaZlj_\h]b
Gh\Zykihkh[ghklvb]jZlv\ im]ZxsmxnZglZabxb l_fkZfufkijZ\eylvkyk
g_c \f_klh lh]h qlh[u [ulv \ __ \eZklb Z hk\h[h`^_gb_ b jZkrbj_gb_ ^bZiZahgZ
^_ckl\bc[mljZlZg_ihkj_^kl\_ggh]hi_j_`b\Zgby
 Bkiulu\Zgb_ lj_\h]b baaZ \kmgmlhc \ jhl hiZkghc aZhklj_gghc hkb
gZf_dZxs_c gZ nZglZabx gZkq_l `Z^gh]h klj_fe_gby fZl_jb d hjZevghfm hsms_gbx
i_gbkZhlpZ
 L_i_jv __ j_[_ghd dmdeZ ^Ze _c dZd ^_\hqd_ g_dhlhjh_ hkgh\Zgb_ ^ey
fZl_jbgkdhcb^_glbnbdZpbb Y
QZklbqgh_jZaj_r_gb_gZlhchkgh\_qlhq_jgh_bf__lhlghr_gb_d g_gZ\bklb
\hdjm] lh]h qlh iZiZ ^Ze fZf_ fZeurdm ohly g_kdhevdh baebrg_
bgl_ee_dlmZebabjh\Zggh_
L_fgu_kbeu[uebm[jZguijhqvl_aZ[ulu
<Z`ghklvg_ihgbfZgby fghxl_oh[klhyl_evkl\dexqb^eyjZa]Z^dbdhlhjuo
hgZihdZ_s_g_kfh]eZfg_^ZlvLhevdhkZfZIb]eyagZeZhl\_lub dh]^ZhgZkfh`_l
ihklbqvagZq_gb_hiZk_gbchgZ^Zklb fg_\hafh`ghklvlh`_ihgylvwlh

IbkvfhhlfZl_jb
Y ohl_eZ [u ihkeZlv <Zf g_kdhevdh aZibk_c h Ib]e_ ohly fhc fm` gZ\_jgh_
dh_qlh<Zfm`_jZkkdZaZeihl_e_nhgm
Ihke_ ijb_fZ m <Zk hgZ \_jgmeZkv ^hfhc \ ^mjghf gZkljh_gbb b \ l_q_gb_
g_kdhevdbo ^g_c aZdZlu\ZeZ fZkkm kp_g hkh[_ggh dh]^Z gZ^h [ueh eh`blvky kiZlv
K_cqZkhgZdZ`_lkyhiylvmkihdhbeZkv
G_kdhevdh ^g_c hgZ ohl_eZ [ulv j_[_gdhf KmkZggu ² wlh kha^Z\Zeh hq_gv
ly]hklgmxkblmZpbx\_^vKmkZggZg_j_Z]bjm_lZ dh]^Z=Z[jb_emkijZrb\Zebihq_fm
hgZwlh]hohq_lhgZhl\_qZeZY klZjZxkvihex[blv^_ldmKmab
>gy^\Zihke_ijb_fZIb]ey\_eZk_[yhq_gvZ]j_kkb\ghihhlghr_gbxd ^jm]bf
^_lyfM g___klvi_jqZlhqgZydmdeZb hgZfg_kdZaZeZijhg__
K^_eZcqlh[uhgkl_kgyekylh]^Zy kfh]m_]hm^Zjblv
<_q_jhflh]h^gydh]^ZhgZ\_jgmeZkvihke_ijb_fZm <ZkIb]eykdZaZeZfg_Y
[hxkv q_jghc fZfu Fg_ gZ^h hiylv _oZlv d ^hdlhjm <bggbdhllm d gh\hfm ^hdlhjm
<bggbdhllm HgZ \k_]^Z lZd hnbpbZevgh ]h\hjbl h k\hbo \bablZo d <Zf aZ
bkdexq_gb_f lh]h ^gy dh]^Z hgZ dZd jZa i_j_^ ihke_^g_c ih_a^dhc d <Zf ^h\hevgh
eZkdh\hgZi_\ZeZ<bggbdhll<bggbdhll
 HgZ k_cqZk g_kdhevdh jZa ]h\hjbeZ h lhf qlh ^he`gZ _oZlv d ^hdlhjm < baaZ
q_jghc fZfu Ihq_fm lu g_ kdZaZeZ ^hdlhjm <" ² Gm dZd `_ y kdZaZeZ _fm h
[Z[Zd_ ² Wlh hllm^Z ^_lb ihy\eyxlky" ;Z[Zk\_qdZ ijb k\_l_ k\_q_c 7KH
EDEDFDQGOHE\FDQGOHOLJKW
HgZ `Zeh\ZeZkv gZ lh qlh m g__ [hebl ibky Lu qlh __ ihl_jeZ beb wlh baaZ
ih^]magbdZ" ² Ihl_jeZ HgZ q_jgZy >Zc fg_ [_eh]h dj_fZ qlh[u hgZ ihijZ\beZkv
Lh]^Zy kfh]m__ ihl_j_lv_s_
FugZ[ex^ZebdZdk ]hj kimkdZebkv kmf_jdb Dh]^Z kl_fg__l y [m^m [hylvky
>hdlhj<g_agZ_lqlhy [hxkvl_fghlu²: ihq_fmlu_fmh[wlhfg_kdZaZeZ"²
Y m[jZeZ\kxl_fghlm
G_kdhevdh ^g_c ihke_ lh]h ijb_fZ ylZdb [ueZ hq_gv q_jghc fZfhc Ib]ey g_
\_jbeZgbq_fmbalh]h qlh y ]h\hjbeZ HgZ jZa[beZ g_kdhevdh ij_^f_lh\ \ lhf qbke_
kZoZjgbpm ba dhlhjhc ihklhyggh [jZeZ k_[_ [hevrb_ kZoZjbgu ohly wlh b
aZij_sZ_lkyDZ`_lkyhgZk_[ym`Zkghqm\kl\m_ldh]^Zqlhgb[m^vihehfZ_l_kebwlh
g_evay kjZam `_ ihqbgblv ^Z`_ _keb wlh qlhlh kh\k_f g_agZqbl_evgh_ Ihkdhevdm k
gZfb k_cqZk `b\_l fhy fZfZ hgZ \ hkgh\ghf b hdZau\Z_lky q_jghc fZfhc B fu k
Ib]e_c ohjhrh eZ^bf Lml m` Ib]e_c klZgh\exkv y Z hgZ ² fZfhc HgZ k_cqZk g_
hq_gv \gbfZl_evgZy b ZddmjZlgZy <q_jZ [ueb lZdb_ ^\Z jZa]h\hjZ Ib]ey lu f_gy
ex[brv"²Y>ZHgZLuihfgbrvdh]^Zy jZa[beZlZj_edm"²HgZLuf_gy
ex[brv"²Y>ZZ lu"²G_ly l_[yg_ex[exLuq_jgZyb f_gyihlhfk^_eZ_rv
q_jghc

Mom^r_gb_@_kldhklvhj]Zgbah\ZgghcaZsblu
;he_agvl_i_jvghkblhj]Zgbah\ZggucoZjZdl_jIh^ebggh_YkijylZgh

IbkvfhhlfZl_jbgZibkZggh_\h\j_fyhl^uoZaZ]jZgbp_c
Fukgh\Zohlbf<ZfgZibkZlvihlhfmqlhhq_gv[_kihdhbfkyaZIb]exB fu
ohl_eb [u qlh[u <u kdZaZeb g_ lj_[m_lky eb _c iheguc ikbohZgZeba ohly _keb wlh
lZdfug_hq_gvohjhrhij_^klZ\ey_fdZdwlhk^_eZlv
;hevr_ \k_]h gZk lj_\h`bl km`_gb_ __ fbjh\hkijbylby dZ`_lky qlh hgZ
kh\_jr_ggh aZfdgmeZkv \ k\h_f kh[kl\_gghf fbjd_ dZd [u h]jZ`^_gghf hl \k_c
hklZevghc `bagb ?^bgkl\_ggu_ fukeb dhlhju_ aZgbfZxl Ib]ex djhf_ ihklhyggh]h
lj_[h\Zgby dZdboeb[h \_s_c b k\h_c \g_rghklb \jZsZxlky \hdjm] __ \hkihfbgZgbc
hkgh\ZgguogZlhfqlhhgZhldh]hlhkeurZeZbebgZjZkkdZaZoba`bagbk_fvbh lhf
\j_f_gbdh]^ZhgZ[ueZfeZ^_gp_fb _s_g_mf_eZ]h\hjblv
HgZ\k_[hevr_b [hevr_]h\hjblbkdmkkl\_ggufkeZ[uf]hehkhfb klZgh\blky
\k_ [he__ Znn_dlbjh\Zgghc b g__kl_kl\_gghc HgZ l_i_jv bah \k_o kbe klZjZ_lky
ijb\e_qvd k_[_\gbfZgb_aZqZklmxmkljZb\Zy^jZfZlbq_kdb_kp_gu

Ijhy\e_gb_kh[kl\_ggh]haZlZ_ggh]haeZ
 Ih^Z\e_ggh_khklhygb_
FZklmj[Zpbhggu_nZglZabb
>hfZrgyy h[klZgh\dZ kha^ZeZ mkeh\by ikbobZljbq_kdhc e_q_[gbpu \ dhlhjuo
__ [he_agv[ueZ^hklmigZ^eye_q_gby
Ib]ey ihij_`g_fm hq_gv im]Z_lky ih ghqZf ohly l_i_jv f_gvr_ ]h\hjbl h[
wlhf dh]^Z eh`blky kiZlv ² h^gZdh ghqvx g_kdhevdh jZa ijhkuiZ_lky bgh]^Z k
ieZq_f
=h\hjbl[m^lhieZq_lhgZihlhfmqlhl_fghlZk^_eZ_l__ q_jghcDZdlh\hreZ
dhfg_\ dhfgZlmijh\_jblvg_q_jgZyebyGhqvxhgZdZ`_lky\kihfbgZ_l\k_h[b^u
dhlhju_ ij_l_ji_eZ aZ ^_gv M g__ l_i_jv kdehgghklv d f]gh\_gguf Z]j_kkb\guf
ihklmidZfgZijbf_jfh`_l[jhkblvdZf_gvfg_\ ]heh\mbebm^ZjblvKmkZggmihjmd_
ih^ghkhfM KmkZggu[hebljmdZ"M l_[yjZa[blZ]heh\Z">Zcfg_b]hedmaZrblv
h^_yehG_ohq_rvaZrblvfg_]heh\m"L_[_y g_fh]maZrblvluhq_gvl\_j^Zy
< ^jm]hcjZaghqvxhgZkdZaZeZLuihfgbrvdZd^hdlhjf_gymdhehe"k^_eZe
bgt_dpbxFg_gm`ghd ^hdlhjmy aZ[he_eZ\hla^_kvihdZau\Z_lgZk\hxibkx

IbkvfhhlfZl_jbih\ha\jZs_gbb^hfhc
Fg_ohl_ehkv[ukhh[sblv<Zf_s_dh_qlhh Ib]e_
Y qm\kl\mx qlh aZ kq_l q_]hlh qlh y g_ fh]m hij_^_eblv _c klZeh emqr_
Ijhr_e i_jbh^ dh]^Z \k_ _c [ueh kdmqgh hgZ dh \k_fm [ueZ [_ajZaebqgZ b \k_f
g_^h\hevgZ d lhfm `_ ijhy\eyeZ [_am^_j`gmx ^_kljmdlb\ghklv ² j\ZeZ b f_lZeZ
ehfZeZ beb iZqdZeZ \_sb K_cqZk hgZ ijhba\h^bl \i_qZle_gb_ kms_kl\Z dhlhjh_ \
[hevr_c kl_i_gb `b\_l kh[kl\_gghc `bagvx \ g_c f_gvr_ fZg_jghklb b
g__kl_kl\_gghklb
JZgvr_y g_ihgbfZeZdZd__ ij_ke_^m_lqm\kl\h\bgub hl\_lkl\_gghklbaZk\hx
^_kljmdlb\ghklv Ib]ey hq_gv fmqZ_lky \kihfbgZy h lhf qlh ihehfZeZ qlhlh
g_kdhevdh g_^_ev gZaZ^ gZ qlh y lh]^Z ihqlb g_ h[jZlbeZ \gbfZgby Y gZre_iZeZ __
dh]^ZhgZgZklhcqb\hiulZeZkvih^gylvfhxx[dm\ fZ]Zabg_Z ihlhfy h[wlhfaZ[ueZ
>\_ g_^_eb kimkly hgZ fg_ kdZaZeZ FZfZ y [hevr_ g_ [m^m ih^gbfZlv l\hx x[dm
Beb dh]^Z y g_keZ KmkZggm __ fZe_gvdmx k_klj_gdm b m^ZjbeZ __ h ^\_jv lZd qlh lZ
aZieZdZeZIb]eykdZaZeZ
Wlh lu \bgh\ZlZ Y >Z wlh y \bgh\ZlZ Ib]ey hq_gv h[_kihdh_ggh L_[_
l_i_jvwlhijbkgblky"HgZdZd\k_]^Zlj_\h`blkyghqvxbaaZlh]hqlhq_jgZyfZfZb
[Z[ZdZfh]mlk^_eZlv__ q_jghc
< ihke_^g__\j_fyhkh[_gghqZklh]h\hjblh f_jl\uo\_sZoIjhrehcghqvx_c
hq_gv kjhqgh gm`gh [ueh kdZaZlv fg_ h q_jghc fZf_ GZqZeZ ]h\hjblv h[uqguf
i_\mqbf ]hehkhf Q_jgZy fZfZ ]h\hjbl =^_ fhb gyfgyfdb" =^_ fhb gyfgyfdb"
IhlhfM q_jghcfZfu_klvfhj_b dZq_ebY \habeZ__ gZfhjkdhcdmjhjl\ i_j\uc
jZab hgZex[bldZq_ebY kdZaZeZqlhfg_dZ`_lky[m^lhhgZg_ohq_lqlh[um q_jghc
fZfu[ueblZdb_ohjhrb_\_sbHgZG_ly ohqmbkihjlblvboY ohqmbkihjlblvl\hb
\_sb Ihlhf hgZ kdZaZeZ qlh m f_gy [hevrb_ gyfgyfdb b hgZ ohq_l bo AZl_f
dZaZehkv hgZ aZimlZeZkv b kdZaZeZ qlh wlh y ohqm F_eZgohebqgZy ^_ij_kkby __ gyf
gyfdb ijb wlhf \u]ey^_eZ hq_gv jZkl_jygghc Y kdZaZeZ qlh m g__ fZe_gvdb_ gyf
gyfdb Z dh]^Z hgZ ih^jZkl_l m g__ [m^ml [hevrb_ >Z dh]^Z y kfh]m ]hlh\blv Y
kdZaZeZ _c dh]^Z ijbreZ qlh fg_ g_dh]^Z \_^v y ]hlh\beZ m`bg iZi_ b k_[_ Y Lu
m`_ kZfZ gZmqbeZkv g_fgh]h ]hlh\blv lu `_ k^_eZeZ keZ^dbc dj_f HgZ >Z y fh]m
]hlh\blv lhevdh f_jl\u_ \_sb Ihlhf hgZ kdZaZeZ @bagv ljm^gZ dhibjmy f_gy
Fg_hlg__[hevghkh[kl\_ggh_^h[Z\e_gb_
<j_fy hl \j_f_gb hgZ mihfbgZ_l <Zk dZd [u g_gZjhdhf gZijbf_j \^jm]
]h\hjblqlhohq_lih_oZlvd ^hdlhjm<b ihb]jZlvk _]hb]jmrdZfbb kdZaZlv_fmijh
q_jgmxfZfmbebkljhblb]jmr_qgmx^_j_\gx\ dhlhjhch^bg^hf²wlh^hf^hdlhjZ
<

IbkvfhhlfZl_jb
Ih^l\_j`^ZxqlhIb]eyijb_^_ld <Zfk hlphf
<hl m`_ ^\Z ^gy ih^jy^ hgZ eh`Zkv \_q_jhf kiZlv ijhkbl ihkhkZlv fhb gyf
gyfdb]jm^bHgZlZdgZklhcqb\hh[wlhfijhkbeZqlhy _ciha\hebeZYAZq_f"²
Y ohqm ihkhkZlv bo dZd e_^_g_p Ihlhf hgZ ihijhkbeZ f_gy ^Zlv _c qlhgb[m^v
ihkhkZlvb ih`_\Zlvqlh[uwlhihlhfihiZeh_c\ `b\hlbdAZl_fhgZkgh\Zbkim]ZeZkv
q_jgmxfZfmb kdZaZeZqlhohq_ld ^hdlhjm<bggbdhllmDh]^Zy gZa\ZeZ_c^_gvlZdhc
ih_a^dbhgZkdZaZeZB gZ^jm]hc^_gvb _s_gZ^jm]hcDh]^Zy \ureZlhmkeurZeZ
gZ^ju\guc ieZq Y ohqm k\hx ^_ldm k\hx ^_ldm k\hx ^_ldm=Zeeb=Zeeb =Zeeb
=Zeeb²wlhbfy__ fZeurdbdmdeuk dhlhjhchgZfgh]hb]jZeZghl_i_jvm`_b]jZ_l
f_gvr_ b \ lh `_ \j_fy lZd hgZ ijhbaghkbl kh[kl\_ggh_ bfy =Z[jb_eZ ijZ\bevgh
\u]h\hjblvdhlhjh_hgZihdZ_s_g_fh`_l

Q?L<?JL:YDHGKMEVL:PBYfZy]h^Z
DZdy magZeiha^g__ihl_e_nhgm=Z[jb_eZl_i_jv_c^\Z]h^Zb \hk_fvf_kyp_\
\kx ^hjh]m \ ih_a^_ ijhe_`ZeZ k\_jgm\rbkv dem[dhf gZ dhe_gyo m hlpZ ihkZku\Zy
[hevrhciZe_p_]hjmdb
HgZ kjZam gZijZ\beZkv d dmq_ b]jmr_d kdZaZ\ ijb wlhf A^_kv l_ieh Fu
ijb_oZebgZih_a^_<u\b^_eb
<ayeZ dhjZ[ebdb b ihklZ\beZ bo gZ dh\_j >hklZeZ h^gm ba [hevrbo iexr_\uo
kh[Zq_d IjbgyeZkv kp_ieylv iZjh\habdb k \Z]hgqbdZfb Ihlhf \^jm] kdZaZeZ Y
ijb_oZeZih]h\hjblvh [Z[Zd_
< wlhl fhf_gl y g_fgh]h ihfh] _c \ khklZ\e_gbb ih_a^h\ HgZ jZkklZ\eyeZ
b]jmrdb g_ kh\k_f ykguf ^ey f_gy h[jZahf KdZaZeZ Hdgh dhfgZlu g_ hldjulh
Dh]^Zy _]hhldjuehgZkdZaZeZ<hlfub hldjueba^_kvhdgh
Fuijh^he`bebgZqZlmxjZ[hlm
Ib]ey
 Ohjhr_gvdbc Z\lhfh[bevqbd ^Z" Fg_ hq_gv gjZ\blky kx^Z ijb_a`Zlv
Fuijb_oZebgZih_a^_IZiZ`^_lf_gy">\_dhfgZluh^gZ^eyiZiuh^gZ^eyf_gy
Ih_a^\k_ljykkyb ljykky
HgZ \ayeZ ^_j_\ygguc aZ[hjqbd b jZaehfZeZ _]h H^gm iZehqdm aZkmgmeZ \
e_]dh\hcZ\lhfh[bevqbdq_j_ahdghWlh[ueZy\ghij_^gZf_j_ggZyhi_jZpbyY kdZaZe
qlhlh h iZi_ dhlhjuc iulZ_lky ^_eZlv ^_l_c bkihevamy Z\lhfh[bev dZd fZfm HgZ
hlehfbeZ^\_s_ihqdb
Ib]ey JZa\_g_l_ieZydhfgZlZ< ijZa^gbdb[uehl_iehFuaZ]hj_ebFZeurdZ
aZ]hj_eZ
HkhagZggZyihlj_[ghklv\ ihfhsb² dhgdj_lgZyijh[e_fZ
^_ldZKmkZggZ fhy k_kljZ aZ]hj_eZ HgZ m`_ iheaZ_l \\_jo  Klj_fe_gb_ d
h[t_dlb\ghklbY Oh^blgZ]hjrhq_d HgZjZkl_l^Z"
HgZ ijh[hjfhlZeZ qlhlh ihoh`__ gZ jZkl_l ijh^he`Zy hjm^h\Zlv
Z\lhfh[be_fKdZaZeZ;m^vfZeurdhcM[_jb\k_Z\lhfh[bebAZl_yeZdZdmxlhb]jm
k Z\lhfh[beyfbgZau\Zybop\_lZ
Ib]ey
 >\ZZ\lhfh[beyfbkl_j<bggbdhllLufbkl_j<bggbdhll
Ex[h\gh_aZb]ju\Zgb_
hlph\kdbci_j_ghk
LZf[uehqlhlhqlhhgZohl_eZ\u[jhkblv
Ib]ey LukeurZekheh\vy"@Zevqlhlui_j__oZelZd^Ze_dh>HgZ]h\hjbeZlZd
ihlhfm qlh lhevdh k_cqZk gZqbgZeZ ihgbfZlv qlh y g_ `b\m ih khk_^kl\m@ Lu
ihfgbrv
Y Lu^Z\ghohl_eZkhfghcih\b^ZlvkyIb]ey Lhfmqlhy ohqm qlh[u lu fg_
gZ^merZjbd>Wlh[ueklZjuck^m\rbckyrZjbdk dhlhjufhgZihoh^yb]jZeZ^Zb y
ihjhcihfh]Ze_c\ wlhf@<hlp_jdh\vk dmihehf>ribe_f@
HgZmklZgh\beZp_jd\mrdmb kdZ`^hcklhjhguihklZ\beZihZ\lhfh[bexAZl_f
hgZaZbgl_j_kh\ZeZkvij_^f_lhfh dhlhjhfnZdlbq_kdbgbq_]hagZlvg_fh]eZWlh[ue
ihehfZgguc iehkdbc djm]euc ij_^f_l dhlhjuc i_j\hgZqZevgh [ue aZ\h^guf
a\mqZsbf\heqdhf
Ib]ey Hldm^Z hg ihy\beky" >Hg [ue b \h \j_fy gZr_]h i_j\h]h k_ZgkZ@ Y G_
agZx
HgZ meu[ZeZkv b wlh dZdbflh h[jZahf hlghkbehkv d exevd_dZqZed_ k
\uklZ\e_ggufb\ g_cb]jmrdZfb
Ib]ey L_ieZy dhfgZldZ ^Z" M Ib]eb imrbklZy dhnlhqdZ k fhegb_c >Qlh[u
ijh^_fhgkljbjh\Zlv__hgZihlygmeZaZkl_`dmfhegbxb ijbwlhfm^ZjbeZkvehdl_fh
^\_jvM^Zj[ueg_kbevguchgZkhqeZ_]hkdhj__aZ[Z\guf@
Ib]ey\ayeZdhjZ[ebdbjZaguop\_lh\b ijh[_euckdZaZeZqlhhgjhah\ucHgZ
ihiulZeZkv ihklZ\blv dhjZ[ebdb \\_jo gh]Zfb gh ba wlh]h gbq_]h g_ ihemqZehkv
g_hij_^_e_ggZy b]jZ < wlhl fhf_gl y kdZaZe Ihq_fm lu f_gy ex[brv" B hgZ
hl\_lbeZIhlhfmqlhlujZkkdZau\Z_rvfg_h [Z[Zd_M f_gy[uek g_cjZa]h\hjgZ
wlm l_fm ihlhfm qlh y g_ijZ\bevgh ijhbag_k wlh keh\h b [ueh ykgh qlh y _]h dZd
ke_^m_lg_ihgbfZxY ohl_eqlh[uhgZihfh]eZfg_jZah[jZlvky
Ib]ey ?klvq_jgZyfZfZ
Fu ihiulZebkv jZah[jZlvky k_j^blky eb q_jgZy fZfZ beb g_l >_\hqdZ \habeZ
Z\lhfh[bevqbd\aZ^b \i_j_^Y \wlh\j_fy\kihfgbeh lhfqlhq_jgZyfZfZaebeZkvgZ
=Z[jb_em ihlhfm qlh =Z[jb_eZ aebeZkv gZ fZfm aZ lh qlh m lhc ihy\beky gh\uc
j_[_ghd : ihlhf hdZaZehkv qlh fZfZ q_jgZy <k_ wlh [ueh ^h\hevgh kfmlgh HgZ
b]jZeZ k b]jmrdhfb kZfZ ih k_[_ jZkij_^_eyy Z\lhfh[bevqbdb fg_ l_fu b k_[_
I_j\ucijbagZdY ² g_y
Ib]ey Fg_wlblmnebfZeukgbfmy bo
Y g_fgh]hihfh]JZa]h\hj[ueh lhfqlhgh]bjZklml
Ib]ey Y jZklm [m^m [hevrZy[hevrZy b hgZ ijh^he`ZeZ ibibib >b l^
]h\hjykZfZk kh[hc@LmldjZkb\Zye_^b`^_lZ\lhfh[bevfbeZye_^bijb_^_laZ^_lvfb
Q_jgZyfZfZdZijbagZy
HgZ ihbkdZeZ iZjh\habd b kmgmeZ _]h dm^Zlh =h\hjbeZ h [hevrhf b
fZeurdbghf

Ijhy\e_gb_lj_\h]b\_jhylghbaaZw^bih\uokljZoh\
Hlkjhq_ggh_hljbpZgb_^hdZaZl_evkl\lh]hqlhm f_gy[u\Zxl^jm]b_^_lb
AZf_lvl_j_qvb^_lh \u^_j`d_j_[_gdZIbkvfhjh^bl_e_chl yg\Zjy 
]h^Z
Ib]ey
 ;m^_fkh[bjZlvkyb \k_m[bjZlv">lj_\h]Z@ Wlhkx^Z
HgZ \u[jhkbeZ \ fmkhjgmx dhjabgdm \h^ygmx ebebx WlZ \h^ygZy ebeby
k^_eZggZy d_flh ba [mfZ]b i_j_reZ \ wlhl k_Zgk ba ijhreh]h HgZ ijb[jZeZ \k_
b]jmrdbY\ghclj_\h`ghklbg_[uehhgZ\ayeZk\hblmnebb ihreZihdhjb^hjmd iZi_
\ ijb_fgmx
Ib]ey Y ohqm_oZlvIh`ZemcklZhlimklbf_gy
B lZd ^Ze__ Y hlf_lbe agZqbl_evguc ebqghklguc jhkl k khhl\_lkl\mxsbfb
ijhy\e_gbyfbb \i_j\u_qlhlhlZdh_qlhfh`ghgZa\Zlv\u^_j`dhcY [ukdZaZeqlh
hgZ[ueZ^h\hevgZIjbreZihijhsZlvkyIZiZiulZekym]h\hjblv__ hklZlvky
G_l_s_g_evaym_a`Zlv
Ib]ey Ohqm_oZlv
<hkklZgh\e_gb_ihke_j_ZdpbbgZ\ha^_ckl\b_Ijh\Zekf_ehklbW]h
;hlbgdbdZdkbf\he]jm^b
Y mkZ^be iZim gZ klme \ ^jm]hc iheh\bg_ dhfgZlu b hgZ \ah[jZeZkv d g_fm gZ
dhe_gb <hah[gh\beZkv b]jZ \ dhlhjhc hgZ [ueZ j_[_gdhf jh`^Z\rbfky hl iZiu
f_`^m gh] LZd ih\lhjyehkv fgh]h jZa Hlpm wlh klhbeh [hevrh]h nbabq_kdh]h
gZijy`_gbygh hg l_ji_e fZrbgZevgh \uihegyy bf_ggh lh qlh hl g_]h lj_[h\Zeb Y
kdZaZe _c \Z`gh qlh hl_p k g_c dh]^Z _c kljZrgh hklZ\Zlvky h^bg gZ h^bg k
<bggbdhllhf_keb_cohq_lkyihb]jZlvk gbf\ g_qlhih^h[gh_bkihevamyfm`qbgm \
dZq_kl\_ fZfu ba dhlhjhc fh`gh jh^blvky ;hevrmx jhev \h \k_f wlhf ku]jZeb
iZibgu [hlbgdb ijbq_f \hagbd dhgnebdl baaZ lh]h kgbfZlv _fm bo beb gZ^_\Zlv
<kdhj_hgb[uebgZihemb hgZijbevgmeZd hlpmZ y]h\hjbeY g_agZxh [Z[ZdZo
Ib]ey \ wlhl fhf_gl hq_gv ihablb\gh hlghkbeZkv d hlpm \klZ\ZeZ gZ dhe_gb b
khkZeZ[hevrhciZe_pgZ_]hjmd_GZwlhfwlZi_y _s_g_agZeqlh

Hl_pbkihevam_lkydZdfZlv\ i_j_ghk_hk\h[h`^Zyf_gy^ey^jm]bonmgdpbb
Mkihdh_gb_iml_fgZihfbgZgbykZfhck_[_qlhwlZ
fZlv² gZkZfhf^_e_fm`qbgZ
L_i_jvhl_py\ey_lkygZklhysbfhlphf
Ihy\ey_lky Zevl_jgZlb\gZy l_fZ ]^_ hl_p \uklmiZ_l dZd hl_p Z
ikbohZgZeblbd ²dZdj_\gb\ZyfZlv
hgZkhkZeZ_]h[hevrhciZe_pihdZ_oZeZdhfg_\ ih_a^_k\_jgm\rbkvdem[dhf
gZ _]h dhe_gyo Y kdZaZe qlh hgZ gZim]ZeZkv baaZ b]ju \ dhlhjhc y klZe k_j^blhc
Ib]e_cL_f\j_f_g_fhl_pkgyeiZevlhb ]hlh\[uekgylvib^`Zd
Y <bggbdhll²wlhk_j^blZyIb]eyZ Ib]ey²wlhj_[_ghddhlhjucjh`^Zeky
hl iZiu \f_klh fZfu HgZ [hyeZkv f_gy ihlhfm qlh agZeZ dZd y ^he`gh [ulv [m^m
k_j^blvkyZ gh\ucj_[_ghdkhkZe[hevrhciZibgiZe_p>l_fZfbgm]jm^v@
Ib]ey\a]eygmeZgZf_gydZdlhihhkh[_gghfmb ykdZaZeY klZeq_jguf"HgZ
^he]h^mfZeZihlhfihdZqZeZ]heh\hcb hl\_lbeZG_l
Y
 Y ²q_jgZyfZfZIb]ey G_l>b]jZyk iZibguf]Zeklmdhf@
HgZ ^he]h ^_j]ZeZ b khkZeZ [hevrhc iZe_p hlpZ b y ^h\hevgh hij_^_e_ggh
mklZgh\bewlhhagZqZehqlhhgZohl_eZp_ebdhf\eZ^_lviZihcZ fZfZimklvklZgh\blky
q_jghc klZeh [ulv k_j^blhc DZ`_lky y kdZaZe HgZ ohq_l [jhkblv =Z[jb_em \
fmkhjguc ysbd jbkdh\Zggh_ aZf_qZgb_ Wlh _c hq_\b^gh ihgjZ\behkv b hgZ
ijh^he`ZeZb]jZlvk iZibguf]ZeklmdhfiulZykv_]haZ\yaZlv=Z[jb_eZkdZaZeZh lhf
qlhkqblZ_l[m^lh q_jghcfZfulmlg_[uehb wlhdZdbflh h[jZahf k\yaZgh k l_fghc
ghqvxHgZkgyeZ^jm]mxlmnexhlpZb_keb[u_ciha\hebebjZa^_eZ[u_]hp_ebdhf
<f_kl_ k l_f a^_kv ijbkmlkl\h\ZeZ b b^_y h lhf qlh[u aZklZ\blv fZfm ihq_jg_lv Y
kdZaZeqlhlhh ih\lhjghfjh`^_gbbgZwlhljZabaiZiuIjbf_jgh\ wlh`_\j_fyiZiZ
aZrgmjh\u\Zek\hb[hlbgdbZ =Z[jb_eZaZ[bjZeZkv_fmgZkibgm
Ib]ey
 Fh`ghfg_hiylvgZl_[yaZe_alv"

MklZgh\e_gZ\lhjZyl_fZDexqd ^Zgghfmk_Zgkm
GZ wlhf wlZi_ y baaZ \\_^_gghc l_fu Y ²  g_ y  gZqZe khfg_\Zlvky
gZau\Zlvebfg___ Ib]e_cbeb=Z[jb_e_c
H[e_]q_gb_\ j_amevlZl_jZ[hluijh^_eZgghc\h\j_fyk_ZgkZ
Y ijh^he`Ze ]h\hjblv AZklZ\blv fZfm ihq_jg_lv Ihlhf =Z[jb_eZ \iheg_
q_ldhkdZaZeZ
FZfZohq_l[ulviZibghcfZe_gvdhc^_\hqdhc
HgZ[ueZihegZwg_j]bb b fh]eZ[uijh^he`Zlvwlmk\h_h[jZagmxb]jmgh ^ey
iZiu[uehm`_^hklZlhqghb hgklZehldZau\ZlvkyKlhyeZhq_gv`ZjdZyih]h^ZD lhfm
`_bkl_dZeh\j_fydhlhjh_y _c\u^_ebe
Y L_i_jv q_jgZy fZfZ ² wlh <bggbdhll b hg kh[bjZ_lky hlijZ\blv Ib]ex
^hfhcHgkh[bjZ_lky[jhkblvIb]ex\ fmkhjgmxdhjabgdmdZd\h^ygmxebebx
K_Zgk hdhgqbeky hgZ [ueZ jZkiheh`_gZ hq_gv ^jm`_kl\_ggh Y hklZ\Zeky lZf
]^_ [ue [m^mqb k_j^blhc q_jghc fZfhc dhlhjZy ohl_eZ [ulv iZibghc fZe_gvdhc
^_\hqdhc b j_\gh\ZeZ d =Z[jb_e_ < lh `_ \j_fy y [ue =Z[jb_e_c j_\gh\Z\r_c d
fZfbghfmgh\hfmj_[_gdmIb]eyih[_`ZeZd ^\_jbhgbmrebhgZihfZoZeZfg_jmdhc
?_ihke_^gbfb keh\Zfb[uebFZfZohq_l[ulviZibghc fZe_gvdhc ^_\hqdhc B wlh
klZeh]eZ\ghcbgl_jij_lZpb_ck_ZgkZ
Ba jZa]h\hjZ ih l_e_nhgm \ lhl \_q_j y magZe h lhf qlh hgZ ijb_oZeZ
k\_jgm\rbkvdem[hqdhfb ihkZku\ZyiZibg[hevrhciZe_pIhke_k_ZgkZ=Z[jb_eZklZeZ
[he__\ajhkehc^_\hqdhcHgZ[ueZjZkdh\ZggZb hq_gvkqZkleb\Z;he__lh]hihimlb
^hfhchgZ\k_aZf_qZeZ\b^_eZdhr_db ^jm]bo`b\hlguo_eZb gbdhfmg_^hklZ\eyeZ
[_kihdhckl\Z KlZeZ hldjulh ihablb\ghc \ k\h_f hlghr_gbb d hlpm b ij_djZlbeZ
j_]j_kkb\gh_ ih\_^_gb_ <_q_jhf hgZ b]jZeZ [he__ dhgkljmdlb\gh q_f \ ihke_^g__
\j_fy Ijbr_e __ ^y^y KgZqZeZ =Z[jb_eZ kl_kgyeZkv ihlhf ^_j`ZeZkv hq_gv fbeh b
^jm`_kl\_gghGZdhg_peh`ZkvkiZlvhgZ\^jm]kdZaZeZY g_agZxdlhlZdhc^y^yLhf
b dlhiZiZ
Y ih^mfZeqlh\ wlhffh`gh\b^_lv__ jZklmsmxkihkh[ghklvjZaebqZlvex^_ck
lhqdb aj_gby hkgh\guo hlph\kdhfZl_jbgkdbo nb]mj b qlh __ ihke_^g__ aZf_qZgb_
hlghkbehkv d lhfm dZd hgZ bkihevah\ZeZ f_gy b k\h_]h hlpZ bkoh^y ba lh]h dZd hgZ
ohl_eZgZkbkihevah\Zlvb lZdbfh[jZahffuf_gyebkvjheyfbihoh^mb]ju>jm]bfb
keh\Zfb ]eZ\guf [ueZ dhffmgbdZpby ² hiul lh]h qlh l_[y ihgbfZxl AZ \k_f wlbf
klhyehqm\kl\hm\_j_gghklb\ nZdl_kms_kl\h\Zgby__ j_Zevgh]hhlpZb fZl_jb
Fh`gh kdZaZlv qlh l_i_jv kbevgh jZkrbjbehkv ihe_ ^ey b]jh\h]h hiulZ
\dexqZy djhkkb^_glbnbdZpbb b l^ < dhfimevkb\guo ^_ckl\byo bf_e f_klh jy^
ij_\jZs_gbc \ fZlv hlpZ j_[_gdZ b l^ qlh bkdexqZeh b]jm ^hklZ\eyxsmx
m^h\hevkl\b_ L_i_jv gZklZeh \j_fy dh]^Z b]jZ ijbghkbl m^h\hevkl\b_ Wlh
\uk\h[h`^_gb_ nZglZabb ^Z\Zeh [hevr_ k\h[h^u \ h[s_gbb b bkke_^h\Zgbb ^mjguo
q_jguojZajmrbl_evguob ^jm]bob^_c

Dhff_glZjbc
< oh^_^Zggh]hk_ZgkZ[uebih^gyluke_^mxsb_hkgh\gu_l_fu
< ih_a^_dh]^Zhgb_oZebdhfg_khkZgb_[hevrh]hiZevpZhlpZk\_jgm\rbkv
dem[dhfm g_]hgZdhe_gyowlh]hy g_agZe
>jZfZlbaZpbyfm`kdh]hk_dkmZevgh]hkZ^bklbq_kdh]hZdlZ
B^_y_kl_kl\_ggh]hjhklZ\ajhke_gby
 Qm\kl\h ^bklZgpbb f_`^m gZfb \ ijhf_`mldZo f_`^m k_ZgkZfb dhg_p
hljbpZgby
 JZa\b\ZxsZykyb^_yh fZf_k_j^ys_ckygZ=Z[jb_emaZlhqlhhgZ²iZibgZ
fZe_gvdZy ^_\hqdZ gZdeZ^u\Z_lky gZ b^_x h =Z[jb_e_ k_j^ys_cky gZ gh\uo ^_l_c
jh`^Zxsbokym iZiu
 Mj_ljZevguc wjhlbaf deblhjZevgh_ \ha[m`^_gb_ b fZklmj[Zpby
ijhy\eyxsb_ky\ dZq_kl\_nmgdpbhgZevghchkgh\uh[jZah\Zgbyg_dhlhjuonZglZabcb
dZdqZklvihbkdZbgnhjfZpbb

IbkvfhhlfZl_jb
Ib]ey g_kdhevdh jZa ijhkbeZkv d <Zf gZ ijb_f Z \q_jZ b]jZeZ k ihegufb
b]jmr_d ih_a^Zfb dhlhju_ _oZeb \ Ehg^hg HgZ ij_^eh`beZ hklZgh\blvky m k\h_c
[Z[mrdb hgZ ah\_l __ EZeZeZ dhlhjZy `b\_l ih^ Ehg^hghf HgZ mdeZ^u\ZeZkv
kiZlvqmlvebg_ljbqZkZG_kdhevdh^g_cg_^Z\ZeZfg___ ihp_eh\Zlv²Z \^jm]y __
k^_eZxq_jghc
gh kZfZ klZeZ gZfgh]h g_`g__ dh fg_ b g_h`b^Zggh f_gy ihp_eh\ZeZ q_]h
jZgvr_ gbdh]^Z g_ ^_eZeZ : dZdlh \_q_jhf hgZ kdZaZeZ fg_ qlh y ² fbeZy fZfZ b
ijbgyeZkvf_gykdj_klbKdZaZeZqlhkhkdj_[Z_lq_jghlmZ ihlhfiulZeZkvk^m\Zlv__ k
ih^mrdb
DZ`^uc\_q_jijhbkoh^blh^gZb lZ`_p_j_fhgbyJZkkdZaZlvl_[_ijh[Z[Zdm
 Q_jgZy fZfZ ]h\hjbl =^_ fhb gyfgyfdb ]jm^b" H^bg jZa y kijhkbeZ
g_l_ji_eb\hGmb ]^_`_hgb"²< lmZe_l_k ^ujdZfbHgZhq_gvhaZ[hq_gZgyf
gyfdZfb <q_jZ hgZ g_h`b^Zggh kdZaZeZ @Zev qlh \ fhbo gyfgyfdZo g_l fhehdZ
Dh]^Zy ]h\hjx_ckihdhcghcghqbhgZqZklhaZkl_]b\Z_lgZim]h\bpufhcdZj^b]Zg
qlh[u fhb gyfgyfdb g_ klZeb ]jyagufb b f_jl\ufb < ihke_^g__ \j_fy hgZ hq_gv
haZ[hq_gZihgylb_ff_jl\ucDZdlhy kdZaZeZKdhjh l\hbgyfgyfdb \ujZklml:
hgZ: l\hbmfjml
Ihke_ih_a^dbd <Zf=Z[jb_eZkdZaZeZhq_gvj_rbl_evghqlhgbdh]^Z[hevr_\
Ehg^hgg_ih_^_lDh]^Z__ kijhkbebihq_fmhgZh[tykgbeZqlh^hdlhj<bggbdhllg_
ohq_l qlh[u hgZ aZe_aZeZ gZ iZim F_`^m ijhqbf hgZ gbdh]^Z b g_ aZe_aZeZ gZ iZim
^hfZdh]^Z_s_[ueZfZe_gvdhcwlbfaZgbfZeZkv__ k_kljZ>_ldZKmabb Ib]exwlh
dZaZehkvhq_gvaZ[Z\eyeh
< ^jm]hcjZakhh[sbeZfg_Y g_kdhevdhjZaiulZeZkvaZe_alvgZiZimZ ^hdlhj
<bggbdhllkdZaZeG_gZ^hHgZkdZaZeZqlh^hdlhj<agZ_lijh[Z[Zdm

Fm`kdZy nmgdpby ijbjZ\gb\Z_lky d Z]j_kkbb kljZo `_gkdhc b^_glbnbdZpbb

hagZqZxs_c[ulvjZa[blhckehfZgghc EHLQJEURNHQ
>_ij_kkbydZdk\b^_l_evkl\hk\h_]hhl^_evgh]hyk l_g^_gpb_cd ijbagZgbx
k\hbo kh[kl\_gguo Z]j_kkb\guo bfimevkh\ < jZfdZo ^_ij_kkb\guo nZglZabc kdjul
oZhkdhlhjuci_jbh^bq_kdbij_h[jZam_lky\ klj_fe_gb_d gZ\_^_gbxihjy^dZ
<_q_jhflh]h^gydh]^Z=Z[jb_eZ[ueZm <ZkhgZaZy\beZqlhg_fh`_lhlebqblv
LhfZ ² __ ex[bfh]h ^y^x dhlhjh]h hgZ \b^_eZ \k_]h jZaZ ljb ² hl iZiu Iha^g__
kdZaZeZIZiZLhfb ^hdlhj<bggbdhll²wlh\k_^y^biZiujZa\_g_kf_rgh"Gbk
lh]hgb kk_]hkdZaZeZk\h_fmiZi_M ^hdlhjZ<kf_rgu_b]jmrdbIhlhfhiylvY
g_ \b`m jZagbpu f_`^m fhbfb b]jmrdZfb b b]jmrdZfb >_ldbKmab Hq_gv kf_rgu_
b]jmrdb
< ihke_^g__\j_fyhgZkhqbgbeZb ^\Z\_q_jZ__ ih\lhjyeZnZglZabxh lhfqlh
_keb iZiZ gZ dmog_ lZf jZa[b\Zxlky [mluedb ² [mluedZ qj_a\uqZcgh ihimeyjgh]h
kbjhiZbay]h^jhah\h]hrbih\gbdZb [mluedZ>_ldbKmab²djm]hfkl_dehb Ib]eygZ
g_]hgZklmibl
<hh[s_ ]h\hjy kZfZ hgZ \j_fy hl \j_f_gb [u\Z_l hq_gv ih^Z\e_gghc Z lZd`_
ihjhc [_am^_j`gh \k_ ehfZ_l b mkljZb\Z_l iheguc [_kihjy^hd LZdh_ ih\_^_gb_
q_j_^m_lkyk i_jbh^ZfbjZamfghklb^Ze_dhg_ih__ \hajZklmb iheh`_gbxb lh]^ZhgZ
hq_gvfgh]haZgbfZ_lkyfulv_fb gZ\_^_gb_fihjy^dZ²qlhkh\k_fg_h[uqgh\ gZr_c
hq_gvg_[j_`ghck_fv_
<_jhylghlZd`_b gZf_dgZ[hevrmxjZagbpm\ \hajZkl_

IYL:YDHGKMEVL:PBYbxgy]h^Z
=Z[jb_e_k_cqZk^\Z]h^Zb ^_\ylvf_kyp_\Z KmkZgg_²]h^
>_gv [ue `Zjdbc b fu ^_j`Zeb hdgh hldjuluf <j_fy hl \j_f_gb ^h gZk
^hghkbebkv a\mdb \g_rg_]h fbjZ Fhb aZibkb g_kdhevdh g_jZa[hjqb\u baaZ `Zju b
khgeb\hklb
HgZaZgbfZeZkvb]jmrdZfbhl_p[ue\ ijb_fghcHgZ\ulZsbeZb]jmrdb
Ib]ey <k_ iZ^Z_l H^gZ lZdZy rlmqdZ m f_gy _klv M f_gy fgh]h ohjhrbo
b]jmr_d>djmlbl\ jmdZoaZ[hjqbd@M \Zkg_[uehhlimkdZY ;ue
Ib]ey M f_gy fbeZy k_kljZ HgZ m_a`Z_l \ k\h_f kiZevghf f_rd_ LZd fgh]h
ih_a^h\AZq_f">HgZkhhjm`ZeZih_a^b \wlhf_cgm`gh[uehihfhqvwlh\ kZfhf^_e_
[ueh ljm^gh@ Y \k_ jZklm b jZklm Kdhjh fg_ [m^_l ljb L_[_ kdhevdh e_l" Y
R_klv^_kyl\hk_fv
HgZih\lhjbeZr_klv^_kyl\hk_fviylvjZa
Ib]ey Ohqm qlh[u lu [ue ih[eb`_ d gZf >bf__lky \ \b^m kebrdhf [hevrh_
jZkklhygb_f_`^m__ ^hfhfb fhbf@
Fg_ [m^_l ljb ]h^Z b fZeurdZ dhlhjZy ex[bl b]jZlv ² ohjhrZy fZeurdZ
dhlhjmx g_ lhrgbl" >Wlh [ueh gZihfbgZgb_f h lhrghl_ ij_^klZ\e_gghc \_^_jdhf
i_j_iheg_gguf b]jmrdZfb HgZ jZkkfZljb\ZeZ nb]mjdm@ >Z fg_ gjZ\blky b]jZlv k
b]jmrdZfbFZeurdZ\u[jZku\Z_lfhbb]jmrdb
Ihf_obbaaZhldjulh]hhdgZg_m^ZqZ\ ih^^_j`Zgbbk\h_]hy
HgZijh[h\ZeZihjZaghfmjZkklZ\eylvb]jmrdbij_j\ZeZkvihkemrZlvdh]^Zih
^hjh]_ ijh_a`ZeZ dhggZy mijy`dZ <ukljhbeZ \ h^bg jy^ p_jd\mrdb ij_j\ZeZkv
qlh[uihkemrZlv\hjdh\Zgb_]hem[_c
Ib]ey M`ZkgucrmfHgZjZafureyeZ
Y Wlhl_[_f_rZ_ldh]^ZlujZ[hlZ_rvIb]ey Gh]Zf`Zjdh\ lmneyo
 HgZ jZa\yaZeZ ^\hcgu_ rgmjdb K^_eZeZ wlh kZfZ qlh [ueh gZklhysbf
ih^\b]hf
Ib]ey Fhb iZevpu m f_gy gZ gh]Zo ^_kylv iZevp_\ Fgh]h i_kdZ Y <h
NjZgpbb"Ib]ey G_l
Ijhe_l_e kZfhe_l hiylv aZklZ\b\ __ ij_j\Zlv b]jm HgZ kdZaZeZ Y [ueZ \
kZfhe_l_
HgZjZkklZ\beZq_luj_^hfbdZb ^\Z^hfbdZZ ihh^ZevihklZ\beZ^\_p_jd\mrdb
b ijh^he`ZeZ\ lhf`_jh^_GZqZeZijhy\eylvlj_\h]mkdZaZ\
IZiZ ]hlh\ _oZlv" IZiZ mklZe Wlh hgZ \kihfbgZeZ ijhreuc ijb_a^ Y
hl\_lbeHghl^uoZ_l\ ijb_fghc
IhlhfihkeurZekyklmdam[h\b ykijhkbeqlhwlhhgZdmkZ_l
Ib]ey <uex[bl_oe_[k fZkehf"
Y Ihoh`_qlhlu_rvqlhlh
Ib]ey >mjZrdZ^mjZrdZ]emiur>qblZ_l wlhl klbrhd ^h dhgpZ@ <hl kf_rgZy
b]jmrdZ>wlhhiylvhklZldbhlklZjh]h\heqdZ@Oehigmlv_]hh[iheZ"
HgZ oehigmeZ _]h h k\hx im]h\bpm Y keurm dZd \h^Z \ul_dZ_l \ul_dZ_l
\ul_dZ_lbf_y\ \b^m
LhrghlZ² j_amevlZldhfimevkb\ghc`Z^ghklb
Dhfimevkb\gh_ih\_^_gb_dhgljhevaZhls_ie_gghcnmgdpb_c
dZiZ_l lh _klv rmf \h^u dhlhjZy dZiZ_l k\_jom kl_dZy \gba ih ljm[_ HgZ
\ayeZ\_^_jdhA^_kvg_lZdfgh]hb]jmr_dGZihegblv_]h^hihegZ"
Y \wlhck\yabkdZaZeh qm\kl\_]heh^Zb hlhfdZdhghmf_gvrZ_lky_keb_klv^h
hl\ZeZohlyb [_am^h\hevkl\bygZihegylv`_em^hdijhklh^eylh]hqlh[uij_h^he_lv
qm\kl\h ]heh^Z HgZ jZkklZ\beZ ^hfbdb \ jy^ b kdZaZeZ Dlh a^_kv `b\_l" H^bg
q_eh\_q_db _s_h^gZl_ly²fbkkbk<bggbdhll
LmlIb]eygZ^_eZlmnexb aZrgmjh\ZeZ__Y ih_^mh[jZlghd k\h_cfZf_²b
gZa\ZeZZ^j_kY hl\_lbe<hllub [m^_rvb kfZfhcb kiZihcHgZ\gh\vijbgyeZkv
b]jZlv lj_\h]Z dZd [m^lh ijhreZ \ lhf qbke_ [eZ]h^Zjy \i_j\u_ ihy\b\r_cky b^__
gZkq_l fbkkbk <bggbdhll <ukuiZeZ \k_ ba \_^_jdZ Z h[ju\db b h[ehfdb [jhkbeZ \
fmkhjgmxdhjabgmAZl_f\p_ibeZkvam[Zfb\ rbgmZ\lhfh[beyIhiulZeZkvgZ^_lvgZ
Z\lhfh[bevdhe_kh
>hdlhj <bggbdhllihfh]b<^\h_ffugZ^_ebdhe_kZL_i_jvhgZ aZ^mfZeZkv
gZ^l_fdZdkx^Z`_ijbkljhblvg_kdhevdhdhjZ[ebdh\
Y Ijbkljhblvbodh]^ZiZiZb fZfZ\f_kl_"Ib]ey Kebrdhf[hevrhcFZeur
klZgh\blkykebrdhf[hevrbfm`_
JZa]h\hj [ue ij_j\Zg kgZqZeZ ]hehkZfb ^hghkb\rbfbky q_j_a hldjulh_ hdgh
ihlhf rmfhf ijhe_lZ\r_]h kZfhe_lZ Wlb \g_rgb_ jZa^jZ`bl_eb \ua\Zeb m Ib]eb
lj_\h]mgh^_eh\ lhfqlhhldjulh_hdgh[uehj_ZevgufnZdlhjhfohlyb g_h[uqguf
ghg_iha\hey\rbfhl]hjh^blvkyhl\g_rg_]hfbjZ;uehhq_gv`Zjdh
<ky wlZ kblmZpby [ueZ lmfZgghc hgZ g_ [ueZ ykgh \ujZ`_gZ Y __ lZdhc b
hklZ\be : Ib]ey l_f \j_f_g_f dZaZehkv \_jgmeZkv d k\hbf l_dmsbf aZ[hlZf HgZ
ihdjmlbeZk\hbkh\_jr_ggh]eZ^db_\hehkub kdZaZeZM f_gy\hehku\vxlky Y
Ijbf_qZgb_ fZl_jb Wlh m KmkZggu hq_gv dmjqZ\u_ \hehku baaZ q_]h k g_c
lZd\k_ghkylky

Kbf\hebq_kdh_\hkijbylb_aZ\bldZ\hehkdZdj_[_gdZ
\hkihevah\Zekywlbffhf_glhfqlh[u^Zlvk\h_lhedh\Zgb_
Y L_[_ gm`_g k\hc kh[kl\_gguc j_[_ghd Ib]ey Gh m f_gy _klv fZeurdZ
^_\qmrdZY G_lg_>_ldZKmab
Ib]ey LZdZy^_ldZqlh[u[ueZ\ fh_cdjh\Zld_
Y < l\hbodm^jyo"Ib]ey >Z
B]jZ \hah[gh\beZkv hgZ \ayeZ ^\Z dhjZ[ebdZ b h^bg ba gbo ihklZ\beZ k_[_ gZ
lmnexHgZohl_eZihclbd iZi_b ihdZaZlv_fmh[ZdhjZ[ebdZ
Ib]ey Dlhex[bliZim";Z[ZdZb fZfZ
HgZihreZihdZaZeZiZi_dhjZ[ebdbb aZdjueZ^\_jv
Ib]ey Y gZ ihefbgmldb Ihfh]b fg_ aZdjulv ^\_jv >Wlh ^_ckl\bl_evgh [ueh
ljm^gh^\_jvgm`gh[uehih^ijZ\blv@
HgZ hklZ\beZ aZfhqgmx kd\Z`bgm hldjulhc ?eZ wlb ^\Z dhjZ[ebdZ Y kdZaZe
Lu_rvqlh[u^_eZlv^_l_cHgZm[jZeZ\k_b]jmrdbb ijb\_eZiZimAZl_fkdZaZeZ
: ihlhf fu ih_^_f <k_ b]jmrdb [ueb m[jZgu \ iheghf ihjy^d_ Ba \k_]h wlh]h y
aZdexqbe Lu bkim]ZeZkv dh]^Z h[gZjm`beZ qlh ohq_rv ^_eZlv ^_l_c kt_\
dhjZ[ebdb
Ib]ey KdZaZlvijb\_liZi_">HgZmreZb \_jgmeZkv@;hevr_g_\_jgmkv
Fg_[uehkeurghdZdhl_pm]h\Zjb\Ze__ \_jgmlvkyZ hgZ [_]ZeZ lm^Z b kx^Z
IZiZ \hr_e b k_e gZ klme m gZk gbf khklhyeZkv dhjhldZy [_k_^Z ihlhfm qlh _fm wlh
[uehgm`ghIhlhfhgbh[Zm_oZeb^hfhc
Ihke_ wlh]h qZkh\h]h k_ZgkZ y \ k\hbo aZibkyo hlf_lbe qlh ohly kZfb aZibkb
[ueb[_kihjy^hqgufbb g_ihegufbqZklbqghbaaZ`Zjdhcih]h^ub fh_ckhgeb\hklb
\k_ `_ fh`gh [ueh k^_eZlv ykguc \u\h^ qlh hgZ ohq_l aZbf_lv k\h_]h kh[kl\_ggh]h
j_[_gdZiml_f_^uWlhb [uehlhcjZ[hlhcjZ^bdhlhjhchgZijb_a`ZeZ

Dhff_glZjbc
@ZjdZyih]h^Zb __ihke_^kl\by
 AZf_qZgb_ h dmjqZ\uo \hehkZo b fh_ lhedh\Zgb_ Wlh \b^bfh [ueh \Z`ghc
khklZ\eyxs_c ijh\_^_gghc \ wlhl ^_gv jZ[hlu ?_ kh[kl\_ggZy [_j_f_gghklv \
ij_]_gblZevghcnZglZabb
Khl\hj_gb_^_l_cihkj_^kl\hf_^u²k\yaZggZyk wlbflj_\h]Z
Ijh]j_kk\ajhke_gb_hlfZfbguo]jm^_cd iZibghfmi_gbkm
Ihy\e_gb_\ qbke_h[t_dlh\\gbfZgbyfbkkbk<bggbdhll
IbkvfhhlfZl_jb
 Ihke_\bablZd <Zfba\_qgZy[helh\gydZ`^uc\_q_jh q_jghcfZf_nZdlbq_kdb
ij_djZlbeZkvbdZ`_lkyhgZm`_g_im]Z_lkydh]^Zeh`blkykiZlv
H^bgjZahgZkgh\ZaZ]h\hjbeZh q_jghcfZf_^h[Z\b\Hl\_abf_gyd ^hdlhjm
<bggbdhllmhgfg_ihfh`_lIulZykvbf_ggh\ lhlfhf_glhl]h\hjblv__ hlwlh]hy
kdZaZeZGhhgihfh]l_[_²>Zghy m[jZeZq_jgmxfZfmY ijhklhkdZaZeZ]f
Ihlhf _s_ qlhlh gZkq_l hijhdb^u\Zgby fmkhjghc dhjabgu b kgZ h qm\kl\Zo
<hafh`gh<uagZ_l_h q_fj_qv
>\Z`^u hgZ gZklhcqb\h ijhkbeZ f_gy ^Zlv ihkhkZlv ]jm^v b dZaZehkv _c wlh
hkh[_gghihgjZ\behkv=h\hjyh[wlhfhgZimlZeZijbly`Zl_evgu_f_klhbf_gbyfhy
b l\hy
Ihke_kdZg^ZeZbaaZ__ iehoh]hh[jZs_gbyk fZe_gvdhck_kljhchgZihp_eh\ZeZ
hlpZ b k_kljm Z ihlhf kdZaZeZ hlpm G_ p_emc f_gy Z lh y ihq_jg_x : qlh lZdh_
q_jgh_iZi"
Fhc fm` g_ agZe gZ\_jgydZ qlh <u ^mfZ_l_ h Ib]e_ Z ihkdhevdm hgZ
ijbkmlkl\h\ZeZ \h \j_fy <Zr_]h jZa]h\hjZ k gbf \ dhgp_ ijb_fZ hg g_ fh] ]h\hjblv
k\h[h^gh
Dh]^Z<u_fmkdZaZebqlhkqblZ_l___ ghjfZevghc\ h[s_gbbk <Zfbgh\ lh
`_\j_fyihklZ\beb\hijhkh ikbohZgZeba_k ikbohZgZeblbdhfy g_m\_j_gZqlhihgyeZ
^mfZ_l_eb<uqlhikbohZgZebag_h[oh^bfb qlh<ug_fh`_l_jZ[hlZlvgZ^hklZlhqgh
]em[hdhf mjh\g_ ijb lhf qbke_ k_Zgkh\ dhlhjh_ <u fh`_l_ ijh\_klb k Ib]e_c b
ihwlhfmij_^eh`beb ^jm]h]h^hdlhjZbeb <uiheZ]Z_l_qlhg_h[oh^bfhklb\ iheghf
ikbohZgZeba_g_l_keblhevdhfug_[m^_fgZwlhfmkbe_gghgZklZb\Zlv 
Y kdhj__ kdehgyxkv d lhfm qlh[u ^Zlv kh[ulbyf jZa\b\Zlvky k\hbf
kh[kl\_ggufiml_fg_\f_rb\Zykv\ wlhlijhp_kk[_a^_ckl\bl_evghcg_h[oh^bfhklb
M g__ihij_`g_fm[u\Zxlwlb\g_aZigu_bebdZ`msb_kylZdh\ufb^_ij_kkbb
dh]^Z hgZ k\hjZqb\Z_lky dem[hqdhf b khk_l k\hc [hevrhc iZe_p beb kb^bl b
\udjbdb\Z_l \kydmx [_kkfukebpm b ijb wlhf g_ fh`_l gbq_]h k kh[hc ih^_eZlv <
^jm]bo hlghr_gbyo hgZ qm\kl\m_l k_[y ]hjZa^h emqr_ b [he__ `b\hc gh y g_ fh]m
ihgylv _klv eb m g__ \hafh`ghklv \hkklZgh\blv lm ]em[bgm dhlhjmx hgZ dZaZehkv
mljZlbeZ dh]^Z jh^beZkv __ k_klj_gdZ Kha^Zehkv \i_qZle_gb_ qlh ijhbahr_e lZdhc
\g_aZiguc b fmqbl_evguc jZaju\ hgZ klZeZ hq_gv [ukljh b g_kdhevdh g__kl_kl\_ggh
\ajhke_lv>mfZxqlh[_a^Zevg_cr_cihfhsbhgZ\jy^ebkfh
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DZd jZa \ wlh \j_fy h^bg ikbohZgZeblbd m dhlhjh]h y [ue kmi_j\bahjhf
h[jZlbekyk ijhkv[hcgZijZ\blvd g_fmgZZgZebalj_oe_lg_]hj_[_gdZb yih^mfZeg_
gZijZ\blv eb d g_fm =Z[jb_em <gmlj_gg_ y [ue ijhlb\ wlh]h b qm\kl\h\Ze k_[y
\bgh\Zluf b ihwlhfm imlZeky dh]^Z dhkgmeky wlh]h \hijhkZ \ jZa]h\hj_ k __ hlphf
H^gZdh ih aj_ehfm jZafure_gbx y ijbr_e d \u\h^m qlh lhl nZdl qlh k_Zgku
ijh\h^bebkv ih lj_[h\Zgbx g_ f_gy_l lh]h qlh j_[_ghd ijhoh^bl ikbohZgZeba ²
><<
 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
`_l \gh\v h[j_klb mljZq_ggh_ <hafh`gh hgZ wlh k_cqZk b ^_eZ_l gh y g_ \
khklhygbbh[wlhfkm^blv: fh`_l[ulvwlh]hm`_gbdh]^Zg_^hklbqvqlh[ulZfgb
[ueh

IbkvfhfZl_jbhl<bggbdhllZ
KiZkb[h aZ ibkvfh Hl\_qZx ihlhfm qlh agZx qlh gZ]h\hjbe <Zr_fm fm`m
^h\hevghimlZgu_\_sb>_eh\ lhfqlhy bkiulu\Zxm]jua_gbykh\_klbb fg_gm`gh
[ueh \g_klb ykghklv \ lhf kfuke_ qlh g_ y ij_iylkl\mx \Zf \ hj]ZgbaZpbb
iheghfZkrlZ[gh]hikbohZgZebaZ^eyIb]eb?keb[u^ey\Zk[uehlZd`_e_]dhih`blv
\ Ehg^hg_ dZd lZf ]^_ \u k_cqZk `b\_l_ ^mfZx wlh gZ^h [ueh [u k^_eZlv lh _klv
_kebgZc^_lkydlhgb[m^vih^oh^ysbc^eywlh]hGhy m\_j_gqlh^ey\Zkg_e_]dh[ueh
[u ijb_oZlv b `blv \ Ehg^hg_ Z fgh]hqbke_ggu_ ih_a^db ijb\_eb [u d kebrdhf
[hevrhfm hkeh`g_gbx =hjZa^h emqr_ jZkkqblu\Zlv gZ _kl_kl\_ggh_ \ua^hjh\e_gb_
\j_fyhl\j_f_gbijb_a`Zydhfg_gZijb_fk l_fqlh[uy fh]\ dZdhclhf_j_wlhfm
kh^_ckl\h\Zlv
Ib]ey ² hq_gv bgl_j_kguc j_[_ghd dZd <u agZ_l_ <hafh`gh [ueh [u
ij_^ihqlbl_evg__ qlh[u hgZ g_ [ueZ klhev bgl_j_kghc gh hgZ lZdZy dZdZy _klv b y
h`b^Zxqlh\kdhj_hgZklZg_lkh\_jr_gghh[uqgufq_eh\_dhf>mfZxm hq_gvfgh]bo
^_l_c lZdb_ `_ fukeb b haZ[hq_gghklv gh hgb dZd ijZ\beh g_ nhjfmebjmxlky lZd
ohjhrh Z \ kemqZ_ Ib]eb wlh \ [hevrhc kl_i_gb k\yaZgh k l_f qlh \u h[Z dZdlh
hkh[_gghlhgdh\hkijbgbfZ_l_^_lkdb_ijh[e_fub l_jibfhhlghkbl_kvd \hagbdZxsbf
m ^_l_c\hijhkZf
Y \iheghf\hklhj]_hllh]hdZdhl_pIb]ebkb^_eb l_ji_eb\h\ughkbedh]^Z
Ib]ey _]h ^hgbfZeZ l_f [he__ qlh fgh]h_ ba ijhbkoh^ys_]h ^ey g_]h ^he`gh [ueh
[ulvaZ]Z^dhc
Bal_e_nhggh]hjZa]h\hjZk fZl_jvx
GZdZdh_lh\j_fykhklhygb_Ib]ebmemqrbehkv±>_ij_kkb\gZylj_\h`ghklv
Gh aZl_f hgZ hiylv \iZeZ \ ^_ij_kkbx b ZiZ lbx g_ kibl ih ghqZf b haZ[hq_gZ
dhgp_ipb_c kf_jlb ?c ijbkgbeky khg G_ \ahreb k_f_gZ Z _keb b \ahreb lh hq_gv
g_fgh]hbaaZlh]hqlhm gbo\gmljb[uehqlhlhiehoh_

Ihke_^mxsbcdhff_glZjbcfZl_jb
K\yaZgZ eb l_fZ kf_jlb k lhc qZklvx __ kZfhc dhlhjmx gZ^h m[jZlv l_
mf_jl\blv"GZijbf_jZeqghcaZ\bkleb\hcqZklvx"
Fg_ bgl_j_kgh kdhevdh jZa hgZ m[bjZ_l ^hdlhjZ <bggbdhllZ hklZ\eyy _]h \
h^ghcdhfgZl_moh^y\ ^jm]mxijb_fgmxb aZdju\Zy^\_jv 
‡Kihkh[ghklvaZ[u\ZlvgZoh^blk\h_ijbf_g_gb_²><<

R?KL:YDHGKMEVL:PBYbxey]h^Z
 L_i_jv fh_c iZpb_gld_ m`_ ^\Z ]h^Z b ^_kylv f_kyp_\ Y \klj_lbe __ gZ ihjh]_
keh\ZfbIjb\_l=Z[jb_eZGZwlhljZay agZeqlh^he`_g]h\hjblv=Z[jb_eZZ g_
Ib]eyHgZkjZamgZijZ\beZkvd b]jmrdZf
Y =Z[jb_eZkgh\Zdhfg_ijb_oZeZ=Z[jb_eZ >Z
HgZmeh`beZ^\mo[hevrboiexr_\uoa\_jxr_d\f_kl_b kdZaZeZHgb\f_kl_b
gjZ\ylky^jm]^jm]mDjhf_lh]hhgZkp_ieyeZ^\Z\Z]hgqbdZih_a^Z
Y : hgb^_eZxl^_l_c
=Z[jb_eZ G_lhgb^jm`ZlDhgp_ipbyw]hhlghr_gbc
HgZ ijh^he`ZeZ kh_^bgylv \f_kl_ qZklb ih_a^h\ Z y kdZaZe Lu fh]eZ [u
kh_^bgblv\f_kl_\k_l_jZagu_kemqZbdh]^Zludhfg_ijb_a`ZeZHgZhl\_lbeZ>Z
Hq_\b^gh qlh kh_^bg_gb_ hl^_evguo qZkl_c ih_a^h\ ih^^Z_lky fgh`_kl\m
bgl_jij_lZpbc b _]h fh`gh lhedh\Zlv dZd kqblZ_lky gZb[he__ ih^oh^ysbf \ ^Zgguc
fhf_glbeb\ khhl\_lkl\bbkhk\hbfbkh[kl\_ggufbqm\kl\ZfbY gZihfgbe=Z[jb_e_h
k\h_cbgl_jij_lZpbb\h\j_fyihke_^g_]hijb_fZgZkq_l\vxsboky\hehkk\yaZgguok
l_fqlhIb]eyohq_lbf_lvk\h_]hkh[kl\_ggh]hj_[_gdZ
HgZbf__l^_eh
k ]jZgbp_c
f_`^m
kebygb_f
b hl^_evghklvx
=Z[jb_eZ H[wlhfy b^mfZx
IjbwlhfhgZlZdbebbgZq_ghkh\_jr_gghykghijh\_eZjZaebqb_f_`^ml_f
dh]^Z h q_flh ]h\hjyl b dh]^Z wlh ihdZau\Zxl qlh gZihfbgZ_l fg_ i_kgx ba Fh_c
ij_djZkghce_^b²IhdZ`bfg_
Y Lubf__rv\ \b^mqlhihdZaZlvfg_emqr_q_fjZkkdZau\Zlvh q_flh
=Z[jb_eZ\ayeZ[mluehqdmb ba^ZeZa\mdihoh`bcgZrmfevxs_cky\h^u?keb
kbevgh [jua]Zlv ihemqZ_lky [hevrhc djm] HgZ r_i_ey\beZ b ihjhc [ueh ljm^gh
jZah[jZlvqlhhgZ]h\hjbl
M f_gy\h^\hj_bf__lky\ \b^m\ kZ^mfZe_gvdbc[Zkk_cgb ^\_l_iebpuLZf
gZr[hevrhc^hfb _s_fhcfZe_gvdbc^hfbd
Y FZe_gvdbc²wlhlukZfZ
=Z[jb_eZ Ijhklh lu >HgZ ih\lhjbeZ wlh ljb jZaZ Z ihlhf ^h[Z\beZ@ Ijhklh
=Z[jb_eZIjhklh<bggbdhll
HgZkh_^bgbeZ\f_kl_^\Z\Z]hgqbdZ
Y =Z[jb_eZ b <bggbdhll ^jm`Zl gh \k_lZdb =Z[jb_eZ ² wlh =Z[jb_eZ Z
<bggbdhll²wlh<bggbdhll
=Z[jb_eZ Fug_fh`_fgZclbgZr_]hdhlZghh^gh]hy \b^_eZdh]^Zhg\ur_e
ih]meylvY \b^_eZ_s_h^gh]hdhlhjuc[_]Ze\hdjm]Qlh_]hlZsbeh"
Y ihfh]_cZ hgZkdZaZeZM <bggbdhllZp_idb_jmdb
>Ze__ihke_^h\Zehg_qlhihoh`__gZmklZgh\e_gb_b^_glbnbdZpbcY kdZaZeqlh
lh gZkq_l =Z[jb_eu b __ hlghr_gbc k g_kdhevdbfb ex^vfb k <bggbdhllhf iZihc
fZfhcb >_ldhcKmab=Z[jb_eZih^gyeZk\hckl\_gguc_crmfb kdZaZeZ
KhagZl_evgh_mih\Zgb_gZ^_ckl\b_ijhp_kkh\\ajhke_gby
>_ldZKmab ^_eZ_l \Z\Z\Z Z ihlhf hgZ ba^ZeZ ^jm]hc rmf aZdju\ eZ^hgvx
jhl
?c gjZ\behkv wlh wkljZ^gh_ ij_^klZ\e_gb_ dh]^Z hgZ lh b ^_eh aZdju\ZeZ
eZ^hgvxjhlDZdjZai_j_^wlbfhgZimdgmeZb ykdZaZeGZ\_jghwlh]Z[jb_ebgrmf
AZl_fhgZklZeZ]h\hjblv\ k\h_coZjZdl_jghcfZg_j_Z ykdZaZeWlhk\yaZghk iZihc
;ueb b ^jm]b_ kemqZb dh]^Z hgZ ]h\hjbeZ \ wlhc hkh[hc fZg_j_ kbevgh
b^_glbnbpbjmykvk hlphf
=Z[jb_eZ G_ ]h\hjb lZd >gh fu ]h\hjbeb h iZi_@ >_ldZKmab _s_ fZeZ qlh[u
jZa]h\Zjb\ZlvQlhwlhaZkf_rgZyrlmqdZ"
HgZ ^_j`ZeZ jmqdm d dhlhjhc [ueZ ijb\yaZgZ dZdZylh \_j_\hqdZ =Z[jb_eZ
ohl_eZqlh[uy ijbp_ibe__ diZjh\habdmqlh[uhgZfh]eZ\hablv_]hihdhfgZl_HgZ
[ueZ^h\hevgZY kdZaZeqlhlhgZkq_llh]hqlhwlh²fZeurdZ=Z[jb_eZh dhlhjhchgZ
\kihfbgZeZ b hgZ kdZaZeZ G_l wlh fZe_gvdZy k_klj_gdZ Z ihlhf g_h`b^Zggh
IhkfhljbgZwlmdjZkb\mxdZjlbgdmwlh[ueihjlj_lhq_gvk_jv_aghc^_\hqdbr_klb
bebk_fbe_l^h\hevghklZjhfh^gucdhlhjucy ojZgx\ k\h_cdhfgZl_WlZ^_\hqdZ
klZjr_ f_gy HgZ klZjr_ f_gy lZd `_ dZd y klZjr_ >_ldbKmab HgZ KmkZggZ m`_
fh`_l oh^blv gb aZ qlh g_ ^_j`Zkv =Z[jb_eZ ijh^_fhgkljbjh\ZeZ dZd hgZ oh^bl b
[_]Z_l b hiylv oh^bl ihlhf iZ^Z_l B hgZ fh`_l \klZlv wlh hgZ lh`_
ijh^_fhgkljbjh\ZeZ
Y LZd qlh _c fZfZ gm`gZ m`_ g_ \k_ \j_fy =Z[jb_eZ G_l Kdhjh hgZ _s_
[hevr_ ih^jZkl_l b h[hc^_lky [_a fZfu beb iZiu b =Z[jb_eZ kfh`_l h[oh^blvky [_a
<bggbdhllZ b \hh[s_ [_a dh]h [u lh gb [ueh Dlhgb[m^v kdZ`_l Qlh lu ^_eZ_rv"
Wlhfh_f_klhY ohqmgZl\h_f_klhMoh^bhlkx^Z
FZklmj[Zpbyk nZglZabjh\Zgb_fh nhjf_dhblmkZf_`^mex^vfb
HgZ ihdZau\ZeZ g_qlh \jh^_ b]ju \ Dhjhey aZfdZ  \ dhlhjhc =Z[jb_eZ
ml\_j`^ZeZ k\hx kh[kl\_ggmx ebqghklv b ijb wlhf h`b^ZeZ hlihjZ K_cqZk hgZ \ayeZ
^\Z\Z]hgqbdZb ihl_jeZboh^bgh ^jm]hcdhe_kZfb
Y Hgb^_eZxl^_l_c"
=Z[jb_eZ >ZBgh]^Zy e_`mgZkibg_gh`dZfbd\_jomdh]^Zg_lkhegpZ>_l_c
g_^_eZxM f_gykZjZnZgqbdb [_eu_rlZgbrdb
HgZijh^_fhgkljbjh\ZeZdZde_`blaZ^jZ\gh]bih^klZ\eyybokhegpm
=Z[jb_eZ M f_gygh\u_lmneb>G_l_dhlhju_[ueb\ wlhlfhf_glgZg_c@
HgZ jZa\yau\ZeZ h^gm ba lmn_ev b klZkdb\ZeZ ghkdb Lh kgbfZeZ lh hiylv
gZ^_\ZeZ HgZ ohl_eZ qlh[u y wlh \b^_e ]ey^_eZ gZ ghkhd \uklZ\eyy k\hx [hevrmx
lheklmxiyldm
Y LuihdZau\Z_rvfg_[hevrb_]jm^b=Z[jb_eZ DZdgh]b
HgZ jZa\yaZeZ \lhjmx lmnex b ihdZaZeZ ^jm]mx iyldm Ba \k_]h wlh]h hgZ
mkljhbeZ ihl_om dZd [m^lh h^gZ __ gh]Z ijhiZeZ \ dZdhclh b]j_ dhlhjmx kZfZ
\u^mfZeZ
=Z[jb_eZ Wlh\k_g_gZlhcgh]_>wlh[ueZrmldZ@
HgZihf_gyeZghkdbb hlijZ\beZkvd dhjabgd_k b]jmrdZfbY kdZaZe=Z[jb_eZ
\k_ih_^Z_lb _klhgZkebrdhffgh]hgh\ wlh\j_fydhjabgdZg_[ueZi_j_iheg_gZ
=Z[jb_eZhl\_lbeZ?_g_lhrgbl

>< <bggbdhll  IkbohkhfZlbq_kdh_ aZ[he_\Zgb_ \ _]h ihablb\ghf b
g_]Zlb\ghfZki_dlZoF_`^mgZjh^gucikbohZgZeblbq_kdbc`mjgZe ,QWHPDW-3V\FKR
$QDO 

IjbagZgb_g_aj_ehklbb hlghkbl_evghcaZ\bkbfhklb
Ijhykg_gb_h[jZah\
H^gZ lmney m g__ [ueZ kgylZ b hgZ aZ[Z\eyeZkv l_f qlh ohl_eZ hklZlvky [_a
ghkdZK ghkdZfbb lmneyfb\hagbdeZdZdZylhkeh`gZykblmZpbyb hgZhq_gvbkdmkgh
ijh^he`ZeZk\hxaZl_xohlyb [_amki_rgh
Y JZa\_g_ljm^ghZ"=Z[jb_eZ >Zljm^gh
Y =Z[jb_eZ g_ fh`_l kh\k_f h[hclbkv [_a fZfu b kZfZ g_ kh\k_f _s_ fh`_l
[ulvfZfhc
AZl_fhgZih^hreZd [hevrhfmih_a^mb kdZaZeZGZ^_xkvqlhfug_kebrdhf
jZgh ijb_oZeb Ihlhf hgZ ]h\hjbeZ h ijbqbgZo ih dhlhjuf hgb k hlphf ijb_oZeb
jZghNZdlbq_kdbhgboh^bebihfZ]ZabgZfqlh[ug_ijbclbkebrdhfjZgh
Y ihqm\kl\h\Zeqlhl_i_jvgm`gZfhyihfhsvk g_ihkemrgufrgmjdhfwlhfg_
jZaj_rbebihlhfk ^jm]bf
=Z[jb_eZ Y keurm]jhfdbcklmd>^_ckl\bl_evguc@
Y Dlhgb[m^vk_j^blky"=Z[jb_eZ G_lwlh>_ldZKmabklmqbl
IhlhfhgZijhr_ilZeZqlhihc^_ld iZi_b lbohgvdhhldjueZ^\_jvihlhfkgh\Z
__ aZdjueZQ_j_afbgmlm\_jgmeZkvlZdZy`_dZd\k_]^Zb iZiZ_cm`_g_[uegm`_g
HgZklZeZm[bjZlvb]jmrdb
=Z[jb_eZ <k_ b]jmrdb \ [_kihjy^d_ Qlh kdZ`_rv" Y Dlh" =Z[jb_eZ >hdlhj
<bggbdhll
HgZ m[jZeZ [hevrbo iexr_\uo a\_jxr_d kh[Zq_d M[hjdZ [ueZ hq_gv
lsZl_evghck khjlbjh\dhcb]jmr_d
=Z[jb_e_ :cDjurdZke_l_eZgmgbq_]hfZfZ\_^v^hfZ
AZl_f =Z[jb_eZ \k_ ZddmjZlgh ijb[jZeZ b kdZaZeZ M l_[y ohjhr__ f_klh ^ey
b]jmr_d ijZ\^Z" GZ kZfhf ^_e_ dmqZ fhbo b]jmr_d e_`bl gZ ihem ih^ dgb`guf
rdZnhf HgZ gZreZ iZjm b]jmr_d \ klhjhg_ b m[jZeZ bo K\hb y ^_j`m kgZjm`b \
fmkhjghcdhjabgd_
IhlhfhgZ\ureZaZ^\_jvgbdZdbob]jmr_d[hevr_gb]^_g_\ZeyehkvDZdh_lh
\j_fyhgZijh[ueZk hlphf\ ijb_fghcjZkkdZau\Zy_fmh lhfqlhk^_eZeZb hglh`_
]h\hjbeh[wlhfAZl_fihiulZeZkvaZlZsblv_]h\ dhfgZlmKdZaZeZ_fmY ohqmqlh[u
lulm^Z\hr_eghhgmibjZekyHgkdZaZeLub^blm^Zd ^hdlhjm<bggbdhllm
FuaZgbfZebkvm`_fbgmlb y[ue]hlh\aZdhgqblvk_ZgkHl_pkdZaZeG_l
g_lLub^bd ^hdlhjm<bggbdhllm
=Z[jb_eZ G_lg_lg_l
Y >Z\Zc^Z\Zc\_^vm`_kdhjhihjZ_oZlvAZoh^b
HgZ\hreZ\ hq_gv^jm`_kl\_gghfgZkljh_gbbKijhkbeZ[m^_lebm f_gyhlimkd
b qlhy [m^m^_eZlvY kdZaZeqlhih_^m\ ^_j_\gxhl^uoZlvGZwlhfijb_faZdhgqbeky
bmoh^yhgZkdZaZeZ
Dh]^Zfg_hiylvijb_oZlv"Y hl\_lbe< hdly[j_
<Z`ghc qZklvx wlh]h k_ZgkZ [ue fhf_gl mklZgh\e_gby b^_glbqghklb b]jZ \
DhjheyaZfdZ \ke_^aZwdki_jbf_glZfbk hl^_e_gb_fihke_h[t_^bg_gby
Dhff_glZjbc
Y hkhagZeqlhd g_cgm`ghh[jZsZlvkydZdd =Z[jb_e_
< Jhkkbbb]jZPZjv]hju²Ijbfj_^
Ihke_^h\Zl_evgh_jZa\blb_l_fub^_glbqghklb
<ZjbZglaZy\e_gbyDhjheyaZfdZ
 B]jZ \ qZklbqgu_ h[t_dlu ijb\h^ysb_ d b^__ h ]jm^yo b]ju k gZ^_\Zgb_f
kgbfZgb_f
Ij_\jZs_gb_`Z^ghklb\ Zii_lbl
Ij_\jZs_gb_[_kihjy^dZ\ ihjy^hdGZf_ldb[m^ms_cl_fu[_kihjy^dZ
IbkvfhhlfZl_jb
HgZkgh\Zohjhrhkiblghqvx?__^bgkl\_ggufaZf_qZgb_fihke_k_ZgkZ[ueh
Y ohl_eZkdZaZlv^hdlhjm<bggbdhllmqlhf_gyah\ml=Z[jb_e_cghhgwlhm`_agZ_l
Wlh[uehkdZaZghk m^h\e_l\hj_gb_f 
Ibkvfhhlh[hbojh^bl_e_cgZibkZggh_fZl_jvx
G_agZxihq_fmfg_hdZaZehkvljm^ghgZibkZlv<Zf\hafh`ghy lZdaZimlZeZkv
k =Z[jb_e_cqlhg_fh]eZjZkimlZlvkyghgZ^_xkvqlhwlhjZaj_rblkykZfhkh[hc
DZ`_lky =Z[jb_eZ \ ]hjZa^h emqr_f khklhygbb y bf_x \ \b^m lhÄ qlh hgZ
kihkh[gZ d k\h_fm kh[kl\_gghfm \hkijbylbx \g_rg_]h fbjZ b d bkihevah\Zgbx
bf_xsbokym g__\hafh`ghkl_cb wlh_cgjZ\blky
HgZm`_g_lZdZyaZkl_gqb\Zygh_chq_gvljm^gh\klmiZlv\ dhglZdlk ^jm]bfb
^_lvfb ohly hgZ hq_gv wlh]h ohq_l b kljZ^Z_l hl g_m^Zq =Z[jb_eZ hq_gv kljZ^Z_l h]
djmr_gbyk\hbobeexabcihlhfmqlh\haeZ]Z_lgZlZdb_dhglZdlufZkkmgZ^_`^
WlZ^_lZevihdZau\Z_ldZd\Z`gh[uehlhqlhy meh\be__ i_j\h_`_eZgb_m`_
gZ ihjh]_ b agZe qlh ^he`_g kdZaZlv =Z[jb_eZ Z g_ Ib]ey beb dZdh_gb[m^v bfy
k\yaZggh_k h^ghcba__ fgh]hqbke_gguojhe_c²><<
Kh^_j`Zgb_jZa]h\hjh\ihl_e_nhgma^_kvg_baeZ]Z_lky
HgZij_djZkgheZ^blkhk\h_ck_kljhcg_kfhljygZ\g_aZigu_ZdluZ]j_kkbb²
bgh]^Z\^jm]k[b\Z_l__ kgh]ihkj_^bmebpubebh[ty\ey_lqlh_cgZ^h_eZfZe_gvdZy
k_kljZ AZ bkdexq_gb_f lZdbo kemqZ_\ hgZ h[jZsZ_lky k g_c ihq_eh\_q_kdb k
khqm\kl\_ggufihgbfZgb_fqlh[hevr_\k_]hjZ^m_l
<k_ _s_ _klv ^h\hevgh fgh]h dZ`ms_]hky g_kdhevdh gZ^mfZgghc nZglZab_c g_
agZx gZkdhevdh hgZ kZfZ \ wlh \_jbl b gZkdhevdh wlh ij_^klZ\ey_lky aZdhgghc b
^_ckl\_gghcaZsblhcijhlb\^hklZlhqghiuleb\uojh^bl_e_c 
Lhevdh ihke_^gb_ g_kdhevdh ^g_c hgZ hiylv g_ fh`_l mkgmlv d g_c hiylv
ijboh^beZ q_jgZy fZfZ b hgZ \k_ [hevr_ ]h\hjbl h ih_a^d_ d ^hdlhjm <bggbdhllm
DZ`_lky__ hq_gv[_kihdhbllhqlhhgZhljZ\e_gZ=Z[jb_eZkt_eZy]h^mdhlhjZydZd
hgZml\_j`^Z_l[ueZhljZ\e_gghcb ]h\hjblgZfdZdly`_ehhgZaZ[he__lHgZlZd`_
ml\_j`^Z_l qlh __ [jjj aZkljyeh m g__ \gmljb ohly g_ \b^gh gbdZdbo ijbagZdh\
kljZ^Zgbyhlnbabq_kdh]haZihjZGh\ l_q_gb_hklZevgh]he_lZ\k_wlhg_ijhy\eyehkv
>ey=Z[jb_evhq_gvfgh]hagZqbllhqlhm g___klv<Zrghf_jl_e_nhgZ
<u \b^bfh hq_gv fgh]h_ ^ey g__ baf_gbeb b \ lhl fhf_gl dh]^Z __ ^_eZ
dZaZehkvihiZeb\ ]m[bl_evg_crbcaZdhe^h\Zggucdjm]<ukmf_eb\u\_klbbobawlh]h
djm]Z DZ`_lky ^Z`_ qlh =Z[jb_eZ k_cqZk [hevr_ ihoh`Z gZ lm dj_idmx fZe_gvdmx
^_\hqdm dhlhjhc [ueZ ^h jh`^_gby KmkZggu b lZdbf h[jZahf km^y ih \k_fm
g_ij_ju\ghklvdZdlh\hkklZgh\beZkv

Fh_ibkvfhjh^bl_eyf
Y ihemqbeihqlh\mxhldjuldmhl=Z[jb_ev>mfZxqlh\uohl_eb[uqlh[uy
__ hiylvijb

G_ m\yau\Z_lky eb wlh k l_f qlh f_gy ^_j`Zl \ g_\_^_gbb hlghkbl_evgh
q_jguoy\e_gbc"²><<

gye b y \u^_ex ^ey g__ \j_fy H^gZdh fh`_l [ulv \u kqblZ_l_ qlh [ueh [u
ohjhrhgZg_kdhevdhg_^_evhklZ\blv\k_dZd_klvb \wlhfkemqZ_\uy gZ^_xkvfg_
h[wlhfkhh[sbl_
Bkoh^y ba lh]h dZdhc y gZr_e =Z[jb_em dh]^Z \b^_e __ Z lZd`_ ba \Zr_]h
ibkvfZy m[_`^_gqlhfug_^he`guih^oh^blvd g_cijhklhk lhqdbaj_gby[he_agb<
g_cfgh]ha^hjh\h]h<hafh`gh\ukhh[sbl_fg_qlh\uohlbl_qlh[uy k^_eZe
Ijb wlhf y ^he`_g gZihfgblv h fh_c aZgylhklb b g_\hafh`ghklb aZgbfZlvky
e_q_gb_f gh\h]h [hevgh]h \ lh `_ \j_fy y ihgbfZe qlh m wlbo jh^bl_e_c [ueb
^hklZlhqgu_ hkgh\Zgby ^ey lh]h qlh[u g_ iheZ]Zlvky gZ ijhp_kk jZa\blby dhlhjuc \
wlhfj_[_gd_fh]ijb\_klbb d\ua^hjh\e_gbxg_aZ\bkbfhhlijh\h^bfh]he_q_gby

Ibkvfhhljh^bl_e_c
KiZkb[h<ZfaZibkvfhb ij_^eh`_gb_gZagZqblvijb_fdhlhjh_fuk jZ^hklvx
ijbgbfZ_f
Fu lZd`_ iheZ]Z_f qlh =Z[jb_em g_evay [hevr_ kqblZlv hq_gv [hevghc
^_\hqdhc fgh]b_ __ klhjhgu \gh\v h`beb B \k_ `_ _klv hq_gv aZf_lgu_ ijhy\e_gby
ih^Z\e_gghklb b lj_\h`ghklb dhlhju_ ihjhc ijb\h^yl d __ dZd [u iheghfm
[_kqm\kl\bxb ^_eZxl__ `bagvohlyb yjdh\ujZ`_gghcgh\ lh`_\j_fyiehkdhc
Dh]^ZfuibkZeb<Zfihke_^gbcjZam =Z[jb_euhiylvgZqbgZebkvljm^ghklbkh
kghfb wlhihke_lh]hdZd\ l_q_gb_[hevr_cqZklbe_lZk aZkuiZgb_fm g__[ueh\k_\
ihjy^d_Z l_i_jvhgZihklhygghihljbq_luj_qZkZg_fh`_laZkgmlv
K_cqZk m g__ fbeZy q_jgZy fZfZ dhlhjZy kljb`_l _c gh]lb \hafh`gh <u
ihfgbl_dZdhgZ\ ih^Z\e_gghfkhklhygbbpZjZiZeZk_[_ebphghqvxb hiylvlZd^_eZ_l
ihke_^g__\j_fyH^gZdhq_jgZyfZfZijboh^beZhlj_aZlv[hevrhciZe_pm g__gZjmd_
dmohgguf gh`hf Gh hgZ kdZaZeZ qlh khh[sbl ^hdlhjm <bggbdhllm qlh q_jgZy fZfZ
mreZ
< gZklhys__ \j_fy =Z[jb_eZ hq_gv h[_kihdh_gZ b^__c kf_jlb jh^bl_e_c gh
]h\hjbl h[ wlhf kh\_jr_ggh [_kqm\kl\_ggh b hlj_r_ggh K\h_c fZf_ hgZ ]h\hjbl Y
ohl_eZ[uqlh[ulumf_jeZ
>Z l_[_ lh`_ [m^_l `Zedh >Z y [m^m ojZgblv l\hx nhlh]jZnbx \ fh_f
q_fh^Zg_
HgZ \hh[jZ`Z_l hl\jZlbl_evg_crb_ \_sb ydh[u ijhbkoh^ysb_ f_`^m __
jh^bl_eyfbb [ueZ]em[hdhihljyk_gZb jZkkljh_gZdh]^Zm\b^_eZk\hxfZlvjZa^_lhc
[he__ q_f h[uqgh dh]^Z hgZ kh[bjZeZkv ijbgylv \Zggm Ohly wlb haZ[hq_gghklb
ij_^klZ\eyxlky ^h\hevgh h[uqgufb __ ih^Z\e_gghklv b ihke_^mxs__ hldexq_gb_
qm\kl\b [_kihdhckl\hihghqZf]h\hjyl\b^bfhh lhfqlhg_dhlhjZyihfhsv\k_`_
_s_gm`gZ
Fuhl^Zeb__ \^_lkdmx]jmiim^eyb]j]^_dZdfu<Zfm`_jZkkdZau\ZebhgZk
ljm^hf \klmiZ_l \ dhglZdl ohly _c wlh]h y\gh ohq_lky FZfZ \havfb dgb`dm Fg_
[m^_lkdmqghb lh]^Zy g_[m^magZlvqlh^_eZlvb lh]^Zy gbk d_fg_ihagZdhfexkvb
lh]^Zy g_aZohqmqlh[ugZf_gykfhlj_eb

K?>VF:YDHGKMEVL:PBYhdly[jy]h^Z
=Z[jb_eZ _c l_i_jv ljb ]h^Z b h^bg f_kyp ijbreZ kh k\hbf hlphf b lml `_
gZijZ\beZkv d b]jmrdZf aZ^_\ ]heh\hc fhc ehdhlv ihlhfm qlh y kb^_e gZ ihem HgZ
\ayeZ[hevrmxfy]dmxb]jmrdm
=Z[jb_eZ GZqZlv k ^hfbdh\ dhlhju_ klhyl \ jy^" Lu keurZe fhc a\hghd" Y
iha\hgbeZljbjZaZFbkl_j<bggbdhll qlhwlhlZdh_"Y Wlh]jmah\bd
=Z[jb_eZ :b hgZijbgyeZkvkp_ieylv_]hk q_flh<k_[_^uijhrebb fg_
[hevr_g_q_]hl_[_kdZaZlv
Y Y ijbgbfZx=Z[jb_em[_a\kydbo[_^ijhklh=Z[jb_em
=Z[jb_eZ M f_gy [ueZ q_jgZy fZfZ dhlhjZy f_gy [_kihdhbeZ Z l_i_jv hgZ
m_oZeZFg_g_gjZ\beZkvfZfZZ yg_gjZ\beZkv_cHgZ]h\hjbeZfg_\kydmxq_imom
=Z[jb_eZ \ukljhbeZ ^ebgguc jy^ ^hfbdh\ \ ^h\hevgh jh\gmx ebgbx \ nhjf_
[md\u 6 b gZ dZ`^hf dhgp_ wlhc ebgbb ihklZ\beZ p_jdh\v Ihlhf hgZ \ayeZ
we_dljbq_kdmxeZfihqdmk gZjbkh\ZgghcgZg_cjh`bp_cb kdZaZeZY h[wlhfaZ[ueZ
< wlhf [ueZ dZdZylh aehklv gZ lh qlh jh`^Z_lky j_[_ghd HgZ kdZaZeZ FZe_gvdZy
^_\hqdZb^_l\ p_jdh\vk [hevrhc^_\hqdhc;ueZdZdZylhb]jZdhlhjZyg_aZibkZgZm
f_gygZ^e_`Zsbfh[jZahfJ_qvreZh lhfqlh[uqlhlh

^_kvgZqbgZ_lkyg_h^ghdjZlgh\klj_qZxs__kyaZl_fh[jZs_gb_d <bggbdhllm
g_dZdd l_jZi_\lm

K_cqZk hgZ ih^ ^_j`b\ZeZ i_j_`b\Zgb_ ebqghc \gmlj_gg_c j_Zevghklb ^Z\Zy
fg_ebrvkfmlgh_ij_^klZ\e_gb_h ^_lZeyokh^_j`Zgbywlhcj_Zevghklb
<hijhkijhl_klijhlb\hlimkdZ
^h[Z\blvkx^Z^eykh[Zdb kdhlZ²b wlhqlhlhgZjmrZehiheh`_gb_^hfbdh\gZ
dZ`^hfdhgp_bah]gmlhc\ nhjf_[md\u 6 ebgbb
=Z[jb_eb : k_cqZkfuihkljhbf`_e_agmx^hjh]m
HgZ \ayeZ ^\Z dZfgy dhlhju_ \ ijhreuc jZa ijbg_keZ \ [mfZ`ghf iZd_l_ <
iZd_l_ [ue _s_ h^bg dZf_gv ihdjmig__ Wlh dZdbflh h[jZahf [ueh k\yaZgh k q_jghc
fZfhcIhlhfhgZiheh`beZ[hevrhcdZf_gvgZijhlb\^\modZfg_cihf_gvr_
=Z[jb_eb Fbkl_j<bggbdhllihq_fmm l_[yg_l[hevr_ih_a^h\"
HgZ ihbkdZeZ bo b gZreZ ohly dhg_qgh b lZd agZeZ h gbo DZd hgb ihiZeb d
l_[_fbkl_j<bggbdhll"
Lml [ueb Z\lhfh[beb ^hjh]Z b _s_ h^bg dZf_gv =Z[jb_eZ \k_ wlh hlf_eZ \
klhjhgmb kdZaZeZ
Wlhlih_a^lyg_lh[Zih_a^ZZ \hl_s_dhjZ[ebih_a^ZhgZ\_eZk_[yhq_gv
rmfghb g_jZa[hjqb\h]h\hjbeZkZfZk kh[hc
Q_j_a g_dhlhjh_ \j_fy hgZ \gh\v aZgyeZkv wlbf gh m`_ ih]ey^u\Zy gZ f_gy k
meu[dhcjZkkqblu\Zy\ua\Zlvj_ZdpbxFh`ghij_^iheh`blvqlhwlh[uehk\yaZghk
g_ykghklvxlh]hqlhijhbkoh^behbaaZ__ hldexq_gghklb b __b]judhlhjZy^eyf_gy
[ueZg_ihgylgZ< wlhlfhf_glhgZ\a]jhfha^beZih_a^gZdhjZ[ebdqlh[uehZ[kmj^gh
ohly[um`_ihlhfmqlhb]jmr_qgucih_a^[uegZfgh]h[hevr_dhjZ[ebdZ

=Z[jb_eZ <ZfgjZ\ylkyfhbb]jmrdb"Fg_²^Z K\yavk khklhy

HgbdZdnjZgpmakdb_ijZ\^Z"Fu[ueb\hNjZg gb_fhldexq_g
pbbY g_ohl_eZqlh[ukhfghc\hNjZgpbbdlh ghklbgb[m^v[ue
L_i_jv=Z[jb_eZb]jZeZk hq_gvfZe_gvdbf^_j_\yggufih_a^hf;jZeZh[ehfdb
^_j_\ygguob]jmr_db kdeZ^u\ZeZboemqZfbi_j_qbkeyy
:]j_kkb\guc Zdl \uy\eyxsbc __ Z]j_kkb\gu_ bfimevku b gZijZ\eyxsbc bo gZ
f_gy
h^bg^\ZljbHgZludZeZiZehqdm\ dh\_jqlh[ulZklhyeZghiZehqdZiZ^ZeZY
_c g_fgh]h ihfh] b ijh\_a ih_a^ HgZ qmlv g_ [jhkbeZ \ f_gy ly]Zq kp_ie_gguc k
\Z]hghf ihlhfm qlh g_ ohl_eZ wlh]h Hq_gv hkfuke_ggh jZkiheh`beZ b]jmrdb <
p_glj_ [ueZ ihoh`Zy gZ [md\m 6 ebgby ^hfh\ k p_jdh\vx gZ dZ`^hf dhgp_ k __
klhjhgu[ueZhgZkZfZb fgh]hij_^klZ\eyxsbo__ ij_^f_lh\K ^jm]hclh_klvk fh_c
klhjhgu wlhc ebgbb \ nhjf_ [md\u 6 [ue ly]Zq dhlhjuc hgZ r\ujgmeZ \ f_gy Z
lZd`_ y b ^jm]b_ ij_^f_lu Wlh [ueZ g_y j_ij_a_glZpby Wlh [ueh Z[khexlgh
ij_^gZf_j_ggh_h[s_gb_ihdZau\Z\r__qlhhgZ^hklb]eZhl^_e_gbyhlf_gydZdqZklb
__ kh[kl\_ggh]h kZfhml\_j`^_gby Wlh [ueh lZd`_ b aZsblhc ijhlb\ ih\lhjgh]h
\lhj`_gby\ __ebqghklv;uehg_qlhlZdh_qlh\uoh^behaZwlb]jZgbpu<ujZ`Zehkv
wlh \ lhf qlh g_dhlhju_ Z\lhfh[bevqbdb i_j__a`Zeb k __ klhjhgu gZ fhx Z hgZ
]h\hjbeZqlhlh\jh^_gbdlhg_agZ_ldZd
< dhgp_ dhgph\ =Z[jb_eZ hq_\b^gh ihqm\kl\h\ZeZ qlh qlhlh ijhbahreh
ihkdhevdm gZqZeZ i_lv b dh]^Z y kdZaZe qlh m g__ _klv dZdb_lh \_sb \gmljb hgZ
aZdhgqbeZ njZam kdZaZ\ qlh hgb mijylZgu Y ki_pbZevgh hlf_lbe qlh wlh [ueh __
kh[kl\_gguf \ujZ`_gb_f =h\hjbeZ kZfZ k kh[hc H^gh]h fZe_gvdh]h fZevqbdZ
ijbrehkv ihf_klblv k h^ghc fZe_gvdhc ^_\hqdhc qlh[u hg ih_oZe k fZe_gvdhc
^_\hqdhcfhc^jm]JbqZj^b KZjZgZau\ZeZg_kdhevdh^jm]bo`_gkdbobf_gL_i_jv
[ueh ^\_ ebgbb koh^b\rb_ky \ h^ghf dhgp_ h[jZah\Zggu_ ^hfZfb b ^jm]bfb
b]jmrdZfb H^gm ba ^_\hq_d a\Zeb Dewj  >mfZx qlh wlh [ueh k\yaZgh k e_lgbf
hl^uohfHgZ]h\hjbeZfg_h f_kl_]^_`b\_lDewj
=Z[jb_eZ Wlhdm^Zy bgh]^Zoh`mG_lg_oh`m

LhqlhDewj²bfyfbkkbk<bggbdhlly\ey_lkyqbklhckemqZcghklvx

L_fZdZjZglbgZb]jZ_llZdmx`_jhevdZdaZsblgZy]jZgbpZf_`^myb g_
y
IZ\ebg ><<
HgZh[tykgbeZfg_qlhlZfk_cqZk[he_xlk\bgdhcb baaZwlh]hhgZlm^Zk_cqZk
oh^blvg_fh`_l
=Z[jb_eb LZdqlhy g_fh]m[hevr_d gbfoh^blvohlyfg_b ohq_lkyY g_fh]mk
gbfb\klj_qZlvkyZ hgbg_fh]mlijboh^blvdhfg_G_agZxqlh^_eZlv<hly bihreZ
\ rdhemqlh[uihb]jZlvFg_ihgjZ\behkv<k_lZf[uehg_lZdbaaZk\bgdbHgbg_
fh]ml\uoh^blvbebdmiZlvkyHgbohlylghk\bgdZdhlhjhchgb[he_xlg_^Z_lFZfZ
[_kihdhblky qlh y aZ[he_x hl g__ ijhklm^hc Ihwlhfm fZfZ kdZaZeZ G_l ihlhf hgZ
\k_`_kijhkbeZy [ueZm`ZkghG_agZxqlh^_eZlv
Y Y g_ ihgbfZx >Y bgl_jij_lbjh\Ze wlh \ l_jfbgZo ml\_j`^_gby
b^_glbqghklb@
=Z[jb_eZ : ]^_lhldjZkb\ucdhjZ[ebd"Dm^Zy ^_eZdhjZ[ebdb">FuihbkdZeb
boghg_gZreb@: \dhjabgd_hgbg_fh]ml[ulv"G_lg_fh]mlIhkfhljbl_gZfhx
]jyagmx jmdm >HgZ ^_j`ZeZ dhjZ[ebdb \ jmd_@ : ]^_ ^jm]b_" G_ agZx dm^Z hgb
ijhiZeb<hl_s_h^bgY h[uqghagZeZ]^_dhjZ[ebdbFg_\k_]^Z[u\Zehijb\uqghk
lh[hcZ l_i_jvg_lY \ujhkeZHgboh^ylb ]h\hjyl
 QlhlhgZkq_liZ\ebgZ
=Z[jb_eZ Gh hgb g_ ihgbfZxl ;yrdZ IZ\ebgu ijhklh fhlZxl ]heh\hc dZd
[m^lh]h\hjylG_lHgbgbdh]^Zg_]h\hjyl;Zlxrdb
=Z[jb_eZ aZi_eZ i_kgx qlh[u ijhbeexkljbjh\Zlv mihlj_[e_gb_ \ujZ`_gby
;Zlxrdb AZl_f hgZ \ukljhbeZ p_emx \_j_gbpm dhjZ[e_c gZijZ\ey\rboky hl g__
Dlh _^_l gZ \k_o wlbo dhjZ[eyo" B kZfZ i_eZ i_kgx dhlhjZy bf_eZ hlghr_gb_ d
dhjZ[ebdZfHgZkgh\Z jZkklZ\beZ dhjZ[ebdb Z y jZaeh`be ^_j_\yggu_ h[ehfdb Fu
h[Zk^_eZebdhjZ[ebdb: l_i_jv[m^_fm[bjZlvIhq_fmm l_[ylZdfgh]hdhjZ[e_c^ey
f_gy"AZ[Z\gh

AZsblZ jZaebqgu_ \gmlj_ggb_ h[t_dlu f_`^m `b\uf b f_jl\uf

dhgljhebjm_fu_
=Z[jb_eZijh^he`ZeZb]jm\ukljhb\fgh]hdhjZ[e_cghkZfbih\_jgmluohlg__
Ih^Zevr_[ueih^h[gucjy^Z\lhfh[be_c b fZkkZ ^jm]bo \_s_c gZ __ klhjhg_ ebgbb
hl^_ey\r_c __ hl ly]ZqZ b f_gy <k_ b]jmrdb gZ __ klhjhg_ ebgbb [ueb ZddmjZlgh
\ukljh_gulZdqlhg_dZkZebkv^jm]^jm]ZHgZi_eZqlhlhijhjZaghp\_lgu_fZrbgu
=Z[jb_eZ AZq_fwlZ[_q_\dZ"Iheh`bf__ kx^Z
Fg_ijbrehkvh[j_aZlv__ ^hgm`ghc^ebgub =Z[jb_eZih\_aeZiZjh\habdq_j_a
\kxdhfgZlm
=Z[jb_eZ Dm^ZijhiZebgh`gbpu">>_eh\ lhfqlhy ihevah\Zekygh`hf@
Y Y hklZ\bek\hbgh`gbpugZ\_jom>Gh`gbpu\k_]^Zm f_gy\ dZjfZg_@
HgZ\_jgmeZkvd b]jmrdZf
Y Luhiylv]hlh\Z_oZlv>Y kdZaZelZdaZf_lb\qlhhgZijb[bjZeZkv@
=Z[jb_eZ Dm^Z^hfbdb_^ml>b lZd^Ze__@
HgZ^ZeZfg_ih_a^b klZeZ[jhkZlvfg_b]jmrdbihlhfmqlhy \k_lZdb[uegZ
^jm]hcklhjhg_jZa]jZgbqbl_evghcebgbb<hllulZf²hgZih\lhjbeZwlhfgh]hjZa
lZf L_i_jv \ oh^_ b]ju LZf [ue ><< =Z[jb_eZ ij_^klZ\eyeZ qlh y gZoh`mkv \
ysbd_IjbwlhfhgZ^Z\ZeZfg_gZojZg_gb_b]jmrdbdhlhju__cgjZ\bebkv
=Z[jb_eZ Dh]^Zy kgh\Zijb_^mlhm\b`mqlhlu\k_ijb[jZe
DZaZehkv qlh =Z[jb_eZ hl q_]hlh hk\h[h^beZkv B y k^_eZe k_[_ ihf_ldm h[
wlhf K\h[h^gZ gZdhg_p Wlh [ueh qlhqlh k\yaZggh_ k [Z[Zdhc HgZ kdZaZeZ
Fbgmldm y \k_ k_cqZk m[_jm <hl Hq_gv ZddmjZlgh m[jZeZ fZrbgu G_ ohqm bo
ihihjlblv

Lj_\h]Zk dhlhjhcm^ZehkvkijZ\blvkyml\_j`^_gb_fb ijbgylb_fKmi_jW]h

GZ[ex^_gb_\g_rgboh[t_dlh\h[t_dlb\ghklv
KhkqblZeZ ih_a^Z Qlh emqr_ \k_]h ^ey ih_a^h\" B djZkb\h b ZddmjZlgh
keh`beZ bo \k_ \ e_`Zq_f iheh`_gbb GZ^h ijb[jZlv b]jmrdb AZl_f ^h[jZeZkv ^h
dZfg_c L_i_jv gZ^h m[jZlv fZfm : wlh dm^Z fbkl_j <bggbdhll" B ijh^he`beZ
GZ^h ohjhrh ijb[jZlv =Z[jb_eZ g_dhlhjh_ \j_fy ihb]jZeZ k ]eZaghc \Zgghqdhc
Hilj_d_ihlhfkdZaZeZDlhiheh`be\ b]jmrdbwlml_fghlm"DZaZehkvhgZihqlb
aZdhgqbeZ m[hjdm b l_i_jv ijbg_keZ fhlhd [_q_\db b [jhkbeZ _]h \ dhjabgdm H^gZ
dhjh[dZ [ueZ ^h\_jom aZiheg_gZ \kydhc \kyqbghc Gm \hl : wlh dm^Z" Gm l_i_jv
g_fgh`dh ihjy^hd HklZeZkv _s_ dhjh[dZ HgZ ijhklh ihklZ\beZ __ L_i_jv l_i_jv
gZ^h iheh\bd ihqbklblv DZdhc ijbylguc fZl_jbZe m wlh]h dh\jZ Dlh _]h l_[_ ^Ze"
@_kldbc dh\_j >\hjk ih^ ijbylghc \hklhqghc pbgh\dhc@ g_ hq_gvlh ijbylguc Hg
ijhklh ^ey lh]h qlh[u ihe [_j_qv M`Zkgh ijbylguc fZl_jbZe m wlh]h iheh\bdZ B
a^_kvlh`_>ih^oh^yd dj_kem@b a^_kvHgZih^hreZd dmr_ld_b h[ke_^h\ZeZfZl_jbZe
dmr_ldbb ih^mr_dIhreZ^Zevr_b kdZaZeZB wlhdj_kehm`Zkghijbylgh_b aZl_f
ihreZd iZi_qlh[u_oZlv^hfhc

Dhff_glZjbc
KZfZihk_[_Z g_baaZljm^ghkl_c
Ykgh_ml\_j`^_gb_yb g_y
Hiulu\aZbfgh]hh[s_gby
DZjZglbgAZsblgZykl_gZf_`^myb g_y
MijZ\e_gb_\g_rgbfbh[t_dlZfbijbm[hjd_
H[t_dlb\ghklv\ hlghr_gbb\g_rgboh[t_dlh\
Ihablb\guci_j_ghkl_i_jv²qZklbqghgZj_Zevgh]hl_g_l_jZi_\lZfbkl_jZ
<bggbdhllZb _]hdhfgZlm`_gm
Fh`ghh`b^Zlvqlhq_jgu_y\e_gbylh`_klZgmlZki_dlZfbh[t_dlh\j_Zevgh]h
fbjZ\g_rg_]hihhlghr_gbxd g_cb hl^_e_ggh]hhlg__
Ij_ke_^mxsZy __ q_jghlZ ijbgZ^e_`bl d hklZldZf j_]j_kkb\gh]h kebygby \
hj]Zgbah\ZgghcaZsbl_
Ibkvfhhljh^bl_e_c
=Z[jb_eZ hiylv ohl_eZ [u d <Zf gZ ijb_f >mfZx qlh hgZ gm`^Z_lky \ wlhf
\_kvfZ kjhqgh ohly b g_ j_rZ_lky ihijhkblv HgZ ij_^eh`beZ qlh[u y ihkeZeZ <Zf
ih^ZjhdHgZlZd`_ohl_eZihkeZlvih^Zjhd`_gsbg_dhlhjZyjZ[hlZeZm gZkZ l_i_jv
mreZ=Z[jb_eZ__ hq_gvex[beZ 
<gh\v ohly b \ ^jm]hc nhjf_ \hagbdZeZ l_fZ q_jghc fZfu Y g_ gZibkZeZ
q_jghcfZf_HgZ^ZeZfg_djZkb\mx\Zam\ dhlhjhcqlhlhjZkl_lAZbgvdZgZrZ
ijbkem]Z ih`beZy `_gsbgZ dhlhjmx \k_ ex[beb ^ZeZ _c kl_deygguc dm\rbg k
eZfihqdhc \gmljb Y [hxkv q_jgmx fZfm Y _c g_ aZieZlbeZ HgZ ^ZeZ fg_ djZkb\mx
^_j_\yggmx qZrdm H lhf qlh gZ^h [ueh aZieZlblv q_jghc fZf_ hgZ mihfbgZeZ
g_h^ghdjZlgh
< kZfh_ihke_^g__\j_fym =Z[jb_evhiylvihy\bebkvljm^ghklb k aZkuiZgb_f
?c gm`gh qlh[u m g__ \ djh\Zld_ [ueb \k_ dmdeu fbrdb b dgb`db lZd qlh ^ey g__
kZfhcihqlbg_hklZ_lkyf_klZ>g_fhgZ\_^_lk_[yiehoh dZd[m^lh gZrZ\lhjbl_lb
fu kZfb gbq_]h ^ey g__ g_ agZqbf <hafh`gh fu g_kdhevdh mimklbeb fhf_gl dh]^Z
g_h[oh^bfh ijhy\eylv l\_j^hklv b gZklZb\Zlv gZ k\h_f b l_i_jv klZjZ_fky bkijZ\blv
wlmhrb[dmGh\ l_okemqZyodh]^Z=Z[jb_eZqm\kl\m_lk_[yohjhrhhgZ^_ckl\bl_evgh
hq_gvohjhrhk_[yqm\kl\m_l 

;eZ]h^Zjghklv ih^jZamf_\Z_l ijbgylb_ jZkklZ\Zgby ijbgpbiZ j_Zevghklb qlh
y\ey_lkyieh^hfmljZlubeexabb²><<
Ljm^ghklbh[jZs_gby k [hevguf j_[_gdhf dhlhjuc \ua^hjZ\eb\Z_l \hijhk \
lhf dh]^Z gZ^h ijhy\eylv l\_j^hklv b ^_ckl\h\Zlv bkoh^y ba lh]h qlh j_[_ghd
ghjfZevguc" Lh _klv i_j_oh^ hl iZlheh]bq_kdh]h Kmi_jW]h d khklhygbx
g_ihkj_^kl\_ggh]hj_[_gdZ\ k_f_cghch[klZgh\d_²><<

<HKVF:YDHGKMEVL:PBY^_dZ[jy]h^Z
=Z[jb_eZl_i_jv_cljb]h^Zb ljbf_kypZL_fZhljbpZgby\j_^ghklb\hreZb
kdZaZeZY ihb]jZxkgZqZeZk wlbfbb]jmrdZfbZ ihlhfk wlhcdjZkb\hcb]jmr_qdhc
HgZ ijb\_aeZ k kh[hc [hevrh]h lheklh]h ieZklfZkkh\h]h khe^ZlbdZ Fbeh <k_o
mkljhbf\ ohjhr_c^_j_\g_
Y kdZaZeqlhlhgZkq_lkms_kl\h\Zgby\j_^ghklblh`_HgZ\ayeZly]Zqb kdZaZeZ
<hlohjhrhM KmkZggulh`__klvkh[ZdZ>hklZeZ[_q_\dmb kdZaZeZqlhly]Zqfh`gh
ijbp_iblvd fZe_gvdhfmih_a^mFu_oZebgZih_a^_²b ihklZ\beZih_a^ihaZ^bgZk
wlh [ueh aZ[Z\gh [ueb b ^jm]b_ ijbagZdb lh]h qlh \ fZl_jbZe_ fh]eh [ulv qlhlh
ZgZevgh_ M l_[y fZkkZ ih_a^h\ fbkl_j <bggbdhll HgZ ohl_eZ qlh[u y ihfh] _c
ijbdj_iblv[_q_\dm
=Z[jb_eZ Wlh ohjhrh Y fh]eZ [u ijb_oZlv kx^Z ^g_f ^Z" <hl [ueh [u
ohjhrhIjhklhgZ\_klblvl_[y>HgZklZ\beZgh\u_ih_a^ZihaZ^b^jm]boih_a^h\@G_
hllZedb\Zcboih_a^
Y =^_`b\mlih_a^Z<bggbdhllZa^_kvbeb\gmljb=Z[jb_ev"
=Z[jb_eZ LZf \gmljb >ihdZau\Z_l@ Qlh ijhbkoh^bl \ wlhf ih_a^_" : \ wlhf"
>HgZgZreZdjxdijbgZ^e_`Zsbc\Z]hgm@Dh]^Zy ihklZ\beZih_a^²oZoZoZ²lh
qmlv g_ jZa^Z\beZ khe^ZlbdZ b hg aZieZdZe Hg ba fh_]h ^hfZ Hc \hl lZf kaZ^b
djZkb\uc ih_a^ =^_ \hdaZe fbkl_j <bggbdhll" >Y ihklZ\be ^\Z aZ[hjZ@ >Z wlh ²
klZgpby >hgZ kp_ieyeZ \u]hgu@ Wlh `_e_agh^hjh`guc \hdaZe Fbkl_j <bggbdhll fg_
ihfh]Z_lQlhwlhlZdh_"
Y >ey[Z]Z`Zb \_s_c
=Z[jb_eZ <hl _s_ h^bg klZjuc ih_a^ k [hevrbf iZjh\hahf M f_gy gh\u_
djZkb\u_ lmneb Wlh ]jmah\bd ^ey [Z]Z`Z ?]h emqr_ kx^Z >jZkklZ\beZ ]jmah\bdb b
[Z]Z`@ KmkZggZ² [hevrZy aZgm^Z IbeZ Ih^oh^bl b f_rZ_l Y __ fgh]h jZa
hllZedb\ZeZ Z hgZ ih^oh^beZ AZgm^Z Dh]^Z KmkZggZ klZg_l ih[hevr_ hgZ kfh`_l
^_eZlvlhqlhy ^_eZxhgZ\k_\j_fyih^oh^blb f_rZ_lfg_Fg_[ugh\h]hj_[_gdZ
dhlhjucg_ih^oh^blb g_[_j_lm f_gygbq_]h
Y kdZaZeqlhlhh lhfqlh[uk^_eZlv__ q_jghc
=Z[jb_eZ G_lhgZhlwlh]hieZq_lLh]^Zy ]jhfdhdjbqmhq_gvk_j`mkvb djbqm
_s_ ]jhfq_ Z hgZ hiylv ieZq_l b lh]^Z k_j^ylky fZfZ b iZiZ HgZ dZd Dbdh ^bdbc
f_^\_^v \h NjZgpbb H^gZ`^u hgb \^\h_f kim]gmeb lZdh]h f_^\_^y dZd Dbdh LZf
[ueZg_`gZyfZfZDbdhb fZeurkgZjm`bde_ldbZ hgZ\ de_ld_HgZ[ueZh]jhfgZy
dZd ^bly \gmljb fZfu FZeur Dbdh g_ kb^_e \ de_ld_ Kb^yl h[_avygdb ev\u b
f_^\_^b
Y : _s_dlh"
=Z[jb_eZ Dhjh\ g_ [ueh b `bjZnh\ lh`_ Af_b ² ^Z Kh[Zdb ² ^Z y lZd
^mfZxg_lDhrdblh`_M gZk_klvq_jgucdhlHgijboh^bldhfg_dZ`^uc\_q_jY
b^m\ d\ZjlbjmLZfq_jgucdhlY ]eZ`m_]hBgh]^Zhgijboh^bldhfg_^hfhcFZfZ
_]hdhjfbl: wlh^eyq_]h">Wlh[uedjb\hcdhg_p^hfZ@Ihq_fmhglZdhc"Hgk^_eZg
badjb\h]h^_j_\Z
Y K^_eZg djb\uf q_eh\_qdhf >]h\hjx \kihfbgZy ^_lkdbc klbrhd b fuke_ggh
\ha\jZsZykvgZaZ^@
: hgZ \ wlhl fhf_gl ]juaeZ ieZklfZkkh\h]h q_eh\_qdZ Y kdZaZe qlh hgZ _kl
q_eh\_qdZihlhfmqlhohq_lkt_klvf_gy
Y ?keb [m^_rv _klv f_gy agZqbl aZ[_j_rv f_gy k_[_ \h\gmljv b lh]^Z lu
[m^_rvg_ijhlb\lh]hqlh[um_oZlv
=Z[jb_eb Hg ]^_ kb^bl" Fh] [u b \ ^hfbd ihclb G_ \ djb\hc Z \hl \ wlhl
>p_jdh\v@beb\ wlhlWlhlhkh[_gghdjZkb\uc
HgZkb^_eZhi_jrbkvgZ[ZjZrdZ<k_\j_fykfhlj_eZgZkhe^ZlbdZm ih_a^Z
=Z[jb_eZ Wlh]emiZykh[ZdZ>[ZjZr_d@Dlhijb\yaZe_ce_glmgZr_x"DjZkb\h
Y lh`_ fh]m lZdmx ijb\yaZlv Z fZeurdZ g_ fh`_l KmkZggZ g_ mf__l Bgh]^Z y
ijb\yau\ZxfZeurd_ieZlvbp_^eydjZkhluB ihlhfy kg_cb^mihfZ]ZabgZfHcwlh
dlh k^_eZe" >^jm]Zy fy]dZy b]jmrdZ he_g_ghd@ Hgb g_ klhyl G_l klhyl DjZkb\u_
kh[Zqdb
HgZmklZgZ\eb\ZeZbob fu\f_kl_eZyebb ]h\hjbeb]Z\]Z\Y kdZaZeqlhlh
gZkq_lg__b >_ldbKmab
=Z[jb_eZ AgZ_rvKmkZggZk_j^beZkv>b hgZba^ZeZk_j^blu_a\mdb@hgZijZ\^Z
k_j^blkyb ieZq_lDh]^Zy g_fgh`dhk_j`mkvy g_fgh`dhieZqmY ieZqmghqvx^_j`Z
iZevpu \h jlm Fg_ ijboh^blky ieZdZlv k hldjuluf jlhf Wlh hl q_]h" Fh`_l [ulv
dhe_kbdh hl Z\lhfh[bevqbdZ WlZ dhjabgdZ imklv [m^_l a^_kv Wlh djZkb\u_ ^hfZ Y
^_eZx ^hfbd ^ey kh[Zdb <k_ ^hfZ ^ey kh[Zd Hgb \ ^hf_ kkhjylky ?s_ h^gZ kh[ZdZ
ijbreZ<hl^jm]hc^hf>wlh[uehl^_evguc^hf@
Y kdZaZe qlh _c b KmkZgg_ gm`gu hl^_evgu_ dhfgZlu beb hl^_evgu_ ^hfZ
ihlhfmqlhhgbkkhjylky
=Z[jb_eZ Dh]^Zy [m^m[hevrZyy ihklZj_xij_`^_q_ffZfZihklZj__lij_`^_
q_fhgZihklZj__l: wlh^eyq_]h">HgZhiylv\ayeZ]hem[mx]eZa
Kh^_j`Zgb_lj_\h]b\_jhylghg_gZ\bklvd k_klj_
GZebphZf[b\Ze_glghklv
=jyav² n_dZebbl_kieZ\e_ggZyex[h\v
gmx\Zgghqdmb klZeZ__ jZkkfZljb\Zlv@?kebfZfZklZg_lklZjhcy lh`_klZgm
klZjhc K^_eZc ba wlh]h ^hfbd KdZ`b \k_ kh[Zdb ijboh^bl_ agZqbl m dZ`^hc _klv
^hf lZd qlh[u hgb g_ kkhjbebkv Hgb h[uqgh kkhjylky eZxl ih^gbfZxl m`Zkguc
rmfY ^mfZxiZiZohq_lqlh[uy ih_oZeZ
Y Ghluba[Z\beZkvhlk\hbokljZoh\"
=Z[jb_eZ Y [hxkv q_jgmx KmkZggm ihwlhfm y b]jZx k l\hbfb b]jmrdZfb Y
g_gZ\b`mKmkZggm>Zy hq_gvg_gZ\b`mKmkZggmlhevdhdh]^ZhgZ[_j_lfhbb]jmrdb
>ih^jZamf_\Z_lky a^_kv \ ^hf_ ^hdlhjZ <bggbdhllZ hgZ ihevam_lky b]jmrdZfb Z
KmkZgg_kx^Z^hklmiZg_l` WlhlZdhcdjZkb\uc^hfDh]^ZKmkZggZohjhrhh^_lZhgZ
lZdZydjZkb\ZyLh]^ZhgZihex[beZ[uwlhl^hfb luagZ_rvqlhhgZ^_eZ_l"Dh]^ZhgZ
f_gy ex[bl hgZ ih^oh^bl gZdehgy_lky ]h\hjbl ZZZ b p_em_l f_gy Dh]^Z fZfZ
kh[bjZ_lky\ ]hjh^hq_gvfbehdh]^ZKmkZggZf_gyex[bl
Y Lug_gZ\b^brvb \lh`_\j_fyex[brvKmkZggm
=Z[jb_eZ Dh]^Z fu b]jZ_f k ]jyavx fu h[_ q_jgu_ Fu h[_ dmiZ_fky h[_
i_j_h^_\Z_fky Ihlhf fZfZ bgh]^Z ^mfZ_l qlh hgZ ]jyagZy b KmkZggZ lh`_ Fg_
gjZ\blky KmkZggZ IZi_ gjZ\blky fZfZ FZf_ [hevr_ \k_]h gjZ\blky KmkZggZ IZi_
[hevr_\k_]hgjZ\exkvyFg_ihclbkdZaZlviZi_qlhy _s_g_ohqmm_a`Zlv"G_fh]m
hldjulv^\_jv\hlhldjueZ
HgZ\ureZ\ ^jm]mxdhfgZlmd iZi_fuaZgbfZebkvm`_fbgml<_jgmeZkv
Fbkl_j<bggbdhllkdhevdh\j_f_gb"Y hl\_lbe?s_iylvfbgmlAZoehigb ^\_jv
KZfZ aZoehigmeZ < dZdmx hgZ klhjhgm" GZ fg_ fgh]h h^_`_d i_j_qbkebeZ \k_
ih^jh[ghFg_hq_gv`ZjdhDZdhgZih\lhjbeZwlhfgh]hjZaKmkZggZkgbfZ_l
ieZlv_dh]^Zohq_l_]hkgylv>\ayeZ[_q_\dm@Fh`ghijbp_iblv__ dih_a^mDh]^ZgZf
ohq_lkyb]jZlvfub]jZ_f\ dhehdhevqbdbb jhauIjbdj_ib__Ijbdj_ibeFh`gh
__ h[j_aZlvH[j_`v__>H[j_aZe@KiZkb[hfbkl_j<bggbdhll
=Z[jb_eZ b]jZeZ k ih_a^hf b [_q_\dhc LZd emqr_ hgZ hq_gv fZe_gvdZy Fg_
ijboh^blkyg_fgh`dhgZ]b[ZlvkyHgZjZkkdZaZeZfg_h gZklhys_fih_a^_gZdhlhjhf
ijb_oZeZ?]hijbrehkvlZsblvgZhq_gvhq_gvdj_idhc\_j_\d_
=Z[jb_eZ Ih`ZemcklZ ihb]jZc  >GZ ihem klhyeZ l_e_`dZ ^ey khe^Zlbdh\@
KmkZggZbgh]^ZlZsbl\_sb\\_jogh]ZfbY baaZwlh]hg_k_j`mkv>mlZkdb\Z_lih_a^@
Hclug_ohl_e[uqlh[uy ijb[jZeZ\_sb">GZf_dhq_\b^_g@
Y Ij_^hklZ\vwlhfg_
=Z[jb_eZ m_oZeZ k hlphf hklZ\b\ fg_ g_jZa[_jbom b [_kihjy^hd B wlh ihke_
lh]h dZd jZgvr_ hgZ \k_ ZddmjZlgh m[bjZeZ b g_ l_ji_eZ [_kihjy^dZ =Z[jb_eZ klZeZ
ijhy\eylvl_i_jv\k_[hevr_^h\_jbyd fh_ckihkh[ghklbkghkblv[_kihjy^hd]jyavZ
lZd`_g_\ha^_j`Zgghklvb kmfZk[jh^kl\h

Dhff_glZjbc
Dexq_\ufkeh\hf[uehfbehdZdij_^agZf_gh\Zgb_\j_^ghklb<j_^ghklv
kf_kvZ]j_kkb\gh]hhllZedb\Zgbyk ]hlh\ghklvxhl^Z\Zlvk ex[h\vx\ aZ\bkbfhklbhl
lh]hdZdwlh\hkijbgbfZ_lky
  GZqbgZ_l bf_lv ^_eh k ihl_jyfb b bo ihke_^kl\byfb ihkj_^kl\hf bo
bgl_jgZebaZpbb lj_\h]Z b ih^^_j`dZ ih hlghr_gbx d \gmlj_ggbf h[t_dlZf AZsblZ
\g_rgyy^_dhjZlb\ghklve_glhqdZgZr__
 MljZlZ g_dhlhjufb \gmlj_ggbfb h[t_dlZfb dZq_kl\Z hl^_evghklb aZsblZ
²kfij_^u^msb_k_Zgku
:f[b\Ze_glghklvb ]jyav
I_j\ucjZahklZ\beZfg_[_kihjy^hd

IbkvfhhlhlpZ
Ih ^hjh]_ ^hfhc =Z[jb_eZ [hevrmx qZklv \j_f_gb [ueZ fZe_gvdhc ^_ldhc
^_j`ZeZk\hc[hevrhciZe_p\hjlmb ]h\hjbeZlhevdh[[ZhgZk_cqZkih^he]mkhk_l
k\hc[hevrhciZe_pqlhgZqZeZ^_eZlvlhevdhihke_jh`^_gbyKmkZggu
Ijb_oZ\^hfhchgZaZohl_eZih\b^ZlvKmkZggmb qmlvg_jZaju^ZeZkvmagZ\qlh
lZkiblLh]^ZhgZgZklhyeZgZlhfqlh[uihb]jZlv\ ]heh\hehfdmb lhevdhihke_wlh]h
k_eZh[_^ZlvdZaZehkvqlhkhklZ\blvdZjlbgdmaZ]Z^dm^eyg__[uehhq_gv\Z`gh
K_]h^gy mljhf hgZ ijhkgmeZkv \ky ^jh`Z ihlhfm qlh _c ijbkgbeZkv q_jgZy
KmkZggZQ_jgZyKmkZggZohl_eZf_gymlhfblvb k\hbfieZq_fg_^Zlvfg_mkgmlv

Ibkvfhjh^bl_e_c
DjZldh_aZf_qZgb_ij_`^_q_f<uijbf_l_=Z[jb_emG_kdhevdh^g_cgZaZ^hgZ
kdZaZeZb ihlhfg_jZaih\lhjyeZY aZieZlbeZq_jghcfZf_
>AZf_qZgb_fZl_jb@F_gy\k_]^Zlj_\h`beZwlZmieZlZq_jghcfZf_Y g_agZx
^h dZdhc kl_i_gb wlh [ueh aZ^Z[jb\Zgb_f bkihevah\Zgb_f p_gghc wg_j]bb b qZklb
kZfhc k_[y ^ey lh]h qlh[u mkihdhblv q_jgmx fZfm b lZdbf h[jZahf kZfhc ba[_`Zlv
ij_\jZs_gby \ q_jgmx B y g_ agZx gZklhevdh lZdb_ \_sb fh]ml ijb\_klb d `_kldhc
aZsbl_ijhlb\kf_r_gby^h[jh]hb q_jgh]hbebd ^_ckl\bl_evghcg_jZa[_jbo_
K q_jghcfZfhcihdhgq_ghH^gZdhb ihke_wlh]hhgZg_klZeZ[uklj__aZkuiZlv
L_i_jv __ [_kihdhbl q_jgZy KmkZggZ HgZ ijboh^bl dh fg_ ghqvx ihlhfm qlh y _c
gjZ\exkvghhgZq_jgZy
< ^_ckl\bl_evghklb`_KmkZggZk [hevrhcg_`ghklvxhlghkblkyd =Z[jb_e_gh
hgZhq_gvgZklhcqb\Zdh]^Zq_]hgb[m^vohq_lFh`_l[ulv[_a`ZehklghgZklujghc

IbkvfhhlfZl_jb
=Z[jb_eZ g_kdhevdh jZa ijhkbeZ hl\_alb __ d <Zf HgZ qm\kl\m_l k_[y
bkdexqbl_evghohjhrhgh\ kZfh_ihke_^g__\j_fyklZeZhiylvlj_\h`blvkyghqvxb
dZ`_lky^g_fi_j_klZ_l[ulvkZfhckh[hc
HgZihklhygghlj_[m_lqlh[u__ gZau\ZebKmkZgghcbf_g_fk\h_ck_kljuZ
g_ k\hbf kh[kl\_gguf bf_g_f g_baf_ggh khk_l [hevrhc iZe_p gZ jmd_ b ijhy\ey_l
y\gh_ [_ajZaebqb_ b g_aZbgl_j_kh\Zgghklv \ q_feb[h <q_jZ hgZ hiylv iha\ZeZ f_gy
kj_^bghqbL_[yqlhlj_\h`bl"²Y kZfZy ^he`gZk_[ym[blvghg_ohqmihlhfm
qlhy lZdZydjZkb\Zy
HgZ]h\hjbeZlZd`_h lhfqlh`_eZ_lfh_ckf_jlbb ohq_lkiZlvkhk\hbfhlphf
Z ihlhfy ^mfZxGhfg_gm`gZlhevdhwlZ fZfZ
HgZ ohq_l ijb\_alb d \Zf KmkZggm ihlhfm qlh ^hdlhj <bggbdhll ² hq_gv
ohjhrbcp_ebl_ev^_l_c
Dh]^Z hgZ aZgbfZ_lky q_flh \jh^_ jbkh\Zgby _c hq_gv [ukljh gZ^h_^Z_l b
lh]^Z hgZ \k_ i_j_fZau\Z_l b jZa[jZku\Z_l HgZ ex[bl m[bjZlvky b ijb\h^blv \k_ \
ihjy^hd
Ibkvfhjh^bl_eyfhl^hdlhjZ<bggbdhllZ
F_gy hq_gv m^jmqZ_l lh qlh y g_ fh]m g_aZf_^ebl_evgh gZclb \j_fy qlh[u
ijbgylv=Z[jb_emWlhlk_f_klj^eyf_gyhq_gvljm^guc<ufh`_l_kdZaZlv_cqlh y
h[yaZl_evgh __ ijbfm gh lhevdh g_ k_cqZk G_ kl_kgycl_kv a\hgbl_ beb ibrbl_ fg_
_keb\ZfihdZ`_lkyqlhy aZ[ueK_j^_qgucijb\_l=Z[jb_e_

Ibkvfhhljh^bl_e_c
=Z[jb_eZijhkblkyd <ZfgZijb_fhq_gvkjhqghbdZ`_lky\ ihke_^g__\j_fy
gZoh^blky\ lZdhfm]g_l_gghfkhklhygbbqlhfuj_rbebkhh[sblv<Zfh[wlhf
IhaZ\q_jZ \_q_jhf hgZ ihlj_[h\ZeZ hl gZk ihkfhlj_lv jZkibkZgb_ \_q_jgbo
ih_a^h\\ Ehg^hgqlh[uih_oZlvd <ZfgZijb_fihlhfmqlhy [hevr_g_fh]m`^Zlv
HgZ\k_[hevr_g_ohq_leh`blvkykiZlvH[tykgy_lwlh\ qZklghklbl_fqlhg_
ohq_ljZklbqlh[ug_klZgh\blvky[hevrhcb g_bf_lv^_l_cwlhgh\h_²jZgvr_hgZ
ohl_eZ^_l_cH^gZdh\ ihke_^g__\j_fyg_ohq_lkiZlvihlhfmqlhy ohqmqm\kl\h\Zlv
k_[y`b\hc
Ihklhyggh khk_l [hevrhc iZe_p b \hh[s_ dZ`_lky ]jmklghc b g__kl_kl\_gghc
IjhkuiZ_lkyhq_gvjZghmljhfb ghqvxh^he_\Z_fZylj_\h]ZfbbaaZq_jghcfZfu
Ijbrehkv ihh[_sZlv =Z[jb_e_ qlh fu <Zf gZibr_f fu qm\kl\m_f qlh gZ^h
qlhlh ^_eZlv qlh[u ihfhqv _c IhkueZ_f jbkmghd dhlhjuc =Z[jb_eZ \_e_eZ kjhqgh
<ZfhlijZ\blvk^_eZgk_]h^gymljhf

Ibkvfhhljh^bl_e_c
K [hevrbf h[e_]q_gb_f magZeb qlh <u kfh`_l_ gZclb \j_fy ^ey =Z[jb_ev
Khh[s_gb_ h lhf qlh hgZ ih_^_l d <Zf gZ ijb_f dZ`_lky y\behkv ^ey g__ [hevrbf
kh[ulb_f Y kfh]m lh]^Z \ukdZaZlv \k_ k\hb lj_\h]b gh \j_f_gb g_ o\Zlbl <k_ wlh
mljhhgZ[hevr_g_khkZeZk\hc[hevrhciZe_p
GZf ohl_ehkv [u jZkkdZaZlv <Zf h[ h^ghf hkh[hf [_kihdhckl\_ ih ih\h^m
=Z[jb_evghfug_hq_gvohjhrhij_^klZ\ey_fdZdwlh\ujZablvDZ`_lkym g___klv
ljm^ghklb k b^_glbqghklvx HgZ hlj_dZ_lky hl k_[y dZl_]hjbq_kdb hldZau\Zykv
ijbagZlvqlhmdmkbeZKmkZggm\ ihidmbebml\_j`^Z_lqlhhgZb _klv KmkZggZlj_[my
g_gZau\Zlv__ kh[kl\_ggufbf_g_f^_eZyem`bgZihemb oguqZ
D lhfm `_ ihy\beZkv lZdZy klhjhgZ __ ebqghklb dhlhjZy dZ`_lky klhev
ihjZabl_evgh aj_ehc qlh \hafh`gh gZrZ j_Zdpby gZ __ ih\_^_gb_ f_rZ_l _c
kh\f_klblvwlbjZagu_klhjhgu
M g__k_cqZkkbevgucdZr_evb gZkfhjdGZ^_xkvqlhijb\_alb__ fh`gh
Ijbf_qZgb_fZl_jb
Fg_kh\k_fg_ykghihq_fmm g__ihy\bebkvlZdb_ljm^ghklbk b^_glbqghklvxb
ihq_fm_c gZ^h [ulv fZfhc beb KmkZgghc Z g_ Ib]e_c Dh]^Z hgZ \ulbjZ_l k\hc ghk
hgZ ]h\hjbl h gZkfhjd_ m KmkZggu B y ihfgx qlh ^Z`_ \ lh \j_fy dh]^Z hgZ
hldebdZeZkvgZk\h_kh[kl\_ggh_bfyhgZ]h\hjbeZex^yfdZdKmkZggZ k_[yqm\kl\m_l
dh]^Z__ kijZrb\ZebdZdhgZ k_[yqm\kl\m_lY ^mfZxg_k\yaZghebwlhk l_fqlhhgZ
jZgh hl <Zk m_oZeZ b aZy\eyeZ Y i_j_^ZeZ fhb iehob_ lj_\h]b ^hdlhjm < b \ayeZ
ohjhrb_lj_\h]bk_[_bebqlhlh\ wlhfjh^_

>?<YL:YDHGKMEVL:PBYyg\Zjy]h^Z
=Z[jb_eZ k_cqZk _c ljb ]h^Z b q_luj_ f_kypZ kjZam ihreZ \ dhfgZlm d
b]jmrdZfhklZ\b\k\h_]hhlpZ\ ijb_fghc
=Z[jb_eZ Y \b^_eZ _]h jZgvr_ g_kdhevdh jZa >hgZ \ayeZ h^gm ba iexr_\uo
a\_jxr_dbah[s_cdmqbf_edbob]jmr_dihlhf\ayeZg_kdhevdhih_a^h\@Wlhfh`gh
mkljhblvgZieZlnhjfmKmkZggZbgh]^ZlZd\hegm_lkyihmljZfY iha\ZeZ\ajhkeuo
KmkZggZ\hegm_lkyHgZ]h\hjblFhy[hevrZyk_kljZ\klZeZHgZ[m^blfZfm
b iZimghqvxfZe_gvdh_qm^h\bs_FZfZIZiZ?cghqvxgZ^h[mluehqdm>HgZihqlb
ij_^eZ]ZeZfg_KmkZggm\f_klhk_[y@
<k_ wlh \j_fy =Z[jb_eZ b]jZeZ k b]jmrdZfb M wlhc g_l gbq_]h qlh[u fh`gh
[ueh ijbp_iblv d g_c qlhgb[m^v ihdZau\Z_l fg_ ieZlnhjfm [_a djxdZ Wlh \k_
djZkb\h<ayeZqlhlhbah[s_cdmqbY kdZaZe=eZagZy\ZgghqdZwlh[ueZlZkZfZy
]hem[Zy ]eZagZy \ZgghqdZ Hilj_dk dhlhjhc hgZ \k_]^Z bgl_j_kh\ZeZkv =Z[jb_eZ
\ulZkdb\ZeZb]jmrdbbadhjabguM g__[uem`ZkgucgZkfhjdb _cgm`_g[ueieZlhd
dhlhjuc y ijb]hlh\be ^ey g__ Gh \ __ j_qb \k_ wlh kf_rZehkv k jZa]h\hjhf h
ieZlnhjfZo<ulbjZyk\hcghkhgZkdZaZeZM KmkZggukbevgucgZkfhjd
Y GZ\_jgh aZ\ljZ y [m^m qboZlv =Z[jb_eZ Lu [m^_rv aZ\ljZ qboZlv Y agZx
fbkl_j<bggbdhllijbkljhcwlhkx^Z
Y h[tykgbe _c qlh hgZ iulZ_lky khhjm^blv qlhlh ba fgh`_kl\Z qZkl_c Z wlh
agZqbl iulZlvky k^_eZlv _^bgh_ p_eh_ ba KmkZggu <bggbdhllZ fZfu JZa\blb_
dhgp_ipbb h p_ehklguo h[t_dlZo b iZiuM g__\gmljbkms_kl\mxlhl^_evgu_\_sbgh
hgZg_fh`_lh[t_^bgblvbo\ _^bgh_p_eh_
L_i_jv hgZ i_eZ dh]^Z lygmeZ ih_a^ b ko\ZlbeZ [_q_\dm dhlhjZy aZimlZeZkv
\hdjm] h^gh]h ba ^_j_\ygguo iZjh\habdh\ KdZaZeZ qlhlh h[ ma_ed_ b aZklZ\beZ f_gy
ihfhqv_cjZkimlZlv_]h
=Z[jb_eZ Dmkhq_d[_q_\dbGZ^h__ ijb\yaZlv>HgZ]h\hjbeZkZfZk kh[hc@
Fu j_rbeb qlh KmkZggZ gZ kZfhf ^_e_ fZe_gvdh_ qm^h\bs_ Fu gZau\Z_f __
fbkkbk;helZedbghcKZcfhgb dhjhevDb^Zedbg djmlylkyb djmlylky\hdjm]dZfbgZZ
fZe_gvdZy^_\hqdZi_q_ldZrlZguM ^_\hqdbgZ wlh moh^bl fgh]h \j_f_gb >hq_\b^gh
wlhaZf_qZgb_hlpZgZkq_lKmkZggu@
H q_jghc fZf_ HgZ ijboh^bl dZ`^mx ghqv Y gbq_]h g_ fh]m ih^_eZlv K g_c
hq_gvljm^ghHgZaZ[bjZ_lky\ fhxdjh\Zldm?_g_jZaj_rZxlljh]Zlv
G_lwlhfhydjh\ZldZHgZm f_gy[m^_lFg_gZ^h\ g_ckiZlvM iZiub fZfu
djh\Zlv\ ^jm]hcdhfgZl_G_lwlhfhy djh\ZldZG_lG_lG_lWlhfhy djh\ZldZWlh
q_jgZy fZfZ =^_lh b]jZ_l ^`Za >\Z lmjqhgdZ >hq_\b^gh hiylv qv_lh aZf_qZgb_
hlghkbl_evghh[hbo^_l_c@IZiZfh`_lkdZaZlvqlhy f_jadZy
Y QlhlZdh_f_jadZy"
=Z[jb_eb Wlhdh]^ZdZijbagbqZxlBgh]^Zy dZijbagbqZx>A^_kvj_qvihreZh
lhfdZdhgZ_oZeZgZih_a^_\ Ehg^hg@Fu_oZebih^a_fe_c
>_lkdbcklbrhd
KlZjuc dhjhev kwj KZcfhg B xgub kd\Zcj kwj KZcfhg B klZjZy fbkkbk
;helZedbgZ=hgyeb\hdjm]dZfbgZFbkl_jZDb^ZedbgZ

Hls_ie_gb_ohjhr_cfZl_jbhliehohcfZl_jb
Hiulgug_mljZq_ggh]hdhglZdlZf_`^mkh[hcb ohjhr_cfZfhc^hihy\e_gby
k_klj_gdbHiulmljZluiZfylvh ohjhr_fhiul_
Kfhljb >HgZ ko\ZlbeZ iexr_\mx a\_jxrdm@ KmkZggZ aZ]jmklbeZ dh]^Z
=Z[jb_eZm_a`ZeZ\ Ehg^hgHc>i_\mqbf]hehkhf@Dh]^Zfhy[hevrZyk_kljZ\_jg_lky"
Y gm`gZ_cqlh[uihfhqvdh]^ZhgZb^_lgZ]hjrhdK_]h^gymljhfy hldjueZlmZe_l
hgZijbreZdhfg_ohl_eZqlh[uy kgyeZqlhlhqlh[ukoh^blvih[hevrhfmDZ`^mx
ghqvm f_gy[hevrh_[_kihdhckl\hWlhbaaZq_jghcfZfuY ohqmk\hxdjh\ZldmM g__
lZdhcg_lIeZsZg_llZdqlhy ijhfhdgmHgZg_aZ[hlblkyh k\hbofZe_gvdbo^_\hqdZo
Y Lu]h\hjbrvh k\h_cfZf_b hlhfqlhhgZg_mf__lh l_[_aZ[hlblvky
=Z[jb_eZ FZfZlhagZ_lWlhfZfZk hq_gvkljZrgufq_jgufebphf
Y Lu__ g_gZ\b^brv"
=Z[jb_eZ G_ agZx qlh kh fghc ijhbkoh^bl ;h`_ fhc F_gy \ulZedb\Z_l ba
djh\Zldbq_jgZyfZfZZ mf_gylZdZyohjhrZydjh\ZldZG_lIb]eym l_[yg_lohjhr_c
djh\Zldb>a^_kvhgZ\gmljbhiulZ@G_lIb]eym l_[yg_lohjhr_cdjh\ZldbHgZ
k_j^blky gZ fZfm M l_[y lZdZy m`ZkgZy djh\Zlv ^ey wlhc m`Zkghc ^_\hqdb Y
gjZ\exkv q_jghc fZf_ HgZ ^mfZ_l qlh y mf_jeZ KljZrgh >kfuke ih g_h[oh^bfhklb
aZlmfZg_g@ =emih >"@ f_gy \b^_lv HgZ gbq_]h g_ agZ_l h ^_lyo beb fZeurZo Q_jgZy
fZfZgbq_]hg_agZ_lh fZeurZo
Y L\hyfZfZgbq_]hg_agZeZh fZeurZodh]^Zm g__jh^beZkvlughlugZmqbeZ
__ [ulvohjhr_cfZl_jvx^eyKmkZggu
=Z[jb_eZ KmkZggZhq_gv]jmklbldh]^Zy moh`m\ fZ]Zabgb hq_gvjZ^Zdh]^Zy
\ha\jZsZxkvHcfZfZfZfZfZfZ>hgZkdZaZeZwlhk [hevrhci_qZevx\ ]hehk_@Fg_
g_gm`gZdjZkb\Zy[hevrZyk_kljZdhlhjZyfh`_lihp_eh\Zlvf_gydh]^Z_cNmklghb
gZ ijhsZgb_ M l_[y b]jmrdb kaZ^b Bo ljm^gh ^hklZlv <hl g_kdhevdh ^hfbdh\
KmkZggZjZa[m^beZf_gyh^gZ`^ughqvx
Y :odZdZyaZgm^Z
=Z[jb_eZ kp_ieyeZ h^bg iZjh\habd k g_kdhevdbfb ieZlnhjfZfb gh wlh m g__
ihemqZehkv k ljm^hf ihlhfm qlh hgb ^jm] d ^jm]m g_ ih^oh^beb B lml gZklmibe
^ebl_evguci_jbh^g_hij_^_e_gghc^_yl_evghklbb\hafh`ghm f_gykZfh]h\ l_q_gb_
wlh]h i_jbh^Z [ueh g_kdhevdh khgeb\h_ khklhygb_ baaZ lh]h qlh g_ ijhbkoh^beh
gbq_]h hij_^_e_ggh]h aZibkb hlghkysb_ky d wlhfm i_jbh^m kljZ^Zxl batygZfb
k\b^_l_evkl\mxsbfbh fhbokh[kl\_gguoljm^ghklyoHgZ[hjfhlZeZqlhlhh ih_a^Zo
qlhlh h dhe_kZo Z ihlhf kdZaZeZ Fg_ oheh^gh M f_gy [ueb i_jqZldb
Hldexq_gghklv =Z[jb_ev ihjh`^ZeZ g_hij_^_e_gghklv fZl_jbZeZ b \ k\hx hq_j_^v
fhx kh[kl\_ggmx hldexq_gghklv < g_dhlhjhf kfuke_ y ijbgye __ ijh_dpbx beb
ih^o\Zlbe__ gZkljh_gb_A^_kvy hij_^_e_gghaZf_lbeqlh[ue\ khgghfkhklhygbb
ghm f_gyg_lgbdZdh]hkhfg_gby\ lhfqlhy \_jgmeky[u\ khklhygb_[h^jkl\h\Zgby
_keb [u qlhgb[m^v ijhbkoh^beh Wlhl kfmlguc i_jbh^ aZdhgqbeky l_f qlh =Z[jb_eZ
\_e_eZfg_gZjbkh\Zlvlb]jZgZ`_elhcwe_dljbq_kdhceZfihqd_
=Z[jb_eZ KeZ\gucY lZdh]h\b^_eZjZgvr_IhdZ`miZi_FZfZ^he]hg_ohl_eZ
j_[_gdZ Z ihlhf hgZ ohl_eZ fZevqbdZ Z ihemqbeZkv ^_\hqdZ  M gZk m f_gy b m
KmkZggu dh]^Z fu klZg_f \ajhkeufb [m^_l fZevqbd GZf ijb^_lky gZclb iZim
fm`qbgmqlh[u\uclbaZg_]haZfm`<hldZdb_lh[hlbgdb<ukeurZebqlhy kdZaZeZ
fbkl_j<bggbdhll"M f_gykeZ\gu_ieZlnhjfu^ey[Z]Z`Z
GZ wlhf wlZi_ y k^_eZe g_dmx bgl_jij_lZpbx h g_c \ iheh`_gbb fZevqbdZ
hlghkbl_evgh KmkZggu \ w^bih\hf lj_m]hevgbd_ HgZ ijh^he`ZeZ Wlh fhy djh\ZldZ
lZdqlhy g_fh]m_oZlvgZih_a^_d
Ijbf_qZgb_ fZl_jb =Z[jb_eZ agZeZ qlh dh]^Z hgZ jh^beZkv fg_ [ueh \k_
jZ\gh fZevqbd [m^_l beb ^_\hqdZ gh dh]^Z m f_gy m`_ [ueZ ^_\hqdZ l_ dh]^Z
jh^beZkvKmkZggZy ohl_eZfZevqbdZ
>hdlhjm <bggbdhllm G_l lu g_ ohq_rv _a^blv d ^hdlhjm <bggbdhllm Hg \
kZfhf^_e_agZ_lijhiehob_kguG_lg_agZ_lAgZ_lG_lg_agZ_lWlh[uejZa]h\hj
f_`^mg_cb ^jm]hc__ qZklvxHgg_ohq_lqlh[uy hlg__ba[Z\beZkv
Y ]h\hjbeh q_jghcfZf_dZdh kg_iulZykvh[tykgblv=Z[jb_e_qlhq_jgZyfZfZ
hlghkblky d h[eZklb kgh\b^_gbc b qlh ijb ijh[m`^_gbb fu bf__f ^_eh k
ijhlb\hklhysbfb^jm]^jm]mb^_yfb²h q_jghcfZf_b j_Zevguoex^yoIjbreh\j_fy
dh]^Zfufh]eb]h\hjblvh kgZo\f_klhlh]hqlh[u]h\hjblvh \gmlj_gg_cj_Zevghklb
hrb[hqghij_^klZ\ey_fhc\ dZq_kl\_^_ckl\bl_evghkms_kl\mxs_c\gmljb
=Z[jb_eZ Y e_`ZeZkh\k_flbohkhk\hbfjm`v_fIulZeZkv__ aZklj_eblv: hgZ
ijhklhmreZLuagZ_rvqlhex^bkhfghc^_eZxl"Y kiZeZY g_fh]eZjZa]h\Zjb\Zlv
Wlh[uelhevdhkhg
Y >Zwlh[uekhgZ \hkg_[ueZq_jgZyfZfZ
Y kijhkbe ohq_l eb hgZ qlh[u iehoZy fZlv [ueZ j_Zevguf q_eh\_dhf beb
q_eh\_dhf\hkg_
 =Z[jb_eZ AgZ_rv ih L< ihdZau\Zxl ex^_c dhlhju_ klj_eyxl" >A^_kv hgZ
klj_eyeZ fgh]hdjZlgh \ludZy iZe_p \ ^ujdm ijh^_eZggmx \ `b\hl_ he_g_gdZ@ G_
agZx ihq_fm hl wlh]h ihemqZ_lky lZdhc aZ[Z\guc rmf Dlhlh gZiboZe _c \gmljv
khehfmHgZieZq_lHgZg_]hlh\Z^_eZlv^_l_cLuihemqbehldjuldmdhlhjmxy l_[_
ihkeZeZ" Y gbq_]h g_ ohl_eZ kdZaZlv AgZ_rv qlh m f_gy _klv" M f_gy _klv g_kdhevdh
dhkl_c^hfbgh^ey>HgZgZa\ZeZbfyfZe_gvdh]hfZevqbdZdhlhjuc`beihkhk_^kl\m
B]jZeZ k dhjZ[ebdZfb@ Dlhlh klj_ey_l ihwlhfm hgb g_ fh]ml \klZlv >HgZ \ayeZ
a_e_gmxieZlnhjfm@<hldjZkb\ucp\_l>hgZba^ZeZfmaudZevguca\md@KmkZggZbgh]^Z
f_gys_dhq_l
AZl_f =Z[jb_eZ kdZaZeZ qlhlh ihoh`__ gZ =Z]]ZZ]mj Wlh [ueh k\yaZgh k
jZa]h\hjhff_`^mg_c
Lj_\h]ZhlghkysZykyd ihdZ_s_g_ykghcl_f_
Wlh agZqbl_evgh_ y\e_gb_ \h \k_f hiul_ ih\_^_gby j_[_gdZ \ h[klZgh\d_
ijh\h^bfh]hikbohZgZebaZ
Q_jgh_ l_i_jv klZgh\blky hljbpZgb_f k\_lys_cky beb [_ehc beb
b^_Zebabjh\Zgghc fZfu ^hZf[b\Ze_glghc wihob fZl_jb \ dZq_kl\_ km[t_dlb\gh]h
h[t_dlZ
b KmkZgghcQlh wlh" Wlh [ueZ qZklv aZ[hjZ Fbkl_j <bggbdhll y g_ fh]m
a^_kv_s_^he]hhklZ\ZlvkylZdqlhlug_fh][uf_gyijbgylv\ ^jm]hc^_gv"
E_]dh [ueh [u ij_^iheh`blv qlh hgZ [ueZ g_^h\hevgZ fghc baaZ fh_c
khgeb\hklb gh nZdlbq_kdb \_jhylgh qlh \_kv wlhl wibah^ ^Z`_ \dexqZy fhx
khgeb\hklv [ue k\yaZg k [hevrhc lj_\h`ghklvx =Z[jb_ev ^_eZ\r_c ykgh_ h[s_gb_
g_\hafh`gufLj_\h]Zg_khfg_gghbf_eZhlghr_gb_d kgZfh q_jghcfZf_ Y kijhkbe
__ h kgZo b hgZ kdZaZeZ Fg_ ijbkgbehkv qlh hgZ mf_jeZ ?_ lZf g_ [ueh < wlhl
fhf_glhgZk^_eZeZg_qlhlZdh_qlhy m\_j_gbf_eh[hevrh_agZq_gb_qlh[uhghgb
kbf\hebabjh\Zeh Y fh]m km^blv h[ wlhf ih lhfm nZdlm qlh baf_gbeky \_kv oZjZdl_j
k_ZgkZ Ihemqbehkv lZd [m^lh \k_ hklZevgh_ [ueh hll_kg_gh gZ \lhjhc ieZg ^ey lh]h
qlh[ufh]ehijhbahclbwlhHgZ\ayeZ]hem[mx]eZagmx\Zgghqdmb klZeZkh\Zlv__ \jhl
b \ugbfZlvbahjlZijhba\h^yijbwlhfkhkZl_evgu_a\mdbb fh`gh[uehkdZaZlvqlh
hgZbkiulu\ZeZg_qlhhq_gvihoh`__gZh[sbchj]Zaf
=Z[jb_eb Y __hq_gvex[beZ;ZZWlhfbehDlhklj_eye\ fZfm"M fbrdb[ueh
jm`v_ gh hgh kehfZgh Q_jgZy fZfZ ² wlh fhy iehoZy fZfZ Fg_ gjZ\beZkv q_jgZy
fZfZ >Wlh [ue khg khh[s_gguc \ nhjf_ b]ju HgZ ijh^he`ZeZ ]h\hjblv h keZ\ghc
ieZlnhjf_@>Z\Zc_s_b]jZlv
< wlhl fhf_gl y kdZaZe qlh ihjZ aZdZgqb\Zlv Bgufb keh\Zfb \ l_q_gb_ wlh]h
qZkZkhklhygb_lj_\h]b[ueh\ hij_^_e_gghcf_j_ij_h^he_gh²wlh[uegh\ucwlZi\
^hklb`_gbbZf[b\Ze_glghklb
<_q_jhfjh^bl_ebiha\hgbebfg_b kijhkbebqlhy fh]mbfkhh[sblvY kdZaZe
qlhwlhlk_Zgkljm^gh[uehihgylvgh\k_mdZau\ZehgZlhf_klh]^_[ueZm[blZfZfZ<
wlbomkeh\byoq_jgZyfZlv²wlhmljZq_ggZyohjhrZyfZlvKemqZck ]eZaghc\Zgghqdhc
b hj]Zaf_gguf hsms_gb_f \b^bfh mdZau\Z_l gZ lh f_klh ]^_ =Z[jb_eZ h[gZjm`beZ
ijhiZ\rmx ohjhrmx fZlv \f_kl_ kh k\h_c kh[kl\_gghc hj]Zaf_gghc kihkh[ghklvx
dhlhjZyhq_\b^gh[ueZmljZq_gZk ohjhr_cfZl_jvx
AZ\hjZqb\Zlv ^ey g__ hagZqZeh [u kdju\Zlv _]h ijb ihfhsb aZsblguo
f_oZgbafh\dZdkdju\Z_lkykfuke__ b]judh]^ZhgZhldexqZ_lky

Ijbf_qZgb_
L_i_jv\ iZfylb\klZ_lh[jZagZklhys_cfZl_jbkt_^_gghchj]Zaf_ggufiml_fb
lZd`_ aZklj_e_gghc \ Zf[b\Ze_glghklb aZf_gyy l_f kZfuf [he__ ijbfblb\gh_
jZks_ie_gb_ gZ ohjhrmx fZlv b q_jgmx fZlv dhlhju_ \aZbfhk\yaZgu \ kbem
jZks_ie_gbyf_`^mkm[t_dlb\gufb l_fqlh\hkijbgbfZ_lkyh[t_dlb\gh
Q_j_ag_kdhevdh^g_cjh^bl_ebiha\hgbebb khh[sbebqlh\ ^_\hqd_ijhbahreb
hq_gv [hevrb_ i_j_f_gu HgZ klZeZ [he__ iheghp_gguf q_eh\_dhf b ^mr_\guf
j_[_gdhfL_i_jvhgZb]jZ_lkhk\h_cfZe_gvdhck_kljhcb f_gvr_kljZ^Z_lhlfZgbb
ij_ke_^h\Zgby< j_amevlZl_b k_klj_gdZgZg__lZdg_gZiZ^Z_lHgZklZeZeZkdh\hckh
k\h_cfZl_jvxb fh`_lb]jZlvk g_c]hjZa^h[hevr_q_fjZgvr_<g_aZighhgZkdZaZeZ
Y hl^ZeZ k\hb ^mjgu_ lj_\h]b ^hdlhjm <bggbdhllm Z hl g_]h ijbgyeZ ohjhrb_
\u]Z^u\ZygZgh\hfjZaf_`_\Zgbbb^_glbqghkl_c
Wlh memqr_gb_ ijh^he`Zehkv ljb g_^_eb Ihlhf ^_\hqdZ hiylv gZqZeZ
lj_\h`blvky baaZ q_jghc fZfu AZ wlb ljb g_^_eb ijhbahreh lZdh_ [hevrh_
memqr_gb_ qlh jh^bl_eb \hkijyeb ^mohf Nbabq_kdb ^_\hqdZ [he_eZ gh g_kfhljy gZ
wlh m g__ [ueh [hevr_ `b\hklb q_f jZgvr_ b hgZ b]jZeZ k k_kljhc HgZ ]h\hjbeZ
Dh]^Z m <bggbdhllZ ^_gv jh`^_gby" Ohqm ihkeZlv _fm ih^Zjhd lhevdh g_ gZ^h _]h
aZ\hjZqb\Zlv H^gZ`^u hgZ kdZaZeZ fZl_jb Lu klZgh\brvky q_jghc fZfhc dh]^Z
k_j^brvkyH^gZdh\ ]em[bgghfkfuke_q_jgZyfZfZ²wlhi_j\hjh^gZyohjhrZybeb
km[t_dlb\gZyfZfZ

Dhff_glZjbc
KbevgucgZkfhjd
 Keh`ghklb k \gmlj_ggbfb h[t_dlZfb beb h[t_dlZfb __ l_dms_]h hiulZ k
lhqdbaj_gby\gmlj_gg_cikbobq_kdhcj_Zevghklb
 Q_jgZy fZfZ khi_jgbq_kl\h baaZ djh\Zl_c dhgp_ipby kh[kl\_gghc
f_jahklb
 Q_jgZy fZfZ dZd hls_ie_ggZy \_jkby fZl_jb lZ dhlhjZy g_ ihgbfZ_l ^_l_c
beb lZ dhlhjZy ihgbfZ_l bo lZd ohjhrh qlh __ hlkmlkl\b_ beb mljZlZ \k_ ^_eZ_l
q_jguf
Iheh`bl_evgucwe_f_gl\ q_jghcfZf_I_qZev\ujZ`_ggZy \ keh\Zo fZfZ
fZfZfZfZ iZfylv
Rlbe_\ZyihehkZ\ kh[_k_^h\Zgbb\aZbfgZy
Q_jgZyfZfZl_i_jv\ l_jfbgZokgh\b^_gbc]j_au
  IZfylv ij_\jZsZxsZyky \ wjhlbq_kdbc hjZevguc hiul k hj]Zaf_gguf
dZq_kl\hf
 Kf_jlv ex[bfhc q_jghc fZfu aZklj_e_gghc < wlhf \ujZ`Z_lky aehklv gZ
mljZq_ggmxfZfm\ khq_lZgbbk Zevl_jgZlb\hcaeh[gh]hih]ehs_gby
 Ih^Zjhd ^ey ^hdlhjZ < ² g_aZ\_jgmluc l_ hldjuluc ykguc hq_\b^guc
j_[_ghd

Ibkvfhhljh^bl_e_cgZibkZggh_fZl_jvx
=Z[jb_eZ ohl_eZ [u qlh[u y <Zf gZibkZeZ b ihijhkbeZ h ijb_f_ DZd qZklh
[u\ZehhgZg_kdZaZeZfg_dZdb_m g__ijbqbgughdZ`_lkyhgZkqblZ_lwlhkjhqguf
^_ehf ?_ ijhkv[Z [ueZ \ukdZaZgZ \ fhc ^_gv jh`^_gby \_q_jhf dZaZehkv =Z[jb_eZ
[ueZ hq_gv jZkkljh_gZ qlh wlh g_ __ ^_gv jh`^_gby ohly hgZ k^_eZeZ \k_ qlh[u hg
ijhr_e mki_rgh hgZ g_kdhevdh jZa ih^oh^beZ dh fg_ qlh[u klmdgmlv f_gy k
ijbl\hjghck_jv_aghklvxb g_fh]eZkiZlvbaaZfh_]h^gyjh`^_gby

K\yavkhkZgbyiZevpZk hj]Zaf_ggufhsms_gb_fh[t_dlZ
GZf dZaZehkv qlh =Z[jb_eZ qm\kl\h\ZeZ k_[y hq_gv ohjhrh kh \j_f_gb
ihke_^g_c \klj_qb k <Zfb hgZ ijhba\h^bl \i_qZle_gb_ ]hjZa^h [he__ hdj_ir_c b
m\_j_gghc\ k_[_
?^bgkl\_gguc hljbpZl_evguc fhf_gl h dhlhjhf ^mfZx y fh]m khh[sblv ²
wlhkhkZgb_[hevrh]hiZevpZZ lZd`_lhdZdhgZijb\e_dZ_ld k_[_\gbfZgb_\ajhkeuo
\udjbdb\Zgb_f]emihkl_cb h[sbf\ha[m`^_gb_fk ^_lvfbhgZaZkl_gqb\Z
D k\h_c fZe_gvdhc k_klj_ hgZ hlghkblky k \u^_j`dhc b ihgbfZgb_f ^h lZdhc
kl_i_gbqlhfg_bgh]^Zklu^gh
Qm\kl\mx qlh g_ kdZaZeZ <Zf gZ wlhl jZa gbq_]h ^_ckl\bl_evgh \Z`gh]h __
kh[kl\_ggZy`bagv²hq_gvebqgZy\k_i_j_`b\Z_lkZfZ\ k_[_
Ihke_ lh]h dZd wlh ibkvfh [ueh gZibkZgh =Z[jb_eZ k^_eZeZ ^ey <Zk ^\Z
jbkmgdZ dhlhju_ fu ijbeZ]Z_f GZ dhg\_jl_ gZ^ibkv Fbkl_jm <bggbdhllm k
ex[h\vx

H[mj_\Z_fZyhls_ie_gghcg_h[ma^ZgghcZ]j_kkb\ghklvx
IbkvfhhlfZl_jb
=Z[jb_eZm`_kh\k_fg_lZqlh[ueZjZgvr_DZ`_lkyhgZklZeZ]hjZa^h[he__
p_evghc gZlmjhc ohly wlh ihjhc ^hklb]Z_lky \b^bfh p_ghc __ hij_^_e_gghc l\_j^hc
j_rbfhklb
HgZ ohl_eZ hq_gv kjhqgh ihiZklv d <Zf gZ ijb_f DZd ijb\_alb gZ ijb_f d
^hdlhjm<bggbdhllm^_l_c"Y ohqmijb\_albKmkZggmFug_agZ_fgZkdhevdhKmkZggZ
klZeZqZklvxkZfhc=Z[jb_evHgZ\k_\j_fy]h\hjblh KmkZgg_hkh[_gghh __^_jahklb
b hahjkl\_^Z`_dh]^Z__ kijZrb\Zxlh g_ckZfhc
=eZ\gh_ qlh \uau\Z_l [_kihdhckl\h wlh qZklh_ f_eZgohebq_kdh_ khkZgb_
[hevrh]hiZevpZgZjmd_b ijbklmiu[_ajZkkm^ghc^_kljmdlb\ghklb< hlebqb_hlk\h_c
k_klju =Z[jb_eZ g_ kh\_jrZ_l jZajmrbl_evguo ^_ckl\bc ihoh^y hgZ k ^hlhrghc
ZddmjZlghklvx hlghkblky d k\hbf \_sZf [_kij_klZggh i_j_[bjZ_l b fh_l bo
>_kljmdlb\ghklvdZ`_lkygZiZ^Z_lgZg__\g_aZighb hgZgZqbgZ_l\k_ehfZlvb j\Zlv
gZ qZklb kh\_jr_ggh fh`gh kdZaZlv [_kkljZklgh ijhklh k g_ihdhe_[bfhc
j_rbfhklvx
Gh \ lh `_ \j_fy hgZ k_cqZk b]jZ_l khagZl_evgh ]hjZa^h [hevr_ q_f [u\Zeh
ij_`^_

>?KYL:YDHGKMEVL:PBYfZjlZ]h^Z
=Z[jb_em l_i_jv _c ljb ]h^Z b r_klv f_kyp_\ ijb\_a hl_p b y aZklZ\be __
g_fgh]h ih^h`^Zlv HgZ g_kdhevdh jZa ih\lhjbeZ B^b gZaZ^ d k\hbf dmdhedZf
IjbgyeZkvaZ^_ehdZdh[uqghkb^y\f_kl_khfghcgZihemb \k_\j_fy[helZeZQlh
lh \jh^_ KmkZggbgZ dgb`dZ \ ih_a^_ Fhy ex[bfZy dgb`dZ GZlZeb KmkZggZ ²
djZkb\h_bfyBlZevygkdh_Y ²>_[hjZ=Z[jb_eZ
?cgjZ\behkv\u]h\Zjb\Zlvwlbbf_gZ HgZkb^_eZihkj_^bb]jmr_d\ayeZh^gm
bagbob kdZaZeZHcqlh`_wlhlZdh_"<kydb_\_sbdhlhjuom f_gyg_lb ijbgyeZkv
kp_ieylv ieZlnhjfu LZd fgh]h b]jmr_d ;h`_ fhc dZdZy fZkkZ b]jmr_q_d Kh
\j_f_gb i_j\h]h ijb_fZ y g_ ^h[Z\be gbdZdbo b]jmr_d djhf_ ]eZaghc \Zgghqdb
Hilj_dkdZdm`_khh[sZehkv
=Z[jb_eZ ]h\hjbeZ kZfZ k kh[hc b [ueZ hq_gv ^h\hevgZ Ijh^he`ZeZ ]h\hjblv
Hcqlh`_wlh"<ayeZ^jm]hcih_a^b klZeZkh_^bgylv\Z]hgu
< wlhlfhf_gly \ukdZaZeky\ lhfkfuke_qlhhgZkh_^bgy_lk_[ykhfghc
=Z[jb_eZ < ih_a^_y[ehqguckhdGZf\k_f[uehhq_gv\_k_eh\ ih_a^_Wlh
[ue ^ebgguc ^ebgguc ih_a^ <hl lZdhc ^ebgguc >HgZ hibkZeZ jmdhc ^m]m qlh[u
ihdZaZlv_]h^ebgm@
Y ;hevrh_ jZkklhygb_ k\yaZgh kh \j_f_g_f dhlhjh_ ijhreh ihke_ l\h_]h
ihke_^g_]hijb_a^Z

Kj hj]Zaf_ggh_ hi_jbjh\Zgb_ h[t_dlhf k ihfhsvx jlZ \h \j_fy ihke_^g_]h
k_ZgkZ

KlZedb\Z_lky k dhgp_ipb_c dZjZl_evgh]h h[t_dlZ bf_xs_]h hlghr_gb_ d
hjZevghfmkZ^bafmb Zf[b\Ze_glghklb
Z m=Z[jb_evmoh^blfgh]h\j_f_gbqlh[umagZlv`b\y bebg_l
WlhdZ`_lkyihkem`beh^eyg__g_dbfdexqhf
=Z[jb_eb M l_[ydh]^Z^_gvjh`^_gby"Y ohqmk^_eZlvl_[_ih^Zjdb
< wlboh[klhyl_evkl\Zoy kq_e\hafh`gufm\yaZlvjh`^_gb_khkf_jlvx
Y : dZdgZkq_l^gyfh_ckf_jlb"
=Z[jb_eb Ihkfhljbf qlh fu kfh`_f ^ey l_[y ijb]hlh\blv FZfZ gZibkZeZ
ibkvfh\hNjZgpbx
lm^ZgZ^h^h[bjZlvkyljbqZkZihqlbp_euc^_gv
Y ?keby mfjm[m^_l_s_^hevr_
=Z[jb_eZ Lug_kfh`_rv_]hhldjulvjZamfj_rvWlhm`Zkgh
Ihlhf hgZ kdZaZeZ qlhlh \ lhf jh^_ qlh wlh g_qlh \uklj_eb\Zxs__ dZdZylh
[Zg^_jhevi_j_\yaZggZy[_q_\dhcDeZ^_l___b bag__\uklj_eb\Z_lihjhrhdhghq_gv
hiZkguchgbmfbjZxllhevdh_kebbomdmkblaf_yHgZlZdbebbgZq_ijh^he`ZeZl_fm
kf_jlbwlhm f_gylhqghg_aZibkZgh
=Z[jb_eZ KljZrgh Af_b kljZrgu_ Gh lhevdh _keb bo ljhgmlv Lh]^Z hgb
dmkZxlky FZfZ dZdlh ihreZ \ ahhiZjd Z lZf [ue ihim]Zc dhlhjuc kdZaZe Ijb\_l
^hjh]Zy>HgZijhbag_keZwlhhq_gvaZ[Z\ghdZdihim]Zc@
Y Luohq_rvkdZaZlv\ ahhiZjd__s_qlhlh[uehgZijbf_jaf_b
=Z[jb_eZ Y kdZaZeZiZi_Hgby^h\blu_"Y ohl_eZijhlygmlvjmdmb ih]eZ^blv
__ghiZiZhllZsbef_gy>KdZaZeZqlhlhgZkq_lfZe_gvdhc^_\hqdb@Ih__ ebpmfh`gh
[uehkdZaZlvqlhhgZkqZkleb\Z
Y : lukqZkleb\Zy^_\hqdZ"
=Z[jb_eZkdZaZeZqlhlhgZkq_lKmkZggu
Lj_\h]Z k\yaZggZy k m^h\hevkl\b_f hl h[s_gby kh fghc b hl fhbo b]jmr_d d
lhfm`_hk\h[h`^_gb_hlKmkZgguKdehgghklvd fZklmj[Zpbb
=Z[jb_eZ Y ohqm mgbqlh`blv _keb y qlhgb[m^v ihkljhx : hgZ g_ ohq_l lZd
^_eZlv M g__ [mluehqdb k khkdZfb Y gZqZeZ [ueh __ dhjfblv gh hgZ mreZ b g_ ^ZeZ
fg_HgZfbeZyfZe_gvdZyfZeurdZ
Y Bgh]^Zlu\ g__klj_ey_rv=Z[jb_eZ G_lbgh]^Zm gZkk g_cfbjY Wlhh^gZ
baijbqbgihdhlhjhcl_[_gjZ\blkykx^Zijb_a`Zlvqlh[uhlg__ba[Z\blvky
=Z[jb_eZ >ZY g_ fh]m ^he]h a^_kv hklZ\Zlvky ihlhfm qlh fg_ kdhjh h[_^Zlv
lZdqlhfh`ghfg_ijb_oZlv\ ^jm]hc^_gv"
LZdbf h[jZahf hgZ ijhy\eyeZ k\hx h[uqgmx lj_\h]m ih hlghr_gbx d `bagb
h[hkh[e_gghc hl KmkZggu b \hafh`ghklb bf_lv bkdexqbl_evgh_ ijZ\h h[s_gby kh
fghc qlh ^ey g__ lZd \Z`gh HgZ ijh^he`ZeZ Ijhklb qlh fu ijb_oZeb g_fgh`dh
jZgvr_wlhihlhfmqlhy g_fh]eZ[hevr_hklZ\Zlvky^hfZihlhfmqlhy hq_gvohl_eZ
ih_oZlv d fbkl_jm <bggbdhllm KmkZggZ m`Zkgh ohq_l ih_oZlv d fbkl_jm <bggbdhllm
HgZ]h\hjblG_lG_lG_l\f_klh^ZhgZ]h\hjblg_lb ijhkuiZ_lkyghqvxHgZ
[m^bl \k_o fZeur_c Wlh m`Zkgh F_gy hgZ g_ [m^bl Y ^Z`_ g_ keurm Fg_ __ _e_
keurgh HgZ ]h\hjbl" FZfZ fZfZ [e_^gh`_elZy iZiZ iZiZ [e_^gh`_eluc fZfZ
fZfZpuie_ghddh`Z^Zdhklb"
=Z[jb_eZklZ\beZ^hfbdbdZdkeh\Z\ jy^b kh^ghcklhjhgu[Zr_gdmY ^mfZx
wlh[ueih_a^HgZdhff_glbjh\ZeZKh[ZdZfg_jZaj_rZxl_klvdhklhqdbihlhfmqlh
m gbo \gmljb hkdhedb Ijb wlhf hgZ l_jeZ k\hx jmdm ih^ dhe_kZfb ih_a^Z lZd [m^lh
^_fhgkljbjh\ZeZ lh qlh hgZ ^_eZ_l k_[_ HgZ kdZaZeZ Hq_gv [hevgh M l_[y _klv
kh[ZdZ"
 KfibkvfhhlfZl_jbkjZamihke_<lhjhcdhgkmevlZpbb

Hl^_e_gb_ h^gh]h h[t_dlZ hl ^jm]h]h gZjy^m k ijhlb\hiheh`guf y\e_gb_f
klhedgh\_gb_fh^gh]hk ^jm]bf
HibkZgb_kgh\b^_gby
Y G_l
=Z[jb_eb M [Z[mrdb_klv__ ah\ml;Zggb 
HgZjZaeh`beZb]jmrdbjZajhag_gghhl^_evghh^gmhl^jm]hc  Y mdZaZe_cgZ
wlhb hgZkdZaZeZ>Zb _s_qlhlh\jh^_Kh[_j_fhiylvHgZ^hljhgmeZkv^hfh_]h
dhe_gZ gh lml `_ hliju]gmeZ kdZaZ\ Fg_ gZ^h \uclb d iZi_ Y \_jgmkv Ohqm
ijbg_klbk\hxdmdemWlh[ueZhq_gv[hevrZydmdeZ__ a\ZebNjZgkbkHgZijbg_k_l
__ fg_qlh[uih`ZlvjmdbEZkdZeZfhc[hlbghdLj_\h]Z\ujZ`ZeZkvh^gh\j_f_gghk
g_`gufb khijbdhkgh\_gbyfb < wlhf kfuke_ hl^_e_gb_ dZ`^h]h h[t_dlZ hl \kydh]h
^jm]h]h [ueh aZsblhc Khijbdhkgh\_gb_ kh fghc [ueh ]eZ\guf b \ k\yab k wlbf
\hagbdeb jZaebqgu_ \b^u \bgu ² \bgu \ lhf qlh g_l KmkZggu \bgu aZ jZajmr_gb_
gZc^_ggh]h h[t_dlZ ² lZd qlh aZ wlbf hl^_e_gb_f h^gh]h h[t_dlZ hl ^jm]h]h
kms_kl\m_lfh`ghkdZaZlv\gmlj_ggbcoZhkkhklhysbcbahldmkZgguoqZkl_ch[t_dlZ
=Z[jb_eb H^gZ`^u\_q_jhfy \b^_eZiehohckhgKhg[uehY aZdjueZ]eZaZb
m\b^_eZij_djZkgh]hdhgy?]ha\Zeb@_j_[_pM g_]h[uehahehlhgZmrZob gZ]jb\_
Hg lZdhc djZkb\uc Ahehlh djZkb\h_ k\_jdZxs__ ahehlh >HgZ iheh`beZ jmdm f_`^m
gh]Zfb@ DjZkb\uc dhgv ijboh^be b lhilZe ir_gbpm >hgZ h[tykgbeZ qlh ir_gbpZ ²
wlhqlhlh\jh^_dmdmjmau@
Y Luhibku\Z_rvlZdmxdZjlbgmqlhiZiZe_`blgZfZf_b hgb^_eZxlgh\uo
fZeur_dqlhlhlZdh_qlhbf__lhlghr_gb_d ex[\b
=Z[jb_e_ >Z
Y <hafh`ghlZf]^_m fZfu\hehku>h ir_gbp_@

:g]e %XQQ\ eZkddjhebd
Kj hl^_evgu_ b]jmrdb gZ __ klhjhg_ ebgbb dh]^Z hgZ mklZgZ\eb\ZeZ k\hx
b^_glbqghklvkfK_^vfmxdhgkmevlZpbx

Ihlhf hgZ kdZaZeZ qlhlh h lhf dZd hgZ oh^beZ \ iZibgm b fZfbgm dhfgZlm
qlh[u eh`Zkv f_`^m gbfb g_ ^Zlv dhgx lhilZlv ir_gbpm Ijb wlhf hgZ ^h[Z\beZ
Bgh]^Z fg_ jZaj_rZxl hklZlvky gZ m`bg \hkijhba\h^y lZdbf h[jZahf dZjlbgm
j_Zevghch[klZgh\db\ dhlhjhchgZihf_rZeZdhblmkmb h[klZgh\db\ dhlhjhcKmkZggZ
bkdexq_gZKmkZggZ²wlh^_ckl\bl_evghlZdh_hkeh`g_gb_dhlhjh_hgZ^himklblvg_
fh`_l
=Z[jb_eZ GZf gjZ\blky kb^_lv b g_ kiZlv gh mljhf fu baaZ wlh]h mklZ_f
>Ih^gbfZ_l fZe_gvdmx nb]mjdm@ Wlhl ^y^y g_ fh`_l k_klv IZiZ >kj @_j_[_p@
djZkb\uc
 B]jmrdb m =Z[jb_ev l_i_jv [ueb jZkklZ\e_gu bgZq_ \k_ ^_j_\vy b nb]mjdb
klhyebb wlZjZkklZgh\dZkha^Z\ZeZh[s__hsms_gb_`bagb
=Z[jb_eZ IZiZ djZkb\uc M gZk ^hfZ gZ kl_g_ \bkbl dZjlbgZ ]^_ b^ml ^\Z
q_eh\_dZZ h^bgijhklhklhbl
Y kjZ\gbewlhkhkghf\ dhlhjhfqlhlhlhiq_lqlhlhJZ[hlZ\ oh^_k_ZgkZ
Y Luijb_oZeZqlh[ujZkkdZaZlvfg_h `_j_[p_dhlhjuclhiq_lir_gbpm
=Z[jb_eZ i_j_klZ\beZ b]jmrdb lZd qlh ihemqbeky ^ebgguc ba]b[Zxsbcky jy^
^hfh\b ^jm]Zy^ebggZyebgby^hfh\dhlhjZydZaZehkvmibjZ_lkyijyfh\ ba]b[HgZ
kdZaZeZ qlhlh gZkq_l KmkZggu dhlhjZy \k_ ehfZ_l b lZdbf h[jZahf bkihevah\ZeZ
KmkZggm^eyijh_dpbbk\hbokh[kl\_gguog_`_eZl_evguojZajmrbl_evguob^_c
=Z[jb_eZ KmkZggZ hldju\Z_l ^Zfkdb_ kmfhqdb \ugbfZ_l im^jm b gxoZ_l __ Z
_s_f_rZ_lfZf_dh]^ZhgZh^_\Z_lkyWlhm`Zkgh
Y BaaZwlh]hluohq_rv\ g__klj_eylv
=Z[jb_eZ M fZfu_klvdjZkb\ZyklZlmwldZ
=Z[jb_eZ ihklZ\beZ kh[Zdm [ZjZrdZ klhy b ijb wlhf \ayeZ _s_ h^gm
iexr_\mxkh[Zdmhe_g_gdZb klZeZ\u`bfZlvba__ `b\hlZhibedbijh^he`ZylZdbf
h[jZahf k\hx jZajmrbl_evgmx ^_yl_evghklv dhlhjhc aZgbfZeZkv \h \j_fy ihke_^g_]h
k_ZgkZHgZ\_kvfZp_e_gZijZ\e_ggh\kmgmeZ\ g_]hiZe_pb \ulZsbeZgZ[b\dmdhlhjZy
jZkkuiZeZkvihihem?_\heg_gb_\ujZabehkv\ lhfqlhhgZihreZd hlpmijhkblv_]h
g_a\Zlv__Lu]hlh\Z"
Y K_]h^gyluijb_oZeZohlyl_[yg_a\Zeb
DZaZehkv hgZ [ueZ ^h\hevgZ dZd [m^lh qlhlh [ueh bkijZ\e_gh b kgh\Z
ijbgyeZkvjZkklZ\eylvb]jmrdbgZdh\j_IhlhfaZ]h\hjbeZh dZdhclhlZcg_Z jmdbijb
wlhfiheh`beZf_`^mgh]
=Z[jb_eZ >hjh]hc fbkl_j Ihjl_j Y qblZeZ >ey \k_o b ^hreZ ^h Djmb ;m^m
qblZlv\ ih_a^_Ihg_kmfbkl_jZDjmb
HgZi_j_klZ\eyeZb]jmrdbjZkiheZ]Zyboihihjy^dmb ih\lhjyyQblZeZ>ey
\k_ob ^hreZ^hDjmb
=Z[jb_eZ G_`^bf_gy?^m\ :eZ[Zfmk [Zg^`hgZdhe_gyoIj_djZkgZyfmaudZ
G_dhlhju_ f_eh^bb y fh] jZkihagZlv HgZ i_eZ kh kqZkleb\uf b [_aaZ[hlguf
\b^hfijb\ghkyb k\hbkh[kl\_ggu_\ZjbZpbb
=Z[jb_eZ G_ i_j_^Zrv eb fg_ qlhgb[m^v" Hg ^_eZ_l [jjj >qlh hagZqZeh
bkijZ`g_gby@
B hgZ\ukuiZeZba`b\hlZhe_g_gdZ\k_hibedbkdhevdhkfh]eZ^hklZlv
:ofbkl_jIhjl_jqlh^_eZlvy [m^m"QblZeZ>ey\k_ob ^hreZ^hDjmbba
j_deZfgh]hdmie_lZdhlhjuc[ueihimeyjgufi_j_^i_j\hcfbjh\hc\hcghc
WlhagZf_gm_lhdhgqZgb_[_]kl\Zhldbr_qghcnZglZabbd b^__\ajhkeuob bo
kihkh[ghklb jh`Zlv gZklhysbo ^_l_c l_ ijbgylb_ lh]h qlh gZoh^blky \gmljb
f_`^m_^hcb ^_n_dZpb_c
=Z[jb_eZ Ih]ey^bgZg_]h
 Y Hgk^_eZefgh]h[jjj \dhjabgdmb gZdh\_j
=Z[jb_eZ Ba\bgbLuijhlb\"
Y G_l
=Z[jb_eZ IZog_l`_
Y Lu\u^Z_rv_]hlZcguM g_]h_s__klv[j
jj
=Z[jb_eZ >g_dhlhjh_\j_fykimkly@IhjZ_oZlv"HlIb]ebm`ZkgucaZiZo
Y Ba^Z\ZlvaZiZoagZqbl\u^Z\ZlvlZcgu>hgZiheh`beZg_fgh]h[jjj \ly]Zq
\ \Z]hgub ih\kx^m@AhehlZy\_sv>h[t_^bgyywlhk dZjlbghc@
=Z[jb_eZkh[jZeZ\k_b]jmrdb\f_kl_\ dmqm
Y L_i_jvhgb\k_\ dhglZdl_^jm]k ^jm]hfb gbq_]hhl^_evgh
HgZ kdZaZeZ qlhlh gZkq_l \uihljhr_gghc kh DhgljZkl k [Zdb he_g_gdZ
hl^_e_gghklvx
=Z[jb_eZ ;m^v ^h[j d g_fm >Z\Zc _fm klhevdh fhehdZ b _^u kdhevdh _fm
gm`gh Y L_[_ l_i_jv kdhjh gZ^h _oZlv =Z[jb_eZ Fg_ ijb^_lky m_a`Zlv k_cqZk >hgZ
\ibob\ZeZ hibedb \ \Z]hg@ Y aZ[_jm h^bg ih_a^ K_cqZk gZf gZ^h _oZlv Y \k_lZdb
hklZ\ex<Zf\_kvwlhl[_kihjy^hd
HgZhklZ\beZlZd`_k\hxhq_gv[hevrmxdmdemNjZgkbkghihlhf\_jgmeZkvaZ
g_c aZklZ\ f_gy ij_^gZf_j_ggh ihij_`g_fm kb^ysbf gZ ihem kj_^b \_kvfZ
agZqbl_evgh]h[_kihjy^dZdhlhjuchgZgZ^_eZeZGbdZdh]hih_a^ZhgZk kh[hc\k_lZdb
g_m\_aeZ

Dhff_glZjbc
E_]dhklv\hkklZgh\e_gbyhlghr_gbcp_e_gZijZ\e_ggh\ujZ`_ggZy\ b]j_
Fhc^_gvjh`^_gbyBgl_jij_lZpby^_gvkf_jlb
JZa^_e_gghklvhl^_evgu_b]jmrdbb kh_^bg_gb_khklmdhfb ]jhfhf
 Qm\kl\h \bgu baaZ jZajmrbl_evguo bfimevkh\ ih hlghr_gbx d ohjhr_fm
h[t_dlm
 Lh `_ kZfh_ \ k\yab k k_dkmZevgufb hlghr_gbyfb f_`^m fm`qbghc b
`_gsbghc
 Hlh`^_kl\e_gb_ k fm`qbghc kZ^baf ih hlghr_gbx d `b\hlm b ]jm^b
_fdhklv
LZcgu_aZiZobb [_kihjy^hdahehlh_b ij_djZkgh_
 <gmlj_gg__ kh^_j`Zgb_ hk\h[h`^_ggh_ hl \uiheg_gby ^\hcghc h[yaZgghklb
²l_hlij_^klZ\e_gbyh[fZgqb\h]h__ \gmlj_gg_cikbobq_kdhcj_ZevghklbdhlhjZy
l_i_jvi_j_^Z_lky\ nhjf_kgh\b^_gby

IbkvfhhlfZl_jb
=Z[jb_eZ ohl_eZ [u kgh\Z ihiZklv d <Zf gZ ijb_f hgZ m`_ g_dhlhjh_ \j_fy
gZaZ^ijhkbeZf_gymagZlvg_fh]eb[u<uijbgylv __ Z y g_kdhevdh aZlygmeZ k wlbf
khh[s_gb_f<Zf
< dZdhflh hlghr_gbb hgZ dZ`_lky ohjhrh k_[y qm\kl\m_l ² gZqZeZ oh^blv \
^_lkdbc kZ^ gZ ^\Z k iheh\bghc qZkZ dZ`^uc ^_gv b wlh _c gjZ\blky HgZ b]jZ_l g_
klhevdh k ^_lvfb kdhevdh jy^hf k ^_lvfb b wlh __ mkljZb\Z_l H^gZdh m g__ fgh]h
lj_\h]b fuqm\kl\m_fqlh_caZqZklmxljm^gh^Z_lkybkihevah\Zgb_\k_ck_[yqZklv__
dZd[uhklZ_lkykdh\Zgghcb aZfhjh`_gghc
Hibrm<Zf lhl^_gvdhlhjuc ih[m^be =Z[jb_em kjhqgh ihijhkblv h ih_a^d_ d
<ZfgZijb_fijhklhfh`_l[ulvwlhijhev_ldZdhclhk\_l
GZdZgmg_ \_q_jhf hgZ ihijhkbeZ ^Zlv _c ihkhkZlv ]jm^v =Z[jb_eZ ijhkbeZ h[
wlhf m`_ g_kdhevdh jZa Z y \k_ hlly]b\ZeZ Z lml jZaj_rbeZ HgZ khkZeZ k [hevrbf
gZkeZ`^_gb_fjZagufbkihkh[Zfbb \jZaghfiheh`_gbbbgh]^Zk hiZk_gbyfbqlhhgZ
f_gydmkZ_l
Ghqvx ihke_ wlh]h hgZ \b^_eZ hq_gv iehohc khg baaZ dhlhjh]h mreZ ba k\h_c
dhfgZlub gZmljh__ gZrebju^Zxs_cih^dh\jbdhfgZdmr_ld_HgZkijhkbeZf_gy
_klv eb ]jm^b m \_^vf KdZaZeZ qlh hgZ lZdZy ^jyggZy qlh dh]^Z \ujZkl_l klZg_l
jZa[hcgbdhfZ KmkZggZ[m^_l]eZ\Zj_fjZa[hcgbdh\
<_q_jhfhgZkijhkbeZf_gy^ebggZyebm f_gyibky>mfZ_lqlh^ZY kdZaZeZ
qlh y lZdZy `_ `_gsbgZ dZdhc b hgZ [m^_l GZ\_jgh lu ghkbrv x[db b [emadb ²
kdZaZeZhgZk khfg_gb_fY kijhkbeZhldm^Zih__ fg_gbxm f_gy^ebggZyibkyHl
iZiu ² : m iZiu" ² Hl klm^_glh\ Fh`gh fg_ d ^hdlhjm <bggbdhllm" :
ihiha`_Wlh^hdlhj <bggbdhll"Hg^_eZ_lex^_cemqr_"²JZa\_hgl_[yg_^_eZ_l
emqr_"²G_lhgijhklhf_gykemrZ_lHgf_gyemqr_g_^_eZ_l
G_^Z\gh dh]^Z fu m_a`Zeb hgZ kiZeZ \ khk_^g_c dhfgZl_ Z ^\_jv \uoh^beZ \
gZrmWlh\uau\Zehm g__hq_gv[hevrh_\ha[m`^_gb_b ^hklZ\eyehfZkkm[_kihdhckl\Z

IbkvfhhlfZl_jb
KiZkb[h<ZfaZgZagZq_gb_^gyijb_fZ^ey=Z[jb_euHgZm`_g_kdhevdhjZaaZ
ihke_^g__ \j_fy kh[bjZeZkv _oZlv \ Ehg^hg d <Zf gZ ijb_f b __ k ljm^hf m^Z\Zehkv
m[_`^Zlvqlhg_evay_oZlvd <Zfijhklhdh]^ZhgZaZohq_l
<g_rg_dZ`_lkyqlh\hfgh]bohlghr_gbyohgZqm\kl\m_lk_[yohjhrhghqZklh
[u\Z_l ih^Z\e_gZ G_l y g_ mklZeZ fg_ ijhklh ]jmklgh ?keb d g_c ijbklZxl k
\hijhkZfb h[ wlhf hgZ ]h\hjbl qlh wlh baaZ q_jghc fZfu gh [hevr_ gbq_]h g_
]h\hjbl
< ihke_^g__\j_fy[_adhgpZ[uebjZa]h\hjub jZkkm`^_gbyh fZeurdZo

H>BGG:>P:L:YDHGKMEVL:PBYbxgy]h^Z
=Z[jb_eml_i_jv_cljb]h^Zb ^_\ylvf_kyp_\ijb\_ahl_pHgZ\hreZ\ lZdhf
khklhygbb dhlhjh_ KjZ\gbl_ k i_j\hgZqZevghc aZkl_gqb\hklvx  fh`gh [ueh [u
gZa\ZlvaZkl_gqb\uf\hklhj]hfkjZamdZdh[uqghgZijZ\beZkvd b]jmrdZf[_amfhedm
]h\hjbeZ\_kvfZ]gmkZ\uf]hehkhfgZqZ\lZdIhaZ\q_jZ\_q_jhfy ijhkgmeZkvb fg_
ijbkgbekykhgh ih_a^_Y iha\ZeZKmkZggmhgZ\ khk_^g_cdhfgZl_KmkZggZdZ`_lky
ihgbfZ_l M g__ [ue ^_gv jh`^_gby b _c l_i_jv ^\Z ]h^Z HgZ ijh^he`ZeZ b]jZlv k
ih_a^Zfb ijb]h\Zjb\Zy ijb wlhf : l_i_jv gZf gm`_g \Z]hg ihlhfm qlh ih_a^Z [_a
\Z]hgh\g_[u\ZxlKmkZggZemqr_ihgbfZ_lBf__lky\ \b^memqr_q_f><<
=Z[jb_eb HgZ ]h\hjblv g_ mf__l Y : _keb [u y g_ ]h\hjbe [ueh [u emqr_"
=Z[jb_eb Emqr_ \k_]h _keb [u lu kemrZe >< Dexq wlh \j_fy hgZ kh[bjZeZ qZklb
ih_a^h\@Y LZdfg_]h\hjblvbebkemrZlv"=Z[jb_eb KemrZlvBgh]^Zfuk KmkZgghc
[u\Z_f lZdb_ lbob_ dZd furdb Wlhl \Z]hg kx^Z g_ ih^oh^bl >H^bg ba djxdh\ g_
\oh^be\ mrdh@M f_gywlhhq_gv^he]hihemqZ_lkyFu\b^_ebih_a^Zm dhlhjuowlh]h
kaZ^bg_[ueh
=Z[jb_eZ ]eZ^beZ jmdhc iZjh\ha dhlhjuc ihklZ\beZ ihaZ^b khklZ\ey_fh]h _x
ih_a^Z Ijb wlhf hgZ kbevgh iuol_eZ \hafh`gh baaZ Z^_ghb^h\ b g_h[oh^bfhklb
^urZlvq_j_ajhl
L_i_jvhgZihlj_[h\ZeZqlh[uy ihfh]_ckijZ\blvkyk ljm^gufdjxdhfb fg_
^_ckl\bl_evgh
Wlh hagZqZeh i_j_ghk gZ f_gy \ p_ehf k\hbo qm\kl\ \ hlghr_gbb \Zgghqdb
Hilj_dkB^_glbnbdZpbyk ZgZeblbdhf
A^_kvgZebphgZ[jhkhdn_eeypbbb hjZevgh]hkZ^bafZkfgb`_ihy\eyxsboky\
nhjf_ijh_dpbb
m^Zehkv jZkrbjblv mrdh k\hbfb dZjfZggufb gh`gbpZfb Dh]^Z y kb^_e d g_c
kibghchgZkdZaZeZ
>hdlhj<bggbdhllZ ml_[y]hem[hcib^`Zdb ]hem[u_\hehkuY h[_jgmekyb
m\b^_e qlh hgZ kfhlj_eZ gZ \k_ q_j_a ]hem[hc imauj_d Hilj_dk lm kZfmx ]eZagmx
\Zgghqdm dhlhjhc hgZ ijb^Z\ZeZ lZdh_ [hevrh_ agZq_gb_ \h \j_fy k\h_]h ihke_^g_]h
ihk_s_gby kh[kl\_ggh bo l_i_jv [ueh ^\_ HgZ kgh\Z ijbgyeZkv b]jZlv k ih_a^hf
hldeZ^u\Zy\ klhjhgml_qZklbdhlhju_g_evay[uehkp_iblvbaaZ^_n_dlh\Ijbwlhf
hgZr_ilZeZImnimnih_a^KfhljbqlhwlhlZdh_a^_kv >Z wlh aZ[Z\gh B hgZ
iheh`beZ _s_ ^\_ ]hem[u_ qZr_qdb Hilj_dkZ gZ h^gm ba ieZlnhjf M g__ l_i_jv
ihemqbehkvq_luj_jy^Zih_a^h\hgZijbeh`beZwlbkdeygdbd k\hbf]eZaZfb ijhi_eZ
>\_ dhjabghqdb kb^yl gZ kl_g_ ^\_ dhjabghqdb \bkyl g_ kl_g_ HgZ hq_gv fZeh
hl^Z\ZeZ k_[_ hlq_l \ lhf qlh ]h\hjbeZ aZdZgqb\Zy k\h_ i_gb_ \hie_f >_kylv
fZe_gvdbodhlylihreb
HgZkh_^bgyeZqZklbih_a^Z\ h^bg]eZ\gucih_a^b \wlh\j_fyr_ilZeZb qlhlh
]h\hjbeZkZfZk_[_kh_^bgyykeh\Zb bgh]^Zbkihevamy^_lkdb_klbrdb
=Z[jb_eZ KZeeb oh^bl \hdjm] i_qgh]h ]hjrdZ \ km[[hlm \_q_jhf Ihkfhljb
dZdhcwlhl_i_jv^ebggucih_a^
Y Qlh `_ lu ]h\hjbrv fg_ l_i_jv h[ wlhf ih_a^_" >Y ^mfZe h k\h_c jheb
kemrZl_ey@
=Z[jb_eZ Hg^ebgguc>hgZih\lhjbeZwlhg_kdhevdhjZa@dZdaf_y
Y Wlh dZd qlhlh [hevrh_ m iZiu" =Z[jb_eZ G_l af_y Af_b y^h\blu_ _keb
dmkZxlky?kebg_\ukhkZlvdjh\vq_eh\_dmfj_lHgZ fh`_l mdmkblv f_gy >Z _keb y
ihr_\_exkv ?keb g_l hgZ g_ mdmkbl Gm`gh [ulv hq_gv \gbfZl_evghc >iZmaZ@ Wlh
hq_gv^ebgguc ih_a^>bs_l^jm]b_lh\Zjgu_ieZlnhjfu@ ImnZimn²[mf²[mf²
[mfimnZimnZimnZih_liuolbl^m_l
=Z[jb_eZaZi_eZkgh\ZKZeebihklZ\beZqZcgbdbaf_gb\ihke_^gxxkljhdmgZ
qlhlh\jh^_KmkZggZhiylv_]hkgyeZ
=Z[jb_eZ KmkZggZ g_ fh`_l kdZaZlv <k_ mreb b ihwlhfm hgZ ]h\hjbl K_
mneb=emiZyhgZ
Y L_[_dh]^Zlh[ueh^\Z]h^ZZ l_i_jvl_[_q_luj_
=Z[jb_eZ G_lljbb ljbq_l\_jlbY hq_gv[hevrZyQ_luj_ofg__s_g_l
Y Luohq_rvqlh[ul_[_[uehq_luj_"
=Z[jb_eZ >Z^ZOZoZ
HgZ\ayeZihehfZggucdjm]eucij_^f_lb ijbgyeZkvb]jZlvk gbfgZi_\Zy
=Z[jb_eZ EZ^mrdbeZ^mrdb[mehqgbdwcBki_dbfg_[ebgqbdihkdhj_c
Y QlhaZki_rdZ"
=Z[jb_eZ Gm \_^v gm`gh qlh[u hg [ue ]hlh\ ^h ghqb dh]^Z \k_ ey]ml kiZlv
JZkdZlZlv_]hb g_fgh]hih[blvk^_eZlvlZddZd^he`gh [ulv IhklZ\blv \ i_qv qlh[
gZfk KmkZgghcbki_qv>hgZih\lhjbeZwlhaZf_gyyKmkZggmfZfhc@
Y GZ\_jgh[ebgu²wlhfZfbgu]jm^b"
=Z[jb_eZ >Z>HgZijhbag_keZwlhg_hq_gvm\_j_ggh²\hafh`ghy ^he`_g[ue
kdZaZlvgyfgyfdb@Ihemqblky">HgZiulZeZkvqlhlhijbkljhblv\ dhgp_ih_a^Z@G_
gZ^_\Z_lky
AZl_f =Z[jb_eZ klZeZ kqblZlv hl h^gh]h \iehlv ^h h^bggu\Z^pZlb g_dhlhju_
qbkeZ ijhimkdZy Ihoh`_ qlh kq_l khklhy\rboky hgZ \_eZ ^h kbo ihj k_Zgkh\
DmevfbgZpby gZklmibeZ ijb kq_l_ \hk_fv b \k_ wlh hlghkbehkv d ^ebg_ ih_a^Z
Kdhevdh wlh [m^_l _keb y _s_ h^bg ^h[Z\ex" >_\ylv" G_l wlh [m^_l q_luj_ wlh
dZaZehkv \a^hjhf Wc kx^Z y g_ ^hklZgm HgZ ijhlygmeZ jmdm fbfh f_gy qlh[u
^h[jZlvky^hiexr_\h]hhe_g_gdZbadhlhjh]hhgZ\ ijhreucjZa\uljyogmeZihqlb\k_
\gmlj_gghklb L_i_jv hgZ i_j_g_keZ wlm a\_jxrdm ihaZ^b \k_o b]jmr_d b klZeZ
f_lh^bqghhimklhrZlvlhqlh\ g_f_s_hklZ\Zehkvkha^Z\ZyagZqbl_evguc[_kihjy^hd
HgZ hibku\ZeZ k\hb ^_ckl\by ]h\hjy h lhf qlh kh[bjZ_l gZ[b\dm ba kh[Zqdb b
jZa[jZku\Zy__ ihihem
=Z[jb_eZ ;m^_l _s_ [hevr_ Y \ukuiex imo M g_]h gZ^h \aylv _s_ KeZ\gh
iZog_lLZdhckeZ\gucaZiZo^moh\Ihq_fm\gmlj_gghklbohjhrhiZogml"<hl\b^brv
wlh ba klh]Z k_gZ >HgZ kh[bjZeZ hibedb \ h^gm ba ]eZaguo \Zgghq_d@ M khk_^kdh]h
fZevqbdZk_]h^gy^_gvjh`^_gby
>_\hqdZ]h\hjbeZqlh_]hah\ml;_jgZj^^jm]h]hfZevqbdZah\ml=j_]hjbb lZd
^Ze__ D wlhfm \j_f_gb gZ ihem h[jZah\ZeZkv p_eZy dmqZ ba hibehd beb \ukmr_ggh]h
k_gZbebq_]hlh_s_
=Z[jb_eZ <hl l_i_jv djm]hf [_kihjy^hd Lu f_gy \b^brv >hgZ ijbeh`beZ
]eZagmx\Zgghqdmd ]eZam@"
Qlhlh]jhogmehkvgZihe
=Z[jb_eZ Wlh miZeh ijyfh gZ ihe b dhfgZlZ aZljykeZkv JZa[m^blv ih_a^Z
qlh[uhgbkgh\ZihrebFu_oZebgZih_a^_Ehg^hglZd^Ze_dh
Y Dh]^Z lu ]h\hjbrv fg_ h ih_a^_ lu ohq_rv kdZaZlv qlh ba _]h dmkhqdh\ b
khklhblIb]eyljbb ljbq_l\_jlbb _s_²qlhwlhiZibgZ^ebggZyrlmdZ
L_i_jv wlh [ue hq_gv ^ebgguc ih_a^ hgZ kh_^bgbeZ \f_kl_ \Z]hgu b
ieZlnhjfuFZgbimebjmy ih_a^hf hgZ ih^\bgmeZ _]h g_fgh]h gZaZ^ b kdZaZeZ GZr
ih_a^ihr_egZaZ^l_ih_a^gZdhlhjhfhgbk hlphfijb_oZebHgZ\ukljhbeZih_a^
[hevrhc^m]hcWlhfm\Z]hgmgm`gZ[_q_\dZ
Fu k^_eZeb lZd qlh[u hgZ fh]eZ lygmlv ih_a^ HgZ ]h\hjbeZ h lhf qlh[u _]h
ijb\yaZlv b ijb^mfZeZ b]jm keh\ kh keh\hf dmkZdZ  gZ\_jgh_ ihlhfm qlh y
bkihevah\Ze gh`gbpu qlh[u hldmkblv ^ey g__ dmkhd [_q_\db hl p_eh]h dem[dZ =Z[
jb_eZkdZaZeZ;hevrZyibkyhldmkbebg_l\ wlhff_kl_g_ykghWlh[uehk\yaZghkh
kghfh ih_a^ZoY ihijhkbe__ jZkkdZaZlvfg__s_qlhgb[m^vh[wlhfkg_
=Z[jb_eb Lygmlv ^ebgguc ih_a^ Zo khkdZdb\Z_l Imklv gZ qlhgb[m^v gZ_^_l
Ho[h`_fhcL_i_jv\k_kgZqZeZ
HgZ gZjhqgh lhedgmeZ p_euc ih_a^ b hg hl wlh]h lheqdZ ij_\jZlbeky \ ]jm^m
jZa\Zeb\rbkvih^Zevr_hlg__b ih[eb`_dhfg_<hkg_\k_gZqbgZehkvkgh\Z
=Z[jb_eb @beZ[ueZ \_^vfZ fhjkdZy \_^vfZ `_gsbgZ\_^vfZ g_ fm`qbgZ
\_^vfZ>b]jZkeh\@
m`Zkguc o\Zlmg fZeur_c G_ fh]m gZclb fZe_gvdmx ^ujhqdm qlh[u ijh^_lv
lm^Z M `_gsbg ^\_ ^ujhqdb h^gZ qlh[u ibkZlv ^jm]Zy ^ey ^_lhd >Ijb hgZ
\a]jhfha^beZ ih_a^ gZ dhggmx l_e_]m dZd [u \ gZkf_rdm@ IZiZ ibkZ_l \ ^_\hqdbgm
^ujhqdmkfhljbhgZkhkdZdb\Z_l>wlhh ljm[_ih_a^Z@
Ihlhf =Z[jb_eZ jZkkdZaZeZ fg_ h ^_lyo dhlhju_ ih^deZ^u\Zxl dZfgb gZ
`_e_aghc ^hjh]_ H^bg fm`qbgZ m`Zkgh mrb[ky >_lb hahjgbqZeb Bf wlh ^_eh
gjZ\behkvQlhhgbjZkk_j^bebkvgZiZibgmibkx"
=Z[jb_eZ >Zwlh[uebex^bdhlhju_iulZebkvjZ[hlZlvgZ`_e_aghc^hjh]_g_
fZrbgbkl
HgZ hjm^h\ZeZ k jme_f ly]ZqZ ijb]h\Zjb\Zy Y ky^m gZ kb^_gv_ ly]ZqZ b hgZ
^_ckl\bl_evgh k_eZ ohly kb^_gv_ ly]ZqZ [ueh ebrv ijbf_jgh ^_kylv kZglbf_ljh\
^ebghcY _^mgZg_fly]Zq[ueih^g_cih[ebahklbhl__ ^_\bqv_c^ujhqdbHgZ
gZijZ\beZly]Zqijyfhd ><<G_fh]m\klZlv
<eZklv gZ^ fm`qbghc aZsblZ hl lj_\h]b hlghkbl_evgh kZ^bklkdhc
hls_ie_gghcfm`kdhck_dkmZevghcnmgdpbb
AZ\bklvd i_gbkm
Hgm f_gy\klZe< wlhlfhf_glhgZhq_gv[ukljhjZau]jZeZlZdmxb]jmkgZqZeZ
ihklZ\beZly]Zq\ gZijZ\e_gbbfh_]hi_gbkZZ ihlhf[ukljhi_j_reZ\ klhjhgm]jm^_c
y agZe qlh hgZ g_^Z\gh \b^_eZ ]jm^b k\h_c fZl_jb b wlh gZ g__ ijhba\_eh kbevgh_
\i_qZle_gb_<k_wlh\j_fyhgZaZgbfZeZkvb]jhckeh\
=Z[jb_eZ Dm\ujddm\ujddZidZidZiZ_l^h`^bdy keurm]jhfy keurm]jhf
DZidZi dZiZ_l ^h`^bd : \hl q_eh\_d \ hqdZo >hqdb [ueb m f_gy b m b]jmr_qgh]h
q_eh\_qdZ@Hgih_^_lgZly]Zq_Wlhlq_eh\_d\u]ey^blkf_rgh
Y kdZaZe qlh hgZ kf_yeZkv gZ^h fghc dZd gZ^ q_eh\_dhf m dhlhjh]h \f_klh
]jm^_c[ueZibkyHgZhlh]gmeZq_eh\_qdZgZaZ^b kmgmeZiZe_plm^Z]^_m g_]h^he`_g
[ulvi_gbkb l_i_jvdh]^Zwlhlq_eh\_q_d[uep_ebdhf\ __\eZklbkdZaZeZGZjbkmc
gZ we_dljbq_kdhc eZfihqd_  Y gZjbkh\Ze fm`kdh_ ebph ² hgZ kdZaZeZ qlhlh \ lhf
qbke_b h[hevrhcibk_dZd]jm^v
=Z[jb_eZ Qlhwlh"Qlhwlh"
Y LuaebrvkygZibkxwlh]hq_eh\_dZkqblZ_rvqlh__ g_^he`ghm g_]h[ulv
=Z[jb_eZ Wlhlq_eh\_d[hevrhcjZa[hcgbdHgm`Zk_g
Y kdZaZe qlh hgZ ]h\hjbl h q_eh\_d_ dhlhjuc bkihevam_l k\hx ibkx m`Zkguf
h[jZahf^eylh]hqlh[u^_eZlv^_l_cqlhgZihfbgZehihljhr_gb_kh[Zqdb
B lmlhgZ\_kvfZij_^gZf_j_gghaZl_yeZgh\mxb]jmjZkklZ\eyy^hfZ\ ^ebgguc
jy^Z ih^m]ehfd gbf²^jm]hcjy^lZdqlhh[jZah\Zeky^\hjihjZ[uehaZdZgqb\Zlv
ghhgZ_s_g_[ueZ]hlh\Zm_a`Zlv

Kf>_kylmxdhgkmevlZpbx

=eZ\gZyjZ[hlZ\ oh^_wlh]hk_ZgkZ
Y Qlhy k_]h^gykemrZe"
=Z[jb_eb H^bg ba khk_^_c ]h\hjbl Lu jZkkdZ OhjhrZy rmldZ `b fg_ Z y
jZkkdZ`ml_[_
HgZ ih\lhjbeZ wlh g_kdhevdh jZa ihlhfm qlh wlh __ aZ[Z\eyeh B]ghjbjh\ZeZ
fhxijhkv[mh lhfqlh_cgZ^hm_a`Zlv^hfhcihlhfmqlhhgZ_s_g_aZdhgqbeZKlZeZ
gZjhqghbkdZlvfZe_gvdboa\_jxr_dbdh]^ZgZreZboiheh`beZihkj_^bg_kha^Zggh]h
_x^\hjbdZ
< wlhlfhf_gly \ukdZaZek\h_]eZ\gh_lhedh\Zgb_bdZ`_lkyhgh[uehbf_ggh
l_fdZdh__c[uehgm`gh
Y Wlhlq_eh\_d²jZa[hcgbdHg\hjm_lm fZl_jb__ ]jm^bB ihlhfbkihevam_l
mdjZ^_ggmx]jm^vdZd^ebggmxrlmdmihoh`mxgZih_a^ibkxdhlhjmxhg\klZ\ey_l
^_\hqd_\ ^_lkdmx^ujhqdmb lZfjZa\h^blfeZ^_gp_\>ihb]j_wlha\_jylZ@Ihwlhfmhg
b g_hq_gv`Ze__lqlh[uejZa[hcgbdhf 
L_i_jvhgZm`_\iheg_[ueZ]hlh\Z_oZlvb ihreZaZiZihc
=Z[jb_eb GZf[ugZ^hm`__oZlvihlhfmqlhih_a^[m^_lgZk`^Zlvb gZfgZ^h
[uihki_rblv
: dh]^Zhl_pihiulZekyh[tykgblv_cqlhki_rblvg_dm^Zihlhfmqlh\k_jZ\gh
ijb^_lky `^Zlv hl]h\hjblv __ [ueh g_\hafh`gh Ib]ey \u]ey^_eZ hq_gv kqZkleb\hc
dh]^Zhgbk hlphfmoh^bebb ebrvkh\_jr_gghh[u^_gghihfZoZeZjmdhcgZijhsZgv_
 Dhff_glZjbc
><<^he`_gkemrZlv<dexqZ_ldhgljhevgZ^^_ckl\byfb><<
KfjZ[hlmF_eZgbDeycgh dhfi_gkZpbbb fm`kdhciheh\hcihl_gpbb
MijZ\e_gb_hls_ie_gghcfm`kdhck_dkmZevghcnmgdpb_c [hyagvi_gbkZ
< lhfqbke_hldjh\_ggZy^_fhgkljZpbyaZ\bklbd i_gbkm
 Bgl_jij_lZpby fm`qbgu b _]h fm`kdhc k_dkmZevghc nmgdpbb \dexqZy
k_dkmZevgmxnZglZabxl_dhg_phls_ie_gghck_dkmZevghcnmgdpbb
 < lhf qbke_ dhfi_gkZpby fm`qbghc \bgu aZ Z]j_kkb\gh_ ih\_^_gb_ kf
ij_^u^msb_k_Zgkub __kh[kl\_ggh_ih^Z\e_ggh_khklhygb_

IbkvfhhlfZl_jbbxey]h^Z
=Z[jb_eZhiylvijhkblkyd <ZfgZijb_fHgZqm\kl\h\ZeZk_[yaZf_qZl_evghgh
l_i_jv\^jm]\iZeZ\ khklhygb_mgugbyb kdmdb
F_gy [_kihdhbl \ qZklghklb lh k dZdhc g_bklh\hklvx hgZ kZfZ k_[y dhehlbeZ
ihke_lh]hdZdy hljm]ZeZ__ aZlhqlhhgZrmf_eZb jZa[m^beZk_kljmHgZlh\_^_lk_[y
bkdexqbl_evghohjhrhlhbkiulu\Z_l\g_aZigmxihlj_[ghklv\ hahjkl\_q_]h[uwlh
gb klhbeh ?_ k_kljm hq_gv ljm^gh \ughkblv dh]^Z hgZ ieZq_l b hgZ lZd i_j_iheg_gZ
aeh[hc b m^jmq_gghklvx \ dhlhjuo kZfZ \k_o mij_dZ_l qlh =Z[jb_eZ aZludZ_l mrb
jmdZfb _keb klhbl gZ k\h_f gh qZklh mklmiZ_l Hgb ij_djZkgh eZ^yl b kh\_jr_ggh
klbobcgh^_eylky^jm]k ^jm]hfex[ufbm]hs_gbyfbrhdheZ^dZfbbebi_q_gvyfb
?klv_s_h^gZ\_svh dhlhjhcy ohl_eZ<ZfkdZaZlvWlh__ fukebgZkq_llh]h
qlh hgZ ^_\hqdZ =Z[jb_eZ kijhkbeZ f_gy ]^_ lZ ^ujhqdZ q_j_a dhlhjmx aZoh^bl
j_[_ghd Z ihlhf kijhkbeZ ohl_eZ eb y lh`_ [ulv fZevqbdhf hgZ hq_gv ohq_l [ulv
fZevqbdhf gh g_ klZeZ h[tykgylv ihq_fm =h\hjbl qlh \ rdhe_ fZevqbdb _c g_
gjZ\ylkyG_agZxdZdh_wlhbf__lhlghr_gb_d lhfmh q_fy kdZaZeZghfuiheh`beb
dexqhl\ZgghcdhfgZlug_gZk\h_f_klhb dh]^Zhl_pfuekyhgb\e_aeb\ \Zggmxb
dZdlh\ha[m^bebkv

Ibkvfhhlf_gyjh^bl_eyf
bxey]h^Z
>he`_g ihijhkblv <Zk kdZaZlv =Z[jb_e_ qlh \ gZklhys__ \j_fy y g_ fh]m __
ijbgylvIjb^_lkyih^h`^Zlv^hk_gly[jy 
Y g_ bkiulu\Zx Z[khexlgh gbdZdh]h hlqZygby hl lh]h dZd b^ml ^_eZ >_lyf
^_ckl\bl_evghijboh^blkykijZ\eylvkykhk\hbfijh[e_fZfbm k_[y^hfZb ygbkdhevdh
g_ m^b\exkv _keb b =Z[jb_eZ kmf__l ij_h^he_lv gug_rgbc wlZi ?kl_kl\_ggh hgZ
^mfZ_ldhfg_ijb_oZlvihlhfmqlhijb_a`ZeZlZdfgh]hjZab yjZamf__lky__ kgh\Z
ijbfmghlhevdhg_k_cqZk
IbkvfhhlfZl_jb
bxey]h^Z
 Y lhevdh i_j_^Zx ijhkv[m =Z[jb_ev b g_ \ukdZau\Zx k\h_]h kh[kl\_ggh]h
fg_gby gZkq_l __ ihlj_[ghklb ijb_oZlv d <Zf gZ ijb_f Fg_ wlh ihqlb g_\hafh`gh
hij_^_eblvlZddZdy kebrdhfaZbgl_j_kh\Zggh_ebph
=Z[jb_eZij_[u\Z_l\ ^_ij_kkbbb fgh]hieZq_lghy m\_j_gZqlh\ [eb`Zcr__
\j_fyhgZ\iheg_fh`_l\u[jZlvkybawlh]hkhklhygbyb ^jm]boijh[e_fQlh`_^hlh]h
gZc^_l eb hgZ \ k_[_ ^hklZlhqgh kbe qlh[u dhgkljmdlb\gh bkihevah\Zlv k\hb
\hafh`ghklb lh wlh ^_ckl\bl_evgh \Z`gh h^gZdh y lh`_ g_ fh]m hij_^_eblv Bgh]^Z
hgZ dZ`_lky fg_ g_fgh]h g_bkdj_gg_c dZd [u g_ \ k\h_c lZj_ed_ baaZ lh]h qlh g_
fh`_liheghklvx\ueh

E_lh  ]h^Z [ueh bkdexqbl_evgh gZijy`_gguf \j_f_g_f b \dexqZeh
i_jbh^[he_agb

`blvky dh]^Z qlhgb[m^v ^_eZ_l beb ]h\hjbl Gh gZ\_jgh_ k_cqZk g_ \j_fy
]h\hjblv<Zfh[wlbo^he]hkjhqguoaZ[hlZo
IjbeZ]ZxaZibkdmhl=Z[jb_evlhqgh\ khhl\_lkl\bbk __mdZaZgbyfb
AZibkdZhl=Z[jb_evih^^bdlh\dm
>hjh]hc fbkl_j <bggbdhll ^hjh]hc fbkl_j <bggbdhll ^hjh]hc fbkl_j
<bggbdhllgZ^_xkvluqm\kl\m_rvk_[yohjhrhibkZlvg_mf_x
IbkvfhhlfZl_jb^\Zf_kypZkimkly
=Z[jb_eZ k_cqZk \b^bfh \iheg_ ijbreZ \ ghjfm ohly y b g_ agZx ih dZdhc
ijbqbg_HgZklZeZhq_gvih^lygmlhcb \eZ^_xs_ckh[hc^_\hqdhcqZklh[eZ]hjZamfgh
\a\_rb\Zxs_ck\hbihklmidb
HgZex[bl^_lkdbckZ^dm^Zoh^blgZ^\Zk iheh\bghcqZkZdZ`^uc^_gvb hq_gv
ohq_lk d_fgb[m^vih^jm`blvkygh_cwlhljm^gh k^_eZlv b hgZ h[uqgh b]jZ_l h^gZ
ohly b]jZ_l kh kfukehf DZ`_lky kZfZ km^v[Z aZklZ\ey_l =Z[jb_em kgh\Z
h]jZgbqb\Zlvkyh[s_kl\hfk\h_cfZe_gvdhck_kljub hgZk g_chq_gvk[ebabeZkv
HgZklZeZ]hjZa^h[eZ]h`_eZl_evg_chlghkblvkydhfg_q_fjZgvr_
DZd \k_]^Z y ihjZ`Zxkv __ mf_gbx \gbdZlv \ oZjZdl_j ex^_c b kblmZpbc
\dexqZyb f_gyb kihkh[ghklb\ujZ`Zlvwlh
Ijb mihfbgZgbb <Zr_]h bf_gb __ ebph aZklu\Z_l b hgZ f_gy_l ij_^f_l
jZa]h\hjZBf_gghlZdhgZijhj_Z]bjh\ZeZb k_cqZkdh]^Zy kdZaZeZ_cqlh<ua\hgbeb
b kijZrb\Zeb h g_c ohly h[uqgh y g_ mihfbgZx h gZrbo l_e_nhgguo jZa]h\hjZo
Q_j_a g_kdhevdh fbgml ihke_ wlh]h =Z[jb_eZ kdZaZeZ fg_ qlh ^mfZ_l [m^lh gZrZ
[u\rZyex[bfZy^hfjZ[hlgbpZAZbgvdZmreZihlhfmqlh=Z[jb_eZ_cjZahgjZ\beZkv
=h\hjbllZd`_qlhhgZg_gjZ\blkyj_[ylZf\ ^_lkdhfkZ^m
Ijbf_jgh\ dhgp_bxey²gZqZe_Z\]mklZm g__[uehhq_gvg_e_]dh_khklhygb_
hgZdZaZeZkvhq_gvm^jmq_gghcb ihiheghqbg_kiZeZKgZqZeZhgZg_fh]eZih\_jblv
qlh <u g_ fh`_l_ __ ijbgylv ?c ihklhyggh kgbeky khg h lhf qlh __ fZlv b hlpZ
jZaj_aZeb gZ f_edb_ dmkhqdb b \Zjbeb \ dZdhflh khkm^_ dZd lhevdh hgZ aZdju\ZeZ
]eZaZwlhlh[jZa\ha\jZsZekyihwlhfmhgZklZjZeZkvg_kiZlv
Ke_^mxsbc jZa]h\hj y aZibkZeZ  Z\]mklZ ihke_ lh]h dZd \k_ wlh m`_ dZdh_lh
\j_fyijh^he`Zehkv
HiylvwlhlkhgijhjZaj_aZgguo²: lug_fh`_rvihiulZlvkykh[jZlvbo
\f_kl_k^_eZlvboemqr_"²G_lg_fh]mHgbkebrdhff_edb_ijyfhhkdhedbb hl
dbiyldZfg_[hevghLZdb_f_edb_dZdwlbfZe_gvdb_rlmqdbhldhlhjuo[hevgh\hjlm
Y ^he`gZih_oZlvd fbkl_jm<bggbdhllm^hdlhjm <bggbdhllm<_^vhge_qbl[hevguo
ex^_c" Y ^mfZx qlh hg gbdh]h lZd g_ ex[bl dZd f_gy M g_]h lZf ihegh baysguo
\_s_cY g_fh]m\aylvk kh[hcKmkZggmhgZboihehfZ_l
GZ ke_^mxsbc ^_gv hgZ kdZaZeZ qlhlh gZkq_l lh]h qlh _c m^Zehkv kh[jZlv
dmkhqdb\f_kl_ghdlhlh\k_\j_fybojZklZkdb\Z_lG_agZxdZdh\Z dhg_qgZykm^v[Z
wlhcnZglZabbdZ`_lkyhgZijhklhmlboeZ
Q_j_a g_kdhevdh ^g_c =Z[jb_eZ h[ty\beZ ;hxkv y g_ [ueZ lZdhc ohjhr_c
^_\hqdhcdZdk_cqZkY ohjhrZyhijylgZy^_\hqdZ^_j`m\_sb\ ihjy^d_HgZmihjgh
ih^q_jdb\Z_l qlh kh[ex^Z_l hijylghklv qlh g_dhlhjuf h[jZahf y\ey_lky [eZ]hf ^ey
lZdhcg_hijylghc k_fvbdZdgZrZ>mfZxqlhy i_j_^Zxebrvhq_gvih\_joghklguc
mjh\_gvdZjlbgu

IbkvfhhlfZl_jbljbg_^_ebkimkly
=Z[jb_eZ g_kdhevdh jZa ijhkbeZ f_gy h ih_a^d_ d <Zf gZ ijb_f Ihgylby g_
bf_xdZdkjhqgh_cwlhgm`gh
>hwlh]hhgZijhkbeZf_gykdZaZlv<ZfqlhhgZgZ<Zkk_j^blkyb g_ijhkblvh
ijb_f_ Dh]^Z y kdZaZeZ _c qlh[u hgZ kZfZ <Zf h[ wlhf khh[sbeZ beb ijh^bdlh\ZeZ
ibkvfhhgZkdZaZeZqlhkl_kgy_lky
< ihke_^g__ \j_fy =Z[jb_eZ \_^_l k_[y hq_gv ^_kljmdlb\gh kjhqgh ohq_l
gZl\hjblvdZdb_gb[m^viZdhklbb ]hj^hh[wlhfh[ty\ey_lH[uqghwlh\ujZ`Z_lky\
lhf qlh hgZ j\_l beb j_`_l qlhgb[m^v gZ qZklb beb mkljZb\Z_l _jZeZr < p_ehf wlh
g_qlh gh\h_ =Z[jb_eZ ]hjZa^h f_gvr_ lj_\h`blky h \_sZo y bf_x \ \b^m ]hjZa^h
f_g__ hq_\b^gh Djhf_ lh]h hgZ ih^he]m khk_l [hevrhc iZe_p b aZdjmqb\Z_l \hehku
lZdqlhk g_cy\ghqlhlhl\hjblky

><?G:>P:L:YDHGKMEVL:PBYhdly[jy]h^Z
Dh]^Zhl_pk ^_\hqdhcdhlhjhcl_i_jv[uehq_luj_]h^Zb h^bgf_kypijb_oZeb
gZ lZdkb y klhye m ^\_j_c Hl_p ijhr_e ijyfh \ ijb_fgmx Z y kdZaZe Ijb\_l
=Z[jb_eZHgZijbklZevgh\a]eygmeZgZf_gyb ihlhfkjZamihreZ\ dhfgZlm]^_dZd
h[uqgh ih^ ihedhc [ueb meh`_gu b]jmrdb M g__ [ueZ ^h\hevgh ly`_eZy dh`ZgZy
kmfdZ\bk_\rZyq_j_aie_qhgZdh`Zghfj_f_rd_M^h\e_l\hjb\rbkvl_fqlhm\b^_eZ
f_gyhgZk_eZgZiheb kdZaZeZGmihkfhljbfgZb]jmrdbAZl_f\ayeZ[ZjZrdZ
=Z[jb_eZ M gZk ^hfZ h^bg lZdhc _klv Ba\bgb qlh fu hiha^Zeb gh ih_a^ \k_
hklZgZ\eb\Zeky b hklZgZ\eb\Zeky Z ihlhf aZ]hj_eky ihke_^gbc \Z]hg gh d kqZklvx
gbdlh g_ ihkljZ^Ze >hq_gv ih\ajhkehfm hgZ wlh kdZaZeZ@ : ihlhf ih_a^ ^he]h ^he]h
klhyeIh_a^Z^he`gu_oZlv[ukljhb g_hklZgZ\eb\ZlvkyZ wlhlhklZgZ\eb\Zeky
=h\hjywlh=Z[jb_eZkhklZ\eyeZih_a^Z ihlhfb]jZeZb r_ihlhfjZa]h\Zjb\ZeZ
kZfZk kh[hcHgZk^_eZeZdmqmbadhjhldboih_a^h\Z lZd`_ehrZ^b\Z]hgZb ly]ZqZ
?_ g_fgh]h haZ^Zqbeh lh qlh m g_dhlhjuo \Z]hgh\ g_ [ueh djxdh\ ^ey kp_idb b y
keurZedZdwlhg_^hmf_gb_\ujZ`Zehkv\ __r_ihl_G_fh]mkp_iblvGhhgZeb[h
dZdlhmobljyeZkvwlhk^_eZlveb[h[hevr_g_ljh]ZeZ
Y gZ wlhl jZa kb^_e gZ klme_ Z g_ gZ ihem \i_j\u_ b dZd h[uqgh \_e k\hb
aZibkb ;ueh ihjZabl_evgh qlh =Z[jb_eZ dZd h[uqgh g_aZf_^ebl_evgh ijhgbdeZkv
^h\_jb_f dh fg_ b d h[klZgh\d_ HgZ ij_^klZ\eyeZ kh[hc dZd [u beexkljZpbx
kihkh[ghklb[ulvh^ghc\ ijbkmlkl\bbdh]hlh^jm]h]hkb^ygZihemb]jZy[hjfhqZ
b hq_\b^ghkhagZ\Zyqlhy gZoh`mkvlml`_
Y aZf_lbe qlh hgZ kemqZcgh aZ^_eZ fhx gh]m k\hbf l_ehf dh]^Z gZ]b[ZeZkv
qlh[u^hklZlvgh\u_b]jmrdbWlhfmg_[uehijb^ZghZ[khexlghgbdZdh]hagZq_gbyb
hgZ g_ hlijygmeZ dh]^Z wlh ijhbahreh Lhqgh lZd `_ =Z[jb_eZ \_^_l k_[y kh k\hbf
hlphfBgh]^ZhgZkb^_eZihqlbgZfh_f[ZrfZd_^h\hevgh]jhfdhjZa]h\Zjb\ZykZfZk
kh[hcb ba^Z\ZyoZjZdl_jguc^eyih_a^ZrmfQ_j_aq_l\_jlvqZkZhgZkdZaZeZnmWlh
^he`gh [ueh hagZqZlv qlh [ueh ^h\hevgh `Zjdh G_\agZqZc hgZ ijbkehgbeZ ]heh\m d
fh_fm dhe_gm kh\_jr_ggh _kl_kl\_ggh g_ ijb^Z\Zy wlhfm gbdZdh]h agZq_gby Y ih
ij_`g_fmgbq_]hg_]h\hjbe?_kmfdZ\k__s_\bk_eZq_j_aie_qhQZklhhgZ^_j`ZeZ
h^gm jmdm gZ kmfd_ dh]^Z hibjZeZkv gZ ^jm]mx =Z[jb_eZ jZkklZ\beZ q_luj_ ^ebgguo
^hfZ d\Z^jZlhf b h^bg ihklZ\beZ \ p_glj Y agZe qlh wlh hagZqZ_l qlhlh \Z`gh_ b
k\yaZggh_k __kihkh[ghklvx\uklmiZlv\ jheb\f_klbebsZZ djhf_lh]hy m\yaZewlh\
k\h_f khagZgbb k l_f qlh gZ g_c k_cqZk \bk_eZ kmfdZ Ijbf_jgh \ wlh `_ \j_fy hgZ
kgyeZk ie_qZkmfdmZ ihlhfkgyeZ^`_fi_jb \k_wlh\j_fyl_jeZkvh fh_dhe_ghihdZ
y kb^_egZklme_KdZaZeZqlh`Zjdh^ZlZdhghb [uehIhlhf=Z[jb_eZb]jZeZk l_f
qlh hklZehkv hl ihxs_]h \heqdZ Wlh [ue i_j\uc ijbagZd e_]dhc lj_\h]b ohly
nZdlbq_kdb\ l_q_gb_\k_]hqZkZlj_\h]Zg_ihy\eyeZkvWlh\ujZabehkv\ lhfqlhhgZ
ih\_jgmeZkvb ihkfhlj_eZdZdy ibrmH[ehfhd\heqdZ[ueh^gbfbag_kdhevdbo\ dmq_
b]jmr_d dhlhjuc ku]jZe \Z`gmx jhev \ ijhrehf HgZ \ukuiZeZ \k_ ba ^jm]hc
dhjabgdb dZ`^mx f_ehqv hl^_evgh ijb wlhf ]h\hjbeZ kZfZ k kh[hc ihqlb [_aa\mqgh
r_\_ey ]m[Zfb djhf_ hl^_evguo keh\ \jh^_ b]jmr_d Ihlhf hgZ ih\_jgmeZkv b
meu[gmeZkvb yagZeqlhijhbkoh^blqlhlh hkh[_ggh_ B \ kZfhf ^_e_ hgZ gZreZ lm
kZfmx klZjmx we_dljbq_kdmx eZfihqdm dhlhjZy ku]jZeZ [hevrmx jhev \h \j_fy
ijhreuok_Zgkh\
=Z[jb_eb GZ^_gvgZg__x[dm
Y h[_jgmeeZfim[mfZ]hcihemqbeZkv^ZfZb =Z[jb_eZihklZ\beZ__ gZklhy\rbc
i_j_^gZfbdgb`gucrdZn
Y Wlh²fZfZ"=Z[jb_eZ G_l
OZjZdl_jguf^eywlh]hj_[_gdZ[uehlhqlh\h\j_fyk_ZgkZ^Zb g_lbf_eb
lhqgh_agZq_gb_
Y =Z[jb_eZohq_lklZlvlZdhcdh]^Z\ujZkl_l"=Z[jb_eZ >Z
;ueh _s_ g_kdhevdh khijbdhkgh\_gbc kh fghc b ba lh]h qlh ijhbkoh^beh y
kfh]aZdexqblvqlhgZebphlj_\h]ZY \b^_edZdhgZihlbjZeZiZevp_fZ\lhfh[bevqbd
Y agZeqlhj_qvb^_lh fZklmj[Zpbbghihij_`g_fmgbq_]hg_]h\hjbe
=Z[jb_eZ WlhlZ\lhfh[bev²]emiucZ\lhfh[bevHg_^_llhlm^Zlhkx^ZZ hg
lZdg_^he`_g
B klZeZ \_jl_lv _]h \ jmdZo Ihlhf \ayeZ fZe_gvdmx nb]mjdm dhlhjZy m g__
bah[jZ`ZeZ`_gsbgm
=Z[jb_eZ WlZ ^ZfZ \k_]^Z eh`blky HgZ eh`blky b hiylv eh`blky b hiylv Y
Wlh²fZfZ"=Z[jb_eZ >Z
Y ihiulZeky \um^blv ih[hevr_ bgnhjfZpbb gh [_amki_rgh HgZ ijh^he`ZeZ
b]jZlvZ ihlhfkdZaZeZ: qlhwlhm gZka^_kv"HgZ]h\hjbeZkZfZk
A^_kvq_jgh_qZklbqgh\uklmiZ_ldZdaZsblZl_hagZqZ_lg_\b^_lvf_gy
dh]^Zy hlkmlkl\mx\f_klhlh]hqlh[uihfgblvf_gy\h\j_fyfh_]hhlkmlkl\by
kh[hcFh`ghfg_wlhb wlhb wlh": ihlhfkdZaZeZg_kdhevdbfa\_jxrdZf
<u\klZ\Zcl_< hlghr_gbbh^ghcbaa\_jxr_dmihlj_[beZkeh\hq_jgucQ_jguc
²wlhgbq_]hQlhwlh"
Fg_ [ueh hq_gv bgl_j_kgh dZd =Z[jb_eZ ijbf_gy_l ihgylb_ q_jguc b wlZ
l_fZihemqbeZgh\h_jZa\blb_
Y Q_jgh_²wlhlhqlhg_\b^gh"
=Z[jb_eZ Fg_l_[yg_\b^ghihlhfmqlhluq_jguc
Y Lubf__rv\ \b^mqlhdh]^Zy ^Ze_dhy q_jgucb l_[_f_gyg_\b^gh"B lh]^Z
lu ijhkbrv ih_oZlv dh fg_ b ohjhr_gvdh gZ f_gy ihkfhlj_lv b lh]^Z y klZgh\exkv
k\_leufbeb_s_dZdbflhlhevdhg_q_jguf
=Z[jb_eZ Dh]^Z y m_a`Zx b kfhljx gZ l_[y lu \_kv klZgh\brvky q_jguf ^Z
^hdlhj<bggbdhll"
Y Ihwlhfmq_j_adZdh_lh\j_fyl_[_gm`ghf_gym\b^_lvqlh[uhiylvk^_eZlv
f_gy[_euf
DZaZehkv k wlhc b^__c hgZ ihdhgqbeZ b ijh^he`ZeZ b]jm kh \k_fb __
ih^jh[ghklyfb Ihijh[h\ZeZ ihklZ\blv fZe_gvdmx nb]mjdm gZ ieZlnhjfm gh wlh
hdZaZehkv g_ihkbevghc aZ^Zq_c b \ ihiuld_ __ j_rblv hgZ klmdgmeZkv ]heh\hc h fh_
dhe_ghY g_fh]iheghklvxihgylvqlhkemqbehkv
Y ?keb [u\Z_l [hevrhc i_j_ju\ lu gZqbgZ_rv [_kihdhblvky gZkq_l wlh]h
q_jgh]hkms_kl\Zdhlhjh]hij_^klZ\eyxydh]^Zq_jg_xb lh]^Zlug_agZ_rvqlh`_
wlhaZq_jgh_kms_kl\h
< ^Zgghf kemqZ_ y bf_e \ \b^m q_jgmx fZfm b q_jgu_ ij_^f_lu __ lj_\h`guo
khklhygbc
=Z[jb_eZ >Z>wlha\mqZeh^_ckl\bl_evghm[_^bl_evgh@
Y Ihwlhfm dh]^Z lu ijb_a`ZeZ lu fh]eZ ohjhr_gvdh gZ f_gy ihkfhlj_lv
qlh[uy hiylvklZe[_euf
=Z[jb_eZ >Z
L_i_jv hgZ i_j_reZ d \hijhkm h k\h_c kmfd_ dhlhjZy e_`ZeZ gZ ihem ]^_ hgZ
kb^_eZ
=Z[jb_eb M f_gy \ kmfd_ dexq Hg a^_kv \gmljb GZ^_xkv qlh hg lZf >b hgZ
ijbgyeZkv bkdZlv _]h gZ hsmiv@ Hg hlibjZ_l l\hx ^\_jv Y aZijm __ l_[_ _keb lu
aZohq_rv\uclbM l_[y`_a^_kvg_ldexqZ^Z"
=Z[jb_eZ^he]h\habeZkvk aZihjhfk\h_ckmfdb[hjfhqZGbq_]hg_ihemqZ_lky
g_lihemqZ_lkyHgZijh^he`ZeZ_]haZibjZlvijbeZ]Zyqj_af_jgu_mkbebyGZdhg_p
aZdhgqbeZ wlh ^_eh b \a^hogmeZ ihdZau\Zy qlh ijh^_eZeZ h]jhfgmx jZ[hlm ih
ij_h^he_gbxdhgnebdlZ
=Z[jb_eZ\_jgmeZkvd b]jmrdZfklZeZjZkkfZljb\ZlvfZe_gvdmxdhjabgmY \k_
_s_gbq_]hg_]h\hjbedjhf_lh]hh q_fm`_khh[sbeHgZ\ayeZkh[Zqdm[ZjZrdZb
ldgmeZ __ \ `b\hl Wlh gZihfgbeh fg_ h lhf qlh hgZ m`_ ^_eZeZ gZ ^\mo beb lj_o
ij_^u^msbo \klj_qZo dmevfbgZpb_c q_]h [ueh kha^Zgb_ h]jhfgh]h _jZeZrZ \h \j_fy
ihke_^g_]h ijb_fZ HgZ \hldgmeZ iZe_p \ `b\hl ^jm]hc a\_jxrdb b jZkkuiZeZ __
\gmlj_gghklbih\k_fmihemDhg_qghwlh_cgZihfgbehh lhf`_kZfhfb hgZkdZaZeZ
Fbkl_j <bggbdhll Z ]^_ lZ kh[ZqdZ" Y ihdZaZe gZ dhg\_jl \ dhlhjhf gZoh^beZkv
\uihljhr_ggZykh[ZqdZb hgZkdZaZeZHo
=Z[jb_eZkgh\ZaZgyeZkvZ\lhfh[bevqbdhfklZeZijbklZ\eylv_]hd ghkmb dhjlm
<ayeZ dZjZg^Zr dhlhjuc hdZaZeky djZkguf f_edhf ldgmeZ _]h \ k\hc kh[kl\_gguc
`b\hl Z aZl_f klZeZ jZkdjZrb\Zlv x[dm eZfihqghc ^Zfu b ijb^_eZeZ eZfi_ reyidm
ijbeZ^beZ qZr_qdm hl Hilj_dkZ HgZ klmqZeZ ih \_jomrd_ eZfiu dZjZg^Zrhf
\hafh`ghiulZykv__ jZkdjZkblvZ ihlhfkgyeZx[dmk Ij_^^\_jb_eZfiudhlhjZydZd
hgZ]h\hjbeZij_^klZ\eyeZim[_jlZlZ__ kZfmdZd\ajhkemx^Zfmb klZeZpZjZiZlvih^
g_cdZjZg^ZrhfIhke_wlh\_jgmeZx[dmgZf_klhX[dZl_i_jv[ueZdjZkgh]hp\_lZ
IhlhfihklZ\beZ\hae_[hevrh]h^hfbdZfZe_gvdmxnb]mjdm
Y Qlhwlh"
=Z[jb_eZ Hgklj_ey_l\ p_jdh\v>aZl_fhgZ\ukdZaZeZlhqlh\k_\j_fy[uehm
g__gZmf_@Qlhk kh[Zqdhc\ kmfd_"=^_hgZlZf"
Y Ihkfhljb_kebohq_rv
=Z[jb_eZ EZ^gh
HgZijbgyeZkvbkke_^h\Zlvk ij_^_evghchklhjh`ghklvxihljZlb\gZwlhfZkkm
\j_f_gb b \ dhgp_ dhgph\ lZd b g_ \ugmeZ kh[Zqdm ba dhg\_jlZ GZdhg_p hgZ _]h
kdZlZeZb m[jZeZh[jZlghih^ihedmkdZaZ\M g__ghkhle_l_ehgZihl_jyeZk\hcghk
kh[ZqdZ\ kmfd_
Y < ijhreuc jZa lu \ulZsbeZ ba g__ \k_ \gmlj_gghklb b jZa[jhkZeZ ih ihem
=Z[jb_eZ >Z
Y klZe b]jZlv bgl_jij_lZpbyfb Wlh ² ]jm^v _keb y fZfZ beb ibky _keb y
iZiZHgZhq_gvl\_j^hkdZaZeZG_lwlZrlmqdZ²ibkyg_lhagZqZehg_]jm^v
 Y Luohl_eZk^_eZlvj_[_gdZbawlhck\Zedb=Z[jb_eZ >Z
Y Ghlug_kh\k_fagZ_rvdZdk^_eZlv=Z[jb_eZ >Z
L_i_jv hgZ b]jZeZ k ih_a^hf b gZqZeZ ijhy\eylv g_dhlhjmx lj_\h]m ohly b g_
y\gh
=Z[jb_eZ Fu l_i_jv kdhjh ih_^_f gZ ih_a^_ Fu hklZ\beb KmkZggm ^hfZ HgZ
[m^_lhq_gvk_j^blvkyihlhfmqlhgZklZd^he]hg_l
Y Lu g_fgh`dh bkim]ZeZkv baaZ lh]h qlh iZiZ \k_ \j_fy k lh[hc \ ih_a^_
hkh[_gghdh]^Zlu^mfZ_rvh lhfqlhluohq_rvk gbfk^_eZlvihlhfmqlhluohq_rv
k^_eZlviZi_lh`_kZfh_qlhluihdZau\ZeZfg_dh]^Z\ugbfZeZbakh[ZqdbgZ[b\dm
Dh]^Zluf_gyex[brvlubaaZwlh]hohq_rvkt_klvfhxibkx>kgZqZeZwlhijhy\behkv
\ kljZo_i_j_^dmkZxs_ckyaf__ckf\ur_@
H^ghfm ba \Z]hgqbdh\ k dhlhjufb hgZ hjm^h\ZeZ =Z[jb_eZ kdZaZeZ G_
p_ieycky aZ fhx x[dm Ihlhf gZqZeZ gZ^_\Zlv k\hc ^`_fi_j gZ qlh mreh
agZqbl_evgh_\j_fy
Y Lu ^_ckl\bl_evgh g_fgh]h bkim]ZeZkv dh]^Z aZ^mfZeZ kt_klv lh qlh \gmljb
ibkb
=Z[jb_eZ >ZDZlqm>wlbfhgZnZdlbq_kdbohl_eZkdZaZlvJZa\_g_`Zjdhb dZd
y mklZeZ@
Y L_[_ihfhqv"
=Z[jb_eZ G_l
AZl_fy \ukdZaZe^h\hevghfgh]hlhedh\Zgbc
Y Lug_fgh`dhi_j_im]ZeZkv^mfZyh q_jghf<bggbdhll_dhlhjuc[uegh_]h
g_[ueh\b^ghbeb_]hijhklhg_[uehb lugZg_]hjZkk_j^beZkvaZlhqlh_]hg_l
Lubkim]ZeZkvb baaZlh]hqlhm kh[Zqdbhl\ZebekyghkihlhfmqlhwlhagZqbeh
hldmkblvfhxibkxLujZkk_j^beZkvgZf_gyaZlhqlhy g_\k_]^Zl\hc
Lubkim]ZeZkv^mfZyqlhdh]^Zluf_gyex[brvlu\uju\Z_rvbafh_cibkb
gZ[b\dm
=Z[jb_eZ >Z
Y ?keb wlh ]jm^v fZl_jb lu ^hklZ_rv ba g__ lh hl q_]h lhekl_xl b jZklml Z
_kebwlhibkylhgm`gh\ kZfhf^_e_bf_lvfZl_jbZebadhlhjh]h^_eZxl^_l_c
=Z[jb_eZ Gm^Z
Y Dexq\ l\h_ckmfd_agZqblqlh\ l_[__klvf_klh^eylh]hqlh[uojZgblvlh
qlhluihemqZ_rvhlf_gyibkxgZkh\k_fqlhlhlZdh_qlhfh`_lklZlvj_[_gdhf
<k_ wlh \j_fy ijh^he`ZeZkv hi_jZpby ih gZ^_\Zgbx ^`_fi_jZ Fu ijh\_eb
\f_kl_ m`_ ljb Lj_\h]Z AZsblgZy j_]j_kkby \ h[eZklv b^_c q_l\_jlb qZkZ b hgZ
kdZaZeZqlh\k_m`_aZdhgqbehkv>`_fi_jgZ^_lHgZmlhfbeZkv<klZeZhi_jrbkvgZ
jmdmdhlhjhc^_j`ZeZkmfdmHldjueZkmfdm\ugmeZdexqb klZeZpZjZiZlvbfaZfhd
Y ?keb[ulu[ueZfm`qbghc lu[u\klZ\beZk\hx ibkx \ ^ujhqdm dhlhjmx
ijbdju\Z_lx[dZ
=Z[jb_eZ LuagZ_rvqlhm f_gy\ ih_a^_[m^_ly[ehqguckhd"IZiZkdZaZegZ^h
g_aZ[ulvijb\_alb_]hb KmkZgg_
Y L_[y g_fgh]h im]Z_l _keb y [m^m lhevdh l\hc ?keb y beb iZiZ iheghklvx
l\hb d l_[_ \gmljv ihiZ^_l ibky b [m^_l ^_eZlv ^_l_c lZd qlh l_[_ g_ gZ^h wlbf
aZgbfZlvky b \ugbfZlv fZl_jbZe dhlhjuc m g__ \gmljb lZd qlh lu g_ [m^_rv lZd
m`Zkgh i_j_`b\Zlv gh lh]^Z lu ihqm\kl\m_rv qlh KmkZggZ [m^_l aZ\b^h\Zlv ihlhfm
qlhwlhlZdohjhrh
=Z[jb_eZ \gh\v ijbgyeZkv b]jZlv k b]jmrdZfb <k_ wlh \j_fy gbdZdbo y\guo
ijhy\e_gbc lj_\h]b g_ [ueh __ gZebqb_ fh`gh [ueh ij_^iheh`blv lhevdh gZ hkgh\_
ih\_^_gbyb keh\_kguoaZf_qZgbcHgZb]jZeZk ^\mfyihlhfk lj_fyihlhfk q_lujvfy
ij_^f_lZfb
Y bklhedh\Ze wlh lZd hgZ ihdZau\ZeZ fg_ qlh fh`_l kh_^bgblv ^\mo ex^_c b
fh`_lme_qvkyf_`^miZihcb fZfhc^eylh]hqlh[ukh_^bgblvbebjZat_^bgblvbob
lh]^Zbo[m^_lljh_GhKmkZggmhgZm`_ijb\e_qvkx^Zg_fh`_l^eyq_l\_jlh]hf_klZ
g_lDZaZehkv\k_[uehijZ\bevgh
=Z[jb_eZ Fbkl_j<bggbdhlly ihc^m\ lmZe_ly gZfbgmldm
=Z[jb_eZ \ureZ hklZ\b\ k\hx kmfdm gZ ihem k b]jmrdZfb ijhy\b\ ihegh_
^h\_jb_IehlghaZdjueZ^\_jvdhlhjmxljm^gh [uehaZdju\Zlvdh]^ZhgZijboh^beZ
jZgvr_ l_i_jv ^\_jv ihqbgbeb b hgZ aZf_lbeZ i_j_f_gm Q_j_a ljb fbgmlu hgZ
\_jgmeZkvkgh\ZZddmjZlghaZdjueZ^\_jvb \hah[gh\beZb]jm
=Z[jb_eb >aZkmgm\jmdm\ kmfdm@Iheh`beZ_]h
dm^Zy _]hiheh`beZ"Dm^Zy>ih\lhjyeZhgZ@"Dexq^he`_g[ulva^_kv\gmljb
gh_]hg_l:\hlhg>hge_`Zekj_^bb]jmr_d@
HgZ ^hklZeZ dexq b ihijh[h\ZeZ hldjulv bf fhx ^\_jv aZfhqgmx kd\Z`bgm
aZdju\Z_l aZ^\b`dZ Z hlh^\bgmlv __ ljm^gh ihlhfm qlh djZkdZ aZklueZ Y ihiulZeky
ihfhqvgh[_amki_rgh
Y Fh`ghihijh[h\Zlvk ^jm]hcklhjhgu>kgZjm`b@
=Z[jb_eb Ghlh]^Zy aZijmlZdqlhkgZjm`bb hklZgmkv>ij_^gZf_j_ggZyrmldZ@
: y ohl_eZ [ulv \gmljb : dh]^Z ihiulZeZkv [u \uclb y [u aZi_jeZ __ kgZjm`b
>ih^jZamf_\Zybawlh]hijhklhgbq_]hg_\uc^_l@Y [ug_kfh]eZihiZklv\gmljvqlh[u
\u[jZlvkygZjm`mY fh]m\u[jZlvkylhevdh_kebaZijmk_[ybagmljb: kdhjh
Y KdhjhihjZ[m^_l_oZlv
=Z[jb_eb >ZZ?kebaZijm^\_jvkgZjm`by aZijml_[y\gmljb
Y B y[m^mm l_[ydZddexq\ kmfd_>Wlh\jy^ebgZ^h[ueh]h\hjblv@L_i_jv
ihjZ
=Z[jb_eZ[ueZkh\_jr_ggh]hlh\Z_oZlvkh[jZeZkmfdmdexqgZ^_`ghiheh`beZ
\gmljv\ gm`gh_hl^_e_gb_GhijbwlhfhgZ\ujhgbeZbakmfdbihqlh\mxhldjuldmY
kdZaZe_ch[wlhfb hgZihdZaZeZfg_hldjuldmDjhebdbb^mlq_j_aj_qdmfulh`_lZd
bgh]^Z oh^bf dh]^Z ]mey_f HgZ \ureZ b aZdjueZ aZ kh[hc ^\_jv ihevamykv k\hbf
\her_[guf dexqhf kdZaZeZ ^h k\b^Zgby b ih\lhjbeZ _s_ jZa m`_ q_j_a aZdjulmx
^\_jvihke_lh]hdZdgZreZk\h_]hhlpZb hgb\ureb\f_kl_
 Dhff_glZjbc
Y gZklme_²i_j\ucjZa
L_fZ\f_klbebsZk bgl_jgZebah\Zggufh[t_dlhf m^_j`b\Zgb_b khojZg_gb_
><<
Ij_^klZ\e_gb_h kZfhck_[_dZdh ^_\hqd_\ x[d_
@_gkdbcdeblhjZevguchgZgbaf
B^_yh lhfqlh`_gsbgZ\k_]^Zeh`blkyih^]hlh\dZd f_gkljmZevghcl_f_
 Q_jgh_ dZd hljbpZgb_ hlkmlkl\by \u]ey^bl dZd hljbpZgb_ nZdlZ qlh g_
\b^brvihdju\Zxs__iZfylvh[hlkmlkl\mxs_fh[t_dl_
 AZfhd __ kmfdb Dexq \ ^\_jb DjZkgh_ gZ x[d_ f_gkljmZpby B^_y h
`_gkdhf]_gblZevghfwjhlbaf_²\eZ]Zebsghf\Z]bgZevghf
 Ij_^hkl_j_`_gb_ hlghkbl_evgh kZ^bklkdh]h h[jZs_gby k `b\hlhf he_g_gdZ
bebkh[Zdb
Ihy\e_gb_j_[_gdZhlfm`qbgG_aj_ehklvk dhlhjhcgZ^hfbjblvky
L_fZq_l\_jlh]hebpZ²g_lf_klZ^ey__ k_kljuKmkZggu

IbkvfhhlfZl_jb
Y <Zfhq_gv[eZ]h^ZjgZaZlhqlh<uijbkeZebfg_aZibkv<Zr_]hihke_^g_]h
aZgylby k =Z[jb_e_c Wlh \ \ukr_c kl_i_gb \_ebdh^mrgh k <Zr_c klhjhgu b fg_
ijbylghqlh<uagZebdZdmx[hevrmxjZ^hklvijbg_k_lfg_ql_gb_wlhcaZibkb
>mfZx fhc fm` khh[sbe <Zf ih l_e_nhgm qlh hgZ ]hjZa^h kihdhcg__ ihke_
ihke_^g_c [_k_^u k <Zfb ² f_gvr_ khk_l iZe_p hq_gv j_^dh ^himkdZ_l \kiurdb
^_kljmdlb\ghklbk xfhjhfhlghkblkyd k\hbfkeZ[hklyf
GZ^gyofg_ijbreh\ ]heh\mqlhfu\k_]^Zibr_f<Zfh lhfqlhg_eZ^blkyk
=Z[jb_e_cZ g_h lhfdZd^_eZihijZ\bebkvb \k_\klZehgZk\hbf_klZgh\ gZklhysbc
fhf_glbf_gghwlhdZ`_lkykZfuf\Z`guf
Fg_ohl_ehkv[ukdZaZlv<Zf²ohly<u\hafh`ghh[wlhfb agZ_l_²dZdlh
qlh y <Zf ibkZeZ ihfh]eh fg_ \ujZablv fhx jZkl_jygghklv b kljZob agZy qlh hgb
[m^ml ijbgylu k iheguf ihgbfZgb_f Z lZd`_ lh qm\kl\h qlh fu k <Zfb k\yaZgu
M\_j_gZ qlh bf_ggh wlh ihfh]eh fg_ kijZ\blvky kh \k_fb gZrbfb i_j_`b\Zgbyfb
k\yaZggufb k =Z[jb_e_c b mklZgh\blv ijZ\bevgu_ hlghr_gby k g_c Y hq_gv kbevgh
\hegh\ZeZkvdh]^Zjh^beZkvKmkZggZ²g_ihfgx]h\hjbeZeby <Zfqlhm f_gy_klv
[jZldhlhjh]hy hq_gvg_ex[exhgjh^bekydh]^Zfg_[uehihqlbklhevdh`_kdhevdh
[ueh=Z[jb_e_dh]^Zjh^beZkvKmkZggZ

IbkvfhhlfZl_jb
<Zr_ ibkvfh ijbreh dh]^Z y kZ^beZkv ibkZlv <Zf =Z[jb_eZ dZ`_lky
qm\kl\m_lk_[yohjhrhf_gvr_klZehwlh]hg_ml_rgh]hkhkZgbyiZevpZb b]jZ_lhgZ\
k\hbkh[kl\_ggu_b]jukh\k_c^mrhc
 >gy ^\Zljb gZaZ^ hgZ ih`Zeh\ZeZkv gZ lh qlh \b^bl ^mjgu_ kgu >hdlhj
<bggbdhllg_ihfh]Z_lZ ihlhfDZdwlhex^bklZ\yll_e_\babhggmxZgl_ggmdh]^Z
__ kg_keh\_ljhf"
GZ ^jm]hc ^_gv aZ h[_^hf Q_f [hevr_ y _a`m d ^hdlhjm <bggbdhllm l_f
[hevr_m f_gy^mjguokgh\Y ]h\hjxg_fgh]hgZius_gghGZ\_jghhgbohlyll_[_
qlhlh kdZaZlv b l_[_ ke_^m_l bo ihkemrZlv ² G_ ohqm B KmkZgg_ Fu ihre_f
^hdlhjm <bggbdhllm gh` qlh[u hlj_aZlv _]h kgu Fg_ : ihq_fm ^hdlhj
<bggbdhll"WlhhgZqZklhkijZrb\ZeZ²Ihlhfmqlhhgb _klv ^hdlhjIhlhfhgZ
gZqbgZ_lb]jZlvgZkeh\_^hd^hdqlhm KmkZgguhagZqZ_lrhdheZ^dZ
Ihke_ h[_^Z hgZ ijh^bdlh\ZeZ fg_ ijbeZ]Z_fh_ a^_kv ibkvfh Iha^g__ kdZaZeZ
>hdlhjm <bggbdhllm wlh ibkvfh ihdZ`_lky kf_rguf Y : lu ohq_rv qlh[u hgh
[uehkf_rgufbebhq_gvk_jv_aguf"²Ihg_fgh`dmb l_fb ^jm]bf

Ibkvfhhl=Z[jb_evijh^bdlh\Zggh_
Fu ihre_f <Zf gh` qlh[u hlj_aZlv <Zrb kgu b fu ihre_f k\hb iZevpu
qlh[uih^gbfZlv\_sbb fuihre_f<Zfkg_`dbdh]^Z\uiZ^_lkg_]qlh[uboebaZlv
b fu ihre_f <Zf f_edb qlh[u jbkh\Zlv q_eh\_qdZ Fu ihre_f <Zf dhklxf qlh[u
oh^blv\ g_f\ dhee_^`
K gZbemqrbfbih`_eZgbyfb<Zrbfp\_lZfb <Zrbf^_j_\vyfb <Zr_cju[_\
<Zr_fijm^mK ex[h\vxd <Zf
=Z[jb_eZ
Fu_^_fd <Zfk gZbemqrbfbih`_eZgbyfb\ gZrbok_j^pZo
GZ kZfhflh ^_e_ kZ^Z m f_gy g_l gh q_j_a \uoh^ys__ \h ^\hj hdgh dZ[bg_lZ
\b^_gg_[hevrhckZ^bdgZdjur_

IbkvfhhlfZl_jb
K l_oihjdZdy <Zfihke_^gbcjZaibkZeZ²\k_]hljbbebq_luj_^gygZaZ^²
=Z[jb_eZ hq_gv ]jmklbl e_`bl gZ ihem b ih^he]m khk_l iZe_p ieZq_l ih fZe_cr_fm
ih\h^m b g_ fh`_l mkgmlv ghqvx Ijhkblky kjhqgh d <Zf gZ ijb_f G_kdhevdh jZa
kijZrb\ZeZf_gyqlhhgZihkeZeZ<Zf\ ibkvf_dhlhjh_hgZ<ZfgZibkZeZ]h\hjblqlh
aZ[ueZ
GZ ^jm]hc ^_gv ihke_ lh]h dZd hgZ gZibkZeZ _]h e_`ZeZ gZ ihem ^_j`Z \h jlm
iZe_pMklZeZ"²kijZrb\Zx__G_lfg_]jmklgh²H q_flu]jmklbrv"²H
^hdlhj_ <bggbdhll_ h ibk_ ^hdlhjZ < Y ohqm d ^hdlhjm < aZ\ljZ GZ wlhl jZa y
\aZijZ\^mkdZ`m_fm\ q_f^_eh²<_a_l`_l_[_qlhluagZ_rv;hevrbgkl\hex^_c
g_agZxl²Y g_agZxghy \k_]^Zfh]mkdZaZlv_fm
HgZ kemqZcgh mjhgbeZ dhjabgdm k y[ehdZfb gZ KmkZggm k \_jog_c iehsZ^db
e_klgbpub jZa[beZl_e_nhgIhke_wlh]hhq_gv[mckl\m_lijhlb\k_[ykZfhcaZklZ\ey_l
KmkZggm __ re_iZlv b hq_gv kbevgh [v_l kZfZ k_[y F_gy g_fgh]h im]Z_l g_bklh\kl\h
wlh]hkZfh[bq_\Zgbyohlyhghb g_ijhy\eyehkv\iehlv^hkZfh]hihke_^g_]h\j_f_gb
 36 I_j_qblZ\ lh qlh y gZibkZeZ qm\kl\mx qlh gZjbkh\ZeZ kebrdhf fjZqgmx
dZjlbgm Y hibkZeZ ebrv lh qlh ijhbahreh kh\k_f g_^Z\gh ^h\hevgh \g_aZigh ohly
\f_kl_k l_f^mfZx\ p_ehfhgZ\ ohjhr_fkhklhygbbihke_<Zr_]hihke_^g_]hk_ZgkZ
k g_c

LJBG:>P:L:YDHGKMEVL:PBYghy[jy]h^Z
Wlh [ue ^h\hevgh g_h[uqguc ijb_a^ oZjZdl_jbah\Z\rbcky aZkl_gqb\hklvx
=Z[jb_e_[uehl_i_jvq_luj_]h^Zb ljbf_kypZ<hc^y\ dhfgZlmhgZaZdjueZ^\_jvb
kjZamgZijZ\beZkvd b]jmrdZfY kb^_egZklme_aZklhehfb ibkZe
=Z[jb_e_ <uoh^bl_ >b hgZ \ueh`beZ gZ ihe \k_ b]jmrdb ]h\hjy \ hkgh\ghf
kZfZ k kh[hc@ P_jdh\v kx^Z ^Z fbkl_j <bggbdhll" >>hfbdb jZkklZ\eyebkv \ hkh[hf
ihjy^d_@FZe_gvdb_^hfZ\ h^bgjy^Z [hevrb_²\ ^jm]hc
H l_ob ^jm]bo\f_kl_fu]h\hjbebdZdh jy^Zo^_l_cb \ajhkeuo
=Z[jb_eb >Zwlh²\ajhkeu_Z wlh²^_lb>b lZd^Ze__@
AZl_fhgZjZkij_^_ebeZ^_l_cf_`^m\ajhkeufb
=Z[jb_eb AgZ_rvdh]^ZKmkZggZ`^ZeZh[_^hgZ\uiZeZbadheykdbb ihj_aZeZ
k_[_ ]m[m HgZ _eZ k\hc h[_^ =m[Z __ [ueZ ihdmkZgZ ?_ aZe_qbeb JZa\_ g_ kf_rgh"
AZe_qbeb
Y : l_[yaZe_qbeb"
=Z[jb_eZ G_lM f_gy[ueihj_adhlhjucy ^he]h^he]hjZkpZjZiu\ZeZ
=Z[jb_eZihdZau\ZeZqlhoZjZdl_jm g__ijhlb\hiheh`gucoZjZdl_jmKmkZggu
hgZ ^_j`bl k\hb [heyqdb hldjulufb Y ihgye qlh hgZ ]h\hjbl h[h fg_ \ fhbo
jZaebqguojheyo
Y KmkZggZm f_gyg_[ueZ
Y agZeqlh_cqZklhohl_ehkvijb\_albKmkZggmgh^eyg__[uehhq_gv\Z`ghg_
ijb\hablv KmkZggm b ihemqblv f_gy \ k\h_ [_ajZa^_evgh_ \eZ^_gb_ HgZ ijh^he`ZeZ
b]jZlvb kdZaZeZKfhljbwlhhlkdhqbehhlih_a^Zy fh]mkZfZihqbgblvB ihqbgbeZ
Y Lufh`_rv[ulvj_fhglgbdhflZdqlhy dZdj_fhglgbdl_[_l_i_jvg_gm`_g
AgZqbly ²fbkl_j<bggbdhll
=Z[jb_eZ < ih_a^_dZdb_lhex^bq_]hlhqbgbebAgZ_rvlZfg_[uehf_klZb
gZf ijbrehkv klhylv Z ihlhf fu reb reb b gZdhg_p gZreb f_klh b k_eb hdheh
dZdh]hlhq_fh^ZgZdlhlhhklZ\belZfq_fh^Zg
HgZmklZgZ\eb\ZeZ^\_ieZlnhjfulh]heh\Zd ]heh\_lho\hkld o\hklmIhlhf
kdZaZeZ<kydhjhe_\kdZydhggbpZg_fh`_l
Y <kydhjhe_\kdZyjZlvg_fh`_lRZelZy;helZykh[jZlv
=Z[jb_eb G_l ihlhfm qlh hg [ue ycphf Y Lu kqblZ_rv qlh l_[y g_evay
ihqbgblv =Z[jb_e_ DZ`^uc\_q_jKmkZggZohq_lycphhgZlZdex[blycpZy g_hq_gv
ex[ex ycpZ KmkZggZ lZd ex[bl ycpZ qlh _kl lhevdh ycpZ [hevr_ gbq_]h JZa\_ g_
kf_rgh"
< wlhlfhf_gl_cg_m^Z\Zehkvqlhlhihqbgblv
 =Z[jb_e_ Fg_wlhg_dm^Zijbdj_iblvG_ldjxdZFufh`_fgZclbdjxd"
>mfZx qlh wlh [ueh g_ijZ\bevgh fg_ ke_^h\Zeh ih^h`^Zlv ^Zevg_cr_]h
jZa\blbykh[ulbb
B]jmrdb [ueb jZkklZ\e_gu ihhkh[hfm iZjZee_evgufb ebgbyfb ² jZagu_
ih_a^Z ieZlnhjfu b ^hfZ \k_ ih ihjy^dm gh m`_ [_a gZ\yaqb\hc ZddmjZlghklb
=Z[jb_eZ dhff_glbjh\ZeZ M ^hdlhjZ <bggbdhllZ fZkkZ b]jmr_d ^ey f_gy qlh[u
b]jZlv b ijh^he`ZeZ fZgbimebjh\Zlv ih_a^Zfb \u[bjZy bo ba dmqb \ dhlhjmx hgb
[uebkeh`_gu
=Z[jb_eZ Wlhldjxdhlkx^ZgmjZa\_g_]emiur^mjZrdZ"Y ihqbgx_]h>b hgZ
^_ckl\bl_evgh ihqbgbeZ ijbq_f hq_gv eh\dh@ Y b \ijZ\^m fh]m _]h kx^Z hiylv
\klZ\blv
Y =Z[jb_eZlh`_j_fhglgbd
=Z[jb_eZ IZiZ mf__l qbgblv \_sb fu h[Z mfgu_ FZfZ kh\k_f g_mfgZy <
^_lkZ^m y k^_eZeZ k_[_ ly]Zq b ^ey KmkZggu lh`_ h^bg k^_eZeZ Dh]^Z y _]h ^_eZeZ y
[ueZ \ky \ de__ LZf [ueZ dmqZ de_y Wlh [ue ohjhrbc ly]Zq >ey KmkZggu gh y
hklZ\beZ _]h \ ^_lkZ^m ² lZf [ue i_j_ju\ b y g_ fh]eZ _]h \aylv AgZ_rv fbkl_j
<bggbdhllih_a^r_ef_^e_ggh gh hg g_ hklZgZ\eb\Zeky ^h kZfh]h Ehg^hgZ >k_]h^gy
e_`Zekg_]@Ihlhfhiylvihr_e[ukljh
<^jm]=Z[jb_eZaZf_lbeZ[hevrmxqZrmgZihed_m k_[ygZ^]heh\hc
=Z[jb_eZ Fg_gjZ\blkywlZqZrZk dblZckdhcdZjlbgdhc
B ijbgyeZkv ih^jh[gh jZa[bjZlv \ dZdb_ b]ju b]jZxl ^_lb bah[jZ`_ggu_ gZ
dZjlbgd_IjbrehkvwlmqZrm\k_\j_fyih\hjZqb\Zlv=Z[jb_eZkdZaZeZH^bgbaj_[yl
miZeHgZ\k_aZf_qZeZb wlh__ jZ^h\Zeh
=Z[jb_eZ >gZi_\Zy@ Y l_[y ^Z\gh g_ \b^_eZ lZd qlh aZkl_kgyeZkv dh]^Z d l_[_
ijb_oZeZb yg_m\b`ml_[yaZ\ljZb aZ\ljZb aZ\ljZ
Y L_[_hlwlh]h]jmklgh"
=Z[jb_eb >ZFg_gjZ\blky\b^_lvl_[ydZ`^uc^_gvghy g_fh]mihlhfmqlh
fg_gZ^hoh^blv\ ^_lkZ^KqblZ_lkyqlhy ^he`gZoh^blv\ ^_lkZ^
Y Lu ijb_a`ZeZ kx^Z gZ ihqbgdm Z l_i_jv ijb_a`Z_rv ihlhfm qlh l_[_
gjZ\blky Dh]^Z lu ijb_a`ZeZ gZ ihqbgdm lu ijb_a`ZeZ g_aZ\bkbfh hl lh]h gm`gh
[ueh l_[_ oh^blv \ ^_lkZ^ beb g_l : l_i_jv l_[_ ijhklh gjZ\blky b lu g_ fh`_rv
ijb_a`ZlvlZdqZklhWlhb ]jmklgh
=Z[jb_eb Dh]^Zy ijb_a`Zxd l_[_y ml_[y\ ]hklyo: dh]^Zluijb_a`Z_rv\
Hdknhj^ lu m gZk \ ]hklyo JZa\_ wlh g_ kljZggh" Fh`_l [ulv ijb_^_rv ihke_
Jh`^_kl\Z
Y L_[_k_]h^gyqlhgb[m^vgZ^hihqbgblv"
=Z[jb_eb G_lm f_gy[hevr_gbq_]hg_ehfZ_lkyY kZfZl_i_jvjZa[b\Zx\_sb
\^j_[_a]bWlhl\bgl\hr_e
Y >ZluihqbgbeZ_]hkZfZb fh`_rvkZfZk_[yihqbgblv 
=Z[jb_eb K_]h^gyKmkZggZaZe_aeZ\ kh[Zqvxdhjh[dmWlhgh\Zyb]jmrdZ
 HgZgZklmibeZgZkehgZb kehgaZibsZeL_i_jvhgZihijhkbeZf_gyihfhqv_c
ihqbgblvih_a^k dhlhjufm g__\hagbdebljm^ghklb
=Z[jb_eb Lu ^hdlhj lu gZklhysbc ^hdlhj ihwlhfm l_[y b ah\ml >hdlhj
<bggbdhll
Y L_[_ ohq_lky qlh[u l_[y ihqbgbeb beb l_[_ ohq_lky ijb_a`Zlv ^ey
m^h\hevkl\by"
=Z[jb_eb >eym^h\hevkl\byihlhfmqlhy fh]mih[hevr_b]jZlv>hgZkdZaZeZwlh
hq_gvhij_^_e_ggh@Y keurmdlhlhk\bklblgZmebp_
Y wlh]hg_keurZeb kdZaZe: fh`_l[ulvwlhhllh]hqlhy ibrm"
=Z[jb_eZ G_lL_i_jvdlhlh]m^bl>wlh[uehgZkZfhf^_e_@G_o\ZlZ_ldjxdh\
Dh]^Zfud l_[_
Y fh] [u kdZaZlv M l_[y \gmljb <bggbdhllj_fhglgbd dhlhjh]h lu k kh[hc
ih\kx^mghkbrvb l^ _oZebfuijb_oZebqmlvjZgvr_b ihwlhfmihoh^bebdjm]hfy
^he`gZ[ueZdmiblvqlhgb[m^v^eyKmkZggub fZfuFg_gjZ\ylkyKmkZggZb fZfZ
Y A^_kvk_cqZklhevdh=Z[jb_eZb y: KmkZggZk_j^blkydh]^Zluijb_a`Z_rv
dhfg_gZijb_f"
=Z[jb_eZ LuagZ_rvKmkZggm_cgjZ\blkykfhlj_lvdZdy lZgpmxKdhevdh_c
e_l">\Z]h^ZFg_²q_luj_< ke_^mxsbc^_gvjh`^_gbyfg_[m^_liylvZ KmkZgg_
[m^_lljb
D wlhfm \j_f_gb hgZ \k_ b]jmrdb jZkklZ\beZ iZjZee_evgufb ebgbyfb ²
lZdboebgbcb ih^m]ehfd gbfh^bgjy^balj_o^hfh\
=Z[jb_eZ >hdlhj<bggbdhlly lhevdh\ lmZe_lkoh`mIhkfhljbaZb]jmrdZfb
G_imkdZckx^ZiZim
<uoh^yhgZhklhjh`ghaZdjueZ^\_jv__ g_[uehljbfbgmlu
=Z[jb_eZ <hl Fbkl_j <bggbdhll y ih[m^m g_ Kihkh[ghklv ihlZdZlv k\hbf
`_eZgbyf qlh h^gZdh \uau\Z_l b lj_\h]m fgh`dh ^hevr_ q_f h[uqgh Y kfh]m
ih[hevr_ihb]jZlv_kebm f_gy[m^_l[hevr_\j_f_gbFg_g_gZ^hki_rblv
Y Bgh]^Z lu q_]hgb[m^v im]Z_rvky b lh]^Z lu \^jm] qm\kl\m_rv qlh gZ^h
moh^blv
=Z[jb_eZ IhlhfmqlhklZgh\blkyiha^ghG_fh]mjZa\yaZlv>y jZa\yaZe _c@ Lu
^mfZeqlhkx^ZgZ\_joihc^_l">L_gZihedmm ihjlj_lZk_fbe_lg_c^_\hqdb@Wlhlh`_
fh`ghkx^ZgZ\_joG_kgbfZcbo\gbaeZ^gh"ImklvlZf[m^ml
Y >hl\h_]hke_^mxs_]hijb_a^ZLukqblZ_rvwlh^Z_ll_[_gZ^_`^mgZlhqlh
lukgh\Zdhfg_ijb_^_rv
=Z[jb_eZ GZ\k_\j_fy
Ihlhf hgZ ihkfhlj_eZ gZ ihjlj_l \ h\Zevghc jZfd_ b kdZaZeZ Kfhljb hgZ \
ycp_
Y ?keb[um g__g_[uehf_klZhgZ[ueZ[udZdRZelZc;helZcb jZkiZeZkv[u
gZqZklbghm l_[ya^_kv_klvf_klh]^_lufh`_rv[ulv
AZl_fhgZijhqeZfg_e_dpbxh ycpZo
 =Z[jb_eb ?kebjZa[blvycphg_k\Zjb\ihdZhgh`b^dh_lhhghjZkl_q_lkyb \k_
bkiZqdZ_lZ _kebk\Zjblv\djmlmxb hldjulvhghijhklhihdjhrblky
Y Y h[\_e=Z[jb_emycphfb hgZqm\kl\m_lk_[yohjhrh
=Z[jb_eb >Z
IhlhfhgZ\ayeZ\k_]hem[u_^hfbdbb ihklZ\beZbo\ djm`hdk h^gbfdjZkguf
^hfbdhf ihkj_^bg_ b kdZaZeZ K^_eZx jy^ lZdbo ^hfbdh\ b ihklZ\beZ \k_ ^hfbdb
l_kgufjy^dhfh^bgijhlb\^jm]h]h
=Z[jb_eZ ?kebm\b`m_s_ihklZ\exbo\ jy^
L_i_jv =Z[jb_eZ kh[bjZeZ fZe_gvdbo q_eh\_qdh\ ^_j_\vy b a\_jxr_d McfZ
\_s_chgZ\k_\j_fy]h\hjbeZHgZjZkklZ\beZbogZdh\j_ih^Zevr_^jm]hl^jm]ZY
g_fh]ohjhrhkeurZlvqlhhgZ]h\hjbeZihlhfmqlhhgZjZa]h\Zjb\ZeZkZfZk kh[hc
kqZkleb\ZyjZkdh\ZggZy^h\hevgZyl\hjq_kdb b dhgkljmdlb\gh gZkljh_ggZy =Z[jb_eZ
kb^_eZkibghcdhfg_b kdZaZeZqlhlh\jh^_LZdb hklZ\exFbkl_j<bggbdhllfh`gh
y \havfmwlhb wlhb wlh"Y ijb\_amboh[jZlghY \havfm^\moHklZ\exljbbebq_luj_
l_[_M f_gyljbNZdlbq_kdb`_\ dhgp_dhgph\_cgbq_]hg_gm`gh[ueh[jZlvb hgZ
y\ghh[wlhfaZ[ueZ
=Z[jb_eZ Qvyhq_j_^vqbklblv\Zggm"
Hl\_l gZ wlhl \hijhk dZaZehkv [ue keh`guf >_eh [ueh \ khi_jgbq_kl\_ k __
k_kljhc baaZ wlhc ijb\be_]bb Y g_ kqblZe kZfh kh[hc jZamf_xsbfky lh qlh ^hfZ m
gbo ^_ckl\bl_evgh [ueZ lZdZy dhgdmj_gpby km^y ih \a]ey^m jh^bl_e_c gZ wlh HgZ
ba^Z\ZeZijbkmsb_`b\hlgufa\mdb^_j`Zg_kdhevdboa\_jxr_d\ jmdZo
=Z[jb_eZ Fg_gjZ\blkyqbklblv\Zggm<uhklZ\Zcl_kva^_kv>hgZh[jZsZeZkvd
a\_jxrdZf@g_ludhjh\dZlukh[ZqdZludhjh\dZ\ukh\k_fg_^\b]Zcl_kvZ g_lh
[m^_rvij_\jZs_gZ\ \_^vfm
Y Lufg_khgjZkkdZau\Z_rv"
=Z[jb_eZ >Z Hg fg_ g_ gjZ\blky M`Zkguc Ij_\jZlblvky \ fZe_gvdh]h
q_eh\_qdZgZdjhohlguodjhohlguogh`dZoMljhfy ij_\jZlbeZkv\ ]b]ZglZ< klZjbgm
fZ]Zabgh\g_[ueh
Y Gm">Y ih^[Z^jb\Ze__qlh[uhgZijh^he`ZeZ@
=Z[jb_eZ >Z hgb g_ kljhbeb fZ]Zabgu b _keb hgb ijh^Z\Zeb eZ\Zg^m hgb
oh^beb b i_eb Dlh dmibl fhx eZ\Zg^m"  >gZi_\Z_l@ H^bg i_gk fh`gh ihljZlblv
?kebKmkZggZg_imkdZ_ldh]hgb[m^v\\_joihe_klgbp_bfijboh^blkyieZlblvr_klv
i_gkh\wlh`_fgh]hZ"Y kgbo[_jmlhevdhh^bgi_ggb\_^vwlhg_fgh]hZ"
Y iulZekyihgylvqlhhgZbf_eZ\ \b^mwlh[uehk\yaZghk gbahklvxKmkZggu
AZl_fhgZihkfhlj_eZ\ hdgh
=Z[jb_eZ M dh]hlhkZ^gZdjur_aZ[Z\ghY lm^Zg_aZe_amBgl_j_kghdZdhgb
iheb\Zxlp\_lu"Hldju\Zxlhdgh`_e_aghciZedhcb ih^gbfZxl\h^mihljm[_Z ihlhf
lhgdhc kljmcdhc gZijZ\eyxl gZ p\_lu \hl lZd \k_ b iheb\Zxl AZkh\u\Zxl eh`dm \
ljm[m b kh[bjZxl \gbam \kx \h^m Z ihlhf \k_ wlh ^_eZxl kgh\Z >G_fgh]h ih]h^y
ijh^he`Z_l@Wlh\ZrgZ\_k"HcLm^Z`_g_^hklZlvZ"Wlhbkdmkkl\_ggu_p\_lu"
 Y G_lgZklhysb_
=Z[jb_eZ Fg_gjZ\blkyieZklbdHgbbaieZklbdZ>gZkZfhf^_e_g_l@
Y L_[_gjZ\ylkygZklhysb_^_lbb a\_jylZbebieZklfZkkh\u_">HgZ\ukdZaZeZkv
aZgZklhysb_@
=Z[jb_eZ Qlh wlh aZ ^_j_\yggZy rlmdZ" >HgZ aZf_lbeZ dhgqbd ^_j_\ygghc
pbebg^jbq_kdhcebg_cdbdhlhjmxhklZ\bekj_^bdgb]^jm]hcj_[_ghd@>hklZlv"
Y >Z\Zc
=Z[jb_eZ >eyq_]hwlh"
Y Wlhebg_cdZ
=Z[jb_eZbkihevah\ZeZebg_cdmdZdkdZedmdZd[m^lhwlh[uehdZdjZalhqlhhgZ
bkdZeZ Ij_`^_ \k_]h ^ey jZkdZlu\Zgby l_klZ LZd \hagbdeZ _s_ h^gZ jhev ² jhev
dmoZjdb b y _c mdZaZe gZ wlh JZkdZlu\Zgb_ ij_\jZlbehkv \ b]jm ^ey dhlhjhc
ihlj_[h\ZeZkv\kydhfgZlZ
=Z[jb_eZ Dh]^Z ijboh^bl `_gsbgZ qbgblv \_sb dmoZjdZ ^_eZ_l \b^ qlh
aZkuiZ_lGm`gh__ jZa[m^blvb lh]^ZhgZ_s_qlhgb[m^vijb]hlh\bl
HgZ iulZeZkv \ujZablv qlh ijhbkoh^bl k ^jm]bfb jheyfb <bggbdhllZ dh]^Z
<bggbdhll\uklmiZ_l\ h^ghcjheb>hdlhj<bggbdhlldhlhjucaZgbfZ_lkyihqbgdhc
m_oZe \ hlimkd hklZeky fbkl_j <bggbdhll dhlhjuc ]hlh\bl Dh]^Z _c gm`gZ ihqbgdZ
\ha\jZsZ_lky^hdlhj<bggbdhllIjbwlhfhgZihreZd ]Zah\hciebl_
=Z[jb_eZ DZdaZ`b]Zlv]Zah\mxieblm"Y ih^hr_eb ihdZaZe
Y L_i_jv <bggbdhll dhlhjuc qbgbl b <bggbdhll dhlhjuc ]hlh\bl mreb b
_klv ^jm]hc <bggbdhll ² dhlhjuc mqbl : ihlhf _klv _s_ b <bggbdhll dhlhjuc
b]jZ_l
>ey f_gy ijb ^Zgghf kl_q_gbb h[klhyl_evkl\ kZfhc p_gghc ba q_luj_o jhe_c
\g_ \kydh]h khfg_gby y\ey_lky lZ dhlhjZy khklhbl \ b]j_ hkh[_ggh lhc b]j_ ]^_
=Z[jb_eZ dZd y wlh gZau\Zx ^_ckl\m_l h^gZ \ fh_f ijbkmlkl\bb ;ueZ _s_ h^gZ
jhevh dhlhjhchgZ\kihfgbeZhlghkysZykyd bkihevah\Zgbxdhjabgu^eyfZdmeZlmju
qlh fh`gh [ueh [u gZa\Zlv <bggbdhllhf dhlhjuc ihfh]Z_l _c hl^_eZlvky hl lh]h k
q_fhgZm`_ihdhgqbeZ<bggbdhllhfdZdfmkhjgufysbdhf
< l_q_gb_ wlh]h \j_f_gb =Z[jb_eZ hj]Zgbah\ZeZ lZdmx b]jm \ dhlhjhc fu
dZlZeb ebg_cdm \aZ^ b \i_j_^ b hgZ ih^\b]ZeZkv \k_ [eb`_ b [eb`_ lZd qlh dh]^Z
=Z[jb_eZ dZlbeZ ebg_cdm lZ klmdZeZkv h fhb dhe_gb B a^_kv hgZ hl\h^beZ fg_ m`_
iylmxjhev\ dhlhjhcy [ue\Z`_g^eyg__²jhevdh]hlhgZdhlhjh]hhgZgZe_lZeZ
dh]^Z ^\b]ZeZkv b dh]h lZdbf h[jZahf fh`gh [ueh bkihevah\Zlv ^ey lh]h qlh[u
jZaebqZlv]^_g_hgZb ]^_hgZkZfZH^bgjZadh]^Zebg_cdZm^ZjbeZf_gyihdhe_gmy
ih\_jgmeky b hl\_lbe =Z[jb_e_ k lZdbf `Zjhf qlh ^he`gh [ueh ^Zlv lh
m^h\e_l\hj_gb_ dhlhjh_ _c [ueh gm`gh >ey j_[_gdZ lZdh]h \hajZklZ g_\hafh`gh
ihemqZlvdZdhceb[hlhedhlb]ju_keb\ wlmb]jmg_b]jZxlb g_ihemqZxlhlwlh]h
m^h\hevkl\by Ijbgpbi dhlhjuf jmdh\h^kl\m_lky ikbohZgZeblbd khklhbl \ lhf qlh
ij_`^_ q_f kh^_j`Zgb_ b]ju klZgh\blky ij_^f_lhf bgl_jij_lZpbb ^he`_g [ulv
mklZgh\e_g nZdl ihemq_gby m^h\hevkl\by DZaZehkv =Z[jb_eZ aZdhgqbeZ khklZ\eylv
kibkhd l_o jhe_c \ dhlhjuo hgZ f_gy bkihevah\ZeZ GZdhg_p gZklmibe i_jbh^ dh]^Z
hgZ ihqm\kl\h\ZeZ qlh aZ^_j`b\Z_lky m f_gy g_fgh]h ^hevr_ q_f h[uqgh ijhklh
ihlhfm qlh _c gjZ\blky [ulv kh fghc dh]^Z hgZ g_ bkiulu\Z_l kljZoZ fh`_l
ihemqZlv m^h\hevkl\b_ b ihablb\guf h[jZahf \ujZ`Zlv k\h_ hlghr_gb_ dh fg_ dZd d
q_eh\_dm< kZfhfdhgp_hgZ^h[Z\beZ_s_h^gmjhevd k\h_fmkibkdmb kdZaZeZY l_[y
hklZ\exb ihc^mkh[bjZlvkyB mreZhq_gvklZjZl_evghb iehlghaZdju\^\_jvAZ[jZeZ
k\h_]hhlpZbaijb_fghcGZwlhljZay hldjue^\_jvb kdZaZebfh[hbf^hk\b^Zgby
ihlhfmqlhwlh[ueg_dbc`_kldhlhjucy ^he`_g[ueijhy\blvihhlghr_gbxd hlpmb
y ihqm\kl\h\Zeqlh=Z[jb_eZkdZaZeZfg_\k_qlhohl_eZkdZaZlv

Dhff_glZjbc
JZkij_^_e_gb_\ajhkeuoih^_lyf²[_ajZa^_evgh_\eZ^_gb_fghx
JZa\blb_kihkh[ghklbihqbgblvkZfmk_[y
Ih_a^ZgZebar_ef_^e_gghgh^hkZfh]hEhg^hgZ imgdlZgZagZq_gby
=jmklvbaaZ[m^ms_]hhdhgqZgbyZgZebaZ
M\_j_gghklvhlghkbl_evghk\h_]hf_klZ\ fh_c`bagb
Ijhqghkdhehq_gguch[jZal_i_jvhgZ^h\hevgZb khab^Zl_evghgZkljh_gZ
I_j_[bjZgb_jZaebqguojhe_c^eydhlhjuohgZbkihevah\ZeZ><<
Ibkvfhhljh^bl_e_cgZibkZggh_\h\j_fyhl^uoZaZ]jZgbp_c
=Z[jb_eZ ihdZaZeZ gZf <Zr_ ibkvfh <u [ueb klhev ^h[ju gZagZqblv __ gZ
ijb_f
<h fgh]bo hlghr_gbyo hgZ \ hlebqghc nhjf_ iur_l a^hjh\v_f ihegZ
wglmabZafZ b \ hij_^_e_gghc f_j_ ijhy\ey_l khab^Zl_evguc ih^oh^ d \u[hjm b]j b
i_k_g
A^_kv hgZ ]mey_l qZkZfb ie_s_lky \ e_^gbdh\hc \h^_ gZkeZ`^Z_lky
ij_h^he_gb_f ljm^ghkl_c g_ihkj_^kl\_ggh bkiulu\Z_l lh qlh hgZ gZau\Z_l
kh[kl\_gguf[uqvbfmihjkl\hf
< h[s_gbbk g_agZdhfufbex^vfbhkh[_gghfm`qbgZfbhgZaZkl_gqb\Zhq_gv
jZgbfZ b j_Z]bjm_l k m^jmqZxs_ ih^^_evghc `_gkl\_gghklvx G_agZdhfp_\ h[uqgh
]hjZa^h[uklj___ijb\e_dZ_l__ k_kljZKmkZggZdmjqZ\Zyh[sbl_evgZyb ^_jadZyq_f
iuleb\hjZa]ey^u\ZxsZybo=Z[jb_eZ
=Z[jb_eZ hq_gv [ebadZ k KmkZgghc h[jZsZ_lky k g_c k \_ebqZcr_c
ij_^mkfhljbl_evghklvx mfZkeb\Z_l __ qZklh \uklmiZ_l ihkj_^gbdhf f_`^m g_x b
gZfb GZk ihjZ`Z_l lh dZd qZklh hgZ klZjZ_lky ^h[blvky k\h_]h hl\e_dZy \gbfZgb_
KmkZggu beb qlhgb[m^v bah[j_lZy \f_klh lh]h qlh[u ^_ckl\h\Zlv ijyfuf gZkdhdhf
ohlybgh]^ZklZgh\blky`Zedhcb [_kihfhsghc`_jl\hcj_\ghklbb KmkZggZgbq_]hg_
fh`_l k^_eZlv ijZ\bevgh GZ ^gyo \ jZa]Zj [_r_ghc kluqdb hgZ \^jm] ihp_eh\ZeZ
KmkZggmb kdZaZeZ: lufg_gjZ\brvkyWlh__ hq_gvhlebqZ_lhlKmkZggu dhlhjZy
ihhq_j_^ghkfhljblgZ=Z[jb_emk iuedhklvxb [_a`Zehklghklj_fblkymgbqlh`blv__
ij_\hkoh^kl\h

Q?LUJG:>P:L:YDHGKMEVL:PBYfZjlZ]h^Z
=Z[jb_em l_i_jv _c q_luj_ ]h^Z b r_klv f_kyp_\ ijb\_a hl_p HgZ y\gh [ueZ
hq_gv jZ^Z qlh kgh\Z ijb_oZeZ Y klhye \ ^\_jyo Z hgZ g_aZf_lgh ijhdjZeZkv ihaZ^b
hlpZ\ ^hfKjZamgZijZ\beZkv\ dhfgZlmb kdZaZeZY kgbfmiZevlhb [jhkbeZ_]hgZ
ihe B lml `_ d b]jmrdZf KlZeZ jZkklZ\eylv bo g_ i_j_klZ\Zy jZa]h\Zjb\Zlv W^h^
w^h^^ZfhcwlhlaZimlZekyY ihgyeqlhm g__hq_gvaZeh`_gghk<kdhj_hgZgZqZeZ
_s_b dZreylv\ hklZevghf[ueZnbabq_kdb\ hq_gvohjhr_fkhklhygbb
=Z[jb_eb LZdlZdIjZ\bevgh
HgZ [ueZ ih]ehs_gZ k\hbfb ^_eZfb gZ ihem ih\_jgm\rbkv kibghc dh fg_ b
m\yau\ZeZ k_[y k ^jm]bfb ihk_s_gbyfb Keh\Z =Z[jb_ev hibku\Zeb __ ^_ckl\by <
dZdhclhfhf_glhgZkdZaZeZ
Wlh ^_ckl\bl_evgh lZd gZ^h ^_eZlv beb g_ lZd" HgZ ijhy\eyeZ Kmi_jW]h k
dhlhjuf e_]dh b^_glbnbpbjh\ZeZkv Y kdZaZe >Z ^mfZx lZd gh lu fh`_rv k^_eZlv
wlhdZdl_[_gjZ\blky
=Z[jb_eZijh^he`ZeZjZa[bjZlvkyk b]jmrdZfb?cdZaZehkvqlhhgZhklZ\beZbo
\ h^ghfiZd_l_Z l_i_jv\uykgbehkvqlh^\_gZoh^ylky\ h^ghfb ^\_²\ ^jm]hfHgZ
iulZeZkv khklZ\blv \f_kl_ \Z]hgu jZaguo ih_a^h\ Ihlhf ^ZeZ fg_ qlhlh ijbeZ^blv
dZd qZklh ijhkbeZ b jZgvr_ IhdZ y wlh ^_eZe hgZ ih^hreZ d ^jm]hc b]jmrd_ gZ
dgb`ghcihed_²fZe_gvdhfmfZevqbdmlygm\r_fmkZgdb\ dhlhjuokb^_eZfZe_gvdZy
^_\hqdZ
=Z[jb_eZ Wlh k Jh`^_kl\Z" DjZkb\uc JZ[hlZ_l" Y JZ[hlZ_l lhevdh _keb lu
ij_^klZ\brvk_[_qlhhgjZ[hlZ_l
IhlhfhgZijbreZaZl_fqlhy ijbeZ^be
=Z[jb_eZ KiZkb[hY k_cqZk\ulZsm\k_b]jmrdb
HgZ k\ZebeZ \k_ \ h^gm [hevrmx dmqm gZ ihem \hah[gh\b\ dhglZdl kh k\hbfb
klZjufb^jmavyfb
=Z[jb_eZ KfhljbgZwlhcdhjabgd_dem[gbqgu_iylgZb gZwlhclh`_
KlZeh [ulv h[_ [ueb dhjabgdZfb ^ey dem[gbdb K \hkdebpZgb_f hgZ \ayeZ
dhjabgdmb \ukuiZeZ\k___ kh^_j`bfh_gZ^jm]b_b]jmrdb
=Z[jb_eZ Wlh^he`gh[ulva^_kv^Z"
HgZ\ugmeZhkebdZb l_e_`dmdhlhju_h[uqghklhylgZdgb`ghcihed_
Y DZd wlh hdZaZehkv kj_^b ^jm]bo \_s_c" =Z[jb_eZ Ihlhfm qlh fu kgyeb bo
hllm^Z
< wlhlfhf_glhgZdhkgmeZkvfh_cgh]b<ayeZ[ZjZrdZb kdZaZeZQlhkemqbehkv
k kh[Zqdhc"Y ^Ze_cdhg\_jlk hklZldZfbhlkh[Zqdb
=Z[jb_eZ Ihq_fm hgZ lZf" >AZ]eygmeZ \gmljv@ Lu __ _s_ g_ ihqbgbe" Wlh `_
g_ohjhrhk l\h_cklhjhguLu^he`_g__ ihqbgblv
Ihlhf hgZ \ayeZ dZdmxlh g_ba\_klgmx \_sv b kdZaZeZ Qlh wlh lZdh_" Fu
gbdh]^Zg_agZebqlhwlhlZdh_\_jhylghqZklv\heqdZ
=Z[jb_eZ Qlhwlh"Wlhgbdm^Zg_]h^blky
Y kdZaZeqlhwlhlZgd_j^eyg_nlbHgZbf_eZ\ \b^mqlhm g_]hg_ldjxdh\HgZ
m`_aZdZgqb\ZeZijhp_kk\hah[gh\e_gbydhglZdlZb kdZaZeZM l_[ylml_klv]^_gb[m^v
fhjkdZyjZdmrdZ"Fg_gm`_ga\md< wlhlfhf_glhgZkb^_eZgZfh_cgh]_b y]h\hjbe
h kb^_gbb gZ [_j_]m fhjy k hlphf Wlh [ueh lZd dZd _keb [u hgZ qm\kl\h\ZeZ k\yav k
l_fqlh^eyg__hagZqZeh\afhjv_b g_fh]eZih\_jblvqlhg_la\mdZfhjy
HgZ\ayeZih_a^k fgh`_kl\hfdhe_kb i_j_qbkebeZdhe_kZgZau\Zybop\_lZK
g_`ghklvx ]eZ^beZ wlhl iZjh\ha b o\ZlZeZ _]h ]m[Zfb l_jeZ h k\hb [hdZ b \habeZ ih
]heh\_k aZluedZgZeh[Wlhij_\jZlbehkv\ b]jmlZdqlhiZjh\habdkt_oZeih__ ebpmb
k ]jhohlhfmiZegZiheHgZihiulZeZkvijbp_iblv_]hd \Z]hgmghbawlh]hgbq_]hg_
ihemqbehkv <ayeZ nb]mjdb klZjbdZ b fZevqbdZ b ihkZ^beZ bo ijb]h\Zjb\Zy <u
kb^bl_a^_kv<ukb^bl_a^_kvAZl_f\k__s_i_j_[bjZyij_`gb_aZ[Z\ukdZaZeZ:
fh`_rvgZjbkh\Zlv>gZeZfi_@"K^_eZcab]aZ]\\_job \gbaWlhb \ijZ\^meZfiZY __
mjhgbe
=Z[jb_eb ?_gm`ghgZk\_l
L_i_jv hgZ ijZdlbq_kdb aZdhgqbeZ aZgbfZlvky k b]jmrdZfb b kijhkbeZ Lu
oh^brv\ p_jdh\v"Y g_agZeqlhhl\_lblv
Y Gmbgh]^Z: lu"
=Z[jb_eb Y ohl_eZ[uihclbghfZfZb iZiZg_ohlylG_agZxihq_fm
Y : ihq_fmex^boh^yl\ p_jdh\v"=Z[jb_eb G_agZxY Wlhk\yaZghk ;h]hf"
=Z[jb_eZ G_l
< wlhlfhf_glhgZ^_j`ZeZ\ jmdZo^hfbdo\ZlZy_]h]m[ZfbIhlhf\kihfgbeZ
qlhlhbaij_^u^msbok_Zgkh\b kdZaZeZ: ]^_lZiZedZkdZedZ"
HgZ bf_eZ \ \b^m lm pbebg^jbq_kdmx ebg_cdm dhlhjmx hklZ\be m f_gy h^bg
iZpb_glY __gZr_eb =Z[jb_eZl_i_jvmkljhbeZb]jmdhlhjZyklZeZ]eZ\gufkj_^kl\hf
h[s_gby kh fghc K\hbfb dhjgyfb b]jZ moh^beZ \ ijhreh_ ihwlhfm m gZk ihy\behkv
fgh]h jZaguo kihkh[h\ ^ey [ukljh]h \aZbfhihgbfZgby Fu \klZ_f gZ dhe_gb ^jm]
ijhlb\ ^jm]Z \ i_j_^g_c dhfgZl_ HgZ dZlbl ebg_cdm dh fg_ b lZdbf h[jZahf f_gy
m[b\Z_lY mfbjZxZ hgZijyq_lkyIhlhfy h`b\Zxb g_fh]m__ gZclb
Ihkl_i_gghy k^_eZebawlh]hk\h_]hjh^Zbgl_jij_lZpbxD lhfm\j_f_gbdh]^Z
fuih\lhjbebwlhfgh]hjZab ijbwlhfbgh]^Zy __m[b\ZeklZehykghqlhb]jZ[ueZ
k\yaZgZ k ]jmklvx GZijbf_j _keb hgZ f_gy m[b\ZeZ lh dh]^Z y h`b\Ze y g_ fh] __
\kihfgblv Wlh \ujZ`Zehkv \ lhf qlh =Z[jb_eZ ijylZeZkv gh y \ dhgp_ dhgph\ __
gZoh^be b lh]^Z ]h\hjbe Hc y \kihfgbe lh qlh aZ[ue Ohly wlZ b]jZ ^hklZ\eyeZ
[hevrh_m^h\hevkl\b_ \ g_c lZbebkv lj_\h]Z b i_qZev Lhl dlh ijylZeky ^he`_g [ue
ijylZlvky lZd qlh[u m g_]h qlhgb[m^v gZijbf_j gh]Z [ueZ \b^gZ qlh[u m`Zk baaZ
g_\hafh`ghklb\kihfgblvihl_jyggh]hq_eh\_dZg_[ue ^ebl_evguf beb Z[khexlguf
Wlh [ueh k\yaZgh \ qZklghklb k l_f qlh ijhbkoh^beh dh]^Z hgZ g_ \b^_eZ f_gy \
l_q_gb_^ebl_evgh]h\j_f_gbIhkl_i_gghb]jZij_h[jZah\ZeZkvlZdqlh]eZ\guf\ g_c
klZeh ijylZlvky GZijbf_j fg_ gm`gh [ueh ijhihealb ihaZ^b klheZ aZ dhlhjuf hgZ
ijylZeZkvb lh]^Zfuh[ZhdZau\ZebkvlZf< dhg_qghfkq_l_[ueh^h\hevghykghqlh
k\hxb]jm=Z[jb_eZk\yau\ZeZk fukevxh jh`^_gbb< dZdhclhfhf_gly hlf_lbeqlh
h^gZbaijbqbgihq_fmhgZ[ueZkqZkleb\ZkhklhyeZ\ lhfqlhy ijbgZ^e_`Zelhevdh
_c h^ghc < k\yab k wlbf dh]^Z hgZ \ureZ q_j_a iZjZ^gmx ^\_jv y keurZe dZd hgZ
kdZaZeZhlpm=^_KmkZggZ"
< dhgp_dhgph\fg_ijbrehkvih\lhjylv\g_aZigh_ihy\e_gb_baaZaZgZ\_kZqlh
dZaZehkv k\h_]h jh^Z jh`^_gb_f Ihlhf y ^he`_g [ue klZlv ^hfhf b hgZ aZiheaZeZ
\gmljv ^hfZ [ukljh m\_ebqb\Zykv \ jZaf_j_ ^h l_o ihj ihdZ y m`_ g_ fh] [hevr_ __
\f_sZlvb \ulZedb\ZeIhoh^mb]juy ]h\hjbeY l_[yg_gZ\b`mb \ulZedb\Ze__
WlZb]jZ\ha[m`^ZeZ=Z[jb_em<g_aZighhgZihqm\kl\h\ZeZ[hevf_`^mgh]Zfbb
\kdhj_ \ureZ ihibkZlv DmevfbgZpby \ ^Zgghf kemqZ_ k\yau\ZeZkv k ihlj_[ghklvx
fZl_jb hk\h[h^blvky hl j_[_gdZ klZ\r_]h kebrdhf [hevrbf D wlhfm ^h[Z\eyeZkv
]jmklvhllh]hqlhjZkl_rvb klZj__rvb hllh]hqlhljm^g__klZgh\blkyb]jZlv\ wlm
b]jmbah[jZ`Zyqlhlu\gmljbfZl_jbb \hl\hl^he`_gjh^blvky
AZgylb_ dhgqbehkv l_f qlh hgZ ko\ZlbeZkv aZ ^\Z aZgZ\_kZ ihkj_^b dhfgZlu b
klZeZgZgbojZkdZqb\Zlvky\aZ^b \i_j_^
=Z[jb_eb Y ²\_l_j[_j_]bkv
< wlhcb]j_g_[ueh[hevrhc\jZ`^_[ghklbb yh[jZlbe\gbfZgb_gZ^uoZgb_
kms_kl\_ggucwe_f_gl`bag_kihkh[ghklbb g_qlhlZdh_q_]hg_[vuh^hjh`^_gby
L_i_jvhgZ[ueZ]hlh\Z_oZlv^hfhc

Dhff_glZjbc
< kh]eZkbbk Kmi_jW]h
 K\b^_l_evkl\h ihl_gpbZevghc \hafh`ghklb ihemq_gby ]_gblZevgh]h
m^h\hevkl\by
 LsZl_evgZy ijhjZ[hldZ j_Zdpbc gZ ^ebl_evgh_ hl^_e_gb_ b ih^]hlh\dZ d
ij_djZs_gbx
L_fZjh`^_gby

IYLG:>P:L:YDHGKMEVL:PBYZ\]mklZ]h^Z
=Z[jb_eZl_i_jv_cm`_ihqlbiylve_lijb_oZeZkhk\hbfhlphfHgZ\u]ey^_eZ
hq_gvohjhrh b dZaZeZkvm`_hq_gv\ajhkehcFuih]h\hjbebg_fgh]h h[ hl^uo_ hgZ
lhevdh qlh _a^beZ hl^uoZlv b h fh_f ^hf_ ]^_ k_cqZk hjm^h\Zeb kZgl_ogbdb HgZ
gZijZ\beZkvijyfhd b]jmrdZfZ hl_pihr_e\ ijb_fgmxb ^hlh]hdZdy aZgyek\h_
f_klhgZgba_gvdhfklme_m fZe_gvdh]hklheZ]^_\_ek\hbaZibkbhgZkdZaZeZFbeZy
kh[ZqdZ \ay\ hklZldb klZjh]h \heqdZ Fg_ l_i_jv q_luj_ ]h^Z ² \ Z\]mkl_ agZqbl
k_cqZk m`_ kdhjh iylv Fgh]h_ ba lh]h qlh ijhbahreh g_\hafh`gh [ueh aZibkZlv
ihlhfm qlh ijbrehkv dZd [u kl_gh]jZnbjh\Zlv \h \k_o ih^jh[ghklyo \k_ qlh
ba\e_dZehkvbadmqbb]jmr_d
 =Z[jb_eZ DhjZ[ebdbM f_gyrlZgbrdb\b^gu: ]^_kdZedZ"
Y ihdZaZe _c pbebg^jbq_kdmx ebg_cdm dhlhjmx hgZ bkihevah\ZeZ ^ey hkh[hc
b]jugZij_^u^ms_fk_Zgk_
=Z[jb_eZ Wlhfbeh;m^_fb]jZlv\ wlmb]jm
Y i_j_r_e\ p_gljdhfgZlub fuaZgyebbkoh^gu_ihabpbbY k^_eZe\b^qlhg_
m\_j_g\ lhfdZdgZ^hb]jZlvb hgZihdZaZeZfg_dZddZlZlvkdZedm\aZ^b \i_j_^Dh]^Z
kdZedZm^ZjbeZf_gyihdhe_gyfy miZem[blucb lh]^ZgZqZeZkvb]jZ\ ijyldbY klZe
wlhaZibku\ZlvZ hgZkdZaZeZLu\k_]^Zibr_rvY kdZaZedZdy \_^maZibkbqlh[u
ihfgblv\k_qlhijhbkoh^bl\ ^_lZeyo
Y Y ihfgx\k_b [_aaZibk_cghg_fh]mmeh\blv^_lZebZ yohqmihfgblv\k_
qlh[uihlhfwlhh[^mfZlv
Fu b]jZeb \ ^h]hgyedb kh kdZedhc Z ihlhf \ ijyldb gZqbgZy k lh]h qlh hgZ
f_gy m[b\ZeZ : ihlhf y __ m[b\Ze b ijylZeky qlh[u hgZ f_gy bkdZeZ Y kdZaZe hgZ
khh[sZ_lfg_qlhaZ[u\Z_lf_gyb qlhy aZ[u\Zx__dh]^ZfujZkklZ_fkybebm_a`Z_f
gZhl^uoghgZkZfhf^_e_fuagZ_fqlhK_iZjZpby[_ahlqZygby fh`_fgZclb^jm]
^jm]Z
<kdhj_ =Z[jb_eZ aZdhgqbeZ \ujZ`_gb_ l_o fuke_c dhlhju_ ohl_eZ i_j_^Zlv
yaudhf b]ju \ ijyldb b \_jgmeZkv d b]jmrdZf AZl_f hgZ k^_eZeZ kh\_jr_ggh
ij_^gZf_j_gguch[hevklbl_evguc`_klHgZ\ayeZfZe_gvdmxwe_dljbq_kdmxeZfihqdm
k gZjbkh\ZgghcgZg_cjh`bp_cb ijbklZ\beZdhjlmfgh]hagZqbl_evghih]ey^u\ZygZ
f_gy Z aZl_f ih^gyeZ x[dm b ijbeh`beZ __ d rlZgbrdZf Wlh [ueh ihoh`_ gZ
dZn_rZglZggh_ ijb]eZr_gb_ AZh^gh kdZaZeZ qlh agZ_l hahjghc i_j_kdZa kdZadb ijh
^h[jh]hdhjhey<_gp_keZkZdhlhjmxjZkkdZau\Z_l__ fZlv
=Z[jb_eZ
>h[juc dhjhev <_gp_keZk \u]eygme \ hdhrdh GZ ibj Kl_nZgZ \a]eygmlv gm
kh\k_fg_fgh`dhGhkg_`hdihiZe_fmijyfhgZkhiZldmb kdjb\be__ kh\k_fijhklh
[_ahklZldm
Ohlv k\_lbeZ \ lm ghqv yjdZy emgZ Dhjhex [ueh g_\fhqv [ueh g_ ^h kgZ ?e_
\u`^Ze^hmljZb ebrvgZaZj_Ijb[ue^hdlhjdh^\hjmgZk\h_fhke_
< l_q_gb_ wlh]h wibah^Z \ujZ`Z\r_]h dZdh_lh h[h[s_ggh_ \heg_gb_ y
gZjbkh\Zekh[Zqdm\ khljm^gbq_kl\_k g_cGZqZe__ jbkh\Zlvk dhibjh\Zgbyjh`bpugZ
eZfihqd_
=Z[jb_eZ Y ihdZ`ml_[_qlhfh]mgZjbkh\Zlv?e__e_gZjbkh\ZeZmrbM g_]h
^ebggu_ \hehku ij_djZkgu_ \hehku ² kfhljb hgb i_j_reb gZ ^jm]mx [mfZ]m b gZ
klheWlhdZdb_lhdZjZdmeb
Lmly kdZaZeqlhhgZk^_eZeZlZdhcjbkmghddZd[m^lhohl_eZihdZaZlvfg_khgb
qZklv wlh]h kgZ i_j_reZ \ y\v DZaZehkv wlh [ueh bf_ggh lh qlh hgZ ohl_eZ lZd dZd
l_i_jvhgZjZkkdZaZeZfg_khgb ihemqZehkvlZdqlhwlh[uehbf_gghlhjZ^bq_]hhgZ
b ijb_oZeZ
=Z[jb_eZ Fg_ ijbkgbeky ijh l_[y khg Y ihklmqZeZ \ ^\_jv l\h_]h ^hfZ Y
m\b^_eZ^hdlhjZ<bggbdhllZ\ [Zkk_cg_\ _]hkZ^mB ylm^ZgujgmeZIZiZm\b^_edZd
y \[Zkk_cg_h[gbfZeZb p_eh\ZeZ^hdlhjZ<bggbdhllZb lh]^Zhglh`_gujgmeIhlhf
gujgmeZfZfZihlhfKmkZggZ>hgZi_j_qbkebeZ\k_o^jm]boqe_gh\k_fvb\ lhfqbke_
q_luj_o^_^mr_db [Z[mr_d@LZf[uebju[ub \k_<h^Z[ueZkmoZyb fhdjZyFu\k_
\ue_aebb ihrebihkZ^mIZiZ\u[jZekygZ[_j_]Wlh[ueohjhrbckhg
Y ihgye qlh hgZ \k_ i_j_\_eZ l_i_jv \ i_j_ghk b lZdbf h[jZahf i_j_kljhbeZ
k\hx `bagv bkoh^y ba hiulZ ihablb\guo hlghr_gbc k km[t_dlb\guf h[jZahf
ikbohZgZeblbdZb _]h\gmlj_ggbffbjhf
Y ;Zkk_cg a^_kv \ wlhc dhfgZl_ ]^_ \k_ b ijhbahreh b ]^_ \k_ \hh[jZabfh_
fh`_lijhbahclb
HgZqlhlhkdZaZeZgZkq_llh]hqlhm g__fhdju_jmdbihlhfmqlhhgZieZ\ZeZ
=Z[jb_eZ Y k_cqZkgZjbkmxlhqlhfh]mgZeZfihqd_
G_gZ\bklvaZg_gZ\bklvkjij_^u^msbck_Zgk
K_cqZkhgZ[ueZkh\_jr_gghkqZkleb\hcb kihdhcghcb \ukuiZeZ\k_fZe_gvdb_
b]jmrdbb qZklbb]jmr_dI_eZgZl_fm<f_kl_
=Z[jb_eb DZdhc[_kihjy^hdm l_[ygZihem
Fg_ gZ^h [ueh ihqbgblv djxd HgZ fgh]h ]h\hjbeZ ihdZ imkdZeZ \ oh^ \k_
b]jmrdb Ihlhf \ayeZ nb]mjdm hlpZ kZglbf_ljh\ \hk_fv ^ebghc hq_gv ihoh`mx gZ
g_]hk^_eZggmxgZhkgh\_ljm[hqbklZb ijbgyeZkvbklyaZlv__
=Z[jb_eb Y \udjmqb\Zx_fmgh]b>b l^@
Y HcHc>\ ihjy^d_bgl_jij_lZpbbijbgylbym]hlh\Zgghcfg_jheb@
=Z[jb_eb Y \udjmqb\Zx_]h_s_²^Zl_i_jv_]hjmdm
Y Hc
=Z[jb_eb L_i_jv_]hr_x
Y Hc
=Z[jb_eb <hl gbq_]h g_ hklZehkv ² \k_]h \udjmlbeZ K_cqZk _s_ l_[y
ih\udjmqb\Zx>Z\ZcieZqv
Y HcHcMmmmm
HgZ[ueZhq_gv^h\hevgZ
=Z[jb_eb L_i_jvgbq_]hg_hklZehkv<k_kdjmq_ghb gh]Zm g_]hhlhj\ZeZkvZ
k_cqZk b ]heh\Z hlhj\ZeZkv \hl b ieZdZlv g_ fh`_rv Y l_[y ijhklhgZijhklh
\u[jZku\ZxGbdlhl_[yg_ex[bl
Y B KmkZgg_y lZdb g_^hklZgmkv
=Z[jb_eb <k_l_[yg_gZ\b^yl
L_i_jvhgZ\ayeZihoh`mxnb]mjmfZevqbdZb ih\lhjbeZhi_jZpbx
=Z[jb_eb Y \udjmqb\ZxfZevqbrd_gh]b>b l^@
< jZa]Zj \k_]h wlh]h y kdZaZe LZd <bggbdhll dhlhjh]h lu \u^mfZeZ [ue
p_ebdhfl\hcZ l_i_jvk gbfihdhgq_ghb hggbdh]^Zgbdhfm[hevr_g_^hklZg_lky
HgZlj_[h\ZeZqlh[uy _s_ieZdZeghy \hajZabekdZaZ\qlhm f_gym`_[hevr_
g_lke_a
 Y <k_\uieZdZe
=Z[jb_eb Gbdlhd l_[_[hevr_g_ijb^_lLu^hdlhj"
Y >Zy ²^hdlhjb fh][u[ulv^hdlhjhfKmkZggugh<bggbdhllZdhlhjh]hlu
\u^mfZeZ[hevr_g_l
=Z[jb_eb Y l_[yk^_eZeZ
HgZ\habeZkvk ih_a^hfba^Z\Zylbibqgu_^eyih_a^Za\mdb
=Z[jb_eb Y ohqm_]hhlp_iblvY Hgg_hlp_iey_lky
GZkZfhf^_e_hgZagZeZqlhljZdlhjijbp_ie_gd ih\had_k k_ghfb _]hg_evay
hlp_iblv
=Z[jb_eb :c[h`_fhcg_hlp_iey_lky
AZl_fhgZkdZaZeZqlh\k_\b^bl]hem[ufhdZaZehkv qlh hgZ \ayeZ ^\_ ]eZagu_
\ZgghqdbHilj_d_b kfhlj_eZgZ\k_q_j_agboKijhkbeZdZdboijb\yaZlvd ]eZaZf
Wlh ^Z\Zeh _c hsms_gb_ qlh hgZ ieZ\Z_l beb gZoh^blky ih^ \h^hc B \hl fu
khsmjbebkv ^jm] gZ ^jm]Z Y m^_j`b\Ze \Zgghqdb k\hbfb ]eZagbqgufb fmkdmeZfb b
ihke_g_[hevrhclj_gbjh\dbhgZlh`_kfh]eZh^gmm^_j`b\Zlv
=Z[jb_eb Y ohl_eZ[u\aylvbok kh[hc^hfhc
Ihlhf hgZ klZeZ jZkkdZau\Zlv h[ h[ehfdZo d_jZfbdb gZc^_gguo m ^hjh]b \h
NjZgpbb b ijb wlhf \ukdZaZeZ fg_ k\h_ ^_lkdh_ ij_^klZ\e_gb_ h[ Zjo_heh]bb l_ h
gZoh^dZo dhlhju_ hlghkylky d ^Ze_dhfm ijhrehfm AZl_f bkke_^h\ZeZ dhjh[dm k
p\_lgufb f_edZfb b gZreZ beb \gh\v hldjueZ K_ddhlbg de_c Bf_ggh wlh hgZ b
ohl_eZb gZqZeZk\hxihke_^gxxb]jmgh_c_s_gZ^h[uehdh_qlhkdZaZlv²ihemqbe
eby ibkvfhdhlhjh_hgZfg_ihkeZeZ"B lZd^Ze__
HgZ \ayeZ ebkl [mfZ]b b ihklZ\beZ ihkj_^bg_ K_ddhlbg Z lZd`_ d\Z^jZlgmx
jZfdmHgZohl_eZagZlvkdhevdh_s_[hevguoy ijbfm
Y Luihke_^gyyi_j_^fhbfhlimkdhf=Z[jb_eb Kh\k_fkdhjhfg_[m^_liylv
HgZ ^ZeZ ihgylv qlh ohl_eZ ijboh^blv dh fg_ gZ ijb_f qlh[u ihemqZlv wlh
e_q_gb_²<gggbdhllaZdhgqbe_]hdh]^Z_c[ueh_s_q_luj_]h^Z
Y Y lh`_ ohl_e [u aZdhgqblv k lh[hc qlh[u y fh] [ulv <bggbdhllhf \h \k_o
^jm]bokemqZyoZ g_lhevdh\u^mfZgguflh[hc<bggbdhllhf^eywlh]hhkh[h]he_q_gby
Y \b^_e qlh ba K_ddhlbgZ hgZ ^_eZeZ g_qlh \jh^_ gZ^]jh[by beb iZfylgbdZ
lhfm <bgbbdhllm dhlhjuc [ue mgbqlh`_g b mf_js\e_g Ke_^my __ gZf_dm y \aye
ebklhd[mfZ]bb gZjbkh\ZegZg_f=Z[jb_emIhlhfy klZe\udjmqb\Zlv__ jmdbgh]bb
]heh\mb kijhkbe=Z[jb_em[ueheb[hevghHgZaZkf_yeZkvb hl\_lbeZG_ls_dhlgh
HgZ jZajbkh\ZeZ \k_ \hdjm] K_ddhlbgZ \ lhf qbke_ b djZkguf p\_lhf Wlh
fh`gh[ueh\aylv^hfhcKmkZgg_[m^_lijbylgh
=Z[jb_e_ Gm`gh^h[Z\blvg_fgh`dh]hem[h]h
Ebklhd keh`beky \_kv K_ddhlbg dhgqbeky b fg_ ijbrehkv ihfhqv _c
ijh^_eZlv^ujhqdmqlh[uijb\yaZlv[_q_\dmIhemqbekyaf_c
=Z[jb_eb GZ^h ihclb d iZi_ b ihijhkblv djZkb\uo ieblhd gZ dhlhjuo
bah[jZ`_gfZevqbd\_k_evqZd
 HklZ\b\ f_gy ijbkfZljb\Zlv aZ af__f hgZ ihreZ b ijbg_keZ ^\_ klZjbggu_
iebldb k bah[jZ`_gb_f fZevqbdZ\_k_evqZdZ dmie_ggu_ __ hlphf dhlhju_ [ueb
aZ\_jgmlu\ [mfZ]m\jh^_[u^eyih^ZjdZ²ij_^iheh`bl_evgh^eyfZl_jbY \ugmebo
b ijbgyekyjZkkfZljb\Zlv
HgZijh^he`ZeZh[tykgylvhlpm
=Z[jb_eb Hg\_kv\ur_eGbdlhg_ohq_lgZijb_fd <bggbdhllm<_kv\ur_eY
ihj\ZeZ _]h gZ qZklb Y k^_eZeZ wlh dZd ih^Zjhd ^ey KmkZggu Hg \hgy_l m`Zkgh² y
bkihevah\ZeZ\_kvK_ddhlbgL_[_ijb^_lky_s_dmiblva^_kv[hevr_g_l
Y ^h[Z\be qlh gZ^h \ugmlv aZluqdm qlh[u mdZaZlv gZ n_dZevgh_ agZq_gb_
jZaehfZgguofm`kdbonb]mjb f_fhjbZevgmx^hkdmWlh_cihgjZ\behkv
=Z[jb_eZ M f_gy \k_ jmdb \ wlhf Y b]jZx k m`Zkguf \hgxqbf ebidbf
\_s_kl\hfDZdhgh gZau\Z_lky":o^ZK_ddhlbgm`Zkgh_gZa\Zgb_ m`Zkguc aZiZo
Fulhbkihevam_fXomlZkh\k_fg_iZog_l
Fg_[uehihgylghqlhhgZijb_oZeZ^eylh]hqlh[uihdhgqblvkhfghc\h\k_o
kehyob \h\k_okfukeZob ylZdb kdZaZeHgZhl\_lbeZ>Zqlh[uihdhgqblvk lh[hc
Y LZd qlh _keb y ijb_^m d \Zf ^hfhc b hkfhljx KmkZggm wlh [m^_l ^jm]hc
<bggbdhllg_lhldhlhjh]hlubah[j_eZb dhlhjuc[uep_ebdhfl\hbfZ l_i_jvk gbf
ihdhgq_gh
=Z[jb_eb : de_c \_kv \ur_e qlh [m^_f ^_eZlv" <_kv <bggbdhll jZkiZeky gZ
dmkhqdbqlhgZf^_eZlvdh]^Zgbq_]hg_hklZg_lky"Y [m^mjZ^Zg_\b^_lv<bggbdhllZ
jZa hg lZd \hgy_l b lZdhc ebidbc Gbdhfm hg g_ gm`_g ?keb lu d gZf ijb_^_rv y
kdZ`mWlhebidbcq_eh\_d_^_lFum[_`bf
GZwlhfaZdhgqbehkv
=Z[jb_eb Fg_ gjZ\blky jbkh\Zlv djZkdZfb dh]^Z y m_a`Zx \ Wlh djZkb\Zy
[mfZ]ZFg_ihjZ_oZlv"
Y >Zihqlb
=Z[jb_eZ Fg_ gm`gh mfulvky ² y \_jgmkv ihijhsZlvky JZkdjZkv _]h >af_y@
djZkguf
Y ^_j`Ze _]h aZ [_q_\dm ihdZ hgZ mfu\ZeZkv HgZ \_jgmeZkv aZ gbf b mreZ
\f_kl_k hlphf\hehqZb iulZykvaZimklblvk\h_]hly`_eh]hfhdjh]hebidh]haf_y
Dhff_glZjbc
JZkp\_lZ_l\ ijhp_kk_khhl\_lkl\mxs_]h__ \hajZklmkhaj_\Zgby
KijZ\ey_lkyk jZaemdhcb agZ_lqlh\hafh`ghklvgh\hc\klj_qbkms_kl\m_l
Bkihevam_l`_gkdmxh[hevklbl_evghklv
H[h[sZ_likbohZgZebai_j_kljhb\k\hx`bagv\ ihablb\ghfi_j_ghk_
 LZdbf h[jZahf g_gZ\bklv [_ahiZkgh bkiulu\Zlv b ijhy\eylv ihkdhevdm hgZ
g_mgbqlh`blohjhrbcbgl_jZgZeblbq_kdbchiul

R?KLG:>P:L:YDHGKMEVL:PBYhdly[jy]h^Z
=Z[jb_e_ l_i_jv m`_ iylv e_l b ^\Z f_kypZ Wlhl k_Zgk g_ [vu ihoh` gZ \k_
ij_^vsmsb_Ihkmlb^_eZhg\u]ey^_ekdhj__dZd\klj_qZ^jma_c<f_kl_k hlphfhgb
ih^h`^Zebiylvfbgmlihklhevdmijb_oZebjZgvr_gZagZq_ggh]h\j_f_gbaZl_fhl_p
ijhr_e \ ijb_fgmx Z =Z[jb_eZ [ukljh hagZdhfb\rbkv k jZaebqgufb baf_g_gbyfb \
dhfgZl_klZeZaZgbfZlvkyl_fq_fhgZhq_\b^ghb gZf_j_\ZeZkvaZgbfZlvky
Lhl qZk dhlhjuc fu ijh\_eb \f_kl_ [ue ih^_e_g gZ ljb qZklb ba dhlhjuo
i_j\Zy [ueZ gZb[he__ \Z`ghc HgZ ihijhkbeZ iZjh\hc dZlhd ² pbebg^jbq_kdmx
ebg_cdm Fu  fbgml [_a [hevrh]h wglmabZafZ aZgbfZebkv klZjhc b]jhc gh k
bgl_gkb\ghklvxijbkms_cb]jZf\ dhlhju_b]jZxl\ iylbe_lg_f\hajZkl_HgZdZlZeZ
iZjh\hcdZlhddhfg_b dh]^Zhgm^Zjyef_gyihdhe_gyfy mfbjZeDh]^Zy [uef_jl\
hgZijylZeZkvD wlhfm\j_f_gbfuhq_gvohjhrh agZeb\k_imlb \ m]eu < oh^_ b]ju
hgZh^gmaZ^jm]hcaZgbfZeZk\hbihabpbby ^he`_g[ueh`b\ZlvgZqbgZe\kihfbgZlv
qlh[uedlhlh_s_dh]hy aZ[ueb ihlhfihkl_i_gghbkdZlv__GZdhg_py __gZoh^be
Bgh]^ZlZdbf`_h[jZahfmfbjZrZhgZihlhfhgZbkdZeZf_gyLZdijh^he`Zehkv^h
l_o ihj ihdZ =Z[jb_eZ g_ ihqm\kl\h\ZeZ qlh k g__ ^hklZlhqgh b \ureZ ba b]ju B
i_j_reZdh\lhjhfmwlZim
IhdZy kb^_egZfZe_gvdhfklme_b \_ek\hbaZibkbdZd\ ij_`gb_\j_f_gZhgZ
kb^_eZ gZ ihem dh fg_ kibghc h^gZ \ fh_f ijbkmlkl\bb JZa]h\Zjb\ZeZ kh
a\_jxrdZfb b b]jmrdZfb b lhevdh \j_fy hl \j_f_gb ^Z\ZeZ fg_ ihgylv
ij_^iheZ]Zehkvqlhy keurm<gZqZe_hgZ[jZeZ[ZjZrdZb ]h\hjbeZ=^_kh[ZqdZ"Y
gZoh^be dhg\_jl \ dhlhjhf ojZgbebkv hklZldb kh[Zqdb Z =Z[jb_eZ jZkkdZau\ZeZ fg_
\k_ ijh ^ujhqdm \ g_c b bkke_^h\ZeZ ^ujhqdm iZevp_f HgZ kdZaZeZ qlh kh[ZqdZ g_
lZdZym`\uihljhr_ggZyqlh[ug_fh]eZklhylvb klZ\beZ__ jy^hfk [ZjZrdhfIhlhf
gZqbgZeZ\ugbfZlvb]jmrdbb hihjh`gylvdhjabgdmDZdh_lh\j_fykhklZ\eyeZih_a^
]h\hjy jZa[hjqb\h gh kZfZ k kh[hc H^bg jZa kdZaZeZ Kfhljb dZdhc y k^_eZeZ
^ebggucih_a^Ghhgg_[ue^ebggufihlhfmqlhhgZlhevdh\kihfbgZeZdZdbfhg
[uegZijhreuok_ZgkZodh]^Zb]jZreZg_k p_evxh[s_gby
Y Lu\kihfbgZ_rvlhqlhb]jmrdb^eyl_[yagZqbebdh]^Zlu[ueZfZe_gvdhc
Ib]e_cZ g_[hevrhc=Z[jb_e_c=Z[jb_eb >Z\Zc_s_b]jZlv
B hgZZddmjZlghm[jZeZg_kdhevdhb]jmr_ddhlhju_\ugmeZb \iheghfihjy^d_
keh`beZ bo ih^ dgb`ghc ihedhc AZgbfZykv wlbf hgZ aZ[hleb\h h[jZsZeZkv k
dhjabgdhc b ^jm]bfb b]jmrdZfb b ]h\hjbeZ qlhgb[m^v \jh^_ Gm \hl lZd < wlh
\j_fy __ ]heh\Z dZkZeZkv fh_]h ehdly Wlh g_ [ueh q_flh ij_^gZf_j_gguf b hgZ g_
hlh^\b]ZeZkvIjhklhlZdihemqZehkv=Z[jb_eym[jZeZkh[Zqdm\ dhg\_jlb kdZaZeZ^h
k\b^Zgby B ihklZ\beZ jy^hf k dhg\_jlhf [ZjZrdZ Ihlhf kdZaZeZ L_i_jv ² qlh
hagZqZehfui_j_oh^bfd q_fmlh^jm]hfm
Fu\klZebb kgZqZeZihdZaZehkvqlhfuijh^he`bfb]jZlvk iZjh\ufdZldhf\
ijyldbH^gZdhhgZgZreZ^_lkdmxdgb`dmk dZjlbgdZfbY k_ek g_cjy^hfb fuklZeb
wlm dgb`dm i_j_ebklu\Zlv =Z[jb_eZ kfhlj_eZ gZ dgb`dm k [hevrbf \gbfZgb_f b
dZaZehkv _c gjZ\bebkv l_ h[ju\db k\_^_gbc dhlhju_ y fh] ^Zlv h g_c Ihlhf fu
ihkfhlj_eb ^jm]mx dgb`dm \ dhlhjhc [ueZ fZkkZ dZjlbghd gh kZfZ dgb`dZ [ueZ
g_kdhevdhkeh`gh\ZlhcLZdqlhfu\ayeb^jm]mxlh`_k dZjlbgdZfbghb kl_dklhfY
i_j_kdZaZe _c l_dkl ihdZ hgZ i_j_\hjZqb\ZeZ kljZgbpu GZdhg_p hgZ j_rbeZ
ihkfhlj_lv dgb`dm h `b\hlguo HgZ gZau\ZeZ `b\hlguo _keb agZeZ b [ueZ hq_gv
kqZkleb\Zb ^h\hevgZY ^Ze_c\hafh`ghklvjZkkdZau\Zlvfg_h q_fhgZohl_eZbgh]^Z
\ jZkkdZaZoihiZ^Zehkvkeh\hq_jgucb ygZihfgbe_ch q_jghcfZf_
Y Lukl_kgy_rvky]h\hjblvfg_qlhlhbalh]hqlh^mfZ_rvHgZkh]eZkbeZkvgh
dZdlhg_j_rbl_evgh
Y Y agZxdh]^ZlugZkZfhf^_e_kl_kgy_rvky²dh]^Zohq_rvkdZaZlvfg_qlh
luf_gyex[brv
=Z[jb_eZhq_gvm\_j_gguf`_klhf\ujZabeZkh]eZkb_IhjZ[uehm_a`Zlvb hgZ
[ueZkh\_jr_ggh]hlh\Z_oZlvb ihreZaZhlphf;uehhq_\b^ghqlh=Z[jb_eZihemqbeZ
m^h\hevkl\b_ hl wlh]h ihk_s_gby b y g_ fh] h[gZjm`blv gbdZdbo ijbagZdh\ dZdh]h
eb[hjZahqZjh\ZgbydZd_keb[uhgZgZf_j_\ZeZkvk^_eZlvqlhlh_s_b mimklbeZwlhba
\b^m HgZ dZaZeZkv kh\_jr_ggh _kl_kl\_gghc dh]^Z ijhsZeZkv b m f_gy keh`behkv
\i_qZle_gb_ h ^_ckl\bl_evgh _kl_kl\_gghc b ikbobZljbq_kdb ghjfZevghc iylbe_lg_c
^_\hqd_

IHKE?KEH<B?jh^bl_e_cIb]eb
<hafh`gh g_dhlhjuf qblZl_eyf bgl_j_kgh agZlv qlh i_j_`b\Zeb \ ^Zgghf
kemqZ_jh^bl_ebb qlhk wlbfj_[_gdhfk_cqZk
>eyjh^bl_e_cjZaj_r_gb_mqZkl\h\Zlv\ ijhp_kk_jhklZb \ua^hjh\e_gby^hq_jb
bf_ehh]jhfgh_agZq_gb_Wlhij_^hl\jZlbehlhqlhfh`ghqZklhgZ[ex^Zlvihy\e_gb_
m jh^bl_e_c qm\kl\Z qlh bo [jhkbeb \ bo [_^_ b hsms_gby qlh hgb klZeb `_jl\hc
khi_jgbq_kl\Zb dhgdmj_gpbbk l_jZi_\lhfbeb\hafh`ghqm\kl\ZaZ\bklbd l_jZi_\lm
bebj_[_gdmbebhsms_gbyqlh^eylh]hqlh[uba[_`ZlvlZdbo[he_ag_gguoqm\kl\b
\hafh`gh]h kha^Zgby dh\Zjguo ihf_o jh^bl_eb fh]ml hlklmiblv \uclb ba kn_ju
^_ckl\bykbek\yaZgguok ijyfufb\aZbfhhlghr_gbyfbk j_[_gdhfb ijhklhi_j_^Zlv
_]h\ jmdb[he__d\Zebnbpbjh\Zggh]hb agZxs_]hZ\lhjbl_lZ
Ohly m g_dhlhjuo qblZl_e_c fh`_l \hagbdgmlv hsms_gb_ hiZkghklb
g_ijhn_kkbhgZevghc f_rZgbgu __ \b^bfh m^Zehkv ba[_`Zlv [eZ]h^Zjy lZdlm
qm\kl\m b [hevrhfm hiulm l_jZi_\lZ dhlhju_ km^y ih \k_fm hkgh\Zgu gZ lZdhf
h[rbjghf agZgbb dhlhjh_ ij_^klZ\ey_lky dZd [u \gh\v aZ[uluf b bkihevam_fuf
k\h[h^ghb kihglZgghk m\_j_gghklvxdhglZdlZgZdhlhjucfh`ghiheh`blvky
<hafh`gh jh^bl_eyf [m^_l jZaj_r_gh kdZaZlv k\h_ keh\h \ ex[hc ^Zevg_cr_c
^bkdmkkbbhlghkbl_evghaZb ijhlb\e_q_gbyihlj_[h\Zgbx
< lh \j_fy fu qm\kl\h\Zeb qlh g_ fh]eb [u ijbgylv e_q_gb_ gZ dZdhcgb[m^v
^jm]hchkgh\_;he__lh]hijbf_qZl_evgh[uehknhjfbjh\Z\r__kyh[s__fg_gb_h lhf
qlh \j_fy ^ey ijh\_^_gby gh\h]h k_ZgkZ e_q_gby gZklmibeh b fu [ueb ihbklbg_
ihjZ`_gumagZ\baaZibk_ch lhfdZdiZpb_gldZih^o\ZlbeZgblbij_^u^ms_]hk_ZgkZ
dZd [m^lh f_`^m gbfb g_ [ueh gbdZdh]h i_j_ju\Z \h \j_f_gb b hgZ l_i_jv ]hlh\Z d
ke_^mxs_fmrZ]m
H^gZdh _keb \ lZdbo jZfdZo e_q_gb_ g_ fh`_l khklhylvky dh]^Z wlh lj_[m_lky
dZdgZijbf_jf_`^mh^bggZ^pZlufb ^\_gZ^pZlufk_ZgkZfbihke_^kl\byfh]ml[ulv
hq_gvly`_eufbbdZd\ ^ZgghfkemqZ_iZpb_glfh`_lhdZaZlvkygZ]jZgb\gmlj_gg_c
dZlZkljhnu
<hafh`gh lZd`_ qblZl_eb aZohlyl magZlv \ dZdhf khklhygbb gZoh^blky
iZpb_gldZk_cqZkb dZdh\udhg_qgu_j_amevlZlulZdh]hijhp_kkZe_q_gby
=Z[jb_eZ ² jZkdh\ZggZy g_ihkj_^kl\_ggZy ^_\mrdZ hq_gv ihoh`Zy gZ k\hbo
k\_jklgbp ih rdhe_ Km^y ih \k_fm hgZ \gh\v h[j_eZ qm\kl\h ^mr_\gh]h jZ\gh\_kby
dhlhjh_ mljZlbeZ i_j_^ gZqZehf e_q_gby < \hajZkl_ hdheh \hkvfb e_l m g__ [ueb
ljm^ghklb k mq_[hc\ rdhe__c[uehkdmqghb g_e_]dhmqblvkyqblZlv gh k_cqZk hgZ
hq_gv dhfi_l_glgZ \ k\h_c jZ[hl_ b \k_]^Z fh`_l gZclb \ g_c qlhgb[m^v bgl_j_kgh_
Ih k\hbf kdehgghklyf hgZ g_ ^_\qhgdZkhj\Zg_p Z kdhj__ ^hfhk_^dZ DZ`_lky \
gZklhys__\j_fyohq_lklZlvmqbl_e_f[bheh]bb?_]eZ\gh_m\e_q_gb_²\ujZsb\Zgb_
^hfZrgbo jZkl_gbc ?_ m\_j_gghklv \ agZgbb p_gghkl_c \gmlj_ggyy g_aZ\bkbfhklv
km`^_gbc b \hafh`gh mf_gb_ gZoh^blv h[sbc yaud kh fgh]bfb ex^vfb ihjh`^Zxl
\hijhkg_^_ckl\m_lebihij_`g_fmaZd\ZkdZm^h\e_l\hjbl_evgh]hhiulZb ^hklb`_gb_
\aZbfhihgbfZgbygZ]em[hdhfmjh\g_
;he__iha^gbodhff_glZjb_\h k_ZgkZoe_q_gbyihqlbg_lg_kqblZy\hafh`gh
hq_gv j_^dbo aZf_qZgbc h iZfylb beb dZdhceb[h b]j_ I_qZevgh_ ba\_klb_ h kf_jlb
^hdlhjZ <bggbdhllZ [ueh ijbg_k_gh kemqZcguf ihk_lbl_e_f b __ g_ihkj_^kl\_ggZy
j_Zdpby [ueZ kdjulZ \ khpbZevghc h[klZgh\d_ >hdlhj <bggbdhll hq_gv lhgdh
ih^]hlh\be __ d g_ba[_`ghklb k\h_c kf_jlb b hgZ k l_o ihj jZaZ ^\Z \kihfbgZeZ h[
wlhfaZgylbbdh]^Zwlh[uehd f_klm
>hdlhj<bggbdhllh[uqgh\_eaZibkb\h\j_fyk_Zgkh\b =Z[jb_eZ^mfZeZqlh
hg ibr_l k\hx Z\lh[bh]jZnbx b hgZ dZdbflh h[jZahf \ g_c mqZkl\m_l Hg [u\Zeh
ibkZeZ yb]jZeZ
Dh]^Zk g_ch[km`^Zeky\hijhkh \hafh`ghklbhim[ebdh\Zgby^Zggh]hfZl_jbZeZ
dhlhjuchgZg_\b^_eZ=Z[jb_eZkgZqZeZdhe_[ZeZkvghihlhfih^mfZeZqlhfh`_l
[ulv wlh [m^_l ihe_agh ^jm]bf ² b gZ^h gZ^_ylvky wlh ^_ckl\bl_evgh lZd ² b ^ZeZ
k\h_kh]eZkb_
]