Индивидуальное и семейное психологическое консультирование

реклама
:e_rbgZ X?
: Bg^b\b^mZevgh_ b k_f_cgh_ ikboheh]bq_kdh_ dhgkmevlbjh\Zgb_
² Ba^_ ² FG_aZ\bkbfZynbjfZ DeZkk² k ² ;b[ebhl_dZikboheh]bbb
ikbohl_jZibb
KH>?J@:GB?
Iho\ZeZij_^kdZam_fhklbIj_^bkeh\b_ ?:Imjlh\hc
Hlba^Zl_eyk ghklZev]b_cIj_^bkeh\b_EFDjhey
<\_^_gb_
H[s__ij_^klZ\e_gb_h ikboheh]bq_kdhfdhgkmevlbjh\Zgbb
Ijhp_kk[_k_^u
L_ogheh]by\_^_gby[_k_^u
Dhgkmevlbjh\Zgb_ jh^bl_e_c ih ih\h^m keh`ghkl_c \h \aZbfhhlghr_gbyo kh \ajhkeufb
^_lvfb
Ljm^ghklbh[s_gby
Kh^_j`Zgb_b hj]ZgbaZpbydhgkmevlbjh\Zgbyihih\h^mkmijm`_kdboijh[e_f
Dhgkmevlbjh\Zgb_kmijm`_kdhciZju
Dhgkmevlbjh\Zgb_h^gh]hkmijm]Z
I_j_`b\Zgb_jZkklZ\Zgbyk iZjlg_jhf
AZdexq_gb_
Ebl_jZlmjZ
Dgb]bih^h[gu_wlhcqZklhqblZxlk dZjZg^Zrhf\ jmd_hlf_qZygZb[he__\Z`gu_
wlZiu jZ[hlu I_j_^ <Zfb ² djZldh_ b lhedh\h_ ijZdlbq_kdh_ ihkh[b_ hibku\Zxs__
hkgh\gu_ l_ogbdb b ijb_fu ikboheh]bq_kdh]h dhgkmevlbjh\Zgby b kljZl_]bb jZ[hlu k
jZagufblbiZfbdeb_glh\<k_beexkljbjmxsb_ijbf_jubaijZdlbdbhljZ`Zxljhkkbckdbc
ikboheh]bq_kdbcdhgl_dklb wlhm\_ebqb\Z_lp_gghklvdgb]b
>ey klm^_glh\ b gZqbgZxsbo dhgkmevlZglh\ hgZ gZ\_jgydZ klZg_l gZklhevghc ^Z b
hiulgufikboheh]ZfijZdlbdZfg_jZaihfh`_l\ hj]ZgbaZpbbb \_^_gbbdhgkmevlbjh\Zgby
=eZ\gucj_^Zdlhjb ba^Zl_evk_jbbEFDjhevGZmqgucdhgkmevlZglk_jbb?E
FboZceh\Z
,6%1 JN
‹ X?:e_rbgZ
‹ G_aZ\bkbfZynbjfZ
DeZkkba^Zgb_hnhjfe_gb_‹ ?:Imjlh\Zij_^bkeh\b_‹ EFDjhev
ij_^bkeh\b_‹ <WDhjhe_\h[eh`dZ
Bkdexqbl_evgh_ ijZ\h im[ebdZpbb gZ jmkkdhf yaud_ ijbgZ^e_`bl ba^Zl_evkl\m
G_aZ\bkbfZy nbjfZ DeZkk <uimkd ijhba\_^_gby beb _]h njZ]f_glh\ [_a jZaj_r_gby
ba^Zl_evkl\ZkqblZ_lkyijhlb\hijZ\gufb ij_ke_^m_lkyihaZdhgm
Hl^_evgu_wda_fieyjudgb]k_jbbfh`ghijbh[j_klb\ fZ]ZabgZoFhkd\u
>hfdgb]b:j[ZlLhj]h\uo^hfZo;b[ebh=eh[mkb Fheh^Zy]\Zj^byfZ]ZabgZo
‹ F_^bpbgkdZydgb]Zb Imlvd k_[_dgb`ghfkZehg_ DKI
IHO<:E:IJ?>KD:AM?FHKLB
Xeby:e_rbgZg_fZehk^_eZeZ^eylh]hqlh[uk_]h^gyfuqm\kl\h\Zebk_[y]hjZa^h
mxlg__\ ijhkljZgkl\_ikboheh]bq_kdh]hdhgkmevlbjh\ZgbyHgZ[ueZ\ qbke_l_odlh^_kylv
e_l gZaZ^ kha^Z\Ze i_j\h_ ijhn_kkbhgZevgh_ h[t_^bg_gb_ ² :kkhpbZpbx ikboheh]h\
ijZdlbdh\ mkbebyfb dhlhjuo gZrZ ijhn_kkby i_j_klZeZ \u]ey^_lv dZd wdahlbq_kdh_
jZkl_gb_ kj_^b ^j_fmq_c lZc]b < __ dgb]_ dhgkmevlbjh\Zgb_ ij_^klZ_l g_ fbklbq_kdbf
lZbgkl\hf Z h[uqguf j_f_kehf Wlh dgb]Zmq_[gbd ]^_ dZ`^h_ ^_ckl\b_ dhgkmevlZglZ
jZkibkZgh ih rZ]Zf dZd agZdhfblvky dZd \_klb k_[y k khijhlb\eyxsbfbky dZd h[tykgylv
deb_glZfqlhlZdh_dhgkmevlbjh\Zgb_LZdh_ihrZ]h\h_b ihfbgmlgh_ hibkZgb_ijZ\be
kgbfZ_l lj_\h]m g_hij_^_e_gghklb b hiZk_gby g_khklhyl_evghklb m gZqbgZxsbo ^Z_l
gZ^_`^m qlh _keb bf ke_^h\Zlv lh \k_ ihemqblky dZd gm`gh B ijZ\^Z ² ihemqZ_lky :
k_cqZkdh]^Zm`__klvhiulwlbijZ\beZ ² ]^_lh\gmljbdZdko_fZf_ljhB hlklZgpbb: d
klZgpbb ; \_^ml fgh]h ebgbc^hjh] gh f_klZ i_j_kZ^hd \k_ l_ `_ mklZgh\e_gb_ dhglZdlZ
i_j_nhjfmebjh\dZaZijhkZZgZebalbibqguokblmZpbc
I_j_qblu\Zywlmdgb]mk m^b\e_gb_fh[gZjm`b\Z_rvdZdfgh]hbaf_gbehkv\ gZr_c
ijhn_kkbb aZ r_klv e_l ijhr_^rbo kh \j_f_gb __ i_j\h]h ba^Zgby L_i_jv gb m dh]h g_
\uau\Z_lkhfg_gbyg_h[oh^bfhklvkmi_j\bahjkdhcih^^_j`dbh dhlhjhcZ\lhjgZklhyl_evgh
gZihfbgZ_l\ dZ`^hc]eZ\_B m`_^ey\k_ohq_\b^ghqlhqbklhlZdhgkmevlZlb\ghcjZ[hlu
h[_ki_qb\Z_lkylZd`_deb_glkdbfhiulhfdhgkmevlZglZ_]hebqghklghcijhjZ[hlZgghklvx
Gh r_klv e_l gZaZ^ j_dhf_g^h\Zlv ijZdlbdmxsbf ikboheh]Zf ebqgmx ikbohl_jZibx
dhlhjmxg_]^_[uehihemqblvhagZqZeh^h[Z\blv_s_h^gmg_\hafh`ghklv\ wlhb [_alh]h
fZeh \hafh`gh_ aZgylb_ AZf_lbf qlh m ikboheh]h\ ^h kbo ihj g_l xjb^bq_kdh]h ijZ\Z
aZgbfZlvky ikbohl_jZib_c : \ l_ ]h^u lj_[h\ZeZkv hlqZyggZy kf_ehklv qlh[u \klmiblv \
gh\mxkn_jmijZdlbdb
AZ wlh \j_fy baf_gbebkv b gZrb deb_glu k_cqZk m`_ j_^dh dhfm ijboh^blky
h[tykgylv qlh lZdh_ dhgkmevlbjh\Zgb_ qZs_ hgb ijboh^yl k ihgbfZgb_f g_h[oh^bfhklb
^ebl_evghc jZ[hlu [uklj__ ]hlh\u jZkkfZljb\Zlv k_[y dZd bklhqgbd ijh[e_fu >Z b
lbibqgu_ijh[e_fu m`_ g_ kh\k_f l_ Gh dZdbf[u gb [ue aZijhk deb_glh\ dZd [u hg gb
f_gyeky kh \j_f_g_f hibkZggu_ Z\lhjhf l_ogbdb dhgkmevlbjh\Zgby hklZxlky ohjhrh
jZ[hlZxsbf bgkljmf_glhf B _keb ^ey gZqbgZxsbo bf_ggh l_ogbdb khklZ\eyxl
[_amkeh\gh_ ^hklhbgkl\h dgb]b lh k ijbh[j_l_gb_f hiulZ gZqbgZ_rv \b^_lv h[h[s_ggu_
kljZl_]bbdhgkmevlbjh\ZgbydZdb ex[hcikbohl_jZi_\lbq_kdhcijZdlbdbi_j_^ZqZdeb_glm
hl\_lkl\_gghklb aZ k\hx `bagv ihfhsv \ ijbgylbb k\hbo qm\kl\ \ujZ[hldZ [he__
Z^_d\Zlguokihkh[h\ih\_^_gbyB h[wlhflh`_kdZaZgh\ dgb]_
HgZ_s_^he]h[m^_lihe_agZ ² dZd[md\Zjv^eyagZdhfysbokyk dhgkmevlbjh\Zgb_f
m\e_dZl_evgh_ aZgylb_ ^ey bgl_j_kmxsboky ikboheh]b_c kbkl_fZlbq_kdh_ jmdh\h^kl\h ^ey
ex[bl_e_cjZkdeZ^u\Zlv\k_ihihehqdZf
?e_gZImjlh\Z
HLBA>:L?EYK GHKL:EV=B?C
Xeby :e_rbgZ y\ey_lky l_f q_eh\_dhf dhlhjhfm y b _s_ hq_gv fgh]b_ ex^b ²
g_aZ\bkbfhhllh]hagZxlhgbh[wlhfbebg_l ²h[yaZguk\hbfhj]Zgbah\Zggufh[mq_gb_f
ihijh\_j_gguf b k_jv_aguf aZiZ^guf klZg^ZjlZf qlh gZau\Z_lky ba i_j\uo jmd ?keb
ij_^klZ\blv k_[_ qlh fu dh]^Zgb[m^v [m^_f \k_jv_a hlghkblvky d bklhjbb gZr_c
ijhn_kkbhgZevghc`bagbb khh[s_kl\Zlh]h\hjy\ukhdbfklbe_f_c[_amkeh\ghklhbeh[u
ihklZ\blviZfylgbd
Khq_lZgb_ ijhn_kkbhgZevguo dZq_kl\ wg_j]bb hj]ZgbaZpbhgguo kihkh[ghkl_c b
khpbZevghc dhfi_l_glghklb kh_^bgbebkv \ g_c \ lhl ^jZ]hp_gguc kieZ\ dhlhjuc _s_
hlq_leb\__ \b^_g ih ijhr_kl\bb \j_f_gb K_cqZk Xeby ² keh`b\rbcky b ijbagZgguc
ijhn_kkbhgZeZf_jbdZgkdhcb f_`^mgZjh^ghcikbohl_jZi_\lbq_kdhcdmevlmju
Hkh[_ggh ijbylgh qlh dgb]Z gZibkZggZy [he__ r_klb e_l gZaZ^ lZd ohjhrZ b
k\h_\j_f_ggZk_]h^gyFg_dZ`_lkyhgZy\ey_lkyh^gbfbamdjZr_gbcgZr_ck_jbbgZjy^mk
ijhba\_^_gbyfb i_j\uo ebp fbjh\hc ikbohl_jZibb Wlh ebrgbc jZa ^hdZau\Z_l lZd
gZau\Z_fZyfbjh\Zyikbohl_jZiby`b\_lb jZa\b\Z_lky[eZ]h^ZjymkbebyfgZrboex^_c
DZdba^Zl_evy hq_gvgZ^_xkvqlhwlhg_ihke_^gyydgb]ZXebbgZjmkkdhfyaud_
E_hgb^Djhev
<<?>?GB?
Ij_^eZ]Z_fh_ \gbfZgbx qblZl_e_c ihkh[b_ y\ey_lky ihiuldhc hl\_lblv gZ fgh]b_
\hijhku \hegmxsb_ ij_`^_ \k_]h gZqbgZxsbo ikboheh]h\ijZdlbdh\ b \hagbdZxsb_ ijb
\_^_gbb ikbohdhjj_dpbhggh]h ijb_fZ rbjhdh]h ijhnbey Dgb]Z khklhbl ba ^\mo qZkl_c
i_j\Zybadhlhjuoihk\ys_gZijh[e_fZfhj]ZgbaZpbbb \_^_gbydhgkmevlZlb\gh]hijb_fZ<
g_c ijh\h^blky ZgZeba ijhp_kkZ [_k_^u ih^jh[gh jZa[bjZxlky ki_pbZevgu_ l_ogbdb b
ijb_fu __ \_^_gby <lhjZy qZklv dgb]b ij_^klZ\ey_l ihiuldm ZgZebaZ gZb[he__ lbibqguo
kemqZ_\ h[jZs_gbc ex^_c aZ ihfhsvx d ikboheh]m b h[sb_ kljZl_]bb \_^_gby ijb_fZ k
jZaebqgufblbiZfbdeb_glh\
G_h[oh^bfhkjZam`_h]h\hjblvkyqlhZgZebabjm_fu_\h\lhjhcqZklblbiuijb_fh\
hjb_glbjh\Zgu gZ jZ[hlm kh \ajhkeufb ex^vfb k bo ijh[e_fZfb b `Zeh[Zfb JZ[hlZ k
^_lvfb g_ba[_`gh lj_[m_l agZgbc ih ^_lkdhc b \hajZklghc ikboheh]bb i_^Z]h]bq_kdhc
ikboheh]bbZ lZd`_f_^bpbgkdbob ij_`^_\k_]hikbobZljbq_kdboagZgbch jZa\blbb^_l_cb
ih^jhkldh\lh_klvlh]hqlh\uoh^bl^Ze_dhaZjZfdbij_^eZ]Z_fh]hihkh[by
Kh^_j`Zgb_ wlhc dgb]b fh`_l ^Zlv qblZl_ex ebrv ko_fm h[sbc hjb_glbj ^ey
dhgkmevlZlb\ghcjZ[hluIjhn_kkbhgZevghbkihevah\Zlv\k_lhh q_fa^_kvihc^_lj_qvih
gZr_fm ]em[hdhfm m[_`^_gbx fh]ml ebrv ex^b \hi_j\uo h[eZ^Zxsb_ iheghp_gguf
h[jZah\Zgb_f \ h[eZklb ikboheh]bb b \h\lhjuo bf_xsb_ \hafh`ghklv ohly [u dZdh_lh
\j_fy jZ[hlZlv \ mkeh\byo kmi_j\bahjkl\Z lh _klv dhgljhey b ZgZebaZ kh klhjhgu [he__
hiulguodhee_]
Ikboheh]bq_kdbc^biehfg_h[oh^bfg_ijhklhihlhfmqlhg_ki_pbZebklufgh]h]hg_
agZxlb g_ihgbfZxlAZ]h^uh[mq_gbygZikboheh]bq_kdhfnZdmevl_l_\ lhfkemqZ__keb
hgh ijhoh^beh ^hklZlhqgh wnn_dlb\gh m klm^_glh\ nhjfbjm_lky hkh[h_ fbjh\haaj_gb_ H
g_f kms_kl\m_l fgh]h rmlhd b bjhgbq_kdbo \ukdZau\Zgbc \ g_f _klv hij_^_e_ggu_
ba^_j`dbghk lhqdbaj_gbyikboheh]bq_kdh]hdhgkmevlbjh\Zgby\Z`ghlhqlhhkgh\hc_]h
y\ey_lky ij_^klZ\e_gb_ h keh`ghklb ijhlb\hj_qb\hklb ijbjh^u ikbobdb b ih\_^_gby
q_eh\_dZ b h[ hlkmlkl\bb dZdboeb[h h[u^_gguo ghjf b ^h]f \ jZfdZo dhlhjuo deb_gl
fh`_l[ulvh^ghagZqghhp_g_gIh^h[gu_\a]ey^um ikboheh]Zijhn_kkbhgZeZhagZqZxlg_
lhevdh hij_^_e_ggh_ hlghr_gb_ d ex^yf \hh[s_ Z ke_^h\Zl_evgh b d deb_glZf gh b
mf_gb_ bkihevah\Zlv wlb \a]ey^u hibjZykv gZ ^Zggu_ ikboheh]bq_kdbo bkke_^h\Zgbc gZ
jZ[hludeZkkbdh\ijZdlbq_kdhcb gZmqghcikboheh]bbWldbg^:F Ohl_ehkv [u lZd`_ djZldh hklZgh\blvky gZ hkh[_gghklyo bkihevah\Zgby g_dhlhjuo
keh\ \ ^Zgghf ihkh[bb LZd keh\Z deb_gl b dhgkmevlZgl y\eyxlky \ jmkkdhf yaud_
kms_kl\bl_evgufb fm`kdh]h jh^Z b [he__ ijZ\bevgh [ueh [u \kydbc jZa mihlj_[eyy bo
ibkZlv deb_gldZ dhgkmevlZgl hghgZ b khhl\_lkl\_ggh mihlj_[eylv b ]eZ]heu
hlghkysb_kyd gbfgZijbf_jdeb_gldZk^_eZeZkdZaZeZZgZeh]bqgh ² khkeh\Zfb
kmijm]b iZjlg_jH^gZdhihkdhevdmwlh\ agZqbl_evghcf_j_mkeh`gbeh[u\hkijbylb_
b ihgbfZgb_l_dklZlhhl\h^yhl k_[y aZjZg__h[\bg_gby \ k_dkbaf_ohqm ba\bgblvky qlh
wlb l_jfbgu [m^ml bkihevah\Zlvky bkdexqbl_evgh \ fm`kdhf jh^_ ih^jZamf_\Zy q_eh\_dZ
\hh[s_ < l_dkl_ lZd`_ gZjy^m kh keh\hf dhgkmevlZgl ^ey h[hagZq_gby ijhn_kkbhgZeZ
hkms_kl\ey_xs_]h ikboheh]bq_kdh_ \ha^_ckl\b_ bkihevam_lky keh\h ikboheh] \ ^Zgghc
jZ[hl_ hgb mihlj_[eyxlky dZd kbghgbfu lhqgh lZd `_ dZd b keh\Z ijb_f [_k_^Z
ijhp_kk dhgkmevlbjh\Zgby mihlj_[eyxlky dZd kbghgbfu h[hagZqZxsb_ dhgkmevlZlb\gh_
\ha^_ckl\b_dZdlZdh\h_
H;S??IJ?>KL:<E?GB?H IKBOHEH=BQ?KDHF
DHGKMEVLBJH<:GBB
Rbjhdh_\g_^j_gb_ikboheh]bb\ ijZdlbdmaZdhghf_jghijb\h^bld jZa\blbxl_o__
h[eZkl_c dhlhju_ ljZ^bpbhggh h[hagZqZxlky dZd f_lh^u ikboheh]bq_kdh]h \ha^_ckl\by
Kj_^b gbo h^gh ba \Z`g_crbo f_kl g_khfg_ggh ijbgZ^e_`bl ikboheh]bq_kdhfm
dhgkmevlbjh\Zgbx Ljm^gh ^Zlv q_ldh_ hij_^_e_gb_ wlhfm \b^m ^_yl_evghklb beb
h^ghagZqgh mdZaZlv kn_ju _]h ijbf_g_gby ihkdhevdm keh\h dhgkmevlbjh\Zgb_ m`_ ^Z\gh
ij_^klZ\ey_l jh^h\h_ ihgylb_ ^ey jZaebqguo \b^h\ dhgkmevlZlb\ghc ijZdlbdb LZd
nZdlbq_kdb\ ex[hckn_j_\ dhlhjhcbkihevamxlkyikboheh]bq_kdb_agZgby\ lhcbebbghc
f_j_ijbf_gy_lkydhgkmevlbjh\Zgb_dZdh^gZbanhjfjZ[hluDhgkmevlbjh\Zgb_\dexqZ_l\
k_[y b ijhndhgkmevlbjh\Zgb_ b i_^Z]h]bq_kdh_ b ijhfure_ggh_ dhgkmevlbjh\Zgb_ b
dhgkmevlbjh\Zgb_jmdh\h^bl_e_cb fgh]h_fgh]h_^jm]h_
Gh ih`Zemc gZb[he__ rbjhdhc kn_jhc ijbf_g_gby ikboheh]bq_kdh]h
dhgkmevlbjh\Zgby gZ k_]h^gyrgbc ^_gv y\ey_lky ihfhsv l_f dlh h[jZsZ_lky ih ih\h^m
k\hbo k_f_cguo b ebqguo ijh[e_f WlZ h[eZklv \dexqZ_l \ k_[y fgh`_kl\h hl^_evguo
gZijZ\e_gbc kj_^b dhlhjuo fh`gh \u^_eblv lZdb_ dZd jZ[hlZ k kmijm`_kdbfb iZjZfb
kh\f_klgh_ dhgkmevlbjh\Zgb_ ^_l_c b jh^bl_e_c ^h[jZqgh_ dhgkmevlbjh\Zgb_
ikboheh]bq_kdZyihfhsvjZa\h^ysbfkyb l^
Ikboheh]bq_kdh_dhgkmevlbjh\Zgb_ikboheh]bq_kdZydhjj_dpbyb ikbohl_jZiby
Ikboheh]bq_kdh_ dhgkmevlbjh\Zgb_ l_kgh k\yaZgh Z \h fgh]hf g_ihkj_^kl\_ggh
i_j_ie_lZ_lkyk ikboheh]bq_kdhcdhjj_dpb_cb ikbohl_jZib_c;he__lh]hwlbkn_juqZklh
kf_rb\ZxlkykZfbfbijZdlbdmxsbfbikboheh]ZfbJZa^_e_gb_wlbokn_j^_yl_evghklbb bo
lhqgh_hij_^_e_gb_fh]eb[uihkem`blvl_fhcki_pbZevghcjZ[hluFuh]jZgbqbfkya^_kv
\_kvfZ mkeh\guf bo ^_e_gb_f Hij_^_ebf ikboheh]bq_kdh_ dhgkmevlbjh\Zgb_ dZd
g_ihkj_^kl\_ggmx jZ[hlm k ex^vfb gZijZ\e_ggmx gZ j_r_gb_ jZaebqgh]h jh^Z
ikboheh]bq_kdbo ijh[e_f k\yaZgguo k ljm^ghklyfb \ f_`ebqghklguo hlghr_gbyo ]^_
hkgh\gufkj_^kl\hf\ha^_ckl\byy\ey_lkyhij_^_e_ggufh[jZahfihkljh_ggZy[_k_^Z
Khhl\_lkl\mxsZy nhjfZ [_k_^u Zdlb\gh bkihevam_lky b \ ikbohdhjj_dpbhgghc
jZ[hl_b \ikbohl_jZibbGh_kebdhgkmevlbjh\Zgb_hjb_glbjh\Zghij_`^_\k_]hgZihfhsv
deb_glm \ j_hj]ZgbaZpbb _]h f_`ebqghklguo hlghr_gbc lh ikbohdhjj_dpbhggh_ beb
ikbohl_jZi_\lbq_kdh_ \ha^_ckl\b_ hjb_glbjh\Zgh \ hkgh\ghf gZ j_r_gb_ ]em[bgguo
ebqghklguo ijh[e_f q_eh\_dZ e_`Zsbo \ hkgh\_ [hevrbgkl\Z `bag_gguo ljm^ghkl_c b
dhgnebdlh\
Hl^_evghc l_fhc h[km`^_gby y\ey_lky jZaebqb_ l_jfbgh\ ikbohdhjj_dpby b
ikbohl_jZibyIj_^klZ\ey_lkyqlh\hagbdr__\ hl_q_kl\_gghcikboheh]bbjZa^_e_gb_wlbo
ihgylbc k\yaZgh kdhj__ g_ k hkh[_gghklyfb jZ[hlu Z k mdhj_gb\rbfky b maZdhg_gguf
iheh`_gb_fh lhfqlhikbohl_jZib_cfh]mlaZgbfZlvkyebrvex^bbf_xsb_ki_pbZevgh_
f_^bpbgkdh_h[jZah\Zgb_Wlhh]jZgbq_gb_k gZr_clhqdbaj_gbyy\ey_lkybkdmkkl\_gguf
ihkdhevdm ikbohl_jZiby ih^jZamf_\Z_l g_f_^bdZf_glhagh_ lh _klv ikboheh]bq_kdh_
\ha^_ckl\b_D lhfm`_l_jfbgikbohl_jZiby SV\FKRWHUDS\ y\ey_lkyf_`^mgZjh^gufb \
[hevrbgkl\_ kljZg fbjZ h^ghagZqgh bkihevam_lky ih hlghr_gbx d f_lh^Zf jZ[hlu
hkms_kl\ey_fuf ijhn_kkbhgZevgufb ikboheh]Zfb H^gZdh ljZ^bpby bkihevah\Zgby
l_jfbgZ ikbohdhjj_dpby ih hlghr_gbx d ikboheh]bq_kdhc jZ[hl_ \ gZr_c kljZg_ m`_
keh`beZkv b gZf ijb^_lky bkihevah\Zlv _]h gZjy^m k l_jfbghf ikbohl_jZiby dhlhjuc
y\ey_lkyh[s_ijbgyluf\ fbjh\hfkhh[s_kl\_
G_khfg_ggh qlh ]jZgbpu f_`^m ikbohl_jZib_c b dhgkmevlbjh\Zgb_f \_kvfZ
mkeh\gu qlh g_ jZa hlf_qZehkv jZaebqgufb Z\lhjZfb 6RUH\ * Iheydh\ XN
Kib\Zdh\kdZy :K Gh lZd dZd ^ZggZy jZ[hlZ jZkkqblZgZ gZ ex^_c g_ bf_xsbo
ki_pbZevghc ih^]hlh\db \ h[eZklb ikbohl_jZibb beb dZd m gZk ijbgylh ]h\hjblv
ikbohdhjj_dpbb h[hagZqbf wlb jZaebqby ^hklZlhqgh kljh]h h]jZgbqb\ lZdbf h[jZahf
h[eZklv ]^_ fh]ml jZ[hlZlv ki_pbZebkludhgkmevlZglu hl l_o kemqZ_\ ]^_ bo Zdlb\gh_
\ha^_ckl\b_ g_`_eZl_evgh ihkdhevdm lhevdh gZebqby ikboheh]bq_kdh]h h[jZah\Zgby b
ihgbfZgby h[sbo ijbgpbih\ jZ[hlu ^ey ^hklb`_gby iheh`bl_evgh]h wnn_dlZ a^_kv
g_^hklZlhqgh
DZdbf `_ h[jZahf fh`gh jZa]jZgbqblv dhgkmevlbjh\Zgb_ b ikbohl_jZibx" < q_f
kfukejZa^_e_gbyijh[e_fdeb_glh\gZf_`ebqghklgu_b ]em[bggu_ebqghklgu_h dhlhjhf
m`_mihfbgZehkv\ur_"
Lh k dZdbfb ijh[e_fZfb ijbr_e deb_gl f_`ebqghklgufb beb ]em[bggufb
ebqghklgufbqZklhijhy\ey_lkym`_\ nhjfZoh[jZs_gbyaZihfhsvx\ ki_pbnbd_`Zeh[b
h`b^Zgbchl\klj_qbk ikboheh]hfDeb_gluikboheh]ZdhgkmevlZglZh[uqghih^q_jdb\Zxl
g_]Zlb\gmxjhev ^jm]bo \ \hagbdgh\_gbb kh[kl\_gguo `bag_gguo keh`ghkl_c m deb_glh\
hjb_glbjh\ZgguogZ]em[bggmxikbohdhjj_dpbhggmxjZ[hlmehdmk`Zeh[h[uqghbghcbo
qZs_[_kihdhblkh[kl\_ggZyg_kihkh[ghklvdhgljhebjh\Zlvb j_]mebjh\Zlvk\hb\gmlj_ggb_
khklhygby ihlj_[ghklb b `_eZgby LZd ^ey deb_glZ ikboheh]ZdhgkmevlZglZ [m^ml
oZjZdl_jgu`Zeh[ulbiZ
Fuk fm`_fihklhygghjm]Z_fkybeb@_gZj_\gm_lf_gy[_a\kydh]hih\h^ZL_
dlh h[jZsZ_lky d ikbohl_jZi_\lm qZs_ ]h\hjyl h k\hbo ijh[e_fZo bgZq_ Y g_ fh]m
k^_j`Zlvk_[yhq_gv\kiuevqb\ZihklhygghdjbqmgZfm`Zbeb<k_\j_fyg_m\_j_g\ lhf
dZddhfg_hlghkblky`_gZfg_dZ`_lkyqlhhgZf_gyh[fZgu\Z_lj_\gmx__ b\b^bfh[_a
\kydh]h ih\h^Z LZdh_ jZaebqb_ \ ehdmk_ `Zeh[ agZqbl ^h\hevgh fgh]h b \ qZklghklb lh
qlhkZfbfdeb_glhfm`_ijh^_eZgZhij_^_e_ggZyjZ[hlZihZgZebamkh[kl\_gguoijh[e_fb
g_m^Zq Lhl nZdl qlh hl\_lkl\_gguf aZ ijhbkoh^ys__ k gbf q_eh\_d \hkijbgbfZ_l kZfh]h
k_[y ² rZ] lj_[mxsbc hij_^_e_ggh]h fm`_kl\Z ² ]ZjZglby lh]h qlh hg ]hlh\ d [he__
]em[hdhfmb hldjh\_gghfmkZfhihagZgbx
GZijZ\e_gghklvehdmkZ`Zeh[ub ]hlh\ghklvq_eh\_dZhij_^_eyxlb nhjfmjZ[hluk
gbf Hkgh\gZy aZ^ZqZ ikboheh]ZdhgkmevlZglZ khklhbl \ lhf qlh[u ihfhqv deb_glm
ihkfhlj_lv gZ k\hb ijh[e_fu b `bag_ggu_ keh`ghklb kh klhjhgu ijh^_fhgkljbjh\Zlv b
h[km^blvl_klhjhgu\aZbfhhlghr_gbcdhlhju_[m^mqbbklhqgbdZfbljm^ghkl_ch[uqghg_
hkhagZxlkyb g_dhgljhebjmxlkyHkgh\hclZdhcnhjfu\ha^_ckl\byy\ey_lkyij_`^_\k_]h
baf_g_gb_ mklZgh\hd deb_glZ dZd gZ ^jm]bo ex^_c lZd b gZ jZaebqgu_ nhjfu
\aZbfh^_ckl\byk gbfb< oh^_dhgkmevlZlb\ghc[_k_^udeb_glihemqZ_l\hafh`ghklvrbj_
\a]eygmlv gZ kblmZpbx bgZq_ hp_gblv k\hx jhev \ g_c b \ khhl\_lkl\bb k wlbf gh\uf
\b^_gb_fbaf_gblvk\h_hlghr_gb_d ijhbkoh^ys_fmb k\h_ih\_^_gb_
Ikbohl_jZi_\lbq_kdh_ \ha^_ckl\b_ kljhblky bgZq_ @Zeh[u dZd lZdh\u_ b]jZxl
g_agZqbl_evgmx jhev ihkdhevdm m`_ gZ gZqZevguo wlZiZo jZ[hlu hgb m]em[eyxlky b
i_j_nhjfmebjmxlky < [_k_^_ kh ki_pbZebklhf aZljZ]b\Zxlky g_ lhevdh ZdlmZevgu_
kblmZpbb\aZbfhhlghr_gbcdeb_glZghlZd`_ijhreh_kh[ulby^Ze_dh]h^_lkl\Zxghklb
Zdlb\gh bkihevamxlky lZdb_ ki_pbnbq_kdb_ nhjfu ikbobq_kdhc ijh^mdpbb dZd kgu b
ZkkhpbZpbb <Z`gZy q_jlZ ikbohl_jZibb ² hkh[h_ \gbfZgb_ d \aZbfhhlghr_gbyf f_`^m
q_eh\_dhf h[jZlb\rbfky aZ ihfhsvx b ijhn_kkbhgZehf ZgZeba dhlhjuo \ l_jfbgZo
i_j_ghkZb dhglji_j_ghkZ y\ey_lky h^gbf ba \Z`g_crbo kj_^kl\ m]em[e_gby b jZkrbj_gby
\hafh`ghkl_c \ha^_ckl\by lh]^Z dZd \ dhgkmevlbjh\Zgbb ih^h[gu_ \hijhku ijZdlbq_kdb
gbdh]^Z g_ h[km`^Zxlky :gZeba ]em[bgguo keh_\ ikbobdb ijb\h^bl d ihgbfZgbx ijbqbg
iZlh]_gguo i_j_`b\Zgbc b ih\_^_gby b lZdbf h[jZahf kihkh[kl\m_l j_r_gbx ebqghklguo
ijh[e_fMjkZghJAhgg_g[_j]KEZaZjK JZaebqgZ b ^ebl_evghklv wlbo \b^h\ ikboheh]bq_kdh]h \ha^_ckl\by LZd _keb
ikboheh]bq_kdh_ dhgkmevlbjh\Zgb_ qZs_ [u\Z_l djZldhkjhqguf b j_^dh ij_\urZ_l ²
\klj_q k deb_glhf lh ijhp_kk ikbohl_jZibb ^eblky g_kjZ\gbfh ^hevr_ b hjb_glbjh\Zg gZ
^_kyldbZ lhb khlgb\klj_q\ l_q_gb_jy^Ze_l
Hij_^_e_ggu_ jZaebqby k\yaZgu b k lbiZfb deb_glh\ GZ ijb_f_ m ikboheh]Z
dhgkmevlZglZ fh`gh k jZ\ghc \_jhylghklvx \klj_lblv ijZdlbq_kdb ex[h]h q_eh\_dZ
g_aZ\bkbfh hl _]h ikbobq_kdh]h klZlmkZ aZgylhklb fZl_jbZevghc h[_ki_q_gghklb
bgl_ee_dlmZevgh]hihl_gpbZeZb l^lh]^ZdZddjm]ex^_cqvbijh[e_fufh]mlj_rZlvky\
jZfdZo ]em[bgghcikbohdhjj_dpbhgghc jZ[hlu [he__ h]jZgbq_g B^_Zevguc deb_gl ² wlh
ghjfZevgucg_\jhlbdk \ukhdbfmjh\g_fjZa\blbyj_ne_dkbbkihkh[guchieZqb\ZlvqZklh
^hjh]hc b ^ebl_evguc dmjk e_q_gby h[eZ^Zxsbc ^hklZlhqguf ^ey wlh]h dhebq_kl\hf
\j_f_gbb fhlb\Zpb_cD q_klbikbohl_jZibbke_^m_lkdZaZlvqlhkm`_gb_djm]Zdeb_glh\b
m\_ebq_gb_ \j_f_gb \ha^_ckl\by ijb\h^bl d agZqbl_evghfm jZkrbj_gbx djm]Z j_rZ_fuo
ijh[e_fdhlhjuc\ hij_^_e_gghfkfuke_klZgh\blky[_a]jZgbqguf
?kl_kl\_ggh ij_^iheh`blv qlh ijb klhev kms_kl\_gguo hlebqbyo ^\mo wlbo nhjf
\ha^_ckl\by ^he`gZ jZaebqZlvky b ih^]hlh\dZ khhl\_lkl\mxsbo ki_pbZebklh\ Hkgh\gu_
lj_[h\Zgby d ikboheh]mdhgkmevlZglm k gZr_c lhqdb aj_gby ² wlh ikboheh]bq_kdbc
^biehf Z lZd`_ ki_pbZevgZy ih^]hlh\dZ \ h[eZklb l_hjbb b ijZdlbdb ikboheh]bq_kdh]h
dhgkmevlbjh\Zgby\dexqZxsZyjZ[hlmih^jmdh\h^kl\hfkmi_j\bahjZdhlhjZyfh`_lb g_
[ulv hkh[_ggh ^ebl_evghc Lj_[h\Zgbc d h[jZah\Zgbx ki_pbZebklh\ ih ikbohl_jZibb
agZqbl_evgh [hevr_ b hgb \dexqZxl \ k_[y gZjy^m k l_hj_lbq_kdhc ikboheh]bq_kdhc
ih^]hlh\dhc b hij_^_e_ggufb f_^bpbgkdbfb agZgbyfb lZd`_ ^ebl_evguc hiul
kh[kl\_gghc ikbohl_jZibb b jZ[hlu ih^ jmdh\h^kl\hf hiulgh]h kmi_j\bahjZ G_ kemqZcgh
ikbohl_jZiby bklhjbq_kdb l_kgh k\yaZgZ k ikbobZljb_c b kj_^b ikbohl_jZi_\lh\ gZjy^m k
ijhn_kkbhgZeZfbikboheh]Zfbg_f_g__qZklh\klj_qZxlkyb ikbobZljughdhg_qghlZd`_
ihemqb\rb_ ki_pbZevgmx ih^]hlh\dm AZf_lbf qlh q_eh\_d h[jZsZxsbcky d
ikbohl_jZi_\lm ih ljZ^bpbb gZau\Z_lky g_ deb_glhf Z iZpb_glhf Iheghp_ggmx
ih^]hlh\dm ki_pbZebklZ \ wlhc h[eZklb g_\hafh`gh ij_^klZ\blv [_a hiulZ kh[kl\_gghc
ikbohl_jZibb[eZ]h^Zjydhlhjhfmhgfh`_lemqr_hjb_glbjh\Zlvky\ ijh[e_fZoiZpb_glh\
[he__ iheghp_ggh jZ[hlZlv g_ [hykv lZdbo ihf_o dZd kbg^jhf k]hjZgby beb
dhffmgbdZlb\ghc i_j_]jmadb Z lZd`_ k\h[h^gh bkihevamy lZdb_ kj_^kl\Z \ha^_ckl\by dZd
i_j_ghkb dhglji_j_ghk
JZaebqby ikbohl_jZibb b dhgkmevlbjh\Zgby ² rbjhdZy b fgh]h]jZggZy l_fZ
Dhg_qgh `_ a^_kv fu fh`_f gZf_lblv lhevdh h[sb_ ebgbb bo kjZ\g_gby L_f `_ dlh
hkh[_ggh aZbgl_j_kh\Zeky wlbf \hijhkhf fh`gh ihkh\_lh\Zlv ihqblZlv ki_pbZevgmx
ebl_jZlmjmDZj\ZkZjkdbc;> <ZkbexdN? Q_eh\_d k mebpu h[jZsZxsbcky d ikboheh]m aZ ihfhsvx hkh[_ggh \ gZr_c
kljZg_]^_^Ze_dhg_dZ`^ucij_^klZ\ey_lk_[_qlhlZdh_ikboheh]by\ ijbgpbi_g_\k_]^Z
ihgbfZ_ldZdh]hbf_gghieZgZihfhsv_fmgm`gZb \dZdhcnhjf_hgZfh`_l[ulvhdZaZgZ
QZklh h`b^Zgby deb_glh\ g_Z^_d\Zlgu g_ khhl\_lkl\mxl j_Zevghklb `bagb b eh]bd_
\aZbfhhlghr_gbcgZijbf_jdZdwlhg_j_^dh[u\Z_ldeb_glgZqbgZ_llj_[h\Zlvk^_eZlvlZd
qlh[u dlhlh dh]hlh ihex[be beb jZaex[be \ j_amevlZl_ \ha^_ckl\by ikboheh]Z b l^ <
k\yab k wlbf qZklh i_j\h_ qlh ijboh^blky ^_eZlv k deb_glhf ² wlh h[tykgylv \ q_f hg
fh`_l h`b^Zlv ikboheh]bq_kdhc ihfhsb b dZdhc K wlhc lhqdb aj_gby ikboheh]bq_kdh_
dhgkmevlbjh\Zgb_[m^mqb[he__hjb_glbjh\ZggufgZ^hklb`_gb_dhgdj_lghcp_ebb f_g__
h[yau\Zxsbf lbihf \ha^_ckl\by qZklh kem`bl k\h_h[jZaghc klmi_gvdhc i_j\uf rZ]hf d
[he__ ^ebl_evghc b ]em[hdhc ikbohl_jZi_\lbq_kdhc jZ[hl_ ;u\Z_l qlh ijb^y d
dhgkmevlZglm q_eh\_d \i_j\u_ aZ^mfu\Z_lky h kh[kl\_gghc jheb \ k\hbo `bag_gguo
g_m^ZqZob gZqbgZ_lihgbfZlv qlh^ey lh]h qlh[u _fm ^_ckl\bl_evgh ihfh]eb h^ghc beb
^Z`_ g_kdhevdbo \klj_q k ikboheh]hf g_^hklZlhqgh Ba wlh]h g_ ke_^m_l qlh hg kjZam `_
h[jZlblky aZ [he__ k_jv_aghc ihfhsvx ² wlh fh`_l kemqblvky g_ kdhjh beb g_ kemqblvky
gbdh]^Z gh ^Z`_ ijhklh_ agZgb_ h lhf qlh ihfhsv \ ijbgpbi_ _fm fh`_l [ulv hdZaZgZ
[u\Z_l hq_gv \Z`guf LZdZy \aZbfhk\yav dhgkmevlbjh\Zgby b ikbohl_jZibb ² hkgh\Z
rbjhdbo b fgh]h]jZgguo \hafh`ghkl_c ijZdlbq_kdhc ikboheh]bb ]ZjZglby lh]h qlh
dZ`^uc h[jZsZxsbcky fh`_l gZclb ^ey k_[y lh qlh y\ey_lky gZb[he__ ih^oh^ysbf ^ey
g_]h\ ^Zggucfhf_gl
Ijbgpbiuikboheh]bq_kdh]hdhgkmevlbjh\Zgby
<hfgh]boijhn_kkbyokms_kl\mxlk\hbijbgpbiub lj_[h\Zgbyj_ZebaZpbydhlhjuo
y\ey_lky h[yaZl_evghc ^ey ki_pbZebklh\ LZd \ jy^_ kljZg fbjZ kms_kl\mxl wlbq_kdb_
dh^_dku ikboheh]Z hij_^_eyxsb_ ^_yl_evghklv ijhn_kkbhgZeZ (WKLFDO 3ULQFLSOHV RI
3V\FKRORJLVWV >ey l_o `_ dlh g_ihkj_^kl\_ggh jZ[hlZ_l k ex^vfb \ kn_j_
ikboheh]bq_kdh]h \ha^_ckl\by wlb ghjfu _s_ `_klq_ b kljh`_ _s_ [hevr_ lj_[h\Zgbc b
h]jZgbq_gbcgZdeZ^u\ZxlhgbgZikboheh]ZijZdlbdZ 6SHFLDOLW\*XLGHOLQHVIRUWKH'HOLYHU\RI
6HUYLFHV E\ &RXQVHOLQJ 3V\FKRORJLVWV >Ze_dh g_ \k_]^Z kms_kl\mxl h^ghagZqgu_ b
ijhklu_ hl\_lu gZ wlbq_kdb_ b fhjZevgu_ ijh[e_fu \hagbdZxsb_ \ ikboheh]bq_kdhc
ijZdlbd_ H[ wlbq_kdbo ijbgpbiZo ikboheh]bq_kdh]h dhgkmevlbjh\Zgby b ikbohl_jZibb
gZibkZgup_eu_lhfZ\ dhlhjuoih^jh[ghh[km`^Zxlkykeh`gu_kblmZpbb\ lhfqbke_dZd
ke_^m_l \_klb k_[y dhgkmevlZglm _keb \ oh^_ ijb_fZ hg magZ_l qlh _]h deb_gl aZfurey_l
ZkhpbZevguc ihklmihd _keb hg \b^bl ke_^u ih[h_\ b gZkbeby gZ l_e_ m j_[_gdZ _keb
jh^bl_eb ohlyl magZlv qlhlh h k\h_f kdjulghf j_[_gd_ih^jhkld_ b l^ G_kh[ex^_gb_
ijhn_kkbhgZevguoijbgpbih\b lj_[h\Zgbc\ g_dhlhjuokljZgZogZijbf_j\ KR:fh`_l
ijb\_klb d lhfm qlh ikboheh] ebrZ_lky ^biehfZ ijZ\Z gZ ijZdlbdm b ij_^eh`_gb_ k\hbo
ijhn_kkbhgZevguomkem]b l^
Dhg_qgh `_ \ gZr_c kljZg_ h`b^Zlv qlh g_kh[ex^_gb_ ijhn_kkbhgZevguo
ijbgpbih\ b lj_[h\Zgbc [m^_l kljh]h gZdZau\Zlvky ihdZ g_ ijboh^blky ^ey wlh]h g_l
g_h[oh^bfuo mkeh\bc lZdbo dZd hj]Zgbah\Zggh_ ijhn_kkbhgZevgh_ khh[s_kl\h
xjb^bq_kdb maZdhg_ggu_ ebp_gabb b jZaj_r_gby gZ ijZdlbdm mgbnbpbjh\ZggZy kbkl_fZ
ih^]hlh\db b l^ Gh ke_^m_l ihfgblv qlh kms_kl\mxl hij_^_e_ggu_ ijbgpbiu ih\_^_gby
ikboheh]ZdhgkmevlZglZ b qlh ke_^h\Zgb_ bf g_ lhevdh h[_ki_qb\Z_l wlbqghklv
ijhn_kkbhgZevghc ^_yl_evghklb gh b y\ey_lky aZeh]hf mki_rghklb ikboheh]bq_kdh]h
\ha^_ckl\by HklZgh\bfky ih^jh[g__ gZ g_dhlhjuo wlbq_kdbo lj_[h\Zgbyo ke_^h\Zgb_
dhlhjufk gZr_clhqdbaj_gbyy\ey_lkyhkh[_ggh\Z`guf;h^Ze_\::Klhebg << Klhebg<< >h[jh`_eZl_evgh_ b [_ahp_ghqgh_hlghr_gb_d deb_glm
AZ wlhc nhjfmebjh\dhc kdju\Z_lky p_euc dhfie_dk ijhn_kkbhgZevgh]h ih\_^_gby
gZijZ\e_ggh]hgZlhqlh[udeb_glqm\kl\h\Zek_[ykihdhcghb dhfnhjlgh\h\j_fyijb_fZ
>h[jh`_eZl_evgh_ hlghr_gb_ ih^jZamf_\Z_l g_ ijhklh ke_^h\Zgb_ h[s_ijbgyluf ghjfZf
ih\_^_gby gh b mf_gb_ \gbfZl_evgh kemrZlv hdZau\Zlv g_h[oh^bfmx ikboheh]bq_kdmx
ih^^_j`dmg_hkm`^ZlvZ klZjZlvkyihgylvb ihfhqvdZ`^hfmdlhh[jZsZ_lkyaZihfhsvx
Hjb_glZpbygZghjfub p_gghklbdeb_glZ
Wlhl ijbgpbi ih^jZamf_\Z_l qlh ikboheh] \h \j_fy k\h_c jZ[hlu ^he`_g
hjb_glbjh\Zlvkyg_gZkhpbZevghijbgylu_ghjfub ijZ\beZZ gZl_`bag_ggu_ijbgpbiub
b^_Zeughkbl_e_fdhlhjuoy\ey_lkydeb_glWnn_dlb\gh_ \ha^_ckl\b_\hafh`ghebrvijb
hihj_gZkbkl_fmp_gghkl_ckZfh]hdeb_glZdjblbq_kdh_`_hlghr_gb_dhgkmevlZglZfh`_l
ijb\_klbd lhfmqlhijbr_^rbcgZijb_fq_eh\_daZfdg_lkyg_kfh`_l[ulvbkdj_ggbfb
hldjuluf Z ke_^h\Zl_evgh b \hafh`ghklb dhgkmevlZlb\gh]h \ha^_ckl\by hdZ`mlky
ijZdlbq_kdb g_j_Zebam_fufb IjbgbfZy `_ p_gghklb deb_glZ m\Z`Zy bo b hl^Z\Zy bf
^he`gh_ dhgkmevlZgl kfh`_l \ha^_ckl\h\Zlv gZ gbo \ lhf kemqZ_ _keb hgb y\eyxlky
ij_iylkl\b_fgZimlbghjfZevgh]hnmgdpbhgbjh\Zgbyq_eh\_dZ
AZij_l^Z\Zlvkh\_lu
Deb_glZf g_evay ^Z\Zlv kh\_lu Hkgh\Zgby ^ey wlh]h ^hklZlhqgh rbjhdb b
fgh]hh[jZagu Ij_`^_ \k_]h dZdh\ [u gb [ue `bag_gguc b ijhn_kkbhgZevguc hiul
ikboheh]Z ^Zlv ]ZjZglbjh\Zgguc kh\_l ^jm]hfm g_\hafh`gh `bagv dZ`^h]h mgbdZevgZ b
g_ij_^kdZam_fZD lhfm`_kh\_lmydhgkmevlZgliheghklvx[_j_lgZk_[yhl\_lkl\_gghklvaZ
ijhbkoh^ys__qlhg_kihkh[kl\m_ljZa\blbxebqghklbdhgkmevlbjm_fh]hb _]hZ^_d\Zlgh]h
hlghr_gbyd ^_ckl\bl_evghklb< lZdhckblmZpbbikboheh]klZ\blk_[y\ ihabpbx]mjmqlh
j_Zevgh \j_^bl dhgkmevlbjh\Zgbx ijb\h^bl d lhfm qlh m deb_glZ \f_klh Zdlb\gh]h
klj_fe_gby jZah[jZlvky \ k\h_c `bagb b baf_gblv __ nhjfbjm_lky iZkkb\gh_ b
ih\_joghklgh_ hlghr_gb_ d ijhbkoh^ys_fm Ijb wlhf ex[u_ g_m^Zqb \ j_ZebaZpbb kh\_lZ
h[uqgh ijbibku\Zxlky dhgkmevlZglm dZd ^Z\r_fm kh\_l Z\lhjbl_lm qlh _kl_kl\_ggh
f_rZ_lihgbfZgbxdeb_glhfk\h_cjheb\ ijhbkoh^ysbok gbfkh[ulbyo
:ghgbfghklv
<Z`g_crbfmkeh\b_fikboheh]bq_kdh]hdhgkmevlbjh\Zgbyy\ey_lky_]hZghgbfghklv
Wlh agZqbl qlh ex[Zy bgnhjfZpby khh[s_ggZy deb_glhf ikboheh]m g_ fh`_l [ulv
i_j_^ZgZ [_a _]h kh]eZkby gb \ dZdb_ h[s_kl\_ggu_ beb ]hkm^Zjkl\_ggu_ hj]ZgbaZpbb
qZklguf ebpZf \ lhf qbke_ jh^kl\_ggbdZf beb ^jmavyf Ba wlh]h ijZ\beZ kms_kl\mxl
bkdexq_gby h dhlhjuo deb_gl \k_]^Z ij_^mij_`^Z_lky aZjZg__ ki_pbZevgh h]h\hj_ggu_
aZdhghf \h fgh]bo kljZgZo < gZr_c kljZg_ lZdbf bkdexq_gb_f ih`Zemc fh`gh kqblZlv
kblmZpbxdh]^Zikboheh]magZ_l\h\j_fyijb_fZh q_feb[hqlhy\ey_lkyk_jv_aghcm]jhahc
^ey qv_ceb[h `bagb Gh dhg_qgh `_ ^Z`_ \ wlhc kblmZpbb _]h ^_ckl\by ^he`gu [ulv
fZdkbfZevghhklhjh`gufbb khhlghkblvkyk bgl_j_kZfbdeb_glZ
JZa]jZgbq_gb_ebqguob ijhn_kkbhgZevguohlghr_gbc
Kms_kl\m_l g_fZeh hq_gv hiulguo b ijhn_kkbhgZevguo dhgkmevlZglh\ dhlhju_
ihiZ^Zeb\ eh\mrdmi_j_oh^yk deb_glZfbgZ^jm`_kdb_hlghr_gbybebiulZykvhdZau\Zlv
ijhn_kkbhgZevgmx ihfhsv k\hbf ^jmavyf b [eb`Zcrbf jh^kl\_ggbdZf Wlhl imlv lZbl \
k_[_g_fZehhiZkghkl_cb g_lhevdhihlhfmqlhdZdba\_klgh\ k\h_fhl_q_kl\_ijhjhdZg_l
b ex[u_ j_dhf_g^Zpbb b hldjh\_gby k [ebadbfb e_]dh h[_kp_gb\Zxlky gh b ih fgh]bf
^jm]bfijbqbgZfh g_dhlhjuobagbo[m^_lkdZaZghgb`_
< ikbohl_jZibb kms_kl\mxl ^\Z \Z`g_crbo ihgylby bf_xsbo h]jhfgh_ agZq_gb_
^ey jZ[hlu k iZpb_glZfb Z i_j_ghk lh _klv kdehgghklv deb_glZ i_j_ghkblv b
ijh_pbjh\ZlvgZikbohl_jZi_\lZb hlghr_gbyk gbfk\hbhlghr_gbykhagZqbfufbex^vfb
hkgh\gu_ ijh[e_fu b dhgnebdlu [ dhglji_j_ghk lh _klv kdehgghklv ikbohl_jZi_\lZ
ijh_pbjh\Zlv k\hb hlghr_gby kh agZqbfufb ex^vfb b hkgh\gu_ \gmlj_ggb_ ijh[e_fu b
dhgnebdlugZhlghr_gbyk iZpb_glhfWlbihgylby\\_^_ggu_\ ikbohZgZeba Nj_c^hfgZ
k_]h^gyrgbc^_gvrbjhdhbkihevamxlky\ jZfdZokZfuojZaguogZijZ\e_gbcikbohl_jZibb
Nj_c^ Hgb hagZqZxl qlh ex[u_ q_eh\_q_kdb_ hlghr_gby b ^Z`_ lZdb_
ki_pbZevgu_hlghr_gbykdeZ^u\Zxsb_ky\ jZfdZoikbohl_jZibbgZoh^ylkyih^\ebygb_f
\gmlj_ggbo ebqguo ihlj_[ghkl_c b `_eZgbc q_eh\_dZ dhlhju_ hg qZs_ \k_]h g_ hkhagZ_l
;he__ lh]h ^Z`_ ijhn_kkbhgZeikbohl_jZi_\l qZklh hdZau\Z_lky h[_ahjm`_g
dhglji_j_ghkhfBf_ggh^eylh]hqlh[uihgbfZlvmijZ\eylvb mf_lvbkihevah\Zlv\ p_eyo
ZgZebaZk\hcdhglji_j_ghkdZd\ijhq_fb jy^^jm]boebqguob f_`ebqghklguon_ghf_gh\
^ey gZqbgZxs_]h ikbohl_jZi_\lZ kms_kl\m_l h[yaZl_evgh_ lj_[h\Zgb_ ijhoh`^_gby k\h_]h
kh[kl\_ggh]hZgZebaZb ^he]hcjZ[hluk kmi_j\bahjhf
< lhcbebbghckl_i_gbwlbn_ghf_gu^_ckl\mxlb \ijhp_kk_dhgkmevlbjh\ZgbyGh
ljm^ghh`b^Zlvqlhq_eh\_dg_ihemqb\rbcki_pbZevghcb m]em[e_gghcih^]hlh\dbkfh`_l
mki_rghjZ[hlZlvk wlbfbkeh`g_crbfby\e_gbyfb>eydhgkmevlZglZ^hklZlhqghihgbfZlv
qlh khojZg_gb_ _]h Z\lhjbl_lZ ^ey deb_glZ \h fgh]hf k\yaZgh k l_f qlh ihke_^gbc fZeh
agZ_lh g_fdZdh q_eh\_d_m g_]hg_lhkgh\ZgbcdZd^ey\hkobs_gbyikboheh]hflZdb ^ey
hkm`^_gby_]hdZdebqghklbMklZgh\e_gb_l_kguoebqguohlghr_gbcf_`^mdhgkmevlZglhf
b deb_glhf ijb\h^bl d lhfm qlh hgb dZd [ebadb_ ex^b gZqbgZxl m^h\e_l\hjylv l_ beb
bgu_ihlj_[ghklbb `_eZgby^jm]^jm]Zb dhgkmevlZglm`_g_fh`_lkhojZgblvh[t_dlb\gmx
b hlkljZg_ggmxihabpbxg_h[oh^bfmx^eywnn_dlb\gh]hjZaj_r_gbyijh[e_fdeb_glZ
>_kylbe_lb_gZaZ^\ aZjm[_`ghcijZdlbq_kdhcikboheh]bbZdlb\gh^bkdmlbjh\Zebkvb
ZgZebabjh\ZebkvjZaebqgu_ihke_^kl\by\klmie_gbydeb_glZb dhgkmevlZglZikbohl_jZi_\lZ
b iZpb_glZ\ ebqgu_\ lhfqbke_k_dkmZevgu_hlghr_gbyZ lZd`_\hafh`gu_\ebygbywlh]h
nZdlhjZ gZ ijhp_kk l_jZibb JZaebqguo lhq_d aj_gby [ueh fgh`_kl\h Gh h[sbc \u\h^ d
dhlhjhfmijb\_ebwlb^bkdmkkbbh^bgih\hafh`ghklbebqguohlghr_gbcemqr_ba[_]Zlv
Z _kebqlhlhih^h[gh_\k_`_kemqbehkvke_^m_l[ulvfZdkbfZevghhklhjh`gufklZjZlvky
^_ckl\h\Zlv ij_`^_ \k_]h \ bgl_j_kZo deb_glZ b dZd fh`gh kdhj__ ij_j\Zlv ijhp_kk
dhgkmevlbjh\Zgbybebikbohl_jZibb 'DKOEHUJ KK <dexq_gghklvdeb_glZ\ ijhp_kkdhgkmevlbjh\Zgby
>eylh]hqlh[uijhp_kkdhgkmevlbjh\Zgby[uewnn_dlb\gufdeb_gl\h\j_fyijb_fZ
^he`_g qm\kl\h\Zlv k_[y fZdkbfZevgh \dexq_gguf \ [_k_^m yjdh b wfhpbhgZevgh
i_j_`b\Zlv \k_ qlh h[km`^Z_lky k dhgkmevlZglhf >ey lh]h qlh[u h[_ki_qblv lZdmx
\dexq_gghklv ikboheh] ^he`_g ke_^blv aZ l_f qlh[u jZa\blb_ jZa]h\hjZ \u]ey^_eh ^ey
deb_glZeh]bqgufb ihgylgufZ lZd`_qlh[uq_eh\_dg_ijhklh\gbfZeki_pbZebklmZ _fm
[ueh^_ckl\bl_evghbgl_j_kgh<_^vlhevdh\ lhfkemqZ__kebihgylghb bgl_j_kgh\k_qlh
h[km`^Z_lky fh`gh Zdlb\gh bkdZlv imlb jZaj_r_gby k\h_c kblmZpbb i_j_`b\Zlv b
ZgZebabjh\Zlv__
;u\Z_lqlh\h\j_fyijb_fZdeb_gl\^jm]l_jy_lbgl_j_kd h[km`^Z_fhcl_f_mklZ_l
\gmlj_gg_g_kh]eZrZ_lkyghg_ohq_l]h\hjblvh[wlhf< wlhckblmZpbbg_klhblgZ]g_lZlv
Zlfhkn_jm gZklZb\Zlv iulZlvky \uykgblv \k_ ^h dhgpZ Emqr_ _keb ikboheh] kf_gbl
l_fmihrmlblb lZdbfh[jZahfjZajy^blh[klZgh\dmkhojZgb\aZkq_lwlh]h\dexq_gghklvb
bgl_j_kdeb_glZd ijhp_kkmdhgkmevlbjh\Zgbyb h[_ki_qb\ijh^mdlb\ghklvikboheh]bq_kdh]h
\ha^_ckl\by
P_ebb aZ^Zqbikboheh]bq_kdh]hdhgkmevlbjh\Zgby
;_kkihjgh hkgh\gZy p_ev ikboheh]bq_kdh]h dhgkmevlbjh\Zgby ² wlh hdZaZgb_
ikboheh]bq_kdhcihfhsblh_klvjZa]h\hjk ikboheh]hf^he`_gihfhqvq_eh\_dm\ j_r_gbb
ijh[e_f b gZeZ`b\Zgbb f_`ebqghklguo hlghr_gbc k hdjm`Zxsbfb Gh hl\_lblv
h^ghagZqghgZ\hijhk\ q_fbf_gghb dZdwlZikboheh]bq_kdZyihfhsv^he`gZ\ujZ`Zlvky
g_lZdijhklh< ijbgpbi_q_eh\_dmih[u\Z\r_fmgZijb_f_ m ki_pbZebklZ ^he`gh klZlv
emqr_q_f[ueh^hlh]hb _kebhg^_ckl\bl_evghihqm\kl\h\Zek_[y emqr_lhwlhfh`_l
kem`blvdjbl_jb_flh]hqlhihfhsv[ueZhdZaZgZGh\k_^Ze_dhg_lZdijhklhKemqZ_lky
qlhihke_dhgkmevlZpbbdeb_glmdZ`_lkyqlh_]hg_ihgyebb g_hp_gbebghijhoh^bl\j_fy
b lhl `_ kZfuc q_eh\_d gZqbgZ_l ihgbfZlv qlh fgh]h_ ba lh]h qlh h[km`^Zehkv k
dhgkmevlZglhf [ueh ihgylh ihke_^gbf Z[khexlgh \_jgh b \ j_amevlZl_ ihfh]eh _fm
i_j_hp_gblv g_qlh \ k_[_ kZfhf LZd `_ b dhgkmevlZgl _keb \klj_qb k deb_glhf
ijh^he`Zxlkyfh`_l\^jm]aZf_lblvlhqlh\ _]hbgl_jij_lZpbb\gZqZe_g_[uehmkeurZgh
b ijbgylh iZpb_glhf ihlhf [_j_lky bf gZ \hhjm`_gb_ \ jZaebqguo kblmZpbyo ijb
ihkljh_gbbhlghr_gbck hdjm`Zxsbfb
Ba kdZaZggh]h \ur_ ke_^m_l qlh ohly m^h\e_l\hj_gghklv deb_glZ b kqblZ_lky
\Z`g_crbf ihdZaZl_e_f wnn_dlb\ghklb ikboheh]bq_kdh]h dhgkmevlbjh\Zgby fgh]h_
hij_^_ey_lky oZjZdl_jhf ijh[e_f deb_glZ LZd q_eh\_d i_j_`b\Zxsbc ]hj_ beb mljZlm
fh`_lb ^he`_gjZkkqblu\ZlvgZlhqlhihke_ihk_s_gbydhgkmevlZpbb_fm[m^_lg_fgh]h
e_]q_b dhgkmevlZgl^he`_gklZjZlvkyh[e_]qblv_]h]hj_< ^jm]hc`_kblmZpbbh[e_]q_gb_
wfhpbhgZevgh]hkhklhygbyfh`_lg_y\eylvkyijyfhcp_evxdhgkmevlZglZ\_^vihjhc^Z`_
qm\kl\my qlh [_k_^Z k ikboheh]hf [ueZ g_khfg_ggh ihe_aghc deb_gl fh`_l gZqZlv
i_j_`b\Zlvk\hbijh[e_fu]hjZa^h[he_ag_gg__b hklj__ihkdhevdmhsms_gb_kh[kl\_gghc
\bgu b hl\_lkl\_gghklb ijbr_^r__ \f_kl_ k ihgbfZgb_f ijhbkoh^ys_]h hlgx^v g_
y\ey_lkye_]dbfbebijbylguf
Mki_o ikboheh]bq_kdh]h dhgkmevlbjh\Zgby \h fgh]hf aZ\bkbl hl lh]h dZd
dhgkmevlZgl j_rZ_l lZdb_ \Z`g_crb_ aZ^Zqb dZd \ukemrb\Zgb_ deb_glZ b jZkrbj_gb_ _]h
ij_^klZ\e_gbc h k_[_ b kh[kl\_gghc kblmZpbb >_ckl\bl_evghc ijh[e_fhc fgh]bo ex^_c
h[jZsZxsboky aZ ihfhsvx d ikboheh]m y\ey_lky lh qlh bf ijZdlbq_kdb g_ k d_f
ih]h\hjblv hldjh\_ggh jZkkdZaZlv g_ lZykv \k_ qlh bo lj_\h`bl b [_kihdhbl M`_ lh qlh
dhgkmevlZglfh`_lbo\gbfZl_evgh\ukemrZlvb ihgylv ² g_h[uqZcgh\Z`ghb wlhkZfhih
k_[_ ijb\h^bl d hij_^_e_gguf iheh`bl_evguf baf_g_gbyf Djhf_ lh]h kihdhcguc b
\^mfqb\uc jZa]h\hj kh ki_pbZebklhf iha\hey_l magZlv b ihgylv h k_[_ b h[ hdjm`Zxsbo
ex^yo fgh]h gh\h]h qlh lZd`_ y\ey_lky p_gguf ihkdhevdm kem`bl ibs_c ^ey
jZafure_gbc h k_[_ b ex^yo kihkh[kl\m_l jZkrbj_gbx ij_^klZ\e_gbc h[ hdjm`Zxs_c
q_eh\_dZ ^_ckl\bl_evghklb >ey deb_glZ h[jZsZxs_]hky aZ ihfhsvx d ikboheh]m lZdhc
j_amevlZlfh`_lhdZaZlvky\Z`gufg_lhevdhk lhqdbaj_gbyih\ur_gby_]hikboheh]bq_kdhc
klZ[bevghklb gh lZd`_ ihkem`blv hkgh\Zgb_f ^ey h[jZs_gby aZ ^Zevg_cr_c ihfhsvx d
^jm]bfki_pbZebklZf_kebwlhdZ`_lkyg_h[oh^bfuf
Kms_kl\m_lb _s_h^bgj_amevlZl^hklb`_gb_dhlhjh]h\ ijhp_kk_dhgkmevlZlb\ghc
[_k_^u ij_^klZ\ey_lky gbqmlv g_ f_g__ \Z`guf Wlh ijbgylb_ deb_glhf gZ k_[y
hl\_lkl\_gghklbaZijhbkoh^ys__k gbf
Ijbgylb_deb_glhfhl\_lkl\_gghklbaZijhbkoh^ys__k gbf
< oh^_dhgkmevlZpbbehdmk`Zeh[udeb_glZ^he`_g[ulvi_j_\_^_gk ^jm]bogZk_[y
;_aj_r_gbywlhcaZ^Zqb^hklb`_gb_dZdboeb[hj_Zevguoj_amevlZlh\g_\hafh`ghLhevdh\
lhfkemqZ__kebq_eh\_dhsmsZ_lk\hx\bgmb hl\_lkl\_gghklv aZ ijhbkoh^ys__ hg [m^_l
^_ckl\bl_evghklZjZlvkybaf_gblvkyb baf_gblvk\hxkblmZpbx\ ijhlb\ghfkemqZ_hg[m^_l
ebrvh`b^Zlvihfhsbb baf_g_gbckhklhjhguhdjm`Zxsbo
I_j_\h^ehdmkZhl\_lkl\_gghklbgZkZfh]hdeb_glZhlgx^vg_ijhklZyaZ^ZqZ;u\Z_l
b lZd qlh _^bgkl\_ggh_ qlh aZ \j_fy ijb_fZ mki_\Z_l k^_eZlv ikboheh] ² wlh ihdZaZlv
deb_glm qlh hg kZfohly [u hlqZklb kihkh[kl\m_l lhfm qlh _]h ijh[e_fu b hlghr_gby k
ex^vfb ghkyl lZdhc keh`guc b g_]Zlb\guc oZjZdl_j Gh wlh kh\k_f g_ agZqbl qlh ijb_f
ijhr_e g_m^Zqgh GZijhlb\ \ lZdhc kblmZpbb dhgkmevlZgl ^h[beky kZfh]h \Z`gh]h
j_amevlZlZ\_^vhkhagZ\Zyk\hxhl\_lkl\_gghklvaZkblmZpbxq_eh\_dfh`_lkZfj_rblvdZd
_fm g_h[oh^bfh ihklmiZlv ^ey lh]h qlh[u \ _]h `bagb ijhbahreb ihablb\gu_ baf_g_gby
Ohlydhg_qghihfhsvikboheh]Z\ hij_^_e_gbb lh]h qlh bf_gghb dZd fh`gh baf_gblv \
kblmZpbbh[uqghy\ey_lky\_kvfZihe_aghc
;u\Z_lqlhq_eh\_dijbr_^rbcgZijb_fk kZfh]hgZqZeZaZy\ey_lY kZf\h\k_f
\bgh\ZlGhd kh`Ze_gbxqZs_\k_]hih^h[gh_aZy\e_gb_g_k\b^_l_evkl\m_lh[bklbgghf
ihgbfZgbb f_ju k\h_c hl\_lkl\_gghklb Z y\ey_lky ebrv k\h_h[jZaguf dhd_lkl\hf b
h[uqgh lh dZd deb_glu ihgbfZxl k\hx \bgm aZ ijhbkoh^ys__ fZeh k\yaZgh k j_Zevgufb
hkh[_gghklyfb kblmZpbb Ijb^y gZ dhgkmevlZpbx deb_gldZ fh`_l gZqZlv ijbqblZlv
Dhg_qgh wlh y \bgh\ZlZ qlh m gZk k fm`_f ihklhyggh \hagbdZxl dhgnebdlu >Z\gh ihjZ
fg_ ihgylv qlh hg ijhklh g_ lhl q_eh\_d qlh _fm gZ \k_o gZie_\Zlv Z y \k_ _s_ iulZxkv
h[tykgblv_fmqlhlhihq_eh\_q_kdbLZdh_aZy\e_gb_k\b^_l_evkl\m_lh lhfqlhdeb_gldZ
g_ hl^Z_l k_[_ hlq_lZ \ lhf qlh hgZ g_ lhevdh g_ ihgbfZ_l b g_ ijbgbfZ_l k\h_c
hl\_lkl\_gghklb aZ ijh[e_fu \ hlghr_gbyo gh b hkdhj[ey_l b mgb`Z_l fm`Z kqblZy _]h
g_kihkh[gufihgylvb jZah[jZlvky\ kblmZpbb
Gh^Z`__kebbalh]hdZdq_eh\_d]h\hjbl\b^ghqlhhgihgbfZ_lb ijbgbfZ_lk\hx
hl\_lkl\_gghklv aZ ijhbkoh^ys__ _]h ij_^klZ\e_gb_ h lhf qlh b dZd ijhbkoh^bl \
hlghr_gbyok hdjm`Zxsbfbkdhj__\k_]h\_kvfZih\_joghklgh< wlhck\yabdhgkmevlZglm
g_ ke_^m_l [hylvky qlh jZa]h\hj h ijbgylbb \bgu b hl\_lkl\_gghklb [m^_l baebrgbf
GZh[hjhl lhfm dlh ^_ckl\bl_evgh ihgbfZ_l b ijbgbfZ_l nZdl k\h_]h \ebygby gZ kh[ulby
kh[kl\_gghc `bagb h[km`^_gb_ wlh]h k ikboheh]hf fh`_l [ulv l_f [he__ ihe_aguf
ihkdhevdm^eylZdh]hq_eh\_dZmlhqg_gb_^_lZe_c\aZbfhhlghr_gbckdhj__ijb\_^_ld lhfm
qlh\ _]hih\_^_gbbb hlghr_gbyok ex^vfbgZklmiylagZqbl_evgu_baf_g_gby
Kms_kl\mxl dhg_qgh kblmZpbb \ dhlhjuo h[km`^Zlv ijh[e_fu \bgu b
hl\_lkl\_gghklb k deb_glhf g_ ke_^m_l LZdh\ufb \ qZklghklb y\eyxlky kemqZb dh]^Z
deb_glijboh^blgZdhgkmevlZpbxi_j_`b\Zy]hj_bebk_jv_agmxebqgmxmljZlmgZijbf_j
k\yaZggmxkhkf_jlvxdh]heb[hba[ebadbo< khklhygbb]hjyex^bqZklhkdehggu[jZlvgZ
k_[yg_hijZ\^Zggh[hevrmxhl\_lkl\_gghklvb \bgmi_j_^l_fbdh]hk gbfbg_lb gbdh]^Z
g_[m^_lkqblZyk_[yijbqZklgufb d bokf_jlb< lZdhc kblmZpbbjZ[hlZ dhgkmevlZglZ dZd
jZa ^he`gZ [ulv gZijZ\e_gZ gZ lh qlh[u kdhjj_dlbjh\Zlv g_Z^_d\Zlgu_ ij_^klZ\e_gby
kgylv ebrgbc ]jma \bgu b hl\_lkl\_gghklb k ie_q deb_glZ <Zkbexd N? .DVW 9
IhabpbydhgkmevlZglZihhlghr_gbxd deb_glm
< ijbgpbi_ fh`gh ij_^klZ\blv k_[_ ljb \hafh`gu_ ihabpbb dhgkmevlZglZ ih
hlghr_gbx d deb_glm ihabpby jZ\_gkl\Z ihabpby k\_jom b ihabpby kgbam Pa_g B<
IZohfh\ X< < jZaguo l_hj_lbq_kdbo hjb_glZpbyo dhgkmevlZglm ijbibku\Zxlky
jZaebqgu_ ihabpbb gh ih`Zemc gZb[he__ ljZ^bpbhgghc \ dhgkmevlbjh\Zgbb y\ey_lky
ihabpby jZ\_gkl\Z b iZjlg_jkl\Z ih hlghr_gbx d deb_glm ohly b \ wlhf kemqZ_
gZijZ\eyxsZy b hij_^_eyxsZy jhev hklZ_lky aZ ikboheh]hf JZkkfhljbf ^Zggmx ihabpbx
[he__ih^jh[gh
< kemqZ_ jZ\_gkl\Z ihabpbc k ikboheh]hf \ ijhp_kk_ dhgkmevlbjh\Zgby deb_gl
qm\kl\m_lk_[yiheghijZ\gufiZjlg_jhfb ihwlhfmZdlb\ghb ijh^mdlb\ghjZ[hlZ_lgZjZ\g_
k ikboheh]hfM g_]hg_lhkgh\Zgbckdju\ZlvbebbkdZ`ZlvdZdmxeb[hbgnhjfZpbxh k_[_
ihkdhevdmdhgkmevlZglhldjulg_hp_gb\Z_lb g_km^blkh[_k_^gbdZ< kmsghklb\ ihabpbb
jZ\_gkl\Z b kZf dhgkmevlZgl f_g__ mya\bf ih hlghr_gbx d deb_glm ihkdhevdm q_f [he__
Z\lhjbl_l_gq_eh\_dq_f[he__g_ijbklmigmxihabpbxhgaZgbfZ_ll_f[hevr_lj_[h\Zgbc
b h`b^Zgbc ij_^ty\ey_lky d g_fm l_f ljm^g__ bf khhl\_lkl\h\Zlv Dhg_qgh aZgbfZy
ihabpbx jZ\_gkl\Z dhgkmevlZgl g_ lhevdh \ub]ju\Z_l gh b l_jy_l \_^v k Z\lhjbl_lhf
aZgbfZxsbfihabpbxk\_jom[hevr_kqblZxlkyd g_fm[hevr_ijbkemrb\ZxlkyBf_ggh
\ g_ij_j_dZ_fhfZ\lhjbl_l_khklhblk_dj_lmki_oZfgh]bo]bighlba_jh\ ² b ^_ckl\bl_evguo
ijhn_kkbhgZeh\ b rZjeZlZgh\ Bo ihabpby b hj_he keZ\u h[_ki_qb\Zxl bf mki_rgh_
\ha^_ckl\b_
G_ ke_^m_l ij_^klZ\eylv ihabpbx ikboheh]Z \h \j_fy ijb_fZ b _]h ih\_^_gb_ dZd
g_qlh aZklu\r__ g_baf_ggh_ Ohjhrbc ijhn_kkbhgZe ² wlh \h fgh]hf Zdl_j dhlhjuc
mf__l \ kemqZ_ g_h[oh^bfhklb aZgylv ihabpbx k\_jom ]h\hjy h q_flh k g_ihdhe_[bfuf
agZgb_f b Z\lhjbl_lhf beb kgbam aZb]ju\Zy k deb_glhf klj_fykv ih\ukblv _]h
kZfhhp_gdmih^q_jdgmlv_]hagZgbyb Z\lhjbl_l
Kj_^kl\Z\ha^_ckl\bydhgkmevlZglZ
<hafh`ghklb ijhn_kkbhgZevgh]h \ha^_ckl\by m dhgkmevlZglZ g_h[uqZcgh rbjhdb b
fgh]hh[jZagughhkgh\gufkj_^bgbo[_kkihjghy\ey_lky\_j[ZevgucdhglZdlk deb_glhf
lhqg__ ² dhgkmevlZlb\gZy [_k_^Z LZdhc lbi [_k_^u hlebqZ_lky hl lh]h qlh h[uqgh
\klj_qZ_lky \ `bagb b \eZ^_gb_ ih^h[gufb gZ\udZfb gZ ijhn_kkbhgZevghf mjh\g_ ²
gZklhys__bkdmkkl\h;he__ih^jh[ghh[wlhf[m^_l]h\hjblvky\ ke_^mxsbojZa^_eZoIhdZ
`_ kdZ`_f qlh ijhn_kkbhgZevgZy [_k_^Z y\ey_lky keh`ghc dhgkljmdpb_c ihkljh_gghc ba
jZagh]h jh^Z ijb_fh\ b l_ogbd bkihevam_fuo ijhn_kkbhgZehf k p_evx ^hklb`_gby
khhl\_lkl\mxs_]h wnn_dlZ <Z`gmx jhev kj_^b gbo b]jZxl l_ogbdb \_^_gby
dhgkmevlZlb\ghc [_k_^u lZdb_ dZd h^h[j_gb_ fg_gbc deb_glZ klbfmebjh\Zgb_
\ukdZau\Zgbc djZldhklv b ykghklv j_qb ikboheh]Z b ^j IjZ\bevgh_ bkihevah\Zgb_ wlbo
l_ogbd h[_ki_qb\Z_l wnn_dlb\ghklv ikboheh]bq_kdh]h \ha^_ckl\by \hafh`ghklv
mklZgh\e_gbyb jZa\blbydhglZdlZdeb_glZb dhgkmevlZglZ
;hevrmxjhev\ ijhp_kk_dhgkmevlbjh\Zgbyb]jZxlijb_fub l_ogbdbgZijZ\e_ggu_
gZ j_r_gb_ jZaebqguo ki_pbZevguo aZ^Zq \hagbdZxsbo \h \j_fy ijb_fZ Kj_^b gbo
jZaghh[jZagu_ \hijhku gZijZ\e_ggu_ gZ baf_g_gb_ b dhjj_dpbx ihabpbb deb_glZ
^hfZrgb_aZ^Zgbyk q_ldbfij_^ibkZgb_flh]hqlhb dZd^he`_g^_eZlvdeb_gl^bkdmkkbb
hjb_glbjh\Zggu_gZijbgylb_deb_glhflh]hbebbgh]hj_r_gbyb l^< [hevrbgkl\_k\h_f
wlb l_ogbdb l_kgh k\yaZgu k ijhp_kkhf [_k_^u g_ihkj_^kl\_ggh \ul_dZxl ba g__ b g_
\uklmiZxl^eydeb_glZdZdg_qlhhkh[h_ki_pbnbqgh_H\eZ^_gb_lZdh]hjh^Z ijb_fZfb b
l_ogbdZfbh[h]Zs_gb_iZeblju\ukdZau\Zgbcb b^_cdhgkmevlZglZ\hfgh]hfhij_^_ey_lky
hiulhf b agZdhfkl\hf ijhn_kkbhgZeZ k jZaebqgh]h jh^Z l_hj_lbq_kdbfb jZ[hlZfb ih
ikbohl_jZibbb dhgkmevlbjh\ZgbxZ lZd`__]hijhn_kkbhgZevgufh[s_gb_fk dhee_]Zfb
Hkh[mx ]jmiim ijb_fh\ dhgkmevlbjh\Zgby ij_^klZ\eyxl f_lh^u b l_ogbdb
\uklmiZxsb_ ^ey deb_glZ dZd ki_pbZevgu_ aZ^Zgby b mijZ`g_gby baf_gyxsb_ beb
m]em[eyxsb_ oh^ [_k_^u D bo qbkem hlghkylky gZijbf_j l_ogbdZ imklh]h klmeZ
jZajZ[hlZggZy\ jZfdZo]_rlZevll_jZibbaZdexq_gb_dhgljZdlh\ijZdlbdm_fh_\ jZfdZo
kmijm`_kdhc b k_f_cghc l_jZibb Bkihevah\Zgb_ wlbo ijb_fh\ \h fgh]hf hij_^_ey_lky
l_hj_lbq_kdhc hjb_glZpb_c dhgkmevlZglZ Z lZd`_ oZjZdl_jhf ijh[e_f k dhlhjufb
h[jZsZ_lkydeb_glIjhn_kkbhgZevgh_agZdhfkl\hk rbjhdbf i_j_qg_f ih^h[guo l_ogbd \
dZdhflh kfuke_ y\ey_lky djbl_jb_f fZkl_jkl\Z dhgkmevlZglZ _]h ijhn_kkbhgZevghc
dhfi_l_glghklb Hgb g_khfg_ggh h[h]ZsZxl dhgkmevlZlb\gmx [_k_^m ^_eZxl __ [he__
wfhpbhgZevghc^bgZfbqghc
Djhf_ \_j[Zevguo kj_^kl\ \ha^_ckl\by dhgkmevlZgl ^he`_g \eZ^_lv b rbjhdbf
gZ[hjhf g_\_j[Zevguo kj_^kl\ kj_^b dhlhjuo b dhglZdl ]eZa b oZjZdl_jbklbdb ]hehkZ b
ihaZQZs_\k_]hbkihevah\Zgb_wlbokj_^kl\g_kem`bl^hklb`_gbxdZdhceb[hdhgdj_lghc
p_eb Z h[_ki_qb\Z_l ijhp_kk dhgkmevlbjh\Zgby dZd lZdh\hc kgbfZy gZijy`_gb_ deb_glZ
h[_ki_qb\Zy _]h dhfnhjl b dhglZdl k dhgkmevlZglhf <Z`g_crbf mkeh\b_f mki_rgh]h
ikboheh]bq_kdh]h\ha^_ckl\byy\ey_lkyijZ\bevgZyhj]ZgbaZpby[_k_^u
Hj]ZgbaZpbydhgkmevlZlb\ghc[_k_^u
>ey wnn_dlb\gh]h ikboheh]bq_kdh]h \ha^_ckl\by kms_kl\_ggh_ agZq_gb_ bf__l
ijhkljZgkl\_ggZyb \j_f_ggZyhj]ZgbaZpby[_k_^uohlydhg_qghfgh]h_balh]hqlhfh`gh
kdZaZlvihwlhfmih\h^mklZehm`_ijhibkgufbbklbgZfb;h^Ze_\::Klhebg<< :e_rbgZX?I_ljh\kdZyE: IjhkljZgkl\h[_k_^u
B^_Zevghc ^ey dhgkmevlbjh\Zgby y\ey_lky kblmZpby dh]^Z ikboheh] bf__l
\hafh`ghklv ijbgbfZlv deb_glZ \ ki_pbZevgh h[hjm^h\Zgghf ^ey wlh]h dZ[bg_l_ ]^_
fZdkbfZevgh h[_ki_q_gu m_^bg_gghklv m^h[kl\h b dhfnhjl ]^_ gbqlh g_ ijb\e_dZ_l
baebrg_]h \gbfZgby deb_glZ g_ hl\e_dZ_l _]h hl [_k_^u Gh ^Z`_ \ lhf kemqZ_ _keb wlhl
\ZjbZgl g_^hklmi_g ² g_l m^h[ghc f_[_eb b ki_pbZevgh]h ihf_s_gby ² dhgkmevlZpbx
fh`ghmki_rghijh\_klbki_pbZevghhj]Zgbah\Z\dZdmxlhqZklvijhkljZgkl\Zemqr_\k_]h
\ m]em]^_fh`gh[ueh[uihkZ^blvdeb_glZkibghcd ^\_jbh]jZgbqb\_]hihe_ aj_gby b
lZdbfh[jZahffZdkbfZevghkhkj_^hlhqb\_]hgZdhgkmevlZgl_
B^_Zevguc \ZjbZgl ihkZ^db ikboheh]Z b deb_glZ ² gZijhlb\ ^jm] ^jm]Z b qmlv
gZbkdhkhdqlh[udZ`^ucbagbofh]k e_]dhklvx\b^_lvebphkh[_k_^gbdZghijb`_eZgbb
fh] [u lZd`_ hl\_klb ]eZaZ \ klhjhgm [_a hkh[h]h ljm^Z Emqr_ \k_]h _keb hgb kb^yl g_
kebrdhf[ebadh^jm]d ^jm]mb mgbo_klvijhkljZgkl\h^eygh]^hklZlhqgh_^eylh]hqlh[u
k\h[h^gh\klZlvbebk_klvgZk\h_f_klh;u\Z_lihe_aghdh]^Zf_`^mgbfbgZoh^blkyqlhlh
\jh^_`mjgZevgh]h klhebdZdm^Z fh`ghqlheb[hiheh`blvbeb ijbg_h[oh^bfhklb \_klb
aZibkvGh[hevrhcklhefh`_lklZlvihf_ohcb \hkijbgbfZlvkydZd[Zjv_jf_`^mdeb_glhf
b dhgkmevlZglhf
<j_fy[_k_^u
<j_fy y\ey_lky hq_gv \Z`ghc oZjZdl_jbklbdhc dhgkmevlZlb\ghc [_k_^u Ij_`^_
\k_]h ijZ\bevguc \u[hj \j_f_gb [_k_^u dh]^Z b m deb_glZ b m dhgkmevlZglZ _klv
\hafh`ghklvih]h\hjblvkihdhcghg_ki_rZgZk\_`mx]heh\m\hfgh]hfhij_^_ey_llhgZ
kdhevdhwnn_dlb\gufb mki_rguf[m^_ldhgkmevlZlb\gh_\ha^_ckl\b_
Djhf_lh]h\j_fybf__lh]jhfgh_agZq_gb_b ^eykZfh]hijhp_kkZ[_k_^um dhlhjhc
^he`gu[ulvq_ldhh[hagZq_ggu_gZqZehb dhg_pQZkugZklhe_bebgZkl_g_ ² wlh\Z`guc
Zljb[mlikbohl_jZi_\lbq_kdh]hdZ[bg_lZgZihfbgZxsbcdeb_glmb dhgkmevlZglmqlh\j_fy
b^_l b bf h[hbf g_h[oh^bfh jZ[hlZlv Zdlb\gh b ^bgZfbqgh Fgh]h_ \ dhgkmevlZlb\ghc
[_k_^_ ih^qbg_gh oh^m \j_f_gb >ey lh]h qlh[u ex[Zy j_iebdZ beb bgl_jij_lZpby
dhgkmevlZglZ [ueZ ^_ckl\bl_evgh ihgylZ b ijbgylZ deb_glhf hgZ ^he`gZ ihy\blvky g_
kebrdhfiha^ghb g_kebrdhfjZgh;_k_^ZjZa\hjZqb\Z_lkyihkl_i_gghghdZ`^Zy__ qZklv
dZ`^uc wlZi ^he`_g ijhbahclb \ hl\_^_gguc ^ey wlh]h \j_f_gghc hlj_ahd < ijhlb\ghf
kemqZ_ dhgkmevlZgl fh`_l g_ mki_lv g_ meh`blvky \h \j_fy ijb_fZ Z ke_^h\Zl_evgh g_
lhevdhg_ihfhqvdeb_glmgZwlhljZagh\hafh`ghb ih^hj\Zlv_]h\_jm\ wnn_dlb\ghklv
ikboheh]bq_kdh]h\ha^_ckl\by
IJHP?KK;?K?>U
DhgkmevlZlb\gmx [_k_^m fh`gh kjZ\gblv k ebl_jZlmjguf ijhba\_^_gb_f ]^_ _klv
k\hcijheh]jZa\blb_kx`_lZaZ\yadZjZa\yadZdmevfbgZpbyb wibeh]BgZq_]h\hjy[_k_^Z
dhgkmevlZglZ k deb_glhf^Ze_dhg_ kemqZcguc ijhp_kk hgZ hj]Zgbah\ZgZ ih hij_^_e_gguf
ijZ\beZf ke_^h\Zgb_ dhlhjuf ^_eZ_l __ wnn_dlb\ghc b p_e_gZijZ\e_gghc < q_f `_
aZdexqZxlkyhkgh\gu_ijZ\beZ\_^_gby[_k_^u\ ikboheh]bq_kdhfdhgkmevlbjh\Zgbb"
<_kvfZmkeh\gh[_k_^mdhgkmevlZglZk deb_glhffh`ghjZa^_eblvgZq_luj_wlZiZ agZdhfkl\h k deb_glhf b gZqZeh [_k_^u jZkkijhk deb_glZ nhjfmebjh\Zgb_ b ijh\_jdZ
dhgkmevlZlb\guo ]bihl_a dhjj_dpbhggh_ \ha^_ckl\b_ aZ\_jr_gb_ [_k_^u
>ebl_evghklv ijb_fZ \h \j_fy dhlhjh]h kh[kl\_ggh b ijhbkoh^bl [_k_^Z agZqbl_evgh
\Zjvbjm_l \ aZ\bkbfhklb hl p_e_c b aZ^Zq dhgkmevlbjh\Zgby hj]ZgbaZpbhgguo nhjf \
jZfdZodhlhjuohghijh\h^blkyZ lZd`_l_hj_lbq_kdbohjb_glZpbbdhgkmevlZglZGh\k_`_
\ [hevrbgkl\_ kemqZ_\ \j_fy ijb_fZ khklZ\ey_l h^bg qZk dZd m gZk lZd b aZ jm[_`hf
Hjb_glbjh\hqgh wlhl qZk fh`gh jZkij_^_eblv ih \u^_e_gguf \ur_ wlZiZf [_k_^u
ke_^mxsbfh[jZahf
gZqZeh [_k_^u ²² fbgml jZkkijhk deb_glZ ²² fbgml dhjj_dpbhggh_ \ha^_ckl\b_ ²² fbgml aZ\_jr_gb_ [_k_^u ²² fbgml
HklZgh\bfkyih^jh[g__gZlhfqlhij_^klZ\ey_lkh[hcdZ`^ucbawlbowlZih\dZdbop_e_c
^hklbqv b dZdb_ aZ^Zqb ^he`_g mki_lv j_rblv dhgkmevlZgl \ hl\_^_ggh_ ^ey wlh]h \j_fy
dZdh\uijhkl_crb_ijb_fuhj]ZgbaZpbbijhp_kkZ[_k_^u
GZqZeh[_k_^u
I_j\h_ qlh g_h[oh^bfh k^_eZlv dhgkmevlZglm \h \j_fy ijb_fZ ² wlh \klj_lblv b
mkZ^blv deb_glZ Mki_o [_k_^u \h fgh]hf aZ\bkbl hl lh]h gZkdhevdh m`_ k i_j\uo fbgml
ikboheh] kmf__l ijhy\blv k_[y ^h[jh`_eZl_evguf b aZbgl_j_kh\Zgguf kh[_k_^gbdhf
DhgkmevlZgl fh`_l ijh^_fhgkljbjh\Zlv k\hx aZbgl_j_kh\Zgghklv b ^h[jh`_eZl_evghklv k
kZfuo i_j\uo fbgml \klj_qb ih^gy\rbkv gZ\klj_qm deb_glm Z lh b \klj_lb\ _]h \ ^\_jyo
dZ[bg_lZijbg_h[oh^bfhklbfh`ghihfhqvkgylv\_jogxxh^_`^mihdZaZlvdm^Zm^h[g__
ihklZ\blv kmfdb Z aZl_f ij_^eh`blv k_klv Emqr_ _keb dhgkmevlZgl k kZfh]h gZqZeZ
ih^[Z^jb\Z_ldeb_glZj_iebdZfblbiZ
Ijhoh^bl_ih`ZemcklZMkZ`b\Zcl_kvihm^h[g__b liQlhij_^klZ\ey_lkya^_kv
\Z`guf\ q_fgZqbgZxsbcdhgkmevlZglfh`_l^himklblvhrb[dm"
G_ ke_^m_l kebrdhf km_lblvky aZb]ju\Zlv k deb_glhf k i_j\uo fbgml iulZlvky
\klmiblv k gbf \ Zdlb\guc dhglZdl ij_^eZ]Zlv b h[_sZlv k\hx ihfhsv KblmZpby gZqZeZ
[_k_^u^eyq_eh\_dZijbr_^r_]hd ikboheh]m\i_j\u_ihegZ^bkdhfnhjlZ_fmg_h[oh^bfh
^Zlv \j_fy h]ey^_lvky ijbclb \ k_[y Ohjhrh _keb dhgkmevlZgl g_ kebrdhf fgh]hkeh\_g
g_ihkj_^kl\_gghi_j_^l_fdZdgZqZlv[_k_^memqr_k^_eZlviZmamg_kebrdhf[hevrmx ²
² k_dmg^ bgZq_ m deb_glZ fh`_l \hagbdgmlv khklhygb_ gZijy`_gghklb b
jZkl_jygghklbgh^hklZlhqgmx^eylh]hqlh[uhgmki_ekh[jZlvkyk fukeyfbb h]ey^_lvky
Hq_gv \Z`guc fhf_gl gZqZeZ [_k_^u ² agZdhfkl\h k deb_glhf ih bf_gb h
\hafh`ghklyo bkihevah\Zgby bf_gb deb_glZ ^ey hj]ZgbaZpbb [_k_^u ih^jh[gh [m^_l
]h\hjblvky \ ke_^mxs_c ]eZ\_ < ijbgpbi_ deb_gl fh`_l hldZaZlvky gZa\Zlv k_[y gh
aZ[u\Zlv beb g_ ij_^eh`blv _fm ij_^klZ\blvky ² wlh agZqbl \h fgh]hf h[j_qv
dhgkmevlZpbx gZ g_m^Zqm < jmkkdhf yaud_ kms_kl\m_l fgh`_kl\h \hafh`ghkl_c
bkihevah\Zgby bf_gb q_eh\_dZ gZijbf_j E_gZ :e_gZ ?e_gZ ?e_gZ B\Zgh\gZ ² wlh \k_
\ZjbZglu h^gh]h b lh]h `_ bf_gb < ij_^u^ms_c ]eZ\_ m`_ ]h\hjbehkv h lhf qlh
hilbfZevgZyihabpbydhgkmevlZglZihhlghr_gbxd deb_glm ² wlhihabpbyjZ\_gkl\Zh^gbf
ba ijhy\e_gbc dhlhjh]h y\ey_lky jZ\_gkl\h bf_g Wlh hagZqZ_l qlh emqr_ _keb ikboheh]
ij_^klZ\ey_lky lZd `_ dZd deb_gl ² ih bf_gbhlq_kl\m ijhklh ih bf_gb b l^ ba wlhc
j_dhf_g^Zpbb fh]ml [ulv bkdexq_gby k\yaZggu_ k \hajZklhf kh[_k_^gbdZ Z lZd`_ kh
ki_pbnbdhc mkeh\bc \ dhlhjuo ijhoh^bl dhgkmevlZpby Ljm^gh ij_^m]Z^Zlv dZd bf_ggh
ij_^klZ\blky deb_gl ihwlhfm emqr_ _keb dhgkmevlZgl ^Zkl _fm \hafh`ghklv gZa\Zlv k_[y
i_j\ufbkihevamyj_iebdmlbiZ>Z\Zcl_ihagZdhfbfkydZdfg_\ZkgZau\Zlv"Ihke_lh]h
dZddeb_glgZah\_lk_[yikboheh]hjb_glbjmykvgZ_]hnhjfmij_^klZ\e_gbykfh`_lgZa\Zlv
k_[ykhhl\_lkl\mxsbfh[jZahf²>bfhc>fbljb_fbeb>fbljb_f;hjbkh\bq_f
;u\Z_l qlh \ gZqZe_ [_k_^u dhgkmevlZgl klZedb\Z_lky k kblmZpb_c dh]^Z deb_glm
g_h[oh^bfh h[tykgblv qlh lZdh_ ikboheh]bq_kdh_ dhgkmevlbjh\Zgb_ gZ qlh hg fh`_l
jZkkqblu\Zlvh[jZsZykvaZihfhsvxLZdhc\hijhkfh`_laZ^Zlv^Z`_q_eh\_dijbr_^rbc
gZ dhgkmevlZpbx ih kh[kl\_gghc bgbpbZlb\_ gh qZs_ g_h[oh^bfhklv \ h[tykg_gbb p_e_c
dhgkmevlbjh\Zgby \hagbdZ_l \ kblmZpbb dh]^Z ikboheh]m ijboh^blky \_klb ijb_f \g_ kl_g
dhgkmevlZpbhggh]hp_gljZ ² gZij_^ijbylbb\ rdhe_\ [hevgbp_< ih^h[guokemqZyoaZ
ikboheh]bq_kdhc ihfhsvx qZs_ h[jZsZxlky ex^b g_^hklZlhqgh bgnhjfbjh\Zggu_ h
\hafh`ghklyob h]jZgbq_gbyo ikboheh]bq_kdh]h \ha^_ckl\by Ljm^gh ij_^eh`blv dZdmxlh
mgb\_jkZevgmx nhjfmem gZ \k_ kemqZb `bagb ihkdhevdm ^ey jZaguo ex^_c ihjZaghfm
a\mqbllhqlhij_^klZ\ey_lkygZb[he__\Z`guf\ boijhn_kkbhgZevghc^_yl_evghklbDh]^Z
lh \_^y ijb_f \ f_^bpbgkdhc dhgkmevlZpbb Z\lhj \f_kl_ k EY =hafZghf ijb^mfZeb
ke_^mxsmx nhjfmebjh\dm Fu ² ikboheh]b kh\_lh\ g_ ^Z_f gbdZdbo e_dZjkl\ g_
ijhibku\Z_fGZrZihfhsvex^yfkhklhbl\ lhfqlhfujZa]h\Zjb\Z_fk gbfbb klZjZ_fky
ihfhqv bf m\b^_lv bo kh[kl\_ggmx kblmZpbx kh klhjhgu k ^jm]hc lhqdb aj_gby bgZq_
hlg_klbkv d g_c b _keb gm`gh gZ hkgh\Zgbb wlh]h ijbgylv j_r_gb_ beb baf_gblv k\h_
ih\_^_gb_ D ih^h[guf nhjfmebjh\dZf gbdh]^Z g_ [u\Z_l ebrgbf ^h[Z\blv ]ZjZglbx
Zghgbfghklb\k_]hlh]hqlhijhbkoh^blaZ^\_jyfbikboheh]bq_kdh]hdZ[bg_lZ
Dhg_qgh lZdZy djZldZy oZjZdl_jbklbdZ ijhn_kkbhgZevghc ^_yl_evghklb fh`_l
\ua\Zlv m deb_glZ fgh`_kl\h \hijhkh\ lbiZ : \u m\_j_gu qlh kfh`_l_ fg_ ihfhqv" <
lZdhf kemqZ_ emqr_ g_ \klmiZlv \ ^ebl_evgmx ^bkdmkkbx g_ h[_sZlv deb_glm
]ZjZglbjh\ZgghcihfhsbZ ij_^eh`blv>Z\Zcl_ihijh[m_f
Ke_^mxsbcrZ]dhlhjucg_h[oh^bfhij_^ijbgylv ² wlhi_j_clbg_ihkj_^kl\_gghd
ijhp_kkm dhgkmevlbjh\Zgby ?kl_kl\_ggh ij_^iheh`blv qlh \gZqZe_ g_h[oh^bfh qlh[u
deb_gljZkkdZaZeh k_[_b k\hboijh[e_fZoWlhloh^gZklhevdheh]bq_gqlhg_j_^dhdeb_glu
kZfbgZqbgZxljZkkdZah k_[_[_aki_pbZevgh]hijb]eZr_gbybgh]^ZgZklhevdhlhjhiykvqlh
aZ[u\Zxl ij_^klZ\blvky < lZdhc kblmZpbb emqr_ ij_j\Zlv kh[_k_^gbdZ b ij_^eh`blv
\gZqZe_ ihagZdhfblvky ohly [u ^ey lh]h qlh[u hg g_fgh]h hlhr_e hl aZ]hlh\e_ggh]h
aZjZg__jZkkdZaZh]ey^_eky[hevr_gZkljhbekygZkh\f_klgmxjZ[hlmk dhgkmevlZglhfZ g_
gZfhgheh]
?keb deb_gl fheqbl `^_l qlh kdZ`_l dhgkmevlZgl _fm fh`gh ihfhqv gZqZlv
jZkkdZau\Zlv h k_[_ j_iebdZfb lbiZ KemrZx \Zk \gbfZl_evgh beb JZkkdZ`bl_ qlh \Zk
kx^Zijb\_ehDh]^Zdeb_gl\ujZ`Z_lg_m\_j_gghklvh q_fb dZdke_^m_l]h\hjblvk q_]h
gZqZlv fh`gh ^h[Z\blv JZkkdZau\Zcl_ lh qlh kqblZ_l_ \Z`guf kZfb Z _keb qlhlh
ihgZ^h[blky magZlv fg_ y \Zk kZf kijhrm _keb \^jm] \ wlhf \hagbdg_l g_h[oh^bfhklv
Bgh]^Zdeb_glZfh`ghki_pbZevghmkihdhblvG_lhjhibl_kv\j_f_gbm \Zk^hklZlhqgh
K kZfh]hgZqZeZ[_k_^ug_klhblaZ[u\Zlvh lhfqlhdhgkmevlZlb\gh_\ha^_ckl\b_ ²
wlh ij_`^_ \k_]h \ha^_ckl\b_ q_j_a keh\h h^gZ g_lhqgZy nhjfmebjh\dZ beb j_iebdZ ² b
deb_gl gZ^he]h fh`_l [ulv \u[bl ba dhe_b h[b^_lvky gZ dhgkmevlZglZ aZfdgmlvky
ihqm\kl\h\Zlv k_[y g_m\_j_ggh b h^bghdh B lh]^Z ikboheh]m ijb^_lky ihljZlblv fgh]h
\j_f_gbgZbkijZ\e_gb_kblmZpbbb \hkklZgh\e_gb_dhglZdlZ
D lZdbf g_m^Zqguf keh\Zf dhlhju_ d kh`Ze_gbx qZklh \klj_qZxlky \ j_qb
dhgkmevlZglZ hlghkblky gZijbf_j keh\h ijh[e_fZ Mihlj_[e_gb_ wlh]h keh\Z \ gZqZe_
[_k_^u ^h lh]h dZd _]h ih hlghr_gbx d k_[_ ijbf_gbe kZf deb_gl fh`_l \ua\Zlv
g_]Zlb\gmxj_ZdpbxIjh[e_fZfh`_lijha\mqZlv^eyq_eh\_dZdZdijb]h\hjbeb^bZ]gha
\ lh\j_fydZdhgfh`_lkh\_jr_gghbgZq_hp_gb\Zlvk\hxkblmZpbx
>jm]Zy qZklh \klj_qZxsZyky hrb[dZ gZqbgZxsbo dhgkmevlZglh\ ² baebrgyy
nbdkZpby \gbfZgby deb_glZ gZ hkh[_gghklyo kblmZpbb dhgkmevlbjh\Zgby j_iebdZfb lbiZ
G_ [hcl_kv G_ gZijy]Zcl_kv >Z`_ _keb \Zf [m^_l klu^gh ]h\hjblv h q_flh \u <
dZdhc[unhjf_ih^h[gu_j_iebdbgbijha\mqZebbagboke_^m_lqlha^_kvfh`ghq_]hlh
[hylvkyklu^blvky\ k\yabk q_flhgZijy]Zlvkyb l^
Bgh]^Z dZ`_lky qlh \k_ ij_^hkl_j_`_gby k\yaZggu_ k gZqZehf [_k_^u baebrgb ²
jZa deb_glijbr_e d ikboheh]m gbdm^Z hg hl g_]h m`_ g_ ^_g_lky Gh wlh ^Ze_dh g_ lZd
Fh`ghba\_`eb\hklbhlkb^_lvk\h_\j_fygh[m^_lebhlwlh]hlhed"MklZgh\blvohjhrbc
dhglZdlk deb_glhfijZ\bevghhj]Zgbah\Zlv[_k_^mk kZfh]hgZqZeZ ² wlhagZqbl\hfgh]hf
h[_ki_qblv ]ZjZglbx wnn_dlb\ghklb dhgkmevlbjh\Zgby G_keh`b\rbcky dhglZdl k
q_eh\_dhfbeb\hijhkug_j_r_ggu_\ gZqZe_[_k_^ufh]mlklZlvij_iylkl\b_f\ jZa\blbb
[_k_^udZdjZalh]^Zdh]^Zwlh[m^_lhkh[_gghg_`_eZl_evghQZs_\k_]hbf_gghhgbkem`Zl
[eZ]h^Zlghc ihq\hc ^ey nhjfbjh\Zgby khijhlb\e_gby deb_glZ ikboheh]bq_kdhfm
\ha^_ckl\bx dhlhjh_ fh`_l ijhy\blvky dZd g_`_eZgb_ ijh^he`Zlv [_k_^m ij_l_gabb d
dhgkmevlZglmhsms_gb_[_kkfuke_gghklbijhbkoh^ys_]hb l^
Khijhlb\e_gb_ dhgkmevlbjh\Zgbx ² jZkijhkljZg_ggh_ y\e_gb_ \ gZqZe_ [_k_^u
dh]^Zdeb_glm`_gZoh^ykv\ dZ[bg_l_ikboheh]Z\k__s_aZ^Z_l^eyk_[y\hijhkklhbeh_fm
kx^Zijboh^blvbebg_lLZdgZijbf_jhdZaZ\rbkvebphfd ebpmk dhgkmevlZglhfhgfh`_l
gZqZlv \ujZ`Zlv khfg_gby ih ih\h^m lh]h ih^oh^bl _fm dhgkmevlZgl _fm beb g_l ih
\hajZklm ihem ijhn_kkbhgZevghfm hiulm b l^ Qlh fh`gh k^_eZlv \ lZdhc kblmZpbb"
Ij_`^_ \k_]h g_ klhbl kebrdhf kbevgh gZklZb\ZlvgZ lhf qlh jZa deb_gl ihiZe bf_ggh d
\Zf lh b jZ[hlZlv hg ^he`_g bf_ggh k \Zfb \ dZq_kl\_ dhgkmevlZglZ Emqr_ \k_]h
ij_^eh`blv ijh^he`Zlv [_k_^m ihh[_sZ\ qlh _keb m q_eh\_dZ ^_ckl\bl_evgh \hagbdg_l \
wlhfg_h[oh^bfhklvhgkfh`_lh[jZlblvkyd ^jm]hfmki_pbZebklmH[km`^Zywlhk deb_glhf
fh`ghijb\e_qvb g_dhlhju_^h\h^uIjZdlbq_kdZyikboheh]by ² wlhgZmdZihwlhfmfhb
ebqgu_ hkh[_gghklb g_ b]jZxl lZdhc m` [hevrhc jheb ]hjZa^h \Z`g__ ijhn_kkbhgZevgZy
d\ZebnbdZpbydhlhjmx\ukfh`_l_hp_gblvebrvgZqZ\jZ[hlZlvkhfghc
;u\Z_l qlh h[jZlb\rbcky aZ ihfhsvx q_eh\_d gZqbgZ_l jZa]h\hj k h[sbo l_f b
\hijhkh\dhlhju_ebqghd g_fmg_bf_xlgbdZdh]hhlghr_gby ² ihq_fmk_cqZklZdfgh]h
jZa\h^h\ dZd \ebyxl hkh[_gghklb kh\j_f_gghc kblmZpbb \ kljZg_ gZ hlghr_gby f_`^m
ex^vfb b l^ Dhg_qgh iheghklvx b]ghjbjh\Zlv \hijhku deb_glZ g_ klhbl gh bgl_j_k d
km^v[Zf [ulby ijZdlbq_kdb gbdh]^Z g_ [u\Z_l hkgh\Zgb_f ^ey h[jZs_gby aZ
dhgkmevlZpb_cD lhfm`_\j_fydhgkmevlZglZh]jZgbq_ghZ jZa]h\hjgZh[sb_l_fufh`_l
kt_klv p_ggu_ fbgmlu dhlhjuo ihlhf dh]^Z q_eh\_d gZqg_l ]h\hjblv h k_[_ g_ o\Zlbl
\bgblv `_ \ wlhf fh`gh ebrv dhgkmevlZglZ Z g_ deb_glZ G_h[oh^bfh ihfgblv qlh
ih^h[gZy ^bkdmkkby qZs_ \k_]h ij_^klZ\ey_l kh[hc h^gh ba ijhy\e_gbc khijhlb\e_gby
kljZoZ i_j_^ gZqZehf [_k_^u b __ \hafh`gufb ihke_^kl\byfb ihwlhfm emqr_
\hkihevah\Zlvkym^h[gufkemqZ_fb ihfhqvdeb_glmij_h^he_lvwlmkblmZpbxaZ^Z\\hijhk
: ihq_fm \Zk \hegmxl wlb \hijhku qlh ijb\_eh kx^Z ebqgh \Zk" Hl ijyfh]h hl\_lZ
deb_gl fh`_l mclb gh ikboheh]m ke_^m_l ij_^ijbgylv lZdmx ihiuldm b q_f jZgvr_ wlh
ijhbahc^_ll_fe_]q_[m^_l^eyh[hbokf_gblvl_fmh[km`^_gby
KemqZ_lkyqlhq_eh\_dijbr_^rbc\ dhgkmevlZpbxijhkbldhgkmevlZglZihfhqvg_
_fmkZfhfmZ dhfmlh_s_?]haZijhkfh`_l[ulvgZijbf_jlZdbfIjb]eZkbl_kx^Zfhx
`_gm fm`Z ^hqv kugZ hg hgZ g_ ohq_l b^lb kZf Z Z _fm _c lj_[m_lky ihfhsv
KblmZpby fh`_l^hclb ^h dmjv_aZ dh]^Z deb_gl gZqg_l ijhkblv kijZ\dm k ih^l\_j`^_gb_f
^bZ]ghaZ ^ey dh]hlh ba jh^kl\_ggbdh\ ibkvfh \ km^ b l^ < lZdbo kblmZpbyo ikboheh]m
ke_^m_lijhy\eylvl\_j^hklvhgjZ[hlZ_llhevdhk l_fbdlhg_ihkj_^kl\_gghh[jZsZ_lkyaZ
ihfhsvxb dlh]hlh\h[km`^Zlvb ZgZebabjh\Zlvk\hx`bag_ggmxkblmZpbxk lhqdbaj_gby
kh[kl\_gghchl\_lkl\_gghklbaZg__A\hgblvijb]eZrZlv\ dhgkmevlZpbxibkZlvibkvfZb
li ² wlh agZqbl \f_rb\Zlvky \ qZklgmx `bagv ex^_c agZy h g_c ^h\hevgh fZeh b g_
ij_^klZ\eyy lh]h qlh ^mfZ_l h ijhbkoh^ys_f ^jm]Zy klhjhgZ Ijb wlhf klhbl ihlj_[h\Zlv
khjb_glbjh\Zlv gZ jZ[hlm lh]h dlh m`_ ijbr_e \ dhgkmevlZpbx gZihfgb\ qlh \ ex[hf
dhgnebdl__klv^\_klhjhgub ^Z`__keb\ebygb_h^ghcbagbogZlhdZdjZa\hjZqb\Zxlky
kh[ulby gZ i_j\uc \a]ey^ g_agZqbl_evgh hgh g_khfg_ggh kms_kl\m_l JZah[jZ\rbkv \
lhf dZdh\h hgh fh`gh ihiulZlvky ohly [u \ q_flh baf_gblv kblmZpbx <klmiZy \ lZdmx
^bkdmkkbx g_ ke_^m_l aZ[u\Zlv qlh ihiuldZ ijbibkZlv kh[kl\_ggu_ ijh[e_fu ^jm]hfm
y\ey_lky deZkkbq_kdhc nhjfhc khijhlb\e_gby hibkZgghc b ijhZgZebabjh\Zgghc gZ
kljZgbpZo fgh]bo dgb] b mq_[gbdh\ ih ikbohl_jZibb ;h^Ze_\ :: Klhebg << *XQQDQ$.QLVNHUQ ' H nhjfZo b lbiZo khijh]b\e_gby fh`gh ]h\hjblv _s_ hq_gv fgh]h gh j_Zevgh
gZmqblvky jZ[hlZlv k gbfb g_ijhklh b emqr_ _keb jy^hf _klv dlhlh dlh fh`_l ^Zlv
ohjhrbc kh\_l beb ihdZaZlv wnn_dlb\gu_ kihkh[u jZ[hlu gZ ijZdlbd_ Ijbf_ju
ijb\_^_ggu_ \ur_ ebrv gZf_ldb dhlhju_ fh]ml ihfhqv khjb_glbjh\Zlvky gZqbgZxs_fm
dhgkmevlZglm
JZkkijhkdeb_glZ
Ij_^k]Z\bf k_[_ qlh \k_ ijh[e_fu gZqZeZ [_k_^u j_r_gu deb_gl gZqZe jZkkdZa h
k_[_i_j_\_^ylZdbfh[jZahf[_k_^mgZke_^mxsbcwlZi]^_]eZ\gZyaZ^ZqZdhgkmevlZglZ ²
dZdfh`ghimqr_jZah[jZlvky\ _]hijh[e_fZoihgylvk q_fk\yaZguhkgh\gu_dhgnebdlub
lj_\h]bMkeh\ghjZa^_ebfwlhlwlZi[_k_^ugZ^\Zih^w]ZiZgZi_j\hfbadhlhjuoikboheh]
_s_gbq_]hg_agZ_l h deb_gl_b ihwlhfm[hevr_\k_]haZbgl_j_kh\Zg\ lhfqlh[uihke_^gbc
fZdkbfZevghiheghjZkkdZau\Zeh k_[_b hk\h_ckblmZpbb<lhjhc`_wlZigZqbgZ_lkylh]^Z
dh]^Z dhgkmevlZgl m`_ bf__l ^hklZlhqgh bgnhjfZpbb ^ey lh]h qlh[u knhjfmebjh\Zlv
ikbohdhjj_dpbhggu_]bihl_aub gZqZlvboijh\_jdm
I_j\ZynZaZjZkkijhkZdeb_glZ
Ihkdhevdm gZ wlhc nZa_ hkgh\gZy p_ev dhgkmevlZglZ² jZa]h\hjblv deb_glZ __
j_ZebaZpbb emqr_ \k_]h [m^ml ihfh]Zlv \hijhku b j_iebdb fZdkbfZevgh klbfmebjmxsb_
_]h gZ jZkkdZa Wlh hldjulu_ j_iebdb lbiZ JZkkdZ`bl_ fg_ h \Zrbo hlghr_gbyo
DZdZy m \Zk k_fvy" Dh]^Z b dZd wlh gZqZehkv" b l^ Hl\_l gZ ih^h[gu_ \hijhku b
j_iebdbijh_dlb\_gdZ`^ucfh`_l]h\hjblvlhqlh\Z`gh^eyg_]h\ dZdhflhkfuke_wlh
ijhklhij_^eh`_gb_deb_glm\ukdZaZlvky
?kl_kl\_ggh ihdZ deb_gl ]h\hjbl ikboheh] g_ ijhklh kemrZ_l Z jZ[hlZ_l Mkeh\gh
fh`gh \u^_eblv g_kdhevdh gZijZ\e_gbc jZ[hlu gZ wlhf wlZi_ dhgkmevlbjh\Zgby
DhgkmevlZgl ih^^_j`b\Z_l dhglZdl k deb_glhf klbfmebjm_l _]h gZ ^Zevg_crbc
jZkkdZa kihkh[kl\m_lp_e_gZijZ\e_gghfmjZa\blbx[_k_^u
hkfukeb\Z_llhqlh]h\hjbldeb_gl
GZb[he__wnn_dlb\guckihkh[ih^^_j`ZgbydhglZdlZk deb_glhf\ lh\j_fydZdhg
]h\hjbl h k_[_ ² \gbfZl_evgh_ wfiZlbq_kdh_ kemrZgb_ >ey lh]h qlh[u deb_gl
qm\kl\h\Ze qlh _]h \gbfZl_evgh kemrZxl h[uqgh ^hklZlhqgh lh]h qlh[u dhgkmevlZgl
ih^[Z^jb\Ze b h^h[jye _]h db\Zy beb \ujZ`Zy k\h_ kh]eZkb_ \klZ\dZfb lbiZ Dhg_qgh
M]m>Z^Zih^jh[g__h[wlbol_ogbdZo[m^_l]h\hjblvky\ ki_pbZevghfjZa^_e_
GZwlhcnZa_[_k_^uqZklh\uykgy_lkylhdZdbgl_jij_lbjm_lk\hxkblmZpbxdeb_gl
\ q_f b dZd hg \b^bl ijbqbgu k\hbo ijh[e_f ^Ze_dh hl ^_ckl\bl_evghklb ijhlb\hj_qb\h
g_]Zlb\gh oZjZdl_jbam_l ^jm]bo ex^_c \uklZ\eyy \ iheh`bl_evghf k\_l_ jZkkdZaqbdZ Gh
jZ[hlZlv k wlbf fZl_jbZehf g_ kh]eZrZlvky k deb_glhf mdZau\Zy gZ _]h hrb[db gZ wlhf
wlZi_g_klhblH[uqghm ikboheh]Z_s_g_l^hklZlhqghcbgnhjfZpbbhibjZykvgZdhlhjmx
fh`gh[ueh[ukdhjj_dlbjh\Zlvlhqdmaj_gbyq_eh\_dZZ \hajZ`_gby\ujZ`_gbyg_kh]eZkby
ebrv Zdlb\babjmxl khijhlb\e_gb_ jZajmrZy ihdZ lhevdh nhjfbjmxsbcky iheh`bl_evguc
dhglZdlGZwlhfwlZi_ke_^m_lijb^_j`b\ZlvkyijbgpbiZijbgylbydhgp_ipbbdeb_glZG_
klhbl[hylvkyqlhbaaZlh]hqlhikboheh]\gZqZe_g_\ujZ`Zeg_kh]eZkbyk l_fqlh]h\hjbl
deb_glh k_[_b hdjm`Zxsboex^yo\ukdZau\Zgb_\ihke_^kl\bbijhlb\hiheh`gh]hfg_gby
gZ wlZi_ dhjj_dpbhggh]h \ha^_ckl\by [m^_l \hkijbgylh kh[_k_^gbdhf [he__ g_]Zlb\gh
GZh[hjhl qZklh m`_ \ ijhp_kk_ jZkkdZaZ lhqdZ aj_gby deb_glZ baf_gy_lky hg ]hlh\blky d
ijbgylbxgh\h]h\a]ey^ZgZk_[yb hdjm`Zxsbobghcdhgp_ipbbijhbkoh^ys_]h
H klbfmebjh\Zgbb deb_glZ gZ jZkkdZa m`_ g_fgh]h ]h\hjbehkv \ur_ D wlhfm
fh`gh ^h[Z\blv qlh d ihe_aghc ^ey ikboheh]Z bgnhjfZpbb ke_^m_l hlg_klb ij_`^_ \k_]h
bklhjbx\hagbdgh\_gbyijh[e_fudh]^Zb \k\yabk q_fhgZihy\beZkvhlghr_gbydeb_glZ
kh\k_fb^_ckl\mxsbfb \ _]hjZkkdZa_ebpZfbbohlghr_gbyd ijh[e_f_ ij_^klZ\e_gb_ h
lhf q_f bf_ggh \ua\ZgZ ijh[e_fZ k lhqdb aj_gby kZfh]h q_eh\_dZ b hdjm`Zxsbo ex^_c
ijhbkoh^b\rb_ dh]^Zeb[h mom^r_gby b memqr_gby kblmZpbb b k q_f hgb fh]eb [ulv
k\yaZgu q_f bf_ggh \ua\Zgh h[jZs_gb_ \ dhgkmevlZpbx ihq_fm hgh ijhbkoh^bl bf_ggh
k_cqZk Z g_ jZgvr_ beb iha`_ H[h \k_o mihfygmluo \ur_ fhf_glZo ke_^m_l ki_pbZevgh
ihijhkblv jZkkdZaZlv <hijhku dhlhju_ fh`gh knhjfmebjh\Zlv gZ hkgh\Zgbb mdZaZgguo
imgdlh\^he`gu[ulv^hklZlhqghrbjhdbfbb hgbh[uqghohjhrhklbfmebjmxldeb_glZgZ
jZkkdZa
Kljmdlmjbjh\Zgb_ [_k_^ug_h[oh^bfhdZd kZfhfm dhgkmevlZglm lZd b deb_glm M
deb_glZ^he`gh[ulveh]bqgh_ij_^klZ\e_gb_h lhfqlhb aZq_f]h\hjblkyb h[km`^Z_lky\
^Zgguc fhf_gl Wlh k h^ghc klhjhgu ihfh]Z_l ba[_`Zlv j_pb^b\h\ khijhlb\e_gby
ihkdhevdmdeb_glgZqbgZ_lhsmsZlvqlhaZ\k_ijhbkoh^ys__\h\j_fyijb_fZhl\_lkl\_gg_
lhevdh dhgkmevlZgl gh b hg kZf Djhf_ lh]h ihgbfZgb_ ijhbkoh^ys_]h kihkh[kl\m_l
dhgp_gljZpbb \gbfZgby ih\ur_gbx wfhpbhgZevghc b bgl_ee_dlmZevghc Zdlb\ghklb \h
\j_fy jZa]h\hjZ Kljmdlmjbjh\Zgb_ [_k_^u ihe_agh b dhgkmevlZglm ihkdhevdm iha\hey_l
wnn_dlb\g__ bkihevah\Zlv \j_fy dhgkmevlZpbb \_^v _keb deb_gl fh`_l k e_]dhklvx
ijhke_^blvhldm^Zb dZd\hagbdZxll_bebbgu_l_fu\ jZa]h\hj_k q_fdhgdj_lghk\yaZgu
\gh\v ihy\eyxsb_ky b^_b lh ke_^h\Zl_evgh g_l g_h[oh^bfhklb qlhlh ^hihegbl_evgh
ih\lhjylvbebh[tykgylv
Gh\ q_fbf_ggh^he`gh \ujZ`Zlvky kljmdlmjbjh\Zgb_"AZ^Z\ZydZdhceb[h \hijhk
f_gyy l_fm h[km`^_gby dhgkmevlZglm ke_^m_l h[tykgblv ihq_fm hg wlh ^_eZ_l q_f wlh
\ua\Zgh<iheg_ ^himklbfh_kebwlhh[tykg_gb_[m^_lg_kdhevdhjZkoh^blvkyk l_fqlhgZ
kZfhf^_e_^mfZ_ldhgkmevlZglihwlhfmih\h^m^hklZlhqghqlh[u^eydeb_glZkh[ex^ZeZkv
ohly [u dZdZylh \b^bfhklv eh]bdb \k_o i_j_oh^h\ \ jZa]h\hj_ J_iebdbk\yadb fh]ml
\u]ey^_lvke_^mxsbfh[jZahf<ufgh]h ]h\hjbl_h k\h_f hlp_ gh ihkdhevdm fu bf__f
^_eh k k_f_cghc kblmZpb_c fg_ [u ohl_ehkv qlh[u \u g_kdhevdh keh\ kdZaZeb b h k\h_c
fZl_jbbeb <u fg_ jZkkdZaZeb h lhf dZdh\u \Zrb hlghr_gby l_i_jv gh ^ey lh]h qlh[u
jZah[jZlvky\ dhgnebdl_fg_g_h[oh^bfhagZlvdZdbfbhgb[uebjZgvr_b dZdb \k\yabk
q_fgZqZebmom^rZlvky
>jm]hc ijb_f kljmdlmjbjh\Zgby [_k_^u ² djZldh_ dhff_glbjh\Zgb_ lh]h qlh
]h\hjbldeb_glih^\_^_gb_blh]h\kdZaZggh]hihlhfmbebbghfmih\h^mAgZqblk \Zr_c
lhqdbaj_gby[hevrmxjhev\ wlhfdhgnebdl_b]jZxl\Zrb[u\rb_dhee_]bihjZ[hl_beb
LZdbf h[jZahf \u fg_ jZkkdZaZeb h \Zrbo hlghr_gbyo k kughf gZ k_]h^gyrgbc ^_gv
Ih^h[gu_ j_iebdb dhgkmevlZglZ ihfh]Zxl deb_glm hp_gblv k\hc jZkkdZa ijh\_jblv g_
mims_ghebqlhlh\Z`gh_qlhke_^m_l^h[Z\blv
Hkfuke_gb_lh]hqlh]h\hjbldeb_gl ² \hfgh]hf\gmlj_ggyyjZ[hlZikboheh]Z
Wlhhq_gvgZijy`_gguckeh`gucijhp_kkFheqZlvghijbwlhfihgbfZlvb ZgZebabjh\Zlv
\k_qlh]h\hjblkh[_k_^gbdm^Z_lky^Ze_dhg_dZ`^hfmDZdqZklhijboh^blkygZ[ex^Zlv\
h[u^_gghc `bagb kblmZpbx dh]^Z dlhlh aZo\Zlu\Z_l kp_gm b gZqbgZ_l ]h\hjblv h k_[_
QZs_ \k_]h kh[_k_^gbd g_ bf_y \hafh`ghklb \ukdZaZlvky l_jy_l bgl_j_k d jZa]h\hjm
gZqbgZ_l de_\Zlv ghkhf hl\e_dZlvky Ihabpby dhgkmevlZglZ h[yau\Z_l d ijyfh
ijhlb\hiheh`ghfm ih\_^_gbx H imlyo hkfuke_gby lh]h qlh ]h\hjbl deb_gl ih^jh[gh
[m^_l kdZaZgh ^Zevr_ A^_kv `_ dhjhldh hklZgh\bfky ebrv gZ g_dhlhjuo l_ogbq_kdbo
fhf_glZo dhlhju_ fh]ml ihfhqv ikboheh]m [ulv Zdlb\guf b ihgbfZxsbf gZ ijhly`_gbb
\k_]hjZa]h\hjZ
>eylh]hqlh[uiheghp_gghmqZkl\h\Zlv\ ^bZeh]_k deb_glhfdhgkmevlZglmke_^m_l
ihfgblv bf_gZ gZa\Zgby ^Zlu jZaebqgu_ ^_lZeb mihfbgZ_fu_ deb_glhf Djhf_ lh]h
ijyfh_ pblbjh\Zgb_ kdZaZggh]h bf iha\hey_l [uklj__ i_j_hjb_glbjh\Zlv deb_glZ
ijh^_fhgkljbjh\Zlv_fm\hafh`ghklv^jm]hclhqdbaj_gby>eylh]hqlh[ug_mimklblvqlh
lh \Z`gh_ dhgkmevlZgl fh`_l ihijh[h\Zlv dh_qlh aZibku\Zlv \h \j_fy [_k_^u Dhg_qgh
^ey wlh]h ij_`^_ \k_]h g_h[oh^bfh ihemqblv kh]eZkb_ deb_glZ gh h[uqgh wlh ^h\hevgh
e_]dh Ijh[e_fu fh]ml \hagbdgmlv \ ^jm]hf \_^v \_klb aZibkb b h^gh\j_f_ggh
ih^^_j`b\ZlvdhglZdlk kh[_k_^gbdhf^h\hevghljm^ghb \kblmZpbb\u[hjZke_^m_l\k_]^Z
jZaj_rZlv _]h \ ihevam dhglZdlZ G_ klhbl ibkZlv dh]^Z deb_gl ieZq_l hq_gv \ha[m`^_g
jZkkdZau\Z_lh q_flhkhdjh\_gghf
>ey lh]h qlh[u emqr_ dhgp_gljbjh\Zlv \gbfZgb_ gZ fZl_jbZe_ dhgkmevlZgl fh`_l
\kemo beb ijh k_[y ih\lhjylv ihke_^gb_ i_j_^ iZmahc keh\Z deb_glZ LZdh_ ih\lhj_gb_ ²
ohjhrbckihkh[klbfmebjh\ZlvgZjZkkdZab ih^^_j`b\ZlvdhglZdlZdlb\ghbkihevam_fuc\
rdhe_DJh^`_jkZ 5RJHUV K Ijhp_kkjZkkijhkZbkoh^ybabkihevam_fhca^_kvfh^_ebaZgbfZ_l ² fbgmlgh
² fbgml kimkly ihke_ gZqZeZ [_k_^u dhgkmevlZgl ^he`_g m`_ ^hklZlhqgh ohjhrh
jZa[bjZlvky\ ijh[e_fZob kblmZpbbdeb_glZ[ulv]hlh\ufd lhfmqlh[ui_j_clbdh\lhjhc
nZa_ jZkkijhkZ ² nhjfmebjh\Zgbx b ijh\_jd_ dhgkmevlZlb\guo ]bihl_a A^_kv mf_klgh
[he__ ih^jh[gh hklZgh\blvky gZ lhf qlh lZdh_ ]bihl_au \ ikboheh]bq_kdhf
dhgkmevlbjh\ZgbbdZdbf_gghhgbnhjfmebjmxlkyb ijh\_jyxlky
=bihl_au\ ikboheh]bq_kdhfdhgkmevlbjh\Zgbb
DZ`^Zy ]bihl_aZ ² wlh ihiuldZ dhgkmevlZglZ ihgylv kblmZpbx deb_glZ Ijb wlhf
hijhku qlh `_ G: K:FHF >?E? ijhbkoh^bl dZdh\u >?CKL<BL?EVGU? keh`ghklb
hlghr_gbcdeb_glZk hdjm`Zxsbfby\eyxlkyZ[khexlgh[_kkfuke_ggufbH[t_dlb\ghklv\
q_eh\_q_kdbo hlghr_gbyo ² \_sv \_kvfZ hlghkbl_evgZy DZ`^uc mqZklgbd kfhljbl gZ
ijhbkoh^ys__ kh k\h_c lhqdb aj_gby hibjZ_lky gZ k\hc `bag_gguc hiul kh[kl\_ggu_
ihlj_[ghklbbgl_j_kub l^B ij_keh\mlZylj_lvyklhjhgZdhlhjhch[uqghhl\h^blkyjhev
km^vblZd`_g_[_kijbkljZklgZm dZ`^h]h_klvk\hb\a]ey^ugZ`bagvb ijbgpbiub ^Z`_
lhfmdlhjZ^bbklbguiulZ_lkygZ\j_fyhk\h[h^blvkyhlgbog_m^Z_lky^Ze_dhmclbhlk_[y
kZfh]h
Gh_kebdhgkmevlZgl ² g_km^vyb g_aZgbfZ_lkyh[t_dlb\gufZgZebahfkblmZpbbgZ
q_f`_hkgh\u\Z_lkyikboheh]bq_kdh_\ha^_ckl\b_"
< i_j\hc]eZ\_m`_]h\hjbehkvh lhfqlhh^gZba\Z`g_crboaZ^Zqikboheh]bq_kdh]h
dhgkmevlbjh\Zgbykhklhbl\ lhfqlh[uihdZaZ\deb_glmqlh_]hihabpbyg_dhgkljmdlb\gZb
\ q_fbf_gghhgZg_dhgkljmdlb\gZihfhqv_fmijh^mfZlv[he__dhgkljmdlb\gmxihabpbx\
k\h_c `bag_gghc kblmZpbb Z aZl_f j_Zebah\Zlv __ \ `bagb =bihl_au \ ikboheh]bq_kdhf
dhgkmevlbjh\Zgbb ² wlh ih kmlb \ZjbZglu [he__ dhgkljmdlb\guo ihabpbc \ kblmZpbb
\_jhylgu_kihkh[ui_j_hjb_glZpbbdeb_glZ\ _]hhlghr_gbbd k\hbfijh[e_fZf
=bihl_audhgkmevlZglZhkgh\u\ZxlkygZlhfqlhjZkkdZau\Z_ldeb_glh k_[_b k\hbo
ijh[e_fZo Gh wlh ebrv [ZaZ ^ey bo ihkljh_gby G_hiulguc beb g_ijhn_kkbhgZevguc
dhgkmevlZgl gZ dZ`^hf ijb_f_ kljhbl k\hb ]bihl_au aZgh\h g_ bf_y gbq_]h ijh aZiZk Gh
^ey ijhn_kkbhgZeZ ohjhrh agZdhfh]h k jZaebqgufb l_hj_lbq_kdbfb b ijZdlbq_kdbfb
jZajZ[hldZfb \ h[eZklb dhgkmevlbjh\Zgby b ikbohl_jZibb jZkkdZa deb_glZ ij_^klZ\ey_l
kh[hc gZ[hj ih\_^_gq_kdbo iZll_jgh\ bgl_jij_lbjm_fuo k lhqdb aj_gby lhc beb bghc
jZajZ[hlZgghcdhgp_ipbb
Dhgp_ilmZevgh_ \b^_gb_ lh]h h q_f ]h\hjbl deb_gl agZqbl_evgh h[e_]qZ_l jZ[hlm
iha\hey_l emqr_ bgl_jij_lbjh\Zlv fZl_jbZe [uklj__ gZoh^blv lh qlh fh`_l ihfhqv \
keh`b\r_cky kblmZpbb hi_jbjh\Zlv [hevrbf dhebq_kl\hf b^_c \ ihgbfZgbb
ijhbkoh^ys_]h: q_f[hevr_b^_c\ ]bihl_a_\hagbdZ_lm dhgkmevlZglZihih\h^ml_obeb
bguo \ukdZau\Zgbc deb_glZ l_f [hevr_ hg ijhn_kkbhgZevgh hkgZs_g l_f e_]q_ _fm
jZ[hlZlvGhijhn_kkbhgZe^he`_gmf_lvg_lhevdhhkfukeylvlhqlh]h\hjbldeb_glghb
i_j_^Z\Zlv nhjfmebjh\Zlv k\h_ \b^_gb_ kblmZpbb lZdbf h[jZahf qlh[u h[jZlb\rbcky aZ
ihfhsvx q_eh\_d kmf_e ihgylv b ijbgylv _]h <_j[Zevgh \ujZ`_ggZy dhgkmevlZglhf
]bihl_aZ y\ey_lky bgl_jij_lZpb_c Bgl_jij_lZpby ² djZ_m]hevguc dZf_gv ikbohl_jZibb
ih\hjhlgZy lhqdZ ijhp_kkZ dhgkmevlbjh\Zgby <i_j\u_ gZqZ\rbc ibkZlv h[ wlhf Nj_c^
\jy^ eb fh] ij_^klZ\blv k_[_ kdhevdh dgb] b `mjgZeh\ \ ^Zevg_cr_f [m^_l ihk\ys_gh
\ebygbx bgl_jij_lZpbb gZ deb_glZ < mq_[gbdZo b im[ebdZpbyo ih dhgkmevlbjh\Zgbx b
ikbohl_jZibb ]bihl_aZf b \hafh`ghklyf bo \_j[Zevgh]h \ujZ`_gby lh _klv
bgl_jij_lZpbyf m^_ey_lky hkh[h_ \gbfZgb_ rbjhdh ijZdlbdmxlky jZagh]h jh^Z
ki_pbZevgu_ lj_gbg]b b h[km`^_gby iha\heyxsb_ ikboheh]Zf gZmqblvky \u^\b]Zlv
]bihl_au b \_j[Zevgh nhjfmebjh\Zlv bo ijh\h^ylky fgh]hqbke_ggu_ bkke_^h\Zgby
gZijZ\e_ggu_gZijhykg_gb_lh]hdh]^Zqlhb dZdemqr_\k_]h]h\hjblvdeb_glm
H^ghba\Z`guojZaebqbcikboheh]bq_kdh]hb \jZq_[gh]hijb_fZkhklhbl\ lhfqlh\
f_^bpbg_ ^bZ]gha klZ\bl h^bg q_eh\_d ² \jZq b khh[sZ_l _]h ^jm]hfm ² iZpb_glm
dhgkmevlZgl `_ hkms_kl\ey_l \u[hj [he__ dhgkljmdlb\ghc ihabpbb kh\f_klgh k deb_glhf
Hibku\Z_fuc ijhp_kk fh`gh ihykgblv ke_^mxs_c f_lZnhjhc ]bihl_au b bgl_jij_lZpbb
dhgkmevlZglZb \a]ey^gZijh[e_fmdhlhjuc\ blh]_ijbgbfZ_lkydeb_glhfhlebqZxlkydZd
ieZlv_ihemnZ[jbdZl klZg^Zjlgh]h jZaf_jZ b ieZlv_ ba lhc `_ ldZgb b lh]h `_ nZkhgZ gh
ki_pbZevgh krblh_ ^ey ^Zggh]h q_eh\_dZ IjbgylZy deb_glhf ]bihl_aZ h[jZklZ_l
fgh`_kl\hf agZqbfuo b oZjZdl_jguo lhevdh ^ey g_]h nZdlh\ b i_j_`b\Zgbc lh _klv hgZ
fZdkbfZevghbg^b\b^mZebabjm_lky
Ij_`^_ q_f ^Z\Zlv bgl_jij_lZpbx iulZlvky baf_gblv ij_^klZ\e_gb_ deb_glZ h
ijhbkoh^ys_f dhgkmevlZgl ^he`_g kgZqZeZ kZf ^ey k_[y ^hklZlhqgh h^ghagZqgh
knhjfmebjh\Zlv qlh `_ ijhbkoh^bl \ `bagb deb_glZ lh _klv ijh\_jyy \hagbdrb_ m g_]h
]bihl_au hg ^he`_g hklZgh\blvky gZ h^ghc gZb[he__ ih^oh^ys_c ^Zgghfm q_eh\_dm \
dhgdj_lghc kblmZpbb Ijh\_jdZ `_ \hagbdrbo ]bihl_a y\ey_lky hkgh\guf kh^_j`Zgb_f
jZ[hludhgkmevlZglZgZke_^mxs_fwlZi_[_k_^u
<lhjZynZaZjZkkijhkZdeb_glZ
DZdb_`_kj_^kl\Zkms_kl\mxlm dhgkmevlZglZ^eylh]hqlh[uijh\_jblv\hagbdrb_
]bihl_au" ?keb \ i_j\hc nZa_ jZkkijhkZ dhgkmevlZgl aZ^Z\Ze rbjhdb_ \hijhku
ijh\hpbjmxsb_ deb_glZ gZ fhgheh] lh \h \lhjhc nZa_ oZjZdl_j \hijhkh\ ijbgpbibZevgh
f_gy_lkyNhjfmebjh\dbklZgh\ylky[he__lhgdbfbgZijZ\e_ggufbgZmlhqg_gb_\hagbdrbo
m dhgkmevlZglZb^_cWlhm`_\hijhkuihkms_kl\mKdhevdhjZa\ g_^_exhg\ha\jZsZ_lky
ihke_^\_gZ^pZlb"Dh]^Zbf_gghm <Zk\i_j\u_\hagbdehhsms_gb_qlhhgZg_a^hjh\Z"
DhgkmevlZglm ke_^m_l klj_fblvky d lhfm qlh[u hl\_lu deb_glZ khhl\_lkl\h\Zeb oZjZdl_jm
aZ^Z\Z_fuo \hijhkh\ lh _klv [ueb lhqgufb b dhgdj_lgufb Nhjfmebjh\db lbiZ qZklh
beb^Z\gha^_kvg_ih^oh^yl>eydh]hlhqZklh ² wlhjZa\ g_^_ex^eydh]hlh ² dZ`^uc
^_gv Q_f lhqg__ hl\_l deb_glZ l_f [he__ hg h[t_dlb\_g l_f [hevr_ hg fh`_l [ulv
jZkkfhlj_gg_lhevdhk lhqdbaj_gbylh]hdZdijb\ud\hkijbgbfZlvk\hxkblmZpbxdeb_gl
ghb ih^m]ehfaj_gby]bihl_ab bgl_jij_lZpbc\hagbdrbom dhgkmevlZglZ
Hkgh\ghcbih`ZemckZfucgZ^_`guc^eydhgkmevlZglZih^oh^d jZ[hl_gZ\lhjhf
wlZi_ jZkkijhkZ² wlh ZgZeba dhgdj_lguo kblmZpbc ba `bagb deb_glZ gZ]ey^gh
^_fhgkljbjmxsbo _]h hlghr_gby k ex^vfb ih\_^_gb_ \ ijh[e_fguo kblmZpbyo
hkh[_gghklb \u[bjZ_fuo iZll_jgh\ \aZbfh^_ckl\by JZ[hlZ k dhgdj_lgufb kblmZpbyfb ²
^ey dhgkmevlZglZ h^bg ba gZb[he__ gZ^_`guo kihkh[h\ ijh\_jblv k\hb ]bihl_au Rbjhdh
ba\_klghqlhq_fih^jh[g__q_eh\_d]h\hjblh q_feb[hq_f[hevr_dhgdj_lguo^_lZe_c\
jZkkdZa_l_ff_gvr_hli_qZlhdkm[t_dlb\ghklbb h^ghklhjhgghklbb [hevr_\hafh`ghkl_c
^eyihgbfZgbydhgkmevlZglhfl_oZki_dlh\j_Zevghklbdhlhju_g_\hkijbgbfZxlkybebg_
aZf_qZxlky jZkkdZaqbdhf F_edb_ ^_lZeb kblmZpbb ljm^g__ ijb^mfZlv beb bkdZablv b hgb
klZgh\ylky k\h_h[jZagufb nbevljZfb q_j_a dhlhju_ ijhoh^bl g_hkhagZ\Z_fZy beb
g_^hhp_gb\Z_fZydeb_glhfbgnhjfZpbyGhqlh`_wlhlZdh_ ² ihegucih^jh[gucjZkkdZa
h dhgdj_lghckblmZpbbdZdh\uhkgh\gu_lj_[h\Zgbyd g_fm"
< ih^jh[ghfjZkkdZa_^he`gh[ulvhljZ`_ghdh]^Zbf_gghb \k\yabk q_f\hagbdeZ
hibku\Z_fZy kblmZpby ]^_ bf_ggh wlh ijhbkoh^beh dlh ijbgbfZe \ g_c mqZklb_ qlh
dhgdj_lgh]h\hjbebb k^_eZebdeb_glb ^jm]b_^_ckl\mxsb_ebpZqlhhg^mfZeb qm\kl\h\Ze
\ lh\j_fydh]^ZjZa\hjZqb\Zebkvkh[ulbyqlhk lhqdbaj_gbydeb_glZ\ wlh\j_fy^mfZebb
qm\kl\h\Zeb ^jm]b_ mqZklgbdb kblmZpbb q_f wlZ kblmZpby hdhgqbeZkv dZdb_ hgZ bf_eZ
ihke_^kl\byb gZqlhhdZaZeZ\ebygb_
Ij_^klZ\bf k_[_ qlh j_qv gZ ijb_f_ m ikboheh]Z aZreZ h k_f_cghf dhgnebdl_ b
jZkkdZau\Z_l h g_f `_gZ >ey lh]h qlh[u __ jZkkdZa fh] jZkkfZljb\Zlvky dZd dhgdj_lgZy
kblmZpby deb_gldZ ^he`gZ khh[sblv h lhf qlh dZ`^uc ba kmijm]h\ ^_eZe i_j_^ gZqZehf
kkhjudZdijhoh^beZkkhjZdh]^Zbf_gghdeb_gldZihqm\kl\h\ZeZqlhaZ\_eZkvb \k\yabk
q_fbaaZq_]hk __lhqdbaj_gbywlhqm\kl\h\hagbdehqlh]h\hjbeZhgZkZfZb qlhhl\_qZe
_c fm` q_f [ueZ \ua\ZgZ kkhjZ k _]h lhqdb aj_gby ih ij_^iheh`_gbx deb_gldb dZd b \
k\yab k q_f kkhjZ [ueZ ij_djZs_gZ dZd jZa\hjZqb\Zebkv kh[ulby ^Zevr_ ^he]h eb
hlghr_gby[uebgZijy`_ggufbdZdh\uihke_^kl\bywlhckkhju^eybohlghr_gbc
Lhevdh mkeurZ\ lZdhc iheguc jZkkdZa dhgkmevlZgl fh`_l ih^l\_j^blv beb
hijh\_j]gmlv]bihl_amgZijbf_jh lhfqlh`_gZkZfZi_j\Zyijh\hpbjm_ldhgnebdlu^ey
lh]hqlh[ubkihevah\Zlvbo aZl_f dZd kj_^kl\h ^Z\e_gby gZ fm`Z \u^Z\Zy k_[y aZ `_jl\m
KZfhklhyl_evguc jZkkdZa deb_glh\ gbdh]^Z g_ [u\Z_l gZklhevdh iheguf qlh[u kjZam `_
m^h\e_l\hjblv ikboheh]Z b h[uqgh \ke_^ aZ hibkZgb_f kblmZpbb ke_^m_l ih^jh[guc
jZkkijhk
>Ze_dh g_ \k_]^Z deb_gl k e_]dhklvx hl\_qZ_l gZ aZ^Z\Z_fu_ ikboheh]hf \hijhku
QZklh ijboh^blky ihljZlblv ^h\hevgh fgh]h kbe gZ lh qlh[u hl\_lu [ueb ih^jh[gufb b
hibku\Zebj_Zevgu_qm\kl\Zb i_j_`b\ZgbyZ g_[ueb[ujZkkm`^_gbyfbgZl_fm?kebgZ
i_j\hfwlZi_jZkkijhkZihabpbxikboheh]Zfh`ghhoZjZdl_jbah\ZlvdZdiZkkb\gmxlha^_kv
hgZ klZgh\blky ih \hafh`ghklb Zdlb\ghc dhgkmevlZgl ij_^eZ]Z_l Zevl_jgZlb\u aZ^Z_l
^_lZebabjmxsb_\hijhkuklbfmebjmyih\hafh`ghklbiZfylvdeb_glZ;u\Z_lqlhdeb_gl
kqblZ_l qlh iheghklvx aZ[ue dZdb_lh fhf_glu < lZdhc kblmZpbb ikboheh]m ke_^m_l
ih^[h^jblv_]h<kihfgbl_ohlvqlhgb[m^vG_[_^Z_kebwlhg_kdhevdhg_khhl\_lkl\m_l
lhfm qlh [ueh gZ kZfhf ^_e_ gh <u \_^v fh`_l_ agZy k\hx `bagv fZdkbfZevgh ihegh
ij_^klZ\blvdZdwlhfh]eh[ulv
>jm]Zy qZklh \klj_qZxsZyky ljm^ghklv ^ey deb_glZ \ lZdhf jZkkdZa_ ² hibkZgb_
kh[kl\_gguo i_j_`b\Zgbc b qm\kl\ ^jm]bo ex^_c Bf_ggh qm\kl\Z b i_j_`b\Zgby ^he`gu
ij_`^_ \k_]h bgl_j_kh\Zlv dhgkmevlZglZ ihkdhevdm hgb h[uqgh ]em[`_ hljZ`Zxl
^_ckl\bl_evghklv[hevr_]h\hjylh iehohhkhagZ\Z_fuoqZklhkdjuluo^eykZfh]hdeb_glZ
`_eZgbyo b dhgnebdlZo e_`Zsbo \ hkgh\_ _]h ijh[e_f ;hevrbgkl\h ex^_c fZeh
ijbkemrb\Zxlky d k_[_ g_ mf_xl ZgZebabjh\Zlv k\hb i_j_`b\Zgby Lh qlh fh`_l k^_eZlv
dhgkmevlZgl ^ey [he__ ]em[hdh]h ZgZebaZ qm\kl\ b i_j_`b\Zgbc deb_glZ [he__ ih^jh[gh
[m^_l h[km`^Zlvky \ ke_^mxs_c ]eZ\_ a^_kv `_ ohl_ehkv [u ih^q_jdgmlv qlh ikboheh]m
ke_^m_lijhy\eylvgZklhcqb\hklv\kyq_kdbihfh]Zyijbwlhfdeb_glmGZijbf_jij_^eZ]Zlv
jZaebqgu_Zevl_jgZlb\uih^[Z^jb\ZlvLZd\ujZahaebebkvbebbkim]ZebkvmkeurZ\wlh"
Ihijh[mcl_hibkZlvk\hbqm\kl\Z<_^v^Z`__keb\ug_h[jZsZebgZwlhhkh[h]h\gbfZgby
\k_`_gbq_]hg_qm\kl\h\Zlv\ lhlfhf_gl\uijhklhg_fh]eb< `bagbq_eh\_dZ\k_]^Z_klv
g_lhevdhfukebghb qm\kl\Z
Hkh[_gghqZklhijboh^blkykeurZlvhldeb_glh\AZljm^gyxkvhl\_lblvdh]^Zj_qv
aZoh^blh i_j_`b\Zgbyo b khklhygbb^jm]bo< wlhckblmZpbb deb_glZ fh`gh aZ\_jblv qlh
dhgkmevlZglm ^hklZlhqgh ij_^iheh`_gbc B wlh ^_ckl\bl_evgh lZd ihkdhevdm hkh[_gghklb
i_j_`b\Zgbcb ih\_^_gby^jm]boex^_cikboheh]mg_h[oh^bfuij_`^_\k_]h^eylh]hqlh[u
ihgylvdZdbo\hkijbgbfZ_lb hp_gb\Z_ldeb_gl
>ey lh]h qlh[u ]bihl_aZ dhgkmevlZglZ ih^l\_j^beZkv beb [ueZ hijh\_j]gmlZ
h[km`^_gbyh^ghcdhgdj_lghckblmZpbbg_^hklZlhqghg_h[oh^bfuohly[u^\Z²ljblZdbo
ijbf_jZB lhevdh\ lhfkemqZ__keb\h\k_oh[km`^Z_fuokblmZpbyoijhke_`b\Z_lkyh^bgb
lhl `_ iZll_jg ih\_^_gby b i_j_`b\Zgby ]bihl_am dhgkmevlZglZ fh`gh kqblZlv
ih^l\_j^b\r_ckybebhijh\_j]gmlhc
Kms_kl\mxl eb dZdb_gb[m^v ijbgpbiu ^ey hl[hjZ kblmZpbc h dhlhjuo ke_^m_l
jZkkijZrb\Zlv deb_glZ" <_^v dZ`^uc jZkkdZa lj_[m_l \j_f_gb b gZijy`_gghc jZ[hlu
ke_^h\Zl_evgh\u[hj_]haZ\_^hfhg_^he`_g[ulvkemqZcguf
<u[bjZ_fu_kblmZpbb^he`gu[ulvl_kghk\yaZguk kh^_j`Zgb_fhkgh\guo`Zeh[
deb_glZ k l_fb fhf_glZfb f_`ebqghklguo hlghr_gbc dhlhju_ y\eyxlky ljm^gufb
ijh[e_fgufb
H[km`^Z_fu_kblmZpbb^he`gu[ulvlbibqgufbqZklh\klj_qZxsbfbky \ `bagb
deb_glZqlh[uihgbffh`gh[uehkm^blvh[hkh[_gghklyo\aZbfhhlghr_gbc\ p_ehf
@_eZl_evgh qlh[u wlb kblmZpbb [ueb ^hklZlhqgh jZa\_jgmlufb hibku\Zxsbfb
p_ehklgu_ iZll_jgu \aZbfh^_ckl\by lh _klv g_]Zlb\gu_ ihablb\gu_ b g_cljZevgu_
oZjZdl_jbklbdbhlghr_gbc
LZd `Zeh[u fZl_jb gZ lh qlh __ ^hqv g_ aZ[hlblky h ihjy^d_ \ d\Zjlbj_ b h[uqgh
jZa[jZku\Z_l ih\kx^m k\hb \_sb g_ fh`_l kem`blv ijbf_jhf dhgdj_lghc kblmZpbb <
dZq_kl\_lZdh\hca^_kvfh`_l[ulvba[jZgjZa]h\hjfZl_jbb ^hq_jbdhlhjucgZqbgZ_lkyk
lh]h fhf_glZ dh]^Z fZlv ijb^y ^hfhc h[gZjm`b\Z_l dgb]b b h^_`^m jZa[jhkZggufb
gZqbgZ_l k_j^blvky gZ ^hqdm qm\kl\m_l h[b^m b ih^hc^y d g_c ]h\hjbl Hiylv \k_ ih
klZjhfm Mf_euc ijhn_kkbhgZe k e_]dhklvx fh`_l jZa\_jgmlv wlm kblmZpbx ^Zevr_
\uykgyyaZqlhdhgdj_lghhgZh[b^_eZkvgZ^hqvqlhlZ_chl\_lbeZb ih^mfZeZb l^
QZs_ \k_]h [u\Z_l qlh ihke_ lh]h dZd ^\_²ljb lZdb_ dhgdj_lgu_ kblmZpbb
h[km`^_gudhgkmevlZglfh`_lk m\_j_gghklvxkdZaZlvdZdZyba]bihl_ahdZaZeZkvgZb[he__
ih^oh^ys_cdZdh_ bf_gghih\_^_gb_deb_glZijb\h^bld lhfm qlh \ _]h `bagb \hagbdZxl
ijh[e_fudZdfh`gh_fmihfhqvhlghkblvkyd ijhbkoh^ys_fmih^jm]hfmb khhl\_lkl\_ggh
\_klbk_[yWlhhagZqZ_lqlhfh`ghi_j_oh^blvd ke_^mxs_cnZa_dhgkmevlZlb\ghc[_k_^u
² d hdZaZgbxikbohdhjj_dpbhggh]h\ha^_ckl\byd bgl_jij_lZpbblh]hqlhijhbkoh^bl
HdZaZgb_ikbohdhjj_dpbhggh]h\ha^_ckl\by
Fgh]b_ljm^ghklbgZqbgZxsbodhgkmevlZglh\k\yaZgubf_gghk wlbfwlZihf[_k_^u
Ihjhcfheh^hcki_pbZebklm`_^h\hevghohjhrhij_^klZ\ey_lk_[_qlhb dZd^_eZ_ldeb_gl
kha^Z\Zyk\hbijh[e_fughdZdihdZaZlv_fmwlh ² g_agZ_lWlhlwlZi^_ckl\bl_evghfh`gh
kqblZlvgZb[he__ljm^gufihkdhevdmhdZau\Z_fh_\ha^_ckl\b_g_^he`ghb g_fh`_lghkblv
nhjfmijhklhkh\_lZbebj_dhf_g^Zpbb
< q_f bf_ggh khklhbl ikbohdhjj_dpbhggh_ \ha^_ckl\b_ k q_f k\yaZgZ _]h
wnn_dlb\ghklv fh`gh hibku\Zlv hq_gv ^he]h JZagu_ rdheu ikbohl_jZibb b bo Z\lhju
ih^q_jdb\Zxl agZq_gb_ jZaebqguo nZdlhjh\ ijb hdZaZgbb ikbohdhjj_dpbhggh]h
\ha^_ckl\by \_^msZyjhev\ wlhfijb^Z_lkyb dZlZjkbkmb baf_g_gbxebqghklguokljmdlmj
b ijbh[j_l_gbx kfukeZ b l^ Nj_c^ NjZgde < 5RJHUV D Gh \
dhg_qghfkq_l_ wnn_dlikbohdhjj_dpbhggh]h \ha^_ckl\by ² wlh lZcgZ ihgylv dhlhjmx ^h
dhgpZg_\hafh`ghZfh`_l[ulvb g_klhbl
DZdh\u\k_`_\hafh`ghklbhdZaZgbyikbohdhjj_dpbhggh]h\ha^_ckl\bykms_kl\mxl
ebdZdb_eb[hl_ogbq_kdb_ijb_fubkihevah\Zgb_dhlhjuo\ ^bZeh]_fh`_lkihkh[kl\h\Zlv
j_r_gbx wlhc aZ^Zqb" Ih`Zemc kZfuc ijhklhc kihkh[ hdZaZgby \ha^_ckl\by dhlhjuc
wnn_dlb\_glh]^Zdh]^Z[_k_^Zohjhrhhj]Zgbah\ZgZb eh]bqgh\ukljh_gZdhgkmevlZglhfb \
g_c iheghklvx bkihevah\Zgu \hafh`ghklb ZgZebaZ dhgdj_lguo kblmZpbc ² wlh
Zdp_glbjh\Zgb_ ijhlb\hj_qbc \
jZkkdZa_ deb_glZ i_j_nhjfmebjh\Zgb_ b
i_j_kljmdlmjbjh\Zgb_ hdjm`Zxs_c _]h j_Zevghklb ijb ihfhsb dhff_glZjb_\ lbiZ <
gZqZe_gZr_c[_k_^u\u`Zeh\ZebkvgZlhqlhfm`qZklhdhgnebdlm_lk \Zfbgh\ulhevdh
qlh jZkkdZaZeb h g_kdhevdbo kblmZpbyo \ dhlhjuo \u kZfb \uklmiZeb bgbpbZlhjhf
dhgnebdlh\ Z fm` g_ lhevdh g_ iulZeky h[\bgblv \Zk \ q_flh Z gZh[hjhl bkdZe imlb
ijbfbj_gbyQlh\uihwlhfmih\h^m^mfZ_l_"Ihkdhevdm\ oh^_ijb_fZZdlb\ghjZ[hlZ_lg_
lhevdh dhgkmevlZgl gh b deb_gl ihgh\hfm hkfukeyy k\hx `bagv lh ^Z`_ lZdh]h
g_agZqbl_evgh]h lheqdZ fh`_l [ulv ^hklZlhqgh ^ey lh]h qlh[u deb_gl ih^jm]hfm m\b^_e
ijhbkoh^ys__LZdbf\ukdZau\Zgb_fg_iulZykvhldjulvdZdb_lhgh\u_]em[bgubklbgu
dhgkmevlZgl l_f g_ f_g__ ij_^eZ]Z_l bgh_ g_h[uqgh_ ^ey deb_glZ \b^_gb_ _]h `bag_gghc
kblmZpbb@_gZba`_jl\uij_\jZsZ_lky\ ij_ke_^h\Zl_eyZ fm`m`_g_\u]ey^bldh\Zjguf
b [_a`ZehklgufdZdbf_]h\ gZqZe_ijb_fZij_^klZ\eyeZdeb_gldZGZwlhfijbf_j_ohjhrh
\b^gh lZd`_ b lh dZd ]bihl_aZ dhgkmevlZglZ h j_Zevghc jZkklZgh\d_ kbe \ k_fv_
ij_\jZsZ_lky\ ij_^eZ]Z_fmxdeb_glmbgl_jij_lZpbx
>Z`__kebhl\_ldebglZ^_ckl\bl_evghk\b^_l_evkl\m_lh gh\hf\b^_gbbkblmZpbb
wlh kh\k_f g_ hagZqZ_l qlh jZ[hlZ ikboheh]Z hdhgq_gZ H[uqgh wlh \k_]h ebrv gZ[jhkhd
i_j\uc rZ`hd b ^ey lh]h qlh[u baf_g_gby ijbh[j_eb mklhcqb\u_ hq_jlZgby g_h[oh^bfZ
^Zevg_crZyjZ[hlZki_pbZebklZAZ^ZqZdhgkmevlZglZgZwlhfwlZi_khklhbl\ lhfqlh[u_s_
jZa \gbfZl_evgh ijhZgZebabjh\Zlv hkh[_gghklb ih\_^_gby deb_glZ e_`Zsb_ \ hkgh\_
ijh[e_fg_mimklb\ijbwlhfhkgh\hiheZ]Zxs_]h\hijhkZq_]hbf_gghklj_fblky^h[blvky
deb_gl k\hbf ih\_^_gb_f dZdb_ _]h ihlj_[ghklb m^h\e_l\hjyxlky dhgnebdlhf Ex[h_
g_Z^_d\Zlgh_ g_\jhlbq_kdh_ ih\_^_gb_ \k_]^Z gZ dZdhflh mjh\g_ \u]h^gh deb_glm
ihkdhevdm l_f beb bguf h[jZahf hgh m^h\e_l\hjy_l l_ g_hkhagZ\Z_fu_ ihlj_[ghklb
dhlhju_ ih dZdbfeb[h ijbqbgZf g_\hafh`gh m^h\e_l\hjblv ih^jm]hfm <u]h^ghklv
kbfilhfZ y\ey_lky h^gbf ba hkgh\hiheZ]Zxsbo ijbgpbih\ kh\j_f_gghc ikbohl_jZibb h[
wlhf gZibkZgh fgh`_kl\h dgb] b ihkh[bc wlh iheh`_gb_ ih^jh[gh h[km`^Z_lky k lhqdb
aj_gbyjZaebqguol_hj_lbq_kdbogZijZ\e_gbcb hjb_glZpbbFug_[m^_fa^_kvki_pbZevgh
hklZgZ\eb\Zlvky gZ wlhf ihkdhevdm \ ^Zgghc dgb]_ ^ey gZk [he__ \Z`gufb y\eyxlky g_
l_hj_lbq_kdb_Z l_ogbq_kdb_Zki_dludhgkmevlbjh\ZgbyL_f `_ dlh g_^hklZlhqgh ohjhrh
ihgbfZ_l wlm Zdkbhfm ikbohl_jZibb ihj_dhf_g^m_f hagZdhfblvky k kms_kl\mxs_c
ebl_jZlmjhcAZoZjh\:B <Zj]Z:Y ;_jgW Nj_c^ Ä AZ^Zqb ikbohdhjj_dpbhggh]h \ha^_ckl\by fh`gh kqblZlv j_Zebah\Zggufb lhevdh \
lhf kemqZ_ dh]^Z g_ lhevdh \ khagZgbb dhgkmevlZglZ gh b \ khagZgbb deb_glZ \ukljh_gZ
k\h_h[jZagZyp_ihqdZkh[ulbcQm\kl\hbebi_j_`b\Zgb_deb_glZ^ebl_evghkms_kl\mxs__
bebi_jbh^bq_kdb\hagbdZxs__\ k\yabk eh]bdhcjZa\blbyhlghr_gbclhedZxs___]hgZlh
qlh[u^h[b\Zlvky^hklb`_gbyk\hbop_e_cb ihlj_[ghkl_cex[\b\eZklbihgbfZgbyb l^
²g_Z^_d\Zlgu_kj_^kl\Zba[bjZ_fu_^eyj_ZebaZpbbwlbop_e_cijb\h^ysb_d keh`ghklb
\h\aZbfhhlghr_gbyog_]Zlb\gZyj_ZdpbyiZjlg_jZqZklhmkm]m[eyxsZyijh[e_fudeb_glZ
H[uqgh gZ wlZi_ ikbohdhjj_dpbhggh]h \ha^_ckl\by deb_gl ^hklZlhqgh ohjhrh
ij_^klZ\ey_lk_[_dZd_]hih\_^_gb_b kihkh[uj_Z]bjh\Zgbykihkh[kl\mxl^_klZ[bebaZpbb
\aZbfhhlghr_gbcGhkms_kl\mxlebihablb\gu_\ZjbZgluih\_^_gby\ ih^h[guokblmZpbyo
b dZdh\u hgb j_rblv _fm kZfhklhyl_evgh [u\Z_l ljm^gh ;hevrmx ihfhsv \ wlhf fh`_l
hdZaZlv dhgkmevlZgl gh _kl_kl\_ggh g_ ij_^eZ]Zy dhgdj_lgu_ kh\_lu b j_dhf_g^Zpbb
Lhevdh kZf q_eh\_d fh`_l ihgylv b hp_gblv qlh ^_ckl\bl_evgh [m^_l jZ[hlZlv Jhev
ikboheh]Z ijb j_r_gbb wlhc aZ^Zqb khklhbl ij_`^_ \k_]h \ lhf qlh[u ihfhqv deb_glm
knhjfmebjh\Zlv \hafh`gu_ Zevl_jgZlb\u ih\_^_gby Z aZl_f djblbq_kdb hp_gb\Zy bo
\u[jZlvgZb[he__ih^oh^ysbc\ZjbZgl
< jZaebqguo ikbohl_jZi_\lbq_kdbo rdheZo b ih^oh^Zo kms_kl\_ggh jZkoh^ylky
ij_^klZ\e_gby h lhf qlh b dZd ^he`_g ^_eZlv ijhn_kkbhgZe ^ey lh]h qlh[u kblmZpby
deb_glZ^_ckl\bl_evghbaf_gbeZkvLZdgZijbf_j\ kbkl_fghck_f_cghcl_jZibbdeb_glZf
[m^ml ^Z\Zlvky jZa\_jgmlu_ ij_^ibkZgby lh]h qlh b dZd bf g_h[oh^bfh ^_eZlv \
ikbohZgZeba_ `_ gZijhlb\ ikbohl_jZi_\l gbdh]^Z g_ aZ\_^_l j_qb h lhf qlh ih\_^_gb_
iZpb_glZ^he`ghbaf_gblvkyihdZiZpb_glkZfg_gZqg_ljZkkdZau\Zlvh[m`_ijhbkoh^ysbo
\ _]h `bagb baf_g_gbyo *XUPDQ $ .QLVNHUQ ' 6KDIHU 5 H^gZdh ih^h[gZy
\ZjbZlb\ghklv² m^_e ikbohl_jZibb djZldhkjhqgh_ dhgkmevlbjh\Zgb_ \ wlhf ieZg_ [he__
h^ghagZqghdeb_glmke_^m_lihfhqvdZdlhbaf_gblvk\hxkblmZpbxghijbwlhfg_klhbl
klj_fblvky d dZdbflh agZqbl_evguf j_amevlZlZf b ke_^m_l hibjZlvky ij_`^_ \k_]h gZ lh
gZkdhevdh]hlh\d baf_g_gbyfkZfdeb_gl
H[km`^_gb_\hafh`ghkl_cbguo\ZjbZglh\ih\_^_gbyb j_Z]bjh\Zgbyfh`ghgZqZlvk
\hijhkh\lbiZDZd\ZfdZ`_lkyZ fh`gheb[ueh[u\_klbk_[y\ wlhckblmZpbbdZdlhih
^jm]hfm" beb Gh \_^v _keb \u ijhklh [m^_l_ \ukdZau\Zlv k\hb ij_l_gabb wlh [m^_l
\u]ey^_lvihqlblZd`_dZd\u\_^_l_k_[yk_cqZk"P_evdhgkmevlZglZijbwlhf ² ihfhqv
deb_glmknhjfmebjh\ZlvdZdfh`gh[hevr__qbkeh\hafh`guo\ZjbZglh\ih\_^_gbyZ aZl_f
\gbfZl_evgh ZgZebabjmy bo \u[jZlv lh qlh y\ey_lky gZb[he__ ih^oh^ysbf ^ey ^Zggh]h
q_eh\_dZ\ _]hkblmZpbbQ_f[he__dhgdj_lgufjZajZ[hlZgguf[m^_l\ZjbZglihablb\gh]h
j_Z]bjh\Zgbydeb_glZl_f[hevr_rZgkh\qlhhg^_ckl\bl_evghbaf_gblk\h_ih\_^_gb_ b
hlghr_gb_d kblmZpbb
D kh`Ze_gbx lZdZy lsZl_evgZy ijhjZ[hldZ ihablb\guo \ZjbZglh\ ih\_^_gby
ijhbkoh^bl g_ lZd qZklh >ey wlh]h eb[h g_ o\ZlZ_l \j_f_gb gZ ijb_f_ eb[h kZfZ ih k_[_
\hafh`ghklv bgh]h hlghr_gby d keh`b\r_cky kblmZpbb ^ey deb_glZ gZklhevdh gh\Z b
g_ijb\uqgZ qlh lj_[m_l ^ebl_evgh]h hkfuke_gby b ijb\udZgby d g_c < wlhf kemqZ_ g_
klhblgZklZb\Zlv gZ g_f_^e_gghc ijhjZ[hld_ ihablb\guoih\_^_gq_kdbo iZll_jgh\ >ZggZy
l_fZfh`_l[ulvij_^eh`_gZdZdfZl_jbZe^eyke_^mxs_c\klj_qbh `_eZl_evghklbdhlhjhc
\ wlhfkemqZ_klhblki_pbZevghkdZaZlvDhg_qghqZklh\ kbemjZaebqguoijbqbg q_eh\_dm
ijboh^blky kZfhfm h[^mfu\Zlv b j_rZlv dZd _fm [ulv ^Zevr_ Gh ^Z`_ hlimkdZy _]h ^ey
lZdh]h kZfhklhyl_evgh]h hkfuke_gby dhgkmevlZglm ke_^m_l ih^q_jdgmlv qlh j_Zevgu_
baf_g_gby g_h[oh^bfu ihgbfZgb_ k_[y b kblmZpbb [_a ijhy\e_gby wlh]h \h\g_ fh`_l g_
ijb\_klbd `_eZ_fufbaf_g_gbyf\ hlghr_gbyo
Ijhp_kk \ha^_ckl\by ^Ze_dh g_ \k_]^Z kdeZ^u\Z_lky ]eZ^dh Bgh]^Z ^ey lh]h qlh[u
ijbr_^rbc\ dhgkmevlZpbxq_eh\_dohly[u\ q_flhbaf_gbek\h_hlghr_gb_d kh[kl\_gghc
`bag_gghc kblmZpbb [u\Zxl g_h[oh^bfu ^hihegbl_evgu_ kj_^kl\Z [he__ Zdlb\gZy b
gZklhcqb\Zy ihabpby ikboheh]Z H^bg ba lZdbo ijb_fh\ ² ihiuldZ jZkrbjblv \hkijbylb_
kblmZpbb deb_glhf dhlhjhfm ij_^eZ]Zxl \a]eygmlv gZ ijhbkoh^ys__ k ihabpbb ^jm]bo
mqZklgbdh\kblmZpbbb hp_gblvbo]eZaZfbkh[kl\_ggh_ih\_^_gb_<u_`_^g_\ghiulZ_l_kv
^h[blvkyihfhsbhlfm`ZgZihfbgZy_fmh _]hk_f_cguoh[yaZgghklyoDZd \u ^mfZ_l_ Z
dZdhghlghkblkyd wlbf\ZrbfihiuldZfdZd\hkijbgbfZ_lb hp_gb\Z_llhqlh\u ^_eZ_l_"
;u\Z_lqlhdeb_glmljm^ghij_^klZ\blvk_[_ihabpbx^jm]h]hq_eh\_dZkh[kl\_ggh_
ih\_^_gb_ dZ`_lky _fm gZklhevdh h^ghagZqguf qlh j_Zdpbb b ihklmidb ^jm]h]h
\hkijbgbfZxlky dZd kljZggu_ b g_h[tykgbfu_ Z g_h[oh^bfhklv kh[kl\_gguo baf_g_gbc
ij_^klZ\ey_lky g_hq_\b^ghc Lh]^Z hdZau\Zy ikbohdhjj_dpbhggh_ \ha^_ckl\b_ ikboheh]
fh`_l aZgylv _s_ [he__ Zdlb\gmx ihabpbx LZd dhgkmevlZgl fh`_l kijhkblv DZd \u
^mfZ_l_ _keb [u \Zf gZihfbgZeb h[ wlhf lZd qZklh b \ Z[khexlgh g_ih^oh^ysbo ^ey \Zk
kblmZpbyo dZd [u \u d wlhfm hlghkbebkv dZdh\Z [ueZ [u \ZrZ j_Zdpby" Beb _s_ [he__
`_kldh gh lh]^Z lh qlh ]h\hjbl dhgkmevlZgl ^he`gh [ulv hq_\b^guf <u gZ\_jgydZ
agZ_l_ h lhf qlh ih^jhkldb hq_gv mya\bfu ^ey gbo hq_gv \Z`gh qm\kl\h\Zlv k\hx
kZfhklhyl_evghklvLhqlh^_eZ_l_\uihhlghr_gbxd k\h_fmkugmhq_\b^ghh]jZgbqb\Z_l
_]h ebrgbc jZa gZihfbgZ_l _fm qlh hg aZ\bkbl hl \Zk b ihwlhfm \jy^ eb fh`_l
kihkh[kl\h\ZlvgZeZ`b\Zgbx\Zrbohlghr_gbck gbf
H[uqgh lZdh]h jh^Z aZy\e_gby dhgkmevlZglZ g_ \uau\Zxl j_adh]h hlihjZ Z kdhj__
gZlZedb\ZxlkygZaZsblgmxj_ZdpbxlbiZ
Gm Z dZd bgZq_ fh`gh k_[y k gbf \_klb" LZdh]h jh^Z j_Zdpby ² m`_ rZ] d
^bkdmkkbbk\b^_l_evkl\h]hlh\ghklbd hij_^_e_ggufbaf_g_gbyfHl\_likboheh]ZgZwlhl
\hijhk\hfgh]hfaZ\bkblhlijh[e_fdeb_glZb _]h`bag_gghckblmZpbbgh]eZ\gh_qlh[u
dhgkmevlZgl g_ [hyeky \ujZ`_gbc khfg_gby b g_kh]eZkby kh klhjhgu kh[_k_^gbdZ QZs_
\k_]h hllZedb\Zykv hl gbo fh`gh gZb[he__ mki_rgh ijh^_fhgkljbjh\Zlv deb_glm qlh
bf_gghhg^_eZ_lb dZdhg^_eZ_llhqlhijb\h^bld \hagbdgh\_gbxljm^ghkl_c\ _]h`bagb
D lZdhc lhgdhc fZl_jbb dZd ikbohdhjj_dpbhggh_ \ha^_ckl\b_ fu _s_ \_jg_fky \
ke_^mxs_c ]eZ\_ ]h\hjy h g_dhlhjuo dhgdj_lguo ijb_fZo dhgkmevlbjh\Zgby Z lZd`_ \
ihke_^mxsbo ]eZ\Zo h[km`^Zy jZaebqgu_ kemqZb h[jZs_gby deb_glh\ aZ ikboheh]bq_kdhc
ihfhsvxAZ\_jrZywlhljZa^_eih^q_jdg_f _s_ jZa qlh ikbohdhjj_dpbhggh_ \ha^_ckl\b_
² wlhij_`^_\k_]hihiuldZbaf_gblvhlghr_gb_deb_glZd k_[_d kh[kl\_gghfmih\_^_gbx
b lhevdh dZd ke_^kl\b_ wlh]h baf_g_gby ijhbkoh^bl h[e_]q_gb_ `bag_gghc kblmZpbb
j_r_gb_\hagbdrboijh[e_f
AZ\_jr_gb_[_k_^u
DZaZehkv [u qlh ihke_ lh]h dZd ikbohdhjj_dpbhggh_ \ha^_ckl\b_ hkms_kl\e_gh
[_k_^Z fh`_l aZ\_jrblvky NhjfZevgh wlh [_kkihjgh lZd gh dZd \ jhfZg_ [u\Z_l wibeh]
lZd b \ [_k_^_ g_h[oh^bf _s_ h^bg wlZi \ oh^_ dhlhjh]h ikboheh] ^he`_g hkms_kl\blv
p_euc jy^ f_jhijbylbc [_a j_ZebaZpbb dhlhjuo wnn_dlb\ghklv ^Z`_ kZfh]h mki_rgh]h
\ha^_ckl\by fh`_l [ulv agZqbl_evgh kgb`_gZ D bo qbkem fh`gh hlg_klb ke_^mxs__ ih^\_^_gb_ blh]h\ [_k_^u djZldh_ h[h[s_gb_ \k_]h ijhbkr_^r_]h aZ \j_fy ijb_fZ h[km`^_gb_ \hijhkh\ dZkZxsboky ^Zevg_crbo hlghr_gbc deb_glZ k dhgkmevlZglhf beb
^jm]bfbg_h[oh^bfufbki_pbZebklZfb ijhsZgb_dhgkmevlZglZk deb_glhf
HklZgh\bfky ihke_^h\Zl_evgh gZ dZ`^hf ba wlbo imgdlh\ < dhgkmevlbjh\Zgbb
\Z`gh qlh[u ikboheh] b deb_gl g_ ijhklh ijbreb d g_dh_fm kh\f_klghfm \u\h^m beb
j_r_gbxghb lhdZdwlhl\u\h^beblhqdZaj_gby[ueb^hklb]gmlu\ oh^_[_k_^ulh_klvgZ
dZdbo dhgdj_lguo nZdlZo ba `bagb deb_glZ hg hkgh\Zg AZ[u\Zgb_ g_ihgbfZgb_ deb_glhf
wlh]h \Z`g_cr_]h fhf_glZ y\ey_lky h^gbf ba hkgh\guo f_oZgbafh\ khijhlb\e_gby
ikboheh]bq_kdhfm\ha^_ckl\bxdh]^ZdZaZ\rb_kyaZf_qZl_evgufbb^_ybebimlvbaf_g_gby
\aZbfhhlghr_gbc \^jm] gZqbgZxl \hkijbgbfZlvky deb_glhf dZd g_h[hkgh\Zggh_
g_ihgylgh_hldm^Z\hagbdr__j_r_gb_;u\Z_llZd`_qlhm kZfh]hdeb_glZihke_ihk_s_gby
ikboheh]Z\hagbdZ_l`_eZgb_h[km^blvk d_flhijhbkoh^ys__ ih^_eblvkygh\ufbb^_yfbb
i_j_`b\Zgbyfb b lml hdZau\Z_lky qlh \f_klh ih^jh[gh]h b eh]bqgh]h jZkkdZaZ q_eh\_d
Zdlb\gh jZ[hlZ\rbc \h \j_fy ijb_fZ k ljm^hf fh`_l \kihfgblv h q_f \hh[s_ [ue
jZa]h\hj
LZdbo ijh[e_f fh`gh k e_]dhklvx ba[_`Zlv _keb \ dhgp_ [_k_^u dhgkmevlZgl
ih^\_^_l __ blh]h[h[sblh q_fb aZq_f ]h\hjbehkv \h \j_fyijb_fZ \ukljhbl hkgh\gmx
eh]bdm k_ZgkZ I_j_kdZa kh^_j`Zgby [_k_^u ^he`_g [ulv ^_ckl\bl_evgh hq_gv dhjhldbf
deb_gl g_ aZihfgbl _]h b lhevdh aZimlZ_lky _keb hg [m^_l ^ebgg__ lj_o²q_luj_o
ij_^eh`_gbc <Z`gh qlh[u \k_ qlh gZa\Ze dhgkmevlZgl ^_ckl\bl_evgh h[km`^Zehkv \h
\j_fyijb_fZb bf_gghl_fbkeh\Zfbdhlhju_bkihevamxlky^eyih^\_^_gbyblh]ZbgZq_\
dhgp_ ijb_fZ fh`_l \^jm] \hagbdgmlv g_h`b^Zgguc kihj k deb_glhf h l_jfbgZo LZdhc
djZldbci_j_kdZakh^_j`Zgby[_k_^ufh`_la\mqZlvgZijbf_jke_^mxsbfh[jZahfGZrk
\Zfb k_]h^gyrgbc jZa]h\hj [ue ihk\ys_g \Zrbf hlghr_gbyf k ^hq_jvx Fu ]h\hjbeb h
lhf qlh \Zrb dhgnebdlu k g_c \ hkgh\ghf k\yaZgu k l_f qlh _c dZ`_lky [m^lh \u
ihklhygghmqbl___\u`_ohlbl__c\ujZablvk\h_[_kihdhckl\haZg__ihfhqvkh\_lhf<
oh^_ gZr_]h jZa]h\hjZ fu k \Zfb ijbreb d \u\h^m qlh _keb [u \u kfh]eb ih^jm]hfm
\ujZablvk\hbqm\kl\ZjZkkdZaZeb[u_ch k\hbolj_\h]Zob i_j_`b\Zgbyo\Zrbhlghr_gbyk
g_c\_jhylghbaf_gbebkv[ud emqr_fmGmqlh`_^_ehaZ\Zfb
?kebm deb_glZ_klv\hijhkudZdb_lhg_\ukdZaZggu_b^_bb khh[jZ`_gbylhdjZldh_
ih^\_^_gb_ blh]h\ [_k_^u ihfh`_l _fm bo knhjfmebjh\Zlv ihwlhfm p_e_khh[jZagh
ij_^hklZ\blv deb_glm \hafh`ghklv hlj_Z]bjh\Zlv gZ hdhgqZgb_ [_k_^u \u^_j`Z\ ohly [u
g_dhlhjmxiZmamihke_lh]hdZdblh]ih^\_^_g
Ih^Z\eyxs__[hevrbgkl\hdeb_glh\\i_j\u_h[jZsZxsbokyaZ ikboheh]bq_kdhc
ihfhsvxhjb_glbjh\ZgugZjZah\ucijb_fwlhln_ghf_goZjZdl_j_gg_lhevdh^eygZr_c
kljZguZ jZkijhkljZg_gijZdlbq_kdb \kx^m *DXQW 67 ;_amkeh\gh \ j_Zevghklb aZ
h^bg dhgkmevlZ]b\guc qZk fh`gh k^_eZlv hq_gv fZeh gh \h \kydhf kemqZ_ fh`gh
ihiulZlvkyijb\blvq_eh\_dm\dmkd jZafure_gbyfh k_[_b hdjm`Zxsboex^yo\_jm\ lh
qlhjZ[hlZk ijhn_kkbhgZehffh`_l^_ckl\bl_evghihfhqv\ j_r_gbbebqguoijh[e_f?keb
g_l dZdboeb[h hkh[uo hkgh\Zgbc dhgkmevlZglm g_ ke_^m_l gZklZb\Zlv gZ ihke_^mxsbo
\klj_qZo ^hklZlhqgh qlh[u deb_gl agZe h lhf qlh \hafh`ghklv h[jZs_gby aZ ihfhsvx
kms_kl\m_l b ^Z`_ \ lhf kemqZ_ _keb k_jv_aguo ijh[e_f g_ \hagbdZ_l \k_]^Z gZc^_lky
g_qlh h q_f fh`gh [m^_l ih]h\hjblv k ikboheh]hf Ijb]eZr_gb_ h[jZsZlvky \ kemqZ_
g_h[oh^bfhklb \u]ey^bl [he__ \_khfh _keb dhgkmevlZgl gZah\_l deb_glm k\hb j_]meyjgu_
^gbb qZkuijb_fZbebdZdb_lh^jm]b_g_h[oh^bfu_dhhj^bgZlub ^ZklihgylvqlhdZdhc
lhrZ]\ jZa\blbbhlghr_gbcm`_k^_eZgOhjhrh_kebwlhml\_j`^_gb_fh`ghih^l\_j^blv
q_flh ijZdlbq_kdb GZijbf_j ihh[_sZ\ qlh h[jZsZxsboky ih\lhjgh aZibku\Zxl \g_
hq_j_^baZ^jm]mxieZlm\ ^jm]hff_kl_b l^
LZdbfh[jZahfaZdexqbl_evgZyj_iebdZikboheh]Z fh`_l bf_lv ke_^mxsbc \b^Y
kqblZxqlhfuk \Zfbk_]h^gyg_iehohihjZ[hlZeb?kebm \Zk\hagbdg_l`_eZgb_h[km^blv
khfghc_s_jZawlmbeb ex[mx^jm]mxkblmZpbxy [m^mjZ^Z\klj_lblvkyk \Zfbkgh\Z
H[uqghy ijbgbfZxa^_kvih\lhjgbdZfb q_l\_j]Zf\h\lhjhciheh\bg_^gy <Zk aZibrml
\g_hq_j_^b_keb\ukdZ`_l_qlhm`_[uebm f_gygZijb_f_
G_j_^dh \ oh^_ ijb_fZ \uykgy_lky qlh _klv g_h[oh^bfhklv \ ihf_s_gbb ^ey
ihemq_gbyihfhsbki_pbZebklh\^jm]h]hijhnbeyeb[hm kZfh]hdeb_glZeb[hm dh]hlhba
[ebadbo Djm] ki_pbZebklh\ ihlj_[ghklv \ dhlhjuo qZs_ \k_]h \hagbdZ_l ihke_ ijb_fZ \
ikboheh]bq_kdhcdhgkmevlZpbbg_\_ebd ² \ hkgh\ghfwlhikbobZljub xjbkluIhkdhevdm
dhgkmevlZglm ^hklZlhqgh j_]meyjgh ijboh^blky j_dhf_g^h\Zlv h[jZlblvky d gbf emqr_
_kebhgg_ijhklhihkh\_lm_ldeb_glmd dhfmbf_gghklhbl_s_ihclbghb gZah\_lZ^j_kb
\j_fyijb_fZB^_Zevguc\ZjbZgl ² wlhdh]^Zikboheh]jZ[hlZ_lk lZdbfbki_pbZebklZfb\
khljm^gbq_kl\_ bf__l j_]meyjgmx \hafh`ghklv h[jZsZlvky aZ ihfhsvx b kh\_lhf \_^_l
h[sbodeb_glh\Gh^Z`__kebwlhg_lZdbgnhjfZpbyh lhf]^_dlhdh]^Z\_^_lijb_fg_
lhevdhmdjZkbl[_k_^mghb ih\ukbl\_jhylghklvlh]hqlhdeb_gl^_ckl\bl_evghh[jZlblky
ih mdZaZgghfm Z^j_km ^h\hevgh fgh]h ex^_c bkiulu\Zxl ljm^ghklb bf_ggh gZ wlZi_
\uykg_gby lh]h ]^_ b qlh gZoh^blky hkh[_ggh \ gZr_c kljZg_ ]^_ ihemq_gb_ imklydh\hc
kijZ\dbqZklhklZgh\blkygZklhysbf^_ehf
H^bgbakZfuom^Zqguo\ZjbZglh\aZ\_jr_gbyi_j\hc[_k_^u ²ijbgylb_j_r_gbyh
lhf qlh dhglZdlu deb_glZ k dhgkmevlZglhf ijh^he`Zlky b hgb \klj_lylky _s_ h^bg beb
g_kdhevdh jZa DZd ihdZau\Zxl bkke_^h\Zgby ^ey lh]h qlh[u ih\ukblv \_jhylghklv
ih\lhjgh]hijboh^Zdeb_glZb mki_rghcjZ[hluk gbfdhgkmevlZgl^he`_g\ dhgp_i_j\hc
\klj_qb ^hklZlhqgh q_ldh knhjfmebjh\Zlv dZdb_ bf_ggh aZ^Zqb [m^ml j_rZlvky \ oh^_
ihke_^mxsbo \klj_qb kdhevdhdhgdj_lgh\klj_qfh`_l^eywlh]hihgZ^h[blvky*DXQW67
< ^Zevg_cr_f wlZ ^h]h\hj_gghklv fh`_l f_gylvky gh emqr_ _keb deb_gl ohjhrh
ij_^klZ\ey_l qlh bf_ggh _]h `^_l Wlh ihfh`_l _fm jZ[hlZlv [he__ wnn_dlb\gh b
p_e_gZijZ\e_ggh [he__ dhgkljmdlb\gh kljhblv \aZbfhhlghr_gby k ikboheh]hf g_ [hykv
ihiZklv\ aZ\bkbfhklvhlg_]hG_klhblhldeZ^u\Zlv\ ^he]bcysbdb j_r_gb_\hijhkZh lhf
dh]^Zbf_gghkhklhblkyke_^mxsZy\klj_qZh[wlhfg_klhblkha\Zgb\Zlvky^hihegbl_evghb
li ihkdhevdm ihke_ i_j_ju\Z beb \ h`b^Zgbb ^hihegbl_evghc ^h]h\hj_gghklb `_eZgb_
ijbclb fh`_l m]Zkgmlv Emqr_ _keb kjZam [m^_l gZa\Zg ^_gv b qZk ke_^mxs_c \klj_qb
m^h[gucb dhgkmevlZglmb deb_glm Wnn_dlb\ghklv \klj_q fh`_l agZqbl_evgh ih\ukblvky
_kebbo\j_fy[m^_lihklhygguflZd`_dZdb f_klh
< kemqZ_^h]h\hj_gghklbh ih\lhjghc\klj_q_[u\Z_lihe_aghh[f_gylvkyk deb_glhf
l_e_nhgZfb @bagv bah[bem_l kemqZcghklyfb ² dlhlh aZ[he__l hlijZ\blky \ kjhqgmx
dhfZg^bjh\dmb l^<hafh`ghklvij_^mij_^blviZjlg_jZh[wlhfaZjZg__b g_klZ\blvi_j_^
nZdlhfhlkmlkl\bygZijb_f_ihe_agZh[hbf
G_h[oh^bfhhl^_evghkdZaZlvh kemqZyodh]^Zdeb_gl]hlh\b ohq_ljZ[hlZlv^Zevr_
gh dhgkmevlZgl ih dZdbflh ijbqbgZf g_ fh`_l _]h \aylv ² gZ^he]h m_a`Z_l dm^Zlh
kebrdhfaZgylb ijG_klhbl\ wlhfkemqZ_hldeZ^u\ZlvjZ[hlmk q_eh\_dhfl_f[he__qlh
g_h[oh^bfhklv ihfhqv fh`_l [ulv kjhqghc Ikboheh]m \k_]^Z ke_^m_l jZ[hlZlv \
khljm^gbq_kl\_ k dhee_]Zfb qm\kl\my ehdhlv khk_^Z <hafh`ghklv i_j_^Zlv deb_glZ
ihj_dhf_g^h\Zlv _fm dh]hlh ^jm]h]h ² k\b^_l_evkl\h \dexq_gghklb ki_pbZebklZ \
ijhn_kkbhgZevgh_khh[s_kl\hb h[uqghwlh\hkijbgbfZ_lky\iheg_ghjfZevghG_h[oh^bfh
ebrvh[tykgblvq_fbf_ggh\ua\ZglZdhcrZ]b ijhke_^blvaZl_fqlh[udeb_gl^hr_e^h
ij_^gZagZq_ggh]h^eyg_]hki_pbZebklZ?kl_kl\_gghdhee_]Z^he`_g[ulvij_^mij_`^_gh
ijboh^_b bf_lvohly[ufbgbfZevgmxbgnhjfZpbxh[m`_khklhy\r_fkyijb_f_^eylh]h
qlh[um h[jZsZxs_]hkyaZikboheh]bq_kdhcihfhsvxg_\hagbdehhsms_gb_qlhgZi_j\hc
\klj_q_\j_fy[uehihl_jyghajy
IeZgbjm_fZy \klj_qZ ² qZklh ohjhrbc ih\h^ ^ey deb_glZ qlh[u gZqZlv [he__
Zdlb\ghjZ[hlZlvgZ^kh[hckZfhklhy]_evghjZafureylvh k_[_b ^jm]boIhfhqv_fm\ wqhf
fh]ml ^hfZrgb_ aZ^Zgby ij_^eZ]Z_fu_ deb_glm dhgkmevlZglhf \ dhgp_ \klj_qb H[uqgh \
dZq_kl\_^hfZrg_]haZ^Zgby\u[bjZ_lkyg_qlhqlhm`_ h[km`^Zehkv\ oh^_[_k_^ub qlhih
fg_gbxh[hbokh[_k_^gbdh\ihe_agh[ueh[ukdhjj_dlbjh\Zlvbaf_gblvbeb]em[`_ihgylv
\ j_amevlZl_gZ[ex^_gbybeblj_gbjh\db>hfZrgb_aZ^Zgbyfh]ml\uihegylvkyibkvf_ggh
eb[h dZd h^ghjZah\u_ aZibkb eb[h \ \b^_ \_^_gby ^g_\gbdZ gh qZklh [u\Z_l ^hklZlhqgh
ijhklh ihijhkblv deb_glZ ih^mfZlv h q_flh beb qlhlh k^_eZlv KZf nZdl qlh ihke_
ihemq_gby ^hfZrg_]h aZ^Zgby deb_gl qm\kl\m_l k_[y \dexq_gguf \ ijhp_kk
dhgkmevlbjh\Zgby Zdlb\guf b iheghijZ\guf _]h mqZklgbdhf agZqbl_evgh ih\urZ_l
wnn_dlb\ghklv jZ[hlu dhgkmevlZglZ kihkh[kl\m_l m]em[e_gbx b mdj_ie_gbx
f_`ebqghklgh]hdhglZdlZD ijh[e_f_^hfZrgboaZ^Zgbcfu_s_\_jg_fky\ ihke_^mxsbo
]eZ\Zo ihdZ `_ g_h[oh^bfh hlf_lblv qlh ^Z`_ _keb ^hfZrg__ aZ^Zgb_ m`_ [ueh
knhjfmebjh\Zgh\ ijhp_kk_[_k_^uke_^m_l_s_jZaih\lhjblv_]h\ dhgp_ijb_fZg_lhevdh
^eylh]hqlh[udeb_glg_aZ[ueh g_fghb ^eylh]hqlh[uhgbf_e \hafh`ghklv _s_ jZa
h[km^blv k ikboheh]hf \ dZdhc nhjf_ b dZd _]h ke_^m_l \uihegylv \ujZabe \hafh`gu_
\hajZ`_gbybebb^_b
IjhsZgb_k deb_glhf ² \h fgh]hf jblmZevguc Zdl ghhghg_ ^he`gh \u]ey^_lv
nhjfZevguf b m q_eh\_dZ g_ ^he`gh \hagbdgmlv hsms_gb_ qlh dZd lhevdh hg \uc^_l aZ
^\_jv _]h h[jZa iheghklvx bkq_ag_l ba khagZgby dhgkmevlZglZ Deb_glZ ke_^m_l ijh\h^blv
ohly [u ^h ^\_jb ih \hafh`ghklb kdZaZlv g_kdhevdh l_ieuo keh\ gZ ijhsZgb_ H[
bkihevah\Zgbbbf_gbdeb_glZih^jh[g__[m^_l]h\hjblky^Zevr_a^_kv`_ih^q_jdg_fqlh
h[jZs_gb_ ih bf_gb ijb ijhsZgbb mdj_iey_l hsms_gb_ lh]h qlh jZ[hlZ k ikboheh]hf
ijhreZ mki_rgh qlh \hagbdrb_ gZ ijb_f_ hlghr_gby g_ ijhklh nhjfZevghklv Ke_^m_l
ba[_]ZlvkblmZpbbdh]^Z\ ^\_jvhldjulmx^eymoh^ys_]hdeb_glZ\ju\Z_lky^jm]hcLZdhc
ihlhd fh`_l hllhedgmlv l_o dhfm \Z`gu ebqgu_ ^h\_jbl_evgu_ hlghr_gby k
ijhn_kkbhgZehf
Fh`_lkemqblvkyqlhijb_fijhr_eg_kebrdhfm^Zqghdeb_glg_^h\he_g\ujZ`Z_l
ij_l_gabb G_ klhbl [hylvky h[km^blv wlh k gbf knhjfmebjh\Zlv _s_ jZa k q_f k lhqdb
aj_gbyikboheh]Zk\yaZgZg_m^h\e_l\hj_gghklvihj_dhf_g^h\Zlv_fmqlhlhimklv^Z`_gZ
^ZgghfwlZi_^eydeb_glZwlha\mqblg_j_Zevghbebg_\uihegbfhGhhkh[_ggh\Z`ghqlh[u
b \ wlhf kemqZ_ ikboheh] hklZ\Zeky ijhn_kkbhgZehf ^h dhgpZ ² [ue ]hlh\ ijbagZlv
\hafh`gu_ h]jZgbq_gby k\h_c dhfi_l_gpbb g_ \klmiZe \ baebrgb_ kihju b ij_j_dZgby b
\_`eb\h b ^hklhcgh kmf_e aZ\_jrblv [_k_^m ;u\Z_l qlh g_m^h\e_l\hj_gguc ijb_fhf
q_eh\_d g_dhlhjh_ \j_fy kimkly ijboh^bl d ^jm]hfm \u\h^m gZqbgZ_l k [eZ]h^Zjghklvx
\kihfbgZlvk\hc\babl\ dhgkmevlZpbx
BlZd fu k \Zfb aZ\_jrbeb ZgZeba dhgkmevlZpbhggh]h qZkZ hkh[_gghkl_c [_k_^u b
ih\_^_gby dhgkmevlZglZ k deb_glhf \h \j_fy ijb_fZ Hq_\b^gh qlh ^ey lh]h qlh[u ih
gZklhys_fm gZmqblvky \_klb ijb_f wlbo agZgbc ^Ze_dh g_ ^hklZlhqgh JZ[hlZlv ih
gZklhys_fm\ ^Zgghch[eZklbfh`_llhevdhlhldlhijhr_erdhemjZ[hluih^jmdh\h^kl\hf
[he__hiulguodhee_] ² mqbl_e_cb kmi_j\bahjh\< ijhp_kk_dhgkmevlbjh\Zgbyg_ba[_`gh
\hagbdZxlg_h`b^Zggu_g_ij_^\b^_ggu_kblmZpbbj_rZlvdhlhju_fh`ghlhevdhhibjZykv
gZkh\_lu[he__hiulguodhee_]
L?OGHEH=BY<?>?GBY;?K?>U
>Ze_dhfm hl ikboheh]bq_kdh]h dhgkmevlbjh\Zgby q_eh\_dm fh`_l ihdZaZlvky qlh \
lhf dZd dhgkmevlZgl [_k_^m_l kh k\hbf deb_glhf g_l gbq_]h hkh[_ggh]h h^bg ba
kh[_k_^gbdh\ijhklhjZkkdZau\Z_l^jm]hfmlhqlh_]h\hegm_lDZdbf[uiZjZ^hdkZevgufgZ
i_j\uc \a]ey^ gb [ueh ml\_j`^_gb_ h lhf qlh q_f f_gvr_ h[jZlb\rbcky aZ
ikboheh]bq_kdhc ihfhsvx q_eh\_d \hkijbgbfZ_l jhev dhgkmevlZglZ dZd \_^ms_]h l_f
emqr_ ² hghg_khfg_gghy\ey_lky\_jguf< lZdhckblmZpbbdeb_gl[he__Zdlb\_ge_]q_
ijbgbfZ_l b h[km`^Z_l ij_^eZ]Z_fu_ _fm dhff_glZjbb b bgl_jij_lZpbb [he__
dhgkljmdlb\gh ih^oh^bl d ijh[e_f_ g_h[oh^bfhklb baf_g_gby k\h_]h ih\_^_gby b
hlghr_gbc
Ijhn_kkbhgZevgh h\eZ^_lv fZkl_jkl\hf \_^_gby dhgkmevlZlb\gh]h ^bZeh]Z fh`gh
lhevdh gZ ijZdlbd_ jZ[hlZy \f_kl_ k lj_g_jhf beb kmi_j\bahjhf dhlhjuc dhff_glbjh\Ze
[u g_lhqghklb mdZau\Ze b bkijZ\eye hrb[db \ jZ[hl_ Bf_ggh ^ey wlh]h \ ijhp_kk_
ih^]hlh\db dhgkmevlZglh\ rbjhdh bkihevamxlky kh\j_f_ggu_ kj_^kl\Z Zm^bh b
\b^_haZibkb iha\heyxsb_ [he__ \gbfZl_evgh nbdkbjh\Zlv dZ`^uc rZ] jZa\blby
dhgkmevlZlb\ghc [_k_^u L_f g_ f_g__ gb`_ fu knhjfmebjm_f g_dhlhju_ [Zah\u_
ijbgpbiu hj]ZgbaZpbb ^bZeh]Z k deb_glhf ijhdhff_glbjm_f \hafh`ghklb bkihevah\Zgby
g_dhlhjuo l_ogbd jZ[hlu \ dhgkmevlbjh\Zgbb agZgb_ b ihgbfZgb_ dhlhjuo fh`_l \h
fgh]hfihfhqvgZqbgZxsbfdhgkmevlZglZf
H]jZgbq_gb_j_qbdhgkmevlZglZ\ ^bZeh]_
< oh^_ ijb_fZ ]h\hjbl \ hkgh\ghf deb_gl j_iebdb aZf_qZgby bgl_jij_lZpbb
dhgkmevlZglZ ^he`gu [ulv ih \hafh`ghklb [he__ djZldbfb b j_^dbfb >ey lh]h qlh[u
mki_rgh ke_^h\Zlv wlhfm ijbgpbim gZ^h ohjhrh ij_^klZ\eylv k_[_ aZq_f wlh kh[kl\_ggh
]h\hjygm`gh
Ij_`^_ \k_]h \j_fy [_k_^u h]jZgbq_gh k lhc p_evx qlh[u hgh bkihevah\Zehkv
fZdkbfZevghwnn_dlb\ghdhgkmevlZgldZdfh`gh[hevr_magZeb ihgye h deb_gl_ Z lhl \
k\hxhq_j_^vdZdfh`gh[hevr_i_j_`beb hkhagZeaZ\j_fyijb_fZ^eyq_]h_fm^he`gh
[ulv ij_^hklZ\e_gh dZd fh`gh [hevr_ Zdlb\gh]h \j_f_gb ² \j_f_gb ^ey lh]h qlh[u
]h\hjblv
Kms_kl\mxl b ^jm]b_ hkgh\Zgby ^ey ih^h[gh]h ih\_^_gby dhgkmevlZglZ H^bg ba
ijhkl_crbo b gZb[he__ ^j_\gbo ijb_fh\ ikbohl_jZibb khklhbl \ lhf qlh deb_gl
\u]h\Zjb\Z_lkyAZkq_llh]hqlhkh[_k_^gbd\gbfZl_evghb wfiZlbq_kdbkemrZ_lkha^Z\Zy
lZdbfh[jZahfZlfhkn_jmihegh]h^h\_jbym jZkkdZaqbdZ\hagbdZ_lhsms_gb_h[e_]q_gby
hk\h[h`^_gby hl gZijy`_gby b [_kihdhckl\Z Wlhl ijb_f qZklh g_hkhagZggh bkihevam_lky
kj_^b[ebadbodh]^ZlhfmdlhihiZe\ [_^mb kljZ^Z_l]h\hjyl<uieZqbkv\u]h\hjbkv ²
[m^_le_]q_
H[e_]q_gb_ khklhygby jZajy^dZ ihke_ kbevgh]h wfhpbhgZevgh]h i_j_`b\Zgby [ueZ
ba\_klgZ_s_\ >j_\g_c=j_pbb:jbklhl_ev^ZewlhfmgZa\Zgb_dZlZjkbklh_klvhqbs_gb_
² hl ]j_q_kdh]h NDWKDUVLV < deZkkbq_kdhf ikbohZgZeba_ kqblZehkv qlh ^hklb`_gb_
dZlZjkbkZ y\ey_lky \Z`g_crbf f_oZgbafhf bae_q_gby iZpb_glZ DjZldbc ikboheh]bq_kdbc
keh\Zjv <u]h\hjblvky[ulv\ukemrZgguf ² h^gZbagZkmsguoihlj_[ghkl_cfgh]bo
ex^_c h[jZsZxsboky aZ ikboheh]bq_kdhc ihfhsvx QZklh \ kbem hkh[_gghkl_c
kh[kl\_gghckblmZpbbbeboZjZdl_jZm gbog_lg_ij_^\aylh]hb \gbfZl_evgh]hkh[_k_^gbdZ
\ jhebdhlhjh]h\uklmiZ_ldhgkmevlZgl\h\j_fyijb_fZIhwlhfmkblmZpbydh]^Zq_eh\_dZ
ijhklh\gbfZl_evghb km\Z`_gb_fkemrZxlfh`_lhdZaZlvbkp_eyxs__\ha^_ckl\b_ihfhqv
klZlv[he__m\_j_ggufb kihdhcgufb
Dh]^Z q_eh\_d ]h\hjbl k ^jm]bf jZkkdZau\Z_l h k_[_ hg g_ ijhklh \u]h\Zjb\Z_lky
\uieZdb\Z_lk\hx[hevJZkkdZau\Zlv ^jm]hfm ² wlh [hevrZy \gmlj_ggyy jZ[hlZ DZaZehkv
[u dZ`^uc deb_gl fgh]h jZa h[^mfu\Ze b ZgZebabjh\Ze k\hx kblmZpbx ij_`^_ q_f
h[jZlblvky aZ ikboheh]bq_kdhc ihfhsvx Gh jZkkdZau\Zgb_ ^jm]hfm b h[^mfu\Zgb_ ijh
k_[y ² wlh ^\_ jZagu_ j_Zevghklb Ihy\e_gb_ ^jm]h]h aZklZ\ey_l q_eh\_dZ [ulv [he__
djblbqgufeh]bqg__hkfukeb\ZlvjZaebqgu_nZdluih^jh[g__hklZgZ\eb\ZlvkygZ^_lZeyo
Hjb_glbjh\Zgguc gZ kh[_k_^gbdZ jZkkdZa [he__ hkfuke_g aZ\_jr_g H[ hkh[_gghklyo
^bZeh]ZihkjZ\g_gbxk fhgheh]hf\ ikboheh]bbgZibkZghhq_gvfgh]hOZjZr:M <u]hlkdbc EK b ^j ^ey gZk `_ \Z`_g ij_`^_ \k_]h lhl fhf_gl qlh
ijbkmlkl\b_ dhgkmevlZglZ m]em[ey_l ihgbfZgb_ deb_glhf kh[kl\_gguo ijh[e_f
kihkh[kl\m_lijbgylbxg_h[oh^bfuoj_r_gbcy\eyykvlZdbfh[jZahf\Z`ghckhklZ\eyxs_c
ikboheh]bq_kdh]h\ha^_ckl\by
Bgh]^Z h[klhyl_evkl\Z ijb\_^rb_ q_eh\_dZ d ikboheh]m k\yaZgu k g_]Zlb\gufb
ljm^gufb i_j_`b\Zgbyfb b ihklmidZfb h dhlhjuo klu^gh b g_ijbylgh jZkkdZau\Zlv
^jm]bf< wlhfkemqZ_g_fgh]hkeh\ghklvdjZldhklvdhgkmevlZglZiha\heyxldeb_glmf_gvr_
h[jZsZlv\gbfZgb_gZlhqlhjy^hfk gbfgZoh^blkykh[_k_^gbdf_gvr_aZ[hlblvkyh lhf
dZd bf_ggh hg hlghkblky d jZkkdZam b gZkdhevdh kZf jZkkdZa khpbZevgh `_eZl_e_g Djhf_
lh]hfgh]h]h\hjyh k_[_q_eh\_dhdZau\Z_lkydZd[u\ kh[kl\_gghcj_Zevghklb\ dhlhjhc
e_]q_ \kihfbgZxlky ^_lZeb b k\yau\Zxlky kh[ulby f_gvr_ ijhy\ey_lky khijhlb\e_gb_
H^gZdh dZdbf[u fheqZeb\ufgb [ue dhgkmevlZgl hg ijZdlbq_kdb \k_]^Z jbkdm_l kdZaZlv
qlhlhebrg__qlhfh`_l[ulvg_ijZ\bevgh\hkijbgylhdeb_glhfLZdkh]eZkb_ikboheh]Zk
q_flh \ujZ`_ggh_ keh\hf dhg_qgh fh`_l klZlv ^ey fgbl_evgh]h deb_glZ hkgh\Zgb_f
kqblZlv qlh ^jm]b_ \ZjbZglu ih\_^_gby \ ^Zgghc kblmZpbb aZkem`b\Zxl g_]Zlb\gh]h
hlghr_gby j_iebdZ lbiZ Ihq_fm \u lZd h k_[_ ]h\hjbl_" fh`_l [ulv ihgylZ dZd
\ujZ`_gb_djZcg_]hhkm`^_gbyb l^
KemqZ_lky qlh lZdh_ eh`gh_ ij_^klZ\e_gb_ h ihabpbb dhgkmevlZglZ \hagbdr__ m
deb_glZ \h \j_fy [_k_^u gZdeZ^u\Z_l gZ g__ k_jv_aguc hli_qZlhd H[jZlb\rbcky aZ
ihfhsvx q_eh\_d qm\kl\m_l k_[y g_ihgyluf g_ gZr_^rbf ih^^_j`db Ih^h[gu_
i_j_`b\Zgbyfh]mlklZlvhkgh\hc^eydhgnjhglZpbbdeb_glfh`_l\^jm]\kihfgblv\ dhgp_
[_k_^u<ukdZaZebqlh ghfg_dZ`_lkyqlh\u\k_`_g_ijZ\u<uykg_gb_lh]hqlh
bf_gghb dlhkdZaZebebohl_ekdZaZlv ² [_ki_jki_dlb\gh_aZgylb_dhlhjh_d lhfm`_fh`_l
hlgylvmcfm\j_f_gbIhwlhfm_kebikboheh]g_agZ_lqlhbf_gghbebdZdke_^m_lkijhkblv
bebkdZaZlvemqr_ijhfheqZlvbebklZjZlvky]h\hjblvfZdkbfZevghijhklhb djZldh
Dhg_qghfheqZgb_ ² g_iZgZp_yhlhrb[hdd lhfm`_g_jZkdju\ZyjlZg_\hafh`gh
hdZaZlv \ha^_ckl\b_ gZ deb_glZ ih^\_klb _]h d baf_g_gbx k\h_c ihabpbb b hlghr_gby k
hdjm`Zxsbfb DZd `_ gZ ijZdlbd_ \u]ey^yl lZdb_ hkh[_gghklb j_qb ikboheh]Z dZd
djZldhklv b g_fgh]hkeh\ghklv" Ij_`^_ \k_]h _keb deb_gl kZf ]h\hjbl ih ^_em gm`gh
klZjZlvkyih\hafh`ghklbgbq_f_]hg_i_j_[b\Zlvk ihgbfZgb_fb m\Z`_gb_fhlghkblvkyd
l_f iZmaZf b hklZgh\dZf dhlhju_ \klj_qZxlky \ jZkkdZa_ IZmau g_ ij_\urZxsb_ ²
fbgmlu Z wlh \ [_k_^_ \hkijbgbfZ_lky dZd hq_gv [hevrhc hlj_ahd \j_f_gb \iheg_
_kl_kl\_ggu b hagZqZxl qlh q_eh\_d jZ[hlZ_l Zdlb\gh hkfukeb\Z_l k\hx `bagv Gh dh]^Z
\k_`_ijboh^blq_j_^]h\hjblvdhgkmevlZglmdZd_fmemqr_\k_]hwlh^_eZlv"HklZgh\bfky
gZg_dhlhjuohkgh\guoijbgpbiZodhlhjufgm`ghke_^h\Zlv
Ijb[eb`_gb_jZa]h\hjghcj_qbdhgkmevlZglZd yaudmdeb_glZ
J_qv dhgkmevlZglZ g_ ^he`gZ \hkijbgbfZlvky dZd g_qlh qm`^h_ b g_ihgylgh_ hgZ
^he`gZ[ulv fZdkbfZevgh \kljh_gZ \ jZkkdZa deb_glZ lh _klv lh qlh ]h\hjbl dhgkmevlZgl
^he`gh[ulvijb[eb`_ghd hkh[_gghklyfj_qbdeb_glZ
I_j\uf rZ]hf gZ imlb j_ZebaZpbb wlh]h lj_[h\Zgby y\ey_lky hk\h[h`^_gb_ j_qb
ijhn_kkbhgZeZ hl keh\ b \ujZ`_gbc dhlhju_ fh]ml [ulv g_ijZ\bevgh ihgylu beb
bklhedh\Zgu kh[_k_^gbdhf \h \j_fy ijb_fZ Mkeh`g_gghklv j_qb dhgkmevlZglZ qZklh
ijb\h^bld lhfmqlhdeb_glaZfudZ_lkywfhpbhgZevgh^bklZgpbjm_lkyi_j_klZ_lihgbfZlv
b bgl_j_kh\Zlvkyl_fqlhijhbkoh^blDZdwlhgbkljZgghghlj_[h\Zgb_]h\hjblvijhklhb
ykgh [_a bkihevah\Zgby dZdboeb[h ki_pbZevguo l_jfbgh\ \uau\Z_l aZljm^g_gby m
ikboheh]h\ijhn_kkbhgZeh\ < yaud_ ikboheh]h\ kms_kl\m_l p_euc jy^ keh\ y\eyxsboky
l_jfbgZfb dhlhju_ l_f g_ f_g__ mihlj_[eyxlky \ djm]m dhee_] klhev qZklh qlh bo
l_jfbgheh]bq_kdb_ dhjgb l_jyxlky b hgb klZgh\ylky qZklvx jZa]h\hjghc h[u^_gghc j_qb
>hklZlhqgh ijb\_klb \ dZq_kl\Zijbf_jZ lZdb_ keh\Z dZd Z^_d\Zlguc b iZll_jg dhlhju_
mihlj_[eyxlky[md\ZevghgZdZ`^hfrZ]mghijbwlhfhklZxlkyg_ihgylgufbb im]Zxsbfb
^eyg_ihk\ys_gguo
Ke_^mxsbf rZ]hf \ ijb[eb`_gbb yaudZ dhgkmevlZglZ d yaudm deb_glZ y\ey_lky
fZdkbfZevgh_ bkihevah\Zgb_ dhgkmevlZglhf l_o keh\ b \ujZ`_gbc dhlhju_ kh^_j`Zlky \
j_qb deb_glZ >Z`_ _keb k lhqdb aj_gby a^jZ\h]h kfukeZ hgb g_ kh\k_f lhqgu b m^Zqgu
dhgkmevlZglm ke_^m_l ijb^_j`b\Zlvky keh\Zjgh]h aZiZkZ deb_glZ qlh[u ^h[blvky emqr_]h
ihgbfZgby b ba[_`Zlv \hafh`gh]h khijhlb\e_gby deb_glZ G_mf_gb_ lhqgh mkeurZlv b
bkihevah\Zlv\h\j_fyijb_fZlhqlh]h\hjblkh[_k_^gbdfh`_lijb\_klbd \hagbdgh\_gbx
lZdbog_dhgkljmdlb\guo^bZeh]h\dZdgZijbf_jke_^mxsbc
Deb_gldZ Y lZdaZg_]h\hegmxkvdh]^Zhgm_a`Z_lDhgkmevlZgl Lh_klvdh]^Z_]h
g_l \u aZ g_]h i_j_`b\Z_l_ Deb_gldZ >Z g_l y [u g_ kdZaZeZ qlh hkh[_ggh i_j_`b\Zx
ijhklh\hegmxkvb \k_
b \k_
DhgkmevlZgl Y bf_gghh lhfb ]h\hjxdZd\uj_Z]bjm_l_gZ_]hhlkmlkl\b_
Deb_gldZ Gh\ukqblZ_l_qlhy i_j_`b\Zxy [ulZdg_kdZaZeZke_]dZ\hegmxkv\hl
<ke_^ aZ lZdbf \klmie_gb_f fh`gh ij_^klZ\blv p_emx ^bkdmkkbx h lhf q_f
hlebqZxlky \hegmxkv b i_j_`b\Zx GZ\_jgydZ [hevrbgkl\h ex^_c khqlml wlb keh\Z \
^Zgghf dhgl_dkl_ kbghgbfZfb Gh _keb deb_gl \b^bl \ dZdhfeb[h keh\_ hkh[uc kfuke
dhgkmevlZglm g_ ke_^m_l gZklZb\Zlv gZ k\h_f \ ijhlb\ghf kemqZ_ f_`ebqghklguc dhglZdl
fh`_l[ulvagZqbl_evghhkeh`g_gm`_\ i_j\u_fbgmluijb_fZ
DjZldhklvb lhqghklv\ukdZau\ZgbydhgkmevlZglZ
>Zggh_ lj_[h\Zgb_ hagZqZ_l g_ ijhklh lh qlh ijhn_kkbhgZe \h \j_fy ijb_fZ g_
^he`_g]h\hjblvh q_flhg_hlghkys_fkyd ^_em>Z`_g_h[oh^bfu_\ oh^_jZ[hlu\hijhku
b aZf_qZgby ^he`gu [ulv fZdkbfZevgh ih^h]gZgu d lhfm qlh ]h\hjbl deb_gl LZd
dhgkmevlZglm g_ ke_^m_l ]h\hjblv baebrg_ \blb_\Zlh djZkb\h beb gZh[hjhl kebrdhf
]jm[h k hklhjh`ghklvx hg ^he`_g ih^oh^blv b d bkihevah\Zgbx f_lZnhj b kjZ\g_gbc
Knhjfmebjm_f g_kdhevdh h[sbo j_dhf_g^Zpbc dhlhju_ fh]ml ihfhqv ikboheh]m \_klb
^bZeh]
G_ke_^m_limkdZlvky\ baebrgb_h[tykg_gbyihq_fmb dZdaZ^Z_lky^Zgguc\hijhk
beb h[km`^Z_lky ^ZggZy l_fZ \ oh^_ [_k_^u ?keb k deb_glhf mklZgh\e_g dhglZdl fgh]b_
\_sb\hkijbgbfZxlky[md\Zevghk ihemkeh\ZD ijbf_jmy\ghg_m^Zqguf[m^_lke_^mxs__
h[jZs_gb_ < gZqZe_ [_k_^u \u ]h\hjbeb h lhf qlh \ZrZ `_gZ k \Zr_c lhqdb aj_gby
baebrg_ fgh]h \j_f_gb ljZlbl gZ ihk_s_gby jZaebqguo dhkf_lbq_d b fZkkZ`bklhd b
h[km`^_gb_ k\h_]h \g_rg_]h \b^Z k ih^jm]Zfb Fh`gh eb kdZaZlv qlh \Zf wlZ q_jlZ \ __
ih\_^_gbbg_gjZ\blky"
>ebggh_ \klmie_gb_ k h[tykg_gb_f lh]h qlh b ih dZdhfm ih\h^m ]h\hjbe deb_gl
a^_kvZ[khexlghbaebrg_>hklZlhqgh[ueh[ukijhkblv: \Zfg_gjZ\blkyqlh\ZrZ`_gZ
klhevdh \j_f_gb b \gbfZgby m^_ey_l lhfm dZd hgZ \u]ey^bl" Klj_fe_gb_ dhgkmevlZglZ
mlhqgylv ijh\hpbjm_l ZgZeh]bqgu_ l_g^_gpbb m deb_glZ b \ j_amevlZl_ wlb \aZbfgu_
mlhqg_gbygZqbgZxl\uklmiZlvdZdkhijhlb\e_gb_^Zevg_cr_fmm]em[e_gbx^bZeh]Z
H^bgbagZb[he__m^h[guo lbih\\hijhkh\\ dhgkmevlZlb\ghf^bZeh]_ ² djZldb_
\hijhku \ dhlhjuo ih \hafh`ghklb hims_gu keh\Z dhlhju_ lZd beb bgZq_ fh]ml [ulv
ihgylubah[s_]hdhgl_dklZ[_k_^uLZdh_khdjZs_gb_\hijhkh\b \ukdZau\Zgbcijb\h^bld
lhfmqlhkhhlghr_gb_\j_f_gb]h\hj_gbym\_ebqb\Z_lky\ ihevamdeb_glZDjZldb_\hijhku
e_]q_ \kljZb\Zxlky \ ^bZeh] b \ blh]_ gZqbgZxl \hkijbgbfZlvky ijbr_^rbf \
dhgkmevlZpbxdZdkh[kl\_ggZy\gmlj_ggyyj_qv< ijbf_j_ bkihevah\Zgghf \ ij_^u^ms_f
Z[aZp_ dhgkmevlZglm ^hklZlhqgh [ueh [u kijhkblv : \Zf wlh g_ gjZ\blky" <hijhk
aZ^Zgguc\ ih^h[ghcnhjf_^he`_gijha\mqZlvlhqgh\ dhgl_dkl_qlh[uwlhmdZaZgb_bf_eh
lhlkfukedhlhjuc\ g_]h\deZ^u\Z_ldhgkmevlZgl
QZs_ \k_]h p_evx \hijhkh\ b dhff_glZjb_\ ikboheh]Z y\ey_lky k[hj
^hihegbl_evghcbgnhjfZpbbGhijbwlhfhgg_^_l_dlb\b g_klj_fblkyh[gZjm`blvdZdmx
lhdhgdj_lgmx^_lZevbebpbnjmZ magZlvdZdfh`gh[hevr_h kZfhfdeb_gl_b hdjm`Zxsbo
_]hex^yo<ukdZau\ZgbydhgkmevlZglZ ² wlhihbkdh\u_rZ]bgZijZ\e_ggu_gZijhykg_gb_
h[s_c dZjlbgu dhlhjmx _fm g_h[oh^bfh ohjhrh ij_^klZ\eylv Q_f [he__ ijh_dlb\gufb
ih\_kl\h\Zl_evgufb b kihglZggufb [m^ml hl\_lu deb_glZ l_f emqr_ DZdbfb ijZ\beZfb
fh`ghjmdh\h^kl\h\Zlvkynhjfmebjmy\hijhkijh\hpbjmxsbclZdb_hl\_lu"
< gZb[he__ijhklhcnhjf_lZdhc\hijhkfh`_lkhklhylv\k_]hba^\moqZkl_ci_j\Zy
[m^_l \uihegylv nmgdpbx mdZaZgby gZ g_dhlhjh_ kh[ulb_ beb ^_ckl\b_ lj_[mxs__
mlhqg_gby Z \lhjZy ² ijhklh \hijhkbl_evgh_ keh\h GZijbf_j <u \klj_lbebkv k g_c b
qlh"Hgwlh]hg_agZ_lghihq_fm"b l^LZdb_nhjfmebjh\dbg_kh^_j`Zl\ k_[_gbq_]h
ebrg_]h fZdkbfZevghdhgdj_lgu b ykgu Z ke_^h\Zl_evgh k e_]dhklvx fh]ml [ulv ihgylu
deb_glhf Ijb wlhf dhgklZlbjmxsZy qZklv lZdh]h \hijhkZ ² b^_ZevgZ ihkdhevdm
ij_^klZ\ey_l kh[hc pblZlm lhqgh_ ih\lhj_gb_ lh]h qlh [ueh kdZaZgh deb_glhf Z
dhgkmevlZgl ijhklh ^h[Z\ey_l d m`_ ijha\mqZ\r_c \ jZa]h\hj_ nhjfmebjh\d_
\hijhkbl_evgh_keh\h
< dhgkmevlZlb\ghf^bZeh]_\hafh`gub _s_[he__djZldb_j_iebdbikboheh]ZlZd`_
mki_rgh ^hklb]Zxsb_ k\h_c p_eb < ih^h[guo nhjfmebjh\dZo hl \ukdZau\Zgby hklZ_lky
lhevdh \hijhkbl_evgZy qZklv B qlh" : ihq_fm" < dhgl_dkl_ [_k_^u lZdb_
nhjfmebjh\db^he`guh[yaZl_evghijha\mqZlv\h\j_fyLh]^ZlhqlhdhgkmevlZglaZ^Zewlhl
\hijhk fh`_l \hh[s_ hklZlvky g_ aZf_q_gguf deb_glhf m g_]h fh`_l \hagbdgmlv
hsms_gb_ qlh \k_ qlh hg jZkkdZau\Z_l h k_[_ \hagbdZ_l kh\_jr_ggh kihglZggh Z
ke_^h\Zl_evghb ]h\hjblv_fm[m^_le_]q_b jZkkdZa[m^_l[he__hldjh\_ggufb ih^jh[guf
G_j_^dh gZqbgZxsbf dhgkmevlZglZf ohq_lky dZd fh`gh [hevr_ mdjZrZlv b
jZaghh[jZablvk\hxj_qvnhjfmebjh\dblbiZb qlh"dZ`mlkykdmqgufbb h^ghh[jZagufb
gZ\h^yl gZ fukev qlh deb_gl [m^_l g_]Zlb\gh j_Z]bjh\Zlv gZ h^ghh[jZagh_ ih\lhj_gb_
h^gh]hb lh]h`_\hijhkZGhhiZkZlvkywlh]hg_ke_^m_lqZs_\k_]hlZdb_khfg_gby[u\Zxl
k\yaZgu k l_f qlh ikboheh] g_ mf__l aZ^Z\Zlv ih^h[gu_ \hijhku iehoh \eZ^__l lhghf b
bglhgZpbyfbkh[kl\_ggh]h]hehkZaZkq_ldhlhjuobkihevah\Zgb_\ ^bZeh]_h^gbob l_o`_
\ukdZau\Zgbca\mqblihjZaghfmgZkus_ghb yjdh
:gZebawfhpbhgZevguoi_j_`b\Zgbc
Fu m`_ \uykgbeb qlh dhgkmevlZglm ke_^m_l ]h\hjblv fZdkbfZevgh djZldh
Zdp_glbjmy b mlhqgyy lh qlh ^_ckl\bl_evgh y\ey_lky \Z`guf b ij_^klZ\ey_l bgl_j_k k
ikboheh]bq_kdhc lhqdb aj_gby Gh gZ hkgh\Zgbb q_]h dhgkmevlZgl j_rZ_l qlh y\ey_lky
\Z`gufZ qlhg_l"
Hl\_qZygZwlhl\hijhkg_evayg_\kihfgblvh agZq_gbbl_hj_lbq_kdbobaukdZgbc^ey
ikboheh]bq_kdh]h dhgkmevlbjh\ZgbyDZ`^ucbaikbohl_jZi_\lbq_kdboih^oh^h\ ihk\h_fm
kljmdlmjbjm_lj_ZevghklvihjZaghfmihgbfZ_llhqlhijhbkoh^blbeb fh`_l ijhbahclb k
deb_glhf LZd ljZgkZdlguc ZgZeblbd ij_`^_ \k_]h hjb_glbjm_lky gZ kp_gZjbb dhlhju_
q_eh\_dg_hkhagZgghijhb]ju\Z_l\ k\h_c`bagb;_jgW klhjhggbd]mfZgbklbq_kdhc
ikboheh]bb[hevr_kdehg_gh[km`^Zlvijh[e_fukfukeZb ihgbfZgbyhdjm`Zxsbo 5RJHUV
K k\hb j_Zevghklb ihklZjZxlky \ukljhblv ikbohZgZeblbd kbkl_fguc k_f_cguc
l_jZi_\l Nj_c^ 6DWLU 9 b l^ DZ`^uc ba gbo ihk\h_fm ijZ\ lZd dZd
j_Zevghklv fgh]h]jZggZ b klhev `_ fgh]h]jZggu b fgh]hebdb ijh[e_fu deb_glh\ Gh
hkhagZgb_ nZdlZ l_hj_lbq_kdh]h bah[beby \jy^ eb ihkem`bl gZ^_`ghc hihjhc ^ey
gZqbgZxs_]hdhgkmevlZglZkdhj__hghdZ`_lky\ lmibd_hlihgbfZgbylh]hqlhkms_kl\m_l
fgh`_kl\hijZ\hf_jguobgl_jij_lZpbcZ _fmaZdZdb_lh ² fbgml[_k_^ug_h[oh^bfh
\u[jZlvb djZkb\hknhjfmebjh\Zlv^eydeb_glZqlhlhh^gh
H ijhkl_crbo Ze]hjblfZo jZ[hlu k jZaebqgufb ijh[e_fZfb deb_glh\ fu [m^_f
]h\hjblvih^jh[g__\ ke_^mxsbo]eZ\Zo< gbofuihklZjZ_fkyihdZaZlvdZdbfbfh]ml[ulv
gZb[he__ijhklu_b dhgkljmdlb\gu_ih^oh^ud dhgkmevlbjh\Zgbx ex^_c k hij_^_e_ggufb
lbiZfb `Zeh[ Gh ^Z`_ hlq_leb\h_ ij_^klZ\e_gb_ h lhf dm^Z bf_ggh klhbl ^\b]Zlvky \
jZ[hl_k deb_glhfk q_fb dZdfh]ml[ulvk\yaZgu_]hijh[e_fug_^Z_lhl\_lZgZ\hijhk
dZd\uclbaZij_^_eujZpbhgZebaZpbbaZij_^_eulh]hqlhq_eh\_dm^Z\ghba\_klghh k_[_b
h ^jm]bo b rZ]gmlv g_kdhevdh ]em[`_ [eb`_ d _]h khdjh\_gguf b qZklh g_hkhagZgguf
`_eZgbyfb klj_fe_gbyf
< lhfqlhjZkkdZau\Z_ldeb_glh k_[_b h^jm]bofh`ghmkeh\gh\u^_eblv^\ZieZgZ
I_j\uc ² wlhhijZ\^Zgbyh[tykg_gbyeh]bq_kdb\ukljh_ggu_^_lZebjZkkdZaZG_aZ\bkbfh
hllh]h[m^_ldeb_gld wlhfmklj_fblvkybebg_lkh^_j`Zgb_^Zggh]hieZgZgZijZ\e_ghgZ
lh qlh[u ^hdZaZlv b ijhbeexkljbjh\Zlv fukeb b hp_gdb dhlhju_ g_ jZa m`_ ijboh^beb
deb_glm \ ]heh\m ih ih\h^m k_[y b hdjm`Zxsbo ex^_c H[uqgh \ ih^h[guo jZkkm`^_gbyo
kh^_j`blky agZqbl_evguc we_f_gl khpbZevghc `_eZl_evghklb klj_fe_gby ih^^_j`Zlv k\hc
Z\lhjbl_l b ij_klb` \ ]eZaZo dhgkmevlZglZ hgb f_gyxlky \ aZ\bkbfhklb hl gZkljh_gby
deb_glZhlghr_gbckhagZqbfufbex^vfbebqghklbkh[_k_^gbdZb l^
K lhqdbaj_gbyaZ^Zqdhgkmevlbjh\ZgbyihgbfZgbyb ZgZebaZ[he__]em[hdbofhlb\h\
ih\_^_gbyq_eh\_dZ]hjZa^h[hevrbcbgl_j_kij_^klZ\ey_l\lhjhcieZg ² wfhpbbqm\kl\Z
i_j_`b\Zgbyk\yaZggu_k kblmZpb_cb hlghr_gbyfbH[tykgblvihq_fml_bebbgu_keh\Z
[ueb kdZaZgu \ hij_^_e_gguc fhf_gl fh`gh ihjZaghfm gh i_j_`blu_ ijb wlhf qm\kl\Z
hklZgmlky g_baf_ggufb ihjh`^_ggufb hij_^_e_ggufb nZdlhjZfb imklv ^Z`_ ^ey kZfh]h
q_eh\_dZ bo ijbqbgu hklZebkv g_ihgylgufb beb g_aZf_q_ggufb B qlh[u ihfhqv deb_glm
jZah[jZlvky\ lhfqlh^_ckl\bl_evghk gbfijhbkoh^blgZmqblvkyih^jm]hfmj_Z]bjh\Zlvb
dhgljhebjh\Zlvk_[yg_h[oh^bfhh[jZlblvkyd ieZgmwfhpbhgZevguoi_j_`b\Zgbc
H q_f[ugb jZkkdZau\Zedeb_gldhgkmevlZglmke_^m_lklZjZlvkydZdfh`gh[hevr_
magZlvh lhfqlhhgi_j_`b\Zeb qm\kl\h\Ze\ khhl\_lkl\mxsb_fhf_glu\j_f_gbaZ^Z\Zy
ki_pbZevgu_ \hijhku Ih kmlb k\h_c wlb \hijhku fh]ml [ulv hq_gv ijhklufb : qlh \u
ihqm\kl\h\Zeb dh]^Z" : dZd \u gZ kZfhf ^_e_ hlghkbl_kv d " Ihgylv
ijhZgZebabjh\Zlv k\hb i_j_`b\Zgby g_e_]dh QZklh ex^b aZljm^gyxlky hl\_qZlv gZ lZdb_
\hijhku kkueZykv gZ k\hx aZ[u\qb\hklv g_\hafh`ghklv jZah[jZlvky \ k_[_ b ij B wlh g_
ijhklh hl]h\hjdb Fgh]bf ^_ckl\bl_evgh gm`gZ ihfhsv ijhn_kkbhgZeZ ^ey lh]h qlh[u
hl\_lblv gZ ih^h[gu_ \hijhku ihkdhevdm m lZdbo deb_glh\ g_l ijb\uqdb ZgZebabjh\Zlv
k_[yg_lZ^_d\Zlgh]hij_^klZ\e_gbyh lhfqlhlZdh_qm\kl\Zb dZdh\Zbojhev\ hij_^_e_gbb
ihklmidh\b hlghr_gbcq_eh\_dZ>Zb dhgkmevlZglmg_lZdijhklhjZ[hlZlvgZmjh\g_qm\kl\
Kms_kl\m_l fgh`_kl\h ki_pbZevguo l_ogbd bkihevah\Zgb_ dhlhjuo \ ijhp_kk_ [_k_^u
fh`_lihfhqv_fmkijZ\blvkyk wlhcaZ^Zq_cH[km^bfg_dhlhju_bagboihih^jh[g__
:evl_jgZlb\gu_nhjfmebjh\db
G_j_^dh deb_glm ljm^gh ij_^klZ\blv k_[_ qlh fh`gh qm\kl\h\Zlv \ lhc beb bghc
kblmZpbb Ijhkl_crbc kihkh[ ihfhqv _fm² ij_^eh`blv Zevl_jgZlb\gu_ nhjfmebjh\db
hl\_lZ :evl_jgZlb\ ij_^eZ]Z_fuo deb_glm ^ey hl\_lZ gZ lhl beb bghc \hijhk g_ ^he`gh
[ulvfgh]h ² ^hklZlhqgh^\mo²lj_ob\ kmsghklb^Z`_g_\Z`ghdZdbf_gghhgba\mqZl
P_ev nhjfmebjh\Zgby Zevl_jgZlb\ ² g_ ihbkd ijZ\bevgh]h \ZjbZglZ hl\_lZ Z
klbfmebjh\Zgb_ _]h ^_fhgkljZpby g_dhlhjuo h[jZaph\ hllZedb\Zykv hl dhlhjuo e_]q_
hibkZlvkh[kl\_ggu_qm\kl\Z
Mf_gb_ nhjfmebjh\Zlv Zevl_jgZlb\u ² \Z`guc ijhn_kkbhgZevguc gZ\ud Hgb
^he`gu[md\ZevghhlkdZdb\Zlvhlam[h\\ gm`gmxfbgmlmWlhlgZ\ud\hfgh]hfaZ\bkblhl
l_hj_lbq_kdbo ihagZgbc dhgkmevlZglZ \ ikbohl_jZibb b dhgkmevlbjh\Zgbb ihkdhevdm \
dZ`^hchjb_glZpbbij_^eZ]Zxlkyk\hb\ZjbZglu]em[bgghc^_l_jfbgZpbbijbqbgih\_^_gby
q_eh\_dZhkgh\ZgghcgZqm\kl\Zob i_j_`b\Zgbyo
< dZq_kl\_ijbf_jZlZdhc^hklZlhqghm^h[ghcb ijhklhcko_fuijbihfhsbdhlhjhc
fh`gh k e_]dhklvx nhjfmebjh\Zlv ij_^eZ]Z_fu_ deb_glm Zevl_jgZlb\u hl\_lh\ [md\Zevgh
^eyex[hckblmZpbbijb\_^_f^_l_jfbgZpbxijbqbgih\_^_gbyq_eh\_dZij_^eh`_ggmx\
k\hbo jZ[hlZo D Ohjgb K __ lhqdb aj_gby ex[hc ih\_^_gq_kdbc iZll_jg fh`_l [ulv
hlg_k_gd h^ghcbalj_omkeh\guo]jmii
hlex^_c ² moh^hlf_`ebqghklguohlghr_gbcb dhglZdlh\d ex^yf ² hjb_glZpby
gZ\aZbfh^_ckl\b_b f_`ebqghklgu_hlghr_gby
ijhlb\ ex^_c ² klj_fe_gb_ d jZajmr_gbx dhglZdlh\ b f_`ebqghklguo hlghr_gbc
+RPH\ D DZdfh`ghbkihevah\Zlvwlmko_fm"
DZd \u \b^bl_ ljb ij_^eh`_gguo D Ohjgb \ZjbZglZ ih\_^_gby b hlghr_gbc
bkq_jiu\ZxlijZdlbq_kdb\k_\hafh`gu_\ZjbZgluGZijbf_jfZlvjm]Z_lj_[_gdZaZdZdhc
lhijhklmihdQlh`_hgfh`_lk^_eZlv\ hl\_l"H[b^_lvkyih\_jgmlvkyb m[_`Zlvhlg__ ²
ihabpby hl ex^_c ihqm\kl\h\Zlv \bgm ijbeZkdZlvky d g_c ihijhkblv ijhs_gby h[_sZlv
[hevr_ g_ kh\_jrZlv lZdbo ijhklmidh\ ² ihabpby d ex^yf gZdhg_p jZahaeblvky gZqZlv
kdZg^Zeblv]jm[blvh[\bgylv\ q_flhfZlv ² ihabpbyijhlb\ex^_c
J_[_ghd g_ihkj_^kl\_g qZs_ hg \_^_l k_[y lZd dZd ^_ckl\bl_evgh qm\kl\m_l Kh
\ajhkeufq_eh\_dhfkeh`g___]hih\_^_gb_b qm\kl\ZqZklh^Ze_db^jm]hl^jm]ZIj_^eZ]Zy
Zevl_jgZlb\gu_h[tykg_gbyikboheh]klbfmebjm_lq_eh\_dZd jZafure_gbyfd ihgbfZgbx
kh[kl\_gguo wfhpbc Gh kms_kl\mxl eb \ jZkkdZa_ q_eh\_dZ h k\hbo ijh[e_fZo dZdb_lh
ke_^u agZdb [he__ ]em[hdbo wfhpbhgZevguo i_j_`b\Zgbc hjb_glbjmykv gZ dhlhju_
gZqbgZxs_fmdhgkmevlZglm[ueh[ue_]q_jZah[jZlvky\ lhfh dZdbobf_gghi_j_`b\Zgbyo
fh`_lb^lbj_qv"HklZgh\bfkygZwlhfih^jh[g__
:dp_glbjh\Zgb_wfhpbhgZevguoi_j_`b\Zgbc
Wfhpbb \k_]^Z ijbkmlkl\mxl \ jZkkdZa_ ijbq_f dZd [he__ ih\_joghklgu_ e_]dh
hkhagZ\Z_fu_lZdb [he__]em[hdb_kdjulu_hlkZfh]hjZkkdZaqbdZK\h_h[jZagufbagZdZfb
wfhpbc \ j_qb y\eyxlky ij_`^_ \k_]h gZj_qby b ijbeZ]Zl_evgu_ ]eZ]heu h[hagZqZxsb_
hlghr_gb_ d q_fmeb[h Z lZd`_ dZq_kl\h ^_ckl\by Ihykgbf wlh gZ ijbf_jZo Y mkeurZe
a\hghdb f_^e_gghih^hr_ed l_e_nhgmWfhpbhgZevghgZb[he__aZjy`_ggufkeh\hfa^_kv
y\ey_lky keh\h f_^e_ggh <k_ hklZevgu_ keh\Z hibku\Zxl kblmZpbx hgb dhgdj_lgu b
ijhklu aZ gbfb ljm^gh mkfhlj_lv dZdhclh ^\hcghc kfuke Gh aZ f_^e_ggh klhbl g_qlh
[hevr__ ²gZijy`_gghklvh`b^Zgby\hafh`gh ² kljZomkeurZlvg_ijbylgh_ba\_klb_beb
qlhlh _s_ :dp_glbjmy mlhqgyy wlh keh\h dhgkmevlZgl fh`_l \uclb gZ mjh\_gv
hlkmlkl\mxsbo \ jZkkdZa_ i_j_`b\Zgbc >hklZlhqgh kijhkblv deb_glZ F_^e_ggh
ihq_fm"bkihevamyl_ogbdmdjZldbo\hijhkh\h dhlhjhcm`_]h\hjbehkv\ur_
Ijb\_^_f ^jm]hc ijbf_j Dh]^Z hgb f_`^m kh[hc jm]Zxlky y h[uqgh fheqm
MkeurZ\ih^h[gh_aZy\e_gb_kh[eZagbl_evghgZqZlvkijZrb\Zlvdeb_glZh lhfdZdh[uqgh
ijhoh^yl ih^h[gu_ kkhju dlh \ gbo \bgh\Zl b l^ Gh lZdZy ^hihegbl_evgZy bgnhjfZpby
qZklh g_ ijbhldju\Z_l aZ\_ku gZ^ \gmlj_gg_c j_Zevghklvx deb_glZ dexq d dhlhjhc
kdju\Z_lky a^_kv aZ keh\hf fheqm aZ dhlhjuf klhyl i_j_`b\Zgby deb_glZ ih ih\h^m
ijhbkoh^ys_ckkhjub _]hhlghr_gb_d mqZklgbdZfdhgnebdlZ>eylh]hqlh[ujZah[jZlvky\
wlhfdeb_glZfh`ghkijhkblvFheqbl_ hlq_]h"
:dp_glbjh\Zgb_ wfhpbhgZevgh hdjZr_gguo keh\ ² wlh \k_]h ebrv i_j\uc rZ] d
ihgbfZgbx i_j_`b\Zgbc QZs_ \k_]h g_ihkj_^kl\_ggh ke_^mxsbc aZ \hijhkhf hl\_l g_
[m^_l kh^_j`Zlv \ k_[_ ^_ckl\bl_evgh ]em[bgguo b khdjh\_gguo wfhpbc Hg \k_]h ebrv
ijbhldjh_l aZgZ\_k gh ^ey lh]h qlh[u m\b^_lv ohly [u djZ_r_d kp_gu ke_^m_l ^\b]Zlvky
^Zevr_ < ihke_^h\Z\r_f hl\_l_ lZd`_ g_h[oh^bfh \uqe_gblv gZb[he__ agZqbfu_ keh\Z b
ihiulZlvky ijb[ebablvky d ]em[hdbf i_j_`b\Zgbyf klhysbf aZ gbfb LZdh_ jZa\blb_
^bZeh]Z oZjZdl_jbam_l h^gm ba \Z`g_crbo hkh[_gghkl_c dhgkmevlZlb\ghc [_k_^u ² __
gZp_e_gghklv \ ]em[bgm hjb_glbjh\Zgghklv gZ ihgbfZgb_ [he__ ]em[bgguo ebqghklgh
agZqbfuoi_j_`b\Zgbc
Bkihevah\Zgb_iZjZ^hdkZevguo\hijhkh\
< dZq_kl\_ijbf_jZ\havf_fke_^mxsbc^bZeh]dhgkmevlZglZk deb_glhf
Deb_gldZ Ghy kZfZgbdh]^Zg_jm]Zxkvg_kihjxkhk\_djh\vxhgZfg_\k_wlh
]h\hjblZ yfheqm
DhgkmevlZgl Fheqbl_Z ihq_fm"
Deb_gldZ : qlhkh[kl\_gghy fh]m_ckdZaZlv"QlhhgZ^mjZb \k_qlhhgZ]h\hjbl
Z[khexlgZy_jmg^Z"
DhgkmevlZgl : ihq_fm[u\Zf\k_wlh^_ckl\bl_evghg_kdZaZlvjZa\ulZd^mfZ_l_"
Deb_gldZ Gmwlh]jm[hZ ]eZ\gh_hgZ\k_jZ\ghgbq_]hg_ihcf_l
DhgkmevlZgl : qlh[u\uohl_ebqlh[uhgZihgyeZ"
Deb_gldZ Qlhy lh`_q_eh\_dqlhg_lZdZym`y iehoZy
HklZgh\bfkygZwlhffhf_gl_\ ^bZeh]_Z aZl_fq_j_ag_kdhevdhkljZgbp\_jg_fkyd
g_fm >Z\Zcl_ ihijh[m_f \gbfZl_evgh ijhZgZebabjh\Zlv jZaebqgu_ nhjfu j_iebd
dhgkmevlZglZ<lhjZyj_iebdZy\ey_lkyijbf_jhfiZjZ^hdkZevgh]h\hijhkZp_evdhlhjh]h ²
ihklZ\blv ih^ khfg_gb_ lh qlh deb_gl kqblZ_l Z[khexlgh hq_\b^guf beb kZfh kh[hc
jZamf_xsbfkyH[s_ijbagZggu_bklbgulbiZ]jm[blvg_ohjhrhjh^bl_eb\k_]^Zemqr_
agZxl qlh gm`gh j_[_gdm h[uqgh kem`Zl gZ^_`guf ijbdjulb_f ^ey bklbgguo qm\kl\ b
i_j_`b\Zgbc deb_glZ GZb[he__ ijhklhc kihkh[ [hjv[u k lZdbfb \ukdZau\Zgbyfb ²
ihklZ\blv bo ih^ khfg_gb_ aZklZ\blv deb_glZ aZ^mfZlvky h lhf qlh ebqgh ^ey g_]h
kdju\Z_lky aZ ih^h[gufb k_gl_gpbyfb Nhjfmebjh\dZih^h[gh]h \hijhkZ h[uqgh ^h\hevgh
ijhklZ : ihq_fm [u b g_" Fgh]bf ex^yf lj_[m_lky ebrv g_[hevrhc lheqhd ^ey lh]h
qlh[ugZqZlvjZafureylvgZjZg__g_ih^\_j]Z\rmxkykhfg_gbxl_fm
< dhgkmevlZlb\ghf ^bZeh]_ iZjZ^hdkZevgu_ \hijhku g_ j_^dhklv QZklh \ [_k_^_
\hagbdZ_lfhf_gldh]^ZdZd\ ijb\_^_gghf\ur_ijbf_j_m deb_glZ_klvhq_\b^guck _]h
lhqdb aj_gby hl\_l hlgx^v g_ kihkh[kl\mxsbc i_j_hkfuke_gbx beb dhgkljmdlb\ghfm
j_r_gbx kblmZpbb AZ^ZqZ dhgkmevlZglZ ² ihklZ\blv wlhl lmibdh\uc ih kmlb k\h_c hl\_l
ih^ khfg_gb_ aZ^Z\ iZjZ^hdkZevguc \hijhk Dhg_qgh `_ wlhl \hijhk y\ey_lky
iZjZ^hdkZevguf ebrv gZ i_j\uc \a]ey^ gZclb hl\_l gZ g_]h g_ljm^gh ^hklZlhqgh gZqZlv
khfg_\Zlvky\ lhfqlhk ihabpbbh[u^_ggh]ha^jZ\h]hkfukeZdZ`_lkyhq_\b^guf
Mlhqgyxsb_b m]em[eyxsb_nhjfmebjh\db
Ihkfhljbf dZd ^Zevr_ jZa\b\Z_lky ijb\_^_gguc \ur_ ^bZeh] GZihfgbf qlh
ihke_^gyyj_iebdZijbgZ^e_`ZeZdeb_gld_b a\mqZeZlZd
Deb_gldZ Qlhy lh`_q_eh\_dqlhg_lZdZym`y iehoZyDhgkmevlZgl Lh_klv\u
ohl_eb[uqlh[u\ZrZk\_djh\vihgyeZdZdZy\uohjhrZyqlh[uhgZhp_gbeZ\ZkgZdhg_p
ih^hklhbgkl\m
Deb_gldZ Gm ^Z lhevdh \jy^ eb wlh \hafh`gh IjhZgZebabjm_f j_iebdm
dhgkmevlZglZLZdb_nhjfmebjh\db\ dhlhjuokdZaZggh_deb_glhfm]em[ey_lkyb mlhqgy_lky
qZklh\klj_qZxlky\ ^bZeh]_< wlm]jmiim\ukdZau\Zgbc\oh^ylb mlhqgyxsb_\hijhkulbiZ
: dZd \u hsmsZeb k\hx jZkl_jygghklv" b i_j_nhjfmebjh\Zgb_ kdZaZggh]h <u
qm\kl\h\Zeb k_[y jZkl_jygghc lh _klv m \Zk \hagbdeh qm\kl\h qlh \u g_ ihgbfZ_l_
ijhbkoh^ys_]h"b j_iebdbm]em[eyxsb_\ukdZau\Z_fu_deb_glhfqm\kl\Z<uihl_jyeb
hsms_gb_ qlh \u dhfmlh gm`gu qlh dlhlh ^_ckl\bl_evgh aZbgl_j_kh\Zg \ \Zr_f
ijbkmlkl\bb Bkihevah\Zgb_ ih^h[guo nhjfmebjh\hd iha\hey_l ihkl_i_ggh i_j_\h^blv
jZkkdZadeb_glZk mjh\gy[he__ih\_joghklguod [he__]em[hdbfi_j_`b\Zgbyf<Z`ghqlh
hklhjh`gh_ ihrZ]h\h_ bkihevah\Zgb_ ih^h[guo dhff_glZjb_\ iha\hey_l g_ \klmiZy \
dhgnjhglZpbxk deb_glhfb g_ijh\hpbjmykhijhlb\e_gb_[he__lhqghhoZjZdl_jbah\Zlv_]h
khklhygb_ b i_j_`b\Zgby jZkrbjblv h[eZklv hkhagZ\Z_fh]h b ihgbfZ_fh]h bf b lZdbf
h[jZahfih^]hlh\blvihq\m^eyhkms_kl\e_gbydhjj_dpbhggh]h\ha^_ckl\by
Mlhqgyy b i_j_nhjfmebjmy ikboheh] gb \ dh_f kemqZ_ g_ ^he`_g \uoh^blv aZ
ij_^_eu hq_\b^gh]h ^ey deb_glZ dZ`^uc rZ] ^he`_g eh]bqgh ke_^h\Zlv ba ij_^u^ms_]h
dZdgZijbf_j\ h[km`^Z_fhfgZfb ^bZeh]_nhjfmebjh\dbdZdZy \uohjhrZy b hp_gbeZ
ih ^hklhbgkl\m g_ihkj_^kl\_ggh k\yaZgu ^jm] k ^jm]hf gh ijb wlhf \lhjZy ba gbo
g_khfg_ggh y\ey_lky [he__ kbevghc b wfhpbhgZevgh aZjy`_gghc ih kjZ\g_gbx k i_j\hc
P_evmlhqg_gbch[uqghkhklhbl\ [he__iheghf[he__fgh]h]jZgghfho\Zl_ijhbkoh^ys_]h
k q_eh\_dhfb k\yau\Zgb_ihemqZ_fuonZdlh\k _]hhlghr_gbyfbk hdjm`ZxsbfbLZd_keb
\ nhjfmebjh\d_ dZdZy \u ohjhrZy k\_djh\v iheghklvx hlkmlkl\m_l lh hp_gbeZ ih
^hklhbgkl\m m`_ y\gh hlghkblky d g_c h[hagZqZ_l hij_^_e_gguc oZjZdl_j hlghr_gbc
deb_gldbg_gZau\Zyijbwlhfh^ghagZqghlh]hdZdh\uwlbhlghr_gbyb [eZ]h^Zjywlhfmg_
\uau\Zy m ihke_^g_c ij_`^_\j_f_ggh]h khijhlb\e_gby j_iebdZf dhgkmevlZglZ LZdbf
h[jZahf\ hij_^_e_gghfkfuke_ikboheh]dZd[uaZfZgb\Z_l kh[_k_^gbdZ \ ]em[bgm _]h
kh[kl\_gguo i_j_`b\Zgbc ihfh]Z_l aZ]eygmlv \ _s_ g_ba\_^Zggu_ m]hedb kh[kl\_gguo
wfhpbcih^]hlZ\eb\Zy_]hd ijbgylbxbgl_jij_lZpbb
Bkihevah\Zgb_bgl_jij_lZpbb
Bgl_jij_lZpby ² h^gZ ba [Zah\uo l_ogbd ikbohl_jZibb h[ wlhf fu m`_ g_fgh]h
]h\hjbeb \ ij_^r_kl\mxs_c ]eZ\_ lj_[mxsbo ih^jh[gh]h h[km`^_gby < jZaebqguo
rdheZo b gZijZ\e_gbyo ikbohl_jZibb bgl_jij_lbjm_lky hij_^_e_gguc fZl_jbZe
ijh^mpbjm_fuc iZpb_glhf kgu b ZkkhpbZpbb ² \ ikbohZgZeba_ `_klu b ^\b`_gby ² \
l_e_kghhjb_glbjh\Zgghc l_jZibb k_f_cgh_ ^j_\h ko_fZ jh^kl\_gguo k\ya_c ² \
kbkl_fghc k_f_cghc l_jZibb b l^ Dhg_qgh \ dZ`^hf ba l_hj_lbq_kdbo ih^oh^h\ kihkh[u
bgl_jij_lZpbb b \b^_gby ijbqbgghke_^kl\_gguo k\ya_c lZd`_ jZaebqgu >ey lh]h qlh[u
h\eZ^_lvbkdmkkl\hfbgl_jij_lZpbbg_h[oh^bfh[ebadh_agZdhfkl\hohly[uk g_dhlhjufb
l_hj_lbq_kdbfbgZijZ\e_gbyfbkh\j_f_gghcikbohl_jZibb
AgZq_gb_ bgl_jij_lZpbb \ ijhp_kk_ dhgkmevlbjh\Zgby ljm^gh i_j_hp_gblv H[jZagh
]h\hjy [_k_^m fh`gh ij_^klZ\blv dZd imlv \ eZ[bjbgl_ \ dhlhjhf ^ey ^hklb`_gby p_eb
g_h[oh^bfh ^\b]Zlvky g_ lhevdh \ ]hjbahglZevghc iehkdhklb gh b kimkdZlvky gZ \k_ [he__
]em[hdbc mjh\_gv Bgl_jij_lZpbb `_ ijb wlhf ² iju`hd \ ]em[bgm kihkh[ i_j_\h^Z
^bZeh]Z k h^gh]h mjh\gy gZ ^jm]hc < ij_^u^ms_c ]eZ\_ fu m`_ ]h\hjbeb h lhf qlh
hkgh\gufkh^_j`Zgb_fikbohdhjj_dpbhggh]h\ha^_ckl\byy\ey_lkybgl_jij_lZpby\ lhcbeb
bghc nhjf_ ^ZxsZy deb_glm \hafh`ghklv ihbghfm m\b^_lv b ihgylv k\h_ kh[kl\_ggh_
ih\_^_gb_b ih\_^_gb_hdjm`Zxsbo
GhdZdb gZhkgh\Zgbb dZdhc l_hjbb fh`_l^Z\Zlv k\hbbgl_jij_lZpbbgZqbgZxsbc
dhgkmevlZgl" Kms_kl\m_l p_euc jy^ ihiulhd wfibjbq_kdhc kbkl_fZlbaZpbb jZaebqguo
ijhy\e_gbc q_eh\_q_kdh]h ih\_^_gby b i_j_`b\Zgbc Fgh]b_ Z\lhju \ j_amevlZl_
\k_klhjhgg_]h ZgZebaZ ijboh^beb d b^__ ^\mof_jgh]h ijhkljZgkl\Z q_eh\_q_kdbo
ijhy\e_gbc]^_h^gZbadhhj^bgZly\ey_lkyhkvxex[\bZ ^jm]Zyhkvx\eZklb /HDUX L
.HOO\ + LZdbf h[jZahf [hevrbgkl\h q_eh\_q_kdbo klj_fe_gbc k wlhc lhqdb
aj_gby \ lhc beb bghc f_j_ ij_^klZ\eyxl kh[hc ijhy\e_gby ihlj_[ghkl_c \ ^hklb`_gbb
fZdkbfZevghcex[\bbeb\eZklbIh^h[gh_ij_^klZ\e_gb_h klj_fe_gbyoq_eh\_dZy\ey_lky
^Ze_dh g_ iheguf a^_kv g_l f_klZ wdabkl_gpbhgZevgh]mfZgbklbq_kdbf p_eyf ²
ihlj_[ghklb\ bg^b\b^mZebaZpbbihbkdZfkfukeZbebihiuldZfkZfhZdlmZebaZpbb -XQJ K
0DVORZ $ )UDQNL 9 Gh wdabkl_gpbZevgh]mfZgbklbq_kdb_ ijh[e_fu
j_^dh hdZau\Zxlky fhlb\hf ^eyh[jZs_gby aZ ihfhsvx \ ikboheh]bq_kdmx dhgkmevlZpbx
Kdhj__ hgb [u\Zxl ijbdjulb_f ^ey ^jm]bo f_g__ \ub]jurguo b [he__ `bag_gguo
keh`ghkl_cb dhgnebdlh\H[uqghh[jZs_gbyaZikboheh]bq_kdhcihfhsvx\ lhcbebbghc
kl_i_gb hdZau\Zxlky ^_ckl\bl_evgh k\yaZggufb k ihiuldZfb deb_glZ ^h[blvky [hevr_c
q_f ijboh^blky gZ _]h ^hex \eZklb beb ex[\b \ f_`ebqghklguo hlghr_gbyo <_jg_fky
kgh\Zd m`_pblbjh\Z\r_fmky^bZeh]mdhgkmevlZglZk deb_gldhc
DhgkmevlZgl AgZqbl\uohlbl_qlh[u\ZrZk\_djh\v\Zk[hevr_ex[beZb p_gbeZ
gh \ hl\_l gZ __ aZf_qZgby b ij_^eh`_gby h[uqgh fheqbl_ JZa\_ wlh emqrbc kihkh[
^h[blvky__ ex[\b"
Deb_gldZ Ghg_fh]m`_y mgb`Zlvkyi_j_^g_c\uijZrb\Zlv__ ohjhr__hlghr_gb_
DhgkmevlZgl Lh _klv \u [hbl_kv mgbablv k_[y i_j_^ k\_djh\vx hdZaZlvky \ [he__
gbadhc lh _klv aZ\bkbfhc b keZ[hc ihabpbb ih hlghr_gbx d g_c <Zr_ fheqZgb_ \h
\aZbfhhlghr_gbyokhk\_djh\vx ² wlh\ujZ`_gb_[hjv[ub dhgdmj_gpbbk g_cihiuldZg_
mgb`ZlvkyZ lZdbebbgZq_\ha\urZlvkygZ^g_c
<lhjZy j_iebdZ dhgkmevlZglZ \ wlhf hlju\d_ ^bZeh]Z y\ey_lky bgl_jij_lZpb_c \
khhl\_lkl\bb k dhlhjhc klj_fe_gb_ d ex[\b ijbh[j_lZ_l q_jlu klj_fe_gby d \eZklb
DhgkmevlZglZdp_glbjm_lkeh\hmgb`Zlvkyb k\yau\Z_lijhy\e_gbyih\_^_gbydeb_gldb ²
fheqZgb_ ² b __kljZomgb`_gbyklj_fe_gb_ex[ufbkj_^kl\Zfbba[_`Zlv_]h=eZ\gufb
ijbagZdZfbbgl_jij_lZpbbdZdfh`ghm\b^_lvbaijb\_^_ggh]hijbf_jZy\eyxlky bghc
\a]ey^ gZ ih\_^_gb_ q_eh\_dZ hibjZxsbcky gZ jZg__ kdjulu_ beb fZehhkhagZ\Z_fu_ ^ey
g_]hwfhpbbb klj_fe_gbyb k\yau\Zgb_[eZ]h^Zjybgl_jij_lZpbbjZaebqguoijhy\e_gbc
ih\_^_gbyb i_j_`b\ZgbcBf_gghihwlhfmh[bgl_jij_lZpbb]h\hjylqlhhgZ\uk\_qb\Z_l
fbjihgh\hfmbaf_gy_lij_^klZ\e_gb_q_eh\_dZh k_[_b _]hiheh`_gb_\ f_`ebqghklguo
hlghr_gbyo
Bgl_jij_lZpby ² keh`gZy l_ogbdZ >ey lh]h qlh[u bkihevah\Zlv __ ijZ\bevgh
ke_^m_l mqblu\Zlv jy^ ^hihegbl_evguo fhf_glh\ ]hlh\ghklv deb_glZ d ijbgylbx
bgl_jij_lZpbb ij_^eZ]Z_fhc dhgkmevlZglhf Z^_d\Zlghklv ^Zggh]h fhf_glZ [_k_^u ^ey
nhjfmebjh\Zgbybgl_jij_lZpbbHklZgh\bfkygZwlbofhf_glZog_kdhevdhih^jh[g__
>eylh]hqlh[ubgl_jij_lZpby[ueZijbgylZhgZ^he`gZ[ulv\ hij_^_e_gghfkfuke_
hq_\b^ghc^eydeb_glZlh_klvg_ihkj_^kl\_ggh\ul_dZlvbalh]hqlhih^jh[ghh[km`^Zehkv
aZ \j_fy [_k_^u Ij_^eZ]Z_fZy bgl_jij_lZpby kljhblky dhgkmevlZglhf gZ hkgh\Zgbb
kh[kl\_gguo ]bihl_a b bgnhjfZpbb ih^l\_j`^Zxs_c beb hijh\_j]Zxs_c bo <k_ lh qlh
]h\hjbl dhgkmevlZgl deb_glm \ hij_^_e_gghf kfuke_ y\ey_lky ih^]hlh\dhc d ijbgylbx
bgl_jij_lZpbb LZd \ ijb\h^bfhf \ur_ hlju\d_ ^bZeh]Z fh`gh hlq_leb\h ijhke_^blv
ihkl_i_ggh_ m]em[e_gb_ ihgbfZgby ijbqbg ih\_^_gby deb_gldb Z aZl_f ihke_ ihy\e_gby
b^_b [hjv[u aZ kh[kl\_ggh_ ^hklhbgkl\h dZd kdZqhd \ ]em[bgm ihy\ey_lky bgl_jij_lZpby
k\yau\ZxsZy\k_kdZaZggh_^hwlh]hb \uk\_qb\ZxsZykh^_j`Zgb_[_k_^u\ gh\hfk\_l_Ba
wlh]h ke_^m_l qlh ikboheh] ^he`_g kljhblv jZa]h\hj k deb_glhf lZdbf h[jZahf qlh[u
hij_^_e_ggZy eh]bdZ ijhbkoh^ys_]h [ueZ hq_\b^ghc G_ kemqZcgh gZb[he__ m^Zqguf
\ZjbZglhfjZa\blbydhgkmevlZlb\gh]h^bZeh]ZkqblZ_lkykblmZpbydh]^Zbgl_jij_lZpbydZd
g_dhlhjuc \u\h^ ba [_k_^u nhjfmebjm_lky kZfbf h[jZlb\rbfky aZ ihfhsvx q_eh\_dhf
DhgkmevlZglmhklZ_lkylhevdhmlhqgblvb h^h[jblv__
<j_fybgl_jij_lZpbbg_^he`gh[ulvkemqZcguf?kebhgZ[m^_l^ZgZkebrdhfjZgh
lh kdhj__ \k_]h hdZ`_lky hl\_j]gmlhc beb g_ ihgylhc deb_glhf Ij_`^_\j_f_ggZy
bgl_jij_lZpby fh`_l ihkem`blv hkgh\Zgb_f ^ey khijhlb\e_gby deb_glZ ZdlmZebaZpbb
f_oZgbafh\gZijZ\e_gguogZlhqlh[ug_^himklblvbaf_g_gbc\ `bagbq_eh\_dZkhojZgblv
_]h dhgnebdlu b ijh[e_fu DhgkmevlZgl \ k\yab k wlbf fh`_lhdZaZlvky \ kblmZpbb dh]^Z
deb_gl ba[_]Z_l beb hl\_j]Z_l ex[u_ ihiuldb aZ]h\hjblv h q_flh qlh fh`_l ijb\_klb d
[he__]em[hdhfmihgbfZgbxijbqbg\hagbdgh\_gbyijh[e_f<ujZ`Zlvkywlhfh`_l\ [he__
ijbkljZklghfhlghr_gbbd keh\Zfikboheh]Z\ `_eZgbbgZklhylvgZk\h_f\ ih^haj_gbyo\
ij_^\aylhklb b l^ <ijhq_f kebrdhf jZggyy bgl_jij_lZpby ^_ckl\bl_evgh y\ey_lky ^ey
deb_glZhkgh\Zgb_f^mfZlvqlhdhgkmevlZglg_ihgbfZ_lb g_qm\kl\m_l_]h
AZiha^ZeZy bgl_jij_lZpby hiZkgZ l_f qlh dh]^Z dhgkmevlZgl kebrdhf ^he]h `^_l
ih^oh^ys_]h fhf_glZ qj_af_jgh klZjZl_evgh jZa[bjZ_lky \ kh[ulbyo b nZdlZo deb_glm
klZgh\blky kdmqgh ]h\hjblv gZ h^gm b lm `_ l_fm \hagbdZ_l hsms_gb_ aZgm^ghklb
h[u^_gghklbijhbkoh^ys_]h< wlhfkemqZ_g_\hagbdZ_lhsms_gb_bgkZclZijhgbdgh\_gb_
g_h[oh^bfh_^eylh]hqlh[ubgl_jij_lZpby[ueZemqr_\hkijbgylZdZaZeZkv[he__lhqghcb
\Z`ghc
G_k\h_\j_f_gghcbgl_jij_lZpbyfh`_l[ulvb \lhfkemqZ_dh]^Zdeb_glg_ke_^blaZ
l_f qlh ]h\hjbl ikboheh] ih]jm`_g \ k\hb fukeb beb ho\Zq_g kbevgufb qm\kl\Zfb b
\hkihfbgZgbyfb K\h_\j_f_ggh^ZggZy bgl_jij_lZpby \ul_dZ_l baij_^r_kl\mxs_c njZau
deb_glZlh_klvg_ihkj_^kl\_gghk\yaZgZk l_fqlhijhbkoh^bl\ ijhp_kk_dhgkmevlbjh\Zgby
a^_kvb l_i_jv?keb\ ^bZeh]_\hagbdeZdZdZylh^jm]Zyl_fZemqr_ki_pbZevgh\_jgmlvky
h^ghc²^\mfy j_iebdZfb d lhfm k q_f k\yaZgZ bgl_jij_lZpby b ebrv ihlhf dh]^Z
kh[_k_^gbd]hlh\\ukemrZlvij_^eh`blv__
Bgl_jij_lZpby g_ ^he`gZ [ulv kebrdhf ^ebgghc ih nhjf_ ?_ ke_^m_l baeh`blv
fZdkbfZevghihgylgufyaudhfijb[eb`_ggufd yaudmdeb_glZ^eylh]hqlh[uhgkjZam`_
g_ ijbeZ]Zy ki_pbZevguo mkbebc fh] ko\Zlblv b ihgylv __ JZatykg_gby mlhqg_gby
\hagbdZxsb_\ke_^aZm`_ij_^eh`_gghcbgl_jij_lZpb_cfh]mlkihkh[kl\h\Zlvmdj_ie_gbx
f_oZgbafh\aZsbluZ ke_^h\Zl_evghb kgb`_gbxwnn_dlZbgl_jij_lZpbb
I_j_njZabjh\Zgb_
>jm]hc\Z`ghcl_ogbdhcl_kghk\yaZgghck bgl_jij_lZpb_cb bkihevamxs_ckylZd`_
\ hkgh\ghf gZ wlZi_ ikbohdhjj_dpbhggh]h \ha^_ckl\by y\ey_lky i_j_njZabjh\Zgb_ Hgh
rbjhdhijbf_gy_lky\ kZfuojZaguogZijZ\e_gbyoikbohl_jZibbb \eZ^_gb_wlhcl_ogbdhc
y\ey_lky \Z`guf ijhn_kkbhgZevguf gZ\udhf dhgkmevlZglZ B^_y wlh]h ijb_fZ hq_gv
ijhklZ dhgkmevlZgl bkihevamy `Zeh[m beb aZf_qZgby deb_glZi_j_njZabjm_l baf_gy_l bo
lZdbf h[jZahf qlh lh qlh [ueh g_]Zlb\guf kem`beh hkgh\Zgb_f ^ey [_kihdhckl\Z b
i_j_`b\Zgbc klZgh\blky ijbqbghc iheh`bl_evguo wfhpbc kihkh[guo _keb g_ iheghklvx
kgylvg_]Zlb\gu_i_j_`b\ZgbylhihdjZcg_cf_j_kms_kl\_gghmf_gvrblvboagZqbfhklvb
bgl_gkb\ghklv < dZq_kl\_ ijbf_jZ i_j_njZabjh\Zgby ijb\_^_f ke_^mxsbc hlju\hd ba
^bZeh]ZdhgkmevlZglZk deb_gldhc
Deb_gldZ Y hq_gvi_j_`b\Zxqlhfhckug[jhkbebgklblmlijhmqbekyljbdmjkZb
mr_edZdy _]hgb m]h\Zjb\ZeZhklZlvky
DhgkmevlZgl : ihq_fmhg[jhkbe_]h"
Deb_gldZ =h\hjblqlhwlhlbgklblml_fmg_ih^oh^blqlh_fmg_bgl_j_kghmqblvky
>Zhgb kZflhedhfg_agZ_lq_]h_fmgZ^h
DhgkmevlZgl : \Zkihq_fmwlhlZd[_kihdhblihq_fm\ui_j_`b\Z_l_"
Deb_gldZ Gh\k__]h^jmavyb lh\ZjbsbmqZlkyfh`_ldhfmlhqlhlhb g_gjZ\blky
ghgbdlhbaaZwlh]hgbq_]hlZdh]hg_ij_^ijbgbfZ_l
DhgkmevlZgl GhwlhagZqblqlh\Zrkug[he__kbevgucb g_aZ\bkbfucq_eh\_dq_f
hgb ]hlh\uc g_ ijhklh i_j_`b\Zlv b jZkkm`^Zlv Z ^h[b\Zlvky lh]h q_]h hg ohq_l <Zf
ke_^m_lg_i_j_`b\ZlvZ ]hj^blvkybf
< wlhf ^bZeh]_ hlq_leb\h \b^gh dZd kh[ulb_ ij_`^_ \uklmiZ\r__ ^ey deb_gldb
bkdexqbl_evgh \ g_]Zlb\ghf ieZg_ \b^blky bgZq_ _c ij_^eZ]Z_lky \hafh`ghklv
ijbfbjblvky k ijhbkoh^ysbf m\b^_\ _]h \ bghf k\_l_ Dhg_qgh i_j_njZabjh\Zgb_
\hafh`gh hlgx^v g_ \ dZ`^hc kblmZpbb ^Ze_dh g_ \k_ `Zeh[u deb_glh\ fh`gh
i_j_njZabjh\Z\ baf_gblv B d kh`Ze_gbx wlh ij_`^_ \k_]h hlghkblky d ^_ckl\bl_evgh
ly`_euf kblmZpbyf dh]^Z ijhbkoh^ys__ k dZdhc [u lhqdb gb kfhlj_lv gZ g_]h gbq_]h
ohjhr_]h g_ g_k_l ² wlh lZdb_ kh[ulby dZd kf_jlv b [he_agv [ebadbo ijhlb\hijZ\gh_
ih\_^_gb_b li
Gh ^Z`_ \ kblmZpbyo dh]^Z kh^_j`Zgb_ `Zeh[ b ij_l_gabc fh`_l [ulv k e_]dhklvx
i_j_njZabjh\Zgh g_h[oh^bfhh[yaZl_evgh mqblu\Zlv khklhygb_ deb_glZ b _]h hlghr_gby k
dhgkmevlZglhfbodhglZdl\ ^Zggucfhf_gl[_k_^uHlkmlkl\b_dhglZdlZbebih]jm`_gghklv
kh[_k_^gbdZ \ kh[kl\_ggu_ i_j_`b\Zgby fh]ml ijb\_klb d lhfm qlh ij_^eZ]Z_fh_
i_j_njZabjh\Zgb_[m^_lh^ghagZqghhl\_j]gmlhdZdg_qlhijbfblb\gh_e_]dhfuke_ggh_dZd
k\b^_l_evkl\hlh]hqlh dhgkmevlZgl g_ ohq_l k_jv_aghjZ[hlZlv gZ^ijh[e_fZfb deb_glZ Z
gZf_j_ghl^_eZlvkyhlg_]h
DhglZdlk deb_glhf\h\j_fy[_k_^u
GZ ij_^r_kl\mxsbo kljZgbpZo fu fgh]h ]h\hjbeb h l_ogbq_kdbo hkh[_gghklyo
\_^_gby dhgkmevlZlb\ghc [_k_^u Gh wlh ^Ze_dh g_ \k_ qlh g_h[oh^bfh ^ey ijh\_^_gby
mki_rgh]hijb_fZH^ghba\Z`g_crbomkeh\bcwnn_dlb\ghcjZ[hluikboheh]Z ² ohjhrbc
dhglZdl k deb_glhf =ZjZglby lZdh]h dhglZdlZ ² ijhn_kkbhgZevgh_ \eZ^_gb_ g_ lhevdh
\_j[Zevgufb l_ogbq_kdbfb kj_^kl\Zfb gh b lZdbfb \Z`g_crbfb g_\_j[Zevgufb
iZjZf_ljZfbdZdlhgdhglZdl]eZaiZmaub l^
<_j[ZevgucdhglZdl
Kj_^kl\Z ih^^_j`Zgby \_j[Zevgh]h dhglZdlZ \_kvfZ mkeh\gh fh`gh jZa^_eblv gZ
ijyfu_ b dhk\_ggu_ D i_j\hc ]jmii_ hlg_k_f \k_ l_ nhjfu h[jZs_gby d ijbr_^r_fm gZ
ijb_fq_eh\_dmdhlhju_gZijZ\e_gugZmklZgh\e_gb_k gbf ^h\_jbl_evguob hldjh\_gguo
hlghr_gbc ² ih^[Z^jb\Zgb_ iho\Zem \ujZ`_gb_ ih^^_j`db b li G_h[oh^bfhklv
bkihevah\Zgby lZdbo nhjf h[jZs_gby \hagbdZ_l \ kZfuo jZaguo kemqZyo \ gZqZe_ [_k_^u
qlh[u mklZgh\blv dhglZdl b kgylv gZijy`_gb_ \ kblmZpbb dh]^Z h[km`^Zxlky kebrdhf
\Z`gu_bebs_i_lbevgu_\hijhkudh]^Zdeb_gljZkkljh_gbebieZq_l
;u\Z_l qlh q_eh\_dm g_h[oh^bfh hsmlblv k_[y g_ om`_ ^jm]bo ihqm\kl\h\Zlv
ih^^_j`dmb ijbgylb_khklhjhgudhgkmevlZglZ_fmgm`gZ\hafh`ghklv\hkijbgbfZlvk\hb
ijh[e_fu g_ dZd qlhlh ihahjgh_ b bkdexqbl_evgh_ Z dZd \j_f_ggmx g_m^Zqm dhlhjZy
kemqZ_lkyb \`bagb^jm]boex^_c< lZdbokblmZpbyoikboheh]mijb]h^ylkyj_iebdblbiZ
Ih^h[gu_ ijh[e_fu g_j_^dh \hagbdZxl m jh^bl_e_c ih^jhkldh\ beb G_l gbq_]h
m^b\bl_evgh]h\ lhfqlh\Zfk fm`_flZdljm^ghgZclbh[sbcyaudkmijm`_kdZy`bagv²
wlh gZklhys__ bkdmkkl\h beb G_ klhbl i_j_`b\Zlv y ^mfZx qlh ^_eh wlh fh`gh
ihijZ\blv Ihfhsv dhgkmevlZglm \h \j_fy [_k_^u fh`_l hdZaZlv b hldjulh \ujZ`_ggZy
iho\ZeZ gZijbf_j G_ \kydbc [u \u^_j`Ze lZdh_ beb <u ^_ckl\bl_evgh ohjhrh
jZa[bjZ_l_kv \ ex^yo _keb lZd lhgdh ihgbfZ_l_ ihq_fm hgZ lZd ihklmiZ_l Ih^h[gu_
\ukdZau\Zgby qZklh bf_xl kZfhklhyl_evguc l_jZi_\lbq_kdbc wnn_dl kihkh[kl\my
nhjfbjh\Zgbxm deb_glZiheh`bl_evghcydhgp_ipbb
H^gbfba\Z`g_crbodhk\_gguo\_j[Zevguokj_^kl\gZijZ\e_gguogZih^^_j`Zgb_
dhglZdlZy\ey_lkybkihevah\Zgb_bf_gbdeb_glZKZfhmihfbgZgb_bf_gbq_eh\_dZh[uqgh
jZ[hlZ_l gZ dhglZdl k gbf j_iebdb lbiZ Gm qlh <bdlhj IZ\eh\bq Dhg_qgh E_gZ
kihkh[kl\mxl\hagbdgh\_gbxm deb_glZhsms_gbyqlhdhgkmevlZglhjb_glbjh\ZggZg_]hk
m\Z`_gb_fb ihgbfZgb_f_]hkemrZ_l< gZb[he__keh`gu_fhf_gluijb_fZdh]^Zdeb_glZ
g_h[oh^bfh hklZgh\blv beb i_j_[blv ihfhqv knhjfmebjh\Zlv ljm^gmx fukev b li
h[jZs_gb_ ih bf_gb h[_ki_qb\Z_l \gbfZl_evgh_ hlghr_gb_ d keh\Zf dhgkmevlZglZ [he__
^h\_jbl_evgucb hldjh\_ggucmjh\_gv[_k_^u
GZb[he__ ljZ^bpbhggZy nhjfZ ih^^_j`Zgby \_j[Zevgh]h dhglZdlZ \ [_k_^_ ² wlh
\ujZ`_gb_ kh]eZkby b h^h[j_gby \ukdZau\Z_fh_ dhgkmevlZglhf \ lh \j_fy dh]^Z hg
\gbfZl_evgh kemrZ_l deb_glZ G_ lZd \Z`gh \ dZdhc nhjf_ b \ dZdhc fhf_gl ijha\mqbl
h^h[j_gb_ghkZfnZdlqlhikboheh]g_fheqblZ db\Z_lih^[Z^jb\Z_lkh]eZrZ_lky>Z
Dhg_qgh M]m kihkh[kl\mxl \hagbdgh\_gbx m kh[_k_^gbdZ hsms_gby qlh _]h
\gbfZl_evghkemrZxlb ihgbfZxlDhgkmevlZglmg_ke_^m_lij_g_[j_]Zlvwlbfbkj_^kl\Zfb
^Z`__keb_fmohq_lkyih\hafh`ghklbkhojZgblvg_cljZevghklvkh[kl\_gghcihabpbb b g_
nhjfmebjh\Zlv ij_`^_\j_f_gguo km`^_gbc Kh]eZkb_ \ukdZaZggh_ \h \j_fy fhgheh]Z
deb_glZhlgx^vg_bkdexqZ_llh]hqlhm dhgkmevlZglZfh`_l[ulvkh[kl\_ggh_fg_gb_beb
hlghr_gb_d jZkkdZam
G_\_j[ZevgucdhglZdl
H g_\_j[Zevghf dhglZdl_ b _]h agZq_gbb dZd \ ijhp_kk_ ikbohl_jZibb lZd b ^ey
h[_ki_q_gby wnn_dlb\ghklb f_`ebqghklgh]h h[s_gby gZibkZgh hq_gv fgh]h I_ljh\kdZy
E: :l\Zl_jG FbpbqI K\yaZghwlhg_lhevdhk l_fqlhh^ghb lh`_
keh\h kdZaZggh_ ihjZaghfm ijb\h^bl d jZaebqghfm wnn_dlm G_\_j[Zevgu_ j_Zdpbb \
f_gvr_c kl_i_gb q_f \_j[Zevgu_ gZoh^ylky ih^ khagZl_evguf dhgljhe_f q_eh\_dZ A^_kv
gZqbgZxsbc dhgkmevlZgl fh`_l k e_]dhklvx ^himklblv hrb[dm g_ mke_^blv aZ kh[hc b
lh]^Z g_\hevgZy ]jbfZkZ jZa^jZ`_gby beb mklZehklb \hkijbgylZy deb_glhf gZ k\hc kq_l
fh`_l g_]Zlb\gh kdZaZlvky gZ ^Zevg_cr_f oh^_ [_k_^u G_ kemqZcgh kms_kl\mxl
ki_pbZevgu_ nhjfu h[mq_gby ikbohl_jZi_\lh\ ijb ihfhsb \b^_haZibkb gZijZ\e_ggu_ gZ
h\eZ^_gb_b dhgljhevaZkh[kl\_gguf\ujZ`_gb_febpZ
Fh`gh \u^_eblv g_kdhevdh kn_j g_\_j[Zevgh]h dhglZdlZ dhlhjuf dhgkmevlZgl
^he`_gm^_eylvki_pbZevgh_\gbfZgb_\ oh^_[_k_^u
DHGL:DL =E:A < ih\k_^g_\ghc `bagb ex^b j_^dh kfhljyl \ ]eZaZ ^jm] ^jm]m
kdhj__^Z`_ba[_]Zxlwlh]hdZdg_ijhr_gh]h\f_rZl_evkl\Z\ qZklgmx`bagvDhgkmevlZglm
lZd`_ g_ ke_^m_l gZ\yau\Zlv \a]ey^ \ ]eZaZ deb_glm ohly ^ey deb_glZ bgh]^Z aZ]eygmlv \
]eZaZ ikboheh]Z [u\Z_l \Z`gh ^ey lh]h qlh[u ijh\_jblv gZkdhevdh \gbfZl_evgh _]h
kemrZxlg_kf_xlkyebg_hkm`^Zxleb
L_f g_ f_g__ dhgkmevlZglm \h \j_fy [_k_^u ke_^m_l kfhlj_lv gZ deb_glZ Z g_ \
klhjhgm ihkdhevdm bgZq_ m kh[_k_^gbdZ fh`_l \hagbdgmlv hsms_gb_ qlh _]h iehoh b
g_\gbfZl_evghkemrZxl HilbfZevgh_ ijhkljZgkl\_ggh_ jZkiheh`_gb_ \h \j_fy [_k_^u ²
dhgkmevlZgl b deb_gl kb^yl ih^ m]ehf qmlv gZbkdhkhd ² dZd g_evay emqr_ kihkh[kl\m_l
lhfmqlhhgbgZoh^ylky\ ihe_aj_gby^jm]^jm]Zghdeb_glbf__l\hafh`ghklvkfhlj_lv\
klhjhgmg_hl\h^yki_pbZevgh]eZab g_gZ\yau\Zyk_[ykh[_k_^gbdm
<UJ:@?GB?EBP:Ijhn_kkbhgZemke_^m_lke_^blvaZk\hbf\ujZ`_gb_febpZ
Emqr_\k_]h_kebgZebp_fh`ghijhq_klv^h[jh`_eZl_evgh_\gbfZgb_Ghl_fdlhlhevdh
gZqbgZ_l jZ[hlZlv klhbl ki_pbZevgh ihgZ[ex^Zlv aZ kh[hc i_j_^ a_jdZehf \u[jZlv lh
\ujZ`_gb_ dhlhjh_ \ gZb[hevr_c kl_i_gb ih^oh^bl d kblmZpbb dhgkmevlbjh\Zgby
ihqm\kl\h\Zlv_]hgZk\h_febp_
;u\Z_lqlh\ ijhp_kk_[_k_^uikboheh]hsmsZ_ljZkl_jygghklvg_agZ_lqlh^_eZlv
^Zevr_qlhkdZaZlvHkh[_gghqZklhwlh\hagbdZ_l\ kblmZpbyodh]^Zdeb_glieZq_lho\Zq_g
dZdhclhkbevghcwfhpb_cbebZ]j_kkb\ghkihjblk dhgkmevlZglhfG_aZ\bkbfhhlkblmZpbb
\ujZ`_gb_ ebpZ b ]hehk g_ ^he`gu \u^Z\Zlv jZkl_jygghklb b kfyl_gby <ujZ`_gb_
kihdhckl\byb m\_j_gghklbgZebp_ijhn_kkbhgZeZkZfhihk_[_bf__likbohl_jZi_\lbq_kdbc
wnn_dl kihkh[kl\my hsms_gbx qlh \k_ ghjfZevgh gbq_]h kljZrgh]h beb ba jy^Z \hg
\uoh^ys_]hg_ijhbkoh^blkh\k_fwlbffh`ghkijZ\blvky
IhaZl_eZ
?kl_kl\_ggh qlh ihaZ dhgkmevlZglZ g_ ^he`gZ [ulv gZijy`_gghc beb aZdjulhc
Hsms_gb_ gZijy`_gghklb fh`_l \hagbdgmlv _keb dhgkmevlZgl [m^_l kb^_lv gZ djZ_rd_
klmeZbeb_keb_]hjmdb[m^mlk gZijy`_gb_fk`bfZlvjmqdbdj_keZbebijhklh\ lhfdZdhg
kb^bl [m^_l g_qlh g_ijb\uqgh_ beb g__kl_kl\_ggh_ AZdjulhklv ihau ljZ^bpbhggh
k\yau\Z_lky kh kdj_s_ggufb jmdZfb beb gh]Zfb Hsms_gb_ hlkljZg_gghklb ikboheh]Z
fh`_l \hagbdgmlv _keb hg kebrdhf ^Ze_dh hldb^u\Z_lky gZ dj_ke_ beb hlh^\b]Z_lky hl
deb_glZ Gh g_ klhbl b kebrdhf [ebadh ijb^\b]Zlvky d kh[_k_^gbdm beb kb^_lv gZ dj_ke_
gZdehgb\rbkvijyfh\i_j_^ ² lZdZyihaZfh`_l \ua\Zlvhsms_gby^Z\e_gbyb gZjmr_gby
ebqghklgh]hijhkljZgkl\Z
DhgkmevlZglb deb_glgZoh^ylky\h\j_fy[_k_^u\ k\h_h[jZaghfl_e_kghfdhglZdl_
bkihevah\Zgb_ dhlhjh]h fh`_l lZd`_ ih\ukblv wnn_dlb\ghklv dhgkmevlZlb\gh]h ijhp_kkZ
H[uqgh wlh \ujZ`Z_lky \ lhf qlh ijb ]em[hdhc \h\e_q_gghklb \ jZa]h\hj deb_gl g_
hkhagZ\Zy wlh]h gZqbgZ_l a_jdZevgh hljZ`Zlv iham b ih\_^_gb_ dhgkmevlZglZ LZd _keb
ikboheh] gZijy`_g hsms_gb_ gZijy`_gby b g_m\_j_gghklb i_j_^Z_lky b kh[_k_^gbdm
dhlhjucg_hkhagZgghijbgbfZ_lihamZgZeh]bqgmxiha_dhgkmevlZglZ< lZdhfdhglZdl_g_l
gbq_]hijhlb\h_kl_kl\_ggh]h\k_fug_jZagZ[ex^Zebih^h[gu_wnn_dluaZjZ`_gbydh]^Z
gZijbf_j dlhlh gZqbgZ_l dZreylv beb qboZlv Z hdjm`Zxsb_ g_f_^e_ggh gZqbgZxl _fm
\lhjblv GZebqb_ lZdh]h dhglZdlZ ij_^hklZ\ey_l h]jhfgu_ \hafh`ghklb ^ey dhgkmevlZglZ
dhlhjuc fh`_l ihijh[h\Zlv dhk\_ggh ih\ebylv gZ deb_glZ jZkkeZ[b\rbkv b aZgy\
ih^q_jdgmlh [he__ m^h[gmx iham \ kemqZ_ _keb deb_gl kebrdhf aZdjul beb gZijy`_g
G_hkhagZggh kh[_k_^gbd \ lhc beb bghc kl_i_gb kdhj__ \k_]h ihklZjZ_lky ih\lhjblv __
Baf_g_gb_ ihabpbb l_eZ h[uqgh \e_q_l aZ kh[hc b baf_g_gb_ ikboheh]bq_kdh]h khklhygby
dhjj_dpby ikboheh]bq_kdbo khklhygbc q_j_a \ha^_ckl\b_ gZ l_eh y\ey_lky kh^_j`Zgb_f
h^gh]h ba kh\j_f_gguo gZijZ\e_gbc ikbohl_jZibb ihemqb\r_]h gZa\Zgb_ l_e_kgh
hjb_glbjh\ZggZyl_jZiby /RZHQ$ Lhgb ]jhfdhklv]hehkZ
J_Zdpbydeb_glZgZlhqlh]h\hjblikboheh]\hfgh]hfk\yaZgZk l_fdZdbflhghfk
gbf ]h\hjyl Lhg dhgkmevlZglZ ^he`_g g_ ijhklh [ulv ^h[jh`_eZl_evguf hg ^he`_g
khhl\_lkl\h\Zlv lhfm qlh ]h\hjblky >ey lh]h dlh g_ m\_j_g \ lhf gZkdhevdh hg ohjhrh
qm\kl\m_l b dhgljhebjm_l k\hc lhg bf__l kfuke ki_pbZevgh ihmijZ`gylvky k iZjlg_jhf
dhlhjucfh`_l^Zlvlhqgmxh[jZlgmxk\yavIh^h[gu_mijZ`g_gbyrbjhdhijbf_gyxlky\
jZfdZolj_gbg]Zk_gablb\ghklbJm^_klZfD I_ljh\kdZyE: G_ klhbl ]h\hjblv k deb_glhf kebrdhf ]jhfdh Kdhj__ gZh[hjhl ijb]emr_gguc
]hehk \ [hevr_c f_j_ kihkh[kl\m_l \hagbdgh\_gbx m kh[_k_^gbdZ hsms_gby
^h\_jbl_evghklbbglbfghklb Bgl_j_kgh qlh \Zjvbjh\Zgb_ ]jhfdhklb ]hehkZ b l_fiZ j_qb
dhgkmevlZglZlhqghlZd`_dZdb \kemqZ_k baf_g_gbyfbihaufh]mlijb\_klbd baf_g_gbyf
khklhygby deb_glZ H[uqgh ]jhfdhklv ]hehkZ b l_fi m dhgkmevlZglZ b deb_glZ kh\iZ^Zxl
_keb`_ihke_^gbckebrdhf\ha[m`^_gwlhkjZamhljZ`Z_lkygZlhfdZdhg]h\hjbl< [he__
\ha[m`^_gghf khklhygbb ex^b ]h\hjyl ]jhfq_ b [uklj__ DhgkmevlZgl fh`_l g_kdhevdh
hoeZ^blvdeb_glZgZqZ\]h\hjblvf_^e_gg__b lbr_ qlh kdhj__ \k_]hijb\_^_l d lhfm qlh
deb_gl Z\lhfZlbq_kdb ihklZjZ_lky ih^eZ^blvky ghjfZebah\Z\ lZdbf h[jZahf k\h_
ikboheh]bq_kdh_khklhygb_
Bkihevah\Zgb_iZmau
Bkihevah\Zgb_iZmaudZdkj_^kl\Zikbohl_jZibb ljm^gh i_j_hp_gblv H __ agZq_gbb
^ey jZ[hlu k deb_glZfb fgh]h ]h\hjbe D Jh^`_jk ih^q_jdb\Zy qlh mf_gb_ \u^_j`b\Zlv
iZmamy\ey_lkyh^gbfba\Z`g_crboijhn_kkbhgZevguogZ\udh\ijZdlbdZ 5RJHUV K
Kh[ex^ZyiZmamikboheh]ij_^hklZ\ey_l\hafh`ghklv]h\hjblvdeb_glmklbfmebjm_l
fhgheh] GZebqb_ iZma \ [_k_^_ kha^Z_l hsms_gb_ g_lhjhieb\hklb ijh^mfZgghklb
ijhbkoh^ys_]hihwlhfmg_ke_^m_lkebrdhfki_rblvaZ^Z\Zlv\hijhkubebdhff_glbjh\Zlv
lh qlh ]h\hjbl deb_gl IZmaZ ih^q_jdb\Z_l agZqbl_evghklv kdZaZggh]h g_h[oh^bfhklv
hkfukeblv b ihgylv DhgkmevlZglm ke_^m_l \u^_j`b\Zlv iZmam ijZdlbq_kdb ihke_ ex[h]h
\ukdZau\Zgby deb_glZ djhf_ l_o dhlhju_ g_ihkj_^kl\_ggh kh^_j`Zl \hijhk IZmaZ ^Z_l
\hafh`ghklv ^hihegblv m`_ kdZaZggh_ ihijZ\blv mlhqgblv Djhf_ lh]h [eZ]h^Zjy iZma_
fh`gh ba[_`Zlv kblmZpbb dhlhjZy d kh`Ze_gbx g_j_^dh \hagbdZ_l \ ijhp_kk_
dhgkmevlbjh\Zgby dh]^Z deb_gl b dhgkmevlZgl gZqbgZxl dhgdmjbjh\Zlv ^jm] k ^jm]hf
[hjhlvky aZ ijZ\h \klZ\blv keh\h qlhlh kdZaZlv <hafh`ghklv ]h\hjblv ^he`gZ [ulv
ij_^hklZ\e_gZ ij_`^_ \k_]h deb_glm b lh]^Z \ lhl fhf_gl dh]^Z gZklZ_l q_j_^ ]h\hjblv
ikboheh]m_]h[m^mlkemrZlvhkh[_ggh\gbfZl_evgh
=h\hjyh ikbohl_jZi_\lbq_kdhciZma_g_evayg_\kihfgblvh ki_pbZevguokemqZyo__
bkihevah\Zgbydh]^Zikbohl_jZi_\lijZdlbq_kdbiheghklvxfheqblijh\hpbjmyiZpb_glZgZ
fhgheh]LZdh[klhbl^_ehgZijbf_j\ ikbohZgZeba_]^_\Z`ghqlh[u\k_qlh]h\hjbehkv
[ueh \ [hevr_c f_j_ k\yaZgh k ]em[bggufb qm\kl\Zfb b i_j_`b\Zgbyfb iZpb_glZ Z g_
y\eyehkv j_Zdpb_c gZ \hijhku b dhff_glZjbb ijhn_kkbhgZeZ Dhg_qgh ih^h[gh_
bkihevah\Zgb_ iZmau iha\hey_l ]em[`_ aZ]eygmlv \ [_kkhagZl_evgh_ gh lZdZy aZ^ZqZ g_
khhl\_lkl\m_l p_eyf dhgkmevlbjh\Zgby ]^_ \j_f_ggu_ jZfdb b aZijhku deb_glZ kljh]h
h]jZgbq_gu Wlh agZqbl qlh iZmaZ dhgkmevlZglZ g_ ^he`gZ [ulv qj_af_jghc ^ebl_evghc
<_^v dZd ba\_klgh ba hiulZ ]jmiih\hc ikbohl_jZibb qj_af_jgZy iZmaZ ijh\hpbjm_l
Z]j_kkbxgZ\_^ms_]h <DORP,' <j_fyiZmau\hkijbgbfZ_lky\ [_k_^_ihhkh[hfmb fbgmlgZyiZmaZ[m^_l\u]ey^_lv
dZd \_qghklv >ey ghjfZevghc iZmau \iheg_ ^hklZlhqgh ² k_dmg^ <ijhq_f
dhgkmevlZglmklhblki_pbZevgh ihwdki_jbf_glbjh\Zlvk l_fqlhagZqbliZmaZihgZ[ex^Z\aZ
qZkZfbk k_dmg^ghcklj_edhc
JZa]h\hjh l_ogheh]bb\_^_gbydhgkmevlZlb\ghc[_k_^ufh`ghijh^he`Zlv_s_hq_gv
^he]h D lhfm `_ m dZ`^h]h hiulgh]h ijhn_kkbhgZeZ _klv k\hb ijb_fu b meh\db
ihfh]Zxsb_ \ jZ[hl_ k kZfufb jZagufbdeb_glZfb Gh aZ\_jrZy wlhl jZa^_e ohq_lky _s_
jZa ih\lhjblv ^ey lh]h qlh[u h\eZ^_lv \k_fb wlbfb ijb_fZfb gZ ^_ckl\bl_evgh \ukhdhf
mjh\g_ g_h[oh^bfu ^he]b_ qZku jZ[hlu ih^ gZ[ex^_gb_f hiulgh]h ijhn_kkbhgZeZ
kmi_j\bahjZ Lhevdh \ wlhf kemqZ_ fh`gh m\b^_lv k_[y kh klhjhgu ihgylv b hlj_ne_dkb
jh\Zlvfgh]h_qlhbgZq_hklZg_lkyg_aZf_q_gguf
DHGKMEVLBJH<:GB?JH>BL?E?CIH IH<H>MKEH@GHKL?C<H
<A:BFHHLGHR?GBYOKH<AJHKEUFB>?LVFB
H^gZ ba gZb[he__ qZkluo ijh[e_f k dhlhjufb ijboh^blky klZedb\Zlvky \
dhgkmevlZpbhgghc jZ[hl_ ² `Zeh[u jh^bl_e_c gZ ljm^ghklb \h \aZbfhhlghr_gbyo kh
k\hbfb\ajhkeufb^_lvfbH[uqghk lZdbfb`Zeh[Zfbijboh^ylfZl_jbgh[u\Z_lqlhb h[Z
jh^bl_ey beb ^Z`_ h^bg hl_p Ijb wlhf h[uqgh nZdl k\h_]h h[jZs_gby aZ ihfhsvx hgb
ohlylkhojZgblv\ lZcg_hl^_l_cWlhagZqblqlhk kZfh]hgZqZeZ[_k_^uikboheh]^he`_g
[ulv hjb_glbjh\Zg gZ jZaj_r_gb_ dhgnebdlZ kbeZfb ijbkmlkl\mxsbo [_a ijb\e_q_gby
^hihegbl_evghcbgnhjfZpbbg_bf_y\hafh`ghklb\a]eygmlvgZ^ZggmxkblmZpbx]eZaZfb
h[\bgy_fuo ² ^_l_c Ihkdhevdm \ ^Zgghf ihkh[bb j_qv b^_l ebrv h ijh[e_fZo
dhgkmevlbjh\Zgby\ajhkeuob g_ij_^iheZ]Z_lkymqblu\ZlvdZdb_eb[hhkh[_gghklb^_lkdhc
ikboheh]bb a^_kv [m^ml ZgZebabjh\Zlvky ljm^ghklb \h \aZbfhhlghr_gbyo jh^bl_e_c k
^_lvfb klZjr_ ² e_l l_ m`_ \ hkgh\ghf ij_h^he_\rbo ljm^ghklb ih^jhkldh\h]h
\hajZklZ
Hq_gv mkeh\gh `Zeh[u jh^bl_e_c gZ ^_l_c fh`gh jZa^_eblv gZ q_luj_ ]jmiiu
jZamf__lkyhgbg_y\eyxlky\aZbfhbkdexqZxsbfbZ qZs_\k_]hkhimlkl\mxl^jm]^jm]m
Hlkmlkl\b_dhglZdlZk ^_lvfbg_ihgbfZgb_lh]hdZdhgb`b\mlq_fbgl_j_kmxlky
g_\hafh`ghklv ih]h\hjblv k gbfb ih ^mrZf hsms_gb_ k\h_c jh^bl_evkdhc g_gm`ghklb
qm`^hklbj_[_gdml^>eydeb_glh\k lZdbfbijh[e_fZfboZjZdl_jgu\ukdZau\ZgbylbiZY
_]h__kh\_jr_gghg_ihgbfZxbebY gbq_]hh g_cg_agZx]^_hgZ[u\Z_ldlh__ ^jmavy
bebHgfg_gbq_]hh k_[_g_jZkkdZau\Z_lg_^h\_jy_lb l^
G_m\Z`bl_evgh_ j_adh_ hlghr_gb_ ^_l_c d jh^bl_eyf ihklhyggu_ kkhju b
dhgnebdlu k gbfb ih imklydZf >ey lZdbo `Zeh[ oZjZdl_jgu \ukdZau\Zgby lbiZ Hg
ihklhygghfg_]jm[bl bebHgZ[khexlghkhfghcg_kqblZ_lkyHghgZgbq_]hg_ohq_l
^_eZlvih^hfmgb \q_fg_ihfh]Z_l
Lj_\h]ZaZ^_l_c\ua\ZggZyl_fqlhhgb`b\mlg_lZddZd^he`gu[ueb[uk lhqdb
aj_gby jh^bl_e_c QZklh ijb wlhf jh^bl_eb \hkijbgbfZxl k\hbo ^_l_c dZd g_kqZklguo
g_m^Zqeb\uo aZimlZ\rboky h^bghdbo b l^ qlh b kem`bl ih\h^hf ^ey h[jZs_gby \
dhgkmevlZpbx @Zeh[u h[uqgh nhjfmebjmxlky lZd M fh_c ^hq_jb hq_gv iehob_
hlghr_gbyk fm`_fy [uhq_gvohl_eZihfhqv_cgZeZ^blvk_f_cgu_hlghr_gbyghg_agZx
dZdwlhk^_eZlvbebFhckug[jhkbebgklblml\ dhlhjhfhlmqbekyq_luj_]h^Zbeb>hqd_
^_\ylgZ^pZlve_lZ hgZm`_k^_eZeZ^\ZZ[hjlZ
Ijh[e_fu k\yaZggu_ k g_klZg^Zjlguf hldehgyxsbfky ih\_^_gb_f ^_l_c Fhy
^hqv mihlj_[ey_l gZjdhlbdb dZd fh`gh _c ihfhqv [jhkblv" Fhc kug² qe_g rZcdb
aZgbfZxs_ckyki_dmeypb_cb \hjh\kl\hfqlhfg_^_eZlv"
?kl_kl\_ggh dZdhc [u gb [ueZ `Zeh[Z deb_glZ i_j\Zy aZ^ZqZ dhgkmevlZglZ ²
jZah[jZlvky\ kmlbijh[e_fuihgylvgZkdhevdhij_l_gabbb hp_gdbjh^bl_eykhhl\_lkl\mxl
^_ckl\bl_evghklbihklZ\blvk\hc^bZ]ghaijh[e_fuGZb[he__hq_\b^gucimlv^eywlh]h ²
k[hj dhgdj_lguo nZdlh\ QZs_ \k_]h ijbr_^rbc gZ ijb_f jh^bl_ev ² keh\hhohleb\uc
deb_gl k ]hlh\ghklvx [_a gZ\h^ysbo \hijhkh\ jZkkdZau\Zxsbc k\hx bklhjbx B \k_ `_
^ey lh]h qlh[u ihemqblv bgnhjfZpbx h dhgdj_lguo kblmZpbyo dhgkmevlZglm ijboh^blky
ki_pbZevgh aZ^Z\Zlv \hijhku h lhf dZd bf_ggh jZa\hjZqb\Z_lky \aZbfh^_ckl\b_ j_[_gdZ k
jh^bl_e_fqlhhgb]h\hjyl^jm]^jm]mihq_fmb dZd\kiuob\Zxlkkhjuqlhbf_gghkem`bl
hkgh\Zgb_f ^ey [_kihdhckl\Z b ih^haj_gbc <Z`gufb fhf_glZfb \ ihklZgh\d_ lhqgh]h
ikboheh]bq_kdh]h ^bZ]ghaZ iha\heyxs_]h \u^\b]Zlv b nhjfmebjh\Zlv ^Zevg_crb_
]bihl_auy\eyxlky
Z \uykg_gb_ lh]h gZkdhevdh k_jv_agZ ijbqbgZ [_kihdhckl\Z jh^bl_ey ih ih\h^m
j_[_gdZ bgZq_ ]h\hjy y\ey_lky eb j_[_ghd ghjfZevguf l_ y\eyxlky eb _]h ljm^ghklb
kljZgghklb beb hkh[_gghklb ih\_^_gby ijhy\e_gbyfb g_aZ\bkbfhklb kZfhklhyl_evghklb
ij_^klZ\e_gbyfbh `bagbhlebqgufbhljh^bl_evkdbobeb\ _]hih\_^_gbb\ukdZau\Zgbyo
b j_Zdpbyo ^_ckl\bl_evgh ijbkmlkl\mxl g_dhlhju_ hkh[_gghklb k\b^_l_evkl\mxsb_ h
dZdboeb[hikbobq_kdbob khpbZevguohldehg_gbyo
[ihgbfZgb_lh]hdZdh\Z^_ckl\bl_evghihabpbyjh^bl_eyihhlghr_gbxd j_[_gdm
qlhe_`bl\ hkgh\_ijboh^Z\ dhgkmevlZpbx ² kh[kl\_ggu_ijh[e_fubeb[_kihdhckl\haZ
kugZ^hqvklj_fe_gb_ihfhqv_fm_cbeb`_eZgb_h[j_klbihfhsvb ih^^_j`dm^eyk_[y
b ba[Z\blvkyhlkh[kl\_gguokljZoh\i_j_`b\Zgbc\bgug_gm`ghklbb l^
G_j_^dh \klj_qZxlky kblmZpbb dh]^Z \_jgh b lh b ^jm]h_ l_f [he__ qlh
g_[eZ]hihemqb_ g_m\_j_gghklv \ k_[_ g_Z^_d\Zlghklv ihabpbb kZfh]h jh^bl_ey ² wlh
\k_]^Zhkgh\Zgby^eylh]hqlh[um j_[_gdZ\ `bagblZd`_[uebljm^ghklbb ijh[e_fuGh
ihkdhevdm j_Zevguf deb_glhf h[jZlb\rbfky aZ dhgkmevlZpb_c \k_ `_ y\ey_lky jh^bl_ev
hkgh\gh_ \gbfZgb_ dhgkmevlZglZ \k_]^Z ^he`gh [ulv gZijZ\e_gh gZ lh qlh[u ihfhqv _fm
jZah[jZlvky\ kh[kl\_gguokljZoZob ijh[e_fZoihgylvgZkdhevdhmf_klgub p_e_khh[jZagu
i_j_`b\ZgbyaZj_[_gdZ
Dhjj_dpbyihabpbbjh^bl_eyihhlghr_gbxd j_[_gdm
AZ kljZoZfb b i_j_`b\Zgbyfb jh^bl_ey aZ `Zeh[Zfb gZ hlkmlkl\b_ dhglZdlZ l_
ij_`^_ \k_]h aZ kemqZyfb h[jZs_gby b qZs_ \k_]h djh_lky ]bi_j^hfbgZglgZy
hi_dZxsZyihabpbyjh^bl_eyihhlghr_gbxd j_[_gdmklj_fe_gb_jmdh\h^blvkh\_lh\Zlv
j_dhf_g^h\Zlv [_a ihgbfZgby bklbgguo ihlj_[ghkl_c j_[_gdZ < wlhf kemqZ_ hkh[_gghklb
ih\_^_gbyj_[_gdZe_`Zsb_\ hkgh\_`Zeh[ ² g_\gbfZl_evghklvj_adhklvkdjulghklv_klv
kihkh[u [hjv[u aZ kh[kl\_ggmx g_aZ\bkbfhklv ihiuldb ba[_`Zlv ]bi_jhi_db LZdbf
]bi_jhi_dZxsbf jh^bl_eyf k\hckl\_ggh eb[h g_ aZf_qZlv ^hfbgZglghklb kh[kl\_ggh]h
ih\_^_gby eb[h \hkijbgbfZlv _]h dZd g_qlh ghjfZevgh_ b _kl_kl\_ggh_ Y `_ ohqm _fm
lhevdh^h[jZY `_emqr_agZxdZdgZ^hihklmiZlv\ lZdbokblmZpbyo
G_Z^_d\Zlghklv deb_glZ _]h g_djblbqgh_ hlghr_gb_ d kh[kl\_gghfm ih\_^_gbx
lj_[m_l hl ikboheh]Z hkh[hc hklhjh`ghklb \h \j_fy [_k_^u H[jZlgZy k\yav hp_gdZ
ih\_^_gby q_eh\_dZ fh`_l [ulv ^ZgZ lhevdh ihke_ lh]h dZd gZdhie_gh ^hklZlhqgh_
dhebq_kl\hnZdlh\ih^l\_j`^ZxsbolZdmxbgl_jij_lZpbxIjbjZ[hl_k ]bi_jhi_dZxsbf
jh^bl_e_f [u\Z_l hkh[_ggh ihe_agh \uykgblv l_ lj_[h\Zgby dhlhju_ hg hgZhgb
ij_^ty\eyxlj_[_gdm\hh[s_l_dZdbfhghgZohl_e[u\b^_lvk\h_]hkugZ^hqvZ lZd`_
lhdh]^Zb dZdwlblj_[h\Zgbyij_^ty\eyxlkyqlhb ihdZdhfmih\h^mjh^bl_evqZs_\k_]h
]h\hjblj_[_gdm
H[uqgh \ kblmZpbb ]bi_jhi_db m jh^bl_ey _klv lj_[h\Zgby ij_^ty\ey_fu_
ijZdlbq_kdb _`_^g_\gh b bf_ggh hgb dZd ijZ\beh e_`Zl \ hkgh\_ dhgnebdlh\ b kkhj
dhlhju_ \kiuob\Zxl klhbl lhevdh ijha\mqZlv wlbf fZ]bq_kdbf keh\Zf Ih^h[gu_
lj_[h\Zgby fh]ml [ulv k\yaZgu dZd k dZdbfblh khpbZevgufb aZ^ZqZfb klhysbfb i_j_^
\ajhkeufb ^_lvfb Dh]^Z lu gZqg_rv ]hlh\blvky \ bgklblml" <k_ l\hb h^ghdmjkgbdb
^Z\gh m`_ aZsblbeb ^bkk_jlZpbb lZd b k ih\k_^g_\gufb ^hfZrgbfb kblmZpbyfb
I_j_klZgv [Zeh\Zlv j_[_gdZ G_ jZa]h\Zjb\Zc ^he]h ih l_e_nhgm Ihq_fm lu
ihklhyggh\kx^mhiZa^u\Z_rvG_f_^e_gghihfhcaZkh[hcihkm^m
G_j_^dh\h\j_fyih^jh[gh]hjZa]h\hjZk jh^bl_eyfbh l_olj_[h\Zgbyodhlhju_hgb
ij_^ty\eyxl k\hbf ^_lyf \hagbdZ_l qm\kl\h g_^hmf_gby d dhfm `_ hgb h[jZs_gu bgZq_
]h\hjykdhevdh`_e_lj_[_gdm"A\mqZlhgbqZklhlZd[m^lhjZa]h\hjb^_lh ²e_lg_f
j_[_gd_ ohly b ih hlghr_gbx d j_[_gdm lZdh]h \hajZklZ aehmihlj_[eylv ih^h[gufb
nhjfmebjh\dZfbg_klhblGh\_^va^_kvj_qvb^_lh ^_lyoqZs_\k_]h^Z\gh\ur_^rboba
wlh]h\hajZklZM`_wlhkZfhihk_[_k\b^_l_evkl\m_lh g_Z^_d\Zlghklbihabpbbjh^bl_e_c
?s_ [hevr__ g_khhl\_lkl\b_ j_Zevghklb jh^bl_evkdhc ihabpbb fh`_l ijhy\blvky _keb
deb_glZkijhkblv: dZdh\Zp_evlh]hqlh\u\k_wlh_fm]h\hjbl_"QZs_\k_]h\ ih^h[guo
kemqZyo dhgkmevlZgl fh`_l mkeurZlv \ hl\_l Y iulZxkv gZmqblv beb aZklZ\blv _]h __
^_eZlvlhqlhg_h[oh^bfhbebY gZihfbgZx_fmbgZq_hgaZ[m^_lwlhk^_eZlv
AZlZdbfbhl\_lZfbkdju\Z_lkyZij_^klZ\e_gb_h k\h_cjhebmqbl_ey_^bgkl\_ggh]h
agZxs_]hb ihgbfZxs_]hqlhdh]^Zb dZdgZ^h^_eZlvbkhhl\_lkl\_gghg_^himkdZxs_]h
dZdboeb[h bguo \ZjbZglh\ beb hp_ghd [ m\_j_gghklv \ g_h[oh^bfhklb b j_Zevghklb
^hklb`_gby klhysbo aZ^Zq ² \hkiblZlv aZklZ\blv h[tykgblv m[_^blv b l^ \ gbadZy
hp_gdZ \hafh`ghkl_c b kihkh[ghkl_c kZfh]h j_[_gdZ g_^h\_jb_ d g_fm ihkdhevdm lZdh_
ih\_^_gb_jh^bl_eyhagZqZ_l_]hm[_`^_gb_\ lhfqlhj_[_ghdkZfgbdh]^Zb gbq_]himlgh]h
k^_eZlv g_ kfh`_l AZ^ZqZ dhgkmevlZglZ \ lZdhc kblmZpbb ² jZajmrblv beb ihklZ\blv ih^
khfg_gb_ p_e_khh[jZaghklv ]bi_jhi_dZxs_c ihabpbb ih hlghr_gbx d kugm ^hq_jb Z
lZd`_ih\hafh`ghklbaZf_gblv__ bgufhlghr_gb_fb \b^_gb_fijhbkoh^ys_]h
Gh ij_`^_ g_h[oh^bfh k^_eZlv _s_ h^bg hq_gv \Z`guc rZ] k\yaZlv hkh[_gghklb
ih\_^_gby jh^bl_ey ]bi_jhi_dm b ih\_^_gb_ j_[_gdZ kdjulghklv oheh^ghklv j_adhklv
g_m\Z`bl_evgh_hlghr_gb_
QZklh m`_ \ oh^_ [_k_^u dhgkmevlZgl fh`_l ykgh mdZaZlv deb_glm gZ k\yav f_`^m
\ukdZau\Zgbyfb jh^bl_ey b j_Zdpb_c j_[_gdZ Wlh fh`gh k^_eZlv \ kblmZpbyo dh]^Z ba
jZkkdZaZ deb_glZ ke_^m_l qlh \ke_^ aZ ij_^ty\e_gb_f \ lhc beb bghc nhjf_ jh^bl_evkdbo
lj_[h\Zgbc y\gh ke_^m_l Z]j_kkb\gZy beb h[_kp_gb\ZxsZy hlpZ fZlv j_Zdpby kh klhjhgu
kugZ ^hq_jb ?s_ h^bg g_ f_g__ \Z`guc bklhqgbd bgnhjfZpbb ² hp_gdZ jh^bl_ey kh
klhjhgu j_[_gdZ ^ZggZy kZfbf jh^bl_e_f >ey lh]h qlh[u ihemqblv lZdmx bgnhjfZpbx
^hklZlhqghaZ^Zlv\hijhk: dZd\Zrkug^hqv\hkijbgbfZxl\Zr_ih\_^_gb_qlhhgb h
\Zk ]h\hjyl" G_ klhbl ^h\hevkl\h\Zlvky hl\_lZfb lbiZ Gbq_]h beb G_ agZx Ijhy\b\
g_dhlhjmx gZklhcqb\hklv Gm qlh hg hgZ \Zf ]h\hjbl dh]^Z \u kkhjbl_kv" fh`gh
ihemqblv \_kvfZ p_ggu_ ^ey ^Zevg_cr_c jZ[hlu k\_^_gby lbiZ Hg hgZ fg_ gZqbgZ_l
djbqZlv q_]h lu dh fg_ \k_ \j_fy ijbklZ_rv" GZ^h_eh AZgm^Z Lu gbq_]h gZ
ihgbfZ_rv Lh _klv j_[_gdm g_ ijhklh g_ gjZ\blky qlh b dh]^Z ]h\hjbl jh^bl_ev gh
jh^bl_evkdb_ \ukdZau\Zgby ijyfh hl\_j]Zxlky hp_gb\Zxlky b \hkijbgbfZxlky \_kvfZ
g_]Zlb\gh
?s_h^bgbklhqgbdbgnhjfZpbbbkihevah\Zgb_dhlhjh]hfh`_l\ agZqbl_evghcf_j_
ihfhqv\kdjulbxe_`Zsbo\ hkgh\_]bi_jhi_dbf_oZgbafh\ ² ZgZebalh]hihq_fmjh^bl_ev
h[jZlbekyaZikboheh]bq_kdhcihfhsvxbf_gghk_cqZkihq_fmijh[e_fuhlghr_gbcklZeb
hkh[_ggh hkljufb qlh baf_gbehkv \ hlghr_gbyo k j_[_gdhf \ kblmZpbb beb \ kZfhf
jh^bl_e_ \ ihke_^g__ \j_fy lZdbf h[jZahf ;u\Z_l qlh aZ h[hklj_gb_f hlghr_gbc klhbl
ijhklh_kl_kl\_ggucijhp_kk\ajhke_gbyj_[_gdZb moh^_]hbaih^jh^bl_evkdh]hdhgljhey
ghqZs_\k_]hwlhfmkihkh[kl\m_lj_adh_baf_g_gb_kblmZpbbeb[h\ `bagbj_[_gdZj_[_ghd
\_jgmeky ba Zjfbb `_gbeky ihklmibe \ bgklblml b \ blh]_ \hafh`ghklb dhgljhey
mf_gvrbebkv eb[h \ `bagb jh^bl_ey deb_gl \ur_e gZ i_gkbx jZa\_eky b \ j_amevlZl_
ihlj_[ghklv \ ]bi_jhi_d_ Z ihjhc b \hafh`ghklb m\_ebqbebkv <hafh`gh lZd`_ qlh
baf_gbeky kZf j_[_ghd klZe om`_ mqblvky q_f jZgvr_ klZe bgl_j_kh\Zlvky q_flh qlh g_
ih^oh^bl jh^bl_ex m g_]h ihy\bebkv lZcgu b lZdbf h[jZahf hg klZe mkdhevaZlv ba ih^
jh^bl_evkdhc hi_db b dhgljhey Ihbkdb fhf_glZ h[hklj_gby \ hlghr_gbyo b ZgZeba lh]h
ihq_fmb dZdwlhk lhqdbaj_gbydeb_glZijhbkoh^blfh`_lklZlvij_djZkguffZl_jbZehf
^ey ihgbfZgby jh^bl_e_f k\h_c ]bi_jhi_dZxs_c ihabpbb Ijb\_^_f \ dZq_kl\_
ihykgyxs_]hijbf_jZdhgdj_lgmxkblmZpbxh[jZs_gby
< dhgkmevlZpbxh[jZlbeZkvfZlvk `Zeh[hcgZlhqlh^hqvba[_]Z_ljZa]h\Zjb\Zlvk
g_c ]jm[bl iha^gh \ha\jZsZ_lky hldZau\Z_lky ^_eZlv lh qlh __ ijhkyl K lhqdb aj_gby
fZl_jb jZgvr_ ^hqv \k_]^Z [ueZ hq_gv ihkemrghc b mki_rghc ^_\hqdhc gh \ ihke_^g__
\j_fy k g_c qlhlh kemqbehkv Deb_gldZ lZd`_ jZkkdZau\Z_l qlh wlbf e_lhf ^hqdZ g_
ihklmibeZ \ bgklblml ohly \ rdhe_ ohjhrh mqbeZkv Jh^bl_eb mkljhbeb __ jZ[hlZlv
eZ[hjZgldhc \ gZmqghbkke_^h\Zl_evkdbc bgklblml d agZdhfuf b ohly gZ jZ[hl_ gZ g__ g_
`Zemxlky__ hlghr_gbyk ^hfZrgbfbj_adhmom^rbebkv
< j_amevlZl_ [he__ ih^jh[gh]h jZkkijhkZ deb_gldb \uykgy_lky qlh ^hqv \i_j\u_ \
`bagbijhy\beZkZfhklhyl_evghklvj_rb\ihklmiZlvg_\ bgklblmldhlhjuc^eyg__\u[jZeb
jh^bl_ebb ]^_m gbo[uebk\yabb agZdhfu_Z lm^Zdm^Zohl_ehkv_ckZfhcFZlvg_fh`_l
ijhklblv_cwlh]hb_`_^g_\gh\kihfbgZyh __ijh\Ze_gZwdaZf_g_h[tykgy_l_cqlhfZfm
gZ^h kemrZlvky JZ[hlZlv __ mkljhbeb \ ijhnbevguc bgklblml lh]h mq_[gh]h aZ\_^_gby \
dhlhjh_ __ aZklZ\eyeb ihklmiZlv jh^bl_eb ^Z d lhfm `_ _`_^g_\gh iulZxlky aZklZ\blv
aZgbfZlvkyb ]hlh\blvky\ \u[jZggucbfbbgklblmlh[\bgyy^hqv\ lhfqlhk\hbfijh\Zehf
gZwdaZf_gZohgZhihahjbeZk_[yb \kxk_fvxZ kZfhc_c\k_jZ\ghgbdm^Zg_ijh[blvky
Bgh]^Zj_adb_\ukdZau\Zgbyj_[_gdZijyfhmdZau\ZxlgZlhqlhbf_ggh\ ihabpbbb
ih\_^_gbbjh^bl_eykem`blhkgh\Zgb_f^eykkhjb dhgnebdlh\;hevr_gb keh\Zg_kdZ`m
l_[_ h k\hbo ijh[e_fZo lu i_j_\bjZ_rv \k_ nZdlu b \k_ bkihevam_rv ijhlb\ f_gy beb
^Z`_lZdh_kdZaZggh_\ iuemkkhju?s_jZafg_wlhkdZ`_rv ² y ih\_rmkvFg_gZ^h_eh
keurZlv hl l_[y h^gh b lh `_ GZ hkgh\Zgbb wlbo \ukdZau\Zgbc oZjZdl_jbamxsbo
ih\_^_gb_ deb_glZ fh`gh kijhkblv _]h : qlh \u ^_ckl\bl_evgh ]h\hjbl_ _c wlh dZ`^uc
^_gv" beb : qlh hg bf__l \ \b^m dh]^Z ]h\hjbl qlh \u bkihevam_l_ wlh ijhlb\ g_]h"
QZs_\k_]hlZdh]haZf_qZgby[u\Z_l^hklZlhqgh^eylh]hqlh[ujh^bl_evhkhagZelhlnZdl
qlh _]h kh[kl\_ggh_ ih\_^_gb_ ^hklhcgh djblbdb Dhg_qgh ijb wlhf fh]ml \hagbdgmlv
jZaebqgu_hijZ\^Zgby: qlhfg__s_hklZ_lky^_eZlv"ghnZdlhklZ_lkynZdlhf
Hp_gdZ kh[kl\_gghc ihabpbb dZd ijhy\e_gby ]bi_jhi_db ² h^bg ba ih\hjhlguo
fhf_glh\\ dhgkmevlbjh\ZgbblZdh]hjh^ZkemqZ_\Gh^eylh]hqlh[u qlhlhbaf_gbehkv b
ijh[e_fZ [ueZ j_r_gZ wlh]h g_^hklZlhqgh ² g_h[oh^bfh i_j_kfhlj_lv kh\f_klgh k
deb_glhf ih djZcg_c f_j_ ljb m`_ mihfbgZ\rboky \ur_ fhf_glZ _]h ihabpbx ih
hlghr_gbx d j_[_gdm lZdlbdm ih\k_^g_\gh]h ih\_^_gby Z lZd`_ _]h ij_^klZ\e_gb_ h
kh[kl\_gghfj_[_gd_h[jZalh]hdZdh\hg
Ij_`^_ \k_]h ke_^m_l ihklZ\blv ih^ khfg_gb_ ijZ\hfhqghklv b p_e_khh[jZaghklv
ihabpbb \k_agZxs_]h mqbl_ey dhlhjmx aZgbfZ_l jh^bl_ev Z lZd`_ lh qlh \lhedh\u\Zy
g_qlh _`_^g_\gh ^\Z^pZlb ljb^pZlb Z lh b khjhdZe_lg_fm j_[_gdm fh`gh ^h[blvky
dZdh]heb[h ihablb\gh]h j_amevlZlZ Bgh]^Z ^hklZlhqgh aZ^Zlv deb_glm \hijhk : \u
m\_j_gu\ lhfqlh\Zr_fmj_[_gdmbf_gghwlhg_h[oh^bfh"bebDZd\u^mfZ_l__keb\k_
qlh \u ]h\hjbl_ Z[khexlgh ijZ\bevgh ihq_fm hg \Zk g_ kemrZ_l" Ih^h[gu_ ijh[e_fu
qZklh [u\Zxl k\yaZgu k jZagbp_c \ ij_^klZ\e_gbyo h `bagb h __ ghjfZo b p_gghklyo m
jh^bl_e_c b j_[_gdZ k m\_j_gghklvx \ k\h_c ijZ\hl_ b g_mf_gb_f beb g_`_eZgb_f k wlhc
ijZ\hlhc jZkklZlvky QZklh ijb jZ[hl_ k ]bi_jhi_dZxsbf k\_jo^hfbgZglguf jh^bl_e_f
h[km`^_gb_ hkh[_gghkl_c _]h \a]ey^h\ g_ gm`gh ^Z b g_\hafh`gh ² kebrdhf ^Ze_db
[u\Zxl wlb deb_glu hl ihgbfZgby hlghkbl_evghklb kh[kl\_gguo `bag_gguo ijbgpbih\
Ihwlhfm[he__wnn_dlb\gh\ujZab\khfg_gby\ ijZ\hfhqghklbboihmqZxsbomklj_fe_gbc
i_j_clbd ZgZebamboih\_^_gby ² gZklhcqb\hklbdhgljhexdjblbq_kdbfdhff_glZjbyflh
_klvd lhfmqlhg_ihkj_^kl\_gghe_`bl\ hkgh\_bojZagh]eZkbcb ljm^ghkl_c\ hlghr_gbyo
k ^_lvfb
H[km`^_gb_lZdlbdih\k_^g_\gh]hih\_^_gbyjh^bl_eyk j_[_gdhffh`_l^Zevr_b^lb
ih jZaguf gZijZ\e_gbyf < qZklghklb p_e_khh[jZagh ]h\hjblv h lhf qlh ijyfh_
\ha^_ckl\b_ g_wnn_dlb\gh hkh[_ggh dh]^Z hgh [Zabjm_lky gZ g_]Zlb\guo ijbf_jZo b
\ukdZau\Zgbyo ih\_^_gb_ jh^bl_e_c \hkijbgbfZ_fh_ b hsmsZ_fh_ dZd ^Z\e_gb_ qZs_
\k_]h \uau\Z_l g_ ih^qbg_gb_ Z khijhlb\e_gb_ g_]Zlb\baf lh _klv j_amevlZl h[jZlguc
`_eZ_fhfm ^Z\e_gb_ b dhgljhev ijb\h^yl ebrv d h^ghfm ² hlghr_gby k j_[_gdhf
ihjlylky ijbh[j_lZxl g_`_eZl_evguc oZjZdl_j dhlhjuc kh[kl\_ggh ]h\hjy b y\ey_lky
ijbqbghc h[jZs_gby \ dhgkmevlZpbx <_jhylghklv `_ lh]h qlh \ kblmZpbb iehobo
hlghr_gbc fh`gh [m^_l qlhlh h[tykgblv aZklZ\blv ^_eZlv \hkiblZlv ijZdlbq_kdb jZ\gZ
gmex
=h\hjyh g_wnn_dlb\ghklblZdbonhjfjh^bl_evkdh]hdhgljheygb\ dh_cf_j_g_evay
aZ[u\Zlvijh[e_fmhlghr_gbyjh^bl_eyd k\h_fmj_[_gdmlhdZddeb_gl_]h\hkijbgbfZ_lb
hp_gb\Z_l;_a wlh]h]eZ\gucaZijhkdeb_glZg_[m^_lm^h\e_l\hj_g ² hlghr_gbyg_[m^ml
gZeZ`_gu
Dhjj_dpbyhlghr_gbyjh^bl_eyd j_[_gdm
Ih^hclb d h[km`^_gbx wlh]h \hijhkZ h[uqgh g_keh`gh ihkdhevdm aZ \j_fy [_k_^u
gZ[bjZ_lky ^h\hevgh fgh]h \ukdZau\Zgbc lbiZ ;_a f_gy hg gbq_]h g_ k^_eZ_l beb HgZ
wlh]h g_ ihgbfZ_l Wlb b ih^h[gu_ bf j_iebdb ² gZ]ey^gu_ k\b^_l_evkl\Z g_^h\_jby
jh^bl_ey d j_[_gdm gbadhc hp_gdb _]h kihkh[ghkl_c ijhy\eylv kZfhklhyl_evghklv b
g_aZ\bkbfhklv [ulv \ajhkeuf Dhg_qgh \k_]^Z gZc^mlky deb_glu k ]hlh\ghklvx
ml\_j`^Zxsb_ qlh ^ey jh^bl_ey j_[_ghd ex[h]h \hajZklZ ² \k_ jZ\gh j_[_ghd Gh a^_kv
]eZ\gh_\ lhfqlh[uihgylvqlh`_gZkZfhf^_e_agZqbl ²[ulvj_[_gdhf[ulvex[bfuf
jh^gufagZqbfufbeb ² [_kihfhsgufg_mf_eufkeZ[uf"H^gh^_eh ² [_kihdhblvkyh
km^v[_ [eb`g_]h b kh\k_f ^jm]h_ ² gZ dZ`^hf rZ]m ijhy\eylv wlh [_kihdhckl\h
dhgljhebjmy b nZdlbq_kdb g_ ^Z\Zy _fm `blv kZfhfm H^bg ba \ZjbZglh\ h[km`^_gby wlhc
ljm^ghc b keh`ghc l_fu ² jZa]h\hj k lhqdb aj_gby ij_^klZ\e_gbc knhjfmebjh\Zgguo \
]mfZgbklbq_kdhc ikboheh]bb \ qZklghklb D Jh^`_jkhf 5RJHUV K <ajhkeuf b
kZfhklhyl_evguf q_eh\_d ihgZklhys_fm fh`_l klZlv lhevdh lh]^Z dh]^Z _fm ^h\_jyxl b
ebrv \ wlhf kemqZ_ hg kihkh[_g ih\_jblv \ kh[kl\_ggu_ kbeu Khfg_gb_ `_ ^jm]bo \
\hafh`ghklyoq_eh\_dZijhy\eyxsb_ky\ qZklghklb\ ]bi_jhi_d_\_^v\ hi_d_gm`^Zxlky
keZ[u_ih^ju\Z_l_]h\_jm\ k\hbkbeu^_eZ_liZkkb\gufb [_kihfhsguf
DZdwlhgb i_qZevgh[hevrbgkl\hjh^bl_e_c\ gZr_cdmevlmj_g_aZ^mfu\ZxlkygZ^
lZdbfb\_sZfbdZd^h\_jb_d ^_lyfb qZklhjZa]h\hjh[wlhfa\mqbl^eygbodZdgZklhys__
hldjh\_gb_ ;he__ lh]h \ hlghr_gbb d kh[kl\_gghfm j_[_gdm qZklh ijbkmlkl\m_l ^hey
hij_^_e_ggh]h kd_ilbpbafZ ² hg kebrdhf jZgbfuc hgZ m f_gy g_kZfhklhyl_evgZy
JZamf__lky q_eh\_dm k ]bi_jhi_dZxsbfb l_g^_gpbyfb m^h[gh dh]^Z ^jm]b_ gm`^Zxlky \
g_f b ihwlhfm lZdbf deb_glZf [u\Z_l ljm^gh ijbagZlv qlh hgb ^_ckl\bl_evgh iehoh
hp_gb\Zxl k\h_]hj_[_gdZ \ lhf kfuke_ qlh hgb _]hg_^hhp_gb\Zxl Z _kebhgb b ijZ\u \
k\h_c hp_gd_ lh \ wlhf \bgh\Zl g_ klhevdh j_[_ghd kdhevdh jh^bl_ev dhlhjuc lZdbf _]h
\hkiblZe <k_ wlh hagZqZ_l qlh gZ deb_gl_ e_`bl b hij_^_e_ggZy hl\_lkl\_gghklv
h[yau\ZxsZy_]haZgylvkyi_j_\hkiblZgb_fk_[y
=bi_jhi_dZxs_fm lj_\h`ghfm jh^bl_ex [u\Z_l hq_gv \Z`gh ihgylv dZd \ _]h
hlghr_gbyo k j_[_gdhf ijhy\ey_lky ]bi_jhi_dZ ihq_fm l_ beb bgu_ kZfu_ ^h[ju_
gZf_j_gbyhdZau\Zxlkyih^Z\eyxsbfbZ g_ihfh]ZxsbfbdZdfh`_l\u]ey^_lvhlkmlkl\b_
dhgljhey ihklhygguo gZihfbgZgbc mdZaZgbc aZij_lh\ gZ kZfhklhyl_evgu_ ^_ckl\by GZ
wlhfwlZi_[_k_^udhgkmevlZglmijboh^blkyg_lhevdhjZ[hlZlvk i_j\hgZqZevgufaZijhkhf
deb_glZghb j_rZlvgh\u_ijh[e_fuk\yaZggu_k g_h[oh^bfhklvxaZf_guklZjuokihkh[h\
ih\_^_gbygZbgu_[he__]b[db_b Z^_d\Zlgu_hlghr_gbyfjh^bl_eykh\ajhkeufq_eh\_dhf
² kh[kl\_gguf j_[_gdhf <k_ wlh g_ lZd ijhklh k^_eZlv ihkdhevdm dhgljhebjmxsbc
hi_dZxsbcjh^bl_ev h[uqgh k\ylh \_jbl qlh _keb [u g_ _]h gZihfbgZgby b aZf_qZgby lh
j_[_ghd[uaZjhk]jyavx\kx^mhiZa^u\Zeg_kfh][umqblvkyb l^Ihwlhfmp_ebb
lj_[h\Zgbyjh^bl_eyqZklh\iheg_jZamfgu_b ZdlmZevgu_kZfbihk_[_^he`gu[ulvlZd`_
h[km`^_gu DhgkmevlZgl ijb jZ[hl_ k jh^bl_e_f ^he`_g ihgbfZlv qlh ohly dhgljhev
jh^bl_eyqZs_\k_]hg_hq_gvkbevgh\eby_lgZ`bagvj_[_gdZ\g_jh^bl_evkdhck_fvb\k_
`_[u\Z_lb lZdqlhaZ]h^ukh\f_klghc`bagbdhgljhevklZgh\blky^eyg_]hg_h[oh^bfuf
we_f_glhf`bagbGm`ghih^]hlh\blvjh^bl_eyd lhfmqlhbaf_g_gb__]hih\_^_gby\jy^eb
ijb\_^_l d g_f_^e_gghfm b [ukljhfm jhklm kZfhklhyl_evghklb b khagZl_evghklb j_[_gdZ
Kdhj__ gZh[hjhl q_eh\_d dhlhjh]h ^he]b_ ]h^u hlmqZeb [ulv kZfhklhyl_evguf fh`_l
ihqm\kl\h\Zlv g_ h[e_]q_gb_ \ k\yab k hlkmlkl\b_f dhgljhey b gZihfbgZgbc Z ]em[hdmx
jZkl_jygghklvklZg_l[he__aZ\bkbfufiZkkb\gufGhwlhlwlZig_h[oh^bfhi_j_`blv_keb
jh^bl_ev ohq_l qlh[u _]h j_[_ghd klZe ihgZklhys_fm \ajhkeuf q_eh\_dhf Ihfhsv `_
jh^bl_ey \ ijbh[j_l_gbb j_[_gdhf kZfhklhyl_evghklb fh`_l khklhylv g_ \ mdZaZgbyo b
kh\_lZoZ \\ujZ`_gbbih^^_j`dbb h^h[j_gbygZwlhfljm^ghfimlb
>Z`_ _keb dhgkmevlZpby ijhreZ hq_gv mki_rgh \g_rg__ baf_g_gb_ ih\_^_gby
jh^bl_ey \jy^ eb ijhbahc^_l f]gh\_ggh Gh _keb [u baf_g_gb_ b ijhbahreh hgh kdhj__
\k_]hg_[ueh[uaZf_q_ghb hp_g_ghj_[_gdhf ² kebrdhf[hevrh_agZq_gb_\ hlghr_gbyo
[ebadbo ex^_c b]jZxl ijb\uqdb b kl_j_hlbiu g_ iha\heyxsb_ ^hklZlhqgh qmldh
meZ\eb\Zlv ijhbkoh^ys__ \ ^jm]hf : \_^v hkgh\ghc aZijhk jh^bl_ey ijb h[km`^Z_fhf
\ZjbZgl_h[jZs_gbykhklhblbf_ggh\ gZeZ`b\Zgbbhlghr_gbck j_[_gdhfI_jki_dlb\Z`_
hldeZ^u\Zgby _]h j_r_gby gZ ^Ze_dh_ [m^ms__ dh]^Z kug ^hqv aZf_lbl b hp_gbl
ijhbkr_^rb_ k deb_glhf baf_g_gby \jy^ eb fh`_l ihkem`blv ^hklZlhqguf klbfmehf gZ
wlhf[eZ]hfimlbIh^dj_ie_gb_ohly[u\ \b^_fbgbfZevguoihablb\guok^\b]h\^he`gh
ijhbahclb^hklZlhqgh[ukljhb wlhfh`ghihklZjZlvkyhj]Zgbah\Zlv\ oh^_[_k_^uQlh`_
fh`_lihkem`blvgZqZehfkljZl_]bq_kdbobaf_g_gbc\ hlghr_gbyoj_[_gdZb jh^bl_eydZd
fh]ml\u]ey^_lva^_kvlZdlbq_kdb_rZ]b"Ijb\_^_fg_kdhevdh\hafh`guolZdlbd
:dpbb^h\_jby
Wlh f_jhijbylb_ hkh[_ggh mf_klgh lh]^Z dh]^Z \ hlghr_gbyo j_[_gdZ b jh^bl_ey
_klv g_dhlhjh_ g_kh]eZkb_ [Zjv_j kem`Zs__ ih\h^hf ^ey fgh]hqbke_gguo kkhj b
dhgnebdlh\b ijbwlhf^hklZlhqghq_ldhb h^ghagZqghhq_jq_ggh_GZijbf_jfZlvlj_[m_l
hlkugZqlh[uhgg_[jhkZebgklblmlbebaZij_sZ_l^hq_jb^jm`blvk ex^vfbdhlhju__c
gjZ\ylky gh jh^bl_eyf dZ`mlky g_gZ^_`gufb b ih^hajbl_evgufb Lh]^Z Zdpby ^h\_jby kh
klhjhgu jh^bl_e_c [m^_l khklhylv \ im[ebqghf kgylbb dZiblmeypbb ^he]h_ \j_fy
\u^\b]Z\r_]hkylj_[h\ZgbybebaZij_lZgZijbf_j
Y ih^mfZeZb j_rbeZqlh[jhkZlvbebg_[jhkZlvmq_[m ² wlh\ dhgp_dhgph\l\h_
ebqgh_^_ehlu`_\ajhkeucq_eh\_d\iheg_fh`_rvkZfaZk_[yj_rblv;hevr_gbkeh\Z
l_[_h[wlhfg_kdZ`mbeb< dhgp_dhgph\wlhl\hb^jmavyluboemqr_agZ_rv\klj_qZcky
k gbfbdh]^Zohq_rv?kebh^ghcbaijh[e_f[ueaZij_ldm^Zlh_oZlvijboh^blvkebrdhf
iha^ghb lilh_]hkgylb_lh`_[m^_llZdhcZdpb_c^h\_jby<Z`ghqlh[uwlh\u]ey^_ehg_
dZd ih^ZqdZ kh klhjhgu jh^bl_ey beb ^_fhgkljZpby ih ijbgpbim >_eZc dZd agZ_rv Z
bf_ggh dZd ijhy\e_gb_ ^h\_jby dZd k\b^_l_evkl\h bgh]h [he__ aj_eh]h b m\Z`bl_evgh]h
hlghr_gbyd ebqghklbj_[_gdZDhg_qghZdpby^h\_jby[m^_llZdh\hclhevdh\ lhfkemqZ_
_keb aZy\b\ h q_flh jh^bl_ev gbdh]^Z [hevr_ g_ hlklmiblky hl k\h_]h j_r_gby gh wlh
^he`gh[ulvihgylghb kZfhfmdeb_glm
JZa]h\hjh kh[kl\_gguoqm\kl\Zob i_j_`b\Zgbyo
WlZaZ^ZqZg_kdhevdh[he__keh`gZyohly[uihlhfmqlhij_`^_q_fjh^bl_evgZqg_l
\ujZ`Zlv k\hb qm\kl\Z j_[_gdm hg ^he`_g kZf ihklZjZlvky \ gbo jZah[jZlvky >ey wlh]h
dhgkmevlZglhf^he`gZ[ulvijh\_^_gZki_pbZevgZyjZ[hlZgZijZ\e_ggZygZ\uy\e_gb_lh]h
qlh kdju\Z_lky aZ jh^bl_evkdhc ]bi_jhi_dhc A^_kv g_ bf__l kfukeZ \^Z\Zlvky \
ikbohZgZeba jh^bl_evkdbo qm\kl\ b ihwlhfm ^hklZlhqgh aZ^Z\ \hijhk : ihq_fm \u _]h
__ lZdhi_dZ_l_ lZdjmdh\h^bl_ bf _x" m^h\e_l\hjblvky i_j\uf hl\_lhf dhlhjuc ^ey
[hevrbgkl\Zdeb_glh\h^ghagZq_gY aZg_]h[hxkvY lj_\h`mkvaZg__K lhqdbaj_gby
]em[bgghcikboheh]bb[_amkeh\ghwlhlhl\_lg_ihehgA^_kvfh`gh[ueh[u]h\hjblvb h
ihlj_[ghklb jh^bl_ey dZd \kydh]h q_eh\_dZ dhgljhebjh\Zlv b mijZ\eylv ^jm]bfb b h
j_ZebaZpbbijh[e_fkh[kl\_gghcagZqbfhklbb hkljZo_h^bghq_kl\Zb hfgh]hf^jm]hfqlh
\ kemqZ_ j_ne_dkbjmxs_]h deb_glZ b ^hklZlhqgh]h dhebq_kl\Z \j_f_gb ^ey h[km`^_gby
\iheg_ fh`_l [ulv aZljhgmlh b qlh hq_\b^gh ]ZjZglbjh\Zeh [u ]hjZa^h [hevrbc mki_o
gZf_qZxsbfkybaf_g_gbyf
Gh qZs_ \k_]h \ kbem jZaebqguo h]jZgbq_gbc \ jZfdZo dhgkmevlbjh\Zgby wlb
\hijhkug_fh]ml[ulvijhjZ[hlZguIhwlhfmk gZr_clhqdbaj_gbyemqr_hjb_glbjh\Zlv
jh^bl_eygZimlvih\_^_gq_kdbobaf_g_gbck\yaZgguok dhfi_gkZpb_cjh^bl_evkdhclj_\h]b
b ihlj_[ghklb \ dhgljhe_ q_f gZqbgZlv ]em[bgguc ZgZeba [_a \hafh`ghklb _]h mki_rgh
aZdhgqblv LZdbf \Z`guf ih\_^_gq_kdbf baf_g_gb_f y\ey_lky i_j_hjb_glZpby jh^bl_ey k
ihklhyggh]h dhgljhey gZ ijhy\e_gb_ kh[kl\_gguo qm\kl\ b i_j_`b\Zgbc k\yaZgguo k
j_[_gdhf g_Z^_d\Zlguf \ujZ`_gb_f dhlhjuo \ dZdhflh kfuke_ y\ey_lky ]bi_jhi_dZ
LZdZyp_evgZi_j\uc\a]ey^dZ`_lky kh\_jr_gghijhklhcWlhagZqblqlhdeb_gl^he`_g
\f_klh G_ kf_c b ^mfZlv h lhf qlh[u [jhkblv bgklblml kdZaZlv Y lZd [hxkv qlh lu
kehfZ_rv \kx `bagv _keb [jhkbrv mqblvky Fg_ \ k\h_ \j_fy \k_ kh\_lh\Zeb aZdhgqblv
^bkk_jlZpbxZ ydZdjZaaZfm`\ureZ\j_f_gbkh\_jr_gghg_[uehZ \blh]_y hklZeZkvgb
k q_fb m`Zkgh[hxkvqlhm l_[ylh`_lZdihemqblky
DZaZehkv [u jZagbpZ g_\_ebdZ gh m^b\bl_evgh gZkdhevdh deb_glZf [u\Z_l ljm^gh
ijhklh aZ\_jrblv njZam Y qm\kl\mx qlh <ujZ`_gb_ kh[kl\_gguo qm\kl\ [u\Z_l hq_gv
wnn_dlb\gh^eyjZaj_r_gbykblmZpbb\_^vihjhcbf_gghihlhfmqlhkh[kl\_ggu_qm\kl\Z
wlbfb ex^vfb j_^dh ijh]h\Zjb\Zxlky i_j_^ d_feb[h beb ZgZebabjmxlky qm\kl\Z b
i_j_`b\Zgby ^jm]bo hklZxlky ^ey gbo lZd`_ g_ihgylgufb beb lhedmxlky ^hklZlhqgh
ijbfblb\gh Hg ihklmiZ_l fg_ gZaeh HgZ gbq_]h g_ ihgbfZ_l Gh dZd lhevdh deb_gl
kmf__l jZkdjulv ^jm]hfm ² \ ^Zgghf kemqZ_ kh[kl\_gghfm \ajhkehfm j_[_gdm ² k\hb
qm\kl\Z _fm \hafh`gh ijbhldjhxlky b i_j_`b\Zgby j_[_gdZ b jZah[jZ\rbkv \ gbo
jh^bl_ev \hafh`gh i_j_klZg_l hsmsZlv ihlj_[ghklv dhgljhebjh\Zlv beb lj_\h`blvky ih
ex[hfm ih\h^m \k_ \hafh`gh hdZ`_lky g_ lZdbf kljZrguf j_[_ghd g_ kebrdhf
iZkkb\guf^jmavyg_lZdbfbjZkims_ggufbb l^
< oh^_ [_k_^u k deb_glhf mf_klgh g_ ijhklh h[km^blv ijh[e_fm qm\kl\ gh b
jZkkdZaZlvh lhfihq_fmlZdg_h[oh^bfh^_eblvkybfbk hdjm`Zxsbfb^Zlvihqm\kl\h\Zlv
qlh agZqbl \ujZ`Zlv bo LZd deb_glm fh`gh ij_^eh`blv ijhb]jZlv kblmZpbx bkihevamy
l_ogbdmimklh]hklmeZgZdhlhjhfhg^he`_gij_^klZ\blvkb^ysbfk\h_]hkugZbeb^hqv
lh _klv l_o dhfm g_h[oh^bfh jZkkdZaZlv dZdb_ qm\kl\Z b i_j_`b\Zgby bkiulu\Z_l hg ih
ih\h^m ljm^ghkl_c b kkhj \hagbdZxsbo \ hlghr_gbyo _`_^g_\gh Bkihevah\Zgb_ k wlhc
p_evxijb_fh\]_rlZevll_jZibb^he`ghh[yaZl_evghkhq_lZlvkyk h[km`^_gb_flh]hh q_f
bf_ggh [ueh ljm^gh ]h\hjblv b ihq_fm dZd wlb ljm^ghklb fh`gh ij_h^he_lv dZd lhqg__
knhjfmebjh\Zlvlhqlhdeb_glohq_lkdZaZlvb l^
Hj]ZgbaZpby^h\_jbl_evgh]hjZa]h\hjZ
Baf_g_gb_ hlghr_gby ² g_h[uqZcgh keh`guc ijhp_kk ihwlhfm qZklh [u\Z_l
mf_klgh g_kdhevdh nhjkbjh\Zlv lZdmx i_j_hjb_glZpbx hj]Zgbah\Z\ ^h\_jbl_evguc
jZa]h\hjjh^bl_eyk j_[_gdhfP_evlZdh]hjZa]h\hjZ ² ihdZaZlvkugmbeb^hq_jbdeb_glZ
qlh hlghr_gb_ d g_fm d g_c baf_gbehkv ihklZjZlvky \uclb gZ mjh\_gv [he__ ]em[hdh]h
q_fjZgvr_dhglZdlZb \aZbfh^_ckl\byjZkkdZaZ\h k_[_h k\hboqm\kl\Zob i_j_`b\Zgbyo\
hkgh\_ dhlhjuo e_`bl jh^bl_evkdh_ [_kihdhckl\h lj_\h]Z b ex[h\v d j_[_gdm LZdhc
jZa]h\hj \ dhlhjhf h[Z² b jh^bl_ev b j_[_ghd²bf_xl \hafh`ghklv ihdZylvky \ k\hbo
]j_oZoijbhldjulv^mrmba[Z\blvkyhlgZdhib\rbokyh[b^b ij_l_gabcfh`_lhdZaZlvky
gZklhys_c\_ohc\ bo\aZbfhhlghr_gbyo
< wlhc k\yab ohl_ehkv [u h[jZlblv \gbfZgb_ gZ h^gh ba \Z`g_crbo ijZ\be
dhgkmevlbjh\Zgby ?keb g_h[oh^bfh qlh[u dZdh_lh kh[ulb_ \ `bagb deb_glZ khklhyehkv
_]h ke_^m_l fZdkbfZevgh dhgdj_lgh h[km^blv Z ih \hafh`ghklb ^Z`_ gZagZqblv \j_fy _]h
j_ZebaZpbb \ oh^_ [_k_^u Dhgdj_lgh_ h[km`^_gb_ ² wlh \u[hj ih^oh^ys_]h f_klZ
\j_f_gb i_j_[hj \hafh`guo \ZjbZglh\ gZqZeZ b l^ LZdZy dhgdj_lbaZpby g_h[oh^bfZ ^ey
lh]hqlh[u\uy\blv\hafh`gu_ij_iylkl\bygZimlb\uiheg_gbyaZ^Zqbdhlhju_fh]ml[ulv
g_ aZf_q_gu ijb ih\_joghklghf h[km`^_gbb gh ^hklZlhqgh [ukljh \kdju\Zxlky dh]^Z
gZqbgZ_lky dhgdj_lgh_ ieZgbjh\Zgb_ GZijbf_j deb_gldZ j_rZ_lky ih]h\hjblv k ^hq_jvx
gh hdZau\Z_lky qlh lZ hq_gv iha^gh \ha\jZsZ_lky ^hfhc dh]^Z jh^bl_eb m`_ kiyl Z gZ
\uoh^gu_ jh^bl_eb m_a`Zxl gZ ^Zqm LZdbf h[jZahf ^ey lh]h qlh[u ijh\_klb ^he]bc
kihdhcguc jZa]h\hj gm`gh ki_pbZevgh gZclb b kieZgbjh\Zlv m^h[gh_ ^ey h[_bo klhjhg
\j_fy DhgkmevlZgl \uklmiZy \ wlhc kblmZpbb \ dZq_kl\_ ]_g_jZlhjZ b^_c fh`_l \
agZqbl_evghc f_j_ kihkh[kl\h\Zlv p_e_khh[jZaghfm j_r_gbx wlhc ijh[e_fu Dh]^Z `_
dZdh_lh j_r_gb_ ijbgylh g_ \ ijbgpbi_ Z \iheg_ dhgdj_lgh gZagZq_gh _]h \j_fy
\u[jZgZ khhl\_lkl\mxsZy nhjfZ lh \hi_j\uo g_ \uihegblv _]h ]hjZa^h keh`g__ b \h
\lhjuo ZgZeba ijbqbg g_\uiheg_gby fh`_l klZlv ohjhr_c [Zahc ^ey [he__ ]em[hdh]h
ihgbfZgby ijbqbg jZagh]eZkbc LZd gZijbf_j \ gZr_f kemqZ_ deb_gld_ \hafh`gh
ijb^_lkyh^gZ`^ue_qvkiZlviha`_^eylh]hqlh[u^h`^Zlvky^hq_jbb ih]h\hjblvk g_cB
^Z`__kebd wlhfmqZkmhgZ[m^_lgZklhevdhjZa^jZ`_gZqlhghjfZevghih]h\hjblvk ^hq_jvx
_cg_m^Zklkywlhlg_khklhy\rbckyjZa]h\hjfh`_lklZlvij_djZkguffZl_jbZehf^ey[he__
]em[hdh]h h[km`^_gby __ \aZbfhhlghr_gbc kh k\hbf j_[_gdhf ihkdhevdm \hagbdr__ \h
\j_fy h`b^Zgby jZa^jZ`_gb_ \_kvfZ ihdZaZl_evgh b fh`_l klZlv hkgh\hc ^ey ZgZebaZ
hlghr_gbydeb_gldbd ^hq_jb
Dhgkmevlbjh\Zgb_jh^bl_e_cihih\h^mijh[e_fb keh`ghkl_c\ `bagbj_[_gdZ
=bi_jhi_dZxsZyihabpbyjh^bl_eyhiZkgZb l_fqlhqZklhijb\h^bld g_ijZ\bevghc
hp_gd_ kh[kl\_ggh]h j_[_gdZ jh^bl_ev gZqbgZ_l \hkijbgbfZlv _]h ih\_^_gb_ dZd
g_ghjfZevgh_\uau\Zxs__k_jv_agu_hiZk_gbyb liIhjhxdeb_glh[jZsZykvaZihfhsvx
\u^\b]Z_l gZklhevdh g_Z^_d\Zlgu_ Zj]mf_glu qlh hgb gZqbgZxl dZaZlvky ijhklh
Z[kmj^gufbFg_dZ`_lky qlhfhy^hqvgZjdhfZgdZhgZ bgh]^Z \ha\jZsZ_lky iha^gh b m
g__lZd[e_klyl]eZaZbebF_gyhq_gvlj_\h`blfhjZevguch[ebdfh_c^_\hqdbG_kdhevdh
jZay \b^_eZdZd__ ijh\h`Zxlfheh^u_ex^bb k^\mfybagbohgZp_eh\ZeZkvGhd ex[uf
\ukdZau\Zgbyf deb_glZ dhgkmevlZglm ke_^m_l hlghkblvky \gbfZl_evgh b k^_j`Zggh
ihkdhevdm k h^ghc klhjhgu aZ gbfb fh`_l kdju\Zlvky g_qlh [he__ k_jv_agh_ q_f
ij_m\_ebq_gbyfZl_jbZ k^jm]hcklhjhguih\ebylvgZfg_gb_q_eh\_dZmkihdhblvlj_\h]b
fh`ghlhevdhlh]^Zdh]^ZmklZgh\e_gohjhrbc^h\_jbl_evgucdhglZdldhlhjucg_\hafh`_g
[_aijbgylby\k_]hlh]hqlh]h\hjblky\ gZqZe_[_k_^u
>Zevg_crZy jZ[hlZ k deb_glhf aZ\bkbl hl lh]h gZkdhevdh j_Zevgu kljZob b
khh[jZ`_gby\ukdZau\Z_fu_deb_glhf?kebhkgh\Zgbc ^eygbo g_lijbqbgZ h[jZs_gbyd
ikboheh]m qZs_ \k_]h k\yaZgZ k ijh[e_fZfb kZfh]h jh^bl_ey `Zeh[u `_ gZ ^_l_c \ lZdhc
kblmZpbb \uklmiZxldZdk\h_]hjh^ZkhpbZevghijb_fe_fuc ih\h^ ijboh^Z LZdhc \ZjbZgl
h[jZs_gby\ dhgkmevlZpbxihih\h^mijh[e_f^jm]h]hy\ey_lkydeZkkbq_kdbfh g_ffgh]h
gZibkZghdZd\ hl_q_kl\_gghclZdb \aZjm[_`ghcebl_jZlmj_<Zj]Z:Y Wc^_fbee_j
W= Gh ij_`^_ q_f iulZlvky \uclb gZ ijh[e_fu kZfh]h jh^bl_ey g_h[oh^bfh
aZ\_jrblv l_fm j_[_gdZ ijhZgZebabjh\Z\ kblmZpbb dh]^Z h[jZs_gb_ aZ ihfhsvx
hdZau\Z_lky k\yaZgguf k j_Zevgufb ijh[e_fZfb b keh`ghklyfb \ `bagb kugZ^hq_jb
dhlhju_ ^_ckl\bl_evgh \ lhc beb bghc f_j_ lj_[mxl \f_rZl_evkl\Z b ihfhsb kh klhjhgu
jh^bl_e_c
JZamf__lky ij_`^_ q_f klZ\blv lZdhc ^bZ]gha dhgkmevlZgl ^he`_g kh[jZlv
^hklZlhqgh dhgdj_lguo nZdlh\ ih^l\_j`^Zxsbo hiZk_gby D kh`Ze_gbx [u\Zxl kemqZb
dh]^Z khfg_\Zlvky \ k_jv_aghklb ijh[e_f g_ ijboh^blky GZijbf_j deb_gl jZkkdZau\Z_l
Fhy ^hqv gZjdhfZgdZ hgZ kZfZ \ wlhf ijbagZeZkv HgZ iulZeZkv [jhkblv gh gbq_]h g_
\ureh Qlh gZf l_i_jv ^_eZlv" Hq_gv qZklh ijh[e_fu k\yaZggu_ k jZaebqgufb
khpbZevgufb b ikbobq_kdbfb hldehg_gbyfb hl ghjfu i_j_ie_lZxlky kh kljZohf
h[jZsZlvky \ dZdb_eb[h hnbpbZevgu_ f_^bpbgkdb_ xjb^bq_kdb_ b li bgklZgpbb
Ih^h[gu_kljZobd kh`Ze_gbx\_kvfZhijZ\^Zgu^Ze_dhaZg_]Zlb\gufbijbf_jZfboh^blv
g_ ijboh^blky JZamf__lky ikboheh] gb \ dh_f kemqZ_ g_ ^he`_g ih^f_gylv kh[hc
f_^bpbgkdb_bebdZdb_eb[hbgu_mqj_`^_gbyghijblZdhfh[jZs_gbbkms_kl\m_lp_euc
jy^ikboheh]bq_kdboaZ^Zqj_r_gb_dhlhjuofh`_l\ agZqbl_evghckl_i_gbkihkh[kl\h\Zlv
memqr_gbx `bag_gghc kblmZpbb deb_glZ b dhlhju_ fh]ml [ulv ijhn_kkbhgZevgh j_r_gu
lhevdhk ihfhsvxdhgkmevlZglZKj_^bgbolZdb_dZd
\ukemrZlv deb_glZ iha\heblv _fm \u]h\hjblvky b ih^^_j`Zlv _]h ^Zlv
d\Zebnbpbjh\Zggmx j_dhf_g^Zpbx dm^Z aZq_f b dZd ke_^m_l h[jZlblvky ihfhqv
baukdZlv kihkh[u ihdZaZlv ki_pbZebklm ^Z`_ kZfh]h g_k]h\hjqb\h]h q_eh\_dZ dZdbf \
^Zgghc kblmZpbb y\ey_lky j_[_ghd deb_glZ ihfhqv deb_glm gZeZ^blv ghjfZevgu_
hlghr_gbyk kh[kl\_ggufj_[_gdhf
I_j\Zy ba wlbo aZ^Zq j_rZ_lky ^h\hevgh ijhklh d\Zebnbpbjh\Zggh \ukemrZlv
deb_glZ fh`_l gZ\_jgh_ ^Z`_ gZqbgZxsbc dhgkmevlZgl Ih`Zemc \ ih^h[ghc kblmZpbb
_klvlhevdhh^bghkh[h\Z`gucfhf_glq_eh\_dm\ lZdhckblmZpbbqZklhdZ`_lkyqlhk gbf
ijhbkoh^blg_qlhm`Zkgh_qlhgb]^_gbdh]^Zb gbk d_flZdh_g_kemqZehkvb j_r_gbywlhc
ijh[e_fu g_ kms_kl\m_l LZdbf kljZoZf ke_^m_l m^_eblv hkh[h_ \gbfZgb_ ^ey lh]h qlh[u
kgbablv hsms_gb_ mgbdZevghklb b h[gZ^_`blv \hafh`ghklvx baf_g_gby kms_kl\mxs_c
kblmZpbb
>hklZlhqghqZklhdeb_glg_agZ_ldm^Z b dZd _fm h[jZlblvky ]^_ e_qZl gZjdhfZgh\
]^_ b dZd fh]ml hdZaZlv ikbobZljbq_kdmx ihfhsv g_ klZ\y ijb wlhf gZ mq_l b li ?keb
ikboheh]h[eZ^Z_lg_h[oh^bfhcdeb_glmbgnhjfZpb_chg\ ^ZgghfkemqZ_fh`_l\uklmiblv
kh\_lqbdhf ² dm^Z b dZd b^lb dhfm b qlh ]h\hjblv h q_f ijhkblv b l^ QZklh \ kemqZ_
ih^h[gh]hh[jZs_gbydhgkmevlZgl ijba\Zg \uihegblv b _s_ h^gm g_y\gmx gh qZklhhq_gv
\Z`gmxaZ^Zqm<_^vdeb_glijh\_jy_lgZg_f\hafh`gmxj_ZdpbxkhpbZevgh]hhdjm`_gby
<hafh`ghhg\i_j\u_jZkkdZaZelhqlhy\ghdhfijhf_lbjm_lb _]hkZfh]hdZdjh^bl_eyb
_]hj_[_gdZB qlh`_ijbwlhfijhbahreh"DZdijhj_Z]bjh\Zeb"QlhkdZaZeb"< wlhfkfuke_
dhgkmevlZgl ^he`_g kem`blv aZeh]hf lh]h qlh hdjm`Zxsb_ fh]ml b ]hlh\u \kyq_kdb
ihfh]Zlvdeb_glmZ h[jZs_gb_d ^jm]bfki_pbZebklZfijbg_k_lg_lhevdhi_j_`b\Zgby]hjy
b klu^ZhljZkkdZaZh ijh[e_f_ghb `_eZggmxihfhsv
GZijZ\e_gb_ d ki_pbZebklm q_eh\_dZ ih dZdbfeb[h ijbqbgZf [hys_]hky
khhl\_lkl\mxs_c dhgkmevlZpbb aZ^ZqZ ^h\hevgh keh`gZy Jh^bl_ev gZijZ\eyxsbc k\h_]h
j_[_gdZd ki_pbZebklm\ lZdhckblmZpbbqZklhg_fh`_lgZclbijZ\bevgh]hlhgZb kihkh[h\
fhlb\Zpbb< [hevrbgkl\_kemqZ_\hgm]jh`Z_lh[_sZ_lqlhlZfl_[_\k_h[tykgyldlhlu
_klv gZ kZfhf ^_e_ lh _klv ih^q_jdb\Z_l ij_`^_ \k_]h g_]Zlb\gu_ fhf_glu k\yaZggu_ k
ij_^klhysbf \bablhf qlh _kl_kl\_ggh hlgx^v g_ fhlb\bjm_l Z ebrv ih^ju\Z_l ^h\_jb_
j_[_gdZ d hlpm beb fZl_jb H[km^b\ k jh^bl_e_f qlh b dZd hg ]h\hjbl k\h_fm kugm beb
^hq_jb \ keh`b\r_cky kblmZpbb dhgkmevlZgl fh`_l ihklZjZlvky ih \hafh`ghklb kgylv
g_]Zlb\gu_b \g_klbihablb\gu_fhf_glu\ ijhp_kkfhlb\Zpbb< dZq_kl\_lZdh\uoa^_kv
fh]ml \uklmiZlv Z ihfhsv dhlhjZy ^he`gZ [ulv hdZaZgZ k\h_\j_f_ggh \ j_amevlZl_ q_]h
j_[_ghd[m^_lba[Z\e_ghlbaebrgboikbobq_kdbobebnbabq_kdbokljZ^Zgbc[Z^_d\ZlgZy
hj]ZgbaZpbyihfhsbdhlhjmxfh`_lh[_ki_qblvjh^bl_ev ² Zghgbfghklv_kebwlh\Z`gh
h[jZs_gb_g_ijhklhd dhfmlhZ dd\Zebnbpbjh\Zgghfmba\_klghfmki_pbZebklm\jZkkdZa
h qm\kl\Zo b i_j_`b\Zgbyo bkiulu\Z_fuo jh^bl_e_f ih ih\h^m j_[_gdZ jZamf__lky hgb
^he`gu [ulv ij_^klZ\e_gu \ khhl\_lkl\mxs_c nhjf_ [_a h[\bg_gby dh]heb[h dhlhju_
fh]ml ihkem`blv _s_ h^gbf k\b^_l_evkl\hf g_h[oh^bfhklb h[jZs_gby Lu m f_gy lZdhc
ohjhrbc Lh qlh ijhbahreh k lh[hc wlh kemqZcghklv ^Z\Zc ihkdhj__ __ bkijZ\bf b
\_jg_fkyd ghjfZevghc`bagb
< [hevrbgkl\_ kemqZ_\ djhf_ l_o dh]^Z j_qv b^_l h[ wg^h]_gguo aZ[he_\Zgbyo
jh^bl_evg_k_lhij_^_e_ggmx^hex\bgub hl\_lkl\_gghklbaZijhbkr_^r__k j_[_gdhfGh
ZgZebakblmZpbbdhlhjZykZfZihk_[_^hklZlhqghkeh`gZb lj_[m_lg_f_^e_ggh]hj_r_gby
_s_ b k wlhc lhqdb aj_gby qZklh g_ ij_^klZ\ey_lky \hafh`guf ohly kms_kl\m_l dZl_]hjby
deb_glh\ dhlhju_ klj_fylky jZah[jZlvky ihq_fm b dZd wlh kemqbehkv Hkgh\gh_ qlh
gm`gh k^_eZlv dhgkmevlZglm g_aZ\bkbfh hl lh]h [m^ml eb \ ijhp_kk_ [_k_^u
ZgZebabjh\Zlvkyijbqbguijhbkoh^ys_]hbebg_lwlhi_j_hjb_glbjh\Zlvdeb_glZk ihabpbb
h[\bg_gbyb g_^h\hevkl\ZdhlhjmxhgqZs_\k_]hhkhagZggh beb g_hkhagZgghaZgbfZ_lgZ
ihabpbxijbgylbyb ih^^_j`db
D kh`Ze_gbx fgh]b_ jh^bl_eb \ kblmZpbb ly`_euo ikbobq_kdbo beb khpbZevguo
ljm^ghkl_ci_j_`b\Z_fuobo^_lvfb[u\ZxlkdehgguihmqZlvk\hbo^_l_cdjblbdh\Zlvbo
mdZau\Zlv gZ dZdmxlh k\hx [uemx ijZ\hlm : ^_lb dhlhjuf b lZd ijboh^blky g_ keZ^dh
fh]ml qj_a\uqZcgh [he_ag_ggh \hkijbgbfZlv ^Z`_ lZdb_ [_ah[b^gu_ gZ i_j\uc \a]ey^
aZf_qZgby dZd Y l_[y ij_^mij_`^Ze qlh[u lu k gbfb g_ k\yau\ZeZkv beb L_i_jv l_[_
emqr_ fheqZlv Z g_ jZkkm`^Zlv ² b kqblZlv bo k\b^_l_evkl\hf hl\_j`_gby b g_`_eZgby
ihfhqv < lZdbo kemqZyo dZd b \ kblmZpbyo k\yaZgguo k ijhy\e_gb_f ]bi_jhi_db mqblv
q_fmeb[h iha^gh b [_kkfuke_ggh >_lyf gm`gZ ih^^_j`dZ B kiZklb bo hl ^Zevg_cr_]h
iZ^_gby fh`_l g_ kh\_l beb l_f [he__ gZdZaZgb_ Z hsms_gb_ ijbgylby b khqm\kl\by kh
klhjhgu jh^bl_ey DhgkmevlZglm g_j_^dh ijboh^blky \uklmiZlv \ jheb k\h_h[jZagh]h
i_j_\h^qbdZb lhedh\Zl_eykfukeZlh]hqlh]h\hjblb ^_eZ_lj_[_ghdb h[tykgylvdeb_glm
dZd ly`_eh j_[_gdm ^hdZau\Zlv qlh \kiuevqb\hklv b g_]Zlb\baf \ ih\_^_gbb
k\b^_l_evkl\mxl g_ h g_m\Z`_gbb b gZ]ehklb Z h ly`_klb i_j_`b\Zgbc b hlkmlkl\bb
\hafh`ghklbdhfmeb[hjZkkdZaZlvh gboIj_^klZ\vl_k_[ygZ_]hf_kl_<Zf \_^vij_`^_
\k_]hohl_ehkv[uqlh[u\Zfihfh]ebijZ\^Z"
Lhevdhbf_yohjhrb_^h\_jbl_evgu_hlghr_gbyk j_[_gdhfjh^bl_evfh`_lhdZaZlv
gZg_]hohlvdZdh_lh\ebygb_blZdbfh[jZahfg_kh\_lhfZ khi_j_`b\Zgb_fm^_j`Zlvhl
hijhf_lqb\h]hrZ]Zijb_fZgZjdhlbdh\dhglZdlh\k khpbZevghhiZkgufbex^vfbb ijIjb
gZebqbb^h\_jbl_evguohlghr_gbck jh^bl_eyfbk h^ghcklhjhguj_[_ghdkdehg_g[hevr_
ijbkemrb\Zlvkyd gbfZ k^jm]hcklhjhgukjZ[Zlu\Z_lkbevg_cr__k^_j`b\Zxs__kj_^kl\h
[hyagv ijbqbgblv [hev ex[bfuf ex^yf qm\kl\my i_j_`b\Zgby hlpZfZl_jb ljm^g__
ijbqbgblv_fm_c [hev q_f lh]^Z dh]^Z hghgZ \u]ey^bl oheh^gufb hkm`^Zxsbf LZdbf
h[jZahf kblmZpby ^h\_jby ij_^hklZ\ey_l [hevr_ \hafh`ghkl_c ^ey dhgljhey gh g_ ^ey
ijyfh]h Z ^ey dhk\_ggh]h ?keb hlghr_gby jh^bl_ey k j_[_gdhf d fhf_glm ijboh^Z \
dhgkmevlZpbx m`_ ^hklZlhqgh kbevgh gZjmr_gu fh`gh h[km^blv ki_pbZevgu_ f_ju
gZijZ\e_ggu_gZ bo ghjfZebaZpbx ² Zdpbb^h\_jbyhldjh\_gguc jZa]h\hj ^j h q_f m`_
]h\hjbehkv\ur_
Hkh[u_ ljm^ghklb ijb jZ[hl_ k baeh`_ggufb \ur_ kemqZyfb qZklh \hagbdZxl m
g_hiulguodhgkmevlZglh\dh]^Zihke_m^Zqgh]hjZa]h\hjZk hlphfbebfZl_jvxhgb]hlh\u
kh]eZkblvky hl\_qZy gZ m]h\hju deb_glZ jZ[hlZlv k j_[_gdhf qv_ khklhygb_ qZs_ \k_]h
lj_[m_l kh\k_f bgh]h \f_rZl_evkl\Z Dhg_qgh [_k_^Z k ikboheh]hf fh`_l [ulv ihe_agZ b
^eylZdh]hdeb_glZghhgZgb \dh_fkemqZ_g_^he`gZih^f_gylv^jm]b_nhjfu\ha^_ckl\by
gZg_]h
Dhgkmevlbjh\Zgb_jh^bl_e_cihih\h^mbokh[kl\_gguoijh[e_f
Fum`_mihfbgZebqlhd ikboheh]mg_j_^dhh[jZsZxlkyjh^bl_ebihih\h^mk\hbo
^_l_cjZkkdZau\Zyh gbob k\hboijh[e_fZok gbfblZdbfh[jZahfqlhg_\hevgh\hagbdZ_l
\hijhk aZq_f b k dZdbfb ^_ckl\bl_evgufb ijh[e_fZfb ijbreb gZ dhgkmevlZpbx wlb
deb_glu Fgh]b_ bagbo kjZam `_ khh[sZxlh lhf qlh hgb ijbreb \lZcg_ hl k\hbo ^_l_c
m\_j_ggu_qlhl_boihklmihdkdhj__\k_]hg_h^h[jylZ jZkkdZau\Zyh k\hbohlghr_gbyok
kughf ^hq_jvx khh[sZxl qlh hgb ex^b \iheg_ kZfhklhyl_evgu_ qZklh `b\msb_
hl^_evghb\ p_ehffZehijbkemrb\Zxsb_kyd fg_gbxjh^bl_e_c
<ukemrZ\jZkkdZalZdh]hdeb_glZikboheh]fh`_ldhgklZlbjh\ZlvihdjZcg_cf_j_
ljbfhf_glZaZljm^gyxsb_hdZaZgb_ikboheh]bq_kdhcihfhsb g_evay[ulvm\_j_gguf\
lhf qlh ijh[e_fZ kms_kl\m_l lZd`_ b k lhqdb aj_gby j_[_gdZ Z g_ lhevdh k lhqdb aj_gby
jh^bl_e_c deb_gl g_ ihevam_lky gZklhevdh [hevrbf Z\lhjbl_lhf qlh[u _]h kh\_l beb
ihfhsv^_ckl\bl_evghihkem`bebbaf_g_gbxkblmZpbb m dhgkmevlZglZg_l\hafh`ghklb
\klmiblv \ dhglZdl k q_eh\_dhf gZ qvx `bagv _fm ij_^eZ]Z_lky ih\ebylv HaZ[hq_gghklv
\dexq_gghklv deb_glZ \ ^_eZ ^jm]h]h imklv ^Z`_ wlbf ^jm]bf y\ey_lky kh[kl\_gguc
j_[_ghd ih^hajbl_evgZ khhl\_lkl\m_l eb bklbggZy ijbqbgZ ijboh^Z lhc y\ghc dhlhjZy
khh[sZ_lky deb_glhf" AZ^ZqZ dhgkmevlZglZ ijb lZdhf \ZjbZgl_ h[jZs_gby ² i_j_\_klb
jZa]h\hj gZ [he__ ]em[hdbc mjh\_gv gZclb bgu_ qZklh g_hkhagZ\Z_fu_ beb
g_ij_^ty\ey_fu_deb_glhfijbqbguijboh^Z<uclbgZwlhl[he__]em[hdbcmjh\_gvfh`gh
hibjZykvgZZnZdlujZkkdZaZdeb_glZ[hij_^_e_ggu_ijb_fu\_^_gby[_k_^u\fg_gbyh
deb_gl_^_l_cbeb^jm]h]hkmijm]Z
Dhgdj_lbaZpbyijh[e_fguokblmZpbchibku\Z_fuodeb_glhfqZklhijb\h^bld lhfm
qlh deb_gl gZqbgZ_l hsmsZlv kh[kl\_ggmx g_\dexq_gghklv \ hibku\Z_fu_ kh[ulby b
g_bgnhjfbjh\Zgghklv Bgl_j_k d k\hbf ebqguf i_j_`b\Zgbyf \hagbdZxsbf ebrv ih
ih\h^m l_o ijh[e_f dhlhju_ _fm \b^ylky m j_[_gdZ [ukljh gZqbgZ_l ij_h[eZ^Zlv \ _]h
jZkkdZa_gZ^haZ[hq_gghklvxijh[e_fZfb^hq_jbbebkugZLZdgZijbf_jijh[e_fZ^hq_jb
fh`_l [ulv \ujZ`_gZ fZl_jvx ke_^mxsbfb keh\Zfb Ajy hgZ lZd k fm`_f jm]Z_lky
hklZg_lky dZd y h^gZ k ^\mfy ^_lvfb gZ jmdZo Gh g_j_^dh l_fZ kh[kl\_gguo ijh[e_f b
g_m^Zq y\gh a\mqZsZy ^ey dhgkmevlZglZ kZfbf jh^bl_e_f hkhagZ_lky iehoh H^gZdh ^ey
\uy\e_gby^_ckl\bl_evghcijbqbguijboh^Z\ dhgkmevlZpbxb ihfhsbdeb_glmg_h[oh^bfh
qlh[u hg kZf ihqm\kl\h\Ze aZf_sZxsbc oZjZdl_j k\hbo i_j\hgZqZevguo `Zeh[ >ey wlh]h
ikboheh] fh`_l aZgylv [he__ Zdlb\gmx ihabpbx bkihevamy hij_^_e_ggu_ ijb_fu \_^_gby
[_k_^u gZijbf_j aZ^Z\Zy iZjZ^hdkZevgu_ \hijhku lbiZ : ihq_fm \Zk lZd [_kihdhyl
ljm^ghklb \Zr_]h j_[_gdZ" beb <Zf gbdh]^Z g_ dZaZeZkv lZdZy \dexq_gghklv \ _]h ^_eZ
qj_af_jghc"IjbjZ[hl_k deb_glhfg_kdehggufd j_ne_dkbb^eydhlhjh]h[_kihdhckl\h
jh^bl_e_c ih ih\h^m ^_l_c ^Z`_ qj_af_jgh_ \hkijbgbfZ_lky ijhklh dZd qZklv
jh^bl_evkdh]h^he]Z\hafh`_gb ^jm]hcaZoh^
DhgkmevlZgl : \Zf \Zr j_[_ghd beb dZdb_lh ^jm]b_ [ebadh agZxsb_ \Zk ex^b
gbdh]^Zg_]h\hjbebqlh\ukebrdhfkbevgh[_kihdhbl_kvh g_f"
Deb_gl : hq_ffg__s_[_kihdhblvkydZdg_h k\h_fj_[_gd_"bebFh`_l[ulv\u
fg_ qlhgb[m^v ^_evgh_ ^ey g_]h ihkh\_lm_l_ Z y _fm b hg f_gy [hevr_ m\Z`Zlv [m^_l
kemrZlvky
DhgkmevlZgl : \Zf ^_ckl\bl_evgh \ k\h_c `bagb [hevr_ g_ h q_f [_kihdhblvky"
beb: aZq_f\Zfgm`_gZ\lhjbl_lb m\Z`_gb_\ ]eZaZo\Zr_]hj_[_gdZ"
< jZfdZo ih^h[gh]h ^bZeh]Z fh`gh ihiulZlvky knhjfmebjh\Zlv bklbggmx ijbqbgm
h[jZs_gby < dhg_qghf kq_l_ \ hkgh\_ h[jZs_gby \k_]^Z e_`Zl ijh[e_fu lh]h dlh
h[jZsZ_lky DZdb_ `_ ebqgu_ ijh[e_fu b i_j_`b\Zgby fh]ml e_`Zlv \ hkgh\_ h[jZs_gby
jh^bl_e_cihih\h^mk\hbo\ajhkeuo^_l_c"
Hsms_gb_ k\hc imklhlu g_gm`ghklb g_mf_gb_ kZfhfm jZkihjy`Zlvky k\h_c
`bagvxqm\kl\hh[b^ugZhdjm`Zxsbob ^_l_c<hlkhklZjbekygbdhfmg_gm`_g
Hsms_gb_ kh[kl\_gghc `bag_gghc g_j_Zebah\Zggh_Œ g_m^Zqeb\hklb b ijh_dpby
wlbokljZoh\gZ^_l_cImklvhgbg_ih\lhjylfhbohrb[hd
Hsms_gb_ k\h_c jh^bl_evkdhc g_dhfi_l_glghklb \bgu i_j_^ j_[_gdhf aZ
ijhkq_lu\ \hkiblZgbbaZ^_nbpbl\gbfZgbyd g_fm\ ^_lkl\_ihiuldZwlhdhfi_gkbjh\Zlv
;he__]em[hdb_ebqghklgu_ijh[e_fukljZobb l^I_j_nhjfmebjh\Zgb_ijh[e_f
deb_glh\lZdbfh[jZahfqlhehdmkhfbo[_kihdhckl\ZklZgh\ylkyg_bo^_lbZ hgbkZfb ²
\Z`gucrZ]\ ijhp_kk_jZ[hluIjbwlhfm q_eh\_dZgb \dh_fkemqZ_g_^he`ghkha^Zlvky
hsms_gb_qlh_]haZklZ\bebkhagZlvkyaZq_fhgijbr_eI_j_oh^yd h[km`^_gbxijh[e_f
kZfh]h deb_glZ ikboheh] fh`_l ij_^eh`blv deb_glm dZdmxeb[h jZpbhgZebaZpbx lbiZ
<jy^ eb klhbl lZd [_kihdhblvky h \ajhkeuo ^_lyo hgb \k_ jZ\gh wlh]h g_ hp_gyl emqr_
ih^mfZlv h k_[_ beb >hklZlhqgh \u bo [_j_]eb ihjZ \Zf b kh[hc aZgylvky G_ klhbl
gZklZb\Zlv gZ lhf qlh[u deb_gl djZkhqgh `b\hibkZe k\hx `bagv dZd imklmx beb
g_j_Zebah\Zggmx >hklZlhqgh lh]h qlh[u hg m[_^beky \ lhf qlh ]eZ\gh_ \ q_f _fm
lj_[m_lkyihfhsv ² wlhhgkZfb qlh\ h[jZs_gbbaZih^h[ghcihfhsvxbebkh\_lhfg_l
gbq_]hg_^hklhcgh]hbebihklu^gh]h<ke_^aZwlbffh`ghi_j_oh^blvd [he__ih^jh[ghfm
h[km`^_gbxijh[e_f
HklZgh\bfky dhjhldh gZ kljZl_]byo jZ[hlu \ aZ\bkbfhklb hl ijbqbg ijboh^Z
deb_glh\
< kblmZpbbdh]^Zdeb_glqm\kl\m_limklhlmg_aZiheg_gghklvkh[kl\_gghc`bagb
aZ^ZqZ dhgkmevlZlb\ghc jZ[hlu ² ihfhqv aZihegblv _]h `bagv gZclb ^_eZ dhlhju_ _fm
bgl_j_kgub ijbylguK wlhcp_evx_]hfh`ghjZkkijhkblvh lhfqlhhgex[blbebex[be
^_eZlv qlh [ueh bgl_j_kgh _klv eb qlhlh q_f ohl_ehkv [u aZgylvky gh qlh ^he]h
hldeZ^u\ZehkvZ \aylvkyaZwlhl_i_jvdeb_glg_j_rZ_lkyIjblZdhfih^jh[ghfjZkkijhk_m
q_eh\_dZ h[uqgh \hagbdg_l fgh`_kl\h b^_c h[ bgl_j_kguo ^_eZo dhlhjufb klhbeh [u
aZgylvky K\h_h[jZagmx ihfhsv ikboheh]m \ wlhc jZ[hl_ hdZau\Z_l khpbZevgZy
`_eZl_evghklv ihkdhevdm k lhqdb aj_gby h[s_ijbgyluo ij_^klZ\e_gbc lhl dlh gbq_f g_
bgl_j_km_lkydjhf_k_fvbb ^_l_c ² g_bgl_j_kgucb imklhcq_eh\_d: \u]ey^_lvlZdh\uf
\ ]eZaZoagZqbfh]h^jm]h]h ² dhgkmevlZglZ ²_kl_kl\_gghgbdhfmg_ohq_lkyGhikboheh]m
g_^hklZlhqghijhklhmkeurZlvh lhfqlhm deb_glZ_klvbgl_j_kug_h[oh^bfhk^_eZlvlZd
qlh[u hg ^_ckl\bl_evgh \klZe gZ [he__ Zdlb\gmx ihabpbx ih hlghr_gbx d kh[kl\_gghc
`bagb gZqZe kZf aZihegylv b hj]Zgbah\u\Zlv k\h_ \j_fy aZgbfZlvky k\hbfb ^_eZfb
=ZjZglb_c lZdhc Zdlb\ghklb deb_glZ qZs_ \k_]h y\ey_lky gZebqb_ iZjlg_jZ lh]h k d_f
fh`gh[ueh[u^_eZlvqlhlh\f_kl_blZdbfh[jZahfg_ijhklhbgl_j_kgh`blvgh_s_b
[ulv ^ey dh]hlh gm`guf b bgl_j_kguf < ijbgpbi_ fh`gh ij_^klZ\blv ljb \hafh`guo
\ZjbZglZ ihy\e_gby lZdh]h iZjlg_jZ ² dlhlh ba qe_gh\ k_fvb klZju_ ^jmavy b agZdhfu_
dZdb_lhgh\u_agZdhfkl\Z
DZd wlh gb iZjZ^hdkZevgh \ lZdhc kblmZpbb deb_glu qZklh g_^hhp_gb\Zxl
kh[kl\_ggmxk_fvxk\hbojh^kl\_ggbdh\^_l_cb \gmdh\IulZykv^hdZaZlvk\hxgm`ghklv
\f_rb\Zykv \ bo ^_eZ hgb aZ[u\Zxl h lhf qlh fh`gh gZclb \ k_fv_ l_o dhfm hgb kZfb
[m^ml gm`gu b bgl_j_kgu LZd \ dZq_kl\_ iZjlg_jh\ ih dmevlmjguf f_jhijbylbyf b
jZa\e_q_gbyf fh]ml \uklmiZlv \gmdb deb_glh\ gZ dhlhjuo hgb qZklh kfhljyl dZd gZ
fZe_gvdbog_ihgbfZxsbog_bgl_j_kmxsbokyb dhlhju_fh]mlk ihfhsvxdhgkmevlZglZ
\uklmiblv ^ey gbo \ ^jm]hc jheb ² \ jheb l_o dlh ohq_l magZlv gh\h_ h fbj_ dhfm
^_ckl\bl_evgh gm`gu hi_dZ b gZklZ\e_gby \ ihgbfZgbb fbjZ bkdmkkl\Z `bagb ^jm]bo
ex^_c QZklh \ k_fv_ _klv b ^jm]b_ ex^b dhfm g_h[oh^bfh mqZklb_ aZ[hlZ ihfhsv b gZ
dh]hdeb_glihdZdbflhijbqbgZfg_h[jZsZ_l\gbfZgbyeb[hg_\hkijbgbfZ_lk\hxjhev
ihhlghr_gbxd wlhfmq_eh\_dmdZdg_h[oh^bfmxb \Z`gmxJZa]h\hjh[wlhfk ikboheh]hf
fh`_lihfhqv\a]eygmlvih^jm]hfmgZk\hxihabpbx\ kbkl_f_k_f_cguo\aZbfhhlghr_gbc
Fgh]b_ ijh[e_fu lZdbo kljZ^Zxsbo hl kh[kl\_gghc g_gm`ghklb b qm\kl\Z
h^bghq_kl\Zdeb_glh\k\yaZguk ljm^ghklyfbh[s_gbyLZdhq_gvqZklhm gbo_klv^jmavygh
k wlbfb^jmavyfbhgb\klj_qZxlky^h\hevgh j_^dh[hylky[ulvgZ\yaqb\ufb g_ j_rZxlky
ij_^eh`blvkh[kl\_ggu_\ZjbZgluijh\_^_gbyk\h[h^gh]h\j_f_gbLZdbfh[jZahf^eylh]h
qlh[ukblmZpbybo`bagb^_ckl\bl_evghbaf_gbeZkvdhgkmevlZglmke_^m_lih\hafh`ghklb
[he__ lsZl_evgh kieZgbjh\Zlv wlb baf_g_gby h[km^blv dZd b d dhfm ba agZdhfuo fh`gh
h[jZlblvky qlh ij_^eh`blv ^ey dh]h a\hghd beb \klj_qZ k deb_glhf fh]ml ^_ckl\bl_evgh
ijbg_klb jZ^hklv dlh fh`_l khklZ\blv dhfiZgbx \ ijh\_^_gbb k\h[h^gh]h \j_f_gb
Ih^^_j`dZb \gbfZgb_dhgkmevlZglZ\ oh^_h[km`^_gby^eylZdh]hh^bghdh]hq_eh\_dZm`_
kZfb ih k_[_ fh]ml hdZaZlv p_e_[gh_ \ha^_ckl\b_ ² ihfhqv aZ^mfZlvky h k_[_ b k\hbo
`_eZgbyo gZqZlv ^_ckl\h\Zlv ihqm\kl\h\Zlv k_[y Zdlb\guf b gm`guf D kh`Ze_gbx
[u\Z_l qlh kh[kl\_gguo b^_c m deb_glZ fZeh beb hgb ^hklZlhqgh Zfhjngu Z kj_^b _]h
^jma_c b jh^kl\_ggbdh\ ljm^gh gZclb q_eh\_dZ dhlhjuc fh] [u \uklmiblv iZjlg_jhf ih
bgl_j_kZf Ihwlhfm ^ey mki_rghc jZ[hlu ikboheh] ^he`_g mf_lv ij_^eh`blv ^ey
h[km`^_gby dZdb_lh k\hb b^_b dm^Z b dZd fh`_l deb_gl ihclb q_f aZgylvky h[yaZl_evgh
mqblu\Zy lh qlh ohq_lky beb h q_f f_qlZ_lky deb_glm ² klZlv gm`guf klZlv
bgnhjfbjh\Zgguf dmevlmjguf ihiml_r_kl\h\Zlv b ij < dZq_kl\_ fZl_jbZeZ ^ey
h[km`^_gbydhgkmevlZglfh`_lij_^eh`blvbgnhjfZpbxh jZaebqguodem[Zoh[t_^bg_gbyo
\_q_jZoijbwlhf\Z`ghg_lhgZkdhevdh^Zgghfmdeb_glmih^oh^blij_^eh`_gguc\ZjbZgl
\Z`g__jZkdZqZlv
_]hih^\b]gmlvgZihbkdgh\uob^_cb \ZjbZglh\`bagbhjb_glbjh\Zlv
gZijbh[j_l_gb_gh\uoagZdhfuob ^jma_cHsmlb\\hafh`ghklvlZdh]hihbkdZq_eh\_dm`_
[_a ihfhsb dhgkmevlZglZ kfh`_l gZclb qlhlh ih kh[kl\_gghfm \dmkm ohly qZklh [u\Z_l
ihe_agufki_pbZevghh[km^blvk gbflhdZdfh`ghaZ\h^blvgh\u_agZdhfkl\ZjZkrbjylvb
m]em[eylvdjm]h[s_gbyih^jh[g__h[wlhffuih]h\hjbf\ ke_^mxs_c]eZ\_
Qm\kl\hkh[kl\_gghcg_j_Zebah\Zggh_g_m^Zqghijh`blhc`bagbZ lZd`_`_eZgb_
qlh[u \ k\h_c `bagb j_[_ghd ^hklb] b k^_eZe \k_ q_]h \ k\h_ \j_fy g_ m^Zehkv k^_eZlv
jh^bl_eyfb kljZoqlh_fmwlhg_m^Zklky ² ^h\hevghjZkijhkljZg_ggZyijh[e_fZH[uqgh
lZdb_ i_j_`b\Zgby jh^bl_e_c k_jv_agh hkeh`gyxl bo \aZbfhhlghr_gby k ^_lvfb ^_eZy ba
gbo g_\hevguo lbjZgh\ h]jZgbqb\Zxrbo k\h[h^m k\h_]h j_[_gdZ Baf_gblv hlghr_gb_ d
kh[kl\_gghc `bagb m ^hklZlhqgh ih`beh]h q_eh\_dZ ijh`b\r_]h m`_ [hevrmx __ qZklv
aZ^ZqZg_ijhklZyl_f[he__qlhqZklhm lZdboex^_c`bagv^_ckl\bl_evghijhreZg_kh\k_f
ijhklh b m^Zqgh L_f [he__ qlh k_cqZk ihy\beky _s_ h^bg \g_rgbc Zki_dl wlhc ijh[e_fu
k\yaZgguc k j_adbf baf_g_gb_f khpbZevguo h[klhyl_evkl\ dh]^Z lukyqb ex^_c \^jm]
ihgyebqlhlhq_fmhgb]h^Zfbkem`beb\qlh\_jbeb\ kmsghklb[ueheh`vx\j_f_gb
`_ijh`blv`bagvih^jm]hfmihqlbg_hklZehkv
LZdbo deb_glh\ ij_`^_ \k_]h g_h[oh^bfh mkihdhblv ih\ukblv \ bo ]eZaZo
kh[kl\_ggmx p_gghklv JZ[hlZ k ih^h[gufb ijh[e_fZfb lj_[m_l hl ikboheh]Z [hevrh]h
fZkl_jkl\ZQlh`_dhgdj_lghfh`ghk^_eZlv"<hi_j\uo\ujZablvm\_j_gghklv\ lhfqlhhg
k^_eZe \ k\h_c `bagb \k_ qlh fh] qlh ljm^ghklb dhlhju_ ij_h^he_gu deb_glhf [ueb
^_ckl\bl_evgh k_jv_agufb b g_l gbq_]h m^b\bl_evgh]h qlh gZ gbo [ueh ihljZq_gh klhevdh
mkbebc <h\lhjuo ih^q_jdgmlv \Z`ghklv `bag_gguo ^hklb`_gbc deb_glZ ijbq_f \
dZq_kl\_ j_Zevguo ^hklb`_gbc fh`_l \uklmiblv fgh]h_ gZmqgu_ j_amevlZlu ^moh\gu_
p_gghklb ihfhsv ex^yf \ujhkrb_ ^_lb B \lj_lvbo h[km^blv k deb_glhf qlh \ `bagb
\Z`gh g_ lh q_]h ^hklb] q_eh\_d Z dZd hg wlh]h ^hklb]Ze dZdbo `bag_gguo p_gghkl_c
ijb^_j`b\Zeky < wlhf kfuke_ gZijbf_j q_klghklv ^h[jhlZ bkdj_gghklv deb_glZ fh]ml
\uklmiZlv dZd \Z`g_crb_ p_gghklb dhlhju_ m^Zehkv \ `bagb j_Zebah\Zlv g_kfhljy gb gZ
qlh;hevrmxihfhsv\ jZ[hl_k lZdbfbijh[e_fZfbikboheh]mfh`_lhdZaZlvki_pbZevgZy
ebl_jZlmjZNjZgde< NjhffW b ^j
Hsmlbf\bgujh^bl_eyi_j_^j_[_gdhf ² ^h\hevghjZkijhkljZg_ggucn_ghf_ggh
wlZ \bgZ hkh[_ggh g_mf_klgZ \ h[km`^Z_fuo kblmZpbyo ihkdhevdm k\yaZgZ k ihklmidZfb b
kh[ulbyfb ba ^Z\g_]h ijhreh]h GZb[he__ ijhklZy lZdlbdZ jZ[hlu \ ^Zgghf kemqZ_ ^_fhgkljZpby [_kkfuke_gghklb i_j_`b\Z_fh]h deb_glhf qm\kl\Z K^_eZlv wlh fh`gh ih
jZaghfm gZijbf_j ihdZaZ\ deb_glm g_p_e_khh[jZaghklv g_mf_klghklv l_o ihklmidh\
\uykg_gbc b h[tykg_gbc dhlhju_ ij_^ijbgbfZxlky bf k p_evx aZ]eZ^blv wlm \bgm LZdh_
aZ]eZ`b\Zgb_ qZklh ijbgbfZxs__ nhjfm \f_rZl_evkl\Z ebrv hkeh`gy_l hlghr_gby k
j_[_gdhfIhe_aghlZd`_h[km^blvk deb_glhfijhreh_b ihdZaZlv_fm qlh _]h ihklmidb \
l_o kemqZyo dhlhju_ gug_ y\eyxlky h[t_dlhf [_kihdhckl\Z b i_j_`b\Zgbc [ueb
_^bgk\_ggh j_Zevgufb b \hafh`gufb qlh bo g_]Zlb\gu_ ihke_^kl\by g_evay [ueh
ij_^m]Z^Zlv qlh km^blv k_[y ijhreh]h k ihabpbb k_[y gug_rg_]h ² \ ijbgpbi_
[_kkfuke_ggZyg_ijb\h^ysZyd jZaj_r_gbxkblmZpbbaZ^ZqZ
< dZq_kl\_ijbf_jZlZdh]hkZfh_^kl\Zijb\_^_fkemqZck deb_gldhckebrdhfjZghk
__ lhqdbaj_gbyhl^Z\r_c^hqdm\ ^_lkdbckZ^lZddZdgm`gu[ueb^_gv]bijbrehkv\uclb
gZ jZ[hlm Z kb^_lv k ^_\hqdhc [ueh g_dhfm < kZ^m ^_\hqdZ aZ[he_eZ Zg]bghc ^Z\r_c
hkeh`g_gb_gZmrb\ j_amevlZl_q_]hgZh^ghmohhgZijZdlbq_kdbg_keurblWlZ^_\hqdZ
^Z\ghm`_\ajhkeZy`_gsbgZZ deb_gldZ^hkboihjdZagblk_[yaZkemqb\r__kykqblZ_lqlh
ijh[e_fu^hq_jbk fm`_f ² j_amevlZl__ ]emohlu
I_j_`b\Zgb_ jh^bl_e_f \bgu i_j_^ j_[_gdhf qZs_ \k_]h mkm]m[ey_lky kljZoZfb b
i_j_`b\Zgbyfb kh[kl\_gghc g_gm`ghklb h dhlhjuo ]h\hjbehkv \ur_ b dhlhju_ lZd`_
ke_^m_l h[km^blv k deb_glhf L_f [he__ qlh h[hklj_gb_ qm\kl\Z \bgu h[uqgh k\yaZgh k
dZdbfblhj_ZevgufbkblmZpbyfbmkbeb\Zxsbfb^eydeb_glZijh[e_fukh[kl\_gghc`bagb
b h^bghq_kl\Z< ijb\_^_gghf\ur_ijbf_j_deb_gldZgZ^_yeZkvqlh\uc^ygZi_gkbxhgZ
gZdhg_pkfh`_l\k_k\h_\j_fym^_eblv^hq_jbqlh[ubkdmiblvk\hx\bgmghlhcdhg_qgh
`_^Z\ghg_gm`ghwlh]hih^h[gZyi_jki_dlb\Zfh`_lebrvbkim]Zlv__
Ihkdhevdmp_ev^ZgghcjZ[hlu ² ZgZebakblmZpbcdjZldhkjhqgh]hdhgkmevlbjh\Zgby
fu g_ [m^_f hklZgZ\eb\Zlvky gZ q_l\_jlhc ]jmii_ ijbqbg ² ]em[hdbo ebqghklguo
ijh[e_fZo lj_\h]_ kljZoZo >ey jZ[hlu k lZdh]h jh^Z kemqZyfb lj_[mxlky bgu_ f_lh^u
[Zabjmxsb_ky gZ ]em[bgghc ikbohl_jZibb hiul b ^hklZlhqgh ^ebl_evgh_ \j_fy
\aZbfh^_ckl\by k iZpb_glhf ihwlhfm dhgkmevlZglm \ ih^h[ghc kblmZpbb ke_^m_l
j_dhf_g^h\Zlv deb_glm ij_^\Zjbl_evgh aZfhlb\bjh\Z\ _]h gZ khhl\_lkl\mxsmx jZ[hlm
h[jZlblvkyd ^jm]hfmki_pbZebklm
LJM>GHKLBH;S?GBY
JZaebqgu_ `Zeh[u gZ ijh[e_fu h[s_gby ² h^gZ ba gZb[he__ jZkijhkljZg_gguo
ijbqbgh[jZs_gby\ ikboheh]bq_kdmxdhgkmevlZpbxP_e_khh[jZagh\u^_eblvljbgZb[he__
qZklh\klj_qZxsb_kynhjfmebjh\dbd dhlhjuffh`ghk\_klb[hevrbgkl\hhklZevguo
<hfg_qlhlhg_lZdy g_mf_xh[sZlvkyk ^jm]bfbex^vfbbebIhfh]bl_fg_
f_rZ_lh[sZlvkyk ^jm]bfbfhyaZkl_gqb\hklvg_m\_j_gghklv\ k_[_
Fg_ g_ \_a_l fg_g_ k d_f h[sZlvkyex^b dhlhju_ f_gy hdjm`Zxl Z[khexlgh
fg_g_bgl_j_kgu
Y g_mf_xh[sZlvkyk ij_^klZ\bl_eyfbijhlb\hiheh`gh]hiheZfhbhlghr_gbyk
gbfbihq_fmlhhdZgqb\Zxlkygbq_fBgZq_]h\hjyehdmkhf`Zeh[ufh`_ly\eylvkyZkZf
deb_gl
[ ^jm]b_ ex^b \ dZdZylh hij_^_e_ggZy dZl_]hjby ex^_c k dhlhjhc m deb_glZ g_
kdeZ^u\Zxlkyhlghr_gby
H^ghba\Z`g_crbomkeh\bcwnn_dlb\ghklbdhgkmevlbjh\Zgby ²]hlh\ghklvdeb_glZ
ijbgylv hl\_lkl\_gghklv aZ k\hb ijh[e_fu Ihwlhfm _keb ijbr_^rbc \ dhgkmevlZpbx
q_eh\_d `Zem_lky gZ hdjm`Zxsbo gh ijb wlhf ^h\he_g kh[hc aZ^Zq_c dhgkmevlZglZ [m^_l
ihiuldZi_j_\_klbehdmk`Zeh[udeb_glZgZg_]hkZfh]hlh_klvk^_eZlvbadeb_glZ\lhjh]h
lbiZ deb_glZ i_j\h]h beb lj_lv_]h lbiZ Ikboheh] fh`_l gZijbf_j ij_^eh`blv k\h_fm
kh[_k_^gbdm hl\_lblv gZ \hijhku lbiZ : \klj_qZebkv eb \u \ k\h_c `bagb k ex^vfb
dhlhju_[ueb[u\Zr_]hmjh\gy"GjZ\bekyeb\Zfdlhgb[m^vdh]^Zgb[m^v"K dZdbfb
ex^vfb \Zf [ueh dh]^Zeb[h bgl_j_kgh" P_ev lZdbo \hijhkh\ ² \uy\blv kblmZpbb \
dhlhjuo m deb_glZ fh]eb \hagbdgmlv khfg_gby ih ih\h^m kh[kl\_gguo kihkh[ghkl_c \
h[s_gbb k ^jm]bfb ex^vfb Ihemqblv hl\_l g_l gZ \k_ \hijhku [_a bkdexq_gby
fZeh\_jhylghb _keb\k_`_wlhijhbahc^_ldhgkmevlZglfh`_lkf_eh^_eZlv\u\h^eb[hh
gbadhc djblbqghklb deb_glZ eb[h h _]h g_`_eZgbb jZ[hlZlv b g_^h\_jbb d ikboheh]m qlh
h^bgZdh\h kgb`Z_l rZgku gZ mki_o dhgkmevlZpbb Ohly jZamf__lky fh`gh ih[hjhlvky
k^_eZ\aZdexq_gb_G_fh`_l`_[ulvqlh[u\ZfihiZ^Zebkvlhevdhiehob_ex^bbebqlh
\u^_ckl\bl_evghemqr_\k_o
H[uqghdeb_gle_]dh\kihfbgZ_lh dZdbolhk\hboijbylguo\klj_qZok ex^vfbIjb
ihiuld_ \uykgblv dZd kdeZ^u\Zebkv hlghr_gby dhgkmevlZglm qZklh m^Z_lky ihdZaZlv qlh
g_m^ZqbjZaju\bebhlqm`^_gghklv\hfgh]hfhij_^_eyebkvihabpb_ckZfh]hdeb_glZ?keb
deb_glijbgbfZ_llZdmxlhqdmaj_gbylhwlhhldju\Z_li_jki_dlb\m^eydhgkmevlbjh\Zgby
_keb g_l lh rZgkh\ gZ mki_o fZeh g_l fZl_jbZeZ ^ey jZ[hlu Z \klmiZlv \ ij_j_dZgby k
deb_glhf ² ^_eh ^h\hevgh [_kkfuke_ggh_ >himklbf qlh aZ^Zqm ijbgylby gZ k_[y
hl\_lkl\_gghklb aZ k\hb g_m^Zqb m^Zehkv mki_rgh j_rblv lh _klv q_eh\_d ]hlh\ d jZ[hl_
p_ebdhf b iheghklvx jZa^_eyy ij_^klZ\e_gb_ h lhf qlh baf_gblv qlheb[h \ kh[kl\_gghc
`bagb fh`gh ebrv baf_gyy k_[y kZfh]h beb `_ hg k kZfh]h gZqZeZ ijb^_j`b\Zeky wlhc
lhqdb aj_gby Gh ij_`^_ q_f f_gylv ikboheh]m g_h[oh^bfh jZah[jZlvky \ ijh[e_f_
ihgylvdZdh\ubf_gghljm^ghklbdeb_glZ\ h[s_gbbb \q_fhgbijhy\eyxlky
;hevrbgkl\h ex^_c ijboh^yl gZ ijb_f k ]hlh\uf jZkkdZahf h k_[_ gZ hkgh\Zgbb
dhlhjh]hfh`gh[he__bebf_g__ij_^klZ\blvdeb_glZb _]hijh[e_fugh^eyijZdlbq_kdhc
jZ[hlu wlh]h g_^hklZlhqgh LZdhc jZkkdZa ² wlh ij_`^_ \k_]h bklhjby `bagb beb bklhjby
hlghr_gbc kZfb `_ ljm^ghklb aZgbfZxl \ g_f h[uqgh g_agZqbl_evgh_ f_klh >ey lh]h
qlh[uihklZ\blvdeb_glmlhqguc^bZ]ghahij_^_eblvoZjZdl_jb ijbqbgu \hagbdgh\_gby
ijh[e_f h[s_gby dhgkmevlZglm ke_^m_l ij_^eh`blv _fm ih^jh[gh jZkkdZaZlv h l_o
kblmZpbyo \ dhlhjuo hg klZedb\Zeky k gbfb lh _klv kh[jZlv khhl\_lkl\mxsb_ dhgdj_lgu_
nZdlu H[uqgh ljm^ghklb \uau\Zxl jZa]h\hju kh agZqbfufb ex^vfb h[s_gb_ k ]jmiihc
ex^_c deZkkbq_kdbc ijbf_j ² ihemagZdhfZy dhfiZgby \ ]hklyo \uklmie_gb_ i_j_^
Zm^blhjb_ch[s_gb_k ex^vfbfZehagZdhfufbg_agZdhfufbbeb k lhqdbaj_gbydeb_glZ
g_^h[jh`_eZl_evgh gZkljh_ggufb dhglZdlu k ij_^klZ\bl_eyfb ijhlb\hiheh`gh]h iheZ
Dhg_qgh^eydZ`^h]hq_eh\_dZoZjZdl_j_gk\hcdjm]ijh[e_fb [hevrbgkl\hk\yau\Z_lk\hb
ljm^ghklbk dZdbfblhdhgdj_lgufbkblmZpbyfbh[s_gbyGh\k_`_bgh]^Z[u\Z_lihe_agh
jZkkijhkblv deb_glZ h[ hkh[_gghklyo _]h ih\_^_gby \ kblmZpbyo dhlhju_ hg g_ kqblZ_l
ljm^gufb ^ey k_[y gh \ dhlhjuo l_f g_ f_g__ ijh[e_fu h[s_gby \hagbdZxl ^hklZlhqgh
qZklh
DhgkmevlZglm g_h[oh^bfh h[jZlblv \gbfZgb_ gZ ke_^mxsb_ we_f_glu jZkkdZaZ ih\_^_gb_wfhpbhgZevgu_i_j_`b\Zgbyb h[tykg_gb_ijbqbgljm^ghkl_c ij_^klZ\e_gb_
deb_glZ h lhf dZd _]h \hkijbgbfZxl ^jm]b_ \dexqZy bo ih\_^_gb_ bo ij_^iheZ]Z_fu_
h[tykg_gby ijbqbg ih\_^_gby deb_glZ b wfhpbhgZevgu_ j_Zdpbb dhlhju_ hg m gbo
ij_^iheh`bl_evgh \uau\Z_l hp_gdZ deb_glZ ^jm]bfb ex^vfb \ukdZau\Z\rZyky dh]^Z
eb[h _fm h[jZlgZy k\yav dhlhjZy g_ \k_]^Z y\gh gh h[uqgh ijbkmlkl\m_l \ h[s_gbb b
qZklhhlf_qZ_lkyb aZihfbgZ_lky
Ijbqbgu ljm^ghkl_c Z lZd`_ kZfb ljm^ghklb \hagbdZxsb_ \ h[s_gbb \_kvfZ
jZaebqgu >ey m^h[kl\Z baeh`_gby \u^_ebf ljb [hevrb_ ]jmiiu ijh[e_f h[s_gby
h[hagZq_ggu_ gZfb ih ZgZeh]bb k lj_fy mjh\gyfb mklZgh\db ba\_klgufb \ khpbZevghc
ikboheh]bb:g^j__\Z=F
ih\_^_gb_hkeh`gyxs__ijhp_kkh[s_gby
wfhpbhgZevgu_i_j_`b\ZgbyaZljm^gyxsb_ijhp_kkh[s_gby
mklZgh\db^_kljmdlb\gh\ebyxsb_gZijhp_kkh[s_gby
Ih^h[gh_jZa^_e_gb_y\ey_lky\_kvfZmkeh\gufljm^ghklb\hagbdZxsb_gZh^ghfba
mjh\g_c \ lhc beb bghc kl_i_gb aZljZ]b\Zxl b hklZevgu_ Gh qZklh m dhgkmevlZglZ
\hagbdZ_lg_h[oh^bfhklv\ kbemjZaebqguoh[klhyl_evkl\kj_^bdhlhjuob h]jZgbq_gghklv
\j_f_gb ijb_fZ b g_ih^]hlh\e_gghklv deb_glZ kdhgp_gljbjh\Zlv k\h_ \gbfZgb_ ebrv gZ
h^ghfgZb[he__yjdhfZki_dl_ijh[e_fu
G_ ke_^m_l aZ[u\Zlv qlh \ [hevrbgkl\_ kemqZ_\ aZ ljm^ghklyfb h[s_gby e_]dh
ijhke_`b\Zxlky[he__]em[hdb_ebqghklgu_ijh[e_fudeb_glZH^gZdhklj_fblvkyjZ[hlZlv
gZ[he__]em[hdhfmjh\g_k\yaZgghfk ^_lkdbfbb xghr_kdbfb^jm`[Zfbb agZdhfkl\Zfb
hkh[_gghklyfb jh^bl_evkdhc k_fvb b l^ g_ ke_^m_l G_ lhevdh \ kbem lh]h qlh d lZdhc
jZ[hl_ [hevrbgkl\h dhgkmevlZglh\ g_ ih^]hlh\e_gh h ki_pbnbd_ lZdhc ih^]hlh\db m`_
]h\hjbehkv \ i_j\hc ]eZ\_ gh ij_`^_ \k_]h \ k\yab k l_f qlh d wlhfm g_ ih^]hlh\e_gh b
[hevrbgkl\h deb_glh\ h`b^Zxsbo hl ikboheh]Z g_f_^e_gghc ihfhsb b g_
jZkkqblu\Zxsbo gZ ^ebl_evgmx lj_[mxsmx [hevrbo ^mr_\guo b fZl_jbZevguo aZljZl
ikbohl_jZibxL_f[he__qlh^Z`_gZkZfhfih\_joghklghfmjh\g_k ihfhsvxdhjj_dpbb
ih\_^_gbybeb mklZgh\hd fh`gh\ agZqbl_evghckl_i_gbkihkh[kl\h\Zlvj_r_gbxijh[e_f
deb_glZ
BlZdjZkkfhljbfqlhfh`_lk^_eZlvdhgkmevlZgl^eydhjj_dpbbijh[e_fh[s_gbyb
hklZgh\bfky[he__ih^jh[ghgZdZ`^hcbalj_o]jmiiljm^ghkl_c
MklZgh\dbaZljm^gyxsb_ijhp_kkh[s_gby
Ijh[e_fuh[s_gby\ua\Zggu_g_Z^_d\ZlgufbkhpbZevgufbmklZgh\dZfby\eyxlky
ih`Zemc gZb[he__ jZkijhkljZg_ggufb b \ lh `_ \j_fy \ [hevrbgkl\_ kemqZ_\ hgb
hlghkbl_evgh e_]dh ih^^Zxlky dhjj_dpbb KhpbZevgu_ mklZgh\db e_`Zsb_ \ hkgh\_
ljm^ghkl_c h[s_gby h[uqgh kh^_j`Zl \ k[_ g_Z^_d\Zlgu_ b^_Zebabjh\Zggu_ jb]b^gu_
ij_^klZ\e_gby h f_`ebqghklguo hlghr_gbyo \ p_ehf b hkh[_ggh k ij_^klZ\bl_eyfb
ijhlb\hiheh`gh]h iheZ Kj_^b mihfygmluo ij_^klZ\e_gbc fh`gh \u^_eblv
Z[khexlbabjh\Zggu_ b^_b khpbZevghc kijZ\_^eb\hklb ij_^klZ\e_gby h kh[kl\_gghf
ij_\hkoh^kl\_aZ\ur_ggu_lj_[h\Zgbyd hdjm`Zxsbfb hlkmlkl\b_djblbq_kdbolj_[h\Zgbc
d kZfhfmk_[_Ijb\_^_fijbf_j
Deb_gldZ`_gsbgZkj_^gboe_l`Zem_lkygZm`ZkgmxZlfhkn_jmkeh`b\rmxkym g__
gZ jZ[hl_ h^gZ ba khljm^gbp aZ\bkleb\Z ^jm]Zy iulZ_lky \k_fb dhfZg^h\Zlv lj_lvy
kebrdhffgh]hjZkkdZau\Z_lh k_[_ihklhyggh[helZ_lb l^>eyg__dZdb ^ey[hevrbgkl\Z
ex^_ck aZ\ur_ggufblj_[h\Zgbyfbd ^jm]bfh[s_gb_aZljm^g_ghihkdhevdmhdjm`Zxsb_
\hkijbgbfZxlkyq_j_aijbafmbog_^hklZldh\\uklmiZxsbodZdg_ij_h^hebfh_ij_iylkl\b_
^ey ghjfZevguo dhglZdlh\ k gbfb Ijb wlhf kZfZ deb_gldZ kqblZ_l k_[y emqr_
kijZ\_^eb\__d\Zebnbpbjh\Zgg__^jm]bo
H^gbf ba gZb[he__ mki_rguo kihkh[h\ baf_g_gby g_Z^_d\Zlguo khpbZevguo
mklZgh\hdy\ey_lkyij_^eh`_gb_deb_glmaZ^mfZlvkyh ijbqbgZoih\_^_gby^jm]boex^_ch
lhf qlh jmdh\h^bl bfb b \ dhg_qghf kq_l_ ijb\h^bl d ijhy\e_gbx l_o beb bguo dZq_kl\
Ijbf_gyy wlhl kihkh[ ij_^\Zjbl_evgh ke_^m_l jZkkdZaZlv h lhf qlh ^_ckl\by b keh\Z
ex[h]hq_eh\_dZ\k_]^ZhljZ`Zxl_]h[he__]em[hdb_ihlj_[ghklbb `_eZgbyLZdgZijbf_j
hibkZggmx \ur_ deb_gldm fh`gh kijhkblv Dhg_qgh aZ ^jm]bo hl\_qZlv ljm^gh gh
ihijh[mcl_ jZkkdZaZlv ihq_fm k \Zr_c lhqdb aj_gby h^gZ ba khljm^gbp kebrdhf fgh]h
]h\hjbl ^jm]Zy dhfZg^m_l b l^ qlh ^\b`_l bo ih\_^_gb_f aZq_f wlh bf fh`_l [ulv
gm`gh"<ke_^aZg_[hevrhc^bkdmkkb_cihko_f_Hldm^Zy agZx" ² : \uihijh[mcl_
fh`_lihke_^h\Zlvhl\_lkihkh[kl\mxsbchkhagZgbxdeb_gldhcf_oZgbafh\^_l_jfbgZpbb
q_eh\_q_kdboihklmidh\[he__]em[hdhfmihgbfZgbx^jm]boex^_cZ \dhg_qghfkq_l_ ²
kZfhck_[y
LZd hgZ fh`_l \kihfgblv gZijbf_j qlh [heleb\Zy khljm^gbpZ ² h^bghdZy
`_gsbgZb ihwlhfm\iheg__kl_kl\_gghqlhgZjZ[hl__cohq_lkyijb\e_qvd k_[_\gbfZgb_
?_ [helh\gy ² wlh ihiuldZ gZclb \ hdjm`Zxsbo khqm\kl\b_ b ijbagZgb_ DhfZg^mxsZy
khljm^gbpZm`_hq_gv^Z\ghjZ[hlZ_lgZij_^ijbylbbghlZdb g_ijh^\bgmeZkvihkem`[_
Ijhbkoh^ysb_baf_g_gbyk\yaZggu_k \g_^j_gb_fgh\hcl_ogbdb\ ijhba\h^kl\hklZ\yl__ \
lmibd hgZ bo [hblky b dhfZg^my ^_eZy aZf_qZgby ^jm]bf iulZ_lky kdjulv k\hx
g_dhfi_l_glghklv^hdZaZlvqlhhgZ\k_lZdbqlhlhfh`_l
JZkrbj_gb_ij_^klZ\e_gbcdeb_gldbh ex^yoihgbfZgb_lh]hqlh^jm]b_g_[u\Zxl
ijhklh iehobfb qlh bo fh`gh ihgylv b qlh bf fh`gh khqm\kl\h\Zlv kihkh[kl\m_l
baf_g_gbxihabpbbihhlghr_gbxd hdjm`Zxsbfk \ukhdhf_jghhlj_r_gghc\ dhlhjhcg_l
dhglZdlh\k hdjm`Zxsbfb^Zb [ulvg_fh`_lhgbg_^hklhcguhiZkgub l^gZ[he__
dhhi_jZlb\gmx aZbgl_j_kh\Zggmx jZ\ghijZ\gmx ]^_ ^jm]b_ \hkijbgbfZxlky g_ dZd
ghkbl_ebq_eh\_q_kdboihjhdh\Z dZd\hafh`gu_h[t_dluihfhsbb aZ[hlu>eybaf_g_gby
mklZgh\hd deb_glh\ [u\Z_l p_e_khh[jZagh lZd`_ ih]h\hjblv k gbfb h ex^yo \hh[s_
ijb\e_dZy \ dZq_kl\_ ijbf_jh\ jZaebqgu_ ikboheh]bq_kdb_ ko_fu fh^_eb kkueZykv gZ
wdki_jbf_glZevgu_ nZdlu dhlhju_ fh]ml kem`blv ih^l\_j`^_gb_f keh\ dhgkmevlZglZ
ihkdhevdmgZmqgZybgnhjfZpbyh[uqgha\mqbl^eydeb_glh\\_kvfZm[_^bl_evgh
GZijbf_j _keb j_qv aZoh^bl h aZ\bkbfhklb q_eh\_dZ hl k\h_c khpbZevghc jheb
fh`gh \kihfgblv j_amevlZlu wdki_jbf_glZ Abf[Zj^h :g^j__\Z =F \ dhlhjhf
kZfu_ h[udgh\_ggu_ kemqZcgh hlh[jZggu_ ex^b \uihegyy \ l_q_gb_ g_kdhevdbo ^g_c \
dZq_kl\_ wdki_jbf_glZevgh]h aZ^Zgby jhev lxj_fsbdh\ klZeb ijhy\eylv `_klhdhklv
j_adhklv ^Z`_ gZkbeb_ ih hlghr_gbx d k\hbf aZdexq_gguf LZdb_ `_ baf_g_gby
ijhbahreb b k aZdexq_ggufb dhlhju_ klZeb k_jv_agh ieZgbjh\Zlv ih[_]b h[ty\beb
]heh^h\dm b l^ ;hevrh_ \i_qZle_gb_ gZ deb_glh\ ijhba\h^yl j_amevlZlu bkke_^h\Zgbc h
aZ\bkbfhklb hlghr_gby d ^jm]bf b ih\_^_gby ih hlghr_gbx d gbf hl kh[kl\_gghc
kZfhhp_gdbq_eh\_dZb _]hhlghr_gbyd k_[_LZdwfibjbq_kdb_^Zggu_k\b^_l_evkl\mxsb_
h lhfqlhex^bk ihablb\gufh[jZahfYg_kdehggu^_fhgkljbjh\Zlvk\h_ij_\hkoh^kl\h
j_`_klZjZxlkyaZ^_lvbebh[b^_lvhdjm`Zxsboihfh]Zxldeb_glmihkfhlj_lvgZl_odh]h
hgbh[uqgh\hkijbgbfZxl\ dZq_kl\_h[b^qbdh\g_dZdgZij_ke_^h\Zl_e_cZ dZdgZ`_jl\
NjhffW :e_rbgZX?=jhafZgEY JZamf__lkyqlh[uihevah\Zlvkywlbfbb fgh]bfb^jm]bfb^Zggufbikboheh]^he`_g
ohjhrh hjb_glbjh\Zlvky \ gbo kZf D kqZklvx k_cqZk gZ jmkkdhf yaud_ klZeb ihy\eylvky
dgb]bql_gb_dhlhjuofh`_lkihkh[kl\h\Zlvbaf_g_gbxhlghr_gbcd ex^yf[hevr_fmbo
ihgbfZgbx khqm\kl\bx khi_j_`b\Zgbx Wlh gZijbf_j dgb]b lZdbo Z\lhjh\ dZd Wjbo
Njhff<bdlhjNjZgdeWjbd;_jgZ lZd`_fgh]bo^jm]boqvbbf_gZ_s_g_mihfbgZebkv\
wlhcdgb]_DhgBK E_\b< RhkljhfW Hgbfh]ml hdZaZlv [hevrmx
ihfhsvikboheh]mijbjZ[hl_k ijh[e_fZfbh[s_gbyIhgylghqlh^Ze_dhg_dZ`^ucdeb_gl
^_ckl\bl_evgh[m^_lqblZlvdgb]mihj_dhf_g^ZpbbdhgkmevlZglZihwlhfmg_klhblaZ\h^blv
h[ wlhf jZa]h\hj [_a ^hklZlhqghc m\_j_gghklb \ iheh`bl_evghc j_Zdpbb dhgdj_lgh]h
q_eh\_dZ
H[km`^Zyijh[e_fubaf_g_gbyhlghr_gbyd ex^yfg_ke_^m_l`^Zlvqlhq_eh\_dlml
`_ ij_h[jZablky Wlh g_\hafh`gh >hklZlhqgh ihk_ylv \ ^mr_ deb_glZ a_jgZ khfg_gby
dhlhju_ kimkly \j_fy fh]ml ^Zlv \koh^u =eZ\gh_ qlh[u q_eh\_d klZe ]hlh\ d jZ[hl_ gZ^
kZfbfkh[hcd hkhagZgbxhkh[_gghkl_ck\h_]hhlghr_gby d ^jm]bf b \hafh`ghkl_c bgh]h
\hkijbylby bo ?keb ij_^iheZ]Z_lky [he__ ^ebl_evguc dhglZdl k deb_glhf fh`gh
ij_^eh`blv _fm \uihegblv ^hfZrgb_ aZ^Zgby kihkh[kl\mxsb_ ihgbfZgbx hdjm`Zxsbo
ex^_c b baf_g_gbx hlghr_gby d gbf LZd fh`gh ij_^eh`blv ki_pbZevgh ihgZ[ex^Zlv aZ
l_fb ba _]h hdjm`_gby dlh hkh[_ggh g_ihgyl_g g_ijbyl_g beb ^hkZ`^Z_l ij_^eh`blv
ih^mfZlvdZdh\uijbqbgul_obebbguoihklmidh\hij_^_eblvdZdb_dhrdbkdj_[mlm
gbogZ^mr_q_f\ua\ZgZfheqZeb\hklvh^gh]h\kiuevqb\hklv^jm]h]hih^hajbl_evghklvb
]jm[hklvlj_lv_]hemqr_dhg_qgh_kebh[t_dluwlbo gZ[ex^_gbc [m^ml g_ kemqZcgufb Z
deb_gl\f_kl_k ikboheh]hf\u[_jmlb gZah\mlboaZjZg__gZhkgh\Zgbblh]hh dhfb hq_f
]h\hjbehkv\h\j_fyijb_fZ
< ijZdlbd_dhgkmevlbjh\Zgbyijboh^blky^h\hevghqZklhklZedb\Zlvkyk kblmZpbyfb
dh]^Z \ hkgh\_ ljm^ghkl_c h[s_gby e_`Zl jb]b^gu_ kl_j_hlbigu_ ij_^klZ\e_gby h
ij_^klZ\bl_eyo ijhlb\hiheh`gh]h iheZ H[uqgh k lZdbfb `Zeh[Zfb h[jZsZxlky h^bghdb_
fm`qbgu b `_gsbgu eb[h gbdh]^Z g_ khklhy\rb_ \ [jZd_ eb[h ^Z\gh jZa\_^_ggu_
Ijbqbghc h[jZs_gby aZ ikboheh]bq_kdhc ihfhsvx \ wlhf kemqZ_ kem`Zl h^ghlbigh
ij_ju\Zxsb_kyhlghr_gbyk fm`qbgZfbbeb`_gsbgZfbLZdb_deb_gluqZklhijboh^ylk
m`_keh`b\rbfkym[_`^_gb_f\ lhfqlhhghgZkZfkZfZ\bgh\Zl\ k\hbog_m^ZqZoLhqlh
hgb jZkkdZau\Zxl h k_[_ b k\hbo \aZbfhhlghr_gbyo k ijhlb\hiheh`guf ihehf [u\Z_l
^h\hevghbgnhjfZlb\gh\ ieZg_\u^\b`_gbydhgkmevlZlb\guo]bihl_aGh\k_`_deb_glh\
h[uqghijboh^blkyki_pbZevghijhkblvhl\_lblvgZlZdb_\hijhkuDZd\u^mfZ_l_qlhhgb
hg hgZ h \Zk ^mfZ_l" DZd \Zk \hkijbgbfZxl" Qlh \Zf h[uqgh ]h\hjyl h \Zk fm`qbgu
`_gsbguk dhlhjufb\u\klmiZ_l_\ dhglZdldZdhgb\Zkhp_gb\Zxl"
G_klhbl[hylvkyj_ZdpbclbiZgbdh]^Zgbdlhgbq_]hg_]h\hjbebeb^Z`_fg_b
kZfhfm kZfhc hq_gv ohl_ehkv [u wlh agZlv JZkkijhkb\ ih^jh[g__ fh`gh h[gZjm`blv
g_h[oh^bfmx h[jZlgmx k\yav \ \b^_ \ukdZau\Zgbc lbiZ Dh]^Z k lh[hc h[sZ_rvky \k_
\j_fyqm\kl\m_rvk_[yom`_l_[ybebIhq_fmluf_gygbdh]^Zgb hq_fg_kijZrb\Z_rv"
Hl lZdhc h[jZlghc k\yab e_]q_ hllhedgmlvky ijbklmiZy d h[km`^_gbx \a]ey^h\ b
ij_^klZ\e_gbcdeb_glZh[hlghr_gbyok ijhlb\hiheh`gufihehfGZijbf_j_]h__fh`gh
kijhkblv: \u^_ckl\bl_evghk_[ylZd\_^_l_qlhex^bqm\kl\mxlk_[yom`_\Zk"beb:
ihq_fm \u lZd ihklmiZ_l_" QZklh \ wlhc kblmZpbb \ dZq_kl\_ h^ghc ba \Z`g_crbo
^_l_jfbgZgl kh[kl\_ggh]h ih\_^_gby ex^b kkueZxlky gZ k_jv_agu_ jZaebqby f_`^m
fm`qbgZfbb `_gsbgZfbgZljm^ghklbihgbfZgbyij_^klZ\bl_e_cijhlb\hiheh`gh]hiheZ
gZ g_h[oh^bfhklv lh]h beb bgh]h \ZjbZglZ ih\_^_gby ihkdhevdm bgZq_ \_klb k_[y k
fm`qbgZfb `_gsbgZfb g_\hafh`gh ;u\Z_l qlh kZfb deb_glu gZqbgZxl jZa]h\hj k
dhgkmevlZglhf kijZrb\Zy KdZ`bl_ gm dZd fh`gh ^h\_jylv fm`qbgZf" H q_f fh`gh
]h\hjblvk `_gsbgZfb"
G_j_^dh ijb jZ[hl_ k ih^h[gufb ljm^ghklyfb h[s_gby ijboh^blky m^_eylv
ki_pbZevgh_\gbfZgb_ijh[e_fZff_`iheh\uojZaebqbcb hibjZlvkyijbwlhfke_^m_lgZl_
ij_^klZ\e_gby dhlhju_ keh`bebkv m ^Zggh]h deb_glZ >ey wlh]h g_h[oh^bfh qlh[u kZf
q_eh\_d jZkkdZaZe h k\hbo \a]ey^Zo gZ hlghr_gby f_`^m `_gsbgZfb b fm`qbgZfb h lhf
dZdb_lj_[h\Zgbyb h`b^Zgbyk\yau\Zxlkyk ij_^klZ\bl_eyfbijhlb\hiheh`gh]hiheZdZdbf
\b^blky \ \hh[jZ`_gbb ba[jZggbd ba[jZggbpZ ;hevrbgkl\h deb_glh\ hl\_qZxl gZ lZdb_
\hijhku k e_]dhklvx gh lh qlh hgb ]h\hjyl ^h\hevgh h^ghlbigh Wlh ljZ^bpbhggu_
kl_j_hlbigu_ km`^_gby h fm`_kl\_gghklb b `_gkl\_gghklb khijh\h`^Zxsb_ky
lj_[h\Zgbyfb kh[ex^Zlv khhl\_lkl\mxsb_ iZll_jgu ih\_^_gby \h \aZbfhhlghr_gbyo
GZijbf_j`_gkdbciZll_jg ² ^_fhgkljZpbyoheh^ghklbb g_ijbklmighklb\ hlghr_gbyok
fm`qbghc klj_fe_gb_ gbq_f g_ ijhy\blv k\hx aZbgl_j_kh\Zgghklv \ iZjlg_j_ qlh[u g_
mjhgblv k\h_]h ^hklhbgkl\Z k\h_c `_gkdhc ]hj^hklb khq_lZxs__ky k `_kldbfb
lj_[h\Zgbyfb d fm`qbgZf ihklhyggZy Zdlb\ghklv ijhn_kkbhgZevgu_ ^hklb`_gby
jupZjkdh_ hlghr_gb_ d `_gsbgZf Fm`kdhc \ZjbZgl klhev `_ ijyfhebg__g b jb]b^_g
`_gsbgZ ^he`gZ [ulv djZkb\hc g_`ghc hlau\qb\hc gh ijb wlhf g_aZ\bkbfhc
g_lj_[h\Zl_evghcqlh[ug_m^_eylv_ckebrdhffgh]h\gbfZgbyb bf_lv\hafh`ghklv[ulv
g_aZ\bkbfuf b k\h[h^guf hl g__ gh m\_j_gguf \ __ ex[\b b \_jghklb iZjlg_jm <Z`gh_
mkeh\b_ \ hlghr_gbyo k `_gsbghc ^ey lZdbo deb_glh\ ² \ukhdZy hp_gdZ kh[kl\_gghc
fm`_kl\_gghklbb ijbagZgb_ij_\hkoh^kl\Zfm`qbggZ^`_gsbgZfb
Ex^b jZa^_eyxsb_ ih^h[gu_ \a]ey^u \ kmsghklb aZ]hgyxl k_[y \ k\h_h[jZagmx
eh\mrdmk h^ghcklhjhgu\ `bagb\klj_qZ_lkyfZehfm`qbgb `_gsbgm^h\e_l\hjyxsbo
lZdbf \ukhdbf lj_[h\Zgbyf ijhn_kkbhgZevgZy mki_rghklv djZkhlZ b l^ k ^jm]hc
klhjhgu bo kh[kl\_ggh_ ih\_^_gb_ hkgh\Zggh_ gZ khhl\_lkl\mxsbo ij_^klZ\e_gbyo
^_fhgkljZpby g_^hklmighklb beb m\_j_gghklv \ kh[kl\_gghc g_ih]j_rbfhklb hlgx^v g_
kihkh[kl\m_l mklZgh\e_gbx [ebadbo hlghr_gbc b bo jZa\blbx Hl lZdbo deb_glh\ qZklh
fh`gh mkeurZlv aZy\e_gby lbiZ Y gbdh]^Z kZfZ g_ a\hgx fm`qbgZf beb DZd y fh]m
jZkkdZaZlv `_gsbg_ h k\hbo qm\kl\Zo beb ijh[e_fZo² wlh `_ ijbagZd keZ[hklb
>hdZaZl_evkl\Zlh]hqlhbf_gghhibkZggu_\ur_ljZ^bpbhggu_\a]ey^uy\eyxlkyh^gbfba
\Z`g_crboij_iylkl\bc gZimlb mki_rgh]h h[s_gby k ij_^klZ\bl_eyfb ijhlb\hiheh`gh]h
iheZe_]dhh[gZjm`blv\ jZkkdZaZodeb_glh\b \lhfdZdh[uqghhlau\Zxlkyh gboiZjlg_ju
ihh[s_gbx
AZ^ZqZ dhgkmevlZglZ ² jZajmr_gb_ b dhjj_dpby wlbo `_kldbo ljZ^bpbhgguo
ij_^klZ\e_gbcf_rZxsboh[s_gbxP_gljZevgufa\_ghfljZ^bpbhgguo\a]ey^h\y\ey_lky
b^_y h lhf qlh kms_kl\mxl dhj_ggu_ ikboheh]bq_kdb_ jZaebqby f_`^m fm`qbgZfb b
`_gsbgZfb< wlhckblmZpbbikboheh]m\he_cg_\he_cijboh^blky\klmiZlv\ ^bkdmkkbxih
ih\h^m wlbo mklZgh\hd klj_fykv ih \hafh`ghklb kdhjj_dlbjh\Zlv bo [_kkihjgh dZ`^uc
q_eh\_dbf__lijZ\hgZk\hb\a]ey^ub ij_^klZ\e_gbygh\ kblmZpbbdh]^ZhgbhdZau\Zxlky
k_jv_aguf ij_iylkl\b_f \ f_`ebqghklguo hlghr_gbyo bo dhjj_dpby ² _^bgkl\_ggZy
\hafh`ghklv j_Zevghc ihfhsb \ j_r_gbb ijh[e_fu >ey wlh]h \ qZklghklb fh`gh
ijb\e_qv fZl_jbZeu fgh]hqbke_gguo wdki_jbf_glZevguo bkke_^h\Zgbc \ dhlhjuo [ueh
gZ]ey^gh ijh^_fhgkljbjh\Zgh hlkmlkl\b_ k_jv_aguo jZaebqbc \ ikboheh]bb fm`qbg b
`_gsbg :e_rbgZ X? <heh\bq:K Dhg BK Dhehfbgkdbc EG F_elkZk
FO D kqZklvxebl_jZlmjZih^Zgghcl_fZlbd_kms_kl\m_lk_]h^gygZjmkkdhfyaud_
<h \kydhf kemqZ_ ikboheh] ijbklmiZxsbc d jZ[hl_ \ dhgkmevlZpbb ^he`_g h[yaZg
ijhn_kkbhgZevgh
hjb_glbjh\Zlvky
\
ijh[e_fZo
n_fbgbgghklbfZkdmebgghklb
ikboheh]bq_kdhc Zg^jh]bgbb ihehjhe_\hc khpbZebaZpbb ^_l_c Kkuedb gZ
wdki_jbf_glZevgu_^Zggu_h[uqgha\mqZl^eydeb_glh\\_kvfZm[_^bl_evghbebihdjZcg_c
f_j_gZ\h^ylbogZjZafure_gby
DhgkmevlZglm g_ klhbl h]jZgbqb\Zlvky lhevdh ijhk\_s_gb_f deb_glh\ k ihfhsvx
dgb]Ihe_aghh[km^blvb h[u^_ggu_nZdluk\yaZggu_k l_fqlhh[uqgh\ gZr_ckljZg_b
fm`qbgu b `_gsbgu jZ[hlZxl b aZjZ[Zlu\Zxl ijbf_jgh h^bgZdh\h ihevamxlky
h^bgZdh\ufb ijZ\Zfb b \hafh`ghklyfb Hldm^Z b dZd fh]ml lh]^Z \hagbdgmlv lZdb_
n_ghf_gu dZd fm`kdh_ ij_\hkoh^kl\h b `_gkdZy [_kihfhsghklv" <_^v hkh[_gghklb
hlghr_gbc f_`^m iheZfb hkgh\u\Zxlky gZ khpbZevghf dhgl_dkl_ e_l ² gZaZ^ dh]^Z
[hevrbgkl\h`_gsbgg_jZ[hlZeh`_gkdZy[_kihfhsghklvb fm`kdh_ij_\hkoh^kl\hfh]eb
\u]ey^_lv _kl_kl\_ggh gh wdhghfbq_kdb_ b khpbZevgu_ mkeh\by k l_o ihj baf_gbebkv
H[km`^Zy wlb nZdludhgkmevlZgl ^he`_g ke_^blv aZ l_f qlh[u g_ ij_\jZlblvky \ hjZdmeZ
bebZ]blZlhjZb \uklmiZlv\ jhebq_eh\_dZihfh]Zxs_]hdeb_glmihkfhlj_lvgZijb\uqgu_
nZdluk g_h[uqghc^eyg_]hlhqdbaj_gby
Hq_gv \Z`gmx jhev \ dhjj_dpbb `_kldbo ljZ^bpbhgguo ij_^klZ\e_gbc b]jZxl
kkuedbgZkh[kl\_gguchiuldeb_glZLZdgZijbf_jdhgkmevlZglfh`_lkijhkblvdeb_gldm
ml\_j`^Zxsmxqlh_keb`_gsbgZohlvq_flhihdZ`_lmoZ`b\Zxs_fmaZg_cfm`qbg_qlh
hg _c gjZ\blky lh hgZ mgbabl k_[y : dZd \u ^mfZ_l_ e_]dh moZ`b\Zlv aZ q_eh\_dhf
dhlhjuc gbdZd g_ ijhy\ey_l k\hx aZbgl_j_kh\Zgghklv \ \Zk" beb Ij_^klZ\vl_ k_[_ qlh
qm\kl\m_l\ZriZjlg_jdh]^ZhgkZfijhkbl\Zkqlh[u\uiha\hgbebZ \uhldZau\Z_l_kvwlh
k^_eZlv g_ h[tykgyy ijbqbg" Hl\_qZy gZ ih^h[gu_ \hijhku deb_gl ihg_\he_ \ugm`^_g
ijbagZ\Zlvh]jZgbq_gghklvb g_dhgkljmdlb\ghklvk\h_cihabpbb
HibkZggu_ \ur_ ij_^klZ\e_gby bf_xl fgh`_kl\h jZaguo qZklguo \ZjbZglh\ dh]^Z
ljZ^bpbhggu_ iZll_jgu gZklhevdh jZafu\Zxlky b bg^b\b^mZebabjmxlky qlh bo ljm^gh
magZlv ;u\Z_l qlh ^ey deb_glZ hkh[_gghklb \aZbfhhlghr_gbc b ij_^klZ\e_gby h ghjfZo
hdZau\Zxlky g_ lZd \Z`gu dZd lj_[h\Zgby d lhfm dZdbf ^he`_g [ulv fhc iZjlg_j
Ljm^ghklbh[s_gbyfh]ml[ulvk\yaZgug_lhevdhk aZ\ur_ggufmjh\g_fijblyaZgbcghb k
g_mf_gb_f ijhsZlv beb g_ aZf_qZlv ^hkZ^gu_ f_ehqb b h]j_ob kh kdehgghklvx
\hkijbgbfZlvbodZdg_qlhk_jv_agh_gZijZ\e_ggh_ebqghijhlb\deb_glZ>eylZdboex^_c
oZjZdl_jgukm`^_gbylbiZDZdZy`_hgZ`_gsbgZ_kebg_mf__l]hlh\blv"bebH q_ffg_
k gbf ]h\hjblv _keb hg g_ qblZe Wlb j_iebdb bkdexqZxl \hafh`ghklv ^Zevg_cr_]h
kh\_jr_gkl\h\Zgby b memqr_gby ^jm]h]h ijbjZ\gb\Zxl dZdh_lh h^gh \_kvfZ
h]jZgbq_ggh_ dZq_kl\h dh \k_fm fgh]hh[jZabx ijhy\e_gbc q_eh\_q_kdhc ebqghklb ih
ijbgpbimqlhh^gh]h\iheg_^hklZlhqgh^eylh]hqlh[ukm^blvh ^jm]hf ijhbaghkylkyk
ihabpbbij_\hkoh^kl\Zihhlghr_gbxd ^jm]hfmb mdeb_glZg_\hagbdZ_lb l_gbkhfg_gbc
ih ih\h^m ijZ\hfhqghklb lZdbo hp_ghqguo km`^_gbc :gZeba ih^h[guo \ukdZau\Zgbc
^_fhgkljZpbbdeb_glmgZhkgh\Zgbb dhgdj_lguo kemqZ_\ ba _]h `bagb g_p_e_khh[jZaghklb
ij_^\aylhklblZdbo\a]ey^h\fh`_lklZlvij_^f_lhfki_pbZevghc^bkdmkkbbp_evdhlhjhc ²
jZkrZlu\Zgb_ jb]b^guo ij_^klZ\e_gbc dhjj_dpby g_Z^_d\Zlguo mklZgh\hd hkeh`gyxsbo
\aZbfh^_ckl\b_k ^jm]bfbex^vfb
WfhpbhgZevgu_i_j_`b\Zgbyhkeh`gyxsb_ijhp_kkh[s_gby
Ikboheh]bq_kdbc ZgZeba i_j_`b\Zgbc deb_glZ [he__ keh`_g q_f ZgZeba mklZgh\hd
Djhf_ lh]h wlZ aZ^ZqZ qZs_ \k_]h g_ fh`_l [ulv ihgZklhys_fm j_r_gZ \ jZfdZo
dhgkmevlbjh\Zgby lZd dZd jZaebqgu_ wfhpbhgZevgu_ khklhygby aZljm^gyxsb_ h[s_gb_ k
^jm]bfb ex^vfb h[uqgh k\yaZgu k ebqghklgufb hkh[_gghklyfb dhjj_dpby dhlhjuo g_
\oh^bl \ dhfi_l_gpbx ikboheh]h\dhgkmevlZglh\ Gh \k_ `_ ihkdhevdm \ jZfdZo
dhgkmevlZpbhgghc ijZdlbdb k lZdbfb i_j_`b\Zgbyfb ijboh^blky klZedb\Zlvky ^h\hevgh
qZklhh[km^bfg_dhlhju_\hafh`ghklbikboheh]bq_kdhcihfhsb\ wlhfkemqZ_
I_j_`b\Zgby \hagbdZxsb_ m deb_glh\ b f_rZxsb_ k\h[h^gh h[sZlvky k ^jm]bfb
ex^vfb jZaghh[jZagu Kj_^b gbo fh`gh \u^_eblv `Zeh[u lbiZ Y qm\kl\mx k_[y hq_gv
gZijy`_ggh Fg_ dZ`_lky qlh y \ dhfiZgbb ebrgbc Y gbq_]h g_ fh]m kdZaZlv
bgl_j_kgh]h Y kl_kgyxkv Gh lZdb_ hibkZgby wfhpbhgZevguo i_j_`b\Zgbc h[uqgh
g_lhqgu >ey ^Zevg_cr_c jZ[hlu bo ke_^m_l mlhqgblv ih^jh[gh jZkkijhkb\ deb_glZ :
ihq_fm\ugZijy]Z_l_kv"Q_]h\u[hbl_kv"Qlhbf_ggh\uqm\kl\m_l_dh]^Zhdjm`Zxsb_
h[jZsZxlgZ\Zk\gbfZgb_bebgZqbgZxl\gbfZl_evghijbkemrb\Zlvkyd \Zr_fmfg_gbx"
GZjy^m k mlhqgyxsbfb \hijhkZfb \ wlhf ZgZeba_ fh]ml [ulv bkihevah\Zgu b
iZjZ^hdkZevgu_ \hijhku lbiZ Ihq_fm \Zf lZd \Z`gh qlh[u kdZaZggh_ \Zfb [ueh
bgl_j_kguf" GZ wlhf wlZi_ jZ[hlu qZklh bkihevam_lky l_ogbdZ ij_^eh`_gby
Zevl_jgZlb\guo \ZjbZglh\ hl\_lZ ^ey lh]h qlh[u kh[_k_^gbd fh] [he__ lhqgh hibkZlv b
ij_^klZ\blvk\hbqm\kl\Z
P_ev lZdbo \hijhkh\ ² ihgbfZgb_ ijbqbg g_ijbylguo i_j_`b\Zgbc deb_glZ
ZgZeba _]h \hkijbylby kZfh]h k_[y b ^jm]bo \ ijhp_kk_ h[s_gby KZfh ihgylb_ ijbqbgu
\_kvfZmkeh\ghihkdhevdmk lhqdbaj_gby]em[bgghcikbohl_jZibb\k_qlhfh`gh\uykgblv
\ oh^_ dhjhldhc [_k_^u ² wlh ebrv jZagh]h mjh\gy jZpbhgZebaZpbb Gh k ihabpbc
dhgkmevlbjh\Zgby mlhqg_ggu_ i_j_`b\Zgby deb_glZ dh]^Z qm\kl\Z bkiulu\Z_fu_ \
ljm^guo kblmZpbyo ij_^klZ\e_gu \ [he__ y\ghf b g_ihkj_^kl\_gghf \b^_ y\eyxlky
ih^oh^ysbf fZl_jbZehf ^ey jZ[hlu H[h[sZy \hafh`gu_ \ZjbZglu fh`gh kdZaZlv qlh
i_j_`b\Zgby k dhlhjufb ijboh^blky jZ[hlZlv \ wlhc kblmZpbb dhgkmevlZglm dZd ijZ\beh
ke_^mxsb_ hsms_gb_ k_[y om`_ ^jm]bo i_j_`b\Zgb_ k\h_c ms_j[ghklb ih kjZ\g_gbx k
hdjm`Zxsbfb kljZo hp_gdb beb g_mki_oZ qj_af_jgu_ lj_[h\Zgby deb_glZ d k_[_ b d
hdjm`ZxsbfaZ\ur_ggucmjh\_gvijblyaZgbcb l^
< j_amevlZl_ h[km`^_gby k deb_glhf dhgkmevlZglm g_h[oh^bfh ihemqblv
dhgkljmdlb\gmx nhjfmebjh\dm k dhlhjhc fh`gh jZ[hlZlv ^Zevr_ LZdh\Z gZijbf_j
nhjfmebjh\dZom`_^jm]boihkdhevdmwlhl^bZ]gha\ dZdhflhkfuke_klZ\blih^khfg_gb_
bkiulu\Z_fu_ deb_glhf wfhpbb >hklZlhqgh ihijhkblv _]h h[tykgblv q_f b \ q_f hg
ijbgpbibZevgh om`_ ^jm]bo dZd \hagbdZxl ljm^ghklb \ h[hkgh\Zgbb lZdh]h ml\_j`^_gby
H^bg q_eh\_d g_ fh`_l [ulv ijbgpbibZevgh om`_ \k_o Dh]^Z `_ deb_gl gZqbgZ_l
i_j_qbkeylv dh]h bf_ggh hg om`_ lh h[uqgh \kihfbgZ_l l_o agZdhfuo b dhee_] dhlhju_
q_flh hkh[_ggh ijbf_qZl_evgu ihevamxlky \k_h[sbf mki_ohf b m\Z`_gb_f Bkoh^y ba
wlh]hdhgkmevlZglfh`_l^hklZlhqghm[_^bl_evghijh^_fhgkljbjh\Zlvdeb_glmqlh\ hkgh\_
_]h ijh[e_f e_`bl aZ\ur_gguc mjh\_gv ijblyaZgbc `_eZgb_ [ulv g_ dZd \k_ dZd hg
ml\_j`^Z_l Z emqr_ \k_o ^h[blvky \k_h[s_c ex[\b b ijbgylby ih[_^blv l_o dlh
y\ey_lky\k_h[sbfbex[bfpZfbM`_\uy\e_gb_wlboklj_fe_gbch[uqgh]em[hdhkdjuluo
g_hkhagZ\Z_fuoq_eh\_dhfkihkh[kl\m_ldhjj_dpbbijblyaZgbcdeb_glZZ ke_^h\Zl_evghb
_]hi_j_`b\Zgbc
Ih^h[guc wdkij_kkZgZeba i_j_`b\Zgbc [u\Z_l ihe_agh ^hihegblv jZaebqgufb
aZ^Zgbyfb b mijZ`g_gbyfb gZijZ\e_ggufb gZ [he__ ]em[hdh_ ihgbfZgb_ kZfh]h k_[y b
lZdbf h[jZahf kihkh[kl\mxsbfb baf_g_gbyf Hgb lZd`_ fh]ml ihfhqv ]em[`_
ijhqm\kl\h\Zlv lh qlh h[km`^Zehkv \h \j_fy ijb_fZ gZmqblvky j_]mebjh\Zlv b
j_ne_dkbjh\Zlv bkiulu\Z_fu_ qm\kl\Z Kms_kl\m_l fgh`_kl\h mijZ`g_gbc b aZ^Zgbc
dhlhju_ fh]ml [ulv k mki_ohf bkihevah\Zgu ^ey wlhc p_eb Dhjhldh hibr_f g_kdhevdh
gZb[he__ ijhkluo b ba\_klguo g_ lj_[mxsbo gb hl deb_glZ gb hl ikboheh]Z dZdboeb[h
hkh[uoagZgbcbebmf_gbc
IZjZ^hdkZevgZybgl_gpby
Deb_glm ij_^eZ]Z_lky ijbeh`blv fZdkbfmf mkbebc ^ey lh]h qlh[u i_j_`blv
hsms_gby kh[kl\_gghc ms_j[ghklb h]jZgbq_gghklb e_`Zsb_ \ hkgh\_ _]h ljm^ghkl_c
h[s_gby < khhl\_lkl\bb k bgkljmdpb_c gm`gh g_ ijhklh wfhpbhgZevgh ih]jmablvky \ wlh
khklhygb_ gh b \_klb k_[y khhl\_lkl\mxsbf h[jZahf ² [ulv fheqZeb\uf klZjZlvky g_
ijb\e_dZlv d k_[_ \gbfZgb_ bkiulu\Zlv gZijy`_gghklv b lj_\h]m b l^ Ij_^eZ]Zy wlm
l_ogbdmikboheh]^he`_gohjhrhaZfhlb\bjh\Zlvdeb_glZh[tykgblvaZq_f_fm^Z_lkywlh
aZ^Zgb_GZijbf_jIhijh[mcl_fZdkbfZevghiheghbkiulZlvk\h_qm\kl\hms_j[ghklb^ey
lh]hqlh[u\uykgblvgZkdhevdhhgh^_ckl\bl_evghy\ey_lky^ey\ZkkljZrgufbeb?keb\u
]h\hjbl_ qlh \u om`_ \k_o lh ihklZjZcl_kv ^_ckl\bl_evgh klZlv lZdbf qlh[u ijh\_jblv
y\ey_l_kv eb \u lZdh\uf gZ kZfhf ^_e_ >ZggZy l_ogbdZ gZijZ\e_gZ ij_`^_ \k_]h gZ lh
qlh[uihklZ\blvih^khfg_gb_bkiulu\Z_fu_q_eh\_dhfg_]Zlb\gu_wfhpbbh[_kp_gblvbo
ihdZaZlvqlhhgbg_gZklhevdhkljZrgudZdhgijb\udkqblZlv
Ijhb]ju\Zgb_jheb
?s_h^bg\ZjbZglaZ^Zgbydeb_glmkhklhbl\ lhfqlh[uij_^eh`blv_fmku]jZlvjhev
^jm]h]h \ ijhp_kk_ h[s_gby emqr_ \k_]h lh]h q_eh\_dZ dhlhjuc y\ey_lky fh^_evx b
h[jZaphf\ h[s_gbblh]hgZdh]hhgohq_l[ulvihoh`bfbebih[_^blvKu]jZlvjhev ²
wlh agZqbl \_klb k_[y ih \hafh`ghklb koh^gh mihlj_[eylv l_ `_ keh\Z b \ujZ`_gby
ofmjblvky b kf_ylvky lZd `_ dZd b hg b l^ LZdZy b]jZ kh\k_f g_ h[yaZl_evgh ^he`gZ
ijhbkoh^blv\ lhcdhfiZgbb]^_q_eh\_d\klj_qZ_lkykhk\hbfb^_ZehfEmqr_\k_]hqlh[u
wlh [ueh kj_^b ^jm]bo ex^_c lh]^Z i_j_\hiehs_gb_ fh`_l [ulv [he__ iheguf Deb_glm
fh`ghij_^eh`blv jZkkdZau\Zlv lh qlh h[uqghjZkkdZau\Z_l h k_[_ _]h fh^_ev hl i_j\h]h
ebpZFhlb\bjh\Zlvh[tykgblvaZq_f^Z_lkylZdh_aZ^Zgb_fh`ghke_^mxsbfh[jZahfM
dZ`^h]h q_eh\_dZ \ ]em[bg_ ^mrb lZylky Zdl_jkdb_ kihkh[ghklb b _keb m` \Zf kZfhfm g_
^ZghklZlv^jm]bfihijh[mcl_ku]jZlvjhev^jm]h]hi_j_`blvlhqlhbkiulu\Z_lhghgZ
Hiulihemq_gguclZdbfh[jZahfihfh`_l\ZfihgylvkZfh]hk_[yb dlhfm`_\ukfh`_l_
lhqgh j_rblv klhbl eb \Zf [ulv lZdbf dZd \Zr b^_Ze <hafh`gh qlh m \Zk kZfh]h _klv
dZdb_lh kihkh[ghklb dhlhju_ \Zf klhbl ihijh[h\Zlv bkihevah\Zlv \ ijhp_kk_ h[s_gby Z
ijhb]ju\Zy jhev ^jm]h]h \u kfh`_l_ k [hevr_c e_]dhklvx bo \ k_[_ h[gZjm`blv WlZ
l_ogbdZ gZijZ\e_gZ ij_`^_ \k_]h gZ jZkrbj_gb_ ij_^klZ\e_gby q_eh\_dZ h k_[_ b gZ
^bkdj_^blZpbx \hafh`ghkl_c b h[jZaZ b^_ZeZ Ijhb]ju\Zy jhev ^jm]h]h q_eh\_d
g_h`b^Zggh^eyk_[yfh`_lh[gZjm`blvgZkdhevdhp_ggufb^eyg_]hy\eyxlkykh[kl\_ggu_
dZq_kl\Zijhy\ey_fu_\ h[s_gbb
I_j_hjb_glZpbydeb_glZ
Lj_lbc \ZjbZgl ² wlh g_ q_ldh_ aZ^Zgb_ beb bgkljmdpby Z ihiuldZ
i_j_hjb_glbjh\Zlv deb_glZ gZ bgh_ hlghr_gb_ d k\hbf g_]Zlb\guf i_j_`b\Zgbyf gZ
i_j_hkfuke_gb_ bo km[t_dlb\gh]h kfukeZ LZd k deb_glhf fh`gh ih]h\hjblv h lhf qlh
fgh]b_hdjm`Zxsb__]hex^blZd`_bkiulu\ZxljZaebqgu_ljm^ghklb\ ijhp_kk_h[s_gby
qlh jZah[jZ\rbkv \ kh[kl\_gguo i_j_`b\Zgbyo fh`gh emqr_ ihgbfZlv hdjm`Zxsbo b \
kemqZ_ g_h[oh^bfhklb ^Z`_ ihfh]Zlv bf klhbl lhevdh ihijh[h\Zlv >jm]hc \ZjbZgl
i_j_hjb_glZpbb ² jZa]h\hj h p_gghklb g_]Zlb\gh]h hiulZ h lhf qlh lhevdh ij_h^he_\Zy
g_qlhg_]Zlb\gh_i_j_rZ]b\Zyq_j_aljm^ghklbq_eh\_djZa\b\Z_lkyb ^hklb]Z_lgZklhysbo
\ukhl \ ihgbfZgbb k_[y b hdjm`Zxs_]h fbjZ p_gghklv g_]Zlb\gh]h hiulZ ih^jh[gh
h[km`^Z_lky \h fgh]bo dgb]Zo NjZgde < Njhff W WlZ l_ogbdZ ihfh]Z_l
deb_glm i_j_klZlv nbdkbjh\Zlvky gZ g_]Zlb\guo i_j_`b\Zgbyo iha\hey_l [he__
dhgkljmdlb\ghbkihevah\Zlvbo
<k_ ljb ijb\_^_gguo \ur_ \ZjbZglZ jZ[hlu k i_j_`b\Zgbyfb hkeh`gyxsbfb
ijhp_kk h[s_gby gZijZ\e_gu gZ jZkrbj_gb_ ij_^klZ\e_gbc deb_glZ h k_[_ \gmlj_gg__
jZkdj_ihs_gb_ ih\ur_gb_ kihglZgghklb b ijbgylby k_[y Hkh[_ggh ihe_agu wlb aZ^Zgby
dh]^Zm ikboheh]Z_klv\hafh`ghklvh[km^blvhiulihemq_gguc\ ijhp_kk_boj_ZebaZpbbZ
ijb g_h[oh^bfhklb b kdhjj_dlbjh\Zlv ih\_^_gb_ deb_glZ beb g_cljZebah\Zlv g_]Zlb\gu_
wnn_dlu GZb[he__ keh`ghc b lj_[mxs_c ijbklZevgh]h dhgljhey dhgkmevlZglZ y\ey_lky
l_ogbdZiZjZ^hdkZevghcbgl_gpbbNjZgde<
H[uqgh bkihevah\Zgb_ ^hfZrgbo aZ^Zgbc b ih^jh[guc ZgZeba aZljm^gyxsbo
h[s_gb_i_j_`b\Zgbcijb\h^yld lhfmqlhg_]Zlb\gu_fhf_gluklZgh\ylkyf_g__y\gufb
Zke_^h\Zl_evghmf_gvrZxlkyb ijh[e_fuh[s_gbyk\yaZggu_k gbfb_keblhevdhj_qvg_
b^_lh [he__]em[hdboebqghklguojZkkljhckl\Zoijbdhlhjuoikboheh]bq_kdZydhjj_dpby\
jZfdZodhgkmevlbjh\Zgbyfh`_lhdZaZlvkyg_wnn_dlb\ghcGhgbjZ[hlmgZmjh\g_\a]ey^h\
b ij_^klZ\e_gbc gb ZgZeba i_j_`b\Zgbc g_evay kqblZlv hdhgq_ggufb _keb \ oh^_
dhgkmevlZpbbg_h[km`^Zeky_s_h^bghq_gv\Z`gucmjh\_gvh[s_gbydhlhjuch[uqghdZd
eZdfmkh\Zy[mfZ`dZijhy\ey_lljm^ghklbdeb_glZ ² mjh\_gvih\_^_gby
Ih\_^_gb_aZljm^gyxs__h[s_gb_k ^jm]bfbex^vfb
Ikboheh]m h[uqgh g_ khklZ\ey_l ljm^Z h[gZjm`blv g_Z^_d\Zlghklv \ ih\_^_gbb
deb_glZ< kZfhfgZqZe_jZa]h\hjZdh]^ZhggZijbf_j_dhgdj_lguokblmZpbcjZkkdZau\Z_l
\ q_f aZdexqZxlky _]h g_m^Zqb b ljm^ghklb \ kn_j_ h[s_gby fh`gh \ dZ`^hf lZdhf
ijbf_j_ h[gZjm`blv jb]b^ghklv kljZgghklv ijhlb\hj_qb\hklv \ ih\_^_gbb k ^jm]bfb
ex^vfb \uau\Zxsb_ khhl\_lkl\mxsmx j_Zdpbx m hdjm`Zxsbo <Z`g_crbc bklhqgbd
bgnhjfZpbb h[ wlhf ² hp_gdZ deb_glZ agZqbfufb ^jm]bfb gZ fg_gb_ dhlhjuo h k_[_
q_eh\_d h[uqgh kkueZ_lky kZf H[h[sZy wlb ljm^ghklb fh`gh ij_^klZ\blv bo \ jZfdZo
ih^jh[ghhibkZgghc\ ]eZ\_ ko_fuf_`ebqghklgh]hdhgnebdlZij_^eh`_gghcDOhjgb
Qj_af_jgZy gZijZ\e_gghklv gZ ^jm]bo² ]bi_jZdlb\ghklv \ ijbh[j_l_gbb
dhglZdlh\ dhlhjZy qZs_ \k_]h \hkijbgbfZ_lky hdjm`Zxsbfb dZd g_kdjhfghklv beb
gZ\yaqb\hklvqj_af_jgZy^_fhgkljZlb\ghklvfgh]h]h\hjblkm_lblkya\hgbl
Qj_af_jgZy gZijZ\e_gghklv ijhlb\ ^jm]bo ² ih^hajbl_evghklv djblbqghklv
Z]j_kkb\ghklvklj_fe_gb_h[\bgblvgZclbijZ\^mgZ\_klbihjy^hd
Qj_af_jgZy iZkkb\ghklv qZklh ijbh[j_lZxsZy nhjfm ZmlbaZpbb dh]^Z q_eh\_d
[hblky k^_eZlv qlhlh qlh[u ba[_`Zlv hkm`^_gby ihklhyggh ZgZebabjm_l k_[y b
kh[kl\_ggu_ihklmidbg_klj_fblkymklZgZ\eb\Zlvb ih^^_j`b\Zlvk ^jm]bfbex^vfbdZdb_
eb[hdhglZdlu
AZ^ZqZ ikboheh]Z ² g_ ijhklh \uy\blv qlh bf_ggh ^_eZ_l deb_gl g_ijZ\bevgh ijb
h[s_gbb k ^jm]bfb ex^vfb gh b ihgylv qlh e_`bl \ hkgh\_ lZdh]h ih\_^_gby dZdb_
\a]ey^uij_^klZ\e_gbyb i_j_`b\Zgbyijb\h^yld l_fbebbgufihklmidZfLZdgZijbf_j
`_gsbgZ k ljZ^bpbhggufb \a]ey^Zfb k ]hj^hklvx aZy\eyxsZy h k_[_ Gbdh]^Z g_ a\hgx
fm`qbgZf kZfZ [hxkv ihdZaZlvky gZ\yaqb\hc ² \_^_l k_[y khhl\_lkl\mxsbf h[jZahf
\kyq_kdb^_fhgkljbjmyk\hxoheh^ghklvb g_ijbklmighklvLZdh_ih\_^_gb_fh`ghhlg_klb
d lj_lv_c]jmii_\ khhl\_lkl\bbk hibkZgghc\ur_ko_fhcH[km`^Zyhlghr_gbydeb_glZk
^jm]bfb ex^vfb b ZgZebabjmy dhgdj_lgu_ kblmZpbb fh`gh ^hklZlhqgh m[_^bl_evgh
ijh^_fhgkljbjh\Zlv g_wnn_dlb\ghklv h[j_q_gghklv gZ g_mki_o lZdh]h kihkh[Z
\aZbfhhlghr_gbck hdjm`Zxsbfb
AZgbfZlvky dhjj_dpb_c ih\_^_gby g_ \uykgb\ ihq_fm deb_gl ihklmiZ_l lZd beb
bgZq_dZdb_\a]ey^ue_`Zl\ hkgh\_ihklmidh\dZdb_kljZobb lj_\h]bg_^Zxl\hafh`ghklb
\_klbk_[yih^jm]hfmg_bf__lkfukeZihkdhevdmkZfhihk_[_ih\_^_gb_\lhjbqghLhevdh
aZdhgqb\ZgZeba\a]ey^h\b i_j_`b\Zgbcf_rZxsbomki_rghfmh[s_gbxklhblihk\ylblv
ki_pbZevgh_ \j_fy ZgZebam ih\_^_gq_kdbo iZll_jgh\ b \f_kl_ k deb_glhf ihklZjZlvky
hl\_lblv gZ \hijhku lbiZ DZd \u kqblZ_l_ Z dZd ijZ\bevgh \_klb k_[y \ l_o kblmZpbyo
dhlhju_ fu k \Zfb h[km`^Zeb" beb Qlh \Zf l_i_jv ke_^m_l baf_gblv \ ih\_^_gbb"
K_jv_aguchl\_lgZwlb\hijhku\hafh`_gebrv\ lhfkemqZ__kebdeb_gl]hlh\d baf_g_gbx
k\hbo\a]ey^h\b hlghr_gbyd ijhbkoh^ys_fm_kebij_^r_kl\mxsZyqZklvdhgkmevlZlb\ghc
[_k_^uijhreZ^hklZlhqghmki_rgh
JZajZ[hldZ ihablb\ghc ih\_^_gq_kdhc kljZl_]bb gZijZ\e_gZ gZ lh qlh[u ihfhqv
deb_glmj_Zevghba[Z\blvkyhlk\hboijh[e_fIh\_^_gq_kdbcZgZebaemqr_\k_]hijh\h^blv
gZ fZl_jbZe_ h^ghc^\mo dhgdj_lguo kblmZpbc h[s_gby LZd gZijbf_j deb_gldZ
jZkkdZau\Z_l qlh fgh]b_ fm`qbgu dhlhju_ gjZ\bebkv _c gh k dhlhjufb hlghr_gby
kdeZ^u\Zebkv g_ lZd dZd ohl_ehkv [u ijyfh beb dhk\_ggh h[\bgyeb __ \ oheh^ghklb
g_ijbklmighklb g_\hafh`ghklb ihgylv dZd hgZ hlghkblky d iZjlg_jm < dZq_kl\_
dhgdj_lgh]hijbf_jZhgZijb\h^blwibah^dh]^Zijh\h`Zy__ ^hfhcihke_ihk_s_gbyl_ZljZ
b j_klhjZgZ__ kimlgbdkijhkbeihgjZ\bekyeb_c\_q_jijh\_^_gguc\f_kl_k gbf<k_qlh
hgZ kfh]eZ hl\_lblv \ wlhc kblmZpbb a\mqZeh lZd <k_ [ueh g_iehoh kiZkb[h Ihke_
h[km`^_gby\a]ey^h\b ij_^klZ\e_gbcwlhcdeb_gldbh fm`qbgZob ghjfZohlghr_gbcf_`^m
ij_^klZ\bl_eyfb ijhlb\hiheh`guo iheh\ ikboheh] \_jgmeky d \hijhkm h lhf qlh emqr_
\k_]h ]h\hjblv \ ih^h[guo kblmZpbyo klhbl eb \ujZ`Zlv k\hx ijbagZl_evghklv b
[eZ]h^Zjghklv iZjlg_jm b \ dZdhc nhjf_ Dhg_qgh deb_gldZ ^he`gZ kZfZ knhjfmebjh\Zlv
ih^oh^ysbc^eyg__\ZjbZglhl\_lZA^_kvg_fh`_l[ulvdZdh]hlhh[s_]h^ey\k_oj_p_ilZ
h^gbf ex^yf m^Z_lky ijhy\e_gb_ k\hbo qm\kl\ ^jm]b_ ih ijbjh^_ k^_j`Zggu b
fZehjZa]h\hjqb\u LZd \ h[km`^Z_fhc kblmZpbb h^gZ deb_gldZ ihkqblZ_l ^ey k_[y
\hafh`guf kdZaZlv Fg_ hq_gv ihgjZ\behkv \k_ h]jhfgh_ l_[_ kiZkb[h \k_ [ueh hq_gv
a^hjh\h ^jm]Zy `_ kfh`_l iho\Zeblv k\h_]h iZjlg_jZ jZkkdZaZlv h lhf dZdbf
g_hljZabfuf dZaZeky hg _c k_]h^gy gZqg_l kljhblv ieZgu hlghkbl_evgh lh]h dZd hgb
kfh]ml \^\h_f ijh\_klb \j_fy \ [m^ms_f DhgkmevlZglm \ oh^_ lZdhc ^bkdmkkbb ke_^m_l
\uklmiZlv\ jhebklbfmeylhjZb djblbdZ\ukdZau\Zgbcdeb_glZIh^h[gucjZa]h\hjfh`_l
gZijbf_jijhoh^blvke_^mxsbfh[jZahf
DhgkmevlZgl DZd\u^mfZ_l_qlh\Zfke_^h\Zeh[ukdZaZlv\ kblmZpbbh dhlhjhcfu
lhevdhqlh]h\hjbebqlh[ueh[uijbylghmkeurZlv\Zr_fmiZjlg_jm"
Deb_gldZ Y g_agZx
DhgkmevlZgl : qlh\ lZdhfkemqZ_\ZfkZfhc[ueh[uijbylghmkeurZlv\ hl\_l"
Deb_gldZ Gmqlhgb[m^vlbiZDZdfg_[uehohjhrh[hevrh_kiZkb[h
DhgkmevlZgl <Zf[ueh[uwlh]h^hklZlhqgh"
Deb_gldZ Gmih`Zemcfh`gh[ueh[u^h[Z\blvqlhfg_[ueh[uijbylgh_keb[u
f_gyijb]eZkbeb_s_jZa
DhgkmevlZgl Gmb dZd[u\uwlhkdZaZeb"b l^
Klhblhlf_lblv_s_jZaqlhihabpbydhgkmevlZglZijblZdhfih\_^_gq_kdhfZgZeba_
g_kdhevdhbgZyq_f\ kblmZpbyo\ukemrb\Zgbydeb_glZb ZgZebaZ_]hijh[e_fHg ^he`_g
[ulv [he__ Zdlb\_g w\jbklbq_g \ kemqZ_ g_h[oh^bfhklb kihkh[_g kZf ij_^eZ]Zlv deb_glm
dZdb_lh keh\Z b \ujZ`_gby gh lZd qlh[u lhl h[yaZl_evgh bf_e \hafh`ghklv ijbf_jblv
bo gZ k_[y < kemqZ_ g_h[oh^bfhklb dhgkmevlZgl fh`_l ^Z`_ jZau]jZlv k kh[_k_^gbdhf
kp_gmba`bagb^_fhgkljbjmy\hafh`gu_kihkh[uih\_^_gbybeb^Z\Zyh[jZlgmxk\yavaZ
iZjlg_jh\deb_glZDhg_qghj_amevlZllZdh]hjZa]h\hjZ ² wlhg_dZdZylhdhgdj_lgZynjZaZ
beb keh\Z Z ebrv hjb_glbj fh^_ev lh]h dZd ke_^m_l deb_glm \_klb k_[y \ ih^h[guo
kblmZpbyo
Ih^\h^y blh] h[km`^_gbx dhgkmevlbjh\Zgby deb_glh\ k ljm^ghklyfb h[s_gby
g_evay g_ mihfygmlv qlh _klv b ^jm]hc g_ f_g__ mki_rguc imlv jZ[hlu k lZdbfb
ijh[e_fZfb Wlh ]jmiih\u_ aZgylby \ nhjf_ lj_gbg]Z k_gablb\ghklb Ih kjZ\g_gbx k
bg^b\b^mZevgufb \klj_qZfb hgbbf_xl hij_^_e_ggu_ ij_bfms_kl\Z ohly dZd \h^blky b
g_ ebr_gu g_dhlhjuo g_^hklZldh\ LZd \ ]jmii_ deb_gl fh`_l ihemqblv h[jZlgmx k\yav
g_ihkj_^kl\_ggh hl hdjm`Zxsbo Z g_ q_j_a l_ \ukdZau\Zgby dhlhju_ hg keurZe h k_[_
dh]^Zlh A^_kv lZd`_ fh]ml [ulv hljZ[hlZgu gh\u_ nhjfu ih\_^_gby q_eh\_d ihemqZ_l
\hafh`ghklvm[_^blvky\ lhfqlhlZdb_`_ijh[e_fu_klvg_lhevdhm g_]hghb m^jm]bob
m`_ aZ kq_l wlh]h mjh\_gv lj_\h]b b [_kihdhckl\Z \ kblmZpbyo h[s_gby fh`_l kgbablvky
=jmiih\u_ aZgylby ihfh]Zxl lZd`_ gZclb ^jma_c k dhlhjufb ljm^ghklb \ h[s_gbb [m^ml
fbgbfZevgufbI_ljh\kdZyE: GZijZ\eyydeb_glZgZ]jmiih\u_aZgylbyikboheh]
^he`_gbf_lv\ \b^mqlhkms_kl\mxldZl_]hjbbex^_c^eydhlhjuoih^h[gu_aZgylbyfh]ml
hdZaZlvkyg_klhevdhihe_agufbkdhevdh\j_^gufbb hiZkgufbWlhex^bk l_fbbebbgufb
nbabq_kdbfb ^_n_dlZfb ex^b k k_jv_agufb ebqghklgufb b g_\jhlbq_kdbfb
jZkkljhckl\Zfbl_dlhgZoh^blky\ kblmZpbbly`_euodjbabkguoi_j_`b\Zgbck\yaZgguok
ihl_j_c [ebadbo `bag_ggufb ljm^ghklyfb b l^ >ey ih^h[guo deb_glh\ g_h[oh^bfu
]jmiih\u_ aZgylby \f_kl_ k ex^vfb kh koh^gufb ^_n_dlZfb beb gZoh^ysbfbky \
ZgZeh]bqghfkhklhygbbijh\h^bfu_ihki_pbZevghcijh]jZff_
Hkh[_ggh wnn_dlb\guf [u\Z_l khq_lZgb_ bg^b\b^mZevghc [_k_^u b ]jmiih\hc
jZ[hlu< oh^_bg^b\b^mZevghcdhgkmevlZpbbikboheh] fh`_lihfhqv deb_glm [he__q_ldh
hij_^_eblv k q_f k\yaZgu _]h keh`ghklb b ijh[e_fu \ h[s_gbb \u^_eblv kblmZpbb \
dhlhjuo ljm^ghklb ijhy\eyxlky b knhjfmebjh\Zlv gZb[he__ dhgkljmdlb\gu_ h`b^Zgby ih
hlghr_gbx d jZ[hl_ \ ]jmii_ Ih hdhgqZgbb ]jmiih\uo aZgylbc k deb_glhf bf__l kfuke
\klj_lblvky_s_jZaqlh[u\uykgblvgZkdhevdhihe_agufbb mki_rgufb[ueb^eyg_]hwlb
\klj_qb g_ hklZehkv eb ihke_ gbo dZdbolh \hijhkh\ beb ijh[e_f dhlhju_ ke_^m_l
ki_pbZevgh h[km^blv QZklh ]jmiih\u_ aZgylby kem`Zl lZd`_ ohjhrbf klbfmehf ^ey
deb_glZ qlh[u [he__ k_jv_agh aZgylvky k\hbfb ijh[e_fZfb b h[jZlblvky aZ ihfhsvx d
ikbohl_jZi_\lm
KH>?J@:GB?B HJ=:GBA:PBYDHGKMEVLBJH<:GBYIH IH<H>M
KMIJM@?KDBOIJH;E?F
GZb[he__ qZklhc ijbqbghc h[jZs_gby \ dhgkmevlZpbx y\eyxlky kmijm`_kdb_
ijh[e_fubkdexqZykemqZbh[jZs_gbyjh^bl_e_cihih\h^mk\hbo^_l_cghdZdba\_klghb
a^_kv aZ \g_rgbf ih\h^hf ² ijh[e_fZfb j_[_gdZ g_j_^dh djh_lky [he__ ]em[hdbc ²
ebqghklgu_ b f_`ebqghklgu_ ijh[e_fu kZfbo jh^bl_e_c JZajZ[hlZgh g_fZeh lbiheh]bc
kmijm`_kdbo ijh[e_f dZd \ hl_q_kl\_gghc lZd b \ aZjm[_`ghc ikboheh]bb ;hevrbgkl\h
Z\lhjh\lbiheh]bchi_jbjmxll_jfbghfdhgnebdlihgbfZy_]h^hklZlhqghrbjhdhFug_
[m^_fh[km`^Zlvih^jh[ghij_bfms_kl\Zb g_^hklZldbl_obebbguoko_fdhgnebdlh\>ey
l_o dlh aZbgl_j_km_lky wlbf khre_fky gZ ke_^mxsb_ jZ[hlu H[hah\ GG H[hah\Z:G
b (VKOHQLDQ ,5 Z\lhju dhlhjuo klj_fbebkv kha^Zlv [he__ beb f_g__
bkq_jiu\Zxsb_ i_j_qgb kmijm`_kdbo ijh[e_f hibjZykv ij_`^_ \k_]h gZ l_hj_lbq_kdb_
ihkljh_gby
Kljmdlmjbjmy kmijm`_kdb_ ijh[e_fu ^ey p_e_c wlhc dgb]b fu ba[jZeb
wfibjbq_kdbc ih^oh^ ihkdhevdm gZr_c aZ^Zq_c y\ey_lky g_ klhevdh bo bkq_jiu\Zxs__
l_hj_lbq_kdh_ hibkZgb_ kdhevdh g_dhlhjZy kbkl_fZlbaZpby ihe_agZy ^ey ijZdlbq_kdhc
jZ[hlu ikboheh]ZdhgkmevlZglZ Ijb\h^bfuc kibkhd ijh[e_f y\eyxsboky gZb[he__
qZklufb ih\h^Zfb ^ey h[jZs_gby \ dhgkmevlZpbx hkgh\Zg gZ kh[kl\_gghf hiul_ jZ[hlu
Z\lhjZKj_^bgboke_^m_lgZa\Zlv
, JZaebqgh]h jh^Z dhgnebdlu \aZbfgh_ g_^h\hevkl\h k\yaZggu_ k jZkij_^_e_gb_f
kmijm`_kdbojhe_cb h[yaZgghkl_c
,, Dhgnebdluijh[e_fug_^h\hevkl\hkmijm]h\k\yaZggu_k jZaebqbyfb\h\a]ey^Zo
gZk_f_cgmx`bagvb f_`ebqghklgu_hlghr_gby
,,, K_dkmZevgu_ ijh[e_fu g_^h\hevkl\h h^gh]h kmijm]Z ^jm]bf \ wlhc kn_j_ bo
\aZbfgh_g_mf_gb_gZeZ^blvghjfZevgu_k_dkmZevgu_hlghr_gby
,9 Keh`ghklb b dhgnebdlu \h \aZbfhhlghr_gbyo kmijm`_kdhc iZju k jh^bl_eyfb
h^gh]hbebh[hbokmijm]h\
9 ;he_agvikbobq_kdZybebnbabq_kdZyh^gh]hbakmijm]h\ijh[e_fub ljm^ghklb
\ua\Zggu_g_h[oh^bfhklvxZ^ZilZpbbk_fvbd aZ[he_\Zgbxg_]Zlb\gufhlghr_gb_fd k_[_
b hdjm`ZxsbfkZfh]h[hevgh]hbebqe_gh\k_fvb
9, Ijh[e_fu\eZklbb \ebygby\ kmijm`_kdbo\aZbfhhlghr_gbyo
9,, Hlkmlkl\b_l_ieZ \ hlghr_gbyo kmijm]h\ ^_nbpbl [ebahklb b ^h\_jbl_evghklb
ijh[e_fuh[s_gby
GZ\_jgh_ wlhl i_j_q_gv fh`_l [ulv ijh^he`_g ohly gZf hg ij_^klZ\ey_lky
^hklZlhqgufDZ`^uc_]himgdl\dexqZ_l\ k_[yfgh`_kl\h[he__qZklguokemqZ_\b lbih\
kblmZpbcb m`_ihwlhfmjZkrbj_gb_kibkdZij_^klZ\ey_lkyg_p_e_khh[jZagufGhij_`^_
q_f ^_lZevgh jZkkfhlj_lv kljZl_]bb jZ[hlu \ dZ`^hf ba mihfygmluo kemqZ_\ ohl_ehkv [u
[he__ ih^jh[gh h[km^blv jy^ l_hj_lbq_kdbo iheh`_gbc [_a ihgbfZgby dhlhjuo
wnn_dlb\gh_ijZdlbq_kdh_dhgkmevlbjh\Zgb_dZ`_lkyg_\hafh`guf
G_h[oh^bfh hlf_lblv qlh \u^_e_ggu_ `Zeh[u [_amkeh\gh g_ y\eyxlky
\aZbfhbkdexqZxsbfb LZd jhe_\u_ jZagh]eZkby h[uqgh khq_lZxlky b [Zabjmxlky gZ
jZaebqbyo \h \a]ey^Zo b ij_^klZ\e_gbyo kmijm]h\ h lhf dZd gZ^h `blv : ljm^ghklb \
k_dkmZevghckn_j_qZs_\k_]hy\eyxlkyebrvke_^kl\b_fb ijh^he`_gb_fijh[e_fkmijm]h\
\ f_`ebqghklguohlghr_gbyodhlhju_ijbwlhffh]mlgbdh]^Zg_h[km`^Zlvkybeb\hh[s_
g_hkhagZ\Zlvky
< ebl_jZlmj_ ih k_f_cghc b kmijm`_kdhc l_jZibb gZ fgh]bo ijbf_jZo
ijh^_fhgkljbjh\Zgh qlh ij_^ty\ey_fu_ deb_glhf ijbqbgu dhlhju_ b ihkem`beb
hkgh\Zgb_f ^ey \ur_ijb\_^_ggh]hi_j_qgZy \h fgh]bo kemqZyo kem`Zl ebrv ih\h^hf ^ey
h[jZs_gby \ dhgkmevlZpbx 0LQXFKLQ 6, 6WHUOLQ + Hgb y\eyxlky ebrv
hibkZgb_f lh]h qlh ijhbkoh^bl \ hlghr_gbyo ih dZdhfm ih\h^m \hagbdZ_l \aZbfgh_
g_^h\hevkl\h kmijm]h\ ^jm] ^jm]hf Bklbggu_ ijbqbgu ijb wlhf eb[h g_ ij_^ty\eyxlky
eb[h qlh [u\Z_l g_ f_g__ qZklh \h\k_ g_ hkhagZxlky kmijm]Zfb IhiulZ_fky ihgylv qlh
bf__lky\ \b^mdh]^Z]h\hjylh[bklbgguoijbqbgZoh[jZs_gbykmijm]h\\ dhgkmevlZpbx
q_fhlebqZxlkybkihevamyl_jfbgheh]bx<KlhebgZkdjulucb y\gucehdmku`Zeh[u
;h^Ze_\::Klhebg<< < kmsghklb h[s_ijbgyluc hl\_l gZ wlhl \hijhk ^h\hevgh ijhklhc aZ ijh[e_fZfb
k\yaZggufbk ^jm]bfbex^vfbdjhxlkyebqgu_ijh[e_fudeb_glZdhlhju_hgg_ohq_lbeb
g_ fh`_l h[km`^Zlv b dhlhju_ b ijb\h^yl d ljm^ghklyf \ f_`ebqghklguo hlghr_gbyo
klZgh\ysboky\ k\hxhq_j_^vih\h^hf^eyh[jZs_gby\ dhgkmevlZpbxLZddh]^Zijbqbghc
ijboh^Zy\eyxlkykmijm`_kdb_ijh[e_fuwlhagZqblqlhklhysb_aZgbfbebqgu_ijh[e_fu
\hagbdZxl b ijhy\eyxlky bf_ggh \ l_o kn_jZo `bagb dhlhju_ lZd beb bgZq_ k\yaZgu k
kmijm`_kl\hfDZdb_`_wlhfh]ml[ulvijh[e_fu"
Hl\_l gZ wlhl ijbgpbibZevguc \hijhk mibjZ_lky ih kmlb \ l_ beb bgu_ [Zah\u_
l_hj_lbq_kdb_ij_^klZ\e_gbydhgkmevlZglZdhlhju_\ y\ghf\b^_fh]mlb g_ijhy\eylvky\
djZldhkjhqghc b qZklh ^h\hevgh ih\_joghklghc jZ[hl_ \ jZfdZo ikboheh]bq_kdh]h
dhgkmevlbjh\Zgby Gh g_ hibjZykv \h\k_ gb gZ dZdb_ l_hj_lbq_kdb_ ij_^klZ\e_gby
dhgkmevlZgljbkdm_lihl_jylvky\ ihlhd_bgnhjfZpbbdhlhjuch[jmrb\ZxlgZg_]hkmijm]b
]^_\aZbfgu_mij_dbg_^h\hevkl\hdhgdj_lgu_nZdlub ^hfukeuimlZxlkyb i_j_ie_lZxlky
^jm] k ^jm]hf GZebqb_ [he__ ]em[hdhc l_hj_lbq_kdhc [Zau ihfh]Z_l ikboheh]m \u^_eblv
g_dbc_^bguckl_j`_gvgblvaZdhlhjhcfh`ghke_^blv\ l_q_gb_\k_c[_k_^ugZgbau\ZygZ
g__b kljmdlmjbjmy\ khhl\_lkl\bbk g_cbgnhjfZpbxihklmiZxsmxhldeb_glh\;eZ]h^Zjy
lZdhfm djbl_jbx dZd l_hj_lbq_kdb_ ij_^klZ\e_gby \Z`gh_ e_]dh fh`_l [ulv hl^_e_gh hl
\lhjhkl_i_ggh]hg_agZqbl_evgu_nZdluhl[jhr_guZ kms_kl\_ggu_g_aZ[ulu
?s_[he__\Z`gufbb ZdlmZevgufbhdZau\Zxlkyl_hj_lbq_kdb_ij_^klZ\e_gbydh]^Z
djZldhkjhqgh_dhgkmevlbjh\Zgb_i_j_jZklZ_l\ ^ebl_evgh_b kmijm]bg_lhevdhohlylke_]dZ
jZah[jZlv gZdhib\rbcky fmkhj gh lZd`_ b [he__ k_jv_agh i_j_hkfukeblv b i_j_kljhblv
k\hbhlghr_gby>eylh]hqlh[u\_klblZdmxjZ[hlmijZdlbq_kdbc ikboheh] ^he`_g mf_lv
jZaebqZlv \g_rgb_ g_Z^_d\Zlgu_ iZll_jgu kmijm`_kdh]h \aZbfh^_ckl\by b ]em[hdb_
ijbqbgukihkh[kl\mxsb_bo\hagbdgh\_gbx<ijhq_fh agZq_gbbl_hjbcikbohl_jZibb^ey
djZldhkjhqgh]h dhgkmevlbjh\Zgby fu m`_ ]h\hjbeb \ i_j\hc ]eZ\_ wlhc dgb]b b d
kh`Ze_gbx m gZk g_l \hafh`ghklb hklZgh\blvky gZ wlhf ih^jh[g__ =em[bggu_
ij_^klZ\e_gby dhlhju_ [m^ml h[km`^Zlvky ^Zevr_ hlghkylky d qbkem gZb[he__
jZkijhkljZg_gguo b lZd beb bgZq_ ij_^klZ\e_gu \h fgh]bo l_hjbyo \gmljbk_f_cgh]h
\aZbfh^_ckl\by A^_kv hgb ijb\h^ylky ij_`^_ \k_]h ^ey lh]h qlh[u ijh^_fhgkljbjh\Zlv
q_f b dZd wlhl ]em[bgguc mjh\_gv fh`_l [ulv aZiheg_g ke_^m_l ih^q_jdgmlv qlh ^ey
jZ[hlugZwlhfmjh\g_g_h[oh^bfuki_pbZevgu_gZ\udb b l_ogbdbjZ[hlu^eylh]hqlh[u
kihkh[kl\h\ZlvhkhagZgbxkmijm]Zfb[he__]em[hdbob kdjuluoijh[e_f
H^bgbalZdbogZb[he__qZklhbkihevamxsboky\ k_f_cghcl_jZibbdhgkljmdlh\beb
bgZq_ ]h\hjy ij_^klZ\e_gbc h lhf qlh ijhbkoh^bl gZ [he__ ]em[bgghf mjh\g_
\aZbfh^_ckl\by b qlh ijb\h^bl d l_f beb bguf iZll_jgZf ih\_^_gby kmijm]h\ fh`gh
mkeh\gh h[hagZqblv dZd jhev jh^bl_evkdhc k_fvb B ohly ikbohl_jZi_\lu ihjhc hljbpZxl
wlhbebijhklhg_hlke_`b\Zxldhjg_c\hagbdgh\_gbyb^_bh \Z`g_cr_cjhebjh^bl_evkdhc
k_fvbdZ`^h]hba kmijm]h\ \ bo kmijm`_kdbo dhgnebdlZo wlh ij_^klZ\e_gb_[Zabjm_lky gZ
b^_yoikbohZgZebaZh lhfqlhdZ`^uckmijm]\ [he__rbjhdhfkfuke_ ² dZ`^uc\ajhkeuc
q_eh\_d \aZbfh^_ckl\my k ij_^klZ\bl_eyfb ijhlb\hiheh`gh]h iheZ \ lhf qbke_ \ k\h_c
k_f_cghc`bagbklj_fblkyj_Zebah\Zlvl_iZll_jgu\aZbfh^_ckl\bydhlhju_[uebmk\h_gu
\ ^_lkl\_ \ k_fv_ jh^bl_e_c Ijbq_f klj_fe_gb_ d j_ZebaZpbb jh^bl_evkdbo iZll_jgh\
\aZbfh^_ckl\by qZs_ \k_]h ghkbl dhfi_gkZlhjguc oZjZdl_j lh _klv q_eh\_d klj_fblky
ihemqblv hl k\h_]h iZjlg_jZ ex[h\v b ijbagZgb_ \ lhc h[eZklb \ dhlhjhc \ ^_lkl\_ hg
hsmsZe^_nbpblih^h[gh]hhlghr_gbyqZs_\k_]hhljh^bl_eyijhlb\hiheh`gh]hiheZ
LZdbf h[jZahf fgh]b_ kblmZpbb b kihkh[u \aZbfh^_ckl\by k iZjlg_jhf dhlhju_
h[uqghb y\eyxlkydhgnebdlgufbkem`Zlg_jZa\blbxhlghr_gbcg_^hklb`_gbxdZdbolh
`bag_gguo p_e_c Z qZklh ij_^klZ\eyxl kh[hc ebrv kihkh[u dhfi_gkZpbb ljm^ghkl_c b
ijh[e_f ^_lkl\Z LZd `_gsbgZ lj_[mxsZy qlh[u fm` g_ hklZ\eye __ ih^he]m h^gm
[he_ag_gghi_j_`b\ZxsZydZ`^mx_]hhlemqdmba^hfZ[he__iha^gbcq_fh[uqghijboh^k
jZ[hlu b li qZklh [_kkhagZl_evgh j_Zebam_l g_ k\h_ j_Zevgh_ \ajhkeh_ `_eZgb_ dZd
fh`gh [hevr_ \j_f_gb gZoh^blvky k fm`_f Z lhl ^_nbpbl \gbfZgby b ex[\b kh klhjhgu
hlpZ dhlhjuc hgZ dh]^Zlh bkiulu\ZeZ \ ^_lkl\_ Lhl `_ kZfuc iZll_jg ih\_^_gby fh`_l
[ulv b ke_^kl\b_f lh]h qlh deb_gldZ b^_glbnbpbjm_lky kh k\h_c fZl_jvx dhlhjZy k __
lhqdbaj_gbyihklhygghhsmsZeZk_[y[jhr_gghclZddZdfm`hl_pdeb_gldbhlkmlkl\h\Ze
^hfZ< k\h_ckh[kl\_gghck_f_cghc`bagbhgZiulZ_lkyba`blvwlmfZl_jbgkdmxljZ\fm
JZamf__lky ih kjZ\g_gbx k qbklhc ikbohZgZeblbq_kdhc fh^_evx \a]ey^u
kh\j_f_gguo k_f_cguo l_jZi_\lh\ agZqbl_evgh mkeh`gbebkv jZkrbjbebkv b klZeb
\dexqZlv \ qZklghklb lZdb_ ij_^klZ\e_gby dZd jZkij_^_e_gb_ \eZklb b \ebygby f_`^m
\k_fb qe_gZfb k_fvb km[dmevlmjguc dhgl_dkl j_ZebaZpbb ihlj_[ghkl_c b ^j Bkoh^y ba
wlh]hq_eh\_d\ k\h_ckh[kl\_gghck_f_cghc`bagbfh`_lg_ijhklh^h[b\Zlvky\gbfZgbyb
ex[\bkhklhjhgukmijm]ZZgZijbf_jklj_fblvkyaZgylv\ k\h_cgug_rg_ck_fv_ihabpbx
lh]h ba qe_gh\ jh^bl_evkdhc k_fvb \dexqZy \k_o jh^kl\_ggbdh\ k dhlhjufb ijboh^behkv
^hklZlhqghl_kgh\aZbfh^_ckl\h\Zlv\ ^_lkl\_dhlhjucihevah\ZekygZb[hevr_c\eZklvxb
\ebygb_f Ijb wlhf k lhqdb aj_gby kh\j_f_gghc k_f_cghc l_jZibb h]jhfgh_ agZq_gb_
bf__l gug_rgyy \ajhkeZy k_fvy deb_glZ dhlhjZy fh`_l ijb\h^blv d agZqbl_evghc
fh^bnbdZpbb _]h ]em[bgguo klj_fe_gbc b wlbf mkm]m[eylv ijh[e_fu beb `_ gZh[hjhl
kfy]qZlvbo*XWPDQ$6.QLVNHUQ'3 Bkoh^y ba djZldh hibkZgguo \ur_ l_hj_lbq_kdbo ij_^klZ\e_gbc h^gZ ba aZ^Zq
kmijm`_kdhc ikbohl_jZibb ² ihfhqv deb_glZf jZah[jZlvky \ lhf dZd \ bo \ajhkehc
k_f_cghc`bagbijhy\eyxlkyiZll_jgub fh^_eb\aZbfh^_ckl\bymk\h_ggu_bfb\ ^_lkl\_b
l_i_jv hkeh`gyxsb_ b aZljm^gyxsb_ ihkljh_gb_ aj_euo \ajhkeuo hlghr_gbc dZd k
kmijm]hflZdb khk\hbfbkh[kl\_ggufb^_lvfb:gZebawlbog_hkhagZ\Z_fuoihlj_[ghkl_c
b klj_fe_gbc iha\hey_l ba[Z\blvky hl gbo jZkqbsZy ^hjh]m [he__ aj_euf b Z^_d\Zlguf
hlghr_gbyfdhlhju_lZd`_\ukljZb\Zxlky\ ijhp_kk_ikbohl_jZibb
L_kgh k\yaZg k \ur_baeh`_ggufb ij_^klZ\e_gbyfb _s_ h^bg dhgkljmdl dhlhjuc
g_j_^dh kZfhklhyl_evgh bkihevam_lky ^ey ZgZebaZ kmijm`_kdh]h \aZbfh^_ckl\by Wlh
ij_^klZ\e_gb_ h lhf qlh [hevrbgkl\h ijh[e_f b dhgnebdlh\ k\yaZgguo k hlghr_gbyfb
y\eyxlkyke_^kl\b_f[_kkhagZl_evghc[hjv[ukmijm]h\aZ\eZklvb \ebygb_bodhgdmj_gpbb
^jm]k ^jm]hf>eylhj`_kl\ZgZ^iZjlg_jhfbkihevamxlkyex[u_kj_^kl\ZhldZahlmqZklby
\ k_dkmZevguo hlghr_gbyo ² qlh[u ijh^_fhgkljbjh\Zlv ^jm]hfm gbaf_gghklv _]h
klj_fe_gbc mgbablv b gZdZaZlv aZ qlheb[h iha^gb_ ijboh^u dZd ^hdZaZl_evkl\h
kh[kl\_gghcg_aZ\bkbfhklbb kZfhklhyl_evghklbh[\bg_gbyb ij_l_gabbihf_ehqZf ² ^ey
lh]h qlh[u m[_^blv iZjlg_jZ \ lhf qlh hg hgZ gb gZ qlh g_ kihkh[_g gZ b l^
Bgl_jij_lbjmyb ZgZebabjmylZdb_dhgdmj_glgu_hlghr_gbyf_`^mkmijm]ZfbdhgkmevlZgl
fh`_l hibjZlvky gZ l_ fh^_eb \aZbfh^_ckl\by Z khhl\_lkl\_ggh b gZ l_ iZll_jgu
dhgdmj_gpbb dhlhju_ kms_kl\h\Zeb \ jh^bl_evkdbo k_fvyo dZ`^h]h ba gbo >jm]hc b k
fh_c lhqdb aj_gby f_g__ m^Zqguc bklhqgbd bgl_jij_lZpbb \hagbdgh\_gby dhgdmj_gpbb
² [hjv[Z aZ \eZklv f_`^m fm`qbgZfb b `_gsbgZfb dZd ij_^klZ\bl_eyfb ^\mo
ijhlb\hiheh`guo iheh\ LZdhc \a]ey^ g_ijh^mdlb\_g \ qZklghklb ihlhfm qlh a^_kv g_
ijhke_`b\ZxlkydZdb_eb[hi_jki_dlb\u^eyijbfbj_gbyf_`^m[hjxsbfbkyklhjhgZfb
Kmijm]b kdhevdh k gbfb gb jZ[hlZc lZd b hklZgmlky fm`qbghc b `_gsbghc Z `_kldh_
ijbibku\Zgb_ dZ`^hfm ba gbo dZdboeb[h ijZ\ b h[yaZgghkl_c ijhlb\hj_qbl g_ lhevdh
ikbohl_jZi_\lbq_kdbfghjfZfghb ijhklha^jZ\hfmkfukem
D ijh[e_fZf jZkij_^_e_gby \eZklb \ hlghr_gbyo fh`gh ih^oh^blv b
g_ihkj_^kl\_ggh dZd wlh ^_eZxl fgh]b_ Z\lhju kqblZy qlh [hjv[Z aZ \eZklv ijbagZgb_ b
\ebygb_ ² wlh _kl_kl\_ggZy j_Zevghklv ex[uo hlghr_gbc Ijb wlhf j_amevlZlhf
ikbohl_jZibb y\ey_lky g_ j_r_gb_ wlhc ijh[e_fu \ ijbgpbi_ qlh \hh[s_ g_\hafh`gh Z
mklZgh\e_gb_f_`^mkmijm]Zfbg_dhlhjh]h[ZeZgkZdh]^Zmkeh\gh]h\hjy\k_\ub]jurbb
ijhb]jurbh^gh]hdhfi_gkbjmxlkybebmjZ\gh\_rb\Zxlky\ub]jurZfbbebijhb]jurZfb
^jm]h]h Ih^h[gh_ ij_^klZ\e_gb_ h kmijm`_kdbo \aZbfhhlghr_gbyo k\yaZggh_ ebrv k
jZkij_^_e_gb_f \eZklb y\ey_lky [he__ ijhkluf Z ke_^h\Zl_evgh b [he__ ^hklmiguf ^ey
bkihevah\ZgbyijbjZ[hl_k kmijm`_kdbfbiZjZfbh[jZsZxsbfbky\ dhgkmevlZpbx
LZdbf h[jZahf bklbggu_ ijbqbgu ijboh^Z deb_glZ \ dhgkmevlZpbx ² klj_fe_gb_
^h[blvkyhliZjlg_jZlhcex[\b\eZklbb ijdhlhjuo_fmg_o\ZlZ_l\ hlghr_gbyok gbfb
dhlhjuo hg g_ fh`_l ^h[blvky kh[kl\_ggufb kbeZfb H^gZdh ml\_j`^Zy wlh g_h[oh^bfh
mqblu\ZlvijbgpbibZevgh_hlebqb_djZldhkjhqghcdhgkmevlZlb\ghcjZ[hluh dhlhjhca^_kv
b^_l j_qv b [he__ ^ebl_evghc ]em[bgghc ikbohl_jZibb M ikboheh]Z jZ[hlZxs_]h \
dhgkmevlZpbb h[uqgh g_l gb gZ\udh\ gb \j_f_gb gZ \ukljZb\Zgb_ ikbobq_kdhc
j_Zevghklbdeb_glh\^Zb kZfbdeb_gludZdfum`_g_jZamihfbgZebh[wlhfh[uqgh g_
]hlh\u d ^ebl_evghfm ]em[bgghfm \ha^_ckl\bx IhgbfZgb_ [he__ ]em[bgguo beb
bklbgguo ijbqbg ijboh^Z deb_glZ \ jZfdZo dhgkmevlbjh\Zgby h[uqgh hklZ_lky ebrv
kihkh[hfkljmdlmjbjh\ZgbydhgkmevlZglhfk\h_cjZ[hlub wlhihgbfZgb_qZs_\k_]hgbdZd
g_ \_j[Zebam_lky \ oh^_ ijb_fZ _kl_kl\_ggh ba ex[h]h ijZ\beZ kms_kl\mxl bkdexq_gby
BgZq_ ]h\hjy \ jZfdZo dhgkmevlbjh\Zgby \ dZq_kl\_ ijbqbg ijboh^Z deb_glZ h[uqgh
jZkkfZljb\Zxlky b h[km`^Zxlky ebrv l_ dhlhjuc ij_^eZ]Zxlky deb_glhf l_f [he__ qlh
bf_ggh wlh y\ey_lky j_Zevghklvx kmijm`_kdbo hlghr_gbc dhlhjZy hkhagZ_lky dZd g_qlh
lj_\h`Zs__b ijh[e_fgh_
Hkh[_gghklbdhgkmevlbjh\ZgbyijbjZ[hl_k kmijm`_kdhciZjhc
Ij_`^_ q_f i_j_oh^blv d hibkZgbx kljZl_]bc \_^_gby ijb_fZ g_h[oh^bfh
hklZgh\blvky_s_gZh^ghf\hijhk_ ² dlhb dZdh[jZsZ_lky\ dhgkmevlZpbxihih\h^mk\hbo
k_f_cguo ijh[e_f GZ hkgh\Zgbb i_j_qgy ijbqbg ih\h^h\ h[jZs_gbc fh`gh
ij_^iheh`blv qlh \hafh`gu ih djZcg_c f_j_ ^\Z \ZjbZglZ ijboh^Z \ dhgkmevlZpbx h[Z
kmijm]Z \f_kl_ beb h^bg ba gbo k `Zeh[Zfb gZ k_[y beb gZ iZjlg_jZ GZb[he__
jZkijhkljZg_gguf \ZjbZglhf ijboh^Z y\ey_lky ihke_^gbc HlqZklb wlh fh`_l h[tykgylvky
hkh[_gghklyfbgZr_cdmevlmju\ dhlhjhcikboheh]bq_kdb_agZgbyg_^hklZlhqghihimeyjgu
b h[jZs_gby\ dhgkmevlZpbxij_^klZ\eyxlkyqmlvebg_djbfbgZehfH^gZdhijboh^lhevdh
h^gh]h kmijm]Z k `Zeh[Zfb gZ ijh[e_fu \ k_fv_ y\ey_lky gZb[he__ qZkluf \ZjbZglhf
i_j\bqgh]hh[jZs_gbyaZikboheh]bq_kdhcihfhsvx b \ ^jm]bo kljZgZo *DXQW 67 IjZ\^Z aZjm[_`gh]h deb_glZ ]hjZa^h e_]q_ kdehgblv d [he__ ^ebl_evghc jZ[hl_ q_f
h^gh²^\mojZah\ucijb_fZ lZd`_b dlhfmqlh[ugZke_^mxsmx\klj_qmhghgZijbr_e
m`_g_h^bgZ kkmijm]hf
HklZgh\bfky ih^jh[g__ gZ g_dhlhjuo ij_bfms_kl\Zo jZ[hlu k ^\mfy kmijm]Zfb Z
lZd`_ gZ hij_^_e_gguo ljm^ghklyo k\yaZgguo k wlbf \ZjbZglhf ijboh^Z deb_glh\ \
dhgkmevlZpbx
Ij_`^_ \k_]h [_k_^Z k ^\mfy Z g_ k h^gbf kmijm]hf [he__ ^bZ]ghklbqgZ
iha\hey_l kjZam `_ m\b^_lv l_ ijh[e_fu b ljm^ghklb gZ dhlhju_ deb_glu `Zemxlky LZd
hkh[_gghklbbo\aZbfh^_ckl\by\ dhgkmevlZpbb\kdju\Zxlfgh]h_balh]hh q_fbf[u\Z_l
ljm^gh ]h\hjblvb iha\heyxlgZ]ey^gh \u^_eblv lh qlhhij_^_ey_loZjZdl_jhlghr_gbc b
qlhkZfbfkmijm]Zfljm^ghh[hagZqblv[he__q_ldh
JZ[hlZ k h[hbfb iZjlg_jZfb iha\hey_l \ oh^_ ijb_fZ g_ihkj_^kl\_ggh
Zi_eebjh\Zlv d iZll_jgZf bo hlghr_gbc ijhy\eyxsbfky \ hkh[_gghklyo \aZbfh^_ckl\by
kmijm]h\ \ dhgkmevlZpbb H[jZs_gb_ d ijhbkoh^ys_fm a^_kv b l_i_jv [u\Z_l [he__
m[_^bl_evguf b wnn_dlb\guf q_f ZgZeba lh]h qlh ijhbkoh^bl aZ ij_^_eZfb dZ[bg_lZ
dhgkmevlZglZ
Ijbkmlkl\b_h[hbodeb_glh\iha\hey_lk mki_ohf bkihevah\Zlv p_euc jy^ hkh[uo
l_ogbd b ijb_fh\ lZdbo gZijbf_j dZd k_f_cgZy kdmevilmjZ aZdexq_gb_ dhgljZdlZ b ^j
kihkh[kl\mxsbo [he__ mki_rghfm b wnn_dlb\ghfm \_^_gbx kmijm`_kdhc l_jZibb
ijbf_g_gb_dhlhjuoijbgZebqbbebrvh^gh]hdeb_glZeb[h\ ijbgpbi_g_\hafh`gheb[h
\_kvfZaZljm^g_gh
Ijboh^ h[hbo kmijm]h\ \ dhgkmevlZpbx qZklh hagZqZ_l bo [he__ k_jv_agmx
fhlb\Zpbxd jZ[hl_ij_^iheZ]Z_lqlhjZ[hlZ[m^_l[he__^ebl_evghcb [he__m]em[e_gghc
Djhf_lh]hijbh^gh\j_f_gghcjZ[hl_k h[hbfbiZjlg_jZfbfh`gh\ kemqZ_g_h[oh^bfhklb
ih^^_j`b\ZlvjZ[hqmxfhlb\Zpbxh^gh]hbagboaZkq_l^jm]h]h
Dhgkmevlbjh\Zgb_kmijm`_kdhciZjuqZklhy\ey_lky[he__wnn_dlb\guf<_^v_keb
h[Z kmijm]Z k_jv_agh gZkljh_gu gZ i_j_kljZb\Zgb_ k\hbo hlghr_gbc b klj_fylky \ k\h_c
kh\f_klghc `bagb j_Zebah\Zlv \k_ lh qlh h[km`^Z_lky b hlf_qZ_lky \h \j_fy ijb_fh\ lh
baf_g_gby \ hlghr_gbyo gZklmiZxl agZqbl_evgh [uklj__ b \ ijbgpbi_ fh]ml [ulv [he__
agZqbl_evgufbb klZ[bevgufbq_fijbjZ[hl_k h^gbfbakmijm]h\< ihke_^g_fkemqZ_^ey
lh]hqlh[u^h`^ZlvkydZdboeb[hbaf_g_gbckmijm]mqZklhg_h[oh^bfhgZ[jZlvkyl_ji_gby
b ^hklZlhqgh ^he]h [_a dZdhceb[h \aZbfghklb ^_fhgkljbjh\Zlv [he__ kh\_jr_ggu_
iZll_jguih\_^_gbyij_`^_q_f^jm]hcihqm\kl\m_lb dZdlhhlj_Z]bjm_lgZwlh
Ghdjhf_wlbob g_dhlhjuo^jm]boij_bfms_kl\jZ[hlZk h[hbfbkmijm]Zfbbf__lb
jy^^hihegbl_evguoljm^ghkl_cb g_^hklZldh\DjZldhi_j_qbkebfbo
Ij_`^_\k_]h\_klbijb_f\ dhlhjhfmqZkl\mxl^\h_deb_glh\Z g_h^bgh[uqgh
ljm^g__ hkh[_ggh gZ i_j\uo wlZiZo dhgkmevlZlb\gh]h ijhp_kkZ ihkdhevdm ijbkmlkl\b_
\lhjh]h qe_gZ iZju lZd beb bgZq_ kdZau\Z_lky gZ oh^_ [_k_^u Kmijm]b fh]ml i_j_[b\Zlv
^jm] ^jm]Z \klmiZlv \ i_j_]h\hju b ij_ibjZlvky klj_fykv qlhlh h[tykgblv beb ^hdZaZlv
ij_`^_\k_]h^jm]^jm]mZ g_dhgkmevlZglm\uklmiZlv\ dhZebpbbijhlb\dhgkmevlZglZb l^
Ohly \hafh`gZ b h[jZlgZy j_Zdpby dh]^Z ijbkmlkl\b_ iZjlg_jZ ijb\h^bl d lhfm qlh fm`
beb`_gZklZgh\ylkyg_jZa]h\hjqb\ufbdZ`^ucbagbofh`_l`^Zlvqlhg_qlh\Z`gh_[m^_l
kdZaZgh ^jm]bf B \ lhf b \ ^jm]hf kemqZ_ hl dhgkmevlZglZ lj_[mxlky hkh[u_ gZ\udb b
mf_gbyqlh[ui_j_hjb_glbjh\Zlvkmijm]h\gZkh\f_klgmxjZ[hlmhj]Zgbah\Zlvb gZijZ\blv
ijhp_kkdhgkmevlbjh\Zgby
JZ[hlZ k ^\mfy kmijm]Zfb ohly b y\ey_lky [he__ wnn_dlb\ghc qZs_ \k_]h ghkbl
f_g__ ]em[hdbc ih\_joghklguc oZjZdl_j < wlhf kemqZ_ j_`_ aZljZ]b\Zxlky k_jv_agu_
ebqgu_ijh[e_fue_`Zsb_\ hkgh\_l_obebbguokmijm`_kdbojZagh]eZkbcJ_amevlZlu`_
m[_^bl_evgu_ gZ i_j\uc \a]ey^ j_`_ [u\Zxl iheghklvx m^h\e_l\hjyxsbfb aZijhk
deb_glh\hkh[_ggh_kebaZk_f_cgufbijh[e_fZfbklhblg_qlh[he__ebqgh_
JZ[hlZk h[hbfbkmijm]Zfb\ dZdhflhkfuke_[he__mya\bfZG_`_eZgb_h^gh]hba
gbo ^\b]Zlvky ^Zevr_ oZjZdl_jheh]bq_kdb_ hkh[_gghklb h^gh]h ba iZjlg_jh\
ij_iylkl\mxsb_[he__m]em[e_gghcjZ[hl_fh]ml k_jv_aghihf_rZlvdhgkmevlbjh\ZgbxK
h^gbf kmijm]hf e_]q_ jZ[hlZlv q_f k ^\mfy ih^ h^gh]h ijhs_ ih^kljhblvky \u[jZ\ lhl
l_fijZ[hludhlhjuc\ [hevr_ckl_i_gbkhhl\_lkl\m_ldeb_glm
Hj]ZgbaZpbyjZ[hluk kmijm`_kdhciZjhc
?kebgZijb_fijbrebh[Zkmijm]Zb h[Z\ujZ`Zxl]hlh\ghklvkh\f_klghh[km`^Zlv
k_f_cgu_ijh[e_fu ² g_\hkihevah\Zlvkywlbf^eydhgkmevlZglZijhklh]j_oGh\u[bjZy
kh\f_klgmxjZ[hlmg_h[oh^bfhhlq_leb\hij_^klZ\eylvqlhlZdbfh[jZahfikboheh][_j_l
gZ k_[y hij_^_e_ggu_ h[yaZl_evkl\Z dhlhju_ ij_`^_ \k_]h \ujZ`Zxlky \ lhf qlh hg g_
^he`_g\klmiZlv\ dhZebpbxgb kh^gbfbagbodZd\h\j_fykh\f_klguoijb_fh\lZdb \g_
bo\klj_qZlvkyk h^gbfkmijm]hfihk_dj_lmhl^jm]h]hh[km`^Zlvqlheb[hihl_e_nhgm
k h^gbfbagbo[_a\_^hfZiZjlg_jZb l^
G_h[oh^bfhhlf_lblvqlhkljZoihih\h^mlh]hqlhdhgkmevlZgl\klmibl\ dhZebpbx
k h^gbf ba iZjlg_jh\ [m^_l khqm\kl\h\Zlv b ih^^_j`b\Zlv ^jm]h]h \ dhgnebdlguo iZjZo
^hklZlhqgh\_ebdBgh]^Zdlheb[hbakmijm]h\ki_pbZevghkijZrb\Z_lh[wlhfdhgkmevlZglZ
beb^_eblkyhiZk_gbyfbgZij_^f_lij_^klhys_c[_k_^uhkh[_gghqZklhwlh[u\Z_ldh]^Z
dhgkmevlZgljZ[hlZ_lk kmijm`_kdhciZjhch^bg[_adhl_jZi_\lZijhlb\hiheh`gh]hiheZ
Ijhke_^blv dZdmxeb[h eh]bdm \ wlbo hiZk_gbyo keh`gh Fm` fh`_l [hylvky lh]h qlh
dhgkmevlZgl`_gsbgZ[m^_lba`_gkdhckheb^Zjghklb\h\k_fih^^_j`b\Zlv`_gm\ lh`_
\j_fy`_gZfh`_lkqblZlvqlh`_gsbgu[hevr_kbfiZlbabjmxlfm`qbgZfq_f^jm]^jm]m
b lZd`_hiZkZlvkyhkm`^_gbykhklhjhgu`_gsbgudhgkmevlZglZKoh^gu_ijh[e_fufh]ml
\hagbdgmlvb mdhgkmevlZglZfm`qbgu
Kms_kl\m_lfgh`_kl\h\ZjbZglh\k_jv_aguob h[hkgh\Zgguohl\_lh\gZ\hijhkub
hiZk_gby deb_glh\ qlh dhgkmevlZgl [m^_l ih^^_j`b\Zlv lhevdh h^gh]h ba gbo \ dhlhjuo
fh`ghkhkeZlvkygZijhn_kkbhgZebafgZij_^r_kl\mxsbchiuljZ[hluk kmijm]Zfb b l^
G_ hl\_j]Zy bo ijb\_^_f a^_kv _s_ h^bg ba \hafh`guo \ZjbZglh\ j_iebd dhgkmevlZglZ \
lZdhc kblmZpbb dhlhjuc [ue ij_^eh`_g D Jh^`_jkhf < hl\_l gZ ih^h[gu_ hiZk_gby
deb_glh\hgbkihevah\Zeke_^mxsmxnjZamM f_gyd \Zf[hevrZyijhkv[ZdZdlhevdh\u
aZf_lbl_qlhy \klZegZklhjhgmh^gh]hba\Zk\ ms_j[^jm]hfmkjZam`_mdZ`bl_fg_gZwlh
Fg_wlhhq_gvihfh`_l\ jZ[hl_b y[m^m\Zfbkdj_gg_[eZ]h^Zj_gLZdhchl\_l^_ckl\m_l
dZdijZ\behhkh[_gghm[_^bl_evgh
;u\Z_lqlhh^bgbakmijm]h\ijb\h^bl^jm]h]h\ dhgkmevlZpbxbkhhl\_lkl\_ggh
hjb_glZpby h^gh]h ba gbo gZ ikboheh]bq_kdmx ihfhsv agZqbl_evgh f_gvr_ Z qZklh __ b
\h\k_g_l< lZdbokemqZyog_aZfhlb\bjh\Zgguckmijm]g_j_^dhk kZfh]hgZqZeZ\ujZ`Z_l
`_eZgb_ih]h\hjblvk dhgkmevlZglhfgZ_^bg_[_aiZjlg_jZDhgkmevlZglmke_^m_lijhy\blv
hij_^_e_ggh_mihjkl\hklZjZykvm[_^blvdeb_glh\\ \hafh`ghklyob ij_bfms_kl\Zobf_ggh
kh\f_klghc kmijm`_kdhc l_jZibb Gh _keb deb_gl Zdlb\gh g_k]h\hjqb\ _]h \k_ `_ klhbl
\ukemrZlvgZ_^bg_h[yaZl_evghkijhkb\ij_^\Zjbl_evghm _]hiZjlg_jZh kh]eZkbbgZlZdmx
bg^b\b^mZevgmx[_k_^mLhqlhhghgZkhh[sblfh`_lhdZaZlvkyih\hjhlguffhf_glhf\
jZ[hl_k ^ZgghciZjhc LZd gZijbf_j hghgZ fh`_ljZkkdZaZlv qlh m g_]hg__ _klv^jm]hc
q_eh\_dd dhlhjhfmhghgZkh[bjZ_lkymclbghihdZdbfeb[hijbqbgZfgZijbf_j^eylh]h
qlh[u kfy]qblv m^Zj ^ey ihdb^Z_fh]h kmijm]Z khh[s_gb_ h[ wlhf hldeZ^u\Z_lky
?kl_kl\_ggh qlh gb h dZdhc kmijm`_kdhc l_jZibb \ wlhf kemqZ_ b j_qb [ulv g_ fh`_l
\f_klh wlh]h jZ[hlZ fh`_l b^lb ih ^jm]bf gZijZ\e_gbyf fh`gh gZqZlv jZ[hlZlv
bg^b\b^mZevgh k l_f ba kmijm]h\ dlh [ue bgbpbZlhjhf ijboh^Z \ dhgkmevlZpbx fh`gh
ihfhqvkmijm]Zfhj]Zgbah\Zlvhldjh\_ggucjZa]h\hjh [m^ms_fjZa\h^_fh`_l[ulvhdZaZgZ
ikboheh]bq_kdZyihfhsvgZijZ\e_ggZygZkfy]q_gb_g_]Zlb\guoj_amevlZlh\jZa\h^Zb ij
Hj]ZgbaZpbyjZ[hluk h^gbfkmijm]hf
Gh qZs_ \k_]h [u\Z_l qlh kmijm] ijboh^bl \ dhgkmevlZpbx h^bg g_ `_eZy Z qZs_
\k_]h g_ bf_y \hafh`ghklb ijb\_klb k kh[hc iZjlg_jZ < lZdhc kblmZpbb _]h g_h[oh^bfh
ij_`^_ \k_]h ih^^_j`Zlv m\_jb\ qlh jZ[hlZ k h^gbf qe_ghf iZju gb \ dh_f kemqZ_ g_
y\ey_lky [_kkfuke_gghc beb [_aj_amevlZlghc H^bg ba gZb[he__ m[_^bl_evguo ^h\h^h\
a\mqblijbf_jghlZdB \ub \Zrfm``_gZb \Zrb^_lb ² a\_gvyh^ghcp_ibb _keb\u\
j_amevlZl_ gZrbo [_k_^ dZdlh baf_gbl_kv ijbf_l_ ^ey k_[y dZdb_lh j_r_gby hgb
h[yaZl_evgh jZgh beb iha^gh ihqm\kl\mxl wlh b khhl\_lkl\_ggh baf_gylky kZfb ohly \Zf
dZdh_lh\j_fyijb^_lkyl_ji_eb\h`^Zlvwlh]hfhf_glZ
KblmZpbyjZ[hluk h^gbfkmijm]hfZ g_k ^\mfyhiZkgZg_jZ\ghijZ\b_fihkdhevdm
ijbr_^rbc gZ ijb_f \ dZdhflh kfuke_ [_j_l nma k_f_cguo ijh[e_f gZ k_[y h^gh]h
<ukdZau\Zy ih^h[gu_ khfg_gby \ kblmZpbb dhgkmevlbjh\Zgby deb_gl \ h[s_flh ijZ\
ihkdhevdmhkgh\gh_mkeh\b_dhgkljmdlb\ghcikboheh]bq_kdhcjZ[hlu ² ijbgylb_deb_glhf
\bgubebhl\_lkl\_gghklbaZlhqlhijhbkoh^bl\ k_fv_ohlyhq_\b^ghqlhk\hc\deZ^\
ijh[e_fu\ghkylh[Zkmijm]Z?kl_kl\_gghqlhhdZaZlvky\bgh\gufg_ijbylgh< dZq_kl\_
mkihdh_gbydeb_glmfh`ghij_^eh`blvlZdh_jZkkm`^_gb_<bgh\Zludhg_qgh`_\uh[Z
Ghh[km`^Zlva^_kv\bgm\Zr_]hiZjlg_jZ[_kkfuke_gghihkdhevdm_^bgkl\_ggh_qlhy fh]m
k^_eZlv\ ^ZgghckblmZpbbwlhih`Ze_lv\Zkgh\jy^ebwlhijbg_k_l\ZfohlvdZdh_gb[m^v
h[e_]q_gb_ IhgbfZgb_ `_ lh]h qlh bf_ggh \Zrb keh\Z b ihklmidb kihkh[kl\mxl
mom^r_gbxb h[hklj_gbxkblmZpbb\ k_fv_fh`_lijb\_klbd hij_^_e_ggufbaf_g_gbyf\
\Zr_f ih\_^_gbb qlh kdhj__ \k_]h lZd beb bgZq_ [m^_l ihe_agh ^ey k_fvb \ p_ehf
G_h[oh^bfhaZf_lblvqlhwlhlZj]mf_gle_]dhijbgbfZ_lkydeb_glZfbgZmjh\g_eh]bdbgh
\ ijhp_kk_ dhgkmevlbjh\Zgby d g_fm ijboh^blky \ha\jZsZlvky kgh\Z b kgh\Z dh]^Z deb_gl
gZqbgZ_ljZkkdZau\ZlvdZdhgklZjZ_lkyqlh[u\k_[uehohjhrhZ iZjlg_jwlh]hg_p_gblb
g_ ihgbfZ_l >Z`_ _^bgbqgZy m^ZqgZy [_k_^Z k h^gbf ba kmijm]h\ fh`_l ijb\_klb d lhfm
qlh \ ke_^mxsbc jZa gZ ijb_f ijb^ml h[Z HldZau\Zxsbcky g_ \_jysbc \ \hafh`ghklv
ihfhsb iZjlg_j \^jm] aZohq_l ba ex[hiulkl\Z ih]h\hjblv k dhgkmevlZglhf beb g_
`_eZ\rbc gb \ dh_f kemqZ_ ]h\hjblv h k\h_f \babl_ \ dhgkmevlZpbx deb_gl \^jm]
jZkdhe_lkyb ijb\_^_lk kh[hckmijm]Z< wlhfkemqZ_ke_^m_lihijh[h\Zlvhj]Zgbah\Zlvk
gbfbkh\f_klgmxjZ[hlmH^bgbakms_kl\_gguofhf_glh\lZdhchj]ZgbaZpbb ² wlhjZkkdZa
hlkmlkl\h\Z\r_fm gZ ij_^u^msbo ijb_fZo kmijm]m jZamf__lky k jZaj_r_gby iZjlg_jZ h
lhfqlhijhbkoh^behh q_f\ hkgh\ghf[_k_^h\Zebdeb_glb dhgkmevlZglIkboheh]\ wlhc
kblmZpbb ^he`_g \uklmiblv \ jheb lhgdh]h iheblbdZ h^gh\j_f_gghih^q_jdb\Zy \Z`ghklv
m`_ keh`b\r_]hky khljm^gbq_kl\Z k h^gbf ba kmijm]h\ b \kyq_kdb ^_fhgkljbjmy p_gghklv
ijboh^Z ^jm]h]h <hafh`gh b h[jZlgh_ dh]^Z kh\f_klgu_ \klj_qb ih dZdbflh ijbqbgZf
ij_ju\Zxlky b dhgkmevlZgl ijh^he`Z_l jZ[hlZlv lhevdh k h^gbf ba kmijm]h\ B \ wlhc
kblmZpbb fh`gh fgh]h_ k^_eZlv ^ey k_fvb g_ hklZ\eyy ihiulhd \_jgmlv \ dhgkmevlZpbx
[em^gh]hdeb_glZ
Kms_kl\m_lb _s_h^gZ\hafh`ghklvjZa\blbydhgkmevlZpbhggh]hijhp_kkZdhlhjmx
gb \dh_fkemqZ_g_klhblmimkdZlvba\b^mWlhkblmZpbydh]^ZdhgkmevlZglkZfklZgh\blky
bgbpbZlhjhf jZa^_evguo \klj_q k iZjlg_jZfb H[uqgh wlh kemqZ_lky dh]^Z jZ[hlZ g_
^\b]Z_lkyb \hagbdrZyij_]jZ^Z ² g_`_eZgb_kmijm]h\h[km`^Zlvqlheb[hy\gh_mihjkl\h
h^gh]hbagbomdj_iey_fh_j_Zdpbyfb^jm]h]h ² klZgh\blkyk_jv_aghcihf_ohc\ ijhp_kk_
dhgkmevlbjh\Zgby < dZq_kl\_ ijbagZdh\ lZdhc kblmZpbb fh`_l \uklmiZlv gZijbf_j
\ha\jZs_gb_deb_glh\d h^gbfb l_f`_l_fZfdhlhju_ijboh^blkyijh]h\Zjb\Zlvkgh\Zb
kgh\Zbeb`_g_`_eZgb_h^gh]hbakmijm]h\Z qZs_b h[hbo\uihegylv^hfZrgb_aZ^Zgby
kkueZykv gZ aZgylhklv bkdmkkl\_gghklv j_dhf_g^m_fuo mijZ`g_gbc b li QZklh \ wlhf
kemqZ_ deb_glu kZfb k m^h\hevkl\b_f kh]eZrZxlky gZ bg^b\b^mZevgmx \klj_qm k
dhgkmevlZglhfLhdZd[m^_lZj]mf_glbjh\Zghij_^eh`_gb_h jZa^_evghcjZ[hl_\hfgh]hf
hij_^_ey_lkyijhbkoh^b\rbf\h\j_fykh\f_klguoijb_fh\Gh\Z`ghqlh[ugb mh^gh]hba
gbo g_ \hagbdZeh hsms_gb_ qlh hg hgZ ^_eZ_l ^ey jZa\blby kmijm`_kdbo hlghr_gbc
[hevr_q_f^jm]hcbebgZh[hjhlqlhhghgZ\bgh\Zl\ lhfqlhihfhsvikboheh]Zg_^Z_l
dZdboeb[hkms_kl\_gguoj_amevlZlh\ohlyZ[khexlguoijZ\be_kl_kl\_gghg_kms_kl\m_l
b ^Z`_h[\bg_gb_h^gh]hbaiZjlg_jh\fh`_l[ulvbkihevah\ZghhiulgufdhgkmevlZglhf
dZd kihkh[ klbfmeypbb jZ[hlu B^_y jZ\gh]h mqZklby b jZ\ghc hl\_lkl\_gghklb ^he`gZ
khojZgblvky b \ bg^b\b^mZevguo jZa]h\hjZo k deb_glZfb l_f [he__ qlh ^ey gbo \k_]^Z
^he`gZ hklZ\Zlvky hldjulhc \hafh`ghklv \gh\v kh\f_klgh \klj_lblvky k dhgkmevlZglhf
Ijhbahc^_l wlh beb g_l ihke_ bo jZa^_e_gby ² \ dZ`^hf kemqZ_ hij_^_ey_lky
h[klhyl_evkl\ZfbHdZaZ\rbkv`_gZ_^bg_k `_ghcfm`_fdhgkmevlZgl\ijZ\_bkihevah\Zlv
l_ ij_bfms_kl\Z dhlhju_ ^Z_l jZ[hlZ k h^gbf deb_glhf ² jZa]h\hj gZ [he__ ]em[hdhf
mjh\g_h[km`^_gb_l_fZgZebadhlhjuo[ueljm^_g\ ijbkmlkl\bbiZjlg_jZb l^
Ijbqbguijboh^Zkmijm]h\\ dhgkmevlZpbx
H^ghagZqghc k\yab f_`^m l_f h^bg beb h[Z kmijm]Z ijboh^yl \ dhgkmevlZpbx b
ijbqbghc ijboh^Z g_ kms_kl\m_l H^gZdh g_dhlhju_ ih\h^u ^ey h[jZs_gby qZs_
\klj_qZxlky dh]^Z \ dhgkmevlZpbx ijboh^bl lhevdh h^bg ba iZjlg_jh\ D qbkem lZdbo
hkh[uo
ijbqbg fh`gh hlg_klb Zedh]hebaf kmijm]Z b ijh[e_fu k\yaZggu_ k _]h__
ikbobq_kdbf beb nbabq_kdbf aZ[he_\Zgb_f < h[hbo kemqZyo \hijhk ^ey deb_glZ qZklh
aZdexqZ_lkyg_klhevdh\ lhfdZdih\ebylvgZiZjlg_jZqlh[uhghgZg_ibeZbebf_gvr_
nbdkbjh\ZekyZkvgZk\h_c[he_agbkdhevdh\ lhfqlh^_eZlvkZfhfmdeb_glmjZa\_klbkv
kqblZy qlh kblmZpby [_agZ^_`gZ l_ji_lv b `^Zlv dZdh]hlh j_r_gby k\h_c ijh[e_fu
gZ^_ykvqlhiZjlg_j[jhkbliblv\ua^hjh\__lb l^
Ijboh^ \ dhgkmevlZpbx h[hbo kmijm]h\ ih`Zemc g_kdhevdh qZs_ k\yaZg k
\gmljbk_f_cgufb dhgnebdlZfb ih ih\h^m jZkij_^_e_gby kmijm`_kdbo jhe_c b
h[yaZgghkl_c k k_dkmZevgufb ljm^ghklyfb ^_g_`gufb ijh[e_fZfb lh _klv k q_flh qlh
lZd beb bgZq_ aZljZ]b\Z_l bgl_j_ku h[hbo b fh`_l [ulv d\Zebnbpbjh\Zgh dZd h[sZy
ijh[e_fZ
Kms_kl\m_l b hij_^_e_ggZy \aZbfhk\yav f_`^m nhjfmebjm_fufb `Zeh[Zfb b
\hajZklhfdeb_glh\boklZ`_fkh\f_klghc`bagb
fheh^uo kmijm]h\ qZs_ \hegmxl ijh[e_fu kh[kl\_gguo \aZbfhhlghr_gbc
i_j_`b\Zgbyk\yaZggu_k j_\ghklvxb baf_ghcih`beuf[hevr_k\hckl\_gghjZafureylvh
k\hbohlghr_gbyokh\ajhkeufb^_lvfbGhih\b^bfhfmgZwlhfg_klhblhklZgZ\eb\Zlvky
ih^jh[g__ ihkdhevdm k q_f [u gb h[jZlbebkv d ikboheh]m kmijm]b jZ[hlZ k gbfb beb k
h^gbfbagbokljhblkyijbf_jghh^bgZdh\hhkh[_ggh\ gZqZe_[_k_^u
>ebl_evghklvjZ[hluk kmijm`_kdhciZjhc
< aZdexq_gb_ ohl_ehkv [u kdZaZlv g_kdhevdh keh\ h ^ebl_evghklb jZ[hlu k
kmijm`_kdbfb iZjZfb Dhgkmevlbjh\Zgb_ bg^b\b^mZevgh]h deb_glZ ih k_f_cguf
ijh[e_fZf lZd `_ dZd b \h fgh]bo ^jm]bo kemqZyo djZldhkjhqgh]h dhgkmevlbjh\Zgby
h[uqgh^eblky^\_ ² q_luj_\klj_qbijbq_fih^Z\eyxs__[hevrbgkl\hklj_fblkyd lhfm
qlh jZ[hlZ k gbfb aZ\_jrbeZkv \ oh^_ _^bgbqgh]h ijb_fZ < kemqZ_ dh]^Z kmijm]b m`_ gZ
i_j\uc ijb_f ijbreb \^\h_f beb \lhjhc ijbkh_^bgbeky d [_k_^Zf gZ gZqZevghf wlZi_
dhgkmevlbjh\Zgbybo\klj_qbk ikboheh]hfh[uqgh^eylkyg_kdhevdh^hevr_ ²iylvr_klv
kh\f_klguo [_k_^ ijh\h^bfuo \ jZfdZo djZldhkjhqgh]h dhgkmevlbjh\Zgby ;hevrZy
ijh^he`bl_evghklv jZ[hlu k iZjhc h[mkeh\e_gZ ohly [u l_f qlh \h \j_fy kmijm`_kdh]h
ijb_fZm\_ebqb\Z_lky\j_fykemrZgbyihkdhevdmgZdZ`^uc\hijhk^he`_ghl\_lblvm`_
g_ h^bg q_eh\_d Z ^\h_ >ey lh]h qlh[u m h[hbo kmijm]h\ [ueh [hevr_ \hafh`ghklb
\ukdZaZlvky \h \j_fy \klj_qb g_dhlhju_ dhgkmevlZglu m\_ebqb\Zxl \j_fy kh\f_klgh]h
ijb_fZk h^gh]h²ihemlhjZqZkh\^h^\mo²^\mok iheh\bghcqZkh\Ghwlbfkj_^kl\hfg_
klhbl kebrdhf aehmihlj_[eylv ^Z`_ _keb kmijm]b y\gh g_ mki_\Zxl ?keb [_k_^Z
ijh^he`Z_lky ^hevr_ ^\mo qZkh\ lh hgZ gZqbgZ_l bah[beh\Zlv ih\lhjZfb b [ZgZevgufb
k_gl_gpbyfb dhlhju_ dhgkmevlZgl baaZ gZdhib\r_cky mklZehklb qZs_ \k_]h hklZ\ey_l [_a
\gbfZgby
Fgh]b_ ki_pbZebklu ih^q_jdb\Zxl \Z`ghklv kljmdlmju aZieZgbjh\Zggh_Œ oh^Z
ijb_fh\ bf_ggh \ kemqZ_ kmijm`_kdhc l_jZibb Kj_^b jZkijhkljZg_gguo j_dhf_g^Zpbc ih
ih\h^mkh\f_klghcjZ[hluk kmijm]Zfb_klv\ qZklghklbb lZdZyqlh_keb\ l_q_gb_iylb²
r_klb ijb_fh\ \ kmijm`_kdbo hlghr_gbyo gbq_]h g_ baf_gbehkv Z qZklh ^Z`_ _keb wlb
baf_g_gby ijhbkoh^yl kebrdhf f_^e_ggh kmijm`_kdh_ dhgkmevlbjh\Zgb_ ^he`gh [ulv
ijbhklZgh\e_ghbeb j_hj]Zgbah\Zgh dhgkmevlZglm ke_^m_l gZqZlv \klj_qZlvky k dZ`^uf ba
gbo ih hq_j_^b beb iZjZ ^he`gZ [ulv gZijZ\e_gZ gZ ]jmiih\mx kmijm`_kdmx l_jZibx gZ
kh\f_klgmxk_f_cgmxl_jZibxk ^_lvfbb l^gZihfgbfqlh\klj_qbk kmijm]Zfb\ jZfdZo
kmijm`_kdhc l_jZibb k ijbf_g_gb_f [he__ keh`guo b jZaghh[jZaguo ijb_fh\ \_^_gby
[_k_^ufh]ml^eblvky]hjZa^h^hevr_
DHGKMEVLBJH<:GB?KMIJM@?KDHCI:JU
GZqZeh[_k_^u
DZd m`_ hlf_qZehkv gZqZeh jZ[hlu g_aZ\bkbfh hl lh]h dlh b ih dZdhfm ih\h^m
h[jZsZ_lky \ dhgkmevlZpbx kljhblky ^hklZlhqgh koh^gh Hkgh\gZy aZ^ZqZ dhgkmevlZglZ gZ
wlhfwlZi_ ² mklZgh\blvdhglZdlk deb_glhfZfbb jZah[jZlvky\ lhfqlhbf_gghijb\_eh
bogZijb_fOhlym`_\ gZqZe_[_k_^uijbmqZklbb\ wlhfijhp_kk_h[hbokmijm]h\fh]ml
\hagbdgmlvhij_^_e_ggu_ljm^ghklbLZdfm`b `_gZfh]mlg_klhevdhklj_fblvkybaeh`blv
kmlv ijh[e_fu kdhevdh ijh^_fhgkljbjh\Zlv \bgm b g_^hklZldb ^jm]h]h \kihfbgZy \k_
gh\u_ b gh\u_ ij_]j_r_gby iZjlg_jZ h[\bgyy b i_j_[b\Zy ^jm] ^jm]Z b ba[_]Zy lZdbf
h[jZahf ihkljh_gby dhgkljmdlb\guo hlghr_gbc k dhgkmevlZglhf < lZdhc kblmZpbb
g_h[oh^bfhijhy\blvhij_^_e_ggmx`_kldhklvij_^eh`b\kmijm]Zf]h\hjblvihhq_j_^bb
dhff_glbjh\Zlvkeh\ZiZjlg_jZlhevdhlh]^Zdh]^ZhghgZihemqblijZ\hkeh\Z
<Z`g_crbf fZl_jbZehf ^ey dhgkmevlZlb\ghc jZ[hlu k kmijm]Zfb dZd b \ kemqZ_
^jm]boh[jZs_gbcy\eyxlkydhgdj_lgu_nZdluqlhdh]^Zdlhk^_eZebebg_k^_eZedZdb_
dhgdj_lgh ijhkv[u \uihegyebkv beb g_ \uihegyebkv b l^ HijZ\^u\Zxsbfky beb
h[\bgyxsbf ^jm] ^jm]Z kmijm]Zf g_h[oh^bfh ihdZaZlv qlh dhgkmevlZglZ bgl_j_km_l g_
h[t_dlb\gZy bklbgZ Z km[t_dlb\gh_ \hkijbylb_ dZ`^uf ijhbkoh^ysbo \ k_fv_ kh[ulbc
Hkh[_gghly`_ehc^eydhgkmevlZglZfh`_l[ulvkblmZpbydh]^Zh^bgbakmijm]h\k kZfh]h
gZqZeZ [_k_^u \kyq_kdb iulZ_lky jZah[eZqblv b mgbablv ^jm]h]h hljbpZy _]h kihkh[ghklv
i_j_`b\Zlvbebj_Z]bjh\ZlvgZk_f_cgu_ijh[e_fu< wlhfkemqZ_dhgkmevlZglklZjZykvg_
ihl_jylvdhglZdlgb kh^gbfbaiZjlg_jh\^he`_gmjZ\gylvkmijm]h\\ ijZ\ZoihdZaZlvqlh
ihbkdb \bgh\Zlh]h beb h[jZs_gb_ d ikboheh]m dZd d lj_l_ckdhfm km^v_ gb \ dh_c f_j_ g_
fh`_l kihkh[kl\h\Zlv j_r_gbx \gmljbk_f_cguo ijh[e_f Lhevdh lh]^Z dh]^Z kmijm]b
ijbagZxlqlhhl\_lkl\_gghklvaZijh[e_fug_kml\ jZ\ghckl_i_gbh[Zb dZ`^ucohl_e[u
jZah[jZlvky\ lhfqlhb dZdhghgZfh`_lk^_eZlv^eymemqr_gby\gmljbk_f_cghckblmZpbb
kh\f_klgh_dhgkmevlbjh\Zgb_kmijm]h\fh`_l[ulvmki_rguf
DZdfum`_hlf_qZeb\ur_hkh[uflj_[h\Zgb_fd jZ[hl_k iZjhcy\ey_lky[hevr__
kljmdlmjbjh\Zgb_ijhp_kkZijb_fZIhwlhfmkgZqZeZdZ`^ucbakmijm]h\ij_^klZ\ey_lk\hx
\_jkbxlh]hihq_fmb aZq_fhgbijbrebd dhgkmevlZglmhq_gv\Z`ghqlh[uohlvdZdZylh
\_jkby [ueZ ij_^eh`_gZ dZ`^uf ba gbo b kkuedb gZ lh qlh hg f_gy ijb\_e imklv b
jZkkdZau\Z_lgb\ dh_f kemqZ_ g_ ^he`gu ijbgbfZlvky ihke_ q_]h dhgkmevlZglm ke_^m_l
ih^\_klb blh] ij_^eh`b\ k\h_ [he__ h[h[s_ggh_ ij_^klZ\e_gb_ h lhf dZdb_ ijh[e_fu
\hegmxl dZ`^h]hba iZjlg_jh\ >ey[he__ ihegh]h ihgbfZgby kblmZpbb ikboheh]m ihe_agh
jZkiheZ]Zlvke_^mxs_cbgnhjfZpb_cdZddh]^Zb \k\yabk q_fgZqZebkvbebh[hkljbebkv
dhgnebdlu \ dZdbo kblmZpbyo hgb qZs_ \k_]h \hagbdZxl dlh y\ey_lky [he__ Zdlb\guf bo
aZqbgsbdhfqlh\hafmsZ_lbebg_gjZ\blky\ ^jm]hfdZ`^hfmbakmijm]h\
?keb kmijm]b kh]eZkgu gZ [he__ ^ebl_evgmx jZ[hlm lh ihemqb\ bkq_jiu\Zxsmx
bgnhjfZpbx ih wlbf b ^jm]bf \hijhkZf dhgkmevlZgl g_ ^he`_g aZly]b\Zlv i_j\bqguc
ijb_fImklvhg[m^_l^Z`_g_kdhevdhdhjhq_q_f\k_ihke_^mxsb_ghaZ\_jrblv_]h\ wlhf
kemqZ_ke_^m_l hq_gv q_ldhcihklZgh\dhc aZ^Zq b p_e_c dhgkmevlbjh\Zgby lh _klv l_f qlh
dZ`^uc ba kmijm]h\ ohl_e [u \ j_amevlZl_ ^hklbqv G_ kljZrgh _keb wlb h`b^Zgby m
iZjlg_jh\ ^bZf_ljZevgh ijhlb\hiheh`gu Gh \ lZdhc kblmZpbb dZd \ijhq_f b \ ex[hc
^jm]hc p_e_khh[jZagh ij_^mij_^blv kmijm]h\ qlh[u kZf ijb_f b \k_ qlh gZ g_f
]h\hjbehkvg_h[km`^ZehkvbfbaZ^\_jvfbdZ[bg_lZdhgkmevlZglZ
Bkihevah\Zgb_^hfZrgboaZ^ZgbcijbjZ[hl_k kmijm]Zfb
<Z`gufb b \ dZdhflh kfuke_ j_rZxsbfb ^ey ^Zevg_cr_c jZ[hlu y\eyxlky
^hfZrgb_ aZ^Zgby dhlhju_ fh`gh ij_^eh`blv \uihegblv kmijm]Zf d ke_^mxs_c \klj_q_
Dhgdj_lgh_kh^_j`Zgb_^hfZrg_]haZ^Zgby[u\Z_ljZaebqgufb hij_^_ey_lkyij_`^_\k_]h
ijh[e_fZfbkmijm]h\ghbf_gghgZebqb_aZ^ZgbygZb[he__wnn_dlb\gh\dexqZ_ldeb_glh\\
jZ[hlmb h[_ki_qb\Z_ldhgkmevlZglZohjhrbffZl_jbZehf^ey[_k_^u\h\j_fyijb_fZLZd
m`_gZi_j\hc\klj_q_fh`ghij_^eh`blvkmijm]ZfaZ\_klb^g_\gbdb^eylh]hqlh[u\_klb
aZibkbihh^ghcbeb^\mfbake_^mxsbol_f^hfZrg__aZ^Zgb_k [hevrbfdhebq_kl\hfl_f
\jy^eb\uihegbfh
QlhjZa^jZ`Zeh\ kmijm]_\ l_q_gb_g_^_ebbeb\ l_q_gb_ex[h]h^jm]h]hhlj_adZ
\j_f_gbhij_^_e_ggh]h\ oh^_ijb_fZ
DZdb_dhgnebdlgu_kblmZpbb\hagbdZeb\ l_q_gb_g_^_eb
Qlh g_ijbylgh]h [ueh kdZaZgh aZ hij_^_e_gguc ^ey gZ[ex^_gbc hlj_ahd \j_f_gb
f_`^mkmijm]Zfb
>hfZrgb_ aZ^Zgby fh]ml [ulv jZaebqgufb bo hkgh\gZy p_ev gZ i_j\hf wlZi_
dhgkmevlbjh\Zgby ² mlhqg_gb_b ^_lZebaZpbykblmZpbb\ k_fv_
?keb gZ ij_^u^ms_c \klj_q_ [ueh ^Zgh ^hfZrg__ aZ^Zgb_ lh ihke_ g_kdhevdbo
ijb\_lkl\_gguokeh\gZijZ\e_gguogZlhqlh[um[_^blvky\ lhfqlhaZg_^_exm kmijm]h\
g_kemqbehkvgbq_]hk\_johj^bgZjgh]hb ih^e_`Zs_]hg_f_^e_gghfmh[km`^_gbxgZqbgZlv
jZ[hlm ke_^m_l bf_ggh k wlh]h ?keb aZ^Zgb_ \uihegbeb h[Z kmijm]Z lh dZ`^hfm ijhklh
ij_^eZ]Z_lkyijhqblZlv\kemoaZibkb\ k\h_f^g_\gbd_?keb`_h^bgbagboihdZdbfeb[h
ijbqbgZfg_kijZ\bekyk aZ^Zq_clh^g_\gbd_kl_kl\_gghqblZ_llhevdhh^bggh\lhjhfm
ijhrljZnb\r_fmky lZd`_ ^he`gh [ulv ij_^hklZ\e_gh keh\h <hafh`gu jZaebqgu_
\ZjbZglughijhs_\k_]hij_^eh`blv_fm\uihegblvaZ^Zgb_\kihfgb\lhqlhijhbkoh^beh
\ l_q_gb_g_^_ebIjbwlhfg_ihkemrZgb_gb\ dh_fkemqZ_g_^he`gh[ulvhklZ\e_gh[_a
\gbfZgby ijbqbgu ke_^m_l ih^jh[gh h[km^blv LZdhc ihklmihd fh`_l [ulv dZd
hij_^_e_gghc nhjfhc khijhlb\e_gby ih hlghr_gbx d dhgkmevlbjh\Zgbx b dhgkmevlZglm
lZdb ijhl_klhfijhlb\iZjlg_jZH[uqghaZwlbfkdju\Z_lky\_kvfZ\Z`gZy^eyikboheh]Z
bgnhjfZpbyg_nb]mjbjh\Z\rZy\ oh^_i_j\hc\klj_qbDhg_qghijh\bgb\rbcky^he`_g
[ulv ijhs_g gh \Z`gh qlh[u dhgkmevlZgl ijb wlhf \hkihevah\Zeky kblmZpb_c ^ey
fhlb\Zpbb_]hgZdhgkljmdlb\gmxjZ[hlm
<hafh`ghklb h[km`^_gby ^hfZrgbo aZ^Zgbc g_h[uqZcgh rbjhdb LZd bgl_j_k
ij_^klZ\ey_lj_Zdpbykmijm]h\gZlhqlhjZkkdZau\Z_l iZjlg_j ijbq_f dhgkmevlZgl fh`_l
mkbeblv wlm j_Zdpbx ij_^eh`b\ dZ`^hfm ijhdhff_glbjh\Zlv kibkhd iZjlg_jZ
Bkihevah\Zgb_^hfZrgboaZ^Zgbcij_^klZ\ey_lkyhkh[_gghijh^mdlb\gufihlhfmqlhgZbo
hkgh\Zgbb fh`gh ihkljhblv fgh`_kl\h jZaebqguo \ZjbZglh\ [_k_^u \u[bjZy lZdbf
h[jZahf lh qlh k h^ghc klhjhgu ih^oh^bl bf_ggh ^ey ^Zgghc kmijm`_kdhc iZju Z k
^jm]hc klhjhgu ihfh]Z_l g_ jZkiueylvky g_ ihl_jylvky \ fhj_ bgnhjfZpbb b
ijb^_j`b\Zlvky\ oh^_ijb_fZhij_^_e_ggh]hl_fZlbq_kdh]hkl_j`gyIjb\_^_f^eyijbf_jZ
^\Z\ZjbZglZh[km`^_gby^hfZrgboaZ^Zgbc
Hkh[_gghihe_aghcy\ey_lkykblmZpbydh]^Zh[Zkmijm]ZhibkZebh^gmbebg_kdhevdh
dhgnebdlguo kblmZpbc < hibkZgbb dZ`^h]h hljZ`Z_lky kh[kl\_ggh_ \hkijbylb_ b
bgl_jij_lZpby ijhbkoh^ys_]h qZklh ijhlb\hiheh`gh_ \b^_gbx iZjlg_jZ JZaebqb_ \
ihgbfZgbb b h[tykg_gbb ijhbahr_^r_]h y\ey_lky hkh[_ggh p_gguf ^ey dhgkmevlZglZ b
_keb h[Z kmijm]Z h[jZlbeb \gbfZgb_ gZ h^gm b lm `_ kblmZpbx bf_ggh __ [u\Z_l ihe_agh
k^_eZlv p_gljZevghc l_fhc kh\f_klgh]h h[km`^_gby ihkdhevdm gZ wlhf fZl_jbZe_ m^h[gh
ihdZaZlvg_lhevdhjZagbpmihabpbckmijm]h\ihhlghr_gbxd ijhbkoh^ysbf\ bok_f_cghc
`bagb kh[ulbyf gh b ijhZgZebabjh\Zlv ijbqbgu dhlhju_ d wlhfm ijb\h^yl G_h[oh^bfh
h[jZlblv hkh[h_ \gbfZgb_ gZ ke_^mxsb_ fhf_glu dlh b ihq_fm i_j\uc h[b`Z_lky qvb
j_Zdpbb b ih\_^_gb_ [he__ Z]j_kkb\gu gZkdhevdh kh[kl\_ggZy Z]j_kkb\ghklv hkhagZ_lky
deb_glZfb dlh b dZd ijhkbl ijhs_gby Hkgh\gZy aZ^ZqZ dhgkmevlZglZ \ oh^_ lZdhc
^bkdmkkbb ² ihfhqvdeb_glZfm\b^_lvqlhb dZddZ`^uc^_eZ_l^eylh]hqlh[udhgnebdl
jZa]hjZeky b dZdh\Z bf_ggh \u]h^Z dhlhjmx hghgZ ba\e_dZ_l ba wlhc kblmZpbb ²
\hafh`ghklvmijZ\eylv^jm]bfhsms_gb_kh[kl\_gghcg_ih]j_rbfhklbf_klvb l^
?keb h[km`^_gb_ dhgnebdlghc kblmZpbb ijhoh^bl mki_rgh fh`gh ihiulZlvky m`_
gZ\lhjhfijb_f_\ukljhblvk kmijm]Zfb^jm]hc\ZjbZglih\_^_gby\ lhc`_kZfhckblmZpbb
[he__dhgkljmdlb\gucb kihkh[kl\mxsbc[ukljhfmb mki_rghfmjZaj_r_gbxdhgnebdlZ<
kemqZ__kebZgZebadhgnebdlgh]h\aZbfh^_ckl\byhdZaZekymki_rguf_]hj_amevlZlufh`gh
ihijh[h\Zlvi_j_g_klbgZ^jm]b_keh`gu_kblmZpbbba`bagbdeb_glh\ijh^_fhgkljbjh\Z\
dZd \ ^jm]bo ihjhc hq_gv ^Ze_dbo hl h[km`^Z\r_cky kblmZpbyo ijhy\eyxlky l_ `_
hkh[_gghklb\aZbfh^_ckl\byiZjlg_jh\
>jm]hc\ZjbZgljZ[hluk ^hfZrgbfbaZ^Zgbyfbhkgh\u\Z_lkygZbkihevah\Zgbb\k_o
^g_\gbdh\uo aZibk_c kmijm]h\ Bf m^h[g__ \hkihevah\Zlvky dh]^Z \ aZibkyo h[hbo beb
h^gh]h ba iZjlg_jh\ ijhke_`b\Z_lky h^bg b lhl `_ ihklhyggh ih\lhjyxsbcky iZll_jg
ih\_^_gby j_Zdpbb beb h[b^u < wlhf kemqZ_ \ dZq_kl\_ ij_^f_lZ h[km`^_gby emqr_
bkihevah\Zlvg_dZdmxlhh^gmdhgdj_lgmxdhgnebdlgmxkblmZpbxZ iZll_jgj_Z]bjh\Zgby
beb ih\_^_gby Hkh[h_ \gbfZgb_ ijb wlhf ke_^m_l h[jZlblv gZ dhfie_f_glZjghklv
\aZbfh^hihegbl_evghklv ihabpbc iZjlg_jh\ ihkdhevdm ljm^gh k_[_ ij_^klZ\blv qlh[u
j_]meyjgu_ h[b^u b g_m^h\hevkl\b_ i_j_`b\Z_fu_ h^gbf gbdZd g_ hljZ`Zebkv gZ
ih\_^_gbb b gZkljh_gbb ^jm]h]h g_aZ\bkbfh hl lh]h hkhagZ_l hghgZ wlh beb g_l
<k_klhjhggbcZgZebalZdh]hiZll_jgZlZd`_ij_^iheZ]Z_lh[km`^_gb_lh]hqlhdZdb aZq_f
^_eZ_l dZ`^uc ba kmijm]h\ q_]h hghgZ `^_l b ohq_l ^h[blvky hl ^jm]h]h b qlh j_Zevgh
ihemqZ_l HllZedb\Zykv hl ih\lhjyxs_]hky iZll_jgZ ih\_^_gby fh`gh ijhZgZebabjh\Zlv
kmijm`_kdb_hlghr_gby\ p_ehf\uy\b\\ dZdbo_s_kblmZpbyo^_ckl\myihh^ghfmb lhfm
`_kl_j_hlbimkmijm]bh[b`Zxlkyb g_ihgbfZxl^jm]^jm]ZLZdhcjZa[hj_keb_]hm^Z_lky
ijh\_klb g_h[uqZcgh ihe_a_g gh hg fh`_l jZklygmlvky b aZgylv \kx \lhjmx \klj_qm
Hkgh\u\ZykvgZg_ffh`ghij_^eh`blvkmijm]Zfke_^mxs__^hfZrg__aZ^Zgb_\_klbk_[y\
wlbokblmZpbyoih^jm]hfmklj_fykvj_Zebah\Zlvgh\u_kihkh[uih\_^_gby
Dhg_qghhibku\Z_fuc\ZjbZgl \lhjhc \klj_qb k kmijm`_kdhc iZjhc k h[km`^_gb_f
^hfZrgbo aZ^Zgbc y\ey_lky ebrv h^gbf ba fgh]bo \hafh`guo l_f [he__ qlh \hagbdrZy
\g_aZighl_fZh[km`^_gbyfh`_lhdZaZlvkyijh^mdlb\g_cb ihe_ag_clhc^hklZlhqgh`_kldh
aZ^Zgghcfh^_ebdhlhjZyhibkZgZ\ur_LZd\ fZg_j_ql_gby^hfZrgboaZ^Zgbcbeb\ lhf
dZd kmijm]b ijboh^yl gZ ijb_f beb \aZbfh^_ckl\mxl \h \j_fy g_]h qZklh ijhy\eyxlky
^hklZlhqghoZjZdl_jgu_^eygboj_Zdpbbb kihkh[uih\_^_gbydhlhju_dhgkmevlZglfh`_l
lml `_ aZnbdkbjh\Zlv b h[km^blv ih ijbgpbim a^_kv b l_i_jv : aZl_f m`_ ihiulZlvky
gZclb \ fZl_jbZeZo ^hfZrgbo aZ^Zgbc kblmZpbb ZgZeh]bqgu_ \hagbdr_c g_ihkj_^kl\_ggh
\h\j_fyijb_fZ^eylh]hqlh[ujZah[jZlvkydZdmxjhevlZdb_dhgnebdlgu_\aZbfh^_ckl\by
b]jZxl\ ih\k_^g_\ghc`bagbdeb_glh\
LZdfm`]h\hjbl`_g_dhlhjZygZqZeZdjZkhqghhibku\Zlvijhbahr_^rmx\ l_q_gb_
g_^_ebkblmZpbxIhfheqbfuijbrebkx^ZkemrZlvg_l_[yZ ikboheh]Z@_gZ\ hl\_l
aZfhedZ_l Gh dhgkmevlZgl \hkihevah\Z\rbkv wlhc njZahc fh`_l ihijhkblv `_gm hibkZlv
\hagbdrb_m g__\ wlhlfhf_glqm\kl\ZZ aZl_f\ulZsb\bag__h[b^m_kebdhg_qghlZdZy
h[b^Z^_ckl\bl_evghkms_kl\m_lh[km^blvq_f\ua\ZgZklhevj_adZynjZaZfm`ZgZkdhevdh
hgZkijZ\_^eb\ZdZdZyj_Zdpbym h[hbo[ueZ[u[he__mf_klghc\ ^ZgghfkemqZ_b l^
G_kdhevdh keh\ ke_^m_l kdZaZlv h kblmZpbb dh]^Z kmijm]b ohlyl baf_gblv qlhlh \
k\hbohlghr_gbyo\ j_amevlZl_jZah\h]hijb_fZb g_m\_j_gugZijbf_j\ kbemjZagh]hjh^Z
\g_rgbo h[klhyl_evkl\ qlh kfh]ml ihk_lblv dhgkmevlZpbx _s_ jZa < wlhf kemqZ_ ZgZeba
ex[hc ba dhgnebdlguo kblmZpbc fh`_l [ulv ijh\_^_g [_a ki_pbZevghc ih^]hlh\db
Kmijm]Zf fh`gh ij_^eh`blv \kihfgblv dZdmxgb[m^v g_^Z\gxx kkhjm beb dhgnebdl b
ih^jh[gh hkgh\u\Zykv gZ l_o `_ ijbgpbiZo jZah[jZlv bo iZll_jgu ih\_^_gby b
i_j_`b\Zgby LZdhc ZgZeba k ihke_^mxsbfb dhgkljmdlb\gufb \u\h^Zfb fh`_l hdZaZlvky
\_kvfZihe_aguf^eygbo
Bkihevah\Zgb_aZibk_ckmijm]h\iha\hey_lg_lhevdh\uy\blvb h[km^blvdhgdj_lgu_
dhgnebdlgu_ kblmZpbb gh b ih^\_klb d h[rbjguf ieZklZf hlghr_gbc kem`Zsbf ahghc
ihklhygguo jZagh]eZkbc LZdhc dhgnebdlghc ahghc fh`_l [ulv dZd lh qlh bagZqZevgh
gZau\Zehkv kmijm]Zfb \ dZq_kl\_ ih\h^Z ^ey ijboh^Z \ dhgkmevlZpbx lZd b g_qlh bgh_
\hafh`gh \hh[s_ ^h wlh]h kdjulh_ hl gbo b ijhy\b\r__ky ebrv \ j_amevlZl_ ZgZebaZ
_`_g_^_evguo dhgnebdlguo kblmZpbc Ih]h\hjbf ih^jh[g__ h jZ[hl_ k dhgdj_lgufb
ijh[e_fZfbkmijm`_kdbohlghr_gbc
Hkh[_gghklbjZ[hluk ijh[e_fZfbjZkij_^_e_gbyk_f_cguojhe_cb
h[yaZgghkl_cf_`^mkmijm]Zfb
>ey kmijm`_kdbo iZj h[jZsZxsboky aZ ihfhsvx \ dhgkmevlZpbx dhgnebdlu b
g_^hjZamf_gby ih ih\h^m jZkij_^_e_gby jhe_c b h[yaZgghkl_c y\eyxlky \_kvfZ
oZjZdl_jgufbHlf_lbfqlhkZfhihgylb_jhe_\h]hdhgnebdlZy\ey_lky^hklZlhqghrbjhdbf
b hibjZ_lky gZ ij_^klZ\e_gb_ h k_f_cguo jheyo dZd h g_dh_c kbkl_f_ ^_e b h[yaZgghkl_c
h[_ki_qb\Zxsboih\k_^g_\gmx`bagvkmijm]h\b l_kghk\yaZgguof_`^mkh[hc 1\H)U ,
DZaZehkv [u qlh gZb[he__ lbibqgufb lZdb_ ijh[e_fu ^he`gu [ulv ^ey fheh^uo
kmijm`_kdbo iZj ]^_ ghjfu hlghr_gbc ebrv mklZgZ\eb\Zxlky gh wlh ^Ze_dh g_ lZd K
[md_lhfdhgnebdlh\\ dhlhjhfg_fZeh\Z`gh_f_klhaZgbfZxlbf_gghwlb\ dhgkmevlZpbx
ijboh^yl iZjlg_ju ijZdlbq_kdb k ex[uf klZ`_f kh\f_klghc `bagb L_f g_ f_g__
h[hklj_gb_ijh[e_flZdh]hjh^ZZ ke_^h\Zl_evghb ijboh^kmijm]h\\ dhgkmevlZpbxkh\k_f
g_kemqZcguMkm]m[eyxsbffhf_glhfqZklhy\ey_lkyg_dh_[he__beb f_g__agZqbl_evgh_
baf_g_gb_dhlhjh_eb[hm`_ijhbahreheb[hh`b^Z_lky\ [eb`Zcr__\j_fy\ k_fv_LZdbf
kh[ulb_ffh`_l[ulvjh`^_gb_^_l_cgZqZehihk_s_gbyj_[_gdhf^_lkdh]hkZ^Zbebrdheu
\uoh^`_gsbgugZjZ[hlmihke_hlimkdZihmoh^maZfZe_gvdbfj_[_gdhfk_jv_agZy[he_agv
h^gh]hbaqe_gh\k_fvbjZat_a^bebkt_a^fheh^hck_fvbk jh^bl_eyfbij_^iheZ]Z_fucbeb
j_Zevguc\uoh^gZi_gkbxh^gh]hbakmijm]h\b l^Kibkhd^h\hevgh\gmrbl_evgucgh\
g_f e_]dh h[gZjm`blv lh h[s__ qlh h[t_^bgy_l \k_ wlb kblmZpbb ² baf_g_gby
ijhbkoh^ysb_ \ k_fv_ lj_[mxl i_j_hkfuke_gby b i_j_jZkij_^_e_gby k_f_cguo ^_e b
h[yaZgghkl_c
Dhg_qgh h[jZs_gb_ d ikboheh]m g_ ke_^m_l Z\lhfZlbq_kdb aZ wlbfb k_f_cgufb
kh[ulbyfb b qZklh ijhke_^blv ih^h[gmx k\yav ^Z`_ \ ijhp_kk_ dhgkmevlbjh\Zgby [u\Z_l
ljm^gh;he__lh]hkZfnZdl\hagbdgh\_gbyih^h[guoijh[e_f\ k\yabk baf_g_gbyfb\h\k_
g_ hagZqZ_l qlh ij_`^_ bo g_ kms_kl\h\Zeh d lhfm `_ ihq\Z ^ey gbo _klv ih`Zemc \
[hevrbgkl\_ kh\j_f_gguo k_f_c Kdhj__ \ baf_gb\r_cky kblmZpbb h^bg ba qe_gh\ iZju
qZs_ \k_]h lhl gZ dhf k _]h__ lhqdb aj_gby e_`bl [hevrbc ]jma k_f_cguo ^_e b
h[yaZgghkl_c gZqbgZ_l y\gufb b g_y\gufb \ lhf qbke_ b ^ey g_]h kZfh]h kihkh[Zfb
\hkklZgZ\eb\Zlv kijZ\_^eb\hklv b iulZlvky i_j_^Zlv qZklv kh[kl\_gguo ^_e kmijm]m Gh
ihkdhevdm h[uqgh ih^h[gu_ ihiuldb \u]ey^yl g_ dZd klj_fe_gb_ ^h]h\hjblvky ijbgylv
g_dh_ h[hx^hijb_fe_fh_ j_r_gb_ Z dZd h[\bg_gby b ij_l_gabb d iZjlg_jm lh ^h\hevgh
[ukljh\hagbdZxlb gZqbgZxljZa\b\Zlvkykeh`ghklb\ hlghr_gbyoG_fZeh\Z`gh_agZq_gb_
bf__l b lh qlh qZklh ^jm]hc kmijm] g_ lhevdh g_ ^_eZ_l lh]h q_]h hl g_]h lj_[m_l
h[b`_ggZyklhjhgZghb h[eZ^Z_lkbkl_fhc\a]ey^h\ih^dj_ieyxs_cbf_gghlhl\ZjbZgl
ih\_^_gbydhlhjhfmhgZkZfZke_^m_lI_j\ufwlZihfjZ[hlu\ wlhfkemqZ_dZdb \
[hevrbgkl\_ ^jm]bo y\ey_lky k[hj dhgdj_lguo `Zeh[ deb_glh\ Q_f [hevr_ ijh[e_fguo
kblmZpbchgbmihfygmll_femqr_^eydhgkmevlZglZ>eylh]hqlh[uk_f_cgu_h[yaZgghklb
[uebjZkij_^_e_gu[he__jZ\ghf_jghdZ`^ucbakmijm]h\^he`_gagZlvq_]hohq_lb `^_l
hl g_]h ^jm]hc ihwlhfm dhgkmevlZglm g_ ke_^m_l ^mfZlv qlh hg ljZlbl \j_fy ijb_fZ ajy
dh]^Zkmijm]bih^jh[ghhibku\Zxlqlh^_eZ_lb g_^_eZ_ldZ`^ucbagbo< kblmZpbbdh]^Z
ijh[e_fu jZkij_^_e_gby h[yaZgghkl_c \ k_fv_ \hagbdZxl gZ nhg_ ^hklZlhqgh ohjhrbo
f_`ebqghklguo hlghr_gbc kmijm]h\ beb `_ dh]^Z \j_fy jZ[hlu k kmijm`_kdhc iZjhc
h]jZgbq_gh [hevrmx ihfhsv \ dhgkmevlbjh\Zgbb fh]ml hdZaZlv ki_pbZevgu_ l_ogbdb
lZdb_gZijbf_jdZdl_ogbdZ^hklb`_gbydhfijhfbkkZ:e_rbgZX? IhkdhevdmhgZ
hibkZgZ \ hl_q_kl\_gghc ebl_jZlmj_ g_ [m^_f hklZgZ\eb\Zlvky gZ g_c ih^jh[gh hlf_lbf
ebrvqlh__ fh`ghij_djZkghbkihevah\Zlv^eym]em[e_gbyjZ[hluk kmijm]Zfbb ihgbfZgby
lh]hqlh\ ijbgpbi_dZ`^ucbagboohq_lb `^_lhliZjlg_jZ
Ijh[e_fZjZ\_gkl\Z\ jZkij_^_e_gbbk_f_cguoh[yaZgghkl_c
Ih`Zemc gZb[he__ jZkijhkljZg_gguc \ZjbZgl jhe_\h]h dhgnebdlZ k\h^blky d lhfm
qlh `_gZ g_ m^h\e_l\hj_gZ l_f dZd fm` ihfh]Z_l _c \ \_^_gbb ohayckl\Z b \uiheg_gbb
jZaebqguoih\k_^g_\guo^_eIjbq_ffh`_l[ulvfm`ijhklhg_^_eZ_llh]hq_]hhlg_]h
`^_l b lj_[m_l `_gZ beb `_ qlh g_h[uqZcgh jZkijhkljZg_gh `_gZ g_^h\hevgZ g_
hlkmlkl\b_f ihfhsb dZd lZdh\hc Z iZkkb\guf hlghr_gb_f fm`Z d k\hbf ^hfZrgbf
h[yaZgghklyf
fm`kZfg_ijhy\ey_lbgbpbZlb\uohlyb klZjZ_lky\uihegylv\k_qlhlj_[m_l`_gZ
<ujZ`Z_lky lZdhc dhgnebdl h[uqgh \ ij_l_gabyo lbiZ >Z h\hsb hg ihdmiZ_l gh _keb y
_fm g_ kdZ`m gbdh]^Z kZf g_ ihkfhljbl _klv dZjlhrdZ beb g_l gbdh]^Z kZf g_ ijbf_l
j_r_gby qlh __ m`_ ihjZ ihdmiZlv beb Gbdh]^Z g_ ij_^eh`bl dZd b ]^_ ijh\_klb e_lh
KdZ`m ^hklZgv iml_\db ² ^hklZg_l Gh qZs_ fg_ \k_ kZfhc g_h[oh^bfh magZlv dm^Z b
dZdb_iml_\db_klvm g_]hgZjZ[hl_\ wlhf]h^m
<ke_^aZ\aZbfgufbmij_dZfbkmijm]h\ihe_aghmkeurZlvh[tykg_gb_ihq_fmlhqlh
h`b^Z_l hl iZjlg_jZ ^jm]hc g_ \uihegy_lky gZkdhevdh \ ^_ckl\bl_evghklb k _]h__ lhqdb
aj_gby ij_l_gabb h[t_dlb\gu beb `_ \k_ hgb ihkljh_gu gZ ijb^bjdZo H[uqgh eb[h
kmijm]g_fh`_l^_eZlvlhq_]hhlg_]hg__`^mlihdZdbfeb[hh[t_dlb\gufijbqbgZfg_
mki_\Z_l g_ mf__l b li eb[h ijhklh g_ ohq_l ^_eZlv lh q_]h hl g_]h lj_[m_l ^jm]hc
Dhg_qgh g_ ohl_lv hghgZ fh`_l ih jZaguf ijbqbgZf \ lhf qbke_ b ihlhfm qlh wlb
lj_[h\ZgbydZ`mlkyaZ\ur_ggufbb g_kijZ\_^eb\ufbH^gZdhg_lZdm`j_^dh\klj_qZ_lky
kblmZpbydh]^Zg_`_eZgb_fm`Z\uihegylvhij_^_e_ggu_^_eZihohayckl\mk\yaZghk l_f
qlh k _]h lhqdb aj_gby wlb ^_eZ g_ y\eyxlky fm`kdbfb b bo ^he`gu ^_eZlv `_gsbgu
K_jv_agufih^dj_ieyxsbfZj]mf_glhf\ lZdhfkihj_fh`_l[ulvb kkuedZgZkh[kl\_ggmx
jh^bl_evkdmxk_fvx]^_lZdb_h[yaZgghklb\uihegyeZfZlvdeb_glZ
< lZdhc kblmZpbb dhgkmevlZglm qZklh ijboh^blky \uklmiZlv \ jheb wdki_jlZ
h[hkgh\u\Zxs_]hg_mf_klghklvb g_dhgkljmdlb\ghklvljZ^bpbhgguo\a]ey^h\gZfm`kdb_b
`_gkdb_jheb\ k_fv_LZdZyihabpbyikboheh]Z\_kvfZmya\bfZ\ g_chq_gve_]dhihdZaZlvky
aZgm^guf km[t_dlb\guf b l^ ihwlhfm ijb h[km`^_gbb ^Zgghc l_fu ikboheh]m g_ klhbl
gZklZb\ZlvwfhpbhgZevgh\dexqZlvkybeb ih^oh^blv d ih^h[ghfm jZa]h\hjm dZd d kihjm \
dhlhjhfgZ^h\ q_flhm[_^blvg_k]h\hjqb\h]hkh[_k_^gbdZDhgkmevlZglmke_^m_l]h\hjblv
h ih^h[guo ijh[e_fZo dZd h fZl_jbZe_ ^ey jZafure_gby ^ey h[f_gZ fg_gbyfb k
kh[_k_^gbdZfb < dZq_kl\_ Zj]mf_glh\ fh`gh bkihevah\Zlv nZdlu ih\k_^g_\ghc `bagb
h^bgZdh\mx \dexq_gghklv h[hbo kmijm]h\ \ ijhn_kkbhgZevgmx ^_yl_evghklv hlkmlkl\b_
dZdboeb[hk_jv_aguoikboheh]bq_kdbojZaebqbcf_`^mfm`qbgZfbb `_gsbgZfblhlnZdl
qlh dhebq_kl\h fm`kdbo ^_e \ ^hf_ ihkl_i_ggh mf_gvrZ_lky b \ [hevrbgkl\_ k\h_f hgb
klZgh\ylky g_j_]meyjgufb GZijbf_j g_h[oh^bfhklv ihqbgblv djZg ² fm`kdh_ ^_eh ²
\hagbdZ_llhevdhlh]^Zdh]^ZdjZg^_ckl\bl_evghl_q_lGhd kqZklvx^Z`_hl_q_kl\_ggu_
djZgu l_dml g_ dZ`^uc ^_gv Z \hl ]hlh\blv _^m b fulv ihkm^m ² `_gkdh_ ^_eh ²
ijboh^blky_`_^g_\gh
<Z`gh lZd`_ qlh[u jZa]h\hj g_ \u]ey^_e dZd ih^^_j`dZ h^gh]h kmijm]Z ijhlb\
^jm]h]h ihkdhevdm wlh fh`_l [hevgh m^Zjblv ih kZfhex[bx deb_glZ b khhl\_lkl\_ggh
hljZablvkygZbkoh^_[_k_^uK wlhcp_evxfh`ghbkihevah\Zlvkfy]qZxsb_j_iebdblbiZ
<u gZ\_jgh_ g_ aZ^mfu\Zebkv gZ^ wlbf beb Bgh]^Z [u\Z_l ljm^gh
i_j_hjb_glbjh\Zlvky dh]^Z Gh g_ klhbl aZ[u\Zlv b h lhf qlh lhl dlh bf__l
ljZ^bpbhggu_ \a]ey^u aZq_flh \ gbo gm`^Z_lky BgZq_ ]h\hjy hgb fh]ml \uklmiZlv \
dZq_kl\_ g_hkhagZgghc dhfi_gkZpbb [he__ ]em[hdbo ijh[e_f gZijbf_j g_m\_j_gghklb \
k_[_ gbadhc hp_gdb k_[y dZd fm`qbgu b l^ Dhg_qgh h[km`^_gb_ wlbo \hijhkh\ k
deb_glZfb ² ^_eh hlgx^v g_ i_j\hc \klj_qb b \hafh`gh qlh \ lZdhf h[km`^_gbb emqr_
mqZkl\h\Zlvh^ghfmZ g_h[hbfkmijm]Zf< lhfkemqZ__kebijh[e_fuwlbghkyl]em[bgguc
ebqghklguc oZjZdl_j deb_glm \ke_^ aZ ij_^\Zjbl_evghc [_k_^hc gZ wlm l_fm k
dhgkmevlZglhf klhbl ihj_dhf_g^h\Zlv h[jZlblvky aZ [he__ k_jv_aghc b ^ebl_evghc
ihfhsvxd ikbohl_jZi_\lm
G_ f_g__ \Z`guf nZdlhjhf hij_^_eyxsbf gZkdhevdh Zdlb\gh iZjlg_j mqZkl\m_l \
^hfZrgbo^_eZoy\ey_lkylhdZdb dh]^Z_]hh[wlhfijhkylb dZdd j_amevlZlZf_]hljm^Z
hlghkylky\ ^hf_
G_j_^dh \ hl\_l gZ ij_l_gabb \ iZkkb\ghklb fh`gh mkeurZlv lZdh_ h[tykg_gb_ :
aZq_f fg_ ihfh]Zlv l_[_ _keb lu \k_]^Z g_^h\hevgZ b \k_ jZ\gh \k_ i_j_^_eu\Z_rv ih
k\h_fm" < [hevrbgkl\_ kemqZ_\ bf_ggh ihklhyggh_ g_h^h[j_gb_ ^jm]h]h y\eyxs__ky
h^ghc ba nhjf ijhy\e_gby ^hfbgbjh\Zgby \ hlghr_gbyo e_`bl \ hkgh\_ iZkkb\gh]h
hlghr_gby kmijm]Z d k_f_cguf ^_eZf QZklh hdZau\Z_lky qlh h^bg ba kmijm]h\ h[uqgh
`_gZ k h^ghc klhjhgu ihklhyggh ijh\hpbjm_l Zdlb\ghklv iZjlg_jZ \ukdZau\Zy _fm
khhl\_lkl\mxsb_ ij_l_gabb Z k ^jm]hc ² kZfZ `_ ij_iylkl\m_l wlhfm \ukdZau\Zy k\h_
g_^h\hevkl\hhdZaZgghcihfhsvx>_fhgkljZpbywlh]hf_oZgbafZkmijm]Zfb ij_`^_\k_]h
kZfhc`_g_fh`_l\ agZqbl_evghcf_j_kihkh[kl\h\Zlvbaf_g_gbx__ hlghr_gbyd ihfhsb
fm`Z qlh \ k\hx hq_j_^v h[uqgh ijb\h^bl d lhfm qlh _]h hlghr_gb_ d k_f_cguf ^_eZf
lZd`_f_gy_lky< oh^_h[km`^_gbyg_klhblaZij_sZlv`_g_\ujZ`Zlvg_^h\hevkl\hl_f
qlh b dZd ^_eZ_l fm` l_f [he__ qlh lZdh_ g_^h\hevkl\h \hafh`gh bf__l ih^ kh[hc
hkgh\Zgby Z \f_kl_ k g_x b fm`_f gZclb lZdhc kihkh[ j_Z]bjh\Zgby dhlhjuc k h^ghc
klhjhgu hljZ`Ze [u __ ih`_eZgby b \ kemqZ_ g_h[oh^bfhklb aZf_qZgby ih hlghr_gbx d
lhfmqlhb dZd[uehk^_eZghZ k^jm]hc ² g_a\mqZe[udZdhkm`^_gb_>hklZlhqghkjZ\gblv
^\Z \ukdZau\Zgby ?keb m` lu oh^be aZ dZjlhrdhc lh fh] [u gZ\_jgh_ _keb [u l_[y
ohlvg_fgh]hbgl_j_kh\ZeZk_fvy^h]Z^Zlvkyb k\_demk fhjdh\dhcaZh^ghdmiblvb <hl
a^hjh\hkdhevdhludZjlhrdbijbg_kGhluih`ZemcklZdh]^Z\ ke_^mxsbcjZa\ h\hsghc
ihc^_rvdmib_s_k\_deuk fhjdh\dhcZ lhhgblh`_dhgqZxlky
G_\uihegbfu_lj_[h\Zgbyij_^ty\ey_fu_d iZjlg_jm
D kh`Ze_gbx g_j_^dh lj_[h\Zgby ij_^ty\ey_fu_ h^gbf kmijm]hf d ^jm]hfm ^ey
g_]h aZ\_^hfh g_\uihegbfu gh g_kfhljy gZ wlh ihklhyggh \hah[gh\eyxlky b kem`Zl
ijbqbghc ^ey dhgnebdlh\ QZs_ \k_]h aZ lZdh]h jh^ª jmlbggufb dhgnebdlZfb klhbl g_ lZ
ijh[e_fZ dhlhjZy j_Zevgh h[km`^Z_lky Z dZdb_lh [he__ k_jv_agu_ ij_l_gabb h^gh]h ba
kmijm]h\d ^jm]hfmIjb\_^_fke_^mxsbcijbf_j
H^gZ ba fgh]hqbke_gguo ij_l_gabc `_gu d fm`m \ukdZaZgguo \h \j_fy ijb_fZ
khklhyeZ\ lhfqlhhgg_ohq_laZoh^blvaZj_[_gdhf\ ^_lkdbckZ^HgZlj_[h\ZeZhl g_]h
aZoh^blv aZ j_[_gdhf g_kfhljy gZ lh qlh hg ml\_j`^Ze qlh Z[khexlgh g_ fh`_l wlh]h
^_eZlvlZddZddhgqZ_ljZ[hlZlv]hjZa^hiha`_q_fwlhg_h[oh^bfh^eylh]hqlh[uaZoh^blv
aZ kugbrdhc Z hgZ jZ[hlZ_l ]hjZa^h [eb`_ ihwlhfm _c wlh ^_eZlv e_]q_ b m^h[g__ Dh]^Z
dhgkmevlZgl kijhkbe `_gm ihq_fm hgZ lZd mihjgh lj_[m_l hl fm`Z lh]h qlh _fm
^_ckl\bl_evgh ljm^gh k^_eZlv hgZ hl\_lbeZ ImkdZc hg ohlv qlhlh k^_eZ_l ^ey k_fvb
>he`_g`_hgohlvdZdh_lh\j_fyijh\h^blv\f_kl_k j_[_gdhf
DZaZehkv[ueh]bdZ\ lZdhfhl\_l_iheghklvxgZjmr_gZaZq_fbah\k_o\hafh`guo
k_f_cguo ^_e \u[bjZlv bf_ggh lh qlh ljm^g__ \k_]h hkms_kl\blv b ihq_fm \f_klh
iheghp_ggh]h h[s_gby k j_[_gdhf ij_^eZ]Z_lky ijh]medZ \ i_j_iheg_gghf Z\lh[mk_ ih
^hjh]_^hfhcba^_lkdh]hkZ^Z"GhlZdb_g_Z^_d\Zlgu_lj_[h\Zgbyh[uqgh \u^\b]Zxlky g_
kemqZcghWlhk\h_]hjh^ZdjbdhlqZygbydh]^Z^h]h\hjblvkyh ghjfZevghfjZkij_^_e_gbb
h[yaZgghkl_c \ k_fv_ ij_^klZ\ey_lky m`_ g_\hafh`guf b \ dZq_kl\_ ihke_^g_]h rZgkZ
\u[bjZ_lky g_qlh y\eyxs__ky g_ ijhklh dZdbflh k_f_cguf ^_ehf Z k\h_]h jh^Z
^hdZaZl_evkl\hf ij_^Zgghklb k_fv_ hkgh\Zgghf gZ ij_h^he_gbb ljm^ghkl_c H[uqgh
jZaj_r_gb_lZdhckblmZpbb\hafh`ghebrvlh]^Zdh]^ZdZ`^ucbakmijm]h\b ij_`^_\k_]h
lhl qv_ mqZklb_ \ k_f_cguo ^_eZo kqblZ_lky g_^hklZlhqguf ij_^eh`bl i_j_q_gv ^_e
j_ZebaZpbydhlhjuo[m^_lkem`blvk\b^_l_evkl\hfmqZklby\ ^_eZok_fvbb ij_^Zgghklb_c
<hafh`gh lZd`_ qlh aZ lZdbfb g_Z^_d\Zlgufb ij_l_gabyfb kdju\Z_lky g_qlh ^jm]h_ ²
dZdZylh^Z\gyyh[b^Zklj_fe_gb_mdhehlvbebgZdZaZlviZjlg_jZaZqlhlhqlhfh`_l[ulvb
g_k\yaZghk l_fbij_l_gabyfbdhlhju__fmij_^ty\eyxlkyGh_kebdhgkmevlZgl^hklZlhqgh
\gbfZl_evghb ih^jh[ghgZqg_ljZa[bjZlvkblmZpbxih^h[guoij_l_gabc fh`_lhdZaZlvky
qlhh[klhyl_evkl\hkdju\Zxs__kyaZwlbfbijh[e_fZfbb h[b^Zfb\_kvfZkms_kl\_ggh^ey
deb_glZ b dZkZ_lky [he__ ]em[hdh]h mjh\gy k_f_cguo ijh[e_f ² jZkij_^_e_gby \eZklb
\ebygbyex[\b\ kmijm`_kdbohlghr_gbyo
<_jg_fky d ijbf_jm k ^_lkdbf kZ^hf ijb [he__ ih^jh[ghf h[km`^_gbb `_gZ
knhjfmebjh\ZeZk\hx]eZ\gmxij_l_gabx>Zhg\hh[s_wlh]hj_[_gdZg_ohl_ehg_]hg_
ex[bl b \kyq_kdb ba[_]Z_l Ihy\e_gb_ lZdbo ]eh[Zevguo ij_l_gabc d kmijm]m h[uqgh
i_j_\h^bl ZgZeba kmijm`_kdbo hlghr_gbc gZ [he__ ]em[hdbc mjh\_gv dh]^Z kmijm]b
gZqbgZxlhkhagZ\Zlvb h[km`^Zlvlhqlh[uehbfbiheghklvxkdjulh^jm]hl^jm]ZZ qZklh
b hl kZfbo k_[y LZd \ wlhf dhgdj_lghf kemqZ_ ^ey fm`Z ih^h[gh_ h[\bg_gb_ hdZaZehkv
g_h`b^Zgguf Dh]^Zlh \ukdZaZggh_ bf g_`_eZgb_ bf_lv \lhjh]h j_[_gdZ ^Z\gh aZ[uehkv
kf_gb\rbkv ghjfZevghc jh^bl_evkdhc ijb\yaZgghklvx d fZevqbdm >ey `_gu `_ \ kbem
jZaebqguo ebqguo b f_`ebqghklguo h[klhyl_evkl\ k\yaZggu_ k ijhreuf i_j_`b\Zgby
klZebk_jv_aghcijh[e_fhc\ hlghr_gbyok fm`_fK\h_kh[kl\_ggh_hsms_gb_g_gm`ghklb
[jhr_gghklb kmijm]hf hgZ i_j_g_keZ gZ j_[_gdZ ba[_]Zy ijb wlhf lh]h qlh[u ijbagZlvky
k_[_kZfhc\ k\hbokljZoZob i_j_`b\ZgbyoHq_\b^ghqlhh[km`^_gb_ih^h[guol_f ² wlh
\uoh^ ^Ze_dh aZ ij_^_eu jZkij_^_e_gby ^_e b h[yaZgghkl_c \ k_fv_ jZa]h\hj h dhlhjuo \
^Zgghc kblmZpbb y\beky ebrv ih\h^hf ^ey ZgZebaZ aZ\_jr_gb_ dhlhjh]h hdZaZehkv
\hafh`gufebrvaZjZfdZfbkmijm`_kdh]hdhgkmevlbjh\Zgby
Hkh[_gghklbjZ[hluk jZaebqbyfb\h\a]ey^Zob mklZgh\dZokmijm]h\
QZklh k ijh[e_fZfb ih ih\h^m k_f_cguo ^_e b h[yaZgghkl_c l_kgh i_j_ie_lZxlky
jZaebqby \h \a]ey^Zo b ihabpbyo kmijm]h\ LZd gZijbf_j `_gZ kqblZ_l qlh ihe gZ dmog_
gZ^h fulv q_luj_ jZaZ \ g_^_ex Z fm` ² qlh ^hklZlhqgh b h^gh]h Khhl\_lkl\_ggh hg b
fh_l _]h lhevdh h^bg jZa \ lh \j_fy dZd `_g_ bkoh^y ba __ \a]ey^h\ b ij_^klZ\e_gbc
ijboh^blky ^_eZlv wlh _s_ ljb jZaZ \ l_q_gb_ g_^_eb Dhg_qgh wlh f_ehqv gh qZklh
dhgnebdlgufb klZgh\ylky b [he__ k_jv_agu_ kblmZpbb \ hkgh\_ dhlhjuo lZd`_ e_`bl
jZagbpZ \h \a]ey^Zo ² \ dZdhf \hajZkl_ hl^Z\Zlv j_[_gdZ \ ^_lkdbc kZ^ dZd emqr_ \k_]h
ijh\_klb hlimkd klhbl eb dhiblv ^_gv]b gZ fZrbgm beb emqr_ dmiblv gh\uc f_[_evguc
]Zjgblmjb l^K_f_cgZy`bagvbah[bem_lih\h^Zfb^eyih^h[guojZagh]eZkbc
?kl_kl\_ggh qlh dhgkmevlZgl gb \ dh_f kemqZ_ g_ ^he`_g aZgbfZlv ihabpbx km^vb
j_rZy qvb \a]ey^u [he__ ijZ\bevgu Z qvb g_l D lhfm `_ qZs_ \k_]h aZ lZdbfb
dhgnebdlZfbkdju\Z_lkyijhklh_g_mf_gb_kmijm]h\\ukemrZlv^jm]^jm]Zb ^h]h\hjblvky
< lZdhckblmZpbbdhgkmevlZglmke_^m_lihijh[h\Zlvijh\_klbk kmijm]Zfb dhgkljmdlb\gu_
i_j_]h\hjudhlhju_k h^ghcklhjhguiha\hebeb[ubf^h]h\hjblvkyihdZdhfmlh\hijhkm
Z k^jm]hc ² ijh^_fhgkljbjh\Zeb[ukZfm\hafh`ghklvb kihkh[uj_r_gbyjZagh]eZkbcb
ijh[e_f
L_ogbdZdhgkljmdlb\guoi_j_]h\hjh\
Ijb ijh\_^_gbb lZdbo i_j_]h\hjh\ hq_gv \Z`gh ijb^_j`b\Zlvky hij_^_e_gghc
kbkl_fu \ukdZau\Zgbc g_ ^Z\Zy gb h^ghfm ba iZjlg_jh\ ijhy\eylv baebrgb_ wfhpbb
\f_klhlh]hqlh[ubaeZ]ZlvnZdluLZdgZi_j\hfwlZi_dZ`^hfmbakmijm]h\ ij_^eZ]Z_lky
q_ldh b ykgh \ukdZaZlv k\hx ihabpbx ih dZdhfmlh \hijhkm \u[jZgghfm ^ey h[km`^_gby
gZijbf_j klhbl eb hl^Z\Zlv j_[_gdZ \ kZ^bd \ ^\Z ]h^Z beb emqr_ baukdZlv \hafh`ghklv
ijh^_j`Zlv_]h_s_]h^^hfZ
Ke_^mxsbc wlZi ² Zj]mf_glZpby DZ`^uc iZjlg_j ^he`_g dZd fh`gh ih^jh[g__ b
lsZl_evg__h[hkgh\Zlvij_bfms_kl\Zk\h_cihabpbbB ebrvgZke_^mxs_fwlZi_\ukemrZ\
Zj]mf_glu ^jm] ^jm]Z kmijm]b fh]ml \ukdZau\Zlv djblbq_kdb_ aZf_qZgby gh lZd`_ ih
\hafh`ghklbhibjZykvgZeh]bdmZ g_gZwfhpbb\ Z^j_kihabpbbiZjlg_jZGZ^haZf_lblv
qlh kZfZ ih k_[_ wlZ ijhp_^mjZ ^hklZlhqgh ijhklZy gZ i_j\uc \a]ey^ ih^qZk lj_[m_l
k_jv_aguo mkbebc kh klhjhgu h[hbo kmijm]h\ b g_ lhevdh \ lhf qlh[u fheqZlv b
\gbfZl_evgh kemrZlv ^jm]h]h Nhjfmebjh\Zgb_ kh[kl\_gghc ihabpbb b Zj]mf_glh\ \ __
aZsblm g_ lZd e_]dh ^Zxlky fgh]bf deb_glZf ihkdhevdm [he__ ijb\uqgufb \ lZdhc
kblmZpbby\eyxlky\aZbfgu_hdjbdblbiZDZd lu fh`_rv lZd^mfZlv"beb Lugbq_]h \
wlhf g_ihgbfZ_rv Bgl_j_kgh qlh m`_ gZ wlbo i_j\uo wlZiZo dlhlh ba kmijm]h\ fh`_l
kh]eZkblvky k ihabpb_c ^jm]h]h beb hsmlblv keZ[hklv k\h_c kh[kl\_gghc lhqdb aj_gby Gh
ij_^klZ\bfk_[_qlh\k_ij_^r_kl\mxsb_wlZiuijhrebmki_rghb gbdlhbaiZjlg_jh\g_
\u[ueLh]^ZgZklmiZ_lkZfuchl\_lkl\_ggucb keh`gucwlZi ² ihbkdbdhfijhfbkkZ
A^_kv \hafh`gu ih djZcg_c f_j_ ^\Z imlb I_j\uc ² kh]eZkb_ h[hbo gZ dZdh_lh
ijhf_`mlhqgh_ihhlghr_gbxd \a]ey^Zfh[hboj_r_gb_gZijbf_jhl^Zlvj_[_gdZ\ kZ^\
^\Z k iheh\bghc ]h^Z \f_klh ^\mo beb lj_o <lhjhc imlv khklhbl \ kh[ex^_gbb g_dhlhjhc
hq_j_^ghklb gZijbf_j \ wlhf ]h^m e_lhf ijh\_klb hlimkd gZ x]_ Z \ ke_^mxs_f ² \
[Zc^Zjhqghf ihoh^_ < ijhp_kk_ Zj]mf_glZpbb qZklh \uykgy_lky qlh \ hkgh\_ ihabpbb
h^gh]h ba kmijm]h\ e_`Zl g_ dZdb_eb[h eh]bq_kdb_ Zj]mf_glu b khh[jZ`_gby Z g_db_
\a]ey^u b mklZgh\db mk\h_ggu_ \ ^_lkl\_ mkeurZggu_ ]^_lh beb \uqblZggu_ ba dgb] b
\hkijbgbfZ_fu_ dZd g_hijh\_j`bfu_ Jb]b^gh_ [_a mq_lZ \g_rgbo h[klhyl_evkl\
klj_fe_gb_ j_Zebah\Zlv k\hx ihabpbx dZdZy [u hgZ gb [ueZ \jy^ eb kihkh[kl\m_l
memqr_gbxhlghr_gbc
Dhjj_dpbyjb]b^guoij_^klZ\e_gbcb ijbgpbih\
DhgkmevlZglmg_ke_^m_l[jZlvgZk_[y\gmlj_gg__h[yaZl_evkl\h[hjhlvkyk ex[ufb
g_Z^_d\Zlgufb \a]ey^Zfb kmijm]h\ dZ`^uc \ dhg_qghf kq_l_ bf__l ijZ\h gZ k\hb
`bag_ggu_ijbgpbiuH[km`^Zlvfh`ghebrvlhqlhk h^ghcklhjhguy\ghijhlb\hj_qbl
\a]ey^Zf iZjlg_jZ Z k ^jm]hc ² f_rZ_l dZd hj]ZgbaZpbb kmijm`_kdhc `bagb lZd b [he__
dhfi_l_glghfmb dhgkljmdlb\ghfmih\_^_gbxHiZkgu\k_]^Zg_kZfbihk_[_\a]ey^ubeb
`bag_ggZy ihabpby Z lZ [_kdhfijhfbkkghklv k dhlhjhc bo ijb^_j`b\Zxlky < wlhc
kblmZpbb dhgkmevlZgl fh`_l ihiulZlvky kfy]qblv ihabpbx deb_glZ bkihevamy
iZjZ^hdkZevgu_ \hijhku lbiZ : qlh kljZrgh]h \ lhf qlh" : ihq_fm [u b g_"
Hl\_qZygZih^h[gu_\hijhkuex^bqZs_\k_]hgZqbgZxl]h\hjblvh k\hboqm\kl\Zoklu^Z
mgb`_gby ijhb]jurZ b li dhlhju_ klhyl gZ imlb baf_g_gby ihabpbb b ke_^h\Zl_evgh
f_rZxl kmijm`_kdbf hlghr_gbyf JZa]h\hj gZ mjh\g_ qm\kl\ hagZqZ_l i_j_oh^ gZ [he__
]em[hdbcmjh\_gvjZ[hluk kmijm`_kdhciZjhcH[km`^_gb_qm\kl\^_fhgkljZpbylh]hqlh
kljZob f_rZxsb_ baf_g_gbx ihabpbb g_ khhl\_lkl\mxl ^_ckl\bl_evghklb kihkh[kl\m_l
dhjj_dpbbjb]b^guoij_^klZ\e_gbcbaf_g_gbxbogZ[he__]b[db_b dhgkljmdlb\gu_
<Z`gh qlh[u ^jm]hc kmijm] ijbgbfZy mqZklb_ \ wlhf jZa]h\hj_ lZd`_ ]h\hjbe h
kh[kl\_gguo qm\kl\Zo b i_j_`b\Zgbyo b gb \ dh_f kemqZ_ g_iulZeky kZfhml\_j^blvky beb
\ub]jZlv \hkihevah\Z\rbkv keZ[hklvx ^jm]h]h < kemqZ_ g_h[oh^bfhklb ikboheh] fh`_l
ki_pbZevghgZihfgblvh lhfqlhjZa]h\hjb^_lgZmjh\g_qm\kl\\ukdZau\ZgbyfblbiZWlh
\Zrb fukeb gh dZdh\u \Zrb qm\kl\Z" beb : qlh \u qm\kl\m_l_ dh]^Z \Zr fm`
hldZau\Z_lkywlh^_eZlv"
< dZq_kl\_ ijbf_jZ ihabpbb ijyfh_ ke_^h\Zgb_ dhlhjhc gZghkbl hsmlbfuc \j_^
ijZdlbq_kdb ex[uf kmijm`_kdbf hlghr_gbyf b k dhlhjhc g_ lZd m` j_^dh ijboh^blky
klZedb\Zlvkyijbdhgkmevlbjh\ZgbbmdZ`_fgZlZdhcklbevih\_^_gby\h\j_fykmijm`_kdbo
dhgnebdlh\ dhlhjuc fh`_l [ulv knhjfmebjh\Zg dZd klj_fe_gb_ \uykgblv \k_ ^h dhgpZ
^eylh]hqlh[u\ ke_^mxsbcjZag_ih\lhjblvklZjuohrb[hd< k_fvyo]^_h^bgbebh[Z
kmijm]Z ijb^_j`b\Zxlky wlh]h ijZ\beZ kkhju qZklh jZkly]b\Zxlky gZ ^he]bc kjhd
ihkdhevdm ijb ihke_^mxs_f \uykg_gbb hlghr_gbc ihy\eyxlky \k_ gh\u_ b gh\u_ ih\h^u
^eyh[b^dZ`^ucohq_l^hdZaZlvk\hxijZ\hlmg_klj_fykvihgylvb ijbgylvlhqdmaj_gby
iZjlg_jZ JZamf__lky gb bklbgZ gb fbj \ j_amevlZl_ g_ ^hklb]Zxlky \ub]ju\Z_l lhl dlh
kbevg__dlhihevam_lky\ k_fv_[hevr_c\eZklvx^Zb kem`ZllZdb_\uykg_gbyqZs_\k_]h
^eylh]hqlh[uhghgZfh]ebrgbcjZaijh^_fhgkljbjh\Zlvkmijm]mk\h_ij_\hkoh^kl\h
LZdb_ ij_^klZ\e_gby fh`gh ihklZ\blv ih^ khfg_gb_ \hijhkZfb lbiZ Gm dZd \u \
oh^_ jZa[bjZl_evkl\Z ^h[bjZ_l_kv ^h bklbgu" beb DZd \u kqblZ_l_ [eZ]h^Zjy lZdbf
jZa[hjZf \ \Zr_c k_fv_ ^_ckl\bl_evgh klZeh f_gvr_ kkhj lh _klv bkihevamy l_ogbdm
iZjZ^hdkZevguo \hijhkh\ Hl\_l kmijm]h\ gZ wlhl \hijhk bgh]^Z ^h\hevgh ykgh
^_fhgkljbjm_l qlh \ hkgh\_ bo ^bkdmkkbc e_`blij_`^_ \k_]h [hjv[Z aZ \eZklv gZijbf_j
Fu^Z\gh[ug_\uykgyebwlbo\hijhkh\_keb[u^hg__gZdhg_p^hrehqlhhgZgbq_]h\
wlhfg_ihgbfZ_lLZdhchl\_l ² gZ]ey^gh_k\b^_l_evkl\hlh]hdZdh^bg\hqlh[ulhgb
klZeh klj_fblky ^h[blvky ij_bfms_kl\Z gZ^ ^jm]bf ;eZ]h^Zjy bkihevah\Zgbx
iZjZ^hdkZevguo \hijhkh\ kmijm]Zf qZs_ \k_]h ^h\hevgh [ukljh klZgh\blky hq_\b^ghc
g_Z^_d\Zlghklvboih\_^_gbyb j_Z]bjh\Zgby\ lZdhckblmZpbb<ke_^aZwlbffh`gh\f_kl_k
gbfb jZajZ[hlZlv kihkh[u ih\_^_gby b j_Z]bjh\Zgby dhlhju_ [ueb [u g_ klhev
ljZ\fbjmxsbfb^eybohlghr_gbcGhfh`ghlZd`__kebkmijm]b]hlh\ud jZkkfhlj_gbx
k\hboijh[e_fgZ[he__]em[hdhfmjh\g_i_j_clbd h[km`^_gbxlh]hihq_fmb dZddZ`^uc
bagboklj_fblkyd [hevr_c\eZklb\ hlghr_gbyodZddZ`^ucbagbo[hj_lkyb dhgljhebjm_l
^jm]h]hJZagh]eZkby\h\a]ey^ZolZdbfh[jZahfqZklhkem`Zlij_djZkguffZl_jbZehf^ey
gZqZeZjZ[hluk deb_glZfbgZmjh\g_]em[bgguodhgnebdlh\
Dhgkmevlbjh\Zgb_kmijm]h\ihih\h^mk_dkmZevguoijh[e_f
Dhgkmevlbjh\Zgb_kmijm]h\ihih\h^mbok_dkmZevguoijh[e_f ²^h\hevghkdhevadZy
b keh`gZy l_fZ dZd ^ey deb_glh\ lZdb ^eyg_hiulguo dhgkmevlZglh\ QZklv ljm^ghkl_c k
dhlhjufb \klj_qZ_lky ikboheh] ijb dhgkmevlbjh\Zgbb k_dkmZevguo ijh[e_f hij_^_ey_lky
we_f_glZjguf g_agZgb_f [hevrbgkl\hf ex^_c \ q_f khklhbl ki_pbnbdZ ^_yl_evghklb
ikboheh]h\ k_dkhiZlheh]h\ b k_dkheh]h\ < k\yab k wlbf g_j_^db kemqZb hrb[hqguo
h[jZs_gbcdh]^Zd ikboheh]mijboh^yldeb_gluk ]em[hdbfbjZkkljhckl\Zfbk_dkmZevgh]h
ih\_^_gby dhlhjuo hg \ugm`^_g kjZam `_ hlijZ\eylv d khhl\_lkl\mxsbf ki_pbZebklZf
Ihwlhfm dhgkmevlZglm g_h[oh^bfu ohly [u fbgbfZevgu_ agZgby \ h[eZklb k_dkheh]bb b
k_dkhiZlheh]bbiha\heyxsb_ihdjZcg_cf_j_g_[jZlvkyaZlhk q_fhgy\ghg_kfh`_l
kijZ\blvky<Zkbevq_gdh=K :ROOPDQ < < 0RQH\, Gh\k_`_kj_^bl_odlh
h[jZsZ_lky \ dhgkmevlZpbx h[uqgh \klj_qZxlky ex^b k k_dkmZevgufb ijh[e_fZfb eb[h
qbklhikboheh]bq_kdh]hihjy^dZeb[hk ij_h[eZ^Zgb_f\ gboikboheh]bq_kdboZki_dlh\<
wlbo kemqZyo hkgh\gu_ keh`ghklb k\yaZgu k ^_yl_evghklvx ikboheh]bq_kdbo aZsblguo
f_oZgbafh\ b \ qZklghklb k l_f qlh k_dkmZevgu_ ijh[e_fu qZklh aZf_sZxl kh[hc
f_`ebqghklgu_ b gZh[hjhl H[uqgh ]h\hjy h k_dkmZevguo ijh[e_fZo kmijm]b kdehggu
g_^hhp_gb\Zlv jhev ikboheh]bq_kdbo nZdlhjh\ jZkkfZljb\Zy \hagbdZxsb_ ljm^ghklb dZd
gZjmr_gbyqbklhnbabheh]bq_kdh]hihjy^dZ
?keb`Zeh[ugZk_dkmZevgu_ijh[e_fuihy\eyxlkym`_\ gZqZe_i_j\h]hijb_fZlh
wlhkdhj__ \k_]h k\b^_l_evkl\m_l eb[h h[bo nbabheh]bq_kdhcijbjh^_ eb[h h ]em[bgguo
ebqghklguo ijh[e_fZo deb_glZ k\yaZgguo k k_dkmZevghklvx Dhjj_dpby b lh]h b ^jm]h]h
e_`bl aZ ij_^_eZfb dhfi_l_gpbb dhgkmevlZglZ LZdh]h deb_glZ g_h[oh^bfh gZijZ\blv d
^jm]bfki_pbZebklZf
Ghdh]^Z\ ijhp_kk_dhgkmevlbjh\Zgbykh[_k_^gbdb\^jm]ijh]h\Zjb\Zxlkybebqlh
g_ lZd m` j_^dh \klj_qZ_lky klZ\yl ih^ khfg_gb_ p_e_khh[jZaghklv jZ[hlu dhgkmevlZglZ
ijbf_jghke_^mxsbfbnjZaZfb<k_wlhg_lZd\Z`ghM gZkb lZd[ueh[u\k_ohjhrh_keb
[u gZeZ^beZkv gZrZ k_dkmZevgZy `bagv lh wlh kdhj__ \k_]h ]h\hjbl h ij_h[eZ^Zgbb
ikboheh]bq_kdh]h nZdlhjZ \ k_dkmZevguo ljm^ghklyo < lZdbo kblmZpbyo \hagbdgh\_gb_
gZjmr_gbc qZs_ \k_]h [he__ beb f_g__ q_ldh ^Zlbjm_lky kmijm]Zfb b \ hkgh\ghf
k\yau\Z_lkyk dZdbfblhbaf_g_gbyfb\ k_fv_beb\ hlghr_gbyokmijm]h\
JZkkdZau\Zy h k_dkmZevguo ijh[e_fZo deb_glu qZklh ^h\hevgh kbevgh mijhsZxl
k\hx kblmZpbx ij_^klZ\eyy kms_kl\mxsb_ ljm^ghklb dZd
HgZ hldZau\Z_lky beb Hg dh
fg_g_\gbfZl_e_gM f_gyg_l`_eZgbyih^q_jdb\Zybonbabheh]bq_kdbcoZjZdl_j
=eZ\gZyijh[e_fZdhlhjmxg_h[oh^bfhj_rblvdhgkmevlZglm\ wlhckblmZpbb ² dZd
fh`gh lsZl_evg__ jZah[jZlvky \ lhf dZdh\u wlb ljm^ghklb dh]^Z hgb \hagbdeb dZd
ijhy\eyxlky kms_kl\mxl ihklhyggh beb i_jbh^bq_kdb ijhiZ^Zxl b l^ WlZ bgnhjfZpby
fh`_l ^Zlv ^hklZlhqgh fgh]h iha\heyy ihklZ\blv lhqguc ikboheh]bq_kdbc ^bZ]gha k q_f
bf_gghk\yaZguk_dkmZevgu_ijh[e_fu\ hlghr_gbyo
Ohl_ehkv[uih^jh[g__hklZgh\blvkygZ^\mo^h\hevghjZkijhkljZg_gguokblmZpbyo
\ dhlhjuo ikboheh]bq_kdb_ nZdlhju hij_^_eyxl k_dkmZevgu_ ijh[e_fu ijb\h^y bgh]^Z d
iheghfmjZkkljhckl\mk_dkmZevguohlghr_gbc
@Zeh[ugZiZkkb\ghklviZjlg_jZ\ k_dkmZevguohlghr_gbyo
G_j_^dh hkgh\gZy `Zeh[Z kmijm]h\ b hkh[_ggh fm`Z khklhbl \ lhf qlh `_gZ
hldZau\Z_lky hl k_dkmZevguo hlghr_gbc eb[h \_^_l k_[y ijb k_dkmZevguo dhglZdlZo
agZqbl_evghiZkkb\g_cq_fjZgvr_< lZdbokemqZyo`_gZqZs_\k_]hklj_fblkyh[tykgblv
k\hx iZkkb\ghklv b hldZa h[u^_ggufb ljm^ghklyfb b ijh[e_fZfb gZdhib\r_cky
mklZehklvx \hajZklhf ihke_^kl\byfb [he_agb b l ^ Gh aZ wlbf g_y\gh a\mqZl [he__
k_jv_agu_ ijbqbgu hldZah\ g_^h\hevkl\h fm`_f `Zeh[u gZ qZklu_ kkhju b dhgnebdlu k
gbf g_]Zlb\gh kdZau\Zxsb_ky gZ gZkljh_gbb Z ke_^h\Zl_evgh b gZ __ k_dkmZevguo
`_eZgbyohsms_gb_^_nbpblZ\gbfZgbyb eZkdbk _]hklhjhgub l^Ijbwlhfk_dkmZevgZy
oheh^ghklv hq_gv j_^dh bgl_jij_lbjm_lky `_ghc g_ihkj_^kl\_ggh dZd f_klv beb gZdZaZgb_
fm`Z Hlkmlkl\b_ `_eZgby beb ^Z`_ \hagbdr__ hl\jZs_gb_ d k_dkmZevguf hlghr_gbyf
jZkkfZljb\Zxlkykdhj__dZd_kl_kl\_ggh_ke_^kl\b_h[b^b g_^h\hevkl\ZbfLZdbfh[jZahf
hdZau\Z_lkyqlhbaf_g_gb_fm`_fk\h_]hih\_^_gbyb hlghr_gbyd `_g_fh]eh[uy\blvky
mkeh\b_fghjfZebaZpbbk_dkmZevguohlghr_gbc
< lZdhc kblmZpbb hq_gv \Z`gZ j_Zdpby fm`Z dhlhjuc qZs_ \k_]h eb[h kqblZ_l qlh
ijb^bjdb b h[b^u `_gu g_ bf_xl ih^ kh[hc gbdZdhc ihq\u eb[h gZklZb\Z_l gZ lhf qlh
baf_gblvky b emqr_ hlghkblvky d g_c b k\hbf ^hfZrgbf h[yaZgghklyf hg fh`_l lhevdh \
lhfkemqZ__kebhgZklZg_l[he__[eZ]hkdehgghc\ k_dkmZevghfieZg_
DhgkmevlZglm ke_^m_l dZd fh`gh [he__ lsZl_evgh \u^_eblv b ijh]h\hjblv k
kmijm]Zfb f_`ebqghklgmx ih^hie_dm kms_kl\mxs_]h \ k_fv_ dhgnebdlZ bo g_`_eZgb_
b^lbgZmklmidb^jm]^jm]mb klj_fe_gb_^h[blvkyhl^jm]h]hm^h\e_l\hj_gbykh[kl\_gguo
ihlj_[ghkl_cba[_]Zyhldjulh]h\ujZ`_gbykms_kl\mxsboij_l_gabc
QZklh \ oh^_ ZgZebaZ `_gZ kZfZ gZqbgZ_l \hkijbgbfZlv k\hb hldZau b baf_g_gb_
hlghr_gby d k_dkm dZd f_klv fm`m aZ oheh^ghklv b g_\gbfZgb_ Ihfh]Zy `_g_
knhjfmebjh\Zlv [he__ ]em[hdb_ ebqgu_ ijbqbgu hlkmlkl\by k_dkmZevguo `_eZgbc fh`gh
ij_^eh`blv _c \kihfgblv q_f hlebqZ_lky gug_rgyy kblmZpby \ k_fv_ hl lhc qlh [ueZ
jZgvr_ dh]^Z lZdbo ijh[e_f g_ [ueh Beb `_ ihijhkblv __ ih^mfZlv h lhf qlh fh] [u
k^_eZlvfm`lZdh]hqlhfh]eh[ukms_kl\_gghih\ebylvgZ__ hlghr_gb_d g_fmb baf_gblv
__ qm\kl\Zk\yaZggu_k k_dkhf
>ey lh]h qlh[u kblmZpby ^_ckl\bl_evgh baf_gbeZkv g_h[oh^bfh ihfhqv b fm`m
m\b^_lv aZ k\hbfb ij_l_gabyfb d k_dkmZevghklb `_gu _]h kh[kl\_ggu_ klj_fe_gby
qm\kl\h\Zlv k_[y ex[bfuf b gm`guf _c Z lZd`_ kljZo qlh __ hldZau b iZkkb\ghklv
y\eyxlkyk\b^_l_evkl\hfg_]Zlb\gh]hhlghr_gbyd g_fm
QZklhhldZahlk_dkmZevguohlghr_gbc^hklZlhqghykgh\hkijbgbfZ_lkykmijm]hfdZd
gZdZaZgb_b f_klvkhklhjhgu`_gu^Z`_\ lhfkemqZ__kebhgZkZfZ^hdhgpZg_ijbagZ_lky
k_[_\ wlhfGh\f_klhlh]hqlh[ujZah[jZlvky\ ijbqbgZoijhbkoh^ys_]hihgylvb ijbagZlv
k\hbhrb[db deb_gl fh`_l gZqZlv \u^\b]Zlv ij_l_gabb lj_[h\Zlv hl ikboheh]Z qlh[u hg
k^_eZeqlhlhqlh[uhgZohl_eZml\_j`^Zlvqlhhlghr_gbyhlghr_gbyfbZ k_dkk_dkhf
b g_q_]ha^_kvgZ^q_flhjZa^mfu\ZlvLZdZyjb]b^ghklv\ ihabpbbfm`Zfh`_lijb\_klbd
h[hklj_gbx f_`ebqghklghc kblmZpbb d k_jv_aguf h[b^Zf b \aZbfguf h[\bg_gbyf >ey
lh]h qlh[u wlh]h g_ kemqbehkv ikboheh] ^he`_g ki_pbZevgh ihaZ[hlblvky h[ Zlfhkn_j_
h[km`^_gbym[_^blvky\ lhfqlh[eZ]hijbylgucdhglZdlmklZgh\bekyk h[hbfbkmijm]Zfbb
h[ZhgbgZkljh_gu^hklZlhqghdhgkljmdlb\ghb hldjh\_gghWlhhkh[_ggh\Z`ghihlhfmqlh
j_r_gb_^Zgghcijh[e_fuaZ\bkblhlh[hboZ g_hlbaf_g_gbydh]hlhh^gh]h
Ijb m^Zqghf \ZjbZgl_ jZa\blby [_k_^u g_h[oh^bfh qlh[u kmijm]b ihklZjZebkv
knhjfmebjh\Zlv b i_j_^Zlv ^jm]hfm k\hb qm\kl\Z ih^_eblvky k\hbfb h[b^Zfb b
i_j_`b\Zgbyfb k\yaZggufb k hsms_gbyfb ^_nbpblZ \gbfZgby b eZkdb kh klhjhgu
iZjlg_jZIhgbfZgb_b h[km`^_gb_lh]hqlhe_`blaZ`Zeh[ZfbgZljm^ghklb\ k_dkmZevguo
hlghr_gbyokmijm]h\kZfhihk_[_fh`_l agZqbl_evghkihkh[kl\h\Zlvj_r_gbxijh[e_fu
Gh \k_ `_ [u\Z_l ihe_agh \ke_^ aZ lZdbf wfhpbhgZevguf jZa]h\hjhf ijh\_klb b [he__
jZpbhgZevgh_h[km`^_gb_k_dkmZevguohlghr_gbckmijm]h\P_e_khh[jZaghqlh[uhgh[ueh
g_kdhevdhhlh^\bgmlh\h\j_f_gbgZijbf_jhleh`_gh^hke_^mxs_c\klj_qbk wlhciZjhc
< oh^_jZa]h\hjZke_^m_lihfhqvkmijm]Zfknhjfmebjh\Zlvlj_[h\Zgbybebih`_eZgby^jm]
^jm]m dhlhju_ iha\hebeb [u bf baf_gblv k\h_ ih\_^_gb_ Hkh[_ggh \Z`gh qlh[u lZdb_
lj_[h\Zgby [ueb knhjfmebjh\Zgu `_ghc qvy iZkkb\ghklv b ljm^ghklb \ \ujZ`_gbb
kh[kl\_gguowfhpbce_`Zl\ hkgh\_jZah[jZggh]h\ur_dhgnebdlZ
<Z`gh lZd`_ hlf_lblv qlh qZklh ljm^ghklb \ k_dk_ l_kghi_j_ie_lZxlky k ebqgufb
ijh[e_fZfb J_r_gb_ ihke_^gbo \ ijhp_kk_ kmijm`_kdh]h dhgkmevlbjh\Zgby _^\Z eb
\hafh`ghghikboheh]fh`_lihfhqvdeb_glZfknhjfmebjh\Zlvk\hblj_[h\Zgbyd oZjZdl_jm
k_dkmZevguo hlghr_gbc ih`_eZgby k\yaZggu_ k kh[kl\_ggufb hsms_gbyfb b
hkh[_gghklyfbih\_^_gbykmijm]Z
Dhg_qghdjhf_k_dkmZevguoijh[e_f\ oh^_lZdhc^bkdmkkbb^he`gu[ulvih^jh[gh
h[km`^_gu b f_`ebqghklgu_ hlghr_gby kmijm]h\ LZd \aZbfgu_ h[b^u ^he`gu ihemqblv
q_ldh_ ih\_^_gq_kdh_ \ujZ`_gb_ q_]h bf_ggh `^ml deb_glu ^jm] hl ^jm]Z dZdh]h jh^Z
\gbfZgbyb ih^^_j`dbbfg_o\ZlZ_lqlhhgbohl_eb[ubaf_gblv\ ih\_^_gbbb hlghr_gbb
^jm]h]h < blh]_ fh`_l hdZaZlvky qlh gZ imlb j_Zevguo baf_g_gbc \ kmijm`_kdbo
hlghr_gbyo klhbl bf_ggh lhl kmijm] dhlhjuc gZ keh\Zo \kyq_kdb ^h[b\Z_lky bo LZd
gZijbf_jfh`_l\uykgblvkyqlh`_gZg_aZf_qZ_lgbdZdboihablb\guomkbebckhklhjhgu
fm`Z g_ ihhsjy_l _]h ohq_l ^h[blvky hl g_]h q_]hlh hij_^_e_ggh]h LZd gZijbf_j
k_dkmZevgu_ijh[e_fuqZklhkhq_lZxlkyk m`_hibkZgghcgZfbkblmZpb_cjZagh]eZkbc\ iZj_
ihih\h^mk_f_cguo^_eb h[yaZgghkl_cZdlb\gZy`_gZb iZkkb\gucfm`:ke_^h\Zl_evgh
b baf_g_gbyk_f_cghc kblmZpbb \ p_ehf \hafh`gu ebrv \ lhf kemqZ_ _keb ihabpby `_gu
lZd`_baf_gblkyklZg_l[he__]b[dhcb dhgkljmdlb\ghc
G_m^h\e_l\hj_gghklvk_dkmZevgufbhlghr_gbyfbk iZjlg_jhf
>jm]Zy ^h\hevgh jZkijhkljZg_ggZy kblmZpby ikboheh]bq_kdbo gZjmr_gbc \
k_dkmZevghc kn_j_ k\yaZgZ k ex[h\ghc k\yavx h^gh]h ba kmijm]h\ qZklh m`_ aZ\_jr_gghc
ihkdhevdm kZf ih k_[_ ijboh^ \ dhgkmevlZpbx b klj_fe_gb_ j_rblv \hagbdrmx ijh[e_fm
y\ey_lky k\b^_l_evkl\hf `_eZgby kmijm]h\ `blv \f_kl_ klZjZykv aZ[ulv beb ijhklblv
baf_gm
G_j_^dhgh\uck_dkmZevguchiulh^gh]hbaiZjlg_jh\\e_q_laZkh[hcagZqbl_evgu_
baf_g_gby ___]h lj_[h\Zgbc d k_dkmZevguf hlghr_gbyf Hkh[_ggh qZklh wlh kemqZ_lky
dh]^Zk_dkmZevgu_hlghr_gby\ [jZd_g_ijbghkbebiZjlg_jZfhkh[h]hm^h\e_l\hj_gbyb g_
b]jZebdZdhceb[hhkh[hcjheb\ hlghr_gbyo< lZdhckblmZpbbex[h\gbdbebex[h\gbpZ
g_j_^dh\hkijbgbfZ_lkybebhdZau\Z_lky[he__hiulgufk_dkmZevgh[he__Zdlb\gufb dZd
[u jZkdju\Z_l \bgh\ghfm \ baf_g_ kmijm]m g_\_^hfu_ jZg__ \hafh`ghklb k_dkmZevguo
hlghr_gbc B l_i_jv ih hdhgqZgbb ex[h\ghc k\yab hg hgZ ohl_e [u hkms_kl\blv
k_dkmZevgmx j_\hexpbx k^_eZlv iZll_jgu k_dkmZevgh]h ih\_^_gby b \ [jZd_ [he__
qm\kl\_ggufbb jZaghh[jZagufb
QZs_\k_]h\ ijZdlbd_dhgkmevlbjh\Zgby\klj_qZ_lkykblmZpbydh]^Z`_gZfm`agZ_l
\k_ h kemqb\r_cky baf_g_ b h lhf qlh k_dkmZevgu_ hlghr_gby k ^jm]bf m iZjlg_jZ [ueb
[he__ m^h\e_l\hjyxsbfb b ijb\e_dZl_evgufb H[uqgh hghgZ k_jv_agh i_j_`b\Z_l ih
wlhfmih\h^mkqblZyk_[ygbgZqlhg_]h^gufg_ijb\e_dZl_evgufkeZ[uf\ k_dkmZevghf
hlghr_gbbb l^Ghfh`_l[ulvb bgZq_dh]^Z^jm]hcg_ih^haj_\Z_lh k\yabkmijm]Zb ^ey
g_]h k_dkmZevgu_ ijblyaZgby ihke_^g_]h \u]ey^yl dZd g_qlh g_h`b^Zggh_ ohly hghgZ
lZd`_ fh`_l [ulv k_jv_agh h[_kihdh_g kqblZy qlh g_^h\hevkl\h k_dkmZevgufb
hlghr_gbyfb kmijm]Z bf__l ih^ kh[hc hij_^_e_ggu_ hkgh\Zgby < ihke_^g_f kemqZ_
ikboheh]fh`_lkemqZcghmagZlvh ^jm]bohlghr_gbyohklZ\rbkvihijhkv[_kmijm]Zk
gbfh^bggZh^bg
Ij_`^_ \k_]h aZ[_]Zy \i_j_^ g_h[oh^bfh ih^q_jdgmlv qlh djhf_ k_dkmZevguo
ijh[e_f ijb baf_gZo h[uqgh h]jhfgh_ agZq_gb_ bf_xl jZaebqgu_ kmijm`_kdb_ beb
ebqghklgu_ dhgnebdlu kem`Zsb_ hkgh\ghc ijbqbghc baf_gu b wlhl Zki_dl kblmZpbb \
kemqZ_ g_h[oh^bfhklb ^he`_g [ulv ih^jh[gh ijhZgZebabjh\Zg \ ijhp_kk_
dhgkmevlbjh\ZgbyLZd\hafh`ghqlh[hevrZyijb\e_dZl_evghklvk_dkmZevguohlghr_gbck
^jm]bfq_eh\_dhfk\yaZgZgZijbf_jk [hevr_ce_]dhklvx^h\_jbl_evghklvxhlghr_gbck
gbf
< lhf kemqZ_ _keb kmijm] agZ_l h ih^jh[ghklyo hlghr_gbc iZjlg_jZ k ^jm]bf
q_eh\_dhfh^gZba\Z`g_crboaZ^Zqikboheh]Z ² kgylvgZijy`_gb_gZdhib\r__ky\ iZj_\
k\yab k ijhbkr_^rbf l_f [he__ qlh qZs_ \k_]h kmijm]b m`_ bf_xl g_dhlhjuc ijbq_f
\_kvfZ g_]Zlb\guc hiul fh^_jgbaZpbb k\hbo k_dkmZevguo hlghr_gbc Mki_o j_r_gby
wlhc aZ^Zqb hij_^_ey_lky l_f gZkdhevdh dhgkmevlZglm m^Z_lky hj]Zgbah\Zlv ^h\_jbl_evgh_
h[km`^_gb_ k_dkmZevguo ijh[e_f \ oh^_ dhlhjh]h dZ`^uc ba iZjlg_jh\ ihemqZ_l
\hafh`ghklv \ukdZaZlv k\hb ih`_eZgby ^jm]hfm <Z`gh qlh[u ij_^ty\eyxsbc gh\u_
lj_[h\Zgby kmijm] g_ nbdkbjh\Zeky gZ lhf qlh [ueh _xbf i_j_`blh wlh g_ ^he`gh
\uklmiZlvgb dZdghjfZgb dZdwlZehgH[ZiZjlg_jZ^he`gu[ulvhjb_glbjh\ZgugZihbkdb
q_]hlhk\h_]h
< oh^_ lZdh]h jZa]h\hjZ hkh[Zy ih^^_j`dZ b mqZklb_ h[uqgh lj_[m_lky lhfm dlh
hdZaZeky dZd [u f_g__ jZa\bluf g_ h[eZ^Zxsbf g_h[oh^bfufb kihkh[ghklyfb
DhgkmevlZglk wlhcp_evxfh`_lg_ihkj_^kl\_ggh\ujZ`Zlvk\hxih^^_j`dmgZijbf_j
<u\_^vfh`_l_lZdk_[y\_klbbeb: \Zf\_^vlh`_\hafh`ghqlhlhf_rZ_l\_klb
k_[y lZd dZd ohl_ehkv [u" Djhf_ ih^^_j`db dhgkmevlZglZ hq_gv \Z`gh lZd`_ qlh[u
bf_ggh k wlhc keZ[hc klhjhgu ijha\mqZeb dZdb_lh aZf_qZgby b ih`_eZgby ihkdhevdm
qm\kl\h ij_\hkoh^kl\Z b dhfi_l_glghklb m h^gh]h b kh[kl\_gghc gbdq_fghklb b
[_kihfhsghklb m ^jm]h]h g_ fh]ml ihkem`blv [Zahc ^ey ghjfZebaZpbb hlghr_gbc L_f
[he__qlh[hjv[ZZf[bpbcklj_fe_gb_^hdZaZlvb ihdZaZlvqlhlhiZjlg_jmqZklhy\eyxlky
h^gbf ba \Z`g_crbo fhlb\h\ ih\_^_gby kmijm]h\ \ wlhc kblmZpbb b \ kemqZ_ i_j_oh^Z d
[he__]em[bgghfmZgZebamhlghr_gbchgfh`_lklZlvk_jv_aghcl_fhcihke_^mxsbo[_k_^
Bgh]^Z ijboh^blky h[km`^Zlv ijh[e_fu k_dkmZevguo hlghr_gbc k dZ`^uf ba kmijm]h\ ih
hl^_evghklbhkh[_gghqZklhwlh[u\Z_ldh]^Zh^bgbagbog_ih^haj_\Z_lh[baf_g_^jm]h]h
beb \h \kydhf kemqZ_ g_ agZ_l h lhf gh\hf hiul_ dhlhjuc [ue ijb wlhf ihemq_g
ihke_^gbfG_j_^dhjZa^_e_gb_kmijm]h\\ oh^_dhgkmevlbjh\Zgby[u\Z_l\ua\Zghl_fqlh
m h^gh]hbagbohdZau\Zxlky^h\hevghk_jv_agu_ebqgu_ijh[e_fuk\yaZggu_k hlghr_gb_f
d kh[kl\_gghck_dkmZevghklbf_rZxsb_[he__k\h[h^ghb kihglZgghijhy\eylvkh[kl\_ggu_
`_eZgby QZs_ \k_]h ebqgu_ ijh[e_fu \ wlhc h[eZklb hkgh\u\Zxlky gZ \a]ey^Zo dhlhju_
[ueboZjZdl_jgu^eyjh^bl_evkdhck_fvbgZaZij_lZoknhjfbjh\Z\rbokym deb_glZ\ wlhc
kn_j_ \ ^_lkl\_ J_r_gb_ lZdbo ijh[e_f \ oh^_ djZldhkjhqghc l_jZibb \ ijbgpbi_
g_\hafh`gh ihkdhevdm hgb lj_[mxl agZqbl_evghc b m]em[e_gghc ikbohl_jZi_\lbq_kdhc
ijhjZ[hldb Gh ^Z`_ ijhklh ih^jh[gh_ h[km`^_gb_ wlh]h fZl_jbZeZ \ oh^_ [_k_^u k
dhgkmevlZglhf Zdlb\babjm_l [he__ aj_eh_ jZpbhgZevgh_ hlghr_gb_ deb_glZ d kh[kl\_gghc
k_dkmZevghklb qlh kZfh ih k_[_ fh`_l kihkh[kl\h\Zlv kgb`_gbx gZijy`_gghklb \
k_dkmZevguo hlghr_gbyo kmijm]h\ Ihe_agufb y\eyxlky \hijhku klZ\ysb_ ih^ khfg_gb_
k_dkmZevgu_aZij_lub keh`b\rb_kyij_^klZ\e_gbyh q_eh\_q_kdhck_dkmZevghklbIhq_fm
\ukqblZ_l_qlhlZdk_[y\_klbg_evay"bebQlhg_ijbylgh]h\ lhfqlh\Zrfm`]h\hjblk
\Zfbh[wlhf"
Kmijm]Zf `Zemxsbfky gZ ijh[e_fu k\yaZggu_ k k_dkhf qZklh ijhklh g_ o\ZlZ_l
hij_^_e_gghc bgnhjfZpbb b ihkdhevdm ohjhr_c ihimeyjghc ebl_jZlmju h k_dkmZevguo
hlghr_gbyo jZgvr_ [ueh kebrdhf fZeh Z l_i_jv kebrdhf fgh]h ikboheh]m qZklh
ijboh^blky \uklmiZlv \ jheb kh\_lqbdZ qlh bf_ggh klhbl ihqblZlv dm^Z _s_ ke_^m_l
h[jZlblvkyk ih^h[gufbijh[e_fZfbd q_fmke_^m_lbebg_ke_^m_lklj_fblvkykmijm]Zf\
k\hbo k_dkmZevguo hlghr_gbyo Dhg_qgh ]h\hjblv h[ wlhf gm`gh k hklhjh`ghklvx gh
bf_lv hij_^_e_ggh_ ij_^klZ\e_gb_ h kms_kl\mxsbo ihimeyjguo ba^Zgbyo ih ijh[e_fZf
k_dkmZevghklbdhgkmevlZglmjZ[hlZxs_fmk kmijm`_kdbfbijh[e_fZfbijhklhg_h[oh^bfh
< kblmZpbb dh]^Z \ kbem dZdboeb[h ijbqbg ikboheh]m ijboh^blky [_k_^h\Zlv k
deb_glZfbihhl^_evghklb`_eZl_evghk^_eZlvlZdqlh[uijbaZ\_jr_gbbdhgkmevlbjh\Zgby
kmijm]b kgh\Z hdZaZebkv \f_kl_ ihkdhevdm wlh fh`_l ihkem`blv ohjhr_c hkgh\hc ^ey bo
^Zevg_cr_]h kh\f_klgh]hjZa]h\hjZh k_dk_ Dhg_qgh hibkZggu_ \ur_ kblmZpbb ^Ze_dh g_
bkq_jiu\Zxl\k_oijh[e_fb ljm^ghkl_ck\yaZgguok k_dkhfdhlhju_\hagbdZxlm kmijm]h\
b fh]ml klZlv l_fhc h[km`^_gby \ ijhp_kk_ dhgkmevlbjh\Zgby AZ\_jrZy wlm l_fm ohq_lky
_s_ jZa ih^q_jdgmlv g_h[oh^bfhklv hjb_glZpbb gZ ikboheh]bq_kdb_ Zki_dlu hlghr_gbc
kmijm]h\ijbdhfi_l_glghcjZ[hl_dhgkmevlZglZk k_dkmZevgufbijh[e_fZfb
>_nbpbl^h\_jbyb [ebahklb\ hlghr_gbyokmijm]h\
Ij_^klZ\e_gb_ h lhf qlh ^h\_jbl_evgh_ h[s_gb_ kmijm]h\ y\ey_lky hkgh\hc
mki_rguo kmijm`_kdbo hlghr_gbc ² h^gh ba [Zah\uo ^hims_gbc [hevrbgkl\Z l_hjbc
k_f_cghc b kmijm`_kdhc l_jZibb Ihwlhfm mklZgh\e_gbx ihablb\gh]h dhglZdlZ b
^h\_jbl_evgh]hh[s_gbyf_`^mkmijm]Zfbh[uqghhl\h^blkyhkgh\gh_\j_fyjZ[hlu\ oh^_
ikbohl_jZibb K wlhc lhqdb aj_gby ex[hc dhgnebdl \ dhg_qghf kq_l_ hagZqZ_l qlh ex^b
ijhklhg_fh]mlghjfZevgh^h]h\hjblvkyihdZdhfmlhih\h^mGhdZdgb kljZggh`Zeh[ugZ
ljm^ghklb h[s_gby ^jm] k ^jm]hf ^h\hevgh j_^dh a\mqZl m dhgnebdlmxsbo kmijm]h\
Hkgh\hc lh]h qlh ihjlbl bo `bagv hgb kZfb kqblZxl qZklu_ kkhju hlkmlkl\b_ ihfhsb b
ih^^_j`dbk_dkmZevgu_ijh[e_fub l^B ebrv\ ijhp_kk_dhgkmevlbjh\Zgbym gboh[uqgh
\hagbdZxl b nhjfmebjmxlky `Zeh[u g_ihkj_^kl\_ggh k\yaZggu_ k h[s_gb_f Fu g_
ihgbfZ_f^jm]^jm]ZY g_fh]m_cgbq_]hjZkkdZaZlvhgZlml`_f_gyhkm`^Z_lFug_
^h\_jy_f ^jm] ^jm]m b l^ Gh g_aZ\bkbfh hl lh]h aZljZ]b\Zxlky beb g_l wlb ijh[e_fu
kZfbfb kmijm]Zfb \ lhc beb bghc f_j_ hgb ^he`gu h[km`^Zlvky \ ijhp_kk_
dhgkmevlbjh\Zgby ihkdhevdm ebrv ghjfZevgh_ h[s_gb_ y\ey_lky aZeh]hf lh]h qlh
ljm^ghklb\klj_qZxsb_ky\ kh\f_klghc`bagb[m^mlmki_rghjZaj_r_gu
H[s_gb_ ² keh`guc b fgh]hf_jguc ijhp_kk ihwlhfm ij_`^_ q_f ]h\hjblv h
ljm^ghklyo \ h[s_gbb ohl_ehkv [u hklZgh\blvky gZ g_dhlhjuo _]h hkh[_gghklyo [_a
ihgbfZgby dhlhjuo hdZaZgb_ ijhn_kkbhgZevghc ihfhsb g_\hafh`gh Ijbgylh \u^_eylv
g_kdhevdh mjh\g_c h[s_gby lZd beb bgZq_ hij_^_eyxsbo \aZbfh^_ckl\b_ ex^_c ^jm] k
^jm]hfIj_`^_\k_]hwlhmjh\_gvdhffmgbdZpbb lh_klvg_ihkj_^kl\_ggh]hh[s_gbyqlh
dZdb_ keh\Z ex^b ]h\hjyl ^jm] ^jm]m b mjh\_gv f_lZdhffmgbdZpbb lh _klv h[km`^_gby
kZfh]h ijhp_kkZ h[s_gby j_ne_dkby lh]h dZd qlh b ihq_fm ]h\hjyl ex^b ^jm] ^jm]m
5DXVK+/*UHLI$&1XJHQW- QZs_\k_]hihgbfZgb_lh]hqlh]h\hjblky\u\h^blky
lhevdh ba g_ihkj_^kl\_ggh]h kh^_j`Zgby dhffmgbdZpbb \ lh \j_fy dZd ^_ckl\bl_evguc
kfuke khh[s_gby fh`_l [ulv ihgyl ebrv ijb ijb\e_q_gbb j_ne_dkbb ² ihiuld_ ihgylv
ihq_fm b aZq_f bf_ggh wlh ]h\hjblky ex^vfb \ ijhp_kk_ h[s_gby Gh ihkdhevdm \
dhgnebdlguo kmijm`_kdbo iZjZo lZdb_ ]em[bggu_ kfukeu ihgbfZxlky kmijm]Zfb ih
jZaghfmb ihqlbgbdh]^Zg_h[km`^Zxlkyb g_kjZ\gb\Zxlkybfj_^dhm^Z_lkyihgylv^jm]
^jm]Zb h[s_gb_boiheghg_^hfhe\hdb ihklhygguoih^haj_gbc
LZdd qbkemgZb[he__lbibqguoijbf_jh\fh`_l[ulvhlg_k_gZkblmZpbydh]^Zh^bg
bakmijm]h\ihklhygghgZihfbgZ_l^jm]hfmqlhb dZdgZ^hk^_eZlvkqblZyqlhlZdh]hjh^Z
\ukdZau\Zgbyihfh]ZxljZah[jZlvky\ kblmZpbbb k^_eZlv\k_emqr_b [uklj__IZjlg_j`_
\hkijbgbfZ_lwlb\ukdZau\ZgbydZd^_fhgkljZpbx\eZklbb klj_fe_gb_d ^hfbgbjh\Zgbxb
mijZ\e_gbx kh klhjhgu kmijm]Z b khhl\_lkl\_ggh j_Z]bjm_l gZ gbo hldZau\Zykv qlheb[h
^_eZlv hl]h\Zjb\Zykv ^hdZau\Zy g_qlh b l^ D kh`Ze_gbx ex^b qZklh ijbibku\Zxl k_[_
[hevr__ ihgbfZgb_ lh]h qlh ]h\hjbl iZjlg_j ohly g_j_^dh \ lhc beb bghc f_j_ wlh
^_ckl\bl_evghkhhl\_lkl\m_lbklbg_q_fihgbfZxlb j_ne_dkbjmxlkh[kl\_ggmxihabpbx
ihkdhevdmdjblbqghhlghkblvkyd k_[_keh`g__q_fdjblbdh\Zlv^jm]h]hD lhfm`_fgh]b_
hjb_glbjmykv gZ kh^_j`Zgb_ beb ik_\^hkh^_j`Zgb_ k\hbo \ukdZau\Zgbc j_^dh
aZ^mfu\Zxlkyh lhg_dhlhjufhgbboijhbaghkyl
F_`^m l_f lhg dZd b ex[Zy g_\_j[ZevgZy dhffmgbdZpby y\ey_lky fh]mqbf
m\_ebqbl_evguf kl_dehf dZd g_evay emqr_ ijhy\eyxsbf lh qlh bf_ggh q_eh\_d ohq_l
kdZaZlvJZkoh`^_gb_\_j[Zevguob g_\_j[Zevguo dhfihg_glh\ h[s_gby \klj_qZ_lky g_ lZd
m` j_^dh ;hevrbgkl\h `_ ex^_c \ lZdhc kblmZpbb [he__ kdehggu hjb_glbjh\Zlvky b
^h\_jylvlhfmdZdqlhlh]h\hjblkyZ g_lhfmqlhbf_ggh]h\hjylIjh[e_fZjZkoh`^_gby
lhgZ b kh^_j`Zgby dZd ba\_klgh ih^jh[gh jZajZ[Zlu\ZeZkv =j_]hjb ;_clkhghf b wlhl
n_ghf_gihemqbeki_pbZevgh_gZa\Zgb_^\hcghck\yab%DWHVRQ*-DFNVRQ''+DOH\ -
:HDNODQG-
Kha^Zgb_ihablb\gh]hnhg^Z\ h[s_gbbkmijm]h\
LZdbf h[jZahf \ h[s_f \b^_ aZ^Zqm dhjj_dpbb ijhp_kkZ h[s_gby fh`gh
knhjfmebjh\Zlv dZd ih\ur_gb_ j_ne_dkbb kmijm]h\ ih ih\h^m lh]h qlh dZd b aZq_f hgb
]h\hjyl ^jm] ^jm]m GZqZevgu_ wlZiu jZ[hlu k ijh[e_fZfb h[s_gby \ kmijm`_kdhc iZj_
ihe_agh ihkljhblv gZ hkgh\Zgbb f_jhijbylbc ij_^eZ]Z_fuo \ jZfdZo ih\_^_gq_kdhc
kmijm`_kdhc l_jZibb -DFREVRQ 16 0DUJROLQ * LZd m`_ ijb i_j\hf jZa]h\hj_ k
iZjhcfh`_l\uykgblvkyqlhihhlghr_gbx^jm]d ^jm]mhgbbkihevamxljZaebqgu_keh\Zb
\ujZ`_gby \hafh`gh ^Z`_ kZfb ih k_[_ gbq_]h hkh[h g_ijbylgh]h g_ kh^_j`Zsb_ gh
ijhbaghkbfu_\ lZdhflhg_b bkihevamxsb_ky\ lZdb_fhf_gludh]^ZkeurZlvbo^jm]hfm
g_ijbylgh lbiZ hlklZgv ijbg_kb l_[_ [u klhbeh ihfheqZlv WlZ ijh[e_fZ fh`_l
[ulvbkihevah\ZgZ\ dZq_kl\_hkgh\Zgby^ey^hfZrg_]haZ^Zgby
LZd gZijbf_j kmijm]Zf fh`gh ij_^eh`blv \ ijhf_`mld_ f_`^m \klj_qZfb k
dhgkmevlZglhfnbdkbjh\Zlv \k_lhg_ijbylgh_qlh]h\hjblkydZ`^hfmiZjlg_jhf \k_
lhg_ijbylgh_qlhdZ`^uckZf]h\hjbliZjlg_jmg_hklZgh\beky\h\j_fyg_k^_j`Zekyb
li < dZq_kl\_ aZ^Zgby fh]ml [ulv bkihevah\Zgu b h[Z imgdlZ h^gh\j_f_ggh eb[h qlhlh
_s_lj_[mxs__hlkmijm]h\ihklhyggh]hdhgljheyb ihgbfZgbylh]hqlhb dZdhgb]h\hjyl
^jm] ^jm]m LZdh_ ^hfZrg__ aZ^Zgb_ ijb\h^bl d lhfm qlh kmijm]b gZqbgZxl [hevr_
k^_j`b\Zlvky b aZ^mfu\Zlvky h lhf gZkdhevdh g_ijbylgu iZjlg_jm l_ beb bgu_ bo
\ukdZau\ZgbyH[km`^_gb_wlbo^hfZrgboaZ^Zgbcfh`_lihkem`blvhkgh\Zgb_f^ey[he__
]em[hdh]hZgZebaZlh]hdZdh\uihabpbbkmijm]h\\ ijhp_kk_h[s_gby^jm]k ^jm]hfqlhb
aZq_fhgb^jm]^jm]m]h\hjyl
Kh\k_f g_h[yaZl_evgh qlh[u kmijm]b ki_pbZevgh nbdkbjh\Zeb lhevdh qlhlh
g_]Zlb\gh_l_f[he__qlh\ dhgnebdlguokmijm`_kdboiZjZolZdh]hg_]Zlb\gh]hnhgZ[he__
q_f ^hklZlhqgh Z ihablb\guo \ukdZau\Zgbc b i_j_`b\Zgbc ih hlghr_gbx ^jm] d ^jm]m
h[uqghy\ghg_o\ZlZ_lIhwlhfm \ dZq_kl\_ ^hfZrg_]h aZ^Zgbyp_e_khh[jZaghij_^eh`blv
bf ]h\hjblv ^jm] ^jm]m _`_^g_\gh dZd fh`gh [hevr_ ijbylgh]h imklv wlh [m^ml ^Z`_
f_ehqb imklydb lbiZ ;hevrh_ kiZkb[h beb Fg_ hq_gv ijbylgh Ke_^m_l lZd`_
ih^q_jdgmlv qlh _^bgkl\_gguc kihkh[ m\_ebqblv dhebq_kl\h ijbylguo \ukdZau\Zgbc ih
hlghr_gbx d k_[_ ² wlh h[jZsZlv \gbfZgb_ gZ lh qlh ]h\hjbl iZjlg_j b hl\_qZlv _fm_c
l_f`_b ij_^eh`blvdZ`^hfmki_pbZevghhlf_qZlv\k_ijbylgu_\ukdZau\ZgbyiZjlg_jZb
hl\_qZlvgZgbo
Kh\f_klguc jZa]h\hj k h[hbfb kmijm]Zfb dZd m`_ hlf_qZehkv \ur_ y\ey_lky
m^h[ghc kblmZpb_c dh]^Z dZdh_lh g_m^Zqgh_ \aZbfh^_ckl\b_ f_`^m gbfb fh`_l [ulv
hlf_q_gh dhgkmevlZglhf b ijhZgZebabjh\Zgh \f_kl_ k iZjlg_jZfb < dZq_kl\_ lZdh]h
fZl_jbZeZ fh`_l \uklmiblv ex[Zy dhgdj_lgZy bgl_jZdpby dhlhjZy hdhgqbeZkv g_m^Zq_c
kmijm]b g_ ihgyeb ^jm] ^jm]Z g_ kfh]eb ^h]h\hjblvky beb ijhklh ihkkhjbebkv \h \j_fy
ijb_fZ Dh]^Z ih^h[gu_ dhgdj_lgu_ kblmZpbb ZgZebabjmxlky k p_evx \uy\e_gby
g_]Zlb\guo iZll_jgh\ h[s_gby kmijm]h\ hkgh\gh_ \gbfZgb_ ke_^m_l m^_eylv ke_^mxsbf
fhf_glZfqlhdZ`^ucbagboohl_ekdZaZlvqlh[uehkdZaZghgZkZfhf^_e_lh_klvdZdlh
beb bgh_ \ukdZau\Zgb_ [ueh \hkijbgylh iZjlg_jhf dZdb_ \hafh`gu [he__ Z^_d\Zlgu_
kihkh[u\ujZ`_gbylh]hbebbgh]hkh^_j`Zgbyb l^<Z`ghqlh[u\h\j_fyh[km`^_gbc\
dhgkmevlZpbb h[s_gb_ kmijm]h\ kdeZ^u\Zehkv ihablb\gh Z g_ g_]Zlb\gh K wlhc p_evx
dhgkmevlZglfh`_lgZijbf_jki_pbZevghh[jZsZlv\gbfZgb_deb_glh\gZlhdZdb qlhhgb
]h\hjyl beb dZd wlh ^_eZ_lky \ ih\_^_gq_kdhc kmijm`_kdhc l_jZibb gZeh`blv aZij_l gZ
p_euc jy^ \ukdZau\Zgbc jZajmrZxsbo ijhp_kk h[s_gby bgl_jij_lZpbb \ujZ`_gb_
hkm`^_gbyijbibku\Zgb_q_]heb[h^jm]hfmb l^ /LEHUPDQ53 :gZebaqm\kl\b i_j_`b\Zgbckmijm]h\\ ijhp_kk_h[s_gby^jm]k ^jm]hf
Hnhfgh_ agZq_gb_ \ ghjfZebaZpbb f_`ebqghklgh]h h[s_gby kmijm]h\ bf__l
i_j_hjb_glZpbybok kZfh]hl_dklZ\ukdZau\ZgbygZl_qm\kl\Zdhlhju_i_j_`b\Zxlkybfb\
lh\j_fydh]^Zhgbqlhlh]h\hjylbebkemrZxl^jm]^jm]ZMf_gb_i_j_^Zlv^jm]hfmk\hb
qm\kl\Zb i_j_`b\Zgbyihih\h^mkdZaZggh]hb k^_eZggh]hbf_xb\ k\hxhq_j_^vihgylv
lhqlhhghgZqm\kl\m_lb ]h\hjbly\ey_lkyhkgh\hcmki_rgh]hh[s_gbyGhex^yfdhlhju_
m`_^Z\ghh[sZxlkyg_h[jZsZy\gbfZgbygbgZk\hbgb gZqm`b_wfhpbbkh\_jrblvlZdhc
i_j_oh^[u\Z_lkeh`ghIhfh]Zybfi_j_hjb_glbjh\ZlvkydhgkmevlZglfh`_lihijhkblvbo
JZkkdZ`bl_ h lhf qlh \u qm\kl\m_l_ dh]^Z fm` ]h\hjbl \Zf qlh \u gbq_]h \ wlhf g_
ihgbfZ_l_ beb ijhdhff_glbjh\Zlv =h\hjy lZd \u hp_gb\Z_l_ __ Z g_ jZkkdZau\Z_l_ h
k\hbo i_j_`b\Zgbyo Kmijm]b kZfb ^he`gu ihqm\kl\h\Zlv q_f hlebqZ_lky \ukdZau\Zgb_
Luf_gyg_ihgbfZ_rvhlDh]^Zlu]h\hjbrvlZdm f_gy\hagbdZ_lqm\kl\hqlhl_[_g_
ohq_lkyihgylvf_gyb fg_kZfhcklZgh\blkyh[b^ghb ljm^gh]h\hjblvk lh[hc
H^gZ ba wnn_dlb\guo l_ogbd gZeZ`b\Zgby f_`ebqghklgh]h h[s_gby kmijm]h\ ²
jZa]h\hjf_`^mgbfb]eZaZ\ ]eZaZhkh[_gghdh]^ZaZljZ]b\Z_lkybebh[km`^Z_lkyqlhlh
^_ckl\bl_evgh\Z`gh_^eyh[hbo< wlhfkemqZ_dhgkmevlZglfh`_lihijhkblvboh[jZsZlvky
g_ihkj_^kl\_ggh ^jm] d ^jm]m ]ey^y \ ]eZaZ iZjlg_jZ b ih^jh[gh hibku\Zy kh[kl\_ggu_
qm\kl\Z Ijb lZdhc nhjf_ \aZbfh^_ckl\by \k_ qlh bfb ]h\hjblky ihemqZ_l [hevrbc \_k
]em[`_ihgbfZ_lkyh[hbfbhklZ\eyyke_^\ ^mr_dZ`^h]hDhg_qghkmijm]Zf[u\Z_l^Ze_dh
g_ \k_]^Z ijb\uqgh b m^h[gh ]h\hjblv ^jm] k ^jm]hf bf_ggh lZdbf h[jZahf b qZklh
dhgkmevlZglm ijboh^blky gZihfbgZlv b ih^q_jdb\Zlv Kfhljbl_ \ ]eZaZ ^jm] ^jm]m
=h\hjbl_lhevdhh qm\kl\Zo
DhgkmevlZgl fh`_l ihijh[h\Zlv jZah[jZlvky \ ijh[e_fZo h[s_gby kmijm]h\
ZgZebabjmy\f_kl_k gbfbqlhf_rZ_lbf[he__^h\_jbl_evgh]h\hjblv^jm]k ^jm]hfK wlhc
p_evxhgfh`_lij_^eh`blvbf\kihfgblvb ihiulZlvkyknhjfmebjh\Zlvij_l_gabbdhlhju_
h[uqgh \hagbdZxl m gbo d iZjlg_jm \ kblmZpbyo f_`ebqghklgh]h h[s_gby <Z`gh qlh[u
aZf_qZgbyb g_^h\hevkl\hk\yaZggu_k iZjlg_jhf[uebknhjfmebjh\Zgug_dZdlj_[h\Zgby
Z dZd jZkkdZa h lhf ihq_fm b dZd \ h[s_gbb k gbf ihklhyggh \hagbdZxl qm\kl\Z
gZijy`_gghklb b lj_\h]b ?keb kmijm]Zf m^Z_lky \ jZa]h\hj_ ^jm] k ^jm]hf i_j_clb gZ
mjh\_gv [he__ ]em[hdbo i_j_`b\Zgbc lh dZ`^uc ba gbo ihemqZ_l \hafh`ghklv mkeurZlv
fgh]h\Z`gh]hb gh\h]hh \gmlj_gg_ffbj_^jm]h]hb hlhfdZd\hkijbgbfZ_lkyiZjlg_jhf
hgkZf
Dhjj_dpbyklbe_ch[s_gby
< ijhp_kk_ dhgkmevlZpbb fh`_l \uykgblvky qlh ljm^ghklb h[s_gby kmijm]h\ \h
fgh]hfk\yaZguk l_fqlhdZ`^ucbagbobf__lk\hchlebqguchl^jm]h]hklbevdhlhjuc
hghgZ g_ lhevdh g_ ohq_l gh b g_ fh`_l kf_gblv LZd gZijbf_j h^ghfm ba iZjlg_jh\
g_h[oh^bfZ ^ebl_evgZy \_q_jgyy [_k_^Z ih^jh[gh_ h[km`^_gb_ \k_o ^_lZe_c ^gy Z ^jm]hc
[he__ aZfdgml m g_]h g_l ihlj_[ghklb qlhlh jZkkdZau\Zlv b ^ebggu_ aZ^mr_\gu_ [_k_^u
dZ`mlky _fm imklhc ljZlhc \j_f_gb Bgh]^Z ijboh^blky lhevdh m^b\eylvky dZd fh]ml ^\Z
lZdbo jZaguo q_eh\_dZ h[jZah\Zlv k_fvx b `blv \f_kl_ < lZdhc kblmZpbb b^_Zevguc
j_amevlZl dhgkmevlZpbb ² kha^Zgb_ g_dh_]h ih\_^_gq_kdh]h dhfijhfbkkZ k ijbgylb_f
dZ`^ufklbey^jm]h]hijbagZgb_faZgbfijZ\Z[ulvlZdbfdZdh\hg_klv
Qlh fh`_l k^_eZlv dhgkmevlZgl qlh[u ^hklbqv wlh]h" Ij_`^_ \k_]h baf_gblv
hsms_gb_ qlh lh dZd \_^_l k_[y kmijm]² wlh g_qlh qlh ^_eZ_lky gZaeh qlh[u \ua\Zlv
jZa^jZ`_gb_gZkheblvb l^Ijbq_fkmijm]b^he`guihklZjZlvky\ukdZaZlvwlh^jm]^jm]m
kZfb aZ^ZqZ `_ ikboheh]Z ² k^_eZlv lZd qlh[u hgb kmf_eb ih]h\hjblv ^jm] k ^jm]hf gZ
yaud_qm\kl\b i_j_`b\ZgbcgZijbf_jM f_gyqZklh\hagbdZ_lhsms_gb_qlhfg_ijhklh
g_q_]h jZkkdZaZlv l_[_ fg_ dZ`_lky qlh \ fh_c `bagb gbq_]h g_ ijhbkoh^bl lZdh]h qlh
aZkem`b\Zeh[u\gbfZgbybebY qZklhijhklhg_ihgbfZxq_]hluhlf_gyohq_rvb lh]^Z
ihg_\he_ m f_gy \hagbdZ_l hsms_gb_ qlh lu ijhklh bs_rv ih\h^ qlh[u \ukdZaZlv k\h_
g_^h\hevkl\h
Mf_gb_ jZ[hlZlv k ijh[e_fZfb h[s_gby ² \Z`guc gZ\ud ^ey ikboheh]Z
dhgkmevlZglZ ihkdhevdm g_h[oh^bfhklv ihfhqv ex^yf ]h\hjblv ^jm] k ^jm]hf gZ yaud_
i_j_`b\Zgbc fh`_l \hagbdgmlv [md\Zevgh gZ ex[hf dhgkmevlZlb\ghf ijb_f_ Gh ^ey lh]h
qlh[u gZmqblvky ^_eZlv wlh ijZ\bevgh g_ \iZ^Zy \ f_glhjkdbc lhg beb gZh[hjhl g_
iha\heyykmijm]Zf\f_klhqm\kl\\ukdZau\Zlv^jm]^jm]mij_l_gabbg_h[oh^bfhm\b^_lvb
ijhqm\kl\h\Zlv dZd wlh ^_eZxl ijhn_kkbhgZeu k [hevrbf hiulhf Klhbl b ih^jh[g__
hagZdhfblvky k fgh]hqbke_ggufb l_ogbdZfb b ijb_fZfb jZ[hlu k h[s_gb_f
kms_kl\mxsbfb \ jZfdZo k_f_cghc l_jZibb h\eZ^_gb_ dhlhjufb lj_[m_l ki_pbZevgh]h
h[mq_gby
DHGKMEVLBJH<:GB?H>GH=HKMIJM=:
Fum`_]h\hjbebh lhfqlhihih\h^mjZaebqguok_f_cguob kmijm`_kdboijh[e_f
]hjZa^h qZs_ h[jZsZ_lky g_ kmijm`_kdZy iZjZ Z h^bg ba kmijm]h\ Ijh[e_fu k dhlhjufb
ijboh^bl h^bg deb_gl \ hkgh\ghf ZgZeh]bqgu l_f dhlhju_ m`_ h[km`^Zebkv gZfb dh]^Z
fu]h\hjbebh jZ[hl_k kmijm`_kdhciZjhc ² k_dkmZevgu_ijh[e_fujZkij_^_e_gb_jhe_cb
h[yaZgghkl_c \ k_fv_ ljm^ghklb h[s_gby b li Gh jZ[hlZ k h^gbf deb_glhf kljhblky
g_kdhevdh bgZq_ q_f k ^\mfy ihwlhfm a^_kv gZf ijb^_lky \_jgmlvky d l_f ih\h^Zf ^ey
h[jZs_gbydhlhju_m`_jZkkfZljb\Zebkv\ ij_^u^ms_c]eZ\_;he__ih^jh[gh\ wlhc]eZ\_
[m^mlh[km`^Zlvkyl_kemqZbh[jZs_gbydhlhju_h[uqghkem`Zlhkgh\Zgb_f^eyijboh^Z\
dhgkmevlZpbx h^gh]h kmijm]Z qlh ^Z`_ [_a m\_^hfe_gby h[ wlhf iZjlg_jZ gZijbf_j
ljm^ghklb k\yaZggu_ k kh\f_klguf ijh`b\Zgb_f k khfZlbq_kdb beb ikbobq_kdb ly`_eh
[hevguffm`_f`_ghcbeb`Zeh[u`_ggZijh[e_fu\h\aZbfhhlghr_gbyok fm`vyfb
Hkgh\gufbklhqgbdhfbgnhjfZpbbh `bagbdeb_glZ^eydhgkmevlZglZkem`ZldZdb
\k_]^Z hibkZgby dhgdj_lguo kblmZpbc \ dhlhjuo q_eh\_d \iehlgmx khijbdZkZ_lky kh
k\hbfb ijh[e_fZfb Bf_ggh gZ bo hkgh\Zgbb dhgkmevlZgl fh`_l m\b^_lv h[jZlgmx
klhjhgm ih\_^_gby deb_glZ \u^_eblv b hoZjZdl_jbah\Zlv lh dZd hg kha^Z_l k_f_cgu_
aZljm^g_gby beb \ghkbl k\hc \deZ^ \ m`_ kms_kl\mxsb_ G_kdhevdh h[h[sZy fh`gh
ml\_j`^Zlv qlh ^Z`_ \ lZdbo ly`_euo kblmZpbyo dZd moh^ aZ ojhgbq_kdb [hevguf beb
dhgnebdluk kmijm]hfZedh]hebdhfaZih\_^_gb_fb i_j_`b\Zgbyfbdeb_glZklhyl\k_l_`_
ihiuldb b klj_fe_gby ² ijh\_klb \ `bagv ghjfu b iZll_jgu ih\_^_gby ijbgylu_ \
jh^bl_evkdhck_fv_bebb ijbh[j_klbb ijh^_fhgkljbjh\Zlv[hevrmx\eZklvb \ebygb_gZ^
^jm]bfb Ihkfhljbf dZd fh`_l ikboheh] jZ[hlZlv k dhgdj_lgufb kemqZyfb h[jZs_gby
deb_glh\hjb_glbjmykvgZwlbijbgpbiu
:dlb\gZy`_gZ² iZkkb\gucfm`
H^gbf ba jZkijhkljZg_gguo ih\h^h\ h[jZs_gby \ dhgkmevlZpbx y\eyxlky `Zeh[u
`_ggZ iZkkb\ghklv b g_kZfhklhyl_evghklv fm`_c WlZ kblmZpby m`_ jZa[bjZeZkv gZfb ijb
h[km`^_gbbjZ[hluk h[hbfbkmijm]Zfbkh\f_klghghihkdhevdmqZklhk ih^h[ghc`Zeh[hc
`_gZh[jZsZ_lkyh^gZkdju\ZykZfnZdlh[jZs_gbyhlkmijm]Zg_fgh]hih]h\hjbfh[wlhf
kemqZ_b \^ZgghfjZa^_e_bkihevamy_]hdZdfZl_jbZe^ey^_fhgkljZpbbki_pbnbdbjZ[hlu
k h^gbfkmijm]hf\ kjZ\g_gbbk dhgkmevlbjh\Zgb_fkmijm`_kdhciZju
< oh^_ ijb_fZ [hevrh_ \gbfZgb_ ^he`gh [ulv m^_e_gh ZgZebam j_Zevghc kblmZpbb
deb_glZ \ukljZb\Zgbx b hkhagZgbx f_oZgbafh\ ^hfbgbjh\Zgby Hkh[_ggh \Z`gufb
ij_^klZ\eyxlky^\Zfhf_glZhjb_glZpbydeb_gldbgZ[he__Z^_d\Zlgmx\ ^ZgghfkemqZ_ ²
[he__iZkkb\gmxihabpbxihhlghr_gbxd kmijm]mZ lZd`_gZihbkdbdhgkljmdlb\guoiml_c
j_r_gbydhgnebdlZ
Ij_^klZ\bfqlhhkgh\gu_wlZiudhgkmevlbjh\Zgbymki_rghaZ\_jr_gub deb_gldZ\
ijbgpbi_ ]hlh\Z baf_gblv k\h_ ih\_^_gb_ gZijbf_j j_`_ djblbdh\Zlv fm`Z [hevr_
ihhsjylvex[h__]hklj_fe_gb_qlhlh^_eZlv^eyk_fvbkh]eZrZlvkyk _]hij_^eh`_gbyfbb
l^Dhg_qghijbgylvlZdmxihabpbx[u\Z_lhq_gvljm^ghg_lhevdhihlhfmqlhaZfgh]b_
]h^uhgZijb\udeZjmdh\h^blvk_fv_c;hevrbgkl\hex^_cbkdj_gg_m[_`^_gu\ lhfqlh
bo kh[kl\_ggu_ ^_ckl\by ijZ\bevgu gZijbf_j g_h[oh^bfh kgZqZeZ m[jZlv hklZ\rb_ky
ihke_ _^u ijh^mdlu \ oheh^bevgbd Z ihlhf ijbklmiZlv d fulvx ihkm^u Z g_ gZh[hjhl
Bg^b\b^mZevgZy [_k_^Z ^Z_l hij_^_e_ggu_ \hafh`ghklb ^ey ih^jh[gh]h h[km`^_gby
\hijhkZ kms_kl\m_l eb h[s_ijbagZgghijZ\bevguc kihkh[ ih\_^_gby \ jZaebqguo
h[u^_gguo kblmZpbyo beb g_l K wlhc p_evx dhgkmevlZgl fh`_l bkihevah\Zlv
iZjZ^hdkZevgu_ \hijhku lbiZ : qlh kljZrgh]h \ lhf qlh[u \uihegblv \k_ wlh \ ^jm]hf
ihjy^d_" Qlh kemqblky _keb" JZa]h\hj gZ wlm l_fm qZklh ijb\h^bl d ihklZgh\d_
ijh[e_fu aZq_f deb_gld_ g_h[oh^bfh ihklhyggh_ qm\kl\h k\h_c ijZ\hlu qlh wlh ^Z_l \
hlghr_gbyo dZd hgZ hsmsZ_l b bkihevam_l k\hx \eZklv < blh]_ [he__ ]em[hdbc mjh\_gv
h[km`^_gby ijb jZ[hl_ k h^gbf kmijm]hf fh`_l \hagbdgmlv \h \j_fy [_k_^u ^hklZlhqgh
jZgh
Kms_kl\m_l b _s_ h^bg fhf_gl qZklh hkeh`gyxsbc ijbgylb_ q_eh\_dhf [he__
iZkkb\ghcihabpbb\ k_f_cghc`bagbjZa]h\hjh dhlhjhffh`ghhkh[_gghm^Zqghijh\_klb\
bg^b\b^mZevghc[_k_^_k gbfQj_af_jgZyZdlb\ghklv\ k_fv_h[uqghoZjZdl_jgZ^eyex^_c
klj_fysbokyd [he__Zdlb\ghc^hfbgZglghcihabpbb\ `bagbghihdZdbfeb[hijbqbgZf
g_bf_xsbo\hafh`ghklbj_Zebah\Zlvk\hbklj_fe_gby]^_eb[h\g_^hfZK_fvy`_\ lZdhc
kblmZpbbklZgh\blkykhkj_^hlhq_gb_f\k_oihfukeh\b mkbebcqlh_kl_kl\_gghijb\h^bld
ijh[e_fZfb ljm^ghklyf\ k_f_cghc`bagbdhlhju_qZklhmkm]m[eyxlky_s_b l_fqlhfm`
iZkkb\gucb [_a\hevguc\ k_fv_hdZau\Z_lky]hjZa^h[he__Zdlb\gufb mki_rguf\ ^jm]bo
kn_jZo `bagb g_^hklmiguo `_g_ Wlh kihkh[kl\m_l g_m^h\e_l\hj_gghklb b jZa\blbx
g_hkhagZ\Z_fuodhgdmj_glguoklj_fe_gbcm deb_gldbLZdbfh[jZahf\ oh^_[_k_^uke_^m_l
l_fbebbgufh[jZahfaZljhgmlvijh[e_fm]em[bgguoebqghklguodhgnebdlh\klhysbogZ
imlb[he__iheghp_gghcj_ZebaZpbbkh[kl\_ggh]h Y jZaj_r_gb_dhlhjuofh`_lijb\_klb
d kgb`_gbxklj_fe_gby^hfbgbjh\Zlv
Ij_^f_lhf ki_pbZevghc [_k_^u \ wlhf kemqZ_ fh`_l klZlv ihbkd kihkh[h\ b iml_c
j_ZebaZpbb ebqghklb deb_glZ \ ^jm]bo \g_ k_f_cguo `bag_gguo kn_jZo Ij_iylkl\b_f d
wlhfm qZklh y\eyxlky jZaebqgh]h jh^Z j_Zevgu_ ljm^ghklb b `bag_ggu_ h[klhyl_evkl\Z
g_m^Zqguc \u[hj ijhn_kkbb ijh[e_fu \h \aZbfhhlghr_gbyo k gZqZevkl\hf kljZob
k\yaZggu_ kh kf_ghc l_fZlbdbi_j_oh^hfgZ ^jm]h_ f_klh jZ[hlu b ij M^h[guf ih\h^hf
^eymoh^Zhlwlboljm^guokblmZpbchdZau\Zxlkyfgh]hqbke_ggu_ijh[e_fuk\yau\Z_fu_k
k_fv_c j_[_ghd fZe_gvdbc [_a f_gy g_dhfm [m^_l aZgbfZlvky k_fv_c fm` kh\k_f g_
ihfh]Z_l ih ^hfm b l^ ² dhlhju_ gZ kZfhf ^_e_ qZklh g_ y\eyxlky g_ij_h^hebfhc
ij_]jZ^hc < ih^h[ghc kblmZpbb mki_o dhgkmevlbjh\Zgby hij_^_ey_lky l_f gZkdhevdh
ikboheh]mm^ZehkvjZajmrblveh`gmxk\yavf_`^mjZ[hlhcb ^hfhfbaf_gblvhlghr_gb_d
ijhn_kkbhgZevghc ^_yl_evghklb beb dZdhceb[h bghc Zdlb\ghklb \g_ k_fvb Ihy\e_gb_ m
lZdbo deb_glh\ _s_ h^ghc kn_ju ijbeh`_gby kbe gZijbf_j jZ[hlu mf_gvr_gb_ \j_f_gb
m^_ey_fh]hk_fv_^hfm^_lyffh`_lijb\_klbd _kl_kl\_gghfmbaf_g_gbxihabpbbk [he__
Zdlb\ghc b ^hfbgZglghc gZ [he__ iZkkb\gmx b dhhi_jZlb\gmx : fm`m ihg_\he_ ijb^_lky
[hevr_mqZkl\h\Zlv\ \uiheg_gbb^hfZrgboh[yaZgghkl_cihfh]Zy`_g_g_mki_\Zxs_c\k_
kZfhck^_eZlv
>jm]h_ \Z`gh_ kj_^kl\h baf_g_gby ihabpbb kmijm]Z \ k_fv_ k iZkkb\ghc gZ [he__
Zdlb\gmx ² ^h\_jbl_evguc jZa]h\hj k iZjlg_jhf \ oh^_ dhlhjh]h deb_gl kfh`_l _fm
jZkkdZaZlv h k\hbo j_Zevguo i_j_`b\Zgbyo b ijh[e_fZo < kemqZ_ kh\f_klghc jZ[hlu k
h[hbfb kmijm]Zfb lZdhc jZa]h\hj qZs_ \k_]h ijhbkoh^bl \ dZ[bg_l_ dhgkmevlZglZ ijb _]h
g_ihkj_^kl\_gguf mqZklbb Gh ijb bg^b\b^mZevghf ijb_f_ ikboheh]m ke_^m_l ihfhqv
deb_gld_hj]Zgbah\ZlvlZdhcjZa]h\hj^hfZIjbgpbiu_]hhj]ZgbaZpbb\ wlhfkemqZ_l_`_
qlh b h[uqgh kf ]eZ\m LZd dhgkmevlZglm ke_^m_l ij_^\Zjbl_evgh h[km^blv qlh b dZd
deb_gldZ fh]eZ [u b ohl_eZ [u jZkkdZaZlv kmijm]m h k\hbo qm\kl\Zo b i_j_`b\Zgbyo
\hagbdZxsbo \ kblmZpbyo dh]^Z hg k __ lhqdb aj_gby ijhy\ey_l iZkkb\ghklv g_ [_j_l gZ
k_[y ^hklZlhqgmx hl\_lkl\_gghklv aZ ijbgylb_ k_f_cguo j_r_gbc b l^ Hkh[_ggh \Z`gh
qlh[u \ oh^_ lZdh]h jZa]h\hjZ deb_gldZ [ueZ ]hlh\Z ijbagZlv k\h_ kh[kl\_ggh_ ih\_^_gb_
g_ijZ\bevguf hkm^blv k_[y aZ ihklhyggh_ klj_fe_gb_ ^_eZlv aZf_qZgby djblbdh\Zlv Z
lZd`_jZkkdZaZlvh i_j_`b\Zgbyoh[b^ug_^h\_jbymgb`_gghklbb \lhjhkhjlghklbdhlhju_
e_`Zl\ hkgh\___ih\_^_gbyIhablb\gmxjhev\ ghjfZebaZpbbk_f_cguohlghr_gbcfh`_l
ku]jZlv b Zdpby ^h\_jby lsZl_evgh kieZgbjh\ZggZy k ihfhsvx ikboheh]Z < dZq_kl\_
fZl_jbZeZ ^ey ijh\_^_gby lZdhc Zdpbb emqr_ \u[jZlv dZdmxlh dhgdj_lgmx kblmZpbx ba
`bagb dhlhjZy \hagbdZ_l j_]meyjgh b ihklhyggh kem`bl ih\h^hf ^ey jZagh]eZkbc <
dZq_kl\_beexkljZpbbijb\_^_fke_^mxsbckemqZc
Jh^bl_eb fm`Z deb_gldb `beb \ fZe_gvdhf ]hjh^_ \ g_kdhevdbo qZkZo _a^u hl
Fhkd\u ^h_oZlv ^h dhlhjh]h fh`gh [ueh ebrv gZ ih_a^_ ^Zevg_]h ke_^h\Zgby Fm`
gZklZb\ZegZlhfqlh[ud _]h[hevgufklZjufjh^bl_eyfhgbk `_ghc_a^bebg_j_`_q_f
h^bg²^\Z jZaZ \ f_kyp < ijbgpbi_ deb_gldZ [ueZ kh\k_f g_ ijhlb\ wlh]h gh \ k\yab k
ihdmidhc [be_lh\ \hagbdZeb ihklhyggu_ kdZg^Zeu b dhgnebdlu Fm` kqblZe qlh [be_lu
gm`gh ihdmiZlv gZ \hdaZe_ g_ihkj_^kl\_ggh i_j_^ hlijZ\e_gb_f ih_a^Z deb_gldZ `_
gZklZb\ZeZgZlhfqlh[ufm`ihdmiZe[be_luaZjZg__<_^vi_j_^hlijZ\e_gb_fbofh`_l
ijhklhg_[ulvb lh]^Zihemqblkyqlhfuijb_oZebgZ\hdaZeajyb lhevdhihl_jyeb\j_fy
Fm` kqblZe qlh lZdZy kblmZpby fZeh\_jhylgZ b [hevr_ \j_f_gb h[uqgh ljZlblky
ihgZijZkgmdh]^Zijboh^blkyebrgbcjZa_oZlvgZ\hdaZeb klhylv\ hq_j_^baZ[be_lZfb
Kh]eZkb_ `_gu gZ ihdmidm [be_lh\ g_ihkj_^kl\_ggh i_j_^ hlijZ\e_gb_f ih_a^Z
hdZaZehkv \Z`guf fhf_glhf \ hlghr_gbyo kmijm]h\ Kt_a^b\ g_kdhevdh jZa d jh^bl_eyf
fm`Z lZdbf h[jZahf b m[_^b\rbkv qlh lZd fh`gh m_oZlv ba Fhkd\u hgZ kh]eZkbeZkv gZ
lZdmx`_jbkdh\Zggmxih_a^dmgZx]klZeZ\f_kl_k fm`_fklj_eylvebrgb_[be_lu\
l_Zlju b l^ =hlh\ghklv deb_gldb ke_^h\Zlv ij_^eZ]Z_fuf fm`_f h[jZapZf ih\_^_gby
dhlhju_ jZgvr_ dZaZebkv _c g_ijb_fe_fufb lh _klv ijbagZgb_ _]h ijZ\Z gZ ijhy\e_gb_
Zdlb\ghklb\ k_fv_ijb\_ebd dZj^bgZevghfmbaf_g_gbx_]hihabpbb\ hlghr_gbyoHgklZe
[he__ Zdlb\_g b hl\_lkl\_g_g \ \uiheg_gbb jmlbgguo ih\k_^g_\guo k_f_cguo ^_e b
h[yaZgghkl_c
G_h[oh^bfh gZihfgblv qlh dh]^Z dhgkmevlZgl kh\f_klgh k deb_glhf ieZgbjm_l
dZdb_eb[h dhgdj_lgu_ rZ]b ² jZa]h\hj h k_f_cguo ijh[e_fZo Zdpbb ^h\_jby b l^
ke_^m_l kjZam `_ ^h]h\Zjb\Zlvky h ihke_^mxs_c \klj_q_ \h \j_fy dhlhjhc [m^ml
h[km`^Zlvky j_amevlZlu ijh\_^_gguo f_jhijbylbc Ihiuldb dhgkljmdlb\guo rZ]h\ kh
klhjhgu deb_glZ ih kZfuf jZaguf ijbqbgZf fh]ml ijb\_klb d g_]Zlb\guf j_amevlZlZf
ih^hie_dZ b ihke_^kl\by dhlhjuo ^he`gu [ulv h[yaZl_evgh ijhykg_gu \ ijhp_kk_
ki_pbZevghc[_k_^u
Qj_af_jgZyaZ\bkbfhklvkmijm]Zhljh^bl_e_c
< qbkeh ih\h^h\ h[jZs_gby h^gh]h kmijm]Z \ dhgkmevlZpbx \oh^yl `Zeh[u gZ
g_kZfhklhyl_evghklviZjlg_jZaZ\bkbfhklvhljh^bl_e_cg_kihkh[ghklvg_aZ\bkbfhkljhblv
b jZa\b\Zlv kmijm`_kdb_ hlghr_gby QZklh lZdb_ `Zeh[u \hagbdZxl dh]^Z dhglZdl k
jh^bl_eyfb kmijm]Z ^_ckl\bl_evgh hq_gv l_k_g ² fheh^Zy k_fvy `b\_l \f_kl_ k
jh^kl\_ggbdZfbfm`Zbeb`_gujh^bl_ebijbgbfZxlZdlb\gh_mqZklb_\ \hkiblZgbb^_l_c
kmijm]h\b l^Ih\h^hf^ey`Zeh[fh]ml[ulvkblmZpbb\ dhlhjuo ij_^ihql_gb_ hl^Z_lky
fg_gbxjh^bl_e_cZ g_kmijm]ZbeblhlnZdlqlhhghgZijh\h^blkebrdhffgh]h\j_f_gb
khk\hbfbjh^kl\_ggbdZfbk\_jof_juihk\ysZ_lbo\ k_f_cgu_ijh[e_fub l^
>Ze_dhg_\k_]^Zwlbb ih^h[gu_bfij_l_gabbh[t_dlb\guLZdgZijbf_j\ mkeh\byo
kh\f_klgh]h ijh`b\Zgby k jh^bl_eyfb ihiuldb kmijm]Z k]eZ^blv dZdb_lh kblmZpbb
ijhy\e_gby \_`eb\hklb beb ihfhsv bf \ [ulm fh]ml \hkijbgbfZlvky dZd ij_^Zl_evkl\h
;_amkeh\gh ikboheh] g_ fh`_l j_rZlv qlh y\ey_lky qj_af_jguf Z qlh ^hklZlhqguf \
hlghr_gbyo q_eh\_dZ kh k\hbfb jh^bl_eyfb \ dZ`^hc k_fv_ ² k\hb ghjfu hlghr_gbc b
ih\_^_gby ihwlhfm hl\_lblv gZ \hijhk gZkdhevdh Z^_d\Zlgu ij_l_gabb deb_glZ
g_\hafh`gh\ lh\j_fydZd^eyhij_^_e_gbyh[s_]hoh^Zl_jZibbwlh[u\Z_l\Z`gh< k\yab
k wlbf ke_^m_l ihijh[h\Zlv jZah[jZlvky qlhbf_ggh lj_[m_l deb_gl hl iZjlg_jZ [hevr_]h
\gbfZgby ih hlghr_gbx d kh[kl\_gghc k_fv_ ijhklh [hevr_c kZfhklhyl_evghklb b
g_aZ\bkbfhklb\ `bagbbeb `_jh^bl_ebkmijm]Zij_^klZ\eyxlkydhgdmj_glZfb\ [hjv[_aZ
\gbfZgb_b ex[h\v`_gufm`Z
DhgkmevlZglm fh`_l ihfhqv jZah[jZlvky ijhklhc b qZklh g_h`b^Zgguc ^ey deb_glZ
\hijhk : q_f kh[kl\_ggh ]h\hjy \Zf f_rZ_l aZ\bkbfhklv \Zr_]h kmijm]Z hl k\hbo
jh^bl_e_c"G_j_^dhj_ZdpbygZwlhl\hijhkhdZau\Z_lkyhq_gvijh_dlb\ghc\kdju\Zxs_c
kh[kl\_ggu_ ijh[e_fu deb_glZ ijbr_^r_]h k `Zeh[hc \ dhgkmevlZpbx GZijbf_j
\klj_qZ_lky lZdhc hl\_l Gh y `_ g_ hlghrmkv lZd d k\hbf jh^bl_eyf qlh gZ]ey^gh
k\b^_l_evkl\m_l h lhf qlh aZ ij_l_gabyfb d kmijm]m \ qbke_ ijhqbo klhyl ijh[e_fu k
kh[kl\_ggufbjh^bl_eyfbh[b^ZgZgboaZ\bklvd [he__[eZ]hihemqghfm\ZjbZglmjZa\blby
^_lkdhjh^bl_evkdbohlghr_gbc
Kms_kl\m_l b _s_ h^bg \Z`guc fhf_gl gZ dhlhjuc ke_^m_l h[jZlblv \gbfZgb_ \
kZfhfgZqZe_[_k_^u<klmiZy\ [hjv[mk jh^bl_eyfbkmijm]Zdeb_glqZklhkZfij_l_g^m_l
gZ bo f_klh lh _klv klj_fblky aZ\h_\Zlv Z\lhjbl_l b ihabpbx klZjr_]h ih hlghr_gbx d
iZjlg_jm dhlhjufb h[eZ^Zxl jh^bl_eb Bf_ggh ihwlhfm b kj_^kl\Z [hjv[u aZ kmijm]Z
bkihevam_fu_deb_glhfqZklhhdZau\Zxlky\_kvfZijyfhebg_cgufb ² mgb`_gbydjblbdZ
gZkf_rdb < lZdhc kblmZpbb kmijm] hdZau\Z_lky \ ihabpbb ^bqb aZ dhlhjhc ]hgylky ^\Z
hohlgbdZk h^ghcklhjhgu ² jh^bl_ebb k^jm]hc ²iZjlg_jih[jZdm\ dhg_qghf`_kq_l_
ij_^ihql_gb_ hl^Z_lky lhfm dlh [he__ ijb\uq_g lh _klv jh^bl_eyf ?keb ih^h[gu_
l_g^_gpbb ijhy\eyxlky \ jZkkdZa_ deb_glZ h k\h_c k_f_cghc kblmZpbb ^hklZlhqgh y\gh
dhgkmevlZglfh`_lkjZam`_i_j_clbd boh[km`^_gbxWlhhagZqZ_lqlhkZfhklhyl_evghklv
iZjlg_jZ g_ y\ey_lky klhev \Z`ghc dZd jZaj_r_gb_ kh[kl\_gguo Z\lhjblZjguo l_g^_gpbc
LZd ij_`^_ q_f jZ[hlZlv k kblmZpb_c dZd k \gmljbk_f_cghc ijh[e_fhc dhgkmevlZglm
g_h[oh^bfhihfhqvdeb_glmjZah[jZlvky\ g_h^ghagZqghklbb ijhlb\hj_qb\hklbkh[kl\_gghc
ihabpbb \ Z\lhjblZjguo kh[kl\_ggbq_kdbo l_g^_gpbyo ih hlghr_gbx d iZjlg_jm Bgh]^Z
wlZl_fZklZgh\blkyhkgh\ghc\ [_k_^_aZlf_\Zykh[hci_j\bqgucih\h^h[jZs_gby
H[km`^Zy k_f_cguc dhgl_dkl ijhbkoh^ys_]h \Z`gh jZah[jZlvky \ lhf dZdh\u
hlghr_gbykZfh]hdeb_glZk jh^bl_eyfbkmijm]ZdZdhghgZhlghkblkyd gbfZ lZd`_dZdh\u
hlghr_gby f_`^m kZfbfb kmijm]Zfb G_j_^dh \uykgy_lky qlh hlghr_gby \ kmijm`_kdhc
iZj_g_keh`bebkvbfg_o\ZlZ_l[ebahklbb l_iehluG_ihemqZywlh]h\ kh[kl\_gghck_fv_
kmijm] gZqbgZ_l hjb_glbjh\Zlvky gZ k_fvx k\hbo jh^bl_e_c dhlhju_ \ k\yab k wlbf
hdZau\Zxlky\jZ]Zfbb dhgdmj_glZfbdeb_glZihkdhevdmhgb^Zxl`_g_fm`mlhqlhhghgZ
g_fh`_lihemqblv\ kh[kl\_gghck_fv_IulZykvgZclbdZdb_lhhijZ\^Zgby^eyk_[ydeb_gl
gZqbgZ_l jZkkfZljb\Zlv hlghr_gby `_gufm`Z k jh^bl_eyfb dZd ijhy\e_gb_ qj_af_jghc
aZ\bkbfhklbkgbfZyk k_[ylZdbfh[jZahfhl\_lkl\_gghklvaZkha^Z\rmxkykblmZpbx
Dhg_qgh `_ lZdhc \ZjbZgl \hagbdgh\_gby ijh[e_fu y\ey_lky ^Ze_dh g_
_^bgkl\_ggufb ^eyh[km`^_gby_]hk deb_glhfikboheh]^he`_gkh[jZlv^hklZlhqghfgh]h
fZl_jbZeZh lhfdZdkdeZ^u\Zebkvhlghr_gbykmijm]h\\ gZqZe_k_f_cghc`bagb\k_]^Zeb
hlghr_gby iZjlg_jZ k jh^bl_eyfb [ueb lZdbfb \k_]^Z eb deb_glm dZaZehkv qlh iZjlg_j
kebrdhf aZ\bkbf Lhl nZdl qlh dh]^Zlh [ueh bgZq_ Z ihlhf ijhbahreb hij_^_e_ggu_
baf_g_gby \ kbkl_f_ jh^kl\_gguo hlghr_gbc qZs_ \k_]h k\b^_l_evkl\m_l h lhf qlh
[ebahklv k jh^bl_eyfb y\ey_lky j_amevlZlhf hkeh`g_gby f_`ebqghklguo hlghr_gbc \
iZj_ LZdbf h[jZahf hdZau\Z_lky qlh ehdmk `Zeh[u m deb_glZ k^\bgml ² \f_klh lh]h
qlh[u ]h\hjblv k dhgkmevlZglhf h kh[kl\_gguo ljm^ghklyo \h \aZbfhhlghr_gbyo k
`_ghcfm`_f deb_gl iulZ_lky h[km^blv k dhgkmevlZglhf nbdlb\gmx ijh[e_fm ²
aZ\bkbfhklvkmijm]Zhljh^bl_e_cHkgh\ghcaZ^Zq_c\ wlhckblmZpbby\ey_lky^_fhgkljZpby
deb_glm_]hj_Zevguoijh[e_fb jZ[hlZgZ^bojZaj_r_gb_f
Ghg_j_^dhkemqZbdh]^Zkmijm]^_ckl\bl_evghqj_af_jghaZ\bkbfhljh^bl_e_cih
djZcg_c f_j_ jZkkdZa deb_glZ ^Z_l ^hklZlhqgh hkgh\Zgbc qlh[u jZkkfZljb\Zlv wlh dZd
j_Zevgmxijh[e_fm\ ijhp_kk_dhgkmevlbjh\ZgbyGZb[he__ m[_^bl_evguf k\b^_l_evkl\hf
kijZ\_^eb\hklbwlh]hfh]ml[ulvke_^mxsb_hkh[_gghklbkblmZpbb
hlkmlkl\b_ m deb_glZ ]em[hdbo ebqghklguo ij_l_gabc d jh^bl_eyf `_gufm`Z
^hklZlhqgh kihdhcgh_ b aj_eh_ hlghr_gb_ d gbf lh qlh hlghr_gby jh^bl_e_c b kmijm]Z
[ueb [ebadbfb \k_]^Z g_aZ\bkbfh hl oZjZdl_jZ kmijm`_kdbo hlghr_gbc khhl\_lkl\mxs__
ih\_^_gb_ kmijm]Z g_dhgljhebjm_fZy hldjh\_gghklv \ jZkkdZaZo h kh[kl\_gghc k_fv_
m\_j_gghklv \ ijZ\hl_ jh^bl_e_c \k_]^Z b \h \k_f ij_^ihql_gb_ bo bgl_j_kh\ bgl_j_kZf
kh[kl\_gghck_fvbb l^
H^gZdh^Z`_dh]^ZaZ\bkbfhklvkmijm]Zhljh^bl_e_cij_^klZ\ey_lkyhq_\b^ghckZf
deb_gl h[uqgh \ghkbl g_fZeuc \deZ^ \ __ jZa\blb_ b mdj_ie_gb_ < wlhf \deZ^_ fh`gh
mkeh\gh\u^_eblv^\Zfhf_glZh[t_dlb\gucb km[t_dlb\guc
D fhf_glZf h[t_dlb\gh mdj_ieyxsbf aZ\bkbfhklv kmijm]Z hl jh^bl_e_c fh`gh
hlg_klbhihjmgZboihfhsvb kh\f_klgh_ijh`b\Zgb_k gbfb\ kmsghklbaZ\bkbfufbijb
wlhfy\eyxlkyh[Z ²b kmijm]b kZfdeb_glihkdhevdmihfhsvh[uqghhdZau\Z_lkyk_fv_\
p_ehf < wlhf kemqZ_ hjb_glZpby kmijm`_kdhc iZju gZ jZa^_evgh_ ijh`b\Zgb_ k
jh^bl_eyfbgZkZfhklhyl_evgh_aZjZ[Zlu\Zgb_^_g_]b moh^aZ^_lvfbfh`_l\ agZqbl_evghc
f_j_mf_gvrblvkms_kl\mxsmxaZ\bkbfhklvDZdgbkljZgghgZi_j\uc\a]ey^ghqZklhgZ
imlb ih^h[ghc hjb_glZpbb gZ kZfhklhyl_evghklv klhyl g_ lhevdh h[t_dlb\gu_
h[klhyl_evkl\Z gh b \a]ey^u b ij_^klZ\e_gby deb_glZ jZlmxs_]h aZ g_aZ\bkbfhklv
LZdh\h gZijbf_j jZkijhkljZg_ggh_ ij_^klZ\e_gb_ h lhf qlh emqr_ `blv k jh^bl_eyfb \
h`b^Zgbbkh[kl\_gghcd\Zjlbjuq_fkgbfZlvd\Zjlbjmb ljZlblvgZwlh^_gv]bDhg_qgh`_
dhgkmevlZglmg_ke_^m_l^Z\blvbebijhih\_^h\ZlvdZdb_eb[h\a]ey^ughbgh]^Zklhbl
ebrgbc jZa ijh^_fhgkljbjh\Zlv deb_glm qlh wdhghfy hghgZ l_jy_l k\h_]h kmijm]Z
JZamf__lkyfh`ghgZclbfZkkm\hajZ`_gbc ² kgylvd\Zjlbjmljm^ghb g_h[uqZcgh^hjh]h
lZd `_ ljm^gh beb ^hjh]h mkljhblv j_[_gdZ \ ^_lkdbc kZ^ b li <k_ wlh ijZ\^Z gh iZkmy
i_j_^`bag_ggufbh[klhyl_evkl\Zfbdeb_gl\ dhg_qghfkq_l_^_fhgkljbjm_l kh[kl\_ggmx
g_ijbkihkh[e_gghklvd `bagbklj_fe_gb_iheZ]ZlvkygZdh]hlhb [ulvaZ\bkbfufD lhfm
`_dZdgbiZjZ^hdkZevghdeb_gluij_^ty\eyxsb_ih^h[gu_`Zeh[uqZklhdZd\uykgy_lky
\ oh^_[_k_^ubf_xlbebfh]mlihemqblvg_h[oh^bfu_kj_^kl\Zbebihfhsvkhklhjhgu^ey
lh]h qlh[u [he__ g_aZ\bkbfh mkljhblv k\hx k_f_cgmx `bagv gh ijhklh g_ ijbeZ]Zxl d
wlhfmg_h[oh^bfuomkbebcB \hijhkihq_fmhgbwlh]hg_^_eZxlfh`_lklZlvij_^f_lhf
ki_pbZevgh]hh[km`^_gby\ ijhp_kk_dhgkmevlbjh\Zgby
Gh\hafh`_gb ^jm]hc ² km[t_dlb\guc ² \deZ^deb_glZ \ mdj_ie_gb_ aZ\bkbfhklb
iZjlg_jZ hl jh^bl_e_c LZd wlhfm fh`_l kihkh[kl\h\Zlv g_^jm`_ex[b_ g_]Zlb\gh_
ih\_^_gb_ deb_glZ ih hlghr_gbx d jh^bl_eyf kmijm]Z QZklh lZdb_ hlghr_gby ghkyl
oZjZdl_j hldjh\_gghc [hjv[u k jh^bl_eyfb ² bo \a]ey^u ihklmidb \ukdZau\Zgby
ih^\_j]Zxlky j_]meyjghc djblbd_ kh]eZkb_ kmijm]Z k gbfb IH ex[hfm ih\h^m
jZkkfZljb\Z_lkydZdijhy\e_gb_^_lkdhklbb g_kZfhklhyl_evghklb< lZdhckblmZpbbiZjlg_j
hdZau\Z_lky\ugm`^_ggufaZsbsZlvh[b`_gguob hkdhj[e_gguojh^bl_e_c^_fhgkljbjmy
bf \_jghklv b ex[h\v qlh \ blh]_ kem`bl ebrv mdj_ie_gbx aZ\bkbfhklb Djhf_ lh]h
fm``_gZ deb_glZ qm\kl\my k\yav k [ebadbfb gZqbgZ_l ihg_\he_ \hkijbgbfZlv
\ukdZau\Z_fu_ bf ij_l_gabb dZdhlghkysb_kyb d g_fm kZfhfm AZsbsZykv hl gbo hghgZ
gZqbgZ_lij_^ty\eylvij_l_gabbd deb_glmb d_]h__ jh^bl_eyfqlh_kl_kl\_gghg_fh`_l
kihkh[kl\h\Zlv memqr_gbx kmijm`_kdbo hlghr_gbc b \ k\hx hq_j_^v mdj_iey_l
aZ\bkbfhklv iZjlg_jZ hl jh^bl_e_c dhlhju_ \ blh]_ hdZau\Zxlky _^bgkl\_ggufb
ihgbfZxsbfbb [ebadbfbex^vfb
Gh d kh`Ze_gbx [hevrbgkl\h deb_glh\ g_ aZ^mfu\Zxlky b g_ aZf_qZxl lZdh]h
iZjZ^hdkZevgh]h ke_^kl\by k\h_c [hjv[u ;he__ lh]h h[jZsZykv \ dhgkmevlZpbx q_eh\_d
ihjhcbkdj_gg_\ukdZau\Z_ldhgkmevlZglmk\h_m^b\e_gb_l_fqlh_]h__ hq_\b^gu_^h\h^u
g_ hdZau\Zxl gbdZdh]h ^_ckl\by gZ iZjlg_jZ DhgkmevlZglm ke_^m_l ihiulZlvky
i_j_hjb_glbjh\Zlvdeb_glZgZbgh_hlghr_gb_d k\h_fmih\_^_gbxbkihevamy\ukdZau\Zgby
lbiZ: dZd\u^mfZ_l_ijbylgheb[ueh\Zr_c`_g_fm`mmkeurZlvqlh"beb: qlh\u
qm\kl\h\Zeb [u _keb [u \Zr fm``_gZ kdZaZeZ g_qlh ih^h[gh_ h \Zrbo jh^bl_eyo"
Deb_glm \Z`gh ihdZaZlv g_ lhevdh lh qlh hghgZ g_ijZ\bevgh \_^_l k_[y gh b lh qlh
ijyfuf ke_^kl\b_f _]h ihklmidh\ y\ey_lky g_ jZajmr_gb_ Z mdj_ie_gb_ aZ\bkbfhklb
iZjlg_jZ
M[_^blvdeb_glZ\ lhfqlhhgg_\_jgh\_^_lk_[yhlgx^vg_agZqblj_rblvijh[e_fm
qj_af_jghc hjb_glZpbb kmijm]Z gZ k\hbo jh^bl_e_c H[jZlb\rbcky aZ ihfhsvx q_eh\_d
^he`_g ihgylv qlh g_h[oh^bfh_ mkeh\b_ j_r_gby wlhc ijh[e_fu ² gZebqb_ ohjhrbo
iZjlg_jkdbohlghr_gbcf_`^mkmijm]ZfbMdj_ie_gb_b nhjfbjh\Zgb_lZdbohlghr_gbc ²
ki_pbZevgZy aZ^ZqZ dhlhjmx ke_^m_l ih^jh[gh h[km^blv \h \j_fy ijb_fZ M dZ`^hc
kmijm`_kdhc iZju _klv k\hb \hafh`ghklb ^ey mdj_ie_gby qm\kl\Z iZjlg_jkl\Z hsms_gby
fu ² wlhb kh\f_klgu_ihoh^u\ dbghbeb l_Zljihk_s_gby\uklZ\hdZdlb\gZyihfhsv
^jm] ^jm]m ^h\_jbl_evgu_ jZa]h\hju b l^ DhgkmevlZglm ke_^m_l ihfhqv gZf_lblv
g_kdhevdh \hafh`guo f_jhijbylbc j_ZebaZpby dhlhjuo fh`_l h[e_]qblv deb_glm
k[eb`_gb_k kmijm]hf
Lhevdhdh]^Zkh[kl\_ggu_hlghr_gbykmijm]h\^hklZlhqghmdj_ibebkvdeb_glfh`_l
ihiulZlvky ij_^ijbgylv ki_pbZevgu_ rZ]b ^ey mf_gvr_gby aZ\bkbfhklb iZjlg_jZ hl
jh^bl_e_c Ohly [u\Z_l qlh kZfh ih k_[_ mdj_ie_gb_ kmijm`_kdbo hlghr_gbc kgbfZ_l
ijh[e_fm aZ\bkbfhklb hl jh^bl_e_c k ih\_kldb ^gy < wlhf deb_glm fh`_l ihfhqv
hldjh\_gguc b ^h\_jbl_evguc jZa]h\hj k kmijm]hf aZeh]hf mki_oZ dhlhjh]h y\eyxlky
ohjhrb_ hlghr_gby < oh^_ lZdh]h jZa]h\hjZ klhbl ihiulZlvky jZkkdZaZlv iZjlg_jm h
kh[kl\_gguo qm\kl\Zo b i_j_`b\Zgbyo k\yaZgguo k kblmZpb_c dh]^Z ^jm]hc [hevr_
hjb_glbjh\Zg gZ jh^bl_e_c Z g_ gZ iZjlg_jZ Q_f [hevr_ deb_gl kfh`_l jZkkdZau\Zlv h
kh[kl\_gguoqm\kl\Zob i_j_`b\ZgbyoZ g_^hdZau\Zlvb ij_^ty\eylvij_l_gabbl_f[he__
m[_^bl_evghc b \Z`ghc hdZ`_lky [_k_^Z kmijm]h\ Emqr_ _keb \hh[s_ g_ [m^ml
mihlj_[eylvky lZdb_ keh\Z dZd g_kZfhklhyl_evghklv beb aZ\bkbfhklv dhlhju_ kZfb ih
k_[_a\mqZl^hklZlhqghh[b^gh
Dhg_qgh `_ dhgkmevlZgl fh`_l hdZaZlv [hevrmx ihfhsv deb_glm \ ih^]hlh\d_
ih^h[gh]h jZa]h\hjZ Z qZklh b p_ehc k_jbb [_k_^ ihkdhevdm ^ey j_r_gby wlhc ijh[e_fu
g_h[oh^bfh g_fZeh_ \j_fy LZd fh`gh ihfhqv deb_glm jZah[jZlvky \ l_o qm\kl\Zo b
i_j_`b\Zgbyo h[b^u [jhr_gghklb kh[kl\_gghc g_agZqbl_evghklb b g_gm`ghklb dhlhju_
hg bkiulu\Z_l dh]^Z kmijm] ij_^ihqblZ_l beb ^_eZ_l lh qlh ij_^ihqblZxl beb ^_eZxl
jh^bl_eb hl\_j]Zy lZdbf h[jZahf iZjlg_jZ QZklh deb_gl kZf g_^hklZlhqgh ohjhrh
ij_^klZ\ey_l k_[_ qlh klhbl aZ _]h \hbgkl\_ggufb b Z]j_kkb\gufb ij_l_gabyfb
H[km`^_gb_wlh]hg_lhevdhkihkh[kl\m_lghjfZebaZpbbh[s_gby kmijm]h\ gh b iha\hey_l
q_eh\_dm emqr_ ihgylv kZfh]h k_[y m\b^_lv qlh _fm gm`gh d q_fm ke_^m_l klj_fblvky \
hlghr_gbyok ^jm]bfbb ij_`^_\k_]hk iZjlg_jhf
Dhgkmevlbjh\Zgb_ihih\h^mijh[e_fk\yaZgguok khfZlbq_kdhcbeb
nbabq_kdhc[he_agvxiZjlg_jZ
D qbkem kemqZ_\ dh]^Z \ dhgkmevlZpbx qZs_ \k_]h h[jZsZ_lky h^bg ba qe_gh\
kmijm`_kdhc iZju g_ bf_y \hafh`ghklb beb g_ klj_fykv ijb\_klb k kh[hc iZjlg_jZ
hlghkblky kblmZpby dh]^Z ikbobq_kdh_ beb ² j_`_ ² nbabq_kdh_ a^hjh\v_ ihke_^g_]h
\uau\Z_l m deb_glZ hij_^_e_ggu_ ijh[e_fu b hiZk_gby Ih\h^hf ^ey ijboh^Z fh`_l
kem`blv dZd g_h[oh^bfhklv ^bZ]ghaZ ^ey iZjlg_jZ [he_g hghgZ beb g_l gZkdhevdh wlh
fh`_l [ulv k_jv_agh lZd b j_r_gb_ kh[kl\_gguo ijh[e_f k\yaZgguo k ieZgbjh\Zgb_f
^Zevg_cr_ckmijm`_kdhc`bagbjZa\h^hfb l^
JZamf__lky ihklZ\blv ^bZ]gha beb kdZaZlv qlheb[h h ikbobq_kdhf khklhygbb
q_eh\_dZ g_ \klmiZy k gbf \ g_ihkj_^kl\_gguc dhglZdl ijZdlbq_kdb g_\hafh`gh L_f g_
f_g__ ^ey deb_glZ ijbgpbibZevgZy g_\hafh`ghklv aZhqgh]h ^bZ]ghaZ dZd ijZ\beh g_
hq_\b^gZIhwlhfm\ lZdbokemqZyoikboheh]^he`_ghl^Z\Zlvk_[_hlq_l\ lhfqlh_kebhg\
dhgp_[_k_^unhjfmebjm_lg_dh_fg_gb_kh[_k_^gbdkdhj__\k_]h\hkijbf_l_]hdZdg_qlh
^hklh\_jgh_Z g_dZdh^gmba\hafh`ghkl_c\ hp_gd_kblmZpbb^Z`__keb[uhg[uefgh]h
jZa ij_^mij_`^_g h[ h[jZlghf Bf_ggh ihwlhfm dhgkmevlZgl ^he`_g [ulv hkh[_ggh
hklhjh`_g ijb jZ[hl_ k ih^h[gufb kemqZyfb Hq_\b^gh qlh _keb deb_glm gm`_g lhevdh
^bZ]ghamf_klg__[ueh[uhlijZ\blvkyd ikbobZljmIjboh^`_deb_glZ\ ikboheh]bq_kdmx
dhgkmevlZpbx k\b^_l_evkl\m_l h lhf qlh _]h \hegm_l b g_h[oh^bfhklv knhjfbjh\Zlv
kh[kl\_ggh_ hlghr_gb_ d kblmZpbb j_rblv k\yaZggu_ k g_c ebqgu_ b f_`ebqghklgu_
ijh[e_fu
Hkgh\guf fZl_jbZehf ^ey jZ[hlu dhgkmevlZglh\ y\ey_lky jZkkdZa deb_glZ h k\hbo
ijh[e_fZo < jZa[bjZ_fhf gZfb kemqZ_ \Z`gh agZlv dZdh\u [ueb hlghr_gby b ih\_^_gb_
kmijm]Z jZgvr_ dZd wlb hlghr_gby jZa\b\Zebkv \ q_f dh]^Z b dZd gZqZeb ijhy\eylvky
kljZgghklbb ijh[e_fu\ ih\_^_gbbdZdgZgboh[uqghj_Z]bjm_ldeb_glb qlhqZs_\k_]h
^_eZ_lkmijm]\ hl\_l
Ih`Zemc\k_kemqZbh[jZs_gbcihih\h^m[hevgh]hkmijm]Zfh]ml[ulvhibkZguk
ihfhsvx h^gh]h ba lj_o \ZjbZglh\ `_gZ fm` deb_glZ ^_ckl\bl_evgh [hevgZ_g
^hdZaZl_evkl\Zfb q_]h y\eyxlky fgh]hqbke_ggu_ ]hkiblZebaZpbb g_Z^_d\Zlgh_ ih\_^_gb_
gZebqb_ ^bZ]ghaZ ijbgbfZ_fu_ e_dZjkl\Z b l^ `_gZ fm` km^y ih jZkkdZam deb_glZ
\_^_l k_[y ^hklZlhqgh kljZggh qlh iha\hey_l ij_^iheh`blv gZebqb_ hij_^_e_gghc
iZlheh]bbbkhhl\_lkl\_gghg_h[oh^bfhklv^eydeb_glZkljhblvk\hx`bagvk mq_lhfwlh]h
nZdlhjZ ih\_^_gb_b j_Zdpbbkmijm]Zg_^Zxlhkgh\Zgbcij_^iheh`blvm g__g_]hdZdmx
eb[hikbobq_kdmxiZlheh]bxZ kblmZpby\ p_ehfkdhj__k\b^_l_evkl\m_lh gZebqbb dZdbo
eb[h k_jv_aguo ijh[e_f \ kmijm`_kdbo hlghr_gbyo beb h[ hij_^_e_gguo ijh[e_fZo b
g_Z^_d\ZlghklbkZfh]hdeb_glZ
;he_agvkmijm]Z
I_j\ucbamdZaZgguo\ZjbZglh\\ dZdhflhkfuke_y\ey_lkyb gZb[he__ijhklufgh
bf_ggh \ wlhf kemqZ_ h[hkljyxlky ijh[e_fu k\yaZggu_ k ieZgbjh\Zgb_f deb_glhf k\h_c
km^v[u D kh`Ze_gbx ^Ze_dh g_ \k_]^Z deb_gl ^Z`_ _keb _]h fm``_gZ m`_ ^hklZlhqgh
^Z\gh b ly`_eh [he_g ohjhrh ij_^klZ\ey_l k_[_ qlh agZqbl wlZ [he_agv IkbobZljZf k
dhlhjufb_fmijboh^blkykhijbdZkZlvkyg_^hkm]beb g_ohq_lkyh[tykgylvkblmZpbx^Zb
kZfdeb_glihjhcihjZagufijbqbgZf\ lhfqbke_ikboheh]bq_kdbfg_klj_fblky\gbdgmlv
\ kmlv ^_eZ Ihwlhfm ikboheh] qZklh hdZau\Z_lky i_j\uf q_eh\_dhf h[klhyl_evgh
h[tykgyxsbfqlhagZqbllhlbebbghc^bZ]ghadZdh[uqghjZa\b\Z_lky[he_agvdZdke_^m_l
\_klb k_[y k [hevguf b li DhgkmevlZglm ke_^m_l [ulv fZdkbfZevgh hldjh\_gguf qlh \
k\hx hq_j_^v hagZqZ_l _keb hg g_ agZdhf k ^Zgguf ^bZ]ghahf b bkihevam_fufb
ij_iZjZlZfblh\ukdZau\Zlvfg_gb_ke_^m_lk hklhjh`ghklvxbeb\hh[s_g_klhbl<_^vhl
khh[sZ_fhcbgnhjfZpbb\hfgh]hfaZ\bkbldZddeb_glmkljhblvk\hx^Zevg_crmx`bagv
Ijh[e_fZqZklhmkeh`gy_lkyb ]jmahffhjZevguoh[yaZl_evkl\deb_glmijboh^blkyj_rZlv
[jhkZlv beb g_ [jhkZlv [hevgh]h k dhlhjuf fh`_l [ulv ijh`blh g_fZeh e_l b i_j_^
dhlhjufdeb_glhsmsZ_lhij_^_e_ggu_h[yaZl_evkl\Zb hl\_lkl\_gghklv
< wlhc kblmZpbb dhgkmevlZglm g_ ke_^m_l \hkijbgbfZlv k_[y dZd q_eh\_dZ
ijbgbfZxs_]h j_r_gb_ ?]h aZ^ZqZ k\h^blky d lhfm qlh[u \ukemrZlv b ihgylv lh qlh
]h\hjbl deb_gl ihkdhevdm qZklh bf_ggh ihgbfZgby kh klhjhgu kh[_k_^gbdZ g_ o\ZlZ_l
q_eh\_dm \ ih\k_^g_\ghc `bagb D lhfm `_ baeZ]Zy kh[kl\_ggu_ ljm^ghklb b khfg_gby
deb_glkZfijh^\b]Z_lkyd ijbgylbxj_r_gby
G_j_^dh q_eh\_d kZf k_[y aZdh\u\Z_l \ g_ijh[b\Z_fmx [jhgx fhjZevguo
h]jZgbq_gbch[j_dZygZbaebrgb_kljZ^Zgbyb g_hklZ\eyy\hafh`ghklb^Z`_fukeblvbeb
qm\kl\h\Zlvih^jm]hfmhkh[_gghg_iha\heyyk_[_aZ^mfu\Zlvkyh lZdbo\_sZodZdjZa\h^
bebjZa^_evgh_ijh`b\Zgb_Ijbwlhfbgh]^ZjZkkdZadeb_glZkh^_j`blkdjulmxijhkv[mh
kfy]q_gbb wlh]h fhjZevgh]h ij_kkbg]Z h ihemq_gbb jZaj_r_gby gZ ijbgylb_ k\hbo
g_]Zlb\guo qm\kl\ b i_j_`b\Zgbc k\yaZgguo k [hevguf kmijm]hf DhgkmevlZglm
g_h[oh^bfhihfhqvdeb_glmjZah[jZlvky\ k\hbobklbgguoqm\kl\Zob i_j_`b\ZgbyoZ lZd`_
gZclbg_db_dhfijhfbkkgu_j_r_gbydhlhju_iha\hebeb[ubaf_gblvkblmZpbxg_kgbfZy
fhjZevghchl\_lkl\_gghklbLZdgZijbf_j\ZjbZgljZa^_evgh]hijh`b\Zgbyk [hevgufgb\
dh_c f_j_ g_ ebrZ_l deb_glZ \hafh`ghklb moZ`b\Zlv aZ gbf \_^y ijb wlhf ^hklZlhqgh
g_aZ\bkbfuch[jZa`bagb
Ghfh`_lhdZaZlvkyqlhmoh^aZ[hevgufb kh\f_klgZy`bagvk gbf\hkijbgbfZ_lky
deb_glhf dZd g_qlh _kl_kl\_ggh_ gZihegyxs__ kfukehf _]h kh[kl\_ggmx `bagv < wlhf
kemqZ_aZ^ZqZdhgkmevlZglZ ² mdj_iblvdeb_glZ\ wlhfj_r_gbbIhe_aghlZd`_ki_pbZevgh
h[km^blv lZdb_ ijh[e_fu dZd ijZ\bevgu_ kihkh[u ih\_^_gby k [hevguf \hafh`gu_
j_Zdpbb gZ _]h \ukdZau\Zgby qlh fh`gh hl g_]h `^Zlv q_]h lj_[h\Zlv b qlh _fm fh`gh
ihjmqZlv=hj[mgh\ZEB FbrbgZLB Ih^haj_gby\ [he_agbkmijm]Z
H[uqgh lZdZy kblmZpby g_ klhev ykgZ ba jZkkdZaZ deb_glZ hq_\b^gu ^_lZeb
k\b^_l_evkl\mxsb_ h ikbobq_kdhc iZlheh]bb gh h^ghagZqgh ihklZ\blv ^bZ]gha g_
ij_^klZ\ey_lky \hafh`guf D qbkem lZdbo ijbagZdh\ fh`gh hlg_klb mom^r_gb_ h[s_]h
ikbobq_kdh]h khklhygby \ l_q_gb_ hij_^_e_ggh]h \j_f_gb f_kyp_\ e_l h[sbc
^_ij_kkb\guc nhg gZkljh_gby kgb`_gb_ wg_j]_lbq_kdh]h ihl_gpbZeZ ih\ur_gb_
djblbqghklb j_ahg_jkl\h f_ehqghklv ijb^bjdb ih^hajbl_evghklv g_Z^_d\Zlghklv
ih\_^_gby QZklh g_Z^_d\Zlghklv kmijm]Z \ k_f_cghc `bagb \ujZ`Z_lky \ nhjf_
iZlheh]bq_kdhc j_\ghklb \ k\yab k q_f ih\lhjyxs_cky l_fhc k_f_cguo kdZg^Zeh\
klZgh\ylkyihbkdbbklbgub kijZ\_^eb\hklblj_[h\Zgbyhldjh\_ggh]hijbagZgby\h\k_fb
ihdZygbyb li
< dZq_kl\_ ijbf_jZ ijb\_^_f ke_^mxsbc kemqZc Fm` h[jZlb\r_cky aZ ihfhsvx
`_gsbgu [ue \k_]^Z g_kdhevdh j_\gb\ gh wlh gbdh]^Z g_ kem`beh ihf_ohc bo k_f_cghc
`bagbH^gZdhihke_^gb_]h^²ihelhjZijbklmiu_]hj_\ghklbih\h^hf^eydhlhjhcfh]eh
klZlv \k_ qlh m]h^gh klZeb im]Zlv b m^b\eylv `_gm LZd gZijbf_j \ ^hf_ \ \hkdj_k_gv_
i_j_klZeZjZ[hlZlvwe_dljbq_kdZyieblZKmijm]b^he]hiulZebkvgZclbihehfdmihlhffm`
\ur_e gZ e_klgbqgmx de_ldm qlh[u hij_^_eblv g_ kemqbehkv eb lZf qlhgb[m^v k
ijh\h^dhcHdZaZehkvqlh\ d\Zjlbjmij_djZs_gZih^ZqZwe_dljhwg_j]bbihkdhevdmhims_g
jm[bevgbd gZ sbld_ <_jgmeky hg h[jZlgh \ kljZrghf ]g_\_ b lml `_ gZ[jhkbeky gZ `_gm
ihkdhevdm kemqb\r__ky [ueh bgl_jij_lbjh\Zgh bf ke_^mxsbf h[jZahf deb_gldZ kZfZ
himklbeZ jm[bevgbd qlh[u khh[sblv lZdbf h[jZahf g_dh_fm ex[h\gbdm qlh fm` ^hfZ
GbdZdb_^h\h^ub m[_`^_gbydeb_gldbg_ih^_ckl\h\ZebIh^h[gucijbklmij_\ghklb\ wlhc
k_fv_ [ue ^Ze_dh g_ _^bgkl\_gguf qlh iha\hebeh dhgkmevlZglm k hij_^_e_gghc
hklhjh`ghklvx kh]eZkblvky k ij_^iheh`_gbyfb deb_gldb h gZebqbb m fm`Z g_dhlhjuo
ikbobq_kdbo hldehg_gbc >bZ]gha \ ^Zevg_cr_f ih^l\_j^beky lh gZ qlh `Zeh\ZeZkv
deb_gldZhdZaZehkvijhy\e_gbyfbiZlheh]bq_kdh]h[j_^Zj_\ghklb
Dhg_qghdZdlhevdh\hagbdZxlk_jv_agu_ih^haj_gbygZ[he_agvdhgkmevlZgl^he`_g
gZklhyl_evghj_dhf_g^h\Zlvh[jZlblvkyd \jZqm
Ke_^m_l hlf_lblv qlh kms_kl\m_l _s_ h^gZ kblmZpby ihoh`Zy gZ hibkZggmx \ur_
dh]^Z kmijm] \lZcg_ hl deb_glZ ihklhyggh ihk_sZ_l dZdbolh \jZq_c ijbgbfZ_l e_dZjkl\Z
bkiulu\Z_lkljZggu_khklhygbygh\kyq_kdbkdju\Z_l\k_wlhhliZjlg_jZdhlhjuc\ k\hx
hq_j_^v ih^haj_\Z_l qlhlh gh jZah[jZlvky [_a ihfhsb ki_pbZebklZ g_ fh`_l < lZdhf
kemqZ_ikboheh]\gbfZl_evgh\ukemrZ\deb_glZfh`_l\f_kl_k gbfihiulZlvkyihdZdbf
lh dhk\_gguf ijbagZdZf ² gZa\Zgbyf e_dZjkl\ hkh[_gghklyfb khklhygby b l^ ²
ij_^iheh`blvqlh`_ijhbkoh^blk `_ghcfm`_f
?keb\hagbdZxlk_jv_agu_hkgh\Zgbyih^haj_\Zlv[he_agvlhij_^f_lhfh[km`^_gby
qZklhklZgh\blkyijh[e_fZdZdgZijZ\blv\hafh`gh]h[hevgh]hd \jZqmihkdhevdmg_kfhljy
gZ iheguc gZ[hj lj_\h`guo kbfilhfh\ ² mom^r_gb_ khklhygby ^_ij_kkbx ² hghgZ
Zdlb\gh hl\_j]Z_l \hafh`ghklv f_^bpbgkdh]h \f_rZl_evkl\Z DhgkmevlZgl fh`_l \f_kl_ k
deb_glhfjZajZ[hlZlvieZg]^_gZclb\jZqZdZdaZfhlb\bjh\Zlvkmijm]ZgZh[jZs_gb_b l^
Ijb wlhf ikboheh]m ke_^m_l ihfgblv qlh _]h aZ^ZqZ ² g_ j_rblv ijh[e_fm deb_glZ ^Z\
q_ldbc b h^ghagZqguc kh\_l Z klbfmebjh\Zlv _]h gZ j_r_gb_ kh[kl\_gguo ijh[e_f gZ
ihbkdbgZb[he__mki_rgh]hb wnn_dlb\gh]hkihkh[Zih\_^_gby
Ljm^ghklb\ hlghr_gbyok iZjlg_jhf
G_j_^dh\k_lhqlhdeb_glkdehg_gjZkkfZljb\ZlvdZdijhy\e_gbyiZlheh]bbk lhqdb
aj_gby dhgkmevlZglZ bf__l ^jm]h_ [he__ \_jhylgh_ h[tykg_gb_ k\yaZggh_ k
oZjZdl_jheh]bq_kdbfb hkh[_gghklyfb iZjlg_jZ b hlkmlkl\b_f \aZbfhihgbfZgby f_`^m
kmijm]Zfb Ij_^f_lhf `Zeh[ deb_glZ \ wlhf kemqZ_ fh]ml [ulv kZfu_ jZaghh[jZagu_
ijhy\e_gby ih\_^_gby iZjlg_jZ g_]Zlb\gh_ hlghr_gb_ d j_[_gdm klj_fe_gb_ kmijm]Z g_
jZkkdZau\Zlv^jm]hfmh k\h_cijhn_kkbhgZevghc^_yl_evghklbijb^bjdbh[b^qb\hklvb li
< lZdhc kblmZpbb dhgkmevlZgl ^he`_g [ulv hjb_glbjh\Zg ij_`^_ \k_]h gZ a^hjh\h_
h[tykg_gb_ ijhbkoh^ys_]h b ebrv \ kemqZ_ g_ij_h^hebfuo ljm^ghkl_c wlhf imlb ²
^himklblv\hafh`ghklviZlheh]bb
?kebih^haj_gbydeb_glZh ikbobq_kdhfaZ[he_\ZgbbiZjlg_jZdZ`mlkydhgkmevlZglm
[_ahkgh\Zl_evgufb \ oh^_ [_k_^u ke_^m_l ihiulZlvky ihemqblv hl\_lu gZ ke_^mxsb_
\hijhku aZq_f deb_glm gm`gh ihklZ\blv iZjlg_jm ^bZ]gha q_]h hg ohq_l ^hklbqv \
j_amevlZl_ dhgkmevlZpbb ² ghjfZebah\Zlv hlghr_gby b ih\_^_gb_ kmijm]Z beb gZclb
m^h[guc kihkh[ ^ey h[_kp_gb\Zgby b mijZ\e_gby bf \k_]^Z eb iZjlg_j [ue lZdbf
\hagbdeb eb baf_g_gby \ _]h ih\_^_gbb ihkl_i_ggh beb y\eyxlky j_Zdpb_c gZ dZdb_eb[h
kh[ulbyaZklZ\b\rb__]hbaf_gblvkyb j_rZlv\hagbdrb_ijh[e_fubf_gghlZdbfihjhcg_
kebrdhfZ^_d\Zlgufkihkh[hf
Bgh]^Z gZebqb_ ^bZ]ghaZ m iZjlg_jZ ^_ckl\bl_evgh \u]h^gh deb_glm ihkdhevdm k
h^ghcklhjhguwlhmdj_iey_l_]hkh[kl\_ggu_ihabpbbkha^Z_lhsms_gby\eZklbb ijZ\hlu
Z k ^jm]hc ² iha\hey_l kfbjblvky k ih\_^_gb_f kmijm]Z g_ hsmsZy kh[kl\_gghc
hl\_lkl\_gghklb aZ ijhbkoh^ys__ b g_ bkiulu\Zy qm\kl\Z \bgu kibku\Zy \k_ gZ [he_agv
iZjlg_jZ Hl\_j]Zy ^bZ]gha dhgkmevlZgl h[yaZg b^lb ^Zevr_ klZjZykv \uykgblv qlh \
ih\_^_gbb deb_glZ fh`_l ijh\hpbjh\ZlviZjlg_jZgZ kljZgghklb qlh f_rZ_l ghjfZevghfm
jZa\blbxkmijm`_kdbohlghr_gbc\ k_fv_
H[km^b\ ijh[e_fm ^bZ]ghaZ b g_ ih^l\_j^b\ h`b^Zgbc deb_glZ Z ihklZ\b\ _]h
ij_^iheh`_gbyih^khfg_gb_ikboheh]m`_\ hij_^_e_gghfkfuke_m^h\e_l\hjbeaZijhkb
ihwlhfm ^ey ^Zevg_cr_]h ZgZebaZ hlghr_gbc g_h[oh^bfh kh]eZkb_ deb_glZ b _]h
^_ckl\bl_evgZy aZbgl_j_kh\Zgghklv \ wlhf b[h g_evay aZklZ\blv q_eh\_dZ baf_gblvky
\hij_db_]hkh[kl\_gghfm`_eZgbx
?keb kh[_k_^gbd aZbgl_j_kh\Zg \ ^Zevg_cr_f h[km`^_gbb ijh[e_f k_f_cguo
g_mjy^bp[_k_^Zfh`_lkljhblvkyZgZeh]bqghlhfmqlhm`_g_jZah[km`^ZehkvdhgkmevlZgl
\ukemrb\Z_ljZkkdZah k_f_cguoljm^ghklyob ijh[e_fZo\ukljZb\Z_l]bihl_auh lhfqlh
bf_ggh\ hlghr_gbyokmijm]h\ijh\hpbjm_lg_Z^_d\Zlgh_ih\_^_gb_bij_`^_\k_]hdZdh\
\deZ^deb_glZijbr_^r_]hgZijb_f\ ijhbkoh^ys__\ k_fv_
G_kdhevdhkeh\ohl_ehkv[ukdZaZlvh kblmZpbbdh]^Z\ j_amevlZl_[_k_^uklZgh\blky
ykghqlhijbr_^rbcgZijb_fq_eh\_dkZfikbobq_kdb[he_g_]hlj_[h\Zgbyg_Z^_d\Zlgu
jZkkdZa bah[bem_l g_\_jhylgufb ^_lZeyfb ih\_^_gb_ \uqmjgh b ^_fhgkljZlb\gh Ij_`^_
\k_]hikboheh]mg_ke_^m_l[hylvkylZdboex^_cbebklj_fblvkyg_f_^e_gghba[Z\blvkyhl
gboQZklhih^h[gu_deb_glulZdbebbgZq_hsmsZykh[kl\_ggmx[he_agvklj_fylkygZclb
m dhgkmevlZglZ khqm\kl\b_ gZ^_xlky qlh ohlv dlhlh bo \ukemrZ_l b ihcf_l B _keb
ikboheh] ih \hafh`ghklb ihiulZ_lky \ h[s_gbb k gbfb k^_eZlv wlh lZdhc jZa]h\hj
g_khfg_ggh[m^_lihe_a_g[hevghfm
KhfZlbq_kdb[hevghc
Hkh[uc kemqZc h[jZs_gby ² wlh ijh[e_fu k\yaZggu_ k l_f qlh \ k_fv_ _klv
khfZlbq_kdbly`_eh[hevghcq_eh\_d K ih^h[ghc `Zeh[hc qZklh h[jZsZxlky g_ lhevdhih
ih\h^mkmijm]Zghb ihih\h^m[he_agbij_klZj_euojh^bl_e_c`b\msbo\ k_fv_deb_glZ
Hkgh\guf ehdmkhf `Zeh[u \ ih^h[ghf kemqZ_ h[uqgh y\eyxlky k_jv_agu_
baf_g_gbyijhbkoh^ysb_\ oZjZdl_j_[hevgh]hjZa^jZ`bl_evghklvg_l_ji_eb\hklvqZklu_
`Zeh[ugZg_^hklZlhd\gbfZgbykhklhjhguhdjm`Zxsbob liH[uqghkZfdeb_glijbagZ_l
ih^h[gu_ebqghklgu_baf_g_gbyhlqZklbhijZ\^Zggufb[he_agvxgh\ p_ehfohl_e[udZd
lh\ha^_ckl\h\ZlvgZ[hevgh]hkdhjj_dlbjh\Zlv_]hih\_^_gb_
Ij_`^_ \k_]h ke_^m_l hkh[_ggh \gbfZl_evgh jZkkijhkblv h[ hlghr_gbyo \ k_fv_ \
i_jbh^ kZfh]h gZqZeZ [he_agb G_j_^dh hdZau\Z_lky qlh \ wlh \j_fy [hevgh]h [md\Zevgh
^mrbeb aZ[hlhc l_f kZfuf k h^ghc klhjhgu ihklhyggh gZihfbgZy h [he_agb b
k\yaZggufb k g_c h]jZgbq_gbyfb Z k ^jm]hc ² ebrZy _]h \hafh`ghklb ghjfZevgh b
kZfhklhyl_evghijbkihkh[blvky d k\h_c kblmZpbb Ihke_ i_jbh^Z bgl_gkb\ghc hi_db k_fvy
h[uqghg_kdhevdhhoeZ^_\Z_ld [hevghfmihijbgpbim^he`_g`_hghgZihgbfZlvqlh
B bf_ggh\ wlh\j_fyh[hkljyxlky_]hijb\uqdbb lj_[h\Zgbydhlhju_gZqbgZxl[_kihdhblv
^jm]bo qe_gh\ k_fvb b kem`Zl ih\h^hf ^ey h[jZs_gby \ dhgkmevlZpbx LZdbf h[jZahf
qj_af_jgZy aZ[hlZ b ]bi_jhi_dZ kem`Zl ijh\hpbjmxsbfb nZdlhjZfb \ dhg_qghf kq_l_
ijb\h^ysbfb d mom^r_gbx ikbobq_kdh]h khklhygby [hevgh]h Dhg_qgh `_ ^ey lh]h qlh[u
mklZgh\blvwlm\aZbfhk\yavdhgkmevlZgl^he`_gkgZqZeZfZdkbfZevghih^jh[ghjZkkijhkblv
deb_glZ b ebrv aZl_f ij_^klZ\b\ k_[_ h[smx dZjlbgm jZa\blby hlghr_gbc \ k_fv_
ijbklmiblvd h[km`^_gbximl_c\uoh^Zbakha^Z\r_ckykblmZpbb
H^gbf ba emqrbo \uoh^h\ y\ey_lky fh^_ev hlghr_gbc hibkZggZy D Jh^`_jkhf
dh]^Zqe_guk_fvbhjb_glbjmxlkygZ^h\_jb_d [hevghfm\_jyl\ lhqlhhg ² ebqghklvb \
khklhygbb ijbkihkh[blvky d k\h_c ljm^ghc kblmZpbb bklhqgbdb h[km`^Zxsb_
khfZlbq_kdmx [he_agv dZd \gmljbk_f_cgmx ijh[e_fm g_h[uqZcgh h[rbjgu GbdheZ_\Z
<< Wc^_fbee_j W= Xklbpdbc << K\b^_l_evkl\hf \_ju \ [hevgh]h
y\ey_lky fZdkbfZevgh a^hjh\h_ hlghr_gb_ d g_fm [_a dZdboeb[h kdb^hd b ijbqblZgbc
\hdjm] [he_agb dh]^Z _fm hdZau\Z_lky ebrv ^_ckl\bl_evgh g_h[oh^bfZy ihfhsv <Z`guf
fhf_glhf y\ey_lky ihjmq_gb_ [hevghfm dZdboeb[h ihkbevguo ^_e b k_f_cguo
h[yaZgghkl_chjb_glZpbygZlhqlh[u hgih \hafh`ghklb kZfh[kem`b\Ze k_[y Ih^h[gu_
lj_[h\Zgby kihkh[kl\mxl khojZg_gbx m g_]h [hevrbo kbe b `bag_gghc wg_j]bb `_eZgby
qlhlh ^_eZlv b g_ ih^^Z\Zlvky g_^m]m Dhg_qgh `_ dhgkmevlZgl fh`_l b ^he`_g hdZaZlv
\_khfmx ihfhsv deb_glm ih^jh[gh h[km^b\ lh dZd ijbeh`_gb_ wlbo ijbgpbih\ fh`_l
\u]ey^_lv \ dhgdj_lghf kemqZ_ ² \ _]h kh[kl\_gghc k_fv_ Ih^h[gh_ h[km`^_gb_ qZklh
[u\Z_l ihe_agh b \ hlghr_gbyo k ikbobq_kdb [hevgufb `b\msbfb \ k_fv_ b kh
klZgh\ysbfbky[_kihfhsgufbklZjbdZfbjh^bl_eyfb
Bkihevah\Zlv wlhl ijbgpbi g_ lZd ijhklh hkh[_ggh _keb \ k_fv_ m`_ keh`bebkv
ljZ^bpbbbgh]hhlghr_gbyd [hevghfml_f[he__qlhj_adh_baf_g_gb_lj_[h\Zgbcfh`_l
ebrv \klj_\h`blv q_eh\_dZ h[hkljblv hsms_gb_ k_[y dZd h[mau Ih^h[gu_ baf_g_gby
ke_^m_l lsZl_evgh kieZgbjh\Zlv b ij_^\Zjbl_evgh h[km^blv k [hevguf < lZdhf jZa]h\hj_
ke_^m_ljZamf__lky]h\hjblvg_h ij_l_gabyod [hevghfmZ h\_j_\ _]hkbeugZ^_`^_qlh
hgkmf__lkijZ\blvkyk [he_agvxbebfZdkbfZevghijbkihkh[blvkyd k\h_ckblmZpbblZdqlh
hgZ g_ [m^_l ihf_ohc _]h ebqghklgh]h b ^moh\gh]h jhklZ AZ wlbf fh]ml ihke_^h\Zlv b
ij_^eh`_gbyihj_hj]ZgbaZpbb[ulZ\uiheg_gbx[hevgufdZdboeb[hwe_f_glZjguo^_eb
l^ Ihjhc lZdb_ ^_eZ fh]ml [ulv \_kvfZ mkeh\gufb ebrv ih^l\_j`^Zxsbfb gm`ghklv b
\dexq_gghklv\ ^_eZk_fvbghhgbdjZcg_g_h[oh^bfu^eymemqr_gbygZkljh_gbyb h[s_]h
lhgmkZ[hevgh]h
< dZq_kl\_ ijbf_jZ ijb\_^_f k_fvx ]^_ [hevghc b [_kihfhsghc fZl_jb deb_gldb
[ueh ij_^eh`_gh ijhkfZljb\Zlv ij_kkm \uj_aZy b ih^q_jdb\Zy l_ klZlvb b khh[s_gby
dhlhju_ ih lhc beb bghc ijbqbg_ fh]eb [ulv gm`gu kZfhc deb_gld_ beb __ fm`m g_
mki_\Zxsbf kZfhklhyl_evgh gZclb lh qlh bf g_h[oh^bfh b bgl_j_kgh Gh ^Z`_ wlh
fZe_gvdh_^_ehkihkh[kl\h\Zehlhfmqlhikboheh]bq_kdh_khklhygb_[hevghcmemqrbehkvZ
qm\kl\Z lj_\h]bb kh[kl\_gghc g_gm`ghklb e_`Z\rb_ \ hkgh\_ dhgnebdlghklbb ^jm]bo __
g_]Zlb\guoj_Zdpb_cijblmibebkv
I?J?@B<:GB?J:KKL:<:GBYK I:JLG?JHF
< wlhc ]eZ\_ fu h[km^bf p_euc deZkk ijh[e_f k\yaZgguo k i_j_`b\Zgb_f
jZkklZ\Zgby k iZjlg_jhf D gbf k gZr_c lhqdb aj_gby fh`gh hlg_klb kemqZb j_\ghklb b
baf_gu j_Zevghc beb ij_^iheZ]Z_fhc hoeZ`^_gb_ \ hlghr_gbyo \iehlv ^h bo
ij_djZs_gbybebjZa\h^Zijh[e_fub i_j_`b\Zgbyk\yaZggu_k ijhp_kkhfjZa\h^Z
GhdZdb_[udhgdj_lgu_ijh[e_fugbijb\_ebdeb_glZ\ dhgkmevlZpbx_kl_kl\_ggh_
gZqZeh jZ[hlu ² ih^jh[guc jZkkdZa h lhf qlh _]h [_kihdhbl Ex^yf qm\kl\mxsbf k_[y
[jhr_ggufb h[b`_ggufb h^bghdbfb [he_ag_ggh i_j_`b\Zxsbfb jZaemdm k iZjlg_jhf
lZdhc jZkkdZa ^Z_lky g_e_]dh qZklh hg khijh\h`^Z_lky ke_aZfb ^ebl_evgufb iZmaZfb
g_Z^_d\Zlgufbij_l_gabyfbb lj_[h\Zgbyfbd dhgkmevlZglm< k\yabk wlbfikboheh]^he`_g
[ulvhkh[_gghl_ji_eb\b \gbfZl_e_g
Kbevgu_ wfhpbhgZevgu_ j_Zdpbb deb_glZ ]eZ\guf h[jZahf ke_au fh]ml klZlv
g_ij_h^hebfuf ij_iylkl\b_f ^ey dhgkmevlZglZ hkh[_ggh gZqbgZxs_]h Qlh `_
^_ckl\bl_evghke_^m_l^_eZlvdh]^Zdeb_gl ieZq_l" Ij_`^_ \k_]h g_ klhbl wlh]h im]Zlvky
Ke_au kh\k_f g_ h[yaZl_evgh k\b^_l_evkl\mxl h ly`_klb beb g_i_j_ghkbfhklb ]hjy
]h\hjys_]h ;he__ lh]h aZnbdkbjh\Z\ k\h_ \gbfZgb_ gZ ke_aZo gZqZ\ Zdlb\gh mkihdZb\Zlv
bebihdZaZ\g_j_rbl_evghklvikboheh]kdhj__\k_]h[m^_lkihkh[kl\h\Zlvmkbe_gbxieZqZ
Deb_glg_\hevghgZqg_lbkihevah\Zlv k\hc ieZq dZd kj_^kl\h \ha^_ckl\by gZ dhgkmevlZglZ
lj_[my ihfhsb b khqm\kl\by GZb[he__ dhgkljmdlb\gZy j_Zdpby dhgkmevlZglZ gZ ke_au
fh`_l \u]ey^_lv ke_^mxsbf h[jZahf dhgkmevlZgl kdZaZ\ g_kdhevdh keh\ \ ml_r_gb_
gZijbf_j <k_ [u\Z_l beb Y ^mfZx qlh \u ^hklZlhqgh kbevguc q_eh\_d qlh[u k wlbf
kijZ\blvkyijh^he`Z_l[_k_^mih^q_jdb\Zywlbfqlhke_au\ lZdhckblmZpbb_kl_kl\_ggu
bo g_aZq_f kdju\Zlv gh hgb g_ fh]ml ihkem`blv ij_iylkl\b_f [_k_^_ ?keb `_ deb_gl
`Zem_lkyqlh_fmljm^ghhl\_qZlvgZ\hijhkuklu^ghaZlhqlhhgieZq_l]emih\_^_lk_[y
b lidhgkmevlZglfh`_lij_^eh`blvij_j\Zlv[_k_^mgZh^gm²^\_fbgmluqlh[uq_eh\_d
mkihdhbeky]em[hdhih^urZeb l^Ihe_aghij_^eh`blvieZqms_fm[mfZ`gmxkZen_ldm ²
wlhl `_kl qZklh \hkijbgbfZ_lky dZd k\b^_l_evkl\h aZ[hlu b \gbfZgby kh klhjhgu
dhgkmevlZglZ
GZfij_^klZ\ey_lkyp_e_khh[jZaguf\u^_eblvg_kdhevdh\hafh`guo\ZjbZglh\`Zeh[
deb_glh\
Ijh[e_fZj_\ghklbIh^haj_gbyqlhiZjlg_jbaf_gy_ljZaex[beb lib jZaebqgu_
hkeh`g_gby hlghr_gbc \hkijbgbfZ_fu_ dZd ke_^kl\b_ wlh]h Ih^h[gZy `Zeh[Z [he__
oZjZdl_jgZ ^ey fheh^uo deb_glh\ k wlbf fh]ml h[jZlblvky \ dhgkmevlZpbx dZd ex^b
khklhysb_\ [jZd_lZdb l_dlhebrvkh[bjZ_lkyih`_gblvky
KblmZpbydh]^Zbaf_gZbebhoeZ`^_gb_\ hlghr_gbyoy\ey_lkyg_ij_^iheh`_gb_f
deb_glZZ k\_jrb\rbfkynZdlhfh q_fk\b^_l_evkl\mxlg_hijh\_j`bfu_^hdZaZl_evkl\Z<
lZdhf kemqZ_ ijbqbghc h[jZs_gby fh`_l [ulv dZd klj_fe_gb_ \h qlh [u lh gb klZeh
\ha\jZlblv iZjlg_jZ lZd b ljm^ghklv ijbgylby kh[kl\_ggh]h j_r_gby \ kblmZpbb dh]^Z
hghgZ \_jgmeky h[jZlgh ijhkbl qlh[u _]h__ ijhklbeb b ijbgyeb Z deb_gl aZljm^gy_lky
^Zlv dZdhceb[h hij_^_e_gguc hl\_l g_ agZ_l klhbl eb ijhsZlv klhbl eb ^h\_jylv
ij_^Zl_ex
Ijh[e_fu k\yaZggu_ k jZa\h^hf Hkh[_ggh qZklh dhgkmevlZgl \klj_qZ_lky kh
kemqZyfbdh]^Zh[jZlb\rbcky\ dhgkmevlZpbxkmijm]g_y\ey_lky_]hbgbpbZlhjhfjZkl_jyg
b ih^Z\e_g ijhbkoh^ysbf KblmZpby jZa\h^Z fh`_l [ulv k\yaZgZ k jZaebqgufb aZijhkZfb
deb_glZdZdk^_eZlvlZdqlh[uiZjlg_jg_kfhljygbgZqlh\_jgmekydZdjZah[jZlvkyqlh
bf_ggh ijb\_eh d jZa\h^m qlh[u ba\e_qv ^ey k_[y mjhdb gZ [m^ms__ beb dZd gZdZaZlv
iZjlg_jZaZkemqb\r__kydZdhlhfklblv_fm_c
Keh`ghklv kblmZpbb jZa\h^Z ijb\h^bl lZd`_ d g_h[oh^bfhklb h[km`^_gby
k\yaZgguo k gbf ki_pbnbq_kdbo ijh[e_f dZd ^_eblv bfms_kl\h dZd dhglZdlbjh\Zlv k
h[sbfb^jmavyfbqlhb dZd]h\hjblv^_lyfb l^
Ihbkdijbqbgbaf_gubebhoeZ`^_gby
Ijh[e_fZ nhjfmebjh\Zgby hl\_lkl\_gghklb deb_glZ aZ ijhbkoh^ys__ y\ey_lky
hkgh\ghc aZ^Zq_c dhgkmevlZglZ \ [hevrbgkl\_ mdZaZgguo \ur_ kemqZ_\ Gh hkh[_ggh wlh
ZdlmZevgh lh]^Z dh]^Z h[jZlb\rbcky \ dhgkmevlZpbx ohq_l \_jgmlv iZjlg_jZ JZ[hq_c
nhjfmehcikboheh]Z\ lZdhckblmZpbbfh`_l[ulvml\_j`^_gb_
?keb \u ohlbl_ qlh[u iZjlg_j d \Zf \_jgmeky \u ^he`gu ihgylv qlh \u kZfb
dhgdj_lgh^_eZeblZdh]hbaaZq_]hhghgZihdbgme\Zk
Dhg_qgh mklZgh\dZ gZ ijbgylb_ \bgu b hl\_lkl\_gghklb aZ ijhbkoh^ys__ g_e_]dh
^Z_lky deb_glZf Djhf_ lh]h g_j_^dh \ ih^h[guo kblmZpbyo _klv m^h[guc ^jm]hc gZ
dhlhjh]h fh`gh k\Zeblv \bgm ² wlh hgZhg m\_eZ fh_]h fm`Z`_gm QZklh deb_gl k
m^h\hevkl\b_fb aehjZ^kl\hfjZkkdZau\Z_lh[wlhf^jm]hfdZddh\ZjghhghgZk_[y\_^_l
dZdh\u g_]Zlb\gu_ ihke_^kl\by hlghr_gbc k gbfg_c ² hg hiylv gZqZe iblv m g__ kgh\Z
g_ijbylghklbgZjZ[hl_b l^DhgkmevlZglmg_h[oh^bfh\ukemrZlvjZkkdZah[wlhf^jm]hf
^eylh]hqlh[ujZah[jZlvky\ kblmZpbbghdeb_glmk kZfh]hgZqZeZg_h[oh^bfh^Zlvihgylv
qlh ijhbkr_^r__ g_ kemqZcghklv Z agZd lh]h qlh \ hlghr_gbyo kmijm]h\ ^_ckl\bl_evgh
[uehqlhlhg_lZdqlhihkem`behlheqdhfd mom^r_gbxbebjZaju\mhlghr_gbc
Ohq_lky ih^q_jdgmlv qlh mdZaZggh_ h[klhyl_evkl\h hlgx^v g_ y\ey_lky ijhklh
Z[kljZdlguf ml\_j`^_gb_f GZ hkgh\Zgbb k\h_c fgh]he_lg_c ijZdlbdb b ijZdlbdb dhee_]
fh]m k m\_j_gghklvx kdZaZlv qlh gbdh]^Z g_ \klj_qZeZkv kh kemqZyfb dh]^Z moh^ b
hoeZ`^_gb_ \ hlghr_gbyo g_\hafh`gh [ueh h[tykgblv ba eh]bdb kZfbo hlghr_gbc
iZjlg_jh\ Ijbq_f h[uqgh m`_ gZ hkgh\Zgbb kZfh]h ih\_joghklgh]h jZkkdZaZ klZgh\blky
hq_\b^ghqlh^jm]hfmg_ijhklhq_]hlhg_o\ZlZehZ _]hdZd[uihklhyggh\uibob\Zebba
k_fvb ijh\hpbjh\Zeb gZ moh^ beb baf_gm < dZq_kl\_ beexkljZpbb ijb\_^_f ke_^mxsbc
kemqZc
Fheh^Zy`_gsbgZh[jZlbeZkv\ dhgkmevlZpbxihih\h^mbaf_gufm`ZIh__ keh\Zf
m gbo \k_]^Z [ueZ b^_ZevgZy k_fvy Kmijm]b ijh`beb \f_kl_ k_fv e_l hgb ohjhrh
fZl_jbZevgh h[_ki_q_gu bf_xl hl^_evgmx d\Zjlbjm m gbo iylbe_lgyy ^hqv dhlhjmx ih
keh\Zfdeb_gldbhl_ph[h`Z_lHgbihqlbgbdh]^Zg_kkhjbebkvfgh]h\j_f_gbijh\h^beb
\f_kl_ hdjm`Zxsb_ kqblZeb bo b^_Zevghc iZjhc B \hl baf_gZ Fm` gZqZe j_`_
ijboh^blv ^hfhc klZe jZa^jZ`bl_e_g Z kimkly g_dhlhjh_ \j_fy ihqlb [_a gZ`bfZ kh
klhjhgu`_gujZkkdZaZeqlhm g_]h_klv^jm]ZyDeb_gldZg_^hmf_\Z_l\bguk\h_cg_\b^bl
gb \q_f
Gh \hl jZkkdZau\Zy h k\h_c jZaemqgbp_ hgZ ih^q_jdb\Z_l D lZd \uau\Zxs_ k_[y
\_^_l aZb]ju\Z_l k fm`qbgZfb ?kl_kl\_ggh m dhgkmevlZglZ ihy\ey_lky \hijhk h __
kh[kl\_gguok_dkmZevguohlghr_gbyok fm`_fDeb_gldZg_hohlghkhh[sZ_lqlhk __lhqdb
aj_gbyfm`bf_ggh\ wlhckn_j_\_ek_[yg_ijZ\bevghg_^hklZlhqghfm`_kl\_gghqlhhgZ
g_ jZa ijb\h^beZ _fm \ ijbf_j ^jm]bo fm`qbg dhlhju_ ih __ fg_gbx ]hjZa^h [he__
dhfi_l_glgu \ wlhf q_f hg Hq_\b^gh qlh lZdh_ ih\_^_gb_ fh`_l [ulv jZkp_g_gh
ikboheh]hf dZd ijh\hpbjh\Zgb_ kmijm]Z gZ baf_gm \_^v _^bgkl\_ggh_ qlh \ ih^h[ghc
kblmZpbbfh`_lk^_eZlvfm`qlh[u^hdZaZlv`_g_qlhhgg_lZdm`iehodZdk_dkmZevguc
iZjlg_j ² wlh\klmiblv\ ^jm]b_k_dkmZevgu_hlghr_gby
Dh]^ZdhgkmevlZgl\ k\hxhq_j_^vkijhkbem deb_gldbihq_fmk kZfh]hgZqZeZdh]^Z
j_qv reZ h f_`ebqghklguo hlghr_gbyo kmijm]h\ hgZ g_ jZkkdZaZeZ h dhgnebdlZo \ wlhc
kn_j_ihke_^h\Zehl\_l^hklZlhqghoZjZdl_jguc^eyih^h[guokblmZpbc<hi_j\uowlhb
g_[uehdhgnebdlhfijhklhy _fm]h\hjbeZZ hgfg_^Z`_gbq_]hg_\hajZ`ZeZ ihlhffg_
gbdh]^Zg_dZaZehkvqlhwlh^eyk_f_cghc`bagb\hh[s_\Z`gh
Ihgylgh qlh gZclb ijh[e_fgu_ lhqdb \ k_fv_ dh]^Z deb_gl iulZ_lky ij_^klZ\blv
kms_kl\h\Z\rb_hlghr_gbydZdg_qlhb^_Zevgh_g_lZdijhklh>eylh]hqlh[ujZah[jZlvky
\ wlhf dhgkmevlZglm dZd b \ [hevrbgkl\_ ^jm]bo kemqZ_\ h[jZs_gby ke_^m_l gZqZlv k
jZkkijhkZ h lhf dZd \hh[s_ kdeZ^u\Zebkv hlghr_gby \ k_fv_ \hagbdZeb eb dh]^Zeb[h
kkhju b dhgnebdlu dh]^Z b \ k\yab k q_f wlh kemqZehkv b l^ Bkoh^y ba kh^_j`Zgby
ij_^u^msbo ]eZ\ hq_\b^gu b ^Zevg_crb_ rZ]b \ wlhf gZijZ\e_gbb ² dhgdj_lbaZpby
h[gZjm`_gguo lhq_d jZagh]eZkbc nhjfmebjh\Zgb_ \f_kl_ k deb_glhf dZd b q_f hg
kihkh[kl\h\Ze jZajmr_gbx hlghr_gbc Z aZl_f dhgkljmbjh\Zgb_ \f_kl_ k gbf \hafh`gh]h
ihablb\gh]h ih\_^_gby \ lZdbo kblmZpbyo Ihkdhevdm \ ij_^u^msbo ]eZ\Zo fu m`_
h[km`^Zeb wlb rZ]b a^_kv hkgh\gh_ \gbfZgb_ [m^_l m^_e_gh ki_pbnbd_ ^Zggh]h lbiZ
h[jZs_gbc
DZd\_jgmlviZjlg_jZ
Ihkdhevdm qZs_ \k_]h \ jZa[bjZ_fhf deZkk_ kblmZpbc aZijhk a\mqbl dZd Ihfh]bl_
fg_ \_jgmlv _]h __ dhgkmevlZgl ^he`_g lZd beb bgZq_ dhkgmlvky \ h[km`^_gbb qlh
dhgdj_lgh b dZd fh`_l k^_eZlv deb_gl ^ey lh]h qlh[u iZjlg_j \_jgmeky ?kl_kl\_ggh
]ZjZglbjh\Zlv b h[_sZlv wlh]h g_evay gh hij_^_e_ggu_ rZ]b \ ^Zgghf gZijZ\e_gbb fh]ml
[ulv ij_^ijbgylu G_h[oh^bfh mqblu\Zlv qlh \h fgh]bo kblmZpbyo hlghr_gby f_`^m
[u\rbfbiZjlg_jZfbm`_gZklhevdhgZlygmluZ qZklhb iheghklvxij_djZs_guqlh^Z`_\
kemqZ_ _keb kljZklgh `_eZxsbc \ha\jZs_gby kmijm]Z q_eh\_d iheghklvx baf_gblky
^jm]hfm g_ lZd ijhklh [m^_l aZf_lblv wlh L_f g_ f_g__ \ ex[hc kblmZpbb klhbl
ihijh[h\Zlv hkh[_ggh _keb deb_gl kljZklgh `_eZ_l wlh]h b m\_jy_l qlh ]hlh\ ihclb
[md\ZevghgZ\k_
Ih gZr_fm fg_gbx gZeZ`b\Zgb_ hlghr_gbc k iZjlg_jhf fh`gh ij_^klZ\blv dZd
ijhp_kkkhklhysbcbajy^ZwlZih\
Ij_`^_ \k_]h deb_glm g_h[oh^bfh ij_djZlblv ex[u_ g_]Zlb\gu_ \uoh^db b
\uiZ^uijhlb\iZjlg_jZdhlhju_d kh`Ze_gbxg_h[uqZcghqZklh\klj_qZxlky\ ih^h[guo
kblmZpbyo < qbke_ lZdbo g_]Zlb\guo ijhy\e_gbc ² ke_`dZ aZ iZjlg_jhf ijh\_jhqgu_
a\hgdb ihiuldb \klj_lblvky b ih]h\hjblv k dh\Zjghc uf jZaemqgbp_cdhf h[tykgblv
qlh___]hihklmihdg_^himklbf ² jZajmr_gZk_fvyb l^Hq_\b^ghqlhlZdh_ih\_^_gb_g_
fh`_l kihkh[kl\h\Zlv ^hklb`_gbx aZ\_lghc p_eb ² \ha\jZs_gbx iZjlg_jZ B qlh[u
m[_^blv deb_glZ \ wlhf [u\Z_l ^hklZlhqgh \hijhkh\ lbiZ DZd \u ^mfZ_l_ dZdh_
\i_qZle_gb_\ j_amevlZl_k\hbo^_ckl\bc\uijhba\h^bl_gZiZjlg_jZfh`_l\Zfwlhj_Zevgh
ihfhqv\_jgmlv_]h__bebg_l"
D kh`Ze_gbx g_j_^dh g_]Zlb\gu_ ^_ckl\by deb_glZ ghkyl ihgZklhys_fm
g_Z^_d\Zlguc b jZajmrbl_evguc oZjZdl_j LZdh\u gZijbf_j ihiuldb gZljZ\blv gZ
baf_ggbdZjh^kl\_ggbdh\^jma_c^_l_cdhlhju_ihaZfukemdeb_glZ^he`gu^hdZaZlv_fm
_cdZdg_ijZ\bevghhghgZihklmiZ_l< wlhfkemqZ_ikboheh]mke_^m_lih]h\hjblvh lhfqlh
^ZggZyijh[e_fZ ² wlhijh[e_fZ^\hbo^jm]b_ex^bg_lhevdhg_fh]mlk_jv_aghih\ebylv
gZ kblmZpbx gZijhlb\ rbjhdZy h]eZkdZ b \h\e_q_gb_ \ dhgnebdl ^jm]bo fh]ml ebrv
\ua\Zlv jZa^jZ`_gb_ b aehklv iZjlg_jZ D lhfm `_ hihjZ gZ ^jm]bo ² wlh \k_]^Z
k\b^_l_evkl\h keZ[hklb kZfh]h deb_glZ qlh \jy^ eb [m^_l kihkh[kl\h\Zlv _]h__
ijb\e_dZl_evghklb\ ]eZaZomr_^r_]hkmijm]Z
<klj_qZxsb_ky \ZjbZglu ih\_^_gby \_kvfZ jZaebqgu < dZq_kl\_ ijbf_jZ djZcg_
^_kljmdlb\gh]h ih\_^_gby ijb\_^_f kemqZc dhlhjuc y\ey_lky g_khfg_gguf ^hklhygb_f
wihobaZklhygh\ lh`_\j_fygZ]ey^gh^_fhgkljbjm_lgZkdhevdhq_eh\_dfh`_lihl_jylv
]heh\m\ kemqZ_baf_guiZjlg_jZ
< dhgkmevlZpbxh[jZlbeZkvfheh^Zy`_gsbgZ ² `_gZ\h_ggh]h\ fhf_glh[jZs_gby
h[mqZ\r_]hky \ \h_gghc ZdZ^_fbb A^_kv \ Fhkd\_ gZ kihjlb\guo lj_gbjh\dZo hg
ihagZdhfbekyk `_gsbghc^h\hevghkdhjhm gbogZqZekyjhfZgh dhlhjhfhl^jma_cmagZeZ
`_gZ >Z`_ g_ m[_^b\rbkv \ lhf gZkdhevdh k_jv_aguf ^ey fm`Z y\ey_lky wlh m\e_q_gb_
deb_gldZ klZeZ ibkZlv ibkvfZ \h_gghfm gZqZevkl\m kmijm]Z k ijhkv[hc ih\ebylv gZ g_]h b
\_jgmlv\ ehghk_fvbHgZm`_mki_eZih]h\hjblvh[wlhfk iZjlhj]hfZdZ^_fbbk dmjZlhjhf
dmjkZ Z l_i_jv ijbreZ aZ ihfhsvx b d ikboheh]m ?kl_kl\_ggh qlh ke_^kl\b_f wlbo
jZa]h\hjh\klZebijh[e_fum fm`Z ih kem`[_ GZijbf_j _keb jZgvr_ ij_^iheZ]Zehkv qlh
ih hdhgqZgbb ZdZ^_fbb hg hlijZ\blky kem`blv aZ ]jZgbp_c lh l_i_jv h lZdhf \u]h^ghf
gZagZq_gbb g_ fh]eh [ulv b j_qb H[b`_gguc b hkdhj[e_gguc kmijm] i_j_klZe h[jZsZlv
\gbfZgby gZ`_gm b jZa]h\Zjb\Zlv k g_c Gh \k_ wlh g_ ijb\_eh __ d fukeb h lhf qlh hgZ
o\ZlbeZ q_j_a djZc Ijb^y gZ ijb_f d ikboheh]m deb_gldZ gZ^_yeZkv qlh fm`Z lZd`_
\uah\mlkx^Zb h[tykgylgZmqghqlh[jhkZlvk_fvxb baf_gylv`_g_g_ke_^m_l
Djhf_ kblmZpbb hibkZgghc \ur_ kms_kl\m_l fgh`_kl\h [he__ jZkijhkljZg_gguo
f_edbo b gZ i_j\uc \a]ey^ [he__ [_ah[b^guo kihkh[h\ ih\_^_gby dhlhju_ l_f g_ f_g__
\_^ml d jZajmrbl_evguf ihke_^kl\byf GZijbf_j fgh]b_ kdehggu ^_fhgkljZlb\gh g_
aZf_qZlviZjlg_jZjZa]h\Zjb\Zlv\ gZf_j_ggh jZa^jZ`_gghf lhg_ \kyq_kdbbjhgbabjh\Zlv
Y ^mfZx l_[y wlh l_i_jv g_ bgl_j_km_l beb Qlhlh lu k_]h^gy jZgh ijbreZ Hkh[_ggh
\Z`gh h[km^blv lh dZd kemqb\r__ky ij_ih^ghkblky ^_lyf h[ bgl_j_kZo dhlhjuo jh^bl_eb
qZklh aZ[u\Zxl \ lZdhc kblmZpbb b gZqbgZxl bkihevah\Zlv bo \ dZq_kl\_ hjm`by \ k\h_c
[hjv[_
Dhg_qgh deb_glm ljm^gh ihgylv qlh y\ey_lky g_]Zlb\guf b ^_kljmdlb\guf \ _]h
ih\_^_gbbZ l_f[he__hldZaZlvkyhlwlh]hQZklhgZlZdh_ij_^eh`_gb_ikboheh]ZjZa^Zxlky
\hajZ`_gbylbiZ
AZ qlh `_ fg_ d g_fm ohjhrh hlghkblvky" HgZ \bgh\ZlZ i_j_^h fghc >ey lh]h
qlh[u i_j_hjb_glbjh\Zlv deb_glZ gZ [he__ dhgkljmdlb\gh_ ih\_^_gb_ [u\Z_l ihe_agh
gZihfgblv h _]h kh[kl\_gghc hl\_lkl\_gghklb aZ ijhbkr_^r__ \ hlghr_gbyo kmijm]h\ Z
lZd`_h lhfqlhhgkZfohq_l\_jgmlviZjlg_jZZ wlhlijhp_kkg_\hafh`_g[_a`_jl\
Kgylb_g_]Zlb\guofhf_glh\\h\aZbfh^_ckl\bbk iZjlg_jhf ² ebrvi_j\ucrZ]
Ke_^mxsbc wlZi ² gZeZ`b\Zgb_ hlghr_gbc ohly [u gZ dZdhflh imklv gZ i_j\uo ihjZo
qbklh^biehfZlbq_kdhfmjh\g_LZddeb_glm\f_klhoheh^guob ya\bl_evguoaZf_qZgbc
ke_^m_l ihklZjZlvky [ulv fZdkbfZevgh ^jm`_ex[guf b ijb\_leb\uf Lhevdh lZd kmijm]
kfh`_l g_ lhevdh m\b^_lv qlh \ ih\_^_gbb deb_glZ ijhbahreb dZdb_lh baf_g_gby gh b
ihqm\kl\h\Zlvqlhihke_^gbc]hlh\gZijbfbj_gb_gZeZ`b\Zgb_hlghr_gbc<Z`ghqlh[u
ih\_^_gb_ deb_glZ kgh\Z klZeh ijb\e_dZl_evguf ijbh[j_eh p_gghklv b m\Z`_gb_ \ ]eZaZo
^jm]h]h qlh[u hg hgZ ihqm\kl\h\Ze qlh _]h g_ lhevdh g_ hkm`^Zxl b g_ deygml aZ
ijhbkr_^r__ghb p_gylkdmqZxlf_qlZxlh \klj_q_b l^Ijb\_^_fijbf_jihablb\gh]h
jZa\blbyih^h[ghckblmZpbb
Deb_gldZ ^ebl_evgh_ \j_fy \klj_qZeZ e_^yguf fheqZgb_f fm`Z dhlhjuc mr_e d
^jm]hc`_gsbg_b ^\ZjZaZ\ g_^_exijboh^begZ\_klblv^_l_cGhj_rb\qlh^_ckl\bl_evgh
]hlh\Z k^_eZlv \k_ qlh[u hg \_jgmeky hgZ iheghklvx i_j_f_gbeZ ih\_^_gb_ HgZ klZeZ
]hlh\blvky d \klj_q_ ijb]eZrZlv fm`Z iblv qZc dhjfblv m`bghf hl dhlhjh]h hg \gZqZe_
hldZau\Zeky gh ihlhf klZe kh]eZrZlvky Wlb kh\f_klgu_ m`bgu b qZ_iblby iha\hebeb
kmijm]Zf gZqZlv [_k_^h\Zlv ^jm] k ^jm]hf lZd dZd hgb m`_ g_ jZa]h\Zjb\Zeb \ l_q_gb_
fgh]bo e_l Hgb dZd [m^lh kgh\Z klZeb magZ\Zlv ^jm] ^jm]Z b bo hlghr_gby ihkl_i_ggh
gZqZebgZeZ`b\Zlvky
JZamf__lky\ha\jZs_gb_mr_^r_]hgZeZ`b\Zgb_hlghr_gbc^Ze_dhg_]ZjZglbjh\Zgh
deb_glm B _kl_kl\_ggh qlh b^y gZ `_jl\u \h fgh]hf ij_h^he_\Zy k_[y hg ohq_l ihgylv
gZkdhevdh\_jhylgh\ha\jZs_gb_iZjlg_jZ>Zlvlhqguchl\_lgZwlhl\hijhkg_fh`_lgbdlh
L_f g_ f_g__ dhgkmevlZglm \f_kl_ k deb_glhf ke_^m_l ijhZgZebabjh\Zlv ih\_^_gb_
`_gufm`Z ihiulZlvky jZah[jZlvky \ lhf gZkdhevdh ___]h baf_gZ beb moh^ y\eyxlky
k\b^_l_evkl\hf k_jv_agh]h gZf_j_gby ihj\Zlv hlghr_gby H[gZ^_`b\Zxsb_ ijbagZdb
fh]ml [ulv \_kvfZ jZaghh[jZagufb ² wlh a\hgdb ihiuldb \klj_lblvky b h[tykgblvky
hklZ\e_ggu_ \ d\Zjlbj_ \_sb b h[uqgh deb_glu ijhklh g_ aZf_qZxl bo :f[b\Ze_glghklv
\u[hjZ²jZkijhkljZg_ggZyq_jlZq_eh\_q_kdh]hih\_^_gbyb kwlhclhqdbaj_gbym l_odlh
^_ckl\bl_evghohq_lwlh]h\k_]^Z_klvk_jv_agucrZgk\_jgmlvmr_^r_]h
< ^_ckl\bl_evghklb moh^ baf_gZ hoeZ`^_gb_ ² wlh ebrv rZ] d ij_djZs_gbx
hlghr_gbc ij_j\Zlv `_ bo \ ijbgpbi_ ^hklZlhqgh ljm^gh hkh[_ggh dh]^Z k gbfb k\yaZgZ
agZqbl_evgZyqZklv`bagbZ ihdb^Z_fuckmijm]\uau\Z_lg_lhevdhg_gZ\bklvb ^hkZ^mghb
\hkihfbgZgby h ijbylguo fbgmlZo \ ijhrehf ihij_`g_fm p_g_g dZdbfblh k\hbfb
ebqghklgufbdZq_kl\Zfbb q_jlZfb
Bf_gghwlZ^ebl_evghklvljm^ghklvijbgylbyj_r_gbyh[hdhgqZl_evghfmoh^_^ey
fgh]bo Z\lhjh\ aZgbfZxsboky ijh[e_fhc jZa\h^Z b jZkklZ\Zgby ihkem`beZ hkgh\Zgb_f
]h\hjblvh[wlhfg_dZdh nZdl_Z dZdh ijhp_kk_khklhys_fbafgh`_kl\ZjZaebqguonZa\
oh^_ dhlhjh]h hoeZ`^_gby q_j_^mxlky kh klj_fe_gb_f d [ebahklb :e_rbgZ X? /HYLQJHU* Wlh\ dhg_qghfkq_l_b h[_ki_qb\Z_lrZgkudeb_glZ
Dhg_qgh^eylh]hqlh[u^jm]hc\ha\jZlbekybebihj\Zegh\u_hlghr_gbydeb_gl
^he`_g ij_`^_ \k_]h gZ[jZlvky l_ji_gby >Z`_ _keb hghgZ kdehg_g d wlhfm j_r_gb_
^he`gh khaj_lv qlh[u \hiehlblvky \ ^_ckl\by QZklh i_j_^ deb_glhf ihgy\rbf b
ijbgy\rbfg_ijZ\hf_jghklvk\h_cij_`g_cihabpbbihhlghr_gbxd iZjlg_jmb ]hlh\ufd
baf_g_gbyf\ hlghr_gbyoklhbl\_kvfZk_jv_agZyijh[e_fZdZdk^_eZlvlZdqlh[uh[wlhf
magZeb iZjlg_j<_^vqZklh\ fhf_glijboh^Z\ dhgkmevlZpbxdhglZdludeb_glZk kmijm]hf
\_kvfZ h]jZgbq_gu b ^Z`_ _keb kmijm]b ijh^he`Zxl `blv \f_kl_ h[uqgh hgb fZeh
khijbdZkZxlky^jm]k ^jm]hf
J_r_gb_wlhc ijh[e_fu \h fgh]hf aZ\bkbl hl Zdlb\ghklb kZfh]h deb_glZ Ih`Zemc
kZfuc m^Zqguc \ZjbZgl ² ^h\_jbl_evguc jZa]h\hj f_`^m iZjlg_jhf b deb_glhf
bgbpbZlhjhfdhlhjh]h^he`_gklZlvihke_^gbcP_evlZdh]hjZa]h\hjZ ² jZkkdZah lhfdZd
hgl_i_jvhp_gb\Z_lkh\f_klgmx`bagvb hlghr_gby\ q_f\b^blk\hx\bgmaZijhbkr_^r__
hoeZ`^_gb_ ;hevrh_ agZq_gb_ \ lZdhf jZa]h\hj_ fh`_l bf_lv jZkkdZa h kh[kl\_gguo
qm\kl\Zo b i_j_`b\Zgbyo deb_glZ h lhf dZd hg ex[bl b `^_l kmijm]Z dZd ]hlh\ gZ
h[gh\e_gb_hlghr_gbcb l^
Ijh\_klblZdhcjZa]h\hjg_ijhklhBf_gghihwlhfmikboheh]fh`_lihfhqvdeb_glm
h[km^b\ qlh b dZd hg fh`_l b ohq_l kdZaZlv QZklh ijb wlhf q_eh\_dm [u\Z_l ljm^gh
hldZaZlvky hl h[\bgbl_evguo b bjhgbq_kdbo \ukdZau\Zgbc \ Z^j_k ^jm]h]h DhgkmevlZglm
ke_^m_l\gbfZl_evgh\ukemrZlvkh[_k_^gbdZijbg_h[oh^bfhklbdhff_glbjmyG_dZ`_lky
eb\ZfqlhlZdbfh[jZahf\uhiylv_]hh[\bgy_l_beb<um`_]h\hjbeb_cwlhfgh`_kl\h
jZa \jy^ eb bf__l kfuke ih\lhjylvky G_j_^dh \ k\yab k ieZgbjh\Zgb_f jZa]h\hjZ
ijboh^blkyaZgh\hih\lhjblv\k_lhqlhm`_[uehijh]h\hj_gh\ oh^_dhgkmevlZpbb ghg_
klhbl jZkp_gb\Zlv wlh dZd k\b^_l_evkl\h g_wnn_dlb\ghklb dhgkmevlZpbb q_eh\_dm g_ lZd
e_]dh i_j_kljhblvky ^Z`_ _keb hg \gmlj_gg_ iheghklvx kh]eZk_g k g_h[oh^bfhklvx
i_j_f_g
GZ\_jgh_kZfZyljm^gZyqZklvjZa]h\hjZk\yaZgZkhkl_i_gvx ]hlh\ghklbdeb_glZ g_
lj_[h\Zlv hl ^jm]h]h g_f_^e_ggh]h j_r_gby Z `^Zlv ihdZ hghgZ kZf _]h ijbf_l ijbq_f
`^Zlv g_hij_^_e_gguc kjhd Gh bf_ggh \ujZ`_gb_ lZdhc ]hlh\ghklb hkh[_ggh \Z`gh
ihkdhevdm ^hdZau\Z_l ijhbkr_^rb_ \ deb_gl_ i_j_f_gu Ihe_agh h[km^blv b lh dZd b ]^_
lZdhcjZa]h\hjfh`_lkhklhylvkyKZfucijhklhc\ZjbZgl ² ijb]eZkblvkmijm]Z\klj_lblvky
b ih]h\hjblv gh bgh]^Z iZjlg_j gZklhevdh gZim]Zg ij_^r_kl\h\Z\rbfb ^_ckl\byfb qlh
[hblky kh]eZrZlvky gZ \klj_qm < lZdhc kblmZpbb g_h[oh^bfh gZclb kihkh[ \k_ `_
hj]Zgbah\Zlv jZa]h\hj g_ gZ^_ykv gZ kemqZcgmx \klj_qm beb klj_fe_gb_ hleh\blv ]^_
gb[m^vkmijm]ZJZa]h\hj\ g_m^h[gh_\j_fyb \g_m^h[ghff_kl_kdhj__hlim]g_liZjlg_jZ
q_fihfh`_l_fm_c^_ckl\bl_evghihgylvb ihqm\kl\h\Zlvdeb_glZ
Ljm^ghklbijhs_gby
G_j_^dhkZfnZdlk_dkmZevghcbaf_guy\ey_lky^eydeb_glZk_jv_agufij_iylkl\b_f
gZ imlb d ijbfbj_gbx b ijhs_gbx ohly dhg_qgh jZagu_ ex^b hlghkylky d wlhfm ih
jZaghfmIhgylghqlhp_evxikboheh]Zg_y\ey_lkybaf_g_gb_\a]ey^h\gZ`bagvdZdbfb[u
hgb gb [ueb Gh bgh]^Z bf_ggh wlb \a]ey^u f_rZxl deb_glm gZeZ^blv hlghr_gby k
iZjlg_jhf k^_eZlv l_ rZ]b dhlhju_ hg ]hlh\ b hq_gv ohq_l k^_eZlv < lZdhc kblmZpbb
ijboh^\ dhgkmevlZpbxfh`_l[ulvk\h_h[jZaghcijh\_jdhcfh`gh_]h__ aZwlhijhklblv
beb g_l DhgkmevlZglm ke_^m_l ihfhqv deb_glm ihkfhlj_lv gZ ijhbkoh^ys__ ih^ ^jm]bf
m]ehfk^_eZlv_]hhlghr_gb_d ijhbkr_^r_fm[he__]b[dbfb jZpbhgZevgufK wlhcp_evx
klhblij_`^_\k_]hijhZgZebabjh\Zlv\f_kl_k deb_glhfgZq_fkh[kl\_ggh[Zabjm_lky_]h
lhqdZaj_gbygZkdhevdhk_jv_agu__ hkgh\Zgby
Kms_kl\m_ljy^\hafh`guohiZk_gbck\yaZgguok baf_ghc
kljZo qlh ijhs_gguc iZjlg_j [m^_l kqblZlv k_[y \ijZ\_ baf_gylv kgh\Z b kgh\Z
m\_j_gghklvqlhgZklhysbcfm`qbgZ`_g rbgZgbdh]^Zwlh]hg_ijhklblhiZk_gb_qlh
hghgZg_[m^_lm\Z`Zlvq_eh\_dZdhlhjucijhklbelZdh_>eylh]hqlh[uih^\_j]gmlvwlb
ml\_j`^_gby djblbq_kdhfm ZgZebam ^hklZlhqgh h[km^blv \f_kl_ k deb_glhf ihq_fm
ijhs_gb_ijhy\e_gb_\_ebdh^mrbyfh`_l\ua\Zlvm ^jm]h]h`_eZgb_baf_gylv_s_bebg_
m\Z`Zlv ijhklb\r_]h A^_kv fh`gh gZihfgblv qlh ijhsZ_l \k_]^Z kbevguc Z g_ keZ[uc
ihkdhevdm ijhs_gb_ ² wlh Zdl fm`_kl\Z dhlhjuc gZh[hjhl aZkem`b\Z_l m\Z`_gby b
\hkobs_gby
QZklh deb_glu ml\_j`^Zxl qlh \k_ qlh bf ijbrehkv i_j_`blv ² kljZrgh_
mgb`_gb_WlhlZd`_fh`ghih^\_j]gmlvdjblbq_kdhfmZgZebamqlhwlhaZmgb`_gb_\ q_f
hgh khklhbl Gh ih`Zemc ]eZ\guf ^h\h^hf \ ^Zgghf kemqZ_ fh`_l klZlv gZihfbgZgb_
deb_glmh _]hkh[kl\_gghc\bg_b hl\_lkl\_gghklbaZijhbkr_^r__h lhfqlhbaf_gZ ² g_
kemqZcghklvZ j_amevlZljZa\blbyhlghr_gbc
Ih^haj_gby\ baf_g_
Hkh[h ke_^m_l hlf_lblv kblmZpbb \ dhlhjuo baf_gZ hlgx^v g_ hq_\b^gZ Z ebrv
ij_^iheZ]Z_lky deb_glhf ijboh^ `_ \ dhgkmevlZpbx \ua\Zg `_eZgb_f ihgylv qlh bf_ggh
ijhbkoh^blk iZjlg_jhfAZ^ZqZdhgkmevlZglZ \gbfZl_evgh\ukemrZ\deb_glZ g_iulZlvky
jZah[jZlvky\f_kl_k gbf[uehwlhbebg_l_klvm kmijm]Zdlhlh^jm]hcbebg_lZ ihgylv
k q_f k\yaZgh gZ[ex^Zxs__ky hoeZ`^_gb_ \ hlghr_gbyo ihq_fm iZjlg_j klZe f_g__
\gbfZl_e_gb aZ[hleb\]jm[blb l^Ke_^m_llZd`_h[km^blvq_fwlmkblmZpbxfh]\ua\Zlv
kZfdeb_glb qlhhgfh`_lk^_eZlv^eyghjfZebaZpbbhlghr_gbc;u\Z_lqlhijbr_^r_]h\
dhgkmevlZpbx g_ lZd ijhklh m[_^blv \ lhf qlh kZf nZdl baf_gu g_ klhev \Z`_g dZd _]h
ijbqbgu ?keb `_ deb_gl mihjgh nbdkbjh\Zg gZ b^__ baf_gu lh ke_^m_l ihiulZlvky
jZah[jZlvky\ lhfaZq_f_fmwlhfh`_l [ulvgm`ghgZijbf_j\hafh`ghhg kZfohl_e [u
ihdbgmlv kmijm]Z b bs_l dZdhclh ih\h^ ^ey wlh]h beb hg lZdbf h[jZahf gZoh^bl
\hafh`ghklv ^hihegbl_evgh dhgljhebjh\Zlv k\h_]h kmijm]Z b mijZ\eylv bf b l^ < kemqZ_
g_h[oh^bfhklbwlZl_fZfh`_lklZlvhkgh\ghc\ oh^_dhgkmevlZpbb
;_ahl\_lgZyex[h\v
G_j_^dh \ dhgkmevlZpbx h[jZsZxlky aZ ihfhsvx ex^b dhlhju_ m`_ g_ gZ^_xlky
\_jgmlv k\hx ex[h\v bo \hegm_l ^jm]Zy ijh[e_fZ ² dZd `blv ^Zevr_ dZd jZaex[blv
_]h__dZdijbkihkh[blvky[_a\kydhcgZ^_`^ugZ\aZbfghklvQZklhaZijhkwlboex^_clZd
b nhjfmebjm_lkyDZdfg_`blv^Zevr_[_ag_]hg__fg_dZ`_lkyqlhfhy`bagvdhgq_gZ
Ihke_^kl\byihl_jbiZjlg_jZ[u\Zxl\_kvfZk_jv_agufb ² deb_glu`ZemxlkygZhlkmlkl\b_
kgZihklhyggh_iehoh_gZkljh_gb_h[hklj_gb_jZaebqguoojhgbq_kdbog_^m]h\b l^QZklh
boij_ke_^mxlb fukebh kZfhm[bckl\_?keblZdhc[md_lkbfilhfh\gZebphp_e_khh[jZagh
ih^dexqblv d jZ[hl_ ikbobZljZ beb g_\jhiZlheh]Z dhlhjuc fh`_l g_kdhevdh memqrblv
h[sbcnhgkhklhygbydeb_glZijhibkZ\\ g_[hevrbo^haZokhhl\_lkl\mxsb_e_dZjkl\_ggu_
ij_iZjZlu Gh ]eZ\gh_ qlh gm`gh ex^yf k ih^h[gufb ijh[e_fZfb ² wlh jZpbhgZevgZy
ih^^_j`dZ b mqZklb_ dhlhju_ emqr_ \k_]h fh`_l h[_ki_qblv ikboheh] DZd `_ fh`_l
\u]ey^_lvwlhikboheh]bq_kdh_e_dZjkl\hhlg_kqZklghcex[\b"
DZ`^ucq_eh\_dkljZ^Zyqm\kl\m_lk_[yh[_a^he_ggufb [jhr_ggufDeb_glm\Z`gh
ihqm\kl\h\Zlv qlh _]h i_j_`b\Zgby \ wlhc kblmZpbb g_ [_kkfuke_ggu \ gbo g_l gbq_]h
mgbabl_evgh]hb g_hijZ\^Zggh]hb klhblki_pbZevghih]h\hjblvh[wlhf
Kms_kl\m_l ih djZcg_c f_j_ ^\Z khh[jZ`_gby kihkh[guo ih\ukblv ^ey deb_glZ
p_gghklv kh[kl\_gguo kljZ^Zgbc Wlh ij_`^_ \k_]h fukev h lhf qlh ex[u_ kljZ^Zgby
h[eZ]hjZ`b\Zxl hqbsZxl ^mrm q_eh\_dZ lhfm dlh kljZ^Z_l hldju\Zxlky gh\u_ Zki_dlu
\aZbfhhlghr_gbc ihbghfm hkfukeb\Z_lky kh[kl\_ggZy `bagv b `bagv ^jm]bo
K\b^_l_evkl\Zwlh]hfh`ghk e_]dhklvxgZclb\ hiul_kljZ^Zxs_]h
>jm]hc Zki_dl dhlhjuc lZd`_ fh`_l [ulv a^_kv \Z`_g ² wlh ihgbfZgb_ p_gghklb
q_eh\_q_kdbo \aZbfhhlghr_gbc dZd lZdh\uo ijboh^ys__ d q_eh\_dm q_j_a i_j_`b\Zgb_
ihl_jb?keb[uihl_jy\_]h__\ug_i_j_`b\Zebihwlhfmih\h^mlhwlhagZqbeh[uqlh
ex[\b g_ kms_kl\m_l b q_eh\_q_kdb_ hlghr_gby g_ bf_xl gbdZdhc p_gghklb B^_y h lhf
qlhkljZ^ZgbyhieZqb\Zxlp_gghklvex[\bqZklhihfh]Z_ldeb_glZfkfbjblvkyk l_fqlhg_
i_j_`b\Zlvhgbg_fh]mlb wlhiha\hey_lbfhlg_klbkvd kh[kl\_ggufi_j_`b\ZgbyfdZdd
k\b^_l_evkl\mkihkh[ghklbihgZklhys_fmex[blvb qm\kl\h\Zlv
< ih^h[ghc kblmZpbb i_j_`b\Zgby deb_glZ qZklh \h fgh]hf hij_^_eyxl lh dZd
hj]Zgbah\ZgZ _]h `bagv Qm\kl\Z ihl_jb b ^hkZ^u k\yaZggu_ k moh^hf ex[bfh]h g_j_^dh
ijb\h^yld lhfmqlhq_eh\_dg_ohq_lgbdh]h\b^_lvm_^bgy_lkykhkj_^hlhqb\ZykvgZk\hbo
\hkihfbgZgbyo b fukeyo h [uehf AZ wlbf fh]ml klhylv ihemfbklbq_kdb_ ij_^klZ\e_gby
qlh fZdkbfZevgh dhgp_gljbjmykv gZ \haex[e_gghf dZd [u mkbeb_f \heb fh`gh aZklZ\blv
_]h__ \_jgmlvkybebqlhfukebb \hkihfbgZgbyh g_fg_cy\eyxlkykihkh[hfih^^_j`Zgby
g_dhc k\yab k gbfg_c Bgh]^Z `bagv lZdbo deb_glh\ iheghklvx jblmZebabjm_lky hgb
gZqbgZxl dZd aZ khehfbgdm ^_j`Zlvky aZ \_sb b ^_ckl\by k\yaZggu_ k ijhreuf LZd
gZijbf_j h^gZ h[jZlb\rZyky k ih^h[ghc ijh[e_fhc deb_gldZ ljb f_kypZ g_ f_gyeZ
ijhklugxgZihkl_ebgZdhlhjhchgZihke_^gbcjZakiZeZ\f_kl_k fm`_fmr_^rbfhlg__\
^jm]mxk_fvx
G_l kfukeZ ki_pbZevgh m[_`^Zlv deb_glZ \ Z[kmj^ghklb wlbo ^_ckl\bc hg kZf wlh
ij_djZkghagZ_lKdhj__hg^he`_gh^ghagZqghhl\_lblvgZijbgpbibZevguc\hijhkohq_l
eb hg ^_ckl\bl_evgh aZ[ulv ^jm]h]h beb `_ ]hlh\ ]h^Zfb `^Zlv b gZ^_ylvky qlh qlhlh
baf_gblkyDhg_qghwlhlhl\_lgm`_gij_`^_\k_]hg_dhgkmevlZglmZ kZfhfmdeb_glm^ey
lh]h qlh[u jZpbhgZevgh hp_gblv k\hx kblmZpbx ihgylv gZkdhevdh hkfuke_ggu \ g_c
kljZ^Zgbyb i_j_`b\ZgbyJ_r_gb_qlhgZ^_ylvkyg_gZqlhb g_aZq_fbebqlh]emihkb^_lvb
`^Zlv fbehklugx hl ^jm]h]h fh`_l ihfhqv q_eh\_dm \uclb ba ^_ij_kkbb
i_j_hjb_glbjh\Zlvkyk ijhreh]hgZgZklhys__
;hevrmx ihfhsv \ dhgkmevlbjh\Zgbb \ ih^h[guo kemqZyo fh`_l hdZaZlv j_hj]ZgbaZpby`bagbdeb_glZi_j_hjb_glZpby__ gZlhqlhfh`_lhl\e_qvhli_j_`b\Zgbcb
i_j_dexqblvgZqlhlhgh\h_
baf_g_gb_hlghr_gbck iZjlg_jhf
J_hj]ZgbaZpby`bagb
Hq_\b^gh qlh ijhklh j_dhf_g^Zpby hl\e_qvky gbq_f g_ ihfh`_l G_h[oh^bfh
ih^jh[gh_ h[km`^_gb_ b \u[hj lh]h qlh fh`_l [ulv bgl_j_kguf b hl\e_dZxsbf bf_ggh
^eywlh]hq_eh\_dZH]jhfgh_agZq_gb_ijbwlhfbf__ldjm]h[s_gbyG_h[oh^bfh\kihfgblv
^jma_cb agZdhfuo]^_b dZdh[uqghdeb_gl\klj_qZekyk gbfbqlhhgb^_eZebbeb^_eZxl
\f_kl_qlhhkh[_gghijbylgh[ueh^_eZlvjZgvr_< oh^_ijb_fZ[u\Z_lihe_aghgZf_lblvk
d_fb dZdklhbl\klj_lblvky\ [eb`Zcr__\j_fyqlhbgl_j_kgh]hb ijbylgh]hfh`ghk^_eZlv
dhfmiha\hgblvb aZclb
Hsms_gb_ [jhr_gghklb ex[bfuf qZklh ijb\h^bl d lhfm qlh q_eh\_dm gZqbgZ_l
dZaZlvky qlh hg \hh[s_ gbdhfm g_ gm`_g g_bgl_j_k_g kdmq_g LZdbo ex^_c ij_ke_^m_l
fukev qlh m \k_o _klv k\hy iZjZ h^bghdh]h `_ g_ ex[yl \hkijbgbfZxl dZd hiZkgh]h
dhgdmj_glZ beb ij_abjZxl G_kfhljy gZ ih^h[gu_ i_j_`b\Zgby \ jZa]h\hj_ h[uqgh
\uykgy_lkyqlhm deb_glZ_klvb h^bghdb_^jmavyb ih^jm]bdhlhju_[ueb[ujZ^u\klj_q_b
qvy km^v[Z gZihfbgZ_l gug_rgxx kblmZpbb ihkljZ^Z\r_]h Djhf_ ^jm`_kdbo k\ya_c
kms_kl\mxl b jZaebqgu_ dem[gu_ h[s_kl\_ggu_ jZa\e_dZl_evgu_ hj]ZgbaZpbb dhlhju_
fh]mlaZbgl_j_kh\Zlvq_eh\_dZb klZlvbklhqgbdhfgh\uo^jma_cb agZdhfkl\Bf__lkfuke
ki_pbZevgh h[km^blv k deb_glhf qlh \hh[s_ _fm gjZ\blky b bgl_j_kgh \ `bagb Z aZl_f
ihiulZlvkyih^h[jZlvih^oh^ysmxnhjfmZdlb\ghklb
;hevrmx jhev \ ijhp_kk_ \ha\jZs_gby d `bagb fh`_l ku]jZlv gZebqb_ m deb_glZ
^_l_c beb ex[bfhc jZ[hlu LZd ikboheh] fh`_l \ujZablv k\hx m\_j_gghklv \ lhf qlh
lZdZybgl_j_kgZyjZ[hlZg_hklZ\ey_l\j_f_gb^eyi_j_`b\Zgbcl_fkZfufih^^_j`b\Zyb
hjb_glbjmy _]h gZ ih]jm`_gghklv \ kh[kl\_ggmx `bagv b ^_eZ :i_eeypby d ^_lyf \ lZdhc
[_k_^_fh`_l[ulvhkh[_ggh\u]h^ghc
ex[hfm jh^bl_ex \Z`gh qlh[u ^_lyf [ueh ohjhrh Z jZa^jZ`bl_evguc
gZoh^ysbcky \ ^_ij_kkbb hl_pfZlv m]g_lZxs_ ^_ckl\m_l gZ j_[_gdZ Wlb ^h\h^u
dhgkmevlZgl fh`_l bkihevah\Zlv dZd _s_ h^bg klbfme ^ey lh]h qlh[u deb_gl ihklZjZeky
ijbclb\ k_[y
J_hj]ZgbaZpbyhlghr_gbck iZjlg_jhf
QZklh \_kvfZ g_]Zlb\gmx jhev mkm]m[eyxsmx khklhygb_ deb_glZ b]jZxl
ijh^he`Zxsb_ky\ lhcbebbghcnhjf_hlghr_gbyk [u\r_fiZjlg_jhfKhojZg_gb_lZdbo
hlghr_gbc ihjhc h[mkeh\e_gh g_h[oh^bfhklvx dh]^Z deb_gl ijh^he`Z_l `blv k [u\rbf
fm`_f`_ghc \ h^ghc d\Zjlbj_ m gbo _klv ^_lb aZ dhlhjufb lj_[m_lky moh^ b li gh
[u\Zxlb [he__kljZggu_kblmZpbbdh]^Zmr_^rbcfm``_gZihklhyggha\hgblij_^eZ]Z_l
ihfhsv kqblZy qlh hghgZ lZdbf h[jZahf h[e_]qZ_l i_j_`b\Zgby iZjlg_jZ ihfh]Z_l _fm
Ex[hcjZa]h\hjk m`_mr_^rbfiZjlg_jhffgh]bfbdeb_glZfb\hkijbgbfZ_lkydZdkhevgZ
jZgmghhldZaZlvkyhlg_]h[u\Z_lg_lZdijhklhihkdhevdm\k_]^Z_klvgZ^_`^ZqlhjZaju\
g_hdhgqZl_evgucL_fg_f_g__^eylh]hqlh[uaZ[ulviZjlg_jZemqr_dZdh_lh\j_fyg_
\klj_qZlvky m_oZlv baf_gblv kblmZpbx Ijb wlhf deb_glm ke_^m_l j_dhf_g^h\Zlv
hjb_glbjh\ZlvkygZkh[kl\_ggu_bgl_j_kuimklv^Z`_\ ms_j[iZjlg_jmGZijbf_j_keb\
d\Zjlbj_ m deb_glZ ijh^he`Zxl ojZgblvky \_sb [u\r_]h kmijm]Z Z hg kZf ^Z\gh `b\_l \
^jm]hff_kl_ihdZdbflhijbqbgZfg_aZ[bjZyboklhblihkh\_lh\Zlvdeb_glmgZklhylvgZ
lhfqlh[uwlb\_sb[uebm[jZguBeb_keb[u\rbckmijm]ijboh^blgZ\_sZlv^_l_c\ lh
\j_fydh]^ZhghgZg_fbgm_fhklZedb\Z_lkyk deb_glhfke_^m_lihj_dhf_g^h\Zlvbaf_gblv
qZkuwlbo\klj_q
H[_kp_gb\Zgb_iZjlg_jZ
=hjZa^h e_]q_ aZ[ulv lh]h qvy p_gghklv \ kh[kl\_gguo ]eZaZo ihf_jdeZ JZ[hlZ ih
h[_kp_gb\Zgbx[u\r_]hiZjlg_jZqZklhm`_Zdlb\ghb^_l\ khagZgbbdeb_glZ<kihfbgZ_lky
g_lhevdhohjhr__b ijb\e_dZl_evgh_\ ^jm]hfghb q_jluijb\uqdbebqghklgu_dZq_kl\Z
dhlhju_ dZaZehkv [u m`_ ^Z\gh k\b^_l_evkl\h\Zeb qlh kh\f_klgZy `bagv g_ [m^_l
[_ah[eZqghc ² iZjlg_j[ueihjhxw]hbklbq_gg_gZ^_`_gkZfhex[b\b l^Lh]^Zb lhevdh
lh]^Z dh]^Z dhgkmevlZgl h[gZjm`b\Z_l k\b^_l_evkl\Z lZdh]h ijhp_kkZ h[_kp_gb\Zgby \
khagZgbbdeb_glZhgfh`_lkZfih^dexqblvkyd g_fmZdlb\gh^_fhgkljbjmygZhkgh\Zgbb
ihemq_gghc bgnhjfZpby qlh hghgZ gZ kZfhf ^_e_ g_ klhev ijb\e_dZl_e_g dZd jZgvr_
dZaZehkvdeb_glmLhlnZdlqlhmoh^mqZklhij_^r_kl\m_lg_dhlhjuci_jbh^hoeZ`^_gby\
hlghr_gbyofh`_lh[e_]qblvdhgkmevlZglmj_r_gb_aZ^ZqbihkdhevdmaZwlh\j_fy^jm]hc
h[uqghmki_\Z_lijhy\blvk_[y^hklZlhqghg_dhjj_dlgh
?^bgkl\_gghklvex[\b
>ey fgh]bo deb_glh\ k_jv_aguf ij_iylkl\b_f aZljm^gyxsbf jZaemdm k iZjlg_jhf
y\ey_lkyhsms_gb_qlhwlh_^bgkl\_ggZybebihke_^gyyex[h\v\ _]h`bagbIj_^klZ\e_gb_
h lhfqlh\ `bagbm q_eh\_dZ[u\Z_lebrvh^gZgZklhysZyex[h\v\_kvfZjZkijhkljZg_gh
H[km`^_gbx\hafh`ghklb^jm]hclhqdbaj_gbyklhblki_pbZevghm^_eblv\j_fy
;_kkihjgh ij_^klZ\e_gb_ h _^bgkl\_gghklb ex[\b bf__l hij_^_e_ggmx
ijb\e_dZl_evghklv Hgh \ha\h^bl kZfh i_j_`b\Zgb_ ex[\b gZ iv_^_klZe khhl\_lkl\m_l
gZb[he__ jhfZglbq_kdhfm b ihwlbq_kdhfm hlghr_gbx d wlhfm qm\kl\m \ha\urZy l_o dlh
^_ckl\bl_evgh bkiulZe lZdh_ < k\yab k wlbf fh`gh ijb\_klb keh\Z h^gh]h ba
bkke_^h\Zl_e_c f_`ebqghklghc ZlljZdpbb dhlhjuc dZdlh aZf_lbe ;hevrbgkl\h ex^_c
gbdh]^Zg_ihex[beh[u_keb[ug_bf_eh\hafh`ghklbgZhkgh\Zgbbdgb]b dbghnbevfh\
ij_^klZ\blvk_[_dZdwlh[u\Z_l %HUVFKHLG(:DOVWHU(+ Ih^\_j]Zy khfg_gbx b^_x lhevdh h^ghc ex[\b b lZdbf h[jZahf kha^Z\Zy ^ey
deb_glZ i_jki_dlb\m [m^msbo [ebadbo hlghr_gbc dhgkmevlZgl fh`_l ihiulZlvky
djblbq_kdb i_j_hkfukeblv wlh m[_`^_gb_ h[jZlblvky d hijh\_j]Zxsbf _]h `bag_gguf b
ebl_jZlmjguf ijbf_jZf Fh`gh ijb wlhf ih\ukblv b p_gghklv i_j_`b\Zgbc deb_glZ
\ukdZau\Zgbyfb lbiZ Q_eh\_dm ^Z_lky g_ ex[h\v kZfZ ih k_[_ Z kihkh[ghklv ex[blv
?keb \u ihex[beb h^gZ`^u agZqbl \u kihkh[gu i_j_`b\Zlv wlh qm\kl\h \ ijbgpbi_ b
h[yaZl_evghkh\j_f_g_fihex[bl__s_
GZ^_`^Z gZ \hafh`ghklv [ebadbo hlghr_gbc \ [m^ms_f [u\Z_l hq_gv \Z`gZ
Ikboheh]m fh`gh lZd`_ ih^^_j`Zlv \_jm \ [m^ms__ b p_e_khh[jZaghklv ijhbkr_^r_]h
Fh`_l[ulvwlhb ohjhrhqlhhgmr_ek_cqZkAgZqblm g_]h[uehlZdh_klj_fe_gb_b jZgh
bebiha^ghhghijhy\behkv[uGhgZk_]h^gyrgbc^_gvihdZ\u_s_fheh^um \Zkfgh]h
^jma_c beb m \Zk lZdZy bgl_j_kgZy jZ[hlZ m \Zk ]hjZa^h [hevr_ rZgkh\ gZeZ^blv k\hx
`bagvb gZclbk_[_^jm]h]hq_eh\_dZ
Dhgkmevlbjh\Zgb_\bgh\gbdZjZaju\Z
Hkh[h ohl_ehkv [u hlf_lblv kblmZpbx dh]^Z d ikboheh]m ijboh^bl \bgh\gbd
jZaju\ZZ g_`_jl\Z>eylZdh]hdeb_glZijboh^k\yaZgk gZ^_`^hcqlhikboheh]ihfh`_l
^jm]hfm e_]q_ i_j_g_klb ijhbkr_^r__ ihj_dhf_g^m_l dZd khh[sblv h jZaju\_ dZd
khojZgblv k [u\rbf iZjlg_jhf ohjhrb_ hlghr_gby b l^ Bgh]^Z aZijhk lZdh]h q_eh\_dZ
[he__hkljuciZjlg_jg_^Z_l_fmmclbm]jh`ZykZfhm[bckl\hfghfh`_lebhgkh\_jrblv
wlh" DZd k^_eZlv lZd qlh[u gbq_]h kljZrgh]h g_ ijhbahreh" Klhbl hl\_lblv qlh dZd
ijZ\behbf_ggh\ l_okemqZyodh]^Zih^h[gu_m]jhaua\mqZlqZklhb hldjulh\_jhylghklv
bohkms_kl\e_gbyg_kebrdhf\_ebdZLZdhcrZglZ`h[uqghk\yaZgk `_eZgb_fijbqbgblv
[hev h[b^qbdm b m^h\e_l\hjblv mya\e_ggh_ kZfhex[b_ gh keZ\Z ;h]m g_ fgh]b_ ^h\h^yl
m]jhau ^h hkms_kl\e_gby L_f g_ f_g__ dhgkmevlZgl g_ ^he`_g hlghkblvky d m]jhaZf
kZfhm[bckl\Z kebrdhf e_]dh gm`gh ih^jh[gh jZkkijhkblv deb_glZ h lhf dZd \ dZdbo
kblmZpbyodZdqZklha\mqZlm]jhaukZfhm[bckl\ZdZddeb_glj_Z]bjm_lgZgbodZdh[uqgh
jZaj_rZ_lkywlZkblmZpbyb l^G_hiulghfmdhgkmevlZglmke_^m_lihkh\_lh\Zlvkykhk\hbfb
[he__hiulgufbdhee_]Zfbbebh[jZlblvkyaZkh\_lhfd ikbobZljmqlh[uijZ\bevghhp_gblv
kblmZpbx
>Z`__kebm]jhaukZfhm[bckl\Zy\eyxlkyihiuldhcrZglZ`Zwlh \h\k_ g_ hagZqZ_l
qlhmoh^hlkmijm]Zg_^he`_g[ulvohjhrhih^]hlh\e_gb ijh^mfZgIhdb^Zykmijm]Zex^b
kdehgguih^jh[ghh[tykgylvihq_fmbf_gghhgbmoh^ylB ohlyj_ZevghlZdb_h[tykg_gby
gZijZ\e_gu gZ j_r_gb_ ijh[e_f kh[kl\_gghc \bgu ^ey iZjlg_jZ hgb qZklh a\mqZl dZd
jZkkdZa h lhf dZdhc hghgZ iehohc b ihq_fm k gbfg_c g_\hafh`gh `blv G_h[oh^bfh
ihdZaZlv deb_glm qlh ih^h[gu_ h[\bg_gbyh[tykg_gby k_jv_agh mom^rZxl khklhygb_
kmijm]Z;ulv[jhr_gguf^Z_s_b iehobfg_h[uqZcghly`_eh
Ikboheh]bq_kdb ihfhqv ihdb^Z_fhfm fh`gh ebrv \ lhf kemqZ_ _keb moh^ysbc
kmijm]fZdkbfZevghijbf_lgZk_[y\bgmb hl\_lkl\_gghklvaZjZaeZ^hlghr_gbc< dZdhflh
kfuke_ wlh kijZ\_^eb\h ihkdhevdm lhl dlh moh^bl h[uqgh [he__ aZsbs_g m g_]h _klv
^jm]hc_klvieZgugZ[m^ms__Z \lhfqlhijhbahreh\bgh\Zluh[Zb ihwlhfmki_pbZevgh
h[\bgylvdh]hlhg_bf__lkfukeZ
Moh^ iZjlg_jZ khijh\h`^Z_lky fgh`_kl\hf h[klhyl_evkl\ dhlhju_ fh]ml
g_h^ghagZqgh ihgbfZlvky hklZ\ey_fuf kmijm]hf b ihjhc \hkijbgbfZxlky dZd agZd
gZ^_`^uLZdhldeZ^u\Zgb_j_r_gbyh[hdhgqZl_evghfjZaju\_qZklhij_^ijbgbfZ_fh_^ey
lh]h qlh[u ^jm]hc k\udky k fukevx h jZaemd_ gZ kZfhf ^_e_ ^ey lh]h dh]h hklZ\eyxl
h[uqgh kem`bl ^hdZaZl_evkl\hf qlh _klv gZ^_`^Z ihfbjblvky b gZqZlv `bagv kgZqZeZ
MlZb\Zgb_^Zevg_crboieZgh\h lhfdZdb kd_fihdb^Zxsbck_fvxkh[bjZ_lky`blvlh`_
fh`_l klZlv hkgh\Zgb_f ^ey g_hijZ\^Zgguo gZ^_`^ < [_k_^_ k deb_glhf ikboheh] fh`_l
ki_pbZevghh[km^blvdZdmoh^ij_ih^ghkblkyiZjlg_jmqlhhghgZagZ_lh ijhbkoh^ys_fb
qlh_fm_cke_^m_lagZlv
Bgl_j_kghqlh\ oh^_[_k_^um q_eh\_dZijbgy\r_]hh^ghagZqgh_j_r_gb_ihdbgmlv
k_fvxfh`_l\hagbdgmlvihlj_[ghklvki_pbZevghjZah[jZlvkydZdh\u_]hhrb[db\ ^Zgguo
hlghr_gbyo aZ dZdb_ ijh[e_fu hg ebqgh g_k_l hl\_lkl\_gghklv qlh[u g_ ^himklblv
ih^h[gh_ \ [m^ms_f Wlh \iheg_ jZamfgh_ `_eZgb_ dhlhjh_ dhgkmevlZgl fh`_l
m^h\e_l\hjblv \gbfZl_evgh \ukemrZ\ k_f_cgmx bklhjbx deb_glZ Z lZd`_ ihiulZ\rbkv
\uykgblvq_fbf_ggh_]hijb\e_dZ_lgh\uciZjlg_j
Km^v[Z b ex[h\v i_j_f_gqb\u j_dhf_g^Zpbb `_ ikboheh]Z fh]ml ^_ckl\bl_evgh
ihfhqvq_eh\_dm\ ljm^ghc`bag_gghckblmZpbb< k\yabk wlhcl_fhcohl_ehkv[uijb\_klb
^h\hevghg_h[uqgucijbf_j
< dhgkmevlZpbx aZ ihfhsvx h[jZlbeZkv kmijm`_kdZy iZjZ ² ^\h_ klm^_glh\
^biehfgbdh\BgbpbZlhjhfijboh^Z[uefm`dhlhjuchdZaZekyihkljZ^Z\r_cklhjhghc<h
\j_fyij_^^biehfghcijZdlbdb`_gZ k[ebabeZkv k h^ghdmjkgbdhf ihex[beZ _]h b j_rbeZ
hklZ\blv fm`Z jZ^b wlbo hlghr_gbc Fm` gZklhye gZ lhf qlh[u hgb h[Z ijbreb \
dhgkmevlZpbx gZ^_ykv qlh a^_kv `_gm i_j_m[_^yl h[tykgyl qlh wlh m\e_q_gb_ kdhjh
ijhc^_lk_fvyb j_[_ghd\Z`g__b l^@_gZijbreZ\uihegyyijhkv[mfm`Z
DhgkmevlZgl [_k_^h\Ze k gbfb ih hl^_evghklb M[_^b\rbkv qlh gZf_j_gb_ mclb m
fheh^hc`_gsbguijh^mfZgghb k_jv_aghikboheh]h[km^bek g_cdZdb dh]^Z_cemqr_wlh
k^_eZlv ;he__ ^ebl_evghc [ueZ [_k_^Z k fm`_f \f_kl_ k gbf dhgkmevlZgl iulZeky gZclb
kihkh[u ih\_^_gby b aZgylby dhlhju_ iha\hebeb [u _fm hl\e_qvky b g_ i_j_`b\Zlv
kemqb\r__ky kebrdhf ly`_eh ;ue kieZgbjh\Zg jy^ ^_e dhlhju_ hg gbdZd g_ fh]
j_Zebah\Zlv `b\y k k_fv_c gh l_i_jv dh]^Z m g_]h ^he`gh [ueh ihy\blvky [hevr_
k\h[h^gh]h\j_f_gbhgfh][uk e_]dhklvxhkms_kl\blvKj_^bgbo[ueZgZijbf_jih_a^dZ
\ Zjo_heh]bq_kdmxwdki_^bpbxH[km^bebk gbfb lhqlh`bagvi_j_f_gqb\Zijb\yaZgghklv
`_gu fh`_l hdZaZlvky g_^he]h\_qghc ihwlhfm _fm gm`gh gZ[jZlvky l_ji_gby b ^Zlv _c
\hafh`ghklv ihgylv dlh _c ihgZklhys_fm ^hjh] < p_ehf jZa]h\hj ijhr_e hq_gv
ieh^hl\hjgh
G_h`b^Zgghm dhgkmevlZglZihy\beZkv\hafh`ghklv\klj_lblvkyk deb_glZfb_s_jZa
Ijbf_jgh q_j_a ]h^ wlZ iZjZ kgh\Z ihy\beZkv \ dhgkmevlZpbb gh l_i_jv hgb ihf_gyebkv
jheyfb BgbpbZlhjhf ijboh^Z klZeZ `_gZ dhlhjZy aZ wlh \j_fy mki_eZ jZaex[blv k\h_]h
ihdehggbdZ aZgh\h hp_gbeZ fm`Z b kljZklgh ohl_eZ qlh[u hg \_jgmeky d g_c Bghc [ueZ
ihabpby fheh^h]h q_eh\_dZ G_ lh qlh[u hg kh\k_f hoeZ^_e d `_g_ ² hgZ ihij_`g_fm
dZaZehkv _fm bgl_j_kghc b ijb\e_dZl_evghc Gh ijh`b\ ]h^ [_a k_fvb hg h[aZ\_eky
fgh`_kl\hfgh\uo^jma_cb m\e_q_gbc\dmkbekeZ^hklvohehklypdhc`bagbbohly[ue\
ijbgpbi_g_ ijhlb\ \_jgmlvky \ k_fvx g_ ohl_e ^_eZlv wlh \ [eb`Zcr__ \j_fy L_i_jv gZ
]hlh\ghklvd h`b^Zgbxb ijbgylbxk\h_c\bguijbrehkvhjb_glbjh\Zlv`_gm
<u[hjf_`^miZjlg_jZfb
Ijb\_^_gguc\ur_ijbf_jk\yau\Z_lgZkk _s_h^gbf lbihfijh[e_f oZjZdl_jguo
^eykblmZpbcjZkklZ\Zgbyk iZjlg_jhf ²ijh[e_fZfb\u[hjZdh]^Zdeb_glgbdZdg_fh`_l
j_rblv k d_f ba ^\hbo ke_^m_l k\yaZlv k\hx ^Zevg_crmx km^v[m k kmijm]hf k dhlhjuf
[u\Z_l m`_ ijh`blh \f_kl_ g_fZeh e_l beb k ^jm]bf q_eh\_dhf \klj_qZ b hlghr_gby k
dhlhjuf\hkijbgbfZxlkydZdg_qlhg_h[uqZcgh_\Z`gh_b agZqbl_evgh_< lZdhckblmZpbb
aZijhkdeb_glZfh`_la\mqZlvke_^mxsbfh[jZahfKdZ`bl_dh]hfg_\u[jZlvy gbdZdg_
fh]m wlh k^_eZlv kZf beb Y f_qmkv f_`^m ^\mfy wlbfb ex^vfb b gbdZd g_ fh]m
hklZgh\blvky
Ke_^m_l hlf_lblv qlh ^Zggu_ h[klhyl_evkl\Z y\eyxlky ljZ\fbjmxsbfb ^ey \k_o
mqZklgbdh\ ² ^eydeb_glZ^eylh]hd dhfmmoh^ylb ^eylh]hhldh]hmoh^ylihkdhevdm\
lhcbebbghcf_j_\ kblmZpbb\u[hjZgZoh^ylky\k_ljh_B ihwlhfmaZihfhsvxd ikboheh]m
fh`_lh[jZlblvkyex[ZyklhjhgZwlh]hlj_m]hevgbdZQZklhijhp_kk\u[hjZ^eblky]h^Zfb
[ueb m`_ ijhb]jZgu kZfu_ jZagu_ \ZjbZglu `bagb \f_kl_ b \jhav gh gbqlh g_
kihkh[kl\h\ZehjZaj_r_gbxkblmZpbbhdhgqZl_evghfm\u[hjm
JZamf__lky \ ih^h[ghf kemqZ_ ijh[e_fZ g_ fh`_l [ulv jZaj_r_gZ \ j_amevlZl_
[_k_^u k ikboheh]hf dZdhc [u wnn_dlb\ghc hgZ gb [ueZ DhgkmevlZglm g_ ke_^m_l
h[gZ^_`b\Zlv k_[y Z l_f [he__ deb_glZ ?^bgkl\_ggh_ qlh fh`gh k^_eZlv ² wlh ihfhqv
q_eh\_dm ]em[`_ jZah[jZlvky \ kblmZpbb h[jZlblv \gbfZgb_ gZ l_ __ Zki_dlu dhlhju_
\hafh`gh hklZxlky \ l_gb ihfhqv [he__ dhgdj_lgh \hkijbgbfZlv kh[kl\_ggmx \bgm b
hl\_lkl\_gghklvaZijhbkoh^ys__
=eZ\gZy aZ^ZqZ dhgkmevlZglZ ² ^Zlv \ukdZaZlvky klZjZykv fZdkbfZevgh
kljmdlmjbjh\Zlv lh qlh ]h\hjbl kh[_k_^gbd ih^q_jdb\Zy nhjfmebjm_fu_ bf iexku b
fbgmku lh]h beb bgh]h j_r_gby Ijb gZb[he__ e_]dhf \ZjbZgl_ kblmZpbb kj_^b ijbqbg
f_rZxsbo \u[hjm fh]ml [ulv j_Zevgu_ beb gZ^mfZggu_ kljZob deb_glZ k\yaZggu_ k
^_lvfb\hafh`gufbijh[e_fZfbgZjZ[hl_qm\kl\hf\bgub hl\_lkl\_gghklbaZ^jm]h]hb
li < wlhf kemqZ_ ke_^m_l k h^ghc klhjhgu h[km^blv gZkdhevdh k_jv_agu \ukdZau\Z_fu_
kljZob b dhe_[Zgby Z k ^jm]hc klhjhgu \ kemqZ_ g_h[oh^bfhklb ihfhqv j_rblv
\hagbdZxsb_ \ k\yab k moh^hf ijh[e_fu gZbf_g__ [he_ag_gguf ^ey \k_o mqZklgbdh\
kblmZpbbh[jZahfh[hkh[_gghklyoj_r_gbylZdhcaZ^Zqb\ kblmZpbbk [hevgufkmijm]hfk
l_f ^ey dh]h g_kl_jibfh i_j_`b\Zgb_ jZaemdb k ^_lvfb b jh^kl\_ggbdZfb ih^jh[gh
]h\hjblky \ ^jm]bo ]eZ\Zo Gh ih`Zemc ]eZ\gh_ qlh klhbl h[km^blv k lZdbf deb_glhf ²
qlhhldeZ^u\Zgb_hdhgqZl_evgh]hj_r_gby^ey\k_odlhohlv\ dZdhclhf_j_khijbdZkZ_lky
k kblmZpb_c y\ey_lky ]hjZa^h [he__ ljZ\fbjmxsbf b g_]Zlb\guf nZdlhjhf q_f ex[h_
^Z`_kZfh_g_h`b^Zggh_b [he_ag_ggh___ j_r_gb_
Ohl_ehkv [u ih^q_jdgmlv qlh fgh]bf deb_glZf h[jZsZxsbfky k lZdbfb
ijh[e_fZfb ke_^m_l j_dhf_g^h\Zlv h[jZlblvky d ikbohl_jZi_\lm ihkdhevdm ihfhsv
dhgkmevlZglZ hdZau\Z_lky g_^hklZlhqghc ^ey lh]h qlh[u ^_ckl\bl_evgh k^_eZlv \u[hj Z
lhqg__ ² j_rblv[he__]em[bggu_ebqgu_ijh[e_fuf_rZxsb_ijbgylbxj_r_gby
Dhgkmevlbjh\Zgb_jZa\h^ysboky
>h\hevgh [ebadZ d m`_ h[km`^Z\rbfky kblmZpby dhgkmevlbjh\Zgby jZa\h^ysboky
dh]^Zj_r_gb_h jZa\h^_m`_ijbgylhh[hbfbb \hkijbgbfZ_lky[he__bebf_g__kihdhcgh
ijh[e_fhc`_klZgh\blkylhdZdkljhblv`bagvihke_g_]hEx[hcjZa\h^ ² ^Z`_`_eZgguc
² y\ey_lkyk_jv_aghcljZ\fhcdhlhjZymkm]m[ey_lkyg_h[oh^bfhklvxiheghcj_hj]ZgbaZpbb
`bagbihihemq_gguf^Zggufex^bi_j_`b\ZxljZa\h^dZdljZ\fm^Z`_q_j_aiylvb [he__
e_l ihke_ g_]h /HYLQJHU * 0ROHV 26 >h jZa\h^Z [hevrbgkl\h ex^_c g_
ij_^klZ\eyxlk q_fhgbfh]mlj_ZevghklhedgmlvkyK wlhclhqdbaj_gbyfgh]bf\ ih^h[ghc
kblmZpbb [u\Z_l ihe_agh ih]h\hjblv kh ki_pbZebklhf h lhf qlh b dZd ke_^m_l
ij_^ijbgbfZlvm[_^blvkyqlh\ZjbZglu\hafh`gub qlh_klvkbeu^eybohkms_kl\e_gby
Ijh[e_fu dhlhju_ klhyl i_j_^ jZa\h^ysbfbky dZkZxlky [md\Zevgh \k_]h jZa^_eZ
bfms_kl\Z j_hj]ZgbaZpbb `bebsguo mkeh\bc baf_g_gby \aZbfhhlghr_gbc k ^jmavyfb b
jh^kl\_ggbdZfb k ^_lvfb b l^ H^gbf ba hlebqbc dhgkmevlbjh\Zgby jZa\h^ysboky hl
^jm]bo ijh[e_f ikboheh]bq_kdhc dhjj_dpbb y\ey_lky [he__ yjdh \ujZ`_ggZy
bgnhjfbjmxsZyihabpbydhgkmevlZglZ<Z`ghlZd`_qlh[uikboheh][_k_^mxsbck lZdbf
deb_glhf [ue ohjhrh hk\_^hfe_g \ jZaebqguo xjb^bq_kdbo Zki_dlZo ijh[e_fu jZa\h^Z
kj_^bdhlhjuohkh[_ggh\Z`gufbij_^klZ\eyxlkyjZaebqgu_\hijhkuk\yaZggu_k ^_lvfb
JZa\h^b ^_lb
Fgh]bf jh^bl_eyf dZ`_lky qlh jZa\h^ykv hgb ebrZxl j_[_gdZ [m^ms_]h b
i_j_`b\Zgb_\bgui_j_^^_lvfbqZklhmkm]m[ey_lh[s__hsms_gb_g_mki_oZb kh[kl\_gghc
h[j_q_gghklbk\yaZggh_k jZa\h^hf
DhgkmevlZgl fh`_l ihfhqv deb_glm ih^jm]hfm \a]eygmlv gZ wlm ijh[e_fm LZd
kkueZykv gZ ^Zggu_ fgh]hqbke_gguo bkke_^h\Zgbc ke_^m_l ihdZaZlv qlh ^ey j_[_gdZ
]hjZa^hemqr_`blvk h^gbfbajh^bl_e_cgh \ kihdhcghc b ^h[jh`_eZl_evghc Zlfhkn_j_
q_f \ iheghc k_fv_ \ dhlhjhc hlghr_gby gZijy`_gu b dhgnebdlgu Z kdZg^Zeu ke_^mxl
h^bg aZ ^jm]bf H[ wlhf k\b^_l_evkl\mxl b ^Zggu_ h[ mki_\Z_fhklb ^_l_c \ rdhe_ h[
mjh\g_bodhffmgbdZlb\ghklbg_\jhlbqghklbb l^:e_rbgZX? %DQH0*
>ey lh]h qlh[u j_[_ghd e_]q_ i_j_`be ljZ\fm jZa\h^Z m g_]h ^he`gu khojZgblvky
fZdkbfZevgh ohjhrb_ hlghr_gby dZd k hlphf lZd b k fZl_jvx ;_k_^my k deb_glhf
gZoh^ysbfky\ ijhp_kk_jZa\h^Zke_^m_lhjb_glbjh\Zlv_]hgZlhqlh[ujh^bl_evdhlhjuc
[m^_l `blv hl^_evgh hl j_[_gdZ qZs_ \k_]h ² hl_p fZdkbfZevgh ihegh mqZkl\h\Ze \ _]h
\hkiblZgbb D kqZklvx klZgh\blky \k_ f_gvr_ deb_glhd ijbgpbibZevgh gZklZb\Zxsbo gZ
h]jZgbq_gbbdhglZdlh\j_[_gdZk mr_^rbfbak_fvbhlphfqlh[ulhlg_hdZau\Ze^mjgh]h
\ebygby Gh l_f g_ f_g__ fgh]b_ klj_fylky khagZl_evgh beb ihemkhagZl_evgh gZeh`blv
hij_^_e_ggu_ h]jZgbq_gby gZ hlghr_gby hlpZ k j_[_gdhf hkh[_ggh \ lhf kemqZ_ dh]^Z m
j_[_gdZihy\ey_lkygh\uciZiZlh_klvfZlv\uoh^blaZfm`Ikboheh]fh`_lki_pbZevgh
h[km^blv k deb_glhf dZd hj]Zgbah\Zlv ^ey j_[_gdZ kblmZpbx ^\mo hlph\ qlh[u g_
kha^Z\Zlv ^ey g_]h ^hihegbl_evghc ijh[e_fu < lZdhc kblmZpbb hq_gv fgh]h_ aZ\bkbl hl
jh^bl_e_c _keb hgb g_ [m^ml hkuiZlv ^jm] ^jm]Z \aZbfgufb h[\bg_gbyfb gZkljZb\Zlv
j_[_gdZ h^bg ijhlb\ ^jm]h]h b [m^ml k gbf fZdkbfZevgh hldjh\_ggu hg ijbkihkh[blky
^hklZlhqghe_]dh
D kh`Ze_gbx jh^bl_eyf g_j_^dh dZ`_lky qlh kdju\Zy nZdl jZa\h^Z hl j_[_gdZ ^h
ihke_^g_]hfhf_glZhgbh]jZ`^Zxl_]hhlbaebrgbo\heg_gbc Dhg_qgh`_\ wlhf kemqZ_
dhgkmevlZglmke_^m_lihdZaZlvdeb_glmqlhbf_ggh\ ^_ckl\bl_evghklbi_j_`b\Z_lj_[_ghd
QZklh kZfh ih\_^_gb_ j_[_gdZ ² h[hkljb\rZyky h[b^qb\hklv jZa^jZ`bl_evghklv
kdjulghklv ² mdZau\Zxl gZ lh qlh qlhlh \eZ^__l ^_lkdhc ^mrhc < kemqZ_ hlkmlkl\by
^hklZlhqghc bgnhjfZpbb h lhf qlh \hegm_l jh^bl_e_c ^Z`_ kZfuc fZe_gvdbc j_[_ghd
[m^_l ^hfukeb\Zlv ijhbkoh^ys__ qZklh ijb^Z\Zy _fm [he__ mkljZrZxsb_ b lj_\h`gu_
q_jlu q_f gZ kZfhf ^_e_ DhgkmevlZglm ke_^m_l h[tykgblv jh^bl_eyf qlh ^_lb
\hkijbgbfZxl kh[ulby \h fgh]hf hjb_glbjmykv gZ j_Zdpbx \ajhkeuo LZd _keb fZlv
\hkijbgbfZ_lijhbkoh^ys__dZdkljZrgmxljZ]_^bxkdhj__\k_]hlZd`_[m^_lqm\kl\h\Zlv
k_[y b j_[_ghd K wlhc lhqdb aj_gby jh^bl_eyf ih djZcg_c f_j_ jZ^b j_[_gdZ g_ ke_^m_l
nbdkbjh\ZlvkygZg_]Zlb\guoZki_dlZoi_j_`b\Z_fhckblmZpbb
QZklh \hagbdZ_l \hijhk dZd emqr_ jZkkdZaZlv ^_lyf h kemqb\r_fky" Lh qlh hgb
^he`gu mkeurZlv fh`_l a\mqZlv ijbf_jgh ke_^mxsbf h[jZahf GZf k iZihc fZfhc
klZehljm^gh`blv\f_kl_b fuj_rbeb`blvhl^_evgh^jm]hl^jm]ZghgZ^__fkyqlhwlhg_
kebrdhfkbevghhljZablkygZl_[_b]eZ\gh_gZl\hbohlghr_gbyok dZ`^ufbagZkFuh[Z
l_[y hq_gv ex[bf b [m^_f ijh^he`Zlv ex[blv lZd `_ kbevgh dZd b jZgvr_ Ihke_^gyy
njZaZ y\ey_lky hkh[_ggh \Z`ghc ihkdhevdm ^ey j_[_gdZ _]h hlghr_gby k jh^bl_eyfb
y\eyxlkyhq_gvagZqbfufbD lhfm`_kljZobb i_j_`b\Zgby^_l_ck\yaZggu_k jZa\h^hf\h
fgh]hf hij_^_eyxlky \hajZklhf j_[_gdZ b gZ hij_^_e_gguo \hajZklguo wlZiZo ^_lb ^Z`_
kdehgguijbibku\Zlvk_[_\bgmaZijhbkoh^ys__:e_rbgZX? &DQWHU$ Hj]ZgbaZpby dhglZdlh\ j_[_gdZ k h[hbfb jh^bl_eyfb ihke_ jZa\h^Z ij_^klZ\ey_l
hkh[mx aZ^Zqm Dhg_qgh dh]^Z hl_p i_jbh^bq_kdb gZ\_sZ_l ^_l_c [_j_l bo gZ ijh]medb b
li ² wlh aZf_qZl_evgh Gh _s_ emqr_ dh]^Z j_[_ghd bf__l \hafh`ghklv dZdh_lh \j_fy
ih`blvk mr_^rbfjh^bl_e_fgZijbf_jkt_a^blvk gbf\ hlimkdbebijh\_klbdZgbdmeu<
fgh]hqbke_gguo ^bkdmkkbyo ijhr_^rbo \ ihke_^gb_ ]h^u gZ AZiZ^_ \uykgbehkv qlh
klj_fe_gb_ mjZ\gh\_kblv \deZ^ jZa\_^_gguo jh^bl_e_c \ \hkiblZgb_ j_[_gdZ b^_l _fm
lhevdhgZihevam 5REELQV11 JZa\h^b kljZoh^bghq_kl\Z
Kms_kl\m_l _s_ h^gZ ijh[e_fZ dhlhjZy hkh[_ggh kbevgh i_j_`b\Z_lky
jZa\h^ysbfbky^Z`_\ lhfkemqZ__kebjZa\h^y\ey_lky^eygboijh^mfZggufb `_eZgguf
rZ]hfWlhkljZoh^bghq_kl\Z[hyagvqlhihl_jy\^Zggmxk_fvxdZdhc[uiehohchgZgb
[ueZ deb_glgbdh]^Z m`_ g_ h[aZ\_^_lky ^jm]hc >ey lZdbo i_j_`b\Zgbc g_fZeh j_Zevguo
hkgh\Zgbc ² g_^h[jh`_eZl_evgh_ hlghr_gb_ d jZa\_^_gguf kh klhjhgu h[s_kl\Z
hlkmlkl\b_rbjhdh]hdjm]ZagZdhfuob ^jma_c\hajZklgu_[Zjv_jub ^j<k_wlhfh`_l[ulv
ih^jh[gh h[km`^_gh \ oh^_ [_k_^u gh ij_`^_ \k_]h g_h[oh^bfh \uykgblv qlh bf_ggh
agZqbl h^bghq_kl\h ^ey dhgdj_lgh]h q_eh\_dZ dZdbo ihke_^kl\bc jZa\h^Z hg [hevr_ \k_]h
[hblky
H[km`^Zy kljZob deb_glZ k\yaZggu_ jZa\h^hf p_e_khh[jZagh Zdlb\gh bkihevah\Zlv
ijb_fu jZpbhgZevghc l_jZibb GZijbf_j ]h\hjy h \hafh`ghf mom^r_gbb hlghr_gby d
deb_glm kh klhjhgu j_n_j_glghc ]jmiiu ke_^m_l ih^q_jdgmlv qlh d q_eh\_dm \h fgh]hf
hlghkylky lZd dZd hg iha\hey_l d k_[_ hlghkblvky ?keb hg qm\kl\m_l k_[y ba]h_f g_
^hklhcguf\gbfZgbyg_bgl_j_kguf\bgh\Zlufd g_fmkhhl\_lkl\_ggh[m^mlhlghkblvkyb
hdjm`Zxsb_ <_k_euc m\_j_gguc \ k_[_ b kh[kl\_gguo j_r_gbyo q_eh\_d g_aZ\bkbfh hl
k_f_cgh]hiheh`_gby[m^_l\uau\Zlvd k_[_m\Z`_gb_b ex[h\v
< lhf kemqZ_ _keb deb_glZ \hegm_l ^_nbpbl h[s_gby b ljm^ghklb \klmie_gby \
ih\lhjguc [jZd _]h ke_^m_l hjb_glbjh\Zlv gZ [he__ Zdlb\gmx ihabpbx \ hlghr_gbyo k
^jm]bfb ex^vfb LZd kms_kl\m_l fgh`_kl\h jZaebqguo dem[h\ b h[t_^bg_gbc qe_ghf
dhlhjuohgfh`_lklZlvG_j_^dhkZfq_eh\_d[u\Z_lihehgij_^m[_`^_gbyijhlb\mqZklby\
dem[ZoagZdhfkl\jZ[hlu\ h[t_^bg_gbyoihbgl_j_kZfkqblZyqlhl_dlhlm^Zh[jZsZ_lky
ex^bg_lh]hmjh\gyb gbdZdg_kfh]ml_]haZbgl_j_kh\ZlvAZih^h[gufb\ukdZau\Zgbyfb
qZs_\k_]hdjh_lkyi_j_`b\Zgb_kh[kl\_gghcg_mki_rghklbb \lhjhkhjlghklbkljZokgh\Z
hdZaZlvkyhl\_j]gmlufb [jhr_ggufqlhb ke_^m_lh[km^blv\f_kl_k deb_glhf
G_j_^dh jZa\h^ysb_ky ihegu kh`Ze_gby h ijh`bluo ]h^Zo Y hl^ZeZ _fm klhevdh
e_l Z hg f_gy [jhkbe K lZdbfb deb_glZfb fh`gh h[km^blv wlm ijh[e_fm ih ijbgpbim
emqr_ k_cqZk dh]^Z \Zf e_l b \u Z g_ iha^g__ QZklh mkihdZb\Zxs__ ^_ckl\b_
hdZau\ZxljZaebqgu_khpbheh]bq_kdb_^Zggu_gZijbf_jk\b^_l_evkl\mxsb_h lhfqlh^ey
q_eh\_dZex[h]h\hajZklZkhklhy\r_]h\ [jZd_\_jhylghklvih\lhjgh]h[jZdZ]hjZa^h\ur_
q_f m _]h jh\_kgbdZ dhlhjuc g_ [ue `_gZlaZfm`_f Fh`gh lZd`_ ihfhqv deb_glm
h[gZjm`blvdZdfh`gh[hevr_ihablb\guoklhjhg\ kblmZpbbhk\h[h`^_gbyhldhgnebdlguo
kmijm`_kdbohlghr_gbc
^ey dh]hlh wlh agZqbl qlh fh`gh [hevr_ \j_f_gb hl^Z\Zlv ex[bfhc jZ[hl_ ^ey
^jm]h]h ² wlh gZ^_`^Z ihijZ\blv jZkkljh_ggh_ \ke_^kl\b_ i_j_`b\Zgbc a^hjh\v_ b l^
JZ[hlZy k jZa\h^ysbfbky gm`gh klZjZlvky \kyq_kdb ih\urZlv kZfhhp_gdm deb_glZ
bkihevamy ^ey wlh]h fZe_crmx \hafh`ghklv M \Zk lZdZy bgl_j_kgZy jZ[hlZ <u lZdZy
ijb\e_dZl_evgZy `_gsbgZ <u gZ\_jgh_ hq_gv kbevguc q_eh\_d jZa kfh]eb \ug_klb
lZdh_b li
H[u^_ggZyfhjZevij_^klZ\ey_ljZa\h^ij_`^_\k_]hdZd`_gkdmxijh[e_fmGhwlh
^Ze_dh g_ lZd Kdhj__ gZ^ fm`qbgZfb \ [hevr_c f_j_ ly]hl__l kl_j_hlbi qlh g_evay
ijhy\eylvk\hbqm\kl\Zb i_j_`b\Zgbyg_evayjZkdbkZlvg_h[oh^bfhk^_j`b\Zlvk_[yb l^
J_amevlZlu wfibjbq_kdbo bkke_^h\Zgbc ihdZau\Zxl qlh jZa\h^ qZklh i_j_`b\Z_lky
fm`qbgZfb ly`_e__ q_f `_gsbgZfb ijhklh hgb iulZxlky wlh kdjulv :e_rbgZ X?
K wlhc lhqdb aj_gby dhgkmevlZglm ke_^m_l hkh[_ggh \gbfZl_evgh [_k_^h\Zlv k
deb_glZfbfm`qbgZfb ijhy\eyy l_ji_gb_ b ^h[jh`_eZl_evghklv b \kyq_kdb ^_fhgkljbjmy
qlh\ i_j_`b\Zgbyoihih\h^mjZa\h^Zg_lgbq_]hmgbabl_evgh]hblhevdhiheghklvxijbgy\
b hkhagZ\k\hbqm\kl\Zfh`ghijbgbfZlvkyaZkljhbl_evkl\hkh[kl\_ggh]h[m^ms_]h
A:DEXQ?GB?
JZkkfhlj_ggu_ \ ^Zgghf ihkh[bb kemqZb h[jZs_gby deb_glh\ aZ ikboheh]bq_kdhc
ihfhsvxdZdb \hafh`gu_kljZl_]bbjZ[hluk gbfbhlgx^vg_y\eyxlkybkq_jiu\Zxsbfb
H[km`^_gb_ fh`gh [ueh [u ijh^he`Zlv _s_ hq_gv ^he]h hklZgZ\eb\Zykv gZ jZaebqguo
lhgdhklyo b Zki_dlZo ikboheh]bq_kdh]h \ha^_ckl\by gh ih`Zemc \Z`g__ ^jm]h_
<gbfZl_evguc qblZl_ev \hafh`gh m`_ aZf_lbe qlh _klv hij_^_e_gguc gZ[hj kljZl_]bc b
lZdlbd dhlhjuc k g_dhlhjufb \ZjbZpbyfb bkihevam_lky ijZdlbq_kdb \h \k_o hibku\Z_fuo
kblmZpbyo\ha^_ckl\byD gbfhlghkylkyke_^mxs__
Hjb_glZpby deb_glZ gZ ijbgylb_ kh[kl\_gghc \bgu b hl\_lkl\_gghklb aZ
ijhbkoh^ys__
Hjb_glZpby deb_glZ gZ ihgbfZgb_ ZgZeba b ijbgylb_ kh[kl\_gguo qm\kl\ dZd gZ
_^bgkl\_ggmx\hafh`ghklvihgbfZgbyk_[yb kh[kl\_ggh]hih\_^_gby
Ih^]hlh\dZ[he__]em[hdh]hdhglZdlZk ^jm]bfq_eh\_dhfhlghr_gbyk dhlhjufm
deb_glZ g_ kdeZ^u\Zxlky k bkihevah\Zgb_f _]h qm\kl\ b i_j_`b\Zgbc dZd hkgh\u ^ey
\hkklZgh\e_gby[he__^h\_jbl_evguohlghr_gbc
IeZgbjh\Zgb_ b hkms_kl\e_gb_ dZdbolh dhgdj_lguo ih\_^_gq_kdbo rZ]h\
gZijZ\e_gguogZg_f_^e_ggh_baf_g_gb_kblmZpbb
Hkms_kl\e_gb_ lZdhc kljZl_]bb jZ[hlu k deb_glhf hibjZ_lky gZ ^\Z jZaebqguo
Zki_dlZ jZ[hlu dhgkmevlZglZ dhlhju_ \ dZdhclh f_j_ y\eyxlky kbgl_ahf ijbgpbih\
]mfZgbklbq_kdhcb ih\_^_gq_kdhcikbohl_jZibb
Mf_gb_ihgbfZlvkhi_j_`b\Zlvih^^_j`b\Zlvb ZgZebabjh\Zlvqm\kl\Zdeb_glZih
hlghr_gbxd [eb`Zcrbf^jm]bf
Kihkh[ghklv q_ldh b dhgdj_lgh ieZgbjh\Zlv baf_g_gby \ `bagb deb_glZ
kljmdlmjbjh\Zlv \k_ qlh hg ]h\hjbl b ^_eZ_l ^Z\Zlv h[jZlgmx k\yav b dhjj_dlbjh\Zlv _]h
\ukdZau\Zgby
GZf ij_^klZ\ey_lky qlh bkihevah\Zgb_ ^Zgguo ijbgpbih\ \ jZ[hl_ k ex[ufb
kemqZyfb h[jZs_gbc fh`_l mki_rgh kem`blv j_r_gbx jZaebqguo aZ^Zq \hagbdZxsbo \
ijhp_kk_ dhgkmevlbjh\Zgby K wlhc lhqdb aj_gby ij_^eh`_ggu_ kljZl_]bb jZ[hlu k
dhgdj_lgufb kemqZyfb gZ]ey^gh ^_fhgkljbjmxl dZd fh`gh jZ[hlZlv \ h[eZklb
ikboheh]bq_kdh]h dhgkmevlbjh\Zgby JZamf__lky g_ljm^gh ij_^klZ\blv dZdmxlh bgmx
fh^_ev \ha^_ckl\by hkgh\Zggmx gZ ^jm]bo ijbgpbiZo gZ bguo ij_^klZ\e_gbyo h p_eyo b
aZ^ZqZodhgkmevlbjh\Zgbyihkdhevdmij_^eh`_ggZya^_kvfh^_evgb \dh_cf_j_g_y\ey_lky
bkq_jiu\Zxs_c beb _^bgkl\_ggh \hafh`ghc AZ\_jrZy wlm jZ[hlm ohq_lky _s_ jZa
ih^q_jdgmlv ikboheh]bq_kdZy ijZdlbdZ ijb\e_dZ_l Z\lhjZ bf_ggh l_f qlh \hafh`ghklb
mki_rguo kljZl_]bc jZ[hlu \ wlhc h[eZklb dZ`mlky g_bkq_jiZ_fufb Dhg_qgh lhfm dlh
lhevdh gZqbgZ_l k\hc ijhn_kkbhgZevguc imlv emqr_ hjb_glbjh\Zlvky gZ hiul b fg_gb_
dhee_]gh\klZ\gZgh]bdZ`^ucjZghbebiha^gh[m^_l^\b]Zlvkyk\hbfiml_fke_^myd
h^ghc p_eb ² ih f_j_ kbe ihfh]Zlv ^jm]bf \ j_r_gbb bo ijh[e_f GZ\_jgh_ wlh b _klv
kZfh_\Z`gh_b ijb\e_dZl_evgh_\ gZr_cijhn_kkbb
EBL?J:LMJ:
:e_rbgZ X? Bkke_^h\Zgby jZa\h^Z \ aZiZ^gh_\jhi_ckdbo kljZgZo b KR: b
dhgkmevlZlb\gZy kem`[Z Kem`[Z k_fvb bamq_gb_ hiulZ b ijbgpbih\ hj]ZgbaZpbb J_^
A:Ygdh\Z:NK_\_jbgZF :e_rbgZ X? =hafZg EY Hlghr_gb_ d k_[_ b hlghr_gb_ d ^jm]bf <_klb Fhkd
mglZK_jbyIkboheh]by ‹ :e_rbgZ X? =hafZg EY >m[h\kdZy ?F KhpbZevghikboheh]bq_kdb_ f_lh^u
bkke_^h\Zgbykmijm`_kdbohlghr_gbcKi_pijZdlbdmfihkhpbZevghcikboheh]bbF :e_rbgZ X? >Zgbebg D? >m[h\kdZy ?F Ki_pijZdlbdmf ih khpbZevghc
ikboheh]bbhijhkk_f_cgh_b bg^b\b^mZevgh_dhgkmevlbjh\Zgb_F :e_rbgZ X? I_ljh\kdZy E: Ikboheh]bq_kdZy dhfi_l_glghklv ijhiZ]Zg^bklZ
;b[ebhl_qdZikboheh]bbh[s_gbyF :g^j__\Z=FKhpbZevgZyikboheh]byF :l\Zl_jGY \ZkkemrZxF
;_jgWB]ju\ dhlhju_b]jZxlex^bEx^bdhlhju_b]jZxl\ b]juF ;h^Ze_\::Klhebg<<H[sZyikboh^bZ]ghklbdZF ;mjlygkdbc >E DjbrlZev << K_dkmZevgZy ^bk]Zjfhgby kmijm`_kdhc iZju b __
dhjj_dpbyMq_[gh_ihkh[b_^ey\jZq_cOZjvdh\ =hj[mgh\ E B G_dhlhju_ hkh[_gghklb ihgbfZgby [hevguo rbahnj_gb_c bo
jh^kl\_ggbdZfb Ijh[e_fuf_^bpbgkdhcikboheh]bbF <Zkbexd N? Mjh\gb ihkljh_gby i_j_`b\Zgby b f_lh^u ikboheh]bq_kdhc ihfhsb
<hijhkuikboheh]bb ‹ <Zj]Z :Y Jhev jh^bl_evkdh]h hlghr_gby \ klZ[bebaZpbb ^_lkdhc g_\jhlbq_kdhc
j_ZdpbbgZijbf_j_wgmj_aZ <_klbFhkdmglZK_jbyIkboheh]by ‹ <Zkbexd N? Ikboheh]byi_j_`b\Zgby:gZeba ij_h^he_gby djblbq_kdbo kblmZpbc
F AZoZjh\:BIkbohl_jZibyg_\jhah\m ^_l_cb ih^jhkldh\F DZj\ZkZjkdbc;>Ikbohl_jZibyF Dg_[_evFBIhwabyi_^Z]h]bdbF DhehfbgkdbcYEF_elkZkFOIheh\h_jZa\blb_j_[_gdZ\ ^hrdhevghf\hajZkl_ =_g_lbq_kdb_ ijh[e_fu khpbZevghc ikboheh]bb J_^ YE Dhehfbgkdbc FF EbkbgZ
Fbgkd DhgBK< ihbkdZok_[yF DhgBK<\_^_gb_\ k_dkheh]bxF E_\b<e<_a_l`_ex^yfF E_\b<eP\_lkm^v[uF FZpdh\kdbcFKKhpbheh]byk_fvbIjh[e_ful_hjbbf_lh^heh]bbb f_lh^bdbF
FbpbqIDZdijh\h^blv^_eh\mx[_k_^mF FbrbgZLBBkke_^h\Zgbyk_fvb\ debgbd_b dhjj_dpbyk_f_cguohlghr_gbc F_lh^uikboheh]bq_kdhc^bZ]ghklbdbb dhjj_dpbb\ debgbd_ J_^FFDZ[Zgh\:?
Ebqdh<FKfbjgh\E GbdheZ_\Z<<<ebygb_ojhgbq_kdhc[he_agbgZikbobdmF I_ljh\kdZyE:L_hj_lbq_kdb_b f_lh^bq_kdb_ijh[e_fukhpbZevgh
ikboheh]bq_kdh]hlj_gbg]ZF Iheydh\XNKib\Zdh\kdZy:KIkboheh]bq_kdZydhjj_dpby__jhevb f_klh\
ijhnbeZdlbd_aZ[he_\Zgbc Kh\j_f_ggu_nhjfub f_lh^uhj]ZgbaZpbbikboheh]bq_kdhcb
ikbohijhnbeZdlbq_kdhcjZ[hluE Jm^_klZfD=jmiih\Zyikbohl_jZibyIkbohdhjj_dpbhggu_]jmiiu
l_hjbyb ijZdlbdZF K_fvy\ ikboheh]bq_kdhcdhgkmevlZpbbHiulb ijh[e_fuikboheh]bq_kdh]h
dhgkmevlbjh\Zgby J_^::;h^Ze_\<<KlhebgF Kf_oh\<:Hiulikboheh]bq_kdhc^bZ]ghklbdbb dhjj_dpbbdhgnebdlgh]hh[s_gby
\ k_fv_ <hijhkuikboheh]bb ‹ Klhebg<<Ikboheh]bq_kdb_hkgh\uk_f_cghcl_jZibb<hijhkuikboheh]bb ‹ MjkZghJAhgg_g[_j]KEZaZjKIkboh^bgZfbq_kdZyikbohl_jZibyDjZldh_
jmdh\h^kl\hF NjZgde<Q_eh\_d\ ihbkdZokfukeZ;b[ebhl_dZaZjm[_`ghcikboheh]bbF NjhffW;_]kl\hhlk\h[h^uF NjhffWBf_lvbeb[ulvF NjhffWBkdmkkl\hex[\bBkke_^h\Zgb_ijbjh^uex[\bF OZjZr:MEbqghklvkhagZgb_b h[s_gb_d h[hkgh\Zgbxbgl_jkm[t_dlb\gh]h
ih^oh^Z\ bkke_^h\ZgbbdhffmgbdZlb\guo\ha^_ckl\bc Ikboheh]hi_^Z]h]bq_kdb_
ijh[e_fuh[s_gbyF Pa_gB<IZohfh\X<Ikbohl_ogbq_kdb_b]ju\ kihjl_F RhkljhfW:glbDZjg_]bbebq_eh\_dfZgbimeylhjFbgkd Wc^_fbee_jW=Xklbpdbc<<K_f_cgZyikbohl_jZibyE Wlbq_kdb_ijbgpbiukdZg^bgZ\kdboikboheh]h\ <hijhkuikboheh]bb ‹ Wldbg^:FIkboheh]bq_kdZyijZdlbdZb ZdZ^_fbq_kdZyikboheh]by
jZkoh`^_gbydh]gblb\ghckljmdlmju\gmljbijhn_kkbb <hijhkuikboheh]bb ‹ %DWHVRQ * -DNVRQ '' +DOH\ - :HDNODQG - 7RZDUG D WKHRU\ RI VFKL]RSKUHQLD %HKDYLRUDO6FLHQFH 9,
%DQH 0* 0DULWDO GLVWUDFWLRQ DQG WKH OLYHV RI FKLOGUHQ ,Q 'LYRUFH DQG VHSDUDWLRQ (GV
/HYLQJHU*0ROHV2&1< %HUJ < .HOO\57KHPHDVXUHGVHOIHVWHHPRIFKLOGUHQIURPEURNHQUHMHFWHGDQGDFFHSWHG
IDPLOLHV -RXUQDORI'LYHUVH 9‹ %HUVFKHLG(:DOVWHU(+,QWHUSHUVRQDODWWUDFWLRQ
&DOLIRUQLD &RUH\*7KHRU\DQGSUDFWLFHRI&RXQVHOLQJDQG3V\FKRWKHUDS\&DOLIRUQLD 'DKOEHUJ && 6H[XDO FRQWDFW EHWZHHQ SDWLHQW DQG WKHUDSLVW 6\PSRVLXP RQ ORYH (G
*XUWLQ0(1< (VKHOHPDQ,57KHIDPLO\$QLQWURGXFWLRQ1< )UDQNL 9 7KHZLOOWRPHDQLQJ
1< *DXQW6W7KHILUVWLQWHUYLHZLQPDUULDJHJXLGDQFH 10*&UHVHDUFKSDSHU ‹ *XUPDQ$6.QLVNHUQ '3 HGV+DQGERRNRI)DPLO\7KHUDS\1<
+RPH\.2XULQQHUFRQIOLFW 1< +RPH\.7KHQHXURWLFSHUVRQDOLW\ RIRXUWLPH
1< -DFREVRQ 16 0DUJROLQ * 0DULWDO 7KHUDS\6WUDWHJLHV EDVHG RQ VRFLDO OHDUQLQJ DQG
EHKDYLRUDOH[FKDQJHSULQFLSOHV1< -XQJ&*0RGHUQPDQLQVHDUFKRIVRXO/RQGRQ .DVW 9 $WLPHWRPRXUQ*URZLQJ
WKURXJKDJULHISURFHVV (LQVHGHLQ6ZLWKHODQG .HOO\+3HUVRQDOUHODWLRQVKLSV7KHVWUXFWXUHVDQGSURFHVVHV ² 1HZ-HUVH\ .HOO\-%:DOOHUVWHLQ-67KHHIIHFWVRISDUHQWDOGLYRUFH([SHULHQFHRIWKHFKLOGLQHDUO\
ODWHQF\ $PHULFDQ-RXUQDORI2UWRSV\FKLDWU\ 9
/LEHUPDQ 53 %HKDYLRUDODSSURDFKHVWRIDPLO\DQGFRXSOHWKHUDS\ $PHULFDQ-RXUQDORI
2UWRSV\FKLDWU\ 9
/HDU\ L ,QWHUSHUVRQDOGLDJQRVLVRISHUVRQDOLW\1< /HYLQJHU*0ROHV2&
'LYRUFHDQGVHSDUDWLRQ1< /RZHQ$7KHEHWUD\DORIWKHERG\1< 0LQXFKLQ6-
)DPLOLHVDQGIDPLO\WKHUDS\/RQGRQ 1\H)-5ROHVWUXFWXUHDQGDQDO\VLVRIWKHIDPLO\
/RQGRQ 5REELQV11/HJDOVWDQGDUGVIRUGHWHUPLQLQJ%HVWLQWHUHVWVRIFKLOG 7KH)DPLO\
&RRUGLQDWRU 9‹ 5RJHUV K 7KHSURFHVVRIEDVLFHQFRXQWHUJURXSV1< 5RJHUV&$WKHRU\RIWKHUDS\
SHUVRQDOLW\DQGLQWHUSHUVRQDOUHODWLRQVKLSVLQWKHFOLHQWFHQWHUHGIUDPHZRUN 3V\FKRORJ\$VWXG\
RI D VFLHQFH ‹ 6DWLU 9 &RQMRLQW IDPLO\ WKHUDS\ &DOLIRUQLD 6FKDIHU 5 7KH
DQDO\WLFDODWWLWXGH1< 6WHUOLQ+)DPLO\WKHRULHVDQLQWURGXFWLRQ2SHUDWLRQDOWKHRULHVRISHUVRQDOLW\1< <DORP,'7KHWKHRU\DQGSUDFWLFHRIJURXSSV\FKRWKHUDS\1< :LUFKLQJ0.UHEV
LP&RQWH[W3DWLHQW)DPLOLHXQG%HKDOGXQJVV\VWHP.OHWW&RWD 
Скачать