Download as pdf or txt
Download as pdf or txt
You are on page 1of 9

LfUXiW]Xc XY ]b[ vg U YgdUxc % kkk cb ]bYXcWhfUbg Uhcf Wca

J=NAK9J
=F>=JE=<9< AF>=;;AGK9

;cfh]WcghYfc]XYg dUfU F9; ]bZ iYbnU m


;GNA<%)12 sWiubXc Wyac m VYbYZ]W]cg
c XUxcg7
A[bUW]c EUfhwb DcYW Yg) , -m 9bhcb]c LcffYg ,-

9Z] ]UW]cbYg2)Gf[Ub]nUW]yb Ei h]X]gW]d ]bUf]U XY AbjYgh][UW]yb Yb ;i]XUXcg AbhYbg]jcg EA;JG# <YdUfhUaYbhc XY EYX]W]bU XY
;i]XUXcg AbhYbg]jcg @cgd]hU Mb]jYfg]hUf]c XY Kh BUaYg <iV wb Af UbXU ;Ybhfc Lf]b]hm XY ;]YbW]Ug XY U KU iX <iV wb Af UbXU
@cgd]hU ; wb]W A<A:9HK Mb]jYfg]XUX XY :UfWY cbU :UfWY cbU =gdUxU ,Mb]jYfg]XUX XY :UfWY cbU :UfWY cbU =gdUxU
-;A:=JYg :UfWY cbU =gdUxU

;cffYgdcbXYbW]U2A[bUW]c EUfh]b%DcYW Yg <YdUfhUaYbhc XY EYX]W]bU AbhYbg]jU Kh BUaYg g @cgd]hU Kh BUaYg KhfYYh <iV wb 0
Af UbXU ;cffYc Y YWhfyb]Wc2 XfaUfh]b cYW Yg8[aU] Wca

8=JKdiV ]WUW]cbYg
DUg X]fYWhf]WYg A<K9'9LK XY ()1 diV ]WUXUg fYW]YbhYaYbhY fYWcaYbXUVUb Y igc XY Wcfh]WcghYfc]XYg Yb Y WUgc XY dUW]YbhYg
cgd]hU ]nUXcg Wcb g cW gvdh]Wc fYZfUWhUf]c U jUgcdfYgcfYg m fYUb]aUW]yb Wcb wei]Xcg hhdg2''V]h m' 1YPa (

;]hY YghY UfhwWi c Wcac2EUfh]b%DcYW Yg A LcffYg 9 ;cfh]Wc]XYg dUfU F9; ]bZ iYbnU m ;GNA<%)12 sWiubXc Wyac
m VYbYZ]W]cg c dYf i]W]cg7=if JYgd]fJYj ( )3 (2 (( ,. S hhdg2''Xc] cf[')( ))0 ').(((.)/ ( ,.% ( (T

9:KLJ9;LG
GV Yh]jc2Dcg Wcfh]WcghYfc]XYg gY Ub Wcbg]XYfUXc Yb aYX]W]bU XifUbhY aiW c h]Yadc m gY fYWYhUb
Uad ]UaYbhY =b Ug YbZYfaYXUXYg ]bZYWW]cgUg cg Wcfh]Wc]XYg gY Ub Wcbg]XYfUXc ib ] c WcbXiWhcf XYV]Xc U
gig YZYWhcg ]baibcgidfYgcfYg m dcf hUbhc U gig dfcd]YXUXYg Ubh]]bZ UaUhcf]Ug
Hf]bW]dU 2=b cg h]acg Uxcg gY Ub diV ]WUXc jUf]cg YghiX]cg Wimc cV Yh]jc Yg XYhYfa]bUf Y dUdY XY
cg Wcfh]WcghYfc]XYg Yb dUW]YbhYg Wcb bYiacbwU UXei]f]XU Yb U Wcaib]XUX F9;# dcfeiY U dYgUf XY
cg UjUbWYg g][b]Z]WUh]jcg Yb biYjcg Ubh]V]yh]Wcg m Wi]XUXcg XY Udcmc Ug aiYfhYg XY dUW]YbhYg Wcb
F9; g][iYb g]YbXc ]bUWYdhUV YaYbhY U hUg K] V]Yb Ug dUihUg ;9H XY U KcW]YXUX =ghUXcib]XYbgY XY
=bZYfaYXUXYg AbZYWW]cgUg A<K9#'KcW]YXUX 9aYf]WUbU LcfuW]WU 9LK# XY ((/ bc aYbW]cbUfcb Y igc XY
Wcfh]WcghYfc]XYg Yb Y hfUhUa]Ybhc XY U F9; Ug dUihUg A<K9'9LK XY ()1 diV ]WUXUg fYW]YbhYaYbhY
fYWcaYbXUfcb gi igc Yb dUW]YbhYg Wcb g cW gvdh]Wc fYZfUWhUf]c U jUgcdfYgcfYg m fYUb]aUW]yb Wcb
wei]Xcg =b WiUbhc U U ]bZYWW]yb j]fU Y igc XY Wcfh]WcghYfc]XYg Yb dUW]YbhYg Wcb ]bZ iYbnU U
XYacghfUXc YghUf UgcW]UXc Wcb ibU acfhU ]XUX g][b]Z]WUh]jUaYbhY aUmcf m ibU aUmcf ]bW]XYbW]U XY
]bZYWW]yb bcgcWca]U
;cbW ig]cbYg2= igc XY Wcfh]WcghYfc]XYg gY U Wcbg]XYfUXc Wcac ibU dcg]V Y U hYfbUh]jU XY hfUhUa]Ybhc WcUXmijUbhY
Yb dUW]YbhYg Wcb bYiacbwU =b dUW]YbhYg Wcb ;GNA<%)1 U Yj]XYbW]U Yg VUghUbhY gy ]XU m Yl]ghY ib W Ufc VYbYZ]W]c XY
igc XY Wcfh]WcghYfc]XYg Yb UeiY cg dUW]YbhYg eiY dfYgYbhUb ZcfaUg [fUjYg XY U YbZYfaYXUX

AbhfcXiWW]yb
Dcg Wcfh]WcghYfc]XYg gcb ibc XY Ygcg [fidcg XY aYX]WUaYbhcg eiY gY Wcbg]XYfUb Yb aYX]W]bU XYgXY UWY aiW c h]Yadc m gY
fYWYhUb Uad ]UaYbhY =b Ug YbZYfaYXUXYg ]bZYWW]cgUg cg Wcfh]Wc]XYg gY Ub Wcbg]XYfUXc Wcac ib ] c WcbXiWhcf XYV]Xc U
gig YZYWhcg ]baibcgidfYgcfYg m dcf hUbhc U gig dfcd]YXUXYg Ubh]]bZ UaUhcf]Ug @Ub XYacghfUXc ib VYbYZ]W]c gy c Yb
XYhYfa]bUXUg Ybh]XUXYg Wcac U aYb]b[]h]g VUWhYf]UbU m hiVYfWi cgU Y hvhUbcg c U bYiacbwU dcf HbYiacWmgh]g Wcb
]dclYa]U XY acXYfUXU U [fUjY S)T

EYWUb]gac XY UWW]yb
<YgXY gi XYgWiVf]a]Ybhc Yb )1,( cg Wcfh]WcghYfc]XYg gY Ub ih] ]nUXc Uad ]UaYbhY df]bW]dU aYbhY dUfU Wcbhfc Uf U
]bZ UaUW]yb Yb Y hfUhUa]Ybhc XY YbZYfaYXUXYg Uihc]baibYg W]Yfhcg h]dcg XY YiWYa]U m Yb fY[waYbYg ]baibcgidfYgcfYg

HfcWYXYbW]U2 UfhwWi c YbWUf[UXc fYj]gUXc dcf dUfYg

JYW]V]Xc2 0 XY cWhiVfY XY ( ( o 9WYdhUXc2 XY X]W]YaVfY XY ( (

pDcg UihcfYg ( ) =ghU jYfg]yb gY X]ghf]VimY VU c cg hvfa]bcg XY U D]WYbW]U Fc ;caYfW]U ;fYUh]jY ;caacbg 9hhf]Vih]cb , (
HUfU XYfYW cg m dYfa]gcg XY fYdfcXiWW]yb WcaYfW]U WcaibweiYgY Wcb dYfa]gcg8YfgbYh cf[

hhdg2''Xc] cf[')( ))0 ').(((.)/ ( ,.% ( ( =ifc JYgd]f JYj ( )3 (2 (( ,.


=F>=JE=<9<=K AF>=;;AGK9K o A E9JLAF%DG=;@=K Q 9 LGJJ=K

XYgdivg XY hfUgd UbhY XY yf[Ubcg DU fYgdiYghU ]bZ UaUhcf]U XY ivgdYX cWiffY ]baYX]UhUaYbhY XYgdivg XY ibU ]bZYWW]yb
Wcac aYWUb]gac XY XYZYbgU df]aUf]c dUfU fYghUifUf U caYcghUg]g ]baibY Wcb U Y ]a]bUW]yb XY U[YbhY ]bZYWW]cgc m
Z]bU aYbhY aYX]UbhY U fYdUfUW]yb XY hY ]Xc S T Mb YghiX]c YldYf]aYbhU XYacghfy eiY cg Wcfh]WcghYfc]XYg X]ga]bimYb U
fYgdiYghU ]bZ UaUhcf]U di acbUf m U WUf[U VUWhYf]UbU di acbUf WcbZ]faUbXc cg fYgi hUXcg cVhYb]Xcg aYX]UbhY ]b j]hfc
]bjYgh][UW]cbYg S T Dcg Wcfh]WcghYfc]XYg Yghub dfcZibXUaYbhY ]bjc iWfUXcg Yb cg YjYbhcg ]b]W]U Yg XY U fYgdiYghU
]bZ UaUhcf]U ]bhYfj]b]YbXc Yb U fYgc iW]yb XY U ]bZ UaUW]yb Dcg Wcfh]WcghYfc]XYg diYXYb ]b ]V]f U jUgcX] UhUW]yb UiaYbhUf U
dYfaYUV] ]XUX WUd] Uf fYgdiYghU iacfU # m U Ya][fUW]yb XY YiWcW]hcg U cg hY ]Xcg Yg]cbUXcg fYgdiYghU WY i Uf#
=gdYWwZ]WUaYbhY Yb U hYfUd]U Wcb [ iWcWcfh]Wc]XYg Yb Xcg]g U hUg Yl]ghY ib f]Yg[c ]baYX]Uhc XY ]bZYWW]yb XYV]Xc U cg YZYWhcg
]b ]V]XcfYg gcVfY U ZibW]yb XY Ug Wv i Ug ZU[cWwh]WUg DU aUmcfwU XY Ug UWW]cbYg ]baibcgidfYgcfUg m Ubh]]bZ UaUhcf]Ug XY cg
Wcfh]WcghYfc]XYg Yghub fY UW]cbUXUg Wcb Y fYWYdhcf XY [ iWcWcfh]Wc]XYg dUfU ]b ]V]f U UWh]j]XUX XY fY[i UXcfYg
hfUbgWf]dW]cbU Yg W UjY XY [YbYg dfc]bZ UaUhcf]cg ]bW i]Xc Y F>% : Yb cg YiWcW]hcg 9XYaug cg Wcfh]WcghYfc]XYg fY[i Ub U
hfUbgWf]dW]yb XY [YbYg XY YZYWhcfYg dfc]bZ UaUhcf]cg Wcac Ug W]hcW]bUg ei]a]cW]bUg m ac vWi Ug XY UX Yg]yb WY i Uf eiY
dUfh]W]dUb Yb U fYgdiYghU ]bZ UaUhcf]U XY ivgdYX DU fY[i UW]yb bY[Uh]jU XY U fYgdiYghU ]bZ UaUhcf]U g]ghva]WU Yb dUW]YbhYg
Wcb bYiacbwU UXei]f]XU Yb U Wcaib]XUX F9;# [fUjY diYXY aY cfUf Y Wifgc W wb]Wc m dchYbW]U aYbhY X]ga]bi]f Y XYgUffc c
XY gwbXfcaY XY X]Z]Wi hUX fYgd]fUhcf]U U[iXU K<J9# U gYdg]g m U acfhU ]XUX Yb YghU dcV UW]yb S,T

;cfh]WcghYfc]XYg Yb F9;
= igc XY Wcfh]Wc]XYg U g]Xc aim fY YjUbhY Yb dUW]YbhYg Wcb ]bgiZ]W]YbW]U fYgd]fUhcf]U U[iXU XYZ]b]XU dcf ibU hYbg]yb UfhYf]U
XY clw[Ybc H9?Uc# XY 40 ( HU .( aa@[# ibU hYbg]yb UfhYf]U XY X]yl]Xc XY WUfVcbc XY 6. ( HU ,- aa@[# c UaVUg S-T Dcg
dUW]YbhYg Wcb F9; diYXYb YldYf]aYbhUf ZcfaUg [fUjYg XY YbZYfaYXUX UgcW]UXUg Wcb ]bgiZ]W]YbW]U fYgd]fUhcf]U U[iXU eiY
fYei]YfYb U hUg WcbWYbhfUW]cbYg XY clw[Ybc gid YaYbhUf]c Wubi U bUgU XY U hc Z i c c jYbh] UW]yb aYWub]WU ]bjUg]jU 9XYaug
U F9; Yg ibU WUigU Wca b XY g cW gvdh]Wc =b ib YbgUmc Wcbhfc UXc U YUhcf]c =;9# fYW]YbhY eiY ]bW imy dUW]YbhYg Wcb g cW
gvdh]Wc UghU Y ,. XY cg dUW]YbhYg hYbwUb F9; S.T =b cg h]acg Uxcg gY Ub diV ]WUXc jUf]cg YghiX]cg eiY hij]Yfcb Wcac
cV Yh]jc XYhYfa]bUf Y dUdY XY cg Wcfh]WcghYfc]XYg Yb dUW]YbhYg Wcb F9; KY fYU ]nUb YghiX]cg Wcb Wcfh]WcghYfc]XYg Yb F9;
dcfeiY U dYgUf XY UjUbWYg g][b]Z]WUh]jcg Yb biYjcg Ubh]V]yh]Wcg m Wi]XUXcg XY Udcmc U aiYfhY XY dUW]YbhYg Wcb F9; g][iY
g]YbXc ]bUWYdhUV YaYbhY U hU ), / dcf )((((( UV]hUbhYg gY[ b cg ;Ybhfcg dUfU Y ;cbhfc m U HfYjYbW]yb XY =bZYfaYXUXYg#
DU bYiacbwU Yg U WUigU aug Wca b XY acfhU ]XUX fY UW]cbUXU Wcb ]bZYWW]cbYg m g][iY g]YbXc ibU XY Ug df]bW]dU Yg WUigUg XY
aiYfhY bc gy c Yb cg dUwgYg cWW]XYbhU Yg g]bc hUaV]vb Yb cg dUwgYg XY ]b[fYgcg VU cg m aYX]cg S/ 0T

= igc XY Wcfh]WcghYfc]XYg Yb YbgUmcg W wb]Wcg XY ;9H Wcac Wcad YaYbhc XY cg Ubh]V]yh]Wcg gY fYacbhU U .( Uxcg =g
]adcfhUbhY X]gh]b[i]f U F9; XY U F9; [fUjY <YZ]b]f U F9; [fUjY Yg ibU hUfYU X]ZwW] m Ug X]fYWhf]WYg dUfU U F9; XY U
KcW]YXUX =ghUXcib]XYbgY XY =bZYfaYXUXYg AbZYWW]cgUg A<K9# m U KcW]YXUX LcfuW]WU 9aYf]WUbU 9LK# XYZ]b]Yfcb eiY U
bYWYg]XUX XY jYbh] UW]yb aYWub]WU ]bjUg]jU c Y ]b[fYgc X]fYWhc U U ib]XUX XY Wi]XUXcg ]bhYbg]jcg M;A# Wcbgh]himYb Wf]hYf]cg
]adcfhUbhYg dUfU U F9; [fUjY F9; [fUjY S1T K] V]Yb Ug X]fYWhf]WYg A<K9'9LK ;9H XY ((/ bc aYbW]cbUfcb Y igc XY
Wcfh]WcghYfc]XYg Yb Y hfUhUa]Ybhc XY U F9; S)(T Ug X]fYWhf]WYg A<K9'9LK XY ()1 diV ]WUXUg fYW]YbhYaYbhY fYWcaYbXUfcb gi
igc Yb dUW]YbhYg Wcb g cW gvdh]Wc fYZfUWhUf]c U jUgcdfYgcfYg m fYUb]aUW]yb Wcb wei]Xcg S))T Mbc XY cg df]aYfcg YbgUmcg
eiY [YbYfy ]dyhYg]g dUfU U F9; [fUjY gY diV ]Wy Yb ((- ]bZcfaUf cg VYbYZ]W]cg XY U ]XfcWcfh]gcbU Yb YghY giV[fidc XY
dUW]YbhYg3 g]b YaVUf[c Ug dfYcWidUW]cbYg ZiYfcb [fUbXYg XYV]Xc U dYeiYxc hUaUxc XY U aiYghfU m U ( XY acfhU ]XUX Yb
Y [fidc XY hfUhUa]Ybhc S) T <Ygdivg XY YghY YghiX]c gY diV ]WUfcb jUf]Ug fYj]g]cbYg g]ghYauh]WUg m aYhUbu ]g]g Wcb
fYWcaYbXUW]cbYg aim Uad ]Ug XYgXY b]b[ b VYbYZ]W]c XY igc XY Wcfh]WcghYfc]XYg Yb dUW]YbhYg Wcb F9; S) T ]bW imYbXc gig
ZcfaUg [fUjYg UghU Yj]XYbW]U XY WU ]XUX acXYfUXU S),T m XUhcg ]a]hUXcg gi[]f]Yfcb eiY cg Wcfh]WcghYfc]XYg fYXiWYb U
acfhU ]XUX m UWcfhUb U XifUW]yb XY U YghUbW]U cgd]hU Uf]U Yb WUgc XY F9; [fUjY S)-T hUV U )#

HfcVUV YaYbhY ibc XY cg WUaV]cg Yb Y dUbcfUaU XY cg YbgUmcg W wb]Wcg eiY YjU Ub Y igc XY Wcfh]WcghYfc]XYg ZiY
Y =;9 diV ]WUXc dcf L GJJ=KYh U Yb ()- S T =b YghY YghiX]c gY WcadUfy U dUW]YbhYg Wcb F9; [fUjY eiY fYW]VwUb
aYh] dfYXb]gc cbU ( - a[r [ Xcg jYWYg U XwU XifUbhY - XwUg#jYfgig d UWYVc =b YghY YghiX]c gc c cg dUW]YbhYg Wcb
F9; [fUjY m ibU fYgdiYghU ]bZ UaUhcf]U U hU XYZ]b]XU Wcac ib b]jY XY dfchYwbU ; fYUWh]jU 6)-( a[rD U ]b[fYgc#
ZiYfcb fYW ihUXcg Fc iVc X]ZYfYbW]Ug Yb U acfhU ]XUX cgd]hU Uf]U dYfc iVc aYbcg ZfUWUgc XY hfUhUa]Ybhc YbhfY
cg dUW]YbhYg XY [fidc XY aYh] dfYXb]gc cbU m dcf c hUbhc Y hfUhUa]Ybhc Wcb Wcfh]WcghYfc]XYg fYXi c Y f]Yg[c XY
ZfUWUgc XY hfUhUa]Ybhc GJ ( ,3 A; XY 1- 2 ( ), U ( 0/3 d 5 ( ( # Mb YghiX]c aim YlhYbgc ZiY diV ]WUXc YgY a]gac
Uxc dcf : DMEYh U S ,T =b YghY =;9 /0- dUW]YbhYg cgd]hU ]nUXcg Wcb F9; ZiYfcb U YUhcf]nUXcg dUfU fYW]V]f -( a[ XY
dfYXb]gcbU cfU c d UWYVc ibU jYn U XwU XifUbhY / XwUg KY YbWcbhfy ib h]Yadc aug Wcfhc UghU U YghUV] ]XUX W wb]WU
Wcb dfYXb]gcbU eiY Wcb d UWYVc (jYfgig, , XwUg#3 g]b YaVUf[c bc iVc X]ZYfYbW]Ug Yb U acfhU ]XUX m U
]dYf[ iWYa]U m Y igc XY ]bgi ]bU ZiYfcb g][b]Z]WUh]jUaYbhY aUmcfYg Yb Y [fidc XY Wcfh]WcghYfc]XYg

LfUg YghY YghiX]c gY diV ]WUfcb jUf]cg aYhUbu ]g]g g]YbXc YgdYW]U aYbhY ]bhYfYgUbhYg cg fYU ]nUXcg dcf K
W UffubYh U S (T :f]Y Yh U S )T B A9F?Yh U S T m @M9F?Yh U S -T KW UffubYh U S (T fYU ]ny ibU fYj]g]yb
g]ghYauh]WU m ib aYhUbu ]g]g Wcb U VUgY XY XUhcg ;cW fUbY Yb ()/ ]bW i]Xcg )/ =;9 eiY WcadfYbXYb ib

hhdg2''Xc] cf[')( ))0 ').(((.)/ ( ,.% ( (


=F>=JE=<9<=K AF>=;;AGK9K o A E9JLAF%DG=;@=K Q 9 LGJJ=K

L9:D9 )JYj]g]yb g]ghYauh]WU m aYhUbu ]g]g XY igc XY Wcfh]WcghYfc]XYg Yb dUW]YbhYg Wcb bYiacbwU UXei]f]XU Yb U Wcaib]XUX F9;#

9ihcf Uxc
SfYZYfYbW]UT h]dc XY dUW]YbhY HUW]YbhYg =;9 JYWcaYbXUW]cbYg

KA=EHGK ((0 S).T F9; Wcb WiU ei]Yf [fUjYXUX gy c gY )01 , Dcg XUhcg ]a]hUXcg gi[]YfYb eiY Y hfUhUa]Ybhc Wcb Wcfh]WcghYfc]XYg fYXiWY U
]bW imYfcb YghiX]cg dUfU F9; [fUjY# acfhU ]XUX m UWcfhU U XifUW]yb XY U YghUbW]U cgd]hU Uf]U Yb WUgc XY F9; [fUjY
YbWcbhfy#

K9DDM@ ()( S) T ; H9; [fUjY ,)- Fc fYWcaYbXUf Wcfh]WcghYfc]XYg dUfU F9; [fUjY Dcg
?9DDAF9 ()) S)/T ;iU ei]Yf h]dc XY bYiacbwU , / . Wcfh]WcghYfc]XYg [YbYfU aYbhY gcb VYbYZ]W]cgcg dUfU U bYiacbwU
]bW i]XUg Ug bcgcWca]U Yg m >U hU Yj]XYbW]U dUfU UWYf fYWcaYbXUW]cbYg
bYiacbwU ]bZUbh]
bcfhY=K <=;AJ () S)0T F9; Wcb WiU ei]Yf [fUjYXUX )(() 1 =b [YbYfU bc gY fYWca]YbXUb cg Wcfh]WcghYfc]XYg dUfU U F9;3 g]b
YaVUf[c Yg dcg]V Y eiY cg Wcfh]WcghYfc]XYg fYXinWUb U acfhU ]XUX dcf
F9; [fUjY m eiY Y hfUhUa]Ybhc Wcb Wcfh]WcghYfc]XYg 6. XwUg
diYXY gYf aug VYbYZ]W]cgc eiY - XwUg DU Yj]XYbW]U
;@=F? (), S)-T H9; [fUjY ., , ]a]hUXU gi[]YfY eiY Y hfUhUa]Ybhc Wcb Wcfh]WcghYfc]XYg
fYXiWY U acfhU ]XUX dcf F9; [fUjY Dcg
K@9>AI () S),T ;9H eiY fYei]YfY ]b[fYgc )))1 0 Wcfh]WcghYfc]XYg UWcfhUb U XifUW]yb XY U YghUbW]U cgd]hU Uf]U
Dcg Wcfh]WcghYfc]XYg bc fYXiWYb U acfhU ]XUX Dcg
GJAL9 ()- S)1T ;9H eiY fYei]YfY ]b[fYgc )/0( )( Wcfh]WcghYfc]XYg UWcfhUb U XifUW]yb XY U YghUbW]U cgd]hU Uf]U Yb U F9; Dcg
Wcfh]WcghYfc]XYg UWcfhUb U XifUW]yb XY U YghUV] ]XUX W wb]WU Yb U F9;
Dcg Wcfh]WcghYfc]XYg fYXiWYb U acfhU ]XUX dcf F9; Yb U M;A
;cfh]WcghYfc]XYg . XwUg bc Yg aug YZYWh]jc Dcg Wcfh]WcghYfc]XYg
KW Uffub ()/ S (T ;iU ei]Yf h]dc XY bYiacbwU ., )/ fYXiWYb U acfhU ]XUX m U acfV] ]XUX Yb UXi hcg
]bW i]XUg Ug bcgcWca]U Yg m Wcb F9; [fUjY
bYiacbwU ]bZUbh] Dcg Wcfh]WcghYfc]XYg fYXi Yfcb U acfV] ]XUX dYfc bc U acfhU ]XUX dcf
UXi hcg m b]xcg Wcb F9; bc [fUjY Dcg
Wcfh]WcghYfc]XYg gY UgcW]Ufcb Wcb aug YjYbhcg UXjYfgcg
YgdYW]U aYbhY ]dYf[ iWYa]U
:f]Y ()0 S )T DU H9; Yb =ifcdU YbhfY ((( )-(. ]bX]j]XiU . = hfUhUa]Ybhc Wcb Wcfh]WcghYfc]XYg UWcfhU Y h]Yadc UghU U YghUV] ]XUX W wb]WU
m (), Ubu ]g]g XY cg XUhcg# m XifUW]yb XY U YghUbW]U cgd]hU Uf]U = hfUhUa]Ybhc
Wcb Wcfh]WcghYfc]XYg bc fYXiWY U acfhU ]XUX
Dcg Wcfh]WcghYfc]XYg UiaYbhUb Y f]Yg[c XY Wcad ]WUW]cbYg fY UW]cbUXUg Wcb U F9;

fY cgd]hU ]nUW]yb Y ]dYf[ iWYa]U Dcg Wcfh]WcghYfc]XYg


A9F? ()1 S T H9; [fUjY ..- )( X]ga]bimYfcb U acfhU ]XUX dcf hcXUg Ug WUigUg U ]bW]XYbW]U XY
; ceiY gvdh]Wc m bYWYg]XUX XY jYbh] UW]yb aYWub]WU
<cg]g VU U 0. a[rXwU # igc dfc cb[UXc 6- XwUg# XY Wcfh]WcghYfc]XYg
Yb acXc dcgc y[]Wc XY ibU Xcg]g XY aUbhYb]a]Ybhc XYgdivg
KY diYXY fYWcaYbXUf ib Vc c Wcac fv[]aYb dfYZYf]Xc

Dcg XUhcg gY dfYgYbhUb Wcac b =;92 YbgUmc Wcbhfc UXc U YUhcf]c3 Mb]XUX XY Wi]XUXcg ]bhYbg]jcg

Wcb ib hchU XY ., dUfh]W]dUbhYg m YbWcbhfy eiY cg Wcfh]WcghYfc]XYg XYacghfUfcb fYXiW]f U acfhU ]XUX Yb UXi hcg Wcb F9;
[fUjY dYfc bc hij]Yfcb VYbYZ]W]cg g][b]Z]WUh]jcg Yb Ug ZcfaUg bc [fUjYg 9XYaug YghY aYhUbu ]g]g YbWcbhfy eiY Ug hUgUg XY
ZfUWUgc W wb]Wc hYadfUbc gY fYXi Yfcb g][b]Z]WUh]jUaYbhY Wcb Wcfh]WcghYfc]XYg Yb dYfgcbUg Wcb bYiacbwU [fUjY m bc [fUjY m
eiY cg Wcfh]WcghYfc]XYg fYXi Yfcb Y h]Yadc UghU U WifUW]yb W wb]WU U XifUW]yb XY Ug YghUbW]Ug cgd]hU Uf]Ug m Yb U M;A m Y
XYgUffc c XY ]bgiZ]W]YbW]U fYgd]fUhcf]U c g cW bc dfYgYbhYg Yb Y acaYbhc ]b]W]c XY U bYiacbwU ;if]cgUaYbhY b]b[ibc XY
cg YbgUmcg Yb UXi hcg ]bW i]Xcg Yb YghU diV ]WUW]yb fYghf]b[]y U ]bW ig]yb U U Yh]c c[wU VUWhYf]UbU c j]fU m b]b[ibc ]bZcfay
XUhcg XY fYgi hUXcg fY YjUbhYg dcf dUhy[Ybc =ghc dcXfwU hYbYf ]ad ]WUW]cbYg ]adcfhUbhYg mU eiY U fYgdiYghU ]bZ UaUhcf]U m U
dfYgYbhUW]yb fUX]c[fuZ]WU WUigUXU dcf ibU bYiacbwU VUWhYf]UbU diYXYb gYf X]ZYfYbhYg U U WUigUXU dcf ib j]fig =ghY U Un[c
gY U ]bZcfaUXc gy c Yb b]xcg S .T DU fYj]g]yb g]ghYauh]WU m Y aYhUbu ]g]g fYU ]nUXc Yb ()0 dcf :f]Y Yh U S )T ZiY aim
]bhYfYgUbhY mU eiY ]bW iwU XUhcg XY dUW]YbhYg ]bX]j]XiU Yg Dcg UihcfYg ]bW imYfcb ) -(. dUW]YbhYg ]bX]j]XiU Yg Yb gY]g YbgUmcg
m bc iVc X]ZYfYbW]Ug Yb U acfhU ]XUX dcf hcXUg Ug WUigUg U cg ( XwUg Wcbg]XYfUbXc eiY U acfhU ]XUX ZiY VUghUbhY VU U
- ( jYfgig- 1 XY aiYfhYg Yb cg [fidcg XY Wcfh]WcghYfc]XYg m Yb cg [fidcg XY d UWYVc fYgdYWh]jUaYbhY# = U Un[c aug
]bhf][UbhY ZiY eiY Y igc XY Wcfh]WcghYfc]XYg Wcad YaYbhUf]cg fYXi c Y h]Yadc UghU U YghUV] ]XUX W wb]WU m U XifUW]yb XY U
YghUbW]U cgd]hU Uf]U Yb ) XwU dYfc Wcb ib aUmcf f]Yg[c XY fY cgd]hU ]nUW]yb Y ]dYf[ iWYa]U fY UW]cbUXUg Wcb U F9;
>]bU aYbhY Yb ()1 BA9F?Yh U S T YbWcbhfy eiY Ug Xcg]g VU Ug 0. a[ XY dfYXb]gcbU# m Y igc dfc cb[UXc 6- XwUg# XY
Wcfh]WcghYfc]XYg Yb acXc dcgc y[]Wc XY ibU Xcg]g XY aUbhYb]a]Ybhc XYgdivg XY ib Vc c cVhij]Yfcb aY cfYg fYgi hUXcg Yb
aiYfhY U hfUjvg XY Ubu ]g]g XY giV[fidcg =b WiUbhc U h]dc XY Wcfh]Wc]XYg @M9F?Yh U S -T YbWcbhfUfcb eiY U hYfUd]U Wcb
dfYXb]gc cbU c aYh] dfYXb]gc cbU fYXiWwU U acfhU ]XUX hchU a]YbhfUg eiY U ]XfcWcfh]gcbU bc

hhdg2''Xc] cf[')( ))0 ').(((.)/ ( ,.% ( (


=F>=JE=<9<=K AF>=;;AGK9K o A E9JLAF%DG=;@=K Q 9 LGJJ=K

Mb h]ac Y ]adcfhUbhY dibhc Yg eiY gY U ]bZcfaUXc eiY Y igc XY aUWfy ]Xcg aY cfU U gidYfj]jYbW]U Yb dUW]YbhYg
Wcb F9; [fUjY S / 0T =g V]Yb gUV]Xc eiY Y YZYWhc ]baibcacXi UXcf XY cg aUWfy ]Xcg m U WcaV]bUW]yb XY
aUWfy ]Xcg m Wcfh]WcghYfc]XYg diYXYb hYbYf ib YZYWhc giaUh]jc Fc Um aiW cg YghiX]cg diV ]WUXcg VUgUXcg Yb YghU
]dyhYg]g dYfc ;=;;9LGYh U S 1T fYU ]ny ibdcgh% cW9bu ]g]g Yld cfUhcf]c XY dUW]YbhYg ]bW i]Xcg Yb ib =;9 Wcb Y igc XY
Wcfh]WcghYfc]XYg Dcg UihcfYg bc YbWcbhfUfcb X]ZYfYbW]Ug g][b]Z]WUh]jUg Yb Y ZfUWUgc XY hfUhUa]Ybhc hYadfUbc c
hUfXwc# b] Yb U acfhU ]XUX cgd]hU Uf]U XYgdivg XY U ighUf dcf ZUWhcfYg XY WcbZig]yb XY [fUjYXUX ]bW i]XU U
[fUjYXUX Y h]Yadc m Y WYbhfc XY ]bgWf]dW]yb

HUdY XY cg j]fig Yb U H9;


=b cg UXi hcg Ug WUigUg j]fU Yg XY U F9; Yghub dcWc WUfUWhYf]nUXUg Mb YghiX]c ]ghyf]Wc XY B =FLJ=F9EA=FLGKYh U S (T
ih] ]nUfcb ibU Uad ]U [UaU XY dfiYVUg XY X]U[bygh]Wc j]fU Yb dUW]YbhYg UXi hcg ]b[fYgUXcg Wcb F9; XifUbhY ib
dYfwcXc XY ) Uxc Dcg UihcfYg YbWcbhfUfcb eiY gY U]g y ib j]fig Yb ib hYfW]c XY cg WUgcg g]YbXc cg f]bcj]fig m U
]bZ iYbnU 9 cg aug WcaibYg =b ibU fYj]g]yb g]ghYauh]WU fYW]YbhY gcVfY U Yh]c c[wU XY U F9; S )T gY YbWcbhfy eiY U
]bW]XYbW]U XY F9; VUWhYf]UbU U X]ga]bi]Xc3 g]b YaVUf[c ghYchcWcWcg bYiacb]Ug][iY g]YbXc U WUigU aug Wca b XY
F9; DU fUnyb XY YghU X]ga]biW]yb dfcVUV YaYbhY gY XYVU U eiY UWhiU aYbhY gY fYU ]nU ib X]U[bygh]Wc fih]bUf]c aug
g]ghYauh]Wc XY H;J dUfU j]fig =b fYgiaYb YghY aYhUbu ]g]g ]bZcfay eiY cg j]fig gY ]bZcfaUfcb Yb dfcaYX]c Yb )(
XY cg WUgcg dYfc YghiX]cg fYW]YbhYg VUgUXcg Yb H;J dcXfwUb U]g Uf ib j]fig fYgd]fUhcf]c Yb ( XY cg WUgcg XY
F9; Wcb hUgUg gighUbW]U Yg XY Wc]bZYWW]yb j]fU 'VUWhYf]UbU Fc Um XUhcg X]gdcb]V Yg gcVfY Y igc XY Wcfh]Wc]XYg Yb
dUW]YbhYg Wcb F9; m j]fig fYgd]fUhcf]cg dYfc gif[Y U dfY[ibhU XY g] Y igc XY Wcfh]Wc]XYg dcXfwU gYf VYbYZ]W]cgc Yb
F9; j]fU Yg YgdYW]U aYbhY Yb g]hiUW]cbYg XY dUbXYa]U =b Ug g][i]YbhYg gYWW]cbYg UbU ]nUacg Y dUdY XY cg
Wcfh]WcghYfc]XYg hUbhc Yb U ]bZ iYbnU Wcac Yb Y WcfcbUj]fig XY gwbXfcaY fYgd]fUhcf]c U[iXc gYjYfc K9JK%;cN% #

;cfh]WcghYfc]XYg Yb U ]bZ iYbnU


DU bYiacbwU [fUjY fY UW]cbUXU Wcb U ]bZ iYbnU m Y K<J9 gcb dfYgYbhUW]cbYg W wb]WUg [fUjYg Yb dUW]YbhYg Wcb ]bZ iYbnU
<YV]Xc U U U hU acfV] ]XUX m acfhU ]XUX cg Wcfh]WcghYfc]XYg gY Wcbg]XYfUfcb WcUXmijUbhYg dchYbW]U Yg Yb dUW]YbhYg Wcb
]bZ iYbnU YgdYW]U aYbhY UeiY cg Wcb Ug ZcfaUg aug [fUjYg Dcg YghiX]cg Yb Ub]aU Yg gi[]f]Yfcb eiY Y igc XY
Wcfh]WcghYfc]XYg dcXfwU aY cfUf U Yg]yb di acbUf Yb fUhcbYg ]bZYWhUXcg m aY cfUf U gidYfj]jYbW]U ]bXiW]XU dcf Y j]fig XY U
]bZ iYbnU 9 @)F)dXa(1# S T <YV]Xc U YghY aYWUb]gac dchYbW]U Y igc XY YghYfc]XYg gY U j]ghc Wcac ibU U hYfbUh]jU
dchYbW]U dUfU XYhYbYf U dfc[fYg]yb XY U YbZYfaYXUX m aY cfUf cg fYgi hUXcg W wb]Wcg

= df]aYf YghiX]c cVgYfjUW]cbU ai h]Wvbhf]Wc gY diV ]Wy Yb ()) Yb Y fY[]ghfc @)F) XY U KcW]YXUX =ifcdYU XY
EYX]W]bU XY ;i]XUXcg AbhYbg]jcg AbW imy U ( dUW]YbhYg Yb M;A XY hcXc Y aibXc Mbc XY cg U Un[cg aug
gcfdfYbXYbhYg ZiY eiY Y igc XY Wcfh]WcghYfc]XYg Y[y U .( m gY YbWcbhfy eiY Y igc XY Wcfh]WcghYfc]XYg bc
aY cfUVU U acfhU ]XUX Yb U M;A m gY UgcW]UVU Wcb ib aUmcf f]Yg[c XY bYiacbwU UXei]f]XU Yb Y cgd]hU S T
<Ygdivg XY YghY YghiX]c gY diV ]WUfcb chfcg eiY acghfUVUb cg a]gacg fYgi hUXcg Yb dUW]YbhYg Wcb ]bZ iYbnU 9
@)F)dXa(1# Yb ;cfYU S ,T >fUbW]U S -T m ;UbUXu S .T m Wcb bYiacbwU j]fU dcf ]bZ iYbnU 9 @/F1# Yb ; ]bU S /T
<Ygdivg XY Yghcg YghiX]cg iVc ibU ViYbU WUbh]XUX XY Yj]XYbW]U Yb WcbhfU XY igc fih]bUf]c XY YghYfc]XYg Yb
dUW]YbhYg Wcb ]bZ iYbnU Eug fYW]YbhYaYbhY Mb [fUb YghiX]c XY Wc cfhY XY dUW]YbhYg Wfwh]Wcg ]b[fYgUXcg Yb M;A Yb
=gdUxU YbWcbhfy eiY Y igc XY YghYfc]XYg hcXUjwU YfU dfYjU YbhY m gY fYWYhUVUb Yb Udfcl]aUXUaYbhY ib hYfW]c XY cg
dUW]YbhYg ]b[fYgUXcg Yb Ug ),0 M;A XY YghiX]c DU fY YjUbW]U XY YghY YghiX]c cVgYfjUW]cbU Yg eiY YbWcbhfy eiY Y
igc XY Wcfh]WcghYfc]XYg gY UgcW]y Wcb ibU aUmcf acfhU ]XUX Yb U M;A aYX]UbhY ib Ubu ]g]g XY dibhU Y XY dfcdYbg]yb
m XY f]Yg[cg WcadYh]h]jcg S 0T

<Ygdivg XY cg YghiX]cg cVgYfjUW]cbU Yg UbhYg aYbW]cbUXcg gY diV ]WUfcb jUf]cg aYhUbu ]g]g Mbc XY cg aYhUbu ]g]g aug
Uad ]cg ]bW imy )( YbgUmcg Yb cg eiY dUfh]W]dUfcb . -,0 dUW]YbhYg Wcb bYiacbwU [f]dU S 1T Dcg UihcfYg YbWcbhfUfcb eiY U
acfhU ]XUX ZiY aUmcf Yb cg dUW]YbhYg eiY fYW]V]Yfcb Wcfh]WcghYfc]XYg WcW]YbhY XY f]Yg[cg JJ# ) /- A; 1- ) ( . n5 /)3
d5( ((( # m gY cVgYfjUfcb fYgi hUXcg g]a] UfYg Yb Y Ubu ]g]g XY giV[fidcg XY dUW]YbhYg Wcb @)F) JJ ) .13 A; 1- ) )-% ,/
n5 .03 d5( ((/# Dcg Wcfh]WcghYfc]XYg bc hij]Yfcb YZYWhc Yb cg XwUg XY jYbh] UW]yb aYWub]WU cg dUW]YbhYg hij]Yfcb ibU YghUXwU
aug dfc cb[UXU Yb U M;A m U hUgU XY ]bZYWW]yb gYWibXUf]U ZiY aUmcf eiY Yb cg dUW]YbhYg eiY bc fYW]V]Yfcb Wcfh]WcghYfc]XYg
9XYaug ib aYhUbu ]g]g fYW]YbhY S,(T ]bW imy dUW]YbhYg g]b fYghf]WW]cbYg Yb WiUbhc U giVh]dc XY ]bZ iYbnU U YXUX XY dUW]YbhY
c Y Ybhcfbc XY YghiX]c m Wcb U [fUjYXUX Wcac Wf]hYf]c XY ]bW ig]yb2 K<J9 H9?Uc'ZfUWW]yb ]bgd]fUhcf]U XY clw[Ybc 4 ((
aa@[# m bYiacbwU [fUjY =b Y aYhUbu ]g]g gY ]bW imYfcb ib hchU XY )- YghiX]cg ., / dUW]YbhYg# m U ][iU eiY Yb Y YghiX]c
UbhYf]cf U hYfUd]U Wcb Wcfh]WcghYfc]XYg gY UgcW]y Wcb ibU acfhU ]XUX g][b]Z]WUh]jUaYbhY aUmcf m ibU ]bW]XYbW]U hfYg jYWYg
aUmcf XY ]bZYWW]yb bcgcWca]U

;cfh]WcghYfc]XYg Yb U YbZYfaYXUX dcf WcfcbUj]fig ()1


= VfchY XY K9JK%;cN% U UVfiaUXc cg g]ghYaUg gUb]hUf]cg XY hcXc Y aibXc Dcg dUW]YbhYg giY Yb dfYgYbhUf hcg m
Z]YVfY eiY dfc[fYgU U ]bgiZ]W]YbW]U fYgd]fUhcf]U U[iXU m K<J9 Wcb ]dclYa]U fYZfUWhUf]U S,) , T KY U XYgWiV]Yfhc
eiY Y K<J9 Yg U df]bW]dU WUigU XY aiYfhY Yb U YbZYfaYXUX dcf WcfcbUj]fig ()1 ;GNA<%)1# S, T m YbhfY Y - m Y
)( XY cg dUW]YbhYg hij]Yfcb Wc]bZYWW]yb VUWhYf]UbU'Z b[]WU XifUbhY Y ]b[fYgc cgd]hU Uf]c XYdYbX]YbXc XY igc XY
Ubh]V]yh]Wcg S,, ,- T <YgXY X]W]YaVfY XY ()1 U UV]Xc ,( 1 a] cbYg XY WUgcg WcbZ]faUXcg XY ;GNA<%)1 UghU

hhdg2''Xc] cf[')( ))0 ').(((.)/ ( ,.% ( ( ,


=F>=JE=<9<=K AF>=;;AGK9K o A E9JLAF%DG=;@=K Q 9 LGJJ=K

( XY cWhiVfY XY ( (# m gY Ub fYdcfhUXc ) a] cbYg XY aiYfhYg Yb hcXc Y aibXc S,.T = Wifgc W wb]Wc XY U ;GNA<%)1 U b
XYVY ]bjYgh][UfgY U ZcbXc m Um biYjcg XUhcg X]gdcb]V Yg eiY XYgWf]VYb U dUhc[vbYg]g XY U YbZYfaYXUX3 g]b YaVUf[c bc gY
U XYacghfUXc eiY b]b[ibU hYfUd]U ZUfaUWc y[]WU YgdYWwZ]WU gYU YZ]WUn

= aYWUb]gac dUhc y[]Wc XY j]fig Yg U hfUjvg XY U ]bjUg]yb XY Wv i Ug Yd]hY ]U Yg m U jYc UfYg eiY XYgYbWUXYbUb ibU
fYgdiYghU ]baibY Yb X]ZYfYbhYg Wv i Ug ]bW i]Xcg acbcW]hcg Wv i Ug L Wv i Ug : m Wv i Ug UgYg]bUg bUhifU Yg eiY
YjYbhiU aYbhY ]VYfUb W]hcW]bUg m ei]a]cW]bUg 9 b]jY cWU Um ibU a][fUW]yb aUg]jU XY Wv i Ug ]bZ UaUhcf]Ug UW]U
cg di acbYg m ibU fYgdiYghU ]baibY YlWYg]jU diYXY dfcjcWUf ib XUxc aUmcf U di ayb S,/T Dcg YghiX]cg XY
Uihcdg]U Ub YbWcbhfUXc eiY Ug Wv i Ug L Yghub ]dYfUWh]jUXUg Wcb U Y YjUW]yb XY L )/ m U U hU W]hchcl]W]XUX XY Ug
Wv i Ug L ;<0 diYXY Yld ]WUf U Yg]yb ]baibY [fUjY S,0T = V ceiYc XY U ]VYfUW]yb XY W]hcei]bUg m U gidfYg]yb m
XYZ]W]YbW]U XY U ]baib]XUX XY Ug Wv i Ug L diYXYb gYf cg df]bW]dU Yg aYWUb]gacg dchYbW]U Yg XY hfUhUa]Ybhc XY U
;GNA<%)1 [fUjY eiY diYXYb aY cfUfgY Wcb Y igc XY Wcfh]WcghYfc]XYg

9 Wca]Ybnc XY U dUbXYa]U U YZ]WUW]U m gY[if]XUX XY U hYfUd]U Wcb Wcfh]WcghYfc]XYg Yb ;GNA<%)1 bc YghUVU W UfU <YV]Xc U
U Un[cg dfYj]cg XY Y ]a]bUW]yb fYhUfXUXU XY 9JF j]fU XY hfUWhc fYgd]fUhcf]c Wcb Wcfh]WcghYfc]XYg Yb Y gwbXfcaY fYgd]fUhcf]c
XY Gf]YbhY EYX]c S,1T m Yb U gUb[fY Yb Y gwbXfcaY fYgd]fUhcf]c U[iXc gYjYfc K9JK# S-(T U ;UadUxU KcVfYj]j]YbXc U U
KYdg]g fYWcaYbXy WcbhfU Y igc fih]bUf]c XY Wcfh]WcghYfc]XYg g]ghva]Wcg Yb UXi hcg jYbh] UXcg aYWub]WUaYbhY Wcb ;GNA<%)1 Y
]bgiZ]W]YbW]U fYgd]fUhcf]U S-)T DU aUmcfwU XY Ug diV ]WUW]cbYg ZiYfcb YghiX]cg fYhfcgdYWh]jcg XY ib gc c WYbhfc S- - T KY
UXa]b]ghfUfcb Wcfh]WcghYfc]XYg U ibc XY WUXU W]bWc dUW]YbhYg 9 [ibcg UihcfYg ]bZcfaUfcb ViYbcg fYgi hUXcg W wb]Wcg Wcb Y
igc XY YghYfc]XYg Yb hvfa]bcg XY gwbhcaUg W wb]Wcg m cl][YbUW]yb S-,T XifUW]yb fYXiW]XU XY cgd]hU ]nUW]yb m YghUbW]U Yb U M;A
S--T m X]ga]biW]yb XY f]Yg[c XY aiYfhY dUfU dYfgcbUg Wcb ;GNA<%)1 Wcb K<J9 S-.T3 g]b YaVUf[c Yb U aUmcfwU XY cg
dUW]YbhYg ]bW i]Xcg Yb Yghcg df]aYfcg YbgUmcg U hUgU XY acfhU ]XUX Yb Y [fidc Wcb Wcfh]WcghYfc]XYg ZiY aUmcf eiY Yb Y
[fidc g]b Wcfh]WcghYfc]XYg m gY ]bZcfay eiY cg dUW]YbhYg Wcb YbZYfaYXUX [fUjY fYW]V]Yfcb aug Wcfh]WcghYfc]XYg eiY UeiY cg
Wcb YbZYfaYXUX bc [fUjY S,/T

DU df]aYfU dfY]adfYg]yb XY YbgUmc J=;GN=JQ =jU iUW]yb U YUhcf]U XY U hYfUd]U ;GNA<%)1# gY diV ]Wy Y XY ib]c
XY ( ( S-/T Wcac ib ]bZcfaY dfY ]a]bUf eiY YjU U Y igc XY XYlUaYhUgcbU Yb dUW]YbhYg cgd]hU ]nUXcg Wcb
;GNA<%)1 S-0T KY fYW ihUfcb aug XY . ((( dUW]YbhYg )(, dUW]YbhYg ZiYfcb Ug][bUXcg dUfU fYW]V]f XYlUaYhUgcbU# m
Y igc XY XYlUaYhUgcbU X]c i[Uf U ibU aYbcf acfhU ]XUX U cg 0 XwUg YbhfY UeiY cg eiY dfYgYbhUVUb ibU
YbZYfaYXUX aug [fUjY aUb]ZYghUXU U fYW]V]f jYbh] UW]yb aYWub]WU ]bjUg]jU i clw[Ybc gc c Fc gY cVgYfjUfcb
X]ZYfYbW]Ug YbhfY UeiY cg eiY bc fYW]V]Yfcb Ug]ghYbW]U fYgd]fUhcf]U K]b YaVUf[c YghY YghiX]c bc UbU ]ny jU cfYg XY
UVcfUhcf]c WUf[U j]fU YhW hijc ib X]gYxc UV]Yfhc Y ]bW imy hcXc h]dc XY dUW]YbhYg Wfwh]Wcg m bc Wfwh]Wcg# Wcb ibU hUgU
XY acfhU ]XUX gighUbW]U aYbhY U hU 6 ( Yb UaVcg VfUncg ]bW i]Xcg cg dUW]YbhYg bc Wfwh]Wcg Yg YlhfYaUXUaYbhY
U hc# <Ygdivg XY YghY YghiX]c gY diV ]WUfcb Xcg =;9 = YbgUmc J=E9H%;9H S-1T ZiY ibU d UhUZcfaU UXUdhUh]jU
ai h]ZUWhcf]U ]bhY[fUXU m U YUhcf]nUXU m ib YbgUmc UV]Yfhc fYU ]nUXc Yb dUW]YbhYg Wcb ;GNA<%)1 [fUjY hfUg gi ]b[fYgc
Yb ibU M;A dUfU gcdcfhY XY yf[Ubcg fYgd]fUhcf]cg c WUfX]cjUgWi UfYg Yb ) ) g]h]cg Yb cW c dUwgYg = YghiX]c YbWcbhfy
eiY ib hfUhUa]Ybhc Wcb ]XfcWcfh]gcbU Wcb ib W]W c XY Xcg]g Z] U XY / XwUg c ibU Xcg]g XYdYbX]YbhY XY g cW # fYgi hy
Yb ibU aUmcf dfcVUV] ]XUX XY gidYf]cf]XUX Wcb fYgdYWhc U Ug dfcVUV] ]XUXYg XY aY cfU Yb cg XwUg g]b gcdcfhY XY
yf[Ubcg XYbhfc XY ) XwUg 1 m 0( fYgdYWh]jUaYbhY# =b YghY YghiX]c b]b[ibU ]XfcWcfh]gcbU XY cg [fidcg
Wiad ]y Wcb cg Wf]hYf]cg dfYYgdYW]Z]WUXcg XY gidYf]cf]XUX YghUXwgh]WU m dcf c hUbhc bc gY diYXYb gUWUf WcbW ig]cbYg
XYZ]b]h]jUg = YbgUmc ;9H= ;GNA< S.(T gY fYU ]ny Yb >fUbW]U Wcb ]XfcWcfh]gcbU Yb Xcg]g VU Ug gY XYhijc hYadfUbc
XYgdivg XY ),1 dUW]YbhYg dfcVUV YaYbhY Wcb dcWU dchYbW]U# m bc diXc YbWcbhfUf b]b[ b VYbYZ]W]c XY cg
Wcfh]WcghYfc]XYg dUfU fYXiW]f Y ZfUWUgc XY hfUhUa]Ybhc aiYfhY c ]bgiZ]W]YbW]U fYgd]fUhcf]U dYfg]ghYbhY# >]bU aYbhY Y
h]ac [fUb YbgUmc ZiY Y YbgUmc ;c<=P S.)T fYU ]nUXc Yb :fUg] Yb dUW]YbhYg Wcb K<J9 acXYfUXc c [fUjY gY[ b U
XYZ]b]W]yb XY :Yf wb# m ;GNA<%)1 AbW imy U WUg] (( dUW]YbhYg m Ug WcbW ig]cbYg ZiYfcb eiY Y igc XY XYlUaYhUgcbU
fYgi hy Yb ib UiaYbhc YghUXwgh]WUaYbhY g][b]Z]WUh]jc Yb Y b aYfc XY XwUg g]b jYbh] UXcf XwUg Wcb j]XU m g]b
jYbh] UW]yb aYWub]WU# XifUbhY 0 XwUg <Ygdivg XY YghUg dfiYVUg = [fidc XY hfUVU c XY =jU iUW]yb Jud]XU XY
=j]XYbW]U dUfU LYfUd]Ug ;GNA<%)1 J=9;L# XY U Gf[Ub]nUW]yb EibX]U XY U KU iX fYU ]ny ibU fYj]g]yb g]ghYauh]WU m ib
aYhUbu ]g]g S. T =ghY ZiY ib aYhUbu ]g]g dfcgdYWh]jc eiY fYib]y XUhcg XY g]YhY =;9 eiY YjU iUfcb U YZ]WUW]U XY cg
Wcfh]WcghYfc]XYg Yb )/( dUW]YbhYg Wfwh]WUaYbhY YbZYfacg Wcb ;GNA<%)1 XYlUaYhUgcbU ]XfcWcfh]gcbU c
aYh] dfYXb]gc cbU ./0 dUW]YbhYg# c UhYbW]yb UV]hiU c d UWYVc )( - dUW]YbhYg## Fc Yg gcfdfYbXYbhY eiY
VUgubXcgY Yb cg =;9 UbU ]nUXcg Y aYhUbu ]g]g YbWcbhfUfU eiY U UXa]b]ghfUW]yb XY Wcfh]WcghYfc]XYg g]ghva]Wcg Yb
WcadUfUW]yb Wcb U UhYbW]yb UV]hiU c Y d UWYVc gY UgcW]UfU Wcb ibU aYbcf acfhU ]XUX dcf hcXUg Ug WUigUg U cg 0
XwUg = cXXg fUh]c [YbYfU XY YZYWhcg Z] cg ZiY XY ( .) A; XY 1- 2 ( ,0 ( /03 d4( (()# dUfU cg YbgUmcg Wcb Xcg]g VU Ug
XY Wcfh]WcghYfc]XYg a]YbhfUg eiY Y cXXg fUh]c XY YZYWhcg Z] cg ZiY XY ( 0 A; XY 1- 2 ( - ) 13 d5( ,.# dUfU
YbgUmcg Wcb Xcg]g U hUg XY Wcfh]WcghYfc]XYg3 g]b YaVUf[c U WcadUfUW]yb XY U UgcW]UW]yb YbhfY Xcg]g VU Ug m U hUg gY
Ygh]ay XY aUbYfU ]adfYW]gU Ghfc U Un[c ]adcfhUbhY ZiY Y a]gac YZYWhc gcVfY U acfhU ]XUX Wcb XYlUaYhUgcbU c
]XfcWcfh]gcbU

;cfh]WcghYfc]XYg Y ]bZYWW]cbYg bcgcWca]U Yg


MbU XY Ug UaYbUnUg WcaibYg U UXa]b]ghfUf Wcfh]WcghYfc]XYg Yg U dcg]V] ]XUX XY XYgUffc Uf ]bZYWW]cbYg
bcgcWca]U Yg =b [YbYfU Ug ]bZYWW]cbYg bcgcWca]U Yg fYdcfhUXUg Yb dUW]YbhYg Wcb ]bZ iYbnU gcb

hhdg2''Xc] cf[')( ))0 ').(((.)/ ( ,.% ( ( -


=F>=JE=<9<=K AF>=;;AGK9K o A E9JLAF%DG=;@=K Q 9 LGJJ=K

cg VUWhYf]Ubcg =b Xcg XY cg YghiX]cg cVgYfjUW]cbU Yg S. .,T 9W]bYhcVUWhYf VUiaUbb]]gY U]g y Yb WUg] ib


hYfW]c XY cg WUgcg a]YbhfUg eiY Yb chfc YghiX]c eiY ]bW imy U WUg] ((( dUW]YbhYgK bYiacbwUfYdfYgYbhy U
a]hUX XY cg WUgcg gY[i]Xc dcfHgYiXcacbUg UYfi[]bcgU )( ) # m=ghUZ] cWcWc UifYig / - # S 0T

9dUfhY XY U ]bZYWW]yb VUWhYf]UbU ibU XY Ug Wcad ]WUW]cbYg aug [fUjYg Yg dfcVUV YaYbhY Y XYgUffc c XY
]bZYWW]cbYg Z b[]WUg ]bjUg]jUg Wcac U UgdYf[] cg]g di acbUf ]bjUg]jU 9HA# 9gdYf[] ig Zia][UhigKY U
]bZcfaUXc Yb dUW]YbhYg Wcb ]bZ iYbnU Yb U [ibcg WUgcg XYbca]bUXU UgdYf[] cg]g di acbUf ]bjUg]jU UgcW]UXU
U U ]bZ iYbnU A9H9# =b ib YghiX]c cVgYfjUW]cbU XY .,- dUW]YbhYg ]b[fYgUXcg Wcb ]bZ iYbnU 9 @)F)dXa(1#
K bYiacbwUZiY ]XYbh]Z]WUXU Wcac U VUWhYf]U aug dfYjU YbhY Yb 6-( XY cg WUgcg3 g]b YaVUf[c U dfYgYbW]U XY
9gdYf[] cgY cVgYfjy Yb )( 0 0 # dUW]YbhYg b5 XYZ]b]h]jc b5. dfcVUV Y m b5 bc dfcVUXc# S.-T Eug fYW]YbhYaYbhY
cg a]gacg UihcfYg g][i]Yfcb U cg dUW]YbhYg XifUbhY ib dYfwcXc XY / Uxcg m XYhYfa]bUfcb U ]bW]XYbW]U XY9gdYf[] c
dYfaUbYW]y g]a] Uf / - # S..T

=b ()0 ib WcbgcfW]c c UbXvg%VY [U diV ]Wy ib YghiX]c ]ghyf]Wc S./T Dcg UihcfYg fYU ]nUfcb ib YghiX]c XY
Wc cfhY ai h]Wvbhf]Wc fYhfcgdYWh]jc m YbWcbhfUfcb eiY U 9HA ZiY X]U[bcgh]WUXU Yb Xcg XY WUXU )( dUW]YbhYg
]b[fYgUXcg Wcb ]bZ iYbnU 9XYaug XY U ]bZ iYbnU hUaV]vb gY YbWcbhfy eiY U UXa]b]ghfUW]yb XY
Wcfh]WcghYfc]XYg Yg ib ZUWhcf XY f]Yg[c dUfU AH9 GJ U ighUXc ) -1 A; 1- ) ( ) 113 d4( ((()# @UghU XcbXY
gUVYacg Yb U F9; [fUjY bc U UV]Xc ]bZcfaYg XY ]bZYWW]yb Z b[]WU ]bjUg]jU Wcb Y igc WcbWca]hUbhY XY
Wcfh]WcghYfc]XYg

=b Y WUgc XY cg WcfcbUj]fig U UV]Xc U [ibcg ]bZcfaYg XY UgdYf[] cg]g ZUhU Yb dUW]YbhYg Wcb K9JK eiY aif]Yfcb XY
UgdYf[] cg]g XYgdivg XY ib hfUhUa]Ybhc dfc cb[UXc Wcb Wcfh]WcghYfc]XYg S.0T Eug fYW]YbhYaYbhY Yb dUW]YbhYg Wcb Y biYjc
WcfcbUj]fig XY ()1 Um ]bZcfaYg XY UgdYf[] cg]g di acbUf UgcW]UXU U ;GNA<%)1 ;9H9# KY Ub diV ]WUXc U [ibUg gYf]Yg XY
WUgcg Wcac NMF9JC=DYh U S.1T eiY ]bZcfay ibU ]bW]XYbW]U XY )1 , XY ;9H9 Yb ) dUW]YbhYg jYbh] UXcg aYWub]WUaYbhY LfYg
dUW]YbhYg fYW]V]Yfcb Wcfh]WcghYfc]XYg UbhYg XY ]b[fYgc U U M;A m bc gY UXa]b]ghfy b]b[ b chfc aYX]WUaYbhc ]baibcgidfYgcf
UbhYg XY X]U[bygh]Wc XY ;9H9 =b ib YghiX]c aug Uad ]c O@AL=Yh U S/(T fYU ]nUfcb ibU YjU iUW]yb XY Wc cfhY dfcgdYWh]jU
ai h]Wvbhf]WU m bUW]cbU XY ibU YghfUhY[]U XY dfiYVU aY cfUXU dUfU X]U[bcgh]WUf YbZYfaYXUXYg Z b[]WUg ]bjUg]jUg Yb
dUW]YbhYg XY Wi]XUXcg ]bhYbg]jcg Wcb ;GNA<%)1 KY ]bW imYfcb ) - dUW]YbhYg m gY X]U[bcgh]Wy ;9H9 Yb Y ), ) XY cg WUgcg
Wcb hYbXYbW]U U igc XY Wcfh]Wc]XYg m UbhYWYXYbhYg XY YbZYfaYXUX fYgd]fUhcf]U Wfyb]WU Wcac ZUWhcfYg XY f]Yg[c ]bXYdYbX]YbhYg
eiY UiaYbhUfcb U dfcVUV] ]XUX XY ;9H9 MbU dfYcWidUW]yb ]adcfhUbhY gif[Y Wcb cg YbgUmcg eiY ZUjcfYWYb Y igc XY
Wcfh]WcghYfc]XYg3 Yg dfcVUV Y eiY gY ih] ]WYb Wcfh]WcghYfc]XYg Wcb aug ZfYWiYbW]U m eiY UiaYbhY Y XYgUffc c XY ;9H9
JYWcaYbXUacg Y igc XY U [cf]hacg W Ufcg eiY ]bW imUb Ubhw[Ybcg XY [U UWhcaUbUbc m ) % %<%[ iWUbc W]fWi UbhY Yb giYfc m
UjUXc VfcbWcU jYc Uf dUfU Y X]U[bygh]Wc XY AH9 S/)T

;cbW ig]cbYg
= igc XY Wcfh]WcghYfc]XYg gY U Wcbg]XYfUXc Wcac ibU dcg]V Y U hYfbUh]jU XY hfUhUa]Ybhc WcUXmijUbhY
Yb dUW]YbhYg Wcb bYiacbwU = acaYbhc Yg ]adcfhUbhY m cg Wcfh]WcghYfc]XYg WiUbXc Yghvb ]bX]WUXcg
XYVYb ]b]W]UfgY c UbhYg dcg]V Y XYbhfc XY Ug df]aYfUg , # = h]dc m U XifUW]yb X]Z]YfYb gY[ b U
]XYbh]XUX W wb]WU XY U YbZYfaYXUX hUV U # DUg X]fYWhf]WYg A<K9'9LK diV ]WUXUg fYW]YbhYaYbhY bc
fYWca]YbXUb Y hfUhUa]Ybhc Wcb Wcfh]WcghYfc]XYg XY U F9; YlWYdhc Yb Y WUgc XY YbZYfaYXUXYg
WcayfV]XUg Wcac =HG; UgaU c ibU YbZYfaYXUX Uihc]baibY S))T DU fYWcaYbXUW]yb Yghu U ]bYUXU
Wcb Ug dUihUg XY U Kifj]j]b[ KYdg]g ;UadU][b S/ T eiY fYWca]YbXUb Y igc XY ]XfcWcfh]gcbU Yb
dUW]YbhYg Wcb F9; Wcb g cW gvdh]Wc fYZfUWhUf]c U U fYUb]aUW]yb Wcb wei]Xcg m gcdcfhY jUgcdfYgcf
Wcb ibU fYWcaYbXUW]yb XvV] m VU U WU ]XUX XY Yj]XYbW]U =b dUW]YbhYg Wcb [f]dY

L9:D9 ;cfh]WcghYfc]XYg Yb U bYiacbwU UXei]f]XU Yb U Wcaib]XUX F9;#jYfgigYbZYfaYXUX dcf


WcfcbUj]fig% ()1 ;GNA<%)1#

?GJJ9 ;GNA<%)1

?fUjYXUX A<K9'9LK ;9H [fUjY S))T AbgiZ]W]YbW]U fYgd]fUhcf]U U[iXU [fUjY


EcaYbhc Hf]aYfUg , Hf]aYfUg ,

L]dc XY YghYfc]XYg m Xcg]g HfYXb]gcbU -( a[ U XwU# <YlUaYhUgcbU . a[ U XwU#


EYh] dfYXb]gc cbU ,( U 0( a[ U XwU# @]XfcWcfh]gcbU (( a[ U XwU#
<YlUaYhUgcbU - a[ U XwU#
<ifUW]yb - U 0 XwUg / XwUg
JYgi hUXc <]ga]bi]f Y ZfUWUgc XY hfUhUa]Ybhc m U acfhU ]XUX <]ga]bi]f U acfhU ]XUX
<Uxcg EUmcf fY]b[fYgc Yb ib YghiX]c s;9H97

A<K92 KcW]YXUX =ghUXcib]XYbgY XY =bZYfaYXUXYg AbZYWW]cgUg3 9LK2 KcW]YXUX LcfuW]WU 9aYf]WUbU3 ;9H92 9gdYf[] cg]g
di acbUf UgcW]UXU U ;GNA<%)1 2 Wcac gY XYZ]bY Yb Y YbgUmc J=;GN=JQ S-0T

hhdg2''Xc] cf[')( ))0 ').(((.)/ ( ,.% ( ( .


=F>=JE=<9<=K AF>=;;AGK9K o A E9JLAF%DG=;@=K Q 9 LGJJ=K

Y aUmcf f]Yg[c XY Wcad ]WUW]cbYg Wcac U A9H9 =b dUW]YbhYg Wcb ;GNA<%)1 U Yj]XYbW]U Yg VUghUbhY gy ]XU m
Yl]ghY ib W Ufc VYbYZ]W]c XY igc XY Wcfh]WcghYfc]XYg Yb UeiY cg dUW]YbhYg eiY dfYgYbhUb ZcfaUg [fUjYg XY U
YbZYfaYXUX K]b YaVUf[c U UdUf]W]yb XY WUgcg Wcb ;9H9 m Y igc [YbYfU ]nUXc XY Wcfh]Wc]XYg Yg ach]jc XY
dfYcWidUW]yb m Yg bYWYgUf]c fYU ]nUf aug YghiX]cg dUfU XYhYfa]bUf g] Yl]ghY UgcW]UW]yb

=b fYgiaYb hcXUjwU Um ib YZYWhc a]lhc XY cg Wcfh]WcghYfc]XYg dUfU U F9; m dfcVUV YaYbhY U [ b VYbYZ]W]c WcbhfU
Y ZfUWUgc XY hfUhUa]Ybhc Yb ZcfaUg [fUjYg XY bYiacbwU Wcb ibU aUmcf fYgdiYghU ]bZ UaUhcf]U3 Fc gY fYWca]YbXUb
dUfU U ]bZ iYbnU m gY fYWca]YbXUb YbWUfYW]XUaYbhY dUfU Y ;GNA<%)1

;cbZ ]Whc XY ]bhYfYgYg2 F]b[ibc XYW UfUXc

JYZYfYbW]Ug
) EW?YY K @]fgW aUbb B Mgc XY Wcfh]WcghYfc]XYg Yb Y hfUhUa]Ybhc XY YbZYfaYXUXYg ]bZYWW]cgUg EvX]Wc AbhYfbc 9fW ((03 ).02
)( ,%)(,.
NUbXYkU Y B DimdUYfh 9 <Y :cggW Yf C Yh U EYWUb]gacg hYfUdvih]Wcg XY cg [ iWcWcfh]Wc]XYg LYbXYbW]Ug =bXcWf]bc
EYhUV ()03 12 , -,
K]V] U G 9[ighw ; LcffYg 9 Yh U =ldYf]aYbhU HgYiXcacbUg UYfi[]bcgUFYiacbwU2 YjU iUW]yb XY U fYgdiYghU
]bZ UaUhcf]U UgcW]UXU =if JYgd]f B ((/3 (2 ))./%))/
, ;cih]b c 9= ; UdaUb C= Dcg YZYWhcg Ubh]]bZ UaUhcf]cg Y ]baibcgidfYgcfYg XY cg [ iWcWcfh]Wc]XYg XYgUffc cg
fYW]YbhYg m WcbcW]a]Ybhcg aYWUb]W]ghUg =bXcWf]bc XY Wv i Ug ac ())3 -2 ) Jciggcg ; Ccihgci ci 9 AbgiZ]W]YbW]U
- fYgd]fUhcf]U =if JYgd]f B (( 3 2 Kid ,/ g%),g
. 9bbUbY < JYbUi h 9 :fib%:i]ggcb ; Yh U @]XfcWcfh]gcbU aug Z iXfcWcfh]gcbU dUfU UXi hcg Wcb g cW gvdh]Wc F
=b[ B EYX ()03 /02 0(1 0)0
/ CY[ Yf KJ :U Xk]b ?L JiXX J9 Yh U 9iaYbhcg Yb U YgdYfUbnU XY j]XU Yb cg =ghUXcg Mb]Xcg U hfUjvg XY fYXiWW]cbYg Yb Ug aiYfhYg
fY UW]cbUXUg Wcb Yg]cbYg EYhfc XY gU iX dcdi Uf ()/3 )-2
0 ;Ybhfcg XY ;cbhfc m HfYjYbW]yb XY =bZYfaYXUXYg ;Ybhfc FUW]cbU XY =ghUXwgh]WUg XY KU iX FYiacbwU kkk WXW [cj'bW g' ZUghUhg'
dbYiacb]U ha >YW U XY h]ac UWWYgc2 )( XY X]W]YaVfY XY ( ( >YW U XY h]aU UWhiU ]nUW]yb2 ( XY cWhiVfY XY ( (
1 EUbXY D9 FYiacbwU [fUjY UXei]f]XU Yb U Wcaib]XUX ;9H# m fY[ U XY dfYX]WW]yb XY Ug X]fYWhf]WYg ;9H XY U KcW]YXUX XY
=bZYfaYXUXYg AbZYWW]cgUg XY 9avf]WU'KcW]YXUX LcfuW]WU 9aYf]WUbU2 jU ]XUXU c bc ; ]b AbZYWh <]g ((13 ,02 0. 00 EUbXY D9
)( OibXYf]b J? 9bniYhc 9 Yh U <]fYWhf]WYg XY WcbgYbgc XY U KcW]YXUX =ghUXcib]XYbgY XY =bZYfaYXUXYg AbZYWW]cgUg m U KcW]YXUX
LcfuW]WU =ghUXcib]XYbgY gcVfY Y hfUhUa]Ybhc XY U bYiacbwU UXei]f]XU Yb U Wcaib]XUX Yb UXi hcg ; ]b AbZYWh <]g ((/3 ,,2 Kid
L /%K/
)) EYh Um BH :YVYXYfc ?O 9; Uf[c Yh U <]U[bygh]Wc m hfUhUa]Ybhc XY UXi hcg Wcb bYiacbwU UXei]f]XU Yb U Wcaib]XUX MbU [iwU
cZ]W]U XY dfuWh]WU W wb]WU XY U KcW]YXUX LcfuW]WU =ghUXcib]XYbgY m U KcW]YXUX =ghUXcib]XYbgY XY =bZYfaYXUXYg AbZYWW]cgUg 9a B
JYgd]f ;f]h ;UfY EYX ()13 ((2 Y,-%Y./
) ;cbZU cb]Yf] E MfV]bc J HchYbU 9 Yh U AbZig]yb XY ]XfcWcfh]gcbU dUfU U bYiacbwU [fUjY UXei]f]XU Yb U Wcaib]XUX2
ib YghiX]c dfY ]a]bUf U YUhcf]nUXc 9a B JYgd]f ;f]h ;UfY EYX ((-3 )/)2 , ,0
) KU i BA> K ]bchgi U ;J KcUfYg E Yh U F]jY Yg XY Wcfh]gc m fYgdiYghU gidfUffYbU Yb U bYiacbwU [fUjY UXei]f]XU Yb U
Wcaib]XUX2 ibU fYj]g]yb g]ghYauh]WU XY U ]hYfUhifU B ;i]XUXc ;fwh]Wc ()(3 -2 -,) Y) -,) Y0
), K UZ]e E EUbgccf EK C Ub 99 Yh U LYfUd]U UXmijUbhY Wcb YghYfc]XYg Yb U bYiacbwU UXei]f]XU Yb U Wcaib]XUX2 ibU
fYj]g]yb g]ghYauh]WU m ib aYhUbu ]g]g B @cgd EYX () 3 02 .0 /-
)- ; Yb[ E HUb RQ QUb[ B Yh U LYfUd]U Wcb Wcfh]WcghYfc]XYg dUfU U bYiacbwU [fUjY UXei]f]XU Yb U Wcaib]XUX2 ib
aYhUbu ]g]g ;i]XUXc fYgd]fUhcf]c (),3 -12 --/ -.
X]YW]gv]g K]Yadcg AA NUfXU Ug CR CcdhYf]XYg H Yh U LYfUd]Ug Wcad YaYbhUf]Ug dUfU U bYiacbwU UXei]f]XU Yb U Wcaib]XUX2 ibU fYj]g]yb
g]ghYauh]WU B ei]a]chYfUd]U Ubh]a]WfcV]UbU ((03 . 2 ..) ..0
)/ ; Yb Q D] C Hi @ Yh U ;cfh]WcghYfc]XYg dUfU U bYiacbwU JYj]g]yb XY g]ghYaU XY VUgY XY XUhcg ;cW fUbY ())3 2 ;<((// ( F]Y
)0 O R Ub[ Q ; Yb[ B Yh U ;cfh]WcghYfc]XYg Yb Y hfUhUa]Ybhc XY U bYiacbwU UXei]f]XU Yb U Wcaib]XUX Yb UXi hcg2 ib aYhUbu ]g]g
Eug ibc () 3 /2 Y,/1 .
)1 @cf]hU F Ghgi U L @UfUbU[U K Yh U ;cfh]WcghYfc]XYg g]ghva]Wcg Wcad YaYbhUf]cg dUfU U bYiacbwU UXei]f]XU Yb U Wcaib]XUX cgd]hU ]nUXU2
fYj]g]yb g]ghYauh]WU m aYhUbu ]g]g UWhiU ]nUW]yb XY ()- JYdfYgYbhUbhY XY W]YbW]U ()-3 -2 ),(.)
( KhYfb 9 K U g m C 9jb] L Yh U ;cfh]WcghYfc]XYg dUfU U bYiacbwU JYj]g]yb XY g]ghYaU XY VUgY XY XUhcg ;cW fUbY ()/3 ) 2
) ;<((// ( :f]Y E KdccfYbVYf[ KE; Kb] XYfg < Yh U ;cfh]WcghYfc]XYg Yb dUW]YbhYg cgd]hU ]nUXcg Wcb bYiacbwU UXei]f]XU Yb U
Wcaib]XUX2 fYj]g]yb g]ghYauh]WU m aYhUUbu ]g]g XY XUhcg XY dUW]YbhYg ]bX]j]XiU Yg ; ]b AbZYWh <]g ()03 ..2 ,. -, B]Ub[ K D]i L
@i Q Yh U =Z]WUW]U m gY[if]XUX XY cg [ iWcWcfh]Wc]XYg Yb Y hfUhUa]Ybhc XY U bYiacbwU [fUjY UXei]f]XU Yb U Wcaib]XUX2 ib
aYhUbu ]g]g EYX]WUaYbhc ()13 102Y). 1
LcffYg 9 K]V] U G >YffYf E Yh U =ZYWhc XY cg Wcfh]WcghYfc]XYg gcVfY Y ZfUWUgc XY hfUhUa]Ybhc YbhfY dUW]YbhYg cgd]hU ]nUXcg Wcb
bYiacbwU [fUjY UXei]f]XU Yb U Wcaib]XUX m U hU fYgdiYghU ]bZ UaUhcf]U2 ib YbgUmc W wb]Wc U YUhcf]nUXc B9E9 ()-3 ) 2 .// .0.

, : ia ;9 F][fc F :f]Y E Yh U LYfUd]U Wcad YaYbhUf]U Wcb dfYXb]gcbU dUfU dUW]YbhYg Wcb bYiacbwU UXei]f]XU Yb U Wcaib]XUX2
ib YbgUmc ai h]Wvbhf]Wc XcV Y W]Y[c U YUhcf]nUXc m Wcbhfc UXc Wcb d UWYVc DUbWYhU ()-3 0-2 )-))%)-)0
- @iUb[ B ?ic B D] @ Yh U =Z]WUW]U m gY[if]XUX XY hfUhUa]Ybhc Wcad YaYbhUf]c Wcb Wcfh]WcghYfc]XYg dUfU dUW]YbhYg Wcb bYiacbwU
[fUjY UXei]f]XU Yb U Wcaib]XUX EYX]WUaYbhc ()13 102 Y),. .
. N]f ] J BijYb L J] U U]bYb @ Yh U <]ZYfYbW]UW]yb XY bYiacbwU VUWhYf]UbU m j]fU Yb b]xcg LyfUl (( 3 -/2 , 0
,,)
/ EUfhwb%DcYW Yg A D]gVcU L JcXfw[iYn 9 Yh U DU hYfUd]U Ubh]V]yh]WU WcaV]bUXU Wcb aUWfy ]Xcg aY cfU U gidYfj]jYbW]U Yb dUW]YbhYg
]bhiVUXcg Wcb bYiacbwU UXei]f]XU Yb U Wcaib]XUX EYX]W]bU XY Wi]XUXcg ]bhYbg]jcg ()(3 .2 .) . ( EUfhwb%DcYW Yg A sHcf eiv
0 aUWfy ]Xcg7Bdb B 9bh]V]ch (),3 .02 Kid 9 -.
1 ;YWWUhc 9 ;] cb]n ; JUbnUb] GL Yh U LfUhUa]Ybhc Wcb aUWfy ]Xcg m [ iWcWcfh]WcghYfc]XYg Yb U bYiacbwU [fUjY
UXei]f]XU Yb U Wcaib]XUX2 Udcgh% cW9bu ]g]g Yld cfUhcf]c XY ib YbgUmc Wcbhfc UXc U YUhcf]c Eug ibc ()/3 ) 2
Y()/0(
( BYbb]b[g D; 9bXYfgcb LH :Ymbcb C9 Yh U AbW]XYbW]U m WUfUWhYfwgh]WUg XY U bYiacbwU j]fU UXei]f]XU Yb U
Wcaib]XUX Yb UXi hcg LyfUl ((03 . 2 , ,0

hhdg2''Xc] cf[')( ))0 ').(((.)/ ( ,.% ( ( /


=F>=JE=<9<=K AF>=;;AGK9K o A E9JLAF%DG=;@=K Q 9 LGJJ=K

) K cUf K Eig Yf <E =h]c c[wU XY U bYiacbwU UXei]f]XU Yb U Wcaib]XUX Yb UXi hcg2 ibU fYj]g]yb g]ghYauh]WU FYiacbwU ( (3 ) 2
))
D] ; QUb[ H R Ub[ Q Yh U = hfUhUa]Ybhc Wcb Wcfh]WcghYfc]XYg aY cfU U Yg]yb di acbUf U[iXU ]bXiW]XU dcf Y j]fig XY U ]bZ iYbnU 9 @)F)# XY
cf][Yb dcfW]bc XY ((1 Yb fUhcbYg Eug ibc () 3 /2 Y,,))(
EUfhwb%DcYW Yg A D]gVcU L JcXUg 9 Yh U Mgc XY hYfUd]U hYadfUbU Wcb Wcfh]WcghYfc]XYg Yb Y ]b[fYgc U U M;A Yb dUW]YbhYg UZYWhUXcg dcf ibU
]bZYWW]yb [fUjY dcf ]bZ iYbnU 9 dUbXva]WU @)F)#j EYX]W]bU XY Wi]XUXcg ]bhYbg]jcg ())3 /2 / 0
, C]a K@ @cb[ K: Qib K; Yh U LfUhUa]Ybhc Wcb Wcfh]WcghYfc]XYg Yb dUW]YbhYg Wfwh]Wcg Wcb ]bZYWW]yb dcf ]bZ iYbnU
dUbXva]WU 9'@)F) ((1 9a B JYgd]f ;f]h ;UfY EYX ())3 )0 2 ) (/%) ),
- :fib%:i]ggcb ; J]W UfX B%;E EYfWUh 9 Yh U ;cfh]WcghYfc]XYg hYadfUbcg Yb U bYiacbwU [fUjY dcf ]bZ iYbnU 9'@)F) m Y gwbXfcaY
XY X]Z]Wi hUX fYgd]fUhcf]U U[iXU 9a B JYgd]f ;f]h ;UfY EYX ())3 )0 2 ) (( ) (.
. <Y UbYm BO H]bhc J Dcb[ B Yh U DU ]bZ iYbW]U XY hfUhUa]Ybhc Wcb Wcfh]WcghYfc]XYg Yb Y fYgi hUXc XY U YbZYfaYXUX Wfwh]WU
fY UW]cbUXU Wcb U ]bZ iYbnU 9 @)F)dXa(1# ;i]XUXc Wfwh]Wc ().3 (2 /-
/ ;Uc : ?Uc @ R ci : Yh U LfUhUa]Ybhc UXmijUbhY Wcb Wcfh]WcghYfc]XYg Yb UXi hcg Wcb bYiacbwU j]fU dcf ]bZ iYbnU 9
@/F1# ;i]XUXc avX]Wc Wfwh]Wc ().3 ,,2 Y )0 Y 0
0 EcfYbc ? JcXfw[iYn 9 JYmYg D> Yh U LfUhUa]Ybhc Wcb Wcfh]WcghYfc]XYg Yb dUW]YbhYg Wfwh]Wcg Wcb bYiacbwU dcf ]bZ iYbnU [fUjY2 ib
YghiX]c XY dibhiUW]yb XY dfcdYbg]yb EYX]W]bU XY Wi]XUXcg ]bhYbg]jcg ()03 ,,2 ),/( ),0
1 F] QF ; Yb ? Kib B Yh U = YZYWhc XY cg Wcfh]WcghYfc]XYg gcVfY U acfhU ]XUX XY dUW]YbhYg Wcb bYiacbwU dcf ]bZ iYbnU2 ibU
fYj]g]yb g]ghYauh]WU m ib aYhUbu ]g]g ;i]XUXc Wfwh]Wc ()13 2 11
,( R ci Q >i P D]i P Yh U Mgc XY Wcfh]WcghYfc]XYg Yb Y gwbXfcaY XY X]Z]Wi hUX fYgd]fUhcf]U U[iXU m bYiacbwU [fUjY UgcW]UXU U U
]bZ iYbnU2 ibU fYj]g]yb g]ghva]WU m ib aYhUbu ]g]g JYdfYgYbhUbhY XY W]YbW]U ( (3 )(2 (,,
,) Oi R EW?cc[Ub BE ;UfUWhYfwgh]WUg m YWW]cbYg ]adcfhUbhYg XY VfchY XY YbZYfaYXUX dcf WcfcbUj]fig ()1 ;GNA<%)1#
Yb ; ]bU2 fYgiaYb XY ib ]bZcfaY XY / ), WUgcg XY ;Ybhfc ; ]bc dUfU Y ;cbhfc m U HfYjYbW]yb XY =bZYfaYXUXYg
B9E9 ( (3 2 ) 1%) ,
, ?Y @ OUb[ P QiUb P Yh U DU Yd]XYa]c c[wU m U ]bZcfaUW]yb W wb]WU gcVfY Y ;GNA<%)1 =if B ; ]b E]WfcV]c AbZYWh
<]g ( (3 12 )())%)()1
, NYf]hm J G Y D; <cf][Uhh] A Yh U =gh]aUW]cbYg XY U [fUjYXUX XY U YbZYfaYXUX dcf WcfcbUj]fig ()12 ib Ubu ]g]g VUgUXc Yb
acXY cg DUbWYh AbZYWh <]g ( (3 (2 ..1 .//
,, ?fidc ;GNA<%A;M Yb bcaVfY XY U JYX J=N9 m cg AbjYgh][UXcfYg ;GNA<%A;M ;UfUWhYfwgh]WUg W wb]WUg m fYgi hUXcg XY XwU 1( XY
, ,, UXi hcg Wfwh]WUaYbhY YbZYfacg Wcb ;GNA<%)12 ib YghiX]c XY Wc cfhY dfcgdYWh]jc EYX]W]bU XY Wi]XUXcg ]bhYbg]jcg ( )3 ,/2
.( /
,- JUkgcb LE EccfY DKH R i F Yh U ;c]bZYWW]yb VUWhYf]UbU m Z b[]WU Yb dYfgcbUg Wcb WcfcbUj]fig2 ibU fYj]g]yb fud]XU dUfU
fYgdU XUf U dfYgWf]dW]yb XY Ubh]a]WfcV]Ubcg dUfU ;GNA<%)1 ; ]b AbZYWh <]g ( (3 /)2 ,-1 ,.0
,. Gf[Ub]nUW]yb EibX]U XY U KU iX GEK# HUbY XY Wcbhfc XY U GEK gcVfY U YbZYfaYXUX dcf WcfcbUj]fig ;GNA<%)1# hhd2''Wcj]X)1 k c ]bh >YW U XY h]ac
UWWYgc2 )( XY X]W]YaVfY XY ( (
,/ QUb[ BO QUb[ D Dic J? Yh U 9Xa]b]ghfUW]yb XY Wcfh]WcghYfc]XYg dUfU U bYiacbwU j]fU 2 ;GNA<%)1 m aug U u ; ]b
E]WfcV]c AbZYWhUf ( (3 .2 ))/)%))//
,0 Pi R K ] D OUb[ Q Yh U @U Un[cg dUhc y[]Wcg XY ;GNA<%)1 UgcW]UXcg U gwbXfcaY XY X]Z]Wi hUX fYgd]fUhcf]U
U[iXU DUbWYhU JYgd]f EYX ( (3 02 , ( ,
,1 9fUV] QE EUbXcifU Q 9 %@UaYYX > Yh U LYfUd]U Wcb Wcfh]WcghYfc]XYg dUfU dUW]YbhYg Wfwh]Wcg Wcb gwbXfcaY fYgd]fUhcf]c
XY Gf]YbhY EYX]c 9a B JYgd]f ;f]h ;UfY EYX ()03 )1/2 /-/ /./
-( DYY F 9 Yb ; Ub C; @i] <K Yh U =ZYWhcg XY hfUhUa]Ybhc hYadfUbc Wcb Wcfh]WcghYfc]XYg gcVfY Ug WcbWYbhfUW]cbYg d Ugauh]WUg XY
9JF XY WcfcbUj]fig UgcW]UXc U K9JK Yb dUW]YbhYg UXi hcg B ; ]b N]fc ((,3 )2 (, (1
-) 9 UnnUb] O Ez Yf E@ 9fUV] QE Yh U ;UadUxU KcVfYj]j]YbXc U U KYdg]g2 X]fYWhf]WYg gcVfY Y aUbY c XY UXi hcg Wfwh]WUaYbhY YbZYfacg Wcb
YbZYfaYXUX dcf WcfcbUj]fig ()1 ;GNA<%)1# EYX]W]bU XY Wi]XUXcg ]bhYbg]jcg ( (3 ,.2 0-, 00/
- @iUb[ ; OUb[ Q D] P Yh U ;UfUWhYfwgh]WUg W wb]WUg XY dUW]YbhYg ]bZYWhUXcg Wcb Y biYjc WcfcbUj]fig XY ()1 Yb Oi Ub ; ]bU
DUbWYhU ( (3 1-2 ,1/ -(.
- OUb[ < @i : @i ; Yh U ;UfUWhYfwgh]WUg W wb]WUg XY ) 0 dUW]YbhYg cgd]hU ]nUXcg Wcb bYiacbwU ]bZYWhUXU dcf Y
biYjc WcfcbUj]fig XY ()1 Yb Oi Ub ; ]bU B9E9 ( (3 2 )(.) )(.1
-, R ci O D]i Q L]Ub < Yh U :YbYZ]W]cg dchYbW]U Yg XY U hYfUd]U dfYW]gU Wcb Wcfh]WcghYfc]XYg dUfU U bYiacbwU [fUjY dcf ()1%b;cN
GV Yh]jc XY hfUbgXiWW]yb XY gYxU Yg ( (3 -2 )0
-- OUb[ Q B]Ub[ O @Y I Yh U Mb YghiX]c XY Wc cfhY fYhfcgdYWh]jc gcVfY Y hfUhUa]Ybhc Wcb aYh] dfYXb]gc cbU Yb dUW]YbhYg [fUjYg Wcb bYiacbwU
dcf ;GNA<%)1 GV Yh]jc XY hfUbgXiWW]yb XY gYxU Yg ( (3 -2 -/
-. Oi ; ; Yb P ;U] Q Yh U >UWhcfYg XY f]Yg[c UgcW]UXcg Wcb Y gwbXfcaY XY X]Z]Wi hUX fYgd]fUhcf]U U[iXU m U aiYfhY Yb dUW]YbhYg Wcb
bYiacbwU dcf YbZYfaYXUX dcf WcfcbUj]fig ()1 Yb Oi Ub ; ]bU B9E9 AbhYfb EYX ( (3 )0(2 1 , 1,
-/ @cfVm H EUZ Ua E D]bgY D Yh U =ZYWhc XY U ]Xfcl]W cfcei]bU Yb dUW]YbhYg cgd]hU ]nUXcg Wcb ;GNA<%)12 fYgi hUXcg
dfY ]a]bUfYg XY ib YbgUmc Wcbhfc UXc U YUhcf]nUXc m ai h]Wvbhf]Wc aYXJl]j ( (3 dfY]adfYg]yb S hhdg2''Xc] cf[')(
))()' ( ( (/ )- ()-)0- T
-0 ?fidc ;c UVcfUh]jc J=;MH=J9;AtF @cfVm H D]a OK Yh U <YlUaYhUgcbU Yb dUW]YbhYg cgd]hU ]nUXcg Wcb Wcj]X%)1
]bZcfaY dfY ]a]bUf F =b[ B EYX ( (3 Yb dfYbgU S hhdg2''Xc] cf[')( )(-.'F=BEcU ( ), .T
-1 9b[ig <; <YfXY D 9 %:Y]X > Yh U =ZYWhc XY U ]XfcWcfh]gcbU gcVfY U acfhU ]XUX m Y gcdcfhY XY yf[Ubcg Yb dUW]YbhYg Wcb
;GNA<%)1 [fUjY2 YbgUmc W wb]Wc U YUhcf]nUXc Wcb Xca]b]c XY Wcfh]WcghYfc]XYg J=E9H%;9H ;GNA<%)1 B9E9 ( (3 ,2 ) )/%) 1

.( <Yei]b H> @Ya]b[ F EYn]Ub] > Yh U =ZYWhc XY U ]XfcWcfh]gcbU gcVfY U acfhU ]XUX U ) XwUg c Y gcdcfhY fYgd]fUhcf]c
YbhfY dUW]YbhYg Wfwh]WUaYbhY YbZYfacg Wcb ;GNA<%)12 ib YbgUmc W wb]Wc U YUhcf]nUXc B9E9 ( (3 ,2 ) 10%) (. LcaUn]b]
.) :E EU]U AK ;UjU WUbh] 9: Yh U =ZYWhc XY U XYlUaYhUgcbU Yb cg XwUg XY j]XU m g]b jYbh] UXcf Yb dUW]YbhYg Wcb gwbXfcaY
XY X]Z]Wi hUX fYgd]fUhcf]U U[iXU acXYfUXU c [fUjY m ;GNA<%)12 Y YbgUmc W wb]Wc U YUhcf]nUXc ;c<=P B9E9 ( (3 ,2
) (/%) ).
. KhYfbY B9; Eifh m K <wUn BN Yh U 9gcW]UW]yb YbhfY U UXa]b]ghfUW]yb XY Wcfh]WcghYfc]XYg g]ghva]Wcg m U
acfhU ]XUX Yb dUW]YbhYg Wfwh]Wcg Wcb ;GNA<%)12 ib aYhUbu ]g]g B9E9 ( (3 ,2 ) (%) ,)
. @iUb[ K> >ib[ ;H HYfb[ <O Yh U =ZYWhcg XY cg Wcfh]WcghYfc]XYg m cg ]b ]V]XcfYg XY U bYifUa]b]XUgU gcVfY U gidYfj]jYbW]U Yb
dUW]YbhYg Wcb X]Z]Wi hUX fYgd]fUhcf]U ]bXiW]XU dcf Y j]fig XY U ]bZ iYbnU B E]WfcV]c Aaaibc AbZYWhUf ()/3 -(2 -0. -1,
., D] @ QUb[ K ?i D Yh U =ZYWhc XY cg Wcfh]WcghYfc]XYg Yb Xcg]g VU Ug U acXYfUXUg gcVfY U acfhU ]XUX XY UXc YgWYbhYg m UXi hcg
cgd]hU ]nUXcg Wcb bYiacbwU j]fU dcf ]bZ iYbnU 9 @)F)# dXa(1 AbZ iYbnU Ghfcg j]fig fYgd]fUhcf]cg ()/3 ))2 ,- -,

hhdg2''Xc] cf[')( ))0 ').(((.)/ ( ,.% ( ( 0


=F>=JE=<9<=K AF>=;;AGK9K o A E9JLAF%DG=;@=K Q 9 LGJJ=K

EUfhwb%DcYW Yg A KubW Yn%;cffU 9 <wUn = Yh U ;c]bZYWW]yb fYgd]fUhcf]U UXei]f]XU Yb U Wcaib]XUX Yb dUW]YbhYg Wfwh]WUaYbhY
gYgYbhU m W]bWc

YbZYfacg Wcb Y j]fig XY U ]bZ iYbnU dUbXva]WU 9 @)F)# ((1 HYW c ())3 ) 12 --- -.
.. EUfhwb%DcYW Yg A KW i hn EB N]bWYbh BD Yh U EUmcf ]bW]XYbW]U XY Wc]bZYWW]yb Yb dUW]YbhYg Wfwh]Wcg Wcb ]bZ iYbnU EYX]W]bU
XY Wi]XUXcg ]bhYbg]jcg ()/3 , 2 ,0 -0
./ KW Uikj ]Y[ Y 9>9< J] bXYfg :B9 H ] ]dg F Yh U 9gdYf[] cg]g ]bjUg]jU Yb dUW]YbhYg ]b[fYgUXcg Yb U ib]XUX XY Wi]XUXcg
]bhYbg]jcg Wcb ]bZ iYbnU [fUjY2 ib YghiX]c XY Wc cfhY fYhfcgdYWh]jc DUbWYhU JYgd]f EYX ()03 .2 /0 /1
.0 OUb[ @ <]b[ Q D] P Yh U 9gdYf[] cg]g ZUhU Yb ib dUW]YbhY Wcb K9JK eiY ZiY hfUhUXc Wcb Wcfh]WcghYfc]XYg F =b[
B EYX (( 3 ,12 -(/ -(0
.1 jUb 9f Y 9D= J] dghfU L9 :Y XYfVcg @F9 Yh U 9gdYf[] cg]g di acbUf UgcW]UXU U ;GNA<%)1 9a B JYgd]f ;f]h ;UfY
EYX ( (3 ( 2 ) %) -
/( : UbWc HD < ] cb J ;cfXYm 9 Yh U MbU YghfUhY[]U bUW]cbU dUfU X]U[bcgh]WUf U YbZYfaYXUX Z b[]WU ]bjUg]jU UgcW]UXU U U
YbZYfaYXUX dcf WcfcbUj]fig ()1 Yb U ib]XUX XY Wi]XUXcg ]bhYbg]jcg ; ]b AbZYWh <]g ( (3 Yb dfYbgU S hhdg2''Xc] cf[')( )(1 'W]X'
/) W]UU) 10T LcffYg 9 EUfhwb%DcYW Yg A 9gdYf[] cg]g di acbUf ]bjUg]jU Yb U bYiacbwU UgcW]UXU U jYbh] UXcf2 sY YbYa][c cWi hc79a
B JYgd]f ;f]h ;UfY EYX ( (3 ( 2 )(/) )(/
/ J cXYg 9 =jUbg D= 9 UnnUb] O Yh U ;UadUxU Kifj]j]b[ KYdg]g2 X]fYWhf]WYg ]bhYfbUW]cbU Yg dUfU Y aUbY c XY U gYdg]g m Y g cW
gvdh]Wc2 (). EYX]W]bU XY Wi]XUXcg ]bhYbg]jcg ()/3 , 2 (, //

hhdg2''Xc] cf[')( ))0 ').(((.)/ ( ,.% ( ( 1

You might also like