ECDIS - Лекции

<\_^_gb_ < km^h\h`^_gbb\k_[he__rbjhdh_jZkijhkljZg_gb_ihemqZxl\ukhdhwnn_dlb\gu_gZ\b]Zpbhggh bgnhjfZpbhggu_ dhfivxl_jgu_ kbkl_fu k we_dljhggufb dZjlZfb WD Kj_^b gbo \u^_eyxl \ gZklhys__ \j_fy ^\Z \b^Z kbkl_f (&',6 (OHFWURQLF &KDUW 'LVSOD\ DQG ,QIRUPDWLRQ 6\VWHP (&6 (OHFWURQLF&KDUW6\VWHP (&',6 wlh gZ\b]ZpbhgghbgnhjfZpbhggZy dhfivxl_jgZy kbkl_fZ GBDK m^h\e_l\hjyxsZy ki_pbZevguf lj_[h\Zgbyf qlh iha\hey_l km^h\h^bl_eyf hnbpbZevgh bkihevah\Zlv __ ijhdeZ^dm gZ we_dljhgghc dZjl_ \f_klh ijhdeZ^db gZ [mfZ`guo dZjlZo LZdhc klZlmk (&',6 hij_^_e_g ijZ\behf 9 f_`^mgZjh^ghc dhg\_gpbb BFH ih [_ahiZkghklb `bagb gZ fhj_ 62/$6 Kh]eZkgh wlhfm ijZ\bem \k_ km^Z ^he`gu [ulv kgZ[`_gu ijb\_^_ggufb gZ mjh\_gv kh\j_f_gghklb dZjlZfb gZklZ\e_gbyfb êy ieZ\Zgby ihkh[byfb ih h]gyf agZdZf jZ^bhl_ogbq_kdbf kj_^kl\Zf ba\_s_gbyfb fhj_ieZ\Zl_eyf lZ[ebpZfb ijbeb\h\ b ^jm]bfb ki_pbZevgufb im[ebdZpbyfb g_h[oh^bfufb gZ ij_^klhysbc j_ck Lj_[m_fu_ dZjlu fh]ml [ulv h[_ki_q_gu lZd`_ iml_f bo ij_^klZ\e_gbygZwdjZg_(&',6 WlhdZkZ_lkyb ^jm]bog_h[oh^bfuogZj_ckgZ\b]Zpbhgguoihkh[bc bgnhjfZpbydhlhjuolZd`_fh`_l[ulvhlh[jZ`_gZgZwdjZg_(&',6 LZdbf R[SDaRf (&',6 fh`_l [ulv bkihevah\ZgZ dZd wd\b\Ze_gl [mfZ`guo gZ\b]Zpbhgguo dZjl b ihkh[bc êy ieZ\Zgby Wlh hagZqZ_l g_ nbabq_kdmx wd\b\Ze_glghklv ijhdeZ^hd gZ we_dljhgghc b [mfZ`ghc dZjlZo Z xjb^bq_kdh_ ijbagZgb_ bkihevah\Zgby (&',6 [_a ijbf_g_gby [mfZ`guo dZjl gZ jZchgieZ\Zgby WdkiemZlZpbhggu_lj_[h\Zgbyd (&',6 lj_[h\Zgbyd __ZiiZjZlmj_b ijh]jZffghfm h[_ki_q_gbx hij_^_e_gu f_`^mgZjh^gufb hj]ZgbaZpbyfb BFH f_`^mgZjh^ghc fhjkdhc hj]ZgbaZpb_c ,02 ,QWHUQDWLRQDO 0DULWLPH 2UJDQL]DWLRQ F=H f_`^mgZjh^ghc ]b^jh]jZnbq_kdhc hj]ZgbaZpb_c ,+2 ,QWHUQDWLRQDO +\GURJUDSKLF 2UJDQL]DWLRQ FWD f_`^mgZjh^ghc we_dljhl_ogbq_kdhc dhfbkkb_c ,(& ,QWHUQDWLRQDO (OHFWURWHFKQLFDO &RPLVVLRQ (&6 ij_^klZ\ey_l kh[hc gZ\b]Zpbhggmx beb gZ\b]ZpbhgghbgnhjfZpbhggmx dhfivxl_jgmx kbkl_fm k we_dljhggufb dZjlZfb g_ m^h\e_l\hjyxsmx \ iheghcf_j_ lj_[h\Zgbyf d (&',6 (&6 g_ fh`_l[ulvbkihevah\ZgZ[_aijbf_g_gbyhnbpbZevguo[mfZ`guodZjl < (&',6 j_Zebamxlky ihke_^gb_ ^hklb`_gby \ h[eZklb bgnhjfZpbhgghc l_ogbdb b hgb h[eZ^Zxl h[rbjgufb\hafh`ghklyfb Dhjj_dlmjZ we_dljhgguo dZjl \ (&',6 fh`_l hkms_kl\eylvky Z\lhfZlbq_kdb q_j_a kimlgbdh\u_ dZgZeu k\yab b \ qZklghklb q_j_a \k_fbjgmx dhfivxl_jgmx k_lv Bgl_jg_l Q_j_a wlm k_lv fh`gh aZdZau\Zlvb ihemqZlvlZd`_gh\u_we_dljhggu_dZjlub ^jm]mxgZ\b]ZpbhggmxbgnhjfZpbx < j_amevlZl_ ijbf_g_gby (&',6 km^h\h^bl_ev gZ oh^h\hc \Zol_ hk\h[h`^Z_lky hl \uiheg_gby fgh]bo jmlbgguo hi_jZpbc ?]h hkgh\gufb nmgdpbyfb klZgh\blky gZ[ex^_gb_ aZ hdjm`Zxs_c h[klZgh\dhc dhgljhev (&',6 b ^jm]bo kj_^kl\ km^h\h`^_gby mijZ\e_gb_ bo jZ[hlhc êy ihemq_gby lj_[m_fhc h[klZgh\dhc bgnhjfZpbb hp_gdZ ij_^hklZ\ey_fhc bgnhjfZpbb b ijbgylb_ j_r_gbc ih mijZ\e_gbx km^ghf (&',6 kihkh[gZ ij_^hklZ\eylv km^h\h^bl_ex \ bgl_]jbjh\Zgghf \b^_ bgnhjfZpbx oZjZdl_jbamxsmx jZaebqgu_ klhjhgu ijhp_kkZ km^h\h`^_gby qlh iha\hey_l _fm m\_j_ggh b h[hkgh\Zggh ijbgbfZlv j_r_gby Ijbf_g_gb_ (&',6 ih\urZ_l j_amevlZlb\ghklv ^_yl_evghklb km^h\h^bl_ey h[_ki_qb\Z_l bkihevah\Zgb_ [hevr_]h h[t_fZ b ghf_gdeZlmju ^Zgguo m\_ebqb\Z_l kdhjhklv bo h[jZ[hldb memqrZ_l lhqghklv b ^hklh\_jghklv j_amevlZlh\ ih\urZ_l [_ahiZkghklvfhj_ieZ\Zgbyb ijb\h^bld jhklmnbgZgkh\uoihdZaZl_e_cjZ[hlukm^gZ H^gZdhg_gZ^haZ[u\Zlvb h[hij_^_e_gghckeh`ghklbjZ[hluk lZdbfbkbkl_fZfbdZd (&',6 WlZ keh`ghklv hij_^_ey_lky [hevrbf gZ[hjhf j_rZ_fuo (&',6 aZ^Zq lj_[mxsbo fgh]hqbke_gguo bkoh^guo^ZgguoagZqbl_evgufqbkehf__ mijZ\eyxsbonmgdpbc \ujZ[Zlu\Z_fufb_cjZaebqgh]h\b^Zkb]gZeZfbij_^mij_`^_gbyfbb khh[s_gbyfbh^gh\j_f_gghc jZ[hlhc kh fgh]bfb gZ\b]Zpbhggufb ijb[hjZfb b kj_^kl\Zfb mijZ\e_gby kihkh[ghklvx iZjZee_evgh]h j_r_gby kjZam g_kdhevdbo aZ^Zq dhgp_gljbjh\Zgguf ij_^klZ\e_gb_f bgnhjfZpbb h ijhp_kk_ km^h\h`^_gby b g_h[oh^bfhklvx ijZ\bevghc __ hp_gdb b l^ Z lZd`_ bf__fufb ih]j_rghklyfbh]jZgbq_gbyfbb g_^hklZldZfbdhlhju_gZ^hihklhygghbf_lv\\b^m<k_wlhlj_[m_l [he__ \ukhdh]h bgl_ee_dlmZevgh]h mjh\gy ih^]hlh\db km^h\h^bl_e_c >ey jZ[hlu k (&',6 km^h\h^bl_eb^he`gu AgZlv [Zah\u_ ijbgpbiu ihkljh_gby gZ\b]ZpbhgghbgnhjfZpbhgguodhfivxl_jguokbkl_fb hj]ZgbaZpbx bo ^Zgguo nmgdpbhgZevgu_ \hafh`ghklb GBDK ijbgpbiu j_r_gby kbkl_fguo b ijbdeZ^guo aZ^Zq kihkh[u mijZ\e_gby ^Zggufb \bû \\h^Z hlh[jZ`_gby b j_]bkljZpbb bgnhjfZpbblbiu\ujZ[Zlu\Z_fuo kbkl_fZfb kb]gZeh\khh[s_gbc b ij_^mij_`^_gbcb qlh hkh[_ggh \Z`gh ijbkmsb_ wlbf kbkl_fZf h]jZgbq_gby g_^hklZldb b ihl_gpbZevgu_ hiZkghklbbkihevah\Zgby Mf_lv jZ[hlZlv k (&',6 h[hjm^h\Zgb_f bkihevah\Zlv gZ\b]Zpbhggu_ b bgnhjfZpbhggu_ nmgdpbb \u[bjZlv lj_[m_fmx h[klZgh\dhc bgnhjfZpbx b h[t_dlb\gh hp_gb\Zlv __ ijbgbfZlv ijZ\bevgu_j_r_gbygZhkgh\_ihemqZ_fhchl (&',6 bgnhjfZpbb Hp_gb\Zlv ihl_gpbZevgu_ ih]j_rghklb hlh[jZ`Z_fuo ^Zgguo \_jhylghklv g_ijZ\bevghc bo bgl_jij_lZpbbb q_ldhij_^klZ\eylvhiZkghklvi_j_hp_gdb\hafh`ghkl_c (&',6 We_dljhggu_dZjlu < h[s_f ieZg_ ih^ we_dljhgghc dZjlhc WD HOHFWURQLF FKDUW ?K ihgbfZ_lky bah[jZ`_gb_ hij_^_e_ggh]h jZchgZ A_feb \ mkeh\ghf \b^_ gZ wdjZg_ ^bkie_y beb gZ[hj ^Zgguo êy ihkljh_gby wlh]hbah[jZ`_gby DeZkkbnbdZpbywe_dljhgguodZjl Ijb jZkkfhlj_gbb \hijhkh\ bkihevah\Zgby WD ijbf_gy_lky bo deZkkbnbdZpby ih jZaebqguf ijbagZdZf < aZ\bkbfhklbhliheghlubgnhjfZpbb ij_^klZ\ey_fhcgZdZjl_WDjZa^_eyxlgZiheghf_jgu_ b mijhs_ggu_ klbebah\Zggu_ Ih gZ]jmad_ iheghf_jgu_ gZ\b]Zpbhggu_ WD jZ\ghp_ggu hnbpbZevguf [mfZ`guf gZ\b]Zpbhgguf dZjlZf b kh^_j`Zl \kx dZjlh]jZnbq_kdmx bgnhjfZpbx g_h[oh^bfmxêy[_ahiZkgh]hb wnn_dlb\gh]hkm^h\h`^_gby GZ]jmadZ mijhs_gguo we_dljhgguo dZjl g_^hklZlhqgZ êy p_e_c [_ahiZkgh]h ieZ\Zgby >ey bkihevah\Zgbyiheghf_jguodZjllj_[mxlkyh[eZ^Zxsb_rbjhdbfb\hafh`ghklyfbkj_^kl\ZojZg_gby b hlh[jZ`_gbybgnhjfZpbbdhlhjufbjy^Z\lhfZlbabjh\ZgguogZ\b]Zpbhgguokbkl_fg_h[eZ^Z_l< lZdbo kbkl_fZo fh]ml bkihevah\Zlvky WD \ mijhs_gghf \b^_ dhlhjuc iha\hey_l j_Zebah\u\Zlv bf__fZy ZiiZjZlmjZ Ko_fZlbq_kdh_ bah[jZ`_gb_ gZ wdjZg_ ^bkie_y f_klghklb \ hij_^_e_gghc ijh_dpbb g_ wd\b\Ze_glgh_ [mfZ`ghc gZ\b]Zpbhgghc dZjl_ b g_ m^h\e_l\hjyxs__ lj_[h\Zgbyf d [_ahiZkghklb fhj_ieZ\Zgbyh[uqgh gZau\Z_lky mijhs_gghc klbebah\Zgghc we_dljhgghcdZjlhc Mijhs_ggu_WDihemqZxlkykZfufbjZagufbkihkh[Zfb>ey\\h^Zk [mfZ`guodZjl\ iZfylvW<F ^Zgguo êy klbebah\Zgguo dZjl \ jy^_ Z\lhfZlbabjh\Zgguo gZ\b]Zpbhgguo kbkl_f bkihevamxlky ki_pbZevgu_dh^bjmxsb_ieZgr_lu ^b]blZca_ju FKDUW GLJLWL]HU < aZ\bkbfhklbhl f_lh^Zpbnjh\h]hij_^klZ\e_gbybgnhjfZpbbdZjlu WD^_eylgZjZkljh\u_b \_dlhjgu_ < jZkljh\uo dZjlZo 5DVWU HOHFWURQLF QDYLJDWLRQDO FKDUW 51& bkihevam_lky f_lh^ pbnjh\h]h ij_^klZ\e_gby bah[jZ`_gby dZjlu \ \b^_ fZljbpu lhq_d ibdk_e_c Ijb lZdhf ij_^klZ\e_gbb dZjlu k\_^_gbc h[ hl^_evguo dZjlh]jZnbq_kdbo h[t_dlZo \ iZfylb g_l Bkoh^ghc êy ihemq_gby ^Zgguo jZkljh\uo dZjl kem`bl bgnhjfZpby hnbpbZevguo [mfZ`guo dZjl JZkljh\u_ dZjlu ihemqZxlky kdZgbjh\Zgb_f hkgh\u b jZa^_evgh p\_lgh]h bah[jZ`_gby [mfZ`guo dZjl AZ hkgh\m jZkljh\uo WD ijbgylu i_qZlgu_ ieZlu êy h[uqguo [mfZ`guo dZjl KgylZy k hkgh\u dZjlZ y\ey_lky dhib_c [mfZ`ghcKdZg_jgZyl_ogheh]byijhba\h^kl\ZjZkljh\uodZjlh[_ki_qbeZ\ gZqZe_ o ]h^h\[ukljh_ ijhba\h^kl\hfbjh\hcdhee_dpbbwlbodZjl < \_dlhjguo WD 9HFWRU HOHFWURQLF QDYLJDWLRQDO FKDUW 9(1& ijbf_gy_lky f_lh^ pbnjh\h]h ij_^klZ\e_gbywe_f_glh\dZjluk ihfhsvxlhq_debgbcdhglmjh\aZ^Zgguok\hbfbdhhj^bgZlZfbb khhl\_lkl\mxsbf dh^hfIjblZdhf f_lh^_ ij_^klZ\e_gbybgnhjfZpbydZjluojZgblky\ iZfylb\ \b^_ihke_^h\Zl_evghklbaZibk_coZjZdl_jbamxsbo dZ`ûc bf__fuc gZ dZjl_dZjlh]jZnbq_kdbc h[t_dl DZjlh]jZnbq_kdbf h[t_dlhf DH gZau\Z_lky j_Zevguc h[t_dl beb y\e_gb_ bah[jZ`Z_fh_ gZ dZjl_ \ mkeh\ghf \b^_ beb hibkZgb_ beb ]jmiiZ hibkZgbc dZjlh]jZnbq_kdbo oZjZdl_jbklbd j_Zevgh]hh[t_dlZbeby\e_gby\ pbnjh\hf\b^_êyhlh[jZ`_gby_]hgZWD <k_h[t_dlu\_dlhjghcwe_dljhgghcdZjluh[uqghjZkij_^_eyxlkyihhij_^_e_ggufl_fZlbq_kdbf mjh\gyfgZau\Z_fuokehyfbdZjluLZdbfb kehyfbgZijbf_jfh]ml[ulvgZ\b]Zpbhggu_kj_^kl\Z ]em[bgudZq_kl\h^ZgguooZjZdl_jbklbdbb l^JZa^_e_gb_gZ]jmadbdZjlugZkehbiha\hey_lkbkl_f_ hlh[jZ`Zxs_cWDmijZ\eylv\b^bfhklvxwlbokeh_\ Dhebq_kl\h bgnhjfZpbhgguo keh_\ \_dlhjghc WD fh`_l [ulv jZaebqguf Lj_[m_lky bo bf_lv ih djZcg_c f_j_ ljb [Zah\Zy bgnhjfZpby ^hiheg_gb_ [Zah\hc bgnhjfZpbb ^h klZg^Zjlghc \ky ^jm]Zy bgnhjfZpby <u^_e_gb_ lZdbo keh_\ iha\hey_l hij_^_eblv ljb \b^Z gZ]jmadb dZjlu [Zah\mx klZg^Zjlgmxb ihegmx ;Zah\Zy gZ]jmadZ hagZqZ_l mjh\_gv bgnhjfZpbbdZjlu dhlhjucg_ fh`_l [ulv m^Ze_g k ^bkie_y HgZ kh^_j`bl bgnhjfZpbx dhlhjZy lj_[m_lky \k_]^Z \h \k_o ]_h]jZnbq_kdbo jZchgZo b ijb ex[uo h[klhyl_evkl\Zo Wlh g_ hagZqZ_l qlh __ ^hklZlhqgh êy [_ahiZkgh]h km^h\h`^_gby ;Zah\Zy gZ]jmadZ \dexqZ_l [_j_]h\mx q_jlm êy iheghc \hû \u[jZggmx dZiblZghf êy kh[kl\_ggh]h km^gZ [_ahiZkgmx bah[Zlm \ h]jZgbq_gghc [_ahiZkghc bah[Zlhc h[eZklb hl^_evgu_ ih^\h^gu_ hiZkghklb k ]em[bgZfbf_gvrbfb[_ahiZkghc\ ij_^_eZowlhc`_ h[eZklbhl^_evgu_hiZkghklblZdb_dZdfhklu ebgbbwe_d]jhi_j_^Zq\dexqZy[mbb agZdbdhlhju_bkihevamxlkybebg_bkihevamxlkydZdkj_^kl\Z gZ\b]Zpbbkbkl_fu^\b`_gby fZkrlZ[\b^hjb_glZpbbdZjlub j_`bf^bkie_y_^bgbpu]em[bgb \ukhl KlZg^ZjlgZy gZ]jmadZ wlh fbgbfZevguc gZ[hj ^Zgguo h[_ki_qb\Zxsbo [_ahiZkghklv ijb ijhdeZ^d_ b ieZgbjh\Zgbb imlb KlZg^ZjlgZy gZ]jmadZ \dexqZ_l [Zah\mx Z lZd`_ ebgbb hkuoZbby klZpbhgZjgu_b ieZ\mqb_kj_^kl\ZgZ\b]Zpbb]jZgbpunZj\Zl_jh\dZgZeh\ijbf_lgu_\bamZevgu_b jZ^bhehdZpbhggu_h[t_dluaZij_lgu_b h]jZgbq_ggu_jZchgub g_dhlhju_^jm]b_k\_^_gby IhegZy gZ]jmadZ khklhbl ba klZg^Zjlghc b \k_c ^jm]hc bgnhjfZpbb <ky ^jm]Zy bgnhjfZpby \dexqZ_l agZq_gby ]em[bg ih^\h^gu_ dZ[_eb b ljm[hijh\hû fZjrjmlu iZjhfh\ ^_lZeb \k_o hl^_evguo hiZkghkl_c ^_lZeb gZ\b]Zpbhgguo kj_^kl\ kh^_j`Zgb_ ij_^mij_`^_gbc fhj_ieZ\Zl_eyf ^Zlm ba^Zgby WD ]hjbahglZevguc ]_h^_abq_kdbc ^Zlmf ghev ]em[bg fZ]gblgh_ kdehg_gb_ ]_h]jZnbq_kdb_gZa\Zgbyb l^ Bah[jZ`_gb_ \_dlhjghc dZjlu ihemqZ_lky iml_f ij_h[jZah\Zgby pbnjh\uo ^Zgguo dZjlh]jZnbq_kdbo h[t_dlh\ \ ]jZnbq_kdh_ bah[jZ`_gb_ dZjlu Ihkljh_gb_ we_f_glh\ dZjlu ijhba\h^blkyk ihfhsvxlhq_dijyfuoebgbc \_dlhjh\ ehfZguoebgbcb dhglmjh\ihdhhj^bgZlZf lhq_dij_^klZ\eyxsbof_ljbdmdZjlh]jZnbq_kdboh[t_dlh\ <_dlhjgu_ WD ^h g_^Z\g_]h \j_f_gb kha^Z\Zebkv \ hkgh\ghf iml_f kt_fZ bo pbnjh\uo ^Zgguo k [mfZ`guo dZjl k ihfhsvx ^b]blZca_jguo l_ogheh]bc < wlbo l_ogheh]byo agZqbl_evgh_ f_klh aZgbfZ_l jmqghc ljm^ qlh ijb\h^beh d kms_kl\_gguf aZljZlZf \j_f_gb gZ ijhba\h^kl\h \_dlhjguo dZjl< j_amevlZl_^he]h_\j_fyg_[uehiheghcdhee_dpbb\_dlhjguodZjlgZ\_kvFbjh\hchd_Zg< gZklhys__ \j_fy êy ijhba\h^kl\Z \_dlhjguo dZjl kha^Zgu kh\j_f_ggu_ Z\lhfZlbq_kdb_ kdZg_jgu_ l_ogheh]bb\uihegyxsb_ ©\_dlhjbaZpbxª[mfZ`ghcdZjlu\ lj_[m_fhfnhjfZl_b dhgljhevdZq_kl\Z ihemqZ_fuo ^Zgguo < j_amevlZl_ kdhjhklv kha^Zgby \_dlhjguo we_dljhgguo dZjl agZqbl_evgh m\_ebqbeZkv Djhf_hnbpbZevguo[mfZ`guodZjlbkoh^ghcbgnhjfZpb_cêyh[jZah\Zgby^Zgguo\_dlhjguoWD fh]ml kem`blv g_ihkj_^kl\_ggh ^Zggu_ ]_h^_abq_kdhc kt_fdb f_klghklb Z lZd`_ j_amevlZlu Zwjh b dhkfbq_kdhc nhlhf_ljbq_kdhc kt_fdb jZchgh\ A_feb Wlh bf__l [hevrh_ agZq_gb_ ih ke_^mxsbf ijbqbgZf H[_ki_qb\Z_lky [he__ \ukhdZy lhqghklv ^Zgguo dZjlu lZddZd bkoh^gu_ ^Zggu_ k\h[h^gu hl ih]j_rghkl_c]jZnbq_kdh]hboij_^klZ\e_gbygZ[mfZ`ghcdZjl_ We_dljhggu_dZjlufh]mlkha^Z\Zlvkyihj_amevlZlZfgh\uo\ukhdhlhqguokt_fhdf_klghklb g_h`b^Zydh]^Z[m^mlihemq_guihwlbfj_amevlZlZf[mfZ`gu_dZjlu>_eh\ lhfqlhkt_fdZfgh]bo jZchgh\ A_feb \uiheg_gZ ^Z\gh b __ lhqghklv g_ hl\_qZ_l kh\j_f_gguf lj_[h\Zgbyf Wlh h[klhyl_evkl\h kgb`Z_l wnn_dlb\ghklv kimlgbdh\uo gZ\b]Zpbhgguo kbkl_f *36 b =EHG:KK b khhl\_lkl\_ggh kbkl_f k WD Ihwlhfm \ gZklhys__ \j_fy ijhba\h^ylky h[rbjgu_ jZ[hlu ih mlhqg_gbx iheh`_gby dZjlh]jZnbq_kdbo h[t_dlh\ \ kbkl_f_ :*6 êy fgh]bo jZchgh\ A_feb WlZ jZ[hlZ jZkkqblZgZ gZ g_kdhevdh e_l IhemqZ_fu_ ijb \uiheg_gbb wlhc jZ[hlu j_amevlZlu fh]ml g_ihkj_^kl\_gghbkihevah\Zlvkyêykha^Zgbygh\uo\ukhdhlhqguoWD < aZ\bkbfhklb hl xjb^bq_kdh]h klZlmkZ WD ih^jZa^_eyxlky gZ hnbpbZevgu_ b g_hnbpbZevgu_ dZjlu HnbpbZevgufb kqblZxlky WD \uimkdZ_fu_ ]hkm^Zjkl\_ggufb ]b^jh]jZnbq_kdbfb hj]ZgbaZpbyfb <k_ ^jm]b_ WD hlghkylky d g_hnbpbZevguf dZjlZf HnbpbZevgu_ \_dlhjgu_ dZjlu gZijbf_j kha^Zxlky =eZ\guf mijZ\e_gb_f gZ\b]Zpbb b hd_Zgh]jZnbb =MGbH Jhkkbb HnbpbZevgu_ jZkljh\u_ we_dljhggu_ dZjlu 51& ijhba\h^ylky gZijbf_j ki_pbZevghc kem`[hc ;jblZgkdh]h:^fbjZel_ckl\Z $5&6 $GPLUDOW\ 5DVWHU &KDUW 6WUYLFH ]b^jh]jZnbq_kdhckem`[hcKR: 12$$ 1DWLRQDO 2FHDQLF DQG $WPRVSKHULF $GPLQLVWUDWLRQ < aZ\bkbfhklb hl \b^Z gZ\b]Zpbhgghc kbkl_fu \ dhlhjhc WD ij_^klZ\eyxlky we_dljhggu_ dZjlu^_eylkygZHFGLV dZjlu b HFVdZjlu(FGLV²dZjlu wlhhnbpbZevgu_\_dlhjgu_we_dljhggu_ gZ\b]Zpbhggu_dZjlu^Zggu_dhlhjuoklZg^Zjlbah\Zgguihkh^_j`Zgbx kljmdlmj_^_ckl\mxs_fm nhjfZlm h[f_gZ dZjlh]jZnbq_kdhc bgnhjfZpb_c b iheghklvx m^h\e_l\hjyxl ki_pbZevguf lj_[h\Zgbyf BFH b F=H Hgb \uimkdZxlky êy bkihevah\Zgby k (&',6 (FGLVdZjlu \ ^hdmf_glZo BFH gZa\Zgu (OHFWURQLFQDYLJDWLRQDOFKDUWV (1&< hkgh\mbkihevah\Zgby HFGLVdZjl\ km^h\h`^_gbb iheh`_guke_^mxsb_ijbgpbiu lhqghklvb iheghlZWD^he`gZ[ulvg_gb`_[mfZ`guogZ\b]ZpbhgguodZjl >Zggu_ dZjlu b dhjj_dlmju d g_c ^he`gu [ulv ij_^klZ\e_gu \ hnbpbZevgh ijbgyluo ,+2 klZg^ZjlguonhjfZlZo =hkm^Zjkl\_ggu_]b^jh]jZnbq_kdb_kem`[u^he`gug_klbihegmxhl\_lkl\_gghklvaZkh^_j`Zgb_WD b dhjj_dlmjd gbf >Zggu_dZjlb hnbpbZevguodhjj_dlmj^he`guojZgblvky\ iZfylbkbkl_fu\ g_baf_gy_fhf\b^_ jZafgh`_gb_j_]bkljZpbyb jZkijhkljZg_gb_WD^he`gu khhl\_lkl\h\Zlvf_`^mgZjh^guf ijZ\beZf jZkijhkljZg_gby ijh]jZffgh]hh[_ki_q_gby D (FVdZjlZf hlghkylky jZkljh\u_ dZjlu mijhs_ggu_ WD \uimkdZ_fu_ qZklgufb nbjfZfb iheghf_jgu_\_dlhjgu_WD\_dlhjgu_dZjlu\ hlebqghfhl^_ckl\mxs_]hnhjfZl_ DeZkkbnbdZpby WD \ aZ\bkbfhklb hl fZkrlZ[Z DZd ba\_klgh ih^jh[ghklv gZ]jmadb dZjl aZ\bkblhlbofZkrlZ[ZFZkrlZ[we_dljhgghcdZjludhlhjhfmkhhl\_lkl\m_l__ gZ]jmadZgZau\Z_lky hjb]bgZevguffZkrlZ[hfWD < aZ\bkbfhklbhlhjb]bgZevgh]hfZkrlZ[ZWD^_eylkygZ dZjlmfbjZ :RUOG b f_gvr_ ]_g_jZevgu_dZjlu *HQHUDO ijb[j_`gu_dZjlu &RDVWDO ihôh^gu_dZjlu $SSURDFK ]Z\Zgb +DUERXU ieZgu 3ODQ b djmig__Hlf_lbfqlh ljZ^bpbhggh [mfZ`gu_ hl_q_kl\_ggu_ gZ\b]Zpbhggu_fhjkdb_dZjlu\ aZ\bkbfhklbhlfZkrlZ[Zih^jZa^_eyxlkygZke_^mxsb_\bû ]_g_jZevgu_ iml_\u_ qZklgu_ ieZgu b djmig__ DeZkkbnbdZpby WD \ aZ\bkbfhklb hl bkihevah\Zgby \ gZ\b]Zpbhgghc kbkl_f_ Kj_^b \_dlhjguo dZjl jZaebqZxl hkgh\gu_ b kbkl_fgu_ dZjlu Hkgh\ghc gZau\Zxl dZjlm ^Zggu_ dhlhjhc jZaf_s_gu \ hl^_evghf nZce_ ihklZ\ey_fhf ]hkm^Zjkl\_gghc beb qZklghc hj]ZgbaZpb_c >Zggu_ hkgh\ghcdZjlug_fh]ml[ulvbaf_g_gugZkm^g_ Kbkl_fgZywe_dljhggZydZjlZ 6\VWHP HOHFWURQLF QDYLJDWLRQDO FKDUW 6(1& wlhgZ[hj^Zgguoêy hlh[jZ`_gby hldhjj_dlbjh\Zgghc gZ\b]Zpbhgghc dZjlu ij_^klZ\e_gguc \h \gmlj_gg_f nhjfZl_ kbkl_fu Hg y\ey_lky j_amevlZlhf ij_h[jZah\Zgby kbkl_fhc bgnhjfZpbb hkgh\ghc WD k mq_lhf dhjj_dlmj b ^Zgguo ^h[Z\e_gguo fhj_ieZ\Zl_e_f Wlh lhl gZ[hj ^Zgguo dhlhjuc khklZ\ey_l ^bkie_cgucnZcekbkl_fuêyhlh[jZ`_gbyhldhjj_dlbjh\ZgghcgZ\b]ZpbhgghcdZjlub \uiheg_gbyk __ ihfhsvx gZ\b]Zpbhgguo nmgdpbc 6(1& fh`_l kh^_j`Zlv bgnhjfZpbx b hl ^hihegbl_evguo bklhqgbdh\ =_h^_abq_kdZyhkgh\Zhlkq_lZdhhj^bgZlWD < h[s_fkemqZ_h[t_dlgZdZjl_oZjZdl_jbam_lky]hjbahglZevgufbdhhj^bgZlZfb rbjhlZ^he]hlZ b \_jlbdZevghcdhhj^bgZlhc \ukhlZbeb]em[bgZ < hkgh\_hlkq_lZ]hjbahglZevguodhhj^bgZle_`bl lZ beb bgZy ]_h^_abq_kdZy kbkl_fZ gZau\Z_fZy lZd`_ ]hjbahglZevguf ]_h^_abq_kdbf \hlmfhf Hkgh\hcêyhlkq_lZ\_jlbdZevguodhhj^bgZlkem`blmjh\_gvfhjyijbgbfZ_fucaZghev]em[bgWlhl mjh\_gvgZau\Zxl\_jlbdZevguf]_h^_abq_kdbf^Zlmfhf eb[hijbeb\gufmjh\g_f =hjbahglZevguc ]_h^_abq_kdbc ^Zlmf bkoh^gZy ]_h^_abq_kdZy ^ZlZ \dexqZ_l \ k_[y ]_h^_abq_kdb_ dhhj^bgZlu bkoh^gh]h imgdlZ hihjghc ]_h^_abq_kdhc k_lb ]_h^_abq_kdbc Zabfml gZijZ\e_gby gZ h^bg ba kf_`guo imgdlh\ hij_^_e_ggu_ Zkljhghfbq_kdbf iml_f b \ukhlm ]_hb^Z \ wlhf imgdl_ gZ^ ih\_joghklvx ijbgylh]h j_n_j_gpaeebikhb^Z J_n_j_gpweebikhb^hf gZau\Zxl A_fghc weebikhb^ hij_^_e_gguo jZaf_jh\ y\eyxsbcky \kihfh]Zl_evghc fZl_fZlbq_kdhc ih\_joghklvxd dhlhjhchlghkylj_amevlZlu\k_o]_h^_abq_kdbobaf_j_gbcgZih\_joghklbA_febgZ dhlhjmxijh_dlbjmxl\k_imgdluhihjghc]_h^_abq_kdhck_lbb ddhlhjhchlghkyllhih]jZnbq_kdb_b ]b^jh]jZnbq_kdb_kt_fdbb khklZ\ey_fu_ihgbfdZjlua_fghcih\_joghklb Kbkl_fZdhhj^bgZlihemq_ggZy\ j_amevlZl_mjZ\gb\Zgbyhihjghc]_h^_abq_kdhck_lbgZj_n_j_gp weebikhb^_b ij_^klZ\ey_lkh[hclmbebbgmx]_h^_abq_kdmxkbkl_fmdhhj^bgZleb[h]hjbahglZevguc ]_h^_abq_kdbc^ZlmfBkoh^gvfbimgdlZfb]_h^_abq_kdbo^Zlmfh\qZklhy\eyxlkyhij_^_e_ggu_lhqdb Zkljhghfbq_kdbo h[k_j\Zlhjbc ]_h^_abq_kdb_ dhhj^bgZlu dhlhjuo rbjhlm b ^he]hlm hij_^_eyxl iml_fZkljhghfbq_kdbogZ[ex^_gbchk\h[h`^_gguohl\ebygbymdehg_gbyhl\_kZ JZaebqZxl ehdZevgu_ j_]bhgZevgu_ b \k_fbjgu_ ]_h^_abq_kdb_ kbkl_fu dhhj^bgZl EhdZevgu_ ^Zlmfu y\eyxlky ]_h^_abq_kdbfb kbkl_fZfb g_[hevrbo mqZkldh\ a_fghc ih\_joghklb < dZq_kl\_ ijbf_jZfh`ghijb\_klb^Zlmf%LVVDX %DVH 1RUWK :HVW DQG 3LOODU J_]bhgZevgu_ ]_h^_abq_kdb_ kbkl_fu hlghkylky d h[rbjguf jZchgZf A_feb < dZq_kl\_ ijbf_jh\ lZdbokbkl_fdhhj^bgZlfh`ghgZa\ZlvKh\_lkdmx ]h^Z 3XONRYR ?\jhi_ckdbc^Zlmf ]h^Z (' ;jblZgkdmx kbkl_fm ] Lhdbckdbc ^Zlmf Bg^bckdbc ^Zlmf Gh\uc k_\_jhZf_jbdZgkdbc ^Zlmf ] 1$' 1HZ1RUWK$PHULFDQ'DWXPRI Ke_^m_lhlf_lblvqlh _keb]hjbahglZevguc ^Zlmfhlghkblkyd l_jjblhjbb]hkm^Zjkl\ZlhhggZau\Z_lkygZpbhgZevguf <k_fbjguc ^Zlmf wlh ]_h^_abq_kdZy kbkl_fZ dhhj^bgZl êy \k_]h a_fgh]h rZjZ Ijbf_jZfb \k_fbjguo ^Zlmfh\ y\eyxlky Zf_jbdZgkdb_ kbkl_fu :*6 :*6 b jhkkbckdZy kbkl_fZ I 6*6 6RYLHW *HRFHQWULF &RRUGLQDWH 6\VWHP Kha^Zgb_ ]_h^_abq_kdbo kbkl_f dhhj^bgZl h[rbjguo jZchgh\ a_fghc ih\_joghklb aZ\bkbl hl \hafh`ghkl_cl_ogbq_kdbokj_^kl\bkihevam_fuoijb]_h^_abq_kdhckt_fd_Dh]^Zwlbkj_^kl\Z[ueb lhevdh hilbq_kdbfb hihjgZy ]_h^_abq_kdZy k_lv fh]eZ \dexqZlv lhevdh imgdlu ljb ba dhlhjuo \ ex[hf f_kl_ gZoh^ylky \ ahg_ ijyfhc \b^bfhklb Ijbf_g_gb_ \ ]_h^_abq_kdbo jZ[hlZo jZ^bhl_ogbq_kdbo kbkl_f \ukhdhc lhqghklb lZdbo dZd JK<L 'HFFD +LIL[ b ^j ^Zeh \hafh`ghklv agZqbl_evgh m\_ebqblv jZkklhygb_ f_`^m imgdlZfb Ihy\e_gb_ dhkfbq_kdhc l_ogbdb êy lhqgh]h hij_^_e_gby iheh`_gby gZ ih\_joghklb A_feb ijb\_eh d \hafh`ghklb kha^Zgby \k_fbjghc ]_h^_abq_kdhckbkl_fu Ihemq_ggu_^h ]h^Z]hjbahglZevgu_]_h^_abq_kdb_^Zlmfu[uebehdZevgufbK b ^h ]h^Z \ jZaguo kljZgZo [ueb ijh\_^_gu h[rbjgu_ ]_h^_abq_kdb_ jZ[hlu ih kha^Zgbx j_]bhgZevguo ^Zlmfh\ GZqbgZy k iylb^_kyluo ]h^h\ j_]bhgZevgu_ ]_h^_abq_kdb_ kbkl_fu klZeb g_ m^h\e_l\hjylv p_eyf ijbf_g_gby ihy\b\r_]hky \ l_ ]hû \hhjm`_gby dhlhjh_ lj_[h\Zeh ]_h^_abq_kdmx kbkl_fm hlkq_lZ fbjh\h]h fZkrlZ[Z Ihy\e_gb_ gZ\b]Zpbhgghc kimlgbdh\hc kbkl_fu ©LjZgablª iha\hebeh \ ] Fbgbkl_jkl\m H[hjhgu KR: kha^Zlv iml_f h[t_^bg_gby gZ hkgh\_ kimlgbdh\uo gZ[ex^_gbc jZaebqguo j_]bhgZevguo ]_h^_abq_kdbo k_l_c Fbjh\mx ]_h^_abq_kdmx kbkl_fm :RUG *HRGHWLF 6\VWHP RI :*6 WlZkbkl_fZ mlhqgyeZkv\ ]h^m < gZklhys__\j_fybkihevam_lkykbkl_fZdhhj^bgZl:*6dhlhjZyihemqbeZrbjhdh_jZkijhkljZg_gb_ \h \k_f fbj_ HgZ kh\iZ^Z_l k 1$' ;hevrZy Z b fZeZy E ihemhkb j_n_j_gpweebikhb^Z :*6 khhl\_lkl\_gghjZ\gu D f:f :*6 ijbgylZaZklZg^ZjlgmxijbjZkq_lZoiheh`_gbyhij_^_eyxsbokyh[t_dlh\\ *36< :*6 j_dhf_g^m_lkykhklZ\eylvhnbpbZevgu_\_dlhjgu_WDJZkq_ludbg_fZlbq_kdboiZjZf_ljh\h[t_dlh\\ =EHG:KK\_^mlky\ kh\_lkdhcfbjh\hc]_h^_abq_kdhckbkl_f_I Fhjkdb_ gZ\b]Zpbhggu_ dZjlu hkgh\Zggu_gZ kt_fdZo jZaguo ]hkm^Zjkl\_gguo ]b^jh]jZnbq_kdbo kem`[ b hj]ZgbaZpbcbf_xl jZagu_ ]_h^_abq_kdb_ kbkl_fu hlkq_lZ dhhj^bgZl Kibkhdihemq_gguo \ jZagu_ ]hû ^Zlmfh\ dhlhju_ bkihevah\Zebkv ijb khklZ\e_gbb dZjl A_fghc ih\_joghklbijb\_^_g \ ijbeh`_gbb < ijbeh`_gbb i_j_qbke_gu]_h^_abq_kdb_kbkl_fugZ\b]ZpbhgguodZjl\oh^ysbo\ dhee_dpbx;jblZgkdh]hZ^fbjZel_ckl\Z Hq_gv \Z`gh ijb km^h\h`^_gbb agZlv qlh dhhj^bgZlu h^gh]h b lh]h `_ h[t_dlZ hlg_k_ggu_ d jZaguf ]_h^_abq_kdbf ^ZlmfZf hlebqZxlky B]ghjbjh\Zgb_ wlh]h h[klhyl_evkl\Z fh`_l ijb\_klb d Z\Zjbb JZaghklv f_`^m iheh`_gb_f h[t_dlh\ \ jZaguo ]_h^_abq_kdbo kbkl_fZo fh`_l ij_\urZlv g_kdhevdh khl f_ljh\ >ey kh\j_f_gguo ]_h^_abq_kdbo kbkl_f hgZ g_\_ebdZ JZaghklv f_`^m iheh`_gb_f h[t_dlh\ \ kbkl_fZo :*6 b I g_ ij_\urZ_l f_ljh\ Z f_`^m iheh`_gb_f \ :*6 b :*6fF_`^ml_f jZaghklvf_`^miheh`_gb_f\ kbkl_f_ :*6 b \kbkl_f_hlkq_lZ dhhj^bgZl dZjlu h^gh]h ba jZchgh\ \ W]_ckdhf fhj_ hkgh\Zgghc gZ kt_fd_ ] ^hoh^bl ^h fbev Ba ijbf_gy_fuo \ gZklhys__ \j_fy dZjl kt_fdZ dhlhjuo ijh\h^beZkv \ ^Ze_dhf ijhrehf [hevrZy qZklv hlghkblky d hkljh\Zf X]h\hklhqghc :abb GZb[hevrZy aZnbdkbjh\ZggZy jZaghklv f_`^miheh`_gb_f\ :*6b iheh`_gb_fgZdZjl_hkgh\ZgghcgZklZjhckt_fd_khklZ\ey_l fbev BgnhjfZpby h ]hjbahglZevghf ^Zlmf_ WD bf__lky êy [hevrbgkl\Z gZ\b]Zpbhgguo dZjl H^gZdh êy jy^Z dZjl hkgh\Zgguo gZ kt_fd_ ijh\_^_gghc \ ^Ze_dhf ijhrehf ]hjbahglZevguc ^Zlmf g_ba\_kl_gGZ[mfZ`guodZjlZobgnhjfZpbyh ]hjbahglZevghf^Zlmf_ijb\h^blky\ aZ]heh\d_dZjlu GZqbgZy k ] ijb i_j_ba^Zgbb dZjl fgh]b_ ]b^jh]jZnbq_kdb_ kem`[u ^h[Z\eyxl gZ dZjlZo ihijZ\db ih rbjhl_ b ^he]hl_ êy ijb\_^_gby d dZjl_ ^Zgguo kimlgbdh\uo hij_^_e_gbc \ kbkl_f_ :*6AZibkvh[wlhf6DWHOOLWH'HULYHG 3RVLWLRQVh[uqghjZkiheZ]Z_lkyhdhehaZ]heh\dZdZjluKe_^m_l hlf_lblv qlh fgh]b_ ijb_fhbg^bdZlhju kimlgbdh\uo kbkl_f hij_^_e_gbc f_klZ bf_xl \hafh`ghklv ij_^klZ\eylv^Zggu_\ jZaguo]_h^_abq_kdbokbkl_fZo Mqblu\Zyqlhkimlgbdh\ZygZ\b]ZpbhggZykbkl_fZ*36dhlhjZyjZ[hlZ_l\ :*6 klZeZhkgh\ghc \ km^h\h`^_gbb ]b^jh]jZnbq_kdb_ kem`[u jZaguo kljZggZqZeb jZ[hlm ih ijb\_^_gbx \uimkdZ_fuo bfbdZjld wlhfm^ZlmfmH^gZdhbaaZhlkmlkl\bykh\j_f_gghckt_fdbjy^ZjZchgh\A_febg_dhlhju_ dZjlug_fh]ml[ulvij_^klZ\e_gu\ kbkl_f_ :*6 < wlhf kemqZ_ êy dZjlu ijb\h^blky bgnhjfZpby h g_\hafh`ghklb ijb\_^_gby __ d :*6 $GMXVWPHQWVWR:*6FDQQRWEHGHWHUPLQHGIRUWKLVFKDUWbeb 7KHGLIIHUHQFHVEHWZHHQVDWHOOLWHGHULYHGSRVLWLRQVDQGSRVLWLRQVRQWKLVFKDUWFDQQRWEHGHWHUPLQHGb qlh ihijZ\db fh]ml [ulv agZqbl_evgufb 'LIIHUHQFHVPD\EHVLJQLILFDQWWRQDYLJDWLRQ <_jlbdZevgu_ ^Zlmfu fhjkdbo gZ\b]Zpbhgguo dZjl lZd`_ hlebqZxlky Mjh\_gv ijbgbfZ_fuc ijb khklZ\e_gbb dZjl aZ ghev ]em[bg \ jZaguo kljZgZo mklZgh\e_g bo \eZklyfb b g_ y\ey_lky _^bghh[jZaguf K\_^_gby h ijbgylhf êy dZjlu gme_ ]em[bg ijb\_^_gu êy [hevrbgkl\Z gZ\b]ZpbhgguodZjlLhevdhgZdZjlZokhklZ\e_gguoihj_amevlZlZfkt_fhd\uiheg_gguo\ ^Ze_dhf ijhrehfhkh[_ggh\ jZchgZo]^_ijbeb\gu_dhe_[Zgbyg_\_ebdbmjh\_gvijbgylucaZghev]em[bg fh`_l[ulvg_ba\_kl_g JZa]jZndZwe_dljhgguodZjl JZa^_e_gb_ a_fghc ih\_joghklb gZ hl^_evgu_ dZjlu gZau\Z_lky jZa]jZndhc beb gZj_adhc >ey WD bkihevamxl ^\Z \b^Z jZa]jZndb jZa]jZndm ]b^jh]jZnbq_kdbo kem`[ ijbf_gy_fmx êy gZj_adb [mfZ`guodZjlb jZ\ghf_jgmxjZa]jZndmij_êh`_ggmx ,+2 OZjZdl_jghc q_jlhc jZa]jZndb ]b^jh]jZnbq_kdbo kem`[ y\ey_lky i_j_dju\Zgb_ khk_^gbfb dZjlZfb hij_^_e_gghc Zd\Zlhjbb gZ bo klud_ b aZ\bkbfhklv rZ]Z jZa]jZndb hl rbjhlu qlh h[_ki_qb\Z_l ijb[ebabl_evgh_ \ujZ\gb\Zgb_ iehsZ^_c ih\_joghklb dZjl gZ jZaguo rbjhlZo Wlh \ hij_^_e_gghc kl_i_gb kihkh[kl\m_l \ kemqZ_ jZ\ghf_jgh]h jZkij_^_e_gby dZjlh]jZnbq_kdhc gZ]jmadb \ujZ\gb\Zgbx bgnhjfZpbhgguo h[t_fh\ dZjl Dh]^Z êy WD bkihevam_lky jZa]jZndZ ]b^jh]jZnbq_kdbo kem`[ lh h[uqgh gmf_jZpby WD khhl\_lkl\m_l gmf_jZpbb khhl\_lkl\mxsbo [mfZ`guofhjkdbogZ\b]ZpbhgguodZjl < jZ\ghf_jghcjZa]jZnd_ ij_êh`_gghc ,+2 \ dZq_kl\_jZa^_eyxsbodZjluebgbcbkihevamxlky hlj_adb f_jb^bZgh\ b iZjZee_e_c k rZ]hf h^bgZdh\uf ih m]eh\hc \_ebqbg_ êy rbjhlu b ^he]hlu Khk_^gb_ dZjlu ijb lZdhc jZa]jZnd_ kludmxlky f_`^m kh[hc [_a i_j_djulby IZjZf_lju jZa]jZndb ijbgylu ,+2 êyieZgh\ dZjl]Z\Zg_c dZjlihôh^h\ dZjlih[_j_`vy ]_g_jZevguo dZjl dZjlu fbjZ DZjl_ dZ`^h]h jZchgZ ih hij_^_e_gghc kbkl_f_ ijbk\Zb\Z_lky ghf_j b^_glbnbdZlhj ihdhlhjhfmh^ghagZqghhij_^_ey_lkyf_klhwlh]hjZchgZgZdZjl_fbjZ Djhf_ gZa\Zgguo kms_kl\mxl jZa]jZndb bkihevah\Zggu_ qZklgufb nbjfZfb ijb ijhba\h^kl\_ \_dlhjguo dZjl < dZq_kl\_ ijbf_jZ fh`gh mdZaZlv jZ\ghf_jgmx jZa]jZndm ghj\_`kdhc nbjfu ©K FZjª dZjlu dhlhjhc bf_xl jZaf_j o kludmxlky ^jm] k ^jm]hf [_a i_j_djulby b h[_ki_qb\Zxl kiehrgh_ihdjulb_Zd\Zlhjbc\k_]hFbjh\h]hhd_ZgZ Ijh_dpbbfhjkdbogZ\b]Zpbhgguowe_dljhgguodZjl Fhjkdb_ gZ\b]Zpbhggu_ WD \ ih^Z\eyxs_f [hevrbgkl\_ kemqZ_\ hlh[jZ`Zxlky \ ijh_dpbb F_jdZlhjZ F_jdZlhjkdZy ijh_dpby wlh jZ\ghm]hevgZy pbebg^jbq_kdZy ijh_dpby JZaebqZxl ghjfZevgmx ihi_j_qgmx b gZdehggmx f_jdblhjkdb_ ijh_dpbb Ba gbo êy ij_^klZ\e_gby gZ\b]Zpbhgguo WD \ hkgh\ghf ijbf_gyxlky ^\_ i_j\u_ K lhqdb aj_gby km^h\h`^_gby ]eZ\gufb ^hklhbgkl\Zfb f_jdZlhjkdbo ijh_dpbc y\eyxlky \hafh`ghklv baf_jylv gZlmjZevgu_ g_bkdZ`_ggu_ m]eub aZ\bkbfhklvqZklguofZkrlZ[h\lhevdhhliheh`_gbylhqdbghg_hlgZijZ\e_gbybaf_jy_fhc ihg_[hevrbfqZklyfbkdhfhcêbgu GhjfZevgZyijh_dpbyF_jdZlhjZ GIF bkihevam_lkyêyihkljh_gbyWD\ ^bZiZahg_rbjhlhl ^h Hdhehihexkgu_jZchgu\ g_cg_fh]ml[ulvhlh[jZ`_guGZb[hevrbf^hklhbgkl\hfGIFêy p_e_ckm^h\h`^_gbyy\ey_lkyij_^klZ\e_gb_ehdkh^jhfbbijyfhcebgb_c GIF ihemqZ_lky ijh_dlbjh\Zgb_f a_fgh]h weebikhb^Z gZ [hdh\mx ih\_joghklv pbebg^jZ dZkZl_evgh]h d weebikhb^m ih ebgbb wd\ZlhjZ jbk Z Hkv wlh]h pbebg^jZ kh\iZ^Z_l k hkvx A_feb AZl_f [hdh\Zy ih\_joghklv pbebg^jZ jZaj_aZ_lky ih h[jZamxs_c b jZa\hjZqb\Z_lky gZ iehkdhklv jbk < ghjfZevghc f_jdZlhjkdhc ijh_dpbb f_jb^bZgu y\eyxlky ijyfufb iZjZee_evgufb ebgbyfb i_ji_g^bdmeyjgufb d wd\Zlhjm GZ ih\_joghklb pbebg^jZ ijh_dpbb f_jb^bZgh\ ijhoh^yl q_j_a lhqdbdZkZgbya_fguof_jb^bZgh\k pbebg^jhfi_ji_g^bdmeyjghd iehkdhklbwd\ZlhjZJZkklhygb_ O \ GIFf_`^m^\mfyf_jb^bZgZfbk ^he]hlZfb jZ\gh ; D O O ]^_Z [hevrZyihemhkva_fgh]hweebikhb^Z A_fgu_iZjZee_eb\ GIFlZd`_ijyfu_ ebgbb i_ji_g^bdmeyjgu_d f_jb^bZgZf<\b^mlh]hqlh gZ a_fghf weebikhb^_ f_jb^bZgu koh^ylky k ijb[eb`_gb_f d ihexkZf k jhklhf rbjhlu êbgZ a_fghciZjZee_ebf_`^m^\mfyf_jb^bZgZfbklZgh\blkyf_gvr_Wlh mf_gvr_gb_ijhihjpbhgZevgh mf_gvr_gbxjZ^bmkZiZjZee_eb U M dhlhjuck mq_lhfk`Zlbyweebikhb^Zhij_^_ey_lkynhjfmehc D FRV M UM H VLQ M ]^__wdkp_gljbkbl_lA_fgh]hweebikhb^Z < j_amevlZl_fZkrlZ[ijh_dpbbihiZjZee_eb P M M \ GIFm\_ebqb\Z_lkyk jhklhfrbjhlu D PM M VHF UM Ijb[eb`_gghfh`ghkqblZlvbaf_g_gb_ P M M ijhihjpbhgZevgufk_dZgkmrbjhlu < jZ\ghm]hevghcijh_dpbb\ dZ`^hclhqd_fZkrlZ[ihiZjZee_eb P M M jZ\_gqZklghfm fZkrlZ[m ihex[hfmgZijZ\e_gbx_kl_kl\_gghb fZkrlZ[mihf_jb^bZgm P M M < GIFwlh^hklb]Z_lkydh]^Z jZkklhygb_ hl ijh_dpbb wd\ZlhjZ ^h ijh_dpbb iZjZee_eb k rbjhlhc M gZ [hdh\hc ih\_joghklb pbebg^jZihemqZ_lkyihnhjfme_ ]^_ < D8 M M ·§ H VLQ M · § ¸ 8 M OQ WJ ¨ ¨¨ ¹̧© H VLQ M ¸¹ © Ke_^m_l aZf_lblv qlh GIF g_ y\ey_lky i_jki_dlb\ghc ijh_dpb_c lZd dZd we_f_glu A_feb g_ ijh_dlbjmxlkygZ[hdh\mxih\_joghklvpbebg^jZk ihfhsvxemq_cbkoh^ysbobah^ghclhqdb < GIF jZkklhygb_ < ih f_jb^bZgm hl wd\ZlhjZ ^h iZjZee_eb k rbjhlhc M \ujZ`_ggh_ \ H wd\ZlhjbZevguo fbeyo gZau\Z_lky f_jb^bhgZevghc qZklvx FQ wlhc iZjZee_eb JZkklhygb_ '< f_`^m ^\mfy iZjZee_eyfb k rbjhlZfb M M gZau\Z_lky jZaghklvx f_jb^bhgZevguo qZkl_c JFQ <\b^m m\_ebq_gby fZkrlZ[Z k rbjhlhc \_ebqbgZ JFQ khhl\_lkl\mxsZy h^bgZdh\hfm agZq_gbx jZaghklbrbjhlk jhklhfrbjhlu\ GIFm\_ebqb\Z_lky jbk [ >ey ihkljh_gby gZ wdjZg_ ^bkie_y dZjlu \ GIF g_h[oh^bfh gZclb ijyfhm]hevgu_ wdjZggu_ dhhj^bgZlu dZjlh]jZnbq_kdbo h[t_dlh\ H[hagZqbf wlb dhhj^bgZlu o m Ijbf_f aZ bo gZqZeh p_glj wdjZgghc h[eZklb Mqblu\Zy \ur_ijb\_^_ggu_ nhjfmeu fh`gh gZclb ke_^mxsb_ nhjfmeu êy jZkq_lZagZq_gbcom we_f_glh\hjb_glbjh\Zgghcihghj^mdZjlu [ 0 U M O O ½ ¾ \ 0 U M >8 M 8 M @¿ ]^_ M O iZjZee_evb f_jb^bZgijhoh^ysb_q_j_ap_gljwdjZgZ^bkie_y Fh fZkrlZ[ihiZjZee_ebM fZkrlZ[dZjlu Ijbhjb_glZpbbdZjluihdmjkmijyfhm]hevgu_wdjZggu_dhhj^bgZludZjlh]jZnbq_kdboh[t_dlh\ jZkkqblu\ZxlkyihnhjfmeZf [ F [ FRV . \ VLQ . ½ ¾ \ F [ VLQ . \ FRV . ¿ ]^_ [ F \ F wdjZggu_dhhj^bgZluh[t_dlZijbhjb_glZpbbdZjluihdmjkm < gZ\b]ZpbhgghbgnhjfZpbhgguo dhfivxl_jguo kbkl_fZo êy jZkq_lZ wdjZgguo dhhj^bgZl o m ijbf_gyxlky b ijb[eb`_ggu_ nhjfmeu h[_ki_qb\Zxsb_ ih]j_rghklv \uqbke_gbc dhlhjZy g_ ij_\urZ_l iheh\bgu jZaf_jZ ibdk_eZ < wlhf kemqZ_ WD ihkljh_ggu_ ih j_amevlZlZf jZkq_lZ iheh`_gby we_f_glh\ dZjlu ih lhqguf b ijb[eb`_gguf nhjfmeZf y\eyxlky b^_glbqgufb < dZq_kl\_ mijhs_gguo ijb[eb`_gbc d f_jdZlhjkdhc ijh_dpbb bkihevamxlky ebg_cgh_ b lZ[ebqgh bgl_jiheypbhggh_ Ebg_cgh_ ijb[eb`_gb_ d ghjfZevghc ijh_dpbb F_jdZlhjZ ijbf_gy_lky ijb ihkljh_gbb djmighfZkrlZ[guo dZjl < _]h hkgh\_ e_`bl ij_^klZ\e_gb_ h A_fe_ dZd h rZj_ k jZ^bmkhf 5 ijb dhlhjhf h^gZ fbgmlZ ^m]b f_jb^bZgZ jZ\gy_lky h^ghc fhjkdhc fbe_ GIF ijb lZdhf mkeh\bb ihemqZ_lkyijh_dlbjh\Zgb_flhq_dA_fgh]hrZjZgZ[hdh\mxih\_joghklvpbebg^jZk ihfhsvxemq_c ebgbc bkoh^ysbo ba p_gljZ A_feb < wlhf kemqZ_ ijb hjb_glZpbb WD ih ghj^m jZkq_l wdjZgguo dhhj^bgZlwe_f_glh\dZjluijhba\h^blkyihba\_klgufijb[eb`_ggufnhjfmeZf [ 0 5 FRV M O O ½ ¾ \ 0 5 M M ¿ LZ[ebqghbgl_jiheypbhggh_ ijb[eb`_gb_ d ijh_dpbbF_jdZlhjZbkihevam_lkyijbhlh[jZ`_gbb f_edhfZkrlZ[guodZjldh]^Z ebg_cgh_ijb[eb`_gb_g_h[_ki_qb\Z_llj_[m_fmxlhqghklvKmsghklv wlh]h f_lh^Z khklhbl \ ke_^mxs_f < dZjlh]jZnbq_kdhc [Za_ ^Zgguo \ lZ[ebp_ hihjguo lhq_d GIF ihf_sZxlkylZ[ebqgu_agZq_gbyrbjhl M N ihjy^dZ gZbgl_j\Ze y b khhl\_lkl\mxsb_bf jZkkqblZggu_ihkljh]bfnhjfmeZfagZq_gby 8 N 8 M N b UN U MN AgZq_gby wdjZgguo dhhj^bgZl we_f_glh\ dZjlu jZkkqblu\Zxlky ih nhjfmeZf \ dhlhjuo agZq_gb_ U M N gZoh^blky ebg_cghc bgl_jiheypb_c f_`^m agZq_gbyfb UN Z agZq_gby 8 M 8 M bgl_jiheypb_cf_`^m 8 N Ijbebg_cghcbgl_jiheypbbagZq_gby U M 8 M khhl\_lkl\mxsb_rbjhl_ M M e ! M ! M N ihemqZxlkyihnhjfmeZf UM UN GUN M M N ½ ¾ ]^_ 8 M 8 N G8 N M M N ¿ 8 N 8 N UN UN GUN G8 N M N M N M N M N Ihi_j_qbZyijh_dpbyF_jdZlhjZ IIF ijbf_gy_lky êy kha^Zgby WD hdhehihexkguojZchgh\ A_feb\ ^bZiZahg_rbjhl hl ^h A_fghcweebikhb^\ wlhfkemqZ_ijh_dlbjm_lkygZih\_joghklv pbebg^jZdZkZl_evgh]hd weebikhb^mihf_jb^bZgmHkvlZdh]hpbebg^jZi_ji_g^bdmeyjgZhkbA_feb ?kebijbgylvdZkZl_evgucd pbebg^jma_fghcf_jb^bZgaZnbdlb\gucwd\ZlhjA_febihexkZwlh]h wd\ZlhjZ aZ nbdlb\gu_ ihexkZ A_feb ijhoh^ysb_ q_j_a nbdlb\gu_ ihexkZ [hevrb_ djm]b aZ nbdlb\gu_ f_jb^bZgu Z k_jbx iZjZee_evguo nbdlb\ghfm wd\Zlhjm fZeuo djm]h\ gZ ih\_joghklb A_feb aZ nbdlb\gu_ iZjZee_eb lh k\hckl\Z IIF lZdhc fh^_eb A_feb [m^ml ZgZeh]bqgu k\hckl\Zf GIF Nbdlb\gu_f_jb^bZgub iZjZee_ebgZdZjl_\ IIF[m^ml\aZbfghi_ji_g^bdmeyjgufbkbkl_fZfb iZjZee_evguo ebgbc Z ijyfZy ebgby [m^_l nbdlb\ghc ehdkh^jhfb_c i_j_k_dZxs_c nbdlb\gu_ f_jb^bZguih^h^gbfm]ehf Qlh dZkZ_lky ^_ckl\bl_evguo f_jb^bZgh\ b iZjZee_e_c lh gZ dZjl_ \ IIF hgb [m^ml djb\ufb ebgbyfb jbk dZd b ^_ckl\bl_evgZy ehdkh^jhfby GZ dZjlZo hdhehihexkguo jZchgh\ \ IIF f_jb^bZgu [ebadb d jZ^bZevgh jZkoh^ysbfky hl ihexkZ ijyfuf ebgbyf Z iZjZee_eb d dhgp_gljbq_kdbfhdjm`ghklyf H[eZklv fbgbfZevguo bkdZ`_gbc A_fghc ih\_joghklb gZ dZjl_ \ IIF e_`bl \ madhc ihehk_ p_gljZevghcebgb_cdhlhjhcy\ey_lkynbdlb\gucwd\Zlhj NhjfZlêyh[f_gZdZjlh]jZnbq_kdhcbgnhjfZpb_c >ey mgbnbdZpbb bkihevah\Zgby ^Zgguo \_dlhjguo WD ijb \uiheg_gbb k gbfb jZaebqguo jZ[hl f_`^mgZjh^gufb lj_[h\Zgbyfb ij_^mkfZljb\Z_lky ij_^klZ\e_gb_ bo gZ ghkbl_eyo bgnhjfZpbb \ ki_pbZevguo nhjfZlZoNhjfZl wlh ki_pbnbdZpbyihke_^h\Zl_evghklbb \b^h\ij_^klZ\e_gby we_f_glh\bgnhjfZpbb qbk_el_dklZ gZghkbl_e_ Hkgh\guf nhjfZlhf êy h[f_gZ hnbpbZevghc dZjlh]jZnbq_kdhc bgnhjfZpb_c f_`^m =b^jh]jZnbq_kdbfb hj]ZgbaZpbyfb ijhba\h^bl_eyfb (&',6 fhj_ieZ\Zl_eyfb \ gZklhys__ \j_fy y\ey_lky nhjfZl 6 \_jkby jZajZ[hlZgguc Dhfbl_lhf ih h[f_gm pbnjh\ufb ^Zggufb ,+2 &RPPLWWHH RI H[FKDQJH RI GLJLWDO GDWD &('' HibkZgb_ wlh]h nhjfZlZ kh^_j`blky \ ki_pbZevghc im[ebdZpb_c F=H 6 ,+2 7UDQVIHU 6WDQGDUG IRU 'LJLWDO +\GURJUDSKLF 'DWD HGLWLRQ 1RY ©KlZg^ZjlF=Hêyh[f_gZpbnjh\ufb ]b^jh]jZnbq_kdbfb^Zggufbª Ki_pbZevgZy im[ebdZpby F=H 6 khklhbl ba ^\mo qZkl_c : b < QZklv : kh^_j`bl dZlZeh] dZjlh]jZnbq_kdbo h[t_dlh\ 2EMHFW &DWDORJXH bkq_jiu\Zxsbc kibkhd gZoh^ysboky \ h[jZs_gbb hij_^_e_gguo deZkkh\ dZjlh]jZnbq_kdbo h[t_dlh\ khhl\_lkl\mxsbo bf oZjZdl_jbklbd Zljb[mlh\ b iheguc i_j_q_gv agZq_gbc Zljb[mlh\ A^_kv ih^ deZkkhf h[t_dlh\ ih^jZamf_\Z_lky hij_^_e_ggZy ]jmiiZ h[t_dlh\ dhlhju_ kqblZxlky wd\b\Ze_glgufb ^jm] ^jm]m gZijbf_j ieZ\mqb_ fZydb jZaguo \b^h\ < qZklb < ijb\_^_g nhjfZl 6 Hg hibku\Z_l kljmdlmjm ^Zgguo b nhjfZl dhlhjuc ^he`_g [ulv bkihevah\Zg êy h[f_gZ (1&^Zggufb f_`^m =b^jh]jZnbq_kdbfb hj]ZgbaZpbyfbijhba\h^bl_eyfb(&',6fhj_ieZ\Zl_eyfbb ^jm]bfbihevah\Zl_eyfb Ke_^m_l ih^q_jdgmlv qlh nhjfZl 6 kha^Zg ki_pbZevgh êy h[f_gZ pbnjh\hc dZjlh]jZnbq_kdhc bgnhjfZpb_c Z g_ êy ij_^klZ\e_gby dZjl gZ wdjZg_ ^bkie_y dhfivxl_jZ <\b^m hij_^_e_gguo g_m^h[kl\jZ[hluk wlbfnhjfZlhf\gmljb (&',6 ijb\uiheg_gbb__ hi_jZpbcijhba\h^bl_eb (&',6 k\h[h^gu kha^Z\Zlv k\hb \gmljbkbkl_fgu_ nhjfZlu gZb[he__ khhl\_lkl\mxsb_ aZ^ZqZf j_rZ_fuf dhgdj_lghc (&',6 H^gZdh \ ex[hf kemqZ_ (&',6 ^he`gZ bf_lv \hafh`ghklv ijb_fZ bfihjlZ ^Zgguohl]b^jh]jZnbq_kdbokem`[\ nhjfZl_6b ij_h[jZah\Zgby dhg\_jlZpbb bo\h\gmlj_ggbc nhjfZl dhlhjuc kh]eZkgh ki_pbZevghc im[ebdZpbb BFH ^he`_g khojZgylv eh]bq_kdmx kljmdlmjm b khklZ\ bgnhjfZpbb 6 Pbnjh\u_ ^Zggu_ dZjlu ij_^klZ\e_ggu_ \h \gmlj_gg_f nhjfZl_ (&',6 gZau\Zxlkykbkl_fgufb^Zggufbwe_dljhgghcdZjlu NhjfZl 6 h[eZ^Z_l [hevrbfb \hafh`ghklyfb hg kh\f_klbf k ^jm]bfb kj_^kl\Zfb h[f_gZ ^Zggufb b g_ hjb_glbjh\Zg gZ hij_^_e_ggmx jZa]jZndm gZj_adm dZjl NhjfZl 6 khq_lZ_l \ k_[_ k\hckl\Z]b[dhklbb dhfiZdlghklbHgiha\hey_lih^^_j`b\Zlvg_kdhevdhmjh\g_ch[f_gZpbnjh\ufb ^Zggufb ij_^klZ\eylv f_klh h[t_dlZ \ ]_h]jZnbq_kdhc beb ijyfhm]hevghc kbkl_fZo dhhj^bgZl k jZaebqgufb _^bgbpZfb b f_jZfb lhqghklb kljhblv dZjlu \ jZaebqguo ijh_dpbyo ojZgblv hibkZl_evgmxbgnhjfZpbxêygZ[hjh\^Zgguo^h[Z\eylvgh\u_aZibkb Ke_^m_lhlf_lblvqlh\lhjZy\_jkbynhjfZlZ6gZau\ZeZkv'; >ey g_hnbpbZevguo WD lj_[h\Zgby 6 g_ y\eyxlky h[yaZl_evgufb We_dljhggu_ dZjlu gZqZeb ijhba\h^blvkyqZklgufbnbjfZfbb ]b^jh]jZnbq_kdbfbhj]ZgbaZpbyfb_s_^h\\_^_gbylj_[h\Zgbcd (&',6 DZ`^Zy ba wlbo hj]ZgbaZpbc bkihevah\ZeZ k\hc hij_^_e_gguc nhjfZl NbjfZ KFZj ij_^klZ\ey_l k\hb WD \ kh\f_klbfhf k 6 nhjfZl_ KF X`gh:njbdZgkdZy ]b^jh]jZnby ijb kha^Zgbb k\hbo i_j\uo \_dlhjguo WD bkihevah\ZeZ nhjfZl ,)) NbgkdZy ]b^jh]jZnby kha^ZeZ k\hb i_j\u_ dZjlu \ nhjfZl_ ),1*,6 DZgZ^kdZy ]b^jh]jZnbq_kdZy kem`[Z \ nhjfZl_ $// Djmiguc ijhba\h^bl_ev\_dlhjguoWDnbjfZ ©LjZgaZkFZjbgªijhba\h^bldZjlu\ k\h_fkh\f_klbfhfk 6 pbnjh\hfnhjfZl_ >ey h[f_gZ dZjlh]jZnbq_kdhc bgnhjfZpb_c ih dZgZeZf l_e_k\yab jZajZ[hlZg ki_pbZevguc nhjfZl 0$&',) 0DS DQG FKDUW GDWD LQWHU FKDQJH IRUPDW Hlh[jZ`_gb_WDgZwdjZg_^bkie_y >ey ih\ur_gby [_ahiZkghklb fhj_ieZ\Zgby b h[_ki_q_gby \hafh`ghklb [ukljh]h ijbgylby ijZ\bevguo b h[hkgh\Zgguo j_r_gbc km^h\h^bl_ex \ gZ]ey^ghf b e_]dh bgl_jij_lbjm_fhf \b^_ ^he`gZ ij_^klZ\eylvky bgnhjfZpby oZjZdl_jbamxsZy \k_ klhjhgu ijhp_kkZ km^h\h`^_gby Hkgh\hc lZdhcbgl_]jbjh\ZgghcbgnhjfZpbby\ey_lkywe_dljhggZydZjlZ DZkZykv hlh[jZ`_gby kZfhc WD ke_^m_l hlf_lblv ke_^mxs__ Ijb ihkljh_gbb gZ\b]Zpbhgguo WD gZ wdjZg_ ^bkie_y ^he`gh hl^Z\Zlvky ij_îhql_gb_ ijh_dpbb F_jdZlhjZ ghjfZevghc GIF êy rbjhl bebihi_j_qghc IIF gZb[he__hl\_qZxsbf p_eyfkm^h\h`^_gbyAZ]eZ\gmx iZjZee_evdZjluh[uqghijbgbfZ_lkyiZjZee_evijhoh^ysZyq_j_ap_gljwdjZgZ Kh^_j`Zgb_ b \b^ ij_^klZ\ey_fhc gZ HFGLVdZjl_ bgnhjfZpbb hij_^_ey_lky Ki_pbZevghc im[ebdZpb_c F=H 6 6SHFLILFDWLRQ IRU &KDUW &RQWHQW DQG 'LVSOD\ RI (&',6 (GLWLRQ 'HF Ki_pbnbdZpbyêy^ZgguodZjlb hlh[jZ`Z_fhcbgnhjfZpbbêy(&',6 WlZim[ebdZpbykh^_j`bl ki_pbnbdZpbb b jmdh\h^kl\h hlghkbl_evgh \uimkdZ dhjj_dlmju b hlh[jZ`_gby (1& \ (&',6 < ijbeh`_gbb d 6 3URYLVLRQDO &RORXU 6\PERO 6SHFLILFDWLRQ IRU (&',6 <j_f_ggZy ki_pbnbdZpby p\_lh\b kbf\heh\êy (&',6 hij_^_e_gukbf\heup\_lZp\_lh\u_ieZgulj_[h\Zgbyd ^bkie_yf kijZ\hqgu_ lZ[ebpu b ijZ\beZ ih dhlhjuf dZ`ûc deZkk dZjlh]jZnbq_kdbo h[t_dlh\ k mq_lhf bo Zljb[mlh\ij_^klZ\ey_lkygZwdjZg_^bkie_y >ey m^h[kl\Z ihevah\Zgby WD ^he`gu hlh[jZ`Zlvky dZd \ hjb]bgZevghf fZkrlZ[_ dhlhjhfm khhl\_lkl\mxl __ ^Zggu_ lZd b \ ^jm]bo fZkrlZ[Zo FZkrlZ[ \ dhlhjhf dZjlZ ij_^klZ\ey_lky gZ wdjZg_ ^bkie_y ghkbl gZa\Zgb_ fZkrlZ[Z __ hlh[jZ`_gby Hlh[jZ`_gb_ gZ wdjZg_ ^bkie_y dZjlu \ [he__ djmighf fZkrlZ[_ q_f hjb]bgZevguc gZau\Z_lky i_j_fZkrlZ[bjh\Zgb_f RYHUVFDOH Ke_^m_l bf_lv \\b^m qlh ijb i_j_fZkrlZ[bjh\Zgbb dZjlZ fh`_l hdZaZlvky g_^h]jm`_gghc l_ g_^hklZlhqgh ih^jh[ghcihwlhfmkbkl_fZ^he`gZkhh[sZlvhi_jZlhjmh kemqZyoi_j_fZkrlZ[bjh\Zgby Ij_^klZ\e_gb_ gZ wdjZg_ ^bkie_y dZjlu \ fZkrlZ[_ f_gvr_f hjb]bgZevgh]h gZau\Z_lky g_^hfZkrlZ[bjh\Zgb_f XQGHUVFDOH ?keb g_ ijbgbfZxlky ki_pbZevgu_ f_ju lh ijb g_^hfZkrlZ[bjh\ZgbbdZjlZfh`_lhdZaZlvkyi_j_]jm`_gghcbgnhjfZpb_c K baf_g_gb_f fZkrlZ[Z WD k\yaZgu ihgylby gZb[hevr_]h b gZbf_gvr_]h __ fZkrlZ[h\ hlh[jZ`_gby GZb[hevrbc gZbf_gvrbc fZkrlZ[ WD wlh agZq_gb_ kZfh]h djmigh]h f_edh]h fZkrlZ[Z\ dhlhjhf\ kbkl_f_fh`_lij_^klZ\eylvkyhij_^_e_ggZydZjlZ >ey lh]h qlh[u ba[_`Zlv i_j_]jm`_gghklb dZjlu ijb g_^hfZkrlZ[bjh\Zgbb ijbf_gyxlky hi_jZpbb ]_g_jZebaZpbb =_g_jZebaZpby dZjlh]jZnbq_kdhc bgnhjfZpbb *HQHUDOL]DWLRQ wlh ijhp_^mjZ k ihfhsvx dhlhjhc ijb g_^hfZkrlZ[bjh\Zgbb hl^_evgu_ DH ihdZau\Zxlky mijhs_ggh eb[h g_ hlh[jZ`Zxlky \ khhl\_lkl\bb k bkihevam_fuf fZkrlZ[hf qlh[u ba[_`Zlv i_j_]jm`_gghklb dZjluIjb]_g_jZebaZpbb\ khhl\_lkl\bbk baf_g_gb_ffZkrlZ[Zbapbnjh\uo^ZgguodZjlulj_[m_lky ijhba\_klb hl[hj ]eZ\gh]h b aZdj_iblv \ \b^_ ijhba\h^ghc dZjlu Keh`ghklv mq_lZ jZ^Z nZdlhjh\ \ebyxsbo gZ ]_g_jZebaZpbx lj_[m_l g_ihkj_^kl\_ggh]h mqZklby dZjlh]jZnZ \ \uiheg_gbb wlhc ijhp_^mjuihwlhfmZ\lhfZlbq_kdb\ iheghfh[t_f_]_g_jZebaZpbyihdZg_fh`_l[ulvj_Zebah\ZgZ >ey hilbfbaZpbb kh^_j`Zgby ij_^klZ\ey_fhc gZ dZjl_ bgnhjfZpbb \ khhl\_lkl\bb k mkeh\byfb ieZ\Zgby bkihevam_lky hi_jZpby k_e_dpbb DH iha\heyxsZy iml_f \dexq_gbyhldexq_gby hij_^_e_gguo \b^h\ DH baf_gylv gZ]jmadm hlh[jZ`Z_fhc dZjlu K_e_dpby dZjlh]jZnbq_kdbo h[t_dlh\ 6HOHFWLRQ wlh jZpbhgZevguc ba[bjZl_evguc \u[hj êy hlh[jZ`_gby dZjlh]jZnbq_kdbo h[t_dlh\k hlebqbl_evgufboZjZdl_jbklbdZfbijbgZê_`ghklbd h^ghfmlbim Ijb hlh[jZ`_gbb WD \ jZaebqguo mkeh\byo hk\_s_gghklb ^he`gu bkihevah\Zlvky jZaebqgu_ iZeblju p\_lh\ ykguc ^_gv iZkfmjguc ^_gv kmf_jdb ghqv qlh[u g_ mom^rZlv kihkh[ghklv km^h\h^bl_ey\_klbgZ[ex^_gb_aZhdjm`Zxs_ch[klZgh\dhc Ihfbfh ij_^klZ\e_gby dZjlh]jZnbq_kdhc bgnhjfZpbb ^he`gZ [ulv \hafh`ghklv hlh[jZ`_gby gZ dZjl_ ^Zgguo oZjZdl_jbamxsbo ijhp_kk km^h\h`^_gby l_dms_]h f_klZ kh[kl\_ggh]h km^gZ b ljZ_dlhjbb _]h ^\b`_gby ieZgbjm_fh]h fZjrjmlZ hi_jZlb\ghc bgnhjfZpbb \\h^bfhc k imevlZ hi_jZlhjhf [_ahiZkghc bah[Zlu kh[kl\_ggh]h km^gZ mkeh\guo agZdh\ khijh\h`^Z_fuo :JI km^h\ b \_dlhjh\ bo kdhjhklb eb[h ^Zgguo h[ we_f_glZo ^\b`_gby km^h\ ihemqZ_fuo hl ljZgkihg^_jZ :\lhfZlbq_kdhc b^_glbnbdZpbhgghc kbkl_fu b jy^Z ^jm]bo ^Zgguo >ey m^h[kl\Z baf_j_gbc b \hafh`ghklb\uiheg_gbyjZaebqguonmgdpbcgZdZjl_^he`_ghlh[jZ`Zlvkydmjkhjk ]_h]jZnbq_kdbfb dhhj^bgZlZfb ;_ahiZkgZy bah[ZlZ kh[kl\_ggh]h km^gZ RZQ VKLS V VDIHW\ FRQWRXU wlh bah[ZlZ khhl\_lkl\mxsZy gZbf_gvr_c[_ahiZkghcihfg_gbxdZiblZgZ]em[bg_êy_]hkm^gZijb^ZgghchkZ^d_AgZq_gb_wlhc ]em[bgu \\h^blky \ iZfylv kbkl_fu km^h\h^bl_e_f kem`bl êy hlebqby gZ ^bkie__ hiZkguo \h^ hl [_ahiZkguob ijbf_gy_lkyêy\ujZ[hldbkb]gZeZh[hiZkghklbihkZ^dbgZf_ev AgZd kh[kl\_ggh]h km^gZ \ g_dhlhjuo kbkl_fZo fh`_l \u[bjZlvky \ \b^_ \ujZ`_ggh]h \ fZkrlZ[_ _]h dhglmjZ eb[h kbf\hehf RZQ VKLS V V\PERO Hlh[jZ`_gb_ km^gZ \ujZ`_gguf \ fZkrlZ[_ \ khhl\_lkl\bb k fZdkbfZevghc êbghc b rbjbghc dhglmjhf dhjimkZ ijhba\h^blky ijb hlh[jZ`_gbb dZjlu \ djmighf fZkrlZ[_ b bkihevam_lky qlh[u hp_gb\Zlv gZ ^bkie__ k\h[h^gh_ ijhkljZgkl\h ijb ieZ\Zgbb \ madhklyo b ih nZj\Zl_jZf b jZkklhygb_ ^h hiZkghkl_c Kbf\he kh[kl\_ggh]h km^gZ wlh mkeh\guc g_ h[yaZl_evgh \ \b^_ dhjZ[ebdZ agZd dhlhjuc ij_^gZagZq_g êy mdZaZgby b ijhklh]h jZaebq_gbygZdZjl_f_klZkh[kl\_ggh]hkm^gZ Dhjj_dlmjZwe_dljhgguodZjl >ey ih^^_j`Zgby WD gZ mjh\g_ kh\j_f_gghklb ij_^mkfhlj_gu hi_jZpbb ih bo h[gh\e_gbx dhjj_dlmj_ DZdba\_klghjZaebqZxldhjj_dlmju hnbpbZevgu_bklhqgbdhf dhlhjuo y\eyxlky ]b^jh]jZnbq_kdb_ kem`[u b f_klgu_ ihklmiZxsb_ hl Z\lhjbl_lguo f_klguo kem`[ [_j_]h\hc hojZgu ehpfZgkdhc kem`[u b l^ HnbpbZevgu_ dhjj_dlmju fh]ml [ulv ke_^mxsbfb ehdZevgu_ ihklhyggu_ beb \j_f_ggu_ k mdZaZgb_f kjhdZ ^_ckl\by dhjj_dlmju êy ^h[Z\e_gby m^Ze_gby aZf_s_gbyDHbebboZljb[mlh\ ijhkljZgkl\_ggu_dhjj_dlmjuêyiheghcaZf_guh^ghcbebg_kdhevdbodZjl<hijhkudhjj_dlmjuWD jZkkfhlj_gu\ Ijbeh`_gbb 6©5HSRUW RI WKH RH KH? :RUNLQJ *URXS RQ 8SGDWLQJ WKH (OHFWURQLF &KDUWªVW (GLWLRQ-XQH ©Hlq_ljZ[hq_c]jmiiuF=Hihdhjj_dlmj_we_dljhgguodZjlª Ijbhj]ZgbaZpbbdhjj_dlmjuwe_dljhgguodZjljmdh\h^kl\h\Zebkvke_^mxsbfbiheh`_gbyfb x h[gh\e_gbx 8SGDWH ^he`gZ ih^\_j]Zlvky kbkl_fgZy WD ^Zggu_ hkgh\ghc we_dljhgghc dZjlu ke_^m_lkhojZgylv\ g_baf_gghf\b^_ x dhjj_dlmju^he`gu[ulvklZg^Zjlbah\Zguihkljmdlmj_kbkl_f_deZkkbnbdZpbbb dh^bjh\Zgby nhjfZli_j_^Zqb^Zgguo^he`_gkhhl\_lkl\h\ZlvnhjfZlm6Y x h[gh\e_gb_ WD ^he`gh \dexqZlv bkihevah\Zgb_ g_ lhevdh ihklhygguo \j_f_gguo b ij_^\Zjbl_evguo Ba\_s_gbc fhj_ieZ\Zl_eyf gh lZd`_ hlghkysboky d dZjl_ gZ\b]Zpbhgguo b f_l_hjheh]bq_kdboij_^mij_`^_gbc1DYDUHD b 1DYWH[ x l_dklh\mx qZklv bgnhjfZpbb ih dhjj_dlmj_ WD g_h[oh^bfh ih^]hlZ\eb\Zlv gZ Zg]ebckdhf yaud_ \ghkbfZydhjj_dlmjZg_^he`gZmom^rZlvwe_dljhggmxdZjlm x k\_^_gbyh \g_k_gghcdhjj_dlmj_ke_^m_lkhojZgylv\ iZfylbkbkl_fub hlh[jZ`ZlvihaZijhkm hi_jZlhjZ hl\_lkl\_gghklvgZpbhgZevguo]b^jh]jZnbq_kdbohj]ZgbaZpbcaZ dhjj_dlmju ^he`gZ [ulv wd\b\Ze_glghc lhc hl\_lkl\_gghklb dhlhjmx hgb g_kml ih dhjj_dlmj_ [mfZ`guo gZ\b]ZpbhgguodZjl <k_ f_lhû dhjj_dlmju WD jZa^_eyxlky gZ ljb ]jmiiu jmqgZy ihemZ\lhfZlbq_kdZy Z\lhfZlbq_kdZy Jmqgh_h[gh\e_gb_WDij_îheZ]Z_l\\h^dhjj_dlmjguo^Zgguohi_jZlhjhfk imevlZ k bkihevah\Zgb_f ki_pbZevguo ijh]jZffguo kj_^kl\ h[e_]qZxsbo \uiheg_gb_ wlhc aZ^Zqb Ijb ihemZ\lhfZlbq_kdhc dhjj_dlmj_ ^_ckl\by hi_jZlhjZ h]jZgbqb\Zxlky mklZgh\dhc ghkbl_ey dhjj_dlmjghc bgnhjfZpbb ^bkd_lu hilbq_kdh]h ^bkdZ \ kqblu\Zxs__ mkljhckl\h :\lhfZlbq_kdZy dhjj_dlmjZg_lj_[m_l \f_rZl_evkl\Zhi_jZlhjZijbijb_f_b aZibkb\ iZfylvdhjj_dlmjguo^Zgguo HgZ hkms_kl\ey_lky ih dZgZeZf fh[bevghc beb kimlgbdh\hc k\yab >ey __ i_j_^Zqb bkihevam_lky h[uqghwe_dljhggZyihqlZ\k_fbjghcdhfivxl_jghck_lbBgl_jg_l Ijbjmqghcdhjj_dlmj_ lj_[m_lkylhevdhqlh[udhjj_dlmjgZybgnhjfZpby[ueZihgylgZhi_jZlhjm BgnhjfZpbyihdhjj_dlmj_\ wlhfkemqZ_fh`_li_qZlZlvky\ ljZ^bpbhgghfêyBF\b^_Ijbjmqghc dhjj_dlmj_ \\h^ ^Zgguo ijhba\h^blky hi_jZlhjhf k ihfhsvx ki_pbZevgh]h yaudZ \ dhlhjhf hij_^_e_gnhjfZl\\h^Zb hi_jZpbbdhjj_dlmjGZ[hjlZdbohi_jZpbcfh`_l\dexqZlv\ k_[y x i_j_ghkDH x j_^Zdlbjh\Zgb_oZjZdl_jbklbdDH x m^Ze_gb_ DHeb[h_]hoZjZdl_jbklbdb\dexq_gb_ DH eb[h _]h oZjZdl_jbklbdb x i_j_bf_gh\Zgb_h[t_dlh\ IhemZ\lhfZlbq_kdbc kihkh[ dhjj_dlmju WD ijbf_gy_lky dh]^Z km^h\hc dhfivxl_j g_ bf__l Z^j_kZ we_dljhgghc ihqlu beb bf__l _]h gh \uoh^ gZ wlhl Z^j_k aZljm^g_g < wlhf kemqZ_ bkihevam_lky ^\Z imlb ^hklZ\db Ba\_s_gbc fhj_ieZ\Zl_eyf < i_j\hf dhjj_dlmjgZy bgnhjfZpby \ nhjfZlbjh\Zgghf \b^_ ihklZ\ey_lky ih ihql_ gZ ^bkd_lZo ^bkdZo \ ihjlu dZdb_ mdZ`_l km^h\h^bl_ev <h \lhjhf kemqZ_ wlZ bgnhjfZpby ^hklZ\ey_lky q_j_a km^h\h]h Z]_glZ \ ihjlm I_j_^ aZoh^hf\ ihjlkm^h\h^bl_evnhjfbjm_laZijhkgZihemq_gb_Ba\_s_gbcfhj_ieZ\Zl_eyfb aZibku\Z_l _]h gZ ^bkd_lm K ijboh^hf \ ihjl wlZ ^bkd_lZ i_j_^Z_lky km^h\hfm Z]_glm Km^h\hc Z]_gl kh k\h_]h hnbkgh]h dhfivxl_jZ hlijZ\ey_l ihemq_gguc aZijhk bkihevamy we_dljhggmx ihqlm H[uqgh \j_fy h[jZ[hldb aZijhkZ hj]ZgbaZpb_c ihklZ\eyxs_c we_dljhggu_ Ba\_s_gby g_ ij_\urZ_l lj_o qZkh\ Ihemqb\ hl\_l Z]_gl aZibku\Z_l _]h gZ ^bkd_lm b i_j_^Z_l gZ km^gh GZ km^g_ dhjj_dlmjgZy bgnhjfZpbyk ^bkd_luaZ]jm`Z_lky\ [Zam^Zgguokbkl_fuk WD GZb[he__p_e_khh[jZagufj_`bfhfh[gh\e_gbyWDkqblZ_lkyZ\lhfZlbq_kdZydhjj_dlmjZ < wlhf kemqZ_ ihevah\Zl_ev ^he`_g [ulv ih^dexq_g d we_dljhgghc ihql_ b h[hjm^h\Zg kh\j_f_ggufb kj_^kl\Zfb l_e_dhffmgbdZpbb kimlgbdh\hc beb fh[bevghc k\yavx Dhjj_dlmjgZy bgnhjfZpby \ nhjfZlbjh\Zgghf \b^_ gZijZ\ey_lky ]b^jh]jZnbq_kdhc hj]ZgbaZpb_c ih we_dljhgghfm Z^j_km km^gZ Ihemq_gb_ dhjj_dlmjghc bgnhjfZpbb ijhbkoh^bl Z\lhfZlbq_kdb ihke_ ijh\_jdb kh^_j`bfh]h ihqlh\h]h ysbdZ Ijb ih^dexq_gbb [_j_]h\h]h l_e_nhgZ gZ klhygd_ \ ihjlm ihy\ey_lky lZd`_ \hafh`ghklvihemq_gbydhjj_dlmjghcbgnhjfZpbbq_j_a(PDLO ihl_e_nhgghcebgbb Ijb \\h^_ dhjj_dlmj ^he`gu ijbf_gylvky f_lhû aZsblu b dhgljhey p_ehklghklb ihemqZ_fhc bgnhjfZpbb IjbgbfZ_fZy dhjj_dlmjgZy bgnhjfZpby ^he`gZ j_]bkljbjh\Zlvky Kbkl_fZ ^he`gZ khh[sZlv hi_jZlhjm h ihemq_gghc dhjj_dlmjghc bgnhjfZpbb Z lZd`_ h ghf_jZo ijhims_gguo ba\_s_gbc H[uqgh]b^jh]jZnbq_kdZyhj]ZgbaZpbyihklZ\eyxsZywe_dljhggu_Ba\_s_gbyfhj_ieZ\Zl_eyfih we_dljhgghcihql_ij_^hklZ\ey_l^\Z\b^Zmkem] I_j\uc \b^ mkem] j_]meyjgZy ^hklZ\dZ _`_g_^_evguo \uimkdh\ Km^h\h^bl_ev ^he`_g ihîbkZlvky gZ ij_^hklZ\e_gb_ _fm lZdhc mkem]b Ihke_ wlh]h ]b^jh]jZnbq_kdZy hj]ZgbaZpby j_]meyjgh ih we_dljhgghfm Z^j_km km^gZ [m^_l i_j_kueZlv nhjfZlbjh\Zggu_ ba\_s_gby fhj_ieZ\Zl_eyf dhlhju_ Z\lhfZlbq_kdb aZ]jm`Zxlky \ iZfylv gZ\b]ZpbhgghbgnhjfZpbhgghc kbkl_fu <lhjhc \b^ mkem] wlh hlkuedZ dhjj_dlmjghc bgnhjfZpbb ih aZijhkZf deb_glh\ <hafh`gu kemqZbdh]^Zihlhcbebbghcijbqbg__`_g_^_evguc\uimkdba\_s_gbcg_^hoh^bl^hihlj_[bl_eyb lj_[m_lky_]hih\lhjgZyhlijZ\dZDjhf_wlh]hfh`_l[ulvkblmZpbyqlhihevah\Zl_evg_ihîbkZeky gZ_`_g_^_evgu_\uimkdbBFgh`_eZ_lihemqblvg_dhlhju_bagbobeblhevdhqZklv_`_g_^_evgh]h \uimkdZ BF hlghkysmxky d jZchgm _]h ieZ\Zgby >ey lZdbo kblmZpbc ij_^mkfZljb\Z_lky hlkuedZ bgnhjfZpbbihaZijhkZfdeb_glh\gZihemq_gb_bebih\lhjgmx^hklZ\dm_`_g_^_evgh]h\uimkdZbeb lhevdhg_dhlhjuoBFhlghkysbokyd i_j_qbke_gguf\ aZijhk_deb_glh\im[ebdZpbyfb ghf_jZfdZjl HlkueZ_fu_nhjfZlbjh\Zggu_ khh[s_gbyZ\lhfZlbq_kdbaZ]jm`Zxlky\ iZfylvkbkl_fu x Ihgylb_h gZ\b]ZpbhgghbgnhjfZpbhgguodhfivxl_jguokbkl_fZo GBDKdZdp_gljZevgZykbkl_fZZ\lhfZlbabjh\Zgguodhfie_dkh\km^h\h`^_gby KljmdlmjZb gZagZq_gb_:DK We_dljhggu_ gZ\b]ZpbhgghbgnhjfZpbhggu_ dhfivxl_jgu_ kbkl_fu y\eyxlky p_gljZevghc hkgh\ghc qZklvx kh\j_f_gguo Z\lhfZlbabjh\Zgguo dhfie_dkh\ km^h\h`^_gby :DK :\lhfZlbabjh\Zgguc dhfie_dk km^h\h`^_gby ij_^klZ\ey_l kh[hc bgl_]jbjh\Zggmx kbkl_fm \uihegyxsmxjZaebqgu_nmgdpbbkm^h\h`^_gbyb dhgljhey_]h[_ahiZkghklbb kh^_j`Zsmxkj_^kl\Z bgnhjfZpbhgghc ih^^_j`db j_r_gbc km^h\h^bl_ey Kh\j_f_ggu_ :DK gZau\Zxlky bgl_]jbjh\Zggufb fhklbdZfb ,%6 ,QWHJUDWHG EULGJH V\VWHPV GBDK iha\heyxl kha^Z\Zlv jZaebqgu_ dhgnb]mjZpbb :DK Ih^ dhgnb]mjZpb_c dhfie_dkZ ihgbfZ_lky \oh^ysZy \ g_]h kh\hdmighklv mkljhckl\ h[jZamxsbo dhfie_dk hij_^_e_gghc fhsghklb Fhsghklv kbkl_fu wlh oZjZdl_jbklbdZ h[t_fZ j_rZ_fuo _c aZ^Zq Ih^ [Zah\hc dhgnb]mjZpb_c ihgbfZxl fbgbfZevguc dhfie_dl kbkl_fu ^hklZlhqguc êy __ ghjfZevgh]h nmgdpbhgbjh\Zgby ;Zah\Zy dhgnb]mjZpby :DK \dexqZ_l GBDK =D eZ] ijb_fgbd *36 KlZg^Zjlgmx dhgnb]mjZpby :DK gZ [Za_(&',6 h[jZam_l(&',6khijy`_ggZyk =DeZ]hfJEKK:JIijb_fgbdZfb *36/RUDQ& kj_^kl\Zfb k\yab Fhsgu_ Z\lhfZlbabjh\Zggu_ dhfie_dku km^h\h`^_gby \dexqZxl (&',6 gZ\b]Zpbhggu_ ^Zlqbdb =D eZ] JEK K:JI ljZgkihg^_j :BK wohehl ijb_fgbd 1$97(; b ^j kbkl_fudhgljheyl_ogbq_kdbokj_^kl\mkljhckl\Zb kbkl_fumijZ\e_gby^\b`_gb_fkm^gZihdmjkmb kdhjhklbkj_^kl\Zk\yab< wlbokbkl_fZo (&',6 [_j_lgZk_[yqZklvnmgdpbcihmijZ\e_gbxkm^ghfb klZgh\blkygZ\b]ZpbhgghcbgnhjfZpbhgghmijZ\eyxs_c kbkl_fhc <uihegy_fu_ GBDK nmgdpbb aZ\bkyl hl dhgnb]mjZpbb :DK \ dhlhjhc hgZ jZ[hlZ_l b hl hkh[_gghkl_caZ^Zqj_rZ_fuokm^ghf LZddZdkh\j_f_ggu_kj_^kl\Zb kbkl_fukm^h\h`^_gbyy\eyxlkydhfivxl_jbah\Zggufblh:DK wlhk\h_]hjh^Zdhfivxl_jgZyk_lv \dexqZxsZyjZaebqgu_kbkl_fubkihevam_fu_ijbkm^h\h`^_gbb Dhgnb]mjZpby l_ogbq_kdh]h b ijh]jZffgh]h h[_ki_q_gby :DK fh`_l [ulv jZaebqghc HgZ h[uqgh ijbkihkZ[eb\Z_lky d hkh[_gghklyf aZ^Zq j_rZ_fuo dhgdj_lguf lbihf km^h\ b aZ\bkbl hl nbgZgkh\uo\hafh`ghkl_ckm^h\eZ^_evpZ :DKk jZa\_l\e_gghcdhgnb]mjZpb_ciha\hey_lieZgbjh\ZlvfZjrjmlkm^gZ\_klbbkihegbl_evgmx ijhdeZ^dm k hlh[jZ`_gb_f iheh`_gby b imlb km^gZ gZ we_dljhgghc dZjl_ dhgljhebjh\Zlv [_ahiZkghklvieZ\ZgbyihemqZlvg_h[oh^bfu_êykm^h\h`^_gbyk\_^_gbybaojZgbfuo\ iZfylb:DK [Za ^Zgguo b hl \g_rgbobklhqgbdh\ bgnhjfZpbb q_j_a dZgZeu k\yab ihfh]Zlv hp_gb\Zlv khklhygb_ fhj_oh^ghklb km^gZ hi_jZlb\gmx h[klZgh\dm \ jZchg_ ieZ\Zgby k fhklbdZ mijZ\eylv ^\b`_gb_f km^gZ ih dmjkm b kdhjhklb dhgljhebjh\Zlv jZ[hlm ijb[hjh\ b kbkl_f b \uihegylv ^jm]b_ g_h[oh^bfu_ijbijh\h^d_km^gZhi_jZpbb < kh\j_f_gghf Z\lhfZlbabjh\Zgghf dhfie_dk_ km^h\h`^_gby fh]ml [ulv \u^_e_gu ke_^mxsb_ kbkl_fu jbk Kbkl_fZihemq_gbyhi_jZlb\ghcbgnhjfZpbbh ijhp_kk_ km^h\h`^_gby baf_jbl_evgZykbkl_fZ \dexqZxsZyjZaebqgu_^ZlqbdbbgnhjfZpbb >B Kbkl_fuk\yabêyihemq_gbyhi_jZlb\ghcbgnhjfZpbbh[h[klZgh\d_\ jZchg_ieZ\ZgbygZimlb ke_^h\Zgbyb ijhba\h^kl\ZjZ^bhi_j_]h\hjh\ GZ\b]ZpbhgghbgnhjfZpbhggZy dhfivxl_jgZy kbkl_fZ \dexqZxsZy imevl mijZ\e_gby k kbkl_fZfbj_]bkljZpbb^Zgguoij_^mij_^bl_evghcb Z\Zjbcghckb]gZebaZpbb Kbkl_fZmijZ\e_gby^\b`_gb_fkm^gZ KM>K Baf_jbl_evgZy kbkl_fZ \dexqZ_l \ k_[y ^Zlqbdb bgnhjfZpbb =D eZ] jZ^bhehdZlhj K:JI wohehl ijb_fhbg^bdZlhju KGK b JGK iha\heyxsb_ ihemqblv iml_f baf_j_gbc bgnhjfZpbx h iheh`_gbbb we_f_glZo^\b`_gbyk\h_]hb \klj_qguokm^h\ijb_fgbd1$97(; ljZgkihg^_j :\lhfZlbq_kdhc b^_glbnbdZpbhgghc kbkl_fu $,6 GZihfgbf qlh ljZgkihg^_jhf gZau\Z_lky ijb_fhi_j_^Zxs__ kj_^kl\h dhlhjh_ Z\lhfZlbq_kdb i_j_^Z_l hl\_lguc kb]gZe gZ hij_^_e_gguc \g_rgbc aZijhk k [_j_]h\hc klZgpbb beb k ^jm]h]h km^gZ b baemqZ_l aZijZrb\Zxsbc kb]gZe ih dhfZg^_ hi_jZlhjZ Hl\_lguc kb]gZe fh`_l \dexqZlv b^_glbnbdZpbhgguc dh^ km^gZ ^Zggu_h[we_f_glZo_]h^\b`_gbyb ^jm]b_k\_^_gbyMD<ljZgkihg^_jumklZgZ\eb\ZxlgZkm^Zoêy i_j_^Zqb bgnhjfZpbb h km^g_ _]h dmjk_ b kdhjhklb ih aZijhkm [_j_]h\hc klZgpbb b ^jm]bo km^h\ h[hjm^h\Zgguo wlbfb kj_^kl\Zfb Hgb ih\urZxl [_ahiZkghklv jZkoh`^_gby km^h\ b iha\heyxl mkh\_jr_gkl\h\Zlv[_j_]h\hcdhgljhevaZ^\b`_gb_fkm^h\ Kbkl_fu k\yab ^Zxl \hafh`ghklv ihemqblv k\_^_gby êy ih^^_j`Zgby dZjl b gZ\b]Zpbhgguo ihkh[bc gZ mjh\g_ kh\j_f_gghklb ijbgylv hi_jZlb\gmx bgnhjfZpbx h[ baf_g_gbb h[klZgh\db gZ imlb ke_^h\Zgby b hiZkguo êy km^h\h`^_gby y\e_gbyo Hgb lZd`_ bkihevamxlky êy i_j_^Zqb khh[s_gbcb jZ^bhi_j_]h\hjh\ GZ\b]ZpbhgghbgnhjfZpbhgiZy dhfivxl_jgZy kbkl_fZ y\ey_lky p_gljZevghc kbkl_fhc mijZ\eyxs_c jZ[hlhc :DK HgZ h[_ki_qb\Z_l \uiheg_gb_ nmgdpbc gZ\b]Zpbb ij_^mij_`^_gby klhedgh\_gbc km^h\ kb]gZebaZpbb h[ hiZkguo kblmZpbyo dhgljhey l_ogbq_kdbo kj_^kl\ mijZ\e_gby ^\b`_gb_f km^gZ kgZ[`_gby km^h\h^bl_ey g_h[oh^bfhc bgnhjfZpb_c êy h[_ki_q_gby [_ahiZkgh]h km^h\h`^_gbyb ^j Kbkl_fZ mijZ\e_gby ^\b`_gb_f km^gZ j_Zebam_l nmgdpbb mijZ\e_gby km^ghf h[_ki_qb\Zy baf_g_gb_ _]h dbg_fZlbq_kdbo iZjZf_ljh\ lj_[m_fuf h[jZahf HgZ \dexqZ_l \ k_[y kbkl_fm mijZ\e_gby dmjkhf b ljZ_dlhjb_c km^gZ Z\lhfZlbabjh\Zggmx ^bklZgpbhggmx kbkl_fm mijZ\e_gby ]eZ\ghc ^\b`bl_evghc mklZgh\dhc b ^bklZgpbhggu_ kbkl_fu mijZ\e_gby Zdlb\gufb kj_^kl\Zfb mijZ\e_gby :\lhfZlbabjh\Zgguc dhfie_dk km^h\h`^_gby \ dhlhjhf GBDK \uihegy_l nmgdpbb p_gljZ dhgljheyb mijZ\e_gby^\b`_gb_fkm^gZkha^Z_l\hafh`ghklbmijZ\e_gbykm^ghfh^gbfq_eh\_dhf< khklZ\_ fbjh\h]h nehlZ m`_ bf__lky deZkk Z\lhfZlbabjh\Zgguo ljZgkihjlguo km^h\ gZ dhlhjuo jZaj_r_gh mijZ\e_gb_ km^ghf h^ghfm q_eh\_dm \ hldjulhf fhj_ b \ ijb[j_`guo \h^Zo ke_^m_l hlf_lblvqlhgbdlh\ gZklhys__\j_fyg_kqblZ_lqlhlhevdhh^bgkm^h\h^bl_evgZfhklbd_kihkh[_g h[_ki_qblv [_ahiZkgh_ ieZ\Zgb_ \ kl_kg_gguo \h^Zo GZ wlbo km^Zo oh^h\hc fhklbd y\ey_lky _^bgkl\_gguf ihklhf mijZ\e_gby gZ dhlhjhf g_ij_ju\gmx \Zolm g_k_l \ fhj_ km^h\h^bl_ev FZrbggh_ hl^_e_gb_ iheghklvx Z\lhfZlbabjh\Zgh b h[_ki_qb\Z_l \hafh`ghklv [_a\Zol_ggh]h h[kem`b\Zgby km^h\uo kbeh\uo mklZgh\hdb f_oZgbafh\ DeZkkbnbdZpbhggu_ h[s_kl\Z ihjZaghfm gZa\Zeb wlhl deZkk km^h\ gZijbf_j J_]bklj Eehc^Z :g]eby 1$9 =_jfZgkdbc Eehc^ 1$92& Ghj\_`kdbc <_jblZk :2& :f_jbdZgkdh_ ;xjh km^hoh^kl\Z HF<H QZs_ \k_]h wlb km^Z gZau\Zxl 20%2VKLSV 2QH 0DQ %ULGJH 2SHUDWHG VKLSV Hkgh\gufb deZkkbnbdZpbhggufb h[s_kl\Zfb Z lZd`_ F_`^mgZjh^ghc ZkkhpbZpb_c deZkkbnbdZpbhgguo h[s_kl\ F:DH jZajZ[hlZgu fbgbfZevgu_ lj_[h\Zgby d h[hjm^h\Zgbx oh^h\uofhklbdh\km^h\lZdh]hdeZkkZb mklZgh\e_guki_pbZevgu_agZdb\ kbf\he_deZkkZkm^gZ Hkgh\gu_ijbgpbiuihkljh_gby:DK Hkgh\gufbijbgpbiZfbihkljh_gby:DKkem`Zlkbkl_fgucihôh^fh^mevghklv bb_jZjobqghklv i_j_oh^ gZ _^bgu_ ^bkdj_lgu_ hkgh\u ihkljh_gby ZiiZjZlmju klZg^ZjlbaZpby h[hjm^h\Zgby ih\ur_ggZygZ^_`ghklvijbhjbl_lhi_jZlhjZkZfhdhgljhev Kbkl_fguc ihôh^ aZdexqZ_lky \ mq_l_ \k_o hkh[_gghkl_c Z\lhfZlbabjm_fh]h ijhp_kkZ \k_o kms_kl\_gguo k\ya_c f_`^m jZaebqgufb qZklyfb kbkl_fu f_`^m g_c b ^jm]bfb kbkl_fZfb f_`^m kbkl_fhc b \g_rg_c kj_^hc f_`^m kbkl_fhc b hi_jZlhjhf k p_evx ^hklb`_gby fZdkbfZevghc wnn_dlb\ghklbkbkl_fu :DK ij_^klZ\ey_l kh[hc q_eh\_dhfZrbggmx kbkl_fmh[e_]qZxsmxkm^h\h^bl_exijbgylb_ j_r_gbc Ihwlhfm h[t_f kljmdlmjZ b nhjfZ ij_^hklZ\ey_fhc km^h\h^bl_ex bgnhjfZpbb ^he`gZ mqblu\Zlv dZd hkh[_gghklb Z\lhfZlbabjm_fh]h ijhp_kkZ lZd b ikbohnbabheh]bq_kdb_ dZq_kl\Z q_eh\_dZ >ey k\yab k ^jm]bfb kbkl_fZfb bkihevam_fufb ijb j_r_gbb aZ^Zq km^h\h`^_gby p_gljZevgZy kbkl_fZZ\lhfZlbabjh\Zgguodhfie_dkh\km^h\h`^_gby GBDK^he`gZh[_ki_qb\Zlv\\h^^Zgguohl dmjkhmdZaZl_e_c eZ]h\ jZ^bhehdZlhjZ K:JI ijb_fgbdh\ kbkl_f hij_^_e_gby f_klZ ijb_fgbdZ 1$97(; Z\lhfZlbq_kdhc b^_glbnbdZpbhgghc kbkl_fu b \u\h^ ^Zgguo \ kbkl_fm mijZ\e_gby ^\b`_gb_f km^gZ HgZ ^he`gZ lZd`_ h[_ki_qb\Zlv \hafh`ghklv ihemq_gby bgnhjfZpbb q_j_a \k_fbjgmx k_lv Bgl_jg_l >ey ihemq_gby hi_jZlb\ghc bgnhjfZpbb h[ mkeh\byo gZ imlb ke_^h\Zgby êy ih^^_j`Zgby [Za ^Zgguo gZ mjh\g_ kh\j_f_gghklb GBDK ^he`gZ bf_lv \hafh`ghklv ijb_fZ bgnhjfZpbb hl \g_rgbo bklhqgbdh\ ih dZgZeZf k\yab Djhf_ lh]h ^jm]b_ ijb[hju mkljhckl\Z b kbkl_fu \oh^ysb_ \ :DK ^he`gu bf_lv \hafh`ghklv ijbgbfZlv bgnhjfZpbx lj_[m_fmx ijb bo nmgdpbhgbjh\Zgbb GZhkgh\_kbkl_fgh]hihôh^ZgZf_qZ_lkyh[sZykljmdlmjZkbkl_fukhklZ\ bgnhjfZpbhggh]h fZl_fZlbq_kdh]h b ebg]\bklbq_kdh]hh[_ki_q_gbyhj]ZgbaZpby\aZbfh^_ckl\byk ^jm]bfbkbkl_fZfb b jy^^jm]bo\hijhkh\ Fh^mevghklv khklhbl \ jZa^_e_gbb ZiiZjZlmju bbeb ijh]jZffgh]h h[_ki_q_gby gZ hl^_evgu_ \ hij_^_e_gghc f_j_ Z\lhghfgu_ kljmdlmju fh^meb [ehdb ih^kbkl_fu dhlhju_ fh]ml nmgdpbhgbjh\Zlv dZd hl^_evgh ijb j_r_gbb k\hbo ehdZevguo aZ^Zq lZd b kh\f_klgh ijb j_r_gbb h[s_c aZ^Zqb Fh^mevgh_ ihkljh_gb_ h[e_]qZ_l ijbkihkh[e_gb_ kbkl_f d hkh[_gghklyf km^h\ b d hlebqbyf\uihegy_fuobfbaZ^Zqb h[e_]qZ_ljZkrbj_gb_nmgdpbckbkl_fijbbokh\_jr_gkl\h\Zgbb B_jZjobqghklv hagZqZ_l lZdmx hj]ZgbaZpbx kljmdlmju kbkl_fu b __ ijh]jZffgh]h h[_ki_q_gby dh]^Z fh^meb jZkiheZ]Zxlky ih mjh\gyf bo agZqbfhklb Fh^meb gZ gbar_f mjh\g_ j_rZxl madb_ aZ^Zqb Z ^jm]b_ fh^meb \ukrb_ ih b_jZjobb h[_ki_qb\Zxl j_r_gb_ aZ^Zq [he__ \ukhdh]h mjh\gy iml_fmijZ\e_gbyb dhjj_dpbbfh^me_c gbar_]hmjh\gy I_j_oh^ gZ _^bgu_ ^bkdj_lgu_ ijbgpbiu ZiiZjZlmju hagZqZ_l ihkljh_gb_ __ gZ hkgh\_ fbdjhijhp_kkhjghc l_ogbdb LZdh_ ihkljh_gb_ iha\hey_l [he__ ijhklh b gZ^_`gh hj]Zgbah\u\Zlv \aZbfh^_ckl\b_f_`^mqZklyfbkbkl_fuZ lZd`_f_`^mkbkl_fhcb ^jm]bfh[hjm^h\Zgb_f < kh\j_f_gguo gZ\b]Zpbhgguo ijb[hjZo b kbkl_fZo \ kbkl_fZo mijZ\e_gby ^\b`_gb_f km^gZ m`_ rbjhdh ijbf_gy_lky fbdjhijhp_kkhjgZy l_ogbdZ pbnjh\u_ =D pbnjh\u_ Z\lhjme_\u_ g_ ]h\hjy m`_ h kh\j_f_gguo jZ^bhehdZlhjZo K:JIijb_fhbg^bdZlhjZo[_j_]h\uob dhkfbq_kdbo jZ^bhgZ\b]Zpbhgguokbkl_f\ dhlhjuorbjhdhbkihevah\ZgZfbdjhijhp_kkhjgZyl_ogbdZ KlZg^ZjlbaZpby h[hjm^h\Zgby gZijZ\e_gZ gZ h[_ki_q_gb_ lj_[m_fuo wdkiemZlZpbhgguo oZjZdl_jbklbdb kh\f_klbfhklbjZaebqgh]h \b^ZgZ\b]ZpbhgghcZiiZjZlmju\uimkdZ_fhcjZaebqgufb nbjfZfbb hj]ZgbaZpbyfb WdkiemZlZpbhggu_lj_[h\Zgbyd fhjkdbfgZ\b]Zpbhggufijb[hjZfb kbkl_fZfhij_^_eyxlkyBFH L_ogbq_kdb_ klZg^Zjlu d we_dljbq_kdhfm b we_dljhgghfm h[hjm^h\Zgbx \ujZ[Zlu\Zxlky f_`^mgZjh^ghcwe_dljhl_ogbq_kdhcdhfbkkb_c FWD ,(& FWD lZd`_ hij_^_ey_l ijhlhdhe \aZbfh^_ckl\by \oh^ysbo \ :DK mkljhckl\ Kha^Zgb_ bgnhjfZpbhgguo kbkl_f b k_l_c hldjueh \hafh`ghklv jZajZ[hldb f_`^mgZjh^guo klZg^Zjlh\ hij_^_eyxsbodZd^he`gu\aZbfh^_ckl\h\Zlvf_`^mkh[hcdhfihg_gluwlbokbkl_fb k_l_c<h\k_o kljZgZowlbklZg^ZjlugZau\ZxlkyijhlhdheZfbIjhlhdhe \ bgnhjfZpbhgghckbkl_f_ wlh^hdmf_gl q_ldh hij_^_eyxsbc ijhp_^mju b ijZ\beZ \aZbfh^_ckl\by \oh^ysbo b ih^dexqZ_fuo d kbkl_f_ mkljhckl\ Ijhlhdhe hij_^_ey_l kibkhd dhfZg^ dhlhjufb fh]ml h[f_gb\Zlvky mkljhckl\Z ihjy^hd i_j_^ZqbdhfZgîjZ\beZ\aZbfghcijh\_jdbjZ[hlujZaf_jui_j_^Z\Z_fuo[ehdh\bgnhjfZpbbb l^ Ijhlhdheukha^Zxlkyêylh]hqlh[uba]hlZ\eb\Z_fu_jZagufbh[t_^bg_gbyfbb nbjfZfbmkljhckl\Z fh]ebjZ[hlZlv^jm]k ^jm]hf KlZg^Zjlu \aZbfh^_ckl\by gZ\b]Zpbhgghc ZiiZjZlmju mklZgh\e_gu ijhlhdhehf ,(& Wlhl ijhlhdhekh\iZ^Z_lihkh^_j`Zgbxk ijhlhdhehf 10($gZpbhgZevghc fhjkdhc we_dljhgghc ZkkhpbZpbbKR: 10($ 1DWLRQDO 0DULWLPH (OHFWURQLF $VVRFLDWLRQ < jZfdZo Z\lhfZlbabjh\Zgguo dhfie_dkh\ km^h\h`^_gby GBDK fh`_l [ulv khijy`_gZ k dmjkhmdZaZl_e_f eZ]hf kbkl_fZfb h[_ki_qb\Zxsbfb g_ij_ju\gh_ f_klhhij_^_e_gb_ ijb_fgbdZfb JGK b KGK JEK K:JI wohehlhf ljZgkihg^gjhf :BK Z\lhjme_\uf Z\lhfZlbq_kdhc kbkl_fhc ^bklZgpbhggh]h mijZ\e_gby ^\b`bl_evghc mklZgh\dhc ijb_fgbdhf 1$97(; b kbkl_fZfb k\yab >jm]b_ijb[hju\oh^ysb_\ :DKlZd`_^he`gu\aZbfh^_ckl\h\Zlvf_`^mkh[hcLZd]bjhdhfiZkêy Z\lhfZlbq_kdhc dhjj_dlbjh\db kdhjhklghc ih]j_rghklb ^he`_g bf_lv \hafh`ghklv ihemqZlv bgnhjfZpbx h kdhjhklb hl eZ]Z rbjhlm f_klZ hl GBDK eb[h ijb_fgbdZ JGKbeb KGKZ^Zilb\guc Z\lhjme_\hc ^he`_g [ulv khijy`_g k ]bjhdhfiZkhf eZ]hf wohehlhf ^Zlqbdhf m]eh\hc kdhjhklb b l^<aZbfh^_ckl\b_\oh^ysbo\ :DKmkljhckl\b kbkl_f\ gZklhys__\j_fyhij_^_ey_lkyijhlhdhehf ,(& LZdbf h[jZahf ^Zlqbdb bgnhjfZpbb mkljhckl\Z mijZ\e_gby b ^jm]h_ h[hjm^h\Zgb_ jZaebqguo nbjf \uihegyxsb_ ijhlhdhe =?K fh]ml jZ[hlZlv kh\f_klgh k GBDK Ijb[hju b kbkl_fu \oh^ysb_\ :DKg_^he`gumom^rZlvoZjZdl_jbklbdbkhijy]Z_fhck gbfbZiiZjZlmju Ih\ur_ggZy gZ^_`ghklv l_ogbq_kdh]h b ijh]jZffgh]h h[_ki_q_gby :DK h[mkeh\eb\Z_lky ih\ur_gghc hiZkghklvx ijhp_kkZ km^h\h`^_gby \ukhdhc klhbfhklvx h[t_dlZ mijZ\e_gby i_j_\habfh]h]jmaZb ly`_eufbwdheh]bq_kdbfbihke_^kl\byfbZ\Zjbckm^h\ < :DK^he`gu[ulvij_^mkfhlj_gukj_^kl\Zj_a_j\bjh\Zgbyih\urZxsb_gZ^_`ghklvkbkl_fub h[_ki_qb\Zxsb_gZ\b]Zpbhggmx[_ahiZkghklvieZ\ZgbygZijhly`_gbbqZklbj_ckZhklZ\r_ckyihke_ \uoh^Z:DKbakljhyKbkl_fZb khijy]Z_fu_k g_c mkljhckl\Z^he`gujZ[hlZlvijbhldehg_gbyohl ghfbgZevguo agZq_gbc iZjZf_ljh\ km^h\h]h we_dljhiblZgby b bf_lv \hafh`ghklv jZ[hlu hl Z\Zjbcguobklhqgbdh\ijbi_j_ju\Zo\ ih^Zq_we_dljhwg_j]bb KZfhdhgljhev <\b^m ih\ur_gghc hiZkghklb ijhp_kkZ km^h\h`^_gby \hafh`guo [hevrbo m[uldh\hlg_ijZ\bevgh]hnmgdpbhgbjh\Zgbyk[h_\b \uoh^Zbakljhy\ :DK^he`_gj_Zebah\u\Zlvky Z\lhfZlbq_kdbc dhgljhev aZ jZ[hlhc ZiiZjZlmju b Z\lhfZlbq_kdZy ^bZ]ghklbdZ g_bkijZ\guo we_f_glh\Djhf_lh]h\ :DK^he`gu[ulvb kj_^kl\Zijh\_jdbijZ\bevghklbjZ[hluijh]jZffgh]h h[_ki_q_gbyIjbk[hyo\ jZ[hl_b ihy\e_gbbg_bkijZ\ghklb^he`gZkjZ[Zlu\Zlvkb]gZebaZpby Ijbhjbl_l hi_jZlhjZ <\b^m g_\hafh`ghklb aZijh]jZffbjh\Zlv \k_ kblmZpbb dhlhju_ fh]ml \hagbdgmlv \ ijhp_kk_ km^h\h`^_gby b mq_klv k ihfhsvx kj_^kl\ Z\lhfZlbaZpbb \k_ \ebyxsb_ gZ wlhl ijhp_kk nZdlhju ]eZ\gZy jhev \ ijbgylbb j_r_gbc \ wlhf ijhp_kk_ hl\h^blky km^h\h^bl_ex :DK ij_^klZ\ey_l kh[hc lhevdh bgkljmf_gl gZagZq_gb_ dhlhjh]h fZdkbfZevgZy ihfhsv km^h\h^bl_ex \ h[_ki_q_gbb [_ahiZkgh]h ieZ\Zgby Hl\_lkl\_gghklv aZ ijbgylu_ j_r_gby e_`bl iheghklvx gZ km^h\h^bl_e_ Ihwlhfm hg ^he`_g mf_lv wnn_dlb\gh bkihevah\Zlv kj_^kl\Z Z\lhfZlbaZpbbagZlvh]jZgbq_gbyb g_^hklZldbwlbokj_^kl\bkihevah\ZlvfZe_crmx\hafh`ghklvêy dhgljheybojZ[hlub ijZ\bevghklbihemqZ_fhchlgbobgnhjfZpbb H[_ki_q_gb_:DK :DK y\ey_lky fbdjhijhp_kkhjghc kbkl_fhc b fh`_l jZkkfZljb\Zlvky dZd kh\hdmighklv l_ogbq_kdh]hbgnhjfZpbhggh]hebg]\bklbq_kdh]hfZl_fZlbq_kdh]hb ijh]jZffgh]hh[_ki_q_gbbêy j_r_gbyaZ^Zqkm^h\h`^_gby L_ogbq_kdh_ h[_ki_q_gb_ :DK \dexqZ_l \ k_[y \oh^ysmx \ g_]h ZiiZjZlmjm baf_jbl_evgu_ mkljhckl\Zkj_^kl\Z mijZ\e_gbyijhp_kkhju[ehdbiZfylb mkljhckl\Zhlh[jZ`_gbyb j_]bkljZpbb bgnhjfZpbbkj_^kl\Zkb]gZebaZpbbb l^ BgnhjfZpbhggh_ h[_ki_q_gb_ wlh kh\hdmighklv bgnhjfZpbhgguo [Za [Za ^Zgguo [Za agZgbc [Za ijh]jZff kbkl_fu mijZ\e_gby bfb kj_^kl\ b f_lh^h\ h[_ki_qb\Zxsbo ihemq_gb_ bgnhjfZpbbhl ^Zlqbdh\ h[f_g bgnhjfZpb_cf_`^m mkljhckl\Zfb b kbkl_fZfb :DK Z lZd`_ f_`^m :DKb \g_rgbfbihhlghr_gbxd g_fmkbkl_fZfbb mkljhckl\Zfb< bgnhjfZpbhggh_h[_ki_q_gb_\ qZklghklb \oh^yl dZjlh]jZnbq_kdZy [ZaZ ^Zgguo [ZaZ ^Zgguo j_dhf_g^h\Zgguo fZjrjmlh\ [ZaZ ^Zgguo êy ij_^\uqbke_gby ijbeb\hhleb\guo y\e_gbc [Zau k\_^_gbc ba jZaebqguo gZ\b]Zpbhgguo ihkh[bc gZklZ\e_gbc jmdh\h^ysbo ^hdmf_glh\ Z lZd`_ f_lhû b kj_^kl\Z h[_ki_qb\Zxsb_gZ^_`ghklvojZg_gby^Zgguo boh[gh\e_gb_bkihevah\Zgb_b ^j Ebg]\bklbq_kdh_ h[_ki_q_gb_ wlh ki_pbZevguc yaud eb[h kh\hdmighklv \bamZevguo bbeb a\mdh\uo kj_^kl\ b hij_^_e_gguo ijZ\be bkihevam_fuo êy h[_ki_q_gby h[s_gby km^h\h^bl_ey k :DK FZl_fZlbq_kdh_ h[_ki_q_gb_ ij_^klZ\ey_l kh[hc kh\hdmighklv Ze]hjblfh\ aZ^Zq j_rZ_fuo Z\lhfZlbabjh\Zggufdhfie_dkhfkm^h\h`^_gby Ijh]jZffgh_ h[_ki_q_gb_ wlh kh\hdmighklv ijh]jZff ojZgbfuo \ iZfylb kbkl_fu Wlh ijh]jZffuêyj_ZebaZpbbfZl_fZlbq_kdh]hb ebg]\bklbq_kdh]hh[_ki_q_gbbmijZ\e_gbyjZ[hlhc[Za ^ZgguomijZ\e_gbyjZ[hlhckbkl_fu L_ogbq_kdh_h[_ki_q_gb_b \bûGBDK GZ\b]ZpbhgghbgnhjfZpbhggZy dhfivxl_jgZy kbkl_fZ kljhblky gZ hkgh\_ i_jkhgZevgh]h dhfivxl_jZHgZ\dexqZ_l\ k_[y jbk kbkl_fguc [ehd deZ\bZlmjm fZgbimeylhj kj_^kl\Z hlh[jZ`_gby bgnhjfZpbb h ijhp_kk_ km^h\h`^_gby KHB mkljhckl\Z ^hdmf_glbjh\Zgby b j_]bkljZpbb bgnhjfZpbb MJ> kj_^kl\Z kb]gZebaZpbb < kbkl_fghf [ehd_ gZoh^ylky ijhp_kkhj khijhp_kkhj hi_jZlb\gZy iZfylv gZdhibl_ev gZ `_kldhffZ]gblghf^bkd_^hihegbl_evgu_[ehdbiZfylbmkljhckl\Zêy\\h^ZbgnhjfZpbbk ]b[dbo fZ]gblguob hilbq_kdbo^bkdh\ihjlu\\h^Z\u\h^ZbgnhjfZpbbb ^jmkljhckl\Z < dZq_kl\_ fZgbimeylhjZ \ GBDKbkihevam_lkylj_d[he^`hcklbdbebfurdZ Kj_^kl\Zfb hlh[jZ`_gby bgnhjfZpbb y\eyxlky h^bg beb g_kdhevdh ^bkie__\ pbnjh\u_ b ZgZeh]h\u_bg^bdZlhju D mkljhckl\Zf j_]bkljZpbb bgnhjfZpbb hlghkylky mkljhckl\Z i_qZlb gZ [mfZ]_ b kj_^kl\Z aZihfbgZgbybgnhjfZpbbgZghkbl_eyo^jm]h]h\b^Z Ihlj_[bl_eyfb bgnhjfZpbb GBDK y\eyxlky dZd __ ^Zlqbdb bgnhjfZpbb gZijbf_j êy Z\lhfZlbq_kdhcdhjj_dpbbkdhjhklghcih]j_rghklb=D\ g_]hg_h[oh^bfh\\h^blvrbjhlmb kdhjhklv km^gZ lZdb ^jm]b_kbkl_fugZijbf_jZ\lhfZlbq_kdh_mkljhckl\hih^Zqbkb]gZeh\[_^kl\by < aZ\bkbfhklb hl mjh\gy Z\lhfZlbaZpbb hi_jZpbc bnmgdpbhgZevguo\hafh`ghkl_cGBDK jZa^_eyxlgZljb]jmiiu (&',6 (OHFWURQLF&KDUW'LVSOD\DQG,QIRUPDWLRQ6\VWHP (&6 (OHFWURQLF&KDUW6\VWHP Dhf[bgbjh\Zggu_ GBDK (&',6 wlh gZ\b]ZpbhgghbgnhjfZpbhggZy dhfivxl_jgZy kbkl_fZ m^h\e_l\hjyxsZy ki_pbZevguflj_[h\ZgbyfBFHF=HFWD < (&',6 ^he`gu bkihevah\Zlvky lhevdh \_dlhjgu_ we_dljhggu_ dZjlu (1& HFGLVdZjlu ^Zggu_ dhlhjuo ih^]hlh\e_gu ]hkm^Zjkl\_ggufb ]b^jh]jZnbq_kdbfb hj]ZgbaZpbyfb klZg^Zjlbah\Zgu ih kh^_j`Zgbx kljmdlmj_ ^_ckl\mxs_fm nhjfZlm h[f_gZ dZjlh]jZnbq_kdhc bgnhjfZpb_c b iheghklvxm^h\e_l\hjyxsb_ki_pbZevguflj_[h\ZgbyfBFHb F=H :iiZjZlgh_ b ijh]jZffgh_ h[_ki_q_gb_ (&',6 ^he`gu h[yaZl_evgh k_jlbnbpbjh\Zlvky miheghfhq_gguf DeZkkbnbdZpbhgguf H[s_kl\hf \ khhl\_lkl\bb k lj_[h\Zgbyfb ,(& ,QWHUQDWLRQDO 6WDQGDUG 0DULWLPHQDYLJDWLRQDQGUDGLRFRPPXQLFDWLRQHTXLSPHQWV\VWHPV (OHFWURQLF&KDUW'LVSOD\ DQG ,QIRUPDWLRQ 6\VWHP (&',6 2SHUDWLRQDO DQG 3HUIRUPDQFH 5HTXLUHPHQWV 0HWKRG RI 7HVWLQJ DQG 5HTXLUHG7HVW5HVXOWV Qlh[u klZlv e_]Zevguf wd\b\Ze_glhf [mfZ`guo dZjl (&',6 gZ kemqZc \uoh^Z ba kljhy ^he`gZ [ulv h[_ki_q_gZ h^h[j_gghc j_a_j\ghc kbkl_fhc Lj_[m_lky qlh[u j_a_j\gZy kbkl_fZ bf_eZ ^hklZlhqgu_kj_^kl\Zêyh[_ki_q_gby[_ahiZkgh]hkm^h\h`^_gbygZhklZ\r_cky qZklbj_ckZ\ kemqZ_ \uoh^Z (&',6 ba kljhy J_a_j\gZy kbkl_fZ fh`_l bf_lv h]jZgbq_ggu_ nmgdpbb (&',6 eb[h iheghklvx ^m[ebjh\Zlv __ F_`^m hkgh\ghc b j_a_j\ghc kbkl_fZfb ^he`gZ [ulv \hafh`ghklv h[f_gZ bgnhjfZpb_c Ih djZcg_c f_j_ \ j_a_j\gmx kbkl_fm hl hkgh\ghc ^he`gu i_j_^Z\Zlvky ^Zggu_ij_^\Zjbl_evghcijhdeZ^dbb ^Zggu_\k_odhjj_dlmj (&6 wlhgZ\b]ZpbhgghbgnhjfZpbhggu_dhfivxl_jgu_kbkl_fug_iheghklvxm^h\e_l\hjyxsb_ lj_[h\Zgbyfd (&',6 Ijbf_g_gb_wlbokbkl_fg_hk\h[h`^Z_lkm^h\h^bl_eyhl\_^_gbyijhdeZ^dbgZ [mfZ`guodZjlZoBkihevam_fu_\ lZdbokbkl_fZodZjlugZau\Z_fu_gb`_ HFVdZjlkrb g_iheghklvx hl\_qZxlki_pbZevguflj_[h\ZgbyfBFHb F=HD (&6 hlghkylky 5&'6 5DVWU &KDUW 'LVSOD\ 6\VWHP gZ\b]ZpbhgghbgnhjfZpbhggu_ dhfivxl_jgu_ kbkl_fu k jZkljh\ufbWD GZ\b]ZpbhgghbgnhjfZpbhggu_ dhfivxl_jgu_ kbkl_fu k jZ\ghp_ggufb ih gZ]jmad_ [mfZ`guf dZjlZf\_dlhjgufbWDg_ iheghklvxm^h\e_l\hjyxsbfblj_[h\Zgbyfd HFGLVdZjlZf GZ\b]ZpbhgghbgnhjfZpbhggu_dhfivxl_jgu_kbkl_fuk mijhs_ggufbWD Dhf[bgbjh\Zggu_ GBDK <\b^m lh]h qlh g_ [ueh ihegh]h gZ[hjZ HFGLVdZjl gZ \k_ jZchgu Fbjh\h]h hd_ZgZ ijhba\h^bl_eb ^hihegyeb (&',6 j_`bfZfb hlh[jZ`_gby jZkljh\uo dZjl b \_dlhjguo dZjl g_ iheghklvx khhl\_lkl\mxsbo lj_[h\Zgbyf d HFGLVdZjlZf Dh]^Z ihemq_ggZy lZdbf h[jZahf dhf[bgbjh\ZggZy GBDK bkihevam_lky \ j_`bf_ (&',6 hgZ bf__l klZlmk (&',6 < j_`bfZo jZ[hlu k jZkljh\ufb b \_dlhjgufb HFVdZjlZfb lZdb_ GBDK ijbjZ\gb\Zxlky d (&6 qlh lj_[m_l gZjy^m k \uihegy_fhc kbkl_fhc ijhdeZ^dhc gZ WD h[yaZl_evgh]h \_^_gby ijhdeZ^db gZ [mfZ`guodZjlZo GZ k_kkbbBFH\ bxe_ ]km[dhfbl_lih[_ahiZkghklbgZ\b]Zpbb^Zekh]eZkb_gZ\g_k_gb_\ Lj_[h\Zgby d (&',6 ^h[Z\hqgh]h ijbeh`_gby ih jZkljh\uf dZj]Zf Wlb ^h[Z\e_gby jZaj_rZxl jZ[hlm (&',6 \ ^\mo j_`bfZo (&',6 b 5&'6 Ihkdhevdm j_`bf 5&'6 g_ bf__l iheguo nmgdpbhgZevguo \hafh`ghkl_c (&',6 BFH \uimklbeh ki_pbZevguc pbjdmeyj 61&LUF 'LIIHUHQFHV EHWZHHQ 5&'6 DQG (&',6 -XQ h[tykgyxsbc jZaebqby f_`^m (&',6 b 5&'6 j_`bfZfb J_`bf jZkljh\uo dZjl jZaj_rZ_lky bkihevah\Zlv lhevdh \ jZchgZo gZ dhlhju_ g_l HFGLV dZjl b lhevdh ijb ^m[ebjh\Zgbb we_dljhgghc ijhdeZ^db ijhdeZ^dhc gZ hldhjj_dlbjh\Zgghc [mfZ`ghcdZjl_ BgnhjfZpbhgghijh]jZffgh_h[_ki_q_gb_GBDK BgnhjfZpbhgghijh]jZffgh_ h[_ki_q_gb_ kbkl_f hlh[jZ`_gby WD \dexqZ_l hi_jZpbhggmx kbkl_fm kbkl_fm mijZ\e_gbybgnhjfZpbhggufb[ZaZfbbgnhjfZpbhggu_[Zau [Zau^Zgguo[Zau agZgbcb [Zam ijh]jZff Z lZd`_ ijh]jZffu h[_ki_qb\Zxsb_ ihemq_gb_ bgnhjfZpbb hl ^Zlqbdh\b h[f_gbgnhjfZpb_cf_`^mjZaebqgufbmkljhckl\ZfbHi_jZpbhggZykbkl_fZ HK ij_^klZ\ey_lkh[hc dhfie_dk ijh]jZff dhlhju_ hj]Zgbamxl jZ[hlm dhfivxl_jZ b mijZ\e_gb_ _]h j_kmjkZfb Kbkl_fZ mijZ\e_gby bgnhjfZpbhggufb [ZaZfb KM;> wlh kh\hdmighklv ijh]jZff h[_ki_qb\Zxsbo mijZ\e_gb_jZ[hlhc[Zaijh]jZffb ^Zgguoh[jZ[hldm^Zgguo\aZbfh^_ckl\b_hi_jZlhjZk kbkl_fhc ijbjZ[hl_k bgnhjfZpbhggufb[ZaZfb BgnhjfZpbhggu_ [Zau ojZgylky \h \g_rg_c iZfylb dhfivxl_jZ >ey ojZg_gby \ hkgh\ghf bkihevamxlky `_kldb_ fZ]gblgu_^bkdbb dhfiZdlgu_hilbq_kdb_eZa_jgu_^bkdbijbq_fihke_^gb_ y\eyxlky gZb[he__ ihôh^ysbfb êy gZ\b]Zpbhgguo kbkl_f hgb kh^_j`Zl [hevrbc h[t_f ^Zgguo g_qm\kl\bl_evgud fZ]gblgufiheyf\u^_j`b\ZxlagZqbl_evgu_nbabq_kdb_gZ]jmadb DZjlh]jZnbq_kdZy[ZaZ^Zgguo Ih^ dZjlh]jZnbq_kdhc [Zahc ^Zgguo D;> ihgbfZ_lky ki_pbZevgh hj]Zgbah\ZggZy êy p_e_c km^h\h`^_gby kh\hdmighklv dZjlh]jZnbq_kdbo b gZ\b]Zpbhggh]b^jh]jZnbq_kdbo ^Zgguo gZ \_kv Fbjh\hchd_Zgeb[h_]hhij_^_e_ggmxqZklv < D;> \oh^yl nZceu dZlZeh]ZkijZ\hqgbdZ WD pbnjh\uo ^Zgguo hkgh\guo WD lZ[ebpu jZa]jZndblZ[ebpudeZkkbnbdZpbbb dh^bjh\ZgbydZjlh]jZnbq_kdboh[t_dlh\ DH lZ[ebpuhihjguo lhq_d ZiijhdkbfZpbb f_jdZlhjkdhc ijh_dpbb lZ[ebpu k_e_dpbb h[t_dlh\ WD [b[ebhl_dZ kbf\heh\ khdjZs_gbcb bohibkZgbcb ^j DZlZeh]kijZ\hqgbd kem`blêyihbkdZb \u[hjZ^ZgguoWDHgkh^_j`blb^_glbnbdZlhjuWDb khhl\_lkl\mxsb_ bf nbabq_kdb_ Z^j_kZ nZceh\ WD KhklZ\e_gb_ wlh]h dZlZeh]Z ijhba\h^blky Z\lhfZlbq_kdbki_pbZevghcijh]jZffhcijbi_j\bqghcaZ]jmad_nZceh\WD\ [Zam KljmdlmjZ nZceh\ WD hjb_glbjh\ZgZ gZ [ukljuc ihbkd b \u\h^ ^Zgguo êy hlh[jZ`_gby WD < gZqZe_ nZceZ WD ihf_sZ_lky ^_kdjbilhj dhlhjuc kh^_j`bl h[sb_ ^Zggu_ êy dZjlu hibkZgb_ oZjZdl_jbklbd ijbagZdh\ b l_dklZ h[_ki_qb\Zxsbo [ukljuc ihbkd gm`ghc bgnhjfZpbb \ nZce_ < wlhc qZklb nZceZ ijb\h^blky ke_^mxsZy bgnhjfZpby ]_h]jZnbq_kdbc b^_glbnbdZlhj ghf_j dZjlu hij_^_eyxsbciheh`_gb_jZchgZgZdZjl_fbjZgZa\Zgb_dZjlu_^bgbpubaf_j_gbydhhj^bgZl\ukhl b ]em[bg ]hjbahglZevguc ]_h^_abq_kdbc ^Zlmf gmev ]em[bg hjb]bgZevguc fZkrlZ[ WD fbgbfZevguc b fZdkbfZevguc fZkrlZ[u hlh[jZ`_gby WD fZ]gblgh_ kdehg_gb_ ^ZlZ nhjfbjh\Zgby ^Zgguo WD b ^j < hibkZgbb oZjZdl_jbklbd b l_dklZ ijb\h^ylky k\_^_gby h lbiZo ^Zgguo h[ bklhqgbd_ ihemq_gby bgnhjfZpbb WD b gZ^_`ghklb __ bgnhjfZpbb h ijbagZdZo ijbhjbl_lZ ^Zgguo [Zah\ZyklZg^ZjlgZy^hihegbl_evgZybgnhjfZpby b ^j G_ihkj_^kl\_ggh WD \ nZce_ aZ^ZgZ \ \b^_ kh\hdmighkl_c aZibk_c i_j_f_gghc êbgu h dZjlh]jZnbq_kdbo h[t_dlZo Kj_^b DH jZaebqZxl lhq_qgu_ SRLQW ebg_cgu_ OLQH dhglmjgu_ beb iehsZ^gu_ DUHDO Lhq_qgu_ h[t_dlu bah[jZ`Zxlky k ihfhsvx lZ[ebpu b ]_g_jZlhjZ mkeh\guo agZdh\ Ebg_cgu_ DH ij_^klZ\eyxlky ebgbyfb g_ij_ju\gufb imgdlbjgufb b ^j khhl\_lkl\mxs_]h p\_lZ beb \ \b^_ p_ihqdb mkeh\guo agZdh\ \^hev ebgbb gZijbf_j ]jZgbpu aZij_lguo jZchgh\ IehsZ^gu_ h[t_dlu fh]ml [ulv k p\_lh\uf aZiheg_gb_f dhglmjZ b [_a aZiheg_gby Ijhba\hevghc nhjfu ebgbb gZ dZjl_ [_j_]h\Zy q_jlZ bah[Zlu b ^j aZ^Zxlky gZ[hjhf lhq_d f_`^m dhlhjufb hgb Ziijhdkbfbjmxlky hlj_adZfb ijyfuo RZ] ^bkdj_lbaZpbb djb\uo hij_^_ey_lky]jZnbq_kdhclhqghklvxbkoh^gh]hfZl_jbZeZb jZaj_rZxs_ckihkh[ghklvx^bkie_y AZibkv DH \ h[s_f kemqZ_ khklhbl ba q_luj_o hkgh\guo qZkl_c ihe_c L F 6 I_j\h_ ihe_ hl\h^blky b^_glbnbdZlhjm bf_gb h[t_dlZ iha\heyxs_fm h^ghagZqgh hij_^_eblv h[t_dl \ khklZ\_ ^Zgguo WD <h \lhjhf ihe_ ihf_sZ_lky ijbagZd L lbiZ h[t_dlZ dhlhjuc ijbk\Zb\Z_lky h[t_dl kh]eZkgh dh^bnbdZlhjZ b hij_^_ey_l _]h mkeh\gh_ bah[jZ`_gb_ < ihe_ F f_ljbdZ ihf_sZxlky dhhj^bgZlu oZjZdl_jbamxsb_ ijhkljZgkl\_ggh_ iheh`_gb_ h[t_dlZ gZ a_fghc ih\_joghklb < q_l\_jlhfihe_kh^_j`blkyk_fZglbq_kdZyoZjZdl_jbklbdZ 6 Zljb[mlu h[t_dlZdhlhjZyhij_^_ey_lky gZ[hjhfk\hckl\h[t_dlZ ]_h]jZnbq_kdh_gZa\Zgb_\ukhlZ]em[bgZb ^jm]b_oZjZdl_jbklbdb Dh^ lbiZ DH hij_^_ey_lky \ khhl\_lkl\bb k kbkl_fhc deZkkbnbdZpbb b dh^bjh\Zgby dZjlh]jZnbq_kdhc bgnhjfZpbb WlZ kbkl_fZ ^he`gZ m^h\e_l\hjylv lj_f lj_[h\Zgbyf bf_lv b_jZjobq_kdmx kljmdlmjm bkihevah\Zlv dZjlh]jZnbq_kdb_ kbf\heu ,+2 h[_ki_qb\Zlv \hafh`ghklv ^h[Z\e_gby gh\uo b baf_g_gby klZjuo ^Zgguo GZijbf_j ^Zggu_ êy \k_o dZjl h[uqgh jZkij_^_eyxlky ih k_fb jZa^_eZf bkdmkkl\_ggu_ h[t_dlu ]b^jh]jZnby ]bikh]jZnby nbabh]jZnby jZklbl_evghklv ^_fZjdZpby b h[sbc jZa^_e < k\hx hq_j_^v dZ`ûc jZa^_e ih^jZa^_ey_lky gZ ih^jZa^_eu GZijbf_j ]b^jh]jZnby ih^jZa^_ey_lky gZ ijb[j_`gmx ]b^jh]jZnbx ihjlu b [molu kj_^kl\ZgZ\b]Zpbhggh]hh]jZ`^_gbyhiZkghklb]em[bguoZjZdl_j^gZl_q_gbykg_]b evû< k\hx hq_j_^v ih^jZa^_eu jZa[blu gZ [he__ f_edb_ ih^jZa^_eu Dh^ lbiZ h[t_dlZ h[uqgh nhjfbjm_lky \ aZ\bkbfhklbhlf_klZDH\ kbkl_f_deZkkbnbdZpbb F_ljbq_kdh_hibkZgb_h[t_dlZ \dexqZ_l\ k_[ykh\hdmighklvdhhj^bgZliheghklvxhij_^_eyxsbo ijhkljZgkl\_ggh_iheh`_gb_wlh]hDHLhq_qguch[t_dlgZa_fghcih\_joghklbhij_^_ey_lkylhevdh h^ghc iZjhc dhhj^bgZl Ebg_cgu_ b dhglmjgu_ DH aZ^Zxlky dhebq_kl\hf dhhj^bgZl khhl\_lkl\mxs_f qbkem h[jZamxsbo bo lhq_d < p_eyo wdhghfgh]h bkihevah\Zgby iZfylb êy ojZg_gby^ZgguoWDijbf_gyxlky^_evlZdhhj^bgZlu ijbjZs_gby hlghkbl_evghx]haZiZ^gh]hm]eZ dZjlu< wlhfkemqZ_\ h[s__hibkZgb_dZjlu\ nZce_\ghkylkydhhj^bgZlux]haZiZ^gh]hm]eZdZjlu Ijbkbgl_a_WD^Zggu_f_ljbdbbkihevamxlkyêy]jZnbq_kdh]hbah[jZ`_gbyh[t_dlZKbf\hevgu_ oZjZdl_jbklbdbg_ihkj_^kl\_ggh\ bah[jZ`_gbbg_mqZkl\mxlhgb\u\h^ylky\ \b^_l_dklZihaZijhkm hi_jZlhjZ\ ZenZ\blghpbnjh\hcnhjf_ < dhgp_ nZceZ WD ihf_sZxlky aZibkb l_dklh\hc bgnhjfZpbb êy hi_jZlhjZ oZjZdl_jbamxsb_ keh\_kghdZjlh]jZnbq_kdb_h[t_dlu J_]mebjh\Zgb_ dZjlh]jZnbq_kdhc gZ]jmadb h[_ki_qb\Z_lky lZ[ebp_c k_e_dpbb ^Zgguo hij_^_eyxs_c ]jmiiu h[t_dlh\hlh[jZ`Z_fuoihaZijhkmhi_jZlhjZ >jm]b_[Zau ^Zgguo Ijb j_r_gbb aZ^Zq km^h\h`^_gby g_h[oh^bfu k\_^_gby ba fgh]hqbke_gguo gZ\b]Zpbhgguo ihkh[bcQlh[umkdhjblvihbkdwlhcbgnhjfZpbb\ iZfylbGBDKihfbfhD?>fh]mlihf_sZlvkyb ^jm]b_[Zau^Zgguodhjj_dlmjij_^\Zjbl_evghcijhdeZ^db j_dhf_g^h\Zgguo fZjrjmlh\ ^Zgguo êy ij_^\uqbke_gby ijbeb\hhleb\guo y\e_gbc k\_^_gbc h gZ\b]Zpbhgguokj_^kl\Zo h]gyoagZdZojZ^bhl_ogbq_kdbob jZ^bhehdZpbhgguokj_^kl\Zo ^Zgguoh kj_^kl\Zo k\yab b jZkibkZgbb bo jZ[hlu ijZ\be ieZ\Zgby k\_^_gbc h ihjlZo ^Zgguo h km^g_ _]h fZg_\j_gguob ^jm]booZjZdl_jbklbdZob l^ HoZjZdl_jbam_fg_dhlhju_bawlbo[Za ;ZaZ ^Zgguo dhjj_dlmj khklhbl ba dZlZeh]ZkijZ\hqgbdZ dhjj_dlmj b nZceh\ _`_g_^_evguo ba\_s_gbc fhj_ieZ\Zl_eyf NZceu dhjj_dlmj ij_^klZ\eyxl kh[hc kh\hdmighklb aZibk_c h[_ki_qb\Zxsbo \uiheg_gb_ ijh]jZffgh j_Zebam_fhc dhjj_dlmju dZjlh]jZnbq_kdhc bgnhjfZpbb kh^_j`Zs_cky\ nZceZohkgh\guoWD ;ZaZ j_dhf_g^h\Zgguo fZjrjmlh\ \dexqZ_l nZce dZlZeh] kibkdZ fZjrjmlh\ b nZceu fZjrjmlh\ NZce fZjrjmlZ kh^_j`bl _]h ghf_j gZa\Zgb_ dhhj^bgZlu iml_\uo lhq_d agZq_gby ^himklbfuo hldehg_gbchlebgbbimlbi_j_q_gv]_g_jZevguodZjli_j_q_gviml_\uodZjl NZce ij_^\Zjbl_evghc ijhdeZ^db kh^_j`bl gZa\Zgb_ fZjrjmlZ ghf_jZ b dhhj^bgZlu iml_\uo lhq_d agZq_gby dmjkZ b kdhjhklb gZ hlj_adZo fZjrjmlZ b ^jm]b_ ^Zggu_ lj_[m_fu_ ijZdlbdhc km^h\h`^_gby ;ZaZijh]jZff ;ZaZ ijh]jZff \dexqZ_lkbkl_fgu_\kihfh]Zl_evgu_ bijbdeZ^gu_ijh]jZffu OZjZdl_jbamy kbkl_fgu_ ijh]jZffu g_h[oh^bfh hlf_lblv ke_^mxs__ Hi_jZpbhggZy kbkl_fZ dhfivxl_jZ khklhbl ba ^\mo qZkl_c Hkgh\gZy j_ab^_glgZy qZklv dhlhjmx khklZ\eyxl ijh]jZffu g_ij_ju\ghgZoh^ysb_ky\ jZ[hl_gZoh^blky\ hi_jZlb\ghciZfylbdhfivxl_jZHklZevgu_qZklbHK ihf_sZxlky\h\g_rg_ciZfylb\ [Za_ijh]jZffb \uau\Zxlky \hi_jZlb\gmxiZfylvihgZ^h[ghklb :gZeh]bqgh gZ ^\_ qZklb jZa^_eyxlky b ijh]jZffu kbkl_fu mijZ\e_gby [ZaZfb ^Zgguo Ijh]jZffu HKb KM;>aZibkZggu_\ [Za_ijh]jZffgZau\Zxlkykbkl_fgufbD gbfhlghkylkyijh]jZffu hj]ZgbaZpbb^bZeh]Zk GBDKh[e_]q_gby \\h^Zjmqghcdhjj_dlmju ^jZc\_ju l_ ijh]jZffu hj]ZgbaZpbb k\yab dhfivxl_jZ k ^ZlqbdZfb bgnhjfZpbb b ^jm]bfb mkljhckl\Zfb]jZnbq_kdbc iZd_l\dexqZxsbcijh]jZffu]_g_jZpbb mkeh\guoagZdh\ih\hjhlZb hlh[jZ`_gby ]jZnbq_kdbo we_f_glh\ aZdjZkdb iehsZ^_c ijh]jZffu h[_ki_qb\Zxsb_ \uiheg_gb_ ijhp_^mj ]_g_jZebaZpbb b k_e_dpbb ^Zgguo ijh]jZffu ij_h[jZah\Zgby dhhj^bgZl DH hlk_q_gby h[t_dlh\b nhjfbjh\Zgby^bkie_cgh]hnZceZb ^j < ijbdeZ^gu_ijh]jZffu \oh^ylijh]jZffuj_r_gbyaZ^Zqkm^h\h`^_gbyijh]jZffu\uiheg_gby aZ^Zq ij_^\Zjbl_evghc b bkihegbl_evghc ijhdeZ^db ijh]jZffu ZgZebaZ dZjlh]jZnbq_kdhc ]b^jh]jZnbq_kdhc b gZ\b]Zpbhgghc bgnhjfZpbb gZ imlb ke_^h\Zgby êy \ujZ[hldb ij_^mij_`^_gbc km^h\h^bl_eyfijh]jZffu\_^_gbykm^h\h]h`mjgZeZb ^j Kbkl_fZmijZ\e_gby[ZaZfb^Zgguo Kbkl_fZ mijZ\e_gby bgnhjfZpbhggufb [ZaZfb KM;> ij_^klZ\ey_l kh[hc dhfie_dk ijh]jZff h[_ki_qb\Zxsbo mijZ\e_gb_ jZ[hlhc[Zaijh]jZffb ^Zgguo\uiheg_gbyihaZdZaZfhi_jZlhjZaZ^Zq h[jZ[hldb bgnhjfZpbb Kbkl_fZ mijZ\e_gby [ZaZfb j_Zebam_l ke_^mxsb_ hkgh\gu_ nmgdpbb \\_^_gb_ \ [Zau gh\uo nZceh\ h[gh\e_gb_ kh^_j`bfh]h [Za m^Ze_gb_ hdZaZ\rboky g_gm`gufb ^Zgguo ihbkd bgnhjfZpbb \u^Zqm bgnhjfZpbb hi_jZlhjm ^hklmi d bgnhjfZpbb \ D;> kbgl_a we_dljhgghcdZjluhlh[jZ`_gb_WDh[jZ[hldmdmjkhjZdhjj_dlmjmwe_dljhgguodZjlh[t_^bg_gb_b jZa^_e_gb_ nZceh\ dhibjh\Zgb_ b \hkklZgh\e_gb_ nZceh\ aZsblm bgnhjfZpbb hl g_kZgdpbhgbjh\Zggh]h ^hklmiZ mkljZg_gb_ hrb[hd \ jZ[hl_ mq_l jZ[hlu b khklZ\e_gb_ hlq_lh\ ihfhsv\ \uiheg_gbbki_pbZevguojZ[hlb ^j Ij_^mkfZljb\Z_lky ljbkihkh[Z\\h^ZbgnhjfZpbb \ iZfylvGBDK fZkkh\uc\\h^]jZnbq_kdhcb l_dklh\hcbgnhjfZpbbk ghkbl_e_cbgnhjfZpbbijbih^]hlh\d_d ieZ\Zgbx jmqghc\\h^l_dklh\hcb ]jZnbq_kdhcbgnhjfZpbb\ j_`bf_^bZeh]ZdZdijbih^]hlh\d_lZdb \h \j_fyieZ\Zgby\dexqZxsbc\\h^bgnhjfZpbbh ieZgbjm_fhffZjrjml_hi_jZlb\ghc bgnhjfZpbb km^h\h^bl_ey b dhjj_dlmji_j_^Z\Z_fuo\ \b^_l_dklh\uo^hdmf_glh\ Z\lhfZlbq_kdbc\\h^l_dklh\hcb ]jZnbq_kdhcbgnhjfZpbbh dhjj_dlmjZob hi_jZlb\ghc bgnhjfZpbbh[h[klZgh\d_\ ihjlZob ]Z\Zgyoi_j_^Z\Z_fhcihjZ^bhdZgZeZfb ihdZgZeZfk\yabk GBDK KM;>h[_ki_qb\Z_lke_^mxsb_ \bû^hklmiZd bgnhjfZpbb \ [ZaZo^Zgguo lhevdhêyql_gby 5HDG RQO\ êyql_gbyb fh^bnbdZpbb kkhojZg_gb_fklZjhcbgnhjfZpbb 5HDG DQG 0RGLI\ êyql_gbyfh^bnbdZpbbb klbjZgbymklZj_\r_cbgnhjfZpbb 5HDG0RGLI\ DQG 'HOHWH <uihegyxlkyke_^mxsb_ hi_jZpbbh[jZ[hldbdmjkhjZ hij_^_e_gb_ _]h ]_h]jZnbq_kdbo dhhj^bgZl gZoh`^_gb_ i_e_g]Z b ^bklZgpbb km^ghdmjkhj b h[t_dldmjkhj b^_glbnbdZpby h[t_dlZ gZdjulh]h dmjkhjhf k ij_^klZ\e_gb_f _]h oZjZdl_jbklbd b ^j Kbgl_a WD wlh i_j_oh^ hl pbnjh\uo ^Zgguo dZjlu d __ bah[jZ`_gbx gZ wdjZg_ ^bkie_y k ihfhsvx kj_^kl\ fZrbgghc ]jZnbdb Kbgl_a we_dljhgghc dZjlu \dexqZ_l \ k_[y \uqbke_gb_ jZaf_jh\ wdjZgghc h[eZklb nhjfbjh\Zgb_ aZijhkh\ d D;> b \u\h^ ba g__ ^Zgguo hkgh\ghc dZjlu hij_^_e_gb_ ghf_jh\ dhjj_dlmjguo ^hdmf_glh\ d hkgh\ghc dZjl_ b \u\h^ bo ba iZfylb kbkl_fu k_e_dpbx dZjlh]jZnbq_kdbo h[t_dlh\ ij_h[jZah\Zgb_ ]_h]jZnbq_kdbo dhhj^bgZl \ wdjZggu_ ]_g_jZebaZpbxhlk_q_gb_dZjlh]jZnbq_kdboh[t_dlh\nhjfbjh\Zgb_^bkie_cgh]hnZceZ Ijbhij_^_e_gbbg_h[oh^bfuofZkkb\h\^Zgguoêyihkljh_gbyWD ih__ ghf_jmgZoh^ylkyghf_jZ dhjj_dlmjguo ^hdmf_glh\ GZ wlhc hkgh\_ nhjfbjm_lky aZijhk h[_ki_qb\Zxsbc \u\h^ ba iZfylb GBDK^Zgguohkgh\ghcdZjlub bgnhjfZpbbdhjj_dlmj <u[hj \b^Z gZ]jmadb dZjlu \ j_`bf_ k_e_dpbb hkms_kl\ey_l km^h\h^bl_ev < aZ\bkbfhklb hl \u[jZggh]hj_`bfZk_e_dpbbkbkl_fhc\u^_eyxlky^Zggu_êyhlh[jZ`_gby Ijb\uiheg_gbbhi_jZpbbhlk_q_gby m^ZeyxlkyDHbebboqZklbg_ihiZ\rb_\ hdgh\uk\_qb\Zgby dZjlugZ^bkie__ Ij_h[jZah\Zgb_ ]_h]jZnbq_kdbo dhhj^bgZl \ ijyfhm]hevgu_ wdjZggu_ dhhj^bgZlu ijhba\h^blky êyihkljh_gbyh[t_dlh\\ gm`ghff_kl_gZwdjZg_k ihfhsvxkj_^kl\fZrbgghc]jZnbdb GZ hkgh\Zgbb \uiheg_gguo hi_jZpbc nhjfbjm_lky ^bkie_cguc nZce Hg ij_^klZ\ey_l kh[hc kh\hdmighklvdhfZg^b iZjZf_ljh\êy\uiheg_gbyhi_jZpbcfZrbgghc]jZnbdbijbhlh[jZ`_gbbWD Hlh[jZ`_gb_ kbgl_abjh\Zgghc dZjlu \dexqZ_l ]_g_jZpbx mkeh\guo agZdh\ ih\hjhl b hlh[jZ`_gb_we_f_glh\bah[jZ`_gbcaZeb\dmiehsZ^_ch]jZgbq_gguoaZfdgmlufbdhglmjZfb KijZ\hqgZykbkl_fZGBDK BgnhjfZpbhggu_ [Zau b kbkl_fZ mijZ\e_gby bfb y\eyxlky hkgh\hc kijZ\hqghc kbkl_fu GBDK We_dljhggZy kijZ\hqgZy kbkl_fZ ij_^gZagZq_gZ êy ojZg_gby [hevrbo h[t_fh\ ^Zgguo lj_[m_fuo ijbkm^h\h`^_gbbb h[_ki_q_gbykm^h\h^bl_ex[ukljh]h^hklmiZd gm`gufk\_^_gbyfijbj_r_gbb dhgdj_lguoaZ^Zq Djhf_h[_ki_q_gby[ukljh]hihbkdZ^Zgguowe_dljhgguckijZ\hqgbdbf__lb ^jm]b_ij_bfms_kl\Z i_j_^[mfZ`gufbkijZ\hqgufbihkh[byfbLj_[m_fZykm^h\h^bl_exbgnhjfZpbyqZklhihemqZ_lkygZ hkgh\_ojZgbfuok\_^_gbcgZijbf_jiml_fbgl_jiheypbbbeb[he__keh`guohi_jZpbc< hlebqb_hl [mfZ`gh]h we_dljhgguc kijZ\hqgbd iha\hey_l ij_^klZ\eylv km^h\h^bl_ex g_ lhevdh ojZgbfu_ k\_^_gby gh b j_amevlZlu bo fZl_fZlbq_kdhc b eh]bq_kdhc h[jZ[hldb agZqbl_evgh mkdhjyy ijhp_kk ihemq_gbyg_h[oh^bfhcbgnhjfZpbb Dh]^Z GBDK kgZ[`_gZ ZgZebaZlhjZfb gZ\b]Zpbhgghc h[klZgh\db b kblmZpbc we_dljhgguc kijZ\hqgbd fh`_l ij_^klZ\eylv dZkZxsb_ky dhgdj_lghc h[klZgh\db b dhgdj_lghc kblmZpbb kijZ\hqgu_k\_^_gby\ Z\lhfZlbq_kdhfj_`bf_ KijZ\hqgZy kbkl_fZ GBDK gZoh^blky \ klZ^bb jZa\blby Hl ijhkluo kljmdlmj ^Zgguo lZdbo dZd kibkdb lZ[ebpu nZceu \ wlhc kbkl_f_ i_j_oh^yl d [he__ keh`guf bgnhjfZpbhgguf kljmdlmjZf Kh\j_f_ggu_KM;>iha\heyxlj_Zebah\u\Zlvfh^_eb^ZgguojZaguolbih\ x j_eypbhggu_k_l_\u_b_jZjobq_kdb_nZceh\u_ x l_dklh\u_]jZnbq_kdb_dZjlbggu_a\mdh\u_ x klZlbq_kdb_^bgZfbq_kdb_ b ij_^hklZ\eyxl ihevah\Zl_ex m^h[gu_ kj_^kl\Z jZ[hlu k gbfb GZb[hevrb_ ^hklb`_gby \ mijZ\e_gbb[ZaZfb^Zgguok\yaZguk mki_oZfbj_eypbhgghcl_ogheh]bb H[_ki_qb\Zxlky m^h[gu_ kihkh[u aZijhkZ ^Zgguo KijZ\hqgZy bgnhjfZpby lj_[m_fZy ijb km^h\h`^_gbb qZklh k\yaZgZ k jZchghf ieZ\Zgby beb k l_f beb bguf dZjlh]jZnbq_kdbf h[t_dlhf Ihwlhfm jZkijhkljZg_gguc \ GBDK kihkh[ aZijhkZ bgnhjfZpbb \dexqZ_l gZ\_^_gb_ dmjkhjZ gZ hlh[jZ`Z_fuc gZ we_dljhgghc dZjl_ h[t_dl kijZ\hqgmx bgnhjfZpbx h dhlhjhf ohlyl ihemqblv LZdbf h[jZahf \ (&',6 gZijbf_j ihemqZxlky k\_^_gby h[ h]gyo agZdZo jZ^bhl_ogbq_kdbo kj_^kl\Zo Djhf_ gZa\Zggh]h \ GBDK j_Zebamxlky b klZg^Zjlgu_ êy kijZ\hqguo kbkl_f kihkh[u aZijhkZg_h[oh^bfuok\_^_gbc Ijh\h^ylky jZ[hlu ih ^hiheg_gbx kijZ\hqguo kbkl_f GBDK gh\ufb [ZaZfb ^Zgguo b [ZaZfb agZgbc JZajZ[Zlu\Z_fu_ [Zau agZgbc \ [hevrbgkl\_ kemqZ_\ dZkZxlky ^_ckl\bc km^h\h^bl_ey \ hkh[uo b wdklj_fZevguo kblmZpbyo Ijb nhjfbjh\Zgbb wlbo [Za bkihevam_lky wdki_jlguc hiul < i_j\mx hq_j_^v h[jZamxlky [Zau agZgbc aZdj_ie_gguo \ hnbpbZevguo ijZ\beZo bgkljmdpbyo gZklZ\e_gbyo b j_dhf_g^Zpbyo Wlh ijZ\beZ ieZ\Zgby \ jZchgZo kh ki_pbZevgufb mkeh\byfb gZ ihôh^Zod dhgdj_lgufihjlZfijbijhoh`^_gbbhij_^_e_gguomadhkl_cb dZgZeh\ijbihgb`_gghc \b^bfhklb j_dhf_g^ZpbbihjZkoh`^_gbxk ljhibq_kdbfbpbdehgZfbihrlhjfh\ZgbxihieZ\Zgbx\hev^Zob l^WlhlZd`_[Zau\dexqZxsb_k\_^_gbyh ^_ckl\byodhlhju_lj_[m_lkyij_îjbgbfZlv\ Z\Zjbcguo kblmZpbyo ijb h[_ki_q_gbb g_ihlhiey_fhklb b \ ^jm]bo kemqZyo Djhf_ lh]h [Zau agZgbc fh]ml kh^_j`Zlv bgnhjfZpbx g_h[oh^bfmx êy \uiheg_gby ^bZ]ghklbdb km^h\uo kbkl_f b f_oZgbafh\ gZ\b]ZpbhgghcZiiZjZlmjub j_r_gbyjy^Z^jm]boaZ^Zq Bkihevamy \hafh`ghklb kbkl_fu ih jZ[hl_ k [ZaZfb agZgbc km^h\h^bl_ev \ aZ\bkbfhklb hl \b^Z kblmZpbb b oZjZdl_jbamxsbo __ iZjZf_ljh\ fh`_l ihemqZlv hl kbkl_fu q_ldb_ j_dhf_g^Zpbb b kh\_lu ih ^_ckl\byf \ keh`b\r_cky h[klZgh\d_ mf_gvrZxsb_ \_jhylghklv ijbgylby bf g_ijZ\bevguo j_r_gbc < jy^_ kemqZ_\ wlb j_dhf_g^Zpbb fh]ml ih^dj_ieylvky ij_^klZ\e_gb_f ijh]ghabjm_fh]hj_amevlZlZj_dhf_g^m_fuof_jhijbylbc Kh\_lu b j_dhf_g^Zpbb \ hlghr_gbb ih\_^_gby \ hkh[uo b wdklj_fZevguo kblmZpbyo fh]ml \u^Z\Zlvky kbkl_fhc ih aZijhkm km^h\h^bl_ey ijb ihy\e_gbb ijbagZdh\ mdZau\Zxsbo gZ jZa\blb_ lZdhckblmZpbbijbihemq_gbbihdZgZeZfk\yabij_^mij_`^_gbch \hafh`ghklb__ \hagbdgh\_gby ;he__iha^gyyi_jki_dlb\Zwlhkha^Zgb_gZhkgh\_wdki_jlgh]hhiulZ[ZaagZgbch lZdbohkh[uob wdklj_fZevguo kblmZpbyo êy ^_ckl\bc \ dhlhjuo g_ kms_kl\m_l ]hlh\h]h Ze]hjblfZ >ey lZdbo kemqZ_\ [ZaZ agZgbc ij_^klZ\ey_lky \ \b^_ aZfdgmlhc kbkl_fu eh]bq_kdbo mjZ\g_gbc hibku\Zxsbo \k_ ijbqbgghke_^kl\_ggu_ k\yab f_`^m we_f_glZfb kblmZpbb >ey gZoh`^_gby j_dhf_g^m_fh]h Ze]hjblfZ ^_ckl\bc dh]^Z \klj_qZ_lky lZdZy kblmZpby bkihevamxlky ki_pbZevgu_ ijh]jZffgu_ kj_^kl\Z j_r_gby kbkl_f eh]bq_kdbo mjZ\g_gbc ijb l_o beb bguo gZqZevguo mkeh\byo K ihfhsvx wlbo ijh]jZffguo kj_^kl\ k mq_lhf hi_jZlb\ghc bgnhjfZpbb h keh`b\r_cky h[klZgh\d_ gZ\b]ZpbhgghbgnhjfZpbhggZy dhfivxl_jgZy kbkl_fZ gZoh^bl Ze]hjblf hij_^_eyxsbc ihke_^h\Zl_evghklv^_ckl\bckm^h\h^bl_ey\ hkh[hckblmZpbbk dhgdj_lghch[klZgh\dhcb \u^Z_l_]h \ dZq_kl\_j_dhf_g^Zpbb Ebg]\bklbq_kdh_h[_ki_q_gb_GBDK Ebg]\bklbq_kdh_ h[_ki_q_gb_ ij_^klZ\ey_l kh[hc kh\hdmighklv f_lh^h\ b kj_^kl\ êy ^bZeh]Z km^h\h^bl_ey k kbkl_fhc < gZklhys__ \j_fy bkihevam_lky j_]eZf_glbjh\Zgguc yaud h[s_gby hi_jZlhjZk GBDKijbdhlhjhf\k_we_f_glu^bZeh]Z`_kldhaZijh]jZffbjh\Zgub aZeh`_gu\ iZfylb kbkl_fu Ebg]\bklbq_kdh_ h[_ki_q_gb_ hij_^_ey_l ihevah\Zl_evkdbc bgl_jn_ck kbkl_fu < GBDK \ hkgh\ghf j_Zebah\Zg \bamZevguc]jZnbq_kdbc ihevah\Zl_evkdbc bgl_jn_ck \ ihke_^gbo kbkl_fZo hg ^hiheg_gwe_f_glZfbj_q_\h]hbgl_jn_ckZ < kh\j_f_gguo GBDK ijbf_gyxlky jZa\blu_ kj_^kl\Z êy h[s_gby km^h\h^bl_ey b kbkl_fu iZkkb\guc ^bZeh] Zdlb\guc ^bZeh] Z lZd`_ bo khq_lZgby Ijb \_^_gbb ^bZeh]Z bkihevamxlky \hafh`ghklb bgl_jZdlb\guo \b^_hmkljhckl\ J_Zebamxlky kbkl_fu h[s_gby khq_lZxsb_ i_qZlguc l_dkl ]jZnbdm j_qv a\mdh\u_ b \b^_h wnn_dlu <k_ rbj_ \g_^jyxlky ijh]jZffu ^bgZfbq_kdh]h hlh[jZ`_gby]jZnbdb\ lhfqbke_lj_of_jghcBkihevam_lkyihebwdjZggucj_`bfjZ[hlu^bkie_y <bamZevguc ]jZnbq_kdbc ihevah\Zl_evkdbc bgl_jn_ck kbkl_fu hj]Zgbam_lky k ihfhsvx klZg^Zjlguo bgl_jn_ckguo we_f_glh\ hlh[jZ`Z_fuo gZ wdjZg_ MijZ\e_gb_ wlbfb we_f_glZfb ijhba\h^blky k ihfhsvx fZgbimeylhjZ ^`hcklbdZ lj_d[heZ furdb Z lZd`_ deZ\bZlmju >ey \u^_e_gbybgl_jn_ckgh]hwe_f_glZgZg_]hk ihfhsvxfZgbimeylhjZgZ\h^blkydmjkhj :dlb\baZpby \u^_e_ggh]hwe_f_glZhkms_kl\ey_lkys_eqdhfbeb^\hcgufs_eqdhfki_pbZevghcdeZ\brb KlZg^Zjlgu_bgl_jn_ckgu_we_f_glujZa^_eyxlkygZg_kdhevdh\b^h\ mijZ\eyxsb_ we_f_glu jZaebqgh]h \b^Z f_gx dhfZg^gu_ dghidb i_j_dexqZl_eb neZ`db kibkdb\u[hjZgZ[hjuaZdeZ^hdb l^ we_f_gluêyij_^klZ\e_gby^Zgguo iheyhlh[jZ`_gbyf_ldbkibkdbl_dklyjeudblZ[ebpu ^bZ]jZffub l^ we_f_glu êy \\h^Z b baf_g_gby ^Zgguo ihey \\h^Z pbnjh\u_ b ZgZeh]h\u_ j_]meylhju jZaebqgh]h\b^Zj_^Zdlhjub l^ ]jmiibjmxsb_we_f_glujZfdbiZg_ebb l^ ^jm]b_we_f_glu K ihfhsvx bgl_jn_ckguo we_f_glh\ kha^Z_lky b_jZjobq_kdbc ih kljmdlmj_ ©yaudª êy h[s_gby km^h\h^bl_eyk kbkl_fhcWlhl©yaudªklZjZxlkyk^_eZlvijhklufykgufihgylgufh[_ki_qb\Zxsbf m^h[gh_mijZ\e_gb_GBDKb iha\heyxsbfba[_`Zlvhrb[hdbgl_jij_lZpbb^Zgguob aZ^_j`_dgZbo jZkrbnjh\dm LZddZdGBDKh[uqghjZ[hlZ_l\ g_kdhevdboj_`bfZo bkihegbl_evgZyijhdeZ^dZij_^\Zjbl_evgZy ijhdeZ^dZjZ[hlZk dZlZeh]hfjZ[hlZk we_dljhggufkm^h\uf`mjgZehfbgnhjfZpbyh km^g_b ^j lh êy i_j_dexq_gby j_`bfh\ jZ[hlu bkihevam_lky ki_pbZevgh_ f_gx beb aZ\bkbfZy ]jmiiZ mijZ\eyxsbodghihd >eymijZ\e_gbyGBDK\ dhgdj_lghfj_`bf_jZ[hlukha^Z_lkybgnhjfZpbhgghmijZ\eyxsZyiZg_ev ]jmiibjmxsZy g_h[oh^bfu_ ijb j_r_gbb aZ^Zq wlh]h j_`bfZ bgl_jn_ckgu_ we_f_glu GZijbf_j \ (&',6 ©G.DUW 1DYLJDWRUª \_jkby nbjfu ©Fhjbgl_oª lZdZy iZg_ev êy j_`bfZ bkihegbl_evghc ijhdeZ^db bf__l \b^ ij_^klZ\e_gguc gZ jbk HgZ \dexqZ_l \ k_[y bgnhjfZpbhggu_ iZg_eb l_dms_]hf_klZkm^gZfZjrjmlZdZjlumijZ\eyxsmxiZg_eviZg_evbg^bdZpbbkhh[s_gbcZ lZd`_ ihe_bgnhjfZpbbdmjkhjZb ihe_bgnhjfZpbbfZjd_jZdhlhju_gZjbkmgd_g_ijb\_^_gu GZbgnhjfZpbhgghciZg_ebl_dms_]hf_klZ km^gZ\ ijhp_kk_i_j_oh^Zg_ij_ju\ghhlh[jZ`Zxlkyke_^mxsb_ ^Zggu_ km^h\h_\j_fyb ^ZlZ 6+7 rbjhlZb ^he]hlZl_dms_]hf_klZkm^gZ iml_\Zykdhjhklv 62* b iml_\hcm]he &2* kdhjhklviheZ]m /2* b dmjkihdhfiZkm G<K kmffZjguckghk GZ wlhc iZg_eb lZd`_ \u\h^blky gZ bg^bdZpbx kihkh[ ihemq_gbydhhj^bgZlkm^gZ GZiZg_ebfZjrjmlZ bg^bpbjmxlky gZa\Zgb_fZjrjmlZ ghf_jiml_\hclhqdbd dhlhjhcke_^m_lkm^ch :3 \j_fy^hijboh^Z\ iml_\mxlhqdm 77* jZkq_lgh_\j_fyb ^ZlZijb[ulby\ iml_\mxlhqdm ?L: gZijZ\e_gb_gZiml_\mxlhqdm :7* b jZagbpZf_`^m :7* b &2* dmjkijheh`_ggucgZdZjl_ &85 b ke_^mxsbcdmjk 1;7 ihke_ijhoh`^_gbyiml_\hclhqdb jZkklhygb_^himl_\hclhqdb '7* mdehg_gb_hlebgbbimlb OL? GZbgnhjfZpbhggmxiZg_evdZjlu \u\h^ylky ghf_jdZjlu hjb]bgZevgucfZkrlZ[dZjlub fZkrlZ[__ hlh[jZ`_gby hjb_glZpbyhlh[jZ`_gbydZjlu ]_h^_abq_kdbc^Zlmf GZ iZg_eb khh[s_gbc \ khhl\_lkl\mxsbo iheyo \u\h^blky \ \b^_ mkeh\guo khdjZs_gbc ij_^mij_^bl_evgZybgnhjfZpbyh kemqZyo ijb[eb`_gbykm^gZd hiZkghklb gZoh`^_gbykm^gZ\ h[eZklbhiZkguo]em[bg gZoh`^_gbykm^gZ\ jZchg_khki_pbZevgvfbmkeh\byfb mdehg_gbyhlfZjrjmlZgZ\_ebqbgm[hevrmxaZ^Zgghc ijbhldZaZo\g_rgbomkljhckl\ >eyjZkrbnjh\dbkhh[s_gby^hklZlhqghgZ\_klbgZ_]hihe_dmjkhj < ihe_ bgnhjfZpbb dmjkhjZ \u\h^ylky _]h ]_h]jZnbq_kdb_ dhhj^bgZlu ^bklZgpby i_e_g] b dmjkh\hcm]hedmjkhjZhlghkbl_evghl_dms_]hf_klZkm^gZ < ihe_ fZjd_jZ hlh[jZ`Zxlky ^Zggu_ h iheh`_gbb km^gZ hlghkbl_evgh ki_pbZevguo lhq_d mklZgZ\eb\Z_fuohi_jZlhjhf GZ iZg_eb mijZ\e_gby khkj_^hlhq_gu mijZ\eyxsb_ bgl_jn_ckgu_ we_f_glu dghidb nmgdpbc MijZ\eyxsb_ dghidb kh^_j`Zl h[uqgh ibdlh]jZffm beb khdjZs_ggmx gZîbkv oZjZdl_jbamxsmx \uihegy_fmx bfb nmgdpbx >ey ih^jh[gh]h ihykg_gby gZagZq_gby mijZ\eyxsbo dghihd hgb kgZ[`Zxlky \kieu\Zxsbfb ijb gZ\_^_gbb gZ dghidm yjeudZfb Dh]^Z \uiheg_gb_ nmgdpbb lj_[m_l \\h^Z __ Zj]mf_glh\ ijb Zdlb\baZpbb dghidb wlhc nmgdpbb ihy\ey_lky iZg_ev êy aZg_k_gbyg_h[oh^bfuo^Zgguo MijZ\eyxsZyiZg_evkh^_j`bldghidbdhlhju_mkeh\ghfh`ghhlg_klbd jZa^_eZfijb\_^_gguf gb`_ : Hi_jZlb\gu_nmgdpbbjZ[hluk dZjlhc <u[hjdZjlu \u[hjbaihy\eyxs_]hkykibkdZ MklZgh\dZfZkrlZ[Zhlh[jZ`_gbydZjlu \u[hjbaihy\eyxs_]hkyi_j_qgy agZq_gbc MklZgh\dbgZ]jmadbdZjlu [Zah\ZyklZg^ZjlgZyihegZy MklZgh\dZj_`bfZhlh[jZ`_gbydZjlu ijb\yaZghd km^gmhl\yaZghhlkm^gZ MklZgh\dZhjb]bgZevgh]hfZkrlZ[ZdZjlu M\_ebq_gb_fZkrlZ[Zhlh[jZ`_gbydZjluihrZ]Zf Mf_gvr_gb_fZkrlZ[Zhlh[jZ`_gbydZjluihrZ]Zf MklZgh\dZklZg^ZjlghcgZ]jmadbWD <ha\jZld ij_û^ms_fmfZkrlZ[m IhdZab m^Ze_gb_bgnhjfZpbhgghmijZ\eyxs_ciZg_eb ; IeZ\Zgb_ihfZjrjmlm <u[hjfZjrjmlZ <u[hjiml_\hclhqdb JZkq_l\j_f_gbijb[ulby < GZ\b]Zpbhggu_ aZ^Zqb Baf_j_gbygZdZjl_ H[k_j\Zpbyihi_e_g]mb ^bklZgpbb JZkq_ll_dms_]hljZ\_jagh]hjZkklhygby >m[ebjmxsZygZ\b]ZpbhggZykbkl_fZ Q_eh\_daZ[hjlhf f_klhiZ^_gbyhlf_qZ_lkyfZjd_jhfihy\ey_lkykibkhdk g_h[oh^bfhcbgnhjfZpb_c MklZgh\dZfZjd_jZ = MijZ\e_gb_JEbgnhjfZpb_c Ijhkfhljnhjfmeyjh\p_e_cK:JI Ijhkfhljnhjfmeyjh\p_e_c:BK MklZgh\dZdjbl_jb_\hiZkghcp_eb JZ^bhehdZpbhggZyijhdeZ^dZ > <u[hjj_`bfZjZ[hlu MklZgZ\eb\Z_lf_gx\u[hjZj_`bfZjZ[hlu ihmfheqZgbxwlZaZdeZ^dZZdlb\babjh\ZgZ <ha\jZl\ j_`bfbkihegbl_evghcijhdeZ^db <oh^\ j_`bfieZgbjh\ZgbyfZjrjmlZ <oh^\ j_`bfjZ[hluk dZjlZfb <oh^\ j_`bfjZ[hluk km^h\uf`mjgZehf <oh^\ j_`bfmklZgh\db]eZ\ghcdhgnb]mjZpbb JZkq_lijbeb\h\ <oh^\ j_`bfj_^Zdlbjh\Zgbykehyihevah\Zl_ey ? MklZgh\db MklZgZ\eb\Z_lf_gxgZkljh_djZ[hluijh]jZffu <u[hjj_`bfZkqbke_gby MklZgh\dZ\b^Zb i_j_qgy^hihegbl_evghcbgnhjfZpbbgZdZjl_ \u[hjba ihy\eyxs_]hkykibkdZ Ijh]ghabjh\Zgb_iheh`_gbykm^gZ êyaZ^Zgguomkeh\bcieZ\Zgby >hihegbl_evgu_aZibkb\ km^h\hc`mjgZe MklZgh\dZiZebljudZjlu ykguc^_gviZkfmjguc^_gvkmf_jdbghqv MklZgh\dZmkeh\bcih^Zqba\mdh\uokb]gZeh\ MklZgh\dZ\j_f_gb MklZgh\dZh[eZklbh[jbkh\db km^gZ <uah\ gZb[he__ \Z`guo b qZklh mihlj_[ey_fuo nmgdpbc fh`_l lZd`_ ijhba\h^blvky k ihfhsvx dhf[bgZpbbdeZ\brdeZ\bZlmju ©]hjyqboªdeZ\br LZddZdlj_[m_fuc\ jZaguomkeh\byogZ[hj^Zgguoh ijhp_kk_km^h\h`^_gbyb gZ[hjmijZ\eyxsbo nmgdpbc fh`_l g_kdhevdh hlebqZlvky \ jy^_ kbkl_f ij_^mkfZljb\Z_lky \hafh`ghklv baf_g_gby khklZ\Z bgl_jn_ckguo we_f_glh\ gZ bgnhjfZpbhgghmijZ\eyxs_c iZg_eb < qZklghklb \ (&',6 ©G.DUW 1DYLJDWRUª êy wlhc p_eb bf__lky nmgdpby 237,216 ©Hipbb baf_g_gby bg^bpbjm_fuo ^Zgguoª k ihfhsvx dhlhjhc fh`gh f_gylv khklZ\ bg^bpbjm_fuo ^Zgguo gZ bgnhjfZpbhgguo iZg_eyol_dms_]hf_klZkm^gZb fZjrjmlZ >ey^jm]boj_`bfh\jZ[hlukbkl_fu©G.DUW 1DYLJDWRUª\u[jZgukhhl\_lkl\mxsb_bohkh[_gghklyf \bûh[s_gbyk hi_jZlhjhf @_kldbo klZg^Zjlguo lj_[h\Zgbc d ihevah\Zl_evkdhfm bgl_jn_ckm g_l Ihwlhfm jZagu_ lbiu GBDK bf_xl g_h^bgZdh\u_ kj_^kl\Z h[s_gby ohly _kl_kl\_ggh \ gbo fgh]h h[s_]h lZd dZd \k_ GBDK ijbf_gyxlky êy j_r_gby h^ghc aZ^Zqb aZ^Zqb km^h\h`^_gby < j_amevlZl_ h^gb nmgdpbb y\eyxlky h[sbfb êy jZagh]h \b^Z GBDK ^jm]b_ jZaebqZxlky lj_lvb bf_xlky m h^gbo GBDK Z m ^jm]bohlkmlkl\mxl H GBDKdZdh p_glj_km^h\hcbgnhjfZpbhgghck_lb Kh\j_f_ggh_ Z\lhfZlbabjh\Zggh_ km^gh ij_^klZ\ey_l kh[hc keh`gmx kbkl_fm \ dhlhjhc Z\lhfZlbabjh\Zgu jZaebqgu_ l_ogbq_kdb_ b bgnhjfZpbhggu_ ijhba\h^kl\_ggu_ ijhp_kku km^h\h`^_gb_ \ujZ[hldZ wg_j]bb k\yav ]jmah\u_ hi_jZpbb [ZeeZklbjh\dZ mijZ\e_gb_ iZjZf_ljZfb ©fbdjhdebfZlZª]jmah\uob `beuoihf_s_gbcb l^>eyZ\lhfZlbaZpbbwlboijhp_kkh\ijbf_gy_lky fbdjhijhp_kkhjgZy l_ogbdZ GZjy^m k dhfie_dkhf km^h\h`^_gby gZ km^g_ nmgdpbhgbjmxl Z\lhfZlbabjh\Zggu_ gZ [Za_fbdjhijhp_kkhjghcl_ogbdbfgh]hqbke_ggu_mkljhckl\ZmklZgh\dbb kbkl_fu < dZq_kl\_ ijbf_jh\ fh`gh ijb\_klb wg_j]_lbq_kdmx mklZgh\dm kbkl_fu ]jmah\mx [ZeeZklgmxwe_dljhkgZ[`_gbydhg^bpbhgbjh\Zgby\ha^moZih`Zjghckb]gZebaZpbbb l^ Ijb\ukhdhfmjh\g_dhfie_dkghcZ\lhfZlbaZpbbkm^h\uoijhba\h^kl\_gguoijhp_kkh\lj_[m_lkygZ fhklbd_ km^gZ hj]ZgbaZpby p_gljZebah\Zggh]h dhgljhey kj_^kl\ Z\lhfZlbaZpbb b p_gljZebah\Zggh]h mijZ\e_gby bfb lZd dZd gZjmr_gby \ jZ[hl_ Z\lhfZlbabjh\Zgguo kbkl_f fh]ml kms_kl\_ggh \ebylv gZ gZ\b]Zpbhggmx wdkiemZlZpbhggmx b l_ogbq_kdmx [_ahiZkghklv Z lZd`_ khojZgghklvi_j_\habfh]h]jmaZK wlhcp_evx [uebkha^ZgujZaebqgu_km^h\u_Z\lhfZlbabjh\Zggu_ kbkl_fu^bklZgpbhggh]hdhgljheyZ\lhfZlbabjh\Zgguokj_^kl\b mijZ\e_gbybfbGZijbf_jkbkl_fZ ^bklZgpbhggh]h mijZ\e_gby ^\b]Zl_e_f ^bklZgpbhggu_ kj_^kl\Z dhgljhey jZ[hlu Z\lhfZlbabjh\Zgguoj_njb`_jZlhjguomklZgh\hdkbkl_fdhg^bpbhgbjh\Zgbyb l^ Djhf_ p_gljZebah\Zggh]h dhgljhey g_h[oh^bfZ hj]ZgbaZpby kh]eZkh\Zgghc jZ[hlu \k_o kj_^kl\ Z\lhfZlbaZpbb F_`^m km^h\ufb mklZgh\dZfb Z]j_]ZlZfb mkljhckl\Zfb b kbkl_fZfb bf_xl f_klh jZaghh[jZagu_ nmgdpbhgZevgu_ k\yab < wlbo mkeh\byo fh`gh m^h\e_l\hjblv \ukhdb_ lj_[h\Zgby ij_^ty\ey_fu_ d km^Zf \ l_ogbq_kdhf b wdhghfbq_kdhf hlghr_gbb lhevdh iml_f \k_klhjhgg_]h kh]eZkh\Zgby \k_o km^h\uo mklZgh\hd \dexqZy kj_^kl\Z Z\lhfZlbaZpbb < qZklghklb wlh ijb\h^blb dg_h[oh^bfhklbh[f_gZbgnhjfZpb_cf_`^mkm^h\ufbZ\lhfZlbabjh\Zggufbkbkl_fZfb LZdZy aZ^ZqZ j_rZ_lky iml_f h[t_^bg_gby Z\lhfZlbabjh\Zgguo km^h\uo kbkl_f b mklZgh\hd \ jZfdZo km^h\hcehdZevghcbgnhjfZpbhgghcfbdjhijhp_kkhjghck_lb GZkh\j_f_gghfZ\lhfZlbabjh\Zgghfkm^g__^bguff_klhf]^_q_eh\_d\ fhj_g_k_lg_ij_ju\gmx \Zolm y\ey_lky gZ\b]Zpbhgguc fhklbd Ihwlhfm p_glj bgnhjfZpbhgghc km^h\hc k_lb ^he`_g gZoh^blvkygZfhklbd_LZdbfp_gljhfklZgh\blky\ukrZyihb_jZjobbbaZ\lhfZlbabjh\Zgguokbkl_f gZ km^g_ GBDK < j_amevlZl_ êy GBDK h[_ki_qb\Z_lky \hafh`ghklv dhgljhebjh\Zlv jZ[hlm \k_o \oh^ysbo\ k_lvkbkl_fh[_ki_qb\Zlvkh]eZkh\ZggmxbojZ[hlmaZijZrb\Zlvk imevlZGBDKk\_^_gby oZjZdl_jbamxsb_ khklhygb_ jZaebqguo kbkl_f b iZjZf_lju j_]mebjm_fuo bfb ijhp_kkh\ Z lZd`_ mijZ\eylvjZ[hlhcwlbokbkl_fgZijyfmxbebq_j_arlZlgu_kj_^kl\Z^bklZgpbhggh]hmijZ\e_gby BgnhjfZpby h khklhygbbb iZjZf_ljZo jZ[hlu km^h\uo Z\lhfZlbabjh\Zgguo kbkl_f lj_[m_lky ijb km^h\h`^_gbb êy ijbgylby \k_klhjhgg_ h[hkgh\Zgguo j_r_gbc LZd ijb \oh^_ \ ahgm rlhjfh\uo mkeh\bchlZ\lhfZlbabjh\Zgghc]jmah\hckbkl_fufh]mlihlj_[h\Zlvkyk\_^_gbyh aZiZkZo^Zggu_êy hp_gdb hklhcqb\hklb b gZ]jmadb gZ dhjimk_ bgnhjfZpby êy ZgZebaZ khhl\_lkl\by mkeh\byf ih]hû [ZeeZklgh]h khklhygby ijb g_h[oh^bfhklb ^he`gZ [ulv \hafh`ghklv hi_jZlb\gh]h baf_g_gby [ZeeZklgh]h khklhygby b l^ Ijb ihôh^_d madhklyf b d jZchgZfkh keh`gufb mkeh\byfb ieZ\Zgby g_h[oh^bfh m[_^blvky \ bkijZ\ghf khklhygbb wg_j]_lbq_kdhc mklZgh\db jme_\h]h mkljhckl\Z b jy^Z ^jm]bo kj_^kl\ Z lZd`_ ^he`gZ [ulv \hafh`ghklv i_j_oh^Z gZ ^jm]b_ j_`bfu bo jZ[hlu I_jbh^bq_kdb lj_[m_lky ijh\_jylv iZjZf_lju ©fbdjhdebfZlZª ]jmah\uo ihf_s_gbc qlh[u ba[_`Zlv ihjqb ]jmaZ Ijb kha^Zgbb km^h\hc bgnhjfZpbhgghc k_lb h[t_^bgyxs_c jZaebqgu_ km^h\u_ Z\lhfZlbabjh\Zggu_kbkl_fu\k_wlb^_ckl\byfh]ml[ulv\uiheg_guk imevlZGBDK IjbjZ[hl_GBDK\ dZq_kl\_p_gljZkm^h\hcbgnhjfZpbhgghck_lbqbkeh\uihegy_fuo_cnmgdpbc agZqbl_evgh m\_ebqb\Z_lky gh \f_kl_ k l_f _s_ [hevr_ \hajZklZ_l __ jhev dZd kbkl_fu bgnhjfZpbhgghc ih^^_j`db j_r_gbc km^h\h^bl_ey b dZd kbkl_fu h[_ki_qb\Zxs_c kh]eZkh\Zggmx jZ[hlm gbarbo ih b_jZjobb km^h\uoZ\lhfZlbabjh\Zgguokbkl_f NmgdpbhgZevgu_\hafh`ghklbGBDK NmgdpbhgZevgu_\hafh`ghklb(&',6 GZ\b]ZpbhgghbgnhjfZpbhggu_ kbkl_fu (&',6 ij_^hklZ\eyxl km^h\h^bl_ex rbjhdbc gZ[hj nmgdpbc êy jZ[hlu k dZjlZfb êy ieZgbjh\Zgby imlb kqbke_gby b h[k_j\Zpbc êy dhgljhey ijhoh`^_gby fZjrjmlZ gZ\b]Zpbhgghc [_ahiZkghklb b l^ GZ[hj nmgdpbc (&',6 aZ\bkbl hl dhgnb]mjZpbb:DKkha^ZgghcgZhkgh\_(&',6 b gZagZq_gbykm^gZgZdhlhjhf:DKmklZgZ\eb\Z_lky < h[h[s_gghf\ZjbZgl_\hafh`gu_nmgdpbb (&',6 hibkZgugb`_ JZ[hlZk dZlZeh]hfdZjlb kdZjlZfb GZ\b]ZpbhgghbgnhjfZpbhggZy dhfivxl_jgZy kbkl_fZ fh`_l [ulv kgZ[`_gZ we_dljhgguf dZlZeh]hf dZjl b dgb] < wlhf kemqZ_ hgZ h[_ki_qb\Z_l ijhkfhlj aZibk_c h dZjlZo b ihkh[byo bf__fuo \ dZlZeh]_ ihbkd gm`guo dZjl b ihkh[bc ih^[hj dZjl b ihkh[bc gb i_j_oh^ aZ]jmadm \ dZlZeh] b j_]bkljZpbx gh\uo dZjl b ihkh[bc khklZ\e_gb_ ihevah\Zl_evkdhc dhee_dpbb dZjl b \uiheg_gb_^jm]bonmgdpbc < (&',6 j_Zebamxlky jZaebqgu_ \bû aZ]jmadb dZjl êy hlh[jZ`_gby gZ wdjZg_ ih ghf_jm ba kibkdZ ih ihabpbb km^gZ iml_f bkihevah\Zgby we_dljhggh]h dZlZeh]Z dZjl iml_f nhjfbjh\Zgby dhgdj_lgh]h aZijhkZ b l^ Bf__lky \hafh`ghklv Z\lhfZlbq_kdh]h ih^[hjZ b aZ]jmadb dZjl <h \j_fy ^\b`_gby km^gZ (&',6Z\lhfZlbq_kdb ih^[bjZ_l b hlh[jZ`Z_l gZ wdjZg_ gZb[he__ ih^jh[gmx dZjlm ihdju\Zxsmxihabpbxkm^gZKf_gZWDlZd`_fh`_lijhba\h^blvkyZ\lhfZlbq_kdb\ khhl\_lkl\bbkh kibkdhf iml_\uo dZjl ih^h[jZgguo gZ i_j_oh^ Ijb \uoh^_ km^gZ ba ahgu dZjlu ijhbkoh^bl Z\lhfZlbq_kdZyaZ]jmadZke_^mxs_cdZjlu < aZ\bkbfhklb hl l_dms_c gZ\b]Zpbhgghc aZ^Zqb (&',6 iha\hey_l h[_ki_qb\Zlv \u[hj jZaebqghc hjb_glZpbb dZjlu ih ghj^m beb ih dmjkm b fZkrlZ[Z __ hlh[jZ`_gby Ijb baf_g_gbb fZkrlZ[Z dZjlu jZaf_j gZîbk_c b kbf\heh\ dZjlu g_baf_gy_lky h[_ki_qb\Zy boohjhrmx jZa[hjqb\hklv ijb ex[hf\u[jZgghffZkrlZ[_ < (&',6 lZd`_ bf__lky nmgdpby ©we_dljhgghc emiuª k ihfhsvx dhlhjhc ex[hc \u^_e_gguc hi_jZlhjhfnjZ]f_gldZjlufh`_l[ulv\uj_aZgb m\_ebq_ggZ\_kvwdjZg Hi_jZpbyijhkfhljZdZjlu \ (&',6 iha\hey_lijhkfZljb\Zlv\k_jZchgul_dms_cdZjlub ex[hc ^jm]hcdZjlu <Z`guf^hklhbgkl\hf (&',6 y\ey_lky nmgdpby k_e_dpbbdZjlh]jZnbq_kdhcbgnhjfZpbb HgZ^Z_l \hafh`ghklv mklZgh\db mjh\gy gZ]jmadb dZjlu h[uqgh bkihevam_lky h^bg ba lj_o mjh\g_c bgnhjfZpbhgghciehlghklb[Zah\uc %DVLFklZg^Zjlguc 6WDQGDUGb iheguc )XOO ba[bjZl_evgh]h \u\h^Z beb \u^_e_gby hl^_evguo \b^h\ ^Zgguo gZ\b]Zpbhggh]h h]jZ`^_gby fZydh\ aZlhgm\rbo km^h\bah[Zlb jy^Z^jm]bodZjlh]jZnbq_kdboh[t_dlh\ < (&',6 j_Zebah\Zgh hlh[jZ`_gb_dZjlu\ j_`bf_bklbggh]hbebhlghkbl_evgh]h^\b`_gby < j_`bf_ bklbggh]h ^\b`_gby ijb bkihegbl_evghc ijhdeZ^d_ h[_ki_qb\Z_lky Z\lhfZlbq_kdbc k^\b] dZjlu ijb ihôh^_ km^gZ d ]jZgbp_ wdjZgZ qlh[u km^gh \k_ \j_fy gZoh^behkv \ ihe_ hlh[jZ`_gby ^bkie_y < j_`bf_ hlghkbl_evgh]h ^\b`_gby km^gh gZoh^blky \ p_glj_ wdjZgZ Z dZjlZ ieu\_l hlghkbl_evghg_]h Bf__lky nmgdpbyêyi_j_f_s_gbydZjlu\gmljbhdgZ\uk\_qb\Zgby ihdhfZg^_km^h\h^bl_eyHgZ ijbf_gy_lkydh]^ZijbijhdeZ^d_lj_[m_lkym\_ebqblvh[ahjjZchgZihoh^mkm^gZbebk dZdhclh_]h klhjhgu >ey jZaguo mkeh\bc hk\_s_gghklb \ (&',6 h[_ki_qb\Z_lky \u[hj ihôh^ys_c p\_lh\hc iZeblju bah[jZ`_gby dZjlu g_ lj_[mxs_c \j_f_gb gZ baf_g_gb_ Z^ZilZpbb aj_gby ijb gZ[ex^_gbb aZ hdjm`Zxs_c h[klZgh\dhc b ijb jZ[hl_ k WD GZijbf_j êy jZ[hlu k dZjlhc ghqvx fh`gh \hkihevah\Zlvky ki_pbZevgufb ghqgufb iZebljZfb h[_ki_qb\Zxsbfb hlq_leb\h_ \hkijbylb_ gZ\b]ZpbhgghckblmZpbb\ mkeh\byoihgb`_ggh]hhk\_s_gby Ke_^m_l lZd`_ aZf_lblv qlh [mfZ`gZy dZjlZ b 6(1& y\eyxlky jZaebqgufb kihkh[Zfb ij_^klZ\e_gby gZ\b]Zpbhggh]y^jh]jZnbq_kdhc bgnhjfZpbb ;mfZ`gZy dZjlZ wlh kh[kl\_ggh ghkbl_ev bgnhjfZpbb khklZ\ dhlhjhc g_ fh`_l baf_gblvky We_dljhggZy dZjlZ j_amevlZl \bamZebaZpbb hij_^_e_gghc qZklb ^Zgguo WD ojZgbfuo \ iZfylb KhklZ\ bgnhjfZpbb gZ hlh[jZ`Z_fhc we_dljhgghc dZjl_ ihevah\Zl_ev fh`_l hilbfbabjh\Zlv ijbf_gbl_evgh d mkeh\byf ieZ\Zgby IeZgbjh\Zgb_imlb < (&',6 \hafh`ghieZgbjh\Zgb_^\mofZjrjmlh\ hkgh\gh]hb Zevl_jgZlb\gh]h Ijb ieZgbjh\Zgbb imlb (&',6 h[_ki_qb\Z_l \u[hj lj_[m_fh]h fZjrjmlZ ba kibkdZ fZjrjmlh\ bf__fuo\ [Za_^Zgguob \hafh`ghklv dhjj_dlbjh\db_]h Bf_xlky nmgdpbb êy ieZgbjh\Zgby b aZg_k_gby \ iZfylv gh\uo fZjrjmlh\ Ijb lZdhf ieZgbjh\Zgbb h[_ki_qb\Z_lky \hafh`ghklv aZ^Zgby we_f_glh\ b iZjZf_ljh\ gh\h]h fZjrjmlZ iml_\uo lhq_d lbiZ hlj_adh\ imlb ehdkh^jhfby beb hjlh^jhfby kdhjhklb ke_^h\Zgby ih hlj_adZf fZjrjmlZ \j_f_gb ijb[ulby \ lhqdb baf_g_gby dmjkZ ]jZgbp hldehg_gby hl fZjrjmlZ jZ^bmkh\ ih\hjhlh\ghf_jh\]_g_jZevguob iml_\uodZjldhlhju_[m^mlbkihevah\ZlvkygZi_j_oh^_IeZ\Zgb_ gZ hlj_adZo imlb \ hkgh\ghf ieZgbjm_lky ih ehdkh^jhfbb < wlhf kemqZ_ gZ dZjlZo \ ijh_dpbb F_jdZlhjZfZjrjmlij_^klZ\ey_lky\ \b^_ijyfhebg_cguohlj_adh\ Hi_jZpbb ijhdeZ^db fZjrjmlZ ih hjlh^jhfbb iha\heyxl \ (&',6 ieZgbjh\Zlv i_j_oh^ f_`^m ^\mfy lhqdZfb gZ ih\_joghklb A_feb ih djZlqZcr_fm jZkklhygbx Wlhl f_lh^ y\ey_lky ij_îhqlbl_evguf dh]^Z ijhly`_gghklv hlj_adZ imlb \_ebdZ i_j_oh^ q_j_a hd_Zg (&',6 ^Z_l \hafh`ghklvjZkkqblZlv\ub]jurieZ\Zgbyihhjlh^jhfbbihkjZ\g_gbxk ehdkh^jhfb_chkms_kl\blv ijhdeZ^dm fZjrjmlZ ih hjlh^jhfbb ij_^klZ\eyy __ hlj_adZfb ehdkh^jhfbc q_j_a aZ^Zgguc rZ] jZaghklb ^he]hl beb jZkklhygby beb aZf_gyy hjlh^jhfbx hlj_adZfb ehdkh^jhfbc ijb i_j_oh^_ k dhlhjuogZke_^mxsbchlj_ahddmjkf_gy_lkygZh^bgZdh\mx\_ebqbgmgZijbf_jgZ Jy^ (&',6 ij_^hklZ\eyxl km^h\h^bl_ex nmgdpbx ihkljh_gby fZjrjmlh\ ih ^Zgguf ijhreuo j_ckh\ l_ \hafh`ghklv Z\lhfZlbq_kdh]h ij_h[jZah\Zgby aZibkZgghc \ we_dljhgguc km^h\hc `mjgZe bgnhjfZpbbh ^\b`_gbbkm^gZ\ fZjrjml Gh\u_ fZjrjmlu fh]ml [ulv aZibkZgu \ [Zam ^Zgguo fZjrjmlh\ AZibkv fZjrjmlZ \ [Za_ ^Zgguo h[uqgh\dexqZ_l_]hghf_jgZa\Zgb_dhhj^bgZluiml_\uolhq_dagZq_gby^himklbfuohldehg_gbchl fZjrjmlZi_j_q_gv]_g_jZevguodZjli_j_q_gviml_\uodZjl Djhf_lh]hijbieZgbjh\Zgbbimlb (&',6 ij_^hklZ\ey_lnmgdpbb x pbnjh\h]h \\h^Z b dhjj_dlbjh\db iZjZf_ljh\ fZjrjmlZ dhhj^bgZl ih\hjhlguo lhq_d kdhjhklb gZ hlj_adZo fZjrjmlZ \j_f_gb ijb[ulby \ ih\hjhlgu_ lhqdb agZq_gby [_ahiZkghc ]em[bgu Z lZd`_ jZkq_lZ ih hihjguf agZq_gbyf \k_o bgl_j_kmxsbo km^h\h^bl_ey we_f_glh\ fZjrjmlZ x hlh[jZ`_gby \u[jZggh]h fZjrjmlZ gZ WD êy ajbl_evghc hp_gdb k ij_^hklZ\e_gb_f \hafh`ghklb ]jZnbq_kdh]hj_^Zdlbjh\Zgby iheh`_gbyih\hjhlguolhq_dk ihfhsvx dmjkhjZ Ijb wlhf fh]ml bkihevah\Zlvky hi_jZpbb ^h[Z\e_gby \klZ\db kf_s_gby ih\hjhlguo lhq_d b baf_g_gby boihke_^h\Zl_evghklb x l_klbjh\Zgby [_ahiZkghklb fZjrjmlZ WlZ nmgdpby iha\hey_l km^h\h^bl_ex ijhl_klbjh\Zlv aZieZgbjh\Zgguc fZjrjml gZ gZ\b]Zpbhggu_ ij_iylkl\by hiZkgu_ h[eZklb ]em[bg jZchgu k hkh[ufbmkeh\byfbieZ\Zgby x bg\_jkbjh\ZgbyfZjrjmlh\ l_jZkkfhlj_gbyfZjrjmlZ\ h[jZlghfgZijZ\e_gbb x ih^dexq_gby ijh]jZff bfblZpbb fZg_\jh\ êy \dexq_gby \ fZjrjml mqZkldh\ baf_g_gby j_`bfZoh^Zb ih\hjhlh\k h^gh]hhlj_adZfZjrjmlZgZ^jm]hc x i_qZlb hihjguo b jZkq_lguo ^Zgguo \u[jZggh]h fZjrjmlZ Z lZd`_ i_j_qgy dZjl gZ i_j_oh^ x k\h[h^gh]h \u[hjZ ex[hc lhqdb gZ ebgbb gZf_q_ggh]h fZjrjmlZ êy jZkq_lZ ^bklZgpbb b \j_f_gbke_^h\Zgby ^hex[hcke_^mxs_clhqdbgZebgbbimlb x i_j_kq_lZ dhhj^bgZl ih\hjhlguo lhq_d gZ ^jm]hc]_h^_abq_kdbc^Zlmf ;hevrh_ agZq_gb_ êy ij_^\Zjbl_evghc ijhdeZ^db bf_xl b nmgdpbb ihemq_gby ^hihegbl_evghc bgnhjfZpbb h kj_^kl\Zo gZ\b]Zpbb ijZ\beZo ieZ\Zgby klZgpbyo h[kem`b\Zgby fhj_ieZ\Zl_e_c jZchgZo fZjrjmlbaZpbb ^\b`_gby \aZbfh^_ckl\mxsbo k km^h\ufb ljZgkihg^_jZfb[_j_]h\uoklZgpbyodhgljhey^\b`_gbykbkl_fZomijZ\e_gby^\b`_gb_fgZihôh^Zo d ihjlZfb l^ Kqbke_gb_h[k_j\ZpbbijhdeZ^dZimlb >ey \hafh`ghklb kqbke_gby imlb b \uiheg_gby h[k_j\Zpbc d (&',6 ih^dexqZxlky ^Zlqbdb bgnhjfZpbb (&',6 fh`_l jZ[hlZlv kh \k_fb kms_kl\mxsbfb dhfiZkZfb eZ]Zfb ijb_fgbdZfb kimlgbdh\uokbkl_f*36 '*36 b =EHG:KKihabpbhgguokbkl_fgZa_fgh]h[Zabjh\Zgby/25$1& beb'(&&$ij_^hklZ\eyxsbfbbgnhjfZpbx\ khhl\_lkl\bbk ijhlhdhehf,(& IhklmiZxsZy bgnhjfZpby bkihevam_lky êy jZkq_lZ b hlh[jZ`_gby ^Zgguo h[ bklbgghc ihabpbb kdhjhklb b dmjk_ km^gZiZjZf_ljZoijhoh`^_gbyfZjrjmlZ < (&',6 h[_ki_qb\Z_lky \u[hjihabpbhgguokbkl_fêyhij_^_e_gbyf_klZ h^ghckbkl_fu *36 '*36 =EHG:KK '(&&$ /25$1& beb g_kdhevdbo kbkl_f ihabpbhgbjh\Zgby h^gh\j_f_ggh ]b[jb^gucj_`bf k p_evxih\ur_gbygZ^_`ghklbhij_^_e_gbc Bf__lky nmgdpby ihemq_gby h[k_j\Zpbc ih \\h^bfuf \jmqgmx agZq_gbyf i_e_g]h\ b ^bklZgpbc gZ\b]Zpbhgguohjb_glbjh\ Hkgh\ghc aZ^Zq_c j_rZ_fhc gZ we_dljhgghc dZjl_ y\ey_lky bkihegbl_evgZy ijhdeZ^dZ dhlhjZy h[uqgh \_^_lky k g_ij_ju\gufb hij_^_e_gbyfb f_klZ km^gZ ih *36 Ijb j_r_gbb wlhc aZ^Zqbb ijhba\h^blkybg^bdZpbypbnjh\uo^ZgguooZjZdl_jbamxsboijhp_kk^\b`_gbykm^gZ Hlh[jZ`Zxlky km^h\h_ \j_fy 6+7 beb 67 dhhj^bgZlu km^gZ iml_\hc m]he &2* dmjk +'* iml_\Zy kdhjhklv 62* kdhjhklv ih eZ]m /2* \_ebqbgZ ij_^klhys_]h baf_g_gby kdhjhklb b dmjkZ b l^ GZ\b]ZpbhggZy bgnhjfZpby h[gh\ey_lky jZa \ k_dmg^m b hlh[jZ`Z_lky dZd \ qbke_gghf \b^_ lZd b g_ihkj_^kl\_ggh gZ dZjl_ Bf__lky hi_jZpby hilbfbaZpbb hlh[jZ`Z_fuo ^Zgguo iha\heyxsZy km^h\h^bl_exmklZgZ\eb\ZlvgZ[hj^Zgguohlh[jZ`_gb_dhlhjh]hkhhl\_lkl\m_lmkeh\byfieZ\Zgby GZ wdjZg_ ^bkie_y (&',6 \hafh`_g ihdZa gZf_q_ggh]h imlb hkgh\gh]h bbeb Zevl_jgZlb\gh]h aZieZgbjh\Zggh]h fZjrjmlZ Ij_^hklZ\eyxlky hi_jZpbb êy fh^bnbdZpbb hkgh\gh]h gZf_q_ggh]h imlb\ ijhp_kk_ieZ\Zgbybebbaf_g_gby_]hgZZevl_jgZlb\guc J_Zebah\ZgZ \ (&',6 nmgdpby êy hlh[jZ`_gby gZ dZjl_ ^_ckl\bl_evgh]h imlb km^gZ aZ lhl beb bghcijhf_`mlhd\j_f_gbk hlf_ldZfbiheh`_gbykm^gZgZhij_^_e_ggu_fhf_glu\j_f_gbbgl_j\Ze f_`^mdhlhjufbfh`_l\u[bjZlvkykm^h\h^bl_e_fhl fbgb [hevr_Bf__lkyhi_jZpbyhi_jZlb\ghc hlf_ldb iheh`_gbykm^gZgZebgbbimlbb \hafh`gh\g_k_gb_hkh[uohlf_lhdkm^h\h^bl_e_f Ijb ijhdeZ^d_ fh`_l ijhba\h^blvky ijh]ghabjh\Zgb_ iheh`_gby km^gZ gZ [m^msb_ fhf_glu \j_f_gbb hkms_kl\eylvky ijhkfhljjZchgh\ gZ imlbke_^h\Zgby (&',6 ij_^mkfZljb\Z_l hkgh\ghc b aZiZkghc j_`bfu ijhdeZ^db imlb < hkgh\ghf j_`bf_ ijhdeZ^db (&',6 fh`_lbkihevah\Zlv^Zggu_ Hlghkbl_evgh]hb Z[khexlgh]heZ]h\]bjhdhfiZkZnexdk]_cldhfiZkZ :\lhfZlbq_kdbo ijb_fhbg^bdZlhjh\ kbkl_f *36 =EHG:KK '(&&$ /25$1& ljZgkihg^_jZ $,6K:JI AgZq_gby dmjkZ b kdhjhklb \jmqgmx \\_^_ggu_ hi_jZlhjhf Ijb hldZa_ kbkl_fu ihabpbhgbjh\Zgby\u[jZgghcêyijhdeZ^db imlb (&',6 Z\lhfZlbq_kdbi_j_oh^blgZaZiZkghc Z\Zjbcguc j_`bf kqbke_gby < g_dhlhjuo (&',6 j_Zebah\ZgZ \hafh`ghklv iZjZee_evghc h^gh\j_f_gghc ijhdeZ^db imlb ih ^Zgguf^\moihabpbhgguo kbkl_f qlhiha\hey_lhi_jZlhjmgZ]ey^ghhp_gblvlhqghklvijb[hjh\ Dhgljhevijhoh`^_gbyfZjrjmlZ (&',6 \_^_lg_ij_ju\gucdhgljhevijh\h^dbkm^gZihfZjrjmlmHgZij_^klZ\ey_lkm^h\h^bl_ex gZbf_gh\Zgb_fZjrjmlZb ^Zggu_ oZjZdl_jbamxsb_ _]h ijhoh`^_gb_ fZjrjmlgu_dhhj^bgZlu jZkklhygb_ '7* i_e_g]b jZkq_lgh_\j_fy 77* ^\b`_gby^h[eb`Zcr_ciml_\hclhqdbh`b^Z_fh_ \j_fyijb[ulby\ wlmlhqdm ?L: gZijZ\e_gb_gZwlmlhqdm :7* b ihijZ\dmd l_dms_fmdmjkmêy \uoh^Z \ wlm lhqdm jZagbpZ f_`^m +2* b :7* Bg^bpbjmxlky lZd`_ l_dms__ gZijZ\e_gb_ ebgbb aZieZgbjh\Zggh]h imlb &85 b ke_^mxs__ aZ gbf gZijZ\e_gb_ 1;7 Z lZd`_ [hdh\h_ kf_s_gb_ hl ebgbbimlb OL? >ey\bamZevgh]hdhgljhey^\b`_gbykm^gZihgZf_q_gghfmimlb(&',6 iha\hey_lihdZaZlvgZdZjl_ ^himklbfu_ ]jZgbpu fZjrjmlZ &OHDULQJ OLQHV (&',6 ij_^mij_`^Z_l h[ hldehg_gbyo hl fZjrjmlZ \uoh^ysbo aZ aZ^Zgguc ij_^_e Z lZd`_ h ihôh^_ d lhqd_ ih\hjhlZ qlh[u km^h\h^bl_ev fh] aZ[eZ]h\j_f_ggh ih^]hlh\blvky dfZg_\jbjh\Zgbx Ij_^mkfhlj_gZ nmgdpby êy hi_jZlb\gh]h baf_g_gby fZjrjmlZ [_a \uoh^Z \ jZa^_e ©ij_^\Zjbl_evgZyijhdeZ^dZª DhgljhevgZ\b]Zpbhgghc[_ahiZkghklb (&',6 hkms_kl\ey_ldhgljhev[_ahiZkghklbieZ\Zgby< g_dhlhjuo(&',6 ijh]jZffhcnhjfbjm_lky Nb]mjZ [_ahiZkghklb 6DIHW\ RQOLQH dhlhjZy fh`_l [ulv \u\_^_gZ gZ bg^bdZpbx beb g_l J_Zebah\ZgZ nmgdpby Z\lhfZlbq_kdhc ih^Zqb kb]gZeZij_^mij_`^_gbyijb ihiZ^ZgbbhiZkgh]h h[t_dlZ \ ij_^_eu nb]mju [_ahiZkghklb g_aZ\bkbfh hl lh]h ihdZau\Z_lky hgZ gZ wdjZg_ beb g_l <ujZ[Zlu\Z_lkyg_kdhevdhlbih\ij_^mij_`^_gbcDZ`ûclbibf__lk\h_ihe_gZiZg_ebbg^bdZpbbb khijh\h`^Z_lkyki_pbZevgufa\mdh\ufkb]gZehfbeb]hehkhf Bf__lky \ (&',6 nmgdpby mklZgh\db rbjbgu ihehku ^\b`_gby ijb ieZ\Zgbb ih aZ^Zgghfm fZjrjmlm< ijhp_kk_i_j_oh^Zijb\uoh^_km^gZaZij_^_euwlhcihehkukjZ[Zlu\Z_lkb]gZebaZpby <hafh`gh\ (&',6 \u^_e_gb_[_ahiZkghc]em[bgub bah[ZluKm^h\h^bl_evfh`_l\hkihevah\Zlvky wlhcnmgdpb_cêyhij_^_e_gbygZdZjl_h[eZkl_chiZkguo]em[bg l_h[eZkl_ck ]em[bghcf_gvr_c beb jZ\ghc ]em[bg_ [_ahiZkghklb km^gZ Ijb \oh^_ kh]eZkgh dZjl_ km^gZ \ h[eZklv hiZkguo ]em[bg (&',6 \u^Zkl a\mdh\h_ ij_^mij_`^_gb_ khijh\h`^Z_fh_ \bamZevghc bg^bdZpb_c >ey ij_^mij_`^_gby km^h\h^bl_ey h[ hiZkguo ]em[bgZo d (&',6 lZd`_ ih^dexqZ_lky wohehl <aZbfh^_ckl\b_ (&',6 k wohehlhfhkms_kl\ey_lkygZhkgh\_ijhlhdheZ,(& BgnhjfZpby wohehlZkhojZgy_lkykbkl_fhcb fh`_l[ulv\u\_^_gZgZwdjZg\ \b^_djb\hcj_ev_nZ^gZ >ey h[jZs_gby \gbfZgby km^h\h^bl_ey b \hafh`ghklb ijbgylby bf k\h_\j_f_gguo f_j ij_^hklhjh`ghklb \ (&',6 ij_^mkfhlj_guZ\lhfZlbq_kdb_ij_^mij_`^_gbyh \oh`^_gbbkm^gZ\ jZchguk hkh[ufbmkeh\byfbieZ\Zgby >ey dhgljhey ijhp_kkZ ^\b`_gby km^gZ ih fhf_glZf ^hklb`_gby bf hij_^_e_ggh]h iheh`_gby hlghkbl_evgh lhc beb bghc oZjZdl_jghc lhqdb gZ f_klghklb hjb_glbjZ hiZkghklb we_f_glZ ih[_j_`vy b ^j \hafh`gZ ihklZgh\dZ fZjd_jh\ kh[ulbc <u[jZggZy gZ dZjl_ lhqdZ h[hagZqZ_lky ki_pbZevghc hlf_ldhc fZjd_jhf Km^h\h^bl_ev fh`_l \u[jZlv ke_^mxsb_ mkeh\by \aZbfgh]h jZkiheh`_gby km^gZ b fZjd_jZ ^hklb`_gb_ aZ^Zggh]h i_e_g]Z k[eb`_gb_ gZ aZ^Zggmx ^bklZgpbx m^Ze_gb_ gZ hij_^_e_ggh_ jZkklhygb_ ^hklb`_gb_ km^ghf ljZ\_jaZ Ihke_ lh]h dZd ijhbahreh hibkZggh_kh[ulb_ (&',6 ih^Zkla\mdh\h_ b\bamZevgh_ij_^mij_`^_gb_ Ij_^mkfZljb\Z_lky dhgljhev lhqghklb gZ\b]Zpbb <hafh`gh ij_^\uqbke_gb_ ih]j_rghklb h[k_j\ZpbcihjZaebqgufihabpbhggufkbkl_fZf ?J? H[SHFWHG SRVLWLRQ HUURU k ihdZahfgZwdjZg___ ]jZgbpkjZ\g_gb_^Zgguog_kdhevdboihabpbhgguokj_^kl\\uy\e_gb_]jm[uohij_^_e_gbcgZhkgh\_ kjZ\g_gby h[k_j\Zpbb k ij_^\uqbke_gguf ih kqbke_gbx f_klhf b k h[k_j\Zpbyfb ih ^jm]hc g_aZ\bkbfhc ihabpbhgghc kbkl_f_ <uihegy_lky dhgljhev dZq_kl\Z bgnhjfZpbb ihklmiZxs_c hl jZaebqguo^Zlqbdh\ Nmgdpbb jZ[hluk ihevah\Zl_evkdbfbkehyfbbgnhjfZpbbiha\heyxlkm^h\h^bl_exgZg_klbih\_jo ex[hcdZjlu^hihegbl_evgu_ebgbbkbf\heuk_dlhjZl_dklk p_evxih^t_fZdZjluqlhkihkh[kl\m_l ih\ur_gbx[_ahiZkghklbijhoh`^_gbykeh`guomqZkldh\imlb < (&',6 h[_ki_qb\Z_lky ijb_f b hlh[jZ`_gb_ gZ wdjZg_ ihklmiZxsbo hl 1$97(;ijb_fgbdZ khh[s_gbc gZ\b]Zpbhgguof_l_hjheh]bq_kdbob e_^h\uoij_^mij_`^_gbcbgnhjfZpbbh[hi_jZpbyo ihbkdZb kiZkZgbyf_l_hjheh]bq_kdboijh]ghah\b l^ (&',6 dhgljhebjm_l jZ[hlm ih^dexq_gguo d g_c gZ\b]Zpbhgguo mkljhckl\ b khh[sZ_l h g_bkijZ\ghklbex[h]hbagbo km^h\h^bl_ex nmgdpbbêybkihevah\ZgbyjZ^bhehdZpbhgghcbgnhjfZpbb (&',6 fh`_l jZ[hlZlv k JEK h[_ki_qb\Zy hlh[jZ`_gb_ gZ WD i_j\bqghc jZ^bhehdZpbhgghc JE bgnhjfZpbb dhlhjZy fh`_l [ulv \u\_^_gZ ih\_jo WD Wlh h[e_]qZ_l kjZ\g_gb_ JEbah[jZ`_gby k dZjlhc iha\hey_l mklZgh\blv g_lhqghklv iheh`_gby km^gZ Z lZd`_ h[gZjm`blv p_eb h dhlhjuo g_ [uehkb]gZebaZpbbijbi_j_k_q_gbbbfbhojZgghc^bklZgpbb Ijbih^dexq_gbbK:JId (&',6 gZWDij_^klZ\eyxlky\k_\aylu_gZkhijh\h`^_gb_JEp_eb dZd kbf\heuk b^_glbnbdZlhjZfbb \_dlhjZfbbklbgghckdhjhklbBf_xlkyhi_jZpbbêybaf_g_gbyêbgu \_dlhjh\ wdkljZihebjh\Zggh]h i_j_f_s_gby p_e_c b h[_ki_qb\Z_lky \u[hj êy hlh[jZ`_gby \_dlhjh\bklbggh]hbebhlghkbl_evgh]h^\b`_gby M hlf_lhdp_e_cgZWDfh]ml\u\h^blvkyke_ûboijhreh]h^\b`_gby >ey ihemq_gby qbkeh\uo ^Zgguo ^\b`_gbyp_e_c bf__lky nmgdpby Ijhkfhlj nhjfmeyjh\ p_e_c ijb bkihevah\Zgbb dhlhjhc hlh[jZ`Zxlky i_e_g] ^bklZgpby p_eb __ dmjk b kdhjhklv jZkklhygb_ b \j_fydjZlqZcr_]hk[eb`_gbyHiZkgu_p_eb\u^_eyxlkyp\_lhf < g_dhlhjuo dZjlh]jZnbq_kdbo kbkl_fZo gZijbf_j 1$9,6$,/25 (&',6 jZajZ[hlZgghc nbjfhc LJ:GA:K F:JBG ij_^mkfhlj_g \kljh_gguc jZ^Zjbgl_]jZlhj k \hafh`ghklyfb ^hdmf_glbjh\Zlv b gZdeZû\Zlv gZ we_dljhggmx dZjlm kujh_ JEbah[jZ`_gb_ \u^_eylv khijh\h`^Zlvb ^hdmf_glbjh\Zlv[hevrh_dhebq_kl\hp_e_c < (&',6 j_Zebamxlky nmgdpbb êy jZ[hlu k :BKljZgkihg^_jhf WlZ b^_glbnbdZpbhggZy kbkl_fZij_^gZagZq_gZêyh[_ki_q_gbykm^h\h^bl_e_cfZdkbfZevghlhqghcb ih^jh[ghcbgnhjfZpb_c h[h[gZjm`_gguop_eyobf_xsbo $,6ljZgkihg^_juIhfbfhk\_^_gbch dmjk_b kdhjhklbkm^gZp_eb i_j_^Z\Z_fuobfkZfbfb ihwlhfmlhqguo kbkl_fZ:BKiha\hey_lihemqblvbgnhjfZpbxh gZa\Zgbb km^gZ_]h\eZ^_evp_lhggZ`_b jZaf_jZofZjrjml_b lbi_i_j_\habfh]h]jmaZIh^h[gZybgnhjfZpby fh`_l[ulvihe_agZgZijbf_jijbieZgbjh\ZgbbfZg_\jbjh\Zgbyb \jy^_^jm]bokemqZ_\ >eyhij_^_e_gbyiheh`_gbyb we_f_glh\^\b`_gbykh[kl\_ggh]hkm^gZb dhgljhey[_ahiZkghklb_]h ^\b`_gby (&',6 ij_^hklZ\ey_l nmgdpbb gZ\b]Zpbhggh]h bkihevah\Zgby jZ^bhehdZpbhgghc bgnhjfZpbb Dbg_fZlbq_kdb_ iZjZf_lju kh[kl\_ggh]h km^gZ fh]ml hij_^_eylvky ijb khijh\h`^_gbb g_ih^\b`guolhq_qguoh[t_dlh\b oZjZdl_jguowe_f_glh\ijhly`_gguoJEh[t_dlh\ >ey \hafh`ghklb j_r_gby gZ hkgh\_ JEbgnhjfZpbb rbjhdh]h ki_dljZ gZ\b]Zpbhgguo aZ^Zq d (&',6 fh`_l ih^dexqZlvky ki_pbZevguc jZ^bhehdZpbhgghgZ\b]Zpbhgguc fh^mev JGF JGF kh\f_klgh k (&',6 ij_^hklZ\eyxl kj_^kl\Z êy hlh[jZ`_gby ihegh]h JEh[jZaZ Zd\Zlhjbb ih\_jo we_dljhgghc dZjlu <hafh`ghklv kbgojhgbaZpbb h[hbo bah[jZ`_gbc \ j_Zevghf \j_f_gb b gZ[ex^_gby JEh[jZaZ dZd kh\f_klgh k dZjlh]jZnbq_kdbfb ^Zggufb lZd b g_aZ\bkbfh iha\hey_l km^h\h^bl_ex e_]dh hjb_glbjh\Zlvky \ madhklyo b g_agZdhfuo jZchgZo ieZ\Zgby H^gbf ba kms_kl\_gguo ij_bfms_kl\ kh\f_klgh]h bkihevah\Zgby JGF b (&',6 y\ey_lky \hafh`ghklv \aZbfgh]hdhgljheygZ\b]Zpbhgguob jZ^bhehdZpbhgguokj_^kl\\ gZ]ey^ghcnhjf_qlhdZq_kl\_ggh ih\urZ_lkl_i_gvgZ^_`ghklb\k_]hdhfie_dkZ K ihfhsvxJGFj_rZxlkyke_^mxsb_aZ^Zqb x h[_ki_q_gb_iheghckh\f_klbfhklb (&',6 k jZaebqgufblbiZfbijb_fhi_j_^Zlqbdh\jZ^Zjh\ \_^msbonbjfijhba\h^bl_e_c x nhjfbjh\Zgb_pbnjh\h]hJEh[jZaZ\k_cZd\Zlhjbbb i_j_^ZqZ_]h\ (&',6 x mf_gvr_gb_\ebygbygZpbnjh\hcJEh[jZaihf_o_kl_kl\_ggh]hb bkdmkkl\_ggh]h ijhbkoh`^_gby hlfhjkdh]h\heg_gby^h`^ylmfZgZgbadboh[eZdh\kg_]h\uoaZjy^h\ khk_^gboJEK >eywlhcp_ebijbf_gyxlkyZe]hjblfuVFDQWRVFDQb VZHHSWRVZHHS dhjj_eypbbI_j\uc\b^dhjj_eypbboZjZdl_jbam_lklhoZklbq_kdmx aZ\bkbfhklv JE^Zgguo khhl\_lkl\mxsboihke_^h\Zl_evgufihkuedZfahg^bjmxsbobfimevkh\6ZHHSWRVZHHS dhjj_eypb_chp_gb\Z_lkyaZ\bkbfhklvpbnjh\uoJEh[jZah\ihke_^h\Zl_evghihemqZ_fuoijb jZaguoh[hjhlZoZgl_ggu x hilbfZevgh_\u^_e_gb_fZehjZaf_jguofhjkdbop_e_cgZnhg_f_rZxsbohljZ`_gbchl [_j_]h\hcq_jlub ihjlh\uokhhjm`_gbc x k_e_dpbyJEp_e_cbaf_j_gb_bodhhj^bgZlb hij_^_e_gb_dbg_fZlbq_kdboiZjZf_ljh\ x j_ZebaZpbymklhcqb\h]hd ihf_oZfZe]hjblfZh[jZ[hldb\b^_hkb]gZeh\p_e_c J_]bkljZpbybgnhjfZpbb (&',6 Z\lhfZlbq_kdb \_^_l we_dljhgguc gZ\b]Zpbhgguc `mjgZe b h[_ki_qb\Z_l \hafh`ghklv ^hiheg_gby _]h hi_jZlb\gufb aZibkyfb \jmqgmx < we_dljhgguc `mjgZe Z\lhfZlbq_kdb aZghkylky k\_^_gby h dZjlZo gZ dhlhjuo \_^_lky ijhdeZ^dZ ^Zggu_ h dhjj_dlmjZo d gbf dbg_fZlbq_kdb_ iZjZf_ljuk\h_]hkm^gZwe_f_glu^\b`_gbyjZ^bhehdZpbhgguop_e_cbgnhjfZpbyh[baf_g_gbb khklhygby(&',6 b ih^dexq_gguod g_cmkljhckl\iZjZf_lju^\b`_gbykm^gZihfZjrjmlm Ijb \_^_gbb km^h\h]h `mjgZeZ (&',6 h[uqgh aZibku\Z_l ^Zggu_ lhevdh \ayluo hi_jZlhjhf gZ Z\lhkhijh\h`^_gb_ p_e_c (&',6 kgZ[`_ggZy ki_pbZevguf p_e_\u^_ebl_e_f fh`_l aZibku\Zlv dbg_fZlbq_kdb_iZjZf_lju\k_okm^h\p_e_cgZoh^ysboky\ ahg_h[ahjZg_aZ\bkbfh hl lh]h\aylu hgb hi_jZlhjhf gZZ\lhkhijh\h`^_gb_bebg_l <hafh`_g ijhkfhlj we_dljhggh]h `mjgZeZ b \hkijhba\_^_gb_ h[klhyl_evkl\ ieZ\Zgby gZ we_dljhgghc dZjl_ \ j_Zevghf beb mkdhj_gghf fZkrlZ[Zo \j_f_gb gZ hkgh\_ `mjgZevguo k\_^_gbc BgnhjfZpby we_dljhggh]hkm^h\h]h`mjgZeZfh`_l[ulvjZki_qZlZgZgZijbgl_j_ Ke_^m_lhlf_lblvqlhgZkh\j_f_gghfwlZi_\ we_dljhgghf`mjgZe_^_lZevghkhojZgyxlky^Zggu_h ijhp_kk_ km^h\h`^_gby aZ hij_^_e_gguc ^h l_dms_]h fhf_glZ \j_f_gb bgl_j\Ze ^hklZlhqguc êy \uykg_gby ijbqbg \hafh`ghc Z\Zjbcghc kblmZpbb Wlhl bgl_j\Ze \j_f_gb khklZ\ey_l g_ f_g__ qZkh\ Dbg_fZlbq_kdb_ iZjZf_lju gZr_]h km^gZ b km^h\p_e_c nbdkbjmxlky \ g_f q_j_a ijhf_`mlhd \j_f_gb g_ [hevrbc fbgmlu AZ hklZevgh_ ijhr_^r__ \j_fy j_ckZ aZibkb \ `mjgZe_ khojZgyxlky q_j_a [hevrbc bgl_j\Ze \j_f_gb < i_jki_dlb\guo jZajZ[hldZo (&',6 h[jZsZ_lky \gbfZgb_ gZ \hafh`ghklv ^_lZevgh]h khojZg_gby \k_c gZ\b]Zpbhgghc bgnhjfZpbb aZ j_ck k \hafh`ghklvx ijhb]ju\Zgbyex[h]hmqZkldZi_j_oh^Zijb_]hZgZeba_gZ[hjlmkm^gZbeb\ km^hoh^ghcdhfiZgbb We_dljhgguc km^h\hc `mjgZe wlh k\h_]h jh^Z q_jguc ysbd dhlhjuc iha\hey_l \hkijhba\_klb ojhgheh]bx kh[ulbc gZ ex[hc fhf_gl \j_f_gb H^gZdh gZ kh\j_f_gghf wlZi_ aZibkb we_dljhggh]h km^h\h]h`mjgZeZg_bf_xlxjb^bq_kdhckbeu Ij_^hklZ\e_gb_^hihegbl_evghcbgnhjfZpbb >ey mkdhj_gby ihbkdZ b ij_^klZ\e_gby km^h\h^bl_ex k\_^_gbc g_h[oh^bfuo ijb \uiheg_gbb bf k\hbo h[yaZgghkl_c (&',6kgZ[`Z_lky [ZaZfb ^ZgguobagZ\b]Zpbhgguoihkh[bc b kj_^kl\Zfb êy jZ[hluk wlbfb[ZaZfbLZddZdlj_[m_fZybgnhjfZpbyh[uqghk\yaZgZk h[t_dlhfbebjZchghfdZjlu lh ihemq_gb_ __ \ (&',6 hj]Zgbam_lky k ihfhsvx gZ\_^_gby dmjkhjZ gZ we_f_gl dZjlu d dhlhjhfm hlghkylky aZijZrb\Z_fu_ km^h\h^bl_e_f k\_^_gby Ijb gZebqbb khhl\_lkl\mxsbo [Za ^Zgguo lZdbf h[jZahf [ukljh fh]ml [ulv ihemq_gu k\_^_gby h[ h]gyo b agZdZo jZ^bhl_ogbq_kdbo kj_^kl\Zo ijZ\beZo ieZ\Zgby l_q_gbyo ijbeb\hhleb\guo y\e_gbyo ihjlZo b ihjlh\uo kem`[Zoh[kem`b\Zxsbofhj_ieZ\Zl_e_cklZgpbyob ^j >ey lh]h qlh[u km^h\h^bl_ev fh] khklZ\blv ij_^klZ\e_gb_ h dZq_kl\_ dZjlu \ (&',6 bf__lky \hafh`ghklv ij_^klZ\eylv k\_^_gby h dZjl_ e_]_g^m ^Zlm i_j\h]h ba^Zgby ^Zlm [hevrhc dhjj_dlmju ghf_j dZjlu b __ gZa\Zgb_ hjb]bgZevguc fZkrlZ[ \b^ ijh_dpbb ]hjbahglZevguc b \_jlbdZevguc^Zlmfu < iZfylv (&',6 fh]ml \\h^blvky ^Zggu_ h fZg_\j_gguo oZjZdl_jbklbdZo km^gZ \ nhjf_ ij_^mkfhlj_gghc BFH WlZ bgnhjfZpby fh`_l ijb g_h[oh^bfhklb ij_^klZ\eylvky km^h\h^bl_ex b bkihevah\Zlvkyijbj_r_gbbaZ^ZqfZg_\jbjh\Zgby J_r_gb_^hihegbl_evguoaZ^Zq Ba ki_pbZevguo aZ^Zq gZb[he__ jZkijhkljZg_ggufb \ (&',6 y\eyxlky ij_^\uqbke_gb_ \ukhl ijbeb\h\ k ihkljh_gb_f ]jZnbdZ b jZkq_l we_f_glh\ ijbeb\hhleb\guo l_q_gbc Hi_jZlhj fh`_l ij_^\uqbkeylvijbeb\ulhevdhêyimgdlh\^Zggu_dhlhjuoojZgylky\h\gmlj_gg_c[Za_^ZgguoWlh fh]ml[ulvimgdlu\k_]hFbjh\h]hhd_ZgZeb[hhl^_evguojZchgh\\ dhlhjuowdkiemZlbjm_lkykm^gh We_f_glu ijbeb\hhleb\guo y\e_gbc fh]ml jZkkqblu\Zlvky gZ kmldb beb g_kdhevdh kmlhd < ihe_ ]jZnbdZijbeb\Zijbihfhsb dmjkhjZfh`gh\u^_eblvbgl_j\Ze\j_f_gb\ dhlhjhf\_ebqbgZijbeb\Z [m^_lf_g__^himklbfhc G_dhlhju_ j_Zebam_fu_ \ (&',6 ijh]jZffu jZkq_lZ ijbeb\hhleb\guo y\e_gbc ij_^mkfZljb\Zxl \hafh`ghklv ^h[Z\e_gby gh\uo dhgljhevguo imgdlh\ m^Ze_gb_ kms_kl\mxsbo b j_^Zdlbjh\Zgb_ ^Zgguo Ihkdhevdm jZkq_lu ijbeb\hhleb\guo y\e_gbc ijhba\h^ylky ih ]Zjfhgbq_kdbf ihklhygguf lh ijb ^h[Z\e_gbb b j_^Zdlbjh\Zgbb ^Zgguo dhgljhevguo imgdlh\ hi_jZlhjm g_h[oh^bfh \\_klb ]Zjfhgbq_kdb_ ihklhyggu_ \ [Zam ^Zgguo =Zjfhgbq_kdb_ ihklhyggu_ êy jZaebqguo imgdlh\ ijb\h^ylky\ :^fbjZel_ckdbolZ[ebpZoijbeb\h\ Djhf_jZkq_lZijbeb\hhleb\guoy\e_gbc (&',6 fh`_lj_rZlvaZ^Zqbk\yaZggu_k rlhjfh\Zgb_f km^gZ ieZ\Zgb_f \ mkeh\byo f_edh\h^vy ijhba\h^blv jZkq_l hk\_s_gghklb gZ i_j_oh^_ b l^ >ey ijhba\h^kl\ZjZaebqgh]hjh^Z\uqbke_gbc (&',6 kgZ[`Z_lkynmgdpbyfbwe_dljhggh]hdZevdmeylhjZ Ih^^_j`Zgb_[Za^ZgguogZmjh\g_kh\j_f_gghklbb h[f_g^Zggufb >ey ih^^_j`Zgby [Za ^ZgguogZ mjh\g_ kh\j_f_gghklb (&',6 kgZ[`Z_lky nmgdpbyfb we_dljhgghc ihqlu iha\heyxs_c q_j_a k_lv Bgl_jg_l ih dZgZeZf kbkl_fu BgfZjkZl aZijZrb\Zlv b ihemqZlv g_h[oh^bfmxbgnhjfZpbxdhjj_dlmjud dZjlZfb ihkh[byfgh\u_dZjlub ^jm]b_^Zggu_ <hafh`_g q_j_a we_dljhggmx ihqlm wdkihjlbfihjl ^Zgguo fZjrjmlZ GZijbf_j bkihevamy wlm nmgdpbx km^h\h^bl_ev fh`_l hkms_kl\eylv h[f_g ^Zggufb fZjrjmlh\ f_`^m jZaebqgufb km^Zfb >jm]hc\hafh`ghklvxy\ey_lkyh[f_g^ZggufbfZjrjmlh\f_`^m(&',6 b \g_rgbfbgZ\b]Zpbhggufb mkljhckl\ZfbGZijbf_jwdkihjl^ZgguofZjrjmlZba *36ijb_fgbdZ \ (&',6 Ihwe_dljhgghcihql_fh`_llZd`_ijhba\h^blvky i_j_^ZqZ^Zgguowe_dljhggh]hkm^h\h]h`mjgZeZ gZ^jm]h_km^ghkha^Zgb_Zjob\h\aZibk_cij_^hklZ\e_gb_bgnhjfZpbbh ^\b`_gbbkm^gZklhjhggbf hj]ZgbaZpbyf b li (&',6 lZd`_bf__lnmgdpbbêy h[gh\e_gbybgnhjfZpbb\jmqgmx >ey\g_k_gbyhi_jZlhjhfkjhqghc dhjj_dlmju g_ ^h`b^Zykv __ hnbpbZevgh]h ihemq_gby ih dZgZeZf k\yab êy mq_lZ dhjj_dlmj ihemqZ_fuo hl f_klguo ij_^klZ\bl_evguo kem`[ b ihkljh_gby gZ dZjl_ ^hihegbl_evguo we_f_glh\ k\yaZgguo k ih^t_fhf dZjlu \ gZ\b]Zpbhgghf hlghr_gbb (&',6 kgZ[`Zxlky dZjlh]jZnbq_kdbf j_^Zdlhjhf DZjlh]jZnbq_kdbc j_^Zdlhj bf__l gZ[hj bgkljmf_glh\ k ihfhsvx dhlhjuo fh`gh bkihevamy ihevah\Zl_evkdb_ kehb gZghkblv gZ dZjlm jZaebqgu_ kbf\heu ebgbb iehsZ^b l_dkl ijhba\h^blvaZeb\dmaZfdgmluonb]mjp\_lhfb ij Hi_jZpbb jmqghc dhjj_dlmju ijhklu \ jZ[hl_ b fh]ml [ulv \uiheg_gu g_ihkj_^kl\_ggh \ fhj_ (&',6 mqblu\Z_l h[t_dlu jmqghc dhjj_dlmju ijb j_r_gbb aZ^Zq h[_ki_q_gby gZ\b]Zpbhgghc [_ahiZkghklb MijZ\e_gb_^\b`_gb_fkm^gZ (&',6 fh`_l jZ[hlZlv \ j_`bf_ mijZ\e_gby ^\b`_gb_f km^gZ ih fZjrjmlm >ey wlhc p_eb ij_^mkfZljb\Z_lky \hafh`ghklvih^dexq_gbyd (&',6 Z\lhjme_\h]h (&',6 jZ[hlZ_lk Z\lhjme_\uf gZ hkgh\_ ijhlhdheZ ,(& <aZbfh^_ckl\my k Z\lhjme_\uf (&',6 h[_ki_qb\Z_l \uiheg_gb_ nmgdpbcmijZ\e_gby^\b`_gb_fkm^gZ x klZ[bebaZpbxp_gljZfZkkukm^gZgZhlj_ad_fZjrjmlZ x \uiheg_gb_ih\hjhlh\aZieZgbjh\Zggufh[jZahfieZ\Zgb_\^hevijheh`_ggh]hfZjrjmlZbeb `_d \j_f_gghciml_\hclhqd_ < kbkl_fZo j_Zebamxsbo Z\lhfZlbq_kdh_ mijZ\e_gb_ ^\b`_gb_fkm^gZ ih fZjrjmlm Z\lhjme_\hc ^he`_g [ulv Z^Zilb\guf b kihkh[guf Z\lhfZlbq_kdb \uihegylv ih\hjhlu ijb i_j_oh^_ gZ gh\uc hlj_ahdimlbihij_^\Zjbl_evghaZ^ZggufagZq_gbyfjZ^bmkZbebm]eh\hckdhjhklbih\hjhlZ IjbgZjmr_gbb\ (&',6 nmgdpbbm^_j`Zgbykm^gZgZfZjrjml_kbkl_fZ^he`gZih^Zlvlj_\h`guc kb]gZe hldexqblv nmgdpbx Z\lhfZlbq_kdh]h mijZ\e_gby ^\b`_gb_f km^gZ ih fZjrjmlm b i_j_\_klb Z\lhjme_\hc\ j_`bfklZ[bebaZpbbdmjkZ?kebgZjmr_gb_wlhcnmgdpbbijhbkoh^blijbieZ\Zgbbih hlj_adm fZjrjmlZ Z\lhjme_\hc ^he`_g i_j_clb gZ m^_j`Zgb_ dmjkZ khhl\_lkl\mxs_]h gZijZ\e_gbx Zdlb\gh]h hlj_adZ imlb ?keb gZjmr_gb_ ijhbkoh^bl \h \j_fy hkms_kl\e_gby ih\hjhlZ lh _]h \uiheg_gb_ ^he`gh [ulv ^h\_^_gh ^h dhgpZ ihke_ q_]h Z\lhjme_\hc ^he`_g i_j_clb \ j_`bf klZ[bebaZpbbdmjkZkhhl\_lkl\mxs_]hgZijZ\e_gbxgh\h]hhlj_adZimlb >jm]b_nmgdpbb (&',6 fh`_l\uihegylvb ^jm]b_nmgdpbbjy^bagbooZjZdl_jbam_lkygb`_ Nmgdpbb baf_j_gbc iha\heyxl k ihfhsvxdmjkhjZ hij_^_eblv ]_h]jZnbq_kdb_ dhhj^bgZlu ex[hc lhqdb gZ dZjl_ i_e_g] dmjkh\hc m]he b ^bklZgpbx f_`^m l_dmsbf f_klhf km^gZ beb \u[jZgghc hi_jZlhjhflhqdhcb lhqdhcmdZau\Z_fhcdmjkhjhf Nmgdpby Q_eh\_daZ[hjlhf nbdkbjm_lf_klhiZ^_gbyq_eh\_dZgZ dZjl_b \u^Z_lgZbg^bdZpbx dhhj^bgZluwlh]hf_klZb \k_g_h[oh^bfu_k\_^_gbyêyihbkdZq_eh\_dZ NmgdpbbieZgbjh\Zgbyb h[_ki_q_gbyhi_jZpbcihbkdZb kiZkZgby bkihevamxlkyêyhj]ZgbaZpbbb ijh\_^_gby ihbkdh\hkiZkZl_evguo hi_jZpbc gZ fhj_ dZd bg^b\b^mZevgh h^gbf km^ghf lZd b \ khklZ\_ ]jmiiu km^h\ Hj]ZgbaZpby hi_jZpbb aZdexqZ_lky \ jZkq_l_ fZjrjmlZfZjrjmlh\ ^\b`_gby km^h\ k mq_lhf d\Z^jZlZ ihbkdZ \b^bfhklb b li JZkq_l fZjrjmlh\ ^\b`_gby \_^_lky gZ hkgh\_ j_dhf_g^Zpbc0(56$5 b ,026$5ba^Zgguo F_`^mgZjh^ghc]b^jh]jZnbq_kdhchj]ZgbaZpb_c Nmgdpbb lj_of_jgh]h fh^_ebjh\Zgby j_ev_nZ ^gZ h[_ki_qb\Zxl km^h\h^bl_ex \hafh`ghklv hagZdhfe_gby k bah[jZ`_gb_f ijhnbey j_ev_nZ ^gZ \ \b^_ h[t_fgh]h bah[jZ`_gby BklhqgbdZfb bgnhjfZpbbêyihkljh_gbyijhnbeykem`Zl^Zggu_dZjlub wohehlZ <hafh`gufbh[eZklyfbijbf_g_gbywlbonmgdpbcy\eyxlky fZg_\jbjh\Zgb_ \ mkeh\byo keh`gh]h j_ev_nZ ^gZ ijh\_^_gb_ ]b^jh]jZnbq_kdbo hi_jZpbc b ijhfukeh\uojZ[hlb l^ Nmgdpbbh[mq_gbyjZ[hl_k (&'-6 b lj_gZ`Z < iZfylb(&',6 fh`_lihf_sZlvkyijh]jZffZêy h[mq_gby jZ[hl_ k (&',6 k ijbf_jZfb bkihevah\Zgby __ nmgdpbc < jy^_ kbkl_f fh`_l fh^_ebjh\Zlvky ijhp_kk ijh\h^db km^gZ \ jZaebqguo jZchgZo k ij_^hklZ\e_gb_f km^h\h^bl_ex \hafh`ghklb bkihevah\Zgby nmgdpbc (&',6 k p_evx h[mq_gby b lj_gZ`Z Hi_jZlhjhf fh`_l [ulv \u[jZgZ dZjlZ ihf_s_gh gZ g_c k\h_ km^gh aZ^Zgu _]h we_f_glu ^\b`_gby gZg_k_gu gZ dZjlm mkeh\gu_p_ebb aZ^Zgubodmjkb kdhjhklv H nmgdpbhgZevguo\hafh`ghklyojZkljh\uoGBDK Ljm^ghklb [ukljh]h ihemq_gby \_dlhjguo WD gZ gZqZevghf wlZi_ jZa\blby we_dljhgguo dZjl k h^ghcklhjhgub `_eZgb_m`_\ lh\j_fybkihevah\Zlvij_bfms_kl\ZWDk ^jm]hch[mkeh\bebjZ[hlu ih[he__e_]dhfmjZkljh\hfmgZijZ\e_gbx kha^ZgbyWD ;jblZgkdh_ =b^jh]jZnbq_kdh_ mijZ\e_gb_ klZeh i_j\hc \ fbj_ hnbpbZevghc ]hkm^Zjkl\_gghc hj]ZgbaZpb_cdhlhjZyk ]klZeZkha^Z\ZlvjZkljh\u_dZjlub kgZ[`Zlvbfbfhjkdb_km^ZK \_kgu ]hgh\\_eh\ k\hckhklZ\gh\mxkem`[m $5&6 $GPLUDOW\ 5DVWHU &KDUW 6HUYLFH H[kem`b\Zgb_ Z^fbjZel_ckdbfb jZkljh\ufb dZjlZfb HnbpbZevgu_ jZkljh\u_ dZjlu \uimkdZxlky b ]b^jh]Znbq_kdhckem`[hcKR: 12$$ 1DWLRQDO 2FHDQLF DQG $WPRVSKHULF $GPLQLVWUDWLRQ ;ueb jZajZ[hlZgu b f_lhû dhjj_dlbjh\db 51& GZoh`^_gb_ ^Zgguo 51& \ we_dljhgghc iZfylb iha\hey_l gZ \u[jZggu_ f_klZ dZjlu aZghkblv gh\mx bgnhjfZpbx ?`_g_^_evgh_ ba\_s_gb_ fhj_ieZ\Zl_eyf BF êydhjj_dlmju 51& aZdh^bjh\ZghlZdqlh[uihdju\Zlv\ f_klZodhjj_dlbjh\db bah[jZ`_gb_dZjlujZkljh\ufbiylgurdZfbjZaf_jhf\ h^bgd\Z^jZlguc^xcfGZwlboiylgurdZob ihf_sZ_lkydhjj_dlmjgZybgnhjfZpby JZkljh\ZydZjlZ^h\hevghlhqghijb\yau\Z_lkyd dhhj^bgZlghckbkl_f_b gZg_cfh`_l\uihegylvky ieZgbjh\Zgb_ imlb b \_^_gb_ bkihegbl_evghc ijhdeZ^db DZd b êy (1& ijb hlh[jZ`_gbb 51& \ jZaebqguo mkeh\byo hk\_s_gghklb fh]ml bkihevah\Zlvky jZaebqgu_ iZeblju p\_lh\ ykguc ^_gv iZkfmjguc^_gvkmf_jdbghqv H^gZdh kbkl_fu k jZkljh\ufb dZjlZfb 5&'6 g_ bf__l iheguo nmgdpbhgZevguo \hafh`ghkl_c (&',6 Ihwlhfm hgb fh]ml [ulv bkihevah\Zgu lhevdh k khhl\_lkl\mxsbf gZ[hjhf [mfZ`guo dZjl ijb\_^_gguogZmjh\_gvkh\j_f_gghklb BFHk\hbfpbjdmeyjhf 61&LUF 'LIIHUHQFHV EHWZHHQ 5&'6 DQG (&',6 -XQ h[jZsZ_l \gbfZgb_km^h\h^bl_e_cgZke_^mxsb_h]jZgbq_gby 5&'6 JZkljh\u_kbkl_fug_^Zxl\hafh`ghklbhj]Zgbah\ZlvZ\lhfZlbq_kdmxkb]gZebaZpbxh[hiZkguo kblmZpbyo ih ^Zgguf dZjlu Hij_^_e_ggu_ kb]gZeu h[ hiZkghklyo fh]ml ]_g_jbjh\Zlvky 5&'6 ih \\_^_gghc ihevah\Zl_e_f bgnhjfZpbb gZijbf_j h[ hldehg_gbb hl fZjrjmlZ gZ \_ebqbgm ij_\urZxsmx aZ^Zggmx h ijb[eb`_gbb d \\_^_gghc ebgbb hiZkghc bah[Zlu b d hl^_evguf hlf_q_gguf fZjd_jZfb hiZkghklyf h i_j_k_q_gbb jZchgh\ kh ki_pbZevgufb mkeh\byfb k aZg_k_ggufbij_^\Zjbl_evgh]jZgbpZfbb ^j LZddZdjZkljh\u_dZjlukha^Z\Zebkvih[mfZ`gufdZjlZfk jZagufbkbkl_fZfbhlkq_lZdhhj^bgZl lh bo ]hjbahglZevgu_ ^Zlmfu hlebqZxlky >Zggu_ jZkljh\uo dZjl g_ fh]ml [ulv i_j_kqblZgu gZ ^jm]hc ^Zlmf GZ wlh ke_^m_l h[jZsZlv \gbfZgb_ ijb bkihevah\Zgbb JGK b KGK jZ[hlZxsbo \ ]_h^_abq_kdhc kbkl_f_ hlebqghc hl dZjlu G_khhl\_lkl\b_ ^Zlmfh\ \ujZ`Z_lky \ kf_s_gbb ihabpbb km^gZGZjZkljh\hcdZjl_wlZjZagbpZgZb[he__aZf_lgZijbi_j_k_q_gbbhlf_ldhckm^gZk_ldbdZjlu GZ]jmadZ jZkljh\hc dZjlu g_ fh`_l [ulv mijhs_gZ beb m[jZgZ k p_evx __ ijbkihkh[e_gby d gZ\b]Zpbhgguf h[klhyl_evkl\Zf beb j_rZ_fhc aZ^Zq_ Wlh fh`_l \ebylv gZ gZdeZû\Z_fmx hl JEKK:JIbgnhjfZpbx 51& fh`_l hlh[jZ`Zlvky \ hjb]bgZevghf fZkrlZ[_ b \ ^jm]bo fZkrlZ[Zo ijb wlhf \k_ we_f_glu dZjlu\dexqZygZîbkbbaf_gyxlkyijhihjpbhgZevghbaf_g_gbxfZkrlZ[Z< j_amevlZl_qj_af_jgh_ m\_ebq_gb_bebmf_gvr_gb_fZkrlZ[Zfh`_lk_jv_aghmom^rblvjZa[hjqb\hklvbah[jZ`_gby ;_a \u[hjZ jZaebqguo ih fZkrlZ[m dZjl \hafh`ghklv ijhkfhljZ jZchgh\ ih imlb ke_^h\Zgby fh`_l[ulvh]jZgbq_gZ Wlhfh`_l\_klbd hij_^_e_ggufg_m^h[kl\Zfijbhij_^_e_gbb^bklZgpbc i_e_g]h\bebb^_glbnbdZpbbhl^Ze_gguoh[t_dlh\ Ijb baf_g_gbb hjb_glZpbb jZkljh\hc dZjlu gZ ^bkie__ ijhbkoh^bl ih\hjhl \k_o ijb\_^_gguo gZ g_c gZîbk_c b kbf\heh\ < j_amevlZl_ hjb_glbjh\dZ 51& bgZq_ q_f ih ghj^m mom^rZ_l jZa[hj l_dklZb kbf\heh\gZdZjl_ Ijbf_g_gb_ 51& khijh\h`^Z_lky aZljm^g_gbyfb \ ihemq_gbb ^hihegbl_evghc bgnhjfZpbb GZ jZkljh\hcdZjl_g_\hafh`ghbkihevah\Zlvhlebqbl_evgu_hkh[_gghklbgZ]jmadbdZjluêy hj]ZgbaZpbb ihemq_gby ^hihegbl_evghc bgnhjfZpbb h dZjlh]jZnbq_kdbo h[t_dlZo iml_f hlf_ldb bo dmjkhjhf G_\hafh`gh Z\lhfZlbq_kdb \u^_eblv [_ahiZkgmx bah[Zlm km^gZ beb [_ahiZkgu_ ]em[bgu b ihdZaZlvbogZwdjZg__keblhevdhg_hlf_lblvbo\jmqgmxijbieZgbjh\Zgbbimlb Ihh[t_fmnZcejZkljh\hcdZjluagZqbl_evgh[hevr_nZceZ\_dlhjghcdZjlukh^_j`Zs_]h^Zggu_ h^gh]hk jZkljh\hcdZjlhcjZchgZ G_h[oh^bfh lZd`_ aZf_lblv qlh kbkl_fu k 51& lZd`_ dZd b Z\lhfZlbabjh\Zggu_ gZ\b]Zpbhggu_ kbkl_fu k mijhs_ggufb b [mfZ`gufb dZjlZfb g_ kh\k_f dhjj_dlgh gZau\Zlv dZjlh]jZnbq_kdbfb lZd dZd \ gbo aZ bkdexq_gb_f dhjj_dlmju dZjlh]jZnbq_kdb_ hi_jZpbb g_ ijhba\h^ylky Kbkl_fu k jZkljh\ufb dZjlZfb jZkkfZljb\Zxlky ,02 dZd ijhf_`mlhqgu_ kihkh[gu_ \hkihegblv ihlj_[ghklv km^h\h^bl_e_c \ WD gZ wlZi_ ihdZ jZ[hlu ih kha^Zgbx iheghc dhee_dpbb HFGLVdZjl b kgZ[`_gbxbfbkm^h\g_[m^mliheghklvxaZ\_jr_gu :gZebabgnhjfZpbbhkgh\guo\g_rgbogZ\b]Zpbhgguo^Zlqbdh\GBDK Hkgh\gu_gZ\b]Zpbhggu_oZjZdl_jbklbdb^Zlqbdh\bgnhjfZpbb >eyj_r_gbyaZ^Zqkm^h\h`^_gbygZ\b]ZpbhgghbgnhjfZpbhggZydhfivxl_jgZy kbkl_fZ ^he`gZ h[_ki_qb\Zlv \hafh`ghklv ih^dexq_gby d g_c jZaebqguo ^Zlqbdh\ bgnhjfZpbb dmjkhmdZaZl_e_c ]bjhdhfiZkZ fZ]gblgh]h dhfiZkZ k ^bklZgpbhgghc i_j_^Zq_c ihdZaZgbc nexdk]_cldhfiZkZ eZ]h\ hlghkbl_evgh]h b Z[khexlgh]h wohehlZ jZ^bhehdZlhjZ b K:JI ijb_fgbdh\ JGK KGK 1$97(;Z lZd`_MD<ljZgkihg^_jZ:BK DZkZykv ihabpbhgguo kj_^kl\ ke_^m_l hlf_lblv qlh hkgh\gufb ba gbo ijb j_r_gbb aZ^Zq gZ\b]Zpbb fhjkdbo km^h\ klZeb dhkfbq_kdb_ kbkl_fu *36 b =EHG:KK Jhev [_j_]h\uo kbkl_f hij_^_e_gby iheh`_gby kgbabeZkv JGK ©Hf_]Zª m`_ \u\_^_gZ ba wdkiemZlZpbb >_ckl\b_ kbkl_fu ©>_ddZªieZgbjm_lkyij_djZlblv\ ]h^m JGK ©EhjZgKª ih ieZgm [m^_l hklZ\Zlvky \ wdkiemZlZpbb êy h[_ki_q_gby gZ^_`ghklb km^h\h`^_gby ^h ]h^Z b kem`blv \ dZq_kl\_ g_aZ\bkbfh]h kj_^kl\Z iha\heyxs_]h h[gZjm`blv gZjmr_gby \ ijZ\bevghklb \u^Z\Z_fhc ijb_fhbg^bdZlhjZfb KGK bgnhjfZpbb Ih]j_rghklv hij_^_e_gby iheh`_gby J ih JGK ©EhjZgKª aZ\bkbl hl \aZbfgh]h jZkiheh`_gby km^gZ b klZgpbc kbkl_fu b e_`bl \ ij_^_eZo 10 QDXWLFDO PLOHV fhjkdbo fbev Lhqghklv wlhc JGK fh`_l[ulvg_kdhevdhm\_ebq_gZaZkq_lkbgojhgbaZpbbjZ[hlugZa_fguoklZgpbck ihfhsvxkb]gZeh\ \j_f_gbhlKGKih]j_rghklvdhlhjuokhklZ\ey_l gk DZq_kl\h ^Zlqbdh\ bgnhjfZpbb b bo kihkh[ghklv \uihegylv l_ beb bgu_ aZ^Zqb \ h[eZklb km^h\h`^_gby ijbgylh hp_gb\Zlv gZ\b]Zpbhggufb oZjZdl_jbklbdZfb dhlhju_ aZ\bkyl hl l_ogbq_kdboiZjZf_ljh\^Zlqbdh\D hkgh\gufgZ\b]ZpbhggufoZjZdl_jbklbdZf^Zlqbdh\bgnhjfZpbb hlghkylky ahgZ ^_ckl\by ^bZiZahg baf_j_gbc jZaj_rZxsZy kihkh[ghklv lhqghklv gZ^_`ghklvihf_ohaZsbs_gghklvijh^he`bl_evghklvh^gh]hbaf_j_gbyb qZklhlZbaf_j_gbc >bZiZahg baf_j_gbc <P hij_^_ey_lky fbgbfZevguf <PLQ b fZdkbfZevguf <PD[ agZq_gb_f baf_jy_fhc\_ebqbgu <P <PD[ <PLQ Ih^jZaj_rZxs_ckihkh[ghklvx '< ihgbfZ_lkyhij_^_e_ggZyfbgbfZevgZy\_ebqbgZijbjZs_gby baf_jy_fh]hiZjZf_ljZdhlhjZy_s_ fh`_l [ulvbaf_j_gZijb[hjhfJZaj_rZxsZy kihkh[ghklvjy^Z baf_jbl_evguo mkljhckl\ fh`_l [ulv \uqbke_gZ q_j_a ^himklbfmx hlghkbl_evgmx ih]j_rghklv V ijb[hjZ\ujZ`_ggmx\ ijhp_glZo H '< <P Lhqghklv ij_^klZ\ey_l kh[hc oZjZdl_jbklbdm ^himkdZ_fuo ijb baf_j_gbb ih]j_rghkl_c H[s_ijbgyluf djbl_jb_f lhqghklb \ km^h\h`^_gbb y\ey_lky \_ebqbgZ ih]j_rghklb baf_j_gby iZjZf_ljZ J Ih^ gZ^_`ghklvx ihgbfZ_lky kihkh[ghklv ZiiZjZlmju \uihegylv k\hb aZ^Zqb \ l_q_gb_ hij_^_e_ggh]h\j_f_gbGZ^_`ghklvZiiZjZlmjuoZjZdl_jbam_lky \_jhylghklvx [_ahldZaghc jZ[hlu \j_f_g_fgZjZ[hldbgZhldZab ^jm]bfboZjZdl_jbklbdZfb Ih^ ihf_ohaZsbs_gghklvx ihgbfZ_lky kihkh[ghklv ijb[hjZ khojZgylv k\hb gZ\b]Zpbhggu_ oZjZdl_jbklbdb\ mkeh\byo^_ckl\byjZaebqguoihf_o Ijh^he`bl_evghklv h^gh]h baf_j_gby hij_^_e_gby wlh \j_f_gghc bgl_j\Ze hl fhf_glZ gZqZeZ baf_j_gby gZ\b]Zpbhggh]h iZjZf_ljZ ^h fhf_glZ \u^Zqb j_amevlZlZ baf_j_gby Dh]^Z lZdh_ \j_fy fZehbaf_j_gbygZau\Zxlkyf]gh\_ggufb QbklhlZ baf_j_gbc hij_^_e_gbc oZjZdl_jbam_lky bgl_j\Zehf \j_f_gb f_`^m ^\mfy ihke_^h\Zl_evgufb baf_j_gbyfbgZ\b]Zpbhggh]hiZjZf_ljZDh]^ZlZdZyqZklhlZy\ey_lky^hklZlhqgh \ukhdhcbaf_j_gbykqblZxlkyg_ij_ju\gufb DmjkhmdZaZl_ebb eZ]b =bjhdhfiZku Hkgh\gufdmjkhmdZaZl_e_fgZkm^Zoy\ey_lky]bjhdhfiZkWlh^hklZlhqghgZ^_`guc b lhqguc ijb[hj Hg g_ij_ju\gh baf_jy_l dmjk km^gZ \ ^bZiZahg_ ?]h lhqghklv ijb mklZgh\b\r_fkyj_`bf_^\b`_gbykm^gZ mom^rZ_lkyk jhklhfrbjhluf_klZGZlhqghklv=D\ebyxl fZg_\jbjh\Zgb_km^gZb dZqdZKh]eZkghlj_[h\ZgbcBFH\ mklZgh\b\r_fkyj_`bf_^\b`_gbykm^gZ lhqghklv =D ^he`gZ [ulv \ ij_^_eZo VHFM Bg_jpbhggZy ih]j_rghklv =D ijb fZg_\jZo \ rbjhlZo^h g_^he`gZij_\urZlvijb[ukljhf baf_g_gbbkdhjhklbgZ ma ijb[ukljhf baf_g_gbbdmjkZ gZ ijb kdhjhklb ma >ey dhfi_gkZpbb kdhjhklghc ih]j_rghklb \ =D \jmqgmxbebZ\lhfZlbq_kdb^he`gu\\h^blvkykdhjhklvkm^gZb rbjhlZf_klZ EZ]b y\eyxlky^ZlqbdZfbkdhjhklbkm^gZb ijhoh^bfh]hbfjZkklhygby< gZklhys__ \j_fygZkm^Zo ijbf_gyxlkyhlghkbl_evgu_b Z[khexlgu_eZ]bI_j\u_baf_jyxlkdhjhklvkm^gZhlghkbl_evgh\hû Z \lhju_ hlghkbl_evgh]jmglZ EZ]b kh\j_f_gguo km^h\ ^he`gu baf_jylv kdhjhklv gZ i_j_^g_f b aZ^g_f oh^m Ba hlghkbl_evguo eZ]h\ lZdhc kihkh[ghklvx h[eZ^Zxl bg^mdpbhggu_ eZ]b >bZiZahg baf_jy_fuo bg^mdpbhgguf eZ]hf agZq_gbckdhjhklbkm^gZaZ\bkblhl\b^ZeZ]Z>eyeZ]h\]jZ`^Zgkdbofhjkdbo\h^hbaf_sZxsbokm^h\ wlhl^bZiZahgh[uqghgZoh^blky\ ij_^_eZohl ^h maeh\Bgkljmf_glZevgZyih]j_rghklveZ]Z aZ\bkbl hl debfZlbq_kdbo mkeh\bc Ijb hlghkbl_evghc \eZ`ghklb b l_fi_jZlmj_ \ha^moZ K hgZf_gvr_ maIjbhljbpZl_evghcl_fi_jZlmj_\ha^moZih]j_rghklvdhe_[e_lky\ ij_^_eZo ma Kq_lqbd ijhc^_ggh]h jZkklhygby iha\hey_l kgylv hlkq_l k lhqghklvx fbeb Kghk km^gZl_q_gb_fbg^mdpbhgguceZ]g_mqblu\Z_l >ey baf_j_gby kdhjhklb hlghkbl_evgh ]jmglZ ijbf_gyxlky ]b^jhZdmklbq_kdb_ ^hie_jh\kdb_ b dhjj_eypbhggu_ eZ]b Hgb k \ukhdhc lhqghklvx baf_jyxl kdhjhklv km^gZ dZd gZ i_j_^g_f lZd b gZ aZ^g_foh^mJZ[hqb_]em[bguwlboeZ]h\g_ij_\urZxl fIjbieZ\ZgbbgZ[hevrbo]em[bgZo wlb eZ]b jZ[hlZxl \ hlghkbl_evghf j_`bf_ < wlhf j_`bf_ ijb baf_j_gbb kdhjhklb g_ mqblu\Z_lky l_q_gb_ >hie_jh\kdb_ b dhjj_eypbhggu_ eZ]b h[uqgh baf_jyxl ijh^hevgmx b ihi_j_qgmx khklZ\eyxsb_kdhjhklbkm^gZIhwlhfm\\h^hlgbokdhjhklb\ GBDK^he`_g[ulv^\modhhj^bgZlguf Lhqghklv baf_j_gbc ^hie_jh\kdbf eZ]hf kdhjhklb \ Z[khexlghf j_`bf_ jZ[hlu khklZ\ey_l hdheh ijhc^_ggh]hjZkklhygby ijbf_jgh m]eZkghkZ Dhjj_eypbhgguceZ]ihkjZ\g_gbxk ^hie_jh\kdbfeZ]hfbf__lke_^mxsb_ij_bfms_kl\Z h^gh\j_f_gghk baf_j_gb_fkdhjhklbbaf_jy_lky]em[bgZih^dbe_f gZlhqghklvbaf_j_gbykdhjhklbkm^gZg_\eby_lbaf_g_gb_kdhjhklba\mdZ rbjhdb_^bZ]jZffugZijZ\e_gghklbZdmklbq_kdboZgl_ggg_lj_[m_lkyklZ[bebabjh\ZlvgZdZqd_ Dhjj_eypbhgguc eZ] lZd`_ oZjZdl_jbam_lky \ukhdhc lhqghklvx ih]j_rghklv baf_j_gby kdhjhklb khklZ\ey_l^h maijhc^_ggh]hjZkklhygby ^h ]em[bguih^dbe_f :gZebabgnhjfZpbbKGK Ij_bfms_kl\Zkh\f_klghcjZ[hluGBDKkhkimlgbdh\ufbgZ\b]Zpbhggufb kbkl_fZfb GBDK ^he`gZ bf_lv \hafh`ghklv g_ij_ju\gh]h hlh[jZ`_gby f_klZ km^gZ gZ hkgh\_ h[k_j\Zpbc lhqghklv dhlhjuo khhl\_lkl\m_l lj_[h\Zgbyf [_ahiZkgh]h ieZ\Zgby BgnhjfZpbx êy lZdbo h[k_j\Zpbc ij_^hklZ\eyxl jZ^bhgZ\b]Zpbhggu_kbkl_fu [_j_]h\u_ JGK beb dhkfbq_kdb_ KGK Z lZd`_JEK< ]J_ahexpb_c: BFHijbgyeZwdkiemZlZpbhggu_lj_[h\Zgbyd <k_fbjghc jZ^bhgZ\b]Zpbhgghc kbkl_f_ <JGK bgnhjfZpby dhlhjhc hl\_qZ_l p_eyf km^h\h`^_gby < khhl\_lkl\bb k wlbfb lj_[h\Zgbyfb <JGK ^he`gZ h[_ki_qb\Zlv ]eh[Zevghklv ihdjulby g_ij_ju\ghklv jZ[hlu b \u^Zqm dhhj^bgZl k lhqghklvx hl\_qZxs_c klZg^ZjlZf lhqghklb km^h\h`^_gbyKbkl_fZhij_^_e_gbcf_klZbeb__ we_f_glu^he`gu[ulvh^h[j_guBFH >ey fhjkdh]h km^h\h`^_gby h[k_j\Zpbb fh]ml kqblZlvky g_ij_ju\gufb dh]^Z bo qZklhlZ khklZ\ey_l h^bg jZa \ fbgmlm b [hevr_ Kh\j_f_ggu_ lj_[h\Zgby d lhqghklb km^h\h`^_gby hij_^_e_gu j_ahexpb_c : ijbgylhc BFH \ ] Kh]eZkgh wlbf lj_[h\Zgbyf \ hldjulhf fhj_b \ijb[j_`guo\h^Zof_klhkm^gZ^he`gh[ulvba\_klghk ih]j_rghklvxg_ij_\urZxs_c jZkklhygby ^h ij_iylkl\by gh g_ [hevr_c fbev Lhqghklv hij_^_e_gby f_klZ ijb ieZ\Zgbb \ kl_kg_gguomkeh\byo^he`gZ[ulvg_om`_ f D lj_[m_fhc BFH <JGK gZb[he__ [ebadb ih k\hbf oZjZdl_jbklbdZf kj_^g_hj[blZevgu_ kimlgbdh\u_ gZ\b]Zpbhggu_ kbkl_fu < ] ih aZy\dZf ijZ\bl_evkl\ KR: b Jhkkbb BFH h^h[jbeZ kbkl_fu *36 *OREDO 3RVLWLRQ 6\VWHP b =EHG:KK =eh[ZevgZy gZ\b]ZpbhggZy kimlgbdh\Zy kbkl_fZ k h[ty\e_ggufb lhqghklyfb f m *36 b f m =EHG:KK Ijb_fhbg^bdZlhju kj_^g_hj[blZevguo KGK \dexq_gu \ khklZ\ h[yaZl_evghc km^h\hc gZ\b]Zpbhgghc ZiiZjZlmju ij_^mkfZljb\Z_fhc]eZ\hc KHE:K K ] ih j_r_gbx IjZ\bl_evkl\Z KR: [ue hlf_g_g \\h^ ih]j_rghkl_c bkdmkkl\_ggh]h ijhbkoh`^_gby\ ^Zggu_*36 b __lhqghklvih\ukbeZkv^h f Kbkl_fu *36 b =EHG:KK g_ khhl\_lkl\mxl kh\j_f_gguf lj_[h\Zgbyf d lhqghklb hij_^_e_gbc f_klZ lhevdh ijb ieZ\Zgbb \ kl_kg_gguo mkeh\byo H^gbf ba kihkh[h\ m^h\e_l\hj_gby lhqghklb ieZ\Zgby \ kl_kg_gguo \h^Zo k ihfhsvx kj_^g_hj[blZevguo KGK y\ey_lky bkihevah\Zgb_ bfb ^bnn_j_gpbZevgh]hj_`bfZhij_^_e_gby '*36dhlhjuciha\hey_lmklZgh\blvdhhj^bgZluh[t_dlZk lhqghklvx f Ijb_fhbg^bdZlhju kj_^g_hj[blZevguo KGK b ZiiZjZlmjZ hlh[jZ`_gby gZ\b]Zpbhgguo dZjl \u]h^gh ^hihegyxl ^jm] ^jm]Z Bo kh\f_klgh_ ijbf_g_gb_ iha\hey_l hlh[jZ`Zlv iheh`_gb_ km^gZ \ j_Zevghf fZkrlZ[_ \j_f_gb qlh bf__l hkh[_ggh_ agZq_gb_ ijb ieZ\Zgbb \ kl_kg_gguo \h^Zo Ijb bkihevah\Zgbb [mfZ`guo dZjl lj_[m_lky hij_^_e_ggh_ \j_fy êy i_j_ghkZ ihabpbb km^gZ k ijb_fhbg^bdZlhjZKGKgZdZjlmqlh\uau\Z_laZiZaû\Zgb_\ hlh[jZ`_gbbl_dms_cihabpbbDjhf_ lh]h gZ [mfZ`ghc dZjl_ g_l \hafh`ghklb hlh[jZ`Zlv iheh`_gb_ km^gZ g_ij_ju\gh Ijb bkihevah\Zgbb kbkl_f hlh[jZ`_gby we_dljhgguo dZjl gZ km^g_ fh`_l [ulv mklZgh\e_g g_^hjh]hc ijb_fgbdKGKlZddZd^hihegbl_evgu_gZ\b]Zpbhggu_aZ^Zqb\ wlhfkemqZ_[m^mlj_rZlvkyGBDK Ijb jZ[hl_ *36 \ ^bnn_j_gpbZevghf j_`bf_ \ jZchg_ hihjghc klZgpbb GBDK hdZau\Z_l agZqbl_evgmx ihfhsv km^h\h^bl_ex ijb ieZ\Zgbb \ kl_kg_gguo \h^Zo ij_^hklZ\eyy \ j_Zevghf \j_f_gb lhqgh_ iheh`_gb_ km^gZ gZ WD JZkrbj_gb_ k_lb hihjguo klZgpbc '*36 kihkh[kl\m_l agZqbl_evghfmih\ur_gbxjhebGBDK\ h[_ki_q_gbb[_ahiZkgh]hkm^h\h`^_gby DjZldZyoZjZdl_jbklbdZ *36 b __ih]j_rghkl_c KhklZ\ kbkl_fu Kimlgbdh\Zy gZ\b]ZpbhggZy kbkl_fZ Fbgbkl_jkl\Z H[hjhgu KR: *36 gZau\Z_fZy lZd`_ 1$967$5 1DYLJDWLRQ 6\VWHP XVLQJ 7LPLQJ DQG 5DQJLQJ khklhbl ba gZ\b]Zpbhgguo bkdmkkl\_gguo kimlgbdh\ A_feb GBKA gZa_fgh]h dhfZg^ghbaf_jbl_evgh]h dhfie_dkZ b ZiiZjZlmju ihlj_[bl_e_c HgZ y\ey_lky ]eh[Zevghc \k_ih]h^ghc gZ\b]Zpbhgghc kbkl_fhc h[_ki_qb\Zxs_c hij_^_e_gb_ dhhj^bgZl h[t_dlh\ k \ukhdhc lhqghklvx \ lj_of_jghf hdheha_fghfijhkljZgkl\_ Kimlgbdb *36 jZkiheh`_gu gZ r_klb kj_^g_\ukhdbo hj[blZo \ukhlZ df b bf_xl i_jbh^ h[jZs_gby qZkh\ Iehkdhklb hj[bl jZkiheh`_guq_j_a b gZdehg_gu d wd\Zlhjm ih^ m]ehf GZ dZ`^hc hj[bl_ jZkiheZ]Z_lky kimlgbdZ ljb hkgh\guo kimlgbdZ b h^bg aZiZkghc kimlgbdh\ wlhfbgbfZevgh_dhebq_kl\h^gyh[_ki_q_gby\b^bfhklb\ dZ`^hclhqd_A_febg_f_g__o kimlgbdh\ Kbkl_fZ ij_^gZagZq_gZ êy h[_ki_q_gby gZ\b]Zpbb \ha^mrguo b fhjkdbo km^h\ b hij_^_e_gby \j_f_gb k \ukhdhc lhqghklvx HgZ fh`_l ijbf_gylvky \ j_`bf_ ^\mof_jghc gZ\b]Zpbb ' hij_^_e_gb_gZ\b]ZpbhgguoiZjZf_ljh\h[t_dlh\gZih\_joghklbA_feb b \lj_of_jghfj_`bf_ ' baf_j_gb_gZ\b]ZpbhgguoiZjZf_ljh\h[t_dlh\gZîh\_joghklvxA_feb >eygZoh`^_gbyiheh`_gby h[t_dlZ\ lj_of_jghfj_`bf_lj_[m_lkybaf_jblvgZ\b]Zpbhggu_iZjZf_ljug_f_g__o GBKAZ ijb ^\mof_jghcgZ\b]Zpbb g_f_g__o GBKA < kbkl_f_ bkihevam_lky ik_\^h^Zevghf_jguc f_lh^ hij_^_e_gby iheh`_gby b ik_\^hjZ^bZevgh kdhjhklghcf_lh^gZoh`^_gbykdhjhklbh[t_dlZ>ey ih\ur_gbylhqghklb j_amevlZlu hij_^_e_gbc k]eZ`b\Zxlkyk ihfhsvxnbevljZDZefZgZ Baemq_gb_gZ\b]Zpbhgguokb]gZeh\kimlgbdZfb*36 ijhba\h^blkygZ^\moqZklhlZo) b ) F=p J_`bf baemq_gby g_ij_ju\guc k ik_\^hrmfh\hc fh^meypb_c GZ\b]Zpbhggu_ kb]gZeu ij_^klZ\eyxl kh[hc aZsbs_gguc Jdh^ SUHFLVLRQ FRGH baemqZ_fuc gZ qZkhlZo )O ) b h[s_^hklmigucK:dh^ FRDUVH DQG DFTXLVLWLRQ FRGH baemqZ_fuclhevdhgZqZklhl_ )O < *36 êy dZ`^h]h kimlgbdZ hij_^_e_g k\hc mgbdZevguc K:dh^ b mgbdZevguc Jdh^ LZdhc \b^ jZa^_e_gby kb]gZeh\ kimlgbdh\ gZau\Z_lky dh^h\uf Hg iha\hey_l \ ijb_fgbd_ jZkihagZ\Zlv dZdhfm kimlgbdmijbgZê_`blkb]gZedh]^Zg_kmsZyqZklhlZkb]gZeh\\k_okimlgbdh\h^bgZdh\Z *36 ij_^hklZ\ey_l ^\Z mjh\gy h[kem`b\Zgby ihlj_[bl_e_c lhqgu_ hij_^_e_gby 336 3UHFLVH 3RVLWLRQLQJ 6HUYLFH b klZg^Zjlgu_hij_^_e_gby 636 6WDQGDUG 3RVLWLRQLQJ 6HUYLFH 336 hkgh\u\Z_lkygZ lhqghf Jdh^_ Z 636 gZ h[s_^hklmighf K:dh^_ Mjh\_gv h[kem`b\Zgby 336 ij_^hklZ\ey_lky \h_ggufb n_^_jZevgufkem`[ZfKR:Z 636 fZkkh\hfm]jZ`^Zgkdhfmihlj_[bl_ex Djhf_ dh^h\ J b K: kimlgbd j_]meyjgh i_j_^Z_l khh[s_gb_ dhlhjh_ kh^_j`bl bgnhjfZpbx h khklhygbbkimlgbdZ_]hwn_f_jb^Zokbkl_fghf\j_f_gbijh]gha_bhghkn_jghcaZ^_j`dbihdZaZl_eyo jZ[hlhkihkh[ghklb ;hjlh\Zy ZiiZjZlmjZ *36 khklhbl ba Zgl_ggu b ijb_fhbg^bdZlhjZ IB IB \dexqZ_l\ k_[y ijb_fgbd \uqbkebl_ev [ehdb iZfylb mkljhckl\Z mijZ\e_gby b bg^bdZpbb < [ehdZo iZfylb ojZgylkyg_h[oh^bfu_^Zggu_ijh]jZffuj_r_gbyaZ^Zqb mijZ\e_gbyjZ[hlhcijb_fhbg^bdZlhjZ < aZ\bkbfhklb hl gZagZq_gby bkihevam_lky ^\Z \b^Z [hjlh\hc ZiiZjZlmju ki_pbZevgZy b êy fZkkh\h]hihlj_[bl_ey Ki_pbZevgZy ZiiZjZlmjZ ij_^gZagZq_gZ êy hij_^_e_gby dbg_fZlbq_kdbo iZjZf_ljh\ jZd_l \h_gguo kZfhe_lh\ dhjZ[e_c b ki_pbZevguo km^h\ Ijb gZoh`^_gbb iZjZf_ljh\ h[t_dlh\ \ g_c bkihevamxlky J b K: dhû WlZ ZiiZjZlmjZ h[_ki_qb\Z_l ijZdlbq_kdb g_ij_ju\gu_ hij_^_e_gby k lhqghklvxf_klhiheh`_gbyh[t_dlZ fkdhjhklb fk\j_f_gb gk :iiZjZlmjZêy fZkkh\h]h ]jZ`^Zgkdh]h ihlj_[bl_ey \ lhf qbke_ b êy fhjkdbo km^h\ mklmiZ_l ihk\hbfoZjZdl_jbklbdZfki_pbZevghcZiiZjZlmj_Hij_^_e_gb_dbg_fZlbq_kdboiZjZf_ljh\h[t_dlh\ \_^_lky \ g_c ih gZ[ex^_gbyf gZoh^ysboky \ ahg_ \b^bfhklb GBKA k bkihevah\Zgb_f lhevdh K: dh^ZWlZZiiZjZlmjZijhs_b ^_r_\e_ki_pbZevghcZiiZjZlmjuHgZkihkh[gZh[_ki_qb\Zlvlhqghklv hij_^_e_gbyf_klhiheh`_gbyihjy^dZ fH^gZdhFbgbkl_jkl\hH[hjhguKR:k \h_gghclhqdb aj_gby ihkqblZeh ij_^hklZ\e_gb_ lZdhc lhqghklb \k_f [_a bkdexq_gby ihlj_[bl_eyf ihl_gpbZevgh hiZkguf b bkdmkkl\_ggh kgb`ZeZ lhqghklv f_klhhij_^_e_gby ^h f >ey wlh]h \ j_`bf_ 636 nhjfbjh\Zebkv hrb[db bkdmkkl\_ggh]h ijhbkoh`^_gby ih]j_rghklb j_`bfZ k_e_dlb\gh]h ^hklmiZ \ghkbfu_\ kb]gZeugZ[hjlmkimlgbdh\K ]IjZ\bl_evkl\hfKR:\\h^bkdmkkl\_gguohrb[hd\ ^Zggu_*36 [uehlf_g_g Ih]j_rghklb b h]jZgbq_gby Hkgh\gufb bklhqgbdZfbih]j_rghkl_c\ebyxsbogZlhqghklv [hjlh\hcZiiZjZlmjuêyfZkkh\h]hihlj_[bl_eyy\eyxlky Bhghkn_jgu_ ih]j_rghklb h[mkeh\e_ggu_ aZ^_j`dZfb \ jZkijhkljZg_gbb jZ^bh\heg \ \_jogbo kehyoZlfhkn_judhlhju_ijb\h^yld hrb[dZfhij_^_e_gbyiheh`_gbyihjy^dZ f ^g_fb f ghqvx Ljhihkn_jgu_ih]j_rghklb ijbqbghcdhlhjuoy\eyxlkybkdZ`_gby\ ijhoh`^_gbbjZ^bh\hegq_j_a gb`gb_kehbZlfhkn_juHgbg_ij_\urZxl f Wn_f_jb^gZy ih]j_rghklv h[mkeh\e_ggZy jZaghklvx f_`^m jZkq_lguf b ^_ckl\bl_evguf iheh`_gbyfbkimlgbdZdhlhjZykhklZ\ey_lg_[he__ f Ih]j_rghklvhij_^_e_gbyjZkklhygby^hkimlgbdZh[uqghg_ij_\urZxsZy f Kj_^gyy d\Z^jZlbq_kdZy \_ebqbgZ ih]j_rghklb j_`bfZ k_e_dlb\gh]h ^hklmiZ hrb[db bkdmkkl\_ggh]h ijhbkoh`^_gby \ghkbfhc ^h ] k p_evx aZ]jm[e_gby gZ\b]Zpbhgguobaf_j_gbc khklZ\eyeZijbf_jgh f Ke_^m_llZd`_h[jZlblv \gbfZgb_b gZ i_jbh^bq_kdh_\hagbdgh\_gb_\ kbkl_f_ahg3'23 3RVLWLRQ 'LOXWLRQ RI 3UHFLVLRQ \ dhlhjuo g_ h[_ki_qb\Z_lky h[ty\e_ggZy lhqghklv gZ\b]Zpbb Wlb ahgu \hagbdZxl\ l_q_gbb fbg\ ^bZiZahg_ k_\_jghcb x`ghcrbjhl >bnn_j_gpbZevguc f_lh^ hij_^_e_gbc Hkgh\guf kihkh[hf ih\ur_gby lhqghklb f_klhhij_^_e_gbc *36 \ j_`bf_ 636 y\ey_lky ijbf_g_gb_ ijbgpbiZ ^bnn_j_gpbZevguo gZ\b]Zpbhgguo baf_j_gbc >bn _j_gpbZevguc kihkh[ '*36 j_Zebam_lky k ihfhsvx hihjghc klZgpbb k ba\_klgufb dhhj^bgZlZfb mklZgZ\eb\Z_fhc \ jZchg_ hij_^_e_gbc f_klZ GZ klZgpbb jZkiheZ]Z_lky dhgljhevguc *36ijb_fgbd KjZ\gb\Zy k\hb ba\_klgu_ dhhj^bgZlu k baf_j_ggufb dhgljhevguc *36ijb_fgbd \ujZ[Zlu\Z_l ihijZ\db dhlhju_ i_j_^Zxlky ihlj_[bl_eyf ih jZ^bhdZgZem :iiZjZlmjZ ihlj_[bl_ey \ wlhf kemqZ_ ^he`gZ [ulv ^hiheg_gZ jZ^bhijb_fgbdhf êy ihemq_gby ^bnn_j_gpbZevguo ihijZ\hd IhijZ\db ijbgylu_ hl hihjghc klZgpbb Z\lhfZlbq_kdb \\h^ylky \ j_amevlZlu baf_j_gbc Wlh iha\hey_l mklZgh\blv \ jZchg_ hihjghc klZgpbb dhhj^bgZlu h[t_dlZk lhqghklvx fLhqghklv '*36hij_^_e_gbc aZ\bkblhloZjZdl_jbklbdhihjghcklZgpbbb hl jZkklhygby hl h[t_dlZ ^h hihjghc klZgpbb Ih wlhc ijbqbg_ hihjgmx klZgpbx j_dhf_g^m_lky jZkiheZ]Zlvg_^Ze__ df hlh[t_dlZ Kms_kl\_gghc ijh[e_fhc kgb`Zxs_c wnn_dlb\ghklv kbkl_fu *36 y\ey_lky g_lhqghklv ]_h^_abq_kdhckt_fdbjy^ZjZchgh\A_feb*36 ij_^klZ\ey_ldhhj^bgZluhij_^_eyxsbokyh[t_dlh\\h \k_fbjghc]_h^_abq_kdhckbkl_f_:*6Kms_kl\mxlihijZ\dbêyi_j_oh^Zhlwlhckbkl_fud jy^m ^jm]bo ]_h^_abq_kdbo kbkl_f H^gZdh g_ dh \k_f Djhf_ wlh]h ]hjbahglZevguc ^Zlmf agZqbl_evgh]h dhebq_kl\ZgZ\b]ZpbhgguodZjlg_ba\_kl_g< jy^_jZchgh\A_feb gZijbf_jhkljh\h\X]h\hklhqghc :abb kt_fdZdhlhjuoijhba\h^beZkv\ ^Ze_dhfijhrehfbaaZ[hevrboih]j_rghkl_chihjguolhq_d ]_h^_abq_kdhck_lbhlebqbydhhj^bgZlghckbkl_fudZjluhl :*6fh]ml[ulvagZqbl_evgufbBaaZ hlkmlkl\byihijZ\hdf_klhkm^gZ\ kbkl_f_ :*6 i_j_g_k_ggh_gZlZdmxdZjlmfh`_lhdZaZlvkygZ [_j_]m DjZldZyoZjZdl_jbklbdZkbkl_fu©=EHG:KKª Kh\_lkdZy ]eh[ZevgZy kimlgbdh\Zy gZ\b]ZpbhggZy kbkl_fZ =EHG:KK khklhbl ba GBKA gZa_fgh]hdhfZg^ghbaf_jbl_evgh]hdhfie_dkZb ZiiZjZlmjuihlj_[bl_e_cHgZy\ey_lky]eh[Zevghc \k_ih]h^ghc gZ\b]Zpbhgghc kbkl_fhc h[_ki_qb\Zxs_c hij_^_e_gb_ dhhj^bgZl h[t_dlh\ k \ukhdhc lhqghklvx \ lj_of_jghf hdheha_fghf ijhkljZgkl\_ < iheghf h[t_f_ nmgdpbhgbjh\Zgb_ =EHG:KK gZqZehkvk yg\Zjy ] Kimlgbdb =EHG:KK jZkiheh`_gu gZ lj_o kj_^g_\ukhdbo hj[blZo \ukhlZ df b bf_xl i_jbh^ h[jZs_gby qZkh\ fbgml Iehkdhklb hj[bl jZkiheh`_gu q_j_a b gZdehg_gu d wd\Zlhjmih^m]ehf GZdZ`^hchj[bl_jZkiheZ]Z_lky kimlgbdh\ DZ`ûc kimlgbd baemqZ_l bgnhjfZpbx h k\h_c lhqghcihabpbb b bgnhjfZpbx h ihabpbyo ^jm]bo kimlgbdh\Baemq_gb_gZ\b]Zpbhgguokb]gZeh\kimlgbdZfb=EHG:KKijhba\h^blkygZ^\mog_kmsbo qZklhlZo)b )J_`bfbaemq_gby g_ij_ju\guck ik_\^hrmfh\hcfh^meypb_c< hlebqb_hl*36 dZ`ûc kimlgbd =EHG:KK bf__l k\hb agZq_gby ) b ) AgZq_gby qZklhl ) \k_o kimlgbdh\ =EHG:KK e_`Zl \ ^bZiZahg_ F=p b hlebqZxlky êy jZaguo kimlgbdh\ gZ \_ebqbgm djZlgmx F=p Khhl\_lkl\_ggh agZq_gby qZklhl ) gZoh^ylky \ ^bZiZahg_ F=p b hlebqZxlkyêyjZaguokimlgbdh\gZ\_ebqbgmdjZlgmx F=p GZ\b]Zpbhggu_ kb]gZeu ij_^klZ\eyxl kh[hc Jdh^ baemqZ_fuc gZ qZkhlZo ) ) b K:dh^ baemqZ_fuclhevdhgZqZklhl_ ) < hlebqb_hl *36 ]^_dhûJ bK: êyjZaguokimlgbdh\jZagu_\ =EHG:KK hgb h^bgZdh\u êy \k_o kimlgbdh\ LZdbf h[jZahf \ hlebqb_ hl ijbf_gy_fh]h \ *36 dh^h\h]h f_lh^Z \ =EHG:KK j_Zebah\Zg qZklhlguc f_lh^ jZaebq_gby gZ\b]Zpbhgguo kb]gZeh\ kimlgbdh\ :iiZjZlmjZ ihevah\Zl_e_c \dexqZ_l h[hjm^h\Zgb_ g_h[oh^bfh_ êy khijh\h`^_gby kimlgbdh\ hij_^_e_gby ihabpbb kdhjhklb b \j_f_gb ih ^Zgguf hj[bl kimlgbdh\ b baf_j_gbyf gZ\b]Zpbhgguo iZjZf_ljh\ >ey ijb_fZ gZ\b]Zpbhgguo kb]gZeh\ bf__lky qZklhlguo dZgZeZ < kj_^g_f lhqghklv hij_^_e_gbyiheh`_gbyk ihfhsvxki_pbZevghc[hjlh\hcZiiZjZlmju=EHG:KKkhklZ\ey_l f_ljh\ ?keb *36 bf__lgZbemqrmxlhqghklv\ kj_^gborbjhlZolh=EHG:KK \ \ukhdbo =EHG:KK^Z_lf_klh\ ]_h^_abq_kdhckbkl_f_IJZaghklvf_`^miheh`_gb_fh[t_dlZ\ Ib :*6g_ij_\urZ_l f\ kj_^g_fhgZ khklZ\ey_l f < gZklhys__\j_fy mlhqgyxlkyêyjZaguo jZchgh\A_feblhqgu_agZq_gbyihijZ\hdêyi_j_oh^Zhlkbkl_fuId :*6 Kbkl_fZ =EHG:KK fh`_l bkihevah\Zlvky kh\f_klgh k *36 *36 DQG */21$66 *OREDO 1DYLJDWLRQ 6DWHOOLWH 6\VWHP *166 Wlh iha\hey_l ih kjZ\g_gbx k *36 ih\ukblv lhqghklv b gZ^_`ghklv hij_^_e_gbc aZ kq_l m\_ebq_gby qbkeZ gZ[ex^Z_fuo kimlgbdh\ memqr_gby ]_hf_ljbb bo jZkiheh`_gby\ \ukhdborbjhlZobkihevah\Zgbyh[hbodh^h\=EHG:KK\ ZiiZjZlmj_êyfZkkh\h]h ihlj_[bl_eyqlh^Z_l\hafh`ghklv[he__lhqghmq_klv\ *36 bhghkn_jgmx ih]j_rghklv BgnhjfZpbyjZ^bhehdZlhjZb K:JI JZ^bhehdZlhj y\ey_lky êy GBDK h^gbf ba hkgh\guo ^Zlqbdh\ bgnhjfZpbb êy hij_^_e_gbc iheh`_gbyb iZjZf_ljh\^\b`_gbykm^gZ\ kl_kg_gguo \h^ZoJZ^bhehdZpbhggu_ hij_^_e_gby f_klZ ijhba\h^ylky iml_f ijb\yadb d we_f_glZf [_j_]h\hc q_jlu Djhf_ wlh]h bgnhjfZpby JEK b K:JI b]jZ_l hkgh\gmx jhev ijb j_r_gbb aZ^Zq ij_^mij_`^_gby klhedgh\_gbc km^h\ OZjZdl_jbamy bgnhjfZpbxJEKb K:JIg_h[oh^bfhhlf_lblvke_^mxs__ >Zevghklv h[gZjm`_gby h[t_dlh\ \ JEkbkl_f_ aZ\bkbl hl g_kdhevdbo nZdlhjh\ jZaf_jh\ b hljZ`Zxs_ckihkh[ghklbkZfboh[t_dlh\oZjZdl_jbklbdJEK\ukhluZgl_ggugZebqbyihf_o Ijb ghjfZevguo mkeh\byo jZkijhkljZg_gby jZ^bh\heg dh]^Z \ukhlZ Zgl_ggu gZ^ mjh\g_f fhjy jZ\gZ f bg_lihf_oJEK^he`gZ ^Z\Zlvq_ldh_bah[jZ`_gb_ ;_j_]Z gZjZkklhygbb 10dh]^Zhg\ha\urZ_lkygZ^ mjh\g_ffhjy^h fb gZjZkklhygbb 10 dh]^Zhgih^gbfZ_lky^h f GZ^\h^guoh[t_dlh\km^h\\f_klbfhklvx [jlg_aZ\bkbfhhljZdmjkZ gZjZkklhygbbg_f_g__ 10 fZeuo km^h\ êbghc ihjy^dZ f gZ jZkklhygbb g_ f_g__ 10 h[t_dlh\ lZdbo dZd gZ\b]Zpbhggu_ [mb bf_xsbo wnn_dlb\gmx hljZ`Zxsmx ih\_joghklv ihjy^dZ d\f gZ jZkklhygbb g_ f_g__ 10 Dh]^Z Zgl_ggZ jZkiheh`_gZ gZ \ukhl_ f gZ^ mjh\g_f fhjy lh ^Z`_ \ mkeh\byo ihf_o hl fhjy JEkbkl_fZ ^he`gZ ^Z\Zlv q_ldmx hlf_ldm klZg^Zjlgh]h jZ^bhehdZpbhggh]h hljZ`Zl_eygZjZkklhygbb^h10 =h\hjy h fbgbfZevghc ^bklZgpbb JEK ke_^m_l hlf_lblv qlh gZ^\h^gu_ h[t_dlu ^he`gu [ulv q_ldhhlh[jZ`_gugZwdjZg_ JEKgZqbgZyk fbgbfZevghc]hjbahglZevghc^bklZgpbb f hlihabpbb Zgl_ggu Hij_^_e_gb_ f_klZ km^gZ k ihfhsvx JEK ijhba\h^blky ih baf_j_gbyf i_e_g]h\ b jZkklhygbc [_j_]h\uo h[t_dlh\ eb[h h[ahjguf f_lh^hf kh\f_s_gb_f jZ^bhehdZpbhggh]h bah[jZ`_gby k bah[jZ`_gb_f[_j_]h\hcq_jlugZWD Ih]j_rghklv baf_j_gbc ^bklZgpbc k ihfhsvx JEK g_ ^he`gZ ij_\urZlv hl agZq_gby rdZeu ^Zevghklb Hkgh\gufb dhfihg_glZfb ih]j_rghklb JEbaf_j_gby ^bklZgpbb ^h lhq_qgh]h h[t_dlZ \ Z\lhfZlbq_kdhfj_`bf_ke_`_gbyaZgbf y\eyxlky x ih]j_rghklv hl g_klZ[bevghklb aZ^_j`db baemq_gby ahg^bjmxs_]h bfimevkZ i_j_^ZlqbdZ hlghkbl_evghbfimevkZkbgojhgbaZpbbJEK x ih]j_rghklvhld\Zglh\Zgbyih\j_f_gbJEkb]gZeZ x g_klZ[bevghklv]_g_jZlhjZd\Zglh\^Zevghklb x hldehg_gb_p_gljZhlf_ldbh[t_dlZhl_]hj_Zevgh]hiheh`_gby Ih]j_rghklv baf_j_gby i_e_g]Z kdeZû\Z_lky ba ih]j_rghklb dmjkhmdZaZgby b ih]j_rghklb baf_j_gby dmjkh\h]h m]eZ < Z\lhfZlbq_kdhf j_`bf_ ke_`_gby aZ lhq_qguf h[t_dlhf ih]j_rghklv baf_j_gbydmjkh\h]hm]eZ\dexqZ_l\ k_[yih]j_rghklvhld\Zglh\Zgbym]eZih\hjhlZZgl_gguexnl Zgl_ggu ih]j_rghklv baaZ g_kbff_ljbqghklb b rbjbgu ^bZ]jZffu gZijZ\e_gghklb Zgl_ggu ih]j_rghklv hl dZqdb km^gZ ih]j_rghklv hl nemdlmZpbb ih i_e_g]m p_gljZ JEhlf_ldb h[t_dlZ KmffZjgZyih]j_rghklvbaf_j_gbydmjkh\h]hm]eZh[uqghg_ij_\urZ_l JZaj_rZxsZy kihkh[ghklv ih ^bklZgpbb JEkbkl_fu gZ rdZe_ 10 ^he`gZ [ulv g_ [he__ f_ljh\ \ kblmZpbb dh]^Z ^\_ lhq_qgu_ p_eb jZkiheh`_gu gZ h^ghf i_e_g]_ \ ij_^_eZo ijhkljZgkl\Z hlagZq_gby rdZeuKhhl\_lkl\_gghjZaj_r_gb_ih i_e_g]m gZwlhcrdZe_êy^\molhq_qguo p_e_c jZkiheh`_gguo gZ h^ghf jZkklhygbb hl p_gljZ \ ij_^_eZo agZq_gby rdZeu ^he`gh [ulvg_[he__ GZ dZq_kl\h jZ^bhehdZpbhgghc bgnhjfZpbb \ebyxl khklhygb_ Zlfhkn_ju \_l_j ^h`^v ]jZ^ kg_] lmfZg b kfh] h[eZdZ i_kqZgu_ [mjb l_g_\u_ k_dlhjZ jZ[hlZ jZ^Zjh\ ^jm]bo km^h\ b ^j nZdlhjuWlbh[klhyl_evkl\Z fh]ml klZlv ijbqbghc jZ^bhehdZpbhgghcg_\b^bfhklbh[t_dlh\ kju\h\ Z\lhkhijh\h`^_gby p_e_c m\_ebq_gbyih]j_rghkl_cbaf_j_gbcb ih]j_rghkl_cwe_f_glh\ ^\b`_gbyp_e_c\uqbkey_fuogZhkgh\_baf_j_gbc Lhqghklvj_amevlZlh\\uqbke_gbc \ K:JIdbg_fZlbq_kdboiZjZf_ljh\p_e_caZ\bkblhllhqghklb baf_jy_fuo i_e_g]h\ b ^bklZgpbc ih]j_rghkl_c iZjZf_ljh\ oZjZdl_jbamxsbo ^\b`_gb_ k\h_]h km^gZ ]_hf_ljbb k[eb`_gby klZ^bb Z\lhkhijh\h`^_gby aZo\Zl ljZ_dlhjbb beb mklhcqb\h_ khijh\h`^_gb_ Ke_^m_lhlf_lblvqlhfZg_\jkm^gZh[uqgh\uy\ey_lkyK:JIk aZiha^Zgb_fihjy^dZ fbg KjZam ihke_ fZg_\jZ ij_^klZ\ey_fu_ K:JI agZq_gby dbg_fZlbq_kdbo iZjZf_ljh\ p_e_c kh^_j`Zl agZqbl_evgu_ ih]j_rghklb b lj_[m_lky ihjy^dZ fbg qlh[u lhqghklv \uqbkey_fuo iZjZf_ljh\kgh\ZklZeZm^h\e_l\hjbl_evghc Ijb bkihevah\Zgbb K:JI êy hij_^_e_gby dbg_fZlbq_kdbo iZjZf_jh\ kh[kl\_ggh]h km^gZ gZ khijh\h`^_gb_ [_jmlky g_ih^\b`gu_ gZ\b]Zpbhggu_ hjb_glbju Wnn_dlb\ghklv j_r_gby wlhc gZ\b]Zpbhgghc aZ^Zqb aZ\bkbl hl jy^Z nZdlhjh\ FZdkbfZevgZy b fbgbfZevgZy ^Zevghklv gZ^_`gh]h êy khijh\h`^_gby hjb_glbjZ aZ\bkbl hl oZjZdl_jbklbd JEkbkl_fu ]_hf_ljbq_kdbo jZaf_jh\ b hljZ`Zxs_c kihkh[ghklb kZfh]h hjb_glbjZ gZebqby l_g_\uo k_dlhjh\ JEK __ f_jl\hc ahgu khklhygby fhjy Mklhcqb\h K:JI khijh\h`^Z_l lhevdh lhq_qgu_ hjb_glbju Ij_^kdZaZlv klZ[bevghklv Z\lhkhijh\h`^_gby ijhly`_ggh]h hjb_glbjZ hq_gv keh`gh Ijb khijh\h`^_gbb lhq_qguohjb_glbjh\fh]mlgZ[ex^Zlvkykju\uZ ihjhcg_\hafh`ghklvaZo\ZlZ_keblhq_qguch[t_dl jZkiheh`_g [ebadh d [_j_]m beb \oh^bl \ ]jmiim [ebadh jZkiheh`_guo ^jm] d ^jm]m lhq_qguo h[t_dlh\ :\lhfZlbq_kdb_b^_glbnbdZpbhgghbgnhjfZpbhggu_kbkl_fu :\lhfZlbq_kdZy b^_glbnbdZpbhgghbgnhjfZpbhggZy kbkl_fZ :BK y\ey_lky l_ogbq_kdbf kj_^kl\hf km^h\h`^_gby bkihevamxsbf \aZbfguc h[f_g f_`^m km^Zfb Z lZd`_ f_`^m km^ghf b [_j_]hf k p_evx hihagZ\Zgby km^h\ j_r_gby aZ^Zq ih ij_^mij_`^_gbx klhedgh\_gbc dhgljhey kh[ex^_gbyj_`bfZieZ\Zgbyb fhgblhjbg]Zkm^h\\ fhj_ Kh]eZkgh i_j_kfhlj_ggh]h \ k_gly[j_ ] ijZ\beZ ]eZ\u ©Dhg\_gpbb ih hojZg_ q_eh\_q_kdhc `bagb gZ fhj_ª KHE:K \k_ kh\_jrZxsb_ f_`^mgZjh^gu_ j_cku km^Z \Zeh\hc \f_klbfhklvx hl j_]l b [he__ dZ[hlZ`gu_ ]jmah\u_ km^Z hl j_]l b \ur_ Z lZd`_ iZkkZ`bjkdb_km^Zg_aZ\bkbfhhlbojZaf_jZke_^m_l\ [eb`Zcr__\j_fyh[hjm^h\Zlv:BK LZd \k_ \gh\v kljhysb_ky km^Z dhlhju_ [m^ml \oh^blv \ wdkiemZlZpbx ihke_ bxey ] h[yaZgubf_lv:BK >ey km^h\ ihkljh_gguo ^h bxey ] hij_^_e_gh ke_^mxs__ GZ iZkkZ`bjkdbo km^Zo b lZgd_jZolj_[m_lky mklZgh\blv:BK^h bxey ]Km^Zdjhf_iZkkZ`bjkdbob lZgd_jhj^he`gu [ulvh[hjm^h\Zgu:BKg_iha^g__ Km^Z j_]lb [he__ bxey ] Km^Zhl ^h j_]l bxey ] Km^Zhl ^h j_]l bxey ] Km^Zhl ^h j_]l bxey ] DZ[hlZ`gu_km^Z bxey ] Hl \uiheg_gby mdZaZgguo lj_[h\Zgbc fh]ml hk\h[h`^Zlvky km^Z dhlhju_ [m^ml \u\_^_gu ba wdkiemZlZpbb\ l_q_gb_^\moe_lihke_mdZaZgguo^Zl >eyh[_ki_q_gby[_ahiZkgh]hjZkoh`^_gbykm^h\\ fhj_ZiiZjZlmjhc:BKg_h[oh^bfhhkgZsZlvg_ lhevdh ljZgkihjlgu_ gh ju[heh\gu_ km^Z Z lZd`_ \h_gghfhjkdb_ ih]jZgbqgu_ dhjZ[eb b km^Z ki_pbZevgh]hgZagZq_gby Ke_^m_l hlf_lblv qlh \g_^j_gb_ :BK g_ lj_[m_l [hevrbo aZljZl Klhbfhklv km^h\hc ZiiZjZlmju :BKijbfZkkh\uoihklZ\dZo[m^_lkhklZ\eylvihjy^dZ luk^heeZjh\KR:JZkohû gZgZa_fgh_ h[hjm^h\Zgb_jZaf_sZ_fh_gZklZgpbyoMD<k\yabahgu:=FKK;bebgZKM>Kg_ij_\ukbl luk^heeZjh\ GZagZq_gb_:BK__ j_`bfujZ[hlu>hdmf_gluhij_^_eyxsb_bkihevah\Zgb_:BK\ km^h\h`^_gbb GZagZq_gb_ :BK :\lhfZlbq_kdb_ b^_glbnbdZpbhgghbgnhjfZpbhggu_kbkl_fuij_^gZagZq_gu êyh[f_gZgZ\b]Zpbhggufb^Zggufbf_`^mkm^ZfbijbbojZkoh`^_gbb\ fhj_ êyi_j_^Zqb^Zgguoh km^g_b _]h]jma_\ [_j_]h\u_kem`[u êy i_j_^Zqb k km^gZ gZ\b]Zpbhgguo ^Zgguo \ [_j_]h\u_ kbkl_fu mijZ\e_gby ^\b`_gb_f km^h\ KM>K k p_evxh[_ki_q_gby[he__lhqghcb gZ^_`ghc_]hijh\h^db\ ahg_^_ckl\byKM>K Ihebgbb:BKk [_j_]Zfh]mli_j_^Z\ZlvkygZ\b]Zpbhggu_b f_l_hjheh]bq_kdb_ij_^mij_`^_gbygZ km^ZieZ\Zxsb_\ ijb[j_`guo\h^Zo Ijb gZf_qZ_fhf ^Zevg_cr_f khijy`_gbb km^h\hc :BK kh klZgpb_c kimlgbdh\hc k\yab BGF:JK:LK klZg_l \hafh`guf hkms_kl\eylv fhgblhjbg] nehlZ \ ]eh[Zevghf fZkrlZ[_ \dexqZy ijb[j_`gu_\hûju[heh\gmxb wdhghfbq_kdmxahgu J_`bfu jZ[hlu :BK Hkgh\guf j_`bfhf jZ[hlu km^h\hc :BK y\ey_lky ©Z\lhghfguc b g_ij_ju\gucª j_`bf Km^h\Zy :BK \ wlhf kemqZ_ i_j_^Z_l [ehdb bgnhjfZpbb gZ h^ghc qZklhl_ k dhjhldbfb \j_f_ggufb bgl_j\ZeZfb <k_fbjgZy jZ^bhdhgn_j_gpby \u^_ebeZ \ MD< ^bZiZahg_ êy jZ[hlu :BK ^\_ qZklhlu F=p $,6 b F=p $,6 :\lhghfguc j_`bf bkihevam_lkyijbjZ[hl_:BK\h\k_ojZchgZoieZ\Zgby Ke_^m_l aZf_lblv qlh ijb g_h[oh^bfhklb ij_^klZ\bl_eb dhfi_l_glghc \eZklb \ jZchg_ ^_ckl\by KM>Kfh]mli_j_dexqblv:BKk ©Z\lhghfgh]hj_`bfZªgZh^bgbake_^mxsboj_`bfh\ ©gZagZq_ggucª ij_îbkZgguc j_`bf ijb dhlhjhf bgl_j\Ze i_j_^Zqb ^Zgguo eb[h jZaebqguo [ehdh\bgnhjfZpbbkm^h\hc:BKmklZgZ\eb\Z_lky^bklZgpbhgghk [_j_]Z ©ih aZijhkmª dhgljhebjm_fuc j_`bf dh]^Z ^Zggu_ i_j_^Zxlky km^h\hc :BK lhevdh \ hl\_l gZ aZijhkk [_j_]Zbebhl^jm]h]hkm^gZ >hdmf_glu hij_^_eyxsb_ bkihevah\Zgb_ :BK \ km^h\h`^_gbb WdkiemZlZpbhggu_ lj_[h\Zgby d :BK gZ gZklhys_f wlZi_ hij_^_e_gu ijbgylhc fZy ] j_ahexpb_c BFH 06& ©J_dhf_g^Zpbb ih wdkiemZlZpbhgguf lj_[h\Zgbyf d mgb\_jkZevghc km^h\hc kbkl_f_ Z\lhfZlbq_kdh]hhihagZ\Zgby :BK ª Hkgh\gu_ ijbgpbiu ihkljh_gby :BK mklZgh\e_gu J_dhf_g^Zpb_cF \uims_gghc \ hdly[j_ ]F_`^mgZjh^gufkhxahfwe_dljhk\yab FKWJ L_ogbq_kdb_ iZjZf_lju :BK b f_lhû bo bkiulZgbc hij_^_e_gu klZg^Zjlhf jZajZ[hlZgguf F_`^mgZjh^ghcWe_dljhl_ogbq_kdhcDhfbkkb_c FWD >ey ij_^hl\jZs_gby g_kZgdpbhgbjh\Zggh]h jZkijhkljZg_gby ^Zgguo :BK ke_^m_l \uihegylv lj_[h\ZgbyJ_ahexpbbBFH06& ©Jmdh\h^kl\hb djbl_jbbêykbkl_fkm^h\uokhh[s_gbcª :iiZjZlmjZ:BK Km^h\h_ h[hjm^h\Zgb_ :BK bkihevam_fh_ êy h[f_gZ ^Zggufb kbgojhgbaZpbb nhjfbjh\Zgby b dhffmlZpbbihlhdh\bgnhjfZpbbgZau\Z_lkymgb\_jkZevgufljZgkihg^_jhfGZihfgbfqlhl_jfbg ljZgkihg^_jª h[uqgh hagZqZ_l ijb_fhi_j_^Zxs__ kj_^kl\h dhlhjh_ Z\lhfZlbq_kdb i_j_^Z_l hl\_lguckb]gZegZhij_^_e_gguc\g_rgbcaZijhkk [_j_]h\hcklZgpbbbebk ^jm]h]hkm^gZb baemqZ_l aZijZrb\Zxsbckb]gZeihdhfZg^_hi_jZlhjZbebZ\lhfZlbq_kdb Ebgby i_j_^Zqb ^Zgguo mgb\_jkZevgh]h ljZgkihg^_jZ :BK y\ey_lky kZfhhj]Zgbamxs_cky k jZa^_e_gb_f\j_f_gbb k\h[h^guf^hklmihf>eyi_j_^ZqbbgnhjfZpbbbkihevam_lkyh^bgqZklhlguc dZgZe < khklZ\ km^h\h]h h[hjm^h\Zgby :BK \oh^yl k\yaghc ijhp_kkhj mkljhckl\h h[jZ[hldb ^Zgguo hl we_dljhgghc ihabpbhgghc kbkl_fu kj_^kl\Z Z\lhfZlbq_kdh]h \\h^Z ^Zgguo hl ^jm]bo bklhqgbdh\ bgnhjfZpbb mkljhckl\h \\h^Z b \hkklZgh\e_gby ^Zgguo \jmqgmx kj_^kl\h dhgljhey ^hklh\_jghklb i_j_^Z\Z_fuo b ijbgbfZ_fuo ^Zgguo \kljh_ggZy kbkl_fZ Z\lhfZlbq_kdh]h dhgljhey jZ[hlhkihkh[ghklb K\yaghc ijhp_kkhj dhgljhebjm_l ijhp_kk ijb_fZ ^Zgguo ih ebgbb k\yab :BK ijhba\h^bl bo jZkrbnjh\dm b mihjy^hqb\Zgb_ mijZ\ey_l \u\h^hf bgnhjfZpbb gZ mkljhckl\Z hlh[jZ`_gby j_]mebjm_l ijhp_kk kqblu\Zgby bgnhjfZpbb k gZ\b]Zpbhgguo ijb[hjh\ mijZ\ey_l gZ[hjhf fhjkdbo qZklhl k khhl\_lkl\mxsbf f_lh^hf \u[hjZ b i_j_dexq_gby dZgZeh\ nhjfbjm_l [ehdb i_j_^Z\Z_fhc bgnhjfZpbbb mijZ\ey_lboi_j_^Zq_c Mkljhckl\h h[jZ[hldb ^Zgguo ihabpbhgghc kbkl_fu h[_ki_qb\Z_l ijb_f b h[jZ[hldm ^Zgguo hl ijb_fhbg^bdZlhjh\ *36 '*36=EHG:KKbeb ^Zgguo hlbgl_]jbjh\ZgghcgZ\b]Zpbhgghckbkl_fu (&',6 (&6 5&'6 k jZaj_r_gb_f g_ om`_ h^ghc ^_kylblukyqghc fbgmlu ^m]b k bkihevah\Zgb_f ]_h^_abq_kdhckbkl_fudhhj^bgZl:*6 Kj_^kl\Z Z\lhfZlbq_kdh]h \\h^Z ^Zgguo hl ^Zlqbdh\ iha\heyxl ih^dexqZlv d :BK dmjkhmdZaZl_ebeZ]b]bjhkdhibq_kdb_mdZaZl_ebm]eh\hckdhjhklb^Zlqbdbdj_gZb iZjZf_ljh\dZqdb b ^jm]h_h[hjm^h\Zgb_\uihegyxs__ijhlhdheFWD Kj_^kl\hf \\h^Z b \hkklZgh\e_gby ^Zgguo \jmqgmx h[uqgh y\ey_lky deZ\bZlmjZ k g_[hevrbf l_dklh\uf ^bkie__f êy hlh[jZ`_gby gZ[bjZ_fhc b fbgbfZevgh g_h[oh^bfhc ijbgbfZ_fhc bgnhjfZpbb K ihfhsvx deZ\bZlmju \\h^blky qZklv baij_^gZagZq_gghcd i_j_^Zq_bgnhjfZpbb GZ[bjZ_fZy bgnhjfZpby hlh[jZ`Z_lky gZ ^bkie__ qlh iha\hey_l dhgljhebjh\Zlv __ ijZ\bevghklv DeZ\bZlmjZb ^bkie_c:BK^he`gu[ulvg_aZ\bkbfufbhl^jm]bogZ\b]Zpbhgguomkljhckl\ Km^h\ufb kbkl_fZfb hlh[jZ`_gby :BK fh]ml [ulv kbkl_fZ hlh[jZ`_gby we_dljhgguo dZjl (&',6(&65&'6 JEKK:JIbeb^bkie_ci_jkhgZevgh]hdhfivxl_jZ :BK b k\yaZggu_ k g_c ^Zlqbdb bgnhjfZpbb iblZxlky hl hkgh\gh]h bklhqgbdZ we_dljhwg_j]bb gZ km^g_ >hihegbl_evgh ^he`gZ bf_lvky \hafh`ghklv iblZgby :BK b k\yaZgguo k g_c ^Zlqbdh\ hl Zevl_jgZlb\gh]hbklhqgbdZwe_dljhwg_j]bb >eyhj]ZgbaZpbbh[f_gZ^Zggufbk km^Zfb\ j_`bf_jZ[hlu©[_j_]km^ghªbkihevamxlky[_j_]h\u_ klZgpbb :BK < KM>K fh`_l \oh^blv hl h^ghc ^h g_kdhevdbo klZgpbc :BK < ihke_^g_f kemqZ_ [_j_]h\u_ klZgpbb :BK h[t_^bgyxlky \ k_lv b kj_^b gbo \u^_ey_lky hkgh\gZy ©[Zah\Zy klZgpby :BKªIjbjZ[hl_\ k_lbklZgpbb:BKj_ljZgkebjmxlihemqZ_fmx bgnhjfZpbbgZ[Zah\mxklZgpbx :BK < KM>K^Zggu_:BKij_^klZ\eyxlkykbkl_fhchlh[jZ`_gbyKM>K gZwdjZg_imevlZhi_jZlhjZgZ ^bkie__[_j_]h\hc (&',6 gZ^bkie_yoih^dexq_gguod KM>Ki_jkhgZevguodhfivxl_jh\ Nmgdpbb:BKij_^hklZ\ey_fu_k\_^_gbyqZklhlZh[gh\e_gby^Zgguo :\lhfZlbq_kdZy b^_glbnbdZpbhgghbgnhjfZpbhggZy kbkl_fZh[_ki_qb\Z_l Z\lhfZlbq_kdh_ b g_ij_ju\gh_ ij_^hklZ\e_gb_ dhfi_l_glguf [_j_]h\uf \eZklyf b ^jm]bf km^Zf bgnhjfZpbbêyhihagZ\Zgbyh lbi_]jmaZb gZ\b]Zpbhgghfkhklhygbb ijb_f b h[jZ[hldm bgnhjfZpbb ih^dexq_gguo d :BK kbkl_f b mkljhckl\ gZ kh[kl\_gghf km^g_ Z lZd`_^Zgguohldhfi_l_glguo\eZkl_cb ^jm]bo km^h\ihklmiZxsboihdZgZemk\yab:BK hl\_lk fbgbfZevghcaZ^_j`dhcgZkb]gZeuhlghkysb_kyd \ukhdhfmijbhjbl_lmb [_ahiZkghklb ij_^hklZ\e_gb_ bgnhjfZpbb h f_klhgZoh`^_gbb dbg_fZlbq_kdbo iZjZf_ljZo b fZg_\jbjh\Zgbb kh[kl\_ggh]hkm^gZk qZklhlhc h[gh\e_gby^hklZlhqghcêyh[_ki_q_gbylhqgh]hkhijh\h`^_gbykm^gZ dhfi_l_glghc\eZklvxb ^jm]bfbkm^Zfb h[gZjm`_gb_\u\h^Zbakljhy:BKb ij_^hl\jZs_gb_g_kZgdpbhgbjh\Zggh]hbaf_g_gby\\_^_gguo bebi_j_^Z\Z_fuo^Zgguo \hafh`ghklv hldexq_gby :BK dZiblZghf km^gZ \ l_o jZchgZo ]^_ bgnhjfZpby :BK fh`_l [ulv bkihevah\ZgZêyg_[eZ]h\b^guop_e_c\ qZklghklb ibjZlZfb BgnhjfZpby ij_^hklZ\ey_fZy :BK I_j_^Z\Z_fZy :BKljZgkihg^_jhf bgnhjfZpby fh`_l [ulvjZa^_e_gZgZbgnhjfZpbxh km^g_k\_^_gbyh j_ck_dhjhldb_khh[s_gbyh [_ahiZkghklb BgnhjfZpbyh km^g_^_eblkygZklZlbq_kdmxb ^bgZfbq_kdmxKlZlbq_kdZybgnhjfZpby \dexqZ_l\ k_[y BFHghf_jkm^gZ _kebhgbf__lky Ihau\ghckb]gZeb gZa\Zgb_km^gZ AgZq_gbyêbgub rbjbgukm^gZ Lbikm^gZ >Zggu_oZjZdl_jbamxsb_jZkiheh`_gb_gZkm^g_Zgl_gguwe_dljhgghcihabpbhgghckbkl_fu >bgZfbq_kdZy bgnhjfZpby h km^g_ wlh k\_^_gby h _]h iheh`_gbb we_f_glZo ^\b`_gby gZ\b]Zpbhgghf klZlmk_ GZ\b]Zpbhgguc klZlmk oZjZdl_jbam_l khklhygb_ km^gZ dZd h[t_dlZ fZg_\jbjh\Zgby < i_j_q_gv \b^h\ gZ\b]Zpbhggh]h khklhygby km^gZ \oh^yl ke_^mxsb_ agZq_gby ©km^ghg_mijZ\ey_lkyª©km^ghh]jZgbq_gh\ \hafh`ghklbfZg_\jbjh\Zgbyª©km^ghgZydhj_ª©km^gh klhbl gZ f_ebª ©km^gh aZgylh[mdkbjh\dhcª b l^ BgnhjfZpby h khklhygbb km^gZ \\h^blky \ iZfylv kbkl_fu \jmqgmx >Zggu_ h[ we_f_glZo ^\b`_gby km^gZ ihklmiZ_l \ :BK Z\lhfZlbq_kdb hl khhl\_lkl\mxsbo^Zlqbdh\ihebgbyfkbgojhgguoi_j_^ZqBf__lkylZd`_\hafh`ghklvjmqgh]h\\h^Z wlhcbgnhjfZpbb>bgZfbq_kdZy bgnhjfZpby\dexqZ_l\ k_[y x Dhhj^bgZluiheh`_gbykm^gZk mdZaZgb_f bo lhqghklb x <j_fyPLKdhlhjhfmkhhl\_lkl\mxlagZq_gbyi_j_^Z\Z_fuo^Zgguo x Dmjkhlghkbl_evgh]jmglZ iml_\hcm]he x Kdhjhklvhlghkbl_evgh]jmglZ iml_\Zykdhjhklv x Dmjkkm^gZ gZijZ\e_gb_^bZf_ljZevghciehkdhklbkm^gZ x GZ\b]Zpbhggh_khklhygb_km^gZ x M]eh\Zykdhjhklvih\hjhlZ ]^_\hafh`gh x M]hedj_gZ _keb\hafh`gh x M]hedbe_\hcb [hjlh\hcdZqdb _keb\hafh`gh BgnhjfZpbyk\yaZggZyk j_ckhf kh^_j`blagZq_gb_hkZ^dbkm^gZk\_^_gby h gZebqbbhiZkgh]h ]jmaZb _]hlbiIhmkfhlj_gbxdZiblZgZ\ wlmbgnhjfZpbxfh`_l\dexqZlvkyihjlgZagZq_gbykm^gZ h`b^Z_fh_ \j_fy ijb[ulby \ g_]h b ieZg i_j_oh^Z ihke_^h\Zl_evghklvdhhj^bgZliml_\uo lhq_d QZklhlZh[gh\e_gbybgnhjfZpbb < Z\lhghfghfj_`bf_jZ[hlu:BKjZaebqgu_lbiu bgnhjfZpbbi_j_^Zxlkyk jZaghcqZklhlhcKlZlbq_kdZybgnhjfZpbyh km^g_i_j_^Z_lkydZ`û_ fbgmlb ihlj_[h\ZgbxBgl_j\Zei_j_^Zqb^bgZfbq_kdhcbgnhjfZpbbaZ\bkblhlkdhjhklbkm^gZb baf_g_gbydmjkZ lZ[e K\yaZggu_k j_ckhfk\_^_gbyi_j_^Zxlkyk i_jbh^hf fbgmlijb baf_g_gbbwlbo^Zgguob ihaZijhkm Khh[s_gbyhlghkbl_evgh[_ahiZkghklbi_j_^Zxlkyihf_j_gZ^h[ghklb Bgl_j\Zei_j_^Zqb^ZgguooZjZdl_jbamxsbo^\b`_gb_km^gZ Khklhygb_km^gZ Bgl_j\Zef_`^mkhh[s_gbyfb Km^ghgZydhj_ fbgmlu Kdhjhklv maeh\ k_dmg^ Kdhjhklv maeh\b f_gyxsbckydmjk k_dmgû Kdhjhklv maeZ k_dmg^ Kdhjhklv maeZb f_gyxsbckydmjk k_dmgû Kdhjhklv[he__ maeh\ k_dmgû Kdhjhklv[he__ maeh\b f_gyxsbckydmjk k_dmgû LZ[ebpZ Qlh[uh[_ki_qblv\k_wdkiemZlZpbhggu_\ZjbZglu:BK^he`gZh[jZ[Zlu\Zlvg_f_g__ khh[s_gbc\ fbgmlm >hklhbgkl\Z:BK <g_^j_gb_ :BK kihkh[kl\m_l ih\ur_gbx [_ahiZkghklb km^h\h`^_gby ih g_kdhevdbf gZijZ\e_gbyf Ij_bfms_kl\Z :BK i_j_^ JEK b K:JI Ijb j_r_gbb aZ^Zq ih ij_^mij_`^_gbx klhedgh\_gbc km^h\ b mijZ\e_gby ^\b`_gb_f km^h\ k [_j_]Z :BK bf_xl jy^ ij_bfms_kl\ i_j_^ JEK b K:JI Hlf_lbfbagboke_^mxsb_ Bkihevah\Zgb_ :BK ijb\h^bl d m\_ebq_gbx ^bklZgpbb gZ dhlhjhc h[gZjm`b\Zxlky km^Zp_eb ijbq_f ^bklZgpby h[gZjm`_gby g_ aZ\bkbl hl jZaf_jh\ b jZdmjkZ km^h\p_e_c >ZevghklvMD< k\yab ijbf_gy_fhcêyi_j_^Zqbkhh[s_gbc:BKkhklZ\ey_lihjy^dZ fbevIjbbkihevah\ZgbbJEK ^bklZgpby h[gZjm`_gby km^h\ aZ\bkbl hl bo lhggZ`Z b jZdmjkZ Ijb hlkmlkl\bb ihf_o jZkijhkljZg_gbxjZ^bh\hegb boijb_fmkj_^g_lhggZ`gu_km^Zh[gZjm`b\Zxlkyk ihfhsvxJEKgZ ^bklZgpbyo fbevZ fZeu_km^Z fbev ;eZ]h^ZjygZebqbygZkm^Zo\ukhdhlhqguokbkl_fhij_^_e_gbyiheh`_gbyb we_f_glh\^\b`_gbyb i_j_^Zqb k ihfhsvx :BK wlbo ^Zgguo \k_f ihevah\Zl_eyf ih\urZ_lky lhqghklv hij_^_e_gby dbg_fZlbq_kdbo iZjZf_ljh\ km^h\p_e_cZke_^h\Zl_evghwnn_dlb\ghklvjZkoh`^_gbyk gbfb :BKiha\heyxlihemqZlvwe_f_glu^\b`_gbykm^h\ijZdlbq_kdb\ j_ZevghffZkrlZ[_\j_f_gbdZd ijb ^\b`_gbb km^h\p_e_c h^gbf dmjkhf lZd b ijb fZg_\jbjh\Zgbb < K:JI we_f_glu ^\b`_gby km^h\ ihemqZxlky iml_f nbevljZpbb hlf_lhd p_e_c gZ hij_^_e_gghf \j_f_gghf bgl_j\Ze_ Ihwlhfm ihke_ aZo\ZlZ p_eb gZ khijh\h`^_gb_ b ihke_ fZg_\jbjh\Zgby gZ hij_^_e_gb_ W>P k lj_[m_fhc lhqghklvx aZljZqb\Z_lky ihjy^dZ ^\molj_o fbgml W>P fZg_\jbjmxsbo p_e_c K:JI hij_^_ey_l k hq_gvgbadhclhqghklvx<\b^mbg_jpbhgghklbnbevljZ^Zggu_K:JIh[we_f_glZo ^\b`_gbykm^h\ p_e_ch[eZ^ZxlaZiZaû\Zgb_fihjy^dZ fbgmlu H[gZjm`_gb_ gZqZeZ fZg_\jbjh\Zgby km^gZp_eb ijb bkihevah\Zgbb :BK ijhba\h^blky \ l_q_gb_ g_kdhevdbo k_dmg^ aZ kq_l dhgljhey baf_g_gbyfb i_j_^Z\Z_fuo agZq_gbc l_dms_]h dmjkZ km^gZp_eb Z \ jy^_ kemqZ_\ b i_j_^Z\Z_fuo agZq_gbc m]eh\hc kdhjhklb < K:JI gZ \uy\e_gb_ fZg_\jZp_ebaZljZqb\Z_lkyihjy^dZh^ghcfbgmlu Ijb bkihevah\Zgbb :BK gZ ^bklZgpbx h[gZjm`_gby km^h\p_e_c b lhqghklv hij_^_e_gby bo we_f_glh\ ^\b`_gby g_ \ebyxl ihf_ob hl fhjy hkZ^dh\ gZebqb_ l_g_\uo k_dlhjh\ b jZ[hlZ ^jm]bo JEK dZd wlh bf__l f_klh k_cqZk ijb bkihevah\Zgbb JEK b K:JI < j_amevlZl_ h[_ki_qb\Z_lky \hafh`ghklv k\h_\j_f_ggh]h h[gZjm`_gby fZeuo km^h\p_e_c b gZ[ex^_gby aZ wlbfb km^Zfb \ mkeh\byokbevgh]h\heg_gbyfhjyb bgl_gkb\guohkZ^dh\ :BK h[_ki_qb\Z_l \hafh`ghklv ihemq_gby bgnhjfZpbb h[ we_f_glZo ^\b`_gby p_e_c b \hafh`ghklv bo khijh\h`^_gby ijb [ebadhf gZoh`^_gbb km^gZ hl [_j_]Z ijb ^\b`_gbb \ madhf dZgZe_ ijb [ebadhf jZkoh`^_gbb p_e_c b bkdexqZ_l \hafh`ghklv ©h[f_gZ p_e_cª ijb [ebadhf gZoh`^_gbb bo ^jm] hl ^jm]Z GZ khijh\h`^_gb_ p_e_c \ K:JI \eby_l jZaj_rZxsZy kihkh[ghklv jZ^bhehdZlhjZ b \_ebqbgZ kljh[h\ êy k_e_dpbb hlf_lhd khijh\h`^Z_fuo p_e_c qlh fh`_l \ua\Zlv g_\hafh`ghklv ihemq_gby dhhj^bgZl p_e_c ijb ^\b`_gbb bo \[ebab [_j_]Z b ©i_j_[jhkª fZjd_jh\ p_e_c ©h[f_gp_e_cª ijbbo[ebadhfijhoh`^_gbb^jm]hl^jm]Z Ij_^mij_`^_gbx klhedgh\_gbc km^h\ kihkh[kl\m_l lZd`_ \aZbfguc h[f_g f_`^m mqZklgbdZfb ^\b`_gby ih ebgbb :BK bgnhjfZpb_c h lbi_ km^gZ _]h hkZ^d_ gZebqbb hiZkgh]h ]jmaZ gZ\b]Zpbhgghf klZlmk_ h ieZgbjm_fuo fZg_\jZo K ihfhsvx jZ^bhehdZpbhgghc kbkl_fu lZdb_ k\_^_gbyg_ihemqZxlky Bf_xlagZq_gb_ijbjZkoh`^_gbbb ihemqZ_fu_k ihfhsvx:BK^Zggu_h jZaf_jZokm^h\p_e_cb bo jZdmjk_ K ihfhsvx K:JI wlb ^Zggu_ ihemqZxlky k [hevrbf ljm^hf b bf_xl agZqbl_evgu_ ih]j_rghklb AgZq_gb_ :BK êy [_j_]h\uo kbkl_f mijZ\e_gby ^\b`_gb_f < gZklhys__ \j_fy ijh\h^ylky [hevrb_jZ[hluihkh\_jr_gkl\h\Zgbxkms_kl\mxsbob kha^Zgbxgh\uo[_j_]h\uoKM>KgZhkgh\_ \dexq_gby \ gbo ^bnn_j_gpbZevguo klZgpbc KGK ZiiZjZlmju :BK Z lZd`_ kj_^kl\ dhfivxl_jghc h[jZ[hldb ^Zgguo MklZgh\dZ \ ahg_ ^_ckl\by KM>K hihjghc klZgpbb '*36 iha\hey_l km^Zf gZ jZkklhygbyo ^h df hl wlhc klZgpbb hij_^_eylv k\h_ f_klh k lhqghklvx f Bkihevah\Zgb_ \ Kbkl_fZomijZ\e_gby^\b`_gb_fkm^h\:BKiha\hey_l Ijhba\h^blv g_ij_ju\gh_ Z\lhfZlbq_kdh_ hihagZ\Zgb_dhgljhebjm_fuokm^h\ K \ukhdhc lhqghklvx hij_^_eylv iheh`_gb_ dhgljhebjm_fuo km^h\ ijb bo ^\b`_gbb \ ahg_ h[kem`b\ZgbyKM>K '*36 JZkrbjblvahgmh[kem`b\ZgbyKM>KaZkq_l[hevr_c^ZevghklbgZ[ex^_gbykm^h\ih^Zgguf:BK ihkjZ\g_gbxk jZ^bhehdZpbhggufh[ahjhf Hkms_kl\eylvdhgljhevgZ^km^ZfbgZoh^ysbfbky\ l_g_\uoahgZo;JEK ba]b[fukZhkljh\ aZ kq_lemqr_]h jZkijhkljZg_gbyjZ^bh\hegMD<^bZiZahgZihkjZ\g_gbxk JEKkb]gZeZfb :\lhfZlbq_kdb\\h^blv\ [Zam^ZgguoKM>Khkgh\gu_k\_^_gbyh km^Zo gZa\Zgb_jZaf_juhkZ^dZ gZebqb_hiZkgh]h]jmaZihjlgZagZq_gby?L:b ^j b gZijZ\eylvbo^jm]bfaZbgl_j_kh\Zgguf kem`[Zf H[_ki_qb\Zlv \ukhdmx gZ^_`ghklv Z\lhkhijh\h`^_gbydhgljhebjm_fh]hkm^gZ\ lhfqbke_ ijb[ebadhfgZoh`^_gbb_]hhdheh[_j_]Zhdheh^jm]h]hkm^gZbebgZ\b]Zpbhggh]hagZdZZ lZd`_ijb jZkoh`^_gbbkm^h\gZdZgZe_b ijbihôh^_km^gZd ijbqZemihjlZ Hkms_kl\eylvdhgljhevkm^hoh^kl\ZgZj_qguomqZkldZoieZ\Zgby[_amklZgh\db^hihegbl_evguo JEK J_]bkljbjh\ZlvbgnhjfZpbx:BKgZwe_dljhgguoghkbl_eyob \hkijhba\h^blvaZj_]bkljbjh\Zggmx bgnhjfZpbbgZwdjZg_\ ex[h_\j_fy Ijh]ghabjh\Zlv^\b`_gb_km^gZ AgZq_gb_ bgnhjfZpbb :BK êy fhjkdh]h KiZkZl_evghdhhj^bgZpbhggh]h p_gljZ FKDP I_j_^Z\Z_fZy :BK bgnhjfZpby bf__l [hevrh_ agZq_gb_ ijb hdZaZgbb ihfhsb \ kemqZ_ [_^kl\by AgZgb_ ihabpbc km^h\ bo gZa\Zgbc oZjZdl_jbklbd gZebqby hiZkgh]h ]jmaZ iZjZf_ljh\ ^\b`_gby Z lZd`_ hlh[jZ`_gb_ iheh`_gby km^h\ b ^jm]hc ij_^hklZ\ey_fhc :BK bgnhjfZpbb gZ wdjZg_ \ ahg_ hl\_lkl\_gghklb FKDP kihkh[kl\m_l [he__ iheghc hp_gd_ kblmZpbb ijb hdZaZgbb ihfhsb \ kemqZ_ [_^kl\by Ihebgbb:BK\hafh`gZ i_j_^ZqZ[eb`Zcrbfkm^Zfb [_j_]h\ufkem`[Zfkb]gZeh\[_^kl\bybeb kjhqghklbkh^_j`Zsbok\_^_gbyh ijhbkr_kl\bb ;eZ]h^Zjy :BK \ Z\Zjbcghc kblmZpbb dZ`^h_ km^gh Z lZd`_ \_jlhe_lu [m^ml bf_lv ^hklZlhqgh ihegmx bgnhjfZpbx ^jm] h ^jm]_ \ jZ^bmk_ ^_ckl\by MD< jZ^bhk\yab Wlh [m^_l kihkh[kl\h\Zlv kdhj_cr_fm hdZaZgbx ihfhsb b memqr_gbx \aZbfh^_ckl\by f_`^m km^Zfb b \_jlhe_lZfb mqZkl\mxsbfb\ ihbkdh\hkiZkZl_evguohi_jZpbyo\ jZchg_[_^kl\by >hklhbgkl\Z :BK ijb bkihevah\Zgbb [_j_]h\ufb kem`[Zfb < [Zam ^Zgguo KM>K \\h^blky bgnhjfZpbb h km^Zo i_j_^Z\Z_fZy ih ebgbb :BK I_j_^ZqZ wlhc bgnhjfZpbb aZbgl_j_kh\Zgguf kem`[Zf iha\hey_l \ h[kem`b\Z_fhf KM>K jZchg_ h[_ki_qblv wnn_dlb\guc dhgljhev gZ^km^Zfb kh klhjhguihjlh\uo\eZkl_cFhjkdbo:^fbgbkljZpbcb ^jm]bo[_j_]h\uokem`[ I_j_^Z\Z_fu_ km^ghf ih ebgbb :BK ^Zggu_ h iheh`_gbb b iZjZf_ljZo ^\b`_gby iha\heyxl [_j_]h\uf kem`[Zf mlhqgblv h`b^Z_fh_ \j_fy ijboh^Z km^gZ \ ihjl b mklZgh\blv \j_fy gZqZeZ h[jZ[hldbkm^gZ\ ihjlm Bkihevah\Zgb_:BKgZju[hijhfukeh\uokm^Zo ^Z_l\hafh`ghklvhkms_kl\eylvdhgljhevgZ^gbfb \ jZchg_ijhfukeZ H]jZgbq_gby:BK hlf_q_ggufb ^hklhbgkl\Zfb :BK h[eZ^Z_l hij_^_e_ggufb h]jZgbq_gbyfb b GZjy^m k g_^hklZldZfb Ih ebgbb :BK g_\hafh`gh ihemq_gb_ bgnhjfZpbb h[ h[t_dlZo g_h[hjm^h\Zgguo :BK ljZgkihg^_jZfb Ihwlhfm \ iheghc f_j_ ^hklhbgkl\Z :BK fh]ml [ulv bkihevah\Zgu lhevdh ijb iheghfZkrlZ[ghfhkgZs_gbb\k_okm^h\wlbfbkj_^kl\Zfb Bf_yhij_^_e_ggu_ij_bfms_kl\Zi_j_^jZ^bhehdZpbhgghckbkl_fhc JEKb K:JI :BKg_bf__l __ iheguonmgdpbhgZevguo\hafh`ghkl_cK ihfhsvxJEKfh`ghh[gZjm`b\Zlvb gZ[ex^Zlvex[u_ h[t_dlu hljZ`Zxsb_ jZ^bh\hegu [_j_] agZdb gZ\b]Zpbhggh]h h]jZ`^_gby km^Z ij_^klZ\eyxsb_ hiZkghklv km^h\h`^_gbx ieZ\Zxsb_ ij_^f_lu b ^j Djhf_ lh]h ih baf_j_gbyf i_e_g]h\ b ^bklZgpbc jy^Z lZdbo h[t_dlh\ JEkbkl_fZ ^Z_l \hafh`ghklv hij_^_eylv iheh`_gb_ b we_f_glu ^\b`_gby kh[kl\_ggh]h km^gZ Ihwlhfm :BK g_ fh]ml iheghklvx aZf_gblv JEkbkl_fm b y\eyxlkygZ\b]Zpbhggufkj_^kl\hfdhlhjh_[m^_lbkihevah\Zlvky\f_kl_k JEKb K:JI I_j_^ZqZihebgbb:BKbgnhjfZpbb\k_f[_abkdexq_gbykm^Zfbf_xsbf:BKljZgkihg^_jug_ ]ZjZglbjm_lhlbkihevah\Zgbyij_^hklZ\ey_fhcbgnhjfZpbb\ g_[eZ]h\b^guop_eyo G_^hklZldbh]jZgbq_gbyb ih]j_rghklb(&',6 Ihgylb_h[bklhqgbdZoih]j_rghkl_c (&',6 Ihfbfhg_hkihjbfuoij_bfms_kl\ (&',6 bf_xlhij_^_e_ggu_g_^hklZldbb h]jZgbq_gby IjbjZ[hl_k (&',6 ke_^m_lhp_gb\Zlv__ h]jZgbq_gbyb ih]j_rghklbdhlhju_fh]ml[ulv\ua\Zgu g_kh\_jr_gkl\hfmkljhckl\pbnjh\ZgbydZjlub kj_^kl\__ hlh[jZ`_gby g_lhqghklvx b g_^hklZlhqghc ih^jh[ghklvxdZjlh]jZnbq_kdhcbgnhjfZpbb ih]j_rghklyfbh[mkeh\e_ggufb hrb[dZfb ^Zlqbdh\bgnhjfZpbb jZaebqb_fdhhj^bgZlguokbkl_f^Zlqbdh\k dhhj^bgZlghckbkl_fhcdZjlu hrb[hqghcbgl_jij_lZpb_c^Zgguo Ih]j_rghklbmkljhckl\pbnjh\ZgbydZjlub kj_^kl\__ hlh[jZfk_gby Ih]j_rghklb pbnjh\Zgby dZjlu < [hevrbgkl\_ kemqZ_\ ^Zggu_ WD ihemqZxlky iml_f pbnjh\h]h ij_^klZ\e_gby bgnhjfZpbb [mfZ`guo dZjl k ihfhsvx ^b]blZca_jguo beb kdZg_jguo l_ogheh]bc Kh\j_f_ggu_ ^b]blZca_ju b kdZg_ju bf_xl hij_^_e_ggmx jZaj_rZxsmx kihkh[ghklv dhlhjZye_`bl\ ij_^_eZo ffqlhijb\h^bld hij_^_e_ggufih]j_rghklyf^ZgguoWDDjhf_ lh]h dh]^Z ^Zggu_ WD ihemqZxlky ih ^Zgguf [mfZ`ghc dZjlu lh \ gbo ijbkmlkl\mxl ih]j_rghklb ]jZnbq_kdhc bgl_jij_lZpbb dZjlu ijb[eb`_ggh khhl\_lkl\mxsb_ jZaj_rZxs_c kihkh[ghklb hjb]bgZevgh]h fZkrlZ[Z Ih]j_rghklb mkljhckl\ pbnjh\Zgby b ]jZnbq_kdhc bgl_jij_lZpbb dZjlu iheghklvx \oh^yl \ ihemqZ_fu_ ^Zggu_ we_dljhgghc dZjlu Ke_^m_l bf_lv \ \b^m qlh ijb ij_^klZ\e_gbbWD\ [he__djmighffZkrlZ[_\_ebqbgZwlboih]j_rghkl_cg_mf_gvrZ_lky DZkZykv g_kh\_jr_gkl\Zkj_^kl\Zhlh[jZ`_gbydZjlu ^bkie_yhlf_lbfke_^mxs__ Hdgh \uk\_qb\Zgby dZjlu gZ wdjZg_ ^bkie_y khklZ\ey_l ijbf_jgh qZklv [mfZ`ghc dZjlu ihwlhfm ijb h^bgZdh\hf fZkrlZ[_ WD hlh[jZ`Z_l f_gvrbc jZchg <_ebqbgZ Zd\Zlhjbb h[ahjZ \ bklbgghfj_`bf_^\b`_gby\ wlhfkemqZ_ijbihôh^_d jZfd_dZjlufh`_lhdZaZlvkyg_^hklZlhqghc qlh lj_[m_l kf_s_gby dZjlu eb[h i_jbh^bq_kdh]h bkihevah\Zgby [he__ f_edh]h fZkrlZ[Z hlh[jZ`_gby JZaj_rZxsZykihkh[ghklv jZaf_jibdk_eZ ^bkie__\gZdhlhjuohlh[jZ`Zxlkywe_dljhggu_dZjlu khklZ\ey_lihjy^dZ ffHlkx^Zfh`_l[ulvmklZgh\e_gZij_^_evgZylhqghklvfZkrlZ[ZdZjlu >eydZjlufZkrlZ[Z ijbjZaf_j_ibdk_eZ ff hgZgZijbf_jkhklZ\ey_l fWlZlhqghklv m`_ om`_ q_f lhqghklv hij_^_e_gby f_klZ ih '*36 b lj_[m_fZy lhqghklv hij_^_e_gby iheh`_gby\ kl_kg_gguo\h^Zo LZd`_ ke_^m_l hlf_lblv qlh jZ[hlZ k ^bkie__f khijh\h`^Z_lky ih\ur_gghc mlhfey_fhklvx hi_jZlhjZqlhfh`_lijb\_klbd hrb[hqghcbgl_jij_lZpbb^ZgguoWD G_lhqghklvdZjlh]jZnbq_kdbo^Zgguo ?s_ \ ] gZ dhgn_j_gpbb HHG [ueh hlf_q_gh hlkmlkl\b_ kh\j_f_gguo ]b^jh]jZnbq_kdbo kt_fhd ih[_j_`vy [hevrbgkl\Z jZa\b\Zxsboky kljZg hkh[_ggh hkljh\h\ WlZ kblmZpby \ dZdhclh f_j_ khojZgbeZkv b \ gZklhys__ \j_fy GZ gZ\b]Zpbhgguo dZjlZo lZdbo jZchgh\ ]_h^_abq_kdb_ dhhj^bgZluhihjguoimgdlh\hij_^_e_guk g_^hklZlhqghclhqghklvxHlghkbl_evghhihjguoimgdlh\ gZ dZjlm gZghkylky hklZevgu_ dZjlh]jZnbq_kdb_ h[t_dlu ijb wlhf gZ dZjl_ khojZgy_lky \_jgZy dZjlbgZ \aZbfgh]h jZkiheh`_gby bah[jZ`Z_fuo gZ g_c h[t_dlh\ Djhf_ wlh]h gZ wlbo dZjlZo kms_kl\_ggufb fh]ml [ulv b ih]j_rghklb hij_^_e_gby iheh`_gby h[t_dlh\ hlghkbl_evgh hihjguo imgdlh\ Km^h\h^bl_eb ^he`gu khagZ\Zlv qlh \ kl_kg_gguo \h^Zo lhqghklv ^Zgguo dZjlu [mfZ`guo dZjl (1& 51& fh`_l [ulv f_gvr_ q_f bkihevam_fhc kbkl_fu hij_^_e_gby f_klZ Wlh fh`_l [ulv \ kemqZ_ijbf_g_gby '*36 dhlhju_iha\heyxlhij_^_eylvf_klhk lhqghklvx f=b^jh]jZnbq_kdb_ kt_fdb dhlhju_ ijh\h^bebkv k bkihevah\Zgb_f \ukhdhlhqguo [_j_]h\uo JGK \iehlv ^h ] h[_ki_qb\Zeb\ kj_^g_flhqghklv f J Lhqghklv]_h^_abq_kdbokt_fhdk ihfhsvxhilbq_kdbo kj_^kl\ ^hijbf_g_gbyJGK[ueZ_s_gb`_ IhwlhfmgZfhjkdbogZ\b]ZpbhgguodZjlZohkgh\Zgguo gZ ]b^jh]jZnbq_kdbo kt_fdZo \uiheg_gguo ^h ] lhqghklv iheh`_gby dZjlh]jZnbq_kdbo h[t_dlh\ gb`_ q_f lhqghklv hij_^_e_gby f_klZ ih '*36 < gZklhys__ \j_fy lj_[h\Zgby d lhqghklb h[uqguo]_h^_abq_kdbokt_fhdf_klghklbkhklZ\eyxl fZ êyki_pbZevguokt_fhd f< h[hbo kemqZyobf__lky\ \b^m ih]j_rghklvhij_^_e_gbyiheh`_gby LZdbfh[jZahfg_kfhljygZlhqlhlj_[m_fZylhqghklvhij_^_e_gbyf_klZkm^gZ\ kl_kg_gguo\h^Zo flhqghklviheh`_gbydZjlh]jZnbq_kdboh[t_dlh\gZ[hevrbgkl\_gZ\b]ZpbhgguodZjlgb`_ <\b^m kms_kl\_ggh]h hlebqby hl :*6 kbkl_f hlkq_lZ dhhj^bgZl dZjl jy^Z jZchgh\ A_feb hkgh\Zgguo gZ klZjhc kt_fd_ km^h\h`^_gb_ gZ hkgh\_ bgnhjfZpbb *36 \ lZdbo jZchgZo hiZkgh ;_ahiZkg__ a^_kv ieZ\Zgb_ k ijbf_g_gb_f \bamZevguo b jZ^bhehdZpbhgguo hij_^_e_gbc f_klZ hlghkbl_evgh [_j_]h\uo hjb_glbjh\ b hiZkghkl_c < wlhf kemqZ_ ih]j_rghklb hij_^_e_gby hihjguo lhq_d]_h^_abq_kdhckt_fdbg_\ebyxlgZlhqghklvhij_^_e_gbcf_klZhlghkbl_evghhiZkghkl_cQlh[u mq_klv ih]j_rghklb kt_fdb f_klghklb hlghkbl_evgh hihjguo lhq_d ke_^m_l h[oh^blv hiZkghklb gZ [hevr_fjZkklhygbb Djhf_g_lhqghklbb fZehcih^jh[ghklbkt_fdbf_klghklbgZlhqghklv^ZgguodZjlufh]ml\ebylv y\e_gbyi_j_f_s_gby]jmglZ Ihwlhfmd ^ZggufdZ`^hcfhjkdhcgZ\b]ZpbhgghcdZjlulj_[m_lkydjblbq_kdbcihôh^Bkihevamy we_dljhggmxdZjlmêyj_r_gbyjZaebqguoaZ^ZqgZ\b]Zpbbg_h[oh^bfhhl^Z\Zlvk_[_hlq_l\ lhfk dZdhckl_i_gvx^h\_jbyfh`ghhlg_klbkvd ihf_s_gghcgZg_cgZ\b]ZpbhgghcbgnhjfZpbbDZq_kl\h dZjlh]jZnbq_kdhcbgnhjfZpbbaZ\bkblhljy^ZnZdlhjh\b \i_j\mxhq_j_^vhllhqghklb\uiheg_gby ]b^jh]jZnbq_kdbo jZ[hl b ]_h^_abq_kdbo gZ[ex^_gbc iheh`_gguo \ hkgh\m dZjlu Hq_\b^gh qlh dZjlu khklZ\e_ggu_ ih j_amevlZlZf jZ[hl [he__ iha^gbo ]b^jh]jZnbq_kdbo wdki_^bpbc y\eyxlky [he__lhqgufbK\_^_gbyh ^Zl_\uimkdZdZjluêy(&',6 h[uqghijb\h^yl\ jZa^_e_&UW dZjlu Z êy 5&'6 ih^gb`g_cjZfdhcjZkljh\hcdZjlu <Z`gmxjhevijbZgZeba_dZjlub]jZ_l__ fZkrlZ[Q_fdjmig__fZkrlZ[l_fih^jh[g__gZghkblky gZ]jmadZ gZ dZjlm A^_kv bf__lky \\b^m hjb]bgZevguc fZkrlZ[ ihkdhevdm i_j_fZkrlZ[bjh\Zgb_ b g_^hfZkrlZ[bjh\Zgb_ g_ hdZau\Zxl \ebygby gZ mjh\_gv gZ]jmadb Hlkx^Z \ul_dZ_l lj_[h\Zgb_ bkihevah\Zlv êy gZ\b]Zpbb dZjlu kZfh]h djmigh]h fZkrlZ[Z < (&',6 h[uqgh ij_^mkfZljb\Z_lky nmgdpby Z\lhaZ]jmadb dZjlu FKDUW DXWRORDG dhlhjZy Z\lhfZlbq_kdb aZ]jm`Z_l êy l_dms_]h f_klZ dZjlmkZfh]hdjmigh]hfZkrlZ[Z JZ[hlZy k dZjlhc ke_^m_l lZd`_ h[jZsZlv \gbfZgb_ gZ ih^jh[ghklv ijhf_jh\ dhlhjZy oZjZdl_jbam_lky hlf_ldZfb ]em[bg b gZebqb_f bah[Zl QZklu_ hlf_ldb ]em[bg b oZjZdl_jZ ]jmglZ k\b^_l_evkl\mxlh lsZl_evghklbijhf_jguojZ[hlHkh[h]h^h\_jbyaZkem`b\ZxljZchgu Zd\Zlhjbc\ dhlhjuo]em[bguih^l\_j`^_gu]b^jh]jZnbq_kdbfljZe_gb_fGZebqb_[_euoiyl_gg_^hklh\_jguo imgdlbjguo bah[Zl Z lZd`_ gZîbk_c IK b KK gZ Z^fbjZel_ckdbo dZjlZo 3$ 3RVLWLRQ DSSUR[LPDWH b 3' 3RVLWLRQ GDXEWIXO k\b^_l_evkl\mxl h lhf qlh ijhf_jgu_ jZ[hlu \ wlbo jZchgZo ijhba\h^bebkv f_g__ lsZl_evgh D hiZkguf ke_^m_l hlghkblv b jZchgu kh keh`guf j_ev_nhf ^gZ H[uqgh wlh jZchgu k dZf_gbkluf ]jmglhf \ dhlhjuo j_adh baf_gyxlky ]em[bgu < kemqZyo g_^hklZlhqghklbijhf_jh\\ Zd\Zlhjbyokhkeh`gufj_ev_nhf^gZfh]ml\klj_lblvkyhiZkgu_]em[bgu g_h[gZjm`_ggu_ijhf_jhf Ijb\u[hj_fZjrjmlZ g_h[oh^bfh mqblu\Zlv\hafh`ghklvi_j_f_s_gbyi_kqZgh]h ]jmglZ\ mklvyo j_db \jZchgZo^_ckl\bykbevguoijbeb\hhleb\guol_q_gbc :gZebabjmy dZjlm gm`gh mqblu\Zlv dZdhc mjh\_gv ijbgyl gme_f ]em[bg < (&',6 wlZ b ^jm]Zy ihe_agZybgnhjfZpbyfh`_l\uau\Zlvkyêybg^bdZpbb\ j_`bf_bkihegbl_evghcijhdeZ^db < aZ\bkbfhklbhlj_amevlZlh\ZgZebaZb hp_gdbkl_i_gb^h\_jbyd dZ`^hcdhgdj_lghcdZjl_ke_^m_l \u[bjZlvb [_ahiZkgucfZjrjmlkm^gZ >ey \hafh`ghklb hij_^_e_gby dZq_kl\Z ^Zgguo bkihevam_fhc we_dljhgghc dZjlu (&',6 ^he`gZ h[_ki_qb\Zlvbg^bdZpbx\k_cg_h[oh^bfhcêywlhcp_ebbgnhjfZpbb Ih]j_rghklbh[mkeh\e_ggu_hrb[dZfb^Zlqbdh\bgnhjfZpbb Ih]j_rghklb hkgh\guo ^Zlqbdh\ bgnhjfZpbb hoZjZdl_jbah\Zgu \ ]eZ\_ < (&',6 wlb ih]j_rghklb \ebyxl gZ iheh`_gb_ hlh[jZ`Z_fh]h f_klZ km^gZ ij_^klZ\ey_fu_ agZq_gby _]h dbg_fZlbq_kdboiZjZf_ljh\gZiheh`_gb_b we_f_glu^\b`_gbykhijh\h`^Z_fuoK:JIh[t_dlh\ Ih]j_rghklbhlbkihevah\ZgbyjZaebqguodhhj^bgZlguokbkl_f Ijbf_g_gb_jZaebqguodhhj^bgZlguokbkl_fy\ey_lkyh^gbfbabklhqgbdh\hrb[hd^Zgguo (&',6 Wlhfh`_l[ulvjZaebqb_]_h^_abq_kdbo^Zlmfh\ihabpbhgghckbkl_fub dZjluIjyfufh[jZahfwlh dZkZ_lky bkihevah\Zgby ^Zgguo kh\j_f_gguo kimlgbdh\uo kbkl_f Ke_^m_l hlf_lblv qlh ^h\hevgh [hevrhc ijhp_gl gZ\b]Zpbhgguo dZjl \ gZklhys__ \j_fy g_ fh`_l [ulv ijb\_^_g gb d h^ghfm ba\_klghfm \ gZklhys__ \j_fy ]hjbahglZevghfm ^Zlmfm Djhf_ lh]h kms_kl\mxl ijh[e_fu b ijb i_j_kq_l_ ^Zgguo dZjl k ba\_klguf ^Zlmfhf d ^jm]hfm ^Zlmfm Hkh[_ggh wlh dZkZ_lky ^Zlmfh\ [hevrboj_]bhgh\A_febIhijZ\dbêyi_j_oh^Zhlh^gh]h^ZlmfZd ^jm]hfm \ wlhfkemqZ_\ jZaguo qZklyo A_feb hlebqZxlky g_h^ghjh^ghklvx dhlhjmx bkihevam_fu_ kihkh[u i_j_kq_lZ ^Zlmfh\ g_ fh]ml iheghklvx mq_klv Ihwlhfm \k_]^Z kms_kl\m_l \_jhylghklv ihy\e_gby l_o beb bguo ih]j_rghkl_c\ j_amevlZlZoi_j_kq_lZ Ke_^m_lhlf_lblvqlhbaaZ\hafh`gh]hhlebqby]hjbahglZevguo^Zlmfh\g_h[oh^bfhijhba\h^blv jmqgmxdhjj_dlmjmWDihhlghkysbfkylhevdhd wlhc dZjl_dhjj_dlmjguf^hdmf_glZfWlZdhjj_dlmjZ g_ ^he`gZ bkihevah\Zlvky êy ^jm]bo dZjl wlh]h jZchgZ ghf_jZ dhlhjuo g_ mdZaZgu \ dhjj_dlmjghf khh[s_gbb >ey dhjj_dlmju bghkljZgguo dZjl ^he`gu bkihevah\Zlvky khhl\_lkl\mxsb_ bghkljZggu_dhjj_dlmjgu_^hdmf_glu >jm]bfijbf_jhfihy\e_gbyjZkoh`^_gbydhhj^bgZlguokbkl_fy\ey_lkyg_mq_lhlklhygbyZgl_ggu \ukhdhlhqghcgZ\b]Zpbhgghckbkl_fuhlp_gljZfZkkukm^gZbebg_ijZ\bevguc\\h^__ \ukhlu Ke_^m_l lZd`_ hlf_lblv b jZaebqb_ dhhj^bgZlguo kbkl_f hlkq_lZ i_e_g]h\ gZ dZjl_ b \ JEK gZijZ\e_gbygZdZjl_hlkqblu\Zxlkyhlbklbggh]hf_jb^bZgZZ baf_j_gbyJEi_e_g]h\ijhba\h^ylky hlghkbl_evgh hij_^_e_ggh]h ih dhfiZkm gZijZ\e_gby gZ k_\_j dhlhjh_ hlebqZ_lky hl gZijZ\e_gby bklbggh]hf_jb^bZgZ ?s_ h^gbf ijbf_jhf \hagbdgh\_gby ih]j_rghkl_c ^Zgguo (&',6 hl ijbf_g_gby jZaguo dhhj^bgZlguo kbkl_f kem`bl jZkq_l dbg_fZlbq_kdbo iZjZf_ljh\ p_e_c k bkihevah\Zgb_f ^Zgguo hlghkbl_evgh]heZ]Zh kdhjhklbk\h_]hkm^gZb hlg_k_gb_\uqbke_gguoiZjZf_ljh\p_e_cd dZjl_ Ih]j_rghklbbgl_jij_lZpbb^Zgguo (&',6 Jbkdi_j_^h\_jby Ih]j_rghklb bgl_jij_lZpbb Ijbqbgu hrb[hqghcbgl_jij_lZpbb^Zgguo (&',6 fh]ml[ulv kZfufbjZaebqgufbIhwlhfm\ wlhfhlghr_gbbfh`ghijb\_klblhevdhhl^_evgu_j_dhf_g^Zpbb Lj_[m_lkyagZlvmkeh\gu_h[hagZq_gbyb khdjZs_gbybkihevam_fu_gZWDb bgnhjfZpbhgguolZ[eh b g_imlZlv bof_`^mkh[hc G_ke_^m_lkqblZlvqlh^_ckl\bl_evgh_f_klhkm^gZlhqghkh\iZ^Z_lk hlh[jZ`Z_fufgZdZjl_beb qlh^_ckl\bl_evgh_f_klh km^gZ\k_]^ZgZoh^blky \ ij_^_eZo ih]j_rghklb_]hhij_^_e_gby G_gZ^h^mfZlvqlhgZijZ\e_gb_^\b`_gbykm^gZb _]hkdhjhklvlhqghkh\iZ^ZxlkhagZq_gbyfb iml_\h]hm]eZb iml_\hckdhjhklbij_^klZ\ey_fuogZbgnhjfZpbhgghflZ[eh Ke_^m_lmqblu\Zlv\ebygb_gZhlh[jZ`Z_fu_dbg_fZlbq_kdb_iZjZf_ljup_e_cih]j_rghkl_cb h]jZgbq_gbcJEKb K:JI G_ke_^m_liheZ]Zlvqlhm\_ebq_gb_fZkrlZ[ZWDijb\h^bld memqr_gbx__ ih^jh[ghklbb lhqghklb G_h[oh^bfhbkihevah\ZlvlZdhcfZkrlZ[b lZdmxgZ]jmadmWDdhlhjZykhhl\_lkl\m_lmkeh\byf km^h\h`^_gbyb g_kha^Z_lljm^ghkl_c\ jZa[hj_^ZgguoijhdeZ^db G_h[oh^bfh\u[bjZlvlZdb_^ZlqbdbbgnhjfZpbbdhlhju_gZbemqrbfh[jZahfkhhl\_lkl\mxl kblmZpbbH jbkd_i_j_^h\_jbyd (&',6 < k\yabk jZa[bjZ_fuf\hijhkhfg_h[oh^bfhqlh[udZ`ûc km^h\h^bl_evhkhagZ\Ze Qlh\k_]^Zkms_kl\m_lhij_^_e_ggZy\_jhylghklv jbkd g_ijZ\bevgh]hnmgdpbhgbjh\Zgby (&',6 b g_lhqghklb__ ^Zgguo Qlhhlh[jZ`Z_fu_]b^jh]jZnbq_kdb_^Zggu_g_[he__gZ^_`guq_f^Zggu_kt_fdbgZdhlhjhchgb [Zabjmxlky Qlh ij_^klZ\ey_fu_^Zggu_gZ\b]Zpbhgguo^Zlqbdh\hly]q_guih]j_rghklyfb Qlhhrb[dbb h]jZgbq_gby\aZbfh^_ckl\mxsbok (&',6 ijb[hjh\ b kbkl_ffh]ml\ebylvgZlhqghklv b gZ^_`ghklv^Zgguo (&',6 Qlh (&',6 wlh ebrv bgkljmf_gl ihfh]Zxsbc km^h\h^bl_ex \ j_r_gbb gZ\b]Zpbhgguo aZ^Zq Z hl\_lkl\_gghklv aZ ijZ\bevghklv bo \uiheg_gby b ijbgbfZ_fu_ j_r_gby ih mijZ\e_gbx km^ghf iheghklvxe_`blgZkm^h\h^bl_e_ Ihwlhfm km^h\h^bl_ev djhf_ ]jZfhlghc wdkiemZlZpbb (&',6 ^he`_g bkihevah\Zlv ex[mx \hafh`ghklv __ ijh\_jdb \dexqZy \bamZevgu_ hij_^_e_gby b ijbf_g_gb_ g_aZ\bkbfuo l_ogbq_kdbo kj_^kl\ dhgljhey ^\b`_gby km^gZ qlh[u bkdexqblv \hafh`gh_ g_]Zlb\gh_ \ebygb_ h]jZgbq_gbc (&',6 gZ [_ahiZkghklvkm^h\h`^_gby L_ogbdhwdkiemZlZpbhggu_lj_[h\Zgbyd (&',6 F_`^mgZjh^ghc fhjkdhc hj]ZgbaZpb_c BFH hij_^_e_gu j_dhf_g^Zpbb b wdkiemZlZpbhggu_lj_[h\Zgbyd (&',6Jy^bagbohk\_s_ggb`_ l_ogbdh GZagZq_gb_ I_j\bqghc nmgdpb_c (&',6 y\ey_lky h[_ki_q_gb_ [_ahiZkghklb fhj_ieZ\Zgby Ijb hj]ZgbaZpbb khhl\_lkl\mxs_]hj_a_j\bjh\ZgbyhgZfh`_ljZkkfZljb\ZlvkydZdwd\b\Ze_gl[mfZ`guodZjlKbkl_fZ ^he`gZ hlh[jZ`Zlv \kx dZjlh]jZnbq_kdmx b gZ\b]Zpbhggh]b^jh]jZnbq_kdmx bgnhjfZpbx g_h[oh^bfmxêy[_ahiZkgh]hb wnn_dlb\gh]hkm^h\h`^_gbyLj_[m_lkyqlh[ukbkl_fZ\uihegyeZ \k_ ^_ckl\by k\yaZggu_ k ij_^\Zjbl_evghc b bkihegbl_evghc ijhdeZ^dhc hij_^_e_gbyfb f_klZ g_ij_ju\gh hlh[jZ`ZeZ l_dms__ f_klh km^gZ b ijhba\h^beZ gZ^_`gmx dhjj_dlmjm we_dljhgguo gZ\b]ZpbhgguodZjl >Zggu_WDb bokljmdlmjZ < (&',6 ke_^m_l bkihevah\Zlv lhevdh hnbpbZevgu_dZjlh]jZnbq_kdb_^Zggu_\ lhfqbke_b dhjj_dlmjgu_ihke_^g_]hba^Zgbyih^]hlh\e_ggu_]hkm^Zjkl\_ggufb]b^jh]jZnbq_kdbfbkem`[Zfb LZdZybgnhjfZpby]hlh\blkyihklZg^ZjlZf,+2< kbkl_f_g_^he`gh[ulv\hafh`ghklb__ baf_g_gby G_h[oh^bfh dhjj_dlmjgu_ ^Zggu_ b bgnhjfZpbx WD ojZgblv \ (&',6 hl^_evgh ^jm] hl ^jm]Z Kbkl_fZ^he`gZZ\lhfZlbq_kdbijbgbfZlvdhjj_dlmjgu_^Zggu_ihdZgZeZfk\yabb \\h^blv bo \ k\hx iZfylv JmqgZy dhjj_dlmjZ lZd`_ ^himkdZ_lky h^gZdh __ agZdb ^he`gu hlebqZlvky hl hnbpbZevghc dhjj_dlmju ijbgbfZ_fhc Z\lhfZlbq_kdb Lj_[m_lky qlh[u (&',6 j_]bkljbjh\ZeZ dhjj_dlmjgmx bgnhjfZpbx\dexqZy\j_fygZqZeZbkihevah\Zgby__ \6(1& >ey (&',6 BFH hij_^_e_gu ke_^mxsb_ mjh\gb bkihevam_fhc \ g_c bgnhjfZpbb b kh^_j`Zgb_ wlbomjh\g_c >Zggu_ we_dljhgghc gZ\b]Zpbhgghc dZjlu (OHFWURQLF QDYLJDWLRQDO FKDUW GDWD (1&' wlhgZ[hj ^Zgguo êy WD ih^]hlh\e_gguo gZpbhgZevgufb ]b^jh]jZnbq_kdbfb kem`[Zfb \ nhjfZl_ ijb_fe_fhfêydhhj^bgZlhjZWD ;Zah\u_^Zggu_we_dljhgghcdZjlu (OHFWURQLF QDYLJDWLRQDO FKDUW GDWD EDVH (1&'% hkgh\gu_ ^Zggu_ êy ijhba\h^kl\Z b ih^^_j`Zgby WD h[jZah\Zggu_ ba (1&' Kbkl_fgZywe_dljhggZygZ\b]ZpbhggZydZjlZ 6\VWHP HOHFWURQLF QDYLJDWLRQDO FKDUW 6(1& 6(1& wlh gZ[hj ^Zgguo \h \gmlj_gg_f nhjfZl_ kbkl_fu êy hlh[jZ`_gby hldhjj_dlbjh\Zgghc gZ\b]Zpbhgghc dZjlu Hg ihemqZ_lky iml_f ij_h[jZah\Zgby kbkl_fhc bgnhjfZpbb hkgh\ghc WD ^Zgguodhjj_dlmjb ^Zgguo^h[Z\e_gguofhj_ieZ\Zl_e_fWlhlhlgZ[hj^ZgguodhlhjuckhklZ\ey_l ^bkie_cguc nZce (&',6 êy hlh[jZ`_gby hldhjj_dlbjh\Zgghc gZ\b]ZpbhgghcdZjlu b \uiheg_gby k __ ihfhsvx gZ\b]Zpbhgguo nmgdpbc 6(1& fh`_l kh^_j`Zlv bgnhjfZpbx b hl ^hihegbl_evguo bklhqgbdh\ BgnhjfZpby 6(1& ^hklmigZy êy hlh[jZ`_gby ijb ieZgbjh\Zgbb fZjrjmlZ b \uiheg_gbb ijhdeZ^db ^he`gZ [ulv jZa^_e_gZ gZ ljb dZl_]hjbb [Zah\Zy gZ]jmadZ 'LVSOD\ EDVH klZg^ZjlgZy gZ]jmadZ 6WDQGDUG 'LVSOD\ ^jm]ZybgnhjfZpby 2WKHU LQIRUPDWLRQ ;Zah\Zy gZ]jmadZ hagZqZ_l mjh\_gv ^Zgguo 6(1& dhlhjuc g_ fh`_l [ulv m^Ze_g k ^bkie_y Hg kh^_j`bl bgnhjfZpbx lj_[m_fmx \k_]^Z \h \k_o ]_h]jZnbq_kdbo jZchgZo b ijb ex[uo h[klhyl_evkl\ZoWlhg_hagZqZ_lqlh__^hklZlhqghêy[_ahiZkgh]hkm^h\h`^_gby;Zah\ZygZ]jmadZ \dexqZ_l[_j_]h\mxq_jlm êyiheghc\hû \u[jZggmx km^h\h^bl_e_f [_ahiZkgmx bah[Zlm \ h]jZgbq_gghf [_ahiZkghc bah[Zlhc jZchg_ hl^_evgu_ ih^\h^gu_ hiZkghklb k ]em[bgZfb f_gvrbfb [_ahiZkghc \gmljb wlh]h `_ jZchgZ hl^_evgu_ hiZkghklb lZdb_ dZd fhklu ebgbb we_dljhi_j_^Zq \dexqZy [mb b agZdb dhlhju_ bkihevamxlky beb g_ bkihevamxlky dZd kj_^kl\Z gZ\b]Zpbb kbkl_fu ^\b`_gby fZkrlZ[ \b^ hjb_glZpbbdZjlub j_`bf^bkie_y_^bgbpu]em[bgb \ukhl KlZg^ZjlgZy gZ]jmadZ wlh gZ]jmadZ dZjlu dhlhjZy ^he`gZ [ulv gZ ^bkie__ ijb i_j\hf \uah\_ dZjlu \ (&',6 khklZ\eyxsZy fbgbfZevguc gZ[hj ^Zgguo h[_ki_qb\Zxsbo [_ahiZkghklv ijb ijhdeZ^d_b ieZgbjh\ZgbbimlbWlZgZ]jmadZ\ ^Zevg_cr_ffh`_lfh^bnbpbjh\Zlvkykm^h\h^bl_e_f KlZg^ZjlgZy gZ]jmadZ khklhbl ba bgnhjfZpbb [Zah\hc 6(1& ebgbb hkuoZgby klZpbhgZjguo b ieZ\mqbo kj_^kl\ gZ\b]Zpbb ]jZgbp nZj\Zl_jh\ dZgZeh\ b l^ ijbf_lguo \bamZevguo b jZ^bhehdZpbhgguo h[t_dlh\ aZij_lguo b h]jZgbq_gguo jZchgh\ jZfdb dZjlu ij_^mij_`^_gbc fhj_ieZ\Zl_eyf <ky ^jm]Zy bgnhjfZpby hlh[jZ`Z_fZy bg^b\b^mZevgh ih lj_[h\Zgbx \dexqZ_l agZq_gby ]em[bg ih^\h^gu_dZ[_ebb ljm[hijh\hûfZjrjmluiZjhfh\^_lZeb\k_ohl^_evguohiZkghkl_c ^_lZeb gZ\b]Zpbhgguo kj_^kl\ kh^_j`Zgb_ ij_^mij_`^_gbc fhj_ieZ\Zl_eyf ^Zlm ba^Zgby WD ]hjbahglZevgucb \_jlbdZevguc]_h^_abq_kdb_^ZlmfufZ]gblgh_kdehg_gb_]_h]jZnbq_kdb_gZa\Zgby b l^ Hjb_glZpbybah[jZ`_gbyj_`bf^\b`_gby^jm]ZybgnhjfZpby DZjlZ \ (&',6 ^he`gZ hjb_glbjh\Zlvky ih f_jb^bZgm K_\_j \\_jom >himkdZ_lky ^jm]hc \b^ hjb_glZpbbgZijbf_jDmjk\\_jom IjhdeZ^dm \ kbkl_f_ lj_[m_lky hlh[jZ`Zlv \ j_`bf_ bklbggh]h ^\b`_gby >himkdZ_lky j_`bf hlghkbl_evgh]h ^\b`_gby < j_`bf_ bklbggh]h ^\b`_gby g_h[oh^bf dhgljhev ihôh^Z kbf\heZ kh[kl\_ggh]hkm^gZd jZfd_dZjluk p_evxh[_ki_q_gbyk\h_\j_f_ggh]hk^\b]ZdZjluihke_dhlhjh]h hlf_ldZ km^gZkf_sZ_lky\ aZ^Zggmxkm^h\h^bl_e_fqZklvwdjZgZ GZ WD fh`_l gZdeZû\Zlvky jZ^bhehdZpbhggZy beb ^jm]Zy gZ\b]ZpbhggZy bgnhjfZpby dhlhjZy ^he`gZq_ldhhlebqZlvkyhl^Zgguohkgh\ghcWDGZdeZû\Z_fZybgnhjfZpbyg_^he`gZmom^rZlvb bkdZ`ZlvdZjlh]jZnbq_kdmxbgnhjfZpbx G_h[oh^bfh qlh[u ^hihegbl_evgZy bgnhjfZpby [ueZ \ h^bgZdh\hc kbkl_f_ dhhj^bgZl k dZjlh]jZnbq_kdhc bgnhjfZpb_c bf_eZ k g_c h^bgZdh\uc fZkrlZ[ b hjb_glZpbx JZ^bhehdZpbhggh_ bah[jZ`_gb_^he`ghj_]mebjh\Zlvky\jmqgmxbijbg_h[oh^bfhklbg_f_ê_gghkgbfZlvkyk wdjZgZ P\_lZb kbf\heuLj_[h\Zgbyd ^bkie_x >ey hlh[jZ`_gby bgnhjfZpbb 6(1& ^he`gu bkihevah\Zlvky p\_lZ b kbf\heu khhl\_lkl\mxsb_ klZg^ZjlZf F=H dhlhju_ im[ebdmxlky \ ki_pbZevguo ba^Zgbyo wlhc hj]ZgbaZpbb Ki_pbZevgZy im[ebdZpbyF=H6Ijbeh`_gb_ Djhf_ dZjlh]jZnbq_kdhc bgnhjfZpbb lj_[m_lky gZ ^bkie__ (&',6 hlh[jZ`Zlv ke_^mxsb_ gZ\b]Zpbhggu_we_f_glub iZjZf_ljukm^ghijhc^_ggucimlvk hlf_ldZfb\j_f_gb\_dlhjiml_\hc kdhjhklbih^\b`gucfZjd_j^Zevghklbbbebwe_dljhgguc\babjdmjkhjkqbkebfh_ f_klhb \j_fy h[k_j\h\Zggh_ f_klh b \j_fy ebgbx iheh`_gby b \j_fy kf_s_ggmx ebgbx iheh`_gby b \j_fy ij_^\uqbke_gguc \_dlhj l_q_gby k mdZaZgb_f \j_f_gb b kdhjhklb wnn_dlb\gh]h ^_ckl\by nZdlbq_kdbc \_dlhj l_q_gby k mdZaZgb_f l_o `_ agZq_gbc hkh[u_ hiZkghklb ebgbb [_ahiZkghklb aZ^Zgguc dmjk b kdhjhklv iml_\u_ lhqdb jZkklhygb_ ih aZ^Zgghc ebgbb imlb ieZgbjm_fh_ f_klhiheh`_gb_ k ^Zlhc b \j_f_g_f ^m]b ^Zevghklb hldjulbyaZdjulby h]g_c f_klh b \j_fy i_j_deZ^dbjmeyêyih\hjhlZ NhjfZhlh[jZ`_gbymdZaZgghcbgnhjfZpbbb __p\_lghklvklZg^Zjlbabjh\ZguBFHb ijb\_^_gu\ im[ebdZpbbFWD (&',6 ^he`gZ iha\heylv hlh[jZ`Zlv \k_ ^Zggu_ g_h[oh^bfu_ km^h\h^bl_ex ijb \uiheg_gbb ij_^\Zjbl_evghc b bkihegbl_evghc ijhdeZ^hd Z lZd`_ ijb j_r_gbb ^hihegbl_evguo gZ\b]Zpbhgguo aZ^Zq Wnn_dlb\guc jZaf_j wdjZgZ êy ij_^klZ\e_gby dZjlu ijb bkihegbl_evghc ijhdeZ^d_ ^he`_g [ulvg_f_g__ o ff <hafh`ghklv hlh[jZ`_gby p\_lh\ b jZaj_rZxsZy kihkh[ghklv ^bkie_y (&',6 ^he`gu khhl\_lkl\h\Zlvlj_[h\ZgbyfF=H 6 G_h[oh^bfh \ (&',6 h[_ki_q_gb_ ykghc \b^bfhklb gZ ^bkie__ hlh[jZ`Z_fuo ^Zgguo [he__ q_f h^gbfgZ[ex^Zl_e_f\ mkeh\byoghjfZevghchk\_s_gghklbdZd^g_flZdb ghqvx Ij_^\Zjbl_evgZyijhdeZ^dZ < kbkl_f_ ^he`gZ [ulv \hafh`ghklv ijhkluf b gZ^_`guf kihkh[hf ieZgbjh\Zlv imlv km^gZ Lj_[m_lky \uihegylv ieZgbjh\Zgb_ hkgh\gh]h b ijb g_h[oh^bfhklb Zevl_jgZlb\gh]h fZjrjmlh\ IeZgbjm_fucfZjrjml^he`_gq_ldhhlebqZlvkyhl^jm]bofZjrjmlh\gZdZjl_ Ijbij_^\Zjbl_evghcijhdeZ^d_ ke_^m_lh[_ki_qb\ZlvgZg_k_gb_ijyfhebg_cguob djb\hebg_cguo mqZkldhf imlb ih ieZgbjm_fhfm hkgh\ghfm b Zevl_jgZlb\ghfm fZjrjmlZf b \g_k_gb_ g_h[oh^bfuo hlf_lhdKm^h\h^bl_ev^he`_gbf_lv\hafh`ghklv\\h^Zij_^_eh\hldehg_gbyhlaZ^Zggh]hfZjrjmlZ b Zdlb\baZpbbijb bkihegbl_evghc ijhdeZ^d_ Z\lhfZlbq_kdhc kb]gZebaZpbb h ij_\ur_gbb aZ^Zggh]h hldehg_gby hl ebgbb imlb >ey kblmZpbc ieZgbjh\Zgby imlb q_j_a hiZkgmx bah[Zlm b jZchgu kh ki_pbZevgufb mkeh\byfb g_h[oh^bfh ij_^mkfZljb\Zlv ij_^mij_^bl_evgmx bg^bdZpbx Ijb dhjj_dlbjh\d_ieZgbjm_fh]hfZjrjmlZ^he`gZ[ulv\hafh`ghklv >h[Z\e_gbyiml_\hclhqdb Mgbqlh`_gbyiml_\hclhqdb Baf_g_gbyiheh`_gb_iml_\hclhqdb Baf_g_gbyihjy^dZlhq_d\ fZjrjml_ Bkihegbl_evgZyijhdeZ^dZ Hkgh\ghc j_`bf hlh[jZ`_gby dZjlu ijb bkihegbl_evghc ijhdeZ^d_ ^he`_g h[_ki_qb\Zlv gZoh`^_gb_ hlf_ldb km^gZ \ ij_^_eZo hdgZ \uk\_qb\Zgby >ey \hafh`ghklb \ ijhp_kk_ i_j_oh^Z ijhkfZljb\Zlv jZchgu ]^_ g_l km^gZ ke_^m_l bf_lv ^hihegbl_evguc j_`bf hlh[jZ`_gby < ^hihegbl_evghfj_`bf_(&',6 ^he`gZijh^he`Zlvmqblu\Zlv i_j_f_s_gb_ km^gZ hlh[jZ`Zlv _]h dbg_fZlbq_kdb_ iZjZf_lju \uihegylv nmgdpbb ij_^mij_^bl_evghc kb]gZebaZpbb b bg^bdZpbb Z lZd`_ ij_^hklZ\eylv km^h\h^bl_ex \hafh`ghklv h^gbf ^_ckl\b_f g_f_ê_ggh \ha\jZsZlvky d hkgh\ghfmj_`bfmhlh[jZ`_gby Iheh`_gb_km^gZ^he`ghhij_^_eylvkyk ihfhsvxihabpbhgghckbkl_fug_ij_ju\ghb klhqghklvx khhl\_lkl\mxs_c lj_[h\Zgbyf [_ahiZkgh]h km^h\h`^_gby =^_ lhevdh \hafh`gh g_h[oh^bfh bkihevah\Zlv êy h[k_j\Zpbc \lhjmx g_aZ\bkbfmx ihabpbhggmx kbkl_fm ijbq_f (&',6 ^he`gZ hij_^_eylvjZaebqbyf_`^mhij_^_e_gbyfbf_klZihwlbfkbkl_fZf =_h^_abq_kdb_^Zlmfukbkl_fuhij_^_e_gbyf_klZkm^gZb kbkl_fghcgZ\b]ZpbhgghcdZjlu^he`gu [ulvh^bgZdh\ufb < (&',6 lj_[m_lky bf_lv \hafh`ghklv hlh[jZ`_gby gZf_q_ggh]h Zevl_jgZlb\gh]h fZjrjmlZ \ ^hiheg_gb_ d hkgh\ghfm G_h[oh^bfh qlh[u hlh[jZ`Z_fuc aZieZgbjh\Zgguc fZjrjml q_ldh hlebqZeky hl ^jm]bo iml_c gZ dZjl_ < l_q_gb_ j_ckZ km^h\h^bl_ev ^he`_g bf_lv \hafh`ghklv fh^bnbdZpbb aZieZgbjh\Zggh]h fZjrjmlZ eb[hbaf_g_gby_]hgZZevl_jgZlb\guc Djhf_lh]hijbijhdeZ^d_kbkl_fZ^he`gZ\uihegylvke_^mxsb_nmgdpbb Hlh[jZ`Zlv ijhc^_gguc imlv k hlf_ldZfb \j_f_gb bgl_j\Ze f_`^m dhlhjufb fh`_l mklZgZ\eb\Zlvkyhl ^h fbg Ij_^klZ\eylv \_dlhj iml_\hc kdhjhklb hkh[u_ hlf_ldb gZghkbfu_ km^h\h^bl_e_f ijb \_^_gbb ijhdeZ^db b ^jm]b_ kbf\heu lj_[m_fu_ k gZ\b]Zpbhgghc p_evx kqbkebfh_ f_klh b \j_fy h[k_j\h\Zggh_f_klhb \j_fyih^\b`gucdjm]^Zevghklbb \babjgmxebgbx b jy^^jm]bo^Zgguo H[_ki_qb\Zlv \hafh`ghklv baf_g_gby f_klhiheh`_gby km^gZ gZ dZjl_ \jmqgmx Wlhl ijhp_kk ^he`_g khijh\h`^Zlvkyhlh[jZ`_gb_fdhhj^bgZlkm^gZ\ [md\_gghpbnjh\hf\b^_ Ij_h[jZah\u\Zlv ]_h]jZnbq_kdb_ dhhj^bgZlu \ wdjZggu_ b h[jZlgh jZkkqblu\Zlv bklbggu_ ^bklZgpbx b i_e_g] êy ^\mo ex[uo lhq_d hij_^_eylv ]_h]jZnbq_kdb_ dhhj^bgZlu ex[hc lhqdb wdjZgZ^bklZgpbxb i_e_g]hlkh[kl\_ggh]hf_klZgZwlmlhqdm \uqbkeylvêbgmehdkh^jhfbbhjlh^jhfbbhij_^_eylvf_klhkm^gZih^ZggufJGKb KGK J_]bkljZpby^ZgguoKb]gZebaZpbyb bg^bdZpby Kbkl_fZ ^he`gZ bf_lv \hafh`ghklv hleh`_gby \ iZfylb b ijb g_h[oh^bfhklb aZihfbgZgby gZ êbl_evgh_ \j_fy bgnhjfZpbb h ijhl_dZgbb ijhp_kkZ km^h\h`^_gby aZ ihke_^gb_ qZkh\ k bgl_j\Zehf \ fbg b \hafh`ghklv ih\lhjgh]h \hkijhba\_^_gby wlhc kblmZpbb gZ wdjZg_ \ ex[h_ \j_fyIjbwlhfj_]bkljbjmxlky^Zggu_h \j_f_gbf_kl_dmjk_b kdhjhklbk\h_]hkm^gZb \ayluogZ khijh\h`^_gb_km^h\p_e_cwe_dljhgguodZjlZogZdhlhjuo\_^_lkyijhdeZ^dZb dhjj_dlmjZod gbf >ey\hkklZgh\e_gby \k_]hieZ\Zgbyg_h[oh^bfh\ (&',6 h[_ki_qb\ZlvaZibkvdhhj^bgZlf_klZkm^gZ k gZqZeZj_ckZk bgl_j\Zehf\j_f_gbg_ij_\urZxs_f qZkZ G_ ^he`gh [ulv \hafh`ghklb baf_g_gby aZj_]bkljbjh\Zgghc bgnhjfZpbb b fZgbimeypbb k g_c Lj_[m_lky\ (&',6 bf_lvaZsblmaZj_]bkljbjh\Zgguo^ZgguohlklbjZgbyb baf_g_gbc < (&',6 g_h[oh^bfh bf_lv ke_^mxsmx kb]gZebaZpbx b ij_^mij_^bl_evgmx bg^bdZpbx ]^_ ih^ kb]gZebaZpb_cihgbfZ_lkykhh[s_gb_Zdmklbq_kdbfbbebZdmklbq_kdbfbb \bamZevgufbkj_^kl\Zfbh[ mkeh\byob kblmZpbyolj_[mxsbo\gbfZgbyhi_jZlhjZ Z ih^ bg^bdZpb_c \bamZevgh_ ij_^klZ\e_gb_ hi_jZlhjm hij_^_e_gghc bgnhjfZpbb h kh[ulbyo h nmgdpbhgbjh\Zgbbkbkl_fubebh[hjm^h\ZgbyKh]eZkghlj_[h\ZgbyfBFH\ (&',6 ^he`gZ[ulv Kb]gZebaZpby h \uoh^_ aZ ]jZgbpu nZj\Zl_jZ i_j_k_q_gbb [_ahiZkghc bah[Zlu ij_\ur_gbb aZ^Zggh]hhldehg_gbyhlfZjrjmlZijb[eb`_gbbd djblbq_kdhclhqd_ gZijbf_jd lhqd_ih\hjhlZ jZaguo]_h^_abq_kdbo^ZlmfZokbkl_fhij_^_e_gbyf_klZb dZjlu Kb]gZebaZpby beb bg^bdZpby h i_j_fZkrlZ[bjh\Zgbb ijhoh`^_gby imlb q_j_a jZchgu kh ki_pbZevgufbmkeh\byfbg_ijZ\bevghfnmgdpbhgbjh\Zgbb(&'I6 Bg^bdZpby qlh_klvdZjlZ[he__djmigh]hfZkrlZ[ZqlhbgnhjfZpby6(1& b ^h[Z\hqgZy gZijbf_j hl JEK \ jZaguo dhhj^bgZlguo kbkl_fZo h ieZgbjh\Zgbb fZjrjmlZ q_j_a [_ahiZkgmx bah[Zlm h ieZgbjh\ZgbbfZjrjmlZq_j_aki_pbZevgucjZchgh \uoh^_bakljhykbkl_fuhij_^_e_gbyf_klZh[ hrb[dZoijbl_klbjh\Zgbbkbkl_fuD jZchgZfkhki_pbZevgufbmkeh\byfbhlghkylky AhgZjZa^_e_gby^\b`_gby 7UDIILF VHSDUDWLRQ ]RQH I_j_k_q_gb_ ahg fZjrjmlbaZpbb 7UDIILFURXWHLQJVFKHPHFURVVLQJ7UDIILFURXWHLQJVFKHPH AhgZ djm]h\h]h ^\b`_gby 7UDIILFURXWHLQJVFKHPHURXQGDERXW7UDIILFURXWHLQJVFKHPH >\moklhjhggbc fZjrjml 7ZRZD\WUDIILFURXWH =em[hdh\h^guc fZjrjml 'HHSZDWHU URXWH J_dhf_g^h\Zgguc imlv 5HFRPPHQGHGWUDIILFODQH AhgZijb[j_`gh]hieZ\Zgby ,QVKRUH WUDIILF ]RQH NZj\Zl_j )DLUZD\ AhgZh]jZgbq_ggh]hURLD%D+UD 5HVWULFWHG DUHD AhgZih\ur_ggh]h\gbfZgby &DXWLRQ DUHD R_evnh\Zy g_nl_]Zah\Zy ahgZ 2IIVKRUHSURGXFWLRQDUHD JZchgdhlhjucke_^m_lba[_]Zlv $UHDV WR EH DYRLGHG JZchg mq_gbc 0LOLWDU\SUDFWLVHDUHD JZchg ihkZ^db ]b^jhkZfhe_lh\ 6HDSODQHODQGLQJDUHD LjZgablguc imlv ih^\h^guo eh^hd 6XEPDULQUWUDQVLWODQH E_^h\ucjZchg ,FH DUHD DZgZe &KDQQHO Ju[guc]jmgl )LVKLQJ JURXQG JZchgaZij_lgucêyeh\Zju[u )LVKLQJ SURKLELWHG <h^h g_nl_ ijh\h^ 3LSHOLQH DUHD JZchgih^\h^gh]hdZ[_ey &DEOH DUHD YdhjgZyklhygdZ $QFKRUDJH DUHD JZchgaZij_lgucêyihklZgh\dbgZydhjv $QFKRUDJH SURKLELWHG JZchg k\Zedb 'XPSLQJJURXQG G_qbkluc ]jmgl 6SRLOJURXQG JZchg^ghm]em[bl_evguojZ[hl 'UHGJHG DUHD JZchg i_j_]jmadb km^h\ &DUJRWUDQVKLSPHQWDUHD JZchg k`b]Zgby fmkhjZ ,QFLQHUDWLRQDUHD Ki_pbZevgZyaZsbs_ggZyahgZ 6SHFLDOO\ SURWHFWHG DUHDV Ke_^mxsb_h[t_dluh[vj]ghhp_gb\Zxlkykbkl_fhcdZdhiZkghklb <aju\qZlu_\_s_kl\Z ([SORVLYHV Ju[gZy[ZgdZ )LVK KDYHQ G_qbkluc]jmgl )RXO Ih^\h^gh_ij_iylkl\b_ 2EVWUXFWLRQ HkuoZxsZy hiZkghklv 2EVWUXFWLRQZKLFKFRYHUVDQGXQFRYHUV ;mjh\Zy ieZlnhjfZ 2LO*DVSURGXFWLRQSODWIRUP KdZeZ 5RFN Hlf_ev 6KRDO ;mjh\Zykd\Z`bgZ :HOO AZlhgm\r__ km^gh :UHFN AZlhgm\r__ km^gh k qZklyfb gZ^ \h^hc :UHFNVKRZLQJDQ\SRUWLRQRIKXOODWWKHOHYHORIFKDUWGDWXP LhqghklvKhijy`_gb_k ^jm]hcZiiZjZlmjhc Lj_[m_lkyqlh[ulhqghklv\k_o\uqbke_gbc\uihegy_fuo (&',6khhl\_lkl\h\ZeZlhqghklb6(1& b g_aZ\bk_eZhloZjZdl_jbklbd\uoh^guomkljhckl\ Lhqghklvhlh[jZ`_gbygZwdjZg_i_e_g]h\^bklZgpbcb ^jm]bowe_f_glh\ijhdeZ^db^he`gZ[ulvg_ om`_lhcdhlhjZyh[_ki_qb\Z_lkyjZaj_rZxs_ckihkh[ghklvx^bkie_y G_h[oh^bfh khijy`_gb_ (&',6 k kbkl_fZfb b mkljhckl\Zfb h[_ki_qb\Zxsbfb g_ij_ju\gh_ f_klhhij_^_e_gb_ \u^Zqm bgnhjfZpbb h dmjk_ b kdhjhklb Z lZd`_ j_r_gb_ ^jm]bo aZ^Zq km^h\h`^_gby (&',6 g_ ^he`gZ mom^rZlv oZjZdl_jbklbdb ih^dexq_gguo d g_c mkljhckl\ b lhqghklv bo bgnhjfZpbbKhhl\_lkl\_gghijbkhijy`_gbbk ^jm]hcZiiZjZlmjhcoZjZdl_jbklbdb (&',6 g_^he`gu mom^rZlvky

ECDIS - Лекции

Разделы

Поддержка

ECDIS - Лекции

Добавить этот документ в коллекции

Добавить этот документ в сохраненные

Предложите, как улучшить StudyLib