Hans Jonas The Phenomenon of Life - Toward A Philosophical Biology PDF

Download as pdf or txt
Download as pdf or txt
You are on page 1of 320
At a glance
Powered by AI
The text discusses a wide range of philosophical concepts related to life and existence. Some of the key topics covered include ontology, epistemology, anthropology, metaphysics and phenomenology. Many terms from these fields such as being, becoming, truth, knowledge, body, mind, experience are used extensively throughout the text.

Some of the main topics discussed in the text include the nature of being and becoming, causality, participation, transcendence, immanence, truth, knowledge, the meaning of life, the self and other philosophical anthropology concepts.

Some of the philosophical concepts mentioned include being, becoming, causality, participation, transcendence, immanence, truth, knowledge, the meaning of life and other philosophical anthropology concepts.

=JG :JGPQOGPQP QH 6KHG

=QYCTF C :JKNQUQRJKECN -KQNQI[


4-9< 6:9-<

@ 4 = 3 , 1 9 ; 0 @ 9 ; / -A 6 , @ ; 0 8 . 0 ? 9 2 0 6
=41 ; 4 1 9 : 8 1 9 : 9 :2 7521
8QTVJYGUVGTP >PKXGTUKV[
<VWFKGU KP :JGPQOGPQNQI[
CPF
0ZKUVGPVKCN :JKNQUQRJ[
1QWPFKPI 0FKVQT 5COG< 7" 0FKG

2GPGTCN 0FKVQTU 5QJP 7E.WODGT


/CXKF 7KEJCGN 6GXKP

.QPUWNVKPI 0FKVQTU

;QDGTV -GTPCUEQPK 5" 8" 7QJCPV[


5WFKVJ :" -WVNGT \B7CWTKEG 8CVCPUQP
/CXKF .CTT 2TCGOG 8KEJQNUQP
0FYCTF <" .CUG[ 1TGFGTKEM 9NCHUQP
<VCPNG[ .CXGNN :CWN ;KEQGWT
;QFGTKEM 7" .JKUJQNO =QO ;QEMOQTG
3WDGTV 6" /TG[HWU 2GQTIG <EJTCFGT
6GUVGT 0" 0ODTGG .CNXKP #" <EJTCI
/CIHKPP 1QNNGUFCN =JQOCU <JGGJCP
?GTQPKSWG 1(VK 3WIJ 5" <KNXGTOCP
4TGPG 3CTXG[ ;QDGTV <QMQNQYUMK
/KGVGT 3GPTKEJ V3GTDGTV <RKGIGNDGTI
/QP 4JFG .JCTNGU =C[NQT
\B0OOCPWGN 6GXKPCU <COWGN 5" =QFGU
,NRJQPUQ 6KPIKU -TWEG @" @KNUJKTG
@KNNKCO 7E-TKFG /CXKF @QQF
=30
: 3 0 8 9 7 0 8 9 8
91 6410

=QY CTF C
:JKNQUQRJKECN -KQNQI[

3CPU 5QPCU
@ KVJ C HQTGYQTF D[ 6CYTGPEG ?QIGN

8QTVJYGUVGTP >PKXGTUKV[ :TGUU


0XCPUVQP! 4NNKPQKU
.QPVGPVU

1QTGYQTF ZK

:TGHCEG ZZKKK

4PVTQFWEVKQP" 9P VJG <WDLGEVU QH C :JKNQUQRJ[ QH 6KHG $

7GDC 0C?QF ?KB QFC .LBV GK QFC =FCLOV LD .CGKE (

,RRGPFKZ $" .CWUCNKV[ CPF :GTEGRVKQP %(

,RRGPFKZ %" 8QVG QP ,PVJTQRQOQTRJKUO &&

;FGILPLMFGA?I -PMCAQP LD 0?OTGKGPJ $)

,RRGPFKZ" =JG 7GCPKPI QH .CTVGUKCPKUO HQT VJG =JGQT[ QH 6KHG '*

5P 3LB ? 8?QFCJ?QGAG?K, =FC 8C?KGKE '%


LD 8CQ?@LIGPJ

,RRGPFKZ $" 8QVG QP VJG 2TGGM >UG QH 7CVJGOCVKEU KP VJG +%


4PVGTRTGVCVKQP QH 8CVWTG

,RRGPFKZ %" 8QVG QP @JKVGJGCF U :JKNQUQRJ[ QH 9TICPKUO +'

,RRGPFKZ &" 8QVG QP VJG 8QPRCTVKEKRCVKQP QH /8, +)


KP 7GVCDQNKUO

=L 8LSC ?KB QL 2CCI+ :K QFC -KGJ?I <LRI **

/V@COKCQGAP ?KB ;ROMLPC+ - /OGQGNRC "!)

,RRGPFKZ" 7CVGTKCNKUO! /GVGTOKPKUO! CPF VJG 7KPF $%)


=FC 9L@GIGQV LD <GEFQ+ - <QRBV GK QFC "$&
;FCKLJCKLILEV LD QFC <CKPCP

,RRGPFKZ" <KIJV CPF 7QXGOGPV $'%

5J?EC J?HGKE ?KB QFC 2OCCBLJ LD 8?K "&(

,RRGPFKZ" 9P VJG 9TKIKPU QH VJG 0ZRGTKGPEG QH =TWVJ $)'

2OLJ ;FGILPLMFV LD QFC :OE?KGPJ QL QFC ")$


;FGILPLMFV LD 8?K

=FC ;O?AQGA?I >PCP LD =FCLOV "))

3KLPQGAGPJ 1UGPQCKQG?IGPJ ?KB 9GFGIGPJ #""

4CGBCEECO ?KB =FCLILEV #$&

5JJLOQ?IGQV ?KB QFC 8LBCOK =CJMCO #'#

9?QROC ?KB 1QFGAP #)#

4PFGZ #)&
,124.4

31*60'5.(24

1.-./ *14

"&

&-* "1245.( %*/.,.21

&-* "1245.( %*/.,.21

!*.1, '1) &.0*

&-* $-*120*121 2 + #.+*


9 < E F G 8FF4L

?WTS# 7SObV# O\R bVS 5]Rg


W\ bVS GVS]`g ]T 5SW\U

<
JVS\ [O\ TW`ab PSUO\ b] W\bS`^`Sb bVS \Obc`S ]T bVW\Uai O\R bVWa VS
RWR eVS\ VS PSUO\ b] PS [O\i ZWTS eOa b] VW[ SdS`geVS`S# O\R PSW\U
bVS aO[S Oa PSW\U OZWdS% 4\W[Wa[ eOa bVS eWRSa^`SOR Sf^`SaaW]\ ]T
bVWa abOUS# jVgZ]h]Wa[k ]\S ]T Wba ZObS`# Q]\QS^bcOZ T]`[a% F]cZ
TZ]]RSR bVS eV]ZS ]T SfWabS\QS O\R S\Q]c\bS`SR WbaSZT W\ OZZ bVW\Ua%
5O`S [ObbS`# bVOb Wa# b`cZg W\O\W[ObS# jRSORk [ObbS`# eOa gSb b] PS
RWaQ]dS`SRi Oa W\RSSR Wba Q]\QS^b# a] TO[WZWO` b] ca# Wa O\gbVW\U Pcb
]PdW]ca% GVOb bVS e]`ZR Wa OZWdS Wa `SOZZg bVS []ab \Obc`OZ dWSe# O\R
ZO`USZg ac^^]`bSR Pg ^`W[O$TOQWS SdWRS\QS% B\ bVS bS``Sab`WOZ aQS\S# W\
eVWQV Sf^S`WS\QS Wa `SO`SR O\R Q]\bOW\SR# ZWTS OP]c\Ra O\R ]QQc^WSa
bVS eV]ZS T]`SU`]c\R Sf^]aSR b] [O\la W[[SRWObS dWSe% GVS ^`]^]`$
bW]\ ]T [O\WTSabZg ZWTSZSaa [ ObbS` S\Q]c\bS`SR W\ bVWa ^`W[]`RWOZ TWSZR
Wa a[OZZ# aW\QS []ab ]T eVOb eS \]e Y\]e b] PS W\O\W[ObS Wa a]
W\bW[ObSZg W\bS`beW\SR eWbV bVS Rg\O[WQa ]T ZWTS bVOb Wb aSS[a b] aVO`S
Wba \Obc`S% 8O`bV# eW\R# O\R eObS`i PSUSbbW\U# bSS[W\U# \c`bc`W\U#
RSab`]gW\Ui O`S O\gbVW\U Pcb []RSZa ]T j[S`S [ ObbS`%k GVca ^`W[W$
bWdS ^O\^agQVWa[# W\ ORRWbW]\ b] O\aeS`W\U ^]eS`TcZ \SSRa ]T bVS
a]cZ# eOa XcabWTWSR Pg `cZSa ]T W\TS`S\QS O\R dS`WTWQObW]\ eWbVW\ bVS
OdOWZOPZS `O\US ]T Sf^S`WS\QS# Q]\bW\cOZZg Q]\TW`[SR Oa Wb eOa Pg bVS
OQbcOZ ^`S^]\RS`O\QS ]T ZWTS W\ bVS V]`Wh]\ ]T Wba SO`bVZg V][S% <\$
M- N
. N G ;8 C ;8AB@8ABA B9 ?<98
RSSR \]b PST]`S bVS 6]^S`\WQO\ `Sd]ZcbW]\ eWRS\SR bVWa V]`Wh]\ W\b]
bVS dOab\Saa ]T Q]a[WQ a^OQS eOa bVS ^`]^]`bW]\OZ ^ZOQS ]T ZWTS W\ bVS
aQVS[S ]T bVW\Ua acTTWQWS\bZg ReO`TSR a] bVOb Wb PSQO[S ^]aaWPZS b]
RWa`SUO`R Wb T]` []ab ]T eVOb VS\QST]`bV eOa b] PS bVS Q]\bS\b ]T bVS
bS`[ j\Obc`S%k 5cb b] SO`Zg [O\# abO\RW\U ]\ VWa SO`bV O`QVSR Pg bVS
R][S ]T Wba aYg# Wb Q]cZR \SdS` ]QQc` bVOb ZWTS [WUVb PS O aWRS WaacS W\
bVS c\WdS`aS# O\R \]b Wba ^S`dORW\U `cZS% ;Wa ^O\dWbOZWa[ eOa O ^S`$
a^SQbWdS b`cbV eVWQV ]\Zg O QVO\US ]T ^S`a^SQbWdS Q]cZR SdS\bcOZZg
RWa^ZOQS% H\_cSabW]\SR O\R Q]\dW\QW\U Ob bVS PSUW\\W\U abO\Ra bVS
Sf^S`WS\QS ]T bVS ][\W^`SaS\QS ]T ZWTS%
<\ acQV O e]`ZR$dWSe# bVS `WRRZS Q]\T`]\bW\U [O\ Wa /0,=3# Wb Wa bVS
Q]\b`ORWQbW]\ b] bVS ]\S W\bSZZWUWPZS# aSZT$Sf^ZOW\W\U# j\Obc`OZk Q]\RW$
bW]\ eVWQV Wa bVS US\S`OZ ZWTS% G] bVS SfbS\b bVOb ZWTS Wa OQQS^bSR Oa bVS
^`W[O`g abObS ]T bVW\Ua# RSObV Z]][a Oa bVS RWabc`PW\U [gabS`g% ;S\QS
bVS 9;8-506 ]T RSObV Wa ^`]POPZg bVS TW`ab b] RSaS`dS bVWa \O[S W\ bVS
VWab]`g ]T bV]cUVb% <ba S[S`US\QS Oa O\ Sf^`Saa ^`]PZS[ aWU\WTWSa bVS
OeOYS\W\U ]T bVS _cSabW]\W\U [W\R Z]\U PST]`S O Q]\QS^bcOZ ZSdSZ ]T
bVS]`g Wa ObbOW\SR% GVS \Obc`OZ `SQ]WZ T`][ RSObV bOYSa Q]c`OUS T`][
bVS jZ]UWQOZk ]cb`OUS eVWQV bVS TOQb ]T []`bOZWbg W\TZWQba ]\ ^O\dWbOZ$
WabWQ Q]\dWQbW]\% C`W[SdOZ `STZSQbW]\ bVca U`O^^ZSa eWbV bVS `WRRZS ]T
RSObV# O\R W\ [gbV# QcZb# O\R `SZWUW]ca PSZWST S\RSOd]`a b] TW\R O
a]ZcbW]\ b] Wb%
GVOb RSObV# \]b ZWTS# QOZZa T]` O\ Sf^ZO\ObW]\ W\ bVS TW`ab ^ZOQS#
`STZSQba O bVS]`SbWQOZ aWbcObW]\ eVWQV ZOabSR Z]\U W\ bVS VWab]`g ]T bVS
`OQS% 5ST]`S bVS`S eOa e]\RS` Ob bVS [W`OQZS ]T ZWTS# bVS`S eOa e]\$
RS` OP]cb RSObV O\R eVOb Wb [WUVb [SO\% <T ZWTS Wa bVS \Obc`OZ O\R
Q][^`SVS\aWPZS bVW\U# RSObVi Wba O^^O`S\b \SUObW]\i Wa O bVW\U c\$
\Obc`OZ O\R QO\\]b PS b`cZg `SOZ% GVS Sf^ZO\ObW]\ Wb QOZZSR T]` VOR b]
PS W\ bS`[a ]T ZWTS Oa bVS ]\Zg c\RS`abO\ROPZS bVW\U0 RSObV VOR a][S$
V]e b] PS OaaW[WZObSR b] ZWTS% GVS _cSabW]\ Wb W\a^W`SR TOQSa POQYeO`R
O\R T]`eO`R0 V]e O\R eVg RWR RSObV Q][S W\b] bVS e]`ZR eV]aS
SaaS\QS Wb Q]\b`ORWQba3 4\R eVS`Sb] Wa Wb bVS b`O\aWbW]\# aW\QS eVOb$
SdS` Wb [Og ZSOR b] [cab abWZZ PSZ]\U b] bVS b]bOZ Q]\bSfb ]T ZWTS3 8O`Zg
[SbO^VgaWQa ObbS[^ba b] O\aeS` bVSaS _cSabW]\a1 ]`# RSa^OW`W\U ]T O\
O\aeS`# `S[]\ab`ObSa eWbV bVS W\Q][^`SVS\aWPZS ZOe% <b Wa bVS _cSa$
bW]\ ]T :WZUO[SaVi bVS O\aeS` ]T bVS Tc\S`OZ QcZb% 4a SO`Zg [O\la
^`OQbWQS Wa S[P]RWSR W\ VWa b]]Za# a] VWa bV]cUVb Wa S[P]RWSR W\ VWa
b][Pa eVWQV OQY\]eZSRUS O\R \SUObS RSObV Ob bVS aO[S bW[S% Bcb ]T
? <98 # 7 84G;# 4A7 G;8 5B7L <A G;8 G ;8BEL B9 58<A: M/
bVS b][Pa O`]aS ^`WabW\S [SbO^VgaWQa W\ bVS aVO^S ]T [gbV O\R `SZW$
UW]\% GVOb OZZ Wa ZWTS O\R bVOb OZZ ZWTS Wa []`bOZ Wa bVS POaWQ Q]\b`ORWQ$
bW]\ Wb ab`WdSa b] `Sa]ZdS% <b [SSba bVS ^`]T]c\R QVOZZS\US1 O\R b] aOdS
bVS ac[ ]T bVW\Ua# RSObV VOR a][SV]e b] PS RS\WSR%
4\g ^`]PZS[ Wa SaaS\bWOZZg bVS Q]ZZWaW]\ PSbeSS\ O Q][^`SVS\aWdS
dWSe !PS Wb Vg^]bVSaWa ]` PSZWST" O\R O ^O`bWQcZO` TOQb eVWQV eWZZ \]b
TWb W\b] Wb% C`W[WbWdS ^O\dWbOZWa[ eOa bVS Q][^`SVS\aWdS dWSe1 SdS`$
`SQc``W\U RSObV# bVS ^O`bWQcZO` TOQb0 aW\QS Wb aSS[SR b] RS\g bVS POaWQ
b`cbV# Wb VOR b] PS RS\WSR WbaSZT% G] aSSY T]` Wba [SO\W\U eOa b]
OQY\]eZSRUS Wba ab`O\US\Saa W\ bVS e]`ZR1 b] c\RS`abO\R Wb eOai W\
bVWa QZW[ObS ]T O c\WdS`aOZ ]\b]Z]Ug ]T ZWTSi b] \SUObS Wb Pg [OYW\U Wb
O b`O\a[cbObW]\ ]T ZWTS WbaSZT% FcQV O \SUObW]\ Wa bVS PSZWST W\ O ac`$
dWdOZ OTbS` RSObV eVWQV ^`W[SdOZ Pc`WOZ Qcab][a Sf^`Saa% GVS QcZb ]T
bVS RSOR O\R bVS PSZWST W\ W[[]`bOZWbg ]T eVObSdS` aVO^S# O\R bVS
a^SQcZObW]\a W\b] eVWQV bVSg Sd]ZdS# O`S bVS `c\\W\U O`Uc[S\b ]T bVS
ZWTS$Q`SSR eWbV RSObVi O\ O`Uc[S\b eVWQV Q]cZR OZa] `SQ]WZ ]\ bVS
S[PObbZSR ^]aWbW]\ O\R SdS\bcOZZg ZSOR b] Wba P`SOYW\U$c^% 4b TW`ab#
O\g aSbbZW\U ]T bVS Q]\b`ORWQbW]\# O\g a]ZcbW]\ ]T bVS `WRRZS# Q]cZR
]\Zg PS W\ TOd]` ]T ZWTS1 ]` bVS `WRRZS `S[OW\SR# O\ ]cbQ`g eWbV]cb
O\aeS`1 ]` bVS ]`WUW\OZ ^]aWbW]\ eOa OPO\R]\SR O\R O \Se abOUS ]T
bV]cUVb caVS`SR W\% 5]bV bVS TW`ab be] OZbS`\ObWdSa ObbSab bVS ]`WUW\OZ
]\b]Z]UWQOZ R][W\O\QS ]T ZWTS% GVWa Wa bVS ^O`OR]f0 ^`SQWaSZg bVS W[$
^]`bO\QS ]T bVS b][Pa W\ bVS PSUW\\W\Ua ]T [O\YW\R# bVS ^]eS` ]T bVS
RSObV []bWT W\ bVS PSUW\\W\Ua ]T Vc[O\ bV]cUVb# bSabWTg b] bVS U`SObS`
^]eS` ]T bVS c\WdS`aOZ ZWTS []bWT Oa bVSW` acabOW\W\U U`]c\R0 PSW\U eOa
W\bSZZWUWPZS ]\Zg Oa ZWdW\U1 O\R bVS RWdW\SR Q]\abO\Qg ]T PSW\U Q]cZR PS
c\RS`ab]]R ]\Zg Oa bVS Q]\abO\Qg ]T ZWTS# SdS\ PSg]\R RSObV O\R W\
RSTWO\QS ]T Wba O^^O`S\b dS`RWQb%

<<

@ ]RS[ bV]cUVb eVWQV PSUO\ eWbV bVS ES\OWaaO\QS Wa ^ZOQSR W\ Sf$


OQbZg bVS ]^^]aWbS bVS]`SbWQ aWbcObW]\% 7SObV Wa bVS \Obc`OZ bVW\U# ZWTS
bVS ^`]PZS[% 9`][ bVS ^VgaWQOZ aQWS\QSa bVS`S a^`SOR ]dS` bVS Q]\$
QS^bW]\ ]T OZZ SfWabS\QS O\ ]\b]Z]Ug eV]aS []RSZ S\bWbg Wa ^c`S [Ob$
bS`# ab`W^^SR ]T OZZ TSObc`Sa ]T ZWTS% JVOb Ob bVS O\W[WabWQ abOUS eOa \]b
SdS\ RWaQ]dS`SR VOa W\ bVS [SO\bW[S Q]\_cS`SR bVS dWaW]\ ]T `SOZWbg#
S\bW`SZg ]cabW\U Wba Q]c\bS`^O`b% GVS b`S[S\R]caZg S\ZO`USR c\WdS`aS
'& G ;8 C ;8AB@8ABA B9 ?<98
]T []RS`\ Q]a[]Z]Ug Wa Q]\QSWdSR Oa O TWSZR ]T W\O\W[ObS [OaaSa O\R
T]`QSa eVWQV ]^S`ObS OQQ]`RW\U b] bVS ZOea ]T W\S`bWO O\R ]T _cO\bWbO$
bWdS RWab`WPcbW]\ W\ a^OQS% GVWa RS\cRSR acPab`Obc[ ]T OZZ `SOZWbg
Q]cZR ]\Zg PS O``WdSR Ob bV`]cUV O ^`]U`SaaWdS Sf^c`UObW]\ ]T dWbOZ
TSObc`Sa T`][ bVS ^VgaWQOZ `SQ]`R O\R bV`]cUV ab`WQb OPabS\bW]\ T`][
^`]XSQbW\U W\b] Wba W[OUS ]c` ]e\ TSZb OZWdS\Saa% <\ bVS ^`]QSaa bVS PO\
]\ O\bV`]^][]`^VWa[ eOa SfbS\RSR b] h]][]`^VWa[ W\ US\S`OZ%
J VOb `S[OW\SR Wa bVS `SaWRcS ]T bVS `SRcQbW]\ b]eO`R bVS ^`]^S`bWSa
]T [S`S SfbS\aW]\ eVWQV acP[Wb b] [SOac`S[S\b O\R VS\QS b] [ ObV$
S[ObWQa% GVSaS ^`]^S`bWSa OZ]\S aObWaTg bVS `S_cW`S[S\ba ]T eVOb Wa
\]e QOZZSR SfOQb Y\]eZSRUS0 O\R `S^`SaS\bW\U bVS ]\Zg Y\]eOPZS
Oa^SQb ]T \Obc`S bVSg# Pg O bS[^bW\U acPabWbcbW]\# QO[S b] PS `SUO`RSR
Oa Wba SaaS\bWOZ Oa^SQb b]]0 O\R WT bVWa# bVS\ Oa bVS ]\Zg `SOZ W\ `SOZWbg%
GVWa [SO\a bVOb bVS ZWTSZSaa VOa PSQ][S bVS Y\]eOPZS ^O` SfQSZZS\QS
O\R Wa T]` bVOb `SOa]\ OZa] Q]\aWRS`SR bVS b`cS O\R ]\Zg T]c\RObW]\ ]T
`SOZWbg% <b Wa bVS j\Obc`OZk Oa eSZZ Oa bVS ]`WUW\OZ abObS ]T bVW\Ua% A]b
]\Zg W\ bS`[a ]T `SZObWdS _cO\bWbg Pcb OZa] W\ bS`[a ]T ]\b]Z]UWQOZ
US\cW\S\Saa# \]\ZWTS Wa bVS `cZS# ZWTS bVS ^chhZW\U SfQS^bW]\ W\ ^VgaWQOZ
SfWabS\QS%
4QQ]`RW\UZg# Wb Wa bVS SfWabS\QS ]T ZWTS eWbVW\ O [SQVO\WQOZ c\WdS`aS
eVWQV \]e QOZZa T]` O\ Sf^ZO\ObW]\# O\R Sf^ZO\ObW]\ VOa b] PS W\
bS`[a ]T bVS ZWTSZSaa% ?STb ]dS` Oa O P]`RS`ZW\S QOaS W\ bVS V][]US$
\S]ca ^VgaWQOZ e]`ZR$dWSe# ZWTS VOa b] PS OQQ]c\bSR T]` Pg bVS bS`[a ]T
bVOb dWSe% DcO\bWbObWdSZg W\TW\WbSaW[OZ W\ bVS W[[S\aWbg ]T Q]a[WQ
[ObbS`# _cOZWbObWdSZg O\ SfQS^bW]\ T`][ bVS `cZS ]T Wba ^`]^S`bWSa#
Q]U\WbWdSZg bVS c\Sf^ZOW\SR W\ bVS US\S`OZ ^ZOW\\Saa ]T ^VgaWQOZ
bVW\Ua# Wb VOa PSQ][S bVS abc[PZW\U PZ]QY ]T bVS]`g% GVOb bVS`S Wa ZWTS
Ob OZZ# O\R V]e acQV O bVW\U Wa ^]aaWPZS W\ O e]`ZR ]T [S`S [ ObbS`# Wa
\]e bVS ^`]PZS[ ^]aSR b] bV]cUVb% GVS dS`g TOQb bVOb eS VOdS \]eO$
ROga b] RSOZ eWbV bVS bVS]`SbWQOZ ^`]PZS[ ]T ZWTS# W\abSOR ]T bVS ^`]P$
ZS[ ]T RSObV# bSabWTWSa b] bVS abObca ]T RSObV Oa bVS \Obc`OZ O\R W\bSZ$
ZWUWPZS Q]\RWbW]\%
;S`S OUOW\# bVS ^`]PZS[ Q]\aWaba W\ bVS Q]ZZWaW]\ PSbeSS\ O Q][$
^`SVS\aWdS dWSe O\R O ^O`bWQcZO` TOQb0 Oa T]`[S`Zg ^O\dWbOZWa[# a]
\]e ^O\[SQVO\Wa[ Wa bVS Q][^`SVS\aWdS Vg^]bVSaWa1 O\R bVS `O`S
QOaS ]T ZWTS# `SOZWhSR c\RS` bVS SfQS^bW]\OZ# ^S`VO^a c\W_cS Q]\RWbW]\a
]T ]c` ^ZO\Sb# Wa bVS W[^`]POPZS ^O`bWQcZO` bVOb aSS[a b] SZcRS bVS
POaWQ ZOe O\R bVS`ST]`S [cab PS RS\WSR Wba Ocb]\][gi bVOb Wa# [cab PS
? <98 # 7 84G;# 4A7 G;8 5B7L <A G;8 G ;8BEL B9 58<A: M ''
W\bSU`ObSR W\b] bVS US\S`OZ ZOe% G] bOYS ZWTS Oa O ^`]PZS[ Wa VS`S b]
OQY\]eZSRUS Wba ab`O\US\Saa W\ bVS [SQVO\WQOZ e]`ZR eVWQV Wa =30
e]`ZR1 b] Sf^ZOW\ Wb Wai W\ bVWa QZW[ObS ]T O c\WdS`aOZ ]\b]Z]Ug ]T
RSObVi b] \SUObS Wb Pg [OYW\U Wb ]\S ]T bVS ^]aaWPZS dO`WO\ba ]T bVS
ZWTSZSaa% FcQV O \SUObW]\ Wa bVS [SQVO\WabWQ bVS]`g ]T bVS ]`UO\Wa[# Oa
bVS Tc\S`OZ `WbSa ]T ^`SVWab]`g eS`S O \SUObW]\ ]T RSObV% ' E38660
6,.3470 aWU\WTWSa W\ bVS []RS`\ aQVS[S eVOb Q]\dS`aSZg VgZ]h]Wa[
aWU\WTWSR W\ bVS O\QWS\b aQVS[S0 bVS cac`^ObW]\ ]T ]\S# RWaaS[PZSR
`SOZ[ Pg bVS ]bVS` eVWQV S\X]ga O\ ]\b]Z]UWQOZ []\]^]Zg% IWbOZWabWQ
[]\Wa[ Wa `S^ZOQSR Pg [SQVO\WabWQ []\Wa[# W\ eV]aS `cZSa ]T SdW$
RS\QS bVS abO\RO`R ]T ZWTS Wa SfQVO\USR T]` bVOb ]T RSObV%
<\ bVS \Se []\Wa[# b]]# ]\S TOQS ]T bVS _cSabW]\ Wa bc`\SR POQY$
eO`R0 \] Z]\US`# V]e RWR RSObV# Pcb V]e RWR ZWTS Q][S W\b] bVS e]`ZR#
bVS ZWTSZSaa ]\S3 ?WTSla ^ZOQS W\ bVWa e]`ZR VOa aV`c\Y b] bVOb ]T bVS
]`UO\Wa[# O ^`]PZS[ObWQOZ a^SQWOZbg W\ bVS Q]\TWUc`ObW]\a ]T SfbS\RSR
acPabO\QS% <\ Wb OZ]\S R] jSfbS\RSRk O\R jbVW\YW\Uk PSW\U [SSb#
OTbS` bVSg VOR TW`ab PSS\ ac\RS`SR W\b] be] ]\b]Z]UWQOZ a^VS`Sa ]T
eVWQV ]\Zg bVS TW`ab Wa je]`ZR#k O\R bVS aSQ]\R \]b SdS\ PSZ]\Ua b]
bVS e]`ZR% GVSW` [SSbW\U W\ bVS ]`UO\Wa[ bVS\ PSQ][Sa O\ W\a]ZcPZS
`WRRZS% 5cb aW\QS bVS ]`UO\Wa[# Oa O Q]`^]`SOZ bVW\U# Wa O QOaS ]T bVS
SfbS\RSR# bVca O ^WSQS ]T je]`ZR#k V]eSdS` ^O`bWQcZO` O Q]\TWUc`ObW]\
]T Wba ^O`ba# Wb QO\\]b PS SaaS\bWOZZg RWTTS`S\b T`][ bVS `Sab ]T bVS
e]`ZR# W%S%# T`][ bVS US\S`OZ PSW\U ]T bVS e]`ZR%
<\ WbaSZT bVWa O`Uc[S\b# ]T Q]c`aS# Qcba P]bV eOga0 <T bVS`S Wa b]
PS V][]US\SWbg# bVS\ SWbVS` bVS US\S`OZ QO\ PS aSS\ W\ bVS W[OUS ]T
bVS ^O`bWQcZO` !eVWQV Wa TW`ab O\R \SO`Sab W\ Sf^S`WS\QS"# ]` bVS ^O`$
bWQcZO` W\ bVS W[OUS ]T bVS US\S`OZi W%S%# SWbVS` e]`ZR$\Obc`S W\ bVS
W[OUS ]T bVS ]`UO\Wa[# ]` bVS ]`UO\Wa[ W\ bVS W[OUS ]T e]`ZR$\Obc`S%
5cb eVOb bVS US\S`OZ \Obc`S ]T bVS e]`ZR Wa# VOa PSS\ RSQWRSR W\
ORdO\QS0 [S`S [ ObbS` W\ a^OQS% GVS`ST]`S# aW\QS ]`UO\Wa[ `S^`SaS\ba
jZWTSk W\ bVS e]`ZR# bVS _cSabW]\ `SUO`RW\U ZWTS \]e ^]aSa WbaSZT bVca0
;]e R]Sa bVS ]`UO\Wa[ abO\R W\ bVS b]bOZ Q]\bSfb OZ`SORg RSTW\SR#
V]e Wa bVWa a^SQWOZ ]`RS` ]` Tc\QbW]\ ]T Wb `SRcQWPZS b] Wba US\S`OZ
ZOeai V]e# W\ aV]`b# Wa ZWTS `SRcQWPZS b] \]\ZWTS3 G] `SRcQS ZWTS b] bVS
ZWTSZSaa Wa \]bVW\U SZaS bVO\ b] `Sa]ZdS bVS ^O`bWQcZO` W\b] bVS US\S`OZ#
bVS Q][^ZSf W\b] bVS aW[^ZS# O\R bVS O^^O`S\b SfQS^bW]\ W\b] bVS
OQQS^bSR `cZS% C`SQWaSZg bVWa Wa bVS bOaY aSb b] []RS`\ PW]Z]UWQOZ aQW$
S\QS Pg bVS U]OZ ]T jaQWS\QSk Oa acQV% GVS RSU`SS ]T O^^`]fW[ObW]\
'( G ;8 C ;8AB@8ABA B9 ?<98
b] bVWa U]OZ Wa bVS [SOac`S ]T Wba acQQSaa1 O\R bVS c\`Sa]ZdSR `S$
[OW\RS` ZSTb Ob O\g bW[S RS\]bSa Wba ^`]dWaW]\OZ ZW[Wb# b] PS ORdO\QSR
W\ bVS \Sfb []dS%
GVS SO`ZWS` U]OZ# eS VOdS aSS\# eOa b] W\bS`^`Sb bVS O^^O`S\bZg
ZWTSZSaa W\ bVS W[OUS ]T ZWTS O\R b] SfbS\R ZWTS W\b] O^^O`S\b RSObV%
GVS\# Wb eOa bVS Q]`^aS# bVWa ^`W[OZ SfVWPWbW]\ ]T jRSORk [ObbS`#
eVWQV eOa bVS ZW[Wb ]T OZZ c\RS`abO\RW\U O\R bVS`ST]`S bVS TW`ab bVW\U
\]b b] PS OQQS^bSR Ob Wba TOQS$dOZcS% G]ROg bVS ZWdW\U# TSSZW\U# ab`WdW\U
]`UO\Wa[ VOa bOYS\ ]dS` bVWa `]ZS O\R Wa PSW\U c\[OaYSR Oa O
5>/4-;4>6 6,=0;4,0 O acPbZS V]Of ]T [ObbS`% B\Zg eVS\ O Q]`^aS Wa
bVS P]Rg ^ZOW\Zg W\bSZZWUWPZS0 bVS\ Wb `Sbc`\a T`][ Wba ^chhZW\U O\R
c\]`bV]R]f PSVOdW]` ]T OZWdS\Saa b] bVS c\O[PWUc]ca# jTO[WZWO`k
abObS ]T O P]Rg eWbVW\ bVS e]`ZR ]T P]RWSa# eV]aS US\S`OZ ZOea ^`]$
dWRS bVS QO\]\ ]T OZZ Q][^`SVS\aWPWZWbg% G] O^^`]fW[ObS bVS ZOea ]T
bVS ]`UO\WQ P]Rg b] bVWa QO\]\# W%S%# b] STTOQS W\ =34< aS\aS bVS P]c\RO$
`WSa PSbeSS\ ZWTS O\R RSObV# Wa bVS RW`SQbW]\ ]T []RS[ bV]cUVb ]\ ZWTS
Oa O ^VgaWQOZ TOQb% Bc` bVW\YW\U b]ROg Wa c\RS` bVS ]\b]Z]UWQOZ R][W$
\O\QS ]T RSObV%
B\S [Og ]PXSQb VS`S bVOb eS a^SOY ]T jRSObVk eVS\ eS [SO\ bVS
[S`S W\RWTTS`S\QS ]T [ObbS`# eVWQV Wa O \Scb`OZ QVO`OQbS` eVS`SOa
jRSORk VOa O\ O\bWbVSbWQOZ [SO\W\U O^^ZgW\U ]\Zg b] eVOb Wa !]` Q]cZR
PS# ]` ]\QS eOa" OZWdS% 5cb W\ TOQb# bV]cUV bVWa Wa T]`U]bbS\# bVS
Q]a[]a ]\QS @,< OZWdS Oa ^S`QSWdSR Pg [O\# O\R Wba []`S `SQS\b
ZWTSZSaa W[OUS eOa PcWZb c^# ]` ZSTb ]dS`# W\ O Q]\bW\c]ca ^`]QSaa ]T
Q`WbWQOZ acPb`OQbW]\ T`][ Wba TcZZS` ]`WUW\OZ Q]\bS\b0 Ob ZSOab W\ bVWa
VWab]`WQOZ aS\aS bVS [SQVO\WabWQ Q]\QS^bW]\ ]T bVS c\WdS`aS R]Sa Q]\$
bOW\ O\ O\bWbVSbWQ SZS[S\b O\R Wa \]b aW[^Zg \Scb`OZ% @]`S]dS`# bVOb
jacPb`OQbW]\k eOa aSb W\ []bW]\ O\R T]` Z]\U acabOW\SR# \]b Pg bVS
Q`WbWQOZ c\RS`abO\RW\U# Pcb Pg RcOZWabWQ [SbO^VgaWQa eVWQV VOa
RS[]\ab`OPZS `]]ba W\ bVS Sf^S`WS\QS ]T []`bOZWbg% &>,54<6 Wa bVS ZW\Y
bVOb VWab]`WQOZZg [SRWObSR PSbeSS\ bVS be] Sfb`S[Sa eVWQV a] TO` eS
VOdS ]^^]aSR b] SOQV ]bVS` c\VWab]`WQOZZg0 Wb eOa W\RSSR bVS dSVWQZS
]T bVS []dS[S\b eVWQV QO``WSR bVS [W\R ]T [O\ T`][ bVS dWbOZWabWQ
[]\Wa[ ]T SO`Zg bW[Sa b] bVS [ObS`WOZWabWQ []\Wa[ ]T ]c` ]e\ Oa b]
Wba c\^`S[SRWbObSR# SdS\ ^O`OR]fWQOZ `SacZb1 O\R Wb Wa RWTTWQcZb b]
W[OUW\S V]e bVS ]\S Q]cZR VOdS PSS\ `SOQVSR T`][ bVS ]bVS` eWbV]cb
bVWa UWUO\bWQ jRSb]c`%k
? <98 # 7 84G;# 4A7 G;8 5B7L <A G;8 G ;8BEL B9 58<A: M ')

<<<

<\ []`S eOga bVO\ ]\S# bVS `WaS O\R Z]\U OaQS\RO\Qg ]T RcOZWa[ O`S
O[]\U bVS []ab RSQWaWdS SdS\ba W\ bVS [S\bOZ VWab]`g ]T bVS `OQS%
J VOb [ObbS`a T]` ]c` Q]\bSfb Wa bVOb# eVWZS Wb VSZR aeOg# O\R W\ O\
]bVS`eWaS dO`WSR QO`SS`# RcOZWa[ Q]\bW\cSR b] R`OW\ bVS a^W`WbcOZ SZS$
[S\ba ]TT bVS ^VgaWQOZ `SOZ[i c\bWZ# eVS\ Wba bWRS Ob ZOab `SQSRSR# Wb
ZSTb W\ Wba eOYS O e]`ZR ab`O\USZg RS\cRSR ]T acQV O``SabW\U Obb`WPcbSa%
B\S QZSO`Zg `SQ]U\WhOPZS Q][^]\S\b !bVS`S O`S ]bVS`a" W\ Wba ]`WUW\
O\R []bWdObW]\OZ VWab]`g Wa bVS RSObV bVS[S% GVS jc\b] Rcab aVOZb
bV]c `Sbc`\k eVWQV SdS`g Q]`^aS QOZZa ]cb b] bVS ZWdW\U# bVS TW\OZWbg ]T
bVS abObS eVWQV Wba RSQOg ]^^]aSa b] bVS b`O\aWS\QS ]T ZWTS# [cab VOdS
TW`ab O\R SdS` OUOW\ T]`QSR j[ ObbS`k Oa PO`S O\R ZWTSZSaa W\b] bVS
`SZcQbO\b Vc[O\ dWSe# O\R Wb \SdS` QSOaSR b] `S\Se bVS QVOZZS\US
eVWQV ^O\dWbOZWabWQ Q`SSR# W\ bVS Tc\S`OZ QcZb# Q]cZR O^^SOaS Pcb \]b
aWZS\QS% JVSbVS` O\R eVS\ bVWa Q]\b`ORWQbW]\ QO[S b] O Q`WaWa RS$
^S\RSR ]\ VWab]`WQOZ QW`Qc[abO\QSa eWbV eVWQV bVS jRSObVk []bWT VOR
b] OZZg WbaSZT a] bVOb Ob a][S bW[S Wb Q]cZR ]dS`eVSZ[ bVS jZWTS []bWT%k
5cb eVS\ bVWa VO^^S\SR# bVS \OWdS []\Wa[ P`]YS c^ W\b] O RcOZWa[#
eWbV eV]aS U`]ebV bVS b`OWba ]T bVS PSeWZRS`W\U aWUVb T`][ eVWQV Wb
VOR abO`bSRi bVS aWUVb ]T bVS Q]`^aSi Q]cZR ^`]U`SaaWdSZg a^`SOR ]dS`
bVS TOQS ]T bVS ^VgaWQOZ 4ZZ% 7SObV W\ TOQb Q]\_cS`SR SfbS`\OZ `SOZWbg%
+86,i <06, bVS P]Rgi O b][P0 bVWa B`^VWQ T]`[cZO Sf^`SaaSR
bVS TW`ab RcOZWabWQ O\aeS` b] bVS ^`]PZS[ ]T RSObVi \]e Q]\QSWdSR !Oa
bVOb ]T ZWTS# eVWQV ]\Zg \]e PSQO[S O ^`]PZS[ b]]" W\ bS`[a ]T bVS
W\bS``SZObW]\ ]T be] RWTTS`S\b S\bWbWSa# P]Rg O\R a]cZ% GVS P]Rg Oa
acQV Wa bVS U`OdS ]T bVS a]cZ# O\R P]RWZg RSObV Wa bVS ZObbS`la `Sac``SQ$
bW]\% ?WTS ReSZZa ZWYS O ab`O\US` W\ bVS TZSaV eVWQV Pg Wba ]e\ \Obc`Si
bVS \Obc`S ]T bVS Q]`^]`SOZi Wa \]bVW\U Pcb Q]`^aS# aSS[W\UZg OZWdS Pg
TOd]` ]T bVS a]cZla ^OaaW\U ^`SaS\QS W\ Wb% B\Zg W\ RSObV# `SZW\_cWaVSR
Pg Wba OZWS\ dWaWb]`# R]Sa bVS P]Rg `Sbc`\ b] Wba ]`WUW\OZ b`cbV# O\R a]cZ
b] VS`a%
GVS RWaQ]dS`g ]T bVS jaSZT#k [ORS TW`ab W\ SO`\Sab !T]` bVS JSab" W\
bVS B`^VWQ `SZWUW]\ O\R QcZ[W\ObW\U W\ bVS 6V`WabWO\ O\R U\]abWQ Q]\$
QS^bW]\ ]T O\ S\bW`SZg \]\[c\RO\S W\eO`R\Saa W\ [O\# VOR O Qc`W$
]caZg ^]ZO`WhW\U STTSQb ]\ bVS US\S`OZ ^WQbc`S ]T `SOZWbg0 bVS dS`g
^]aaWPWZWbg ]T bVS \]bW]\ ]T O\ jW\O\W[ObS c\WdS`aSk S[S`USR Oa bVS
Q]c\bS`^O`b b] bVS W\Q`SOaW\UZg SfQZcaWdS ab`Saa ZOWR ]\ bVS 3>6,7
'* G ;8 C ;8AB@8ABA B9 ?<98
a]cZ# ]\ Wba W\\S` ZWTS O\R Wba W\Q][[S\ac`OPWZWbg eWbV O\gbVW\U W\
\Obc`S%' GVS TObSTcZ RWd]`QS# ab`SbQVSR b] bVS ^]W\b ]T O Q][^ZSbS
T]`SWU\\Saa eVWQV ZSTb \]bVW\U W\ Q][[]\ PSbeSS\ bVS ^O`bSR [S[$
PS`a# VS\QST]`bV _cOZWTWSR bVS[ P]bV Pg bVWa [cbcOZ SfQZcaW]\% 4a bVS
`Sb`SObW\U a]cZ R`Se OP]cb WbaSZT OZZ a^W`WbcOZ aWU\WTWQO\QS O\R [ SbO$
^VgaWQOZ RWU\Wbg# Q]\b`OQbW\U bVS[ O\R WbaSZT OZWYS eWbVW\ Wba W\\S`[]ab
PSW\U# Wb ZSTb bVS e]`ZR RWdSabSR ]T OZZ acQV QZOW[a O\R# bV]cUV Ob TW`ab
RSQWRSRZg RS[]\WQ# W\ bVS S\R W\RWTTS`S\b b] bVS dS`g _cSabW]\ ]T dOZcS
SWbVS` eOg%
4 b bVS ^SOY ]T bVS RcOZWabWQ RSdSZ]^[S\b# W\ :\]abWQWa[# bVS <86,!
<06, aW[WZS# W\ Wba ]`WUW\ ^c`SZg Vc[O\# VOR Q][S b] SfbS\R b] bVS
^VgaWQOZ c\WdS`aS% GVS eV]ZS e]`ZR Wa b][P !^`Wa]\ V]caS# ^ZOQS ]T
SfWZS# SbQ%" b] bVS a]cZ ]` a^W`Wb# bVOb OZWS\ W\XSQbW]\ W\ eVOb Wa ]bVS`$
eWaS c\`SZObSR b] ZWTS% GVS`S# ]\S [WUVb PS bS[^bSR b] aOg# bVS [ ObbS`
`Saba b] bVWa ROgi eWbV bVS RWTTS`S\QS bVOb bVS b][P VOa [SO\eVWZS
PSQ][S S[^bg% JWbV bVS Q`WbWQOZ SdO^]`ObW]\ ]T bVS Vg^]abOaWhSR a^W`$
WbcOZ S\bWbg# ]T bVS ja][SbVW\Uk eVWQV Q]cZR PS bV]cUVb ]T Oa S\QZ]aSR
W\ bVOb U`OdS ]` ^`Wa]\# ]\Zg bVS eOZZa `S[OW\SR# Pcb bVSaS SfQSSRW\UZg
a]ZWR% GVWa Wa# [SbO^V]`WQOZZg a^SOYW\U# bVS ^]aWbW]\ ]T []RS[ [ ObS$
`WOZWa[# eVWQV W\VS`WbSR bVS SabObS ]T O RSTc\Qb RcOZWa[# ]` eVOb eOa
ZSTb ]T Wb% GVca bVS a^ZWbbW\U ]T `SOZWbg W\b] aSZT O\R e]`ZR# W\\S` O\R
]cbS` SfWabS\QS# [W\R O\R \Obc`S# Z]\U aO\QbW]\SR Pg `SZWUW]ca R]Q$
b`W\S# ^`S^O`SR bVS U`]c\R T]` bVS ^]abRcOZWabWQ acQQSaa]`a%'

'% <ZZc[W\ObW\U W\ bVWa Q]\\SQbW]\ O`S a][S ]T bVS QVO`USa eVWQV W\ bVS
aWfbV QS\bc`g 4%7% FW[^ZWQWca# ]\S ]T bVS ZOab ]T bVS CZOb]\Waba# ZSdSZSR
OUOW\ab VWa 6V`WabWO\ Q]\bS[^]`O`g =]VO\\Sa CVWZ]^]\ca% ;S OQQcaSa
VW[ ]T PZOa^VS[g T]` ZWYS\W\U bVS ZWUVb ]T bVS VSOdS\a b] ]`RW\O`g TW`S
O\R b] UZ]ee]`[a# Wba Q]Z]` b] bVOb ]T TWaVaQOZSa 47 $;4<=" /0 .,058 ^% ..#
(. TT% ;SWPS`U1 VS OZa] bOYSa VW[ b] bOaY T]` RS\gW\U# OUOW\ab 4`Wab]bZS# bVS
SbS`\Wbg ]T bVS e]`ZR# 4-4/" ^% ,,# '&"% <b eOa O UOZZO\b ^`]bSab ]T bVS
R]][SR Q]a[]a$^WSbg OUOW\ab bVS W\RWU\Wbg R]\S b] \Obc`S c\RS` bVS RWa$
^S\aObW]\ ]T b`O\aQS\RS\bOZ `SZWUW]\0 bVS acP[S`aW]\ ]T Wba VWS`O`QVg W\
bVS Q][[]\ abObca ]T [S`S Q`SObSR bVW\Ua% 4Z[]ab ]\S bV]caO\R gSO`a
SO`ZWS` 4\OfOU]`Oa VOR PSS\ QVO`USR Pg bVS 4bVS\WO\a eWbV PZOa^VS[g
T]` RSQZO`W\U bVS ac\ b] PS O [Oaa ]T VSObSR [SbOZ ]` ab]\S% 5SbeSS\ bVS
be] SdS\ba ZWS bVS `WaS O\R TOZZ ]T Q]a[]Z]UWQOZ `SZWUW]\% GVS RcOZWabWQ
QVOZZS\US eOa []`S `ORWQOZ bVO\ bVS \Obc`OZWabWQ ]\S ]T bVS <]\WO\a eV]
eS`S ^]bS\bWOZZg j^O\bVSWaba%k 4 \Obc`OZWa[# Q][W\U OTbS` RcOZWa[ VOR
R]\S Wba e]`Y# eOa OQQ]`RW\UZg P]c\R b] PS []`S bV]`]cUVU]W\U% !6][$
^O`S bVS AW\bV 8aaOg# j:\]abWQWa[# 8fWabS\bWOZWa[# O\R AWVWZWa[k"%
?<98 # 7 84G;# 4A7 G;8 5B7L <A G;8 G ;8BEL B9 58<A: M '+
<T RcOZWa[ eOa bVS TW`ab U`SOb Q]``SQbW]\ ]T bVS O\W[WabWQ$[]\WabWQ
]\S$aWRS\Saa# [ObS`WOZWab []\Wa[ eVWQV `S[OW\SR Oa Wba `SaWRcS Wa
bVS\ bVS \] ZSaa ]\S$aWRSR# b]bOZ b`Wc[^V ]T bVS RSObV Sf^S`WS\QS ]dS`
bVS ZWTS Sf^S`WS\QS% <\ bVWa aS\aS# bVS bVS]`SbWQOZ aV]QY bVOb ]\QS
WaacSR T`][ bVS Q]`^aS VOa bc`\SR W\b] O Q]\abWbcbWdS ^`W\QW^ZS# O\R W\
O c\WdS`aS T]`[SR OTbS` bVS W[OUS ]T bVS Q]`^aS bVS aW\UZS# OQbcOZ
Q]`^aS VOa Z]ab Wba [gabS`g% 4ZZ bVS []`S R]Sa bVS ]\S c\`Sa]ZdSR
`S[OW\RS` QZOaV eWbV bVS c\WdS`aOZ \]`[0 bVS ZWdW\U ]`UO\Wa[# eVWQV
aSS[a b] `SaWab bVS RcOZWabWQ OZbS`\ObWdS Oa [cQV Oa bVS OZbS`\ObWdS
RcOZWa[$[]\Wa[ WbaSZT% GVS _cSab T]` Wba O\OZgaWa ]\ bVS bS`[a ]T
US\S`OZ ^VgaWQOZ ZOe Wa bVS `c\\W\U O`Uc[S\b eWbV bVS `ST`OQb]`g T`][
bVS ^]aWbW]\ ]T bVS ]\b]Z]Ug ]T RSObVi O\ O`Uc[S\b# bVWa b]]# eVWQV
[Og gSb bc`\ POQY ]\ bVS ^]aWbW]\ WbaSZT O\R QOcaS Wba SfQZcaWdS QZOW[
b] PS `SO^^`OWaSR% <\ Wba VSgROg# eVS\ bVS \Se ]\b]Z]Ug `cZSR c\QVOZ$
ZS\USR# O\g aSbbZW\U ]T bVS Q]\b`ORWQbW]\# O\g a]ZcbW]\ ]T bVS `WRRZS#
Q]cZR ]\Zg PS W\ TOd]` ]T RSObV1 ]` bVS `WRRZS `S[OW\SR# O\ O\\]gW\U
RcOZWabWQ `Sab0 SWbVS` QOaS bSabWTWSa b] bVS ]\b]Z]UWQOZ R][W\O\QS ]T
RSObV% GVWa R][W\O\QS Wa bVS W\dS`bSR []\Wa[ eWbV eVWQV [O\YW\R
S[S`USR Ob bVS TO` aV]`S T`][ bVS eObS`a ]T RcOZWa[ eVWQV Z]\U OU] Wb
VOR S\bS`SR eWbV bVS O`QVOWQ []\Wa[ ]T bVS a]cZ%
5cb ^`SQWaSZg bVS \OYSR\Saa ]T bVS \Se []\Wa[ T`][ eVWQV bVS
US\S`OZ ZWTS VOR PSS\ PO\WaVSR O\R eVWQV \] b`O\aQS\RS\b ^]ZS Q][$
^ZS[S\bSR O\g[]`S# Sf^]aSR b] dWSe bVS ^O`bWQcZO`# TW\WbS ZWTS W\ Wba
[SbO^VgaWQOZZg Sf^Ob`WObSR WRS\bWbgi O\R ZSTb Wb b] PS O^^`OWaSR W\ Wba
j]e\k bS`[a OTbS` Wb VOR a] Z]\U PSS\ [SOac`SR Pg ]bVS` ]\Sa% <ba
a]ZSZg `S[OW\W\U VS`S$O\R$\]e# aca^S\RSR PSbeSS\ PSUW\\W\U O\R
S\R# OQ_cW`Sa O ^`][W\S\QS eVWQV P]bV ^`SQSRW\U dWSea VOR RS\WSR b]
Wb% GVS ObbS\bW]\ b] Wba ^SQcZWO` \Obc`S# PSZ]\UW\U b] \]bVW\U SZaS# VOa
W\Q`SOaSR W\ ^`]^]`bW]\ Oa# W\ `Sb`SOb T`][ P]bV bVS RWTTcaW]\ ]T
O\W[Wa[ O\R bVS eWRbV ]T RcOZWabWQ bS\aW]\# Wb VOa PSQ][S \O``]eS`i
W\ ^`]^]`bW]\# bVOb Wa# Oa bVS Z]Qca ]T ZWTS eWbVW\ PSW\U VOa aV`c\Y b]
bVS a^SQWOZ QOaS ]T bVS ]`UO\Wa[ W\ Wba Q]\RWbW]\W\U SO`bVZg S\dW`]\$
[S\b% GVS Q]\RWbW]\W\U# ZWTS$S\OPZW\U QVO`OQbS` ]T bVOb S\dW`]\[S\b Wa
W\ bc`\ O\ W[^`]POPZS OQQWRS\b ]T O c\WdS`aS OZWS\ b] ZWTS O\R W\RWTTS`$
S\b W\ Wba [ObS`WOZ ZOea% 4ZZ []RS[ bVS]`WSa ]T ZWTS O`S b] PS c\RS`$
ab]]R OUOW\ab bVWa POQYR`]^ ]T O\ ]\b]Z]Ug ]T RSObV# T`][ eVWQV SOQV
aW\UZS ZWTS [cab Q]Of ]` PcZZg Wba ZSOaS# ]\Zg b] PS aeOZZ]eSR c^ Pg Wb
W\ bVS S\R%
', G ;8 C;8AB@8ABA B9 ? <98
GVS `]OR bV`]cUV RcOZWa[ VS`S P`WSTZg W\RWQObSR [O`Ya bVS W``S$
dS`aWPZS bW[S$]`RS` ]T bVS be] ^]aWbW]\a# O\R RcOZWa[ WbaSZT `S^`SaS\ba
a] TO` bVS []ab [][S\b]ca ^VOaS W\ bVS VWab]`g ]T bV]cUVb# eV]aS
OQVWSdS[S\b# V]eSdS` ]dS`bOYS\# QO\ \SdS` PS c\R]\S% GVS RWa$
Q]dS`g ]T bVS aS^O`ObS a^VS`Sa ]T a^W`Wb O\R [ObbS`# eVWQV a^ZWb
^`W[SdOZ []\Wa[ Oac\RS`# Q`SObSR T]`SdS` O \Se bVS]`SbWQOZ aWbcObW]\%
9`][ bVS VO`R$e]\ ]PaS`dObW]\ bVOb bVS`S QO\ PS [ ObbS` eWbV]cb
a^W`Wb# RcOZWa[ W\TS``SR bVS c\]PaS`dSR `SdS`aS bVOb a^W`Wb QO\ OZa] PS
eWbV]cb [ObbS`% <``Sa^SQbWdS ]T bVS bS\OPWZWbg ]T bVS ]\b]Z]UWQOZ bVSaWa#
bVS SaaS\bWOZ RWTTS`S\QS ]T bVS be] VOR \]e Q][S W\b] dWSe# O\R bVSW`
RcOZWabWQ aS^O`ObW]\ W\a^W`SR bVS `Sa]ZcbS a^SZZW\U$]cb ]T P]bV bVSW`
\Obc`Sa W\ bVSW` abO`Y ]bVS`\Saa# eVWQV eOa \SdS` b] PS Q]\T]c\RSR
OUOW\% 8dS`g Q]\QS^bW]\ ]T PSW\U bVOb QO\ Q][S bVS`SOTbS` Wa W\ Sa$
aS\QS# \]b [S`SZg W\ bW[S# ^]abRcOZWabWQ# Oa bVS ^`SQSRW\U ]\S eOa
SaaS\bWOZZg ^`SRcOZWabWQ% 4a W\ bVS ZObbS` bVS a^SQWTWQ\Saa O\R RWTTS`S\QS
]T bVS be] Tc\RO[S\bOZ RW[S\aW]\a eOa \]b gSb RWaQ]dS`SR !a] bVOb
Wba []\Wa[ eOa \OWdSZg c\^`]PZS[ObWQ# RWabc`PSR ]\Zg Pg bVS Sf^S`W$
S\QS ]T RSObV O\R U`ORcOZZg S`]RSR Pg bSQV\]Z]Ugi c\bWZ W\bSZZSQbc$
OZZg aSZT$Q]\aQW]ca RcOZWa[ a^SZZSR bVS S\R ]T bVWa O\R OZZ \OWdSbS"# a]
VOa O\g ^]abRcOZWabWQ bVS]`g ]T PSW\U W\SaQO^OPZg b] RSOZ eWbV bVS be]
^WSQSa eVWQV RcOZWa[ ZSTb PSVW\R O\R Q]\QS`\W\U eVWQV Wb QO\ PS
[]\WabWQ ]\Zg Ob bVS ^`WQS ]T QV]]aW\U PSbeSS\ bVS[# W%S%# ]T ]^bW\U
T]` ]\S ]T bVS[0 Ob ZSOab a] Z]\U Oa bVS RcOZWabWQ VS`WbOUS abWZZ S\T]`QSa
bVS `SQ]U\WbW]\ ]T Wba OZbS`\ObWdS% JWbV bVWa OZbS`\ObWdS Ob Wba ^]W\b ]T
RS^O`bc`S# O\g ^]abRcOZWabWQ []\Wa[ W\QZcRSa O RSQWaW]\ eVWQV Wb VOa
[ORS T]` ]\S ]` bVS ]bVS` aWRS1 bVOb Wa b] aOg# Wb Wa WbaSZT ]T O\
OZbS`\ObWdS O\R bVca ^O`bWOZ \Obc`S# VOdW\U Wba ]^^]aWbS Oa bVS Sf$
QZcRSR ^]aaWPWZWbg eWbV Wb%
<b T]ZZ]ea bVOb W\ bVS ^]abRcOZWabWQ aWbcObW]\ bVS`S O`S# ]\ ^`W\QW^ZS#
\]b ]\S Pcb be] ^]aaWPWZWbWSa ]T []\Wa[# `S^`SaS\bSR Pg [ ]RS[ [O$
bS`WOZWa[ O\R []RS[ WRSOZWa[ `Sa^SQbWdSZg0 bVSg P]bV ^`Sac^^]aS bVS
]\b]Z]UWQOZ ^]ZO`WhObW]\ eVWQV RcOZWa[ VOR US\S`ObSR# O\R SWbVS`
bOYSa Wba abO\R W\ ]\S ]T bVS be] ^]ZSa# b] Q][^`SVS\R T`][ bVWa
dO\bOUS ^]W\b bVS eV]ZS ]T `SOZWbg% GVSg O`S bVca W\ bVSW` ]`WUW\#
bV]cUV QS`bOW\Zg \]b W\ bVSW` W\bS\bW]\# ^O`bWOZ []\Wa[a# c\ZWYS bVS
W\bSU`OZ []\Wa[ ]T ^`SVWab]`g W\ eVWQV bVS be] aWRSa eS`S abWZZ TcaSR
c\RWTTS`S\bWObSR% GVS`S Wa \] `Sbc`\W\U b] bVWa0 RcOZWa[ VOR \]b PSS\
O\ O`PWb`O`g W\dS\bW]\# T]` bVS be]$\Saa eVWQV Wb OaaS`ba Wa U`]c\RSR W\
? <98 # 7 84G;# 4A7 G;8 5B7L <A G;8 G ;8BEL B9 58<A: M '-
`SOZWbg WbaSZT% 4 \Se# W\bSU`OZ# W%S%# ^VWZ]a]^VWQOZ []\Wa[ QO\\]b c\R]
bVS ^]ZO`Wbg0 Wb [cab OPa]`P Wb W\b] O VWUVS` c\Wbg ]T SfWabS\QS T`][
eVWQV bVS ]^^]aWbSa WaacS Oa TOQSa ]T Wba PSW\U ]` ^VOaSa ]T Wba PSQ][$
W\U% <b [cab bOYS c^ bVS ^`]PZS[ eVWQV ]`WUW\OZZg UOdS `WaS b] RcOZ$
Wa[%

<I

GVS ^`]PZS[ Wa abWZZ bVS aO[S0 bVS SfWabS\QS ]T TSSZW\U ZWTS W\ O\


c\TSSZW\U e]`ZR ]T [ ObbS` eVWQV W\ RSObV b`Wc[^Va ]dS` Wb% <T Wba
RcOZWabWQ a]ZcbW]\ Wa bVS]`SbWQOZZg c\aObWaTOQb]`g# bVS be] ^O`bWOZ
[]\Wa[ai [ObS`WOZWa[ O\R WRSOZWa[i Ob P]bb][ SdORS Wb# SOQV W\ Wba
]e\ [O\\S` ]T ]\S$aWRSR\Saa% GVSW` [SO\a ]T c\WTWQObW]\# W%S%# ]T
`SRcQbW]\ b] bVS QV]aS\ RS\][W\Ob]`# Wa bVS RWabW\QbW]\ ]T ^`W[O`g
O\R aSQ]\RO`g `SOZWbg0 ]T acPabO\QS O\R Tc\QbW]\ !]` jS^W^VS\][S$
\]\k " W\ bVS QOaS ]T [ObS`WOZWa[# ]T Q]\aQW]ca\Saa O\R O^^SO`O\QS W\
bVS QOaS ]T WRSOZWa[% 4a O\ ]\b]Z]UWQOZ ^]aWbW]\# W%S%# Oa aS`W]ca
[]\Wa[# SWbVS` abO\R^]W\b QZOW[a b]bOZWbg T]` WbaSZT O\R bVca SfQZcRSa
bVS ]bVS`% 5cb aW\QS bVS ^]W\b ]T RS^O`bc`S W\ SWbVS` QOaS Wa ^O`bWOZ
eWbV `Sa^SQb b] W\bSU`OZ `SOZWbg# bVSg aSdS`OZZg S[P]Rg bVS W\bS`\OZ
Q]\b`ORWQbW]\ ]T O ^O`bWOZ []\Wa[i O Q]\b`ORWQbW]\ eVWQV PSb`Oga
WbaSZT W\ bVS TOWZc`S ]T bVSW` `SRcQbW]\ ]T ]\S SZS[S\b b] bVS ]bVS`% <\
bVS QOaS ]T [ObS`WOZWa[# bVWa TOWZc`S VO^^S\a W\ `SZObW]\ b] Q]\aQW]ca$
\Saa# W\ bVOb ]T WRSOZWa[i W\ `SZObW]\ b] bVS bVW\U$W\$WbaSZT%
5]bV abO\R^]W\ba# Wb Wa b`cS# QO\ RWaaS[PZS bVSW` []\WabWQ# W%S%#
]\b]Z]UWQOZ QVO`OQbS` O\R# `ObVS` bVO\ T]` b]bOZ dWSea ]T PSW\U# b`g b]
^Oaa T]` O RWdWaW]\ ]T ZOP]` W\ bVS QcZbWdObW]\ ]T be] aS^O`ObS TWSZRa ]T
`SOZWbgi bVSW` ]e\ aS^O`ObS\Saa bVca `SabW\U TW`ab ]\ bVS RWTTS`S\QS ]T
bVSW` acPXSQba# eVWQV \Obc`OZZg OZa] RS[O\Ra RWTTS`S\b [SbV]Ra% JS
bVS\ e]cZR VOdS O ^VS\][S\]Z]Ug ]T Q]\aQW]ca\Saa O\R O ^VgaWQa ]T
SfbS\aW]\# O\R bVS [SbV]R ]T ]\S RWaQW^ZW\S e]cZR PS Oa \SQSaaO`WZg
WRSOZWabWQ Oa bVOb ]T bVS ]bVS` [ObS`WOZWabWQ% GVSW` aS^O`ObW]\ e]cZR
bVS\ PS \]b ]\b]Z]UWQOZ# OQQ]`RW\U b] OZbS`\ObWdS Q]\QS^ba ]T PSW\U#
Pcb j]\bWQ#k OQQ]`RW\U b] acPXSQb [ObbS`% ;S`S bVS [cbcOZ `SZObW]\ ]T
bVS be] aSS[a b] PS bVOb# \]b ]T OZbS`\ObWdS# Pcb ]T Q][^ZS[S\bObW]\0
jaQWS\QSa ]T \Obc`Si aQWS\QSa ]T [W\R%k 5cb bVWa ^SOQSTcZ Q]SfWabS\QS
^`Sac^^]aSa bVOb bVS be] jTWSZRak O`S W\ TOQb aS^O`ObS# O\R QO\ PS
Wa]ZObSR T`][ SOQV ]bVS`% C`SQWaSZg bVWa Wa \]b bVS QOaS% GVS TOQb ]T
'. G ;8 C ;8AB@8ABA B9 ?<98
ZWTS# Oa bVS ^agQV]^VgaWQOZ c\Wbg eVWQV bVS ]`UO\Wa[ SfVWPWba# `S\RS`a
bVS aS^O`ObW]\ WZZca]`g% GVS OQbcOZ Q]W\QWRS\QS ]T W\eO`R\Saa O\R
]cbeO`R\Saa W\ bVS -8/B Q][^SZa bVS be] eOga ]T Y\]eZSRUS b]
RSTW\S bVSW` `SZObW]\ ]bVS`eWaS bVO\ Pg aS^O`ObS acPXSQba% BbVS`eWaS
OZa] bVO\ Oa Q][^ZS[S\bO`g RSaQ`W^bW]\a ]T bVS aO[S acPXSQb T`][
RWTTS`S\b jaWRSak eVWQV QO\ SaQVSe bVS _cSabW]\ ]T V]e bV]aS OPab`OQb
Oa^SQba Q]\Q`SbSZg Q]VS`S W\ PSW\U% 9]` acQV O RSaQ`W^bWdS OPabS\bW]\#
eVWQV Wa b] W\ac`S [SbO^VgaWQOZ \Scb`OZWbg# Q]cZR PS [OW\bOW\SR ]\Zg
]\ Q]\RWbW]\ bVOb bVS be] TWSZRa ]T ^VS\][S\O O`S QZ]aSR W\ bVS[ $
aSZdSa Ob ZSOab :>, ^VS\][S\O O\R R] \]b b`O\aQS\R bVS[aSZdSa Pg
bVSW` ]e\ Q]\bS\ba0 bVOb SWbVS` ]\S# bVca# QO\ PS RSaQ`WPSR S\bW`S
eWbV]cb R`OeW\U W\ bVS ]bVS`% LSb ^`SQWaSZg ]c` ZWdW\U P]Rg Q]\abWbcbSa
bVOb dS`g aSZT$b`O\aQS\RS\QS W\ SWbVS` RW`SQbW]\ O\R bVS`SPg [OYSa bVS
[SbV]R]Z]UWQOZ 098.30 T]c\RS` ]\ Wba `]QY% <b [cab PS RSaQ`WPSR Oa
SfbS\RSR O\R W\S`b# Pcb S_cOZZg Oa TSSZW\U O\R eWZZW\Ui O\R \SWbVS` ]T
bVS be] RSaQ`W^bW]\a QO\ PS QO``WSR b] Wba S\R eWbV]cb b`Sa^Oaa W\b] bVS
a^VS`S ]T bVS ]bVS` O\R eWbV]cb ^`SXcRUW\U Wb% GVS ^VgaWQOZ$]cbeO`R
RSaQ`W^bW]\ QO\\]b PS QO``WSR b] Wba S\R eWbV]cb Q][^`][WaW\U bVS
T`SSR][ O\R bVca bVS US\cW\S `SOZWbg ]T bVS [W\R1 bVS dWbOZWabWQ$W\eO`R
RSaQ`W^bW]\ \]b eWbV]cb Q][^`][WaW\U bVS b]bOZ RSbS`[W\ObW]\ O\R
OcbO`Yg ]T bVS jSfbS\RSRk `SOZ[%
7cOZWa[# eVS\ Wba e]`Y eOa R]\S# VOR ZSTb PSVW\R bVS jSfbS\RSRk
Oa bVS ZWTSZSaa O\R c\TSSZW\U# O\R bVS P]Rg c\RS\WOPZg Wa O ^O`b ]T bVWa
SfbS\RSR0 SWbVS`# bVS\# Wb Wa SaaS\bWOZZg bVS aO[S Oa bVS SfbS\RSR W\
US\S`OZi bVS\ Wba PSW\U OZWdS Wa \]b c\RS`ab]]R1 ]` Wb Wa <>4 2070;4<i
bVS\ bVS SfQS^bW]\ QZOW[SR T]` Wb Wa \]b b] PS c\RS`ab]]R O\R QOZZa
W\b] _cSabW]\ bVS eV]ZS `cZS# W%S%# bVS [ObS`WOZWab W\bS`^`SbObW]\ ]T
acPabO\QS Oa acQV OZ]\U bVS ^c`S ^`]^S`bWSa ]T W\RWTTS`S\b SfbS\aW]\%
GVS aO[S U]Sa# 6>=,=4< 6>=,7/4< T]` bVS ]bVS` aWRS# bVOb ]T WRSOZWab
Q]\aQW]ca\Saa% 7cOZWa[ VOR ZSTb Wb PSVW\R Oa bVS c\Q]`^]`SOZ OPa]$
ZcbSZg# bVS c\SfbS\RSR O\R ^c`SZg W\eO`R 90; <0 O\R bVS jP]Rgk Oa
bVS aS\aWPZS TWSZR ]T TSSZW\U O\R d]ZWbW]\ PSZ]\Ua b] bVWa W\eO`R\Saa
WbaSZT0 SWbVS`# bVS\# Oa ^O`b ]T bVS b]bOZ ^VS\][S\OZ SfbS\aW]\ Wb Wa Pcb
]\S O[]\U bVS jSfbS`\OZ WRSOak ! jQ]UWbObW]\ak " ]T Q]\aQW]ca\Saai
bVS\ Wba PSW\U bVS P]Rg 81 bVWa Q]\aQW]ca\Saa# Wba PSW\U 6B P]Rg# [g
SfbS\RSR < O\R [g aVO`S W\ bVS e]`ZR ]T SfbS\aW]\# Wa \]b c\RS`ab]]R1
]` ZWTS O\R W\eO`R\Saa O`S `SOZZg SfbS\RSR bV`]cUV Wb ! jb] bVS bW^a ]T
[g TW\US`ak "# Wb `SOZZg Wa j< ki bVS\ Wb Wa# SdS\ bV]cUV ^VS\][S\OZZg
?<98 # 7 84G;# 4A7 G;8 5B7L <A G;8 G ;8BEL B9 58<A: M '/
SfbS\RSR# \]b O\ 4/0, ]T Q]\aQW]ca\Saa Pcb bVS OQbcOZ ]cbeO`R SfbS\b
]T Wba ]e\ W\\S` a^ObWOZWbg eVWQV WbaSZT ]QQc^WSa a^OQS W\ bVS e]`ZR0
O\R bVS`SeWbV Wb QOZZa W\b] _cSabW]\ bVS eV]ZS WRSOZWab W\bS`^`SbObW]\ ]T
Q]\aQW]ca\Saa Oa ]^^]aSR b] bVS S\bW`S e]`ZR ]T SfbS\aW]\%
GVca bVS ]`UO\WQ P]Rg aWU\WTWSa bVS ZObS\b Q`WaWa ]T SdS`g Y\]e\
]\b]Z]Ug O\R bVS Q`WbS`W]\ ]T jO\g Tcbc`S ]\S eVWQV eWZZ PS OPZS b]
Q][S T]`eO`R Oa O aQWS\QS%k 4a Wb eOa TW`ab bVS P]Rg ]\ eVWQV# W\ bVS
TOQb ]T /0,=3 bVOb O\bWbVSaWa ]T ZWTS O\R \]\ZWTS PSQO[S [O\WTSab
eV]aS `SZS\bZSaa ^`Saac`S ]\ bV]cUVb RSab`]gSR ^`W[WbWdS ^O\dWbOZWa[
O\R QOcaSR bVS W[OUS ]T PSW\U b] a^ZWb# a] Wb Wa Q]\dS`aSZg bVS Q]\Q`SbS
c\Wbg [O\WTSab W\ Wba 5410 ]\ eVWQV W\ bc`\ bVS RcOZWa[ ]T bVS be]
acPabO\QSa T]c\RS`a# O\R OUOW\ bVWa PW$c\Wbg eVWQV OZa] P`W\Ua b] U`WST
P]bV OZbS`\ObWdSa P`O\QVW\U ]TT T`][ RcOZWa[# eVS\SdS` bVSgi Oa bVSg
QO\\]b VSZ^ R]W\Ui S\ZO`US bVS[aSZdSa W\b] b]bOZ ]\b]Z]UWSa% <\RSSR#
Wb Wa bVWa dS`g PW$c\Wbg eVWQV Q][^SZa bVS[ bVca b] S\ZO`US bVS[aSZdSa#
W%S%# b] b`O\aU`Saa bVSW` P]c\RO`WSa# O\R ^`SdS\ba bVS[ T`][ aVSZbS`W\U
W\ bVS aSS[W\U \Scb`OZWbg ]T [S`S ^O`b O`SOa ]` ^O`b Oa^SQba% GVS
ZWdW\U P]Rg bVOb QO\ RWS# bVOb VOa e]`ZR O\R WbaSZT PSZ]\Ua b] bVS
e]`ZR# bVOb TSSZa O\R WbaSZT QO\ PS TSZb# eV]aS ]cbeO`R T]`[ Wa ]`UO$
\Wa[ O\R QOcaOZWbg# O\R eV]aS W\eO`R T]`[ Wa aSZTV]]R O\R TW\OZWbg0
bVWa P]Rg Wa bVS [S[S\b] ]T bVS abWZZ c\a]ZdSR _cSabW]\ ]T ]\b]Z]Ug#
jJ VOb Wa PSW\U3k O\R [cab PS bVS QO\]\ ]T Q][W\U ObbS[^ba b] a]ZdS
Wb% GVSaS ObbS[^ba [cab []dS PSg]\R bVS ^O`bWOZ OPab`OQbW]\a ! jP]Rg
O\R a]cZ#k jSfbS\aW]\ O\R bV]cUVb#k O\R bVS ZWYS" b]eO`R bVS VWRRS\
U`]c\R ]T bVSW` c\Wbg O\R bVca ab`WdS T]` O\ W\bSU`OZ []\Wa[ ]\ O
^ZO\S OP]dS bVS a]ZWRWTWSR OZbS`\ObWdSa%I

GVS ^`]PZS[ ]T ZWTS# QS\bS`SR W\ bVS ^`]PZS[ ]T bVS P]Rg# Wa bVca


O QO`RW\OZ bVS[S T]` ]\b]Z]Ug O\R bVS Q]\abO\b RWabc`PO\QS ]T Wba
ZObbS`$ROg O\bWbVSbWQOZ ^]aWbW]\a W\ [ObS`WOZWa[ O\R WRSOZWa[ OZWYS% <b
Wa QVO`OQbS`WabWQ ]T bVS ^]abRcOZWabWQ aWbcObW]\ bVOb bVS ^`]PZS[ ^]aSa
WbaSZT b]ROg Oa bVOb ]T ZWTS O\R \]b ]T RSObV0 bVWa W\dS`aW]\ Wa bVS S\R
`SacZb ]T bVOb Q]\b`OQbW]\ ]T ZWTS T`][ bVS eV]ZS ]T \Obc`S W\b] Wba
RWabW\Qb aW\UcZO`Wbg eVWQV PSUO\ eWbV bVS TW`ab ROe\ ]T RcOZWabWQ ZWUVb$
S\W\U ]T bVS W\RWabW\Qb\Saa% 4UOW\ab bVS S\]`[]ca P]c\RO`g b`O\aU`Sa$
aW]\ ]T ^`W[]`RWOZ []\Wa[ eVWQV [ORS ZWTS Q]SfbS\aWdS eWbV PSW\U#
(& G ;8 C ;8AB@8ABA B9 ? <98
RWaQ`W[W\ObW]\ Q]cZR ]\Zg [SO\# TW`ab# RWaQ]dS`g ]T ZWTSZSaa [ ObbS` Oa
acQV# O\R bVS\# SdS`$W\Q`SOaW\U Sf^O\aW]\ ]T bVS SfbS\b ]T bVS ZWTSZSaa
i c\bWZ bVWa W\ bc`\ PSQO[S Q]SfbS\aWdS eWbV PSW\U% A]e ]PdW]caZg# Oa
Sf^`SaaW]\ ]T bVWa ^]abRcOZWabWQ bVS]`SbWQOZ aWbcObW]\# [ObS`WOZWa[ Wa
bVS []`S W\bS`SabW\U O\R []`S aS`W]ca dO`WO\b ]T []RS`\ ]\b]Z]Ug
bVO\ WRSOZWa[% 9]` O[]\U bVS b]bOZWbg ]T Wba ]PXSQbai P]RWSa W\ US\$
S`OZi [ObS`WOZWa[ ZSba WbaSZT W\ SO`\Sab OZa] S\Q]c\bS` bVS ZWdW\U P]Rg1
O\R aW\QS Wb Wa P]c\R b] acPXSQb Wb# b]]# b] Wba ^`W\QW^ZSa Wb Sf^]aSa
WbaSZT b] bVS `SOZ ]\b]Z]UWQOZ bSab O\R eWbV Wb b] bVS `WaY ]T TOWZc`S0 Wb
UWdSa WbaSZT bVS ]^^]`bc\Wbg ]T Y\]QYW\U OUOW\ab Wba ZW[Wbi O\R bVS`S
OUOW\ab bVS ]\b]Z]UWQOZ ^`]PZS[% <RSOZWa[ Wa OPZS b] SdORS Wb0 Wb QO\
OZeOga T`][ bVS aSQc`S abO\R^]W\b ]T ^c`S Q]\aQW]ca\Saa# O`bWTWQWOZ Oa
Wb Wa# W\bS`^`Sb jbVS P]Rg#k ZWYS OZZ ]bVS` P]RWSa# Oa SfbS`\OZ jWRSOk ]`
j^VS\][S\]\k W\ Wba W\bS\bW]\OZ V]`Wh]\ O\R QO\ bVca RWa]e\ bVS
Q]`^]`SOZWbg ]T bVS aSZT0 Pg bVWa [SO\a Wb aOdSa WbaSZT bVS ^`]PZS[ ]T
ZWTS Oa eSZZ Oa ]T RSObV% GVWa eOa bVS `SOa]\ eVg Ob bVS ]cbaSb eS VOdS
QV]aS\ [ObS`WOZWa[ Oa bVS `S^`SaS\bObWdS ]T ^]abRcOZWabWQ ]\b]Z]Ug
!bVS j]\b]Z]Ug ]T RSObVk " O\R Oa bVS b`cS Q]c\bS`^O`b b] bVS ^`S$
RcOZWabWQ ]\b]Z]Ug ]T ^O\dWbOZWa[% @ObS`WOZWa[ Wa bVS `SOZ ]\b]Z]Ug ]T
]c` e]`ZR aW\QS bVS ES\OWaaO\QS# bVS `SOZ VSW` b] RcOZWa[# W%S%# b] Wba
`SaWRcOZ SabObS# O\R eWbV Wb [cab PS ]c` RWaQ]c`aS% B\Zg eWbV O j`SOZ$
Wabk abO\R^]W\b QO\ bVS`S PS T`cWbTcZ RWaQ]c`aS O\geOg# eVS`SOa O\
WRSOZWabWQ ]\S QO\ aZW^ bV`]cUV Wba TW\US`a%
@]`S]dS`# Wb QO\ PS aV]e\ bVOb bVS WRSOZWa[ ]T bVS ^VWZ]a]^Vg ]T
Q]\aQW]ca\Saa Wa WbaSZT Pcb O Q][^ZS[S\bO`Wbg# O\ S^W^VS\][S\]\ Oa Wb
eS`S# ]T [ObS`WOZWa[ O\R bVca W\ bVS ab`WQb aS\aS OZa] ]\S TOQS ]T bVS
]\b]Z]Ug ]T RSObV% GVWa aVOZZ VS`S PS W\RWQObSR W\ Xcab ]\S `Sa^SQb%
B\Zg O e]`ZR ]PXSQbWTWSR b] ^c`S SfbS\aWdS ]cbeO`R\Saa# Oa [ ObS`WOZ$
Wa[ Q]\QSWdSR Wb# ZSOdSa ]^^]aWbS WbaSZT O ^c`S Q]\aQW]ca\Saa eVWQV
VOa \] aVO`S W\ Wb# W\ Wba RW[S\aW]\ O\R Wba Tc\QbW]\i eVWQV \] Z]\US`
OQba Pcb [S`SZg PSV]ZRa% 4\R dWQS dS`aO# Wb Wa bVWa P]RgZSaa# [S`SZg
PSV]ZRW\U Q]\aQW]ca\Saa T]` eVWQV `SOZWbg [cab bc`\ W\b] aS`WSa ]T
^]W\ba XcfbO^]aSR W\ a^OQS O\R acQQSSRW\U W\ bW[S0 ^]W\ba ]T SfbS\aWbg
\SQSaaO`WZg Oa SfbS`\OZ b] ]\S O\]bVS` Oa bVSg OZZ b]USbVS` O`S b]
Q]\aQW]ca\Saa# O\R bVS`ST]`S ]TTS`W\U \] ]bVS` `cZSa ]T ]`RS` bVO\
bV]aS ]T Sfb`O\S]ca Q]ZZ]QObW]\ O\R aS_cS\QS% <\RSSR# eWbV]cb bVS
P]Rg Pg eVWQV eS O`S ]c`aSZdSa O\ OQbcOZ ^O`b ]T bVS e]`ZR O\R
Sf^S`WS\QS bVS \Obc`S ]T T]`QS O\R OQbW]\ W\ aSZT$^S`T]`[O\QS# ]c`
Y\]eZSRUSi O [S`SZg j^S`QS^bWdS#k PSV]ZRW\U Y\]eZSRUSi ]T bVS
?<98 # 7 84G;# 4A7 G;8 5B7L <A G;8 G ;8BEL B9 58<A: M ('
e]`ZR !W\ bVOb QOaS b`cZg jSfbS`\OZ e]`ZRk eWbV \] `SOZ b`O\aWbW]\
T`][ [gaSZT b] Wb" e]cZR `SOZZg PS `SRcQSR b] ;c[ Sla []RSZ# dWh%# b]
aS_cS\QSa ]T Q]\bS\ba SfbS`\OZ O\R W\RWTTS`S\b b] ]\S O\]bVS`# `SUO`R$
W\U eVWQV bVS`S Q]cZR \]b SdS\ O`WaS bVS aca^WQW]\ ]T O\ W\\S` Q]\\SQ$
bW]\# ]T O\g `SZObW]\ ]bVS` bVO\ bVS a^ObW]$bS[^]`OZ ]\Sa# \]` bVS ZSOab
XcabWTWQObW]\ T]` ^]abcZObW\U Wb% 6OcaOZWbg VS`S PSQ][Sa O TWQbW]\i ]\ O
^agQV]Z]UWQOZ POaWa ZSTb U`]c\RZSaa WbaSZT%
4 b bVWa OU\]abWQ `SaWU\ObW]\ []RS`\ ^VgaWQa VOa O``WdSR T`][ Wba
]e\ S\R# W%S%# T`][ Wba [ObS`WOZWab ^`S[WaSa eVWQV Pg bVS `]OR ]T
OPa]ZcbS SfbS`\OZWhObW]\ [cab ZSOR b] bVS aO[S aYS^bWQOZ T`O[W\U ]T
bVS Q]\QS^b ]T QOcaOZWbg Oa bVS bVS]`g ]T Q]\aQW]ca\Saa [cab Pg Wba
`]OR ]T OPa]ZcbS W\bS`\OZWhObW]\% ASWbVS` QO\ R] ]bVS`eWaS# O\R P]bV
T`][ bVS aO[S QOcaS0 ^c`S Q]\aQW]ca\Saa Wa Oa ZWbbZS OZWdS Oa bVS ^c`S
[ObbS` Q]\T`]\bW\U Wb% 4QQ]`RW\UZg# bVS ]\S QO\ Oa ZWbbZS US\S`ObS bVS
OZWdS\Saa ]T OQbWdS Q]\\SQbW]\ W\ Wba c\RS`abO\RW\U Oa bVS ]bVS` QO\
^`SaS\b Wb b] ^S`QS^bW]\% 5]bV O`S TWaaW]\ ^`]RcQba ]T bVS ]\b]Z]Ug ]T
RSObV b] eVWQV bVS RcOZWabWQ O\Ob][g ]T PSW\U VOR ZSR% A]bS bVOb bVWa
`S\RS`a bVS[ VSZ^ZSaa# \]b Xcab W\ RSOZW\U eWbV ZWTS# Pcb OZ`SORg ]\ bVS
acPXSQb ]T US\S`OZ QOcaOZWbg% <\ bVS ZObbS` TWSZR# bVOb ]T [SQVO\WQOZ ZOe#
b`O\aQS\RS\bOZ O\R [ObS`WOZWab bVS]`g OZWYS VOR QZOW[SR bVSW` ^`W\QW$
^OZ b`Wc[^V# T]` eVWQV b] T]`U] bVS Y\]eZSRUS ]T ]`UO\WQ bSZS]Z]Ug
aSS[SR \]b b]] VWUV O ^`WQS b] ^Og% ;]eSdS`# Wb aSS[a bVOb W\ bVS Z]\U
`c\ \] ^O`b ]T O eV]ZS QO\ ^`]TWb T`][ eVOb bVOb eV]ZS Z]aSa W\
O\]bVS` ^O`b# O\R W\ bVS S\R SdS\ US\S`OZ QOcaOZWbg Z]aSa W\ W\bSZZWUW$
PWZWbg eVOb bVS SZW[W\ObW]\ ]T ZWTS eOa [SO\b b] aSQc`S T]` Wb W\ bS`[a
]T aQWS\bWTWQ Y\]eZSRUS% GVS TObS ]T bVS QOcaOZWbg ^`]PZS[ W\ WRSOZWab
S^WabS[]Z]Ug ]\ bVS ]\S VO\R O\R W\ [ObS`WOZWab ^VgaWQa ]\ bVS ]bVS`
PSa^SOYa bVS TOQb bVOb P]bV ^]aWbW]\a# Q]\aWRS`SR ]\b]Z]UWQOZZg# O`S
T`OU[S\bO`g# `SaWRcOZ ^`]RcQba ]T RcOZWa[# O\R P]bV O`S [S`SZg Q]\$
aWabS\b eVS\ bVSg# SOQV Pg Wba ]e\ YW\R ]T aYS^aWa# OQY\]eZSRUS bVS
W\SdWbOPZS ]cbQ][S ]T bVSW` Wa]ZObW]\# b] eWb0 bVS W\Sf^ZWQOPWZWbg ]T
bVOb eVWQV bV`]cUV bVS ac\RS`W\U VOa PSQ][S W\Sf^ZWQOPZS% GVS O`bWTW$
QWOZ ac\RS`W\U ]T ;0< .824=,7< O\R ;0< 0A=07<, W\ bVS VS`WbOUS ]T RcOZ$
Wa[# eWbV bVS Sfb`caW]\ PSbeSS\ bVS[ ]T jZWTSk 0 bVWa R]cPZS$TOQSR
]\b]Z]Ug ]T RSObV Q`SObSa ^`]PZS[a eVWQV Wb VOa `S\RS`SR c\a]ZdOPZS
T`][ bVS abO`b%
5cb Wa bVS`S \]b VS`S O Q]\b`ORWQbW]\3 ;Oa \]b bVS RWaQ`W[W\ObW]\ ]T
bVS ZWTSZSaa O\R bVS ZWdW\U TW`ab [ORS ^]aaWPZS bVS RWabW\Qb O`bWQcZObW]\
]T eVOb Wa ^SQcZWO` b] ZWTS3 4\R VOa bVWa \]b PS\STWbSR bVS ja^W`Wb#k
(( N G ;8 C ;8AB@8ABA B9 ?<98
eVWQV Oa Wb eS`S R`Se b] WbaSZT eVOb bVS`S eOa ]T ZWTS W\ bVS c\WdS`aS
O\R Q]\QS\b`ObSR Wb eWbVW\ WbaSZT Oa jQ]\aQW]ca\Saak3 <T [ ObbS` eOa
ZSTb RSOR ]\ ]\S aWRS# bVS\ ac`SZg Q]\aQW]ca\Saa# P`]cUVb W\b] `SZWST
OUOW\ab Wb ]\ bVS ]bVS` aWRS O\R PSQ][W\U VSW` b] OZZ O\W[WabWQ dWbOZWbg#
aV]cZR PS bVS `S^]aWb]`g# SdS\ bVS RWabWZZObS ]T ZWTS3 5cb ZWTS R]Sa \]b
PSO` RWabWZZObW]\1 Wb Wa a][SeVS`S PSbeSS\ bVS ^c`WTWSR Oa^SQbai W\
bVSW` Q]\Q`SbW]\% GVS OPab`OQbW]\a bVS[aSZdSa R] \]b ZWdS% <\ b`cbV# eS
`S^SOb# bVS ^c`S Q]\aQW]ca\Saa Wa Oa ZWbbZS OZWdS Oa bVS ^c`S [ ObbS`
abO\RW\U ]dS` OUOW\ab Wbi O\R# Pg bVS aO[S b]YS\# Oa ZWbbZS# []`bOZ% <b
ZWdSa Oa RS^O`bSR a^W`Wba ZWdS O\R QO\\]b c\RS`abO\R bVS e]`ZR O\g$
[]`S% G] Wb bVS e]`ZR Wa RSOR Oa Wb Wa RSOR b] bVS e]`ZR% GVS RcOZWabWQ
O\bWbVSaWa ZSORa \]b b] O VSWUVbS\W\U ]T bVS TSObc`Sa ]T ZWTS bV`]cUV
bVSW` Q]\QS\b`ObW]\ ]\ ]\S aWRS# Pcb b] O RSORS\W\U ]T P]bV aWRSa
bV`]cUV bVSW` aS^O`ObW]\ T`][ bVS ZWdW\U [WRRZS% GVWa RSORS\W\U Sf$
OQba Wba `SdS\US W\ bVS TOQb bVObi \]b b] a^SOY ]T bVS `WRRZS ]T ZWTSi
SdS\ T]` bVS W\bS`^`SbObW]\ ]T bVS SfbS`\OZ `SUcZO`Wbg W\ bVS []dS[S\ba
]T [ObbS`# bVS W[OUS ]T O QOcaOZWbg Pg OQbWdS T]`QS \] Z]\US` TW\Ra
ZSUWbW[ObW]\ W\ O\g OR[WbbSR TW`abVO\R UWdS\\Saa%I <

I<

;S`S eS `SQOZZ >O\bla O\aeS` b] ;c[ Sla aYS^bWQOZ QVOZZS\US eVWQV


QZOW[SR b] ac^^Zg Xcab bVOb ZSUWbW[ObW]\# \]b W\RSSR W\ O jUWdS\#k Pcb
W\ O\ O ^`W]`W ab`cQbc`S ]T bVS [W\R% ;]eSdS`# bVS b`O\aQS\RS\bOZ
a]ZcbW]\ ]T bVS ^`]PZS[ eVWQV VS`]WQOZZg c\RS`bOYSa b] U`]c\R QOcaOZ$
Wbg O\R Wba ]PXSQbWdS [SO\W\U W\ bVS ^c`S Q]\aQW]ca\Saa OZ]\S# R]Sa
\]b SaQO^S bVS b`cbV bVOb g]c QO\\]b RS`WdS bVS Q]\Q`SbS\Saa T`][ ]\S
]T Wba OPab`OQbW]\a% GVS acQQSaa ]T >O\bla ObbS[^bSR a]ZcbW]\ RS^S\Ra#
47=0; ,54, SaaS\bWOZZg ]\ bVS ^`]]T bVOb jQOcaObW]\k Wa W\RSSR O Q]\$
QS^b ]T bVS ^c`S c\RS`abO\RW\U !OTbS` bVOb# ]\ aV]eW\U eVg Wb aV]cZR
PS dOZWR ]PXSQbWdSZg"% 5cb O\ c\^`SXcRWQSR SfO[W\ObW]\ eWZZ TW\R bVOb
\]b bVS ^c`S c\RS`abO\RW\U Pcb ]\Zg bVS Q]\Q`SbS P]RWZg ZWTS# W\ bVS
OQbcOZ W\bS`^ZOg ]T Wba aSZT$TSSZW\U ^]eS`a eWbV bVS e]`ZR# QO\ PS bVS
a]c`QS ]T bVS jWRSOk ]T T]`QS O\R bVca ]T QOcaS% GVS c\RS`abO\RW\U Oa
acQV Y\]ea [S`SZg ]T `SOa]\ O\R Q]\aS_cS\QS# \]b ]T QOcaS O\R
STTSQb0 bVS ZObbS` RS\]bS O Q]\\SQbW]\ ]T `SOZWbg# Pg [SO\a ]T T]`QS#
\]b ]T WRSOZWbg# Pg [SO\a ]T T]`[% GVS Sf^S`WS\QS ]T ZWdW\U T]`QS#
]\Sla ]e\ \O[SZg# W\ bVS OQbW\U ]T bVS P]Rg# Wa bVS Sf^S`WS\bWOZ POaWa
T]` bVS OPab`OQbW]\a ]T bVS US\S`OZ Q]\QS^ba ]T OQbW]\ O\R QOcaObW]\1
?<98 # 7 84G;# 4A7 G;8 5B7L <A G;8 G ;8BEL B9 58<A: M ()
O\R bVS jaQVS[ObWa[k ]T RW`SQbSR P]RWZg 68?0607= \]b ]T \Scb`OZZg
`SQS^bWdS W\bcWbW]\# [SRWObSa PSbeSS\ bVS T]`[OZWbg ]T bVS c\RS`abO\R$
W\U O\R bVS Rg\O[WQa ]T bVS `SOZ%
6OcaOZWbg Wa bVca \]b O\ O ^`W]`W POaWa ]T Sf^S`WS\QS# Pcb WbaSZT O
POaWQ Sf^S`WS\QS% GVOb Sf^S`WS\QS VOa Wba aSOb W\ bVS 0118;= < [cab
[OYS b] ]dS`Q][S bVS `SaWabO\QS ]T e]`ZRZg [ ObbS` W\ [g OQbW\U O\R
b] `SaWab bVS W[^OQb ]T e]`ZRZg [ObbS` c^]\ [gaSZT% GVWa VO^^S\a
bV`]cUV O\R eWbV [g P]Rg# eWbV Wba SfbS\aWdS ]cbeO`R\Saa O\R Wba
W\bS\aWdS W\eO`R\Saa Ob ]\QS# eVWQV P]bV O`S US\cW\S Oa^SQba ]T [g$
aSZT% 4\R ORdO\QW\U T`][ [g P]Rg# \Og# [gaSZT ORdO\QW\U P]RWZg# <
PcWZR c^ W\ bVS W[OUS ]T Wba POaWQ Sf^S`WS\QS bVS Rg\O[WQ W[OUS ]T bVS
e]`ZRi O e]`ZR ]T T]`QS O\R `SaWabO\QS# OQbW]\ O\R W\S`bWO# QOcaS O\R
STTSQb% GVca QOcaOZWbg Wa \]b bVS O ^`W]`W ]T Sf^S`WS\QS W\ bVS c\RS`$
abO\RW\U Pcb bVS c\WdS`aOZ Sfb`O^]ZObW]\ T`][ ^`]^`W]P]RWZg ^`W[S
Sf^S`WS\QS W\b] bVS eV]ZS ]T `SOZWbg% <b Wa `]]bSR W\ Xcab bVS ^]W\b ]T
OQbcOZ# ZWdS jb`O\aQS\RS\QSk ]T bVS aSZT# bVS ^]W\b eVS`S W\eO`R\Saa
OQbWdSZg b`O\aQS\Ra WbaSZT W\b] bVS ]cbeO`R O\R Q]\bW\cSa WbaSZT W\b] Wb
eWbV Wba OQbW]\a% GVWa ^]W\b Wa bVS W\bS\aWdS$SfbS\aWdS P]Rg W\ eVWQV
bVS aSZT SfWaba# Ob ]\QS# T]` WbaSZT !W\bS\aWdS" O\R W\ bVS [WRab ]T bVS
e]`ZR !SfbS\aWdS"%
6OcaOZWbg Wa ^`W[O`WZg O TW\RW\U ]T bVS ^`OQbWQOZ# \]b ]T bVS bVS]`SbW$
QOZ# aSZT# ]T Wba OQbWdWbg# \]b ]T Wba ^S`QS^bW]\i O\ Sf^S`WS\QS ]T bVS
]\S# \]b O ZOe ]T bVS ]bVS`% !ESUO`RW\U bVS ^`]PZS[ ]T QOcaOZWbg W\
bVWa Q]\bSfb# aSS 4^^S\RWf ' b] bVWa 8aaOg%"
4R[WbbSRZg# eVSbVS` bVS c\WdS`aOZ Sfb`O^]ZObW]\ eVWQV W\ TOQb# O\R
W``SaWabWPZg# eS R] [OYS T`][ ^`]^`W]P]RWZg Sf^S`WS\QS Wa OZa] `ObW]\$
OZZg XcabWTWSR# Wa O _cSabW]\ ]T ^VWZ]a]^VWQOZ Q`WbW_cS eVWQV eS [cab
VS`S ZSOdS ]^S\% <b Wa# V]eSdS`# W\ bVS TW`ab ^ZOQS O\ ]\b]Z]UWQOZ O\R
\]b O\ S^WabS[]Z]UWQOZ _cSabW]\% <\b] ]\b]Z]Ug OZa] PSZ]\Ua bVS ^`]P$
ZS[ ]T O\bV`]^][]`^VWa[ W\ bVS eWRSab aS\aS eVWQV Ob bVWa ^]W\b
`OWaSa Wba VSOR% GVS O\ObVS[O ]\ O\g YW\R ]T O\bV`]^][]`^VWa[#
SdS\ ]T h]][]`^VWa[# W\ Q]\\SQbW]\ eWbV \Obc`Si bVWa W\ Wba OPa]$
ZcbS\Saa a^SQWTWQOZZg RcOZWabWQ O\R ^]abRcOZWabWQ ^`]VWPWbW]\# [Og eSZZ
bc`\ ]cb b] PS# W\ bVWa Sfb`S[S T]`[# O ^`SXcRWQS% !FSS 4^^S\RWf ( b]
bVWa 8aaOg%" CS`VO^a# `WUVbZg c\RS`ab]]R# [O\ 4< OTbS` OZZ bVS [SOac`S
]T OZZ bVW\Uai \]b W\RSSR bV`]cUV bVS ZSUWaZObW]\ ]T VWa `SOa]\ Pcb
bV`]cUV bVS SfS[^ZO` ]T VWa ^agQV]^VgaWQOZ b]bOZWbg eVWQV `S^`SaS\ba
bVS [OfW[c[ ]T Q]\Q`SbS ]\b]Z]UWQOZ Q][^ZSbS\Saa Y\]e\ b] ca0 O
Q][^ZSbS\Saa 1;86 @34.3 `SRcQbWdSZg# bVS a^SQWSa ]T PSW\U [Og VOdS
(* G ;8 C ;8AB@8ABA B9 ? <98
b] PS RSbS`[W\SR Pg eOg ]T ^`]U`SaaWdS ]\b]Z]UWQOZ acPb`OQbW]\ R]e\
b] bVS [W\W[c[ ]T PO`S SZS[S\bO`g [ ObbS` !W\abSOR ]T bVS Q][^ZSbS
PSW\U Q]\ab`cQbSR T`][ bVWa POaWa Pg Qc[cZObWdS ORRWbW]\"% GVS _cSa$
bW]\ Wa abWZZ ]^S\ eVSbVS` ZWTS Wa O _cO\bWbObWdS Q][^ZSfWTWQObW]\ W\ bVS
O``O\US[S\b ]T [ObbS`# O\R Wba T`SSR][ O\R ^c`^]aWdS\Saa \]bVW\U
Pcb O\ O^^O`S\b PZc``W\U ]T Wba aW[^ZS# c\O[PWUc]ca RSbS`[W\OQg
bV`]cUV bVS [OaaSR Q][^ZSfWbg Oa acQV !O TOQb ]T ]c` POTTZS[S\b
`ObVS` bVO\ ]T Wba ]e\ \ Obc `S"i ]` eVSbVS`# Q]\b`O`WeWaS# jRSORk
[ObbS`# Oa ]\S Sfb`S[S ]T O a^SQb`c[# `S^`SaS\ba O ZW[WbW\U []RS ]T
bVS ^`]^S`bWSa `SdSOZSR Pg TSSZW\U ZWTS# bVSW` ^`WdObWdS `SRcQbW]\ b] bVS
\SO`$ReW\RZW\U ^]W\b ]T W\QV]ObS\Saa0 W\ eVWQV QOaS Wba PO`S# W\S`bWOZ
RSbS`[W\ObW]\ e]cZR PS R]`[O\b# Oa gSb c\OeOYS\SR T`SSR][% GVS
]\b]Z]UWQOZ XcabWTWQObW]\ T]` bVWa _cSabW]\ ZWSa W\ bVS TOQb bVOb bVS ZWdW\U
P]Rg Wa bVS O`QVSbg^S ]T bVS Q]\Q`SbS# O\R PSW\U 6B P]Rg Wb Wa# W\ Wba
W[[SRWOQg ]T W\eO`R\Saa O\R ]cbeO`R\Saa W\ ]\S# bVS 875B TcZZg
UWdS\ Q]\Q`SbS ]T Sf^S`WS\QS W\ US\S`OZ% <ba OQbcOZ# Q]\Q`SbS TcZZ\Saa
bSOQVSa ca bVOb [ ObbS` W\ a^OQS# ]bVS`eWaS Sf^S`WS\QSR ]\Zg T`][
eWbV]cb# [Og VOdS O\ W\\S` V]`Wh]\ b]] O\R bVOb# bVS`ST]`S# Wba Sf$
bS\RSR PSW\U \SSR \]b PS Wba eV]ZS PSW\U% FSS\ T`][ bVS ]\Zg b`cS Q]\$
Q`SbS\Saa Tc`\WaVSR b] ca# P]bV ^c`S jSfbS\aW]\k O\R ^c`S jbV]cUVbk
[Og eSZZ O^^SO` b] PS [S`S OPab`OQbW]\a%
<\RS^S\RS\bZg# V]eSdS`# ]T bVWa [SbO^VgaWQOZ _cSabW]\ ]T O c\Wbg ]T
PSW\U O\R bVS ^`]^]aWbW]\a RS`WdOPZS T`][ Wb WT U`O\bSR# W\RS^S\RS\bZg
OZa]# bVS`ST]`S# ]T bVS _cSabW]\ Q]\QS`\W\U bVS ;423= ]T bVS RS TOQb]
Sfb`O^]ZObW]\ T`][ ]c` Q]`^]`SOZWbg# bVS`S Wa bVS ^ZOW\ TOQb bVOb @4=3!
8>= bVS P]Rg O\R Wba SZS[S\bO`g aSZT$Sf^S`WS\QS# eWbV]cb bVWa
jeVS\QSk ]T ]c` []ab US\S`OZ# OZZ$S\Q][^OaaW\U Sfb`O^]ZObW]\ W\b]
bVS eV]ZS ]T `SOZWbg# bVS`S Q]cZR PS \] WRSO eVObSdS` ]T T]`QS O\R
OQbW]\ W\ bVS e]`ZR O\R bVca ]T O Rg\O[WQ Q]\\SQbW]\ ]T OZZ bVW\Ua0 \]
WRSO# W\ aV]`b# ]T O\g j\Obc`Sk Ob OZZ% <RSOZWa[i W\ bVOb `Sa^SQb bVS
TOWbVTcZ [W``]` W[OUS ]T [ObS`WOZWa[i Pg `O\UW\U bVS P]Rg S\bW`SZg
O[]\U bVS SfbS`\OZ ]PXSQba# bVca c\RS`abO\RW\U Wb Oa O\ ]PXSQb ]T
Sf^S`WS\QS O\R \]b Wba a]c`QS# Oa RObc[ T]` bVS acPXSQb O\R \]b Oa
OQbWdS$^OaaWdS `SOZWbg ]T bVS acPXSQb# VOa RS^`WdSR WbaSZT ]T bVS ^]aaWPWZ$
Wbg b] U] PSg]\R O `cZS ]T SfbS`\OZ ]`RS`a ]T aS_cS\QSa O\R U`Oa^ O
`SOZ Q]\\SQbW]\ ]T bVW\Ua `]]bSR W\ bVSW` ]e\ \Obc`Si PS Wb W\ bVS
T]`[ ]T STTWQWS\b# PS Wb ]T TW\OZ QOcaObW]\ !]\ bVWa# bVS b`O\aQS\RS\bOZ
abO\R^]W\b VOa \] aOg O\geOg# eVObSdS` Wba VWab]`WQOZ ^`STS`S\QS"%
? <98 # 7 84G;# 4A7 G;8 5B7L <A G;8 G ;8BEL B9 58<A: M (+
5cb eVWQVSdS` QOcaOZWbg Wb PS# ]\ bVWa ^]W\b ;c[ Sla Q`WbW_cS eOa `WUVb
bVOb Wb Wa \]b [Sb eWbV W\ O\g ^S`QS^bW]\# O\R bVOb bVS \Sfca PSbeSS\
bVS RObO Wa \]b O RObc[ WbaSZTi \]b O ^S`QSWdSR Q]\bS\b% 9]`QS W\RSSR
Wa \]b O RObc[# Pcb O\ jOQbc[k Vc[O\Zg ^`SaS\b W\ STT]`b% 4\R STT]`b
Wa ac`SZg \]b O ^S`QS^b# SdS\ ZSaa O T]`[ ]T bVS ag\bVSaWa ]T ^S`QS^ba%
5cb ]PXSQbWTgW\U bV]cUVb Wa eSRRSR b] ^S`QS^bW]\ ! jW\bcWbW]\k 2 j^`S$
aS\bObW]\OZ W[[SRWOQgk " O\R bVca QO\\]b S\Q]c\bS` eVOb Wa \]b Q]\$
bOW\SR bVS`SW\%

I <<
GVca Wb O^^SO`a bVOb eOWdW\U bVS W\bSZZWUWPWZWbg ]T ZWTSi bVS ^`WQS
eVWQV []RS`\ Y\]eZSRUS eOa eWZZW\U b] ^Og T]` Wba bWbZS b] bVS U`SObS`
^O`b ]T `SOZWbgi `S\RS`a bVS e]`ZR c\W\bSZZWUWPZS Oa eSZZ% 4 \R bVS
`SRcQbW]\ ]T bSZS]Z]UWQOZ b] [SQVO\WQOZ QOcaOZWbg# U`SOb Oa Wba ORdO\$
bOUSa O`S T]` O\OZgbWQOZ RSaQ`W^bW]\# VOa UOW\SR \]bVW\U W\ bVS [ ObbS`
]T Q][^`SVS\RW\U bVS \Sfca WbaSZT0 bVS ]\S Wa \] ZSaa [gabS`W]ca bVO\
bVS ]bVS`%
Bc` `STZSQbW]\a eS`S W\bS\RSR b] aV]e W\ eVOb aS\aS bVS ^`]PZS[ ]T
ZWTS# O\R eWbV Wb bVOb ]T bVS P]Rg# ]cUVb b] abO\R W\ bVS QS\bS` ]T
]\b]Z]Ug O\R# b] a][S SfbS\b# OZa] ]T S^WabS[]Z]Ug% ?WTS [SO\a [ObS$
`WOZ ZWTS# W%S%# ZWdW\U P]Rg# W%S%# ]`UO\WQ PSW\U% <\ bVS P]Rg# bVS Y\]b ]T
PSW\U Wa bWSR eVWQV RcOZWa[ R]Sa \]b c\`OdSZ Pcb Qcb% @ObS`WOZWa[ O\R
WRSOZWa[# SOQV T`][ Wba S\R# b`g b] a[]]bV Wb ]cb Pcb USb QOcUVb W\ Wb%
GVS QS\b`OZ ^]aWbW]\ ]T bVS ^`]PZS[ ]T ZWTS [SO\a \]b ]\Zg bVOb Wb
[cab PS OQQ]`RSR O RSQWaWdS d]WQS W\ XcRUW\U O\g UWdS\ ]\b]Z]Ug Pcb
OZa] bVOb O\g b`SOb[S\b ]T WbaSZT [cab ac[[]\ bVS eV]ZS ]T ]\b]Z]Ug%
G] bVWa eV]ZS PSZ]\U bVS VWbVS`b]# W\ Wba VWab]`g# `SOZWhSR ^]aaWPWZWbWSa
]T ]\b]Z]Ug# SdS\ WT bVSg VO^^S\ b] bSOQV []`S ]\ ^]aW\U bVO\ ]\
a]ZdW\U bVS ^`]PZS[% Bc` Q]\aWRS`ObW]\a VOdS aV]e\ bVOb \]b SdS\
jO\W[Wa[#k W%S%# bVS ^O\dWbOZWa[ ]T bVS ROe\# Wa b] PS SfQZcRSR T`][
bVS ]\b]Z]UWQOZ SdWRS\QS bVOb VOa b] PS eSWUVSR0 bVS ^`W\QW^ZS ]T bVS
W\bS`^`SbObW]\ ]T PSW\U eVWQV Wb# V]eSdS` ^`SQ]\QS^bcOZZg# `S^`SaS\ba
Wa \]b `SOZZg R]\S eWbV SdS\ T`][ bVS ^S`a^SQbWdS ]T []RS[ Y\]eZ$
SRUS%( LSb bVS RSQWaWdS ^VOaS W\ bVS c\T]ZRW\U ]T bVS ^`]PZS[# a] eS

(% JS [Og `STS` b] bVS ^O\^agQVWa[ ]T O GSWZVO`R RS 6VO`RW\# ]` !]\


O Q]\aWRS`OPZg VWUVS` ^VWZ]a]^VWQOZ ^ZO\S" ]T JVWbSVSORla bVS]`g ]T OZZ
OQbcOZWbg Oa jTSSZW\U%k
(, G ;8 C ;8AB@8ABA B9 ? <98
T]c\R# eOa RcOZWa[# eVWQV OZa] W\ ]bVS` `Sa^SQba `S^`SaS\ba bVS []ab
^`SU\O\b QVO^bS` W\ bVS VWab]`g ]T [O\la W\bS`^`SbObW]\ ]T PSW\U O\R
VW[aSZT% 4 b Wba VO\Ra# bVS ^O`OR]f ]T ZWTS `SQSWdSR Wba []ab ^]W\bSR
O\bWbVSbWQOZ O`bWQcZObW]\ O\R# ]\ Wba Sf^W`ObW]\# eOa ZSTb PSVW\R W\ Wba
[]ab W``SQ]\QWZOPZS T]`[% ?OabZg# eS T]c\R bVOb ]T bVS ^]abRcOZWabWQ
^]aWbW]\a eVWQV RWdWRSR bVS RcOZWabWQ ZSUOQg PSbeSS\ bVS[# [ObS`WOZ$
Wa[ VOa O\ ORdO\bOUS ]dS` WRSOZWa[ Oa O [SSbW\U U`]c\R eWbV bVS
^`]PZS[ ]T ZWTS# aW\QS Wb QO\ PS ZSaa SOaWZg SdORSR bVS`S% B\S aWU\ ]T
bVWa Wa bVOb [ObS`WOZWa[# VS`SW\ []`S TOWbVTcZ b] bVS RcOZWabWQ PS_cSab#
Y\]ea ]T RSObV eVS`SOa WRSOZWa[ VOa T]`U]bbS\ Wb% 4Za]# bVS bVW\YS`
VW[aSZT Wa VS`S ZSaa SOaWZg P`WPSR% <\ [ObS`WOZWa[# VS Z]]Ya VWa ]e\
\SUObW]\ W\ bVS SgS1 Pcb aW\QS VS Ob bVS aO[S bW[S# W\ eVOb VS R]Sa Pg
bVW\YW\U# SfS[^ZWTWSa bVS dS`g QOaS b] eVWQV VWa bV]cUVb RS\WSa O
^ZOQS# VS Wa VS`S ZSaa W\ RO\US` b] T]`USb ]\S aWRS ]T bVS _cSabW]\ bVO\
Wa bVS T]ZZ]eS` ]T WRSOZWa[# eVWQV eWbV bVS ^`W[OQg ]T bV]cUVb# a]
TZObbS`W\U b] bVS bVW\YS`# VOa W\ ORdO\QS bOYS\ VWa aWRS%

4 CC8A7<K ' !^% ()"


%,><,54=B ,7/ *0;.09=487
;c[S VOa aV]e\ bVOb jQOcaObW]\k Wa \]b T]c\R O[]\U bVS Q]\bS\ba ]T
aS\aS ^S`QS^bW]\% GVWa Wa W\Q]\b`]dS`bWPZS a] Z]\U Oa j^S`QS^bW]\k Wa c\RS`$
ab]]R# eWbV ;c[S# Oa [S`S ;0.09=4?4=B bVOb `SUWabS`a bVS W\Q][W\U RObO ]T
aS\aObW]\% GVWa OZa] Wa V]e >O\b c\RS`ab]]R Wb eVS\ VS OQQS^bSR ;c[Sla
\SUObWdS TW\RW\U% 4\R WT# OUOW\# acQV ^OaaWdS ^S`QS^bW]\ Wa VSZR# eWbV P]bV
;c[S O\R >O\b# b] PS bVS 875B []RS W\ eVWQV bVS ]cbS` e]`ZR Wa ]`WUW$
\OZZg jUWdS\kia] bVOb SdS\ ]T ]c` ]e\ P]RWZg OQbWdWbg eS ]\Zg Y\]e Pg
]c` `SQS^bWdWbg# eV]aS aS_cS\bWOZ RObO VOdS bVS\ b] PS 47=0;9;0=0/ W\ bS`[a
]T OQbW]\ibVS\ W\RSSR QOcaOZWbg [cab PS a][S 607=,5 ,//4=487 b] bVS `Oe
[ObS`WOZ ]T ^`W[S UWdS\\Saa1 O\R bVS RWTTS`S\QS ]T R]Qb`W\S Q]\QS`\a ]\Zg
bVS a]c`QS O\R \Obc`S ]T bVOb ORRWbW]\% ;c[S aOe Wb W\ bVS VOPWb ]T
Oaa]QWObW]\ !WbaSZT ^OaaWdS ]\ bVS ^O`b ]T bVS acPXSQb"# >O\b W\ bVS ab`cQbc`$
W\U Pg bVS c\RS`abO\RW\U !jOQbWdSk b] PS ac`S# Pcb W\ ab`WQb [S\bOZ W[$
[O\S\QS"%
A]e# P]bV bVSaS ^]aWbWdS R]Qb`W\Sa TOWZ b] ac^^Zg bVS RSTWQWS\Qg eVWQV
bVS acQQSaa ]T bVS \SUObWdS O`Uc[S\b VOa Q`SObSR% H\QVOZZS\USR Oa
;c[Sla Q]\bS\bW]\ abO\Ra bVOb QOcaObW]\ Wa \]b O jUWdS\k W\ ^S`QS^bW]\#
W%S%# O\ O^^SO`O\QS O[]\U O^^SO`O\QSa bVOb O`S \]\b`O\aWbWdS Pg RSTW\W$
bW]\# VWa OQQ]c\b ]T Wba POabO`R PW`bV T`][ bVS c\ac^S`dWaSR ZWOWa]\a
![cbcOZ Obb`OQbW]\a" PSbeSS\ ]c` WRSOa# eVWQV W\ bVSW` ]e\ W\bS``SZObW]\a
6 4HF4?<GL 4A7 C 8E68CG<BA M (-
O`S OZZ]eSR bVS dS`g Rg\O[WQa bVSg RS\g b] bVS bVW\Ua W\ bVSW` ^]`b`OgOZ ]T
bVS[# R]Sa \]b abO\R aQ`cbW\g%' ASWbVS` R]Sa >O\bla OZbS`\ObWdS# `S^ZOQW\U
^agQV]Z]UWQOZ eWbV jb`O\aQS\RS\bOZk ]`WUW\# aW\QS `SOa]\ Pg WbaSZT \] []`S
gWSZRa bVS \]bW]\ ]T OQbW]\ O\R W\TZcS\QS bVO\ R]Sa bVS aS\aS ^S`QS^bW]\ ]T
;c[Sla RSaQ`W^bW]\0 SdS\ WT Wb gWSZRaiO RWTTS`S\b [ObbS` OZb]USbVS`ibVS
T]`[OZ \]bW]\ ]T j\SQSaaO`g `cZSk eVS`S bVS Oaa]QWObWdS [SQVO\Wa[
gWSZRSR bVS Q]\Q`SbS TSSZW\U ]T Q]\ab`OW\b ]\ bVS W[OUW\ObW]\%'(
5cb eVSbVS` TSZb Q]\ab`OW\b ]\ W[OUW\ObW]\ ]` Q]\QSWdSR \SQSaaWbg T]`
bV]cUVb# eVSbVS` ^agQV]Z]UWQOZ ]` `ObW]\OZ `cZSi\SWbVS` VOa [cQV b] R]
eWbV bVS Q][^SZZW\U bV`cab ]T bVW\Ua# W\ eVWQV eS VOdS O aVO`S ]cbaWRS bVS
aO\QbcO`g ]T ]c` [W\Ra% 5]bV R]Qb`W\Sa eWaV b] acPabWbcbS W\bS`\OZ T]`
SfbS`\OZ Rg\O[WQa# a^c`W]ca T]` US\cW\S ]`WUW\0 P]bV ]\ bVS Oaac[^bW]\#
P]`\ ]T bVS aWZS\QS ]T j^S`QS^bW]\k c\RS` bVS aSQZcaW]\ ]T bVS Q]U\WbWdS
[]\]^]Zg bV`cab c^]\ Wb# bVOb bVS`S Wa \] TW`abVO\R Y\]eZSRUS ]T T]`QS#

'% 4 98<= 38. Q][^O\g$T]`[ObW]\ O[]\U bVS WRSOa# eVObSdS` Wba STTSQb
]bVS`eWaS# QO\\]b `Sab]`S b] bVS Ob][WQ O\R W\b`W\aWQOZZg abObWQ `SQ]`R bVS
QVO`OQbS` bVSW` `S^`SaS\bObW]\ eWbVVSZR T`][ Wb b] PSUW\ eWbV% 4\R OZ$
bV]cUV ^agQV]Z]UWQOZ Q][^cZaW]\ ]` acUUSabW]\# acQV Oa bVSW` Ocb][ObWa[
[Og S\US\RS`# QO\ W\RSSR [WaZSOR bV]cUVb W\b] [OYW\U e`]\U Q]\\SQ$
bW]\a# Oa eSZZ Oa OQQWRS\bOZZg ^`][^b bVS `WUVb ]\Sa# bVS j]`WUW\OZk ]T acQV
Q]\\SQbW]\ [cab PS OdOWZOPZS T`][ Wba ]e\ a]c`QS -018;0 SWbVS` ^`]^S` ]`
W[^`]^S` caS QO\ PS [ORS ]T Wb c\RS` O\g ^`][^bW\U% B\Zg ]\ bVWa
Q]\RWbW]\ Wa bVS [Wa`SORW\U ]T [S\bOZ T]` ^VgaWQOZ Rg\O[WQa Ob ZSOab
^agQV]Z]UWQOZZg ^ZOcaWPZSidWh%# Oa O <0.87/,;B TOQb# bVS ^`W[O`g PSW\U bVS
OQ_cOW\bO\QS eWbV ^VgaWQOZ Rg\O[WQa Oa acQV0 bVS\ bVS Q]\T]c\RW\U ]T
]\S eWbV bVS ]bVS` PSQ][Sa ^]aaWPZS% 4Za] eS QO\ RWabW\UcWaV# Oa PSZ]\U$
W\U b] RWTTS`S\b a^VS`Sa# PSbeSS\ SdS\ bVS ab`]\USab R`WTb ]T W[OUW\ObW]\
O\R bVS TOW\bSab bSabW[]\g ]T bVW\Ua# O\R Q]``SQb bVS T]`[S` W\ bVS ZWUVb ]T
bVS ZObbS`0 dWdWR\Saa ]T [S\bOZ W[^`Saa VOa \] aOg W\ bVS [ObbS`i\] []`S
bVO\ `VSb]`WQ VOa W\ O\ O`Uc[S\b# bVS STTWQOQg ]T SWbVS` \]beWbVabO\RW\U%
9W\OZZg# bVS jT]`QS ]T VOPWbk OQbW\U W\ bVS Oaa]QWObW]\ ]T WRSOa [Og eSZZ#
T]` Wba ]e\ Sf^ZO\ObW]\# `S_cW`S b] QOZZ ]\ ^VgaWQOZ QOcaSa !S%U%# P`OW\
[SQVO\Wa[a"# bVOb Wa# ]\ bVS dS`g `SOZWbg ]T bVOb eVWQV Wb [S`SZg aSS[SR
b] TOYS%
(% 4 \SQSaaO`g# US\S`OZ `cZS ]T Q]\\SQbW]\ `S_cW`Sa bVOb ]T eVWQV Wb Wa
b] PS bVS `cZS O\R eVWQV Wb QO\\]b ^`]dWRS WbaSZT Pcb [cab TW\R ]`WUW\OZZg
SfS[^ZWTWSR W\ bV]aS OQbcOZ W\abO\QSa ]T RSbS`[W\ObWdS Q]\\SQbW]\ eVS`S
bVS j\SQSaaWbObW\Uk 18;.0 ]T bVS b`O\aWbW]\ T`][ 4 b] 5 VOa PSS\ ^`OQbW$
QOZZg !W%S%# eWbV 6B<051 ]\S ]T bVS `SZObO" Sf^S`WS\QSRieVWQV Wa a][S$
bVW\U S\bW`SZg RWTTS`S\b T`][ bVS j\SQSaaWbgk ]T bVS ;>50 b] eVWQV acQV
W\abO\QSa j[cabk ! O ^`W]`WiSZaS0 O`S T]c\R b]" c\WdS`aOZZg Q]\T]`[% GVS
`cZS [S`SZg aOga bVOb <860 \SQSaaWbObW\U ZW\Y ]` ]bVS` !Wba ]`WUW\OZ
^O`ORWU[ W\ RW`SQb Sf^S`WS\QS PSW\U ]\Zg ]\S YW\R" ]^S`ObSa W\ 0?0;B
(. G ;8 C ;8AB@8ABA B9 ?<98
b`O\aWbWdWbg# O\R bVS Rg\O[WQ P]\Ra ]T bVW\Ua% 5]bV Pc`RS\ bVSW` QV]WQS
eWbV O\ W[^]aaWPZS bOaY% 5]bV# W\ aV]`b# T]`USb bVS P]Rg%
A]e# ^S`VO^a bVS `SOZ ^`]PZS[ ZWSa W\ bVS dS`g TOQb eVWQV ;c[S O\R
>O\b OQQS^bSR Oa cZbW[ObS0 bVS QOcaOZ [cbS\Saa ]T ^S`QS^ba% <T bVWa WbaSZT Wa
bOYS\ Oa O [ObbS` T]` e]\RS` O\R Sf^ZO\ObW]\# Oa Wb aV]cZR# O\ W\bS`SabW\U
W\dS`aW]\ ]T ;c[Sla ^`]PZS[ acUUSaba WbaSZT0 6]\aWRS`W\U eVOb Wa Y\]e\
OP]cb bVS QOcaOZWbg W\d]ZdSR W\ bVS US\SaWa ]T aS\aS ^S`QS^bW]\ WbaSZT# Wba
W\RSSR RSQOcaOZWhSR Q]\bS\b ^`SaS\ba Wba ]e\ `WRRZS eVWQV aVO`^S\a
;c[Sla []`S US\S`OZ `WRRZS W\b] bVS 9,;,/8A bVOb O <90.414. .,><,5 \Sfca
iOTTSQbW]\ ]T bVS aS\aSaiaV]cZR bS`[W\ObS W\ Wba ]e\ ^`SaS\bObW]\OZ <>9!
9;0<<487 Oa ^O`b ]T Wba a^SQWTWQ ^S`T]`[O\QS% GVWa RWa]e\W\U ]T Wba US\SaWa
Pg bVS ^S`QS^bcOZ []RS# W%S%# bVS bS`[W\OZ ]PZWbS`ObW]\ ]T Wba ]e\ QOcaOZ
QVO`OQbS`# T]`[a O\ SaaS\bWOZ TSObc`S ]T eVOb JVWbSVSOR QOZZa j^`SaS\bO$
bW]\OZ W[[SRWOQg#k O\R Wa bVS Q]\RWbW]\ ]T Wba ]PXSQbWdS Tc\QbW]\ eVWQV Wa
bVca P]cUVb Ob O ^`WQS%
GVS W\dS`aW]\ ]T bVS ^`]PZS[ VS`S ^`]^]aSR W[^ZWSa O\ W\RS^S\RS\b O\R

QVO\US# SdS\ eVS`S \]b Sf^S`WS\QSR Pg SWbVS` OUS\b ]` ^S`QW^WS\b1 bVOb


bVS`S Wa O c\WT]`[ [SOac`S T]` OZZ QVO\USa# ]`# OZZ W\RWdWRcOZ \SQSaaWbWSa
O`S ^O`b ]T O US\S`OZ \SQSaaWbg1 O\R bVOb =34< 47 =>;7 4< C70.0<<,;B D Pcb W\
O \Se aS\aS0 \]b T`][ bVS \Obc`S ]T \SQSaaWbObW]\ WbaSZT !ZSb OZ]\S bVS YW\R
Sf^S`WS\bWOZZg W\d]ZdW\U [gaSZT"# Pcb T`][ bVS \Obc`S ]T \Obc`S jOa O
eV]ZS#k dWh%# WT Wb Wa b] PS O\ W\bSZZWUWPZS c\Wbgi]T PSW\U ]` ]T jSf^S`W$
S\QS%k GVS RWTTS`S\QS Wa ]PdW]ca% LSb bVWa b`O\a^O`S\b S_cWd]QObW]\ ]T bVS
bS`[ j\SQSaaWbgk PSRSdWZa [cQV ]T >O\bla O`Uc[S\b0 eVS\ < bSZZ ]T VOdW\U
PSS\ aeS^b OeOg# W\ O RSa^S`ObS ab`cUUZS# Pg O b]``S\b b]] ab`]\U T]` [S b]
`SaWab# < ]PdW]caZg a^SOY ]T j\SQSaaWbgk ]T O RWTTS`S\b# c\QObSU]`WOZ YW\R
T`][ bVS QObSU]`WOZ j\SQSaaWbgk < ^`SRWQObS ]T bVS V]ZRW\U ]T O c\WdS`aOZ
5,@ ]T QOcaOZWbg% <\ bVS aSQ]\R QOaS < a^SOY ]T O \SQSaaWbg ]T \SQSaaWbgi
O\ OPab`OQb \SQSaaWbg ]T Q]\Q`SbS \SQSaaWbWSa# W%S%# ]T bVS`S ]PbOW\W\U a][S
\SQSaaWbg2 \SQSaaWbObW]\ !b`O\aWbWdS" W\ SdS`g QOaS# O\R ]T OZZ bVSaS \SQSaaW$
bObW]\a b]USbVS` T]`[W\U ]\S V][]US\S]ca agabS[% >O\bla O`Uc[S\b Q]\$
QS`\a SfQZcaWdSZg bVWa aSQ]\R$ZSdSZ !\]\b`O\aWbWdS" \SQSaaWbg O\R VOa \]
PSO`W\U eVOba]SdS`# \]b SdS\ Pg W[^ZWQObW]\# ]\ bVS _cSabW]\ ]T ]c`
OcbVS\bWQ Sf^S`WS\QS ]T QOcaObW]\ Oa acQV% ;Wa RS\WOZ ]T bVS ZObbS`
O\bSQSRSa VWa O`Uc[S\b ]\ ;c[SO\ ^`S[WaSa# W%S%# ]\ bVS b`ORWbW]\OZ !cZbW$
[ObSZg 6O`bSaWO\" dWSe ]T ^S`QS^bW]\ Oa O ^`]QSaaW]\ ]T \Scb`OZ jWRSOak2
`S^`SaS\bObW]\a2W[OUSa% 5cb < R]\lb bVW\Y bVOb bVWa !S``]\S]ca" ^`Sac^$
^]aWbW]\ Wa dWbOZ b] bVS SaaS\QS ]T bVS >O\bWO\ O`Uc[S\b% <ba SaaS\QS# < bOYS
Wb# Wa b] U`]c\R# \]b bVS TOQbcOZWbg O\R Q]\bW\US\b !aW\UZS" Sf^S`WS\QS ]T
QOcaObW]\# Pcb bVS dOZWRWbg ]T O c\WdS`aOZ 5,@ ]T QOcaOZWbg T]` Sf^S`WS\QS Oa
acQV0 eVOb [cab PS SfO[W\SR bVS\ !Pcb Wa \]\S ]T ]c` Q]\QS`\ VS`S" Wa
eVSbVS` Wb R]Sa =34< dOZWRZg% JVObSdS` bVS O\aeS`# O ZOe 81 Sf^S`WS\QS QO\
\SdS` acPabWbcbS T]` bVS ^`W[O`g Sf^S`WS\QS WbaSZT%
6 4HF4?<GL 4A7 C 8E68CG<BA M (/
ZSUWbW[ObS a]c`QS ]T QOcaOZ Y\]eZSRUS eV]aS RSZWdS`O\QS Wa \]b OTTSQbSR Pg
bVS \SUObWdS TW\RW\Ua ]T ^S`QS^bW]\1 ]\ bVS Q]\b`O`g# Wb VOa b] PS R`Oe\
c^]\ T]` bVS Sf^ZO\ObW]\ ]T ^S`QS^bW]\ WbaSZT \] ZSaa bVO\ T]` bVS ac^^ZS$
[S\bObW]\ ]T Wba TW\RW\Ua%
JVWbSVSORla RWabW\QbW]\ ]T jQOcaOZ STTWQOQgk O\R j^`SaS\bObW]\OZ W[$
[SRWOQgk Oa PSZ]\UW\U b] be] []RSa ]T ^S`QS^bW]\ ]TTS`a O\ W[^]`bO\b
QZcS eWbV `Sa^SQb b] ;c[Sla ^`]PZS[# Pcb PSg]\R Wba abObS[S\b \] acTTW$
QWS\b Sf^ZO\ObW]\ ]T WbaSZT !W\ TOQb# bVS bS`[ jW[[SRWOQgk Wa O^b b] [Wa$
ZSOR"% 9]ZZ]eW\U c^ bVWa QZcS# eS ^`]^]aS b] aV]e0 !O" V]e Wb Wa bVOb bVS
aSdS`OZ aS\aSa# W\ RWTTS`W\U RSU`SSa# SZW[W\ObS bVS W[^`W\b ]T bVSW` ]e\
QOcaOZ Q]\abWbcbW]\ T`][ bVS W\bSU`ObW]\ ]T bVSW` W[OUS`g1 !P" eVg bVS
aOQ`WTWQS ]T bVS QOcaOZ SZS[S\b SfbS\Ra T`][ bVS aSZT$^`SaS\bObW]\ ]T bVS
OQbcOZ ^S`QSWdW\U []RS b] Wba US\S`OZ ]PXSQb ^WQbc`S# Q]W\QWRW\U eWbV bVS
`O\US ]T j]PXSQbWdWbgk Oa acQV# eVWQV Wa bVca `SOZWbg RS\Obc`SR !RSOQbW$
dObSR" Pcb e]cZR \]b PS ^]aaWPZS ]bVS`eWaS1 !Q" eVg bVS ]PXSQbWTgW\U
[]RSa a] Q]\abWbcbSR VOdS ]T \SQSaaWbg Q][S b] []\]^]ZWhS bVS Q]\QS^b ]T
Y\]eZSRUS# O\R bVSW` ]PXSQb bg^S bVOb ]T `SOZWbg# bVS`SPg Q`SObW\U ^`]PZS[a
^SQcZWO` b] bVWa aSZT$Qc`bOWZ[S\b 47=0; ,54, bVS ^`]PZS[ ]T j\SQSaaO`g
Q]\\SQbW]\k"%
!O" ;]e R] bVS aS\aSa Q][S b] RSZWdS` O RSQOcaOZWhSR Q]\bS\b3 4
Q][^ZSbS O\aeS` W\d]ZdSa O\ O\OZgaWa ]T bVS aS\aSa Ob ]\QS US\SbWQ O\R
^VS\][S\]Z]UWQOZ0 b] Q]\TW\S ]\SaSZT b] bVS ZObbS` OZ]\S e]cZR PS b]
Q][[Wb ]\SaSZT T`][ bVS ]cbaSb b] bVS TOQS dOZcS ]T ^S`QS^bW]\OZ bSabW$
[]\g O\R bVca \]b b] SaQO^S T`][ bVS [OUWQ QW`QZS ]T ;c[Sla O`Uc[S\b%
4a bVWa Wa \]b bVS bW[S T]` O RSbOWZSR O\OZgaWa#) O TSe `S[O`Ya aVOZZ VS`S
W\RWQObS bVS ZW\S ]T `SOa]\W\U%
GVS a[OZZ\Saa !W\ RW[S\aW]\# bW[S `ObS# O\R S\S`Ug" ]T bVS c\Wb$OQbW]\a
O\R `SOQbW]\a W\d]ZdSR W\ OTTSQbW]\ ]T bVS aS\aSa# W%S%# bVSW` [W\cbS aQOZS
`SZObWdS b] bVS ]`UO\Wa[# ^S`[Wba bVSW` [Oaa$W\bSU`ObW]\ W\b] ]\S Q]\bW\c$
]ca O\R V][]US\S]ca STTSQb !W[^`SaaW]\" W\ eVWQV \]b ]\Zg bVS aW\UZS
W[^cZaSa O`S OPa]`PSR# Pcb bVS QVO`OQbS` ]T W[^cZaS Oa acQV Wa ZO`USZg
QO\QSZSR O\R `S^ZOQSR Pg bVOb ]T RSbOQVSR W[OUS% JVS`S _cOZWbWSa O`S
^S`QSWdSR# bVS `Oe [ObS`WOZ Wa OQbW]\0 W[^OQba# VcabZW\Ua# QZOaVSa ]\ O
[]ZSQcZO` aQOZS% B`UO\Wa[a \]b TO` SfQSSRW\U bVOb aQOZS QO\ bVS`ST]`S
VOdS \] ^S`QS^bW]\# Pcb bVS Q]ZZWaW]\ Sf^S`WS\QS ]\Zg% GVSW`a e]cZR PS O
e]`ZR \]b ]T ^`SaS\QSa Pcb ]T W\QWRS\QSa# ]`# \]b ]T SfWabS\QSa Pcb ]T
T]`QSa% G] bVS ZO`US$aQOZS ]`UO\Wa[# ]\ bVS ]bVS` VO\R# eVS\ Wb R]Sa VOdS
bVS T]`QS$Sf^S`WS\QS W\ W\bS`OQbW]\ ]\ Wba ]e\ aQOZS# bVWa OZeOga Q][Sa
OZ`SORg ac^S`W[^]aSR ]\ bVS PSQOZ[SR Q]\bW\cc[ [ORS c^ ]T bVS ^S`$
)% FSS# T]` ^O`ba ]T acQV O\ O\OZgaWa# FWfbV 8aaOg O\R FSdS\bV 8aaOg#
aSQb% <<<%
)& G ;8 C ;8AB@8ABA B9 ?<98
QS^bcOZ b`O\aQ`W^ba ]T bVS a[OZZ$aQOZS W\TZcS\QSa bVOb OZZ OZ]\U S\UOUS
aS\aWbWdWbg Pcb W\ bVS b`O\aQ`W^bW]\ Z]]aS bVS QVO`OQbS` ]T W\TZcS\QS0 Oa
Q]\bW\cOZ O\R STT]`bZSaa ^`SaS\QS ]T RSOQbWdObSR Q]\bS\b# bVSg aSS[ b]
]TTS` bVOb \Scb`OZ acPab`Obc[ ]T PSW\U b] eVWQV bVS T]`QS$Sf^S`WS\QS bVS\
VO^^S\a b] PS ORRSR ]\ ^O`bWQcZO` ]QQOaW]\a# O\R T`][ eVWQV W\RSSR Wb
abO\Ra ]cb Oa O ^O`bWQcZO` ^VS\][S\]\% GVWa `SacZb0 bVS O^^O`S\b ^`W]`Wbg
]T S\Rc`W\U S\bWbg ]dS` ]QQOaW]\OZ OQbWdWbgibVS Q]U\WbWdS QVWZR ]T ^S`$
QS^bW]\iWa O\ W\dS`aW]\ ]T bVS ]`WUW\ObWdS ]\b]Z]UWQOZ ]`RS`# O\R bVS
`]]b ]T O bVS]`SbWQOZ ^`]PZS[ ]T QOcaOZWbg ZObS` ]\%
GVS RSU`SS b] eVWQV bVS Rg\O[WQOZ `SZObW]\aVW^ Wa# ]` Wa \]b# ^S`QS^bWPZS
O\R `S^`SaS\bSR W\ bVS ^S`QS^bW]\ WbaSZT# O\R bVS RSU`SS b] eVWQV aS_cS\QS
]T VO^^S\W\U Wa b`O\aZObSR W\b] aW[cZbO\SWbg ]T O abObWQOZ ^`SaS\QS# QO\
aS`dS b] QZOaaWTg bVS aS\aSa eWbV `Sa^SQb b] bVSW` ]PXSQbWTgW\U Tc\QbW]\%*
9`][ O Q][^O`ObWdS O\OZgaWa# aWUVb S[S`USa Oa bVS aS\aS eWbV bVS []ab
Q][^ZSbS \Scb`OZWhW\U ]T Rg\O[WQ Q]\bS\b O\R bVS []ab c\O[PWUc]ca
RWabO\QW\U ]T Wba ]PXSQb T`][ bVS ^S`QS^bWdS Tc\QbW]\% <\ RSU`SSa# bVS aSZT$
STTOQS[S\b ]T QOcaOZ STTWQOQg bOYSa ^ZOQS W\ OZZ aS\aS ^S`QS^bW]\0 eVS`S
dW]ZS\QS ]T bVS abW[cZca T]`QSa bVS bV`SaV]ZR O\R QOcaOZWbg TZ]]Ra aS\aO$
bW]\# bVS`S aS\aS ^S`QS^bW]\ Wa ]cabSR Pg bVS Sf^S`WS\QS ]T W[^OQb ]` Pg
^OW\# W%S%# Wb QSOaSa b] PS ^S`QS^bW]\ ^`]^S`% 8a^SQWOZZg W\ b]cQV# bVS
b`O\aWbW]\ T`][ O^^`SVS\aW]\ ]T _cOZWbg b] Sf^S`WS\QS ]T ^`Saac`S O\R
bVS\QS b] SfS`QWaS ]T ^]eS` Wa O [ObbS` ]T b`OQSOPZS RSU`SSa% B` b] Sf$
S[^ZWTg T`][ O\]bVS` aS\aS0 W\ bVS QOaS ]T O RSb]\ObW]\ \SO`Pg# bVS T]`QS
OQbW\U ]\ ]c` `SQS^b]` [Og SfQSSR bVS OQ]cabWQ ZW[Wba# O\R W\abSOR ]T
Xcab VSO`W\U O a]c\R ]T ^O`bWQcZO` _cOZWbg O\R W\bS\aWbg eS TSSZ OaaOcZbSR
Pg ^]eS`# b] PS S\Rc`SR O\R `SaWabSR Pg ^]eS`% 4\R Oa \]WaS QO\ RSOTS\#
a] ZWUVb QO\ PZW\R eVS\ Wb SfQSSRa bVS ZW[Wba ]T aS\ac]ca OaaW[WZObW]\%
GVca bVS e]`ZR# W\abSOR ]T ^`SaS\bW\U WbaSZT# QO\ W\b`cRS Rg\O[WQOZZg W\b]
Wba bSabW[]\g# Wba QOcaOZWbg ]dS`eVSZ[W\U ^S`QS^bW]\% GVS ZObbS` Wa bVS`S$
T]`S Q]\abWbcbW]\OZZg P]c\R b] bVS T]`[S`la SfQZcaW]\ T`][ bVS `SQ]`RiOb
ZSOab W\ `SZObW]\ b] WbaSZTiO\R TcZTWZZa Wba a^SQWTWQ bOaY Pg ^S`T]`[W\U Xcab
bVWa TSOb% <\ bVS QOaS ]T dWaW]\# bVS TSOb Wa [ORS ^]aaWPZS b] ^S`TSQbW]\ Pg
bVS Rg\O[WQOZ ^`]^S`bWSa ]T ZWUVb O\R bVS `SZObWdS ]`RS`a ]T [OU\WbcRS
W\d]ZdSR% GVS aSS[W\U W\OQbWdWbg O\R aSZT$Q]\bOW\SR\Saa ]T bVS aSS\ ]PXSQb
Q]``Sa^]\R b] bVS aSS[W\U W\OQbWdWbg O\R aSZT$Q]\bOW\SR\Saa ]T bVS a^SQbO$
b]`1 gSb P]bV QVO`OQbS`a O`S bVS ^c`WTWSR `SacZb ]T O ^O`bWQcZO` aSb ]T
Q]\\SQbW\U OQbWdWbg% <ba b]bOZ SZW[W\ObW]\ T`][ bVS ^`SaS\bObW]\OZ `SacZb#
eVWQV UOW\a Pg Z]aW\U Pcb Z]aSa \SdS`bVSZSaa# W\b`]RcQSa O\ SZS[S\b ]T
OPab`OQbW]\ibVS OPab`OQbW]\ ]T W[OUSiW\b] bVS dS`g Q]\abWbcbW]\ ]T aS\aS
^S`QS^bW]\# VS\QS W\b] ]PXSQb Y\]eZSRUS Oa acQV%
!P" GVS ac^^`SaaW]\ ]T ]PXSQb$acPXSQb QOcaOZWbg W\ ^S`QS^bW]\ S\bOWZa
*% FSS FWfbV 8aaOg ]\ jGVS A]PWZWbg ]T FWUVb%k
6 4HF4?<GL 4A7 C 8E68CG<BA M )'
bVOb ]T ]PXSQb$]PXSQb QOcaOZWbg bVS`S Oa eSZZi]` bVOb ]T QOcaOZWbg ^c`S O\R
aW[^ZS eWbVW\ bVS jbVS]`SbWQOZk R][OW\ eVS\ bVWa Wa TOaVW]\SR W\ bVS
^S`QS^bW]\OZ O\OZ]Ug OZ]\S% 9]` bVS\ Wb R]Sa \]b OR[Wb W\b] Wba SdWRS\QS
bVS bSabW[]\g ]T bVS ,.=472 acPXSQbibVOb aSS[W\UZg W\OZWS\OPZS# jW\aWRSk
Y\]eZSRUS ]T acPXSQb$]PXSQb QOcaOZWbg ]T eVWQV [O\ :>, OUS\b Wa ^]a$
aSaaSR W\ VWa ^`OQbWQOZ W\bS`Q]c`aS eWbV bVW\Ua0 ]\Zg OTbS` VOdW\U WbaSZT
PSS\ acPXSQbSR b] ^S`QS^bcOZ ]PXSQbWTWQObW]\# Wba Q]\bS\ba b`O\aT]`[SR W\b]
aS`WOZ RObOiW%S%# OTbS` bVS OQbWdS _cOZWbg VOa PSS\ ZSOQVSR T`][ WbiWa Wba
bSabW[]\g OR[WbbSR W\b] bVS]`g% 5g bVS `SXSQbW]\ ]T bVWa SdWRS\QS W\ Wba
^`WabW\S bS`[a !O `SXSQbW]\ eWbV O Z]\U VWab]`g W\ bVS U`]ebV ]T bVS bVS]`Sb$
WQOZ WRSOZ"# c\RS`abO\RW\U RS^`WdSa WbaSZT ]T bVS ]\S \]\^S`QS^bcOZ a]c`QS#
bVS T]`QS$Sf^S`WS\QS ]T [g ]e\ P]Rg W\ OQbW]\# eVWQV Q]cZR Pg O\OZ]Ug
abWZZ ac^^Zg bVS Rg\O[WQOZ ZW\Ya W\ bVS aS_cS\QS ]T ]PaS`dSR SdS\ba0 bVSaS#
VOdW\U PSQ][S ]PXSQba Pg RWaQ]\\SQbW]\ T`][ bVS `SOZWbg ]T bVS ]PaS`dS`#
abO\R bVS`SPg ab`W^^SR ]T bVOb QVO`OQbS` eVWQV e]cZR Sf^ZOW\ OZa] bVSW`
Q]\\SQbSR\Saa O[]\U bVS[aSZdSa% GVS RSbOQV[S\b ]T ]PXSQbWTWQObW]\ ZSTb
bVS[ RSbOQVSR T`][ ]\S O\]bVS` Oa eSZZ% GVS QVO`OQbS` US\S`OZZg ac^$
^`SaaSR Wa 18;.0 eVWQV# PSW\U \]b O jRObc[k Pcb O\ jOQbc[#k QO\\]b PS
jaSS\#k W%S%# ]PXSQbWTWSR# Pcb ]\Zg Sf^S`WS\QSR T`][ eWbVW\ eVS\ SfS`bSR ]`
acTTS`SR% GVS ^`W[O`g \Scb`OZWhObW]\ ]T bVWa QVO`OQbS` Pg ^S`QS^bW]\#
eVWQV QVO\USa OQbcOZWbWSa W\b] RObO# Wa PS_cSObVSR b] bVS Q]\QS^ba ]T bVS
c\RS`abO\RW\U# eVWQV `WaSa T`][ bVWa dS`g POaWa ]T ]PXSQbWTWQObW]\% H\RS`$
abO\RW\U Pg WbaSZT# eVS\ ZSTb b] RSOZ eWbV bVS ab`W^^SR ^S`QS^ba OZ]\S#
QO\\]b `Sab]`S bVOb QVO`OQbS`# \]` Q][^S\aObS T]` Wb Pg Wba ]e\ [SO\a ]T
Q]\\SQbW]\ !VS`S ;c[S eOa `WUVbiO\R >O\b e`]\U"% 5cb S\X]gW\U bVS
ORdO\bOUSa ]T RWaQ]\\SQbW]\ W\ bVS acPXSQb$]PXSQb `SZObW]\# \O[SZg# bVS
T`SSR][ ]T bVS]`g# Wb VOa b] OQQS^b Wba RWaORdO\bOUSa Oa `SUO`Ra ]PXSQb$
]PXSQb `SZObW]\%
!Q" 4PaQ]\RS\QS ]T QOcaOZ STTWQOQg Wa bVS ^`WQS Pg eVWQV ^`SaS\bObW]\
]T PSW\U W\ WbaSZT# O\R Q]\aS_cS\bZg ]PXSQbWdWbg# O`S UOW\SR% B\ bVS Q`SRWb
aWRS# STTOQS[S\b ]T QOcaOZWbg [SO\a RWaS\UOUS[S\b T`][ Wb% CS`QS^bW]\
Oa acQV# O\R dWaW]\ ^O`bWQcZO`Zg# aSQc`S bVOb abO\RW\U POQY T`][ QOcaOZ
W\d]ZdS[S\b eVWQV T`SSa bVS Sf^S`WS\b T]` ]PaS`dObW]\ O\R ]^S\a O V]`W$
h]\ T]` SZSQbWdS ObbS\bW]\% GVS ]PXSQb# abOgW\U W\ Wba P]c\Ra# TOQSa bVS
acPXSQb OQ`]aa bVS UO^ eVWQV bVS SdO\SaQS\QS ]T bVS T]`QS Q]\bSfb VOa
Q`SObSR% 9`][ bVS ]\`caV O\R W[^OQb ]T `SOZWbg# ]cb ]T bVS W\aWabS\b
QZO[]` ]T Wba ^`]fW[Wbg# bVS RWabO\QS ]T O^^SO`O\QS !9307860787" Wa
e]\0 W[OUS# W\ bVS ^ZOQS ]T STTSQb# QO\ PS Z]]YSR Ob O\R Q][^O`SR# W\
[S[]`g `SbOW\SR O\R `SQOZZSR# W\ W[OUW\ObW]\ dO`WSR O\R T`SSZg Q][^]aSR%
GVWa aS^O`ObW]\ ]T Q]\bOW\SR O^^SO`O\QS T`][ W\b`caWdS `SOZWbg# bVS ]`WUW$
\OZ TSOb ]T ^S`QS^bW]\# UWdSa `WaS b] bVS aS^O`OPZS\Saa ]T SaaS\QS T`][
SfWabS\QS bVOb c\RS`ZWSa bVS VWUVS` T`SSR][a ]T bVS]`g% <b Wa Pcb bVS POaWQ
)( G ;8 C;8AB@8ABA B9 ?<98
T`SSR][ ]T dWaW]\# O\R bVS SZS[S\b ]T OPab`OQbW]\ W\VS`S\b W\ W[OUS#
eVWQV O`S QO``WSR Tc`bVS` W\ Q]\QS^bcOZ bV]cUVb1 O\R T`][ ^S`QS^bW]\#
Q]\QS^b O\R WRSO W\VS`Wb bVOb ]\b]Z]UWQOZ ^ObbS`\ ]T ]PXSQbWdWbg Wb VOa
^`W[O`WZg Q`SObSR% GVS abWZZ\Saa ]T ]PXSQb# OZ]]T T`][ bVS bc`[]WZ ]T T]`QSa#
`SQc`a S\VO\QSR W\ bVS abOPZS\Saa O\R ^S`[O\S\b OdOWZOPWZWbg ]T jWRSOk 0 Wb
Wa W\ bVS ZOab O\OZgaWa Ob bVS P]bb][ ]T jbVS]`gk Oa acQV%
<b T]ZZ]ea bVOb bVS R][W\O\QS# W\ S^WabS[]Z]Ug# ]T bVS Q]U\WbWdS []RSa
RS`WdSR T`][ ^S`QS^bW]\iO R][W\O\QS ^caVSR VWab]`WQOZZg b] bVS ^]W\b ]T
SfQZcRW\U ]bVS` []RSa ]T OQ_cOW\bO\QS eWbV `SOZWbgiWa W\bW[ObSZg P]c\R
c^ eWbV bVS ^]aaWPWZWbg ]T Y\]eZSRUS Oa acQV0 a] Wa bVS Q]``Sa^]\RW\U
R][W\O\QS W\ ]\b]Z]Ug ]T bVSW` ]PXSQb ^ObbS`\% GVS SfQZcaWdS\Saa# V]e$
SdS`# VOa Wba ^S\OZbg%
B\ bVS RSPWb aWRS# bVS aO[S UO^ PSbeSS\ acPXSQb O\R ]PXSQb eVWQV
^`]dWRSa bVS RW[S\aW]\ ]T T`SSR][ T]` bVS]`g# O\R eVWQV Wa T]c\R Rc^ZW$
QObSR W\ bVS UO^ PSbeSS\ ]PXSQb O\R ]PXSQb# ^`]dWRSa W\ P]bV `Sa^SQba OZa]
bVS P`SSRW\U U`]c\R T]` O QZOaa ]T ^`]PZS[a bVOb PSaSb bVS VWab]`g ]T
Y\]eZSRUSic\Od]WROPZS PSQOcaS `]]bSR W\ Wba dS`g Q]\RWbW]\a# O\R Pg bVS
aO[S b]YS\ W\a]ZdOPZS eWbVW\ bV]aS Q]\RWbW]\a% 4a `SUO`Ra ]PXSQb$]PXSQb
`SZObW]\# O\ S^WabS[]Z]UWQOZ QOaS W\ ^]W\b Wa ;c[Sla ^`]PZS[ ]T \SQSaaO`g
Q]\\SQbW]\ Oa O ^OZS acPabWbcbS T]` `SOZ QOcaOZWbg !O\R W\ bVWa RSdWbOZWhSR
T]`[ bOYS\ ]dS` Pg >O\b"% <\ Wba ]\b]Z]UWQOZ dS`aW]\# bVS ^`]PZS[ ]T
;05,=487 `Sd]ZdSa O`]c\R bVS QZOaaWQOZ Q]\QS^b ]T aSZT$Q]\bOW\SR# W\OQbWdS
acPabO\QSi bVOb eVWQV `S_cW`Sa \]bVW\U Pcb WbaSZT W\ ]`RS` b] SfWabk
!7SaQO`bSa"ieVWQV Wa Pg \] [SO\a O\ VWab]`WQOZ T`SOY# Pcb bVS Q]\QS^$
bcOZ T`O[W\U ]T ^S`QS^bcOZ b`cbV0 jacPabO\QSk Q]\QSWdSR ]\ bVOb []RSZ
OR[Wba ]T SfbS`\OZ `SZObW]\a ]\Zg O\R Pg RSTW\WbW]\ SfQZcRSa OZZ aSZT$b`O\aW$
bWdS\Saa% G] `SZSOaS jPSW\Uk T`][ bVWa W[^`Wa]\[S\b W\ jacPabO\QSk Wa
O[]\U bVS [OX]` ^`S]QQc^ObW]\a ]T Q]\bS[^]`O`g ]\b]Z]Ug% 9c`bVS`# bVS
V][SZSaa\Saa ]T jT]`QSk W\ bVS agabS[ !Xcab ]\S Oa^SQb ]T bVOb W[^`Wa]\$
[S\b" `OWaSa bVS WaacS ]T jO\bV`]^][]`^VWa[#k eV]aS PO\WaV[S\b T`][
SfbS`W]` Y\]eZSRUS Wa TO` b]] [cQV bOYS\ T]` U`O\bSR Oa bVS ^`]^S` bVW\U
W\ aQWS\bWTWQ S^WabS[]Z]Ug !aSS 4^^S\RWf ("%
4a `SUO`Ra acPXSQb$]PXSQb `SZObW]\# bVS UcZT ]^S\SR Pg ^S`QS^bcOZ ]P$
XSQbWTWQObW]\ W\ a]ZS Q][[O\R Wa ^O`bZg `Sa^]\aWPZS T]` bV]aS ^chhZSa ]T
bVS Q]\aQW]ca\Saa$SfbS`\OZ e]`R RcOZWa[ eVWQV ^O`OZZSZWa[# ]QQOaW]\OZWa[#
WRSOZWa[# VOdS W\ dOW\ ObbS[^bSR b] a]ZdS% 9]` eWbV]cb bVS aSZT$b`O\aQS\$
RS\QS ]T bVS SU] W\ ,.=487 W%S%# W\ Wba ^VgaWQOZ RSOZW\Ua eWbV bVS S\dW`]\$
[S\b O\R W\ bVS ObbS\RO\b dcZ\S`OPWZWbg ]T Wba PSW\U# bVS QZ]ac`S ]T bVS
[S\bOZ ]`RS` Wa Z]UWQOZZg c\OaaOWZOPZS# O\R a]ZW^aWa[ QO\ O^^SO` Oa `ObW]\OZ
RWaQ`SbW]\ W\abSOR ]T Oa [OR\Saa%+ <\ TOQb ]\S QO\ aOg# eWbV cbbS` P`SdWbg#

+% A]b bVOb O\g]\S Pcb O [OR[O\ VOa SdS` bOYS\ a]ZW^aWa[ <0;48><5B#
O`UcW\U T]` Wb# SfQS^b W\ a]ZWZ]_cg# Wa b] OQY\]eZSRUS bVS j]bVS`k eV]aS
A BG8 BA 4AG;EBCB@BEC;<F@ M) )
bVOb RS\WOZ ]T QOcaOZWbg ZSORa ab`OWUVb b] a]ZW^aWa[iO\R Wa Q]\aS_cS\bZg
\SdS` [ORS W\ Q][^ZSbS SO`\Sab%
GVWa Wa Pcb O PO`S QObOZ]UcS ]T bVS ^`]PZS[a ]`WUW\ObW\U W\ bVS ^S`QS^$
bWdS aWbcObW]\ O\R [ORS ]dS` b] bVS `STZSQbW]\ ]T bVS]`g% <\ OZZ ]T bVS[# O\
]`WUW\OZ T`SSR][ ]T O\W[OZ ZWTS# ^S`QS^bW]\iWbaSZT O\ ]TTaV]]b ]T bVS []`S
POaWQ T`SSR][ ]T ]`UO\WQ PSW\U Oa acQVi^`SaS\ba bVS PWZZ T]` Wba ^`WdWZSUSa
b] bVS gSb VWUVS` T`SSR][ ]T bV]cUVb%
%87.5><487<" ESdS`bW\U b] ;c[Sla WaacS eS TW\R0 bVOb VWa `SacZb# bVS
\]\UWdS\\Saa ]T QOcaObW]\ O[]\U ^S`QS^ba# Wa ]\Zg eVOb Wa b] PS Sf^SQbSR
T`][ bVS \Obc`S O\R [SO\W\U ]T ^S`QS^bW]\ WbaSZT1 bVOb bVS `SacZb# W\ PSW\U
Q]\TW`[SR# Wa Ob bVS aO[S bW[S ZW[WbSR b] Wba ^`]^S` TWSZR O\R bVS`SPg
RWdSabSR ]T Wba aYS^bWQOZ W[^ZWQObW]\a1 bVOb eVOb QOZZa T]` Sf^ZO\ObW]\ W\ bVS
TW`ab ^ZOQS Wa \]b V]e# T`][ bVS QOcaOZ dOQcc[ ]T ^S`QS^bW]\# eS abWZZ
Q][S b] bVS WRSO ]T QOcaObW]\# Pcb V]e Wb Wa bVOb ^S`QS^bW]\# O\R Xcab
^S`QS^bW]\# R]Sa 78= SfVWPWb Wb# W%S%# Q]\b`WdSa b] Q]\QSOZ WbiWba OPaS\QS
bVS`S O\R \]b Wba ^`SaS\QS O[]\U ]c` WRSOa PSW\U bVS ^chhZW\U TOQb1 bVOb
bVS ^`W[O`g Oa^SQb ]T QOcaOZWbg Wa \]b `SUcZO` Q]\\SQbW]\# \]b SdS\ \SQSa$
aO`g Q]\\SQbW]\# Pcb T]`QS O\R W\TZcS\QS1 bVOb bVSaS O`S bVS[aSZdSa ]`WUW$
\OZ Q]\bS\ba ]T Sf^S`WS\QS O\R \]b W\bS`^]ZObW]\a PSbeSS\ Q]\bS\ba ]T
Sf^S`WS\QS ! 2 ^S`QS^ba" Pg O ag\bVSbWQ Tc\QbW]\# PS Wb Oaa]QWObW]\ ]`
`SOa]\1 bVOb bVS a]c`QS ]T bVWa Sf^S`WS\QS Wa# W\RSSR# \]b aS\aS ^S`QS^bW]\#
Pcb ]c` P]Rg SfS`bW\U WbaSZT W\ OQbW]\ibVS a]c`QS eVWQV ;c[S ac[[O`WZg
RWa[WaaSa c\RS` bVS VSOR ]T jO\W[OZ \Wacak1 bVOb# ZOabZg# bVS `WUVb ]T
Sfb`O^]ZObW]\ T`][ bVWa a]c`QS PSg]\R Wba W[[SRWObS `O\US ]T RSZWdS`O\QS
Wa O _cSabW]\ b] PS abcRWSR# eWbV]cb TSO` ]T bVS PZO[S ]T O\bV`]^][]`^V$
Wa[# Pg O\ ]`UO\WQ ^VWZ]a]^Vg%

4 CC8A7<K ( !^% ()"


(8=0 87 $7=3;89868;934<6
<\ O\g OQQ]c\b ]T eVOb bVS aQWS\bWTWQ ObbWbcRS# Oa acQV# ^]abcZObSa W\# O\R
eVOb Wb SfQZcRSa T`][# Wba ]PXSQba# T]`S[]ab O[]\U bVS SfQZcaW]\a eWZZ
abO\R bVOb ]T bSZS]Z]Ug# W%S%# ]T TW\OZ QOcaSa% B\ bVWa ^]W\b bVS a^]YSa[S\
]T aQWS\QS T`][ Wba W\QS^bW]\ W\ bVS aSdS\bSS\bV QS\bc`g VOdS PSS\ ^O`bWQc$
ZO`Zg S[^VObWQ# O\R a] [cQV VOa Wb PSQ][S O\ c\_cSabW]\SR O`bWQZS ]T bVS
aQWS\bWTWQ Q`SSR bVOb bVS PZc\b _cSabW]\ jJVg [cab TW\OZ QOcaSa PS Sf$
QZcRSR3k eWZZ \]eOROga TW\R [O\g aQWS\bWaba c\^`S^O`SR eWbV O aObWaTOQ$
b]`g O\aeS`% 4 `SabObS[S\b ]T bVS `SOa]\a eWZZ R] OeOg eWbV bVS OW` ]T

Q]\aS\aca Wa a]cUVb% GVS O`Uc[S\b Wa bVS\ T`Wd]Z]ca# :>, RWOZ]UcS# eVWZS


bVS OPa]ZcbS []\]Z]UcS Wa bVS [OR[O\la ^`WdWZSUS% ASWbVS` QO\ QZOW[ bVS
dW`bcS ]T Q`WbWQOZ OcabS`Wbg eWbV eVWQV a]ZW^aWa[ ^ZSORa Wba QOcaS%
)* G ;8 C ;8AB@8ABA B9 ?<98
]PdW]ca\Saa eVWQV bVS [OfW[ VOa OQ_cW`SR bV`]cUV aVSS` c\RWa^cbSR
^]aaSaaW]\ O\R `STS` Wb b] bVS Q]\RWbW]\a eVWQV _cOZWTg Wba dOZWRWbg%
9W`ab# bVS [OfW[ Q]\QS`\a bSZS]Z]Ug Oa O QOcaOZ []RS ]T \Obc`S WbSZT#
]` W[[O\S\b bSZS]Z]Ug# O\R \]b b`O\aQS\RS\b bSZS]Z]Ug acQV Oa [WUVb VOdS
PSS\ SfS`QWaSR Pg bVS Q`SOb]` ]T bVS SfWabW\U agabS[ ]T \Obc`S W\ ]\QS
Q`SObW\U Wb Oa Wb Wa0 O\g RSaWU\ ]\ VWa ^O`b W\ bVS W\WbWOZ O``O\US[S\b ]T
c\WdS`aOZ [ObbS` e]cZR PS eSZZ Q][^ObWPZS eWbV bVS ab`WQbZg [SQVO\WQOZ
]^S`ObW]\ ]T bVOb [ObbS`# eVWQV e]cZR W\ bVWa dS`g eOg TcZTWZZ bVS RSaWU\%'
<T ]\Zg a^]YS\ ]T Oa c\Y\]e\ O\R ]\ ^`W\QW^ZS c\Y\]eOPZS# O\R bVS`S$
T]`S \]b O\ ]PXSQb T]` aQWS\bWTWQ W\_cW`g# bVS US\S`OZ OR[WaaW]\ ]T acQV O
RSaWU\ Wa W\]TTS\aWdS b] bVS aQWS\bWTWQ e]`ZR$Q]\QS^b% <\a]TO` Oa bVS `WaW\U
aQWS\QS RSOZb Ob OZZ eWbV bVWa Oa^SQb ]T bSZS]Z]Ug# Wb eOa b] `SXSQb Wba Q`cRSZg
O\bV`]^]QS\b`WQ dS`aW]\ ]T O \Obc`S RSdWaSR T]` bVS PS\STWb ]T [O\% 4^O`b
T`][ bVOb# bVS Q]\QS^bW]\ ]T O RWdW\S S\UW\SS` !]T ac^`S[S aYWZZ Pcb
W\aQ`cbOPZS S\Ra" eOa OQbcOZZg O `S_cWaWbS T]` bVS [SQVO\WabWQ e]`ZR$
Q]\QS^b WbaSZT Rc`W\U Wba []ab dWU]`]ca ^VOaS ]T U`]ebV%
GVS `SOZ ^`]PZS[ eOa eWbV TW\OZ QOcaSa Oa 68/4 890;,7/4 ]T O\R W\
\Obc`S WbaSZT% ;Wab]`WQOZZg bVSW` `SXSQbW]\ eOa ^O`b ]T bVS U`SOb ab`cUUZS eWbV
4`Wab]bSZWO\Wa[ eVWQV [O`YSR bVS PW`bV ]T []RS`\ aQWS\QS# O\R W\ bVWa
aSbbW\U Wb eOa QZ]aSZg Q]\\SQbSR eWbV bVS ObbOQY ]\ jacPabO\bWOZ T]`[a%k
ESUO`RW\U TW\OZ QOcaSa# eS [cab ]PaS`dS bVOb bVSW` `SXSQbW]\ Wa O [SbV]R]$
Z]UWQOZ ^`W\QW^ZS UcWRW\U W\_cW`g `ObVS` bVO\ O abObS[S\b ]T OaQS`bOW\SR
TOQb WaacW\U T`][ W\_cW`g% GVS`S Wa \]b TW`ab O `SQ]`R ]T ^S`aWabS\b TOWZc`S b]
RSbSQb bVS[ W\ \Obc`SieVWQV e]cZR O\geOg \]b eO``O\b bVS ,A486 bVOb
bVSg QO\ ]\ ^`W\QW^ZS \]b PS Sf^SQbSR bVS`S O\R [cab W\RSSR ]\ \]
OQQ]c\b PS a]cUVb T]`% GVS [S`S aSO`QV T]` bVS[ eOa _cWbS acRRS\Zg# eWbV
bVS W\OcUc`ObW]\ ]T []RS[ aQWS\QS# VSZR b] PS Ob dO`WO\QS eWbV bVS
aQWS\bWTWQ ObbWbcRS# RSTZSQbW\U bVS aSO`QVS` T`][ bVS _cSab T]` b`cS QOcaSa% <b
Wa ]\Zg bVS\# W\ bVS SfS`QWaS ]T bVOb ObbWbcRS# bVOb bVS \SUObWdS `SQ]`R Wa
OQQc[cZObSR# dWh%# Pg bVS acQQSaa ]T R]W\U eWbV]cb TW\OZ QOcaSa% G] `S^SOb#
bVS SfQZcaW]\ ]T bSZS]Z]Ug Wa \]b O\ W\RcQbWdS `SacZb Pcb O\ O ^`W]`W ^`]VW$
PWbW]\ ]T []RS`\ aQWS\QS% GVWa Wb QO\ ]\Zg PS WT bSZS]Z]Ug Q]\b`ORWQba bVS
dS`g bg^S ]T PSW\U ^`Sac^^]aSR W\ ^]aaWPZS ]PXSQba ]T \Obc`OZ aQWS\QS O\R
bVca OZa] bVS Q]\QS^b ]T QOcaS ^`]^S` b] acQV ]PXSQba%
LSb Wb VOa \SdS` PSS\ O`UcSR bVOb TW\OZ QOcaS Wa O TO`$TSbQVSR ]` OPab`caS

'% GVS ^O`OZZSZ Wa bVS bSZS]Z]Ug ]T O [O\$[ORS [OQVW\S0 W\ Wba RSaWU\ Wb


S[P]RWSa O TW\OZ QOcaS eVWQV UcWRSR Wba Q]\ab`cQb]`# O\R Wba e]`YW\U Wa Pg
STTWQWS\b QOcaSa OZ]\S eV]aS []RS ]T STTWQOQg eOa T]`SaSS\ W\ bVS RSaWU\%
<\ ]bVS` e]`Ra# TW\OZWa[ Wa b`O\a[WbbSR b] bVS [OQVW\S \]b Oa acQV# Pcb
b`O\aZObSR W\b] STTWQWS\b QOcaObW]\ b] eVWQV bVS OQVWSdS[S\b ]T bVS S\R Wa
VS\QS S\b`cabSR%
A BG8 BA 4 AG;EBCB@BEC;<F@ M) +
]` SdS\ jc\\Obc`OZk Q]\QS^bi ]\ bVS Q]\b`O`g# \]bVW\U Wa []`S Q]U\ObS b]
bVS Vc[O\ [W\R O\R []`S TO[WZWO` b] bVS POaWQ Sf^S`WS\QS ]T [O\0 O\R
bVWa eOa ^`SQWaSZg eVOb W\ bVS \Se aQWS\bWTWQ ObbWbcRS Q]c\bSR OUOW\ab Wb%
Bc` dS`g ^`]\S\Saa b] TW\OZ Sf^ZO\ObW]\ [OYSa Wb aca^SQb% 5OQ]\ ZWaba Wb
O[]\U bVS jWR]Za ]T bVS b`WPS#k bVS ^`SXcRWQSa W\\ObS W\ Vc[O\ \Obc`S%
j4\R bVS\ Wb Wa bVOb W\ ab`cUUZW\U b]eO`Ra bVOb eVWQV Wa Tc`bVS` ]TT# MVc$
[O\ c\RS`abO\RW\UN TOZZa POQY c^]\ bVOb eVWQV Wa []`S \WUV Ob VO\Ri
\O[SZg ]\ TW\OZ QOcaSa# eVWQV VOdS `SZObW]\ QZSO`Zg b] bVS \Obc`S ]T [O\
`ObVS` bVO\ b] bVS \Obc`S ]T bVS c\WdS`aS# O\R T`][ bVWa a]c`QS VOdS
ab`O\USZg RSTWZSR ^VWZ]a]^Vg%k( 8dS\ Ob bVWa SO`Zg RObS bVS WaacS WbaSZTi
bVS W\V]a^WbOZWbg ]T \Obc`S b] TW\OZ QOcaSaiWa bOYS\ Oa aSbbZSR O\R W\ \]
\SSR ]T O`Uc[S\b% 5cb Wb Wa aWU\WTWQO\b bVOb bVS ]\S `S[W\RS` RSS[SR
acTTWQWS\b b] Q][^`][WaS bSZS]Z]Ug T]` bVS W\bSZZWUS\b `SORS` Wa bVOb TW\OZ
QOcaSa VOdS `SZObW]\ b] bVS \Obc`S ]T [O\ `ObVS` bVO\ b] bVS \Obc`S ]T bVS
c\WdS`aSiW[^ZgW\U bVOb \] W\TS`S\QS [cab PS R`Oe\ T`][ bVS T]`[S` b]
bVS ZObbS`# eVWQV OUOW\ W[^ZWSa O POaWQ RWTTS`S\QS ]T PSW\U PSbeSS\ bVS
be]% GVWa Wa O Tc\RO[S\bOZ Oaac[^bW]\# \]b a] [cQV ]T []RS`\ aQWS\QS
WbaSZT Oa ]T []RS[ [SbO^VgaWQa W\ bVS W\bS`Sab ]T aQWS\QS% <\ bVS US\S`O$
bW]\ T]ZZ]eW\U 5OQ]\la bVS Oaac[^bW]\ eOa `OWaSR Pg 7SaQO`bSa b] bVS `O\Y
]T O agabS[ObWQ ^`W\QW^ZS% 8fbS`W]` `SOZWbg# c\RS` bVS bWbZS ]T ;0< 0A=07<,
S\bW`SZg RSbOQVSR T`][ bVS W\bS`W]` `SOZWbg ]T bV]cUVb# VS\QST]`bV Q]\abW$
bcbSR O aSZT$Q]\bOW\SR TWSZR T]` bVS c\WdS`aOZ O^^ZWQObW]\ ]T [ObVS[ObWQOZ
O\R [SQVO\WQOZ O\OZgaWa0 bVS dS`g WRSO ]T j]PXSQbk eOa b`O\aT]`[SR Pg
bVS RcOZWabWQ Sf^c`UObW]\% <\bW[ObSZg Q]\\SQbSR eWbV bVWa ^`]QSaa Wa bVS
S^WabS[]Z]UWQOZ []\]^]Zg OQQ]`RSR b] bVS ^S`QS^bW]\OZ []RS ]T Q]U\W$
bW]\# W%S%# b] ]cbaWRS Y\]eZSRUS [OW\Zg ]\ bVS dWacOZ []RSZ# W\ Q]\aS$
_cS\QS ]T eVWQV j]PXSQbWdWbgk PSQ][Sa SaaS\bWOZZg bVS SZOP]`ObW]\ ]T
SfbS`W]` aS\aS$RObO ]\ bVS ZW\Sa ]T bVSW` SfbS\aW]\OZ ^`]^S`bWSa% !FSS
4^^S\RWf '%" BbVS` ^]aaWPZS []RSa ]T `SZObW]\ b] `SOZWbg# acQV Oa bVS
Q][[c\WQObW]\ PSbeSS\ ZWTS O\R ZWTS# ]` bVS Sf^S`WS\QS ]T bVS W[^OQb O\R
`SaWabO\QS ]T bVW\Ua W\ P]RWZg STT]`b# TSZZ aV]`b ]T bVS WRSOZ ]T SfOQb Y\]eZ$
SRUS O\R QSOaSR b] Q]c\b% GVWa R][W\O\QS ]T jRWabO\QW\Uk O\R ]PXSQbWTg$
W\U ^S`QS^bW]\ Q]\Qc``SR eWbV bVS RcOZWabWQ `WTb PSbeSS\ acPXSQb O\R
]PXSQb# Q]\aWRS`SR Oa be] VSbS`]US\S]ca R][OW\a# W\ ^cbbW\U O aSdS`S PO\
]\ O\g b`O\aTS`S\QS ]T TSObc`Sa ]T W\bS`\OZ Sf^S`WS\QS W\b] bVS W\bS`^`SbO$
bW]\ ]T bVS SfbS`\OZ e]`ZR !bV]cUV ZObS` bVS `SdS`aS S\Q`]OQV[S\b W\
[ObS`WOZWabWQ ^agQV]Z]Ug ^`]dSR b] PS [cQV ZSaa bOP]]"% 4\bV`]^][]`^V$
Wa[ Ob OZZ SdS\ba# O\R SdS\ h]][]`^VWa[ W\ US\S`OZ# PSQO[S aQWS\bWTWQ VWUV
b`SOa]\% <\ bVWa RcOZWabWQ aSbbW\U eS [SSb bVS j\Obc`S ]T [O\k Oa O a]c`QS

(% 9`O\QWa 5OQ]\# (8?>6 );2,7>6 <# *.%


), N G ;8 C ;8AB@8ABA B9 ?<98
]T RSTWZS[S\b T]` j^VWZ]a]^Vgk !\Obc`OZ aQWS\QS"# O\R bVS ]PXSQbW]\ b]
jTW\OZk Sf^ZO\ObW]\ Wa bVOb Wb Wa O\bV`]^][]`^VWQ%
GVca bVS ab`cUUZS OUOW\ab bSZS]Z]Ug Wa O abOUS W\ bVS ab`cUUZS OUOW\ab
O\bV`]^][]`^VWa[ eVWQV Pg WbaSZT Wa Oa ]ZR Oa JSabS`\ aQWS\QS% GVS
Q`WbWQWa[ bVOb abO`bSR eWbV bVS <]\WO\ `SXSQbW]\ ]T [gbV]Z]UWQOZ ^S`a]\WTW$
QObW]\ VOR \]e Q][S# c\RS` bVS \Se abW[cZca ]T aQWS\bWTWQ RcOZWa[# b]
RWaQ]dS` bVS bOW\b W\ bVS [cQV acPbZS` T]`[ ]T 4`Wab]bSZWO\ TW\OZWa[% 5cb
bVS O`Uc[S\b ]\QS c\RS` eOg RWR \]b ab]^ bVS`S0 Wb ]dS`b]]Y SdS\ bVS
STTWQWS\b QOcaObW]\ W\ eV]aS TOd]` TW\OZ QOcaSa VOR PSS\ ]cabSR% 4QQ]`RW\U
b] ;c[S# bVS WRSO ]T T]`QS O\R \SQSaaO`g Q]\\SQbW]\# OZWS\ b] bVS `SQ]`R
]T bVW\Ua# O`WaSa T`][ QS`bOW\ W\bS`\OZ W[^`SaaW]\a ]T bVS [W\R `SUO`RW\U
Wba ]e\ e]`YW\U0 `SORW\U bVS[ W\b] bVS `SQ]`R ]T bVW\Ua Wa bVS`ST]`S
O\]bVS` QOaS ]T bVOb b`O\aTS`S\QS ]T b`OWba T`][ Vc[O\ aSZT$Sf^S`WS\QS
W\b] \Obc`S eVWQV VOR PSQ][S O\ObVS[O b] ]PXSQbWdS aQWS\QS% 8dS\ WT
;c[Sla ^O`bWQcZO` OQQ]c\b ]T bVS ]`WUW\ ]T bVSaS WRSOa Wa \]b OQQS^bSR# Wb Wa
QS`bOW\Zg b`cS bVOb bVS Q]\QS^ba ]T T]`QS O\R QOcaS a^`W\U T`][ O bg^S ]T
Sf^S`WS\QS eVWQV W\d]ZdSa jW[^`SaaW]\a ]T `STZSQbW]\k W\ ORRWbW]\ b] bV]aS
]T jaS\aObW]\k1 W%S%# bVSg W\d]ZdS bVS acPXSQbla OeO`S\Saa ]T VWa ]e\ W\eO`R
[]RS ]T OTTSQbSR\Saa !acQV Oa bVS ^`]^`W]QS^bWdS OeO`S\Saa ]T [caQcZO`
STT]`b" Oa O\ W\bSU`OZ ^O`b$Q]\bS\b ]T bVS ]PXSQb$Sf^S`WS\QS WbaSZT% GVWa
jacPXSQbWdSk SZS[S\b Wa acTTWQWS\b b] P`W\U bVS W\aW\cObW]\ ]T bV]aS Q]\QS^ba
W\b] bVS `SOZ[ ]T [S`S ]PXSQba c\RS` bVS US\S`OZ dS`RWQb ]T O\bV`]^]$
[]`^VWa[%
FQWS\QS T]ZZ]eSR bVS aYS^bWQOZ ZSOR ]T ^VWZ]a]^Vg% 7WaQO`RW\U bVS Sf$
^ZO\Ob]`g Q]\QS^b ]T T]`QS Oa O\bV`]^][]`^VWQ# O\R Oa c\dS`WTWOPZS Pg O
[S`S [SOac`W\U OQQ]c\b ]T SfbS\aWbg# aQWS\QS `Sab`WQbSR Wba QZOW[ b] bVOb ]T
`SUWabS`W\U aS_cS\QSa ]T ^]aWbW]\a W\ O a^OQS$bW[S agabS[ ]T Q]]`RW\ObSa
O\R ]T T]`[cZObW\U _cO\bWbObWdS `SUcZO`WbWSa W\ acQV aS_cS\QSa Oa jbVS ZOea
]T \Obc`S%k 8f^ZO\ObW]\ VOa bVca PSS\ T]`aOYS\ T]` [S`S RSaQ`W^bW]\#
eVWQV# Pg ObbOQVW\U _cO\bWbObWdS dOZcSa b] bVS ^]aWbW]\a O\R ^]aWbW]\OZ
QVO\USa W\ SfbS\aWbg O\R ZSbbW\U bVSaS dOZcSa abO\R T]` bVS S\bWbWSa bVS[$
aSZdSa# PSQ][Sa ^c`S [ObVS[ObWQOZ RSaQ`W^bW]\% GVS aSO`QV T]` []bWdS
a^`W\Ua VOa PSS\ Oa Q][^ZSbSZg OPO\R]\SR Oa bVOb T]` acPabO\bWOZ T]`[a#
bVOb Wa# QOcaOZ Sf^ZO\ObW]\ VOa T]ZZ]eSR TW\OZ Sf^ZO\ObW]\ W\b] ZW[P]1 O\R
W\RSSR bVS dS`g WRSO ]T Sf^ZO\ObW]\ VOa SdO^]`ObSR eWbV bVS Q][^ZSbW]\ ]T
bVS O\bW$O\bV`]^][]`^VWQ []dS[S\b W\ S^WabS[]Z]Ug% 4 ^`]T]c\R RWOZSQ$
bWQ# bVS`ST]`S# Wa `SdSOZSR W\ bVWa []dS[S\b% @gbVWQOZ ^S`a]\WTWQObW]\# O\R
ZObS` W[^S`a]\OZ bSZS]Z]Ug# eS`S RWaQO`RSR b] QZSO` bVS U`]c\R T]` O jb`cS
Sf^ZO\ObW]\k ]T SfbS`\OZ \Obc`S0 bVWa Sf^ZO\ObW]\# W\ bS`[a ]T STTWQWS\b
QOcaS# WbaSZT abWZZ RS^S\RSR ]\ ]\S `S[\O\b ]T RSa^WaSR O\W[Wa[# \O[SZg#
]\ bVS c\WdS`aOZ W\bS`^]ZObW]\ ]T bVS W[OUSa ]T T]`QS O\R QOcaObW]\ W\b]
A BG8 BA 4AG;EBCB@BEC;<F@ M )-
bVS ^WQbc`S ]T bVS e]`ZR# O\ W\bS`^]ZObW]\ eVS`SPg bVSaS SZS[S\ba ]T bVS
^S`a]\OZ STT]`b$[]bW]\ Sf^S`WS\QS PSQO[S OdOWZOPZS Oa bVS Q]\\SQbWdS
bWaacS PSbeSS\ ^S`QSWdSR \Obc`OZ SdS\ba% JWbV bVS Q][^ZSbS SZW[W\ObW]\ ]T
jO\W[Wa[#k aQWS\QS Qcb ]cb T`][ c\RS` Wba TSSb bVOb aO[S U`]c\R Wb VOR
SO`ZWS`# Pg O 9,;=4,5 ac^^`SaaW]\ ]T O\W[Wa[# e`SabSR T`][ Wb T]` `ObW]\OZ
Sf^ZO\ObW]\% GVS Z]\U `]OR T`][ ^`WabW\S ^O\^agQVWa[ dWO RcOZWa[ b]
^]abRcOZWabWQ [ObS`WOZWa[ S\Ra W\ O\ OU\]abWQ `S\c\QWObW]\ ]T bVS WRSO ]T
Y\]eZSRUS Oa O\ c\RS`abO\RW\U ]T Wba ]PXSQba% <`]\WQOZZg# bVWa VO^^S\SR
eVS\ eWbV bVS OPRWQObW]\ ]T RcOZWa[ bVS 60=,93B<4.,5 \SQSaaWbg T]` O
ab`WQbZg RSdWbOZWhSR []RSZ ]T \Obc`S VOR QSOaSR b] SfWab%
GVS W[^]`bO\QS ]T bVS ZOab `S[O`Y T]` bVS _cSabW]\ ]T bSZS]Z]Ug Wa bVWa%
4a eWbV ]bVS` jO\bV`]^][]`^VWQk TSObc`Sa# Wb Wa SdWRS\b bVOb bVS XcabWTWQO$
bW]\ T]` bVS O ^`W]`W SfQZcaW]\ ]T TW\OZ QOcaSa T`][ SfbS`\OZ `SOZWbg ZOg W\ O
RcOZWabWQ [SbO^VgaWQa eVWQV# W\ bVS OQb ]T SfQZcaW]\# OZa] aOdSR bVS b`cbV
]T bVS SfQZcRSR b`OWb W\ Wba ]e\ \ObWdS `SOZ[% 9W\OZWa[ [cab VOdS Wba
ZSUWbW[ObS aSOb a][SeVS`S eVS\QS bVS WRSO ]T Wb Q]cZR PS RS`WdSR# O\R W\
bVS RcOZWabWQ RWdWaW]\ bVS SaaS\QS ]T [O\ ]` ]T ZWTS eVWQV ^`]dWRSa bVWa aSOb
Wa \]b gSb RWa]e\SR1 Wb Wa ]\Zg RWaa]QWObSR T`][ bVOb ]T bVS ;0< 0A=07<," 5cb
RcOZWa[ ^`]dSR c\bS\OPZS W\ bVS TOQS ]T ]`UO\WQ Sf^S`WS\QS% BQQOaW]\OZ$
Wa[ O\R ^agQV]^VgaWQOZ ^O`OZZSZWa[ eS`S RSa^S`ObS ObbS[^ba b] aOdS bVS
Q]\aWabS\Qg ]T bVS \Se ]\b]Z]Ug ]T aQWS\QS% JWbV bVSW` TOWZc`S# aQWS\bWTWQ
[ObS`WOZWa[ eOa ZSTb W\ a]ZS Pcb c\SOag ^]aaSaaW]\# \] Z]\US` aVSZbS`SR Pg
bVS RcOZWabWQ OZWPW# O\R Pc`RS\SR eWbV O bOaY T`][ eVWQV bVS T]`[S`
RWdWaW]\ ]T ZOP]` VOR YS^b Wb T`SS% 9]` eVS\ RcOZWa[ RS^O`ba O\R bVS ;0<
.824=,7< W\ Wba ]`UO\WQ T]c\RObW]\ PSQ][Sa WbaSZT ^O`b O\R ^`]RcQb ]T
c\WbO`g \Obc`S# 5OQ]\la `STS`S\QS ]T TW\OZ QOcaSa b] bVS j\Obc`S ]T [O\k
QSOaSa b] VOdS bVS Sfb`caWdS STTSQb Wb VOR W\ bVS RcOZWabWQ aSbbW\U1 O\R
TW\OZZg bVS R]Qb`W\S ]T Sd]ZcbW]\# \]e W\aS^O`OPZS T`][ []RS`\ []\Wa[#
]PZWbS`ObSa O\g dSabWUS ]T bVS RWdWRW\U ZW\S ]\ eVWQV bVS eV]ZS O`Uc[S\b
]T Q]\b`OabW\U j\Obc`Sk O\R j[O\k `Saba%
GVca W\ O []\WabWQ ]\b]Z]Ug bVS QOaS OUOW\ab O\bV`]^][]`^VWa[ W\ Wba
Sfb`S[S T]`[ PSQ][Sa ^`]PZS[ObWQOZ O\R Wa ]\ ^`W\QW^ZS `S]^S\SR% <b bVS\
aSS[a b] WaacS W\ bVWa QV]WQS ]T []\WabWQ OZbS`\ObWdSa0 SWbVS` b] bOYS bVS
^`SaS\QS ]T ^c`^]aWdS W\eO`R\Saa W\ ]\S ^O`b ]T bVS ^VgaWQOZ ]`RS`# dWh%#
W\ [O\# Oa O dOZWR bSabW[]\g b] bVS \Obc`S ]T bVOb eWRS` `SOZWbg bVOb ZSba Wb
S[S`US# O\R b] OQQS^b eVOb Wb `SdSOZa W\ WbaSZT Oa ^O`b ]T bVS US\S`OZ
SdWRS\QS1 ]` b] SfbS\R bVS ^`S`]UObWdSa ]T [SQVO\WQOZ [ObbS` b] bVS dS`g
VSO`b ]T bVS aSS[W\UZg VSbS`]US\S]ca QZOaa ]T ^VS\][S\O O\R ]cab bSZS]Z$
]Ug SdS\ T`][ bVS j\Obc`S ]T [O\#k eVS\QS Wb VOR bOW\bSR bVS j\Obc`S ]T
bVS c\WdS`aSkibVOb Wa# b] OZWS\ObS [O\ T`][ VW[aSZT O\R RS\g US\cW\S$
\Saa b] bVS aSZT$Sf^S`WS\QS ]T ZWTS%
E75A@6 7EE3K

BUVY\`\]UVPNY 3`]RPa` \S 6N_dV[V`Z

FUR ZRPUN[V`aVP Z\QRY \S [Nab_R dUVPU aUR `RcR[aRR[aU PR[ab_f


O_\bTUa S\_aU P\[PR_[RQ Va`RYS Na SV_`a dVaU ReV`aV[T `a_bPab_R`! OR Va
`\YN_ `f`aRZ \_ N[VZNY \_TN[V`Z`! dVaU\ba P\ZZVaaV[T aUR aUV[XR_ \[
aUR ^bR`aV\[ \S aURV_ TR[R`V`# 7NPU `a_bPab_R N` S\b[Q dN` P\[PRVcRQ
N` N Sb[PaV\[V[T ZRPUN[V`Z dU\`R N[NYf`V` V[a\ RYRZR[aN_f P\Z]\"
[R[a` \S Z NaaR_ N[Q Z\aV\[ dN` a\ Re]YNV[ Va` NPabNY Sb[PaV\[V[T Of N
b[VS\_Z `aN[QN_Q/ U\d Va UNQ P\ZR a\ OR V[ N ]N`a UV`a\_f \S [Nab_R
dN` [\ ]N_a N` fRa \S aUR `PVR[aVSVP NTR[QN! VS `\ZRaVZR` aUR `bOWRPa
S\_ `bZZN_f `]RPbYNaV\[# FUV` aRZ]\_N_f Nc\VQN[PR \S N ^bR`aV\[
S_NbTUa dVaU aUR\Y\TVPNY QN[TR_` ]_\aRPaRQ aUR V[SN[Pf \S Z\QRZ
`PVR[PR# 8 \_ N PR[ab_f \_ `\ Va` S\b[QR_` dR_R `]N_RQ aUR ]_\OYRZ \S
\_VTV[` Of aURV_ aURV`aVP ORYVRS`# 7cR[ dUR[ aUR V[SN[a UNQ T_\d[ V[
`a_R[TaU! RVTUaRR[aU"PR[ab_f QRV`Z `aVYY `b]]YVRQ aUR aR[b\b` aUR\Y\TV"
PNY `RaaV[T S\_ aUR [Rd `PVR[aVSVP P\`Z\Y\Tf# 3TNV[`a aUR VQRN \S aUR
5\`Z\` N` N YVcV[T `RYS"P_RNaRQ dU\YR a\ dUVPU ]N[aURV`a` PYb[T! QRV`Z
NPPR]aRQ aUR VQRN \S N cN`a ZNPUV[R dUVPU! \[PR `Ra b]! S\YY\d` Va`
P\b_`R Nba\ZNaVPNYYf# 4ba Va UNQ a\ OR `Ra b] V[ aUR SV_`a ]YNPR/ aUR P\["
aV[bNY P_RNa\_ ORPNZR aUR P\[`a_bPa\_ aUR iPY\PXZNXR_j NPaVcR Oba
\[PR0 N[Q aUR ]YNPR \S aUR b[Z\cRQ Z\cR_ dU\ Q_Nd` aUR d\_YQ V[a\
UV` RaR_[NY ]_R`R[a dN` aNXR[ Of aUR V[VaVNY Z\cR_ dU\ UNQ VZ]N_aRQ N
SVeRQ Z\ZR[abZ V[ aUR ]N`a# 4f N Pb_V\b` V_\[f \S SNaR! aUR 4VOYVPNY
P\[PR]a \S N[ Rea_NZb[QN[R 5_RNa\_! N[Q \S P_RNaV\[ N` N PV_PbZ"
L (- M
B :;>AEAB:;53> 3 EB75FE A8 6 3DI;@;E? L (.
`P_VORQ NPa V[ aUR ORTV[[V[T! UNQ URY]RQ a\ ]_R]N_R aUR T_\b[Q S\_ aUV`
WRWb[R ]VPab_R# O56F J6E :>A ,BGG! 9:E AHE IBA 6HFF:A FG>:FF:&P ]_\"
aR`aRQ 9\RaUR# :\dRcR_! aUR VQRN \S aUR _RNQf"ZNQR ZRPUN[V`Z dN`
S\_ aUR `PVR[aVSVP ZV[Q Va`RYS N aRZ]\_N_f Re]RQVR[a \[Yf# FUR SV_`a
aUV[T` V[ Re]YN[NaV\[ Zb`a V[RcVaNOYf NY`\ ORP\ZR aUR SV_`a aUV[T` V[
aVZR! N[Q aUR ]_R`R[a P\[SVTb_NaV\[ Zb`a ORP\ZR aUR YNaR`a ZRZOR_ \S
N aVZR"`R_VR` P\[[RPaV[T Va dVaU aU\`R SV_`a aUV[T`# ;S aUR`R N_R aUR
baaR_Yf ]_VZVaVcR \[R` \S ZNaaR_ N[Q Z\aV\[ b[]YN[[RQ! N[Q aUR `R_VR`
YRNQV[T a\ aUR ]_R`R[a P\[QVaV\[ PN[ OR P\[`a_bPaRQ S_\Z aURV_
]_RZV`R` NY\[R! P_RNaV\[ ORP\ZR` `b]R_R_\TNa\_f#
CbR`aV\[` \S \_VTV[ UNcR ORR[ V[UR_R[a V[ N[f P\Z]_RUR[`VcR V["
^bV_f V[a\ aUR [Nab_R \S aUV[T` `V[PR aUR ORTV[[V[T` \S UbZN[ `]RPbYN"
aV\[! N[Q ZRPUN[V`aVP ]UVY\`\]Uf V` [\ RePR]aV\[# ;a` ]_V[PV]YR` V[VaV"
NaRQ \S aURZ`RYcR` ad\ a_NV[` \S V[cR`aVTNaV\[ dVaU _RTN_Q a\ RcR_f
]Uf`VPNY R[aVaf! \S dUVPU aUR `RP\[Q dN` aNXR[ b] N` `\\[ N` aUR
ZNab_NaV\[ \S aUR SV_`a NYY\dRQ `PVR[PR a\ RZR_TR S_\Z aUR `URYaR_ \S
QRV`Z# FUR SV_`a! N` dR `NVQ! dN` aUR N[NYf`V` \S TVcR[ ]Uf`VPNY `f`"
aRZ`! aUNa V`! aUR Re]YN[NaV\[ \S aURV_ \O`R_cRQ Sb[PaV\[V[T V[ aR_Z` \S
aUR TR[R_NY ]_V[PV]YR` \S ZRPUN[VP`0 aUR `RP\[Q dN` aUR _RP\[`a_bP"
aV\[ \S aUR ]\``VOYR TR[R_NaV\[ \S `bPU `f`aRZ` S_\Z N[aRPRQR[a `aNaR`
N[Q bYaVZNaRYf S_\Z `\ZR ]_VZ\_QVNY `aNaR \S Z NaaR_ dUVPU! Of aUR
\]R_NaV\[ \S aUR `NZR TR[R_NY ]_V[PV]YR` \S ZRPUN[VP` N[Q dVaU\ba
aUR V[aR_cR[aV\[ \S N[ V[aRYYVTR[a QR`VT[! d\bYQ V[ QbR P\b_`R a_N[`"
S\_Z Va`RYS V[a\ aUR `aNOYR `f`aRZ b[QR_ P\[`VQR_NaV\[ N` `VZ]Yf N
[RPR``N_f `aNTR V[ Va` PNb`NY UV`a\_f# FUR ad\ `VQR` N_R ReRZ]YVSVRQ \[
aUR \[R UN[Q Of @Rda\[k` aUR\_f \S aUR `\YN_ `f`aRZ N` N[ ReV`aV[T
ZRPUN[V`Z! \[ aUR \aUR_! Of aUR =N[a">N]YNPR [RObYN_ Uf]\aUR`V` \S
aUR \_VTV[NaV\[ \S aUV` `f`aRZ#& FUR ]\V[a V[ Z\QR_[ ]Uf`VP` V` aUNa
aUR N[`dR_ a\ O\aU aUR`R ^bR`aV\[` Zb`a RZ]Y\f aUR `NZR ]_V[PV]YR`!
aUNa V` a\ `Nf! aUNa \_VTV[ N[Q _R`bYaV[T ReV`aR[PR Q\ [\a QVSSR_ RePR]a
V[ aUR `R[`R \S N[aRPRQR[a N[Q `bO`R^bR[a `aNaR` \S N[ VQR[aVPNY
`bO`a_NabZ/ aUR ]_\QbPV[T _RNYVaf V` \S aUR `NZR \_QR_ N` aUR ]_\QbPa!
ORV[T ZR_RYf QVSSR_R[aYf Y\PNaRQ V[ aUR V[SV[VaR aVZR"`R_VR` \S PNb`R N[Q

&# 4\aU `VQR` dR_R NY_RNQf N_aVPbYNaRQ V[ :\OOR`k TR[RaVP QR_VcNaV\[


N[Q Sb[PaV\[NY N[NYf`V` \S aUR iO\Qf ]\YVaVPj / aUR `NZR ]_VZVaVcR Qf[NZVP!
SRN_ \S cV\YR[a QRNaU! QRaR_ZV[R` aUR b[\_QR_RQ i`aNaR \S [Nab_R!j aUR
a_N[`VaV\[ S_\Z aUV` a\ aUR P\ZZ\[dRNYaU! N[Q aUR ZRPUN[VP` \S aUR
YNaaR_#
)% M F :7 B :7@A?7@A@ A8 >;87
RSSRPa# FUV` VZ]YVR` aUNa N[f TVcR[ R[aVaf PN[ OR a_RNaRQ Na aUR `NZR
aVZR N` N ]_\QbPa N[Q N` Va`RYS ]_\QbPaVcR \S aUR Sbab_R `aNaR dUVPU
dVYY _R`bYa S_\Z Va#' FUR \[Yf ^bNYVaNaVcR QVSSR_R[PR NQZVaaRQ ORadRR[
\_VTV[` V[ TR[R_NY N[Q aURV_ YNaR P\[`R^bR[PR` VS aUR S\_ZR_ N_R a\ OR
Z\_R `RYS"Re]YNV[V[T aUN[ aUR YNaaR_ N[Q aUb` `bVaNOYR N` N _RYNaVcR
`aN_aV[T"]\V[a S\_ Re]YN[NaV\[ V` aUNa aUR \_VTV[` Zb`a! V[ aUR NO`R[PR
\S N[ V[aRYYVTR[a QR`VT[ Na aUR ORTV[[V[T \S aUV[T`! _R]_R`R[a N `VZ]YR_
`aNaR \S ZNaaR_ `bPU N` PN[ ]YNb`VOYf OR N``bZRQ \[ _N[Q\Z P\[QV"
aV\[`# IVaU aUV` `\YR QVSSR_R[PR! RN_YVR`a \_VTV[` N[Q YNaR`a _R`bYa` N_R
\S aUR `NZR [Nab_R# 3[Q `V[PR Va V` [\aUV[T Oba QV`R^bVYVO_VbZ aUNa
]_\cVQR` aUR Qf[NZVP` \S PUN[TR! N[f `aNaR \S \_TN[VgNaV\[ NaaNV[RQ V`
N ZRN`b_R \S R^bVYVO_VbZ _R`bYaV[T S_\Z aUR V[`aNOVYVaf \S N[ RN_YVR_
QV`a_VObaV\[# FUb` aUR ]YNPR \S a_N[`PR[QV[T! P\[`a_bPaVcR P_RNaV\[ V`
aNXR[ Of aUR a\aNY `R_VR` V[ Va` V[SV[VaR P\[aV[bNaV\[ Va`RYS# FUR ZRaN"
]Uf`VPNY `RP_Ra \S aUV` [Rd N]]_\NPU YVR` V[ aUR _NQVPNYYf aRZ]\_NY
P\[PR]aV\[ \S ORV[T! \_ V[ Va` VQR[aVSVPNaV\[ dVaU NPaV\[ N[Q ]_\PR``#
FUR PR[a_NY ]\`VaV\[ dUVPU Z\aV\[ N``bZR` V[ aUR \[a\Y\TVPNY `PURZR!
V[ _R]YNPRZR[a \S N[f :AF E:6?>FF>@H@ R[cV`NTRQ V[ S\_ZR_ `]RPbYN"
aV\[! QR[\aR` aUV` `UVSa#
;[ aUV` [Rd ZRN[V[T \S i\_VTV[`j dR \O`R_cR N P\Z]YRaR _RcR_`NY \S
aUR \YQR_ P\[PR]aV\[ P\[PR_[V[T aUR `b]R_V\_Vaf \S aUR \_VTV[NaV[T
]_V[PV]YR \cR_ Va` RSSRPa`# ;a UNQ Z\`aYf ORR[ N``bZRQ aUNa aUR_R Zb`a
OR [\a \[Yf Z\_R ]\dR_ Oba NY`\ Z\_R ]R_SRPaV\[ V[ aUR PNb`R aUN[ V[
aUR RSSRPa# FUR \_VTV[NaV[T NTR[Pf Zb`a ]\``R`` Z\_R _RNYVaf aUN[ aUR
aUV[T` \_VTV[NaRQ Of Va# ;a Zb`a NY`\ OR `b]R_V\_ V[ S\_ZNY
R``R[PR! a\ NPP\b[a S\_ aUR QRT_RR \S S\_Z aUNa aUR QR_VcNaVcR aUV[T`

'# FUR cVRd V` VYYb`a_NaRQ Of >N]YNPRk` Uf]\aURaVPNY iQVcV[R 5NYPbYNa\_!j


a\ dU\`R N[NYf`V` aUR ]_R`R[a `aNaR \S aUR b[VcR_`R! V[`aRNQ \S _R]_R`R[aV[T
N YN`aV[T ZNPUV[R \[PR P\[`a_bPaRQ! V` Oba N ]N``V[T P\[SVTb_NaV\[ \S ZNa"
aR_ V[ aUR P\[aV[bNY `UVSa \S P\[SVTb_NaV\[` dUVPU P\Z]\`R aUR d\_YQk`
ReV`aR[PR V[ YVZVaYR`` aVZR# '?? G=:F: 8BA;><HE6G>BAF 6E: :DH>I6?:AG N` aRZ"
]\_NY `RPaV\[` aU_\bTU N P\[`aN[a ^bN[aVaf \S ZNaaR_ N[Q Z\aV\[# FUb`
N[f PU\VPR \S N ]\V[a S\_ aUR ORTV[[V[T V` N` N_OVa_N_f N` aUNa \S \[R S\_
N[ R[QV[T! N[Q V[QRRQ N` aUR PU\VPR \S aUR ReV`aV[T `aNaR S\_ _R]_R`R[aV[T
aUR QR`VT[ \S aUR P_RNa\_# 7NPU V[`aN[a \S aVZR V` NYVXR ^bNYVSVRQ a\ ]_\cVQR
V[ Va` QNaN \S O\QVR`! ]\`VaV\[`! N[Q S\_PR` aUR ON`V` S_\Z dUVPU a\ P\["
`a_bPa ONPXdN_Q N[Q S\_dN_Q aUR `aNaR` Na RNPU N[Q N[f \aUR_ V[`aN[a \S
aVZR# F\ aUR YVZVaYR`` N[NYfaVPNY V[aRYYRPa! \[R V[`aN[a P\[aNV[` aUR dU\YR
UV`a\_f \S aUR d\_YQ V[ ]N`a N[Q Sbab_R# FUR d\_YQ V` P\[PRVcRQ N` aUR
=>FGBEL B; @6GG:E _NaUR_ aUN[ N` N ]N_aVPbYN_ \_QR_ \S ZNaaR_#
B :;>AEAB:;53> 3 EB75FE A8 6 3DI;@;E? L )&
ZNf R[W\f# 3 a aUR cR_f YRN`a aUR PNb`R Zb`a ]\``R`` \S aUR`R aUV[T`
iN` ZbPU N`!j i[\a YR`` aUN[!j aUR aUV[T` `]_V[TV[T S_\Z Va#( AOcV"
\b`Yf aUV` ]NaaR_[ V` P\Z]YRaRYf _RcR_`RQ V[ aUR XV[Q \S TR[RaVP QRQbP"
aV\[ dUVPU Z\QR_[ aUR\_f V[NbTb_NaRQ# ;S aUR Z\`a RYRZR[aN_f `VabN"
aV\[` PN[ \S aURZ`RYcR` TVcR _V`R a\ NYY QVcR_`VSVPNaV\[ N[Q \_QR_! N[Q VS
aUR YNaaR_ N_R Re]YNV[RQ Of aUR Qf[NZVP` \S aUR S\_ZR_! aUR[! ]N_N"
Q\eVPNYYf `]RNXV[T! aUR N[aRPRQR[a PNb`R V` UR_R V[SR_V\_ a\ aUR RSSRPa!
V[ aR_Z` \S `a_bPab_NY N_aVPbYNaV\[ aU\bTU [\a V[ aR_Z` \S ^bN[aVaf!
dUVPU V` P\[`aN[a# FUb` TR[RaVPNYYf N` dRYY N` Sb[PaV\[NYYf! aUR ]_VZV"
aVcR V` PNYYRQ b]\[ a\ NPP\b[a S\_ aUR Z\_R N_aVPbYNaRQ! aUR b[`aNOYR
S\_ aUR `aNOYR! QV`\_QR_ S\_ \_QR_! ORP\ZV[T S\_ ORV[T#

;;

AS NYY ]_\cV[PR` \S _RNYVaf aUR YVcV[T XV[TQ\Z Y\[TR`a QRSVRQ aUR


N]]YVPNaV\[ \S aUV` VQRN \S \_VTV[`! N[Q Va dN` \[Yf V[ aUR [V[RaRR[aU
PR[ab_f aUNa aUR aUR\_f \S :IB?HG>BA `bPPRRQRQ V[ `bOWbTNaV[T Va V[ aUV`
_R`]RPa a\ aUR TR[R_NY `PURZR# IUNa dR_R aUR ]N_aVPbYN_ QVSSVPbYaVR`2
F\ 6R`PN_aR`! N[VZNY O\QVR` dR_R ZNPUV[R` P\[`a_bPaRQ a\ Sb[PaV\[
N` aURf Q\! N[Q aU\bTU aUR_R V` [RVaUR_ V[aRYYVTR[PR [\_ ]b_]\`VcR[R``
V[ aURV_ Sb[PaV\[V[T Va`RYS! aUV` ORV[T Nba\ZNaVP! aURV_ P\[`a_bPaV\[
GBJ6E9! `bPU Sb[PaV\[V[T `RRZRQ a\ PNYY S\_ ]_RPV`RYf aU\`R ^bNYVaVR`#
;S aUR[ aUR P\[`a_bPaVcR aN`X N``bZRQYf QRc\YcR` b]\[ Z NaaR_ Va`RYS!
aUR cR_f `bPPR`` \S aUR `PVR[aVSVP N[NYf`V` \S \_TN[V`Z`h b[YVXR aUNa \S
aUR ZNWR`aVPNYYf P_bQR P\`ZVP `a_bPab_Rh `aN[Q` V[ aUR dNf \S ZNXV[T
aUR N``bZ]aV\[ T\\Q V[ G=:>E PN`R# 8\_ aUR Z\_R NQZV_NOYf aURf
_RcRNYRQ aURZ`RYcR` a\ OR P\[`a_bPaRQ! aUR YR`` ]\``VOYR Va `RRZRQ a\
P\[PRVcR \S aUR TR[R`V` \S `bPU ]NaaR_[` \aUR_ aUN[ Of QR`VT[! N[Q Na

(# ;a dN` PUN_NPaR_V`aVP \S aUR PYN``VPNY NaaVabQR a\ b[QR_`aN[Q aUR


Y\dR_! V#R#! Z\_R RYRZR[aN_f! V[ aUR YVTUa \S Va` ORV[T N iYR``j \S aUR UVTUR_!
a\ aUNa ReaR[a N` YNPXV[T V[ _RNYVaf! N[Q N` `bO`R_cVR[a a\ aUR UVTUR_
_RNYVgNaV\[# 3` aUR SV_`a ]_V[PV]YR \S Re]YN[NaV\[ dN` aNXR[ S_\Z aUR UVTU"
R`a XV[Q \S ORV[T! dUVPU V` NY`\ \[a\Y\TVPNYYf iSV_`a!j Re]YN[NaV\[ dN`
af]VPNYYf S_\Z aUR a\] \S aUR `PNYR Q\d[dN_Q! aUR Y\dR_ \_QR_` ORV[T
QR_VcRQ S_\Z aUR UVTUR_ Of dNf \S ]_VcNaV\[# FUR _RNYZ \S ]N``V\[! S\_
ReNZ]YR! V` PUN_NPaR_VgRQ Of aUR NO`R[PR \S _RN`\[! Oba V[ \_QR_ a\ ReV`a Va
Zb`a `aVYY ]N_aVPV]NaR V[ aUR ]_V[PV]YR \S ORV[T! aU\bTU Va Q\R` `\ a\ N YR``R_
QRT_RR aUN[ Q\R` _RN`\[# BY\aV[b` Sb_[V`UR` aUR Rea_RZR ReNZ]YR \S aUV`
QV_RPaV\[ \S Re]YN[NaV\[ S_\Z UVTUR_ a\ Y\dR_! dUR_R aUR O\aa\Z \S aUR
`PNYR V` aUR YN`a a\ OR NPP\b[aRQ S\_#
)' F :7 B :7@A?7@A@ A8 > ;87
aUNa Of N QR`VT[ N` SN_ `b]R_V\_ a\ aUR QR`VT[ \S UbZN[ V[TR[bVaf N`
aUR [Nab_NY ZNPUV[R` ]_\cRQ `b]R_V\_ V[ P\[`a_bPaV\[ a\ ZN["ZNQR
\[R`# ;S QR`VT[ \_ aRYR\Y\TVPNY QV_RPaV\[ dR_R _bYRQ \ba! aUR \QQ`
NTNV[`a N ZR_R PUN[PR ]_\QbPaV\[ d\bYQ `RRZ [\ YR`` \cR_dURYZV[T
aUN[ aU\`R NTNV[`a aUR SNZ\b` Z\[XRf`k _N[Q\ZYf UNZZR_V[T \ba
d\_YQ YVaR_Nab_R \[ aURV_ af]Rd_VaR_` V[ aUR NR\[` Na aURV_ QV`]\`NY#
FUR P\Z]N_V`\[ U\YQ` `\ Y\[T N` aUR SVeVaf \S `]RPVR`! N[Q P\[`R"
^bR[aYf `R]N_NaR \_VTV[NaV\[ \S RNPU! V` N``bZRQ#
FUR ]_\OYRZ V` P\Z]YVPNaRQ Of aUR SNPa aUNa V[ aUR PN`R \S aUR`R
ZRPUN[VPNY `a_bPab_R`! V#R#! \_TN[V`Z`! b[YVXR aUR Z\_R R[Qb_V[T
P\`ZVP \[R`! dR P\[`aN[aYf dVa[R`` aURV_ P\ZV[T"a\"OR V[ aUR V[QVcVQ"
bNY V[`aN[PR`# ;S N[fdUR_R! aUR[ UR_R TR[R`V` Q\R` ORY\[T a\ aUR P\Z"
]YRaR ]VPab_R \S aUR R[aVaf Va`RYS0 Oba aUR TR[R`V` V[ ^bR`aV\[ ]\V[a`
QV`aV[PaYf NdNf S_\Z aUR ZRPUN[V`aVP ]NaaR_[# 8\_ V[ aUR RcR_"_R]RNaRQ
\_VTV[NaV\[ \S UVTUYf \_TN[VgRQ V[QVcVQbNY` S_\Z N[ V[SV[VaR`VZNY
TR_Z! aUR d\_XV[T"\ba \S N ]_RN__N[TRQ C?6A \S T_\daU N[Q QRcRY\]"
ZR[a `RRZ` \OcV\b`# FUb` aUR cR_f VQRN \S iQRcRY\]ZR[aj dUVPU aUR
SNPa` \S E:CEB9H8G>BA `bTTR`aRQ `a\\Q V[ aUR dNf \S N]]YfV[T a\ aUR
YVcV[T XV[TQ\Z aUR `NZR PNaRT\_VR` \S TR[R`V` aUNa dR_R N]]YVRQ \[
ZRPUN[V`aVP ]_V[PV]YR` a\ _RNYVaf Na YN_TR# ;[QRRQ! aUR aR_Z iRc\Yb"
aV\[j QR[\aRQ \_VTV[NYYf Wb`a aUV` ]UR[\ZR[\[ \S V[QVcVQbNY TR[R`V`!
N[Q Of [\ ZRN[` aUR TR[R`V` \S `]RPVR`# A[ aUR P\[a_N_f! iRc\YbaV\[j
V[ Va` YVaR_NY `R[`R ]_R`b]]\`R` aUR ReV`aR[PR \S aUR `]RPVR`! ORPNb`R Va
V` ]_RPV`RYf aUV` dUVPU! V[ aUR ]R_`\[` \S aUR ]N_R[a V[QVcVQbNY`! ]_\"
cVQR` aUR ]_RN__N[TRQ ]YN[ a\ OR iRc\YcRQj V[ RcR_f TVcR[ PN`R \S
TR[R_NaV\[# I UNa Rc\YcR` V` [\a aUR Z\QRY Va`RYS Oba Va` _R"RZO\QV"
ZR[a V[ RNPU TR[R_NaV\[ S_\Z TR_Z a\ ZNab_Vaf/ dUNa Rc\YcR` dN`
V[c\YcRQ V[ aUR TR_Z! Va` ]\aR[Pf aUR_R QR_VcRQ S_\Z Va` NPa V[ aUR
]_\TR[Va\_# ;[ aR_Z` \S PNb`R"RSSRPa _RYNaV\[! aUR[! aUR ]N_R[a NPP\b[a`
[\a \[Yf S\_ Va` \SS`]_V[Tk` ReV`aR[PR Oba NY`\ S\_ Va` \SS`]_V[Tk` ;BE@
Of Va` \d[ ]\``R``V\[ \S aUV` `RYS`NZR S\_Z# FUV` V` N ]NaaR_[ cR_f
QVSSR_R[a S_\Z aUR ZRPUN[V`aVP PUNV[ \S PNb`R N[Q RSSRPa N[Q `a_\[TYf
`bTTR`a` aUR \]R_NaV\[ \S N 86HF6 ;BE@6?>F V[ NQQVaV\[ a\ N 86HF6 :;;>"
8>:AF! \_ aUR ReV`aR[PR \S `bO`aN[aVNY S\_Z`! dUVPU dR_R \aUR_dV`R
ON[[RQ S_\Z aUR dU\YR `f`aRZ \S [Nab_NY Re]YN[NaV\[# ;[ `U\_a! aUR
cR_f P\[PR]a \S 9:I:?BC:@:AG dN` \]]\`RQ a\ aUNa \S ZRPUN[VP` N[Q
`aVYY VZ]YVRQ `\ZR cR_`V\[ \_ \aUR_ \S PYN``VPNY \[a\Y\Tf#
IUR[! aUR_RS\_R! aUR ^bR`aV\[ \S \_VTV[ dN` Na YN`a ReaR[QRQ a\
B :;>AEAB:;53> 3 EB75FE A8 6 3DI;@;E? L) (
aU\`R ]R_ZN[R[aYf `RYS"_R]RNaV[T ]YN[` \S T_\daU aURZ`RYcR`! N cR["
ab_R \S ]_VZR \[a\Y\TVPNY VZ]\_aN[PR dN` V[VaVNaRQ! dU\`R `bPPR`` \[
aUR aR_Z` \S [Nab_NY `PVR[PR dN` O\b[Q a\ P\Z]YRaR aUR N[aV"BYNa\[VP
Z\cRZR[a \S aUR Z\QR_[ ZV[Q# A[ aUR ]_RZV`R \S aUR [\[RaR_[Vaf \S
\b_ RN_aU! dUVPU S\YY\dRQ S_\Z aUR `PVR[aVSVP P\`Z\Y\Tf! SV_`a _R]_R"
`R[aNaVcR` V[ aUR PUNV[` \S TR[R_NaV\[ dR_R `aVYY PNYYRQ S\_ N` aURf
dR_R V[ aUR Q\Pa_V[R \S P_RNaV\[ ! Oba aURf [\ Y\[TR_ d\bYQ UNcR a\ OR
_R]_R`R[aNaVcR` \S aUR ReV`aV[T ]NaaR_[`! VS aUR`R N_R _RTN_QRQ N` aUR
aRZ]\_NY \baP\ZR _NaUR_ aUN[ N` aUR aVZRYR`` QRaR_ZV[N[a` \S aUR YVSR"
]_\PR``# FUR ]_\ONOVYVaf"]_\OYRZ V[QVPNaRQ Of aUR ReNZ]YR \S aUR
Z\[XRf` d\bYQ aUR[ OR `]YVa b] V[a\ ad\ QVcV`V\[`! aUNa \S aUR `]\["
aN[R\b` TR[R_NaV\[ \S aUR SV_`a S\_Z` N[Q aUNa \S aUR QR`PR[a S_\Z
aURZ \S aUR ]_R`R[a \[R`! N[Q aUV` `]YVaaV[T"b] URYQ aUR `RP_Ra \S
`bPPR`` V[ aUNa Va \cR_PNZR aUR Z\[`a_\b` VZ]_\ONOVYVaf RZO\QVRQ V[
aUNa ReNZ]YR#
i7c\YbaV\[j V[ aUR Z\QR_[ `R[`R ZNQR Va ]\``VOYR a\ P_RQVa b[NVQRQ
ZNaaR_ Z\_R ]YNb`VOYf dVaU aUR ]_\QbPaV\[ \S aUR YVcV[T XV[TQ\Z! N[Q
aUb` a\ NQcN[PR aUR ZNaR_VNYV`aVP Z\[V`Z \S `PVR[PR Of N QRPV`VcR
`aR]# ;a QVQ `\ Of 676A9BA>A< aUR \_VTV[NY ZRN[V[T \S aUR aR_Z iRc\Yb"
aV\[!j QR_VcRQ S_\Z aUR T_\daU ]_\PR`` \S V[QVcVQbNY \_TN[V`Z`/ aUR
VQRN \S ]_RS\_ZNaV\[ N[Q b[S\YQV[T dN` NON[Q\[RQ N[Q _R]YNPRQ Of
aUR ^bN`V"ZRPUN[VPNY ]VPab_R \S N[ b[]YN[[RQ! b[QV_RPaRQ! fRa ]_\"
T_R``VcR `R^bR[PR dU\`R ORTV[[V[T`! b[YVXR aUR TR_Z! NQbZO_NaR
[\aUV[T \S aUR \baP\ZR \_ \S aUR `bPPR``VcR `aR]`# ;S aUR YVcV[T S\_Z`
N_R QR`PR[QRQ S_\Z \[R N[\aUR_ N[Q UNcR [\a RNPU N_V`R[ V[QR]R["
QR[aYf! aUR `abZOYV[T OY\PX \S `]\[aN[R\b` TR[R_NaV\[ V` ]b`URQ ONPX
a\ aUR cR_f SV_`a V[`aN[PR \S YVSR N` `bPU! dUR_R Va` ZNT[VabQR N[Q
aUR_RS\_R Va` aUR\_RaVPNY V[P\[cR[VR[PR N_R _RQbPRQ V[ ]_\]\_aV\[ a\
aUR ZV[VZbZ \S \_TN[VgNaV\[ N``bZRQ V[ aUR`R SV_`a ORTV[[V[T`# ;Z "
ZRN`b_NOYf P\[`R^bR[aVNY N` dN` aUR SV_`a `aR]! aUR a_N[`VaV\[ S_\Z
V[\_TN[VP a\ \_TN[VP! Va PN[ Uf]\aURaVPNYYf OR ZNQR `ZNYY R[\bTU [\a
a\ \cR_`a_NV[ aUR ]_\ONOVYVaVR` \S PUN[PR P\ZOV[NaV\[# 3YY Sb_aUR_
cN_VRTNaV\[ V` aUR[ YRSa a\ aUR Qf[NZVP` \S aUV` V[VaVNY `\ZRaUV[T! N[Q
S\_ aUR dU\YR Q\Pa_V[R a\ OR N `PVR[aVSVP \[R Va V` R``R[aVNY aUNa aUR
Qf[NZVP` V[c\XRQ Q\ [\a P\[aNV[ N[f RYRZR[a \S aRYR\Y\Tf! \S ]_R"
S\_ZNaVcR QV`]\`VaV\[ \_ N`]V_NaV\[ a\dN_Q aUR UVTUR_ S\_Z` a\ P\ZR!
Oba aUNa aURf iRc\YcRj aU\`R UVTUR_ S\_Z` dVaU\ba aURV_ ORV[T V[ N[f
`R[`R iV[c\YcRQj V[ aUR V[VaVNY `aNTR# 7cR_faUV[T aUR_RS\_R QR]R[Q` \[
)) F :7 B :7@A?7@A@ A8 > ;87
N P\[PR]aV\[ \S aUR`R Qf[NZVP` dUVPU O\aU V` PNb`NYYf `NaV`SNPa\_f
N[Q Q\R` [\a Ob_QR[ aUR ]_VZVaVcR dVaU N[f Zf`aR_V\b` P\[aR[a
N[aVPV]Na\_f \S aUR Z\_R NQcN[PRQ/ aUR \]R_NaVcR PNb`NYVaf! dUVYR
NPP\b[aV[T S\_ aUR RZR_TR[PR \S aUR NQcN[PRQ V[ `bPPR``V\[ S_\Z aUR
]_VZVaVcR! Zb`a YRa aUR YNaaR_ OR N` b[NZOVTb\b`Yf ]_VZVaVcR N` Va V`#
FUR[! dUVYR RNPU aU_\d \S aUR QVPR V` `aVYY OYV[Q! aUR ]_\ONOVYVaf"
`VabNaV\[ V` fRa QRPV`VcRYf PUN[TRQ/ aUR SV_`a N[Q `VZ]YR`a S\_Z \S YVSR
\[PR TVcR[! NYY Sb_aUR_ `UNXV[T \S aUR QVPR \PPb_` V[ P\[SV[RQ QVPR"
O\eR` dVaU `RYRPaRQ QVPR N[Q QRSV[RQ dNf` S\_ aURZ a\ OR PN`a! `\
aUNa aUR TNZR \S PUN[PR V` cN`aYf [N__\dRQ Q\d[# 3Y`\ RNPU iaU_\dj
V` O\b[Q Of aUR `bZ \S aUR ]_RcV\b` \[R`! NQQV[T a\ aURV_ _R`bYa N[Q
[\a `aN_aV[T \cR_ NTNV[# ;[ \aUR_ d\_Q`! YVSR! \[PR ReV`aV[T! ]_\T_R`"
`VcRYf `Ra` Va` \d[ P\[QVaV\[` S\_ aUR ZRPUN[VPNY ]YNf \S cN_VNaV\[`0
N[Q aUR ]_\ONOVYVaVR` Q\ Y\\X ORaaR_ aUN[ S\_ aUR Z\[XRf`! dU\ Na
RNPU Z\ZR[a `aN_a N[Rd! aURV_ NPaV\[ b[QRaR_ZV[RQ Of aURV_ ]N`a
]R_S\_ZN[PR#
FUb` =:E:9>GL! dUVPU Na SV_`a `RRZRQ aUR `a_\[TR`a N_TbZR[a S\_ aUR
Q\Pa_V[R \S VZZbaNOYR `]RPVR`! ORP\ZR` N[ V[`a_bZR[a S\_ aURV_ cR_f
QR_VcNaV\[ Of dNf \S PUN[TR/ a_N[`ZVaaRQ V[ _R]_\QbPaV\[! aUR RSSRPa`
\S ZbaNaV\[ PN[ NPPbZbYNaR dVaUV[ \[R `a_NV[! `b]R_NQQRQ \[R b]\[
aUR \aUR_! N[Q aUR `ZNYY `aR]` \S PUN[PR N_R NYY\dRQ a\ T_\d V[a\ cN`a
N[Q P\Z]YRe ]NaaR_[`# ;[ NQQVaV\[ a\ aUV` PbZbYNaVcR Sb[PaV\[V[T \S
ZbaNaV\[ aU_\bTU UR_RQVaf! aUR d\_XV[T \S A6GHE6? F:?:8G>BA \[ Va`
_R`bYa` `RRZ` a\ SVYY NQZV_NOYf aUR ]YNPR \S N QV_RPaV[T ]_V[PV]YR
cNPNaRQ Of aRYR\Y\Tf# ;[QRRQ Va dN` aUR 6N_dV[VN[ aUR\_f \S Rc\Yb"
aV\[! dVaU Va` P\ZOV[NaV\[ \S PUN[PR cN_VNaV\[ N[Q [Nab_NY `RYRPaV\[!
dUVPU P\Z]YRaRQ aUR Rea_b`V\[ \S aRYR\Y\Tf S_\Z [Nab_R# :NcV[T OR"
P\ZR _RQb[QN[a RcR[ V[ aUR `a\_f \S YVSR! ]b_]\`R _RaV_RQ dU\YYf V[a\
`bOWRPaVcVaf#
>VXR RcR_f ZNW\_ aUR\_f! aUR P\[aRZ]\_N_f aUR\_f \S Rc\YbaV\[ N[Q
TR[RaVP` V` N[ V[a_VPNaR P\ZOV[NaV\[ \S SNPa! Uf]\aUR`V`! N[Q QRQbP"
aV\[# ;[ aUR PNaRT\_f \S R`aNOYV`URQ SNPa ORY\[T` Rc\YbaV\[ N` `bPU/
aUNa `]RPVR` Q\ PUN[TR! UNcR RZR_TRQ V[ `R_VR` \S PUN[TR` S_\Z N["
PR`a_NY S\_Z`! N[Q V[ aURV_ R[aV_Raf S\_Z N O_N[PUV[T SNZVYf `f`aRZ \S
P\ZZ\[ QR`PR[a V[ dUVPU aUR `VZ]YR ]_RPRQR` aUR P\Z]YRe! N[Q
a_N[`VaV\[` N_R T_NQbNY# 3Y`\ N[ N`PR_aNV[RQ SNPa V` aUR \PPb__R[PR \S
ZbaNaV\[`0 Oba [\a aURV_ [Nab_R \_ PNb`R# @Nab_NY `RYRPaV\[ V` N Y\TVPNY
QRQbPaV\[ S_\Z aUR ad\ ]_RZV`R` \S P\Z]RaVaV\[ N[Q \S QVSSR_R[PR` V[
B :;>AEAB:;53> 3 EB75FE A8 6 3DI;@;E? L) *
aUR P\Z]RaVa\_`! dUVPU aURZ`RYcR` N_R SNPa`# FUR PUN[PR"PUN_NPaR_ \S
ZbaNaV\[` V` N Uf]\aUR`V`/ aUR V[QbPRZR[a \S `\ZR \S aURZ Of Re"
aR_[NY S\_PR`! `bPU N` _NQVNaV\[! V` N SNPa \S YNO\_Na\_f Re]R_VR[PR! Oba
aUR PYNVZ aUNa aUR`R N_R _R]_R`R[aNaVcR S\_ NYY \S aURZ N[Q S\_ aURV_
b[QR_YfV[T Qf[NZVP` V` N ZR_R a_VNY dVaU APPNZk` _Ng\_0 N[Q aUR
`bSSVPVR[Pf \S aUV` XV[Q \S cN_VNOVYVaf S\_ aUR RZR_TR[PR \S aUR ZNW\_
]YN[` \S \_TN[VgNaV\[ V`! `\ SN_! Z\_R N ZRaN]Uf`VPNY P\[aR[aV\[ \_!
Z\_R `\OR_Yf! N ZRaU\Q\Y\TVPNY ]\`abYNaR aUN[ N `PVR[aVSVP Uf]\aU"
R`V`h VS iUf]\aUR`V`j VZ]YVR` aUR P\[`a_bPaV\[ \S Na YRN`a N ZR[aNYYf
d\_XNOYR Z\QRY# 3YY aUR`R N`]RPa` _NV`R ]UVY\`\]UVPNY V``bR`! `\ZR \S
dUVPU dR `UNYY V[QVPNaR#

;YY

FUR ZR_R SNPabNY QV`P\cR_f \S Rc\YbaV\[ UNQ N ]_\S\b[Q `VT[VSV"


PN[PR S\_ aUR cR_f P\[PR]a \S YVSR! ^bVaR N]N_a S_\Z aUR `]RPVNY V``bR \S
aUR QR`PR[a \S ZN[# ;[ 6R`PN_aR`k P\[PR]aV\[ \S N[VZNY [Nab_R! aUR
]\V[a \S QR]N_ab_R V` `\ZR QRSV[VaR ZRPUN[VPNY `a_bPab_Rh N TVcR[
af]R \S \_TN[V`Zh N[Q aUR YVSR \S aUR N[VZNY V[ ^bR`aV\[ V` aUR Sb[P"
aV\[ \S aUNa `a_bPab_R! aUR ]R_S\_ZN[PR \S aUR ZNPUV[R# :R_R `a_bPab_R
b[VYNaR_NYYf QRaR_ZV[R` Sb[PaV\[ N[Q Re]YNV[` Va0 Va` N[NYf`V` aUR_RS\_R
N[`dR_` NYY aUR ^bR`aV\[` dUVPU PN[ _RN`\[NOYf OR N`XRQ dVaU _R`]RPa
a\ N YVcV[T aUV[T# 7c\YbaV\[V`Z! U\dRcR_! _RTN_Q` aUV` TVcR[ af]R \S
`a_bPab_R! aUR P\[QVaV\[ S\_ N `]RPVSVP ]R_S\_ZN[PR \S YVSR! N` Va`RYS N
]_\QbPa \S YVSR! aUR \baP\ZR N[Q aRZ]\_N_f `a\]]V[T"]YNPR \S N P\["
aV[b\b` Qf[NZV`Z dUVPU Va`RYS Zb`a OR aR_ZRQ iYVSR#j FUb` YVSR N]"
]RN_` V[ Va` cR_f ZRN[`! aUNa V`! V[ Va` `a_bPab_NY R^bV]ZR[a S\_ YVcV[T!
N` Va` \d[ NPUVRcRZR[a! \_ Na YRN`a _R`bYa! V[`aRNQ \S ORV[T `VZ]Yf
R[Q\dRQ dVaU Va` ZRN[` N[Q SNPbYaVR`# FUV` V` \[R \S aUR Z\`a SN_"
_RNPUV[T QV`P\cR_VR` RcR_ ZNQR dVaU _RTN_Q a\ aUR [Nab_R \S YVSR#
3Z\[T \aUR_ aUV[T`! Va P\Z]YRaR` aUR YV^bVQNaV\[ \S VZZbaNOYR R`"
`R[PR`! N[Q aUb` `VT[VSVR` aUR SV[NY cVPa\_f \S [\ZV[NYV`Z \cR_ _RNYV`Z!
dUVPU UNQ UNQ Va` YN`a ObYdN_X V[ aUR VQRN \S [Nab_NY `]RPVR`# FUV` V` N
ZNW\_ ]UVY\`\]UVPNY RcR[a V[ aUNa Va ]\dR_SbYYf P\[SV_Z` aUR N[aV"
BYNa\[V`Z \S aUR Z\QRZ ZV[Q# ;S dR NQQ a\ aUV` aUR NO`R[PR \S N[f
aRYR\Y\TVPNY QV_RPaRQ[R``! aUR Rc\YbaV\[N_f ]_\PR`` ]_R`R[a` Va`RYS N` N
`URR_ NQcR[ab_R dVaU N[ R[aV_RYf b[S\_R`RRNOYR P\b_`R# FUV` `]RPVSV"
PNYYf Z\QR_[ VQRN \S aUR b[]YN[[RQ! \]R["R[QRQ NQcR[ab_\b`[R`` \S
)+ F :7 B:7@A?7@A@ A8 >;87
YVSR! aUR P\_\YYN_f a\ aUR NO`R[PR \S VZZbaNOYR R``R[PR! V` NTNV[ N
ZNW\_ ]UVY\`\]UVPNY P\[`R^bR[PR \S aUR `PVR[aVSVP Q\Pa_V[R \S Rc\Yb"
aV\[#
3` \[ aUR ]Uf`VPNY `PR[R Na YN_TR! `\ V[ aUR UV`a\_f \S YVSR 8BA9>"
G>BAF aNXR aUR ]YNPR \S R``R[PR N` aUR \_VTV[NaV[T ]_V[PV]YR# ;[ aUR
`UN]R \S iR[cV_\[ZR[a!j P\[QVaV\[ ORP\ZR` `\ ZbPU N [RPR``N_f
P\__RYNaVcR a\ aUR P\[PR]a \S \_TN[V`Z aUNa Va R[aR_` V[a\ aUR cR_f
QR_VcNaV\[ \S Va` ORV[T# FUR P\[`aVabaVcR Sb[PaV\[ \S R[cV_\[ZR[a V`
P\ZZ\[ a\ >NZN_PXV`Z N[Q 6N_dV[V`Z# A_TN[V`Z V` `RR[ N` ]_V"
ZN_VYf QRaR_ZV[RQ Of aUR P\[QVaV\[` \S Va` ReV`aR[PR! N[Q YVSR V` b[QR_"
`a\\Q V[ aR_Z` \S aUR \_TN[V`Z"R[cV_\[ZR[a `VabNaV\[ _NaUR_ aUN[ V[
aR_Z` \S aUR ReR_PV`R \S N[ Nba\[\Z\b` [Nab_R#
A_TN[V`Z N[Q R[cV_\[ZR[a a\TRaUR_ S\_Z N `f`aRZ! N[Q aUV` UR[PR"
S\_aU QRaR_ZV[R` aUR ON`VP P\[PR]a \S YVSR# >VcV[T! aUR[! V` aUR OR"
UNcV\_ V[QbPRQ Of aUV` OV]\YN_ `f`aRZ V[ \[R \S Va` ]\YR`0 N[Q aUR
af]VPNY ]NaaR_[` \S YVcV[T! aUR _RYNaVcR `aNOVYVaf N[Q `]RPVSVP[R`` \S
ORUNcV\_ V[ N[f TVcR[ `]RPVR`! _R]_R`R[a aUR R^bVYVO_VbZ NPUVRcRQ
ORadRR[ aUR ad\ SNPa\_` aUNa ZNXR b] aUR `VabNaV\[# 4ba `\ Q\R`
\_TN[VP `a_bPab_R Va`RYS/ aUV` a\\! [\a \[Yf Va` Pb__R[a ORUNcV\_! _R]_R"
`R[a` N[ R^bVYVO_VbZ _RYNaVcR a\ aUR Y\[T"aR_Z TR[R_VP `VabNaV\[! ORV[T
aUR \baP\ZR \S aUR ]_RcV\b` d\_XV[T \S aUNa `VabNaV\[ \[ aUR `bO"
`a_NabZ \S YVSR# ;[ \aUR_ d\_Q`! aUR [\[SVeVaf \S `]RPVR`! NQQRQ a\ aUR
]_V[PV]YR \S R[cV_\[ZR[a! QVcR`a` aUR `bOWRPa \S YVSR a\ N[ b[]_RPR"
QR[aRQ QRT_RR \S \_VTV[NY N[Q V[UR_R[a QRaR_ZV[NaV\[`# ;[ aUR
b[]YN[[RQ a_N[`NPaV\[` \S aUR OV\Y\TVPNY `VabNaV\[! N[Q dVaU aUR S\_ZN"
aVcR _\YR \S R[cV_\[ZR[a dU\`R RSSRPa` NPPbZbYNaR \cR_ aUR TR[R_N"
aV\[`! YVSRk` \d[ P_RNaRQ N[Q VZZbaNOYR R``R[PR P\[a_NPa` a\dN_Q N
ZV[VZbZ! dUVYR aUR VZ]\_a \S aUR a\aNY `VabNaV\[! dVaU Va` QRZN[Q`
N[Q `RYRPaVcR P_VaR_VN! V[P_RN`R` a\dN_Q N ZNeVZbZ# FUR ZV[VZbZ
YRSa a\ aUR \_VTV[NY R``R[PR \S YVSR V` Wb`a `RYS"]_R`R_cNaV\[! dUVPU V`
N[NY\T\b` a\ aUR V[R_aVNY YNd` _bYV[T aUR P\[QbPa \S N ]N_aVPYR# FUR
ZNeVZbZ a_N[`SR__RQ a\ aUR `VabNaV\[ V` aUR `bZ a\aNY \S NYY aU\`R
V[SYbR[PR` RYVPVaV[T S_\Z ZR_R `RYS"]_R`R_cNaV\[ Of dNf \S V[PVQR["
aNYYf NQN]aVcR cN_VNOVYVaf aUNa dRNYaU \S `b]R_`a_bPab_R N[Q `b]R_"
V[QbPRQ ORUNcV\_ Of dUVPU YVSR N` Va dR_R! R[aV_RYf V[[\PR[a \S N[f
S\_R`UNQ\dV[T QV`]\`VaV\[ a\dN_Q aURZ! `b_]_V`R` Va`RYSh N[Q Va` 5_R"
Na\_ VS aUR_R V` \[R# ?V[Q dN` [\a S\_R`RR[ V[ aUR NZ\RON! [\_ dN`
aUR cR_aRO_NaR `a_bPab_R! `PVR[PR [\ Z\_R aUN[ aUR \]]\`NOYR aUbZO/
B :;>AEAB:;53> 3 EB75FE A8 6 3DI;@;E? L ),
\[R N[Q aUR \aUR_ dR_R RYVPVaRQ V[ QbRh Oba b[S\_R`RRNOYRh P\b_`R V[
aUR R[\_Z\b` `]N[ \S aUR PUN[TV[T cVaNY `VabNaV\[# FUR cN_VNOVYVaf V`
R``R[aVNYYf V[`aNOVYVaf! dUVPU Va`RYS aR`aVSVR` a\ aUR NO`R[PR \S N ]_RQR"
aR_ZV[RQ `bO`aN[aVNY S\_Z#
FUV` _RQbPaV\[ \S aUR S\_ZNY R``R[PR \S YVSR a\ aUR cN[V`UV[T"]\V[a
\S N ZR_R cVaNY Z\ZR[abZ dVaU\ba `]RPVSVP \_VTV[NY P\[aR[a! N[Q P\_"
_R`]\[QV[TYf aUR aU_\dV[T \]R[ \S aUR V[QRSV[VaR U\_Vg\[ \S `VabNaV\[
S\_ aUR Rc\XV[T \S ]\``VOVYVaVR` dUVPU dR_R [\a ]_R"ReV`aV[T ]\aR[aVNYV"
aVR`! UNcR N SNZVYVN_ _V[T a\ aU\`R P\[cR_`N[a dVaU P\[aRZ]\_N_f
]UVY\`\]UVR` \S ?N[# ;[QRRQ [V[RaRR[aU"PR[ab_f Rc\YbaV\[V`Z! dUVPU
P\Z]YRaRQ aUR 5\]R_[VPN[ _Rc\YbaV\[ V[ \[a\Y\Tf! V` N[ N]\P_f]UNY
N[PR`a\_ NY\[T dVaU aUR Z\_R \SSVPVNY \[R` \S ]_R`R[a"QNf ReV`aR["
aVNYV`Z# FUR YNaaR_k` R[P\b[aR_ dVaU i[\aUV[T[R``j `]_V[T` S_\Z aUR
QR[VNY \S iR``R[PRj dUVPU OY\PXRQ aUR _RP\b_`R a\ N[ VQRNY i[Nab_Rj
\S ZN[! \[PR \SSR_RQ V[ UV` PYN``VPNY QRSV[VaV\[ Of _RN`\[ =B@B
6A>@6? E6G>BA6?: ! \_ V[ aUR 4VOYVPNY \[R Of P_RNaV\[ V[ aUR VZNTR \S
9\Q# FUR iVZNTR!j V[ aUR NO`R[PR \S P_RNaV\[! UNQ cN[V`URQ dVaU aUR
\_VTV[NY0 N[Q _RN`\[ UNQ ORR[ _RQbPRQ a\ N ZRN[` NZ\[T ZRN[`! a\
OR WbQTRQ Of aUR RSSVPVR[Pf \S Va` V[`a_bZR[aNY _\YR) V[ aUR `b_cVcNY
V``bR/ N` N ZR_RYf S\_ZNY `XVYYh aUR ReaR[`V\[ \S N[VZNY Pb[[V[Th Va
Q\R` [\a `Ra Oba `R_cR NVZ`! V` [\a Va`RYS `aN[QN_Q Oba ZRN`b_RQ Of
`aN[QN_Q` \ba`VQR Va` Wb_V`QVPaV\[# ;S aUR_R V` N iYVSR \S _RN`\[j S\_
ZN[ N` QV`aV[Pa S_\Z aUR ZR_R b`R \S _RN`\[ ! Va PN[ OR PU\`R[ \[Yf
[\[_NaV\[NYYf! N` NYY R[Q` Zb`a OR PU\`R[ [\[_NaV\[NYYf VS aURf PN[
OR PU\`R[ Na NYY # FUb` _RN`\[ UN` [\ Wb_V`QVPaV\[ RcR[ \cR_ aUR
PU\VPR \S Va`RYS N` Z\_R aUN[ N ZRN[`#* 4ba b`R \S _RN`\[! N` N
ZRN[`! V` P\Z]NaVOYR dVaU N[f R[Q! [\ ZNaaR_ U\d V__NaV\[NY# FUV` V`
aUR [VUVYV`aVP VZ]YVPNaV\[ V[ Z N[k` Y\`V[T N iORV[Tj a_N[`PR[QV[T aUR
SYbe \S ORP\ZV[T# @VRag`PURk` [VUVYV`Z N[Q UV` NaaRZ]a a\ \cR_P\ZR Va
N_R QRZ\[`a_NOYf P\[[RPaRQ dVaU aUR VZ]NPa \S 6N_dV[V`Z# FUR dVYY
a\ ]\dR_ `RRZRQ aUR \[Yf NYaR_[NaVcR YRSa VS aUR \_VTV[NY R``R[PR \S
ZN[ UNQ RcN]\_NaRQ V[ aUR a_N[`Va\_V[R`` N[Q dUVZ`VPNYVaf \S aUR
Rc\YbaV\[N_f ]_\PR``# FUV` V` a\ `Nf! [\a aUNa 6N_dV[V`Z V` G=: ]_\"

)# 4ba a\ UNcR N[ V[`a_bZR[aNY _\YR! _RN`\[hV#R#! ZV[QhZb`a UNcR


PNb`NaVcR S\_PR! N[Q aUV`! N` Va PUNYYR[TR` aUR `RYS"`bSSVPVR[Pf \S ZNaR_V"
NYV`Z! NY`\ _NV`R` aUR dU\YR V``bR \S QRaR_ZV[V`Z P\[[RPaRQ dVaU Va/ `RR
3]]R[QVe a\ 8VSaU 7``Nf#
*# 5S# 7VTUaU 7``Nf! R`]RPVNYYf `RPa# ;;;#
)- F :7 B :7@A?7@A@ A8 >;87
TR[Va\_ \S ReV`aR[aVNYV`Z! Oba aUNa Va P\[S\_Z` N[Q P\[a_VObaR` a\ NYY
aUR \aUR_ ZR[aNY SNPa\_` \ba \S dU\`R a\aNY `RaaV[T ReV`aR[aVNYV`Z
Y\TVPNYYf T_Rd# IR ZR[aV\[RQ aUR Z NW\_ _\YR dUVPU Rc\YbaV\[V`Z
dVaU aUR YV^bVQNaV\[ \S VZZbaNOYR `]RPVR` ]YNfRQ V[ aUR N[aV"BYNa\[VP
a_R[Q \S Z\QRZ `PVR[PR/ ReV`aR[aVNYV`Z V` aUR Z\`a _NQVPNY P\[PYb`V\[
Q_Nd[ `\ SN_ S_\Z aUR b[_R`R_cRQYf NPPR]aRQ cVPa\_f \S [\ZV[NYV`Z
\cR_ _RNYV`Z#

;H

;[ _RYNaV[T Rc\YbaV\[V`Z a\ aUR 5\]RZVPN[ _Rc\YbaV\[! dR UNcR R`]R"


PVNYYf V[ ZV[Q aUR SNPa aUNa Va ReaR[Q` a\ aUR _RNYZ \S ?>;: aUNa P\Z"
OV[NaV\[ \S [Nab_NY [RPR``Vaf dVaU _NQVPNY P\[aV[TR[Pf dUVPU aUR
@Rda\[VN[">N]YNPRN[ P\`Z\Y\Tf _R`bYaV[T S_\Z aUNa _Rc\YbaV\[ UNQ
b[VcR_`NYYf ]_\PYNVZRQ# FUR P\ZOV[NaV\[ \S [RPR``Vaf N[Q P\[aV["
TR[Pf `RRZ` ]N_NQ\eVPNY# FUR SV_`a \OcV\b` N`]RPa \S aUR b[VcR_`R V[
aUR Z \QRZ `PVR[aVSVP `PURZR dN` V[QRRQ aUR `a_VPa _bYR \S PNb`NY YNd!
V[ aUR Sb[PaV\[ N[Q P\[`R^bR[aYf NY`\ V[ aUR TR[R`V` \S aUV[T`! N[Q aUV`
`RRZ` _NaUR_ a\ RePYbQR N[f XV[Q \S P\[aV[TR[Pf S_\Z [Nab_R# ;a
PR_aNV[Yf Q\R` RePYbQR P\[aV[TR[Pf V[ aUR `R[`R \S NPPVQR[a` \ba`VQR
aUR YNd# ;[ N[\aUR_ `R[`R! U\dRcR_! aUR Z\QRZ PNb`NY `PURZR V` aUR
cR_f ]_V[PV]YR \S N[ \cR_NYY P\[aV[TR[Pf \S ReV`aR[PR N` `bPU! V[`\SN_
N` aUR [RPR``Vaf UR_R \]R_NaV[T V` ReaR_[NY S\_ N[f TVcR[ R[aVaf dVaUV[
Va` ]Yb_NYV`aVP `RaaV[T N[Q Q\R` [\a ]_\PRRQ N` N[ Nba\[\Z\b` YNd \S
ORP\ZV[T S_\Z Va` V[a_V[`VP [Nab_R# @ \_ Q\R` Va ]_\PRRQ S_\Z N
a_N[`PR[QR[a ]YN[! V[ aUR P\Z]_RUR[`VcR QR`VT[ \S dUVPU aUR ]N_aVPb"
YN_ aUV[T` N[Q aURV_ QR`aV[VR` N_R V[aRT_NaRQ# DNaUR_ V` aUR [RPR``Vaf
aUNa \S aUR `bZ a\aNY Va`RYS V[ aUR V[aR_NPaV\[ \S Va` ]N_a`! RNPU \S
dUVPU P\[a_VObaR` Va` ^bN[aVaf N[Q V` Va`RYS QRaR_ZV[RQ Of aUR QV`a_VOb"
aV\[ \S ^bN[aVaVR` N_\b[Q Va# FU\bTU RcR_faUV[T V[ aUV` V[aR_NPaV\[ V`
T\cR_[RQ Of PNb`NY YNd! aUR _R`bYaV[T S\_ZNaV\[` N_R ZRaN]Uf`VPNYYf
P\[aV[TR[a/ [\[R SbYSVYY` N ]N_aVPbYN_ R[Q \S _RNYVaf! aUR_R ORV[T [\
V[a_V[`VP ]_RSR_R[PR V[ _RNYVaf S\_ aUV` _NaUR_ aUN[ N[\aUR_ \baP\ZR \S
aUR N_VaUZRaVP \S V[aR__RYNaRQ ^bN[aVaVR`# 7eaR_[NY [RPR``Vaf \S aUR
`bZZNaVcR af]R V` aUR_RS\_R aUR P\_\YYN_f a\ aUR Z\`a _NQVPNY P\[aV["
TR[Pf \S RcR_f ]N_aVPbYN_ ReV`aR[PR# E\ZR V[VaVNY P\[QVaV\[` ORV[T
QVSSR_R[a! aUR `\YN_ `f`aRZ d\bYQ [\a ReV`a \_ d\bYQ OR \aUR_dV`R aUN[
Va V`! N[Q aUR P\Z]YRaR[R`` \S [Nab_R N` N[ R^bVYVO_VbZ"`f`aRZ d\bYQ
B :;>AEAB:;53> 3 EB75FE A8 6 3DI;@;E? L ).
OR [\[R aUR d\_`R S\_ Va# i@RPR``Vaf ]Yb` P\[aV[TR[Pfj PN[ OR Z\`a
`VZ]Yf Re]_R``RQ UR_R Of `NfV[T aUNa aUR_R V` aUR P\Z]YRaR P\[P\b_`R
\S 86HF:F Oba [\ E:6FBA S\_ aUR `f`aRZ N` Va UN]]R[` a\ ReV`a#
FUR `NZR Y\TVP N]]YVR` a\ YVSR b[QR_ aUR PNaRT\_VR` \S Rc\YbaV\[V`Z#
FUR P\ZOV[NaV\[ \S [RPR``Vaf N[Q P\[aV[TR[Pf N]]RN_` V[ NYY aUR SRN"
ab_R` dUVPU dR UNcR QV`Pb``RQ#
&# A[R `bPU SRNab_R dN` aUR _RcR_`NY \S aUR \YQR_ ORYVRS V[ aUR
`b]R_V\_ `aNab` \S \_VTV[`# EV[PR ]R_SRPaV\[ V` [\a N `aN[QN_Q V[a_V[`VP
V[ [Nab_R Va`RYS! aUR `\"PNYYRQ iUVTUR_j `a_bPab_R ZNf dRYY RZR_TR
S_\Z Z\_R ]_VZVaVcR \[R` 688>9:AG6??L! V#R#! Of aUR NTR[Pf \S R[aV_RYf
]_VZVaVcR S\_PR`# ;S UVTUR_ YRcRY` UN]]R[ a\ RZR_TR V[ aUR Qf[NZVP` \S
aUR ]_VZVaVcR! aURV_ ^bNYVaf N` YRcRY` V` dU\YYf P\[aV[TR[a! aU\bTU aURV_
SNPabNYVaf V` [RPR``N_f# FUR VZ]\_aN[PR \S aUV` VQRN \S QR`PR[a S\_ aUR
`RYS"b[QR_`aN[QV[T \S YVSR V` \OcV\b`#
'# 3[\aUR_ SRNab_R dN` aUR _RcR_`NY \S aUR a_NQVaV\[NY _RYNaV\[ N`"
`bZRQ ORadRR[ ]_R"ReV`aV[T `a_bPab_R N[Q Sb[PaV\[! N[Q UR_R a\\ dR
ZRRa aUR PUN_NPaR_ \S P\[aV[TR[Pf# A_TN[VP `a_bPab_R! aU\bTU V[ RNPU
TVcR[ PN`R aUR P\[QVaV\[ S\_ `]RPVSVP Sb[PaV\[! V` Va`RYS aUR Sb[PaV\[ \S
N cVaNY Qf[NZVP V[ aUR `R^bR[PR \S TR[R_NaV\[` dUVPU V` P\[PR_[RQ [\a
Na NYY dVaU aUR NPUVRcRZR[a \S N ]N_aVPbYN_ `a_bPab_R Oba dVaU aUR
Ob`V[R`` \S YVcV[T N[Q aUR P\[aV[bN[PR \S YVSR N` `bPU# IR `UNYY
]_R`R[aYf `RR aUNa iP\[PR_[RQj V` N ZRaN]U\_VPNY Re]_R``V\[ \[Yf#
E]RPVR`! N _RYNaVcRYf `aNOYR! aRZ]\_N_VYf `RYS"]R_]RabNaV[T `a_bPab_R! V`
N[ V[PVQR[aNY _R`bYa \S YVSRk` UV`a\_f dVaU [\ aR_ZV[NY `aNab` V[ P_RNaV\[
N[Q [\ V[QVPNaV\[ dUR_R Va ZNf YRNQ [Rea# FUR SYbe \S Qf[NZV`Z
_R]YNPR` R``R[PR N[Q ^bNYVSVR` dUNa N]]RN_` N` `bPU dVaU N _NQVPNY
P\[aV[TR[Pf#
(# ;[ aUR RZ]UN`V` \[ R[cV_\[ZR[a dR UNcR N aUV_Q SRNab_R ]\V[a"
V[T b] aUR _bYR \S i[RPR``Vaf N[Q P\[aV[TR[Pf#j IUR[ dR `NVQ ORS\_R
aUNa V[ aUR Rc\YbaV\[N_f P\[PR]aV\[ aUR ]NaaR_[` \S \_TN[VP `a_bPab_R
N]]RN_ N` aURZ`RYcR` ]_\QbPa` \S YVSR! aUR ZRN[V[T dN` [\a aUNa aUR
RZR_TR[a S\_Z V` P\[`VQR_RQ N[ Nba\[\Z\b` NPUVRcRZR[a \S aUR YVc"
V[T `bO`aN[PR dUVPU d\bYQ b[S\YQ V[ aUV` `R_VR` \S RZR_TR[PR Va`
\_VTV[NY ]\aR[aVNYVaVR`# FUR Re]YN[Na\_f NPPR[a YVR` _NaUR_! V[ NPP\_Q"
N[PR dVaU aUR ]Uf`VPNY \[a\Y\Tf dR UNcR ORR[ QV`Pb``V[T! \[ aUR
ReaR_[NY P\[QVaV\[` N` aUR PUVRS NTR[Pf V[ Rc\YbaV\[# A[Yf dUR[ aUR
aR_Z iYVSRj P\Z]_V`R` aUR V[aR_]YNf \S \_TN[V`Z N[Q R[cV_\[ZR[a V` Va
P\__RPa a\ `Nf aUNa iYVSR ]_\QbPR` `]RPVR`#j 7cR[ aUR `NfV[T aUNa aUR
*% F :7 B :7@A?7@A@ A8 >;87
RZR_TR[a S\_Z` N_R iNQN]aNaV\[`j a\ P\[QVaV\[`! P_RQVa`! Of 6N_dV["
VN[ `aN[QN_Q`! a\\ ZbPU a\ aUR ORN_R_ \S YVSR VS NQN]aNaV\[ `bTTR`a` N
]R_S\_ZN[PR \[ Va` ]N_a# FUR NQN]aNaV\[` _NaUR_ _R]_R`R[a N Qf[NZVP
R^bVYVO_VbZ! d\_XV[T Va`RYS \ba ORadRR[ aUR P\[QVaV\[` \S aUR R[cV"
_\[ZR[a N[Q aUR UN]UNgN_Q ]\``VOVYVaVR` \SSR_RQ Of \_TN[VP V[`aNOVYVaf#
FUb` dR \O`R_cR aUR `NZR `UVSa S_\Z `bO`aN[PR N[Q Va` V[a_V[`VP ]_\]"
R_aVR` a\ aUR Sb[PaV\[ \S N ]Yb_NY `f`aRZ \S _RYNaV\[` dUVPU PUN_NPaR_"
VgR` aUR ]Uf`VPNY d\_YQ"P\[PR]a V[ TR[R_NY N[Q YRNQ` a\ aUR P\ZOV[N"
aV\[ \S [RPR``Vaf N[Q P\[aV[TR[Pf UR_R QV`Pb``RQ#+
DRTN_QV[T aUR QV`a_VObaV\[ \S PNb`NYVaf ORadRR[ \_TN[V`Z N[Q R[cV"
_\[ZR[a N` aUR SNPa\_` \S aUR Rc\YbaV\[N_f `VabNaV\[! dR UNcR a\ ZNXR
N SV[NY \O`R_cNaV\[# 3PP\_QV[T a\ 6N_dV[V`Z aUR QV`a_VObaV\[ V`/
PUN[PR"cN_VNaV\[ \_ Z baNaV\[ \[ aUR ]N_a \S aUR \_TN[V`Z! [Nab_NY
`RYRPaV\[ \[ aUR ]N_a \S aUR R[cV_\[ZR[a# FUR SV_`a \S aUR`R _R`a`
bYaVZNaRYf \[ aUR SNPa aUNa [\aUV[T V[ [Nab_R V` P\Z]YRaRYf `aNOYR0
aUR `RP\[Q! \[ aUR SNPa aUNa YVSR V` P\[aV[bNYYf ]ba a\ aUR aR`a b[QR_
aUR NYaR_[NaVcR \S ORV[T N[Q [\a"ORV[T V[UR_R[a V[ Va# IUNa! aUR[! V` aUR
_R`]RPaVcR `UN_R \S RVaUR_ \S aUR`R ad\ PNb`R`2 FUR\_RaVPNYYf! aUR
ZRPUN[VP` \S `RYRPaV\[! V[ dUVPU [\ ]b_]\`R V[aR_cR[R`! V` a\ aNXR
aUR ]YNPR \S aRYR\Y\Tf V[ aUNa Va QRPVQR` \[ aUR ZR_Va` \S aUR _N[Q\Z
ZNaR_VNY \SSR_RQ Va! N[Q Va Q\R` `\ Of P_VaR_VN dUVPU! ZRPUN[VPNY N`

+# ;a ZNf OR ]R_aV[R[a a\ ]\V[a \ba aUR ORN_V[T \S NYY aUV` \[ aUR


PYN``VPNY VQRN \S i]R_SRPaV\[#j 3` Y\[T N` V[ aUR 3_V`a\aRYVN[ \_ RcR[
5N_aR`VN[ `R[`R aUR_R dN` `bPU N aUV[T N` aUR QRSV[VaVcR ]NaaR_[ \S N TVcR[
`]RPVR`! Va dN` ]\``VOYR a\ `]RNX \S N Z\_R \_ YR`` ]R_SRPa _RNYVgNaV\[ \S N[
R``R[PR V[ aUR YVcR` \S V[QVcVQbNY`# A[R P\bYQ N_TbR aUNa N[ V[QVcVQbNY V` V[
N T_RNaR_ \_ YR``R_ QRT_RR dUNa Va V` QR`aV[RQ a\ OR! cVg#! N _R]_R`R[aNaVcR \S
Va` `]RPVR`# iBR_SRPaV\[j UR_R ZRN[` aUR P\Z]YRaR[R`` dVaU dUVPU aUR
]NaaR_[ \S aUR a_RR \_ Q\T \_ \S ZN[ P\ZR` a\ NPabNYVgNaV\[ V[ aUR V[QV"
cVQbNY QRcRY\]ZR[a \S N `]RPVZR[ \S aUR `]RPVR`# 3TNV[! S\_ aUR P\Z]N_V"
`\[ \S `]RPVR` dVaU \[R N[\aUR_ N[Q S\_ aURV_ \_QR_V[T V[ N `PNYR \[R P\bYQ
]\`abYNaR PR_aNV[ `aN[QN_Q` \S ]R_SRPaV\[# 4ba aUR ]VPab_R V` PUN[TRQ dUR[
Va V` NQZVaaRQ aUNa `]RPVR` V` \[Yf _RYNaVcRYf `aNOYR! N[Q aUNa aUV` `aNOVYVaf
_R]_R`R[a` \[Yf aUR aRZ]\_N_f R^bVYVO_VbZ NZ\[T aUR S\_PR` dUVPU TR["
R_NYYf QRaR_ZV[R aUR `a_bPab_R N` `bPPR``SbY# ;[ aUV` cVRd! RNPU TVcR[
`a_bPab_R _R]_R`R[a` N a_fV[T"\ba V[ aUR Q_NZN \S NQN]aNaV\[ N[Q V` \[
]_V[PV]YR \]R[ a\ b[S\_R`RRNOYR _RcV`V\[` dUVPU! VS ]b`URQ SN_ R[\bTU!
ZNf _R`bYa V[ `\ZRaUV[T dUVPU PN[ [\ Y\[TR_ OR _RTN_QRQ N` aUR Z\_R
]R_SRPa _RNYVgNaV\[ \S N[ \_VTV[NY ]NaaR_[! Oba Zb`a OR aR_ZRQ N [Rd
`]RPVR`#
B :;>AEAB:;53> 3 EB75FE A8 6 3DI;@;E? L *&
aURf N_R! SNc\_ i]_\T_R``j V[ PR_aNV[ QV_RPaV\[`# ;a V` a\ OR [\aRQ!
U\dRcR_! aUNa aURf iSNc\_j Of RYVZV[NaV\[# FUV` V` R``R[aVNYYf N [RTN"
aVcR `bO`aVabaR S\_ aRYR\Y\Tf/ Va NPP\b[a` S\_ aUR QV`N]]RN_N[PR \[Yf
N[Q [\a S\_ aUR RZR_TR[PR \S S\_Z`h Va `b]]_R``R` N[Q Q\R` [\a
P_RNaR# FUb` Va _R]YNPR` aRYR\Y\Tf N` N QV_RPaV[T ]_V[PV]YR \[Yf \[
P\[QVaV\[ aUNa Va V` \SSR_RQ aUR `bVaNOYR ZNaR_VNY a\ `RYRPa S_\Z# FUV`
ZRN[` aUNa aUR ]\`VaVcR _\YR! aUR RZR_TR[PR \S S\_Z`! SNYY` dU\YYf a\
aUR _N[Q\Z ]YNf \S NOR__NaV\[` S_\Z ]NaaR_[! dUVPU N` NOR__NaV\[`
N_R Of aURZ`RYcR` V[QVSSR_R[aYf iS_RNX`!j N[Q \[ dUVPU aUR QV`aV[PaV\[
ORadRR[ QRS\_ZVaf N[Q VZ]_\cRZR[a V` `b]R_VZ]\`RQ Of R[aV_RYf
Rea_N[R\b` P_VaR_VN# Ea_NV[RQ aU_\bTU aURV_ `VRcR! aUR S\_abVa\b` V` URYQ
a\ ab_[ P\[`a_bPaVcRh N[Q dVaU [\ iPb[[V[T \S _RN`\[j aUR_R _R`bYa`
aUR ]N_NQ\e \S NQcN[PR aU_\bTU ZV`PUN[PR! \S N`PR[a Of NPPVQR[a# ;a
UN` `aVYY a\ OR `U\d[ aUNa aUR V[SV[VaRYf P\Z]YRe N[Q d\[QR_SbYYf
NQWb`aRQ \_TN[VP iZNPUV[R`j N[Q aURV_ N`PR[QV[T `R_VR` PN[ _RNYYf OR
NPP\b[aRQ S\_ \[ aUR`R aR_Z`#
;a V` [\a S\_ b` a\ QRPVQR \[ ^bR`aV\[` \S SNPa! Oba dR PN[ ZNXR
Re]YVPVa dUNa aUR Uf]\aUR`V` VZ]YVR`# BYN`aVPVaf V` UR_R V[`aNOVYVaf! N[Q
dR N_R YRSa dVaU aUR _VQQYR \S aUR YNaaR_k` SRVT[V[T P_RNaVcVaf# 8\_ VS aUR
TR[R `f`aRZ V` aUR a_N[`ZVaa\_ \S UR_RQVaf! `aNOVYVafh aUR P\[QVaV\[ \S
SNVaUSbY a_N[`ZV``V\[h V` Va` R``R[aVNY cV_abR# 3 ZbaNaV\[! aUR[! V` N
QV`ab_ON[PR \S aUV` `aNOVYVaf! _R`bYaV[T V[ SNVYb_R a\ a_N[`ZVa SNVaUSbYYf#
B_R`bZNOYf aUR QV`ab_ON[PR V` QbR a\ `\ZR ReaR_[NY V[SYbR[PR R#T#!
_NQVNaV\[ dUVPU UN` ZN[NTRQ a\ O_RNX aU_\bTU aUR `aNOVYVgV[T ON_"
_VR_` \S aUR `f`aRZ! N[Q dU\`R NPaV\[! S_\Z aUR ]\V[a \S cVRd \S aUR
`f`aRZ Va`RYS! V` [\aUV[T Oba N ZRPUN[VPNY ZV`UN]# EV[PR Va V` N ZV`UN]
a\ aUR `aRR_V[T"`f`aRZ \S N Sbab_R \_TN[V`Z! Va dVYY _R`bYa V[ `\ZRaUV[T
dUVPU S_\Z aUR ]\V[a \S cVRd \S aUR \_VTV[NY ]NaaR_[ PN[ \[Yf OR
aR_ZRQ N QRS\_ZVaf# :\dRcR_ ib`RSbYj Va UN]]R[` a\ OR! N` N QRcVN"
aV\[ S_\Z aUR [\_Z Va V` i]NaU\Y\TVPNY#j 3` `VZVYN_ ZV`UN]` P\[aV[bR
a\ ORSNYY aUR `NZR TR[R `f`aRZ V[ `bPPRRQV[T TR[R_NaV\[`! N[ NPPbZb"
YNaV\[ \S `bPU QRS\_ZVaVR` b[QR_ aUR ]_RZVbZ `f`aRZ \S `RYRPaV\[ ZNf
_R`bYa V[ N aU\_\bTUYf [\cRY N[Q R[_VPURQ ]NaaR_[/ Oba aUR iR[_VPU"
ZR[aj d\bYQ `aVYY OR N[ ReP_R`PR[PR \[ aUR \_VTV[NY `VZ]YVPVaf! N
`YV]]V[T \S aUR QV`PV]YV[R \S S\_Z ZbYaV]YVRQ \cR_ N[Q \cR_ NTNV[
b[QR_ aUR YVPR[`V[T \S `RYRPaV\[0 N[Q aUb` aUR UVTU \_TN[VgNaV\[ \S N[f
N[VZNY \_ \S ZN[ d\bYQ N]]RN_ N TVTN[aVP Z\[`a_\`Vaf V[a\ dUVPU aUR
\_VTV[NY NZ\RON UN` T_\d[ aU_\bTU N Y\[T UV`a\_f \S QV`RN`R# FR[QR["
*' F :7 B :7@A?7@A@ A8 >;87
aV\b` N` Va `\b[Q`! aUV` Zb`a OR aUR ]VPab_R `\ Y\[T N` Z baNaV\[ V`
P\[PRVcRQ N` [\aUV[T Z\_R aUN[ N S_RNX NPPVQR[a dU\`R QRYRaR_V\b` \_
OR[RSVPVNY ^bNYVaf N[Q QRYRaR_V\b` V` \cR_dURYZV[TYf aUR _bYR V` QR"
PVQRQ \[Yf CBFG =B8 V[ aUR Y\aaR_f \S [Nab_NY `RYRPaV\[! V#R#! Of aUR
ReaR_[NY ;>6G \S R[cV_\[ZR[a RePR]a dUR_R V[a_V[`VP cVNOVYVaf V`
NSSRPaRQ Of aUR PUN[TR # A[ aUV` Z\QRY! dUVPU _RSYRPa` aUR ]_R`R[a
P\[PR]abNY `aNaR \S TR[RaVP`! N[f iUVTUR_j S\_Z V` V[QRRQ [\aUV[T Oba
N `]\_a! Of Va`RYS V[QV`aV[TbV`UNOYR S_\Z QRTR[R_NaV\[! \S N iY\dR_j
S\_Z! Oba N `]\_a dUVPU UN` ab_[RQ \ba a\ UNcR N QVSSR_R[aVNY `b_cVcNY"
cNYbR# FUV` Rea_RZR P\[`R^bR[PR \S 6N_dV[V`Z `^bN_RYf ]\`R` aUR
^bR`aV\[ dURaUR_ N ZRPUN[V`aVP OV\Y\Tf PN[ Q\ Wb`aVPR a\ aUR ]UR"
[\ZR[N \S YVSR#
>Ra b` `UN_]R[ aUR ^bR`aV\[ Of aUR S\YY\dV[T P\[`VQR_NaV\[# ;[ aUR
P\ZOV[NaV\[ \S 6N_dV[V`Z dVaU Z\QRZ TR[RaVPV`Z dUVPU P\[`aVabaR`
aUR _NaV\[NY P\_R \S ]_R`R[a aUR\_f! N A:J 9H6?>F@ \S Z\QRY"P\[PR]"
aV\[ `b]R_`RQR` N[f ]_RcV\b` \[R V[ aUR V[aR_]_RaNaV\[ \S YVSR# ;a V` [\a!
N` ZVTUa N]]RN_ Na SV_`a TYN[PR! aUR QbNYV`Z \S \_TN[V`Z N[Q R[cV_\["
ZR[ah aUV` ]NV_ _NaUR_ S\_Z` \[R V[aR_NPaVcR `f`aRZh Oba aUR QbNYV`Z
<:E@$ FB@6! V[ dUVPU aUR `\ZN aUR NPabNY \_TN[V`Z V` Va`RYS ]N_a \S
aUR iR[cV_\[ZR[a!j [NZRYf! aUR VZZRQVNaR R[cV_\[ZR[a S\_ aUR TR_Z
]YN`Z N[Q aUR ZRQVNa\_ \S aUR RSSRPa` \[ aUR YNaaR_k` ReV`aR[PR \S aUR
dVQR_ R[cV_\[ZR[a# FUR`R RSSRPa`! U\dRcR_! N` SN_ N` P\[QbPaRQ
aU_\bTU aUR ?>;: =>FGBEL \S aUR `\ZN! N_R ZR_RYf V[ aUR RVaUR_"\_ aR_Z`
\S NQZV``V\[ \_ [\[NQZV``V\[ \S aUR TR_Z a\ _R]_\QbPaV\[ V#R#! a\ Va`
P\[aV[bNaV\[ DH6 TR_Z N[Q V[ [\ dNf V[PYbQR N[f _RSYRe \S aUR
\_TN[V`Zk` Re]R_VR[PR N[Q NPUVRcRZR[a` V[ Va` YVSRY\[T QRNYV[T` dVaU
aUR R[cV_\[ZR[a# FUR [\[a_N[`ZV``V\[ \S NP^bV_RQ PUN_NPaR_` ]_R"
PYbQR` aUR YNaaR_ ]\``VOVYVaf# FUb` aUR_R N_V`R` dVaUV[ aUR ZNaR_VNYV`a
_RNYZ Va`RYS N `a_N[TR ]N_\Qf \S aUR 5N_aR`VN[ Z\QRY \S ad\ [\[P\Z"
Zb[VPNaV[T `bO`aN[PR`# I RV`ZN[[k` aUR\_f \S aUR P\[aV[bVaf \S aUR
TR_Z ]YN`Z V` aUR PYRN_R`a Re]_R``V\[ \S aUV` [Rd OV\Y\TVPNY QbNYV`Z#
FUR_R V` \[ aUR \[R UN[Q aUR OYV[Q Nba\ZNaV`Z \S N TR_Z UV`a\_f
R[NPaRQ V[ aUR `bOaR__N[RN[ QN_X[R`` dUVPU [\ YVTUa S_\Z aUR b]]R_
d\_YQ ]R[Ra_NaR`0 N[Q \[ aUR \aUR_ UN[Q aUR b]]R_ d\_YQ \S aUR `\ZN
ZRRaV[T aUR d\_YQ V[ aR_Z` \S YVSR! ]b_`bV[T Va` QR`aV[f! SVTUaV[T Va`
ONaaYR`! aNXV[T aUR VZ]_R`` \S Va` cVPa\_VR` N[Q QRSRNa`h N[Q NYY aUV`
ORV[T \S [\ \aUR_ P\[`R^bR[PR S\_ aUR UVQQR[ PUN_TR aUN[ aUNa \S Va`
ORV[T RVaUR_ P\[aV[bRQ \_ RYVZV[NaRQ# FUR cVPV``VabQR` \S aUR <:E@QF
B :;>AEAB:;53> 3 EB75FE A8 6 3DI;@;E? L *(
UV`a\_f! N` Re]_R``RQ V[ ZbaNaV\[`! N_R R[aV_RYf `R]N_NaR S_\Z aUR
cVPV``VabQR` \S aUR `\ZNk` UV`a\_f! b[V[SYbR[PRQ Of aUR dU\YR Q_NZN
\S YVSR R[NPaRQ V[ aUR YVTUa! aU\bTU QRaR_ZV[V[T aUR YNaaR_ aU_\bTU aUR
[Rea RZO\QVZR[a# A[ aUR`R aR_Z`! aUR `U\_a"YVcRQ ZNP_\`P\]VP V[QV"
cVQbNY N]]RN_` N` `\ZRaUV[T YVXR N _R]RaVaV\b` \SS`U\\a \S aUR R[Qb_"
V[T TR_Z ]YN`Z! `R[a b] V[ `bPPR``V\[ a\ ]_\cVQR Va` [\b_V`UV[T N[Q
]_\aRPaV[T iR[cV_\[ZR[aj / NYY P\Z]YReVaf \S aUR aRZ]\_N_f PN__VR_`
dVaU Va` NaaR[QN[a R[W\fZR[a N[Q `bSSR_V[T V` aUR RcR_ Z\_R Re]R["
`VcR RYNO\_NaV\[ \S aUV` aURV_ `bO`R_cVR[a Sb[PaV\[# FUb` aUR BYNa\[VP"
3_V`a\aRYVN[ VZZ\_aNYVaf \S aUR `]RPVR` V` UR_R _R]YNPRQ Of aUR VZ"
Z\_aNYVaf \S aUR TR_Z ]YN`Z N` N P\[aV[b\b` ReV`aR[PR V[ Va`RYS0 N[Q V[
N _RcR_`NY \S aUR PYN``VPNY S\_ZbYN! \[R d\bYQ UNcR a\ `Nf aUNa aUR
QRcRY\]RQ V` S\_ aUR `NXR \S aUR b[QRcRY\]RQ! aUR a_RR S\_ aUR `NXR \S
aUR `RRQ#

;[ \[R _R`]RPa! aUR a_VbZ]U dUVPU ZNaR_VNYV`Z NPUVRcRQ V[ 6N_dV["


V`Z P\[aNV[` aUR TR_Z \S Va` \d[ \cR_P\ZV[T# FUR ZRaN]Uf`VPNY VZ"
]\_aN[PR \S 6N_dV[V`Z YNf V[ aUR P\Z]N_NaVcR `bPPR`` \S Va` NaaRZ]a
h VZ]\`RQ Of aUR `PVR[aVSVP P\ZZVaZR[a N` `bPUh a\ P_RQVa aUR
Nba\ZNaV`Z \S ZNaR_VNY [Nab_R dVaU aUR TR[R_NaV\[ \S aUR O_N[PUV[T
N[Q N`PR[QV[T YVSR S\_Z`# 4ba Of aUb` QV`]R[`V[T dVaU aUR QbNYV`aVP
[RPR``Vaf S\_ N P_RNaVcR ]_V[PV]YR QVSSR_R[a S_\Z aUR P_RNaRQ! aUR _R`bYa"
V[T Z\[V`Z NY`\ Q_Rd b]\[ QR`R_aRQ ZNaaR_ aUR SbYY dRVTUa \S N
Ob_QR[ S_\Z dUVPU QbNYV`Z UNQ XR]a Va S_RR/ aUNa \S UNcV[T a\ NP"
P\b[a S\_ aUR \_VTV[ \S @>A9! V[ NQQVaV\[ a\ aUR ]Uf`VPNY \_TN[VgNaV\[`
aURZ`RYcR`# 8\_ aUR ZR[aNY Naa_VObaR` N_R NZ\[T aUR i`]\_a`j aU_\d[
b] V[ aUR ZRPUN[VP` \S \_TN[VP ZbaNaV\[! N[Q aUV` TR[RaVP Q\Pa_V[R
VZ]YVR` N Z\_R Sb[QNZR[aNY cVRd \S aUR _RYNaV\[ \S ZV[Q N[Q O\Qf#
AS aUV` _RYNaV\[ aUR RN_Yf ]UVY\`\]UR_` \S Z\QR_[ `PVR[PR aU\bTU dVaU
VZ]\_aN[a RePR]aV\[` `bPU N` :\OOR` N[Q 9N``R[QV UNQ aNXR[ N
P\[cR[VR[aYf QbNYV`aVP cVRd! N[Q \[Yf NSaR_ `PVR[PR UNQ _RN]RQ a\ aUR
SbYY aUR NQcN[aNTR` \S aUV` cVRd QVQ Va RePUN[TR Va S\_ N ZNaR_VNYV`aVP
Z\[V`Z V[ aUR Q\Pa_V[R \S b[VcR_`NY Rc\YbaV\[#
>Ra b` _RPNYY dUNa ZNQR `PVR[PR SN`aR[ b]\[ N PR_aNV[ S\_Z \S
QbNYV`Z N` aUR \[a\Y\TVPNY `RaaV[T Z\`a `bVaNOYR S\_ Va` ]b_]\`R! R["
a_R[PU Va`RYS V[ Va` ]\_aV\[ \S aUR ]Na_VZ\[f! N[Q SV[NYYf QV`PN_Q aUR
*) F :7 B :7@A?7@A@ A8 >;87
\aUR_ UNYS N` _RQb[QN[a# 3TNV[ dR ZNXR _RSR_R[PR a\ 6R`PN_aR`# FUR
`PVR[aVSVP NQcN[aNTR \S QbNYV`Z dN`! Na Va` O_VRSR`a! aUNa aUR [Rd Z NaU"
RZNaVPNY VQRNY \S [Nab_NY X[\dYRQTR dN` OR`a `R_cRQ Of! N[Q V[QRRQ
_R^bV_RQ! aUR PYRN_"Pba QVcV`V\[ ORadRR[ ad\ _RNYZ` dUVPU YRSa `PVR[PR
a\ QRNY dVaU N ]b_R E:F :KG:AF6! b[aNV[aRQ dVaU aUR [\[ZNaURZNaVPNY
PUN_NPaR_` \S ORV[T# FUNa _RNYVaf >A GBGB dN` [\a \S aUV` \[R QR`V_NOYR
XV[Q UNQ ORR[ _RNYVgRQ Of 9NYVYR\! dU\`R Q\Pa_V[R \S aUR ZR_R `bO"
WRPaVcVaf \S aUR i`RP\[QN_f ^bNYVaVR`j aUR Re]_R``V\[ V` >\PXRk` V[V"
aVNaRQ aUR Rea_b`V\[ \S aUR b[QR`V_NOYR SRNab_R` S_\Z ]Uf`VPNY _RNYVaf#
4ba `bOWRPa` aURZ`RYcR` N_R \OWRPaVcR R[aVaVR` dVaUV[ _RNYVaf! N[Q aUR
Rea_b`V\[ \S SRNab_R` _RZNV[RQ V[P\Z]YRaR `\ Y\[T N` aURV_ QbZ]V[T"
T_\b[Q Va`RYS dN` N ]N_a \S aUR d\_YQ a\ OR QR`P_VORQ Of [Nab_NY
`PVR[PR# @\d 5N_aR`VN[ QbNYV`Z `RRZRQ aUR ]R_SRPa N[`dR_ a\ aUV`
QVSSVPbYaf# :R_R dN` \[R `bO`aN[PR dU\`R \[R R``R[aVNY Naa_VObaR V`
ReaR[`V\[! dU\`R X[\dYRQTR aUR_RS\_R V` R``R[aVNYYf V[ aUR Z\QR \S
ZRN`b_RZR[a N[Q ZNaURZNaVPNY QR`P_V]aV\[0 N[Q N[\aUR_ `bO`aN[PR
R[aV_RYf `R]N_NaR N[Q V[QR]R[QR[a! dU\`R \[R R``R[aVNY Naa_VObaR V`
NdN_R[R`` 8B<>G6G>B ! N[Q aUR N]]_\]_VNaR Z\QR \S dU\`R X[\dY"
RQTR N[Q QR`P_V]aV\[ dN` V[QRRQ ZbPU YR`` PYRN_Yf `aNaRQ! Oba NY`\ \S
ZbPU YR`` P\[PR_[/, dUNa ZNaaR_RQ dN` Va` >FB?6G>BA S_\Z aUR \aUR_#
FUR V`\YNaV\[ \S aUR E:F 8B<>G6AF dN` aUR Z\`a RSSRPaVcR dNf \S `RPb_"
V[T aUR P\Z]YRaR \[a\Y\TVPNY QRaNPUZR[a \S ReaR_[NY _RNYVaf S_\Z dUNa
dN` [\a ReaR[QRQ N[Q ZRN`b_NOYR# FUb`! OR`VQR` P\[`aVabaV[T aUV`
_RNYVaf N` N `RYS"P\[aNV[RQ SVRYQ S\_ aUR b[VcR_`NY N]]YVPNaV\[ \S Z NaU"
RZNaVPNY N[NYf`V`! aUR QVcV`V\[ ]_\cVQRQ aUR ZRaN]Uf`VPNY Wb`aVSVPNaV\[
S\_ aUR NYY"\ba ZRPUN[VPNY ZNaR_VNYV`Z \S Z\QR_[ `PVR[PR#- ;a Zb`a OR

,# ;[ UV`a\_VR` \S ]UVY\`\]Uf 6R`PN_aR` SVTb_R` ZNV[Yf N` aUR QV`P\cR_R_


\S aUR :<B 8B<>GB! V#R#! aUR S\b[QR_ \S aUR ]UVY\`\]Uf \S P\[`PV\b`[R``
dUVPU aR_ZV[NaRQ V[ VQRNYV`Z# IUR[ dR aNXR V[a\ NPP\b[a! U\dRcR_! UV`
]_R\PPb]NaV\[ dVaU aUR ZRaN]Uf`VPNY N[Q ZRaU\Q\Y\TVPNY S\b[QNaV\[ \S N
`PVR[PR \S [Nab_R! dR ZNf `b`]RPa aUNa aUR V`\YNaV\[ \S aUR E:F 8B<>G6AF
dN` ZNQR ]R_UN]` Z\_R S\_ aUR `NXR \S aUR E:F :KG:AF6 aUN[ S\_ Va` \d[#
-# FUR SNPa aUNa O\aU VQRNYV`Z N[Q ZNaR_VNYV`Z P\bYQ V``bR S_\Z 5N_aR"
`VN[V`Z V` `VT[VSVPN[a S\_ aUR ad\ ]\`VaV\[` aURZ`RYcR`# ;a `VT[VSVR` N` aUR
8V_`a 7``Nf UN` `U\d[ aUNa aURf O\aU N_R Of aURV_ [Nab_R! [\a \[Yf V[
aVZR! ]\`aQbNYV`aVP ]\`VaV\[`hV[ SNPa! QV`V[aRT_NaV\[ ]_\QbPa` \S aUR SV[NY
`aNTR \S QbNYV`Z! N[Q dVaU aUR `UNQ\d \S aURV_ \_VTV[ NYdNf` OR`VQR aURZ#
3[PVR[a! ]_RQbNYV`aVP ZNaR_VNYV`Z V` N[ VZ]R_SRPa ]N_NYYRY a\ Z\QR_[
ZNaR_VNYV`Z/ Va UN` aUR V[[\PR[PR ORS\_R aUR SNYY! N` Va \_VTV[NaRQ ORS\_R
B :;>AEAB:;53> 3 EB75FE A8 6 3DI;@;E? L **
`a_R``RQ aUNa aUV` Wb`aVSVPNaV\[ YNf V[ N``VT[V[T aUR RePYbQRQ! [\[Re"
aR[QRQ N[Q aUR_RS\_R [\[ZRPUN[VPNY! PUN_NPaR_` N `R]N_NaR N[Q SbYYf
NPX[\dYRQTRQ Q\ZNV[ \S aURV_ \d[! [\a V[ QR[fV[T aURZ _RNYVaf0 V[
\aUR_ d\_Q`! Va YNf V[ QbNYV`Z! [\a V[ Z\[V`Z! N[Q Va Nba\ZNaVPNYYf
YN]`RQ dVaU aUR `bO`R^bR[a NON[Q\[ZR[a \S aUR `]V_VabNY P\Z]YR"
ZR[a/ NY\[R dVaU Va`RYS! ZNaR_VNYV`Z ORPNZR N[ NO`b_QVaf#
KRa aUV` NON[Q\[ZR[a dN` V[RcVaNOYR ORPNb`R \S aUR dRYY"X[\d[
aUR\_RaVPNY QVSSVPbYaVR` V[UR_R[a V[ 5N_aR`VN[ QbNYV`Z# ;a` S\_aR S_\Z
aUR ]\V[a \S cVRd \S P\_]\_RNY `PVR[PR! aUR ZbabNY PNb`NY b[_RYNaRQ"
[R`` \S aUR ad\ \_QR_` \S ORV[T! dN` NY`\ Va` Z\_aNY dRNX[R`` \S
dUVPU i\PPN`V\[NYV`Zj dN` aUR PYRN_ P\[SR``V\[ # ;[ P\[`R^bR[PR!
5N_aR`VN[ QbNYV`Z O_\XR b] V[a\ ad\ NYaR_[NaVcR`0 N[Q! dUVYR 4R_XR"
YRfN[ VQRNYV`Z N[Q >RVO[VgVN[ Z\[NQ\Y\Tf O\YQYf a_VRQ aUR `VQR \S aUR
E:F 8B<>G6AF! [Nab_NY `PVR[PR UNQ [\ \]aV\[ V[ Va` PU\VPR \S iZNaaR_#j
?bPU N` `PVR[PR d\bYQ YVXR a\ UNcR Va` PU\VPR b[QR_`a\\Q V[ aR_Z` \S
ZRaU\Q \[Yf N[Q a\ OR `]N_RQ N 8BA;:FF>B ;>9:>! aUR_R N_R aU\`R NZ\[T
Va` \d[ ]_\]R_ \OWRPa` aUNa S\_PR Va a\ SNPR aUR V``bR \S ZNaR_VNYV`Z \[
aUR \[a\Y\TVPNY YRcRY# FUR`R \OWRPa` N_R YVcV[T \_TN[V`Z`! aUR Zf`aR_V"
\b` ZRRaV[T"]YNPR \S 6R`PN_aR`k ad\ `bO`aN[PR`! aU\bTU UR UVZ`RYS
NPX[\dYRQTRQ `bPU N iZRRaV[Tj V[ \[Yf \[R PN`R#
:R_R dR Zb`a ZR[aV\[ aUR Z\`a Rea_RZR N`]RPa \S 6R`PN_aR`k
ZRPUN[V`aVP aUR\_f \S aUR N[VZNY O\Qf! N[ N`]RPa UR P\bYQ NSS\_Q
]_RPV`RYf b[QR_ aUR ]_\aRPaV\[ \S UV` QbNYV`Z# FUR N[VZNY Nba\ZNaN!
aU\bTU R[aV_RYf QRaR_ZV[RQ Of aUR _bYR` \S ZNaaR_! N_R fRa `\ P\["
`a_bPaRQ aUNa aURV_ Sb[PaV\[V[T `bTTR`a` a\ aUR UbZN[ \[Y\\XR_ N[
V[dN_Q[R`` N[NY\T\b` a\ UV` \d[ J>G=BHG G=:>E CBFF:FF>A< 6AL FH8=
>AJ6E9A:FF# 3YY `VT[` \S ]YRN`b_R N[Q ]NV[ V[ N[VZNY` N_R QRPR]aVcR
N]]RN_N[PR! V#R#! aNXR[ S\_ `bPU `VT[` \[Yf Of N[ b[Wb`aVSVRQ V[SR_R[PR
S_\Z aUR UNOVabNY P\[[RPaV\[ aUNa V[ \b_ PN`R \OaNV[` ORadRR[ aURZ
N[Q PR_aNV[ SRRYV[T`# IR VZ]baR aUR YNaaR_ dUR[ dR \O`R_cR aUR
S\_ZR_! Oba aUR VZ]baNaV\[ V` T_NabVa\b`# 3[VZNY`! V[ \aUR_ d\_Q`! N_R
[\aUV[T Oba O\QVR`#. FUR TNV[ \S aUV` GBHE 9: ;BE8: YNf V[ Va` P\[SV[V[T

aUR QV`P\cR_f \S aUR QV`aV[Pa P\[PR]a \S ZV[Q! dUVPU dN` aUR SRNa \S
QbNYV`Z! UNQ YRSa Va` V[QRYVOYR ZN_X \[ aUR \[a\Y\TVPNY YN[Q`PN]R#
.# 5S# 6R`PN_aR`! *>F8BHEF: BA 0:G=B9! BN_a H0 NY`\ 4E:6G>F: BA 06A!
N[Q [bZR_\b` ]N``NTR` V[ UV` /:GG:EF# 8_\Z aUR YN`a! R#T#/ iIR N_R `\
NPPb`a\ZRQ a\ ]R_`bNQR \b_`RYcR` aUNa aUR O_baR ORN`a` SRRY N` dR Q\ LN
UNOVa \S aU\bTUa R[TR[QR_RQ Of iaUR _R`RZOYN[PR ReV`aV[T ORadRR[ Z\`a
*+ F :7 B :7@A?7@A@ A8 >;87
aUR Y\Pb` \S V[dN_Q[R`` V[ [Nab_R a\ aUR `\YVaN_f PN`R \S ZN[# BbggYV[T
N` Va dN` aUR_R! Va dN` N[ RePR]aV\[ a\ N[ \aUR_dV`R b[VcR_`NY _bYR N[Q
YRSa aUR _R`a \S YVcV[T [Nab_R S_RR S\_ ]b_RYf ZRPUN[VPNY N[NYf`V`# : Nc"
V[T _VQ iO\Qfj V[ TR[R_NY \S N[f _RYNaV\[ a\ ZV[Q! N[Q aUR `PVR[PR \S
O\Qf \S N[f \OYVTNaV\[ a\ QRNY dVaU aUR ]UR[\ZR[N \S ZV[Q! 6R`"
PN_aR` N[Q aUR 5N_aR`VN[` P\bYQ SRRY `NSR V[ a_RNaV[T aUR \_TN[V`Z N`
Wb`a N[\aUR_ V[`aN[PR \S aUR E:F :KG:AF6#
FUb`! Na aUR P\`a \S Wb`a \[R b[ZN[NTRNOYR ZRaN]Uf`VPNY ]_\OYRZ!
aUR Re]b_TNaV\[ \S aUR d\_YQ \S Z NaaR_ S_\Z aUR NQZVeab_R` \S ZV[Q
dN` ZNQR QRSR[`VOYR! `V[PR aUR PYNVZ` \S ZV[Q \_ V[dN_Q[R`` dR_R
`aVYY U\[\_RQ Of aURV_ NYY\PNaV\[ a\ N `R]N_NaR `bO`aN[PR! dVaU Va`
V[QR]R[QR[a `Ra \S ]UR[\ZR[N b[QR_ aURV_ \d[ YNd`! RcR[ VS Va` Q\"
ZNV[ UNQ a\ OR P\[a_NPaRQ a\ aUR `]UR_R \S =H@6A P\[`PV\b`[R``/
_R`\YbaR QbNYV`Z V[ \[R V[`aN[PR ]_\cVQRQ aUR T\\Q P\[`PVR[PR S\_
ZNaR_VNYV`Z V[ NYY \aUR_ V[`aN[PR`! N[Q aUR b[`\YcRQ R[VTZN \S ZN[
]_\aRPaRQ aUR [\[R[VTZNaVP! VS ZRaN]Uf`VPNYYf ZRN[V[TYR``! [Nab_R \S
aUR R[aV_R Rea_NUbZN[ OV\Y\TVPNY _RNYZ# ERR 3]]R[QVe a\ aUV`
7``Nf#
@\d Va V` RN`f a\ `RR aUNa aUR cR_f FH88:FF \S aUR Z\[V`aVP cR[ab_R!
dUVPU aUV` P\Z]_\ZV`R dVaU QbNYV`Z UNQ `aN_aRQ \[ Va` P\b_`R! RcR["

\S aUR NPaV\[` \S aUR ORN`a` N[Q \b_ \d[j / /:GG:E GB& \S ?N_PU &+(-M aUNa
Va V` QVSSVPbYa S\_ b` a\ _VQ \b_`RYcR` \S aUV` \]V[V\[# 4ba VS dR dR_R N`
NPPb`a\ZRQ a\ `RRV[T Nba\ZNaN dUVPU VZVaNaR ]R_SRPaYf NYY aU\`R \S \b_
NPaV\[` dUVPU aURf PN[ VZVaNaR! N[Q a\ aNXV[T aURZ S\_ Nba\ZNaN \[Yf! dR
`U\bYQ UNcR [\ Q\bOa Na NYY aUNa aUR V__NaV\[NY N[VZNY` N_R Nba\ZNaN a\\j
/:GG:E GB 0:EF:AA: \S <bYf &(! &+)%# 3Y_RNQf V[ N ]_RcV\b` YRaaR_! \S
<b[R &&! &+)%! 6R`PN_aR` UNQ QRPYN_RQ a\ aUR ]bggYRQ 8NaUR_/ i; Q\ [\a
Re]YNV[ aUR SRRYV[T \S ]NV[ dVaU\ba _RP\b_`R a\ aUR `\bY # # # Oba ; Q\ `\
Re]YNV[ NYY aUR ReaR_[NY Z\aV\[` dUVPU V[ b` NPP\Z]N[f aUNa SRRYV[T/ aUR`R
NY\[R N_R S\b[Q V[ aUR ORN`a`! N[Q [\a ]NV[ ]_\]R_Yf `]RNXV[T#j FUR
O_NgR[[R`` \S aUR YN`a N``R_aV\[ UN` `\ZRaUV[T QV`N_ZV[T# A[R PN[[\a URY]
d\[QR_V[T dURaUR_ 6R`PN_aR` UVZ`RYS ORYVRcRQ V[ aUR QRP_RR \S UV` _RN`\["
V[T \ba`VQR aUR PUN_ZRQ PV_PYR \S aUR\_f! R#T#! dUR[ NPabNYYf QRNYV[T dVaU
N[VZNY`# 4ba aUR Q\Pa_V[R PR_aNV[Yf `aNfRQ dVaU UVZ a\ aUR R[QhdVa[R``
26FF>BAF B; G=: 3BH?! BN_a ;! N_a# *% ]bOYV`URQ V[ &+*%! aU_RR Z\[aU`
ORS\_R UV` QRNaU0 `RR NY`\ aUR QRaNVYRQ `aNaRZR[a V[ aUR /:GG:E GB G=:
06EDH>F B; 1:J86FG?: \S @\cRZOR_ &+)+# FUR ZNaR_VNY V` ORNbaVSbYYf
ZN_`UNYYRQ V[ >R\[\_N 5\UR[ D\`R[SVRYQ! +EB@ (:6FG"068=>A: GB 06A"
068=>A:$ 'A>@6? 3BH? >A +E:A8= /:GG:EF ;EB@ *:F86EG:F GB /60:GGE>:
@Rd K\_X/ AeS\_Q G[VcR_`Vaf B_R``! &.)&#
B :;>AEAB:;53> 3 EB75FE A8 6 3DI;@;E? L *,
abNYYf dVaUQ_Rd S_\Z Va aUR `NcV[T T_NPR dUVPU aUR YNaaR_ S\_ N aVZR
P\bYQ ReaR[Q a\ Va# 8\_ aUNa `bPPR`` dN` NPUVRcRQ aU_\bTU aUR aUR\_f
\S Rc\YbaV\[! N[Q Rc\YbaV\[ ]_RPV`RYf NO\YV`URQ aUR `]RPVNY ]\`VaV\[ \S
ZN[ dUVPU UNQ dN__N[aRQ aUR 5N_aR`VN[ a_RNaZR[a \S NYY aUR _RZNV["
QR_# FUR 8BAG>AH>GL \S QR`PR[a [\d R`aNOYV`URQ ORadRR[ ZN[ N[Q aUR
N[VZNY d\_YQ ZNQR Va VZ]\``VOYR N[f Y\[TR_ a\ _RTN_Q UV` ZV[Q! N[Q
ZR[aNY ]UR[\ZR[N N` `bPU! N` aUR NO_b]a V[T_R``V\[ \S N[ \[a\Y\TV"
PNYYf S\_RVT[ ]_V[PV]YR Na Wb`a aUV` ]\V[a \S aUR a\aNY SY\d# IVaU aUR YN`a
PVaNQRY \S QbNYV`Z aUR_R NY`\ SRYY aUR V`\YNaV\[ \S ZN[! N[Q UV` \d[
RcVQR[PR ORPNZR NcNVYNOYR NTNV[ S\_ aUR V[aR_]_RaNaV\[ \S aUNa a\
dUVPU UR ORY\[T`# 8\_ VS Va dN` [\ Y\[TR_ ]\``VOYR a\ _RTN_Q UV` ZV[Q
N` QV`P\[aV[b\b` dVaU ]_RUbZN[ OV\Y\TVPNY UV`a\_f! aUR[ Of aUR `NZR
a\XR[ [\ RePb`R dN` YRSa S\_ QR[fV[T ZV[Q! V[ ]_\]\_aV\[NaR QRT_RR`!
a\ aUR PY\`R_ \_ _RZ\aR_ N[PR`a_NY S\_Z`! N[Q UR[PR a\ N[f YRcRY \S
N[VZNYVaf/ P\ZZ\["`R[`R RcVQR[PR dN` _RV[`aNaRQ aU_\bTU aUR `\]UV`"
aVPNaV\[ \S aUR\_fh NTNV[`a Va` \d[ `]V_Va! a\ OR `b_R#
FUb` Rc\YbaV\[V`Z b[QVQ 6R`PN_aR`k d\_X Z\_R RSSRPaVcRYf aUN[ N[f
ZRaN]Uf`VPNY P_VaV^bR UNQ ZN[NTRQ a\ Q\# ;[ aUR UbR N[Q P_f \cR_ aUR
V[QVT[Vaf Q\[R a\ ZN[k` ZRaN]Uf`VPNY `aNab` V[ aUR Q\Pa_V[R \S UV`
N[VZNY QR`PR[a! Va dN` \cR_Y\\XRQ aUNa Of aUR `NZR a\XR[ `\ZR QVT"
[Vaf UNQ ORR[ _R`a\_RQ a\ aUR _RNYZ \S YVSR N` N dU\YR# ;S ZN[ dN` aUR
_RYNaVcR \S N[VZNY`! aUR[ N[VZNY` dR_R aUR _RYNaVcR` \S ZN[ N[Q V[
QRT_RR` ORN_R_` \S aUNa V[dN_Q[R`` \S dUVPU ZN[! aUR Z\`a NQcN[PRQ
\S aURV_ XV[! V` P\[`PV\b` V[ UVZ`RYS# FUb` NSaR_ aUR P\[a_NPaV\[
O_\bTUa NO\ba Of 5U_V`aVN[ a_N[`PR[QR[aNYV`Z N[Q 5N_aR`VN[ QbNYV`Z!
aUR ]_\cV[PR \S i`\bY!j dVaU SRRYV[T! `a_VcV[T! `bSSR_V[T! R[W\fZR[a!
ReaR[QRQ NTNV[! Of aUR ]_V[PV]YR \S P\[aV[b\b` T_NQNaV\[! S_\Z ZN[
\cR_ aUR XV[TQ\Z \S YVSR# I UNa O\aU E]V[\gN&% N[Q >RVO[Vg UNQ
R[b[PVNaRQ N` N[ \[a\Y\TVPNY ]\`abYNaR! aUR ]_V[PV]YR \S ^bNYVaNaVcR
P\[aV[bVaf! NYY\dV[T S\_ V[SV[VaR T_NQNaV\[` V[ \O`Pb_Vaf N[Q PYN_Vaf \S
i]R_PR]aV\[!j UN` aU_\bTU Rc\YbaV\[V`Z ORP\ZR N Y\TVPNY P\Z]YRZR[a
a\ aUR `PVR[aVSVP TR[RNY\Tf \S YVSR#&& FUR UVTUR`a P\bYQ UNcR ORR[
_RNPURQ S_\Z aUR Y\dR`a \[Yf aU_\bTU NYY V[aR_ZRQVN_f `aNTR`! dURaUR_

&%# ERR Zf N_aVPYR iE]V[\gN N[Q aUR FUR\_f \S A_TN[V`Z!j .BHEA6? B;


G=: ->FGBEL B; 2=>?BFBC=L ($& &.+* ! )("*,#
&&# 7cR[ aUR 3_V`a\aRYVN[ OV\Y\TVPNY UVR_N_PUf \S i`\bY`j V` V[ N dNf
_R`a\_RQ b[QR_ aUR S\_Z \S TR[RNY\TVPNY `R^bR[PR/ aUR Rc\YbaV\[N_f iYNaR_j
YN_TRYf P\V[PVQR` dVaU aUR 3_V`a\aRYVN[ iUVTUR_#j
*- F :7 B :7@A?7@A@ A8 >;87
aUR`R dR_R ZR_RYf a_N[`VaV\[NY \_ YRSa V[ ORV[T N` ]R_ZN[R[a _R]_R"
`R[aNaVcR`# IUR_R! aUR[! aU_\bTU\ba aUR R[\_Z\b` ReaR[a \S aUV` `R_VR`
PN[ dR Q_Nd dVaU _RN`\[ N YV[R dVaU aUR i[\aUV[Tj \S V[dN_Q[R`` \[
Va` SN_ `VQR N[Q aUR V[PV]VR[a i\[Rj \S Va \[ aUR [RN_ `VQR2 IUR_R RY`R
aUN[ Na aUR ORTV[[V[T \S YVSR PN[ aUR ORTV[[V[T \S V[dN_Q[R`` OR
]YNPRQ2 4ba VS V[dN_Q[R`` V` P\ReaR[`VcR dVaU YVSR! N ]b_RYf ZRPUN"
[V`aVP NPP\b[a \S YVSR! V#R#! \[R V[ \badN_Q aR_Z` NY\[R! PN[[\a OR
`bSSVPVR[a# FUR `bOWRPaVcR ]UR[\ZR[N QRSf ^bN[aVSVPNaV\[ N[Q NPP\_Q"
V[TYf PN[[\a RcR[ UNcR \badN_Q iR^bVcNYR[a`j `bO`aVabaRQ S\_ aURZ#
3]]RaVaV\[! S\_ V[`aN[PR! N` NPabNaV[T ORUNcV\_! PN[[\a OR _R]YNPRQ Of
]Uf`VPNY Z\ZR[abZ! aUR Q_VcR S\_ `RYS"]_R`R_cNaV\[ Of V[R_aVN! N[Q
ZRN`b_RQ V[ aR_Z` \S NZ\b[a` \S aUR`R# FUR SRN_ \S QRNaU V` N[
NO`\YbaR dUVPU PN[ OR Z\_R \_ YR`` NPbaRYf SRYa NPP\_QV[T a\ aUR
TR[R_NY YRcRY \S SRRYV[T ! Oba V` V[ aUR`R QVSSR_R[a PN`R` [\a ]_R`R[a V[
T_RNaR_ \_ `ZNYYR_ NZ\b[a` \S N ZRN`b_NOYR ^bN[aVaf! RcR[ VS aUR
]\dR_` a\ NPa dUVPU Va P\ZZN[Q` N_R ZRN`b_NOYf T_RNaR_ \_ `ZNYYR_#
E\ Va UN]]R[RQ aUNa V[ aUR U\b_ \S aUR SV[NY a_VbZ]U \S ZNaR_VNYV`Z!
aUR cR_f V[`a_bZR[a \S Va! iRc\YbaV\[!j VZ]YVPVaYf a_N[`PR[QRQ aUR
aR_Z` \S ZNaR_VNYV`Z N[Q ]\`RQ aUR \[a\Y\TVPNY ^bR`aV\[ N[Rdh dUR[
Va Wb`a `RRZRQ `RaaYRQ# 3[Q 6N_dV[V`Z! Z\_R aUN[ N[f \aUR_ Q\Pa_V[R
_R`]\[`VOYR S\_ aUR [\d Q\ZV[N[a Rc\YbaV\[N_f cV`V\[ \S NYY _RNYVaf!
ab_[` \ba a\ UNcR ORR[ N aU\_\bTUYf QVNYRPaVPNY RcR[a# FUV` ORP\ZR`
V[P_RN`V[TYf cV`VOYR N` Va` aRNPUV[T` N_R ]UVY\`\]UVPNYYf N``VZVYNaRQ#
I UNaRcR_ aURV_ `bPPR`` `\ SN_! NYY P\[aRZ]\_N_f _RcV`V\[` \S a_NQV"
aV\[NY \[a\Y\Tf V[QRRQ `aN_a! NYZ\`a NeV\ZNaVPNYYf! S_\Z aUR P\[PR]"
aV\[ \S ORV[T N` 7:8B@>A<! N[Q V[ aUR ]UR[\ZR[\[ \S P\`ZVP
Rc\YbaV\[ Y\\X S\_ aUR XRf a\ N ]\``VOYR `aN[Q ORf\[Q aUR \YQ
NYaR_[NaVcR`#

3 BB7@6;J ]# *+
4=: 0:6A>A< B; )6EG:F>6A>F@ ;BE G=: 4=:BEL B; />;:
5N_aR`VN[ QbNYV`Z YN[QRQ `]RPbYNaV\[ \[ aUR [Nab_R \S YVSR V[ N[
VZ]N``R/ V[aRYYVTVOYR N`! \[ ]_V[PV]YR` \S ZRPUN[VP`! aUR P\__RYNaV\[ \S
`a_bPab_R N[Q Sb[PaV\[ ORPNZR dVaUV[ aUR E:F :KG:AF6! aUNa \S `a_bPab_R"
]Yb`"Sb[PaV\[ dVaU SRRYV[T \_ Re]R_VR[PR Z\QR` \S aUR E:F 8B<>G6AF dN`
Y\`a V[ aUR OVSb_PNaV\[! N[Q aUR_ROf aUR SNPa \S YVSR Va`RYS ORPNZR b[V[aRYYV"
TVOYR Na aUR `NZR aVZR aUNa aUR Re]YN[NaV\[ \S Va` O\QVYf ]R_S\_ZN[PR
?73@;@9 A8 53DF7E;3@;E? 8AD F:7 F :7ADK A8 >;87 L *.
`RRZRQ a\ OR N``b_RQ# FUR VZ]N``R ORPNZR ZN[VSR`a V[ APPN`V\[NYV`Z/ Va`
GBHE 9: ;BE8: \S N[ Rea_N[R\b`! QVcV[R i`f[PU_\[VgNaV\[j \S aUR \baR_ N[Q
aUR V[[R_ d\_YQ aUR YNaaR_ QR[VRQ a\ N[VZNY` [\a \[Yf `bSSR_RQ S_\Z Va`
Rea_RZR N_aVSVPVNYVaf! aUR P\ZZ\[ SNVYV[T \S `bPU 69 =B8 P\[`a_bPaV\[`! Oba
RcR[ Na `\ UVTU N P\`a SNVYRQ a\ NPP\Z]YV`U Va` aUR\_RaVPNY ]b_]\`R Of Va`
\d[ aR_Z`# 8\_ aUR N[VZNY ZNPUV[R! YVXR N[f ZNPUV[R! _NV`R` ORf\[Q aUR
^bR`aV\[ \S aUR iU\dj aUNa \S aUR idUNa S\_j \S Va` Sb[PaV\[V[Th\S aUR
]b_]\`R S\_ dUVPU Va UNQ aUb` ORR[ P\[`a_bPaRQ Of Va` ZNXR_#& ;a` ]R_"
S\_ZN[PR! U\dRcR_ QRc\VQ \S VZZN[R[a aRYR\Y\Tf! Zb`a `R_cR N[ R[Q! N[Q
aUNa R[Q Zb`a OR `\ZR\[Rk` R[Q# FUV` R[Q ZNf QV_RPaYf OR Va`RYS! N`
V[QRRQ 6R`PN_aR` UNQ VZ]YVRQ dUR[ QRPYN_V[T `RYS"]_R`R_cNaV\[ a\ OR aUR
:;;:8G \S aUR Sb[PaV\[V[T \S aUR \_TN[VP Nba\ZNa\[# ;[ aUNa PN`R aUR
ReV`aR[PR N` `bPU \S aUR ZNPUV[R d\bYQ OR Va` R[QhRVaUR_ aR_ZV[NYYf! \_
V[ ab_[ a\ OR[RSVa `\ZRaUV[T RY`R# ;[ aUR S\_ZR_ PN`R! aUR ZNPUV[R d\bYQ
UNcR a\ OR Z\_R aUN[ N ZNPUV[R! S\_ N ZR_R ZNPUV[R PN[[\a R[W\f Va`
ReV`aR[PR# 4ba `V[PR! Of aUR _VT\_\b` P\[PR]aV\[ \S aUR E:F :KG:AF6! Va
PN[[\a OR Z\_R aUN[ N ZNPUV[R! Va` Sb[PaV\[ N[Q"\_ ReV`aR[PR Zb`a `R_cR
`\ZRaUV[T \aUR_ aUN[ Va`RYS# 3ba\ZNaN V[ 6R`PN_aR`k aVZR dR_R ZNV[Yf S\_
R[aR_aNV[ZR[a _NaUR_ aUN[ d\_X # 4ba aUR E6>FBA 9Q:GE: \S aUR YVcV[T
XV[TQ\Z P\bYQ [\a dRYY OR `RR[ V[ 9\Qk` V[QbYTV[T UV` ZRPUN[VPNY NOVYV"
aVR` \_ V[ aUR NZb`RZR[a \S PRYR`aVNY `]RPaNa\_`hR`]RPVNYYf `V[PR ZR_R
P\Z]YReVaf \S N__N[TRZR[a Q\R` [\a P_RNaR [Rd ^bNYVaf N[Q aUb` NQQ
`\ZRaUV[T a\ aUR b[_RYVRcRQ `NZR[R`` \S aUR `VZ]YR `bO`a_NabZ aUNa ZVTUa
R[_VPU aUR `]RPa_bZ \S ORV[T# 8\_ ^bNYVaf! ORf\[Q aUR ]_VZVaVcR QRaR_ZV"
[NaV\[` \S aUR ReaR[QRQ C:E F:! V` aUR `bOWRPaVcR P_RNab_R \S `R[`NaV\[! aUR
P\[Sb`RQ _R]_R`R[aNaV\[ \S ^bN[aVaf V[ N ZV[Q0 N[Q aUb` \_TN[V`Z` PN[[\a
UN_O\_ Va ORPNb`R N` ZR_R ZNPUV[R` aURf YNPX ZR[aNYVaf! N[Q ]b_R `]V_Va`
PN[[\a ORPNb`R aURf YNPX `R[`bNYVaf! \_ aUR ]_VcVYRTR \S P\[Sb`V\[ N[Q
aUR_ROf \S VYYb`V\[ dVaU Va` ]\``VOYR R[W\fZR[a# 3[Q N` a\ aURV_ V[aRYYRPabNY
R[W\fZR[a! RcR[ aUNa! QR]_VcRQ \S aUR aU_VYY \S QV`P\cR_f Of aUR `NZR
a\XR[! d\bYQ ]NYR V[ aUR P\[aRZ]YNaV\[ \S dUNa a\ `bSSVPVR[aYf YN_TR V[aRY"
YRPa` V` [\aUV[T Oba aUR RcR_"_R]RNaRQ ReRZ]YVSVPNaV\[ \S aUR `NZR SRd!
RYRZR[aN_f N[Q bYaVZNaRYf a_VcVNY a_baU`#
FUR_R _RZNV[RQ! aUR[! aUR aVZR"U\[\_RQhEa\VP N` dRYY N` 5U_V`aVN[h
VQRN aUNa ]YN[a` N[Q N[VZNY` N_R S\_ aUR OR[RSVa \S ?N[# ;[QRRQ! `V[PR aUR
ReV`aR[PR \S N YVcV[T d\_YQ V` aUR [RPR``N_f P\[QVaV\[ S\_ aUR ReV`aR[PR \S
N[f \S Va` ZRZOR_`! aUR `RYS"Wb`aVSfV[T [Nab_R \S Na YRN`a \[R `bPU ZRZOR_

&# FUR P\[PR]a \S iZNPUV[R!j NQ\]aRQ S\_ Va` `a_VPa P\[SV[RZR[a a\


RSSVPVR[a PNb`R! V` `aVYY N SV[NYV`aVP P\[PR]a! RcR[ aU\bTU aUR SV[NY PNb`R V` [\
Y\[TR_ V[aR_[NY a\ aUR R[aVaf! N` N Z\QR \S Va` \d[ \]R_NaV\[! Oba ReaR_[NY
a\ Va N` N[aRPRQR[a QR`VT[#
+% F :7 B :7@A?7@A@ A8 >;87
1`]RPVR` d\bYQ Wb`aVSf aUR ReV`aR[PR \S aUR dU\YR# ;[ Ea\VPV`Z! ?N[
]_\cVQRQ aUV` R[Q Of UV` ]\``R``V\[ \S _RN`\[! dUVPU ZNXR` UVZ aUR
PbYZV[NaV\[ \S N aR__R`a_VNY `PNYR \S ORV[T aUNa V` NY`\ `RYS"Wb`aVSfV[T
aU_\bTU\ba NYY Va` T_NQR` aUR R[Q N` aUR OR`a \S ZN[f aUNa N_R T\\Q V[
QRT_RR` 0 V[ 5U_V`aVN[Vaf! Of UV` ]\``R``V\[ \S N[ VZZ\_aNY `\bY! dUVPU
ZNXR` UVZ aUR `\YR >@6<B *:> V[ P_RNaV\[ aUR R[Q N` aUR `\YR V``bR Na
`aNXR 0 N[Q 5N_aR`VN[ QbNYV`Z _NQVPNYVgRQ aUV` YNaaR_ ]\`VaV\[ Of ZNXV[T
ZN[ RcR[ aUR `\YR ]\``R``\_ \S V[dN_Q[R`` \_ i`\bYj \S 6AL XV[Q! aUb` aUR
\[Yf \[R \S dU\Z iR[Qj PN[ ZRN[V[TSbYYf OR ]_RQVPNaRQ N` UR NY\[R PN[
R[aR_aNV[ R[Q`# 3YY \aUR_ YVSR aUR[! aUR ]_\QbPa \S ]Uf`VPNY [RPR``Vaf! PN[
OR P\[`VQR_RQ UV` ZRN[`#
:\dRcR_! aUV` a_NQVaV\[NY VQRN! V[ Va` N[aU_\]\PR[a_VP cN[Vaf [RcR_ N
T\\Q \[R RcR[ dUR_R Va ZNQR `R[`R! [\ Y\[TR_ QVQ ZNXR `R[`R V[ aUR [Rd
QbNYV`aVP N[Q \PPN`V\[NYV`a `RaaV[T# 8\_ ZN[! aUR `b]]\`RQ OR[RSVPVN_f \S
YVcV[T P_RNaV\[! V#R#! \S NYY aUR \aUR_ \_TN[VP ZRPUN[V`Z`! dN` [\d UVZ`RYS
N[ V[Re]YVPNOYR! Rea_N[R\b` P\ZOV[NaV\[ \S ZV[Q N[Q O\QfhN P\ZOV[N"
aV\[ dVaU [\ V[aRYYVTVOYR _RYRcN[PR \S aUR O\Qf S\_ aUR ReV`aR[PR N[Q V[[R_
YVSR \S aUR ZV[Q N` NY`\! \S P\b_`R! cVPR cR_`N # FUR_RS\_R! RcR[ VS Va dN`
`U\d[ aUNa aUR ReV`aR[PR \S aUR \_TN[VP d\_YQ dN` [RPR``N_f S\_ aUR
ReV`aR[PR \S UbZN[ O\QVR`! N` V[QRRQ Va V`! Va P\bYQ [\a OR `U\d[ aUNa aUR
ReV`aR[PR \S aUV` cR_f O\Qf dN` [RPR``N_f S\_ aUR ReV`aR[PR \S iZN[j
P\[`VQR_RQ N` aUR aUV[XV[T RT\#' 8b_aUR_Z\_R! aUR cR_f QV`aV[PaV\[ \S
ZN[k` O\Qf dVaUV[ aUR N[VZNY XV[TQ\Z! cVg#! a\ OR Na YRN`a ]N_aVNYYf N[
\_TN[ \S ZV[QhaUNa QV`aV[PaV\[ S\_ aUR `NXR \S dUVPU 6R`PN_aR` UNQ ORR[
dVYYV[T a\ O_NcR aUR P\[a\_aV\[` \S aUR ]V[RNY TYN[Q Q\Pa_V[RhdN` NY`\
[bYYVSVRQ Of aUR \PPN`V\[NYV`a SVPaV\[! V[ dUVPU aUR UbZN[ O\Qf ORPNZR [\
YR`` P\Z]YRaRYf N[ Nba\ZNa\[ aUN[ NYY \aUR_ \_TN[V`Z`# FUb`! aUR ReV`"
aR[PR \S aUR R[aV_R YVcV[T XV[TQ\Z ORPNZR baaR_Yf b[V[aRYYVTVOYR N` a\ ]b_"
]\`R N[Q ZRN[V[T N` dRYY N` a\ \_VTV[ N[Q ]_\P_RNaVcR PNb`R# 3 cN`a
`PURZR \S QRYb`\_f iN` VS`j `b]R_`RQRQ NYY ^bR`aV\[ \S _RNY V``bR V[ aUR
d\_XV[T \S aUV[T`#(

'# 4R_XRYRf! V[ QbR P\b_`R! Q_Rd aUR P\[PYb`V\[ S_\Z aUV` aUR\_RaVPNY
_RQb[QN[Pf/ O\QVR` N_R [\aUV[T Oba ZR[aNY _R]_R`R[aNaV\[` i]R_PR]"
aV\[`j #
(# ;a V` d\_aU a\ [\aR aUR ]_\S\b[Q PUN[TR dUVPU aUR P\[PR]a \S i`\bYj
b[QR_dR[a/ S_\Z N ]_V[PV]YR \S YVSR N[Q aUb` \S NPaV\[ Va ORPNZR N ]_V["
PV]YR \S ]b_R `bOWRPaVcVafhN QVZR[`V\[ _NaUR_ aUN[ N ]_V[PV]YRh N[Q N`
`bPU R``R[aVNYYf ]\dR_YR``# FUV` Zb`a OR O\_[R V[ ZV[Q dUR[ P\[`VQR_V[T
aUR ad\ P\[[RPaRQ 5N_aR`VN[ VQRN` aUNa iYVSRj V` N SNPa \S ]Uf`VP` NY\[R!
N[Q aUNa i`\bYj V` N SNPa \S ZN[ NY\[R/ NPP\_QV[T a\ aUR SV_`a! YVSR V` N
]N_aVPbYN_ P\_]\_RNY 7:=6I>BE S\YY\dV[T S_\Z N ]N_aVPbYN_ P\_]\_RNY `a_bP"
? 73@;@9 A8 5 3DF7E;3@;E? 8AD F:7 F :7ADK A8 > ;87 L +&
3YY aUV` NZ\b[a` a\ `NfV[T aUNa aUR ZNV[ SNbYa! RcR[ NO`b_QVaf! \S aUR
Q\Pa_V[R YNf V[ QR[fV[T \_TN[VP _RNYVaf Va` ]_V[PV]NY N[Q Z\`a \OcV\b`
PUN_NPaR_V`aVP! [NZRYf! aUNa Va ReUVOVa` V[ RNPU V[QVcVQbNY V[`aN[PR N `a_Vc"
V[T \S Va` \d[ S\_ ReV`aR[PR N[Q SbYSVYYZR[a! \_ aUR SNPa \S YVSRk` dVYYV[T
Va`RYS# ;[ \aUR_ d\_Q`! aUR ON[V`UZR[a \S aUR \YQ P\[PR]a \S N]]RaVaV\[
S_\Z aUR P\[PR]abNY `PURZR \S aUR [Rd ]Uf`VP`! W\V[RQ a\ aUR _NaV\[NYV`aVP
`]V_VabNYV`Z \S aUR [Rd aUR\_f \S P\[`PV\b`[R``! QR]_VcRQ aUR _RNYZ \S YVSR
\S Va` `aNab` V[ aUR `PURZR \S aUV[T`# ;a V` N ZRN`b_R \S aUR P\Z]RYYV[T
Z\aVcR` ORUV[Q aUV` P\[PR]aV\[! SN_SRaPURQ N` Va dN`! aUNa Va P\bYQ U\YQ Va`
T_\b[Q NTNV[`a aUR V__R]_R``VOYR c\VPR \S \b_ ]`fPU\]Uf`VPNY Re]R_VR[PR!
RcR_f \[R \S dU\`R NPa` RY\^bR[aYf P\[a_NQVPa` aUR QbNYV`aVP QVcV`V\[#
5N_aR`VN[ QbNYV`Z P_RNaRQ aUR _VQQYR \S U\d N[ NPa \S dVYY PN[ Z\cR N
YVZO! `V[PR aUR YVZO N` ]N_a \S aUR ReaR[QRQ d\_YQ PN[ \[Yf OR Z\cRQ Of
N[\aUR_ O\Qfk` VZ]N_aV[T Va` N[aRPRQR[a Z\aV\[ a\ Va#) KRa NSaR_ YRN_[V[T

ab_R dUVPU QV`aV[TbV`UR` N PYN`` \S \OWRPa` V[ [Nab_R! cVg#! aUR [Nab_NY


Nba\ZNaN0 NPP\_QV[T a\ aUR `RP\[Q! i`\bY!j R^bNaRQ dVaU P\[`PV\b`[R`` \S
N[f XV[Q! OR Va SRRYV[T! QR`V_V[T! ]R_PRVcV[T! aU\bTUa 6A>@6%@:AFN
8B<>G6G>B ! N` `bPU [\a _R^bV_RQ S\_ ]Uf`VPNY Sb[PaV\[ \S N[f XV[Q 6A9
G=HF ABG ;BE ?>;:! V` NO`R[a V[ N[VZNY` N[Q ]_R`R[a V[ ZN[! Oba V` [RVaUR_ V[
=>F PN`R N ]_V[PV]YR \S iYVSR!j dUVPU _RZNV[` N ]b_RYf `a_bPab_NY"ORUNcV\_NY
]UR[\ZR[\[ V[ NYY PN`R`# 5S# 6R`PN_aR`k YRaaR_ \S ?Nf! &+)&! a\ DRTVb`
3QNZ"FN[[R_f ;;;! (,% SS# ! dUR_R UR Re]YVPVaYf _RWRPa` aUR a_NQVaV\[NY
VQRN \S FC:8>:F \S `\bY`hcRTRaNaVcR! `R[`VaVcR! _NaV\[NYhN_TbV[T aUNa aUR
SV_`a ad\! aUR ]\dR_` a\ T_\d N[Q a\ Z\cR! dUVPU ZN[ `UN_R` dVaU aUR
O_baR`! iN_R GBGB <:A:E: QVSSR_R[a S_\Z ZV[Qj N[Q i[\aUV[T RY`R aUN[ N
PR_aNV[ QV`]\`VaV\[ \S aUR ]N_a` \S UV` O\Qf#j
)# FUR P\b[aR_Re]R_VR[aVNY ]_V[PV]YR dUVPU ORPNZR NeV\ZNaVP S\_
aUR\_f dN` Z\`a `bPPV[PaYf `aNaRQ Of E]V[\gN/ iFUR O\Qf PN[[\a QRaR_"
ZV[R aUR ZV[Q a\ aU\bTUa! [RVaUR_ PN[ aUR ZV[Q QRaR_ZV[R aUR O\Qf a\
Z\aV\[ [\_ _R`a! [\_ a\ N[faUV[T RY`R! VS aUR_R OR N[faUV[T RY`Rj 7aUVP`
;;;! ]_\]# ' # IVaU E]V[\gN aUV` dN`! \`aR[`VOYf! N ]_\]\`VaV\[ `bOWRPa a\
QRZ\[`a_NaV\[ QbYf `b]]YVRQ S_\Z SV_`a a_baU`# 4ba V[ _RNYVaf Va dN`
]\`abYNaVcR! N[Q aUR iSV_`a a_baU`j dR_R P\[PRVcRQ dVaU N cVRd a\ VahZ\_R
]N_aVPbYN_Yf! dVaU N cVRd a\ aUR `RP\[Q UNYS \S aUR ]_\]\`VaV\[ dUVPU NY\[R
`R_V\b`Yf ZNaaR_RQ# FUR _RNY N_TbZR[a `U\bYQ UNcR _RNQ aUb`/ ;S aUR_R
dR_R V[aR_NPaV\[ \S O\Qf N[Q ZV[Q! aUR_R P\bYQ OR [\ `PVR[PR \S [Nab_R0
Oba aUR_R Zb`a OR N `PVR[PR \S [Nab_R/ R_T\! aUR_R PN[[\a OR V[aR_NPaV\[ \S
O\Qf N[Q ZV[Q#hFUR ]\`VaVcR P\Z]YRZR[a a\ aUR [RTNaVcR _bYR `U\d`
dUR_R Va` _RNY N]]YVPNaV\[ YVR`/ i3 O\Qf V[ Z\aV\[ \_ Na _R`a Zb`a OR
QRaR_ZV[RQ a\ Z\aV\[ \_ _R`a Of N[\aUR_ O\Qf! dUVPU dN` NY`\ QRaR_ZV[RQ
a\ Z\aV\[ \_ _R`a Of N[\aUR_! N[Q `\ \[ NQ V[SV[VabZj M>7>9#! YRZZN (
NSaR_ ]_\]# &( # 3a YRN`a V[ aUV` N]]YVPNaV\[ a\ aUR 8BECBE:6? _RNYZ! aUR
\[a\Y\TVPNY _VT\_ \S aUR _bYR NQZVa` [\ RePR]aV\[0 N[Q dR ZNf NQQ aUNa
+' F :7 B :7@A?7@A@ A8 >;87
S_\Z aUR\_f aUNa Va PN[[\a OR! dR `aVYY T\ \[ SRRYV[T aUNa dR Q\ Z\cR \b_
N_Z` iNa dVYY#j FUR\_f! dUVYR V[cNYVQNaV[T aUV` ]_VZN_f PR_aNV[af! UNQ fRa
a\ Re]YNV[ Va# FUR icV\YR[PRj \S ZRaN]Uf`VPNY `]RPbYNaV\[ NSaR_ 6R`PN_aR`!
dUVPU QN_RQ P\ZZ\[ `R[`R Z\_R aUN[ N[f ]_RcV\b` \[R N[Q [RRQRQ
NPP\_QV[TYf T_RNaR_ V[TR[bVaf a\ PN__f Va \SS! V` V[ ]N_a Re]YNV[RQ Of aUR
R[\_ZVaf \S dUNa Va UNQ a\ P\]R dVaU#* FUR i]`fPU\]Uf`VPNY ]_\OYRZjh
aUR P\`a S\_ aUR `PVR[aVSVP _Rc\YbaV\[hY\\ZRQ ORUV[Q NYY Va` ReR_aV\[`#
@RcR_ UNQ aUR _VSa ORadRR[ _RN`\[ N[Q VZZRQVNaR X[\dYRQTR ORR[ `\
T_RNa#
4R`VQR` aUR _VQQYR \S \b_ ]_NPaVPNY Re]R_VR[PR! aUR_R dN` aUR _VQQYR \S
QRT_RR` \S \_TN[VgNaV\[ dUVPU aUR N[VZNY XV[TQ\Z `\ ZN[VSR`aYf QV`]YNf`!
Oba dUVPU [\ Y\[TR_ P\bYQ OR _RYNaRQ a\ QRT_RR` \S `RYS"_RdN_QV[T NdN_R"
[R``# FUR [Rd Q\Pa_V[R QR[VRQ aUR ZRN[` S\_ P\[[RPaV[T aUR ]R_SRPaV\[ \S
N ]Uf`VPNY \_TN[VgNaV\[ dVaU aUR DH6?>GL \S aUR YVSR `b]]\_aRQ Of Va/ NYY Va
]_\cVQRQ S\_ dN` aUR P\[[RPaV\[ ORadRR[ \_TN[VgNaV\[ N[Q \O`R_cNOYR
ORUNcV\_! V#R#! \_TN[VP Sb[PaV\[# FUR dRNYaU \S T_NQNaV\[ V[ aUR N[VZNY
d\_YQ S_\Z aUR Z\`a ]_VZVaVcR V#R#! `VZ]YR a\ aUR Z\`a `bOaYR V#R#!
P\Z]YRe `a_bPab_R P\bYQ [\a OR \cR_Y\\XRQ! Oba UNQ a\ _RZNV[ ZRN[V[T"

[\[R \S aUR YRNQV[T aUV[XR_` \S aUR ]R_V\Q Q\d[ a\! N[Q V[PYbQV[T! =N[a
RcR_ PUNYYR[TRQ aUR cNYVQVaf \S Va# FUR Z\aVcR` S\_ aUb` _bYV[T \ba \S P\b_a
aUR Z\`a V[`V`aR[a RcVQR[PR \S P\ZZ\[ Re]R_VR[PRhaUNa SRN_ \_ Y\cR \_
QRYVOR_NaV\[ PN[ QRaR_ZV[R NPaV\[ N[Q aUb` OR PNb`R` \S O\QVYf Z\aV\[h
UNcR ORR[ QV`Pb``RQ V[ aUR 7``Nf/ dUNaRcR_ aURV_ aUR\_RaVPNY ZR_Va! aURf
P\ZZN[QRQ \cR_dURYZV[T P\[`R[`b` N[Q `aVYY Re]_R`` aUR P_RRQ \S aUR
`PVR[aV`a#
*# ;[QRRQ! aUR_R V` YVaaYR iV[TR[bVafj \_ V[cR[aVcR[R`` V[ S\_ZR_ `]RPbYN"
aV\[! N[Q ]R_UN]` Va `U\bYQ UNcR [\ ]YNPR V[ ]UVY\`\]Uf# ;a ZNXR` Va`
N]]RN_N[PR \[Yf dUR_R aUR\_f UN` a\ b]U\YQ ]_V\_ P\ZZVaZR[a`! N` R#T# V[
aUR PN`R \S PR_aNV[ ]_\OYRZ` ]\`RQ a\ aUR EPU\\YZR[ Of aUR P\Z]RaV[T
NbaU\_VaVR` \S _RcRYNaV\[ N[Q _RN`\[ \_! EP_V]ab_R N[Q 3_V`a\aYR ! dUVPU
=69 a\ OR _RP\[PVYRQ# 4ba aUR Q\Pa_V[R \S 9\Q! P_RNaV\[! N[Q `NYcNaV\[!
aU\bTU \ba`VQR Re]R_VR[PR! `b_RYf Q\R` [\a P\[a_NQVPa Re]R_VR[PR# 5N_aR"
`VN[V`Z dN` aUR SV_`a a\ P_RNaR N `VabNaV\[ V[ dUVPU aUR\_f `RYS"P\[SVQR[aYf
8?6F=:F dVaU Re]R_VR[PR/ aUV` `VabNaV\[! N` Va QRZN[QRQ \S aUR\_f N [Rd
XV[Q \S V[TR[bVaf a\ RSSRPa N i_RP\[PVYNaV\[!j NY`\ NYY\dRQ Va N [Rd! QR`"
]\aVP _baUYR``[R`` V[ QVPaNaV[T aUR aR_Z` \S Va N P\ZOV[NaV\[ PUN_NPaR_"
V`aVP \S aUR aU\bTUa \S E]V[\gN N[Q >RVO[Vg / aUR\_f P\bYQ V[QbYTR V[ N
_NQVPNYV`Z b[X[\d[ a\ Va ORS\_R# FUNa aUV` _baUYR``[R`` dR[a Of aUR [NZR
\S i_NaV\[NYV`Zj V` N UV`a\_VPNY PV_PbZ`aN[PR dUVPU cRVY` aUR VZ]R_V\b`Yf
dVYYSbY RYRZR[a V[ aUR `VabNaV\[# BUVY\`\]Uf UN` _RN`\[ a\ QV`a_b`a aUR
ZN`aR_SbY ZN[[R_ V[ aUR\_VgV[T! N[Q S\_ Z\_R aUN[ aUR :bZRN[ \_
=N[aVN[ _RN`\[`/ aUR ^bR`aV\[ V` dURaUR_ aUR V[aRYYRPa P\[S\_Z` \_ ]_R"
`P_VOR` a\ _RNYVaf#
? 73@;@9 A8 53DF7E;3@;E? 8AD F:7 F :7ADK A8 >;87 L +(
YR``# EV[PR [\ \aUR_ XV[Q \S `\bY aUN[ aUR _NaV\[NY dN` _RP\T[VgRQ! NYY aUR
ZRPUN[VPNY ]R_SRPaV\[ QV`]YNfRQ V[ N[VZNY \_TN[V`Z` NZ\b[aRQ Wb`a a\ N
TVTN[aVP U\Ne! N` [\ UVTUR_ af]R \S Re]R_VR[a YVSR P\__R`]\[QRQ a\ T_RNaR_
RePRYYR[PR \S ZRPUN[VPNY ]R_S\_ZN[PR# FUb` aUR cR_f ]R_SRPaV\[ V[ aR_Z`
\S ReaR_[NY P\[`a_bPaV\[ N[Q Sb[PaV\[ Z\PX` NYY Wb`aVSVPNaV\[ V[ aR_Z` \S
YVcR`#
AOcV\b`Yf! dVaU _RTN_Q a\ O\aU _VQQYR`! aUR\_f P\bYQ [\a _R`a dVaU aUR
cR_QVPa \S `URR_ b[_RYNaRQ[R``! [\_ dVaU Va` QR`]R_NaR _R]_VRcR Of aUR
P\[aV[b\b` ZV_NPYR \S QVcV[R P\\_QV[NaV\[/ E]V[\gNk` N[Q >RVO[Vgk T_N[Q
NaaRZ]a` a\ VZ]_\cR b]\[ aUR 5N_aR`VN[ ]\`VaV\[ \SSR_RQ V[TR[V\b` `\Yb"
aV\[` a\ O\aU N`]RPa` \S aUR ]`fPU\]Uf`VPNY ]_\OYRZ# KRa aURf dR_R `\Yb"
aV\[` a\ aUR ]_\OYRZ 6F F:G Of 6R`PN_aR`! `UN_V[T aUR Z\aVcR` N[Q aUR
O_\NQ aR_Z` \S UV` OVSb_PNaV\[ a\ dUVPU V[QRRQ NYY aUV[XR_` aVYY NSaR_ =N[a
_RZNV[RQ P\ZZVaaRQ # FURV_ cR_f V[TR[bVaf! N` _RZN_XRQ ORS\_RhN af]V"
PNYYf V[cR[aVcR V[TR[bVaf PNYYRQ S\_aU V[ _R`]\[`R a\ N QVSSVPbYaf [RcR_
SNPRQ ORS\_R N[Q Va`RYS N[ V[cR[aV\[ \S aUR\_fhZNXR` b` NQZV_R aUR
aUV[XR_` Oba `b`]RPa aURV_ ]_\OYRZ# Ab_ NQZV_NaV\[ V` V[ ]N_a aUNa S\_ N
SRNa NPP\Z]YV`URQ dVaU aUR ]R_S\_ZR_k` UN[Q` aVRQ ORUV[Q UV` ONPX#
G < = E 8 9FF5L

=b ;^S P APcWT\PcXRXP]4
GWT ATP]X]V ^U ATcPQ^[Xb\

N(EB@ G<9 =AGE=AF=7 9I=89A79 B: <=F 7E95G=BA! G<9 )E95G &E7<=G97G B:


G<9 2A=I9EF9 ABJ 69;=AF GB 5CC95E 5F 5 CHE9 @5G<9@5G=7=5A O GWdb
FXa >P\Tb >TP]b( bd\\TS d_ cWT X]bXVWcb ^U R^]cT\_^aPah R^b\^[$
^Vh# d]PfPaT !Pb cWT k]^fl bdVVTbcb" cWPc WT fPb TRW^X]V P RP[[ cWPc
WPb QTT] b^d]STS cWa^dVW cWT PVTb% 5 _a^_^bXcX^] ^U cWPc \PV]XcdST
P]S [X]TPVT# ^]RT cWT _WX[^b^_WTabn Q^b^\$RWX[S# ST\P]Sb _WX[^b^_W$
XRP[ R^\\T]c fWT] Xc Xb dccTaTS P]Tf Qh P] Pbca^]^\Ta$_WhbXRXbc ^] P
]Tf cWT^aTcXRP[ bcPVT%() Gf^ `dTbcX^]b \dbc QT PbZTS ^U Xc1 fWPc S^Tb
Xc bPh4 P]S Xb Xc cadT4
GWT UXabc `dTbcX^]# cWPc ^U \TP]X]V# cda]b ]TRTbbPaX[h WXbc^aXRP[#
bX]RT cWT caPSXcX^] QTWX]S cWT bPhX]V QT[^]Vb c^ cWT \TP]X]V XcbT[U%
JWPc SXS k\PcWT\PcXRb#l kRaTPcX^]#l kd]XeTabTl \TP] fWT] Xc fPb
UXabc _a^]^d]RTS4 JWPc S^ cWTh ]^ [^]VTa \TP]4 fWPc S^ cWTh !P]S
cWdb cWT _a^_^bXcX^] Pb P fW^[T" \TP] ]^f4 GWT k]^ [^]VTal X] cWT
k]^fl QTR^\Tb _Pac ^U cWT X]cTa_aTcPcX^] ^U cWT ]^f% Cda UXabc cPbZ#
cWT]# Xb c^ aTcaPRT cWT caP]bU^a\PcX^]b ^U cWT aTPb^]X]V ^] fWXRW cWT
_a^_^bXcX^] WPb [XeTS Ua^\ Xcb ;aTTZ ^aXVX] c^ bRXT]cXUXR \^STa]Xch#

(% >% <% >TP]b# 1<9 ,LFG9E=BHF 2A=I9EF9 !7P\QaXSVT1 H]XeTabXch DaTbb#


(0**"# _% ())%
)% =] P SXaTRcX^] SXUUTaT]c Ua^\ cWPc c^ QT _dabdTS WTaT# X]RXbXeT _WX[^$
b^_WXRP[ R^\\T]c fPb \PST Qh cWT [PcT FdiP] FcTQQX]V X] WTa aTUaTbWX]V
Q^^Z# /<=?BFBC<L 5A8 G<9 /<LF=7=FGF#
4 -+ O
=b ; C8 5 A 5G<9A5G=7=5B 4 N -,
P]S cWTaTQh b_T[[ ^dc cWT \TP]X]V Xc \dbc WPeT fWT] _a^]^d]RTS X]
cWT R^]cTgc ^U c^SPh%
GWT bTR^]S `dTbcX^]# cWPc ^U cadcW# \dbc aTb^ac c^ cWT TeXST]RT
fWXRW cWT _a^_^bXcX^] XcbT[U X]e^ZTb1 cWPc ^U kRaTPcX^]%l FX]RT cWT
fW^[T ^U cWXb TeXST]RT Xb ]TeTa QTU^aT db# Qdc fWPc Xb cadT ^U cWT
fW^[T \dbc QT cadT ^U P]h _Pac# = WPeT RW^bT] c^ cTbc cWT _a^_^bXcX^]
PVPX]bc ^]T _PacXRd[Pa \^ST ^U TgXbcT]RT fXcWX] cWT d]XeTabT# cWPc ^U
[XeX]V ^aVP]Xb\b% >TP]bnb PbbTacX^] aPXbTb cWT `dTbcX^] fWTcWTa cWT
\PcWT\PcXRXP] cWPc Xb cWT VaTPc PaRWXcTRc ^U cWT d]XeTabT Xb P[b^ cWT
PaRWXcTRc# VaTPc ^a [Xcc[T# ^U cWT P\^TQP% <T \dbc QT Q^cW# ^a WT Xb
]TXcWTa% :^a cWT P\^TQP Xb _Pac ^U cWT d]XeTabT P]S \dbc QT PRR^d]c$
PQ[T U^a Qh Xcb RaTPcXeT _aX]RX_[T% =cb \X]dcT]Tbb Xb ]^ SXbPQX[Xch X]
^]c^[^VXRP[ aT[TeP]RT% =cb X]caX]bXR TeXST]RT# Pb ^]T RaTPcX^]# U^a\b
_Pac ^U cWT VT]TaP[ TeXST]RT P]S \dbc QT WTPaS P[[ cWT \^aT Pb X] cWXb
X]bcP]RT kX]caX]bXRl WPb P Ud[[Ta \TP]X]V cWP] P__[XTb c^ P]h ^cWTa
R[Pbb ^U R^b\XR QTX]Vb1 Xc X]R[dSTb cWT UPRc ^U Xcb ^f]# UT[c X]fPaS]Tbb%
GWXb VXeTb Xc P _aTUTaT]cXP[ bcPcdb X] ^]c^[^VXRP[ TeXST]RT cWPc ^dc$
fTXVWb Xcb `dP]cXcPcXeT [X\XcPcX^]b% =] ^cWTa f^aSb# XU ?=:9 Xb ]^c fXcWX]
cWT R^\_TcT]RT ^U P] P[[TVTS R^b\XR _aX]RX_[T# cW^dVW Xc Xb X] TeTah
bT]bT fXcWX] cWT R^b\^b# cWT] cWPc _aX]RX_[T Xb X]PST`dPcT U^a cWT
R^b\^b Pb fT[[% GWT P[cTa]PcXeT f^d[S QT P \TcP_WhbXRP[ caP]bRT]$
ST]RT ^U [XUT fWXRW# cW^dVW _TaWP_b R^]RTSTS c^ cWT R^]bRX^db QTX]V ^U
\P]# fX[[ WPaS[h QT PRR^aSTS c^ cWT P\^TQP% GWPc Xb c^ bPh# cWT
aT\TSh ^U SdP[Xb\ Xb X]^_TaPQ[T X] cWT Tg_[P]PcX^] ^U ^aVP]Xb\% GWdb
\PcTaXP[ [XUT !fT PaT ]^c hTc b_TPZX]V ^U \X]S P]S R^]bRX^db]Tbb"
RP] bTaeT Pb P c^dRWbc^]T U^a X]cTa_aTcPcX^]b ^U \PccTa ^a f^a[S$bcdUU#
P]S RP] aTRcXUh P R^]RT_cX^] ^U ;^S QdX[c ^] bdRW X]cTa_aTcPcX^]b% =]
cWXb bT]bT# cWT \TcP_WhbXRP[ bcPcT\T]c k;^S Xb P \PcWT\PcXRXP]l RP]
QT aTSdRTS c^ P STUX]XcT ^]c^[^VXRP[ eXTf P]S RWTRZTS PVPX]bc Z]^f[$
TSVT ^U _[PX] UPRcb1 cWT fW^[T _a^_^bXcX^] Xb Qa^dVWc S^f] Ua^\ cWT
SXiih WTXVWcb ^U bcPab P]S b_PRTb c^ ^da X\\TSXPcT P]S \^bc X]cX\PcT
Tg_TaXT]RT2 Qdc Xc bcX[[ aTcPX]b Xcb Ud[[ P__[XRPcX^] c^ R^b\^[^Vh# P]S
WT]RT c^ cWT b_TRd[PcXeT `dTbcX^] ^U fWPc ;^S \Ph QTj XU X]STTS cWT
f^a[S WPb P]hcWX]V c^ bPh PQ^dc WX\% >TP]bnb bcPcT\T]c X\_[XTb cWXb
Qh PRRT_cX]V cWT f^a[Snb aTR^V]XiPQ[T QTX]V Pb kTeXST]RT U^a%l =]
cPZX]V WX\ Pc WXb f^aS# fT S^ ]^c ]TRTbbPaX[h bWPaT WXb R^]UXST]RT%
6dc TeT] XU cWT TeXST]RT Xb ]^c PRR^aSTS P _^bXcXeT QTPaX]V ^] fWPc
;^S Xb ![Tc P[^]T ^] fWTcWTa WT Xb"# P ]TVPcXeT QTPaX]Vj aTVPaSX]V
-- O G <9 D < 9BCA 9BCB C: @ =: 9
fWPc ;^S Xb ]^c# ^a Xb ]^c TgR[dbXeT[hj f^d[S QT X\_[XRXc X] Xcb \TaT
TgRTbb ^eTa fWPc f^d[S QT PccaXQdcPQ[T c^ P 7aTPc^a ^U cWXb ^a cWPc
Wh_^cWTcXRP[ ]PcdaT% FX]RT cWPc ]PcdaT WPb QTT] STaXeTS X] cWT UXabc
_[PRT Ua^\ P RTacPX] aTPSX]V ^U cWT TeXST]RT ^U RaTPcX^]# Xc Xb PRcdP[[h
cWXb aTPSX]V cWPc Xb cTbcTS fWT] fT cah ^dc cWT X]UTaaTS R^]RT_c ^U
;^S ^] cWT Tg_TaXT]cXP[ QPbXb c^ fWXRW Xc \PZTb UX]P[ P__TP[% GWT
R^]RT_c ^U P \PcWT\PcXRP[ ;^S# fWT] P__[XTS c^ aTP[Xch X] TPa]Tbc#
T[XRXcb cWT dccTa _^bbXQX[XcXTbj \TaXcb ^a UPd[cbj X]WTaT]c X] cWT d]STa$
[hX]V ^]c^[^VXRP[ ^a T_XbcT\^[^VXRP[ ^dc[^^Z% =U cWXb bW^d[S aTbd[c X] P
aTSdRcX^ PS PQbdaSd\# cWT X\_^bbXQ[T R^]RT_c WPb bcX[[# cWa^dVW Xcb
bT[U$STUTPc# bTaeTS P dbTUd[ _da_^bT%

==
>TP]bnb SXRcd\ R^\Tb [PcT X] P [^]V P]S eT]TaPQ[T caPSXcX^] cWPc Xb
P[\^bc R^TgcT]bXeT fXcW cWT WXbc^ah ^U JTbcTa] b_TRd[PcX^]% :a^\ cWT
ST\XdaVT ^U D[Pc^nb 1=@59HF cWTaT Xb P SXaTRc [X]T ^U STbRT]c c^
@TXQ]Xin ;^S fW^ RaTPcTb cWT \PgX\d\ ^U cWT \PcWT\PcXRP[[h R^a]$
_^bbXQ[T1 kGWdb Xc Xb f^]STaUd[[h \PST Z]^f] c^ db W^f X] cWT eTah
^aXVX]PcX^] ^U cWX]Vb P RTacPX] 8XeX]T \PcWT\PcXRb ^a \TcP_WhbXRP[
\TRWP]XRb Xb T\_[^hTS P]S cWT STcTa\X]PcX^] ^U cWT VaTPcTbc `dP]cXch
cPZTb _[PRT%l* kJWT] ;^S RP[Rd[PcTb P]S T\_[^hb cW^dVWc# cWT f^a[S
Xb \PST%l+ ?T_[Ta QTU^aT WX\# STT_[h X\QdTS fXcW cWT DhcWPV^aTP]
UPXcW X] cWT \PcWT\PcXRP[ TbbT]RT ^U cWX]Vb P]S cWT R^]bT`dT]c WPa$
\^]h ^U cWT f^a[S# bPXS cWPc ;^S# kc^^ ZX]S c^ aT\PX] XS[T# QTVP] c^
_[Ph cWT VP\T ^U bXV]PcdaTb# bXV]X]V WXb [XZT]Tbb X]c^ cWT f^a[S#l fXcW
cWT aTbd[c cWPc kP[[ ]PcdaT P]S cWT VaPRTUd[ bZh PaT bh\Q^[XiTS X] cWT
Pac ^U VT^\Tcah%l, GWXb SXeX]T VT^\Tcah WT bPf SXb_[PhTS X] cWT [Pfb
^U _[P]TcPah \^cX^] Pb WT SXbR^eTaTS cWT\j Xcb _aTbd__^bXcX^] WPe$
X]V X]b_XaTS cWT bTPaRW U^a cWT\ X] cWT UXabc _[PRT% =] cWT bP\T eTX] Xb
;P[X[T^nb RaTS^ cWPc cWT VaTPc Q^^Z ^U cWT d]XeTabT Xb faXccT] X] \PcW$

*% @TXQ]Xi# kC] cWT H[cX\PcT CaXVX]PcX^] ^U GWX]Vbl !(-0."# 1<9


,BA58B?B;L 5A8 .G<9E /<=?BFBC<=75? 3E=G=A;F! caP]b% E^QTac @PccP !Cg$
U^aS1 7[PaT]S^] DaTbb# (/0/"# _% *+)%
+% *6=8#! _% *+)# ]% (/# RXcX]V '9 7BAA9K=BA9 =AG9E E9F 9G I9E65 !(-.."%
,% >% ?T_[Ta X] 19EG=H@ ?AG9EI9A=9AF! `d^cTS X] 5% ?^Tbc[Ta# 1<9 0?99C"
J5?>9EF# !ETUTaT]RT bd__[XTS Qh Da^U% :% >% 8hb^]jRU% WXb PacXR[T kAPcW$
T\PcXRb X] cWT DWhbXRP[ FRXT]RTb#l 1<9 07=9AG=:=7 &@9E=75A! FT_c%# (0-+# _%
()0"%
=b ; C8 5 A 5G<9A5G=7=5B 4 N -.
T\PcXRP[ [P]VdPVT# cWT bh\Q^[b ^U fWXRW PaT caXP]V[Tb# RXaR[Tb# P]S
^cWTa VT^\TcaXRP[ UXVdaTb%-
=] cWXb VaP]S _a^YTRcX^]# R^]RT_c ^U QTX]V P]S XSTP[ ^U Z]^f[TSVT
bd__^ac TPRW ^cWTa \dcdP[[h% ?T_[Ta fPb _a^QPQ[h cWT UXabc ^U cWT
\^STa]b c^ STR[PaT `dP]cXch !^a \PV]XcdST" c^ QT cWT# Pc ^]RT# TbbT]$
cXP[ P]S cad[h Z]^fPQ[T Pb_TRc ^U aTP[Xch1 R^V]XcX^] PRR^aSX]V[h R^]$
bXbcb c^ WX\ X] \TPbdaT\T]c P]S R^\_PaXb^] ^U \TPbdaT\T]cb% 6dc
\TPbdaT\T]c ^U fWPc4 =b cWT k\PcWT\PcXRP[ ]PcdaTl PX\TS Pc bcX[[ cWT
bP\T Pb cWT R[PbbXRP[$;aTTZ ^]T4 =b cWT \PcWT\PcXRb bcX[[ cWT bP\T4
GWT ^bcT]bXQ[T aTcda] c^ cWT DhcWPV^aTP]$D[Pc^]XR kVT^\TcaXiPcX^]l
^U cWT f^a[S Pc cWT QTVX]]X]Vb ^U \^STa] bRXT]RT b^\TW^f \PbZTS P
]^eT[ P__a^PRW# fWXRW ^][h cWT kP[VTQaPXiPcX^]l ^U _WhbXRP[ STbRaX_$
cX^] X]RaTPbX]V[h aTeTP[TS% 5[VTQaP P__[XTS c^ VT^\Tcah# aPcWTa cWP]
R[PbbXRP[ VT^\Tcah XcbT[U# QTRP\T cWT \PcWT\PcXRb ^U cWT ]Tf _WhbXRb%
GWXb P[^]T f^d[S bdVVTbc cWPc Xc ]^ [^]VTa STP[c fXcW cWT X]cdXcXeT
^QYTRcb ^U ;aTTZ ^]c^[^VXRP[ b_TRd[PcX^]% !FTT 5__T]SXg ( c^ cWXb
9bbPh%" JT \Ph dbT cWXb ^QbTaePcX^] Pb P [TPS c^ d]R^eTa cWT \^aT
_a^U^d]S SXUUTaT]RTb bT_PaPcX]V cWT \^STa] Ua^\ cWT R[PbbXRP[ R^]$
RT_c ^U P k\PcWT\PcXRP[ ]PcdaT#l P]S cWdb c^ STcTa\X]T cWT _aTRXbT
\TP]X]V cWPc \dbc PccPRW c^ >TP]bnb XSTP ^U P \PcWT\PcXRP[ 8TXch
fXcWX] cWT R^]cTgc ^U \^STa] bRXT]RT%
=c fPb cWT _PaP\^d]c X]cTaTbc X] @BG=BA! Pb PVPX]bc cWT bPcXbUPRcX^]
fXcW _PccTa]# fWXRW _a^\_cTS cWT PbRT]SP]RT ^U P[VTQaPXR \TcW^S X]
_WhbXRb1 \^cX^] X]bcTPS ^U UXgTS b_PcXP[ _a^_^acX^]b QTRP\T cWT \PX]
^QYTRc ^U \TPbdaT\T]c% GWXb \PaZb P aPSXRP[[h ]^eT[ PccXcdST% =] cWT
TPa[h bcPVTb ^U \^ST\ bRXT]RT# P]P[hbXb ^U QTR^\X]V bd__[P]cb R^]$
cT\_[PcX^] ^U QTX]V% GWT a^[T ^U kcl X] _WhbXRP[ U^a\d[PT X]SXRPcTb cWT
]Tf PccXcdST% GWT kU^a\bl WTaT T]eXbPVTS PaT ]^ [^]VTa cW^bT ^U cWT
cTa\X]P[ _a^SdRcb# Qdc cW^bT ^U cWT R^]cX]d^db _a^RTbbTb ^U ]PcdaT%
Da^RTbb# Pb bdRW# Xb STUX]TS b^[T[h Qh Xcb ^f] U^a\# cWT [Pf ^U cWT

-% kDWX[^b^_Wh Xb faXccT] X] cWPc VaTPc Q^^Z fWXRW TeTa [XTb QTU^aT ^da
ThTbj= \TP] cWT d]XeTabTjQdc fT RP]]^c d]STabcP]S Xc XU fT S^ ]^c UXabc
[TPa] cWT [P]VdPVT P]S VaPb_ cWT bh\Q^[b X] fWXRW Xc Xb faXccT]% GWXb Q^^Z
Xb faXccT] X] cWT \PcWT\PcXRP[ [P]VdPVT# P]S cWT bh\Q^[b PaT caXP]V[Tb#
RXaR[Tb# P]S ^cWTa VT^\TcaXRP[ UXVdaTb# fXcW^dc fW^bT WT[_ Xc Xb X\_^bbXQ[T
c^ R^\_aTWT]S P bX]V[T f^aS ^U Xc# fXcW^dc fWXRW ^]T fP]STab X] ePX]
cWa^dVW P SPaZ [PQhaX]cW#l ** 05;;=5GBE9 !E^\T# (-)*"% FTT kGWT 5b$
bPhTal X] '=F7BI9E=9F 5A8 .C=A=BAF B: )5?=?9B! caP]b% FcX[[\P] 8aPZT
!BTf L^aZ1 8^dQ[TSPh 7^\_P]h# =]R%# (0,."# __% )*.$*/%
-/ O G <9 D <9BCA 9BCB C: @ =:9
bTaXTb# P]S X] ]^ fPh Qh Xcb T]S !^U fWXRW cWTaT Xb ]^]T" ^a P]h
cT\_^aPah U^a\PcX^]b T] a^dcT% ;aTTZ VT^\Tcah WPS R^]bXSTaTS cWT
aT[PcX^]b ^U d]RWP]VX]V UXVdaTb P]S Q^SXTbj X]cdXcXeT d[cX\PcTb1 cWT
PQbcaPRc P[VTQaP ^U P]P[hcXRP[ VT^\Tcah P]S ^U cWT X]UX]XcTbX\P[
RP[Rd[db \PST Xc _^bbXQ[T c^ aT_aTbT]c cWT VT^\TcaXRP[ U^a\ XcbT[U Pb P
Ud]RcX^] ^U ePaXPQ[Tb# cWPc Xb# Pb P _WPbT X] cWTXa R^]cX]d^db Va^fcW#
P]S b^ c^ U^a\d[PcT cWT [Pfb ^U Xcb kVT]TaPcX^]%l GWTbT VT]TaPcXeT#
STcTa\X]X]V [Pfb QTRP\T cWT cadT ^QYTRcb ^U \PcWT\PcXRP[ R^V]XcX^]#
X]bcTPS ^U cWT STbRaX_cXeT# STcTa\X]PcT U^a\b# fWXRW WPS [^bc cWTXa
X]ST_T]ST]c bcPcdb U^a cWPc ^U caP]bXcX^]P[ [X\Xcb%
GWXb# Qh XcbT[U P] X]caP\PcWT\PcXRP[ STeT[^_\T]c# WPS _WhbXRP[ P_$
_[XRPcX^]b% =]STTS# P SXUUTaT]c k]PcdaTl R^d[S QT X]cTaa^VPcTS Qh P
SXUUTaT]c \PcWT\PcXRb% :^a fWPc X] cWT _daT[h \PcWT\PcXRP[ UXT[S P_$
_TPaTS Pb cWT Ud]RcX^]P[ R^]bXSTaPcX^] bd__[P]cX]V cWT bcPcXR ^]T ^U
X]cdXcXeT T]cXcXTb# P\^d]cb X] cWT UXT[S ^U _WhbXRP[ STbRaX_cX^] c^ cWT
SXbb^[eX]V ^U cWT kbdQbcP]cXP[ U^a\bl ^U R[PbbXRP[ ^]c^[^Vh X]c^ cWT
T[T\T]cPah \^cX^]b P]S U^aRTb Qh fWXRW cWTh RP] QT cW^dVWc !P]S X]
Tg_TaX\T]c bW^f]" c^ QT VT]TaPcTS% =] cWXb P__[XRPcX^]# cWT Ud]R$
cX^]P[ VT]TaPcX^] ^U P \PcWT\PcXRP[ RdaeT QTR^\Tb cWT \TRWP]XRP[
VT]TaPcX^] ^U cWT _PcW ^U P Q^Sh% <TaT cWT _a^SdRc# ]P\T[h# cWT U^a\
^U cWT _PcW# Xb ]^c P R^\_[TcT# bX\d[cP]T^db[h _aTbT]c T]cXch# Qdc P
bT`dT]RT# cWPc Xb# P bTaXTb ^U X]bcP]cb# TPRW ^U cWT\ STcTa\X]TS P]Tf
Qh cWT R^\_^]T]c UPRc^ab ^_TaPcXeT Pc cWPc eTah X]bcP]c% =c WPb ]^
caP]bRT]SX]V aTP[Xch ^U Xcb ^f]% 5]h aPcX^]P[ _a^_TacXTb fWXRW bdRW P
bTaXTb !T%V%# P _[P]TcPah ^aQXc" \Ph TgWXQXc fWT] eXTfTS Pb P] XSTP[#
VT^\TcaXRP[ fW^[T# PaT cWT] SdT ]^ [^]VTa c^ X]caX]bXR aTPb^] ^a P]
Pb_XaPcX^] c^fPaS kWPa\^]hl X] cWT \^eX]V _aX]RX_[T# Pb ?T_[Ta
aTeTaT]c[h QT[XTeTS# Qdcj Pb BTfc^] [PcTa bW^fTS X] WXb \TRWP]XRb ^U
cW^bT \^cX^]bj c^ cWT \TaT d]XU^a\Xch ^a R^]bcP]Rh ^U cWT T[T\T]$
cPah UPRc^ab X]e^[eTS% 9PRW ^U cWTbT !T%V%# VaPeXcPcX^] P]S X]TacXP"
f^d[S Qh XcbT[U _a^SdRT aTRcX[X]TPa \^cX^] ^][h# cWT bX\_[Tbc P]S [TPbc
kU^a\TSl ^U P[[ \^cX^]b1 hTc cWTXa \TaT PSSXcX^] c^ TPRW ^cWTa RP]]^c
Qdc aTbd[c# ^] cWT b^[T R^]SXcX^] ^U cWTXa bcPhX]V R^]bcP]c#. P]S fXcW$
^dc P]h Pb_XaPcX^] c^fPaS bdRW P aTbd[c# X] cWT WXVW[h aPcX^]P[ U^a\b
.% Ca# XU cWTh fTaT ePaXPQ[T# cWT R^]SXcX^] f^d[S QT cWPc cWT ePaXPcX^]
X] cda] QT bdQYTRc c^ R^]bcP]cb1 cWT TbbT]cXP[ _aT\XbT U^a cWT _^bbXQX[Xch ^U
[Pfb ^U ]PcdaT Xb cWT _aTePX[X]V ^U P]h R^]bcP]cb fWPcb^TeTa# _a^eXSTS cWPc
QTcfTT] cWT\ cWTh kSXbcaXQdcTl cWT fW^[T aP]VT ^U ]PcdaP[ _WT]^\T]P%
=b ;^S P A PcW T\ PcXRXP] 4 N -0
^U RT[TbcXP[ VT^\Tcah% GWXb Xb cWT b^[T aT\PX]X]V bT]bT ^U bPhX]V cWPc
cWT R^dabTb ^QTh P ad[T !RP_PQ[T ^U \PcWT\PcXRP[ Tg_aTbbX^]"1 Xc Xb
cWT bdUUXRXT]c aTPb^] ^U ^aSTa P]S [Pf X] ]PcdaT% GWdb aPcX^]P[Xch ^U
^aSTa S^Tb ]^c cTbcXUh c^ P aPcX^]P[ RPdbT# X]cT[[XVXQ[T U^a\ ]^ [^]VTa
aT_aTbT]cb _TaUTRcX^] ^U QTX]V# ^QcPX]X]V aTP[Xch U^a cWPc eTah aTPb^]
X] _aTUTaT]RT c^ [TbbTa U^a\b ^a c^ SXb^aSTa# Qdc \dbc XcbT[U QT Tg$
_[PX]TS Qh aTUTaT]RT c^ cWT [^fTbc# cWPc Xb# \^bc T[T\T]cPah ch_Tb ^U
TeT]c1 P]S cWT [PccTa# UPa Ua^\ QTX]V caP]bU^a\TS ^a TeT] PUUTRcTS Qh
cWTXa T]caP]RT X]c^ cWT \^aT PacXRd[PcTS ^aSTa# R^]bcXcdcT cWXb Qh \TaT
_TabXbcT]RT X] cWTXa ^f]# d]PacXRd[PcTS `dP]cXch% GWTXa bX]V[T]Tbb
P[^]T Xb cWT QPbXRP[[h aTP[# P]S cWT kfW^[T]Tbbl ^U cWTXa R^]Y^X]c
aTbd[c Xb P] P__TPaP]RT fXcW ]^ VT]dX]T ^]c^[^VXRP[ bcPcdb% GWXb Xb cWT
X\_^ac ^U cWT \^ST\ P]P[hbXb# fWXRW caP]bU^a\TS cWT RT[TbcXP[ \PcW$
T\PcXRb ^U cWT P]RXT]cb X]c^ cWT eTah SXUUTaT]c cWX]V cWPc Xb RT[TbcXP[
\TRWP]XRb# cWPc Xb# P RPbT ^U \TRWP]XRb X] VT]TaP[%/ GWT DhcWPV^$
aTP] WPa\^]h WPb QTR^\T cWT QP[P]RT ^U d]R^]RTa]TS U^aRTb# RP[$
Rd[PQ[T Ua^\ cWT R^]SXcX^]b ^U cWTXa \TTcX]V% GWT k\TPbdaTl P]S cWT
k\TP]l ]^ [^]VTa QX]S cWT ^__^bXcTb# Qdc PaT cWTXa X]TeXcPQ[T bd\%
GWdb cWT aT[PcX^] ^U WXVWTa P]S [^fTa# ^U \^aT ^a [Tbb aPcX^]P[
!\^aT ^a [Tbb U^a\"# Xb aT_[PRTS Qh cWPc ^U R^\_[Tg P]S bX\_[T# P]S
cWT ^[S ^aSTa ^U X]cT[[XVXQX[Xch Xb aTeTabTS% JXcW cWT fW^[T ]^f c^ QT
Tg_[PX]TS Qh cWT _Pacb# X]cT[[XVXQX[Xch \TP]b aTSdRXQX[Xch c^ cWPc fWXRW#
Pb T[T\T]cP[# Xb X] cWT ^[STa bT]bT [TPbc X]cT[[XVXQ[T# QTRPdbT Xc [TPbc
X]e^[eTb X]cT[[XVT]RT U^a Xcb ^f] _TaU^a\P]RT% =] P f^aS# cWT]# U^a cWT
\^STa] XSTP ^U d]STabcP]SX]V ]PcdaT# cWT [TPbc X]cT[[XVT]c WPb QTR^\T
cWT \^bc X]cT[[XVXQ[T# cWT [TPbc aTPb^]PQ[T cWT \^bc aPcX^]P[% 5c cWT
Q^cc^\ ^U P[[ aPcX^]P[Xch ^a k\PcWT\PcXRbl X] ]PcdaTnb ^aSTa [XTb cWT
\TaT UPRc ^U cWTaT QTX]V `dP]cXcPcXeT R^]bcP]cb X] cWT QTWPeX^a ^U

/% ;P[X[T^ bcX[[ Tg_aTbbTS WX\bT[U kcaPSXcX^]P[[hl fWT] WT bPXS cWPc cWT


bh\Q^[b ^U ]PcdaTnb \PcWT\PcXRP[ [P]VdPVT fTaT caXP]V[Tb# RXaR[Tb# P]S cWT
[XZT% GW^dVW caXP]V[Tb \Ph ^RRda Pb PdgX[XPah R^]bcadRcX^]b X] Sh]P\XR
P]P[hbXb# P]S R^]XR bTRcX^]b S^ PRcdP[[h aTbd[c Ua^\ cWT Sh]P\XRb ^U
]PcdaT# Xc f^d[S WPeT QTT] \^aT PST`dPcT c^ cWT fW^[T bRXT]cXUXR caT]S
fWXRW ;P[X[T^ WX\bT[U X]PdVdaPcTS XU WT R^d[S P[aTPSh WPeT bPXS cWPc cWT
bh\Q^[b fTaT R^]bcP]cb P]S ePaXPQ[Tb# Ud]RcX^]b P]S T`dPcX^]b1 X] QaXTU#
cWT [P]VdPVT ^U P[VTQaP% =] UPRc# ^][h 8TbRPacTb# BTfc^]# P]S @TXQ]Xi
TeT]cdP[[h bd__[XTS cWT \PcWT\PcXRb U^a cWT ]Tf bRXT]RT ^U ]PcdaT% =cb
\TP]b ^U Tg_aTbbX^] Xb cWT SXUUTaT]cXP[ T`dPcX^] aPcWTa cWP] 9dR[XSnb _a^_$
^bXcX^]b%
.' O G <9 D <9BCA 9BCB C: @ =: 9
\PccTa# ^a cWT _aX]RX_[T ^U d]XU^a\Xch Pb bdRW# fWXRW U^d]S Xcb UXabc
bcPcT\T]c X] cWT [Pf ^U X]TacXPj bdaT[h ]^ \PaZ ^U X\\P]T]c aTP$
b^]%

=[[
=c Xb ^QeX^db cWPc cWT SXUUTaT]c bT]bT X] fWXRW ]PcdaT RP] QT b_^ZT]
^U Pb k\PcWT\PcXRP[l \dbc ]TRTbbPaX[h PUUTRc cWT XSTP ^U P \PcWT\PcX$
RP[ 7aTPc^a% :a^\ fWPc WPb QTT] bW^f]# >TP]bnb k;aTPc 5aRWXcTRc#l
U^a P[[ WXb QTX]V P k_daT \PcWT\PcXRXP]#l RP]]^c Qdc QT _a^U^d]S[h
SXUUTaT]c Ua^\ D[Pc^nb 8T\XdaVT% =c \Ph QT cPZT] U^a VaP]cTS cWPc P
\TcP_WhbXRP[ _^X]c ^U eXTf Xb ]^c ^][h cWT TUUTRc Qdc P[b^ cWT RPdbT ^U
P bRXT]cXUXR STeT[^_\T]c% 5] TeT]c [XZT cWT bd__aTbbX^] ^U cT[T^[^Vh
P]S ^U bdQbcP]cXP[ U^a\b RP]]^c QT bX\_[h PbRaXQTS c^ P]h _PacXRd[Pa
SXbR^eTah ^a bTc ^U SXbR^eTaXTb \PST X] cWT X]eTbcXVPcX^] ^U ]PcdaT#
]^a TeT] c^ cWT X]eT]cX^] ^U P ]Tf \TcW^S1 aPcWTa WPb cWT aTe^[dcX^]
X] \TcW^S# fWXRW cWT bdSST] ^Qb^[TbRT]RT ^U cWTbT eT]TaPQ[T R^]$
RT_cb bXV]P[XiTb# XcbT[U c^ QT PRR^d]cTS U^a% =]STTS# RTacPX] \TcP_WhbX$
RP[ R^]SXcX^]b fTaT aT`dXaTS TeT] c^ \PZT _^bbXQ[T cWT ]Tf P__a^PRW
^U _^bc$ET]PXbbP]RT bRXT]RT c^ ]PcdaT2 P]S bX]RT fT PaT STP[X]V fXcW
cWT bdQYTRc ^U RaTPcX^]# fT \Ph T[dRXSPcT cW^bT R^]SXcX^]b Ua^\ cWXb
_PacXRd[Pa P]V[T%
GWT ;^S ^U cWT 1=@59HF RaTPcTS cWT f^a[S Pb cWT _TaUTRc kP]X\P[l
^a eXbXQ[T V^S# T]b^d[TS P]S X]cT[[XVT]c% @^^ZX]V c^ cWT X]cT[[XVXQ[T
_PccTa] WT U^a\TS cWT RWP]VTPQ[T X] Xcb [XZT]Tbb# P]S cWdb Pb UPa Pb
_^bbXQ[T X] WXb ^f]% :^a cWT X]cT[[XVXQ[T P]S cWT X]cT[[XVT]c PaT cWT
bP\T% DPbbXeT k\PccTal P[^]T R^d[S RTacPX][h ]^c QT T]cadbcTS fXcW
_aTbTaeX]V cWa^dVW^dc RWP]VT cWT U^a\b P]S _a^_^acX^]b X\_aX]cTS ^]
Xc# ]^a fXcW _a^eXSX]V cWT U^aRT U^a cWPc \^cX^] ^U RWP]VT XcbT[U Qh
fWXRW cWT UPXa R^_h \dbc X\XcPcT TcTa]Xch X] cX\T% GWdb FBH? Xb aT$
`dXaTS Pb cWT R^]cX]dP[[h b_^]cP]T^db RPdbT ^U \^cX^]# P]S =AG9??="
;9A79 Pb cWT RPdbT ^U E5G=BA5? \^cX^]# cWPc Xb# ^]T cWPc TgWXQXcb [Pf% =c
Xb cWXb S^dQ[T Pb_TRc ^U kb^d[lj cWPc Xc Xb cWT RPdbT ^U \^cX^] P]S cWT
RPdbT ^U ^aSTaj fWXRW \PZTb Xc P d]XeTabP[ _WhbXRP[ _aX]RX_[T% F^d[
_TaePSTb cWT R^b\^b X] STVaTTb ^U SXeX]Xch# cWPc Xb# ^U X]cT[[XVT]RT%
GWT \^aT R^]bXbcT]c[h aPcX^]P[ P \^cX^]# cWT WXVWTa \dbc QT cWT
X]cT[[XVT]RT ^U cWT \^eX]V b^d[% <T]RT cWT bd_TaX^a X]cT[[XVT]RT ^U cWT
RT[TbcXP[ Q^SXTb# Pb R^\_PaTS c^ cWPc ^U cTaaTbcaXP[ QTX]Vb# X]R[dSX]V
=b ;^S P A PcW T\ PcXRXP] 4 N.(
\P]1 WT]RT cWT aT[XVX^db eT]TaPQX[Xch ^U cWT 7^b\^b Pb P fW^[Tj ]^c
U^a Xcb \PV]XcdST# Qdc U^a cWT R^X]RXST]RT ^U X]cT[[XVXQX[Xch P]S X]cT[$
[XVT]RT cWPc d]STa[XTb Xcb eXbXQ[T QTPdch%
7^\_PaT fXcW cWXb cWT >dSPT^$7WaXbcXP] R^]RT_cX^] cWPc c^^Z Xcb
_[PRT% GWT RaTPcTS f^a[S ^U ;T]TbXb Xb ]^c P V^S P]S Xb ]^c c^ QT
f^abWX_TS X]bcTPS ^U ;^S% B^a WPb Xc P b^d[ ^U Xcb ^f] cWPc f^d[S
PRR^d]c U^a Xcb PRcXeXch P]S Xcb ^aSTa[X]Tbb% =c Xb \TaT[h \PST P]S X]
]^ bT]bT \PZTa% >TfXbW \^]^cWTXb\ WPS PQ^[XbWTS cWT STXcXTb ^U
]PcdaT P]S P[[ X]cTa\TSXPah _^fTab# [TPeX]V ;^S P]S f^a[S X] R[TP]$
Rdc SXeXbX^]% GWT 7WaXbcXP] WXTaPaRWh ^U P]VT[b P]S bPX]cb SXS ]^c
QaXSVT cWT Vd[U QTcfTT] ;^S P]S cWT f^a[S# Qdc cWPc QTcfTT] ;^S
P]S cWT Wd\P] b^d[ fWXRW# ]^c QTX]V ^U cWT ]PcdaP[ ^aSTa XcbT[U#
bWPaTb cWTXa _aTcTa]PcdaP[ bcPcdb% =]STTS \P]nb b^d[ Xb cWT ^][h T]cXch
X] cWT f^a[Sj Qdc ]^c ^U cWT f^a[SjfWXRW Xb RaTPcTS X] cWT X\PVT ^U
;^S# TeT] ^dc ^U ;^S# P]S Xb cWdb X] P bT]bT SXeX]T# fWX[T WTPeT]b
P]S TPacW P]S P[[ cWTXa W^bc PaT ^][h ;^Snb WP]SXf^aZ P]S ]^c WXb
X\PVT%0 GWT TbbT]cXP[ SXeXbX^] QTcfTT] ;^S P]S f^a[S Xb cWdb aT$
_TPcTS ^a \Xaa^aTS X] cWT TbbT]cXP[ SXeXbX^] QTcfTT] \X]S P]S ]PcdaT%
BPcdaT# RaTPcTS ^dc ^U ]^cWX]V# WPb ]^ \X]S ^U WTa ^f]# Qdc \dcT[h
_TaU^a\b ;^Snb fX[[ Qh fWXRW P[^]T bWT TgXbcb% GWdb cWT XSTP ^U P
\X]S[Tbb ^a kQ[X]Sl ]PcdaT# fWXRW hTc QTWPeTb [PfUd[[hj cWPc Xb#
fWXRW ZTT_b P] X]cT[[XVXQ[T ^aSTa fXcW^dc QTX]V X]cT[[XVT]cjWPS QT$
R^\T \TcP_WhbXRP[[h _^bbXQ[T%
GWT _^bbXQX[Xch Ydbc X]SXRPcTS ST_T]STS ^] cWT R^]SXcX^] cWPc
kb^d[l fPb QP]XbWTS Ua^\ cWT R^]cTgc ^U ]PcdaT# P]S cWXb PVPX] fPb
_^bbXQ[T ^][h X]b^UPa Pb X] cWT Tg_[P]PcX^] ^U ]PcdaT X] VT]TaP[ b^d[
fPb ]^c ]TTSTS Pb cWT 75HF9 B: @BG=BA# =] UPRc# X] P ]PcdaT fXcW^dc
\X]S# kb^d[l Pb P Sh]P\XR _aX]RX_[T f^d[S QT P b^daRT ^U XaaPcX^]P[Xch
P]S _a^\^cT SXb^aSTa aPcWTa cWP] [Pf% B^f caP]bRT]ST]cP[ \^]^cWT$
Xb\# Qh PQ^[XbWX]V ]PcdaT$V^Sb P]S SXeX]T _^fTab fXcWX] cWT f^a[S#
T]cXaT[h UPe^aTS cWXb T[X\X]PcX^] ^U b^d[ Ua^\ cWT bhbcT\ ^U ]PcdaP[
_aX]RX_[Tb2 P]S cWT bP\T \^]^cWTXb\# \^aT^eTa# f^aZTS c^fPaS cWT
[TeT[X]V ^U P]h X]]Ta$R^b\XR WXTaPaRWh ^U QTX]V Qh aTSdRX]V P[[ ]PcdaT
c^ cWT T`dP[ bcPcdb ^U kRaTPcX^]lj T`dP[ QTU^aT ;^S1 bcPab P]S Sdbc#

0% GWPc cWXb aT[XVX^db SXbcX]RcX^] fPb aTP[XiTS X] P bT]bT R^]SdRXeT c^


]PcdaP[ bRXT]RT ^U cWT \^STa] ZX]S Xb bW^f] X] cWT _PbbPVT Ua^\ 6PR^]
`d^cTS X] ]^cT * c^ 9XVWcW 9bbPh%
.) O G <9 D < 9B C A 9B C B C: @ =:9
RT[TbcXP[ P]S cTaaTbcaXP[ ]PcdaT P[XZT% :X]P[[h# ^]RT \^cX^] RP\T c^ QT
R^]RTXeTS Pb P] X]XcXP[ P]S bT[U$R^]bTaeX]V T]S^f\T]c ^U RaTPcX^]
cWPc aT`dXaTb ]^ UdacWTa b_^]cP]TXch ^] Xcb ^f] _Pac# cWTaT R^d[S PaXbT
cWT R^]RT_cX^] ^U P ]PcdaT ]^c ^][h \X]S[Tbb Qdc P[b^ X]P]X\PcT# cWPc
Xb# ^U P ]PcdaT ]^c ^][h X]cT[[XVXQ[T fXcW^dc QTX]V X]cT[[XVT]c# Qdc P[b^
\^eX]V fXcW^dc QTX]V P[XeT%

=I
GWT \TcP_WhbXRb ^U \^ST\ bRXT]RT bTXiTS ^] _aTRXbT[h cWXb _^bbX$
QX[Xch# ^UUTaTS Qh >dSPT^$7WaXbcXP] caP]bRT]ST]cP[Xb\ P]S WT[S U^a b^
[^]V X] PQThP]RT Qh cWT \TSXTeP[ P[[XP]RT ^U RWdaRW S^RcaX]T fXcW
5aXbc^cT[XP]Xb\% =c Xb cadT cWPc cWT ET]PXbbP]RT _WX[^b^_Wh ^U ]PcdaT
j cWT \^bc k_PVP]l X]cTa[dST X] JTbcTa] cW^dVWcj PccT\_cTS c^
R^\QX]T cWT ]Tf eXbcP ^U cWT d]XeTabT fXcW P _P]cWTXbcXR P]X\Xb\ X]
cWT cadT R[PbbXRP[ bch[T1 Qdc cWT bTeT]cTT]cW RT]cdah# X] Xcb \^aT b^QTa
P]S \dRW \^aT k7WaXbcXP]l \^^SjcW^dVW RTacPX][h ]^c Ua^\ T]$
cXaT[h 7WaXbcXP] \^cXeTbj aTeTacTS c^ cWT aXV^ab ^U >dSPT^$7WaXbcXP]
caP]bRT]ST]cP[Xb\# c^ TgcaPRc Ua^\ Xc cWT XSTP ^U P ]PcdaT ]^c b_^]$
cP]T^db Qdc bcaXRc[h bdQYTRc c^ [Pf% =] cWdb aTP_X]V cWT UadXcb ^U SdP[$
Xb\# fWXRW cWa^dVW^dc Xcb [^]V P]S ePaXTS RPaTTa WPS cT]STS c^ SaPX]
]PcdaT ^U WTa b_XaXcdP[ P]S eXcP[ PccaXQdcTb# cWT ]Tf \TcP_WhbXR ^U
bRXT]RT XcbT[U PSSTS cWT [Pbc RWP_cTa c^ cWXb RPaTTa Qh _a^SdRX]V Xcb
^f] eTabX^] ^U SdP[Xb\% =cb R[PbbXRP[ aT_aTbT]cPcXeT Xb 8TbRPacTbn SXeX$
bX^] ^U bdQbcP]RT X]c^ E9F 7B;=G5AF P]S E9F 9KG9AF5$ bX]RT k]PcdaTl Xb
T]cXaT[h P]S TgR[dbXeT[h cWT [PccTa# X%T% TgcTa]P[# fWX[T cWT U^a\Ta Xb X]
]^ bT]bT k]PcdaT#l cWPc SXeXbX^] _a^eXSTS cWT \TcP_WhbXRP[ RWPacTa U^a
P _daT[h \TRWP]XbcXR P]S `dP]cXcPcXeT _XRcdaT ^U cWT ]PcdaP[ f^a[S#
fXcW Xcb R^a^[[Pah ^U \PcWT\PcXRP[ \TcW^S X] _WhbXRb% <TaT cWT RWPa$
PRcTa ^U SdP[Xb\# P]S fXcW Xc cWT bcPcdb ^U \PcWT\PcXRb# WPS aPSXRP[[h
RWP]VTS% :^a cWT R[PbbXRP[ _^[PaXch ^U U^a\ P]S \PccTa# PRcXeT b^d[
P]S _PbbXeT Q^Sh# X]cT[[XVXQ[T P]S bT]bXQ[T !fWTaT cWT bTR^]S cTa\ ^U
cWT d]T`dP[[h \PcRWTS _PXab# STUXRXT]c X] XcbT[U# aT`dXaTb cWT UXabc U^a
Xcb bWPaT X] kQTX]Vl "# P ]Tf ch_T ^U _^[PaXch fPb bdQbcXcdcTS# X]SX$
RPcTS Qh bdRW _PXab Pb1 bdQYTRc$^QYTRc# \X]S$]PcdaT# R^]bRX^db]Tbb$
b_PcXP[Xch# X]fPaS]Tbb$^dcfPaS]Tbb# fWTaT cWT bTR^]S cTa\ T]Y^hb
X]ST_T]ST]cj P]S UX]P[[h TeT] P]cTaX^aj aTP[Xch% GWT [TPSX]V cTa\ U^a
=b ;^S P A PcW T\ PcXRXP] 4 N .*
cWT b_XaXcdP[ Xb ]^ [^]VTa cWT caP]bRT]ST]c P]S bT[TRcXeT ^]T ^U
k\X]S#l Qdc cWPc ^U kTV^l ^a kbT[Ul bX\_[h# R^\_aXbX]V fWPcTeTa Xb
R^]bRX^db2 Xcb R^aaT[PcXeT cWT] Xb ]^ [^]VTa kU^a\#l Qdc P[[ k]^c$=l Pb
bdRW% =] cWXb bfTT_X]V aT_dSXPcX^] ^U D[Pc^]Xb\# ^eTa[PXS Pb Xc fPb Pc
UXabc Qh cWT aPcX^]P[Xbc UTae^a ^U cWT 7PacTbXP] bRW^^[# cWT UPcT ^U
JTbcTa] cW^dVWc fPb STRXSTS1 cWT D[Pc^]XR d]X^] ^U X]cT[[TRc fXcW cWT
X]cT[[XVXQ[T# P]S ^U cWT X]cT[[XVXQ[T fXcW cWT aTP[# fPb SXbb^[eTS# P]S
k]PcdaTl R^d[S ]^f QT XST]cXUXTS fXcW k\PccTa#l cWPc Xb# fXcW P \PccTa
cWPc `dXcT bT[U$bdUUXRXT]c[h TgXbcb ^] Xcb ^f]% GWXb aT_TPcb cWT _^bXcX^]
^U P]RXT]c Pc^\Xb\# Qdc PVPX]bc P SdP[XbcXR QPRZVa^d]S fWXRW Xb P[XT]
c^ cWT R[PbbXRP[ _aTRTST]c% JXcW 8TbRPacTb# SdP[Xb\ T]cTaTS Xcb [Pbc
P]S [TcWP[ \TcP\^a_W^bXb# bW^ac[h c^ SXbX]cTVaPcT X]c^ cWT T`dP[[h
QPaaT] P[cTa]PcXeTb ^U XSTP[Xb\ P]S \PcTaXP[Xb\1 U^a cWT UXabc cX\T X]
Xcb [^]V WXbc^ah# TeTah ZX]S ^U PfPaT]Tbb# W^fTeTa bT]bdP[ ^a T\^$
cX^]P[j X] bW^ac# XaaPcX^]P[j Xb Va^d_TS J=G< aTPb^] ^] ^]T bXST P]S
bTc ^eTa PVPX]bc TeTah ZX]S ^U b_PcXP[ QTX]V# X]R[dSX]V Xcb \PcWT\PcX$
RP[# cWPc Xb# aPcX^]P[# U^a\# ^] cWT ^cWTa bXST% kA PccTal X] UPRc# X] cWT
bT]bT ^U kQ^Sh#l QTR^\Tb \^aT aPcX^]P[ cWP] kb_XaXc%l
GWdb fT WPeT aTPRWTS Ua^\ cWT \TcP_WhbXRP[ T]S cWT bP\T aTbd[c
c^ fWXRW fT fTaT _aTeX^db[h [TS Qh cWT P]P[hbXb ^U \TcW^S1 ]P\T[h#
cWPc cWT [TPbc X]cT[[XVT]c WPb QTR^\T cWT \^bc# ]Ph cWT ^][h# X]cT[[XVX$
Q[T% :^a cW^dVW 8TbRPacTb _a^UTbbTb c^ WPeT bW^f] cWT \X]S c^ QT
kQTccTa N^a k\^aT TPbX[hlO Z]^f] cWP] cWT Q^Sh#l('( (WXb ^f] bRXT]$
cXUXR \TcW^S QT[XTb cWT R[PX\ fWTaT Z]^f[TSVT Pb P ST\^]bcaPcXeT
bhbcT\ Xb R^]RTa]TS% GWT TPbT ^U Z]^f[TSVT X] cWT RPbT ^U cWT \X]S
\TP]b \TaT[h X\\TSXPRh ^U bT[U$QTW^[SX]V fWXRW# Pc cWT bP\T cX\T#
[TPeTb cWT QTWT[S T]cXaT[h d]aT[PcTS c^ cWT c^cP[ UXT[S ^U cWPc Z]^fPQ[T
X] fWXRW P[^]T cWT \TcW^S f^aZb# ]P\T[h# cWT E9F 9KG9AF5%] FX]RT
\X]S WPb aTcPX]TS ]^ bcP]SX]V Pc P[[ X] cWT bhbcT\ ^U cW^bT aPcX^]P[
^QYTRcb fWXRW R^]bcXcdcT 8TbRPacTbn BPcdaT# cWT cWT\T ^U WXb bRXT]RT#
cWTaT T]bdTb cWT _PaPS^g cWPc aTPb^] XcbT[U WPb QTR^\T P] XaaPcX^]P[
T]cXch# X]cT[[XVT]RT T]cXaT[h d]X]cT[[XVXQ[T fXcWX] cWT X]cT[[TRcdP[

('% 099 <=F 097BA8 ,98=G5G=BA#


((% k5[[ cWX]Vb fWXRW# b_TPZX]V VT]TaP[[h# PaT R^\_aTWT]STS X] cWT
^QYTRc ^U _daT \PcWT\PcXRb PaT cad[h c^ QT aTR^V]XiTS Pb TgcTa]P[ ^QYTRcbl
!FXgcW ATSXcPcX^]"% CQbTaeT cWT aT[PcX^] WTaT bcX_d[PcTS QTcfTT] k\PcW$
T\PcXRP[l P]S kTgcTa]P[l
.+ O G <9 D <9BCA 9BCB C: @ =:9
bRWT\T ^U cWT bRXT]cXUXRP[[h Z]^fPQ[T1 X] ^cWTa f^aSb# cWT Z]^fTa
WX\bT[U Xb P\^]V WXb ^QYTRcb# cWPc Xb# cWT f^a[S# cWT d]Z]^fPQ[T _Pa
TgRT[[T]RT%
6dc fT WPeT bTT] cWPc ]^c ^][h \X]S Qdc P[b^ b^d[ P]S cWTaTU^aT
[XUT QTRP\T aTSd]SP]c X] cWT Tg_[P]PcX^] ^U ]PcdaT% A^cX^] fXcW^dc
b^d[ X]e^[eTb U^aRT fXcW^dc P__TcXcX^]# Ua^\ fWXRW U^a\b aTbd[c fXcW$
^dc QTX]V T]Sb% GWT kU^aRTl Xb X] TeTah RPbT X]TacXP[# cWPc Xb# P `dP]cX$
cPcXeT R^]bcP]c RPaaXTS ^eTa Ua^\ X]bcP]c c^ X]bcP]c X] P] T]S[Tbb
bTaXTb% B^f# bX]RT [XUT \TP]b b_^]cP]T^db P]S cT[T^[^VXRP[ \^cX^]#
fWX[T d]STabcP]SX]V Xb X] cTa\b ^U X]TacXP[ \^cX^] P[^]T# cWTaT U^[[^fb
cWT UdacWTa _PaPS^g cWPc ]^c ^][h cWT \X]S[Tbb Qdc P[b^ cWT [XUT[Tbb WPb
QTR^\T cWT X]cT[[XVXQ[T Pb bdRW# P]S kSTPS \PccTal cWT bcP]SPaS ^U
X]cT[[XVXQX[Xch% 6dc X]Pb\dRW Pb k[XUTl Xb T]R^d]cTaTS Pb P UPRc fXcWX]
cWT c^cP[Xch ^U _WhbXRP[ UPRcb# Xcb d]STabcP]SX]V \dbc \TP] _aTRXbT[h
Xcb aTSdRcX^] c^ cWXb bcP]SPaS# cWPc Xb# Xcb Tg_[P]PcX^] X] cTa\b ^U cWT
[XUT[Tbb% 8TbRPacTbn \TRWP]XbcXR cWT^ah ^U cWT ^aVP]Xb\# cWT P]X\P[
Pdc^\Pc^] !cWT TgT\_cX^] ^U \P] fPb P \TaT X]R^]bXbcT]Rh"# Xb
cWTaTU^aT P [^VXRP[ P]S d]Pe^XSPQ[T R^]bT`dT]RT Ua^\ WXb fW^[T
\TcP_WhbXRP[ P]S T_XbcT\^[^VXRP[ _aX]RX_[T fWXRW bTc cWT bcPVT U^a
\^STa] bRXT]RT QTh^]S Xcb ^f] QaXTU WXbc^aXRP[ W^da% @P ATccaXTnb
+ P<B@@9 @57<=A9 !]^ [Tbb cWP] \^STa] QTWPeX^aXb\" Xb bcX[[ WTXa c^
7PacTbXP] SdP[Xb\ bcaX__TS ^U Xcb b_XaXcdP[ WP[U% 5]S bX]RT \^STa]
bRXT]RT# Pb `dP]cXcPcXeT P]S \TPbdaX]V# R^]cX]dTb c^ QT T]PRcTS ^]
cWT bcPVT ^] fWXRW Xc fPb dbWTaTS X]# cWT bcPVT ^U P ]PcdaT TbbT]cXP[[h
d]STabc^^S Pb E9F 9KG9AF5 ^a kTgcTa]P[ aTP[Xch#l ]^ ^cWTa R^V]XcX^] ^U
cWT ^aVP]XR Xb PePX[PQ[T c^ Xc cWP] ^]T X] cTa\b ^U cWT \X]S[Tbb P]S cWT
[XUT[Tbb2 P]S cWXb \dbc QT aT_aTbT]cTS Pb P bhbcT\ ^U \X]X\d\ `dP]$
cXcXTb X] b_PRT P]S cX\T# cWT aTb^[dcX^] X]c^ fWXRW R^]bcXcdcTb cWT
d]STabcP]SX]V ^U P]h VXeT] T]cXch%I

= WPeT caXTS c^ bW^f fWPc cWT XSTP ^U P \PcWT\PcXRP[ ]PcdaT \TP]b


X] cWT \^ST\ R^]cTgc# P]S fWPc Xb cWTaTU^aT PbbTacTS# cW^dVW _a^Q$
PQ[h ]^c c^ WXb ^f] Z]^f[TSVT# X] >TP]bnb bcPcT\T]c cWPc cWT PaRWXcTRc
^U cWT d]XeTabT Xb P _daT \PcWT\PcXRXP]% JT PaT ]^f bdUUXRXT]c[h
_aT_PaTS c^ PbZ1 *F ;^S P _daT \PcWT\PcXRXP]4j cWPc Xb# X] cWT ^][h
bT]bT fWXRW cWT PbbTacX^] RP] WPeT X] cWT VXeT] bRXT]cXUXR bXcdPcX^]% G^
=b ;^S P A PcW T\ PcXRXP]4 N .,
P]bfTa cWXb `dTbcX^] fT bWP[[ cah c^ [^^Z Pc RaTPcX^] cWa^dVW cWT ThTb
^U cWT \PcWT\PcXRP[ ;^S P]S UX]S ^dc fWPc ^QYTRcb WT f^d[S# P]S
fWPc WT f^d[S ]^c# P__aTWT]S1 fWPc ^QYTRcb# cWTaTU^aT !bX]RT WXb
cW^dVWc Xb bPXS c^ QT cWT RPdbT ^U cWX]Vb"# WT R^d[S WPeT# P]S fWPc
^QYTRcb WT R^d[S ]^c WPeT# RaTPcTS%()
JWPc cWT ^QYTRc f^a[S ^U cWT SXeX]T \PcWT\PcXRXP] \XVWc QT [XZT
fT \Ph VPcWTa# XU ]^c Ua^\ cWT ^[STa _XRcdaT SaPf] Qh @P_[PRT# Ua^\
cWT faXcX]Vb ^U cWT \PcWT\PcXRP[ _WhbXRXbc FXa 5acWda 9SSX]Vc^]% <Xb
eXeXS STbRaX_cX^]b ^U cWT bWPS^f f^a[S ^U \PcWT\PcXRP[ eP[dTb# X]c^
fWXRW cWT b^[XS ^QYTRcb ^U ^da Tg_TaXT]RT SXbb^[eT !^a bX\X[Pa _^_d$
[PaXiPcX^]b ^U cWT bRXT]cXUXR PQbcaPRc ^U QPbXR aTP[Xch"# fT Pbbd\T Pb
bdUUXRXT]c[h Z]^f] ]^c c^ aT`dXaT T[PQ^aPcX^]% 5]S U^a PaVd\T]cnb
bPZT [Tc db VaP]c cWT _^bbXQX[Xch cWPc cWXb ^QYTRc _XRcdaT# aT_[PRX]V
UP\X[XPa cWX]Vb fXcW bhbcT\b ^U `dP]cXcPcXeT aT[PcX^]b QTcfTT] fXST[h
b_PRTS ]^SP[ _^X]cb ^U aTP[Xch# \Ph fXcW P[[ Xcb [PRZ ^U R^[^a P]S
R^]RaTcT]Tbb QT cWT kcadTal ^]T% 6dc bd__^bT Xc Xb P [XeX]V Q^Sh# P]
^aVP]Xb\# ^] fWXRW cWT VPiT ^U cWT SXeX]T \PcWT\PcXRXP] WP__T]b c^
aTbc% =c \Ph QT d]XRT[[d[Pa ^a \d[cXRT[[d[Pa% JWPc f^d[S cWT ;^S ^U
cWT _WhbXRXbcb kbTTl4
5b P _WhbXRP[ Q^Sh cWT ^aVP]Xb\ fX[[ TgWXQXc cWT bP\T VT]TaP[
UTPcdaTb Pb S^ ^cWTa PVVaTVPcTb1 P e^XS \^bc[h# RaXbbRa^bbTS Qh cWT
VT^\Tcah ^U U^aRTb cWPc T\P]PcT Ua^\ cWT X]bd[Pa U^RX ^U [^RP[XiTS T[T$
\T]cPah QTX]V% 6dc b_TRXP[ V^X]Vb$^] fX[[ QT SXbRTa]XQ[T# Q^cW X]bXST
P]S ^dcbXST Xcb b^$RP[[TS Q^d]SPah# fWXRW fX[[ aT]STa Xcb _WT]^\T]P[
d]Xch bcX[[ \^aT _a^Q[T\PcXRP[ cWP] cWPc ^U ^aSX]Pah Q^SXTb# P]S fX[[
TUUPRT P[\^bc T]cXaT[h Xcb \PcTaXP[ XST]cXch cWa^dVW cX\T% = aTUTa c^ Xcb
@9G56B?=F@! Xcb TgRWP]VT ^U \PccTa fXcW cWT bdaa^d]SX]Vb% =] cWXb
aT\PaZPQ[T \^ST ^U QTX]V# cWT \PcTaXP[ _Pacb ^U fWXRW cWT ^aVP]Xb\
R^]bXbcb Pc P VXeT] X]bcP]c PaT c^ cWT _T]TcaPcX]V ^QbTaeTa ^][h cT\$

()% =] _TaU^a\X]V cWXb cTbcjXc \XVWc QT ^QYTRcTSjfT PaT Q^d]S c^ cWT


R^]cT\_^aPah bcPcT ^U bRXT]RT# fW^bT [X\XcPcX^]b f^d[S ]^c QX]S cWT R^V$
]XcXeT _^fTab ^U ;^S% 6dc cWT _a^Q[T\ [XTb ]^c fWTaT bRXT]RT UP[[b bW^ac
^U Xcb _a^VaP\# Qdc aPcWTa X] cWT P]cXRX_PcTS Ud[UX[[\T]c ^U cWPc _a^VaP\%
GWPc Xb# ]^c P]h kSPcTSl X]R^\_[TcT]Tbb ^U Xcb aTbd[cb Qdc cWTXa XSTP[[h
X\PVX]TS R^\_[TcT]Tbb fXcWX] cWT R^]RT_cdP[ UaP\Tf^aZ ^U bRXT]RT Pb
bdRW WPb c^ QT R^]Ua^]cTS fXcW cWT ^]c^[^VXRP[ UPRcb ^U ^aVP]XR TgXbcT]RT%
5]S cWXb RP] QT S^]T Qh TgcaP_^[PcX^] Ua^\ cWT _aTbT]c bcPcT X] cWT
SXaTRcX^] X]SXRPcTS Qh Xc%
.- O G <9 D <9BCA 9BCB C: @ =: 9
_^aPah# _PbbX]V R^]cT]cb fW^bT Y^X]c \PcTaXP[ XST]cXch S^Tb ]^c R^X]$
RXST fXcW cWT XST]cXch ^U cWT fW^[T fWXRW cWTh T]cTa P]S [TPeT# P]S
fWXRW bdbcPX]b Xcb ^f] XST]cXch Qh cWT eTah PRc ^U U^aTXV] \PccTa
_PbbX]V cWa^dVW Xcb b_PcXP[ bhbcT\# cWT [XeX]V :BE@# =c Xb ]TeTa cWT
bP\T \PcTaXP[[h P]S hTc _TabXbcb Pb Xcb bP\T bT[U# 6L ]^c aT\PX]X]V cWT
bP\T \PccTa% C]RT Xc aTP[[h QTR^\Tb cWT bP\T fXcW cWT bP\T]Tbb ^U
Xcb \PcTaXP[ R^]cT]cbj XU P]h cf^ kcX\T b[XRTbl ^U Xc QTR^\T# Pb c^
cWTXa X]SXeXSdP[ R^]cT]cb# XST]cXRP[ fXcW TPRW ^cWTa P]S fXcW cWT b[XRTb
QTcfTT] cWT\jXc RTPbTb c^ [XeT2 Xc SXTb !^a QTR^\Tb S^a\P]c Pb S^
RTacPX] bTTSb P]S b_^aTb fW^bT [XUT _a^RTbb bc^_b# c^ QT aTbd\TS
d]STa P__a^_aXPcT R^]SXcX^]b%"(*

(*% JT WPeT c^ aTP[XiT cWT P[[$_TaePbXeT]Tbb ^U \TcPQ^[Xb\ fXcWX] cWT


[XeX]V bhbcT\% GWT TgRWP]VT ^U \PccTa fXcW cWT T]eXa^]\T]c Xb ]^c P
_TaX_WTaP[ PRcXeXch T]VPVTS X] Qh P _TabXbcT]c R^aT1 Xc Xb cWT c^cP[ \^ST ^U
R^]cX]dXch !bT[U$R^]cX]dPcX^]" ^U cWT bdQYTRc ^U [XUT XcbT[U% GWT \TcP_W^a
^U kX]U[^f P]S ^dcU[^fl S^Tb ]^c aT]STa cWT aPSXRP[ ]PcdaT ^U cWT UPRc% =]
P] T]VX]T fT WPeT X]U[^f ^U UdT[ P]S ^dcU[^f ^U fPbcT _a^SdRcb# Qdc cWT
\PRWX]T _Pacb cWT\bT[eTb cWPc VXeT _PbbPVT c^ cWXb U[^f S^ ]^c _PacXRX_PcT
X] Xc1 cWTXa bdQbcP]RT Xb ]^c X]e^[eTS X] cWT caP]bU^a\PcX^]b fWXRW cWT UdT[
d]STaV^Tb X] Xcb _PbbPVT cWa^dVW cWT\2 cWTXa _WhbXRP[ XST]cXch Xb R[TPa[h P
\PccTa P_Pac# PUUTRcTS ]TXcWTa Qh cW^bT X]cTaRWP]VTb ]^a Qh cWTXa ^f]
T]bdX]V PRcX^]% GWdb cWT \PRWX]T _TabXbcb Pb P bT[U$XST]cXRP[ X]Tac bhbcT\
^eTa PVPX]bc cWT RWP]VX]V XST]cXch ^U cWT \PccTa fXcW fWXRW Xc Xb kUTSl2
P]S# fT \Ph PSS# Xc TgXbcb Pb Ydbc cWT bP\T fWT] cWTaT Xb ]^ UTTSX]V Pc P[[1
Xc Xb cWT] cWT bP\T \PRWX]T Pc P bcP]SbcX[[% C] cWT ^cWTa WP]S# fWT] fT
RP[[ P [XeX]V Q^Sh P k\TcPQ^[XiX]V bhbcT\#l fT \dbc X]R[dST X] cWT cTa\
cWPc cWT bhbcT\ XcbT[U Xb fW^[[h P]S R^]cX]d^db[h P aTbd[c ^U Xcb \TcPQ^[Xi$
X]V PRcXeXch# P]S UdacWTa cWPc ]^]T ^U cWT kaTbd[cl RTPbTb c^ QT P] ^QYTRc ^U
\TcPQ^[Xb\ fWX[T Xc Xb P[b^ P] PVT]c ^U Xc% :^a cWXb aTPb^] P[^]T# Xc Xb
X]P__a^_aXPcT c^ [XZT] cWT ^aVP]Xb\ c^ P \PRWX]T% GWT UXabc c^ S^ b^ fPb
8TbRPacTb# P]S WXb \^ST[ !STbXV]TS Ua^\ cWT ^dcbTc U^a P]X\P[b ^][h
P]S ]^c U^a _[P]cb" P[aTPSh _a^eXSTS# QTbXSTb cWT FGEH7GHE9 ^U \^ePQ[T
_Pacb# U^a P b^daRT ^U CBJ9E c^ \PZT cWT\ \^eT1 cWT WTPc VT]TaPcTS Qh
cWT kQda]X]Vl ^U cWT U^^S% GWdb cWT R^\QdbcX^] cWT^ah ^U \TcPQ^[Xb\
R^\_[T\T]cb cWT \PRWX]T cWT^ah ^U P]Pc^\XRP[ bcadRcdaT% 6dc \TcPQ^[Xb\
Xb \^aT cWP] P \TcW^S ^U _^fTa VT]TaPcX^]# ^a# U^^S Xb \^aT cWP] UdT[1 X]
PSSXcX^] c^# P]S \^aT QPbXR cWP]# _a^eXSX]V ZX]TcXR T]TaVh U^a cWT ad]]X]V
^U cWT \PRWX]T !P RPbT P]hfPh ]^c P__[hX]V c^ _[P]cb"# Xcb a^[T Xb c^ QdX[S
d_ ^aXVX]P[[h P]S aT_[PRT R^]cX]dP[[h cWT eTah _Pacb ^U cWT \PRWX]T%
ATcPQ^[Xb\ cWdb Xb cWT R^]bcP]c QTR^\X]V ^U cWT \PRWX]T XcbT[UjP]S cWXb
QTR^\X]V XcbT[U Xb P _TaU^a\P]RT ^U cWT \PRWX]T1 Qdc U^a bdRW _TaU^a\$
P]RT cWTaT Xb ]^ P]P[^VdT X] cWT f^a[S ^U \PRWX]Tb%
=b ;^S P A PcWT\ PcXRXP]4 N ..
5c UXabc V[P]RT# cWXb Xb bdVVTbcXeT ^U P ch_T ^U ^QYTRc fXcW fWXRW
_WhbXRb Xb UP\X[XPa% APcWT\PcXRP[ STbRaX_cX^] S^Tb STP[ fXcW Sh]P\XR
J<B?9F T]Y^hX]V P] kXST]cXchl ^U cWTXa ^f] X] cX\T SXUUTaT]c Ua^\ cWPc
^U cWTXa RWP]VX]V R^]bcXcdT]cb% = QT[XTeT cWT fPeT !X] P \PcTaXP[
\TSXd\ [XZT fPcTa ^a PXa" _a^eXSTS cWT UXabc \^ST[ U^a bdRW STbRaX_$
cXeT T]cXcXTb ^U P \TSXPcT ^aSTa% GWT ^bRX[[PcX]V d]Xcb ^U fWXRW Xc
bdRRTbbXeT[h R^]bXbcb X] Xcb _a^VaTbb _TaU^a\ cWTXa \^eT\T]cb bX]V[h#
TPRW _PacXRX_PcX]V ^][h \^\T]cPaX[h X] cWT R^]bcXcdcX^] ^U cWT X]SX$
eXSdP[ kfPeTl 2 hTc cWXb Pb cWT R^\_aTWT]bXeT U^a\ ^U cWT _a^_PVPcTS
SXbcdaQP]RT WPb Xcb ^f] SXbcX]Rc d]Xch# Xcb ^f] WXbc^ah# P]S Xcb ^f]
[Pfb# P]S cWTbT RP] QTR^\T X]ST_T]ST]c ^QYTRcb ^U \PcWT\PcXRP[
P]P[hbXb# X] PQbcaPRcX^] Ua^\ cWT \^aT X\\TSXPcT XST]cXcXTb ^U cWT
bdQbcaPcd\% A^STa] _WhbXRb STP[b [PaVT[h fXcW bdRW fW^[T$bcadRcdaTb
^U WP__T]X]V# P]S b_TRXP[ \PcWT\PcXRP[ cTRW]X`dTb PaT T\_[^hTS X]
cWTXa STbRaX_cX^]% <TaT# cWT]# U^a\ aT$T]cTab cWT _WhbXRP[ bRT]T fXcW P
R^V]XcXeT bXV]XUXRP]RT ^U Xcb ^f]% 5]S cWXb caP]bRT]SX]V U^a\# P]
TeT]c$bcadRcdaT# Xb ^U P SXUUTaT]c ^aSTa Ua^\ cWPc ^U P RahbcP[$bcadRcdaT#
fWTaT cWT U^a\ Xb X]bT_PaPQ[h P[[XTS c^ cWT _TabXbcT]RT ^U cWT \PcT$
aXP[%
LTc Xc \dbc QT ]^cTS# fXcW P eXTf c^ cWT U^[[^fX]V SXbRdbbX^]# cWPc
c^ cWTbT X]cTVaPcTS TeT]c$bcadRcdaTb ]^ b_TRXP[ aTP[Xch Xb PRR^aSTS cWPc
Xb ]^c R^]cPX]TS X]# P]S STSdRXQ[T Ua^\# cWT R^]Y^X]c aTP[Xch ^U cWT
_PacXRX_PcX]V# \^aT T[T\T]cPah TeT]cb1 Wh_^cWTcXRP[[h cWT [PccTa \dbc
R^\_[TcT[h PRR^d]c U^a TeTah RWPaPRcTa ^U cWT U^a\Ta# ^a cWTaT \dbc
QT bcaXRc T`dXeP[T]RT Tg_aTbbXQ[T X] P] T`dPcX^]1 fWXRW \TP]b cWPc
cWTaT Xb ]^ ]^eT[ch X] cWT fW^[T Pb bdRW2 P]S c^ P] X]UX]XcT X]cT[[XVT]RT
cWT bX\d[cP]T^db# SXbRaTcT ]^cX^] ^U P[[ cWT X]SXeXSdP[ R^\_^]T]cb
f^d[S bcX[[ QT cWT _TaUTRc Z]^f[TSVT%
B^f cWT bP\T !cW^dVW X\\T]bT[h \^aT b^_WXbcXRPcTS" f^d[S
bTT\ c^ P__[h c^ cWT kU^a\P[l _a^_PVPcX^] cWa^dVW cX\T ^U cWT \P]X$
U^[S J9 Z]^f Pb k^aVP]Xb\%l GWTaT c^^# cWT R^\_[TcT P]P[hbXb ^U cWT
;aTPc APcWT\PcXRXP]# d]R[^dSTS Qh cWT UdbX]V bd\\PcX^]b ^U bT]bT#
fX[[ d[cX\PcT[h UPbcT] ^] cWT bX]V[T caP]bXT]c T[T\T]cb !kcaP]bXT]cl X]
aT[PcX^] c^ cWT fW^[T"# fWXRW P[^]T _a^eXST cWT X\\TSXPcT XST]cXcXTb
U^a cWT \TRWP]XRP[ R^]bcadRcX^] ^U cWT R^\_^d]S P]S P[^]T aT\PX]
Pb cWT aTbXSdT ^U Xcb P]P[hbXb% GWT [XUT _a^RTbb fX[[ cWT] _aTbT]c XcbT[U
Pb P bTaXTb# ^a P fTQ ^U \P]h bTaXTb# ^U R^]bTRdcXeT TeT]cb R^]RTa]X]V
cWTbT bX]V[T# _TabXbcX]V d]Xcb ^U VT]TaP[ bdQbcP]RT1 cWTh PaT cWT aTP[
./ O G <9 D < 9BCA 9BCB C: @ =:9
_TaU^a\Tab# \^eX]V X] P]S ^dc ^U R^]UXVdaPcX^]b# TPRW U^a RPdbP[
aTPb^]b ^U Xcb ^f]% GWT _PacXRd[Pa R^]UXVdaPcX^] d]STa eXTf# fWXRW fT
RP[[ ^aVP]Xb\# \PZTb ]^ SXUUTaT]RT c^ cWTXa bX]V[T XST]cXch ]^a c^ cWTXa
\^ST ^U Ud]RcX^] !STUX]TS X] Xcb _^cT]cXP[ aT_Tac^XaT" P]S Xb X] _aX]$
RX_[T [XZT P]h ^cWTa R^]UXVdaPcX^] fWXRW cWTh \Ph T]cTa P]S cT\_^$
aPaX[h WT[_ c^ R^]bcXcdcT% B^ ^cWTa ch_T ^U RPdbP[Xch ^QcPX]b X]bXST
cWP] ^dcbXST Xc# P]S cWT caP]bXT]c _PacXR[T R^]cX]dTb X] Xcb _a^_Ta
R^]RPcT]PcX^] ^U RPdbT P]S TUUTRc fWT] T]cTaX]V# fWT] X]bXST# P]S
fWT] [TPeX]V Xc% GWPc Xcb _[PRT Xb cPZT] Qh P bdRRTbb^a Xb P ]Tf UPRc
fW^bT aT_TcXcX^] PSSb d_ c^ P R^]cX]dXch ^U PVVaTVPcT U^a\# Qdc
S^Tb ]^c PUUTRc cWT bX]V[T]Tbb ^U TPRW WP__T]X]V% GWdb cWTaT Xb ]^
aTPb^] c^ _^bXc P b_TRXP[ T]cXch U^a cWPc _PacXRd[Pa U^a\ ^U c^VTcWTa$
]Tbb fXcW Xcb ]^a\P[ bTc ^U X]cTaPRcX^]b% 5VPX]bc cWT U[^f ^U cWT
\^\T]cPah R^]bcXcdT]c _Pacb# cWT R^]UXVdaPcXeT _Ta\P]T]RT Qh aT$
_[PRT\T]cj P]S cWdb cWT R^]cX]dXch ^U cWT kfW^[Tlj Xb P] PQbcaPR$
cX^]% G^ X[[dbcaPcT ^]RT \^aT Qh cWT TgP\_[T ^U cWT fPeT1 bcaXRc[h
b_TPZX]V# ]^c Xcb _a^VaTbb Pb P \^eX]V U^a\ RPdbTb cWT bdRRTbbXeT
T]cTaX]V ^U ]Tf d]Xcb X]c^ cWT R^[[TRcXeT \^cX^] ^U fWXRW Xc R^]bXbcb#
Qdc cWT caP]b\XbbX^] ^U X]SXeXSdP[ \^cX^] P\^]V PSY^X]X]V T[T\T]$
cPah d]Xcb PSSb d_ c^ cWT bTT\X]V fW^[T$U^a\ fWXRW _a^VaTbbTb ^]
cWTXa PRR^d]c% =] cWT bP\T [XVWc cWT ^aVP]Xb\ \dbc P__TPa Pb P Ud]R$
cX^] ^U \TcPQ^[Xb\ aPcWTa cWP] \TcPQ^[Xb\ Pb P Ud]RcX^] ^U cWT ^aVP$
]Xb\% 9eTah WP__T]X]V X]e^[eTS# P]S R^]bT`dT]c[h cWTXa bd\ c^cP[ Pc
TPRW X]bcP]c# RP] P]S cWdb \dbc QT PRRdaPcT[h PRR^d]cTS U^a ^] cWT
[X]Tb ^U cWT VT]TaP[ bRWT\T d]STa[hX]V cWT \PcWT\PcXRP[$\TRWP]XRP[
f^a[S$_XRcdaT1 ^] cWT [X]Tb ^U cT[T^[^VXRP[ X]SXUUTaT]RT# TUUXRXT]c RPdbT#
X]TacXP[ d]XU^a\Xch# b\P[[Tbc _PacXR[T# `dP]cXcPcXeT TgcT]bXch# P]S b^
^]% =] P] XSTP[ P]P[hbXb ^U cWXb ZX]S# cWT P__PaT]c bP\T]Tbb P]S
X]SXeXSdP[Xch ^U cWT ^aVP]XR fW^[T fX[[ aTb^[eT XcbT[Uj TeT] \^aT cW^a$
^dVW[h cWP] cWPc ^U ^aSX]Pah Q^SXTbj Pb P] X]RXST]cP[ aTbd[c X]c^ cWT
]Tcf^aZ ^U P[[ _WhbXRP[ [X]Tb fWXRW R^]eTaVT WTaT P]S ]^f Ua^\ cWT
d]XeTabT# P]S X] fW^bT X]cTafTPeX]Vb Xcb _PccTa] U[TTcX]V[h P__TPab2
P]S P[[ cWT UTPcdaTb ^U P bT[U$aT[PcTS Pdc^]^\^db T]cXch f^d[S# X] cWT
T]S# P__TPa Pb _daT[h _WT]^\T]P[# cWPc Xb# UXRcXcX^db%
=b ; C8 5 A 5G<9A5G=7=5B 4 N .0

I=
<TaT PVPX] fT bW^d[S bPh cWPc cWT ^QYTRc$eXTf ^U cWT SXeX]T \PcW$
T\PcXRXP] Xb [Tbb R^]RaTcT P]S R^[^aUd[ cWP] ^dabj Qdc f^d[S fT P[b^
VaP]c Xc# Pb QTU^aT# cWT _^bbXQX[Xch ^U QTX]V cadTa4 9\_WPcXRP[[h ]^c X]
cWXb RPbT# P]S WTaT fT \^eT ^] UXa\ Va^d]S# QTRPdbT WTaT# QTX]V
[XeX]V Q^SXTb ^dabT[eTb# fT WP__T] c^ WPeT X]bXST Z]^f[TSVT% C] cWT
bcaT]VcW ^U cWT X\\TSXPcT cTbcX\^]h ^U ^da Q^SXTb J9 PaT PQ[T c^ bPh
fWPc ]^ SXbT\Q^SXTS ^][^^ZTa f^d[S WPeT P RPdbT U^a bPhX]V1 cWPc
cWT \PcWT\PcXRP[ ;^S X] WXb W^\^VT]T^db P]P[hcXRP[ eXTf \XbbTb cWT
STRXbXeT _^X]cj cWT _^X]c ^U [XUT XcbT[U1 Xcb QTX]V bT[U$RT]cTaTS X]SXeXS$
dP[Xch# QTX]V U^a XcbT[U P]S X] R^]caP_^bXcX^] c^ P[[ cWT aTbc ^U cWT
f^a[S# fXcW P] TbbT]cXP[ Q^d]SPah SXeXSX]V kX]bXSTl P]S k^dcbXSTlj
]^cfXcWbcP]SX]V# ]Ph# ^] cWT eTah QPbXb ^U cWT PRcdP[ TgRWP]VT% =c \Ph
QT cWT RPbT U^a TeTah ^cWTa U^a\ ^U PVVaTVPcT cWPc Xcb SXbcX]Rc d]Xch Pb
P fW^[T Xb ]^cWX]V Qdc cWT _a^SdRc ^U ^da bT]bd^db _TaRT_cX^]# cWdb
]^c ^]c^[^VXRP[ Qdc \TaT[h _WT]^\T]P[% =cb XST]cXch# cWT]# Pb kcWXbl
j cWXb bc^]T# cWXb Sa^_ ^U fPcTajaTbcb ^] cWT aT[PcXeT _TabTeTaP]RT ^U
cWT PVVaTVPcX^] P]S Xb X] cWT [Pbc aTb^ac aTSdRXQ[T c^ cWT X\\TSXPcT
XST]cXcXTb ^U cWT R^\_^]T]c _Pacb1 P Q^aa^fTS P]S \TSXPcT XST]cXch#
fWXRW eP]XbWTb fXcW cWTXa bTVaTVPcX^]# fWX[T cWPc ^U cWT d[cX\PcT _Pacb
Xb _aTbd\PQ[h X]P[XT]PQ[T% 6dc cWT]# X] [XeX]V cWX]Vb# ]PcdaT b_aX]Vb P]
^]c^[^VXRP[ bda_aXbT X] fWXRW cWT f^a[S$PRRXST]c ^U cTaaTbcaXP[ R^]SX$
cX^]b QaX]Vb c^ [XVWc P] T]cXaT[h ]Tf _^bbXQX[Xch ^U QTX]V1 bhbcT\b ^U
\PccTa cWPc PaT d]XcXTb ^U P \P]XU^[S# ]^c X] eXacdT ^U P bh]cWTbXiX]V
_TaRT_cX^] fW^bT ^QYTRc cWTh WP__T] c^ QT# ]^a Qh cWT \TaT R^]Rda$
aT]RT ^U cWT U^aRTb cWPc QX]S cWTXa _Pacb c^VTcWTa# Qdc X] eXacdT ^U
cWT\bT[eTb# U^a cWT bPZT ^U cWT\bT[eTb# P]S R^]cX]dP[[h bdbcPX]TS Qh
cWT\bT[eTb% <TaT fW^[T]Tbb Xb bT[U$X]cTVaPcX]V X] PRcXeT _TaU^a\P]RT#
P]S U^a\ U^a ^]RT Xb cWT RPdbT aPcWTa cWP] cWT aTbd[c ^U cWT \PcTaXP[
R^[[TRcX^]b X] fWXRW Xc bdRRTbbXeT[h bdQbXbcb% H]Xch WTaT Xb bT[U$d]XUh$
X]V# Qh \TP]b ^U RWP]VX]V \d[cX_[XRXch% FP\T]Tbb# fWX[T Xc [Pbcb !P]S
Xc S^Tb ]^c [Pbc X]TacXP[[h# X] cWT \P]]Ta ^U bcPcXR XST]cXch ^a ^U ^]$
\^eX]V R^]cX]dXch"# Xb _Ta_TcdP[ bT[U$aT]TfP[ cWa^dVW _a^RTbb# Q^a]T
^] cWT bWXUc ^U ^cWTa]Tbb% GWXb PRcXeT bT[U$X]cTVaPcX^] ^U [XUT P[^]T
VXeTb bdQbcP]RT c^ cWT cTa\ kX]SXeXSdP[l 1 Xc P[^]T hXT[Sb cWT ^]c^[^VX$
RP[ R^]RT_c ^U P] X]SXeXSdP[ Pb PVPX]bc P \TaT[h _WT]^\T]^[^VXRP[
/' G <9 D <9BCA 9BCB C: @ =:9
GWXb ^]c^[^VXRP[ X]SXeXSdP[# Xcb eTah TgXbcT]RT Pc P]h \^\T]c# Xcb
SdaPcX^] P]S Xcb XST]cXch X] SdaPcX^] Xb# cWT]# TbbT]cXP[[h Xcb ^f] Ud]R$
cX^]# Xcb ^f] R^]RTa]# Xcb ^f] R^]cX]d^db PRWXTeT\T]c% =] cWXb _a^RTbb
^U bT[U$bdbcPX]TS QTX]V# cWT aT[PcX^] ^U cWT ^aVP]Xb\ c^ Xcb \PcTaXP[
bdQbcP]RT Xb ^U P S^dQ[T ]PcdaT1 cWT \PcTaXP[b PaT TbbT]cXP[ c^ Xc
b_TRXUXRP[[h# PRRXST]cP[ X]SXeXSdP[[h2 Xc R^X]RXSTb fXcW cWTXa PRcdP[ R^[$
[TRcX^] Pc cWT X]bcP]c# Qdc Xb ]^c Q^d]S c^ P]h ^]T R^[[TRcX^] X] cWT
bdRRTbbX^] ^U X]bcP]cb# kaXSX]Vl cWTXa RWP]VT [XZT cWT RaTbc ^U P fPeT
P]S Q^d]S ^][h c^ cWTXa U^a\ ^U R^[[TRcX^] fWXRW T]SdaTb Pb Xcb ^f]
UTPc% 8T_T]ST]c ^] cWTXa PePX[PQX[Xch Pb \PcTaXP[b# Xc Xb X]ST_T]ST]c ^U
cWTXa bP\T]Tbb Pb cWTbT2 Xcb ^f]# Ud]RcX^]P[ XST]cXch# _PbbX]V[h X]R^a$
_^aPcX]V cWTXab# Xb ^U P SXUUTaT]c ^aSTa% =] P f^aS# cWT ^aVP]XR U^a\
bcP]Sb X] P SXP[TRcXRP[ aT[PcX^] ^U A998:H? :E998B@ c^ \PccTa%

I ==
@Tc db R^]bXSTa UdacWTa cWXb ]Tf T[T\T]c ^U :E998B@ cWPc P__TPab X]
^aVP]Xb\# fXcW b_TRXP[ aTUTaT]RT c^ :BE@# :^a\# fT WPeT bTT]# Xb P]
TbbT]cXP[ P]S P aTP[# cWPc Xb# TUUXRPRX^db# RWPaPRcTaXbcXR ^U [XUT% =c Xb
^][h fXcW [XUT cWPc cWT SXUUTaT]RT ^U \PccTa P]S U^a\# X] aTb_TRc c^
[XUT[Tbb cWX]Vb P] PQbcaPRc SXbcX]RcX^]# T\TaVTb Pb P R^]RaTcT aTP[Xch%
5]S cWT ^]c^[^VXRP[ aT[PcX^]bWX_ Xb aTeTabTS1 U^a\ QTR^\Tb cWT Tb$
bT]RT# \PccTa cWT PRRXST]c% =] cWT aTP[\ ^U cWT [XUT[Tbb# U^a\ Xb ]^
\^aT cWP] P RWP]VX]V R^\_^bXcT bcPcT# P] PRRXST]c# ^U T]SdaX]V \Pc$
cTa% 5]S eXTfTS Ua^\ cWT UXgTS XST]cXcXTb ^U cWT RWP]VX]V \PcTaXP[
R^]cT]cb# Pb cWT X]eT]c^ah ^U TPRW \^\T]c f^d[S aTR^aS cWT\# cWT
[XeX]V U^a\ c^^ Xb ^][h P aTVX^] ^U [^RP[ P]S cT\_^aP[ caP]bXc X] cWTXa
^f] \^eT\T]cb# Xcb P__PaT]c d]Xch P _PbbX]V# R^]UXVdaPcXeT bcPcT ^U
cWTXa \d[cX_[XRXch% 6dc eXTfTS Ua^\ cWT Sh]P\XR XST]cXch ^U cWT [XeX]V
U^a\# cWT aTeTabT W^[Sb1 cWT RWP]VX]V \PcTaXP[ R^]cT]cb PaT bcPcTb ^U
Xcb T]SdaX]V XST]cXch# cWTXa \d[cX_[XRXch \PaZX]V cWT aP]VT ^U Xcb TUUTR$
cXeT d]Xch% =] UPRc# X]bcTPS ^U bPhX]V cWPc cWT [XeX]V U^a\ Xb P aTVX^] ^U
caP]bXc U^a \PccTa# Xc f^d[S QT cadTa c^ bPh cWPc cWT \PcTaXP[ R^]cT]cb
X] cWTXa bdRRTbbX^] PaT _WPbTb ^U caP]bXc U^a cWT bT[U$R^]cX]dPcX^] ^U
cWT U^a\% LTc# Xc fX[[ QT PbZTS# fWPc RP] Xc \TP] cWPc ^]T eXTf Xb
kcadTal cWP] cWT ^cWTa XU Q^cW PaT _^bbXQ[T# cWPc Xb# T`dXeP[T]c Pb
STbRaX_cX^]b ^U cWT UPRc Ua^\ SXUUTaT]c Pb_TRcb4 5]S XU cWTh PaT# fWh
bW^d[S cWT _WhbXRP[ f^a[S$_XRcdaT# bPcXbUXTS X] cWT ^]T eXTf# QT SXb$
=b ; C8 5 A 5G<9A5G=7=5B 4 N /(
cdaQTS ^a `dTbcX^]TS Qh cWT ^cWTa4 JT bWP[[ cPZT d_ cWXb `dTbcX^]
[PcTa%
GWT QPbXR UaTTS^\ ^U ^aVP]Xb\ fPb U^d]S c^ R^]bXbc X] P RTacPX]
X]ST_T]ST]RT ^U U^a\ fXcW aTb_TRc c^ Xcb ^f] \PccTa% 5RR^aSX]V c^ P
bcaXRc[h \PcTaXP[ f^a[S$PRR^d]c bdRW X]ST_T]ST]RT Xb TXcWTa P] PQ$
bdaSXch ^a P STRT_cXeT P__TPaP]RT% =cb T\TaVT]RT fXcW T\TaVX]V [XUT
X]STTS \PaZb P] ^]c^[^VXRP[ aTe^[dcX^] X] cWT WXbc^ah ^U k\PccTal 2
P]S cWT STeT[^_\T]c P]S T]WP]RT\T]c ^U cWPc X]ST_T]ST]RT# ^a UaTT$
S^\# Xb cWT _aX]RX_[T ^U _a^VaTbb X] cWT Te^[dcX^] ^U [XUT# fWXRW X] Xcb
R^dabT _a^SdRTb ]Tf aTe^[dcX^]bj TPRW P] PSSXcX^]P[ bcT_ X] cWT X]X$
cXP[ SXaTRcX^]# cWPc Xb# cWT ^_T]X]V ^U P ]Tf W^aXi^] ^U UaTTS^\% GWT
UXabc bcT_ fPb cWT T\P]RX_PcX^] ^U U^a\# Qh \TP]b ^U \TcPQ^[Xb\#
Ua^\ cWT X\\TSXPcT XST]cXch fXcW \PccTa% GWXb P[b^ \TP]b T\P]RX_P$
cX^] Ua^\ cWT ch_T ^U UXgTS bT[U$XST]cXch cWPc Xb \PccTanb# c^ VXeT bR^_T
c^ P SXUUTaT]c# eXi%# \TSXPcT P]S Ud]RcX^]P[# ZX]S ^U XST]cXch% JWPc Xb
cWT ]PcdaT ^U cWXb XST]cXch4
GWT \PcTaXP[ _PacXR[T# XST]cXUXPQ[T X] Xcb b_PRT$cX\T _^bXcX^]# Xb bX\$
_[h fWPc Xc Xb# X\\TSXPcT[h XST]cXRP[ fXcW XcbT[U fXcW^dc ]TTS c^ \PX]$
cPX] cWPc bT[U$XST]cXch Pb P] PRc ^U Xcb TgXbcT]RT% GWT XST]cXch ^U Xcb B^f
Xb cWT T\_ch [^VXRP[ ^]T ^U 5 3 52 Xcb SdaPcX^] Xb \TaT aT\PX]X]V# ]^c
aTPUUXa\PcX^]2 P]S X] aT\PX]X]V Xc Xb bdRRTbbXeT[h kXST]cXRP[l Qh ]^
^cWTa _aX]RX_[T cWP] cWPc ^U cWT R^]cX]dXch ^U cWT SX\T]bX^]bjb_PRT
P]S cX\TjX] fWXRW kXcbl bcPcTb cPZT _[PRT% =c Xb cWXb ^]T P]S ]^c cWPc
^]T# QTRPdbT cWXb Xb ]^f WTaT P]S cWPc ]^f cWTaT2 Xc kaT\PX]bl cWXb#
cWPc Xb c^ bPh# Xb kcWT bP\Tl Pc P SXUUTaT]c ![PcTa" _^X]c ^U b_PRT$cX\T#
QTRPdbT Ua^\ Xcb _aTbT]c c^ Xcb ]Tf _^bXcX^] cWTaT [TPSb cWT R^]cX]d^db
bT`dT]RT ^U P[[ X]cTa\TSXPcT _^bXcX^]b fWXRW Pb Xc fTaT WP]S Xc ^]
Ua^\ ^]T c^ cWT ]Tgc# fXcW^dc TeTa [TccX]V Xc ^dcbXST cWTXa Q^]S% FdRW
bT`dT]RT R^]bcXcdcTb cWT k_PcWl ^U cWT d]Xc# P]S XU Xc fTaT SXbR^]$
cX]d^dbj XU cWTaT fTaT VP_bjfT bW^d[S WPeT ]^ fPh c^ XST]cXUh
bdRRTTSX]V _aTbT]RTb# ]^ fPaaP]c TeT] U^a P__[hX]V cWT R^]RT_c ^U
XST]cXch Pc P[[2 P]S cWTaT f^d[S QT ]^]Tj d][Tbb fT T]S^f !Pb
JWXcTWTPS SXS" cWT T[T\T]cP[ fXcW P] X]fPaS]Tbb fWXRW Qh P ZX]S ^U
\T\^ah f^d[S QaXSVT cWT SXbR^]cX]dXch ^U PRcdP[ TeT]c% 6dc cWXb Xb P
caP]bUTaT]RT Ua^\ [XUT# P]S UaP]Z[h b_TRd[PcXeT% =] _daT[h _WhbXRP[
STbRaX_cX^]# ]^ \^aT cWP] R^]cX]d^db _aTbT]RT X] cWT R^]cPX]X]V R^]$
cX]dd\ Xb Pbbd\TS !Qdc ]^ [Tbb RP] QT Pbbd\TS" U^a cWT kbP\T]Tbbl
^U P] T]cXch2 P]S cWdb# ^] _WhbXRP[ cTa\b P[^]T# cWTaT Xb ^][h cWXb
/) O G <9 D <9BCA 9BCB C: @ =: 9
TgcTa]P[ XST]cXch R^]UTaaTS ^] SXbRaTcT d]Xcb !_PacXR[Tb ^a UXT[Sb" Qh
cWT CE=A7=C=5 =A8=I=8H5G=BA=F !b_PRT P]S cX\T"# ^a# T`dXeP[T]c[h# Qh
cWT c^cP[Xch ^U cWT _WhbXRP[ d]XeTabT STUX]X]V cWTXa _[PRT1 X] TXcWTa RPbT
P \PccTa ^U 9KG9EA5? E9:9E9A79# CU P] X]cTa]P[ _aX]RX_[T ^U XST]cXch X]
_WhbXRP[ _PacXR[Tb fT S^ ]^c Z]^f# TeT] XU cWTaT QT ^]T%(+ !FTT
5__T]SXg ) c^ cWXb 9bbPh%"
CaVP]XR XST]cXch# W^fTeTa# \dbc QT ^U P SXUUTaT]c ]PcdaT P[c^VTcWTa%
=] cWT _aTRPaX^db \TcPQ^[XR R^]cX]dXch ^U ^aVP]XR U^a\# fXcW Xcb _Ta$
_TcdP[ cda]^eTa ^U R^]bcXcdT]cb# ]^ X]Tac bdQbcaPcd\# ]^ bX]V[T k_PcWl
P]S ]^ kQd]S[Tl ^U _PaP[[T[ _PcWb ^U R^cT\_^aP]T^db \T\QTab# Xb
PePX[PQ[T Pb aTUTaT]c U^a TgcTa]P[ XST]cXch% !FTT 5__T]SXg * c^ cWXb
9bbPh%" =]cTa]P[ XST]cXch ^U cWT fW^[T# caP]bRT]SX]V cWT R^[[TRcXeT ^]T
^U cWT _aTbT]c P]S eP]XbWX]V bdQbcaPcd\# \dbc b_P] cWT bWXUcX]V bdR$
RTbbX^]% FdRW X]cTa]P[ XST]cXch Xb X\_[XRXc X] cWT PSeT]cdaT ^U U^a\ P]S
Xb b_^]cP]T^db[h Pbbd\TS ^] Xcb TgcTa]P[# \^a_W^[^VXRP[ TeXST]RT
fWXRW P[^]T Xb ^_T] c^ X]b_TRcX^]% 6dc fWPc ZX]S ^U X]UTaT]RT Xb cWXb4
5]S Qh fW^\4 <^f RP] cWT d]_aT_PaTS ^QbTaeTa X]UTa fWPc ]^ \TaT
P]P[hbXb ^U cWT _WhbXRP[ aTR^aS fX[[ TeTa hXT[S4 GWT d]_aT_PaTS ^Q$
bTaeTa X]STTS RP]]^c1 X]STTS cWT ^QbTaeTa \dbc QT _aT_PaTS# Pb cWT
Wh_^cWTcXRP[ k_daT APcWT\PcXRXP]l Xb ]^c% GWT ^QbTaeTa ^U [XUT \dbc
QT _aT_PaTS Qh [XUT% =] ^cWTa f^aSb# ^aVP]XR TgXbcT]RT fXcW Xcb ^f]
Tg_TaXT]RT Xb aT`dXaTS ^U WX\bT[U U^a WXb QTX]V PQ[T c^ \PZT cWPc
X]UTaT]RT# fWXRW WT S^Tb \PZT P[[ cWT cX\T# P]S cWXb Xb cWT PSeP]cPVT
j _TaT]]XP[[h SXb^f]TS ^a b[P]STaTS X] cWT WXbc^ah ^U T_XbcT\^[^Vhj
^U ^da kWPeX]V#l cWPc Xb# QTX]V# Q^SXTb% GWdb fT 5E9 _aT_PaTS Qh fWPc
fT PaT% =c Xb Qh cWXb X]cTa_^[PcX^] ^U P] X]cTa]P[ XST]cXch P[^]T cWPc cWT
\TaT \^a_W^[^VXRP[ !P]S Pb bdRW \TP]X]V[Tbb" :57G ^U \TcPQ^[XR
R^]cX]dXch Xb R^\_aTWT]STS Pb P] X]RTbbP]c 57G% cWPc Xb# R^]cX]dXch Xb
R^\_aTWT]STS Pb bT[U$R^]cX]dPcX^]%
GWT X]ca^SdRcX^] ^U cWT cTa\ kbT[U#l d]Pe^XSPQ[T X] P]h STbRaX_cX^]
^U cWT \^bc T[T\T]cPah X]bcP]RT ^U [XUT# X]SXRPcTb cWT T\TaVT]RT# fXcW

(+% 7^]RTa]X]V cWT bX]V[T _PacXR[T# cWT]# cWT caPRTPQ[T bcTPSh _aTbT]RT
X] cWT R^]cX]dd\ Xb cWT b^[T ^_TaPcX^]P[ \TP]X]V ^U kXST]cXch#l P]S cWT
caPRTS k_PcWl Xb Xcb R^\_[TcT eTaXUXRPcX^]1 ]^ ^QeX^db R[PX\ c^ P] X]cTa]P[
_aX]RX_[T ^U XST]cXch# bdRW Pb aTcT]cXeT WXbc^aXRXch ^a _a^cT]cXeT daVT U^a
kbT[UUn$_Ta_TcdPcX^]# XbbdTb Ua^\ Xcb \P]]Ta ^U X]Tac _Ta\P]T]RT% 5]S
[PRZX]V P]h bdVVTbcX^] ^U P G<E95G c^ Xcb TgXbcX]V# cWT X\_dcPcX^] ^U R^]P$
cXeT X]fPaS]Tbb c^ Xcb T]SdaX]V bTT\b VaPcdXc^db%
=b ;^S P A PcWT\ PcXRXP]4 N /*
[XUT Pb bdRW# ^U X]cTa]P[ XST]cXchj P]S b^# Pb ^]T fXcW cWPc T\TaVT]RT#
Xcb bT[U$Xb^[PcX^] c^^ Ua^\ P[[ cWT aTbc ^U aTP[Xch% Da^U^d]S bX]V[T]Tbb
P]S WTcTa^VT]T^db]Tbb fXcWX] P d]XeTabT ^U W^\^VT]T^db[h X]cTaaT$
[PcTS TgXbcT]RT \PaZ cWT bT[UW^^S ^U ^aVP]Xb\% 5] XST]cXch fWXRW
Ua^\ \^\T]c c^ \^\T]c aTPbbTacb XcbT[U# PRWXTeTb XcbT[U# P]S STUXTb
cWT T`dP[XiX]V U^aRTb ^U _WhbXRP[ bP\T]Tbb P[[ Pa^d]S# Xb cad[h _XccTS
PVPX]bc cWT aTbc ^U cWX]Vb% =] cWT WPiPaS^db _^[PaXiPcX^] cWdb eT]cdaTS
d_^] Qh T\TaVX]V [XUT# cWPc fWXRW Xb ]^c XcbT[U P]S Q^aSTab ^] cWT
aTP[\ ^U X]cTa]P[ XST]cXch Ua^\ fXcW^dc Pbbd\Tb Pc ^]RT cWT RWPaPRcTa
^U PQb^[dcT ^cWTa]Tbb% GWT RWP[[T]VT ^U bT[UW^^S `dP[XUXTb P[[ cWXb
QTh^]S cWT Q^d]SPaXTb ^U cWT ^aVP]Xb\ Pb U^aTXV] P]S b^\TW^f ^_$
_^bXcT1 Pb kf^a[S#l X] fWXRW# Qh fWXRW# P]S PVPX]bc fWXRW Xc Xb R^\$
\XccTS c^ \PX]cPX] XcbT[U% JXcW^dc cWXb d]XeTabP[ R^d]cTa_Pac ^U ^cWTa$
]Tbb# cWTaT f^d[S QT ]^ kbT[U%l 5]S X] cWXb _^[PaXch ^U bT[U P]S f^a[S#
^U X]cTa]P[ P]S TgcTa]P[# R^\_[T\T]cX]V cWPc ^U U^a\ P]S \PccTa# cWT
QPbXR bXcdPcX^] ^U UaTTS^\ fXcW P[[ Xcb SPaX]V P]S SXbcaTbb Xb _^cT]$
cXP[[h R^\_[TcT%I=

I===
=c Xb cWT cPbZ ^U P _WX[^b^_WXRP[ QX^[^Vh c^ U^[[^f cWT d]U^[SX]V ^U cWXb
VTa\X]P[ UaTTS^\ X] cWT PbRT]SX]V [TeT[b ^U ^aVP]XR Te^[dcX^]% :^a
^da _aTbT]c _da_^bT# P UTf aT\PaZb \dbc bdUUXRT c^ X]SXRPcT b^\T ^U
cWT PccaXQdcTb fWXRW P[aTPSh cWT _aX\Pah [TeT[# STUX]TS Qh \TcPQ^[Xb\
Pb bdRW# SXb_[Phb P]S ^UUTab c^ Te^[dcX^] U^a UdacWTa T[PQ^aPcX^]%
GWTbT f^d[S QT bdRW cWPc QT[^]V c^ cWT TbbT]RT ^U [XUT%
Cda UXabc aT\PaZ R^]RTa]b fWPc fT \Ph RP[[ cWT cW^a^dVW[h kSXP$
[TRcXRP[l ]PcdaT ^U ^aVP]XR UaTTS^\# ]P\T[h# cWPc Xc Xb QP[P]RTS Qh P
R^aaT[PcXeT ]TRTbbXch# fWXRW QT[^]Vb c^ Xc Pb Xcb ^f] bWPS^f P]S Pb
bdRW aTRdab X]cT]bXUXTS Pc TPRW bcT_ c^ WXVWTa X]ST_T]ST]RT Pb cWT
kbWPS^fl _TRd[XPa c^ cWPc [TeT[% C] cWT QPbXR [TeT[# cWPc STUX]TS Qh
\TcPQ^[Xb\# cWXb S^dQ[T Pb_TRc bW^fb X] cWT cTa\b ^U \TcPQ^[Xb\
XcbT[U1 ST]^cX]V# ^] cWT bXST ^U UaTTS^\# P RP_PRXch ^U ^aVP]XR U^a\#
]P\T[h c^ RWP]VT Xcb \PccTa# \TcPQ^[Xb\ ST]^cTb T`dP[[h cWT XaaT\Xb$
bXQ[T ]TRTbbXch U^a Xc c^ S^ b^% =cb kRP]l Xb P k\dbc#l bX]RT Xcb TgTRd$
cX^] Xb XST]cXRP[ fXcW Xcb QTX]V% =c RP]# Qdc Xc RP]]^c RTPbT c^ S^ fWPc Xc
RP] fXcW^dc RTPbX]V c^ QT% GWdb cWT b^eTaTXV]ch ^U U^a\ fXcW aTb_TRc
c^ Xcb \PccTa Xb P[b^ Xcb bdQYTRcX^] c^ cWT ]TTS ^U Xc# Qh cWT X\_^bbXQX[$
/+ O G <9 D <9BCA 9BCB C: @ =: 9
Xch ^U Xcb aTbcX]V fXcW P]h R^]RaTcX^] PccPX]TS# cWPc Xb# fXcW P]h bX\d[$
cP]T^db bd\ ^U bcdUU fXcW fWXRW Xc WP__T]b c^ R^X]RXST X] P] X]bcP]c ^U
cX\T% GWXb X]SXVT]RT# b^ U^aTXV] c^ cWT bT[U$bdUUXRXT]Rh ^U \TaT \PccTa#
Xb ]^ [Tbb d]X`dT P SXbcX]RcX^] ^U [XUT cWP] Xb Xcb _^fTa# ^U fWXRW Xc Xb
Qdc cWT ^cWTa bXST1 Xcb [XQTach XcbT[U Xb Xcb _TRd[XPa ]TRTbbXch% GWXb Xb cWT
P]cX]^\h ^U UaTTS^\ Pc cWT a^^cb ^U [XUT P]S X] Xcb \^bc T[T\T]cPah
U^a\# cWPc ^U \TcPQ^[Xb\%
5 bTR^]S ^QbTaePcX^] X\\TSXPcT[h U^[[^fb1 X] ^aSTa c^ RWP]VT
\PccTa# cWT [XeX]V U^a\ \dbc WPeT \PccTa Pc Xcb SXb_^bP[# P]S Xc UX]Sb Xc
^dcbXST XcbT[U# X] cWT U^aTXV] kf^a[S%l GWTaTQh [XUT Xb cda]TS ^dcfPaS
P]S c^fPaS cWT f^a[S X] P _TRd[XPa aT[PcTS]Tbb ^U ST_T]ST]RT P]S
_^bbXQX[Xch% =cb fP]c V^Tb ^dc c^ fWTaT Xcb \TP]b ^U bPcXbUPRcX^] [XT1 Xcb
bT[U$R^]RTa]# PRcXeT X] cWT PR`dXbXcX^] ^U ]Tf \PccTa# Xb TbbT]cXP[
^_T]]Tbb U^a cWT T]R^d]cTa ^U ^dcTa QTX]V% GWdb kf^a[Sl Xb cWTaT
Ua^\ cWT TPa[XTbc QTVX]]X]V# cWT QPbXR bTccX]V U^a Tg_TaXT]RTj P W^aX$
i^] ^U R^$aTP[Xch cWa^f] ^_T] Qh cWT \TaT caP]bRT]ST]RT ^U fP]c
fWXRW fXST]b cWT bTR[dbX^] ^U X]cTa]P[ XST]cXch X]c^ P R^aaT[PcXeT RXa$
Rd\UTaT]RT ^U eXcP[ aT[PcX^]bWX_% =c Xb X\_^acP]c c^ bTT cWPc cWXb
kb_PcXP[l bT[U$caP]bRT]ST]RT# ^_T]X]V X]c^ P] T]eXa^]\T]c# Xb
Va^d]STS X] cWT Ud]SP\T]cP[ caP]bRT]ST]RT ^U ^aVP]XR U^a\ aT[PcXeT
c^ Xcb \PccTa# U^a Xc Xb cWXb fWXRW R^]bcXcdcX^]P[[h aTUTab Xc QTh^]S Xcb
VXeT] \PcTaXP[ R^\_^bXcX^] c^ U^aTXV] \PccTa Pb ]TTSTS P]S _^cT]$
cXP[[h Xcb ^f]% =] ^cWTa f^aSb# cWT bT[U$caP]bRT]ST]RT ^U [XUT X] WPeX]V
P f^a[S# fXcW P[[ Xcb _a^\XbT ^U WXVWTa P]S \^aT R^\_aTWT]bXeT
bcPVTb# b_aX]Vb Ua^\ cWT _aX\Pah P]cX]^\h ^U UaTTS^\ P]S ]TRTbbXch
X]WTaT]c X] ^aVP]Xb\ Pb bdRW%
GWXaS# cWTaT Xb X]fPaS]Tbb ^a bdQYTRcXeXch X]e^[eTS X] cWXb
caP]bRT]ST]RT# X\QdX]V P[[ cWT T]R^d]cTab ^RRPbX^]TS X] Xcb W^aXi^]
fXcW cWT `dP[Xch ^U UT[c bT[UW^^S# W^fTeTa UPX]c Xcb e^XRT% =c \dbc QT
cWTaT U^a bPcXbUPRcX^] ^a UadbcaPcX^] c^ \PZT P SXUUTaT]RT% JWTcWTa fT
RP[[ cWXb X]fPaS]Tbb UTT[X]V# bT]bXcXeXch P]S aTb_^]bT c^ bcX\d[db# P_$
_TcXcX^] ^a ]Xbdbj X] b^\T !TeT] XU X]UX]XcTbX\P[" STVaTT ^U kPfPaT$
]Tbbl Xc WPaQ^ab cWT bd_aT\T R^]RTa] ^U ^aVP]Xb\ fXcW Xcb ^f] QTX]V
P]S R^]cX]dPcX^] X] QTX]Vj cWPc Xb# Xc Xb bT[U$RT]cTaTSj P]S Pc cWT
bP\T cX\T QaXSVTb cWT `dP[XcPcXeT Vd[U c^ cWT aTbc ^U cWX]Vb Qh bT[TRcXeT
\^STb ^U E9?5G=BA fWXRW# fXcW cWTXa b_TRXUXR]Tbb P]S daVT]Rh# aT_[PRT
U^a cWT ^aVP]Xb\ cWT VT]TaP[ X]cTVaPcX^] ^U \PcTaXP[ ^QYTRcb X] cWTXa
_WhbXRP[ R^]cTgc% GWXb aTbcPcTb X] _Pac fWPc fPb bPXS QTU^aT PQ^dc cWT
bT[U$caP]bRT]ST]RT ^U [XUT% 6dc cWT ^_T] W^aXi^] \TP]b PUUTRcXeXch Pb
=b ;^S P A PcW T\ PcXRXP] 4 N /,
fT[[ Pb b_^]cP]TXch# ^dcfPaS Tg_^bdaT Pb fT[[ Pb ^dcfPaS aTPRW1 ^][h
Qh QTX]V bT]bXcXeT RP] [XUT QT PRcXeT% =] PUUTRcX^] Qh P U^aTXV] PVT]c#
cWT PUUTRcTS UTT[b XcbT[U# Xcb bT[UW^^S TgRXcTS# ^a X[[d\X]PcTS Pb Xc fTaT#
PVPX]bc cWT ^cWTa]Tbb fXcW^dc P]S cWdb bTc ^UU X] Xcb Xb^[PcX^]% 5c cWT
bP\T cX\T# QTh^]S P]S kcWa^dVWl cWXb X]]Ta bcPcT ^U TgRXcPcX^]# cWT
PUUTRcX]V _aTbT]RT Xb UT[c# Xcb \TbbPVT ^U ^cWTa]Tbb# W^fTeTa ^QbRdaT[h#
X]R^a_^aPcTS fXcWX]% 5b UT[c# cWT PUUTRcX]V PVT]c ^QcPX]b P _aTbT]RT ^U
b^acb kfXcWX]l cWT PUUTRcTS bdQYTRc% JXcW cWT UXabc SPf] ^U bdQYTRcXeT
aTU[Tg# cWT \^bc VTa\X]P[ kTg_TaXT]RTl ^U c^dRWX]V# P RaPRZ Pb Xc fTaT
^_T]b X] cWT ^_PRXch ^U SXeXSTS QTX]V# d][^RZX]V P SX\T]bX^] fWTaT
cWX]Vb \Ph TgXbc ^]RT \^aT X] cWT \^ST ^U ^QYTRc1 Xc Xb cWT SX\T]bX^]
^U X]fPaS]Tbb% 5b cWT ]TTS$X]b_XaTS X]cTaTbc bTTZb cWT ^cWTa# b^ cWT
d]X]eXcTS _aTbT]RT ^U cWT ^cWTa bd\\^]b cWT X]cTaTbc% 6dc TeT] XU
d]X]eXcTS# cWT aTPSX]Tbb U^a _aTbT]RT Pb bdRW Xb X] cWT ^aVP]Xb\2 P]S
TeT] aTYTRcX^] Qh PRc _aTbd__^bTb P__a^_aXPcX^] !X%T%# X]cTaX^aXiPcX^]"
Qh bT]bT% GWT _aX\Pah b^[XRXcPcX^] ^U caP]bRT]ST]RT X]STTS XbbdTb
Ua^\ cWT ^aVP]XR fP]c P]S Xb cWdb ^]T fXcW cWT R^\\Xc\T]c c^ PRcXe$
Xch1 Xc Xb ^dcV^X]V2 Qdc aTRT_cXeXch ^U bT]bT U^a cWT X]R^\X]V# cWXb
_PbbXeT bXST ^U cWT bP\T caP]bRT]ST]RT# T]PQ[Tb [XUT c^ QT bT[TRcXeT
P]S kX]U^a\TSl X]bcTPS ^U P Q[X]S Sh]P\Xb\% GWdb# X] UPRX]V ^dc$
fPaS# X]cTa]P[ XST]cXch QTR^\Tb cWT bdQYTRc$_^[T ^U P R^\\d]XRPcX^]
fXcW cWX]Vb \^aT X]cX\PcT cWP] cWPc QTcfTT] \TaT _WhbXRP[ d]Xcb# P]S
b^ cWT eTah ^__^bXcT ^U Xb^[PcX^] T\TaVTb Ua^\ cWT Xb^[PcX^] ^U cWT
^aVP]XR bT[U% <TaT PVPX] fT \TTc cWT SXP[TRcXRP[ bcadRcdaT _TaePSX]V
P[[ ^]c^[^VXRP[ RWPaPRcTab ^U [XUT# fWXRW RP] QT VaPb_TS ^][h Pb P
_PaPS^g ^U \PcTaXP[ TgXbcT]RT%
C]T [Pbc aT\PaZ% 6h cWT kcaP]bRT]ST]RTl ^U [XUT fT \TP] Xcb T]cTa$
cPX]X]V P W^aXi^]# ^a W^aXi^]b# QTh^]S Xcb _^X]c$XST]cXch% F^ UPa fT
WPeT R^]bXSTaTS cWT W^aXi^] ^U T]eXa^]\T]c fXcW cWT _aTbT]RT ^U
cWX]Vb# ^a# cWT TgcT]bX^] ^U aT[PcTS]Tbb X]c^ bX\d[cP]T^db b_PRT% 6dc
bT[U$R^]RTa]# PRcdPcTS Qh fP]c# cWa^fb ^_T] Pb fT[[ P W^aXi^] ^U cX\T
cWPc T\QaPRTb# ]^c ^dcTa _aTbT]RT# Qdc X]]Ta X\\X]T]RT1 cWT X\\X$
]T]RT ^U cWPc UdcdaT X]c^ fWXRW ^aVP]XR R^]cX]dXch Xb TPRW \^\T]c
PQ^dc c^ TgcT]S Qh cWT bPcXbUPRcX^] ^U cWPc \^\T]cnb fP]c% GWdb [XUT
Xb UPRX]V U^afPaS Pb fT[[ Pb ^dcfPaS P]S TgcT]Sb kQTh^]Sl Xcb ^f]
X\\TSXPRh X] Q^cW SXaTRcX^]b Pc ^]RT% =] UPRc# Xc UPRTb ^dcfPaS ^][h
QTRPdbT# Qh cWT ]TRTbbXch ^U Xcb UaTTS^\# Xc UPRTb U^afPaS1 b^ cWPc
b_PcXP[ _aTbT]RT Xb [XVWcTS d_ Pb Xc fTaT Qh cT\_^aP[ X\\X]T]RT P]S
Q^cW \TaVT X]c^ _Pbc Ud[UX[[\T]c !^a Xcb ]TVPcXeT# SXbP__^X]c\T]c%"
/- G <9 D < 9BCA 9BCB C: @ =: 9
GWdb cWT T[T\T]c ^U caP]bRT]ST]RT fT SXbRTa]TS X] cWT eTah ]PcdaT ^U
\TcPQ^[XiX]V TgXbcT]RT WPb U^d]S Xcb Ud[[Ta PacXRd[PcX^]1 Q^cW W^aXi^]b
X]c^ fWXRW [XUT R^]cX]dP[[h caP]bRT]Sb XcbT[U RP] QT caPRTS c^ cWT
caP]bXc^ah aT[PcX^] ^U ^aVP]XR U^a\ c^ Xcb ^f] \PccTa% GWT X]cTa]P[
SXaTRcX^] c^fPaS cWT ]Tgc X\_T]SX]V _WPbT ^U P QTX]V cWPc WPb c^
R^]cX]dT =GF9?: R^]bcXcdcTb QX^[^VXRP[ cX\T2 cWT TgcTa]P[ SXaTRcX^] c^$
fPaS cWT R^$_aTbT]c ]^c$XcbT[U fWXRW W^[Sb cWT bcdUU aT[TeP]c c^ Xcb
R^]cX]dPcX^] R^]bcXcdcTb QX^[^VXRP[ b_PRT% 5b cWT WTaT Tg_P]Sb X]c^
cWT cWTaT# b^ cWT ]^f Tg_P]Sb X]c^ cWT UdcdaT%
=c U^[[^fb cWPc# X] cWT X]cTa]P[ W^aXi^] TgcT]STS Qh cWT bT[U$caP]$
bRT]ST]RT ^U cWT ^aVP]XR k]^fl X]c^ cWT _a^RTbb ^U Xcb R^]cX]dXch# cWT
P]cXRX_PcX^] XU X\\X]T]c UdcdaT X] P__TcXcX^] Xb \^aT Ud]SP\T]cP[
cWP] cWT aTcT]cX^] ^U _Pbc X] \T\^ah% F^\T \TPbdaT ^U cWT [PccTa
\dbc X]STTS QT Pbbd\TS X] P[[ [XUT Pb cWT bdQYTRcXeT U^a\ ^U Xcb XST]$
cXch X] SdaPcX^]% :^a PQb^a_cX^] ^U cWT _Pbc X]c^ TPRW T\TaVX]V
_aTbT]c# cWPc Xb# kWXbc^aXRXchl Pb bdRW# TeT] ^U cWT QaXTUTbc b_P]# Xb cWT
_aTaT`dXbXcT ^U SdaPcX^]% 6dc UdcdaT Xb cWT S^\X]P]c cX\T$W^aXi^]
^_T]X]V QTU^aT cWT cWadbc ^U [XUT# XU 7BA79EA Xb Xcb _aX\Pah _aX]RX_[T ^U
X]fPaS]Tbb%
=c cWT] P[b^ U^[[^fb cWPc fXcW aTb_TRc c^ cWT ^aVP]XR b_WTaT# cWT
TgcTa]P[ [X]TPa cX\T$_PccTa] ^U P]cTRTST]c P]S bT`dT]c# X]e^[eX]V cWT
RPdbP[ S^\X]P]RT ^U cWT _Pbc# Xb X]PST`dPcT1 fWX[T \TaT TgcTa]P[Xch
Xb# Pc [TPbc RP] QT _aTbT]cTS Pb# fW^[[h STcTa\X]TS Qh fWPc Xc fPb# [XUT
Xb TbbT]cXP[[h P[b^ fWPc Xc Xb V^X]V c^ QT P]S Ydbc QTR^\X]V1 X] Xcb RPbT#
cWT TgcT]bXeT ^aSTa ^U _Pbc P]S UdcdaT Xb X]cT]bXeT[h aTeTabTS% GWXb Xb
cWT a^^c ^U cWT cT[T^[^VXRP[ ^a UX]P[XbcXR ]PcdaT ^U [XUT1 UX]P[Xb\ Xb X] cWT
UXabc _[PRT P Sh]P\XR RWPaPRcTa ^U P RTacPX] \^ST ^U TgXbcT]RT# R^X]RX$
ST]c fXcW cWT UaTTS^\ P]S XST]cXch ^U U^a\ X] aT[PcX^] c^ \PccTa# P]S
^][h X] cWT bTR^]S _[PRT P UPRc ^U bcadRcdaT ^a _WhbXRP[ ^aVP]XiPcX^]#
Pb TgT\_[XUXTS X] cWT aT[PcX^] ^U ^aVP]XR _Pacb c^ cWT fW^[T P]S X] cWT
Ud]RcX^]P[ UXc]Tbb ^U ^aVP]Xb\ VT]TaP[[h% JXcW cWXb 5aXbc^cT[XP] aT$
\X]STa fT \Ph aTcda] Ua^\ P]P[hbXb c^ SXbRdbbX^]%=K

=K
B^]T ^U cWT UTPcdaTb Ydbc bZTcRWTS WPb P _[PRT X] \PcWT\PcXRP[
STbRaX_cX^] ^U _WhbXRP[ T]cXcXTb2 P]S cWT ^aVP]Xb\ d]ST]XPQ[h Xb P
_WhbXRP[ T]cXch P]S Pb bdRW bdQYTRc c^ cWT d]XU^a\ STbRaX_cX^] X]
=b ;^S P A PcW T\ PcXRXP] 4 N /.
TgcT]bXeT# b_PcX^cT\_^aP[ cTa\b% 9gcTa]P[[h Xcb ^aVP]XiPcX^] _aTbT]cb
XcbT[U Pb P _PccTa] =A 9KG9AFB! P]S Xcb Ud]RcX^]X]V Pb cWT TgRTTSX]V[h
bdQc[T \TRWP]XRb ^U cWXb _PccTa]1 cWT _WhbXR^RWT\XRP[ P]P[hbXb ^U [XUT
PX\b Pc cWT R^\_[TcT d]aPeT[X]V ^U Q^cW# fWXRW \dbc P\^d]c c^ cWTXa
R^\_[TcT bdQbd\_cX^] Pb P b_TRXP[ RPbT d]STa cWT VT]TaP[ [Pfb ^U
_WhbXRP[ _PccTa]b% GWXb Xb QTRPdbT kd]aPeT[X]Vl \TP]b aTSdRcX^] c^
cWT T[T\T]cPah# fWXRW Xb kX]^aVP]XR#l cWPc Xb# [XUT[Tbb# P]S VT]TaP[#
cWPc Xb XST]cXRP[ cWa^dVW^dc ]PcdaTj b^ cWPc cWT bRXT]cXUXR d]STabcP]S$
X]V ^U [XUT R^\Tb c^ \TP] Xcb R^]RT_cdP[ PbbX\X[PcX^] c^ cWPc fWXRW Xb
]^c [XUT% =] cWT Ud[[]Tbb ^U bdRRTbb cWXb f^d[S aTbd[c X] cWT SXbP__TPa$
P]RT ^U [XUT Pb bdRW# R^X]RXST]c fXcW cWT Tg_[P]PcX^] ^U P[[ Xcb ^dcfPaS
_WT]^\T]Pj TgRT_c U^a cWT UPRc cWPc cWT bRXT]cXUXR d]STacPZX]V XcbT[U
Xb P] PRc ^U [XUT# P]S cWT bRXT]cXbc Xb P [XeX]V QTX]V P]S cWdb Qh ^aXVX]P[
Tg_TaXT]RT ^U [XUT bPeTS Ua^\ U^aVTccX]V cWPc cWTaT Xb kb^\TcWX]V T[bTl
c^ Xc% 6dc XU fT RaTSXc cWT \PcWT\PcXRP[ ;^S fXcW cWT Ud[[]Tbb ^U cWPc
fWXRW Wd\P] bRXT]RT PX\b Pc Qh aTSdRcX^]Xbc cTa\bj cWT d[cX\PcT
kP]P[hbXbljfWX[T ST]hX]V WX\ Pb P _daT X]R^a_^aTP[ X]cT[[TRc cWT
QT]TUXc ^U ^aVP]XR Tg_TaXT]RT# cWT] c^ WX\# fXcW cWT TgcT]bXeT _PccTa]
Uda]XbWX]V P[[ cWT SPcP U^a Xcb ^f] Tg_[P]PcX^]# [XUT XcbT[U f^d[S ]^c
TeT] QTR^\T eXbXQ[T# ]^a hTc P Q[P]Z X] Xcb _[PRT% 9hT f^d[S ]^c QT
aTR^V]XiTS Pb ThT# UTT[Ta ]^c Pb UTT[Ta# ^aVP]Xb\ ]^c Pb ^aVP]Xb\% :^a#
cPZT] Qh cWT\bT[eTb !Pb _^X]cTS ^dc QTU^aT"# cWT \PcTaXP[ T[T\T]cb
bPcXbUh# X] cWXb _aTRXbT[h Pb X] P]h ^cWTa R^]UXVdaPcX^]# P[[ cWT aT`dXaT$
\T]cb ^U cWT \TRWP]XbcXR bRWT\T P]S ^U Xcb \^STb ^U Tg_[P]PcX^] ^a
STbRaX_cX^]1 _PacXR[Tb PaT SaPf] X]c^ P]S _Pbb cWa^dVW RTacPX] R^]UXV$
daPcX^]b# T]cTa RTacPX] R^\QX]PcX^]b# PaT T]VPVTS X] RTacPX] T]TaVh
caP]bPRcX^]bj _Pbb ^dc PVPX] X]c^ ^cWTa UXT[Sb ^U aT[PcX^]% G^ cWT ^dc$
bXST# ^a TgcT]bXeT# eXTf cWTaT Xb ]^cWX]V T[bT c^ Xc% GWT VaTPcTa R^\$
_[TgXch ^U bdRW P bhbcT\ Xb ]^ TbbT]cXP[[h ]Tf UTPcdaT% GadT# Xc Xb P
_WhbXRP[[h X\_a^QPQ[T bhbcT\# Qdc cWT X\_a^QPQ[T# fWT] Xc WP__T]b#
Xb Ydbc Pb ]TRTbbPah Pb cWT \^bc _a^QPQ[T RPbT% 5]S fXcW cWT SXeX]T
\PcWT\PcXRXP]# U^a fW^\ cWT fW^[T SXUUTaT]RT ^U _a^QPQX[Xch P]S
X\_a^QPQX[Xch Xb aTb^[eTS X]c^ cWT ^]T d]XeTabP[ ]TRTbbXch# cWT d]XcPah
STbRaX_cX^] X] cTa\b ^U cWPc ]TRTbbXch f^d[S QT XSTP[[h R^\_[TcT# P]S
c^ cWT bP\T STVaTT TgR[dbXeT1 ]^c ^][h f^d[S Xc R^eTa P[[ cWT UPRcb# Pb
UPRcb V^ U^a cWXb ^QYTRc$_PccTa]# Xc f^d[S P[b^ X] Xcb R[^bT]Tbb [TPeT ]^
a^^\ U^a b[X__X]V X] P] PSSXcX^]P[# WTcTa^VT]T^db _aX]RX_[T% =] ^cWTa
f^aSb1 cWT SXeX]T \PcWT\PcXRXP]# QTX]V cWT XSTP[ _WhbXRXbc X] R^\$
// O G <9 D <9BCA 9BCB C: @ =: 9
_[TcT _^bbTbbX^] ^U cWT SPcP P]S fXcW _TaUTRc _^fTa ^U P]P[hbXb# f^d[S
PRR^d]c ^] WXb [X]Tb Pb TgWPdbcXeT[h U^a cWXb _WT]^\T]^] Pb U^a P]h
^cWTa X] cWT _WhbXRP[ d]XeTabT2 WT f^d[S QT ]TXcWTa X] ]TTS ]^a X]
R^\\P]S ^U P]h ^cWTa Pb_TRc1 cWTaT f^d[S QT ]^cWX]V [PRZX]V fXcWX]
cWPc R^]cTgc P]S WT f^d[S \Xbb ]^cWX]V%
LTc# fT Z]^f cWPc cWXb Xb ]^c cWT fW^[T cadcW QTRPdbT ^U fWPc
bRXT]RT [XZTb c^ RP[[ kbdQYTRcXeTl TeXST]RT% GWXb RP] QT SXb\XbbTS Pb
XaaT[TeP]c U^a cWT Tg_^bXcX^] ^U _WhbXRP[ ^QYTRcXeXch ^] TXcWTa ^U cWT
U^[[^fX]V cf^ R^d]cb1 TXcWTa cWPc cWT _WT]^\T]P ^U kbdQYTRcXeXchl
R^]bcXcdcT P] T]cXaT[h bT_PaPcT UXT[S fWXRW# fWPcTeTa Xcb \TcP_WhbXRP[
bcP]SX]V# S^Tb ]^c aTPRW QTh^]S XcbT[U !]^c# U^a X]bcP]RT# Qh X]cTaPR$
cX^]" P]S Xb cWdb Pb XU Xc fTaT ]^]TgXbcT]c X] cWT bhbcT\ ^U ]PcdaP[
RPdbTb P]S TUUTRcb2 ^a cWPc cWTh bcP]S X] P aT[PcX^] ^U d]X[PcTaP[ ST$
_T]ST]RT c^ cWXb bhbcT\ P]S RP] cWTaTU^aT Pc QTbc [Ph R[PX\ c^ P
STaXePcXeT P]S bTR^]SPah aTP[Xch# c^ QT Tg_[PX]TS Qh cWT _aX\Pah ^]T#
Qdc XcbT[U aTSd]SP]c X] P]h X\\P]T]c PRR^d]c ^U cWT [PccTa% GWT UXabc
^U cWTbT P[cTa]PcXeTb aT_aTbT]cb SdP[Xb\ ^U cWT 7PacTbXP] ZX]S# cWT
bTR^]S kT_X_WT]^\T]P[Xb\#l cWPc Xb# cWT \PcTaXP[Xbc PbbTacX^] cWPc
\X]S# ^a PfPaT]Tbb VT]TaP[[h# Xb ^][h P _^fTa[Tbb kT_X_WT]^\T]^]l
^a Qh_[Ph ^U _WhbXRP[ WP__T]X]Vb fWXRW U^[[^f cWTXa ^f] ad[Tb T]$
cXaT[h% CU cWTbT cf^# cWT \PcTaXP[XbcXR P[cTa]PcXeT Xb TPbX[h SXb_^bTS ^U
bX]RT# ST]hX]V cWT Pdc^]^\h ^U cWX]ZX]V# Xc X]eP[XSPcTb cW^dVWc P]S
cWdb SXb`dP[XUXTb XcbT[U Pb P aPcX^]P[ R^]cTgc ^U cW^dVWc# cWPc Xb# P]
PaVd\T]c R[PX\X]V cadcW ^] cWT \TaXcb ^U Xcb aTPb^]b P]S ]^c ^] cWT
\TaXc ^U Xcb UPRcdP[ WP__T]X]V% !FTT 5__T]SXg c^ :XUcW 9bbPh%" GWT
SdP[XbcXR P[cTa]PcXeT# W^fTeTa# QTX]V [^VXRP[[h R^]bXbcT]c X] XcbT[U# \dbc
QT YdSVTS Qh aTR^dabT c^ cWT UPRcb# ^U fWXRW k^aVP]Xb\l Xb P RadRXP[
^]T% JT cWTaTU^aT aTRPbc >TP]bnb ;^S ]^f X]c^ P eTabX^] ^U 8TbRPacTbn
;^S fW^ RaTPcTS Q^SXTb 5A8 \X]Sb1 WXb QTX]V P \PcWT\PcXRXP] cWT]
aT[PcTb c^ cWT UXabc ST_Pac\T]c# fWX[T WXb Z]^f[TSVT# ^U R^dabT# \dbc
R^\_aXbT Q^cW% JT T]S^f WX\ cWdb fXcW P Z]^f[TSVT# ^] cWT ^]T
WP]S# ^U cWT R^\_[TcT b_PRT$cX\T SPcP ^U cWT TgcT]bXeT \P]XU^[S# P]S
5ABG<9E Z]^f[TSVT ^U P[[ cWT X]bcP]RTb ^U kX]fPaS]Tbbl bRPccTaTS
cWa^dVW Xc fXcW^dc QTX]V _Pac ^U Xc%(, JWPc# cWT]# f^d[S bdRW P ;^S

(,% JT \dbc# ^U R^dabT# PS^_c P bcaXRc[h ]^]X]cTaPRcXeT eTabX^] ^U SdP[$


Xb\# bdRW Pb fPb STbXV]TS# X] cWT SXeTabT U^a\b ^U _bhRW^_WhbXRP[ _PaP[$
[T[Xb\# fXcW cWT b_TRXUXR _da_^bT ^U bPUTVdPaSX]V U^a bRXT]RT cWT W^\^$
=b ;^S P A PcW T\ PcXRXP] 4 N /0
QTW^[S fWT] b^\TcX\Tb bdaeThX]V WXb RaTPcX^]4
;^S X] WXb RaTPcXeT Z]^f[TSVT f^d[S QTW^[S# QTbXSTb cWT STPS
f^a[S ^U TgcT]STS ^QYTRcXeXch# P \d[cX_[T W^bc ^U X]SXeXSdP[XiTS bdQ$
YTRcXeXch# ^U \P]h bWPSTb ^U ^QbRdaXch P]S R[PaXchj TPRW fXcW P R^a$
aTb_^]SX]V[h bWPSTS _WT]^\T]P[ !_TaRTXeTS# bT]bTS# UT[c" k^QYTR$
cXeXch#l fWXRW ePaXTb Qdc P[fPhb R^X]RXSTb fXcW b^\T bTV\T]c ^a ^cWTa
^U aTP[ TgcT]bXch# _aTbT]cX]V Xc X] P _PacXRd[Pa# ^RRPbX^]P[[h bWXUcX]V
k_Tab_TRcXeTl Ua^\ fXcWX] cWT TgcT]STS \P]XU^[S2 P]S TPRW fXcW ^]T
_aTUTaaTS# d]ePahX]V aTVX^] Pc cWT RT]cTa ^U cWT ePaXPQ[T _Tab_TRcXeT#
SXbcX]VdXbWTS Pb kQT[^]VX]Vl c^ XcbT[U Pb Xcb kQ^Shl 1 P]S QTW^[S# cWXb
_WT]^\T]P[ aTVX^] WP__T]b X] TPRW RPbT c^ R^X]RXST fXcW b^\T PRcdP[
\PcTaXP[ bhbcT\ ^U C97H?=5E 5EE5A;9@9AG fXcWX] aTP[ TgcT]bXch GWTbT
bhbcT\b PaT fWPc fT RP[[ ^aVP]Xb\b P]S [XeX]V !Qdc cWTh PaT _Pac ^U
cWT STPS"# P]S fT \Ph RP[[ cWT\ cWPc TXcWTa Qh aTPb^] ^U cWTXa _T$
Rd[XPa _WhbXRP[ PaaP]VT\T]c P]S QTWPeX^a# ^a !cWT RW^XRT Xb ^dab" Qh
aTPb^] ^U cWTXa R^X]RXST]RT fXcW cWT _WT]^\T]P[ k\X]Tl$aTVX^] ^U P
bdQYTRcXeXch fWXRW cWdb# cW^dVW XcbT[U ]^]b_PcXP[# bTT\b [^RP[XiTS X]
cWT\% 9XcWTa$^a# R^X]RXST]RT# P]S WP__T]X]V PaT P[[ cWPc cWT _aT\XbTb
fPaaP]c c^ bPh# P]S cWXb [TPeTb ^_T]# X] cWTbT _PacXRd[Pa RPbTb# cf^
_PaP[[T[ P]S R^\_[T\T]cPah fPhb ^U STbRaXQX]V fWPc Xb [^RP[[h cWT
bP\T TeT]c1 TXcWTa X] cTa\b ^U ^dcfPaS]Tbb ^a X] cTa\b ^U X]fPaS]Tbb#
]TXcWTa STbRaX_cX^] X]cTaUTaX]V fXcW cWT ^cWTa P]S ]TXcWTa aT`dXbXcT U^a
cWT X]cTa]P[ R^\_[TcT]Tbb ^U cWT ^cWTa2 cWPc Xb# \^aT b_TRXUXRP[[h U^a
^da RPbT# ]^ cTa\b ^U cWT X]fPaS STbRaX_cX^] PaT aT`dXbXcT U^a cWT
R^\_[TcT]Tbb ^U cWT ^dcfPaS STbRaX_cX^]%
B^f XU cWXb R^]bcadRcX^]# W^fTeTa PacXUXRXP[# _a^eTb cT]PQ[T X] cWT
UPRT ^U cWT UPRcb# fT fX[[ VaP]c >TP]bnb R^]cT]cX^] fXcW cWT b^[T `dP[XUX$
RPcX^]# \T]cX^]TS PQ^eT# cWPc Xc Xb cWT kPaRWXcTRc ^U cWT @5G9E=5?
d]XeTabTl cWPc P__TPab Pb P _daT \PcWT\PcXRXP]% 6dc Xc Xb Ydbc X] cWT
UPRT ^U ^aVP]Xb\ cWPc cWT SdP[XbcXR R^]bcadRcX^] S^Tb QaTPZ S^f]% :Pa
Ua^\ cWTaT QTX]V Ydbc P R^X]RXST]RT ^U X]fPaS]Tbb fXcW b^\T X]SXUUTa$
T]c _Pacb ^U TgcT]bXch cWPc bX\_[h WP__T] c^ bTaeT Pb cWT RT]cTa$
aTVX^]b ^U P _WT]^\T]P[ ^dcfPaS]Tbb# cWTbT _PacXRd[Pa _Pacbj

VT]TXch P]S R[^bdaT ^U cWT \PcTaXP[ aTP[\% C] cWT ^cWTa WP]S# fT cPZT cWT
k\T]cP[l aTP[\ c^ R^\_aXbT 5?? U^a\b P]S VaPSTb ^U bdQYTRcXeT QTX]V#
S^f] c^ cWT SX\\Tbc kUTT[X]Vl ^U cWT P\^TQP# fWXRW Xb cWdb X]R[dSTS X]
cWT _bhRW^_WhbXRP[ SXRW^c^\h%
0' O G <9 D <9BCA 9BCB C: @ =:9
^aVP]Xb\bj PaT ^QeX^db[h BE;5A=M98 :BE X]fPaS]Tbb# U^a X]cTa]P[
XST]cXch# U^a X]SXeXSdP[Xchj P]S [Tbb ^QeX^db[h _TaWP_b Ua^\ cWT\ Pb
fT[[% GadT# cWXb Xb ^QeX^db ^][h c^ P \X]S T]Y^hX]V ^aVP]XR TgXbcT]RT
WX\bT[U# ^a c^ P R^a_^aTP[ bdQYTRc# P]S Xb T]cXaT[h ^dcbXST cWT VaPb_ ^U
Q^Sh[Tbb X]cT[[TRc fWT] R^]Ua^]cTS fXcW P E9F 9KG9AF5 fWXRW !^] cWT
SdP[XbcXR _aT\XbT" Xb ]^cWX]V T[bT% 6dc XU# ^] cWT _aT\XbTb ^U cWT
Tg_TaX\T]c# cWT TgcTa]P[ UPRcb ^U ^aVP]Xb\ X]STTS PaT PQb^aQTS fXcW
]^ aT\PX]STa X] cWT c^cP[ PRR^d]c ^U SXeX]T \PcWT\PcXRb# Pc cWT R^bc
^U cWTXa ]^c QTX]V aTR^V]XiPQ[T 5F UPRcb _TacPX]X]V c^ ^aVP]Xb\# cWXb
_TaUTRc b^[dcX^] ^U cWT R^\_dcX]V cPbZ f^d[S ]^c QTc^ZT] cWT bT[U$
bdUUXRXT]Rh ^U cWT b_PcXP[ R^]bXSTaTS Pb cWXb P]S ]^cWX]V T[bT# Qdc cWT
STUXRXT]Rh ^U P \TaT[h TgcT]bXeT STbRaX_cX^] ^U cWPc fWXRW TgWXQXcb cWXb
Pb_TRc% :^a !fXcW P_^[^VXTb U^a cWT cadXb\" ThTb S^ WPeT X] cWTXa
_WhbXRP[ \PZT$d_ P aTUTaT]RT c^ bTTX]V# P]S TPab c^ WTPaX]V# P]S
^aVP]b VT]TaP[[h c^ cWTXa _TaU^a\P]RTj P]S# \^aT VT]TaP[[h bcX[[#
^aVP]Xb\b c^ [XeX]V% GWXb Xb ]^c Ydbc P] PSSXcX^]P[ Pb_TRc ^U cWT\# ^a
P] ^_cX^]P[ \^ST ^U X]cTa_aTcPcX^]1 Xc Xb cWTXa ^f] cT[T^[^VXRP[ ]PcdaT%
<^fTeTa R^\_[TcT cWT _WhbXR^RWT\XRP[ P]P[hbXb ^U cWT R^\_^bXcX^]
^U cWT ThT P]S ^U cWT _a^RTbbTb PccT]SX]V Xcb bcX\d[PcX^] \Ph QT# ]^
PRR^d]c ^U Xcb R^]bcadRcX^] P]S Ud]RcX^]X]V Xb \TP]X]VUd[ fXcW^dc
aT[PcX]V Xc c^ bTTX]V% 5]S fWPc Xb _[PX] X] b^ WXVW[h b_TRXP[XiTS P RPbT
Xb cadT X] _aX]RX_[T U^a cWT fW^[T R[Pbb ^U \PcTaXP[ cWX]Vb fT RP[[
^aVP]Xb\b# cW^dVW Xc QTR^\Tb TPbXTa c^ SXbaTVPaS# U^a _da_^bTb ^U
_WhbXRP[ STbRaX_cX^]# cWT \^aT fT STbRT]S c^ cWT [^fTa ad]Vb ^U cWT
[PSSTa ^U [XUT$U^a\b# cWPc Xb# fXcW STRaTPbT X] R^\_[TgXch ^U ^aVP]XiP$
cX^] P]S X] SXUUTaT]cXPcX^] ^U Ud]RcX^] !P]S# _aTbd\PQ[h# R^aaTb_^]S$
X]V STRaTPbT ^U PfPaT]Tbb"% 6dc cWTaT Xb P[fPhb cWT _da_^bXeT]Tbb ^U
^aVP]Xb\ Pb bdRW P]S Xcb R^]RTa] X] [XeX]V1 TUUTRcXeT P[aTPSh X] P[[
eTVTcPcXeT cT]ST]Rh# PfPZT]X]V c^ _aX\^aSXP[ PfPaT]Tbb X] cWT SX\
aTU[TgTb# cWT aTb_^]SX]V XaaXcPQX[Xch ^U [^f[h ^aVP]Xb\b2 \^aT b^ X]
daVT P]S TUU^ac P]S P]VdXbW ^U P]X\P[ [XUT T]S^fTS fXcW \^cX[Xch P]S
bT]bT$^aVP]b2 aTPRWX]V bT[U$caP]b_PaT]Rh X] R^]bRX^db]Tbb# fX[[ P]S
cW^dVWc ^U \P]1 P[[ cWTbT QTX]V X]fPaS Pb_TRcb ^U cWT cT[T^[^VXRP[ bXST
X] cWT ]PcdaT ^U k\PccTa%l <^f cWXb UX]P[Xb\ cP[[XTb# X] cWT bP\T
f^a[S# fXcW \TRWP]XRP[ RPdbP[Xch fW^bT aTP[Xch RP]]^c QT ST]XTS
TXcWTa Xb P _a^Q[T\ ]^c c^ QT kb^[eTSl Qh bPRaXUXRX]V P] TeXST]RT
!_da_^bXeT]Tbb" c^ P cWT^aT\ !TgR[dbXeT]Tbb ^U 75HF5 9::=7=9AF
fWXRW fPb STaXeTS Qh VT]TaP[XiPcX^] Ua^\ P]^cWTa TeXST]RT2 Qdc# XU
b^[ePQ[T Pc P[[# ^][h Qh caTPcX]V Xc Pb cWT _a^U^d]S[h RWP[[T]VX]V P]S
=b ;^S P A PcW T\ PcXRXP] 4 N 0(
Pb hTc R^\_[TcT[h d]bTcc[TS _a^Q[T\ Xc Xb% 5c P[[ TeT]cb# cWT cT[T^[^VX$
RP[ bcadRcdaT P]S QTWPeX^a ^U ^aVP]Xb\ Xb ]^c Ydbc P] P[cTa]PcXeT
RW^XRT ^U STbRaX_cX^]1 Xc Xb# ^] cWT TeXST]RT ^U TPRW ^]Tnb ^f] ^aVP]XR
PfPaT]Tbb# cWT TgcTa]P[ \P]XUTbcPcX^] ^U cWT X]fPaS]Tbb ^U bdQbcP]RT%
G^ PSS cWT X\_[XRPcX^]b1 cWTaT Xb ]^ ^aVP]Xb\ fXcW^dc cT[T^[^Vh2
cWTaT Xb ]^ cT[T^[^Vh fXcW^dc X]fPaS]Tbb2 P]S1 [XUT RP] QT Z]^f] ^][h
Qh [XUT%

K
GWXb Xb cWT PSeP]cPVT fT _^^a \^acP[b WPeT ^eTa >TP]bnb \PcWT\PcX$
RP[ ;^S1 WP__T]X]V c^ QT [XeX]V \PcTaXP[ cWX]Vb ^dabT[eTb# fT WPeT X]
^da bT[U$Tg_TaXT]RT# Pb Xc fTaT# _TT_W^[Tb X]c^ cWT X]fPaS]Tbb ^U bdQ$
bcP]RT# cWTaTQh WPeX]V P] XSTP !^a cWT _^bbXQX[Xch ^U WPeX]V P] XSTP"
]^c ^][h ^U W^f aTP[Xch Xb b_aTPS P]S X]cTaPRcb X] TgcT]bXch# Qdc ^U
W^f Xc =F c^ 69 aTP[ P]S c^ PRc P]S c^ QT PRcTS d_^]% 5]S fT RP] bcX[[
R^]caXeT# Qh RTacPX] PRcb ^U PQbcaPRcX^]# c^ QT 5?FB \PcWT\PcXRXP]b
P]S \PcWT\PcXRP[ _WhbXRXbcb1 kP[b^lj c^ QT k]^cWX]V Qdcl P \PcWT$
\PcXRP[ _WhbXRXbc Xb _[PX] PQbdaSXch%
GWT TeXST]RT fT UX]S X] ^dabT[eTb Xb P] X]cTVaP[ _Pac ^U cWT TeX$
ST]RT R^]RTa]X]V [XUT fWXRW Tg_TaXT]RT _dcb Pc ^da SXb_^bP[% GWPc Xc
\dbc QT dbTS RaXcXRP[[h c^ Pe^XS cWT _XcUP[[b ^U P]cWa^_^\^a_WXb\
V^Tb fXcW^dc bPhX]V% 6dc dbTS Xc \dbc QTj P]S Pb P \PccTa ^U UPRc#
\^bc ^U cWT cX\T Xc Xb# W^fTeTa \dRW QX^[^VXbcb P]S QTWPeX^aXbcb \Ph
PbbdaT db P]S cWT\bT[eTb ^U cWT R^]caPah% 9[bT cWTh f^d[S P[c^VTcWTa
\Xbb cWT TgXbcT]RT ^U [XUT Pa^d]S cWT\ P]S cWdb WPeT ]^ ^QYTRc U^a
X]`dXahj cWT R^]RaTcT :EB@ fWXRW c^ \PZT cWTXa PQbcaPRcX^]bjc^
QTVX] fXcW% GWTh f^d[S cWT] bWPaT X] cWT SXeX]T _^eTach ^U cWT k]^cW$
X]V Qdcl != cPZT cWXb c^ QT cWT \TP]X]V ^U k_daTl " \PcWT\PcXRXP]$
RaTPc^a1 ]^c cWT \^bc R^\_[TcT P]P[hcXRP[ aTR^aS# S^f] c^ cWT \X]$
dcTbc STcPX[# ^U cWT b_PRT$cX\T SPcP ^U P] ThT$U$^_cXR ]TaeT$Y$eXbdP[
R^acTg# TcR%# XU bdRW SPcP QT WXb BA?L cTa\b# f^d[S T]PQ[T <=@ c^ X]UTa
cWPc X] P VXeT] RPbT P] PRc ^U eXbX^] ^RRdabj]^c Z]^fX]V X] cWT UXabc
_[PRT fWPc kbTTX]Vl R^d[S _^bbXQ[h \TP]% 6dc fWTaT WXb SXbT\Q^SXTS
VT^\TcaXRP[ X]cT[[XVT]RT UPX[b# fT k^U cWT TPacW# TPacWh#l P]S WPeX]V
ThTb ^dabT[eTb# S^ Z]^f !P]S ]^c \TaT[h X]UTa" cWPc cWT ^aVP]XR
X]SXeXSdP[ T]S^fTS fXcW cW^bT bcadRcdaTb bTTb fXcW cWT\# fWPcTeTa
cWT _WhbXRb X]e^[eTS%
JT QTVX] c^ bdb_TRc cWPc cWT k\PcTaXP[l fWXRW cWT ;aTPc APcWT$
0) O G <9 D < 9BCA 9BCB C: @ =: 9
\PcXRXP] WPS c^ dbT U^a T\Q^ShX]V WXb XSTPb WPS P] X]caX]bXR ]PcdaT ^U
Xcb ^f]# d]Z]^f] c^ WX\ P]S d]_a^eXSTS U^a X] WXb bRWT\Tj _a^_Ta$
cXTb fWXRW U^d]S cWTXa ^__^acd]Xch P[^]V cWT R^dabT ^U \TRWP]XRP[
Te^[dcX^] c^ aTP[XiT# X] cWT bTT\X]V Pdc^\PcXb\ ^U RPdbP[ bT`dT]RT#
b^\T ^U cWT WXSST] _^cT]cXP[XcXTb ^U ^aXVX]P[ bdQbcP]RT1 ^U fWXRW
aTP[XiPcX^] fT PaT X]bcP]RTb% GWdb QTcaPhTS X]c^ R^]bcadRcX]V P \P]X$
U^[S fXcW P cT]ST]Rh ^U Xcb ^f]# fWPc cWT \PcWT\PcXRXP] RaTPcTb WT
Z]^fTcW ]^c% :^a WX\ ThTb S^ ]^c bTT# P]S TPab S^ ]^c WTPa% <T
aTbT\Q[Tb \dRW \^aT cWT 8T\XdaVT ^U cWT ;]^bcXRb# fW^ RaTPcTb cWT
f^a[S X] XV]^aP]RT ^U fWPc WT [Tcb WX\bT[U X] U^a# cWP] cWT 8T\XdaVT
^U D[Pc^ fW^ RaTPcTb cWT f^a[S ^dc ^U Z]^f[TSVT%
GWT T]S ^U ^da X]`dXah Xb ^][h cWT cWaTbW^[S ^U \dRW [PaVTa cPbZb#
fWXRW# = QT[XTeT# PaT \^aT cWP] TeTa X\_^bTS ^] _WX[^b^_Wh% GWTh
PaT1 P _WX[^b^_WXRP[ QX^[^Vh fXcW^dc fWXRW cWTaT RP]]^c QT P _WX[^b^$
_Wh ^U \P] ^] cWT ^]T WP]S P]S P _WX[^b^_Wh ^U ]PcdaT ^] cWT ^cWTa2
P]S P ]Tf TgP\X]PcX^] ^U 75HF5 fXcW^dc fWXRW cWTbT cWaTT RP]]^c QT
Qa^dVWc X]c^ [X]T% 6dc fXcW aTVPaS c^ cWT X\\TSXPcT XbbdT ^U cWXb TbbPh
= cadbc cWPc cWT U^aTV^X]V bdUUXRTb c^ bW^f fWh = R^]R[dST kUa^\ cWT
X]caX]bXR TeXST]RT ^U WXb RaTPcX^]l cWPc Xcb 7aTPc^a \dbc QT SXUUTaT]c
Ua^\ fWPc cWT \TcP_WhbXRXP] >TP]b cWX]Zb WX\ c^ QTj c^ cWT bP\T
TgcT]c cWPc RaTPcX^]# cWPc Xb# QTX]V# Xb SXUUTaT]c Ua^\ fWPc cWT \PcWT$
\PcXRP[ _WhbXRXbc >TP]b R^]RTXeTb Xc c^ QT% GWTaTU^aT# ^da UX]P[ P]bfTa
c^ cWT `dTbcX^]# k=b ;^S P APcWT\PcXRXP]4lj \TP]X]V TbbT]cXP[[h
P]S _daT[h P \PcWT\PcXRXP]# TeT] fXcW aTb_TRc c^ cWT @5G9E=5? d]X$
eTabT P[^]TjXb P SXbcX]Rc kB^%l

5 DD9B8=K ( !_% -."


-BG9 BA G<9 )E99> 2F9 B: ,5G<9@5G=7F =A
G<9 *AG9ECE9G5G=BA B: -5GHE9
G^ P__[h \PcWT\PcXRb c^ ]PcdaP[ _WT]^\T]P# ^a c^ R[PX\ P \PcWT\PcX$
RP[ RWPaPRcTa U^a bdRW _WT]^\T]P# RP] \TP] SXUUTaT]c cWX]Vb ST_T]SX]V
^] fWTcWTa Xc aTUTab c^ cWT bcadRcdaTb ^a c^ cWT Sh]P\XRb ^U ]PcdaT# c^ Xcb
U^a\b ^U ^aSTa ^a c^ cWT RWP]VTb X] cWT R^dabT ^U fWXRW cWTh T\TaVT% GWT
;aTTZ P__a^PRW aT_aTbT]cb cWT UXabc P[cTa]PcXeT% :^a cWT DhcWPV^aTP]b# cWT
\PcWT\PcXRP[ X]cTa_aTcPcX^] ^U aTP[Xch R^]bXbcTS X] STUX]X]V P bcadRcdaP[
fW^[T Qh cWT ]d\TaXRP[ _a^_^acX^]b# _aX\PaX[h ^U b_PcXP[ SX\T]bX^]b# cWPc
W^[S P\^]V Xcb _aX]RX_P[ _Pacb ^a QTcfTT] XcbT[U P]S aT[PcTS bcadRcdaTb%
GWXb \PcaXg ^U _a^_^acX^]b X] fWXRW P \P]XU^[S fPb U^d]S c^ QT X]cTaaT$
G <9 ; E99? H F9 C: A 5G<9A5G=7F N 0*
[PcTS _a^eXSTS cWT SXbcX]RcXeT# ^aSTaX]V UTPcdaT ^U Xc P]S fPb cWTaTU^aT
aTVPaSTS Pb cWT aPcX^]P[T ^U Xcb fW^[T]Tbb% GWT kaPcX^l Xb cWT ?B;BFO ^U P
cWX]V# cWPc fWXRW R^]bcXcdcTb Xc cWT cWX]V Xc Xb% :^a TgP\_[T# cWT ^RcPeT WPb
cWT aPcX^ cf^ c^ ^]T1 cWXb cWT] Xb Xcb ?B;BF! cWT _aX]RX_[T ^U Xcb QTX]V# fWXRW
P]cTRTSTb P]S ^dc[Pbcb P]h _PacXRd[Pa ^RRdaaT]RT ^U Xc% FX]RT ^]T P]S cWT
bP\T PQbcaPRc aPcX^ f^d[S aTRda X] SXUUTaT]c T]cXcXTb P]S ^] ePbc[h SXUUTaT]c
bRP[Tb X] cWT ^aSTa ^U cWX]Vb# P]P[^VXTb ^a T`dPcX^]b R^d[S QT TbcPQ[XbWTS
cWa^dVW^dc cWT d]XeTabT2 P]S cWT SXbR^eTah ^U cWXb _^bbXQX[Xch X] P UTf
bcaXZX]V X]bcP]RTb _a^\_cTS cWT bfTT_X]V R^]RT_cX^] ^U ^]T P[[$R^\_aT$
WT]bXeT +B;BF Pb cWT _aX]RX_[T ^U k_a^_^acX^] X] XcbT[U#l _TaePSX]V cWT
fW^[T d]XeTabT# fWXRW Qh cWXb UPRc Pbbd\Tb cWT RWPaPRcTa ^U ^]T R^b\^b%
=c U^[[^fb cWPc ?B;BF Pb P__[XTS c^ aTP[Xch Xb P bT[TRcXeT bcP]SPaS fWXRW
b^\T _WT]^\T]P R^\T d_ c^ P]S ^cWTab S^ ]^c% :^a ^][h cWPc Xb P cadT
kaPcX^l fWXRW RP] QT Tg_aTbbTS X] kaPcX^]P[l ]d\QTab# fWX[T X]R^\\T]$
bdaPcT _a^_^acX^]b PaT kXaaPcX^]P[l1 cWT X]UX]Xch X]e^[eTS X] cWT\ Xb P
STUXRXT]Rh c^ cWT ;aTTZ \X]S# fWXRW RWTaXbWTS UX]XcT]Tbb Pb cWT \PaZ ^U
cadT QTX]V P]S cWT _aTaT`dXbXcT U^a Xcb QTX]V Z]^f]% GWT [PccTa Xb aTP[[h cWT
aTPb^] U^a cWT U^a\TajcWT UXabc X]bcP]RT X] WXbc^ah ^U cWXb aTRdaaT]c DH=8
CEB DHB# GWT X]cT[[TRcdP[ bPcXbUPRcX^] X] cWTbT STcTa\X]PcT aT[PcX^]b#
VT^\TcaXRP[ P]S ]d\TaXRP[# P]S X] cWTXa X]caX]bXR aPcX^]P[Xch# caP]b_^bTS
XcbT[U SXaTRc[h X]c^ cWT QT[XTU cWPc WTaT Xb cadT QTX]V P]S _TaUTRcX^]% GWT
c^]Tb ^U P WPa\^]h R^\T P]S V^# P]S Xc \Ph QT X\_daT1 cWT ?B;BF fWXRW
\PZTb cWT\ P WPa\^]h Xb X\_TaXbWPQ[T# P]S cWT bP\T TPRW cX\T cWT
X\_TaUTRc \PcTaXP[ WPa\^]h ^RRdab% 5b Xcb TcTa]P[ cadcW# cWT ?B;BF Xb cWT
\TPbdaT ^U# P]S Pc cWT bP\T cX\T cWT aTPb^] U^a# TPRW X]bcP]RT ^U cT\$
_^aP[ WPa\^]h% GWdb \TPbdaTb P]S _a^_^acX^]b# d[cX\PcT[h Tg_aTbbXQ[T X]
]d\QTab# PaT cWT TbbT]RT ^U cWX]Vb%
=U fT XV]^aT cWT \TcP_WhbXRP[ Pb_TRc P]S [^^Z ^][h Pc cWT fPh X] fWXRW
\PcWT\PcXRb Xb WTaT P__[XTS c^ _WT]^\T]P# fT UX]S cWPc cWXb P__[XRPcX^] Xb
\^a_W^[^VXRP[# P]S STbRaX_cXeT ]^c ^U cWT X]cTa_[Ph ^U R^\_^]T]c UPRc^ab
Qdc ^U cWT U^a\ ^U bT[TRcTS R^\_^d]S fW^[Tb% =cb ^QYTRcb PaT bdRW T]Sda$
X]V bcadRcdaTb ^U U^a\ Pb \Ph QT TgcaPRcTS Ua^\ cWT U[dg ^U cWX]Vb Qdc PaT
]^c ^U cWT U[dg# P]S RP] QT STbRaXQTS X] cTa\b ^U bcPQ[T ]d\TaXRP[ aT[P$
cX^]b% GWTXa Tg_aTbbX^] U^a\b P bcPcT\T]c ^U kcWPcl P]S ]^c P] Tg_[P]P$
cX^] ^U kW^fl P]S kfWh%l GWT cWT^ah ^U cWT WTPeT]b# QTX]V kcWT^ahl X]
cWT ^aXVX]P[ bT]bT ^U R^]cT\_[PcX^]# VXeTb ]^c cWT \TRWP]XRb ^U cWT WTPe$
T]b# Qdc P bh]cWTbXb ^U Xcb kaTbd[cP]cl !Pb J9 bW^d[S bPh" _WhbX^V]^\h ^U
VT^\TcaXRP[ P]S PaXcW\TcXRP[ UTPcdaTb% 5b STbRaX_cXeT \^a_W^[^Vh# cWXb
7<5E57G9E=FG=75 @5G<9@5G=75 ^U aTP[Xch Xb TbbT]cXP[[h bcPcXR# VPcWTaX]V Xcb
SPcP X]c^ cWT k_aTbT]cl ^U cWT `dXTbRT]c U^a\% 9eT] fWTaT \^cX^] Xb
X]e^[eTS P\^]V cWT d]RWP]VX]V caPXcb X] cWT _XRcdaT# Pb fXcW cWT bcPab X]
0+ O G <9 D < 9BCA 9BCB C: @ =: 9
cWTXa R^dabTb# cWT bdRRTbbXeT _WPbTb PaT aTVXbcTaTS Pb Xc fTaT X] XSTP[
YdgcP_^bXcX^]# Pb \TaT \^\T]cb X] cWT bT[U$R^\_[TcX^] ^U cWT c^cP[ U^a\%
GWT aT[PcXeT SdaPcX^]b PaT cWT\bT[eTb T]SdaX]V \^a_W^[^VXRP[ UTPcdaTb X]
cWT TgWXQXcTS fW^[T# c^VTcWTa fXcW cWT VT^\TcaXRP[ _a^_TacXTb ^U cWT b_PcXP[
R^dabTb STbRaXQTS cWa^dVW cWTXa bT`dT]RT% =] UPRc cWTaT Xb cWT T]R^\_Pbb$
X]V _aTbT]c ^U TcTa]P[[h aTRdaaX]V bT[U$_TaU^a\P]RT# fWTaT P[[ _WPbTb PaT
^] P] T`dP[ U^^cX]V Pb X]cTVaP[ _Pacb ^U cWT ^]T P]S XST]cXRP[ fW^[T% =]
TeXST]RT ^U cWXb# cWT WTPeT][h Q^SXTb fTaT R^]RTXeTS ]^c Pb _^X]cb fXcWX]
P e^XS# fWXRW f^d[S WPeT ]^ aTUTaT]RT c^ P _PcW X] _Pbc P]S UdcdaT# Qdc Pb
UXgTS TPRW X] P R^\_[TcT b_WTaT# cWT k^aQ#l fWXRW R^]cPX]b Xcb bdRRTbbXeT
_PcW# cWT k^aQXc#l X] cWT bX\d[cP]TXch ^U P] TeTa$_aTbT]c U^a\%
GWT DhcWPV^aTP]b QT[XTeTS cWTbT WTPeT][h ^aQb c^ QT PaaP]VTS X]
]d\TaXRP[ aPcX^b ^U SXbcP]RTb T`dP[X]V cW^bT ^U cWT R^]R^aSP]c X]cTaeP[b X]
cWT \dbXRP[ bRP[T P]S b^ R^]RTXeTS cWT \PV]XUXRT]c XSTP ^U cWT WPa\^]h
^U cWT b_WTaTb% GWXb \Ph bTT\ c^ QT P] PTbcWTcXR aPcWTa cWP] P bRXT]cXUXR ^a
aPcX^]P[ R^]RT_cX^]# Qdc Xc \dbc QT aT\T\QTaTS cWPc cWT R^aaT[PcX^] ^U cWT
R^b\XR fXcW cWT \dbXRP[ WPa\^]h fPb QPbTS ^] bcaXRc[h \PcWT\PcXRP[
!cW^dVW Pbca^]^\XRP[[h Taa^]T^db" Va^d]Sb# P]S cWT X]PdSXQ[T R^b\XR
\dbXR fPb X]UTaaTS Ua^\ cWT\%
=STPb ^U QTPdch ^a _TaUTRcX^] PaT Pb P[XT] c^ \^STa] _WhbXRb Pb cWTh
fTaT X]WTaT]c X] ;aTTZ R^b\^[^Vh ^U cWT S^\X]P]c ch_T !cWT 5c^\Xbcb
P[fPhb TgRT_cTS"% 5aXbc^cT[XP] R^b\^[^Vh _a^eXSTb P]^cWTa TgP\_[T% GWT
_TaUTRcX^] ^U cWT RT[TbcXP[ \^cX^]# cWT] R^]RTXeTS Pb b_WTaXRP[# aTbXSTb X]
cWT \PcWT\PcXRP[ eXacdTb ^U cWT RXaR[T# cWT \^bc _TaUTRc ^U UXVdaTb2 P]S cWXb
TgRT[[T]RT# T]cPX[X]V Pb Xc SXS _Ta\P]T]c R^\_[TcT]Tbb P]S X\\dcPQX[Xch#
\PST cWT bcT[[Pa f^a[S cWT _daTbc T\Q^SX\T]c ^U cWT SXeX]T !X%T%# aPcX^]P["
]PcdaT ^U cWT d]XeTabT# cWT R[^bTbc cT\_^aP[ P__a^gX\PcX^] c^ cWT cX\T[Tbb
bT[U$R^]cPX]TS]Tbb ^U cWT H]\^eTS A^eTa fW^ ZTT_b cWT d]XeTabT V^X]V
Pb Xcb UX]P[ RPdbT% C]RT PVPX] cWT R^\QX]PcX^] ^U P VT^\TcaXRP[ XSTP[ fXcW
P cT[T^[^VXRP[ _PccTa] ^U RPdbP[Xch Xb P] XSTP U^a fWXRW \^STa] bRXT]RT WPb
]^ a^^\% 6h cWT cX\T ^U cWT VaTPc 5[TgP]SaXP] Pbca^]^\Tab# c^ QT bdaT#
bRXT]cXUXR aXV^a WPS bd__aTbbTS \dRW ^U cWT b_TRd[PcXeT UP]Rh ^U TPa[XTa
cX\Tb% LTc cWT \^a_W^[^VXRP[ P__a^PRW aT\PX]TS2 TeT] P Dc^[T\PTdb SXS
]^c SaTP\ ^U eX^[PcX]V cWT X]cTVaXch ^U cWT RT[TbcXP[ \^cX^]b Qh P]h
aTSdRcX^] c^ ed[VPa# bdQ[d]Pa \TRWP]XRb2 P]S cWT _TaUTRcX^] ^U cWT RXaR[T
bcX[[ WPd]cTS 7^_Ta]XRdb Pb P] PgX^\ ^U Pbca^]^\h%
GWdb cWT P__[XRPcX^] ^U \PcWT\PcXRb c^ ]PcdaT R^]U^a\TS c^ cWT fW^[T
b_XaXc ^U ;aTTZ ]PcdaP[ _WX[^b^_Wh fWXRW SfT[c ^] R^\_[TcT bcadRcdaTb ^U
U^a\# fXcW P] Pdc^]^\^db bcPcdb c^ cWTXa fW^[T]Tbb# P]S _PccTa]TS
R^b\^[^Vh PRR^aSX]V[h% GWT bhbcT\ ^U cWT f^a[S fPb ^]T ^U fW^[Tb fXcWX]
fW^[Tb ^U TeTa$fXST]X]V R^\_aTWT]bXeT]Tbb# Rd[\X]PcX]V X] cWT 7^b\^b
B CG9 CB J <=G9<958 nF D <=@CFCD<L C: C E;5B=FA N 0,
WX\bT[U# cWT d[cX\PcT P[[$T\QaPRX]V fW^[T# cWT bd_aT\T kC]T X] AP]hl ^U
WXb ^f] T]S# X] cWT [XZT]Tbb ^U P [XeX]V Q^Sh% G^ cWT bP\T _PccTa] R^aaT$
b_^]Sb TeTah T]cXch X] ]PcdaT# XU X] [TbbTa STVaTTb ^U R^\_[TcT]Tbb P]S bT[U$
bdUUXRXT]Rh% 9PRW Xb _Pac ^U P VaTPcTa fW^[T# P] T]S X] XcbT[U P]S P fW^[T
U^a Xcb _Pacb% GWdb cWT X]cTVaP[ fW^[T# aT_aTbT]cTS Qh U^a\ Pb bdRW P]S
aTP[XiTS X] cWT d]XeTabT Pb cWT c^cP[ U^a\# fPb cWT d[cX\PcT cTa\ X] cWXb
^]c^[^Vh# Ydbc Pb R^]eTabT[h cWT b\P[[Tbc _Pacj^U \PccTa ^a T]TaVhjXb cWT
d[cX\PcT cTa\ X] cWT \^STa] ^]c^[^Vh% =] Q^cW RPbTb fWPc Xb WTaT RP[[TS
kd[cX\PcT cTa\l bTaeTb Pb cWT [Pbc aTb^ac ^U X]cT[[XVXQX[Xch P]S cWTaTU^aT ^U
Tg_[P]PcX^]% G^ cWT ^]Tnb STSdRcX^] ^U cWT _Pacb# P]S ^U cWTXa Ud]RcX^]#
Ua^\ cWT X]ST_T]ST]c ]PcdaT ^U cWT fW^[T# Pb T]eXbPVTS X] ^aXVX]P[ bh]cWT$
bXb# R^aaTb_^]Sb cWT ^cWTanb R^]bcadRcX^] ^U cWT R^\_[Tg fW^[T ^dc ^U cWT
X]cTaPRcX^] ^U X]ST_T]ST]c _Pacb# Pb Xb^[PcTS X] P]cTRTST]c P]P[hbXb%

5 DD9B8=K ) !_% /)"


-BG9 BA 3<=G9<958PF /<=?BFBC<L B: .E;5A=F@
JWXcTWTPS# fW^ bXV]XUXRP]c[h RP[[TS WXb VT]TaP[ cWT^ah ^U QTX]V P k_WX$
[^b^_Wh ^U ^aVP]Xb\#l X] TUUTRc cda]TS cWT SXUUTaT]RT QTcfTT] [XUT P]S
]^][XUT Ua^\ ^]T ^U TbbT]RT X]c^ ^]T ^U STVaTT% =] cWXb Pb X] b^\T ^cWTa
aTb_TRcb WT U^[[^fTS @TXQ]Xi# P]S [XZT WX\ WT WPb ]^ aTP[ _[PRT U^a STPcW
X] cWT R^]RT_cdP[ PRR^d]c ^U [XUT% 7^]RTa]X]V cWT bdQYTRc ^U kXST]cXchl
fXcW fWXRW cWT 9bbPh WPb QTT] STP[X]V !bTT PQ^eT# __% /( U%"# JWXcT$
WTPSnb ^]c^[^Vh b^[eTb cWT _a^Q[T\ ^U C<LF=75? XST]cXch !X] ^da TgP\_[T1
cWPc ^U _PacXR[Tb" Qh TgcT]SX]V c^ Xc P _aX]RX_[T ^U BE;5A=7 !QX^[^VXRP["
XST]cXchjcWTaTQh X]RXST]cP[[h ST_aXeX]V cWT [PccTa ^U cWT b_TRXUXR RWP[[T]VT
Xc _^bTb Qh ]^a\P[ _WhbXRP[ bcP]SPaSb1 Xc WPb QTT] R^]eTacTS X]c^ P RPbT ^U
fWPc d]XeTabP[[h W^[Sb% GWXb T]S# cWT ^eTaR^\X]V ^U P] P]]^hX]V SdP[Xb\#
Xb PRWXTeTS Qh P] X]VT]X^db R^]RT_cdP[ bRWT\T bcaPSS[X]V Q^cW bXSTb ^U
cWT UT]RT%
FX\_[T [^RPcX^] Xb aT_[PRTS Qh VaPSTS ^\]X_aTbT]RT# _Ta\P]T]c bdQ$
bcP]RT Qh PRcdP[ ^RRPbX^]b ^U UTT[X]V# T]SdaP]RT ^U TgXbcT]RT Qh cWT
caP]b\XbbX^] ^U RWPaPRcTab Ua^\ ^RRPbX^] c^ bdRRTTSX]V ^RRPbX^]1 cWT
[PccTa X]WTaXcb P _Pbc Qh P__a^_aXPcX]V cWT hXT[S ^U cWT P]cTRTST]c X]c^ Xcb
X]fPaS]Tbb# P]S X]XcXPcTb P UdcdaT Qh QTR^\X]V X]WTaXcPQ[T XcbT[U fWT] Xcb
^f] PRcdP[XiPcX^] Xb R^\_[TcTS% =] QTcfTT] [XTb fWPc Xb Xcb ^f] R^]caXQd$
cX^] c^ cWT WTaXcPVT1 cWT [PhX]V W^[S ^U# P]S X]R^a_^aPcX]V ^U# b^\T
kTcTa]P[ ^QYTRcb%l GWdb# fWPc ^] cWT ^dcbXST [^^Zb [XZT R^]cX]dXch ^U
TgXbcT]RT Xb X] UPRc P bT`dT]RT ^U Pc^\XR TeT]cb# U^a\X]V P ]Tgdb X] eXacdT
^U cWT Rd\d[PcXeT X]R[dbX^] ^U cWT _Pbc X] TPRW ]Tf _aTbT]c% <TaTfXcW
kXST]cXch#l X] cWT ^][h bT]bT R^]U^a\PQ[T c^ cWT bhbcT\# Xb Qa^dVWc PQ^dc%
0- O G <9 D <9BCA 9BCB C: @ =: 9
GWXb Xb P S^RcaX]T ^U _Ta\P]T]c RaTPcX^]# ^U fWXRW cWT R^]bTaePcX^] [Pfb
PaT cWT \TaT _WT]^\T]P[ bd\\X]V$d_% 6dc Xc Xb P] X\\P]T]c RaTPcX^]
!bT[U$RaTPcX^] ^U ]PcdaT"2 P]S ^]T fXcW P] X]UX]XcT ]d\QTa ^U R^]RdaaT]c
X]SXeXSdP[ bcaP]Sb2 P]S X] TPRW ^U cWTbT _a^RTTSX]V Qh Pc^\XR bcT_b1 X] P[[
cWaTT aTb_TRcb SXUUTaT]c Ua^\ cWT _Ta\P]T]c RaTPcX^] _^bcd[PcTS Qh
8TbRPacTb# fW^ WT[S \PccTa TPRW \^\T]c c^ QT aT]TfTS X] TgXbcT]RT Qh Xcb
caP]bRT]ST]c RaTPc^a2 P]S WXb :=5G c^ QT bd\\PaX[h ^]T U^a P[[ \PccTa TPRW
cX\T2 P]S c^ V^ ^] R^]cX]d^db[h cWa^dVW^dc cX\T1 P] PRc ^U aTR^]UXa\P$
cX^] aPcWTa cWP] RaTPcX^]% =c Xb cWT SXUUTaT]RT QTcfTT] cWT cWTXbcXR eXTf
fWXRW ST]XTb RaTPcXeXch c^ cWT RaTPcTSjX]STTS cWT \TRWP]XbcXR ]PcdaT
R^]RTXeTS ^] cWXb QPbXb Xb T\_WPcXRP[[h ]^]RaTPcXeTjP]S cWT \^STa]#
X\\P]T]cXbc eXTf fWXRW caP]bUTab cWT PccaXQdcT ^U RaTPcXeXch c^ ]PcdaT
XcbT[U% GWXb Xb cWT ^][h aPcX^]P[ P[cTa]PcXeT ^_T] c^ ]PcdaP[Xb\ PUcTa cWT [^bb
^U cWT caP]bRT]ST]cP[ R^d]cTa_^[T _a^eXSTS Qh SdP[XbcXR \TcP_WhbXRb# X]
fW^bT bWT[cTa P[^]T P] d]PSd[cTaPcTS k\PcTaXP[Xb\l X] _WhbXRb fPb aPcX^]$
P[[h _^bbXQ[T%
= RP]]^c WTaT SXbRdbb cWXb Q^[S _a^_^bXcX^] ^U QPbXR ^]c^[^Vh# fW^bT
X]cT[[TRcdP[ U^aRT P]S _WX[^b^_WXRP[ X\_^acP]RT PaT d]T`dP[TS X] ^da cX\T%
=cb QTPaX]V ^] ^da _PacXRd[Pa _a^Q[T\ Xb cWPc# Pb kX]WTaXcP]RT#l ]Ph# WXb$
c^aXRXch# Xb \PST cWT d]XeTabP[ _aX]RX_[T ^U XST]cXch# QX^[^VXRP[ XST]cXch
RTPbTb c^ QT cWT _dii[T fWXRW Qh ]^a\P[ _WhbXRP[ cTa\b Xc Xb% = f^]STa
fWTcWTa cWXb Xb P VPX]% GWT Q[daaX]V ^U cWT SXUUTaT]RT QTcfTT] X]P]X\PcT
P]S P]X\PcT ]PcdaT# fWXRW cWT b_aTPS ^U X]fPaS]Tbb S^f] c^ cWT _WhbXRP[
U^d]SPcX^]b T]cPX[b# bTT\b P WXVW _aXRT c^ _Ph U^a cWT R[PX\TS Pc^\XRXch ^U
kPRcdP[ ^RRPbX^]bl fWXRW aT`dXaTb cWXb d]XeTabP[ X]fPaS]Tbb c^ ^QeXPcT
cWTXa ^cWTafXbT X]TeXcPQ[T \^]PSXR Xb^[PcX^]1 cWT aTbd[c Xb P bdQ\TabX^] ^U
SXbR^]cX]dXch fWTaT Xc \PccTabjQTcfTT] [XUT P]S ]^][XUTjPVPX]bc Xcb X]$
YTRcX^] fWTaT Xc Xb Wh_^cWTcXRP[jQTcfTT] _WPbTb ^U _WhbXRP[ SdaPcX^]%
C]T UdacWTa R^\\T]c1 fWX[T cWT _^[PaXch ^U bT[U P]S f^a[S# Pb P[b^ cWPc
^U UaTTS^\ P]S ]TRTbbXch# Xb cPZT] RPaT ^U X] JWXcTWTPSnb bhbcT\# cWPc ^U
QTX]V P]S ]^c$QTX]V Xb STUX]XcT[h ]^cjP]S cWTaTU^aT ]^c cWT _WT]^\T]^]
^U STPcW !]^a# X]RXST]cP[[h# cWPc ^U TeX["1 Qdc fWPc d]STabcP]SX]V ^U [XUT
RP] cWTaT QT fXcW^dc P] d]STabcP]SX]V ^U STPcW4 GWT STT_ P]gXTch ^U
QX^[^VXRP[ TgXbcT]RT WPb ]^ _[PRT X] cWT \PV]XUXRT]c bRWT\T% JWXcTWTPS#
X] cWXb aTb_TRc [XZT <TVT[# WPb faXccT] X] WXb \TcP_WhbXRb P bc^ah ^U
X]caX]bXRP[[h bTRdaTS bdRRTbb1 P[[ QTR^\X]V Xb bT[U$aTP[XiPcX^]# TPRW TeT]c Xb
X] XcbT[U R^\_[TcT !^a Xc f^d[S ]^c QT PRcdP["# TPRW _TaXbWX]V Xb P bTP[ ^]
cWT UPRc ^U R^\_[TcX^] PRWXTeTS% k8TPcW# fWTaT Xb cWh bcX]V4l
B CBD5EG=7=D5G=CB C: 8B5 =B A 9G56C@=FA N 0.

5 DD9B8=K * !_% /)"


-BG9 BA G<9 -BAC5EG=7=C5G=BA B: '-& =A ,9G56B?=F@
GWT bcPcT\T]c ^] _PVT /) cWPc X] cWT \TcPQ^[XiX]V ^aVP]Xb\# kfXcW Xcb
_Ta_TcdP[ cda]^eTa ^U R^]bcXcdT]cb# ]^ X]Tac bdQbcaPcd\# ]^ bX]V[T m_PcWn
P]S ]^ mQd]S[Tn ^U _PaP[[T[ _PcWb ^U R^cT\_^aP]T^db \T\QTab Xb PePX[PQ[T
Pb aTUTaT]c U^a TgcTa]P[ XST]cXchl X] Xcb b_PRT$cX\T RPaTTa# \dbc QT `dP[XUXTS
X] ^]T aTb_TRc1 ^]T bdRW kQd]S[Tl S^Tb bTT\ c^ TbRP_T cWT VT]TaP[
\TcPQ^[XR bWXUc% ETRT]c UX]SX]Vb ^U \XRa^QX^[^Vh X]SXRPcT cWPc cWT bTc ^U
RWa^\^b^\P[ 8B5 \^[TRd[Tb fWXRW X] TPRW RT[[ aT_aTbT]cb cWT VT]TcXR
R^ST# fWX[T R^]ca^[[X]V cWT \TcPQ^[Xb\ ^U cWT aTbc ^U cWT RT[[# Xb XcbT[U
TgT\_c Ua^\ \TcPQ^[Xb\# X%T%# ]^c bdQYTRc c^ TgRWP]VT% =c cWdb bcPhb
_WhbXRP[[h cWT bP\T# ]^c \TaT[h X] ]d\QTa# ZX]S P]S ^aSTa ^U R^\_^$
]T]cb# Qdc fXcW cWTbT bT[UbP\T R^\_^]T]c$X]SXeXSdP[b cWa^dVW^dc cWT [XUT$
cX\T ^U cWT RT[[1 cWT \^[TRd[Tb R^]RTa]TS PaT cWTaT ^]RT U^a P[[# ]^c
bWPaX]V X] cWT VT]TaP[ U[dg ^U cWT [XeX]V bdQbcP]RT fWXRW cWTh ^] cWTXa _Pac
R^]ca^[% GWT _TabXbcT]RT WTaT# cWT]# Xb ]^c cWPc ^U _PccTa] ^][h Qdc ^U cWT
bdQbcaPcd\ XcbT[U% JWX[T P[[ cWT aTbc ^U cWT RT[[ \PcTaXP[jXcb ^eTafWT[\X]V
Qd[ZjXb X]e^[eTS X] cWT \TcPQ^[XR cda]^eTa P]S X] Xcb R^dabT Xb VaPSdP[[h
aT_[PRTS# cWXb bcTTaX]V R^aT f^d[S QT U^d]S Pc cWT T]S bcX[[ c^ R^]bXbc ^U
cWT bP\T \PcTaXP[ d]Xcb _aTbT]c cWTaT Pc cWT QTVX]]X]V XU cWTh R^d[S WPeT
QTT] k[PQT[TSl Pc cWPc cX\T U^a [PcTa XST]cXUXRPcX^]%(
=] cWT RPbT ^U cWT \TcPi^XR !\d[cXRT[[d[Pa" ^aVP]Xb\ cWT bXcdPcX^] Xb
b^\TfWPc \^aT R^\_[XRPcTS% :^a cWTaT# aT_[PRT\T]c cPZTb _[PRT ]^c ^][h
^] cWT \^[TRd[Pa [TeT[ Pb X] cWT RT[[# Qdc ^] cWT RT[[d[Pa [TeT[ Pb
fT[[1 RT[[b X] cda] PaT QTX]V aT_[PRTS% GWdb# fWX[T TPRW RT[[ U^a XcbT[U \Ph
QT bPXS c^ _^bbTbb X] cWT UXgTS bhbcT\ ^U ]dR[TPa 8B5 \^[TRd[Tb P \P$
cTaXP[ R^aT ^U kXST]cXchl Pb [^]V Pb Xc [XeTb# P] P]P[^V^db R^aT U^a cWT
\TcPi^XR R^\_[Tg f^d[S X] cda] aT`dXaT P UXgTS bhbcT\ ^U 79??F fWXRW PaT
]^]aTVT]TaPcXeT# ]TeTa aT_[PRTS# R^TeP[ fXcW cWT ^aVP]Xb\ !^]RT U^a\TS"
Ua^\ QTVX]]X]V c^ T]S2 P]S fWXRW# \^aT^eTa# X] cWTXa T]cXaTch !Pb P kbhb$
cT\l" TgTaRXbT R^]ca^[[X]V Ud]RcX^]b aT[PcXeT c^ cWT fW^[T P]P[^V^db c^
cW^bT fWXRW cWT ]dR[Tdb TgTaRXbTb aT[PcXeT c^ cWT bX]V[T RT[[% B^f cWTaT PaT
X]STTS bdRW RT[[b P]S bdRW P bhbcT\ ^U cWT\1 cWT ]TdaP[ RT[[b# P]S cWT

(% 5RRTbbX^] ^U ]Tf \PcTaXP[ c^ cWXb RWa^\^b^\P[ bhbcT\ ![TPeX]V


PbXST cWT PQ]^a\P[ X]RXST]c ^U \dcPcX^]" cPZTb _[PRT ^][h Pc Xcb aT_[XRP$
cX^] X] RT[[ SXeXbX^]# X%T%# X] cWT ^aXVX]P[ QdX[SX]V d_ ^U bdRW P bhbcT\ Ua^\
P] TgXbcX]V ^]T% 5_Pac Ua^\ cWXb aT_a^SdRcXeT TeT]c# fWXRW \PaZb aTb_TR$
cXeT[h Xcb QTVX]]X]V P]S T]S Pb cWXb ^]T# Xc Xb kR[^bTS#l P]S Xcb X]cTaPRcX^]
fXcW cWT aTbc ^U cWT ^aVP]Xb\ Xb \TaT[h kRPcP[hcXR#l [TPeX]V XcbT[U d]$
PUUTRcTS%
0/ O G <9 D <9B C A 9B C B C: @ =:9
]Tae^db bhbcT\ cWTh U^a\% GWXb PRR^aSX]V[h f^d[S QT cWT bcPQ[T RPaaXTa
^U kXST]cXchl X] \PcTaXP[ Pb fT[[ Pb Ud]RcX^]P[ cTa\b% 6dc bX]RT cWT R^]$
bcP]Rh ^U ]TdaP[ RT[[b Xb PVPX] aTSdRXQ[T c^ cWPc ^U cWTXa ]dR[TPa R^aTb#
fWX[T cWT Qd[Z ^U cWTXa \PcTaXP[ Xb !_aTbd\PQ[h" Pb bdQYTRc c^ \TcPQ^[Xb\
Pb cWPc ^U RT[[b X] VT]TaP[# Xc Xb UX]P[[h cWT E9C9G=G=BHF A9GJBE> B: A9HE5?
7<EB@BFB@9F bcad]V cWa^dVW^dc cWT Q^Sh fWXRW aT_aTbT]cb cWT cadT
k_WhbXRP[l X]ePaXP]c X] cWT VT]TaP[ \^[TRd[Pa bWXUc ^U cWT ^aVP]XR fW^[T%
GWdb cWT Wh_^cWTcXRP[ kc^cP[ aTb^[dcX^]l ^U cWT SXeX]T b_TRcPc^a fWXRW =
caXTS c^ aTR^]bcadRc# f^d[S TgWXQXc !T%V%" cWT Wd\P] Q^Sh b^\TfWPc [XZT
cWXb1 P _Ta\P]T]c# UX]T caPRTah ^U \^[TRd[Pa Va^d_X]Vb aTXcTaPcX]V ^]T
_PccTa] ^eTa P]S ^eTa PVPX] !3cWT 8B5 ]dR[TX ^U cWT ]Tae^db bhbcT\"#
bdaa^d]STS Qh P] X\\T]bT[h [PaVTa# X\_Ta\P]T]c \d[cXcdST ^U ePaX^db[h
Va^d_TS T[T\T]cb X] R^]bcP]c R^\X]V P]S V^X]V !Qdc P\^]V fWXRW cWT
bP\T \^[TRd[Pa Va^d_X]V P[b^ aTRdab ^eTa P]S ^eTa PVPX]# eXi%# X] TPRW
]^]]TdaP[ RT[["1 cWPc bcPQ[T caPRTah _a^eXSTb Pb Xc fTaT P kbZT[Tc^]l ^U
PQXSX]V XST]cXch U^a cWT ^cWTafXbT TeTa RWP]VX]V R^\_^bXcX^] ^U cWT
fW^[T% 5RR^aSX]V c^ cWXb aTUX]TS _XRcdaT cWTaT f^d[S QT PUcTa P[[ P
bcaXRc[h _WhbXRP[# TgcTa]P[# XU eTah aTbXSdP[# TeXST]RT X] cTa\b ^U _daT
b_PRT$cX\T aTPSX]Vb U^a cWT T]SdaX]V bP\T]Tbb ^U cWT ^aVP]Xb\ X] cWT
UPRT ^U Xcb R^]cX]dP[ \TcPQ^[XR cda]^eTa1 cWT [PccTa f^d[S ]^c QT bcaXRc[h
P&M$T]Vd[UX]V%
= S^ ]^c cWX]Z cWPc cWXb bTaX^db[h RWP]VTb cWT ^eTaP[[ _XRcdaT = WPeT
SaPf] b^ Pb c^ PUUTRc cWT PaVd\T]c QPbTS ^] Xc# eXi%# cWPc eXcP[ XST]cXch Xb
SXUUTaT]c Ua^\ _WhbXRP[ XST]cXch% :^a ^]T# R^]bXSTaX]V cWT Sh]P\XR R^]ca^[
TgTaRXbTS Qh cWXb kbZT[Tc^]l !d][XZT cWT X]Tac bZT[Tc^] ^U bd__^ac fWXRW P]
^aVP]Xb\ \Ph [Ph S^f] Ua^\ _a^SdRcb ^U Xcb [XeX]V PRcXeXch"# Xc Xb bcX[[ cWT
Ud]RcX^]P[ Pb_TRc P]S ]^c cWPc ^U \TaT \PcTaXP[ _TabXbcT]RT cWPc \PccTab X]
^aVP]XR XST]cXch% :dacWTa\^aT# Xc Xb cWT aT_[XRPQ[T _PccTa] P]S ]^c cWT
X]SXeXSdP[Xch ^U Xcb QdX[SX]V Q[^RZb cWPc \PccTab1 TPRW ^U cWTbT 7BH?8 QT
aT_[PRTS Qh P [XZT Pc^\ ^a \^[TRd[T fXcW^dc R^]bT`dT]RT c^ cWT Ud]RcX^]
P]S cWdb c^ cWT c^cP[ XST]cXch% <TaT# c^^# cWT _aX]RX_[T Xb R^]cX]dXch ^U
U^a\ P]S ]^c ^U \PccTa# TeT] fWTaT \PcTaXP[ R^]cX]dXch WP__T]b c^ ^Q$
cPX]% :X]P[[h# cWT kXST]cXchl ^U cWT ^aVP]Xb\ Xb cWPc ^U cWT fW^[T [XeX]V
X]SXeXSdP[ P]S ]^c cWPc ^U cWT _WhbXRP[ STeXRT Qh fWXRW Xc Xb ^_TaPcX^]P[[h
bTRdaTS1 P]S G<5G XST]cXch Xb cWT _PaPS^gXRP[ ^]T ^U R^]bcP]c aT]TfP[
cWa^dVW \TcPQ^[XR TgRWP]VT%
5 < A > @ 7 4??0D

@U :U\K GTJ ZU 5KKR-


<T ZNK 0TOSGR ?U[R

@NXKK INGXGIZKXOYZOIY JOYZOTM[OYN GTOSGR LXUS VRGTZ ROLK- SUZOROZ_! VKX"


IKVZOUT! KSUZOUT# @NK TKIKYYGX_ IUTTKIZOUT UL RUIUSUZOUT ]OZN VKX"
IKVZOUT OY UH\OU[Y GTJ NGY HKKT TUZKJ GRXKGJ_ H_ 0XOYZUZRK. ZNGZ ]OZN
KSUZOUT IGRRY LUX IRUYKX YIX[ZOT_! ]NOIN ]ORR YNU] ZNGZ GRR ZNXKK SGTO"
LKYZ G IUSSUT VXOTIOVRK#
@NK KSKXMKTIK UL VKXIKVZOUT GTJ SUZOROZ_ UVKTY G SGPUX INGVZKX OT
ZNK NOYZUX_ UL LXKKJUS ZNGZ HKMGT ]OZN UXMGTOI HKOTM GY Y[IN GTJ ]GY
GJ[SHXGZKJ OT ZNK VXOSK\GR XKYZRKYYTKYY UL SKZGHURO`OTM Y[HYZGTIK#
@NKOX VXUMXKYYO\K KRGHUXGZOUT OT K\UR[ZOUT SKGTY OTIXKGYOTM JOYIRU"
Y[XK UL ]UXRJ GTJ OTIXKGYOTM OTJO\OJ[GZOUT UL YKRL# <VKTTKYY ZU]GXJ
ZNK ]UXRJ OY HGYOI ZU ROLK# 8ZY KRKSKTZGX_ K\OJKTIK OY ZNK SKXK OXXOZG"
HOROZ_! ZNK YKTYOZO\KTKYY ZU YZOS[RO! ]NOIN ZNK YOSVRK IKRR JOYVRG_Y GY GT
OTZKMXGR GYVKIZ UL OZY GRO\KTKYY# 8XXOZGHOROZ_ OY ZNK MKXS! GTJ GY OZ ]KXK
ZNK GZUS! UL NG\OTM G ]UXRJ! P[YZ GY ZNK IKRR OZYKRL OY ZNK MKXS GTJ ZNK
GZUS UL ZNK RGXMKX UXMGTOYS# @NGZ MKXS UL YKTYOTM [TLURJY ZU JOYZOTIZ
]UXRJ"XKRGZOUTYNOV! P[YZ GY ZNK IKRRY MXU] OTZU ZNK JOLLKXKTZOGZKJ! IUS"
VUYOZK UXMGTOYS# 8T HUZN IGYKY! ZNK SUXK IUSVRK^ OY GRYU ZNK SUXK
OTJO\OJ[GRO`KJ- OT HUZN IGYKY! ZNK KRKSKTZGX_ YZGXZOTM"LUXS IKRR OT
OZYKRL! OXXOZGHOROZ_ OT OZYKRL IUTZOT[KY ZU HK ]NGZ OZ OY! H[Z GIZY GY GT
GZUSOI IUTYZOZ[KTZ OT ZNK Y_TZNKYOY UL ZNK NOMNKX UXJKX#
E ,, F
%$$ @ 74 = 74;<: 4;<; <5 9 85 4
0 XKGR ]UXRJ"XKRGZOUT KSKXMKY UTR_ ]OZN ZNK JK\KRUVSKTZ UL YVK"
IOLOI YKTYKY! JKLOTKJ SUZUX YZX[IZ[XKY! GTJ G IKTZXGR TKX\U[Y Y_YZKS#
@NK JOLLKXKTZOGZOUT UL YKTZOKTIK! ]OZN ZNK IKTZXGR OTZKMXGZOUT UL OZY
JO\KXYOLOKJ JGZG! L[XTOYNKY ZNK HKMOTTOTMY UL G ZX[K ]UXRJ UL UHPKIZY.
ZNK GIZO\K IUSSKXIK ]OZN ZNOY ]UXRJ ZNXU[MN ZNK K^KXIOYK UL SUZOROZ_
OT Z[XT OSVR_OTM IKTZXGRO`GZOUT! \O`#! UL IUTZXUR Y[HPKIZY OZ ZU ZNK YKRL"
GYYKXZOUT UL LXKKJUS! ]NOIN ZN[Y GTY]KXY UT G NOMNKX VRGTK ZU ZNK
HGYOI TKIKYYOZ_ UL ZNK UXMGTOYS#
@NK LGI[RZOKY NKXK SGTOLKYZKJ S[YZ HK [TJKXYZUUJ GY JK\KRUVSKTZY
UL ZNK KRKSKTZ UL bZXGTYIKTJKTIKc ]NOIN GY ZNK VXKIKJOTM 4YYG_ NGY
YNU]T OY OTNKXKTZ OT SKZGHURO`OTM K^OYZKTIK# @NK ZXGTYOZUX_ XKRGZOUT
UL UXMGTOI LUXS ZU OZY SGZZKX JOYZKTJY LXUS ZNK HKMOTTOTM Z]U bNUXO"
`UTYc bOTZUc ]NOIN ROLK IUTZOT[GRR_ ZXGTYIKTJY OZYKRL- OTZKXTGRR_ ZNGZ
UL ZOSK GY ZNK TK^Z OSVKTJOTM VNGYK UL OZY U]T HKOTM ZU]GXJ ]NOIN OZ
SU\KY. K^ZKXTGRR_ ZNGZ UL YVGIK! GY ZNK RUI[Y UL ZNK IU"VXKYKTZ bUZNKXc
UT ]NOIN OZ JKVKTJY LUX ZNOY \KX_ IUTZOT[GZOUT# 9OLK H_ OZY TGZ[XK
LGIKY LUX]GXJ GTJ U[Z]GXJ GZ UTIK# ;U] OZ OY ZNK SGOT INGXGIZKXOYZOI
UL !*')!( K\UR[ZOUT GY JOYZOTIZ LXUS VRGTZ ROLK ZNGZ .,!"$ GY ZNK
JOSKTYOUT UL JKVKTJKTIK! OY VXUMXKYYO\KR_ ZXGTYLUXSKJ OTZU G JOSKT"
YOUT UL LXKKJUS H_ ZNK VGXGRRKR K\UR[ZOUT UL ZNKYK Z]U VU]KXY- ZU
SU\K GHU[Z! GTJ ZU VKXIKO\K GZ G JOYZGTIK# 8T LGIZ! UTR_ H_ ZNKYK
VU]KXY OY YVGIK XKGRR_ JOYIRUYKJ ZU ROLK! ]NORK ZNK OTOZOGR YOZ[GZOUT UL
OXXOZGHOROZ_ GTJ OXXOZGTZ IUTLOTKY ZNK K^VKXOKTIK UL ZNK OTYOJK"U[ZYOJK
JOLLKXKTZOGR ZU ZNGZ UL SKXK IUTZOM[OZ_ ]NOIN GRRU]Y ZNK U[Z]GXJ TU
ZX[K JOSKTYOUT H[Z RKZY OZ JOLL[YKR_ IUOTIOJK ]OZN ZNK YKTYOZO\K Y[XLGIK
UL ZNK UXMGTOYS OZYKRL#
CNGZ OY RKYY UH\OU[Y GTJ YNGRR HK GXM[KJ UT ZNK LURRU]OTM VGMKY! OY
ZNGZ ZNK UZNKX JOSKTYOUT UL bZXGTYIKTJKTIK!c /')$ IUSKY OT G ROQK
SGTTKX ZU HK JOYIRUYKJ H_ ZNK YOS[RZGTKU[Y K\UR[ZOUT UL _KZ GTUZNKX
VU]KX! ZNGZ UL KSUZOUT! GTJ UT ZNK YGSK VXOTIOVRK! ZNGZ UL bJOYZGTIKc
HKZ]KKT ZNK YKRL GTJ OZY UHPKIZa OT ZNOY IGYK ZKSVUXGR JOYZGTIK# @NOY
OY RKYY UH\OU[Y! '*/$- !('! HKIG[YK [TROQK YKTZOKTIK GTJ SUZOROZ_! KSU"
ZOUT NGY TU K^ZKXTGR UXMGTY H_ ]NOIN ZU HK OJKTZOLOKJ GTJ ZU LUXIK OZY
]G_ OTZU G VN_YOIGR GIIU[TZ! GTJ ZNOY OT\OYOHOROZ_ UX IUSVRKZK OT]GXJ"
TKYY GT_ U[Z]GXJ K^VXKYYOUTY HKOTM LKGZY UL SUZOROZ_ YKKSY ZU SGQK
OZ JOYVKTYGHRK OT G YIOKTZOLOI JKYIXOVZOUT UL UXMGTOI HKNG\OUX! GY RUTM
GMU 3KYIGXZKY GTJ SUYZ XKIKTZR_ 2_HKXTKZOIY NG\K ORR[YZXGZKJ# CK
YNGRR ZX_ ZU YNU] ZNK OTYUR[HRK OTZKXIUTTKIZOUT UL ZNK ZNXKK GTOSGR
@U : <B4 0;3 @< 5 4 4 9 - <T @7 4 0 ;8: 09 ?<A9 E %$%
VU]KXY! OT VGXZOI[RGX ZNK ROTQGMK HKZ]KKT SUZOROZ_ GTJ KSUZOUT! GTJ
ZU OTZKXVXKZ OZY SKGTOTM OT ZNK MXKGZKX LXGSK]UXQ UL G MKTKXGR ZNKUX_
UL ROLK#

88

9UIUSUZOUT OY ZU]GXJ UX G]G_ LXUS GT UHPKIZ! O#K#! V[XY[OZ UX LROMNZ#


0 VXUZXGIZKJ V[XY[OZ! OT ]NOIN ZNK GTOSGR SGZINKY OZY VU]KXY UL
SU\KSKTZ GMGOTYZ ZNUYK UL ZNK OTZKTJKJ VXK_! HKYVKGQY TUZ UTR_ JK"
\KRUVKJ SUZUX GTJ YKTYUX LGI[RZOKY H[Z GRYU JOYZOTIZ VU]KXY UL KSU"
ZOUT# 8Z OY YGLK ZU GYY[SK ZNGZ ZNK T[SHKX UL OTZKXSKJOGZK YZKVY U\KX
]NOIN ZNK V[XVUYK IGT K^ZKTJ OZYKRL OY G SKGY[XK UL ZNK YZGMK UL
KSUZOUTGR JK\KRUVSKTZ# @NK \KX_ YVGT HKZ]KKT YZGXZ GTJ GZZGOTSKTZ
]NOIN Y[IN G YKXOKY XKVXKYKTZY S[YZ HK HXOJMKJ H_ IUTZOT[U[Y KSU"
ZOUTGR OTZKTZ# @NK GVVKGXGTIK UL JOXKIZKJ RUTM"XGTMK SUZOROZ_ GY K^"
NOHOZKJ H_ ZNK \KXZKHXGZKY ZN[Y YOMTOLOKY ZNK KSKXMKTIK UL KSUZOUTGR
ROLK# 6XKKJ OY GZ ZNK HUZZUS UL ZNK INGYK! LKGX GZ ZNK HUZZUS UL LROMNZ#
8L GVVKZOZOUT OY ZNK HGYOI IUTJOZOUT UL SUZOROZ_! V[XY[OZ OY ZNK VXOSGX_
SUZOUT# 0VVKZOZOUT GRYU YZGTJY TKGXKYZ ZU ZNK VXKGTOSGR [XMK UL RO\OTM
ZNOTMY OT MKTKXGR! O#K#! ZU ZNK HGYOI IUTIKXT UL ROLK OT IUTZOT[OTM OZYKRL
H_ ZNK IKGYKRKYY IGXX_OTM UT UL OZY SKZGHUROI VXUIKYY# 7U]K\KX!
ZNU[MN JOYZOTIZ GVVKZOZK OY ZNK ZXGTYRGZOUT UL ZNOY HGYOI ROLK"ZNX[YZ OTZU
GTOSGR ZKXSY! ZNKYK ZKXSY GXK XKGRR_ JOLLKXKTZ LXUS ZNK \KMKZGZO\K
UTKY! GTJ OZ OY SUZOROZ_ ]NOIN SGQKY ZNK JOLLKXKTIK \OYOHRK- OZ IUTYOYZY
OT ZNK OTZKXVUYOZOUT UL #'./!*"$ HKZ]KKT [XMK GTJ GZZGOTSKTZ! O#K#! OT
ZNK VUYYOHOROZ_ UL G JOYZGTZ MUGR# 8ZY GVVXKNKTYOUT XKW[OXKY JOYZGTZ
VKXIKVZOUT- ZN[Y JK\KRUVSKTZ UL YKTZOKTIK OY OT\UR\KJ# 8ZY GZZGOTSKTZ
XKW[OXKY IUTZXURRKJ RUIUSUZOUT- ZN[Y JK\KRUVSKTZ UL SUZOROZ_ OY OT"
\UR\KJ# 1[Z ZU K^VKXOKTIK ZNK JOYZGTZR_ VKXIKO\KJ !. G MUGR GTJ ZU
QKKV OZY MUGR W[GROZ_ GRO\K! YU GY ZU IGXX_ ZNK SUZOUT U\KX ZNK TKIKY"
YGX_ YVGT UL KLLUXZ GTJ ZOSK! JKYOXK OY XKW[OXKJ# 5[RLORRSKTZ TUZ _KZ GZ
NGTJ OY ZNK KYYKTZOGR IUTJOZOUT UL JKYOXK! GTJ JKLKXXKJ L[RLORRSKTZ OY
]NGZ JKYOXK OT Z[XT SGQKY VUYYOHRK# @N[Y JKYOXK XKVXKYKTZY ZNK ZOSK"
GYVKIZ UL ZNK YGSK YOZ[GZOUT UL ]NOIN VKXIKVZOUT XKVXKYKTZY ZNK YVGIK"
GYVKIZ# 3OYZGTIK OT HUZN XKYVKIZY OY JOYIRUYKJ GTJ HXOJMKJ- VKXIKVZOUT
VXKYKTZY ZNK UHPKIZ bTUZ NKXK H[Z U\KX ZNKXKc. JKYOXK VXKYKTZY ZNK MUGR
bTUZ _KZ H[Z ZU IUSKc - SUZOROZ_ M[OJKJ H_ VKXIKVZOUT GTJ JXO\KT H_
JKYOXK Z[XTY /&$-$ OTZU &$-$ GTJ *+/ 1$/ OTZU *+0 COZNU[Z ZNK ZKTYOUT
%$& F @ 74 = 7 4;<: 4;<; <5 9 85 4
UL JOYZGTIK GTJ ZNK JKLKXSKTZ TKIKYYOZGZKJ H_ OZ ZNKXK ]U[RJ HK TU
UIIGYOUT LUX JKYOXK UX KSUZOUT MKTKXGRR_# @NK MXKGZ YKIXKZ UL GTOSGR
ROLK ROKY VXKIOYKR_ OT ZNK MGV ]NOIN OZ OY GHRK ZU SGOTZGOT HKZ]KKT
OSSKJOGZK IUTIKXT GTJ SKJOGZK YGZOYLGIZOUT! O#K#! OT ZNK RUYY UL OS"
SKJOGI_ IUXXKYVUTJOTM ZU ZNK MGOT OT YIUVK#
<L ZNOY ,-'*"',($ +% )$#'!"1 YKTZOKTIK! KSUZOUT! GTJ SUZOROZ_ GXK
JOLLKXKTZ SGTOLKYZGZOUTY# 8L KSUZOUT OSVROKY JOYZGTIK HKZ]KKT TKKJ
GTJ YGZOYLGIZOUT! ZNKT OZ OY MXU[TJKJ OT ZNK HGYOI YKVGXGZOUT HKZ]KKT
Y[HPKIZ GTJ UHPKIZ GTJ ZNKXKH_ IUOTIOJKTZ ]OZN ZNK YOZ[GZOUT UL YKT"
ZOKTIK GTJ SUZOROZ_! ]NOIN KW[GRR_ OTIR[JK ZNK KRKSKTZ UL JOYZGTIK#
b3OYZGTIKc OT GRR ZNKYK XKYVKIZY OT\UR\KY ZNK Y[HPKIZ"UHPKIZ YVROZ# @NOY
OY GZ ZNK HUZZUS UL ZNK ]NURK VNKTUSKTUT UL GTOSGROZ_ GTJ UL OZY
JKVGXZ[XK LXUS ZNK \KMKZGZO\K SUJK UL ROLK# <[X IUTIKXT OY ZU [TJKX"
YZGTJ ZNK TGZ[XK UL ZNOY JKVGXZ[XK#

8RR

0SUTM ZNK L[TJGSKTZGRY ]NOIN IUTYZOZ[ZK ZNK K^OYZKTIK UL Y[IN G


ZNOTM GY GT UXMGTOYS OY ZNK OTYOJK"U[ZYOJK XKRGZOUT! IUSSUTR_ K^"
VXKYYKJ H_ ZNK IUTIKVZ"VGOX bUXMGTOYS"KT\OXUTSKTZ#c 5XUS ZNOY UXOM"
OTGR LGIZ UL ROLKdY NG\OTM IUSSKXIK ]OZN GT KT\OXUTSKTZ ]K YNU[RJ
K^IR[JK GRR VXKSGZ[XK Y[MMKYZOUT UL ZNK J[GROZ_ UL Y[HPKIZ GTJ UHPKIZ#
@NK UXOMOTGR IUTJOZOUT OY GT KT\OXUTSKTZ IUTZOM[U[Y ]OZN ZNK UXMG"
TOYS- OT ZNOY YZGMK KT\OXUTSKTZ OY TUZNOTM H[Z ZNK OSSKJOGZK Y[X"
XU[TJOTMY ]OZN ]NOIN ZNK INKSOIGR OTZKXINGTMKY UL SKZGHUROYS ZGQK
VRGIK# @NOY YOZ[GZOUT UL SGZKXOGR IUTZOM[OZ_ SKGTY GRYU IUTZOT[OZ_ OT
ZNK VXUIKYY UL K^INGTMK GTJ ZN[Y OSSKJOGI_ UL YGZOYLGIZOUT IUTI[X"
XKTZ ]OZN ZNK VKXSGTKTZ UXMGTOI TKKJ# 8T ZNOY IUTJOZOUT UL IUTZOT[U[Y
LKKJOTM ZNKXK OY TU XUUS LUX JKYOXK# ;KKJ VGYYKY UL OZYKRL U\KX OTZU
YGZOYLGIZOUT H_ ZNK YZKGJ_ UVKXGZOUT UL ZNK SKZGHUROI J_TGSOIY# 8Z YZORR
XKSGOTY ZX[K ZNGZ ZNOY J_TGSOYS OZYKRL! ZNK \KX_ IUTJOZOUT LUX ZNKXK
HKOTM G TKKJ! SGTOLKYZY ZNK HGYOI IUTIKXT UL ROLK ]OZN OZY U]T IUTZOT["
GZOUT! ]NOIN IGT HK YKI[XKJ UTR_ H_ IUTYZGTZ YKRL"XKTK]GR# 1[Z ZNK
IUTZOT[U[Y G\GORGHOROZ_ UL ZNK SGZZKX TKKJKJ LUX ZNK XKTK]GR UL LUXS
MO\KY TU UIIGYOUT LUX ZNK IUTIKXT OT Y[IN XKTK]GR ZU Z[XT OTZU GVVK"
ZOZK# 4T\OXUTSKTZ GTJ YKRL YZORR LUXS UTK IUTZK^Z L[TIZOUTOTM UL OZYKRL!
GTJ TUZ [TZOR YUSK YUXZ UL YKVGXGZOUT HKZ]KKT ZNK Z]U ZGQKY VRGIK IGT
GVVKZOZK GTJ LKGX IUSK OTZU VRG_# 8Z OY ROLK OZYKRL ]NOIN HXOTMY GHU[Z
@U : <B4 0;3 @< 5 449- <; @7 4 0 ;8: 09 ?<A9 E %$'
ZNOY YKVGXGZOUT- G VGXZOI[RGX HXGTIN UL OZ K\UR\KY ZNK IGVGIOZ_ GTJ ZNK
TKIKYYOZ_ UL XKRGZOTM OZYKRL ZU GT KT\OXUTSKTZ TU RUTMKX IUTZOM[U[Y
]OZN OZYKRL GTJ OSSKJOGZKR_ G\GORGHRK ZU OZY SKZGHUROI TKKJY#
@NK JO\OYOUT HKZ]KKT OSSKJOGZK GTJ SKJOGZK KT\OXUTSKTZ"XKRGZOUT
IUOTIOJKY ]OZN ZNGZ HKZ]KKT VRGTZY GTJ GTOSGRY GTJ S[YZ ZN[Y HK
XKRGZKJ ZU ZNK HGYOI JOLLKXKTIK OT ZNKOX SUJKY UL SKZGHUROYS# 1_ OZY
GHOROZ_ ZU Y_TZNKYO`K OTUXMGTOI SGZZKX JOXKIZR_ OTZU UXMGTOI IUSVU[TJY
ZNK VRGTZ OY KTGHRKJ ZU JXG] OZY Y[YZKTGTIK LXUS ZNK K\KX"XKGJ_
SOTKXGR Y[VVR_ UL ZNK YUOR! ]NORK ZNK GTOSGR NGY ZU JKVKTJ UT ZNK
[TGYY[XKJ VXKYKTIK UL NOMNR_ YVKIOLOI GTJ TUTVKXSGTKTZ UXMGTOI
HUJOKY# 5[XZNKXSUXK! ZNK OTZGQK UL YUROJ LUUJ ]NOIN ZNK GTOSGR SUJK
UL T[ZXOZOUT XKW[OXKY GY GMGOTYZ ZNK SKXK UYSUZOI GHYUXVZOUT UL JOY"
YUR\KJ T[ZXOSKTZ H_ VRGTZY! OT\UR\KY ZNK OTZKXVUYOZOUT UL GT G[^OROGX_!
bSKINGTOIGRc YZGMK UL IUT\K_OTM! YNXKJJOTM! KZI# HKLUXK ZNK JOXKIZ!
INKSOIGR YZGMK UL SKZGHUROI GVVXUVXOGZOUT# <T ZNKYK IU[TZY ZNK VRGTZ
YNU]Y G Y[VKXOUXOZ_ XGZNKX ZNGT G JKLOIOKTI_ OT IUSVGXOYUT ]OZN GTO"
SGRY# 1[Z ZNK VUYYKYYOUT UL ZNOY UTK VU]KX UL JOXKIZ Y_TZNKYOY! GTJ ZNK
Y[LLOIOKTI_ ]NOIN OZ GLLUXJY! GXK ZNK \KX_ XKGYUT LUX ZNK GHYKTIK UL GRR
ZNUYK UZNKX LKGZ[XKY ]NOIN ZNK GTOSGRY ]KXK IUTYZXGOTKJ ZU K\UR\K UT
ZNK HGYOY UL ZNKOX SUXK VXKIGXOU[Y SUJK UL SKZGHUROYS# CK TUZK NKXK
ZNGZ OTJKVKTJKTIK GY Y[IN IGTTUZ HK ZNK [RZOSGZK MUUJ UL ROLK! YOTIK
ROLK OY P[YZ ZNGZ SUJK UL SGZKXOGR K^OYZKTIK OT ]NOIN HKOTM NGY K^VUYKJ
OZYKRL ZU JKVKTJKTIK UL ]NOIN SKZGHUROYS OZYKRL OY ZNK VXOSK LUXS OT
K^INGTMK LUX G LXKKJUS IRUYKJ ZU ZNK OTJKVKTJKTIK UL YZGHRK SGZZKX#
@NK GZZGOTSKTZ UL G NOMNR_ YGZOYLGIZUX_ OTJKVKTJKTIK ]OZNOT ZNK
YVNKXK UL SKZGHUROYS SG_ ZN[Y IRUYK G\KT[KY UL K\UR[ZOUT OTZU ]NOIN
ZNGZ LXKKJUS ]U[RJ UZNKX]OYK! GZ ZNK VXOIK UL OTIXKGYKJ JKVKTJKTIK!
SU\K#
8T XUUZY! VRGTZY bOT\KTZKJc ZNK SUYZ KLLOIOKTZ SKGTY UL K^VRUOZOTM
ZNK OTNKXKTZ GJ\GTZGMKY UL G VNUZUY_TZNKYO`OTM UXMGTOYS# =UYYKYYOTM
ZNKS! ZNK VRGTZ OY XKROK\KJ UL ZNK TKIKYYOZ_ GY OZ OY GRYU JKVXO\KJ UL
ZNK VUYYOHOROZ_ UL SU\KSKTZ# @NXU[MN ZNKOX IUTZOT[U[Y IUTZGIZ ]OZN
ZNK YU[XIK UL Y[VVR_! ZNK UXMGTOYS"KT\OXUTSKTZ XKRGZOUT L[TIZOUTY
G[ZUSGZOIGRR_ GTJ TU L[XZNKX GVVGXGZ[Y LUX GJGVZGZOUT ZU YNUXZ"ZKXS
INGTMKY OY TKIKYYGX_# 7KXK ]K NG\K OSSKJOGI_ M[GXGTZKKJ H_ IUT"
YZGTZ IUTZOM[OZ_ HKZ]KKT ZNK UXMGTY UL OTZGQK GTJ ZNK K^ZKXTGR Y[VVR_#
8T ZNK [TOTZKXX[VZKJ K^INGTMK ZNK I[XXKTZ TKKJ! ZNU[MN K\KX XKTK]KJ!
IGTTUZ ZGQK UT ZNK QKKT KJMK UL ]GTZ# 0Y YGZOYLGIZOUT OY IUTZKSVUXG"
%$( F @ 74 = 7 4;<: 4;<; <5 9 85 4
TKU[Y ]OZN ZNK \OZGR GIZO\OZ_! ZNKXK OY TU MGV GIXUYY ]NOIN TKKJ IU[RJ
HKIUSK LKRZ H_ OZYKRL GTJ GIZO\OZ_ ]U[RJ NG\K ZU HK VKXLUXSKJ H_
OZYKRL! [TJKX ZNK YV[X UL GVVKZOZOUT#

8B

8L ]K IUTYOJKX ZNK YOZ[GZOUT ]K JOYIU\KX ZNXKK GYVKIZY UL ]NGZ G bMGVc


UX OZY GHYKTIK NKXK SKGTY# @NKXK OY LOXYZ ZNK SGZKXOGR IUTZOM[OZ_ HK"
Z]KKT ZNK VRGTZ GTJ ZNK KT\OXUTSKTZ TU[XOYNOTM OZ- LUX ZNK GTOSGR ZNK
XKRK\GTZ OZKSY UL OZY KT\OXUTSKTZ GXK GR]G_Y GZ G JOYZGTIK# 4T\OXUT"
SKTZ ZNKXKLUXK SKGTY OT ZNK IGYK UL ZNK VRGTZ YUSKZNOTM L[TJGSKT"
ZGRR_ JOLLKXKTZ LXUS ]NGZ OZ SKGTY OT ZNK IGYK UL ZNK GTOSGR# COZN OZY
GJPGIKTZ Y[XXU[TJOTMY ZNK VRGTZ LUXSY UTK VKXSGTKTZ IUTZK^Z OTZU
]NOIN OZ OY L[RR_ OTZKMXGZKJ! GY ZNK GTOSGR IGT TK\KX HK OT OZY KT\OXUT"
SKTZ# ?KIUTJ! ZNKXK OY ZNK ZKSVUXGR IUTZOT[OZ_ UX JOYIUTZOT[OZ_ HK"
Z]KKT TKKJ GTJ YGZOYLGIZOUT# 7KXK GMGOT ZNK GTOSGR NGY ZU YVGT G MGV
]NOIN XKVXKYKTZY OT ZOSK ]NGZ ZNK MGV HKZ]KKT OZYKRL GTJ ZNK XKRK\GTZ
UHPKIZY XKVXKYKTZY OT YVGIK# 0Y ZNK RGZZKX MGV OY VXU\OYOUTGRR_ YVGTTKJ
H_ VKXIKVZOUT! YU ZNK LUXSKX OY H_ KSUZOUT# 1UZN SUJKY K^VXKYY ZNK
SKJOGI_ UL GTOSGR K^OYZKTIK UX ZNK YVROZ HKZ]KKT YKRL GTJ ]UXRJ- ZNK
OSSKJOGI_ UL VRGTZ ROLK QTU]Y UL TU Y[IN YVROZ GTJ ZNKXKLUXK ULLKXY TU
XUUS LUX ZNUYK SUJKY# @NK bXUUS!c OT ZNK IGYK UL GTOSGR ROLK! OY
VXU\OJKJ H_ ZNK MGV ]OZN ]NOIN OZ NGY Y[XXU[TJKJ OZYKRL OT VRGIK UL ZNK
IUTZOT[U[Y Y[XXU[TJOTMY UL ZNK VRGTZ#
9GYZ! ZNKXK OY! OT IUTYKW[KTIK UL ZNKYK MGVY OT YVGIK GTJ ZOSK! ZNK
YKVGXGZKTKYY UL GIZOUT LXUS OZY V[XVUYK! UX ZNK VNKTUSKTUT UL OTZKX"
SKJOGZK GIZO\OZ_! OT GTOSGRY# @NK Z_VOIGR VRGTZ GIZO\OZ_ OY VGXZ UL ZNK
SKZGHUROI VXUIKYY# 8T ZNK SUZOUTY UL GTOSGRY! UT ZNK UZNKX NGTJ! ]K
NG\K GIZO\OZ_ SGJK VUYYOHRK H_ ZNK Y[XVR[Y LXUS VXK\OU[Y SKZGHUROYS
GTJ JOXKIZKJ ZU]GXJ YGLKM[GXJOTM OZY L[Z[XK! H[Z OZYKRL G LXKK K^"
VKTJOZ[XK JOYYUIOGZKJ LXUS ZNK IUTZOT[OTM \KMKZGZO\K GIZO\OZ_! GTJ ZN[Y
GIZOUT OT G XGJOIGRR_ TK] YKTYK# 8Z OY K^ZKXTGR GIZOUT Y[VKXOSVUYKJ UT
ZNK OTZKXTGR GIZOUT UL ZNK \KMKZGZO\K Y_YZKS GTJ VGXGYOZOI UT OZ- UTR_
OZY XKY[RZY GXK JKYZOTKJ ZU HKTKLOZ ZNUYK L[TIZOUTY# @NOY SKJOGI_ UL
\OZGR GIZOUT H_ K^ZKXTGR SUZOUT OY ZNK JOYZOTM[OYNOTM SGXQ UL GTO"
SGROZ_# @NK GXI UL OZY JKZU[X OY ZNK RUI[Y UL ZNK LXKKJUS GTJ XOYQ UL
GTOSGR ROLK# @NK U[Z]GXJ SUZOUT OY GT K^VKTJOZ[XK ZU HK XKJKKSKJ
UTR_ H_ ZNK K\KTZ[GR Y[IIKYY# 1[Z ZNOY Y[IIKYY OY TUZ GYY[XKJ# @NK
@ U : <B4 0;3 @< 5 449- <; @7 4 0 ;8: 09 ?<A9 E %$)
K^ZKXTGR GIZOUT! OT UXJKX ZU HK G VUYYOHR_ Y[IIKYYL[R UTK! S[YZ HK Y[IN
ZNGZ OZ GRYU IGT MU ]XUTM# 8Z S[YZ! OT UZNKX ]UXJY! HK GT GIZO\OZ_
]NOIN JOYVUYKY LXKKR_ UL ZNK XKYU[XIKY UL ZNK T[ZXOZO\K Y_YZKSa LXKKR_!
O#K#! LUX HKZZKX UX LUX ]UXYK# @NK VUYYOHOROZ_ UL KXXUX UX LGOR[XK OY
IUXXKRGZO\K ZU ZNGZ UL Y[IIKYY [TJKX ZNK IUTJOZOUTY UL SKJOGZK GIZOUT#
@NK XKYU[XIKY LUX ZNK RGZZKX GXK SGJK G\GORGHRK H_ ZNK TGZ[XK UL
GTOSGR SKZGHUROYS! ]NOIN! H_ HXKGQOTM JU]T ZNK XKY[RZY UL \KMKZGHRK
Y_TZNKYOY! OY GY G ]NURK VGXGYOZOI UT VRGTZ ROLK# <TR_ H_ ZNOY K^VRUOZG"
ZOUT OY ZNK KTKXM_"Y[XVR[Y UHZGOTKJ ]NOIN IGT ZNKT HK K^VKTJKJ OT
TUT\KMKZGZO\K GIOZO\OZ_# @N[Y GTOSGR SKZGHUROYS SGQKY SKJOGZK GI"
ZOUT VUYYOHRK. H[Z OZ GRYU SGQKY OZ TKIKYYGX_# @NK GTOSGR! LKKJOTM UT
K^OYZOTM ROLK! IUTZOT[GRR_ JKYZXU_Y OZY SUXZGR Y[VVR_ GTJ NGY ZU YKKQ
KRYK]NKXK LUX SUXK# 8T ZNK IGYK UL LRKYN"KGZKXY! ]NUYK LUUJ OY OZYKRL
SUZORK! ZNOY TKKJ OY OTIXKGYKJ OT VXUVUXZOUT GTJ LUXIKY ZNK S[Z[GR
JK\KRUVSKTZ UL ZNGZ GMOROZ_ OT ]NOIN YU SGT_ UZNKX LGI[RZOKY UL ZNK
GTOSGR S[YZ VGXZOIOVGZK#
@NK SKJOGI_ UL GTOSGR K^OYZKTIK OY GZ ZNK XUUZ UL SUZOROZ_! VKXIKV"
ZOUT! GTJ KSUZOUT# 8Z IXKGZKY ZNK OYURGZKJ OTJO\OJ[GR VOZZKJ GMGOTYZ ZNK
]UXRJ# @NOY ]UXRJ OY GZ UTIK OT\OZOTM GTJ ZNXKGZKTOTM# 8Z NURJY ZNK
ZNOTMY TKKJKJ H_ ZNK YUROZGX_ GTOSGR! ]NOIN NGY ZU MU U[Z GTJ YKKQ
ZNKS# 8Z GRYU NURJY ZNK UHPKIZY UL LKGX! GTJ YOTIK ZNK GTOSGR IGT LRKK! OZ
S[YZ LRKK ZNKS# <L ZNOY ]UXRJ ZNK GTOSGR OY TU YZGHRK VGXZ# ?[X\O\GR
HKIUSKY G SGZZKX UL IUTJ[IZ OT YOTMRK GIZOUTY! OTYZKGJ UL HKOTM GY"
Y[XKJ H_ ]KRR"GJGVZKJ UXMGTOI L[TIZOUTOTM OT OZYKRL# @NOY VXKIGXOU[Y
GTJ K^VUYKJ SUJK UL RO\OTM IUSSOZY ZU ]GQKL[RTKYY GTJ KLLUXZ!
]NKXKGY VRGTZ ROLK IGT HK JUXSGTZ# >KYVUTJOTM ZU ZNK R[XK UL ZNK
VXK_! UL ]NOIN VKXIKVZOUT NGY MO\KT TUZOIK! GRKXZTKYY Z[XTY OTZU ZNK
YZXGOT UL V[XY[OZ GTJ OTZU ZNK MXGZOLOIGZOUT UL L[RLORRSKTZ- H[Z OZ GRYU
QTU]Y ZNK VGTM UL N[TMKX! ZNK GMUT_ UL LKGX! ZNK GTM[OYNKJ YZXGOT UL
LROMNZ# =[XY[OZ OZYKRL SG_ KTJ OT ZNK JOYGVVUOTZSKTZ UL LGOR[XK# 8T
YNUXZ! ZNK OTJOXKIZTKYY UL GTOSGR K^OYZKTIK NURJY OT OZY ]GQKL[RTKYY ZNK
Z]OT VUYYOHOROZOKY UL KTPU_SKTZ GTJ Y[LLKXOTM! HUZN ]KJJKJ ZU KLLUXZ#
@NK Z]U K\UR\K ZUMKZNKX! GTJ ZNK ROGHOROZ_ ZU Y[LLKXOTM OY TUZ G YNUXZ"
IUSOTM ]NOIN JKZXGIZY LXUS ZNK LGI[RZ_ UL KTPU_SKTZ! H[Z OZY TKIKY"
YGX_ IUSVRKSKTZ# @NK Y[LLKXOTM OTZXOTYOI OT GTOSGR K^OYZKTIK OY ZN[Y
VXOSGXOR_ TUZ ZNGZ UL VGOT ]NOIN OY UIIGYOUTGR GTJ G IUTIUSOZGTZ
H[Z ZNGZ UL ]GTZ GTJ LKGX! O#K#! GT GYVKIZ UL GVVKZOZO\K TGZ[XK GY Y[IN#
0VVKZOZOUT OY ZNK LUXS ]NOIN ZNK HGYOI YKRL"IUTIKXT UL GRR ROLK GYY[SKY
%$* @ 74 = 74; < : 4; < ; <5 9 85 4
[TJKX ZNK IUTJOZOUTY UL GTOSGR SKJOGI_! ]NKXK OZ KSGTIOVGZKY OZYKRL
LXUS OZY OSSKXYOUT OT HROTJ UXMGTOI L[TIZOUT GTJ ZGQKY U\KX GT ULLOIK
UL OZY U]T- OZY L[TIZOUTY GXK ZNK KSUZOUTY# 0TOSGR HKOTM OY ZN[Y
KYYKTZOGRR_ VGYYOUTGZK HKOTM#

B
8T ZKXSY UL SKXK HOURUMOIGR YGLKZ_! ZNK GJ\GTZGMKY UL GTOSGR U\KX
VRGTZ ROLK GXK NOMNR_ W[KYZOUTGHRK! GTJ OT GT_ IGYK ZNK_ GXK HU[MNZ GZ G
NKG\_ VXOIK# @NK GHOROZ_ ZU MU U[Z OT YKGXIN UL LUUJ SKXKR_ GTY]KXY ZU
ZNK TKIKYYOZ_ ]NOIN OZY SUJK UL SKZGHUROYS OSVUYKY [VUT ZNK GTOSGR
GTJ LXUS ]NOIN ZNK VRGTZ OY LXKK# :UZORK K^OYZKTIK OY LOZL[R GTJ GT^"
OU[Y- VRGTZ ROLK OY TUZNOTM UL ZNK QOTJ# 1[Z JU[HZL[R GY GXK ZNK MGOTY UL
SUZOROZ_ OT G HGRGTIK UL SKXK Y[X\O\GR \GR[KY! ZNK Y[X\O\GR YZGTJGXJ
OZYKRL OY OTGJKW[GZK LUX ZNK K\GR[GZOUT UL ROLK# 8L SKXK GYY[XGTIK UL
VKXSGTKTIK ]KXK ZNK VUOTZ ZNGZ SGZZKXKJ! ROLK YNU[RJ TUZ NG\K YZGXZKJ
U[Z OT ZNK LOXYZ VRGIK# 8Z OY KYYKTZOGRR_ VXKIGXOU[Y GTJ IUXX[VZOHRK HKOTM!
GT GJ\KTZ[XK OT SUXZGROZ_! GTJ OT TU VUYYOHRK LUXS GY GYY[XKJ UL
KTJ[XOTM GY GT OTUXMGTOI HUJ_ IGT HK# ;UZ J[XGZOUT GY Y[IN! H[Z
bJ[XGZOUT UL ]NGZ/c OY ZNK W[KYZOUT# @NOY OY ZU YG_ ZNGZ Y[IN bSKGTYc
UL Y[X\O\GR GY VKXIKVZOUT GTJ KSUZOUT GXK TK\KX ZU HK P[JMKJ GY
SKGTY SKXKR_! H[Z GRYU GY W[GROZOKY UL ZNK ROLK ZU HK VXKYKX\KJ GTJ
ZNKXKLUXK GY GYVKIZY UL ZNK KTJ# 8Z OY UTK UL ZNK VGXGJU^KY UL ROLK ZNGZ
OZ KSVRU_Y SKGTY ]NOIN SUJOL_ ZNK KTJ GTJ ZNKSYKR\KY HKIUSK VGXZ
UL OZ# @NK LKKROTM GTOSGR YZXO\KY ZU VXKYKX\K OZYKRL GY G LKKROTM! TUZ P[YZ
G SKZGHURO`OTM KTZOZ_! O#K#! OZ YZXO\KY ZU IUTZOT[K ZNK \KX_ GIZO\OZ_ UL
LKKROTM- ZNK VKXIKO\OTM GTOSGR YZXO\KY ZU VXKYKX\K OZYKRL GY G VKXIKO\OTM
KTZOZ_a GTJ YU UT# COZNU[Z ZNKYK LGI[RZOKY ZNKXK ]U[RJ HK S[IN RKYY
ZU VXKYKX\K! GTJ ZNOY ($.. UL ]NGZ OY ZU HK VXKYKX\KJ OY ZNK YGSK GY ZNK
($.. ]NKXK]OZN OZ OY VXKYKX\KJ#
ARZOSGZKR_ OZ OY ZNK LGIZ UL OTJO\OJ[GZOUT ]NOIN JKIOJKY ZNK OYY[K
HKZ]KKT GTOSGR GTJ VRGTZ# @NK UXOMOTGR IUTJOZOUT UL UXMGTOYS! K\KT
UT ZNK [TOIKRR[RGX RK\KR! K^NOHOZY OTJO\OJ[GROZ_ GY ZNK \KTZ[XK UL LXKK"
JUS H_ ]NOIN G LUXS SGOTZGOTY OZY OJKTZOZ_ ZNXU[MN ZNK INGTMK UL OZY
SGZZKX# @NK LXKKJUS OY JOGRKIZOIGRR_ HGRGTIKJ H_ TKIKYYOZ_! ZNK G[ZUT"
US_ H_ JKVKTJKTIK# @NK YKRLNUUJ NKXK GJ[SHXGZKJ NGY LXUS ZNK
HKMOTTOTM OZY IU[TZKXVGXZ OT ZNK UZNKXTKYY UL ZNK ]UXRJ# @NK L[XZNKX
GIIKTZ[GZOUT UL ZNOY J[GROYS ]OZN GRR OZY OTNKXKTZ H[XJKT OY TUZNOTM
@U : <B4 0;3 @< 5 449- <; @7 4 0 ;8: 09 ?<A9 E %$+
H[Z ZNK GIIKTZ[GZOUT UL ROLK OZYKRL# 8ZY JOGRKIZOI IGTTUZ H[Z SGQK KGIN
SUXK JK\KRUVKJ YZGZK UL OZ SUXK JU[HRK"KJMKJ# 5XUS ZNOY VUOTZ UL
\OK] ]K YKK ]NKXKOT ZNK XKGR GJ\GTIK UL JK\KRUVKJ GTOSGROZ_ ROKY# 8ZY
SKJOGI_ UL ]UXRJ"XKRGZOUT OY GT OTIXKGYK UL ZNK SKJOGI_ ]NOIN OY
GRXKGJ_ VKI[ROGX ZU UXMGTOI K^OYZKTIK UT ZNK LOXYZ SKZGHURO`OTM RK\KR!
GY IUSVGXKJ ZU ZNK OSSKJOGZK YKRL"OJKTZOZ_ UL OTUXMGTOI SGZZKX# @NOY
OTIXKGYKJ SKJOGI_ H[_Y MXKGZKX YIUVK! OTZKXTGR GTJ K^ZKXTGR! GZ ZNK
VXOIK UL MXKGZKX NG`GXJ! OTZKXTGR GTJ K^ZKXTGR# 0 SUXK VXUTU[TIKJ
YKRL OY YKZ U\KX GMGOTYZ G SUXK VXUTU[TIKJ ]UXRJ# @NK VXUMXKYYO\K
TKX\U[Y IKTZXGRO`GZOUT UL ZNK GTOSGR UXMGTOYS KSVNGYO`KY ZNK LUXSKX!
]NORK IUXXKYVUTJOTMR_ ZNK KT\OXUTSKTZ HKIUSKY UVKT YVGIK OT ]NOIN
ZNK LXKK"SU\OTM YKTZOKTZ NGY ZU LKTJ LUX OZYKRL# 8T OZY MXKGZKX K^VUY[XK
GTJ ZNK VOZIN UL G]GXKTKYY ZNGZ MUKY ]OZN OZ! OZY U]T VUYYOHRK GTTONORG"
ZOUTY HKIUSKY GT UHPKIZ UL JXKGJ P[YZ GY OZY VUYYOHRK YGZOYLGIZOUTY
HKIUSK UHPKIZY UL JKYOXK# 8ZY KTPU_SKTZ NGY Y[LLKXOTM GY OZY YNGJU]
YOJK! OZY RUTKROTKYY ZNK IUSVKTYGZOUT UL IUSS[TOIGZOUT- ZNK MGOT ROKY
TUZ UT KOZNKX YOJK UL ZNK HGRGTIK YNKKZ H[Z OT ZNK ZUMKZNKXTKYY UL HUZN!
O#K#! OT ZNK KTNGTIKSKTZ UL ZNGZ YKRLNUUJ ]OZN ]NOIN bUXMGTOYSc UXOM"
OTGRR_ JGXKJ OTJOLLKXKTZ TGZ[XK# 8ZY VXOIK LXUS ZNK HKMOTTOTM ]GY SUX"
ZGROZ_! GTJ KGIN L[XZNKX YZGMK UL YKVGXGZOUT VG_Y OT OZY U]T IUOTaZNK
YGSK OT ]NOIN OZ GRYU GIW[OXKY OZY L[RLORRSKTZ# @NK QOTJ UL IUOT JKZKX"
SOTKY ZNK \GR[K UL ZNK KTZKXVXOYK# @NK XOLZ HKZ]KKT Y[HPKIZ GTJ UHPKIZ!
]NOIN RUTM"XGTMK VKXIKVZOUT GTJ SUZOROZ_ UVKTKJ GTJ ]NOIN ZNK
QKKTTKYY UL GVVKZOZK GTJ LKGX! UL YGZOYLGIZOUT GTJ JOYGVVUOTZSKTZ! UL
VRKGY[XK GTJ VGOT! XKLRKIZ! ]GY TK\KX ZU HK IRUYKJ GMGOT# 1[Z OT OZY
]OJKTOTM K^VGTYK ZNK LXKKJUS UL ROLK LU[TJ XUUS LUX GRR ZNUYK SUJKY
UL XKRGZOUTa VKXIKVZO\K! GIZO\K! GTJ KSUZOUTGRa ]NOIN OT YVGTTOTM
ZNK XOLZ P[YZOL_ OZ GTJ H_ OTJOXKIZOUT XKJKKS ZNK RUYZ [TOZ_#
! " 7EE3K

5fOR_[RaVP` N[Q Bb_]\`R0 3 5_VaV^bR

!
;[ '-.( <NZR` INaa ]NaR[aRQ aUR SYfONYY T\cR_[\_ S\_ UV` `aRNZ R[#
TV[R$ ;a P\[`V`a` \S ad\ ONYY` YV[XRQ a\ N cR_aVPNY `]V[QYR dUVPU V`
_\aNaRQ Of aUR R[TV[R1 aURV_ dRVTUa" aR[QV[T a\ XRR] aURZ Q\d[ N[Q
PY\`R a\ aUR `]V[QYR" V` P\b[aR_NPaRQ Of aUR PR[a_VSbTNY S\_PR \S aUR
_\aNaV\[$ IVaU N[ V[P_RN`R V[ `]RRQ aUV` S\_PR PNb`R` aUR ONYY` a\ SYf
\ba N[Q b]" dUVYR N QRP_RN`R ZNXR` aURZ SNYY$ ;[ aUb` Z\cV[T" aURf
\]R_NaR N YRcR_ `\ P\[[RPaRQ dVaU aUR aU_\aaYR#cNYcR ORadRR[ aUR
O\VYR_ N[Q aUR R[TV[R N` a\ PY\`R Va dUR[ aUR `]RRQ RePRRQ` N [\_ZNY
cNYbR N[Q a\ \]R[ Va dUR[ aUR `]RRQ SNYY` `U\_a \S aUNa cNYbR$ FUR
ORNbaf \S aUV` `RYS#_RTbYNaV\[ V` V[ aUR SNPa aUNa aUR ZNPUV[R ]R_S\_Z`
Va N` ]N_a \S aUR \ba]ba a\ OR P\[a_\YYRQ" N[Q aU_\bTU aUR cR_f NPa`
\S RePR`` \_ QRSVPVR[Pf dUVPU N_R aUR \OWRPa` \S aUR P\__RPaVcR NPaV\[$
@\aR UR_R aUR ad\ VZ]\_aN[a N`]RPa` \S aUV` P\[a_\Y ZRPUN[V`Z$
8V_`a" N ]N_a \S aUR \ba]ba R[R_Tf" aU\bTU \S V[`VT[VSVPN[a ZNT[VabQR"
V` _RQV_RPaRQ a\ aUR P\[a_\YYV[T N]]N_Nab` SN_aUR_ ONPX V[ aUR PNb`NY
\_QR_ \S aUR `f`aRZ1 aUV` SRNab_R V` PNYYRQ kSRRQONPX$l ERP\[Q" aUV`
SRRQONPX V` `bPU N` a\ P\b[aR_NPa aUR NPaV\[ \S aUR ZNPUV[R" aUNa V`" Va
V` P\__RPaVcR" [\a _RV[S\_PV[T1 aUV` V` PNYYRQ k[RTNaVcR SRRQONPX$l
IUR[ ]_\]R_Yf Sb[PaV\[V[T Va dVYY XRR] aUR ]R_S\_ZN[PR N_\b[Q N
ZRN[ cNYbR Of _RNPaV[T NYaR_[NaRYf a\ aUR k]Yb`l \_ kZV[b`l QR]N_#
ab_R` S_\Z Va$
?\_R aUN[ RVTUaf fRN_` YNaR_" V[ '.,." 5YN_X ?NedRYY" V[ N ]N]R_
L '&. M
5K47D@7F;5E 3@6 B GDBAE7 0 3 5 D;F;CG7 L '&/
kA[ 9\cR_[\_`"l _RNQ ORS\_R aUR D\fNY E\PVRaf" TNcR aUR SV_`a aUR\#
_RaVPNY NPP\b[a \S aUV` af]R \S ZRPUN[V`Z$ 3[Q NTNV[ RVTUaf fRN_`
YNaR_" V[ '/*." @\_OR_a IVR[R_ \S aUR ?N``NPUb`Raa` ;[`aVabaR \S
FRPU[\Y\Tf YVSaRQ S_\Z aUR S\[a N [Rd `PVR[PR dUVPU UR PU_V`aR[RQ
PfOR_[RaVP`" aNXV[T aUR [NZR S_\Z aUR 9_RRX d\_Q ;I36B>6D6Cj
URYZ`ZN[" ]VY\aj \S dUVPU \b_ kT\cR_[\_l V` N QR_VcNaVcR$
>VaaYR QVQ INaa Q_RNZ \S aUR`R P\[`R^bR[PR`$ :V` T\cR_[\_ dN` N[
NbeVYVN_f QRcVPR S\_ UV` `aRNZ R[TV[R" aUR ]b_]\`R \S dUVPU dN` aUR
]_\QbPaV\[ \S ZRPUN[VPNY ]\dR_ S\_ V[Qb`a_f$ 8_\Z aUR ]YR[aVSbY
NcNVYNOVYVaf \S `bPU ]\dR_ `aRZZRQ aUR V[Qb`a_VNY _Rc\YbaV\[" \_ dUNa
IVR[R_ ]_RSR_` a\ PNYY aUR SV_`a V[Qb`a_VNY _Rc\YbaV\[$ ;a` Q\ZV[N[a
aRPU[\Y\TVPNY N`]RPa dN` ]\dR_ R[TV[RR_V[T$ FUR ]VY\a Sb[PaV\[ \S aUR
T\cR_[\_ dN` P\[SV[RQ a\ N``b_V[T aUR `aRNQf _b[[V[T \S aUR ]\dR_
R[TV[R" N[Q N[faUV[T aUNa INaa N[Q UV` P\[aRZ]\_N_VR` ZNf UNcR
ORR[ NOYR a\ S\_R`RR \S UV` V[cR[aV\[m` RSSRPa` dN` `b_RYf V[ aR_Z` \S
aUR Z\cV[T S\_PR TR[R_NaRQ Of aUR [Rd ZNPUV[R` N[Q \S Va` VZ]NPa \[
RP\[\ZfjaUNa V`" V[ aR_Z` \S aUR SV_`a V[Qb`a_VNY _Rc\YbaV\[$
>NaRYf" U\dRcR_" Nba\ZNaVP ]VY\a QRcVPR` UNcR P\ZR V[a\ aURV_ \d[
dVaU N QVSSR_R[PR$ ?\QR_[ aRPU[\Y\Tf" T\V[T ORf\[Q aUR ZR_R ]_\QbP#
aV\[ N[Q N]]YVPNaV\[ \S ]\dR_" aR[Q` V[P_RN`V[TYf a\ P\b]YR aUR ]\dR_
R[TV[R dVaU _\O\a ZRPUN[V`Z`jZRPUN[V`Z` aUNa _R]YNPR ZN[m` ]R_#
PR]aV\[ N[Q WbQTZR[a V[ aUR `R_cV[T \S aUR ZNPUV[R" Wb`a N` aUR ]\dR_
R[TV[R` _R]YNPRQ ZN[m` N_Z` V[ `b]]YfV[T aUR Z\cV[T S\_PR$ FUR
QVSSR_R[PR YVR` [\a \[Yf V[ aUR Sb[PaV\[ Oba NY`\ V[ aUR aRPU[\Y\Tf1
Nba\ZNaVP P\[a_\Y V` N O_N[PU \S P\ZZb[VPNaV\[ R[TV[RR_V[T" N` QV`#
aV[Pa S_\Z ]\dR_ R[TV[RR_V[T$ ;a V` aUR _V`R \S aUR`R `R_c\ZRPUN[V`Z`"
N[Q aUR SNPa aUNa aURf `b]R_`RQR UbZN[ Sb[PaV\[` cR_f QVSSR_R[a S_\Z
aU\`R `b]R_`RQRQ Of aUR ZR_R ]\dR_ R[TV[Rj TR[R_NYYf `]RNXV[T"
kUVTUR_l Sb[PaV\[`jdUVPU PNb`R` IVR[R_ N[Q \aUR_` a\ `]RNX \S N
`RP\[Q V[Qb`a_VNY _Rc\YbaV\[$ 8NZVYVN_ ReNZ]YR` \S `R_c\ZRPUN[V`Z`
N_R aUR aUR_Z\`aNa" `RYS#P\__RPaV[T `aRR_V[T R[TV[R` V[ `UV]`" Nba\ZNaVP
SV_R P\[a_\Y V[ N[aVNV_P_NSa N_aVYYR_f" aN_TRa#`RRXV[T a\_]RQ\`" RYRPa_\[VP
P\Z]baR_`" Nba\ZNaVP aRYR]U\[R RePUN[TR`$ ;[ NYY \S aURZ" SRRQONPX
]YNf` N[ VZ]\_aN[a ]N_a$
FUNa aUR P\ZZ\[ ]_V[PV]YR` V[c\YcRQ V[ aUR`R QVSSR_R[a QRcVPR` N[Q
aUR ]_\OYRZ` ]\`RQ Of aURZ _R^bV_R N b[VSVRQ aUR\_f" N[Q aUNa
aUV` aUR\_f V` \S `bSSVPVR[a Nba\[\Zf N[Q _N[TR a\ QR`R_cR aUR [NZR \S
N [Rd `PVR[PR" dN` N ZNaaR_ S\_ aUR d\_XR_` V[ aUR SVRYQ a\ QRPVQR" N[Q
''& $ F :7 B :7@A?7@A@ A8 >;87
[\ ^bN__RY PN[ N_V`R dVaU aURV_ ]_NPaVPNY QRPV`V\[$ ;S aUV` dR_R NYY aUR
`aNab` PYNVZRQ Of PfOR_[RaVP`" aUR ]UVY\`\]UR_ d\bYQ [\a UNcR a\
R[TNTR V[ N P_VaV^bR \S Va$
4ba PfOR_[RaVP` V` [\a N` V[[\PR[a N` aUNa$ FUR_R V` N `a_\[T N[Q" Va
`RRZ`" NYZ\`a V__R`V`aVOYR aR[QR[Pf V[ aUR UbZN[ ZV[Q a\ V[aR_]_Ra
UbZN[ Sb[PaV\[` V[ aR_Z` \S aUR N_aVSNPa` aUNa aNXR aURV_ ]YNPR" N[Q
N_aVSNPa` V[ aR_Z` \S aUR _R]YNPRQ UbZN[ Sb[PaV\[`$ FUR ]\dR_ R[TV[R"
dVaU Va` YRcR_` N[Q W\V[a` N[Q Va` c\_NPV\b` SbRY P\[`bZ]aV\[" dN` N
`YNcV[T TVN[a" N[Q" P\__R`]\[QV[TYf" aUR UbZN[ \_ N[VZNY O\Qf dN` N
SbRY#Ob_[V[T ]\dR_ ZNPUV[R$ FUR Z\QR_[ `R_c\ZRPUN[V`Z V` QR#
`P_VORQ N` ]R_PR]aVcR" _R`]\[`VcR" NQN]aVcR" ]b_]\`VcR" _RaR[aVcR"
YRN_[V[T" QRPV`V\[#ZNXV[T" V[aRYYVTR[a" N[Q `\ZRaVZR` RcR[ RZ\aV\[NY
Oba aUV` YN`a \[Yf VS `\ZRaUV[T T\R` d_\[T " N[Q" P\__R`]\[QV[TYf"
ZR[ N[Q UbZN[ `\PVRaVR` N_R ORV[T P\[PRVcRQ \S N[Q Re]YNV[RQ N`
SRRQONPX ZRPUN[V`Z`" P\ZZb[VPNaV\[ `f`aRZ`" N[Q P\Z]baV[T ZN#
PUV[R`$ FUR b`R \S N[ V[aR[aV\[NYYf NZOVTb\b` N[Q ZRaN]U\_VPNY aR_#
ZV[\Y\Tf SNPVYVaNaR` aUV` a_N[`SR_ ONPX N[Q S\_aU ORadRR[ aUR N_aVSNPa
N[Q Va` ZNXR_$ ;[ S\_ZR_ QNf`" QRNYV[T V[ `bPU N[NY\TVR` dN` YRSa
ZNV[Yf a\ aUR VZNTV[NaVcR d_VaR_" N[Q PR_aNV[Yf UNQ [\ ]N_a V[ aUR
aR_Z` \S _RSR_R[PR \S aUR `PVR[aV`a N` `bPU1 Oba aUV` `\_a \S a_N[`SR_#
R[PR V` ]_RPV`RYf dUNa PfOR_[RaVP` V` P\[PR_[RQ dVaU" N[Q \[ aUV`
NPP\b[a Va V` `bOWRPa a\ ]UVY\`\]UVPNY P_VaVPV`Z$ FUR YVaR_Nab_R" dUVPU
UN` ORR[ T_\dV[T _N]VQYf `V[PR aUR ]bOYVPNaV\[ \S 'I36B>6D:4C Of
@\_OR_a IVR[R_ V[ '/*." NO\b[Q` dVaU PfOR_[RaVPNY Re]YN[NaV\[` \S
UbZN[ ORUNcV\_" ]_\PR``R` \S aU\bTUa" N[Q `\PV\PbYab_NY \_TN[V`Z`$
FUV` V` `\ZRaUV[T [Rd$ FUR PYN``VPNY ZRPUN[V`a" QRNYV[T dVaU ZNa#
aR_ N[Q Z\aV\[" dN` P\[aR[a a\ `]RNX \S aUR kZNPUV[R \S aUR O\Qfl
N[Q" V[ ZRaU\Q VS [\a V[ ZRaN]Uf`VP`" a\ S\YY\d 6R`PN_aR`" \_VTV[Na\_
\S aUR [\aV\[ \S aUR kN[VZNY Nba\ZNa\["l dU\ UNQ _RZ\cRQ ZV[Q
S_\Z aUR cR_f aR_Z` \S ]Uf`VPNY `PVR[PR$ >NaR_ ZNaR_VNYV`a` _R]bQVNaRQ
aUR 5N_aR`VN[ QbNYV`Z V[ [NZR \[Yf$ FUNa ZV[Q V` N[ R]V]UR[\ZR[\[
\S ZNaR_VNY ]_\PR``R` V[ aUR O_NV[" N` aURf URYQ" _RZNV[RQ N `bZZN_f
N``R_aV\[ [\a YRNQV[T a\ `bPU NPabNY P\__RYNaV\[` N[Q a_N[`S\_ZNaV\[`
N` d\bYQ V[cNQR aUR SVRYQ \S ZV[Q Va`RYS dVaU aUR `fZO\YV`Z \S ]Uf`V#
PNY `PVR[PR$ @\d V` \SSR_RQ" S\_ aUR SV_`a aVZR" N ZRPUN[V`aVP Z\QRY
dUVPU" Va V` PYNVZRQ" N]]YVR` a\ ZNaR_VNY N[Q ZR[aNY ]UR[\ZR[N Na
\[PR" [\a \[Yf R^bVcNYR[aYf Oba VQR[aVPNYYfj aUNa V`" dVaU\ba V[c\YcV[T
]N``NTR S_\Z SVRYQ a\ SVRYQ$
5K47D@7F;5E 3@6 B GDBAE7 0 3 5 D;F;CG7 L :;
FUV` d\bYQ V[QRRQ ZRN[ N[ \cR_P\ZV[T \S aUR QbNYV`Z dUVPU PYN`#
`VPNY ZNaR_VNYV`Z UNQ YRSa V[ ]\``R``V\[ Of QRSNbYa0 S\_ aUR SV_`a aVZR
`V[PR 3_V`a\aRYVN[V`Z dR d\bYQ UNcR N b[VSVRQ Q\Pa_V[R" \_ Na YRN`a N
b[VSVRQ P\[PR]abNY `PURZR" S\_ aUR _R]_R`R[aNaV\[ \S _RNYVaf$ @RRQYR``
a\ `Nf" aUV` d\bYQ OR \S aUR baZ\`a ]UVY\`\]UVPNY VZ]\_aN[PRj N[Q
aUR `]\XR`ZR[ \S PfOR_[RaVP` N_R [\a _R`a_NV[RQ Of N[f aVZVQVaf S_\Z
]\V[aV[T \ba aUR`R VZ]YVPNaV\[` V[ cR_f Re]YVPVa `aNaRZR[a`$ ;a V` dVaU
aUV` N`]RPa \S aUR [Rd QV`PV]YV[R" [\a dVaU aUR ZNaURZNaVP` N[Q aRPU#
[\Y\Tf \S P\ZZb[VPNaV\[ R[TV[RR_V[T N[Q Nba\ZNaVP P\[a_\Y" aUNa aUV`
R``Nf ]_\]\`R` a\ QRNY$
FUR_R N_R aU_RR ZNW\_ a\]VP` SNPV[T `bPU N `P_baV[f" V[QVPNaRQ Of
aUR aR_Z` kaRYR\Y\Tf"l kV[S\_ZNaV\["l N[Q kZV[Q$l ; UNcR PU\`R[ S\_
N[NYf`V` UR_R aUR SV_`a \S aURZ0 aUR PfOR_[RaVPNY P\[PR]a \S ]b_]\`R
N[Q aRYR\Y\Tf$ FUV` V` ON`VP a\ aUR dU\YR `PURZR" N[Q ; T_N[a Na aUR
\ba`Ra aUNa VS PfOR_[RaVP` ZNXR` T\\Q Va` PYNVZ dVaU _RTN_Q a\ aUR`R
aR_Z`j aUNa aURf PN[ OR Rc\YcRQ S_\Z ZRPUN[VPNY ]_RZV`R` NY\[Rj Va
UN` PN__VRQ Va` ZNV[ ]\V[a N[Q _R`\YcRQ N[ NTR#\YQ QbNYV`Z$ ; ]_\]\`R
a\ `U\d aUNa aUR _R`\YbaV\[ PYNVZRQ V` `]b_V\b` N[Q ZNV[Yf cR_ONY$

;;
4RS\_R R[aR_V[T V[a\ QRaNVYRQ QV`Pb``V\[" YRa ZR `U\d Of N `a\PX Re#
NZ]YR S_\Z PfOR_[RaVPNY YVaR_Nab_R dUNa XV[Q \S N[NY\TVR` dR N_R
NO\ba a\ QRNY dVaU V[ aUV` SVRYQ$' FUR N[NY\Tf V[ ^bR`aV\[ V` ORadRR[ N
`R_c\ZRPUN[VPNY N[Q N [Rb_\Y\TVPNY QV`ab_ON[PR$ FUV` V` aUR ZRPUN[V#
PNY `VQR0 N SRRQONPX ZNf OR V[NQR^bNaRYf kQNZ]RQl N[Q _R`bYa V[
\cR_P\__RPaV\[`" aUR_ROf V[ RSSRPa ORP\ZV[T ]\`VaVcR V[`aRNQ \S [RTN#
aVcR1 V[ `bPU N PN`R N ZNPUV[R" `Nf \[R aUNa V` QR`VT[RQ a\ UVa N
Z\cV[T aN_TRa" dVYY k\cR_`U\\al V[ NYaR_[NaR QV_RPaV\[` V[ N `R_VR` \S
RcR_#YN_TR_ \`PVYYNaV\[`" N[Q aUb` kZV`` aUR T\NY$l 3[Q [\d aUR
[Rb_\Y\TVPNY N[NY\TbR0 VS N PR_RORYYN_ ]NaVR[a kV` N`XRQ a\ PN__f N
TYN`` \S dNaR_ S_\Z N aNOYR a\ UV` Z\baU $ $ $ aUR UN[Q PN__fV[T aUR
TYN`` dVYY ReRPbaR N `R_VR` \S \`PVYYNa\_f Z\aV\[` \S V[P_RN`V[T NZ]YV#
abQR N` aUR TYN`` N]]_\NPUR` UV` Z\baU" `\ aUNa aUR dNaR_ dVYY `]VYY'
'$ FUR ReNZ]YR" N[Q aUR ^b\aNaV\[` V[ aUV` `RPaV\[" N_R aNXR[ S_\Z N
W\V[a ]N]R_ Of 3$ D\`R[OYbRaU" @$ IVR[R_" N[Q <$ 4VTRY\d" k4RUNcV\_"
Bb_]\`R N[Q FRYR\Y\Tf"l V[ /9:<?C?@9I ?7 14:6>46! H\Y$ '&%' <N[bN_f"
'/*) " ]]$ '.#(*$
''( $ F :7 B :7@A?7@A@ A8 >;87
N[Q aUR ]b_]\`R dVYY [\a OR SbYSVYYRQ$l FUR P\[QVaV\[ QR`P_VORQ V`
PNYYRQ k]b_]\`R a_RZ\_$l
;a V` P\[aR[QRQ aUNa aUR ad\ PN`R` N_R k`a_VXV[TYf `VZVYN_$l :\dRcR_
aUNa ZNf OR" \[R ]\V[a Na YRN`a `U\bYQ OR PYRN_ S_\Z aUR \ba`Ra0 aUR
]NaVR[a UVZ`RYS G:<<C a\ O_V[T aUR TYN`` a\ UV` Z\baU" aUNa V`" UR dN[a`
Va aUR_R$ FUV` 6>5! Z\aVcNaV[T aUR NPaV\[ S_\Z aUR `aN_a" V` V[a_V[`VP V[
NYY aUR ]N_a#Z\aV\[`" ]_\cVQV[T aUR _RSR_R[PR Of dUVPU aURf N_R V[
aURZ`RYcR` SNVYb_R` N[Q ZNXR aUR dU\YR b[QR_aNXV[T N SNVYb_R$ B_R#
`bZNOYf aUR ]NaVR[a SV[Q` UV` V[NOVYVaf a\ ]R_S\_Z QV`a_R``V[T$ 4ba aUR
ZNPUV[R" S\_ NYY dR X[\d" ZNf Wb`a N` dRYY OR `NVQ" V[`aRNQ \S ORV[T
QV`a_R``RQ" a\ NON[Q\[ Va`RYS dVaU _RYV`U a\ Va` dVYQ \`PVYYNaV\[`" N[Q
V[`aRNQ \S `bSSR_V[T aUR S_b`a_NaV\[ \S SNVYb_R" a\ R[W\f aUR b[PURPXRQ
SbYSVYYZR[a \S Va` VZ]bY`R`$
k<b`a N` dRYYl NZ\b[a` \S P\b_`R a\ k[RVaUR_$l ?N[VSR`aYf [RVaUR_
kQV`a_R``l [\_ kR[W\fZR[al SVa` aUR =?5EC ?@6B2>5: \S N ZNPUV[Rj
[\a RcR[ N` N[ \]R_NaV\[NY N[NY\Tf" `V[PR aUR ZNPUV[R V` R^bNYYf
k`NaV`SVRQl V[ RNPU N[Q N[f `V[TYR `aR] \S ORUNcV\_ N` Va \PPb_`" aUR
\PPb__R[PR N` `bPU ORV[T Va` \d[ `\YR N[Q `bSSVPVR[a cV[QVPNaV\[$ ;[
aUR PN`R \S aUR ZNPUV[R kZV``V[T aUR T\NYl ZRN[`" \S P\b_`R" ZV``V[T
?EB T\NY" aUR T\NY S\_ dUVPU Va UN` ORR[ QR`VT[RQ" [NZRYf Of b`" Va
kUNcV[Tl [\[R Va`RYS1 dUR_RN` aUR b[S\_ab[NaR ]NaVR[a a_bYf ZV``R` UV`
T\NY" dUVPU V` UV` [\a ORPNb`R UR UN` ORR[ QR`VT[RQ S\_ Va Oba ORPNb`R
UR UN` S\_ZRQ N[Q R[aR_aNV[RQ aUR QR`VT[$ FUR`R RYRZR[aN_f QV`aV[P#
aV\[`" S\_ dU\`R ]_\ONOYf ReN`]R_NaV[T \OcV\b`[R`` ; N]\Y\TVgR" UNcR
a\ OR XR]a SV_ZYf V[ ZV[Q Qb_V[T aUR S\YY\dV[T QRYVOR_NaV\[`$ FUR Re#
NZ]YR Va`RYS" U\dRcR_" ORY\[T` a\ N YNaR_ `aNTR V[ aUR Y\TVPNY QRcRY\]#
ZR[a" a\ dUVPU ; [\d ab_[$
;[ aUR PfOR_[RaVPNY `abQf _RSR__RQ a\" aUR P\[PR]a \S ]b_]\`R
RZR_TR` V[ N ]_\PR`` \S QVPU\a\Zf a\ dUVPU aUR ON`VP P\[PR]a \S
kORUNcV\_l V` `bOWRPaRQ$ EV[PR kOf ORUNcV\_ V` ZRN[a N[f PUN[TR \S
N[ R[aVaf G:D9 B6C@64D D? :DC CEBB?E>5:>8C!L aUR dU\YR `R^bR[PR _R#
ZNV[` dVaUV[ aUR aR_Z` \S ReaR_[NY _RYNaV\[`UV]`$ Bb_]\`RSbY ORUNcV\_
N]]RN_` N` N `bOQVcV`V\[ \S NPaVcR ORUNcV\_" N[Q kaUR aR_Z ]b_]\`RSbY
V` ZRN[a a\ QR[\aR aUNa aUR NPa \_ ORUNcV\_ ZNf OR V[aR_]_RaRQ N`
QV_RPaRQ a\ aUR NaaNV[ZR[a \S N T\NYj V$R$" a\ N 7:>2< 4?>5:D:?> V[
dUVPU aUR ORUNcV[T \OWRPa _RNPUR` N 567:>:D6 4?BB6<2D:?> V[ aVZR \_ V[
`]NPR dVaU _R`]RPa a\ N[\aUR_ \OWRPa \_ RcR[al VaNYVP` ZV[R $
AOcV\b`Yf aUR dU\YR QRSV[VaV\[ ab_[` \[ aUR ZRN[V[T N[Q _RYRcN[PR
5K47D@7F;5E 3@6 B GDBAE70 3 5 D;F;CG7 L '')
\S aUR aR_Z kSV[NY P\[QVaV\[$l @\d dUNa P\[QVaV\[ V` a\ OR _RTN_QRQ
N` SV[NY2 IR N_R [\a ]R_ZVaaRQ a\ N[`dR_ kaUR \[R V[ dUVPU aUR T\NY V`
_RNPURQ"l `V[PR Va V` aUR SV[NYVaf \S aUR P\[QVaV\[ dUVPU NY\[R TVcR`
ZRN[V[T a\ aUR aR_Z kT\NYl1 aUV` ZRN[V[T V` [\a QR_VcRQ" S\_ ReNZ]YR"
S_\Z aUR N[aVPV]Na\_f ]_R`R[PR \S `bPU N P\[QVaV\[ V[ aUR V[VaVNaV\[
N[Q aU_\bTU\ba aUR `bPPR``VcR `aNTR` \S aUR Z\aV\[$ @\aUV[T _RZNV[`
Oba a\ b[QR_`aN[Q N` kSV[NYl aUR P\[QVaV\[ V[ dUVPU aUR NPaV\[ R[Q`"
aUNa V`" N P\[QVaV\[ \S _R`a" V[ aUR O_\NQ _RYNaVcV`aVP `R[`R V[QVPNaRQ Of
aUR ]U_N`R kV[ dUVPU aUR ORUNcV[T \OWRPa _RNPUR` N QRSV[VaR P\__RYN#
aV\[ $ $ $ dVaU _R`]RPa a\ N[\aUR_ \OWRPa$l FUV` `\b[Q` NYZ\`a 3_V`a\aR#
YVN[" RePR]a aUNa a\ 3_V`a\aYR N O\Qf P\ZR` a\ _R`a V[ Va` [Nab_NY ]YNPR
ORPNb`R aUV` :C aUR NVZ \S Va` Z\aV\[" dUVYR a\ \b_ NbaU\_` aUR Z\aV\[
kZNf OR V[aR_]_RaRQl N` UNcV[T UNQ aUNa NVZ ORPNb`R Va R[Q` dUR_R Va
Q\R`$
FUR QVSSR_R[PR V` [\a N ZV[\_ \[R$ 3_V`a\aYR P\bYQ QV`aV[TbV`U OR#
adRR[ aUR ZR_R R[QV[T N[Q aUR V[a_V[`VP kR[Ql \S N Z\aV\[" N QV`aV[P#
aV\[ dVaU\ba dUVPU" N` UR ]\V[a` \ba" QRNaU d\bYQ UNcR a\ OR P\[`VQ#
R_RQ aUR NVZ \S UbZN[ YVSR$ 4ba a\ \b_ NbaU\_`" VS aURf `aVPX a\ aURV_
QRSV[VaV\[" QRNaUj aUR Z\`a QRSV[VaR P\__RYNaV\[ a\ aUR R[cV_\[ZR[a
_RNPUNOYR" N[Q V[RcVaNOYf _RNPURQ" Of N[ \_TN[V`Zj V[QRRQ :C aUR
T\NY \S aUR a\aNY Z\aV\[ \S YVSR N` \[R `R^bR[PR \S kNPaVcR ORUNcV\_"l
N[Q ; `RR [\ dNf S\_ aURZ a\ R`PN]R aUV` P\[PYb`V\[$ F\ TR[R_NYVgR
aUV`" dR ZNf `Nf aUNa k_b[[V[T Q\d["l aUNa V`" V[P_RN`R \S R[a_\]f"
QRSV[R` aUR QV_RPaV\[ \S NYY [Nab_NY ]_\PR``R`" N[Q aUR_RS\_R ZNeVZbZ
R[a_\]f V` aUR T\NY a\ dU\`R NaaNV[ZR[a NYY ORUNcV\_ ZNf OR V[aR_#
]_RaRQ N` ORV[T QV_RPaRQ$ ;[ aUV` `R[`R NYY ORUNcV\_ V` ]b_]\`RSbYj Of
aUR aR_Z` \S aUR QRSV[VaV\[$
FUV` P_VaVPV`Z ZNf `RRZ b[SNV_" `V[PR Va Q\R` [\a P\[`VQR_ aUR XV[Q
\S ZRPUN[V`Z a\ dUVPU aUR NbaU\_` V[aR[Q aURV_ QRSV[VaV\[ a\ N]]Yf"
N[Q dUVPU" Of Va` `aNaNOYR QVSSR_R[PR S_\Z \aUR_" k[\[]b_]\`RSbYl
XV[Q`" ReRZ]YVSVR` aUR a_bR ZRN[V[T \S aUR QRSV[VaV\[$ ;[QRRQ" dR N_R
[\a P\[PR_[RQ dVaU cR_ONY `U\_aP\ZV[T`$ >Ra b` aUR_RS\_R Y\\X Na
`\ZR \S aUR ReNZ]YR` TVcR[ a\ VYYb`a_NaR aUR ZRN[V[TjSV_`a Na N
[\[]b_]\`RSbY ZRPUN[V`Z$
k8V_`a ZNf OR ZR[aV\[RQ ZRPUN[VPNY QRcVPR` `bPU N` N _\bYRaaR"
QR`VT[RQ ]_RPV`RYf S\_ ]b_]\`RYR``[R``$l IUNa N ZRPUN[V`Z V` QR#
`VT[RQ S\_" Of Va` ZNXR_" V` \S P\b_`R R[aV_RYf V__RYRcN[a" ORPNb`R
Rea_N[R\b`" a\ aUR QR`P_V]aV\[ \S Va` d\_XV[T$ FUR ZR[aV\[ \S aUR
''* M F :7 B :7@A?7@A@ A8 >;87
]b_]\`R \S aUR UbZN[ QR`VT[R_ V[ aUV` P\[aRea N_\b`R` \b_ `b`]VPV\[
aUNa NY`\ V[ aUR TR[R_NY aUR\_f aUR UbZN[j aUNa V`" aUR SNZVYVN_" aUR
[\[PfOR_[RaVPNYj ZRN[V[T \S k]b_]\`Rl V` V[`V[bNaRQ V[a\ N QR`P_V]#
aV\[ dUVPU ]b_]\_a` a\ QRNY V[ aR_Z` \S ReaR_[NY ORUNcV\_ NY\[R$ IR
`UNYY SV[Q aUV` `b`]VPV\[ NZ]Yf P\[SV_ZRQ N` dR T\ \[$ 3` _RTN_Q` aUR
_\bYRaaR Va`RYS" Va NaaNV[` V[ RNPU _b[ \[R SV[NY P\[QVaV\[" aU\bTU \[R
aUNa V` b[]_RQVPaNOYR Of Va` QR`VT[R_ \_ b`R_" N[Q V` aUb` Of Va`RYS
k]b_]\`RSbY$l ;a ZNf OR N_TbRQ aUNa Va Q\R` [\a P\ZR b[QR_ N QRSV[V#
aV\[ Of dUVPU k]b_]\`RSbYl V` N `bOQVcV`V\[ \S kNPaVcRl ORUNcV\_"
`V[PR aUR dU\YR NPaV\[ \S aUR _\bYRaaR PN[ OR a_NPRQ a\ aUR VZZRQVNaR
V[]ba \S R[R_Tf" aUR ]b`U Of N UN[Q$ 4ba V[`aRNQ \S Y\`V[T aVZR dVaU
`U\dV[T aUNa aUR QV`aV[PaV\[ ORadRR[ NPaVcR N[Q ]N``VcR ORUNcV\_ V`
V__RYRcN[a a\ aUR V``bR" YRa b` T\ \[ a\ aUR [Rea ReNZ]YR" dUVPU V` [\a
\]R[ a\ aUV` \OWRPaV\[$
kFUR[ ZNf OR P\[`VQR_RQ QRcVPR` `bPU N` N PY\PX" QR`VT[RQ" Va V`
a_bR" dVaU N ]b_]\`R" Oba UNcV[T N ]R_S\_ZN[PR dUVPU" NYaU\bTU \_#
QR_Yf" V` [\a ]b_]\`RSbYjV$R$" aUR_R V` [\ `]RPVSVP SV[NY P\[QVaV\[ a\#
dN_Q dUVPU aUR Z\cRZR[a \S aUR PY\PX `a_VcR`$l FUV` V` N TYN_V[T
ReNZ]YR \S VYYVPVa ZVeV[T \S ]\V[a` \S cVRd$ FUR `aNaRZR[a aUNa aUR_R V`
[\ `]RPVSVP SV[NY P\[QVaV\[ a\dN_Q dUVPU aUR Z\cRZR[a \S aUR PY\PX
`a_VcR` V` a_bR \[Yf N` N[ Re]_R``V\[ \S QR`V_NOVYVaf S_\Z aUR ]\V[a \S
cVRd \S aUR UbZN[ b`R_" dU\ V[aR_cR[R`j Of ]R_V\QVPNY _RdV[QV[T" S\_
ReNZ]YRj a\ `RPb_R aUV` QR`V_NOYR `aNaR$ >RSa a\ Va`RYS" a\ Va` \d[
k`a_VcV[T"l aUR PY\PX dVYY _b[ Q\d[0 aUR `]_V[T dVYY ReaR[Q a\ Va`
ZNeVZbZ" aUR gR_\ ]\V[a \S aR[`V\[" \_ aUR dRVTUa dVYY P\ZR a\ _R`a"
Na aUR YNaR`a \[ _RNPUV[T aUR PR[aR_ \S T_NcVaNaV\[" N[Q aUR SV[NY P\[QV#
aV\[ \S aUR PY\PX Va`RYS dVYY OR aUNa `aN[Q`aVYY dUVPU ZN_X` aUR NaaNV[#
ZR[a \S P\Z]YRaR R^bVYVO_VbZ \_ ZNeVZbZ R[a_\]f$ ; PN[[\a `RR N[f
\aUR_ `a_VcV[T V[ aUR PY\PX N` N ]VRPR \S ]Uf`VPNY ZRPUN[V`Z" aU\bTU ;
PN[ `RR N `a_VcV[T \S N cR_f QVSSR_R[a [Nab_R V[ aUR EC6B \S aUR PY\PX a\
P\b[aR_NPa aUR PY\PXm` \d[ k]b_]\`R$l
A[ aUR \aUR_ UN[Q" Va `RRZ` N_OVa_N_f a\ RePYbQR aUR _RTbYN_ ]R_#
S\_ZN[PR N` N dU\YR S_\Z aUR P\[QVaV\[` kV[ dUVPU aUR ORUNcV[T
\OWRPa _RNPUR` N QRSV[VaR P\__RYNaV\[ V[ aVZR \_ V[ `]NPR dVaU _R`]RPa
a\ N[\aUR_ \OWRPa \_ RcR[a"l N[Q aUb` a\ QV`^bNYVSf Va S_\Z _R]_R`R[a#
V[T aUR T\NY \S aUR ]_\PR``$ FUR kQRSV[VaR P\__RYNaV\[l ZNf dRYY OR N
`R_VR`" dUVPU Va V` V[ aUR PN`R \S N P\[aV[b\b`Yf R[R_TVgRQ PY\PX N[Q"
\[ aUR UbZN[ YRcRY" V[ aUR PN`R \S NYY aU\`R NPaVcVaVR` aUNa UNcR aURV_
5K47D@7F;5E 3@6 B GDBAE7 0 3 5 D;F;CG7 L ''+
R[Q V[ aURZ`RYcR` 1 N[Q aUb` V[ aUV` _R`]RPa a\\ aUR ReNZ]YR SNVY` a\
VYYb`a_NaR [\[]b_]\`VcR N` \]]\`RQ a\ ]b_]\`VcR ORUNcV\_ V[ N ZRPUN#
[V`Z$ ;a `RRZ` aUNa \[PR dR UNcR NON[Q\[RQ aUR \_VTV[NY ZRN[V[T \S
k]b_]\`Rl N` aUR @B?@?C:DE=! aUNa dUVPU `\ZR\[R `Ra` 367?B6 UVZ`RYS
N` aUR dUR_Ra\ \S UV` NPaV\[" dR N_R _RQbPRQ a\ aUR [RPR``Vaf \S
T_N[aV[T ]b_]\`R a\ 2<< NPaV\[j aUR_ROf QR]_VcV[T aUR QRSV[VaV\[ \S NYY
QRSV[V[T S\_PR$
>Ra b` [\d Y\\X Na \b_ NbaU\_m` P\b[aR_ReNZ]YR`$ kE\ZR ZN#
PUV[R`" \[ aUR \aUR_ UN[Q" N_R V[a_V[`VPNYYf ]b_]\`RSbY$ 3 a\_]RQ\ dVaU
N aN_TRa#`RRXV[T ZRPUN[V`Z V` N[ ReNZ]YR$ FUR aR_Z `R_c\ZRPUN#
[V`Z` UN` ORR[ P\V[RQ ]_RPV`RYf a\ QR`VT[NaR ZNPUV[R` dVaU V[a_V[`VP
]b_]\`RSbY ORUNcV\_$l IUf V` N aN_TRa#`RRXV[T \_ `RYS#`aRR_V[T a\_]RQ\
V[a_V[`VPNYYf ]b_]\`RSbY2 IR Zb`a \S P\b_`R ORdN_R \S `bPPbZOV[T a\
aUR `bTTR`aVcR[R`` \S `bPU d\_Q` N` k`RRXV[Tl N[Q k`RYS$l ;[ \O`R_c#
V[T aUR ORUNcV\_ \S aUR a\_]RQ\" Va` kPUN[TR dVaU _R`]RPa a\ Va` `b_#
_\b[QV[T`"l dR [\aVPR aUNa Va Q\R` [\a `VZ]Yf S\YY\d Va` V[VaVNY P\b_`R"
Oba NYaR_` Va \PPN`V\[NYYf" dVaU aUR TR[R_NY RSSRPa \S XRR]V[T \[ aUR
aN_TRa" dUVPU ZNf OR N Z\cV[T \[R$ IR `RR aUR`R PUN[TR` \PPb_ V[
_R`]\[`R a\ PUN[TR` V[ aUR _RYNaVcR ]\`VaV\[` \S aUR ad\ R[aVaVR`" N[Q
ZNf aUR[ `]RNX \S kP\Z]R[`Na\_f NPaV\[l \[ aUR ]N_a \S aUR a\_]RQ\$
IR Q\ aUV` ]_\cVQRQ aUR PUN[TR` \S ORUNcV\_ N_R QbR [\a QV_RPaYf" V[
aR_Z` \S S\_PR" Oba \[Yf V[QV_RPaYf" V[ N `R[`R a\ OR `]RPVSVRQ" a\ aUR
V[SYbR[PR \S aUR \aUR_ R[aVaf$ AaUR_dV`R N[f ZNT[RaVP ]N_aVPYR PUN[T#
V[T Va` ]NaU dVaU aUR QV`]YNPRZR[a \S N ZNT[RaVP ]\YR" \_ N T_NcVaNaV[T
O\Qf PUN[TV[T Va dVaU aUR _RYNaVcR QV`]YNPRZR[a \S aUR `\b_PR \S T_NcV#
aNaV\[" d\bYQ UNcR a\ OR _RTN_QRQ N` P\ZV[T b[QR_ aUR `NZR PNaR#
T\_f$
FUR YNaaR_ ReNZ]YR V` V[`a_bPaVcR$ 3 ]YN[Ra ZNf OR `NVQ a\ _R`]\[Q
P\[aV[b\b`Yf a\ aUR _RYNaVcRYf PUN[TV[T ]\`VaV\[ \S aUR `b[" N[Q aUR
Pb_cNab_R \S Va` NPabNY ]NaU ZNf OR `NVQ a\ OR N P\Z]_\ZV`R ORadRR[
ad\ P\[SYVPaV[T k`a_VcV[T`"l \[R a\ P\[aV[bR V[ N `a_NVTUa YV[R Of Va`
Z\ZR[abZ" aUR \aUR_ a\ SNYY a\dN_Q aUR `b[ Of Va` T_NcVaf$ 7NPU
SNPa\_ RZO\QVR` Va` \d[ k]b_]\`R"l N[Q VS aUR SV_`a `U\bYQ T_\d
`aRNQVYf `ZNYYR_ aUR _Rc\YbaV\[ \S aUR ]YN[Ra dVYY ORP\ZR N QRP_RN`V[T
`]V_NY V[ dUVPU aUR ZN_TV[ \S kR__\_l dVaU _RTN_Q a\ aUR `RP\[Q k]b_#
]\`Rl dVYY OR ]_\T_R``VcRYf QVZV[V`URQ$ KRa dR d\bYQ [\a `Nf aUNa aUR
]YN[Ra kP\__RPa`l \_ kNQWb`a`l Va` P\b_`R$ FUR _RN`\[ V` aUNa UR_R aUR
PUN[TR` N_R N QV_RPa Sb[PaV\[ \S aUR S\_PR` V[c\YcRQ1 R`]RPVNYYf" aUR
'', $ F :7 B :7@A?7@A@ A8 >;87
R[R_Tf aUNa ]_\cVQR` aUR k`aVZbYb`l aUR k]bYYl \S aUR `b[ V` aUR
`NZR N` aUNa dUVPU RSSRPa` aUR k_R`]\[`R$l ;[ \aUR_ d\_Q`" dR PN[[\a
UR_R RcR[ ZNXR aUR QV`aV[PaV\[" `V[PR NPaV\[ N[Q _RNPaV\[ N_R \[R N[Q
aUR `NZR RcR[a$
3[ N[NY\T\b` `VabNaV\[ d\bYQ \OaNV[ VS aUR a\_]RQ\ NYaR_RQ Va`
P\b_`R Of QV_RPa ZNT[RaVP Naa_NPaV\[ ORadRR[ Va`RYS N[Q aUR aN_TRa$
FUV` d\bYQ PR_aNV[Yf OR k]b_]\`VcRl ORUNcV\_ NPP\_QV[T a\ N[f _RN#
`\[NOYR V[aR_]_RaNaV\[ \S aUR ]_RcV\b` QRSV[VaV\[" dUVPU UN` ORR[
`U\d[ a\ OR d\_aUYR`` V[ N[f PN`R" Oba Va d\bYQ [\a OR kaRYR\Y\TVPNYl
ORUNcV\_ NPP\_QV[T a\ aUR QRSV[VaV\[ dR N_R `\\[ a\ QRNY dVaU$ IUNa
P\[`aVabaR` aUR QVSSR_R[PR V[ aUR ad\ PN`R`" N``bZV[T aUNa ZNT[RaVP
]_V[PV]YR` \]R_NaR V[ O\aU" V` aUNa V[ aUR `RYS#`aRR_V[T a\_]RQ\ aUR
ZNT[RaVP SNPa\_ Q\R` [\a Va`RYS ]_\cVQR aUR @?G6B S\_ aUR NPPRYR_NaV\[
\S aUR R[aVaf dU\`R `aRR_V[T N__N[TRZR[a Va NSSRPa`" N[Q aUR RSSRPa \[
aUR YNaaR_ V` [\a N Sb[PaV\[ \S aUR AE2>D:DI \S aUR ZNT[RaVP S\_PR NPaV[T
\[ Va$ 9VcR[ `bSSVPVR[a `R[`VaVcVaf" aUV` S\_PR ZNf OR N` `ZNYY N` f\b
]YRN`R" N[Q TVcR[ RSSVPVR[a P\b]YV[T N[Q `bSSVPVR[a Z\a\_ _R`\b_PR`" aUR
RSSRPa V[ aR_Z` \S ]\dR_ ZNf OR N` YN_TR N` f\b ]YRN`R$ FUR a\_]RQ\ V`
[\a Naa_NPaRQ Oba V` `aRR_RQ a\dN_Q aUR aN_TRaj V[ _R`]\[`R" a\ OR `b_R"
a\ N[ V[SYbR[PR RZN[NaV[T S_\Z Va" Oba aUV` V[SYbR[PR V` \S aUR \_QR_ \S
kZR``NTRl N[Q [\a \S NPPRYR_NaV\[$ FUb` Va V` aUR QVSSR_R[PR ORadRR[
_RPR]a\_ N[Q RSSRPa\_ RYRZR[a`" N[Q aUR `aRR_V[T \S aUR YNaaR_m` \ba]ba
Of aUR S\_ZR_m` V[]ba" dUVPU PUN_NPaR_VgR aUV` af]R \S NQN]aVcR OR#
UNcV\_$ A[ aUR UbZN[ YRcRY aUV` V` aN[aNZ\b[a a\ `NfV[T aUNa ]b_#
]\`VcR ORUNcV\_ V[c\YcR` ]R_PR]aV\[$
AOcV\b`Yf aUR QVcV`V\[" N[Q Na aUR `NZR aVZR P\[[RPaV\[" ORadRR[
_RPR]a\_ N[Q RSSRPa\_ \_TN[` V` \[R \S aUR R``R[aVNY P\[QVaV\[` \S aUR
S_RRQ\Z \S N[VZNY NPaV\[0 Va ZNXR` @?CC:3<6 NPaV\[ T\cR_[RQ Of ]b_#
]\`R` S\_ aUR T\NY#\OWRPa Zb`a OR ]R_PRVcRQ" N[Q Z\cRZR[a TbVQRQ
Of `bPU ]R_PR]aV\[ OR ]R_S\_ZRQ j ]_\cVQRQ aUR R[aVaf V[ ^bR`aV\[ V`
\[R aUNa PN[ UNcR ]b_]\`R`$ FUV` V[`a_bZR[aNY 4?>5:D:?> S\_ T\NY#
QV_RPaRQ NPaV\[" cVg$ V[ aUR N[VZNY N[NY\Tf " kZ\aVYVaf N[Q `R[#
aVR[PR"l dUVPU V` [\ \aUR_ aUN[ aUR kSRRQONPXl \S aUR P\[a_\Y R[TV#
[RR_`" ]_\cVQR` aUR PfOR_[RaVPVN[ dVaU UV` QRSV[VaV\[ \S kaRYR\Y\TVPNY
ORUNcV\_l Va`RYS0 ORUNcV\_ P\[a_\YYRQ Of [RTNaVcR SRRQONPX$ FUb` Va V`
N `bOQVcV`V\[ \S k]b_]\`VcR ORUNcV\_"l N[Q Va R`PN]R` aUR ZRN[V[T#
YR``[R`` \S aUR TR[R_VP aR_Z aU_\bTU ORV[T aUb` `]RPVSVRQ Of N QRSV[VaR
aRPU[VPNY ]NaaR_[$
5 K47D@7F;5E 3@6 B GDBAE7 0 3 5 D;F;CG7 L ''-
IVaU [RTNaVcR SRRQONPX N[ R[aVafm` Sb[PaV\[ V` P\[a_\YYRQ Of aUR
NZ\b[a \S QV`P_R]N[Pf dUVPU Va `U\d` S_\Z Z\ZR[a a\ Z\ZR[a dVaU
_RSR_R[PR a\ `\ZR QRSV[RQ `aNaR" aUR NZ\b[a ORV[T P\[aV[bNYYf P\Z#
]R[`NaRQ$ FUR ]_\PR`` aUb` N]]RN_` a\ OR T\NY#QV_RPaRQ$ 5N[ Va aUR_R#
S\_R OR PNYYRQ kaRYR\Y\TVPNYl V[ N[f Z\_R _RYRcN[a `R[`R aUN[ aUNa \S N
cR_ONY QRSV[VaV\[j V[ N `R[`R aUNa d\bYQ Wb`aVSf aUR PU\VPR \S aUR [NZR
S_\Z aUR P\[[\aNaV\[` Va UN` ]_V\_ a\ aUR QRSV[VaV\[2 FUR ^bR`aV\[ V`
aN[aNZ\b[a a\ N`XV[T dURaUR_ aUR QVSSR_R[aVN \S kSRRQONPXl PN[ `b]#
]Yf aUR P\[PR]a \S @EB@?C6 dUVPU aUR Y\TVPNY TR[b` SNVYRQ a\ fVRYQ1 aUV`
NTNV[ NZ\b[a` a\ aUR ^bR`aV\[ dURaUR_ aUR aRPU[VPNY 4?>5:D:?> S\_
]b_]\`VcR NPaV\[ PN[ Va`RYS P\[`aVabaR ]b_]\`R1 N[Q aUV`" SV[NYYf" V[#
c\YcR` aUR ^bR`aV\[ dURaUR_ RSSRPa\_ N[Q _RPR]a\_ R^bV]ZR[aj aUNa V`"
Z\aVYVaf N[Q ]R_PR]aV\[ NY\[Rj V` `bSSVPVR[a a\ ZNXR b] Z\aVcNaRQ
N[VZNY ORUNcV\_$

;YY
IVaU aUR`R ^bR`aV\[` V[ ZV[Q YRa b` Y\\X NTNV[ Na aUR aN_TRa#`RRXV[T
a\_]RQ\$ ;a` D6<?C d\bYQ OR `NVQ a\ OR aUR UVaaV[T \S aUR aN_TRa" ORPNb`R
aUV` dVYY OR aUR _R`bYa \S Va` ORUNcV\_ VS `bPPR``SbY" N[Q aUR ORUNcV\_ V`
`NVQ a\ OR ]b_]\`RSbY N[Q aRYR\Y\TVPNY ORPNb`R Va V` `RYS#NQN]aVcR dVaU
_RTN_Q a\ aUV` _R`bYa$ @\aR aUNa V[ aUR aR_Z k`bPPR``SbYl dR UNcR
V[a_\QbPRQ N[ RYRZR[a \S UbZN[ RcNYbNaV\[ V[a\ aUR QR`P_V]aV\[" N[Q
aUNa V[ `NfV[T kNQN]aVcR dVaU _RTN_Q a\ aUR _R`bYal dR UNcR NYY\dRQ
\b_`RYcR` N[\aUR_ N[aU_\]\Z\_]UVP YNaVabQR" `V[PR aUR_R V` [\aUV[T V[
aUR `V[TYR \]R_NaV\[` \S NQN]aNaV\[ aUNa _RYNaR` QV_RPaYf a\ aUR \ba#
P\ZR \S aUR NPaV\[ N` N dU\YR" RcR[ aU\bTU _Ra_\`]RPaVcRYf dR PN[
NQWbQTR aUR `V[TYR NQN]aNaV\[` a\ UNcR P\[a_VObaRQ a\ Va$ 7NPU \S aUR
NQN]aNaV\[` V[ Va`RYS \[Yf _R`a\_R` aUR R^bVYVO_VbZ \S aUR Z\ZR[a"
dUVVU \[ Va` \d[ aR_Z` V` N `RYS#`bSSVPVR[a `VabNaV\[$ ; dVYY [\a ]_R``
aUR`R ]\V[a` UR_R" Oba _NaUR_ N`X dUNa @2BD \S aUR ZRPUN[V`Z RZ#
O\QVR` aUR ]b_]\`VcR[R``$
;a PN[[\a OR aUR ]_\]bY`V\[ R[TV[R" ORPNb`R aUV`j dURaUR_ Va V` N
ONaaR_f#SRQ RYRPa_\Z\a\_" N WRa \_ V[aR_[NY#P\ZOb`aV\[ R[TV[R" \_
dUNaRcR_j `VZ]Yf d\_X` a\dN_Q aUR R^bNYVgNaV\[ \S R[R_Tf YRcRY`"
aUNa V`" Va V` T\cR_[RQ Of aUR YNd \S R[a_\]f$ 4ba `\ a\\ V` aUR `R[`VaVcR
_RPR]a\_" dU\`R NPaV\[ S_\Z Z\ZR[a a\ Z\ZR[a P\[`V`a` V[ aUR
YRcRYV[T#\ba \S N ZNT[RaVP \_ RYRPa_VP ]\aR[aVNY \_ `\ZR \aUR_ V[aR_[NY
''. $ F :7 B :7@A?7@A@ A8 >;87
QV`R^bVYVO_VbZ1 N[Q aUR `NZR V` a_bR S\_ aUR a_N[`ZV``V\[ \S Va` kZR`#
`NTRl aU_\bTU dUNaRcR_ PUN[[RY" N[Q S\_ Va` NZ]YVSVPNaV\[" N[Q S\_ aUR
_RYNf NPaV\[` V[c\YcRQ" N[Q `\ \[" ONPX a\ aUR \]R_NaV\[ \S aUR `aRR_#
V[T QRcVPR N` `bPU$ 7NPU \S aUR`R NPaV\[` _b[` Va` P\b_`R R[aV_RYf V[
aUR a_NPX` \S Va` \d[ ZRPUN[VPNY [RPR``Vafj kOYV[QYf"l N` aUR Re]_R`#
`V\[ V`j N[Q V` N` b[_RYNaRQ a\ aUR ]_RcV\b` N[Q S\YY\dV[T `aR]` V[ Va`
\d[ `R_VR` N` a\ aUR NPaV\[` \S aUR \aUR_ RYRZR[a` V[ aUR `f`aRZ$ @\[R
\S aURZ V` N` `bPU R[TNTRQ V[ aUR NaaNV[ZR[a \S aUR kT\NY"l aUR `\YR
kP\[PR_[l \S RNPU ORV[T aUR NaaNV[ZR[a \S Va` \d[ k]b_]\`Rl V[ aR_Z`
\S R[a_\]f$
FUb` aUR \cR_NYY ]b_]\`R" `V[PR Va Q\R` [\a _R`VQR V[ N[f ]N_a" Zb`a
_R`VQR V[ aUR dU\YR" V[ aUR _RPR]a\_ ]Yb` aUR RSSRPa\_ ]Yb` aUR P\b]YV[T"
N[Q V[ aUR S\_Z \S \_TN[VgNaV\[ \S aUR ZbYaV]YR `f`aRZ$ FUV` V[QRRQ V`
aUR PfORZRaVPNY P\[aR[aV\[" N[Q aUR_RS\_R aUR ^bR`aV\[ ORP\ZR` aUNa
\S dURaUR_ aUR ZRPUN[V`Z :C N kdU\YR"l UNcV[T N[ VQR[aVaf \_ `RYS[R``
aUNa PN[ OR `NVQ a\ OR aUR ORN_R_ \S ]b_]\`R" aUR `bOWRPa \S NPaV\[" N[Q
aUR ZNXR_ \S QRPV`V\[`$
FUNa Va V` [\a PN[ OR `U\d[ Of N `VZ]YR ZR[aNY Re]R_VZR[a$ ;ZNT#
V[R aUR a\_]RQ\" [\a SbYYf ZRPUN[VgRQ" a\ OR ZN[[RQ Of N UbZN[
]VY\aj N[Q \S P\b_`R f\b ZNf VZZRQVNaRYf `bO`aVabaR S\_ aUV` VZNTR
aUR RcR_fQNf ReNZ]YR \S aUR Q_VcR_ V[ UV` PN_$ A[R d\bYQ [\ Z\_R
_RTN_Q aUR a\_]RQ\ ]Yb` aUR `NVY\_" \_ aUR PN_ ]Yb` aUR Q_VcR_" N` N
`V[TYR ]b_]\`VcR R[aVaf aUN[ \[R d\bYQ QRPYN_R aUR Ne a\ ]N_aVPV]NaR V[
aUR ]b_]\`VcR[R`` N[Q aUR aRYR\Y\TVPNY ORUNcV\_ \S aUR YbZOR_WNPX
dU\ `dV[T` Va$ 3[f `N[R ]R_`\[ d\bYQ `Nf aUNa aUR `NVY\_" aUR Q_VcR_"
aUR YbZOR_WNPX" V` aUR ORN_R_ N[Q NTR[a \S ]b_]\`R V[ aUR P\ZOV[N#
aV\[" N[Q b`R` Va` \aUR_ RYRZR[a` a\ UV` ]b_]\`R$ 3[Q aUV` `VabNaV\[ V`
[\a NYaR_RQ Na NYY VS aUR ]VY\a" S\_ ReNZ]YR" UN` [\ SV_`aUN[Q ]R_PR]aV\[
\S aUR T\NY Oba Q\R` UV` `aRR_V[T Of aUR QNaN \S ZRPUN[VPNY _RPR]a\_
QRcVPR` `bPU N` _NQN_$ ;[ aUV` PN`R dR `U\bYQ UNcR ZRPUN[VPNY SRRQ#
ONPX V[]ba N[Q ZRPUN[VPNY R[R_Tf \ba]ba P\b]YRQ Of N UbZN[ YV[X Na
aUR P\[a_\Y ]\V[a" Oba aUV` `aVYY d\bYQ [\a O_V[T aUR ZNPUV[R N W\a
[RN_R_ a\ ZR_TV[T dVaU aUR UbZN[ NTR[a V[a\ \[R ]b_]\`VcR dU\YR$
FUR ZN[ PN[ `aR] \ba \S aUR P\[a_VcN[PR N[Q dNYX NdNf N[Q aNXR aUR
k]b_]\`Rl dVaU UVZ" P\Z]YRaR N[Q b[NO_VQTRQ$
;[ PR_aNV[ PN`R`" aUR_RS\_R" dR 42>! dVaUV[ N[ \cR_dURYZV[TYf
ZRPUN[VPNY `f`aRZ \S V[aR_Y\PXV[T Sb[PaV\[`" V[PYbQV[T RcR[ `R_c\#
5K47D@7F;5E 3@6 B GDBAE7 0 3 5 D;F;CG7 L ''/
ZRPUN[V`Z`" <?42<:J6 @EB@?C6 V[ \[R `V[TYR P\[a_\YYV[T ]N_aj
]_\cVQRQ aUV` ]N_a \_ YV[X V` `bPU N[ R[aVaf N` S\_ Va`RYS 92C ]b_]\`R
N[Q 24DC ?> ]b_]\`R$ 3YY aUR _R`a \S aUR ZNPUV[R_f V` aUR[ `VZ]Yf UV`
a\\Y$ IUf" aUR[" VS dR [\d _R]YNPR aUV` \[R NTR[a Of N ZRPUN[VPNY
YV[X" dUVPU aNXR[ Of Va`RYS UN` [\ ]b_]\`R" `U\bYQ aUR ^bNYVaf \S
]b_]\`VcR[R`` `UVSa S_\Z aUV` Y\Pb` V[ aUR P\[SVTb_NaV\[ N[Q `bQQR[Yf
Re]N[Q \cR_ aUR dU\YR \S aUR `f`aRZ" N[Q aUR S\_ZR_ a\\Y` N``bZR"
a\TRaUR_ dVaU aUR _R]YNPV[T RYRZR[a" aUR PUN_NPaR_V`aVP` \S V[a_V[`VP
]b_]\`RSbY ORUNcV\_2 FUR VQRN V` NO`b_Q$ IR ZNf `Nf" \S P\b_`R" aUNa
aUR dU\YR P\[a_VcN[PR" WbQTRQ S_\Z dVaU\ba" ORUNcR` kN` VSl Va dR_R
]b_]\`RSbY1 \[Yf dR Zb`a VZZRQVNaRYf NQQ kOba dR X[\d ORaaR_$l
IUf Q\ dR X[\d ORaaR_2 F\ N[`dR_ aUV` ^bR`aV\[ YRa b` P\[PR[#
a_NaR S\_ N Z\ZR[a \[ aUR Uf]\aURaVPNY UbZN[ ]VY\a \S aUR aN_TRa#
`RRXV[T a\_]RQ\$ :R PN__VR` \ba PR_aNV[ NPaV\[`" V$R$" UV` YVZO` ]R_S\_Z
PR_aNV[ Z\aV\[`j aU\`R aUNa d\bYQ OR PN__VRQ \ba V[ aUR NYaR_[NaVcR
PN`R Of aUR V[aR_]\YNaRQ ZRPUN[VPNY QRcVPR$ IUf Q\R` UR ]R_S\_Z
aU\`R Z\aV\[` N` N[Q dUR[ UR Q\R`2 FUR PfORZRaVPNY N[`dR_ d\bYQ
OR aUNa UR Q\R` `\ V[ _R`]\[`R a\ PR_aNV[ V[S\_ZNaV\[ S_\Z UV` _RPR]#
a\_`" \_" UR NPa` N` QRaR_ZV[RQ Of aUR YNaaR_j V[ \aUR_ d\_Q`" UR
Sb[PaV\[` N` N SRRQONPX ZRPUN[V`Z UVZ`RYS$
4ba aUV` V` ]NaR[aYf b[a_bR$ 7cR_f\[R V[ UV` _VTUa `R[`R` dVYY `Nf
aUNa aUR ]VY\a \]R_NaR` N PR_aNV[ `dVaPU [\a ORPNb`R UR UN` _RPRVcRQ N
PR_aNV[ `R[`R#ZR``NTR Oba ORPNb`R UR dV`UR` a\ XRR] aUR a\_]RQ\ \[
aUR aN_TRa" N[Q :> D96 <:89D ?7 D9:C @EB@?C6 UR aNXR` aUR \PPb__R[PR \S
PR_aNV[ ]R_PR]aV\[` N` aUR \PPN`V\[ S\_ ]R_S\_ZV[T PR_aNV[ NPaV\[`
P\[QbPVcR a\ aUR R[Q V[ cVRd$ ;a V` aUR ]_V\_ N[Q P\ReaR[`VcR ]b_]\`R
dUVPU ^bNYVSVR` aUR V[P\ZV[T QNaN N` ZR``NTR` VS aURf N_R _RYRcN[a a\
aUR ]b_]\`R$ ;a V` ; dU\ YRa PR_aNV[ kZR``NTR`l P\b[a N` kV[S\_ZN#
aV\["l N[Q N` `bPU ZNXR aURZ V[SYbR[PR Zf NPaV\[$ FUR ZR_R SRRQ#
ONPX S_\Z `R[`R#\_TN[` Q\R` [\a Z\aVcNaR ORUNcV\_1 V[ \aUR_ d\_Q`"
`R[aVR[PR N[Q Z\aVYVaf NY\[R N_R [\a R[\bTU S\_ ]b_]\`VcR NPaV\[j
[\a RcR[ S\_ aUR \_VTV[NY P\[QVaV\[V[T \S _RSYReR` dUVPU" \[PR `Ra b]"
ZNf aUR[ `bO`aVabaR S\_ ]b_]\`VcR NPaV\[$ FUR _RSYRe N_P RZO\QVR` V[
Va` ZRPUN[VgRQ ]NaaR_[ aUR cVaNY ]b_]\`VcR[R`` \_ P\[PR_[ aUNa dR[a
V[a\ aUR ZNXV[T \S Va$ FUR SRRQONPX P\ZOV[NaV\[ \S N _RPR]a\_#RSSRP#
a\_ `f`aRZ dUVPU N[ \_TN[V`Z V[QRRQ V` NZ\[T \aUR_ aUV[T` YR[Q`
Va`RYS a\ ]b_]\`VcR NPaV\[ ]_RPV`RYf VS N[Q dUR[ Va V` >?D N ZR_R SRRQ#
'(& M F :7 B :7@A?7@A@ A8 > ;87
ONPX =6492>:C=j aUNa V`" VS aUR ad\ RYRZR[a` N_R [\a P\b]YRQ QV#
_RPaYf" Oba VS V[aR_]\`RQ ORadRR[ aURZ aUR_R V` dVYY \_ V[aR_R`a \_
P\[PR_[$
FUV` NZ\b[a` ]_RPV`RYf a\ `NfV[T aUNa ]b_]\`VcR ORUNcV\_ _R^bV_R`
aUR ]_R`R[PR \S ]b_]\`R$ FUNa `aNaRZR[a V` [\ ZR_R aNba\Y\Tf" S\_
PfOR_[RaVP` V` N[ NaaRZ]a a\ NPP\b[a S\_ ]b_]\`VcR ORUNcV\_ dVaU\ba
]b_]\`R" Wb`a N` ORUNcV\_V`Z V` N[ NaaRZ]a Na N ]`fPU\Y\Tf dVaU\ba
aUR k]`fPUR"l N[Q ZRPUN[V`aVP OV\Y\Tf N QR`P_V]aV\[ \S \_TN[VP ]_\#
PR``R` dVaU\ba kYVSR$l
;S aUR[ RcR_faUV[T ab_[` \[ ]b_]\`R Va`RYS" YRa b` RfR Z\_R PY\`RYf
aUR ]b_]\`R \S \b_ a\_]RQ\ ]VY\a$ IR `NVQ UR NPa` `\ N[Q `\ ORPNb`R
UR dV`UR` a\ XRR] aUR a\_]RQ\ \[ N PR_aNV[ P\b_`R$ 4ba aUR ZNaaR_
Q\R` [\a R[Q UR_R$ FUV` ORV[T \[Yf aUR Z\`a ]_\eVZNaR ]b_]\`R" dR
VZZRQVNaRYf UNcR a\ N`X dUf UR dV`UR` aUR a\_]RQ\ a\ S\YY\d aUV`
P\b_`R$
A[R N[`dR_ ZVTUa OR aUNa UR dV`UR` aUR a\_]RQ\ SV[NYYf a\ UVa N[Q
`V[X aUR R[RZf P_bV`R_$ 3[Q dUf `U\bYQ UR dV`U aUNa2 FUV` V` NYY aUR
Z\_R _RYRcN[a a\ N`X N` aUR QR`V_RQ `bPPR`` ZNf R[aNVY UV` \d[ QR#
`a_bPaV\[" N[Q dR ZNf P_RQVa aUR NTR[a dVaU N P\[Pb__R[a QR`V_R a\
YVcR$ FUR N[`dR_ ZNf OR aUNa UR dV`UR` Va \ba \S ]Na_V\aVP SR_c\_" \_
S\_ U\[\_ N[Q TY\_f" \_ \ba \S UNaR \_ _RcR[TR" \_ a\ dV[ N ORa" \_ a\
P\ZZVa N `]RPaNPbYN_ `bVPVQR$ 4ba V[ RNPU \S aUR`R PN`R`" \_ V[ N
P\ZOV[NaV\[ \S aURZ" dR NTNV[ UNcR a\ N`X dUf" N[Q aUb` YNb[PU V[a\
N P\[`VQR_NaV\[ \S dUNa aUR dRYSN_R \S UV` [NaV\[" \_ U\[\_ \_ TY\_f \_
_RcR[TR \_ dUNaRcR_" ZRN[` V[ aUR a\aNY aRYR\Y\TVPNY RP\[\Zf \S UV`
]R_`\[$ FUV` V[cR`aVTNaV\[ dVYY YRNQ a\ UV` bYaVZNaR P\[PR_[`" aUR R[Q`
Of dUVPU UR YVcR`" Na YRN`a Na aUR ]_R`R[a Wb[Pab_R$
4ba aUR SV_`a N[`dR_ ZVTUa UNcR ORR[ [\a kORPNb`R UR dV`UR` a\
`V[X aUR P_bV`R_"l Oba kORPNb`R UR UN` ORR[ \_QR_RQ a\ `aRR_ aUR
a\_]RQ\ a\ aUNa RSSRPa"l N[Q aUR[ aUR [Rea ^bR`aV\[ d\bYQ OR kdUf
Q\R` UR ZNXR \ORQVR[PR a\ \_QR_` UV` ]b_]\`R V[ aUV` `R^bR[PR \S
NPaV\[2l :R_R aUR N[`dR_` ZVTUa OR aUNa UR Q\R` `\ \ba \S N `R[`R \S
Qbaf" \_ \ba \S SRN_ \S UV` `b]R_V\_`" \_ a\ dV[ aURV_ N]]_\cNY" \_
ORPNb`R UR dN[a` a\ RN_[ UV` ]Nf" \_ a\ P\[S\_Z a\ N `\PVNY ]NaaR_[$
7NPU \S aUR`R N[`dR_` YRNQ` NTNV[ V[a\ N[ N`PR[QV[T N[Q Re]N[QV[T
`R_VR` \S ZRQVNaR ]b_]\`R` \_ P\[PR_[`" N[Q dUR[ S\YY\dRQ aU_\bTU
dVYY R[Q b] V[ N ]VPab_R \S aUR a\aNY ]b_]\`VcR[R`` \S aUR ZN[$
FUR ]\V[a V` aUNa" U\dRcR_ YVZVaRQ N[Q ]\``VOYf URaR_\[\Z\b` aUR
5 K47D@7F;5E 3@6 B GDBAE7 0 3 5 D;F;CG7 # '('

VZZRQVNaR Z\aVcNaV\[ ZNf OR" Va PN[ ORP\ZR N Z\aVcNaV\[ \[Yf \[


aUR ON`V` \S aUR P\[PRZRQ[R`` \S NYY YVSR dVaU Va`RYS" Va` ]R_S\_ZN[PR"
Va` P\[aR[a$ A[Yf \[ aUV` ON`V` PN[ aUR kSRRQONPXl \]R_NaR V[ aUR
P\[a_\Y \S ]b_]\`VcR NPaV\[$ 7cR[ aUR N]]RNY a\ \ORQVR[PR N[Q aUR
dVQR`a b`R \S UNOVa Zb`a bYaVZNaRYf Q_Nd \[ aUV` Sb[Q \S `]\[aN[RVaf
N[Q V[aR_R`a$
4ba \b_ `RP\[Q `Ra \S Uf]\aURaVPNY N[`dR_` V` V[`a_bPaVcR V[ N Sb_aUR_
_R`]RPa$ IR N``bZRQ aUNa aUR ]b_]\`R \[PR _RZ\cRQ S_\Z aUR VZZR#
QVNaR ]b_]\`R \S kXRR]V[T \[ aUR aN_TRal dN` kPN__fV[T \ba \_QR_`$l
3YaU\bTU aUV`" N` dR UNcR `RR[" dVYY Va`RYS SNYY V[a\ aUR ]NaaR_[ \S aUR
NTR[am` \d[ \cR_NYY ]b_]\`VcR[R``" Va ]\V[a` NY`\ a\ `\ZRO\Qf RY`Rm`
]b_]\`R" dUVPU aUR NTR[a PN[ OR `NVQ a\ OR PN__fV[T \ba dVaU UV`
NPaV\[$ FUV` [RRQ [\a ZRN[ aUNa UR UN` ZNQR aUR P\ZZN[QR_m` ]b_#
]\`R UV` \d[" Oba UR PR_aNV[Yf UN` ZNQR Va` ReRPbaV\[" N` SN_ N`
R[a_b`aRQ a\ UVZ" UV` ]_R`R[a ]b_]\`R" N[Q aUV` S\_ ]b_]\`R` \S UV`
\d[" N` dR \O`R_cRQ ORS\_R$
8_\Z aUR ]\V[a \S cVRd \S aUR P\ZZN[QR_" U\dRcR_" aUR`R ]b_#
]\`R` \S aUR ]VY\a Q\ [\a ZNaaR_ Na NYY$ 3YY UR V` V[aR_R`aRQ V[ V` aUNa UR
PN[ _RN`\[NOYf _RYf \[ aUR NTR[a a\ ReRPbaR UV` \_QR_`" S\_ dUNaRcR_
_RN`\[`" `\ aUNa V[ UV` \d[ ]_NTZNaVP NPP\b[a UR PN[ `bO`aVabaR S\_
aU\`R _RN`\[` UV` \d[ \_QR_` N` aUR `\YR RSSRPaVcR QRaR_ZV[NaV\[ \S aUR
\aUR_m` ORUNcV\_$ :R PN[ Q\ `\" \S P\b_`R" \[Yf VS UR X[\d` aUNa aUR
NTR[am` \d[ ]b_]\`VcR[R`` V[PYbQR` aUR NPPR]aV[T \S \_QR_` S_\Z UVZ
j N[Q \S `bPU \_QR_` N` aUR \[R TVcR[$ 4ba \[PR aUV` P\[QVaV\[ V`
\O`R_cRQ" N` Va dVYY OR Of N[f V[aRYYVTR[a P\ZZN[QR_" UR ZNf V[QRRQ
S\_TRa NO\ba aUR \aUR_m` Z\aVcR`$ :R aUR[ PN[ dVaU `\ZR _VTUa P\[#
`VQR_ UV` `bO\_QV[NaR S\_ aUR Qb_NaV\[ \S aUR NPaV\[ a\ UNcR NOQVPNaRQ
UV` k]R_`\[l" dVaU aUR `]\[aN[RVaf \S Va` \d[ ]b_]\`VcR[R``j N[Q a\
aUNa ReaR[a a\ UNcR" V[ RSSRPa" 364?=6 =6492>:J65 \[R \S aUR NVZ` \S
ZVYVaN_f a_NV[V[T" NSaR_ NYY $ ;[ \aUR_ d\_Q`" aUR P\ZZN[QR_ PN[ _R#
TN_Q aUR ]VY\a Qb_V[T UV` ZV``V\[ N` UV` _\O\a" UV` a\\Y$
ERR[ V[ aUV` dNf aUR ]VY\a V[QRRQ ZR_TR` dVaU aUR a\_]RQ\ V[a\ \[R
V[`a_bZR[aNY R[aVaf" N[Q aUR dU\YR _R]_R`R[a` N `R_c\ZRPUN[V`Z$ 4ba
aUV` ZRN[` Wb`a aUNa aUR P\ZOV[NaV\[ `\ P\[`VQR_RQ V` 56F?:5j V[ SNPa"
92C 366> F?:565j \S :>DB:>C:4 ]b_]\`RSbY[R`` N[Q ZR_RYf PN__VR` aUR
]b_]\`R \S Va` b`R_ \S dUVPU RcR[ aUR UbZN[ P\#NTR[a UN` ORP\ZR N
ZR_R ReRPbaVcR$ 3[Q aUV` V` aUR cR_f PN`R \S aUR ]VY\aYR``" k`RYS#`aRR_#
V[Tl a\_]RQ\$ FUR UbZN[ ]VY\a 42> OR _R]YNPRQ Of N ZRPUN[VPNY
'(( $ F :7 B :7@A?7@A@ A8 >;87
QRcVPR ]_RPV`RYf ORPNb`R UV` \d[ V[a_V[`VP ]b_]\`VcR[R`` UN` ORR[
c\VQRQ N[fdNf N[Q Q\R` ]_NPaVPNYYf [\a P\b[a V[ aUV` P\[aRea1 dUNa
P\b[a` V` \[Yf aUR ]b_]\`R \S aUR P\ZZN[QR_ dU\" Of aUR k_RZ\aR
P\[a_\Yl \S UV` \_QR_`" \_ Of aUR V[`a_bPaV\[` kSRQ V[l Na aUR \ba`Ra"
\]R_NaR` aUR kZNPUV[Rlj ]_\]bY`V\[ R[TV[R" ]VY\a" N[Q NYY$
FUb` aUR_R V` V[QRRQ N `R[`R V[ dUVPU dR PN[ `Nf aUNa N ]b_]\`VcR
NPaV\[ V` ORV[T ]R_S\_ZRQ Of aUR dU\YR P\Z]YRe" dURaUR_ dVaU \_
dVaU\ba N UbZN[ ]VY\a V[ Va` P\ZOV[NaV\[$ IR `aVYY _RZNV[ V[ NT_RR#
ZR[a dVaU aUR `aNaRQ NeV\Z aUNa ]b_]\`VcR ORUNcV\_ _R^bV_R` aUR ]_R`#
R[PR \S ]b_]\`R" VS aUR ]b_]\`R UR_R ]_R`R[a V` b[QR_`a\\Q a\ OR aUNa
\S aUR P\ZZN[QR_" aUNa V`" N ]b_]\`R 6HDB:>C:4 a\ aUR `f`aRZ$ ;[ aUR
NO`R[PR \S aUNa" aUR ZRPUN[V`Z" RcR[ dVaU VQR[aVPNY NPaV\[" ORP\ZR`
]b_]\`RYR`` \[ aUV` YRcRY \S P\[`VQR_NaV\[j aU\bTU Of ORV[T NPaVcR Va
V[RcVaNOYf ]R_S\_Z` aUR k]b_]\`Rl V[a_V[`VP a\ NYY ZRPUN[VPNY NPaV\["
aUR NaaNV[ZR[a \S R[a_\]f1 \_" VS Va V[PYbQR` N UbZN[ RYRZR[a" aUV` dVYY
N``R_a Va` \d[ ]b_]\`VcR[R`` N[Q ]R_UN]` `aRR_ aUR ZNPUV[R N[Q
Va`RYS a\ `NSRaf$;H

;H
FUR V_\[f aUNa `PVR[aV`a`" S\_ `\ Y\[T aUR cR_f NOWb_\_` \S N[aU_\#
]\Z\_]UV`Z N` aUR `V[ \S `V[`" N_R [\d aUR Z\`a YVOR_NY V[ R[Q\dV[T
ZNPUV[R` dVaU ZN[YVXR SRNab_R`" V` \[Yf QVZZRQ Of aUR SNPa aUNa aUR
_RNY V[aR[a \S aUR YVOR_NYVaf V` a\ N]]_\]_VNaR aUR Q\[\_" ZN[" NYY aUR
Z\_R `RPb_RYf a\ aUR _RNYZ \S aUR ZNPUV[R$ FUR ZV__\_V[T#ONPX aNXR`
]YNPR b[QR_ aUR P\cR_ \S [NZR`$ ;[ aR_Z` \S ZR_R `RZN[aVP` dR ZNf
`Nf aUNa aUR dU\YR PfORZRaVPNY Q\Pa_V[R \S aRYR\Y\TVPNY ORUNcV\_ V`
_RQbPVOYR a\ N P\[Sb`V\[ \S k`R_cV[T N ]b_]\`Rl dVaU kUNcV[T ]b_#
]\`Rl 1 N[Q Z\_R `]RPVSVPNYYf a\ aUR P\[Sb`V\[ \S kPN__fV[T \ba N
]b_]\`Rl dVaU UNcV[T ]b_]\`R$ A[R [Nab_NYYf aR[Q` a\ `Nf aUNa a\
PN__f \ba N ]b_]\`R \[R Zb`a UNcR Va1 N[Q aUR[" aUNa \[R Zb`a UNcR Va
G9:<6 PN__fV[T Va \ba1 N[Q aUR[" aUNa \[R Zb`a XRR] Va ORS\_R UVZ`RYS
V[ aUR PN__fV[T#\ba$ FUV` PN[ OR Oba [RRQ [\a OR aUR PN`R" RcR[ dUR[ ;
NZ Zf \d[ ReRPbaVcR NTR[a$ :NcV[T \[PR S\_ZRQ Zf ]b_]\`R N[Q
NQ\]aRQ N `aN[QN_Q P\b_`R \S NPaV\[ N]]_\]_VNaR a\ Va" ; PN[ ab_[
Zf`RYS V[a\ N XV[Q \S Nba\ZNa\[ N[Q T\ aU_\bTU aUR _R^bV_RQ `aR]`
_\baV[RYf N[Q V[`\SN_ kOYV[QYflj [\a dVaU _R`]RPa a\ aURV_ VZZRQVNaR
\OWRPa` Oba dVaU _R`]RPa a\ aURV_ \cR_NYY T\NY1 \_ ; ZNf YRNcR aUR
5 K47D@7F;5E 3@6 B GDBAE7 0 3 5 D;F;CG7 L '()
ReRPbaV\[" dU\YR \_ ]N_PRYRQ \ba" a\ \aUR_` dU\ ZNf OR R[aV_RYf
VT[\_N[a \S aUR ]b_]\`R aU\bTU RNPU X[\dV[T UV` N``VT[RQ \OWRPa
N[Q ]R_UN]`" Oba [\a [RPR``N_VYf dUVYR Q\V[T Va" UV` \d[ ]b_]\`R V[
Q\V[T kN` a\YQl 0 aURf N_R RcR[ Z\_R kT\NY#OYV[Q"l N[Q `b_RYf aURV_
T\NY` N_R V__RYRcN[a a\ ZV[R N` ZV[R V` a\ aURV_`1 \_ ; PN[ RcR[ _RQbPR
aUR `aR]` a\ `bPU ]_VZVaVcR RYRZR[a` aUNa ; PN[ QV`]R[`R dVaU UbZN[
NTR[a` NYa\TRaUR_$ ;a V` ]_RPV`RYf aUV` QV``\PVNOVYVaf \S ]b_]\`R N[Q
ReRPbaV\[ dUVPU ]R_ZVa` b` a\ QRYRTNaR aUR YNaaR_ `\ ReaR[`VcRYf N[Q
QV`a_VObaVcRYf a\ \aUR_`" a\ dU\YR PUNV[` \S `bONTR[a`" N[Q RcR[ a\
ZNPUV[R`$ FUR ZN[VSR`a \_TN[VgNaV\[ \S `bPU N[ NPaV\[ P\[aRea S\_ N
]b_]\`R" N[Q Va` NPabNYYf _RNYVgV[T Va V[ Va` \baP\ZR" UNcR [\aUV[T a\
`Nf NO\ba aUR ]_R`R[PR \_ NO`R[PR \S ]b_]\`R NZ\[T Va` ZRZOR_` \_
V[ aUR `f`aRZ N` N dU\YR" U\dRcR_ ]R_`bN`VcR aUR ORUNcV\_NY N[NY\Tf
ZNf OR S\_ ZVeV[T aR_Z` N[Q ZNXV[T aUR VZ]baNaV\[$ 3[Q `\ N[
V[QbOVaNOYR P\[aRea \S kT\NY#QV_RPaRQl NPaV\[ [RRQ [\a V[ aUR YRN`a
ZRN[ aUNa aUR NTR[Pf Va`RYS \_ N[f ]N_a \S Va UN` aU\`R T\NY` \_ N[f
T\NY` Na NYY$ FUR RcVQR[PR S\_ D9:C V` [\a aUR ZR_R ]R_S\_ZN[PR" N[Q
RcR[ YR`` aUR S\_ZNY N]]YVPNOVYVaf \S [NZR`$j EVZVYN_ P\[`VQR_NaV\[`
d\bYQ N]]Yf" =ED2D:C =ED2>5:C! a\ aUR PfOR_[RaVP P\[PR]a` \S kV[S\_#
ZNaV\[l N[Q k_RN`\[V[T"l dUR_R `VZVYN_ VZ]baNaV\[` \PPb_ b[QR_ aUR
`]RYY \S S\_ZNYVgRQ aR_Z`$ 4ba `RZN[aVP P\[Sb`V\[ Q\R` [\a Re]YNV[
aUR ]UR[\ZR[\[1 Va `R_cR` \[Yf a\ QVNT[\`R Va$
IR P\ZR [RN_R_ a\ N[ b[QR_`aN[QV[T VS dR _RNYVgR aUNa aUR PfOR_#
[RaVPVN[ Y\\X` Na UV` \OWRPa` V[ N aUR\_RaVPNY `VabNaV\[ `\ZRdUNa YVXR
aUR ]_NPaVPNY `VabNaV\[ V[ dUVPU \b_ P\ZZN[QR_ Y\\X` Na UV` `bO\_#
QV[NaRj aUNa V`" N `VabNaV\[ V[ dUVPU V[QRRQ aUR QV`aV[PaV\[ ORadRR[
ZN[ N[Q ZNPUV[R V` V__RYRcN[a N[Q aUR ad\ ORP\ZR V[aR_PUN[TRNOYR$
4ba aUR P\ZZN[QR_" NYaU\bTU V[ UV` UN[QYV[T \S aUR `VabNaV\[ UR aNXR`
aUR `bO\_QV[NaR N` N _\O\a" Q\R` [\a aNXR UVZ`RYS a\ OR \[Rj N[Q aUV`
V[ `]VaR \S UV` ORV[T dRYY NdN_R aUNa V[ aUR NPaV\[ P\[aRea \S UV`
`b]R_V\_` UR V[ ab_[ V` a\ aURZ N _\O\a" V[`a_bZR[aNY a\ aURV_ ]b_]\`R`
j N[Q `\ \[$ :V` X[\dYRQTR aUNa UR V` aUb` cVRdRQ S_\Z dVaU\ba" N[Q
aUNa UR V` NYdNf` PN]NOYR \S ORV[T aUb` cVRdRQ" Q\R` [\a PN`a Q\bOa \[
aUR X[\dYRQTR UR UN` \S UVZ`RYS S_\Z dVaUV[$ DRSYRPaV[T \[ aUV`" VS UR
UN` aUR aVZR" UR dVYY N]]Yf aUR `NZR P\[`VQR_NaV\[ a\ UV` `bO\_QV[NaR
N[Q T_N[a UVZ aUNa UR V`" \S P\b_`R" [\a _RNYYf N _\O\a$
;a V` aUV` _RSYRPaV\[ dUVPU aUR PfOR_[RaVPVN[ SNVY` a\ ]R_S\_Z$ :R
UVZ`RYS Q\R` [\a P\ZR b[QR_ aUR aR_Z` \S UV` Q\Pa_V[R$ :R P\[`VQR_`
'(* M F :7 B :7@A?7@A@ A8 >;87
ORUNcV\_" RePR]a UV` \d[1 ]b_]\`VcR[R``" RePR]a UV` \d[1 aUV[XV[T"
RePR]a UV` \d[$ :R cVRd` S_\Z dVaU\ba" dVaUU\YQV[T S_\Z UV` \OWRPa`
aUR ]_VcVYRTR` \S UV` \d[ _RSYRPaVcR ]\`VaV\[$ ;S N`XRQ dUf UR RZO_NPR`
PfOR_[RaVP`" UR d\bYQ S\_ \[PR N[`dR_ [\a V[ PfOR_[RaVPNY aR_Z` \S
SRRQONPX" PV_PbYN_ Y\\]`" N[Q Nba\ZNaVP P\[a_\Y" Oba V[ aR_Z` YVXR
aUR`R0 kORPNb`R ; aUV[X Va a\ OR a_bR" N[Q ; NZ V[aR_R`aRQ V[ a_baUl 1 \_
kORPNb`R ; aUV[X Va a\ OR b`RSbY S\_ `bPU N[Q `bPU R[Q`" N[Q ; NZ
V[aR_R`aRQ V[ aU\`R R[Q`l 1 \_ kORPNb`R Va V` aUR _V`V[T SN`UV\[" N[Q ;
YVXR a\ XRR] b] dVaU aUR aVZR`l 1 \_ dUNaRcR_ RY`R ZNf OR a_baUSbYYf \_
b[a_baUSbYYf N[`dR_RQ V[ `bPU PN`R`$
4ba VS N`XRQ dUf N T_\b] \S ]R_`\[` \aUR_ aUN[ UVZ`RYS \_TN[VgR N
P\[SR_R[PR \[ PfOR_[RaVP`" UR ZVTUa N[`dR_ aUNa aUR_R N_R kZN[f
_RTR[R_NaVcR Y\\]`l V[ aUR `V[TYR [R_c\b` `f`aRZ` dUVPU" V[ aURV_ PV_#
PbYN_ ]NaU`" ]R_]RabNaR `VT[NY` N` kb[VcR_`NY`"l N[Q aUNa kOf W\V[V[T
aUR`R Y\\]` b[VcR_`NY` PN[ OR _RYNaRQl N[Q kaUR_ROf aUR ]\`abYNaR` \S
N[f $ $ $ aUR\_f $ $ $ P\[`a_bPaRQl1 N[Q aUNa VS `bPU N k_RYNaRQ `f`aRZ \S
VZ]bY`R` V[ _RcR_OR_NaV[T PV_PbVa` $ $ $ TRa` V[a\ N [R_c\b` `f`aRZ `\ N`
a\ QRSV[R aUR S\_Z \S Va` NPaVcVaf LVa ZNfM QRaR_ZV[R aUR ]NaaR_[ \S
SV_V[T \S Z\a\_ [Rb_\[`" N[Q `\ YVaR_NYYf" PNb`NYYf N[Q [Rb_\Y\TVPNYYf
QRaR_ZV[R N[ \cR_a" \OWRPaVcR" `\PVNY N[Q V[`aVabaV\[NY SNPa$l( @\aUV[T
P\bYQ OR Z\_R QRcN`aNaV[T S\_ aUV` NPP\b[a \S aUR\_f#S\_ZV[T aUN[ a\
OR S\b[Q `RYS#VYYb`a_NaVcR$ B_\SR``\_ @\_aU_\] d\bYQ OR Wb`aYf V[QVT#
[N[a dR_R ; a\ `bTTR`a aUNa aUV` aUR\_f \S UV` UN` [\ \aUR_ Y\TVPNY
`aNab` aUN[ aUNa QR_VcNOYR S_\Z aUR XV[Q \S TR[R`V` Va QR`P_VOR`1 N[Q
dR_R ;" V[ UV` \d[ PN`R" a\ `bO`aVabaR aUR ]_\PR`` aUR_R ]_\]\b[QRQ
S\_ UV` `RRXV[T NSaR_ N[Q P\[S\_ZV[T a\ a_baU$
IR N_R UR_R" N` V[ `\ ZN[f \aUR_ PN`R`" V[ aUR ]_R`R[PR \S dUNa ;
d\bYQ PNYY `]YVa#]R_`\[NYVaf aUR\_VgV[Tj N ]UR[\ZR[\[ b[Nc\VQNOYR"
N[Q a\ aUNa ReaR[a RePb`NOYR" V[ `\ZR \S aUR `]RPVNY `PVR[PR`" Oba
V[NQZV``VOYR N[Q SNaNY V[ ]UVY\`\]Uf" N[Q UN_QYf YR`` `\ V[ aU\`R
`PVR[PR` aUNa V[PYbQR ZN[ NZ\[T aURV_ \OWRPa`$ +> 23CDB24D? aUR OR#
UNcV\_V`a Zb`a P\b[a UVZ`RYS NZ\[T aUR \OWRPa` \S UV` ZRaU\Q$ 4ba :>

($ F\ ^b\aR 8$ E$ 5$ @\_aU_\]" kFUR @Rb_\Y\TVPNY N[Q 4RUNcV\_V`aVP


B`fPU\Y\TVPNY 4N`V` \S aUR A_QR_V[T \S E\PVRaf Of ?RN[` \S ;QRN`"l V[
14:6>46! H\Y$ '&- 3]_VY ()" '/*. " ]]$ *'' SS$ ;a V` NTNV[`a ]UVY\`\]UVPNY
a_N[`SR_R[PR` \S aUV` XV[Q \S dUVPU aUV` V` ZR_RYf \[R ReNZ]YR " ZbPU
Z\_R aUN[ NTNV[`a aUR `]RPVNYV`aVP d\_X \S aUR PfOR_[RaVPVN[` ]_\]R_" aUNa
aUR ]_R`R[a P_VaVPV`Z V` QV_RPaRQ$
5K47D@7F;5E 3@6 B GDBAE70 3 5 D;F;CG7 L '(+
4?>4B6D? UR Zb`a ZNXR aUR VZ]YVPVa _R`R_cNaV\[ \S `RYS#ReRZ]aV\[" Na
YRN`a dVaU _RTN_Q a\ UV` _RN`\[V[T V[ `b]]\_a \S aUR ORUNcV\_V`aVP
aUR`V`" S\_ aUR `NXR \S Va` PYNVZ a\ cNYVQVaf$ 8b_aUR_Z\_R" Re]RPaV[T UV`
N_TbZR[a a\ OR RcNYbNaRQ \[ Va` ZR_Va`" UR Zb`a NY`\ ReRZ]a aU\`R a\
dU\`R WbQTZR[a Va V` NQQ_R``RQ V[ `PVR[aVSVP QV`P\b_`R" dUVYR Na aUR
`NZR aVZR P\[`VQR_V[T aURZ N` V[`aN[PR` \S aU\`R k\aUR_ aUN[ Zf`RYSl
a\ dU\Z aUR ZRaU\Q `U\bYQ N]]Yf$ 3[Q UR UVZ`RYS V` ORV[T P\[`VQ#
R_RQ Of aURZ dVaU aUR `NZR Qb]YVPVafj V[`VQR N[Q \ba`VQR aUR QV`#
P\b_`R$ ;S UR _RSYRPa` `bSSVPVR[aYf UR ZNf RcR[ OR NdN_R \S NYY aUV`$ FUR
`NZR [RPR``N_f Qb]YVPVaf \OaNV[` V[ aUR PN`R \S aUR ZNaR_VNYV`aVP OV\Y#
\TV`a" aUR `NZR V[ aUR PN`R \S aUR PfOR_[RaVPVN[$ ERR 3]]R[QVe a\ aUV`
7``Nf$
FUR`R PN`R` [RRQ [\a a\\ ZbPU QV`ab_O b`" `V[PR aUR `]RPVNY `PV#
R[PR`" NSaR_ NYY" N_R P\[PR_[RQ [\a dVaU aUR dU\YR Oba dVaU V`\YNaRQ
N`]RPa` dUVPU aURf aNPXYR V[ aURV_ aR_Z` Na aUR QRPYN_RQ P\`a \S b[Vaf$
4ba dUNa N_R dR a\ `Nf \S ]UVY\`\]UR_` dU\" aNXV[T aURV_ PbR S_\Z
\[R \_ N[\aUR_ \S aUR `]RPVNY `PVR[PR`" PN`a aURZ`RYcR` dVaU aUR NON[#
Q\[ \S `RYS#NO[RTNaV\[ V[a\ aUR QV`Nc\dNY \S aUR 68? 4?8:D2>C%
FUV` V` N `bOWRPa a\\ dVQR a\ O_\NPU UR_R" `NQYf N` Va [RRQ` O_\NPU#
V[T$ 4ba V[ aUR ]_R`R[a PN`R PfOR_[RaVP` PN[[\a OR R[aV_RYf NO`\YcRQ
S_\Z TbVYa$ ;a V` [\a aUR V[[\PR[a `]RPVNY `PVR[PR dUVPU `RQbPR` `b`#
PR]aVOYR ]UVY\`\]Uf Of Va` ]N``VcR ORNbaf0 S_\Z Va` V[PR]aV\[ Va UN`
ORR[ \ba a\ PN]ab_R UR_$ 8_\Z Va` V[PR]aV\[ Va UN` ]_RaR[QRQ a\ aUR
`aNab` \S N b[VSVRQ aUR\_f \S ZRPUN[V`Z" \_TN[V`Z" aUR [R_c\b` `f`#
aRZ" `\PVRaf" PbYab_R" N[Q ZV[Q1 N[Q Of Va` `bTTR`aVcR RZ]Y\fZR[a \S
aUR aR_Z` ORUNcV\_" ]b_]\`R" T\NY" V[S\_ZNaV\[" ZRZ\_f" QRPV`V\["
YRN_[V[T" V[VaVNaVcR" cNYbR" N[Q aU\bTUa Va UN` `\ V[SYNaRQ Va` V[VaVNYYf
Z\QR`a QRSV[VaV\[` aUNa aURV_ _R`bYaV[T b`R NZ\b[a` a\ UN_QYf Z\_R
aUN[ cR_ONY a_VPXR_f$H

;[ P\[PYb`V\[" N[Q S\_ N[ \O`R_cNaV\[ a_N[`PR[QV[T aUR ZR_R [RTN#


aVcR P_VaVPV`Z dVaU dUVPU aUV` R``Nf UN` UNQ a\ OR SVYYRQ" YRa ZR `V[TYR
\ba \[R YRcRYj aUR OV\Y\TVPNYjS_\Z NYY aUR YRcRY` \S _RNYVaf a\ dUVPU
PfOR_[RaVP` N]]YVR` Va`RYS$ G[aVY P\__RPaRQ \[ aUV` ]\V[a Of Z\_R P\Z#
]RaR[a Re]R_a`" aUV` YNfZN[ V` _RNQf a\ P\[PRQR aUNa aUR `R[`\_#
RSSRPa\_ P\ZOV[NaV\[ V[ N[VZNY` Q\R` V[ PR_aNV[ _R`]RPa` _R]_R`R[a N
'(, $ F :7 B :7@A?7@A@ A8 >;87
SRRQONPX ]NaaR_[ N[Q" a\ aUR ReaR[a aUNa Va Q\R`" P\[S\_Z` a\ aUR
Z\QRY Rc\YcRQ Of PfOR_[RaVP`$ IUR_R" aUR[" Q\R` aUNa Z\QRY SNYY
`U\_a2
FUR N[`dR_ PN[ OR P\Z]_R``RQ V[a\ \[R `aNaRZR[a0 YVcV[T aUV[T`
N_R P_RNab_R` \S [RRQ$ A[Yf YVcV[T aUV[T` UNcR [RRQ` N[Q NPa \[ [RRQ`$
@RRQ V` ON`RQ O\aU \[ aUR [RPR``Vaf S\_ aUR P\[aV[b\b` `RYS#_R[RdNY \S
aUR \_TN[V`Z Of aUR ZRaNO\YVP ]_\PR``" N[Q \[ aUR \_TN[V`Zm` RYR#
ZR[aNY b_TR aUb` ]_RPN_V\b`Yf a\ P\[aV[bR Va`RYS$ FUV` ON`VP `RYS#
P\[PR_[ \S NYY YVSR" V[ dUVPU [RPR``Vaf N[Q dVYY N_R O\b[Q a\TRaUR_"
ZN[VSR`a` Va`RYS \[ aUR YRcRY \S N[VZNYVaf N` N]]RaVaR" SRN_" N[Q NYY aUR
_R`a \S aUR RZ\aV\[`$ FUR ]N[T \S Ub[TR_" aUR ]N``V\[ \S aUR PUN`R"
aUR Sb_f \S P\ZONa" aUR N[TbV`U \S SYVTUa" aUR Yb_R \S Y\cRj aUR`R"
N[Q [\a aUR QNaN a_N[`ZVaaRQ Of aUR _RPR]a\_`" VZObR \OWRPa` dVaU aUR
PUN_NPaR_ \S T\NY`" [RTNaVcR \_ ]\`VaVcR" N[Q ZNXR ORUNcV\_ ]b_#
]\`VcR$ FUR ZR_R RYRZR[a \S RSS\_a YVSa` O\QVYf NPaVcVaf \ba \S aUR PYN``
\S ZRPUN[VPNY ]R_S\_ZN[PR" N[Q aUR SNPa aUNa Z\cRZR[a _R^bV_R`
RSS\_a ZRN[` aUNa N[ N[VZNY dVYY Z\cR \[Yf b[QR_ aUR V[PR[aVcR \S N[
V[aR_R`a$
FUR PfOR_[RaVPNY Z\QRY _RQbPR` N[VZNY [Nab_R a\ aUR ad\ aR_Z` \S
`R[aVR[PR N[Q Z\aVYVaf" dUVYR V[ SNPa Va V` P\[`aVabaRQ Of aUR a_VNQ \S
]R_PR]aV\[" Z\aVYVaf" N[Q RZ\aV\[$ 7Z\aV\[" Z\_R ON`VP aUN[ aUR ad\
Va OV[Q` a\TRaUR_" V` aUR N[VZNY a_N[`YNaV\[ \S aUR Sb[QNZR[aNY Q_VcR
dUVPU" RcR[ \[ aUR b[QVSSR_R[aVNaRQ ]_RN[VZNY YRcRY" \]R_NaR` V[ aUR
PRN`RYR`` PN__fV[T#\[ \S aUR ZRaNO\YV`Z$ 3 SRRQONPX ZRPUN[V`Z ZNf
OR T\V[T" \_ ZNf OR Na _R`a0 V[ RVaUR_ `aNaR aUR ZNPUV[R ReV`a`$ FUR
\_TN[V`Z UN` a\ XRR] T\V[T" ORPNb`R a\ OR T\V[T V` Va` cR_f ReV`aR[PR
jdUVPU V` _Rc\PNOYRj N[Q" aU_RNaR[RQ dVaU ReaV[PaV\[" Va V` P\[#
PR_[RQ V[ ReV`aV[T$ FUR_R V` [\ N[NY\TbR V[ aUR ZNPUV[R a\ aUR V[`aV[Pa
\S `RYS#]_R`R_cNaV\[j \[Yf a\ aUR YNaaR_m` N[aVaUR`V`" aUR SV[NY R[a_\]f
\S QRNaU$
3PP\_QV[T a\ PfOR_[RaVP`" `\PVRaf V` N P\ZZb[VPNaV\[ [Rad\_X S\_
aUR a_N[`ZVaaV[T" RePUN[TV[T" N[Q ]\\YV[T \S V[S\_ZNaV\[" N[Q Va V`
aUV` aUNa U\YQ` Va a\TRaUR_$ @\ RZ]aVR_ [\aV\[ \S `\PVRaf UN` RcR_ ORR[
]_\]\b[QRQ$ @\aUV[T V` `NVQ \[ dUNa aUR V[S\_ZNaV\[ V` NO\ba" N[Q
dUf Va `U\bYQ OR _RYRcN[a a\ UNcR Va$ FUR `PURZR NYY\d` [\ _\\Z S\_
`bPU N ^bR`aV\[ RcR[ a\ OR _NV`RQ$ 3[f aUR\_f \S ZN[m` `\PVNOVYVaf"
U\dRcR_ P_bQR \_ QV`a\_aRQ" aUNa aNXR` V[a\ NPP\b[a UV` ORV[T N P_RN#
ab_R \S [RRQ N[Q QR`V_R" N[Q aUNa Y\\X` S\_ aUR cVaNY P\[PR_[` dUVPU
5 K47D@7F;5E 3@6 B GDBAE7 0 3 5 D;F;CG7 L '(-
O_V[T ZR[ a\TRaUR_" V` Z\_R a\ aUR ]\V[a$ 9_VZ \YQ :\OOR` `U\dRQ
UVZ`RYS V[SV[VaRYf ORaaR_ V[S\_ZRQ aUN[ aUR V[S\_ZNaV\[ `]RPVNYV`a`
dUR[ UR P\[aR[QRQ aUNa SRN_ \S cV\YR[a QRNaU N[Q aUR [RRQ S\_ ]RNPR
O_\bTUa ZR[ V[a\ aUR P\cR[N[a \S P\ZZ\[dRNYaU N[Q P\[aV[bR a\
U\YQ aUR O\Qf ]\YVaVP a\TRaUR_$ A[R#`VQRQ N` UV` Q\Pa_V[R ZNf OR" Va
V` cNYVQ V[ aUNa Va N`P_VOR` ZN[m` NPaV\[ a\ N `a_VcV[T NSaR_ `\ZR T\\Q"
RcR[ VS aUV` OR aUR ZR_R ]_R`R_cNaV\[ \S YVSRj [Nf" RcR[ VS Va OR aUR
ZR_R Nc\VQN[PR \S `b]_RZR RcVY$ IVaU\ba aUR P\[PR]a \S T\\Q" \[R
PN[[\a RcR[ ORTV[ a\ N]]_\NPU aUR `bOWRPa \S ORUNcV\_$ IURaUR_ V[QV#
cVQbNY \_ `\PVNY" V[aR[aV\[NY NPaV\[ V` QV_RPaRQ a\dN_Q N T\\Q$ 3PP\_Q#
V[T a\ `\ZR" aUR `PNYR \S YR``R_ N[Q T_RNaR_ T\\Q` aUNa PN[ ORP\ZR aUR
\OWRPa` \S QR`V_R" N[Q aUb` Z\aVcNaR ORUNcV\_" PbYZV[NaR` V[ N UVTUR`a
T\\Q" aUR CE==E= 3?>E=# ;[ aUR PN`R \S ZN[ aUV` ZNf dRYY OR" V[ N
`R[`R cR_f QVSSR_R[a S_\Z aUNa \S PfOR_[RaVP`" :>"7?B=2D:?>#

3 BB7@6;J ]$ '(+
,2D6B:2<:C=! (6D6B=:>:C=! 2>5 D96 ,:>5
6N_dV[V`a`" ORUNcV\_V`a`" PfOR_[RaVPVN[`" NQ\]a V[ RSSRPa aUR 5N_aR`VN[
]\`VaV\[ dVaU\ba Va` ZRaN]UfPVNY PN_T\$ ?R[aNY Naa_VObaR` N_R [\a QR[VRQ V[
aURZ`RYcR`" ZR_RYf XR]a \ba \S aUR ]Uf`VPNY _RP\_Q$ ;[ aUR 6N_dV[VN[
cVRd" R$T$" `bPU Naa_VObaR` ZNf OR NZ\[T aUR k`]\_a`l aU_\d[ b] V[ aUR
ZRPUN[VP` \S \_TN[VP ZbaNaV\[" Oba \[Yf aURV_ ORUNcV\_NY N`]RPa P\b[a` V[
aUR ZRPUN[VP` \S `RYRPaV\[" cVg$" Of Va` QVSSR_R[aVNY `b_cVcNY cNYbR" N[Q aUV`
N`]RPa NY\[R V[ Va` TVcR[ \badN_Q[R`` V` a_RNaRQ Of `PVR[PR$ F\ `aNaR aUR
cVRd Z\_R TR[R_NYYf0 PR_aNV[ N[VZNY NPaV\[` ZNf OR" N[Q ]_\ONOYf N_R"
NPP\Z]N[VRQ Of `aNaR` \S NdN_R[R``" Oba aUR`R N_R `PVR[aVSVPNYYf V__RYRcN[a
b[QR_ aUR NeV\Z aUNa ReaR_[NY NPaV\[` PN[ OR Re]YNV[RQ \[ ReaR_[NY" V$R$"
]Uf`VPNY aR_Z` NY\[R$ ;S aUR PUNV[ \S `R[`\_f RePVaNaV\[" NSSR_R[a [R_cR#
P\[QbPaV\[" PR[a_NY `f[N]`R`" RSSR_R[a P\[QbPaV\[" Zb`PbYN_ RePVaNaV\["
PN[ OR P\[`a_bPaRQ V[ Va` b[O_\XR[ `R^bR[PR" aUR_R V` [RVaUR_ [RRQ [\_
_\\Z S\_ aUR V[aR_]\YNaV\[ \S aUR ZR[aNY N[fdUR_R N` N <:>; V[ aUR PUNV["
NYaU\bTU Va` `RP\[QN_f \PPb__R[PR `\ZRUdR_R kNY\[Tl aUR PUNV[ V`
T_N[aRQ$ DRQb[QN[a V[ aUR Qf[NZVP NPP\b[a N[Q [\a RcR[ N[ \O`R_cNaV\[NY
QNabZ" Va Q\R` [\a R[aR_ aUR b[VcR_`R \S `PVR[aVSVP QR`P_V]aV\[$ 4f aUV`
RP\[\Zf ORUNcV\_V`Z P\[a_VcR` a\ R[W\f aUR NQcN[aNTR` \S aUR 5N_aR`VN[
]\`VaV\[ dVaU\ba V[Pb__V[T aUR QV`NQcN[aNTR` \S Va` QbNYV`Z$ KRa aUR VZ#
]YVRQ Q\Pa_V[R \S aUR PNb`NY _RQb[QN[Pf \S ZV[Q V` Va`RYS N =6D2@9IC:42<
@?C:D:?> dUVPU ORUNcV\_V`Z PN[[\a QV`\d[$
FUR ZRaN]Uf`VPNY ]\`VaV\[ V` aUNa \S ZNaR_VNYV`Z" dUVPU N` N TR[R_NY
'(. M F :7 B :7@A?7@A@ A8 >;87
Q\Pa_V[R \S ORV[T UN` a\ SNPR aUR ZRaN]Uf`VPNY V``bR V[c\YcRQ V[ P\[`PV\b`
YVSR$ ;a Q\R` `\ dVaU aUR TR[R_NY S\_ZbYN aUNa dUNa N]]RN_` N` kZV[Ql V` N
Sb[PaV\[ \S O\Qf" N[Q dU\YYf b[VYNaR_NYYf `\" V$R$" dVaU [\ _RPV]_\PVaf$
7cVQR[aYf aUR S\_ZbYN V` [\a N PNb`NY \[R Of aUR `aN[QN_Q` \S ZNaR_VNYV`Z
Va`RYSjV[ SNPa Va Q\R` [\a SVa Na NYY V[a\ aUR TR[R_NY `PURZR \S ^bN[aVaNaVcR
P\__RYNaV\[ \S PNb`R N[Q RSSRPa$ ;a V` 25 9?4 QR`VT[RQ a\ `bVa aUR V[aR_R`a` \S
`PVR[PR" [NZRYf" a\ _RaNV[ S\_ `PVR[PR aUR ZRaU\Q\Y\TVPNY OR[RSVa` dUVPU
aUR ]_RPRQV[T QbNYV`aVP QVcV`V\[ UNQ `RPb_RQ dVaU aUR PNb`NY PY\`b_R \S aUR
ZNaR_VNY _RNYZ" N[Q Na aUR `NZR aVZR a\ ZNXR aUR ZV[Q#TR[R_NaV[T _\YR
[\d N``VT[RQ a\ ZNaaR_ `\ ]R_V]UR_NY S\_ ZNaaR_ Va`RYS aUNa Va` S\_ZR_
P\[PR]a V` YRSa ]_NPaVPNYYf b[VZ]NV_RQ$ FUV` aRPU[VPNY ]b_]\`R V` `R_cRQ Of
aUR aUR\_f \S ZV[Q N` N[ kR]V]UR[\ZR[\["l V$R$" Va` ORV[T N Of]YNf \S
]N_aVPbYN_ ZNaR_VNY ]_\PR``R` V[ ]N_aVPbYN_ ZNaR_VNY `f`aRZ` O_NV[` "
dUVPU `f`aRZ` ORUNcR V[ aU\`R ]_\PR``R` R[aV_RYf V[ NPP\_QN[PR dVaU aUR
QRaR_ZV[V`aVP YNd` \S ZNaaR_$
FUR _RYRcN[a N`]RPa \S kR]V]UR[\ZR[NYV`Zl YVR` V[ Va` VZ]YVRQ [RTNaVcR
`aNaRZR[a`$ ;a` \cR_a" NSSV_ZNaVcR aUR`V`" aUNa ZNaaR_ V` _R`]\[`VOYR S\_
ZV[Q" V` ]_\SSR_RQ dVaU\ba N[f NaaRZ]a a\ `U\d U\d `bPU N ]R_S\_ZN[PR
PN[ OR _RYNaRQ a\ aUR X[\d[ ]_\]R_aVR` \S ZNaaR_$' ;a V` [\aUV[T Z\_R aUN[
N[ N``R_aV\[ \S aUR \PPbYa$ 4ba [RTNaVcRYf aUR P\[PR]a \S aUR R]V]UR[\ZR#
[\[ Q\R` `Nf `\ZRaUV[T Z\_R$ ;a V` ZRN[a a\ QR[\aR N[ RSSRPa dUVPU"
b[YVXR NYY \aUR_ RSSRPa` V[ [Nab_R" Q\R` [\a P\[`bZR aUR R[R_Tf \S Va`
PNb`R1 Va V` [\a N a_N[`S\_ZNaV\[ N[Q P\[aV[bNaV\[ \S `bPU R[R_Tf" N[Q
aUR_RS\_R" NTNV[ b[YVXR NYY \aUR_ RSSRPa`" Va PN[[\a ORP\ZR N PNb`R Va`RYS$ ;a
V` ]\dR_YR`` V[ aUR NO`\YbaR `R[`R" N QRNQ#R[Q NYYRf \SS aUR UVTUdNf \S
PNb`NYVaf" ]N`a dUVPU aUR a_NSSVP \S PNb`R N[Q RSSRPa _\YY` N` VS Va dR_R [\a
aUR_R Na NYY$ 7cR[ a\ PNYY ZV[Q N[ kV_VQR`PR[PRl \[ aUR ZNaR_VNY `bO`a_NabZ
d\bYQ OR a\\ ZbPU" `V[PR V[ RePUN[TR S\_ aUR N]]RN_N[PR \S N[ V_VQR`#
PR[PR V[ aUR ]Uf`VPNY `R[`R `\ZR ^bN[aVaf ]_R`R[a V[ aUR ]_RPRQV[T ]Uf`V#
PNY a_N[`NPaV\[ dVYY UNcR QV`N]]RN_RQ" N[Q NTNV[ N[\aUR_ dVYY _R]YNPR Va \[
Va` QV`N]]RN_V[T V[ ab_[ N[Q aUR`R `bPPR``VcR _R]YNPRZR[a` dVYY OR S\b[Q
a\ OR ^bN[aVaNaVcRYf R^bVcNYR[a " dUR_RN` [\ R^bVcNYR[a V` QRRZRQ ZV``V[T
S_\Z aUR ZNaR_VNY NPP\b[a dVaU aUR N]]RN_N[PR \S aUR R]V]UR[\ZR[\[$
FUb` aUR PY\`RQ `f`aRZ \S ZNaR_VNY PNb`NYVaf V` `NSRTbN_QRQ N` RSSRPaVcRYf
N` V[ 5N_aR`VN[ QbNYV`Z" N[Q fRa ZV[Q UN` ORR[ ZNQR" Of aUR `a_NaRTRZ \S
b[VYNaR_NY QR]R[QR[PR" N ]N_a \S aUNa [Nab_R dUVPU PN[[\a a\YR_NaR Va`
V[aR_SR_R[PR$ 4ba R]V]UR[\ZR[NYV`Z Va`RYS" N]N_a S_\Z aUR T_N[QV\`R ]\V[a#
'$ 7$ 6b 4\V`#DRfZ\[Q V[PYbQRQ aUV` ]_\OYRZ NZ\[T aU\`R \[ dUVPU
UR ]_\[\b[PRQ UV` SNZ\b` K:8>?B23:=ECL .36B 5:6 *B6>J6> 56B
-2DEB6B;6>>D>:C! '.-( $ 3YaU\bTU Na aUR aVZR Va ]_\c\XRQ cV\YR[a ]_\#
aR`a`" Z\`a aU\bTUaSbY `PVR[aV`a` a\QNf dVYY ]_\ONOYf `UN_R UV` cVRd$
? 3F7D;3>;E?" 6 7F7D?;@;E? " 3@6 F:7 ? ;@6 L '(/
YR``[R`` V[ dUVPU [Nab_R d\bYQ UNcR V[QbYTRQ dVaU aUR Ybeb_f \S P\[#
`PV\b`[R``" V[c\YcR` QVSSVPbYaVR` N[Q RcR[ NO`b_QVaVR` dUVPU `RRZ a\\ URNcf
N ]_VPR S\_ aUR `PVR[aVSVP P\[cR[VR[PR S\_ dU\`R `NXR Va dN` QRcV`RQ$
A[R ]\V[a RN`VYf \cR_Y\\XRQ V` aUNa N kZNaaR_l PNYYRQ b]\[ a\ NPP\b[a
S\_ `]V_Va V` [\ Y\[TR_ aUR `NZR ZNaaR_ aUNa `PVR[PR a\\X \cR_ V[ aUR
QbNYV`aVP Re]b_TNaV\[$ ?NaR_VNYV`Z V[UR_VaRQ aUR R`aNaR \S QbNYV`Z dVaU\ba
ORV[T SbYYf NdN_R aUNa aUR YRSa#\cR_ a\ dUVPU Va `bPPRRQRQ PN__VRQ N[
\OYVTNaV\[ dUVPU Va P\bYQ [RcR_ U\]R a\ QV`PUN_TR S_\Z Va` \d[ _R`\b_PR`0
aUR \OYVTNaV\[ a\ `b]]\_a aUR\_RaVPNYYf aU\`R ]UR[\ZR[N a\\ aUNa UNQ
S\_ZR_Yf ORR[ aNXR[ PN_R \S Of aUR cN[V`URQ UNYS \S QbNYV`Zm` R`aNaR$ FUV`
aN`X UNQ V[R`PN]NOYf QRc\YcRQ b]\[ ZNaR_VNYV`Z \[PR Va R`aNOYV`URQ Va`RYS"
\[ Va` ]N_a#Q\ZNV[" N` N `RYS#`bSSVPVR[a Z\[V`Z$ ;a` OR^bR`a dN` aUR `RP_Ra
_RcR[TR S\_ \[R \S aUR T_RNaR`a b`b_]NaV\[` V[ aUR UV`a\_f \S aU\bTUa$
3PabNYYf" ZNaR_VNYV`Z PN[[\a" Of aUR YNd \S Va` OV_aU" RcR_ NaaNV[ a\ aUR
YRTVaVZNaR `aNab` \S Z\[V`Z$ 8\_ Va _R]_R`R[a` Oba \[R `VQR" aNXR[ V[
V`\YNaV\[" \S N QbNYV`Z dUVPU UNQ SV_`a a\_[ N`b[QR_ N[ RN_YVR_ b[Vaf$
?NaR_VNYV`Z P\[aV[bR` <?8:42<<I a\ ]_R`b]]\`R a_N[`PR[QR[aNY QbNYV`Z" S\_
\[Yf Of UNcV[T b[Nc\dRQYf V[ aUR ONPXT_\b[Q aUR k\aUR_ d\_YQl \S QbNY#
V`Z PN[ ZNaR_VNYV`Z :> :DC ?G> 7:6<5 NSS\_Q a\ QV`_RTN_Q aUR `]V_VabNY
RcVQR[PR N[Q a\ V[aR_]_Ra _RNYVaf" N` SN_ N` Va QRNY` dVaU Va" V[ aR_Z` \S ]b_R
ZNaaR_$ BYNV[ ZNaR_VNYV`Z" aUR_RS\_R" YVcRQ Of aUV` VZ]YVRQ PN__f#\cR_ S_\Z
QbNYV`Z" N[Q Va` YRN`R \[ YVSR Re]V_RQ dVaU aUR _R[\b[PV[T \S aUR `]V_VabNY
P\Z]YRZR[a0 QR]_VcRQ \S aUR QbNYV`aVP `URYaR_" Y\[R`\ZR kZNaaR_l Zb`a
[\d NPP\b[a S\_ ZV[Q N[Q aUR_ROf Y\`R` aUR b[NZOVT\b` [Nab_R \S kZR_R
ZNaaR_l N` \[PR P\[PRVcRQ$ ;[ \aUR_ d\_Q`" Va` P\[PR]a V`" Of aUV` cR_f
QRZN[Q b]\[ Va" NY_RNQf _RNO`\_ORQ V[a\ N P\[PR]a \S `bO`aN[PR aUNa
a_N[`PR[Q` aUR N`]RPa dUVPU ZNaR_VNYV`Z V`\YNaRQ b[QR_ aUR [NZR \S ZNa#
aR_1 N[Q aUV` V[ RSSRPa _R\]R[` aUR V``bR \S \[a\Y\Tf dUVPU ZNaR_VNYV`Z
PYNVZ` a\ UNcR `RaaYRQ$ FUR TYVO S\_ZbYN \S R]V]UR[\ZR[NYV`Z ORa_Nf` aUV`
cR_f SNPa Of a_fV[T a\ UVQR Va$
3]N_a S_\Z aUR \[a\Y\TVPNY QVSSVPbYaf" aUR_R V` N Y\TVPNY NO`b_QVaf V[#
c\YcRQ V[ R]V]UR[\ZR[NYV`Z V[ aUNa Va QR[VR` Va`RYS aUR `aNab` \S N[ N_Tb#
ZR[a Of QR]_VcV[T N[f N_TbZR[a \S aUNa `aNab`$ FUR ]_R`R[a N_TbZR[a" [\
YR`` aUN[ aUNa NTNV[`a dUVPU Va N_TbR`" V` Of aUV` cVRd aUR R]V]UR[\ZR[\[
\S ]Uf`VPNY \PPb__R[PR` QRaR_ZV[RQ Of [RPR``VaVR` \S `R^bR[PR R[aV_RYf
S\_RVT[ a\ kZRN[V[Tl N[Q ka_baU$l FUR \[Yf ]\``VOYR _RSR_R[PR dUVPU aUR
R]V]UR[\ZR[\[ ZNf UNcR a\ a_baU V` aUR NPPVQR[aNY NT_RRZR[a \S Va`
`fZO\Y` dVaU SNPa` \aUR_ aUN[ aUR PR_RO_NY SNPa` PN__fV[T Va" Oba aUR_R V` [\
dNf \[ aUR ]N_a \S aU\`R R[TNTRQ V[ aUR N_TbZR[a" ZN_V\[RaaR` N` aURf N_R
a\ aU\`R [RPR``VaVR`" a\ RcNYbNaR aUR V``bR \[ Va` ZR_Va`" N[Q aUR_ROf a\
QRPVQR ORadRR[ ad\ NYaR_[NaVcR`" R^bNY N` aURf N_R V[ aUR SNPabNYVaf \S aURV_
')& M F :7 B :7@A?7@A@ A8 >;87
]Uf`VPNY \PPb__R[PR$ FUb` ZNaR_VNYV`a Z\[V`Z" dUVYR R[`b_V[T a\ aUR B6C
6HD6>C2 aUR ZRaU\Q\Y\TVPNY SVa[R`` S\_ `PVR[PR Va UNQ NP^bV_RQ V[ 5N_aR`VN[
QbNYV`Z" Nc\VQ` aUR YNaaR_m` ]`fPU\]Uf`VPNY VZ]N``R \[Yf Na aUR ]_VPR \S
QR`a_\fV[T N[f ]\``VOYR b[QR_`aN[QV[T \S ZV[Q" RcR[ Of QR`a_\fV[T aUR
cR_f VQRN \S ZV[Q1 N[Q Na aUR `NZR aVZR" N` dR UNcR `RR[" Va NQbYaR_NaR`
aUR PYRN[ P\[PR]a \S ZNaaR_ Of PUN_TV[T Va dVaU N[ \PPbYa SNPbYaf" aUNa \S
TR[R_NaV[T aUR kR]V]UR[\ZR[\[$l
4ba YRa b` P\[PRQR Na YRN`a \[R cV_abR \S kR]V]UR[\ZR[NYV`Zl0 Va Q\R`
NdNf dVaU aUR ]_R]\`aR_\b` P\[PR]a \S V[a_N#ZR[aNY QRaR_ZV[V`Z N[Q ]ba`
QRaR_ZV[V`Z ONPX dUR_R Va ORY\[T`" V$R$" dUR_R NY\[R Va ZNXR` `R[`RjV[
aUR _RNYZ \S ZNaaR_$ 8\_ aUR PNb`NY ]_V[PV]YR b[QR_YfV[T `PVR[aVSVP QRaR_#
ZV[V`Z V` Of [\ ZRN[` `NaV`SVRQ dVaU aUR a_VaR ]_\]\`VaV\[ aUNa RcR_f RcR[a
UN` Va` PNb`R N[Q V[ ab_[ PNb`R` `\ZRaUV[T RY`R dUVPU `VZ]Yf ZRN[` aUNa
aUR ReV`aR[PR \_ UN]]R[V[T \S N[faUV[T ZNXR` N QVSSR_R[PR a\ dUNa P\ZR`
[Rea" \_0 aUNa ]_R`R[PR N[Q NO`R[PR \S R[aVaVR` N_R P\[`R^bR[aVNY S\_ aUR
]_\T_R`` \S RcR[a " Oba V[ NQQVaV\[ a\ aUR ]_V[PV]YR \S k`bSSVPVR[a _RN`\[l Va
_R^bV_R` aUR ]_V[PV]YR \S k^bN[aVaNaVcR R^bVcNYR[PRl ORadRR[ PNb`R N[Q
RSSRPa" dUVPU V[ ab_[ _R^bV_R` N``VT[NOVYVaf \S ^bN[aVaf a\ QRSV[RQ VaRZ`"
dUVPU V[ ab_[ _R^bV_R` ZRN`b_NOVYVafjN[Q aUV` _R^bV_R` N dU\YR `Ra \S
Sb_aUR_ P\[QVaV\[`0 aUNa aUR VaRZ` N_R `RcR_NYYf VQR[aVSVNOYR" dVaU N `R]N#
_NaR VQR[aVaf a\ RNPU aU_\bTU aVZR1 dUVPU _R^bV_R` aUNa aURf N_R V`\YNOYR
N[Q RNPU QV`aV[TbV`UNOYR S_\Z Va` P\[aRZ]\_N_VR`1 dUVPU _R^bV_R` aUNa
aURf N_R ReaR_[NY a\ RNPU \aUR_jN[Q aUV` aURf PN[ OR \[Yf VS QV`a_VObaRQ V[
N[ ReaR[QRQ P\[aV[bbZ dVaU `VZbYaN[R\b` QVZR[`V\[` aUNa ]_\cVQR S\_
QV`P_RaR Y\PNaV\[ ZbYaV]YR P\#]_R`R[PR N` dRYY N` S\_ ZNT[VabQR a\ OR
ZRN`b_RQ1 N[Q aUR ReaR[`V\[ Zb`a OR U\Z\TR[R\b` S\_ ZRN`b_RZR[a a\
OR b[VS\_Z" N[Q a_N[`SR_ \S Y\PNaV\[ Zb`a ]R_ZVa a_NPRNOYR V[aR_`RPaV\[` \S
]NaU`$ ;[ `U\_a0 C@246! dUVPU NY\[R SbYSVYY` aUR`R _R^bV_RZR[a`" V` aUR
V[QV`]R[`NOYR P\[QVaV\[ S\_ cR_VSVNOYR" V$R$" P\Z]baNaV\[NY" PNb`NY YNd
dU\`R aR`a V` ]_RQVPaV\[ 1 N[Q N]N_a S_\Z aUV` P\[QVaV\[" aUR ]_V[PV]YR \S
k`bSSVPVR[a _RN`\[l UN` N QVSSR_R[a ZRN[V[T NYa\TRaUR_ dUVPU \SSR_` [\ U\YQ
S\_ aUR P\[`a_bPaV\[ \S N QRaR_ZV[V`aVP `PURZR N[Q [\ RcVQR[aVNY QNaN S\_
Va` cR_VSVPNaV\[$ 3 [\[P\ZZVaaNY OYN[X S\_Z \S QRaR_ZV[V`Z PN[" \S
P\b_`R" NYdNf` OR URYQ Of dNf \S ZRaN]Uf`VPNY P\[cVPaV\[" \_ _RYVTV\b`
SNVaU" \_ TR[R_NY Z\\Q" \_ ]YNV[ `b]R_`aVaV\[$
KRa aUR dVYY#\m#aUR#dV`] \S N C4:6>46 \S V[a_NZR[aNY QRaR_ZV[V`Z UN`
ORR[ PUN`RQ RcR_ `V[PR aUR `PVR[aVSVP VQRN \S PNb`NY _bYR ORTN[ a\ OR`a_VQR
aUR `aNTR \S X[\dYRQTR$ 8_\Z aUR ORTV[[V[T Va dN` [Nab_NY S\_ aUR =2D9"
6=2D:42< VQRNY \S X[\dYRQTR" \[PR 6R`PN_aR` UNQ ]_\Z\aRQ Va a\ N b[VcR_#
`NY [\_Z" a\ b_TR Va` \d[ N]]YVPNaV\[ a\ RcR_f SVRYQ \S \OWRPa`" aUR_RS\_R
NY`\ a\ \OWRPa` \S aUR V[aR_[NY `R[`RjaU\bTU Of _VTUa` aUR QbNYV`aVP QVcV#
? NaR_VNYV`Z " 6RaR_Z V[V`Z " N[Q aU R ?V[Q L')'
`V\[ d\bYQ ReRZ]a aUR ZNaURZNaVPVN[ UVZ`RYS" N` N ZV[Q N[Q aUb` [\a N
B6C 6HD6>C2! S_\Z aUR PYNVZ \S UV` ZRaU\Q$ 4ba 5N_aR`VN[ QbNYV`Z" b[YVXR
N[f ]_RcV\b` QbNYV`Z" V[a_V[`VPNYYf aR[QRQ a\ SVa N[Q a\ `R_cR aUR PNb`R \S
aUR B6C 6HD6>C2 Z\_R aUN[ aUNa \S aUR B6C 4?8:D2>C! N[Q aUR_R dN` [\
]N_aVPbYN_ _R`V`aN[PR NTNV[`a aUR S\_ZR_m` V[cNQV[T aUR YNaaR_ dVaU Va`
`aN[QN_Q` \S X[\dYRQTR VS aUR `bPPR`` \S ZNaURZNaVPNY ZRaU\Q ]_\ZV`RQ
a\ _R]RNa Va`RYS aUR_R$ 6R`PN_aR` UNQ URYQ \ba aUNa ]_\ZV`R" Oba `\ZR
V[`aV[Pa \_ ]_bQR[PR _R`a_NV[RQ UVZ S_\Z ]baaV[T Va a\ aUR aR`a$ :V`
/2CC:?>C 56 +M5=6 V` N[faUV[T Oba N ZNaURZNaVP` \S aUR `\bY$ E]V[\gNm`
dN` aUR \[Yf _NQVPNY NaaRZ]a V[ aUNa QV_RPaV\[" N[Q UR_R aUR \OcV\b`
V[P\[T_bVaf \S aUR =?B6 86?=6DB:4? ZRaU\Q dN` R[\bTU a\ _RSR_ ZNaUR#
ZNaVP` ONPX a\ Va` P\T[NaR SVRYQ \S \OWRPa`0 aUR NaaRZ]a dN` [\a _R]RNaRQ$
4ba VS [\a ZNaURZNaVP`" Na YRN`a aUR 42EC2< ]_V[PV]YR `RRZRQ a\ N]]Yf a\
]`fPU\Y\TVPNY [\ YR`` aUN[ a\ ]Uf`VPNY `R^bR[PR`" S\_ aUR PNb`R#RSSRPa
_RYNaV\[ T\V[T Of aUR ZR_R QRSV[VaV\[ \S aUR P\[PR]a` `RRZ` ]_VZN SNPVR
\[Yf a\ QR`P_VOR N aVZR `R^bR[PR N[Q [\a Of Va`RYS a\ V[c\YcR `]NPR$ IUf"
aUR[" `U\bYQ [\a aUR aVZR `R^bR[PR` \S aUR V[[R_ d\_YQ" ]_\cVQRQ aURf
UNcR aURV_ ?G> Qf[NZVP` N[Q Q\ [\a `VZ]Yf _RSYRPa aU\`R \S N[\aUR_ SVRYQ"
NY`\ P\[S\_Z a\ aUR b[VcR_`NY _bYR2 3[Q QRaR_ZV[NaV\[ V[ SNPa" \S P\b_`R"
_R[QR_` Va` `bOWRPa QRaR_ZV[NOYR V[ X[\dYRQTR$ FUb` aUR_R `U\bYQ OR ]\`#
`VOYR N[ kN[NYfaVP`l SNPa\_ N[NYf`V` \S V[[R_ ]UR[\ZR[N N[NY\T\b` a\
aUNa \S O\QVR`" N[Q RcR[abNYYf N TR[R_NY Qf[NZVP` \S aUR ZR[aNY SVRYQ
fVRYQV[T N ]_RQVPaVcR PNYPbYb`jV[ Va` ]NaaR_[ \S N[aRPRQR[a N[Q P\[`R^bR[a
[\ YR`` RePYb`VcR \S kSV[NY PNb`R`l aUN[ aUNa \OaNV[V[T V[ aUR aVZR QVZR[#
`V\[ \S ReaR_[NY V[abVaV\[$
;a V` N aR`aVZ\[f a\ aUR V__NaV\[NY S\_PR \S _NaV\[NY SNVaU aUNa [\ NZ\b[a
\S SNVYb_R a\ ReRPbaR aUV` ]_\T_NZ UN` RcR_ QV`P\b_NTRQ Va` QRc\aRR`$ IUNa
V` aURV_ PYNVZ2 E\ZRaUV[T YVXR aUV`$ 9VcR[ R$T$ N [bZOR_ \S kZ\aVcR`l 3"
4" 5 $ $ $ Na aVZR a " aUR k`a_\[TR`al dVYY QRPVQR dUNa aUR ]R_`\[ dVYY QRPVQR
Na a($ ;a V` N ^bR`aV\[ \S QRaNVY dURaUR_ kaUR `a_\[TR`al ?>6! Of N[ RVaUR_#
\_ _bYR" RZR_TR` N` aUR `\YR QRaR_ZV[N[a" \_ dURaUR_ 2<< \S aURZ P\[a_VObaR
N` kP\Z]\[R[a`l a\ aUR R[`bV[T k_R`bYaN[al NPP\_QV[T a\ aURV_ _RYNaVcR
`a_R[TaU`" \_ dURaUR_j`\ZRdUR_R V[#ORadRR[jN ]_R]\[QR_N[a N[Q Sb`V#
OYR P\ZOV[NaV\[ PN__VR` aUR QNf$ k?\aVcRl P\Z]_V`R` dUNaRcR_ V` N SNPa\_
V[ aUR `VabNaV\[0 VZZRQVNaR RZ\aV\[NY Q_VcR`" `U\_a N[Q Y\[T aR_Z Re]RPaN#
aV\[`" _NaV\[NY RcNYbNaV\[`" ORYVRS`" `\PVNY V[Q\Pa_V[NaV\[" QV`]\`VaV\[`"
UNOVa`" ZRZ\_VR`" Z\\Q` $ $ $ @\d U\d Q\ ; ZRN`b_R" VaRZ Of VaRZ" aUR
NO`\YbaR N[Q _RYNaVcR kS\_PRl \S aUR`R2 3[`dR_0 Of aUR \baP\ZR$ 1:>46
`bPU N[Q `bPU V` aUR ZR[aNY `aNaR [\d" Z\aVcR 3 \_ P\ZOV[NaV\[ 3#h#4
$ $ $ =ECD 92F6 366> aUR `a_\[TR`a" S\_ G9I 6<C6 `U\bYQ `VabNaV\[ ai UNcR
_R`\YcRQ Va`RYS N` S\b[Q Na a(2 FUV` PV_PbYN_ N_TbZR[a" dUVPU NSS\_Q`
')( M F :7 B :7@A?7@A@ A8 >;87
a_VbZ]UN[a F2D:4:>:2 6H 6F6>DE! V` V[ aUR YN`a N[NYf`V` aUR dU\YR Y\TVPNY
N_`R[NY \S ]`fPU\Y\TVPNY QRaR_ZV[V`Z" dUVPU N``VT[` ^bN[aVaNaVcR cNYbR` V[
_Ra_\`]RPa$ 3 Z\aVcR V` k\cR_dURYZV[T"l [\a ORPNb`R Va ]_RQVPaNOYf G:<<
\cR_dURYZ Va` _VcNY` Of N ZRN`b_NOYR RePR`` \S S\_PR" Oba ORPNb`R Va PN[
OR QR]VPaRQ" V[ aUR YVTUa \S N `bO`R^bR[a `aNaR" N` 92F:>8 \cR_dURYZRQ
aURZ0 ; _RNYYf `]RNX \S aUV` YNaR_ `aNaR dUR[ ; R[Q\d dUNa ]_RcNVY` aUR_R
dVaU N ZNT[VabQR V[ kVa`l ]N`a aUNa d\bYQ NPP\b[a S\_ Va` ]_RcNVYV[T
[\dj N ]`RbQ\#Re]YN[NaV\[ VS RcR_ aUR_R dN` \[R$ 8\_ aUR_R V` [\ _RcR_`NY
\S aUR dNf" cVg$" V[QR]R[QR[a N[Q `R]N_NaR ZRN`b_RZR[a SV_`a" P\[SV_ZN#
aV\[ \S aUR ]_RQVPaVcR PNYPbYb` YNaR_$ FUb` aUR Z\QRY \S S\_PR` N[Q _RYNaVcR
ZNT[VabQR` V` UR_R [\a N d\_XV[T a\\Y Oba N ]V\b` \_ ]_R`aVTV\b` \_[N#
ZR[a$
;[ NYY aUR`R RSS\_a`" b[QR_aNXR[ b[QR_ aUR Uf][\aV`Z \S [Nab_NY `PVR[PR"
Va dN` `a_N[TRYf \cR_Y\\XRQ aUNa N` V[QVPNaRQ ORS\_R aUR `PVR[aVSVP P\[#
PR]a \S PNb`NYVaf V` V[`R]N_NOYf O\b[Q b] dVaU `]NaVNYVaf0 V[ `]NPR" R[aVaVR`
N_R V`\YNOYR1 Of _RSR_R[PR a\ Va` P\\_QV[NaR` aURf PN[ OR ZRN`b_RQ N[Q
]\`VaV\[NYYf VQR[aVSVRQ1 Of ZRN[` \S aUV` _RSR_R[PR" cRY\PVaf N[Q NPPRYR_N#
aV\[ PN[ OR QRaR_ZV[RQ" N[Q V[ aUV` dNf kRSSRPal PN[ OR AE2>D:D2D:F6<I
P\__RYNaRQ dVaU kPNb`R$l 3 TR\ZRa_VPNY VYYb`a_NaV\[ V` aUR ]N_NYYRY\T_NZ \S
S\_PR`" dU\`R P\[`a_bPaV\[ _R^bV_R` N ZV[VZbZ [bZOR_ \S QVZR[`V\[`j
[\ YR`` aUN[ ad\" OR`VQR` aVZR$ FUb` dUR[ aUR PNb`NY `PURZR V` a_N[`#
SR__RQ a\ aUR kV[[R_ d\_YQ"l aUR `VZ]YR SNPa V` \cR_Y\\XRQ aUNa aUR VQRN \S
RSSVPVR[a PNb`NaV\[ V[ Va` ^bN[aVaNaVcR N`]RPa dUVPU V` aUR QRPV`VcR \[R
_RSR_` a\ P\[QVaV\[` \S _R]_R`R[aNaV\[ N[Q cR_VSVPNaV\[ aUNa \OaNV[ V[ aUR
B6C 6HD6>C2 \[Yf" N[Q V` aUR_RS\_R [\a _RNYYf QV``\PVNOYR S_\Z aUR ]\``V#
OVYVaf \S ZNaURZNaVPNY N[NYf`V`$ ;a ZNXR` `R[`R \[Yf dUR_R Z\aV\[ V[
`]NPR V` V[c\YcRQ$( kFVZRl NY\[R" aUR S\_Z \S \_QR_ \S aUR V[aR_[NY ZN[V#
($ 3 PUN_NPaR_V`aVP SNPa V` aUR dNcR_V[T \S =N[a V[ aUV` ZNaaR_$ A[ aUR
\[R UN[Q" UR dN` NdN_R" V[QRRQ RZ]UN`VgRQ" aUNa a\ N]]Yf aUR PNaRT\_VR`
NZ\[T aURZ kPNb`R#RSSRPal a\ \OWRPa` kdR [RRQ ?ED6B V[abVaV\[`l 2EC#
C6B6 &>C492EE>86> " V$R$" `]NPR0 'B:D:AE6 ?7 /EB6 062C?>! ([Q RQ$" ]]$
(/' SS$ KRa V[ aUR FUV_Q 3[aV[\Zf N[Q Va` `\YbaV\[" aUR _bYR \S PNb`NYVaf
PYRN_Yf ReaR[Q` a\ aUR RcR[a` \S V[dN_Q[R`` 2C @96>?=6>2! V$R$ a\ ]`fPU\Y#
\Tf0 :3:5#! ]]$ +,& SS$ FUR dNcR_V[T V` QbR a\ N[ NZOVTbVaf V[ =N[am`
N_TbZR[a0 N` kP\[QVaV\[` \S ]\``VOYR Re]R_VR[PR"l aUR PNaRT\_VR` Zb`a SVa
6F6BI \OWRPa AE2 ]UR[\ZR[\[" S\_ a\ OR aUV` V` a\ OR `\ P\[`aVabaRQ Of aUR
a_N[`PR[QR[aNY b[Vaf \S N]]R_PR]aV\[ N` a\ OR SVa 7?B aUR PNaRT\_VR`$ 4ba V[
aUR P\[P_RaR QRcRY\]ZR[a \S aUR N_TbZR[a Va ORP\ZR` PYRN_ aUNa Va U\YQ`
T\\Q \[Yf dUR_R aUR kS\_Z \S ReaR_[NY V[abVaV\["l V$R$" `]NPR" V` V[c\YcRQ
N[Q [\a S\_ \OWRPa` \S aUR V[aR_[NY `R[`R$ 3[Q `\ =N[a Zb`a N``R_a ]`f#
PU\Y\TVPNY QRaR_ZV[V`Z N[Q aUR[ NTNV[" Of VZ]YVPNaV\[" QR[f Va$ FUR _RN#
`\[ S\_ aUR NZOVTbVaf PN[ OR a_NPRQ a\ =N[am` V[`V`aR[PR \[ a_RNaV[T aUR
? NaR_VNYV`Z " 6RaR_Z V[V`Z " N[Q aU R ?V[Q L '))
S\YQ" V` [\a N QVZR[`V\[ V[ dUVPU a\ P\[`a_bPa PNb`NY `R^bR[PR`0 aUR_R V`
Z\_R aUN[ \[R P\\_QV[NaR _R^bV_RQ S\_ `bPU P\[`a_bPaV\[$ 5\[`R^bR[aYf"
aUR [NVcR a_N[`SR_ \S kPNb`Rl S_\Z Va` [NaVcR a\ N S\_RVT[ SVRYQ _R`bYaRQ V[ N
YbQVP_\b` P\[PR]a \S ]`fPU\Y\TVPNY QRaR_ZV[V`Z V[ dUVPU kZ\aVcR`l dR_R
a_RNaRQ" [\a N` RYRZR[a` \S ZRN[V[T V[ N P\[aRea \S ZRN[V[T" Oba YVXR
PNb`R` \S N`PR_aNV[NOYR `VgR N[Q cRPa\_ ZNT[VabQR V[ N[ ReaR[QRQ P\[#
aV[bbZ" N[Q aUR NTR#\YQ ]_\OYRZ \S S_RR dVYY QRTR[R_NaRQ V[a\ N `\__f
\[a\Y\TVPNY ZV`b[QR_`aN[QV[T$
4ba SV[NYYf" dVaU aUR _V`R \S ZNaR_VNYV`a Z\[V`Z" aUR dU\YR ]_\OYRZ \S
]`fPU\Y\TVPNY QRaR_ZV[V`Z P\bYQ `NSRYf OR Q_\]]RQ V[a\ aUR YN] \S \Z[V#
]\aR[a ZNaaR_" dUR_R Va PRN`RQ a\ OR ]`fPU\Y\TVPNY$ ;a V` aUR \[R ZR_Va \S
kR]V]UR[\ZR[NYV`Zl a\ QRSR_ a\ aUR a_baU aUNa QRaR_ZV[V`Z V[ Va` `PVR[aVSVP
`R[`R PN[ \[Yf ZRN[ N QR`P_V]aV\[ \S ZNaaR_ N[Q UN` [\ ]\``VOYR N]]YVPN#
aV\[ \ba`VQR Va$ FUb` :7 aUR_R V` a\ OR a\aNY QRaR_ZV[NaV\[ Oba [\O\Qf" \S
P\b_`R" UN` RcR_ `U\d[ aUNa aUR_R V` " aUR[ YRa aUR_R OR a\aNY ZNaR_VNYV`Z
dUVPU V[QRRQ `\ZRU\d Y\\Z` ORUV[Q E]V[\gNm` QRaR_ZV[V`aVP k]N_NY#
YRYV`Zl 0 aUR[ kZV[Ql 42> OR \[Yf N[ R]V]UR[\ZR[\[ \S ZNaaR_" dVaU [\
PNb`NYVaf \S Va` \d[j[RVaUR_ ReaR_[NY [\_ RcR[ V[aR_[NY$ 3a Va` \d[ URNcf
]_VPR" aUR_RS\_R" aUR kR]V]UR[\ZR[NYV`al Re]YN[NaV\[ _RYVRcR` Va` ]_\]\#
[R[a` S_\Z aUR VZ]\``VOYR aN`X `Ra Of V[a_NZR[aNY QRaR_ZV[V`Z" cVg$" a\
SN`UV\[ aUR SY\d \S P\[`PV\b`[R`` V[a\ N PNb`NY `f`aRZjORPNb`R Va [\
Y\[TR_ ZNaaR_`0 N` N `]RPV\b` Of]YNf \S dUNa V` PR_aNV[Yf QRaR_ZV[RQ Of
ZRPUN[VPNY PNb`R NY\[R" ]b_]\`R ORP\ZR` V[ N[f PN`R N ZR_R VYYb`V\[$ KRa
Va` baaR_ _RQb[QN[Pf S\_ aUR PUNV[ \S RcR[a` _R[QR_` Va` T_NabVa\b` ]_R`R[PR
N ]bggYR Z\_R cReV[T aUN[ N[f ]\`RQ Of QbNYV`Z" N[Q V[PVQR[aNYYf NSS\_Q`
N _NaUR_ ?R]UV`a\]URYVN[ P\ZZR[aN_f \[ aUR NQNTR aUNa [Nab_R Q\R`
[\aUV[T V[ cNV[$ ;[ SNPa" aUR P\[PR``V\[ \S aUV` _RQb[QN[Pf" dUVPU V`
[\aUV[T YR`` aUN[ N PUN_TR \S S_NbQ" `R_R[RYf PN`a` [Nab_R V[ aUR _\YR \S
aUNa kQRPRVcV[T QRZ\[l S_\Z dU\`R b[`RaaYV[T VQRN 6R`PN_aR` `\bTUa
`N[PabN_f V[ aUR cR_NPVaf \S N OR[Rc\YR[a 9\Q$
?RPUN[V`aVP ZNaaR_ _NV`RQ a\ Z\[V`aVP \Z[V]\aR[PR :C aUR QRPRVcV[T
QRZ\[ dU\Z 6R`PN_aR` aUR RN_Yf PUNZ]V\[ \S aUNa ZNaaR_ `a_\cR a\
Nc\VQ$!) FUR `PVR[PR \S YVSR ]Nf` U\ZNTR a\ UV` _bYR$ 3` ]N_a \S aUR UV`a\_f

V[[R_ d\_YQ N` \[R \S `R[`b\b` k]UR[\ZR[Nl N]]RN_N[PR` \[ N ]N_


dVaU aU\`R \S aUR \baR_ d\_YQ" QR[fV[T `RYS#P\[`PV\b`[R`` N ]_VcVYRTRQ
`aNab`0 aUV` NTNV[ PN[ OR a_NPRQ a\ UV` a_RNaV[T D:=6 N` N ZR_R kS\_Z \S
V[abVaV\[l \[ N ]N_ dVaU `]NPR" V[`aRNQ \S N` N[ bYaVZNaR _RNYVaf$
)$ 6R`PN_aR` UVZ`RYS `Nf` `\ V[ aUR ):BCD ,65:D2D:?>$ kFUR_R ZNf OR
aU\`R dU\ d\bYQ QR[f aUR ReV`aR[PR \S N[f `bPU ]\dR_SbY T\Q _NaUR_ aUN[
ORYVRcR NYY \aUR_ aUV[T` a\ OR b[PR_aNV[$ IR [RRQ [\a ^bN__RY dVaU aURZ
N[Q ZNf T_N[a aUNa NYY aUV` NO\ba N T\Q LdVaU aUR ]\dR_ a\ QRPRVcRM V` N
')* $ F :7 B :7@A?7@A@ A8 >;87
\S YVSRm` ^bR`a a\ X[\d Va`RYS" ZNaR_VNYV`aVP OV\Y\Tf" Va` N_`R[NY [RdYf
`a_R[TaUR[RQ Of PfOR_[RaVP`" V` N[ NaaRZ]a a\ N]]_RUR[Q YVSR Of RYVZV[Na#
V[T aUNa dUVPU NSS\_Q` aUR ]\``VOVYVaf \S aUR NaaRZ]a Va`RYSjaUR NbaUR[aVP
[Nab_R \S NdN_R[R`` N[Q ]b_]\`R$ FUR NaaRZ]a" aUR_RS\_R" V[ QV`\d[V[T
Va`RYS N` RcVQR[PR \S Va` `bOWRPa ZNaaR_" P\[a_NQVPa` Va`RYS dVaU aUR XV[Q \S
b[QR_`aN[QV[T Va NPUVRcR` \S Va` `bOWRPa ZNaaR_$ ;[ RYVZV[NaV[T Va`RYS S_\Z
aUR NPP\b[a" Va ZNXR` aUR NPP\b[a V[P\Z]YRaR" fRa Q\R` [\a a\YR_NaR N
P\Z]YRaV\[ aUNa d\bYQ a_N[`PR[Q aUR `RYS#`bSSVPVR[Pf \S Va` ]_V[PV]YR" V[
cV_abR \S dUVPU aUR NPP\b[a V` PY\`RQ V[ Va`RYS$ FUb` aUR NaaRZ]a [\a \[Yf
YRNcR` Va`RYS b[NPP\b[aRQ S\_" N[Q b[V[aRYYVTVOYR Of Va` \d[ aR_Z`0 RcR[
Z\_R" dVaU aUR R]V]UR[\ZR[NYV`a QR]_RPVNaV\[ \S V[dN_Q[R``" Va V[cNYVQNaR`
Va` \d[ SV[QV[T Of QR[fV[T a\ aUV[XV[T N ON`V` \S ]\``VOYR cNYVQVaf V[ N[
R[aVaf NY_RNQf P\Z]YRaRYf QRaR_ZV[RQ V[ aR_Z` \S aUR aU\bTUaYR``$ ;a V` aUR
5_RaN[ QRPYN_V[T NYY 5_RaN[` a\ OR YVN_`$

SVPaV\[0 VS" V[`aRNQ" Va V` Of SNaR" \_ PUN[PR" \_ aUR P\[aV[b\b` `R_VR` \S


N[aRPRQR[a`" \_ V[ dUNaRcR_ \aUR_ dNf" aUNa aURf `b]]\`R ZR a\ UNcR
ORP\ZR dUNa ; NZjVa d\bYQ U\YQ aUNa" `V[PR a\ R__ N[Q QRPRVcR \[R`RYS V`
N QRSRPa" aUR ]_\ONOVYVaf \S Zf ORV[T `\ VZ]R_SRPa N` a\ QRPRVcR Zf`RYS
NYdNf` dVYY OR aUR T_RNaR_" aUR YR`` ]\dR_SbY aUR PNb`R \S Zf ORV[T V`
N``bZRQ a\ OR$l ;[ \aUR_ d\_Q`0 OYV[Q [Nab_R PN[ ]R_SRPaYf SVYY aUR ]YNPR \S
aUR QVcV[R N_PU QRPRVcR_$
D ; I E : 7DD3J

EUR @\OVYVaf \S DVTUa0


3 DabQf V[ aUR BUR[\ZR[\Y\Tf
\S aUR DR[`R`

DV[PR aUR QNf` \S 9_RRX ]UVY\`\]Uf `VTUa UN` ORR[ UNVYRQ N` aUR
Z\`a RePRYYR[a \S aUR `R[`R`$ EUR [\OYR`a NPaVcVaf \S aUR ZV[Q" C96>A:2
V` QR`P_VORQ V[ ZRaN]U\_` Z\`aYf aNXR[ S_\Z aUR cV`bNY `]UR_R$ BYNa\"
N[Q HR`aR_[ ]UVY\`\]Uf NSaR_ UVZ" `]RNX` \S aUR iRfR \S aUR `\bYj
N[Q \S aUR iYVTUa \S _RN`\[$j 3_V`a\aYR" V[ aUR SV_`a YV[R` \S aUR *6C2!
?9HB:4B _RYNaR` aUR QR`V_R S\_ X[\dYRQTR V[UR_R[a V[ aUR [Nab_R \S NYY
ZR[ a\ aUR P\ZZ\[ QRYVTUa V[ ]R_PR]aV\[" Z\`a \S NYY V[ cV`V\[$ JRa
[RVaUR_ UR [\_ N[f \aUR_ \S aUR 9_RRX aUV[XR_`" V[ aUR O_VRS a_RNaZR[a`
\S `VTUa Va`RYS dUVPU dR UNcR" `RRZ` a\ UNcR _RNYYf Re]YNV[RQ Of dUNa
]_\]R_aVR` `VTUa ^bNYVSVR` S\_ aUR`R `b]_RZR ]UVY\`\]UVPNY U\[\_`$'
@\_ UNcR aUR QVSSR_R[a cV_abR` \S aUR `RcR_NY `R[`R` ORR[ ]_\]R_Yf
P\Z]N_RQ N[Q N``R``RQ$ DVTUa" V[ NQQVaV\[ a\ Sb_[V`UV[T aUR N[NY\TbR`
S\_ aUR V[aRYYRPabNY b]]R_`a_bPab_R" UN` aR[QRQ a\ `R_cR N` aUR Z\QRY
\S ]R_PR]aV\[ V[ TR[R_NY N[Q aUb` N` aUR ZRN`b_R \S aUR \aUR_ `R[`R`$
4ba Va V` V[ SNPa N cR_f `]RPVNY `R[`R$ ;a V` V[P\Z]YRaR Of Va`RYS1 Va
_R^bV_R` aUR P\Z]YRZR[a \S \aUR_ `R[`R` N[Q Sb[PaV\[` S\_ Va` P\T[V#
'$ 3_V`a\aYR V[ aUR `NZR ]N``NTR `bZ` b] aUR cV_abR` \S cV`V\[ Of `aNaV[T
aUNa Va V` aUR `R[`R fVRYQV[T aUR Z\`a X[\dYRQTR N[Q RePRYYV[T V[ QVSSR_R[aV#
NaV\[ *6C"$ /.& N (+!1 N[Q UR RZ]UN`VgR` aUNa dR R[W\f cV`V\[ S\_ Va`
\d[ `NXR" N]N_a S_\Z Va` baVYVaf$ EUV` RcNYbNaV\[ ZR_RYf UV[a` Na aUR
^bNYVaVR` dUVPU RYRcNaR `VTUa \cR_ aUR \aUR_ `R[`R`$
L ')+ M
'), E :7 B :7@A?7@A@ A8 >;87
aVcR \SSVPR1 Va` UVTUR`a cV_abR` N_R NY`\ Va` R``R[aVNY V[`bSSVPVR[PVR`$ ;a`
cR_f [\OVYVaf PNYY` S\_ aUR `b]]\_a \S Z\_R cbYTN_ Z\QR` \S P\Z#
ZR_PR dVaU aUR VZ]\_ab[Vaf \S aUV[T`$ ;[ aUV` `R[`R" V[ dUVPU NYY
RZV[R[PR ]Nf` S\_ Va`RYS aUR ]_VPR \S V[P_RN`RQ QR]R[QR[PR" aUR i[\#
OVYVaf \S `VTUaj dVYY OR P\[`VQR_RQ V[ aUR S\YY\dV[T QV`Pb``V\[$ 3` \[R
\S Va` _R`bYa`" dR `UNYY SV[Q aUR N[PVR[a PYNVZ` S\_ `VTUa `bO`aN[aVNaRQ
N[Q Na aUR `NZR aVZR ^bNYVSVRQ$
EUR b[V^bR QV`aV[PaV\[ \S `VTUa P\[`V`a` V[ dUNa dR ZNf ]_\cV`V\[#
NYYf PNYY aUR %dNTR#]R_S\_ZN[PR" dUR_R iVZNTRj VZ]YVR` aUR`R aU_RR
PUN_NPaR_V`aVP`0 '! B:<D;C2=6:CH V[ aUR ]_R`R[aNaV\[ \S N ZN[VS\YQ"
(! =6DCA2;:I2C:>= \S aUR PNb`NYVaf \S `R[`R#NSSRPaV\[" )! 5:BC2=46 V[
aUR `]NaVNY N[Q ZR[aNY `R[`R`$ ;[ P\[`VQR_V[T aUR`R aU_RR PUN_NPaR_#
V`aVP` dR ZNf U\]R a\ P\[a_VObaR [\a \[Yf a\ aUR ]UR[\ZR[\Y\Tf \S
aUR `R[`R` Of aURZ`RYcR` Oba NY`\ a\ aUR RcNYbNaV\[ \S aURV_ _\YR V[
aUR UVTUR_ ZR[aNY ]R_S\_ZN[PR` ON`RQ b]\[ aURZ V[ aUR PN`R \S
ZN[$

'$ E :7 D;?F>E3@7;EJ A8 ; ?397 AC E:7 E ;?7 #3 DB75E A8 D77;@9

DVTUa V` ?2A 6G46;;6=46 aUR `R[`R \S aUR `VZbYaN[R\b` \_ aUR P\\_QV#


[NaRQ" N[Q aUR_ROf \S aUR ReaR[`VcR$ 3 cVRd P\Z]_RUR[Q` ZN[f aUV[T`
WbeaN]\`RQ" N` P\#ReV`aR[a ]N_a` \S \[R SVRYQ \S cV`V\[$ ;a Q\R` `\ V[ N[
V[`aN[a0 N` V[ N SYN`U \[R TYN[PR" N[ \]R[V[T \S aUR RfR`" QV`PY\`R` N
d\_YQ \S P\#]_R`R[a ^bNYVaVR` `]_RNQ \ba V[ `]NPR" _N[TRQ V[ QR]aU"
P\[aV[bV[T V[a\ V[QRSV[VaR QV`aN[PR" `bTTR`aV[T" VS N[f QV_RPaV\[ V[ aURV_
`aNaVP \_QR_" aUR[ Of aURV_ ]R_`]RPaVcR N QV_RPaV\[ NdNf S_\Z aUR
`bOWRPa _NaUR_ aUN[ a\dN_Q Va$ EUR aURZR \S QR]aU dVYY R[TNTR b` YNaR_
b[QR_ aUR URNQ \S iQV`aN[PR$j DVTUa V` b[V^bR NY_RNQf V[ ORU\YQV[T N
P\#aRZ]\_N[R\b` ZN[VS\YQ N` `bPU" dUVPU ZNf OR Na _R`a$ 3YY \aUR_
`R[`R` P\[`a_bPa aURV_ ]R_PR]abNY ib[VaVR` \S N ZN[VS\YQj \ba \S N
aRZ]\_NY `R^bR[PR \S `R[`NaV\[` dUVPU N_R V[ aURZ`RYcR` aVZR#O\b[Q
N[Q [\[`]NaVNY$ EURV_ `f[aUR`V` aUR_RS\_R" RcR_ b[SV[V`URQ N[Q QR]R[Q#
V[T \[ ZRZ\_f" Zb`a Z\cR NY\[T dVaU aUR NPabNY ]_\T_R`` \S aUR
`R[`NaV\[`" RNPU \S dUVPU SVYY` aUR [\d \S aUR `R[`R S_\Z Z\ZR[a a\
Z\ZR[a dVaU Va` \d[ SbTVaVcR ^bNYVaf$ 3[f ]_R`R[a ^bNYVaf V` Wb`a N
]\V[a \S ]N``NTR V[ aUR a_N[`VaV\[ S_\Z aUR ]_RPRQV[T a\ aUR `bO`R#
^bR[a \[R" [\[R V` PY\`RQ V[ Va`RYS" N[Q \[Yf \[R V` aUR_R Na N aVZR$
EUb` aUR P\[aR[a V` [RcR_ `VZbYaN[R\b`Yf ]_R`R[a N` N dU\YR" Oba
NYdNf` V[ aUR ZNXV[T" NYdNf` ]N_aVNY N[Q V[P\Z]YRaR$ EUR`R Z\_R
E :7 @ A4;>;EJ A8 D;9:E L ')-
aRZ]\_NY `R[`R` aUR_RS\_R [RcR_ NPUVRcR S\_ aURV_ \OWRPa aUNa QRaNPU#
ZR[a \S Va` <>5DB 6BB6=5: S_\Z aURV_ \d[" R$T$" \S ]R_`V`aR[a ReV`aR[PR
S_\Z aUR a_N[`Va\_f RcR[a \S `R[`R#NSSRPaV\[" dUVPU `VTUa Na N[f
Z\ZR[a \SSR_` V[ aUR ]_R`R[aNaV\[ \S N P\Z]YRaR cV`bNY SVRYQ$ HR ZNf
VYYb`a_NaR aUR QVSSR_R[PR Of aUR PN`R` \S URN_V[T N[Q a\bPU" aUR ad\
`R[`R` dUVPU V[ PR_aNV[ _R`]RPa` QR`R_cR ]N_aVPbYN_ P\Z]N_V`\[ dVaU
`VTUa$

2" )62A:=8
EUR PN`R \S URN_V[T V` \OcV\b`0 NPP\_QV[T a\ aUR [Nab_R \S `\b[Q N`
`bPU Va PN[ iTVcRj \[Yf Qf[NZVP N[Q [RcR_ `aNaVP _RNYVaf$ EUR dU\YR`
dUVPU Va NPUVRcR` Of aUR `f[aUR`V` \S Va` ZN[VS\YQ N_R `a_VPaYf aRZ]\_NY
\[R`" N[Q aURV_ \OWRPaVcR aVZR#ZRN`b_R V` VQR[aVPNY dVaU aUR aVZR \S
aUR `R[`R#NPaVcNaV\[ Va`RYS0 aUR Qb_NaV\[ \S aUR `\b[Q URN_Q V` Wb`a aUR
Qb_NaV\[ \S URN_V[T Va$ 7eaR[`V\[ \S \OWRPa N[Q ReaR[`V\[ \S Va` ]R_#
PR]aV\[ aUb` P\V[PVQR$ HUNa aUR `\b[Q VZZRQVNaRYf QV`PY\`R` V` [\a N[
\OWRPa Oba N Qf[NZVPNY RcR[a Na aUR Y\Pb` \S aUR \OWRPa" N[Q aUR_ROf
ZRQVNaRYf aUR `aNaR aUR \OWRPa V` V[ Na aUR Z\ZR[a \S aUNa \PPb__R[PR$
EUR _b`aYV[T \S N[ N[VZNY V[ aUR YRNcR`" aUR S\\a`aR]` \S ZR[" aUR
[\V`R \S N ]N``V[T PN_" ORa_Nf aUR ]_R`R[PR \S aU\`R aUV[T` Of `\ZR#
aUV[T aURf Q\$ EUR VZZRQVNaR \OWRPa \S URN_V[T V` aUR `\b[Q` aURZ#
`RYcR`" N[Q aUR[ aUR`R V[QVPNaR `\ZRaUV[T RY`R" cVg$" aUR NPaV\[` ]_\#
QbPV[T aU\`R `\b[Q`1 N[Q \[Yf V[ aUR aUV_Q ]YNPR Q\R` aUR Re]R_VR[PR
\S URN_V[T _RcRNY aUR NTR[a N` N[ R[aVaf dU\`R ReV`aR[PR V` V[QR]R[Q#
R[a \S aUR [\V`R Va ZNXR`$ ; PN[ `Nf aUNa ; URN_ N Q\T" Oba dUNa ; URN_
V` UV` ON_X" N `\b[Q _RP\T[VgRQ N` aUR ON_X \S N Q\T" N[Q aUR_ROf ;
URN_ aUR Q\T ON_XV[T" N[Q aUR_ROf ; ]R_PRVcR aUR Q\T UVZ`RYS V[ N
PR_aNV[ dNf$ 4ba aUV` dNf \S ]R_PRVcV[T UVZ N_V`R` N[Q PRN`R` dVaU UV`
NPa \S ON_XV[T$ 4f Va`RYS Va Q\R` [\a _RcRNY N[faUV[T ORf\[Q Va" N[Q
aUNa aUR_R V` N[ NTR[a ]_RPRQV[T N[Q \baYN`aV[T aUR NP\b`aVP NPa ; X[\d
S_\Z V[S\_ZNaV\[ \aUR_ aUN[ aUR NP\b`aVP \[R$ EUR \OWRPa#_RSR_R[PR \S
`\b[Q` V` [\a ]_\cVQRQ Of aUR `\b[Q` N` `bPU" N[Q Va a_N[`PR[Q` aUR
]R_S\_ZN[PR \S ZR_R URN_V[T$ 3YY V[QVPNaV\[` \S ReV`aR[a`" \S R[Qb_V[T
aUV[T` ORf\[Q aUR `\b[Q#RcR[a` aURZ`RYcR`" N_R Rea_N[R\b` a\ aURV_
\d[ [Nab_R$
A[ aUR \aUR_ UN[Q" ]_RPV`RYf ORPNb`R \S aUV` Y\\`R[R`` \S ReaR_[NY
\OWRPa _RSR_R[PR N[Q aUb` \S _R]_R`R[aNaVcR Sb[PaV\[" `\b[Q V` RZV#
[R[aYf `bVaRQ a\ P\[`aVabaR Va` \d[" VZZN[R[a i\OWRPaVcVafj \S NP\b`aVP
'). M E :7 B :7@A?7@A@ A8 > ;87
cNYbR` N` `bPUh N[Q aUb`" S_RR S_\Z \aUR_#_R]_R`R[aNaVcR Qbaf" a\
_R]_R`R[a Wb`a Va`RYS$ ;[ URN_V[T Zb`VP" \b_ `f[aUR`V` \S N ZN[VS\YQ a\ N
b[Vaf \S ]R_PR]aV\[ _RSR_` [\a a\ N[ \OWRPa \aUR_ aUN[ aUR `R[`\_f
P\[aR[a` Oba a\ aURV_ \d[ \_QR_ N[Q V[aR_P\[[RPaV\[$ DV[PR aUV` `f[#
aUR`V` QRNY` dVaU `bPPRRQV[T QNaN N[Q V` `]_RNQ \cR_ aUR YR[TaU \S
aURV_ ]_\PR``V\[" `\ aUNa Na aUR ]_R`R[PR \S N[f \[R RYRZR[a \S aUR
`R_VR` NYY aUR \aUR_` N_R RVaUR_ [\ Z\_R \_ [\a fRa" N[Q aUR ]_R`R[a \[R
Zb`a QV`N]]RN_ S\_ aUR [Rea \[R a\ N]]RN_" aUR `f[aUR`V` Va`RYS V` N
aRZ]\_NY ]_\PR`` NPUVRcRQ dVaU aUR URY] \S ZRZ\_f$ EU_\bTU Va N[Q
PR_aNV[ N[aVPV]NaV\[`" aUR dU\YR `R^bR[PR" aU\bTU Na RNPU Z\ZR[a
\[Yf Na\ZVPNYYf _RNYVgRQ V[ \[R \S Va` RYRZR[a`" V` O\b[Q a\TRaUR_
V[a\ \[R P\Z]_RUR[`VcR b[Vaf \S Re]R_VR[PR$ EUR NP\b`aVP i\OWRPaj
aUb` P_RNaRQ V` N aVZR#\OWRPa aUNa YN`a` Wb`a N` Y\[T N` aUR NPa \S Va`
`f[aUR`V` YN`a`" aUNa V`" N` aUR `R^bR[PR \S URN_V[T Va`RYS Q\R` \_ Va`
_RP_RNaV\[ V[ SN[aN`f!" dVaU dU\`R ]_\T_R`` aUR i\OWRPaj ]N_a S\_ ]N_a
P\V[PVQR`$ ;a UN` [\ \aUR_ QVZR[`V\[ aUN[ aUNa \S aVZR$
;a V` a_bR aUNa URN_V[T" aU\bTU dU\YYf T\cR_[RQ Of `bPPR``V\["
X[\d` NY`\ WbeaN]\`VaV\[ \S `VZbYaN[R\b` NP\b`aVP P\[aR[ahdVa[R``
]\Yf]U\[f V[ Zb`VP" \_ aUR `R]N_NOYR c\VPR `a_N[Q` V[ aUR c\PNY ONORY
\S N P\PXaNVY ]N_af$ A[R ZNf RcR[ `]RNX \S N XV[Q \S V[[R_#NP\b`aVP
i`]NPRj V[ dUVPU N ZN[VS\YQ PN[ P\ReV`a$ 4ba aUV` V` N ZRaN]U\_$ EUR
iP\ReV`aR[PRj V` NYdNf` \[R \S P\ZZ\[ ]_\PR``V\[ V[ aVZR" V$R$" \S
`a_N[Q` \S Z\cRZR[a N[Q PUN[TR1 N[Q aURV_ QV`aV[PaV\[ _R^bV_R` ^bNYV#
aNaVcR QVSSR_R[PR V[ ]VaPU" aVZO_R" RaP$! dU\`R P\[aV[bNaV\[ V[ aUR
`R^bR[PR YRa` i`a_N[Q`j OR VQR[aVSVRQ0 ad\ [\aR` \S VQR[aVPNY ^bNYVaf
`\b[QRQ a\TRaUR_ `VZ]Yf _RV[S\_PR RNPU \aUR_ N[Q ZNXR \[R RePR]a
S\_ aUR i`aR_R\j RSSRPa S_\Z aUR `]NPV[T \S aURV_ `\b_PR`!" dUR_RN` _RNY
`]NPR V` N ]_V[PV]YR \S P\#aRZ]\_N[R\b`" QV`P_RaR ]Yb_NYVaf V__R`]RPaVcR
\S ^bNYVaNaVcR QVSSR_R[PR$ 3Y`\ aUR iVQR[aVafj \S aUR `V[TYR `a_N[Q` V[ N
]\Yf]U\[f" N[Q aUb` aUR P\[`R_cNaV\[ \S QV`P_RaR `VZbYaN[RVaf aU_\bTU
aVZR" V` N Sb[PaV\[ \S PR_aNV[ SVTb_NY P\UR_R[PR` `bPU" R$T$" N` ZNXR N
ab[R! dUVPU P\ZR b[QR_ aUR i9R`aNYaj ]_V[PV]YR N[Q aUb` ZNXR aUR
WbeaN]\`VaV\[ \S ]Yb_NYVaf [\a N ]_VZN_f QNabZ \S aUR =>F Oba N SRNa
\S \[T\V[T \_TN[VgNaV\[h V$R$" N ]_\QbPa Va`RYS \S ]_\PR``$ 7cR[ `\ aUR
YVZVa` S\_ N `VZbYaN[R\b` ZN[VS\YQ NYY\dV[T V[aRT_Vaf a\ Va` ZRZOR_`
N_R [N__\d V[ aUR d\_YQ \S `\b[Q`0 N `a_\[T `\b[Q Q_\d[` Va` dRNXR_
P\[aRZ]\_N_VR`1 a\ _RYNaR Z\_R aUN[ N SRd Na N aVZR a\ QVSSR_R[a
`\b_PR#Y\PV V[ `]NPR ORP\ZR` QVSSVPbYa" N[Q ORf\[Q N YVZVaRQ [bZOR_
E :7 @ A4;>;EJ A8 D;9:E L ')/
N[f ZbYaV]YVPVaf \S `\b[Q` ZR_TR` V[a\ N P\Z]\b[Q [\V`R$ EUR_R V` [\
iXRR]V[T a\ \[Rl` ]YNPRj V[ aUR P\ZZb[Vaf \S NP\b`aVP V[QVcVQbNY`$
EUR `VZ]YR SNPa V` aUNa `\b[Q` N_R Qf[NZVP RcR[a`" [\a Wb`a `aNaVP
^bNYVaVR`" N[Q aUb` a_R`]N``R_` Of [Nab_R$
EUV` O_V[T` b` a\ dUNa V` ]R_UN]` aUR Z\`a VZ]\_aN[a SRNab_R a\ OR
P\[`VQR_RQ V[ \b_ P\Z]N_V`\[ \S URN_V[T dVaU `RRV[T0 `\b[Q" Va`RYS N
Qf[NZVP SNPa" V[a_bQR` b]\[ N ]N``VcR `bOWRPa$ 8\_ aUR `R[`NaV\[ \S
URN_V[T a\ P\ZR NO\ba aUR ]R_PV]VR[a V` R[aV_RYf QR]R[QR[a \[ `\ZR#
aUV[T UN]]R[V[T \ba`VQR UV` P\[a_\Y" N[Q V[ URN_V[T UR V` Re]\`RQ a\
Va` UN]]R[V[T$ 3YY UR PN[ P\[a_VObaR a\ aUR `VabNaV\[ V` N `aNaR \S
NaaR[aVcR _RNQV[R`` S\_ `\b[Q` a\ \PPb_ RePR]a dUR_R UR ]_\QbPR`
aURZ UVZ`RYS!$ :R PN[[\a YRa UV` RN_` dN[QR_" N` UV` RfR` Q\" \cR_ N
SVRYQ \S ]\``VOYR ]R_PR]a`" NY_RNQf ]_R`R[a N` N ZNaR_VNY S\_ UV` NaaR[#
aV\[" N[Q S\Pb` aURZ \[ aUR \OWRPa PU\`R[" Oba UR UN` `VZ]Yf a\ dNVa
S\_ N `\b[Q a\ `a_VXR aURZ0 UR UN` [\ PU\VPR V[ aUR ZNaaR_$ ;[ URN_V[T"
aUR ]R_PV]VR[a V` Na aUR ZR_Pf \S R[cV_\[ZR[aNY NPaV\[" dUVPU V[#
a_bQR` b]\[ UV` `R[`VOVYVaf dVaU\ba UV` N`XV[T N[Q Of ZR_R V[aR[`Vaf
QRPVQR` S\_ UVZ dUVPU \S `RcR_NY ^bNYVaVR` QV`aV[TbV`UNOYR Na aUR
Z\ZR[a V` a\ OR aUR Q\ZV[N[a VZ]_R``V\[$ EUR `a_\[TR`a `\b[Q ZNf
[\a OR aUR cVaNYYf Z\`a VZ]\_aN[a \[R V[ N `VabNaV\[" Oba Va `VZ]Yf
`RVgR` aUR NaaR[aV\[ S_\Z NZ\[T aUR P\Z]RaV[T \[R`$ 3TNV[`a aUV` aUR
S_RRQ\Z \S `RYRPaVcR NaaR[aV\[ V` Rea_RZRYf YVZVaRQ$
;[ cVRd \S aUR`R PUN_NPaR_V`aVP` dR b[QR_`aN[Q dUf S\_ \b_ RN_` dR
UNcR [\aUV[T P\__R`]\[QV[T a\ aUR YVQ` \S \b_ RfR`$ A[R Q\R` [\a
X[\d dUR[ N `\b[Q ZNf \PPb_0 dUR[ Va \PPb_` Va TVcR` [\aVPR \S N[
RcR[a V[ aUR R[cV_\[ZR[a N[Q [\a ZR_RYf \S Va` ]R_ZN[R[a ReV`aR[PR0
N[Q `V[PR N[ RcR[a" V$R$" N PUN[TR V[ aUR R[cV_\[ZR[a" ZNf NYdNf` OR
\S cVaNY VZ]\_a" RN_` UNcR a\ OR \]R[ NYdNf` S\_ aUV` P\[aV[TR[Pf$
E\ UNcR aURZ PY\`RQ P\bYQ OR SNaNY" Wb`a N` Va d\bYQ OR b`RYR`` a\
\]R[ aURZ Na N_OVa_N_VYf PU\`R[ Z\ZR[a`$ HVaU NYY aUR V[VaVNaVcR YRSa
a\ aUR \baR_ d\_YQ" aUR P\[aV[TR[Pf N`]RPa \S URN_V[T V` R[aV_RYf \[R#
`VQRQ N[Q _R^bV_R` aUR_RS\_R P\[aV[bNY _RNQV[R`` S\_ ]R_PR]aV\[$ EUR
QRR]R`a _RN`\[ S\_ aUV` ON`VP P\[aV[TR[Pf V[ aUR `R[`R \S URN_V[T V` aUR
SNPa aUNa Va V` _RYNaRQ a\ RcR[a N[Q [\a a\ ReV`aR[PR" a\ ORP\ZV[T N[Q
[\a a\ ORV[T$ EUb` URN_V[T" O\b[Q a\ `bPPR``V\[ N[Q [\a ]_R`R[aV[T N
`VZbYaN[R\b` P\\_QV[NaRQ ZN[VS\YQ \S \OWRPa`" SNYY` `U\_a \S `VTUa V[
_R`]RPa \S aUR S_RRQ\Z dUVPU Va P\[SR_` b]\[ Va` ]\``R``\_$
'*& M E :7 B :7@A?7@A@ A8 >;87

3" />D49

EUR PN`R V` QVSSR_R[a dVaU a\bPU" aU\bTU Va `UN_R` dVaU URN_V[T aUR
`bPPR``VcR[R`` \S N]]_RUR[`V\[" dUVYR Va `UN_R` dVaU cV`V\[ aUR `f[aUR#
`V` \S Va` QNaN V[a\ N `aNaVP ]_R`R[PR \S \OWRPa`$ 3 ]_\]R_ N[NYf`V` \S
a\bPU V` ]_\ONOYf aUR Z\`a QVSSVPbYa V[ aUR ]UR[\ZR[\Y\Tf \S `R[`R#
]R_PR]aV\[" ORPNb`R Va V` aUR YRN`a `]RPVNYVgRQ N[Q V[ Va` ]Uf`V\Y\Tf
N[Q NPUVRcRZR[a` aUR Z\`a P\Z]\b[Q \S aUR `R[`R`$ ;[ SNPa" ia\bPUj
`R_cR` N` N OYN[XRa YNORY S\_ N cR_f P\Z]YRe `Ra \S Sb[PaV\[`$ EUR
Z\`a RYRZR[aN_f YRcRY V[ aUV` P\Z]YReVaf V` aUR P\[aNPa#`R[`NaV\[ V[
dUVPU aUR ]_R`R[PR \S N P\[aVTb\b` O\Qf V` SRYa Na aUR ]\V[a \S V[PV#
QR[PR$ ; YRNcR S\_ YNaR_ P\[`VQR_NaV\[ aUR VZ]\_aN[a SNPa aUNa aUR
P\[aNPa#`VabNaV\[ NYdNf` V[c\YcR` ]_R``b_R N[Q aUR_RS\_R N Z\QVPbZ
\S S\_PR N` ]N_a \S aUR Re]R_VR[PR$ :R_R dR QRNY N` SN_ N` ]\``VOYR
dVaU aUR ZR_R ^bNYVaVR` `R[`RQ$ EUR SV_`a \O`R_cNaV\[ a\ OR ZNQR aUR[
V` aUNa B92?6 V` [\a N[ \_VTV[NY QNabZ \S a\bPU" Oba N P\[`a_bPa dUVPU
RZR_TR` NQQVaVcRYf S_\Z N `R_VNY ZbYaV]YVPVaf \S `V[TYR \_ P\[aV[b\b`Yf
OYR[QV[T a\bPU `R[`NaV\[`" N[Q aUV` V[ P\[Wb[PaV\[ \[Yf dVaU ]_\]_V\#
PR]aVcR Z\a\_ `R[`NaV\[`$ EUR `V[TYR a\bPU#`R[`NaV\[ P\[SV[RQ a\ aUR
]\V[a \S P\[aNPa N[Q dVaU\ba P\__RYNaV\[ a\ Z\_R \S Va` \d[ XV[Q V`
_NaUR_ ON__R[ \S V[S\_ZNaV\[$ 3Y_RNQf aUR `VZ]YR aNPaVYR ^bNYVaVR`" `bPU
N` `\Sa N[Q UN_Q" N[Q RcR[ Z\_R `\ _\bTU N[Q `Z\\aU" N_R [\a _RNYYf
N[ V[`aN[aN[R\b` Re]R_VR[PR Oba _R^bV_R N `R_VR` \S PUN[TV[T `R[`N#
aV\[` \OaNV[RQ Of ]_R``b_R N[Q Of S_VPaV\[" V$R$" TR[R_NYYf `]RNXV[T Of
Z\cRZR[a$ EUb` V[ aURV_ cR_f P\[`aVabaV\[" N `f[aUR`V` \[ aUR ]N_a \S
aUR ]R_PV]VR[a V` V[c\YcRQ" ReaR[QV[T \cR_ aUR aVZR#`]N[ \S aUR `R_VR`
N[Q" Of N `U\_a#aR_Z _RaR[aV\[" b[VSfV[T Va` RYRZR[a` V[a\ \[R VZ]_R`#
`V\[$ E\bPU N[Q URN_V[T NT_RR V[ aUV` _R`]RPa0 aUNa aURV_ ]_VZN_f
\OWRPa`" aUR ^bNYVaVR` `R[`RQ" UNcR ]_\PR`` PUN_NPaR_ N[Q N_R aUb`
R``R[aVNYYf aVZR#R[aVaVR`$ EUV` \O`R_cNaV\[" V[PVQR[aNYYf" QV`]\`R` \S
aUR _NaUR_ `aR_VYR ^bR`aV\[ dURaUR_ NYY `R[aVR[a YVSR V` R[Q\dRQ dVaU
ZRZ\_f$ ;[ aUR S\_Z \S VZZRQVNaR `U\_a#aR_Z _RaR[aV\[" ZRZ\_f
R[aR_` V[a\ aUR cR_f P\[`VabaV\[ \S `R[`VOVYVaf" N[Q V` aUb` P\RcNY dVaU
Va$! 4ba V[ URN_V[T" aUR ]_\PR`` V` ]b_RYf ]N``VcR" dUVYR V[ a\bPUV[T Va
V[c\YcR` O\QVYf NPaVcVaf$
8\_ aUR aNPaVYR `VabNaV\[ Z\cR` a\ N UVTUR_ YRcRY dUR[ aUR `R[aVR[a
O\Qf Va`RYS ORP\ZR` aUR c\Yb[aN_f NTR[a \S aUNa Z\cRZR[a dUVPU V`
_R^bV_RQ S\_ aUR NP^bV`VaV\[ \S aUV` `R_VNY `R^bR[PR \S VZ]_R``V\[`$
E :7 @ A4;>;EJ A8 D;9:E L '*'
EUR[ a\bPU ]N``R` \cR_ S_\Z `bSSR_V[T a\ NPaV[T0 Va` ]_\T_R`` P\ZR`
b[QR_ aUR P\[a_\Y \S aUR ]R_PV]VR[a" N[Q Va ZNf OR P\[aV[bRQ N[Q
cN_VRQ dVaU N cVRd a\ SbYYR_ V[S\_ZNaV\[$ EUb` ZR_R a\bPU#VZ]_R``V\[
PUN[TR` V[a\ aUR NPa \S SRRYV[T$ EUR_R V` N ON`VP QVSSR_R[PR ORadRR[
`VZ]Yf UNcV[T N aNPaVYR R[P\b[aR_ N[Q 766;:=8 N[\aUR_ 3>5H" EUR
S\_ZR_ ZNf OR `NVQ a\ OR aUR Na\ZVP RYRZR[a V[ aUR Z\_R P\Z]YRe
a\aNYVaf \S aUR YNaaR_" Oba aUV` a\aNYVaf V` Z\_R aUN[ aUR ZR_R NQQVaVcR
_R`bYa \S `bPU Na\ZVP a\bPU#`R[`NaV\[`$ EUR <>C>A RYRZR[a V[a_\QbPR`
N[ R``R[aVNYYf [Rd ^bNYVaf V[a\ aUR ]VPab_R0 Va` NPaVcR RZ]Y\fZR[a
QV`PY\`R` `]NaVNY PUN_NPaR_V`aVP` V[ aUR a\bPU#\OWRPa dUVPU dR_R [\
V[UR_R[a ]N_a \S aUR RYRZR[aN_f aNPaVYR ^bNYVaVR`$ EU_\bTU aUR XV[R`#
aURaVP NPP\Z]N[VZR[a \S c\Yb[aN_f Z\aV\[ aUR dU\YR ]R_PR]aV\[ V`
_NV`RQ a\ N UVTUR_ \_QR_0 aUR a\bPU#^bNYVaVR` ORP\ZR N__N[TRQ V[ N
`]NaVNY `PURZR" aURf SNYY V[a\ aUR ]NaaR_[ \S BDA7246 N[Q ORP\ZR
RYRZR[a` \S 7>A<" EUV` V` N `f[aUR`V` \S N UVTUR_ \_QR_" `b]R_VZ]\`RQ
\[ aUNa NY_RNQf \]R_NaVcR V[ aUR P\[`aVabaV\[ \S aUR `VZ]YR `R[`R#
^bNYVaVR`" dUVPU V[aRT_NaR aURV_ \d[ aVZR#`R_VR` \S Na\ZVP P\[aNPa#
`R[`NaV\[` Oba [\d R[aR_ N` ZNaR_VNY V[a\ aUR YN_TR_ b[Va \S `]NaVNY
\_QR_$ ;[ aUV` \_QR_ aUR ZN[VS\YQ P\[P_R`PR` V[a\ N `UN]R$ EUR UVTUR_
\_QR_ \S `f[aUR`V` ZRN[` NY`\ N YN_TR_ aVZR#`]N[ S\_ Va` ]R_S\_ZN[PR"
N[Q aUb` V[c\YcR` Z\_R \S aUR ZRZ\_f V[UR_R[a V[ NYY ]R_PR]aV\[$ 4ba
dUNa V[ URN_V[T _R`bYa` V[ N aVZR#\OWRPa" V[ a\bPU _R`bYa` V[ aUR P\]_R`#
R[PR \S N `]NPR#\OWRPa0 aUR QNaN `bPPR``VcRYf _RTV`aR_RQ N_R R[aR_RQ
V[a\ N ZNa_Ve \S `aNaVP `VZbYaN[RVaf$
3[ \_TN[ S\_ _RNY `UN]R#SRRYV[T ReV`a` ]_\ONOYf \[Yf V[ aUR UbZN[
UN[Q" N[Q aUR_R V` Z\_R aUN[ ZR_R P\V[PVQR[PR V[ aUR SNPa aUNa V[ UV`
UN[Q ZN[ ]\``R``R` N aNPaVYR \_TN[ dUVPU PN[ aNXR \cR_ `\ZR \S aUR
QV`aV[PaVcR NPUVRcRZR[a` \S UV` RfR$ EUR_R V` N ZR[aNY `VQR a\ aUR
UVTUR`a ]R_S\_ZN[PR \S aUR aNPaVYR `R[`R" \_ _NaUR_ a\ aUR b`R dUVPU V`
ZNQR \S Va` V[S\_ZNaV\[" aUNa a_N[`PR[Q` NYY ZR_R `R[aVR[PR" N[Q Va V`
aUV` ZR[aNY b`R dUVPU O_V[T` a\bPU dVaUV[ aUR QVZR[`V\[ \S aUR
NPUVRcRZR[a` \S `VTUa$ 4_VRSYf" Va V` aUR VZNTR#SNPbYaf" V[ PYN``VPNY
aR_Z`0 :<28:=2C:> ?92=C2B:2 dUVPU ZNXR` aUNa b`R \S aUR QNaN \S
a\bPU$ A[Yf N P_RNab_R aUNa UN` aUR cV`bNY SNPbYaf PUN_NPaR_V`aVP \S
ZN[ PN[ NY`\ cVPN_V\b`Yf i`RRj Of a\bPU$ EUR YRcRY \S S\_Z#]R_PR]#
aV\[ Na aUR P\ZZN[Q \S N P_RNab_R dVYY OR R``R[aVNYYf aUR `NZR S\_
O\aU `R[`R`" V[P\ZZR[`b_NOYR N` aURf N_R V[ aR_Z` \S aURV_ ]_\]R_
`R[`VOYR ^bNYVaVR`$ 4YV[Q ZR[ PN[ i`RRj Of ZRN[` \S aURV_ UN[Q`" [\a
'*( E :7 B :7@A?7@A@ A8 >;87
ORPNb`R aURf N_R QRc\VQ \S RfR` Oba ORPNb`R aURf N_R ORV[T` R[Q\dRQ
dVaU aUR TR[R_NY SNPbYaf \S icV`V\[j N[Q \[Yf UN]]R[ a\ OR QR]_VcRQ
\S aUR ]_VZN_f \_TN[ \S `VTUa$

4" &><?2A:B>= F:C9 B:89C


HR N_R R[TNTRQ V[ `U\dV[T aUR b[V^bR ]\`VaV\[ \S `VTUa dVaU _R#
`]RPa a\ `VZbYaN[RVaf \S ]_R`R[aNaV\[" aUR aUR`V` ORV[T aUNa NYY aUR
\aUR_ `R[`R` \]R_NaR \[ aUR ON`V` \S aVZR#`R_VR` V[ aUR ]_R`R[aNaV\[ \S
aURV_ ^bNYVaVR`$ :RN_V[T" `\ dR S\b[Q" `aNf` R[aV_RYf dVaUV[ aUV` QVZR[#
`V\[ V[ aUNa aUR _R`bYa` \S Va` `f[aUR`V`" aUR ReaR[`VcR NP\b`aVP \OWRPa`
`bPU N` N ab[R!" _RaNV[ aUR `bPPR``VcR[R`` \S RYRZR[a` dUVPU aUR
`bPPR``V\[ \S Re]R_VR[PR Va`RYS \_VTV[NYYf ]\``R``RQ$ ?RY\Qf [\a \[Yf
V` TR[R_NaRQ Of `R^bR[PR" Va :B N `R^bR[PR$ EUR aVZR#ZRN`b_R V` N[
R``R[aVNY N`]RPa V[ aUR P\[aR[a \S aUR `\b[Q#Re]R_VR[PR$ 3 cV`bNY
cNYbR" aUR ]_R`R[PR \S N P\Y\_" ZNf UNcR N Y\[T \_ `U\_a Qb_NaV\[0 aUV`
ZNf ZNXR N QVSSR_R[PR a\ aUR ]R_PV]VR[a S\_ _RN`\[` \S UV` \d[" Oba Va
Q\R` [\a ZNXR N[f QVSSR_R[PR a\ aUR Re]R_VR[PR#P\[aR[a Va`RYS$ EUV`
P\Y\_#^bNYVaf UN` [\ V[a_V[`VP _RSR_R[PR a\ aVZR$ HVaU a\bPU dR S\b[Q
aUNa NY_RNQf aUR `V[TYR iNa\ZVPj `R[`NaV\[ V[PYbQR` N aVZR#RYRZR[a N`
]N_a \S aUR `R[`R#P\[aR[a Va`RYS" aUR aVZR dVaU\ba dUVPU `bPU N ^bNYVaf
N` _\bTU PN[[\a OR iTR[R_NaRQj S\_ Re]R_VR[PR N[Q V[ dUVPU NY\[R Va
]_R`R[a` Va`RYS1 N[Q Z\_R\cR_ dR S\b[Q aUR P\Z]\`VaR aNPaVYR \OWRP#
aVcVaf a\ RZR_TR S_\Z N `bPPR``VcR `f[aUR`V` \S `bPU `R[`NaV\[`$ 4ba
aUR _R`bYa \S aUR `f[aUR`V` Va`RYS" V[ aUR PN`R \S `b_SNPR# N[Q `UN]R#
]R_PR]aV\[" _R]_R`R[a` N `]NaVNY N[Q [\a N aRZ]\_NY R[aVaf" N[Q dR
UNcR UR_R ]_R`R[aNaV\[ \S `VZbYaN[RVaf aU_\bTU `bPPR``VcR[R``$
;[ aUV` ]_R`R[aNaV\[ aUR \_VTV[NY aVZR#\_QR_ \S aUR Na\ZVP `R[`NaV\[`
ORP\ZR` V__RYRcN[a N[Q UN` [\ c\VPR V[ aUR `f[aUR`VgRQ P\[aR[a [\d
i]_R`R[a$j ;a dN` ZR_RYf aUR NPPVQR[aNY \_QR_ \S aUR NP^bV`VaV\[ \S
QNaN" dUVPU P\bYQ OR 25 ;:3:CD< PUN[TRQ N[Q `aVYY ]_\Pb_R aUR `NZR
_R`bYa" dUR_RN` V[ URN_V[T aUR \_QR_ \S aUR NP^bV`VaV\[ \S QNaN V` aUR
\_QR_ \S aUR \OWRPa Va`RYS$
EUb` Va d\bYQ `RRZ aUNa aUR aU_RR PN`R` PN[ OR QV`aV[TbV`URQ V[ aUV`
S\_ZbYN0 :RN_V[Th]_R`R[aNaV\[ \S `R^bR[PR aU_\bTU `R^bR[PR1 a\bPU
h ]_R`R[aNaV\[ \S `VZbYaN[RVaf aU_\bTU `R^bR[PR1 `VTUah ]_R`R[aNaV\[
\S `VZbYaN[RVaf aU_\bTU `VZbYaN[RVaf$
3PP\_QV[T a\ aUV` S\_ZbYN `VTUa _RaNV[` Va` b[V^bR ]\`VaV\[ RcR[ V[
_RYNaV\[ a\ aUR Z\`a QRcRY\]RQ PN`R \S aNPaVYR ]R_S\_ZN[PR$ HR ZNf
E :7 @ A4;>;EJ A8 D;9:E L '*)
aNXR Va aUNa aUR NPUVRcRZR[a V` Na Va` OR`a V[ aUR PN`R \S OYV[Q ]R\]YR
dU\ UNcR YRN_[RQ a\ TYRN[ SbYY V[S\_ZNaV\[ NO\ba `UN]R N[Q `]NaVNY
`VabNaV\[ \S \OWRPa` S_\Z aUR aNPaVYR QNaN dUVPU aURf P\YYRPa aU_\bTU
aURV_ \d[ NPaVcVaf$ JRa RcR[ aUR QR[`R`a QV`a_VObaV\[ \S aUR ]\V[a#
QRaR_ZV[N[a` P\YYRPaRQ N[Q P\__RYNaRQ V[ aUR P\b_`R \S ReaR[`VcR `PN[#
[V[T Of a\bPU `aVYY YRNcR` N_RN` a\ OR `b]]YVRQ Of VZNTV[NaV\[$ =[\dY#
RQTR \S aUR P\Z]YRaR S\_Z RZR_TR` ]_\T_R``VcRYf V[ aUV` `R_VR` \S
]N_aVNY QRYVZVaNaV\[`" N[Q S_\Z N PR_aNV[ `aNTR \[dN_Q Va V` S\_ NYY
]_NPaVPNY ]b_]\`R` iP\Z]YRaR$j :\d P\Z]YRaR Va PN[ OR V` aR`aVSVRQ Of
aUR d\_X \S OYV[Q ]\_a_NVa `PbY]a\_`$ 4ba aUV` P\Z]YRaR[R`` V` aUR
]_\QbPa \S N[ RYNO\_NaR `f[aUR`V` \S ZN[f `V[TYR ]R_PR]aV\[`" V[aR#
T_NaRQ V[a\ aUR \[R `VZbYaN[R\b` S\_Z V[ dU\`R ]_R`R[a[R`` a\ aUR
VZNTV[NaV\[ aUR aVZR `R^bR[PR \S Va` ObVYQV[T#b] V` S\_T\aaR[$( EUb`
dR UNcR UR_R a\ QV`aV[TbV`U dUNa V[ aUR PN`R \S `VTUa V` VQR[aVPNY"
[NZRYf" aUR SRNa \S aUR `R[`R Va`RYS N[Q aUR SRNa \S aUR VZNTR#]_R`R[aN#
aV\[ >= C96 32B:B \S aUV` `R[`R#]R_S\_ZN[PR$ EUR `RP\[Q V` `a_VPaYf
`]RNXV[T [\ Y\[TR_ N ZNaaR_ \S a\bPU Oba N XV[Q \S `RRV[T Of ZRN[` \S
aUR URaR_\TR[R\b` ZNaR_VNY \S a\bPU$ 4ba U\dRcR_ ZN[f QNaN ZNf OR
_RTV`aR_RQ V[ `bPPR``V\[ N[Q R[aR_RQ V[a\ aUR ]YN[R \S `VZbYaN[R\b`
]_R`R[aNaV\[" aURf PN[ [RcR_ SVYY N U\_Vg\[ `bPU N` V` QV`PY\`RQ a\ \[R
TYN[PR \S aUR RfR`$ EUR_R N_R O\b[Q a\ _RZNV[ OYN[X `]NPR` V[ OR#
adRR[ N[Q N[ b[_RNYVgRQ U\_Vg\[ V[ QR]aU ORf\[Q aUR ]_\eVZVaf \S aUR
NPabNYYf P\[aNPaRQ _R`V`aN[a \OWRPa`$

5" .66:=8 2=5 C:<6


HVaU `VTUa" NYY ; UNcR a\ Q\ V` \]R[ Zf RfR`" N[Q aUR d\_YQ V` aUR_R"
N` Va dN` NYY aUR aVZR$ HR UNcR `U\d[ aUNa aUR PN`R V` QVSSR_R[a dVaU
URN_V[T1 N[Q a\bPU UN` a\ T\ \ba N[Q `RRX aUR \OWRPa` V[ O\QVYf
Z\aV\[ N[Q aU_\bTU O\QVYf P\[aNPa" N[Q aUV` [N__\d` Q\d[ aUR NPabNY
\OWRPa#_RYNaV\[ a\ \[R ]N_aVPbYN_ V[`aN[PR0 aUR _RNYVgRQ _RYNaV\[ V` P\Z#
ZVaaRQ Of aUR ]_RcV\b` PU\VPR V[ dUVPU Va \_VTV[NaRQ" dUR_RN` V[ `VTUa
`RYRPaV\[ Of S\Pb`V[T ]_\PRRQ` [\[P\ZZVaaNYYf dVaUV[ aUR SVRYQ dUVPU
aUR a\aNY cV`V\[ ]_R`R[a` N[Q V[ dUVPU NYY aUR RYRZR[a` N_R `VZbYaN#
[R\b`Yf NcNVYNOYR$ EUR ]N_aVPbYN_ S\Pb` VZ]NV_` [\aUV[T \S aUV` `VZbYaN#
[R\b` ]_R`R[a[R``$ ;a UN` [\a P\ZZVaaRQ S_RRQ\Z a\ aUV` \[R PU\VPR Na

($ 5S$ aUR RePRYYR[a N[NYf`V`" Of BVR__R GVYYRf" N OYV[Q NbaU\_" V[ /96


1>A;5 >7 C96 %;:=5# $ ,BH49>;>8:42; .CD5H a_N[`$ Of 3Yf` :NYYN_Q
>\[Q\[0 6bPXd\_aU" '/)&!" ]]$ '.- S$
'** M E :7 B :7@A?7@A@ A8 >;87
aUR Re]R[`R \S NYY aUR \aUR_ ]\``VOYR \[R`" dUVPU _RZNV[ Na Va` V[`aN[aN#
[R\b` QV`]\`NY dVaU\ba V[c\YcV[T aUR XV[Q \S NPaV\[ aUNa d\bYQ PUN[TR
aUR `VabNaV\[ \OaNV[V[T ORadRR[ aUR `bOWRPa N[Q Va` cV`#N#cV`" aUR R[cV#
_\[ZR[a$ A[Yf aUR `VZbYaN[RVaf \S VZNTR NYY\d` aUR ORU\YQR_ a\ P\Z#
]N_R N[Q V[aR__RYNaR0 Va [\a \[Yf \SSR_` ZN[f aUV[T` Na \[PR" Oba \SSR_`
aURZ V[ aURV_ ZbabNY ]_\]\_aV\[" N[Q aUb` \OWRPaVcVaf RZR_TR` ]_R#
RZV[R[aYf S_\Z `VTUa$
3` _RTN_Q` aUR aVZR#N`]RPa N` `bPU" aUR `VZbYaN[RVaf \S `VTUa V` [\a
\[Yf \S ]_NPaVPNY NQcN[aNTR" V[ aUNa Va `NcR` aUR aVZR [RRQRQ a\ P\YYRPa
aUR ZN[VS\YQ QNaN `bPPR``VcRYf" Oba Va V[a_\QbPR` aUR ORU\YQR_ a\ N
dU\YR aVZR#QVZR[`V\[ \aUR_dV`R [\a QV`PY\`RQ a\ UVZ" [NZRYf" aUR
?A6B6=C N` `\ZRaUV[T Z\_R aUN[ aUR ]\V[a#Re]R_VR[PR \S aUR ]N``V[T
=>F" ;[ aUR PN`R \S RcR_f \aUR_ `R[`R" [\ V[`aN[a V` PY\`RQ V[ Va`RYS"
N[Q [\ V[`aN[aN[R\b` QNabZ aRYY` Va` `a\_f$ DR[`NaV\[ UN` a\ T\ \[" a\
S\YY\d b] aUR ORTV[[V[T` ZNQR V[ aUR RcN[R`PV[T N[aRPRQR[a" QNabZ
UN` a\ S\YY\d b]\[ QNabZ a\ YRa aUR YN_TR_ b[Va` \S Re]R_VR[PR V[
]_\PR`` RZR_TR$ D\b[Q ReV`a` V[ `R^bR[PR" RcR_f =>F \S Va cN[V`UV[T
V[a\ aUR ]N`a dUVYR Va T\R` \[0 a\ N__R`a aUV` SY\d N[Q icVRdj N
Z\ZR[aN_f i`YVPRj \S Va d\bYQ ZRN[ a\ UNcR [\a N `[N]`U\a Oba N[
Na\ZVP S_NTZR[a \S Va" N[Q `a_VPaYf `]RNXV[T [\aUV[T Na NYY$ E_N[`V#
R[PR V` aUb` \S aUR cR_f R``R[PR \S aUR =>F \S URN_V[T" N[Q i]_R`R[aj
V` UR_R N ZR_R S\YY\dV[T V[ aUR `a_RNZ \S \[Z\cV[T ]_\PR``$ EUR
`VabNaV\[ V` `VZVYN_ dVaU a\bPU" \[Yf aUNa UR_R aUR `R^bR[PR V` \[R
Z\_R \S NPaVcR ]R_S\_ZN[PR aUN[ \S ZR_R V[P\ZV[T QNaN$ ;[ [RVaUR_
PN`R V` aUR_R N `aNaVP# ]_R`R[a1 a\ ]ba Va V[ BYNa\[VP aR_Z`" aURf N_R
`R[`R` [\a \S ORV[T Oba \S ORP\ZV[T$ A[Yf aUR `VZbYaN[R\b` _R]_R`R[#
aNaV\[ \S aUR cV`bNY SVRYQ TVcR` b` P\#ReV`aR[PR N` `bPU" V$R$" aUR P\#
]_R`R[PR \S aUV[T` V[ \[R ORV[T dUVPU RZO_NPR` aURZ NYY N` aURV_
P\ZZ\[ ]_R`R[a$ EUR ]_R`R[a" V[`aRNQ \S ORV[T N ]\V[aYVXR Re]R_V#
R[PR" ORP\ZR` N 5:<6=B:>= dVaUV[ dUVPU aUV[T` PN[ OR ORURYQ Na \[PR
N[Q PN[ OR _RYNaRQ a\ RNPU \aUR_ Of aUR dN[QR_V[T TYN[PR \S NaaR[aV\[$
EUV` `PN[[V[T" aU\bTU ]_\PRRQV[T := aVZR" N_aVPbYNaR` \[Yf dUNa dN`
]_R`R[a a\ aUR SV_`a TYN[PR N[Q dUNa `aNf` b[PUN[TRQ dUVYR ORV[T
`PN[[RQ$ EUR aVZR aUb` aNXR[ V[ aNXV[T#V[ aUR cVRd V` [\a Re]R_VR[PRQ
N` aUR ]N``V[T NdNf \S P\[aR[a` ORS\_R [Rd \[R` V[ aUR SYbe \S RcR[a"
Oba N` N YN`aV[T \S aUR `NZR" N[ VQR[aVaf dUVPU V` aUR ReaR[`V\[ \S aUR
V[`aN[aN[R\b` =>F N[Q aUR_RS\_R b[Z\cRQ" P\[aV[bRQ ]_R`R[ah `\
Y\[T N` [\ PUN[TR \PPb_` V[ aUR \OWRPa` aURZ`RYcR`$ HUR[ Va Q\R`"
aUR[ aVZR `aN_a` _\YYV[T cV`bNYYf$ ;[QRRQ \[Yf aUR `VZbYaN[RVaf \S `VTUa"
E :7 @ A4;>;EJ A8 D;9:E L '*+
dVaU Va` ReaR[QRQ i]_R`R[aj \S R[Qb_V[T \OWRPa`" NYY\d` aUR QV`aV[PaV\[
ORadRR[ PUN[TR N[Q aUR b[PUN[TV[T N[Q aUR_RS\_R ORadRR[ ORP\ZV[T
N[Q ORV[T$ 3YY aUR \aUR_ `R[`R` \]R_NaR Of _RTV`aR_V[T PUN[TR N[Q
PN[[\a ZNXR aUNa QV`aV[PaV\[$ A[Yf `VTUa aUR_RS\_R ]_\cVQR` aUR `R[#
`bNY ON`V` \[ dUVPU aUR ZV[Q ZNf P\[PRVcR aUR VQRN \S aUR RaR_[NY"
aUNa dUVPU [RcR_ PUN[TR` N[Q V` NYdNf` ]_R`R[a$ EUR cR_f P\[a_N`a
ORadRR[ RaR_[Vaf N[Q aRZ]\_NYVaf _R`a` b]\[ N[ VQRNYVgNaV\[ \S
i]_R`R[aj Re]R_VR[PRQ cV`bNYYf N` aUR U\YQR_ \S `aNOYR P\[aR[a` N`
NTNV[`a aUR SYRRaV[T `bPPR``V\[ \S [\[cV`bNY `R[`NaV\[$ ;[ aUR cV`bNY
]_R`R[PR \S \OWRPa` aUR ORU\YQR_ ZNf P\ZR a\ _R`a N[Q ]\``R`` N[
ReaR[QRQ =>F"
AcR_ aUR`R dVQR_ V``bR` dR Zb`a [\a S\_TRa aUR VZZR[`R NQcN[aNTR
dUVPU N[ V[`aN[aN[R\b` `b_cRf \S aUR dU\YR SVRYQ \S ]\``VOYR R[P\b[#
aR_` _R]_R`R[a` V[ aUR OV\Y\TVPNY `VabNaV\[$ ;[ aUR `VZbYaN[R\b` SVRYQ \S
cV`V\[ N P\\_QV[NaRQ ZN[VS\YQ" N` fRa \ba`VQR NPaVcR P\ZZb[VPNaV\[
dVaU ZR" \SSR_` Va`RYS a\ Zf `RYRPaV\[ S\_ ?>BB:3;6 NPaV\[$ ;[ aUV`
P\[[RPaV\[ `VZbYaN[RVaf ZRN[` `RYRPaVcVaf" N[Q V` aUb` N ZNW\_ SNPa\_
V[ aUR UVTUR_ S_RRQ\Z \S aUR `RYS#Z\cV[T N[VZNY$

($ 6 J@3?;5 @ 7FEC3>;K3E;A@

EUR S_RRQ\Z \S PU\VPR Wb`a ZR[aV\[RQ V` QR]R[QR[a [\a \[Yf \[ aUR


`VZbYaN[RVaf \S ]_R`R[PR Oba Na aUR `NZR aVZR \[ aUR SNPa aUNa V[
`RRV[T ; NZ [\a fRa R[TNTRQ Of aUR `RR[ \OWRPa$ ; ZNf PU\\`R a\ R[aR_
V[a\ V[aR_P\b_`R dVaU Va" Oba Va PN[ N]]RN_ dVaU\ba aUR SNPa \S Va`
N]]RN_N[PR NY_RNQf V[c\YcV[T V[aR_P\b_`R$ 4f Zf `RRV[T Va" [\ V``bR \S
Zf ]\``VOYR _RYNaV\[` dVaU Va V` ]_RWbQTRQ$ @RVaUR_ ; [\_ aUR \OWRPa UN`
`\ SN_ Q\[R N[faUV[T a\ QRaR_ZV[R aUR ZbabNY `VabNaV\[$ ;a YRa` ZR OR
N` ; YRa Va OR$ ;[ aUV` _R`]RPa `VTUa QVSSR_` QRPV`VcRYf S_\Z a\bPU N[Q
URN_V[T$ EUR \OaNV[V[T \S aUR a\bPU#Re]R_VR[PR Va`RYS V` [\aUV[T Oba
aUR R[aR_V[T V[a\ NPabNY V[aR_P\b_`R dVaU aUR \OWRPa0 V$R$" aUR cR_f
P\ZV[T V[a\ ]YNf \S aUV` `R[`R NY_RNQf PUN[TR` aUR `VabNaV\[ \OaNV[V[T
ORadRR[ ZR N[Q aUR \OWRPa$ 3 SbYYR_ V[S\_ZNaV\[ aUR[ V[c\YcR` Sb_aUR_
`bPU PUN[TR`" RNPU \S dUVPU NSSRPa` aUR \OWRPa N[Q Zf O\Qf Na \[PR
N[Q `\ V` Va`RYS NY_RNQf N ]UN`R V[ Zf ]_NPaVPNY P\ZZR_PR dVaU aUR
\OWRPa" S\_ dUVPU \[ aUR \aUR_ UN[Q Zf `R[`R#V[S\_ZNaV\[ V` ZRN[a a\
]_R]N_R ZR$ HR aUR_RS\_R Q\ [\a UNcR V[ a\bPU aUNa PYRN_ `R]N_NaV\[
ORadRR[ aUR aUR\_RaVPNY Sb[PaV\[ \S V[S\_ZNaV\[ N[Q aUR ]_NPaVPNY
P\[QbPa" S_RRYf ON`RQ \[ Va" aUNa dR UNcR V[ cV`V\[$ :R_R NTNV[ dR
'*, E :7 B :7@A?7@A@ A8 >;87
UNcR V[ aUR cR_f P\[`aVabaV\[ \S N `R[`R N[Q Va` ]Uf`VPNY P\[QVaV\[` aUR
\_TN[VP _\\a \S N UVTUYf `]V_VabNY QV`aV[PaV\[ \[ aUR UbZN[ YRcRY0 aUNa
ORadRR[ aUR\_f N[Q ]_NPaVPR$ HUVYR V[ a\bPU `bOWRPa N[Q \OWRPa N_R
NY_RNQf Q\V[T `\ZRaUV[T a\ RNPU \aUR_ V[ aUR cR_f NPa V[ dUVPU aUR
\OWRPa ORP\ZR` N ]UR[\ZR[NY ]_R`R[PR" aUR ]_R`R[PR \S aUR cV`bNY
ZN[VS\YQ YRNcR` ZR `aVYY R[aV_RYf S_RR N` a\ NPabNY P\ZZR_PR" N` ; `RR
dVaU\ba Q\V[T N[Q dVaU\ba aUR \OWRPal` Q\V[T N[faUV[T$
;[ URN_V[T" Va V` a_bR" aUR_R V` NY`\ [\ Q\V[T \[ Zf ]N_a" Oba NYY aUR
Z\_R \[ aUR ]N_a \S aUR \OWRPa$ EUV[T` N_R [\a Of aURV_ \d[ [Nab_R
NbQVOYR N` aURf N_R cV`VOYR1 Va Q\R` [\a ORY\[T a\ aURV_ ZR_R ORV[T a\
RZVa `\b[Q N` Va ORY\[T` a\ aURZ a\ _RSYRPa YVTUa$ ; PN[ aUR_RS\_R [\a
PU\\`R a\ URN_ `\ZRaUV[T" Oba UNcR a\ dNVa aVYY `\ZRaUV[T UN]]R[` a\
N ]N_a \S Zf R[cV_\[ZR[a a\ ZNXR Va `\b[Q" N[Q aUV` `\b[Q dVYY `a_VXR
ZR dURaUR_ ; PU\\`R \_ [\a$ 3[Q `V[PR Va V` N[ RcR[a \S dUVPU `\b[Q
V[S\_Z` ZR N[Q [\a ZR_RYf aUR ReV`aR[PR \S aUV[T` V[ aURV_ a\aNY
P\[SVTb_NaV\[" Zf PU\VPR \S NPaV\[ V` QRaR_ZV[RQ S\_ ZR Of aUR
NP\b`aVP V[S\_ZNaV\[$ D\ZRaUV[T V` T\V[T \[ V[ Zf `b__\b[QV[T`" `\
URN_V[T V[S\_Z` ZR" N[Q ; UNcR a\ _R`]\[Q a\ aUNa PUN[TR" dUVPU
NSSRPa` ZR N` N[ V[aR_R`aRQ ]N_af [\a S_RR a\ P\[aRZ]YNaR0 ; UNcR a\
`a_NV[ Zf`RYS a\dN_Q dUNa ZNf P\ZR [Rea S_\Z aUNa ^bN_aR_" a\ dUVPU
; NZ [\d O\b[Q V[ N Qf[NZVPNY `VabNaV\[$)
@\d" Va V` aUR P\Z]YRaR NO`R[PR \S `bPU N Qf[NZVPNY `VabNaV\[" \S
N[f V[a_b`V\[ \S PNb`NYVaf V[a\ aUR _RYNaV\[" dUVPU QV`aV[TbV`UR` `VTUa$
; UNcR a\ Q\ [\aUV[T Oba a\ Y\\X" N[Q aUR \OWRPa V` [\a NSSRPaRQ Of
aUNa0 N[Q \[PR aUR_R V` YVTUa" aUR \OWRPa UN` \[Yf a\ OR aUR_R a\ OR
cV`VOYR" N[Q ; NZ [\a NSSRPaRQ Of aUNa0 N[Q fRa Va V` N]]_RUR[QRQ V[ Va`
`RYS#P\[aNV[ZR[a S_\Z \ba \S Zf \d[ `RYS#P\[aNV[ZR[a" Va V` ]_R`R[a
a\ ZR dVaU\ba Q_NdV[T ZR V[a\ Va` ]_R`R[PR$ HUNaRcR_ Qf[NZVP P\Z#
ZR_PR aUR_R V` V[ ]Uf`VPNY SNPa ORadRR[ `\b_PR \S YVTUa" VYYbZV[NaRQ
\OWRPa" N[Q ]R_PRVcV[T RfR" aUV` P\[aRea S\_Z` [\ ]N_a \S aUR ]UR[\Z#
R[NY _R`bYa$ EUV` P\Z]YRaR [Rba_NYVgNaV\[ \S Qf[NZVP P\[aR[a V[ aUR
cV`bNY \OWRPa" aUR Re]b_TNaV\[ \S NYY a_NPR` \S PNb`NY NPaVcVaf S_\Z Va`
]_R`R[aNaV\[" V` \[R \S aUR ZNW\_ NPP\Z]YV`UZR[a` \S dUNa dR PNYY aUR

)$ EUV` V` [\a RcR[ P\[`VQR_V[T aUR SNPa aUNa `\b[Q ZNf OR `]RPVSVPNYYf
255A6BB65 a\ ZRhaUNa Va` baaR_V[T" V[ \baP_f" T_\dY" \_ `]RRPU" V` ZRN[a
S\_ Zf URRQV[T0 V[ aUV` PN`R" P\ZZb[VPNaVcR V[aR[a _RV[S\_PR` aUR Qf#
[NZVPNY PYNVZ ]RPbYVN_ a\ aUR NP\b`aVP `VabNaV\[ N` `bPU$ GV`bNY `VT[` UNcR
[\a aUV` V[a_V[`VP" \_ [Nab_NY" ]\dR_ a\ R[S\_PR NaaR[aV\[" Oba \[Yf NP^bV_R
`\ZR \S Va aU_\bTU `fZO\YVP P\[cR[aV\[$!
E :7 @ A4;>;EJ A8 D;9:E L '*-
VZNTR#Sb[PaV\[ \S `VTUa" N[Q Va _R`bYa` V[ N `bOaYR ONYN[PR \S TNV[ N[Q
Y\`` V[ aUR P\T[VaVcR RP\[\Zf \S ZN[" aUR ]_R#RZV[R[aYf `RRV[T P_RN#
ab_R$
EUR TNV[ V` aUR P\[PR]a \S \OWRPaVcVaf" \S aUR aUV[T N` Va V` V[ Va`RYS
N` QV`aV[Pa S_\Z aUR aUV[T N` Va NSSRPa` ZR" N[Q S_\Z aUV` QV`aV[PaV\[
N_V`R` aUR dU\YR VQRN \S C96>A:2 N[Q aUR\_RaVPNY a_baU$ 8b_aUR_Z\_R"
aUR VZNTR V` UN[QRQ \cR_ a\ VZNTV[NaV\[" dUVPU PN[ QRNY dVaU Va V[
P\Z]YRaR QRaNPUZR[a S_\Z aUR NPabNY ]_R`R[PR \S aUR \_VTV[NY \OWRPa0
aUV` QRaNPUNOVYVaf \S aUR VZNTR" V$R$" \S iS\_Zj S_\Z Va` iZNaaR_"j \S
iR``R[PRj S_\Z iReV`aR[PR"j V` Na aUR O\aa\Z \S NO`a_NPaV\[ N[Q aUR_R#
S\_R \S NYY S_RR aU\bTUa$ ;[ VZNTV[NaV\[ aUR VZNTR PN[ OR cN_VRQ Na
dVYY$ EUV` V` NY`\ aUR PN`R dVaU `\b[Q" Va V` a_bR" \S dUVPU iVZNTV[N#
aV\[j PN[ P\Z]\`R N S_RRYf P_RNaRQ d\_YQ \S Va` \d[0 Oba aUV` UN` [\
_RSR_R[PR a\ aUR d\_YQ \S aUV[T` N[Q aUR_RS\_R [\ P\T[VaVcR Sb[PaV\["
dUR_RN` RcR[ aUR S_RR`a ReR_PV`R \S cV`bNY VZNTV[NaV\[ _RaNV[` aUV`
_RSR_R[PR N[Q ZNf _RcRNY ]_\]R_aVR` \_ ]\``VOVYVaVR` \S aUR ReaR_[NY
d\_YQ" N` aUR PN`R \S TR\ZRa_f `U\d`$ A[Yf aUR ]RPbYVN_ PNb`NY iV[#
QVSSR_R[PRj \S cV`bNY ]_R`R[PR ]_\cVQR` aUR ZNaR_VNY N[Q R[TR[QR_` aUR
NaaVabQR S\_ aUR`R ZR[aNY SRNa`$
EUR Y\``" \[ aUR \aUR_ UN[Q" P\[`V`a` V[ aUR cR_f SRNab_R dUVPU
ZNXR` aUR`R UVTUR_ QRcRY\]ZR[a` ]\``VOYR" [NZRYf" aUR RYVZV[NaV\[ \S
aUR PNb`NY P\[[RPaV\[ S_\Z aUR cV`bNY NPP\b[a$ EUR ]b_R S\_Z#]_R`R[#
aNaV\[ dUVPU cV`V\[ NSS\_Q` Q\R` [\a ORa_Nf Va` \d[ PNb`NY TR[R`V`"
N[Q Va `b]]_R``R` dVaU Va RcR_f PNb`NY N`]RPa V[ Va` \OWRPa`" `V[PR aURV_
`RYS#P\[aNV[RQ[R`` cV`#N#cV` aUR \O`R_cR_ ORP\ZR` Na aUR `NZR aVZR N
ZbabNY `RYS#P\[aNV[RQ[R`` NZ\[T aURZ`RYcR`$ @\ S\_PR#Re]R_VR[PR"
[\ PUN_NPaR_ \S VZ]bY`R N[Q a_N[`VaVcR PNb`NYVaf" R[aR_` V[a\ aUR [Nab_R
\S VZNTR" N[Q aUb` N[f RQVSVPR \S P\[PR]a` ObVYa \[ aUNa RcVQR[PR
NY\[R Zb`a `U\d aUR TN] V[ aUR V[aR_P\[[RPaV\[ \S \OWRPa` dUVPU
:bZR UN` [\aRQ$ EUV` ZRN[` \[Yf aUNa dR UNcR a\ V[aRT_NaR aUR
RcVQR[PR \S `VTUa dVaU RcVQR[PR \S N[\aUR_ XV[Q dUVPU V[ aUR RePYb#
`VcR[R`` \S JC96>A:2K V` NYY a\\ \SaR[ S\_T\aaR[$
>Ra b` P\[`VQR_ Z\_R PY\`RYf aUV` PNb`NY QRaNPUZR[a Of dUVPU `VTUa
V` aUR S_RR`a N[Q Na aUR `NZR aVZR aUR YRN`a i_RNYV`aVPj \S aUR `R[`R`$
CRNYVaf V` ]_VZN_VYf RcVQR[PRQ V[ _R`V`aN[PR dUVPU V` N[ V[T_RQVR[a V[
a\bPU#Re]R_VR[PR$ 8\_ ]Uf`VPNY P\[aNPa V` Z\_R aUN[ TR\ZRa_VPNY
P\[aVTbVaf0 Va V[c\YcR` VZ]NPa$ ;[ \aUR_ d\_Q`" a\bPU V` aUR `R[`R" N[Q
aUR \[Yf `R[`R" V[ dUVPU aUR ]R_PR]aV\[ \S ^bNYVaf V` [\_ZNYYf OYR[QRQ
dVaU aUR Re]R_VR[PR \S S\_PR" dUVPU ORV[T _RPV]_\PNY Q\R` [\a YRa aUR
'*. E :7 B :7@A?7@A@ A8 > ;87
`bOWRPa OR ]N``VcR1 aUb` a\bPU V` aUR `R[`R V[ dUVPU aUR \_VTV[NY R[#
P\b[aR_ dVaU _RNYVaf N` _RNYVaf aNXR` ]YNPR$ E\bPU O_V[T` aUR _RNYVaf \S
Va` \OWRPa dVaUV[ aUR Re]R_VR[PR \S `R[`R V[ cV_abR \S aUNa Of dUVPU Va
RePRRQ` ZR_R `R[`R" cVg$" aUR S\_PR#P\Z]\[R[a V[ Va` \_VTV[NY ZNXR#b]$
EUR ]R_PV]VR[a \[ UV` ]N_a PN[ ZNT[VSf aUV` P\Z]\[R[a Of UV` c\Yb[#
aN_f P\b[aR_NPaV\[ NTNV[`a aUR NSSRPaV[T \OWRPa$ 8\_ aUV` _RN`\[ a\bPU
V` aUR a_bR aR`a \S _RNYVaf0 ; PN[ QV`]RY RcR_f `b`]VPV\[ \S VYYb`V\[ Of
T_N`]V[T aUR Q\bOaSbY \OWRPa N[Q a_fV[T Va` _RNYVaf V[ aR_Z` \S aUR
_R`V`aN[PR Va \SSR_` a\ Zf RSS\_a` a\ QV`]YNPR Va$ 6VSSR_R[aYf Re]_R``RQ"
ReaR_[NY _RNYVaf V` QV`PY\`RQ V[ aUR `NZR NPa N[Q N` \[R dVaU aUR
QV`PY\`b_R \S Zf \d[ _RNYVafh dUVPU \PPb_` V[ `RYS#NPaV\[0 V[ SRRYV[T
Zf \d[ _RNYVaf Of `\ZR `\_a \S 677>AC ; ZNXR" ; SRRY aUR _RNYVaf \S aUR
d\_YQ$ 3[Q ; ZNXR N[ RSS\_a V[ aUR R[P\b[aR_ dVaU `\ZRaUV[T \aUR_
aUN[ Zf`RYS$
EUR RSS\_aYR``[R`` \S `VTUa V` N ]_VcVYRTR dUVPU" dVaU aUR a\VY" S\_R#
T\R` NY`\ aUR _RdN_Q \S aUR Y\dR_ `R[`R$ DRRV[T _R^bV_R` [\ ]R_PR]aV#
OYR NPaVcVaf RVaUR_ \[ aUR ]N_a \S aUR \OWRPa \_ \[ aUNa \S aUR `bOWRPa$
@RVaUR_ V[cNQR` aUR `]UR_R \S aUR \aUR_0 aURf YRa RNPU \aUR_ OR dUNa
aURf N_R N[Q N` aURf N_R" N[Q aUb` RZR_TR aUR `RYS#P\[aNV[RQ \OWRPa
N[Q aUR `RYS#P\[aNV[RQ `bOWRPa$ EUR [\[NPaVcVaf \S aUR `RR[ \OWRPa V[
_RYNaV\[ a\ aUR `RRV[T `bOWRPa V` [\a VZ]NV_RQ Of aUR SNPa aUNa" ]Uf`V#
PNYYf `]RNXV[T" NPaV\[ \[ Va` ]N_a RZV``V\[ \S YVTUa! V` V[c\YcRQ N` N
P\[QVaV\[ \S Va` ORV[T `RR[$ EUR `V[TbYN_ ]_\]R_aVR` \S YVTUa* ]R_ZVa
aUR dU\YR Qf[NZVP TR[R`V` a\ QV`N]]RN_ V[ aUR ]R_PR]abNY _R`bYa" `\
aUNa V[ `RRV[T" aUR ]R_PV]VR[a _RZNV[` R[aV_RYf S_RR S_\Z PNb`NY V[#
c\YcRZR[a V[ aUR aUV[T` a\ OR ]R_PRVcRQ$ EUb` cV`V\[ `RPb_R` aUNa
`aN[QV[T ONPX S_\Z aUR NTT_R``VcR[R`` \S aUR d\_YQ dUVPU S_RR` S\_
\O`R_cNaV\[ N[Q \]R[` N U\_Vg\[ S\_ RYRPaVcR NaaR[aV\[$ 4ba Va Q\R` `\
Na aUR ]_VPR \S \SSR_V[T N ORPNYZRQ NO`a_NPa \S _RNYVaf QR[bQRQ \S Va`
_Nd ]\dR_$ E\ ^b\aR S_\Z \b_ \d[ RN_YVR_ NPP\b[a `RR NO\cR ]$
) '!0 EUR \OWRPa" `aNfV[T V[ Va` O\b[Q`" SNPR` aUR `bOWRPa NP_\`` aUR
TN] dUVPU aUR RcN[R`PR[PR \S aUR S\_PR P\[aRea UN` P_RNaRQ$ 6V`aN[PR

*$ EUR `ZNYY[R`` \S aUR QV`ab_ON[PR` V[ dUVPU YVTUa P\[`V`a` NSS\_Q` NYY


aUR ZNW\_ NQcN[aNTR` \S `VTUa \cR_ aUR \aUR_ `R[`R`0 aUR QV`aN[PR \S _RNPU"
aUR QRaNPUZR[a S_\Z aUR PNb`R#RSSRPa `VabNaV\[" Va` _R]YNPRZR[a Of N
^bVR`PR[a VZNTR" aUR `VZbYaN[R\b` _R]_R`R[aNaV\[ \S N ZN[VS\YQ" N[Q aUR
Rea_RZR ZV[baR[R`` N[Q ]_RPV`V\[ \S ]\V[a#a\#]\V[a iZN]]V[Tj V[ aUV`
_R]_R`R[aNaV\[$
E :7 @ A4;>;EJ A8 D;9:E L '*/
\S N]]RN_N[PR fVRYQ` [Rba_NY iVZNTRj dUVPU" b[YVXR iRSSRPa"j PN[ OR
Y\\XRQ Na N[Q P\Z]N_RQ" V[ ZRZ\_f _RaNV[RQ N[Q _RPNYYRQ" V[ VZNTV#
[NaV\[ cN_VRQ N[Q S_RRYf P\Z]\`RQ$ EUb` ORP\ZR` R``R[PR `R]N_NOYR
S_\Z ReV`aR[PR N[Q aUR_RdVaU aUR\_f ]\``VOYR$ ;a V` Oba aUR ON`VP
S_RRQ\Z \S cV`V\[" N[Q aUR RYRZR[a \S NO`a_NPaV\[ V[UR_R[a V[ Va" dUVPU
N_R PN__VRQ Sb_aUR_ V[ P\[PR]abNY aU\bTUa1 N[Q S_\Z cV`bNY ]R_PR]aV\["
P\[PR]a N[Q VQRN V[UR_Va aUNa \[a\Y\TVPNY ]NaaR_[ \S \OWRPaVcVaf dUVPU
cV`V\[ UN` SV_`a P_RNaRQ$
EUb` V[ `]RNXV[T \S aUR NQcN[aNTR \S aUR PNb`NY QRaNPUZR[a \S
`VTUa" Va Zb`a OR O\_[R V[ ZV[Q aUNa aUV` _R`bYa` NY`\ V[ aUR PNb`NY
ZbaR[R`` \S Va` \OWRPa`$ DVTUa" Z\_R aUN[ N[f \aUR_ `R[`R" V[QRRQ
dVaUU\YQ` aUR Re]R_VR[PR \S PNb`NYVaf0 PNb`NYVaf V` [\a N cV`bNY QNabZ$
3[Q N` Y\[T N` ]R_PR]a` iVZ]_R``V\[`j N[Q iVQRN`j ! N_R aNXR[ N`
Wb`a Z\_R \_ YR`` ]R_SRPa V[`aN[PR` \S aUR Z\QRY PN`R \S cV`bNY VZNTR`"
:bZRl` QR[VNY \S PNb`NY V[S\_ZNaV\[ a\ aURZ Zb`a `aN[Q$ GV`V\["
U\dRcR_" V` [\a aUR ]_VZN_f Oba aUR Z\`a `bOYVZR PN`R \S `R[`R ]R_#
PR]aV\[ N[Q _R`a` \[ aUR b[QR_`a_bPab_R \S Z\_R RYRZR[aN_f Sb[PaV\[`
V[ dUVPU aUR P\ZZR_PR dVaU aUR d\_YQ V` ZNV[aNV[RQ \[ SN_ Z\_R
RYRZR[aN_f aR_Z`$ 3 XV[T dVaU [\ `bOWRPa` a\ _bYR \cR_ PRN`R` a\ OR N
XV[T$ EUR RcVQR[PR \S `VTUa Q\R` [\a SNY`VSf _RNYVaf dUR[ `b]]YR#
ZR[aRQ Of aUNa \S aUR b[QR_YfV[T `a_NaN \S Re]R_VR[PR" [\aNOYf \S
Z\aVYVaf N[Q a\bPU0 dUR[ N__\TN[aYf _RWRPaV[T Va `VTUa ORP\ZR` ON__R[
\S a_baU$ 8\_ N Z\_R QRaNVYRQ QV`Pb``V\[" P\Z]N_R aUR dU\YR
3]]R[QVe i5Nb`NYVaf N[Q BR_PR]aV\[j a\ aUR 8V_`a 7``Nf$!

)$ DB3E;3> 6 ;DE3@57

@RVaUR_ `VZbYaN[RVaf \S ]_R`R[aNaV\[ [\_ Qf[NZVP [Rba_NYVaf d\bYQ


OR ]\``VOYR dVaU\ba aUR RYRZR[a \S QV`aN[PR$ 3 ZN[VS\YQ PN[ OR ]_R#
`R[aRQ `VZbYaN[R\b`Yf \[Yf VS Va Q\R` [\a P_\dQ Zf VZZRQVNaR ]_\e#
VZVaf dUR_R RNPU VaRZ \O`R_cRQ d\bYQ OY\PX \ba aUR _R`a$ 3[Q
PNb`NYVaf P\bYQ [\a OR [Rba_NYVgRQ VS aUR \OWRPa V[cNQRQ Zf ]_VcNaR
O\Qf`]UR_R \_ Va` PY\`R`a cVPV[Vaf$ @\d `VTUa V` aUR VQRNY QV`aN[PR#
`R[`R$ >VTUa a_NcRY` SN_aUR_ aUN[ `\b[Q N[Q `ZRYY N[Q Q\R` [\a `bSSR_
QV`a\_aV\[ \[ Va` dNf \cR_ N[f QV`aN[PR$ ;[QRRQ" `VTUa V` aUR \[Yf `R[`R
V[ dUVPU aUR NQcN[aNTR YVR` [\a V[ ]_\eVZVaf Oba V[ QV`aN[PR0 aUR OR`a
cVRd V` Of [\ ZRN[` aUR PY\`R`a cVRd1 a\ TRa aUR ]_\]R_ cVRd dR aNXR
aUR ]_\]R_ QV`aN[PR" dUVPU ZNf cN_f S\_ QVSSR_R[a \OWRPa` N[Q QVSSR_R[a
'+& M E :7 B :7@A?7@A@ A8 >;87
]b_]\`R`" Oba dUVPU V` NYdNf` _RNYVgRQ N` N ]\`VaVcR N[Q [\a N QRSRP#
aVcR SRNab_R V[ aUR ]UR[\ZR[NY ]_R`R[PR \S aUR \OWRPa$ 4f QV`aN[PR b]
a\ N ]\V[a `VTUa TNV[` V[ QV`aV[Pa[R`` \S QRaNVY" N[Q ORf\[Q aUNa ]\V[a
V[ P\Z]_RUR[`VcR[R`` \S `b_cRf" V[ NPPb_NPf \S ]_\]\_aV\[`h TR[R_#
NYYf `]RNXV[T" V[ V[aRT_NaV\[$ HR P\[`PV\b`Yf `aN[Q ONPX N[Q P_RNaR
QV`aN[PR V[ \_QR_ a\ Y\\X Na aUR d\_YQ" V$R$" Na \OWRPa` N` ]N_a` \S aUR
d\_YQ0 N[Q NY`\ V[ \_QR_ a\ OR b[RZON__N``RQ Of aUR PY\`R[R`` \S aUNa
dUVPU dR dV`U >=;H a\ `RR1 a\ UNcR aUR SbYY YVOR_af \S \b_ `PN[[V[T
NaaR[aV\[$ ;a V` QVSSR_R[a dVaU aUR \aUR_ ad\ QV`aN[PR `R[`R`" URN_V[T
N[Q `ZRYY$ DZRYY [RcR_ TNV[`" NYdNf` Y\`R` Of QV`aN[PR$ 3[Q N` a\
URN_V[T" aU\bTU dVaUV[ N [N__\d _N[TR \S Y\PNY cVPV[Vaf Va NY`\ ZNf
UNcR \]aVZNY QV`aN[PR N[Q `bSSR_ Of \cR_PY\`R[R`` R$T$" dVaU YN_TR
c\YbZR` \S `\b[Q `\b_PR` `bPU N` N[ \_PUR`a_N!" Sb_aUR_ dVaUQ_NdNY
dVYY [\a QV`PY\`R [Rd icV`aN`j a\ Va" N` a\ `VTUa" dUVPU d\bYQ P\Z]R[#
`NaR Va S\_ aUR Y\`` \S QV`aV[Pa[R``$ ;a` PN`R aUR[ ORP\ZR` `VZVYN_ a\
aUNa \S `ZRYY$ 4\aU ZNf O_VQTR QV`aN[PR RSSRPaVcRYf" V$R$" \cR_P\ZR
dUNa V` V[ Va`RYS N QV`NQcN[aNTR" Oba PN[ \[Yf Y\`R S_\Z Va` V[P_RN`R
N[Q dVYY NYdNf` aR[Q a\ TNV[ ORaaR_ V[S\_ZNaV\[ Of PY\`V[T aUR _N[TR$
4R`VQR` aUV` ^bN[aVaNaVcR N`]RPa" aUR Z\`a aRYYV[T PUN_NPaR_V`aVP V`
aUR <2==6A V[ dUVPU QV`aN[PR V` Re]R_VR[PRQ V[ cV`V\[$ D\b[Q \_ `ZRYY
ZNf _R]\_a N[ \OWRPa N` ZR_RYf QV`aN[a" dVaU\ba _R]\_aV[T aUR `aNaR
\S aUR V[aR_cR[V[T `]NPR0 V[ `VTUa aUR \OWRPa 7246B ZR 24A>BB aUR
V[aR_cR[V[T QV`aN[PR" dUVPU V[ NYY Va` ]\aR[aVNY i`aR]`j V` V[PYbQRQ V[
aUR ]R_PR]aV\[$ ;[ cVRdV[T N[ \OWRPa aUR_R V` aUR `VabNaV\[ \S N icV`#N#
cV`"j dUVPU QV`PY\`R` aUR \OWRPa N` aUR aR_ZV[NY \S N QVZR[`V\[ YRNQV[T
S_\Z ZR a\dN_Q Va" N[Q aUV` QVZR[`V\[ YVR` \]R[ ORS\_R ZR$ EUR
SNPV[T NP_\`` N QV`aN[PR aUb` QV`PY\`R` aUR QV`aN[PR Va`RYS N` `\ZRaUV[T
; NZ S_RR a\ a_NcR_`R1 Va V` N[ V[cVaNaV\[ a\ S\_dN_Q Z\aV\[" ]baaV[T aUR
V[aR_cR[V[T `]NPR Na Zf QV`]\`NY$ EUR Qf[NZVP` \S ]R_`]RPaVcR QR]aU
P\[[RPa` ZR dVaU aUR ]_\WRPaRQ aR_ZV[b`$
EUV` aR_ZV[b` Va`RYS V` N_OVa_N_f V[ RNPU TVcR[ PN`R" N[Q Zf TYN[PR
RcR[ VS S\Pb`RQ \[ Va V[PYbQR` N` N ONPXT_\b[Q aUR \]R[ SVRYQ \S \aUR_
]_R`R[PR` ORUV[Q Va" Wb`a N` Va V[PYbQR`" N` N P\_\[N SNQV[T a\dN_Q aUR
RQTR`" aUR ZN[VS\YQ P\#]_R`R[a V[ aUR ]YN[R$ EUV` V[QRSV[VaR iN[Q `\
\[j dVaU dUVPU aUR cV`bNY ]R_PR]aV\[ V` VZObRQ" N[ RcR_#_RNQf ]\aR[#
aVNY S\_ _RNYVgNaV\[" N[Q R`]RPVNYYf aUR iN[Q `\ \[j V[ QR]aU" V` aUR
OV_aU]YNPR \S aUR VQRN \S :=7:=:CH a\ dUVPU [\ \aUR_ `R[`R P\bYQ `b]]Yf
aUR Re]R_VR[aVNY ON`V`$ E\bPU P\[W\V[RQ dVaU Y\P\Z\aV\[ PR_aNV[Yf
E :7 @ A4;>;EJ A8 D;9:E L '+'
NY`\ V[PYbQR` NdN_R[R`` \S aUR ]\aR[aVNYVaf \S T\V[T \[ a\ aUR [Rea
]\V[a" N[Q aUR[PR a\ aUR [Rea" N[Q `\ \[$ 4ba a\bPU Q\R` [\a NY_RNQf
NQbZO_NaR aUR`R VZZV[R[a _RNYVgNaV\[` V[ Va` ]R_PR]abNY P\[aR[a" N` N
ZN_TV[NY ]N_a V[a\ dUVPU aUR P\_R P\[aV[b\b`Yf OYR[Q`$ ;[ aUR cV`bNY
SVRYQ Va V` aUV` P\[aV[b\b` OYR[QV[T \S aUR S\Pb`RQ N_RN V[a\ Z\_R N[Q
Z\_R QV`aN[a ONPXT_\b[Q#]YN[R`" N[Q Va` `UNQV[T \SS a\dN_Q aUR
S_V[TR`" dUVPU ZNXR aUR iN[Q `\ \[j Z\_R aUN[ N[ RZ]af ]\aR[aV#
NYVaf0 aUR_R V` aUR P\#_R]_R`R[aRQ _RNQV[R`` \S aUR SVRYQ a\ OR ]R[R#
a_NaRQ" N ]\`VaVcR ]bYY dUVPU Q_Nd` aUR TYN[PR \[ N` aUR TVcR[ P\[aR[a
]N``R` N` Va dR_R \S Va`RYS \cR_ V[a\ Sb_aUR_ P\[aR[a`$ @\ `bPU OYR[QV[T
\S NPabNY N[Q ]\aR[aVNY P\[aR[a V` TVcR[ V[ a\bPU1 aUR_R V` ZR_RYf aUR
NO`a_NPa ]\``VOVYVaf \S _R]YNPV[T aUR ]_R`R[a Of N `bO`R^bR[a P\[aR[a"
N[Q aUR dU\YR _R`bYa` \[Yf S_\Z aUR ]_\T_R``VcR NQQVaV\[ \S QV`P_RaR
]N_a`$ DVTUa V[PYbQR` Na N[f TVcR[ V[`aN[a N[ :=7:=:C6 ZN[VS\YQ Na \[PR"
N[Q Va` \d[ ^bNYVaNaVcR P\[QVaV\[` \]R[ aUR dNf V[a\ dUNa YVR` OR#
f\[Q$ EUR b[S\YQV[T \S `]NPR ORS\_R aUR RfR" b[QR_ aUR ZNTVP \S YVTUa"
ORN_` V[ Va`RYS aUR TR_Z \S V[SV[Vafh N` N ]R_PR]abNY N`]RPa$ ;a` P\[#
PR]abNY S_NZV[T V[ aUR VQRN \S V[SV[Vaf V` N `aR] ORf\[Q ]R_PR]aV\[" Oba
\[R aUNa dN` aNXR[ S_\Z aUV` ON`R$ EUR SNPa aUNa dR PN[ Y\\X V[a\
aUR b[O\b[QRQ QR]aU \S aUR b[VcR_`R UN` `b_RYf ORR[ \S VZZR[`R
VZ]\_aN[PR V[ aUR S\_ZNaV\[ \S \b_ VQRN`$
E\ _RcR_a a\ aUR `a_NVTUa ]UR[\ZR[\[ \S QV`aN[PR" Va T\R` dVaU\ba
`NfV[T aUNa `VTUa Of aUV` ZR_R dVQR[V[T \S aUR U\_Vg\[ \S V[S\_ZNaV\[
P\[SR_` N a_RZR[Q\b` OV\Y\TVPNY NQcN[aNTR$ =[\dYRQTR Na N QV`aN[PR
V` aN[aNZ\b[a a\ S\_RX[\dYRQTR$ EUR b[P\ZZVaaRQ _RNPU V[a\ `]NPR V`
TNV[ \S aVZR S\_ NQN]aVcR ORUNcV\_0 ; X[\d V[ T\\Q aVZR dUNa ; UNcR
a\ _RPX\[ dVaU$ EUR N]]_RUR[`V\[ \S QV`aN[a \OWRPa` aUR_RS\_R ZRN[`
N[ VZZRQVNaR V[P_RN`R V[ S_RRQ\Z Of aUR ZR_R V[P_RN`R dUVPU _R#
Z\aR[R`` NYY\d` V[ aUR aVZR#ZN_TV[ S\_ NPaV\[1 Wb`a N` dR S\b[Q `V#
ZbYaN[RVaf \S ]_R`R[aNaV\[ a\ ZRN[ N[ V[P_RN`R V[ S_RRQ\Z Of aUR
\]]\_ab[Vaf \S PU\VPR Va \SSR_` V[ aUR ]_R`R[aRQ ZN[VS\YQ$ ;a UN` ORR[
`NVQ ORS\_R aUNa aUR`R ad\ N`]RPa` \S aUR S_RRQ\Z \S `VTUa N_R PY\`RYf
V[aR__RYNaRQ$ EURV_ b[V\[ V[ \[R ]R_S\_ZN[PR V` aUR P_\d[V[T NPUVRcR#
ZR[a \S S_RRQ\Z V[ aUR `]UR_R \S `R[aVR[PR$
;a d\bYQ [\a OR P\__RPa a\ `Nf aUNa V[ `VTUa aUR QV`aN[a V` O_\bTUa
[RN_$ CNaUR_ Va V` YRSa V[ Va` QV`aN[PR" N[Q VS aUV` V` T_RNa R[\bTU Va PN[
]ba aUR \O`R_cRQ \OWRPa \ba`VQR aUR `]UR_R \S ]\``VOYR V[aR_P\b_`R N[Q
\S R[cV_\[ZR[aNY _RYRcN[PR$ ;[ aUNa PN`R" ]R_PR]abNY QV`aN[PR ZNf
'+( M E :7 B :7@A?7@A@ A8 > ;87
ab_[ V[a\ ZR[aNY QV`aN[PR" N[Q aUR ]UR[\ZR[\[ \S QV`V[aR_R`aRQ OR#
U\YQV[T ZNf RZR_TR" aUV` R``R[aVNY V[T_RQVR[a V[ dUNa dR PNYY i\OWRP#
aVcVaf"j \S dUVPU dR UNcR S\b[Q N[\aUR_ P\[QVaV\[ V[ PNb`NY [Rba_NYVaf$
HR ab_[ ONPX a\ aUR ORTV[[V[T" aUR ]N_aVNYVaf \S PYN``VPNY ]UVY\`\#
]Uf S\_ \[R \S aUR O\QVYf `R[`R`$ Ab_ V[cR`aVTNaV\[ UN` `U\d[ `\ZR
T_\b[Q` S\_ aUV` ]N_aVNYVaf V[ aUR cV_abR` V[UR_R[a V[ `VTUa$ HR RcR[
S\b[Q" V[ RNPU \S aUR aU_RR N`]RPa` b[QR_ dUVPU dR a_RNaRQ cV`V\[" aUR
T_\b[Q S\_ `\ZR ON`VP P\[PR]a \S ]UVY\`\]Uf$ .:<D;C2=6:CH >7 ?A6B6=!
C2C:>= Sb_[V`UR` aUR VQRN \S R[Qb_V[T ]_R`R[a" aUR P\[a_N`a ORadRR[
PUN[TR N[Q aUR b[PUN[TV[T" ORadRR[ aVZR N[Q RaR_[Vaf$ 'H=2<:4
=6DCA2;:I2C:>= Sb_[V`UR` S\_Z N` QV`aV[Pa S_\Z ZNaaR_" R``R[PR N` QV`#
aV[Pa S_\Z ReV`aR[PR" N[Q aUR QVSSR_R[PR \S aUR\_f N[Q ]_NPaVPR$ ':B!
C2=46 Sb_[V`UR` aUR VQRN \S V[SV[Vaf$
EUb` aUR ZV[Q UN` T\[R dUR_R cV`V\[ ]\V[aRQ$

3 BB7@6;I
.:89C 2=5 * >E6<6=C
EUR i@\OVYVaf \S DVTUaj UN` QdRYa \[ aUR [\[Qf[NZVP ^bNYVaf \S aUR cV`bNY
d\_YQ N[Q aUR i^bVRaVcRj a_N[`ZbaNaV\[ Of dUVPU aUV` QV`aVYYNaR \S _RNYVaf V`
\OaNV[RQ1 N[Q _RSR_R[PR dN` ZNQR a\ Va` [RRQ S\_ P\T[VaVcR P\Z]YRZR[aN#
aV\[ S_\Z \aUR_ `R[`R` N[Q S_\Z aUR `]UR_R \S NPaV\[$ HR Zb`a NQQ aUNa
aUR YNaaR_" \_ aUR <>C:;:CH >7 >DA 3>5H TR[R_NYYf" V` [\a PNYYRQ V[ ?>BC 9>4
\[Yf Oba V` NY_RNQf N SNPa\_ V[ aUR cR_f P\[`aVabaV\[ \S `RRV[T N[Q aUR `RR[
d\_YQ aURZ`RYcR`" ZbPU N` aUV` TR[R`V` V` S\_T\aaR[ V[ aUR P\[`PV\b` _R`bYa$
>R`a \b_ ]_R\PPb]NaV\[ dVaU aUR SV[V`URQ ]_\QbPa V[ Va` P\[aRZ]YNaVcR
i[\OVYVafj OR aNXR[ N` N `VZVYN_ S\_TRaaV[T \[ \b_ ]N_a" `\ZR _RZN_X` \[
aUR _\YR \S <>E6<6=C V[ aUR ]_\QbPaV\[ \S Va N_R V[ \_QR_$ EURf [Nab_NYYf
V[c\YcR aUR Z\_R TR[R_NY ^bR`aV\[ \S aUR `UN_R \S ?A2G:B V[ aUR O_V[TV[T
NO\ba \S `\ `RRZV[TYf iaUR\_RaVPNYj N aUV[T N` aUR ]R_PRVcRQ d\_YQ" \_
Z\_R TR[R_NYYf `aVYY" aUR ^bR`aV\[ \S \b_ NPaVcR ]N_a V[ aUR \_TN[VgNaV\[ \S
\b_ `R[`N$ Ab_ ]N_aVPbYN_ P\[PR_[ UR_R V` dVaU aUR cV`bNY ]_\cV[PR1 Oba
aU\bTU dR Q\ =>C _RTN_Q cV`V\[ N` N <>56; \S aUR \aUR_ `R[`R`" Va` Rea_RZR
\S NY\\S[R`` PUNYYR[TR` aUR aUR`V` \S N ]_NPaVPNY QR]R[QR[PR \S ]R_PR]aV\[
Z\_R aUN[ N[f \aUR_ `R[`R" N[Q `\ dUNa V` S\b[Q \S `bPU QR]R[QR[PR a\
V[UR_R RcR[ aUR_R `U\bYQ U\YQ 2 7>AC:>A: S\_ aUR YR`` ]_VcVYRTRQ _R`a$
=N[a ]\`RQ aUR ^bR`aV\[ \S aUR P\T[VaVcR \_TN[VgNaV\[ \S \b_ ]R_PR]a`
N` aUR ^bR`aV\[ \S aUR _RYNaVcR `UN_R` \S i_RPR]aVcVafj N[Q i`]\[aN[RVaf"j
\S aUR ]N``VcR N[Q NPaVcR P\Z]\[R[a` \S \b_ ORV[T$ 4ba Of iNPaVcVafj V[
aUV` P\[aRea UR b[QR_`a\\Q ZR[aNY NPaVcVaf NY\[R aUR S\_ZNY N_aVPbYNaV\[
\S aUR `R[`R ZNaR_VNY aU_\bTU aUR PNaRT\_VR` \S aUR b[QR_`aN[QV[T!" [\a
D;9:E 3@6 ?AG7?7@E L '+)
O\QVYf NPaV\[ \S aUR ]`fPU\]Uf`VPNY ]R_`\[ V[ UV` ]_NPaVPNY QRNYV[T` dVaU
aUR d\_YQ$ ;a V` `a_N[TR U\d YVaaYR aUR P\ZZN[Q \S \b_ YVZO` R[aR_RQ V[a\
aUR Y\[T UV`a\_f \S aUR ]_\OYRZ$ E\ =N[a" aUR iaUR\_RaVPNYj `bOWRPa V` `RYS#
`bSSVPVR[a S\_ aUR P\T[VaVcR aN`X \S P\[`a_bPaV[T S_\Z ]_VZVaVcR QNaN N
ZRN[V[TSbY ]R_PR]abNY dU\YR PNYYRQ id\_YQ1j N[Q aUR i]_NPaVPNYj `bOWRPah
ORP\ZV[T aUV` b[QR_ aUR `]b_ \S [RRQ \_ aUR Z\_NY dVYYhNPa` V[ N[Q \[ N
d\_YQ NY_RNQf P\[`aVabaRQ Of aUR aUR\_RaVPNY SNPbYaVR` \S `R[`R N[Q _RN`\[$
=N[a \[Yf ReRZ]YVSVR` N Y\[T#Q\ZV[N[a a_R[Q0 aUR VQRN \S aUR aUR\_RaVPNY
`bOWRPa `R]N_NOYR S_\Z ?A2G:B N[Q Z\_R ]N_aVPbYN_Yf \S aUR ]N``VcR \_
_RPR]aVcR [Nab_R \S iZR_Rj `R[`R N[Q `R[`R X[\dYRQTR" V` QRR]Yf V[T_NV[RQ
V[ aUR ]UVY\`\]UVPNY a_NQVaV\[ N[Q UN` QRPV`VcRYf QRaR_ZV[RQ aUR P\b_`R \S
R]V`aRZ\Y\Tf$ EUR P\__RPaVcR _RNPaV\[` a\ aUV` ]N_aV`N[`UV] aURf `aN_aRQ
dVaU :RTRYl` ,96=><6=>;>8H >7 C96 .?:A:C N[Q V[PYbQR B_NTZNaV`Z N` N
QRaR_ZV[RQ N[Q c\PNY PNb`R! N_R V[ aUR [Nab_NY QN[TR_ \S ORV[T ]_\c\XRQ
V[a\ \]]\`VaR ]N_aV`N[`UV]$ EUR S\YY\dV[T YVZVaRQ \O`R_cNaV\[` aNXR iNP#
aV\[j V[ Va` ]_VZN_f `R[`R \S Z\cV[T" V$R$" Z\cV[T \[Rl` O\Qf N[Q aU_\bTU
Va \aUR_ aUV[T`1 N[Q `V[PR aUR i]N``VcRj V[ aUV` P\[aRea V` _R]_R`R[aRQ Of
`R[`R#NSSRPaV\[" aURf PN[ NY`\ OR `NVQ a\ QRNY dVaU aUR V[aR__RYNaV\[ \S
`R[aVR[PR N[Q Z\aVYVaf$
DV[PR 4R_XRYRfl` PYN``VPNY (BB2H C>F2A5B 2 +6F /96>AH >7 0:B:>=
'-&/! Va UN` ORP\ZR NYZ\`a N P\ZZ\[]YNPR V[ aUR aUR\_f \S ]R_PR]aV\[
aUNa cV`bNY QNaN NP^bV_R aURV_ `]NaVNY aU_RR#QVZR[`V\[NY! ZRN[V[T \[Yf Of
P\__RYNaV\[ dVaU ]N_NYYRY aNPabNY QNaN1 \_ Z\_R TR[R_NYYf" aUNa \b_ \OWRPa#
]R_PR]aV\[ N[Q Va` `]NaVNY S_NZRd\_X N_R aUR _R`bYa \S N ZR[aNY V[aRT_N#
aV\[ \S aUR QRYVcR_N[PR \S aUR`R ad\ `R[`R`0 `VTUa N[Q a\bPU$ EUR NPP\b[a
V` V[P\Z]YRaR" U\dRcR_" `\ Y\[T N` ia\bPUj V[ aUV` P\ZOV[NaV\[ V` aNXR[ N`
Wb`a N[\aUR_ B6=B6 \[Yf ^bNYVaNaVcRYf QVSSR_R[a S_\Z `VTUa" URN_V[T" N[Q
`ZRYY$ @\ ZR_R `b]R_VZ]\`VaV\[ \S \[R `Ra \S ^bNYVaVR` \cR_ N[\aUR_" [\
P\__RYNaV\[ \S aURZ N` `bPU" P\bYQ P\[PRVcNOYf fVRYQ aUR [Rd ]_\]R_af \S
`]NPR#V[#QR]aU$ 4ba dUR[ dR V[PYbQR V[ ia\bPUj aUR SNPa \S Va` ORV[T N[
NPaVcVaf V[c\YcV[T <>C:>= aUR[ dR T\ ORf\[Q iZR_R `R[`NaV\[j N[ NO#
`a_NPaV\[ \S N[NYf`V`! N[Q NQQ a\ Va` i_RPR]aVcVafj aUNa P\Z]YRZR[a \S
NPaV\[ dVaU\ba dUVPU Va d\bYQ OR ON__R[ \S V[S\_ZNaV\[$ @\aR aUNa aUR
Z\aV\[" a\ UNcR aUV` RSSRPa" Zb`a OR Zf ]R_S\_ZN[PR" V$R$" iV[aR[aV\[NYj \_
iQV_RPaRQj Z\aV\[0 \[Yf N` ]b_]\`VcR NPa Q\R` Z\cRZR[a cVaNYYf P\[#
a_VObaR a\ aUR \_TN[VgNaV\[ \S aUR ]R_PR]abNY d\_YQ$ DRYS#Z\cRZR[a V[QRRQ
ZNf OR PNYYRQ aUR `]NaVNY \_TN[VgR_ V[ RNPU `R[`R#`]RPVR`" N[Q aUR `f[aUR#
`VgR_ \S aUR `RcR_NY `R[`R` a\dN_Q \[R P\ZZ\[ \OWRPaVcVaf$
8\_ aUR PN`R \S a\bPU" aUR ]\V[a UN` ORR[ ZNQR V[ aUR 7``Nf0 U\d" V[
Re]Y\_V[T N[ \OWRPa Of SRRYV[T NY\[R R$T$" V[ QN_X[R``!" Va V` aUR QV_RPaV\[
\S Zf \d[ c\Yb[aN_f Z\cRZR[a` \S YVZO" dVaU Zf O\Qf N` _RSR_R[PR#
`f`aRZ" aUNa Sb_[V`UR` aUR S_NZRd\_X \S QVZR[`V\[NY P\\_QV[NaR` V[a\
'+* E :7 B :7@A?7@A@ A8 >;87
dUVPU aUR `bPPR``VcR P\[aNPa `R[`NaV\[` N_R V[aRT_NaRQ$ HR UR_R ZR_RYf
_R]RNa aUNa dVaU\ba aUV` XV[R`aURaVP `VQR \S aUR P\Z]YRe ]_\PR`` [\ b[VSVPN#
aV\[ \S aUR V[QVcVQbNY Y\PNY QNaN V[a\ N P\UR_R[a `R_VR`" N[Q RcR[abNYYf [\
P\[P_R`PR[PR \S aURZ V[a\ N a\aNY `VZbYaN[R\b` S\_Z" d\bYQ P\ZR NO\ba
V[ a\bPU$
4ba dUNa V` \OcV\b` V[ aUR PN`R \S a\bPU" `RRZ` Na SV_`a V[N]]YVPNOYR a\
aUR PN`R \S `VTUa0 aUNa Va` P\T[VaVcR SRNa `U\bYQ QR]R[Q \[ Z\cRZR[a$ 8\_
dN` [\a aUR ]\V[a \S \b_ 7``Nf ]_RPV`RYf aUNa `VTUa V` aUR `R[`R \S aUR
]N``VcR \O`R_cR_ ]N_ RePRYYR[PR2 EUNa a\ Y\\X Na aUV[T`" Na aUR d\_YQ Na
YN_TR" V` P\Z]NaVOYR dVaU N `aNaR \S P\Z]YRaR _R`a" dUVPU RcR[ `RRZ` aUR
\]aVZNY P\[QVaV\[ S\_ cV`bNY NaaR[aV\[ N[Q P\[aRZ]YNaV\[2 HN` [\a RcR[
aUR dU\YR \]]\`VaV\[ \S iaUR\_f cR_`b` ]_NPaVPR"j N[Q UR[PR \S aUR E:C2
4>=C6<?;2C:E2 cR_`b` aUR E:C2 24C:E2 QR_VcRQ S_\Z aUV` cR_f N`]RPa \S
cV`V\[2 EUV` `aVYY `aN[Q`$ JRa dR `U\bYQ [\a OR NOYR a\ i`RRj VS dR UNQ [\a
]_RcV\b`Yf Z\cRQ$ HR `U\bYQ" R$T$" [\a `RR aUR d\_YQ N__N[TRQ V[ QR]aU"
`a_RaPUV[T NdNf S_\Z b` V[QRSV[VaRYf" VS dR dR_R [\a Z\_R aUN[ `RRV[T
P_RNab_R`0 VS dR dR_R [\a P_RNab_R` aUNa NY`\ PN[ Z\cR V[a\ `]NPR N[Q
UNcR Q\[R `\ V[ aUR ]N`a$
EUR ON`VP SNPa" \S P\b_`R" V` aUNa cV`V\[ V` aUR ]N_a#Sb[PaV\[ \S N dU\YR
O\Qf dUVPU Re]R_VR[PR` Va` Qf[NZVP V[c\YcRZR[a dVaU aUR R[cV_\[ZR[a V[
aUR SRRYV[T \S Va` ]\`VaV\[ N[Q PUN[TR` \S ]\`VaV\[$ EUR i]\``R``V\[j \S N
O\Qf \S dUVPU aUR RfR` N_R N ]N_a V` V[QRRQ aUR ]_VZNY SNPa \S \b_ i`]NaV#
NYVafj0 aUR O\Qf [\a ZR_RYf N` \PPb]fV[T N c\YbZR \S `]NPR TR\ZRa_VPNYYf"
Oba N` NYdNf` V[aR_NPaV[T dVaU aUR d\_YQ ]Uf`VPNYYf" RcR[ dUR[ Na _R`a
R$T$" Of ZR_R T_NcVaf!$ HVaU\ba aUV` ONPXT_\b[Q \S [\[cV`bNY" P\_]\_RNY
SRRYV[T N[Q aUR NPPbZbYNaRQ Re]R_VR[PR \S ]R_S\_ZRQ Z\aV\[" aUR RfR`
NY\[R d\bYQ [\a `b]]Yf aUR X[\dYRQTR \S `]NPR" [\adVaU`aN[QV[T aUR
VZZN[R[a ReaR[`V\[ \S aUR cV`bNY SVRYQ$
EUV` ]_\]\`VaV\[ PN[ OR N_TbRQ \[ ZN[f YRcRY`$ A[R ZVTUa `U\d aUNa
aUR _RNPUV[T S\_ N[Q ZN[V]bYNaV[T \S aUV[T` Of aUR V[SN[a ]_\cVQR` aUR
RYRZR[aN_f Re]R_VR[PR \S aUR P\_]\_RNYVaf \S `RR[ \OWRPa` N[Q \S N[ \_QR_
\S QV`aN[PR` P\__RYNaRQ a\ aUR `R[`NaV\[` \S `VTUa$ A_ \[R ZVTUa RYNO\_NaR
\[ aUR ZN[f [Rb_\Zb`PbYN_ NQWb`aZR[a` ]N_aVPV]NaV[T V[ aUR \]aVPNY NPa N`
`bPU ab_[V[T \S RfRONYY`" S\Pb`V[T \S YR[`" RaP$hV[c\Yb[aN_f `ZNYY#`PNYR
Z\a\_ NPaVcNaV\[`!" dUVPU URY] a\ VZObR aUR \]aVPNY `R[`NaV\[ dVaU \OWRP#
aVcR _RSR_R[PR$ A_ \[R ZVTUa ]\V[a a\ aUR ObVYa#V[ `]NaVNY \_VR[aNaV\[ dUVPU
aUR ]Uf`VPNY iQV_RPaV\[`j \S aUR O\Qf ]_\cVQR dVaU aUR \_TN[VP `R[`R \S
_VTUa N[Q YRSa"' S_\[a N[Q ONPX"( b] N[Q Q\d[hN `R[`R NYdNf` NPabNYVgRQ

'$ 5S$ =N[al` `U\_a R``Nf iAS aUR SV_`a ]_V[PV]YR \S aUR QVSSR_R[PR \S
QV_RPaV\[` V[ `]NPRj Sb_aUR_ RYNO\_NaRQ V[ iHUNa V` ka\ \_VR[a \[R`RYS V[
aU\bTUal2j!" dUR_R UR ]\V[a` \ba aUNa aUR QV`aV[PaV\[ \S VQR[aVSVNOYR QV_RP#
D;9:E 3@6 ? AG7?7@E L '++
V[ `\ZR _bQVZR[a \S Z\aV\[$ EUR ]\V[a ; dV`U a\ P\ZZR[a b]\[ V` N
Sb_aUR_ \[R0 aUR QR]R[QR[PR \S \]aVPNY ?6AB?64C:E6 \[ ;>4><>C:>="
;a dVYY OR NT_RRQ aUNa aUR X[\dYRQTR \S ]R_`]RPaVcR V[PYbQR` N[ NdN_R#
[R`` \S aUR ]\aR[aVNY cV`bNY QV`]YNPRZR[a` NaaR[QN[a b]\[ N `UVSa \S aUR
\O`R_cR_l` ]\`VaV\[" V$R$" b]\[ UV` Z\cV[T$ EUR NOVYVaf a\ ]_R`R_cR aUR
VQR[aVaf \S \OWRPa QV`a_VObaV\[ aU_\bTU\ba N `R^bR[PR \S `bPU N]]N_R[a
QV`]YNPRZR[a` V` N [RPR``N_f ]_RZV`R S\_ aUR b[QR_`aN[QV[T \S ]R_`]RPaVcR
QV`a\_aV\[$ ;a ZVTUa `RRZ" aUR_RS\_R" aUNa dUNa V` _R^bV_RQ V` aUR _RZRZ#
OR_RQ Re]R_VR[PR \S `bPU QV`]YNPRZR[a ]NaaR_[` V[ P\[[RPaV\[ dVaU Z\#
aV\[" V$R$" N ]N`a \S cN_V\b`Yf UNcV[T Z\cRQ V[ `]NPR$ 4ba aUV` V` [\a aUR
dU\YR `a\_f$ 8\_ U\d QVQ Z\aV\[ Va`RYS P\ZR a\ OR Re]R_VR[PRQ N` Z\aV\["
VS Va` RcVQR[PR dR_R Wb`a cV`bNY QV`]YNPRZR[a2 EUR R]V`aRZ\Y\TVPNY PV_PYR
V` \OcV\b`$ ;a V` UR_R dUR_R Z\cRZR[a @D2 ?6A7>A<2=46 ORP\ZR` P_bPVNY$
3 dV[TRQ `RRQ `NVYV[T \[ aUR dV[Q" VS Va dR_R R[Q\dRQ dVaU RfR`" d\bYQ Na
Z\`a ]R_PRVcR N aVZR `R^bR[PR \S ad\#QVZR[`V\[NY cV`bNY ZN[VS\YQ` P\[#
aV[b\b`Yf OYR[QV[T V[a\ aURV_ `bPPR``\_`" `UN]R` V[P_RN`V[T N[Q QRP_RN`V[T
V[ `VgR" PUN[TV[T V[ \baYV[R" \]R[V[T N[Q PY\`V[T aURV_ _N[X`" \cR_YN]]V[T
N[Q `R]N_NaV[ThN XNYRVQ\`P\]VP PUN[TR dVaU N QRSV[VaR Oba ZRN[V[TYR``
]NaaR_[" YNPXV[T _RSR_R[PR a\ ]\`VaV\[ N[Q a\ QVZR[`V\[` QRSV[RQ aUR_ROf$
EUb` NYY Va` a_NcRY` d\bYQ [\a URY] Va a\ TNV[ N ]R_PR]aV\[ \S `]NPR N[Q a\
_RYNaR aUR ]N``NTR \S VZNTR` a\ N `]NPR a_NcR_`RQ$ EUR QVSSR_R[PR ORadRR[
aUV` VZNTV[N_f PN`R N[Q aUR _RNY \[R \S aUR `RYS#Z\cV[T N[VZNY V` aUNa aUR
YNaaR_ PUN[TR` Va` ]YNPR Of N[ RePUN[TR \S ZRPUN[VPNY NPaV\[ dVaU aUR
_R`V`aV[T ZRQVbZ" aU_\bTU \_ b]\[ dUVPU Va Z\cR`$ EUR Zb`PbYN_ RSS\_a
_R^bV_RQ ZRN[` aUNa aUR _RYNaVcR Z\aV\[ V` Z\_R aUN[ N `UVSa \S ZbabNY
TR\ZRa_VPNY ]\`VaV\[0 aU_\bTU aUR V[aR_]YNf \S S\_PR aUR TR\ZRa_VPNY OR#
P\ZR` N Qf[NZVPNY `VabNaV\[ dUVPU Of aUV` cR_f PUN_NPaR_ QV`PY\`R` aUR
TR\ZRa_VPNY N`]RPa N` dRYY$ EUR ]_\]_V\PR]aV\[ \S Z\a\_ NPaVcVaf ORP\ZR`
N TbVQR S\_ aUR \_TN[V`Z V[ aUR `bPPR``VcR P\[`a_bPaV\[ \S `]NaVNY QV`aN[PR
N[Q QV_RPaV\[ \ba \S aUR ]UN`R` \S aUR Z\aV\[ Va NPabNYYf ]R_S\_Z`$
A[PR V[ ]\``R``V\[ \S aUR X[\dYRQTR OR^bRNaURQ Of aUR`R Z\aV\[#(

aV\[` V[ cV`bNY `]NPR V` QbR a\ \b_ SRRYV[T \S N ^bNYVaNaVcR QVSSR_R[PR


ORadRR[ aUR _VTUa N[Q YRSa `VQR` \S \b_ O\QVR`0 VS 9\Q ORadRR[ \[R [VTUa
N[Q aUR [Rea PUN[TRQ aUR dU\YR N`]RPa \S aUR `aN__f `Xf V[a\ Va` ZV__\_
VZNTR" dR `U\bYQ UNcR [\ dNf \S aRYYV[T aUR QVSSR_R[PR dVaU\ba _RP\b_`R a\
aU\`R ^bNYVaNaVcR O\Qf SRRYV[T`haUR ]b_RYf TR\ZRa_VPNY RcVQR[PR ReUVOVa#
V[T [\ PUN[TR$
($ DVT[VSVPN[aYf" Z\`a S_RR#Z\cV[T N[VZNY` NYY cR_aRO_NaR`! UNcR N[
NeVNY QV_RPaV\[ \S aURV_ O\Qf `a_bPab_R1 V[ Z\`a PN`R` aUV` P\V[PVQR` dVaU
aUR ZNV[" V$R$" S\_dN_Q QV_RPaV\[ \S aURV_ Y\P\Z\aV\[$ 8_\Z aUR YNaaR_ _bYR"
ZN[l` b]_VTUa ]\`ab_R V` aUR `VT[VSVPN[a RePR]aV\[ S\_ Va` ]_\S\b[Q ZRN[#
V[T PS$ aUR RePRYYR[a R``Nf Of 7_dV[ Da_Nb`" iEUR F]_VTUa B\`ab_R"ll /96
,BH49:2CA:4 -D2AC6A;H (, '/+(!" +(/#,'!$
'+, E :7 B :7@A?7@A@ A8 > ;87
Re]R_VR[PR`" ; PN[ V[QRRQ cVRd aUR d\_YQ S_\Z Zf SVeRQ `aN[Q]\V[a N[Q
N]]_RUR[Q Va V[ QR]aU" V[ ]R_`]RPaVcR" N[Q V[ aUR \_QR_ \S Va` QVSSR_R[aYf
ReaR[QV[T QV_RPaV\[`$ ; ZNf aUR[ OR aUR `aNaV\[N_f N[Q V[NPaVcR \O`R_cR_
dU\ YRa` aUR `]RPaNPYR \S aUR d\_YQ ]N`` Of UV` RfR` N` \[ N `P_RR[$ 4ba V[
aUV` P\[aRZ]YNaVcR `VabNaV\[ Zf S\_ZR_ NPaVcVaf \S NPabNYYf Z\cV[T
aU_\bTU `]NPR" \S QV_RPaV[T Zf`RYS a\dN_Q `\ZR T\NY" \S PUN[TV[T Zf
QV_RPaV\[" \S P\__RYNaV[T aVZR b`RQ a\ QV`aN[PR P\cR_RQ" \S ZRN`b_V[T ReR_#
aV\[ NTNV[`a aUR cV`bNY _R`bYa` \S PUN[TR" NYY aUR`R N[Q aUR NYdNf` ]_R`R[a
]\``VOVYVaf \S ]R_S\_ZV[T aUR `NZR NPa` NTNV[" b[QR_YVR N[Q VZ]_RT[NaR
aUNa `RRZV[TYf `aNaVP ]_R`R[PR \S `]NPR dUVPU cV`V\[ R[W\f`$ HR ZNf
aUR_RS\_R `Nf aUNa aUR ]\``R``V\[ \S N O\Qf V[ `]NPR" Va`RYS ]N_a \S aUR
`]NPR a\ OR N]]_RUR[QRQ" N[Q aUNa O\Qf PN]NOYR \S `RYS#Z\aV\[ V[ P\b[#
aR_]YNf dVaU \aUR_ O\QVR`" V` aUR ]_RP\[QVaV\[ S\_ N cV`V\[ \S aUR d\_YQ$
HR UNcR aUb` aUR ]N_NQ\e aUNa Va V` `\ZRaUV[T Qf[NZVP" N ]_\PR``" Of
dUVPU aUR S_NZRd\_X \S `aNaVP Re]R_VR[PR V` P\[`aVabaRQ" cVg$" N `f`aRZ \S
`]NaVNY P\\_QV[NaR` QV_RPaV\[`! dVaU Zf \d[ O\Qf Na aUR i\_VTV[$j 3[Q
aUR ReNZ]YR \S aUR `R[`R `RRZV[Tf _RZ\aR`a S_\Z `bPU V[c\YcRZR[a
`U\d` aUNa Z\aVYVaf" dUVPU Va`RYS _R^bV_R` `R[aVR[PR S\_ Va` \]R_NaV\[" V[
ab_[ R[aR_` V[a\ aUR cR_f P\[`aVabaV\[ \S `R[`R dUR_R aUV` V` a\ OR Z\_R
aUN[ aUR ZR_R _RTV`aR_V[T \S V__VaNaV\[` S_\Z dVaU\ba0 V[ \aUR_ d\_Q`"
dUR_R `R[`NaV\[ V` a\ _V`R a\ ]R_PR]aV\[$)
)$ ;a S\YY\d`" V[PVQR[aNYYf" aUNa aUR >RVO[VgVN[ Z\[NQ" iZV__\_V[Tj aUR
b[VcR_`R iV[ ]R_`]RPaVcRj S_\Z Va` icVRd]\V[aj [\aR aUR cV`bNY Z\QRY !
F:C9>DC 5>:=8 B><6C9:=8 a\ aUV` b[VcR_`R V[ aUR dNf \S V[aR_NPaV\[" V` N
`RYS#P\[a_NQVPa\_f P\[PR]a0 aUR ]R_PV]VR[a" Of aUR cR_f [Nab_R \S ]R_PR]#
aV\[" <DBC OR NY`\ 286=C$hEUR YN`a Re]_R``V\[ ]_\Z]a` N _RSR_R[PR a\
B_\S$ <\U[ ?NPZb__Nfl` NQZV_NOYR 9VSS\_Q >RPab_R` \S '/+) ]bOYV`URQ
V[ '/+-! \[ /96 .6;7 2B $86=C dU\`R ZN[f `a_VXV[T NT_RRZR[a` V[
cVRd]\V[a N[Q P\[PYb`V\[` dVaU ]\_aV\[` \S aUR ]_R`R[a c\YbZR PNZR N` N
]YRN`N[a `b_]_V`R a\ ZR dUR[ Zf NaaR[aV\[ dN` _RPR[aYf Q_Nd[ a\ Va$
7`]RPVNYYf UV` QV`Pb``V\[ \S aUR _RYNaVcR PYNVZ` \S `VTUa N[Q a\bPU" >?" 4:C"
]]$ '&* SS$" SV[Q` PY\`R ]N_NYYRY` V[ iEUR @\OVYVaf \S DVTUaj SV_`a ]bOYV`URQ
'/+*!$ ;a V` N P\V[PVQR[PR \S V[QR]R[QR[a V[`VTUa" dUVPU Zb`a OR T_NaVSf#
V[T a\ RVaUR_ `VQR$ EUR ]bOYVPNaV\[ \S Zf P\__R`]\[QV[T cVRd` SNYY` V[a\
NO\ba aUR `NZR ]R_V\Q \_ `YVTUaYf ORS\_R0 i5Nb`NYVaf N[Q BR_PR]aV\["j
'/+&1 i;` 9\Q N ?NaURZNaVPVN[2j" '/+'1 i?\aVYVaf N[Q 7Z\aV\[j [\d
iE\ ?\cR N[Q a\ 8RRYj!" '/+)1 i3 5_VaV^bR \S 5fOR_[RaVP`j [\d
i5fOR_[RaVP` N[Q Bb_]\`Rj!" '/+)1 iEUR @\OVYVaf \S DVTUa"j '/+*$ EUR
8V_`a 7``Nf \S aUR ]_R`R[a P\YYRPaV\[ P\[aNV[` aUR \]R[V[T \S Zf YRPab_R
P\b_`R \[ iEUR B_\OYRZ \S >VSR V[ aUR EUR\_f \S 4RV[T"j TVcR[ Na aUR
:RO_Rd F[VcR_`Vaf V[ <R_b`NYRZ V[ '/*,%*-!$ B_\S$ ?NPZb__Nf dN` \O#
cV\b`Yf N` b[NdN_R \S aUR`R ]VRPR` N` ; _RT_RaaNOYf _RZNV[RQ S\_ fRN_`
NSaR_dN_Q \S UV` d\_X$
C 7 F 7 ? D : 7CC3I

;XLRP#XLVTYR
LYO _SP 8]PPOZX ZQ >LY

DSP QZWWZbTYR T^ LY P^^Ld TY [STWZ^Z[STNLW LY_S]Z[ZWZRd NZYNP]YPO


bT_S OP_P]XTYTYR XLYi^ g^[PNTQTN OTQQP]PYNPh TY _SP LYTXLW VTYROZX$
8Z] SP`]T^_TN [`][Z^P^ ; SLaP L^^`XPO _SP ^T_`L_TZY ZQ Pc[WZ]P]^ ZY
LYZ_SP] [WLYP_ bSZ bT^S _Z L^NP]_LTY _SP []P^PYNP ZQ gXPYh LXZYR
_SP WTaTYR N]PL_`]P^ _SP]P$ DSP ^T_`L_TZY T^ SP`]T^_TNLWWd TOPLW MPNL`^P
T_ T^ TOPLWWd ]TRZ]Z`^" OPYdTYR LWW ^`[[Z]_ ZQ XZ][SZWZRTNLW QLXTWTL]T_d
LYO bT_S T_ _SP _PX[_L_TZY _Z _LVP LNNTOPY_LW^ ZQ MZOTWd _d[P QZ]
P^^PY_TLW^ ZQ L ^[PNTP^ ZQ WTQP$ 6P_LNSPO Q]ZX LYd [L]_TN`WL] eZZWZRd
LYO Q]ZX VTY^ST[ ]PWL_TZY^" _SP _P]X gXLYh NLY ]PQP] ZYWd _Z LY
LYLWZRd#ZQ#P^^PYNP _SL_ bZ`WO U`^_TQd L^^TRYTYR _SP YLXP TY _SP QLNP
ZQ `__P] [Sd^TNLW OT^^TXTWL]T_d$ GSL_ VTYO ZQ XTYTX`X PaTOPYNP bZ`WO
MP NZYNW`^TaP" LYO bSL_ PcLN_Wd bZ`WO T_ MP NZYNW`^TaP QZ]2
3XZYR _SP [Z^^TMWP Pc_P]YLW NW`P^ _SL_ ZQQP] _SPX^PWaP^ L^ N]T_P]TL"
_SL_ ZYP SL^ [STWZ^Z[STNLW []PQP]PYNP bSTNS" TY LOOT_TZY _Z MPTYR L_
ZYNP `YP\`TaZNLW LYO []TXT_TaP" dTPWO^ XZ^_ QZ] L OPQTYT_TZY ZQ XLYi^
YL_`]P bSPY TY_P][]P_PO TY T_^ TY_P]YLW TX[WTNL_TZY^$ DSP L]R`XPY_
[]P^PY_PO SP]P Z`RS_ _Z MP []PNPOPO Md L OT^N`^^TZY ZQ _SP ]PWL_TaP
XP]T_^ ZQ aL]TZ`^ ^`NS NW`P^f WTVP _ZZW^" SPL]_S^" _ZXM^$ ; ^_L]_" SZb#
PaP]" bSP]P ^`NS L OT^N`^^TZY SL^ WPO XP" QZ]PRZTYR _SP ^`[[Z]_ ZQ
[]P[L]L_Z]d TYaPY_Z]d LYO ]PL^ZYPO ^PWPN_TZY$ DSP NSZTNP ZQ TXLRP#
XLVTYR L^ [L]_TN`WL]Wd ]PaPLWTYR T^ MP^_ U`^_TQTPO Md T_^ ]P^`W_^$ ?PPO#
WP^^ _Z ^Ld" YZ NWLTX _Z PcNW`^TaP aLWTOT_d T^ TX[WTPO TY _SP NSZTNP$ 3
'+-
'+. K D :7 A :7?@>7?@? @8 =;87
NP]_LTY SP]XPYP`_TN LOaLY_LRP" Q]ZX bSTNS ; bT^S _Z []ZQT_" WTP^ TY _SP
]PWL_TaP ^TX[WTNT_d ZQ _SP [SPYZXPYZY L^ NZX[L]PO" QZ] PcLX[WP" bT_S
^[PPNS$ DSP WL__P]" _SZ`RS T_ T^ PaPY XZ]P NPY_]LW _Z _SP YL_`]P ZQ XLY
L^ T_ T^ NP]_LTYWd XZ]P NZX[]PSPY^TaP TY MPL]TYR!" T^ LW^Z X`NS XZ]P
NZX[WPc TY T_^ NZY^_T_`_TZY" T_^ PaTOPYNP LNNZ]OTYRWd XZ]P OTQQTN`W_ _Z
L^^P^^1 MP^TOP^" TY _SP L^^`XPO ^T_`L_TZY" _SP \`P^_TZY ZQ T_^ TOPY_TQTNL#
_TZY Md Z`_^TOP]^f_SL_ T^" _SP [Sd^TNLW TYOTQQP]PYNP ZQ ^dXMZWTN `_#
_P]LYNP L^ ^`NS" bSTNS T^ YZ_ T_^ ZbY PaTOPYNPfbZ`WO LOO L []ZMWPX
ZQ ]PNZRYT_TZY YZ_ RP]XLYP _Z _SP T^^`P T_^PWQ1 LYO QTYLWWd" WTVP g]PL#
^ZYh LYO g_STYVTYR"h _SP NZYNP[_ ZQ gWLYR`LRPh SL^ MPNZXP _ZZ NZY#
_]ZaP]^TLW LYO `YNP]_LTY TY NZY_PX[Z]L]d [STWZ^Z[Sd _Z ^P]aP _SP
PWPXPY_L]d PY_P][]T^P SP]P TY XTYO$ DSP]P T^ MP__P] SZ[P QZ] []TZ]
LR]PPXPY_ ZY bSL_ L [TN_`]P T^ _SLY ZY bSL_ L bZ]O T^$ ;Y QLN_" LY
`YOP]^_LYOTYR ZQ _SP TXLRP QLN`W_d XLd NZY_]TM`_P ^ZXP_STYR _Z _SP
`YOP]^_LYOTYR ZQ _SP XZ]P PW`^TaP [SPYZXPYZY ZQ ^[PPNS$
@`] Pc[WZ]P]^ PY_P] L NLaP" LYO ZY T_^ bLWW^ _SPd OT^NP]Y WTYP^ Z]
Z_SP] NZYQTR`]L_TZY^ _SL_ X`^_ SLaP MPPY []ZO`NPO L]_TQTNTLWWd" _SL_
SLaP YZ ^_]`N_`]LW Q`YN_TZY" LYO _SL_ ^`RRP^_ L WTVPYP^^ _Z ZYP Z]
LYZ_SP] ZQ _SP WTaTYR QZ]X^ PYNZ`Y_P]PO Z`_^TOP$ DSP N]d RZP^ `[$0
g:P]P T^ PaTOPYNP ZQ XLY h GSd2 DSP PaTOPYNP OZP^ YZ_ ]P\`T]P _SP
[P]QPN_TZY ZQ _SP 3W_LXT]L [LTY_TYR^$ DSP N]`OP^_ LYO XZ^_ NSTWOT^S
O]LbTYR bZ`WO MP U`^_ L^ NZYNW`^TaP L^ _SP Q]P^NZP^ ZQ >TNSPWLYRPWZ$
5ZYNW`^TaP QZ] bSL_2 8Z] _SP XZ]P#_SLY#LYTXLW YL_`]P ZQ T_^ N]PL_Z]1
LYO QZ] ST^ MPTYR [Z_PY_TLWWd L ^[PLVTYR" _STYVTYR" TYaPY_TYR" TY ^SZ]_
g^dXMZWTNLWh MPTYR$ 3YO ^TYNP T_ T^ YZ_ L XL__P] ZQ OPR]PP" L^ T^
_PNSYZWZRd" _SP PaTOPYNP X`^_ ]PaPLW bSL_ T_ SL^ _Z ]PaPLW Md T_^
QZ]XLW \`LWT_d LWZYP$
GSL_ QLN`W_TP^ LYO L__T_`OP^ L]P TYaZWaPO TY TXLRP#XLVTYR2 8Z]
Z`] TYT_TLW NZYaTN_TZY _SL_ YZ XP]P LYTXLW bZ`WO Z] NZ`WO []ZO`NP LY
TXLRP bP XLd L_ _ST^ ^_LRP U`^_ LOO`NP _SP MTZWZRTNLW `^PWP^^YP^^ ZQ
LYd XP]P ]P[]P^PY_L_TZY$ DSP L]_TQLN_^ ZQ LYTXLW^ SLaP L OT]PN_ [Sd^T#
NLW `^P TY _SP []ZXZ_TZY ZQ aT_LW PYO^" ^`NS L^ Y`_]T_TZY" ]P[]ZO`N_TZY"
STMP]YL_TZY$ 3 ]P[]P^PY_L_TZY" SZbPaP]" NSLYRP^ YPT_SP] _SP PYaT]ZY#
XPY_ YZ] _SP NZYOT_TZY ZQ _SP Z]RLYT^X T_^PWQ$ 3Y TXLRP#XLVTYR N]PL#
_`]P" _SP]PQZ]P" T^ ZYP _SL_ TYO`WRP^ TY _SP XLVTYR ZQ `^PWP^^ ZMUPN_^"
Z] SL^ PYO^ TY LOOT_TZY _Z _SP MTZWZRTNLW ZYP^" Z] NLY ^P]aP _SP WL__P]
TY bLd^ ]PXZ_P Q]ZX _SP OT]PN_ `^PQ`WYP^^ ZQ TY^_]`XPY_LW _STYR^$
GSTNSPaP] T_ T^ LYO T_ XLd MP LWW _S]PP!" TY _SP [TN_Z]TLW ]P[]P^PY_L#
; >397#>3<;?9 3?6 D:7 8 B776@> @8 > 3? J '+/
_TZY _SP ZMUPN_ T^ L[[]Z[]TL_PO TY L YPb" YZY[]LN_TNLW bLd" LYO _SP
aP]d QLN_ _SL_ _SP TY_P]P^_ TY T_ NLY ^STQ_ _Z T_^ .2-8< ^TRYTQTP^ L YPb
ZMUPN_ ]PWL_TZY$

4PQZ]P bP []ZNPPO LYd Q`]_SP] bP X`^_ OP_P]XTYP bSL_ LY TXLRP T^"


Z] Md bSL_ []Z[P]_TP^ LY ZMUPN_ NZXP^ _Z MP _SP TXLRP ZQ LYZ_SP]
ZMUPN_$
'$ DSP XZ^_ ZMaTZ`^ []Z[P]_d T^ _SL_ ZQ gWTVPYP^^$h 3Y TXLRP T^ LY
ZMUPN_ _SL_ MPL]^ L [WLTYWd ]PNZRYTeLMWP" Z] L_ bTWW OT^NP]YTMWP" WTVPYP^^
_Z LYZ_SP] ZMUPN_$
($ DSP WTVPYP^^ T^ []ZO`NPO bT_S TY_PY_0 _SP ZMUPN_ MPL]TYR T_ T^ TY
]P^[PN_ _Z _SL_ []Z[P]_d LY L]_TQLN_$ 3 YL_`]LW ]P^PXMWLYNP MP_bPPY
_bZ ZMUPN_^ OZP^ YZ_ NZY^_T_`_P _SP ZYP LY TXLRP ZQ _SP Z_SP]$' DSP
L]_TQTNTLWT_d LYO _SP]PbT_S TY_PYOPOYP^^! ZQ _SP WTVPYP^^ TY ZYP ZQ _SP
_bZ LWTVP _STYR^ X`^_ MP L^ ]PNZRYTeLMWP L^ _SP WTVPYP^^ T_^PWQ$ DSP
Pc_P]YLW TY_PY_TZY ZQ _SP XLVP] WTaP^ ZY L^ TY_]TY^TN gTY_PY_TZYLWT_dh TY
_SP []ZO`N_f _SP TY_PY_TZYLWT_d ZQ ]P[]P^PY_L_TZY" bSTNS NZXX`YT#
NL_P^ T_^PWQ _Z _SP MPSZWOP]$ DS`^" bSTWP WTVPYP^^ T_^PWQ T^ X`_`LW" _SP
TXLRP ]PWL_TZY `^TYR T_ T^ ZYP#^TOPO0 _SP L]_TQTNTLW _STYR T^ LY TXLRP ZQ
_SP YL_`]LW" YZ_ LW^Z _SP YL_`]LW LY TXLRP ZQ _SP L]_TQTNTLW$
)$ DSP WTVPYP^^ T^ YZ_ NZX[WP_P$ 3 O`[WTNL_TZY ZQ LWW _SP []Z[P]_TP^
ZQ _SP Z]TRTYLW bZ`WO ]P^`W_ TY _SP O`[WTNL_TZY ZQ _SP ZMUPN_ T_^PWQf TY
LYZ_SP] TY^_LYNP ZQ _SP ^LXP VTYO ZQ ZMUPN_" YZ_ TY LY TXLRP$ ;Q ; NZ[d
L SLXXP] TY PaP]d ]P^[PN_" ; SLaP LYZ_SP] SLXXP] LYO YZ_ LY TXLRP
ZQ L SLXXP]$
DSP TYNZX[WP_PYP^^ ZQ _SP WTVPYP^^ X`^_ MP [P]NP[_TMWP" ^Z L^ _Z
\`LWTQd _SP WTVPYP^^ L^ gXP]P WTVPYP^^$h 7W^P _SP MPSZWOP] bZ`WO ^`[#
[Z^P STX^PWQ _Z MP TY _SP []P^PYNP ZQ _SP ZMUPN_ LYO YZ_ ZQ T_^ TXLRP'

'$ DST^ ^_L_PXPY_ SL^ _Z MP \`LWTQTPO bT_S ]P^[PN_ _Z XT]]Z] TXLRP^"


^SLOZb^" LYO _SP WTVP$ 3 ]PQWPN_TZY TY bL_P] T^ L YL_`]LW" _SL_ T^" YZYL]_TQT#
NTLW" ]P^PXMWLYNP" LYO T_ T^ LY TXLRP ZQ _SP ZMUPN_ _SL_ T^ ]PQWPN_PO" bSTWP
_SP WL__P] bT_S LWW T_^ WTVPYP^^ NLYYZ_ MP ^LTO _Z MP LY TXLRP ZQ _SP QZ]XP]$
4`_ SP]P _SP TXLRP T^ LY LNNZX[LYTXPY_ ZQ _SP ZMUPN_ LYO YZ_ LY ZMUPN_
Md T_^PWQ1 LYO PaPY TQ T_ T^ OP_LNSLMWP" WTVP _SP TX[]TY_ ZQ LY LYTXLW QZ]X
L [Z_PY_TLW gTXLRPh QZ] _SP WL_P] [LWPZY_ZWZRT^_!" _SP WTVPYP^^ T^ _SP
XPXMP] ZQ L NL`^P#PQQPN_ ]PWL_TZY ]L_SP] _SLY L ]P[]P^PY_L_TZY$
',& D :7 A :7?@>7?@? @8 =;87
ZYWd$ C`NS OPNP[_TZY" L ^PWQ#OT^^TX`WL_TZY ZQ _SP TXLRP" OPQPL_^ T_^
_]`P XPLYTYR bSTNS T^ _Z ]P[]P^PY_" YZ_ _Z ^TX`WL_P" _SP ZMUPN_$ DST^ T^
_SP OTQQP]PYNP MP_bPPY TXLRP LYO TXT_L_TZY$ 3 WTVPYP^^ XLd TYOPPO
OPNPTaP XP TY_Z _LVTYR T_ QZ] _SP Z]TRTYLW$ DSL_ T_ T^ ZYWd [L]_TLW XLd
YZ_ MP ZMaTZ`^ _Z _SP ^PY^P _Z bSTNS T_ T^ LOO]P^^POf aT^TZYf MPNL`^P
TY _P]X^ ZQ _SL_ ^PY^P LWZYP T_ T^ OPNP[_TaPWd NZX[WP_P$ CZ WZYR L^ ;
SLaP YZ_ WTQ_PO _SP bLc Q]`T_ Q]ZX _SP MZbW" T_ T^ QZ] XP YZ_ _SP
WTVPYP^^ ZQ LY L[[WP M`_ LY L[[WP$ DSPY _SP ]PNZRYT_TZY" LQQZ]OPO Md
_Z`NS LYO ^XPWW" _SL_ _SP WTVPYP^^ T^ LQ_P] LWW ZYWd [L]_TLW" LYO NZY#
_]TaPO L_ _SL_" _]LY^[Z^P^ _SP ZMUPN_ Q]ZX ZYP NL_PRZ]d _Z LYZ_SP]0 YZ_
TY _ST^ NL^P" SZbPaP]" _Z _SL_ ZQ TXLRP M`_ _Z _SL_ ZQ QLVP$
8Z] TY _ST^ NL^P _SP OPNP[_TZY bL^ TY_PYOPO$ ;Y _SP TXLRP T_ T^ YZ_0
T_^ WTVPYP^^ T^ LaZbPOWd g^`[P]QTNTLW"h TY _SL_ T_ ]P[]ZO`NP^ _SP ^`]QLNP
L[[PL]LYNP ^_]TN_Wd L^ ^`NS LYO YZ_ L^ L []P_PY^P _Z L WTVPYP^^ LW^Z ZQ
_SP ^`M^_LYNP TY bSTNS T_ T^ PXMZOTPO$ gEY^`M^_LY_TLWh TY T_^PWQ" _SP
WTVPYP^^ NZYNPOP^ _Z _SP XPLY^ ZQ T_^ PXMZOTXPY_ _SPT] ZbY ^`M^_LY#
_TLWT_d$ DST^ NZYQTYPXPY_ ZQ _SP ]P[]P^PY_L_TaP TY_PY_TZY _Z _SP L[[PL]#
TYR ^`]QLNP T^ _SP XZ^_ ML^TN ^PY^P TY bSTNS LWW TXLRP#WTVPYP^^ T^
TYNZX[WP_P" QZ] T_ T^ NZY^_T_`_TaP QZ] _SP RPY`^ gTXLRPh L^ ^`NS$( DST^
TYNZX[WP_PYP^^" _SPY" bSTNS bP XLd _P]X _SP ZY_ZWZRTNLW ZYP" T^
[]POPNTOPO bT_S _SP TXLRP TY_PY_TZY TY RPYP]LW" LYO YZ WZYRP] L XL_#
_P] ZQ NSZTNP TY _SP [L]_TN`WL] NL^P$
*$ 4PdZYO _ST^ ML^TN NZYOT_TZY" _SP gTYNZX[WP_PYP^^h L^^`XP^
OPR]PP^ ZQ Q]PPOZX$ GT_STY _SP OTXPY^TZY NZY^_T_`_PO Md _SP gZY_Z#
WZRTNLW TYNZX[WP_PYP^^"h _SP TXLRP T^ LRLTY PWWT[_TN0 X`NS PaPY ZQ _SP
^`]QLNP L[[PL]LYNP T^ ZXT__PO$ @XT^^TZY TX[WTP^ ^PWPN_TZY$ ;Y T_^ [Z^T#
_TaP L^[PN_" _SPY" _SP TYNZX[WP_PYP^^ ZQ TXLRP#WTVPYP^^ XPLY^ _SP
^PWPN_TZY ZQ g]P[]P^PY_L_TaPh Z] g]PWPaLY_h Z] g^TRYTQTNLY_h QPL_`]P^ ZQ
_SP ZMUPN_" _SL_ T^" ZQ T_^ L[[PL]LYNP _Z _SP ^PY^P _Z bSTNS _SP TXLRP T^
LOO]P^^PO$ DSP ]P^_]TN_TZY _Z _ST^ ZYP ^PY^P LWZYP L^ _SP [P]NP[_`LW
XPOT`X ZQ ]P[]P^PY_L_TZY T^ T_^PWQ _SP QT]^_ g^PWPN_TZYh Z[P]L_TaP TY
TXLRP#XLVTYR" LYO _ST^ T^ RPYP]TNLWWd []POP_P]XTYPO Md _SP OZXT#
YLYNP ZQ aT^TZY0 XLYi^ YL_`]P SL^ OPNTOPO TY LOaLYNP QZ] _SP aT^`LW
L^[PN_ L^ ]P[]P^PY_L_TaP ZQ _STYR^$ 5ZYQTYPXPY_ _Z _bZ OTXPY^TZY^

($ BL_SP] _SLY MPTYR NZYNPLWPO" _ST^ VTYO ZQ TYNZX[WP_PYP^^ XLd MP


PX[SL^TePO TY _SP Pc_PY_ _Z bSTNS _SP XL_P]TLWi^ ZbY \`LWT_d T^ [P]XT__PO
_Z NZOP_P]XTYP _SP L[[PL]LYNP ZQ _SP TXLRP$
; >397#>3<;?9 3?6 D:7 8 B776@> @8 > 3? J ','
TY_]ZO`NP^ L Q`]_SP] LYO XZ]P ^[PNTQTN WPaPW ZQ TYNZX[WP_PYP^^ bSTNS
XLVP^ T_^ ZbY ^PWPN_TaP OPXLYO^$ 4`_ bT_STY _SP ^PWPN_TaP WPaPW^ _S`^
OP_P]XTYPO RPYP]TNLWWd aT^`LW ]P[]P^PY_L_TZY TY _SP ^ZWTO" TY _SP QWL_!"
_SP]P _LVP^ [WLNP L XZ]P L]MT_]L]d LYO [L]_TN`WL] ^PWPN_TZY ZQ ]P[]P#
^PY_L_TaP QPL_`]P^" LYO _SP Q]PPOZX SP]P TYN]PL^P^ bT_S _SP OPR]PP ZQ
TYNZX[WP_PYP^^ OPQTYTYR _SP RPYP]TN WPaPW^ L^ ^`NS0 TY _SP QWL_ T_ T^
R]PL_P] _SLY TY _SP ^ZWTO" _SP ZYP SLaTYR TYSP]PY_Wd XZ]P ZQ gLM^_]LN#
_TZYh TY T_ _SLY _SP Z_SP]$
3_ _SP XZXPY_ T_ ^`QQTNP^ _Z OPQTYP L^ g]P[]P^PY_L_TaPh ^`NS PWP#
XPY_^ L^ NZYQP] ]PNZRYTeLMTWT_d TY _SP LM^PYNP ZQ NZX[WP_PYP^^$ DSP
XZ]P ^`NNP^^Q`W _SP ^PWPN_TZY TY _ST^ ]P^[PN_" _SP R]PL_P] _SP TYNZX#
[WP_PYP^^ _SL_ _SP ]P[]P^PY_L_TZY NLY LQQZ]O$ DSP LOaLY_LRP T^ ZYP YZ_
ZYWd ZQ PNZYZXd ^TX[WTQdTYR _SP _L^V ZQ ]P[]P^PY_L_TZY! M`_ LW^Z ZQ
Pc[]P^^TaPYP^^" PX[SL^TeTYR L^ T_ OZP^ _SP _STYR^ _SL_ XL__P]$ DS`^ L
gWP^^h ZQ NZX[WP_PYP^^ NLY XPLY L gXZ]Ph ZQ P^^PY_TLW WTVPYP^^$ DST^
L^[PN_ ZQ TYNZX[WP_PYP^^ [ZTY_^ _Z TOPLWTeL_TZY" bSTNS YPPO Md YZ
XPLY^ RZ TY _SP OT]PN_TZY ZQ MPL`_d LWZYP$ 7NZYZXd LYO TOPLWTeL_TZY
LW^Z [`_ _SP TXLRP NSL]LN_P] L^ ^`NS MPdZYO OZ`M_0 bP ^SLWW SL]OWd
XT^_LVP _SP ]PLW ZMUPN_ QZ] LY TXLRP ZQ T_^PWQ" QZ] TY T_^ LM`YOLYNP ZQ
_SP LNNTOPY_LW T_ WLNV^ _SP ^dXMZWTN NZYNPY_]L_TZY ZY _SP P^^PY_TLW$
+$ GT_S _SP^P WL^_ ]PXL]V^ bP SLaP [L^^PO MPdZYO _SP OTXPY^TZY
ZQ gTYNZX[WP_PYP^^h _Z _SL_ ZQ [Z^T_TaP OTQQP]PYNP$ 3OOPO _Z OT^^TXT#
WL]T_d L^ L ]P^`W_ ZQ ZXT__TYR LYO ^PWPN_TYR" _SP]P T^ LW_P]L_TZY ZQ _SP
^PWPN_PO QPL_`]P^ _SPX^PWaP^" L^ L XPLY^ ZQ SPTRS_PYTYR _SP ^dXMZWTN
^TXTWT_`OP" Z] TY Z]OP] _Z ^L_T^Qd aT^`LW TY_P]P^_^ Z_SP] _SLY ]P[]P^PY_L#
_TZY" Z] U`^_ L^ _SP ]P^`W_ ZQ TYLOP\`L_P LMTWT_d$ DSP OT^^TXTWL]T_d XLd
]LYRP LWW _SP bLd Q]ZX ^WTRS_ OT^[WLNPXPY_^ Md bLd ZQ PX[SL^T^ _Z _SP
XZ^_ PcLRRP]L_PO NL]TNL_`]P" LYO Q]ZX `YZM_]`^TaP SL]XZYTeTYR _Z
NZX[WP_P L^^TXTWL_TZY ZQ _SP gRTaPYh _Z L NLYZY ZQ ^_dWP$ CZXP ^`NS
OP[L]_`]P Q]ZX _SP RTaPY T^ TY^P[L]LMWP Q]ZX _SP []ZNP^^ ZQ T_^ g_]LY^#
WL_TZY"h TY aTPb ZQ _SP S`XLY LRPYNd TYaZWaPO1 LYO _SP _ZWP]LYNP
LWWZbPO TY _ST^ ]P^[PN_ Md _SP TXLRP NL_PRZ]d L^ ^`NS T^ TYOPQTYT_P$
5SZTNP Z] NZX[`W^TZY" XL^_P]d Z] _SP WLNV ZQ T_" PLNS LYO LWW XLd
SLaP [WLd bT_STY _ST^ _ZWP]LYNP$ DSP TYaZW`Y_L]d ZaP]^TX[WTQTNL_TZY^
LYO OT^_Z]_TZY^ ZQ NSTWO]PYi^ O]LbTYR^" YZ WP^^ _SLY _SP ^ZaP]PTRY
PcP]NT^P ZQ L]_T^_TN TY_PY_TZY" XLd WPLaP ZYWd QLTY_ _]LNP^ ZQ WTVPYP^^ _Z
_SP OP[TN_PO ZMUPN_$ IP_ _Z L]_T^_ LYO ^[PN_L_Z] LWTVP" PaPY ^`NS
^_]LTYPO LYO TX[P]QPN_ WTVPYP^^P^ L]P ]P[]P^PY_L_TZY^ ZQ _SP ZMUPN_ TY
',( D :7 A :7?@>7?@? @8 = ;87
\`P^_TZY$ DSP]P T^ LWXZ^_ YZ WTXT_ _Z _SP ^_]P_NS ZQ TXLRTYL_TZY _SL_
_SP NL[LNT_d QZ] ^dXMZWTN `YOP]^_LYOTYR XLd NZXXLYO$
5L]]TPO Md _ST^ NL[LNT_d MPdZYO _SP TYT_TLW _P]X^ ZQ TXLRP" _SP
]P[]P^PY_L_TZYLW Q`YN_TZY XLd ]P^_ []ZR]P^^TaPWd WP^^ TY ]PLW ^TXTWT_`OP
_SLY TY _SP XP]P ]PNZRYTeLMTWT_d ZQ _SP TY_PY_TZY$ 3_ QT]^_ LY ZMaTZ`^
OPR]PP ZQ WTVPYP^^ T^ YPNP^^L]d _Z XLVP _SP TY_PY_TZY ]PNZRYTeLMWP"
LYO _ST^ T^ _SP []ZaTYNP ZQ TXLRP []Z[P]1 M`_ bT_S _SP ]T^P ZQ L
^dXMZWTN NZYaPY_TZY LY TYN]PL^TYR ]LYRP ZQ ^`M^_T_`_TZY^ LYO R]L[ST#
NLW LMM]PaTL_TZY^ MPNZXP^ LaLTWLMWP" bT_S TYN]PL^TYR PXLYNT[L_TZY
Q]ZX gWT_P]LWYP^^$h @YP [Z^^TMWP Q]`T_ ZQ _ST^ OPaPWZ[XPY_ T^ TOPZ#
R]L[STN ^N]T[_$! 8]ZX _SP MPRTYYTYR" SZbPaP]" LM^_]LN_TZY LYO ^_dWT#
eL_TZY L]P []P^PY_ TY _SP [TN_Z]TLW []ZNP^^ L^ ^`NS" L^ _SP OPXLYO^ ZQ
PNZYZXd L]P XP_ Md _SP Q]PPOZX ZQ _]LY^N]T[_TZY$ 3YO T_ T^ TY _SP
PcP]NT^P ZQ _ST^ Q]PPOZX _SL_ _SP YZ]X ZQ _SP RTaPY ZMUPN_ NLY MP
LMLYOZYPO PY_T]PWd QZ] _SP N]PL_TZY ZQ ^SL[P^ YPaP] ^PPY0 _SP [TN#
_Z]TLW QLN`W_d Z[PY^ _SP ]ZLO _Z TYaPY_TZY$
,$ DSP ZMUPN_ ZQ ]P[]P^PY_L_TZY T^ aT^`LW ^SL[P$ FT^TZY R]LY_^ _SP
R]PL_P^_ Q]PPOZX _Z _SP XPOTLNd ZQ ]P[]P^PY_L_TZY" YZ_ ZYWd Md _SP
bPLW_S ZQ OL_L Q]ZX bSTNS _SP WL__P] NLY NSZZ^P M`_ LW^Z Md _SP
Y`XMP] ZQ aL]TLMWP^ ZQ bSTNS aT^`LW TOPY_T_TP^ LOXT_$ DSP]P L]P XLYd"
P\`LWWd ]PNZRYTeLMWP" aT^`LW ^SL[P^ _Z _SP ^LXP ZMUPN_" L^ L ]P^`W_ ZQ
]PWL_TaP [Z^T_TZY LYO [P]^[PN_TaP0 T_^ gL^[PN_^h 1 PLNS ZQ _SP^P PYUZd^
LY TYOP[PYOPYNP Q]ZX _SP aL]TL_TZY ZQ ^TeP O`P _Z OT^_LYNP1 LY TYOP#
[PYOPYNP Q]ZX aL]TL_TZY^ ZQ NZWZ] LYO M]TRS_YP^^ O`P _Z NZYOT_TZY^ ZQ
WTRS_1 LY TYOP[PYOPYNP Q]ZX _SP NZX[WP_PYP^^ ZQ OP_LTW" bSTNS NLY
XP]RP LYO OT^L[[PL] TY _SP ^TX`W_LYPZ`^ bSZWPYP^^ ZQ LY ZMUPN_i^
aTPb$ DS]Z`RS LWW _SP^P aL]TL_TZY^ ZQ ^PY^P _SP QZ]X ]PXLTY^ TOPY_TQT#
LMWP LYO NZY_TY`Z`^Wd ]P[]P^PY_^ _SP ^LXP _STYR$
GT_S ^`NS [SPYZXPYZWZRTNLW _]LT_^" _Z bSTNS YZ Z_SP] ^PY^P ZQQP]^
L Q`WW LYLWZRd" aT^TZY T_^PWQ ^`RRP^_^ _SP TOPL ZQ ]P[]P^PY_L_TZY LYO" L^
T_^ XPLY^" LY TOPL ZQ gQZ]Xh bSZ^P TOPY_T_d ]P^_^ PY_T]PWd TY _SP
[]Z[Z]_TZY ZQ T_^ [L]_^$ ;Y aT^`LW TXLRP]d" _SP]PQZ]P" _SP WL]RP NLY MP
]P[]P^PY_PO Md _SP ^XLWW" _SP ^XLWW Md _SP WL]RP" _SP ^ZWTO Md _SP
[WLYP" _SP NZWZ]PO Md MWLNV LYO bST_P" _SP NZY_TY`Z`^ Md _SP OT^N]P_P
LYO aTNP aP]^L" _SP Q`WW Md _SP XP]P Z`_WTYP" _SP XLYTQZWO Md _SP
^TX[WP$ CTRS_ T^ _SP XLTY [P]NP[_`LW XPOT`X ZQ ]P[]P^PY_L_TZY MP#
NL`^P T_ T^ YZ_ ZYWd _SP NSTPQ ZMUPN_#^PY^P M`_ LW^Z _SP SZXP R]Z`YO ZQ
LM^_]LN_TZY$
-$ DSP TXLRP T^ TYLN_TaP LYO L_ ]P^_" _SZ`RS T_ XLd OP[TN_ XZaP#
; >397#>3<;?9 3?6 D:7 8 B776@> @8 > 3? J ',)
XPY_ LYO LN_TZY$ DSP^P T_ NLY NZYU`]P TY_Z L ^_L_TN []P^PYNP MPNL`^P
_SP ]P[]P^PY_PO" _SP ]P[]P^PY_L_TZY" LYO _SP aPSTNWP ZQ ]P[]P^PY_L_TZY
_SP TXLRTYR _STYR" Z] [Sd^TNLW NL]]TP] ZQ _SP TXLRP! L]P OTQQP]PY_
^_]L_L TY _SP ZY_ZWZRTNLW NZY^_T_`_TZY ZQ _SP TXLRP$ ;Y ^[T_P ZQ T_^
PXMZOTXPY_" _SP WTVPYP^^ T^ `Y^`M^_LY_TLW" WTVP L ^SLOZb Z] L XT]]Z]
TXLRP$ ;_ NLY ]P[]P^PY_ _SP OLYRP]Z`^ bT_SZ`_ PYOLYRP]TYR" _SP SL]X#
Q`W bT_SZ`_ SL]XTYR" _SP OP^T]LMWP bT_SZ`_ ^L_TL_TYR$ GSL_ T^ ]P[]P#
^PY_PO TY _SP XZOP ZQ TXLRP T^" TY _SP TXLRP" ]PXZaPO Q]ZX _SP NL`^LW
NZXXP]NP ZQ _STYR^ LYO _]LY^[Z^PO _Z L YZYOdYLXTN PcT^_PYNP _SL_ T^
_SP TXLRP PcT^_PYNP []Z[P]f L XZOP ZQ PcT^_PYNP _Z MP NZYQZ`YOPO
YPT_SP] bT_S _SL_ ZQ _SP TXLRTYR _STYR YZ] bT_S _SL_ ZQ _SP TXLRPO
]PLWT_d$ DSP WL^_ _bZ MZ_S ]PXLTY TYaZWaPO TY _SP XZaPXPY_ ZQ MPNZX#
TYR$ 3^ _SP TXLRPO ]PLWT_d RZP^ ZY TY T_^ NZ`]^P" _SP MZOd ZQ _SP TXLRP#
_STYR" ^_L]_TYR ZY T_^ ZbY ST^_Z]d" NZY_TY`P^ _Z MP [L]_ ZQ _SP NL`^LW
Z]OP] TY bSZ^P _]LY^LN_TZY^ T_ L^^`XPO T_^ []P^PY_ NZYOT_TZY1 M`_
NZY^TOP]PO TY T_^ TXLRTYR Q`YN_TZY T_ NPL^P^ _Z NZ`Y_ TY T_^ ZbY ]TRS_$
;_^ ^`M^_LY_TLWT_d bSZ^P ^ZWP ]P\`T^T_P T^ _Z MP ^_LMWP" ^Z L^ _Z
[]P^P]aP _SP TXLRP! T^ ^`MXP]RPO TY T_^ ^dXMZWTN L^[PN_" LYO _SP]P#
bT_S T^ ^`MXP]RPO T_^ NL`^LW MLNVR]Z`YOf YZ_ ZYWd _SL_ ZQ T_^ YL_`]LW
[]PST^_Z]d T_^ [L^_ L^ L _]PP" L ]ZNV! M`_ LW^Z _SL_ ZQ MPNZXTYR"
`YOP] _SP L]_T^_i^ SLYO^" T_^ []P^PY_ ^PWQ$ DSP LN_TaT_d _SL_ bPY_ TY_Z T_^
XLVTYR T^ L XL__P] ZQ _SP [L^_" ZQ bSTNS _SP TXLRP#[]P^PY_ VPP[^ YZ
]PNZ]O$ DSL_ []P^PY_ SL^" L^ T_ bP]P" ]PYZ`YNPO _SP ^_L_`^ ZQ PQQPN_"
bSTNS ^_TWW TX[WTP^ T_^ NL`^P0 OT^^PXMWTYR LYd [L^_" T_ LW^Z []P^LRP^ YZ
Q`_`]Pf LYO Z`_ ZQ _ST^ YZY_]LY^TPY_ LYO _TXPWP^^ []P^PY_ _SP TXLRP
XPP_^ _SP _TXP#MZ`YO MPSZWOP] TY L []P^PYNP _SL_ T^ L^ X`NS OP_LNSPO
Q]ZX _SP []ZNP^^ ZQ T_^ ZbY RPYP^T^ L^ Q]ZX _SL_ ZQ _SP MPSZWOP]i^
WTQP$)
3 QZZ_[]TY_ T^ L ^TRY ZQ _SP QZZ_ _SL_ XLOP T_" LYO L^ PQQPN_ _PWW^ _SP

)$ DST^ OT^_TYR`T^SP^ TXLRP Q]ZX [LY_ZXTXP LYO _SP ^dXMZWT^X ZQ


OLYNP$ DSP OTQQP]PYNP T^ ^TXTWL] _Z _SL_ MP_bPPY b]T_TYR LYO ^[PPNS$ ;Y
XTXTYR ]P[]P^PY_L_TZY L^ TY ^[PPNS!" _SP [P]QZ]XP]i^ ZbY MZOd TY LN_TZY
T^ _SP NL]]TP] ZQ _SP ^dXMZWT^X" bSTNS ]PXLTY^ MZ`YO _Z _SP _]LY^TPY_ LN_
T_^PWQ$ DS`^ _SP TXLRP]d" PYLN_PO TY _SP ^[LNP LYO _TXP _SL_ LN_Z] LYO
^[PN_L_Z] ^SL]P" ]PXLTY^ XP]RPO bT_S _SP NZXXZY NL`^LW Z]OP] TY bSTNS
_STYR^ SL[[PY" TY_P]LN_" LYO [L^^$ 3^ L ]PLW PaPY_ T_ SL^ T_^ LWWZ__PO ^[LY
bT_STY _SP NZXXZY _TXP" LYO T^ YZ XZ]P$ ;_ T^ TYOPPO ]P[PL_LMWP" LYO Md
_ST^ _ZVPY T_^ PTOP_TN TOPY_T_d OPQTP^ _SP `YT\`PYP^^ ZQ ]PLW PaPY_1 M`_ T_ SL^
_Z MP ]P[PL_PO TY Z]OP] _Z MP []P^PY_" LYO T_ gT^h ZYWd bSTWP MPTYR []Z#
O`NPO L^ T^ _SP NL^P bT_S XZaTYR [TN_`]P^!$
',* K D :7 A :7?@>7?@? @8 = ;87
^_Z]d ZQ T_^ NL`^L_TZY$ 3 [TN_`]P" L[[]PSPYOPO L^ [TN_`]P" T^ L ^TRY YZ_
ZQ _SP [LTY_P]i^ XZ_TZY^ M`_ ZQ _SP ZMUPN_ OP[TN_PO$ ;Y _SP TXLRP _SP
NL`^LW YPc`^ T^ N`_$ 8]PP _Z OP[TN_ LYd NL`^LW ^T_`L_TZY" TYNW`OTYR _SL_
ZQ [LTY_TYR L [TN_`]P" _SP TXLRP OZP^ YZ_ ]P[]P^PY_ _SP NL`^LWT_d ZQ T_^
ZbY MPNZXTYR$*
.$ DSP OTQQP]PYNP MP_bPPY TXLRP LYO TXLRTYR _STYR" bT_S _SP WL_#
_P]i^ ^PWQ#PQQLNPXPY_ TY _SP QZ]XP]" T^ XL_NSPO Md _SP OTQQP]PYNP MP#
_bPPY TXLRP LYO TXLRPO ZMUPN_$ DSP NZX[WP_P L]_TN`WL_TZY T^ _S]PP#
QZWO$ DSP ^`M^_]L_`X NLY MP ]PRL]OPO Md T_^PWQ" _SP TXLRP Md T_^PWQ" _SP
ZMUPN_ ZQ _SP TXLRP Md T_^PWQ0 _SP TXLRP Z] WTVPYP^^ SZaP]^ L^ L _ST]O"
TOPLW PY_T_d MP_bPPY _SP QT]^_ LYO _SP WL^_" MZ_S ]PLW PY_T_TP^" NZYYPN_#
TYR _SPX TY _SP `YT\`P bLd ZQ ]P[]P^PY_L_TZY$ ;_ T^ _ST^ OZ`MWP OT^_TYN#
_TZY" Z] _SP _S]PPQZWO ^_]L_TQTNL_TZY" bSTNS XLVP^ T_ [Z^^TMWP QZ] _SP
TXLRP _Z PYUZd _SP OP^N]TMPO XZOP ZQ L YZYNL`^LW []P^PYNP" PcPX[_
Q]ZX _SP LNNTOPY_^ ZQ ]PLW PaPY_$
;Y [L]_TN`WL]" _SP OTQQP]PYNP MP_bPPY TXLRP LYO T_^ [Sd^TNLW NL]]TP]
`YOP]WTP^ _SP _PNSYTNLW [Z^^TMTWT_d ZQ NZ[dTYR Z] ]P[]ZO`NTYR TY L]_$ ;Q
L [LTY_TYR Z] L ^_L_`P T^ LNN`]L_PWd NZ[TPO" bP SLaP TY _SP NZ[d YZ_ LY
TXLRP ZQ LY TXLRP M`_ L O`[WTNL_TZY ZQ ZYP LYO _SP ^LXP TXLRP$ DSP
XLYd []TY_^ ZQ L ^YL[^SZ_" Z] ZQ L [WL_P _S]Z`RSZ`_ ZYP MZZV POT_TZY"
L]P YZ_ ^Z XLYd LOOT_TZYLW TXLRP^ M`_ ZYP TXLRP" ZYP ]P[]P^PY_L_TZY
^Z LYO ^Z XLYd _TXP^ []P^PY_PO" OP^[T_P _SP OTQQP]PYNP^ TY _SP TYOT#
aTO`LW [TPNP^ ZQ [L[P]" OdP NSPXTNLW^" LYO Z_SP] XL__P] `^PO _Z
PXMZOd _SP WTVPYP^^$
@Y _SP Z_SP] SLYO" _SP OTQQP]PYNP MP_bPPY TXLRP LYO TXLRPO ZMUPN_

*$ ;_ XLd" _SZ`RS" +.=;*B _ST^ NL`^LWT_d TY T_^ aT^TMWP _PNSYT\`P _SP


^_]ZVP ZQ _SP M]`^S" _SP XL]V^ ZQ _SP NST^PW!" L^ L SLYOb]T_TYR XLd MP_]Ld
_SP XZ_Z] [P]QZ]XLYNP ZQ _SP b]T_P]1 LYO TY MZ_S NL^P^ _ST^ PQQPN_ NLY
MPNZXP TY_PY_TZYLW" _SL_ T^" NZ#TY_PYOPO bT_S _SP ]P[]P^PY_L_TZYLW TY_PY#
_TZY$ ;Y _SL_ NL^P _SP TXLRP T^ NSL]RPO bT_S LY Pc[]P^^TaP Q`YN_TZY ^`[P]#
TX[Z^PO ZY _SP ]P[]P^PY_L_TZYLW ZYP0 bSTNS T^ _Z ^Ld _SL_ T_ T^ XZ]P _SLY
TXLRP$ DSP TXLRP Q`YN_TZY Md T_^PWQ T^ ^_]TN_Wd gZMUPN_TaPh" LYO L^ WZYR L^
T_ T^ VP[_ [`]P" _SP ^PWQ#Pc[]P^^TZY ZQ _SP XLVP]" bSTNS TYPaT_LMWd QTYO^ T_^
bLd TY_Z T_" ]PXLTY^ `YTY_PY_TZYLW LYO NZY^P\`PY_Wd `YZM_]`^TaPfYZ_TNP#
LMWP" TQ L_ LWW" _Z _]LTYPO L__PY_TZY ZYWd$ ;Y ^`MUPN_TaT^_ ^_LRP^ ZQ NTaTWTeL_TZY
_SP XLVP]i^ ^PWQ#Pc[]P^^TZY XLd MPNZXP L RZLW LYO NZY^[TN`Z`^ Md NSZTNP
L^ TY _SP M]`^SbZ]V ZQ ML]Z\`P [LTY_P]^ Z] ZQ FLY 9ZRS!" LYO bT_S _ST^
^STQ_ Q]ZX _SP ]P[]P^PY_L_TZYLW _Z _SP Pc[]P^^TaP _SP aP]d ]ZWP ZQ TXLRP
NSLYRP^$
; >397#>3<;?9 3?6 D:7 8 B776@> @8 > 3? J ',+
`YOP]WTP^ _SP [Z^^TMTWT_d ZQ _SP]P MPTYR XLYd OTQQP]PY_ WTVPYP^^P^" LYO
_S`^ TXLRP^" ZQ _SP ^LXP ZMUPN_0 L^ XLYd L^ T_^ L^[PN_^ LNNZ]OTYR _Z
LWW _SP aL]TLMWP^ ZQ aT^`LW L[[PL]LYNP L^ ^`NS ^PP YZ$ ," LMZaP!" LYO
LRLTY" L^ XLYd L^ _SP [Z^^TMWP _]LY^N]T[_TZY^ ZQ _SP^P L^[PN_^ LNNZ]O#
TYR _Z _SP aL]TLMWP^ ZQ TYOTaTO`LW ^PWPN_TZY YZ$ *! LYO LW_P]L_TZY YZ$
+!$ DS`^" _LVTYR ZYWd ZYP OTXPY^TZY Z`_ ZQ XLYd" _SL_ ZQ gLYRWP"h bP
NLY ZY []TYNT[WP SLaP LY TYOPQTYT_P Y`XMP] ZQ OTQQP]PY_ ^SZ_^ ZQ ZYP
[P]^ZYf ZQ PLNS ZQ bSTNS bP NLY SLaP LY TYOPQTYT_P Y`XMP] ZQ
[]TY_^$
3 _ST]O [Z^^TMTWT_d LRLTY OP]TaP^ Q]ZX _SP ZY_ZWZRTNLW OTQQP]PYNP TY
\`P^_TZY$ ?Z_ ZYWd NLY ZYP ZMUPN_ MP ]P[]P^PY_PO TY LY TYOPQTYT_P
Y`XMP] ZQ TXLRP^" M`_ LW^Z" LYO XZ]P _d[TNLWWd" ZYP TXLRP NLY ]P[]P#
^PY_ LY TYOPQTYT_P Y`XMP] ZQ ZMUPN_^$ 3 QTR`]P ZQ &27>< <B5?.<=;2< TY L
bZ]V ZY MZ_LYd T^ L ]P[]P^PY_L_TZY YZ_ ZQ _ST^ Z] _SL_ TYOTaTO`LW QT]
_]PP M`_ ZQ LYd QT] _]PP ZQ _SL_ ^[PNTP^$ DSP LY_PWZ[P ZQ _SP M`^SXLY
O]LbTYR T^ PaP]d LY_PWZ[P ]PXPXMP]PO" LY_TNT[L_PO" TOPY_TQTLMWP L^ *7
LY_PWZ[P1 _SP QTR`]P^ ZQ _SP S`Y_P]^ L]P PaP]d S`Y_TYR [L]_d ZQ M`^S#
XPY TY _SP [L^_" []P^PY_" Z] Q`_`]P$ DSP ]P[]P^PY_L_TZY" ^TYNP T_ T^
_S]Z`RS QZ]X" T^ P^^PY_TLWWd RPYP]LW$ ;XLRP ^PY^TMWd ^dXMZWTeP^ RPY#
P]LWT_d [ZT^PO MP_bPPY _SP TYOTaTO`LWT_d ZQ _SP TXLRTYR _STYR LYO _SL_
ZQ _SP TXLRPO ZMUPN_^$;;

;;
;Q _SP^P" _SPY" L]P _SP []Z[P]_TP^ ZQ TXLRP" bSL_ []Z[P]_TP^ L]P ]P#
\`T]PO TY L ^`MUPN_ QZ] _SP XLVTYR Z] MPSZWOTYR ZQ TXLRP^2 DSP _bZ"
XLVTYR LYO MPSZWOTYR" OZ YZ_ OTQQP] TY _SP ML^TN NZYOT_TZY ZQ _SPT]
[Z^^TMTWT_d$ >LVTYR LY TXLRP TYaZWaP^ _SP LMTWT_d _Z MPSZWO ^ZXP_STYR
L^ LY TXLRP1 LYO _Z MPSZWO ^ZXP_STYR L^ LY TXLRP LYO YZ_ XP]PWd L^
LY ZMUPN_ XPLY^ LW^Z _Z MP LMWP _Z []ZO`NP ZYP$ DST^ T^ L ^_L_PXPY_ ZQ
P^^PYNP$ ;_ OZP^ YZ_ XPLY _SL_ SP bSZ L[[]PNTL_P^ L [LTY_TYR Md
BPXM]LYO_ T^ _SP]PQZ]P LMWP _Z []ZO`NP T_^ WTVP$ 4`_ T_ OZP^ XPLY _SL_
bSZPaP] NLY [P]NPTaP L [TN_Z]TLW ]P[]P^PY_L_TZY L^ ^`NS T^ _SP VTYO ZQ
MPTYR _Z bSZ^P YL_`]P _SP ]P[]P^PY_L_TZYLW QLN`W_d MPWZYR^" ]PRL]OWP^^
ZQ ^[PNTLW RTQ_^" LN_`LW PcP]NT^P" LYO OPR]PP^ ZQ []ZQTNTPYNd L__LTYPO$
GSL_ VTYO ZQ MPTYR T^ _ST^2
DSP QT]^_ ]P\`T]PXPY_ ^PPX^ _Z MP _SP LMTWT_d _Z [P]NPTaP WTVPYP^^$
4`_ bP X`^_ LOO QZ]_SbT_S0 _Z [P]NPTaP T_ TY L NP]_LTY bLd$ 4Z_S XLY
',, D :7 A :7?@>7?@? @8 =;87
LYO MT]O [P]NPTaP TY _SP ^NL]PN]Zb L^^`XTYR T_^ PQQPN_ _Z ]P^_ ZY
^TX`WL_TYR ^ZXP_STYR OPQTYT_P! L WTVPYP^^ _Z" ^Ld" L S`XLY QTR`]P$ 8Z]
_SP MT]O" SZbPaP]" _ST^ XPLY^ XT^_LVTYR _SP ^NL]PN]Zb QZ] L XLY$
7T_SP] T_ T^ ^Z OPNPTaPO Z] _SP]P T^ YZ ]PWL_TZY L_ LWW0 TY MP_bPPY _SP]P
NLY MP ZYWd L ^_L_P ZQ TYOPNT^TZY _SL_ X`^_ MP ]P^ZWaPO ZYP bLd Z] _SP
Z_SP]$ 8Z] _SP MT]O" _ST^ T^ L XP]P XL__P] ZQ ^PY^Z]d OT^N]TXTYL_TZY$
?Z_ ^Z bT_S XLY$ ;_ T^ YZ_ VPPYP] aT^`LW OT^N]TXTYL_TZY _SL_ []Z_PN_^
XLY Q]ZX NZYQZ`YOTYR _SP WTVPY^^ bT_S _SP Z]TRTYLW" Z] [ZZ]P] OT^#
N]TXTYL_TZY _SL_ WP_^ STX ^_TWW LNNP[_ L^ L WTVPYP^^ bSL_ _SP MT]O bTWW
OT^XT^^ LW_ZRP_SP]$+ ;Y QLN_" [P]NP[_TaPYP^^ Z] aT^`LW OT^N]TXTYL_TZY
SL^ YZ_STYR _Z OZ bT_S _SP XL__P]$ ;YN]PL^P ZQ WTVPYP^^ bZ`WO YZ_" _Z
S`XLY U`ORXPY_" XLVP _SP ^NL]PN]Zb LYd_STYR M`_ L MP__P] PQQTRd1
OPN]PL^P bZ`WO YZ_" _Z _SP MT]O" XLVP T_ [L^^ TY_Z gXP]P PQQTRd$h
GSPY _SP OPNP[_TZY M]PLV^ OZbY" ZYWd ^_]Lb" ^_TNV^" LYO ]LR^ ]PXLTY$
8Z] _SP LYTXLW XP]P ^TXTWT_`OP OZP^ YZ_ PcT^_$ GSP]P bP [P]NPTaP T_"
_SP LYTXLW [P]NPTaP^ PT_SP] ^LXPYP^^ Z] Z_SP]YP^^" M`_ YZ_ +8=1 27
87. L^ bP OZ TY _SP L[[]PSPY^TZY ZQ ^TXTWT_`OP$
=TVPYP^^" _SPY" X`^_ MP [P]NPTaPO L^ gXP]P WTVPYP^^"h LYO _ST^
TYaZWaP^ XZ]P _SLY [P]NP[_TZY$ ;YOPPO" gTXLRPh T^ YZ_ L Q`YN_TZY ZQ
[P]NP[_`LW OPR]PP ZQ WTVPYP^^" M`_ L NZYNP[_`LW OTXPY^TZY ZQ T_^ ZbY
bT_STY bSTNS LWW OPR]PP^ ZQ WTVPYP^^ NLY ZNN`]$ DSP R]PL_P^_ OPR]PP
^_TWW WPLaP^ _SP TXLRP LY gTXLRP ZYWdh 1 _SP ^XLWWP^_ NLY ^_TWW NZY^_T_`_P
T_ LY TXLRP ZQ _SP ZMUPN_ TY \`P^_TZY ^Z WZYR L^ _SP TY_PYOPO ]PQP]PYNP
T^ ]PNZRYTeLMWP$ ;Y LWW _SP^P OPR]PP^ _SP TXLRP T^" _S]Z`RS _SP WTVPYP^^
]PWL_TZY" _SP TXLRP 8/ ^ZXP_STYR" ZQ _SP TXLRPO ZMUPN_" bT_S bSTNS
PaPY _SP MP^_ WTVPYP^^ YPaP] XP]RP^$, DSP [P]NP[_`LW P\`L_TZY _SL_
`YOP]WTP^ _SP Pc[P]TPYNP ZQ WTVPYP^^ X`^_ _SP]PQZ]P MP \`LWTQTPO Md L
OT^_TYN_TZY _SL_ T^ YZY[P]NP[_`LW$

+$ @]" TY _SP WL__P] NL^P" ^SZ`WO bP SLaP ^LTO" YZ_ _SL_ XLY T^ XZ]P
PL^TWd ^L_T^QTPO bT_S ]P^[PN_ _Z WTVPYP^^" M`_ _SL_ SP T^ XZ]P [P]NP[_TaP QZ]
T_ PaPY TY QLTY_ _]LNP^2 4`_ _SPY T_ bZ`WO SLaP _Z MP _SP MT]O _SL_ T^ _SP
XZ]P [P]NP[_TaP TY _SP QT]^_ NL^Pf[P]NP[_TaP QZ] WTVPYP^^" YZ_ QZ] OTQQP]#
PYNP$
,$ >LY NLY" ZQ NZ`]^P" MP OPNPTaPO ZNNL^TZYLWWd LYO NZYQZ`YO LY
TXLRP bT_S _SP ]PLW _STYR1 M`_ _ST^ XP]PWd XPLY^ _SL_ QZ] _SP XZXPY_ SP
OZP^ YZ_ L[[Wd _SP TXLRP NL_PRZ]d L_ LWW" YZ_ _SL_ _Z STX T_ SL^ WZ^_ T_^
XPLYTYR$ 5ZY_]L]TbT^P" T_ XLd ZNN`] _SL_ SP QLTW^ _Z [P]NPTaP L WTVPYP^^
LYO _SP aP]d TY_PY_TZY ZQ L WTVPYP^^" LYO _S`^ QLTW^ _Z ]PNZRYTeP _SP
[P]NP[_`LW ZMUPN_ L^ LY TXLRP1 SP]P LRLTY _SP TXLRP NL_PRZ]d ^TX[Wd OZP^
; >397#>3<;?9 3?6 D:7 8 B776@> @8 >3? J ',-
DSL_ OT^_TYN_TZY" L^ bP SLaP QZ`YO" T^ _bZQZWO0 _SP TXLRP X`^_ MP
OT^_TYR`T^SPO Q]ZX T_^ [Sd^TNLW NL]]TP]1 LYO _SP TXLRPO ZMUPN_ X`^_ MP
OT^_TYR`T^SPO Q]ZX MZ_S$ GT_S _SP^P OT^_TYN_TZY^ WTVPYP^^ NLY MP [P]#
NPTaPO L^ gWTVPYP^^ ZYWd$h DS]Z`RS WTVPYP^^ L^ _SP TY_P]XPOTL]d _SP
OT]PN_Wd [P]NPTaPO ZMUPN_ T^ L[[]PSPYOPO YZ_ L^ T_^PWQ M`_ L^ ^_LYOTYR
QZ] LYZ_SP] ZMUPN_$ ;_ T^ _SP]P ZYWd _Z ]P[]P^PY_ _SP Z_SP] PY_T_d" LYO
_ST^ T^ ZYWd ]P[]P^PY_PO1 _S`^" [L]LOZcTNLWWd" _SP TOPLW WTYV" _SP ^TXTWT#
_`OP Z] .2-8< L^ ^`NS" MPNZXP^ _SP ]PLW ZMUPN_ ZQ L[[]PSPY^TZY$
DSP []TYNT[WP SP]P TYaZWaPO ZY _SP [L]_ ZQ _SP ^`MUPN_ T^ _SP XPY_LW
^P[L]L_TZY ZQ QZ]X Q]ZX XL__P]$ ;_ T^ _ST^ _SL_ XLVP^ [Z^^TMWP _SP
aTNL]TZ`^ []P^PYNP ZQ _SP [Sd^TNLWWd LM^PY_ L_ ZYNP bT_S _SP ^PWQ#
PQQLNPXPY_ ZQ _SP [Sd^TNLWWd []P^PY_$ :P]P bP SLaP L ^[PNTQTNLWWd
S`XLY QLN_" LYO _SP ]PL^ZY bSd bP Pc[PN_ YPT_SP] XLVTYR YZ] `YOP]#
^_LYOTYR ZQ TXLRP^ Q]ZX LYTXLW^$ DSP LYTXLW OPLW^ bT_S _SP []P^PY_
ZMUPN_ T_^PWQ$ ;Q T_ T^ ^`QQTNTPY_Wd WTVP LYZ_SP] ZMUPN_" T_ T^ LY ZMUPN_ ZQ
_SP ^LXP VTYO$ DSP WTVPYP^^ LTO^ _SP ]PNZRYT_TZY ZQ _SP ZMUPN_#VTYO"
M`_ T^ YZ_ T_^PWQ _SP ZMUPN_ ZQ ]PNZRYT_TZY$ BPNZRYTePO T^ _SP []P^PY_
ZMUPN_ LWZYP L^ gZYP ^`NS"h _SL_ T^" L^ QLXTWTL] TY NP]_LTY []Z[P]_TP^$
DSP^P" ^[Z_WTRS_PO Md LN_TaL_TZY ZQ XPXZ]d _]LNP^" NLWW `[ TY _`]Y
_SPT] QZ]XP] L^^ZNTL_P^" bSTNS PY_P] L^ Pc[PN_L_TZY^ TY_Z _SP [P]#
NP[_`LW [TN_`]P LYO" ZYNP ]PNZRYT_TZY SL^ _LVPY [WLNP" QZ]X [L]_ ZQ
_SP g[]P^PYNPh ZQ _SP ZMUPN_$ ?Z_STYR M`_ _ST^ T^ []P^PY_" ^_LYOTYR
PY_T]PWd QZ] T_^PWQ" _SZ`RS TXM`PO bT_S [L^_ Pc[P]TPYNP$ @YWd ]PLWT_d
NZ`Y_^" LYO ]PLWT_d VYZb^ ZQ YZ ]P[]P^PY_L_TZY$ ;Y Z`] ^PL]NS" _SP]P#
QZ]P" QZ] _SP NZYOT_TZY^ ZQ TXLRP#XLVTYR bP L]P ]PQP]]PO Q]ZX _SP
QLN`W_d ZQ [P]NPTaTYR WTVPYP^^ _Z _SP XZ]P Q`YOLXPY_LW ZYP ZQ ^P[L#
]L_TYR .2-8< Q]ZX NZYN]P_P ]PLWT_d" Z] QZ]X Q]ZX XL__P]$

;WW
DZ `YOP]^_LYO _ST^ QLN`W_d bP SLaP QT]^_ _Z NZY^TOP] _SP RTaPYYP^^
ZQ ]PLWT_d T_^PWQ" _SL_ T^" bP SLaP _Z ^_L]_ Q]ZX ^PY^P [P]NP[_TZY$ $2-8<
gL[[PL]LYNP"h T^ LY ZMUPN_ ZQ ^PY^P" M`_ YZ_ T_^ bSZWP ZMUPN_$ ;Y

YZ_ NZXP TY_Z [WLd" _ST^ _TXP QZ] WLNV ZQ WTVPYP^^" LYO _SP ZMUPN_ T^ U`^_
_LVPY QZ] T_^PWQ$ DST^ LW^Z OZP^ YZ_ XPLY _SL_ _SP OTQQP]PYNP MP_bPPY _SP
aPSTNWP ZQ ]P[]P^PY_L_TZY LYO _SP Q`YN_TZY ZQ ]P[]P^PY_L_TZY SL^ MPNZXP
TYaLWTO QZ] _SP ZM^P]aP]$
',. D :7 A :7?@>7?@? @8 =;87
[P]NP[_TZY Pc_P]YLW ZMUPN_^ L]P L[[]PSPYOPO YZ_ XP]PWd L^ g^`NS"h
M`_ LW^Z L^ g_SP]P$h DSP \`LWT_L_TaP OL_L ]P[]P^PY_TYR _SPX gQZ]X^h
_Z 3]T^_Z_WP! L]P QPW_ _Z MP _S]`^_ `[ZY _SP [P]NT[TPY_" LYO TY _ST^
_S]`^_ _SPd NZYaPd _SP LQQPN_TaP []P^PYNP ZQ _SP ZMUPN_^ _SPX^PWaP^$
AP]NP[_TZY T^ TY_]TY^TNLWWd LbL]PYP^^ ZQ ^`NS L ^PWQ#RTaTYR []P^PYNPf
_SP Pc[P]TPYNP ZQ _SP ]PLWT_d ZQ _SP ZMUPN_ L^ NZ#PcT^_TYR bT_S XP SP]P
LYO YZb LYO ZY T_^ ZbY OP_P]XTYTYR Xd ^PY^Z]d NZYOT_TZY$ DST^
PWPXPY_ ZQ PYNZ`Y_P]f_SP ^PWQ#NZXX`YTNL_TZY ZQ _SP ZMUPN_ _Z Xd
]PNP[_TaT_d LYO T_^ TY^T^_PYNP ZY T_^PWQ PaPY bSTWP TY Xd [P]NP[_TaP
SZWOf T^ [L]_ ZQ _SP TY_P]YLW PaTOPYNP ZaP] LYO LMZaP _SP PTOP_TN
NZY_PY_ ZQ [P]NP[_TZY" bSPY _SP WL__P] T^ _Z MP Pc[P]TPYNP ZQ ]PLW
_STYR^$
4`_ _SP]P T^ _ST^ [L]LOZc _Z ^PY^P [P]NP[_TZY0 _SP QPW_ LQQPN_TaPYP^^
ZQ T_^ OL_L" bSTNS T^ YPNP^^L]d QZ] _SP Pc[P]TPYNP ZQ _SP g]PLWT_dh ZQ _SP
]PLW" L^ _ST^ T^ L__P^_PO TY _SP ]PLWT_d ZQ Xd LQQPN_POYP^^" X`^_ TY [L]_
MP NLYNPWPO Z`_ LRLTY TY Z]OP] _Z [P]XT_ _SP L[[]PSPY^TZY ZQ T_^
gZMUPN_TaT_d$h DSP PWPXPY_ ZQ PYNZ`Y_P] T^ MLWLYNPO Md ZYP ZQ LM#
^_]LN_TZY" bT_SZ`_ bSTNS ^PY^L_TZY bZ`WO YZ_ ]T^P _Z [P]NP[_TZY$ 8T]^_"
TY L ^ZXPbSL_ ^_]P_NSPO ^PY^P ZQ _SP _P]X" _SP]P T^ gLM^_]LN_TZYh
Q]ZX _SP ^_L_P ZQ ^PY^Z]d ^_TX`WL_TZY T_^PWQ TY _SP aP]d QLN_ ZQ ZYPi^
[P]NPTaTYR _SP ZMUPN_ TY^_PLO ZQ ST^ ZbY Z]RLYTN LQQPN_TZY$ CZXP ^Z]_
ZQ OT^PYRLRPXPY_ Q]ZX _SP NL`^LWT_d ZQ _SP PYNZ`Y_P] []ZaTOP^ _SP
YP`_]LW Q]PPOZX QZ] WP__TYR _SP gZ_SP]h L[[PL] QZ] T_^PWQ$ DSP Z]RLYT#
eL_TZY ZQ Z`] ^PY^P^ L^^`]P^ _ST^ OT^PYRLRPXPY_ TY LOaLYNP$! ;Y _SL_
L[[PL]LYNP _SP LQQPN_TaP ML^T^ g^_TX`WL_TZY"h gT]]T_L_TZYh ! T^ NLY#
NPWPO" T_^ ]PNZ]O YP`_]LWTePO$ CPNZYO" LYO TY L XZ]P LNNP[_PO ^PY^P"
[P]NP[_TZY NZY_TY`Z`^Wd gLM^_]LN_^h Q]ZX _SP TXXPOTL_P ^PY^Z]d NZY#
_PY_ ZQ LQQPN_TZY TY LWWZbTYR _SP ZMUPN_ T_^ TOPY_T_d MPdZYO _SP NSLYRP
ZQ T_^ aTPb^$ GP ^PP YZ_ ZYNP _ST^" ZYNP _SL_" NZX[WPc ZQ OL_L" M`_
_S]Z`RS MZ_S _SP ^LXP _STYR" gLM^_]LN_TYRh L^ T_ bP]P Q]ZX _SP OTQQP]#
PYNP^ ZQ ^`NNP^^TaP ^PY^L_TZY^" Z] Q]ZX _SP ^PY^P gXL_P]TLW$h DST^
aT^`LW LM^_]LN_TZY XLVP^ [Z^^TMWP bSL_ <LY_ SL^ NLWWPO _SP ^dY_SP^T^
ZQ ]PNZRYT_TZY$
FT^TZY" ZQ LWW ^PY^P^" XZ^_ NZY^[TN`Z`^Wd ]PLWTeP^ TY T_^ YZ]XLW
[P]QZ]XLYNP _ST^ OZ`MWP QPL_ ZQ gLM^_]LN_TZYh 0 ^P__TYR ZQQ _SP ^PWQ#
NZY_LTYPO ZMUPN_ Q]ZX _SP LQQPN_TaP NZYOT_TZY ZQ ^PY^TYR" LYO `[SZWO#
TYR T_^ TOPY_T_d LYO `YT_d LN]Z^^ _SP bSZWP ]LYRP ZQ T_^ [Z^^TMWP _]LY^#
QZ]XL_TZY^ ZQ L[[PL]LYNP" PLNS ZQ bSTNS T^ TY T_^PWQ LW]PLOd LY TY_P#
; >397#>3<;?9 3?6 D:7 8 B776@> @8 > 3? J ',/
R]L_PO ^TX`W_LYPZ`^ XLYTQZWO$ BPNZRYT_TZY ZQ _SP ZMUPN_ L^ ZYP
[]PaTZ`^Wd VYZbY" Z] L^ WTVP []PaTZ`^Wd VYZbY ZYP^" OZP^ YZ_" _SP]P#
QZ]P" ]P\`T]P [L^_ ^PY^L_TZY^ _Z MP O`[WTNL_PO TY []P^PY_ ZYP^" ]PNLWWPO
bSPY ^Z O`[WTNL_PO LYO QZ`YO NZYR]`PY_ bT_S _SP []P^PY_0 TY _SL_
NL^P _SP ^LXP NZX[WPc ZQ ^TX`W_LYPZ`^ aT^`LW OL_L" LYO _SP ^LXP
^`NNP^^TZY ZQ ^`NS NZX[Z`YO gL^[PN_^"h bZ`WO SLaP _Z MP ]P[PL_PO TY
Z]OP] _Z dTPWO ]PNZRYT_TZY ZQ _SP ^LXP Z] _SP WTVP" LYO _ST^ NZYOT_TZY
bZ`WO ]L]PWd MP Q`WQTWWPO$ GSL_ T^ P\`L_PO TY ^`NS LN_^ ZQ ]PNZRYT_TZY
T^ YZ_ ^TXTWL] ^PY^P#OL_`X NZYRWZXP]L_P^ M`_ aL]TLY_ [SL^P^ TY _SP
NZY_TY`Z`^ _]LY^QZ]XL_TZY#^P]TP^ ZQ L [L__P]Y Z] NZYQTR`]L_TZY$ DSP
[SL^P ^PY^TMWd LaLTWLMWP YZb XLd SL[[PY _Z MP TOPY_TNLW bT_S ZYP
QZ]XP]Wd Pc[P]TPYNPO" M`_ _ST^ bZ`WO MP _SP PcNP[_TZY ]L_SP] _SLY _SP
]`WP0 _SP TOPY_T_d ZQ _SP NZYQTR`]L_TZY L^ ^`NS T^ [P]NPTaPO LN]Z^^ _SP
bSZWP ^NLWP ZQ T_^ 98<<2+5. aT^`LW _]LY^QZ]XL_TZY^f LYO _SL_ X`W_T#
OTXPY^TZYLW ^NLWP" RZaP]YPO Md T_^ ^_]`N_`]LW LYO \`LWT_L_TaP WLb^"
T_^PWQ QZ]X^ L [L__P]Y ZQ L STRSP] Z]OP]$- DSP ^PaP]LW ^P]TLW aL]TLMTWT#
_TP^ NZY^_T_`_TYR _ST^ [L__P]Y L]P NZY_TY`Z`^" M`_ ]PNZRYT_TZY LWZYR
PLNS ZYPi^ ^_]P_NS" RTaPY ^`QQTNTPY_ QLXTWTL]T_d bT_S T_^ WLb" NLY _LVP
[WLNP OT^NZY_TY`Z`^Wd1 _SL_ T^" _SP TY_P]XPOTL_P ^P\`PYNP YPPO YZ_ MP
]`Y _S]Z`RS TY LN_`LW Pc[P]TPYNP$
3Y TX[Z]_LY_ ZM^P]aL_TZY QZWWZb^$ GT_STY _ST^ NZX[]PSPY^TaP
_]LY^QZ]XL_TZY [L__P]Y _SP ^TYRWP L^[PN_^ [SL^P^! OZ YZ_ ^_LYO QZ]
_SPX^PWaP^" M`_ PLNS LN_^ L^ L VTYO ZQ gTXLRPhf ZYP ZQ _SP [Z^^TMWP
TXLRP^f ZQ _SP ZMUPN_$ ;Y _ST^ \`LWT_d _SPd LWWZb ]PNZRYT_TZY ZQ _SP
^LXP ZMUPN_" Z] VTYO ZQ ZMUPN_1 _SL_ T^" _SPd LWWZb T_ _S]Z`RS L WTVPYP^^
_SL_ NZX[]PSPYO^ `YWTVPYP^^$ 8Z] YZ_ ZYWd L]P _SPd WTVP#`YWTVP ZYP
LYZ_SP]" M`_ bT_S YZYP ZQ _SPX" YZ] bT_S _SPT] ^P]TLW _Z_LWT_d" OZP^ _SP
L[[]PSPYOPO QZ]X ZQ _SP ZMUPN_ T_^PWQ NZTYNTOP$ DS`^ PLNS aTPb LWTVP
]P[]P^PY_^ _SP ZMUPN_ g^dXMZWTNLWWdh _SZ`RS *< L ^dXMZW" ZYP aTPb
XLd MP ^`[P]TZ] _Z Z_SP]^ LYO NZXP _Z ]P[]P^PY_ _SP ZMUPN_ []PQP]PY#
_TLWWdf QZ] PcLX[WP" Md MPTYR XZ]P QLXTWTL]" Z] XZ]P TYQZ]XL_TaP"
_SLY Z_SP]^!$
4`_ OTO bP YZ_ PYNZ`Y_P] _SP^P ^PWQ^LXP QPL_`]P^ MPQZ]P" bSPY bP

-$ 3^ TYOTNL_PO MPQZ]P" _SP [L__P]Y T^ TY QLN_ L X`W_T[WP ^P_ ZQ _]LY^QZ]#


XL_TZY [L__P]Y^" bSTNS NLY Z[P]L_P ^TYRWd" NZYN`]]PY_Wd" LYO TY_P]OP[PY#
OPY_Wd0 aL]TL_TZY bT_S ]P^[PN_ _Z ^TeP" _Z ^TOP" _Z [P]^[PN_TaP OT^_Z]_TZY" _Z
TWW`XTYL_TZY" LYO ^Z ZY" QZ]X^ PLNS T_^ ZbY NZY_TY`Z`^ ^P]TP^ L^ ZYP ZQ _SP
L__]TM`_P^ ZQ _SP NZX[WP_P aT^`LW ^NSPXL$
'-& D :7 A :7?@>7?@? @8 =;87
LYLWdePO _SP ZY_ZWZRd ZQ TXLRP2 DS`^ T_ _`]Y^ Z`_ _SL_ LM^_]LN_TZY"
]P[]P^PY_L_TZY" ^dXMZWT^XD <86.=1270 ZQ _SP TXLRP Q`YN_TZYf
LW]PLOd TYSP]P^ TY _SP [P]QZ]XLYNP ZQ ^PPTYR" L^ _SP XZ^_ TY_PR]L_TaP
ZQ _SP ^PY^P^$ DST^" TY OPR]PP^" X`^_ _SPY MP N]POT_PO PaPY _Z ^ZXP
STRSP] LYTXLW^$

;F
GSL_ ^_P[ _SPY OZP^ _SP TXLRP QLN`W_d _LVP TY XLY bSPY SP []Z#
NPPO^ _Z _]LY^WL_P L aT^`LW L^[PN_ TY_Z L XL_P]TLW WTVPYP^^2 GP ^PP L_
ZYNP _SL_ TY _ST^ ^_P[ L YPb WPaPW ZQ XPOTLNd T^ L__LTYPO" MPdZYO _SL_
bSTNS MPWZYR^ _Z aT^`LW ]PNZRYT_TZY ZQ ZMUPN_^ L^ ^`NS$ DSP TXLRP
MPNZXP^ OP_LNSPO Q]ZX _SP ZMUPN_" _SL_ T^" _SP []P^PYNP ZQ _SP .2-8< T^
XLOP TYOP[PYOPY_ ZQ _SL_ ZQ _SP _STYR$ FT^TZY TYaZWaPO L ^_P[[TYR
MLNV Q]ZX _SP TX[Z]_`YT_d ZQ PYaT]ZYXPY_ LYO []ZN`]PO _SP Q]PPOZX
ZQ OP_LNSPO ^`]aPd$. 3 ^_P[[TYR MLNV ZQ _SP ^PNZYO Z]OP] _LVP^ [WLNP
bSPY L[[PL]LYNP T^ NZX[]PSPYOPO :>* L[[PL]LYNP" OT^_TYR`T^SPO
Q]ZX ]PLWT_d" LYO" bT_S T_^ []P^PYNP Q]PPWd NZXXLYOPO" T^ TY_P][Z^PO
MP_bPPY _SP ^PWQ LYO _SP ]PLW bSZ^P []P^PYNP T^ MPdZYO NZXXLYO$
DST^ Q]PP [Z^^P^^TZY T^ QT]^_ LNSTPaPO TY _SP TY_P]YLW PcP]NT^P ZQ
TXLRTYL_TZY" Md bSTNS" _Z _SP MP^_ ZQ Z`] VYZbWPORP" S`XLY 6.68;B
T^ OT^_TYR`T^SPO Q]ZX LYTXLW ]PNZWWPN_TZY$ DSP WL__P] T^ UZTYPO _Z
LN_`LW ^PY^L_TZY$ ;_ XLd Q`YN_TZY ZY _SP ZNNL^TZY ZQ L []P^PY_ [P]NP[#
_TZY TY bSTNS L []PaTZ`^ ZYP T^ ]PNZRYTePO Md bLd ZQ _SP \`LWT_d
gQLXTWTL]h Z] gVYZbYh bT_S bSTNS _SP []P^PY_ Pc[P]TPYNP T^ TXM`PO$
@]" TY^_PLO ZQ LNNZX[LYdTYR ]P[P_T_TaP [P]NP[_TZY L^ T_ ZNN`]^" ]PNLWW
XLd MP PaZVPO Md L[[P_T_P LYO []ZUPN_TaPWd R`TOP LYTXLW LN_TZY _Z#
bL]O L OP^T]PO ]P[P_T_TZY g]PXPXMP]TYRh _SP bLd _Z dP^_P]OLdi^
QPPOTYR [WLNP!" bT_S g]PNLWW Md QLXTWTL]T_dh XL]VTYR _SP ^`NNP^^Q`W
[]ZR]P^^ ZQ _SP LN_TZY$ 4`_ _SP]P T^ YZ_STYR _Z ^SZb _SL_ _ST^ VTYO ZQ
]PXPXMP]TYR PYUZd^ LY TXLRTYL]d []P^PYNP ZQ T_^ ZMUPN_^" LYO PaP]d#
_STYR _Z L]R`P LRLTY^_ _SP L^^`X[_TZY _SL_" TQ T_ OZP^" _ST^ []P^PYNP T^
L_ _SP ^`MUPN_i^ NZXXLYO" _Z MP ^`XXZYPO LYO OT^XT^^PO L_ bTWW$
3[[P_T_TaP YPPO Z] LN_`LW [P]NP[_TZY RZaP]Y^ _SP ]PLN_TaL_TZY ZQ [L^_
Pc[P]TPYNP$ GSP_SP] _ST^ T^ ]PNLWWPO *< g[L^_h LYO T^ YZ_ XP]PWd

.$ 8Z] L XZ]P OP_LTWPO LYO NZX[]PSPY^TaP LYLWd^T^ ZQ aT^TZY LYO _SP


gTXLRPh QLN`W_d TYSP]PY_ TY T_" ^PP CTc_S 7^^Ld" LMZaP$
; >397#>3<;?9 3?6 D:7 8 B776@> @8 > 3? J '-'
^`[P]TX[Z^PO ZY _SP []P^PY_ L^ L gVYZbWPORPh ZQ bSL_ _Z Pc[PN_ Z]
_Z OZ YZb" _SP]P T^ YZ bLd ZQ _PWWTYR bT_S NP]_LTY_d$ 3_ LYd ]L_P" _SP
g]PNLWWTYRh T^ OZYP YZ_ Md _SP ^`MUPN_ M`_ Md NT]N`X^_LYNP^ QZ] _SP
^`MUPN_$
:`XLY XPXZ]d PcNPPO^ XP]P ]PNZWWPN_TZY ZQ _ST^ VTYO Md _SP
Q]PPWd ]P[]ZO`N_TaP QLN`W_d ZQ TXLRTYL_TZY" bSTNS SL^ _SP TXLRP^ ZQ
_STYR^ L_ T_^ NLWW$ DSL_ T_ NLY LW^Z LW_P] _SPX QZWWZb^ LWXZ^_ YPNP^#
^L]TWd Q]ZX SLaTYR _SPX TY OP_LNSXPY_ Q]ZX _SP LN_`LWT_d ZQ ^PY^L_TZY
LYO _SP]PMd Q]ZX _SP ^_`MMZ]Y QLN_`LWT_d ZQ _SP ZMUPN_i^ ZbY MPTYR$
;XLRTYL_TZY ^P[L]L_P^ _SP ]PXPXMP]PO .2-8< Q]ZX _SP ZNN`]]PYNP ZQ
_SP TYOTaTO`LW PYNZ`Y_P] bT_S T_" Q]PPTYR T_^ [Z^^P^^TZY Q]ZX _SP LNNT#
OPY_^ ZQ ^[LNP LYO _TXP$ DSP Q]PPOZX ^Z RLTYPOf _Z [ZYOP] _STYR^ TY
TXLRTYL_TZYf T^ ZYP ZQ OT^_LYNP LYO NZY_]ZW L_ ZYNP$
DSP ]PXPXMP]PO QZ]X NLY _SPY MP _]LY^WL_PO Q]ZX TY_P]YLW TXLRT#
YL_TZY TY_Z LY Pc_P]YLW TXLRP" bSTNS T^ LRLTY LY ZMUPN_ ZQ [P]NP[_TZY
f L [P]NP[_TZY" SZbPaP]" YZ_ ZQ _SP Z]TRTYLW ZMUPN_ M`_ ZQ T_^ ]P[]P#
^PY_L_TZY$ ;_ T^ Pc_P]YLWTePO XPXZ]d" LYO YZ_ L ]P[P_T_TZY ZQ Pc[P]T#
PYNP T_^PWQ$ DZ ^ZXP Pc_PY_ T_ XLVP^ LN_`LW Pc[P]TPYNP ^`[P]QW`Z`^ Md
XLVTYR ^ZXP ZQ T_^ P^^PY_TLW NZY_PY_ LaLTWLMWP bT_SZ`_ T_$ ;Q _SP TXLRP
T^ XLOP OT]PN_Wd gQ]ZX YL_`]Ph []ZMLMWd L WL_P] OPaPWZ[XPY_ TY
[TN_Z]TLW ST^_Z]d!" XPXZ]d T^ L^ T_ bP]P LY_TNT[L_PO LYO RTaPY TY
LOaLYNP L [P]XLYPY_ XZOPW QZ] _SP ]P[P_T_TZ`^ ]PYPbLW ZQ T_^ TXLRP$
DS`^ Pc_P]YLWTePO" _SP TXLRP OPQTP^ _TXP XZ]P PQQPN_TaPWd _SLY TY T_^
[]PNL]TZ`^ TY_P]YLW NZY^P]aL_TZY$ DSP]P" bSL_ SLO MPPY ^LaPO Q]ZX
_SP QW`c ZQ _STYR^ bL^ PY_]`^_PO _Z _SP QW`c ZQ ^PWQ$ 7c_P]YLWTePO LRLTY"
T_ LMTOP^ TY T_^PWQ" T_^ []P^PYNP TYOP[PYOPY_ ZQ _SP XZZO^ LYO ^_TX`WL#
_TZY^ _SL_ ]`WP ZaP] _SP bZ]VTYR ZQ XPXZ]d" LYO PaPY Z`_WL^_TYR _SP
^SZ]_YP^^ ZQ T_^ XLVP]i^ WTQP$
;Y _SP Pc_P]YLW ]P[]P^PY_L_TZY _SP TXLRP T^ LW^Z XLOP ^SL]LMWP" _SP
NZXXZY []Z[P]_d ZQ LWW bSZ WZZV L_ T_$ ;_ T^ LY ZMUPN_TQTNL_TZY ZQ
TYOTaTO`LW [P]NP[_TZY NZX[L]LMWP _Z _SL_ bSTNS T^ LNSTPaPO TY aP]MLW
OP^N]T[_TZY1 WTVP _SP WL__P]" T_ ^P]aP^ NZXX`YTNL_TZY LYO" L_ _SP ^LXP
_TXP" MPYPQT_^ [P]NP[_TZY T_^PWQ" Z] [email protected]." 8Z] TY _SP []ZNP^^ ZQ
OP[TN_TYR _SP ^TX`W_LYPZ`^ L[[PL]LYNP [L]_ QZ] [L]_" L^ TY _SP []Z#
NP^^ ZQ OP^N]TMTYR T_" aT^TZY T^ QZ]NPO _Z OT^NP]Y LYO NZ]]PWL_P bSL_ T_
QT]^_ SLO LWW TY ZYP$ DSP L]_T^_ ^PP^ XZ]P _SLY _SP YZYL]_T^_" YZ_
MPNL`^P SP SL^ L MP__P] aT^TZY" M`_ MPNL`^P SP OZP^ _SP L]_T^_i^ bZ]V"
YLXPWd" ]PXLVTYR _SP _STYR^ SP ^PP^0 LYO bSL_ ZYP XLVP^ SP VYZb^$
'-( D :7 A :7?@>7?@? @8 = ;87
3^ _SP ]PXLVP] ZQ _STYR^ gTY _SPT] WTVPYP^^"h [TN_Z]TLW XLY ^`MXT_^ _Z
_SP ^_LYOL]O ZQ _]`_S$ 3Y TXLRP XLd MP XZ]P Z] WP^^ _]`P _Z _SP
ZMUPN_$ DSP TY_PY_TZY _Z OP[TN_ _STYR^ LNVYZbWPORP^ _SPX L^ _SPd L]P
LYO LNNP[_^ _SP aP]OTN_ ZQ _SPT] MPTYR ZY _SP LOP\`LNd ZQ _SP [TN_Z]TLW
SZXLRP$ DSP *-*.:>*=28 26*0272< *- ;.6 []PNPOTYR _SP *-*.:>*=28
27=.55.,=>< *- ;.6 T^ _SP QT]^_ QZ]X ZQ _SPZ]P_TNLW _]`_Sf _SP []PN`]^Z]
ZQ aP]MLWWd OP^N]T[_TaP _]`_S" bSTNS T^ _SP []PN`]^Z] ZQ ^NTPY_TQTN _]`_S$
CPP 3[[PYOTc _Z _ST^ 7^^Ld$!
4`_ _SP ]PXLVP] ZQ _STYR^ T^ [Z_PY_TLWWd LW^Z _SP XLVP] ZQ YPb
_STYR^" LYO _SP ZYP [ZbP] T^ YZ_ OTQQP]PY_ Q]ZX _SP Z_SP]$ DSP Q]PP#
OZX _SL_ NSZZ^P^ _Z ]PYOP] L WTVPYP^^ XLd L^ bPWW NSZZ^P _Z OP[L]_
Q]ZX T_$ DSP QT]^_ TY_PY_TZYLWWd O]LbY WTYP `YWZNV^ _SL_ OTXPY^TZY ZQ
Q]PPOZX TY bSTNS QLT_SQ`WYP^^ _Z _SP Z]TRTYLW" Z] _Z LYd XZOPW" T^ ZYWd
ZYP OPNT^TZY0 _]LY^NPYOTYR LN_`LW ]PLWT_d L^ L bSZWP" T_ ZQQP]^ T_^ ]LYRP
ZQ TYQTYT_P aL]TL_TZY L^ L ]PLWX ZQ _SP 98<<2+5. _Z MP XLOP _]`P Md
XLY L_ ST^ NSZTNP$ DSP ^LXP QLN`W_d T^ ]PLNS QZ] _SP _]`P LYO [ZbP]
QZ] _SP YPb$
3YO ^_TWW LYZ_SP] [ZbP] T^ TX[WTPO TY _SP [TN_Z]TLW QLN`W_d$ ;XLRP^
LQ_P] LWW SLaP _Z MP XLOP" YZ_ XP]PWd NZYNPTaPO$ DS`^ _SPT] Pc_P]YLW
PcT^_PYNP L^ L ]P^`W_ ZQ S`XLY LN_TaT_d ]PaPLW^ LW^Z L [Sd^TNLW L^[PN_
ZQ _SP [ZbP] _SL_ _SP TXLRP QLN`W_d bTPWO^0 _SP VTYO ZQ NZXXLYO
_SL_ XLY SL^ ZaP] ST^ MZOd$ DST^ NZXXLYO" bSP_SP] T_ _P]XTYL_P^ TY
_SP []ZO`N_TZY ZQ LY TXLRP" ZQ L _STYR" Z] ZQ LYd Z_SP] [Sd^TNLW
LN_TZY" T^ T_^PWQ RZaP]YPO Md gTXLRP$h ;YOPPO" _ST^ T^ M`_ _SP MZOTWd
^TOP ZQ _SP aP]d TXLRP QLN`W_d T_^PWQ" ZQ bSTNS bP SLaP OT^N`^^PO ^Z QL]
_SP XPY_LW ^TOP LWZYP$ DSP PYaT^LRPO QZ]X T^ YZ_ PXMZOTPO Md _SP
bT^S" LYO _SP TYYP] NZXXLYO ZQ _SP .2-8< bT_S LWW T_^ Q]PPOZX ZQ
XPY_LW O]LQ_TYR" bZ`WO ]PXLTY TYPQQPN_TaP SLO T_ YZ_ LW^Z _SP [ZbP] _Z
R`TOP _SP ^`MUPN_i^ MZOd TY PcPN`_TZY$ @Q _ST^ _]LY^WL_TZY ZQ LY PTOP_TN
[L__P]Y TY_Z XZaPXPY_ ZQ WTXM" b]T_TYR T^ _SP XZ^_ QLXTWTL] PcLX[WP1
OLYNP Md OP^TRYPO NSZ]PZR]L[Sd! T^ LYZ_SP]1 LYO _SP `^P ZQ Z`]
SLYO _S]Z`RSZ`_ PcSTMT_^ _ST^ XZ_Z] _]LY^WL_TZY ZQ QZ]X TY T_^ bTOP^_
[]LN_TNLW ]LYRP L^ _SP NZYOT_TZY ZQ LWW _PNSYZWZRd$ GSL_ bP SP]P SLaP
T^ L _]LY^#LYTXLW" `YT\`PWd S`XLY QLN_0 PTOP_TN NZY_]ZW ZQ XZ_TWT_d"
_SL_ T^" X`^N`WL] LN_TZY RZaP]YPO YZ_ Md ^P_ ^_TX`W`^#]P^[ZY^P [L__P]Y
M`_ Md Q]PPWd NSZ^PY" TY_P]YLWWd ]P[]P^PY_PO LYO [`][Z^PWd []ZUPN_PO
/8;6" DSP PTOP_TN NZY_]ZW ZQ XZ_TWT_d" bT_S T_^ Q]PPOZX ZQ Pc_P]YLW
PcPN`_TZY" NZX[WPXPY_^ _SP PTOP_TN NZY_]ZW ZQ TXLRTYL_TZY" bT_S T_^
; >397#>3<;?9 3?6 D:7 8 B776@> @8 > 3? J '-)
Q]PPOZX ZQ TY_P]YLW O]LQ_TYR$ GT_SZ`_ _SP WL__P]" _SP]P bZ`WO MP YZ
]L_TZYLW QLN`W_d" M`_ bT_SZ`_ _SP QZ]XP]" T_^ [Z^^P^^TZY bZ`WO MP
Q`_TWP$ 4Z_S _ZRP_SP] XLVP [Z^^TMWP _SP Q]PPOZX ZQ XLY$ 7c[]P^^TYR
MZ_S TY ZYP TYOTaT^TMWP PaTOPYNP" 1868 92,=8; ]P[]P^PY_^ _SP [ZTY_ TY
bSTNS 1868 /*+.; LYO 1868 <*92.7< L]P NZYUZTYPOf L]P TYOPPO
^SZbY _Z MP ZYP LYO _SP ^LXP$
; ]P_`]Y ZYNP XZ]P _Z _SP XPY_LW ^TOP$ DSP 4TMWP _PWW^ `^ 9PYP^T^
(0'/! _SL_ 9ZO N]PL_PO _SP MPL^_^ ZQ _SP QTPWO LYO _SP QZbW^ ZQ _SP
LT]" M`_ WPQ_ T_ _Z 3OLX _Z YLXP _SPX$ 3 :LRRLOL _Z _ST^ [L^^LRP
9PYP^T^ BLMML HF;;$+! ^_L_P^ _SL_ 9ZO []LT^PO _SP bT^OZX ZQ
3OLX MPQZ]P _SP LYRPW^" ^LdTYR _SL_ TY RTaTYR YLXP^ _Z LWW N]PL_`]P^"
_Z STX^PWQ" LYO PaPY _Z 9ZO" 3OLX SLO OZYP bSL_ _SP LYRPW^ NZ`WO
YZ_ OZ$ DSP RTaTYR ZQ YLXP^ _Z ZMUPN_^ T^ SP]P ]PRL]OPO L^ _SP QT]^_
QPL_ ZQ YPbWd N]PL_PO XLY LYO L^ _SP QT]^_ OT^_TYN_TaPWd S`XLY LN_$ ;_
bL^ L ^_P[ MPdZYO N]PL_TZY$ :P bSZ OTO T_ OPXZY^_]L_PO Md T_ ST^
^`[P]TZ]T_d ZaP] ST^ QPWWZb N]PL_`]P^ LYO QZ]P^SLOZbPO ST^ NZXTYR
XL^_P]d ZaP] YL_`]P$ ;Y RTaTYR YLXP^ _Z gPaP]d WTaTYR N]PL_`]Ph N]P#
L_PO Md 9ZO" XLY N]PL_PO ^[PNTP^ YLXP^ QZ] _SP [W`]LWT_d TY_Z bSTNS
PLNS bZ`WO X`W_T[Wd$ DSP YLXP" MPNZXTYR RPYP]LW" bZ`WO []P^P]aP
_SP L]NSP_d[LW Z]OP] ZQ N]PL_TZY TY _SP QLNP ZQ TYOTaTO`LW X`W_T[WTNT_d$
;_^ `^P TY PLNS TYOTaTO`LW NL^P bZ`WO ]PYPb _SP Z]TRTYLW LN_ ZQ N]PL#
_TZY TY T_^ QZ]XLW L^[PN_$ DS`^ _SP ^dXMZWTN O`[WTNL_TZY ZQ YL_`]P Md
YLXP^ T^ L_ _SP ^LXP _TXP LY Z]OP]TYR ZQ YL_`]P LNNZ]OTYR _Z T_^
RPYP]TN [L__P]Y^$ 7LNS SZ]^P T^ _SP Z]TRTYLW SZ]^P" PLNS OZR _SP Z]TR#
TYLW OZR$
DSP RPYP]LWT_d ZQ _SP YLXP T^ _SP RPYP]LWT_d ZQ _SP TXLRP$ DSP PL]Wd
S`Y_P] O]Pb YZ_ _ST^ Z] _SL_ MT^ZY M`_ =1. MT^ZYf PaP]d [Z^^TMWP
MT^ZY bL^ NZYU`]PO" LY_TNT[L_PO" ]PXPXMP]PO _SP]PMd$ DSP O]LbTYR ZQ
_SP TXLRP T^ LYLWZRZ`^ _Z _SP LN_ ZQ NLWWTYR Md YLXP" Z] ]L_SP] T^ _SP
`YLM]TORPO aP]^TZY ZQ _ST^ LN_" MPNL`^P T_ ^[PWW^ Z`_ TY L ^PY^TMWP
[]P^PYNP _SL_ TYYP] TXLRP ZQ bSTNS _SP [SZYP_TN ^TRY T^ LY LMM]PaTL#
_TZY LYO _S]Z`RS bSZ^P RPYP]LWT_d LWZYP _SP ^TRY NLY ]PWL_P _Z _SP
XLYd TYOTaTO`LW^$ ;XLRP#XLVTYR PLNS _TXP ]P#PYLN_^ _SP N]PL_TaP LN_
_SL_ T^ STOOPY TY _SP ]P^TO`LW YLXP0 _SP ^dXMZWTN XLVTYR#ZaP]#LRLTY
ZQ _SP bZ]WO$ ;_ PcSTMT_^ bSL_ _SP `^P ZQ YLXP^ _LVP^ QZ] R]LY_PO0 _SP
LaLTWLMTWT_d ZQ _SP .2-8< L^ LY TOPY_T_d ZaP] LYO LMZaP _SP [L]_TN`WL]^"
QZ] S`XLY L[[]PSPY^TZY" TXLRTYL_TZY" LYO OT^NZ`]^P$
'-* D :7 A :7?@>7?@? @8 =;87

DS`^ Z`] Pc[WZ]P]^" NSLYNTYR `[ZY [TN_Z]TLW ]P[]P^PY_L_TZY"


bSP_SP] LNNZX[WT^SPO Z] [ZZ]" NLY MP ^`]P ZQ XZ]P _SLY SLaTYR
OT^NZaP]PO N]PL_`]P^ bT_S L NP]_LTY [PN`WTL]T_d ZQ MPSLaTZ] g^[PNTP^ C
bT_S SLMT_^ L" M" N $ $ $ " LXZYR bSTNS T^ [TN_`]P#XLVTYRh !$ DSPd NLY
MP ^`]P ZQ SLaTYR OT^NZaP]PO" TY _SP XLVP]^ ZQ _SZ^P WTVPYP^^P^" N]PL#
_`]P^ bSZ PYUZd _SP XPY_LW LYO NZ][Z]PLW Q]PPOZX bP _P]X S`XLY1
bSZ LW^Z RTaP YLXP^ _Z _STYR^" _SL_ T^" SLaP WLYR`LRP$ DSPd NLY MP
^`]P ZQ _SP [Z^^TMTWT_d ZQ NZXX`YTNL_TYR bT_S _SPX$ 3YO L^ L [Z^^TMTW#
T_d" _SPd NLY LY_TNT[L_P _SL_ _SP LM^_]LN_TZY ^SZbY TY _SZ^P WTVPYP^^P^
bTWW WPLO TY _TXP _Z _SP LM^_]LN_TZY ZQ RPZXP_]TNLW QZ]X LYO ]L_TZYLW
NZYNP[_1 LYO _SL_ _SP XZ_TWP NZY_]ZW TX[WTPO TY _SPT] XLVTYR bTWW" TY
NZYU`YN_TZY bT_S _SL_ LM^_]LN_TZY" WPLO TY _TXP _Z _PNSYZWZRd$ DSP
LN_`LWT_d ZQ ^`NS OPaPWZ[XPY_^ T^ `YQZ]P^PPLMWP" OP[PYOPY_ L^ _SPd
L]P ZY _SP LNNTOPY_^ ZQ ST^_Z]d" M`_ _SPT] [Z_PY_TLWT_d T^ RTaPY bT_S _SL_
VTYO ZQ MPTYR ZQ bSTNS _SP [TN_Z]TLW LN_TaT_d T^ _SP QT]^_ aT^TMWP LYO
`YXT^_LVLMWP ^TRY$
DSP PYNZ`Y_P]TYR ZQ L]_TQTNTLW WTVPYP^^P^" _SPY" T^ _SP SP`]T^_TN Pc[P#
]TPYNP bP SLaP MPPY WZZVTYR QZ]" LYO TY T_^ TYYP] TX[WTNL_TZY^ _ST^
Pc_P]YLW N]T_P]TZY [ZTY_^ _Z _SP OTQQP]PY_TL ZQ XLY$ GP YZ_P _SL_ _SP
N]T_P]TZY OZP^ YZ_ OPXLYO ]PL^ZY M`_ T^ NZY_PY_ bT_S [Z_PY_TLW ]PL^ZY
L^ bT_S [Z_PY_TLW RPZXP_]d LYO _SP WTVP!$ DSP [Z_PY_TLWT_d ]P^TOP^ TY
^ZXP_STYR _SL_ T^ YZ_ T_^PWQ ]PL^ZY LYO ^Z ZY!" LYO XLd YPaP] SL[#
[PY _Z LOaLYNP _Z T_$ 4`_ TQ T_ OZP^ T_ bTWW MP LY LOaLYNP bT_STY _SP
WPaPW NZY^_T_`_PO Md _SL_ ML^TN g^ZXP_STYRh _SL_ Z[P]L_P^ TY _SP PL]WT#
P^_ L__PX[_^ L_ ]P[]P^PY_L_TZY$ DSP WPaPW ZQ XLY T^ _SP WPaPW ZQ _SP
[Z^^TMTWT_TP^ _SL_ L]P TYOTNL_PO YZ_ OPQTYPO" LYO NP]_LTYWd YZ_ L^#
^`]PO! Md _SP [TN_Z]TLW QLN`W_d0 _SP WPaPW ZQ L YZYLYTXLW XPOTLNd TY
_SP ]PWL_TZY _Z ZMUPN_^" LYO ZQ L OT^_LYNP Q]ZX ]PLWT_d PY_P]_LTYPO LYO
M]TORPO Md _SL_ XPOTLNd L_ _SP ^LXP _TXP$ DSP PcT^_PYNP ZQ TXLRP^"
bSTNS ^SZb^ QZ]X b]P^_PO Q]ZX QLN_" T^ L bT_YP^^ _Z _ST^ XPOTLNd" LYO
TY T_^ Z[PY []ZXT^P LWZYP ^`QQTNP^ L^ PaTOPYNP ZQ S`XLY Q]PPOZX$
8Z]XP] ^[PN`WL_TZY OPXLYOPO XZ]P NZYNP]YTYR bSL_ ^SZ`WO MP
]PRL]OPO L^ NZYNW`^TaP PaTOPYNP QZ] :ZXZ ^L[TPY^0 L_ ^ZXP _TXP"
YZ_STYR WP^^ _SLY QTR`]P^ PcPX[WTQdTYR RPZXP_]TNLW []Z[Z^T_TZY^ bZ`WO
^`QQTNP$ DST^ ^`]PWd T^ LY `YQLTWTYR" M`_ LW^Z LY ZaP]PcLN_TYR N]T_P]TZY$
GSP]P bZ`WO T_ WPLaP _SP M`^SXLY2 DSP N]T_P]TZY ZQ L__PX[_PO ^PY^T#
@B;9;?C @8 D:7 7HA7B;7?57 @8 D BED: J '-+
MWP WTVPYP^^ T^ XZ]P XZOP^_" M`_ LW^Z XZ]P ML^TN LYO NZX[]PSPY^TaP$
;_ T^ Q`WW PaTOPYNP QZ] _SP _]LY^LYTXLW Q]PPOZX ZQ _SP XLVP]^$ DST^
Q]PPOZX" TY MZ_S _SPZ]P_TN LYO []LN_TNLW ]P^[PN_^" ZQ bSTNS ]PL^ZY T^ L
XZ]P ^[PNTQTN OPaPWZ[XPY_" T^ OT^_TYN_TaP ZQ XLY$ DZ ^PP _SP OTQQP]#
PY_TL Q`WQTWWPO TY _SP N]`OP^_ WTVPYP^^ ZQ LY LY_PWZ[P L^ X`NS L^ TY _SP
QTR`]P ZQ _SP Ad_SLRZ]PLY _SPZ]PX T^ YZ_ _Z ^NLWP OZbY _SP ^_L_`]P ZQ
XLY$ 8Z] _SP RL[ MP_bPPY LYTXLW bZ]WO#]PWL_TZY LYO _SP N]`OP^_
L__PX[_ L_ ]P[]P^PY_L_TZY T^ TYQTYT_PWd bTOP] _SLY _SL_ MP_bPPY _SP
WL__P] LYO LYd RPZXP_]TNLW NZY^_]`N_TZY$ ;_ T^ L XP_L[Sd^TNLW RL["
NZX[L]PO bT_S bSTNS _SP Z_SP] T^ ZYP ZYWd ZQ OPR]PP$

3 AA7?6;H [$ '-(!
%7 =1. %;2027< 8/ =1. $A9.;2.7,. 8/ (;>=1
;Y _SP 7^^Ld" [TN_Z]TLW ]P[]P^PY_L_TZY SL^ MPPY ]PWL_PO _Z _]`_S1 TXLRP#
XLVTYR T^ _S`^ [WLNPO TY _SP WL]RP] NWL^^ ZQ XLYi^ PQQZ]_^ QZ] _]`_S$ ;_ T^
TYOPPO LXZYR _SP QT]^_ QZ]X^ TY bSTNS _ST^ PQQZ]_ MPNZXP^ _SPXL_TN" M`_ T_
T^ YZ_ _SP Z]TRTYLW WZN`^ QZ] _SP Pc[P]TPYNP ZQ _]`_S T_^PWQ$ DST^ WTP^ ZY L
XZ]P []TXT_TaP" WP^^ Q]PPWd NSZ^PY WPaPW$ DZ ^`[[WPXPY_ _SP _]PL_XPY_ ZQ
_SP [TN_Z]TLW ^[SP]P" ^ZXP_STYR ^SZ`WO MP ^LTO ZQ _SL_ Z]TRTYLW WZN`^ LYO
_SP ]PWL_TZY TY bSTNS _SP [TN_Z]TLW _]`_S PQQZ]_ ^_LYO^ _Z T_$
'$ DSP ^PY^P TY bSTNS ZYP NLY ^[PLV ZQ LY Pc[P]TPYNP ZQ _]`_S XLd MP
TWW`^_]L_PO Md _SP ^T_`L_TZY TY bSTNS ZYP QPPW^ XZaPO _Z PcNWLTX gCZ _ST^ T^
bSL_ T_ ;.*55B T^ iif^`NS PcNWLXL_TZY NZY_LTYTYR L ^`MXP]RPO" TQ YZ_
Pc[WTNT_" gLYO 78= _ST^ h DSP TWW`^_]L_TZY T^ _Z NZYaPd _SP L_ ZYNP PX[SL_TN
LYO LY_T_SP_TNLW NSL]LN_P] ZQ _SP _]`_S#Pc[P]TPYNP" T$P$" _SL_ T_ ^_LYO^ Z`_
Q]ZX _SP YZ]XLW QWZb ZQ LNNP[_LYNP ZQ [SPYZXPYL LYO *0*27<= _SP MLNV#
R]Z`YO ZQ P]]Z] LYO QLW^PSZZO0 _ST^ MLNVR]Z`YO MPTYR T_^PWQ LY gPc[P]T#
PYNPh ZYWd ]PLWTePO TY _SP LN_ ZQ ^`[P]^PO`]P Md T_^ Z[[Z^T_P$ ;Y ^SZ]_" bP
bT^S _Z TYOTNL_P _SL_ _SP Pc[P]TPYNP ZQ _]`_S" L^ ^TX`W_LYPZ`^ Pc[Z^`]P ZQ
`Y_]`_S" TYNW`OP^ LY PWPXPY_ ZQ 7.0*=287" :PYNP QZWWZb^" L^ L QT]^_ []Z[Z#
^T_TZY" _SL_ _SP NL[LNT_d QZ] _]`_S []P^`[[Z^P^ _SP NL[LNT_d _Z YPRL_P" LYO
_SL_ _SP]PQZ]P ZYWd L MPTYR _SL_ NLY PY_P]_LTY YPRL_TaT_d" _SL_ NLY ^Ld
gYZ"h NLY PY_P]_LTY _]`_S$ 3YO ^TYNP _SP [ZbP] ZQ YPRL_TZY T^ L [L]_ ZQ
Q]PPOZX" TYOPPO L OPQTYTYR TYR]POTPY_ ZQ T_" _SP []Z[Z^T_TZY T^ _SL_ Q]PPOZX
T^ L []P]P\`T^T_P ZQ _]`_S" LYO _SL_ _SP Pc[P]TPYNP ZQ _]`_S T_^PWQ T^ _SP
PaTOPYNP LYO PcP]NT^P ZQ L NP]_LTY VTYO ZQ Q]PPOZX$
($ 8LW^PSZZO TY T_^ ^TX[WP^_ QZ]X T^ PYNZ`Y_P]PO TY _bZ _d[P^ ZQ ZNNL#
^TZY0 TY P]]Z]^ ZQ [P]NP[_TZY LYO TY _SP WdTYR ZQ XPY ; ZXT_" L^ L YZ
WZYRP] g^TX[WPh ^Z`]NP" XT^_LVP ZQ ]PL^ZYTYR!$ ;Y MZ_S NL^P^ bP L]P
'-, D :7 A :7?@>7?@? @8 = ;87
XT^WPOf TY _SP ZYP Md _SP L[[PL]LYNP ZQ _STYR^" TY _SP Z_SP] Md bZ]O^
LMZ`_ _STYR^$ ;Y PT_SP] NL^P" _SPY" _SP NSL]LN_P] ZQ QLW^PSZZO T^ _SL_ ZQ
-.,.9=287 bT_S _SP TX[Z]_LY_ OTQQP]PYNP MP_bPPY YL_`]LW OPNP[_TaPYP^^
LYO NZY_]TaPO OPNPTaTYR0 _SP ZYP []ZNPPOTYR Q]ZX _SP ZMUPN_^ ZQ OPNP[_TZY
_SPX^PWaP^" _SP Z_SP] Q]ZX LY TY_P]XPOTL]d MP_bPPY _SP ZMUPN_^ LYO Xd#
^PWQ1 _SP ZYP Q]ZX _SPT] []P^PYNP" _SP Z_SP] TY _SPT] LM^PYNP$ 4`_ TY MZ_S
NL^P^ _SP OPNP[_TZY OZP^ []ZNPPO Q]ZX ^ZXP_STYR Z_SP] _SLY Xd^PWQ LYO
L^ T_ bP]P bLdWLd^ XP0 ; LX _SP aTN_TX LYO YZ_ _SP LRPY_ ZQ T_" WPO TY_Z
P]]Z] ]L_SP] _SLY NZXXT__TYR P]]Z]$
:PYNP QZWWZb^ L ^PNZYO []Z[Z^T_TZY" aTe$" _SL_ _SP YPRL_TZY QT]^_ Z[P]L#
_TaP TY _SP Pc[P]TPYNP ZQ _]`_S T^ OPQPY^TaP ]L_SP] _SLY ZQQPY^TaP0 T_ T^
NZYNP]YPO _Z [L]]d L _S]`^_ ZQ _SP bZ]WO" YZ_ _Z SL]]d T_^ ]P^P]aPfL
]PLN_TZY _Z [Z^T_TaP QPTRYTYR" YZ_ _Z XP]P bT_SSZWOTYR" _Z _SP ZNNL^TZYLW
WdTYR ]L_SP] _SLY _SP SLMT_`LW STOTYR ZY _SP [L]_ ZQ _STYR^$ ;Q ^Z" _SP _]`_S#
PaPY_ SL^ L_ QT]^_ _SP NSL]LN_P] ZQ `Y#OPNPTaTYR ZYP^PWQ!" LYO ZYWd X`NS
WL_P] LW^Z _SL_ ZQ g`Y#NZYNPLWTYRh Z] g`YaPTWTYRh _SP aPTWPO _STYR^0 _SP
WL__P] T^ :PTOPRRP]i^ QZ]X`WL QZ] _SP TYT_TLW XPLYTYR ZQ _]`_S!$ CTX`WL_TZY"
YZ_ Z[L\`PYP^^" T^ _SP TYT_TLW ^_`XMWTYR MWZNV1 OPW`^TZY" YZ_ TRYZ]LYNP" _SP
QT]^_ ZMUPN_ ZQ _SP g?Zh TY OT^NZaP]d$ 6PNP[_TZY T^ L [L]_TN`WL] LYO [Z^T#
_TaP LN_$ ?Z_ ]P_TNPYNP M`_ _LWVTYR XLVP^ _SP WTL]0 XZ]P _SLY SZWOTYR MLNV
_SP _]`_S" SP [`_^ ^ZXP_STYR PW^P TY T_^ [WLNP _Z [L^^ QZ] T_" LYO SP OZP^ T_
N]POTMWd$ CTXTWL]Wd T_ T^ _SP ^`RRP^_TaPYP^^" _SP [P]^`L^TaP WTVPYP^^P^" _SP
XLYTQZWO XLVP#MPWTPaP ZQ _STYR^ *< 9.;,.2?.- _SL_ bP L]P []Pd _Z" WZYR
MPQZ]P bP L]P [WLR`PO Md _SPT] ^PN]P_TaPYP^^ LYO Z`] N`]TZ^T_d0 _SPd _ZZ
g_LWVh _Z `^ TY XLYd _ZYR`P^" LYO _TXP LYO LRLTY L]P QZ`YO Z`_ _Z SLaP
gWTPOh Md g[]P_PYOTYRh _Z MP bSL_ _SPd L]P YZ_$
DSPT] g]P_TNPYNP"h TY LY LW_ZRP_SP] OTQQP]PY_ ]P^[PN_" L^ L RPYP]LW NZYOT#
_TZYf_SP ]PNZYOT_PYP^^ XL^VPO TY *55 _SPT] L[[PL]TYR L^ ^`NS" g_]`Ph YZ
WP^^ _SLY gQLW^PhfT^ OT^NZaP]PO ZY L STRSP] [WLYP ZQ bZYOP] LYO N`]T#
Z^T_d" bSP]P L[[PL]LYNP" LW]PLOd ^PN`]PO ZY T_^ ZbY [WLYP LNNZ]OTYR _Z
_SP OT^_TYN_TZY ZQ ^[`]TZ`^ LYO RPY`TYP" TYaT_P^ YZ WZYRP] ]PN_TQTNL_TZY :>*
L[[PL]LYNP M`_ [PYP_]L_TZY gMPSTYOh L[[PL]LYNPf_Z L _]`_S OTQQP]PY_
Q]ZX T_ TY VTYO$ DSPY _]`_S L^ +B 7*=>;. STOOPY NZYQ]ZY_^ L[[PL]LYNP _SL_
Md YL_`]P STOP^ T_$ DZ _ST^ WL_P]" `YTaP]^LW OT^_TYN_TZY _SP PL]WTP]" XZ]P
YLTaP ZYP _]LY^XT_^ T_^ ^_dWP ZQ ^_]LTRS_ YPRL_TZY YL_TaP _Z _SP []TXT_TaP
^SZNV#Pc[P]TPYNP ZQ _]`_S" M`_ YZ_ YPNP^^L]TWd QT__TYR _SP YPb QTPWO$
)$ @Q _SP _bZ ZNNL^TZY^ QZ] _SP []TXT_TaP _]`_S#PYNZ`Y_P]fOPNP[_TaP
L[[PL]TYR _Z _SP ^PY^P^" TY_PY_TZYLW OPNPTaTYR Md _SP `^P ZQ ^dXMZW^f_SP
QT]^_" MPTYR L QLN_ ZQ OT]PN_ g^PPTYR"h T^ ZMaTZ`^Wd XZ]P PWPXPY_L]d LYO
g[]TZ]h _Z _SP Z_SP]" XPOTL_PO ZYP$ :PYNP QZWWZb^ _SP Q`]_SP] []Z[Z^T_TZY
_SL_ _SP Z]TRTYLW WZN`^ ZQ QLW^PSZZO LYO _]`_S T^ 9.;,.9=287 LYO _SL_
@B;9;?C @8 D:7 7 HA7B;7?57 @8 D BED: J '--
_SP]PQZ]P" TQ _SP [ZbP] _Z YPRL_P T^ L NZYOT_TZY QZ] _SP Pc[P]TPYNP ZQ _]`_S
[]Z[$ '!" T_ X`^_ MP L [L]_TN`WL] _]LT_ ZQ 1>6*7 [P]NP[_TZY" PXMZOdTYR
_SL_ Q]PPOZX" bSTNS QT_^ T_ QZ] _SP Pc[P]TPYNP ZQ QLW^PSZZO LYO _]`_S$ DS`^
_SP YL_`]P ZQ S`XLY [P]NP[_TZY" LYO bSL_ OT^_TYR`T^SP^ T_ Q]ZX _SP
XP]PWd LYTXLW VTYO" MPNZXP^ LY TY_PR]LW [L]_ ZQ LYd TYaP^_TRL_TZY TY_Z _SP
Z]TRTY ZQ _SP _]`_S Pc[P]TPYNP$'
*$ @YNP ]PL]PO TY _SP TYaZW`Y_L]d PYNZ`Y_P]^ ZQ [P]NP[_TZY" _SP gPc[P#
]TPYNP ZQ _]`_Sh NLY Q]PP T_^PWQ Q]ZX _SP NZY_TYRPYNTP^ QZ] NZ]]PN_TaP ]PLN#
_TZY LYO" ]L_SP] _SLY MP []ZaZVPO Md QLW^P WTVPYP^^" []ZaTOP T_^ ZbY ZMUPN_
TY [`][Z^PWd []ZO`NPO _]`P WTVPYP^^" TY bSTNS _SP NSZ^PY NZY_PY_ ZQ
[P]NP[_TZY T^ PY^S]TYPO QZ] NZY_TY`Z`^ LQQT]XL_TaP ]PNZRYT_TZY$ DST^ SL[#
[PY^ TY [TN_Z]TLW ]P[]P^PY_L_TZY" _SP ^`MUPN_ ZQ Z`] 7^^Ld" bSP]P _SP [Z^T#
_TaP NZX[ZYPY_ TY _SP _]`_S#Pc[P]TPYNP NZXP^ _Z _SP QZ]P$ DSL_ ZQ N]T_TNLW
YPRL_TZY ^_TWW ^`]aTaP^ TY _SP ^PWPN_TZY^ LYO ]PUPN_TZY^ bSTNS XL]V _SP
[]ZNP^^ ZQ PcPN`_TZY" M`_ _SL_ ZQ LQQT]XL_TZY LYO PYSLYNPO L[[]Z[]TL_TZY
XZ_TaL_P^ _SP []ZNP^^ Q]ZX _SP Z`_^P_" TY^T^_TYR ZY T_^ ZbY ^L_T^QLN_TZY$
:PYNP QZWWZb^ L QZ`]_S []Z[Z^T_TZY" aTe$" _SL_ _SP 26*0.!6*4270 ZQ PL]Wd
XLY ]P[]P^PY_^ L []T^_TYP QZ]X ZQ LN_TaP _]`_S#PQQZ]_" TY T_^ NWZ^PYP^^ _Z _SP
[P]NP[_`LW ^ZTW []PNPOTYR _SL_ ZQ _SZ`RS_ TY g_SPZ]dh1 LYO _SL_ _SP [ZbP]
T_ PX[WZd^f_Z NZY_PX[WL_P TXLRP^ QZ]X^! LM^_]LN_PO Q]ZX LN_`LW []P^#
PYNPfQT]^_ PcPX[WTQTP^ _SP [Z^T_TaP Q]PPOZX bSTNS X`^_ NZX[WPXPY_ _SL_
ZQ YPRL_TZY QZ] _SP Pc[P]TPYNP ZQ _]`_S _Z NZXP Q`WWd TY_Z T_^ ZbY$
+$ 8TYLWWd" TY^_PLO ZQ ^_LdTYR bT_S [P]NP[_TZY T$P$" _SP gRTaPYh! LYO
LMTOTYR Md T_^ aP]OTN_" MZ_S TXLRP#QLN`W_d LYO QLN`W_d ZQ YPRL_TZY NLY MP
RPL]PO _Z bTWW Z] OP^T]P" bT_S _SP ]P^`W_ PT_SP] ZQ ^`[[WLY_TYR _SP PaTOPYNP
ZQ [P]NP[_TZY Md bSL_ ZYP bZ`WO SLaP T_ _Z MP bT^SQ`W _STYVTYR!" Z] ZQ
Z[[Z^TYR T_ Md bSL_ ZYP bZ`WO XLVP T_ _Z MP []ZUPN_TaP _STYVTYR!$ DS`^
_SP [ZbP] _Z YPRL_P LYO _Z [TN_`]P T^ LW^Z PX[WZdPO TY _SP ^P]aTNP ZQ
QLW^PSZZO" bSP]P ZYWd L ^PNZYO YPRL_TZY bTWW ]P^_Z]P _]`_S1 Z] TY _SP
^P]aTNP ZQ TYYZaL_TZY" bSP]P LN_TZY T^ NLWWPO TY _Z _]LY^QZ]X [Z_PY_TLW TY_Z
LN_`LW _]`_S$ 3W_SZ`RS _SP^P aZW`Y_L]T^_TN PcP]NT^P^ ZQ _SP YPRL_TaP#[Z^T#

'$ ;_ ^SZ`WO MP XLOP NWPL] _SL_ bP L]P OPLWTYR bT_S _SP Z]TRTY^ ZQ _SP
Pc[P]TPYNP ZQ =;>=1 YZ_ bT_S _SZ^P ZQ _SP Pc[P]TPYNP ZQ 478@270# _SP
WL__P] T^ _SP bTOP] [SPYZXPYZY" QZ] YZ_ LWW VYZbWPORP T^ NZYNP]YPO bT_S
_]`_S" _SZ`RS LWW _]`_S T^ NZY_LTYPO TY VYZbTYR$ 8Z] TY^_LYNP" RP__TYR _Z
VYZb SZb _STYR^ L]P OZYP" P$R$" L [Z_ XLOP" L QT]P VTYOWPO" L SZ`^P
M`TW_fT$P$" WPL]YTYR SZb _Z OZ T_f T^ YZ_ _SP ^LXP L^ QTYOTYR Z`_ bSL_
_STYR^ L]P$ 5Q$ LW^Z0 VYZbTYR SZb _Z MPSLaP LYO _Z NZYO`N_ ZYP^PWQ$!
DSP]P L]P TY_P]P^_TYR ]PWL_TZY^ MP_bPPY _SP _bZ VTYO^ ZQ VYZbTYR" _SL_
NZYNP]YPO bT_S OZTYR LYO _SL_ NZYNP]YPO bT_S _]`_S0 ^ZXP ZQ _SPX L]P
OPLW_ bT_S TY _SP 7TRS_S 7^^Ld$
'-. D :7 A :7?@>7?@? @8 = ;87
_TaP Q]PPOZX bP L]P NZY^TOP]TYR TY _SP NZY_Pc_ ZQ _SP _]`_S#Pc[P]TPYNP L]P
ZQ ^`[]PXP TX[Z]_LYNP TY _SP LQQLT]^ ZQ XLYf_SP ^Z`]NP MZ_S ZQ TWW`^Z]d
MPWTPQ LYO ZQ N]PL_TaP `_Z[TLf_SPd L]P SP]P XP]PWd XPY_TZYPO _Z TYOTNL_P
_SP WL]RP] SZ]TeZY^ MPSTYO Z`] XZ]P WTXT_PO _SPXP$ ;Y bSL_ QZWWZb^" bP
^SLWW ^ZXPbSL_ PWLMZ]L_P _SP gZ]TRTYLW WZN`^h bP SLaP TYOTNL_PO$ ;_^ N]T_T#
NLW [SPYZXPYZY T^ P]]Z] Z] QLW^PSZZO Pc[Z^PO$
DSP [Z^^TMTWT_d ZQ P]]Z] L]T^P^ bT_S STRSP] ^PY^P#[P]NP[_TZY L^ ^`NS T$P$"
[]TZ] _Z XLY! LYO bT_S T_ LW^Z [Z^^TMWP ]PN_TQTNL_TZY ZQ P]]Z]$ 3Y LYTXLW
XLd 62<=*4. ZYP ZMUPN_ QZ] LYZ_SP] LYO _SPY QTYO Z`_ LMZ`_ T_^ XT^_LVP$ ;_
XLd LW^Z MP `YNP]_LTY LMZ`_ _SP _]`P YL_`]P ZQ L [P]NPTaPO c _SL_ ^`RRP^_^
^PaP]LW _STYR^ L^ [Z^^TMTWT_TP^" LYO QTYLWWd MPNZXP ^`]P bSL_ T_ ]PLWWd T^$ 4`_
YPT_SP] ZQ _SP^P NL^P^ ]LT^P^ QZ] _SP LYTXLW _SP T^^`P ZQ _]`_S Z] QLW^PSZZO$
DSP]P T^ TYOPNT^TZY ZQ ]P^[ZY^P" Z] ]P[WLNPXPY_ ZQ ZYP ]P^[ZY^P Md LY#
Z_SP] bSTNS T^ YZb QZ`YO _Z MP _SP ^`T_LMWP ZYP" L^ ZYP [P]NP[_TZY SL^
MPPY ]P[WLNPO Md LYZ_SP] bSTNS YZb ]`WP^ _SP ^T_`L_TZY$ DSP OT^_TYN_TZY
MP_bPPY _]`_S LYO QLW^PSZZO" LYO _SP]PQZ]P _SP TOPL ZQ VYZbWPORP" L]T^P^
ZYWd bSP]P _SP gb]ZYRh [P]NP[_TZY T^ YZ_ ^TX[Wd ^`[[WLY_PO Md _SP
g]TRS_h ZYP M`_ <>;?2?.< _Z MP NZYQ]ZY_PO *< /*5<2/2.- bT_S _SP ]TRS_ ZYP1 Z]
XZ]P RPYP]LWWd" bSP]P _bZ _P]X^ L]P LaLTWLMWP QZ] NZX[L]T^ZY" LYO ZYP ZQ
_SPX T^ LNNP[_PO L^ _SP ^_LYOL]O Md bSTNS _SP Z_SP] T^ U`ORPO$ GSL_ ; U`^_
NLWWPO ]PN_TQTNL_TZY ZQ P]]Z] TY LYTXLW^" _SP ]PaT^TZY ZQ L ^PY^L_TZY TY _SP
WTRS_ ZQ ^`M^P\`PY_ ^PY^L_TZY" XP]PWd ]PWTY\`T^SP^ _SP QZ]XP] TX[]P^^TZY
M`_ OZP^ YZ_ SZWO T_ `[ LRLTY^_ _SP YPb ZYP _Z P^_LMWT^S TY bSL_ T_ QPWW
^SZ]_ ZQ _]`_S$ 8Z] _ST^ _Z SL[[PY" _SP [L^_ X`^_ ^_Ld LaLTWLMWP TY _SP
^_]LYRPWd YZYNZXXT__LW bLd bSTNS YZ_ XPXZ]d L^ ^`NS" M`_ ZYWd _SP
OP_LNSXPY_ ZQ L[[PL]LYNP Q]ZX ]PLWT_d TY NZYU`YN_TZY bT_S XPXZ]d []Z#
aTOP^0 bP _SPY NLY NZX[L]P bT_SZ`_ MPTYR LW_P]YL_PWd NL[_TaP^ _Z _SP
[SPYZXPYLW []P^PYNP^ L^ _SPd UZ^_WP PLNS Z_SP] TY Z`] XPY_LW MPSZWOTYR$
DSP TXLRP ^T_`L_TZY T^ L NL^P TY [ZTY_$ GSP]P WTVPYP^^ T^ NZY^TOP]PO" _SP
\`P^_TZY ZQ LR]PPXPY_ LYO OT^LR]PPXPY_ NLY MP L^VPO LYO NLY WPLO _Z _SP
\`P^_TZY0 ;^ _ST^ L =;>. WTVPYP^^" LYO TY bSL_ ]P^[PN_ T^ T_ YZ_2 CPaP]LW
NZYOT_TZY^ X`^_ MP Q`WQTWWPO QZ] _SP L^VTYR LYO LY^bP]TYR ZQ _ST^ \`P^_TZY$
3YO _SP QT]^_ NZYOT_TZY" YPNP^^L]d _Z L]X `^ LRLTY^_ _SP TYSP]PY_ NZX[`W#
^TZY ZQ _SP XP]PWd RTaPY" T^ _SP OT^_TYN_TZY MP_bPPY []P_PY^TZY LYO L`_SPY#
_TNT_d$ DST^ OT^_TYN_TZY T^ _S]`^_ `[ZY `^ TY _SP Pc[P]TPYNP ZQ QLW^PSZZO$
;_ T^ ZMaTZ`^ _SL_ [P]NP[_TZY" P^[PNTLWWd ^TRS_" ZQQP]^ _SL_ Pc[P]TPYNP$ 3
[P]NP[_`LW L^[PN_ T^ _LVPY _Z MP _SL_ ZQ L NP]_LTY ZMUPN_" _SL_ T^" ^ZXP_STYR
T^ _LVPY /8; ^ZXP_STYR$ DSL_ bSTNS T^ _S`^ _LVPY T^ MPQZ]P XP0 _SL_ QZ]
bSTNS T_ T^ _LVPY T^ TY XP Q]ZX []PaTZ`^ LN\`LTY_LYNP$ ;_ XLd MP L]R`PO
_SL_ _SP]P T^ L ^`MXP]RPO 3>-06.7= TY _ST^ [P]NP[_`LW ]PNZRYT_TZY ZQ
^ZXP_STYR L^ ^ZXP_STYR" LYO TYOPPO _ST^ bL^ 6P^NL]_P^i aTPb1 M`_ _ST^
@ B;9;?C @8 D:7 7HA7B;7?57 @8 D BED: J '-/
TX[WTP^ LY L_ZXTN aTPb ZQ [P]NP[_TZY L^ QT]^_ NZY^T^_TYR ZQ ^TYRWP" YP`_]LW
gTOPL^h ZQ ^PY^P" _Z bSTNS LQQT]XL_TZY" YPRL_TZY" LYO ]PWL_TZY L]P ^`[P]#
LOOPO TY ^PNZYOL]d LN_^$ ;Y _ST^ aTPb" _SP]P NLY MP [P]NP[_TZY @2=18>=
TY_PR]L_TZY ZQ _SP OL_L TY_Z bSZWP^" bT_SZ`_ NZX[WP_TZY ZQ _SP RTaPY Md
_SP YZ_#RTaPY" LYO bT_SZ`_ _SP NZWWLMZ]L_TZY ZQ XPXZ]d$ ;Q _ST^ bP]P ^Z"
_SPY PaPY _Z _LVP _SP ^PY^`LWWd gRTaPYh QZ] LY 8+3.,= L_ LWW bZ`WO MP LY
Pc_]LYPZ`^ LOOT_TZY _Z _SP []TXL]TWd ^PY^PO LYO NZ`WO MP NLWWPO" Md ^ZXP
^_]P_NS ZQ _P]XTYZWZRd" LY TX[WTNT_ U`ORXPY_$ ;Y _SL_ NL^P" ZQ NZ`]^P" bP
^SZ`WO SLaP _Z ^Ld _SL_ LYTXLW^ [P]QZ]X U`ORXPY_^ NZY_TY`LWWd _S]Z`RS#
Z`_ _SPT] [P]NP[_`LW WTaP^ LYO _SL_ ZYWd aP]MLW Pc[WTNT_YP^^ OT^_TYR`T^SP^
S`XLY Q]ZX LYTXLW gU`ORXPY_$h 4`_ L[L]_ Q]ZX _SP ^PXLY_TN OT^LOaLY#
_LRP ZQ _S`^ L__PY`L_TYR _SP XPLYTYR ZQ L _P]X" _SP TOPL ZQ L [P]NPTaTYR
bSTNS OZP^ 78= TY _SP aP]d LN_ ]PWL_P _SP []P^PY_ NZY_PY_ _Z L bTOP] ]LYRP
ZQ Pc[P]TPYNP" T^ L XP]P LM^_]LN_TZY$ DZ [P]NPTaP 2< _Z LOXT_ _SP ^PY^P#
NZY_PY_ TY_Z L _Z_LW ZQ Pc[P]TPYNP TY bSTNS T_ PcSTMT_ ^`NS NZRYT_TaP
\`LWT_TP^ L^ VYZbY" QLXTWTL]" aLR`PWd QLXTWTL]" [`eeWTYR" ^_L]_WTYR$ 7aPY
_SP Pc[P]TPYNP ZQ LM^ZW`_P YZaPW_d bSTNS WPLaP^ _SP [P]NT[TPY_ PY_T]PWd L_ L
WZ^^ L^ _Z bSL_ SP T^ [P]NPTaTYR T^ [Z^^TMWP ZYWd bT_S ]PQP]PYNP _Z _SP
LNN`^_ZXPO bSP]PTY SP T^ [P]NP[_`LWWd L_ SZXP$ DS`^ [P]NP[_TZY L^ ^`NS"
L^ T_ NZY^_T_`_P^ T_^PWQ TY PLNS TY^_LYNP ZY _SP MLNVR]Z`YO ZQ [L^_ Pc[P]T#
PYNP" LW^Z [ZTY_^ QZ]bL]O _Z Q`_`]P aLWTOL_TZY Z] TYaLWTOL_TZY0 _SP YPc_
[P]NP[_TZY XLd NZYQT]X" LX[WTQd" NZ]]PN_" Z] NLYNPW T_ _SZ`RS T_ NLYYZ_
ZQ NZ`]^P NLYNPW _SP []PaTZ`^ ^PY^L_TZY TY T_^PWQ!$ DSP P^^PY_TLWWd Q]LR#
XPY_L]d YL_`]P ZQ LYd [L]_TN`WL] gaTPb"h bSTNS NLYYZ_ [Z^^TMWd ^_LYO ZY
T_^PWQ" NLWW^ QZ] NZY_TY`Z`^ TY_PR]L_TZY TY _SP PcP]NT^P ZQ _SP aT^`LW QLN`W_d
T_^PWQ" LYO _ST^ TY_PR]L_TZY T^ OZYP TY _SP WTRS_ ZQ [L^_ Pc[P]TPYNP LYO
_S]Z`RS ^`NS TY_PR]L_TaP XPLY^ L^ 9P^_LW_ [^dNSZWZRd SL^ ^SZbY _Z Z[P]#
L_P TY ^PY^L_TZY T_^PWQ$ DZ NLWW LWW _ST^ Md _SP YLXP ZQ gU`ORXPY_h ^P]aP^
ZYWd _Z NZYQ`^P _SP T^^`P$ 4`_ T_ OZP^ TYaZWaP _SP [Z^^TMTWT_TP^ ZQ NZYQT]XL#
_TZY LYO OT^L[[ZTY_XPY_ LYO _S`^ SL^ L ]PQP]PYNP _Z _SP \`P^_TZY ZQ _]`_S
LYO QLW^PSZZO$
@Q _SP LW_P]YL_TaP U`^_ XPY_TZYPO" OT^L[[ZTY_XPY_ T^ _SP XZ]P N]T_TNLW
QZ] _SP PXP]RPYNP ZQ _SP []ZMWPX ZQ _]`_S$ 5ZYQT]XL_TZY" L^ L ]`WP" [L^^P^
`YYZ_TNPO L^ L XL__P] ZQ NZ`]^P LYO T^ ^[PNTQTNLWWd Pc[P]TPYNPO ZYWd LQ_P]
OZ`M_" T$P$" bSP]P _SP QT]^_ [P]NP[_TZY WPQ_ _SP ^`MUPN_ `YNP]_LTY" _SZ`RS
TYNWTYPO TY _SP ]TRS_ OT]PN_TZY$ DSP OT^L[[ZTY_XPY_ ZQ L b]ZYR LY_TNT[L#
_TZY T^ Md QL] _SP XZ]P QZ]NPQ`W LYO P[T^_PXZWZRTNLWWd ]PWPaLY_ Pc[P]TPYNP$
DSP N]Z`NSTYR LYTXLW ZaP] _SP]P _`]Y^ Z`_ _Z MP L M`^S$ ;^ L U`ORXPY_
SP]P NZ]]PN_PO Md L U`ORXPY_2 DST^ bZ`WO MP _SP NL^P ZYWd TQ _SP _LVTYR
QZ] LY LYTXLW SLO MPPY L XL__P] ZQ NZY^NTZ`^Wd R`P^^TYR ZY TY^`QQTNTPY_
PaTOPYNP$ 4`_ TQ T_ bL^ _S]`^_ `[ZY XP bT_S _SP TXXPOTL_P [P]NP[_TZY"
'.& K D :7 A :7?@>7?@? @8 =;87
TYOT^_TYR`T^SLMWP Q]ZX _SP [P]NPTaTYR T_^PWQ" bP ^SZ`WO ^[PLV ZQ OPNP[_TaP
L[[PL]LYNP" YZ_ ZQ P]]Z] ZQ U`ORXPY_0 YZ_ _SL_ ; NZXXT__PO ^ZXP_STYR
M`_ _SL_ _SP ZMUPN_ WTPO _Z XP$ DSP QLN_ _SL_ _SP bZ]WO NLY [WLd QLW^P _Z `^"
T$P$" _Z Z`] ^PY^P^ LYO _Z _SP LN\`T]PO ^_LYOL]O^ ZQ Z`] [P]NP[_`LW Pc[P#
]TPYNP" T^ _SP []P#WZRTNLW" []P#WTYR`T^_TN" []P#^dXMZWTNLW ML^T^ QZ] _SP [SP#
YZXPYZY ZQ _]`_S$ g;_ bL^ YZ_ _]`Wd LY LYTXLW" TY _]`_S _SP]P T^ L M`^S
_SP]Ph0 T_ T^ ZYWd TY _ST^ Z[[Z^T_TZY _Z Pc[Z^PO QLW^PSZZO _SL_ _SP TOPL ZQ
_]`_S NLY L]T^P" LYO bSPY T_ OZP^" g_]`_Sh T^ L_ QT]^_ L NSL]LN_P] YZ_ ZQ
Xd^PWQ L^ T_ bZ`WO MP L^ _SP _]`_S ZQ U`ORXPY_! M`_ ZQ _SP bZ]WO
NZYQ]ZY_TYR XP$ DSP bZ]WO bL^ `Y_]`_SQ`W bSPY _SP _ST]^_d bLYOP]P]
OT^NZaP]^ _SP ^[]TYR SP SL^ ^TRS_PO _Z MP ^LW_d" bSPY ^PPXTYRWd ^ZWTO
R]Z`YO MPNZXP^ \`LRXT]P MPYPL_S _SP QPP_" bSPY RZWO _`]Y^ Z`_ _Z MP
QZZWi^ RZWO$ ;Y LWW _SP^P NL^P^ _STYR^ _SPX^PWaP^ WZZVPO WTVP _STYR^ _SPd
bP]P YZ_" bP]P [P]NPTaPO L^ _SP^P" _Z `YXL^V _SPX^PWaP^ LQ_P]bL]O$ DZ MP
_]`P" _SPY" XPLY^ QT]^_ ZQ LWW _Z MP RPY`TYP LYO ]PWTLMWP LYO `YOT^R`T^PO$
DSP g_]`Ph bPWW T^ _SL_ bSTNS OZP^ YZ_ OT^L[[ZTY_$ 4`_ RPY`TYPYP^^ T_^PWQ
NZXP^ _Z MP OT^NZaP]PO ZYWd bT_S _SP Pc[P]TPYNP ZQ T_^ Z[[Z^T_P" bSTNS
Q`]_SP]XZ]P X`^_ MP ]P_LTYPO TY _SP XTYO QZ] NZX[L]T^ZY LYO NZY_]L^_0
_SP XP]P gPc[WZ^TZYh ZQ LY TX[]P^^TZY Md L ^`M^P\`PY_ NZ]]PN_TaP TX[]P^#
^TZY T^ YZ_ PYZ`RS$
;Q bP [`_ _SP Pc[P]TPYNP^ bP OP^N]TMPO TY_Z []Z[Z^T_TZYLW QZ]X bP
^SZ`WO SLaP ^_L_PXPY_^ WTVP _SP^P0 g3Y LYTXLW T^ N]Z`NSTYR ZaP] _SP]Ph1
g;_ T^ YZ_ LY LYTXLW" T_ T^ L M`^S$h DSP ^PNZYO ^_L_PXPY_ ;.=*27< _SP QT]^_ TY
_SP 7.0*=2?. XZOP" L^ [L]_ ZQ T_^ ZbY NZX[WP_P NZY_PY_$ ;_^ XPLYTYR T^ YZ_
Q`WQTWWPO Md YZb MPSZWOTYR U`^_ _SP M`^S$ DSP [L^_ _LVTYRfYZb OT^NZaP]PO
_Z MP L XT^#_LVTYRfZQ _SP L[[PL]LYNP QZ] LY LYTXLW \`LWTQTP^ _SP YPb
]PNZRYT_TZY L^ L _]`P ]PNZRYT_TZY bSTNS ^_LYO^ Z`_ Q]ZX _SP YZ]XLW LN#
NP[_LYNP ZQ [SPYZXPYL$ 4`_ _ST^ YPb \`LWT_d NLY MP L[[]PSPYOPO L^ ^`NS
ZYWd TQ ]PQP]PYNP T^ XLOP _Z _SP QLW^TQTPO [SPYZXPYZY" LYO _ST^ NLY MP
OZYP ZYWd TQ T_ T^ ^_TWW LaLTWLMWP TY XPXZ]d$
DST^ WPLO^ `^ MLNV _Z _SP NZY^TOP]L_TZY ZQ _SP TXLRP#Q`YN_TZY$ C`[[Z^P
_SP T^^`P T^ YZ_ MP_bPPY L N]Z`NSTYR LYTXLW LYO L M`^S" bSP]P _SP
gPc[WZ^TZYh ZQ _SP QZ]XP] TX[]P^^TZY _S]Z`RS _SP WL_P] T^ NZX[WP_P LYO
]P^`W_^ TY _Z_LW ]PaT^TZY$ C`[[Z^P _SP T^^`P _Z MP MP_bPPY _bZ QLT]Wd ^TXTWL]
^[PNTP^ ZQ LYTXLW^$ DSP ^NZ`_ ZQ L S`Y_TYR _]TMP SL^ NZXP MLNV bT_S _SP
XP^^LRP _SL_ SP SL^ ^[Z__PO L SP]O ZQ LY_PWZ[P1 XPXMP]^ ZQ _SP S`Y_TYR
N]Pb" `[ZY L[[]ZLNSTYR _SP ^NPYP" NZY_PYO _SL_ _SP^P L]P M`QQLWZP^$ ;Q _ST^
_`]Y^ Z`_ _Z MP _SP NL^P" Z] TQ LY L]R`XPY_ OPaPWZ[^ LMZ`_ T_" _SP ^NZ`_
XLd Pc[WLTY ST^ Z]TRTYLW TX[]P^^TZY Md [ZTY_TYR Z`_ _SL_ ^`NS LYO ^`NS
QPL_`]P^ OT^NP]YPO Md STX WPO STX _Z ST^ aP]^TZY ZQ bSL_ SP ^Lb" LYO
Z_SP]^ bTWW [ZTY_ Z`_ _SL_ TQ SP SLO ]PXPXMP]PO NP]_LTY Z_SP] QPL_`]P^ ZQ
@B;9;?C @8 D:7 7 HA7B;7?57 @8 D BED: J '.'
LY_PWZ[P^" SP bZ`WO SLaP QZ`YO _SL_ _SP^P L]P YZ_ LY_PWZ[P^1 LYO TQ TY
LOOT_TZY SP SLO ]PXPXMP]PO NP]_LTY QPL_`]P^ ZQ M`QQLWZ" SP bZ`WO SLaP
]PNZRYTePO _SP N]PL_`]P^ QZ] bSL_ _SPd bP]P$ ;Y Z_SP] bZ]O^" /8;6< L]P
NZX[L]PO" TY _ST^ NL^P ZQ RPYP]LW TXLRP^ ]L_SP] _SLY ZQ NZYN]P_P TYOTaTO#
`LW^" LYO ZYWd TY ^`NS L NZX[L]T^ZY T^ _SP bSZWPYP^^ ZQ ZaP]LWW [P]NP[_TZY
LYLWdePO TY_Z OT^_TYN_ QPL_`]P^ ZQ NZX[ZYPY_ OP_LTW LYO ZQ []Z[Z]_TZY _SL_
NLY MP T^ZWL_PO QZ] X`_`LW NZYQ]ZY_L_TZY$
:P]PbT_S bP SLaP ]P_`]YPO _Z _SP ^`MUPN_ ZQ _SP 7^^Ld$ 8Z] bSL_ TY Z`]
PcLX[WP bL^ OZYP Md aP]MLW OT^NZ`]^P bT_S PT_SP] OT]PN_ [ZTY_TYR _Z _SP
ZMUPN_^ Z] ]PNZ`]^P _Z XPXZ]d!" T^ TY P^^PYNP LW^Z LNSTPaPO Md _SP O]Lb#
TYR" ]PNZRYT_TZY" LNNP[_LYNP Z] ]PUPN_TZY ZQ L ]P[]P^PY_L_TaP WTVPYP^^1 LYO
_ST^ RZP^ _Z ^SZb _SL_ _SP aP]MLW ^[SP]P T^ YZ_ _SP PcNW`^TaP LYO YPNP^^L]d
WZN`^ ZQ _SP [SPYZXPYZY ZQ _]`_S LYO VYZbWPORP$ ATN_Z]TLW ]P[]P^PY_L#
_TZY" NWZ^P] _Z _SP [P]NP[_`LW _P]X^ _SLY _SP LM^_]LN_ ^dXMZWT^X ZQ WLY#
R`LRP" LYO WP^^ NZYNP]YPO bT_S _SP []LN_TNLW PYO^ ZQ NZXX`YTNL_TZY" T^ L
Q`YOLXPY_LW PcP]NT^P ZQ XLYi^ _]`_S#PQQZ]_ TY ]PWL_TZY _Z _SP aT^TMWP bZ]WO$
7aP]d [Z]_]LdLW ZQ _STYR^ NZY^P]aP^ L VYZbWPORP ZQ _SPX LYO T_^PWQ NZXP^
`YOP] _SP N]T_P]TL ZQ VYZbWPORP$ 3Y TXLRP T^ PT_SP] _]`P Z] [L]_TLWWd _]`P
Z] QLW^P$ ;_ SL^" L^ WZYR L^ T_ T^ YZ_ NZY^TOP]PO LP^_SP_TNLWWd" YZ Z_SP]
;*2<87 -E.=;. _SLY _SP _]`_S#]PQP]PYNP" T$P$" _SP ]PQP]PYNP ZQ LOP\`L_PYP^^"
_Z _SP ZMUPN_ ]P[]P^PY_PO$ 3^ bP [`_ T_ TY _SP 7^^Ld0 bSL_ _SP ^NSZZWXPY
Pc[]P^^PO" TY _SP OPQTYT_TZY ZQ _]`_S" L^ *-*.:>*=28 27=.55.,=>< *- ;.6
L[[PL]^ SP]P TY _SP XZ]P PWPXPY_L]d QZ]X ZQ *-*.:>*=28 26*0272< *-
;.6"
3WW _ST^ ]PQP]^ _Z _SP NZYNP[_ ZQ =1.8;.=2,*5 _]`_S LYO T_^ Z]TRTY^ TY
Pc[P]TPYNP$ 3 OTQQP]PY_ XL__P] LW_ZRP_SP] T^ XZ]LW _]`_S bSTNS XPLY^
_]`_SQ`W OPLWTYR bT_S ZYPi^ QPWWZb XPY$ DST^" LYO YZ_ bSL_ _SP :PTOPRRP]
^NSZZW ^Ld^" bL^ _SP QT]^_ XPLYTYR ZQ *!5.=1.< LYO *!5.=1.>.27# YZ_ _Z QPTRY
LYO OT^^TX`WL_P ZYPi^ OP^TRY^" P$R$" TY _SP N]LQ_d aP]MLW OPLWTYR^ ZQ 9]PPV
NZXX`YLW WTQP0 _Z ^[PLV ZYPi^ XTYO LYO YZ_ _Z STOP T_0 _Z MP Q]LYV LYO
Z[PYf[]POTNL_PO ZQ [P]^ZY^ L^ ]PWL_TYR _Z [P]^ZY^" YZ_ ZQ _STYR^ ]PWL_PO
_Z [P]^ZY^" LYO WPL^_ ZQ [P]^ZY^ ]PWL_PO _Z _STYR^$ 3YO L^ L XL__P] ZQ
WTYR`T^_TN QLN_" _SP aP]M *5.=1.>.27 YPaP] XPLY_" _]LY^T_TaPWd" _Z g`Y#
OPNPTaPh Z] g`Y#NZYNPLWh1 TY T_^ []P_SPZ]P_TNLW `^P T_ LWbLd^ XPLY_" TY#
_]LY^T_TaPWd" _Z LM^_LTY Q]ZX NZYNPLWTYR LYO OPNPTaTYR" MPNZXTYR _]LY^T_TaP
ZYWd TY _SP ^PY^P ZQ gXLVTYR _]`Ph ZYPi^ []ZXT^P Z] ^ZXPZYPi^ SZ[P" Z]
[]POTN_TYR _]`Wd bSL_ bL^ _Z SL[[PY$(fDSP L[[]Z[]TL_TZY ZQ _ST^ XZ]LWWd

($ 7aPY TY T_^ WL_P]" _SPZ]P_TNLW `^P _SP _]LY^T_TaP [ZbP] ZQ _SP aP]M
*5.=1.>.27 bL^ NZYQTYPO _Z _SP TY_P]YLW ZMUPN_ g^_L_PXPY_h gXLVTYR _]`P
OT^NZ`]^Ph!" bT_S _SP LOOT_TZY ZQ gLMZ`_ $ $ $h Z] gTY ]P^[PN_ ZQ $ $ $h 4*=*
=278<!0 T_ ^_TWW XPLY_ g^[PLVTYR _]`_SQ`WWd"h bT_S _SP OTQQP]PYNP _SL_ _SP
'.( D :7 A :7?@>7?@? @8 = ;87
bPTRS_PO _P]X TY_Z _SP _SPZ]P_TNLW ^[SP]P bL^ TYOPPO ZQ ^`[]PXP TX[Z]#
_LYNP" M`_ T_ bL^ L ^PNZYOL]d OPaPWZ[XPY_ M]Z`RS_ LMZ`_ TY _SP [STWZ#
^Z[STNLW ^NSZZW^$ ;_ T^ L XZZ_ \`P^_TZY SZb X`NS ZQ _SP PL]WTP] L^^ZNTL#
_TZY^ ZQ YZ_#OT^^PXMWTYR" P_N$! ^`]aTaPO TY _SP YPb ^P__TYR$

^[PPNS T^ YZb XPLY_ _Z MP g_]`P"h YZ_ _Z _SP ^[PLVP]i^ _SZ`RS_^" M`_ _Z _SP
_STYR^ _SZ`RS_ LYO ^[ZVPY LMZ`_1 LYO" ZQ NZ`]^P" _SP]P MPTYR YZ ]PL^ZY"
TY _SPZ]P_TNLW OT^NZ`]^P" QZ] bT^STYR _Z STOP _SP WL__P] bSTWP _SP]P XLd MP
RZZO ]PL^ZY^" TY []LN_TNLW OT^NZ`]^P" QZ] STOTYR _SP QZ]XP]!" _SP gYZ_
STOTYRh L^[PN_ ZQ P_dXZWZRTNLW dZ]P SLO WZ^_ T_^ [Z^^TMWP L[[WTNL_TZY" \`T_P
L[L]_ Q]ZX []ZMLMWd MPTYR WZYR QZ]RZ__PY Md _SL_ _TXP LYdbLd$ 4`_ L^ _Z
gb%T#STOTYR"h _SP [P_ TY_P][]P_L_TZY ZQ _SP CNSZZW0 YPaP] OTO R]LXXL]
[P]XT_ _SP 9]PPV^ _Z *5.=1.>.27 _SP _STYR^ _SPX^PWaP^ =* 9;*06*=* L^
OT]PN_ ZMUPN_!" T$P$" _Z gM]TYR _SPX Z`_ ZQ _SPT] STOTYR TY_Z _SP WTRS_ ZQ
_]`_S$h DSPd YPPO YZ ^LaTYR" M`_ _SP _STYVP] OZP^0 _SP 5808< *5.=1.<
]P^ZWaP^ LY *98;2* T$P$" L OTQQTN`W_d _SL_ SL^ L]T^PY TY OT^NZ`]^P T_^PWQ$!
>`NS [STWZWZRTNLW YZY^PY^P SL^ MPPY b]T__PY ZY _SL_ ^NZ]P _Z `YOP][TY
[STWZ^Z[STNLW []ZQ`YOT_d$
DB3?C;D;@?

8]ZX ASTWZ^Z[Sd ZQ _SP @]RLYT^X


_Z _SP ASTWZ^Z[Sd ZQ >LY

CTYNP bT_S _SP WL^_ 7^^Ld bP SLaP [L^^PO _SP MZ]OP]WTYP MP_bPPY _SP
[Sd^TNLW LYO _SP XPY_LW ^[SP]P LYO bTWW SPYNPQZ]_S XZaP TY _SP WL__P]
LWZYP" T_ XLd MP L[[]Z[]TL_P _Z ]PNL[T_`WL_P _SP ^_LRP^ Md bSTNS _ST^
_S]P^SZWO bL^ ]PLNSPO Q]ZX XP_LMZWT^X `[bL]O$
DSP ^P[L]L_TZY ZQ .2-8< Q]ZX ]PLWT_d bT_S bSTNS bP XP_ TY _SP
[SPYZXPYL ZQ gTXLRPh LYO g_]`_Sh ^TRYTQTP^ _SP [L^^LRP _Z L YPb"
N]T_TNLW WPaPW ZQ XPOTLNd TY _SP ]PWL_TZY ZQ Z]RLYT^X _Z PYaT]ZYXPY_$
DSP R]Zb_S ZQ ^`NS XPOTLNd NLY MP ZM^P]aPO _S]Z`RSZ`_ Z]RLYTN
PaZW`_TZY$ >P_LMZWT^X T_^PWQ" LYO _SP]PQZ]P [WLY_ WTQP LW]PLOd" T^ XPOT#
L_PO TOPY_T_d LYO NZY_TY`T_d DST]O 7^^Ld!$ @Y _SP LYTXLW WPaPW"
]P[]P^PY_TYR L OPNT^TaP ^_P[ MPdZYO _SP ]PWL_TaP TXXPOTLNd ZQ aPRP#
_L_TaP PcT^_PYNP" XPOTLNd SL^ _SP _S]PP L^[PN_^ ZQ XZ_TWT_d" [P]NP[_TZY"
PXZ_TZY 8Z`]_S LYO 8TQ_S 7^^Ld^!$ 3WW _S]PP TX[Wd -2<=*7,.# LN]Z^^
T_" LYO =1;8>01 _SP XZOP^ ZQ [P]NPTaTYR" ^_]TaTYR" LN_TYR" gbZ]WOh T^
NZY^_T_`_PO LYO ]P[WLNP^ _SP XP]P PYaT]ZYXPY_ ZQ _SP [WLY_$ gGZ]WOh
NZYQ]ZY_^ _SP ^`MUPN_ bT_S OT^N]P_P" ^PWQ#NZY_LTYPO ZMUPN_^" bSP]PL^
_SP [WLY_#PYaT]ZYXPY_ NZY^T^_^ ZQ LOULNPY_ XL__P] LYO TX[TYRTYR
QZ]NP^$ 6T]PN_ NSPXTNLW NZXXP]NP bT_S _SP PYaT]ZYXPY_ T^ _SP aPRP#
_L_TaP XZOP ZQ Z`_bL]OYP^^" LYO T_ ]PXLTY^ _SP ML^T^ QZ] LWW Z]RLYTN
PcT^_PYNP$ 4`_ TY LYTXLW WTQP _ST^ aPRP_L_TaP WPaPW T^ ^P]aPO OPaTZ`^Wd
_S]Z`RS _SP Z]RLYT^Xi^ ]PWL_TZY^ _Z ZMUPN_^ Z`_ TY ^[LNP bSTNS L]P
[P]NPTaPO" OP^T]PO" ]PLNSPO" LYO LN_PO `[ZY Pc_P]YLWWd MPQZ]P PY_P]TYR
'.)
'.* K D :7 A :7?@>7?@? @8 = ;87
TY_Z _SP Z]RLYTN NZXXP]NP ZQ _SP XP_LMZWTeTYR ^d^_PX$ DS`^ _SP Q]PP#
OZX ZQ _SP LYTXLW WPaPW T^ _SL_ ZQ Pc_P]YLW LOU`^_XPY_^ XLOP TY
LN_TZY^ OT^_TYN_ Q]ZX _SP PYO _Z MP LNSTPaPO LYO _SP]PQZ]P NZXTYR
`YOP] _SP LW_P]YL_TaP ZQ NZ]]PN_#TYNZ]]PN_" ZQ ^`NNP^^ LYO QLTW`]P$ 4d
_SP aP]d OTLWPN_TN ZQ WTQP" _ST^ ^`[P]TX[Z^PO WPaPW ZQ XPOTLNd" TY ^[T_P
ZQ T_^ TY^_]`XPY_LW ]ZWP QZ] XP]P Z]RLYTN ^`]aTaLW" NZY^_T_`_P^ T_^ ZbY
^NLWP ZQ NZYNP]Y^ bSTNS ]PaP]^P _SP ]PWL_TZY ZQ PYO^ LYO XPLY^ L^
MP_bPPY aPRP_L_TaP LYO LYTXLW Q`YN_TZY$ DSP QPPWTYR^ ZQ [WPL^`]P LYO
[LTY _SL_ LNNZX[LYd LYTXLW Pc[P]TPYNP L^ TY_]TY^TN ]PbL]O^ LYO
[`YT^SXPY_^ ZQ NZYO`N_" _Z bSTNS X`^_ MP LOOPO _SP PcNT_PXPY_ ZQ
LN_TZY T_^PWQ" L]P NWPL] TYOTNL_TZY^ ZQ _SP PYOZbXPY_ ZQ LYTXLW Q`YN#
_TZY^ bT_S aLW`P^ LYO PYO^ ZQ _SPT] ZbY$ GSL_ ^PPX^ YZ_ _Z MP QZ`YO
dP_ TY LYTXLW^ T^ _SL_ 9.;,.9=287 Md T_^PWQ MPNZXP^ TXM`PO bT_S [WPL#
^`]P LYO L^^`XP^ _SP ^_L_`^ ZQ LY Pc[P]TPYNP ^Z`RS_ QZ] T_^ ZbY
^LVP$
;Y _SP ^[SP]P ZQ [P]NP[_TZY bP YZ_P TY [L]_TN`WL] _SP NZY_]TM`_TZY
ZQ _SP OT^_LYNP ^PY^P^ _Z _SP [L__P]Y ZQ XPOTLNd$ 3XZYR _SP^P" ^TRS_
]P[]P^PY_^ TY _SP [`]P^_ XLYYP] _SP ^P__TYR L[L]_ ZQ Z]RLYT^X LYO
bZ]WO" LYO _SPT] ]PNZXMTYL_TZY TY L ^PNZYOL]d ]PWL_TZY CTc_S 7^^Ld!$
DSP ZMUPN_ ^PPY T^ TY_P][Z^PO MP_bPPY _SP Z]RLYT^X LYO T_^ OT]PN_
Z]RLYTN OPLWTYR^ bT_S _SP PYaT]ZYXPY_$ DSP^P OPLWTYR^ L]P SPYNPQZ]_S
TYT_TL_PO" OT]PN_PO" LYO NZY_]ZWWPO Md _SP TYQZ]XL_TZY NZYNP]YTYR
_STYR^ _SL_ L]P OT^_LY_" T$P$" Z`_^TOP _SP Z]RLYTN ]LYRP T_^PWQ$ DSP L]N ZQ
_ST^ OP_Z`] ZQ ^L_T^QLN_TZY T^ _SP WZN`^ QZ] _SP Q]PPOZX LYO ]T^V ZQ
LYTXLW WTQP$ ;Y _SP ^[LY MP_bPPY _SP ^PWQ LYO _SP OT^_LY_ ZMUPN_ L^ dP_
`YPYRLRPO!" bSTNS WZYR#]LYRP aT^TZY ^P_^ `[" PXZ_TZY NLY XLVP T_^
NSZTNP LYO WZYR#]LYRP WZNZXZ_TZY NLY _LVP T_^ NZ`]^P$ 4`_ ^TRS_" L^
_SP CTc_S 7^^Ld SL^ ^SZbY" NZY_LTY^ _]LY^#LYTXLW [Z_PY_TLWT_TP^ ZQ
MPSZWOTYR LYO L__T_`OP bSTNS L STRSP] XPY_LW QLN`W_d NLY LN_`LWTeP$
;Y _SP TXLRP#QLN`W_d ZQ XLY L Q`]_SP] OPR]PP ZQ XPOTLNd T^ ]PLNSPO"
LYO _SP OT^_LYNP MP_bPPY Z]RLYT^X LYO PYaT]ZYXPY_ bTOPYPO Md L
Q`]_SP] ^_P[ CPaPY_S 7^^Ld!$ DST^ YPb OPR]PP WTP^ TY _SP TOPL_TaP
Pc_PY^TZY ZQ 9.;,.9=287 LYO L_ QT]^_ SL]OWd LQQPN_^ _SP S`XLY aP]^TZY^
ZQ LYTXLW PXZ_TZY LYO XZ_TWT_d _SZ`RS T_ OZP^ ^Z WL_P] ZY!$ DSP YPb
XPOTLNd NZY^T^_^ TY _SP TY_P][Z^T_TZY ZQ _SP LM^_]LN_PO LYO XPY_LWWd
XLYT[`WLMWP .2-8< MP_bPPY ^PY^P LYO LN_`LW ZMUPN_" U`^_ L^ ZY _SP
WPaPW ZQ LYTXLW XPOTLNd _SP [P]NP[_TZY ZQ ZMUPN_^ bL^ TY_P][Z^PO
MP_bPPY _SP Z]RLYT^X LYO T_^ []TXL]d PYaT]ZYXPY_#]PWL_TZY$ ;XLRTYR
D B3?C;D;@? J '.+
LYO ^[PLVTYR XLY NPL^P^ _Z ^PP _STYR^ OT]PN_Wd0 SP ^PP^ _SPX _S]Z`RS
_SP ^N]PPY ZQ ]P[]P^PY_L_TZY^ ZQ bSTNS SP SL^ MPNZXP [Z^^P^^PO Md
ST^ ZbY []PaTZ`^ OPLWTYR^ bT_S ZMUPN_^" LYO bSTNS L]P PaZVPO Md _SP
[]P^PY_ [P]NP[_`LW NZY_PY_" TX[]PRYL_TYR T_ bT_S _SPT] <B6+852,
NSL]RP" LYO LOOPO _Z Md _SP YPb Pc[P]TPYNP T_^PWQ$ DSPT] R]PL_P^_ ]ZWP"
SZbPaP]" WTP^ TY MP_bPPY Pc[P]TPYNP^" bSPY _SP LN_`LW ZMUPN_ T^ YZ_
[]P^PY_ QZ] OT]PN_ [P]NP[_TZY0 _SPY _SP LM^_]LN_PO TXLRP^ _SL_ L]P L_
_SP NZXXLYO ZQ _SP ^`MUPN_ []ZaTOP TY _SPX^PWaP^ _SP XL_P]TLW QZ] LY
gPc[P]TPYNPh L_ L ]PXZaPf ^dXMZWTN Pc[P]TPYNP" TY bSTNS _SP bZ]WO
T^ _LVPY SZWO ZQ bT_SZ`_ TX[Z^TYR T_^ []P^PYNP$ DSP aP]d [SPYZXPYZY
ZQ _]`_S" L^ _SL_ ZQ QLW^PSZZO" T^ WZNL_PO TY _ST^ XPOTLNd ZQ _SP _ST]O
OPR]PP$
IP_ PaPY _ST^ T^ _SP _S]P^SZWO _Z L Q`]_SP] XPOTL_TZY$ DSP QL_PQ`W
Q]PPOZX ZQ ZMUPN_TQTNL_TZY" bSTNS NZYQ]ZY_^ _SP ^PWQ bT_S _SP [Z_PY_TLW
^`X _Z_LW ZQ _SP gZ_SP]"h _SP gbZ]WO"h L^ LY TYOPQTYT_P ]PLWX QZ]
[Z^^TMWP `YOP]^_LYOTYR LYO LN_TZY" NLY LYO PaPY_`LWWd X`^_ _`]Y
MLNV" bT_S T_^ M`]OPY ZQ XPOTLNd" `[ZY _SP ^`MUPN_ T_^PWQ LYO XLVP 2=
TY _`]Y _SP ZMUPN_ ZQ L ]PWL_TZY bSTNS LRLTY _LVP^ _SP OP_Z`] aTL _SP
.2-8<" DSP gQZ]Xh SP]P TYaZWaPO T^ OTQQP]PY_ TY VTYO Q]ZX _SZ^P ZQ _SP
bSZWP ]PLWX ZQ Z`_bL]OYP^^" QZ] T_ NZYNP]Y^ _SP ^PWQi^ ;.5*=287 _Z LWW
Z`_bL]OYP^^$ DSP YPb OTXPY^TZY ZQ ;./5.,=287 `YQZWO^" bSP]P _SP <>+!
3.,= ZQ LWW ZMUPN_TQTNL_TZY L[[PL]^ *< <>,1 _Z T_^PWQ LYO MPNZXP^ ZMUPN_T#
QTPO QZ] L YPb LYO PaP] XZ]P ^PWQ#XPOTL_TYR VTYO ZQ ]PWL_TZY$ GT_S _SP
QT]^_ L^VTYR ZQ _SP \`P^_TZY" GSL_ T^ XLYi^" bSL_ T^ Xd [WLNP LYO [L]_
TY _SP ^NSPXP ZQ _STYR^2" _SP ^PWQ MPNZXP^ PYR`WQPO TY _SP OT^_LY_YP^^
TY bSTNS LWW _STYR^ L]P VP[_ Md XLY LYO Q]ZX bSTNS _SPd SLaP _Z MP
]P_]TPaPO TY LN_^ ZQ PTOP_TN TY_PY_TZYLWT_d$ 3W_SZ`RS _ST^ T^ LYZ_SP]
PcP]NT^P ZQ _SP PTOP_TN QLN`W_d" T_ T^ Md YZ XPLY^ L`_ZXL_TNLWWd RTaPY
bT_S T_^ Z`_bL]O PcP]NT^P PcPX[WTQTPO Md [TN_Z]TLW ]P[]P^PY_L_TZY$
D]`P XLY PXP]RP^ bSPY _SP [LTY_P] ZQ _SP M`WW LYO PaPY ZQ T_^ S`Y_P]
_`]Y^ _Z NZYNP]YTYR STX^PWQ bT_S _SP `Y[LTY_LMWP TXLRP ZQ ST^ ZbY
NZYO`N_ LYO _SP ^_L_P ZQ ST^ ^PWQ$ @aP] _SP OT^_LYNP ZQ _ST^ bZYOP]TYR"
^PL]NSTYR" LYO NZX[L]TYR [P]NP[_TZY _SP]P T^ NZY^_T_`_PO _SP YPb
PY_T_d" g;$h DST^ T^ ZQ LWW _SP R]PL_P^_ aPY_`]P TY XPOTLNd LYO ZMUPN_TQT#
NL_TZY$ GP `^P _SP _P]X gTXLRPh OPWTMP]L_PWd$ >LY XZOPW^" Pc[P]T#
PYNP^" LYO U`ORP^ ST^ ZbY TYYP] ^_L_P LYO Z`_bL]O NZYO`N_ LQ_P] _SP
TXLRP ZQ bSL_ T^ XLYi^$ GTWWTYRWd Z] YZ_ SP WTaP^ _SP TOPL ZQ XLYf TY
LR]PPXPY_ Z] TY NZYQWTN_" TY LNNP[_LYNP Z] TY OPQTLYNP" TY NZX[WTLYNP
'., D :7 A :7?@>7?@? @8 =;87
Z] TY ]P[`OTL_TZY" bT_S RZZO Z] bT_S MLO NZY^NTPYNP$ DSP TXLRP ZQ
XLY YPaP] WPLaP^ STX" SZbPaP] X`NS SP XLd bT^S L_ _TXP^ _Z ]PaP]_
_Z _SP MWT^^ ZQ LYTXLWT_d$ DZ MP N]PL_PO TY _SP TXLRP ZQ 9ZO XPLY^ _Z
SLaP _Z WTaP bT_S _SP TXLRP ZQ XLY$ DSL_ TXLRP T^ bZ]VPO Z`_ LYO
PY_P]_LTYPO TY _SP aP]MLW TY_P]NZXX`YTNL_TZY ZQ ^ZNTP_d" LYO _S`^ _SP
TYOTaTO`LW QTYO^ T_ ]PLOd#XLOP LYO _S]`^_ `[ZY STX$ 3^ SP WPL]Y^ Q]ZX
Z_SP]^ _Z ^PP _STYR^ LYO _Z ^[PLV LMZ`_ _SPX" ^Z SP WPL]Y^ Q]ZX _SPX
_Z ^PP STX^PWQ LYO _Z Pc[]P^^ bSL_ SP ^PP^ _SP]P gTY _SP TXLRP LYO
WTVPYP^^h ZQ _SP P^_LMWT^SPO [L__P]Y$ 4`_ WPL]YTYR _ST^" WPL]YTYR _Z ^Ld
g;"h SP [Z_PY_TLWWd OT^NZaP]^ ST^ ZbY TOPY_T_d TY T_^ ^ZWT_L]d `YT\`P#
YP^^$ 3 []TaL_P ZMUPN_TaT_d ZQ _SP ^PWQ T^ _S`^ TY NZY^_LY_ ]L[[Z]_ bT_S
_SP [`MWTN TXLRP ZQ XLY LYO _S]Z`RS T_^ ZbY Pc_P]TZ]TeL_TZY NZY#
_]TM`_P^ _Z _SP NZY_TY`Z`^ ]PXLVTYR ZQ _SP WL__P]f_SP LYZYdXZ`^
^SL]P ZQ PLNS ^PWQ TY _SP ST^_Z]d ZQ LWW$ ;Y NZX[WP_P LNNZXXZOL_TZY T_
XLd WP_ T_^PWQ MP LM^Z]MPO TY_Z _SP RPYP]LW XZOPW1 TY OPQPL_PO YZY#
NZYQZ]XT_d T_ XLd bT_SO]Lb TY_Z T_^ ZbY ^ZWT_`OP1 TY ]L]P NL^P^ T_ XLd
L^^P]_ T_^PWQ _Z _SP [ZTY_ ZQ ^P__TYR T_^PWQ `[ L^ L YPb TXLRP ZQ XLY LYO
TX[Z^P T_ ZY ^ZNTP_d" _Z ]P[WLNP _SP []PaLTWTYR TXLRP$
;Y ]PQWPN_TZY `[ZY ^PWQ _SP ^`MUPN_#ZMUPN_ ^[WT_ bSTNS MPRLY _Z L[#
[PL] TY LYTXLW PaZW`_TZY ]PLNSP^ T_^ Pc_]PXP QZ]X$ ;_ SL^ Pc_PYOPO
TY_Z _SP NPY_P] ZQ QPPWTYR WTQP" bSTNS T^ YZb OTaTOPO LRLTY^_ T_^PWQ$ @YWd
ZaP] _SP TXXPL^`]LMWP OT^_LYNP ZQ MPTYR ST^ ZbY ZMUPN_ NLY XLY
gSLaPh STX^PWQ$ 4`_ SP OZP^ SLaP STX^PWQ bSTWP YZ LYTXLW OZP^$ DSP
aT_LW NZYNP]Y ZQ QPPWTYR bSTNS T^ L_ _SP MZ__ZX ZQ WTQPi^ aPY_`]P LYO
_ZTW" LYO bSTNS T^ LWbLd^ QZ] _SP PYUZdXPY_ ZQ ^PWQYP^^ TY _SP XPP_TYR
bT_S Z_SP]YP^^" SL^ SP]P Md L OL]TYR OP_Z`] QZ`YO T_^ _]`P LYO" TY L
bLd" Z]TRTYLW ZMUPN_$ 3^ TY LWW LNSTPaPXPY_^ ZQ WTQP" _SP []TNP T^ STRS$
3^ S`XLY ^L_T^QLN_TZY T^ OTQQP]PY_ Q]ZX LYTXLW LYO QL] ^`][L^^TYR T_^
^NZ[P" ^Z T^ S`XLY ^`QQP]TYR" _SZ`RS XLY LW^Z ^SL]P^ TY _SP LYTXLW
]LYRP ZQ QPPWTYR^$ 4`_ ZYWd XLY NLY MP SL[[d LYO `YSL[[d" _SLYV^ _Z
_SP XPL^`]TYR ZQ ST^ MPTYR LRLTY^_ _P]X^ _SL_ _]LY^NPYO _SP TXXPOTL_P
^T_`L_TZY$ C`[]PXPWd NZYNP]YPO bT_S bSL_ SP T^" SZb SP WTaP^" bSL_ SP
XLVP^ Z`_ ZQ STX^PWQ" LYO aTPbTYR STX^PWQ Q]ZX _SP OT^_LYNP ZQ ST^
bT^SP^" L^[T]L_TZY^" LYO L[[]ZaLW^" XLY LYO XLY LWZYP T^ Z[PY _Z
OP^[LT]$ DSP 9P]XLY bZ]O ).;[email protected]/5260 ^ZXPSZb ]PYOP]^ _SP NZY#
YPN_TZY ZQ OP^[LT] bT_S _SP _bZQZWOYP^^" _SP OTaT^TZY ZQ _SP ^PWQ" _SL_
SL^ NZXP LMZ`_ bT_S _SP _]LY^QP] ZQ _SP ^`MUPN_#ZMUPN_ ^[WT_ _Z _SP
]PLWX ZQ _SP ^`MUPN_ T_^PWQ" XLVTYR T_ _SP \`TaP]TYR []ZO`N_ ZQ PaP]#
D B3?C;D;@? J '.-
XPOTL_TYR ]PWL_TZY TY^_PLO ZQ LY TXXPOTL_P [Z^^P^^TZY$ C`TNTOP" _ST^
`YT\`P []TaTWPRP ZQ XLY" ^SZb^ _SP `W_TXL_P XLYYP] TY bSTNS XLY
NLY MPNZXP _SP ZMUPN_ ZQ STX^PWQ$
;_ T^ TY _SP R`WQ Z[PYPO Md _ST^ NZYQ]ZY_L_TZY ZQ ZYP^PWQ bT_S ZYP#
^PWQ" LYO TY _SP PcP]NT^P ZQ _SP ]PWL_TZY bSTNS TY ^ZXP bLd Z] Z_SP]
LWbLd^ SL^ _Z ^[LY _SP R`WQ" _SL_ _SP STRSP^_ PWL_TZY^ LYO OPP[P^_
OPUPN_TZY^ ZQ S`XLY Pc[P]TPYNP SLaP _SPT] [WLNP$ 3^ L]P _SP OL_L ZQ
ST^ Pc_P]YLW ^PY^P^" ^Z L]P _SP QTYOTYR^ ZQ ST^ ]PQWPN_TZY _SP XP]P
XL_P]TLW QZ] NZY_TY`Z`^ ^dY_SP^T^ LYO TY_PR]L_TZY TY_Z L _Z_LW TXLRP$
DST^ bZ]V RZP^ ZY L^ WZYR L^ XLY T^ LWTaP L^ XLY$ '>*.<=28 6212
/*,=>< <>6 gL \`P^_TZY SLaP ; MPNZXP `Y_Z XPh 0 ]PWTRTZY" P_STN^"
LYO XP_L[Sd^TN^ L]P L__PX[_^" YPaP] NZX[WP_PO" _Z XPP_ LYO LY^bP]
_SP \`P^_TZY bT_STY LY TY_P][]P_L_TZY ZQ _Z_LW ]PLWT_d$
GT_S _SP PXP]RPYNP ZQ _ST^ [Z^^TMTWT_d" ST^_Z]d ^`NNPPO^ _Z PaZW`#
_TZY" LYO MTZWZRd NPOP^ _SP QTPWO _Z L [STWZ^Z[Sd ZQ XLY$
8 <: ; F ; 8EE4K

FVS C`OQbWQOZ GaSa ]T FVS]`g

<\ VWa Q][[S\bO`g b] 4`Wab]bZSma /D J>; 2EKB FV][Oa 4_cW\Oa e`]bS


Oa T]ZZ]ea0

k4ZZ Y\]eZSRUS Wa ]PdW]caZg U]]R PSQOcaS bVS U]]R ]T O\g bVW\U Wa bVOb
eVWQV PSZ]\Ua b] bVS TcZ\Saa ]T PSW\U eVWQV OZZ bVW\Ua aSSY OTbS` O\R
RSaW`S1 O\R [O\ Oa [O\ `SOQVSa TcZ\Saa ]T PSW\U bV`]cUV Y\]eZSRUS$ A]e
]T U]]R bVW\Ua a][S O`S Xcab dOZcOPZS" \O[SZg" bV]aS eVWQV O`S caSTcZ W\
dWSe ]T a][S S\RjOa eS dOZcS O U]]R V]`aS PSQOcaS Wb `c\a eSZZ1 eVWZab
]bVS` U]]R bVW\Ua O`S OZa] V]\]c`OPZS0 \O[SZg" bV]aS bVOb SfWab T]` bVSW`
]e\ aOYS" T]` eS UWdS V]\]c` b] S\Ra" \]b b] [SO\a$ BT bVS aQWS\QSa a][S
O`S ^`OQbWQOZ" ]bVS`a a^SQcZObWdS1 bVS RWTTS`S\QS PSW\U bVOb bVS T]`[S` O`S
T]` bVS aOYS ]T a][S e]`Y b] PS R]\S" eVWZS bVS ZObbS` O`S T]` bVSW` ]e\
aOYS$ FVS a^SQcZObWdS aQWS\QSa O`S bVS`ST]`S V]\]c`OPZS Oa eSZZ Oa U]]R"
Pcb bVS ^`OQbWQOZ O`S ]\Zg dOZcOPZS$l'

4P]cb bV`SS O\R O VOZT QS\bc`WSa ZObS`" 9`O\QWa 5OQ]\ e`]bS W\ 3>;
)H;7J +DIJ7KH7J?ED Oa T]ZZ]ea0

'$ 4$ @$ CW`]bbO" SR$" 27D9J? 3>EC7; %GK?D7J?I ?D %H?IJEJ;B?I ,?8HKC


:; %D?C7 &ECC;DJ7H?KC ,;9J?E <" )$ FVS OP]dS 8\UZWaV _c]bObW]\ Wa
T`][ bVS b`O\aZObW]\ Pg >$ 9]abS` O\R E$ ;c[^V`WSa" %H?IJEJB;RI ';
%D?C7 ?D J>; 4;HI?ED E< 5?BB?7C E< -E;H8;A; 7D: J>; &ECC;DJ7HN E<
2J! 3>EC7I %GK?D7I ^$ *+$
L '.. M
F ;8 C D46F<64? G E8E B9 F ;8BDK L './
k< e]cZR ORR`Saa ]\S US\S`OZ OR[]\WbW]\ b] OZZ0 bVOb bVSg Q]\aWRS`
eVOb O`S bVS b`cS S\Ra ]T Y\]eZSRUS" O\R bVOb bVSg aSSY Wb \]b SWbVS` T]`
^ZSOac`S ]T bVS [W\R" ]` T]` Q]\bS\bW]\" ]` T]` ac^S`W]`Wbg b] ]bVS`a $ $ $
Pcb T]` bVS PS\STWb O\R caS ]T ZWTS" O\R bVOb bVSg ^S`TSQb O\R U]dS`\ Wb W\
QVO`Wbg$ $ $ $ L9`][ bVS [O``WOUS ]T bVS @W\R O\R bVS G\WdS`aSM bVS`S
[Og a^`W\U VSZ^a b] [O\" O\R O ZW\S O\R `OQS ]T W\dS\bW]\a bVOb [Og W\
a][S RSU`SS acPRcS O\R ]dS`Q][S bVS \SQSaaWbWSa O\R [WaS`WSa ]T Vc[O\#
Wbg$ $ $ $ 9]` bVS [ObbS` W\ VO\R Wa \] [S`S TSZWQWbg ]T a^SQcZObW]\" Pcb bVS
`SOZ PcaW\Saa O\R T]`bc\Sa ]T bVS Vc[O\ `OQS" O\R OZZ ^]eS` ]T ]^S`ObW]\$
$ $ $ 4\R a] bV]aS beW\ ]PXSQba" >KC7D ADEMB;:=; O\R >KC7D FEM;H R]
`SOZZg [SSb W\ ]\S$l(

;S`S O`S be] ]^^]aW\U abObS[S\ba ]T bVS OW[ O\R dS`g [SO\W\U ]T
Y\]eZSRUS O\R" Q]\aS_cS\bZg" ]T Wba `SZObW]\ b] ^]aaWPZS caS" ]` b]
ke]`Ya$l B\ bVWa ]ZR bVS[S bVS ^`SaS\b RWaQ]c`aS ObbS[^ba b] ]TTS`
a][S Q][[S\ba c\OdOWZOPZS b] bVS ]`WUW\OZ Q]\bSabO\ba Pcb OdOWZOPZS
b] ca W\ bVS ZWUVb ]T bVS \Se k\SQSaaWbWSa O\R [WaS`WSa ]T Vc[O\Wbg"l
eVWQV O`S PSaSbbW\U ca" a] Wb aSS[a" ^`SQWaSZg Oa O Q]\Q][WbO\b ]T bVOb
caS ]T Y\]eZSRUS eVWQV 5OQ]\ S\dWaOUSR Oa bVS `S[SRg T]` Vc[O\#
Wbgma ]ZR \SQSaaWbWSa O\R [WaS`WSa$
4_cW\Oa O\R 5OQ]\ ]PdW]caZg a^SOY ]T be] RWTTS`S\b bVW\Ua$ <\
OaaWU\W\U RWTTS`S\b S\Ra b] Y\]eZSRUS" bVSg a^SOY W\ TOQb ]T RWTTS`S\b
YW\Ra ]T Y\]eZSRUS" VOdW\U OZa] RWTTS`S\b YW\Ra ]T bVW\Ua T]` bVSW`
acPXSQb$ FOYW\U 4_cW\Oa TW`ab" eV] ]T Q]c`aS a^SOYa T]` 4`Wab]bZS" bVS
ka^SQcZObWdSl bVOb Wa" bVS]`SbWQOZ! aQWS\QSa ]T VWa abObS[S\b O`S
OP]cb bVW\Ua c\QVO\USOPZS O\R SbS`\OZj bVS TW`ab QOcaSa O\R W\bSZZWUW#
PZS T]`[a ]T 5SW\Uj eVWQV" PSW\U c\QVO\USOPZS" 97D PS Q]\bS[^ZObSR
]\Zg" \]b W\d]ZdSR W\ OQbW]\0 bVSW`a Wa J>;EH?7 W\ bVS ab`WQb 4`Wab]bSZWO\
aS\aS$ FVS k^`OQbWQOZ aQWS\QSa"l ]\ bVS ]bVS` VO\R" O`S kO`ba"l \]b
kbVS]`glj O Y\]eZSRUS Q]\QS`\W\U bVS ^ZO\\SR QVO\UW\U ]T bVS
QVO\USOPZS$ EcQV Y\]eZSRUS a^`W\Ua T`][ Sf^S`WS\QS" \]b T`][
bVS]`g ]` a^SQcZObWdS `SOa]\$ FVS UcWRO\QS bVOb bVS]`g 97D ^`]dWRS
($ 9`][ bVS C`STOQS ]T 9`O\QWa 5OQ]\ b] 3>; )H;7J +DIJ7KH7J?ED! FVS
T]c` aS\bS\QSa ]T bVS _c]bObW]\ ]QQc` W\ bVS bSfb W\ bVOb ]`RS`" Pcb eWRSZg
aQObbS`SR$ 4\ ORRWbW]\OZ _c]bObW]\ T`][ bVS C`STOQS [Og W\abO\QS 5OQ]\ma
RW`SQb Q`WbWQWa[ ]T QZOaaWQOZ bVS]`g0 k4\R T]` Wba dOZcS O\R cbWZWbg Wb [cab
PS ^ZOW\Zg Od]eSR bVOb bVOb eWaR][ eVWQV eS VOdS RS`WdSR ^`W\QW^OZZg
T`][ bVS :`SSYa Wa Pcb bVS P]gV]]R ]T Y\]eZSRUS" O\R VOa bVS QVO`OQbS`#
WabWQ ^`]^S`bg ]T P]ga0 Wb QO\ bOZY" Pcb Wb QO\\]b US\S`ObS1 T]` Wb Wa T`cWbTcZ
]T Q]\b`]dS`aWSa Pcb PO``S\ ]T e]`Ya$l
'/& M F ;8 C ;8AB@ 8ABA B9 ? <9 8
eWbV `SUO`R b] bVS O`ba Q]\aWaba \]b W\ ^`][]bW\U bVSW` W\dS\bW]\ O\R
W\T]`[W\U bVSW` ^`]QSRc`Sa" Pcb W\ W\T]`[W\U bVSW` caS` WT VS ^O`bOYSa
W\ bVS bVS]`SbWQOZ ZWTS! eWbV bVS eWaR][ b] caS bV]aS O`ba" ZWYS OZZ
bVW\Ua" eWaSZg" bVOb Wa" W\ ^`]^S` [SOac`S O\R T]` ^`]^S` S\Ra$ FVWa
[Og PS QOZZSR O ^`OQbWQOZ PS\STWb ]T bVS]`g bV`]cUV bVS S\ZWUVbS\W\U
STTSQb eVWQV Wb VOa ]\ bVS eV]ZS ^S`a]\ ]T Wba d]bO`WSa PSg]\R Wba
W[[SRWObS OQbcOZWbg$ 5cb bVWa PS\STWb Wa \]b W\ bVS \Obc`S ]T O kcaSl
[ORS ]T bVS]`g Oa O [SO\a" O\R Wa O\geOg O aSQ]\R PSab W\ `Sa^]\aS
b] bVS \SQSaaWbWSa ]T [O\0 bVS PSab Wa bVS acabOW\SR OQbWdWbg ]T ^c`S
bV]cUVb WbaSZT" eVS`S [O\ Wa []ab T`SS$
E] TO` 4`Wab]bZS O\R 4_cW\Oa$ <b Wa bVS k\SQSaaWbWSa ]T Vc[O\Wbgl
eVWQV Oaac[S TW`ab ^ZOQS W\ 5OQ]\ma aQVS[S0 O\R aW\QS O`b Wa [O\ma
eOg ]T [SSbW\U O\R Q]\_cS`W\U \SQSaaWbg" Pcb VOa \]b VWbVS`b] S\#
X]gSR bVS PS\STWb ]T a^SQcZObWdS `SOa]\ [OW\Zg Pg bVS ZObbS`ma TOcZb!"
5OQ]\ c`USa bVOb bVS be] PS P`]cUVb W\b] O \Se `SZObW]\aVW^ W\ eVWQV
bVSW` T]`[S` aS^O`ObW]\ Wa ]dS`Q][S$ FVWa W\d]ZdSa O `SdWaW]\ ]T P]bV"
Pcb TW`ab" W\ QOcaOZ ]`RS`" ]T a^SQcZObWdS aQWS\QS" eVWQV VOa a] Z]\U
PSS\ kPO``S\ ]T e]`Ya$l FVS]`g [cab PS a] `SdWaSR bVOb Wb gWSZRa
kRSaWU\ObW]\a O\R RW`SQbW]\a T]` e]`Ya"l SdS\ VOa kbVS W\dS\bW]\ ]T
O`bal T]` Wba dS`g S\R" O\R bVca PSQ][Sa WbaSZT O\ O`b ]T W\dS\bW]\$
FVS]`g Wb Wa \]\SbVSZSaa" Oa Wb Wa RWaQ]dS`g O\R `ObW]\OZ OQQ]c\b ]T TW`ab
QOcaSa O\R c\WdS`aOZ ZOea T]`[a!$ <b bVca OU`SSa eWbV QZOaaWQOZ
bVS]`g W\ bVOb Wb VOa bVS \Obc`S ]T bVW\Ua O\R bVS b]bOZWbg ]T \Obc`S T]`
Wba ]PXSQb1 Pcb Wb Wa acQV O aQWS\QS ]T QOcaSa O\R ZOea" ]` O aQWS\QS ]T
acQV QOcaSa O\R ZOea" Oa bVS\ [OYSa Wb ^]aaWPZS kb] Q][[O\R \Obc`S
W\ OQbW]\$l <b [OYSa bVWa ^]aaWPZS PSQOcaS T`][ bVS ]cbaSb Wb Z]]Ya Ob
\Obc`S GK7 OQbW\U" O\R OQVWSdSa Y\]eZSRUS ]T \Obc`Sma ZOea ]T OQbW]\
Pg WbaSZT S\UOUW\U \Obc`S W\ OQbW]\jbVOb Wa" W\ Sf^S`W[S\b" O\R bVS`S#
T]`S ]\ bS`[a aSb Pg [O\ VW[aSZT$ <b gWSZRa RW`SQbW]\a T]` e]`Ya
PSQOcaS Wb TW`ab QObQVSa \Obc`S kOb e]`Y$l
4 aQWS\QS ]T k\Obc`S Ob e]`Yl Wa O [SQVO\WQa" ]` Rg\O[WQa" ]T
\Obc`S$ 9]` acQV O aQWS\QS :OZWZS] O\R 7SaQO`bSa ^`]dWRSR bVS a^SQc#
ZObWdS ^`S[WaSa O\R bVS [SbV]R ]T O\OZgaWa O\R ag\bVSaWa$ :WdW\U PW`bV
b] O bVS]`g eWbV W\VS`S\bZg bSQV\]Z]UWQOZ ^]bS\bWOZ" bVSg aSb ]\ Wba
OQbcOZ Q]c`aS bVOb TcaW]\ ]T bVS]`g O\R ^`OQbWQS eVWQV 5OQ]\ eOa
R`SO[W\U ]T$ 5ST]`S < aOg a][SbVW\U []`S ]T bVOb YW\R ]T bVS]`g
eVWQV ZS\Ra WbaSZT b] bSQV\WQOZ O^^ZWQObW]\" O\R W\RSSR VOa W\b`W\aWQ
`STS`S\QS b] bVWa YW\R ]T caS" < [cab aOg a][SbVW\U OP]cb caS Oa
acQV$
F ;8 C D46F<64? G E8E B9 F ;8BDK

IVOb Wa caS T]`3 FVS cZbW[ObS S\R ]T OZZ caS Wa bVS aO[S Oa bVS S\R ]T
OZZ OQbWdWbg" O\R bVWa Wa be]T]ZR0 ^`SaS`dObW]\ ]T ZWTS" O\R PSbbS`[S\b ]T
ZWTS" bVOb Wa" ^`][]bW]\ ]T bVS U]]R ZWTS$ Ccb \SUObWdSZg" Oa acUUSabSR
Pg 5OQ]\ma ^OW` k\SQSaaWbWSa O\R [WaS`WSa"l bVS be]T]ZR S\R Wa b] eO`R
]TT SfbW\QbW]\ O\R b] ]dS`Q][S [WaS`g$ IS \]bS bVS S[S`US\Qg Oa^SQb
bVOb 5OQ]\ UWdSa b] Vc[O\ S\RSOd]`" O\R bVca b] Y\]eZSRUS Oa ^O`b
]T bVOb S\RSOd]`$ ;S a^SOYa ]T ZWTbW\U ]` ZSaaS\W\U O\ ORdS`aS O\R
^`SaaW\U Q]\RWbW]\" eVS`SOa FV][Oa" eWbV 4`Wab]bZS" a^SOYa ^]aWbWdSZg
]T ObbOW\W\U kTcZ\Saa ]T PSW\U"l ]` ^S`TSQbW]\$ 5OQ]\ma \SUObWdS S[#
^VOaWa W\dSaba bVS bOaY ]T Y\]eZSRUS eWbV O YW\R ]T ^VgaWQOZ O\R
[]`OZ c`US\Qg OZb]USbVS` ab`O\US O\R \]dSZ W\ bVS VWab]`g ]T bVS]`g"
Pcb W\Q`SOaW\UZg TO[WZWO` aW\QS VWa bW[S$
FVS RWTTS`S\QS W\ S[^VOaWa OR[Wba" V]eSdS`" ]T Q][[]\ U`]c\R0
Oaac[W\U [S`S ^`SaS`dObW]\ eVWQV bOYSa ^`SQSRS\QS W\ P]bV QOaSa!
b] PS Oaac`SR W\ Wba POaWQ Q]\RWbW]\a" [WaS`g [SO\a RS\WOZ ]T O U]]R
ZWTS1 Wba `S[]dOZ bVS\ [SO\a PSbbS`[S\b" O\R bVS`ST]`S Pg P]bV OQ#
Q]c\ba" bVOb ]T 4`Wab]bZS O\R bVOb ]T 5OQ]\" bVS cZbW[ObS OW[ ]T OZZ
R]W\U PSg]\R bVOb [W\W[c[ \SQSaaO`g T]` ac`dWdOZ Wa bVS U]]R ZWTS ]`
Vc[O\ VO^^W\Saa$ ?SOdW\U bVS bS`[ kVO^^W\Saal W\ OZZ bVS O[PWUcWbg
Wb [cab VOdS c\bWZ eS RSbS`[W\S eVOb VO^^W\Saa [Og Q]\aWab W\" eS
[Og bVca abObS Oa bVS U`]c\R Q][[]\ b] 5OQ]\ O\R 4`Wab]bZS bVOb bVS
keVOb T]`l ]T OZZ caS" W\QZcRW\U bVOb ]T Y\]eZSRUS" Wa VO^^W\Saa$
IV]aS VO^^W\Saa3 <T" Oa 5OQ]\ V]ZRa" Y\]eZSRUS Wa b] R] OeOg
eWbV bVS [WaS`WSa ]T [O\YW\R" Wb Wa bVS VO^^W\Saa ]T [O\YW\R eVWQV
bVS ^c`acWb ]T Y\]eZSRUS VOa T]` Wba OW[$ <T" Oa 4`Wab]bZS V]ZRa" [O\ Oa
[O\ `SOQVSa TcZZ\Saa ]T PSW\U bV`]cUV" ]` `ObVS` W\" Y\]eZSRUS" Wb Wa
bVS VO^^W\Saa ]T bVS Y\]eS` eVWQV bVS ^c`acWb ]T ^c`S Y\]eZSRUS
OQVWSdSa$ <\ P]bV QOaSa bVS`S Wa" bVS\" O ac^`S[S kcaSl b] bVS]`SbWQOZ
Y\]eZSRUS$ F] 4`Wab]bZS Wb Q]\aWaba W\ bVS U]]R bVOb Y\]eZSRUS e]`Ya
W\ bVS a]cZ ]T bVS Y\]eS`" bVOb Wa" W\ bVS Q]\RWbW]\ ]T Y\]eW\U WbaSZT Oa
bVS ^S`TSQbW]\ ]T bVS Y\]eS`ma PSW\U$
A]e" b] QZOW[ bVWa S\\]PZW\U STTSQb T]` Y\]eZSRUS [OYSa aS\aS
]\Zg eVS\ bVS]`g Wa Y\]eZSRUS ]T bVS \]PZSab" bVOb Wa" []ab ^S`TSQb"
]PXSQba$ FVS`S PSW\U acQV ]PXSQba Wa W\RSSR bVS Q]\RWbW]\ ]T bVS`S
PSW\U kbVS]`gl W\ bVS QZOaaWQOZ aS\aS ]T bVS e]`R1 O\R Q]\dS`aSZg"
TOWZW\U acQV ]PXSQba bVS Q]\bS[^ZObWdS WRSOZ ]T QZOaaWQOZ ^VWZ]a]^Vg
PSQ][Sa ^]W\bZSaa$ 4aac[W\U bVS Q]\RWbW]\ Oa UWdS\" bVS\ bVS]`g" Oa
'/( M F ;8 C ; 8AB@ 8ABA B9 ? <9 8
W\bSZZSQbcOZ Q][[c\W]\ eWbV bV]aS ]PXSQbaj O\R bV`]cUV acQV Q][#
[c\W]\ []RWTgW\U bVS acPXSQbma ]e\ Q]\RWbW]\j R]Sa \]b [S`SZg
^`][]bS Pcb W\ Wba OQbcOZWbg Q]\abWbcbS VO^^W\Saa0 O VO^^W\Saa bS`[SR
kRWdW\S"l O\R bVS`ST]`S Pcb P`WSTZg ]PbOW\OPZS W\ bVS ZWdSa ]T []`bOZa$
;S\QS W\ bVWa QOaS ^]aaSaaW]\ O\R caS ]T bVS]`g O`S bVS aO[S$ <T bVS`S
Wa O Tc`bVS` kcaSl ]T Wb PSg]\R Wba ]e\ OQbWdWbgj O\R bVS`ST]`S O
Q]\b`WPcbW]\ b] VO^^W\Saa ]T O []`S kVc[O\l Oa RWabW\Qb T`][
kRWdW\Sl ! YW\Rj Wb Q]\aWaba" Oa eS VOdS aSS\" W\ bVS eWaR][ Wb Q]\TS`a
]\ bVS ^S`a]\ T]` bVS Q]\RcQb ]T VWa ZWTS W\ US\S`OZ" O\R W\ bVS Q][#
^`SVS\aW]\ eVWQV" T`][ bVS ac[[Wb ]T a^SQcZObW]\" b`O\aTcaSa VWa
c\RS`abO\RW\U ]T OZZ bVW\Ua" W\QZcRW\U Q][[]\ bVW\Ua$ 5cb OZbV]cUV
bVS]`g bV`]cUV eWaR][ [Og RSZWdS` Wba ^]aaSaa]` T`][ bVS a^SZZ ]T
Q][[]\ bVW\Ua" O\R bVS`SPg W\Q`SOaS VWa []`OZ T`SSR][ T`][ bVSW`
\SQSaaWbg" Wb R]Sa \]b W\Q`SOaS VWa ^VgaWQOZ Q]\b`]Z ]dS` O\R caS ]T
bVS[ `ObVS` bS\Ra b] ZW[Wb bVS ZObbS`!" O\R ZSOdSa bVS `SOZ[ ]T \SQSa#
aWbg WbaSZT c\OTTSQbSR$
EW\QS 5OQ]\ma bW[S Wb VOa PSS\ bVS ]bVS` OZbS`\ObWdS bVOb [ObbS`a$
F] VW[ O\R bV]aS OTbS` VW[" bVS caS ]T Y\]eZSRUS Q]\aWaba W\ bVS
kT`cWbal Wb PSO`a W\ ]c` RSOZW\U eWbV bVS Q][[]\ bVW\Ua$ F] PSO` bVOb
T`cWb bVS Y\]eZSRUS WbaSZT [cab PS Y\]eZSRUS ]T Q][[]\ bVW\Uaj \]b
RS`WdObWdSZg a]" Oa eOa QZOaaWQOZ bVS]`g" Pcb ^`W[O`WZg O\R SdS\ PST]`S
PSQ][W\U ^`OQbWQOZ$ FVWa Wa W\RSSR bVS QOaS0 bVS bVS]`g bVOb Wa bVca b]
PS T`cWbTcZ Wa Y\]eZSRUS ]T O c\WdS`aS eVWQV" W\ bVS OPaS\QS ]T O
VWS`O`QVg ]T PSW\U" Q]\aWaba ]T Q][[]\ bVW\Ua S\bW`SZg$ EW\QS T`SSR][
QO\ bVS\ \] Z]\US` PS Z]QObSR W\ O Q]U\WbWdS `SZObW]\ b] bVS k\]PZSab
]PXSQba"l Y\]eZSRUS [cab RSZWdS` [O\ T`][ bVS g]YS ]T \SQSaaWbg Pg
[SSbW\U \SQSaaWbg ]\ Wba ]e\ U`]c\R" O\R OQVWSdSa T`SSR][ T]` VW[
Pg RSZWdS`W\U bVS bVW\Ua W\b] VWa ^]eS`$ 4 \Se dWaW]\ ]T \Obc`S" \]b
]\Zg ]T Y\]eZSRUS" Wa W[^ZWSR W\ 5OQ]\ma W\aWabS\QS bVOb kbVS [W\R
[Og SfS`QWaS ]dS` bVS \Obc`S ]T bVW\Ua bVS OcbV]`Wbg eVWQV ^`]^S`Zg
PSZ]\Ua b] Wb$l FVS \Obc`S ]T bVW\Ua Wa ZSTb eWbV \] RWU\Wbg ]T Wba ]e\$.)

)$ k9]` Oa OZZ e]`Ya R] aV]e T]`bV bVS ^]eS` O\R aYWZZ ]T bVS e]`Y#
[O\" O\R \]b VWa W[OUS1 a] Wb Wa ]T bVS e]`Ya ]T :]R" eVWQV R] aV]e bVS
][\W^]bS\Qg O\R eWaR][ ]T bVS [OYS`" Pcb \]b VWa W[OUS0 O\R bVS`ST]`S
bVS`SW\ bVS VSObVS\ ]^W\W]\ RWTTS`SbV T`][ bVS aOQ`SR b`cbV1 T]` bVSg
ac^^]aSR bVS e]`ZR b] PS bVS W[OUS ]T :]R" O\R [O\ b] PS O\ Sfb`OQb ]`
Q][^S\RW]ca W[OUS ]T bVS e]`ZR1 Pcb bVS EQ`W^bc`Sa \SdS` d]cQVaOTS b]
Obb`WPcbS b] bVS e]`ZR bVOb V]\]c`" Oa b] PS bVS W[OUS ]T :]R" Pcb ]\Zg J>;
F ;8 C D46F<64? G E8E B9 F ;8BDK L '/)
4ZZ RWU\Wbg PSZ]\Ua b] [O\0 eVOb Q][[O\Ra \] `SdS`S\QS QO\ PS
Q][[O\RSR" O\R OZZ bVW\Ua O`S T]` caS$ F] PS bVS [OabS` ]T \Obc`S Wa
bVS `WUVb ]T [O\ Oa bVS a]ZS ^]aaSaa]` ]T [W\R" O\R Y\]eZSRUS" Pg
TWbbW\U VW[ b] SfS`QWaS bVWa `WUVb" eWZZ Ob ZOab P`W\U [O\ W\b] VWa ]e\$
;Wa ]e\ Wa kbVS YW\UR][ ]T [O\"l O\R Wb Q]\aWaba W\ VWa a]dS`SWU\ caS
]T bVW\Ua$ E]dS`SWU\ caS [SO\a []`S caSj \]b [S`SZg ^]bS\bWOZ Pcb
OQbcOZ O\R" ab`O\US b] aOg" SdS\ \SQSaaO`g caS$ 6]\b`]Z" Pg [OYW\U
SdS` []`S bVW\Ua OdOWZOPZS T]` []`S YW\Ra ]T caSa" S\[SaVSa bVS
caS`ma ZWTS W\ SdS` []`S RS^S\RS\QWSa ]\ SfbS`\OZ ]PXSQba$ FVS`S Wa \]
]bVS` eOg ]T SfS`QWaW\U bVS ^]eS` bVO\ Pg [OYW\U ]\SaSZT OdOWZOPZS b]
bVS caS ]T bVS bVW\Ua Oa bVSg PSQ][S OdOWZOPZS$ IVS`S caS Wa T]`U]\S
bVS ^]eS` [cab ZO^aS" Pcb bVS`S Wa \] ZW[Wb b] bVS SfbS\aW]\ ]T SWbVS`$
4\R a] ]\S [OabS` Wa SfQVO\USR T]` O\]bVS`$
8dS\ bVS ZOgW\U V]ZR ]T ^]eS` W\ bVS TW`ab ^ZOQS Wa \]b _cWbS a] T`SS
Oa bVS O^^SOZ b] [O\ma ZSUWbW[ObS OcbV]`Wbg acUUSaba$ 9]` \]b ]\Zg Wa
[O\ma `SZObW]\ b] \Obc`S ]\S ]T ^]eS`" Pcb \Obc`S VS`aSZT Wa Q]\QSWdSR
W\ bS`[a ]T ^]eS`$ FVca Wb Wa O _cSabW]\ ]T SWbVS` `cZW\U ]` PSW\U
`cZSR1 O\R b] PS `cZSR Pg O \Obc`S \]b \]PZS ]` YW\R`SR ]` eWaS [SO\a
aZOdS`g O\R VS\QS [WaS`g$ FVS SfS`QWaS ]T [O\ma W\VS`S\b `WUVb Wa
bVS`ST]`S OZa] bVS `Sa^]\aS b] O POaWQ O\R Q]\bW\c]ca S[S`US\Qg0 bVS
S[S`US\Qg ]T O Q]\bSab RSQ`SSR Pg [O\ma Q]\RWbW]\$ FVS ObbOQY ]T
Y\]eZSRUS" PSW\U O RSTS\aS OUOW\ab \SQSaaWbg" Wa WbaSZT O Tc\QbW]\ ]T
\SQSaaWbg O\R `SbOW\a bVWa Oa^SQb bV`]cUV]cb Wba QO`SS`" eVWQV Wa O
Q]\bW\c]ca `Sa^]\aS b] bVS \Se \SQSaaWbWSa Q`SObSR Pg Wba dS`g
^`]U`Saa$

<ZZ
9]` Y\]eZSRUS b] PS PS\STWQWOZ b] [O\ma SabObS Wb [cab PS k^S`TSQbSR
O\R U]dS`\SR W\ QVO`Wbg$l FVWa Wa b] aOg bVOb eV]SdS` OR[W\WabS`a bVS
Q]c`aS O\R bVS caS ]T bVS]`g [cab bOYS bVS \SQSaaWbWSa O\R [WaS`WSa ]T

MEHA E< >?I >7D:I# \SWbVS` R] bVSg a^SOY ]T O\g ]bVS` W[OUS ]T :]R" Pcb
[O\l 5OQ]\" 3>; %:L7D9;C;DJ E< ,;7HD?D= 5]]Y <<0 5EHAI SR$ =$
E^SRRW\U O\R D$ ?$ 8ZZWa" <<<" ^^$ )*/ T$ 6$3>; 0>?BEIEF>?97B 5EHAI SR$
=$ @$ D]PS`ba]\" ^$ /'M!$ ?S] Eb`Ocaa ORRcQSa bVWa ^OaaOUS W\ ac^^]`b ]T
bVS abObS[S\b0 kFVS RWdWaW]\ ]T ^VWZ]a]^Vg W\b] \Obc`OZ O\R Vc[O\ ^VW#
Z]a]^Vg Wa POaSR ]\ bVS agabS[ObWQ RWabW\QbW]\ PSbeSS\ [O\ O\R e]`ZR"
eVWQV 5OQ]\ [OYSa W\ Sf^`Saa Q]\b`]dS`ag OUOW\ab O\QWS\b ^VWZ]a]^Vgl
P3>; 0EB?J?97B 0>?BEIEF>N E< *E88;I ^$ /'" \$ '!$
'/* M F ;8 C ;8AB@ 8ABA B9 ? <9 8
Vc[O\Wbg b] VSO`b$ FVS PZSaaW\Ua ]T Y\]eZSRUS O`S \]b W\ bVS TW`ab
^ZOQS T]` bVS Y\]eS` Pcb T]` VWa \]b#Y\]eW\U TSZZ]e [S\j O\R T]`
VW[aSZT ]\Zg W\a]TO` Oa VS Wa ]\S ]T bVS[$ G\ZWYS bVS [OUWQWO\" bVS
aQWS\bWab R]Sa \]b OQ_cW`S W\ VWa ]e\ ^S`a]\ bVS ^]eS` bVOb a^`W\Ua
T`][ VWa O`b$ ;S VO`RZg SdS\ OQ_cW`Sa" O\R QS`bOW\Zg R]Sa \]b ]e\" bVS
Y\]eZSRUS WbaSZT W\ VWa ]e\ ^S`a]\0 aW\QS bVWa Y\]eZSRUS Wa O Q]ZZSQ#
bWdS S\bS`^`WaS" VWa T`OQbW]\OZ Q]\b`WPcbW]\ U]Sa W\b] bVS Q][[]\
ab]QY" ]T eVWQV bVS aQWS\bWTWQ Q][[c\Wbg Wa bVS RS^]aWb]`g O\R a]QWSbg
Oa O eV]ZS aV]cZR PS bVS PS\STWQWO`g$ 4[]\U bVS PS\STWba bVOb Y\]eZ#
SRUS U`O\ba bV`]cUV ^]eS` ]dS` bVW\Ua Wa `SZWST T`][ b]WZ0 ZSWac`S bVS\"
Pcb \]b bVS aQWS\bWabma ]e\" Wa VS`S O T`cWb ]T Y\]eZSRUS$ FVS QZOaaWQOZ
^ObbS`\ eOa bVS ]^^]aWbS0 ZSWac`S eOa O Q]\RWbW]\ ]T bVS]`g" O\bSQS#
RS\bZg Oaac`SR b] [OYS bVS]`g ^]aaWPZS" \]b a][SbVW\U b] PS OQVWSdSR
Pg Wba SfS`bW]\a$ @]RS`\ bVS]`SbWQOZ OQbWdWbg" TO` T`][ PSW\U caS ]T
ZSWac`S" Wa WbaSZT O b]WZ O\R ^O`b ]T bVS Q][[]\ b]WZ ]T Vc[O\Wbg"
V]eSdS` U`ObWTgW\U b] bVS b]WZS`$ FVWa OZ]\S aV]ea bVOb []RS`\ bVS]`g
R]Sa \]b" W\ Vc[O\ bS`[a" bOYS bVS ^ZOQS ]T QZOaaWQOZ bVS]`g$
9c`bVS`[]`S" bVS \SSR T]` QVO`Wbg ]` PS\Sd]ZS\QS W\ bVS caS ]T
bVS]`g abS[a T`][ bVS TOQb bVOb ^]eS` QO\ PS T]` SdWZ Oa eSZZ Oa T]`
U]]R$ A]e" QVO`Wbg Wa \]b WbaSZT O[]\U bVS T`cWba ]T bVS]`g W\ bVS
[]RS[ aS\aS$ 4a O _cOZWTgW\U Q]\RWbW]\ ]T Wba caSjeVWQV caS bVS]`g
WbaSZT R]Sa \]b a^SQWTg" ZSb OZ]\S Oaac`Sj Wb [cab a^`W\U T`][ O a]c`QS
b`O\aQS\RS\b b] bVS Y\]eZSRUS bVOb bVS bVS]`g ac^^ZWSa$
;S`S O Q][^O`Wa]\ eWbV bVS QZOaaWQOZ QOaS Wa W\ab`cQbWdS$ FV]cUV
CZOb] R]Sa \]b QOZZ Wb Pg bVOb \O[S" bVS `Sa^]\aWPWZWbg bVOb Q][^SZa bVS
^VWZ]a]^VS` b] `Sbc`\ b] bVS kQOdSl O\R VSZ^ VWa TSZZ]e [S\ W[^`Wa#
]\SR bVS`S Wa O\ O\OZ]UcS b] 5OQ]\ma QVO`Wbg ]` ^Wbg$ 5cb OZa] V]e
RWTTS`S\b <\ bVS TW`ab ^ZOQS" aW\QS ]T bVS]`g W\ bVS CZOb]\WQ aS\aS bVS
OQbWdWbg Oa eSZZ Oa bVS ]PXSQb Wa \]PZS" Wb eWZZ WbaSZT PS bVS a]c`QS ]T
PS\Sd]ZS\QS W\ Wba ORS^ba T]` eVObSdS` ^O`b bVSg [Og bOYS W\ bVS
OQbWdS ZWTS$ A]\PS\Sd]ZS\b OQbW]\ e]cZR PS W\Q]\aWabS\b eWbV bVS ZWUVb
bVSg ^O`bOYS ]T bV`]cUV bVS VWUVSab Y\]eZSRUS$ A] acQV Q]\b`ORWQbW]\
]PbOW\a PSbeSS\ bVS W\aWUVba ]T aQWS\QS O\R bVSW` ^]bS\bWOZ \]\PS\Sd]#
ZS\b caS$ ESQ]\R" bV]cUV W\ CZOb]ma aQVS[S bVS kRSaQS\bl W\b] bVS
OQbWdS ZWTS Wa \]b Pg W\QZW\ObW]\ Pcb Pg Rcbg" O\R bVWa Rcbg Wa ^`]fW#
[ObSZg S\T]`QSR Pg bVS abObS" Wba cZbW[ObS aO\QbW]\ S[O\ObSa T`][
bVS ]PXSQb ]T Q]\bS[^ZObW]\ WbaSZT" \O[SZg" kbVS U]]R"l eVWQV Wa \]b
S\dW]ca O\R W[^SZa Wba ]e\ Q][[c\WQObW]\1 bVca \] ORRWbW]\OZ O\R
F ;8 C D46F<64? G E8E B9 F ;8BDK L '/+
VSbS`]US\WQ ^`W\QW^ZS Wa `S_cW`SR b] ^`]dWRS bVS U`]c\R ]T `Sa^]\aW#
PWZWbg$ 9W\OZZg" bVS `Sbc`\W\U ^VWZ]a]^VS`ma OQbW]\ W\ bVS QOdS Wa Q]\#
QS`\SR" \]b eWbV bVS [O\OUW\U ]T bVW\Ua" Pcb eWbV bVS ]`RS`W\U ]T ZWdSa1
W\ ]bVS` e]`Ra" Wb Wa \]b bSQV\WQOZ Pcb ^]ZWbWQOZ" W\T]`[SR Pg bVS dWaW]\
]T ]`RS` W\ bVS W\bSZZWUWPZS e]`ZR$ FVca Wb Wa O\ kO^^ZWQObW]\l bVOb
RS`WdSa Wba []bWdS" Wba []RSZ" O\R Wba abO\RO`R ]T eVOb Wa PS\STWQWOZ
T`][ bVS ]\S O\R aSZT#acTTWQWS\b bVS]`g$ EcQV kO^^ZWQObW]\l QO\ PS
SfS`QWaSR ]\Zg W\ ^S`a]\ Pg bVS OcbVS\bWQ ORS^ba ]T bVS]`g1 Wb QO\\]b
PS RSZSUObSR" Oa QO\ O\R [cab PS bVS O^^ZWQObW]\ ]T bVS kY\]e#V]el
]T bSQV\WQOZ aQWS\QS$
5g Q]\b`Oab" []RS[ bVS]`g Wa \]b aSZT#acTTWQWS\bZg bVS a]c`QS ]T bVS
Vc[O\ _cOZWbg bVOb [OYSa Wb PS\STWQWOZ$ FVOb Wba `SacZba O`S RSbOQVOPZS
T`][ Wb O\R VO\RSR ]dS` T]` caS b] bV]aS eV] VOR \] ^O`b W\ bVS
bVS]`SbWQOZ ^`]QSaa Wa ]\Zg ]\S Oa^SQb ]T bVS [ObbS`$ FVS aQWS\bWab
VW[aSZT Wa Pg VWa aQWS\QS \] []`S _cOZWTWSR bVO\ ]bVS`a b] RWaQS`\" \]`
SdS\ Wa VS []`S RWa^]aSR b] QO`S T]`" bVS U]]R ]T [O\YW\R$ 5S\Sd]#
ZS\QS [cab PS QOZZSR W\ T`][ bVS ]cbaWRS b] ac^^ZS[S\b bVS Y\]eZSRUS
OQ_cW`SR bV`]cUV bVS]`g0 Wb R]Sa \]b TZ]e T`][ bVS]`g WbaSZT$
IVg Wa bVWa a]3 B\S O\aeS` Wa Q][[]\Zg Sf^`SaaSR W\ bVS abObS#
[S\b bVOb aQWS\QS Wa kdOZcS#T`SSl M;HJ<H;?!" eWbV bVS Q]`]ZZO`g bVOb
dOZcSa O`S \]b ]PXSQba ]T Y\]eZSRUS" ]` Ob O\g `ObS ]T aQWS\bWTWQ
Y\]eZSRUS$ 5cb eVg Wa aQWS\QS RWd]`QSR T`][ dOZcS" O\R dOZcS Q]\#
aWRS`SR \]\`ObW]\OZ3 6O\ Wb PS PSQOcaS bVS dOZWRObW]\ ]T dOZcS `S#
_cW`Sa O b`O\aQS\RS\QS eVS\QS b] RS`WdS Wb3 DSZObW]\ b] O\ ]PXSQbWdS
b`O\aQS\RS\QS ZWSa b]ROg ]cbaWRS bVS]`g Pg Wba `cZSa ]T SdWRS\QS"
eVS`SOa T]`[S`Zg Wb eOa bVS dS`g ZWTS ]T bVS]`g$
kF`O\aQS\RS\QSl eVObSdS` SZaS bVS bS`[ Q][^`WaSa! W[^ZWSa ]P#
XSQba VWUVS` bVO\ [O\" O\R OP]cb acQV eOa QZOaaWQOZ bVS]`g$ @]RS[
bVS]`g Wa OP]cb ]PXSQba Z]eS` bVO\ [O\0 SdS\ abO`a" PSW\U Q][[]\
bVW\Ua" O`S Z]eS` bVO\ [O\$ A] UcWRO\QS Oa b] S\Ra QO\ PS RS`WdSR
T`][ bVS[$ FVS ^V`OaS kZ]eS` bVO\ [O\"l W[^ZgW\U O dOZcObW]\"
aSS[a b] Q]\b`ORWQb bVS OaaS`bSR kdOZcS#T`SSR][l ]T aQWS\QS$ 5cb bVWa
dOZcS#T`SSR][ [SO\a O \Scb`OZWbg Oa [cQV ]T bVS ]PXSQba Oa ]T bVS
aQWS\QS0 ]T bVS ]PXSQba" bVSW` \Scb`OZWbg W\RWTTS`S\QS! b]eO`R eVOb#
SdS` dOZcS [Og PS kUWdS\l bVS[$ 4\R bVOb eVWQV ZOQYa W\b`W\aWQ dOZcS
]T Wba ]e\ Wa Z]eS` bVO\ bVOb Pg `STS`S\QS b] eVWQV OZ]\S Wb [Og
`SQSWdS dOZcS" \O[SZg" [O\ O\R Vc[O\ ZWTS" bVS ]\Zg `S[OW\W\U a]c`QS
O\R `STS`S\b ]T dOZcS$
'/, M F ;8 C ;8AB@ 8ABA B9 ? <9 8
IVOb bVS\ OP]cb bVS aQWS\QSa ]T [O\" ZWYS ^agQV]Z]Ug ]` a]QW]Z#
]Ug3 Ec`SZg Wb QO\\]b PS aOWR ]T bVS[ bVOb bVS ]PXSQba ]T aQWS\QS O`S
Z]eS` bVO\ [O\3 FVSW` ]PXSQb ?I [O\$ <a Wb \]b b`cS bVOb eWbV bVS[
dOZcS `S#S\bS`a bVS c\WdS`aS ]T aQWS\QS3 4\R QO\ bVS`S \]b a^`W\U T`][
bVS[" Oa RSOZW\U eWbV a]c`QS O\R `STS`S\QS ]T OZZ dOZcS" O dOZWR bVS]`g
]T dOZcS3 5cb VS`S eS VOdS b] RWabW\UcWaV0 HOZcObW]\ Oa O TOQb ]T
Vc[O\ PSVOdW]` W\RSSR PSQ][Sa Y\]e\ W\ bVS Vc[O\ aQWS\QSaj Pcb
\]b dOZcS WbaSZT$ 4\R TOQSbW]ca Oa Wb [Og a]c\R0 W\a]TO` Oa bVSg O`S
I9?;D9;I bVSW` ]PXSQb b]] Wa kZ]eS` bVO\ [O\$l ;]e a]3 9]` O aQWS\#
bWTWQ bVS]`g ]T VW[ b] PS ^]aaWPZS" [O\" W\QZcRW\U VWa VOPWba ]T dOZcO#
bW]\" VOa b] PS bOYS\ Oa RSbS`[W\SR Pg QOcaOZ ZOea" Oa O\ W\abO\QS O\R
^O`b ]T \Obc`S$ FVS aQWS\bWab R]Sa bOYS VW[ a]j Pcb \]b VW[aSZT eVWZS
VS Oaac[Sa O\R SfS`QWaSa VWa T`SSR][ ]T W\_cW`g O\R VWa ]^S\\Saa b]
`SOa]\" SdWRS\QS" O\R b`cbV$ FVca [O\#bVS#Y\]eS` O^^`SVS\Ra [O\#
N;bT#Z]eS`#bVO\#VW[aSZT O\R W\ R]W\U a] OQVWSdSa Y\]eZSRUS ]T [O\#
2-iO#Z]eS`#bVO\#[O\" aW\QS OZZ aQWS\bWTWQ bVS]`g Wa ]T bVW\Ua Z]eS` bVO\
[O\ bVS Y\]eS`$ <b Wa ]\ bVOb Q]\RWbW]\ bVOb bVSg QO\ PS acPXSQbSR b]
kbVS]`g"l VS\QS b] Q]\b`]Z" VS\QS b] caS$ FVS\ [O\#Z]eS`#bVO\#[O\
Sf^ZOW\SR Pg bVS Vc[O\ aQWS\QSaj[O\ `SWTWSRj QO\ Pg bVS W\ab`cQ#
bW]\a ]T bVSaS aQWS\QSa PS Q]\b`]ZZSR SdS\ kS\UW\SS`SRl ! O\R bVca
caSR$
6VO`Wbg bVS\" ]` SdS\ Z]dS Oa Z]dS ]T [O\YW\R `ObVS` bVO\ ^S`#
a]\!" W\ b`gW\U b] [OYS acQV caS O QVO`WbOPZS ]` PS\STWQS\b ]\S" R]Sa
\]b Q]``SQb Pcb `ObVS` Q]\TW`[ bVS Z]eS` abObca$ 4\R Oa bVS caS ]T
eVOb Wa Z]eS`#bVO\#[O\ QO\ ]\Zg PS T]` eVOb Wa Z]eS` O\R \]b T]`
eVOb Wa VWUVS` W\ bVS caS` VW[aSZT" bVS Y\]eS` O\R caS` PSQ][Sa W\
acQV caS" WT [ORS OZZ#W\QZcaWdS" VW[aSZT Z]eS` bVO\ [O\$ 4\R OZZ#
W\QZcaWdS Wb PSQ][Sa eVS\ Wb SfbS\Ra ]dS` bVS PSW\U ]T ]\Sma TSZZ]e
[S\ O\R aeOZZ]ea c^ bVS WaZO\R#YW\UR][ ]T bVS ^S`a]\$ <\SdWbOPZg
bVS [O\W^cZOb]` Q][Sa b] aSS VW[aSZT W\ bVS aO[S ZWUVb Oa bV]aS VWa
bVS]`g VOa [ORS [O\W^cZOPZS1 O\R W\ bVS aSZT#W\QZcaWdS a]ZWRO`Wbg eWbV
bVS US\S`OZ Vc[O\ Z]eZW\Saa O[WRab bVS a^ZS\R]` ]T Vc[O\ ^]eS` VWa
QVO`Wbg Wa Pcb aSZT#Q][^OaaW]\ O\R bVOb b]ZS`O\QS eVWQV a^`W\Ua T`][
aSZT#Q]\bS[^b0 eS O`S OZZ ^]]` ^c^^Sba O\R QO\\]b VSZ^ PSW\U eVOb
eS O`S$ 5S\Sd]ZS\QS bVS\ RSUS\S`ObSa b] Q]\R]\W\U O\R Q]\\WdW\U$
8dS\ eVS\ ]T O ^c`S` O\R ZSaa O[PWUc]ca YW\R" PS\Sd]ZS\QS OZ]\S
Wa W\acTTWQWS\b b] W\ac`S PS\STWQWOZ caS ]T aQWS\QS$ 4a O RWa^]aWbW]\ b]
`ST`OW\ T`][ VO`[W\U" Wb Wa ]T Q]c`aS Oa W\RWa^S\aOPZS W\ bVWa Q]\bSfb
F ; 8 C D46F<64? G E8E B9 F ;8BDK L '/-
Oa Wb Wa W\ bVS TSZZ]eaVW^ ]T [S\ W\ US\S`OZ$ 5cb W\ Wba ^]aWbWdS Oa^SQb
U]]R eWZZ Wa <EH bVS U]]R O\R [cab bVS`ST]`S PS W\T]`[SR Pg O Q]\QS^#
bW]\ ]T eVOb Wa bVS U]]R$ IVS\QS acQV O Q]\QS^bW]\ QO\ RS`WdS O\R
eVSbVS` Wb QO\ PS `OWaSR b] bVS `O\Y ]T kY\]eZSRUSl [cab VS`S PS ZSTb
c\RSQWRSR$ <T bVS`S Wa O Y\]eZSRUS ]T Wb" \]b aQWS\QS QO\ ac^^Zg Wb$
@S`S PS\Sd]ZS\QS QO\\]b `S^ZOQS Wbj \]` SdS\ Z]dS" WT Z]dS eWbV]cb
`SdS`S\QS1 O\R eVS\QS QO\ `SdS`S\QS Q][S SfQS^b T`][ O Y\]eZSRUS
]T eVOb Wa b] PS `SdS`SR3 5cb SdS\ WT O UcWRW\U Y\]eZSRUS ]T bVS U]]R"
bVOb Wa" b`cS ^VWZ]a]^Vg eS`S OdOWZOPZS" Wb [WUVb eSZZ TW\R Wba Q]c\aSZ
b] PS ]T \] OdOWZ OUOW\ab bVS aSZT#US\S`ObSR Rg\O[WQa ]T aQWS\QS W\
caS$ F] bVWa bVS[S < aVOZZ `Sbc`\ Ob bVS S\R$ A]e < [cab aOg a][S#
bVW\U []`S OP]cb bVS a^SQWTWQOZZg []RS`\ ^`OQbWQS#bVS]`g `SZObW]\ Wb#
aSZT O\R bVS eOga Wb e]`Ya" `ObVS` bVO\ eVOb Wb e]`Ya T]`$

<H
IS a^SOY ]T KI?D= eVS\ eS O^^Zg a][SbVW\U Oa O [SO\a b]eO`R O\
S\R$ 4a bVS S\R Wa RWabW\Qb T`][ bVS [SO\a" a] \]`[OZZg Wa bVS [SO\a
RWabW\Qb T`][ Wba O^^ZWQObW]\$ FVOb Wa b] aOg" bVS [SO\a VOa O ^`W]`
SfWabS\QS ]T Wba ]e\ O\R e]cZR Q]\bW\cS b] PS eVOb Wb Wa SdS\ WT \SdS`
a] O^^ZWSR Ob OZZ$ IVSbVS` bVWa V]ZRa TcZZg T]` bVS]`g b]]" ]` T]` SdS`g
bVS]`g" eS VOdS `SOa]\ b] R]cPb$ 5cb W\ a^SOYW\U ]T caSa ]T bVS]`g
bVOb [cQV Wa Q]\QSRSR bVOb bVS]`g" V]eSdS` caSR" Wa OZa] a][SbVW\U
Pg WbaSZT$
5SW\U a][SbVW\U Pg WbaSZT Wa \]b \SQSaaO`WZg b] PS \Scb`OZ b] ^]aaW#
PZS caS$ GaS [Og PS SaaS\bWOZ" ]` Wb [Og PS OQQWRS\bOZ" b] bVOb eVWQV
QO\ aS`dS Oa O [SO\a$ E][S bVW\Ua" bV]cUV VOdW\U O acPabO\bWdS PSW\U
]T bVSW` ]e\ ]\QS bVSg SfWab" R] a] 7I [SO\a T`][ bVS ]cbaSb$ 4 b]]Z"
T]` SfO[^ZS" ]eSa Wba dS`g PSW\U b] bVS ^c`^]aS PSg]\R WbaSZT T]`
eVWQV Wb eOa RSaWU\SR$ <T \]b ^cb b] acQV aS`dWQS Wb [WaaSa Wba H7?IED
:R;JH;! F] ]bVS` bVW\Ua caS Q][Sa Oa Wb eS`S Oa O\ OTbS`bV]cUVb ]\ bVS
^O`b ]T O caS`0 T]` bVS[" PSW\U caSR Wa OQQWRS\bOZ" Sfb`O\S]ca b] bVS
PSW\U bVSg VOdS W\ bVSW` ]e\ W\RS^S\RS\b `WUVb$ <\ bVS TW`ab QObSU]`g
O`S [OW\Zg [O\#[ORS bVW\Ua" ZWYS VO[[S`a ]` QVOW`a" W\ bVS aSQ]\R
[OW\Zg \Obc`OZ ]\Sa" ZWYS V]`aSa ]` `WdS`a$ FVS]`g Wa QS`bOW\Zg [O\#
[ORS" O\R Wb VOa caSa1 Pcb eVSbVS` caS Wa SaaS\bWOZ ]` OQQWRS\bOZ b] Wb
[Og eSZZ RS^S\R ]\ bVS YW\R ]T bVS]`g ]\S Q]\aWRS`a" Oa OZa] ]\ bVS
YW\R ]T caS$ @ObVS[ObWQa" T]` SfO[^ZS" RWTTS`a W\ bVWa `Sa^SQb T`][
'/. M F ;8 C ;8AB@ 8ABA B9 ? <98
^VgaWQa$ @g bVSaWa Wa bVOb b] []RS[ bVS]`g W\ US\S`OZ" ^`OQbWQOZ caS Wa
\] OQQWRS\b Pcb Wa W\bSU`OZ b] Wb" ]` bVOb kaQWS\QSl Wa bSQV\]Z]UWQOZ Pg
Wba \Obc`S$
C`OQbWQOZ Wa O caS eVWQV W\d]ZdSa SfbS`\OZ OQbW]\" `SacZbW\U W\ O
QVO\US W\ bVS S\dW`]\[S\b ]` ^`SdS\bW\U O QVO\US!$ 8fbS`\OZ OQbW]\
`S_cW`Sa bVS caS ]T SfbS`\OZ" ^VgaWQOZ [SO\a" O\R []`S]dS` a][S
RSU`SS ]T W\T]`[ObW]\" eVWQV Wa O\ W\bS`\OZ" \]\^VgaWQOZ bVW\U$ 5cb
OZZ OQbW]\ eVWQV Wa \]b ab`WQbZg `]cbW\S" O\R \]b ^c`SZg W\bcWbWdS" `S#
_cW`Sa []`S bVO\ bVOb" \O[SZg" RSZWPS`ObW]\" O\R bVWa QO\ PS Oa b]
S\Ra O\R Oa b] [SO\a0 Oa b] S\Raj T]` SfO[^ZS" eVSbVS` RSaW`OPZS"
O\R eVSbVS` US\S`OZZg ^]aaWPZS1 Oa b] [SO\ajT]` SfO[^ZS" eVWQV Oa
acQV acWbOPZS" O\R eVWQV VS`S O\R \]e OdOWZOPZS$ <\ OZZ bVSaS `Sa^SQba"
ADEMB;:=; WT \]b \SQSaaO`WZg bVS]`g! S\bS`a W\b] bVS Q]\RWbW]\a O\R
Q]\RcQb ]T OQbW]\ O\R Wa [ORS caS ]T$
BPdW]caZg Wb Wa O RWTTS`S\b YW\R ]T Y\]eZSRUS bVOb VOa b] R] eWbV
bVS RSaW`OPWZWbg ]T S\Ra" O\R O RWTTS`S\b YW\R bVOb VOa b] R] eWbV
TSOaWPWZWbg" [SO\a" O\R SfSQcbW]\$ 4UOW\" eWbVW\ bVS ZObbS` YW\R" bVS
Y\]eZSRUS eVWQV ^`]\]c\QSa ]\ ^]aaWPWZWbg W\ ^`W\QW^ZS Wa RWTTS`S\b
T`][ bVS ]\S eVWQV [O^a" abWZZ W\ bVS OPab`OQb" ^]aaWPZS eOga ]T
`SOZWhObW]\" O\R bVWa T`][ bVS RWaQS`\[S\b ]T bVS Q]c`aS ]T OQbW]\
[]ab ^`OQbWQOPZS W\ bVS UWdS\ QW`Qc[abO\QSa$ IS VOdS VS`S O aQOZS
RSaQS\RW\U T`][ bVS US\S`OZ b] bVS ^O`bWQcZO`" T`][ bVS aW[^ZS b] bVS
Q][^ZSf" O\R Ob bVS aO[S bW[S T`][ bVS]`g b] ^`OQbWQS" eVWQV Wa
Q][^ZSfWbg WbaSZT$ FVS Y\]eZSRUS ]T ^]aaWPWZWbg `Saba ]\ bVS c\WdS`aOZ
^`W\QW^ZSa ]T bVS TWSZR" Wba Q]\abWbcbWdS ZOea bVS bS`[W\OZ ^]W\ba ]T
eVOb :OZWZS] QOZZSR bVS k`Sa]ZcbWdS [SbV]Rl !1 bVOb ]T bg^WQOZ eOga ]T
Q][W\U#b]#PS ]\ []`S Q][^ZSf O\R []`S a^SQWTWQ QOcaOZ ^ObbS`\a"
S[P]RgW\U bVS TW`ab ^`W\QW^ZSa O\R ^`]dWRW\U []RSZa T]` `cZSa ]T
OQbW]\ kQ][^]aWbWdS [SbV]Rl !1 bVS Y\]eZSRUS" TW\OZZg" ]T eVOb b] R]
\]e Wa S\bW`SZg ^O`bWQcZO`" ^ZOQW\U bVS bOaY eWbVW\ bVS Q]\bSfb ]T bVS
eV]ZS" Q]\Q`SbS aWbcObW]\$ FVS TW`ab be] abS^a O`S P]bV eWbVW\ bVS]`g"
]` `ObVS`" bVSg SOQV 97D VOdS bVSW` RSdSZ]^SR bVS]`g$ FVS bVS]`g W\
bVS TW`ab QOaS eS [Og QOZZ aQWS\QS ^`]^S`" acQV Oa bVS]`SbWQOZ ^VgaWQa1
bVS bVS]`g W\ bVS aSQ]\R QOaS" RS`WdObWdS T`][ Wb W\ Z]UWQ" WT \]b OZeOga
W\ TOQb" eS [Og QOZZ bSQV\]Z]UWQOZ ]` O^^ZWSR aQWS\QSjeVWQV" Wb [cab
PS `S[S[PS`SR" Wa abWZZ kbVS]`gl W\ `Sa^SQb b] OQbW]\ WbaSZT" Oa Wb ]TTS`a
bVS a^SQWTWQ `cZSa ]T OQbW]\ Oa ^O`ba ]T O `SOa]\SR eV]ZS O\R eWbV]cb
[OYW\U O RSQWaW]\$ FVS ^O`bWQcZO` SfSQcbW]\ WbaSZT VOa \] bVS]`g ]T Wba
F ;8 C D46F<64? G E8E B9 F ;8BDK L '//
]e\ O\R QO\ VOdS \]\S$ FV]cUV O^^ZgW\U bVS bVS]`g" Wb Wa \]b aW[^Zg
RS`WdObWdS ]T Wb Pcb W\d]ZdSa RSQWaW]\ POaSR ]\ @K:=C;DJ# O\R bVS`S Wa
\] aQWS\QS ]T XcRU[S\b Oa ZWbbZS Oa bVS`S Wa ]\S ]T RSQWaW]\!j bVOb Wa"
XcRU[S\b QO\\]b PS `S^ZOQSR Pg" ]` b`O\aT]`[SR W\b]" aQWS\QS" [cQV
Oa Wb QO\ OdOWZ WbaSZT ]T bVS TW\RW\Ua O\R SdS\ ]T bVS W\bSZZSQbcOZ RWaQW#
^ZW\S ]T aQWS\QS O\R Wa WbaSZT O YW\R ]T Y\]eZSRUS" O Q]U\WbWdS TOQcZbg$
=cRU[S\b" aOga >O\b" Wa bVS TOQcZbg ]T acPac[W\U bVS ^O`bWQcZO` c\RS`
bVS c\WdS`aOZ1 O\R aW\QS `SOa]\ Wa bVS TOQcZbg ]T bVS c\WdS`aOZ" O\R
aQWS\QS bVS ]^S`ObW]\ ]T bVOb TOQcZbg" XcRU[S\b Oa Q]\QS`\SR eWbV
^O`bWQcZO`a Wa \SQSaaO`WZg ]cbaWRS aQWS\QS O\R ab`WQbZg bVS P`WRUS PS#
beSS\ bVS OPab`OQbW]\a ]T bVS c\RS`abO\RW\U O\R bVS Q]\Q`SbS\Saa ]T
ZWTS$
<\ bVS TW`ab abOUS" bVOb ]T ^c`S aQWS\QS" bVS T]`[ ]T ^`]^]aWbW]\a Wa
QObSU]`WQOZ0 4 Wa C" 5 Wa C" $ $ $ <\ bVS O^^ZWSR abOUS" bVS T]`[ Wa
Vg^]bVSbWQOZ0 WT C Wa b] PS" bVS\ SWbVS` 4 ]` 5 $ $ $ [cab PS ^`]dWRSR$
<\ bVS RSZWPS`ObW]\a ]T ^`OQbWQOZ XcRU[S\b" bVS ^`]^]aWbW]\OZ T]`[ Wa
^`]PZS[ObWQOZ0 ^O`bWQcZO`a T" U" $ $ $ OdOWZOPZS W\ bVS aWbcObW]\" R]
^S`VO^a \]b" ^O`bWOZZg! TWb bVS RS[O\Ra ]T c\WdS`aOZ 4" ]` 5" $ $ $ 1
[Og bVS`ST]`S PS \]b" []`S" ZSaa! acWbOPZS T]` P`W\UW\U OP]cb C$
<\dS\bW]\ Wa bg^WQOZZg acQV O Q][PW\ObW]\ ]T Q]\Q`SbS XcRU[S\b eWbV
OPab`OQb aQWS\QS$
<b Wa W\ bVWa `SOZ[ ]T Q]\Q`SbS XcRU[S\b O\R QV]WQS bVOb bVS ^`OQbW#
QOZ caS ]T bVS]`g Q][Sa OP]cb$ IVS\QS Wb T]ZZ]ea bVOb bVS caS ]T
bVS]`g R]Sa \]b WbaSZT ^S`[Wb ]T O bVS]`g0 WT Wb Wa S\ZWUVbS\SR caS" Wb
`SQSWdSa Wba ZWUVb T`][ RSZWPS`ObW]\" eVWQV [Og ]` [Og \]b S\X]g bVS
PS\STWba ]T U]]R aS\aS$ 5cb bVWa Y\]eZSRUS ]T caS Wa RWTTS`S\b \]b ]\Zg
T`][ bVS Y\]eZSRUS ]T bVS bVS]`g caSR W\ bVS QOaS Pcb T`][ bVOb ]T
O\g bVS]`g eVOba]SdS`" O\R Wb Wa OQ_cW`SR ]` ZSO`\SR W\ eOga RWTTS`S\b
T`][ bV]aS ]T bVS]`g$ FVWa Wa bVS `SOa]\ eVg 4`Wab]bZS RS\WSR bVS`S
PSW\U O aQWS\QS ]T ^]ZWbWQa O\R ^`OQbWQOZ SbVWQa1 bVS M>;H; M>;D JE
M>EC $ $ $ QO\\]b PS `SRcQSR b] US\S`OZ ^`W\QW^ZSa$ FVca bVS`S Wa
bVS]`g O\R caS ]T bVS]`g" Pcb \] bVS]`g ]T bVS caS ]T bVS]`g$
4b bVS ]^^]aWbS S\R ]T bVS aQOZS Wa bVS Y\]eZSRUS Q]\QS`\W\U S\Ra
`S^SObSRZg OZZcRSR b]j ]T eVWQV b]ROg eS R] \]b Y\]e eVSbVS` Wb
OR[Wba ]T bVS]`g" Oa ]\QS Wb eOa VSZR S[W\S\bZg b] R]$ FVWa Y\]eZSRUS
OZ]\S e]cZR ^S`[Wb bVS dOZWR RWaQ`W[W\ObW]\ ]T e]`bVg O\R c\e]`bVg"
RSaW`OPZS O\R c\RSaW`OPZS caSa ]T aQWS\QS" eVS`SOa aQWS\QS WbaSZT ]\Zg
^S`[Wba RWaQ`W[W\ObW]\ ]T Wba Q]``SQb ]` W\Q]``SQb" ORS_cObS ]` W\ORS#
(&& M F ;8 C ;8A B @ 8A B A B9 ? <9 8
_cObS" STTSQbcOZ ]` W\STTSQbcOZ caS$ 5cb Wb Wa eWbV bVWa dS`g aQWS\QS
eVWQV Wa \]b W\ R]cPb bVOb eS [cab \]e Q]\QS`\ ]c`aSZdSa" OaYW\U
eVOb TSObc`Sa W\b`W\aWQOZZg TWb bVWa bg^S ]T bVS]`g T]` caS W\ bVS e]`ZR
]T bVW\Ua$

BT bVS]`g T]`[ObW]\ ]\S ]T Wba \W\SbSS\bV#QS\bc`g [OabS`a" ;SW\`WQV


;S`bh" VOR bVWa b] aOg0 kIS T]`[ W[OUSa ]` ag[P]Za ]T bVS SfbS`\OZ
]PXSQba1 bVS [O\\S` W\ eVWQV eS T]`[ bVS[ Wa acQV bVOb bVS BE=?97BBN
\SQSaaO`g Q]\aS_cS\QSa ]T bVS W[OUSa O`S W\dO`WOPZg bVS W[OUSa ]T bVS
C7J;H?7BBN \SQSaaO`g Q]\aS_cS\QSa ]T bVS Q]``Sa^]\RW\U ]PXSQba$l*
FVWa Wa O\ SZZW^bWQ abObS[S\b$ 9]` bVS kW[OUSa ]` ag[P]Zal T]`[SR
O\R caSR O`S \]b ]T bVS W[[SRWObS SfbS`\OZ ]PXSQba acQV Oa `]QYa O\R
b`SSa" ]` SdS\ ]T eV]ZS QZOaaSa ]` US\S`OZ bg^Sa ]T acQV" Pcb ag[P]Za
T]` bVS `SaWRcOZ ^`]RcQba ]T O a^SQcZObWdS O\OZgaWa ]T bVS UWdS\ ]PXSQba
O\R bVSW` abObSa O\R `SZObW]\aj `SaWRcSa eVWQV OR[Wb ]T \]\S Pcb
ag[P]ZWQ `S^`SaS\bObW]\" gSb Pg Vg^]bVSaWa O`S ^`Sac[SR b] c\RS`ZWS
bVS ]PXSQba O\R O`S bVca b`SObSR Oa kSfbS`\OZ ]PXSQbal bVS[aSZdSa W\
acPabWbcbW]\ T]` bVS ]`WUW\OZ ]PXSQba$
FVS YSg bS`[ VS`S Wa kO\OZgaWa$l 4\OZgaWa VOa PSS\ bVS RWabW\QbWdS
TSObc`S ]T ^VgaWQOZ W\_cW`g aW\QS bVS aSdS\bSS\bV QS\bc`g0 O\OZgaWa ]T
MEHA?D= \Obc`S W\b] Wba aW[^ZSab Rg\O[WQ TOQb]`a$ FVSaS TOQb]`a O`S
T`O[SR W\ acQV WRS\bWQOZ _cO\bWbObWdS bS`[a Oa QO\ PS S\bS`SR" Q][#
PW\SR" O\R b`O\aT]`[SR W\ S_cObW]\a$ FVS O\OZgbWQOZ [SbV]R bVca W[#
^ZWSa O ^`W[O`g EDJEBE=?97B H;:K9J?ED ]T \Obc`S" O\R bVWa ^`SQSRSa
[ObVS[ObWQa ]` ]bVS` ag[P]ZWa[ W\ Wba O^^ZWQObW]\ b] \Obc`S$ B\QS
ZSTb b] RSOZ eWbV bVS `SaWRcOZ ^`]RcQba ]T bVWa `SRcQbW]\" ]` `ObVS`"
eWbV bVSW` [SOac`SR dOZcSa" [ObVS[ObWQa ^`]QSSRa b] `SQ]\ab`cQb
T`][ bVS[ bVS Q][^ZSfWbg ]T ^VS\][S\O W\ O eOg eVWQV QO\ ZSOR
PSg]\R bVS RObO ]T bVS W\WbWOZ Sf^S`WS\QS b] TOQba c\]PaS`dSR" ]` abWZZ
b] Q][S" ]` b] PS P`]cUVb OP]cb$ FVOb \Obc`S ZS\Ra WbaSZT b] bVWa YW\R
]T `SRcQbW]\ eOa bVS Tc\RO[S\bOZ RWaQ]dS`g" OQbcOZZg bVS Tc\RO[S\bOZ
O\bWQW^ObW]\" Ob bVS ]cbaSb ]T [SQVO\WQOZ ^VgaWQa$
IWbV bVWa `SRcQbW]\" kacPabO\bWOZ T]`[a"l bVOb Wa" eV]ZS\Saa Oa O\

*$ ;$ ;S`bh" 0H?DO?F?;D :;H -;9>7D?A ^$ '" bOYS\ T`][ ;$ ISgZ"


0>?BEIEF>N E< -7J>;C7J?9I 7D: .7JKH7B 29?;D9; ^$ ',($
F ;8 C D46F<64? G E8E B9 F ;8BDK L (&'

Ocb]\][]ca QOcaS eWbV `Sa^SQb b] Wba Q][^]\S\b ^O`ba" O\R bVS`ST]`S


bVS U`]c\R ]T Wba ]e\ PSQ][W\U" aVO`SR bVS TObS ]T TW\OZ QOcaSa$ <\
ASeb]\WO\ ^VgaWQa bVS W\bSU`OZ eV]ZS\Saa ]T T]`[" ]\ eVWQV QZOaaWQOZ
O\R [SRWSdOZ ]\b]Z]Ug eOa POaSR" Wa P`]YS\ c^ W\b] SZS[S\bO`g TOQ#
b]`a T]` eVWQV bVS ^O`OZZSZ]U`O[ ]T T]`QSa Wa O TWbbW\U U`O^VWQ ag[P]Z$
FVS ^`SaS\QS ]T bVS Tcbc`S" T]`[S`Zg Q]\QSWdSR Oa ^]bS\bWOZWbg ]T
PSQ][W\U" Q]\aWaba \]e W\ bVS QOZQcZOPWZWbg ]T bVS ]^S`ObW]\ ]T bVS
T]`QSa RWaQS`\WPZS W\ O UWdS\ Q]\TWUc`ObW]\$ A] Z]\US` a][SbVW\U ]`WU#
W\OZ W\ Wba ]e\ `WUVb" T]`[ Wa bVS Qc``S\b Q][^`][WaS O[]\U bVS POaWQ
OQbW]\a ]T OUU`SUObS [ObbS`$ FVS TOZZW\U O^^ZS Wa \]b a] [cQV SZSdObSR
b] bVS `O\Y ]T Q]a[WQ []bW]\ Oa bVS ZObbS` Wa P`]cUVb R]e\ b] bVS ZSdSZ
]T bVS TOZZW\U O^^ZS$ FVWa SabOPZWaVSa O \Se c\Wbg ]T bVS c\WdS`aS" Pcb
]T O RWTTS`S\b Q][^ZSfW]\ T`][ bVS :`SSY ]\S0 bVS O`Wab]Q`OQg ]T
T]`[ Wa `S^ZOQSR Pg bVS RS[]Q`OQg ]T [ObbS`$
<T" OQQ]`RW\U b] bVWa kRS[]Q`OQg"l eV]ZSa O`S [S`S ac[a" bVS\
bVSW` aSS[W\UZg US\cW\S _cOZWbWSa O`S RcS b] bVS _cO\bWbObWdSZg []`S ]`
ZSaa W\d]ZdSR Q][PW\ObW]\ ]T a][S aW[^ZS acPab`ObO O\R bVSW`
Rg\O[WQa$ :S\S`OZZg Q][^ZSfWbg O\R RSU`SSa ]T Q][^ZSfWbg ac^^ZO\b
OZZ ]bVS` ]\b]Z]UWQOZ RWabW\QbW]\a$ FVca T]` ^c`^]aSa ]T Sf^ZO\ObW]\
bVS ^O`ba O`S QOZZSR c^]\ b] OQQ]c\b T]` bVS eV]ZS" O\R bVOb [SO\a
bVOb bVS ^`W[WbWdS VOa b] OQQ]c\b T]` bVS []`S O`bWQcZObSR" ]`" W\ ]ZRS`
^O`ZO\QS" J>; BEM;H <EH J>; >?=>;H!
IWbV \] VWS`O`QVg ]T PSW\U Pcb ]\Zg RWab`WPcbW]\a ]T O c\WT]`[
acPab`Obc[" OZZ Sf^ZO\ObW]\ VOa b] abO`b T`][ bVS P]bb][ O\R W\ TOQb
\SdS` ZSOdSa Wb$ FVS VWUVS` Wa bVS Z]eS` W\ RWaUcWaS" eVS`S bVS RWaUcWaS
Wa ^`]dWRSR Pg Q][^ZSfWbg0 eWbV bVS ZObbS`ma O\OZgaWa" bVS RWaUcWaS
RWaa]ZdSa" O\R bVS O^^SO`O\QS ]T bVS VWUVS` Wa `SRcQSR b] bVS `SOZWbg ]T
bVS SZS[S\bOZ$ 9`][ ^VgaWQa bVWa aQVS[O ]T Sf^ZO\ObW]\ VOa ^S\S#
b`ObSR OZZ ^`]dW\QSa ]T Y\]eZSRUS" O\R Wb Wa \]e Oa [cQV Ob V][S W\
^agQV]Z]Ug O\R a]QW]Z]Ug Oa W\ bVS \Obc`OZ aQWS\QSa eVS`S Wb ]`WUW#
\ObSR$ A] Z]\US` Wa bVS `SOZ[ ]T ^OaaW]\ QVO`OQbS`WhSR Pg bVS OPaS\QS
]T `SOa]\" Pcb `SOa]\ Wa QVO`OQbS`WhSR Oa O RWaUcWaS O\R aS`dO\b ]T
^OaaW]\$ FVS b`O\aQS\RS\bOZ ^VWZ]a]^Vg ]T O a]QWSbg Wa Pcb bVS WRS]#
Z]UWQOZ ac^S`ab`cQbc`S b] O\R bVca O RWaUcWaS ]T! Wba dWbOZ W\bS`Saba"
eVWQV `STZSQb ]`UO\WQ \SSRa" eVWQV RS^S\R ]\ ^VgaWQOZ Q]\abWbcbW]\$
FVS `Ob W\ bVS [OhS bSZZa ca eVOb eS O`S$ 4ZeOga bVS Z]eS` Sf^ZOW\a
bVS VWUVS` O\R W\ bVS Q]c`aS ]T O\OZgaWa S[S`USa Oa Wba b`cbV$
A]e bVWa ]\b]Z]UWQOZ O\OZgaWa VOa F;H I; bSQV\]Z]UWQOZ W[^ZWQObW]\
(&( F ;8 C ;8AB@ 8ABA B9 ? <9 8
^`W]` b] O\g O^^ZWQObW]\ W\ TOQb$ FVS ZObbS` Wa ^]aaWPZS ]\Zg PSQOcaS ]T
bVS [O\W^cZObWdS Oa^SQb W\VS`S\b W\ bVS bVS]`SbWQ Q]\abWbcbW]\ ]T
[]RS[ aQWS\QS Oa acQV$ <T Wb Wa aV]e\ V]e bVW\Ua O`S [ORS c^ ]T
bVSW` SZS[S\ba" Wb Wa OZa] aV]e\" ]\ ^`W\QW^ZS" V]e bVSg QO\ PS [ORS
c^ ]cb ]T acQV SZS[S\ba$ @OYW\U" Oa RWabW\Qb T`][ US\S`ObW\U" Wa Sa#
aS\bWOZZg ^cbbW\U b]USbVS` ^`S#SfWabW\U [ObS`WOZa ]` `SO``O\UW\U ^`S#
SfWabW\U ^O`ba$ EW[WZO`Zg" aQWS\bWTWQ Q]U\WbW]\ Wa SaaS\bWOZZg O\OZgaWa ]T
RWab`WPcbW]\" bVOb Wa" ]T bVS Q]\RWbW]\a W\ eVWQV SZS[S\ba O`S W\bS`#
`SZObSR" O\R Wa \]b Pc`RS\SR eWbV bVS bOaY ]T Q][^`SVS\RW\U bVS
SaaS\QS ]T bV]aS SZS[S\ba bVS[aSZdSa$ A]b eVOb bVSg O`S Pcb V]e bVSg
Tc\QbW]\ c\RS` acQV a^SQWTWSR Q]\RWbW]\a" bVOb Wa" W\ acQV Q][PW#
\Ob]`WOZ `SZObW]\a" Wa bVS bVS[S bVOb aQWS\QS QO\ O\R R]Sa ^c`acS$ FVWa
`Sab`WQbW]\ Wa POaWQ b] bVS []RS`\ Q]\QS^bW]\ ]T Y\]eZSRUS1 T]`" c\#
ZWYS acPabO\bWOZ \Obc`Sa" RWab`WPcbW]\a ]T Q]\RWbW]\a QO\ PS `SQ]\#
ab`cQbSR" SdS\ T`SSZg Q]\ab`cQbSR" W\ [S\bOZ []RSZa O\R a] OZZ]e ]T
c\RS`abO\RW\U$ 4UOW\" c\ZWYS k\Obc`Sa"l bVSg [Og PS OQbcOZZg `S#
^SObSR ]` []RWTWSR W\ Vc[O\ W[WbObW]\ ]T \Obc`S" bVOb Wa W\ bSQV\W_cS"
O\R a] OZZ]e ]T [O\W^cZObW]\$ 5]bV c\RS`abO\RW\U O\R [OYW\U O`S
VS`S Q]\QS`\SR eWbV `SZObW]\a O\R \]b eWbV SaaS\QSa$ <\ TOQb" c\RS`#
abO\RW\U ]T bVWa a]`b Wa WbaSZT O YW\R ]T W[OUW\O`g [OYW\U ]` `S[OYW\U
]T Wba ]PXSQba" O\R bVWa Wa bVS RSS^Sab QOcaS T]` bVS bSQV\]Z]UWQOZ
O^^ZWQOPWZWbg ]T []RS`\ aQWS\QS$
8O`Zg W\ bVS SWUVbSS\bV QS\bc`g" HWQ] S\c\QWObSR bVS ^`W\QW^ZS bVOb
[O\ QO\ c\RS`abO\R ]\Zg eVOb VS VOa [ORS VW[aSZT$ 9`][ bVWa VS
`SOa]\SR bVOb \]b \Obc`S" eVWQV Oa [ORS Pg :]R abO\Ra ]dS` OUOW\ab
[O\" Pcb VWab]`g" eVWQV Wa ]T [O\ma ]e\ [OYW\U" QO\ PS c\RS`ab]]R
Pg [O\$ B\Zg O @9?9JKCjeVOb VOa PSS\ [ORSj QO\ PS O L;HKC! 5cb
W\ ]^^]aW\U bVWa ^`W\QW^ZS b] 6O`bSaWO\ \Obc`OZ aQWS\QS" HWQ] ]dS`#
Z]]YSR bVS TOQb bVOb" WT ]\Zg kVOa PSS\ [ORSl Wa eWRS\SR b] kQO\ PS
[ORS"l bVS ^`W\QW^ZS O^^ZWSa b] \Obc`S SdS\ PSbbS` bVO\ b] VWab]`g
eVS`S W\ TOQb Wba dOZWRWbg Wa R]cPbTcZ!$ 9]` OQQ]`RW\U b] bVS [SQVO#
\WabWQ aQVS[S bVS Y\]eZSRUS ]T O \Obc`OZ SdS\b RSOZa" Oa eS VOdS
aSS\" \]b eWbV bVS :]R#Q`SObSR ^O`b ]T bVS aWbcObW]\jbVS W\b`W\aWQ
\Obc`S ]T bVS acPabO\QSa W\d]ZdSRjPcb eWbV bVS dO`WOPZS Q]\RWbW]\a
eVWQV" UWdS\ bV]aS acPabO\QSa" RSbS`[W\S bVS SdS\b$ 5g `S#S\OQbW\U
bV]aS Q]\RWbW]\a" W\ bV]cUVb ]` W\ OQbcOZ [O\W^cZObW]\" ]\S QO\ `S#
^`]RcQS bVS SdS\b eWbV]cb ^`]RcQW\U bVS acPab`Obc[$ F] c\RS`abO\R
bVS acPab`Obc[ WbaSZT Wa Oa [cQV PSg]\R [O\ma ^]eS`a Oa b] ^`]RcQS
F ;8 C D46F<64? G E8E B9 F ;8BDK L (&)
Wb$ 5cb bVS ZObbS` Wa PSg]\R bVS ^]eS`a SdS\ ]T \Obc`S" eVWQV" ]\QS
Q`SObSR W\ Wba acPabO\bWOZ S\bWbWSa" U]Sa ]\ kQ`SObW\Ul ]\Zg Pg [O\W^c#
ZObW\U bVS[" bVOb Wa" Pg bVS aVWTb ]T `SZObW]\a$ 6]\RWbW]\a O\R `SZObW]\a
O`S bVS dSVWQZS T]` Q`SObSR \Obc`Sma \]\Q`SObWdS ^`]RcQbW]\a" Xcab Oa
bVSg O`S bVS dSVWQZS T]` Q`SObSR [O\ma Q]U\WbW]\ ]T \Obc`S O\R OZa] T]`
VWa bSQV\WQOZ W[WbObW]\ ]T \Obc`Sma eOga ]T ^`]RcQbW]\$ FVWa eOa bVS
[SO\W\U ]T 5OQ]\ma TO[]ca [OfW[ bVOb \Obc`S QO\ PS Q][[O\RSR
]\Zg Pg PSW\U ]PSgSR$ AObc`Sma _cOaW#bSQV\WQOZ []RSa ]T [OYW\Uj ]`
\Obc`S Oa Wba ]e\ O`bWTWQS` O\R O`bWTOQbj Wa bVS Ob ]\QS Y\]eOPZS O\R
W[WbOPZS Oa^SQb ]T Wb" eVS`SOa SaaS\QSa W\ bVS[aSZdSa O`S c\Y\]eOPZS
PSQOcaS c\[OYSOPZS$ FVS [SbO^V]` ]T k\Obc`Sma e]`YaV]^"l W\b]
eVWQV aQWS\QS Wa b] ^`g W\ ]`RS` b] ZSO`\ VS` ^`]QSRc`Sa" ^]^cZO`Zg
Sf^`SaaSa bVS ^]W\b bVOb bVS RWabW\QbW]\ PSbeSS\ \Obc`OZ O\R O`bWTWQWOZ"
a] POaWQ b] QZOaaWQOZ ^VWZ]a]^Vg" VOa Z]ab Wba [SO\W\U$ k< R] \]b"l
e`]bS 7SaQO`bSa" k`SQ]U\WhS O\g RWTTS`S\QS PSbeSS\ bVS [OQVW\Sa
[ORS Pg Q`OTba[S\ O\R bVS RWdS`aS P]RWSa ^cb b]USbVS` Pg \Obc`S
OZ]\S $ $ $ OZZ bVS `cZSa ]T [SQVO\WQa PSZ]\U b] ^VgaWQa" a] bVOb OZZ
bVW\Ua eVWQV O`S O`bWTWQWOZ O`S bVS`SPg \Obc`OZl 0H?D9?FB;I <H" O`b$
(&)!$+ <\ bVS aO[S dSW\" 7SaQO`bSa Q]cZR aOg k:WdS [S [ObbS` O\R
[]bW]\" O\R < aVOZZ [OYS bVS e]`ZR ]\QS []`Slj O aOgW\U W[^]aaWPZS
W\ bVS []cbV ]T O ^`S[]RS[ bVW\YS`$ F] Y\]e O bVW\U [SO\a b]

+$ 5cb R] kOZZ bVS `cZSa ]T [SQVO\WQal S_cOZ Q7BB bVS `cZSa ]T ^VgaWQal3
FVS `SORWZg Q]\QSRSR b`cbV bVOb bVS T]`[S` kPSZ]\U b]l ^VgaWQa [Og aS`dS
b] Q]dS` bVS dS`g RWTTS`S\b acP`S^bW]\ bVOb bVSg SfVOcab bVS P]]Y ]T `cZSa
]T ^VgaWQa W$S$" ]T \Obc`S!$ FVS Q][^ZSbS ^OaaOUS W\ bVS 0H?D9?FB;I T`][
eVWQV bVS OP]dS _c]bObW]\ Wa bOYS\" Wa ]T QO^WbOZ W[^]`bO\QS Oa bVS S\c\#
QWObW]\ ]T O `SOZZg \Se ^`W\QW^ZS" eVWQV VOa aW\QS R][W\ObSR \Obc`OZ
aQWS\QS O\R \Obc`OZ ^VWZ]a]^Vg$ <ba bSQV\]Z]UWQOZ W[^ZWQObW]\a O`S ]PdW]ca$
FVS \Se R]Qb`W\S ]T O c\WT]`[ \Obc`S" VS`S S[S`UW\U T`][ bVS `cW\a ]T
bVS [SRWSdOZ SRWTWQS" \OWdSZg Oaac[Sa O\ WRS\bWbg ]T [OQ`]# O\R [WQ`]#
[]RSa ]T ]^S`ObW]\" eVWQV []`S `SQS\b ^VgaWQa VOa T]c\R eO\bW\U$ 5cb
SdS\ O^O`b T`][ O\g ZObS` RWaQ]dS`WSa" ]\S Q]cZR VOdS ]PXSQbSR Ob bVS
]cbaSb ]\ Z]UWQOZ U`]c\Ra bVOb T`][ bVS TOQb ]T [OQVW\Sa e]`YW\U Pg
\Obc`OZ ^`W\QW^ZSa S\bW`SZg Wb R]Sa \]b T]ZZ]e bVOb bVSg e]`Y Pg bVS S\bW`S
\Obc`OZ ^`W\QW^ZSa" ]`" bVOb \Obc`S VOa \] ]bVS` []RSa ]T ]^S`ObW]\ bVO\
bV]aS eVWQV [O\ QO\ cbWZWhS W\ VWa Q]\ab`cQbW]\a$ 5cb bVWa dS`g dWSe ]T
\Obc`S \]b bVS W\\]QS\b ]\S ]T Vc[O\ [SQVO\WQa! eOa 7SaQO`bSam b`cS
Q]\dWQbW]\0 Wba a^W`Wb OZ]\S" U]W\U TO` PSg]\R O [S`S Sf^S`W[S\b eWbV
BQQO[ma `Oh]`" OQQ]c\ba T]` bVS ac^`S[S Q]\TWRS\QS ]T bVS \Sfb abObS[S\b
_c]bSR W\ bVS bSfb$
(&* F ;8 C ; 8AB@ 8ABA B9 ? <98
Y\]e V]e Wb Wa ]` QO\ PS [ORS O\R bVS`ST]`S [SO\a PSW\U OPZS b]
`S^SOb ]` dO`g ]` O\bWQW^ObS bVS ^`]QSaa ]T [OYW\U$ <b R]Sa \]b [ObbS`
eVSbVS` [O\ QO\ OZeOga OQbcOZZg" eWbV bVS T]`QSa Ob VWa Q][[O\R"
^`]dWRS bVS TOQb]`a [OYW\U c^ bVS `S_cW`SR Q]\RWbW]\a O\R" bVS`ST]`S"
VW[aSZT ^`]RcQS bVSW` `SacZb$ @O\ QO\\]b `S^`]RcQS O Q]a[WQ \SPcZO"
Pcb Oaac[W\U VS Y\]ea V]e Wb Wa ^`]RcQSR W\ \Obc`S" VS e]cZR ]\
^`W\QW^ZS PS OPZS b] ^`]RcQS ]\S b]] WT VS eS`S acTTWQWS\bZg ZO`US"
^]eS`TcZ" O\R a] ]\" O\R bVWa Wa eVOb b] Y\]e O \SPcZO [SO\a$ F] ^cb
Wb W\ bVS T]`[ ]T O aZ]UO\" bVS []RS[ Y\]eZSRUS ]T \Obc`S" dS`g
c\ZWYS bVS QZOaaWQOZ ]\S" Wa O kY\]e#V]el O\R \]b O kY\]e#eVOW"l
O\R ]\ bVWa POaWa Wb [OYSa U]]R 5OQ]\ma Q]\bS\bW]\ bVOb Y\]eZSRUS Wa
^]eS`$
FVWa" V]eSdS`" Wa \]b bVS eV]ZS ab]`g ]T bVS bSQV\]Z]UWQOZ Oa^SQb
W\VS`S\b W\ aQWS\bWTWQ bVS]`g$ FVS]`g Wa O\ W\bS`\OZ TOQb O\R W\bS`\OZ
OQbW]\$ 5cb Wba `SZObW]\ b] SfbS`\OZ OQbW]\ [Og PS \]b ]\Zg bVOb ]T
[SO\a b] S\R Pg eOg ]T O^^ZWQObW]\" Pcb OZa] bVS `SdS`aS0 bVOb Wa"
OQbW]\ [Og PS S[^Z]gSR W\ bVS aS`dWQS ]T bVS]`g Oa bVS]`g [Og PS S[#
^Z]gSR W\ bVS aS`dWQS ]T OQbW]\$ E][S Q][^ZS[S\bO`Wbg ]T bVSaS be]
Oa^SQba acUUSaba WbaSZT T`][ bVS ]cbaSb0 Wb [Og PS bVOb ]\Zg bVOb bVS]`g
eVWQV VOa U`]e\ ]cb ]T OQbWdS Sf^S`WS\QS QO\ PS bc`\SR b] bVS OQbWdS
QVO\UW\U ]T Sf^S`WS\QS1 ]` ]\Zg bVOb bVS]`g QO\ PSQ][S O [SO\a b]
^`OQbWQS eVWQV VOa ^`OQbWQS O[]\U Wba ]e\ [SO\a$ FVOb bVWa Wa bVS
QOaS PSQ][Sa ]PdW]ca eVS\ eS Q]\aWRS` bVS `]ZS ]T Sf^S`W[S\b W\ bVS
aQWS\bWTWQ ^`]QSaa$
FVS OZZWO\QS Q]\bS[^ZObSR Pg 5OQ]\ PSbeSS\ Y\]eW\U O\R QVO\U#
W\U bVS e]`ZR Wa W\RSSR [cQV []`S W\bW[ObS bVO\ bVS [S`S RSZSUObW]\
]T bVS]`SbWQOZ `SacZba b] ^`OQbWQOZ caS" bVOb Wa" bVS FEIJ <79JKC O^^ZWQO#
bW]\ ]T aQWS\QS" e]cZR [OYS Wb$ FVS ^`]QSRc`S ]T aQWS\QS WbaSZT" WT Wb Wa
b] gWSZR ^`OQbWQOZZg `SZSdO\b `SacZba" VOa b] PS ^`OQbWQOZ" \O[SZg" Sf#
^S`W[S\bOZ$ IS [cab kQZ]aS eWbV \Obc`Sl O\R R] a][SbVW\U b] Wb W\
]`RS` b] [OYS Wb gWSZR Wba aSQ`Sba bV`]cUV bVS `Sa^]\aS eS VOdS
SZWQWbSR" kaSSW\U"l Oa 5OQ]\ aOga" kbVOb bVS \Obc`S ]T bVW\Ua PSb`Oga
WbaSZT []`S `SORWZg c\RS` bVS dSfObW]\a ]T O`b bVO\ W\ Wba \Obc`OZ
T`SSR][$l FVca W\ be] RWTTS`S\b `Sa^SQba []RS[ aQWS\QS Wa S\UOUSR W\
bVS OQbWdS QVO\UW\U ]T bVW\Ua0 ]\ bVS a[OZZ aQOZS ]T bVS Sf^S`W[S\b Wb
STTSQba QVO\US Oa O \SQSaaO`g [SO\a ]T Y\]eW\U \Obc`S" bVOb Wa" Wb
S[^Z]ga ^`OQbWQS T]` bVS aOYS ]T bVS]`g1 bVS YW\R ]T bVS]`g UOW\SR W\
bVWa eOg ZS\Ra WbaSZT b]" O\R bVca W\dWbSa" bVS ZO`US#aQOZS QVO\USa ]T Wba
F ;8 C D46F<64? G E8E B9 F ;8BDK L (&+
bSQV\WQOZ O^^ZWQObW]\$ FVS ZObbS`" W\ bc`\" PSQ][Sa O a]c`QS ]T bVS]#
`SbWQOZ W\aWUVba \]b b] PS UOW\SR ]\ bVS ZOP]`Ob]`g aQOZSj W\ ORRWbW]\
b] Tc`\WaVW\U bVS b]]Za T]` []`S STTSQbWdS ZOP]`Ob]`g e]`Y WbaSZT" eVWQV
OUOW\ W\ bc`\ gWSZRa \Se W\Q`S[S\ba ]T Y\]eZSRUS" O\R a] ]\ W\ O
Q]\bW\c]ca QgQZS$ <\ bVWa eOg bVS TcaW]\ ]T bVS]`g O\R ^`OQbWQS PS#
Q][Sa W\aS^O`OPZS W\ O eOg eVWQV bVS [S`S bS`[a k^c`Sl O\R kO^#
^ZWSRl aQWS\QS TOWZ b] Q]\dSg$ 8TTSQbW\U QVO\USa W\ \Obc`S Oa O [SO\a
O\R Oa O `SacZb ]T Y\]eW\U Wb O`S W\Sfb`WQOPZg W\bS`Z]QYSR" O\R ]\QS
bVWa Q][PW\ObW]\ Wa Ob e]`Y Wb \] Z]\US` [ObbS`a eVSbVS` bVS ^`OU#
[ObWQ RSabW\ObW]\ ]T bVS]`g Wa Sf^`SaaZg OQQS^bSR T]` SfO[^ZS Pg bVS
k^c`Sl aQWS\bWab VW[aSZT! ]` \]b$ FVS dS`g ^`]QSaa ]T ObbOW\W\U Y\]eZ#
SRUS ZSORa bV`]cUV [O\W^cZObW]\ ]T bVS bVW\Ua b] PS Y\]e\" O\R bVWa
]`WUW\ TWba ]T WbaSZT bVS bVS]`SbWQOZ `SacZba T]` O\ O^^ZWQObW]\ eV]aS
^]aaWPWZWbg Wa W``SaWabWPZSj SdS\ b] bVS bVS]`SbWQOZ W\bS`Sab" ZSb OZ]\S bVS
^`OQbWQOZ" eVSbVS` ]` \]b Wb eOa Q]\bS[^ZObSR W\ bVS TW`ab ^ZOQS$

H<
4b bVS aO[S bW[S bVS _cSabW]\ Oa b] eVOb Wa bVS b`cS Vc[O\ S\R" b`cbV
]` caS" Wa S\bW`SZg ZSTb ]^S\ Pg bVS TOQb ]T bVS c\W]\ Oa acQV O\R Wa W\
SaaS\QS \]b OTTSQbSR Pg bVS Q]\a^WQc]ca ^`S^]\RS`O\QS ]T bVS ^`OQbW#
QOZ SZS[S\b$ FVS O\aeS` Wa RSbS`[W\SR Pg bVS W[OUS ]T [O\" ]T eVWQV
eS O`S c\QS`bOW\$ 6S`bOW\ Wb Wa T`][ eVOb eS VOdS ZSO`\SR bVOb WT
kb`cbVl PS bVS S\R Wb QO\\]b PS bVS b`cbV ]T ^c`S Q]\bS[^ZObW]\$ FVS
[]RS`\ RWaQ]dS`g bVOb Y\]eW\U \Obc`S `S_cW`Sa Q][W\U b] U`W^a eWbV
\Obc`Sj O RWaQ]dS`g PSO`W\U PSg]\R bVS TWSZR ]T \Obc`OZ aQWS\QSj VOa
^S`[O\S\bZg Q]``SQbSR 4`Wab]bZSma kQ]\bS[^ZObWdSl dWSe ]T bVS]`g$
@]`S" ]T Q]c`aS" eOa W\d]ZdSR W\ bVS WRSOZ ]T bVS Q]\bS[^ZObWdS ZWTS
bVO\ O Q]\QS^bW]\ [S`SZg ]T bVS]`SbWQOZ [SbV]R0 []`S bVO\ bVS ZOb#
bS`ma Q]``SQbW]\ [cab OZa] PS W\d]ZdSR W\ O ZSUWbW[ObS TO`SeSZZ b] bVS
WRSOZj O TO`SeSZZ bVS []`S PWRRS\ eWbV O VSOdg VSO`b bVS []`S c\#
RS`ab]]R W\ Wba \SQSaaWbg$
<b eOa 4`Wab]bZSma Q]\bS\bW]\ bVOb eS OQb W\ ]`RS` b] W\bcWb O\R \]b
W\bcWb W\ ]`RS` b] OQbj ]\ eVWQV bVS TOd]`WbS []RS[ Q][[S\b Wa bVOb
Wb `STZSQba \]bVW\U Pcb bVS ObbWbcRS ]T O ZSWac`S QZOaa W\ O aZOdS a]QWSbg$
DO`SZg W\ ]c` ^`OU[ObWQ QZW[ObS Wa bVS b`]cPZS bOYS\ b] OaY eVSbVS`
4`Wab]bZS" a]QWOZZg PWOaSR ]` \]b" [WUVb \]b PS `WUVb$ ;S eOa" OTbS` OZZ"
\]b RSOT b] bVS RS[O\Ra ]T k`SOZWbg$l FVOb bVS \SQSaaWbWSa ]T ZWTS VOdS
(&, M F ;8 C ;8AB@ 8ABA B9 ? <9 8
b] PS bOYS\ QO`S ]T TW`ab VS Sf^ZWQWbZg abObSa" bVWa PSW\U bVS bOaY OZZ]bbSR
b] QWdWZWhObW]\1 ]\Zg VS Q]\aWRS`SR bVWa bOaY b] PS TW\WbS" \]b W\TW\WbS" ]`
W\bS`[W\OPZS" Oa Wb Wa ZWYSZg b] O^^SO` b] []RS`\ bV]cUVb ]\ bVS POaWa
]T RWTTS`S\b ObbWbcRSa O\R Sf^S`WS\QSa$ 8dS\ eWbV bVSaS Wb Wa eSZZ b]
Q]\aWRS` bVS :`SSY `SOa]\W\U W\ bVS [ObbS`" a] Oa b] ^cb bVS Q]\bS[#
^]`O`g Rg\O[Wa[ ]T bVS OQbWdS ZWTS W\ Wba ^`]^S` ^S`a^SQbWdS$ E][S
aW[^ZS Q]\aWRS`ObW]\a eWZZ abWZZ PS T]c\R ^S`bW\S\b$ FVca 4`Wab]bZSma
`SOa]\W\U bVOb eS [OYS eO` W\ ]`RS` b] VOdS ^SOQS Wa c\O\aeS`OPZS"
O\R bVS US\S`OZWhObW]\ bVOb eS b]WZ W\ ]`RS` b] TW\R `Sab Wa Ob ZSOab
S[W\S\bZg `SOa]\OPZS$& 6ZSO`Zg" bVS\" bVS `Sab b] PS T]c\R [cab \]b
Q]\aWab W\ aca^S\aW]\ ]T OQbWdWbg Pcb [cab WbaSZT PS O YW\R ]T ZWTS" bVOb
Wa" VOdS Wba Q]\bS\b W\ O\ OQbWdWbg ]T Wba ]e\j eVWQV b] 4`Wab]bZS eOa
kbV]cUVb$l A]e" eVS\ TcZZ RcS Wa UWdS\ b] bVS aO\Wbg O\R O^^SOZ ]T
bVWa QZOaaWQOZ abO\QS" Wb [cab PS aOWR bVOb Wb W[^ZWSa dWSea P]bV ]T
QWdWZWhObW]\ O\R ]T bV]cUVb eVWQV" `ObW]\OZ Oa bVSg O`S" VOdS W\ bVS
ZWUVb ]T []RS[ Sf^S`WS\QS PSQ][S _cSabW]\OPZS Q]\QS`\W\U QWdWZWhO#
bW]\" O\R c\bS\OPZS Q]\QS`\W\U bV]cUVb$
4a b] QWdWZWhObW]\" 4`Wab]bZS bOYSa T]` U`O\bSR bVOb ]\QS Wb VOa
`SOQVSR O e]`YW\U S_cWZWP`Wc[ PSbeSS\ ZSUWbW[ObS eO\ba O\R [SO\a
T]` bVSW` aObWaTOQbW]\ Wb QO\ RSd]bS Wba ac`^Zca b] [OYW\U ^]aaWPZS bVS
^VWZ]a]^VWQOZ ZWTS" bVS ZWTS ]T bV]cUVb" bVS b`cS U]OZ ]T [O\$ F]ROg eS
VOdS U]]R `SOa]\ T]` RWaPSZWST W\ bVS dS`g ObbOW\[S\b ]T acQV O\
S_cWZWP`Wc[$ IS bVS`ST]`S aSS \] PSbbS` caS W\ TOQb" \] QV]WQS! T]`
bVS kac`^Zcal bVO\ b] PS TSR POQY W\b] bVS OQbWdS ^`]QSaa T]` bVOb
ORXcab[S\b ]T Wba Q]\abO\bZg US\S`ObSR RWaS_cWZWP`Wc[ eVWQV `SacZba W\
^`]U`Saaj O aSZT#TSSRW\U Ocb][ObWa[ W\ eVWQV SdS\ bVS]`g Wa ]T \SQSa#
aWbg W\d]ZdSR Oa TOQb]` O\R Tc\QbW]\ Ob ]\QS" O\R b] eVWQV eS QO\\]b
aSS ZSb OZ]\S aSb! O ZW[Wb$ 5cb" WT W\TW\WbS" bVS\ bVS ^`]QSaa ]T QWdWZWhO#
bW]\ QOZZa T]` bVS Q]\abO\b QO`S ]T bVS PSab [W\Raj bVOb Wa0 T]` bVSW`
Q]\abO\b S[^Z]g[S\b W\ bVS kQOdS$l
4\R Oa T]` kbV]cUVbl WbaSZT" bVS []RS[ ORdS\bc`S ]T Y\]eZSRUS
VOa Q]``SQbSR bVS :`SSY dWSe ]T Wb W\ gSb O\]bVS` `Sa^SQb bVO\ bVOb ]T
Wba ^]aaWPZS RSbOQV[S\b T`][ ^`OQbWQS" O\R T]` OZZ eS Y\]e Oa RSTW#
\WbWdSZg$ F] bVS :`SSYa" PS Wb CZOb] ]` 4`Wab]bZS" bVS \c[PS` ]T bVS
b`cZg Y\]eOPZS bVW\Ua Wa TW\WbS" O\R bVS O^^`SVS\aW]\ ]T TW`ab ^`W\QW^ZSa"
eVS\SdS` ]PbOW\SR" Wa RSTW\WbWdSj acPXSQb b] W\bS`[WbbS\b `S\SeOZ Pcb,

,$ .?9EC79>;7D (J>?9I J" -" ''-- P * T$


F ;8 C D46F<64? G E8E B9 F ;8BDK L (&-
\]b b] ]Pa]ZSaQS\QS bV`]cUV \Se RWaQ]dS`g O\R PSbbS` O^^`]fW[ObW]\$
F] bVS []RS`\ Sf^S`WS\QS ]T Y\]eZSRUS Wb Wa W\Q]\QSWdOPZS bVOb O\g
abObS ]T bVS]`g" W\QZcRW\U bVS Q]\QS^bcOZ agabS[ ]T TW`ab ^`W\QW^ZSa
U]dS`\W\U Wb" aV]cZR PS []`S bVO\ O bS[^]`O`g Q]\ab`cQb b] PS ac^S`#
aSRSR Pg bVS \Sfb dWabO b] eVWQV Wb ]^S\a WbaSZT bVS eOg eVS\ OZZ Wba
W[^ZWQObW]\a O`S [ObQVSR OUOW\ab OZZ bVS TOQba$ <\ ]bVS` e]`Ra" bVS
>NFEJ>;J?97B QVO`OQbS` ]T []RS`\ aQWS\QS ?FIE <79JE _cOZWTWSa SOQV ]T
Wba Sf^ZO\Ob]`g O\R W\bSU`ObW\U ObbOW\[S\ba Oa aSbbW\U O \Se ^`]PZS[
`ObVS` bVO\ U`O\bW\U bVS ]PXSQb T]` cZbW[ObS PSV]ZRW\U$
4b bVS `]]b ]T bVWa RWTTS`S\QS Wa" ]T Q]c`aS" bVS RWTTS`S\QS PSbeSS\
[]RS[ \][W\OZWa[" eWbV Wba c\RS`abO\RW\U ]T bVS bS\bObWdS \Obc`S ]T
ag[P]ZWa[" Oa OUOW\ab QZOaaWQOZ `SOZWa[$ F] bVS ZObbS`" Q]\QS^ba `STZSQb
O\R [ObQV bVS aSZT#SfWabW\U T]`[a ]T PSW\U" O\R bVSaS R] \]b QVO\US1
b] bVS T]`[S`" bVSg O`S ^`]RcQba ]T bVS Vc[O\ [W\R" bVS S\RSOd]` ]T
O bS[^]`OZ S\bWbg O\R bVS`ST]`S acPXSQb b] QVO\US$ FVS SZS[S\b ]T
W\TW\Wbg W\ :`SSY J>;EH?7 Q]\QS`\SR bVS ^]bS\bWOZ W\TW\Wbg ]T aObWaTOQ#
bW]\ W\ PSV]ZRW\U bVS SbS`\OZ" bVOb eVWQV \SdS` QVO\USa1 bVS SZS[S\b
]T W\TW\Wbg W\ []RS[ bVS]`g Q]\QS`\a bVS W\bS`[W\OPZS\Saa ]T bVS
^`]QSaa Pg eVWQV Wba bS\bObWdS Vg^]bVSaSa O`S `SdWaSR O\R OPa]`PSR
W\b] VWUVS` ag[P]ZWQOZ W\bSU`ObW]\a$ FVca bVS WRSO ]T ^]bS\bWOZZg W\TW#
\WbS ^`]U`Saa ^S`[SObSa bVS []RS[ WRSOZ ]T Y\]eZSRUS eWbV bVS aO[S
\SQSaaWbg Oa Wb ^S`[SObSa bVS []RS[ WRSOZ ]T bSQV\WQOZ QWdWZWhObW]\1-
O\R a]" SdS\ O^O`b T`][ bVS [cbcOZ W\d]ZdS[S\b ]T bVS be]" bVS
Q]\bS[^ZObWdS WRSOZ VOa PSQ][S W\dOZWR" \Og" WZZ]UWQOZ" bV`]cUV bVS
aVSS` ZOQY ]T bV]aS ^`Sac[SR cZbW[ObSa" bVS OPWRW\U k\]PZSab ]PXSQba"l
W\ eV]aS O^^`SVS\aW]\ Y\]eZSRUS e]cZR Q][S b] `Sab O\R bc`\ T`][
aSO`QV W\b] Q]\bS[^ZObW]\$

H <<
<b aSS[a" bVS\" bVOb ^`OQbWQS O\R bVS]`g Q]\a^W`S b] Q][[Wb ca b]
c\QSOaW\U Rg\O[Wa[" O\R eWbV \] OPWRW\U ^`SaS\b ]c` ZWTS Wa SdS`
W\b] bVS Tcbc`S$ IVOb AWSbhaQVS VOa QOZZSR ka]dS`SWU\ PSQ][W\Ul Wa
c^]\ ca" O\R bVS]`g" TO` T`][ VOdW\U eVS`S b] abO\R PSg]\R Wb" Wa

-$ 4\R Oa Wb ^S`[SObSa bVS []RS`\ WRSO ]T \Obc`S ]` `SOZWbg WbaSZT0 bVS


dS`g R]Qb`W\S ]T PSW\U" \]b [S`SZg bVOb ]T Y\]eZSRUS O\R ]T [O\" VOa
PSQ][S S\UcZTSR W\ bVS ag[P]ZWa[ ]T ^`]QSaa O\R QVO\US$
(&. F ;8 C ;8A B @ 8A B A B9 ? <9 8
QVOW\SR b] Wba QVO`W]b" W\ VO`\Saa PST]`S Wb ]` R`OUUSR W\ Wba b`OQYaj
eVWQV" Wb Wa VO`R b] bSZZ W\ bVS Rcab ]T bVS `OQS" O\R ac`S Wb Wa ]\Zg bVOb
\]b bVS]`g Wa bVS QVO`W]bSS`$
FVS`S O`S bV]aS eV] QVSS` bVS ac`US bVOb aeSS^a bVS[ OZ]\U O\R
RWaROW\ b] _cSabW]\ keVWbVS`3l 1 eV] VOWZ QVO\US T]` Wba ]e\ aOYS" bVS
S\RZSaa T]`eO`R bV`cab ]T ZWTS W\b] bVS SdS` \Se" c\Y\]e\" bVS
Rg\O[Wa[ Oa acQV$ KSb" ac`SZg" T]` QVO\US b] PS dOZcOPZS Wb Wa `SZSdO\b
M>7J S\bWbg QVO\USa WT \]b b]eO`R eVOb!" O\R bVWa c\RS`ZgW\U eVOb#
\Saa [cab W\ a][S eOg PS RSTW\OPZS Oa bVOb \Obc`S ]T k[O\ Oa [O\l
eVWQV _cOZWTWSa bVS S\RZSaa Q]\ac[[ObW]\ ]T Wba ^]aaWPWZWbWSa W\ QVO\US
Oa O e]`bVeVWZS S\bS`^`WaS$ E][S W[OUS bVS\ Wa W[^ZWSR W\ bVS OTTW`[O#
bW]\ ]T QVO\US WbaSZT$ 5cb" WT O\ W[OUS" bVS\ O \]`[" O\R WT O \]`["
bVS\ OZa] bVS T`SSR][ ]T \SUObW]\" \]b ]\Zg bVS ac``S\RS` ]T OTTW`[O#
bW]\1 O\R bVWa T`SSR][ WbaSZT b`O\aQS\Ra bVS TZcf O\R ^]W\ba b] O\]bVS`
a]`b ]T bVS]`g$
FVOb bVS]`g e]cZR VOdS b] bOYS c^ bVS _cSabW]\ ]T S\Ra eVWQV bVS
`ORWQOZ dOUcS\Saa ]T bVS bS`[ kVO^^W\Saal ZSOdSa ]^S\" O\R ]\ eVWQV
aQWS\QS" Q][[WbbSR b] ^`]dWRS bVS [SO\a T]` VO^^W\Saa" QO\\]b ^`]#
\]c\QS$ FVS W\Xc\QbW]\ b] caS Wb W\ bVS W\bS`Sab ]T [O\" O\R b] bVS PSab
]T VWa W\bS`Sab" `S[OW\a S[^bg Oa Z]\U Oa Wb Wa \]b Y\]e\ eVOb bVS PSab
W\bS`Sab ]T [O\ Wa$
9OQSR eWbV bVS bV`SOb ]T QObOab`]^VS eS [Og TSSZ SfQcaSR T`][
W\_cW`W\U W\b] S\Ra" aW\QS OdS`bW\U QObOab`]^VS Wa O \]\RSPObOPZS TW`ab
S\R" aca^S\RW\U OZZ RWaQcaaW]\ ]T cZbW[ObS S\Ra$ CS`VO^a eS O`S RSa#
bW\SR b] ZWdS T]` Z]\U eWbV acQV ^`SaaW\U S[S`US\QWSa ]T ]c` ]e\
[OYW\U bVOb eVOb eS QO\ R] Wa aV]`W\U#c^ O\R aV]`b#bS`[ `S[SRg" \]b
^ZO\\W\U T]` bVS U]]R ZWTS$ FVS T]`[S` ac`SZg \SSRa \] ^VWZ]a]^Vg1 b]
[SSb bVS `SQc``S\b S[S`US\Qg bVOb YW\R ]T Y\]eZSRUS e]cZR aSS[
Q][^SbS\b eVWQV VOa VSZ^SR b] Q`SObS Wbj bSQV\]Z]UWQOZ aQWS\QS" T]` Wb
RWR VSZ^ Q`SObS Wb W\ SOQV W\abO\QS Pg acQQSaaTcZZg [SSbW\U Wba ^`SRS#
QSaa]`$
5cb WT SdS` eS S\b`cab ]` `SaWU\ ]c`aSZdSa eV]ZZg b] bVS aSZT#Q]``SQ#
bWdS [SQVO\WQa ]T bVS W\bS`^ZOg ]T aQWS\QS O\R bSQV\]Z]Ug" eS aVOZZ
VOdS Z]ab bVS PObbZS T]` [O\$ 9]` aQWS\QS" eWbV Wba O^^ZWQObW]\ U]d#
S`\SR a]ZSZg Pg Wba ]e\ Z]UWQ" R]Sa \]b `SOZZg ZSOdS bVS [SO\W\U ]T
VO^^W\Saa ]^S\0 Wb VOa ^`SXcRUSR bVS WaacS" W\ a^WbS ]T Wba ]e\ dOZcS#
T`SSR][$ FVS Ocb][ObWa[ ]T Wba caSj W\a]TO` Oa bVWa caS QO``WSa PS#
g]\R bVS `SQc``S\b [SSbW\U ]T bVS `SQc``S\b S[S`US\Qg Q`SObSR Pg
F ;8 C D46F<64? G E8E B9 F ;8BDK L (&/
WbaSZTjVOa aSb bVS U]OZ ]T VO^^W\Saa W\ ^`W\QW^ZS0 W\RcZUS\QS W\ bVS
caS ]T bVW\Ua$ 5SbeSS\ bVS be] ^]ZSa ]T S[S`US\Qg O\R W\RcZUS\QS" ]T
`Sa]c`QSTcZ\Saa O\R VSR]\Wa[" aSb c^ Pg bVS SdS`#Sf^O\RW\U ^]eS`
]dS` bVW\Ua" bVS RW`SQbW]\ ]T OZZ STT]`b O\R bVS`SPg bVS WaacS ]T bVS
U]]R bS\Ra b] PS ^`SRSQWRSR$ 5cb eS [cab \]b ZSb bVOb WaacS PS RS#
QWRSR Pg RSTOcZb$
FVca SdS\ eWbV bVS ^`Saac`S ]T S[S`US\QWSa c^]\ ca eS \SSR O
dWSe PSg]\R bVS[ b] [SSb bVS[ ]\ []`S bVO\ bVSW` ]e\ bS`[a$ FVSW`
dS`g RWOU\]aWa eVS`SdS` Wb Wa \]b O QOaS ]T Sfb`S[Wbg! W[^ZWSa Ob ZSOab
O\ WRSO ]T eVOb e]cZR \]b PS O\ S[S`US\Qg" Oa bVOb ]T aWQY\Saa
W[^ZWSa bVS WRSO ]T VSOZbV1 O\R bVS O\bWQW^ObW]\ ]T acQQSaa W\VS`S\b W\
OZZ ab`cUUZS OUOW\ab RO\US`" [WaS`g" O\R W\XcabWQS [cab TOQS bVS _cSa#
bW]\ ]T eVOb ZWTS PSTWba [O\ eVS\ bVS S[S`US\Qg dW`bcSa ]T Q]c`OUS"
QVO`Wbg" O\R XcabWQS VOdS R]\S bVSW` e]`Y$

H<<<
IVObSdS` bVS W\aWUVba ]T bVOb k]bVS`l bVS]`g QOZZSR ^VWZ]a]^Vg" O\R
eVObSdS` Wba Q]c\aSZa" bVS`S Wa \] ab]^^W\U bVS caS ]T aQWS\bWTWQ bVS]`g
eVWQV ^`]^SZa ca W\b] bVS TZcf" T]` ab]^^W\U Wba caS [SO\a ab]^^W\U
bVS]`g WbaSZT1 O\R bVS Q]c`aS ]T Y\]eZSRUS [cab \]b PS ab]^^SRjWT
\]b T]` Wba UOW\a" bVS\ W\ a^WbS ]T Wba Q]aba$
A]` Wa O `Sbc`\ b] bVS QZOaaWQOZ ^]aWbW]\ ]^S\ b] V]\Sabg O\R Z]UWQ$
FVS]`g WbaSZT VOa PSQ][S O ^`]QSaa" O\R ]\S" Oa eS VOdS aSS\" eVWQV
Q]\bW\c]caZg W\d]ZdSa Wba ]e\ caS1 O\R Wb QO\\]b PS k^]aaSaaSRl ]bV#
S`eWaS$ EQWS\QS Wa" bVS`ST]`S" bVS]`g O\R O`b Ob ]\QS$ 5cb eVS`SOa W\
]bVS` O`ba VOdW\U bVS aYWZZ O\R caW\U Wb O`S RWTTS`S\b" a] bVOb Wba ^]aaSa#
a]` Wa T`SS b] caS Wb ]` \]b" O\R b] RSQWRS eVS\" bVS aYWZZ ]T aQWS\QS Oa
O Q]ZZSQbWdS ^`]^S`bg PSUSba Wba caS Pg Wba ]e\ [][S\bc[" O\R a] bVS
VWObca PSbeSS\ be] abOUSa" eVS`S XcRU[S\b" eWaR][" T`SSR][ QO\
VOdS bVSW` ^ZOg" Wa VS`S RO\US`]caZg aV`W\YW\U0 bVS aYWZZ ^]aaSaaSa Wba
^]aaSaa]`$
FVS]`g WbaSZT VOa PSQ][S O Tc\QbW]\ ]T caS Oa [cQV Oa caS O
Tc\QbW]\ ]T bVS]`g$ FOaYa T]` bVS]`g O`S aSb Pg bVS ^`OQbWQOZ `SacZba ]T
Wba ^`SQSRW\U caS" bVSW` a]ZcbW]\a b] PS bc`\SR OUOW\ b] caS" O\R a] ]\$
FVca bVS]`g Wa bV]`]cUVZg W[[S`aSR W\ ^`OQbWQS$
IWbV bVWa [cbcOZ TSSRPOQY [SQVO\Wa[ bVS]`g VOa aSb c^ O \Se
`SOZ[ ]T \SQSaaWbg" ]` eVOb [Og PS QOZZSR O aSQ]\R \Obc`S W\ ^ZOQS ]T
('& M F ;8 C ; 8AB@ 8ABA B9 ? <98
bVS TW`ab \Obc`S T`][ eV]aS \SQSaaWbg bVS]`g eOa b] ZWPS`ObS [O\$ F]
bVWa aSQ]\R \Obc`S" \] ZSaa RSbS`[W\ObWdS T]` PSW\U O`bWTWQWOZ" [O\ Wa Oa
acPXSQb Oa VS eOa b] ]`WUW\OZ \Obc`S" O\R bVS]`g WbaSZT Wa c\RS` Wb eVWZS
Q]\abO\bZg S\UOUSR W\ Wba Tc`bVS` [OYW\U$
<T eS S_cObS bVS `SOZ[ ]T \SQSaaWbg eWbV CZOb]ma kQOdS"l bVS\ aQWS\#
bWTWQ bVS]`g ZSORa \]b ]cb ]T bVS QOdS1 \]` Wa Wba ^`OQbWQOZ O^^ZWQObW]\ O
`Sbc`\ b] bVS QOdS0 Wb \SdS` ZSTb Wb W\ bVS TW`ab ^ZOQS$ <b Wa S\bW`SZg ]T bVS
QOdS O\R bVS`ST]`S \]b kbVS]`gl Ob OZZ W\ bVS CZOb]\WQ aS\aS$
KSb Wba dS`g ^]aaWPWZWbg W[^ZWSa" O\R Wba OQbcOZWbg bSabWTWSa b]" O
kb`O\aQS\RS\QSl W\ [O\ VW[aSZT Oa bVS Q]\RWbW]\ T]` Wb$ 4 T`SSR][
PSg]\R bVS \SQSaaWbWSa ]T bVS QOdS Wa [O\WTSab W\ bVS `SZObW]\ b] b`cbV"
eWbV]cb eVWQV aQWS\QS Q]cZR \]b PS$ FVWa `SZObW]\j O QO^OQWbg" O
Q][[Wb[S\b" O _cSab" W\ aV]`b" bVOb eVWQV [OYSa aQWS\QS Vc[O\Zg
^]aaWPZSj Wa WbaSZT O\ Sfb`OaQWS\bWTWQ TOQb$ 4a [cQV" bVS`ST]`S" Oa aQW#
S\QS Wa ]T bVS QOdS Pg Wba ]PXSQba O\R Wba caSa" Pg Wba ]`WUW\ObW\U QOcaS
kW\ bVS a]cZl Wb Wa \]b$ FVS`S Wa abWZZ k^c`S bVS]`gl Oa RSRWQObW]\ b] bVS
RWaQ]dS`g ]T b`cbV O\R Oa RSd]bW]\ b] 5SW\U" bVS Q]\bS\b ]T b`cbV0 ]T
bVOb RSRWQObW]\ aQWS\QS Wa bVS []RS[ T]`[$
F] ^VWZ]a]^Vg Oa b`O\aaQWS\bWTWQ bVS]`g bVS Vc[O\ TOQb ]T aQWS\QS
QO\ ^`]dWRS O QZcS T]` O bVS]`g ]T [O\" a] bVOb eS [Og Y\]e OUOW\
OP]cb bVS SaaS\QS ]T [O\j O\R bV`]cUV Wb" ^S`VO^a" SdS\ a][SbVW\U
]T bVS SaaS\QS ]T 5SW\U$ IVS\SdS` acQV Y\]eZSRUS eWZZ OUOW\ PS eWbV
ca" Wb QO\ ^`]dWRS O POaWa T]` bVS ac^`S[SZg caSTcZ O\R [cQV#\SSRSR
Y\]eZSRUS ]T S\Ra$ CS\RW\U bVOb SdS\b" c\T]`aSSOPZS b]ROg Oa b]
eVS\ O\R WT" eS VOdS b] ZWdS eWbV ]c` ^]dS`bgj Q][T]`bSR ^S`VO^a Pg
bVS `SQ]ZZSQbW]\ bVOb ]\QS PST]`S bVS k< Y\]e bVOb < Y\]e \]bl VOa
^`]dSR Oa O PSUW\\W\U ]T ^VWZ]a]^Vg$.

.$ FV`SS Q][[S\ba" Pg ^`]TSaa]`a E]Z][]\ 8$ 4aQV" 8`WQV ;cZO" O\R


4R]Z^V ?]eS" T]ZZ]eSR bVS RSZWdS`g ]T bVWa ^O^S` Ob bVS beS\bg#TWTbV
O\\WdS`aO`g QSZSP`ObW]\ ]T bVS :`ORcObS 9OQcZbg" ASe EQV]]Z T]` E]QWOZ
DSaSO`QV" W\ 4^`WZ" '/+/$ FVS Q][[S\ba eS`S ^cPZWaVSR eWbV bVS ^O^S` W\
2E9?7B 1;I;7H9> (,%( '/+/!" ^^$ '+'#',," O\R `S^`W\bSR W\ @$ AObO\#
a]\" 0>?BEIEF>N E< J>; 2E9?7B 29?;D9;I" % 1;7:;H ASe K]`Y0 DO\R][
;]caS" '/,)!" ^^$ '*(#'+-$
A < A F ; 8EE4K

:\]abWQWa[# 8fWabS\bWOZWa[#
O\R AWVWZWa[

<\ bVWa SaaOg < ^`]^]aS# W\ O\ Sf^S`W[S\bOZ dSW\# b] R`Oe O Q][$


^O`Wa]\ PSbeSS\ be] []dS[S\ba# ]` ^]aWbW]\a# ]` agabS[a ]T bV]cUVb
eWRSZg aS^O`ObSR W\ bW[S O\R a^OQS# O\R aSS[W\UZg W\Q][[S\ac`OPZS
Ob TW`ab UZO\QS0 ]\S ]T ]c` ]e\ ROg# Q]\QS^bcOZ# a]^VWabWQObSR# O\R
S[W\S\bZg l[]RS[m W\ []`S bVO\ bVS QV`]\]Z]UWQOZ aS\aS1 bVS ]bVS`
T`][ O [Wabg ^Oab# [gbV]Z]UWQOZ# Q`cRSk a][SbVW\U ]T O T`SOY SdS\ W\
Wba ]e\ bW[S# O\R \SdS` OR[WbbSR b] bVS `Sa^SQbOPZS Q][^O\g ]T ]c`
^VWZ]a]^VWQ b`ORWbW]\% @g Q]\bS\bW]\ Wa bVOb bVS be] VOdS a][SbVW\U
W\ Q][[]\# O\R bVOb bVWa la][SbVW\Um Wa acQV bVOb Wba SZOP]`ObW]\#
eWbV O dWSe b] aW[WZO`Wbg O\R RWTTS`S\QS OZWYS# [Og `SacZb W\ O `SQW^$
`]QOZ WZZc[W\ObW]\ ]T P]bV%
<\ aOgW\U l`SQW^`]QOZ#m < OR[Wb b] O QS`bOW\ QW`QcZO`Wbg ]T ^`]QS$
Rc`S% @g ]e\ Sf^S`WS\QS [Og WZZcab`ObS eVOb < [SO\% IVS\# [O\g
gSO`a OU]# < bc`\SR b] bVS abcRg ]T :\]abWQWa[# < T]c\R bVOb bVS
dWSe^]W\ba# bVS ]^bWQa Oa Wb eS`S# eVWQV < VOR OQ_cW`SR W\ bVS aQV]]Z
]T ;SWRSUUS`# S\OPZSR [S b] aSS Oa^SQba ]T U\]abWQ bV]cUVb bVOb
VOR PSS\ [WaaSR PST]`S% 4\R < eOa W\Q`SOaW\UZg ab`cQY Pg bVS TO[WZW$
O`Wbg ]T bVS aSS[W\UZg cbbS`Zg ab`O\US% <\ `Sb`]a^SQb# < O[ W\QZW\SR b]
PSZWSdS bVOb Wb eOa bVS bV`WZZ ]T bVWa RW[Zg TSZb OTTW\Wbg eVWQV VOR Zc`SR
(''
('( F ;8 C ;8AB@8ABA B9 ? <98
[S W\b] bVS U\]abWQ ZOPg`W\bV W\ bVS TW`ab ^ZOQS% FVS\# OTbS` Z]\U
a]X]c`\ W\ bV]aS RWabO\b ZO\Ra `Sbc`\W\U b] [g ]e\# bVS Q]\bS[^]`O`g
^VWZ]a]^VWQ aQS\S# < T]c\R bVOb eVOb < VOR ZSO`\SR ]cb bVS`S [ORS [S
\]e PSbbS` c\RS`abO\R bVS aV]`S T`][ eVWQV < VOR aSb ]cb% FVS Sf$
bS\RSR RWaQ]c`aS eWbV O\QWS\b \WVWZWa[ ^`]dSRk b] [S Ob ZSOabk O
VSZ^ W\ RWaQS`\W\U O\R ^ZOQW\U bVS [SO\W\U ]T []RS`\ \WVWZWa[0 Xcab
Oa bVS ZObbS` VOR W\WbWOZZg S_cW^^SR [S T]` a^]bbW\U Wba ]PaQc`S Q]caW\
W\ bVS ^Oab% IVOb VOR VO^^S\SR eOa bVOb 8fWabS\bWOZWa[# eVWQV VOR
^`]dWRSR bVS [SO\a ]T O VWab]`WQOZ O\OZgaWa# PSQO[S WbaSZT W\d]ZdSR W\
bVS `SacZba ]T Wb% FVS TWb\Saa ]T Wba QObSU]`WSa b] bVS ^O`bWQcZO` [ObbS`
eOa a][SbVW\U b] ^]\RS` OP]cb% FVSg TWbbSR Oa WT [ORS b] [SOac`S0
K:F: bVSg# ^S`VO^a# [ORS b] [SOac`S3 4b bVS ]cbaSb# < VOR bOYS\ bVOb
TWb\Saa Oa aW[^Zg O QOaS ]T bVSW` ^`Sac[SR US\S`OZ dOZWRWbg# eVWQV
e]cZR Oaac`S bVSW` cbWZWbg T]` bVS W\bS`^`SbObW]\ ]T O\g Vc[O\ lSfWab$
S\QSm eVOba]SdS`% 5cb bVS\ Wb ROe\SR ]\ [S bVOb bVS O^^ZWQOPWZWbg ]T
QObSU]`WSa W\ bVS UWdS\ W\abO\QS [WUVb `ObVS` PS RcS b] bVS dS`g YW\R
]T lSfWabS\QSm ]\ SWbVS` aWRSk bVOb eVWQV VOR ^`]dWRSR bVS QObS$
U]`WSa O\R bVOb eVWQV a] eSZZ `Sa^]\RSR b] bVS[%
<b eOa bVS QOaS ]T O\ ORS^b eV] PSZWSdSR VW[aSZT W\ ^]aaSaaW]\ ]T O
YSg bVOb e]cZR c\Z]QY SdS`g R]]`0 < QO[S b] bVWa ^O`bWQcZO` R]]`# <
b`WSR bVS YSg# O\R Z] Wb TWbbSR bVS Z]QY# O\R bVS R]]` ]^S\SR eWRS% E]
bVS YSg VOR ^`]dSR Wba e]`bV% B\Zg ZObS`# OTbS` < VOR ]cbU`]e\ bVS
PSZWST W\ O c\WdS`aOZ YSg# RWR < PSUW\ b] e]\RS` K=M bVWa ]\S VOR W\
TOQb e]`YSR a] eSZZ W\ bVWa QOaS% ;OR < VO^^S\SR eWbV Xcab bVS `WUVb
YW\R ]T YSg c^]\ bVS `WUVb YW\R ]T Z]QY3 <T a]# K=6H eOa bVS`S PS$
beSS\ 8fWabS\bWOZWa[ O\R :\]abWQWa[ eVWQV [ORS bVS ZObbS` ]^S\ c^
Ob bVS b]cQV ]T bVS T]`[S`3 IWbV bVWa bc`\OP]cb ]T O^^`]OQV# bVS
a]ZcbW]\a W\ bVS ]\S PSQO[S _cSabW]\a b] bVS ]bVS`# eVS`S Ob TW`ab bVSg
VOR Xcab aSS[SR Q]\TW`[ObW]\a ]T Wba US\S`OZ ^]eS`%
FVca bVS [SSbW\U ]T bVS be]# abO`bSR Oa bVS [SSbW\U ]T O [SbV]R
eWbV O [ObbS`# S\RSR eWbV P`W\UW\U V][S b] [S bVOb 8fWabS\bWOZWa[#
eVWQV QZOW[a b] PS bVS Sf^ZWQObW]\ ]T bVS Tc\RO[S\bOZa ]T Vc[O\
SfWabS\QS Oa acQV# Wa bVS ^VWZ]a]^Vg ]T O ^O`bWQcZO`# VWab]`WQOZZg TObSR
aWbcObW]\ ]T Vc[O\ SfWabS\QS0 O\R O\ O\OZ]U]ca !bV]cUV W\ ]bVS`
`Sa^SQba dS`g RWTTS`S\b" aWbcObW]\ VOR UWdS\ `WaS b] O\ O\OZ]U]ca `S$
a^]\aS W\ bVS ^Oab% FVS ]PXSQb bc`\SR ]PXSQb$ZSaa]\# RS[]\ab`ObW\U
P]bV Q]\bW\US\Qg O\R \SQSaaWbg W\ bVS \WVWZWabWQ Sf^S`WS\QS% FVS WaacS
^]aSR Pg 8fWabS\bWOZWa[ R]Sa \]b bVS`SPg Z]aS W\ aS`W]ca\Saa1 Pcb O
: ABEF<6<E@# 8J<EF8AF<4?<E@# 4A7 A <;<?<E@ M (')
^`]^S` ^S`a^SQbWdS Wa UOW\SR Pg `SOZWhW\U bVS aWbcObW]\ eVWQV Wb `STZSQba
O\R b] eVWQV bVS dOZWRWbg ]T a][S ]T Wba W\aWUVba Wa Q]\TW\SR%
<\ ]bVS` e]`Ra# bVS VS`[S\ScbWQ Tc\QbW]\a PSQ][S `SdS`aSR O\R
`SQW^`]QOZk Z]QY bc`\a W\b] YSg# O\R YSg W\b] Z]QY0 bVS lSfWabS\bWOZ$
Wabm `SORW\U ]T :\]abWQWa[# a] eSZZ dW\RWQObSR Pg Wba VS`[S\ScbWQ
acQQSaa# W\dWbSa Oa Wba \Obc`OZ Q][^ZS[S\b bVS b`WOZ ]T O lU\]abWQm
`SORW\U ]T 8fWabS\bWOZWa[%

@]`S bVO\ be] US\S`ObW]\a OU]# AWSbhaQVS aOWR bVOb \WVWZWa[# lbVWa
eSW`RSab ]T OZZ UcSaba# % % % abO\Ra PST]`S bVS R]]`%m' @SO\eVWZS# bVS
UcSab VOa S\bS`SR O\R Wa \] Z]\US` O UcSab# O\R# Oa TO` Oa ^VWZ]a]^Vg Wa
Q]\QS`\SR# SfWabS\bWOZWa[ Wa b`gW\U b] ZWdS eWbV VW[% ?WdW\U W\ acQV
Q][^O\g Wa ZWdW\U W\ O Q`WaWa% FVS PSUW\\W\Ua ]T bVS Q`WaWa `SOQV POQY
W\b] bVS aSdS\bSS\bV QS\bc`g# eVS`S bVS a^W`WbcOZ aWbcObW]\ ]T []RS[
[O\ bOYSa aVO^S%
4[]\U bVS TSObc`Sa RSbS`[W\W\U bVWa aWbcObW]\ Wa ]\S eVWQV COaQOZ
eOa bVS TW`ab b] TOQS W\ Wba T`WUVbS\W\U W[^ZWQObW]\a O\R b] Sf^]c\R
eWbV bVS TcZZ T]`QS ]T VWa SZ]_cS\QS0 [O\oa Z]\SZW\Saa W\ bVS ^VgaWQOZ
c\WdS`aS ]T []RS`\ Q]a[]Z]Ug% l6Oab W\b] bVS W\TW\WbS W[[S\aWbg ]T
a^OQSa ]T eVWQV < O[ WU\]`O\b# O\R eVWQV Y\]e [S \]b# < O[ T`WUVb$
S\SR%m( lIVWQV Y\]e [S \]bm 0 []`S bVO\ bVS ]dS`OeW\U W\TW\Wbg ]T
Q]a[WQ a^OQSa O\R bW[Sa# []`S bVO\ bVS _cO\bWbObWdS RWa^`]^]`bW]\#
bVS W\aWU\WTWQO\QS ]T [O\ Oa O [OU\WbcRS W\ bVWa dOab\Saa# Wa Wb bVS
laWZS\QS#m bVOb Wa# bVS W\RWTTS`S\QS ]T bVWa c\WdS`aS b] Vc[O\ Oa^W`O$
bW]\ak bVS \]b$Y\]eW\U ]T bVW\Ua Vc[O\ ]\ bVS ^O`b ]T bVOb eWbVW\
eVWQV OZZ bVW\Ua Vc[O\ VOdS ^`S^]abS`]caZg b] PS S\OQbSRkeVWQV
Q]\abWbcbSa bVS cbbS` Z]\SZW\Saa ]T [O\ W\ bVS ac[ ]T bVW\Ua%
4a O ^O`b ]T bVWa ac[# Oa O\ W\abO\QS ]T \Obc`S# [O\ Wa ]\Zg O `SSR#
ZWOPZS b] PS Q`caVSR Ob O\g [][S\b Pg bVS T]`QSa ]T O\ W[[S\aS O\R
PZW\R c\WdS`aS W\ eVWQV VWa SfWabS\QS Wa Pcb O ^O`bWQcZO` PZW\R OQQW$
RS\b# \] ZSaa PZW\R bVO\ e]cZR PS bVS OQQWRS\b ]T VWa RSab`cQbW]\% 4a O
bVW\YW\U `SSR# V]eSdS`# VS Wa \] ^O`b ]T bVS ac[# \]b PSZ]\UW\U b] Wb#
Pcb `ORWQOZZg RWTTS`S\b# W\Q][[S\ac`OPZS0 T]` bVS F:G :LH:CG6 R]Sa \]b

'% ':F 4>AA: NIF -68=H! !'..-"# j'%


(% /:CG::G! SR% 5`c\aQVdWQU# T`% (&+%
('* F ;8 C ;8AB@8ABA B9 ? <98
bVW\Y# a] 7SaQO`bSa VOR bOcUVb# O\R \Obc`S Wa \]bVW\U Pcb F:G :LH:CG6
k P]Rg# [ObbS`# SfbS`\OZ [OU\WbcRS% <T \Obc`S Q`caVSa bVS `SSR# Wb
R]Sa a] c\bVW\YW\UZg# eVS`SOa bVS `SSRk [O\k SdS\ eVWZS Q`caVSR# Wa
OeO`S ]T PSW\U Q`caVSR%) ;S OZ]\S W\ bVS e]`ZR bVW\Ya# \]b PSQOcaS
Pcb W\ a^WbS ]T VWa PSW\U ^O`b ]T \Obc`S% 4a VS aVO`Sa \] Z]\US` W\ O
[SO\W\U ]T \Obc`S# Pcb [S`SZg# bV`]cUV VWa P]Rg# W\ Wba [SQVO\WQOZ
RSbS`[W\ObW]\# a] \Obc`S \] Z]\US` aVO`Sa W\ VWa W\\S` Q]\QS`\a% FVca
bVOb Pg eVWQV [O\ Wa ac^S`W]` b] OZZ \Obc`S# VWa c\W_cS RWabW\QbW]\#
[W\R# \] Z]\US` `SacZba W\ O VWUVS` W\bSU`ObW]\ ]T VWa PSW\U W\b] bVS
b]bOZWbg ]T PSW\U# Pcb ]\ bVS Q]\b`O`g [O`Ya bVS c\P`WRUSOPZS UcZT
PSbeSS\ VW[aSZT O\R bVS `Sab ]T SfWabS\QS% 8ab`O\USR T`][ bVS Q][$
[c\Wbg ]T PSW\U W\ ]\S eV]ZS# VWa Q]\aQW]ca\Saa ]\Zg [OYSa VW[ O
T]`SWU\S` W\ bVS e]`ZR# O\R W\ SdS`g OQb ]T b`cS `STZSQbW]\ bSZZa ]T bVWa
abO`Y T]`SWU\\Saa%
FVWa Wa bVS Vc[O\ Q]\RWbW]\% :]\S Wa bVS 8DGBDG eWbV eV]aS
W[[O\S\b AD<DG [g ]e\ QO\ TSSZ YW\aVW^# U]\S bVS ]`RS` ]T bVS eV]ZS
W\ eVWQV [O\ VOa VWa ^ZOQS% FVOb ^ZOQS O^^SO`a \]e Oa O aVSS` O\R
P`cbS OQQWRS\b% l< O[ T`WUVbS\SR O\R O[OhSR#m Q]\bW\cSa COaQOZ# lOb
TW\RW\U [gaSZT VS`S `ObVS` bVO\ bVS`S1 T]` bVS`S Wa \] `SOa]\ eVObSdS`
eVg VS`S `ObVS` bVO\ bVS`S# eVg \]e `ObVS` bVO\ bVS\%m FVS`S VOR
OZeOga PSS\ O `SOa]\ T]` bVS lVS`S#m a] Z]\U Oa bVS Q]a[]a VOR PSS\
`SUO`RSR Oa [O\oa \Obc`OZ V][S# bVOb Wa# a] Z]\U Oa bVS e]`ZR VOR
PSS\ c\RS`ab]]R Oa lQ]a[]a%m 5cb COaQOZ a^SOYa ]T lbVWa `S[]bS
Q]`\S` ]T \Obc`Sm W\ eVWQV [O\ aV]cZR l`SUO`R VW[aSZT Oa Z]ab#m ]T
lbVS ZWbbZS ^`Wa]\$QSZZ W\ eVWQV VS TW\Ra VW[aSZT Z]RUSR# < [SO\ bVS
!dWaWPZS" c\WdS`aS%m* FVS cbbS` Q]\bW\US\Qg ]T ]c` SfWabS\QS W\ bVS
aQVS[S RS^`WdSa bVOb aQVS[S ]T O\g Vc[O\ aS\aS Oa O ^]aaWPZS T`O[S
]T `STS`S\QS T]` bVS c\RS`abO\RW\U ]T ]c`aSZdSa%
5cb bVS`S Wa []`S b] bVWa aWbcObW]\ bVO\ bVS [S`S []]R ]T V][S$
ZSaa\Saa# T]`Z]`\\Saa# O\R R`SOR% FVS W\RWTTS`S\QS ]T \Obc`S OZa]
[SO\a bVOb \Obc`S VOa \] `STS`S\QS b] S\Ra% IWbV bVS SXSQbW]\ ]T bSZS]Z$
]Ug T`][ bVS agabS[ ]T \Obc`OZ QOcaSa# \Obc`S# WbaSZT ^c`^]aSZSaa#

)% .E# 8>H#! T`% )*- l4 `SSR ]\Zg Wa [O\# bVS T`OWZSab W\ bVS e]`ZR# Pcb O
`SSR bVOb bVW\Ya% G\\SQSaaO`g bVOb bVS c\WdS`aS O`[ WbaSZT b] RSab`]g VW[0
O P`SObV ]T OW`# O R`]^ ]T eObS` O`S S\]cUV b] YWZZ VW[% KSb# WT bVS 4ZZ
aV]cZR Q`caV VW[# [O\ e]cZR abWZZ PS \]PZS` bVO\ bVOb eVWQV RSab`]ga
VW[0 T]` VS Y\]ea bVOb VS RWSa# O\R VS Y\]ea bVOb bVS c\WdS`aS Wa ab`]\US`
bVO\ VS1 Pcb bVS c\WdS`aS Y\]ea \]bVW\U ]T Wb%m
*% .E# 8>H#! T`% -(%
:\]abWQWa[# 8 fWabS\bWOZWa[ # O\R AWVWZWa[ M ('+
QSOaSR b] ^`]dWRS O\g aO\QbW]\ b] ^]aaWPZS Vc[O\ ^c`^]aSa% 4 c\W$
dS`aS eWbV]cb O\ W\b`W\aWQ VWS`O`QVg ]T PSW\U# Oa bVS 6]^S[WQO\ c\W$
dS`aS Wa# ZSOdSa dOZcSa ]\b]Z]UWQOZZg c\ac^^]`bSR# O\R bVS aSZT Wa
bV`]e\ POQY S\bW`SZg c^]\ WbaSZT W\ Wba _cSab T]` [SO\W\U O\R dOZcS%
@SO\W\U Wa \] Z]\US` T]c\R Pcb Wa lQ]\TS``SR%m HOZcSa O`S \] Z]\US`
PSVSZR W\ bVS dWaW]\ ]T ]PXSQbWdS `SOZWbg# Pcb O`S ^]aWbSR Oa TSOba ]T
dOZcObW]\% 4a Tc\QbW]\a ]T bVS eWZZ# S\Ra O`S a]ZSZg [g ]e\ Q`SObW]\%
IWZZ `S^ZOQSa dWaW]\1 bS[^]`OZWbg ]T bVS OQb ]caba bVS SbS`\Wbg ]T bVS
lU]]R W\ WbaSZT%m FVWa Wa bVS AWSbhaQVSO\ ^VOaS ]T bVS aWbcObW]\ W\
eVWQV 8c`]^SO\ \WVWZWa[ P`SOYa bVS ac`TOQS% A]e [O\ Wa OZ]\S eWbV
VW[aSZT%
FVS e]`ZRoa O UObS
F] RSaS`ba ab`SbQVW\U [cbS O\R QVWZZ%
IV] ]\QS VOa Z]ab
IVOb bV]c VOab Z]ab abO\Ra \]eVS`S abWZZ%

FVca a^]YS AWSbhaQVS !W\ 3:F:>CG6BH ! QZ]aW\U bVS ^]S[ eWbV bVS
ZW\S# lI]S c\b] VW[ eV] VOa \] V][S m+
COaQOZoa c\WdS`aS# Wb Wa b`cS# eOa abWZZ ]\S Q`SObSR Pg :]R# O\R
a]ZWbO`g [O\# PS`STb ]T OZZ [c\RO\S ^`]^a# Q]cZR abWZZ ab`SbQV VWa VSO`b
]cb b]eO`R bVS b`O\a[c\RO\S :]R% 5cb bVWa :]R Wa SaaS\bWOZZg O\
c\Y\]e\ :]R# O\ 6<CDGHDG H=:DG! O\R Wa \]b RWaQS`\WPZS W\ bVS SdW$
RS\QS ]T VWa Q`SObW]\% FVS c\WdS`aS R]Sa \]b `SdSOZ bVS Q`SOb]`oa
^c`^]aS Pg bVS ^ObbS`\ ]T Wba ]`RS`# \]` VWa U]]R\Saa Pg bVS OPc\R$
O\QS ]T Q`SObSR bVW\Ua# \]` VWa eWaR][ Pg bVSW` TWb\Saa# \]` VWa ^S`TSQ$
bW]\ Pg bVS PSOcbg ]T bVS eV]ZSk Pcb `SdSOZa a]ZSZg VWa ^]eS` Pg Wba
[OU\WbcRS# Wba a^ObWOZ O\R bS[^]`OZ W[[S\aWbg% 9]` SfbS\aW]\# ]` bVS
_cO\bWbObWdS# Wa bVS ]\S SaaS\bWOZ Obb`WPcbS ZSTb b] bVS e]`ZR# O\R bVS`S$
T]`S# WT bVS e]`ZR VOa O\gbVW\U Ob OZZ b] bSZZ ]T bVS RWdW\S# Wb R]Sa a]
bV`]cUV bVWa ^`]^S`bg0 O\R eVOb [OU\WbcRS QO\ bSZZ ]T Wa ^]eS`%, 5cb

+% 7WS ISZbkSW\ F]`


Lc bOcaS\R IWWabS\ abc[[ c\R YOZb
IS` ROa dS`Z]`#
IOa Rc dS`Z]`ab# [OQVb \W`US\Ra ;OZb%
!FVS b`O\aZObW]\ ]TTS`SR W\ bVS bSfb eOa ac^^ZWSR Pg O T`WS\R eV] eWaVSa
b] PS O\]\g[]ca%"
,% 6T% COaQOZ# AD8# 8>H# l<\ aV]`b# Wb Wa bVS U`SObSab aS\aWPZS aWU\ ]T :]Roa
][\W^]bS\QS bVOb ]c` W[OUW\ObW]\ Z]aSa WbaSZT W\ bVWa bV]cUVb G8# ]T bVS
W[[S\aWbg ]T Q]a[WQ a^OQS"%m
(', F ;8 C ;8AB@8ABA B9 ? <98
O e]`ZR `SRcQSR b] O [S`S [O\WTSabObW]\ ]T ^]eS` OZa] OR[Wba b]eO`R
WbaSZTk ]\QS bVS b`O\aQS\RS\b `STS`S\QS VOa TOZZS\ OeOg O\R [O\ Wa
ZSTb eWbV Wb O\R VW[aSZT OZ]\Sk \]bVW\U Pcb bVS `SZObW]\ ]T ^]eS`# bVOb
Wa# ]T [OabS`g% FVS Q]\bW\US\Qg ]T [O\# ]T VWa SfWabW\U VS`S O\R \]e#
Wa eWbV COaQOZ abWZZ O Q]\bW\US\Qg c^]\ :]Roa eWZZ1 Pcb bVOb eWZZ# eVWQV
VOa QOab [S W\b] Xcab lbVWa `S[]bS Q]`\S` ]T \Obc`S#m Wa W\aQ`cbOPZS#
O\R bVS lIVg3m ]T [g SfWabS\QS Wa VS`S Xcab Oa c\O\aeS`OPZS Oa bVS
[]ab ObVSWabWQ SfWabS\bWOZWa[ QO\ [OYS Wb ]cb b] PS% FVS 9:IG
67G8DC9>HIG! ]T eV][ \]bVW\U Pcb eWZZ O\R ^]eS` QO\ PS ^`SRWQObSR#
ZSOdSa PSVW\R Oa VWa ZSUOQg# c^]\ RS^O`bW\U bVS aQS\S# bVS =DBD
67G8DC9>HIG! O Q]\QS^b ]T [O\ QVO`OQbS`WhSR a]ZSZg Pg eWZZ O\R
^]eS`k bVS eWZZ T]` ^]eS`# bVS eWZZ b] eWZZ% 9]` acQV O eWZZ SdS\
W\RWTTS`S\b \Obc`S Wa []`S O\ ]QQOaW]\ T]` Wba SfS`QWaS bVO\ O b`cS
]PXSQb%-
FVS ^]W\b bVOb ^O`bWQcZO`Zg [ObbS`a T]` bVS ^c`^]aS ]T bVWa RWaQca$
aW]\ Wa bVOb O QVO\US W\ bVS dWaW]\ ]T \Obc`S# bVOb Wa# ]T bVS Q]a[WQ
S\dW`]\[S\b ]T [O\# Wa Ob bVS P]bb][ ]T bVOb [SbO^VgaWQOZ aWbcObW]\
eVWQV VOa UWdS\ `WaS b] []RS[ SfWabS\bWOZWa[ O\R b] Wba \WVWZWabWQ
W[^ZWQObW]\a% 5cb WT bVWa Wa a]# WT bVS SaaS\QS ]T SfWabS\bWOZWa[ Wa O
QS`bOW\ RcOZWa[# O\ Sab`O\US[S\b PSbeSS\ [O\ O\R bVS e]`ZR# eWbV
bVS Z]aa ]T bVS WRSO ]T O YW\R`SR 8DGBDGkW\ aV]`b# O\ O\bV`]^]Z]UWQOZ
OQ]a[Wa[kbVS\ Wb Wa \]b \SQSaaO`WZg []RS[ ^VgaWQOZ aQWS\QS OZ]\S
eVWQV QO\ Q`SObS acQV O Q]\RWbW]\% 4 Q]a[WQ \WVWZWa[ Oa acQV# PSU]b$
bS\ Pg eVObSdS` VWab]`WQOZ QW`Qc[abO\QSa# e]cZR PS bVS Q]\RWbW]\ W\
eVWQV a][S ]T bVS QVO`OQbS`WabWQ b`OWba ]T SfWabS\bWOZWa[ [WUVb Sd]ZdS%
4\R bVS SfbS\b b] eVWQV bVWa Wa T]c\R b] PS OQbcOZZg bVS QOaS e]cZR PS
O bSab T]` bVS `SZSdO\QS eVWQV eS Obb`WPcbS b] bVS RSaQ`WPSR SZS[S\b W\
bVS SfWabS\bWOZWab ^]aWbW]\%
FVS`S Wa ]\S aWbcObW]\# O\R ]\S ]\Zg bVOb < Y\]e ]T W\ bVS VWab]`g
]T ISabS`\ [O\# eVS`Sk ]\ O ZSdSZ c\b]cQVSR Pg O\gbVW\U `SaS[$
PZW\U []RS[ aQWS\bWTWQ bV]cUVbk bVOb Q]\RWbW]\ VOa PSS\ `SOZWhSR O\R
ZWdSR ]cb eWbV OZZ bVS dSVS[S\QS ]T O QObOQZga[WQ SdS\b% FVOb Wa bVS
U\]abWQ []dS[S\b# ]` bVS []`S `ORWQOZ ]\Sa O[]\U bVS dO`W]ca

-% FVS `]ZS ]T COaQOZ Oa bVS TW`ab SfWabS\bWOZWab# eVWQV < VOdS VS`S dS`g
`]cUVZg aYSbQVSR Oa O abO`bW\U ^]W\b# VOa PSS\ []`S TcZZg Sf^]c\RSR Pg
>O`Z ?]eWbV W\ VWa O`bWQZS ]\ l@O\ 5SbeSS\ <\TW\WbWSa#m W\ -:6GIF:! %
&F>H>86A +DIFC6A !6VWQOU]"# H]Z% ' !'/+&"# (/-$)'&%
:\]abWQWa[# 8 fWabS\bWOZWa[ # O\R AWVWZWa[ M ('-
U\]abWQ []dS[S\ba O\R bSOQVW\Ua# eVWQV bVS RSS^Zg OUWbObSR TW`ab
bV`SS QS\bc`WSa ]T bVS 6V`WabWO\ S`O ^`]ZWTS`ObSR W\ bVS ;SZZS\WabWQ
^O`ba ]T bVS D][O\ 8[^W`S O\R PSg]\R Wba SOabS`\ P]c\RO`WSa% 9`][
bVS[# bVS`ST]`S# eS [Og V]^S b] ZSO`\ a][SbVW\U T]` O\ c\RS`abO\R$
]T bVOb RWabc`PW\U acPXSQb# \WVWZWa[# O\R < eWaV b] ^cb bVS SdWRS\QS
PST]`S bVS `SORS` Oa TO` Oa bVWa QO\ PS R]\S W\ bVS a^OQS ]T O P`WST
QVO^bS`# O\R eWbV OZZ bVS `SaS`dObW]\a eVWQV bVS Sf^S`W[S\b ]T acQV O
Q][^O`Wa]\ QOZZa T]`%

<<
FVS SfWabS\QS ]T O\ OTTW\Wbg ]` O\OZ]Ug OQ`]aa bVS OUSa# acQV Oa Wa VS`S
OZZSUSR# Wa \]b a] ac`^`WaW\U WT eS `S[S[PS` bVOb W\ []`S bVO\ ]\S
`Sa^SQb bVS QcZbc`OZ aWbcObW]\ W\ bVS :`SQ]$D][O\ e]`ZR ]T bVS TW`ab
6V`WabWO\ QS\bc`WSa aV]ea P`]OR ^O`OZZSZa eWbV bVS []RS[ aWbcObW]\%
E^S\UZS` eS\b a] TO` Oa b] RSQZO`S bVS be] OUSa lQ]\bS[^]`O\S]ca#m
W\ bVS aS\aS ]T PSW\U WRS\bWQOZ ^VOaSa W\ bVS ZWTS QgQZS ]T bVSW` `Sa^SQ$
bWdS QcZbc`Sa% <\ bVWa O\OZ]UWQOZ aS\aS eS e]cZR \]e PS ZWdW\U W\ bVS
^S`W]R ]T bVS SO`Zg 6OSaO`a% ;]eSdS` bVOb [Og PS# bVS`S Wa QS`bOW\Zg
[]`S bVO\ [S`S Q]W\QWRS\QS W\ bVS TOQb bVOb eS `SQ]U\WhS ]c`aSZdSa W\
a] [O\g TOQSba ]T ZObS` ^]ab$QZOaaWQOZ O\bW_cWbg# TO` []`S a]# Ob O\g
`ObS# bVO\ W\ QZOaaWQOZ O\bW_cWbg% :\]abWQWa[ Wa ]\S ]T bV]aS TOQSba# O\R
VS`S `SQ]U\WbW]\# RWTTWQcZb Oa Wb Wa `S\RS`SR Pg bVS ab`O\US\Saa ]T bVS
ag[P]Za# Q][Sa eWbV bVS aV]QY ]T bVS c\Sf^SQbSR# Sa^SQWOZZg T]` VW[
eV] R]Sa Y\]e a][SbVW\U ]T :\]abWQWa[# aW\QS bVS Sf^O\aWdS\Saa ]T
Wba [SbO^VgaWQOZ TO\Qg aSS[a WZZ b] OU`SS eWbV bVS OcabS`S RWaWZZcaW]\$
[S\b ]T SfWabS\bWOZWa[# Oa Wba `SZWUW]ca QVO`OQbS` W\ US\S`OZ eWbV bVS
ObVSWabWQ# Tc\RO[S\bOZZg l^]ab$6V`WabWO\m SaaS\QS Pg eVWQV AWSbhaQVS
WRS\bWTWSR []RS[ \WVWZWa[% ;]eSdS`# O Q][^O`Wa]\ [Og gWSZR a][S
W\bS`SabW\U `SacZba%
FVS U\]abWQ []dS[S\bk acQV eS [cab QOZZ WbkeOa O eWRSa^`SOR
^VS\][S\]\ W\ bVS Q`WbWQOZ QS\bc`WSa W\RWQObSR# TSSRW\U ZWYS 6V`Wa$
bWO\Wbg ]\ bVS W[^cZaSa ]T O eWRSZg ^`SdOZS\b Vc[O\ aWbcObW]\# O\R
bVS`ST]`S S`c^bW\U W\ [O\g ^ZOQSa# [O\g T]`[a# O\R [O\g ZO\$
UcOUSa%. 9W`ab O[]\U bVS TSObc`Sa b] PS S[^VOaWhSR VS`S Wa bVS `ORW$

.% 9]` O Q][^ZSbS b`SOb[S\b ]T :\]abWQWa[ aSS [g :S`[O\ e]`Y


)CDG>G 6C9 GE6H6CH>@:F ):>GH !:]bbW\US\# '/+* O\R '/,*" O\R bVS aV]`bS`
('. F ;8 C ;8AB@8ABA B9 ? <98
QOZZg RcOZWabWQ []]R eVWQV c\RS`ZWSa bVS U\]abWQ ObbWbcRS Oa O eV]ZS
O\R c\WTWSa Wba eWRSZg RWdS`aWTWSR# []`S ]` ZSaa agabS[ObWQ Sf^`SaaW]\a%
<b Wa ]\ bVWa ^`W[O`g Vc[O\ T]c\RObW]\ ]T O ^OaaW]\ObSZg TSZb Sf^S`W$
S\QS ]T aSZT O\R e]`ZR# bVOb bVS T]`[cZObSR RcOZWabWQ R]Qb`W\Sa `Sab%
FVS RcOZWa[ Wa PSbeSS\ [O\ O\R bVS e]`ZR# O\R Q]\Qc``S\bZg PSbeSS\
bVS e]`ZR O\R :]R% <b Wa O RcOZWbg \]b ]T ac^^ZS[S\bO`g Pcb ]T Q]\$
b`O`g bS`[a1 O\R Wb Wa ]\S0 T]` bVOb PSbeSS\ [O\ O\R e]`ZR [W``]`a ]\
bVS ^ZO\S ]T Sf^S`WS\QS bVOb PSbeSS\ e]`ZR O\R :]R# O\R RS`WdSa
T`][ Wb Oa T`][ Wba Z]UWQOZ U`]c\Rkc\ZSaa ]\S e]cZR `ObVS` V]ZR
Q]\dS`aSZg bVOb bVS b`O\aQS\RS\b R]Qb`W\S ]T O e]`ZR$:]R RcOZWa[
a^`W\Ua T`][ bVS W[[O\S\b Sf^S`WS\QS ]T O RWac\W]\ ]T [O\ O\R
e]`ZR Oa T`][ Wba ^agQV]Z]UWQOZ U`]c\R% <\ bVWa bV`SS$bS`[ Q]\TWUc`O$
bW]\k [O\# e]`ZR# :]Rk [O\ O\R :]R PSZ]\U b]USbVS` W\ Q]\b`O^]$
aWbW]\ b] bVS e]`ZR# Pcb O`S# W\ a^WbS ]T bVWa SaaS\bWOZ PSZ]\UW\U$
b]USbVS`# W\ TOQb aS^O`ObSR ^`SQWaSZg Pg bVS e]`ZR% F] bVS :\]abWQ# bVWa
TOQb Wa bVS acPXSQb ]T `SdSOZSR Y\]eZSRUS# O\R Wb RSbS`[W\Sa U\]abWQ
SaQVOb]Z]Ug0 K: [Og aSS W\ Wb bVS ^`]XSQbW]\ ]T VWa POaWQ Sf^S`WS\QS#
eVWQV bVca Q`SObSR T]` WbaSZT Wba ]e\ `SdSZOb]`g b`cbV% C`W[O`g e]cZR
bVS\ PS bVS TSSZW\U ]T O\ OPa]ZcbS `WTb PSbeSS\ [O\ O\R bVOb W\ eVWQV
VS TW\Ra VW[aSZT Z]RUSRk bVS e]`ZR% <b Wa bVWa TSSZW\U eVWQV Sf^ZWQObSa
WbaSZT W\ bVS T]`[a ]T ]PXSQbWdS R]Qb`W\S% <\ Wba bVS]Z]UWQOZ Oa^SQb bVWa
R]Qb`W\S abObSa bVOb bVS 7WdW\S Wa OZWS\ b] bVS e]`ZR O\R VOa \SWbVS`
^O`b \]` Q]\QS`\ W\ bVS ^VgaWQOZ c\WdS`aS1 bVOb bVS b`cS :]R# ab`WQbZg
b`O\a[c\RO\S# Wa \]b `SdSOZSR ]` SdS\ W\RWQObSR Pg bVS e]`ZR# O\R Wa
bVS`ST]`S bVS G\Y\]e\# bVS b]bOZZg BbVS`# c\Y\]eOPZS W\ bS`[a ]T
O\g e]`ZRZg O\OZ]UWSa% 6]``Sa^]\RW\UZg# W\ Wba Q]a[]Z]UWQOZ Oa^SQb Wb
abObSa bVOb bVS e]`ZR Wa bVS Q`SObW]\ \]b ]T :]R Pcb ]T a][S W\TS`W]`
^`W\QW^ZS eV]aS ZOe Wb SfSQcbSa1 O\R# W\ Wba O\bV`]^]Z]UWQOZ Oa^SQb#
bVOb [O\oa W\\S` aSZT# bVS EC:IB6 ! la^W`Wbm W\ Q]\b`Oab b] la]cZm 2
EGM8=:" Wa \]b ^O`b ]T bVS e]`ZR# ]T \Obc`Soa Q`SObW]\ O\R R][OW\# Pcb
Wa# eWbVW\ bVOb e]`ZR# Oa b]bOZZg b`O\aQS\RS\b O\R Oa c\Y\]e\ Pg OZZ
e]`ZRZg QObSU]`WSa Oa Wa Wba b`O\a[c\RO\S Q]c\bS`^O`b# bVS c\Y\]e\
:]R eWbV]cb%
FVOb bVS e]`ZR Wa Q`SObSR Pg a][S ^S`a]\OZ OUS\Qg Wa US\S`OZZg
bOYS\ T]` U`O\bSR W\ bVS [gbV]Z]UWQOZ agabS[a# bV]cUV W\ a][S O\

8\UZWaV dS`aW]\ 2=: )CDGH>8 0:A><>DC !5]ab]\0 5SOQ]\ C`Saa# (\R SR%
'/,)"%
: ABEF<6<E@# 8J<EF8AF<4?<E@# 4A7 A <;<?<E@ M ('/
OZ[]ab W[^S`a]\OZ \SQSaaWbg ]T RO`Y W[^cZaS aSS[a Ob e]`Y W\ Wba
US\SaWa% 5cb eV]SdS` VOa Q`SObSR bVS e]`ZR# [O\ R]Sa \]b ]eS VW[
OZZSUWO\QS# \]` `Sa^SQb b] VWa e]`Y% ;Wa e]`Y# bV]cUV W\Q][^`S$
VS\aWPZg S\Q][^OaaW\U [O\# R]Sa \]b ]TTS` bVS abO`a Pg eVWQV VS QO\
aSb VWa Q]c`aS# O\R \SWbVS` R]Sa VWa ^`]QZOW[SR eWaV O\R eWZZ% EW\QS
\]b bVS b`cS :]R QO\ PS bVS Q`SOb]` ]T bVOb b] eVWQV aSZTV]]R TSSZa a]
cbbS`Zg O ab`O\US`# \Obc`S [S`SZg [O\WTSaba Wba Z]eZg RS[Wc`US0 Oa O
^]eS` RSS^ PS\SObV bVS Ec^`S[S :]R# c^]\ eVWQV SdS\ [O\ QO\
Z]]Y R]e\ T`][ bVS VSWUVb ]T VWa U]R$YW\R`SR a^W`Wb# bVWa ^S`dS`aW]\ ]T
bVS 7WdW\S VOa `SbOW\SR ]T Wb ]\Zg bVS ^]eS` b] OQb# Pcb b] OQb PZW\RZg#
eWbV]cb Y\]eZSRUS O\R PS\Sd]ZS\QS% FVca RWR bVS RS[Wc`US Q`SObS
bVS e]`ZR ]cb ]T WU\]`O\QS O\R ^OaaW]\%
FVS e]`ZR# bVS\# Wa bVS ^`]RcQb# O\R SdS\ bVS S[P]RW[S\b# ]T bVS
\SUObWdS ]T @CDKA:9<:# IVOb Wb `SdSOZa Wa c\S\ZWUVbS\SR O\R bVS`ST]`S
[OZWU\O\b T]`QS# ^`]QSSRW\U T`][ bVS a^W`Wb ]T aSZT$OaaS`bWdS ^]eS`#
T`][ bVS eWZZ b] `cZS O\R Q]S`QS% FVS [W\RZSaa\Saa ]T bVWa eWZZ Wa bVS
a^W`Wb ]T bVS e]`ZR# eVWQV PSO`a \] `SZObW]\ b] c\RS`abO\RW\U O\R Z]dS%
FVS ZOea ]T bVS c\WdS`aS O`S bVS ZOea ]T bVWa `cZS# O\R \]b ]T RWdW\S
eWaR][% /DK:F bVca PSQ][Sa bVS QVWST Oa^SQb ]T bVS Q]a[]a# O\R Wba
W\\S` SaaS\QS Wa WU\]`O\QS O6<CDG>6 # F] bVWa# bVS ^]aWbWdS Q][^ZS$
[S\b Wa bVOb bVS SaaS\QS ]T [O\ Wa Y\]eZSRUSk Y\]eZSRUS ]T aSZT O\R
]T :]R0 bVWa RSbS`[W\Sa VWa aWbcObW]\ Oa bVOb ]T bVS ^]bS\bWOZZg Y\]e$
W\U W\ bVS [WRab ]T bVS c\Y\]eW\U# ]T ZWUVb W\ bVS [WRab ]T RO`Y\Saa#
O\R bVWa `SZObW]\ Wa Ob bVS P]bb][ ]T VWa PSW\U OZWS\# eWbV]cb Q][^O\$
W]\aVW^ W\ bVS RO`Y dOab\Saa ]T bVS c\WdS`aS%
FVOb c\WdS`aS VOa \]\S ]T bVS dS\S`OPWZWbg ]T bVS :`SSY 8DGBDG#
6]\bS[^bc]ca S^WbVSba O`S O^^ZWSR b] Wb0 lbVSaS [WaS`OPZS SZS[S\bao
OE6IE:FH>FB =6:8 :A:B :CH6 ! lbVWa ^c\g QSZZ ]T bVS Q`SOb]`m ! =6:8
8:AAIA6 8F:6HDF>G "%i KSb Wb Wa abWZZ 8DGBDG! O\ ]`RS`k Pcb ]`RS` eWbV O
dS\USO\QS# OZWS\ b] [O\oa Oa^W`ObW]\a% <ba `SQ]U\WbW]\ Wa Q][^]c\RSR
]T TSO` O\R RWa`Sa^SQb# ]T b`S[PZW\U O\R RSTWO\QS% FVS PZS[WaV ]T
\Obc`S ZWSa \]b W\ O\g RSTWQWS\Qg ]T ]`RS`# Pcb W\ bVS OZZ b]] ^S`dORW\U
Q][^ZSbS\Saa ]T Wb% 9O` T`][ PSW\U QVO]a# bVS Q`SObW]\ ]T bVS
RS[Wc`US# c\S\ZWUVbS\SR Oa Wb Wa# Wa abWZZ O agabS[ ]T ZOe% 5cb Q]a[WQ
ZOe# ]\QS e]`aVW^SR Oa bVS Sf^`SaaW]\ ]T O `SOa]\ eWbV eVWQV [O\oa
`SOa]\ QO\ Q][[c\WQObS W\ bVS OQb ]T Q]U\WbW]\# Wa \]e aSS\ ]\Zg W\/

/% @O`QW]\0 FS`bcZZWO\# &DCHF6 -6F8>DC:B! <% '*%


((& F ;8 C ;8AB@8ABA B9 ?<98
Wba Oa^SQb ]T Q][^cZaW]\ eVWQV bVeO`ba [O\oa T`SSR][% FVS Q]a[WQ
AD<DG ]T bVS Eb]WQa# eVWQV eOa WRS\bWTWSR eWbV ^`]dWRS\QS# Wa `S^ZOQSR
Pg =:>B6FB:C:! ]^^`SaaWdS Q]a[WQ TObS%
FVWa ;6HIB Wa RWa^S\aSR Pg bVS ^ZO\Sba# ]` bVS abO`a W\ US\S`OZ# bVS
^S`a]\WTWSR Sf^]\S\ba ]T bVS `WUWR O\R V]abWZS ZOe ]T bVS c\WdS`aS% FVS
QVO\US W\ bVS S[]bW]\OZ Q]\bS\b ]T bVS bS`[ 8DGBDG Wa \]eVS`S PSbbS`
ag[P]ZWhSR bVO\ W\ bVWa RS^`SQWObW]\ ]T bVS T]`[S`Zg []ab RWdW\S ^O`b
]T bVS dWaWPZS e]`ZR# bVS QSZSabWOZ a^VS`Sa% FVS abO``g aYgk b] bVS
:`SSYa aW\QS CgbVOU]`Oa bVS ^c`Sab S[P]RW[S\b ]T `SOa]\ W\ bVS
aS\aWPZS c\WdS`aS# O\R bVS UcO`O\b]` ]T Wba VO`[]\gk \]e abO`SR [O\
W\ bVS TOQS eWbV bVS TWfSR UZO`S ]T OZWS\ ^]eS` O\R \SQSaaWbg% A]
Z]\US` VWa YW\R`SR# gSb ^]eS`TcZ Oa PST]`S# bVS abO`a VOdS PSQ][S
bg`O\bak TSO`SR Pcb Ob bVS aO[S bW[S RSa^WaSR# PSQOcaS bVSg O`S Z]eS`
bVO\ [O\% lFVSg !aOga CZ]bW\ca W\RWU\O\bZg ]T bVS :\]abWQa"# eV]
RSS[ SdS\ bVS POaSab ]T [S\ e]`bVg b] PS QOZZSR P`]bVS`a Pg bVS[#
W\aO\SZg RS\g bVWa bWbZS b] bVS ac\# bVS abO`a W\ bVS VSOdS\a# \Og# b] bVS
e]`ZR$a]cZ# ]c` aWabS`# VS`aSZT m O(CC# <<%/%'."% IV] Wa []`S l[]R$
S`\#m eS [Og OaYk CZ]bW\ca ]` bVS :\]abWQa3 lFVSg ]cUVb b] RSaWab
!VS aOga SZaSeVS`S" T`][ bVSW` V]``]`$bOZSa OP]cb bVS Q]a[WQ a^VS`Sa%
% % % <T [O\ Wa ac^S`W]` b] bVS ]bVS` O\W[ObS PSW\Ua# V]e [cQV []`S a]
O`S bVS a^VS`Sa# eVWQV \]b T]` bg`O\\g O`S W\ bVS 4ZZ# Pcb b] Q]\TS`
c^]\ Wb ]`RS` O\R ZOem O>7>9#! ')"% IS VOdS VSO`R V]e bVS :\]abWQa
TSZb OP]cb bVWa ZOe% BT ^`]dWRS\QS Wb VOa \]bVW\U# O\R b] [O\oa T`SS$
R][ Wb Wa W\W[WQOZ% G\RS` bVWa ^WbWZSaa aYg# eVWQV \] Z]\US` W\a^W`Sa
e]`aVW^TcZ Q]\TWRS\QS# [O\ PSQ][Sa Q]\aQW]ca ]T VWa cbbS` T]`Z]`\$
\Saa% 8\Q][^OaaSR Pg Wb# acPXSQb b] Wba ^]eS`# gSb ac^S`W]` b] Wb Pg bVS
\]PWZWbg ]T VWa a]cZ# VS Y\]ea VW[aSZT \]b a] [cQV O ^O`b ]T# Pcb
c\OQQ]c\bOPZg ^ZOQSR W\ O\R Sf^]aSR b]# bVS S\dSZ]^W\U agabS[%
4\R# ZWYS COaQOZ# VS Wa T`WUVbS\SR% ;Wa a]ZWbO`g ]bVS`\Saa# RWaQ]d$
S`W\U WbaSZT W\ bVWa T]`Z][\Saa# S`c^ba W\ bVS TSSZW\U ]T R`SOR% 7`SOR Oa
bVS a]cZoa `Sa^]\aS b] Wba PSW\U$W\$bVS$e]`ZR Wa O `SQc``S\b bVS[S W\
U\]abWQ ZWbS`Obc`S% <b Wa bVS aSZToa `SOQbW]\ b] bVS RWaQ]dS`g ]T Wba
aWbcObW]\# OQbcOZZg WbaSZT O\ SZS[S\b W\ bVOb RWaQ]dS`g0 Wb [O`Ya bVS
OeOYS\W\U ]T bVS W\\S` aSZT T`][ bVS aZc[PS` ]` W\b]fWQObW]\ ]T bVS
e]`ZR% 9]` bVS ^]eS` ]T bVS abO` a^W`Wba# ]` ]T bVS Q]a[]a W\ US\S`OZ#
Wa \]b [S`SZg bVS SfbS`\OZ ]\S ]T ^VgaWQOZ Q][^cZaW]\# Pcb SdS\ []`S
bVS W\bS`\OZ ]\S ]T OZWS\ObW]\ ]` aSZT$Sab`O\US[S\b% 5SQ][W\U OeO`S
]T WbaSZT# bVS aSZT OZa] RWaQ]dS`a bVOb Wb Wa \]b `SOZZg Wba ]e\# Pcb Wa
:\]abWQWa[# 8 fWabS\bWOZWa[ # O\R AWVWZWa[ M (('
`ObVS` bVS W\d]Zc\bO`g SfSQcb]` ]T Q]a[WQ RSaWU\a% >\]eZSRUS# <CDG>G!
[Og ZWPS`ObS [O\ T`][ bVWa aS`dWbcRS1 Pcb aW\QS bVS 8DGBDG Wa Q]\$
b`O`g b] ZWTS O\R b] a^W`Wb# bVS aOdW\U Y\]eZSRUS QO\\]b OW[ Ob W\bS$
U`ObW]\ W\b] bVS Q]a[WQ eV]ZS O\R Ob Q][^ZWO\QS eWbV Wba ZOea# Oa RWR
Eb]WQ eWaR][# eVWQV a]cUVb T`SSR][ W\ bVS Y\]eW\U Q]\aS\b b] bVS
[SO\W\UTcZ \SQSaaWbg ]T bVS eV]ZS% 9]` bVS :\]abWQa# ]\ bVS Q]\b`O`g#
[O\oa OZWS\ObW]\ T`][ bVS e]`ZR Wa b] PS RSS^S\SR O\R P`]cUVb b] O
VSOR# T]` bVS Sfb`WQObW]\ ]T bVS W\\S` aSZT eVWQV ]\Zg bVca QO\ UOW\
WbaSZT% FVS e]`ZR !\]b bVS OZWS\ObW]\ T`][ Wb" [cab PS ]dS`Q][S1 O\R
O e]`ZR RSU`ORSR b] O ^]eS` agabS[ QO\ ]\Zg PS ]dS`Q][S bV`]cUV
^]eS`% FVS ]dS`^]eS`W\U VS`S W\ _cSabW]\ Wa# ]T Q]c`aS# O\gbVW\U Pcb
bSQV\]Z]UWQOZ [OabS`g% FVS ^]eS` ]T bVS e]`ZR Wa ]dS`Q][S# ]\ bVS
]\S VO\R# Pg bVS ^]eS` ]T bVS EOdW]` eV] P`SOYa W\b] Wba QZ]aSR
agabS[ T`][ eWbV]cb# O\R# ]\ bVS ]bVS` VO\R# bV`]cUV bVS ^]eS` ]T
bVS lY\]eZSRUSm P`]cUVb Pg VW[# eVWQV Oa O [OUWQOZ eSO^]\ RSTSOba
bVS T]`QS ]T bVS ^ZO\Sba O\R ]^S\a b] bVS a]cZ O ^ObV bV`]cUV bVSW`
W[^SRW\U ]`RS`a% 7WTTS`S\b Oa bVWa Wa T`][ []RS`\ [O\oa ^]eS` `SZO$
bW]\ b] e]`ZR$QOcaOZWbg# O\ ]\b]Z]UWQOZ aW[WZO`Wbg ZWSa W\ bVS T]`[OZ
TOQb bVOb bVS Q]c\bS`W\U ]T ^]eS` eWbV ^]eS` Wa bVS a]ZS `SZObW]\ b] bVS
b]bOZWbg ]T \Obc`S ZSTb T]` [O\ W\ P]bV QOaSa%

<ZZ
5ST]`S U]W\U O\g Tc`bVS`# ZSb ca ab]^ b] OaY eVOb VOa VS`S VO^^S\SR
b] bVS ]ZR WRSO ]T bVS 8DGBDG Oa O RWdW\SZg ]`RS`SR eV]ZS% 6S`bOW\Zg
\]bVW\U `S[]bSZg Q][^O`OPZS b] []RS[ ^VgaWQOZ aQWS\QS eOa W\$
d]ZdSR W\ bVWa QObOab`]^VWQ RSdOZcObW]\ ]` a^W`WbcOZ RS\cRObW]\ ]T bVS
c\WdS`aS% IS \SSR ]\Zg ]PaS`dS bVOb bVWa c\WdS`aS PSQO[S bV]`]cUVZg
RS[]\WhSR W\ bVS U\]abWQ ^S`W]R% KSb bVWa# b]USbVS` eWbV bVS b`O\$
aQS\RS\QS ]T bVS OQ]a[WQ aSZT# `SacZbSR W\ Qc`W]ca O\OZ]UWSa b] a][S
^VS\][S\O eVWQV SfWabS\bWOZWa[ SfVWPWba W\ bVS dOabZg RWTTS`S\b
[]RS[ aSbbW\U% <T \]b aQWS\QS O\R bSQV\]Z]Ug# eVOb QOcaSR# T]` bVS
Vc[O\ U`]c^a W\d]ZdSR# bVS Q]ZZO^aS ]T bVS Q]a[]a ^WSbg ]T QZOaaWQOZ
QWdWZWhObW]\# ]\ eVWQV a] [cQV ]T Wba SbVWQa eOa PcWZb3
FVS O\aeS` Wa QS`bOW\Zg Q][^ZSf# Pcb Ob ZSOab ]\S O\UZS ]T Wb [Og PS
P`WSTZg W\RWQObSR% IVOb eS VOdS PST]`S ca Wa bVS `S^cRWObW]\ ]T bVS
QZOaaWQOZ R]Qb`W\S ]T leV]ZS O\R ^O`ba#m O\R a][S ]T bVS `SOa]\a T]`
bVWa `S^cRWObW]\ [cab PS a]cUVb W\ bVS a]QWOZ O\R ^]ZWbWQOZ a^VS`S% FVS
((( F ;8 C ;8AB@8ABA B9 ? <98
R]Qb`W\S ]T QZOaaWQOZ ]\b]Z]Ug OQQ]`RW\U b] eVWQV bVS eV]ZS Wa ^`W]` b]
bVS ^O`ba# Wa PSbbS` bVO\ bVS ^O`ba# O\R Wa bVOb T]` bVS aOYS ]T eVWQV bVS
^O`ba O`S# O\R eVS`SW\ bVSg TW\R bVS [SO\W\U ]T bVSW` SfWabS\QSk bVWa
bW[S$V]\]`SR OfW][ VOR Z]ab bVS a]QWOZ POaWa ]T Wba dOZWRWbg% FVS ZWdW\U
SfO[^ZS ]T acQV O eV]ZS VOR PSS\ bVS QZOaaWQOZ EDA>G! bVS QWbg$abObS#
eV]aS QWbWhS\a VOR O aVO`S W\ bVS eV]ZS O\R Q]cZR OTTW`[ Wba ac^S`W]`
abObca W\ bVS Y\]eZSRUS bVOb bVSg# bVS ^O`ba# V]eSdS` ^OaaW\U O\R
SfQVO\USOPZS# \]b ]\Zg eS`S 9:E:C9:CH ]\ bVS eV]ZS ;DF bVSW` PSW\U
Pcb OZa] B6>CH6>C:9 bVOb eV]ZS K>H= bVSW` PSW\U0 Xcab Oa bVS Q]\RWbW]\
]T bVS eV]ZS [ORS O RWTTS`S\QS b] bVS PSW\U O\R ^]aaWPZS ^S`TSQbW]\ ]T
bVS ^O`ba# a] bVSW` Q]\RcQb [ORS O RWTTS`S\QS b] bVS PSW\U O\R ^S`TSQ$
bW]\ ]T bVS eV]ZS% FVca bVWa eV]ZS# [OYW\U ^]aaWPZS TW`ab bVS dS`g ZWTS
O\R bVS\ bVS U]]R ZWTS ]T bVS W\RWdWRcOZ# eOa Ob bVS aO[S bW[S Q][$
[WbbSR b] bVS W\RWdWRcOZoa QO`S# O\R W\ ac`^OaaW\U O\R ]cbZOabW\U VW[
eOa OZa] VWa ac^`S[S dW\RWQObW]\%
A]e bVWa XcabWTgW\U Q][^ZS[S\b ]T bVS ^`W[OQg ]T bVS eV]ZS W\
a]QW]^]ZWbWQOZ bS`[akbVS ^O`boa dWbOZ O\R aSZT$TcZTWZZW\U Tc\QbW]\ W\ bVS
eV]ZSk VOR ZO^aSR W\ bVS Q]\RWbW]\a ]T ZObS` O\bW_cWbg% FVS OPa]`^$
bW]\ ]T bVS QWbg$abObSa W\b] bVS []\O`QVWSa ]T bVS 7WOR]QVW O\R TW\OZZg
W\b] bVS D][O\ 8[^W`S RS^`WdSR bVS EDA>G W\bSZZWUS\baWO ]T Wba Q]\$
ab`cQbWdS Tc\QbW]\% 5cb bVS ]\b]Z]UWQOZ ^`W\QW^ZS ac`dWdSR bVS Q]\RW$
bW]\a ]T Wba Q]\Q`SbS dOZWRObW]\% Eb]WQ ^O\bVSWa[# O\R US\S`OZZg bVS
^VgaWQ]bVS]Z]Ug ]T ^]ab$4`Wab]bSZWO\ bV]cUVb# acPabWbcbSR T]` bVS `SZO$
bW]\ PSbeSS\ QWbWhS\ O\R QWbg bVOb PSbeSS\ bVS W\RWdWRcOZ O\R bVS
Q]a[]a# bVS ZO`US` ZWdW\U eV]ZS% 5g bVWa aVWTb ]T `STS`S\QS bVS QZOaaWQOZ
R]Qb`W\S ]T eV]ZS O\R ^O`ba eOa YS^b W\ T]`QS SdS\ bV]cUV Wb \]
Z]\US` `STZSQbSR bVS ^`OQbWQOZ aWbcObW]\ ]T [O\% A]e Wb eOa bVS 8DGBDG
bVOb eOa RSQZO`SR b] PS bVS U`SOb lQWbg ]T U]Ra O\R [S\#m'& O\R b] PS
O QWbWhS\ ]T bVS c\WdS`aS# O 8DGBDEDA>H:G! eOa \]e Q]\aWRS`SR b] PS bVS
U]OZ Pg eVWQV ]bVS`eWaS Wa]ZObSR [O\ Q]cZR aSb VWa Q]c`aS% ;S eOa
OaYSR# Oa Wb eS`S# b] OR]^b bVS QOcaS ]T bVS c\WdS`aS Oa VWa ]e\# bVOb
Wa# b] WRS\bWTg VW[aSZT eWbV bVOb QOcaS RW`SQbZg# OQ`]aa OZZ W\bS`[SRW$

'&% <b Wa QVO`OQbS`WabWQ# V]eSdS`# bVOb bVS b`SObWaS lB\ bVS 6]a[]a#m W\
SZOP]`ObW\U bVS Q][^O`Wa]\ PSbeSS\ bVS c\WdS`aS O\R O Q][[]\eSOZbV#
caSa bVS []RSZ ]T []\O`QVg `ObVS` bVO\ ]T `S^cPZWQ1 aSS W\ QV% , bVS
QW`Qc[abO\bWOZ b`SOb[S\b ]T bVS `cZS ]T bVS CS`aWO\ :`SOb >W\U O\R Wba
^O`OZZSZ W\ bVS RWdW\S `cZS ]T bVS c\WdS`aS%
:\]abWQWa[# 8 fWabS\bWOZWa[ # O\R AWVWZWa[ M (()
O`WSa# O\R b] `SZObS VWa W\\S` aSZT# VWa AD<DG! b] bVS AD<DG ]T bVS
eV]ZS%
FVS ^`OQbWQOZ aWRS ]T bVWa WRS\bWTWQObW]\ Q]\aWabSR W\ VWa OTTW`[W\U
O\R TOWbVTcZZg ^S`T]`[W\U bVS FDA: OZZ]bbSR b] VW[ Pg bVS eV]ZS# W\ Xcab
bVOb ^ZOQS O\R abObW]\ W\ eVWQV Q]a[WQ RSabW\g VOR aSb VW[% IWaR][
Q]\TS``SR W\\S` T`SSR][ W\ aV]cZRS`W\U bVS bOaYa# Q][^]ac`S W\ TOQ$
W\U bVS eVW[a ]T T]`bc\S PSaSbbW\U bVSW` SfSQcbW]\# Pcb RWR \]b aSb ]`
`SdWaS bVS bOaYa bVS[aSZdSa% lF] ^ZOg ]\Soa ^O`bmk bVOb TWUc`S ]T
a^SSQV ]\ eVWQV Eb]WQ SbVWQa ReSZZa a] [cQVkc\eWbbW\UZg `SdSOZa bVS
TWQbWbW]ca SZS[S\b W\ bVS Q]\ab`cQbW]\% 4 `]ZS ^ZOgSR Wa acPabWbcbSR T]`
O `SOZ Tc\QbW]\ ^S`T]`[SR% FVS OQb]`a ]\ bVS abOUS PSVOdS lOa WTm bVSg
OQbSR bVSW` QV]WQS# O\R lOa W T o bVSW` OQbW]\a [ObbS`SR% IVOb OQbcOZZg
[ObbS`a Wa ]\Zg b] ^ZOg eSZZ `ObVS` bVO\ PORZg# eWbV \] US\cW\S `SZS$
dO\QS b] bVS ]cbQ][S% FVS OQb]`a# P`OdSZg ^ZOgW\U# O`S bVSW` ]e\
OcRWS\QS%
<\ bVS ^V`OaS ]T ^ZOgW\U ]\Soa ^O`b bVS`S Wa O P`OdOR] bVOb VWRSa O
RSS^S`# WT ^`]cR# `SaWU\ObW]\# O\R ]\Zg O aVWTb W\ ObbWbcRS Wa \SSRSR b]
dWSe bVS U`SOb a^SQbOQZS _cWbS RWTTS`S\bZg% 7]Sa bVS eV]ZS `SOZZg QO`S#
R]Sa Wb Q]\QS`\ WbaSZT W\ bVS ^O`b bVOb Wa <3 FVS Eb]WQa OdS``SR bVOb Wb
R]Sa Pg S_cObW\U =:>B6FB:C: eWbV EFDCD>6! Q]a[WQ TObS eWbV ^`]dW$
RS\QS% 4\R R]Sa [g ^O`b# V]eSdS` < ^ZOg Wb# `SOZZg Q]\b`WPcbS# R]Sa Wb
[OYS O RWTTS`S\QS b] bVS eV]ZS3 FVS Eb]WQa OdS``SR bVOb Wb R]Sa Pg
bVSW` O\OZ]Ug PSbeSS\ bVS Q]a[]a O\R bVS QWbg% 5cb bVS dS`g Q][^O`W$
a]\ P`W\Ua ]cb bVS bS\c]ca\Saa ]T bVS O`Uc[S\b# T]`k W\ Q]\b`Oab b]
eVOb Wa b`cS W\ bVS EDA>Gk\] QOaS QO\ PS [ORS ]cb T]` [g `SZSdO\QS
W\ bVS Q]a[WQ aQVS[S# eVWQV Wa S\bW`SZg ]cbaWRS [g Q]\b`]Z O\R W\
eVWQV [g ^O`b Wa bVca `SRcQSR b] O ^OaaWdWbg eVWQV W\ bVS EDA>G Wb RWR
\]b VOdS%
F] PS ac`S# bVS ab`OW\SR TS`d]` Pg eVWQV [O\oa W\bSU`ObW]\ W\ bVS
eV]ZS eOa [OW\bOW\SR# bV`]cUV VWa OZZSUSR OTTW\Wbg b] Wb# eOa bVS
[SO\a ]T ^`SaS`dW\U bVS RWU\Wbg ]T [O\ O\R bVS`SPg ]T aOdW\U O
aO\QbW]\ T]` O ^]aWbWdS []`OZWbg% FVWa TS`d]`# acQQSSRW\U bVOb eVWQV
VOR T]`[S`Zg PSS\ W\a^W`SR Pg bVS WRSOZ ]T QWdWQ dW`bcS# `S^`SaS\bSR O
VS`]WQ ObbS[^b ]\ bVS ^O`b ]T bVS W\bSZZSQbcOZa b] QO``g ]dS` bVS ZWTS$
acabOW\W\U T]`QS ]T bVOb WRSOZ W\b] Tc\RO[S\bOZZg QVO\USR Q]\RWbW]\a%
5cb bVS \Se Ob][WhSR [OaaSa ]T bVS 8[^W`S# eV] VOR \SdS` aVO`SR W\
bVOb \]PZS b`ORWbW]\ ]T 6F:H:! [WUVb `SOQb dS`g RWTTS`S\bZg b] O aWbcObW]\
((* N F ;8 C ;8AB@8ABA B9 ? <98
W\ eVWQV bVSg T]c\R bVS[aSZdSa ^OaaWdSZg W\d]ZdSR0 O aWbcObW]\ W\
eVWQV bVS ^O`b eOa W\aWU\WTWQO\b b] bVS eV]ZS# O\R bVS eV]ZS OZWS\ b]
bVS ^O`ba% FVS Oa^W`ObW]\ ]T bVS U\]abWQ W\RWdWRcOZ eOa \]b b] lOQb O
^O`bm W\ bVWa eV]ZS# Pcbk W\ SfWabS\bWOZWab ^O`ZO\QSk b] lSfWab OcbVS\$
bWQOZZg%m FVS ZOe ]T S[^W`S# c\RS` eVWQV VS T]c\R VW[aSZT# eOa O
RWa^S\aObW]\ ]T SfbS`\OZ# W\OQQSaaWPZS T]`QS1 O\R T]` VW[ bVS ZOe ]T
bVS c\WdS`aS# Q]a[WQ RSabW\g# ]T eVWQV bVS e]`ZR abObS eOa bVS bS`$
`Sab`WOZ SfSQcb]`# Oaac[SR bVS aO[S QVO`OQbS`% FVS dS`g Q]\QS^b ]T
ZOe eOa OTTSQbSR bVS`SPg W\ OZZ Wba Oa^SQbak Oa \Obc`OZ ZOe# ^]ZWbWQOZ
ZOe# O\R []`OZ ZOe%
FVWa P`W\Ua ca POQY b] ]c` Q][^O`Wa]\%

<H
FVS acPdS`aW]\ ]T bVS WRSO ]T ZOe# ]T CDBDG! ZSORa b] SbVWQOZ Q]\aS$
_cS\QSa W\ eVWQV bVS \WVWZWabWQ W[^ZWQObW]\ ]T bVS U\]abWQ OQ]a[Wa[#
O\R Ob bVS aO[S bW[S bVS O\OZ]Ug b] QS`bOW\ []RS`\ `SOa]\W\Ua# PS$
Q][S SdS\ []`S ]PdW]ca bVO\ W\ bVS Q]a[]Z]UWQOZ Oa^SQb% < O[ bVW\Y$
W\U ]T U\]abWQ O\bW\][WO\Wa[% <b Wa b] PS Q]\QSRSR Ob bVS ]cbaSb bVOb
bVS RS\WOZ ]T SdS`g ]PXSQbWdS \]`[ ]T Q]\RcQb Wa O`UcSR ]\ dOabZg
RWTTS`S\b bVS]`SbWQOZ ZSdSZa W\ :\]aWa O\R 8fWabS\bWOZWa[# O\R bVOb
O\bW\][WO\ :\]aWa O^^SO`a Q`cRS O\R \OWdS W\ Q][^O`Wa]\ eWbV bVS
Q]\QS^bcOZ acPbZSbg O\R VWab]`WQOZ `STZSQbW]\ ]T Wba []RS`\ Q]c\bS`$
^O`b% IVOb eOa PSW\U ZW_cWRObSR# W\ bVS ]\S QOaS# eOa bVS []`OZ
VS`WbOUS ]T O [WZZS\\Wc[ ]T O\QWS\b QWdWZWhObW]\1 ORRSR b] bVWa# W\ bVS
]bVS`# O`S be] bV]caO\R gSO`a ]T BQQWRS\bOZ 6V`WabWO\ [SbO^VgaWQa Oa
POQYU`]c\R b] bVS WRSO ]T O []`OZ ZOe%
AWSbhaQVS W\RWQObSR bVS `]]b ]T bVS \WVWZWabWQ aWbcObW]\ W\ bVS ^V`OaS
l:]R Wa RSOR#m [SO\W\U ^`W[O`WZg bVS 6V`WabWO\ :]R% FVS :\]abWQa# WT
OaYSR b] ac[[O`WhS aW[WZO`Zg bVS [SbO^VgaWQOZ POaWa ]T bVSW` ]e\
\WVWZWa[# Q]cZR VOdS aOWR ]\Zg lbVS :]R ]T bVS Q]a[]a Wa RSORmk Wa
RSOR# bVOb Wa# Oa O U]R# VOa QSOaSR b] PS RWdW\S T]` ca O\R bVS`ST]`S b]
OTT]`R bVS Z]RSabO` T]` ]c` ZWdSa% 4R[WbbSRZg bVS QObOab`]^VS W\ bVWa
QOaS Wa ZSaa Q][^`SVS\aWdS O\R bVca ZSaa W``S[SRWOPZS# Pcb bVS dOQcc[
bVOb eOa ZSTb# SdS\ WT \]b a] P]bb][ZSaa# eOa TSZb \] ZSaa YSS\Zg% F]
AWSbhaQVS bVS [SO\W\U ]T \WVWZWa[ Wa bVOb lbVS VWUVSab dOZcSa PSQ][S
RSdOZcObSRm !]` lW\dOZWRObSRm "# O\R bVS QOcaS ]T bVWa RSdOZcObW]\ Wa
lbVS >CG><=H bVOb eS VOdS \]b bVS aZWUVbSab XcabWTWQObW]\ T]` ^]aWbW\U O
:\]abWQWa[# 8 fWabS\bWOZWa[ # O\R AWVWZWa[ M ((+
PSg]\R# ]` O\ nW\ WbaSZTo ]T bVW\Ua# eVWQV Wa nRWdW\S#o eVWQV Wa []`OZWbg
W\ ^S`a]\%m'' FVWa abObS[S\b# bOYS\ eWbV bVOb OP]cb bVS RSObV ]T :]R#
PSO`a ]cb ;SWRSUUS`oa Q]\bS\bW]\ bVOb lbVS \O[Sa :]R O\R 6V`WabWO\
:]R O`S W\ AWSbhaQVSoa bV]cUVb caSR b] RS\]bS bVS b`O\aQS\RS\bOZ
!ac^`O$aS\aWPZS" e]`ZR W\ US\S`OZ% :]R Wa bVS \O[S T]` bVS `SOZ[ ]T
WRSOa O\R WRSOZam !*DANK:<:! ^% '//"% EW\QS Wb Wa T`][ bVWa `SOZ[
OZ]\S bVOb O\g aO\QbW]\ T]` dOZcSa QO\ RS`WdS# Wba dO\WaVW\U# bVOb Wa#
bVS lRSObV ]T :]R#m [SO\a \]b ]\Zg bVS OQbcOZ RSdOZcObW]\ ]T VWUVSab
dOZcSa# Pcb bVS Z]aa ]T bVS dS`g ^]aaWPWZWbg ]T ]PZWUOb]`g dOZcSa Oa
acQV% F] _c]bS ]\QS []`S ;SWRSUUS`oa W\bS`^`SbObW]\ ]T AWSbhaQVS#
lFVS ^V`OaS n:]R Wa RSORo [SO\a bVOb bVS ac^`O$aS\aWPZS e]`ZR Wa
eWbV]cb STTSQbWdS T]`QSm O>7>9#! ^% (&&"%
<\ O []RWTWSR# `ObVS` ^O`OR]fWQOZ eOg bVWa abObS[S\b O^^ZWSa OZa]
b] bVS U\]abWQ ^]aWbW]\% <b Wa b`cS# ]T Q]c`aS# bVOb Wba Sfb`S[S RcOZWa[
Wa ]T WbaSZT bVS dS`g ]^^]aWbS ]T O\ OPO\R]\[S\b ]T b`O\aQS\RS\QS%
FVS b`O\a[c\RO\S :]R `S^`SaS\ba Wb W\ bVS []ab `ORWQOZ T]`[% <\ VW[
bVS OPa]ZcbS PSg]\R PSQY]\a OQ`]aa bVS S\QZ]aW\U Q]a[WQ aVSZZa% 5cb
bVWa b`O\aQS\RS\QS# c\ZWYS bVS lW\bSZZWUWPZS e]`ZRm ]T CZOb]\Wa[ ]` bVS
e]`ZR Z]`R ]T =cROWa[# R]Sa \]b abO\R W\ O\g ^]aWbWdS `SZObW]\ b] bVS
aS\aWPZS e]`ZR% <b Wa \]b bVS SaaS\QS ]` bVS QOcaS ]T Wb# Pcb Wba \SUObW]\
O\R QO\QSZZObW]\% FVS U\]abWQ :]R# Oa RWabW\Qb T`][ bVS RS[Wc`US# Wa
bVS b]bOZZg RWTTS`S\b# bVS ]bVS`# bVS c\Y\]e\% ?WYS VWa W\\S`$Vc[O\
Q]c\bS`^O`b# bVS OQ]a[WQ aSZT ]` EC:IB6! eV]aS VWRRS\ \Obc`S OZa]
`SdSOZa WbaSZT ]\Zg W\ bVS \SUObWdS Sf^S`WS\QS ]T ]bVS`\Saa# ]T \]\WRS\$
bWTWQObW]\ O\R ]T ^`]bSabSR W\RSTW\OPZS T`SSR][# bVWa :]R VOa []`S ]T
bVS C>=>A bVO\ bVS :CG W\ VWa Q]\QS^b% 4 b`O\aQS\RS\QS eWbVR`Oe\
T`][ O\g \]`[ObWdS `SZObW]\ b] bVS e]`ZR Wa S_cOZ b] O b`O\aQS\RS\QS
eVWQV VOa Z]ab Wba STTSQbWdS T]`QS% <\ ]bVS` e]`Ra# T]` OZZ ^c`^]aSa ]T
[O\oa `SZObW]\ b] bVS `SOZWbg bVOb ac``]c\Ra VW[ bVWa VWRRS\ :]R Wa O
\WVWZWabWQ Q]\QS^bW]\0 \] CDBDG S[O\ObSa T`][ VW[# \] ZOe T]` \O$
bc`S O\R bVca \]\S T]` Vc[O\ OQbW]\ Oa O ^O`b ]T bVS \Obc`OZ ]`RS`%
B\ bVWa POaWa bVS O\bW\][WO\ O`Uc[S\b ]T bVS :\]abWQa Wa Oa aW[^ZS
Oa# T]` W\abO\QS# bVOb ]T EO`b`S% EW\QS bVS b`O\aQS\RS\b Wa aWZS\b# EO`b`S
O`UcSa# aW\QS lbVS`S Wa \] aWU\ W\ bVS e]`ZR#m [O\# bVS lOPO\R]\SRm
O\R ZSTb$b]$VW[aSZT# `SQZOW[a VWa T`SSR][# ]` `ObVS`# QO\\]b VSZ^ bOY$
W\U Wb c^]\ VW[aSZT0 VS lWam bVOb T`SSR][# [O\ PSW\U l\]bVW\U Pcb VWa

''% 4>AA: NIF -68=H! jj ($)%


((, N F ;8 C ;8AB@8ABA B9 ?<98
]e\ ^`]XSQb#m O\R lOZZ Wa ^S`[WbbSR b] VW[%m'( FVOb bVWa T`SSR][ Wa ]T
O RSa^S`ObS YW\R# O\R# Oa O Q][^OaaZSaa bOaY# W\a^W`Sa R`SOR `ObVS`
bVO\ SfcZbObW]\# Wa O RWTTS`S\b [ObbS`%
<\ bVWa Q]\\SQbW]\ eS a][SbW[Sa [SSb W\ U\]abWQ `SOa]\W\U bVS
GI7?:8H>J>GH O`Uc[S\b ]T b`ORWbW]\OZ []`OZ aYS^bWQWa[0 \]bVW\U Wa
\Obc`OZZg U]]R ]` POR# bVW\Ua W\ bVS[aSZdSa O`S W\RWTTS`S\b# O\R l]\Zg
Pg Vc[O\ ]^W\W]\ O`S OQbW]\a U]]R ]` POR%m E^W`WbcOZ [O\ W\ bVS
T`SSR][ ]T VWa Y\]eZSRUS VOa bVS W\RWTTS`S\b caS ]T bVS[ OZZ !<`S\%
69J# =6:F# '%(+%*$+"% IVWZS bVWa `S[W\Ra ]\S ]T \]bVW\U []`S bVO\ bVS
`SOa]\W\U ]T QS`bOW\ QZOaaWQOZ E]^VWaba# O RSS^S` U\]abWQ `STZSQbW]\
c^]\ bVS GDIF8: ]T acQV lVc[O\ ]^W\W]\am b`O\aT]`[a bVS O`Uc[S\b
T`][ O aYS^bWQOZ b] O [SbO^VgaWQOZ ]\S# O\R bc`\a W\RWTTS`S\QS W\b]
]^^]aWbW]\0 bVS cZbW[ObS a]c`QS Wa T]c\R b] PS \]b Vc[O\ Pcb RS[W$
c`UWQOZ# O\R bVca Q][[]\ eWbV bVOb ]T bVS ]`RS` ]T \Obc`S% 5g `SOa]\
]T bVWa a]c`QS bVS ZOe Wa \]b `SOZZg W\RWTTS`S\b Pcb Wa ^O`b ]T bVS U`SOb
RSaWU\ c^]\ ]c` T`SSR][% 5SW\U ZOe# bVS []`OZ Q]RS Wa Pcb bVS
^agQVWQOZ Q][^ZS[S\b b] bVS ^VgaWQOZ ZOe# O\R Oa acQV bVS W\bS`\OZ
Oa^SQb ]T bVS OZZ$^S`dORW\U Q]a[WQ `cZS% 5]bV S[O\ObS T`][ bVS Z]`R
]T bVS e]`ZR Oa OUS\QWSa ]T VWa ^]eS`# c\WTWSR W\ bVS R]cPZS Oa^SQb ]T
bVS =SeWaV :]R Oa Q`SOb]` O\R ZSUWaZOb]`% =cab Oa bVS ZOe ]T bVS
^VgaWQOZ e]`ZR# bVS =:>B6FB:C:! W\bSU`ObSa bVS W\RWdWRcOZ P]RWSa W\b]
bVS US\S`OZ agabS[# a] bVS []`OZ ZOe R]Sa eWbV bVS a]cZa# O\R bVca
[OYSa bVS[ acPaS`dWS\b b] bVS RS[Wc`UWQOZ aQVS[S%
9]` eVOb Wa bVS ZOek SWbVS` Oa `SdSOZSR bV`]cUV @]aSa O\R bVS
^`]^VSba ]` Oa ]^S`ObW\U W\ bVS OQbcOZ VOPWba O\R ]^W\W]\a ]T [S\k
Pcb bVS [SO\a ]T `SUcZO`WhW\U O\R bVca abOPWZWhW\U bVS W[^ZWQObW]\ ]T
[O\ W\ bVS PcaW\Saa ]T bVS e]`ZR O\R e]`ZRZg Q]\QS`\a1 ]T aSbbW\U Pg
Wba `cZSa bVS aSOZ ]T aS`W]ca\Saa# ]T ^`OWaS O\R PZO[S# `SeO`R O\R
^c\WaV[S\b# ]\ VWa cbbS` W\d]ZdS[S\b1 ]T [OYW\U VWa dS`g eWZZ O Q][$
^ZWO\b ^O`bg b] bVS Q][^cZa]`g agabS[# eVWQV bVS`SPg eWZZ Tc\QbW]\ OZZ
bVS []`S a[]]bVZg O\R W\Sfb`WQOPZg3 <\a]TO` Oa bVS ^`W\QW^ZS ]T bVWa
[]`OZ ZOe Wa XcabWQS# Wb VOa bVS aO[S QVO`OQbS` ]T Q]\ab`OW\b ]\ bVS
^agQVWQOZ aWRS bVOb Q]a[WQ TObS VOa ]\ bVS ^VgaWQOZ aWRS% lFVS O\USZa
bVOb Q`SObSR bVS e]`ZR SabOPZWaVSR nXcab OQbW]\ao b] ZSOR [S\ Pg acQV
^`SQS^ba W\b] aS`dWbcRSm DE# 8>H#! '%()%($)"% <\ bVS \]`[ObWdS ZOe
[O\oa eWZZ Wa bOYS\ QO`S ]T Pg bVS aO[S ^]eS`a bVOb Q]\b`]Z VWa P]Rg%

'(% =% C% EO`b`S# , P:L>GH:CH>6A>GB: :GH IC =IB6C>GB:! ^^% )) T%


:\]abWQWa[# 8 fWabS\bWOZWa[ # O\R AWVWZWa[ M ((-
;S eV] ]PSga Wb VOa OPRWQObSR bVS OcbV]`Wbg ]T VWa aSZT% ;S`S eS VOdS#
PSg]\R bVS [S`S W\RWTTS`S\QS ]T bVS lacPXSQbWdWabm O`Uc[S\b O\R PS$
g]\R bVS [S`SZg ^S`[WaaWdS ^`WdWZSUS ]T T`SSR][# O ^]aWbWdS [SbO^Vga$
WQOZ W\bS`Sab W\ `S^cRWObW\U OZZSUWO\QS b] OZZ ]PXSQbWdS \]`[a O\R bVca O
[]bWdS T]` bVSW` ]cb`WUVb dW]ZObW]\% <b Wa bVS R]cPZS W\bS`Sab W\ OaaS`b$
W\U bVS OcbVS\bWQ T`SSR][ ]T bVS aSZT Pg RO`W\U bVS 4`QV]\a O\R W\
W\Xc`W\U bVSW` US\S`OZ QOcaS Pg W\RWdWRcOZZg bVeO`bW\U bVSW` RSaWU\%
4a b] bVS OaaS`bW]\ ]T bVS OcbVS\bWQ T`SSR][ ]T bVS aSZT# Wb Wa b] PS
\]bSR bVOb bVWa T`SSR][ Wa O [ObbS` \]b ]T bVS la]cZm EGM8=: ! eVWQV
Wa Oa ORS_cObSZg RSbS`[W\SR Pg bVS []`OZ ZOe Oa bVS P]Rg Wa Pg bVS
^VgaWQOZ ZOe# Pcb eV]ZZg O [ObbS` ]T bVS la^W`Wbm !EC:IBD"# bVS W\$
RSTW\OPZS a^W`WbcOZ Q]`S ]T SfWabS\QS# bVS T]`SWU\ a^O`Y% FVS a]cZ Wa
^O`b ]T bVS \Obc`OZ ]`RS`# Q`SObSR Pg bVS RS[Wc`US b] S\dSZ]^ bVS
T]`SWU\ a^W`Wb# O\R W\ bVS \]`[ObWdS ZOe bVS Q`SOb]` SfS`QWaSa Q]\b`]Z
]dS` eVOb Wa ZSUWbW[ObSZg VWa ]e\% CagQVWQOZ [O\# RSTW\OPZS W\ VWa
\Obc`OZ SaaS\QS# T]` W\abO\QS Oa `ObW]\OZ O\W[OZ# Wa abWZZ \Obc`OZ [O\#
O\R bVWa l\Obc`Sm QO\ \] []`S RSbS`[W\S bVS ^\Sc[ObWQ aSZT bVO\ W\
bVS SfWabS\bWOZWab dWSe O\g RSbS`[W\ObWdS SaaS\QS Wa ^S`[WbbSR b] ^`S$
XcRWQS bVS T`SSZg aSZT$^`]XSQbW\U SfWabS\QS%
;S`S Wb Wa ^S`bW\S\b b] Q][^O`S O\ O`Uc[S\b ]T ;SWRSUUS`oa% <\ VWa
,:HH:F DC *IB6C>GB! ;SWRSUUS` O`UcSa# OUOW\ab bVS QZOaaWQOZ RSTW\W$
bW]\ ]T @O\ Oa lbVS `ObW]\OZ O\W[OZ#m bVOb bVWa RSTW\WbW]\ ^ZOQSa [O\
eWbVW\ O\W[OZWbg# a^SQWTWSR ]\Zg Pg O 9>;;:F:CH>6 eVWQV TOZZa eWbVW\ bVS
US\ca lO\W[OZm Oa O ^O`bWQcZO` _cOZWbg% FVWa# ;SWRSUUS` Q]\bS\Ra# Wa
^ZOQW\U [O\ b]] Z]e%') < eWZZ \]b ^`Saa bVS ^]W\b eVSbVS` bVS`S Wa \]b
O dS`POZ a]^VWa[ W\d]ZdSR W\ bVca O`UcW\U T`][ bVS bS`[ lO\W[OZm Oa
caSR W\ bVS QZOaaWQOZ RSTW\WbW]\%'* IVOb Wa W[^]`bO\b T]` ca Wa bVS

')% ;SWRSUUS`# '7:F 9:C *IB6C>GBIG !9`O\YTc`b# '/*/"# ^% ')%


'*% l4\W[OZm W\ bVS :`SSY aS\aS [SO\a \]b lPSOabm ]` lP`cbS#m Pcb O\g
lO\W[ObSR PSW\U#m W\QZcRW\U RS[]\a# U]Ra# bVS S\a]cZSR abO`akSdS\ bVS
S\a]cZSR c\WdS`aS Oa O eV]ZS !QT% CZOb]# FW[OSca )& Q " 0 \] lZ]eS`W\Um ]T
[O\ Wa W[^ZWSR W\ ^ZOQW\U VW[ eWbVW\ bVWa aQOZS# O\R bVS P]Ug ]T lO\W$
[OZWbgm W\ Wba []RS`\ Q]\\]bObW]\a Wa aZW^^SR W\ ac``S^bWbW]caZg% <\ `SOZWbg#
bVS Z]eS`W\U b] ;SWRSUUS` Q]\aWaba W\ ^ZOQW\U l[O\m W\ 6CM aQOZS# bVOb Wa#
W\ O Q]\bSfb ]T C6HIF: Oa acQV% FVS 6V`WabWO\ RSdOZcObW]\ ]T lO\W[OZm b]
lPSOab#m eVWQV W\RSSR [OYSa bVS bS`[ caOPZS ]\Zg W\ Q]\b`Oab b] l[O\#m
[S`SZg `STZSQba bVS ZO`US` P`SOY eWbV bVS QZOaaWQOZ ^]aWbW]\kbVOb P`SOY Pg
eVWQV @O\# Oa bVS c\W_cS ^]aaSaa]` ]T O\ W[[]`bOZ a]cZ# Q][Sa b] abO\R
]cbaWRS l\Obc`Sm S\bW`SZg% FVS SfWabS\bWOZWab O`Uc[S\b bOYSa ]TT T`][ bVWa
((. N F ;8 C ;8AB@8ABA B9 ? <98
`SXSQbW]\ ]T O\g RSTW\OPZS l\Obc`Sm ]T [O\ eVWQV e]cZR acPXSQb VWa
a]dS`SWU\ SfWabS\QS b] O ^`SRSbS`[W\SR SaaS\QS O\R bVca [OYS VW[
^O`b ]T O\ ]PXSQbWdS ]`RS` ]T SaaS\QSa W\ bVS b]bOZWbg ]T \Obc`S% <\ bVWa
Q]\QS^bW]\ ]T O b`O\aSaaS\bWOZ# T`SSZg laSZT$^`]XSQbW\Um SfWabS\QS < aSS
a][SbVW\U Q][^O`OPZS b] bVS U\]abWQ Q]\QS^b ]T bVS b`O\a^agQVWQOZ
\SUObWdWbg ]T bVS EC:IB6# FVOb eVWQV VOa \] \Obc`S VOa \] \]`[%
B\Zg bVOb eVWQV PSZ]\Ua b] O\ ]`RS` ]T \Obc`SakPS Wb O\ ]`RS` ]T
Q`SObW]\# ]` ]T W\bSZZWUWPZS T]`[ak QO\ VOdS O \Obc`S% B\Zg eVS`S
bVS`S Wa O eV]ZS Wa bVS`S O ZOe% <\ bVS RS^`SQObW\U dWSe ]T bVS
:\]abWQa bVWa V]ZRa T]` bVS EGM8=:! eVWQV PSZ]\Ua b] bVS Q]a[WQ
eV]ZS% CagQVWQOZ [O\ QO\ R] \] PSbbS` bVO\ OPWRS Pg O Q]RS ]T ZOe
O\R ab`WdS b] PS Xcab# bVOb Wa# ^`]^S`Zg lORXcabSRm b] bVS SabOPZWaVSR
]`RS`# O\R bVca ^ZOg VWa OZZ]bbSR ^O`b W\ bVS Q]a[WQ aQVS[S% 5cb bVS
EC:IB6H>8DG! la^W`WbcOZm [O\# eV] R]Sa \]b PSZ]\U b] O\g ]PXSQbWdS
aQVS[S# Wa OP]dS bVS ZOe# PSg]\R U]]R O\R SdWZ# O\R O ZOe c\b]
VW[aSZT W\ bVS ^]eS` ]T VWa lY\]eZSRUS%m

H
5cb eVOb Wa bVWa Y\]eZSRUS OP]cb# bVWa Q]U\WbW]\ eVWQV Wa \]b ]T bVS
a]cZ Pcb ]T bVS a^W`Wb# O\R W\ eVWQV bVS a^W`WbcOZ aSZT TW\Ra Wba aOZdObW]\
T`][ Q]a[WQ aS`dWbcRS3 4 TO[]ca T]`[cZO ]T bVS HOZS\bW\WO\ aQV]]Z
bVca S^Wb][WhSa bVS Q]\bS\b ]T <CDG>G$ lIVOb [OYSa ca T`SS Wa bVS
Y\]eZSRUS eV] eS eS`S# eVOb eS VOdS PSQ][S1 eVS`S eS eS`S#
eVS`SW\ eS VOdS PSS\ bV`]e\1 eVS`Sb] eS a^SSR# eVS`ST`][ eS O`S
`SRSS[SR1 eVOb Wa PW`bV O\R eVOb `SPW`bV%m'+ 4 `SOZ SfSUSaWa ]T bVWa
^`]U`O[[ObWQ T]`[cZO e]cZR VOdS b] c\T]ZR bVS Q][^ZSbS U\]abWQ
[gbV% ;S`S < eWaV b] [OYS ]\Zg O TSe T]`[OZ ]PaS`dObW]\a%
9W`ab eS \]bS bVS RcOZWabWQ U`]c^W\U ]T bVS bS`[a W\ O\bWbVSbWQOZ
^OW`a# O\R bVS SaQVOb]Z]UWQOZ bS\aW]\ PSbeSS\ bVS[# eWbV Wba W``SdS`aW$
PZS RW`SQbW]\ T`][ ^Oab b] Tcbc`S% IS Tc`bVS` ]PaS`dS bVOb bVS bS`[a
bV`]cUV]cb O`S Q]\QS^ba \]b ]T PSW\U Pcb ]T VO^^S\W\U# ]T []dS[S\b%

\Se POaWa0 bVS ^ZOg ]\ bVS aS[O\bWQ O[PWUcWbg ]T lO\W[OZ#m eVWZS aQ]`W\U
O\ SOag ^]W\b# Q]\QSOZa bVWa aVWTb ]T POaWa ]T eVWQV bVOb O[PWUcWbg Wa O
Tc\QbW]\# O\R TOWZa b] [SSb bVS QZOaaWQOZ ^]aWbW]\ eWbV eVWQV Wb ]abS\aWPZg
O`UcSa%
'+% 6ZS[S\a 4ZSf%# (L8# :L 2=:D9#! -.%(%
:\]abWQWa[ # 8 fWabS\bWOZWa[ # O\R AWVWZWa[ M ((/
FVS Y\]eZSRUS Wa ]T O VWab]`g# W\ eVWQV Wb Wa WbaSZT O Q`WbWQOZ SdS\b%
4[]\U bVSaS bS`[a ]T []bW]\# bVS ]\S ]T VOdW\U lPSS\ bV`]e\m W\b]
a][SbVW\U ab`WYSa ]c` ObbS\bW]\# PSQOcaS eS VOdS PSS\ [ORS TO[WZWO`
eWbV Wb W\ SfWabS\bWOZWab ZWbS`Obc`S% IS O`S `S[W\RSR ]T COaQOZoa l6Oab
W\b] bVS W\TW\WbS W[[S\aWbg ]T a^OQSa#m ]T ;SWRSUUS`oa ):KDF;:C=:>H!
lVOdW\U PSS\ bV`]e\#m eVWQV b] VW[ Wa O Tc\RO[S\bOZ QVO`OQbS` ]T
bVS '6G:>C! ]T bVS aSZT$Sf^S`WS\QS ]T SfWabS\QS% FVS bS`[# Oa TO` Oa <
QO\ aSS# Wa ]`WUW\OZZg U\]abWQ% <\ @O\ROSO\ ZWbS`Obc`S Wb Wa O abO\RW\U
^V`OaS0 ZWTS VOa PSS\ bV`]e\ W\b] bVS e]`ZR# ZWUVb W\b] RO`Y\Saa# bVS
a]cZ W\b] bVS P]Rg% <b Sf^`SaaSa bVS ]`WUW\OZ dW]ZS\QS R]\S b] [S W\
[OYW\U [S PS eVS`S < O[ O\R eVOb < O[# bVS ^OaaWdWbg ]T [g QV]WQS$
ZSaa S[S`US\QS W\b] O\ SfWabW\U e]`ZR eVWQV < RWR \]b [OYS O\R eV]aS
ZOe Wa \]b [W\S% 5cb bVS W[OUS ]T bVS bV`]e OZa] W[^O`ba O Rg\O[WQ
QVO`OQbS` b] bVS eV]ZS ]T bVS SfWabS\QS bVca W\WbWObSR% <\ ]c` T]`[cZO
bVWa Wa bOYS\ c^ Pg bVS W[OUS ]T a^SSRW\U b]eO`R a][S S\R% 8XSQbSR
W\b] bVS e]`ZR# ZWTS Wa O YW\R ]T b`OXSQb]`g ^`]XSQbW\U WbaSZT T]`eO`R W\b]
bVS Tcbc`S%
FVWa P`W\Ua ca b] bVS TW\OZ ]PaS`dObW]\ < eWaV b] [OYS O^`]^]a ]T
bVS HOZS\bW\WO\ T]`[cZO0 bVOb W\ Wba bS[^]`OZ bS`[a Wb [OYSa \] ^`]$
dWaW]\ T]` O EF:G:CH ]\ eV]aS Q]\bS\b Y\]eZSRUS [Og ReSZZ O\R# W\
PSV]ZRW\U# abOg bVS T]`eO`R bV`cab% FVS`S Wa ^Oab O\R Tcbc`S# eVS`S eS
Q][S T`][ O\R eVS`S eS a^SSR b]# O\R bVS ^`SaS\b Wa ]\Zg bVS []$
[S\b ]T <CDG>G WbaSZT# bVS ^S`W^Sbg T`][ bVS ]\S b] bVS ]bVS` W\ O
ac^`S[S Q`WaWa ]T bVS SaQVOb]Z]UWQOZ CDK# FVS`S Wa bVWa b] `S[O`Y#
V]eSdS`# W\ RWabW\QbW]\ b] OZZ []RS[ ^O`OZZSZa0 W\ bVS U\]abWQ T]`[cZO
Wb Wa c\RS`ab]]R bVOb# bV]cUV bV`]e\ W\b] bS[^]`OZWbg# eS VOR O\
]`WUW\ W\ SbS`\Wbg# O\R a] OZa] VOdS O\ OW[ W\ SbS`\Wbg% FVWa ^ZOQSa bVS
W\\S`Q]a[WQ \WVWZWa[ ]T bVS :\]aWa OUOW\ab O [SbO^VgaWQOZ POQY$
U`]c\R eVWQV Wa S\bW`SZg OPaS\b T`][ Wba []RS`\ Q]c\bS`^O`b%
F] bc`\ ]\QS []`S b] bVS []RS[ Q]c\bS`^O`b# ZSb ca ^]\RS` O\
]PaS`dObW]\ eVWQV [cab ab`WYS bVS QZ]aS abcRS\b ]T ;SWRSUUS`oa 1:>C
IC9 5:>H! bVOb []ab ^`]T]c\R O\R abWZZ []ab W[^]`bO\b [O\WTSab] ]T
SfWabS\bWOZWab ^VWZ]a]^Vg% ;SWRSUUS` bVS`S RSdSZ]^a O lTc\RO[S\bOZ
]\b]Z]Ugm OQQ]`RW\U b] bVS []RSa W\ eVWQV bVS aSZT lSfWaba#m bVOb Wa#
Q]\abWbcbSa Wba ]e\ PSW\U W\ bVS OQb ]T SfWabW\U# O\R eWbV Wb ]`WUW\ObSa#
Oa bVS ]PXSQbWdS Q]``SZObSa bVS`S]T# bVS aSdS`OZ [SO\W\Ua ]T 5SW\U W\
US\S`OZ% FVSaS []RSa O`S Sf^ZWQObSR W\ O \c[PS` ]T Tc\RO[S\bOZ
QObSU]`WSa eVWQV ;SWRSUUS` ^`STS`a b] QOZZ lSfWabS\bWOZa%m G\ZWYS bVS
()& F ;8 C ;8AB@8ABA B9 ?<98
]PXSQbWdS lQObSU]`WSam ]T >O\b# bVSg O`bWQcZObS ^`W[O`WZg ab`cQbc`Sa
\]b ]T `SOZWbg Pcb ]T `SOZWhObW]\# bVOb Wa# \]b Q]U\WbWdS ab`cQbc`Sa ]T O
e]`ZR ]T ]PXSQba UWdS\# Pcb Tc\QbW]\OZ ab`cQbc`Sa ]T bVS OQbWdS []dS$
[S\b ]T W\\S` bW[S Pg eVWQV O le]`ZRm Wa S\bS`bOW\SR O\R bVS aSZT
]`WUW\ObSR Oa O Q]\bW\c]ca SdS\b% FVS lSfWabS\bWOZam VOdS# bVS`ST]`S#
SOQV O\R OZZ# O ^`]T]c\RZg bS[^]`OZ [SO\W\U% FVSg O`S QObSU]`WSa ]T
W\bS`\OZ ]` [S\bOZ bW[S# bVS b`cS RW[S\aW]\ ]T SfWabS\QS# O\R bVSg
O`bWQcZObS bVOb RW[S\aW]\ W\ Wba bS\aSa% FVWa PSW\U bVS QOaS# bVSg [cab
SfVWPWb# O\R RWab`WPcbS PSbeSS\ bVS[# bVS bV`SS V]`Wh]\a ]T bW[Sk
^Oab# ^`SaS\b# O\R Tcbc`S%
A]e WT eS b`g b] O``O\US bVSaS lSfWabS\bWOZa#m ;SWRSUUS`oa QObS$
U]`WSa ]T SfWabS\QS# c\RS` bV]aS bV`SS VSORa# Oa Wb Wa ^]aaWPZS b] R]# eS
[OYS O ab`WYW\U RWaQ]dS`gk Ob O\g `ObS ]\S bVOb ab`cQY [S dS`g [cQV
eVS\# Ob bVS bW[S bVS P]]Y O^^SO`SR# < b`WSR b] R`Oe c^ O RWOU`O[# W\
bVS QZOaaWQOZ [O\\S` ]T O lbOPZS ]T QObSU]`WSa%m <b Wa bVS RWaQ]dS`g bVOb
bVS Q]Zc[\ c\RS` bVS VSOR ]T l^`SaS\bm `S[OW\a ^`OQbWQOZZg S[^bgk
Ob ZSOab W\a]TO` Oa []RSa ]T lUS\cW\Sm ]` lOcbVS\bWQm SfWabS\QS O`S
Q]\QS`\SR% < VOabS\ b] ORR bVOb bVWa Wa O\ Sfb`S[SZg OP`WRUSR abObS$
[S\b% 4QbcOZZg O U`SOb RSOZ Wa aOWR OP]cb bVS SfWabS\bWOZ l^`SaS\b#m Pcb
\]b Oa O\ W\RS^S\RS\b RW[S\aW]\ W\ Wba ]e\ `WUVb% 9]` bVS SfWabS\bWOZZg
lUS\cW\Sm ^`SaS\b Wa bVS ^`SaS\b ]T bVS laWbcObW]\#m eVWQV Wa eV]ZZg
RSTW\SR W\ bS`[a ]T bVS aSZToa F:A6H>DC b] Wba lTcbc`Sm O\R l^Oab%m <b
TZOaVSa c^# Oa Wb eS`S# W\ bVS ZWUVb ]T RSQWaW]\# eVS\ bVS ^`]XSQbSR
lTcbc`Sm `SOQba c^]\ bVS UWdS\ l^Oabm ! ):KDF;:C=:>H" O\R W\ bVWa
[SSbW\U Q]\abWbcbSa eVOb ;SWRSUUS` QOZZa bVS l[][S\bm !%I<:C$
7A>8@"0 [][S\b# \]b Rc`ObW]\# Wa bVS bS[^]`OZ []RS ]T H=>G l^`SaS\bm
k O Q`SObc`S ]T bVS ]bVS` be] V]`Wh]\a ]T bW[S# O Tc\QbW]\ ]T bVSW`
QSOaSZSaa Rg\O[WQa# O\R \] W\RS^S\RS\b RW[S\aW]\ b] ReSZZ W\% 7S$
bOQVSR# V]eSdS`# T`][ bVWa Q]\bSfb ]T W\\S` []dS[S\b# Pg WbaSZT# [S`S
l^`SaS\bm RS\]bSa ^`SQWaSZg bVS `S\]c\QS[S\b ]T US\cW\S Tcbc`S$^Oab
`SZObW]\ W\ bVS lOPO\R]\[S\bm ]` lac``S\RS`m b] bOZY# Qc`W]aWbg# O\R
bVS O\]\g[Wbg ]T lSdS`g[O\m ! 3:F?6AA:C=:>H"0 O TOWZc`S ]T bVS bS\$
aW]\ ]T b`cS SfWabS\QS# O YW\R ]T aZOQY\Saa ]T PSW\U% <\RSSR# 3:F;6A"
A:C=:>H! O \SUObWdS bS`[ eVWQV OZa] W\QZcRSa bVS [SO\W\U ]T RSUS\S`O$
bW]\ O\R RSQZW\S# Wa H=: lSfWabS\bWOZm ^`]^S` b] l^`SaS\bm Oa acQV#
aV]eW\U Wb b] PS O RS`WdObWdS O\R lRSTWQWS\bm []RS ]T SfWabS\QS%
FVca ]c` ]`WUW\OZ abObS[S\b abO\Ra bVOb OZZ bVS `SZSdO\b QObSU]`WSa
]T SfWabS\QS# bV]aS VOdW\U b] R] eWbV bVS ^]aaWPZS OcbVS\bWQWbg ]T
aSZTV]]R# TOZZ W\ Q]``SZObS ^OW`a c\RS` bVS VSORa ]T SWbVS` ^Oab ]`
:\]abWQWa[# 8 fWabS\bWOZWa[ # O\R AWVWZWa[ M ()'
Tcbc`S0 lTOQbWQWbg#m \SQSaaWbg# VOdW\U PSQ][S# VOdW\U PSS\ bV`]e\#
UcWZb# O`S SfWabS\bWOZ []RSa ]T bVS ^Oab1 lSfWabS\QS#m PSW\U OVSOR ]T
]\Soa ^`SaS\b# O\bWQW^ObW]\ ]T RSObV# QO`S# O\R `Sa]ZdS# O`S SfWabS\bWOZ
[]RSa ]T bVS Tcbc`S% A] ^`SaS\b `S[OW\a T]` US\cW\S SfWabS\QS b]
`S^]aS W\% ?SO^W\U ]TT# Oa Wb eS`S# T`][ Wba ^Oab# SfWabS\QS ^`]XSQba
WbaSZT W\b] Wba Tcbc`S1 TOQSa Wba cZbW[ObS ZW[Wb# RSObV1 `Sbc`\a T`][ bVWa
SaQVOb]Z]UWQOZ UZW[^aS ]T \]bVW\U\Saa b] Wba aVSS` TOQb\Saa# bVS c\$
OZbS`OPZS RObc[ ]T Wba OZ`SORg VOdW\U PSQ][S bVWa# bVS`S O\R bVS\1 O\R
QO``WSa bVWa T]`eO`R eWbV Wba RSObV$PSU]bbS\ `Sa]ZdS# W\b] eVWQV bVS
^Oab VOa \]e PSS\ UObVS`SR c^% < `S^SOb# bVS`S Wa \] ^`SaS\b b] ReSZZ
W\# ]\Zg bVS Q`WaWa PSbeSS\ ^Oab O\R Tcbc`S# bVS ^]W\bSR [][S\b PS$
beSS\# POZO\QSR ]\ bVS `Oh]`oa SRUS ]T RSQWaW]\ eVWQV bV`caba OVSOR%
FVWa P`SObVZSaa Rg\O[Wa[ VSZR O b`S[S\R]ca O^^SOZ T]` bVS Q]\$
bS[^]`O`g [W\R# O\R [g US\S`ObW]\ W\ bVS :S`[O\ FeS\bWSa O\R
SO`Zg FVW`bWSa acQQc[PSR b] Wb eV]ZSaOZS% 5cb bVS`S Wa O ^chhZS W\ bVWa
SdO\SaQS\QS ]T bVS ^`SaS\b Oa bVS V]ZRS` ]T US\cW\S Q]\bS\b# W\ Wba
`SRcQbW]\ b] bVS W\V]a^WbOPZS hS`] ^]W\b ]T [S`S T]`[OZ `Sa]ZcbW]\%
IVOb [SbO^VgaWQOZ aWbcObW]\ abO\Ra PSVW\R Wb3
;S`S O\ ORRWbW]\OZ ]PaS`dObW]\ Wa `SZSdO\b% FVS`S Wa# OTbS` OZZ# PS$
aWRSa bVS SfWabS\bWOZ l^`SaS\bm ]T bVS [][S\b# bVS ^`SaS\QS ]T bVW\Ua%
7]Sa \]b bVS Q]$^`SaS\QS eWbV bVS[ OTT]`R O l^`SaS\bm ]T O RWTTS`S\b
YW\R3 5cb eS O`S b]ZR Pg ;SWRSUUS` bVOb bVW\Ua O`S ^`W[O`WZg
NI=6C9:C! bVOb Wa# caSOPZS !]T eVWQV SdS\ lcaSZSaam Wa O []RS"# O\R
bVS`ST]`S `SZObSR b] bVS l^`]XSQbm ]T SfWabS\QS O\R Wba lQO`Sm !1DF<:"#
bVS`ST]`S W\QZcRSR W\ bVS Tcbc`S$^Oab Rg\O[WQa% KSb bVSg QO\ OZa]
PSQ][S \Scb`OZWhSR b] PSW\U [S`SZg JDF=6C9:C ! labO\RW\U PST]`S
[Sm "# bVOb Wa# W\RWTTS`S\b ]PXSQba# O\R bVS []RS ]T 3DF=8>C9:C=:>H Wa
O\ ]PXSQbWdS Q]c\bS`^O`b b] eVOb ]\ bVS SfWabS\bWOZ aWRS Wa 3:F;6A"
A:F>=:>H! TOZaS ^`SaS\b% 3DF=6C9:C Wa eVOb Wa [S`SZg O\R W\RWTTS`S\bZg
lSfbO\b#m bVS lbVS`Sm ]T PO`S \Obc`S# bVS`S b] PS Z]]YSR Ob ]cbaWRS bVS
`SZSdO\QS ]T bVS SfWabS\bWOZ aWbcObW]\ O\R ]T ^`OQbWQOZ lQ]\QS`\%m <b Wa
PSW\U# Oa Wb eS`S# ab`W^^SR O\R OZWS\ObSR b] bVS []RS ]T [cbS bVW\U$
V]]R% FVWa Wa bVS abObca ZSTb b] l\Obc`Sm T]` bVS `SZObW]\ ]T bVS]`gk O
RSTWQWS\b []RS ]T PSW\Uk O\R bVS `SZObW]\ W\ eVWQV Wb Wa a] ]PXSQbWTWSR
Wa O RSTWQWS\b []RS ]T SfWabS\QS# Wba RSTSQbW]\ T`][ bVS Tcbc`Wbg ]T QO`S
W\b] bVS a^c`W]ca ^`SaS\b ]T [S`S ]\Z]]YW\U Qc`W]aWbg%',

',% < O[ a^SOYW\U VS`S bV`]cUV]cb ]T 1:>C IC9 5:>H! \]b ]T bVS ZObS`
;SWRSUUS`# eV] Wa QS`bOW\Zg \] l8fWabS\bWOZWab%m
()( N F ;8 C ;8AB@8ABA B9 ?<98
FVWa SfWabS\bWOZWab RS^`SQWObW]\ ]T bVS Q]\QS^b ]T \Obc`S ]PdW]caZg
`STZSQba Wba a^W`WbcOZ RS\cRObW]\ Ob bVS VO\Ra ]T ^VgaWQOZ aQWS\QS# O\R Wb
VOa a][SbVW\U W\ Q][[]\ eWbV bVS U\]abWQ Q]\bS[^b T]` \Obc`S% A]
^VWZ]a]^Vg VOa SdS` PSS\ ZSaa Q]\QS`\SR OP]cb \Obc`S bVO\ 8fWabS\$
bWOZWa[# T]` eVWQV Wb VOa \] RWU\Wbg ZSTb0 bVWa c\Q]\QS`\ Wa \]b b] PS
Q]\T]c\RSR eWbV E]Q`ObSao `ST`OW\W\U T`][ ^VgaWQOZ W\_cW`g Oa PSW\U
OP]dS [O\oa c\RS`abO\RW\U%
F] Z]]Y Ob eVOb Wa bVS`S# Ob \Obc`S Oa Wb Wa W\ WbaSZT# Ob 5SW\U# bVS
O\QWS\ba QOZZSR Pg bVS \O[S ]T Q]\bS[^ZObW]\# H=:DF>6# 5cb bVS ^]W\b
VS`S Wa bVOb# WT Q]\bS[^ZObW]\ Wa ZSTb eWbV ]\Zg bVS W``SZSdO\bZg SfbO\b#
bVS\ Wb Z]aSa bVS \]PZS abObca Wb ]\QS VORk Oa R]Sa bVS `S^]aS W\ bVS
^`SaS\b b] eVWQV Wb V]ZRa bVS PSV]ZRS` Pg bVS ^`SaS\QS $]T Wba ]PXSQba%
2=:DF>6 VOR bVOb RWU\Wbg PSQOcaS ]T Wba CZOb]\WQ W[^ZWQObW]\ak
PSQOcaS Wb PSVSZR SbS`\OZ ]PXSQba W\ bVS T]`[a ]T bVW\Ua# O b`O\aQS\R$
S\QS ]T W[[cbOPZS PSW\U aVW\W\U bV`]cUV bVS b`O\a^O`S\Qg ]T PSQ][$
W\U% <[[cbOPZS PSW\U Wa SdS`ZOabW\U ^`SaS\b# W\ eVWQV Q]\bS[^ZObW]\
QO\ aVO`S W\ bVS P`WST Rc`ObW]\a ]T bVS bS[^]`OZ ^`SaS\b%
FVca Wb Wa SbS`\Wbg# \]b bW[S# bVOb U`O\ba O ^`SaS\b O\R UWdSa Wb O
abObca ]T Wba ]e\ W\ bVS TZcf ]T bW[S1 O\R Wb Wa bVS Z]aa ]T SbS`\Wbg eVWQV
OQQ]c\ba T]` bVS Z]aa ]T O US\cW\S ^`SaS\b% EcQV O Z]aa ]T SbS`\Wbg Wa
bVS RWaO^^SO`O\QS ]T bVS e]`ZR ]T WRSOa O\R WRSOZa W\ eVWQV ;SWRSUUS`
aSSa bVS b`cS [SO\W\U ]T AWSbhaQVSoa l:]R Wa RSORm 0 W\ ]bVS` e]`Ra#
bVS OPa]ZcbS dWQb]`g ]T \][W\OZWa[ ]dS` `SOZWa[% FVS`ST]`S bVS aO[S
QOcaS eVWQV Wa Ob bVS `]]b ]T \WVWZWa[ Wa OZa] Ob bVS `]]b ]T bVS
`ORWQOZ bS[^]`OZWbg ]T ;SWRSUUS`oa aQVS[S ]T SfWabS\QS# W\ eVWQV bVS
^`SaS\b Wa \]bVW\U Pcb bVS [][S\b ]T Q`WaWa PSbeSS\ ^Oab O\R Tcbc`S%
<T dOZcSa O`S \]b PSVSZR W\ dWaW]\ Oa PSW\U !ZWYS bVS :]]R O\R bVS
5SOcbWTcZ ]T CZOb]"# Pcb O`S ^]aWbSR Pg bVS eWZZ Oa ^`]XSQba# bVS\
W\RSSR SfWabS\QS Wa Q][[WbbSR b] Q]\abO\b Tcbc`Wbg# eWbV RSObV Oa bVS
U]OZ1 O\R O [S`SZg T]`[OZ `Sa]ZcbW]\ b] PS# eWbV]cb O CDBDG T]` bVOb
`Sa]ZcbW]\# PSQ][Sa O ^`]XSQb T`][ \]bVW\U\Saa W\b] \]bVW\U\Saa% <\
bVS e]`Ra ]T AWSbhaQVS _c]bSR PST]`S# lIV] ]\QS VOa Z]ab eVOb bV]c
VOab Z]ab abO\Ra \]eVS`S abWZZ%m

H<
B\QS []`S ]c` W\dSabWUObW]\ ZSORa POQY b] bVS RcOZWa[ PSbeSS\ [O\
O\R E=MG>G Oa bVS [SbO^VgaWQOZ POQYU`]c\R ]T bVS \WVWZWabWQ aWbcObW]\%
:\]abWQWa[# 8 fWabS\bWOZWa[ # O\R AWVWZWa[ M ())
FVS`S Wa \] ]dS`Z]]YW\U ]\S QO`RW\OZ RWTTS`S\QS PSbeSS\ bVS U\]abWQ
O\R bVS SfWabS\bWOZWab RcOZWa[0 :\]abWQ [O\ Wa bV`]e\ W\b] O\ O\bOU]$
\WabWQ# O\bWRWdW\S# O\R bVS`ST]`S O\bWVc[O\ \Obc`S# []RS[ [O\ W\b]
O\ W\RWTTS`S\b ]\S% B\Zg bVS ZObbS` QOaS `S^`SaS\ba bVS OPa]ZcbS
dOQcc[# bVS `SOZZg P]bb][ZSaa ^Wb% <\ bVS U\]abWQ Q]\QS^bW]\ bVS V]a$
bWZS# bVS RS[]\WQ# Wa abWZZ O\bV`]^][]`^VWQ# TO[WZWO` SdS\ W\ Wba T]`$
SWU\\Saa# O\R bVS Q]\b`Oab WbaSZT UWdSa RW`SQbW]\ b] SfWabS\QSk O \SUO$
bWdS RW`SQbW]\# b] PS ac`S# Pcb ]\S bVOb VOa PSVW\R Wb bVS aO\QbW]\ ]T
bVS \SUObWdS b`O\aQS\RS\QS b] eVWQV bVS ^]aWbWdWbg ]T bVS e]`ZR Wa bVS
_cOZWbObWdS Q]c\bS`^O`b% A]b SdS\ bVWa O\bOU]\WabWQ _cOZWbg Wa U`O\bSR
b] bVS W\RWTTS`S\b \Obc`S ]T []RS[ aQWS\QS# O\R T`][ bVOb \Obc`S \]
RW`SQbW]\ Ob OZZ QO\ PS SZWQWbSR%
FVWa [OYSa []RS[ \WVWZWa[ W\TW\WbSZg []`S `ORWQOZ O\R []`S RSa$
^S`ObS bVO\ U\]abWQ \WVWZWa[ SdS` Q]cZR PS T]` OZZ Wba ^O\WQ bS``]` ]T
bVS e]`ZR O\R Wba RSTWO\b Q]\bS[^b ]T Wba ZOea% FVOb \Obc`S R]Sa \]b
QO`S# ]\S eOg ]` bVS ]bVS`# Wa bVS b`cS OPgaa% FVOb ]\Zg [O\ QO`Sa# W\
VWa TW\WbcRS TOQW\U \]bVW\U Pcb RSObV# OZ]\S eWbV VWa Q]\bW\US\Qg O\R
bVS ]PXSQbWdS [SO\W\UZSaa\Saa ]T VWa ^`]XSQbW\U [SO\W\Ua# Wa O b`cZg
c\^`SQSRS\bSR aWbcObW]\%
5cb bVWa dS`g RWTTS`S\QS# eVWQV `SdSOZa bVS U`SObS` RS^bV ]T []RS[
\WVWZWa[# OZa] QVOZZS\USa Wba aSZT$Q]\aWabS\Qg% :\]abWQ RcOZWa[# TO\$
bOabWQ Oa Wb eOa# eOa Ob ZSOab aSZT$Q]\aWabS\b% FVS WRSO ]T O RS[]\WQ
\Obc`S OUOW\ab eVWQV bVS aSZT Wa ^WbbSR# [OYSa aS\aS% 5cb eVOb OP]cb
O\ W\RWTTS`S\b \Obc`S eVWQV \SdS`bVSZSaa Q]\bOW\a W\ Wba [WRab bVOb b]
eVWQV Wba ]e\ PSW\U R]Sa [OYS O RWTTS`S\QS3 FVS ^V`OaS ]T VOdW\U
PSS\ TZc\U W\b] W\RWTTS`S\b \Obc`S Wa O `S[\O\b T`][ O RcOZWabWQ [SbO$
^VgaWQa# b] eV]aS caS bVS \]\[SbO^VgaWQOZ abO\R^]W\b VOa \] `WUVb%
IVOb Wa bVS bV`]e eWbV]cb bVS bV`]eS`# O\R eWbV]cb O PSg]\R eVS\QS
Wb abO`bSR3 DObVS` aV]cZR bVS SfWabS\bWOZWab aOg bVOb ZWTSk Q]\aQW]ca#
QO`W\U# Y\]eW\U aSZTk VOa PSS\ lbV`]e\ c^m 7M \Obc`S% <T PZW\RZg#
bVS\ bVS aSSW\U Wa O ^`]RcQb ]T bVS PZW\R# bVS QO`W\U O ^`]RcQb ]T bVS
c\QO`W\U# O bSZS]Z]UWQOZ \Obc`S PSU]bbS\ c\bSZS]Z]UWQOZZg%
7]Sa \]b bVWa ^O`OR]f QOab R]cPb ]\ bVS dS`g Q]\QS^b ]T O\ W\$
RWTTS`S\b \Obc`S# bVOb OPab`OQbW]\ ]T ^VgaWQOZ aQWS\QS3 E] `ORWQOZZg VOa
O\bV`]^][]`^VWa[ PSS\ PO\\SR T`][ bVS Q]\QS^b ]T \Obc`S bVOb SdS\
[O\ [cab QSOaS b] PS Q]\QSWdSR O\bV`]^][]`^VWQOZZg WT VS Wa Xcab O\
OQQWRS\b ]T bVOb \Obc`S% 4a bVS ^`]RcQb ]T bVS W\RWTTS`S\b# VWa PSW\U#
b]]# [cab PS W\RWTTS`S\b% FVS\ bVS TOQW\U ]T VWa []`bOZWbg e]cZR aW[$
()* N F ;8 C;8AB@8ABA B9 ?<98
^Zg eO``O\b bVS `SOQbW]\ l?Sb ca SOb O\R R`W\Y T]` b][]``]e eS RWS%m
FVS`S Wa \] ^]W\b W\ QO`W\U T]` eVOb VOa \] aO\QbW]\ PSVW\R Wb W\ O\g
Q`SObWdS W\bS\bW]\% 5cb WT bVS RSS^S` W\aWUVb ]T ;SWRSUUS` Wa `WUVbk
bVOb# TOQW\U ]c` TW\WbcRS# eS TW\R bVOb eS QO`S# \]b ]\Zg eVSbVS` eS
SfWab Pcb V]e eS SfWabk bVS\ bVS [S`S TOQb ]T bVS`S PSW\U acQV O
ac^`S[S QO`S# O\geVS`S eWbVW\ bVS e]`ZR# [cab OZa] _cOZWTg bVS b]bOZ$
Wbg eVWQV VO`P]`a bVOb TOQb# O\R SdS\ []`S a] WT lWbm OZ]\S eOa bVS
^`]RcQbWdS QOcaS ]T bVOb TOQb# Pg ZSbbW\U Wba acPXSQb ^VgaWQOZZg O`WaS W\
Wba [WRab%
FVS RWa`c^bW]\ PSbeSS\ [O\ O\R b]bOZ `SOZWbg Wa Ob bVS P]bb][ ]T
\WVWZWa[% FVS WZZ]UWQOZWbg ]T bVS `c^bc`S# bVOb Wa# ]T O RcOZWa[ eWbV]cb
[SbO^VgaWQa# [OYSa Wba TOQb \] ZSaa `SOZ# \]` Wba aSS[W\U OZbS`\ObWdS
O\g []`S OQQS^bOPZS0 bVS abO`S Ob Wa]ZObSR aSZTV]]R# b] eVWQV Wb Q]\$
RS[\a [O\# [Og eWaV b] SfQVO\US WbaSZT T]` O []\WabWQ \Obc`OZWa[
eVWQV# OZ]\U eWbV bVS `c^bc`S# e]cZR OP]ZWaV OZa] bVS WRSO ]T [O\ Oa
[O\% 5SbeSS\ bVOb EQgZZO O\R bVWa VS` beW\ 6VO`gPRWa# bVS []RS[
[W\R V]dS`a% IVSbVS` O bVW`R `]OR Wa ]^S\ b] Wbk ]\S Pg eVWQV bVS
RcOZWabWQ `WTb QO\ PS Od]WRSR O\R gSb S\]cUV ]T bVS RcOZWabWQ W\aWUVb
aOdSR b] c^V]ZR bVS Vc[O\Wbg ]T [O\k ^VWZ]a]^Vg [cab TW\R ]cb%
F 8 @ F ; 8EE4J

;RVQRTTR_ N[Q FUR\Y\Tf

<VIJEXSV] :SXI$ FUV` R``Nf dN` QRYVcR_RQ# V[ `YVTUaYf NO_VQTRQ S\_Z#


a\ N P\[SR_R[PR \S aUR\Y\TVN[` P\[PR_[RQ dVaU aUR `bOWRPa \S i@\[$
AOWRPaVSfV[T FUV[XV[T N[Q E]RNXV[T V[ 6\[aRZ]\_N_f FUR\Y\Tf%j(
F\ aUR P\[SR_RR` aUNa aVaYR UNQ \[R P\[P_RaR N[Q a\]VPNY ZRN[V[T1 aUR
b`R \S aUR YNaR_ aU\bTUa \S ?N_aV[ ;RVQRTTR_ S\_ B_\aR`aN[a aUR\Y\Tf%
<[ cVRd \S aUR PV_PbZ`aN[PR` \S Va` P\[PR]aV\[ N[Q QRYVcR_f# N[Q aUR
RPU\ Va UN` ]_\c\XRQ aUR[ N[Q NSaR_dN_Q#( ) < aU\bTUa aUNa < `U\bYQ

(% ?IGSRH /SRWYPXEXMSR SR 4IVQIRIYXMGW" P\[cR[RQ Of aUR :_NQbNaR


EPU\\Y \S 7_Rd G[VcR_`Vaf# 4]_VY 0$((# (0-+% FUR ]N]R_ dN` aUR \]R[V[T
NQQ_R``# ]_RPRQRQ Of aUR _RNQV[T \S N [bZOR_ \S iaUR`R`j dUVPU ?N_aV[
;RVQRTTR_ UNQ `R[a a\ `R_cR N` N ON`V` S\_ aUR P\[`bYaNaV\[%
)% FUR S\YY\dV[T ]bOYV`URQ P\ZZR[a` UNcR P\ZR a\ Zf [\aVPR1 D\OR_a
I% 9b[X# i>\TVP N[Q aUR >\T\`#j @LI /LVMWXMER /IRXYV] !ER]a% )*#
(0-+"# ((.,$((..2 MH$" i6\YY\^bVbZ \[ ;R_ZR[RbaVP`#j @LISPSK] @SHE]
!APa%# (0-+"# )/.$*'- !O\aU N_aVPYR` _R]\_a \[ aUR 6\[`bYaNaV\[ N` N
dU\YR"2 8bTR[R 5% 5\_\dVag# i5\[U\RSSR_l` I\_YQ P\ZR` \S 4TR#j 6YHE#
MWQ* - =YEVXIVP] 6SYVREP (+&( !IV[aR_# (0-,"# /($/. !QRNY` dVaU aUR
7_Rd 6\[`bYaNaV\[ N[Q aUV` ]N]R_ \[ ]]% /( S%"2 IVYYVNZ =% DVPUN_Q`\[#
E%=%# i;RVQRTTR_ N[Q :\QhN[Q B_\SR``\_ =\[N`#j @LSYKLX* 2SVHLEQ
ARMZIVWMX] =YEVXIVP] +'&(,- !E]_V[T# (0-,"# (*$+'% FUR YN`a$[NZRQ# Re$
aR[`VcR P_VaV^bR Of aUR NbaU\_ \S 4IMHIKKIV* @LVSYKL <LIRSQIRSPSK] XS
@LSYKLX !FUR ;NTbR# (0-*"# N[Q N ]N_aVPV]N[a Na aUR 7_Rd 6\[`bYaNaV\[#
dN` SV_`a ]_\]\b[QRQ N` aUR N[[bNY EbN_Rg >RPab_R QRYVcR_RQ Na 9\_QUNZ
G[VcR_`Vaf# 4]_VY ).# (0-+# N SRd dRRX` NSaR_ aUR \PPN`V\[ dUVPU ]_\$
L )*, M
)*- M F ;8 B ;8@A?8@A@ A9 ><98
YRNcR aUR R``Nf Va` \_VTV[NY PUN_NPaR_ \S N `]RRPU aUNa NQQ_R``R` N[
NbQVR[PR%

#
FUR ]_\OYRZ \S \OWRPaVSVPNaV\[# N[Q dVaU Va aUNa \S _RcR_`V[T \_ ]N_$
aVNYYf b[ZNXV[T Va# dN` OR^bRNaURQ a\ IR`aR_[ aUR\Y\Tf S_\Z Va`
\_VTV[ V[ aUR ZNaV[T \S aUR 5VOYVPNY d\_Q dVaU aUR :_RRX PSKSW$ <a V`
aUb` N` \YQ N` 6U_V`aVN[ aUR\Y\Tf Va`RYS# N[Q RcR[ `YVTUaYf \YQR_% IUVPU
`VQR \S aUR Q\bOYR ]N_R[aNTR d\bYQ OR Q\ZV[N[a N[Q dUVPU _RPR``VcR
V[ aUR \SS`]_V[T dN` QRZ\[`a_NaRQ V[ aUR cR_f SV_`a R[P\b[aR_ \S aUR
ad\ V[ BUVY\ =bQNRb`% 4 aRYYV[T `fZO\Y \S dUNa UN]]R[RQ a\ aUR
5VOYVPNY d\_Q aU_\bTU UVZ N[Q UV` `bPPR``\_` V` b[dVaaV[TYf `b]]YVRQ
Of N[ NYYRT\_f dUVPU UR Rc\YcR` S_\Z N[ RafZ\Y\Tf \S aUR [NZR
i<`_NRY%j FUR [NZR V` aNXR[ a\ ZRN[ i;R dU\ `RR` :\Q#j N[Q
=NP\Ol` NP^bV_V[T aUV` [NZR V` `NVQ a\ _R]_R`R[a aUR :\Q$`RRXR_l`
]_\T_R`` S_\Z aUR `aNTR \S URN_V[T a\ aUNa \S `RRV[T# ZNQR ]\``VOYR Of
aUR ZV_NPbY\b` P\[cR_`V\[ \S RN_` V[a\ RfR`% FUR NYYRT\_f SNYY` V[a\
aUR TR[R_NY ]NaaR_[ \S BUVY\l` cVRd` \[ iX[\dV[T :\Q%j FUR`R _R`a \[
aUR BYNa\[VP `b]]\`VaV\[ aUNa aUR a_bR`a _RYNaV\[ a\ ORV[T V` V[abVaV\[#
ORU\YQV[T% FUV` RZV[R[PR \S `VTUa# dUR[ ReaR[QRQ V[a\ aUR _RYVTV\b`
`]UR_R# QRaR_ZV[R` NY`\ aUR UVTUR`a N[Q Z\`a NbaUR[aVP _RYNaV\[ a\
:\Qh N[Q dVaU Va NY`\ a\ aUR [SVH \S :\Q%* F\ aUV` BUVY\ V[QRRQ

c\XRQ Va% 4 _RW\V[QR_ a\ aUV` NOYR P\b[aR_P_VaV^bR Of N QRc\aRQ N[Q aU\_$


\bTUYf V[S\_ZRQ `abQR[a \S ;RVQRTTR_l` aU\bTUa Zb`a OR YRSa S\_ N[\aUR_
\PPN`V\[%h ?f ]N]R_ dN` ]bOYV`URQ V[ @LI >IZMI[ SJ 9IXETL]WMGW (/&)
!7RP%# (0-+"# )'.$))*# N[Q V` UR_R _R]_V[aRQ dVaU N SRd ZV[\_ PUN[TR` V[
NT_RRZR[a dVaU aUR :R_ZN[ cR_`V\[# i;RVQRTTR_ b[Q QVR FUR\Y\TVR#j
1ZERKIPMWGLI @LISPSKMI )+&() !7RP%# (0-+"# -)($-+)%
*% iERRV[T dVaU aUR RfR` V` aUR SNV_R`a \S NYY aUR `R[`R` % % % Oba `RRV[T
dVaU aUR _bYV[T ]_V[PV]YR \S aUR `\bY RePRY` NYY \aUR_ SNPbYaVR`1 aUV` V` aUR
V[`VTUa !TLVSRIWMW"# aUR cV`V\[ \S aUR ZV[Q% ;R dU\ UN` `bPPRRQRQ [\a
\[Yf a\ TNV[ `PVR[PR \S NYY aUNa ReV`a` V[ [Nab_R Oba NY`\ a\ ORU\YQ aUR
9NaUR_ N[Q 6_RNa\_ \S aUR 4YY# UN` NaaNV[RQ a\ aUR `bZZVa \S OYR``RQ[R``#
S\_ UVTUR_ aUN[ :\Q aUR_R V` [\aUV[T2 N[Q dU\RcR_ UN` _RNPURQ ;VZ aUb`
dVaU aUR V[aR[QV[T RfR \S UV` `\bY ZNf ]_Nf S\_ aUV` `aNTR a\ ]R_`V`a N[Q
YN`aj 0I -FVELEQS" ,. S%"% !DRSR_R[PR` a\ BUVY\ =bQNRb` N_R NPP\_QV[T
a\ aUR ]N_NT_N]U [bZOR_V[T V[ aUR `aN[QN_Q :_RRX RQVaV\[ Of >% 6\U[
N[Q B% IR[QYN[Q# dUVPU aUR >\RO 6YN``VPNY >VO_N_f _R]_\QbPR`2 a_N[`YN$
aV\[` N_R ZV[R%" @\aR U\d :\Q V` UR_R _N[XRQ# N` aUR UVTUR`a ORV[T# V[ aUR
; 8<78::8D 4@7 F ;8A>A:J & )*.
N``VT[` N [Nab_R dUVPU ZNXR` cV`V\[# V%R%# V[aRYYRPabNY P\[aRZ]YNaV\[#
N[Q [\a NbQVaV\[# Va` TR[bV[R P_VaR_V\[% DRSR__V[T a\ aUR ]U_N`R V[
8e\Qb`# i4YY aUR ]R\]YR `Nd aUR c\VPRj !)'1(/"# UR P\ZZR[a`1

_N[X \_QR_ \S NYY ORV[T2 N[Q aUV` V[PYb`V\[# RcR[ VS Of dNf \S PbYZV[NaV\[#
V` ]_RPV`RYf aUR \[a\Y\TVPNY P\__RYNaR a\ aUR cV`bNY N]]_\NPU% G[QR_ aUR
aR_Z` `Ra Of aUV` N]]_\NPU aUR `aNaRZR[a aUNa :\Q V` iaUR ORV[T \[Rj
N``bZR` N QRSV[VaR ZRN[V[T dUVPU PN[[\a Oba PYN`U dVaU aUR R^bNYYf
RZ]UN`VgRQ PYNVZ aUNa UR a_N[`PR[Q` NYY \[a\Y\TVPNY QRaR_ZV[NaV\[% FUV`
ZRN[V[T \S :\Ql` iORV[Tj ORP\ZR` ZN[VSR`a V[ BUVY\l` PNYYV[T UVZ iaUR
Z\`a ]R_SRPa T\\Qj ! XIPIMSXEXSR EKEXLSR" R%T%# V[ 0I /SRJYWMSRI 8MR#
KYEVYQ" (/'"% BYNa\[VPNYYf b[QR_`a\\Q# aUR T\\Q !\_ iaUR T\\Q Va`RYSj" V`
aUR UVTUR`a PNaRT\_f \S ORV[T Uf]\`aN`VgRQ V[a\ N _R]_R`R[aNaV\[ \S aUR
ORV[T[R`` \S NYY ORV[T` N` `bPU% 4YaU\bTU iORf\[Q R``R[PRj !S\_ R``R[PR
]R_aNV[` a\ `]RPVSVP ORV[T"# Va V` fRa aUR R``R[PR \S NYY R``R[PR# \_ aUR S\_Z
\S S\_Z`hN[Q N` `bPU aUR aR_ZV[NY SFNIGX \S aUR V[abVaV[T R_\` dUVPU V[ Va
_RNPUR` Va` T\NY1 N[ VZ]R_`\[NY# V[QRRQ `a_bPab_NY \[a\Y\TVPNY ]_V[PV]YR#
YVSaRQ \ba \S aUR RcVQR[PR \S ORV[T N` N dU\YR V[ ZRaN]Uf`VPNY cV`V\[# Va V`
Of Va` cR_f [Nab_R aUR P\__RYNaR \S XLISVME N[Q [\dUR_R a\ OR S\b[Q Oba V[
]b_R aUR\_f% E\ BYNa\% @\d dUR[ <LMPS QRPYN_R` UV` 3SH a\ OR iaUR Z\`a
]R_SRPa T\\Qj !dUVPU BYNa\ QVQ [\a" N[Q aUb` ZNXR` LMQ aUR PbYZV[NaV\[
\S aUR UVR_N_PUf \S NYY ORV[T# UR `aNf` V[ YV[R dVaU aUR \_VTV[NY :_RRX#
icV`bNYj N]]_\NPU N[Q dVaU aUR \[a\Y\Tf QRaR_ZV[RQ Of Va% 5ba dUNa Q\R`
aUNa ZRN[ S\_ ZN[l` _RYNaV\[ a\ :\Q# V%R%# S\_ aUR YVSR \S ]VRaf3 FUR ]R_SRPa
T\\Q V` aUR R[Q$T\\Q# aUR SV[NY T\NY \S N QR`V_R S\_ ]\``R``V\[% IR ZNf
cR[ab_R aUR `aNaRZR[a aUNa dUR_RcR_ :\Q V` QRSV[RQ N` aUR WYQQYQ
FSRYQ !R%T%# Of 4bTb`aV[R"# aUR[ UR V` NY`\ b[QR_`a\\Q N` aUR SV[NY \OWRPa
\S N[ N]]RaVaV\[# V%R%# N` aUR ]\aR[aVNY bYaVZNaR `NaV`SNPaV\[ \S N QR`V_R S\_ N
]_R`R[PR1 N[Q aUR[ aUR Z\`a cNYVQ _RYNaV\[ \S ]VRaf Zb`a OR cV`V\[# dUVPU
T_N[a` aUR ]b_R`a Z\QR \S aUR \OWRPal` ]_R`R[PR% 4PP\_QV[TYf# BUVY\ P\[$
PRVcR` aUR dNf \S ]VRaf# ORV[T aUR dNf a\dN_Q :\Q# N` N ]_\T_R`` \S
]R_SRPaV\[# V[ dUVPU aUR ]N``NTR S_\Z URN_V[T a\ `RRV[T ZN_X` N QRPV`VcR
]\V[a% Ff]\Y\TVPNYYf# <`UZNRY# aUR UN[QZNVQl` `\[# aUR iZR_RYf URN_V[Tj
af]R# V` P\[a_N`aRQ dVaU <`_NRY# aUR a_bR$O\_[# N` aUR `RRV[T af]R% !6S% 0I
2YKE IX 5RZIRXMSRI" )'/%" 4[Q aUR RYRcNaV\[ \S =NP\O UVZ`RYS a\ aUR T_NQR
\S <`_NRY V` N PUN[TR$\cR_ S_\Z aUR P\[QVaV\[ \S URN_V[T a\ aUNa \S `RRV[T1
i=NP\O V` aUR [NZR S\_ YRN_[V[T N[Q ]_\T_R``V[T# V%R%# S\_ aUR ]\dR_` aUNa
QR]R[Q \[ URN_V[T2 Oba <`_NRY V` aUR [NZR S\_ ]R_SRPaV\[# S\_ Va ZRN[`
k`RRV[T :\QlhN[Q dUNa P\bYQ OR Z\_R ]R_SRPa V[ aUR _RNYZ \S a_baU aUN[
a\ `RR aUR a_bYf ReV`aR[a \[R3j 0I 1FVMIXEXI" /)2 PS% NY`\ 0I 9MKVEXMSRI
-FVELEQM" +. SS%"% FUR a_N[`VaV\[ aNXR` ]YNPR aU_\bTU aUR P\[cR_`V\[ \S
RN_` V[a\ RfR`1 i5f N QVcV[R O_RNaU aUR >\T\` P\[cR_a` aUR RN_` \S =NP\O
!aUR iN`PRaVPj dU\ d_R`aYR` dVaU aUR N[TRY" V[a\ RfR`# aUR_ROf a_N[`S\_Z$
V[T UVZ V[a\ N [Rd af]R PNYYRQ <`_NRY# aUR `RRV[T \[Rj 0I ?SQRMMW" <#
()0"%
)*/ M F ;8 B ;8@A?8@A@ A9 ><98
i;VTUYf `VT[VSVPN[a# S\_ UbZN[ c\VPR V` a\ OR URN_Q#Oba :\Ql` c\VPR V`
V[ a_baU a\ OR `RR[% IUf3 5RPNb`R aUNa dUVPU :\Q `]RNX` V` [\a
d\_Q` Oba d\_X`# dUVPU aUR RfR QV`P_VZV[NaR` ORaaR_ aUN[ aUR RN_j
0I 0IGEPSKS" +."%+ iI\_X`#j SV[V`URQ _RNYVaVR`# N_R dUNa :\Q
i`]RNX`#j V%R%# dUNa UR# RVaUR_ Of UV` ORV[T \_ Of UV` NPaV[T# ]ba`
ORS\_R \b_ RfR`% 4[Q aUR SV[V`URQ \_ ]R_SRPaRQ V` \OWRPaVcRYf ]_R`R[a
N[Q PN[ \[Yf OR Y\\XRQ Na2 Va ]_R`R[a` Va`RYS V[ Va` IMHSW$ 5ba 5VOYVPNYYf
b[QR_`a\\Q# aUR d\_Q \S :\Q V` ]_VZN_VYf PNYY N[Q P\ZZN[Q# N[Q
P\ZZN[Q` N_R [\a Y\\XRQ Na Oba URN_Qh N[Q \ORfRQ \_ QV`\ORfRQ%
@\d Va V` \OcV\b` aUNa aUV` V` [\a aUR N[aVaUR`V` BUVY\ UN` V[ ZV[Q% FUR
Y\T\` LI P\[a_N`a` dVaU aUR `RR[ \[R N` iZR_RYfj URN_Q V` aUR
N]\]UN[aVP ![\a aUR VZ]R_NaVcR" Y\T\` dUVPU ]_\[\b[PR` \[ \OWRPa`#
V%R%# \[ icV`VOYR`j V[ aUR dVQR`a `R[`R# N[Q aUb` PNYY` V[QRRQ S\_ N
`RRV[T a\ SbYSVYY N[Q _RQRRZ Va` `fZO\YVP V[aR[aV\[% EbPU Y\T\` NO\ba N
`aNaR \S aUV[T`# dUVPU `bO`aVabaR` S\_ NbaUR[aVP ]_R`R[PR Of
ZRN[V[TSbY `VT[`# V` _RPRVcRQ Of N ]_\cV`V\[NY iZR_R URN_V[Tj dUVPU
Of Va` \d[ `R[`R `a_NV[` a\dN_Q Va` P\Z]YRaV\[ V[ aUR `RRV[T \S aUR
`VT[VSVRQ P\[aR[a% 4 Z\_R ]R_SRPa# N_PURaf]NY Y\T\`# ReRZ]a S_\Z aUR
UbZN[ QbNYVaf \S `VT[ N[Q aUV[T N[Q aUR_RS\_R [\a O\b[Q a\ aUR S\_Z`
\S `]RRPU# d\bYQ [\a _R^bV_R aUR ZRQVNaV\[ \S URN_V[T Oba V` VZZRQV$
NaRYf ORURYQ Of aUR ZV[Q N` aUR a_baU \S aUV[T`% <[ \aUR_ d\_Q`# aUR
N[aVaUR`V` \S `RRV[T N[Q URN_V[T N_TbRQ Of BUVY\ YVR` N` N dU\YR dVaUV[
aUR _RNYZ \S i`RRV[TjhaUNa V` a\ `Nf# Va V` [\ _RNY N[aVaUR`V` Oba N QVS$
SR_R[PR \S QRT_RR _RYNaVcR a\ aUR VQRNY \S VZZRQVNaR# V[abVaVcR ]_R`R[PR
\S aUR \OWRPa% <a V` dVaU N cVRd a\ aUV` VQRNY aUNa aUR iURN_V[Tj UR_R
\]]\`RQ a\ i`RRV[Tj V` P\[PRVcRQ# [NZRYf# N` Va` QR]baVgV[T# ]_\cV$
`V\[NY Z\QR# N[Q [\a N` `\ZRaUV[T NbaUR[aVP# ON`VPNYYf \aUR_ aUN[
`RRV[T% 4PP\_QV[TYf# aUR ab_[ S_\Z URN_V[T a\ `RRV[T UR_R R[cV`NTRQ V`
ZR_RYf N ]_\T_R`` S_\Z N YVZVaRQ a\ N[ NQR^bNaR X[\dYRQTR \S aUR
`NZR N[Q dVaUV[ aUR `NZR ]_\WRPa \S X[\dYRQTR% 5ba dR UNcR aUR+

+% 6S% 0I 9MKVEXMSRI -FVELEQM" -' SS% iEP_V]ab_R aRNPUR` aUNa# dUR_RN`


aUR c\VPR \S Z\_aNY P_RNab_R` UN` S\_ Va` P_VaR_V\[ aUR `R[`R \S URN_V[T# aUR
d\_Q` !`aNaRZR[a`# PSKSM" \S :\Q N_R `RR[ V[ aUR ZN[[R_ \S YVTUa2 S\_ Va
`Nf` kNYY aUR ]R\]YR `Nd aUR c\VPR% % % %l 9\_ aUR `]RRPU QVcVQRQ V[a\ [\b[
N[Q cR_O N[Q NYY aUR ZRZOR_` \S aUR `R[aR[PR V` NbQVOYR % % % Oba aUR c\VPR
\S :\Q dUVPU V` ORURYQ Of aUR RfR \S aUR `\bY V` cV`VOYR% % % % FUR_RS\_R
:\Ql` `aNaRZR[a` UNcR aUR `\bYl` `R[`R \S `VTUa S\_ aURV_ P_VaR_V\[% FUR
QVcV[R P\ZZb[VPNaV\[ V` \S ]b_R# b[ZVeRQ PSKSW dUVPU N ]b_R `\bY OR$
U\YQ` Of NPbaR[R`` \S `VTUa%j
; 8<78::8D 4@7 F ;8A>A:J L )*0
_VTUa a\ aNXR BUVY\l` ]N_NOYR \S ]R_SRPaV\[ aU_\bTU aUR P\[cR_`V\[ \S
RN_` V[a\ RfR` \[ \b_ ]N_a N` N ]N_NOYR S\_ aUNa ab_[ S_\Z URN_V[T a\
`RRV[T dUVPU UR UVZ`RYS N[Q NSaR_ UVZ 6U_V`aVN[ aUR\Y\Tf ![\a a\
`]RNX \S :[\`aVPV`Z" b[QR_dR[a V[ aURV_ ]_VZN_f P\[`aVabaV\[haUR
ab_[ S_\Z aUR \_VTV[NY URN_V[T \S aUR PNYY \S aUR YVcV[T# [\[d\_YQYf
:\Q V` a\ aUR aUR\_RaVPNY dVYY S\_ cV`V\[ \S aUR `b]R_[Nab_NY# QVcV[R
a_baU`% <[ aUV` `R[`R aUR iP\[cR_`V\[ \S RN_` V[a\ RfR`j PN[ OR P\[$
`VQR_RQ N `fZO\Y \S aUR SV_`a _N[X%
FNXV[T N PbR S_\Z BUVY\ dR ZNf N`X1 <S aUR NQ\]aV\[ \S aUR
i`RRV[Tj N]]_\NPU S_\Z :_RRX ]UVY\`\]Uf dN` N ZV`S\_ab[R S\_ aUR$
\Y\Tf# Q\R` aUR _R]bQVNaV\[ \_ \cR_P\ZV[T \S aUNa N]]_\NPU V[ N
P\[aRZ]\_N_f ]UVY\`\]Uf ]_\cVQR N P\[PR]abNY ZRN[` S\_ aUR\Y\Tf a\
_RS\_Z Va`RYS# a\ ORP\ZR Z\_R NQR^bNaR a\ Va` aN`X3 6N[ Va aUb` YRNQ a\
N [Rd NYYVN[PR ORadRR[ aUR\Y\Tf N[Q ]UVY\`\]Uf NSaR_# R%T%# aUR
ZRQVRcNY \[R dVaU 4_V`a\aRYVN[V`Z UN` O_\XR[ Q\d[3 FUR ^bR`aV\[
N``bZR` aUNa `\ZR b`R \S ]UVY\`\]Uf# V%R%# \S aUR RYbPVQNaV\[ \S aUR
[Nab_R \S _RNYVaf Of `RPbYN_ aU\bTUa# N[Q \S aUR [Nab_R \S aUV[XV[T
NO\ba _RNYVaf V[ `RPbYN_ aU\bTUa# V` QR`V_NOYR N[Q RcR[ [RPR``N_f S\_
aUR\Y\Tf% FUV` N``bZ]aV\[ Zb`a OR T_N[aRQ# `V[PR aUR\Y\Tf# N` aUR
Y\T\` NO\ba aUV[T` QVcV[R# V` Of QRSV[VaV\[ aUR QV`Pb_`VcR# V[ `\ZR
`R[`R `PVR[aVSVP# RYbPVQNaV\[ \S aUR P\[aR[a` \S SNVaU ![\a# \S P\b_`R# \S
aUR V[aR_[NY WXVYGXYVI \S SNVaU# dUVPU d\bYQ OR ]UR[\ZR[\Y\Tf" N[Q
aUb`# S\_ \[R aUV[T# P\ZR` b[QR_ aUR _bYR` N[Q [\_Z` \S RYbPVQNaV\[
N[Q QV`P\b_`R N` `bPU2 N[Q `V[PR aUR P\[aR[a` \S SNVaU P\Z]_V`R aUR
QRNYV[T` \S :\Q dVaU aUR d\_YQ N[Q dVaU ZN[# aUR RYbPVQNaV\[ \S aUR
Zb[QN[R N[Q UbZN[ `VQR \S aUV` ]\YN_Vaf Zb`a OR V[S\_ZRQ Of N
X[\dYRQTR \S dUNa d\_YQ N[Q ZN[ N_R# N[Q ]UVY\`\]Uf V` `b]]\`RQ a\
]_\cVQR `bPU X[\dYRQTR% <a d\bYQ aUR[ S\YY\d aUNa aUNa ]UVY\`\]Uf V`
Z\`a NQR^bNaR a\ aUR\Y\Tf dUVPU V` Z\`a NQR^bNaR a\ ORV[T# V%R%#
dUVPU V` Z\`a [RN_Yf a_bRh Of aUR P_VaR_VN \S ]UVY\`\]Uf Va`RYS# V%R%# Of
aUR P_VaR_VN \S `RPbYN_ _RN`\[% 5ba `V[PR S\_ N QRPV`V\[ \[ aUV` aUR
aUR\Y\TVN[` PN[[\a dNVa S\_ aUR P\[`R[`b` \S ]UVY\`\]UR_`# [\_ RcR[
[RPR``N_VYf a_b`a Va` NbaU\_Vaf# aURf ZNf OR TbVQRQ V[ aURV_ PU\VPR Of
aUR N]]RNY \S NSSV[Vaf# aUR YR``\[` \S ]N`a Re]R_VR[PR dVaU ]UVY\`\]UV$
PNY YVNV`\[`# aUR ]_R`R[a [RRQ` \S aURV_ QV`PV]YV[R# N[Q Of N]]_NV`V[T
dUVPU ]UVY\`\]Uf V` Z\`a URY]SbY a\ aUR QV`PUN_TR \S aUR\Y\Tfl` aN`X#
\_ YRN`a QN[TR_\b` a\ Va` \d[ a_b`a# a\ Va` \d[ TR[bV[R[R``# YRN`a
`RQbPaVcR# YRN`a NYVR[NaV[ThOf N[f \_ NYY \S aUR`R P\[`VQR_NaV\[`# Oba
)+' M F ;8 B ;8@A?8@A@ A9 > <98
N` YVaaYR N` ]\``VOYR Of SN`UV\[% A[ NYY aUR`R P\b[a` aUR aUR\Y\TVN[
d\bYQ Q\ dRYY a\ ReR_PV`R N T_RNa QRNY \S PNbaV\[ N[Q ZV`a_b`a% 4[Q
R`]RPVNYYf V[ aUR SNPR \S aRZ]aV[T `VZVYN_Vaf1 dUNa aUR\Y\Tf [RRQ` V[
aUV` _RYNaV\[`UV] V` aUR \aUR_[R`` \S ]UVY\`\]Uf# [\a Va` `VZVYN_Vaf%
;\dRcR_# aUR Re]R_VZR[a \S _RYNaV\[`UV] Va`RYS V` V[R`PN]NOYR# N[Q aUR
\[R PU\VPR PY\`RQ V` NO`aR[aV\[% FUb`# aUR \]R[[R`` a\ P\[aRZ]\_N_f
aU\bTUa `U\d[ Of aUR\Y\Tf V[ aUR ]_R`R[a Re]R_VZR[ah N` Va dN`
`U\d[ Na NYY aVZR`h V` a\ OR dRYP\ZRQ%

<<

9V_`a# aUR[# \[ aUR P\b[a \S NSSV[Vaf# aUR N]]RNY \S ;RVQRTTR_l`


aU\bTUa# Na YRN`a \S UV` YN[TbNTR# a\ aUR 6U_V`aVN[ aUR\Y\TVN[ PN[[\a
OR QR[VRQ% ;R O_V[T` a\ aUR S\_R ]_RPV`RYf dUNa aUR ]UVY\`\]UVPNY
a_NQVaV\[ UNQ VT[\_RQ \_ dVaUURYQh aUR Z\ZR[a \S PNYY \cR_ NTNV[`a
aUNa \S S\_Z# \S ZV``V\[ \cR_ NTNV[`a ]_R`R[PR# \S ORV[T T_N`]RQ \cR_
NTNV[`a `b_cRfV[T# \S RcR[a \cR_ NTNV[`a \OWRPa# \S _R`]\[`R \cR_
NTNV[`a P\[PR]a# RcR[ aUR UbZVYVaf \S _RPR]aV\[ \cR_ NTNV[`a aUR ]_VQR
\S Nba\[\Z\b` _RN`\[# N[Q TR[R_NYYf aUR `aN[PR \S ]VRaf \cR_ NTNV[`a
aUR `RYS$N``R_aV\[ \S aUR `bOWRPa% 4a YN`a# a\ _R`bZR aUR BUVY\[VP PbR#
aUR `b]]_R``RQ `VQR \S iURN_V[Tj TRa` N URN_V[T NSaR_ aUR Y\[T
N`PR[QN[Pf \S i`RRV[Tj N[Q aUR `]RYY \S \OWRPaVSVPNaV\[ dUVPU Va PN`a
b]\[ aU\bTUa2 N[Q 6U_V`aVN[ aU\bTUa ZNf ab_[ Va` RfR`# [\ Y\[TR_
OYV[QRQ Of aUR ZRaN]Uf`VPNY cV`V\[# a\ aUV` ^bN_aR_ a\ UNcR aURZ
_RP\[cR_aRQ V[a\ RN_` N[Q `\ a\ URN_# N[Q ]R_UN]` ZNXR URN_Q# Va`
\d[ ZR``NTR N[Rd%
A_ `\ Va `RRZ` a\ `\ZR% 4[Q \[ aUR TVMQE JEGMI RcVQR[PR Va Zb`a OR
T_N[aRQ aUNa RcN[TRYVPNY aUR\Y\Tf URN_` aUR_R SNZVYVN_ `\b[Q` N[Q PN[
SRRY Z\_R Na U\ZR dVaU aUV` aUN[ dVaU `\ZR \aUR_ cN_VRaVR` \S Z\QRZ
\_ a_NQVaV\[NY aU\bTUa% 5ba V`[la Va ]R_UN]` a\\ ZbPU Na U\ZR aUR_R3
4_R aUR SNZVYVN_ `\b[Q` YRTVaVZNaR aUR_R3 <` aUR\Y\Tf ]R_UN]` Yb_RQ Of
aURZ \[a\ NYVR[ T_\b[Q ZNQR NYY aUR Z\_R QN[TR_\b` Of aUR Zf`aR_V$
\b` ZN`XV[T# aUR V[`]V_NaV\[NY a\[R# dUVPU ZNXR Va` ]NTN[V`Z `\
ZbPU Z\_R QVSSVPbYa a\ QV`PR_[ aUN[ aUNa \S `a_NVTUaS\_dN_Q# VQR[aVSVN$
OYf `RPbYN_ ]UVY\`\]Uf3
>Ra b` N`X dUNa aUR TVMQE JEGMI NSSV[Vaf UR_R _RNYYf ZRN[`% F\ aNXR
N dRYY$X[\d[ ReNZ]YR# ;RVQRTTR_ U\YQ` aUNa iaUV[XV[Tj V` N iaUN[X$
V[Tj S\_ aUR SNc\_ \S ORV[T% ;R N``R_a` aUV` \S i]_VZNYj !ERJERKPMGL"
; 8<78::8D 4@7 F ;8A>A:J L )+(
\_ iR``R[aVNYj aUV[XV[T# dUVPU UR \]]\`R` a\ aUR i`RP\[QN_f#j QR_VcN$
aVcR !EFOMMRJXMK! aUV[XV[T \S ZRaN]Uf`VP` N[Q `PVR[PR% IUR_RN` aUR
YN[TbNTR \S aUR YN`a ad\ V` aUNa \S \OWRPaVSfV[T QV`P\b_`R# aUR YN[TbNTR
\S R``R[aVNY aUV[XV[T UN` aUR ^bNYVaf \S aUN[X`TVcV[T% FUR 5VOYVPNY \_
TR[R_NYYf _RYVTV\b` _V[T \S aUR`R `aNaRZR[a` V` b[ZV`aNXNOYR% 5ba Q\R`
aUV` P\[`\[N[PR \[ aUR ]UVY\`\]UR_l` ]N_a N_V`R S_\Z V[QR]R[QR[a
]UVY\`\]UVPNY _RSYRPaV\[# \_ dN` aUR 5VOYVPNY Z\QRY Va`RYS N SNPa\_ V[
aUR _RSYRPaV\[3 < aUV[X aUR_R PN[ OR [\ Q\bOa aUNa aUR YNaaR_ V` aUR PN`R%
IR N_R `VZ]Yf V[ aUR ]_R`R[PR \S aUR dRYY$X[\d[ N[Q NYdNf` X[\d[
SNPa aUNa aUR_R V` ZbPU `RPbYN_VgRQ 6U_V`aVN[Vaf V[ ;RVQRTTR_l`
aU\bTUa% FUV` dN` RcVQR[a S_\Z aUR ORTV[[V[T# S_\Z ?IMR YRH DIMX \[2
N[Q [\adVaU`aN[QV[T aUR `a_R[b\b` N``R_aV\[ Of ;RVQRTTR_ N[Q Of
\aUR_` \[ UV` ORUNYS aUNa `bPU P\[PR]a` N` TbVYa# PN_R# N[eVRaf# PNYY \S
P\[`PVR[PR# _R`\YbaV\[# BIVJEPPIRLIMX" NbaUR[aVPVaf$b[NbaUR[aVPVaf#
UNcR N ]b_RYf \[a\Y\TVPNY ZRN[V[T dVaU [\ \[aVP !R%T%# ]`fPU\Y\TVPNY"
P\[[\aNaV\[# N[Q YRN`a \S NYY N_R ZRN[a Z\_NYYf# aUR _RN`\[NOYR \O$
`R_cR_# dVaU\ba R[aR_V[T V[a\ aUR ^bR`aV\[ \S `bOWRPaVcR U\[R`af# dVYY
[\a YRa `bPU QV`PYNVZR_` XRR] UVZ S_\Z TVcV[T a_NQVaV\[ Va` QbR% ;R
dVYY aUR[ NPX[\dYRQTR# a\ _R]RNa# aUNa ;RVQRTTR_l` `RPbYN_ aUV[XV[T
Q\R` RZO\Qf RYRZR[a` S_\Z 6U_V`aVN[ aU\bTUa% 5ba Q\R` aUNa Wb`aVSf
`NfV[T aUNa aUR_R V` N[ Nba\[\Z\b` ]N_NYYRY ORadRR[ aUR ad\3 N P\__R$
`]\[QR[PR \_ P\__RYNaV\[3 aUNa aUR_RS\_R aUR \[R PN[ \SSR_ NVQ N[Q
P\ZS\_a a\ aUR \aUR_# aUR `VQR \S X[\dYRQTR a\ aUNa \S SNVaU3 <[ aUR
PN`R \S ?\`R` N[Q BYNa\h aUR PN`R \S BUVY\h aUR_R GSYPH UNcR ORR[
N[ V[QR]R[QR[a N[Q aUR_RS\_R _RYRcN[a P\__RYNaV\[# \_ P\Z]YRZR[aN$
aV\[# \_ ZbabNY P\[SV_ZNaV\[2 Oba V[ aUR PN`R \S QR]R[QR[PR dVaU
dUVPU dR QRNY UR_R aUR `VabNaV\[ V` Y\TVPNYYf QVSSR_R[a# N[Q aUR V[c\PN$
aV\[ \S P\[P\_QN[PR V` `]b_V\b`# RcR[ SNY`VSfV[T% EbPU V[c\PNaV\[
`RRZ` a\ OR N aRZ]aNaV\[ S\_ `\ZR aUR\Y\TVN[`% 9\_ aUR\Y\Tf# a\\# [\a
a\ OR \baQ\[R# [\d dV`UR` a\ OR i]_VZNYj aUV[XV[T#, aU\bTU Of Va`
cR_f [Nab_R# ORV[T QR_VcNaVcR S_\Z N _RcRYNaV\[# Va \bTUa [\a RcR[ a\
R[aR_aNV[ `bPU N dV`U% 5ba `V[PR ;RVQRTTR_# a\\# `]RNX` \S _RcRYNaV\[#

,% 6S% ;RV[_VPU Aaa# 0IROIR YRH ?IMR* 0IV CIK 9EVXMR 4IMHIKKIVW
YRH HIV CIK HIV @LISPSKMI !Kb_VPU# (0,0"# ]% (.(1 iIR `aN_a S_\Z aUR
]_RZV`R aUNa aUR\Y\Tf V` `b_RYf N aUV[XV[T V[ aUR V[VaVNY N[Q R``R[aVNY `R[`R#
UYE aUV[XV[T b[`b_]N``NOYR# [\a a\ OR RePRRQRQ Of N[f \aUR_ XV[Q \S
aU\bTUa% % % % <a aUb` S\YY\d` aUNa aUR\Y\Tf Va`RYS V` aUR ]_VZNY N[Q R``R[aVNY
aUV[XV[T%j
)+) M F ;8 B ;8@A?8@A@ A9 > <98
\_ dUNa `\b[Q` `b`]VPV\b`Yf YVXR Va# cVg%# aUR `RYS$b[cRVYV[T \S ORV[T
1RXFIVKYRK" # aUR`R ad\h _RcRYNaV\[$QR]R[QR[a N[Q i]_VZNYj aUV[X$
V[Th `RRZ a\ OR P\Z]NaVOYR# RcR[ VQR[aVPNY% 7\R` [\a# N` \[R aUR\Y\$
TVN[ N_TbR` V[ `b]]\_a \S `bPU P\[P\_QN[PR#- 4[`RYZ \S 6N[aR_Ob_f
]_Nf N` S\YY\d`1 iFRNPU ZR a\ `RRX aURR N[Q WLS[ XL]WIPJ a\ ZR N` <
`RRX2 S\_ < NZ [\a NOYR a\ `RRX aURR b[YR`` aU\b aRNPUR`a# [\_ a\ SV[Q
aURR b[YR`` aU\b `U\dR`a aUf`RYSj !<VSWPSKMSR# 6UN]% <"3 7\R` [\a
aUR\Y\Tfl` _RYNaV\[ a\ :\Q N` UR_R QR`P_VORQ Of 4[`RYZ ]_RPV`RYf
P\__R`]\[Q a\ aUV[XV[Tl` _RYNaV\[ a\ ORV[T N` `RR[ Of ;RVQRTTR_3 <`
[\a aUR iSNaR$YNQR[j !KIWGLMGOPMGL" PUN_NPaR_ \S aUV[XV[T# N` _R`]\[`R
a\ aUR b[cRVYV[T \S ORV[T aUNa V` TVcR[ a\ Va a\ aUV[X# UR_R NQR^bNaRYf
`aNaRQ V[ aUR N[NY\T\b` aR_Z` \S aUR\Y\TVPNY aUV[XV[T.h N `]RPVNY N[Q
N]]YVRQ PN`R N` Va dR_R \S dUNa UN` [\d ]UVY\`\]UVPNYYf ORR[ `U\d[
a\ OR aUR TR[R_NY [Nab_R \S iR``R[aVNY aU\bTUaj3 F\ `]RNX aUb` V` aUR
aRZ]aNaV\[ V[QVPNaRQ# a\ dUVPU `\ZR aUR\Y\TVN[` `bPPbZO% 5ba V`[la
aUV` ]baaV[T aUV[T` b]`VQR Q\d[3 EU\bYQ[la \[R `Nf Na OR`a aUNa aUV[X$
V[Tl` _RYNaV\[ a\ ORV[T N` `RR[ Of ;RVQRTTR_ P\__R`]\[Q` a\ aUR\Y\Tfl`
_RYNaV\[ a\ :\Q3 4[Q aUNa PUN_NPaR_V`aVP` \S aUR YNaaR_ P\bYQ [\a OR
a_N[`]\`RQ V[a\ ]UVY\`\]UVPNY# V%R%# b[ORYVRcV[T aR_Z` ORaaR_ aUN[ dN`
Q\[R V[ ;RVQRTTR_l` Q\Pa_V[R \S aUR SNaR$YNQR[ PUN_NPaR_ \S aUV[XV[T % % %
_R`]\[`R % % % b[cRVYV[T \S ORV[T3 IURaUR_ RcR[ aUV` d\bYQ OR N a_bR
`aNaRZR[a _RZNV[` a\ OR `RR[% 5ba aUR ab_[V[T N_\b[Q \S aUR _RYNaV\[$
`UV] N` `bPU V` Of [\ ZRN[` N ZNaaR_ \S V[QVSSR_R[PR !N` \[R ZVTUa
`Nf iP\__R`]\[QR[PR V` P\__R`]\[QR[PR S_\Z dUNaRcR_ R[Q < `aN_aj "#
S\_ Va _RcR_`R` aUR dU\YR Y\Pb` \S aUR `aN[QN_Q \S NQR^bNPfh \S dUNa
UN` a\ OR ZRN`b_RQ Of dUNa% 9\_ \[PR# b] a\ XLMW ]\V[a# aUR `VabNaV\[
V` [\a# N` `\ \SaR[# aUR\Y\Tfl` a_fV[T a\ N]]_\]_VNaR S_\Z aUR Q\ZNV[
\S ]UVY\`\]Uf N[Q V[ aUR ]_\PR`` ORV[T N]]_\]_VNaRQ Of Va# Oba ]UVY\`$

-% ;% Aaa# iFUR\Y\TVR NY` :RORa b[Q IV``R[`PUNSa#j @LISPSKMWGLI DIMX#


WGLVMJX (+ !(0,/"# ()' SS%
.% FUb` Aaal` P\Z]YVZR[a a\ 4[`RYZ N` _R]_\QbPRQ Of =NZR` ?%
D\OV[`\[ V[ UV` V[`a_bPaVcR _R]\_a iFUR :R_ZN[ 7V`Pb``V\[ \S aUR YNaR_
;RVQRTTR_j V[ :I[ 2VSRXMIVW MR @LISPSK]* 0MWGYWWMSR EQSRK 3IVQER
ERH -QIVMGER @LISPSKMERW" RQ% =% ?% D\OV[`\[ N[Q =% 5% 6\OO# H\Y% <1
@LI 8EXIV 4IMHIKKIV ERH @LISPSK] !@Rd J\_X1 ;N_]R_ D\d# (0-*"#
]% +.% FUV` c\YbZR# N[ RePRYYR[a _RP\_Q \S aUR :R_ZN[$4ZR_VPN[ QV`Pb`$
`V\[ \[ aUR `bOWRPa# dN` S_R^bR[aYf _RSR__RQ a\ V[ aUR NQQ_R`` ORPNb`R Va
dN` dRYY X[\d[ a\ aUR ]N_aVPV]N[a` \S aUR 7_Rd 6\[`bYaNaV\[% <a V` UR[PR$
S\_aU ^b\aRQ N` >SFMRWSR#/SFF$
; 8<78::8D 4@7 F ;8A>A:J L )+*
\]Ufl` N]]_\]_VNaV[T S_\Z aUR Q\ZNV[ \S aUR\Y\Tf N[Q P\ZV[T V[a\ Va`
QROahdUNaRcR_ XLEX ZNf Q\ a\ ]UVY\`\]Uf% FUV` V` aUR ]UVY\`\]UR_l`
P\[PR_[ N[Q [RRQ [\a a_\bOYR aUR aUR\Y\TVN[% 5ba [RVaUR_ Zb`a UR
Y\`R `VTUa \S aUR a_bR V[aR_QR]R[QR[PR \S aUV[T`% < NZ `\__f# N` N ZR_R
PUVYQ \S aUR d\_YQ# a\ UNcR a\ `Nf aUV` a\ aUR\Y\TVN[`1 V[`aRNQ \S
aUR\Y\Tfl` SV[QV[T cNYVQNaV\[ \_ P\__\O\_NaV\[ S\_ Va`RYS V[ dUNa UN`
ORR[ O\__\dRQ S_\Z Va`RYS# aUR _RNY PN`R V` aUNa ]UVY\`\]Uf Zb`a
ReNZV[R aUR ]UVY\`\]UVPNY cNYVQVaf \S ;RVQRTTR_l` O\__\dV[T S_\Z
aUR\Y\Tf% FUV` V` [\a \b_ ]_R`R[a aN`X# N[Q NYaU\bTU Va` _R`bYa ZNf
P\[`VQR_NOYf YR``R[ aUR aUR\_RaVPNY ]_R`aVTR \S aU\`R RYRZR[a` dUVPU
aUR aUR\Y\TVN[ dV`UR` a\ _RN]]_\]_VNaR# Va ZNf `aVYY YRNcR aURZ aUR
b`RSbY[R`` \S aUR P\[PR]abNY N_aVPbYNaV\[ dUVPU aURf UNcR _RPRVcRQ
b[QR_ ]UVY\`\]UVPNY a_RNaZR[a% 5ba aUR aUR\Y\TVN[ Zb`a N`X# ORS\_R UR
_RVZ]\_a` UV` \d[ \_VTV[NY ]_\QbPa1 dUNa UNcR f\b Q\[R dVaU Zf
YVaaYR \[R`3 V[ dUNa P\Z]N[f QVQ f\b O_V[T aURZ b]3 N_R aURf `aVYY Zf
b[P\__b]aRQ PUVYQ_R[3 PN[ < aNXR aURZ ONPX S_\Z f\b3 N[Q dUNa# MJ <
aNXR aURZ# dVYY < aNXR [MXL aURZ3 @\d# aU\bTU aUR P_bPVNY ^bR`aV\[
i6N[ < aNXR aURZ ONPX S_\Z f\b3j V` N ^bR`aV\[ \S QRPV`V\[# aUR \aUR_
^bR`aV\[`# R`]RPVNYYf aUR YN`a1 iIUNa# VS f\b QRPVQR a\ aNXR aURZ# dVYY
f\b UNcR a\ aNXR dVaU aURZ3j V` N ^bR`aV\[ \S SNPa N[Q Y\TVPNY [RPR`$
`Vaf# N[Q PN[ OR P\[`VQR_RQ N[Q N[`dR_RQ Of aUR ]UVY\`\]UR_ dU\ UN`
N X[\dYRQTR# NYORVa N ZR_RYf \OWRPaVcR \[R# \S O\aU `VQR`% 4[Q UR_R <
ZNf ]_\cV`V\[NYYf ]\V[a a\ Na YRN`a \[R Z\QR`a cV_abR \S \OWRPaVSfV[T
`]RRPU# cVg%# aUNa Va dVYY O_V[T a\ YVTUa V[P\Z]NaVOVYVaVR` N[Q aUb` R[$
NOYR aUR\Y\Tf a\ `]RNX \S UR_R`f%
@\d# VS dR SV_`a N`X U\d ;RVQRTTR_ PNZR a\ NQ\]a aUR =bQNR\$
6U_V`aVN[ c\PNObYN_f V[ aUR SV_`a ]YNPR# aUR c\PNObYN_f \S TbVYa N[Q
P\[`PVR[PR N[Q PNYY N[Q c\VPR N[Q URN_V[T N[Q _R`]\[`R N[Q ZV``V\[
N[Q `UR]UR_Q N[Q _RcRYNaV\[ N[Q aUN[X`TVcV[T# dR P\bYQ \S P\b_`R [\a
aNXR `R_V\b`Yf aUR PYNVZhVS Va dR_R ZNQRh aUNa Va dN` `VZ]Yf `bT$
TR`aRQ Of aUR ]UR[\ZR[N aURZ`RYcR` N[Q _R]_R`R[a` aUR _R`bYa \S aURV_
b[]_RWbQVPRQ N[NYf`V`% @\ ZR_R N[NYf`V` dVYY RcR_ fVRYQ aU\`R P\[PR]a`
N[Q aUNa YN[TbNTR !N[Q dR `UNYY QRNY YNaR_ dVaU aUR SNPa aUNa [\a RcR[
;RVQRTTR_l` NPP\b[a \S aUV[XV[T UNVY` S_\Z N[ iN[NYf`V`j \S aUV[XV[T
N` Va V` `\ \SaR[ PNYYRQ V[ aUR 4ZR_VPN[ QV`Pb``V\["% 4a N[f _NaR aUR
5VOYVPNY _V[T V` [\ ZR_R P\V[PVQR[PR P\Z]RYYRQ Of aUR V[QR]R[QR[a
YV[TbV`aVP QRZN[Q` \S aUR `bOWRPa ZNaaR_ N[Q Na OR`a P\b[aV[T V[ SNc\_
\S aUR N[PVR[a ]_RQRPR``\_% 5ba aUV` N[`dR_ d\bYQ V[ N[f PN`R [\a OR
)++ M F ;8 B ;8@A?8@A@ A9 > <98
;RVQRTTR_l` \d[ N[Q d\bYQ [\a SVa V[ dVaU UV` cR_f P\[PR]aV\[ \S
aUV[XV[T% <[ NPP\_Q dVaU aUR SNaR$YNQR[ PUN_NPaR_ \S aUV[XV[T N` aUR
`RYS$b[cRVYV[T UV`a\_f \S ORV[T Va`RYS# LI ZVTUa _NaUR_ `Nf aUNa aUR
6U_V`aVN[ `]RRPU# N[Q aUR QV`PY\`b_R \S ORV[T YNVQ Q\d[ V[ Va# N_R cVN
\b_ a_NQVaV\[ N[ V[aRT_NY ]N_a \S aUR SNaR a\ dUVPU \b_ aUV[XV[T Zb`a
_R`]\[Q# N[Q aUNa aUR_RS\_R aUR YN[TbNTR V` TR[bV[R N` LMW aUV[XV[T
_R`]\[`R a\ aUR aN`X N` GSRHMXMSRIH Of UV`a\_f% E\ZR `bPU N[`dR_
]_\ONOYf P\ZR` PY\`R a\ aUR a_baU \S aUR ZNaaR_# RcR[ aU\bTU Va b[$
QR_]YNf` aUR _\YR \S S_RR PU\VPR2 N[Q a\ `\ZR ReaR[a ]UVY\`\]Uf UN`
TNV[RQ S_\Z aUV` \]R[V[T \S Va` b[VcR_`R a\ SRNab_R` dUVPU Va UN` NYY
a\\ Y\[T VT[\_RQ% 5ba aUR aUR\Y\TVN[ UN` [\ PNb`R a\ _RW\VPR V[ aUV`
R[Q\_`RZR[a \S UV` PUR_V`URQ URV_Y\\Z` Of N[ V[SYbR[aVNY aUV[XR_% 4` <
b[QR_`aN[Q Vah N[Q \S P\b_`R Va V` `\ZRdUNa NdXdN_Q S\_ ZR a\ NPa
N` `]\XR`ZN[ S\_# \_ QRSR[QR_ \S# aUR PNb`R \S 6U_V`aVN[ aUR\Y\Tfh
aUR aUR\Y\TVN[ `U\bYQ _R`V`a aUR NaaRZ]a a\ a_RNa UV` ZR``NTR N` N
ZNaaR_ \S UV`a\_VP SNaR# N[Q aUb` N` ]N_a \S N P\Z]_RUR[`VcR ORP\Z$
V[T# N[Q aUb` N` \[R RYRZR[a NZ\[T \aUR_` V[ N a_NQVaV\[# N[Q N` Va`RYS
`\ZRaUV[T QVcV`VOYR# N``VZVYNOYR V[ ]N_a N[Q YRSa V[ ]N_a# _RNQf S\_ aUR
]VPXV[T` \S aUR b[ORYVRcR_% ;R Zb`a N`X dURaUR_ \[R PN[ aNXR UNYS \S
UV` `a\_f dVaU\ba SNY`VSfV[T aUR dU\YRh N` UR dVYY V[ aVZR UNcR a\ N`X
P\[cR_`RYf dURaUR_ ;RVQRTTR_l` ]UVY\`\]Uf PN[ OR N``VZVYNaRQ V[ ]N_a
dVaU\ba aNXV[T V[ aUR dU\YR% 5ba Z\`a \S NYY UR Zb`a _R`V`a aUR VQRN \S
SNaR Va`RYS% 4[Q UR_RdVaU < P\ZR a\ ;RVQRTTR_l` Q\Pa_V[R%

<YY
>Ra b` `aN_a dVaU aUR VQRN \S SNaR%/ <a Y\\Z` YN_TR V[ ;RVQRTTR_l`
aUV[XV[T# N[Q V[ UV` VQRN \S aUV[XV[T% FUV[XV[Tl` Y\a V` PN`a Of ORV[T%
5RV[T `]RNX` a\ aU\bTUa# N[Q dUNa Va `]RNX` V` aU\bTUal` Y\a% 5ba
dUNa# U\d# N[Q dUR[ Va `]RNX` V` QRP_RRQ Of aUR LMWXSV] \S ORV[T N[Q
MW aUV` UV`a\_f N` aUR UV`a\_f \S Va` \d[ b[cRVYV[T \_ P\[PRNYV[T% 4[Q
N` aUV` V` [\a Na aUR aUV[XR_l` P\ZZN[Q# aUV[XV[T NO\ba ORV[Th dUVPU
N` KIRMXMZYW WYFNIGXMZYW V` Na aUR `NZR aVZR NY`\ aUR aUV[XV[T \S ORV[T

/% ;RVQRTTR_l` :R_ZN[ aR_Z V` 3IWGLMGO V[ ]_RSR_R[PR a\ aUR Z\_R


P\ZZ\[ ?GLMGOWEP* Of aUV` QR_VcNaVcR S\_Z S_\Z aUR _\\a$d\_Q WGLMGOIR"
UR dV`UR` a\ _R`PbR aUR RYRZR[a \S i`R[QV[Tj S_\Z aUNa \S ZR_R iQRP_RRj
\_ O_baR S\_PR# dUVPU ]_RQ\ZV[NaR` V[ aUR NcR_NTR b`NTR \S aUR Z\_R
P\ZZ\[ aR_Z%
; 8<78::8D 4@7 F ;8A>A:J L )+,
Va`RYS# [NZRYf Va` `RYS$PYRN_V[T aNXV[T ]YNPR V[ ZN[hUN` N SNaRYVXR
PUN_NPaR_ !\_# V` iSNaR$YNQR[j 1 KIWGLMGOPMGL" % FUR SNaRSbY [Nab_R \S
aU\bTUa V` Va` QR]R[QR[PR b]\[ dUNa V` `R[a a\ Va# N[Q aUR `R[QV[T
V``bR` S_\Z aUR UV`a\_f \S ORV[T% @\d \[ aUV` aUR `RPbYN_ ]UVY\`\]UR_
!N _RQb[QN[a Re]_R``V\[" dVYY P\ZZR[a aUNa aUV[XV[T V` ]_RPV`RYf N[
RSS\_a [\a a\ OR Na aUR ZR_Pf \S SNaR# N[ RSS\_a a\ `NcR \_ NPUVRcR aUR
S_RRQ\Z \S V[`VTUa !\[PR PNYYRQ i_RN`\[j " V[ aUR SNPR \S aUR ]_R``b_R
\S ORV[T N[Q \S \b_ \d[ P\[QVaV\[h N[ RSS\_a R[W\fV[T aUR PUN[PR
\S Na YRN`a ]N_aVNY `bPPR``% ;RVQRTTR_ UVZ`RYS# [\a ^bVaR P\[`V`aR[a# Na
aVZR` `RRZ` a\ N]]RNY a\ ]_RPV`RYf aUV` N`]RPa \S aUR ]\dR_# [\OVYVaf#
N[Q `RYS$_R`]\[`VOVYVaf \S aU\bTUah N` dUR[ UR U\YQ` aUNa TR[bV[R
]UVY\`\]Uf Zb`a N_V`R V[ N [Rd \]R[[R`` a\ ORV[T !YVXR aUNa \S aUR ]_R$
E\P_NaVP` "# N[ \]R[[R`` dR PN[ \[Yf NPUVRcR N` dR JVII SYVWIPZIW
S_\Z aUR QV`a\_aV[T P\[PR]abNYVgNaV\[` VZ]\`RQ \[ \b_ cV`V\[ Of \b_
SNaRSbY UV`a\_f%0 4YaU\bTU P\[a_NQVPaV\[` P\b[a S\_ YVaaYR V[ aUR `URYaR_
\S ]_VZNY aUV[XV[T# aU\`R P\ZZVaaRQ a\ aUR b[P\ZS\_aNOYR ReNPaV\[`
\S \OWRPaVcR aU\bTUa Zb`a _NV`R UR_R N [bZOR_ \S ^bR`aV\[`% <` aUV`
iS_RRV[T \b_`RYcR`#j dUVPU ]_R`bZNOYf V` aNXV[T ]YNPR# R%T%# V[
;RVQRTTR_l` \d[ aU\bTUa# N[ NPaV\[ aUNa Va`RYS V` S_RR S_\Z SNaR N[Q
[\a Va`RYS SJ SNaR3 <` SNaR \cR_P\ZR# a_N[`PR[QRQ# NO\YV`URQ V[ aUR `WIPJ#
S_RRV[Tj S_\Z aUR VZ]\`VaV\[` \S ]N`a SNaR3 A_ V` Va Va`RYS N TVSa \S
SNaRh N[Q aUR[ a\ \b_ PU\`R[ TR[R_NaV\[# ORPNb`R aUR aVZR dN` SbY$
SVYYRQ3 ORPNb`R aUR PUN[PR` dVaUURYQ S_\Z NYY TR[R_NaV\[` `V[PR aUR SNYY
S_\Z ]_V`aV[R :_RRX T_NPR N_R SNaRSbYYf T_N[aRQ a\ b`3 ORPNb`R RZR_T$
V[T Na YN`a S_\Z aUR Y\[T S\_TRaSbY[R`` \S ORV[T QRP_RRQ Of aUR `RYS$
P\[PRNYV[T \S ORV[T# dUVPU NTNV[ V` Va` \d[ SNaR# dR N_R Na YN`a SNc\_RQ
dVaU Va` b[cRVYV[Th N[ RcR[a NTNV[ [\a SJ ORV[T \[Yf Oba NY`\ UN]]R[$
V[T XS ORV[T N` ZbPU N` a\ b`3 FUR YNaR`a ab_[ V[ Va` SNaR3 <[ aUV` PN`R
dRhdR \S NYY ]R\]YR h d\bYQ OR V[ N `aNaR \S T_NPR# dU\`R NQcR[a V[
aUR RZR_TR[PR \S ]_VZNY aUV[XV[T b`UR_` V[ N [Rd N]\`a\YVP NTR% A_ V`
aUV` ]\``VOVYVaf \S YNfV[T U\YQ \S aUR a_baUh `\ZR aV[f P\_[R_ \S Vah
\]R[ a\ RcR_f TR[R_NaV\[ N[Q NaaRZ]aRQ V[ RNPU# dVaU PUN[TV[T `bP$
PR``3 N[Q aUR RYRZR[a \S SNaR V` \[Yf U\d URY]SbY \_ UV[QR_V[T aUR
UV`a\_VPNY `VabNaV\[ V`h N[Q \S P\b_`R aUR V[PNYPbYNOYR PUN[PR \S aUR_R
N_V`V[T N T_RNa aUV[XR_1 aUV[T` SbaVYR a\ ZRQVaNaR \[ V[`aRNQ \S aNPXYV[T
aUR aN`X N` OR`a \[R PN[3 <[ aUNa cVRd dR N_R V[ ]_V[PV]YR [\ ORaaR_ \SS

0% 6S% 6\OOl` P\ZZR[a` V[ >SFMRWSR#/SFF" ]% (//%


)+- M F ;8 B ;8@A?8@A@ A9 > <98
aUN[ \aUR_ NTR` [\_ d\_`R1 Va V` b] a\ b` N` Va dN` b] a\ aURZ% 4[Q dR
N_R UN_QYf aUR ]_\]R_ WbQTR` N` a\ dURaUR_ dR UNcR `bPPRRQRQ ORaaR_%
< [\aVPR < UNcR `YV]]RQ V[a\ N YN[TbNTR dUVPU X[\d` \S [\ UV`a\_f \S
ORV[T Oba \[Yf \S N UV`a\_f \S SV[VaR UbZN[ NaaRZ]a` a\ TRa Na ORV[Th
N X[\dYRQTR NYdNf` ]_\cV`V\[NY# _Rc\PNOYR# VZ]R_SRPa% ;\dRcR_# `\
SN_ < Zb`a [\a Z\cR \ba`VQR aUR ;RVQRTTR_VN[ S_NZR \S _RSR_R[PR VS <
NZ a\ `aNf V[ QV`P\b_`R dVaU Va` aUR\Y\TVPNY QRc\aRR`% <S# aUR[# Va V` a\
OR SNaR# N_R dRh N` N YN`a cN_VRafha\ QRVSf UV`a\_f N` d\_XV[T \ba Va`
\d[ QR`aV[f# b`V[T UbZN[ ZV[Q` N` Va` \_TN[`h VS [\a V[ aUR ;RTRYVN[
`R[`R# dUR_R \b_ ]_R`R[a `aNaR \S T_NPR d\bYQ R^bNY aUR ]UN`R \S aUR
4O`\YbaR E]V_Va# aUR[ Of `\ZR \aUR_ Y\TVP \_ VYY\TVP \S QRaR_ZV[NaV\[3
4YY aUR`R N_R ^bR`aV\[` S\_ aUR ]UVY\`\]UR_% 5ba N` _RTN_Q` aUR
aUR\Y\TVN[h\_ `U\bYQ < _NaUR_ `Nf aUR ORYVRcR_h ZNf < S\_ N Z\ZR[a
`]RNX \[ UV` ORUNYS3 FUR[ Va `RRZ` a\ ZR aUNa aUR 6U_V`aVN[# N[Q
aUR_RS\_R aUR 6U_V`aVN[ aUR\Y\TVN[# Zb`a _RWRPa N[f `bPU VQRN \S SNaR
N[Q UV`a\_f N` ReaR[QV[T a\ aUR `aNab` \S UV` \d[ ZN[QNaR% 9\_ \[R
aUV[T aUR 6U_V`aVN[ V` `NVQ a\ OR `NcRQ S_\Z aUR ]\dR_ \S SNaR% E\ <
_RZRZOR_ _RNQV[T V[ aUR RN_Yf O\\X`% ERP\[Q N[Q Z\_R `\# aUNa dUVPU
`NcRQ UVZ dN`# Of aUR b[QR_`aN[QV[T \S SNVaU N` QV`aV[Pa S_\Z aUR
b[QR_`aN[QV[T \S aUR d\_YQ# [\a N[ RcR[a \S aUR d\_YQ N[Q aUb` [\a N[
RcR[a \S SNaR# [\_ QR`aV[RQ RcR_ a\ ORP\ZR SNaR \_ ]N_a \S SNaR Va`RYS#
Oba N[ RcR[a V[cNYVQNaV[T NYY QVPaN \S SNaR N[Q \cR__bYV[T aUR d\_Q`
dUVPU SNaR `]RNX` a\ ZN[# MRGPYHMRK XLI [SVHW SJ WIPJ#YRZIMPMRK FIMRK$
@\_ V` Va# aUV_Q# Va`RYS N ZR_R b[cRVYV[T \_ `U\dV[T$Va`RYS1 aUR P_bPV$
SVeV\[# < `U\bYQ `Nf# dN` [\a V[ aUR SV_`a ]YNPR N[ RcR[a \S YN[TbNTR%
?b`a < `Nf aUV` a\ 6U_V`aVN[ aUR\Y\TVN[`3 <a `RRZ` `\% 9\_ < _RNQ1
iLFUR d\_Q`M# N` N[`dR_ a\ aUR d\_Q \S ORV[T# N_R V[ N SNaR$YVXR
ZN[[R_ QRaR_ZV[RQ \[ aUR ]N_a \S ORV[T% <a V ` % % % SNaR aUNa aURf `]RNX
N` aURf Q\% FUV` V` a_bR \S aUR\Y\Tf N` dRYY% % % % Ab_ N[`dR_ a\ aUR PNYY
\S _RcRYNaV\[ V` YV[TbV`aVP% % % % 8eV`aR[PR Va`RYS LV`M R``R[aVNYYf YV[$
TbV`aVP% % % % FUR `]RRPU \S \b_ SNVaU % % % V` \b_ R``R[aVNY N[`dR_ a\ aUR
PNYY \S :\Ql` _RcRYNaV\[# [\a ZR_RYf aUR V[NQR^bNaR I\TVIWWMSR \S \b_
N[`dR_%j(' 4[Q `V[PR aUR PNYY# Va`RYS `]RRPUYR``# TNV[` `]RRPU \[Yf V[
\b_ N[`dR_# aUR_R R[`bR` aUR ]N_NYYRY1 i=b`a N` \[R R[P\b[aR_` ORV[T
V[ aUV` \_ aUNa UV`a\_VP SNaR$YNQR[ P\[PR]abNYVgNaV\[# Wb`a `\ 6U_V`aVN[
YN[TbNTR V` % % % aUR UV`a\_VP# SNaR$YNQR[ ZRQVbZ V[ dUVPU :\Ql` d\_Q

('% ;% Aaa# 0IROIR YRH ?IMR" ]]% (0' S%


; 8<78::8D 4@7 F ;8A>A:J L )+.
`]RNX` a\ b`% % % % 8eV`aR[PR V` Va`RYS R``R[aVNYYf YV[TbV`aVP N[Q SNVaU
aNXR` ]YNPR dVaUV[ \b_ YN[TbNTR# dUVPU V` \b_ N[`dR_ a\ :\Qj
>SFMRWSR#/SFF" ]% ,,"% 4PP\_QV[TYf# N[Q ^bVaR P\[`V`aR[aYf# aUR
5VOYR Va`RYS V` aNXR[ N` \[R YV[TbV`aVP _RP\_Q \S `bPU ERW[IV" iaUR 5VOYV$
PNY N[`dR_ a\ aUR d\_Q \S :\Qj MFMH$" ]% ,+"% 5ba SbYY N` aUR 5VOYR
ZNf OR \S Vah V` Va aUR WTIEOMRK N[`dR_ \S ZN[ aUNa aUR _RcRYNaV\[ V`
_RNYYf NSaR_3 4[Q N[`dR_ a\ dUNa3 < URN_ UYIWXMSRW a\ ZN[ N` aUR Q\R_
\S QRRQ`# [\a aUR `]RNXR_ \S d\_Q`1 i4QNZ# dUR_R N_R f\b3j !:R[%
* 10 "2 i6NV[# dUR_R V` 4ORY f\b_ O_\aUR_3 !:R[% + 10 "1 aUV` V` [\a aUR
c\VPR \S ORV[T2 N[Q aUR iPYRN_V[Tj V[ dUVPU Va ]YNPR` aUR NQQ_R``RQ
\[R V` aUNa \S UV` TbVYa2 N[Q aUR _RZV[QR_ PNYY` aUR ZRZ\_f \S UV`
UN_QR[RQ dVYY# [\a \S UV` S\_TRaSbY aU\bTUa1 i;R UN` a\YQ f\b# A ZN[#
dUNa V` T\\Q N[Q dUNa aUR >\_Q _R^bV_R` \S f\b1 dUNa RY`R Oba a\ Q\
Wb`aVPR# N[Q a\ Y\cR ZR_Pf# N[Q a\ dNYX UbZOYf dVaU f\b_ :\Q3j
!?VP% -1/ "% FUV` _R^bV_R` Z\_R aUN[ N YV[TbV`aVP N[`dR_%
5ba N` a\ ;RVQRTTR_l` ORV[T# Va V` N[ \PPb__R[PR \S b[cRVYV[T# N SNaR$
YNQR[ UN]]R[V[T b]\[ aU\bTUa1 `\ dN` aUR 9VVU_R_ N[Q aUR PNYY \S
:R_ZN[ QR`aV[f b[QR_ UVZ1 N[ b[cRVYV[T \S `\ZRaUV[T V[QRRQ# N PNYY
\S ORV[T NYY _VTUa# SNaR$YNQR[ V[ RcR_f `R[`R1 [RVaUR_ aUR[ [\_ [\d QVQ
;RVQRTTR_l` aU\bTUa ]_\cVQR N [\_Z Of dUVPU a\ QRPVQR U\d a\ N[$
`dR_ `bPU PNYY`h YV[TbV`aVPNYYf \_ \aUR_dV`R1 [\ [\_Z RePR]a QR]aU#
_R`\YbaV\[# N[Q aUR `URR_ S\_PR \S ORV[T aUNa V``bR` aUR PNYY% 5ba a\
aUR ORYVRcR_# RcR_ `b`]VPV\b` \S aUV` d\_YQ# QR]aU ZNf ZRN[ aUR NOf``#
N[Q S\_PR# aUR ]_V[PR \S aUV` d\_YQ% 4` VS aUR QRcVY dR_R [\a ]N_a \S aUR
c\VPR \S ORV[T ;RVQRTTR_l` \d[ N[`dR_ V`# a\ aUR `UNZR \S ]UVY\`\$
]Uf# \[ _RP\_Q N[Q# < U\]R# [\a S\_T\aaR[%(( 5ba ^bVaR N]N_a S_\Z aUV`
]R_`\[NY SNPa !dU\`R ]UVY\`\]UVPNY `VT[VSVPN[PR# U\dRcR_# V` VZ$
ZR[`R"# aUR aUR\Y\TVN[ PN[[\a# VS UR XRR]` SNVaU dVaU UVZ`RYS# NPPR]a
ER] `f`aRZ \S UV`a\_VPNY SNaR \_ _RN`\[ \_ R`PUNa\Y\Tf N` N S_NZR a\((

((% FUR _RP\_Q V` P\YYRPaRQ V[ :bVQ\ EPU[RROR_TR_# :EGLPIWI ^Y 4IM#


HIKKIV* 0SOYQIRXI ^Y WIMRIQ 8IFIR YRH 0IROIR !5R_[# (0-)"% FUR
S\YY\dV[T ^b\aNaV\[ S_\Z N ]_\PYNZNaV\[ Of ;RVQRTTR_ !aUR[ DRPa\_" a\
aUR `abQR[a` \S aUR G[VcR_`Vaf \S 9_RVOb_T V[ @\cRZOR_# (0**# `R_cR` N`
N[ ReNZ]YR1 i@\a Q\Pa_V[R` N[Q kVQRN`l OR aUR _bYR` \S f\b_ ORV[T% FUR
9VVU_R_ UVZ`RYS N[Q NY\[R V` aUR ]_R`R[a N[Q Sbab_R :R_ZN[ _RNYVaf N[Q Va`
YNd% >RN_[ RcR_ QRR]R_ a\ X[\d1 aUNa S_\Z [\d \[ RNPU N[Q RcR_f aUV[T
QRZN[Q` QRPV`V\[# N[Q RcR_f NPaV\[# _R`]\[`VOVYVaf% ;RVY ;VaYR_ j ST$ GMX$"
]]% (*, S%"%
)+/ ' F ;8 B ;8@A?8@A@ A9 > <98
V[aRT_NaR UV` a_b`a V[a\h OR Va ;RTRYl` \_ 6\ZaRl` \_ ?N_el` \_ E]R[T$
YR_l` \_ ;RVQRTTR_l`h S\_ aUR `VZ]YR _RN`\[ aUNa Va V` NO\ba iaUV` d\_YQ#j
" 7 ; E %6 $& ) %$% ! N[Q Va` a_baU Na OR`a aUR a_baU \S aUV` d\_YQ1 N[Q \S

aUV` d\_YQ aUR 6U_V`aVN[ UN` YRN_[RQ aUNa Va PR_aNV[Yf Q\R` UNcR Va` YNd
!OR Va _RN`\[ \_ SNaR" N[Q Va` ORV[T N[Q Va` ]\dR_ N[Q Va` c\VPR# \_
c\VPR` _NaUR_# N` aUR ]Yb_NY iaUR N_PU\[` \S aUV` d\_YQj `bTTR`a`2 N[Q
`\ UR PN[ V[QRRQ YRN_[ S_\Z aU\`R Q\Pa_V[R`# N[Q aUR Z\_R `\ aUR
a_bR_ aURf N_R# dUNa UR UN` a\ P\[aR[Q dVaUh aUR [Nab_R \S aUR ]_V[PV$
]NYVaVR` N[Q ]\dR_`h N[Q dUNa UR UVZ`RYS V` `bOWRPa a\# V[`\SN_ N` UR
a\\ V` N P_RNab_R N[Q PVaVgR[ \S aUV` d\_YQ% 5ba NQ\]a aURV_ cV`aN S\_
aUR b[QR_`aN[QV[T \S UV` `bOWRPa ZNaaR_3 @\% FUV` Zb`a OR aUR _NQV$
PNYYf \aUR_ a\ Va% <a Zb`a OR PYRN_Yf N[Q b[NZOVTb\b`Yf b[QR_`a\\Q
aUNa aUR iORV[Tj \S ;RVQRTTR_ V`# [MXL aUR i\[a\Y\TVPNY QVSSR_R[PR#j
V[`VQR aUR O_NPXRa dVaU dUVPU aUR\Y\Tf Zb`a O_NPXRa V[ aUR a\aNYVaf \S
aUR P_RNaRQ d\_YQ% FUR ORV[T dU\`R SNaR ;RVQRTTR_ ]\[QR_` V` aUR
^bV[aR``R[PR \S aUV` d\_YQ# Va V` WEIGYPYQ$ 4TNV[`a aUV`# aUR\Y\Tf
`U\bYQ TbN_Q aUR _NQVPNY a_N[`PR[QR[PR \S Va` :\Q# dU\`R c\VPR P\ZR`
[\a \ba \S ORV[T Oba O_RNX` V[a\ aUR XV[TQ\Z \S ORV[T S_\Z dVaU$
\ba%
?f aUR\Y\TVPNY S_VR[Q`# Zf 6U_V`aVN[ S_VR[Q`h Q\[la f\b `RR dUNa
f\b N_R QRNYV[T dVaU3 7\[la f\b `R[`R# VS [\a `RR# aUR ]_\S\b[QYf
]NTN[ PUN_NPaR_ \S ;RVQRTTR_l` aU\bTUa3 DVTUaYf ]NTN[# V[`\SN_ N` Va
V` ]UVY\`\]Uf# aU\bTU [\a RcR_f ]UVY\`\]Uf Zb`a OR `\ QRc\VQ \S
\OWRPaVcR [\_Z`2 Oba Z\_R ]NTN[ aUN[ \aUR_` S_\Z f\b_ ]\V[a \S cVRd#
[\a V[ `]VaR Oba ORPNb`R \S Va`# NY`\# `]RNXV[T \S PNYY N[Q `RYS$_RcRNYV[T
N[Q RcR[ \S aUR `UR]UR_Q% 6\[`VQR_ aUR`R ad\ `aNaRZR[a` dUR_R \O$
WRPaVSVPNaV\[ URY]` a\ `U\d b] dUNa V` V__RP\[PVYNOYR% iFUR d\_YQ V`
:\Ql` UN[QVd\_Xj 2 iORV[T _RcRNY` Va`RYS%j ;\dRcR_ \OWRPaVSfV[T# N[Q
aUR_RS\_R [\a a\ OR aNXR[ YVaR_NYYf# aUR SV_`a `aNaRZR[a ZNf ORh V[ RcR[
aUR Z\`a QRZfaU\Y\TVgRQ `R[`R Va Z\`a PR_aNV[Yf RePYbQR` aUR !R^bNYYf
\OWRPaVSfV[T" `aNaRZR[a aUNa 5RV[Th V%R%# aUR 5RV[T \S aUR ORV[T`h
VIZIEPW MXWIPJ" Of MXW MRMXMEXMZI" V[ Re]R_VR[PR# V[ aUR R[P\b[aR_ \S
ORV[T` !UbZN[" dVaU ORV[T` !aUV[T`"2 V%R%# aUNa _RcRYNaV\[ V` VZ$
ZN[R[a V[ aUR d\_YQ# [Nf# ORY\[T` a\ Va` [Nab_R2 V%R%# aUNa aUR d\_YQ V`
QVcV[R% CbVaR P\[`V`aR[aYf Q\ aUR T\Q` N]]RN_ NTNV[ V[ ;RVQRTTR_l`
]UVY\`\]Uf% 5ba dUR_R aUR T\Q` N_R# :\Q PN[[\a OR% FUNa aUR\Y\Tf
`U\bYQ NQZVa aUV` S\Rh [\ ZRN[ S\R# N[Q \[R S_\Z dU\Z Va P\bYQ
YRN_[ `\ ZbPU NO\ba aUR TbYS aUNa `R]N_NaR` `RPbYN_ aUV[XV[T N[Q
; 8<78::8D 4@7 F ;8A>A:J L )+0
SNVaUhV[a\ Va` V[[R_ `N[PabZ# NZNgR` ZR% A_# a\ Re]_R`` Zf`RYS
_RcR_R[aYf1 Va ]N``R` Zf b[QR_`aN[QV[T%

<H

<[ \_QR_ a\ `U\d aUNa < UNcR [\a \cR_`aNaRQ aUR R``R[aVNY VZZN[R[a$
V`Z \S ;RVQRTTR_l` aU\bTUa# YRa b` UNcR \[R O_VRS Y\\X Na UV` \d[
Re]\`VaV\[ \S aUR T_\b[Qd\_X S\_ N [Nab_NY aUR\Y\Tf% <a \PPb_` V[ UV`
8IXXIV SR 4YQERMWQ N[Q ORY\[T` a\ aU\`R Y\PV S_\Z dUVPU aUR S_VR[Q`
\S _RYVTV\[ PN[ ]_\cR aUNa ;RVQRTTR_ V` [\a N[ NaURV`a% Eb_RYf UR V`
[\ahdR UNcR URN_Q \S aUR _Rab_[ \S aUR T\Q` V[ UV` d\_YQ$cVRd% 5ba
aUR[ aUR _RNY \]]\`VaR a\ aUR 6U_V`aVN[ N[Q =RdV`U cVRd V` [\a NaURV`Z#
dUVPU P\[aRZ]YNaR` N [Rba_NY d\_YQ N[Q aUb` Q\R` [\a ]_R$RZ]a
QVcV[Vaf S\_ dUNa V` [\a QVcV[R# Oba ]NTN[V`Z dUVPU QRVSVR` aUR d\_YQ%
FUV` V` dUNa ;RVQRTTR_ `Nf`1 iA[Yf S_\Z aUR a_baU \S FIMRK PN[ aUR
R``R[PR \S aUR LSP] OR aU\bTUa% A[Yf S_\Z aUR R``R[PR \S aUR U\Yf V`
aUR R``R[PR \S HIMX] a\ OR aU\bTUa% A[Yf V[ aUR YVTUa \S aUR R``R[PR \S
QRVaf PN[ aUNa OR aU\bTUa N[Q `NVQ dUVPU aUR d\_Q k:\Ql `U\bYQ
[NZR%j() % % aUR U\Yf# dUVPU N` fRa V` Oba aUR `]NPR S\_ aUR R``R[PR
\S QRVaf# dUVPU Va`RYS V[ ab_[ \[Yf ]_\cVQR` aUR QVZR[`V\[ S\_ aUR T\Q`
N[Q aUR :\Q% % % %j(* @\d aUV` V` NO`\YbaRYf V[ aUR ]UVY\`\]UVPNY \_
ZRaN]Uf`VPNY a_NQVaV\[# aU\bTU `b_RYf [\a V[ Va` YN[TbNTR% A[R [RRQ
\[Yf _RZRZOR_ E\P_NaR`l QV`Pb``V\[ \S aUR U\Yf N[Q Va` _RYNaV\[ a\ aUR
T\Q` V[ aUR 1YXL]TLVS$ FUR N`PR[a \S aU\bTUa S_\Z ORV[T a\ :\Q1 aUR
N[NYf`V` \S ORV[T fVRYQV[T aUR U\Yf N[Q aUR QVcV[R# aUR U\Yf N[Q aUR
QVcV[R ORY\[TV[T a\ aUR `a_bPab_R \S _RNYVaf N` `bPU# aUR QVcV[R NSS\_Q$
V[T aUR \[a\Y\TVPNY QVZR[`V\[ S\_ T\Q` N[Q :\Q a\ ReV`a \_ [\a a\
ReV`ah < [RRQ [\a RYNO\_NaR% <S aUV` V` [\a N Q_NSa S\_ aUR \[a\Y\TVPNY
]_\PRQb_R \S N [Nab_NY aUR\Y\Tf# dU\`R _RZ\aR N[PR`a\_` N_R BYNa\
N[Q 4_V`a\aYR# < Q\ [\a X[\d dUNa V`% <# N` N[ \YQ S_VR[Q \S ZRaN$
]Uf`VP`# UNcR [\ ^bN__RY dVaU aUNa% 5ba `U\bYQ[la aUR aUR\Y\TVN[3
>R`a aUV` _RZNV[ N ZR_RYf _URa\_VPNY ^bR`aV\[# YRa b` [\d ReNZV[R
dUNa _RNYYf UN]]R[` V[ N ZRRaV[T \S ;RVQRTTR_VN[ aU\bTUa N[Q aUR\Y$
\Tf% 4` N ]\V[a \S QR]N_ab_R < aNXR N `aNaRZR[a Of Aaa% iFUR FIMRK SJ
3SH `VT[VSVR`# NPP\_QV[T a\ aUR dNf dR UNcR b[QR_`a\\Q kORV[Tl aUb`
()% ?N_aV[ ;RVQRTTR_# <PEXSRW 8ILVI ZSR HIV CELVLIMX$ 9 MX IMRIQ
.VMIJ MMFIV HIR `4YQERMWQYWa !5R_[# (0+."# ]% (') !VaNYVP` NQQRQ"%
(*% ?% ;RVQRTTR_# ST$ GMX$ ]]% /, S%
),' ' F ;8 B ;8@A?8@A@ A9 > <98
SN_# N[ IZIRX SJ YRZIMPMRK !b[$UVQV[T1 1RXFIVKYRK"1 aUNa :\Q b[cRVY`
UVZ`RYS a\ aUV[XV[T N` ;R dU\ ;R V`2 aUNa ;R UVZ`RYS ORSNYY` aU\bTUa
N` N SNaR N[Q VZ]\`R` UVZ`RYS \[ Va N` `bOWRPa$a\$OR$aU\bTUaj !Aaa#
ST$ GMX$" ]% (+/"% IR N`X1 V` Va iORV[Tj aUNa b[cRVY` Va`RYS# \_ ORV[T`3 <S
aUR S\_ZR_# dUVPU V` ;RVQRTTR_l` `aN[PR# aUR[ :\Q# dU\ V` E ORV[T
!NTNV[ ;RVQRTTR_l` `aN[PR"# Q\R` [\a ib[cRVY UVZ`RYSj !aU\bTU# V[
5VOYVPNY aR_Z`# UR ZNf i_RcRNYj UVZ`RYS"# Oba 5RV[T b[cRVY` Va`RYS
aU_\bTU UVZ# N[Q UV` VZ]R_V\b` `RYS$_RcRNYV[T ZNf RcR[ `aN[Q V[ aUR
dNf \S aUR b[cRVYV[T \S 5RV[Th UR ZNf# `\ a\ `]RNX# OY\PX aUR cVRd
\S ORV[T% A_ cVPR cR_`N# QR]R[QV[T \[ dUR_R f\b aNXR f\b_ `aN[Q% <
Zb`a [\d R[W\V[ f\b a\ T\ dVaU ZR \[ N `a_RaPU \S _VT\_\b` QVNYRPaVP`%
FUR S\YY\dV[T RZR_TR` S_\Z aUV[XV[T aU_\bTU ;RVQRTTR_l` ]\`VaV\[
dVaU N cVRd a\ aUR `bOWRPa ZNaaR_ \S aUR\Y\Tf%
5RV[T` N_R \PPN`V\[` S\_ aUR Re]R_VR[PV[T \S ORV[T2 :\Q V` N ORV[T1
aUb` :\Q# dUR[ R[P\b[aR_RQ# V` N[ \PPN`V\[ S\_ aUR Re]R_VR[PV[T \S
ORV[T% 5RV[T V` Re]R_VR[PRQ V[ ORV[T` N` NZNgRZR[a Na aURV_ ORV[T
!ReV`aV[T"# V%R%# NZNgRZR[a aUNa aURf N_R Na NYY1 aUb` aUR Re]R_VR[PR \S
ORV[T V[ :\Q V` NZNgRZR[a Na UV` ReV`aV[T Na NYY% 4ZNgRZR[a Na
`\ZRaUV[T ORV[T Na NYY V` a\ aUV[X dVaU Va` ORV[T Va` [\a$ORV[T \_ Va`
P\[aV[TR[Pf1 aUb` aUR Re]R_VR[PV[T \S ORV[T V[ aUR R[P\b[aR_ dVaU
:\Q V` aUR aUV[XV[T \S aUR [\a$ORV[T N[Q aUR P\[aV[TR[Pf \S :\Q%(+
EV[PR ORV[T V` [\a aUR ORV[T \S aUV` \_ aUNa ORV[T# Oba UYE ORV[T$Va`RYS
a_N[`PR[Q` NYY ]N_aVPbYN_ ORV[T# aUR aUV[XV[T \S ORV[T V[ N[f ]N_aVPbYN_
ORV[T V` N aUV[XV[T NdNf S_\Z aUNa ]N_aVPbYN_ ORV[Tha\dN_Q ORV[T N`
`bPU N[Q a\dN_Q NYY \aUR_ ORV[T`1 aUb` aUR ]_VZNY aUV[XV[T \S :\Q V` N
aUV[XV[T NdNf S_\Z :\Q \_ N aUV[XV[T ORf\[Q :\Q% 9V[NYYf# `V[PR N
aUV[T# RNPU aUV[T# V` N ZRRaV[T \_ N``RZOYV[T \S aUR S\b_ `VQR` \S aUR
\[aVP i`^bN_Rj !3IZMIVX"# RN_aU# URNcR[# aUR QVcV[R# aUR Z\_aNY`# RNPU
aUV[T ]_\]R_Yf R[P\b[aR_RQ ]_\cVQR` N P\Z]YRaR _RcRYNaV\[ \S aUR

(+% FUV` ]\V[a UN` ORR[ ZNQR V[ N QVSSR_R[a S\_Z Of =NZR` D\OV[`\[ N`
S\YY\d`1 i<S NZNgRZR[a Na aUR ORV[T \S ORV[T` P\__R`]\[Q` a\ [bZV[\b`
NdN_R[R`` aUNa aURV_ ORV[T V` :\Ql` P_RNaV\[ LN` `bTTR`aRQ Of AaaM# aUR[
NdN_R[R`` \S :\Q d\bYQ `RRZ a\ OR YNaR[a V[ NdN_R[R`` \S N ORV[Tl` ORV[T%
IUR[ aUV` P\__RYNaV\[ V` N]]YVRQ a\ :\Q N` UVZ`RYS N ORV[T % % % P\[Sb`V\[
RZR_TR`% <S NdR$V[`]V_RQ NdN_R[R`` \S N ORV[Tl` ORV[T P\__R`]\[Q` a\
`R[`V[T N ORV[T N` N P_RNab_R# V` aUR[ :\Q N P_RNab_R3 <S `bPU NdR Na N
ORV[Tl` ORV[T V` bYaVZNaRYf _RcR_R[PR S\_ N ORV[Tl` 6_RNa\_# Q\R` :\Q# N` N
ORV[T# UNcR N 6_RNa\_3j >SFMRWSR#/SFF" ]% +)%
; 8<78::8D 4@7 F ;8A>A:J L ),(
`a_bPab_R \S ORV[T V[ NYY Va` QVZR[`V\[`h N Z\_R P\Z]YRaR \[R aUN[
:\Q dU\ ]_R`bZNOYf _R]_R`R[a` \[Yf aUR QVcV[R% 4[ RcN[TRYVPNY aUR$
\Y\TVN[ PN[ dRYP\ZR aUV` aUb`1 i<[ ;RVQRTTR_l` V[aR_]_RaNaV\[ \S aUR
kaUV[Tl aUR SNaNY VQRN \S N PY\`RQ VZZN[R[PR V` [\ Y\[TR_ SRYa1 aUR _RNY#
P\[P_RaR d\_YQ V` `a_bPab_NYYf \]R[RQ a\dN_Q` ]\``VOYR a_N[`PR[QR[PR%
% % % FUR _RYNaV\[ a\ aUR kQVcV[R \[R`l N` aUR P\b[aR_]N_a !cV`$N$cV`1
3IKIRMMFIV" \S ZR[ ORY\[T` a\ aUR R``R[aVNY `a_bPab_R \S aUR kaUV[Tl N`
`bPUj !Aaa# ST$ GMX$" ]% ))+"% FUV`# Va V` a_bR# !N` aUR NbaU\_ V` PN_RSbY
a\ NQQ" Q\R` [\a VZ]Yf N[ N ]_V\_V _RcRNYRQ[R`` \S aUR YVcV[T :\Q1 Oba
\[ N ]_V\_V _RcRNYRQ[R`` \S iaUR QVcV[Rj V[ NYY aUV[T` ZNXR` aUR _RcRYN$
aV\[ \S N YVcV[T :\Q N _RQb[QN[Pf% 4a aUV` ]\V[a < ab_[ _NaUR_ a\ KR[
dUR_R < SV[Q aUR Q\Pa_V[R \S aUR _RcRYNa\_f N[Q `NcV[T Sb[PaV\[ \S RNPU
N[Q RcR_f aUV[T Na SV_`a UN[Q N[Q \[ [NaVcR T_\b[Q% < `R[`R N PR_aNV[
_RPNYPVa_N[PR V[ aUR 6U_V`aVN[ `bO`aN[PR a\ aUV` XV[Q \S aUV[T% 5ba <
ZNf \S P\b_`R OR d_\[T%
;\dRcR_ aUNa ZNf OR# aUR dU\YR ]_RPRQV[T N_TbZR[a dN` ON`RQ \[
aUR `b]]\`VaV\[ aUNa i5RV[Tj V` b[QR_`a\\Q N` `a_VPaYf \[a\Y\TVPNY N[Q
[\a \[aVP# [\a N` `\ZRaUV[T Va`RYS ORV[T !dUVPU# NZ\[T \aUR_ aUV[T`#
d\bYQ V[c\YcR N[ V[SV[VaR _RT_R``"% <[ \aUR_ d\_Q`# < UNcR NOVQRQ Of
aUR V[Wb[PaV\[ aUNa ORV[T [\a OR Uf]\`aN`VgRQ# dUVYR :\Q# \S P\b_`R#
Zb`a OR N ORV[T% G[QR_ aUV` QV`]R[`NaV\[ aUR_R PN[[\a \OaNV[ N[
EREPSK] ORadRR[ aUR ORV[T \S ;RVQRTTR_l` ]UVY\`\]Uf N[Q aUR :\Q \S
6U_V`aVN[ aUR\Y\Tf# Oba V[`aRNQ aUR_R Zb`a S\YY\d NYY aUR P\[`R^bR[PR`
\S aUR \[a\Y\TVPNY QVSSR_R[PR dUVPU < UNcR Wb`a QRcRY\]RQ% ;\dRcR_#
Aaa# N]]N_R[aYf dVaU aUR ONPXV[T \S ;RVQRTTR_# Q\R` ]_RPV`RYf PYNVZ
aUR N[NY\Tf dUVPU aUR i\[a\Y\TVPNY QVSSR_R[PRj ]_RPYbQR`1 i4` ]UVY\$
`\]UVPNY aUV[XV[T V` _RYNaRQ a\ ORV[T# dUR[ ORV[T `]RNX` a\ aUV[XV[T#
`\ SNVaUl` aUV[XV[T V` _RYNaRQ a\ :\Q# dUR[ :\Q V` _RcRNYRQ V[ UV`
d\_Qj !>SFMRWSR#/SFF" ]% +*"% A_# V[ ;RVQRTTR_l` \d[ `bPPV[Pa
S\_ZbYNaV\[ i]UVY\`\]UVPNY aUV[XV[T V` a\ ORV[T N` aUR\Y\TVPNY aUV[XV[T
V` a\ aUR `RYS$_RcRNYV[T :\Q%j FUV` V` \_NY a_NQVaV\[%(, <S P\__RPa# aUR[#
< Zb`a `Nf# Va YRa` aUR PNa \ba \S aUR ONT N[Q `U\d` aUNa dR Zb`a [\a
aNXR ;RVQRTTR_ a\\ `a_VPaYf Na UV` \d[ d\_Q% 9\_ aUR PYNVZ a\ N[NY\Tf#

(,% 5\aU `aNaRZR[a` N_R _R]\_aRQ# N` ZNQR Na aUR (0-' ?RRaV[T \S iAYQ
?N_Ob_TR_`#j V[ >SFMRWSR#/SFF" ]]% +* N[Q (0'% < dN` a\YQ V[ :R_ZN[f
Of ]N_aVPV]N[a` \S aUNa ZRRaV[T aUNa Na YRN`a ;RVQRTTR_l` `UN_R V[ aUR
S\_ZbYNaV\[ dN` Uf]\aURaVPNY N[Q S\_ N_TbZR[al` `NXR# _NaUR_ aUN[ N` N
`aNaRZR[a \S UV` \d[ ]\`VaV\[%
),) M F ;8 B ;8@A?8@A@ A9 > <98
`V[PR aUR_R Wb`a GERRSX OR \[R ORadRR[ aUR \[a\Y\TVPNY N[Q aUR \[aVP#
ZNXR` Va PYRN_ aUNa ;RVQRTTR_l` `aNaRZR[a` NO\ba ORV[T N_R _RNYYf# Na
YRN`a V[ ]N_a# \[aVP# [\a \[a\Y\TVPNY# dUNaRcR_ UV` ]_\aR`aNaV\[`h N[Q
aUNa V` a\ `Nf# aUNa aURf N_R ZRaN]Uf`VPNY% FUV` V` V[ Zf O\\X [\a N
ONQ d\_Q# N[Q `\ [\ V[`bYa V` V[aR[QRQ% 5ba Va PYN_VSVR` ZNaaR_` P\[`VQ$
R_NOYf% <[QRRQ# dUNa < UNcR Wb`a ZR_RYf ]\`abYNaRQ S_\Z aUR N``R_aRQ
N[NY\Tf V` SbYYf O\_[R \ba Of aUR RcVQR[PR \S aUR RZV[R[aYf \[aVP#
\OWRPaVSfV[T# N[Q aUb` ZRaN]Uf`VPNY# YN[TbNTR \S ;RVQRTTR_l` `aNaR$
ZR[a` aURZ`RYcR`% 9\_ `b_RYf# N iORV[Tj aUNa NPa` Zb`a OR2 aUNa dUVPU
aNXR` aUR V[VaVNaVcR Zb`a ReV`a2 dUNa b[cRVY` Va`RYS UNQ N ORS\_R dUR[ Va
XR]a UVQQR[# N[Q aUb` UN` N ORV[T ORf\[Q aUR NPa \S _RcRNYV[T2 dUNa
PN[ TVcR Va`RYS QVSSR_` S_\Z aUNa a\ dUVPUh N[Q QVSSR_` [\a Of dNf \S
aUR \[a\Y\TVPNY QVSSR_R[PR# Oba \[aVPNYYf# N` UR_R N[Q aUR_R# N` cV`$N$
cV`% <[QRRQ U\d PN[ \[R `]RNX \S ORV[Tl` NPaVcVaf N[Q ZN[l` _RPR]$
aVcVaf# \S aUR S\_ZR_l` UNcV[T N[Q ORV[T N SNaR# ORV[T RcR[a# [\a \[Yf
ZNXV[T ]\``VOYR aU\bTUa Oba TVcV[T aU\bTUa# PYRN_V[T \_ \O`Pb_V[T
Va`RYS V[ `bPU aU\bTUa# UNcV[T c\VPR# PNYYV[T a\ ZN[# UN]]R[V[T b]\[
ZN[# `R[QV[T ZN[# R[a_b`aV[T Va`RYS a\ ZN[l` PN_R# N]]_\]_VNaV[T UVZ
V[a\ Va` \d[ PN_R# SNc\_V[T UVZ# R[YV`aV[T UV` Y\fNYaf# `bZZ\[V[T UV`
T_NaVabQR# Oba NY`\ [RRQV[T UVZhU\d PN[ \[R Naa_VObaR NYY aUV` a\ Va
b[YR`` \[R b[QR_`aN[Q` Va N` N[ NTR[Pf N[Q N ]\dR_# N` `\ZR `\_a \S
`bOWRPa3 6R_aNV[Yf aUR YN[TbNTR \S aUR YNaR_ ;RVQRTTR_# V[ P\[a_N`a a\
aUR _VT\_\b`Yf \[a\Y\TVPNY \[R \S ?IMR YRH DIMX" UN` ORP\ZR V[P_RN`$
V[TYf N[Q \Oa_b`VcRYf \[aVP# N[Q U\dRcR_ SVTb_NaVcR \_ ]\RaVPNY `bPU
YN[TbNTR V` ZRN[a a\ OR !N[Q ]\RaVP Va V`# RcR[ VS ONQ ]\Ra_f"# Va`
\[aVP ZRN[V[T V` V[NYVR[NOYR S_\Z Va \[ ]NV[ \S Va` ORP\ZV[T RZ]af
`\b[Q% >Ra b` aUR[ [\a OR V[aVZVQNaRQ Of aUR S_\d[ \S aUR i\[a\Y\T$
PNY QVSSR_R[PRj N[Q NPX[\dYRQTR aUNa# \S P\b_`R# iORV[Tj V` Uf]\`$
aN`VgRQ V[ ;RVQRTTR_# N` dN` iaUR T\\Qj V[ BYNa\ N[Q aUR `GEYWE WYMa
V[ E]V[\gN# \[Yf# a\ OR `b_R# [\a V[ aUR PNaRT\_f \S `bO`aN[PR% FUNa
aUR_R EVI NYaR_[NaVcR` a\ aUR ORV[T \S `bO`aN[PR XLMW `VQR \S aUR \[a\$
Y\TVPNY QVSSR_R[PR# IUVaRURNQ UN` VZ]_R``VcRYf `U\d[%(- 5ba VS dR

(-% 4 `abQf \S IUVaRURNQ V` b_TR[aYf _RP\ZZR[QRQ a\ ;RVQRTTR_VN[`%


5RXIV EPME" Va ZNf V[WRPa N Z\QVPbZ \S ^bNYVSVPNaV\[ V[a\ aUR b[^bR`aV\[$
V[TYf NPPR]aRQ aUR`V` \S aUR iR[Q \S ZRaN]Uf`VP`%j A[ aUR \aUR_ UN[Q# aURf
d\bYQ SV[Q aUR_R# V[ aUR _VT\_ \S P\[PR]a# ZbPU \S dUNa aURf dRYP\ZR V[
;RVQRTTR_l` V[[\cNaV\[`1 aUR O_RNX dVaU i`bO`aN[PR#j aUR RcR[a$PUN_NPaR_
\S ORV[T# aUR _RQbPaV\[ \S R[aVaf a\ NPabNY \PPN`V\[# aUR V[dN_Q[R`` \S
; 8<78::8D 4@7 F ;8A>A:J L ),*
T_N[a aUR \[aVP \_ ZRaN]Uf`VPNY ZRN[V[T \S 5RV[T V[ aU\`R N`]RPa` dR
UNcR [\aRQh YRaaV[T V[SV[VaR _RT_R`` aNXR PN_R \S Va`RYSh aUR[ dR PN[
NY`\ T_N[a aUR N[NY\Tf QV`]baRQ ORS\_R% FUb`# \[ aUR [Rd Uf]\aUR`V`#
dR PN[ `P_N] aUR ]_RcV\b` N_TbZR[a aUNa YN[QRQ aUR\Y\Tf V[ KR[# N[Q
dR N_R S_RR a\ N]]_NV`R aUR _RV[`aNaRQ N[NY\Tf# cVg%# iN` ]UVY\`\]UVPNY
aUV[XV[T V` a\ ORV[T `\ aUR\Y\TVPNY aUV[XV[T V` a\ aUR `RYS$_RcRNYV[T
:\Q%j >Ra b` `RR dUR_R aUNa YRNcR` aUR aUR\Y\TVN[% @\a ORaaR_ \SS# <
NZ NS_NVQ%
AS P\b_`R# YR`a aUR N[NY\Tf `aNaR N ZR_R a_bV`Z# dR Zb`a _R]U_N`R Va
aUb`1 i4` ]UVY\`\]UVPNY aUV[XV[T EGGSVHMRK XS 4IMHIKKIV V` a\ `RYS$
b[cRVYV[T ORV[T# `\ aUR\Y\TVPNY aUV[XV[T `U\bYQ OR a\ aUR `RYS$_RcRNYV[T
:\Q%j 5ba `V[PR NPP\_QV[T a\ ;RVQRTTR_ dUNa ZNaaR_` V` [\a `\ ZbPU
]UVY\`\]UVPNY Oba ]_VZNY aUV[XV[T \S ORV[T# \S dUVPU ]UVY\`\]Uf V`
\[Yf \[R Z\QR N[Q ]\Ra_f N[\aUR_# dR Zb`a \[PR Z\_R _R]U_N`R N[Q
`Nf i4` TVMQEP aUV[XV[T V` a\ ORV[T# `\ aUR\Y\TVPNY aUV[XV[T `U\bYQ OR
a\ :\Qj !UR_R < PN[ \ZVa ib[cRVYV[Tj N[Q i_RcRNYV[Tj ORPNb`R Va V`
V[PYbQRQ V[ i]_VZNYj "2 \_1 XLISPSK] WLSYPH FI TVMQEP XLMROMRK GSR#
GIVRMRK 3SH$ 5ba `V[PR# NTNV[# aUR cR_f P\[PR]aV\[ \S i]_VZNY aUV[X$
V[Tj V` NY_RNQf N Sb[PaV\[ \S aUR ]N_aVPbYN_ P\[PR]a \S aUNa dUVPU Va V`
a\ aUV[X NO\ba# cVg%# \S `FIMRK !YRa ZR VT[\_R aUR PV_PYR" N[Q V[c\YcR`
Va N[Q UN` [\ ZRN[V[T dVaU\ba Va# aUR N[NY\Tfh [\d aUNa aUR\Y\Tf
Va`RYS V` a\ OR ]_VZNY aUV[XV[Th P\ZR` Q\d[ a\ aUR ]_\]\`VaV\[1
;RVQRTTR_l` aUV[XV[T NO\ba ORV[T# V[ aUR ad\S\YQ `R[`R \S LS[ N[Q
[LEX UR aUV[X` NO\ba Va# `U\bYQ OR aUR Z\QRY S\_ aUR\Y\Tfl` aUV[XV[T
NO\ba :\Q2 N[Q aUb`# VS aUR Z\QRY S\_ aUR P\[PR]aV\[ \S UVZ# aUR[
NY`\ aUR Z\QRY S\_ aUR P\[PR]aV\[ \S UV` `RYS$_RcRNYV[T% 4[Q `aVYY \[R
YN`a `aR] _RZNV[` a\ OR aNXR[1 `V[PR aUV[XV[T# [NZRYf# ]_VZNY aUV[XV[T
V[ _R`]\[`R a\ aUR PNYY \S ORV[T# V` ZN[l` Z\`a NQR^bNaR _RYNaV\[ a\
ORV[T# N[Q aUb` aUR UVTUR`a \_ a_bR`a Z\QR \S ZN[l` ReV`aR[PR !S\_$
ZNYYf aUR NeV\Z \S ]UVY\`\]Uf `V[PR BN_ZR[VQR` "# aUR S\_ZR_
N[NY\Tf SV[NYYf ORP\ZR` aUV`1 ;RVQRTTR_l` cVRd \S aUV[XV[T N` ZN[l`
a_bR Nc\PNaV\[ N[Q N` UV` NQR^bNaR _R`]\[`R a\ aUR PNYY \S ORV[Th [\a#
R%T%# NPaV\[# O_\aUR_Yf Y\cR# _R`V`aN[PR a\ RcVY# ]_\Z\aV\[ \S aUR T\\Q
h< `Nf# XLMROMRK N` `RR[ Of ;RVQRTTR_ `U\bYQ OR aUR Z\QRY S\_

\PPN`V\[ N` Re]R_VR[PR# aUR P\[aRea \S \PPN`V\[` N` ]_RUR[`V\[`# N[Q `\


\[% 5ba V[ IUVaRURNQ# NYY aUV` V` \[ aUR \OWRPaVSfV[T# \[aVP YRcRY% <VSGIWW
ERH >IEPMX] V` i4[ 8``Nf V[ 6\`Z\Y\Tf%j @\ ]UVY\`\]Uf \S [Nab_R PN[
V``bR S_\Z ;RVQRTTR_l` aU\bTUa%
),+ M F ;8 B ;8@A?8@A@ A9 > <98
aUR\Y\Tfl` P\[PR]aV\[ \S ZN[l` ]R_SRPaV\[ b[QR_ :\Q V[ NQR^bNaR
_R`]\[`R a\ aUR PNYY \S :\Q# N[Q aUR_RS\_R S\_ Va` P\[PR]aV\[ \S aUR
P\[aR[a \S aUV` PNYY Va`RYS%

< NZ SbYYf NdN_R aUNa [\O\Qf dV`UR` a\ T\ aUNa SN_ N[Q aUNa B_\SR``\_
Aaal` V[aR[aV\[` `a\] `\ZRdUR_R NY\[T aUR YV[R < UNcR a_NPRQ% < ORYVRcR
aUNa aUV` PN[[\a OR Q\[R# aUNa f\b Zb`a aNXR \_ YRNcR aUR dU\YR# N[Q
aUNa Of ObfV[T N ]N_a f\b UNcR dVYYf$[VYYf O\bTUa aUR dU\YR% 5ba N`
aUR_R V` [\ aVZR S\_ ZR a\ `U\d aUV` [\d# < dVYY S\_ N_TbZR[al` `NXR
T\ dVaU aUR RPYRPaVP N]]_\NPU N[Q a_RNa `V[TYR aURZR` N` VS aURf dR_R
V`\YNOYR S_\Z aUR _R`a%
(% 9V_`a# aUR[# aUR cR_f YRN`a f\b Obf V` N Q\Pa_V[R \S TIVQERIRX
VIZIPEXMSR$ 9\_ Va V` _RNYYf V[`R]N_NOYR S_\Z aUR N[NY\Tf \S aUR b[cRVY$
V[T \S ORV[T N` ORV[Tl` \d[ UV`a\_f# RaP%# aUNa Va` _RYVTV\b` N[NY\TbR
a\\ V` N[ RcR_$_R[RdRQ RcR[a# V[ UN]]R[V[T N[Q P\[aR[a QRaR_ZV[RQ
Of SNaR% 7\Pa_V[NYYf aUV` ZVTUa OR Re]_R``RQ# R%T%# V[ N[ 4QNZVaVP
]_\]URa\Y\Tf \S aUR XV[Q dR UNcR V[ PR_aNV[ :[\`aVP `]RPbYNaV\[`# \_
V[ aUR VQRN \S N P\[`aN[a _RcRYNa\_f NPaVcVaf \S aUR ;\Yf :U\`a% BR_$
UN]` aUV` dVYY [\a S_VTUaR[ aUR aUR\Y\TVN[ dU\ `]RNX` `\ P\[SVQR[aYf \S
aUR GSQQYRMS WERGXSVYQ$ 9b_aUR_ VZ]YVPNaV\[` aUR a_NV[RQ aUR\Y\TVN[
PN[ RN`VYf d\_X \ba S\_ UVZ`RYS# N[Q Va V` S\_ UVZ a\ QRPVQR dURaUR_ UR
dN[a` dUNa UR SV[Q`hVZ]YVPNaV\[` `bPU N` aUR`R1 aUNa aUR _RcRYNaV\[
V` b[SV[V`URQ N[Q UN` N[ R[aV_RYf \]R[ U\_Vg\[ S\_ Sbab_R NQcR[a` \S
aUR d\_Q2 aUNa Sbab_R _RcRYNaV\[` N_R [\a ]_RWbQTRQ Of ]N`a _RcRYN$
aV\[`# N[Q [\ \[R _RcRYNaV\[ `b]]YVR` N[ NbaU\_VaNaVcR P_VaR_V\[ Of
dUVPU \aUR_` N_R a\ OR WbQTRQ% FUV` Q\R` NdNf dVaU aUR ]\``VOVYVaf \S#
Oba R^bNYYf dVaU aUR [RRQ S\_# QV`aV[TbV`UV[T ORadRR[ a_bR Q\Pa_V[R
N[Q UR_R`fh aUR cR_f VQRN \S N a_bR Q\Pa_V[R QV`N]]RN_`% 5ba Va NY`\# <
NZ NS_NVQ# ZNXR` Va VZ]\``VOYR a\ QV`aV[TbV`U ORadRR[ aUR V[`]V_NaV\[`
\S aUR ;\Yf :U\`a N[Q aUR QRZ\[` !< U\]R f\b NT_RR dVaU ZR aUNa
aUR_R N_R QRZ\[`"% 4[\aUR_ P\[`R^bR[PR V` aUNa aUR dU\YR 5VOYVPNY
_RcRYNaV\[ V[PYbQV[T aUR 6U_V`a RcR[a V` \[Yf N ]UN`R V[ aUR \[T\V[T
]_\PR`` \S QVcV[R `RYS$_RcRNYV[T aU_\bTU RcR[a` \S YN[TbNTR% 4[Q \[
aU\`R aR_Z` f\b PN[ V[QRRQ [\a UNcR N aUR\Y\Tf \S `NcV[T SNPa`# Oba
\[Yf N aUR\Y\Tf \S RcR[a` \S YN[TbNTR !`a_N[TRYf R[\bTU Va`RYS N[
RcR[a \S YN[TbNTR"# N[Q Va` P_VaR_V\[ V` [\a aUR a_baU \S :\Ql` NPaV\[`#
; 8<78::8D 4@7 F ;8A>A:J L ),,
V%R%# aUR P\__RPa ZRN[V[T \S aU\`R `NcV[T SNPa`# Oba aUR NbaUR[aVPVaf \S
`]RRPU NO\ba aU\`R NPaV\[`%
)% FUV` O_V[T` ZR a\ aUR `RP\[Q VaRZ f\b N_R ObfV[T S_\Z ;RVQRT$
TR_# N[Q Na aUR `NZR aVZR ONPX a\ \b_ aURZR# aUR ]_\OYRZ \S [\[\O$
WRPaVSfV[T `]RRPU1 aUR VaRZ# [NZRYf# aUNa aUR\Y\Tf Zb`a OR ][RbZNaVP
aUR\Y\Tf \_ N` f\b ZVTUa `Nf# TY\``\YNYf ! i`]RNXV[T V[ a\[TbR`j "%
FUV` P\[`R^bR[PR V` VZ]YVPVa V[ aUR PYNVZ aUNa aUR\Y\Tf V`# \_ `U\bYQ
OR# N `]RPVR` \S ]_VZNY aUV[XV[T% ;R_R Va V` [\a < aUNa aRYY aUR\Y\TVN[`
dUNa aUR\Y\Tf ZVTUa b[dVaaV[TYf P\[a_NPa S_\Z N[ NYYVN[PR dVaU
;RVQRTTR_# Oba aUV` ]\V[a V` aUR QRPYN_RQ PU\VPR \S N aUR\Y\TVN[ N[Q
aUR UbO \S UV` dU\YR R[aR_]_V`R1 cVg%# a\ a_N[`SR_ ;RVQRTTR_l` P\[PR]a
\S i]_VZNYj \_ iR``R[aVNYj aUV[XV[T a\ aUR\Y\Tf2 N[Q a\ `Ra Va` aUV[X$
V[T# N` Va`RYS ]_VZNY N[Q R``R[aVNY V[ P\ZZ\[ dVaU aUNa \S ]\Ra_f#
N]N_a S_\Z aUR `RP\[QN_f# `bOWRPaVcV`a$\OWRPaVSfV[T aU\bTUa \S ZRaN$
]Uf`VP` N[Q `PVR[PR !PS% Aaa# ST$ GMX$" ]% +,"% IUR[ d\_Q _RNPURQ ZR
aUNa aUR\Y\Tf V` UR[PRS\_aU a\ OR ]_VZNY aUV[XV[T# Zf SV_`a aU\bTUa
dN`1 :\Q S\_OVQ h N[Q Zf `RP\[Q1 ]\\_ aUR\Y\TVN[` h V[ `U\_a# aUR
PYN``VPNY _RNPaV\[ a\ a_NTRQfh SRN_ N[Q ]Vaf% 9\_ ]_VZNY aUV[XV[T# N`
dR UNcR YRN_[RQ# V` [\a Na aUR aUV[XR_l` P\ZZN[Q# Oba UN]]R[` a\ UVZ
Of aUR T_NPR \S ORV[T% 4[Q `\ aUR aUR\Y\TVN[ V` N ZN[ ]_\SR``V\[NYYf
P\ZZVaaRQ a\ ORV[T P\[aV[bNYYf T_N[aRQ aUNa UN]]R[V[T S\_ aUR Q\V[T
\S UV` QNfl` d\_X2 \_ N ZN[ dU\ PYNVZ` a\ QdRYY ]R_ZN[R[aYf aUNa
PY\`R a\ aUR `\b_PR1 N YVSRl` PNYYV[T < d\bYQ [\a PN_R a\ PU\\`R% <[
SNV_[R`` a\ ;RVQRTTR_ Va Zb`a OR `NVQ aUNa dUNa V` UR_R N`XRQ \S
aUR\Y\Tf Q\R` [\a S\YY\d S_\Z UV` ]UVY\`\]Uf N[Q UV` Q\Pa_V[R \S
aUV[XV[T N` `bPU% A[ aUR P\[a_N_f# UV` b[]bOYV`URQ YRPab_R \S (0)/ \[
iFUR\Y\Tf N[Q BUVY\`\]Uf#j dUVPU < _RPR[aYf UNQ \PPN`V\[ a\
_RNQ# Re]_R``Yf aR_Z` aUR\Y\Tf N ]\`VaVcR `PVR[PR# `V[PR Va QRNY` dVaU N
TSWMXYQ" :\Q_ E ORV[T# aUR_RS\_R N[ \[aVP QV`PV]YV[R# N` QV`aV[Pa S_\Z
]UVY\`\]Uf# dUVPU V` [\[]\`VaVcR# \[a\Y\TVPNY# QRNYV[T dVaU ORV[T
]b_RYf% 4[Q N` N `PVR[PR aUNa aUV[X` NO\ba Va` \OWRPa# aUR\Y\Tf V` \S
P\b_`R `RP\[QN_f N[Q [\a ]_VZN_f aUV[XV[T% FUV` dN` ORS\_R aUR
SNZ\b` iab_[#j dUR[ ;RVQRTTR_ dN` `aVYY N _NaV\[NY aUV[XR_ !_RN`\[
N[Q ]_\Sb[QVaf Q\ [\a [RPR``N_VYf RePYbQR RNPU \aUR_"% 5ba RcR[ V[
aR_Z` \S UV` YNaR_ aU\bTUa Va V` [\a Na NYY ]YNb`VOYR# YRa NY\[R [RPR``N_f#
aUNa aUR\Y\Tf Zb`a OR \_ RcR[ PN[ OR ]_VZNY aUV[XV[T% <a `RRZ` aUNa
\[Yf N` N[ NSaR_aU\bTUa# URRQV[T aUR ]YRN \S aUR\Y\TVN[` dU\ dV`URQ
aURV_ QV`PV]YV[R S_RRQ S_\Z aUR \Q\_ \S `PVR[PR# NSaR_ `PVR[PR UNQ ORR[
),- ' F ;8 B ;8@A?8@A@ A9 ><98
S\b[Q \ba a\ OR S\_TRaSbY[R`` \S ORV[T#(. QVQ ;RVQRTTR_ !Na YRN`a
\_NYYf" ]R_ZVa aUR\Y\Tf a\ OR NQQRQ a\ ]\Ra_f N[Q ]UVY\`\]Uf N`
]\``VOYR Z\QR` \S ]_VZNY aUV[XV[T% FUR \[a\Y\TVPNY UNc\P aUNa _R`bYa`
S_\Z aUR N[NY\Tf aUb` R`aNOYV`URQ UN` Wb`a ORR[ P\[`VQR_RQ1 aUR YV[$
TbV`aVP V` [\a YR``% FUNa aUR\Y\Tf Zb`a ORP\ZR ][RbZNaVP N[Q Va`
`]RRPU TY\``\YNYf# S\YY\d` S_\Z aUR QR`V_RQ N[NY\Tf a\ ;RVQRTTR_l`
aUV[XV[T NO\ba ORV[T# dUVPU Zb`a V[PYbQR UV` ZN[[R_ \S `]RNXV[T
NO\ba ORV[Th aUR ad\ aUV[T` N_R V[`R]N_NOYR% IUR_R YN[TbNTR P\V[$
PVQR` dVaU aUR `RYS$b[cRVYV[T \S ORV[T# YN[TbNTR _NaUR_ aUN[ ZN[ OR$
P\ZR` aUR `]RNXR_1 iYN[TbNTR `]RNX`%j(/ IUNa XV[Q \S YN[TbNTR V`
aUV`3 D\OV[`\[ ST$ GMX$" ]% )+" `]RNX` \S aUR iUNb[aV[TYf `bTTR`aVcR
_NaUR_ aUN[ P\[PR]abNYYf Re]YVPVa `afYR \S aUR YNaR_ ;RVQRTTR_%j ?Nf <#
N ZR_R [\[`NcRQ# Oba `fZ]NaURaVPNYYf PN_V[T PUVYQ \S aUR d\_YQ# OR
]R_ZVaaRQ a\ ]_Nf1 :\Q ]_\aRPa aUR\Y\Tf S_\Z aUR aRZ]aNaV\[ \S _R$
`\_aV[T a\ UNb[aV[T YN[TbNTR <a V` [\a ZR_RYf aUNa < SV[Q ZN[f \S aUR
YV[TbV`aVP \SSR_V[T` \S aUR ]_\a\af]R RePRRQV[TYf OMXWGLMK !< PN[[\a
a_N[`YNaR aUNa" _NaUR_ aUN[ UNb[aV[T1 N[Q aUNa < `UbQQR_ a\ aUV[X \S
dUNa ZVTUa UN]]R[ dUR[ ]R\]YR ORTV[ a\ QRPVQR a\ OR ]\Ra`% ?\_R
VZ]\_aN[a aUN[ `bPU P\[`VQR_NaV\[` \S aN`aR V` aUR `]RPaR_ \S N_OVa_N_V$
[R`` N[Q N[N_PUf aUNa aUb` N]]RN_`% J\b PN[ [\ Y\[TR_ ]_\cR N[f$
aUV[T aUR_Rh aUV` f\b ZNf QV`QNV[ N[fdNfh Oba [RVaUR_ PN[ f\b
_RSbaR# [Nf RcR[ _RWRPa N[faUV[T aUR_R1 N` V[QRRQ aUR `]RNXV[T V[
^bR`aV\[ PN[[\a `Nf i@\j a\ aUR c\VPR \S ORV[T a\ dUVPU Va _R`]\[Q`%
FUR \[Yf P_VaR_V\[ aUNa _RZNV[` V` NbaUR[aVPVaf \S YN[TbNTR% 5ba \S
NbaUR[aVPVaf# < ORYVRcR# \[R `U\bYQ [\a `]RNX% 8NPU \[R S\_ UVZ`RYS
`U\bYQ b[_RZVaaV[TYf `a_VcR S\_ Va V[ UV` \d[ d\_X# Oba [\a TVcR ZN_X`
\[ Va` `P\_R a\ aUR d\_X \S \aUR_`% IUNa fN_Q`aVPX d\bYQ f\b UNcR
N[fdNf3
5ba Q\ < _RNYYf [RRQ a\ QdRYY \[ aUV`3 FUR QN[TR_` \S PUN_V`ZNaVP
`]RRPU N_R SNZVYVN_ a\ aUR aUR\Y\TVN[ cR_`RQ V[ aUR UV`a\_f \S UV`
P_RRQ% 5ba \[ N[\aUR_ N[TYR \S aUV` V``bR < Zb`a `]RNX# ORPNb`R Va
YRNQ` b` a\ aUR URN_a \S \b_ ]_\OYRZ% 4]N_a S_\Z aUR QbOV\b`[R`` \S
aUR ]\aR[aVNY ]_\QbPa` \S aUR YV[TbV`aVP `aN[PR < UNcR _RZN_XRQ \[#
dUNa ]_R`bZ]aV\[# dUNa N__\TN[PR# V[ aUR `aN[PR Va`RYS 4` dUNa Q\ <

(.% iEPVR[PR Q\R` [\a aUV[X#j PS% ;RVQRTTR_# CEW LIMWWX 0IROIR, !Fb$
OV[TR[# (0-("# ]% + N[Q TEWWMQ$
(/% ?% ;RVQRTTR_# ARXIV[IKW ^YV ?TVEGLI !BSbYYV[TR[# (0,0"# TEWWMQ$
; 8<78::8D 4@7 F ;8A>A:J L ),.
`Ra Zf`RYS N[Q Zf `]RNXV[T b] aUR_R3 5ba# Va dVYY OR \OWRPaRQ# V`[la
]_VZNY aUV[XV[T N[Q `]RNXV[T Wb`a aUR \]]\`VaR \S `RYS$N``R_aV\[ N[Q
aUb` \S N__\TN[PR3 >RNcV[T aUR V[VaVNaVcR a\ ORV[T# YV`aR[V[T a\ dUNa
ORV[T `]RNX`# _R`]\[QV[T a\ Va` PNYY# YRaaV[T \[R`RYS OR T_N`]RQ Of Va`
]\dR_# Z\`a \S NYY1 TVcV[T b] aUR dU\YR NaaVabQR \S `bOWRPaVaf N[Q \S
\cR_ZN`aR_V[T aUR \OWRPa Of Zf P\[PR]abNYVgV[ThV`[la aUNa _RcR_$
R[PR3 V`[la aUNa UbZVYVaf3 ;R_R < Zb`a `Nf `\ZRaUV[T NO\ba aUR `RRZ$
V[T# SNY`R UbZVYVaf \S ;RVQRTTR_l` `UVSaV[T aUR V[VaVNaVcR a\ 5RV[T# `\ `R$
QbPaVcR a\ 6U_V`aVN[ aUR\Y\TVN[`# Oba V[ SNPa aUR Z\`a R[\_Z\b` UfO_V`
V[ aUR dU\YR UV`a\_f \S aU\bTUa% 9\_ Va V` [\aUV[T YR`` aUN[ aUR aUV[XR_l`
PYNVZV[T aUNa aU_\bTU UVZ `]RNX` aUR R``R[PR \S aUV[T` Va`RYS# N[Q aUb`
aUR PYNVZ a\ N[ NbaU\_Vaf dUVPU [\ aUV[XR_ `U\bYQ RcR_ PYNVZ% 4[Q
Z\_R\cR_ Va V` aUR PYNVZ aUNa V[ ]_V[PV]YR aUR ON`VP UbZN[ P\[QVaV\[#
aUNa \S ORV[T Na N QV`aN[PR a\ aUV[T` dUVPU dR Zb`a O_VQTR Of aUR
_RNPUV[T$\ba \S \b_ ZV[Q# aUR `\$PNYYRQ `bOWRPa$\OWRPa `]YVa# PN[ OR
_RZVaaRQ# Nc\VQRQ# \cR_P\ZR% FUR PYNVZ# aUNa V`# a\ N ]\``VOYR VZ$
ZRQVNPf aUNa ]R_UN]` UN` N ]YNPR V[ aUR ]R_`\[$a\$]R_`\[ _RYNaV\[# Oba
[\a V[ aUR _RYNaV\[ a\ VZ]R_`\[NY ORV[T N[Q aUV[T` N[Q aUR d\_YQ%
FUR_R V` _RNYYf [\ ]_RPRQR[a S\_ aUV` V[ aUR dU\YR \S IR`aR_[ ]UVY\`\$
]Uf% 6Y\`R`a a\ Va P\ZR`# V[ \[R _R`]RPah EPU\]R[UNbR_1 N ]N_NYYRY
UN_QYf dRYP\ZR a\ ;RVQRTTR_# dUVPU S\_ YNPX \S aVZR < PN[[\a ]b_`bR
UR_R V[a_VTbV[T N` Va V`#(0 RePR]a S\_ \[R ]\V[aR_1 a\ EPU\]R[UNbR_
Zb`VP# aUR \[Yf [\[\OWRPaVcR N_a# V` aUR QV_RPa c\VPR \S aUR aUV[T$V[$
Va`RYS# \S aUR b[VcR_`NY IVYY% FUV`# V[ @VRag`PURl` ]U_N`R# ZNQR aUR
Zb`VPVN[ aUR cR[a_VY\^bV`a \S aUR 4O`\YbaR% <[ aUR `]V_Va \S @VRag`PURl`
dVaaVPV`Z !Va V` dRYY a\ _RZRZOR_ aUNa @VRag`PUR UNQ dVa" ;RVQRTTR_l`
]_VZNY aUV[XR_ d\bYQ OR aUR cR[a_VY\^bV`a \S ORV[T# cR[a_VY\^bf aUR[

(0% 6\[`VQR_# S\_ ReNZ]YR# aUR S\YY\dV[T ]\V[a`% FUR d\_YQ V` aUR \O$
WRPaVSVPNaV\[ \S aUR b[VcR_`NY IVYY% IVYY V` aUR aUV[T$V[$Va`RYS# aUR V[QVcVQbNY
S\_Z` N_R Va` N]]RN_N[PR% FURV_ O\b[QRQ[R`` N[Q `aNaVP[R`` UVQR aUR PRN`R$
YR`` Q_VcV[T \S aUR IVYY% FURf PN[ OR `RR[ N[Q QRSV[RQ V[ P\[PR]a`1 aUV` V`
aUR d\_YQ N` BSVWXIPPYRK* _R]_R`R[aNaV\[% FUR IVYY V` Re]R_VR[PRQ dVaUV[%
5ba Va PN[ NY`\ OR ZNQR a\ N]]RN_ha\ URN_V[T2 [\a U\dRcR_ N` PNYY# Oba N`
Zb`VP% ?b`VP V` aUR N_a S\_Z V[ dUVPU aUR c\VPR \S aUR IVYY `]RNX`
QV_RPaYf# ORPNb`R Va V` [\[\OWRPaVcR# [\[`]NaVNY# N[Q ]b_R Z\cRZR[a \S
aVZR% 4YY \aUR_ N_a`# N[Q YN[TbNTR# N[Q aUR\_f# N_R dRQQRQ a\ N]]RN_N[PR#
a\ _R]_R`R[aNaV\[# a\ \OWRPaVcVaf% @VRag`PUR P\[aV[bRQ aUR aURZR V[ N [Rd
QV_RPaV\[ dVaU UV` QV`aV[PaV\[ \S aUR 7V\[f`VN[ N[Q aUR 4]\YYV[VN[%
;RVQRTTR_ _R]_R`R[a` aUR bYaVZNaR _R]bQVNaV\[ \S aUR 4]\YYV[VN[%
),/ M F ;8 B ;8@A?8@A@ A9 ><98
QR[\aV[T aUR `RPbYN_ R^bVcNYR[a \S TY\``\YNYf% EPU\]R[UNbR_l` SN[aN`f
dN` V[[\PR[a# S\_ Zb`VP V` [\[_R`]\[`VOYR N[Q PN[[\a `bSSR_ S_\Z aUR
ZV`P\[PR]aV\[ \S N Qbaf Va Q\R` [\a UNcR% 5ba aUV[XV[T V` [\a V[QVSSR_$
R[a a\ aUR P\[PR]aV\[ \S Va` aN`X N[Q [Nab_R% 4` _R`]\[`VOYR# Va P_b$
PVNYYf QR]R[Q` \[ aUR P\[PR]aV\[ \S Va` _R`]\[`VOVYVaf% ;R_R aUR N]$
]N_R[a UbZVYVaf N[Q NPabNY ]_VQR \S aUR P\[PR]aV\[ \S ]_VZNY aUV[XV[T
ZNf NYa\TRaUR_ _bV[ aU\bTUa% ?N[l` aU\bTUa1 aUR RcR[a \S aUR `RYS$
PYRN_V[T \S ORV[T# [\a UV` \d[ R__V[T OVQ S\_ a_baU ?N[1 aUR `UR]$
UR_Q \S ORV[Th [\a# ZV[Q f\b# \S ORV[T` 4]N_a S_\Z aUR OYN`$
]URZ\b` _V[T dUVPU aUV` b`R \S aUR UNYY\dRQ aVaYR Zb`a UNcR a\ =RdV`U
N[Q 6U_V`aVN[ RN_`1 Va V` UN_Q a\ URN_ ZN[ UNVYRQ N` aUR `UR]UR_Q \S
ORV[T dUR[ UR UN` Wb`a `\ QV`ZNYYf SNVYRQ a\ OR UV` O_\aUR_l` XRR]R_%
FUR YNaaR_ UR V` ZRN[a a\ OR V[ aUR 5VOYR% 5ba aUR aR__VOYR N[\[fZVaf
\S ;RVQRTTR_l` iORV[T#j VYYVPVaYf QRPXRQ \ba dVaU ]R_`\[NY PUN_NPaR_`#
OY\PX` \ba aUR ]R_`\[NY PNYY% @\a Of aUR ORV[T \S N[\aUR_ ]R_`\[ NZ <
T_N`]RQ# Oba Wb`a Of iORV[Tj 4[Q Zf _R`]\[`VcR aU\bTUa V` ORV[Tl`
\d[ RcR[a% 5ba PNYYRQ N` ]R_`\[ Of ]R_`\[hSRYY\d ORV[T` \_ :\Qh
Zf _R`]\[`R dVYY [\a ]_VZN_VYf OR aUV[XV[T Oba NPaV\[ !aU\bTU aUV`
V[c\YcR` aUV[XV[T"# N[Q aUR NPaV\[ ZNf OR \[R \S Y\cR# _R`]\[`VOVYVaf#
]Vaf2 NY`\ \S d_NaU# V[QVT[NaV\[# UNaR# RcR[ SVTUa a\ aUR QRNaU1 Va V` UVZ
\_ ZR% % % % <[ aUV` `R[`R V[QRRQ NY`\ ;VaYR_ dN` N PNYY% ?YGL GEPPW EVI
HVS[RIH MR XLI ZSMGI SJ FIMRK XS [LMGL SRI GERRSX WE] :S+ N` V` NY`\#
dR N_R a\YQ# aUR `R]N_NaV\[ \S `bOWRPa S_\Z \OWRPa%
FUV` V` aUR SV[NY PYNVZ \S ]_VQR# N[Q aUR ORa_NfNY \S ZN[l` aN`X
T_\dV[T S_\Z aUR NPPR]aN[PR \S UV` Y\a% 9\_ YRa aUV` OR `NVQ [\d1 aUR
`bOWRPa$\OWRPa VIPEXMSR" dUVPU ]_R`b]]\`R`# U\YQ` \]R[# N[Q `aN[Q`
aU_\bTU aUR QbNYVaf# V` [\a N YN]`R Oba aUR ]_VcVYRTR# Ob_QR[# N[Q Qbaf
\S ZN[% @\a BYNa\ V` _R`]\[`VOYR S\_ Va Oba aUR UbZN[ P\[QVaV\[# Va`
YVZVa` N[Q [\OVYVaf b[QR_ aUR \_QR_ \S P_RNaV\[% 9\_ SN_ S_\Z ORV[T N
QRcVNaV\[ S_\Z 5VOYVPNY a_baU# aUV` `RaaV[T \S ZN[ \cR_ NTNV[`a aUR `bZ
a\aNY \S aUV[T`# UV` `bOWRPa$`aNab` N[Q aUR \OWRPa$`aNab` N[Q ZbabNY
ReaR_[NYVaf \S aUV[T` aURZ`RYcR`# N_R ]\`VaRQ V[ aUR cR_f VQRN \S P_RN$
aV\[ N[Q \S ZN[l` ]\`VaV\[ cV`$N$cV` [Nab_R QRaR_ZV[RQ Of Va1 Va V` aUR
P\[QVaV\[ \S ZN[ QIERX V[ aUR 5VOYR# VZ]\`RQ Of UV` P_RNaRQ[R``# a\
OR NPPR]aRQ# NPaRQ aU_\bTUh N[Q a_N[`PR[QRQ \[Yf V[ PR_aNV[ R[P\b[$
aR_` dVaU SRYY\d ORV[T` N[Q :\Q# V%R%# V[ ReV`aR[aVNY _RYNaV\[` \S N cR_f
`]RPVNY XV[Q% FUR ]UVY\`\]UR_l` _R`]RPa S\_ aUR 5VOYVPNY a_NQVaV\[ _R`a`
]_RPV`RYf \[ aUR NPX[\dYRQTZR[a \S aUR _\YR Va UN` ]YNfRQ V[ VZ]_R``$
; 8<78::8D 4@7 F ;8A>A:J L ),0
ZT aUV` \[a\Y\TVPNY `PURZR dVaU Va` T_RNa N[Q ReNPaV[T aR[`V\[ b]\[
aUR IR`aR_[ ZV[QhZ\_R `\# ]R_UN]`# ORPNb`R Z\_R b[NZOVTb\b`Yf#
aUN[ RcR[ aUR :_RRX a_NQVaV\[% FUR \_VTV[ \S aUR _VSa# dURaUR_ QR]Y\_RQ
\_ UNVYRQ# V` V[ ?\`R` [\ YR`` aUN[ V[ BYNa\% 4[Q VS f\b Zb`a YNf
aRPU[\Y\Tf Na `\ZRO\Qfl` Q\\_# Q\[la S\_TRa# \cR_ aUR `PN]RT\Na \S
ZRaN]Uf`VP`# aUR =bQNR\$6U_V`aVN[ a_NQVaV\[%

H<

IUR_R Q\R` NYY aUV` YRNcR aUR YV[TbV`aVP ]_\OYRZ \S aUR\Y\Tf3 FUNa
aUR_R V` N ]_\OYRZ# aUNa aUR V``bR a_\bOYV[T aUR aUR\Y\TVN[ V` N TR[bV[R
\[R# UN` ORR[ T_N[aRQ Na aUR cR_f \]R[V[T \S aUV` NQQ_R``% FUNa aUR
P\[PR]abNYVgNaV\[ N[Q \OWRPaVcR YN[TbNTR \S aUR\_f Q\ [\a Q\ Wb`aVPR#
a\ `\ZR ReaR[a Q\ cV\YR[PR# a\ aUR ]_VZN_f P\[aR[a P\ZZVaaRQ a\
aUR\Y\Tfl` PN_R# \[ aUV` aUR_R V` NT_RRZR[a% 4Y`\ \[ aUV`1 aUNa aUR_R MW
[\[\OWRPaVSfV[T aU\bTUa N[Q `]RRPU% IR SV[Q Va V[ aUR ]_\]URa` N[Q
aUR ]`NYZV`a`# V[ aUR YN[TbNTR \S ]_NfR_ N[Q P\[SR``V\[ N[Q ]_RNPU$
V[T# NY`\ V[ Yf_VPNY ]\Ra_f2 N[Q V[ aUR YVSR \S aUR QVNY\TbR1 ZbPU \S
dUNa 5bOR_ UN` `NVQ NO\ba aUR i<$aU\bj _RYNaV\[ N[Q Va` YN[TbNTR# N`
QV`aV[Pa S_\Z aUV_Q ]R_`\[ i<$Vaj _RYNaV\[ N[Q Va` YN[TbNTR# SNYY`
`^bN_RYf V[a\ aUR N_RN \S \b_ ]_\OYRZ% 5ba aUR aUR\Y\TVN[# [LIR UR
NaaR[Q` a\ aUR\Y\Tf !dUVPU UR Q\R` [\a Q\ NYY aUR aVZR"# V` [RVaUR_
]_\]URa [\_ ]`NYZV`a [\_ ]_RNPUR_ [\_ ]\Ra# [\_ V[ aUR <$aU\b `VabN$
aV\[# Oba b[QR_ aUR f\XR \S aUR\_RaVPNY QV`P\b_`R N[Q aUR_RS\_R OR$
U\YQR[ a\ \OWRPaVcR aU\bTUa N[Q YN[TbNTR% FUV` Ob_QR[ aUR\Y\Tf UN`
a\ `U\bYQR_# N[Q [\a RcR[ aUR YNaR_ ;RVQRTTR_ \SSR_` YRTVaVZNaR _RYRN`R
S_\Z Va% @\_ `U\bYQ `bPU _RYRN`R OR `\bTUa% A[ aUV` ]\V[a < NT_RR
P\Z]YRaRYf dVaU DbQ\YS 5bYaZN[[ N[Q dVaU dUNa UN` ORR[ `NVQ V[ UV`
cRV[ V[ aUR 4ZR_VPN[ QV`Pb``V\[# [\aNOYf V[ aUR RePRYYR[a R``Nf` \S
6\ZR N[Q ATQR[%)' @RcR_aURYR``# N[Q aUV` V` ]_RPV`RYf aUR 5bYaZN[$
[VN[ ]\`VaV\[# aUR_R PN[ OR N Z\_R \_ YR`` NQR^bNaR `afYR \S P\[$
PR]abNYVaf N[Q YN[TbNTR V[ aUR\Y\Tf# \_1 N YR`` \_ Z\_R V[NQR^bNaR
\[R# `V[PR V[NQR^bNPf dVYY `aVYY OR \b_ Y\a% <[ `U\_a# aUR_R N_R QRT_RR`
\S \OWRPaVSVPNaV\[% 4[Q V[QRRQha\ TVcR [\d Na aUR R[Q Zf \d[ aR[aN$
aVcR cVRd \[ aUR ZNaaR_# dUVPU b] a\ N ]\V[a P\V[PVQR` dVaU 5bYa$
ZN[[l`# Oba ORf\[Q aUNa ]\V[a QVcR_TR` S_\Z UV`haUR ^bR`aV\[ V` [\a

)'% >SFMRWSR#/SFF" @\`% * N[Q ,%


)-' ' F ;8 B ;8@A?8@A@ A9 ><98
U\d a\ QRcV`R N[ NQR^bNaR YN[TbNTR S\_ aUR\Y\Tf# Oba U\d a\ XRR] Va`
[RPR``N_f V[NQR^bNPf XVERWTEVIRX S\_ dUNa V` a\ OR V[QVPNaRQ Of Va1 Va`
YR``R_ \_ T_RNaR_ \]N^bR[R`` V` N ZNaaR_ NO\ba dUVPU `\ZRaUV[T PN[
OR Q\[R%
?f \d[ RN_Yf T_N]]YV[T` dVaU aUR ]_\OYRZ \S \OWRPaVSVPNaV\[ N[Q Va`
UR_ZR[RbaVPNY N`]RPa` ZNQR ZR `abZOYR \[ aUR P\[PR]a \S iQRZf$
aU\Y\TVgV[T%j)( < P\[PRVcRQ aUV` N` \[R Z\cR V[ aUR ]_\PR`` \S QR$
\OWRPaVSfV[T S\_ dUVPU aUR V[aR_]_RaNaV\[ \S PR_aNV[ N[PVR[a aRea`
`RRZRQ a\ PNYY% FUR a_N[`YNaV\[h N _Ra_N[`YNaV\[ N` Va dR_Rh \S
ZfaUVPNY aR_Z` V[a\ P\[PR]a` \S ReV`aR[aVNY ]UVY\`\]Uf d\bYQ _Rab_[
aUR PSKSW V[a\ PY\`R_ ]_\eVZVaf a\ aUR `bO`aN[PR S_\Z dUVPU Va UNQ
\_VTV[NaRQ# a\ dVa# aUR Qf[NZVP` N[Q `RYS$Re]R_VR[PR \S UbZN[ ReV`$
aR[PR% FUb` aUR QRZfaU\Y\TVgV[T ZRN[a aUR _Ra_VRcV[T \S aUV` `bO`aN[PR
S_\Z aUR Z\`a P\Z]NPa# Z\`a b[fVRYQV[T# Z\`a Rea_RZR S\_Z \S \O$
WRPaVSVPNaV\[ V[ dUVPU Va dN` Y\PXRQ b]# N[Q UR_R V[QRRQ aUR PNaRT\_VR`
Rc\YcRQ V[ ;RVQRTTR_l` N[NYf`V` \S ReV`aR[PR V[ ?IMR YRH DIMX \SSR_RQ N
`b]R_V\_ ZRN[` \S O_V[TV[T a\ YVTUa aUR T_\b[Q S_\Z dUVPU aUR ]_\WRP$
aV\[` \S Q\Pa_V[R UNQ _V`R[ N[Q dUVPU P\[aNV[` aURV_ a_baU%)) 4[Q aUR
QVNYRPaVPNY PUN_NPaR_ \S aUR P\[PR]a` NSS\_Q` `\ZR ]_\aRPaV\[ NTNV[`a
aUR XV[Q \S \OWRPaVcR SVeNaV\[ a\ dUVPU aUR P\[PR]a` \S aUR ]UVY\`\]Uf
\S `bO`aN[PR N_R ]_\[R% FUb` aURf N_R YR`` \]N^bR# Z\_R a_N[`]N_R[a#
Z\_R ETTVSTVMEXI a\ aUR i`bOWRPa ZNaaR_ \S aUR\Y\Tf%j
E\ SN_# < aUV[X# < NZ V[ P\Z]YRaR NT_RRZR[a dVaU Zf S_VR[Q N[Q
aRNPUR_ 5bYaZN[[% 4 ]\``VOYR QVSSR_R[PR Yb_X` V[ aUR ^bR`aV\[1 ;\d
SN_ PN[ aUR ia_N[`YNaV\[j YRTVaVZNaRYf ReaR[Q3 G] a\ dUNa `]UR_R V[
aUR b[VcR_`R \S _RYVTV\b` QV`P\b_`R3 FUR QN[TR_ \S iN]]_\]_VNaR[R``j
\S N P\[PR]abNY `PURZR V` aUNa Va ZNf OYb[a aUR `R[`R \S ]N_NQ\e N[Q
P_RNaR N SNZVYVN_Vaf dUR_R [\[R V` ]R_ZVaaRQ% FUR QVcVQV[T YV[R# aUR
YV[R dU\`R P_\``V[T Of aUR QRZfaU\Y\TVgRQ P\[PR]a d\bYQ UNcR aUNa

)(% <[ N `abQf \[ aUR UR_ZR[RbaVP` \S 6Ub_PU Q\TZN# N]]R[QRQ a\ Zf


-YKYWXMR YRH HEW TEYPMRMWGLI 2VIMLIMXWTVSFPIQ* 1MRI TLMPSWSTLMWGLI
?XYHMI ^YQ TIPEKMERMWGLIR ?XVIMX 2SVWGLYRKIR ^YV >IPMKMSR YRH 8MXIVEXYV
HIW -PXIR YRH :IYIR @IWXEQIRXW (( L@% 9% ).M !:\aaV[TR[# (0*'2
)[Q RQ%# _RcV`RQ N[Q R[YN_TRQ# (0-,"# -RLERK 5* BFIV HMI LIVQIRIYXMWGLI
?XVYOXYV HIW 0SKQEW+ PS% aUR <[a_\QbPaV\[ Of =NZR` ?% D\OV[`\[ a\ aUR
`RP\[Q RQVaV\[%
))% A[ aUR UR_ZR[RbaVPNY `aNab` \S ;RVQRTTR_l` PNaRT\_VR` \S ReV`aR[PR
P\Z]N_R aUR ORTV[[V[T \S aUR @V[aU 8``Nf%
; 8<78::8D 4@7 F ;8A>A:J L )-(

RSSRPa# PN[ OR PYRN_Yf V[QVPNaRQ% <S Va V` `NVQ# \[ 5bYaZN[[l` ORUNYS#


aUNa iaUR P\[PR]a` \S ;RVQRTTR_l` ReV`aR[aVNYV`a N[NYf`V` N_R ORaaR_
NQN]aRQ a\ Re]YVPNaV[T aUR 6U_V`aVN[ b[QR_`aN[QV[T \S ZN[ aUN[ aUR
ZfaU\Y\TVPNY P\[PR]a` RZ]Y\fRQ Of aUR d_VaR_` \S aUR @Rd FR`aN$
ZR[aj ! >SFMRWSR#/SFF " ]% (-."# dR NQQ1 fR`h ]_RPV`RYf dVaU
_R`]RPa a\ ZN[1 [\h dVaU _R`]RPa a\ :\Q \_ aUR QVcV[R% FUR_R# `fZ$
O\YVP `]RRPU Zb`a ORTV[% A[ ]NV[ \S VZZN[R[aV`Z \_ ZR_R N[aU_\$
]\Y\TV`Z# aUR b[QR_`aN[QV[T \S :\Q V` [\a a\ OR _RQbPRQ a\ aUR `RYS$
b[QR_`aN[QV[T \S ZN[% FUR Q\ZNV[ \S aUR ReV`aR[aVNY P\[PR]a ReaR[Q`
N` SN_ N` ]UR[\ZR[\Y\Tf# aUR `]UR_R \S Va` cR_VSVPNaV\[# ReaR[Q`1 \cR_
aUR `RYS$Re]R_VR[PR \S ZN[ i FIJSVI a :\Q# GSVEQ HIS" [\a MR :\Q2 \_1
LSQS WYF PIKI" [\a LSQS WYF KVEXME$ IUR_R aUR QVcV[R Va`RYS V` `NVQ a\
R[aR_# aUR \ba]\b_V[T \S aUR `]V_Va# i:\Ql` Y\cR % % % ]\b_RQ V[a\ \b_
URN_a` aU_\bTU aUR ;\Yf E]V_Vaj !D\Z% , 1, "# iaUR URNYV[T \S aUR `\bY
S_\Z aUR OYRZV`U \S `V[j !4bTb`aV[R"# ]UR[\ZR[\Y\Tf PRN`R` a\ UNcR
N `Nf2 N[Q dVaU Va aUR cR_VSVNOYR P\[PR]a` \S ReV`aR[aVNYV`a X[\dYRQTR2
N[Q aUb`1 QRZfaU\Y\TVgV[T 4[Q NYY aUR Z\_R S\_ aUR `]UR_R \S QVcV[$
Vaf Va`RYS% FUR SV[NY ]N_NQ\e V` ORaaR_ ]_\aRPaRQ Of aUR `fZO\Y` \S ZfaU
aUN[ Of aUR P\[PR]a` \S aU\bTUa% IUR_R aUR Zf`aR_f V` _VTUaSbYYf Na
U\ZR# idR `RR V[ N TYN`` QN_XYf%j IUNa Q\R` iV[ N TYN`` QN_XYfj
ZRN[3 <[ aUR `UN]R` \S ZfaU% F\ XRR] aUR QERMJIWX STEUYIRIWW \S
ZfaU a_N[`]N_R[a S\_ aUR V[RSSNOYR V` V[ N dNf RN`VR_ aUN[ a\ XRR] aUR
`RRZV[T a_N[`]N_R[Pf \S aUR P\[PR]a a_N[`]N_R[a S\_ aUNa a\ dUVPU Va
V` V[ SNPa N` \]N^bR N` N[f YN[TbNTR Zb`a OR%
?faU aNXR[ PMXIVEPP] V` P_bQR`a \OWRPaVSVPNaV\[%
?faU aNXR[ EPPIKSVMGEPP] V` `\]UV`aVPNaRQ \OWRPaVSVPNaV\[%
?faU aNXR[ W]QFSPMGEPP] V` aUR TYN`` aU_\bTU dUVPU dR QN_XYf
`RR%
7 > 7 G 7 @ E : 7DD3J

;[[]`bOZWbg O\R bVS ?]RS`\ ES[^S`


8]` :$ 3$

;\ bVS T]ZZ]eW\U `STZSQbW]\a' ; aVOZZ abO`b T`][ eVOb ; Q]\aWRS` O\


c\RS\WOPZS TOQb" \O[SZg" bVOb bVS []RS`\ bS[^S` Wa c\Q]\US\WOZ b]
bVS WRSO ]T W[[]`bOZWbg$ ;b Wa bVOb ]dS` O\R OP]dS bVS ]PXSQbW]\a eVWQV
bVS []RS`\ W\bSZZSQb S\bS`bOW\a OUOW\ab Wb ]\ bVS]`SbWQOZ U`]c\Ra$
EVSaSi eVWQV T]` P`SdWbg ; eWZZ aW[^Zg U`O\b 8@ 5>A6i O`S Pg bVS[#
aSZdSa W\RSQWaWdS$ 3a b`O\aQS\RS\bOZ" bVS ]PXSQb ]T bVS WRSOi W[[]`#

'$ A`WUW\OZZg RSZWdS`SR Oa bVS ;\US`a]ZZ >SQbc`S ]T '/,' Ob :O`dO`R


F\WdS`aWbg O\R acPaS_cS\bZg ^cPZWaVSR W\ bVS *4CG4C7 2;8A>A:<64> 08
G<8H ++ '/,(!" '#(&" bVWa SaaOg VOa PSS\ bVS acPXSQb ]T ^S\Sb`ObW\U
RWaQcaaW]\ W\ bVS O`bWQZS j6SObV" 6gW\U" O\R ;[[]`bOZWbgk Pg BVWZW^
?S`ZO\" O\R W\ bVS Q]c\bS`bVSaWa jEVS 6WOZSQbWQ ]T 6SObV O\R ;[[]`#
bOZWbgk Pg ?Oc`WQS @ObO\a]\" W\ bVS /46<9<6 /;<>ADAB;I (ACF? )" '
'/,*!" ^^$ )#*+ O\R -&#-/ `Sa^SQbWdSZg$ E] bVSaS ^cPZWQ d]WQSa [cab PS
ORRSR SfbS\aWdS Q][[S\b W\ \c[S`]ca ^`WdObS Q][[c\WQObW]\a$ 3[]\U
bVS ZObbS` eS`S bVS aSO`QVW\U Q][[S\ba Pg CcR]ZT 4cZb[O\\ eVWQV VOdS
PSS\ W\QZcRSR" b]USbVS` eWbV [g `S^Zg" Oa O\ 3^^S\RWf W\ bVS 9S`[O\
^cPZWQObW]\ ]T bVS SaaOg W\0 :$ <]\Oa" 3H<D6;8@ .<6;ED F@7 'H<:=8<E
9]bbW\US\" '/,)!" ,)#-($iEVS dW`bcOZZg c\QVO\USR `S^`W\bW\U ]T bVS
SaaOg VS`S R]Sa \]b [SO\ bVOb ; VOdS QZ]aSR [g [W\R b] bVS W[^]`bO\b
WaacSa `OWaSR" Pcb [S`SZg bVOb ; VOdS \SWbVS` acQQSSRSR gSb" eWbV bVSW`
VSZ^" b] ORdO\QS PSg]\R Wba OR[WbbSRZg bS\bObWdS ^]aWbW]\" \]` TSZb Q]\#
ab`OW\SR" c\RS` bVSW` ^`Saac`S" b] `Sb`SOb T`][ Wb$
" (,( #
; ??ACE3>;EJ 3@6 E:7 ?A67C@ E 7?B7C L (,)
bOZWbg WbaSZTiWa PSg]\R ^`]]T ]` RWa^`]]T0 Wb Wa \]b O\ ]PXSQb ]T
Y\]eZSRUS$ 4cb bVS WRSO ]T Wb Wa$ EVS`ST]`S" bVS W\b`W\aWQ [S`Wba ]T Wba
[SO\W\U PSQ][S bVS a]ZS [SOac`S ]T Wba Q`SRWPWZWbg" O\R bVS O^^SOZ ]T
bVOb [SO\W\U `S[OW\a Oa bVS a]ZS U`]c\R ]T ^]aaWPZS PSZWSTi Oa QS`#
bOW\Zg bVS ZOQY ]T acQV O\ O^^SOZ Wa acTTWQWS\b U`]c\R T]` OQbcOZ RWa#
PSZWST$ 4cb aW\QS eVOb Wa [SO\W\UTcZ RS^S\Ra" PSg]\R bVS [S`S Q]\RW#
bW]\ ]T Z]UWQOZ Q]\aWabS\Qg" ZO`USZg ]\ bVS RWa^]aWbW]\a O\R W\aWUVba ]T
bVS [W\R bVOb XcRUSa Wb" eS [cab W\bS``]UObS bVSaS T]` bVSW` ^`SdOZS\b
c\`Sa^]\aWdS\Saa Oa eSZZ Oa T]` O\g ^]aaWPZS V]ZR eVWQV bVS WRSO"
SdS\ W\ Wba ^`SaS\b SQZW^aS" [Og abWZZ VOdS" ]` `SQZOW[" ]\ ]c` aSQcZO`#
WhSR SabObS$ EVca O\ SfO[W\ObW]\ ]T bVS ^`]PZS[ Ob bVWa V]c` eWZZ PS
Oa [cQV O\ SfO[W\ObW]\ ]T ]c`aSZdSa Oa O\ SfO[W\ObW]\ ]T bVS WaacS
]T W[[]`bOZWbg1 O\R SdS\ WT Wb aV]cZR bV`]e \] \Se ZWUVb ]\ bVS ZObbS`"
]\ eVWQV W\ []`S bVO\ be] bV]caO\R gSO`a ^`]POPZg SdS`gbVW\U VOa
PSS\ aOWR bVS`S Wa b] aOg" Wb [Og gSb bV`]e a][S ZWUVb ]\ bVS ^`SaS\b
abObS ]T ]c` []`bOZ Q]\RWbW]\$

!
A\ bVS W\V]a^WbOPZS\Saa ]T bVS Q]\bS[^]`O`g [W\R b] bVS WRSO ]T
W[[]`bOZWbg ; QO\" W\RSSR [cab" PS dS`g P`WST" aW\QS [cQV VOa PSS\
aOWR OP]cb Wb W\ ]c` QS\bc`g" O\R bVS O`SO ]T OU`SS[S\b Wa P`]OR" O\R
ZWbbZS RWa^cbSR1 eVS`SOa ]\ bVS ZSaa \]bWQSR" O\R ZSaa ]PdW]ca" ]^S\W\U
eVWQV bVS []RS[ [W\R R]Sa ]TTS` b] bVS WRSO W\ ]\S ]T Wba ^]aaWPZS
[SO\W\Ua" O\R R]Sa a] ^`SQWaSZg Pg Wba j[]RS[k bc`\" ; aVOZZ VOdS b]
ReSZZ Ob a][S ZS\UbV$ EVWa j]^S\W\U"k V]eSdS`" abO\Ra T]`bV SaaS\#
bWOZZg T`][ bVS \SUObWdS POQYU`]c\R eWbV]cb eVWQV bVS []RS[
bS[^S` e]cZR \]b PS eVOb Wb Wa$
8W`ab" bVS\" O Z]]Y Ob bVS \SUObWdS aWRS$ >Sb [S abO`b eWbV bVS ]ZRSab
O\R []ab S[^W`WQOZ Q]\QS^b ]T W[[]`bOZWbg0 ac`dWdOZ Pg W[[]`bOZ
TO[S$ EVWa eOa []ab ^`WhSR W\ O\bW_cWbg O\R Q]\aWRS`SR \]b ]\Zg bVS
Xcab `SeO`R ]T \]PZS RSSRa Pcb O ^`W[S W\QS\bWdS b] bVS[$( EVS RSSRa

($ EV`]cUV]cb 9`SSY ZSbbS`a" T`][ :][S` b] BZOb]" eV] [O`Ya bVS


^VWZ]a]^VWQ ]dS`Q][W\U ]T bVS WRSOZ Pcb UWdSa Wb SZ]_cS\b Sf^`SaaW]\ W\ bVS
e]`Ra ]T 6W]bW[O0 jEVW\Y ]\Zg ]T bVS O[PWbW]\ ]T [S\" O\R g]c eWZZ
e]\RS` Ob bVS aS\aSZSaa\Saa ]T bVSW` eOga" c\ZSaa g]c Q]\aWRS` V]e bVSg
O`S abW``SR Pg bVS Z]dS ]T O\ W[[]`bOZWbg ]T TO[S$ EVSg O`S `SORg b] `c\
OZZ `WaYa U`SObS` TO` bVO\ bVSg e]cZR VOdS `c\ T]` bVSW` QVWZR`S\" O\R b]
(,* M E :7 B :7@A?7@A@ A8 >;87
[cab PS dWaWPZS" bVOb Wa" ^cPZWQ" b] PS \]bSR O\R `S[S[PS`SR Oa U`SOb$
EVS RW[S\aW]\ ]T bVWa ZWdW\U#]\ Wa bVS RW[S\aW]\ WbaSZT W\ eVWQV Wb Wa
SO`\SR0 bVS P]Rg ^]ZWbWQ$ ;[[]`bOZ TO[S Wa bVca ^cPZWQ V]\]` W\
^S`^SbcWbg" Oa bVS P]Rg ^]ZWbWQ Wa Vc[O\ ZWTS W\ ^S`^SbcWbg$ @]e" OZ#
`SORg 3`Wab]bZS ^]W\bSR ]cb bVOb V]\]` Wa e]`bV Xcab Oa [cQV Oa bVS
XcRU[S\b ]T bV]aS eV] PSab]e Wb$) 4cb bVS\" bVS RSaW`S T]` Wb" O\R 4
9ACE<AC< bVS RSaW`S T]` Wba SfbS\aW]\ W\b] ^]abVc[]ca TO[S" O\R cZbW#
[ObSZg bVS SabW[ObW]\ ]T bVWa T]`[ ]T W[[]`bOZWbg W\ ^`W\QW^ZS" O`S
XcabWTWSR ]\Zg Pg bVS b`cab eS QO\ `SOa]\OPZg ^ZOQS W\ bVS W\bSU`Wbg ]T

a^S\R []\Sg O\R c\RS`U] O\g a]`b ]T b]WZ" O\R SdS\ b] RWS" T]` bVS aOYS ]T
ZSOdW\U PSVW\R bVS[ O \O[S eVWQV aVOZZ PS SbS`\OZ$ 6] g]c W[OUW\S bVOb
3ZQSabWa e]cZR VOdS RWSR b] aOdS 3R[Sbca" ]` 3QVWZZSa b] OdS\US BOb#
`]QZca" ]` g]c` ]e\ 5]R`ca W\ ]`RS` b] ^`SaS`dS bVS YW\UR][ T]` VWa a]\a"
WT bVSg VOR \]b W[OUW\SR bVOb bVS [S[]`g ]T bVSW` dW`bcSa" eVWQV abWZZ
ac`dWdSa O[]\U ca" e]cZR PS W[[]`bOZ2 @Og" ; O[ ^S`acORSR bVOb OZZ [S\
R] OZZ bVW\Ua" O\R bVS PSbbS` bVSg O`S bVS []`S bVSg R] bVS[" W\ V]^S ]T
bVS UZ]`W]ca TO[S ]T W[[]`bOZ dW`bcS1 T]` bVSg RSaW`S bVS W[[]`bOZk
Dg[^]aWc[ (&. Q#R1 b`$ 4$ <]eSbb!$ BS`VO^a bVS Z]TbWSab abObS[S\b ]T bVS
WRSOZ ]QQc`a W\ BS`WQZSal 8c\S`OZ A`ObW]\ ]\ bVS 3bVS\WO\ RSOR W\ bVS TW`ab
gSO` ]T bVS BSZ]^]\\SaWO\ eO`0 jEVSg `SQSWdSR" SOQV T]` VWa ]e\
[S[]`g" ^`OWaS bVOb eWZZ \SdS` RWS" O\R eWbV Wb bVS U`O\RSab ]T OZZ aS^cZ#
QV`Sa" \]b bVOb W\ eVWQV bVSW` []`bOZ P]\Sa O`S ZOWR" Pcb O V][S W\ bVS
[W\Ra ]T [S\" eVS`S bVSW` UZ]`g `S[OW\a T`SaV b] abW` b] a^SSQV ]` OQbW]\
Oa bVS ]QQOaW]\ Q][Sa Pg$ 8]` bVS eV]ZS SO`bV Wa bVS aS^cZQV`S ]T TO[]ca
[S\" O\R bVSW` ab]`g Wa \]b U`OdS\ ]\Zg W\ ab]\S ]dS` bVSW` \ObWdS SO`bV"
Pcb ZWdSa TO` OeOg" eWbV]cb dWaWPZS ag[P]Z" e]dS\ W\b] bVS abcTT ]T ]bVS`
[S\la ZWdSak EVcQgRWRSa" ;; *)1 b`$ 3$ KW[[S`\" 2;8 )C88= %A??A@
H84>E; ^$ (&-!$i@]b Z]\U OU]" ; S\Q]c\bS`SR bVS O\QWS\b aS\bW[S\b
c\OZZ]gSR W\ ]T OZZ ^ZOQSa! bSZSdWaW]\ eVS\ ]\S ]T ]c` Oab`]\Ocba#W\#
b`OW\W\U" OaYSR eVOb VOR [ORS VW[ d]Zc\bSS` T]` bVS bOaY" O\aeS`SR"
j8`O\YZg" bVS QVO\QS ]T W[[]`bOZWbg1 T]` bVWa" ; e]cZR eWZZW\UZg UWdS [g
ZWTS$k 9WdS\ eWbV S\UOUW\U aW[^ZWQWbg" bVS`S eOa \] R]cPbW\U bVS QO\R]` ]T
bVS `S^Zg$ 7dS\ba W\ bVS [SO\bW[S [Og VOdS QOcaSR a][S `STZSQbW]\a ]\
V]e [cQV" PSaWRSa bVS [S`Wba ]T RSRWQObW]\ O\R OPWZWbg" OZa] ]^^]`bc\Wbg
O\R ZcQYi O\R \]b ]\Zg ]c` ]e\" Pcb bVOb ]T c\Y\]e\ ]bVS`ai`cZS ]dS`
bVWa YW\R ]T W[[]`bOZWbg$
)$ ;\ RWaQcaaW\U eVg V]\]` QO\\]b PS jbVS U]]Rk0 Wb `Saba W\ bV]aS eV]
PSab]e Wb `ObVS` bVO\ W\ VW[ eV] `SQSWdSa Wb" eVS`SOa bVS U]]R [cab PS
]\Sla W\OZWS\OPZS ]e\1 Tc`bVS`" eS aSSY Wb" W$S$" bVS `S^cbObW]\ ]T PSW\U
U]]R" Oa O Q]\TW`[ObW]\ ]T ]c` PSW\U U]]R" bVS`ST]`S T`][ ^S]^ZS eV]
VOdS U]]R XcRU[S\b" O\R ORS_cObS Y\]eZSRUS ]T ca" O\R eV] OQQ]`R
V]\]` b] dW`bcSieVWQV ]\ bVWa OR[WaaW]\ abO\Ra Oa bVS ^`W[O`g U]]R0
'E;! .<6! '&/+ P ((#)&$
; ??ACE3>;EJ 3@6 E:7 ?A67C@ E 7?B7C L (,+
Wba b`cabSS O\R [OabS`" \O[SZg" ^cPZWQ ]^W\W]\0 W\ Wba S\ZWUVbS\[S\b
\]e" Wba TOWbVTcZ\Saa W\ bVS Tcbc`Si O\R" ]T Q]c`aS" W\ Wba ]e\ c\QSOa#
W\U Q]\bW\cWbg" bVOb Wa bVS W\RSTW\WbS ac`dWdOZ ]T bVS Q][[]\eSOZbV$
@]e ]\ OZZ bVSaS Q]c\ba bVS []RS`\ bS[^S` QO\\]b ^S`[Wb WbaSZT bVS
W\\]QS\b Q]\TWRS\QS ]T bVS 9`SSYa$ EVS aSZSQbWdS\Saa Oa acQV ]T bVWa
jW[[]`bOZWbgk 0 bVOb Wb OR[Wba TSe O\R SfQZcRSa []ab" eS [WUVb OQQS^b
WT ]\Zg eS Q]cZR PSZWSdS W\ bVS XcabWQS ]T bVS aSZSQbW]\$ 4cb T]` bVOb eS
Y\]e b]] [cQV ]T V]e `S^cbObW]\a O`S [ORS" V]e TO[S Wa TOP`WQObSR"
^cPZWQ ]^W\W]\ S\UW\SS`SR" bVS `SQ]`R ]T VWab]`g `S[ORS" O\R SdS\
^`S[ORS" b] bVS ]`RS` ]T W\bS`Sab O\R ^]eS`$ ;\ bVS OUS ]T bVS ^O`bg
ZW\Sa" O\R" T]` bVOb [ObbS`" ]T ?ORWa]\ 3dS\cS" W\ bVS OUS ]T bVS
c\WdS`aOZ Q]``c^bW]\ ]T bVS e]`R" eS O`S aORZg OeO`S bVOb a^SSQV" bVS
dSVWQZS ]T bVWa W[[]`bOZWbg" Wa bVS [SRWc[ ]T ZWSa Oa eSZZ Oa ]T b`cbV"
O\R []`S ]TbS\ bVS T]`[S` bVO\ bVS ZObbS` W\ bVS ^cPZWQ a^VS`Si eWbV
O PcaWZg T]abS`SR U`]ebV PSbeSS\ bVS[ ]T c\[SO\W\U\Saa" \]b SdS\ TWb
T]` SWbVS`" SObW\U OeOg W\b] P]bV1 O\R bVS ]ZRS` aca^WQW]\ eVSbVS` eS
O`S \]b RSOZW\U eWbV O bOZS b]ZR Pg O\ WRW]b Wa ]dS`aVOR]eSR Pg bVS
e]`aS bVOb Wb [WUVb PS O bOZS Q]\Q]QbSR Pg Y\OdSa$
HS VOdS OZa] ZSO`\SR bVOb SdS\ ac^S`Vc[O\ VS`]Wa[ QO\ PS a]
STTSQbWdSZg aVcb ]TT T`][ OZZ ^cPZWQ Y\]eZSRUS O\R bSabW[]\g bVOb W\
[c\RO\S bS`[a Wb Wa Oa WT Wb VOR \SdS` PSS\$ 8c`bVS`" WT US\S`OZZg bVS
^`S[Wc[ ^cb ]\ bVS a^SQbOQcZO` Ob bVS Sf^S\aS ]T bVS VWRRS\ ^`]#
d]YSa ]c` RWaROW\" bVS U`SOb SdWZR]S`a eS []RS`\a VOdS VOR bVS T]`#
bc\S b] Y\]e TOQS ca eWbV bVS eV]ZZg `S^cU\O\b ^S`a^SQbWdS bVOb bVS
TO[]ca O\R bVS W\TO[]ca Q][S b] abO\R ]\ O ^O`0 T]` ZSb \] ]\S
RSQSWdS VW[aSZT ]\ bVS TOQb bVOb b] bVS ^S`dS`aWbg ]T bV]aS OUS\ba" O\R
b] bVOb ]T O ^]abS`Wbg `Sa^]\RW\U b] bVSW`a" bVSW` SdWZ TO[S Wa O\
OQVWSdS[S\b O\R \]b O ^S\OZbg0 O\R a] bVS :WbZS`a O\R DbOZW\a ]T ]c`
S`O e]cZR VOdS acQQSSRSR b] Sfb`OQb W[[]`bOZWbg T`][ bVS SfbW\QbW]\
]T bVSW` \O[SZSaa dWQbW[a$
DVOZZ eS ORR bVOb ]\Zg bVS dOW\ Q`OdSa W[[]`bOZWbg ]T \O[S" eVWZS
bVS b`cZg ^`]cR O\R U]]R QO\ R] eWbV O\]\g[]ca ac`dWdOZ ]T VWa
e]`Y2 EVWa ZSORa b] O\]bVS` dS`aW]\ ]T bVS S[^W`WQOZ Q]\QS^b0 W[[]`#
bOZWbg ]T W\TZcS\QSi b] a][S SfbS\b bVS V]^S ]T SdS`g SO`\Sab STT]`b W\
bVS aS`dWQS ]T VWUVS` ^c`^]aS$ 4cb" OZOa" bVS`S OUOW\ eS O`S b]]
e]`ZRZg eWaS b] b`cab W\ bVS e]`ZRZg QOcaOZWbg ]T bVW\Ua Oa O TOWbVTcZ
`S^]aWb]`g ]T OQba" aW\QS eS QO\ Q`SRWb Wb \SWbVS` eWbV ORS_cObS RWa#
Q`W[W\ObW]\ ]T e]`bV \]` eWbV Wba Q]\aS`dObW]\ W\ bVS aVWTba ]T bW[S$
M E :7 B :7@A?7@A@ A8 >;87
EVWa [cQV" a]PS` XcRU[S\b Q]cZR OZeOga VOdS Y\]e\$ 4cb eS Y\]e
a][SbVW\U []`S O\R \SdS` Y\]e\ PST]`S0 bVOb bVS `S^]aWb]`g WbaSZT"
\O[SZg Vc[O\ QWdWZWhObW]\" Wa ^S`WaVOPZS$ EVWa \Se Y\]eZSRUS W\#
dOZWRObSa P]bV Q]\QS^ba" W[[]`bOZWbg ]T \O[S O\R ]T W\TZcS\QSi SdS\
bVOb ]T U`SOb e]`Ya ]T O`b O\R bV]cUVb" eVWQV []ab ]T OZZ `SaWab
]PZWbS`ObW]\ Pg bW[S0 T]` eVOb Wa WbaSZT []`bOZ QO\\]b eSZZ PS bVS
dSVWQZS ]T W[[]`bOZWbg$ HWbV bVS R`O[ObWQ aVO`^S\W\U eVWQV bVS US\#
S`OZZg []RS`\ OeO`S\Saa ]T bVS ^OaaW\U \Obc`S ]T QcZbc`Sa O\R a]QW#
SbWSa VOa c\RS`U]\S []`S `SQS\bZgi b] bVS ^]W\b eVS`S bVS ac`dWdOZ ]T
bVS Vc[O\ `OQS WbaSZT aSS[a W\ XS]^O`Rgi ]c` ^`Sac[^bWdS W[[]`#
bOZWbg" Oa bVOb ]T OZZ bVS W[[]`bOZa PST]`S ca" O^^SO`a acRRS\Zg Ob bVS
[S`Qg ]T O [][S\bla [WaQOZQcZObW]\" TOWZc`S" ]` T]ZZg Pg O VO\RTcZ ]T
TOZZWPZS [S\$

;;
>Sb ca" bVS\" bc`\ b] bVS \]\#S[^W`WQOZ O\R `SOZZg acPabO\bWdS Q]\QS^b
]T W[[]`bOZWbg0 ac`dWdOZ ]T bVS ^S`a]\ W\ O\ VS`SOTbS`$ EVWa TW\Ra WbaSZT
Ob SdS\ U`SObS` ]RRa eWbV bVS []RS[ bS[^S`$ ; R] \]b Q]\QS`\ [gaSZT
eWbV bVS ^S`acOaWdS W\TS`S\QS T`][ bVS W\RcPWbOPZS ]`UO\WQ POaWa ]T
j^S`a]\k b] Wba SaaS\bWOZ \]\#aS^O`OPZS\Saa bVS`ST`][$ 4cb" R] Ob ZSOab
bVS \]\#S[^W`WQOZ `SOa]\W\Ua PSVW\R bVS BADEF>4E8 abWZZ VOdS ]c` SO`2
EVS aS`W]ca ]\Sa" WT eS RWa[Waa bVS [S`S Q`SObc`SZg `SQ]WZ T`][ RSObV"
TOZZ `]cUVZg c\RS` be] VSORa0 XcabWQS" O\R bVS RWabW\QbW]\ PSbeSS\
O^^SO`O\QS O\R `SOZWbg" ]T eVWQV bVS WRSO ]T bVS [S`S ^VS\][S\OZWbg
]T bW[S Wa O QOaS$ 4]bV VOdS bVWa W\ Q][[]\ bVOb bVSg OQQ]`R b] [O\
bVS [SbO^VgaWQOZ abObca ]T []`OZ acPXSQb O\R" Oa acQV" ]T PSZ]\UW\U b]
O []`OZ ]` jW\bSZZWUWPZSk ]`RS` PSaWRSa bVS aS\aWPZS ]\S$ EVWa aV]cZR
\]b PS ZWUVbZg RWa[WaaSR$ 4cb bVS ^`W\QW^ZS ]T XcabWQS" PS Wb `Sb`WPcbWdS
]` Q][^S\aOb]`g XcabWQS" R]Sa Pg Wba ]e\ Q`WbS`W]\ \]b ac^^]`b bVS
QZOW[ b] W[[]`bOZWbg$ 8]` bS[^]`OZ [S`Wb ]` UcWZb QOZZa T]` bS[^]`OZ"
\]b SbS`\OZ `Sb`WPcbW]\" O\R XcabWQS bVca `S_cW`Sa Ob []ab O TW\WbS OTbS`#
ZWTS T]` aSbbZW\U OQQ]c\ba" \]b O\ W\TW\Wbg ]T SfWabS\QS$ 3\R Oa b]
Q][^S\aObW]\ T]` c\RSaS`dSR acTTS`W\U" ]` RS\WSR QVO\QSa" ]` [WaaSR
VO^^W\Saa VS`S" bVS`S O^^ZWSa bVS ORRWbW]\OZ Q]\aWRS`ObW]\ bVOb O 6>4<?
b] VO^^W\Saa Oa acQV V]e [cQV ]T Wb2! Wa _cSabW]\OPZS b] PSUW\ eWbV1
O\R bVOb [WaaSR 9F>9<>>?8@E Q]cZR ]\Zg PS [ORS c^ T]` <@ <ED AC<:<@4>
E8C?D bVOb Wa" W\ bVS bS`[a ]T STT]`b O\R ]PabOQZSa O\R c\QS`bOW\bg O\R
; ??ACE3>;EJ 3@6 E:7 ? A67C@ E 7?B7C L (,-
TOZZWPWZWbg O\R c\W_cS ]QQOaW]\ O\R ZW[WbSR bW[Si W\ aV]`b0 W\ bS`[a ]T
\]\#UcO`O\bSSR ObbOW\[S\b O\R ^]aaWPZS [Waa$ EVSaS O`S bVS dS`g
bS`[a ]T N%%#TcZTWZZ[S\b" O\R bVSg O`S ^`SQWaSZg bVS bS`[a ]T bVS e]`ZR$
E] b`g W\ bVS[ ]c` PSW\U" O\R b] Sf^S`WS\QS bVS dWQWaaWbcRSa ]T ]c`
b`g" \]b Y\]eW\U bVS ]cbQ][S W\ ORdO\QSibVWa Wa ]c` US\cW\S QZOW[$
HWbV]cb bV]aS bS`[a" eWbV]cb bVS O\fW]ca\Saa ]T QVO\QS O\R bVS hSab
]T QVOZZS\US O\R bVS aeSSb\Saa ]T OQVWSdS[S\b c\RS` acQV bS`[a" \]
PZWaa U`ObcWb]caZg U`O\bSR QO\ PS O\gbVW\U Pcb O Q]c\bS`TSWb Q]W\ T]`
eVOb VOa PSS\ [WaaSR$ ;b OZa] e]cZR ZOQY OZZ []`OZ e]`bV$ ;\RSSR bVS
VS`S QO\\]b PS b`ORSR T]` O bVS`Si acQV Wa ]c` ^`SaS\b abO\QS$
EVWa OZa] Q]\bOW\a bVS []RS`\ bS[^S`la `Sa^]\aS b] bVS RWabW\QbW]\
]T O^^SO`O\QS O\R `SOZWbg$ ; VOdS OZeOga TSZb bVOb bVS WRSOZWabWQ ^VW#
Z]a]^VS`a eV] ^`]TSaa Wb [Og VOdS PSS\ b]] aVSZbS`SR T`][ bVS aV]QY
]T bVS SfbS`\OZ" a] bVOb bVSg Q]cZR `SUO`R Wb Oa O a^SQbOQZS" O `S^`SaS\#
bObW]\ ]\ O abOUS$ EVSg QS`bOW\Zg R] ZSaa bVO\ V]\]` b] eVOb bVSg
RS[]bS b] [S`S O^^SO`O\QS$ HS VO`R#^`SaaSR QVWZR`S\ ]T bVS \]e
W\aWab ]\ bOYW\U Wb aS`W]caZg$ HVS`S eS TW\R Wb RSQS^bWdS eS bOYS O
VO`RS` Z]]Y Ob Wb b] [OYS Wba b`cbV []`S b`cZg O^^SO`$ EVS abO`Y\Saa ]T
O PO``S\ []c\bOW\aWRS" bVS PSOcbg ]T O\ O\W[ObSR TOQS" O`S bVS RW`SQb
ZO\UcOUS ]T `SOZWbg$ 3\R eVS\ W\ V]``]` eS Z]]Y Ob bVS ^WQbc`Sa T`][
4cQVS\eOZR" Ob bVS eOabSR P]RWSa O\R RWab]`bSR TOQSa" Ob bVS cbbS`
RSTWZS[S\b ]T Vc[O\Wbg W\ bVS TZSaVieS `SXSQb bVS Q]\a]ZObW]\ bVOb
bVWa Wa O^^SO`O\QS O\R bVS b`cbV Wa a][SbVW\U SZaS0 eS TOQS bVS bS``WPZS
b`cbV bVOb bVS O^^SO`O\QS <D bVS `SOZWbg" O\R bVOb bVS`S Wa \]bVW\U []`S
`SOZ bVO\ eVOb VS`S O^^SO`a$
?]ab c\ag[^ObVSbWQ" ^S`VO^a" Wa []RS[ ^VWZ]a]^Vg b] bVS dWSe
bVOb E<?8 Wa \]b cZbW[ObSZg `SOZ Pcb ]\Zg bVS ^VS\][S\OZ T]`[ c\RS`
eVWQV O bW[SZSaa" \]c[S\OZ `SOZWbg O^^SO`a b] O acPXSQb eVWQV jW\
WbaSZTk Wa ]T bVOb \]c[S\OZ e]`ZR$ EVWa eOa bVS bS\c]ca bVS]`SbWQOZ
ZW\Y b] ^]aaWPZS ^S`a]\OZ W[[]`bOZWbg ZSTb Pg =O\bla Q`WbWQOZ WRSOZWa["
O\R Wb VOa eWbVS`SR OeOg W\ bVS QZW[ObS ]T bVS []RS[ [W\R$ 8`][
bVS RWaQ]dS`g ]T ?O\la POaWQ VWab]`WQWbg b] bVS ]\b]Z]UWQOZ SZOP]`ObW]\
]T bVS W\\S`[]ab bS[^]`OZWbg ]T VWa PSW\U" Wb VOa PSS\ P]`\S W\ c^]\
ca bVOb bW[S" TO` T`][ PSW\U O [S`S T]`[ ]T ^VS\][S\O" Wa ]T bVS
SaaS\QS ]T acQV bVW\Ua Oa aSZdSa" O\R bVOb Wba TW\WbcRS T]` SOQV Wa
W\bSU`OZ b] bVS dS`g OcbVS\bWQWbg ]T VWa SfWabW\U$ CObVS` bVO\ RWa#
aS[PZS" eS QZOW[ ]c` ^S`WaVOPWZWbg0 eS R] \]b eWaV b] T]`SU] bVS ^O\U
O\R ^]WU\O\Qg ]T TW\WbcRS0 eS W\aWab ]\ TOQW\U \]bVW\U\Saa O\R ]\
(,. # E :7 B :7@A?7@A@ A8 >;87
VOdW\U bVS ab`S\UbV b] ZWdS eWbV Wb$ EVca" eWbV]cb O aSQ`Sb ZWTS#ZW\S T]`
`SOaac`O\QS" SfWabS\bWOZWa[" bVWa Sfb`S[S ]TTa^`W\U ]T bVS []RS`\
bS[^S` ]` RWabS[^S`" bV`]ea WbaSZT W\b] bVS eObS`a ]T []`bOZWbg$ 3\R
eS" eVSbVS` ]T Wba R]Qb`W\S ]` \]b" aVO`S S\]cUV ]T Wba a^W`Wb b] VOdS
bOYS\ ]c` Z]\SZg abO\R W\ bW[S PSbeSS\ bVS be]T]ZR \]bVW\U ]T PST]`S
O\R OTbS`$

;ZZ
3\R gSbi eS TSSZ" bS[^]`OZWbg QO\\]b PS bVS eV]ZS ab]`g" PSQOcaS W\
[O\ Wb VOa O\ W\VS`S\bZg aSZT#ac`^OaaW\U _cOZWbg" ]T eVWQV bVS dS`g
TOQb O\R Tc[PZW\U ]T ]c` WRSO ]T SbS`\Wbg Wa O Q`g^bWQ aWU\OZ$ ;T SdS`#
ZOabW\U\Saa Wa O e`]\U Q]\QS^b" jSbS`\Wbgk [Og VOdS ]bVS` [SO\W\Ua
i O\R O `STS`S\QS b] bVS bS[^]`OZ ]T eVWQV ]c` []`bOZ Sf^S`WS\QS"
b`O\aQS\RW\U Wba [S`S b`O\aWS\QS W\ bVS ab`SO[ ]T SdS\ba" [Og a][S#
bW[Sa PSO` eWb\Saa$ EVS ]^O_cS\Saa ]T bVS VS`S O\R \]e QZSO`a Ob
bW[Sa Oa WT Pg acRRS\ ^`SQW^WbObW]\ Ob bVS Q`WbWQOZ ^]W\b0 WT bVS`S Wa O\g
acQV b`O\a^O`S\Qg ]T bVS bS[^]`OZ T]` bVS SbS`\OZ" V]eSdS` `O`S O\R
P`WST" bVS\ bVS [][S\ba O\R []RSa W\ eVWQV Wb Q][Sa b] ^Oaa QO\ UWdS
ca O QZcS Oa b] eVOb ]T ]c` PSW\U" WT \]b bVS acPabO\QS ]T ]c` aSZdSa"
[Og PS aOWR b] `SOQV W\b] bVS RSObVZSaa O\R" bVS`ST]`S" b] PS ]c` abOYS
W\ W[[]`bOZWbg$ ;\ eVOb aWbcObW]\a O\R W\ eVOb T]`[a R] eS S\Q]c\bS`
bVS SbS`\OZ2 HVS\ R] eS TSSZ bVS eW\Ua ]T bW[SZSaa\Saa b]cQV ]c`
VSO`b O\R W[[]`bOZWhS bVS \]e2 ;\ eVOb [O\\S` R]Sa bVS OPa]ZcbS
S\bS` bVS `SZObWdWbWSa ]T ]c` SdS`gROg SfWabS\QS2
; aVOZZ \]b W\d]YS bVS bSabW[]\g ]T [gabWQOZ Sf^S`WS\QSa bVOb O`S
\]b [W\S O\R" WT bVSg eS`S" e]cZR TW\R bVSW` QZOW[ Q][S c\RS` bVS
W\dW\QWPZS aca^WQW]\ ]T bVS ^agQV]Z]UWhW\U []RS[ [W\R$ @]` aV]cZR
bVS c\a]ZWQWbOPZS S\Q]c\bS`a ]T Z]dS ]` ]T PSOcbg" eVWQV eS [WUVb
U`O\b b] PS TZOaVSa ]T SbS`\Wbg" PS ac[[]\SR Oa SdWRS\QS W\ RWaQ]c`aS
Oa WT bVSg eS`S Ob ]c` QOZZ" b] bVS Q][^ZOQS\QS ]T VW[ eV] QO\ QZOW[
bVS[" O\R bVS RWaQ][TWbc`S ]T VW[ eV] QO\\]b$ CObVS`" W\ YSS^W\U
eWbV bVS []RS[ bS[^S`" ; bc`\ b] bVS ]\S YW\R ]T SdWRS\QS bVOb
RS^S\Ra ]\ ]c`aSZdSa PSQOcaS eS O`S OQbWdS bVS`S" \]b `SQS^bWdS"
eV]ZZg acPXSQb O\R W\ \] eOg ]PXSQb$
;\ [][S\ba ]T RSQWaW]\" eVS\ ]c` eV]ZS PSW\U Wa W\d]ZdSR" eS TSSZ
Oa WT OQbW\U c\RS` bVS SgSa ]T SbS`\Wbg$ HVOb QO\ eS [SO\ Pg Wbi \Og"
Pg ]c` eWZZW\U bVOb Wb PS a]2 HS [Og Sf^`Saa ]c` TSSZW\U W\ RWTTS`S\b
; ??ACE3>;EJ 3@6 E:7 ?A67C@ E 7?B7C L (,/
ag[P]Za OQQ]`RW\U b] O`bWQcZObS PSZWSTa eVWQV eS V]ZR ]` b] bVS
W[OUSa eS QVS`WaV$ HS [Og aOg" T]` W\abO\QS" bVOb eVOb eS R] \]e
eWZZ [OYS O\ W\RSZWPZS S\b`g W\ bVS j4]]Y ]T >WTS"k ]` ZSOdS O\
W\RSZWPZS [O`Y W\ O b`O\aQS\RS\b ]`RS`1 bVOb Wb eWZZ OTTSQb bVOb ]`RS`" WT
\]b ]c` ]e\ RSabW\g" T]` U]]R ]` T]` SdWZ1 bVOb eS aVOZZ PS OQQ]c\bOPZS
T]` Wb PST]`S O bW[SZSaa aSOb ]T XcabWQS" ]`i WT eS O`S \]b bVS`S T]` bVS
OQQ]c\bW\U" PSQOcaS eS VOdS TZ]eSR R]e\ bVS `WdS` ]T bW[Si bVOb ]c`
SbS`\OZ W[OUS Wa RSbS`[W\SR Pg ]c` ^`SaS\b RSSR" O\R bVOb bV`]cUV
eVOb eS R] b] bVOb W[OUS ]T ]c`a VS`S O\R \]e" eS O`S `Sa^]\aWPZS
T]` bVS a^W`WbcOZ b]bOZWbg ]T W[OUSa bVOb SdS`U`]eW\UZg ac[a c^ bVS
`SQ]`R ]T PSW\U O\R eWZZ PS RWTTS`S\b T]` ]c` RSSR$ A`" ZSaa [SbO^VgaW#
QOZZg" eS [Og aOg bVOb eS eWaV b] OQb a] bVOb" eVObSdS` bVS ]cbQ][S
VS`S W\ bVS W\QOZQcZOPZS Q]c`aS ]T [c\RO\S QOcaOZWbgi eVSbVS` acQ#
QSaa ]` [WaQO``WOUSieS QO\ ZWdS eWbV bVS a^W`Wb ]T ]c` OQb bV`]cUV O\
SbS`\Wbg b] Q][S" ]` RWS eWbV Wb bVS W\abO\b OTbS` bVWa$ A`" bVOb eS O`S
`SORg b] aSS ]c`aSZdSa" W\ O\ SbS`\OZ `SQc``S\QS ]T OZZ bVW\Ua" eVS\ ]c`
bc`\ Q][Sa `]c\R" O\R OUOW\ eS abO\R ^]WaSR Oa \]e" PZW\R Oa \]e"
c\OWRSR Oa \]ei b] aSS ]c`aSZdSa [OYW\U bVS aO[S RSQWaW]\ OUOW\"
O\R SdS` OUOW\" OZeOga ^OaaW\U bVS aO[S W[OUW\O`g bSab" S\RZSaaZg
`SOTTW`[W\U eVOb Wa gSb SOQV bW[S ]\Zg ]\QS$ A`" TOWZW\U bVOb QS`bOW\bg
]T OTTW`[ObW]\" bVOb Ob ZSOab bVS OU]\g ]T W\TW\WbS `WaY [Og PS `WUVbTcZZg
]c`a$ 3\R W\ bVWa" SbS`\Wbg O\R \]bVW\U\Saa [SSb W\ ]\S0 bVOb bVS
j\]ek XcabWTWSa Wba OPa]ZcbS abObca Pg Sf^]aW\U WbaSZT b] bVS Q`WbS`W]\ ]T
PSW\U bVS ZOab [][S\b U`O\bSR ]T bW[S$ E] OQb Oa WT W\ bVS TOQS ]T bVS
S\R Wa b] OQb Oa WT W\ bVS TOQS ]T SbS`\Wbg" WT SWbVS` Wa bOYS\ Oa O
ac[[]\a b] c\VSRUW\U b`cbV ]T aSZTV]]R$ 4cb b] c\RS`abO\R bVS S\R
W\ bVWa eOg Wa `SOZZg b] c\RS`abO\R Wb W\ O ZWUVb T`][ PSg]\R bW[S$

;G
HVOb aVOZZ eS [OYS ]T bVSaS TSSZW\Ua O\R [SbO^V]`a" O\R eVOb" WT
O\gbVW\U" R] bVSg Q]\b`WPcbS" eVOb VW\ba R] bVSg Tc`\WaV b]eO`Ra bVS
WaacS ]T W[[]`bOZWbg2 ;b eWZZ PS \]bSR bVOb bVS ag[P]Za `STS``SR b]
a^SOY" \]b ]T W[[]`bOZWbg" Pcb ]T SbS`\WbgieVWQV" b] PS ac`S" Wa
RSObVZSaa\Saa Pcb \]b \SQSaaO`WZg [W\S" gSb [cab VOdS acQV O `SZObW]\
b] [g []`bOZWbg bVOb eWbV a][SbVW\U W\ ]` ]T [g PSW\U ; QO\" SdS\
[cab" aVO`S W\ Wb$ HVOb QO\ bVOb PS2 >Sb ca Tc`bVS` \]bS bVOb W\ OZZ
bV]aS ag[P]Za Wb eOa \]b bVS `SOZ[ ]T TSSZW\U Pcb bVOb ]T OQbW\U" \]b
(-& M E :7 B :7@A?7@A@ A8 > ;87
bVS [ObbS` ]T PZWaa O\R ^OW\ Pcb bVS a^W`Wb ]T RSQWaW]\ O\R RSSR" W\
aV]`b" \]b ]c` ^OaaWdS Pcb ]c` OQbWdS \Obc`S" eVWQV QO[S b] abO\R W\ O
`SZObW]\ b] SbS`\Wbg$ >Sb ca bOYS bVOb VW\b$ ;b aSS[a O ^O`OR]f Ob TW`ab$
8]` Wa Wb \]b TSSZW\U eVWQV VOa Rc`ObW]\" eVWQV a^`SORa ]dS` bW[S O\R"
Oa O bW[S#TWZZW\U Q]\bS\b" QO\ Ob ZSOab PS bV]cUVb a^`SOR ]cb W\RSTW#
\WbSZg2 eVS`SOa RSQWaW]\ Wa ]T OZZ bVS []ab b`O\aWS\b ]QQc^O\b ]T bW[S"
O\ W\TW\WbSaW[OZ [OU\WbcRS W\ SfbS\aW]\" S\bW`SZg Z]RUSR W\ bVS []#
[S\b O\R W``Sb`WSdOPZg QO``WSR ]TT eWbV Wba TZSSbW\U \]e2 3\R Wa Wb \]b
TSSZW\U eVWQV Q`OdSa W[[]`bOZWbg" eVWQV eWaVSa b] ZOab" eVWQV bSZZa b]
bVS [][S\b jA ab]^ O\R abOg kieVWZS bVS OQb ^`SaaSa ]\" aSZT#
ZW_cWRObW\U" Z]]YW\U PSg]\R WbaSZT" \]b SdS\ eWaVW\U b] abOg" \Og" eWaV#
W\U b] S\R2 EVS ^O`OR]f Wa bVOb W\ eVOb Wa aSZT#\SUObW\U" \]b W\ eVOb Wa
aSZT#OTTW`[W\U eWbV `Sa^SQb b] ZOabW\U\Saa" eS aV]cZR Z]]Y T]` bVS `SZO#
bW]\i Oa gSb c\RSTW\SRib] SbS`\Wbg$ 4cb ^S`VO^a bVS ^O`OR]f Q]\#
bOW\a Wba ]e\ VW\b$ 8]` bVOb eVWQV VOa SfbS\aW]\ [Og VOdS []`S ]`
ZSaa ]T Wb" Pcb [cab VOdS O\ S\R0 Rc`ObW]\ TSSRa ]\ bVS P]]\ ]T
_cO\bWbg" Pcb Wa OZa] S\QZ]aSR W\ Wba ZW[Wba0 Wba PS\STWb T`][ bVS ZO`USaa
]T O aS\aWPZS Q]\bW\cc[ Wa Ob bVS aO[S bW[S Wba Q]\TW\S[S\bi bVS
Q]\TW\S[S\b b] Wba ]e\ W[[O\S\QS$ >OabW\U Oa Z]\U Oa Wb R]Sa" Wb
QO\\]b ]cbZOab WbaSZT$ A\ bVS ]bVS` VO\R" bVS Q`WbWQOZ RWdWRS ]T bVS
SfWabS\bWOZ \]e" W\ eVWQV T`SS OQbW]\ Wa P]`\" VOa RW[S\aW]\ ]\Zg Pg
OQQWRS\b O\R Wa \]b [SOac`SR Pg Wb$ EVS SdO\SaQS\QS Oa [cQV Oa bVS
^`]b`OQbW]\ ]T Wba aS\aWPZS a^O\ Wa RSTWSR Pg O b`O\aQS\RS\QS ]T [SO\#
W\U eVWQV Wa W\RWTTS`S\b b] bVS Z]\U ]` bVS aV]`b ]T Rc`ObW]\$ EVca Wb
[Og eSZZ PS bVOb bVS ^]W\b ]T bVS [][S\b" \]b bVS Sf^O\aS ]T bVS TZcf"
Wa ]c` ZW\Y b] SbS`\Wbg0 O\R bVS j[][S\bk \]b Oa bVS @F@6 DE4@D bVS
jabO\RW\U \]e"k W\ eVWQV bVS [gabWQ bOabSa `SZSOaS T`][ bVS []dS#
[S\b ]T bW[S" Pcb [][S\b Oa bVS [][S\bc[#UWdW\U []b]` ]T bVOb
dS`g []dS[S\b$ A\ bVS bV`SaV]ZR ]T RSSR V]ZRW\U bW[S W\ aca^S\aS"
Pcb \]b O `Sa^WbS T`][ bW[S" Wb Sf^]aSa ]c` PSW\U b] bVS bW[SZSaa O\R
eWbV bVS bc`\ ]T RSQWaW]\ a^SSRa ca W\b] OQbW]\ O\R bW[S$ DeWTbZg
`SQZOW[SR Pg bVS []dS[S\b Wb OQbcObSa" Wb [O`Ya [O\la ]^S\\Saa b]
b`O\aQS\RS\QS W\ bVS dS`g OQb ]T Q][[WbbW\U VW[ b] bVS b`O\aWS\QS ]T
aWbcObW]\" O\R W\ bVWa R]cPZS Sf^]ac`S" eVWQV Q][^]c\Ra bVS \Obc`S
]T b]bOZ Q]\QS`\" bVS j[][S\bk ^ZOQSa bVS `Sa^]\aWPZS OUS\b PSbeSS\
bW[S O\R SbS`\Wbg$ 8`][ bVWa ^ZOQS#PSbeSS\ a^`W\Ua SdS` \Se bVS
QVO\QS ]T \Se PSUW\\W\U" eVWQV SdS` [SO\a bVS ^Zc\US W\b] bVS VS`S
O\R \]e$
; ??ACE3>;EJ 3@6 E:7 ?A67C@ E 7?B7C L (-'
EVca" b] aOg Wb OUOW\" \]b eVOb ZOaba Z]\USab W\ ]c` Sf^S`WS\QS" Pcb
eVOb ZOaba aV]`bSab O\R Wa W\b`W\aWQOZZg []ab ORdS`aS b] ZOabW\U\Saa"
[Og bc`\ ]cb b] PS bVOb eVWQV PW\Ra bVS []`bOZ b] bVS W[[]`bOZ$ 8`][
Wba bSabW[]\g" bVS\" eS QO\ ^S`VO^a Sfb`OQb O PSbbS` [SO\W\U ]T eVOb"
W\ORS_cObSZg" Wa QOZZSR bVS jW[[]`bOZWbg ]T [O\"k bVO\ bVS ZWbS`OZ ]\Sa
eS VOdS T]c\R eO\bW\U$ >Sb ca Ob ZSOab ^`]QSSR ]\ bVOb Sf^SQbObW]\
O\R Pg bVOb VW\b$
E] Z]]Y W\ bVWa RW`SQbW]\ T]` O bS\OPZS Q]\QS^b ]T W[[]`bOZWbg Wa
W\ YSS^W\U eWbV bVS []RS`\ bS[^S` eVWQV eS T]c\R a] YSS\Zg Q]\#
aQW]ca ]T bVS SaaS\bWOZ bS[^]`OZWbg ]T ]c` PSW\U" ]T Wba W\b`W\aWQ `STS`#
S\QS b] TW\WbS aWbcObW]\" O\R a] aca^WQW]ca ]T bVS ^]aaWPWZWbg O\R bVS
dS`g aS\aS ]T S\RZSaa aSZT#^S`aWabS\QS$ 3\R Wb Wa OZa] W\ YSS^W\U eWbV
bVS []ab [SO\W\UTcZ" WT [WaO^^ZWSR" Oa^SQba W\ b`ORWbW]\OZ WRSOa ]T
W[[]`bOZWbg$ ;b eOa bVS [SbS]`WQ TZOaV ]T RSSR O\R RO`W\U eVWQV eOa
b] PS W[[]`bOZWhSR Pg e]`ZRZg TO[S1 bVS ZWTS#ac[ ]T ^c`^]aS" OQba"
O\R TOWZc`S b] OQb" ]\ eVWQV `Sb`WPcbW]\ W\ O\ OTbS`ZWTS eOa b] PS
dWaWbSR1 ]c` []`OZ PSW\U" T`][ eVWQV OZ]\S =O\b VSZR W[[]`bOZWbg ]T
bVS ^S`a]\ b] PS O`UcOPZSi Oa O ^]abcZObS ]T j^`OQbWQOZk \]b O\
W\TS`S\QS ]T bVS]`SbWQOZ! `SOa]\$ 6cPW]ca Oa bVS dSVWQZS ]T TO[S VOa
PSS\ T]c\R" TOcZbg Oa bVS Q]``SZObW]\ ]T bS[^]`OZ [S`Wb eWbV SbS`\OZ
`SeO`R ]` ^c\WaV[S\b1 O\R W\dOZWR Oa bVS O`Uc[S\b ]T W\TW\WbS ^S`#
TSQbWPWZWbg O\R bVS ac^^]aSR `WUVb bVS`Sb] WaibVS Oa^SQb ]T XcabWQS Oa
acQV W\ bVSaS WRSOa ]T W[[]`bOZWbg" Oa OUOW\ab bVS eV]ZZg c\bS\OPZS
O`Uc[S\b T`][ W\RSab`cQbWPZS acPabO\QS" abWZZ Q][[O\Ra W\ ca O abW`#
`W\U ]T OQY\]eZSRU[S\b Pg bVS b`O\aQS\RS\b RWU\Wbg Wb Q]\TS`a ]\ bVS
`SOZ[ ]T RSQWaW]\ O\R RSSR$ >Sb ca bVS\ T]ZZ]e bVS W\bW[ObW]\a ]T ]c`
OQbW\U Sf^S`WS\QS" ]T ]c` T`SSR][ O\R `Sa^]\aWPWZWbg" O\R bOYS bVS
bS\bObWdS bS`[ ]T O\ jW[[]`bOZWbg ]T RSSRak T]` ]c` ZSOR W\ W\bS`#
`]UObW\U a][S ]T bVS _c]bSR [SbO^V]`a eVWQV [cab bVS[aSZdSa VOdS
a^`c\U T`][ W\bW[ObW]\a ]T Xcab bVOb YW\R$ ; eWaV b] QV]]aS be] ]T
bV]aS eS S\Q]c\bS`SR0 bVS j4]]Y ]T >WTS"k O\R bVS b`O\aQS\RS\b
j;[OUS$k

HVOb QO\ bVS ag[P]Z ]T bVS 4]]Y ]T >WTS bSZZ ca2 ;\ <SeWaV b`ORWbW]\
Wb [SO\a O YW\R ]T VSOdS\Zg ZSRUS` eVS`SW\ ]c` j\O[Sak aVOZZ PS
W\aQ`WPSR OQQ]`RW\U b] ]c` RSaS`ba0 eS aVOZZ _cOZWTg Pg ]c` RSSRa b]
(-( M E :7 B :7@A?7@A@ A8 >;87
PS W\aQ`WPSR jT]` ZWTS"k \O[SZg ]c`a$ 3\R bVWa" ]T Q]c`aS" W[^ZWSa
W\RWdWRcOZ W[[]`bOZWbg$ 4cb W\abSOR ]T aSSW\U RSSRa W\ bVS ZWUVb ]T
RSaS`ba" b] PS OQQ]c\bSR b] bVS OUS\b" eS QO\ QV]]aS b] aSS bVS[ Oa
Q]c\bW\U W\ bVS[aSZdSai O\R bVS\ OR]^b O RWTTS`S\b Q]\QS^b ]T bVS
4]]Y eVS`SPg Wb TWZZa eWbV RSSRa `ObVS` bVO\ \O[Sa$ HS O`S" W\ ]bVS`
e]`Ra" a^SOYW\U ]T bVS ^]aaWPWZWbg bVOb RSSRa W\aQ`WPS E;8?D8>G8D W\ O\
SbS`\OZ [S[]W` ]T bW[S1 bVOb eVObSdS` Wa VS`S S\OQbSR a][SV]e `SUWa#
bS`ai PSg]\R Wba `SUWabS`W\U O\R SdS\bcOZ RWaaW^ObW\U W\ bVS QOcaOZ
^ObbS`\a ]T bW[Si W\ O b`O\aQS\RS\b `SOZ[ Pg `cZSa ]T STTSQb _cWbS
RWTTS`S\b T`][ bV]aS ]T bVS e]`ZR" SdS` aeSZZW\U bVS c\TW\WaVSR `SQ]`R
]T PSW\U O\R T]`SdS` aVWTbW\U bVS O\fW]ca POZO\QS ]T Wba `SQY]\W\U$
?WUVb Wb \]b SdS\ PS" b] dS\bc`S gSb O abS^ Tc`bVS`" bVOb eVOb eS bVca
ORR b] bVS `SQ]`R Wa ]T ac`^OaaW\U W[^]`bi \]b W\RSSR T]` O Tcbc`S
RSabW\g ]T ]c`a" Pcb T]` bVS Q]\QS`\ ]T bVOb a^W`WbcOZ OQQ]c\b WbaSZT
YS^b Pg bVS c\WTWSR [S[]`g ]T bVW\Ua2 O\R bVOb" OZbV]cUV eS []`bOZ
OUS\ba VOdS \] Tc`bVS` abOYS W\ bVS W[[]`bOZWbg eVWQV ]c` OQba U] b]
X]W\" bVSaS OQba ]T ]c`a" O\R eVOb bV`]cUV bVS[ eS [OYS ]T ]c` ZWdSa"
[Og Xcab PS bVS abOYS eVWQV O\ c\RSbS`[W\SR O\R dcZ\S`OPZS SbS`\Wbg
VOa W\ ca2 3\R eWbV ]c` T`SSR][" eVOb O ^`SQO`W]ca abOYS i3`S eS"
bVS\" ^S`VO^a O\ Sf^S`W[S\b ]T SbS`\Wbg2 ]c` dS`g []`bOZWbgi O dS\#
bc`S ]T bVS W[[]`bOZ U`]c\R eWbV WbaSZT2 ]c` T`SSR][i bVS ac[[Wb ]T
bVS dS\bc`Sla QVO\QS O\R `WaY2
HS bc`\ T]` Tc`bVS` ORdWQS b] O\]bVS` aW[WZS" bVOb ]T bVS b`O\aQS\#
RS\b j;[OUSk TWZZSR W\" TSObc`S Pg TSObc`S" Pg ]c` bS[^]`OZ RSSRa$ HS
S\Q]c\bS` Wb W\ U\]abWQ ZWbS`Obc`S" Sa^SQWOZZg ]T bVS ;`O\WO\ P`O\QV" W\
aSdS`OZ dS`aW]\a$
A\S Wa bVS Q]\QS^bW]\ ]T O QSZSabWOZ R]cPZS ]T bVS bS``Sab`WOZ aSZT"
eVWQV bVS RS^O`bW\U a]cZ eWZZ [SSb OTbS` RSObV0 j; U] b] [SSb [g
W[OUS O\R [g W[OUS Q][Sa b] [SSb [S0 Wb QO`SaaSa O\R S[P`OQSa [S
Oa WT ; eS`S `Sbc`\W\U T`][ QO^bWdWbgki bVca O ?O\ROSO\ a]c`QS$*
3\R W\ bVS PSOcbWTcZ :g[\ ]T bVS BSO`Z" bVWa jR]cPZSk TW`ab RSaQ`WPSR
Oa O j`OW[S\bk !" eVS\ [SSbW\U bVS `Sbc`\W\U j^`W\QS"k Wa `SQ]U\WhSR

*$ 9W\hO" ZSTb" )' S\R!0 ?$ >WRhPO`aYW b`$!" )<@J4! &8C 16;4EJ A78C
&4D )CADD8 $F6= 78C -4@748C 9]bbW\US\" '/(+!" ^$ ++/" (/#)($ ;\ O\
3dSabWQ a]c`QS" bVWa W[OUS ORR`SaaSa bVS a]cZ bVca0 j; O[" A g]cbV ]T
U]]R bV]cUVba" U]]R e]`Ra" U]]R RSSRa" U]]R Q]\aQWS\QS" \]\S ]bVS` bVO\
bVW\S ]e\ ^S`a]\OZ Q]\aQWS\QS $ $ $ EV]c VOab Z]dSR [S $ $ $ W\ bVWa
acPZW[Wbg" U]]R\Saa" PSOcbg $ $ $ W\ eVWQV ; \]e O^^SO` c\b] bVSSk
:OR]YVb @OaY ($/ TT$!$
; ??ACE3>;EJ 3@6 E:7 ?A67C@ E 7?B7C L (-)
Pg VW[ Oa bVS W[OUS ]T VWa ]e\ aSZT" O\R W\ bc`\ OQY\]eZSRUSa VW[ Oa
bVS ]\S jT]` eV][ ; eOa `SO`SR W\ [g 8ObVS`la V]caS" O\R ; ^S`#
QSWdSR W\ [gaSZT V]e [g abObc`S U`Se W\ OQQ]`RO\QS eWbV VWa
ZOP]`a$k+ 3QQ]`RW\U b] bVWa dS`aW]\" bVS\" SdS`g]\S aSS[a b] VOdS VWa
OZbS` SU]" jYS^b aOTSk W\ bVS c^^S` e]`ZR eVWZS VS ZOP]`a R]e\ PSZ]e"
gSb Oa b] Wba abObS cZbW[ObSZg S\b`cabSR b] VWa `Sa^]\aWPWZWbg0 ag[P]ZWh#
W\U bVS SbS`\OZ aSZT ]T bVS ^S`a]\" Wb U`]ea eWbV VWa b`WOZa O\R RSSRa"
O\R Wba T]`[ Wa ^S`TSQbSR Pg VWa b]WZai ^S`TSQbSR ]` SZaS" eS [cab ORR"
`S[S[PS`W\U 2;8 /<6EFC8 A9 &AC<4@ )C4I a^]WZSR O\R RSTWZSR Pg
bVS[$ ;\ bVS aOZdObW]\OZ bc`\ ]T ]c` bSfba bVWa aW\WabS` Pcb Z]UWQOZZg
\SQSaaO`g OZbS`\ObWdS Wa `SUcZO`Zg ][WbbSR$ EVS`S" bVS S\Q]c\bS` Oa
acQV [O`Ya bVS acQQSaaTcZ Q]\QZcaW]\ ]T bVS a]cZla SO`bVZg X]c`\Sg O\R
`SacZba W\ O Q]\ac[[ObW\U TcaW]\ ]T bVS be]" O [cbcOZ OPa]`^bW]\" O
`Sc\WbW\U ]T eVOb eOa bS[^]`O`WZg ^O`bSR$ 3UOW\" bVWa ag[P]ZWa[ Sf#
^`SaaSa W[[]`bOZWbg ]T bVS W\RWdWRcOZ aSZT$
:]eSdS`" PSaWRS bVWa W\RWdWRcOZWhSR bVS`S Wa O Q]ZZSQbWdS dS`aW]\ ]T
bVS W[OUS ag[P]ZWa[" eVWQV Q]\\SQba ]c` RSSRa \]b eWbV O ^S`^SbcWbg
]T ]c` aS^O`ObS aSZdSa Pcb eWbV bVS Q]\ac[[ObW]\ ]T bVS RWdW\S aSZT$ ;
_c]bS T`][ ]\S ]T ?O\Wla e`WbW\Ua" RWaQ]dS`SR OP]cb '/)& W\ O 5]^bWQ
b`O\aZObW]\ W\ 7Ug^b$ j3b bVS S\R" eVS\ bVS Q]a[]a Wa PSW\U RWa#
a]ZdSR" bVS EV]cUVb ]T >WTS aVOZZ UObVS` VW[aSZT W\ O\R aVOZZ T]`[ VWa
DSZT W\ bVS aVO^S ]T bVS >Oab ;[OUS$, $ $ $ HWbV VWa >WdW\U D^W`Wb VS
aVOZZ QObQV bVS >WUVb O\R bVS >WTS bVOb Wa W\ OZZ bVW\Ua" O\R PcWZR Wb
]\b] VWa P]Rg$k $ $ $ j:S UObVS`a W\ VWa ]e\ D]cZ c\b] VW[aSZT O\R
T]`[a VW[aSZT W\ bVS aVO^S ]T bVWa >Oab ;[OUS$ 3\R bV]c aVOZb TW\R
VW[ Oa VS aeSS^a ]cb ]T VW[aSZT O\R QOaba ]cb bVS W[^c`Wbg eVWQV Wa
OZWS\ b] VW[" Pcb UObVS`a W\ b] VW[aSZT bVS >WTS O\R bVS >WUVb bVOb Wa W\
OZZ bVW\Ua O\R PcWZRa Wb ]\b] VWa P]Rg$ EVS\" eVS\ bVWa >Oab ;[OUS Wa
^S`TSQbSR W\ OZZ Wba [S[PS`a" bVS\ Wb aVOZZ$ $ $ PS ZWTbSR ]cb ]T bVS U`SOb
ab`cUUZS bV`]cUV bVS >WdW\U D^W`Wb $ $ $ eV] Q][Sa O\R $ $ $ TSbQVSa bVS
[S[PS`a ]cb ] T $ $ $ bVS RWaa]ZcbW]\ O\R bVS S\R ]T OZZ bVW\Ua$k-

+$ EVS :g[\ ]T bVS BSO`Z ]` :g[\ ]T bVS D]cZ! Wa O U\]abWQ ^]S[


W\QZcRSR W\ bVS O^]Q`g^VOZ 3Qba ]T bVS 3^]abZS EV][Oa0 ]\ bSfb O\R
W\bS`^`SbObW]\ QT$ :$ <]\Oa" 2;8 )@ADE<6 08><:<A@! 4]ab]\0 4SOQ]\ B`Saa"
'/+." QV$ +" ^^$ ''(#'(/1 T]` PWPZW]U`O^Vg QT$ <5<7! ^$ (/,$
,$ A`0 bVS >Oab DbObcS0 bVS 5]^bWQ caSa ]T 9`SSY e]`Y 4@7C<4D!
-$ =S^VOZOWO G$ (/" '#,1 IG;$ +*" '*#(*0 -4@<6;4<D6;8 *4@7D6;C<9E8@
78C 1E44E><6;8@ -FD88@ $8C><@ $7! +" ,8B;4>4<4 '$ *4>9E8 DbcbbUO`b"
'/*&!$
(-* M E :7 B :7@A?7@A@ A8 >;87
;b e]cZR bOYS ca TO` PSg]\R ]c` ^`SaS\b ^c`^]aS b] Sf^]c\R bVS
^`SQWaS R]U[ObWQ [SO\W\U ]T bVWa ag[P]ZWa[$ ;b [cab acTTWQS b] aOg
bVOb eVOb Wa VS`S QOZZSR jbVS ZOab W[OUS"k S[S`UW\U Ob bVS S\R ]T bW[S"
Wa OQQ]`RW\U b] ?O\WQVOSO\ R]Qb`W\S PcWZb c^ ^`]U`SaaWdSZg ]dS` O\R
bV`]cUV bVS e]`ZR ^`]QSaa Oa O eV]ZS0 OZZ VWab]`g" ]T ZWTS W\ US\S`OZ
O\R ]T [O\ W\ ^O`bWQcZO`" W\QSaaO\bZg e]`Ya Ob Wb O\R" W\ bVS jTW\OZ
W[OUS"k `Sab]`Sa b] Wba ^`WabW\S TcZZ\Saa bVOb W[[]`bOZ Pcb ^OaaWPZS
RSWbg" O\ S[O\ObW]\ T`][ bVS 8W`ab 9]R QOZZSR jB`W[OZ ?O\k !"
eV]aS W\WbWOZ aSZT#ac``S\RS` b] bVS RO`Y\Saa O\R RO\US` ]T PSQ][W\U
[ORS bVS [ObS`WOZ c\WdS`aS ^]aaWPZSi O\R \SQSaaO`g Ob bVS aO[S bW[S$
i @]e" \SWbVS` bVS `SOa]\a eVWQV ?O\W UWdSa T]` bVWa W\WbWOZ RWdW\S
ac``S\RS`" \]` bVSW` []`S a]^VWabWQObSR OZbS`\ObWdSa W\ ]bVS` U\]abWQ
a^SQcZObW]\a" \]`" W\ US\S`OZ" bVS RS\WU`ObW]\ ]T Q]`^]`SOZ \Obc`S Oa
acQV Q][[]\ b] OZZ bVSaS dS`aW]\a" eWZZ PS OQQS^bOPZS b] bVS []RS[
[W\R W\ Wba `Sa]ZcbSZg O\bWRcOZWabWQ bS[^S`$ @]` eWZZ bVS TW\WbS
SaQVOb]Z]Ug" ^]aWbW\U O RSbS`[W\ObS U]OZ O\R S\R ]T bW[S" acWb ]c`
Q]\dWQbW]\ ]T W\RSTW\WbS Q]\bW\cObW]\ ]T Q]a[WQ QVO\US O\R ]c` ^`]#
T]c\R RWaPSZWST bVOb bVS [SQVO\WQa ]T Wb e]cZR ^`]dWRS T]` O\g S\RW\U
eWbVW\ ]` ]T Wb b] Q]W\QWRS eWbV Q]\ac[[ObW]\$ JSb bVS []bWT ]T bVS
b]bOZ jW[OUSk QO\ a^SOY b] ca OQ`]aa bVSaS PO``WS`a ]T R]Qb`W\S O\R
[]]R$ >Sb ca \]bS eVOb W\ Wb Wa ^]bS\bWOZZg aWU\WTWQO\b T]` ca$
; T]` ]\S e]cZR \]bS bVSaS TSObc`Sa$ ;\ bVS bS[^]`OZ b`O\aOQbW]\a ]T
bVS e]`ZR" eV]aS TZSSbW\U \]e Wa SdS` aeOZZ]eSR Pg bVS ^Oab" O\
SbS`\OZ ^`SaS\QS U`]ea" Wba Q]c\bS\O\QS aZ]eZg RSTW\W\U WbaSZT Oa Wb Wa
b`OQSR eWbV bVS X]ga O\R acTTS`W\Ua" bVS b`Wc[^Va O\R RSTSOba ]T RWdW\#
Wbg W\ bVS Sf^S`WS\QSa ]T bW[S" eVWQV bVca W[[]`bOZZg ac`dWdS$ @]b bVS
OUS\ba" eVWQV [cab SdS` ^Oaa" Pcb bVSW` OQba S\bS` W\b] bVS PSQ][W\U
U]RVSOR O\R W\RSZWPZg T]`[ VWa \SdS` RSQWRSR W[OUS$ 9]Rla ]e\
RSabW\g" VWa R]W\U ]` c\R]W\U" Wa Ob abOYS W\ bVWa c\WdS`aS b] eV]aS
c\Y\]eW\U RSOZW\Ua VS Q][[WbbSR VWa acPabO\QS" O\R [O\ VOa PS#
Q][S bVS S[W\S\b `S^]aWb]`g ]T bVWa ac^`S[S O\R SdS`g PSb`OgOPZS
b`cab$ ;\ O aS\aS" VS V]ZRa bVS TObS ]T RSWbg W\ VWa VO\Ra$
EVWa" ; Q]\bS\R" [OYSa aS\aS O\R Oa O Vg^]bVSbWQOZ POQYU`]c\R ]T
[SbO^VgaWQOZ TOQb QO\ dOZWRObS bV]aS acPXSQbWdS TSSZW\Ua OP]cb O\ SbS`#
\OZ WaacS eVWQV eS Sf^S`WS\QS W\ bVS QOZZ ]T Q]\aQWS\QS" W\ bVS []#
[S\ba ]T ac^`S[S RSQWaW]\" W\ bVS b]bOZ Q][[Wb[S\b ]T RSSR" O\R
SdS\ W\ bVS OU]\g ]T `S[]`aSi O\R bVSaS [Og eSZZ PS bVS ]\Zg
S[^W`WQOZ aWU\a ]T O\ W[[]`bOZ aWRS b] ]c` PSW\U eVWQV ]c` ^`SaS\b
Q`WbWQOZ Q]\aQW]ca\Saa eWZZ abWZZ PS `SORg b] Q]\aWRS` W\ SdWRS\QS$
; ??ACE3>;EJ 3@6 E:7 ?A67C@ E 7?B7C L (-+

G;
4cb W\b] eVOb Q][^ZSbS [SbO^VgaWQa e]cZR acQV O Vg^]bVSbWQOZ T`OU#
[S\b TWb2
;T" Oa ]\S a][SbW[Sa QO\\]b `SaWab R]W\U" ; ^S`[Wb [gaSZT bVS
ZWQS\aS ]T WU\]`O\QS" eVWQV W\ bVSaS [ObbS`a Wa ]c` Z]b" O\R bVS dSVWQZS
]T [gbV ]` ZWYSZg W[OUW\ObW]\" eVWQV BZOb] OZZ]eSR T]` Wb" ; O[
bS[^bSR b] bV]cUVba ZWYS bVSaS$
;\ bVS PSUW\\W\U" T]` c\Y\]eOPZS `SOa]\a" bVS U`]c\R ]T PSW\U" ]`
bVS 6WdW\S" QV]aS b] UWdS WbaSZT ]dS` b] bVS QVO\QS O\R `WaY O\R S\RZSaa
dO`WSbg ]T PSQ][W\U$ 3\R eV]ZZg a]0 S\bS`W\U W\b] bVS ORdS\bc`S ]T
a^OQS O\R bW[S" bVS RSWbg VSZR POQY \]bVW\U ]T WbaSZT0 \] c\Q][[WbbSR
]` c\W[^OW`SR ^O`b `S[OW\SR b] RW`SQb" Q]``SQb" O\R cZbW[ObSZg UcO`#
O\bSS bVS RSdW]ca e]`YW\U#]cb ]T Wba RSabW\g W\ Q`SObW]\$ A\ bVWa
c\Q]\RWbW]\OZ W[[O\S\QS bVS []RS`\ bS[^S` W\aWaba$ ;b Wa Wba Q]c`OUS
]` RSa^OW`" W\ O\g QOaS Wba PWbbS` V]\Sabg" b] bOYS ]c` PSW\U#W\#bVS#
e]`ZR aS`W]caZg0 b] dWSe bVS e]`ZR Oa ZSTb b] WbaSZT" Wba ZOea Oa P`]]Y#
W\U \] W\bS`TS`S\QS" O\R bVS `WU]` ]T ]c` PSZ]\UW\U b] Wb Oa \]b a]Tb#
S\SR Pg Sfb`O[c\RO\S ^`]dWRS\QS$ EVS aO[S ]c` [gbV ^]abcZObSa T]`
9]Rla PSW\U W\ bVS e]`ZR$ @]b" V]eSdS`" W\ bVS aS\aS ]T ^O\bVSWabWQ
W[[O\S\QS0 WT e]`ZR O\R 9]R O`S aW[^Zg bVS aO[S" bVS e]`ZR Ob SOQV
[][S\b O\R W\ SOQV abObS `S^`SaS\ba VWa TcZZ\Saa" O\R 9]R QO\ \SWbVS`
Z]aS \]` UOW\$ CObVS`" W\ ]`RS` bVOb bVS e]`ZR [WUVb PS" O\R PS T]`
WbaSZT" 9]R `S\]c\QSR VWa ]e\ PSW\U" RWdSabW\U VW[aSZT ]T VWa RSWbgi
b] `SQSWdS Wb POQY T`][ bVS ARgaaSg ]T bW[S eSWUVbSR eWbV bVS QVO\QS
VO`dSab ]T c\T]`SaSSOPZS bS[^]`OZ Sf^S`WS\QS0 b`O\aTWUc`SR ]` ^]a#
aWPZg SdS\ RWaTWUc`SR Pg Wb$ ;\ acQV aSZT#T]`TSWbc`S ]T RWdW\S W\bSU`Wbg
T]` bVS aOYS ]T c\^`SXcRWQSR PSQ][W\U" \] ]bVS` T]`SY\]eZSRUS QO\
PS OR[WbbSR bVO\ bVOb ]T BADD<5<><E<8D eVWQV Q]a[WQ PSW\U ]TTS`a W\ Wba
]e\ bS`[a0 b] bVSaS" 9]R Q][[WbbSR VWa QOcaS W\ STTOQW\U VW[aSZT
T]` bVS e]`ZR$
3\R T]` OS]\a VWa QOcaS Wa aOTS W\ bVS aZ]e VO\Ra ]T Q]a[WQ QVO\QS
O\R ^`]POPWZWbgieVWZS OZZ bVS bW[S eS [Og ac`[WaS O ^ObWS\b [S[]`g
]T bVS Ug`ObW]\a ]T [ObbS` b] OQQc[cZObS W\b] O\ SdS` []`S Sf^SQbO\b
OQQ][^O\W[S\b ]T SbS`\Wbg b] bVS ZOP]`a ]T bW[Si O VSaWbO\b S[S`#
US\QS ]T b`O\aQS\RS\QS T`][ bVS ]^O_cS\Saa ]T W[[O\S\QS$
3\R bVS\ bVS TW`ab abW``W\U ]T ZWTSi O \Se ZO\UcOUS ]T bVS e]`ZR0
O\R eWbV Wb O b`S[S\R]ca _cWQYS\W\U ]T Q]\QS`\ W\ bVS SbS`\OZ `SOZ[
O\R O acRRS\ ZSO^ W\ Wba U`]ebV b]eO`R `SQ]dS`g ]T Wba ^ZS\WbcRS$ ;b Wa
(-, M E :7 B :7@A?7@A@ A8 >;87
bVS e]`ZR#OQQWRS\b T]` eVWQV PSQ][W\U RSWbg VOR eOWbSR O\R eWbV
eVWQV Wba ^`]RWUOZ abOYS PSUW\a b] aV]e aWU\a ]T PSW\U `SRSS[SR$
8`][ bVS W\TW\WbS aeSZZ ]T TSSZW\U" aS\aW\U" ab`WdW\U" O\R OQbW\U" eVWQV
SdS` []`S dO`WSR O\R W\bS\aS `WaSa OP]dS bVS [cbS SRRgW\Ua ]T [ObbS`"
SbS`\Wbg UOW\a ab`S\UbV" TWZZW\U eWbV Q]\bS\b OTbS` Q]\bS\b ]T aSZT#
OTTW`[ObW]\" O\R bVS OeOYS\W\U 9]R QO\ TW`ab ^`]\]c\QS Q`SObW]\ b]
PS U]]R$
4cb \]bS bVOb eWbV ZWTS b]USbVS` QO[S RSObV" O\R bVOb []`bOZWbg Wa
bVS ^`WQS eVWQV bVS \Se ^]aaWPWZWbg ]T PSW\U QOZZSR jZWTSk VOR b] ^Og
T]` WbaSZT$ ;T ^S`[O\S\QS eS`S bVS ^]W\b" ZWTS aV]cZR \]b VOdS abO`bSR
]cb W\ bVS TW`ab ^ZOQS" T]` W\ \] ^]aaWPZS T]`[ QO\ Wb [ObQV bVS Rc`O#
PWZWbg ]T W\]`UO\WQ P]RWSa$ ;b Wa SaaS\bWOZZg ^`SQO`W]ca O\R Q]``c^bWPZS
PSW\U" O\ ORdS\bc`S W\ []`bOZWbg" ]PbOW\W\U T`][ Z]\U#ZOabW\U [ObbS`
]\ Wba bS`[ai bVS aV]`b bS`[a ]T [SbOP]ZWhW\U ]`UO\Wa[i bVS P]`#
`]eSR" TW\WbS QO`SS`a ]T W\RWdWRcOZ aSZdSa$ JSb Wb Wa ^`SQWaSZg bV`]cUV
bVS P`WSTZg a\ObQVSR aSZT#TSSZW\U" R]W\U" O\R acTTS`W\U ]T 9<@<E8 W\RW#
dWRcOZa" eWbV bVS ^WbQV ]T OeO`S\Saa VSWUVbS\SR Pg bVS dS`g ^`Saa ]T
TW\WbcRS" bVOb bVS RWdW\S ZO\RaQO^S Pc`aba W\b] Q]Z]` O\R bVS RSWbg
Q][Sa b] Sf^S`WS\QS WbaSZT$ ;T" bVS\" []`bOZWbg Wa bVS dS`g Q]\RWbW]\ ]T
bVS aS^O`ObS aSZTV]]R eVWQV W\ bVS W\abW\Qb ]T aSZT#^`SaS`dObW]\ aV]ea
WbaSZT a] VWUVZg ^`WhSR bV`]cUV]cb bVS ]`UO\WQ e]`ZR" O\R WT bVS gWSZR
]T bVWa []`bOZWbg Wa bVS T]]R ]T SbS`\Wbg" Wb Wa c\`SOa]\OPZS b] RS[O\R
T]` Wba O^^]W\bSR SfSQcbO\ba" bVS aSZT#OTTW`[W\U aSZdSai W[[]`bOZWbg$
EVS W\abW\Qb ]T aSZT#^`SaS`dObW]\ W\RSSR OQY\]eZSRUSa bVWa" T]` Wb W[#
^ZWSa bVS ^`S[WaS ]T SfbW\QbW]\ W\ Wba ab`OW\W\U SOQV bW[S b] eO`R Wb ]TT
T]` bVS \]\QS$
@]bS OZa] bVWa bVOb eWbV ZWTSla W\\]QS\QS PST]`S bVS ORdS\b ]T
Y\]eZSRUS 9]Rla QOcaS QO\\]b U] e`]\U$ HVObSdS` dO`WSbg Sd]ZcbW]\
P`W\Ua T]`bV ORRa b] bVS ^]aaWPWZWbWSa ]T TSSZW\U O\R OQbW\U" O\R bVca
S\`WQVSa bVS aSZT#Sf^S`WS\QW\U ]T bVS U`]c\R ]T PSW\U$ 7dS`g \Se
RW[S\aW]\ ]T e]`ZR#`Sa^]\aS ]^S\SR c^ W\ Wba Q]c`aS [SO\a O\]bVS`
[]ROZWbg T]` 9]Rla b`gW\U ]cb VWa VWRRS\ SaaS\QS O\R RWaQ]dS`W\U
VW[aSZT bV`]cUV bVS ac`^`WaSa ]T bVS e]`ZR#ORdS\bc`S$ 3\R OZZ Wba
VO`dSab ]T O\fW]ca b]WZ" eVSbVS` P`WUVb ]` RO`Y" aeSZZa bVS b`O\aQS\#
RS\b b`SOac`S ]T bS[^]`OZZg ZWdSR SbS`\Wbg$ ;T bVWa Wa b`cS T]` bVS P`]OR#
S\W\U a^SQb`c[ ]T RWdS`aWbg Oa acQV" Wb Wa SdS\ b`cS` T]` bVS VSWUVbS\#
W\U ^WbQV O\R ^OaaW]\ ]T ZWTS bVOb U] eWbV bVS beW\ `WaS ]T ^S`QS^bW]\
O\R []bWZWbg W\ O\W[OZa$ EVS SdS` []`S aVO`^S\SR YSS\\Saa ]T O^#
; ??ACE3>;EJ 3@6 E:7 ?A67C@ E 7?B7C L (--
^SbWbS O\R TSO`" ^ZSOac`S O\R ^OW\" b`Wc[^V O\R O\UcWaV" Z]dS O\R
SdS\ Q`cSZbgi bVSW` dS`g SRUS Wa bVS RSWbgla UOW\$ EVSW` Q]c\bZSaa" gSb
\SdS` PZc\bSR W\QWRS\QSiVS\QS bVS \SQSaaWbg ]T RSObV O\R \Se PW`bV
i ac^^ZWSa bVS bS[^S`SR SaaS\QS T`][ eVWQV bVS 9]RVSOR `SQ]\abW#
bcbSa WbaSZT$ 3ZZ bVWa" Sd]ZcbW]\ ^`]dWRSa W\ bVS [S`S ZOdWaV\Saa ]T Wba
^ZOg O\R bVS abS`\\Saa ]T Wba a^c`$ ;ba Q`SObc`Sa" Pg [S`SZg TcZTWZZW\U
bVS[aSZdSa W\ ^c`acWb ]T bVSW` ZWdSa" dW\RWQObS bVS RWdW\S dS\bc`S$ 7dS\
bVSW` acTTS`W\U RSS^S\a bVS TcZZ\Saa ]T bVS ag[^V]\g$ EVca" bVWa aWRS
]T U]]R O\R SdWZ" 9]R QO\\]b Z]aS W\ bVS U`SOb Sd]ZcbW]\O`g UO[S$
@]` gSb QO\ VS TcZZg eW\ W\ bVS aVSZbS` ]T Wba W\\]QS\QS" O\R O \Se
Sf^SQbO\Qg U`]ea W\ VW[ W\ O\aeS` b] bVS RW`SQbW]\ eVWQV bVS c\Q]\#
aQW]ca R`WTb ]T W[[O\S\QS U`ORcOZZg bOYSa$
3\R bVS\ VS b`S[PZSa Oa bVS bV`cab ]T Sd]ZcbW]\" QO``WSR Pg Wba ]e\
[][S\bc[" ^OaaSa bVS bV`SaV]ZR eVS`S W\\]QS\QS QSOaSa O\R O\ S\#
bW`SZg \Se Q`WbS`W]\ ]T acQQSaa O\R TOWZc`S bOYSa V]ZR ]T bVS RWdW\S
abOYS$ EVS ORdS\b ]T [O\ [SO\a bVS ORdS\b ]T Y\]eZSRUS O\R T`SS#
R][" O\R eWbV bVWa ac^`S[SZg R]cPZS#SRUSR UWTb bVS W\\]QS\QS ]T bVS
[S`S acPXSQb ]T aSZT#TcZTWZZW\U ZWTS VOa UWdS\ eOg b] bVS QVO`US ]T
`Sa^]\aWPWZWbg c\RS` bVS RWaXc\QbW]\ ]T U]]R O\R SdWZ$ E] bVS ^`][WaS
O\R `WaY ]T bVWa OUS\Qg bVS RWdW\S QOcaS" `SdSOZSR Ob ZOab" VS\QST]`bV
TW\Ra WbaSZT Q][[WbbSR1 O\R Wba WaacS b`S[PZSa W\ bVS POZO\QS$ EVS
W[OUS ]T 9]R" VOZbW\UZg PSUc\ Pg bVS c\WdS`aS" T]` a] Z]\U e]`YSR
c^]\i O\R ZSTb c\RSQWRSRi W\ bVS eWRS O\R bVS\ \O``]eW\U a^W`OZa ]T
^`S#Vc[O\ ZWTS" ^OaaSa eWbV bVWa ZOab beWab" O\R eWbV O R`O[ObWQ _cWQY#
S\W\U ]T bVS []dS[S\b" W\b] [O\la ^`SQO`W]ca b`cab" b] PS Q][^ZSbSR"
aOdSR" ]` a^]WZSR Pg eVOb VS eWZZ R] b] VW[aSZT O\R bVS e]`ZR$ 3\R W\
bVWa OeSa][S W[^OQb ]T VWa RSSRa ]\ 9]Rla RSabW\g" ]\ bVS dS`g
Q][^ZSfW]\ ]T SbS`\OZ PSW\U" ZWSa bVS W[[]`bOZWbg ]T [O\$
HWbV bVS O^^SO`O\QS ]T [O\" b`O\aQS\RS\QS OeOYS\SR b] WbaSZT O\R
VS\QST]`bV OQQ][^O\WSa VWa R]W\Ua eWbV bVS PObSR P`SObV ]T aca^S\aS"
V]^W\U O\R PSQY]\W\U" `SX]WQW\U O\R U`WSdW\U" O^^`]dW\U O\R
T`]e\W\Ui O\R" ; RO`SaOg" [OYW\U WbaSZT TSZb b] VW[ SdS\ eVWZS \]b
W\bS`dS\W\U W\ bVS Rg\O[WQa ]T VWa e]`ZRZg aQS\S0 T]` QO\ Wb \]b PS
bVOb Pg bVS `STZSQbW]\ ]T Wba ]e\ abObS Oa Wb eOdS`a eWbV bVS `SQ]`R ]T
[O\" bVS b`O\aQS\RS\b QOaba ZWUVb O\R aVOR]e ]dS` bVS Vc[O\ ZO\R#
aQO^S2
(-. # E :7 B :7@A?7@A@ A8 > ;87

G ;;
DcQV Wa bVS bS\bObWdS [gbV eVWQV ; e]cZR ZWYS b] PSZWSdS jb`cSki W\
bVS aS\aS W\ eVWQV [gbV [Og VO^^S\ b] ORc[P`ObS O b`cbV eVWQV ]T
\SQSaaWbg Wa c\Y\]eOPZS O\R SdS\" W\ RW`SQb Q]\QS^ba" W\STTOPZS" gSb
eVWQV" Pg W\bW[ObW]\a b] ]c` RSS^Sab Sf^S`WS\QS" ZOga QZOW[ c^]\ ]c`
^]eS`a ]T UWdW\U W\RW`SQb OQQ]c\b ]T Wb W\ `Sd]QOPZS" O\bV`]^][]`^VWQ
W[OUSa$ ;\ bVS U`SOb ^OcaS ]T [SbO^VgaWQa W\ eVWQV eS O`S" O\R PST]`S
Wb VOa T]c\R Wba ]e\ a^SSQV OUOW\" eS [cab S\b`cab ]c`aSZdSa b] bVWa"
OR[WbbSRZg b`SOQVS`]ca" [SRWc[ Ob ]c` `WaY$ EVS [gbV" WT ]\Zg Wb Wa
Q]\aQW]ca ]T Wba Sf^S`W[S\bOZ O\R ^`]dWaW]\OZ \Obc`S O\R R]Sa \]b
^]aS Oa R]Qb`W\S" QO\ T`][ bVS \SQSaaWbg ]T bVOb ^OcaS P`WRUS bVS
dOQcc[ eWbV Wba TZSSbW\U a^O\$ ; Ob O\g `ObS TSZb R`WdS\ b] Wb T]` ]\QS
c\RS` bVS Q]\ab`OW\b ]T O bOaY eVWQV ^VWZ]a]^Vg SdS\ W\ Wba VSZ^ZSaa#
\Saa [cab \]b RS\g$
E] Q]\bW\cS" bVS\" W\ bVS aO[S a^SQcZObWdS dSW\" bVS`S T]ZZ]e QS`#
bOW\ SbVWQOZ Q]\QZcaW]\a T`][ bVS [SbO^VgaWQa eVWQV [g [gbV VOa
ORc[P`ObSR$ EVS TW`ab Wa bVS b`O\aQS\RS\b W[^]`bO\QS ]T ]c` RSSRa" ]T
V]e eS ZWdS ]c` ZWdSa$ ;T [O\" Oa ]c` bOZS VOa Wb" eOa Q`SObSR jT]`k bVS
W[OUS ]T 9]R" `ObVS` bVO\ jW\k VWa W[OUSi WT ]c` ZWdSa PSQ][S ZW\Sa
W\ bVS RWdW\S Q]c\bS\O\QS0 bVS\ ]c` `Sa^]\aWPWZWbg Wa \]b RSTW\SR W\
[c\RO\S bS`[a OZ]\S" Pg eVWQV ]TbS\ Wb Wa W\Q]\aS_cS\bWOZ S\]cUV"
Pcb `SUWabS`a W\ O RW[S\aW]\ eVS`S STTWQOQg T]ZZ]ea b`O\aQOcaOZ \]`[a
]T W\\S` SaaS\QS$ 8c`bVS`" Oa b`O\aQS\RS\QS U`]ea eWbV bVS bS``WPZg
O[PWUc]ca VO`dSab ]T RSSRa" ]c` W[^OQb ]\ SbS`\Wbg Wa T]` U]]R 4@7
T]` SdWZ0 eS QO\ PcWZR O\R eS QO\ RSab`]g" eS QO\ VSOZ O\R eS QO\
Vc`b" eS QO\ \]c`WaV O\R eS QO\ abO`dS RWdW\Wbg" eS QO\ ^S`TSQb O\R
eS QO\ RWaTWUc`S Wba W[OUS0 O\R bVS aQO`a ]T ]\S O`S Oa S\Rc`W\U Oa bVS
Zcab`S ]T bVS ]bVS`$ EVca bVS W[[]`bOZWbg ]T ]c` RSSRa Wa \] QOcaS T]`
dOW\ `SX]WQW\UieVOb []ab ]TbS\ ]cUVb b] PS eWaVSR T]` Wa `ObVS` bVSW`
ZSOdW\U \] b`OQS$ 4cb bVWa Wa \]b U`O\bSR0 bVSg VOdS b`OQSR bVSW` ZW\S$
@]b" V]eSdS`" Oa bVS W\RWdWRcOZla RSabW\g$ EVS W\RWdWRcOZ Wa Pg \Obc`S
bS[^]`OZ" \]b SbS`\OZ1 O\R bVS ^S`a]\ W\ ^O`bWQcZO`" []`bOZ b`cabSS ]T
O\ W[[]`bOZ QOcaS" VOa bVS S\X]g[S\b ]T aSZTV]]R T]` bVS [][S\b ]T
bW[S Oa bVS [SO\a Pg eVWQV SbS`\Wbg ZOga WbaSZT ]^S\ b] bVS RSQWaW]\a
]T bW[S$ # D S\OQbSR W\ bVS [SRWc[ ]T PSQ][W\U" bVOb Wa" Oa b`O\aWS\b"
O`S ^S`a]\OZ aSZdSa SbS`\Wbgla abOYS$ EVca Wb Wa bVOb W\ bVS W``S^SObOPZS
]QQOaW]\a ]T TW\WbS ZWdSa bVS WaacS [cab PS RSQWRSR bW[S O\R OUOW\0
; ??ACE3>;EJ 3@6 E:7 ? A67C@ E 7?B7C L (-/
W\TW\WbS Rc`ObW]\ e]cZR PZc\b bVS ^]W\b ]T bVS WaacS O\R `]P ]QQOaW]\
]T Wba c`US\b QOZZ$
@]`" O^O`b T`][ bVWa ]\b]Z]UWQOZ Q]\aWRS`ObW]\" R]Sa [O\ VOdS O
[]`OZ QZOW[ b] bVS UWTb ]T W[[]`bOZWbg$ 3dOWZW\U VW[aSZT ]T bVS S\X]g#
[S\b ]T aSZTV]]R" VS VOa S\R]`aSR bVS bS`[a ]\ eVWQV Wb Wa ]TTS`SR"
O\R `ObVS` bVO\ VOdW\U Wb Wa O bWbZS T]` []`S VS ]eSa bVO\Ya T]` bVS
U`O\b ]T SfWabS\QS Oa acQVi O\R T]` bVOb eVWQV [ORS Wb ^]aaWPZS$ 8]`
E;8C8 <D @A @868DD<EI A9 E;8C8 58<@: 4 HAC>7 4E 4>>! HVg bVS`S Wa
a][SbVW\U `ObVS` bVO\ \]bVW\UibVWa c\O\aeS`OPZS _cSabW]\ ]T [SbO#
^VgaWQa aV]cZR ^`]bSQb ca T`][ bOYW\U SfWabS\QS T]` O\ OfW][" O\R Wba
TW\WbS\Saa T]` O PZS[WaV ]\ Wb ]` O Qc`bOWZ[S\b ]T Wba `WUVb$ CObVS` Wa
bVS TOQb ]T SfWabS\QS bVS [gabS`g ]T [gabS`WSaieVWQV ]c` [gbV VOa
b`WSR b] `STZSQb W\ O ag[P]Z$ 4g T]`SU]W\U Wba ]e\ W\dW]ZObS\Saa bVS
SbS`\OZ U`]c\R OZZ]eSR bVS e]`ZR b] PS$ E] bVWa aSZT#RS\WOZ OZZ Q`SO#
bc`S ]eSa Wba SfWabS\QS" O\R eWbV Wb VOa `SQSWdSR OZZ bVS`S Wa b] `SQSWdS
T`][ PSg]\R$ :OdW\U UWdS\ VW[aSZT eV]ZS b] bVS PSQ][W\U e]`ZR"
9]R VOa \] []`S b] UWdS0 Wb Wa [O\la \]e b] UWdS b] VW[$ 3\R VS [Og
UWdS Pg aSSW\U b] Wb W\ bVS eOga ]T VWa ZWTS bVOb Wb R]Sa \]b VO^^S\" ]`
\]b VO^^S\ b]] ]TbS\" O\R \]b ]\ VWa OQQ]c\b" bVOb jWb `S^S\bSR bVS
>]`Rk. b] VOdS [ORS bVS e]`ZR$ EVWa [Og eSZZ PS bVS aSQ`Sb ]T bVS
jbVW`bg#aWf `WUVbS]ca ]\Sak eV][" OQQ]`RW\U b] <SeWaV b`ORWbW]\" bVS
e]`ZR aVOZZ \SdS` ZOQY/0 bVOb eWbV bVS ac^S`W]` dOZS\Qg ]T U]]R ]dS`
SdWZ" eVWQV" eS V]^S" ]PbOW\a W\ bVS \]\#QOcaOZ Z]UWQ ]T bVW\Ua bVS`S"
bVSW` VWRRS\ V]ZW\Saa QO\ ]cbeSWUV Q]c\bZSaa UcWZb" `SR`Saa bVS POZO\QS
]T O US\S`ObW]\ O\R aSQc`S bVS aS`S\Wbg ]T bVS W\dWaWPZS `SOZ[$
4cb R]Sa bVOb aS`S\Wbg" ]` Wba Q]\b`O`g" [ObbS` b] ]c` ZWTS ]\ SO`bV2
6]Sa Wb b]cQV Wb2 >Sb [S X]W\ bVWa _cSabW]\ eWbV O\]bVS` ]\S" W\
Q]\QZcaW]\ ]T [g U`]^W\U X]c`\Sg$ HVOb OP]cb bV]aS eV] \SdS` Q]cZR
W\aQ`WPS bVS[aSZdSa W\ bVS 4]]Y ]T >WTS eWbV RSSRa SWbVS` U]]R ]` SdWZ"
U`SOb ]` a[OZZ" PSQOcaS bVSW` ZWdSa eS`S Qcb ]TT PST]`S bVSg VOR bVSW`
QVO\QS" ]` bVSW` Vc[O\Wbg eOa RSab`]gSR W\ RSU`ORObW]\a []ab Q`cSZ
O\R []ab bV]`]cUV acQV Oa \] Vc[O\Wbg QO\ ac`dWdS2 ; O[ bVW\YW\U ]T
bVS UOaaSR O\R Pc`\b QVWZR`S\ ]T 3caQVeWbh" ]T bVS RSTOQSR" RSVc#
[O\WhSR ^VO\b][a ]T bVS QO[^a" O\R ]T OZZ bVS ]bVS`" \c[PS`ZSaa
dWQbW[a ]T bVS ]bVS` [O\#[ORS V]Z]QOcaba ]T ]c` bW[S$ 3[]\U [S\"

.$ 9S\$ ,0,#-$
/$ DO\VSR`W\ /- P1 DcYYOV *+ P$
(.& # E :7 B :7@A?7@A@ A8 > ;87
bVSW` acTTS`W\Ua eWZZ a]]\ PS T]`U]bbS\" O\R bVSW` \O[Sa SdS\ a]]\S`$
3\]bVS` QVO\QS Wa \]b UWdS\ bVS[" O\R SbS`\Wbg VOa \] Q][^S\aObW]\
T]` eVOb VOa PSS\ [WaaSR W\ bW[S$ 3`S bVSg" bVS\" RSPO``SR T`][ O\
W[[]`bOZWbg eVWQV SdS\ bVSW` b]`[S\b]`a O\R [c`RS`S`a ]PbOW\ PS#
QOcaS bVSg Q]cZR 46Ei OP][W\OPZg" gSb OQQ]c\bOPZg" bVca ZSOdW\U
bVSW` aW\WabS` [O`Y ]\ SbS`\Wbgla TOQS2 EVWa ; `STcaS b] PSZWSdS$ 3\R
bVWa ; ZWYS b] PSZWSdS0 bVOb bVS`S eOa eSS^W\U W\ bVS VSWUVba Ob bVS
eOabS O\R RSa^]WZ[S\b ]T Vc[O\Wbg1 bVOb O U`]O\ O\aeS`SR bVS `WaW\U
aV]cb ]T WU\]PZS acTTS`W\U" O\R e`ObVi bVS bS``WPZS e`]\U R]\S b]
bVS `SOZWbg O\R ^]aaWPWZWbg ]T SOQV ZWTS bVca eO\b]\Zg dWQbW[WhSR" SOQV
]\S O bVeO`bSR ObbS[^b ]T 9]R$ jEVS d]WQS ]T bVg P`]bVS`la PZ]]R
Q`WSa c\b] [S T`][ bVS U`]c\Rk 0 aV]cZR eS \]b PSZWSdS bVOb bVS
W[[S\aS QV]`ca ]T acQV Q`WSa bVOb VOa `WaS\ c^ W\ ]c` ZWTSbW[S \]e
VO\Ua ]dS` ]c` e]`ZR Oa O RO`Y O\R OQQcaW\U QZ]cR2 bVOb SbS`\Wbg
Z]]Ya R]e\ c^]\ ca eWbV O T`]e\" e]c\RSR WbaSZT O\R ^S`bc`PSR W\ Wba
RS^bVa2
3\R [WUVb eS \]b SdS\ TSSZ Wb2 ; bVW\Y Wb ^]aaWPZS" W\ a^WbS ]T eVOb ;
VOdS aOWR OP]cb bVS QZ]aSR W[[O\S\QS ]T bVS e]`ZRZg `SOZ[$ 8]` bVS
aSQ`Sb ag[^ObVg bVOb Q]\\SQba ]c` PSW\U eWbV bVS b`O\aQS\RS\b Q]\RW#
bW]\ O\R [OYSa bVS ZObbS` RS^S\R ]\ ]c` RSSRa" [cab a][SV]e e]`Y
P]bV eOgai ]` SZaS bVS`S e]cZR \]b SdS\ PS bVOb W\eO`R bSabW[]\g T]`
ca b] W\d]YS ]\ eVWQV ]c` eV]ZS QOaS T]` bVS SbS`\OZ eOa U`]c\RSR$ ;T
a]" bVS abObS ]T b`O\aQS\RS\QS" Oa H8 VOdS ZSb Wb PSQ][S" eWZZ W\ bc`\
VOdS O `Sa]\O\QS W\ ]c`ai a][SbW[Sa TSZb" bV]cUV []abZg \]b" O\R
^`SaS\bZg TSZb" ^S`VO^a" W\ O US\S`OZ [OZOWaS" W\ bVS ^`]T]c\R RWa#
bS[^S` ]T bVS Q]\bS[^]`O`g [W\R$ EVW\Ua Vc[O\ R] \]b ^`]a^S`
c\RS` ]c` VO\Ra$ :O^^W\Saa SZcRSa ]c` ^c`acWb" O\R [SO\W\U []QYa
]c` RSa^S`ObS \SSR$ 5]cZR Wb PS bVOb" ac^S`W\RcQSR c^]\ bVS [O\g#
ZOgS`SR" Pcb \SdS` Q][^ZSbSZg Sf^ZOW\W\U QOcaSa T`][ eWbVW\ ]c` VWa#
b]`WQOZ SfWabS\QS" OZa] bVS RWabc`PO\QS ]T bVS b`O\aQS\RS\b ]`RS` eVWQV
eS VOdS QOcaSR Pg bVS []\ab`]ca Q`W[Sa ]T ]c` bW[S" bVca `SOQba ]\
bVS a^W`WbcOZ []]R ]T [S\i O\R bVca bVS []RS[ bS[^S` ^O`OR]fW#
QOZZg [WUVb WbaSZT `STZSQb bVS W[[]`bOZWbg eVWQV Wb RWa]e\a2 ;b e]cZR PS
TWbbW\Ui []`S ; RO`S \]b aOgi WT bVS aZOcUVbS`SR VOR bVOb aVO`S W\
W[[]`bOZWbg" O\R ]\ bVSW` OQQ]c\b O U`SOb STT]`b eS`S OaYSR ]T bV]aS
OZWdS b] ZWTb bVS aVOR]e T`][ ]c` P`]e O\R UOW\ T]` bV]aS OTbS` ca O
\Se QVO\QS ]T aS`S\Wbg Pg `Sab]`W\U Wb b] bVS W\dWaWPZS e]`ZR$
4cb SdS\ WT \]b bVSW` aVOR]e" QS`bOW\Zg bVS aVOR]e ]T bVS 4][P Wa
; ??ACE3>;EJ 3@6 E:7 ?A67C@ E 7?B7C L (.'
bVS`S b] `S[W\R ca bVOb bVS W[OUS ]T 9]R Wa W\ RO\US` Oa \SdS` PST]`S"
O\R ]\ []ab c\S_cWd]QOZ" bS``Sab`WOZ bS`[a$ EVOb W\ bVSaS bS`[a O\
SbS`\OZ WaacS Wa Ob abOYS b]USbVS` eWbV bVS bS[^]`OZ ]\Si bVWa Oa^SQb
]T ]c` `Sa^]\aWPWZWbg QO\ PS ]c` UcO`R OUOW\ab bVS bS[^bObW]\ ]T TObOZ#
WabWQ OQ_cWSaQS\QS ]` bVS e]`aS b`SOa]\ ]T 4BC8D @AFD >8 78>F:8! HS
ZWbS`OZZg V]ZR W\ ]c` TOZbS`W\U VO\Ra bVS Tcbc`S ]T bVS RWdW\S ORdS\bc`S
O\R [cab \]b TOWZ :W[" SdS\ WT eS e]cZR TOWZ ]c`aSZdSa$
EVca W\ bVS RW[ ZWUVb Ob bVS S\R ]T ]c` eO\RS`W\U eS [Og RWaQS`\ O
be]T]ZR `Sa^]\aWPWZWbg ]T [O\0 ]\S W\ bS`[a ]T e]`ZRZg QOcaOZWbg" Pg
eVWQV bVS STTSQb ]T VWa RSSR SfbS\Ra T]` a][S U`SObS` ]` aV]`bS` ZS\UbV
W\b] O Tcbc`S eVS`S Wb SdS\bcOZZg RWaaW^ObSa1 O\R O aW[cZbO\S]ca ]\S W\
bS`[a ]T Wba W[^OQb ]\ bVS SbS`\OZ `SOZ[" eVS`S Wb \SdS` RWaaW^ObSa$
EVS ]\S" eWbV ]c` ZW[WbSR T]`SaWUVb O\R bVS Q][^ZSfWbg ]T e]`ZRZg
bVW\Ua" Wa [cQV Ob bVS [S`Qg ]T ZcQY O\R QVO\QS1 bVS ]bVS` U]Sa Pg
Y\]eOPZS \]`[a eVWQV" W\ bVS 4WPZSla e]`Ra"'& O`S \]b TO` T`][ ]c`
VSO`ba$ EVS`S [WUVb SdS\ PS" Oa ; W\RWQObSR" O bVW`R RW[S\aW]\ b] ]c`
`Sa^]\aWPWZWbg W\ bS`[a ]T bVS W[^OZ^OPZg `SQW^`]QOZ eOg W\ eVWQV
7bS`\Wbg" eWbV]cb W\bS`dS\W\U W\ bVS ^VgaWQOZ Q]c`aS ]T bVW\Ua" eWZZ
Q][[c\WQObS Wba a^W`WbcOZ abObS Oa O ^S`dORW\U []]R b] O US\S`ObW]\
eVWQV eWZZ VOdS b] ZWdS eWbV Wb$
4cb bVS TW`ab be] O`S []`S bVO\ S\]cUV b] ac[[]\ ca b] ]c` bOaY$
3ZbV]cUV bVS VS`SOTbS` Wa \]b ]c`a" \]` SbS`\OZ `SQc``S\QS ]T bVS VS`S"
eS QO\ VOdS W[[]`bOZWbg Ob VSO`b eVS\ W\ ]c` P`WST a^O\ eS aS`dS ]c`
bV`SObS\SR []`bOZ OTTOW`a O\R VSZ^ bVS acTTS`W\U W[[]`bOZ 9]R$

'&$ 6Scb$ )&0'*$


.LEHKCQA
5=PQNA =J@ .PDE?O

:A KLAJA@ PDEO RKHQIA SEPD PDA LNKLKOEPEKJ PD=P PDA LDEHKOKLDU KB


HEBA ?KILNEOAO PDA LDEHKOKLDU KB KNC=JEOI =J@ PDA LDEHKOKLDU KB
IEJ@# +P EPO AJ@! =J@ EJ PDA HECDP KB SD=P SA D=RA HA=NJA@! SA I=U
=@@ = BQNPDAN LNKLKOEPEKJ! EILHEA@ EJ PD=P BENOP KJA >QP OAPPEJC = JAS
P=OG( = LDEHKOKLDU KB IEJ@ ?KILNEOAO APDE?OW =J@ PDNKQCD PDA ?KJ"
PEJQEPU KB IEJ@ SEPD KNC=JEOI =J@ KB KNC=JEOI SEPD J=PQNA! APDE?O
>A?KIAO L=NP KB PDA LDEHKOKLDU KB J=PQNA# 8DEO =C=EJ EO KQP KB PQJA
SEPD IK@ANJ >AHEAB# 2O JKP I=J =HKJA* -KAO JKP PDA OAAIEJC ?=HH PK
KQN IKN=H >AEJC KNECEJ=PA EJ KQNOAHRAO =J@ IANAHU ?KIA >=?G PK QO
BNKI PDA LQP=PERA O?DAIA KB PDEJCO =O KQN NABHA?PA@ RKE?A* 1=O JKP
PD=P O?DAIA >AAJ AJ@KSA@ >U QO SEPD SD=PARAN IA=JEJC EP I=U D=RA
BKN QO* /KN I=J =HKJA! OK SA D=RA >AAJ P=QCDP BKN OKIA ?AJPQNEAO
JKS! EO PDA OKQN?A KB =HH @AI=J@! ?KII=J@! =J@ ?=HH SEPD SDE?D DA
BEJ@O DEIOAHB =@@NAOOA@! =J@ PDAEN EILQP=PEKJ PK = J=PQNA >=NNAJ KB
IEJ@ EO JK IKNA PD=J =J =JPDNKLKIKNLDE? HE>ANPU# :A IENNKN >AEJC!
>QP EJ @KEJC OK SA IENNKN KQNOAHRAO EJ EP! =J@ NA?KCJEVEJC KQN EI=CA
PDANA =P H=OP BKN SD=P EP EO SA BEJ@ LNE@A EJ KQN ?KOIE? OKHEPQ@A#
:D=PARAN IKN=H MQ=HEPU AJPANO PDA NAH=PEKJ KB OAHB =J@ SKNH@ ?=J D=RA
EPO KNECEJ JKSDANA >QP EJ PDA OAHB#
; $'$ <
. 723609. $'%
1ANA! PSK @EBBANAJP LNKLKOEPEKJO =NA IETA@ EJPK = @Q>EKQO D=HB"
PNQPD# 8NQA EP EO PD=P K>HEC=PEKJ ?=JJKP >A SEPDKQP PDA E@A= KB K>HEC="
PEKJ! =J@ PNQA PD=P SEPDEJ PDA GJKSJ SKNH@ PDA ?=L=?EPU BKN PD=P KN
=JU E@A= =LLA=NO EJ I=J =HKJA( >QP EP @KAO JKP BKHHKS PD=P PDA E@A=
IQOP PDANABKNA >A =J EJRAJPEKJ! =J@ ?=JJKP >A = @EO?KRANU# 5KN @KAO
EP BKHHKS PD=P PDA NAOP KB ATEOPAJ?A EO EJ@EBBANAJP PK PD=P @EO?KRANU( EP
I=U D=RA = OP=GA EJ EP! =J@ EJ RENPQA KB PD=P OP=GA I=U ARAJ >A PDA
CNKQJ@ KB PDA K>HEC=PEKJ SDE?D I=J =?GJKSHA@CAO BKN DEIOAHB# 1A
SKQH@ PDAJ >A PDA ATA?QPKN KB = PNQOP SDE?D KJHU DA ?=J OAA! >QP @E@
JKP ?NA=PA# +P =JU N=PA! PDA ?KJPAJPEKJW =HIKOP =TEKI=PE? EJ PDA
IK@ANJ ?HEI=PA KB PDKQCDPW PD=P OKIAPDEJC HEGA =J XKQCDPY ?=J EOOQA
KJHU BNKI I=J =J@ EO =HEAJ PK ARANUPDEJC KQPOE@A DEI! EO IKNA PD=J =
@AO?NELPERA OP=PAIAJP( EP EO L=NP KB = IAP=LDUOE?=H LKOEPEKJ! SDE?D D=O
JARAN CERAJ BQHH =??KQJP KB EPOAHB# 8K =OG BKN OQ?D =??KQJP EO PK NAKLAJ
PDA KJPKHKCE?=H MQAOPEKJ KB DQI=J SEPDEJ PKP=H ATEOPAJ?A# 6JPKHKCU
I=U UAP NAHK?=PA PDA BKQJ@=PEKJ KB XKQCDPY BNKI PDA ACK KB I=J! PK
SDE?D EP D=O >AAJ NAHAC=PA@! PK PDA J=PQNA KB >AEJC EJ CAJAN=H# 2P I=U
D=RA >AAJ LNAI=PQNA @AOL=EN SDE?D @AJEA@ PDA @K?PNEJA KB >AEJC PDA
LKSAN PK UEAH@ = CNKQJ@ KB K>HEC=PEKJW BKN >AEJCO! KB ?KQNOA! PD=P =NA
LANREKQO PK K>HEC=PEKJ! =J@ SDK IQOP >A PDANA OK PD=P K>HEC=PEKJ ?=J
BEJ@ EPO NAOLKJ@AJP#
6JPKHKCU =O PDA CNKQJ@ KB APDE?O S=O PDA KNECEJ=H PAJAP KB LDEHKOK"
LDU# 8DAEN @ERKN?A! SDE?D EO PDA @ERKN?A KB PDA XK>FA?PERAY =J@ XOQ>"
FA?PERAY NA=HIO! EO PDA IK@ANJ @AOPEJU# 8DAEN NAQJEKJ ?=J >A ABBA?PA@!
EB =P =HH! KJHU BNKI PDA XK>FA?PERAY AJ@! PD=P EO PK O=U! PDNKQCD =
NAREOEKJ KB PDA E@A= KB J=PQNA# +J@ EP EO >A?KIEJC N=PDAN PD=J =>E@EJC
J=PQNA SDE?D SKQH@ DKH@ KQP =JU OQ?D LNKIEOA# /NKI PDA EII=JAJP
@ENA?PEKJ KB EPO PKP=H ARKHQPEKJ PDANA I=U >A AHE?EPA@ = @AOPEJ=PEKJ KB
I=J >U SDKOA PANIO PDA LANOKJ! EJ PDA =?P KB BQHBEHHEJC DEIOAHB! SKQH@
=P PDA O=IA PEIA NA=HEVA = ?KJ?ANJ KB QJERANO=H OQ>OP=J?A# 1AJ?A
SKQH@ NAOQHP = LNEJ?ELHA KB APDE?O SDE?D EO QHPEI=PAHU CNKQJ@A@ JAEPDAN
EJ PDA =QPKJKIU KB PDA OAHB JKN EJ PDA JAA@O KB PDA ?KIIQJEPU! >QP EJ
=J K>FA?PERA =OOECJIAJP >U PDA J=PQNA KB PDEJCO SD=P PDAKHKCU QOA@
PK ?=HH PDA %&!% &" (#%$#' W OQ?D =O ?KQH@ OPEHH >A GALP B=EPD SEPD >U
PDA H=OP KB = @UEJC I=JGEJ@ EJ DEO BEJ=H OKHEPQ@A# 8DA B=?P PD=P >U
?KOIE? O?=HAO I=J EO >QP =J =PKI EO = MQ=JPEP=PERA ENNAHAR=J?U( DEO
EJJAN SE@PD ?=J I=GA DEI =J ARAJP KB ?KOIE? EILKNP=J?A# 8DA NABHA?"
PEKJ KB >AEJC EJ GJKSHA@CA I=U >A IKNA PD=J = DQI=J ARAJP( EP I=U
$'& < 8 1. 7 1.564 .565 6/ 3 2/.
>A =J ARAJP BKN >AEJC EPOAHB =J@ =BBA?P EPO IAP=LDUOE?=H ?KJ@EPEKJ# 2J
1ACAHE=J H=JCQ=CA( = X?KIEJC PK EPOAHBY KB KNECEJ=H OQ>OP=J?A#
1KSARAN PD=P I=U >A =J@ PDA E@A= EO BN=JGHU OLA?QH=PERA ! KJHU =J
APDE?O SDE?D EO CNKQJ@A@ EJ PDA >NA=@PD KB >AEJC! JKP IANAHU EJ PDA
OEJCQH=NEPU KN K@@JAOO KB I=J! ?=J D=RA OECJEBE?=J?A EJ PDA O?DAIA KB
PDEJCO# 2P D=O EP! EB I=J D=O OQ?D OECJEBE?=J?A) =J@ SDAPDAN DA D=O EP
SA IQOP HA=NJ BNKI =J EJPANLNAP=PEKJ KB NA=HEPU =O = SDKHA! =P HA=OP
BNKI =J EJPANLNAP=PEKJ KB HEBA =O = SDKHA# ,QP ARAJ SEPDKQP =JU OQ?D
?H=EI KB PN=JODQI=J OECJEBE?=J?A BKN DQI=J ?KJ@Q?P! =J APDE?O JK
HKJCAN BKQJ@A@ KJ @EREJA =QPDKNEPU IQOP >A BKQJ@A@ KJ = LNEJ?ELHA
@EO?KRAN=>HA EJ PDA J=PQNA KB PDEJCO! HAOP EP B=HH RE?PEI PK OQ>FA?PEREOI
KN KPDAN BKNIO KB NAH=PEREPU# 1KSARAN B=N! PDANABKNA! PDA KJPKHKCE?=H
MQAOP I=U D=RA ?=NNEA@ QO KQPOE@A I=J! EJPK PDA CAJAN=H PDAKNU KB
>AEJC =J@ KB HEBA! EP @E@ JKP NA=HHU IKRA =S=U BNKI APDE?O! >QP
OA=N?DA@ BKN EPO LKOOE>HA BKQJ@=PEKJ#
7UKL_

HIZVS\[L &)+! &*, HNLU[ &+ U#&! '%! +* U#! %($! %)* U#!
HIZ[YHJ[ %(,! %-- &+&! &+(
HIZ[YHJ[PVU &(! '$! '&! -%! %(+! HNNYLNH[L +)! +,! +-! &$%
%(-! %*&! %*,! %+$! %+(! %,( HNPSP[` %$)
HJJLSLYH[PVU %%*! %'& 1";5C85B! 1";5C85D59= %,%
HJJPKLU[ HS (,! (-! )%! )&! ,$! HSNLIYH *+! *,! *- U#
&%'! &%(! &'' HSPLU &%,! &%-! &&$! &&(
HJVZTPJ! HJVZTPZT &%*! &&%! &&(! HSPLUH[LK &'%
&&) HSPLUH[PVU &&$! &&%
HJV\Z[PJ '$! %'+! %',! %'-! %(&! HTVLIH (*! )%! *)
%(* HUHSVN` % % % !& ) % !& ) & !& ) ' !& ) *
HJ[ ,&! -%! &*-! &+$! &+%! &+&! HUHS`ZPZ ')! ($ U#! )(! )*! *+! *-!
&+(! &,$ *- U#! ++! +,! ,+! ,,! -$! -)! %'&!
HJ[PVU! HJ[PUN & M#! &$! &&! &'! &(! &$$! &$&
&)! &*! &+! &-! '%! '&! ''! ($! /UH_HNVYHZ %( U#
*$ U#'! *& U#(! %$(! %$)! %%*! %%-! HUPTHS (+! )%! ))! )+! )-! *$! *'!
%&&! %&+! %'+! %(%! %(*! %(,! %)%! +$! +(! +* U#! -$! ,,"$#*! %%*!
%)'! %))! %,'! %,(! %-$! %-,! &$(! %&)! %&*! %&+! %()! %))! %),! %**!
&*-! &+* %*+! %+)! %++! %+,! %+-! %,'! %,(!
HJ[P]L! HJ[P]P[` &&! &'! &(! &*! '$! %,*! &&+! &+*
'%! +* U#! ,&! ,)! %$(! %$)! %%&! SPML ''
%%(! %($! %('! %((! %()! %)'! %))! UPZ\Z ''
%)*! %-%! &$(! &$*! &*,! &+$ A1C9>=1;5 (+
SPML %-(! &$* HUPTHSP[` )+! %$&! %$(! %$+! %&*!
1415@D1C9> %+&! %,% %,)! &&+
/KHT %+'! &(+ HUPTH[L P_! (! -*
HKHW[H[PVU! HKHW[P]L (*! )$! %$'! HUPTPZT! HUPTPZ[PJ +! -! %)! &&!
%%*! %%+ &)! '* M#! +&
HK]LU[\YL! "V\Z ()! %$*! &+)! &+*! /UZLST VM 1HU[LYI\Y` &(&
&,% HUZ^LY &(*! &(+
HMMLJ[PVU! HMMLJ[P]L! HMMLJ[P]P[` &-! HU[OYVWVJLU[YPJ P_! '(! *$
,(! ,)! %*, HU[OYVWVTVYWOPZT! "PJ %$! &'! &&"
HMMPYTH[PVU %++! %+-! &$, &*! -%! %%+! %&&! &''! &+,! &,&
F &,) G
&,* G 7 <23D
HU[PJPWH[PVU ,*! %+- H\[VTH[PJ HS ! H\[VTH[PZT '!
HU[PKP]PUL &'' &+ U #S! (%! )&! )'! -&! %$'! %$-!
HU[PUVTPHU PZT &&(! &&) %&(! &$*
HU[PUVT` ,( H\[VTH[VU ))! )) U#! )-! *$! +(!
HU[P">SH[VUPJ! HU[P">SH[VUPZT ('! %%$ %&&
()! (, H\[VUVT`! H\[VUVTV\Z (*! (,! (-!
HU_PL[` -* +,! %$*
/WVSSPUPHU &)+ U# HUK KLWLUKLUJL P_
HWWLHYHUJL %+! &*! '%! %'' U#&! /]LZ[H &+& U#
%()! %(-! %*$! %*)!%*+! %*,! %+$! H^HYLULZZ )(! *&! +'! ,(! ,,! -$!
%+*! %+,! %,$! &)+U# -%! %$+! %'(! &+*
HUK YLHSP[` &**! &*+ H^HRLUPUN &&$
HWWLYJLW[PVU %'&
HWWL[P[L! HWWL[P[PVU ),! *%! +(! ,(! IHJRNYV\UK %)$! %)%
,*! %$%! %$&! %$(! %$)! %$+! %&*! 0HJVU! 4YHUJPZ ')! '+! %,,! %,-!
%+$! &'+ U#! &+* %-$! %-%! %-&! %-(! &$'! &$(
HWWSPJH[PVU %-)! %-+! %--! &$&! ILHZ[ )) U#! &&+ U#
&$(! &$)! &%$ ILH\[` +$! -(! &*,
H WYPVYP &&! &'! &+ U#&! '( ILJVTPUN (%! (+! ),! *+! ,*! %'-!
/X\PUHZ! AOVTHZ %,,! %,-! %-$! %*'! &$%! &$+! &'&! &+(! &+)! &+*!
%-% &+,! &,'
HYJOVU &&+! &(, HUK ILPUN %((! %()
1A5C5 &&' ILOH]PVY (*! ),! *$ U#'! *&! ,-!
/YPZ[V[LSPHU PZT '(! '*! )$ U#! )'! %$$! %%$! %%&! %%'! %%(! %%+! %&$!
)+ U #SS! +&! ,*! -(! %%%! &'- %&%! %&(! %&*! %&+! %+(
/YPZ[V[SL &! %( U#! *& U#! --! %%'! ILOH]PVYPZT +(! %&$
%')! %,,! %,-! %-$! %-%! %--! &$)! ILOH]PVYPZ[ PJ -%! %&(! %&)! %&+
&$*! &(-! &*( ILOVSKPUN &$! %)&! &$+! &&-
HYYHUNLTLU[ )-! ,- ILPUN (%! (+! ),! *+! +&! -'! %'-!
HY[ P_! %,-! %-$! &$- &$+! &%$! &&-! &'&! &'*! &(&! &((!
HY[PZ[ %*'! %+% &()! &(*! &(+! &(,! &(-! &)$! &)&!
HY[PMHJ[ %%$! %),! %)-! &$' &)'! &)(! &)+! &),! &,'! &,(
HY[PMPJPHS &$' HUK UV["ILPUN ( M#! )$! -*
HZJLU[! HZJLUKPUN )%! )'! ,' ILUL]VSLUJL %-(! %-)! %-*! %-+
/ZJO! @# 3# &%$ U# 0LYRLSL`! 5LVYNL ))! *$ U#&! %)'
HZWLJ[ %*&! %*)! %*- 0PISL! 0PISPJHS ',! %+'! &'*! &'+!
HZZVJPH[PVU VM PKLHZ &*! &+! '' &(%! &('! &(+! &)(! &),! &,%
HZ[YVUVT` -( IPM\YJH[PVU ),! *'
H[OLPZT! H[OLPZ[PJ &%*! &%+! &(- 0PNLSV^! A# %%% U#
H[VTPJ &+ U#S! -)! -*! %(&
IPVSVNPZ[ -%! %&)
H[VTPZT +'
/[VTPZ[Z -( IPVSVN`! IPVSVNPJHS ZJPLUJL P_ M#!
H[[LU[PVU '%! %'-! %((! %(,! %)$! %%! )&! )*! ,'! -&! -*! %&$! %'(
%)( ISPUK %(%! %('! &%'! &%-! &''
H[[YPI\[L )( IVKPS` ')! ),! %('! %)'
/\N\Z[PUL &'+ U#! &*% IVK` P_! %&! %'! %,! %-! &$! &'! &)!
/\ZJO^P[a &+- &,! '%! ''! )'! ))! )*! *$! *% U#!
H\[OLU[PJ HS &&(! &&+! &'$ +&! +'! +)! +-! ,&! ,-! %%$! %&,!
H\[OLU[PJP[` %+,! &(%! &))! &)*! %'%! %(%! %()! %)&! %)'! %)(! %)*!
&*+ %*' U#! %+&! &%(! &&*! &&+
7 <23D &,+
0VVR VM :PML & * - !& + % !& +&!&+- 1OYPZ[PHU P[` 3>=C9=D54
0VYV^P[a! 3# 0# &') U#& &'-! &($! &(%! &((! &(*! &(,! &(-!
IV\UKHY` +)! +-! ,' &)%! &)+! &),! &*%
IYHPU &+ U #S! %%$! %&, JOYVTVZVTL! JOYVTVZVTHS -+! -,
0\ILY! ;# &)- JP[` "Z[H[L ! JP[PaLU &&& M#
0\JOLU^HSK &*+ JP]PSPaH[PVU &$*! &$+! &**
0\S[THUU! ?# &)-! &*$! &*%! &*& U# JSHYP[` )+! ,-
JSHZZPJHS (% U#! (&! )$ U#! )'! *,!
JHSJ\S\Z *, +&! +'! %)&! %,- U#! %-$! %-%! %-&!
JHSS &'+! &($! &('! &(*! &(+! &(,! %-(! %-)! &$%! &$'! &$(! &$*! &$+!
&)'! &)(! &)+! &),! &+(! &+-! &,& &$-! &%+! &&%! &&&! &&+! &&+ U#
JHYL &'%! &''! &'(! &(%! &)& JSHZZPJHS"5YLLR *+
JHY[LZPHU PZT &+ U#&! )$ U#! )&! JSVJR %%(
)(! )) M#! )+! ),! *$! *%! *& U#! *'! 1VII! 8# 0# &() U#
+'! +(! ,,! %%$! %&+! %&,! %'$! 3>79C>! 3>79C1C9> )(! *$ U#'
%'%! &$& JVNUP[P]L '&! %(+! %)&! %)'
JH[HZ[YVWOL &$, 1VOLU ?VZLUMPLSK! :# )) U#
JH[LNVY` &%&! &'$ JVTI\Z[PVU +* U#
JH\ZHS 1VTL! /YUVSK 0# &)-
LMMPJHJ` &-! '$! '%! &+, JVTTHUK %+&
PU]VS]LTLU[ '%! %(, JVTTP[TLU[ &+(
SH^ (,! %'$ JVTTVU^LHS[O %&+! &&& U#
WYPUJPWSL %&,! %'$! %'%! %''! JVTT\UPJH[PVU ,)! %$+! %$-! %&*!
%(+! %*'! %*(! %-,! &+& %+%! %+(! %,%
JH\ZHSP[`! JH\ZH[PVU &! %-! &%"&)! JVTWHYPZVU %+,! %,$! %,%
%)"&&! +,! -$! -(! %&,! %'&! %'*! JVTWL[P[PVU ((
%(*! %(-! %*,! &*)! &*-! &,% JVTWSL_ P[` %%! &(! ((! )'! )-!
JH\ZL &&! '(! '*! (%! (-! *-! -&! *&! *-! ,+! -$! --! %-,! &$%
%&,! %'$! %'%! %'&! %*'! %-$! &%( JVTWVULU[ *,! ++! +-! -'! -+! %'%
JH\ZL"LMMLJ[ &&! &'! ($! (&! +,! JVTWVZP[P]L %-,
,,! %&,! %'&! %(, U#! %)- U#! JVTW\[LY %$-
LMMPJPLU[ 31DB1 5669395=B &(! 1VT[L! /\N\Z[L &(,
'( U#! '*! (&! )- U#! +,! -$! %'& JVUJLHSPUN %,%! &((
MPUHS 31DB1 69=1;9B %-! &(!''! JVUJLW[ '%! '&! %(-! %+(
'(! ')! '*! '+! )- U#! -(! %'%! &$% JVUJLW[\HS '&
MVYTHS 31DB1 6>A<1;9B (& JVUJLYU (! ,$! ,(! ,*! %$%! %$&!
bJH]Lc %-(! %-)! &$*! &%$ %%-! %&$! %,(! &%(! &'%! &+$! &+)!
JLSLZ[PHS +$! +&! -(! &+& &,'
JLSS -+! -- JVUJYL[L &(! %--
JLU[YHSPaH[PVU %$$! %$+ JVUKP[PVU (*! (-! &$&! &$'
JOHUJL (&! ('! ()! )$! %'(! &**! JVUK\J[ %,)! &&(! &,(
&*+! &+&! &+)! &,$! &,% JVUMPN\YH[PVU ($ U#! +,! ,+! %*-
JOHUNL +$! -&! %'-! %((! %()! %(*! JVUMPYTH[PVU %+-
%)&! &$(! &$+! &$, JVUULJ[PVU &(! &+ U#S! U#&! '%
JOHUNLHISL %,- ULJLZZHY` &-! '&!''! '*
JOHYP[` %,-! %-&! %-(! %-*! &$- YLN\SHY ''
JOLTPJHS %$&! %$' JVUZJPLUJL &(%! &('! &+(
JOVPJL %()! %)% JVUZJPV\Z ULZZ %+! %,! %-! &$! &%!
1OYPZ[PHU P[` %'! )+! )-! *$! +%! &&! )( U#+! )+! *$ U#'! *%! *)! +&!
+&! &%+! &&(! &&)! &&+ U#! &'*! +'! -$! %&,! %&-! %''! &%(
&,, G 7 <23D
JVUZ[HUJ`! JVUZ[HU[ *,! *, U#! +( KHUJL %*' U#! %+&
JVUZ[P[\LU[ ++! +, 2HY^PUPHU! 2HY^PUPZT ((! (*! (+!
JVUZ[Y\J[PVU (%! (&! *'! ++! -) )$! )&! )'! ),! %&+
JVUZ\TTH[PVU &+( 41B59= &&-
JVU[HJ[ )! %$'! %($! %(%! %('! %(+! KH[\T &(! &)! &*! '%! %',! %($!
%)( %(%! %(&! %('! %((! %(-! %)'!%)(!
JVU[LTWSH[PVU! JVU[LTWSH[P]L &! %*,! %*-! %+-
*+! -'! %)&! %)(! %)*! %-%! %-(! KLHJ[P]H[LK &-! '$
&$)! &$+! &'&! &'+ KLH[O )! , M#! %&! %'! %)! %+! %-!
JVU[LU[ +*! ,$ &$! &%! &*! ),! -)! -*! %%'! %&*!
JVU[PN\P[`! JVU[PN\V\Z %$$! %$&! %&+! &'%! &'&! &''! &+&! &+*! &++
%$'! %(+ KLH[O VM 5VK &&( M#! &'&
JVU[PUNLUJ` (,! (-! )$! %'-! &%(! KLJH\ZHSPaLK &,! &-
&%*! &''! &)$ KLJLP]L! KLJLP]PUN %''! %'( U#! %,%
JVU[PU\P[`! "H[PVU )+! +* U#! +,! +-! KLJLW[PVU! KLJLW[P]L %*$! %**! %+*!
,%! ,&! ,(! ,)! ,*! -)! -,! %$$! %,$
%$&! %$(! %,' KLJPZPVU %%,! %--! &'$! &'%! &*,!
JVU[PU\V\Z *,! %$&! %''! %)%! %*- &*-! &+$! &+%! &+(! &+,
JVU[PU\\T ,%! ,& U#! %'$ KLK\J[PVU ((! -)
JVU[YVS! JVU[YVSSPUN -+! -,! %$$! KLLK &*-! &+$! &+%! &+&! &+'! &+(!
%$,! %$-! %%,! %&&! %&(! %+%! %+&! &++! &+,! &+-!&,$! &,%
%+(! %-'! %-* KLMPJPLUJ` %$,
JVVYKPUH[LZ '*! %'&! %''! %)'! %)* KLMVYTP[` )%
1VWLYUPJHU &%) KLPZT ',! '-
YL]VS\[PVU ,! (+! (, KLP[` *+! &(-
1VWLYUPJ\Z! <# -( KLSPILYH[PVU *% U#! %-,! %--
JV"WYLZLU[ %)$ KLT`[OVSVNPaL K &(,! &*$! &*%
JVW` %*( KLTP\YNL +$! -&!&%-! &&)! &&+
JVYWVYLHS P[` %%! %'! &$! &(! ))! KLTP\YNPJHS &&*
*$ U#'! *% U#! -$! %)( KLTVU PJ %(! %''! &''! &)(
JVYWZL %&! %'! %) KLTVUPaLK &&%
JVYY\W[PISL %$*! &+* KLWLUKLUJL ,(! %$$! %$'!%$*! %&,!
JVZTVSVN`! "PJHS%( U#! ',! ('! (,! %'*
*(! *)! -(! &%'! &%,! &&( KLW[O %'*! %)$! %)%! %)'! %)(! %)*!
JVZTVZ! JVZTPJ %&! ',! (%! ),! *)! &(+
+$! +%! -'! -(! &%(! &%*! &%-! 2LZJHY[LZ! ?# P_! '&! ')! (%! ()!
&&$! &&%! &&&! &&(! &+'! &+)! &,' )(! )) M#! )+! )-! *$! *&! *'! *- U#!
JVZTPJ ^OVSL &&,
+&! +'! +(! +* U#! ,,! -*! %$$!
JV[LTWVYHULV\Z ,&! -+! %'*! %',
%%$! %'$! %'%! %''! %+,! %-$! &$'!
JV\YHNL &$-
JYLH[P]P[` -* &$' U#! &%(
JYLH[PVU '-! ($! ('! (*! )'! *& U#! KLZJLU[ ('! )+
*(! *)! **! +$! +%! +&! +)! ,-! KLZJYPW[PVU '*! )(! ,-! -$! -%! %+%
-*! %+'! &%)! &%,! &)$ U#! &),! KLZPNU LK '(! '-! ($! (%! (&! (,!
&+)! &+* )- U#! %%&! %%'
JYLH[VY '(! ',! ($ U#! **! +$! -%! KLZPYL! "PUN P_! *$ U#'! %$%! %$&!
-&! -*! &%-! &&*! &&+! &)$ U# %$+! %&*
JYPZPZ &%'! &'%! &'& KLZWHPY %,*
J\YPVZP[` %+*! &'% KLZ[PU` &&'! &&(! &(*! &+&! &+(!
1`ILYUL[PJZ %$$! $#+"$%*! %'( &+)! &++! &+,
7 <23D F &,-
KL[HJOTLU[! KL[HJOLK '%! %(, U#! K\HSPZT! K\HSPZ[PJ 3>=C9=D54
%(-! %+$! %+% '&! ')! '*! '+! )&! )(! )) M#! )+!
KL[LYTPUHUJ` &( ),! *$! *%! *)! +&! +'! +(! ,,! ,-!
KL[LYTPUHU[ %'% -$! -)! -*! %$*! %%$! %%%! %&+!
KL[LYTPUPZT!"H[PVU (+ U#! %'$! %&,! %&-! %'$! %'%! %''! &%*! &%,!
%'&! %''! %-*! &%( &&)! &&,! &'&! &''! &'(
KL[LYTPUPZ[PJ %&, 2\ 0VPZ"?L`TVUK! 3# %&,
KL[V\Y %$(! %,(! %,* K\YH[PVU ,$! ,%! ,*! -*! %'+! %(&!
45DB 12B3>=49CDB &%* &'$! &+$! &+-
KL]HS\H[PVU &&%! &&(! &&)!&&+ U# K`UHTPJ HS &'! &(! &+! &,! '$!
KL]LSVWTLU[ (&! )$ U# '%! ($! ('! ((! (-! )$! *- U#! ++!
KL]PH[PVU )% ,$! ,*! -&! -,! %$&! %'%! %'+!
KL]P[HSPaLK '&! '+ %',! %'-! %(*! %(,! %(-! %)&! %))!
KPHSLJ[PJ HS ),! ,$! ,'! ,)! %$*! %)*! %-$! &'$! &'%
%$+! &*$ K`UHTPZT ,)! &$*! &$+! &$,
KPMMLYLU[PH[PVU %') U# 2`ZVU! 4# 8# ** U#)
KPNUP[` &&'! &'&! &+%
KPTLUZPVU ,%! %$$! %'&! %''! %',! LHY -$! -&! %'-! &($
%((! %)$! %))! &'$! &+$ LHYZ"L`LZ &'*! &'+! &', U#'
2PVU`ZPHU &)+ U# 3KKPUN[VU! /Y[O\Y +)
2PV[PTH &*' U# LMMLJ[ B55 1;B> JH\ZL HUK LMMLJ[
KPYLJ[PVU %'*! %)) U#! %)* '%! ($! (%! %&,! %'$! %'&! %(-!
KPZHWWVPU[TLU[ %$)! %$+! %+- %*'! &,%
KPZJVUULJ[PVU '% LMMLJ[VY %%*! %%+! %%,
KPZJVU[PU\P[` ,%! -*! %$( LMMVY[ &'! &)! ')! '*! '+! -$! %$%!
KPZJYPTPUH[PVU %** %$)! %&*! %(,! %))! &**
KPZLUNHNLTLU[ '%! %*, LNV '&! )( U#+! *$! +'! &,'
KPZLX\PSPIYP\T ($! %%,! &$* LPKL[PJ %*' U#! %*,! %+&! %,)
KPZVYKLY (%! *-! +% 594>B %)-! %*+! %+$! %+%! %+&! %+'!
KPZWSHJLTLU[ %)) %,'! %,(! %,)! &'+
KPZ[HUJL %$$! %$%! %$&! %$(! %'*! LSLTLU[ ++! ,+! &$&. &%-
%(,! %(-! %)$! %)%! %)&! %)(! %))! LSLTLU[HY` (%! )-! *,! *-!++! ,+!
%+%! %+(! %,'! %,(! %,)! %,*! &)+ &$%
KPZ[HUJPUN '$! ') LTLYNL! LTLYNLUJL (-! )%! ,%! %-%
KPZ[PUJ[ULZZ %)$ LTLYNLUJ` %-'! &$,! &$-
KPZ[VY[PVU %*% LTV[PVU *! --! %$$! %$%! %$&! %$(!
KPZ[YLZZ %%& %$)! %$*! %&*! %,'! %,(
KPZ[YPI\[PVU &$& LUJV\U[LY %(,! %*,! %+%
KP]PUL *'! **! +%! -$! -(! %-&! &%)! LUK (+! (,! )-! *$! *,! +(! -)! %$*!
&%,! &%-! &&%! &&(! &&)! &'-! &(,! %%&! %%'! %%-! %&$! %,,! %,-! %-%!
&(-! &)%! &+)! &,( %-)! %-+! %-,! %--! &$(! &$,! &%$!
JHSJ\SH[VY ($ &%(! &&-! &+(
LUNPULLY '( LUKZ"TLHUZ %,(
ZLSM &+' LUK\YPUN %$*! %()
2</ -+! -, LUNPUL +* U#! %%$
KVYTHU[ %$) LUNPULLYPUN %$-
KV\I[ %+- LUQV`TLU[ )+! )-! %$)!%$+! %%&
KYLHK %$+! &&$! &&* LU[P[` '$! ,%
K\HSPZT! K\HSPZ[PJ %&! %'! %(! %)! LU[YVW` %%'! %%(! %%+! %%,! %&&!
%*! %,! %-! &$! &%! &&! &'! &)! &*! %&*
&-$ G 7 <23D
LU]PYVUTLU[ %)! (*! (-! )$! )&! L_WLYPLUJL &'! ''! '*! )&! ),! *%!
)'! +* U#! ,(! ,)! %$&! %$'! %$(! *& U#! *)! ,&! ,(! ,)! ,+! %'&!
%$+! %'-! %(*! %,'! %,( %',! %((! %+%! %+-
LWPWOLUVTLUVU! "HSPZT %+! ,,! L_WLYPTLU[ %-$! &$(
%%$! %&,! %&-! %'$! %''! %'( L_WSHUH[PVU '*! '-! ($! +(! ,+! -)!
LWPZ[LTVSVN`! "PJHS &%! &'! &)! '&! &$%
'*! **! +(! ,&! %)' L_WVZLK! L_WVZ\YL ,)! %$)! %$+
LX\H[PVU &$$ L_WYLZZP]L %*( U#
LX\PSPIYP\T ($! (*! )$! %%(! %%+! L_[LUKLK ULZZ ! L_[LUZPVU! L_[LUZP[`
&$* %$! %%! %,! %-! &$! &(! '*! )(! )-!
LYVZ &'+ U# ,-! -%! %'$! %''! %((! %()! %)(!
LYY! LYYVY %$)! %'( U#! %+)! %+*! &%)! &+$
%+,! %,$ B55 1;B> A5B 5GC5=B1
LZJOH[VSVN`! "PJHS &%,! &&,! &&-! L_[LUZP]L &$! &'! +,! ,*! ,+! ,,!
&'%! &(+! &+( %'*! %'+
LZZLUJL '%! (*! (+! (-! )$ U#! &$&! L_[LYPVYPaH[PVU %,*
&$'! &&+! &&,! &'+ U#! &+, L_[LYUHS &(! (,! )(! )) U#! *'! +&!
PTT\[HISL () M# +' U#S %! +(! ,&! -$! -%! %$(! %$)!
LZZLUJL"L_PZ[LUJL %(+! %(-! %)& %%&! %%(! %&+! %'$! %'%! %'&
LZ[YHUNLTLU[ &%*! &&$ YLSH[PVU '&
L[LYUHS! "P[` +$! -'! -(! %()! %)&! ^VYSK '&
%,-! &$+! &%)! &&-! &'&! &*,! L_[PUJ[PVU %&*! &+*
&*-! &+$! &+&! &+)! &+*! &+,! &,$! L_[YHWVSH[PVU &'! &(! ''! +) U#
&,% L`L ,+! -$! -&! %'*! %'-! %('! %(*!
PTHNL &*- &($
VIQLJ[ -) B55 1;B> OLHYPUN"ZLLPUN. LHYZ"L`LZ
YLJ\YYLUJL &*-! &,% bL`L VM [OL ZV\Sc &'* U#'! &', U#(
ZLSM &+'
L[OPJZ _! &! %--! &,& MHJ[VY *,! &$$! &$%
L[OPJHS &&(! &+, MHJ\S[` ()! %$$! %'$
3\JSPK *- U# MHPS\YL %$)! %%&! %,'
L]LU[ -)! %'+! %',! %'-! %((! %(*! MHP[O &'-! &(*! &(+! &)%
&($! &)& MHSSPIPSP[` &*+
L]LU["Z[Y\J[\YL ++ MHSZLOVVK %+)! %+*! %++! %+,! %+-!
L]PS -*! %-( %,$! %,)
L]VS\[PVU '+! (%! (&! ('! ((! ()! MHTL &*'! &*(! &*)! &+%
(*! (-! )+! ),! ,%! ,'! -&! --! MHTPSPHY %*+! %+$! %+-
MH[L %'( U#! &&$! &&'! &&*! &(&!
%,'! &+*! &++! &,'
&((! &()! &(*! &(+! &(,! &)$! &)&!
L]VS\[PVUPZT ()! (+! (,! (-! )'! &)(
)+ MH[HSPZ[PJ &,%
L]VS]L (&! (' MLHY *% U#! %$%! %$&! %$)! %$+! %&*!
L_JOHUNL TL[HIVSPJ +)! +* U#! %&+! &++
+-! -+! %$& MLLKIHJR %$,! %$-! %%%! %%*! %%+!
L_JP[H[PVU ,) %%,! %&%! %&(! %&*
L_PZ[LUJL '%! *%! ,%! ,*! %'-! %(*! MLLKIHJR TLJOHUPZT %%$!%%-!&$-
&%&! &&+! &&,! &&-! &'$! &'%! &(*! MLLKPUN +* U#
&(+! &*$! &+- MLLS PUN %,! %-! &) U#! ))! )+! ),!
L_PZ[LU[PHS PZT ! "PZ[ P_! (+! (,! *$ U#'! ,(! ,)! -)! %$*! %(%! %)'!
%$$"%&'! &),! &*,! &+$ %)(! %,*! &*-! &+$! &+*
7 <23D &-%
MJPNU PUN %+*! %,% M\[\YP[` &'&
MPLSK %'*! %'+! %('! %()! %)$
MPUHSP[`! B55 JH\ZL! MPUHS 5HSPSLV! 5# )(! **! *- U#! %-$
MPUHSPZ[PJ ,* NHW '%! '&! ,%! %$&! %$(! %(,
MPUP[L ULZZ ! MPUP[\KL -'! &''! &'(! 5HZZLUKP! ># )'
&*+! &+%! &+*! &+, NLUL Z`Z[LT )%
MPYZ[ JH\ZL %,- NLULHSVN` )+
MPYZ[ WYPUJPWSL &$*! &$+ NLULYHS P[` %*)! %+'! %-,
MSPNO[ %$%! %$)! %&* NLULYH[PVU (&! ('! (-! )%! *,
MSV^! MS\_ +* U#! +,! -'! -+! %((! NLULYH[PUN &$&
&$,! &$-! &'&! &+$ NLULZPZ ',! (%! (&! (,! %(+! %(,!
MVJ\Z! MVJ\ZLK %('! %)$! %)% %)&! &%-
MVVK +* U#! %$* NLUL[PJ &-! (%! )'! -+
MVYJL &$! &&! &'! &(! &)! &+! '%! NLUL[PJZ ((! )&
'&! ''! '*! *,! *-! +(! %%)! %($! NLU\PUL %,$! &'$
%(+! %(,! %))! &$% NLVTL[Y`! "PJHS **! *+! *+ U#! *,!
MVYJL"L_WLYPLUJL &-! '$! '% -'! -(! %(+! %))! %)) U#! %+(
MVYLPNU ,' JLSLZ[PHS NLVTL[Y` *-
MVYNL[M\SULZZ &()! &)* NLYT (&! ('! )&! )'
MVYT &&! ($! (&! *+"*-! +&"+(! +*" 5LZ[HS[ %',! %+-
,$! ,&! ,(! ,*! -'"-)! -,! %$$! .5F>A65=859C &&-! &'$
%$*! %'' U#&! %(%! %('! %)(! %*&! NSVZZVSHS` &))! &)*! &),
%*)! %+%! %+&! %+(! %++! %,%! %,)! NUVZPZ &&%! &&,! &&-
%,-! &$%! &$+! &'&! &($ NUVZ[PJ PZT %'! %(! -&! %$$"%&'!
MVYT"TH[[LY ( M#! ,$! ,'! %(+! %)&! &'-! &)(! &+&! &+' U#! &+(
%*+ NVHS %$%! %%&! %%'! %%(! %%,! %&'!
MVYTHS JH\ZL! B55 JH\ZL! MVYTHS %&*! %)*
MVY^HYK ,)! %$$ NVHS"KPYLJ[LK %%+
MYLHR )%! )& 5VK )-! *& U#! *)! **! +$! +%! +)!
MYLLKVT P_M#! &"(! %,! &(! '%"''! ,+! ,,! ,-! -%! %''! %)) U#! %+'!
,$! ,%! ,'",*! --! %$$! %$'! %$(! %-& U#! &$&! &%)! &%*! &%,! &%-!
%$*! %$+! %'-! %('! %()! %(-! %)%! &&)! &'*! &'-! &(&! &(+! &(,! &(-!
%*$! %*&! %*,! %+$"%+)! %++! %+,! &)%! &)'! &)(! &))! &*%! &+)! &+*!
%,'"%,)! %-&! %-*! &$,! &%$! &&$! &++! &+-
&&%! &&'! &&)"&&+! &()! &+%! &+&! OPKKLU 5VK &&)
&++ b5VK PZ KLHK!c B55 KLH[O VM 5VK
HUK ULJLZZP[` P_! ( M#! -* 5VL[OL! 8# C# '-
MYLL ^PSS %'' NVVK! [OL %&+! %,,! %-%! %-(! %-+!
MYVU["IHJR %)( &$-! &%)! &&*! &'&! &'+ U#! &)&!
MY\Z[YH[PVU ,(! %%& &*( U#'
M\LS +* U# NVVK HUK L]PS &&,! &++! &+,! &+-
M\SMPSSTLU[ *%! ,)! %$%! %$)! %$+! NV]LYUVY %$,! %$-
%%&! &** NYHKH[PVU )+! *&
M\UJ[PVU PUN ',! '-! ()! (-! ))! NYH[PMPJH[PVU %$)
),! )-! *$ U#'! *&! *'! *,! ,$! ,+! NYH]P[H[PVU *,! %%)
-$! &$&! &&' 5YLJV"?VTHU &%+
M\UJ[PVUHS -, NYLLK %$%
4\UR! ?# C# &') U#& 5YLLR *(! *+! *,! -&! -'! -(! %')!
M\[\YL ,)! ,*! -)! %*'! &$+! &&-! %,- U#! &$%! &$*! &&$! &&+ U#! &'-!
&'$! &'%! &'& &()! &)-! &*' U#! &*)
&-& G 7 <23D
NYV\WPUN -, O\THU )*! *$! +$! %%$! %%(! %+'!
NYV^PUN! NYV^[O (&! ('! *$ U#'! *, %+(! %++! %+-! %,*! %-&! &$)! &%)
N\PS[ &(%! &('! &(+! &+- JVUKP[PVU &%(
O\THUP[` %,-! %-(! &+-! &,$
OHIP[ &+ U#S! )) U#! %&% 6\TL! 2H]PK &%! &&! &)! &*! &+!
OHUK %(%! %+& &,! &-! '%! '&! ''! '*! *& U#! %(+!
OHWWLUPUN ++! +, %(-
OHWWPULZZ %-%! %-&! &$,! &$-! &**! O\TPSP[` &($! &)+! &),
&,$ O\UNLY %$)! %&*
OHYTVU` **! *,! *-! -'! -(! &&$ O`IYPZ &)+
OHaHYK %$+ O`SVaVPZT +! %%
OLHYPUN '$! -$! %'+! %',! %'-! %($! 6`TU VM [OL >LHYS &+&! &+' U#
%(&! %()! %(*! %)$ O`WV[OLZPZ (( M#
OLHYPUN"ZLLPUN &'*! &'+! &',! &'-! O`WV[OL[PJHS &$+! &+(! &+)
&($
OLH]LUZ -' PKLH %-! &$! &&! &+ U#&! '&! %(-!
OLKVUPZT &$- %+-
6LNLS! 5# C# 4# -*! %)'! &(, PKLHS %*(
6LNLSPHU &(*! &,( PKLHSPaH[PVU %*%
6LPKLNNLY! ;HY[PU _! %+*! %,%! PKLHSPZT! PKLHSPZ[PJ P_! %*! %+! %,!
&%%! &&)! &&+! &&-! &'$! &'%! &'&! %-! &$! &(! &)! &*! '&! )(U#+",!
&'(! &')! %'#"%(, ))! +'! &*+
OLYLKP[` ((! )% PKLU[P[` ( M#! +)! +*! +* U#! ++",&!
OLYL"HUK"UV^ %) ,& U#! ,'! ,*! -$! -)"-,! %$*! %%,!
OLYLHM[LY &**! &,% %'$! %((! %))! %*,! %,'
OLYLZ` &('! &)( PU[LYUHS ,(
OLYTLUL\[PJ %),! &%' PNUVYHUJL &%-
OLYVPZT &*) PSS\ZPVU %(,
6LY[a! 6LPUYPJO &$$ PTHNL &+ U#&! &-! '$! '%! '&! %'*!
OPKKLU &+* %(%! %('! %((! %(+! %(-! $(*"$*'!
OPLYHYJO` ) + U #SS! +$! %-&! &$%! %++! %+,! %,%! %,'! %,)! %,+!
&%) %-& U#! &$$! &$,! &+&! &+'! &+(!
OPNOLY (% U#! ('! (-! )&! )+! *-! &+,
%$-! %-)! &$% VM 5VK (+! +%! %,)! %-& U#! &++!
OPZ[VY` ', VM UH[\YL ! '-! ($ U# &+,! &,%
VM T H[[LY ! )&! )'! )+! ++! ,%! VM THU %,*! &$)
&$&! &((! &()! &(*! &+( MHJ\S[` %),! %+$! %+&! %++! %,(
OPZ[VYPJP[` ,& U#! ,*! -*! &*+ M\UJ[PVU %*( U#! %+$! %,$
THRPUN %),! %*+! %++
6P[SLY! /# &(+ U#! &),! &*)
SHZ[ &+'! &+(
6VIILZ! AOVTHZ '- U#! )'! %&+ 9<179=1C9> %(%
OVS`! OVSPULZZ &(-! &+- PTHNPUH[PVU! PTHNPUPUN P_! *! &+!
6VS` 5OVZ[ &)( '%! %('! %(+! %(-! %+$! %+%! %+&!
6VTLY &*' U# &+)
8><>- ":125A! ?93C>A! B1?95=B %+' M# PTP[H[PVU %*$! &$&! &$'
OVTVNLULV\Z! OVTVNLULP[` %%! PTTHULUJL! PTTHULU[ &*! '(! )-!
&+ U#&! &-! +-! %'$ ,)! -*! &%,! &(,! &)%! &+$! &+)!
OVUVY &*( &+*! &,$
OVYPaVU ,%! ,(! ,)! ,*! %$$! %)% PTTHULU[PZT &(-! &*%
6\SH! 3YPJO &%$U# PTTLKPHJ`! "[L %$&! %$'! %$(! &)+
7 <23D F &-'
PTTLUZP[` &%'! &%) PUZ[Y\TLU[ HS (+! %%*! %&%! %&'!
PTTVY[HS P[` -! )'! *$! %)%"%+$ %,'
PTT\[HISL -(! &'& PU[LNYH[PVU (! &-! %$$! %)$! %+-!
PTWHJ[ &'! &-! '$! '%! ')! %(+ &&'
PTWYLZZPVU &- PU[LSSLJ[ \HS )-! *& U#! +'! ,+! -$!
VM YLMSLJ[PVU '* %')
VM ZLUZH[PVU '* PU[LSSPNLUJL!"[ (%! *-! +$! +%! +&!
PTWLYH[P]L &', +'! -%
PTWYLZZPVU %'-!%($!%(- PU[LSSPNPISL! "PSP[` *-! +$! +%! +&! +'!
PTWYVIHIPSP[` ,+ -)! &**
PTW\SZL &-! %&(! %(+ PU[LUZP]L &'! ,*
PUHJ[P]L %*& PU[LU[PVU %*&
PUHJ[P]P[` '$ PU[LU[PVUHS %)'
PUHUPTH[L P_! (! +! %$! %'! +&! -* PU[LU[PVUHSP[` %)-
PUJVYWVYLHS %,! ,+ PU[LYHJ[PVU! "HJ[PUN &-! (,! *% U#!
PUKLJPZPVU %**! %+, +,! ,,! -)! %)(! %)* U#
PUKLWLUKLUJL (! ,%! %$' PU[LYLZ[ ,)! %&$! %&%! %&*! &$,
PUKPMMLYLUJL! "[ %&! %(! %)! &%! +,! PU[LYTLKPH[L %$(
%$+! %(+! %-)! &%'! &%(! &%*! &&*! PU[LYUHS ,&! ,& U#! ,'! %$(! %'$!
&&+ &'%! &'' %'&
PUKPNLUJL ,( PU[LYUHS"L_[LYUHS &+! )- U#! ,'
PUKP]PK\HS )$ U#! +-! ,$! %$)! &&&! PU[YPUZPJ (,
&+*! &+, PU[LYWVSH[PVU '* M#! ,&
PUKP]PK\HSP[` +,! +-! -$! %$*! %*) PU[\P[PVU &'! &)! %'&! &'*
PUKP]PK\HSPaLK -- PU[YHTLU[HS %'$
PUKP]PK\H[PVU %$* PU]LU[PVU %*&! %,-! %-$! %--
PUK\Z[YPHS YL]VS\[PVU %$- PU]VS]L (&! ('
PULMMHISL &+, PU^HYK ULZZ %'! %,! &'! &(! '+!
PULY[ PH "PHS %$! %,! &'! ),! *,! )) M#! )+! ),! *$! *)! +&! ,%! ,(!
+$! +(! +* U#! +,! +-! ,& U# ,)! ,*! ,,! ,-! -$! -%! -)! -*!
PUMHU[ %)( %$$! %'(! &)& U#
PUMPUP[L!"` -'! %)$! %)%! %)&! &$+! 7VUPHU %( U#! '*
&%'! &+- 7YHUPHU &+&
PUMSV^ +* U# PYYH[PVUHS P[` (+! )) U#! +%! +'! -'
PUMS\LUJL &+! '$! ''! (*! )%! %%)! PYYP[HIPSP[` -$! --
%%*! &*)! &** PYYP[H[PVU %*,
PUMVYTH[PVU %%%! %%-! %&*! %&+! PZVSH[PVU )(! )+! ,)! -*
%($! %(%! %('! %()! %(*! %)%! %,(!
7ZYHLS &'*
%-,
PUNLU\P[` *& U#! *'
PUULY"V\[LY %(! (-! %'' U#& 8LHUZ! 8HTLZ *(! *)! **! *+! +$! ,,!
PUUVJLUJL &+*! &++ ,-! -%! -&
PUUV]H[PVU %++ 8L^PZO +%!&&*!&(-!&),!&+%!&+-
PUVYNHUPJ %$' 8\KHPZT &&)
PUW\[ %%*! %%, 8VOU >OPSVWVU\Z %( U#
PUZPKL"V\[ZPKL +-! %$$! %$& 8\KHLV"1OYPZ[PHU +%! +&! &('! &)-
PUZ[HU[ ($ U#! *,! +(! +)! +,! ,$! Q\KNTLU[ %+,! %+-! %,$! %--
,(! %'*! %(( Q\Z[PJL &$-!&&*!&*)!&**!&*-!&+%
PUZ[HU[HULV\Z %($! %((! %() Q\_[HWVZLK %'*
PUZ[HIPSP[` (+! )$! )% Q\_[HWVZP[PVU %',
&-( ! 7 <23D
9HU[! 7TTHU\LS & & !& * !& + !& , !' % ! ;>7>B -'! &%(! &&$! &&'! &'*! &'+!
'&! '-! *% U#! *& U#! *'! %'& Ue &',
%)&! %)'! %)( U#! %*,! %--! &'$! SVULSPULZZ &%'
&*+! &+% SV]L *% U#! %&*! %-*! %-+! &*,
RPUL[PJ LULYN` +* U# :V^L! /KVSWO &%$ U#
RPULZ[OL[PJ %(%! %)( SV^LY (% U#! )&! )+! *-! %-)! &$%
RPUNKVT VM THU %-' S`PUN %+)
bRUV^"OV^c %-)!&$(
RUV^SLKNL! RUV^HISL &-! '$! '&! ;HJT\YYH`! 8VOU %)* U#
)(! *+! +'! +(! ++! ,,! ,-! %')! THJOPUL '( U#! ',! ($ U#! (&! )%!
%+%! %++ U#! %+,! %,%! $++"%$#! )-! +* Ue %$,! %%$! %%%! %%,! %&&!
&%-! &&%! &&*! &&,! &&-! &',! &'-! %&*! &$'
&(*! &+*! &++! &,' THNUP[\KL *+! %'$! &%)
L_HJ[ ') THRPUN &$&! &$(
PUZPKL '%!+- THU P_M#! *! %'! &'! '%! '(! ')! '+!
V\[ZPKL ') ()! (+! )%! )*! )-! *$ U#'! *)! +%!
RUV^LY +(! %-%! %-(! %-* +(! -&! %&&! %&(! %'*! %(%! %)+!
9LWSLY! 8# **!*+! *, %),! %+$! %+'! %+(! %+)! %,(! %,)!
%,,! %-& U#! %-'! %-*! &$&! &$,!
:HTHYJRPZT (* &%$! &%'! &%,! &%-! &&$! &&+ U#!
:HTL[[YPL )) U#! +( &&,! &''! &'-! &*%! &+(! &++! &+,!
SHUN\HNL %),! %+(! &(*! &(+! &)(! &+-! &,&! &,'! &,(
&)*! &)-! &*$! &*% TVKLYU &%'
:HWSHJL! ># @# '-! ($ U#! (,! +) UH[\YHS &&+
SH^ +$! +%! +&! %-$! &&$! &&(! &&)! THURPUK %-%! %-)! %-*
&&, ;HUKHLHU &&-! &+&
VM UH[\YL &+ U#&! '*! *+! *,! ;HUP JOHLHU &+'! &+(
*, U#! *- THUPMVSK ++! +-! -&! %'*! %'+! %',!
TVYHS &&(! &&*! &&+ %'-! %(%! %()! %(*! %(, U#! %(-!
WO`ZPJHS &&*! &&+ %)%! %*-
:LPIUPa! 5# C# ))! )+! *& U#! *'! THUPW\SH[L! "PVU %)(! &$&! &$'! &$)
**! *- U#! -)! %)* U# ;HY_! 9# &(,
SLPZ\YL %-( TH[LYPHS +)! +*! ++! ,$! ,+! ,-!
SL]LS (-! )+! ,'! %,' %%$! %&,
/J8><<5 <1389=5 %%!+( TH[LYPHSPZT! TH[LYPHSPZ[ PJ P_! %(!
SPML ?1BB9< %)! %*! %+! %,! %-! &$! &%! &(! &)!
HM[LYSPML &**! &+% &*! ')! '+! (+ U#! )&! )'! )(! )) M#!
JVU[LTWSH[P]L SPML &$) ),! +'! ,,! -*! %%$! %%%! %&)! %&+!
NVVK SPML &&& %&-! %'$! %''! %'(
TH[OLTH[PJPHU ,,! ,-! -%! %'%
SPMLSLZZ %% M#! %'! %,! &$! &%! +(! ,$!
TH[OLTH[PJZ! TH[OLTH[PJHS %$! ')!
,+
'*! )(! *(! **! *+! *+ U#! *,! *- U#!
SPNO[ '$! %(*! %(,! %(-! %)% +&! +' U#%%!+(! +)! ++! +,! ,*! -$!
SPRLULZZ %),"%*+!%*- M#! %+&!%+( M#! -&! -'! -(! %'$! %'%! %'&! %-+!
%++! %+,! %,% &$$
SPTI *%! %+& TH[[LY +! -! %%! %'! %*! %+! &$! &%!
SPUN\PZ[PJ &(*! &(+! &)- &&! &(! '(! '+! '-! (%! )'! ))! )*!
SVJH[PVU -) *)! +$! +&! +'! +)! +*! +* U#! +-!
SVJVTV[PVU --! %$%! %)$! %)) U#! ,$! ,%! ,'! ,(! ,*!-$! -,! %$$! %$*!
%,( %&,! %&-! %'$! %''! &$%! &%(
7<23D &-)
TH[[LY 3>=C9=D54 TL[HaVPJ -+
bKLHKc +! +( TL[OVK ))! +$! +&! +'! %%$! %'%
SPMLSLZZ %' TL[OVKVSVN`! "PJHS ()! )( U#+
HUK TV[PVU ',! '-! ($ U#! %%$! TPUK P_! %! '! *! %,! &&! (*! (+ U#!
&$' )'! )( U#,! )*! )+! )-! *$! *% U#!
TH[[LY"MVYT! B55 MVYT"TH[[LY *)! +%! +&! +'! +(! ,,! %%$! %%%!
;H_^LSS! 1SHYR %$, %&,! %&-! %'$! %''! %')! %,-! %-&!
TLHUPUN %&-! %''! &%) %-'! &%(! &,&
TLHUZ (+! *$! %$*! %,,! %-+! %-,! HUK UH[\YL %(! +&
&$( TPUKSLZZ +%! +&! +(
TLHZ\YHISL ), TPZLY` %,-! %-%! %-'! &$-
TLHZ\YL *-! -' TPZ[HRL %+,
TLHZ\YLTLU[! TLHZ\YPUN %$! '*! TVKLS ',! (&! )&! %%$! %&*! %,*!
)(! *+! +(! %'$! %'& &$&
TLJOHUPJHS &%! &)! '(! '+! (&! ((! TVKLT %-(!%-)! %-,! &$(! &$*!
()! )$! )%! )(! )*! )-! *'! ++! +,! &%&! &*'! &+)! &,&! &,'
-$! %$'! %%%! %&*! &$$! &%( TVSLJ\SL! TVSLJ\SHY &-! -+! -,
TLJOHUPJZ '-! )'! ),! **! *,! ,+! TVTLU[ HY` +,! &&-! &'$! &+$!
-'! %-$! &$' &+(
JLSLZ[PHS *- TVTLU[\T ',! (+! ),
TLJOHUPZT',! '-! %%+! %%,! %&$ TVUHK VSVN` ))! ** U#'! %)* U#
TLJOHUPZ[PJ %%! %&! '(! ')! ',! '-! TVUHKPJ -*
(&! )&! ))! ),! +&! +(! ,+! -*! TVUPZT %'! %-! '+! )'! ))! %&-!
%%$! %''! &$& %'$! %''
TLKPHJ`!"[L %$&! %$'! %$(! %$)! TH[LYPHSPZ[PJ %&! %)! ('
%$*! %$+! %+$! %+(! %,'! %,(! %,) TLJOHUPZ[PJ %%
TLKPL]HS &$%! &$' U# ]P[HSPZ[PJ 7SM#
TLSVK` %(& TVUPZ[PJ %)! )*! &'(
TLTVY` '%! ,%! ,*! %'*! %',! %($! TVUV[OLPZT +%
%(%! %(-! %*+! %+$! %+%! %+,! %+-! TVYHS P[` &&'!&&)! &(%! &+%!
%,$! &+&! &+) &+-! &,&
TLU[HS &+ U #S! )+! )-! *$ U#&! %%$! TVYHS ZRLW[PJPZT &&*
%&+! %'*! %(%! %)%! %)&! %,' <>A5 75><5CA93> %'%
;LYSHU! >OPSPW &*& U# TVYWOVSVNPJHS ,&! -'! -(
;LYZLUUL! ;# )) U#- TVY[HS P[` )! &&!%$*! %$+! %-&!
TLZZHNL %%,! %%- &''! &**! &*,! &*-!&+%! &+&! &+*!
TL[HIVSPZT! TL[HIVSPJ P_! '! (! *! &+,
;VZLZ &&*! &(%! &)-
+)! +* U#! +,! ,%! ,&! ,'! ,(! -+! TV[PSP[` *! -$! ,,"$#*! %%*! %%+!
-,! %$%! %$&! %$'! %$(! %$)! %$*! %%-! %&*! %(-! %)&! %)'! %)*! %+&!
%&*! %,' %,'! &+*
TL[HIVSPaPUN ,*! -+! --! %$$! %$*! TV[PVU ($! )) U#! *%! *+! *,! +$!
%$+! &+* +%! +&! +(! +,! -'! %$(! %%'! %'&!
TL[HWO`ZPJZ! TL[HWO`ZPJHS -! %&! %('! %)'
')! '+! (,! )'! )(! )*! )+! *&! *)! TV[VY
**! + $ !+%!+&! +'!+(! ,,! -'! %%$! HJ[P]P[` %))
%&+! %&,! %'$! %+)! &%*! &&(! &&*! LSLTLU[ %(%
&''! &'(! &($! &(%! &(-! &)&! &)'! ZLUZH[PVU %($
&))! &**! &+(! &+)! &+,! &+-! &,'! TV[P]H[L!"PVU %%+! %%-! %&%
&,( TV[P]L %&%! %'%! %'&! %''
&-* G 7 <23D
TV]LTLU[! TV]PUN P_! &'! *$ U#'! UVUYH[PVUHS %-)
*&! +&! %$'! %&*! %',! %($! %)&! UVU[YHUZP[P]L &*! &+ U#&
%)'! %)(! %))! %)*! &+$ UVYT %'$! &$,! &&(! &&+! &&,! &(+!
T\S[PJLSS\SHY +)! -+ &(,! &,%
T\S[PWSPJP[` +-! ,$ UV["ILPUN ( M#! &)$
T\ZPJ -(! %',! &)+! &), UV[OPUN ULZZ (+! &'%! &'&! &*+!
T\[H[PVU ((! ()! )%! )&! )'! %&+ &*-
T`[O VSVN`!"PJHS - !' * !& % , !& * % ! <VY[OYVW! 4# @# 1# %&(
&+)! &+,! &+- UV\TLUHS &*+
T`Z[LY` &*% UV]LS[` ++
T`Z[PJ HS &*,! &+$ UV^ ,*! %',! %((! %()! &&-! &*-!
&+$! &+(
UHTL %+'! %+(! &*)! &** U\JSL\Z -+! -,
<H[HUZVU! ;# &*& U# U\TLYPJHS -'
UH[\YHS +%! &$' =D=3 BC1=B &+$
VYKLY &&+ U\[YP[PVU! "P[P]L %$'! %$)
UH[\YHSPZT -*! &'(
UH[\YL ,! %(! &(! &+ U#&! '(! '+! **! VIQLJ[ &(! &-! '$! '%! '&! ')! '*!
*+! *,! *-! +$! +%! +&! +'! +(! -&! +&! +)! ,)! %$$! %$%! %$&! %'&!
-*! %-$! %-&! %-'! %-*! &$&! &$'! %',! %(&! %(*! %(,! %*(! %*)! %**!
&%$!&%'!&%(!&%*!&%,!&%-! &&%! %*+! %*,! %*-! %+%! %+-! %,'! %,(!
&&)! &&+ U#! &&,! &'%! &'&! &''! &$$! &($
&)' U#! &,&! &,' VIQLJ[P]L &,! %*( U#! &()! &)-
ULJLZZP[H[PVU &+ U#& VIQLJ[P]L"Z\IQLJ[P]L &,'
ULJLZZP[` P_!( M#!&+ U#&! (,! (-! VIQLJ[P]P[` &-! '%! '&! ')! ,,! ,-!
)$! *$! ,'! ,(!,)!,+! %$$! %$*! %'+! %((! %(+! %(-! %)&! %)'! %*,!
%&*! %,-! %-$! %-&! %-'! &$)! &$-! &)+ U#
&%$! &&$! &&%! &'% VIQLJ[PMPJH[PVU! VIQLJ[PM`PUN &! &)!
ULLK ( M#! ,'! %$&! %$'! %$(! %&*! &-! '$! '%! '&! ')! %+%! %,)! &'%!
%)' &'*! &($! &(%! &('! &(,! &)' U#!
ULNH[PVU %+)! %+*! %++! %+-! &$, &)+ U#! &*$! &*%
ULNH[P]L %,$ VISPNH[PVU &,'
ULY]V\Z Z`Z[LT -,! %$$! %&( VIZJ\YL! "P[` )+! ,-
UL\YHS! UL\YVSVNPJHS -+! -,!%%% VIZLY]H[PVU! VIZLY]LY '%! ,&! %(,!
UL\[YHS P[` '$! %(-! %)&! %-) %)(! %))
UL\[YHSPaL!"H[PVU '$! '%! %'*! %(*! =JJHTdZ YHaVY ()! &$' U#
%*,! &'% VJJHZPVU -)! -*! &)& U#! &*+! &+,!
<L^[VU! 7ZHHJ! <L^[VUPHU '-! (,! &+-
*,! *- U#! &$% VJJHZPVUHSPZT '&! '+! ))! )-! *$
<L^ ALZ[HTLU[ &*% =NKLU! @JO\ILY[ &)-
UL_\Z &)! &,! -) VU[PJ %+! &)%! &)&! &)'! &))
<PL[aZJOL! 4YPLKYPJO (+! &$+! &%'! VU[VSVN`!"PJHS %+! %-! &$! &)! '&!
&%)! &%+! &&(! &&)! &'&! &)+ (&! (+! )'! )(! ))! )+! ),! *)! **!
UPOPSPZT! UPOPSPZ[PJ (+! %$%"%&' *+! *,! *-! +) U#! +-! ,$! ,%! ,)!
UPZ\Z ,( -)! -*! %&-! %''! %*$! &$$! &$%!
UVPZL '$! %'- &&&! &&-! &'+ U#! &(%! &(-! &)%!
UVTPUHSPZT ()! (,! &$+! &'& &)&! &))! &,'! &,(
UVUK`UHTPJ %)& VU[VSVNPJHS KPMMLYLUJL &(,!&)%!&)&
UVUMP_P[` (* VWLUULZZ ,(! --! &()! &+$
UVUWLYJLW[\HS '% VYIP[ *,! -(
7 <23D F &-+
VYKLY (%! *-! +$! +%! -&! %-)! &%-! WHZZP]L"HJ[P]L &+$
&&$! &&, WHZ[ ,*! -)! %*'! &&-! &'$! &'%!
VYNHUPJ %&! &)! (-! *$! *%! *&! &'&
+) U#! ,&! ,+! -$! -%! -)! %$'! %,( WH[O *,! ,&! ,& U#! -*! %%)
VYNHUPZT %! %%! %)! %,! %-! &-! ',! WH[[LYU *+! +$! +,! ,%! ,+! -+! -,!
(%! (&! ()! (*! (-! )$! )&! ))! )*! %))! %*-
)-! *'! *)! +(! +)! ++! +,! ,$! ,%! WLYJLP]PUN! WLYJLW[PVU! WLYJLW[\HS P_!
,'! ,(! ,)! ,*! ,,! ,-! -$! -,! --! & M#! *! &%! &'! &)! &*"''! ')! )+!
%$&! %$*! %&*! %,'! &+*! &,& *$ U#'! --! %$%! %$("%$+! %%* M#!
VYNHUPaH[PVU ($! ('! )%! ,*! -$! %%-! %&*! %')! %'+ M#! %($ M#! %(+!
%%,! %', %)%! %)& M#! %)*! %**! %*,! %+%!
KLNYLLZ VM *& %+)"%++! %+-! %,' M#! &+*
VYPNPU '-! ($! (%! (-! )'! *( B55 1;B> ZLUZL WLYJLW[PVU
=YWOPJ %' WLYJLW[ &)! &,! %'-! %(-
VZJPSSH[PUN!"PVU ++! %%%! %%& WLYJPWPLU[ &+ U#&! %'-! %($! %)* U
V[OLY ULZZ '! +-! ,'! ,)! %$$! WLYMLJ[PVU (-! )$ U#! *&! *'! *-! -'!
%$*! %*,! %,)! &%,! &&$! &&) -(! %-%! &&&! &'+ U#! &)(
=[[! 6LPUYPJO &(% U#! &(& U#! &(-! WLYMVYTHUJL &$! ()! )$! ),! )-!
&)%! &)( *'! +* U#! +-! -$! %$,! %%(! %&'!
V\[MSV^ +* U# %)'! %))
V\[W\[ %$,! %%*! %%, >LYPJSLZ &*( U#
V\[^HYK ULZZ %,! %-! &$! &'! &(! WLYTHULUJL ,& U#! %$*! &+*
),! +&! ,(! ,)! ,+! ,-! %$$! %&+! WLYZPZ[LUJL -+! -,! &+%
%,'! %,) WLYZVU %-*! &+%! &+'! &+,! &,'
V]LYJVYYLJ[PVU %%% WLYZVUPMPJH[PVU '*
WLYZWLJ[P]L ,! ,-! %'*! %)$! %))!
WHNHU PZT +&! &($! &(,! &(- %)* U#! %*&! %*- U#
WHPU '$! ))! %$)! %$+ WOLUVTLUHS %,! +)! +,! +-! ,-! -*!
WHPU[LY %*( &*+
WHUTLJOHUPZT %$ WOLUVTLUVSVN`! "PJHS %+! &-! +-!
WHUWZ`JOPZT +! &) U#! '+ %($! &'-! &*%
WHU[OLPZT! WHU[OLPZ[ PJ %( U#! ',! WOLUVTLUVU %,! &$! '%! %'%! %'&
+&! &&&! &+) >OPSV 8\KHL\Z &'*! &'+! &',! &'-!
WHU]P[HSPZT , M#! %$! %'! %-! &$! &) &(%
WHU[VTPTL %*' U# >OPSVUPJ &($
WHYHKV_ PJHS &*! &,! +'! +(! ,)! WOPSVZVWOLY %-(! %-)
-,! %$*! &*$! &*% WOPSVZVWO`! "PJHS '(! '*! *&U#! *+U#!
WHYHSSLSPZT '&! '+ WZ`JOVWO`ZP" -&! %&(! %&)! %')! %)&! %-+! &$%!
JHS ! %'' &$'! &$,! &$-! &%$! &%&! &%'! &'-!
&($! &(&! &('! &((! &(,! &)%! &)*!
>HYTLUPKLZ &)'
&+,! &,'! &,(
WHY[ *-! +)! +,! +-! -)! %%,! &&&! WOPSVZVWOPJHS SPML &$*
&&'! &&( WOPSVZVWO` VM SPML &,&
WHY["^OVSL ,*! &$%! &&% WOPSVZVWO` VM VYNHUPZT &,&
WHY[PJSL +,! ,%! ,& U#! ,+! -) WOPSVZVWO` VM TPUK &,&
WHY[PJ\SHY %-,! %-- WOPSVZVWO` VM UH[\YL &,&
>HZJHS! 0# &%'! &%(! &%)! &%*! WOV[VZ`U[OLZPZ %$'
&%* U#! &&$! &&- WO`ZPJZ! WO`ZPJHS ZJPLUJL _! -! %+!
WHZZPVU (% U#! %&*! &$%!&%-! &+* &%! '-! *$ U#'! *%! *+! +&! +(! ++!
WHZZP]L! WHZZP]P[` &*! +$! ,)! %'-! ,,! %%$! %-,! &$$"&$'! &%*! &&%!
%($! %(,! %)&! %)'! %)( &'&
&-, ! 7<23D
WO`ZPJHS %,! &+ U #S! *$! *&! *,! ,%! WYH_PZ %)&! %)'
,+! -$! -) M#! -,! %&+! %&-"%'% WYLJHYPV\Z %$'! %$)! %$*! %&*! &+*
LU[P[` ,* WYLKPJ[P]L %'&
ZJPLUJL! B55 WO`ZPJZ WYLK\HSPZ[PJ %*! &$! )( U#,
WO`ZPJPZ[ +)! ,+! -% M# WYLMVYTH[PVU ('
WPJ[VYPHS %*&! %*)! %+)! %++! %,% WYLO\THU )+
MHJ\S[` %+&! %+( WYLZLUJL '$! ,%! ,& U#! ,)! %'*!
WPJ[\YL %),! %*( %',! %($! %(*! %(+! %*'! %*(! %*+!
WPL[` &'+ U#! &($ %*,! %+$! %+%! %+,! &'%! &'+ U#!
WPSV[ %$-!%%,!%%-!%&$ &+(
WSHU (&! ('! ()! (, WYLZLU[ ,*! -'! -(! -)! %',! %(&!
WSHUL[ HY` **! %%)! &&$ M# %((! %()! %)&! %*'! &&-! &'$! &'%!
WSHU[ )-! +* U#! --! %$$! %$'! %$(! &'&
%$)! %$*! %,' WYLZLU[H[PVU HS &,! '$! '%! %'*!
WSHZ[PJP[` )% %(&! %('! %(*! %(-! %)&
>SH[V _! **! +$! -&! %')! %-(! &$*! WYLZLU[H[PVUHS PTTLKPHJ` &)! &,!
&%$! &(%! &(-! &)&! &),! &)-! &-
&*' U#! &+) WYLZLY]H[PVU %-%
>SH[VUPJ )'! *+! %((! &'&! &'* WYL"@VJYH[PJZ &(*
>SH[VUPZ[ %( U# WYLZZ\YL '$! %($
>SH[VUPZT +'! &&) WYL[LUZPVU %+,
WSLHZ\YL ))! %$+ WYL[LYUH[\YHS +%
WSLHZ\YL"WHPU %,(! &++ WYL` %$)
>SV[PU\Z (% U#! &&$ WYPTP[P]L (%! ((! (-! *&
WUL\TH [PJ &%,! &&)! &&+ M#! &)) M# WYPTVYKPHS '-
WVL[Y` &)'! &))! &)*! &)- ?A9=39?91 9=49E94D1C9>=9B ,&
WVSHYP[`! WVSHYPaH[PVU ( M#! %* M#! +&! WYVIHIPSP[` ('! ((! ,+! &+)
,'! -* WYVJLZZ ($! *+! +-! %',! %($! %((!
?>;;B &&&! &&' &$-
WVSP[PJHS! WVSP[PJZ %-)! %-- WYVNYLZZ )%! ,%! &$*! &$+
IVK` WVSP[PJ &*( WYVQLJ[ &&*! &'%! &'&
WVS`WOVU` %', WYVQLJ[PUN &''
WVZP[PVU '*! ,%! %)(! %)) WYVWVY[PVU *+! +$! -&! -'! %((! %*&
WVZZPISL! "PSP[` (+! )$! ,(! %+&! &+) WYVWYPVJLW[PVU! "P]L '*! %($! %))
WVZ["/YPZ[V[LSPHU &&& WYV]PKLUJL &&$! &&'! &+)
WVZ["JSHZZPJHS &%+ WYV_PTP[` '%! %('! %(-
WVZ["1OYPZ[PHU &%+ ?BH385 &%,! &&+! &&,
WVZ[K\HSPZ[PJ %(! %*! %-! &$! &'! &*! WZ`JOVSVN`!"PJHS &+! ')! %&$! %'%!
'+! )( U#, %'&! %''! %-)! &$%
WV[LUJ`! WV[LU[PHSP[` (+! (-! -&! WZ`JOVWO`ZPJHS %,! &'! *%! *&! *'!
&$% %'$! %)'
WV^LY '$! +* U#! ,(! %$-! %%$! %%*! >[VSLTHL\Z -(
%(,! %,-! %-&"%-(! &$(! &$-! &%)! W\ISPJ &*( M#
&%*! &%-! &&% W\YWVZL! W\YWVZP]L ULZZ &(! '+!
WYHJ[PJHS &+ U#&! '%! *&! %()! %)&! (%! )$! )-! -$! %$%! %$(! %%%! %%&!
%)'! %,,! %-,! &$( %%(! %%)! %%+! %%,! %%-! %&$! %&%!
WYHJ[PJHS"[OLVYL[PJHS &' %&&! %&'! %&*! %''! %'(! %)'! %-+!
WYHJ[PJL %(*! %)&! %)(! %-$! %-,! &%)! &+%
&$(! &$)! &$*! &$- W\YWVZLM\S %%'
>YHNTH[PZT %)' W\YWVZLSLZZ &%(
7 <23D F &--
W\YZ\P[ %$%! %$) YLTVYZL &+(
>`[OHNVYHZ! "LHU **! *+! *-! -&! ?LUHPZZHUJL -! &$! +&
-(! &&$ YLUL^HS -,
YLWL[P[PVU %+$! %+%
X\HSP[`!"H[P]L &-! '$! )-! *&! %',! YLWSHJLTLU[ -+
%($"%(&! %(+! %)'! %)) U#! &$% YLWVZL &'&
ZLJVUKHY` )( YLWYLZLU[H[PVU &+ U #S! U#&! )-! *$ U#
X\HU[PMPJH[PVU ), &! %((! %(, U#! %),! %)-! %*%! %*&!
X\HU[P[`! "H[P]L &(! '*! ($ U#! (%! %*'! %*(! %*)! %*+! %+$! %+%! %+(!
(,! ),! )-! **! *+! *-! +&! +(! +)! %+)! %++! %,%! %,(! &)+ U#! &*+
+,! %&,! %'&! &$$! &$%! &+$ YLWYLZLU[H[P]L %'+! %*$! %*%
X\HU[P[H[P]L LX\P]HSLUJL %'$ YLWYVK\J[PVU (&! ((! )&
A5B 3>79C1=B &%! '+! )( U#+! ))! ),!
YHKPH[PVU ()! )% +&!%'%
YHKPJHSPZT *& U# A5B 5GC5=B1 &%! ')! '+!)(! )*! ),!
YHUKVT ($! (&! )$! )% )-! +&! +'! +(! -$! %'$! %'%! %'&!
YH[PV -'! -( &%'! &%(
YH[PVUHS &+! *$ U#'! *'! *,! *-! +$! YLZPNUH[PVU &&'
-'! -(! %+' YLZPZ[HUJL &'! ')! %(+! %(,! %))
HUPTHS &&+ YLZVS\[PVU! YLZVS]L -,! &'%! &'&!
YH[PVUHSPZT!"PZ[ PJ *%! *& U#! +' &(%! &(+
YLHJ[PVU %%* YLZVS\[P]L %-,
YLHKPULZZ ,)! %'- YLZWVUZPIPSP[` &),! &+%! &+'! &++!
YLHSPZT ()! (,! &$+! &'& &+,! &,%
YLHSP[` '%! ($! )(! *& U#! -%! %(+! YLZWVUZL %%*!%+,!&)'
%(,! %*+! %*,! %+$! %+,! %,' YLZ[ *% U#! %%'! %'*! %)(! %*&! &$*!
YLHSPaH[PVU &'$ &$+
YLHZVU &'! &+! ''! (% U#! (+! (-! YLZ\S[HU[ %'%
*$! *&! *,! +$! +'! %)'! %+(! %+)! YL[LU[PVU %($
%--! &$%! &%-! &&$! &'-! &($ YL]LHS PUN &(,! &)$! &)& M#
HUK JVUZLX\LUJL && YL]LSH[PVU *& U#! &(%! &('! &(*!
YLJHSS %+$ &(,! &)%! &)(
YLJLW[P]L!"P[` &'! &*! ,)! %)&! %)'! YL]LYLUJL %-+
%*,! &)&! &*, YL]VS\[PVU ,%
YLJLW[VY '$! %%*! %%+! %%,! %%-! ?PJOHYKZVU! C# 8# &') U#&!
%&* YPNO["SLM[ %)(
YLJVNUP[PVU %*+! %*,! %*-! %+$! YPZR %$(!%,(! &*-! &+&! &+)! &++!
%+,! %,$ &+,
YLJ[PMPJH[PVU %+, ?VIPUZVU! 8# ;# &(& U#! &)$ U#! &)*!
YLJ[PSPULHY *, &*$ U#S
YLK\J[PVU %+! +(! ,+! &$$ YVIV[ %$-! %&%! %&'
YLMSLJ[PVU%,)! %,*! %,+ YVSL &&'
YLMSL_ -$! %%- ?VTHU 3TWPYL &%+! &&& M#
YLN\SHYP[` &&! '* YVV[ %$'
YLSH[PVU ( M#! '&! )$! +)! ,(! -'! ?VZLUIS\L[O! /# %%% U#
%$&! %$+! %+-!%,(! %,)!%,*! &$&! Y\SL &+ U#&! *-
&$' ULJLZZHY` &+
HUK PZVSH[PVU P_
L_[LYUHS '& ZHS]H[PVU *& U#! &&,
YLSPNPVU!"V\Z -! %(! +%! &(%! &*$ ZHTLULZZ +*! +,! +-! ,$! ,%! ,'
'$$ G 7 <23D
@HY[YL! 8# ># &&) ZLSM"YLHSPaH[PVU -*
ZH[PZMHJ[PVU ,(! ,)! %$&! %$'! %$(! ZLSM"YLN\SH[PVU %$,
%$+! &$* ZLSM"YLUL^HS +-! %$&! %&*
ZH]PVY &&% ZLSM"Z[LLYPUN %%)! %%*
ZJHUUPUN %((! %)$ ZLSM"Z\MMPJPLUJ` ,(! -)
@JOULLILYNLY! 5# &(+ U# ZLSM"[YHUZJLUKLUJL %,! '&! ,(! ,*
ZJPLUJL! ZJPLU[PMPJ '(! '* M#! ', M#! ZLUZH[PVU! ZLUZPUN P_! &! &*! '$! )-!
)'")*! *+! +&"+)! -(! %&+"%'$! %'*! %($! %(&! %((! %*, M#! %+,!
%-$! %-("&$$! &$'! &$,"&%$! &(%! &+*
&)) ZLUZL Z &-! '$! ++! ,)! -$! %$$!
TVKLYU &$&! &$+! &'' %')! %($! %(,! %)'
UH[\YHS P_! %+! '*! ('! ))! *% U#! HMMLJ[PVU %'* M#
*- U#! +% U#! %'&! &$%! &$' U# KH[H ')
W\YL! HWWSPLK %-,! &$) WLYJLW[PVU &*"&,! '$! ''! %*+!
[LJOUVSVNPJHS &$, %+,
ZJPLU[PZ[ %-(! %-)! %-*! &$) ZLUZPISL! "PSP[` +&! %($
@JYPW[\YL *& U# ZLUZP[P]L! "P[` '$! *$ U#'! ,(! ,)! --
ZLJ\SHY PaLK &'-! &(% ZLU[PLUJL! ZLU[PLU[ *! %$$"%$&! %$+!
ZLLPUN! ZPNO[ '$! -$! -%! $&("$()! %%*! %%-! %&*! %($! %)'! %)*
%*&! %+,! %,(! &'*! &', ZLUZVY"LMMLJ[VY %&)
B55 1;B> OLHYPUN"ZLLPUN. ]PZPVU ZLX\LUJL &(! '$! '%! '*! ('! *,!
ZLNYLNH[PVU ( ,%! -)! %&+! %'%! %'*! %',! %($!
ZLSLJ[PVU UH[\YHS ((! )$! )%! )&! %(&! %('! %((! %))
%&+ ZLYPLZ! ZLYPHS '%! ($! *,! +(! ++!
ZLSM! ZLSMOVVK )! %'! %-! &$! &'! +'! %%(! %%,! %',! %($! %('! %)(! %*-
+*! ,&! ,'! ,(! ,)! --! %$$! %$&! ZLY]P[\KL &&*! &&,
%$*! %$+! %+$! %,)! %,*! &%(! &%)! ZLY]VTLJOHUPZT %$-! %%)! %&%
&%,! &&$! &&%! &&'! &&)! &&+! &&,! ZOHWL %($! %(%! %('! %*&
&&-! &'$! &''! &'(! &+&! &+'! &+*! ZOLWOLYK &),
&+,! &+-! &,' @JOVWLUOH\LY! /# &)+! &),
HUK ^VYSK P_! (! %(! ,'! -*! %$(! ZRLWZPZ! ZRLW[PJHS &%! ''! '*
&,& ZPNU %+'
ZLSM"HMMPYTH[PVU &+* ZPNUHS %&(
ZLSM"HZZLY[PVU &($!&)+ ZPTWSL %%! ((! *&! *-! %-,
ZLSM"JLU[LYLK +-! ,( ZPTWSPJP\Z %( U#
ZLSM"JVUJLYU ,(! %$)! %&* ZPT\SH[PVU %+*
ZLSM"JVUZJPV\ZULZZ %'' U#& ZPT\S[HULV\Z! ZPT\S[HULP[` '$! ,(!
ZLSM"JVU[HPULK ULZZ '$! )(! -(! ,)! %'$! %'*! %',! %'-! %(%! %(&!
%(*! %(+! %(,! %*,! %,' %('! %((! %(, U#! %(-! %)&! %)(
ZLSM"JVU[PU\H[PVU +* U#! ,& ZPUNSLULZZ ,'
ZLSM"MLLSPUN &&! &+* ZP[\H[PVU (*! (+! )$! %((! %()! %-,!
ZLSM"L_WLYPLUJL &(! '*! '+! -% &%&! &%'! &'$! &+$! &+%
ZLSM"PKLU[P[` ,% ZTLSS %(-! %)$
ZLSM"PU[LNYH[PVU +- ZVJPL[` %&*! %,)! %,*! %-(! &$%
ZLSM"PU[LYWYL[H[PVU * ZVJPVSVN` %-*! &$%
ZLSM"PZVSH[PVU ,' @VJYH[LZ &'&!&(-
ZLSM"TV]LTLU[ %)'! %))! %)* ZVSPWZPZT '& M#
ZLSM"WYLZLY]H[PVU (*! ),! )-! %&*! ZVSP[\KL %,*! &,&! &,'
&+* ZVTH )& M#
ZLSM"WYVQLJ[PUN &&+! &&, B><1"B5<1 %' M#
7 <23D '$%
ZVWOPZ[ &&* Z[YP]PUN )+! *%! %%(! %%)! %&+! &+*
ZV\S +! %'! %(! %-! )) U#! )+! *$! Z[Y\J[\YL ',! ()! (*! (-! )$ U#! ),!
*$ U#'! *'! +$! +%! +&! +(! %'%! *$ U#'! *&! +* U#! ,*! -&! -'! -(
%-%! &%,! &&%! &&+! &&+ U#! &&,! Z\IQLJ[ &(! '%! '&! '*! )(! +&! ,)!
&+&! &+' -$! %$&! %(*! %(,! %)'! %,'! %,)!
ZV\UK d '$! $&*"$&,! %((! %(*! %(+! &*,
%(- VIQLJ[ ')! +&! %$+! %,*! &)+! &),
ZWHJL %-! +(! ,%! ,&! ,)! %$$! %$(! TVYHS &**
%$+! %'$! %'&! %''! %',! %(%! %)$! Z\IQLJ[P]L! "P[` '*! ((! )(! ),! )-!
%)%! %)(! %))! %)*! %,'! &%'! &+) *$ U#'! ,(! ,)! ,,! ,-! %*( U#
"[PTL '*! ,%! ,,! -%! -+! -, Z\IQLJ[P]PZT! "PZ[ %*( U#! &&* M#! &,(
IPVSVNPJHS ,* Z\IZ[HUJL %,! %-! '&! )$! )(! ))!
ZWH[PHS P[` %-! *+! +&! +'! +*! ,(! )*! +&! -%! -&! -)! %&-! &$&!
-$! %'&! %'*! %(%! %(&! %('! %)'! &)& U#! &*$! &+%! &,'! &,(
%)( Z\IZ[HU[PHS MVYTZ '(! '*! (&! (+!
ZWH[PV[LTWVYHS %%! ,+ *,! +$! &$$
ZWLJPLZ (&! ((! ()! (-! )$ U#! )' Z\IZ[YH[\T )-! ++! ,&! -+! &$&
PTT\[HISL (, Z\JJLZZ M\S )$ U#! -*! %$(! %$)!
ZWLJ[H[VY '$ %%+! %&$! %,'
ZWLJ\SH[PVU!"P]L %,,"%-$! %-&!&+,! HUK MHPS\YL &++
&,( Z\JJLZZPVU!"P]L %',! %'-! %(&! %('!
ZWLLJO %',! %),! %*' U#! &(*! &*) %()! %)(
@WLUNSLY! =# &%+! &(, Z\MMLYPUN )+! %$)! %$+! %(%! %,*!
ZWOLYL Z -(! &&$ &**! &+*! &++! &,$! &,%
@WPUVaH! 0# )+! *% U#! *& U#! *'! Z\MMPJPLU[ YLHZVU %'$
%'% %'' &)& Z\PJPKL %,*
ZWPYP[ d %(! %*! )-! +'! %&-! &%,! &%-! BD<<D< 2>=D< %&+! &'+ U#
&&+! &&, Z\WYH"ZLUZPISL &&)
HUK TH[[LY %*! &% Z\YYV\UKPUNZ %$(! %%&
ZWPYP[\HS +&! +'! &&*! &&,! &,% Z\Y]P]HS -! )&! %$)! %$*! %&+! %-%
ZWVU[HULP[`!"LV\Z +&! +(! ,)! %&%! Z`TIVS PJ %),! %*%"%*'! %*-! %+'!
%)& %+*! %,(! %,)! &$$! &*%! &*-! &+-
ZWVY[ )&! )'! %&+ Z`TIVSPZT %+$! &$+! &+'! &+(
Z[HISL!"PSP[` (%! (*! (-")%! -'! -,! Z`U[OLZPZ &)! -)! %'*! %'+! %',!
%() %($! %(%! %(&! %('
Z[HYZ -'! &&$ Z`U[OL[PJ ''
Z[H[PJ &+ U #S! *,! +-! -'! %'*! %'+! Z`Z[LT &+ U#&! '-! (*! )&! +'! +*!
%'-! %(%! %((! %)*! %*' +* U#! +-! ,-! %%,
Z[LHT LUNPUL %$, M# ZVSHY ',! '-! (,
@[LIIPUN! @# *( U#&
Z[LLYPUN )%! %%*! %%, [HJ[PSL! "\HS %($! %(%! %(&! %('!
Z[PT\S\Z! "H[PVU '$! ,(! -$! --! %%*! %)'
%*, [HYNL[ %%%! %%)! %%*! %%+
YLZWVUZL %+& [HYNL["ZLLRPUN %$-! %%)! %%+! %%-
Z[VPJ PZT )-! *$! &&$! &&%! &&&! [LJOUPX\L! [LJOUPJHS %*( U#! &$&!
&&' &$'! &$)
Z[YH[PMPJH[PVU & [LJOUVSVN`!"PJHS %*! %$-! %+&! %+(!
@[YH\Z! 3Y^PU %)) U# %-$! %-,! &$%! &$(! &)-
@[YH\ZZ! :LV %-' U# ALPSOHYK KL 1OHYKPU _! &) U#
'$& G 7 <23D
[LSLVSVN`!"PJHS &%! &)! ''! '(! ')! [V\JO! "PUN '$! ,)! $'#"$'+! %)$ M#!
'*! '+! (&! ('! ((! ()! )$! )%! )-! %)' M#
+$! +(! +,! ,*! -$! -%! -(! %%%! [YHKP[PVU &(%! &((! &(-
%%*! %%+! %%,! %&$! %&&! &%(! &'' [YHUZHUPTHS %+)! %,(
[LSVZ %%+ [YHUZJLUKLUJL! [YHUZJLUKLU[! "PUN
[LTWVYHS!"P[` )! ($! -'! %'*! %'+! P_! )! %)! &'! '(! *)! ,(! ,)! ,*!
%(&! %()! &$+! &%)! &&-! &'$! &'&! -*! %$$! %-)! &%$! &%,! &&%! &&)!
&**! &*+! &*,! &+%! &+*! &+,! &,% &'&! &''! &(,! &)%! &*,! &*-! &+$!
[LYYLZ[YPHS +$! +&!+-! &+&! &,% &+&! &+)! &++! &+,! &,$
[OLPZT! [OLPZ[PJ ',! -* [YHUZJLUKLU[HS %( U#! &&! &(! &+!
[OLVSVN`! "PJHS! [OLVSVNPHU &%,!%&(" )+! %&-! &&)
%)$! &,' [YHUZJLUKLU[HSPZT +&
UH[\YHS &(- [YHUZJYPW[PVU '$
[OLVYL[PJHS '%!%()! %)&! %)'! %+&! [YHUZMVYTH[PVU %*,! %*-
%,&! %,- [YHUZPLUJL! "[ %'! ++! +,! &*,! &+$!
WYHJ[PJHS &' &+,
[OLVY`! C85>A91 '%! '&! ''! *% U#! [YHUZP[P]L ULZZ &,! '&! %(+
*&! *'! -'! %&(! %')! %()! %(+! [YHUZT\UKHUL &%)! &%,! &&)
%(-! %)&! %)(! %++! %,-! %-$! %-%! [Y\[O %&-! %(+! %+&! $*("$+%! %,'!
%-&! %-'! %-(! %-)! %-+! %-,! %--! %,)! %-*! &$)! &%$! &()! &+,
&$$! &$(! &$)! &$*! &$+! &$,! &$-! LMMVY[ %+)! %++! %,%
&%$! &'&! &'+ U# L_WLYPLUJL %+)"%+,
MVYTH[PVU &$$ TVYHS %,%
WYHJ[PJL %)& [OLVYL[PJHS %,%
[OPUN &)$! &)% [\YUV]LY ,&! -+! -,
[OPUN"PU"P[ZLSM %+! %(+! &)+
[OPURPUN! [OV\NO[ %%! %-! &(! &+! \UJOHUNPUN! "JHISL %()! %)&! %,-
'&! ''! ')! *$! *% U#! ,,! -$! %%$! \U"JVUJLHS %+*! %,%
%(+! %-$! &$*! &%(! &'-! &($! &(&! \U"KLJLP]L %+*! %,%
&('! &((! &()! &)$! &)%! &)&! &)'! \UKLYZ[HUKPUN &%! &&! &'! &*! '%!
&))! &), +(! %)&! &$&
WYPTHS &($! &(%! &(&! &()! &)$! \UL_[LUKLK %,
&)'! &))! &)*! &)+! &), \URUV^HISL +(! &$'! &+,
[OYV^ U &&-! &'' \URUV^U &%,! &&)
AO\J`KPKLZ &*( U# \UPJLSS\SHY +)! %$*
APTHL\Z **! +$ \UPMVYT! "P[` &+ U#&! *,! +$! +,! ,*!
[PTL IB55 1;B> ZWHJL"[PTL '-!($ U#! &$' U#
+$! +(! +)! ++! ,%! ,&! ,(! ,)! %$$! \UP[` +)! ++! +-! ,$! %',! %*,
%$%! %$(! %'$! %'&! %'+! %',! %($! \UP]LYZL %'! ')! '+! ($ U#! *(! *)!
%(%! %(&! %('! %((! %)%! %)&! **! *+ U#! +&! +(! ,&! -'! -(! -)!
%*' U#! &'$! &'&! &)+ U#! &**! &*+! %)%! %,-! &$%! &%'"&%)! &%-"&&&!
&*-! &+$! &+&! &+(! &+)! &,$ &&(! &+(! &++
IPVSVNPJHS ,* LUZV\SLK &&+ U#
ZLYPLZ %(%! %(& \UP]LYZHS %&(! %--
ZSPJL +* \UTV]LK TV]LY ',! -(
[PTLSLZZ %*'! &*+! &*-! &+$ \UZ[HISL (%
[VPS %-(! &$* \U]LPSPUN &(&! &((!&()! &(+! &)$!
[VTI -! %'! %( &)&! &)'! &)(! &)*
[VVS %-+ \W"KV^U %)(
[VYWLKV %%) \WYPNO[ WVZ[\YL %)) U#
7 <23D F '$'
\YNL %$%! %&* ]VS\U[HY` %(%! %(,! %)'
\ZL (+! %,-! %-$! %-%! %-&! %-'! ]VS\U[HYPZ[PJ %++
%-(! %-*! %-+! %-,! %--! &$$! &$(! E>A81=45= &'%
&$- ]\SULYHIPSP[` '&
\ZLM\S )%! %,,
\[PSP[` %') U#! %,- U# ^HU[ ,)! %$'! %$)! &$*
CH[[! 8# %$,! %$-
BHSLU[PUPHU &&,! &&- ^H]L ++! +,
]HSPKH[PVU %+- CLPZTHUU! /\N\Z[ )&
]HS\H[PVU %-*! &%) COP[LOLHK! /# <# &! &) U#! &,! &-!
]HS\L %-)! %-*! &%)! &&(! &&)! &'& ,%! -)! -*! &)&
MYLL %-)! &$, ^OVSL *-! +*! +,! +-! ,&! -&! -(!
]HYPHISL! "PSP[` ()! (*! (+! *, -)! -,! %%,! %'+! %+-! &&%! &&&!
]HYPH[PVU ((! )$! %*- U# &&'! &&(
]LNL[HISL! "H[P]L *$ U#'! -$! %$% M#! Z[Y\J[\YL ++
%$( M#! %,' M# ^OVSLULZZ *-! +-! -'! &$$! &$%
]LU[\YL &++ CPLULY! <# %$-! %%$! %%% U#
05A61;;5=859C &'$! &'%! &(% ^PSS PUN '! %,! *%! *&! -$! %%&!
]LY[LIYH[L (*! %$%! %)) U# %&$! %&*! %)'! %++! &%)! &%*! &'&!
]PL^ %((! %(-! %*-! %+- &)+
BPJV! 5# 0# &$& ^PSS [V WV^LY (+! &%*
BPSSL`! ># %(' U# ^PZKVT %,- U#! %-$! %-&! &&'
]PY[\L &&'! &*( U# ^VYK %+*! &'*! &(*! &)(
]PZ"H"]PZ %)$ VM 5VK &'+! &(+! &)%
]PZPVU '$! '%! '&! -%! %')! %($! ^VYR %,,! %,-! %-$! &'+! &*)! &**
%(&! %)&! %)'! %)*! %*$! %*&! %*,! ^VYSK %-! &'! '+! )&! *)! +%! ,'!
%+$! %+%! &%)! &'&! &'+! &'+ U#! ,(! --! %$)! %$*! %$+! %('! %(+!
&'- %(,! %)$! %)'! %+*! %,'! %,(! %,)!
B55 1;B> ZLLPUN! ZPNO[ %-& U#! &%(! &%,! &&*! &'-! &(*!
]PZ\HS ')! %))! %*)! %**! %*-! &)%! &*+! &+)! &+-
%+-! &'+ U# PU[LSSPNPISL %-)! &&)
MPLSK %((! %)%! %)( ZLUZPISL &&)
ZWHJL %)) U# b[OPZ ^VYSKc &(,
]P[HS +&! -, ^VYSK"YLSH[PVU %$$! %$+
]P[HSPZ[PJ %%! %&! %, ^YP[PUN %*' U#
]VPJL &'+! &('! &)&
VM ILPUN &(+! &)*! &), ELU &)%! &)'
]VSP[PVU %, aVVTVYWOPZT %$! &'! ')

You might also like