;B;EBHL?D: IKBOHEH=BBIKBOH:G:EBA:IKBOHL?

J:IBB
Ih^ j_^Zdpb_cijhn_kkhjZ<<F:D:JH<:

JDhqxgZk

HKGH<UIKBOHEH=BQ?KDH=HDHGKMEVLBJH<:GBY

:dZ^_fbq_kdbcijh_dlFhkd\Z 
M>D ;;DD 
J_dhf_g^h\Zgh Ijhn_kkbhgZevghc ikbohl_jZi_\lbq_kdhc eb]hc b dZn_^jhc
ikbohl_jZibb Jhkkbckdhc f_^bpbgkdhc ZdZ^_fbb ihke_^biehfgh]h h[jZah\Zgby \
dZq_kl\_mq_[gh]hihkh[by
GZmqgucdhgkmevlZgl: ; OZ\bg
DhqxgZkJ
D Hkgh\uikboheh]bq_kdh]hdhgkmevlbjh\ZgbyI_jk ebl ²F :dZ^_fbq_kdbc
ijh_dl²k ,6%1 
Dgb]Z J DhqxgZkZ ij_^klZ\ey_l kh[hc mgbdZevgh_ jmdh\h^kl\h ih h[s_gbx k
deb_glZfb ² j_qv b^_l h dhgkmevlbjh\Zgbb ex^_c [_a \ujZ`_gguo ikbobq_kdbo
jZkkljhckl\DZdijZ\bevgh\hclb\ dhgkmevlZlb\gucdhglZdlmf_eh_]hih^i_j`b\Zlvb
]jZfhlgh aZ\_jrblv dhgkmevlbjh\Zgb_ ² wlb \_kvfZ keh`gu_ \hijhku \i_j\u_ klhev
ih^jh[ghhk\_s_gu\ jmkkdhyauqghfmq_[ghfba^ZgbbDgb]ZZdlmZevgZ^eyikboheh]h\
b \jZq_cex[h]hijhnbeyZ lZd`_^ey\k_oqvyijhn_kkbhgZevgZy^_yl_evghklvk\yaZgZk
h[s_gb_f
Dgb]Z\uims_gZijbmqZklbbA:H ©:dZ^_fby²P_gljª
Hnhjfe_gb_? =_jr_gahgDhfivxl_jgZy\_jkldZ? YjhkeZ\p_\Z
Ba^ebp ‹  hl  Ebl_jZlmjgh_ Z]_glkl\h :dZ^_fbq_kdbc ijh_dl
Fhkd\ZmeFhe^Z]meh\hc^ dhji
Ih\hijhkZfijbh[j_l_gbydgb]bijhkbfh[jZsZlvky\ A:H©:dZ^_fby²P_glj
!Fhkd\ZmeFZjl_gh\kdZyL_e nZdk   6 
GZeh]h\Zyev]hlZ²h[s_jhkkbckdbcdeZkkbnbdZlhjijh^mdpbbHDlhf
²dgb]b[jhrxju
Ih^ibkZgh\ i_qZlvk ]hlh\uo^bZihablb\h\NhjfZlo=ZjgblmjZ
LZcf_;mfZ]Zhnk_lgZyI_qZlvhnk_lgZyM_ei_qe LbjZ`wdaAZd‹ 
Hli_qZlZghk ]hlh\uo^bZihablb\h\gZN=MBII ©MjZevkdbcjZ[hqbcª]
?dZl_jbg[mj]meLmj]_g_\Z
,6%1
‹ DhqxgZk J  ‹ FZlmey\bq_g_ < i_j_\h^  ‹FZdZjh\<< ij_^bkqh\b_
ihke_keh\b_ ‹:dZ^_fbq_kdbbijh_dl

IJ?>BKEH<B? D K?JBB ;B;EBHL?D: IKBOHEH=BB

IKBOH:G:EBA:IKBOHL?J:IBB
GZijhly`_gbbkh\_lkdhcwihobjmkkdhyauqgu_qblZl_ebg_bf_eb\hafh`ghklb
agZdhfblvky k [hevrbgkl\hf ijhba\_^_gbc deZkkbq_kdhc b kh\j_f_gghc fbjh\hc
ebl_jZlmjuihikboheh]bb b ikbohl_jZibb L_f g_ f_g__ ihlj_[ghklv \ lZdbo agZgbyo
hdZaZeZkv klhev \_ebdZ qlh ihjh^beZ p_emx bg^mkljbx ih ijhba\h^kl\m dk_jhdhibc
ih^ihevguoi_j_\h^h\aZiZ^guoba^ZgbcIh^[hjijhba\_^_gbc[uehq_gvg_jh\guc Z
dZq_kl\h i_j_\h^h\ hklZ\eyeh `_eZlv emqr_]h B \k_ `_ i_j\Zy \hegZ bgnhjfZpbb h
kh\j_f_gghc ikbohl_jZibb b ijZdlbq_kdhc ikboheh]bb ku]jZeZ ihablb\gmx jhev D
dhgpmo ]h^h\gZqZebihy\eylvkydgb]baZjm[_`guoikboheh]h\b ikbohl_jZi_\lh\\
hkgh\ghf deZkkbdh\ ba^Zggu_ m`_ lbih]jZnkdbf kihkh[hf ihkl_i_ggh hgb
kdeZ^u\Zebkv \ k_jbb H^gZ ba ih^h[guo k_jbc ;b[ebhl_dZ ikboheh]bb b
ikbohl_jZibb ba^Z\ZeZkvih^gZr_cj_^Zdpb_c
< gZklhys__ \j_fy ih ikboheh]bb b ikbohl_jZibb \uoh^bl fgh`_kl\h dgb] b
\k_lZdb bo y\gh g_^hklZlhqgh Ljm^ghklb \ ij_h^he_gbb ^_nbpblZ h[tykgyxlky dZd
h]jhfgufbgl_j_khfd ikboheh]bq_kdbfagZgbyflZdb qj_a\uqZcgh[ukljufbl_fiZfb
jZa\blbyikboheh]bbb ikbohl_jZibbDhgdj_lbabjm_f^Zggh_iheh`_gb_
²ijZdlbq_kdZyikboheh]byb ikbohl_jZiby\ gZr_ckljZg_klZgh\ylky\k_[he__
ihimeyjgufbki_pbZevghklyfb
² jZkrbjy_lky k_lv ikboheh]bq_kdbo mq_[guo aZ\_^_gbc b ki_dlj
h[jZah\Zl_evguo ijh]jZff ih ikbohl_jZibb LZd g_^Z\gh gZf ij_^hklZ\beb ijZ\h
ijh\h^blv h[mq_gb_ ih ijh]jZff_ ij_^mkfZljb\Zxs_c \jmq_gb_ ?\jhi_ckdh]h
k_jlbnbdZlZikbohl_jZi_\lZ
² h[ bgl_gkb\ghklb jZa\blby fbjh\hc ikbohl_jZibb k\b^_l_evkl\m_l ohly [u
nZdlm\_ebq_gbydhebq_kl\Zikbohl_jZi_\lbq_kdbof_lh^h\ hl^h \k_]hebrv
aZihke_^gb_iylgZ^pZlve_lI_qZlgu_ba^Zgbyijhklhg_mki_\ZxlhljZ`Zlvgh\_crb_
gZmqgu_^hklb`_gby
² ke_^m_l hkh[h ih^q_jdgmlv qlh hl_q_kl\_ggufb ki_pbZebklZfb gZdhie_g
agZqbl_evguc hiul ih^qZk mgbdZevguc dhlhjuc ^h kbo ihj g_ him[ebdh\Zg \
fZkrlZ[guoba^Zgbyo
< ij_^eZ]Z_fmx qblZl_eyf k_jbx \ hlebqb_ hl [hevrbgkl\Z ZgZeh]bqguo
k_jbcguo ba^Zgbc \hc^ml gZjy^m k ijhba\_^_gbyfb ba\_klguo aZjm[_`guo Z\lhjh\
ljm^u hl_q_kl\_gguo ki_pbZebklh\ Mkeh\b_f him[ebdh\Zgby [m^_l lsZl_evguc
dhgdmjkguc hl[hj k mq_lhf k[ZeZgkbjh\Zgghklb \ukhdh]h gZmqgh]h mjh\gy b
^hklmighklb baeh`_gby fZl_jbZeZ Ij_^iheZ]Z_lky rbjhdZy im[ebdZpby mq_[guo
ihkh[bc
GZ^__fky qlh gZf m^Zklky ihgh\hfm hk\_lblv ijh[e_fu ikbohZgZebaZ b
ikbohl_jZibbdZd^eyijhn_kkbhgZeh\lZdb ^eyih^ebgguoex[bl_e_cikboheh]bb
Fhkd\Zghy[jv]
Ijhn_kkhj <<FZdZjh\

HL:<LHJ:
< gZklhys__\j_fyikboheh]b\jZqbi_^Z]h]bklZedb\Zxlky\ k\h_cijZdlbd_kh
fgh`_kl\hf ikboheh]bq_kdbo ijh[e_f dhlhju_ ljm^gh beb g_\hafh`gh
hoZjZdl_jbah\Zlv debgbq_kdbfb l_jfbgZfb b g_evay j_rZlv \ jZfdZo ljZ^bpbhgghc
ikbobZljbb Wlh ijh[e_fu ih\k_^g_\ghc `bagb k\yaZggu_ k ljm^ghklyfb jZa\blby b
ijbkihkh[e_gby ebqghklb ^bk]Zjfhgb_c f_`ebqghklguo hlghr_gbc khpbZevgufb
^_\bZpbyfb gZjdhfZgby Zedh]hebaf jZkiZ^ k_fvb KIB> b ^j  \hajZklgufb
djbabkZfb Rbjhdbc djm] lZdbo ijh[e_f b khklZ\ey_l ij_^f_l hlghkbl_evgh gh\hc
ijhn_kkbhgZevghc h[eZklb ² ikboheh]bq_kdh]h dhgkmevlbjh\Zgby \u^_eb\r_]hky ba
debgbq_kdhcikboheh]bbb ikbohl_jZibb
Fhgh]jZnbyihagZdhfblqblZl_e_ck \Z`g_crbfbl_hj_lbq_kdbfbiheh`_gbyfb
b ihgylbyfb hkgh\gufb l_ogbdZfb b ijhp_^mjZfb ikboheh]bq_kdh]h
dhgkmevlbjh\Zgby < g_c baeh`_gu mgb\_jkZevgu_ ijbgpbiu ikboheh]bq_kdh]h
dhgkmevlbjh\Zgby Z g_ dZdhclh h^bg l_hj_lbq_kdbc ih^oh^ ohly ijbagZxkv \
kbfiZlbbd wdabkl_gpbZevgh]mfZgbklbq_kdhcikboheh]bb 
Fhgh]jZnby fh`_l kem`blv mq_[gbdhf ^ey klm^_glh\ bamqZxsbo ikboheh]bx
f_^bpbgm i_^Z]h]bdm >ey gbo hkh[_ggh ihe_agu agZgby h[ mkeh\byo mklZgh\e_gby b
ih^^_j`Zgby ijhn_kkbhgZevgh]h dhglZdlZ h ikboheh]bq_kdhf ihgbfZgbb hkgh\guo
q_eh\_q_kdbo ijh[e_f GZ^_xkv fhc ljm^ ZdlmZe_g b ^ey ki_pbZebklh\ m`_
jZ[hlZxsbo\ h[eZklbikboheh]bq_kdh]hdhgkmevlbjh\Zgbyb ikbohl_jZibbhgihfh`_l
bf mkh\_jr_gkl\h\Zlv ijhn_kkbhgZevgu_ gZ\udb e_]q_ ij_h^he_\Zlv \hagbdZxsb_ \
jZ[hl_ijh[e_fu[he__]b[dhijbf_gylvk\hbagZgbyGZdhg_pjZkkqblu\ZxgZbgl_j_k
\k_oqblZl_e_cm\e_dZxsbokyikboheh]b_c
WlZdgb]Z²j_amevlZlfgh]he_lg_cijZdlbq_kdhcjZ[hlu\ dZq_kl\_ikboheh]Z
ikbohl_jZi_\lZ gh fh_ ijhn_kkbhgZevgh_ klZgh\e_gb_ [ueh [u g_\hafh`gh [_a
\k_klhjhgg_cihfhsbOhq_lkyij_`^_\k_]hih[eZ]h^Zjblvfh_]hi_j\h]hmqbl_ey^jZ
:e_dkZg^jZ:e_dk_cqbdZb dhee_]k dhlhjufb^he]b_]h^ujZ[hlZy\f_kl_fumqbebkv
j_rZlv ijh[e_fu ^jm]bo ex^_c b kijZ\eylvky k kh[kl\_ggufb ljm^ghklyfb Y lZd`_
[eZ]h^Zj_g khlgyf deb_glh\ \klj_qZ k dhlhjufb ihfh]eZ agZqbl_evgh ]em[`_ ihgylv
keh`ghklb b ijhlb\hj_qby q_eh\_q_kdh]h kms_kl\h\Zgby ih\_jblv \ j_Zevghklv
baf_g_gby`bagb\ klhjhgm[hevr_]h[eZ]hihemqby
]<bevgxkbxev]
JDhqxgZk

H;SB?IJH;E?FUIKBOHEH=BQ?KDH=HDHGKMEVLBJH<:GBY
 HIJ?>?E?GB? B P?EB IKBOHEH=BQ?KDH=H
DHGKMEVLBJH<:GBY
<ZjbZgluhij_^_e_gbc
Ikboheh]bq_kdh_dhgkmevlbjh\Zgb_dZd ijhn_kkbyy\ey_lky hlghkbl_evgh gh\hc
h[eZklvx ikboheh]bq_kdhc ijZdlbdb \u^_eb\r_cky ba ikbohl_jZibb WlZ ijhn_kkby
\hagbdeZ \ hl\_l gZ ihlj_[ghklb ex^_c g_ bf_xsbo debgbq_kdbo gZjmr_gbc h^gZdh
bsmsbo ikboheh]bq_kdmx ihfhsv Ihwlhfm \ ikboheh]bq_kdhf dhgkmevlbjh\Zgbb fu
klZedb\Z_fky ij_`^_ \k_]h k ex^vfb bkiulu\Zxsbfb ljm^ghklb \ ih\k_^g_\ghc
`bagbKi_dljijh[e_fihbklbg_rbjhd
ljm^ghklb gZ jZ[hl_ g_m^h\e_l\hj_gghklv jZ[hlhc dhgnebdlu k dhee_]Zfb b
jmdh\h^bl_eyfb\hafh`ghklvm\hevg_gby g_mkljh_gghklvebqghc`bagbb g_mjy^bpu
\ k_fv_iehoZymki_\Z_fhklv\ rdhe_g_^hklZlhdm\_j_gghklb\ k_[_ b kZfhm\Z`_gby
fmqbl_evgu_ dhe_[Zgby \ ijbgylbb j_r_gbc ljm^ghklb \ aZ\yau\Zgbb b ih^^_j`Zgbb
f_`ebqghklguo hlghr_gbc b li K ^jm]hc klhjhgu ikboheh]bq_kdh_
dhgkmevlbjh\Zgb_ dZd fheh^Zy h[eZklv ikboheh]bq_kdhc ijZdlbdb ihdZ _s_ g_ bf__l
kljh]hhq_jq_gguo]jZgbp\ _]hihe_aj_gbyihiZ^ZxlkZfu_jZaghh[jZagu_ijh[e_fu
G_dhlhjZy g_hij_^_e_gghklv ij_^f_lZ ikboheh]bq_kdh]h dhgkmevlbjh\Zgby
hljZ`Z_lky \ jZaghh[jZabb hij_^_e_gbc LZd ebp_gabhggZy dhfbkkby :kkhpbZpbb
kem`Zsbob f_g_^`_jh\KR:\u^ZxsZyjZaj_r_gbygZqZklgmxijZdlbdmij_^eZ]Z_l
ke_^mxs__ hij_^_e_gb_ Dhgkmevlbjh\Zgb_ ² wlh kh\hdmighklv ijhp_^mj
gZijZ\e_gguo gZ ihfhsv q_eh\_dm \ jZaj_r_gbb ijh[e_f b ijbgylbb j_r_gbc
hlghkbl_evghijhn_kkbhgZevghcdZjv_ju[jZdZk_fvbkh\_jr_gkl\h\Zgby ebqghklb b
f_`ebqghklguohlghr_gbcG %XUNV b < 6WHIILUH   ij_^eh`beb g_kdhevdh [he__
rbjhdh_ hij_^_e_gb_ dhgkmevlbjh\Zgby Dhgkmevlbjh\Zgb_ ² wlh ijhn_kkbhgZevgh_
hlghr_gb_ d\Zebnbpbjh\Zggh]h dhgkmevlZglZ d deb_glm dhlhjh_ h[uqgh
ij_^klZ\ey_lky dZd ebqghklvebqghklv ohly bgh]^Z \ g_f mqZkl\mxl [he__ ^\mo
q_eh\_d P_ev dhgkmevlbjh\Zgby ² ihfhqv deb_glZf ihgylv ijhbkoh^ys__ \ bo
`bag_gghf ijhkljZgkl\_ b hkfuke_ggh ^hklbqv ihklZ\e_gghc p_eb gZ hkgh\_
hkhagZggh]h \u[hjZ ijb jZaj_r_gbb ijh[e_f wfhpbhgZevgh]h b f_`ebqghklgh]h
oZjZdl_jZ
Bf__lky fgh]h koh^guo hij_^_e_gbc b \k_ hgb \dexqZxl g_kdhevdh hkgh\guo
iheh`_gbc
Dhgkmevlbjh\Zgb_ihfh]Z_lq_eh\_dm\u[bjZlvb ^_ckl\h\Zlvihkh[kl\_gghfm
mkfhlj_gbx
Dhgkmevlbjh\Zgb_ihfh]Z_lh[mqZlvkygh\hfmih\_^_gbx
Dhgkmevlbjh\Zgb_kihkh[kl\m_ljZa\blbxebqghklb
 < dhgkmevlbjh\Zgbb Zdp_glbjm_lky hl\_lkl\_gghklv deb_glZ l_ ijbagZ_lky
qlhg_aZ\bkbfuchl\_lkl\_ggucbg^b\b^kihkh[_g\ khhl\_lkl\mxsboh[klhyl_evkl\Zo
ijbgbfZlvkZfhklhyl_evgu_j_r_gbyZ dhgkmevlZglkha^Z_lmkeh\bydhlhju_ihhsjyxl
\he_\h_ih\_^_gb_deb_glZ
 K_j^p_\bghc dhgkmevlbjh\Zgby y\ey_lky dhgkmevlZlb\gh_ \aZbfh^_ckl\b_
f_`^m deb_glhf b dhgkmevlZglhf hkgh\Zggh_ gZ nbehkhnbb deb_glp_gljbjh\Zgghc
l_jZibb
Hkgh\hiheh`gbd deb_glp_gljbjh\Zgghc l_jZibb ba\_klguc Zf_jbdZgkdbc
ikbohl_jZi_\lK 5RJHUV \u^_ebeljbhkgh\guoijbgpbiZwlh]hgZijZ\e_gby
Z dZ`^Zyebqghklvh[eZ^Z_l[_amkeh\ghcp_gghklvxb aZkem`b\Z_lm\Z`_gbydZd
lZdh\Zy
[ dZ`^Zyebqghklv\ khklhygbb[ulvhl\_lkl\_gghcaZk_[y
\  dZ`^Zy ebqghklv bf__l ijZ\h \u[bjZlv p_gghklb b p_eb ijbgbfZlv
kZfhklhyl_evgu_j_r_gby
LZdbf h[jZahf hij_^_e_gby ikboheh]bq_kdh]h dhgkmevlbjh\Zgby ho\Zlu\Zxl
kl_j`g_\u_ mklZgh\db dhgkmevlZglZ \ hlghr_gbb q_eh\_dZ \hh[s_ b deb_glZ \
qZklghklbDhgkmevlZglijbgbfZ_ldeb_glZdZdmgbdZevgh]hZ\lhghfgh]hbg^b\b^ZaZ
dhlhjuf ijbagZ_lky b m\Z`Z_lky ijZ\h k\h[h^gh]h \u[hjZ kZfhhij_^_e_gby ijZ\h
`blvkh[kl\_gghc`bagvxL_f[he__\Z`ghijbagZlvqlhex[h_\gmr_gb_beb^Z\e_gb_
f_rZ_ldeb_glmijbgylvhl\_lkl\_gghklvgZk_[yb ijZ\bevghj_rZlvk\hbijh[e_fu
P_ebikboheh]bq_kdh]hdhgkmevlbjh\Zgby
<hijhk hij_^_e_gby p_e_c dhgkmevlbjh\Zgby g_ y\ey_lky ijhkluf ihkdhevdm
aZ\bkbl hl ihlj_[ghkl_c deb_glh\ h[jZsZxsboky aZ ikboheh]bq_kdhc ihfhsvx b
l_hj_lbq_kdhc hjb_glZpbb kZfh]h dhgkmevlZglZ H^gZdh ij_`^_ q_f hagZdhfblvky k
fgh]hh[jZab_f p_e_c dhgkmevlbjh\Zgby knhjfmebjm_f ke_^my aZ *HRUJH b &QVWLDQL
  g_kdhevdh mgb\_jkZevguo p_e_c dhlhju_ \ [hevr_c beb f_gvr_c kl_i_gb
mihfbgZxlkyl_hj_lbdZfbjZaguordhe
 Kihkh[kl\h\Zlv baf_g_gbx ih\_^_gby qlh[u deb_gl fh] `blv ijh^mdlb\g__
bkiulu\Zlvm^h\e_l\hj_gghklv`bagvxg_kfhljygZg_dhlhju_g_ba[_`gu_khpbZevgu_
h]jZgbq_gby
 JZa\b\Zlv gZ\udb ij_h^he_gby ljm^ghkl_c ijb klhedgh\_gbb k gh\ufb
`bag_ggufbh[klhyl_evkl\Zfbb lj_[h\Zgbyfb
 H[_ki_qblv wnn_dlb\gh_ ijbgylb_ `bag_ggh \Z`guo j_r_gbc Kms_kl\m_l
fgh`_kl\h^_edhlhjuffh`ghgZmqblvky\h\j_fydhgkmevlbjh\ZgbykZfhklhyl_evgu_
ihklmidb jZkij_^_e_gb_ \j_f_gb b wg_j]bb hp_gdZ ihke_^kl\bc jbkdZ bkke_^h\Zgb_
ihey p_gghkl_c \ dhlhjhf ijhbkoh^bl ijbgylb_ j_r_gbc hp_gdZ k\hckl\ k\h_c
ebqghklb ij_h^he_gb_ wfhpbhgZevguo klj_kkh\ ihgbfZgb_ \ebygby mklZgh\hd gZ
ijbgylb_j_r_gbcb li
 JZa\b\Zlv mf_gb_ aZ\yau\Zlv b ih^^_j`b\Zlv f_`ebqghklgu_ hlghr_gby
H[s_gb_k ex^vfbaZgbfZ_lagZqbl_evgmxqZklv`bagbb mfgh]bo\uau\Z_lljm^ghklb
baaZgbadh]hmjh\gybokZfhm\Z`_gbybebg_^hklZlhqguokhpbZevguogZ\udh\;m^vlh
k_f_cgu_ dhgnebdlu \ajhkeuo beb ijh[e_fu \aZbfhhlghr_gby ^_l_c ke_^m_l
memqrZlv dZq_kl\h `bagb deb_glh\ ihkj_^kl\hf h[mq_gby emqr_fm ihkljh_gbx
f_`ebqghklguohlghr_gbc
H[e_]qblvj_ZebaZpbxb ih\ur_gb_ihl_gpbZeZebqghklbIhfg_gbx %ORFKHU
  \ dhgkmevlbjh\Zgbb g_h[oh^bfh klj_fblvky d fZdkbfZevghc k\h[h^_ deb_glZ
mqblu\Zy _kl_kl\_ggu_ khpbZevgu_ h]jZgbq_gby  Z lZd`_ d jZa\blbx kihkh[ghklb
deb_glZ dhgljhebjh\Zlv k\h_ hdjm`_gb_ b kh[kl\_ggu_ j_Zdpbb ijh\hpbjm_fu_
hdjm`_gb_f
50D\  mdZau\Z_lqlhijbjZ[hl_k ^_lvfbdhgkmevlZgl^he`_g^h[b\Zlvky
baf_g_gbybo[eb`Zcr_]hhdjm`_gby\ p_eyoih\ur_gbywnn_dlb\ghklbihfhsb
G_kfhljy gZ g_dhlhjmx h[sghklv p_e_c ikboheh]bq_kdh]h dhgkmevlbjh\Zgby
hkgh\gu_ikboheh]bq_kdb_rdheu\k_lZdbagZqbl_evghjZkoh^ylky\ boihgbfZgbb kf
lZ[e 
LZd bf__l eb \k_lZdb kfuke ]h\hjblv h dZdbolh mgb\_jkZevguo p_eyo
dhgkmevlbjh\Zgby dh]^Z fu fh`_f ihfh]Zlv deb_glm b \ klj_fe_gbb d k\h[h^_ b \
ij_h^he_gbbwfhpbhgZevguoklj_kkh\b \h[mq_gbbZ^Zilb\ghfmih\_^_gbxb \ihbkd_
iheghp_ggh]hkZfh\ujZ`_gby"<hafh`_glZdhchl\_lgZ\hijhkp_ebikboheh]bq_kdh]h
dhgkmevlbjh\Zgby khklZ\eyxl dhglbgmmf gZ h^ghf ihexk_ dhlhjh]h ² h[sb_
]eh[Zevgu_ i_jki_dlb\gu_ p_eb Z gZ ^jm]hf ² ki_pbnbq_kdb_ dhgdj_lgu_
djZldhkjhqgu_ p_eb P_eb dhgkmevlbjh\Zgby g_ h[yaZl_evgh gZoh^ylky \ ijhlb\hj_qbb
² ijhklh \ rdheZo hjb_glbjh\Zgguo gZ i_j_kljhcdm ebqghklb Zdp_glbjmxlky
i_jki_dlb\gu_ p_eb Z \ rdheZo hjb_glbjh\Zgguo gZ baf_g_gb_ ih\_^_gby [hevr__
agZq_gb_ijb^Z_lkydhgdj_lgufp_eyf
P_eb dhgkmevlZglZ b deb_glZ \ dhg_qghf kq_l_ khijbdZkZxlky ohly dZ`^uc
dhgkmevlZgl bf__l \ \b^m k\hx kbkl_fm h[sbo p_e_c khhl\_lkl\mxsmx _]h
l_hj_lbq_kdhchjb_glZpbbZ dZ`^ucdeb_gl²k\hbbg^b\b^mZevgu_p_ebijb\_^rb_
_]hd ki_pbZebklmHq_gvqZklhnhjfmebjh\dZb i_j_nhjfmebjh\dZp_e_cijhbkoh^yl\
ijhp_kk_ dhgkmevlbjh\Zgby ijb \aZbfh^_ckl\bb dhgkmevlZglZ k deb_glhf J_ZebaZpby
p_e_c dhgkmevlZglZ aZ\bkbl hl ihlj_[ghkl_c b h`b^Zgbc deb_glZ Qlh[u mki_rgh
khq_lZlv k\hb h[sb_ aZ^Zqb b dhgdj_lgu_ p_eb deb_glZ g_h[oh^bfh k kZfh]h gZqZeZ
aZ^Zlv deb_glm \hijhku Qlh <u h`b^Z_l_ hl gZr_]h h[s_gby" DZdh\u \Zrb
`_eZgby"b liDeb_gludZdijZ\behbf_xllhevdhkZfh_h[s__ij_^klZ\e_gb_h lhf
qlh lZdh_ dhgkmevlbjh\Zgb_ b qlh h`b^Zlv hl dhgkmevlZglZ Dh]^Z deb_gl g_ \eZ^__l
gbdZdhc
lZ[ebpZ  Kh\j_f_ggu_ij_^klZ\e_gbyh p_eyodhgkmevlbjh\Zgby
GZijZ\e_g P_eb
b_ dhgkmevlbjh\Zgby
IkbohZgZe I_j_\_klb \
blbq_kdh_ khagZgb_\ul_kg_g
gZijZ\e_g guc \
b_ [_kkhagZl_evgh_fZl_jbZe
ihfhqv deb_glm
\hkijhba\_klb
jZggbc hiul b
ijhZgZebabjh\Zlv
\ul_kg_ggu_
dhgnebdluj_dhg
kljmbjh\Zlv
 [Zabkgmxebqghklv
:^e_jbZgk LjZgknhjfbjh\Zlv
dh_ p_eb`bagbdeb
gZijZ\e_g _glZ ihfhqv _fm
b_ knhjfbjh\Zlvkh
pbZevgh agZqbfu_
p_ebb kdhjj_d
lbjh\Zlv
hrb[hqgmxfhlb\Zpbx
ihkj_^kl\hf
h[j_l_gbyqm\kl\ZjZ
\_gkl\Z k ^jm]bfb
ex^vfb
L_jZiby BkijZ\blv
ih\_^_gby g_Z^_d\Zlgh_ih\_^_gb_
b h[mqblv
wnn_dlb\ghfmih\_^_gbx
JZpbhgZev MkljZgblv
gh kZfhjZajmrZxsbc
wfhpbhgZe ih^oh^ deb_glZ d
vgZy `bagbb ih
l_jZiby fhqv knhjfbjh\Zlv
$(OOLV lhe_jZglguc
b jZpbhgZevguc
ih^oh^gZmqblv
ijbf_g_gbx
gZmqgh]hf_lh^Z
ijb j_r_gbb
ih\_^_gq_kdbob
wfhpbhgZevguo
ijh[e_f
Hjb_glbjh Kha^Zlv
\ZggZy [eZ]hijbylgucdebfZl
gZ deb_glZ dhgkmevlbjh\Zgby
l_jZiby ih^oh^ysbc
&5RJHUV ^ey
kZfhbkke_^h\Zgbyb jZkih
agZ\Zgby nZdlhjh\
f_rZxsbo
jhklm ebqghklb
ihhsjylvhl
djulhklv deb_glZ
hiulmm\_j_g
ghklv \ k_[_
kihglZgghklv
Wdabkl_gp Ihfhqv deb_glm
bZevgZy hkhagZlvk\hx
l_jZiby k\h[h^m b
 kh[kl\_ggu_\hafh`gh
klb ih[m`^Zlv d
ijbgylbxhl\_l
kl\_gghklb aZ lh
qlhijhbkoh^blk
gbf
b^_glbnbpbjh\Zlv[ehdb
jmxsb_ k\h[h^m
nZdlhju

bgnhjfZpb_c h dhgkmevlbjh\Zgbb hg g_ kihkh[_g ^he`guf h[jZahf

knhjfmebjh\Zlv p_eb ?keb fu bgnhjfbjm_f deb_glZ h ijh^he`bl_evghklb [_k_^ b
\hh[s_ h lhf qlh h[uqgh ijhbkoh^bl \h \j_fy dhgkmevlZlb\guo \klj_q _fm e_]q_
ihgylv\hafh`ghklbb h]jZgbq_gbydhgkmevlbjh\Zgby;hevrbgkl\hdeb_glh\ijboh^bl
gZikboheh]bq_kdh_dhgkmevlbjh\Zgb_gZ^_ykvqlhdhgkmevlZglkjZamhdZ`_ldZdmxlh
ihfhsv< wlhckblmZpbbdhgkmevlZgl^he`_gihfgblv]eZ\gmxp_evdhgkmevlbjh\Zgby
² ihfhqv deb_glm ihgylv qlh bf_ggh hg kZf b _klv lhl q_eh\_d dhlhjuc ^he`_g
j_rZlv^_ckl\h\Zlvbaf_gylvkyZdlmZebabjh\Zlvk\hbkihkh[ghklb
IKBOHEH=BQ?KDH?DHGKMEVLBJH<:GB?B IKBOHL?J:IBY
JZkij_^_e_gb_ wlbo ^\mo kn_j ikboheh]bq_kdhc ihfhsb ² keh`gZy aZ^ZqZ
ihkdhevdm \ g_fZehf qbke_ kemqZ_\ ijhn_kkbhgZem ljm^gh kdZaZlv aZgbfZ_lky hg
ikboheh]bq_kdbfdhgkmevlbjh\Zgb_fbebikbohl_jZib_cDZd\ dhgkmevlbjh\ZgbblZdb
\ ikbohl_jZibb bkihevamxlky l_ `_ kZfu_ ijhn_kkbhgZevgu_ gZ\udb lj_[h\Zgby
ij_^ty\ey_fu_ d ebqghklb deb_glZ b ikbohl_jZi_\lZ h^bgZdh\u ijhp_^mju
bkihevam_fu_\ dhgkmevlbjh\Zgbbb ikbohl_jZibblh`_ih^h[guGZdhg_p\ i_j\hfb
\lhjhfkemqZyoihfhsvdeb_glmhkgh\u\Z_lkygZ\aZbfh^_ckl\bbf_`^mdhgkmevlZglhf
ikbohl_jZi_\lhf  b deb_glhf BaaZ ljm^ghklb jZa^_e_gby wlbo ^\mo h[eZkl_c
g_dhlhju_ ijZdlbdb bkihevamxl ihgylby ikboheh]bq_kdh_ dhgkmevlbjh\Zgb_ b
ikbohl_jZiby dZd kbghgbfu Zj]mf_glbjmy k\hx lhqdm aj_gby koh`_klvx
^_yl_evghklbikbohl_jZi_\lZb dhgkmevlZglZikboheh]Z
Ghihkdhevdm\ [hevrbgkl\_kljZg^Zggu_ijhn_kkbbkms_kl\mxldZdhl^_evgu_
\Z`ghgZclbhkgh\Zgbyihdhlhjufbofh`gh[uehohly[uqZklbqghjZa^_eblv %UDPHU
b 6KRVWURP  ]h\hjyh khhlghr_gbbdhgkmevlbjh\Zgbyb ikbohl_jZibbijb[_]Zxl
d ij_^klZ\e_gbxh ^\mo ihexkZodhglbgmmfZ GZ h^ghf ihexk_ jZ[hlZijhn_kkbhgZeZ
aZljZ]b\Z_l \ hkgh\ghf kblmZpbhggu_ ijh[e_fu j_rZ_fu_ gZ mjh\g_ khagZgby b
\hagbdZxsb_ m debgbq_kdb a^hjh\uo bg^b\b^h\ A^_kv jZkiheh`_gZ h[eZklv
dhgkmevlbjh\Zgby GZ ^jm]hf ihexk_ ² [hevr__ klj_fe_gb_ d ]em[hdhfm ZgZebam
ijh[e_f k hjb_glZpb_c gZ [_kkhagZl_evgu_ ijhp_kku kljmdlmjgmx i_j_kljhcdm
ebqghklb A^_kv jZkiheh`_gZ h[eZklv ikbohl_jZibb H[eZklv f_`^m ihexkZfb
ijbgZ^e_`bl ^_yl_evghklb dhlhjmx fh`gh gZau\Zlv dZd dhgkmevlbjh\Zgb_f lZd b
ikbohl_jZib_c
*HOVR )UHW]   %ORVKHU   \u^_eyxl ki_pbnbq_kdb_ q_jlu
ikboheh]bq_kdh]hdhgkmevlbjh\ZgbyhlebqZxsb__]hhlikbohl_jZibb
² dhgkmevlbjh\Zgb_ hjb_glbjh\Zgh gZ debgbq_kdb a^hjh\mx ebqghklv wlh
ex^bbf_xsb_\ ih\k_^g_\ghc`bagbikboheh]bq_kdb_ljm^ghklbb ijh[e_fu`Zeh[u
g_\jhlbq_kdh]h oZjZdl_jZ Z lZd`_ ex^b qm\kl\mxsb_ k_[y ohjhrh h^gZdh klZ\ysb_
i_j_^kh[hcp_ev^Zevg_cr_]hjZa\blbyebqghklb
 ²dhgkmevlbjh\Zgb_khjb_glbjh\ZghgZa^hjh\u_klhjhguebqghklbg_aZ\bkbfh
hlkl_i_gbgZjmr_gbywlZhjb_glZpbyhkgh\ZgZgZ\_j_qlhq_eh\_dfh`_lbaf_gylvky
\u[bjZlv m^h\e_l\hjyxsmx _]h `bagv gZoh^blv kihkh[u bkihevah\Zgby k\hbo
aZ^Zldh\^Z`__kebhgbg_\_ebdbbaaZg_Z^_d\ZlguomklZgh\hdb qm\kl\aZf_^e_ggh]h
khaj_\Zgby dmevlmjghc ^_ijb\Zpbb g_^hklZldZ nbgZgkh\ [he_agb bg\Zeb^ghklb
ij_dehggh]h\hajZklZ -RUGDQ k khZ\lpblih 0\HUV k khZ\l 
²dhgkmevlbjh\Zgb_qZs_hjb_glbjm_lkygZgZklhys__b [m^ms__deb_glh\
² dhgkmevlbjh\Zgb_ h[uqgh hjb_glbjm_lky gZ djZldhkjhqgmx ihfhsv ^h 
\klj_q 
² dhgkmevlbjh\Zgb_ hjb_glbjm_lky gZ ijh[e_fu \hagbdZxsb_ \h
\aZbfh^_ckl\bbebqghklbb kj_^u
² \ dhgkmevlbjh\Zgbb Zdp_glbjm_lky p_gghklgh_ mqZklb_ dhgkmevlZglZ ohly
hldehgy_lkygZ\yau\Zgb_p_gghkl_cdeb_glZf
² dhgkmevlbjh\Zgb_ gZijZ\e_gh gZ baf_g_gb_ ih\_^_gby b jZa\blb_ ebqghklb
deb_glZ

L?HJBBEBQGHKLBB IJ:DLBD:DHGKMEVLBJH<:GBY
<Z`ghklvl_hjbb\ ikboheh]bq_kdhfdhgkmevlbjh\ZgbbdZdb \^jm]boh[eZklyo
ikboheh]bq_kdhc ijZdlbdb ljm^gh i_j_hp_gblv Fh`gh kdZaZlv qlh ihiuldZ
d\Zebnbpbjh\Zggh ihfhqv ^jm]hfm q_eh\_dm \ jZaj_r_gbb _]h ijh[e_f [_a hihju gZ
kbkl_fm l_hj_lbq_kdbo \haaj_gbc ih^h[gZ ihe_lm [_a hjb_glbjh\ LZdhc e_lqbd \
dhgkmevlbjh\Zgbb g_ lhevdh g_ wnn_dlb\_g gh bgh]^Z b hiZk_g < ikboheh]bq_kdhf
dhgkmevlbjh\Zgbb jhev dZjlu \uihegy_l l_hjby ebqghklb hldju\ZxsZy rbjhdmx
i_jki_dlb\m ihgbfZgby ijh[e_f deb_glZ b mdZau\ZxsZy wnn_dlb\gu_ f_lh^u bo
jZaj_r_gby L_hjby ihfh]Z_l dhgkmevlZglm nhjfmebjh\Zlv ^bgZfbqgu_ ]bihl_au
jZatykgyxsb_ deb_glm ijh[e_fu b iha\hey_l qm\kl\h\Zlv k_[y \ [_ahiZkghklb ijb
klhedgh\_gbbk oZhlbqguf^_ahj]Zgbah\Zgguf\gmlj_ggbffbjhfg_dhlhjuodeb_glh\
%UDPHU 6KRVWURP   ih^q_jdb\Zxl qlh dhgkmevlZgl g_ mk\hb\rbc l_hj_lbq_kdb_
hkgh\u k\h_c ijhn_kkbb g_ hagZdhfb\rbcky k bkke_^h\Zgbyfb \uiheg_ggufb \
^Zgghc h[eZklb g_ kfh`_l gbq_]h k^_eZlv ^ey deb_glZ djhf_ ijbf_g_gby qZklghc
l_ogbdb
DZ`^Zyl_hjby\uihegy_lq_luj_hkgh\gu_nmgdpbb
h[h[sZ_lgZdhie_ggmxbgnhjfZpbx^_eZ_l[he__ihgylgufbkeh`gu_y\e_gby
ij_^kdZau\Z_l ihke_^kl\by jZaguo h[klhyl_evkl\ kihkh[kl\m_l ihbkdm gh\uo nZdlh\
*HRUJH&ULVWLDP  
Wlb nmgdpbb \iheg_ ih^oh^yl d ex[hc l_hjbb e_`Zs_c \ hkgh\_
dhgkmevlZlb\ghc ijZdlbdb L_hjby ihfh]Z_l dhgkmevlZglm h[h[sblv hiul jZ[hlu k
kZfufb jZagufb deb_glZfb ihgylv ijbjh^m [hevrbgkl\Z bo ijh[e_f b nhjfu
ijhy\e_gbydhgnebdlh\kihkh[kl\m_lwnn_dlb\ghfmijbf_g_gbxdhgdj_lguof_lh^h\
;eZ]h^Zjy l_hj_lbq_kdhc ih^]hlh\d_ dhgkmevlZgl fh`_l \u^\b]Zlv ]bihl_au \ k\h_c
ijZdlbq_kdhcjZ[hl_b ij_^\b^_lvj_amevlZludhgkmevlbjh\Zgby
DZ`^uc dhgkmevlZgl gZ hkgh\_ ijZdlbdb dhgkljmbjm_l k\hx l_hjbx dhlhjZy
qZs_ \k_]h hibjZ_lky gZ m`_ ba\_klgu_ l_hj_lbq_kdb_ iZjZ^b]fu beb hjb_glZpbb
ikbohZgZeblbq_kdmx ih\_^_gq_kdhdh]gblb\gmx wdabkl_gpbZevgh]mfZgbklbq_kdmx 
K gZdhie_gb_f hiulZ ihklhyggh ijhbkoh^bl dhjj_dlbjh\dZ jZkrbj_gb_ mdj_ie_gb_
l_hj_lbq_kdhc [Zau hl q_]h aZ\bkbl \u[hj lhc beb bghc l_hj_lbq_kdhc hjb_glZpbb
Ij_`^_ \k_]h _]h hij_^_ey_l lhqdZ aj_gby dhgkmevlZglZ gZ ijbjh^m q_eh\_dZ Hl g__
aZ\bkbloZjZdl_jhl\_lh\gZijbgpbibZevgu_\hijhku
 ²qlh_klvq_eh\_d"
²dZdb_\jh`^_ggu_l_g^_gpbb_fmk\hckl\_ggu"
²k\h[h^_geb\u[hjq_eh\_dZijbex[uoh[klhyl_evkl\Zobeb`_hij_^_ey_lky
gZke_^kl\_gghklvxb kh[ulbyfbijhreh]h
²kms_kl\mxlebij_^ihkuedbbaf_g_gbyq_eh\_dZb dZdhgfh`_lbaf_gylvky
Hl\_lu gZ wlb \hijhku hij_^_eyxl dZd dhgkmevlZgl ihgbfZ_l kljmdlmjm
ebqghklb ^_l_jfbgZpbx ih\_^_gby ]_g_abk iZlheh]bb i_jki_dlb\m ghjfZevgh]h
jZa\blby
DZd \b^gh ba lZ[e  k   ]eZ\gu_ ijbgpbiu hkgh\guo rdhe
ikboheh]bq_kdh]h dhgkmevlbjh\Zgby b ikbohl_jZibb kms_kl\_ggh hlebqZxlky *HRUJH
&ULVWLDP  
DZ`^ucdhgkmevlZgl\he_g\u[jZlvlmbebbgmxdhgp_ipbxdZdhkgh\mijZdlbdb
\ aZ\bkbfhklb hl hkh[_gghkl_c k\h_c ebqghklb fbjh\haaj_gby l_hj_lbdh
ikboheh]bq_kdbokbfiZlbcH^gh\j_f_gghih^q_jdg_fg_ijZ\bevghklvml\_j`^_gbch[
bklbgghklbihklmeZlh\dZdhceb[h_^bgkl\_gghcikbohl_jZi_\lbq_kdhcrdheu\hij_db
^jm]bfrdheZfJ_amevlZlufgh]hqbke_gguobkke_^h\ZgbcihdZau\Zxlqlh\ ijZdlbd_
ijb hjb_glZpbb gZ ex[h_ gZijZ\e_gb_ fh`gh ^h[blvky koh^ghc wnn_dlb\ghklb
dhgkmevlbjh\ZgbyJ_rZxs__agZq_gb_bf__lg_klhevdhkZfZl_hjbykdhevdhaj_ehklv
ebqghklbdhgkmevlZglZb _]hijhn_kkbhgZevgZyih^]hlh\dZih^jZamf_\ZxsZy\ukhdmx
bgl_]jZpbxl_hj_lbq_kdboihagZgbcb ijZdlbq_kdbogZ\udh\
< gZklhys__ \j_fy \ fbj_ jZkijhkljZgy_lky wde_dlbqgh_ dhgkmevlbjh\Zgb_
ij_^klZ\eyxs__ kh[hc ihiuldm bgl_]jZpbb emqrbo klhjhg jZaebqguo rdhe Dhg_qgh
bf__lky \ \b^m g_ gZ[hj jZaguo l_hj_lbq_kdbo ijbgpbih\ \haaj_gbc beb gZdhie_gb_
f_lh^h\b f_lh^bd ^hdZaZ\rbo ijZdlbq_kdmx wnn_dlb\ghklv g_aZ\bkbfh hl dhgl_dklZ
\hafh`gh]h ijbf_g_gby Wde_dlbqgh_ dhgkmevlbjh\Zgb_ hibjZ_lky gZ kbkl_fgmx
bgl_]jZpbx g_kdhevdbo l_hj_lbq_kdbo ih^oh^h\ \ klj_fe_gbb gZclb _^bgh_ gZqZeh b
ijh\_jblv dZd gh\Zy kbkl_fZ jZ[hlZ_l gZ ijZdlbd_ Fh`gh kdZaZlv qlh kha^Zgb_
wde_dlbq_kdh]h
LZ[ebpZ  L_hj_lbq_kdb_ ijbgpbiu kh\j_f_gguo ikboheh]bq_kdbo
gZijZ\e_gbc
GZijZ\e_g Hkgh\gu_
b_ l_hj_lbq_kdb_ijbgpbiu
IkbohZgZe Kmsghklv q_eh\_dZ
gZijZ\e_g ikbobq_kdhc
ijbjh^u b hiulhf
Hkgh\m kljmdlmju
eyxlljbbgklZgpbb
i_jw]h Ih\_^_gb_
Z]j_kkb\gufb b
[m`^_gbyfb
baaZ \ul_kg_gguo \
jZkl_ dhgnebdlh\
\blb_ hkgh\u\Z_lky
ghf q_j_^h\Zgbb
gh]h jZa\blby b
:^e_jbZgk :dp_glbjm_lky
gZijZ\e_g q_eh\_dZ DZ`^vr
^_lkl\_ nhjfbjm_l
klbev `bagb
kmpv[m Ih\_^_gb_
jm_lky klj_fe_gb_f
p_e_c b khpbZevguf
@bag_ggu_
nhjfbjh\Zgbx
klbey `bagb
 ebqghklb
`bag_ggu_p_eb
L_jZiby Q_eh\_d ² ijh^mdl
\j_f_ggh __ l\hj_p
nhjfbjm_lky \
GhjfZevghfm
ihkj_^kl\hf
lZpbb Ijh[e_fu
amevlZl_ iehoh]h

JZpbhgZevghwfhpbhgZevgZyl_jZiby $(OOLV
Hjb_glbjh\ZggZygZdeb_glZl_jZiby &5RJHUV
Wdabkl_gpbZevgZyl_jZiby
Q_eh\_d jh`^Z_lky kh kdehgghklvx d jZpbhgZevghfm fure_gbx gh
h^gh\j_f_ggh b kh kdehgghklvx d iZjZeh]bqghklb Hg fh`_l klZgh\blvky `_jl\hc
bjjZpbhgZevguob^_c@bag_ggu_ijh[e_fu\hagbdZxlbaaZhrb[hqguom[_`^_gbc<
hkgh\_ ghjfZevgh]h ih\_^_gby e_`Zl jZpbhgZevgh_ fure_gb_ b k\h_\j_f_ggZy
dhjj_dpbyijbgbfZ_fuoj_r_gbc
:dp_glbjm_lky ihablb\gZy ijbjh^Z q_eh\_dZ ² k\hckl\_ggh_ _fm \jh`^_ggh_
klj_fe_gb_d kZfhj_ZebaZpbbIjh[e_fu\hagbdZxl ijb \ul_kg_gbb g_dhlhjuo qm\kl\
baiheykhagZgbyb bkdZ`_gbbhp_gdbhiulZHkgh\mikbobq_kdh]ha^hjh\vykhklZ\eyxl
khhl\_lkl\b_ b^_Zevgh]h Y j_Zevghfm Y ^hklb]Z_fh_ j_ZebaZpb_c ihl_gpbZeZ
kh[kl\_gghcebqghklbb klj_fe_gb_d kZfhihagZgbxm\_j_gghklb\ k_[_kihglZgghklb
Hkgh\gh_ \gbfZgb_ m^_ey_lky kihkh[ghklb q_eh\_dZ ihagZ\Zlv k\hc \gmlj_ggbc
fbjk\h[h^gh\u[bjZlvk\hxkm^v[m hl\_lkl\_gghklbb wdabkl_gpbZevghc lj_\h]_ dZd
hkgh\ghfm fhlb\bjmxs_fm nZdlhjm ihbkdm mgbdZevgh]h kfukeZ \ [_kkfuke_gghf
fbj_ h^bghq_kl\m b hlghr_gbyf k ^jm]bfb \j_f_gghklb `bagb b ijh[e_f_ kf_jlb
GhjfZevgh_jZa\blb_ebqghklbhkgh\u\Z_lkygZmgbdZevghklbdZ`^h]hbg^b\b^Z

KLJMDLMJ:IJHP?KK:DHGKMEVLBJH<:GBY
Gb h^gZ ba l_hj_lbq_kdbo hjb_glZpbb beb rdhe ikboheh]bq_kdh]h
dhgkmevlbjh\Zgbyg_hljZ`Z_l\k_\hafh`gu_kblmZpbb\aZbfh^_ckl\bydhgkmevlZglZb
deb_glZ Ihwlhfm jZkkfhljbf kZfmx h[smx fh^_ev kljmdlmju dhgkmevlZlb\gh]h
ijhp_kkZgZau\Z_fmxwde_dlbq_kdhc <? *LOODQG b khljm^gbdb WlZkbkl_fgZy
fh^_ev ho\Zlu\ZxsZy r_klv l_kgh k\yaZgguo f_`^m kh[hc klZ^bc hljZ`Z_l
mgb\_jkZevgu_ q_jlu ikboheh]bq_kdh]h dhgkmevlbjh\Zgby beb ikbohl_jZibb ex[hc
hjb_glZpbb

 Bkke_^h\Zgb_ ijh[e_f GZ wlhc klZ^bb dhgkmevlZgl mklZgZ\eb\Z_l dhglZdl

UDSRUW k deb_glhfb ^hklb]Z_lh[hx^gh]h^h\_jbyg_h[oh^bfh\gbfZl_evgh\ukemrZlv
deb_glZ ]h\hjys_]h h k\hbo ljm^ghklyo b ijhy\blv fZdkbfZevgmx bkdj_gghklv
wfiZlbxaZ[hlmg_ijb[_]Zyd hp_gdZfb fZgbimebjh\ZgbxKe_^m_lihhsjylvdeb_glZ
d m]em[e_gghfm jZkkfhlj_gbx \hagbdrbo m g_]h ijh[e_f b nbdkbjh\Zlv _]h qm\kl\Z
kh^_j`Zgb_\ukdZau\Zgbcg_\_j[Zevgh_ih\_^_gb_
>\mf_jgh_hij_^_e_gb_ijh[e_f GZwlhcklZ^bbdhgkmevlZglklj_fblkylhqgh
hoZjZdl_jbah\Zlv ijh[e_fu deb_glZ mklZgZ\eb\Zy dZd wfhpbhgZevgu_ lZd b
dh]gblb\gu_ bo Zki_dlu Mlhqg_gb_ ijh[e_f \_^_lky ^h l_o ihj ihdZ deb_gl b
dhgkmevlZgl g_ ^hklb]gml h^bgZdh\h]h ihgbfZgby ijh[e_fu hij_^_eyxlky
dhgdj_lgufbihgylbyfbLhqgh_hij_^_e_gb_ijh[e_fiha\hey_lihgylvboijbqbguZ
bgh]^Z mdZau\Z_l b kihkh[u jZaj_r_gby ?keb ijb hij_^_e_gbb ijh[e_f \hagbdZxl
ljm^ghklbg_ykghklblhgZ^h\_jgmlvkyd klZ^bbbkke_^h\Zgby
 B^_glbnbdZpby Zevl_jgZlb\ GZ wlhc klZ^bb h[tykgyxlky b hldjulh
h[km`^Zxlky \hafh`gu_ Zevl_jgZlb\u j_r_gby ijh[e_f Ihevamykv hldjulufb
\hijhkZfb dhgkmevlZgl ih[m`^Z_l deb_glZ gZa\Zlv \k_ \hafh`gu_ \ZjbZglu dhlhju_
lhl kqblZ_l ih^oh^ysbfb b j_Zevgufb ihfh]Z_l \u^\bgmlv ^hihegbl_evgu_
Zevl_jgZlb\uh^gZdhg_gZ\yau\Z_lk\hboj_r_gbc<h\j_fy[_k_^ufh`ghkhklZ\blv
ibkvf_gguc kibkhd \ZjbZglh\ qlh[u bo [ueh e_]q_ kjZ\gb\Zlv Ke_^m_l gZclb lZdb_
Zevl_jgZlb\uj_r_gbyijh[e_fdhlhju_deb_glfh][ubkihevah\Zlvg_ihkj_^kl\_ggh
IeZgbjh\Zgb_ GZwlhcklZ^bbhkms_kl\ey_lkydjblbq_kdZyhp_gdZ\u[jZgguo
Zevl_jgZlb\ j_r_gby DhgkmevlZgl ihfh]Z_l deb_glm jZah[jZlvky dZdb_ Zevl_jgZlb\u
ih^oh^yl b y\eyxlky j_Zebklbqgufb k lhqdb aj_gby ij_^u^ms_]h hiulZ b gZklhys_c
]hlh\ghklb baf_gblvky KhklZ\e_gb_ ieZgZ j_Zebklbqgh]h j_r_gby ijh[e_f ^he`gh
lZd`_ ihfhqv deb_glm ihgylv qlh g_ \k_ ijh[e_fu jZaj_rbfu G_dhlhju_ ijh[e_fu
lj_[mxl kebrdhf fgh]h \j_f_gb ^jm]b_ fh]ml [ulv j_r_gu ebrv qZklbqgh
ihkj_^kl\hfmf_gvr_gbybo^_kljmdlb\gh]h^_ahj]Zgbamxs_]hih\_^_gb_\ha^_ckl\by
< ieZg_ j_r_gby ijh[e_f ke_^m_l ij_^mkfhlj_lv dZdbfb kj_^kl\Zfb b kihkh[Zfb
deb_gl ijh\_jbl j_Zebklbqghklv \u[jZggh]h j_r_gby jhe_\u_ b]ju j_i_lbpby
^_ckl\bcb ^j 
>_yl_evghklv GZwlhcklZ^bbijhbkoh^blihke_^h\Zl_evgZyj_ZebaZpbyieZgZ
j_r_gby ijh[e_f DhgkmevlZgl ihfh]Z_l deb_glm kljhblv ^_yl_evghklv k mq_lhf
h[klhyl_evkl\ \j_f_gb wfhpbhgZevguo aZljZl Z lZd`_ k ihgbfZgb_f \hafh`ghklb
g_m^Zqb\ ^hklb`_gbbp_e_cDeb_gl^he`_gmk\hblvqlhqZklbqgZyg_m^ZqZ²_s_g_
dZlZkljhnZb ke_^m_lijh^he`Zlvj_Zebah\u\ZlvieZgj_r_gbyijh[e_fuk\yau\Zy\k_
^_ckl\byk dhg_qghcp_evx
 Hp_gdZ b h[jZlgZy k\yav GZ wlhc klZ^bb deb_gl \f_kl_ k dhgkmevlZglhf
hp_gb\Z_l mjh\_gv ^hklb`_gby p_eb kl_i_gv jZaj_r_gby ijh[e_fu  b h[h[sZ_l
^hklb]gmlu_j_amevlZlu< kemqZ_gZ^h[ghklb\hafh`ghmlhqg_gb_ieZgZj_r_gbyIjb
\hagbdgh\_gbbgh\uobeb]em[hdhkdjuluoijh[e_fg_h[oh^bf\ha\jZld ij_^u^msbf
klZ^byf

WlZ fh^_ev hljZ`ZxsZy dhgkmevlZlb\guc ijhp_kk ihfh]Z_l ebrv emqr_

ihgylv dZd ijhbkoh^bl dhgdj_lgh_ dhgkmevlbjh\Zgb_ J_Zevguc ijhp_kk
dhgkmevlbjh\ZgbyagZqbl_evghh[rbjg__b g_j_^dhg_ih^qbgy_lky^ZgghfmZe]hjblfm
<u^_e_gb_klZ^bcmkeh\ghihkdhevdm\ ijZdlbq_kdhcjZ[hl_h^gbklZ^bbkfudZxlkyk
^jm]bfbb bo\aZbfhaZ\bkbfhklvkeh`g__q_f\ ij_^klZ\e_gghcko_f_
A^_kv ke_^m_l _s_ jZa ih^q_jdgmlv lh h q_f mihfbgZehkv \ur_ ² \ ijhp_kk_
dhgkmevlbjh\Zgby \Z`gu g_ klhevdh ko_fu ohly h[s__ ij_^klZ\e_gb_ b ihgbfZgb_
oh^Z dhgkmevlbjh\Zgby h[yaZl_evgu  kdhevdh ijhn_kkbhgZevgZy b q_eh\_q_kdZy
dhfi_l_gpby dhgkmevlZglZ ?_ khklZ\eyxl fgh]b_ we_f_glu j_qv h dhlhjuo ihc^_l
gb`_I_j_qbkebfh[sb_ijZ\beZb mklZgh\dbdhgkmevlZglZkljmdlmjbjmxsb_ijhp_kk
dhgkmevlbjh\Zgbyb ^_eZxsb__]hwnn_dlb\guf
 G_ [u\Z_l ^\mo h^bgZdh\uo deb_glh\ b kblmZpbc dhgkmevlbjh\Zgby
Q_eh\_q_kdb_ ijh[e_fu lhevdh ba\g_ fh]ml dZaZlvky koh`bfb h^gZdh ihkdhevdm hgb
\hagbdZxljZa\b\Zxlkykms_kl\mxl\ dhgl_dkl_mgbdZevguoq_eh\_q_kdbo`bag_clhb
kZfb ijh[e_fu \ ^_ckl\bl_evghklb y\eyxlky mgbdZevgufb Ihwlhfm dZ`^h_
dhgkmevlZlb\gh_\aZbfh^_ckl\b_mgbdZevghb g_ih\lhjbfh
 < ijhp_kk_ dhgkmevlbjh\Zgby deb_gl b dhgkmevlZgl ihklhyggh baf_gyxlky
khh[jZagh bo hlghr_gbyf \ ikboheh]bq_kdhf dhgkmevlbjh\Zgbb g_l klZlbqguo
kblmZpbc
KZfufemqrbfwdki_jlhfkh[kl\_gguoijh[e_fy\ey_lkydeb_glihwlhfmijb
dhgkmevlbjh\Zgbbke_^m_lihfhqv_fmijbgylvgZk_[yhl\_lkl\_gghklvaZj_r_gb__]h
ijh[e_f <b^_gb_ kh[kl\_gguo ijh[e_f deb_glhf g_ f_g__ Z fh`_l [ulv b [he__
\Z`ghg_`_ebij_^klZ\e_gb_h gbodhgkmevlZglZ
 < ijhp_kk_ dhgkmevlbjh\Zgby qm\kl\h [_ahiZkghklb deb_glZ \Z`g__ q_f
lj_[h\Zgby dhgkmevlZglZ LZdbf h[jZahf \ dhgkmevlbjh\Zgbb g_mf_klgh ^h[b\Zlvky
p_ebex[hcp_ghcg_h[jZsZy\gbfZgbygZwfhpbhgZevgh_khklhygb_deb_glZ
 Klj_fykv ihfhqv deb_glm dhgkmevlZgl h[yaZg ih^dexqblv \k_ k\hb
ijhn_kkbhgZevgu_b ebqghklgu_\hafh`ghklbh^gZdh\ dZ`^hfdhgdj_lghfkemqZ_hg
g_ ^he`_g aZ[u\Zlv qlh hg \k_]h ebrv q_eh\_d b ihwlhfm g_ kihkh[_g iheghklvx
hl\_qZlvaZ^jm]h]hq_eh\_dZaZ_]h`bagvb ljm^ghklb
 G_ ke_^m_l h`b^Zlv g_ihkj_^kl\_ggh]h wnn_dlZ hl dZ`^hc hl^_evgh \aylhc
dhgkmevlZlb\ghc \klj_qb ² j_r_gb_ ijh[e_f Z lZd`_ mki_o dhgkmevlbjh\Zgby g_
ihoh`bgZjZ\ghf_jghih^gbfZxsmxky\\_joijyfmxwlhijhp_kk\ dhlhjhfaZf_lgu_
memqr_gbykf_gyxlkymom^r_gbyfbihlhfmqlhkZfhbaf_g_gb_lj_[m_lfgh]bomkbebc
b jbkdZdhlhju_g_\k_]^Zb g_kjZamaZ\_jrZxlkymki_ohf
 Dhfi_l_glguc dhgkmevlZgl agZ_l mjh\_gv k\h_c ijhn_kkbhgZevghc
d\ZebnbdZpbbb kh[kl\_ggu_g_^hklZldbhghl\_lkl\_g_gaZkh[ex^_gb_ijZ\bewlbdbb
jZ[hlmgZ[eZ]hdeb_glh\
 >ey h[hagZq_gby b dhgp_ilmZebaZpbb dZ`^hc ijh[e_fu fh]ml [ulv
bkihevah\Zgu jZaebqgu_ l_hj_lbq_kdb_ ih^oh^u gh g_l b g_ fh`_l [ulv gZbemqr_]h
l_hj_lbq_kdh]hih^oh^Z
G_dhlhju_ijh[e_fu²wlhkmsghklgu_q_eh\_q_kdb_^be_ffub \ijbgpbi_
g_jZaj_rbfu gZijbf_j ijh[e_fZ wdabkl_gpbZevghc \bgu  < lZdbo kemqZyo
dhgkmevlZgl^he`_gihfhqvdeb_glmihgylvg_ba[_`ghklvkblmZpbbb kfbjblvkyk g_c
Wnn_dlb\gh_dhgkmevlbjh\Zgb_²wlhijhp_kkdhlhjuc\uihegy_lky\f_kl_
k deb_glhfghg_\f_klh deb_glZ
D \hijhkm kljmdlmju ijhp_kkZ fu _s_ \_jg_fky ijb dhgdj_lghf h[km`^_gbb
oh^Zdhgkmevlbjh\Zgby
EBL?J:LMJ:
 %ORFKHU'+ 'HYHORSPHQWDO&RXQVHOLQJ 1 <5RQDOG3UHVV 
 %UDPHU/06KRVIRQQ(/ 7KHUDSHXWLF3V\FKRORJ\)XQGDPHQWDOVRI&RXQVHOLQJ
DQG3V\FKRWKHUDS\WK(G(QJOHZRRG&OLIIV 1 -
3UHQWLFH+DOO 
 %XUNV+06WHIIOUH% 7KHRULHVRI&RXQVHOLQJ UG (G 1 <0F*UDZ+LOO 
 *HOVR K -)UHW" <K &RXQVHOLQJ3V\FKRORJ\ 1 <+ROW5LQHKDUWDQG:LQVWRQ

 *HRUJH5/&ULVWLDQL 76 &RXQVHOLQJ7KHRU\DQG3UDFWLFH UG(G (QJOHZRRG
&OLIIV 1 -3UHQWLFH+DOO 
 *LOOLODQG < (-DPHV5 D %RZPDQ-7 7KHRULHVDQG6WUDWHJLHVLQ&RXQVHOLQJDQG
3V\FKRWKHUDS\ QG (G(QJOHZRRG&OLIIV 1 -
3UHQWLFH+DOO 
 0D\5 7KH$UWRI&RXQVHOLQJ 1 <$ELQJGRQ3UHVV 
 0\HUV5$/D\WRQ:&0RUJDQ ++7KH&RXQVHOLQJ3V\FKRORJLVW:DVKLQJWRQ
'&$PHULFDQ3V\FKRORJLFDO$VVRFLDWLRQ 

DHGKMEVL:GL
 JHEVB F?KLHDHGKMEVL:GL:< DHGKMEVLBJH<:GBB
< ijZdlbd_ ikboheh]bq_kdh]h dhgkmevlbjh\Zgby b ikb ohl_jZibb _`_^g_\gh
ijboh^blkyklZedb\Zlvkyk \Z`g_crbfbZki_dlZfb`bagbq_eh\_dZDhgkmevlZgl\k_]^Z
kh\f_klgh k deb_glhf h[km`^Z_l g_agZqbl_evgu_ b kms_kl\_ggu_ ijh[e_fu k\h_]h
ih^hi_qgh]hb klj_fblkyihfhqvdeb_glm
² jZah[jZlvky \ fhlb\bjh\d_ ih\k_^g_\guo \u[hjh\ m gZklmiZxsbo
ihke_^kl\bc
² jZaj_rblv fgh`_kl\h wfhpbhgZevguoijh[e_f b aZimlZggu_ f_`ebqghklgu_
hlghr_gby
² ij_h^he_lv qm\kl\h \gmlj_gg_]h oZhkZ ² k^_eZlv g_ihgylgh_ b baf_gqb\h_
ihablb\gufb p_e_khh[jZaguf
Ihwlhfm dhgkmevlZgl ^he`_g hkhagZ\Zlv dlh hg d_f fh`_l klZlv b dZdbf _]h
gZ^__lky\b^_lvdeb_glBgZq_]h\hjy\hagbdZ_l\hijhkhij_^_e_gbyjhebdhgkmevlZglZ
Ij_^klZ\ey_l eb kh[hc dhgkmevlZgl ^jm]Z deb_glZ ijhn_kkbhgZevgh]h kh\_lqbdZ
mqbl_ey wdki_jlZ kimlgbdZ deb_glZ \ [em`^Zgbyo ih aZdhmedZf `bagb beb ]mjm ²
baemqZl_ey Z[khexlghc bklbgu" Fgh]bo hkh[_ggh gZqbgZxsbo dhgkmevlZglh\
ijb\h^bl \ aZf_rZl_evkl\h hlkmlkl\b_ mgb\_jkZevgh]h hl\_lZ gZ \hijhk h jheb
dhgkmevlZglZ\ ijhp_kk_hdZaZgbyikboheh]bq_kdhcihfhsbWlZjhevh[uqghaZ\bkblhl
ijbgZ^e_`ghklb dhgkmevlZglZ d hij_^_e_gghc l_hj_lbq_kdhc hjb_glZpbb _]h
d\ZebnbdZpbbebqghklguoq_jlgZdhg_phlh`b^Zgbcdeb_glZ
Wnn_dlb\ghklv^_yl_evghklbki_pbZebklZ\hfgh]hfh[mkeh\e_gZl_fgZkdhevdh
ykgh hg ij_^klZ\ey_l k\h_ f_klh \ dhgkmevlbjh\Zgbb Dh]^Z g_l lZdhc ykghklb
dhgkmevlZgl\ k\h_cjZ[hl_[m^_ljmdh\h^kl\h\Zlvkyg_hij_^_e_ggufbl_hj_lbq_kdbfb
ijbgpbiZfb Z ebrv h`b^Zgbyfb b ihlj_[ghklyfb deb_glZ ^jm]bfb keh\Zfb [m^_l
^_eZlvebrvlhgZqlhgZ^__lkyb q_]hohq_ldeb_glDeb_glu`_qZs_\k_]hh`b^Zxl
qlh dhgkmevlZgl \havf_l gZ k_[y hl\_lkl\_gghklv aZ mki_o bo ^Zevg_cr_c `bagb b
jZaj_rbl gZkmsgu_ ijh[e_fu ² ]^_ mqblvky dZd meZ^blv dhgnebdlu gZ jZ[hl_
jZa\h^blvkyebk kmijm]hfb l^
KZfhex[bx gZqbgZxs_]h dhgkmevlZglZ fh`_l evklblv qlh ex^b bsmsb_
hl\_lu gZ keh`gu_ \hijhku k\h_c `bagb h[jZsZxlky bf_ggh d g_fm b kms_kl\m_l
hiZkghklvqlhdhgkmevlZgl\hahfgblk_[yagZxsbfhl\_lugZ\k_\hijhkudeb_glZbeb
_s_ om`_ ² [m^_l gZ\yau\Zlv deb_glm k\hb j_r_gby < wlhc kblmZpbb g_ijZ\bevgh_
ihgbfZgb_ dhgkmevlZglhf k\h_c jheb lhevdh m\_ebqbl aZ\bkbfhklv deb_glZ hl g_]h b
ihf_rZ_lihfhqvdeb_glm\ kZfhklhyl_evghfijbgylbbj_r_gbcGbdZdhcdhgkmevlZgl
g_ fh`_l mdZau\Zlv ^jm]hfm q_eh\_dm dZd _fm `blv < ijZdlbd_ ikboheh]bq_kdh]h
dhgkmevlbjh\Zgby b ikbohl_jZibb ke_^m_l qZs_ \kihfbgZlv keh\Z agZf_gblh]h
ikbohl_jZi_\lZ - %XJHQWDO   h lZcg_ b agZgbb LZcgZ ho\Zlu\Z_l agZgb_ \ g_c
kdjulZ bgnhjfZpby LZcgZ [_kdhg_qgZ agZgb_ bf__l ij_^_e dh]^Z \hajZklZ_l agZgb_
_s_[hevr_klZgh\blkylZcgZIkbohl_jZi_\lh\ih^kl_j_]Z_lkh[eZag\klmiblv\ k]h\hj
k deb_glZfb b hl\_j]gmlv lZcgm < wlhc hl\jZlbl_evghc k^_ed_ ih^jZamf_\Z_lky gh
j_^dh jZkdju\Z_lky beexaby qlh kms_kl\mxl hl\_lu gZ \k_ `bag_ggu_ ijh[e_fu qlh
fh`gh jZkdjulv agZq_gb_ dZ`^h]h kgZ beb kbf\heZ b qlh b^_Zevghc p_evx a^hjh\hc
ikbobq_kdhc `bagb y\ey_lky jZpbhgZevguc dhgljhev Ikbohl_jZi_\lu h[yaZgu fgh]h
agZlv gh h^gh\j_f_ggh bkiulu\Zlv ij_dehg_gb_ b ihdhjghklv i_j_^ lZcghc ;m^_f
hldjh\_ggu ² fu gbdh]^Z g_ h[eZ^Z_f b g_ kihkh[gu h[eZ^Zlv iheghlhc agZgbc
Ijbl\hjylvkyqlhfuagZ_fgm`^udeb_glZb fh`_fih^kdZaZlv_fmijZ\bevguc\u[hj
² agZqbl ij_^Zlv deb_glZ < ex[hc l_jZibb ke_^m_l ihfhqv deb_glm ijbgylv lZcgm \
k_[_b gZrm\k_h[smxlZcgm
 KZfuch[sbchl\_lh jhebdhgkmevlZglZdjh_lky\ ihgbfZgbbkmsghklbijhp_kkZ
dhgkmevlbjh\ZgbyHkgh\gZyaZ^ZqZdhgkmevlZglZkhklhbl\ lhfqlh[uihfhqvdeb_glm\
\uy\e_gbb k\hbo \gmlj_ggbo j_a_j\h\ b \ mkljZg_gbb nZdlhjh\ f_rZxsbo bo
bkihevah\Zgbx DhgkmevlZgl lZd`_ ^he`_g ihfhqv deb_glm ihgylv dZdbf hg ohq_l
klZlvDeb_glZf\h\j_fydhgkmevlbjh\Zgbyke_^m_lbkdj_gg_hp_gb\Zlvk\h_ih\_^_gb_
klbev `bagbb j_rblv dZdbf h[jZahf b \ dZdhfgZijZ\e_gbb hgb ohl_eb [u baf_gblv
dZq_kl\hk\h_c`bagb
F Kho   gZau\Z_l wlh kljmdlmjbjh\Zgb_f ijhp_kkZ l_jZibb dhlhjuc
fh`_l [ulv i_j\bqguf b \lhjbqguf Ih^ i_j\bqguf kljmdlmjbjh\Zgb_f bf__lky \
\b^m ebqgh_ ijbkmlkl\b_ dhgkmevlZglZ ikbohl_jZi_\lZ  \ l_jZi_\lbq_kdhf
ijhkljZgkl\_b agZq_gb_wlh]hijbkmlkl\by^eydeb_glZ<lhjbqgh_kljmdlmjbjh\Zgb_²
wlh ^_yl_evghklv dhgkmevlZglZ h[_ki_qb\ZxsZy fZdkbfZevguc mjh\_gv jZkdjulby
deb_glh\ < i_j\hf kemqZ_ fu hl\_qZ_f gZ \hijhk d_f y\ey_lky dhgkmevlZgl Z \h
\lhjhf ² qlh hg ^_eZ_l Kljmdlmjbjmy l_jZi_\lbq_kdbc ijhp_kk dhgkmevlZgl
ij_^hklZ\ey_l deb_glm bgbpbZlb\m \ kZfhjZkdjulbb Bgh]^Z bgbpbZlb\m ijboh^blky
h]jZgbqb\Zlv _keb dhgkmevlZgl qm\kl\m_l qlh \ ^Zgguc fhf_gl deb_gl kebrdhf
wg_j]bq_g >jm]bfb keh\Zfb dhgkmevlZgl Zdlb\bjm_l b dhgljhebjm_l ihl_gpbZe
jZkdjulbydeb_glh\
Jmdh\h^kl\mykv lZdbfihgbfZgb_fijhp_kkZ dhgkmevlbjh\Zgby K :UHQQ 
knhjfmebjh\Ze\Z`g_crb_jhe_\u_nmgdpbbdhgkmevlZglZ
²ihkljh_gb_hlghr_gbck deb_glhfgZ\aZbfghf^h\_jbb
²\uy\e_gb_Zevl_jgZlb\kZfhihgbfZgbyb kihkh[h\^_yl_evghklbdeb_glh\
² g_ihkj_^kl\_ggh_ \oh`^_gb_ \ `bag_ggu_ h[klhyl_evkl\Z deb_glh\ b bo
hlghr_gbykhagZqbfufb^eygboex^vfb
²kha^Zgb_\hdjm]deb_glh\a^hjh\h]hikboheh]bq_kdh]hdebfZlZ
²ihklhyggh_kh\_jr_gkl\h\Zgb_ijhp_kkZdhgkmevlbjh\Zgby
?keblZdbfh[jZahf\ h[sboq_jlZoij_^klZ\blvkh^_j`Zgb_jhebdhgkmevlZglZ
klZgh\blky hq_\b^guf qlh hq_gv kms_kl\_gghc khklZ\eyxs_c ijhp_kkZ
dhgkmevlbjh\Zgbyy\ey_lkyEBQGHKLVDHGKMEVL:GL:

 LJ?;H<:GBY D EBQGHKLB DHGKMEVL:GL: FH>?EV

WNN?DLB<GH=HDHGKMEVL:GL:
EbqghklvdhgkmevlZglZ ikbohl_jZi_\lZ \u^_ey_lkyihqlb\h\k_ol_hj_lbq_kdbo
kbkl_fZo dZd \Z`g_cr__ p_ebl_evgh_ kj_^kl\h \ ijhp_kk_ dhgkmevlbjh\Zgby
Ih^q_jdb\Zxlky lh h^gb lh ^jm]b_ __ q_jlu Ba\_klguc Zg]ebckdbc ikbohZgZeblbd
\_g]_jkdh]h ijhbkoh`^_gby F %DOLQW \  ] ]h\hjbe h iheghf aZ[\_gbb lh]h qlh
ikbohl_jZiby²wlhg_l_hj_lbq_kdh_agZgb_Z gZ\udbebqghklb?fm\lhjblg_f_g__
agZf_gblucij_^klZ\bl_ev]mfZgbklbq_kdhcikboheh]bbK 5RJHUV   ih^q_jdb\Zy
qlhl_hjbyb f_lh^udhgkmevlZglZf_g__\Z`gug_`_ebhkms_kl\e_gb_bfk\h_cjheb
$ *RPEV b khljm^  pbl ih *HRUJH &ULVWLDQL   gZ hkgh\Zgbb g_kdhevdbo
bkke_^h\Zgbc mklZgh\beb qlh ij_mki_\Zxs_]h dhgkmevlZglZ hlebqZxl hl g_m^ZqgbdZ
q_jluebqghklb 6)UHXG gZ\hijhkh djbl_jbyomki_rghklbikbohl_jZi_\lZhl\_lbeqlh
ikbohZgZeblbdm g_ h[yaZl_evgh f_^bpbgkdh_ h[jZah\Zgb_ Z g_h[oh^bfZ
gZ[ex^Zl_evghklv b mf_gb_ ijhgbdZlv \ ^mrm deb_glZ BlZd ih kms_kl\m hkgh\gZy
l_ogbdZ ikboheh]bq_kdh]h dhgkmevlbjh\Zgby ² wlh ydZdbgkljmf_gl l_ hkgh\guf
kj_^kl\hf klbfmebjmxsbf kh\_jr_gkl\h\Zgb_ ebqghklb deb_glZ y\ey_lky ebqghklv
dhgkmevlZglZ $$GEHU l_ogbdZe_q_gbyaZeh`_gZ\ <Zk 
$6WRUU  hlf_qZ_lqlhikbohl_jZibxb ikboheh]bq_kdh_dhgkmevlbjh\Zgb_
ijbgylh kqblZlv g_h[uqgufb ijhn_kkbyfb ihkdhevdm fgh]bo ex^yf ljm^gh
ij_^klZ\blvdZdfh`ghp_eufb^gyfb\ukemrb\Zlvqm`b_bklhjbbh g_kqZklghc`bagb
b ljm^ghklyo Ihwlhfm ij_^klZ\bl_e_c wlbo ijhn_kkbc kqblZxl beb g_ghjfZevgufb
beb fbjkdbfb k\ylufb ij_h^he_\rbfb q_eh\_q_kdmx h]jZgbq_gghklv Gb i_j\h_ gb
\lhjh_g_y\ey_lky\_jgufHlkx^Z\hijhk
DLH L:DHC DHGKMEVL:GL : LHQG?? QLH IJ?>KL:<EY?L KH;HC
DHGKMEVL:GL D:D Q?EH<?D D:DB? LJ?;H<:GBY IJ?>TY<EYXLKY D
G?FM D:D D EBQGHKLB QLH >?E:?L ?=H IJHN?KKBHG:EVGUF
IHFHSGBDHF< A:IML:GGUOIJH;E?F:O>JM=BOEX>?C"
Ij_`^_ \k_]h ke_^m_l kdZaZlv qlh gbdlh g_ jh`^Z_lky ikbohl_jZi_\lhf beb
dhgkmevlZglhf Lj_[m_fu_ dZq_kl\Z g_ \jh`^_ggu_ Z jZa\b\Zxlky \ l_q_gb_ `bagb
H[h[sZy kdZaZggh_ ih^q_jdg_f qlh wnn_dlb\ghklv dhgkmevlZglZ hij_^_ey_lky
k\hckl\Zfbebqghklbijhn_kkbhgZevgufbagZgbyfbb ki_pbZevgufbgZ\udZfbDZ`^uc
ba wlbo nZdlhjh\ h[_ki_qb\Z_l dZq_kl\_gguc dhgkmevlZlb\guc dhglZdl dhlhjuc b
y\ey_lky kl_j`g_f ikboheh]bq_kdh]h dhgkmevlbjh\Zgby < blh]_ hl dhgkmevlZlb\gh]h
dhglZdlZ aZ\bkbl hdhgqZl_evguc wnn_dl dhgkmevlbjh\Zgby ² baf_g_gb_ ebqghklb
deb_glZ \ ijhp_kk_ dhgkljmdlb\guo ^_ckl\bc dhgkmevlZglZ Gbkdhevdh g_ mfZeyy
agZq_gby l_hj_lbq_kdhc b ijZdlbq_kdhc ih^]hlh\db fu \k_ `_ kdehggu hl^Zlv
ij_^ihql_gb_nZdlhjmebqghklbdhgkmevlZglZ< k\h_\j_fyF %DOPW b ? %DOLQW ibkZeb
AgZgb_fh`ghihemqblvbadgb]bebe_dpbcgZ\udb ijbh[j_lZxlky\ ijhp_kk_
jZ[hlu gh bo p_gghklv h]jZgbq_gZ [_a kh\_jr_gkl\h\Zgby ebqghklb ikbohl_jZi_\lZ
Ikbohl_jZiby klZgh\blky j_f_kehf \ufhs_gguf ^h[jufb gZf_j_gbyfb _keb __ g_
ih^gbfZxl gZ ijhn_kkbhgZevguc mjh\_gv khhl\_lkl\mxsb_ dZq_kl\Z ebqghklb
ikbohl_jZi_\lZ
DZdbf `_ ^he`gh [ulv khq_lZgb_ k\hckl\ ebqghklb dhlhjh_ \ gZb[hevr_c
kl_i_gbh[_ki_qb\Zeh[umki_odhgkmevlbjh\Zgby"
Ohlybkke_^h\Zgbc\ wlhch[eZklb^hklZlhqghfgh]hh^gZdhh^ghagZqgh]hhl\_lZ
h k\hckl\Zoebqghklbkihkh[kl\mxsbownn_dlb\ghcjZ[hl_dhgkmevlZglZd kh`Ze_gbx
g_lHq_gvqZklhijbhibkZgbbij_mki_\Zxs_]hdhgkmevlZglZdZdijhn_kkbhgZeulZdb
deb_glu mihlj_[eyxl [ulh\u_ ihgylby hldjuluc l_ieuc \gbfZl_evguc
bkdj_ggbc ]b[dbc l_jibfuc Ij_^ijbgbfZebkv ihiuldb \u^_eblv k\hckl\Z
ebqghklb g_h[oh^bfu_ dhgkmevlZglm ^ey jZ[hlu ih ijhnhl[hjm GZpbhgZevgZy
ZkkhpbZpby ijhn_kkbhgZevghc hjb_glZpbb KR: \u^_ey_l ke_^mxsb_ k\hckl\Z
ebqghklb pblih *HRUJH&ULVWLDQL 
² ijhy\e_gb_ ]em[hdh]h bgl_j_kZ d ex^yf b l_ji_gb_ \ h[s_gbb k gbfb >F
%XEHU   hoZjZdl_jbah\Ze wlhl nZdlhj dZd bgl_j_k d ex^yf \ kbem bo [ulby Z g_
ihlhfmqlhg_dhlhju_bagborbahnj_gbdbbebikbohiZlu@
²qm\kl\bl_evghklvd mklZgh\dZfb ih\_^_gbx^jm]boex^_c
²wfhpbhgZevgZyklZ[bevghklvb h[t_dlb\ghklv
²kihkh[ghklv\uau\Zlv^h\_jb_^jm]boex^_c
²m\Z`_gb_ijZ\^jm]boex^_c

<  ] Dhfbl_l ih gZ^ahjm b ih^]hlh\d_ dhgkmevlZglh\ KR: mklZgh\be
ke_^mxsb_ r_klv dZq_kl\ ebqghklb g_h[oh^bfuo dhgkmevlZglm pbl ih *HRUJH
&ULVWLDQL 
²^h\_jb_d ex^yf
²m\Z`_gb_p_gghkl_c^jm]hcebqghklb
²ijhgbpZl_evghklv
 ²hlkmlkl\b_ij_^m[_`^_gbc
²kZfhihgbfZgb_
²khagZgb_ijhn_kkbhgZevgh]h^he]Z
/ :ROEHUJ   Zdp_glbjm_l lZdb_ hkh[_gghklb qmldhklv h[t_dlb\ghklv
g_hlh`^_kl\e_gb_ k_[y k deb_glZfb  ]b[dhklv wfiZlbx b hlkmlkl\b_ kh[kl\_gguo
k_jv_aguo ijh[e_f D hkh[h <J?>GUF ^ey dhgkmevlZglZ q_jlZf hg hlghkbl
Z\lhjblZjghklv iZkkb\ghklv b aZ\bkbfhklv aZfdgmlhklv kdehgghklv bkihevah\Zlv
deb_glh\ ^ey m^h\e_l\hj_gby k\hbo ihlj_[ghkl_c g_mf_gb_ [ulv l_jibfuf d
jZaebqgufih[m`^_gbyfdeb_glh\g_\jhlbq_kdmxmklZgh\dm\ hlghr_gbb^_g_]
$ *RPEV k khZ\l \ k\h_f bkke_^h\Zgbb mklZgh\be qlh ij_mki_\Zxsbc
dhgkmevlZglh[uqgh\hkijbgbfZ_l^jm]bodZdkihkh[guoj_rZlvkh[kl\_ggu_ijh[e_fu
b ijbgbfZlvgZk_[yhl\_lkl\_gghklvdZdij_^ihqblZxsbohlh`^_kl\eylvkyk ex^vfbZ
g_k ij_^f_lZfb
G 6WUXSS k khZ\l  pbl ih 6FKQHLGHU   bkke_^h\Z\rbc q_jlu
ohjhr_]h dhgkmevlZglZ k ihabpbb deb_glh\ mdZau\Z_l gZ \gbfZl_evghklv mf_gb_
\ukemrZlvl_iehlmk_j^_qghklvmfm^j_gghklv\ ^jm`_kdbokh\_lZo
Ih fg_gbx $ 6WRUU   b^_Zevguf ikbohl_jZi_\lhf beb dhgkmevlZglhf \
khklhygbb [ulv kbfiZlbqguc q_eh\_d hldjh\_gguc b hldjuluc qm\kl\Zf ^jm]bo
kihkh[guc hlh`^_kl\eylvky k kZfufb jZagufb ex^vfb l_ieuc gh g_
k_glbf_glZevgucg_klj_fysbckyd kZfhml\_j`^_gbxh^gZdhbf_xsbck\h_fg_gb_b
kihkh[guc_]haZsblblvmf_xsbckem`blvgZ[eZ]hk\hbfdeb_glZf
?keb ijh^he`blv h[ahj fgh]hqbke_gguo bklhqgbdh\ ebl_jZlmju h k\hckl\Zo
ebqghklb dhlhju_ g_h[oh^bfu dhgkmevlZglm qlh[u hdZau\Zlv ihfhsv ij_^klZ\eylv
kh[hcdZlZebaZlhjkZfhihagZgbybaf_g_gbyb kh\_jr_gkl\h\Zgby^jm]h]hq_eh\_dZfu
ijb[ebabfky d fh^_eb EBQGHKLB WNN?DLB<GH=H DHGKMEVL:GL: Ih^h[guc
i_j_q_gv ebqghklguo hkh[_gghkl_c fh] [u ihkem`blv hkgh\hc ijh]jZffu ih
ih^]hlh\d_ dhgkmevlZglh\ J_qv b^_l dhg_qgh h ih^\b`ghc fh^_eb ihkdhevdm
dZ`^ucdhgkmevlZglbf__l\hafh`ghklv__ ^hihegblvJZkkfhljbfnZdlhjukihkh[gu_
khklZ\blvhklh\lZdhcfh^_eb
:ml_glbqghklv - %XJHQWDO   gZau\Z_l Zml_glbqghklv kl_j`g_\uf
dZq_kl\hfikbohl_jZi_\lZb \Z`g_cr_cwdabkl_gpbZevghcp_gghklvxHg\u^_ey_lljb
hkgh\guoijbagZdZZml_glbqgh]hkms_kl\h\Zgby
²ihegh_hkhagZgb_gZklhys_]hfhf_glZ
²\u[hjkihkh[Z`bagb\ ^Zggucfhf_gl
² ijbgylb_ hl\_lkl\_gghklb aZ k\hc \u[hj :ml_glbqghklv \ dZdhclh kl_i_gb
h[h[sZ_l fgh]b_ k\hckl\Z ebqghklb Ij_`^_ \k_]h wlh \ujZ`_gb_ bkdj_gghklb ih
hlghr_gbxd deb_glm:ml_glbqgucq_eh\_d`Z`^_l[ulvb y\ey_lkykZfbfkh[hcdZd\
k\hbog_ihkj_^kl\_gguoj_Zdpbyo lZdb \p_ehklghfih\_^_gbbHgiha\hey_l k_[_g_
agZlv \k_ hl\_lu gZ `bag_ggu_ \hijhku _keb bo ^_ckl\bl_evgh g_ agZ_l Hg g_ \_^_l
k_[y dZd \ex[e_gguc q_eh\_d _keb \ ^Zgguc fhf_gl qm\kl\m_l \jZ`^_[ghklv
Ljm^ghklb[hevrbgkl\Zex^_c\ lhfb aZdexqZxlkyqlhhgbfgh]hwg_j]bbjZkoh^mxl
gZijhb]ju\Zgb_jhe_cgZkha^Zgb_\g_rg_]hnZkZ^Z\f_klhlh]hqlh[ubkihevah\Zlv
__ gZ j_r_gb_ j_Zevguo ijh[e_f ?keb dhgkmevlZgl [hevrmx qZklv \j_f_gb [m^_l
ijylZlvkyaZijhn_kkbhgZevghcjhevxdeb_gllh`_kijyq_lkyhlg_]h?kebdhgkmevlZgl
\uihegy_ljhevlhevdhl_ogbq_kdh]hwdki_jlZhlf_`_\u\Zykvhlk\hboebqguoj_Zdpbc
p_gghkl_c qm\kl\ dhgkmevlbjh\Zgb_ [m^_l kl_jbevguf Z _]h wnn_dlb\ghklv 
khfgbl_evghcKhijbdhkgmlvkyk `bagvxdeb_glZfufh`_flhevdhhklZ\Zykv`b\ufb
ex^vfb :ml_glbqguc dhgkmevlZgl gZb[he__ ih^oh^ysZy fh^_ev ^ey deb_glh\
kem`ZsZyijbf_jhf]b[dh]hih\_^_gby
Hldjulhklv kh[kl\_gghfm hiulm A^_kv hldjulhklv ihgbfZ_lky g_ \ kfuke_
hldjh\_gghklb i_j_^ ^jm]bfb ex^vfb Z dZd bkdj_gghklv \ \hkijbylbb kh[kl\_gguo
qm\kl\ KhpbZevguc hiul mqbl gZk hljbpZlv hl[jZku\Zlv k\hb qm\kl\Z hkh[_ggh
hljbpZl_evgu_ J_[_gdm ]h\hjyl AZfheqb [hevrb_ ^_lb beb fZevqbdb  g_ ieZqml
<ajhkeufhdjm`Zxsb_]h\hjyllh`_G_ieZqvbebG_g_j\gbqZc
>Z\e_gb_ hdjm`Zxsbo aZklZ\ey_l \ul_kgylv i_qZev jZa^jZ`bl_evghklv aehklv
Wnn_dlb\guc dhgkmevlZgl g_ ^he`_g hl]hgylv ex[u_ qm\kl\Z \ lhf qbke_ b
hljbpZl_evgu_Lhevdh\ lZdhfkemqZ_fh`ghmki_rghdhgljhebjh\Zlvk\h_ih\_^_gb_
ihkdhevdm \ul_kg_ggu_ qm\kl\Z klZgh\ylky bjjZpbhgZevgufb bklhqgbdhf
g_dhgljhebjm_fh]h ih\_^_gby Dh]^Z fu hkhagZ_f k\hb wfhpbhgZevgu_ j_Zdpbb lh
fh`_f kZfb \u[bjZlv lhl beb bghc kihkh[ ih\_^_gby \ kblmZpbb Z g_ iha\heylv
g_hkhagZggufqm\kl\ZfgZjmrZlvj_]meypbxgZr_]h ih\_^_gby DhgkmevlZgl kihkh[_g
kh^_ckl\h\Zlvihablb\gufbaf_g_gbyf deb_glZ lhevdh dh]^Zijhy\ey_l l_jibfhklv dh
\k_fmjZaghh[jZabxqm`bob k\hbowfhpbhgZevguoj_Zdpbc
JZa\blb_ kZfhihagZgby H]jZgbq_ggh_ kZfhihagZgb_ hagZqZ_l h]jZgbq_gb_
k\h[h^u Z ]em[hdh_ kZfhihagZgb_ m\_ebqb\Z_l \hafh`ghklv \u[hjZ \ `bagb Q_f
[hevr_dhgkmevlZglagZ_lh k_[_l_femqr_ihcf_lk\hbodeb_glh\b gZh[hjhl²q_f
[hevr_dhgkmevlZglihagZ_lk\hbodeb_glh\l_f]em[`_ihgbfZ_lk_[yDZd]h\hjbl?
.HQQHG\   g_mf_gb_ mkeurZlv qlh l\hjblky \gmljb gZk m\_ebqb\Z_l
ih^\_j`_gghklv klj_kkm b h]jZgbqb\Z_l gZrm wnn_dlb\ghklv djhf_ lh]h \hajZklZ_l
\_jhylghklv iZklv `_jl\hc m^h\e_l\hj_gby \ ijhp_kk_ dhgkmevlbjh\Zgby k\hbo
g_hkhagZgguo ihlj_[ghkl_c Hq_gv \Z`gh j_Zebklbqgh hlghkblvky d k_[_ Hl\_l gZ
\hijhk dZd fh`gh ihfhqv ^jm]hfm q_eh\_dm djh_lky \ kZfhhp_gd_ dhgkmevlZglZ
Z^_d\Zlghklb_]hhlghr_gbyd kh[kl\_ggufkihkh[ghklyfb \hh[s_d `bagb
KbeZ ebqghklb b b^_glbqghklv DhgkmevlZgl ^he`_g agZlv dlh hg lZdh\ d_f
fh`_l klZlv q_]h ohq_l hl `bagb qlh ^ey g_]h \Z`gh ih kms_kl\m Hg h[jZsZ_lky d
`bagb k \hijhkZfb hl\_qZ_l gZ \hijhku ihklZ\e_ggu_ _fm `bagvx b ihklhyggh
ih^\_j]Z_l ijh\_jd_ k\hb p_gghklb DZd \ ijhn_kkbhgZevghc jZ[hl_ lZd b \ ebqghc
`bagb dhgkmevlZglm g_ ke_^m_l [ulv ijhkluf hljZ`_gb_f gZ^_`^ ^jm]bo ex^_c hg
^he`_g ^_ckl\h\Zlv jmdh\h^kl\mykv kh[kl\_gghc \gmlj_gg_c ihabpb_c Wlh iha\hebl
_fmqm\kl\h\Zlvk_[ykbevguf\ f_`ebqghklguohlghr_gbyo
Lhe_jZglghklv d g_hij_^_e_gghklb Fgh]b_ ex^b g_mxlgh qm\kl\mxl k_[y \
kblmZpbyo \ dhlhjuo g_^hklZ_l kljmdlmju ykghklb hij_^_e_gghklb Gh ihkdhevdm
h^ghc ba ij_^ihkuehd klZgh\e_gby ebqghklb y\ey_lky ijhsZgb_ q_eh\_dZ k
ijb\uqguf ba\_klguf ba kh[kl\_ggh]h hiulZ b \klmie_gb_ gZ g_agZdhfmx
l_jjblhjbx dhgkmevlZglm kh\_jr_ggh g_h[oh^bfZ m\_j_gghklv \ k_[_ \ kblmZpbyo
g_hij_^_e_gghklb Ih kms_kl\m bf_ggh lZdb_ kblmZpbb b khklZ\eyxl ldZgv
dhgkmevlbjh\Zgby <_^v fu gbdh]^Z g_ agZ_f k dZdbf deb_glhf b ijh[e_fhc
klhedg_fky dZdb_ ijb^_lky ijbgbfZlv j_r_gby M\_j_gghklv \ k\h_c bglmbpbb b
Z^_d\Zlghklb qm\kl\ m[_`^_gghklv \ ijZ\bevghklb ijbgbfZ_fuo j_r_gbc b
kihkh[ghklv jbkdh\Zlv ² \k_ wlb dZq_kl\Z ihfh]Zxl i_j_ghkblv gZijy`_gb_
kha^Z\Z_fh_g_hij_^_e_gghklvxijbqZklhf\aZbfh^_ckl\bbk deb_glZfb
Ijbgylb_ ebqghc hl\_lkl\_gghklb Ihkdhevdm fgh]b_ kblmZpbb \
dhgkmevlbjh\Zgbb \hagbdZxl ih^ dhgljhe_f dhgkmevlZglZ hg ^he`_g g_klb
hl\_lkl\_gghklv aZ k\hb ^_ckl\by \ wlbo kblmZpbyo IhgbfZgb_ k\h_c hl\_lkl\_gghklb
iha\hey_l k\h[h^gh b khagZl_evgh hkms_kl\eylv \u[hj \ ex[hc fhf_gl
dhgkmevlbjh\Zgby ² kh]eZrZlvky k ^h\h^Zfb deb_glZ beb \klmiZlv \ ijh^mdlb\gh_
ijhlb\hklhygb_ EbqgZy hl\_lkl\_gghklv ihfh]Z_l [he__ dhgkljmdlb\gh \hkijbgbfZlv
djblbdm< lZdbokemqZyodjblbdZg_\uau\Z_lf_oZgbafh\ikboheh]bq_kdhcaZsbluZ
kem`bl ihe_aghc h[jZlghc k\yavx memqrZxs_c wnn_dlb\ghklv ^_yl_evghklb b ^Z`_
hj]ZgbaZpbx`bagb
H ]em[bg_hlghr_gbck ^jm]bfbex^vfb DhgkmevlZglh[yaZghp_gb\Zlvex^_c²
boqm\kl\Z\a]ey^uk\h_h[jZagu_q_jluebqghklbgh^_eZlvwlh[_ahkm`^_gbyb gZde_
b\Zgby yjeudh\ LZdhc oZjZdl_j hlghr_gbc k deb_glZfb \_kvfZ \Z`_g l_f g_ f_g__
ke_^m_lijbgylv\h\gbfZgb_kljZobdhlhju_i_j_`b\Z_l[hevrbgkl\hex^_ciulZykv
aZ\yaZlv [ebadb_ l_ieu_ hlghr_gby k ^jm]bfb G_dhlhjuf dZ`_lky qlh \ujZ`_gb_
iheh`bl_evguo qm\kl\ h[yau\Z_l h]jZgbqb\Z_l k\h[h^m ^_eZ_l mya\bfuf Dh]hlh
kljZrbl g_ijbylb_ iZjlg_jhf iheh`bl_evguo qm\kl\ hldehg_gb_ bo ihwlhfm [he__
[_ahiZkghc ij_^klZ\ey_lky hlkjhqdZ m]em[e_gby f_`ebqghklguo hlghr_gbc
Wnn_dlb\ghfmdhgkmevlZglmqm`^ulZdb_kljZobhgkihkh[_gk\h[h^gh\ujZ`Zlvk\hb
qm\kl\Zi_j_^^jm]bfbex^vfb\ lhfqbke_b i_j_^deb_glZfb
IhklZgh\dZ j_Zebklbqguo p_e_c H[uqgh mki_o ih[m`^Z_l klZ\blv i_j_^ kh[hc
[hevrb_ p_eb Z g_m^ZqZ gZh[hjhl ² himklblv gb`_ ieZgdm ijblyaZgbc Bgh]^Z wlhl
f_oZgbaf kZfhaZsblu gZjmrZ_lky b lh]^Z kebrdhf [hevrZy p_ev [m ^_l aZjZg__
h[j_q_gZ gZ g_m^Zqm beb klj_fe_gb_ d g_agZqbl_evghc p_eb g_ ^hklZ\bl gbdZdh]h
m^h\e_l\hj_gby BlZd wnn_dlb\guc dhgkmevlZgl ^he`_g ihgbfZlv h]jZgbq_gghklv
k\hbo \hafh`ghkl_c Ij_`^_ \k_]h \Z`gh g_ aZ[u\Zlv qlh ex[hc dhgkmevlZgl
g_aZ\bkbfhhlijhn_kkbhgZevghcih^]hlh\dbg_\k_fh]ms< ^_ckl\bl_evghklbgb h^bg
dhgkmevlZglg_kihkh[_gihkljhblvijZ\bevgu_\aZbfhhlghr_gbyk dZ`^ufdeb_glhfb
ihfhqv \k_f deb_glZf jZaj_rblv bo ijh[e_fu LZdhc gZb\guc hilbfbaf fh`_l klZlv
ijbqbghc oheh^gh]h ^mrZ \ ih\k_^g_\ghf dhgkmevlbjh\Zgbb b ihklhyggh \uau\Zlv
qm\kl\h \bgu DhgkmevlZgl ^he`_g hldZaZlvky hl g_j_Zevgh]h klj_fe_gby klZlv
kh\_jr_gguf< dhgkmevlbjh\Zgbbfu\k_]^Zfh`_f\uihegylvk\hxjZ[hlmohjhrh
ghg_b^_ZevghLhldlhg_\ khklhygbbijbagZlvh]jZgbq_gghklvk\hbo\hafh`ghkl_c
`b\_l beexabyfb qlh kihkh[_g iheghklvx ihagZlv b ihgylv ^jm]h]h q_eh\_dZ LZdhc
dhgkmevlZgl ihklhyggh \bgbl k_[y aZ hrb[db \f_klh ba\e_q_gby ihe_aguo mjhdh\ b \
j_amevlZl_ _]h ^_yl_evghklv g_wnn_dlb\gZ ?keb fu ^himkdZ_f kh[kl\_ggmx
h]jZgbq_gghklvlhba[_]Z_fg_gm`gh]hgZijy`_gbyb qm\kl\Z\bguLh]^Zhlghr_gbyk
deb_glZfb klZgh\ylky [he__ ]em[hdbfb b j_Zebklbqgufb IjZ\bevgZy hp_gdZ
kh[kl\_gguo\hafh`ghkl_ciha\hey_lklZ\blvi_j_^kh[hc^hklb`bfu_p_eb
H[wfiZlbb dhlhjZyy\ey_lkyh^ghcba\Z`g_crboq_jlebqghklbwnn_dlb\gh]h
dhgkmevlZglZ[he__ih^jh[ghih]h\hjbfijbh[km`^_gbb\hijhkZh \aZbfhhlghr_gbyo
\ ijhp_kk_dhgkmevlbjh\Zgby
H[h[sZy h[km`^_ggu_ \ur_ lj_[h\Zgby ij_^ty\ey_fu_ d ebqghklb
dhgkmevlZglZ fh`gh ml\_j`^Zlv qlh wnn_dlb\guc dhgkmevlZgl ² wlh ij_`^_ \k_]h
aj_euc q_eh\_d Q_f jZaghh[jZag__ m dhgkmevlZglZ klbev ebqghc b ijhn_kkbhgZevghc
`bagb l_f wnn_dlb\g__ [m^_l _]h ^_yl_evghklv Bgh]^Z \ujZ`Zlv qm\kl\Z b ihijhklm
kemrZlv qlh ]h\hjbl deb_gl ² wlh kZfh_ emqr__ gh hiZkgh h]jZgbqb\Zlvky lhevdh
lZdhc lZdlbdhc dhgkmevlbjh\Zgby ihjhc g_h[oh^bfh \klmiZlv k deb_glhf \
dhgnjhglZpbxBgh]^Zke_^m_lbgl_jij_lbjh\Zlv_]hih\_^_gb_Z ih^qZkb ih[m`^Zlv
deb_glZ lhedh\Zlv kfuke k\h_]h ih\_^_gby Ihjhc \ dhgkmevlbjh\Zgbb lj_[m_lky
^bj_dlb\ghklvb kljmdlmjbjh\ZgghklvZ bgh]^Zfh`ghiha\heblvk_[_m\e_qvky[_k_^hc
[_a hij_^_e_gghc kljmdlmju < dhgkmevlbjh\Zgbb dZd b \ `bagb ke_^m_l
jmdh\h^kl\h\Zlvkyg_nhjfmeZfbZ k\h_cbglmbpb_cb ihlj_[ghklyfbkblmZpbbLZdh\Z
h^gZba\Z`g_crbomklZgh\hdaj_eh]hdhgkmevlZglZ
 D 6FKQHLGHU   \u^_ey_l ljb \Z`gu_ ihklmeZlZ d\Zebnbpbjh\Zggh]h
ikboheh]bq_kdh]hdhgkmevlbjh\Zgbyb ikbohl_jZibb
 EbqgZy aj_ehklv dhgkmevlZglZ Ih^jZamf_\Z_lky qlh dhgkmevlZgl mki_rgh
j_rZ_lk\hb`bag_ggu_ijh[e_fuhldjh\_g_gl_jibfb bkdj_g_gihhlghr_gbxd k_[_
 KhpbZevgZy aj_ehklv dhgkmevlZglZ Ih^jZamf_\Z_lky qlh dhgkmevlZgl
kihkh[_gihfhqv^jm]bfex^yfwnn_dlb\ghj_rZlvboijh[e_fuhldjh\_g_gl_jibfb
bkdj_g_gihhlghr_gbxd deb_glZf
Aj_ehklvdhgkmevlZglZ²wlhijhp_kkZ g_khklhygb_Ih^jZamf_\Z_lkyqlh
g_\hafh`gh[ulvaj_euf\k_]^Zb \_a^_
GZjbkh\ZggZygZfbfh^_evwnn_dlb\gh]hdhgkmevlZglZk i_j\h]h\a]ey^Zfh`_l
ihdZaZlvky kebrdhf \_ebq_kl\_gghc b ^Ze_dhc hl ^_ckl\bl_evghklb Ijb wlhf
gZijZrb\Z_lky ml\_j`^_gb_ qlh q_jlu wnn_dlb\gh]h dhgkmevlZglZ kh\iZ^Zxl k
q_jlZfb ij_mki_\Zxs_]h q_eh\_dZ D lZdhc fh^_eb b ^he`_g klj_fblvky dhgkmevlZgl
_keb `_eZ_l [ulv g_ l_ogbqguf j_f_ke_ggbdhf Z om^h`gbdhf ikboheh]bq_kdh]h
dhgkmevlbjh\ZgbyGZdhg_pk\hckl\Zebqghklbwnn_dlb\gh]hdhgkmevlZglZfh]ml[ulv
b p_evx ikboheh]bq_kdh]h dhgkmevlbjh\Zgby ² ihy\e_gb_ wlbo k\hckl\ m deb_glZ \
wlhfkemqZ_klZgh\blkyihdZaZl_e_fwnn_dlb\ghklbdhgkmevlbjh\Zgby
KBKL?F:P?GGHKL?CDHGKMEVL:GL:
DZ`^uc q_eh\_d bf__l kh[kl\_ggmx kbkl_fm p_gghkl_c dhlhjZy hij_^_ey_l _]h
j_r_gby b lh dZd hg \hkijbgbfZ_l hdjm`Zxsbc fbj b ^jm]bo ex^_c J_qv b^_l h
\Z`g_crbo `bag_gguo djbl_jbyo Kbkl_fZ p_gghkl_c dhgkmevlZglZ hij_^_ey_l
bkoh^gu_ ij_^ihkuedb dhgkmevlbjh\Zgby Ex[Zy ijh[e_fZ ebqghklb dZd hlf_qZ_l 5
0D\   wlh fhjZevgZy ijh[e_fZ bgZq_ ]h\hjy dZ`^Zy ijh[e_fZ ebqghklb bf__l
k\hc fhjZevguc ih^l_dkl M`_ kZf \hijhk qZklh aZ^Z\Z_fuc \ dhgkmevlbjh\Zgbb b
ikbohl_jZibb ² DZd y ^he`_g `blv" ² y\ey_lky kmsghklguf ^ey \k_o fhjZevguo
kbkl_f A^_kv b \hagbdZ_l \lhjhc \hijhk \ dZdhc kl_i_gb kh[kl\_ggh ijhp_kk
dhgkmevlbjh\Zgby bf__l beb ^he`_g bf_lv oZjZdl_j p_gghklghc ^bkdmkkbb Z lZd`_ \
dZdhc kl_i_gb p_gghklb dhgkmevlZglZ ^he`gu mqZkl\h\Zlv \ ijhp_kk_
dhgkmevlbjh\Zgby ?keb hl\_l gZ i_j\uc \hijhk [he__ beb f_g__ yk_g ² ijh[e_fu
deb_glZke_^m_l\hkijbgbfZlvdZdke_^kl\b_ikbobq_kdh]hb ^moh\gh]hg_a^hjh\vyZ g_
dZdij_^f_lfhjZevghklb²lhih\lhjhfm\hijhkmkms_kl\mxl^\_djZcgb_ihabpbb
H^gZ ba gbo ² dhgkmevlZgl ^he`_g [ulv h[t_dlb\guf p_gghklgh
g_cljZevgufb g_\ghkblv\ dhgkmevlZlb\gu_hlghr_gbyk\hx`bag_ggmxnbehkhnbxb
p_gghklgmxkbkl_fmHgh[yaZgiheghklvxkdhgp_gljbjh\ZlvkygZp_gghklyodeb_glh\
Wlh g_ hagZqZ_l qlh b^_Zevguf kqblZ_lky dhgkmevlZgl g_ bf_xsbc kh[kl\_gghc
kbkl_fu p_gghkl_c ² ijhklh hg g_ ^he`_g aZgbfZlv \h \j_fy dhgkmevlbjh\Zgby
hij_^_e_ggmxihabpbxihfhjZevgufb p_gghklgufZki_dlZfKfuke^ZgghcmklZgh\db
dhgkmevlZglZ h[hkgh\u\Z_lky l_f qlh \ ijhp_kk_ dhgkmevlbjh\Zgby deb_gl qZklh
[eZ]h^Zjy ihhsj_gbx ba\g_ h[mqZ_lky f_gylv bkoh^gu_ ij_^ihkuedb k\h_]h
ih\_^_gbykZfhhp_gdZnhjfbjm_lkygZhkgh\Zgbbbgl_jbhjbaZpbbhp_ghdhdjm`Zxsbo
K 3DWWHUVRQ pblih*HRUJH&ULVWLDQL  mdZau\Z_llZd`_gZp_eucjy^ijbqbg
ihdhlhjufdhgkmevlZglmke_^m_lba[_]ZlvhdZau\Zlv\ha^_ckl\b_gZp_gghklbdeb_glZ
² `bag_ggZy nbehkhnby dZ`^h]h bg^b\b^Z mgbdZevgZ b g_`_eZl_evgh
gZ\yau\Zlv__ ^jm]bf
² gb h^bg dhgkmevlZgl g_ fh`_l ml\_j`^Zlv qlh bf__ iheghklvx jZa\blmx
Z^_d\Zlgmxnbehkhnbx`bagb
² gZb[he__ ih^oh^ysb_ f_klZ ^ey mk\h_gby p_gghkl_c ² wlh k_fvy p_jdh\v b
rdheZZ g_dZ[bg_ldhgkmevlZglZ
 ² bg^b\b^ jZa\b\Z_l kh[kl\_ggmx wlbq_kdmx kbkl_fm ihevamykv g_ h^gbf
bklhqgbdhfb g_aZh^bg^_gvZ ih^\ebygb_ffgh]bo`bag_gguonZdlhjh\b \l_q_gb_
^ebl_evgh]hhlj_adZ\j_f_gb
² gbdlh g_ fh`_l \hkij_iylkl\h\Zlv ^jm]hfm q_eh\_dm \ nhjfbjh\Zgbb
mgbdZevghcnbehkhnbb`bagbdhlhjZy[ueZ[u^eyg_]hkZfhchkfuke_gghc
² deb_gl bf__l ijZ\h gZ g_ijbylb_ wlbq_kdbo ijbgpbih\ b nbehkhnbb `bagb
^jm]h]hebpZ
GZ ijhlb\hiheh`ghf ihexk_  fg_gb_ ? :LOOLDPVRQ  pbl ih *HRUJH
&ULVWLDQL  kh]eZkghdhlhjhfmdhgkmevlZgl^he`_ghldjulhb ykgh^_fhgkljbjh\Zlv
deb_glm k\hx p_gghklgmx ihabpbx ihkdhevdm ihiuldZ [ulv g_cljZevguf \
p_gghklguo kblmZpbyo ih[m`^Z_l deb_glZ iheZ]Zlv qlh dhgkmevlZgl kqblZ_l
ijb_fe_fufb hijZ\^ZggufiZ]m[gh_k khpbZevghcfhjZevghcb ijZ\h\hclhq_daj_gby
ih\_^_gb_WlhihabpbydhgkmevlZglZ\hkiblZl_eyagZxs_]hqlhohjhrhb qlhiehoh
Ljm^gh kh]eZkblvky k h[hbfb djZcgbfb fg_gbyfb ?keb j_Zevgh ihkfhlj_lv gZ
kblmZpbx dhgkmevlbjh\Zgby klZg_l ykgh qlh iheghklvx bkdexqblv p_gghklb
dhgkmevlZglZ fbjh\haaj_gq_kdb_ Zki_dlu ba dhgkmevlZlb\gh]h dhglZdlZ k deb_glhf
ijhklh g_\hafh`gh _keb dhgkmevlbjh\Zgb_ ihgbfZlv dZd hlghr_gby ^\mo ex^_c Z g_
dZd g_qlh f_oZgbq_kdh_ beb aZjZg__ aZijh]jZffbjh\Zggh_ DhgkmevlZgl ^he`_g q_ldh
agZlvk\hbp_gghklbg_kdju\Zlvbohldeb_glZb g_ba[_]Zlvp_gghklguo^bkdmkkbcgZ
dhgkmevlZlb\guo \klj_qZo ihkdhevdm g_fZeh ijh[e_f kdjulh bf_ggh \ p_gghklguo
dhgnebdlZodeb_glh\beb\ g_ihgbfZgbbbfbkh[kl\_gghcp_gghklghckbkl_fuH^gZdh
ykgZy p_gghklgZy ihabpby dhgkmevlZglZ g_ ih^jZamf_\Z_l gjZ\hmq_gbc b
fhjZebabjh\Zgby < ex[hf kemqZ_ \ebygb_ p_gghkl_c dhgkmevlZglZ gZ deb_glZ bf__l
k\hx wlbq_kdmx klhjhgm _keb ijbagZlv qlh \u^\b]Z_fu_ dhgkmevlZglhf p_eb b
bkihevam_fu_ f_lh^u hljZ`Zxl b _]h nbehkhnbx `bagb >Z`_ ijyfh g_ gZ\yau\Zy
deb_glm k\hb p_gghklb h^gZdh ijb^_j`b\Zykv \ jZ[hl_ hij_^_e_gghc nbehkhnbb fu
g_ba[_`gh \ghkbf \ dhgkmevlbjh\Zgb_ k\h_ \haaj_gb_ gZ kbkl_fm kmsghklguo
\hijhkh\`bagb
Deb_gldZ `_gsbgZe_laZfm`gyybf__lljhbo^_l_cklZjr_fmbagboe_l
Ijh[e_fZ k dhlhjhc hgZ h[jZlbeZkv aZ ihfhsvx ² ljm^ghklb \ ijbgylbb j_r_gby
khojZgblv[jZdbebjZa\_klbkvk fm`_fdhlhjh]hhgZoZjZdl_jbam_ldZdg_aZ[hlys_]hky
h g_cb ^_lyoiheghklvxih]jm`_ggh]h\ k\hxjZ[hlmkdmqgh]hb kZfh^h\hevgh]hFm`
hldZaZeky mqZkl\h\Zlv \ dhgkmevlbjh\Zgbb ih j_r_gbx k_f_cguo ijh[e_f ml\_j`^Zy
qlh k gbf \k_ \ ihjy^d_ Z e_qblvky gm`gh `_g_ lZd dZd wlh __ ijh[e_fZ Deb_gldZ
ml\_j`^Z_l qlh jZa\_eZkv [u g_f_^e_ggh _keb [u g_ ^_lb dhlhjuf ih __ fg_gbx
gm`_ghl_p=eZ\gZy__ ljm^ghklvkhklhbl\ g_h[oh^bfhklbijbgylvj_r_gb_khojZgblv
eb k_fvx l_ \u[jZlv klZ[bevghklv ij_g_[j_]Zy hlghr_gbyfb k fm`_f beb \k_lZdb
jZa\_klbkv l_ jbkdgmlv ih kms_kl\m baf_gblv k\hx `bagv H^bg ba ijb_fe_fuo
\uoh^h\hgZ\b^bl\ khojZg_gbbk_fvbb \k\yabk ^jm]bffm`qbghc bebfm`qbgZfb \
p_eyom^h\e_l\hj_gbyk\hbowfhpbhgZevguob nbabq_kdboihlj_[ghkl_c
< klhedgh\_gbb k wlbf dhgdj_lguf kemqZ_f m dhgkmevlZglZ \hagbdZ_l fgh]h
p_gghklguo\hijhkh\H^gZbaijbqbgkhojZg_gby[jZdZdeb_gldhc²bgl_j_ku^_l_c
Qlh ^mfZ_l h[ wlhf dhgkmevlZgl ² ^_lyf ihe_ag__ bf_lv h[hbo jh^bl_e_c \ mkeh\byo
g_m^Zqghc fh^_eb \aZbfhhlghr_gbc fm`qbgu b `_gsbgu beb emqr_ m` bf klZlv
k\b^_l_eyfb jZa\h^Z" Qlh \hh[s_ ^mfZ_l dhgkmevlZgl h [jZd_ k_fv_ jZa\h^_
iheh`_gbb ^_l_c \ k_fv_" Deb_gldZ ]h\hjbl h \g_[jZqguo k\yayo Qlh ^mfZ_l
dhgkmevlZgl h[ bo ijZ\hf_jghklb" Ihe_agu beb ^_kljmdlb\gu wlb k\yab ^ey `bagb
deb_gldb" Qlh ^mfZ_l dhgkmevlZgl h ihlj_[ghklb \ [_ahiZkghklb b jbkd_ \ `bagb
q_eh\_dZ"Hlhl\_lh\gZaZ^Zggu_\hijhku\ g_fZehckl_i_gb[m^_laZ\bk_lvb ijhp_kk
dhgkmevlbjh\Zgbyb _]hj_amevlZl
Ih fg_gbx * Khim   dhgkmevlZgl beb ikbohl_jZi_\l `_eZy ba[_`Zlv
p_gghklguo dheebabc \ ijhp_kk_dhgkmevlbjh\Zgby ^he`_g bf_lv q_ldmx ihabpbx ih
g_dhlhjuf\hijhkZf<Z`g_crb_kn_ju\ dhlhjuo\Z`gZihabpbydhgkmevlZglZ²wlh
k_fvyk_dkZ[hjluj_eb]bygZjdhlbdb
DhgkmevlZglm[_kdhg_qgh\Z`ghagZlvdZdh_\ebygb_hdZau\Zxl_]hp_gghklbgZ
oh^ dhgkmevlbjh\Zgby qlh[u hg fh] [ulv kZfbf kh[hc b l_f g_ f_g__ ba[_`Zlv
gZ\yau\Zgbykh[kl\_gguomklZgh\hddeb_glZf@bag_ggZynbehkhnbydZ`^h]hq_eh\_dZ
b _]h p_gghklb mgbdZevgu ;ueh [u kebrdhf \ukhdhf_jgh ^mfZlv qlh lhevdh
dhgkmevlZgl agZ_l qlh lZdh_ ohjhrZy b ijZ\_^gZy `bagv K ^jm]hc klhjhgu
g_cljZevghklvdhgkmevlZglZhagZqZ_lbeb_]hZf[b\Ze_glghklv\ hlghr_gbbp_gghkl_c
beb lh qlh hg aZ[hlblky lhevdh h aZsbl_ ijhp_kkZ dhgkmevlbjh\Zgby hl k\hbo
p_gghkl_cb wlhf_rZ_lZml_glbqghklbb bkdj_gghklb< ijhp_kk_dhgkmevlbjh\Zgbyfu
^he`guihfhqvdeb_glZfgZb[he__ihegh\uy\blvkbkl_fmbop_gghkl_cb ijbgylvgZ__
hkgh\ZgbbkZfhklhyl_evgh_j_r_gb_dZdbfh[jZahfhgbfh]mlbaf_gblvih\_^_gb_beb
^Z`_ kZfb p_gghklb Ke_^h\Zl_evgh dhgkmevlZgl ih^gbfZ_l \hijhku Z hl\_lu gZ gbo
bs_lb gZoh^bldeb_glgZhkgh\_kh[kl\_gguop_gghkl_cDhgkmevlZglhjb_glbjmykvgZ
k\hxkbkl_fmp_gghkl_clZd`_ihfh]Z_ldeb_glmemqr_ihgylvihke_^kl\byg_dhlhjuo
j_r_gbcihklmidh\^ey_]hkh[kl\_gghc`bagbb [eZ]hihemqby[ebadbo_fmex^_c

 <EBYGB? IJHN?KKBHG:EVGHC >?YL?EVGHKLB G:

EBQGHKLVDHGKMEVL:GL:
Ijhn_kkbyikboheh]ZdhgkmevlZglZbebikbohl_jZi_\lZbgl_j_kgZb ^Z_lg_fZeh
ihe_agh]hkZfhfmdhgkmevlZglmDZdZy^jm]Zyijhn_kkbyiha\hey_llZd]em[hdhb [ebadh
ihagZlv klhevdh jZaguo ex^_c" G_j_^dh hgZ ^hklZ\ey_l qm\kl\h m^h\e_l\hj_gghklb
kh[hchkh[_gghdh]^Zl_[yp_gyldeb_gludh]^Zlum\_j_gqlhkfh]ihfhqv
H^gZdh g_kfhljy gZ ihe_aghklv ijhn_kkbb aZqZklmx hgZ klhbl aZgbfZxsbfky
_x ex^yf ^h\hevgh ^hjh]h <ha^_ckl\b_ g_ \k_]^Z aZf_lgh kh klhjhgu gh _]h
gZklhysmxp_gmqm\kl\m_lkZfdhgkmevlZgl $6WRUU  \u^_ey_lg_kdhevdh\Z`guo
Zki_dlh\wlhcieZlu
²m]jhaZmljZlblvb^_glbqghklvb jZkl\hjblvky\ deb_glZo
²hljbpZl_evgu_ihke_^kl\byfh]mlkdZaZlvky\ ebqghc`bagb k_fvy^jmavy 
² m]jhaZ ikbobq_kdbo gZjmr_gbc baaZ ihklhygguo klhedgh\_gbc k l_fgufb
klhjhgZfb `bagb b ikbobq_kdhc iZlheh]b_c K -XQJ gZau\Z_l wlh ih^khagZl_evghc
bgn_dpb_c 
DhgkmevlZglu g_j_^dh aZ[u\Zxl qlh bo ij_bfms_kl\h \ ihagZgbb deb_glh\
\_kvfZ hlghkbl_evgh ihkdhevdm hgb \b^yl deb_glh\ \ ki_pbnbq_kdbo mkeh\byo b dZd
ijZ\behg_ijh^he`bl_evgh_\j_fyDhgkmevlZglug_bf_xl\hafh`ghklbgZ[ex^ZlvaZ
^_yl_evghklvx deb_glh\ \ j_Zevghc `bagb b lhevdh k bo keh\ agZxl h[ bo lj_\h]Zo
kljZoZo g_m^ZqZo b \ f_gvr_c kl_i_gb ² h ^hklb`_gbyo AZqZklmx dhgkmevlZgl
ij_m\_ebqb\Z_l ebqghklgu_ gZjmr_gby deb_glZ b ]eZ\g_crbf ihke_^kl\b_f
hrb[hqgh]h ij_^klZ\e_gby klZgh\blky hjb_glZpby gZ e_q_gb_ Z g_ gZ ihgbfZgb_ b
\uy\e_gb_ ihablb\guo Zki_dlh\ `bagb Hjb_glZpby gZ e_q_gb_ kebrdhf k\yau\Z_l
dhgkmevlZglZ k deb_glhf lj_[m_l hl g_]h [hevrbo mkbebc q_f gm`gh \
^_ckl\bl_evghklbbgZdhg_paZklZ\ey_lkfhlj_lvgZ`bagvq_j_al_fgu_hqdb
Baebrgyy \h\e_q_gghklv \ ijhn_kkbhgZevgmx ^_yl_evghklv g_j_^dh aZklZ\ey_l
kljZ^Zlvk_fvxdhgkmevlZglZ<hi_j\uolj_[h\Zgbywlbdbg_iha\heyxldhgkmevlZglm
^_eblvky k k_fv_c k\hbfb ikbohl_jZi_\lbq_kdbfb \i_qZle_gbyfb ihwlhfm qe_gu
k_fvb ebrv ijb[ebabl_evgh ij_^klZ\eyxl q_f aZgbfZ_lky dhgkmevlZgl LZdh\Z h[sZy
ijh[e_fZk_f_cqe_gudhlhjuobaijhn_kkbhgZevguokhh[jZ`_gbc^he`gu^mfZlvqlh
b dZd]h\hjblv[ebadbfh k\h_cjZ[hl_<h\lhjuodhgkmevlbjh\Zgb_lj_[m_l[hevrbo
wfhpbhgZevguo aZljZl b bgh]^Z wlh agZqbl_evgh mf_gvrZ_l wfhpbhgZevgmx hl^Zqm \
k_fv_Dh]^ZgZjZ[hl_\_kv^_gvijboh^blky\ukemrb\Zlv^jm]boex^_cb m]em[eylvky\
boaZ[hlu\_q_jhf[u\Z_lljm^ghijhgbdgmlvkyaZ[hlZfb`_gubebfm`Zb ^_l_cB wlh
g__^bgkl\_ggu_ijh[e_fudhlhju_\u^\b]Z_lijhn_kkbydhgkmevlZglZ
Ikboheh]bq_kdh_ dhgkmevlbjh\Zgb_ b ikbohl_jZiby hlg_k_gu d ijhn_kkbyf
lj_[mxsbf [hevrhc wfhpbhgZevghc gZ]jmadb hl\_lkl\_gghklb b bf_xsbf \_kvfZ
g_hij_^_e_ggu_ djbl_jbb mki_oZ Ij_^klZ\bl_eyf wlbo ijhn_kkbc ]jhabl hiZkghklv
kbg^jhfZk]hjZgby 3DLQH  0DVODFK 
&RUH\  
Kbg^jhf k]hjZgby ² keh`guc ikbohnbabheh]bq_kdbc n_ghf_g dhlhjuc
hij_^_ey_lky dZd wfhpbhgZevgh_ mfkl\_ggh_ b nbabq_kdh_ bklhs_gb_ baaZ
ijh^he`bl_evghc wfhpbhgZevghc gZ]jmadb Kbg^jhf ih hibkZgbx Kh]_m   b
1DLVEHUJ)HQQLJ k khZ\l   \ujZ`Z_lky \ ^_ij_kkb\ghf khklhygbb qm\kl\_
mklZehklb b himklhr_gghklb g_^hklZld_ wg_j]bb b wglmabZafZ mljZl_ kihkh[ghkl_c
\b^_lviheh`bl_evgu_j_amevlZluk\h_]hljm^ZhljbpZl_evghcmklZgh\d_\ hlghr_gbb
jZ[hlu b `bagb \hh[s_ Kms_ kl\m_l fg_gb_ qlh ex^b k hij_^_e_ggufb q_jlZfb
ebqghklb [_kihdhcgu_ qm\kl\bl_evgu_ wfiZlbqgu_ kdehggu_ d bgljh\_jkbb
bf_xsb_ ]mfZgbklbq_kdmx `bag_ggmx mklZgh\dm kdehggu_ hlh`^_kl\eylvky k
^jm]bfb [hevr_ih^\_j`_guwlhfmkbg^jhfm (GHOZLFN%URGVN\  
DZdh\u gZb[he__ qZklh \klj_qZxsb_ky ijbqbgu kbg^jhfZ k]hjZgby" G_
ij_l_g^mygZihegh_i_j_qbke_gb_gZah\_febrvg_dhlhju_\Z`g_crb_bagbo
²fhghlhgghklvjZ[hluhkh[_ggh_keb__kfukedZ`_lkykhfgbl_evguf
² \deZ^u\Zgb_ \ jZ[hlm [hevrbo ebqghklguo j_kmjkh\ ijb g_^hklZlhqghklb
ijbagZgbyb iheh`bl_evghchp_gdb
² kljh]Zy j_]eZf_glZpby \j_f_gb jZ[hlu hkh[_ggh ijb g_j_Zevguo kjhdZo __
bkiheg_gby
² jZ[hlZ k g_fhlb\bjh\Zggufb deb_glZfb ihklhyggh khijhlb\eyxsbfbky
mkbebyfdhgkmevlZglZihfhqvbfb g_agZqbl_evgu_ljm^ghhsmlbfu_j_amevlZlulZdhc
jZ[hlu
² gZijy`_gghklv b dhgnebdlu \ ijhn_kkbhgZevghc kj_^_ g_^hklZlhqgZy
ih^^_j`dZkhklhjhgudhee_]b bobaebrgbcdjblbpbaf
² g_o\ZldZ mkeh\bc ^ey kZfh\ujZ`_gby ebqghklb gZ jZ[hl_ dh]^Z g_
ihhsjyxlkyZ ih^Z\eyxlkywdki_jbf_glbjh\Zgb_b bggh\Zpbb
² jZ[hlZ [_a \hafh`ghklb ^Zevg_cr_]h h[mq_gby b ijhn_kkbhgZevgh]h
kh\_jr_gkl\h\Zgby
²g_jZaj_r_ggu_ebqghklgu_dhgnebdludhgkmevlZglZ
H^gbf ba kms_kl\_gguo nZdlhjh\ ij_]jZ`^Zxsbo mkm]m[e_gb_ kbg^jhfZ
k]hjZgbyy\ey_lkyijbgylb_ebqghchl\_lkl\_gghklbaZk\hxjZ[hlm?kebdhgkmevlZgl
baaZ g_m^Zq beb iehoh]h kZfhqm\kl\by aZgbfZ_l iZkkb\gmx ihabpbx b h[\bgy_l
hdjm`Zxsboqm\kl\h[_kkbebyb [_agZ^_`ghklbebrvm\_ebqb\Z_lkyHl\_lkl\_gghklv
fh`_l[ulvi_j_g_k_gZ\h\g_jZaebqgufbkihkh[Zfbfg_g_\_a_lihlhfmqlhdeb_glu
ijhlb\ylkydhgkmevlbjh\Zgbxb g_ohlylgbq_]hbaf_gylv\ `bagb\h\k_f\bgh\ZlZ
hj]ZgbaZpby ljm^Z Z \k_ wlh hl f_gy g_ aZ\bkbl m f_gy kebrdhf fgh]h deb_glh\ b
fZeh \j_f_gb ^ey dZ`^h]h ba gbo b l i LZdZy iZkkb\gZy ihabpby dhgkmevlZglZ
aZklZ\ey_l _]h dZiblmebjh\Zlv i_j_^ \g_rgbfb h[klhyl_evkl\Zfb b qm\kl\h\Zlv k_[y
`_jl\hc qlh kihkh[kl\m_l \hagbdgh\_gbx ijhn_kkbhgZevgh]h pbgbafZ Ihwlhfm
dhgkmevlZglm hkh[_ggh \Z`gh bkiulu\Zlv qm\kl\h hl\_lkl\_gghklb b mf_lv jZ[hlZlv
^Z`_ ijb gZebqbb h]jZgbq_gbc b ij_iylkl\bc <f_klh i_j_deZ^u\Zgby \bgu aZ
kh[kl\_ggh_[_kkbeb_gZhdjm`Zxsbob h[klhyl_evkl\Zemqr_gZijZ\blvk\hxwg_j]bx
b \gbfZgb_ gZ j_ZebaZpbx kms_kl\mxsbo \hafh`ghkl_c b ih^mfZlv h[ baf_g_gbb
kZfbomkeh\bc
Kms_kl\m_l lZd`_ g_fZeh dhgdj_lguo kihkh[h\ ij_]jZ^blv imlvkbg^jhfm
k]hjZgby
²dmevlb\bjh\Zgb_^jm]bobgl_j_kh\g_k\yaZgguok dhgkmevlbjh\Zgb_f 6]DV]
  mdZau\Z_l qlh m ki_pbZebklZ ijbgbfZxs_]h _`_^g_\gh ih \hk_fv^_kylv
iZpb_glh\g_lrZgkh\jZ[hlZlvgZ\ukhdhfmjh\g_GZbemqr__j_r_gb_wlhc^be_ffu
khklhbl \ lhf qlh[u khq_lZlv jZ[hlm k mq_[hc bkke_^h\Zgbyfb gZibkZgb_f gZmqguo
klZl_c
² \g_k_gb_ jZaghh[jZaby \ k\hx jZ[hlm kha^Zgb_ gh\uo ijh_dlh\ b bo
j_ZebaZpby[_ah`b^ZgbykZgdpbhgbjh\ZgbykhklhjhguhnbpbZevguobgklZgpbc
² ih^^_j`Zgb_ k\h_]h a^hjh\vy kh[ex^_gb_ j_`bfZ kgZ b iblZgby h\eZ^_gb_
l_ogbdhcf_^blZpbb
²m^h\e_l\hjyxsZykhpbZevgZy`bagvgZebqb_g_kdhevdbo^jma_c `_eZl_evgh
^jm]boijhn_kkbc \h\aZbfhhlghr_gbyok dhlhjufbkms_kl\m_l[ZeZgk
² klj_fe_gb_ d lhfm q_]h ohq_lky [_a gZ^_`^u klZlv ih[_^bl_e_f \h \k_o
kemqZyob mf_gb_ijhb]ju\Zlv[_ag_gm`guokZfhmgbqb`_gbyb Z]j_kkb\ghklb
²kihkh[ghklvd kZfhhp_gd_[_amih\ZgbylhevdhgZm\Z`_gb_hdjm`Zxsbo
²hldjulhklvgh\hfmhiulm
² mf_gb_ g_ ki_rblv b ^Z\Zlv k_[_ ^hklZlhqgh \j_f_gb ^ey ^hklb`_gby
ihablb\guoj_amevlZlh\\ jZ[hl_b `bagb
² h[^mfZggu_ h[yaZl_evkl\Z gZijbf_j g_ ke_^m_l [jZlv gZ k_[y [hevrmx
hl\_lkl\_gghklvaZdeb_glZq_f^_eZ_lhgkZf 
²ql_gb_g_lhevdhijhn_kkbhgZevghcghb ^jm]hcohjhr_cebl_jZlmjuijhklh
^eyk\h_]hm^h\hevkl\by[_ahjb_glZpbbgZdZdmxlhihevam
² mqZklb_ \ k_fbgZjZo dhgn_j_gpbyo ]^_ ij_^hklZ\ey_lky \hafh`ghklv
\klj_lblvkyk gh\ufbex^vfbb h[f_gylvkyhiulhf
² i_jbh^bq_kdZy kh\f_klgZy jZ[hlZ k dhee_]Zfb agZqbl_evgh hlebqZxsbfbky
ijhn_kkbhgZevghb ebqghklgh
² mqZklb_ \ jZ[hl_ ijhn_kkbhgZevghc ]jmiiu ^Zxs__ \hafh`ghklv h[km^blv
\hagbdrb_ebqgu_ijh[e_fuk\yaZggu_k dhgkmevlZlb\ghcjZ[hlhc
²oh[[b^hklZ\eyxs__m^h\hevkl\b_
BlZd qlh[u ba[_`Zlv kbg^jhfZ k]hjZgby dhgkmevlZgl ^he`_g baj_^dZ gh
h[yaZl_evgh hp_gb\Zlv k\hx `bagv \hh[s_ ² `b\_l eb hg lZd dZd _fm ohq_lky ?keb
kms_kl\mxsZy `bagv g_ m^h\e_l\hjy_l ke_^m_l j_rblv qlh gm`gh k^_eZlv ^ey
iheh`bl_evguo k^\b]h\ Lhevdh ^he`guf h[jZahf aZ[hlykv h dZq_kl\_ k\h_c `bagb
fh`ghhklZlvkywnn_dlb\gufdhgkmevlZglhf

IJHN?KKBHG:EVG:YIH>=HLH<D:DHGKMEVL:GL:
H^ghba\Z`g_crbolj_[h\Zgbcijhn_kkbhgZevghcwlbdb²wlhdhfi_l_glghklv
dhgkmevlZglZ < k\yabk wlbf\hagbdZxl\hijhkuDZdZyijhn_kkbhgZevgZy ih^]hlh\dZ
fh`_l h[_ki_qblv dhfi_l_glgh_ dhgkmevlbjh\Zgb_" b DZdhc hiul g_h[oh^bf
ij_l_g^_glmgZjhevdhgkmevlZglZ"
 <h fgh]bo kljZgZo klZlmk dhgkmevlZglZ hij_^_ey_lky ebp_gab_c
ij_^hklZ\eyxs_c nhjfZevgh_ ijZ\h aZgbfZlvky ijhn_kkbhgZevghc ^_yl_evghklvx
Qlh[u ihemqblv __ gZ^h ijhclb hnbpbZevgmx ZdZ^_fbq_kdmx ijh]jZffm
ijhn_kkbhgZevghc ih^]hlh\db ijhjZ[hlZlv hij_^_e_ggh_ dhebq_kl\h qZkh\ ih^
gZ[ex^_gb_f d\Zebnbpbjh\Zggh]h ki_pbZebklZ b bf_lv mklZgh\e_gguc fbgbfmf
ijhn_kkbhgZevgh]h hiulZ LZdZy kbkl_fZ ebp_gabjh\Zgby h]jZgbqb\Z_l \hafh`ghklv
aZgbfZlvky ijZdlbdhc ebpZf g_ bf_xsbf khhl\_lkl\mxs_c d\ZebnbdZpbb H^gZdh
ebp_gaby d kh`Ze_gbx g_ ]ZjZglbjm_l qlh dhgkmevlZgl wnn_dlb\gh b dhfi_l_glgh
kijZ\blky kh k\hbfb h[yaZgghklyfb Ijb h[mq_gbb ikbohl_jZibb b ikboheh]bq_kdhfm
dhgkmevlbjh\Zgbx gZjy^m k g_h[oh^bfhklvx ijbh[j_l_gby khhl\_lkl\mxs_c
l_hj_lbq_kdhc [Zau ih^ d\Zebnbpbjh\Zgguf jmdh\h^kl\hf qZklh ih^q_jdb\Z_lky
\Z`ghklvm]em[e_gbykZfhihagZgbydhgkmevlZglZ ikbohl_jZi_\lZ 
F Kho   ]h\hjbl @bag_gguc hiul dhgkmevlZglZ bgl_]jbjm_lky k
\hajZklZxsbf [Z]Z`hf ijhn_kkbhgZevguo agZgbc gZ hkgh\_ m]em[e_ggh]h
kZfhihagZgby >Z`_ hlebqgh ih^]hlh\e_gghfm dhgkmevlZglm g_ h^bgZdh\h e_]dh kh
\k_fbex^vfbaZlh_fm]ZjZglbjh\Zg^mr_\gucdhfnhjl
JZa\blbx kZfhihagZgby kihkh[kl\m_l h[rbjguc b bgl_gkb\guc dmjk
bg^b\b^mZevghc b ]jmiih\hc l_jZibb hkh[_ggh \ ]jmiiZo hjb_glbjh\Zgguo gZ
kh\_jr_gkl\h\Zgb_ebqghklb
DZ`^uc dhgkmevlZgl ^h gZqZeZ ijhn_kkbhgZevghc ^_yl_evghklb Z lZd`_ \
ijhp_kk_ jZ[hlu ^he`_g ijhclb ebqgmx l_jZibx l_ j_rZlv k\hb ijh[e_fu ijb
kh^_ckl\bb hiulgh]h ijhn_kkbhgZeZ DZd ba\_klgh \ ikbohZgZeba_ ^eysbcky ^h
g_kdhevdbo e_l kZfhZgZeba y\ey_lky \Z`g_crbf a\_ghf ijhn_kkbhgZevghc ih^]hlh\db
ikbohZgZeblbdZHiulebqghcl_jZibb\Z`_gih^\mfijbqbgZf<hi_j\uoihlhfmqlh
dhgkmevlZgldZdb ex[hcq_eh\_dbf__l\ k\h_cebqghklb[_eu_iylgZg_ihagZggu_
g_h khagZ\Z_fu_ Zki_dlu kZfhklb \gmlj_ggb_ dhgnebdlu [he__ ]em[hdh_ ihagZgb_ b
jZaj_r_gb_ dhlhjuo kihkh[ kl\m_l klZgh\e_gbx wnn_dlb\gh]h dhgkmevlZglZ
DhgkmevlZglmhq_gvihe_aghkZfhgZ[ex^_gb_ih^dhgljhe_f^jm]h]hijhn_kkbhgZeZaZ
i_j_`b\Zgb_flZdboagZqbfuokh[ulbb\ `bagbdZdex[h\vk_dkgZkbeb_k_f_cgu_
hlghr_gby \eZklv kf_jlv b l^ Wlh g_ hagZqZ_l qlh ebqghklv dhgkmevlZglZ ^he`gZ
[ulv jZah[jZgZ ih dhklhqdZf Bf__lky \ \b^m g_h[oh^bfhklv ^hklZlhqgh]h
kZfhihgbfZgby ij_`^_ q_f ihgZ^h[blky ihfhsv L_f g_ f_g__ [ueh [u kebrdhf
djZcgbf ml\_j`^_gb_ qlh ijbklmiZy d dhgkmevlbjh\Zgbx ke_^m_l ba[Z\blvky hl \k_o
\gmlj_ggbo dhgnebdlh\ <Z`gh ihgbfZlv kmlv dhgnebdlh\ b dZd hgb kdZau\Zxlky gZ
hlghr_gbyo k deb_glZfb <_^v _keb dhgkmevlZgl \ k\h_c ebqghc `bagb k ljm^hf
k^_j`b\Z_l aehklv beb g_ ihgbfZ_l ihq_fm ihklhyggh bkiulu\Z_l \bgm lh \_ebdZ
\_jhylghklv ZgZeh]bqguo j_Zdpbc b \ ijhp_kk_ dhgkmevlbjh\Zgby ?keb dhgkmevlZglZ
]g_l_l ]jma ijhreuo aZ[em`^_gbc beb gZkmsgu_ aZ[hlu jZa\_ kfh`_l hg ihfhqv
deb_glm ba[Z\blvky hl ih^h[guo ijh[e_f" < ^_ckl\bl_evghklb fu g_ ijh^\bg_fky k
deb_glhf^Zevr_ijhc^_ggh]hgZfbimlb
Dhgkmevlbjh\Zgb_ m dhee_]bijhn_kkbhgZeZ p_ggh b i_j_^ gZqZehf
^_yl_evghklb ihkdhevdm ihklhyggu_ klhedgh\_gby k jZaghh[jZagufb ijh[e_fZfb
deb_glh\ g_j_^dh \kdju\Zxl gZrb klZju_ dhgnebdlu \ul_kg_ggu_ qm\kl\Z
GZqbgZxs_]h dhgkmevlZglZ g_j_^dh fmqbl qm\kl\h ijhn_kkbhgZevgh]h [_kkbeby Wlh
lh`_ lj_[m_l hij_^_e_gghc ihfhsb dhee_] >jm]h_ \Z`gh_ ij_bfms_kl\h ebqghc
l_jZibb aZdexqZ_lky \ lhf qlh dhgkmevlZgl \oh^bl \ jhev deb_glZ b ijbh[j_lZ_l
khhl\_lkl\mxsbc hiul DZd ml\_j`^Z_l $ 6WRUU   ^hdlhj ijb[eb`Z_lky d
kh\_jr_gkl\m_kebhglh`_[ueiZpb_glhf:IQ_oh\\jZqihh[jZah\Zgbx]h\hjbe
qlh _keb [u hg mqbe klm^_glh\ f_^bpbg_ iheh\bgm \j_f_gb m^_ebe [u mk\h_gbx
ikboheh]bb[hevgh]hq_eh\_dZ_]hfbjhhsms_gbx
EbqgZy l_jZiby ij_^klZ\ey_l mgbdZevgmx \hafh`ghklv m\b^_lv ijhp_kk
dhgkmevlbjh\Zgbyb ikbohl_jZibb]eZaZfbdeb_glZLhevdhlZdbfh[jZahfdhgkmevlZgl
fh`_lmagZlvqlhlZdh_[_kihdhckl\hk\yaZggh_k kZfhZgZebahfqlhlZdh_i_j_f_s_gb_
b dZd hgh ^_ckl\m_l b li Ih[u\Z\ \ jheb deb_glZ dhgkmevlZgl agZqbl_evgh emqr_
ij_^klZ\ey_l \_kv ki_dlj ^mr_\guo i_j_`b\Zgbc \hagbdZxsbc \h \j_fy
dhgkmevlbjh\Zgby
DZd \ bg^b\b^mZevghc lZd b \ ]jmiih\hc l_jZibb k [m^msbfb b m`_
jZ[hlZxsbfb dhgkmevlZglZfb \Z`gh lZd`_ \u^_eblv \hijhku k\yaZggu_ k [he__
]em[hdbfhkhagZgb_fki_pbnbdbijhn_kkbbh[jZlblv\gbfZgb_gZijbqbgub fhlb\u
ijb\_^rb_\ ijhn_kkbxDhgkmevlZglZ^he`_gijh^mfZlvke_^mxsb_\hijhku
²ihq_fmy \u[jZeijhn_kkbxdhgkmevlZglZ"
²dZdbfbihlj_[ghklyfbh[mkeh\e_gfhc\u[hj"
²dZdmxihevamy klj_fexkvba\e_qvbak\h_cijhn_kkbb"
²dZdkfh]my khq_lZlvk\hbihlj_[ghklbk ihlj_[ghklyfbdeb_glh\"
<hafh`gub ^jm]b_\hijhkudZkZxsb_kyebqghklbdhgkmevlZglZb _]hijh[e_f
²dZdb_m f_gyijh[e_fub dZdy boj_rZx"
²dZdh_\ebygb_wlbijh[e_fufh]mlhdZaZlvgZfhxjZ[hlm"
²dZdh\ufhbp_gghklbb dZdhgbkdZau\ZxlkygZklbe_dhgkmevlbjh\Zgby"
²dZdy bkihevamxk\hxkbem"
²dZdbfex^yfy [hevr_gjZ\exkvb dlhgjZ\blkyfg_"
²dhfmy g_gjZ\exkvb dlhg_gjZ\blkyfg_"
² dZdh_ \i_qZle_gb_ y ijhba\h`m gZ ^jm]bo ex^_c" IhiuldZ hl\_lblv gZ wlb
\hijhku \ ijhp_kk_ bg^b\b^mZevghc beb ]jmiih\hc l_jZibb ihfh`_l emqr_ ihagZlv b
ihgylvk_[yZ wlhagZqbl²klZlv[he__wnn_dlb\gufdhgkmevlZglhf
EBL?J:LMJ:
%DOPW0 7KH'RFWRU+LV3DWLHQWDQGWKH,OOQHVV1<,QWHUQDWLRQDO8QLYHUVLW\3UHVV

 %DOPW 0 %DOPW ( 3V\FKRWKHUDSHXWLF 7HFKQLTXHV LQ 0HGLFLQH /RQGRQ 7DYLVWRFN
3XEOLFDWLRQV
%XEHU0 %HWZHHQ0DQDQG0DQ/RQGRQ&ROOPV
%XJHQWDO-)7 7KH$UWRI3V\FKRWKHUDSLVW1<1RUWRQ
 %XJHQWDO- ) 7 7KH 6HDUFK RI $XWKHQWLFLW\ $Q ([LVWHQWLDO$QDO\WLF $SSURDFK WR
3V\FKRWKHUDS\1<+ROW5LQHKDUWDQG:LQVWRQ
 &RUH\ * 7KHRU\ DQG 3UDFWLFH RI &RXQVHOLQJ DQG 3V\FKRWKHUDS\ UG (G 0RQWHUH\
&DOLI%URRNV&ROH
 Kho 0 6WUXFWXULQJWKH7KHUDSHXWLF3URFHVV&RPSURPLVHZLWK&KDRV/RQGRQ-HVVLFD
5PJVOH\3XEOLVKHUV
(GHOZFN- %URGVN\$ %XUQRXW6WDJHVRI 'LVLOOLVLRQPHQW LQWKH +HOSLQJ3URIHVVLRQV
1<+XPDQ6FLHKFHV3UHVV
/LHLLUJH D /&ULVWLDQL76 &RXQVHOLQJ7KHRU\DQG3UDFWLFH UG(G (QJOHZRRG
&OLIIV1-3UHQWLFH+DOO
 .HQQHG\ ( 2Q %HFRPLQJ &RXQVHORU $ %DVLF *XLGH IRU 1RQ3URIHVVLRQDO
&RXQVHORUV1<6HDEXU\3UHVV
0DVODVK K %XUQRXW7KH&RVWRI&DULQJ(QJOHZRRG&OLIIV1-
3UHQWLFH+DOO
0D\5 7KH$UWRI&RXQVHOLQJ1<$ELQJGRQ3UHVV
 1DLVEHUJ)HQQLJ6)HQQLJ6.HLQDQ*(OL]XU$ 3HUVRQDOLW\FKDUDFWHULVWLFVDQG
SURQHQHVVWREXUQRXWDVWXG\DPRQJSV\FKLDWULVWV6WUHVV0HGLFLQH9RO3
3DLQH:6 -RE6WUHVVDQG%XUQRXW%HYHUO\+LOOV6DJH
5RJHUV K 2Q%HFRPLQJD3HUVRQ%RVWRQ+RXJKWRQ0LIILQ
6FKQHLGHU D 7KHUDSLVW VSHUVRQDOPDWXULW\DQGWKHUDSHXWLFVXFFHVV
KRZVWURQJLVWKHOLQN"7KH3V\FKRWKHUDS\3DWLHQW9RO1²
=²²
6WRUU$ 7KH$UWRI3V\FKRWKHUDS\1<0HWKXHQ
6LDV]7 7KH(WKLFVRI3V\FKR$QDO\VLV1<%DVLF%RRNV
:ROEHUJ/5 7KH7HFKQLTXHRI3V\FKRWKHUDS\1<*UXQHDQG6WUDWWRQ

DHGKMEVL:LB<GUCDHGL:DL
HIJ?>?E?GB?DHGKMEVL:LB<GH=HDHGL:DL:
<  ] K 5RJHUV pbl ih *HOVR )UHW]   aZ^Ze \hijhk Fh`gh eb
ml\_j`^Zlv qlh kms_kl\mxl g_h[oh^bfu_ b ^hklZlhqgu_ mkeh\by kihkh[kl\mxsb_
ihablb\guf baf_g_gbyf ebqghklb dhlhju_ fh`gh [vuh [u q_ldh hij_^_eblv b
baf_jblv"GZwlhl\hijhkhgkZf^Zehl\_lgZa\Z\r_klvmkeh\bc
>\ZebpZgZoh^ylky\ ikboheh]bq_kdhfdhglZdl_
 I_j\uc i_jkhgZ` gZah\_f _]h deb_glhf ij_[u\Z_l \ khklhygbb
ikbobq_kdh]hjZkkljhckl\ZjZgbfb \klj_\h`_g
<lhjhci_jkhgZ`gZah\_f_]hdhgkmevlZglhfZdlb\ghmqZkl\m_l\ h[s_gbb
DhgkmevlZglbkiulu\Z_l[_amkeh\gh_m\Z`_gb_d deb_glm
DhgkmevlZgli_j_`b\Z_lwfiZlbxijbgy\lhqdmaj_gbydeb_glZb ^Z_lwlh_fm
ihgylv
 WfiZlbq_kdh_ ihgbfZgb_ b [_amkeh\gh_ m\Z`_gb_ dhgkmevlZglZ i_j_^Zxlky
deb_glm^Z`_ijbfbgbfZevghc\ujZ`_gghklb
GbdZdb_ ^jm]b_ mkeh\by g_ h[yaZl_evgu ?keb \ hij_^_e_gguc ijhf_`mlhd
\j_f_gb h[_ki_q_gu ^Zggu_ r_klv mkeh\bc wlh]h ^hklZlhqgh Ihablb\gu_ baf_g_gby
ebqghklbijhbahc^ml
BlZd deb_gl ^he`_g [ulv \ dhglZdl_ k dhgkmevlZglhf b ijbclb \ khklhygb_
^_eZxs__ _]h qm\kl\bl_evguf d ihfhsb kh klhjhgu Hkh[_ggh \Z`gu _ _ b _
mkeh\byh[_ki_qb\Zxsb_^hklZlhqguc^eyihfhsbdhgkmevlZlb\gucdhglZdl
>h\_jbl_evguc dhglZdl dhgkmevlZglZ b deb_glZ hkgh\Zgguc gZ [_amkeh\ghf
m\Z`_gbb wfiZlbb l_iehl_ b bkdj_gghklb dhgkmevlZglZ ih hlghr_gbx d deb_glm
y\ey_lky g_hlt_fe_fhc Z ih fg_gbx fgh]bo ijhn_kkbhgZeh\ ² kms_kl\_gghc
khklZ\eyxs_cikboheh]bq_kdh]hdhgkmevlbjh\Zgbyb ikbohl_jZibb
DhgkmevlZlb\guc dhglZdl ohly \g_rg_ dZ`_lky nhjfZevguf b \_kvfZ
g_ijh^he`bl_evguf ih kjZ\g_gbx kh \k_c `bagvx deb_glZ \k_ `_ y\ey_lky [he__
l_kguf bgl_gkb\guf b ]em[hdbf g_`_eb ex[Zy ^jm]Zy f_`ebqghklgZy k\yav <
dhgkmevlbjh\Zgbb deb_gl h[jZsZ_lky d g_agZdhfhfm q_eh\_dm b jZkdju\Z_l _fm
f_evqZcrb_ih^jh[ghklbk\h_cebqghc`bagbh dhlhjuofh`_l[ulvgbdlh[hevr_g_
agZ_l JZkkdZaZggh_ deb_glhf qZklh ij_^klZ\ey_l _]h g_ \ emqr_f k\_l_ Bgh]^Z \
ijhp_kk_ dhgkmevlbjh\Zgby \kieu\Zxl gh\u_ klhjhgu ebqghklb m^b\eyxsb_
h]hjqZxsb_ b ^Z`_ rhdbjmxsb_ kZfh]h deb_glZ <k_ wlh ^_eZ_l dhgkmevlZlb\guc
dhglZdl bglbfguf hlghr_gb_f ^\hbo ex^_c ijbq_f ki_pbnbq_kdb bglbfguf
g_ihoh`bf gZ ijb\uqgu_ ^jm`_kdb_ beb ex[h\gu_ hlghr_gby WlZ ki_pbnbqghklv
g_iehohjZkdjulZ +HQU\ k khZ\l ]pblih.HQQHG\ 
MgbdZevghklv ijbjh^u l_jZi_\lbq_kdh]h dhglZdlZ aZ\bkbl hl kihkh[ghklb
l_jZi_\lZ jZaebqZlv bglbfghebqghklgu_ b bglbfghl_jZi_\lbq_kdb_ hlghr_gby <
ijhlb\hiheh`ghklv[ebadbfebqgufk\yayfl_jZi_\lbq_kdbcdhglZdlohlyb gZiheg_g
qm\kl\Zfb y\ey_lky Zkbff_ljbqguf l_ lhevdh iZpb_gl jZkdju\Z_l bglbfgu_
ih^jh[ghklb k\h_c `bagb Ikbohl_jZi_\l `_ \he_g j_rZlv gZkdhevdh jZkdju\Zlvky b
\u[bjZlv kihkh[ j_Z]bjh\Zgby gZ kh[ulby baeZ]Z_fu_ deb_glhf Z fh`_l g_
j_Z]bjh\Zlv \hh[s_ DhglZdl Zkbff_ljbq_g _s_ b ihlhfm qlh lhevdh l_jZi_\l
bklhedh\u\Z_l kfuke jZkkdZaZggh]h b kihkh[_g hp_gblv ^hklb`_gb_ l_jZi_\lbq_kdbo
p_e_c < blh]_ l_jZi_\lbq_kdbc dhglZdl mklZgZ\eb\Z_lky ih ijZ\beZf mdZaZgguf
l_jZi_\lhf Wlb ijZ\beZ ij_^mkfZljb\Zxl hlghr_gby \ dhlhjuo l_jZi_\l bf__l
\hafh`ghklvmagZlvh deb_gl_ihqlb\k_Z deb_glihemqZ_lk\_^_gbyh l_jZi_\l_\k_]h
ebrv dZd h ki_pbZebkl_ Khh[jZ`_gby h[ hkh[_gghklyo bglbfghklb \ hlghr_gbyo
deb_glZb ikbohl_jZi_\lZg_kfhljygZikbohZgZeblbq_kdmxdZl_]hjbqghklvfh`ghih
gZr_fmfg_gbxhlg_klbb ddhgkmevlZlb\ghfmdhglZdlm
L_i_jvi_j_c^_fd hij_^_e_gbyfdhgkmevlZlb\gh]hdhglZdlZHgbjZaghh[jZagu
gh fu jZkkfhljbf lhevdh ^\Z gZb[he__ h[h[s_gguo hij_^_e_gby hl\_qZxsb_ gZr_c
lhqd_aj_gbygZikboheh]bq_kdh_dhgkmevlbjh\Zgb_
DhgkmevlZlb\guc dhglZdl ² wlh mgbdZevguc ^bgZfbqguc ijhp_kk \h \j_fy
dhlhjh]h h^bg q_eh\_d ihfh]Z_l ^jm]hfm bkihevah\Zlv k\hb \gmlj_ggb_ j_kmjku ^ey
jZa\blby \ ihablb\ghf gZijZ\e_gbb b ZdlmZebabjh\Zlv ihl_gpbZe hkfuke_gghc `bagb
*HRUJH&QVWLDP  
DhgkmevlZlb\guc dhglZdl ² wlh qm\kl\Z b mklZgh\db dhlhju_ mqZklgbdb
dhgkmevlbjh\Zgby dhgkmevlZgl b deb_gl ² Ijbf Z\l bkiulu\Zxl h^bg ih
hlghr_gbxd ^jm]hfmb kihkh[bo\ujZ`_gby *HOVR&DUWHU
IjZdlbq_kdb \k_ hij_^_e_gby mdZau\Zxl gZ g_kdhevdh mgbdZevguo q_jl
dhgkmevlZlb\gh]h dhglZdlZ *HRUJH b &QVWLDP   \u^_ebeb r_klv hkgh\guo
iZjZf_ljh\
² wfhpbhgZevghklv dhgkmevlZlb\guc dhglZdl kdhj__ wfhpbhgZe_g q_f
dh]gblb\_ghgih^jZamf_\Z_lbkke_^h\Zgb_i_j_`b\Zgbcdeb_glh\ 
² bgl_gkb\ghklv ihkdhevdm dhglZdl ij_^klZ\ey_l bkdj_gg__ hlghr_gb_ b
\aZbfguch[f_gi_j_`b\Zgbyfbhgg_fh`_lg_[ulvbgl_gkb\guf 
²^bgZfbqghklv ijbkf_g_deb_glZf_gy_lkyb ki_pbnbdZdhglZdlZ 
²dhgnb^_gpbZevghklv h[yaZl_evkl\hdhgkmevlZglZg_jZkijhkljZgylvk\_^_gby
h deb_gl_kihkh[kl\m_l^h\_jbl_evghklb 
² hdZaZgb_ ih^^_j`db ihklhyggZy ih^^_j`dZ dhgkmevlZglZ h[_ki_qb\Z_l
klZ[bevghklv dhglZdlZ iha\heyxsmx deb_glm jbkdh\Zlv b iulZlvky \_klb k_[y ih
gh\hfm 
²^h[jhkh\_klghklv
Qlh^_eZ_ldhgkmevlZlb\gucdhglZdll_jZi_\lbqgufwnn_dlb\guf^eyj_r_gby
ikboheh]bq_kdboijh[e_fdeb_glh\Ij_`^_\k_]hlhqlhkZfoZjZdl_jdhglZdlZf_`^m
dhgkmevlZglhfb deb_glhfhljZ`Z_lhkh[_gghklbhlghr_gbcdeb_glZk ^jm]bfbex^vfb
klbevb kl_j_hlbiu_]hh[s_gby²ijh[e_fudeb_glh\fh`ghm\b^_lvkeh\gh\ a_jdZe_
OZjZdl_jdhgkmevlZlb\gh]hdhglZdlZ\ kZfhfijhp_kk_dhgkmevlbjh\ZgbyaZ\bkbl
hll_hj_lbq_kdhchjb_glZpbbdhgkmevlZglZ *HRUJH&ULVWLDP 
LZ[ebpZ  Kh\j_f_ggu_ij_^klZ\e_gbyh dhgkmevlZlb\ghfdhglZdl_
GZijZ\e_g DhgkmevlZlb\guc
b_ dhglZdl
IkbohZgZe DhgkmevlZgl
gZijZ\e_gb Zghgbfghklv qlh[u
k\h[h^gh
k\hb qm\kl\Z
 m^_ey_lky
e_gby
j_Zdpbc i_j_ghkZ
lZgh\e_gbx [he__
dhgljhey
lbjm_l
fZl_jbZe b
deb_glZ m\yau\Zlv
ih\_^_gb_ k
:^e_jbZgk :dp_glbjm_lky
gZijZ\e_gb kl\_gghklb f_`^m
b deb_glhf
m\Z`_gb_
pbc mklZgh\e_gb_
dhgkmevlbjh\Zgby
L_jZiby DhgkmevlZgl
^bj_dlb\ghc
gy_l jhev mqbl_ey
fykv gZmqblv
n_dlb\ghfm
^he`_g Zdlb\gh
\u_ kihkh[u
ebqguo hlghr_gbc
kmevlZglhf b
\Zxlky jZ[hqb_
\uiheg_gby
JZpbhgZev DhgkmevlZgl
wfhpbhgZe l_ey Z deb_gl
l_jZiby $ hlghr_gbyf
_glhf g_ ijb^Z_lky

Hjb_glbjh\ZggZygZdeb_glZ l_jZiby K 5RJHUV

Wdabkl_gpbZevgZyl_jZiby
kgl ih[m`^Z_lky d ihgbfZgbx k\hbo ijh[e_f b gZ hkgh\_ wlh]h ihgbfZgby  d
baf_g_gbxk\h_]hih\_^_gbyhkgh\u\ZykvgZjZpbhgZevguoij_^ihkuedZo
DhgkmevlZlb\guc dhglZdl khklZ\ey_l kmsghklv ijhp_kkZ dhgkmevlbjh\Zgby
Hkh[_ggh ih^q_jdb\Zxlky bkdj_gghklv l_iehlZ wfiZlby m\Z`_gb_ ih^^_j`dZ kh
klhjhgu dhgkmevlZglZ b©i_j_^ZqZªwlbomklZgh\hddeb_glZfMk\h_ggu_\h\j_fy
dhgkmevlZlb\gh]hdhglZdlZgZ\udbdeb_gli_j_ghkblgZ^jm]b_hlghr_gby
Hkgh\gZyaZ^ZqZdhgkmevlZglZ²\`blvky\ wdabkl_gpbxdeb_glZb aZ\yaZlvk gbf
Zml_glbqgmx k\yav DhglZdlbjmy k dhgkmevlZglhf deb_gl jZkdju\Z_l k\hx
mgbdZevghklv Hlghr_gb_ f_`^m dhgkmevlZglhf b deb_glhf ihgbfZ_lky dZd dhglZdl
©q_eh\_d²q_eh\_dªb^_glbqguc\klj_q_^\mojZ\ghp_gguoex^_c©a^_kvb l_i_jvª<h
\j_fydhgkmevlZlb\gh]hdhglZdlZf_gy_lkydZddhgkmevlZgllZdb deb_gl

DZd \b^gh ba lZ[e  k ihabpbc jZaebqguo l_hj_lbq_kdbo hjb_glZpbb dhglZdl
dhgkmevlZgl²deb_gl
² beb kha^Z_l ij_^ihkuedb ^ey gZqZeZ baf_g_gby l_jZiby ih\_^_gby b
jZpbhgZevghwfhpbhgZevgZyl_jZiby 
²bebkZfhijhba\hevghbaf_gy_ldeb_glZ hjb_glbjh\ZggZygZdeb_glZl_jZiby
bebwdabkl_gpbZevgZyl_jZiby 
²bebkhklZ\ey_lkh^_j`Zgb_h[km`^_gbyb jZ[hlu\hh[s_ ikboh^bgZfbq_kdh_
gZijZ\e_gb_
LZdbf h[jZahf ohly ij_^klZ\bl_eb gZijbf_j wdabkl_gpbZevgh
]mfZgbklbq_kdh]h b ikboh^bgZfbq_kdh]h gZijZ\e_gbc dhgkmevlZlb\guc dhglZdl \
dhgdj_lghc jZ[hl_ bkihevamxl ihjZaghfm hgb _^bgu \h fg_gbb h _]h \Z`ghklb \
ijhp_kk_dhgkmevlbjh\Zgby 3URFKDVND  
  L?J:I?<LBQ?KDBC DEBF:L NBABQ?KDB? DHFIHG?GLU
L?J:I?<LBQ?KDH=HDEBF:L:
DZq_kl\h dhgkmevlZlb\gh]h dhglZdlZ aZ\bkbl hl ^\mo \Z`guo nZdlhjh\
l_jZi_\lbq_kdh]h debfZlZ gZ\udh\ dhgkmevlZglZ \_j[Zevguo b g_\_j[Zevguo  \
ih^^_j`Zgbbh[s_gby
L_jZi_\lbq_kdbc debfZl \ k\hx hq_j_^v \dexqZ_l g_kdhevdh wfhpbhgZevgh
agZqbfuo dhfihg_glh\ Ba nbabq_kdbo khklZ\eyxsbo mihfyg_f h[hjm^h\Zgb_ f_klZ
dhgkmevlbjh\Zgby jZkiheh`_gb_ dhgkmevlZglZ b deb_glZ \ ijhkljZgkl\_ ^bklZgpby
fZg_jZkb^_lvb li kljmdlmjbjh\Zgb_\u^_e_ggh]h^eydhgkmevlbjh\Zgby\j_f_gbD
kh[kl\_ggh wfhpbhgZevguf dhfihg_glZf l_jZi_\lbq_kdh]h debfZlZ hlghkyl kha^Zgb_
Zlfhkn_juh[hx^gh]h^h\_jbybkdj_gghklvdhgkmevlZglZ_]hkihkh[ghklvd wfiZlbbb
[_amkeh\ghfmm\Z`_gbxdeb_glZ
< wlhfjZa^_e_h[km^bfnbabq_kdb_dhfihg_glul_jZi_\lbq_kdh]hdebfZlZ
H[klZgh\dZdhgkmevlbjh\Zgby
<h \j_fy ikboheh]bq_kdh]h dhgkmevlbjh\Zgby deb_gl k f_gvr_c
gZklhjh`_gghklvx jZkdju\Z_l b bkke_^m_l k\hb ijh[e_fu _keb dhgkmevlbjh\Zgb_
ijhbkoh^bl \ ohjhrh h[hjm^h\Zgghf dZ[bg_l_ Ihgylgh qlh g_ \k_]^Z \hafh`gh
h[_ki_qblv b^_Zevgu_ mkeh\by h^gZdh d f_klm dhgkmevlbjh\Zgby ij_^ty\eyxlky
hij_^_e_ggu_ lj_[h\Zgby Ij_`^_ \k_]h dhgkmevlbjh\Zgb_ ^he`gh ijhbkoh^blv \
kihdhcghc h[klZgh\d_ \ a\mdhg_ijhgbpZ_fhf dZ[bg_l_ Fu agZ_f qlh kZf ijhp_kk
dhgkmevlbjh\ZgbygZi_j\uoihjZoih\urZ_llj_\h`ghklvihwlhfmdeb_gl^he`_g[ulv
m\_j_gqlh_]hg_mkeurZlihklhjhggb_?kebdeb_glkeurblijhbkoh^ys__\ khk_^g_c
dhfgZl_beb dhjb^hj_hgmkhfgblky\ dhgnb^_gpbZevghklb h[s_gby k dhgkmevlZglhf
Wlhfh`_lihf_rZlv\hagbdgh\_gbxl_jZi_\lbq_kdbwnn_dlb\gh]hdhglZdlZ
DZ[bg_l^he`_g[ulvg_hq_gv[hevrbfhdjZr_gguf\ kihdhcgu_lhgZmxlgh
h[klZ\e_ggufb g_kebrdhf\uqmjgufK\_lg_^he`_giZ^ZlvgZdeb_glZ< dZ[bg_l_
g_h[oh^bf klhe m^h[gu_ klmevy ljbq_luj_ klmeZ gZ kemqZc ijb_fZ g_kdhevdbo
q_eh\_dgZijbf_jjh^bl_ebdeb_glZkmijm`_kdZyiZjZb li >eyijh\_^_gbyaZgylbc
ihj_eZdkZpbb`_eZl_evghbf_lvdmr_ldmGZkl_gZofh`ghih\_kblvg_kdhevdhdZjlbg
gZ ihedZo jZkiheh`blv dgb]b gh bgl_jv_j g_ ^he`_g [ulv i_j_]jm`_g qlh[u g_
hl\e_dZlv\gbfZgb_deb_glZGZjZ[hq_ff_kl_g_klhbl^_j`Zlvkebrdhfebqgu_\_sb
gZijbf_jk_f_cgu_nhlh]jZnbb bebij_^f_luhljZ`Zxsb_m[_`^_gbydhgkmevlZglZ
gZijbf_jdj_klgZkl_g_ 
DZ`^uc jZa deb_glZ ke_^m_l ijbgbfZlv \ h^ghf b lhf `_ dZ[bg_l_ Wlh _]h
f_gvr_ hl\e_dZ_l g_ aZgbfZ_l \j_fy gZ hk\h_gb_ gh\hc h[klZgh\db djhf_ lh]h
iha\hey_lqm\kl\h\Zlvk_[y[_ahiZkg__
Bgh]^Z f_`^m dhgkmevlZglhf b deb_glhf bf__lky ihkj_^gbd gZijbf_j
j_]bkljZlhj  \uihegyxsbc \kihfh]Zl_evgu_ nmgdpbb H^gZdh jhev lZdh]h q_eh\_dZ
hlgx^vg_\lhjhkl_i_ggZhggZkljZb\Z_ldeb_glZgZ\klj_qmk dhgkmevlZglhfIhwlhfm
Zkkbkl_gl^he`_gmf_lvl_iehb ^jm`_kdbh[sZlvky[ulv]hkl_ijbbfgufghgb \dh_f
kemqZ_ g_ ih^f_gylv dhgkmevlZglZ b g_ \f_rb\Zlvky \ `bagv deb_glZ Hg dZd b
dhgkmevlZglh[yaZgkljh]hkh[ex^Zlvlj_[h\Zgbydhgnb^_gpbZevghklb
Kljmdlmjbjh\Zgb_dhgkmevlZlb\gh]hijhkljZgkl\Z
Deb_gl \oh^bl \ dhfgZlm b ihiZ^Z_l gZ l_jjblhjbx dhgkmevlZglZ H^gbf ba
]eZ\guo Zki_dlh\ \aZbfh^_ckl\by dhgkmevlZglZ b deb_glZ y\ey_lky lh qlh h[hagZqZxl
dZdkljmdlmjbjh\Zgb_ijhkljZgkl\ZM`_ijhbkoh^ys__ijbi_j\hc\klj_q_hdZau\Z_l
\ebygb_ gZ ikboheh]bq_kdh_ kZfhqm\kl\b_ deb_glZ <klj_qZ gZqbgZ_lky kh agZdhfkl\Z
Ijbwlhfke_^m_lijb^_j`b\Zlvkyhij_^_e_ggh]hwlbd_lZ\klZlvb \klj_lblvdeb_glZgZ
iheimlb ij_^klZ\blvky ihijhkblv deb_glZ gZ a\Zlv bfy b nZfbebx ij_^eh`blv _fm
\u[jZlv f_klh b k_klv ij_`^_ q_f jZkiheh`blvky kZfhfm Qlh[u deb_gl ihqm\kl\h\Ze
g_ijbgm`^_gghklv dhgkmevlZgl k i_j\uo fbgml agZdhfkl\Z ^he`_g ij_^klZlv
\_`eb\uf ]hkl_ijbbfguf ohaybghf b \_klb k_[y _kl_kl\_ggh [_a baebrg_]h
gZijy`_gby
?s_ h^bg \hijhk k\yaZgguc kh kljmdlmjbjh\Zgb_f dhgkmevlZlb\gh]h
ijhkljZgkl\Z²wlhjZkiheh`_gb_dhgkmevlZglZb deb_glZ 5 0D\   mihlj_[ey_l
ihgylb_ ]_hf_ljby ex[\b ?keb dhgkmevlZgl b deb_gl kb^yl gZ ijhlb\hiheh`guo
klhjhgZo klheZ lh f_`^m gbfb khojZgy_lky khpbZevgZy ^bklZgpby b Zlfhkn_jZ
dhgkmevlbjh\Zgby [m^_l kdhj__ \k_]h hnbpbZevghc ;_kihdhcguf deb_glZf ih^oh^bl
bf_ggh lZdZy ihabpby ² klhe kem`bl [Zjv_jhf h[s_gbx >ey dhgkmevlbjh\Zgby
gZh[hjhl [eZ]hijbylgZ ihabpby jZkiheh`_gby dhgkmevlZglZ b deb_glZ aZ klhehf gZ
h^ghc klhjhg_ < wlbo mkeh\byo dhgkmevlZglm ^hklmigZ \ky g_\_j[ZevgZy bgnhjfZpby
bkoh^ysZy hl deb_glZ djhf_ lh]h hg fh`_l f_gylv b iha\hey_l f_gylv deb_glm
jZkklhygb_ f_`^m gbfb \ aZ\bkbfhklb hl kblmZpbb dhgkmevlbjh\Zgby beb ijb
baf_g_gbb dhgkmevlZlb\gh]h dhglZdlZ JZkiheh`_gb_ ^jm] ijhlb\ ^jm]Z iha\hey_l \
[hevr_cf_j_kha^Z\Zlvhlghr_gbykhljm^gbq_kl\Z >bklZgpby f_`^m dhgkmevlZglhf b
deb_glhf hljZ`Z_l ba\_klguc \ khpbZevghc ikboheh]bb n_ghf_g ebqgh]h
ijhkljZgkl\ZEbqgh_ijhkljZgkl\hbaf_gy_lky\ aZ\bkbfhklbhlhlghr_gbcmqZklgbdh\
[_k_^u h[km`^Z_fhc l_fu dmevlmjguo jZaebqbc BaaZ g_ijZ\bevgh \u[jZgghc
^bklZgpbb \ dhgkmevlbjh\Zgbb gZijbf_j g_khjZaf_jghklv khpbZevgh]h beb
\hajZklgh]h Zki_dlZ ebqgh]h ijhkljZgkl\Z  g_dhlhju_ l_fu \hh[s_ g_ fh]ml [ulv
aZljhgmlu K ijh[e_fhc ^bklZgpbb l_kgh k\yaZg \hijhk h l_jZi_\lbq_kdhf kfuke_ b
\hafh`ghklb nbabq_kdh]h ijbdhkgh\_gby d deb_glm Ijbdhkgh\_gb_ hagZqZ_l hq_gv
[ebadbcbglbfgucdhglZdlBkke_^h\Zgby +ROUR\G b %URGVN\ pblihKh]_m
ihdZaZebqlhhdhehiheh\bguhijhr_gguoikbohl_jZi_\lh\iheZ]Zxlqlhnbabq_kdbc
g_wjhlbq_kdbc dhglZdl ij_^klZ\ey_lky p_gguf \ ijhp_kk_ dhgkmevlbjh\Zgby Hg [he__
\k_]hmf_kl_gijb
²dhgkmevlbjh\ZgbbkhpbZevghb wfhpbhgZevghg_aj_euodeb_glh\
²dhgkmevlbjh\Zgbbex^_cgZoh^ysboky\ djbabk_ihke_ikbobq_kdhcljZ\fu
hkh[_gghk\yaZgghck mljZlhc[ebadbo
²klj_fe_gbbijh^_fhgkljbjh\ZlvwfhpbhgZevgmxih^^_j`dm
H^gZdhhq_gvljm^ghmklZgh\blv]jZgbpm]^_nbabq_kdbcg_wjhlbq_kdbcdhglZdl
ijbh[j_lZ_l oZjZdl_j wjhlbq_kdh]h < ex[hf kemqZ_ ijbdhkgh\_gb_ g_ ^he`gh [ulv
bkihevah\ZghdZdki_pbnbq_kdZyl_ogbdZdhgkmevlbjh\Zgbyijbhlkmlkl\bbbkdj_ggbo
bklbgguo qm\kl\ ih hlghr_gbx d deb_glm Qlh[u ijbdhkgh\_gb_ ihfh]eh kha^Zlv
[_ahiZkguc ^ey deb_glZ l_jZi_\lbq_kdbc debfZl hgh ^he`gh [ulv kihglZgguf b
bkdj_ggbf
Kljmdlmjbjh\Zgb_\j_f_gbdhgkmevlbjh\Zgby
L_jZi_\lbq_kdbcdebfZlij_^iheZ]Z_lb gZ^e_`Zs__kljmdlmjbjh\Zgb_\j_f_gb
M`_ i_j\Zy \klj_qZ k deb_glhf ^he`gZ ijh^he`Zlvky klhevdh \j_f_gb kdhevdh b \k_
ihke_^mxsb_ \klj_qb Bgh]^Z i_j\Zy \klj_qZ aZly]b\Z_lky baaZ g_h[oh^bfhklb [eb`_
ihagZdhfblvkyk deb_glhfb \k_ey_l\ g_]hgZ^_`^mgZg_j_Zevgmxijh^he`bl_evghklv
dhgkmevlbjh\ZgbyIhwlhfmemqr_g_\uau\Zlveh`guoh`b^Zgbc
H[uqgh dhgkmevlZlb\gZy [_k_^Z kh \ajhkeuf q_eh\_dhf ^eblky hl  fbgml ^h
h^gh]h qZkZ LZdZy ijh^he`bl_evghklv g_ kemqZcgZ F_g__ ijh^he`bl_evgZy [_k_^Z
aZklZ\ey_l g_j\gbqZlv b dhgkmevlZglZ b deb_glZ kha^Z\Zy \i_qZle_gb_ qlh hgb g_
mki_xl ^hklZlhqgh ]em[hdh h[km^blv \hijhku \hagbdrb_ \h \j_fy \klj_qb ;he__
ijh^he`bl_evgZy [_k_^Z ohly wlh]h bgh]^Z `_eZ_l dZd deb_gl lZd b dhgkmevlZgl
kebrdhfmlhfblh[hbomqZklgbdh\dhgkmevlbjh\ZgbyIkbohl_jZibyb dhgkmevlbjh\Zgb_
lj_[mxl dhgp_gljZpbb \gbfZgby b [^bl_evghklb Z dZd ba\_klgh dhgp_gljZpbx
\gbfZgby ljm^gh khojZgylv [he__  ²  fbgml LjZ^bpbhggu_  fbgml
j_]eZf_glbjmxsb_ dhgkmevlZlb\gmx \klj_qm iha\heyxl ijh^mdlb\gh h[km^blv
g_kdhevdh \hijhkh\ Z aZl_f  fbgml m^_eblv aZibkb hkgh\guo Zki_dlh\ ijhr_^r_c
[_k_^ubebijhklhhl^uomaZqZr_qdhcdhn_WlhlZd`_\Z`ghijbijb_f_g_kdhevdbo
deb_glh\ ih^jy^ Ijh^he`bl_evghklv [_k_^u fh`_l baf_gylvky \ aZ\bkbfhklb hl
\hajZklZdeb_glZ *HRUJH b &QVWLDQL  mdZau\Zxlqlh[_k_^Zk e_lgbfj_[_gdhf
g_^he`gZ^eblvky[he__fbgmlk e_lgbf²hdhehfbgmlZ k^_lvfbklZjr_
e_ldhgkmevlZlb\gZy[_k_^Zfh`_lijh^he`Zlvky^hqZkZ
Ijh^he`bl_evghklv [_k_^u dhgkmevlZgl hij_^_ey_l \ gZqZe_ \klj_qb Deb_gl
^he`_g agZlv dZdbf \j_f_g_f hg jZkiheZ]Z_l ^ey h[km`^_gby gZ[he_\rbo ijh[e_f
Dh]^ZdhgkmevlZglg_mklZgZ\eb\Z_lijh^he`bl_evghklb[_k_^uhgaZklZ\ey_l deb_glZ
ihklhyggh g_j\gbqZlv qlh ijb_f fh`_l ij_djZlblvky \ ex[hc fhf_gl LZdh_
fZgbimeylb\gh_ ih\_^_gb_ g_`_eZl_evgh Ij_^_eu \j_f_gb fh`gh mklZgZ\eb\Zlv
kZfufbjZaghh[jZagufbkihkh[Zfb
< gZr_fjZkihjy`_gbbfbgmlb y]hlh\\ukemrZlv<Zk
IheZ]Zxqlh<ufh]eb[ugZqZlvk lh]hqlh`^_l_hldhgkmevlbjh\ZgbyM gZk
_klvfbgml\j_f_gb
DZd[u<uohl_ebbkihevah\Zlvk_]h^gyrg__gZr_\j_fy"M gZk_klvfbgml
DhgkmevlZlb\gZy\klj_qZih^oh^bld dhgpmkimklyihqlbfbgmlQlh[uihfhqv
deb_glm emqr_ khjb_glbjh\Zlvky \h \j_f_gb fu ^he`gu _fm gZihfgblv qlh \j_fy
aZdZgqb\Z_lkyK_]h^gym gZkhklZ_lkyhdhehfbgmlqlh[u<u_s_ohl_ebh[km^blv
aZ wlh \j_fy" HaZ[hq_gguc deb_gl qZklh iehoh hjb_glbjm_lky \h \j_f_gb ihwlhfm
lZdh_gZihfbgZgb_fh`_lhdZaZlvky\Z`guf
< gZqZe_ dhgkmevlbjh\Zgby g_h[oh^bfh lZd`_ hij_^_eblv h[smx
ijh^he`bl_evghklv dhgkmevlbjh\Zgby Dhg_qgh \ kZfhf gZqZe_ ljm^gh mklZgh\blv
kdhevdh \j_f_gb aZcf_l j_r_gb_ l_o beb bguo ijh[e_f Ihwlhfm fh`gh aZdexqblv k
deb_glhfhij_^_e_ggucdhgljZdlgZ\klj_qbZ aZl_fhdhgqZl_evghj_rblvy\ey_lky
eb dhgkmevlZlb\guc dhglZdl ijh^mdlb\guf b kdhevdh \j_f_gb fh`_l ijh^he`Zlvky
dhgkmevlbjh\Zgb_
< gZqZe_ dhgkmevlbjh\Zgby ke_^m_l hij_^_eblv b qZklhlm \klj_q H[uqgh
iheZ]Zxl qlh ^ey mklZgh\e_gby ijh^mdlb\gh]h dhglZdlZ ^hklZlhqgh h^ghc ² ^\mo
\klj_q\ g_^_ex
?keb \klj_qZlvky j_`_ klZgh\blky agZqbl_evgh ljm^g__ [eb`_ magZlv deb_glZ
\kihfgblv qlh ijhbkoh^beh gZ ijhrehc \klj_q_ Z lZd`_ khojZgblv g_ij_ju\ghklv
ijhp_kkZdhgkmevlbjh\Zgby

 WFHPBHG:EVGU? DHFIHG?GLU L?J:I?<LBQ?KDH=H

DEBF:L:KHA>:GB?H;HX>GH=H>H<?JBY
Ex^b bsmsb_ ihfhsb m dhgkmevlZglZ beb ikbohl_jZi_\lZ gZoh^ylky \
khklhygbb lj_\h]b b kljZoZ <gZqZe_ hgb g_ agZxl qlh `^Zlv hl dhgkmevlbjh\Zgby b
dhgkmevlZglZ l_f g_ f_g__ ijboh^yl gZ dhgkmevlZpbx kh k\hbfb ijh[e_fZfb b
gZ^_`^hc gZ ihgbfZgb_ ?keb k kZfh]h gZqZeZ deb_gl hlg_k_lky d dhgkmevlZglm k
^h\_jb_flh\ ijhp_kk_dhgkmevlbjh\ZgbyhgklZg_lkf_e__^_eblvkyk\hbfbqm\kl\Zfb
fukeyfbkljZoZfbdhlhju_g_lZde_]dhh[km`^Zlvk qm`bfq_eh\_dhf?kebdeb_glg_
ijhgbdg_lky^h\_jb_fjZ[hlZdhgkmevlZglZ[m^_lg_wnn_dlb\gZb [_kkfuke_ggZ
 Kha^Z\Zlv h[hx^gh_ ^h\_jb_ ² agZqbl kha^Z\Zlv l_jZi_\lbq_kdbc debfZl
kihkh[kl\mxsbc h[km`^_gbx agZqbfuo ijh[e_f Wlh ² h[yaZgghklv dhgkmevlZglZ
Mki_rghklv kha^Zgby l_jZi_\lbq_kdh]h debfZlZ h[mkeh\e_gZ ebqghklgufb dZq_kl\Zfb
dhgkmevlZglZb _]hhlghr_gb_fd dhgkmevlbjh\Zgbx
² g_h[oh^bf bkdj_ggbc bgl_j_k d ex^yf b ih^ebggh_ `_eZgb_ ihfh]Zlv bf
<Z`ghex[blvg_lhevdhq_eh\_q_kl\hghb hl^_evgh]hq_eh\_dZG_evayaZ[u\Zlvqlh
deb_glulhgdhqm\kl\mxlbgl_j_km_lkyebdhgkmevlZglbfbihkms_kl\mbeblhevdhdZd
h[t_dlZfb bkke_^h\Zgby Lj_\h]m deb_glh\ hljZ`Zxl pblZlu ba bo ijbagZgbc Hg
kfhlj_egZf_gykeh\ghohl_ej_rblv\ lhlebysbq_d\eh`befhxdZjlhqdmZ g_dZd
gZ^jm]h_q_eh\_q_kdh_kms_kl\h
Y \g_aZighmkeurZedZdhg]h\hjbeh kemqZ_b km`Zkhfihgyeqlhj_qvreZ
h[h fg_ Gbdlh ba gZkg_ `_eZ_l[ulv ljZdlm_fuf dZd kemqZc mqZklgbd ih_^bgdZ
bebbkke_^m_fuc
² \h \j_fy dhgkmevlbjh\Zgby \k_ \gbfZgb_ ke_^m_l m^_eylv deb_glm g_evay
aZgbfZlvky ihklhjhggbfb ^_eZfb gZijbf_j jZa]h\Zjb\Zlv ih l_e_nhgm jZaj_rZlv
\oh^blv\ dZ[bg_ldhee_]Zfb h[km`^Zlvk gbfbdZdb_lhimkdZc^Z`_\Z`gu_\hijhku
\blZlv\ fukeyoaZkl_gZfbdZ[bg_lZb li 
² gZ^h ij_^hklZ\blv deb_glm fZdkbfZevgmx \hafh`ghklv \ukdZaZlvky Hg
ijboh^bl d dhgkmevlZglm g_ \ukemrb\Zlv ihmq_gby b fm^ju_ kh\_lu Z jZkkdZaZlv h
]g_lmsbob aZljm^gbl_evguoZki_dlZok\h_c`bagb
²g_ke_^m_lijhy\eylvbaebrg__ex[hiulkl\hDhgkmevlZglg_^he`_gihoh^blv
gZ^_l_dlb\Z<Z`gZebrvlZbgnhjfZpbyh deb_gl_dhlhjZyg_h[oh^bfZ^eyihgbfZgby
_]h ijh[e_f ?keb dhgkmevlZgl \ugm`^Z_l deb_glZ qj_af_jgh jZkdju\Zlvky deb_gl
ihke_ \bablZ bkiulu\Z_l g_m^h[kl\h i_j_`b\Z_l qm\kl\h \bgu b g_j_^dh ij_djZsZ_l
dhgkmevlbjh\Zgb_
²g_h[oh^bfhkh[ex^Zlvijhn_kkbhgZevgmxlZcgm?kebdhgkmevlZglihdZdbf
lhijbqbgZfh[yaZg^_eblvkyk ^jm]bfbk\_^_gbyfbh deb_gl_ gZijbf_jijbgZ^ahj_aZ
dhgkmevlbjh\Zgb_f gZ^hihklZ\blv_]h\ ba\_klghklv
² Ke_^m_l ihfhqv deb_glm ihqm\kl\h\Zlv k_[y g_ijbgm`^_ggh \h \j_fy
dhgkmevlZlb\guo \klj_q >ey wlh]h dhgkmevlZgl ^he`_g ijhy\eylv ^jm`_ex[b_
bkdj_gghklv_kl_kl\_gghklvkmf_lv\hclb\ iheh`_gb_deb_glZ
² d ijh[e_fZf deb_glZ g_h[oh^bfh hlghkblvky [_a hkm`^_gby DhgkmevlZgl
^he`_g g_ hp_gb\Zlv Z kemrZlv keurZlv b ihgbfZlv Dh]^Z dhgkmevlZgl bkdj_gg_ b
_kl_kl\_ggh ^_fhgkljbjm_l mklZgh\dm ijbgylby deb_gl qm\kl\m_l k_[y ihgyluf b
aZkem`b\Zxsbfm\Z`_gby
<Z`ghklv ijbgylby ^ey jhklZ b baf_g_gby ebqghklb deb_glZ K 5RJHUV 
hij_^_ebeba\_klghc]bihl_ahc_keb²lh
?keb y bkdj_gg_ b l_ieh hlghrmkv d q_eh\_dm klZjZxkv gZclb d g_fm
bg^b\b^mZevgucih^oh^b hp_gblv_]hmkbebylhhg
²j_Zebam_ll_Zki_dlukZfh[ulghklbdhlhju_ij_`^_ih^Z\eye
²klZg_l[he__bgl_]jbjh\Zggufb kihkh[guf`blviheghp_gg__
²klZg_l[he__ihoh`gZlh]hd_f_fmohq_lky[ulv
²klZg_l[he__m\_j_gguf\ k_[_b kdehggufd kZfhhij_^_e_gbx
²klZg_l[he__mgbdZevghcb kZfhZdlmZebabjmxs_ckyebqghklvx
² emqr_ ihcf_l ^jm]bo b klZg_l l_jibf__ wnn_dlb\g__ [m^_l khijhlb\eylvky
`bag_ggufg_\a]h^Zf
K 5RJHUV   knhjfmebjh\Ze lZd`_ \hijhku dhlhju_ dhgkmevlZgl h[yaZg
aZ^Zlv k_[_ Wlb \hijhku h[tykgyxl mkeh\by \hagbdgh\_gby \aZbfgh]h ^h\_jby b
h^gh\j_f_gghij_^klZ\eyxldjbl_jbcg_h[oh^bfhckZfhm\_j_gghklbdhgkmevlZglZ
²Fh]meby [ulvlZdbfqlh[u^jm]b_ex^b\hkijbgbfZebf_gydZdgZ^_`gh]h
q_eh\_dZ"
²Fh]meby hlq_leb\h\ujZ`Zlvk\hbfukebqlh[u\ h[s_gbbf_gyihgbfZeb
g_^\mkfuke_ggh"
²Fh]meby bf_lv\ hlghr_gbb^jm]h]hq_eh\_dZmklZgh\db[Zabjmxsb_kygZ
l_iehl_aZ[hl_m\Z`_gbbaZbgl_j_kh\Zgghklb
²Fh]meby [ulv^hklZlhqghkbevghcebqghklvxqlh[uhlebqZlvkyhl^jm]bo"
² Fh]m eb y qm\kl\h\Zlv k_[y ^hklZlhqgh kZfhm\_j_gguf qlh[u iha\heblv
^jm]hfmq_eh\_dm[ulvbgufhlebqgufhlf_gy"
²Fh]meby iha\heblvk_[_iheghklvxih]jmablvky\ fbjqm\kl\b ebqghklguo
kfukeh\^jm]h]hq_eh\_dZb bkiulZlvkoh^gu_i_j_`b\Zgby
² Fh]m eb y ijbgylv ^jm]h]h q_eh\_dZ lZdbf dZdh\ hg _klv" M^Zklky eb fg_
i_j_^Zlv_fmwlh"
² Fh]m eb y [ulv ^hklZlhqgh qmldbf \ hlghr_gbyo k ^jm]bfb qlh[u fh_
ih\_^_gb_g_[ueh\hkijbgylhdZdm]jhaZ"
²Fh]meby hk\h[h^blv^jm]h]hq_eh\_dZhlhiZkghklb\g_rgbohp_ghd"
²Fh]meby ijbgylv^jm]h]hq_eh\_dZdZdgZoh^ys_]hky\ ijhp_kk_klZgh\e_gby
beb[m^mkl_kg_g_]hb k\hbfhiulhf
>ey mklZgh\e_gby h[hx^gh]h ^h\_jby dZd l_i_jv h[s_ijbagZgh dhgkmevlZglm
hkh[_ggh g_h[oh^bfu dZq_kl\Z \i_j\u_ \u^_e_ggu_ K 5RJHUV   bkdj_gghklv
kihkh[ghklvd wfiZlbbb [_amkeh\gh_m\Z`_gb_d ex^yf
Bkdj_gghklvdhgkmevlZlb\gh]hdhglZdlZ dhg]jmwglghklv
Bkdj_gghklv ² h^bg ba \Z`g_crbo we_f_glh\ kha^Zgby l_jZi_\lbq_kdh]h
debfZlZBkdj_gghklbg_evaygZmqblvkyh^gZdhdhgkmevlZgl^he`_gmf_lv\_klbk_[yk
deb_glZfblZdqlh[uhgb\hkijbgyeb\oh`^_gb_\ k\hc\gmlj_ggbcfbjdZdih^^_j`dm
Z g_ dZd m]jham Ih fg_gbx K 5RJHUV   dhg]jmwglghklv hagZqZ_l qlh \
f_`ebqghklguo hlghr_gbyo dhgkmevlZgl g_ijbgm`^_ggh b kZfh[ulgh \ujZ`Z_l k\hb
i_j_`b\Zgby Dhg]jmwglghklv ij_^klZ\ey_l kh[hc hkhagZggmx beb g_hkhagZ\Z_fmx
ijhlb\hiheh`ghklv ^_fhgkljZpbb nZkZ^Z Ba\_klgh qlh ijhy\e_gb_ kZfhklb g_
kqblZ_lky \ ikbohl_jZibb b^_Zevguf klbe_f L_jZi_\lm \h\k_ b g_ ke_^m_l
^_fhgkljbjh\Zlv bgl_]jbjh\Zgghklv \ukr_c kl_i_gb gZ dZ`^hf rZ]m >hklZlhqgh
hklZ\ZlvkykZfbfkh[hc\h\j_fyikbohl_jZi_\lbq_kdh]hdhglZdlZ
BlZdbkdj_gghklvdhgkmevlZglZ²wlh_]hkihkh[ghklvhklZ\ZlvkykZfbfkh[hcb
hlkmlkl\b_ ihlj_[ghklb ^_fhgkljbjh\Zlv ijhn_kkbhgZevguc nZkZ^ Bkdj_ggbc
dhgkmevlZgl g_ ijyq_lky aZ fZkdhc b g_ klZjZ_lky bkihegblv jhev Hg _kl_kl\_g_g \
dhglZdl_ ihlhfm qlh qmlhd d k\hbf j_Zdpbyf b qm\kl\Zf ^h[jhkh\_kl_g b ijZ\^b\ \
i_j_^Zq_bodeb_glZfBkdj_gghklvij_^iheZ]Z_lkhhl\_lkl\b_\ukdZau\Zgbcqm\kl\Zfb
g_\_j[Zevghfm ih\_^_gbx kihglZgghklv Dhg]jmwglgh_ \aZbfh^_ckl\b_ iha\hey_l
deb_glm lh`_ g_ kdju\Zlvky aZ nZkZ^hf \ h[s_gbb k dhgkmevlZglhf Hldjuluc k\hbf
qm\kl\ZffukeyfmklZgh\dZfb h^gh\j_f_gghg_bkiulu\Zxsbclj_\h]bdhgkmevlZgl
kihkh[kl\m_ldhfnhjlghfmkhklhygbxdeb_glZ
Ke_^m_l hlf_lblv qlh baeh`_ggZy lhqdZ aj_gby gZ ijhy\e_gb_ bkdj_gghklb
dhgkmevlZglhf \ kblmZpbb dhgkmevlbjh\Zgby g_ _^bgkl\_ggZy Ohly gbdlh g_
ml\_j`^Z_l qlh dhgkmevlZgl ^he`_g [ulv g_bkdj_g_g beb fh`_l h[fZgu\Zlv deb_glZ
h^gZdh gZkdhevdh _fm ke_^m_l ^_eblvky k deb_glhf kh[kl\_ggufb qm\kl\Zfb
khh[jZ`_gbyfb h dhgkmevlbjh\Zgbb ² fg_gby g_ kh\iZ^Zxl < h[s_f dhgkmevlZglu
ZgZeblbq_kdhchjb_glZpbbagZqbl_evghf_gvr_^_eylkyk deb_glZfbk\hbfbqm\kl\Zfb
g_`_ebwlh^_eZxldhgkmevlZgluwdabkl_gpbZevgh]mfZgbklbq_kdhchjb_glZpbbL_fg_
f_g__ \k_ kh]eZkgu qlh hldjh\_gghklv dhgkmevlZglZ \ hlghr_gbyo k deb_glhf bf__l
ij_^_e²dhgkmevlZglg_h[km`^Z_lb g_j_rZ_lkh[kl\_gguoijh[e_fk deb_glhf
WfiZlby\ dhgkmevlbjh\Zgbb
Ihablb\gh_ agZq_gb_ wfiZlbq_kdh]h ihgbfZgby ^ey j_amevlZlh\
dhgkmevlbjh\Zgby emqr_ \k_]h ih^l\_j`^_gh wfibjbq_kdb Wlh]h agZq_gby g_
hkiZjb\Zxlij_^klZ\bl_eb\k_ohjb_glZpbb
WfiZlby y\ey_lky VLQH TXD ihi g_ij_f_gguf mkeh\b_f  dhgkmevlbjh\Zgby b
ikbohl_jZibb HgZ \dexqZ_l b^_glbnbdZpbx k ^jm]bf ebphf ijb dhlhjhc klZgh\blky
\hafh`guf \aZbfhihgbfZgb_ jZaguo ex^_c Wlh ^h\hevgh lZbgkl\_gguc ijhp_kk $
$GLHU pblih 0D\  ibr_l
WfiZlby ihy\ey_lky dh]^Z h^bg q_eh\_d jZa]h\Zjb\Z_l k ^jm]bf G_\hafh`gh
ihgylv ^jm]h]h bg^b\b^Z _keb g_ b^_glbnbpbjh\Zlv k_[y k gbf ?keb fu iulZ_fky
h[gZjm`blvhldm^Z\hagbdZ_lkihkh[ghklv^_ckl\h\Zlvb qm\kl\h\ZlvgZih^h[b_^jm]h]h
q_eh\_dZ lh hldju\Z_f kms_kl\h\Zgb_ \jh`^_ggh]h khpbZevgh]h qm\kl\Z Hgh ghkbl
dhkfbq_kdbc oZjZdl_j b ij_^klZ\ey_l kh[hc g_ij_f_ggmx oZjZdl_jbklbdm [ulby
q_eh\_dZ
Ih fg_gbx K -XQJ pbl ih 0D\   a^_kv ijhbkoh^bl ijhp_kk kebygby \
dhlhjhfbaf_gyxlkydZddhgkmevlZgllZdb deb_gl
<klj_qZ ^\mo ebqghkl_c ih^h[gZ kh_^bg_gbx obfbq_kdbo km[klZgpbc _keb
\hagbdZ_l j_Zdpby hgb h[_ baf_gyxlky KqblZ_lky qlh ^hdlhj hdZau\Z_l \ebygb_ gZ
iZpb_glZ \ dZ`^hf kemqZ_ wnn_dlb\gh]h e_q_gby ikbobdb gh wlh \ebygb_ \hafh`gh
_kebb gZg_]h\eby_liZpb_gl
LZdbfh[jZahfijhy\e_gb_wfiZlbb\ h[s_gbbhagZqZ_lqlhdhgkmevlZglqmldhb
lhqgh j_Z]bjm_l gZ i_j_`b\Zgby deb_glZ keh\gh wlh _x kh[kl\_ggu_ i_j_`b\Zgby
Ih^jZamf_\Z_lky kihkh[ghklv \`blvky \ km[t_dlb\guc fbj deb_glZ b ihgylv kfuke
jZaguo kh[ulbc \ wlhf fbj_ LZdh_ \oh`p_gb_ ^he`gh [ulv [_ahp_ghqguf g_
jZa^_eyxsbf kh^_j`Zgb_ bgh]h fbjZ gZ ijZ\bevgmx b g_ijZ\bevgmx ohjhrmx b
iehomx qZklb ;_ahp_ghqgZy mklZgh\dZ dhgkmevlZglZ iha\hey_l deb_glZf \ [hevr_c
f_j_ ijbgbfZlv k_[y Dh]^Z dhgkmevlZgl lhqgh b klZjZl_evgh b^_glbnbpbjm_l
jZaghh[jZagu_qm\kl\Z²aeh[mkljZo\jZ`^_[ghklvlj_\h]mjZ^hklv²deb_glbf__l
\hafh`ghklvemqr_mkeurZlvb ihgylvk_[y
WfiZlby lZd`_ ihfh]Z_l dhgkmevlZglm jZah[jZlvky \ ijbqbgZo g_^hklZlhqghc
hldjh\_gghklb deb_glZ h q_flh deb_gl g_ ]h\hjbl ihkdhevdm wlhfm ij_iylkl\m_l
[_kkhagZl_evgh_khijhlb\e_gb_qlhlhijhklhkdju\Z_lb hq_flhg_jZkkdZau\Z_lbaaZ
hiZk_gbcg_[ulvmkeurZgguf Kho 
<hc^y \ fbj ^jm]h]h q_eh\_dZ dhgkmevlZglm \Z`gh hklZ\Zlvky Z\lhghfguf hl
deb_glZ l_ khojZgblv kZfhklv A^_kv kms_kl\m_l g_dhlhjZy hiZkghklv dhlhjmx
\ujZabeK 5RJHUV  
?keb y ^_ckl\bl_evgh hldjul lhfm dZd ihgbfZ_l `bagv ^jm]hc q_eh\_d b
ijbgbfZx_]hfbj\ k\hclhjbkdmxgZqZlvkfhlj_lvgZ`bagv_]h]eZaZfbb \ke_^kl\b_
mljZlu kZfhklb khijhlb\eylvky baf_g_gbx \f_kl_ k gbf >jm]Zy djZcghklv khklhbl \
iheghf khojZg_gbb kh[kl\_ggh]h \a]ey^Z gZ fbj kdjmime_aghf ZgZeba_ b baebrg_c
hp_gd_b lh]^ZihgbfZgb_^jm]h]hq_eh\_dZklZgh\blkyg_^hklmigh
Ihwlhfm khi_j_`b\Zgb_ dhgkmevlZglZ deb_glm gbdh]^Z g_ ^he`gh [ulv
lhlZevgufZ lhevdhqZklbqgufb \j_f_gguf
WfiZlby hagZqZ_l kihkh[ghklv dhgkmevlZglZ g_ lhevdh khi_j_`b\Zlv gh b
ihgbfZlvdeb_glZ< wlhfkfuke_hgZij_^klZ\ey_lkh[hcZnn_dlb\gucb dh]gblb\guc
gZ\ud ² Znn_dlb\guc ihkdhevdm iha\hey_l dhgkmevlZglm b^_glbnbpbjh\Zlv qm\kl\Z
deb_glZ Z dh]gblb\guc ² ihkdhevdm h[yau\Z_l dhgkmevlZglZ mklZgZ\eb\Zlv kh[ulby
\uau\Zxsb_ khhl\_lkl\mxsb_ qm\kl\Z *HRUJH &ULVWLDQL   LZdh\ \a]ey^
[hevrbgkl\Z ij_^klZ\bl_e_c ikboheh]bq_kdh]h dhgkmevlbjh\Zgby gZ wfiZlbx dZd gZ
fgh]hklmi_gqZluc ijhp_kk Ih fg_gbx *ODGVWHLQ   \hi_j\uo wfiZlbq_kdh_
ihagZgb_ hkms_kl\ey_lky ij_`^_ \k_]h wfhpbhgZevgh q_j_a khi_j_`b\Zgb_ deb_glm
Khi_j_`b\Zgb_g_[u\Z_lihegufKdhj__wlhijhp_kk\ dhlhjhfdhgkmevlZglqZklbqgh
bkiulu\Z_lqm\kl\Zdeb_glZh^gh\j_f_gghkhojZgyyg_h[oh^bfmxhlkljZg_gghklv<h
\lhjuowfiZlbyy\ey_lkydh]gblb\gufijhp_kkhf\ dhlhjhfdhgkmevlZgl\gbfZl_evgh
ZgZebabjm_l lh k q_f klhedgmeky \ km[t_dlb\ghf fbj_ deb_glZ b i_j_^Z_l kfuke
kh^_j`Zgbydeb_glm<lj_lvbodZdhlf_qZ_lK 5RJHUV  \Z`gZi_j_^ZqZwfiZlbb
deb_glm
WfiZlbq_kdh_ihgbfZgb_fh`ghihdZaZlvdeb_glmkZfufbjZagufbkihkh[Zfb²
fheqZgb_fhljZ`_gb_fqm\kl\m^Zqghcb k\h_\j_f_gghcbgl_jij_lZpb_cjZkkdZau\Zy
dZdmxgb[m^vbklhjbxlhqghcf_lZnhjhcb li
< ihke_^gb_]h^u h[ahj +DFNOH\  pblih *HOVR)WHW]  gZ[ex^Z_lky
l_g^_gpby k\h^blv km[t_dlb\guc hiul wfiZlbb dhlhjuc dhgkmevlZgl fh`_l \ujZ`Zlv
jZaebqgufb kihkh[Zfb d mf_ehfm h[s_gbx >_eZ_lky ihiuldZ kmablv lh qlh 5RJHUV
ihgbfZe dZd kihkh[ kms_kl\h\Zgby ^h gZ\udZ ih^^Zxs_]hky lj_gbjh\d_ WlZ
l_g^_gpby ijhy\ey_lky lZd`_ \ ijbjZ\gb\Zgbb wfiZlbb d h^ghc ba l_ogbd
ikboheh]bq_kdh]h dhgkmevlbjh\Zgby ² hljZ`_gbx qm\kl\ dhgkmevlZgl i_j_njZabjm_l
b hljZ`Z_l qm\kl\Z deb_glZ qlh[u ihfhqv _fm \ bo \ujZ`_gbb  Ohly hljZ`_gb_
h[e_]qZ_li_j_^ZqmwfiZlbq_kdh]hihgbfZgbyghkeh`gucb fgh]hklmi_gqZlucijhp_kk
wfiZlbbhlgx^vg_bkq_jiu\Z_lkyqZklghcl_ogbdhc
Ihkdhevdm wfiZlby g_ y\ey_lky ijhkluf gZ\udhf g_ykguf hklZ_lky \hijhk
h[mq_gby MgbdZevgZy kihkh[ghklv dhgkmevlZglZ d wfiZlbb khklhbl \ k\h_h[jZaghf
\b^_gbbdeb_glZ²mf_gbb\gbdgmlv\ _]hg_\_j[Zevgh_ih\_^_gb_b qm\kl\ZkdZaZggh_
h[ wlbo qm\kl\Zo b gZhkgh\Zgbb bglmbpbb ihgylv qlh deb_gl ]h\hjbl hldjh\_ggh b h
q_fmfZeqb\Z_lb l^
;_amkeh\gh_m\Z`_gb_deb_glZ
Ih^ ihgylb_f [_amkeh\gh_ m\Z`_gb_ bf__lky \ \b^m [_amkeh\gh_ b
[_ahp_ghqgh_ ijbgylb_ deb_glZ dZd p_ehklghc ebqghklb Ihke_^h\Zl_eb K 5RJHUV
bkihevamxl_s_l_jfbg[_amkeh\gh_ihablb\gh_hlghr_gb_dhlhjh_hlh`^_kl\ey_lky
k wfhpbhgZevghc l_iehlhc b aZ[hlhc ² keh`g_crbfb b ijhlb\hj_qb\ufb
khklZ\eyxsbfbl_jZi_\lbq_kdh]hdebfZlZ
K 5RJHUV   ij_^eZ]Z_l ke_^mxs__ hij_^_e_gb_ ;_amkeh\gh_ ihablb\gh_
hlghr_gb_²wlhl_jibfhklvdh\k_fZki_dlZfkm[t_dlb\gh]hfbjZdeb_glZkeh\ghlu
kZfy\ey_rvky_]hqZklvxIhablb\gh_hlghr_gb_g_\u^\b]Z_lgbdZdbomkeh\bclbiZ
lufg_ihgjZ\brvky_keb[m^_rvlZdbflhbkdexqZ_lkylZd`_mklZgh\dZgZohjhrb_
b iehob_ dZq_kl\Z G_h[oh^bfh \h[jZlv \k_ khpbZevgu_ qm\kl\Z deb_glZ g_ lhevdh
iheh`bl_evgu_²aj_eu_ghb g_]Zlb\gu_²hllZedb\Zxsb_b im]Zxsb_aZsblgu_b
g_ghjfZevgu_ Ke_^m_l kfbjblvky k ijhlb\hj_qb\hklvx deb_glZ < ih^h[ghf
hlghr_gbb b ijhy\ey_lky aZ[hlZ h deb_gl_ hldZa hl kh[kl\_ggbq_kdbo mklZgh\hd b
ihiulhdm^h\e_l\hj_gbyaZijhkh\kZfh]hl_jZi_\lZH deb_gl_gm`ghaZ[hlblvkydZdh
kZfhklhyl_evghcebqghklbiha\heyy_fm`blvk\h_c`bagvx
Ihablb\gh_ hlghr_gb_ d deb_glZf k\yaZgh k bkdj_gghklvx dhgkmevlZglZ \
dhgkmevlZlb\ghf dhglZdl_ Lhevdh m\Z`Zy deb_glh\ fh`gh [ulv k gbfb q_klguf b
\klmiZlv\ dhgnjhglZpbx
 &DUNKXQ b %HUHQVRQ   hlf_qZxl qlh ihablb\gh_ hlghr_gb_ d deb_glZf
nhjfbjm_lkygZhkgh\ZgbbkZfhm\Z`_gbydhgkmevlZglZ?kebikbohl_jZi_\lg_^hjh`bl
k\hbfbqm\kl\Zfbb fukeyfbij_g_[j_]Z_lk\hbfijhreuf_fmljm^ghm\Z`Zlvfukeb
b qm\kl\Z^jm]h]hq_eh\_dZ
Ihablb\gh_hlghr_gb_hq_gv\Z`gZykhklZ\eyxsZyijhp_kkZdhgkmevlbjh\Zgby
*HRUJH&ULVWLDQL   ih^f_lbebqlhdmjkZglu \h \j_fyh[mq_gby dhgkmevlbjh\Zgbx
qZklh m^b\eyxlky dZd fh`_l gjZ\blvky dZ`^uc q_eh\_d h[jZsZxsbcky aZ ihfhsvx
;hevrbgkl\h ki_pbZebklh\ kihkh[gu ih^^_j`b\Zlv ihablb\gu_ hlghr_gby k kZfufb
jZagufbex^vfb²dhgkmevlZlb\gucdhglZdliha\hey_li_j_klmiblvq_j_aij_]jZ^u
dhlhju_h[uqghkqblZxlkyg_ij_h^hebfufb?keb\ dZdhfeb[hkemqZ_dhgkmevlZglg_
\ khklhygbb i_j_[hjhlv k_[y hg h[yaZg gZijZ\blv deb_glZ d dhee_]_ h[ mkeh\byo
gZijZ\e_gbykfgb`_ 
Bkke_^h\Zgby ihdZau\Zxl qlh [_amkeh\gh_ ihablb\gh_ hlghr_gb_ ² wlh
keh`gh_y\e_gb_\ g_ffh`gh\u^_eblvg_kdhevdhg_aZ\bkbfuonZdlhjh\ /LHWDHU 
%DUUHW/HQQDUG   %DUUHW/HQQDUG   mdZau\Z_l gZ ^\Z kms_kl\_gguo nZdlhjZ
mjh\_gv hlghr_gby b [_amkeh\ghklv hlghr_gby Mjh\_gv hlghr_gby hij_^_ey_lky dZd
h[sZy \ujZ`_gghklv wfhpbhgZevgh]h j_Z]bjh\Zgby h^gh]h q_eh\_dZ gZ ^jm]h]h
Ihablb\gh_ hlghr_gb_ \dexqZ_l l_iehlm kbfiZlbx aZ[hlm hp_gdm deb_glZ [_a
klj_fe_gbydhgljhebjh\Zlvb mijZ\eylv?kebmjh\_gvhlghr_gbyk\yaZgk ijhy\e_gb_f
ihablb\guo beb g_]Zlb\guo qm\kl\ d deb_glm lh [_amkeh\ghklv hlghr_gby
ih^jZamf_\Z_l ihklhygkl\h ijbgylby deb_glZ l_ hlghr_gb_ [_a \kydbo _keb
;_amkeh\ghklv hagZqZ_l qlh [Zah\Zy mklZgh\dZ dhgkmevlZglZ g_ dhe_[e_lky \
aZ\bkbfhklbhlwfhpbhgZevgh]hkhklhygbyb ih\_^_gbydeb_glZ
;_amkeh\gh_ ihablb\gh_ hlghr_gb_ ij_^klZ\ey_lky g_ lhevdh keh`guf gh b
^h\hevgh ijhlb\hj_qb\uf n_ghf_ghf K 5RJHUV kqblZ_l ihablb\gh_ hlghr_gb_ d
deb_glmh^gbfbalj_omkeh\bcmki_rghcl_jZibbghhgg_^hklZlhqghijhZgZebabjh\Ze
kZfhihgylb_ b khimlkl\mxsb_ ijh[e_fu Djblbdb ml\_j`^Zxl qlh \ ikbohl_jZibb b
dhgkmevlbjh\Zgbb g_j_Zevgh gZ^_ylvky gZ [_ah]h\hjhqgh_ m\Z`_gb_ d deb_glZf
Lj_[h\Zgb_[_amkeh\ghklbm\Z`_gbyijhlb\hj_qblihbofg_gbx^jm]bflj_[h\Zgbyf
d dhgkmevlZglm gZijbf_jbkdj_gghklb 
Hl\_l gZ lZdh]h jh^Z djblbdm fh`_l [ulv ^\hydbf <hi_j\uo _s_ %HUHQVRQ b
&DUNKXIID ]ih^q_jdb\Zebqlhihablb\gh_hlghr_gb_²l_hj_lbq_kdh_ihgylb_b
k lhqdbaj_gbyih\k_^g_\ghcijZdlbdbijZ\bevg__]h\hjblvh [_amkeh\ghfihablb\ghf
hlghr_gbb \h fgh`_kl\_ kblmZpbc dhgkmevlbjh\Zgby Bgh]^Z hlghr_gb_ [u\Z_l
h[mkeh\e_gguf <h\lhjuo hkgh\u\Zykv gZ ml\_j`^_gbb /LHWDHU   ke_^m_l
jZaebqZlv km[t_dlb\guc fbj deb_glZ b _]h \g_rg__ ih\_^_gb_ ;_amkeh\ghklv
gZijZ\e_gZ gZ ijbgylb_ qm\kl\ nZglZabc fuke_c `_eZgbc deb_glZ /LHWDHU 
ibr_l
Deb_gl \ h[s_gbb kh fghc fh`_l [ulv k\h[h^_g b ij_^Z\Zlvky ex[uf
i_j_`b\Zgbyf hg ^he`_g qm\kl\h\Zlv qlh y hldjul _]h hiulm b g_ kdehg_g d
hkm`^_gbxH^gZdhwlhg_hagZqZ_lkh]eZkgh /LHWDHU ijb_fe_fhklbex[h]hih\_^_gby
DZd \ l_jZi_\lbq_kdbo hlghr_gbyo lZd b aZ bo ij_^_eZfb \hafh`gZ kblmZpby dh]^Z
dhgkmevlZgl g_ h^h[jy_l b hl\_j]Z_l ih\_^_gb_ deb_glZ Ijb wlhf \Z`gh ihgylv qlh
kdjulhaZih\_^_gb_fdhlhjh_g_h^h[jy_lky
G:<UDBIH>>?J@:GBYDHGKMEVL:LB<GH=HDHGL:DL:
G_\_j[Zevgh_h[s_gb_
< h[s_gbb ex^b g_ij_ju\gh i_j_^Zxl bgnhjfZpbx ^jm] ^jm]m g_ lhevdh
ihkj_^kl\hfj_qbghb \ujZ`_gb_febpZ^\b`_gbyfbl_eZmklZgh\e_gb_f^bklZgpbbb
liLZdbfh[jZahfijbkh\f_klghfij_[u\ZgbbfugbdZdg_fh`_fba[_`Zlvh[s_gby
Fu \ukdZau\Z_f dZd qm\kl\m_f k_[y qlh ^mfZ_f dZd ohl_eb [u ihklmiblv g_
ijhbaghky gb keh\Z G_\_j[Zevgh_ ih\_^_gb_ q_eh\_dZ hq_gv kms_kl\_ggh \ ijhp_kk_
h[s_gby< dhgkmevlbjh\ZgbbfulZd`_ihkueZ_fdeb_glZfg_\_j[Zevgu_khh[s_gbyb
kqblu\Z_f bo g_\_j[Zevgu_ j_Zdpbb DjZcg_ \Z`gh qlh[u dhgkmevlZgl hlf_qZe
g_\_j[Zevgu_ihkeZgbydeb_glh\j_Z]bjh\ZegZgbob h^gh\j_f_gghhkhagZ\Ze\ebygb_
k\h_]hg_\_j[Zevgh]hih\_^_gbygZdeb_glh\
*D]GD k khZ\l   jZkij_^_ebe g_\_j[Zevgu_ j_Zdpbb gZ q_luj_ hkgh\gu_
fh^Zevghklb LZdh_ kljmdlmjbjh\Zgb_ ihfh]Z_l emqr_fm hkhagZgbx g_\_j[Zevgh]h
ih\_^_gbyb gZ[ex^_gbxaZgbf
G_\_j[Zevgh_ih\_^_gb_b kljmdlmjbjh\Zgb_\j_f_gb
Z hihagZgb_²aZf_^e_ggh_j_Z]bjh\Zgb_gZkhh[s_gbyiZjlg_jZ
[  ijbhjbl_lu ² hlghkbl_evgh_ \j_fy h[km`^_gby hl^_evguo l_f 
G_\_j[Zevgh_h[s_gb_k bkihevah\Zgb_fl_eZ
Z  dhglZdl ]eZa ² kms_kl\_ggh kdhevdh \j_f_gb b dZ dbf h[jZahf iZjlg_ju
kfhljyl ^jm] gZ ^jm]Z \ i_jbh^ [_k_^u dhglZdl ]eZa \ [hevrhc f_j_ aZ\bkbl hl
dmevlmjguo nZdlhjh\ gZijbf_j \ g_dhlhjuo dmevlmjZo dhglZdlZ ]eZa ba[_]Zxl ba
m\Z`_gby hkh[_ggh \Z`_g dhglZdl ]eZa ^ey j_]mebjh\Zgby dhgkmevlZlb\gh]h \aZ
bfh^_ckl\byijbhp_gd_dhglZdlZ]eZake_^m_lh[jZsZlv\gbfZgb_gZ
²jZkkfZljb\Zgb_ki_pbnbq_kdboh[t_dlh\
²kfhlj_gb_\gba
²jZkkfZljb\Zgb_dhgkmevlZglZ\uau\ZxsbfijbklZevguf\a]ey^hf
²[_]Zxsbck h[t_dlZgZh[t_dl\a]ey^
²hl\h^]eZahldhgkmevlZglZdh]^ZhgihkfZljb\Z_lgZdeb_glZ
²aZdjulb_]eZajmdZfb
²qZklhlmaZ^_j`db\a]ey^Z\[ebabdhgkmevlZglZ
[ ]eZaZ²k\_jdZgb_b [e_kd]eZake_au\ ]eZaZojZkrbj_gb_]eZaihabpby
[jh\_cmdZau\ZxlgZ\a\hegh\Zgghklvdeb_glZ
\ dh`Z²bf__lagZq_gb_khklhygb_dh`guoihdjh\h\
[e_^ghklvihdjZkg_gb_]mkbgZydh`Z
]  ihaZ ² fh`_l kem`blv ihdZaZl_e_f gZklhjh`_gghklb beb nbabq_kdhc
mklZehklbk\b^_l_evkl\h\Zlvh kZfhaZsbl_ gZijbf_jkdj_s_ggu_jmdbbebgh]b 
^  \ujZ`_gb_ ebpZ ² wlh ih`Zemc kZfuc ]eZ\guc g_\_j[Zevguc dexq
dhgkmevlbjh\Zgby DiZjj   ibr_l MebpZ [hevrhc ihl_gpbZe h[s_gby Hgh
i_j_^Z_l wfhpbhgZevgh_ khklhygb_ hljZ`Z_l f_`ebqghklgu_ mklZgh\db kem`bl
kj_^kl\hf h[jZlghc k\yab ^ey iZjlg_jh\ ih h[s_gbx b gZjy^m k j_qvx y\ey_lky
]eZ\g_crbf bklhqgbdhf i_j_^Zqb bgnhjfZpbb < bgl_jij_lZpbb \ujZ`_gby ebpZ
b]jZxl jhev aZklu\r__ \ujZ`_gb_ gZfhjs_gguc eh[ gZkmie_ggu_ [jh\b meu[dZ b
kf_o N>hklh_\kdbc]h\hjbeOZjZdl_jq_eh\_dZagZqbl_evghemqr_fh`ghmagZlvih
_]hkf_omq_fbakdmqgh]hikboheh]bq_kdh]h bkke_^h\Zgby g_\jhlbqghfmbg^b\b^m
hq_gv ljm^gh kf_ylvky ² hg fh`_l ]emfblvky [ulv bjhgbqguf beb kZjdZklbqguf
h^gZdhg_kihkh[_gbkdj_gg_kf_ylvkym g_]h]jmklgh_ebphdhgkmevlZgl^he`_gmf_lv
ijhq_klvgZebp_deb_glZjZ^hklv[hevb kljZoZ lZd`_dZdh^gbqm\kl\ZfZkdbjmxlky
^jm]bfb
_ jmdbb `_klu²^\b`_gbyjmdb ^jm]boqZkl_cl_eZqZklhghkylkbf\hebq_kdbc
oZjZdl_jfh]mlmdZau\ZlvgZqlhlhg_eZ^gh_
`  fZgbimebjh\Zgb_ k\hbf l_ehf ² ijhy\ey_lky \ dmkZgbb gh]l_c ojmkl_gbb
kmklZ\Zfb\u^_j]b\Zgbb\hehk
 a fhghlhggh_ih\_^_gb_g_j_^dhij_^klZ\ey_lkh[hcijbagZdg_j\haghklb²wlh
ijblhiu\Zgb_ gh]Zfb ihklmdb\Zgb_ iZevpZfb djmq_gb_ ij_^f_lh\ b b]ju k
im]h\bpZfb
b  dhfZg^gu_ kb]gZeu ² ^_j`Zgb_ iZevpZ m ]m[ ijb]eZr_gb_ fheqZlv 
mdZau\Zgb_iZevp_fih`bfZgb_ie_qZfbdb\Zgb_]heh\hcih^fb]b\Zgb_
d  ijbdhkgh\_gb_ ² fh`_l ij_^klZ\eylv ijhy\e_gb_ ^jm`_kdbo qm\kl\ beb
k_dkmZevghklb
=h\hjy h g_\_j[Zevghf h[s_gbb k bkihevah\Zgb_f l_eZ ke_^m_l mihfygmlv h
\u^_e_gguo (OPDQ b )QHVHQ  pbl ih *HOVR )UHW]   q_luj_o lbiZo ^\b`_gbc
l_eZ
² kbf\heu aZf_gyxsb_ keh\Z gZijbf_j ihfZob\Zgb_ jmdhc hagZqZxs__
ijhsZgb_
² khijh\h`^Zxsb_ j_qv ^_fhgkljZpbb dhlhjufb ^_eZ_lky ihiuldZ h[tykgblv
lhqlh]h\hjblky
² j_]meylhju ^hihegyxsb_ ihlhd \_j[Zevgh]h \aZbfh^_ckl\by gZijbf_j
baf_g_gb_ihaudb\Zgb_]heh\hcb li
²Z^Zil_jul_^\b`_gbyl_eZdhlhju_g_bf_xlhkhagZgghcp_e_khh[jZaghklb
h^gZdhqZklhhljZ`Zxlfukebb qm\kl\ZgZijbf_jihdmku\Zgb_]m[b ^j
G_\_j[Zevgh_h[s_gb_ihkj_^kl\hf]hehkZ
Z  lhg ]hehkZ ² fhghlhgguc [_kqm\kl\_gguc k baf_g_gghc fh^meypb_c
kljh]bc g_`guc eZkdh\uc m\_j_gguc keZ[uc g_j_rbl_evguc ^jh`Zsbc
gZijy`_gguc
[ l_fij_qb²[ukljucmf_j_ggucf_^e_gguc
\ ]jhfdhklv]hehkZ²kbevgZymf_j_ggZylboZy
] ijhbaghr_gb_²hlq_leb\h_g_\gylgh_
Fh^Zevghklv ]hehkZ g_j_^dh \u^Z_l \gmlj_gg__ hlghr_gb_ d \ukdZau\Zgbx
Bkdj_gghklv ijhy\ey_lky \ hlq_leb\hklb ]hehkZ kf_ehklv ² \ l\_j^hklb ]hehkZ
g_ykgZykebrdhflboZyj_qvqZklhhagZqZ_lg_`_eZgb_h[sZlvkyIhlhgm]hehkZfh`gh
hij_^_eblv b h q_f b^_l j_qv ^Z`_ g_ ihgbfZy __ G_j\haghklv b wfhpbhgZevgh_
aZf_rZl_evkl\hemqr_\k_]hhljZ`Zxlky\ ]hehk_
G_\_j[Zevgh_h[s_gb_b kljmdlmjbjh\Zgb_hdjm`_gby
Z ^bklZgpby²g_\k_]^ZhkhagZ\Z_fh_ijb[eb`_gb_d iZjlg_jmbebklj_fe_gb_
hl^Zeblvkyhlg_]h²k\b^_l_evkl\m_lh \ujZ`_gghklb`_eZgbym]em[eylvhlghr_gby
[ ij_^f_luh[klZgh\dbb h[hjm^h\Zgb_dhfgZlu
\ h^_`^Z²_^\Zebh^_`^Z^_eZ_lq_eh\_dZh^gZdh^_lZebh^_`^uijZ\^b\h
jZkkdZ`ml fgh]h_ h[ mklZgh\dZo ghkys_]h __ q_eh\_dZ gZijbf_j hkh[_ggh [hevrh_
\gbfZgb_ m^_eyxl h^_`^_ kh[bjZykv gZ dhgkmevlZlb\gmx \klj_qm [_kihdhcgu_
deb_glu
]  ihabpby \ ijhkljZgkl\_ ² wlZ fh^Zevghklv jZkkfhlj_gZ ijb h[km`^_gbb
l_jZi_\lbq_kdh]hdebfZlZ
NZdlhju g_\_j[Zevgh]h h[s_gby \ agZqbl_evghc kl_i_gb hl\_lkl\_ggu aZ
wfhpbhgZevguc gZkljhc [_k_^u Dh]^Z g_\_j[Zevgu_ kbf\heu khijh\h`^Zxl gZrb
\_j[Zevgu_ ml\_j`^_gby hgb g_j_^dh fh^bnbpbjmxl bo kfuke GZijbf_j
ij_^eh`_gb_ Ijhrm aZoh^bl_ ² fh`_l bf_lv jZaguc kfuke \ aZ\bkbfhklb hl
g_\_j[Zevgh]hih\_^_gby?kebfu\klj_qZ_fdeb_glZ]ey^ygZg_]hih`bfZ_fjmdmb
ijhbaghkbfwlbkeh\Zl_iehb ^jm`_kl\_ggh²kfukeijb]eZr_gbyh^bgghhgkh\k_f
bghc dh]^Z fu kfhljbf dm^Zlh \ klhjhgm g_ m^hklZb\Zy deb_glZ \a]ey^hf b
ijhbaghkbf ijb]eZr_gb_ jZ\gh^mrgh beb _s_ om`_ k ghldhc jZa^jZ`_gby beb
g_^h\hevkl\Z
JZaguckfukekeh\ZfdhgkmevlZglZ ijb^ZxliZjZj_q_\u_we_f_glu lhg]hehkZ
bgl_j\Zeuf_`^mkeh\ZfbZdp_glu^bdpbyiZmauih\lhjuihdZreb\Zgb_jZaebqgu_
offZ]Zfffh]h]hb li 
Hq_gv \Z`gh g_\_j[Zevgh_ ih\_^_gb_ deb_glZ \ kblmZpbb dhgkmevlbjh\Zgby
Ij_`^_\k_]hhgh^Z_ldhgkmevlZglm^hihegbl_evgmxbgnhjfZpbxh fukeyob qm\kl\Zo
deb_glZ G_j_^dh keh\Zfb ]h\hjblky h^gh Z lhg ]hehkZ \ujZ`_gb_ ebpZ ihaZ l_eZ
jZkdju\Zxl kh\k_f ^jm]h_ kh^_j`Zgb_ beb ^jm]hc kfuke kdZaZggh]h DhgkmevlZgl
^he`_g h[jZsZlv \gbfZgb_ gZ g_khhl\_lkl\b_ \_j[Zevgh]h b g_\_j[Zevgh]h ih\_^_gby
deb_glh\b l_fkZfufihfh]Zlvbf\ujZablvj_Zevgu_ih^ebggu_qm\kl\ZHjb_glZpby
dhgkmevlZglZ \ g_\_j[Zevguo j_Zdpbyo m\_ebqb\Z_l ^h\_jb_ deb_glh\ Deb_glu
ijbibku\Zxl dhgkmevlZglm ]em[hdmx gZ[ex^Zl_evghklv beb r_klh_ qm\kl\h qZs_
\k_]h\ kbem_]hmf_gbyqblZlvg_\_j[Zevgh_ih\_^_gb_
GZg_\_j[Zevgh_ih\_^_gb_ke_^m_lkfhlj_lvdZdgZhkh[ucdexqd ihgbfZgbx
qm\kl\ b fhlb\h\ deb_glZ H^gZdh g_ijb_fe_fu kebrdhf ijyfhebg_cgu_
bgl_jij_lZpbb lZd dZd g_\_j[Zevgu_ ^_ckl\by y\eyxlky qZklvx [he__ rbjhdh]h
dhgl_dklZ ih\_^_gby b wlhl dhgl_dkl ijb^Z_l bf koh`bc beb bghc kfuke >Z`_
h^bgZdh\u_ g_\_j[Zevgu_ ijhy\e_gby fh]ml hagZqZlv jZagu_ \_sb \ aZ\bkbfhklb hl
dhgl_dklZ GZijbf_j dhglZdl ]eZa ij_^iheZ]Z_l ^jm`_kl\_gghklv bglbfghklv dh]^Z
ex^b[ebadb^jm]d ^jm]m
h^gZdh ^he]bc \a]ey^ gZ kh[_k_^gbdZ k\b^_l_evkl\m_l h[ Z]j_kkbb _keb
hlghr_gby nhjfZevgu_ Koh^guf h[jZahf ijbdhkgh\_gb_ fh`_l hagZqZlv dZd aZ[hlm
lZd b klj_fe_gb_ d bglbfghklb beb ^hfbgbjh\Zgbx Djhf_ lh]h \ ij_^klZ\e_gbyo h
g_\_j[Zevghf ih\_^_gbb kms_kl\mxl hlq_leb\u_ f_`dmevlmjgu_ jZaebqby dhlhju_
g_h[oh^bfhmqblu\ZlvjZ[hlZy\ fmevlbdmevlmjghckj_^_
Hq_gv \Z`gh g_\_j[Zevgh_ ih\_^_gb_ kZfh]h dhgkmevlZglZ lZd dZd hg lh`_
\ujZ`Z_lg_\ukdZaZggu_qm\kl\Zb fukebZ wlhg_j_^dhihgbfZ_lb deb_glG_dhlhju_
g_\_j[Zevgu_ j_Zdpbb fu \k_ \hkijbgbfZ_f h^bgZdh\h ihlhfm qlh hgb ijbh[j_eb
oZjZdl_j khpbZevghc dhg\_gpbb Ihwlhfm dhgkmevlZgl ^he`_g dhgljhebjh\Zlv k\h_
g_\_j[Zevgh_ih\_^_gb_ qlh[u ij_\jZlblv _]h \ bgkljmf_gl dhgkmevlbjh\Zgby K\hbf
g_\_j[Zevguf ih\_^_gb_f dhgkmevlZgl lZd`_ jZa\b\Z_l dhgkmevlZlb\guc dhglZdl
klj_fykv g_ ydh[u gZoh^blvky k deb_glhf gh [ulv k gbf \ ^_ckl\bl_evghklb [ulv
nbabq_kdb < ih\k_^g_\ghc `bagb fh`gh gZclb fgh`_kl\h ijbf_jh\ fgbfh]h
ij_[u\Zgby k ^jm]bf q_eh\_dhf qlh hljZ`Z_l jZkijhkljZg_ggZy j_iebdZ Lu g_
kemrZ_rv qlh y ]h\hjx (JDQ   h[hagZqbe Zdjhgbfhf 62/(5 iylv ih^ebgguo
mkeh\bcnbabq_kdh]hij_[u\Zgby\f_kl_
 ;ulv k deb_glhf k ]eZam gZ ]eZa VTXDUHO\  Nbabq_kdZy h[klZgh\dZ ^he`gZ
iha\heylvdhgkmevlZglmb deb_glmiheghklvx\b^_lv^jm]^jm]ZhgZ^he`gZ]h\hjblv
deb_glm
Y ^hklmi_g<Zfy k^_eZe\u[hj[ulvk <Zfb
 ;ulv \ hldjulhc iha_ RSHQ SRVWXUH  Kdj_s_ggu_ jmdb b gh]b h[uqgh
bgl_jij_lbjmxlkydZdh[hjhgbl_evgZy[_amqZklgZyb hlklmiZl_evgZyihaZB gZh[hjhl
hldjulZy ihaZ hagZqZ_l qlh dhgkmevlZgl ]hlh\ ijbgylv \k_ qlh jZkdjh_l deb_gl
Dhg_qghkdj_s_ggu_jmdbdhgkmevlZglZg_h[yaZl_evghhagZqZxllhqlhhg\ur_eba
dhglZdlZA^_kv]eZ\gh_qlh[udhgkmevlZglihklhygghkijZrb\Zek_[yGZkdhevdhfhy
ihaZhljZ`Z_lhldjulhklvb ^hklmighklvdeb_glm"
 <j_fy hl \j_f_gb gZdehgylvky WR OHDQ d deb_glm Dh]^Z dhgkmevlZgl
gZdehgy_lky\ klhjhgmdeb_glZhgkeh\gh]h\hjblY k<Zfbb fg_bgl_j_kgh\k_qlh
<u k_cqZk jZkkdZ`_l_ LZdhc ihahc dhgkmevlZgl \ujZ`Z_l k\hx \h\e_q_gghklv b
mqZklb_ \ dhglZdl_ K ^jm]hc klhjhgu g_ i_j_klZjZcl_kv l_ g_ ijb[eb`Zcl_kv d
deb_glm qj_af_jgh b kebrdhf [ukljh ihlhfm qlh wlh fh`_l \ha[m^blv lj_\h]m
ihdZaZlvkylj_[h\Zgb_fkdhjh]hb l_kgh]hdhglZdlZ
 Ih^^_j`b\Zlv dhglZdl ]eZa H\H FRQWDFW k deb_glhf qlh[u ih^q_jdgmlv
\gbfZgb_ b aZbgl_j_kh\Zgghklv gh dhglZdl g_ ^he`_g [ulv g_ij_ju\guf < lZdhf
kemqZ_ hg klZgh\blky ihoh`bf gZ gZ^h_^eb\h_ \ulZjZsb\Zgb_ ]eZa gZ deb_glZ K
^jm]hcklhjhgu_keb\a]ey^dhgkmevlZglZkebrdhfqZklh[em`^Z_l\ ijhkljZgkl\_g_
hklZgZ\eb\ZykvgZdeb_gl_lhkha^Z_lky\i_qZle_gb_mdehg_gbyhldhglZdlZ
 ;ulv jZkkeZ[e_gguf UHOD[HG  LZd dZd [hevrbgkl\h deb_glh\ \hegm_lky \
kblmZpbb dhgkmevlbjh\Zgby \Z`gh qlh[u dhgkmevlZgl g_ [ue gZijy`_g b g_
m\_ebqb\Ze[_kihdhckl\hdeb_glZDhgkmevlZgl^he`_g_kl_kl\_gghihevah\Zlvkyk\hbf
l_ehf g_\_j[Zevgh_ ih\_^_gb_  klZjZykv ihdZaZlv deb_glm k\hx wfiZlbq_kdmx
\h\e_q_gghklv\ dhgkmevlZlb\gucdhglZdl
<_j[Zevgh_h[s_gb_
G_kfhljy gZ agZq_gb_ g_\_j[Zevgh]h h[s_gby \ dhgkmevlbjh\Zgbb \Z`g_crb_
kh[ulby ijhbkoh^yl gZ \_j[Zevghf mjh\g_ Kmlv \_j[Zevgh]h ih\_^_gby dhgkmevlZglZ
khklZ\eyxlkihkh[u_]hj_Z]bjh\Zgby\ i_jbh^dhgkmevlbjh\Zgbydhlhju_fh]ml[ulv
hij_^_e_gudZdhkgh\gu_l_ogbdbH gboih^jh[g__ih]h\hjbf\ q_l\_jlhfjZa^_e_
KemrZgb_deb_glZ
H[uqgh [_k_^Z ^\mo ex^_c [u\Z_l ihoh`Z gZ \_j[Zevguc ibg]ihg] ²
kh[_k_^gbdb ]h\hjyl ih hq_j_^b H^gZdh \ dhgkmevlbjh\Zgbb b ikbohl_jZibb \k_
ijhbkoh^blbgZq_hkh[_ggh\ gZqZe_[_k_^uA^_kv\_j[ZevgZyZdlb\ghklvdhgkmevlZglZ
^he`gZ [ulv fbgbfZevghc qlh[u deb_gl kfh] khkj_^hlhqblv \gbfZgb_ gZ jZkdjulbb
k\hbo ijh[e_f b ljm^ghkl_c DhgkmevlZgl ^he`_g g_ klhevdh ]h\hjblv kdhevdh
\ukemrb\Zlv Mf_gb_ \ukemrZlv hagZqZ_l \ujZ`_gb_ bkdj_gg_c aZbgl_j_kh\Zgghklb
^jm]bfq_eh\_dhf
Kms_kl\mxl^\Z\Z`guoZki_dlZk\yaZgguok wlbfmf_gb_f<hi_j\uodZ`^uc
q_eh\_d bkiulu\Z_l ihlj_[ghklv h[sZlvky k ^jm]bf q_eh\_dhf ih \Z`guf ^ey g_]h
^_eZf <h\lhjuo gZrZ kdehgghklv ih^^_j`b\Zlv ^jm]bo beb kh]eZrZlvky k gbfb
aZ\bkbl hl lh]h gZkdhevdh hgb \ukemrb\Zxl gZk Fh`gh kf_eh ml\_j`^Zlv qlh
dZq_kl\hhlghr_gbcf_`^mex^vfb\ g_fZehckl_i_gbaZ\bkblhlmf_gby\ukemrZlvb
mkeurZlv
H^gZdh kms_kl\mxl g_dhlhju_ h[klhyl_evkl\Z f_rZxsb_ \gbfZl_evgh
\ukemrb\ZlvQZklhlhqlh]h\hjbldeb_glg_khhl\_lkl\m_lmklZgh\d_dhgkmevlZglZb
hg kemrZ_l g_\gbfZl_evgh Rbjhdh jZkijhkljZg_gZ fZg_jZ g_j_^dh b \
dhgkmevlbjh\Zgbbdh]^Zfug_klhevdhkemrZ_fkh[_k_^gbdZkdhevdhj_Z]bjm_fgZ_]h
khh[s_gby\ fukeyoaZjZg__knhjfmebjh\Z\j_iebdbhl\_lu\hijhkub liWlhlhevdh
\b^bfhklv kemrZgby H^gbf ba ihke_^kl\bc khpbZevgh]h h[mq_gby y\ey_lky ba[_]Zgb_
baebrg_c bgnhjfZpbb h ^jm]hf q_eh\_d_ qlh bgh]^Z ih[m`^Z_l dhgkmevlZglZ
khijhlb\eylvky jZkkdZam deb_glZ h ]em[hdh ebqguo ^_eZo Z j_amevlZl lZdh]h
khijhlb\e_gby²hiylv`_g_\gbfZl_evgh_kemrZgb_IhjhcjZkkdZau\Z_fu_deb_glhf
kh[ulby beb aZljhgmlu_ l_fu \uau\Zxl g_ijbylgu_ qm\kl\Z lj_\h]m gZijy`_gb_
DhgkmevlZgl klj_fykv ba[_`Zlv g_ijbylgh]h khklhygby fh`_l g_ mkeurZlv \
ih\_kl\h\Zgbb g_dhlhju_ \Z`gu_ ih^jh[ghklb Ljm^ghklb \ukemrb\Zgby \uau\Zxl b
deb_gludhlhju_g_ij_klZggh`ZemxlkygZk\hbijh[e_fu hkh[_ggh gZ khfZlbq_kdb_
kbfilhfu gZijbf_jikbohkhfZlbq_kdb_iZpb_glu 
<ukemrb\Zgb_ ij_`^_ \k_]h ij_^klZ\ey_l kh[hc h[jZlgmx k\yav k fukeyfb b
qm\kl\Zfbdeb_glZih[m`^Z_ldeb_glZ^Ze__]h\hjblvh k\h_c`bagbh __aZljm^g_gbyo
b ijh[e_fZo ?keb dhgkmevlZgl \gbfZl_e_g deb_gl ih keh\Zf Kho   aZf_gy_l
lhqdm \ dhgp_ ij_^eh`_gby aZiylhc b lh qlh dZaZehkv dhgphf jZkdjulby klZgh\blky
ij_ex^b_cd [he__]em[hdhfmhldjh\_gbx
< ex[hf kemqZ_ ijZ\bevgh_ \ukemrb\Zgb_ ² wlh Zdlb\guc ijhp_kk Hg dZd
]h\hjbl %XJHQWDO  ho\Zlu\Z_l\k_ \b^uhsms_gbc iexk bglmbpbyhljZ`_gb_ b
wfiZlby Bf__lky \ \b^m h]jhfgh_ \gbfZgb_ d ^_lZeyf dZdbfb [u g_agZqbl_evgufb
hgb gb [ueb KemrZl_ex g_h[oh^bfh ijhy\eylv aZbgl_j_kh\Zgghklv b ihgbfZgb_
h^gZdh g_ f_rZlv jZkkdZaqbdm hklZ\Zlvky \ ihlhd_ i_j_`b\Zgbc dhgkmevlZgl
kemrZxsbc deb_glZ ^he`_g [ulv jZkdj_ihs_g b gZ[ex^Zl_e_g qlh[u mkeurZggu_
ijbagZgbyihjh`^Zebh[bevgucZkkhpbZlb\gucihlhd<hagbdZxsb_ZkkhpbZpbbkem`Zl
hij_^_e_ggufbdexqZfb d ihgbfZgbx ijh[e_f deb_glZ Gh g_ ke_^m_l p_ieylvky aZ
gbo ihkdhevdm qZklv \hagbdrbo ZkkhpbZpbc b b^_c iha^g__ g_ ih^l\_j`^Z_lky b
hl[jZku\Z_lky G_ gm`gh ^_eblvky k deb_glhf k\hbfb ZkkhpbZpbyfb ihlhfm qlh hgb
fh]ml [ulv Z[khexlgh hrb[hqgufb :kkhpbZpbb kdhj__ ² wlh jmdh\h^kl\h d
^Zevg_cr_fm \ukemrb\Zgbx aZ^Z\Zgbx \hijhkh\ ihhsj_gbx deb_glZ d
bkke_^h\Zgbx gh\uo h[eZkl_c km[t_dlb\gh]h fbjZ :dlb\gh_ kemrZgb_ lZdh]h jh^Z
ihfh]Z_l m\yau\Zlv hl^_evgu_ njZ]f_glu ih\_kl\h\Zgby deb_glZ \ke_^kl\b_ q_]h b
j_Zebam_lky]eZ\gZyaZ^ZqZdhgkmevlbjh\Zgby²ihgbfZgb_deb_glZ
:LOOLDP 2VLHU pbl ih Kho   ex[be ]h\hjblv klm^_glZf <ukemrb\Zcl_
iZpb_glZ hg ]h\hjbl \Zf ^bZ]gha Emqr_]h kh\_lZ dhgkmevlZglm [ulv g_ fh`_l H
]eZ\ghfl_jZi_\lbq_kdhfkfuke_ijZ\bevgh]h\ukemrb\Zgbyb agZq_gbb\ukemrb\Zgby
^eydeb_glZdjZkb\hibr_lK 5RJHUV  
< `bagb y fgh]h jZa g_h`b^Zggh klZedb\Zeky k g_jZaj_rbfufb ijh[e_fZfb
qm\kl\h\Ze k_[y b^msbf ih djm]m gZdhg_p ijhgbdgmluc g_iheghp_gghklvx b
[_agZ^_`ghklvxiheZ]ZeqlhgZoh`mkv\ ikboha_< lZdb_fhf_gluy ^mfZeqlh[ue[u
kqZkleb\ _keb [u m^Zehkv gZclb ex^_c dhlhju_ \ukemrZeb [u f_gy b ijhy\beb
]em[bgmihgbfZgbyQlh[uhgb\ukemrb\Zeb[_ahp_ghdb hkm`^_gbyg_klZ\y^bZ]gha
Y kfh] m[_^blvky qlh _keb ijb ikboheh]bq_kdhf ^bkdhfnhjl_ dlhlh \ukemrb\Z_l
ih^h[guf h[jZahf g_ ijbgbfZy gZ k_[y hl\_lkl\_gghklb b g_ klj_fykv knhjfbjh\Zlv
hlghr_gb_ qm\kl\m_rv k_[y [_amfgh ohjhrh GZijy`_gb_ kjZam kiZ^Z_l JZg__
im]Z\rb_ \bgh\ghklv [_agZ^_`ghklv kmfylbpZ klZgh\ylky ijb_fe_fhc qZklvx
\gmlj_gg_]hfbjZDh]^Zf_gy\ukemrb\Zebb keurZeby ihgh\hfm\hkijbgbfZek\hb
i_j_`b\Zgby b fh] ijh^\b]Zlvky ^Zevr_ <uau\Z_l m^b\e_gb_ qlh qm\kl\Z dhlhju_
dZaZebkv m`Zkgufb klZgh\ylky \iheg_ l_jibfufb dh]^Z dlhgb[m^v \ukemrZ_l
g_jZaj_rbfu_ ijh[e_fu ij_^klZ\eyxlky ihkbevgufb Y ]em[hdh p_gx qmldh_
wfiZlbq_kdh_\gbfZl_evgh_\ukemrb\Zgb_

 I?J?GHK B DHGLJI?J?GHK < DHGKMEVLBJH<:GBB B

IKBOHL?J:IBB
< kblmZpbb dhgkmevlbjh\Zgby g_ fh`_l ijhbkoh^blv Z^_d\Zlgh_ wfhpbhgZevgh_
\aZbfh^_ckl\b_[_aijbgylby\h\gbfZgb_i_j_ghkZb dhglji_j_ghkZDZdijZ\behhgb
khkms_kl\mxlbgh]^ZbokjZ\gb\Zxlk ^\mfyklhjhgZfbfZ]gblhnhgghce_gluBf__lky
\ \b^m i_j_ghk qm\kl\ \e_q_gbc mklZgh\hd ba lZf b lh]^Z \ a^_kv b l_i_jv b
gZh[hjhl LZdmx ljZgkihabpbx hkms_kl\ey_l deb_gl \ hlghr_gbb dhgkmevlZglZ
i_j_ghk b dhgkmevlZgl\ hlghr_gbbdeb_glZ dhglji_j_ghk 
I_j_ghk
Hldjulb_ 6 )UHXG i_j_ghkZ ² h^gh ba nmg^Zf_glZevguo ^hklb`_gbc
ikbohZgZebaZ Wlh mq_gb_ g_j_^dh hij_^_eyxl dZd kbkl_fZlbq_kdbc ZgZeba i_j_ghkZ
<gZqZe_ )UHXG kqblZe i_j_ghk ij_iylkl\b_f gZ imlb jZa\blby ikbohl_jZibb h^gZdh \
 ] ihke_ i_j\hc \klj_qb k K -XQJ \ <_g_ ihabpby hkgh\Zl_ey ikbohZgZebaZ
baf_gbeZkvGZfg_gb_ )UHXG ih\ebyeZdZl_]hjbqghklvml\_j`^_gby-XQJqlhi_j_ghk
²wlhZevnZb hf_]Zl_jZibb
<hafh`ghklvi_j_ghkZ\ dhgkmevlbjh\Zgbbb ikbohl_jZibb\ gZklhys__\j_fy\
[hevr_c beb f_gvr_c f_j_ ijbagZxl ij_^klZ\bl_eb ihqlb \k_o l_hj_lbq_kdbo
hjb_glZpbb I_j_ghk y\ey_lky khklZ\ghc qZklvx dhgkmevlZlb\gh]h l_jZi_\lbq_kdh]h
dhglZdlZ >Zgguc ikboheh]bq_kdbc n_ghf_g ijbkmlkl\m_l \ ex[uo f_`ebqghklguo
hlghr_gbyo h^gZdh \ dhgkmevlZlb\ghf dhglZdl_ hg gZfgh]h bgl_gkb\g__ \ke_^kl\b_
ijbjh^ukZfh]hdhglZdlZDhgkmevlZglaZ\_^hfhh[eZ^Z_lZ\lhjbl_lhffZeh]h\hjblh
k_[_ b hklZ_lky Zghgbfguf ihkdhevdm d g_fm h[jZsZxlky aZ ihfhsvx Wlbf
h[e_]qZ_lky\hagbdgh\_gb_i_j_ghkZ
<hafh`gu ^\Z hkgh\guo hij_^_e_gby i_j_ghkZ Kh]eZkgh deZkkbq_kdhfm
ikbohZgZeblbq_kdhfm hij_^_e_gbx i_j_ghk ² wlh h`b\e_gb_ dhfie_dkZ W^biZ \
l_jZi_\lbq_kdhckblmZpbbJ_ZdpbygZl_jZi_\lZlZdh\Zkeh\ghhg²mqZklgbd jZggbo
w^bih\uo hlghr_gbc deb_glZ l_ ij_^klZ\ey_l kh[hc hlpZ beb fZlv < w^bih\hf
dhgl_dkl_ hij_^_e_gb_ kebrdhf h]jZgbq_gh _]h ljm^gh ijbgylv g_ ijb^_j`b\Zykv
ikbohZgZeblbq_kdhc hjb_glZpbb KqblZy i_j_ghk mgb\_jkZevguf n_ghf_ghf
dhgkmevlZlb\gh]h dhglZdlZ _]h fh`gh hij_^_eblv dZd ih\lhj_gb_ \ hlghr_gbyo k
dhgkmevlZglhf qm\kl\ b mklZgh\hd ijb\uqguo \ ijhrehf kh agZqbfufb ex^vfb
ij_`^_ \k_]h ² jh^bl_eyfb  &UHHQVRQ  pbl ih Kho   ij_^eZ]Z_l [he__
h[h[s_ggh_hij_^_e_gb_
I_j_ghk²wlhg_Z^_d\Zlgh_b i_jk_\_jZlb\gh_i_j_`b\Zgb_qm\kl\\e_q_gbc
nZglZabc mklZgh\hd b aZ^_ckl\h\Zgb_ aZsblguo f_oZgbafh\ \hagbdrbo \ ijhrehf \
hlghr_gbyo kh agZqbfufb ex^vfb ijb ZdlmZevghf f_`ebqghklghf \aZbfh^_ckl\bb
Ih^q_jdg_fj_Zdpbyi_j_ghkZij_^klZ\ey_lkh[hcih\lhj_gb_ijhreh]hb g_ijb_fe_fZ
\ gZklhys_f
< dhgkmevlbjh\Zgbb b ikbohl_jZibb i_j_ghkm k\hckl\_ggu lZdb_ q_jlu *HOVR
)UHW] 
I_j_ghk\k_]^Zhrb[hq_g\ lhfkfuke_qlhdeb_glij_^klZ\ey_ldhgkmevlZglZ
\ eh`ghf k\_l_ l_ ijbibku\Z_l _fm q_jlu k\hckl\_ggu_ ^jm]bf ex^yf \ ^jm]bo
h[klhyl_evkl\Zo b \j_f_gb Dhg_qgh hrb[hqgu g_ \k_ ij_^klZ\e_gby deb_glZ
dhgkmevlZglm\Z`ghhlebqZlvj_Zebklbqgu_j_Zdpbbhlj_Zdpbci_j_ghkZ
 I_j_ghk [u\Z_l iheh`bl_evguf b hljbpZl_evguf Iheh`bl_evguc i_j_ghk
hkgh\u\Z_lky gZ aZ\bkbfhklb deb_glZ hl b^_Zebabjh\Zggh]h h[jZaZ hlpZ ex[ys_]h b
hi_dZxs_]h \uau\Zxs_]h qm\kl\h aZsbs_gghklb b ihlj_[ghklv \ l\hjq_kdhf
kZfh\ujZ`_gbb Iheh`bl_evgZy mklZgh\dZ deb_glZ \ hlghr_gbb dhgkmevlZglZ
\hagbdrZy \ kbem i_j_ghkZ \ujZ`Z_l hlghr_gby ijhreh]h GZijbf_j deb_gl
dhlhjhfm \ ^_lkl\_ g_^hklZ\Zeh ex[\b kdehg_g \b^_lv \ dhgkmevlZgl_ q_eh\_dZ [he__
kbevgh]hb ex[ys_]hq_flhl_klvgZkZfhf^_e_HljbpZl_evguci_j_ghkhkgh\u\Z_lky
gZ bkiulZgguo \ ^_lkl\_ qm\kl\Zo hl\_j`_gby b \jZ`^_[ghklb ?keb \
dhgkmevlbjh\ZgbbwlbmklZgh\dbg_baf_gyxlkyl_jZibyklZgh\blkyg_\hafh`ghc
 <hagbdgh\_gbx i_j_ghkZ kh^_ckl\mxl g_cljZevghklv b g_hij_^_e_gghklv
dhgkmevlZglZ
Ihgylb_ g_cljZevghklv \ ikbohl_jZibb g_ bf__l hij_^_e_gby G_cljZevghklv
g_b^_glbqgZjZ\gh^mrbxbeb^_nbpblmaZ[hleb\hklbBf__lky\ \b^mqlhdhgkmevlZgl
[_kijbkljZkl_g b g_ gZ\yau\Z_l deb_glm k\hbo p_gghkl_c G_hij_^_e_gghklv hagZqZ_l
khdjulb_ hl deb_glZ k\hbo qm\kl\ mklZgh\hd kh[ulbc `bagb G_cljZevghklv b
g_hij_^_e_gghklvdhgkmevlZglZkha^Zxlki_pbnbq_kdmxZlfhkn_jmhlghr_gbcdhlhjZy
iha\hey_l \hagbdgmlv b iheghklvx ijhy\blvky i_j_ghkm Hg ijhy\ey_lky b ijb
hlkmlkl\bb wlbo mkeh\bc h^gZdh hgb h[e_]qZxl \hagbdgh\_gb_ i_j_ghkZ b mkbeb\Zxl
_]h
I_j_ghk²[_kkhagZl_evgucijhp_kk
Ohly qm\kl\Z deb_glZ ih hlghr_gbx d dhgkmevlZglm fh]ml [ulv b \iheg_
khagZl_evgufbghkZfnZdlqlhhgbijb\g_k_guba^jm]bo[he__jZggbohlghr_gbcg_
hkhagZ_lky< dhgkmevlbjh\Zgbbikboh^bgZfbq_kdhchjb_glZpbbdhgkmevlZglih[m`^Z_l
deb_glZd hkhagZgbxlZdh]hi_j_ghkZ
 I_j_ghk qZs_ \hagbdZ_l \ kn_jZo ]^_ bf_xlky g_jZaj_r_ggu_ ^_lkdb_
dhgnebdlukhagZqbfufbebqghklyfb
Ex^bkdehgguij_\jZlgh\hkijbgbfZlvgZklhys__dh]^Zhgbm\yaeb\ wibah^Zo
ijhreh]h
< ikbohl_jZibb b dhgkmevlbjh\Zgbb p_gghklv i_j_ghkZ \_kvfZ \_ebdZ Hg
iha\hey_l ijhgbdgmlv \ ijhreh_ deb_glZ b m\b^_lv dZdbf h[jZahf jZggbc hiul
k\yaZgguc kh agZqbfufb ebqghklyfb jh^bl_eb [ebadb_  fh^bnbpbjm_l j_Zdpbb
gZklhys_]h Wlh hq_gv \Z`gh \ kemqZyo dh]^Z jZkkljhckl\Z ih\_^_gby ebqgu_
ijh[e_fu ihklhyggh ih^iblu\Zxlky dh\Zjgufb j_Zdpbyfb i_j_ghkZ DhgkmevlZgl
[m^mqb h[t_dlhf i_j_ghkZ bgl_jij_lbjm_l ijh_dpbb b ij_^hklZ\ey_l deb_glm
\hafh`ghklv\a]eygmlvgZk\h_ih\_^_gb_ \ jZdmjk_ijbqbgghklb qlh[uba[Z\blvkyhl
ljZ\f b nZglZabc ijhreh]h LZdZy jZ[hlZ ijb^Z_l dhgkmevlbjh\Zgbx oZjZdl_j
dhjj_dpbbwfhpbhgZevgh]hhiulZ
J_r_gb_ klhbl eb ^_eZlv i_j_ghk h[t_dlhf h[km`^_gby jZ\ghkbevgh \u[hjm
f_`^m hi_jZpb_c b dhgk_j\Zlb\guf e_q_gb_f I_j\uc \ZjbZgl ijb\h^bl d agZqbfuf
\gmlj_ggbf baf_g_gbyf Z \lhjhc qZs_ khojZgy_l VWDWXV TXR Dhg_qgh \u[hj \k_]^Z
hij_^_ey_lky dhgdj_lghc kblmZpb_c < g_dhlhjuo kemqZyo g_ j_dhf_g^m_lky kebrdhf
m]em[eylvky\ j_Zdpbbi_j_ghkZdeb_glZb bobgl_jij_lZpbx
²ijbbkdZ`_gghf\hkijbylbbj_Zevghklb
² ijb g_o\Zld_ \j_f_gb ^ey jZ[hlu k i_j_ghkhf djZldh\j_f_ggh_
dhgkmevlbjh\Zgb_bebikbohl_jZiby 
²ijbhlkmlkl\bbghjfZevgh]hjZ[hq_]hZevygkZk deb_glhf
²dh]^Zdeb_glbaaZhkeZ[e_gbyf_oZgbafh\ikboheh]bq_kdhcaZsblug_fh`_l
[ulvlhe_jZgl_gd lj_\h]_b njmkljZpbb
² dh]^Z p_evx dhgkmevlbjh\Zgby y\ey_lky g_ jZaj_r_gb_ ]em[bgguo
dhgnebdlh\ZgZijbf_jijbkihkh[e_gb_d l_dmsbf`bag_ggufkblmZpbyf
H^gZdh g_ ke_^m_l aZ[u\Zlv h ijh[e_fZo dhlhju_ \hagbdZxl baaZ
g_ij_h^he_ggh]h i_j_ghkZ \ kemqZ_ ij_djZs_gby dhgkmevlZlb\gh]h dhglZdlZ dh]^Z
hklZeZkv [_a h[km`^_gby bgl_gkb\gZy ex[h\v deb_glZ d b^_Zebabjh\Zgghfm
dhgkmevlZglm iheh`bl_evguci_j_ghk bebg_gZ\bklvd g_fm hljbpZl_evguci_j_ghk 
Ihwlhfm dhgkmevlZglm g_ ih^h[Z_l b]ghjbjh\Zlv qm\kl\Z deb_glZ Hgb ^he`gu [ulv
h[km`^_gudhg_qghk \u[hjhfgZ^e_`Zs_c]em[bguh[km`^_gby
LjZgknhjfZpbyi_j_ghkZ\ ijhp_kk_dhgkmevlbjh\Zgbyihoh`ZgZwfhpbhgZevgh_
jZa\blb_j_[_gdZJ_[_ghdihkl_i_gghi_j_oh^blhlfg_gbyh jh^bl_eyodZd\k_fh]msbo
b \k_agZxsbo d [he__j_Zebklbqghfm ih^oh^m hp_gb\Zy bo dZd hlghkbl_evgh ijhkluo
ex^_c gh l_f g_ f_g__ aZgbfZxsbo hkh[h_ \Z`gh_ iheh`_gb_ \ _]h wfhpbhgZevghf
fbj_ Ih^h[guf h[jZahf b deb_gl \ oh^_ dhgkmevlbjh\Zgby gZqbgZ_l j_Zebklbqg__
hp_gb\Zlv dhgkmevlZglZ hiul dhglZdlZ klZgh\blky khklZ\ghc qZklvx ikbobdb kZfh]h
deb_glZ I_j_ghk \ kmsghklb kha^Z_l mkeh\by ^ey bgl_jbhjbaZpbb dhgkmevlZglZ b
kihkh[kl\m_lnhjfbjh\Zgbxki_pbnbq_kdhcghgZ^_`ghcbgklZgpbb\ dhlhjmxfh`gh
h[jZlblvkyijbaZljm^g_gbyo\ `bagb
Iheh`bl_evghfm i_j_ghkm \k_]^Z ijbkmsZ hij_^_e_ggZy qZs_ \k_]h \j_f_ggZy
b^_ZebaZpby dhgkmevlZglZ k wjhlbq_kdbf hll_gdhf ijb mkeh\byo jZaghihehklb b
]_l_jhk_dkmZevghklbdeb_glZWjhlbq_kdZymklZgh\dZ\ hlghr_gbbdhgkmevlZglZg_j_^dh
\ujZ`Z_lky dhk\_ggh ² iZmaZfb fheqZgby `Zeh[Zfb qlh g_q_]h kdZaZlv b ]heh\Z
kh\k_fimklZy
fZgbimeylb\gufb ^\b`_gbyfb _keb dhgkmevlZgl g_ ijbr_e beb hiZa^u\Z_l
aZ[u\Zgb_f mieZlblv aZ dhgkmevlZpbx bgl_j_khf d ebqghc `bagb dhgkmevlZglZ
dhgdmj_gpb_c k ^jm]bfb deb_glZfb baaZ dhgkmevlZglZ ihklhygguf pblbjh\Zgb_f _]h
\ukdZau\Zgbcb li
Ih^Zjdblh`_kem`Zlnhjfhc\ujZ`_gbyqm\kl\d dhgkmevlZglm>Zj_gb_fh`_l
hagZqZlv fgh]h_ b mkeh`gy_l dhgkmevlbjh\Zgb_ bgh]^Z wlh ijhklh \ayldZ ihjhc
^_fhgkljZpby `_eZgby bf_lv k dhgkmevlZglhf hkh[u_ ^h\_jbl_evgu_ hlghr_gby b
[eZ]h^Zjy \u[hjm ih^ZjdZ deb_gl ohq_l ^hdZaZlv agZgb_ \dmkZ b ihlj_[ghkl_c
dhgkmevlZglZ Ijb lZdbo fhlb\Zo deb_glZ dhgkmevlZgl ^he`_g hldZaZlvky hl ih^ZjdZ
_kebg_`_eZ_l[ulv\lygmluf\ b]jufZgbimeylb\gh]hoZjZdl_jZH^gZdh\ g_dhlhjuo
kemqZyoih^ZjdbhljZ`Zxlbkdj_ggxx[eZ]h^Zjghklvm\Z`_gb_d dhgkmevlZglmb hldZa
hlgbofh`_lhkdhj[blvdeb_glZ<hh[s_\ ijhp_kk_dhgkmevlbjh\Zgbyemqr_ba[_]Zlv
ih^Zjdh\ b ih^h`^Zlv aZ\_jr_gby l_jZibb lh]^Z ih^Zjhd klZgh\blky ih\h^hf d
ihke_^g_fm h[km`^_gbx k deb_glhf ^hklb]gmluo mki_oh\ b khhl\_lkl\by beb
g_khhl\_lkl\by ih^ZjdZj_Zevghcp_g_dhgkmevlbjh\Zgby\ wdabkl_gpbZevghfkfuke_
Dh]^Z deb_glu l_f beb bguf kihkh[hf \ujZ`Zxl qm\kl\Z dhgkmevlZgl ^he`_g
hlghkblvky d wlhfm k ihgbfZgb_f Hgb ijhy\eyxl ih^ebggu_ qm\kl\Z ohly qZklh b
g_j_Zebklbqgu_?kebdhgkmevlZglijbgbfZ_lqm\kl\Zdeb_glZ^Z`_g_hl\_qZygZgbo
b g_ iha\hey_l deb_glm bkiulu\Zlv hl\_j`_gghklv dhgkmevlbjh\Zgb_ klZgh\blky
]em[`_b bgl_gkb\g__K ^jm]hcklhjhgudeb_glu^he`guihgbfZlvqlhdhgkmevlZglg_
fh`_l [ulv bo k_dkmZevguf iZjlg_jhf LZdh_ lZ[m ihfh]Z_l hkhagZlv `bag_ggu_
h]jZgbq_gbygZm^h\e_l\hj_gb_`_eZgbc
Dhglji_j_ghk
IhkdhevdmdhgkmevlZlb\gucdhglZdlih^h[_gmebp_k ^\mklhjhggbf^\b`_gb_f
hq_\b^gh qlh b dhgkmevlZgl ijb\ghkbl \ hlghr_gby k deb_glhf k\hb `bag_ggu_
aZljm^g_gby Dhglji_j_ghk klhev `_ mgb\_jkZevgh_ y\e_gb_ \ ikboheh]bq_kdhf
dhgkmevlbjh\Zgbb b ikbohl_jZibb dZd b i_j_ghk G_aZ\bkbfh hl aj_ehklb ebqghklb
dhgkmevlZglZhg²q_eh\_db g_ij_f_gghbf__lg_jZaj_r_ggu_\gmlj_ggb_dhgnebdlu
;he_ag_ggu_l_fub ihjh`^Zxldhglji_j_ghk_kebdeb_glg_\hevghboaZljZ]b\Z_l
*HOVR b )UHW]   jZaebqZxl lhlZevgh_ kebrdhf rbjhdh_  b deZkkbq_kdh_
hij_^_e_gb_ dhglji_j_ghkZ LhlZevgh_ hij_^_e_gb_ ho\Zlu\Z_l \k_ wfhpbhgZevgu_
j_Zdpbb dhgkmevlZglZ gZ deb_glZ D dhglji_j_ghkm lh]^Z hlghkylky b kh\_jr_ggh
_kl_kl\_ggu_ j_Zdpbb dhgkmevlZglZ g_ k\yaZggu_ k _]h \gmlj_ggbfb dhgnebdlZfb
DeZkkbq_kdh_ hij_^_e_gb_ oZjZdl_jbam_l dhglji_j_ghk dZd hl\_lgmx j_Zdpbx gZ
i_j_ghk deb_glZ Ijhf_`mlhqgh_ hij_^_e_gb_ h[jbkh\u\Z_l dhglji_j_ghk dZd
ijh_pbjh\Zgb_ dhgkmevlZglhf k\hbo ijh[e_f gZ ij_^hklZ\e_gguc deb_glhf fZl_jbZe
dZdk\yaZgguck i_j_ghkhflZdb g_k\yaZgguck gbf
GZb[he__qZklh\klj_qZxlkyke_^mxsb_ijbqbgudhglji_j_ghkZ
Klj_fe_gb_dhgkmevlZglZihgjZ\blvkydeb_glZf[ulvijbgylufbfbb ohjhrh
hp_g_gguf
 ;hyagvdhgkmevlZglZ qlhdeb_glufh]ml h g_f iehoh ih^mfZlv g_ ijbclb gZ
\klj_qmb li
 Wjhlbq_kdb_ b k_dkmZevgu_ qm\kl\Z dhgkmevlZglZ ih hlghr_gbx d deb_glZf
k_dkmZevgu_nZglZabbk\yaZggu_k deb_glZfb
 Qj_af_jgZy j_Zdpby gZ deb_glh\ ijh\hpbjmxsbo m dhgkmevlZglZ qm\kl\Z
h[mkeh\e_ggu__]h\gmlj_ggbfbdhgnebdlZfb
 Klj_fe_gb_ aZgbfZlv ijhjhq_kdmx ihabpbx b ^Z\Zlv deb_glZf gZ\yaqb\u_
kh\_ludZdbfke_^m_l`blv
L_jZi_\lbq_g beb Zglbl_jZi_\lbq_g dhglji_j_ghk Ihfh]Z_l beb f_rZ_l hg
dhgkmevlbjh\Zgbx OhjhrhgbebiehokZfihk_[_Hl\_lugZwlb\hijhkuaZ\bkylhl
lh]hijhy\ey_lkyebdhglji_j_ghk\ nhjf_\g_rg_]hih\_^_gbybebij_^klZ\ey_lkh[hc
lhevdhi_j_`b\ZgbydhgkmevlZglZ< i_j\hfkemqZ_bf_xlky\ \b^m^_ckl\bygZhkgh\_
\gmlj_ggbo dhgnebdlh\ b dhg_qgh lZdhc dhglji_j_ghk g_h[oh^bfh h[km^blv k
dhee_]hcbeb\ ki_pbZevguo]jmiiZoijhn_kkbhgZeh\ihlhfmqlhg_dhgljhebjm_fucb
iehohhkhagZ\Z_fucdhglji_j_ghkij_iylkl\m_lh[t_dlb\ghklbdhgkmevlZglZ< dZq_kl\_
\gmlj_ggbo i_j_`b\Zgbc dhglji_j_ghk fh`_l hdZaZlvky \_kvfZ p_gguf *HOVR )UHW]
 ihkdhevdmihfh]Z_ldhgkmevlZglmemqr_ihgylvdZdh_\ebygb_ih\_^_gb_deb_glZ
hdZau\Z_l gZ g_]h b gZ ^jm]bo ex^_c < ex[hf kemqZ_ \ebygb_ dhglji_j_ghkZ gZ oh^
dhgkmevlbjh\Zgby aZ\bkbl hl `_eZgby b ]hlh\ghklb dhgkmevlZglZ \a]eygmlv gZ bklhdb
k\hbobklbgguoqm\kl\d deb_glZf
EBL?J:LMJ:
%DUUHW/HQQDUG*77KH 5HODWLRQVKLS,QYHQWRU\QRZLVVXHVDQGDGYDQFHVLQWKHRU\
PHWKRG DQG XVHV ,Q / *UHHQEHUJ : 3PVRII (GV  7KH 3V\FKRWKHUDSHXWLF 3URFHVV 1 <
*XLOIRUG
%HUHQVRQ < *&DUNKXII55 (GV 6RXUFHVRI*DLQLQ&RXQVHOLQJDQG3V\FKRWKHUDS\
1<+ROW5PHKDUWDQG:PVWRQ
%XJHQWDO-)7 7KH$UWRI3V\FKRWKHUDSLVW1<1RUWRQ
 &DUNKXII 5 5 %HUHQVRQ < * %H\RQG &RXQVHOLQJ DQG 7KHUDS\ QG (G 1 < +ROW
5PHKDUWDQG:PVWRQ
 &RUH\ * 7KHRU\ DQG 3UDFWLFH RI &RXQVHOLQJ DQG 3V\FKRWKHUDS\ QG (G 0RQWHUH\
&DOLI%URRNV&ROH
 KhoF 6WUXFWXULQJWKH7KHUDSHXWLF3URFHVV&RPSURPLVHZLWK&KDRV/RQGRQ-HVLFFD
.PJVOH\3XEOLVKHUV
 (JDQ * 7KH 6NLOOHG +HOSHU $ 0RGHO IRU 6\VWHPDWLF +HOSLQJ DQG ,QWHUSHUVRQDO
5HODWLQJUG(G0RQWHUH\&DOLI%URRNV&ROH
 *DWGD * 0 $VEXU\ ) 5 %DNHU ) - &KLOGHUV : K  :DOWHUV 5 3 +XPDQ 5HODWLRQV
'HYHORSPHQW$0DQXDOIRU(GXFDWRUV%RVWRQ$OO\QDQG%DFRQ
*HOVR K -&DUWHU- $7KHUHODWLRQVKLSLQFRXQVHOLQJDQGSV\FKRWKHUDS\FRPSRQHQWV
FRQVHTXHQFHVDQGWKHRUHWLFDODQWHFHQGHQWV7KH&RXQVHOLQJ3V\FKRORJLVW9RO3²

*HOVR K -)UHW] < K &RXQVHOLQJ3V\FKRORJ\1<+ROW5PHKDUWDQG:PVWRQ
*HRUJH5/&QVWLDQL76 &RXQVHOLQJ7KHRU\DQG3UDFWLFHUG(G(QJOHZRRG&OLIIV
1-3UHQWLFH+DOO
 *ODGVWHP * $ 8QGHUVWDQGLQJ HPSDWK\ LQWHJUDWLQJ FRXQVHOLQJ GHYHORSPHQWDO DQG
VRFLDOSV\FKRORJ\SHUVSHFWLYHV-RXUQDORI&RXQVHOLQJ3V\FKRORJ\9RO3
*UHHQEHUJ/3PVRII: (GV 7KH3V\FKRWKHUDSHXWLF3URFHVV1<*XLOIRUG
.HQQHG\( 2Q%HFRPLQJ&RXQVHORU$%DVLF*XLGHIRU1RQ3URIHVVLRQDO&RXQVHORUV
1<7KH6HDEXU\3UHVV
 .QDSS0/ 7KH ILHOGRIQRQYHUEDOFRPPXQLFDWLRQDQRYHUYLHZ,Q K 6WHZDUW <
.HQGDOO (GV 2Q6SHHFK&RPPXQLFDWLRQ$QWKRORJ\RI&RQWHPSRUDU\:ULWLQJVDQG0HVVDJHV
1<+ROW5PHKDUWDQG:PVWRQ
/HYDQW56KLLHQ- (GV &OLHQW&HQWHUHG7KHUDS\DQGWKH3HUVRQ&HQWHUHG$SSURDFK
1<3UDHJHU
 /LHWDHU * 8QFRQGLWLRQDO SRVLWLYH UHDJDUG D FRQWURYHUVLDO EDVLF DWWLWXGH LQ FOLHQW
FHQWHUHGWKHUDS\,Q5/HYDQW-6KLHP (GV  &OLHQW&HQWHUHG 7KHUDS\ DQG3HUVRQ&HQWHUHG
$SSURDFK1<3UDHJHU
0D\5 7KH$UWRI&RXQVHOLQJ1<$EPJGRQ3UHVV
3URFKDVND- 6\VWHPVRI3V\FKRWKHUDS\$7UDQVWKHRUHWLFDO$QDO\VLV+RPHZRRG
,,,'RUVH\3UHVV
5RJHUV K &OLHQW&HQWHUHG7KHUDS\%RVWRQ+RXJKWRQ0LIILQ
5RJHUV K (PSDWK\DQXQDSSUHFLDWHG ZD\ RIEHLQJ7KH&RXQVHOLQJ 3V\FKRORJLVW
9RO3
5RJHUV K )UHHGRPWR/HDUQ&ROXPEXV2KLR0HUQOO
5RJHUV K 2Q%HFRPLQJD3HUVRQ%RVWRQ+RXJKWRQ0LIIP
 5RJHUV K 7KH QHFHVVDU\ DQG VXIILFLHQW FRQGLWLRQV RI WKHUDSHXWLF SHUVRQDOLW\
FKDQJH-RXUQDORI&RQVXOWDWLRQ3V\FKRORJ\9RO3
 6WHZDUW K .HQGDOO < (GV 2Q 6SHHFK &RPPXQLFDWLRQ $Q $QWKRORJ\ RI
&RQWHPSRUDU\:ULWLQJVDQG0HVVDJHV1<+ROW5PHKDUWDQG:PVWRQ

IJHP?KKIKBOHEH=BQ?KDH=HDHGKMEVLBJH<:GBY
Ijhp_kk dhgkmevlbjh\Zgby ^Z`_ _keb wlh lhevdh _^bgkl\_ggZy \klj_qZ k
deb_glhffh`_l[ulvmkeh\ghkljmdlmjbjh\ZggZg_kdhevdhklZ^bcDhgkmevlbjh\Zgb_
bf__l gZqZeh k_j_^bgm b dhg_p b dhgkmevlZgl ^he`_g agZlv dZd gZqZlv
dhgkmevlbjh\Zgb_ k ihfhsvx dZdbo kj_^kl\ ijh^he`Zlv _]h ^_eZlv bgl_gkb\guf b
ijh^mdlb\gufb dZd_]haZdhgqblv

I?J<:Y<KLJ?Q:K DEB?GLHF
I_j\hc \klj_q_ k deb_glhf dhgkmevlZgl ^he`_g m^_eblv hkh[h_ \gbfZgb_ ^Z`_
_keb \ wlhl ^_gv [ueh fgh]h ihk_lbl_e_c Deb_gl ijboh^bl aZ ikboheh]bq_kdhc
ihfhsvx k ^\mfy kbevgufb qm\kl\Zfb ² kljZohf b gZ^_`^hc DhgkmevlZgl h[yaZg
hkeZ[blvkljZob mdj_iblvgZ^_`^m
I_j\Zy \klj_qZ gZqbgZ_lky kh agZdhfkl\Z KjZam [jhkZ_lky \ ]eZaZ b
k\b^_l_evkl\m_l h oZjZdl_j_ deb_glZ lh dZd hg \oh^bl \ dZ[bg_l ² l\_j^uf rZ]hf
^_fhgkljbjmxsbf j_rbfhklv b kf_ehklv beb g_j_rbl_evgh g_hohlgh qlh ]h\hjbl h
kljZo_kl_kgbl_evghklbkhfg_gbyoJmdhih`Zlb_fdhgkmevlZglk i_j\uofbgml\klj_qb
ijhy\ey_l ^jm`_ex[b_ aZbgl_j_kh\Zgghklv b ]hlh\ghklv ihfhqv ihkdhevdm ih`Zlb_
jmdb ijbgylh kqblZlv kbf\hehf _^bg_gby ^\mo ex^_c Ij_^klZ\b\rbkv dhgkmevlZgl
magZ_l bfy b nZfbebx deb_glZ b iZjm fbgml fh`_l m^_eblv h[s_ijbgyluf njZaZf
dhlhju_mf_gvrZxllj_\h]mb gZijy`_gb_i_j\hc\klj_qb
>Z`__keb\ ih\_^_gbbdeb_glZg_aZf_lgh ijbagZdh\ lj_\h]b h g_c g_ ke_^m_l
aZ[u\Zlv ihlhfm qlh kZfZ kblmZpby dhgkmevlbjh\Zgby ijh\hpbjm_l lj_\h]m GZdhg_p
lj_\h]m m deb_glZ \uau\Zxl _]h kh[kl\_ggu_ ijh[e_fu Z lZd`_ khfg_gb_ ^hklZlhqgZ
ebd\ZebnbdZpbydhgkmevlZglZ]hlh\ebhgihgZklhys_fmihfh]Zlvqlh\hh[s_[m^_l
ijhbkoh^blv \h \j_fy dhgkmevlbjh\Zgby b li Lj_\h]Z b gZijy`_gb_ f_rZxl deb_glm
]h\hjblv ihwlhfm i_j\Zy aZ^ZqZ dhgkmevlZglZ aZf_lb\r_]h \heg_gb_ deb_glZ ²
ihfhqv _fm ihqm\kl\h\Zlv k_[y \ [_ahiZkghklb Ij_`^_ \k_]h g_h[oh^bfh ijhy\eylv
Zdlb\ghklv dZd \ gZqZe_ [_k_^u lZdb \h \j_fy \k_c i_j\hc \klj_qb Deb_gl gZ^__lky
qlh dhgkmevlZgl i_j\uf gZqg_l [_k_^m ?keb dhgkmevlZgl \b^bl y\gh_ gZijy`_gb_
deb_glZihe_aghh[hagZqblvb ijhdhff_glbjh\Zlvwlhkhklhygb_<uhq_gvhaZ[hq_gu
beb <u dZ`_l_kv bkim]Zgguf Qlh <Zk aZ[hlbl" JZa]h\hj h [_kihdhckl\_
kihkh[kl\m_lkgylbxgZijy`_gbyDhgkmevlZglfh`_lkijhkblvdeb_glZG_[_kihdhbl
eb<Zklhh q_fk_]h^gyke_^m_lih]h\hjblv"bebG_[hbl_kveb<ufhbo\hijhkh\gZ
dhlhju_ g_ ohl_eb [u hl\_qZlv" Bgh]^Z deb_gl [hblky hp_gdb ^bZ]ghaZ [_kihdhblky
baaZ \hafh`gh]h \uy\e_gby gZjmr_gbc ikbobdb Qlh[u wlh \uykgblv dhgkmevlZgl
fh`_lkijhkblvG_hiZkZ_l_kveb<uqlh<ZfihklZ\ylikbobZljbq_kdbc^bZ]gha"beb
G_dhlhju_ex^b[hylkyh[jZsZlvkyd ikboheh]Zfb ikbohl_jZi_\lZfij_^iheZ]Zyqlh
bo ijbfml aZ ^mr_\gh[hevguo : <u bkiulu\Z_l_ ih^h[gh_ [_kihdhckl\h"
;_kihdhckl\h lZdh]h jh^Z ke_^m_l mkljZgblv \ gZqZe_ [_k_^u DhgkmevlZgl ^he`_g
h[tykgblvqlhdeb_glkZf\u[bjZ_lh q_fb kdhevdh]h\hjblvqlh[hevrbgkl\hex^_c
h[jZsZ_lky d ikboheh]Zf b ikbohl_jZi_\lZf baaZ `bag_gguo ijh[e_f Z bo g_evay
kqblZlv[he_agyfb
;_kihdhckl\h i_j\hc \klj_qb mf_gvrZ_lky ijb hagZdhfe_gbb deb_glZ k
ijhp_^mjhcdhgkmevlbjh\Zgby;hevrbgkl\hdeb_glh\qm\kl\mxlk_[yg_m\_j_gghbaaZ
g_hk\_^hfe_gghklb \ ^_ckl\byo dhgkmevlZglZ G_dhlhju_ deb_glu ihgbfZxl
dhgkmevlbjh\Zgb_ dZd fZ]bq_kdmx ihfhsv Z dhgkmevlZglZ \hkijbgbfZxl dZd fZ]Z
qblZxs_]h fukeb >ey ^jm]bo deb_glh\ dhgkmevlbjh\Zgb_ y\ey_lky k\h_h[jZaghc
kdhjhc ihfhsvx jZa^Z\Zgb_f fm^juo kh\_lh\ beb jZ[hlhc aZ dhlhjmx \kx
hl\_lkl\_gghklvg_k_ldhgkmevlZglb liLZdb_g_j_Zevgu_h`b^ZgbyhlqZklbhljZ`Zxl
khpbZevgu_ kl_j_hlbiu k\yaZggu_ k ikbohl_jZib_c IjZ\bevgh_ h[tykg_gb_ ijhp_kkZ
dhgkmevlbjh\Zgby k hkh[uf ih^q_jdb\Zgb_f iheghc aZ\bkbfhklb mki_oZ hl
khljm^gbq_kl\Z dhgkmevlZglZ b deb_glZ dhjj_dlbjm_l h`b^Zgby deb_glh\ b mf_gvrZ_l
lj_\h]m Lj_\h]m fh`gh mf_gvrblv ijhklh ihijhkb\ deb_glZ m^h[gh jZkiheh`blvky \
dj_ke_b jZkkeZ[blvky
< gZqZe_i_j\hc\klj_qb\Z`gh\uykgblvh[jZlbekyebdeb_glkZfbeb_]hdlhlh
gZijZ\be aZqZklmx deb_glZ ijb\h^yl jh^bl_eb [ebadb_ mqbl_ey b li  ?keb deb_gl
ijboh^bl g_ ih kh[kl\_gghc bgbpbZlb\_ \_ebdZ \_jhylghklv _]h khijhlb\e_gby
dhgkmevlbjh\ZgbxihkdhevdmkZfdeb_glg_\b^blkfukeZ\ h[jZs_gbbd ikboheh]mbeb
ikbohl_jZi_\lm Wlh lj_[m_l hl dhgkmevlZglZ ^hihegbl_evguo mkbebc ih kha^Zgbx
g_h[oh^bfhc fhlb\Zpbb b \hh[s_ \uykg_gbx p_e_khh[jZaghklb ^Zevg_crbo \klj_q M
deb_glZ gZijZ\e_ggh]h ^jm]bf ki_pbZebklhf g_h[oh^bfh kjZam knhjfbjh\Zlv
]_rlZevl khljm^gbq_kl\Z GZijbf_j fh`gh kdZaZlv Dhee_]Z ; ijhkbe f_gy
ijh\_klb k <Zfb g_kdhevdh \klj_q qlh[u kh\f_klgh h[km^blv g_dhlhju_ <Zrb
ijh[e_fuWlhohly[uhlqZklbh[tykgbldeb_glmihq_fmhggZijZ\e_gd dhgkmevlZglm
Z lZd`_ihfh`_lihgylvqlhdhgkmevlbjh\Zgb_²kh\f_klgh_aZgylb_^\moex^_cZ g_
ijhklh[_k_^u\h \j_fydhlhjuo dhgkmevlZgl ^Z_l mdZaZgby qlh b dZd ke_^m_l ^_eZlv
:\lhjblZjgZy fh^_ev hlghr_gbc \_kvfZ lbibqgZ \ f_^bpbg_ b g_j_^dh deb_glu
i_j_ghkyl __ \ ikboheh]bq_kdh_ dhgkmevlbjh\Zgb_ b ikbohl_jZibx Dh]^Z deb_gl
ijboh^bl k gZijZ\e_gb_f dhgkmevlZgl h[uqgh ijhkbl ih\lhjgh jZkkdZaZlv h k_[_ b h
k\hbo ijh[e_fZo >ey [hevrbgkl\Z deb_glh\ wlh ^h\hevgh g_ijbylgh_ aZgylb_ djhf_
lh]h \ ih\lhjghf jZkkdZa_ himkdZ_lky fgh]h ^_lZe_c wfhpbhgZevgZy gZ]jmadZ
ih\_kl\h\Zgby mf_gvrZ_lky b jZkkdZa h k_[_ klZgh\blky ihoh` gZ aZmq_ggh_
Z\lhfZlbq_kdh_ ^_ckl\h L_f g_ f_g__ dhgkmevlZglm \k_ `_ j_dhf_g^m_lky kZfhfm
\ukemrZlv deb_glZ Z g_ iheZ]Zlvky gZ bgnhjfZpbx dhee_]b ihlhfm qlh lhevdh ba
ebqghc[_k_^ufh`ghihgylvdZdhckfukebf_xlkbfilhfub ijh[e_fu^eydeb_glZ
 IjZ\h i_j\h]h \hijhkZ ijbgZ^e_`bl dhgkmevlZglm <hijhk ^he`_g [ulv
hldjuluf g_hij_^_e_gguf iha\heyxsbf deb_glm [_a \kydbo l_fZlbq_kdbo
h]jZgbq_gbc ]h\hjblv h lhf qlh ^ey g_]h \Z`gh GZijbf_j K q_]h <u ohl_eb [u
gZqZlv k\hc jZkkdZa" DZdb_ \hijhku ljm^ghklb ijh[e_fu  ijb\_eb <Zk kx^Z"
BlZdh q_ffu[m^_f]h\hjblv"b li?kebdhgkmevlZgl\b^blqlhdeb_glgZijy`_g
\hegm_lky hg qlh[u h[e_]qblv gZqZeh [_k_^u ij_`^_ \k_]h ^he`_g kijhkblv h
qm\kl\Zoihfhqvbo\ujZablv
Kho   mdZau\Z_l qlh \ gZqZe_ i_j\hc \klj_qb ihe_a_g \hijhk Dh]^Z <u
kf_yebkv ihke_^gbc jZa" beb Dh]^Z <u ihke_^gbc jZa kf_yebkv ^hfZ" Hl\_lu gZ
ih^h[gu_ \hijhku b]jZxl kms_kl\_ggmx jhev Kf_o b _]h ^_nbpbl ohjhrh hljZ`Zxl
wfhpbhgZevgmx`bagvex^_c
I_j\u_ \hijhku ke_^m_l lsZl_evgh ijh^mfu\Zlv ihlhfm qlh deb_glu \ gZqZe_
dhgkmevlbjh\Zgby g_ hkf_eb\Zxlky hl\_qZlv gZ g_dhlhju_ \hijhku ?keb dhgkmevlZgl
aZ^Z_l fgh]h \hijhkh\ deb_gl i_j_klZ_l ihgbfZlv qlh hl g_]h ohlyl b g_ ]h\hjbl ih
kh[kl\_gghc bgbpbZlb\_ b lh]^Z dhgkmevlZgl \ugm`^_g ijh^he`Zlv kijZrb\Zlv <
gZqZe_dhgkmevlbjh\Zgbyke_^m_lba[_]Zlv\hijhkh\gZdhlhju_\hafh`_gh^ghagZqguc
hl\_lb[hwlhlZd`_aZklZ\ey_ldhgkmevlZglZijh^he`ZlvkijZrb\Zlv gZijbf_j\hijhk
Kdhevdh<Zfe_l"bgh]^Z\Z`_gghg_ijb_fe_f\ gZqZe_dhgkmevlbjh\Zgby 
Hl\_l deb_glZ gZ \hijhk fh`_l \ua\Zlv m dhgkmevlZglZ \_j_gbpm ^jm]bo
\hijhkh\
JZkkfhljbfnjZ]f_gldhgkmevlbjh\Zgby
DhgkmevlZgl G_ fh]eb [u <u g_fgh]h jZkkdZaZlv h ijh[e_fZo k dhlhjufb
klhedgmebkv\ wlhf]h^m"GZqgbl_k lh]hdZdihiZebkx^Z
Deb_gl Y fgh]hibeihlhfjZa\_ekyk `_ghcihl_jye\k_qlhbf_eDjhf_lh]h
gZqZe mihlj_[eylv gZjdhlbdb Y g_ agZe qlh kh fghc [m^_l moh^be b [jh^be ih iylv
^g_c²wlbiylv^g_ckeb\Zebkv ^eyf_gy \ h^bg^_gv
DhgkmevlZgl Ihoh`_qlh<ui_j_`bebg_kZfu_emqrb_\j_f_gZ
Deb_gl ;_af_klZ[_ap_eb
DhgkmevlZgl <ukh[bjZ_l_kvqlhgb[m^v^_eZlv"
Deb_gl Y g_fh]_klvg_fh]kiZlvY g_agZeqlhfg_^_eZlvIZjm^g_c`bem
^jm]Zihlhfk[_`Ze
Wlhl dhjhldbc wibah^ ih^gbfZ_l fgh`_kl\h \hijhkh\ Kdhevdh deb_gl ibe"
Dh]^Z gZqZe" Qlh ^ey g_]h agZqbl jZa\h^" Ihq_fm iylv ^g_c ihdZaZebkv h^gbf ^g_f"
Qlh hg aZihfgbe ba wlbo iylb ^g_c" JZkkdZaZggh_ deb_glhf gZ\h^bl b gZ ^jm]b_
\hijhku H^gZdh aZ^Z\Zgb_ lZdbo \hijhkh\ kjZam kmabeh [u [_k_^m < gZqZe_ [_k_^u
ke_^m_l ba[_]Zlv dhgdj_lghklb gh ZdlmZevgu_ \hijhku gZ^h ^_j`Zlv \ ]heh\_ Fh`_l
kemqblvkyqlhdeb_glkZf\ oh^_[_k_^uhl\_lbl gZ[hevrbgkl\h bagboIha`_fh`gh
aZ^Zlv g_^hklZxsb_ \hijhku < ijZ\^b\hklb jZkkdZaZggh]h g_ klhbl aZ\_^hfh
khfg_\Zlvkyb ijhy\eylv[_kihdhckl\hqlhk\hckl\_gghg_dhlhjufki_pbZebklZf\_^v\
kemqZ_e`b\hklbdeb_glZgZg_]heh`blkyhl\_lkl\_gghklvaZkju\dhgkmevlbjh\Zgbyb
hgihg_k_likboheh]bq_kdb_Z qZklhb fZl_jbZevgu_ihl_jb
<h \j_fy i_j\hc \klj_qb fu \gbfZl_evgh \ukemrb\Z_f deb_glZ b iulZ_fky
hij_^_eblv hkgh\gmx l_fm [_k_^u djm] ijh[e_f b ljm^ghkl_c Ij_`^_ \k_]h ke_^m_l
h[jZlblv \gbfZgb_ gZ ihgbfZgb_ ijh[e_fu deb_glhf gZ \_jhylgu_ ijbqbgu __
\hagbdgh\_gby gZ ihiuldb j_rblv wlm ijh[e_fm k\yaZggu_ k g_c ljm^ghklb b
khimlkl\mxsb_ nZdlhju DhgkmevlZgl ^he`_g iha\heblv deb_glm k\h[h^gh
jZkkdZau\Zlvbgh]^Z\klZ\eyylZdb_njZau KlZeh[ulv\k_ihiuldbj_rblvijh[e_fm
hdZaZebkvg_m^ZqgufbLhevdhk wlbfb^_eZfbk\yau\Z_l_k\hxijh[e_fm"b liG_
ke_^m_l ij_ju\Zlv deb_glZ b ihdZau\Zlv k\h_ ebqgh_ kh]eZkb_ beb g_kh]eZkb_
g_h[oh^bfhba[_]Zlv\ukf_b\Zgbyb mgb`_gbydeb_glZijhy\eylvk\hbkbfiZlbblh`_
g_gm`gh kdhj__deb_gl^he`_gqm\kl\h\ZlvwfiZlbxdhgkmevlZglZ g_gZ^hij_^eZ]Zlv
ihki_rgu_bgl_jij_lZpbbb ki_rblvk \u\h^Zfb
DhgkmevlZgl g_ ^he`_g gZklhcqb\h b gZahceb\h ih[m`^Zlv deb_glZ jZkkdZaZlv
\k_ ?keb fu dZdbfeb[h kihkh[hf aZklZ\ey_f deb_glZ jZkkdZaZlv h k\h_c `bagb
hlghr_gbyoqm\kl\Zo[hevr_g_`_ebhg]hlh\lh\ ^jm]hcjZadeb_glfh`_lg_ijbclb
bkiulu\Zylj_\h]m\bgmb klu^baaZbaebrg_chldjh\_gghklbk qm`bfq_eh\_dhf
QZklh\h\j_fyi_j\hc \klj_qbdeb_gl]h\hjblh fgh]boijh[e_fZoihlhfmqlh
ijZdlbq_kdbgbdh]^Zg_[u\Z_l_^bgkl\_gghcijh[e_fuAZljm^g_gbygZi_j\uc\a]ey^
dZ`mlky jZajhag_ggufb L_f g_ f_g__ _keb dhgkmevlZgl \gbfZl_evgh \ukemrZ_l
deb_glZhgmkfhljbljZagh]hjh^Zk\yabf_`^mbaeh`_ggufb kh[ulbyfb qm\kl\Zfb b
mklZgh\dZfb < oh^_[_k_^u \Z`ghhlf_qZlv ih\lhjyxsb_ky we_f_glu \ j_qb deb_glZ
HgbmdZau\ZxlgZkZfu_bgl_gkb\gu_j_ZdpbbgZgZb[he__wfhpbhgZevghhdjZr_ggu_
h[eZklb hiulZ LZdb_ ih\lhju \uihegyxl jhev ki_pbnbqguo dexq_c b ihfh]Zxl
dhgkmevlZglmwnn_dlb\g__\_klb[_k_^m
K kZfh]h gZqZeZ i_j\hc \klj_qb dhgkmevlZgl ^he`_g aZ[hlblvky h lhf qlh[u
deb_gl ijbgye gZ k_[y hl\_lkl\_gghklv aZ k\hb ijh[e_fu l_ ijbagZe \ bo
ijhbkoh`^_gbb k\h_ Z\lhjkl\h Deb_gl g_k_l hl\_lkl\_gghklv b aZ hkfuke_ggh_
bkihevah\Zgb_ \j_f_gb dhgkmevlbjh\Zgby DhgkmevlZgl jZa^_ey_l k deb_glhf
hl\_lkl\_gghklv b mdZau\Z_l qlh hg aZbgl_j_kh\Zg \ h[km`^_gbb ijh[e_f deb_glZ b
\hafh`guo Zevl_jgZlb\ bo j_r_gby GZr_ \hkiblZgb_ g_j_^dh ijhlb\hj_qbl
lj_[h\Zgbxkh\f_klghck deb_glhfhl\_lkl\_gghklbaZdhgkmevlbjh\Zgb_DhgkmevlZgl
iheZ]Z_l qlh kfh`_l emqr_ kijZ\blvky kh k\hbfb h[yaZgghklyfb i_j_`b\Zy baaZ
ijh[e_f deb_glZ kbevg__ q_f kZf deb_gl H^gZdh fu ijbg_k_f deb_glm [hevrmx
ihevam ih[m`^Zy _]h ]em[`_ ihjZafukeblv gZ^ k\hbfb ijh[e_fZfb <f_kl_ k l_f g_
ke_^m_l klZjZlvky iheghklvx ba[Z\blv deb_glZ hl lj_\h]b k\yaZgghc k ijbgylb_f gZ
k_[y hl\_lkl\_gghklb Deb_glm ke_^m_l h[mqZlvky lhe_jZglghklb d g_dhlhjuf ^haZf
[_kihdhckl\Z ihkdhevdm `bagv ihegZ kblmZpbc \ dhlhjuo ijboh^blky [ulv ebqgh
hl\_lkl\_gguf
Bgh]^Z ^mfZxl qlh dZ`^uc jZa deb_gl ^he`_g moh^blv hl dhgkmevlZglZ [he__
kqZkleb\ufq_fijbr_e< ^_ckl\bl_evghklb`_hg^he`_gmclbhldhgkmevlZglZ[he__
kZfhm\_j_ggufh^gZdhk [he_ag_ggufihgbfZgb_fqlhke_^m_lqlhlhf_gylv\ k_[_b
k\h_c`bagbDhgkmevlZglh[yaZgg_klhevdhhk\h[h`^Zlvdeb_glZhlkljZ^Zgbckdhevdh
ijb^Zlv _]h kljZ^Zgbyf dhgkljmdlb\gh_ gZijZ\e_gb_ KljZ^Zgb_ fh`_l [ulv
bkihevah\Zgh dZd \Z`gZy kbeZ \uau\ZxsZy baf_g_gb_ ebqghklb \ ijhp_kk_
dhgkmevlbjh\Zgby
IhiulZ_fky \ke_^ aZ (LVHQEHUJ b 'HODQH\   mdZaZlv gZ \Z`g_crb_ p_eb
i_j\hcdhgkmevlZlb\ghc\klj_qb
 Ihhsjylv hldjulh_ bkdj_gg__ b \k_h[t_fexs__ h[s_gb_ ih ijh[e_fZf
dhlhju_ deb_glm ohq_lky h[km^blv \h \j_fy \klj_qb k jZkdjulb_f nZdlhjh\
\uau\Zxsbowlbijh[e_fu
 Ijh^\bgmlvky \ gZijZ\e_gbb [he__ ]em[hdh]h ihgbfZgby deb_glZ [hevr_]h
m\Z`_gbyd g_fmb \aZbfhihgbfZgby
 GZkljhblv deb_glZ gZ dhgdj_lgmx ihe_aghklv dZ`^hc dhgkmevlZlb\ghc
\klj_qb
I_j_^Zlvdeb_glmihgbfZgb_lh]hqlhhg^he`_g[ulvZdlb\gufmqZklgbdhf
j_r_gbyk\hboijh[e_f
 H[hagZqblvijh[e_fu^ey^Zevg_cr_cjZ[hluBgh]^Z\ dhgp_i_j\hc\klj_qb
deb_glu aZ^Zxl \hijhk ihq_fm gZ^h \klj_qZlvky k dhgkmevlZglhf g_kdhevdh beb ^Z`_
fgh]hjZa < lZdbo kemqZyo dhgkmevlZgl ^he`_g h[tykgblv <Zrb ijh[e_fu \hagbdeb
g_kjZamhgbjZa\b\Zebkvihkl_i_gghb <uk gbfb`b\_l_m`_g_dhlhjh_\j_fyQlh[u
jZah[jZlvky\ ijh[e_fZoij_`^_\k_]hg_h[oh^bfh^h\hevghih^jh[ghhagZdhfblvky k
gbfbWlhlj_[m_l\j_f_gbdZd\ijhq_fh[km`^_gb_b j_r_gb_ijh[e_fG_\hafh`gh
aZ h^bg qZk mkljZgblv lh qlh gZdZieb\Zehkv ]h^Zfb LZdh_ h[tykg_gb_ ihfh]Z_l
deb_glm ihgylv qlh j_r_gb_ ijh[e_f ² wlh g_ h^ghjZah\h_ ^_ckl\h Z ^h\hevgh
ijh^he`bl_evgucijhp_kk
H ijbqbgZohldZaZhldhgkmevlbjh\Zgby
<h \j_fy i_j\hc \klj_qb dhgkmevlZgl j_rZ_l [m^_l eb hg b \ij_^v
dhgkmevlbjh\Zlv deb_glZ Bgh]^Z kemqZ_lky lZd qlh dhgkmevlZgl qm\kl\m_l k_[y
g_dhfi_l_glguf j_rZlv ih^gylu_ ijh[e_fu eb[h ijh[e_fu deb_glZ lj_[mxl
ki_pbZebabjh\Zgghcihfhsbbeb_s_dZdb_gb[m^vijbqbgu gZijbf_jebqgu_ fh]ml
f_rZlv ^Zevg_cr_c jZ[hl_ < lZdbo kemqZyo deb_glZ gZijZ\eyxl d ^jm]hfm
dhgkmevlZglm GZb[he__ qZklu_ ijbqbgu gZijZ\e_gby deb_glZ d dhee_]Zf ih fg_gbx
*HRUJH b &ULVWLDQL  ke_^mxsb_
DhgkmevlZglg_dhfi_l_gl_gj_rZlvijh[e_fmbaeh`_ggmxdeb_glhf
 JZaebqby ebqghkl_c dhgkmevlZglZ b deb_glZ gZklhevdh \_ebdb qlh f_rZxl
aZ\yaZlvb ih^^_j`b\ZlvdhgkmevlZlb\gucdhglZdl
 Deb_gl y\ey_lky ^jm]hf beb jh^kl\_ggbdhf dhgkmevlZglZ K gbf ljm^gh
mklZgh\blvb ijh^he`bl_evgh_\j_fyih^^_j`b\ZlvdhgkmevlZlb\gu_hlghr_gbyb wlh
^_eZ_lg_\hafh`gufk_jv_agh_ikboheh]bq_kdh_dhgkmevlbjh\Zgb_
 Deb_gl ih dZdbfeb[h ijbqbgZf hldZau\Z_lky h[km`^Zlv k\hb ijh[e_fu k
dhgkmevlZglhf
 Ihke_ g_kdhevdbo \klj_q k deb_glhf gZijZrb\Z_lky \u\h^ qlh
dhgkmevlZlb\guc dhglZdl g_wnn_dlb\_g b fZeZ \_jhylghklv baf_g_gby _]h \
ijh^mdlb\ghfgZijZ\e_gbb
DZd b kZf ijhp_kk dhgkmevlbjh\Zgby gZijZ\e_gb_ d ^jm]hfm dhgkmevlZglm
^he`ghhkgh\u\ZlvkygZm\Z`_gbbb ^h\_jbbd deb_glmDhgkmevlZglh[yaZghagZdhfblv
deb_glZ k \ZjbZglZfb dhgkmevlbjh\Zgby Z \u[bjZlv ^he`_g kZf deb_gl H^gZdh
wnn_dlb\ghklv hagZdhfe_gby k jZagufb \hafh`ghklyfb b p_e_khh[jZaghklv
gZijZ\e_gbyd ^jm]hfmki_pbZebklmh[mkeh\e_guhij_^_e_ggufbijZ\beZfb
 Emqr_ gZijZ\eylv deb_glZ g_ \hh[s_ \ dZdh_eb[h ^jm]h_ mqj_`^_gb_ Z d
dhgdj_lghfmki_pbZebklmQlh[ugZijZ\e_gb_[uehwnn_dlb\gufdhgkmevlZgl^he`_g
[ulv ohjhrh agZdhf k mqj_`^_gbyfb hdZau\Zxsbfb ikboheh]bq_kdb_ b
ikbohl_jZi_\lbq_kdb_ mkem]b k jZ[hlZxsbfb lZf ki_pbZebklZfb bo d\ZebnbdZpb_c
ki_pbZebaZpb_cb li
Deb_glmke_^m_li_j_^ZlvdZdfh`gh[he__ih^jh[gmxbgnhjfZpbx²Z^j_kZ
mqj_`^_gbcb ebp ihgylgh²g_^hfZrgb_ l_e_nhgunZfbebbki_pbZebklh\Bgh]^Z
deb_gl fh`_l ih`_eZlv qlh[u kZf dhgkmevlZgl iha\hgbe b ^h]h\hjbeky h _]h ijb_f_
h^gZdh gZb[he__ ijZ\bevgh [m^_l \haeh`blv \kx hl\_lkl\_gghklv aZ h[jZs_gb_ gZ
deb_glZ
 ?keb deb_gl ohq_l qlh[u dhgkmevlZgl jZkkdZaZe h g_f k\h_fm dhee_]_ wlh
ke_^m_l^_eZlv[_amqZklbydeb_glZ
 >jm]b_ dhgkmevlZglu g_ h[yaZgu ij_^hklZ\eylv <Zf bgnhjfZpbx h
gZijZ\e_gghfdeb_gl_ihkdhevdmhgbk\yaZgulj_[h\Zgb_fdhgnb^_gpbZevghklb
 Ih \hafh`ghklb dhgkmevlZgl ^he`_g m[_^blvky \ ^_ckl\_gghklb k\h_]h
gZijZ\e_gbyjZamf__lkyg_lj_[myih^jh[ghkl_ch ijhbkoh^ys_cjZ[hl_
?keb jZ[hlZ k deb_glhf g_ aZdhgqbeZkv i_j\hc \klj_q_c \Z`gh h[jZlblv
\gbfZgb_ gZ g_dhlhju_ hkh[_gghklb ke_^mxs_c \klj_qb GZ i_j\hc \klj_q_ dZd
mihfbgZehkv \ hkgh\ghf kh[bjZeZkv bgnhjfZpby h ijh[e_fZo ljm^ghklyo deb_glZ
ijhbkoh^beh \u^_e_gb_ hkgh\ghc ijh[e_fu beb ijh[e_f >ey i_j\hc \klj_qb
oZjZdl_jgZ [hevrZy Zdlb\ghklv dhgkmevlZglZ Ke_^mxsZy \klj_qZ ^he`gZ gZ]ey^g__
ihdZaZlv deb_glm oZjZdl_j jZa^_e_gby hl\_lkl\_gghklb G_j_^dh deb_gl g_ agZ_l qlh
^_eZlv\h\j_fyke_^mxs_c\klj_qbhkh[_ggh_kebqm\kl\m_lqlh^hklZlhqghjZkkdZaZe
h k_[_gZij_^u^ms_c\klj_q_ 6WRUU  ij_^klZ\beZijbf_jlh]hdZddhgkmevlZglm
ke_^m_l\_klbk_[y\ ih^h[guokemqZyo
?kebdeb_glk kZfh]hgZqZeZ\klj_qbfheqblh`b^Zy\ukdZau\ZgbydhgkmevlZglZ
fh`ghkdZaZlv
< ijhreucjZay aZ^Zefgh]h\hijhkh\h <Zrboijh[e_fZob hlhfk q_fhgb
fh]ml[ulvk\yaZguK k_]h^gyrg_]h^gyy ohl_e[uqlh[u<u\ayebgZk_[ybgbpbZlb\m
\ \u[hj_^Zevg_cr_cl_fZlbdbZ g_`^Zebgh\uo\hijhkh\<_^vlhevdh<uagZ_l_qlh
\ ^_ckl\bl_evghklb ijhbkoh^bl k <Zfb BlZd \ ^Zgguc fhf_gl <Zrb qm\kl\Z
ih^kdZ`mlh q_ffu^he`gu]h\hjblvk_cqZk
?keb deb_gl ijh^he`Z_l fheqZlv dhgkmevlZgl fh`_l kijhkblv _]h H q_f <u
^mfZeb gZijZ\eyykv gZ k_]h^gyrgxx \klj_qm" GZijy`_gguc [_kihdhcguc
h`b^ZxsbcihfhsbebrvhldhgkmevlZglZdeb_glqZklhkdehg_ghl\_lblvGbq_]h
GZwlhfh`ghkdZaZlv
Fg_ dZ`_lky qlh ljm^gh gb h q_f g_ ^mfZlv : lhqg__ y kqblZx wlh
g_\hafh`guf <k_]^Z \ ]heh\_ [jh^yl jZagu_ fukeb <u \k_lZdb jZafureyeb h
k_]h^gyrg_f \babl_ <_jhylgh m <Zk [ueb dZdb_lh gZ^_`^u \ hlghr_gbb gZr_c
\klj_qbQlh<uohl_eb[u"
?keb deb_gl hl\_lbl qlh ohl_e [u mkeurZlv gh\u_ \hijhku Z lZd qZklh b
kemqZ_lky dhgkmevlZgl^he`_gkijhkblv
: dZdbo\hijhkh\<u`^_l_"
?kebdeb_glgbq_]hg_ohq_lmlhqgylvfh`gh_fmkdZaZlv
Y qm\kl\mxqlh<uk_]h^gyg_jZkiheh`_gud jZa]h\hjm<hafh`gh<Zkdlhlh
aZklZ\beijbclbkx^ZkdZaZeqlh<uh[yaZgu"
QZklhkblmZpbykdeZ^u\Z_lkydZd\ ^Zgghfijbf_j__kebdeb_glqm\kl\m_lk_[y
\ugm`^_gguf ijbclb d dhgkmevlZglm b hl\_qZlv gZ _]h \hijhku <Z`gh h[tykgblv
deb_glm qlh i_j\h_ b \Z`g_cr__ lj_[h\Zgb_ \ dhgkmevlbjh\Zgbb ² wlh ]hlh\ghklv b
klj_fe_gb_khljm^gbqZlvk dhgkmevlZglhfb ijbg_`_eZgbb]h\hjblvh k\hboijh[e_fZo
gbdlhg_\ijZ\_aZklZ\blvwlh^_eZlv
HP?GD:IJH;E?FDEB?GLH<
Ikboheh]bq_kdb_hp_gdbkh]eZkgh .OHLQPXQW] 
pbl ih *HOVR )UHW]   ² wlh kbkl_fgu_ beb klZg^Zjlbabjh\Zggu_
ijhp_^mjugZ[ex^_gbyaZih\_^_gb_fIhkms_kl\mhp_gdZfbaZgbfZ_lky[hevrbgkl\h
ikboheh]h\GZhkgh\ZgbbkhihklZ\e_gbyih\_^_gbyjZaguoex^_cb ZgZebaZih\_^_gby
h^gh]hb lh]h`_bg^b\b^Z\ jZagu_ijhf_`mldb\j_f_gb^_eZxlkyh[h[s_gbyh p_eyo
ijh]ghaZ Ihwlhfm ikboheh]bq_kdZy hp_gdZ bf__l [hevrh_ agZq_gb_ dZd ^ey l_hjbb
ikboheh]bq_kdh]h dhgkmevlbjh\Zgby lZd b ^ey ijZdlbdb Hp_gdZ rbjhdh ijbf_gy_lky
\hfgh]boh[eZklyoikboheh]bbh^gZdh__ijbf_g_gb_\ dhgkmevlbjh\Zgbbbf__lh^bg
\Z`gucZki_dlfuij_^hklZ\ey_fdeb_glmgh\u_k\_^_gbyh g_fb _]hi_jki_dlb\_
Ikboheh]bq_kdZy hp_gdZ ² wlh hq_gv rbjhdh_ ihgylb_ GZijbf_j Kho 
]h\hjblh lj_oZki_dlZo\hafh`ghchp_gdbdeb_glh\
 ² ghaheh]bq_kdhf ijbqbke_gb_ deb_glZ d hij_^_e_gghc ghaheh]bq_kdhc
dZl_]hjbb 
²ikboh^bgZfbq_kdhf \u^_e_gb_^hfbgbjmxsbof_oZgbafh\ikboheh]bq_kdhc
aZsbluh[mkeh\e_gguohglh]_g_lbq_kdb 
²wdabkl_gpbZevghf ZgZebakm[t_dlb\gh]hfbjZdeb_glZ 
< h[s_f ikboheh]bq_kdhc hp_gd_ ih^e_`Zl kZfu_ jZagu_ k\_^_gby h[
hkh[_gghklyoex^_chp_gb\Z_lkybgnhjfZpby h deb_gl_ ihemq_ggZy \h \j_fy [_k_^u
j_amevlZluikboheh]bq_kdh]hh[ke_^h\Zgbykgul\hjq_kl\hb li>Ze__fuih]h\hjbf
h[wlhfih^jh[g__

Ijh[e_fub bo\_j[ZebaZpby
Ohly dgb]Z ihk\ys_gZ jZ[hl_ dhgkmevlZglZ k kZfufb jZagufb ijh[e_fZfb
ex^_c mklZgh\e_gb_ bo dhgdj_lgh]h oZjZdl_jZ iha\hey_l \u^_eblv b g_dhlhju_
mgb\_jkZevgu_Zki_dluaZljm^g_gbcdeb_glh\
DZ`^Zyijh[e_fZ q_eh\_dZ ² wlh dhgkl_eeypby _]h qm\kl\ fuke_c b bgl_gpbc
Ihwlhfm __ fh`ghjZaj_rblv f_gyy k\hx `bagv ² __ h[jZa hlghr_gby \gmlj_ggxx
hjb_glZpbx Bgh]^Z \hagbdZ_l kh[eZag \h \k_o k\hbo ijh[e_fZo h[\bgylv hdjm`_gb_
beb gZke_^kl\_gghklv  Hdjm`_gb_ [_kdhg_qgh \Z`gh dZd Zj_gZ gZ dhlhjhc q_eh\_d
[hj_lkyaZk_[yh^gZdh^mfZlvqlhhdjm`_gb_y\ey_lkyijbqbghcljm^ghkl_cebqghklb
² g_dhgkljmdlb\gh b g_ijZ\bevgh DZd ]h\hjbl 0D\   hdjm`_gb_ ij_^klZ\ey_l
kh[hc rZofZlgmx ^hkdm b nb]mju h^gZdh ih ^hkd_ b nb]mjZf g_evay ij_^\b^_lv dZd
[m^_lijhbkoh^blvb]jZ 0D\ijh^he`Z_l
G_djZkb\Zy^_\mrdZfh`_l`Zeh\ZlvkyqlhlZdhcjh^beZkvh^gZdhgZ^hihfhqv
_c ihgylv qlh g_djZkb\hklv ihy\ey_lky baaZ g_mf_gby ih^Zlv k\hx \g_rghklv \
\u]h^ghfk\_l_\ke_^kl\b_hrb[hqguomklZgh\hd
DZ`^uc ba gZk bf__l ljm^ghklb \ `bagb 0D\   ijbagZ_lky Hldjh\_ggh
]h\hjyy g_\klj_qZedeb_glZijh[e_fdhlhjh]hg_mkfZljb\Ze[ub mk_[yihdjZcg_c
f_j_ ihl_gpbZevgh Ihwlhfm i_j\h_ b \Z`g_cr__ iheh`_gb_ \ dhgkmevlbjh\Zgbb h
dhlhjhf dhgkmevlZgl ^he`_g khh[sblv deb_glm  gZebqb_ ijh[e_f ² wlh ghjfZevgh_
y\e_gb_ HkhagZgb_ ^Zggh]h iheh`_gby ij_^klZ\ey_l i_j\uc rZ] d mkljZg_gbx
ijh[e_f K_jv_agu_ gZjmr_gby \uau\Z_l lhevdh aZlygm\rZyky g_kihkh[ghklv j_rZlv
k\hbijh[e_fubebgZmqblvky`blvk gbfb
JZkkljhckl\h\ h^ghckn_j_`bagbdZdijZ\beh\uau\Z_lgZjmr_gbyb \^jm]bo
kn_jZo GZijbf_j gZjmr_gb_ f_`ebqghklguo hlghr_gbc \ k_fv_ h[uqgh ijb\h^bl d
jZkkljhckl\mk_dkmZevghckn_juiZjlg_jh\Fh`ghgZclb[_kdhg_qgh_fgh`_kl\hlZdbo
ijbf_jh\Ihwlhfmh[uqghg_lhkgh\Zgbc]h\hjblvh[h^ghcijh[e_f_hgbkms_kl\mxl
k\h_h[jZagufb ]jha^vyfb Wlhl \a]ey^ ijhlb\hj_qbl jZkijhkljZg_gghfm \ ijZdlbd_
dhgkmevlbjh\Zgby iheh`_gbx dh]^Z ^_eZ_lky ihiuldZ b^_glbnbpbjh\Zlv bf_ggh
dhgdj_lgmx ijh[e_fm H^gZdh ihiuldZ k\_klb keh`ghklb b ljm^ghklb `bagb d dZdhc
eb[h h^ghc ijh[e_f_ qZklh h[mkeh\eb\Z_l g_ijZ\bevgh_ ihgbfZgb_ bo bklbgguo
ijbqbg
DZ`^Zy ijh[e_fZ g_kfhljy gZ \b^bfmx lbibqghklv y\ey_lky g_ih\lhjbfhc b
h[yaZl_evgh lj_[m_l bg^b\b^mZevgh]h ih^oh^Z < wlhf kfuke_ [ueh [u hrb[hqgh
^mfZlv qlh fh]ml kms_kl\h\Zlv dZdb_eb[h Ze]hjblfu j_r_gby hl^_evguo ijh[e_f
DZ`^uc kemqZc dhgkmevlbjh\Zgby mgbdZe_g b lj_[m_l ihgbfZgby \ dhgl_dkl_ `bagb
dhgdj_lgh]hdeb_glZ
<k_ ijh[e_fu k dhlhjufb fu klZedb\Z_fky \ dhgkmevlbjh\Zgbb bf_xl k\hx
bklhjbx \hagbdgh\_gby b jZa\blby Dh]^Z dhgkmevlZgl agZdhfblky k ijh[e_fZfb
deb_glZqZs_\k_]h\uykgy_lkybo^he]h_\uaj_\Zgb_i_j_^ijhju\hf\ ih\k_^g_\gmx
`bagv>hijboh^Zd dhgkmevlZglmdeb_gldZdijZ\behiulZekykZfhklhyl_evghj_rZlv
k\hb ijh[e_fu b h lZdbo ihiuldZo b j_amevlZlZo dhgkmevlZgl ^he`_g agZlv G_j_^dh
g_m^Zqb kh[kl\_gguo mkbebc \ihke_^kl\bb ijbgbfZxlky aZ hkgh\gu_ ijbqbgu
kms_kl\mxsboijh[e_f
Bgh]^Z jZ[hlZ gZ^ ijh[e_fZfb deb_glZ mih^h[ey_lky ^hdZaZl_evkl\m
]_hf_ljbq_kdbo l_hj_f G_ ke_^m_l aZ[u\Zlv qlh dZ`^Zy ijh[e_fZ bf__l ]em[hdb_
ebqgu_ dhjgb ?keb fu [m^_f baebrg_ bgl_ee_dlmZebabjh\Zlv b h[t_dlb\bjh\Zlv
ijh[e_fm lh klhedg_fky k m]jhahc g_^hhp_gdb agZq_gby qm\kl\ \ __ \hagbdgh\_gbb b
jZaj_r_gbb
DZdbf `_ h[jZahf fh`gh mklZgh\blv b_jZjobx ijh[e_f" Ij_`^_ \k_]h \Z`gh
\uykgblv gZkdhevdh g_m^h\e_l\hj_ggZy ihlj_[ghklv b g_^hklb]gmlZy p_ev agZqbfu \
`bagb deb_glZ Ihlhf ke_^m_l mklZgh\blv \ dZdhc kl_i_gb [ehdbjm_lky p_ev beb
njmkljbjm_lkyihlj_[ghklvLZd`_\Z`ghkdhevdh\j_f_gbkms_kl\m_lijh[e_fZ?keb
hgZ bf__l ^ebggmx bklhjbx deb_gl m`_ fh] gZclb fgh]h kihkh[h\ qZs_ \k_]h
g_ijb]h^guo  dhfi_gkZpbb dhlhju_ aZljm^gyxl \uy\e_gb_ ih^ebgguo ijbqbg
ljm^ghkl_c Hq_gv agZqbfh ihgbfZgb_ bklhdh\ ijh[e_fu kZfbf deb_glhf ?keb
ihgbfZgb_hrb[hqghdeb_glm`_ihkljhbep_eucjy^h[tykg_gbcg_khhl\_lkl\mxsbo
j_Zevghklbb aZljm^gyxsbojZa\yadm
Kms_kl\_ggmx jhev \ dhgkmevlbjh\Zgbb b]jZ_l b^_glbnbdZpby b \_j[ZebaZpby
ijh[e_f I_j_^Zlv k\hb aZljm^g_gby keh\Zfb g_ lZd ijhklh dZd fh`_l ihdZaZlvky gZ
i_j\uc\a]ey^<hh[s_\ dhgkmevlbjh\Zgbbfu]h\hjbfk deb_glhfh \_sZodhlhju_hg
agZ_lh^gZdhhgbgbdh]^Zg_[ueblhqgh\ukdZaZguIjh[e_fukdhj__\k_]hgZoh^ylky
\ ]heh\_ Wlhihoh`_gZ g_j_^dh \klj_qZxsbcky n_ghf_g dh]^Z fu agZ_f keh\h gh
gZa\Zlv _]h g_ fh`_f \ lZdbo kemqZyo ]h\hjyl keh\h \_jlblky gZ dhgqbd_ yaudZ <
dhgkmevlbjh\Zgbb [_kdhg_qgh \Z`gh lhqgh h[hagZqblv ijh[e_fm ihkdhevdm \ kZfhf
ijhp_kk_ gZbf_gh\Zgby \_j[ZebaZpbb dZd b ijb k^Zq_ ibkvf_ggh]h wdaZf_gZ
\uykgy_lky qlh fu agZ_f \ ^_ckl\bl_evghklb Z qlh gZf lhevdh dZ`_lky ba\_klguf
<_j[ZebaZpby ijh[e_f lZd`_ ijb^Z_l j_Zevghklv g_knhjfmebjh\Zgguf fukeyf
qm\kl\Zf nZglZabyf f_qlZf GZbf_gh\Zgb_ mkljZgy_l wn_f_jghklv <_j[ZebaZpby
\uihegy_l_s_h^gmnmgdpbxHgZihfh]Z_ldeb_glm\ hij_^_e_gghckl_i_gbhl^_eblv
k_[y hl hdjm`Zxs_]h fbjZ b hl fbjZ k\hbo wfhpbc b fuke_c <ukdZau\Zgby h k_[_
kha^Zxlikbobq_kdmx^bklZgpbxhlkZfhklblZdZy^bklZgpbyg_h[oh^bfZijb`_eZgbb
ihgylv dhgljhebjh\Zlv Z lZd`_ baf_gylv k_[y KZf nZdl \_j[ZebaZpbb ^_eZ_l
\hafh`ghcdjblbq_kdmxhp_gdmkblmZpbb?kebdeb_gl]h\hjblh k\hboqm\kl\Zolhih
djZcg_c f_j_ \ ^Zgguc fhf_gl hgb g_ mijZ\eyxl bf Ijb \ukdZau\Zgbb Y k_j`mkv
ijhbkoh^bl hl^Ze_gb_ hl wlh]h qm\kl\Z <ukdZaZlv lh qlh qm\kl\m_rv ² wlh i_j\uc
rZ] \ gZijZ\e_gbb dhgljhey gZ^ qm\kl\Zfb Ihwlhfm \_j[ZebaZpby ijh[e_f hq_gv
\Z`gZ^Z`__kebhgbij_^klZ\eyxlkyg_jZaj_rbfufb
>bZ]ghklbdZaZb ijhlb\
Ikboheh]bq_kdbc^bZ]ghahibjZ_lkygZZgZebab h[tykg_gb_ijh[e_fdeb_glZHg
\dexqZ_l ijbqbgu ljm^ghkl_c deb_glZ bo jZa\blb_ \h \j_f_gb hlg_k_gb_ d
hij_^_e_gghfm deZkkm ijh[e_fhij_^_e_gb_ ki_pbZevguo kihkh[h\ihfhsb b ijh]gha
\_jhylghklb[eZ]hijbylgh]hbkoh^Z Kh]_m 
K i_j\uoihiulhd^bnn_j_gpbjh\Zlvikboheh]bq_kdb_ijh[e_fuqlh[ulhqg__
mklZgh\blvdZdZyihfhsvgm`gZ\ dZ`^hfdhgdj_lghfkemqZ_\ ijhp_kk_^bZ]ghklbdb
ke_^mxlijbgylhc\ f_^bpbg_fh^_ebkmlvdhlhjhckhklZ\eyxlljbhkgh\guorZ]Z
 mklZgh\e_gb_kbfilhfh\
  mklZgh\e_gb_boijbqbg
 gZoh`^_gb_wnn_dlb\guokihkh[h\e_q_gbywlbokbfilhfh\
H^gZdh hq_\b^gh qlh ikbobq_kdb_ gZjmr_gby bajy^gh hlebqZxlky hl
khfZlbq_kdbo l_e_kguo jZkkljhckl\b [he_ag_cKbfilhfuikbobq_kdbogZjmr_gbcg_
gZklhevdh ]hfh]_ggu dZd khfZlbq_kdb_ kbfilhfu GZijbf_j kbfilhfu \hkiZe_gby
e_]dbo gZfgh]h [he__ \aZbfhk\yaZgu q_f kdZ`_f kbfilhfu rbahnj_gbb Ihwlhfm
ijbf_g_gb_ f_^bpbgkdhc fh^_eb b^_glbnbdZpbb ijh[e_f \ kh\j_f_gghf
ikboheh]bq_kdhf dhgkmevlbjh\Zgbb b ikbohl_jZibb fZehihe_agh b _^\Z eb hijZ\^Zgh
F_`^m hl^_evgufb rdheZfb ikboheh]bq_kdh]h dhgkmevlbjh\Zgby b ikbohl_jZibb
kms_kl\mxl^h\hevghy\gu_ijhlb\hj_qby\ hlghr_gbb^bZ]ghklbdb
Ij_^klZ\bl_eb jZaguo l_hj_lbq_kdbo hjb_glZpbb dZd ijZ\beh \ughkyl gZ
i_j\uc ieZg g_h^bgZdh\u_ Zki_dlu aZljm^g_gbc deb_glZ GZijbf_j ZgZeblbq_kdb
hjb_glbjh\ZggucdhgkmevlZgl[hevr__\gbfZgb_ m^_ey_l ikboh^bgZfbd_ [bo_\bhjbkl
² ih\_^_gq_kdbf ijhy\e_gbyf Z ij_^klZ\bl_ev wdabkl_gpbZevghc l_jZibb ²
km[t_dlb\ghfmfbjmWlh^_eZ_lkbkl_fuikboheh]bq_kdhc^bZ]ghklbdbg_klZ[bevgufb
b ]h\hjblg_\ boihevamGZdhg_p_keb\ f_^bpbg_hij_^_e_gguc^bZ]ghaijZdlbq_kdb
\k_]^Z ij_^iheZ]Z_l ki_pbnbq_kdh_ e_q_gb_ khhl\_lkl\mxs__ mjh\gx jZa\blby
f_^bpbgu \ ^Zgguc fhf_gl lh \ ikboheh]bq_kdhf dhgkmevlbjh\Zgbb oZjZdl_j b
kihkh[uihfhsbe_]q_ij_^m]Z^Zlvihl_hj_lbq_kdhchjb_glZpbbdhgkmevlZglZg_`_eb
ihijh[e_fZfdeb_glZ *HOVR)UHW]  
<k_ wlb h[klhyl_evkl\Z aZklZ\eyxl h[km^blv Zj]mf_glu aZ b ijhlb\
^bZ]ghklbq_kdh]hih^oh^Z\ ikboheh]bq_kdhfdhgkmevlbjh\Zgbbb ikbohl_jZibb
DhgkmevlZglu gZklZb\Zxsb_ gZ g_h[oh^bfhklb ^bZ]ghklbdb qZs_ \k_]h
ij_^klZ\bl_eb ikbohZgZeblbq_kdhc b [bo_\bhjbklkdhc hjb_glZpbb  ml\_j`^Zxl qlh
^bZ]gha hkgh\Zgguc gZ hp_gd_ ih\_^_gby deb_glZ \ ijhrehf b gZklhys_f iha\hey_l
ijZ\bevghieZgbjh\Zlvijhp_kkikboheh]bq_kdhcihfhsbIhbofg_gbx
²^bZ]ghaiha\hey_lij_^\b^_lv^Zevg_cr__jZa\blb_gZjmr_gby
²^bZ]ghahij_^_ey_lhkh[mxkljZl_]bxihfhsbijbjZaebqguogZjmr_gbyo
²^bZ]ghklbq_kdb_ko_fuiha\heyxlwnn_dlb\ghkhljm^gbqZlvijhn_kkbhgZeZf
ihkdhevdm dZ`^Zy ^bZ]ghklbq_kdZy dZl_]hjby khhl\_lkl\m_l dhgdj_lguf
oZjZdl_jbklbdZfih\_^_gby
²^bZ]ghahij_^_ey_l]jZgbpugZmqghbkke_^h\Zl_evkdbojZ[hl Kh]_m 
JZ^bdZevgu_ djblbdb ^bZ]ghklbq_kdh]h ih^oh^Z Z kj_^b gbo [hevrbgkl\h
khklZ\eyxl ij_^klZ\bl_eb wdabkl_gpbZevgh]mfZgbklbq_kdh]h gZijZ\e_gby iheZ]Zxl
qlh ^bZ]gha \ dhgkmevlbjh\Zgbb \hh[s_ g_ gm`_g Z fh`_l [ulv ^Z`_ \j_^_g Hgb
\u^\b]Zxlke_^mxsb_hkgh\gu_Zj]mf_glu
² ^bZ]gha h[uqgh \ujZ`Z_l wdki_jlguc \a]ey^ dhgkmevlZglZ kh klhjhgu gZ
ih\_^_gb_ b i_j_`b\Zgby deb_glZ [_a ijbgylby \h \gbfZgb_ km[t_dlb\gh]h agZq_gby
kh[ulbc
² ^bZ]gha b]ghjbjm_l keh`ghklv q_eh\_dZ ih fg_gbx 5RJHUV  
[hevrbgkl\h ^bZ]ghah\ mijhsZxl ih\_^_gb_ b km[t_dlb\guc fbj djhf_ lh]h
ijhbkoh^bl hjb_glZpby g_ gZ bg^b\b^mZevghklv Z gZ koh^kl\h f_`^m ex^vfb b l_f
kZfuf b]ghjbjmxlky ihl_gpbZevgu_ \hafh`ghklb dZ`^h]h q_eh\_dZ b hl^Z_lky
ij_^ihql_gb_kl_j_hlbibaZpbb
² ijb ihiuld_ \f_klblv q_eh\_dZ \ jZfdb ^bZ]ghklbq_kdbo dZl_]hjbc hg
ijbgb`Z_lky ihlhfm qlh ij_\jZsZ_lky \ h[t_dl gZdhg_p [hevrbgkl\h deb_glh\ k
dhlhjufb fu klZedb\Z_fky \ dhgkmevlbjh\Zgbb g_evay ijbqbkeblv gb d h^ghc
dZl_]hjbb m gbo kms_kl\mxl ljm^ghklb ijbkihkh[e_gby d `bagb dhlhju_ g_ qm`^u
fgh]bfex^yfdeb_gluijhklhgm`^Zxlky\ ihfhsbqlh[u\hkklZgh\blvkihkh[ghklv
ij_h^he_\Zlv \hagbdZxsb_ ijh[e_fu gZbemqrbc kihkh[ ihgylv ^jm]h]h q_eh\_dZ ²
wlhih]jmablvky\ _]hkm[t_dlb\gucfbjZ g_ijb[_]Zlvd deZkkbnbdZpbyf
²^bZ]ghakm`Z_lihe_aj_gbydhgkmevlZglZihhlghr_gbxd deb_glmaZklZ\ey_l
_]hijbgbfZlv\h\gbfZgb_ebrvlhqlh\f_sZ_lky\ ihklZ\e_gguc^bZ]ghaZ wlhqZs_
\k_]h ijhy\e_gby k\yaZggu_ k jZaebqgufb g_^hklZldZfb b l_f kZfuf aZ[u\Z_lky
]eZ\g_crZy ij_^ihkuedZ dhgkmevlbjh\Zgby ² hjb_glZpby gZ ihl_gpbZevgu_
\hafh`ghklbq_eh\_dZjhklebqghklbjZa\blb_
² ^bZ]gha aZklZ\ey_l q_eh\_dZ ijbgylv lhl kihkh[ ih\_^_gby dhlhjuc
gZ\yau\Z_lky ^bZ]ghahf Z ex^_c ba hdjm`_gby deb_glZ ² hp_gb\Zlv _]h ih
ihklZ\e_gghfm^bZ]gham
ih fg_gbx ba\_klgh]h Zg]ebckdh]h ikbobZljZ b eb^_jZ ZglbikbobZljbq_kdh]h
^\b`_gby /DLQJ   deb_gl qZklh ijbgbfZ_l gZ\yau\Z_fmx dhgkmevlZglhf lhqdm
aj_gbyb gZqbgZ_lkhhl\_lkl\_gghhp_gb\Zlvk\h_ih\_^_gb_Y kmfZkr_^rbcLZdqlh
\ufh`_l_`^Zlvhlf_gy"Ihfg_gbx6]DV]  ^bZ]gha\ [hevrbgkl\_kemqZ_\g_
klhevdhjZaj_rZ_lijh[e_fukdhevdhh[hkljy_lbodh]^Zikboheh]bq_kdb_ijh[e_fuaZ
dhlhju_ deb_gl h[yaZg ijbgylv gZ k_[y hl\_lkl\_gghklv ij_\jZsZxlky \ ^bZ]ghau
deb_glihkmlbhk\h[h`^Z_lkyhlhl\_lkl\_gghklbaZk\hb^_ckl\by
H g_dhlhjuo hiZkghklyo ^bZ]ghklbdb ]h\hjyl b g_ kebrdhf jZ^bdZevgu_ __
ijhlb\gbdb %UDPHU6KRVWURP 
²gZhkgh\_g_^hklZlhqguo^Zgguofh`ghk^_eZlvhrb[hqgu_\u\h^u
²dhgkmevlZgl hq_gv ^he]h aZgbfZ_lky bklhjb_c `bagb deb_glZ b m^_ey_l fZeh
\gbfZgby_]hgZkmsgufih\_^_gbxb mklZgh\dZf
²m dhgkmevlZglZ\hagbdZ_lkh[eZagi_j_^h\_jblvkyj_amevlZlZfl_klbjh\Zgby
² ijb ^bZ]ghklbd_ kebrdhf fgh]h \gbfZgby m^_ey_lky iZlheh]bq_kdbf
j_Zdpbyfdeb_glZb g_^hklZlhq_gbgl_j_kd a^hjh\ufb l\hjq_kdbfZki_dlZf_]h`bagb
² ^bZ]ghklbdZ nhjfbjm_l hp_ghqgmx mklZgh\dm \ hlghr_gbb deb_glZ b
ih[m`^Z_l^Z\ZlvmdZaZgbyqlhhg^he`_g^_eZlv
?s_ h^gZ hiZkghklv k\yaZggZy k ^bZ]ghklbdhc \hagbdZ_l dh]^Z \
dhgkmevlbjh\Zgbb fu klZedb\Z_fky k ij_^klZ\bl_eyfb jZaguo dmevlmj ihlhfm qlh
ghjfhch[uqghkqblZxlky^hfbgbjmxsb_dmevlmjgu_kl_j_hlbiu 6XH  ijb\h^bl
ijbf_j dh]^Z deb_glu ZabZlkdh]h ijhbkoh`^_gby \ Zf_jbdZgkdhc kj_^_ hp_gb\Zebkv
dZdkbevghaZlhjfh`_ggu_ihkdhevdmg_hohlghjZkdju\Zebkvijhy\eyebg_m\_j_gghklv
b wfhpbhgZevgmx k^_j`Zgghklv < Zf_jbdZgkdhc dmevlmj_ h^h[jyxlky kh\k_f
ijhlb\hiheh`gu_klZg^Zjluih\_^_gbyG_m^b\bl_evghqlhZabZluhjb_glbjh\Zggu_
gZ ijhy\e_gb_ wfhpbc b kdjulghklv \g_ k_f_cgh]h djm]Z dZ`mlky Zf_jbdZgpZf
kljZggufb
Ih fg_gbx .HQQHG\   ^bZ]gha y\ey_lky gbdq_fguf _keb hg kha^Z_l
^bklZgpbx f_`^m dhgkmevlZglhf b deb_glhf : lZd b kemqZ_lky ijb j_f_ke_gghf
\a]ey^_ gZ dhgkmevlbjh\Zgb_ dh]^Z ^bZ]ghklbdZ klZgh\blky hkgh\guf ij_^f_lhf
aZgylbcdhgkmevlZglZ>bZ]ghalZd`_gbq_]hg_^Z_ldh]^ZhggZklhevdhnhjfZebah\Zg
qlhf_rZ_lbkdj_gg_fmb kihglZgghfmhlghr_gbxd deb_glmDZl_]hjbaZpbydeb_glh\
bojZkdeZ^u\Zgb_ihihehqdZfihkms_kl\mjZajmrZ_ldhgkmevlZlb\gucdhglZdl<_^v
dZ`^uc qm\kl\m_l k_[y g_mxlgh b g_ijbylgh dh]^Z dlhlh iulZ_lky ijbqbkeblv _]h d
h^ghcbadZl_]hjbc\f_klhihiuldbihgylv
H[h[sZy Zj]mf_glu aZ b ijhlb\ ^bZ]ghklbdb \ ikboheh]bq_kdhf
dhgkmevlbjh\Zgbb fh`gh ml\_j`^Zlv qlh h^bgZdh\h g_ijb_fe_fu h[_ djZcgb_ lhqdb
aj_gby >bZ]ghklbdZ ² khklZ\gZy qZklv ijhp_kkZ ikboheh]bq_kdh]h dhgkmevlbjh\Zgby
ijb dhlhjhf fu klj_fbfky d [he__ ]em[hdhfm ihgbfZgbx deb_glZ Hl i_j\hc ^h
ihke_^g_c \klj_qb dZd deb_gl lZd b dhgkmevlZgl gZoh^ylky \ ijhp_kk_ ihbkdZ b
hldjh\_gby>Z`_hldZau\Zykvhlkljh]bojZfhd^bZ]ghklbdbdhgkmevlZgl^he`_gaZ^Zlv
k_[_\hijhku
²Qlhijhbkoh^blk_cqZk\ `bagbdeb_glZ"
²Qlhh`b^Z_ldeb_glhldhgkmevlbjh\Zgby"
²DZdh\uihl_gpbZevgu_\hafh`ghklbb h]jZgbq_gbydeb_glZ"
²DZd^Ze_dhb ]em[hdhke_^m_laZoh^blv\ dhgkmevlbjh\Zgbb"
²DZdh\Zhkgh\gZyikboh^bgZfbdZ\ l_i_j_rg_c`bagbdeb_glZ"
Hl\_qZygZwlb\hijhkudhgkmevlZglhij_^_ey_l`_eZgbydeb_glZb \hafh`ghklv
^hklb`_gby p_e_c dhgkmevlbjh\Zgby < wlhf kfuke_ ^bZ]ghklbdZ y\ey_lky
i_jfZg_glgufijhp_kkhfijh^he`Zxsbfkyklhevdh`_kdhevdhb dhgkmevlbjh\Zgb_b
ihfh]ZxsbfdhgkmevlZglmdhgp_ilmZebabjh\Zlvijh[e_fudeb_glZ
GZdhg_p _keb Z[khexlgh b]ghjbjh\Zlv ^bZ]gha ke_^m_l ij_g_[j_qv lZdbfb
j_Zevgufb aZ[he_\Zgbyfb dZd gZijbf_j rbahnj_gby b fZgbZdZevgh^_ij_kkb\guc
ikboha Z wlh m`_ wlbq_kdZy ijh[e_fZ <_^v ijb mdZaZgguoikbobq_kdbo jZkkljhckl\Zo
q_eh\_dhiZk_g^eyk_[yb hdjm`Zxsbo
Ih fg_gbx %UDPHU b 6KRVWURP   ^bZ]gha ^he`_g hljZ`Zlv klbev `bagb
deb_glZb ihfh]ZlvdhgkmevlZglmieZgbjh\ZlvkljZl_]bxb lZdlbdmk\h_c^_yl_evghklb
wnn_dlb\gh ijh]ghabjh\Zlv __ j_amevlZlu b \ lh `_ \j_fy \h ba[_`Zgb_ k_jv_aguo
hrb[hd g_ mimkdZlv ba \b^m j_Zevgmx iZlheh]bx \ ih\_^_gbb deb_glZ GZklhysbc
dhgkmevlZgl dZd ih^q_jdb\Zxl \ur_mihfygmlu_ Z\lhju ihgbfZ_l deb_glZ b
^bZ]ghklbq_kdbb ikbohl_jZi_\lbq_kdb
Ikboheh]bq_kdbcZgZfg_a
DhgkmevlZgl fh`_l jZah[jZlvky \ ijbqbgZo \hagbdgh\_gby m deb_glZ ijh[e_f
lhevdh\ dhgl_dkl_^hklZlhqghiheghcbgnhjfZpbbh g_fWlZbgnhjfZpbyb khklZ\ey_l
ikboheh]bq_kdbc ZgZfg_a H^gZdh g_\hafh`gh kh[jZlv \kx gm`gmx bgnhjfZpbx h
deb_gl_ aZ h^gm \klj_qm H[uqgh [hevr_ \gbfZgby wlhfm m^_ey_lky \h \j_fy i_j\uo
\klj_q gh \Z`gh g_ aZ[u\Zlv qlh \ oh^_ \k_]h dhgkmevlbjh\Zgby ke_^m_l ^hihegylv
ihjlj_l ebqghklb deb_glZ gh\ufb ^_lZeyfb Kh[bjZgb_ ZgZfg_aZ gZqbgZ_lky k
jZkkdZaZdeb_glZh k_[_b k\hboijh[e_fZo>hihegbl_evgmxbgnhjfZpbxfuq_jiZ_f
ba gZ[ex^_gby aZ ih\_^_gb_f deb_glZ l_klbjh\Zgby b ^jm]bo kj_^kl\ kgu jbkmgdb
khqbg_gby 
G_h[oh^bfhklv ikboheh]bq_kdh]h ZgZfg_aZ g_ \uau\Z_l ijbgpbibZevguo
\hajZ`_gbc ohly ij_^klZ\bl_eb wdabkl_gpbZevghc hjb_glZpbb [hevr_ bkke_^mxl
kh\j_f_ggmx`bag_ggmxkblmZpbxb g_lj_[mxlhldeb_glZklhev^_lZevguok\_^_gbch
k_[_dZdgZijbf_jikbohZgZeblbdb
Kms_kl\mxl jZaebqgu_ ko_fu k[hjZ ikboheh]bq_kdh]h ZgZfg_aZ Ih h^ghc ba
gbo\u^_eyxlkyljbhkgh\guo[ehdZbgnhjfZpbbh deb_gl_
>_fh]jZnbq_kdZybgnhjfZpby
²\hajZkldeb_glZ
²k_f_cgh_iheh`_gb_
²ijhn_kkby
²h[jZah\Zgb_
:dlmZevgu_ijh[e_fub gZjmr_gby
²\hagbdgh\_gb_jZa\blb_b ijh^he`bl_evghklvaZljm^g_gbc
² kh[ulby \ `bagb h[mkeh\e_ggu_ \hagbdgh\_gb_f h[hklj_gb_f b
jZaj_r_gb_fijh[e_f
 ²\hajZkl\ dhlhjhf\hagbdebijh[e_fu
² baf_g_gb_ hlghr_gbc ebqghklb hkh[_ggh d agZqbfuf ex^yf  i_j_f_gZ
bgl_j_kh\ mom^r_gb_ nbabq_kdh]h khklhygby khg Zii_lbl  h[mkeh\e_ggu_
\hagbdgh\_gb_fijh[e_f
²g_ihkj_^kl\_ggZyijbqbgZh[jZs_gbydeb_glZ
² ij_^r_kl\mxsb_ ihiuldb jZaj_r_gby ijh[e_f kZfhklhyl_evgh beb k
ihfhsvx^jm]boki_pbZebklh\ b j_amevlZlu
²mihlj_[e_gb_e_dZjkl\
² k_f_cguc ZgZfg_a hkh[_ggh ikbobq_kdb_ [he_agb Zedh]hebaf gZjdhfZgby
kZfhm[bckl\Z 
IkbohkhpbZevgucZgZfg_a agZqbfu_f_`ebqghklgu_hlghr_gby 
² jZgg__ ^_lkl\h h[klhyl_evkl\Z b hq_j_^ghklv jh`^_gby hkgh\gu_
\hkiblZl_ebhlghr_gby\ k_fv_ 
²^hrdhevguci_jbh^ jh`^_gb_[jZlv_\b k_kl_j^jm]b_agZqbl_evgu_kh[ulby
\ k_fv_i_j\u_\hkihfbgZgby 
²feZ^rbcrdhevguc\hajZkl mki_obb g_m^Zqb\ mq_[_ijh[e_fuk mqbl_eyfb
b jh\_kgbdZfb\ rdhe_hlghr_gby\ k_fv_ 
² hljhq_kl\h b xghklv hlghr_gby k jh\_kgbdZfb ebpZfb ^jm]h]h iheZ
jh^bl_eyfbmki_obb g_m^Zqb\ rdhe_b^_Zeub mklj_fe_gby 
² \ajhkeuc \hajZkl khpbZevgu_ hlghr_gby m^h\e_l\hj_gghklv jZ[hlhc
[jZdhf hlghr_gby \ k_fv_ iheh\Zy `bagv wdhghfbq_kdb_ mkeh\by `bagb mljZlZ
[ebadbo ex^_c \hajZklgu_ baf_g_gby mihlj_[e_gb_ Zedh]hey gZjdhlbdh\
ikboheh]bq_kdb_b wdabkl_gpbZevgu_djbabkuieZgugZ[m^ms__ 
< dZ`^hf kemqZ_ dhg_qgh g_ lj_[m_lky bgnhjfZpby \ iheghf h[t_f_ \k_]^Z
gZ^h jmdh\h^kl\h\Zlvky djbl_jbyfb jZamfghc g_h[oh^bfhklb WlZ ko_fZ kdhj__
hljZ`Z_l\Z`gu_wlZiu\ `bagbdeb_glZ\j_fy\hagbdgh\_gbyb mkm]m[e_gbyijh[e_f
qlhh[e_]qZ_lhjb_glZpbx\ oh^_dhgkmevlbjh\Zgby
DZd ba\_klgh $ $GLHU kqblZ_l hq_j_^ghklv jh`^_gby \Z`guf nZdlhjhf \
\hagbdgh\_gbb`bag_gguoijh[e_fAZljhg_fwlml_fmg_kdhevdh]em[`_l_f[he__qlh
hgZ g_^hklZlhqgh hk\_s_gZ <Z`ghklv hq_j_^ghklb jh`^_gby k\yaZgZ k hq_gv jZggbf
nhjfbjh\Zgb_fhkgh\guomklZgh\hdebqghklb
KlZjrbcj_[_ghd\ k_fv_h[eZ^Z_lyjdh\ujZ`_ggufqm\kl\hfhl\_lkl\_gghklb
< i_j\u_ ]h^u `bagb hg bkiulZe ex[h\v b aZ[hlm jh^bl_e_c b wlh kihkh[kl\m_l
hij_^_e_gghc wfhpbhgZevghc klZ[bevghklb D hl\_lkl\_gghklb i_j\_g_p ijbmqZ_lky k
jZggbo e_l ihfh]Zy jh^bl_eyf \ qZklghklb ijbkfZljb\Zlv aZ feZ^rbfb [jZlvyfb b
k_kljZfb KlZjr_fm j_[_gdm jh^bl_eb ^h\_jyxl [hevr_ q_f hklZevguf ^_lyf b
^himkdZxl _]h d ieZgbjh\Zgbx k_f_cguo ^_e Ihwlhfm klZjrbc j_[_ghd kdehg_g d
ihjy^dmex[blklZ[bevghklvb ij_^jZkiheh`_gd dhgk_j\Zlbafm
<lhjhcj_[_ghdkbevghhlebqZ_lkyIjb^y\ fbjhgklZedb\Z_lkyk khi_jgbdhf<
feZ^_gq_kl\_b ^_lkl\_ i_j_^ gbfij_mki_\Zxsbc dhgdmj_gl ihklhyggh hklZ\eyxsbc
_]hihaZ^b<lhjhcj_[_ghdgZoh^blky\ ijbgb`_gghfiheh`_gbbb wlhaZklZ\ey_l_]h
bkdZlv gh\u_ aZgylby iha\heyxsb_ i_j\_gkl\h\Zlv < j_amevlZl_ nhjfbjm_lky
Zf[bpbhaghklvb kihkh[ghklvdhgdmjbjh\Zlv\ ljm^guomkeh\byoZ lZd`_kdehgghklvd
j_\hexpbhgghfmbaf_g_gbxkms_kl\mxsboh[klhyl_evkl\
Hkh[h_ iheh`_gb_ \ k_fv_ aZgbfZ_l feZ^rbc j_[_ghd < ^_lkl\_ hg hdjm`_g
ex[h\vxjh^bl_e_cb klZjrbo^_l_cWlhkha^Z_l[eZ]hijbylgmxmklZgh\dmb h`b^Zgb_
\k_h[s_cex[\bd k_[_HiZkghklvaZdexqZ_lky\ lhfqlhihke_^urgZqbgZ_lgZ^_ylvky
g_lhevdhgZex[h\vghb gZihklhyggh_ihl\hjkl\hhdjm`Zxsbo
 Hkh[_gghly`_ehiheh`_gb__^bgkl\_ggh]hj_[_gdZHg[u\Z_l\ ijyfhfkfuke_
keh\Z hdjm`_g ex[h\vx b aZ[hlhc jh^bl_e_c _fm m^_ey_lky agZqbl_evgh [hevr_
\gbfZgby q_f ^_lyf bf_xsbf [jZlv_\ b k_kl_j < wlhf djh_lky fgh]h hiZkghkl_c
?^bgkl\_gguc j_[_ghd bf__l fgh]h khpbZevguo dhglZdlh\ gh h^gh\j_f_ggh
g_agZqbl_evguc khpbZevguc hiul h[s_`blby ?^bgkl\_gguc j_[_ghd ba[Zeh\Zg b m
g_]hjZa\b\Z_lkyqj_af_jgZylj_[h\Zl_evghklvb aZ\bkbfZy\ hlghr_gbbmkeh\bc`bagb
mklZgh\dZJ_[_ghd^mfZ_lqlhfbj^he`_gb^lbd g_fmZ _kebwlh]hg_ijhbkoh^blhg
gZqbgZ_l kfhlj_lv gZ fbj \jZ`^_[gh H^gZdh gZjy^m k hiZkghklyfb _^bgkl\_gguc
j_[_ghd bf__l [hevr_ j_Zevguo \hafh`ghkl_c ^ey \k_klhjhgg_]h h[jZah\Zgby b
jZa\blby
Ohly hq_j_^ghklv jh`^_gby kdZau\Z_lky gZ nhjfbjh\Zgbb ebqghklb b kem`bl
bklhqgbdhf ijh[e_f l_f g_ f_g__ g_ ke_^m_l aZ[u\Zlv qlh gZ ebqghklv \eby_l
fgh`_kl\hnZdlhjh\
/HDU\   lh`_ ij_^eh`be \ZjbZgl ko_fu ikboheh]bq_kdh]h ZgZfg_aZ
ij_^iheZ]Zxsbc fgh]hmjh\g_\mx bgnhjfZpbx Ih wlhc ko_f_ deb_gl ^he`_g
hp_gb\ZlvkygZhkgh\Zgbb
²bgnhjfZpbbh _]hkhpbZevghfih\_^_gbb
²bgnhjfZpbbih^ZggufkZfhhp_gdb
²bgnhjfZpbbihemqZ_fhcijbl_klbjh\Zgbb L:L b ZgZeba_kgh\b^_gbc
² bgnhjfZpbb h [_kkhagZl_evghf mq_l l_fZlbdb dhlhjZy ihklhyggh
ba[_]Z_lky 
²bgnhjfZpbbh kbkl_f_p_gghkl_c
< hkgh\ghf ^Zggu_ ZgZfg_aZ kh[bjZxlky \h \j_fy [_k_^u Wlhl \Z`g_crbc
kihkh[ ihemq_gby bgnhjfZpbb h deb_gl_ bf__l keZ[u_ klhjhgu ihkdhevdm hg
km[t_dlb\_g b g_ \k_]^Z ^hklh\_j_g G_ ke_^m_l m^b\eylvky b lhfm qlh ^\Z beb [he__
dhgkmevlZglZ jZa]h\Zjb\Zy k h^gbf b l_f `_ deb_glhf fh]ml khklZ\blv jZagh_
ij_^klZ\e_gb_ h g_f b jZahclbkv \ \u\h^Zo JZkoh`^_gb_ ijhbkoh^bl ih jy^m ijbqbg
dhlhju_ke_^m_lbf_lv\ \b^m
 DhgkmevlZglu fh]ml ihjZaghfm hijZrb\Zlv deb_glZ b ihemqblv jZagmx
bgnhjfZpbxKe_^h\Zl_evghihgbfZgb_deb_glZaZ\bkblhloZjZdl_jZhijhkZ
 DhgkmevlZglu hdZau\Zxl g_h^bgZdh\h_ \ebygb_ gZ deb_glh\ ihwlhfm fh]ml
ihemqblvjZaebqgu_hl\_lu^Z`_aZ^Z\Zyh^gbb l_`_\hijhku
DhgkmevlZglu\h\j_fy[_k_^unbdkbjmxljZagu_Zki_dluih\_^_gbydeb_glZ
gbdlhg_ kihkh[_g ho\Zlblv \k_ih\_^_gb_  qlhh[mkeh\eb\Z_l jZkoh`^_gb_ fg_gbc h
deb_gl_
>Z`_bf_ykoh^gmxbgnhjfZpbxdhgkmevlZglufh]mlbgl_jij_lbjh\Zlv__ ih
jZaghfm
I_j_qbkeyyijbqbgujZkoh`^_gby \ ihgbfZgbb deb_glh\ h[jZlbf \gbfZgb_ gZ
lh qlh dhgkmevlZgl kh[kl\_gguf \ebygb_f kihkh[_g kijh\hpbjh\Zlv eh`gmx
bgnhjfZpbx >jm]bfb keh\Zfb \ jZkkdZa_ deb_glZ bgh]^Z \b^blky `_eZ_fh_ b g_
aZf_qZ_lky g_`_eZl_evgh_ LZdh\Z j_ZevgZy hiZkghklv h dhlhjhc ke_^m_l ihfgblv
dhgkmevlZglm ijb k[hj_ bgnhjfZpbb h deb_gl_ K ^jm]hc klhjhgu _keb fu [m^_f
klZjZlvky h[hclb \k_ hiZkghklb klj_fykv d [he__ kljh]hfm kljmdlmjbjh\Zgbx [_k_^u
lh jbkdm_f g_ mkfhlj_lv mgbdZevghklv dZ`^h]h deb_glZ b [_k_^Z klZg_l ihoh`_c gZ
Zgd_lbjh\Zgb_bebl_klbjh\Zgb_
Bkihevah\Zgb_l_klh\
<hijhkh l_klbjh\Zgbbijhlb\hj_qb\b y\ey_lkyij_^f_lhflZdbo`_^bkdmkkbc
dZdb ijh[e_fZihklZgh\db^bZ]ghaZLhqdZaj_gbyij_^klZ\bl_e_cwdabkl_gpbZevghcb
jh^`_jkh\kdhchjb_glZpbbgZl_klbjh\Zgb_khhl\_lkl\m_lbo\a]ey^ZfgZ^bZ]ghklbdm
L_klbjh\Zgb_ ih bo fg_gbx bgkljmf_gl \g_rg_]h ihgbfZgby b g_ kihkh[kl\m_l
mki_rghfmdhgkmevlbjh\ZgbxWlb^h\h^uykghknhjfmebjh\ZeZ$UEXFNOH  
?keb ijb^_j`b\Zlvky ljZ^bpbhgghc gZmqghc iZjZ^b]fu b jZkkfZljb\Zlv
q_eh\_dZdZdkms_kl\hdhlhjh_fh`ghbaf_jblvhibjZykvgZ\g_rgb_djbl_jbblh]^Z
ihklZgh\dZ ^bZ]ghaZ b l_klbjh\Zgb_ ^he`gu [ulv khklZ\ghc qZklvx ijhp_kkZ
dhgkmevlbjh\Zgby Ijb jZkkfhlj_gbb q_eh\_dZ bagmljb k ihabpbc wdabkl_gpbZebafZ
l_klbjh\Zgb_b ^bZ]ghagZh[hjhlm\h^yl\ klhjhgmhlihgbfZgbyq_eh\_dZ
Ij_^klZ\bl_eb [he__ mf_j_gguo \a]ey^h\ iulZxlky h[hkgh\Zlv bkihevah\Zgb_
l_klh\ \ ijhp_kk_ dhgkmevlbjh\Zgby l_f qlh hgb iha\heyxl ihemqblv [hevr_
bgnhjfZpbb h deb_gl_ b ij_^hklZ\blv ^hihegbl_evgmx bgnhjfZpbx kZfhfm deb_glm
qlh[u lhl kfh] ijbgbfZlv [he__ j_Zebklbqgu_ j_r_gby M`_ mihfygmlu_ %UDPHU b
6KRVWURP   y\eyxlky klhjhggbdZfb Zdlb\ghc jheb deb_glh\ \ l_klbjh\Zgbb b
ijb]eZrZxl bo mqZkl\h\Zlv \ \u[hj_ l_klh\ Hgb \g_^jyxl \ ijZdlbdm ke_^mxsb_
iheh`_gby
²deb_glb dhgkmevlZgl\h\j_fy[_k_^uj_rZxldZdZybgnhjfZpby^hklmigZyk
ihfhsvxl_klh\fh`_lhdZaZlvkyg_h[oh^bfhcijbj_r_gbbijh[e_fdeb_glZ
²dhgkmevlZglagZdhfbldeb_glZk jZagufblbiZfbl_klh\
²dhgkmevlZglj_dhf_g^m_ldeb_glml_kludhlhju_ihfh]mlihemqblvbkdhfmx
bgnhjfZpbxb mdZau\Z_lgZ[_kihe_agu_\ ^ZgghfkemqZ_l_klu
² dhgkmevlZgl ^Z_l \hafh`ghklv deb_glm \ukdZaZlv k\hb khfg_gby b
hljbpZl_evgu_ qm\kl\Z ih hlghr_gbx d hlh[jZgguf l_klZf khfg_gby b qm\kl\Z
h[km`^Zxlkykh\f_klgh
Ih^h[ghc fh^_eb mqZklby deb_glh\ \ l_klbjh\Zgbb khhl\_lkl\mxl b
ij_^klZ\e_ggu_Kh]_m  khh[jZ`_gby
²deb_glu^he`gumqZkl\h\Zlv\ ijhp_^mj_hl[hjZl_klh\b kZfbj_rZlvdZdh]h
lbiZl_klu\uihegylv
²h[km`^Zxlkyijbqbguihdhlhjufdeb_glu\u[bjZxlhij_^_e_ggu_l_kluZ
lZd`_hiulij_`g_]hl_klbjh\Zgby
² dhgkmevlZgl h[yaZg agZlv ^ey q_]h ij_^gZagZq_gu dhgdj_lgu_ l_klu b
jZatykgblvdeb_glZfp_e_khh[jZaghklvbobkihevah\Zgbyb \hafh`gu_h]jZgbq_gby
² dhgkmevlZgl ^he`_g ihfhqv deb_glZf ihgylv qlh l_klu g_ fh]ml ^Zlv
hdhgqZl_evguohl\_lh\ Z ebrv ij_^hklZ\eyxl ^hihegbl_evgmx bgnhjfZpbx dhlhjmx
ke_^m_lh[km^blv\ oh^_dhgkmevlbjh\Zgby
² dhgkmevlZgl h[yaZg ih^jh[gh hagZdhfblv deb_glh\ k j_amevlZlZfb
l_klbjh\Zgbyb kh\f_klghboh[km^blvbgl_jij_lbjmyj_amevlZludhgkmevlZgl^he`_g
[ulvg_cljZe_gg_ke_^m_laZ[u\Zlvqlhl_klbjh\Zgb_y\ey_lkyebrvh^gbfbakihkh[h\
ihemq_gby k\_^_gbc h deb_glZo b ihemq_ggu_ j_amevlZlu ke_^m_l ijh\_jblv b
ih^l\_j^blv^jm]bfb^Zggufb
²ij_^klZ\eyyj_amevlZludhgkmevlZglih\hafh`ghklb^he`_g\ha^_j`b\Zlvky
hlhp_ghdb iha\heblvdeb_glZfkZfbf^_eZlv\u\h^u
LZdhc kihkh[ bkihevah\Zgby l_klh\ \ dhgkmevlbjh\Zgbb dh]^Z dhgkmevlZgl g_
Z[khexlbabjm_l bo agZq_gb_ Z bgl_jij_lZpbx ihemq_gguo j_amevlZlh\ bgl_]jbjm_l \
ijhp_kk dhgkmevlbjh\Zgby ihfh]Z_l \u[bjZlv \Zeb^gu_ b gZ^_`gu_ l_klu \ p_eyo
memqr_gbydhgkmevlZlb\gh]hdhglZdlZb ih\ur_gbywnn_dlb\ghklbdhgkmevlbjh\Zgby

IJHP?>MJUB L?OGBDBDHGKMEVLBJH<:GBY
IhklZgh\dZ\hijhkh\
 Ihemq_gb_bgnhjfZpbbh deb_gl_b ih[m`^_gb__]hd kZfhZgZebamg_\hafh`gu
[_amf_eh]hhijhkZ
DZd ba\_klgh \hijhku h[uqgh jZa^_eyxlky gZ aZdjulu_ b hldjulu_ AZdjulu_
\hijhkubkihevamxlky^eyihemq_gbydhgdj_lghcbgnhjfZpbbb h[uqghij_^iheZ]Zxl
hl\_l \ h^ghf²^\mo keh\Zo ih^l\_j`^_gb_ beb hljbpZgb_ ^Z g_l  GZijbf_j
Kdhevdh <Zf e_l" Fh`_f eb fu \klj_lblvky q_j_a g_^_ex \ wlh `_ \j_fy"
KdhevdhjZakemqZebkvk \ZfbijbiZ^db]g_\Z"b li
Hldjulu_\hijhkukem`Zlg_klhevdh^eyihemq_gbyk\_^_gbch `bagbdeb_glh\
kdhevdhiha\heyxlh[km`^Zlvqm\kl\Z %HQMDPLQ  hlf_qZ_l
Hldjulu_\hijhkujZkrbjyxlb m]em[eyxldhglZdl
aZdjulu_ \hijhku h]jZgbqb\Zxl _]h I_j\u_ rbjhdh jZkiZob\Zxl ^\_jb
ohjhrbfhlghr_gbyf\lhju_h[uqghhklZ\eyxlboaZdjulufb
Ijbf_ju hldjuluo \hijhkh\ K q_]h <u ohl_eb [u gZqZlv k_]h^gy" Qlh <u
l_i_jvqm\kl\m_l_"Qlh<Zkhi_qZebeh"b li
Hldjulu_ \hijhku ^Zxl \hafh`ghklv ^_eblvky k\hbfb aZ[hlZfb k
dhgkmevlZglhf Hgb i_j_^Zxl deb_glm hl\_lkl\_gghklv aZ [_k_^m b ih[m`^Zxl _]h
bkke_^h\Zlvk\hbmklZgh\dbqm\kl\Zfukebp_gghklbih\_^_gb_l_k\hc\gmlj_ggbc
fbj
,YH\   \u^_ey_l hkgh\gu_ fhf_glu dhgkmevlbjh\Zgby dh]^Z bkihevamxlky
hldjulu_\hijhku
GZqZehdhgkmevlZlb\ghc\klj_qb K q_]hk_]h^gy<uohl_eb[ugZqZlv"Qlh
ijhbahrehaZlmg_^_exihdZfug_\b^_ebkv" 
 Ih[m`^_gb_ deb_glZ ijh^he`Zlv beb ^hihegylv kdZaZggh_ Qlh <u
ihqm\kl\h\Zeb dh]^Z wlh kemqbehkv" Qlh _s_ <u ohl_eb [u kdZaZlv h[ wlhf" G_
fh`_l_eb^h[Z\blvqlhgb[m^vd lhfmqlhkdZaZeb" 
 Ih[m`^_gb_ deb_glZ ijhbeexkljbjh\Zlv k\hb ijh[e_fu ijbf_jZfb qlh[u
dhgkmevlZgl fh] emqr_ bo ihgylv G_ kfh`_l_ eb <u jZkkdZaZlv h dZdhceb[h
dhgdj_lghckblmZpbb" 
 Khkj_^hlhq_gb_ \gbfZgby deb_glZ gZ qm\kl\Zo Qlh <u qm\kl\m_l_ dh]^Z
jZkkdZau\Z_l_fg_"Qlhqm\kl\h\Zeblh]^Zdh]^Z\k_wlhijhbahrehk <Zfb" 
G_ ke_^m_l aZ[u\Zlv qlh g_ \k_f deb_glZf gjZ\ylky hldjulu_ \hijhku m
g_dhlhjuo hgb ih\urZxl hsms_gb_ m]jhau b m\_ebqb\Zxl [_kihdhckl\h Wlh g_
agZqblqlhhllZdbo\hijhkh\ke_^m_lhldZaZlvkyghbogZ^hlsZl_evghnhjfmebjh\Zlv
b aZ^Z\Zlv\ ih^oh^ys__\j_fydh]^Zbf_xlkyrZgkuihemqblvhl\_l
< dhgkmevlbjh\ZgbbbkihevamxlkydZdaZdjulu_lZdb hldjulu_\hijhkuh^gZdh
g_ke_^m_l\hh[s_i_j_hp_gb\Zlv\Z`ghklvhijhkh\ %HQMDPLQ  mdZau\Z_l
Y kbevgh khfg_\Zxkv ih ih\h^m bkihevah\Zgby \hijhkh\ \ [_k_^_ b qm\kl\mx
qlhaZ^Zxkebrdhffgh]h\hijhkh\qZklh[_kkfuke_gguoFuaZ^Z_f\hijhkudhlhju_
jZkkljZb\Zxl deb_glZ ij_ju\Zxl _]h b \hijhku gZ dhlhju_ hg \hafh`gh g_ \
khklhygbb hl\_lblv Bgh]^Z fu ^Z`_ aZ^Z_f \hijhku aZ\_^hfh g_ `_eZy ihemqZlv
hl\_lub \j_amevlZl_g_kemrZ_fhl\_lh\
OhlyihklZgh\dZ\hijhkh\y\ey_lky\Z`ghcl_ogbdhcdhgkmevlbjh\Zgbyh^gZdh
dZd gb iZjZ^hdkZevgh hkf_exkv ml\_j`^Zlv qlh \ dhgkmevlbjh\Zgbb ke_^m_l ba[_]Zlv
qj_af_jgh]h hijZrb\Zgby Ex[hc \hijhk ^he`_g [ulv h[hkgh\Zg ² aZ^Z\Zy _]h gZ^h
agZlv k dZdhc p_evx hg aZ^Z_lky Wlh \_kvfZ keh`gZy ijh[e_fZ ^ey gZqbgZxs_]h
dhgkmevlZglZdhlhjucg_j_^dhkebrdhf[_kihdhblkyh q_f`__s_kijhkblvdeb_glZb
aZ[u\Z_l qlh ij_`^_ \k_]h deb_glZ gZ^h kemrZlv ?keb hijhk ij_\jZlblv \ hkgh\gmx
l_ogbdmdhgkmevlbjh\Zgbylhb dhgkmevlbjh\Zgb_ij_\jZlblky\ ^hijhkbebke_^kl\b_
< lZdhckblmZpbbdeb_glihdbg_ldZ[bg_ldhgkmevlZglZk qm\kl\hfqlh[ueg_klhevdh
ihgyl b ijba\Zg d wfhpbhgZevghfm mqZklbx \ dhgkmevlZlb\ghf dhglZdl_ kdhevdh
^hijhr_g
Q_j_kqmj[hevrZykdehgghklvjZkkijZrb\Zlv\h\j_fydhgkmevlbjh\Zgbykha^Z_l
fgh]hijh[e_f *HRUJH&ULVWLDQL 
²ij_\jZsZ_l[_k_^m\ h[f_g\hijhkZfbhl\_lZfbb deb_glgZqbgZ_lihklhyggh
`^Zlvqlh[udhgkmevlZglkijhkbe_s_h q_fgb[m^v
² aZklZ\ey_l dhgkmevlZglZ ijbgylv gZ k_[y \kx hl\_lkl\_gghklv aZ oh^
dhgkmevlbjh\Zgbyb l_fZlbdmh[km`^Z_fuoijh[e_f
²i_j_\h^bl[_k_^mhlwfhpbhgZevghhdjZr_gguol_fd h[km`^_gbxnZdlheh]bb
`bagb
² mgbqlh`Z_l ih^\b`guc oZjZdl_j [_k_^u Ih wlbf ijbqbgZf gZqbgZxsbf
dhgkmevlZglZf \hh[s_ g_ j_dhf_g^m_lky aZ^Z\Zlv deb_glZf \hijhku bkdexqZy kZfh_
gZqZehdhgkmevlbjh\Zgby
Fh`ghmihfygmlv_s_g_kdhevdhijZ\bedhlhju_ke_^m_lbf_lv\ \b^maZ^Z\Zy
\hijhkudeb_glZf
<hijhkuDlhqlh"qZs_\k_]hhjb_glbjh\ZgugZnZdlul_\hijhkulZdh]h
lbiZm\_ebqb\Zxl\_jhylghklvnZdlheh]bq_kdbohl\_lh\
 <hijhku DZd" \ [hevr_c f_j_ hjb_glbjh\Zgu gZ q_eh\_dZ _]h ih\_^_gb_
\gmlj_ggbcfbj
 <hijhku Ihq_fm" g_j_^dh ijh\hpbjmxl aZsblgu_ j_Zdpbb deb_glh\
ihwlhfmboke_^m_lba[_]Zlv\ dhgkmevlbjh\ZgbbAZ^Z\\hijhklZdh]hlbiZqZs_\k_]h
fh`gh mkeurZlv hl\_lu hibjZxsb_ky gZ jZpbhgZebaZpbx bgl_ee_dlmZebaZpbx
ihkdhevdm g_ \k_]^Z e_]dh h[tykgblv ^_ckl\bl_evgu_ ijbqbgu k\h_]h ih\_^_gby Z gZ
gboij_`^_\k_]hb [u\ZxlgZijZ\e_gu\hijhkuihq_fm h[mkeh\e_ggh]hfgh`_kl\hf
^h\hevghijhlb\hj_qb\uonZdlhjh\
GZ^hba[_]ZlvihklZgh\dbh^gh\j_f_gghg_kdhevdbo\hijhkh\ bgh]^Z\ h^ghf
\hijhk_aZeh`_gu^jm]b_\hijhku GZijbf_jDZd<uihgbfZ_l_k\hxijh[e_fm"G_
^mfZebeb<uh k\hboijh[e_fZodh]^Zgb[m^vjZg__"Ihq_fm<uiv_l_b kkhjbl_kv
kh k\h_c `_ghc" < h[hbo kemqZyo deb_glm fh`_l [ulv g_ykgh gZ dZdhc ba \hijhkh\
hl\_qZlvihlhfmqlhhl\_lugZdZ`^mxqZklv^\hcgh]h\hijhkZ\hafh`gukh\_jr_ggh
jZagu_
 G_ ke_^m_l h^bg b lhl `_ \hijhk aZ^Z\Zlv \ jZaguo nhjfmebjh\dZo Deb_glm
klZgh\blky g_ykgh gZ dZdhc ba \ZjbZglh\ gZ^h hl\_qZlv Ih^h[gh_ ih\_^_gb_
dhgkmevlZglZ ijb ihklZgh\d_ \hijhkh\ k\b^_l_evkl\m_l h _]h lj_\h]_ DhgkmevlZgl
^he`_gha\mqb\ZlvlhevdhhdhgqZl_evgu_\ZjbZglu\hijhkZ
G_evay\hijhkhfhi_j_`Zlvhl\_ldeb_glZGZijbf_j\hijhk<k_ebohjhrh
eZ^blky" qZs_ \k_]h ih[m`^Z_l deb_glZ ^Zlv ml\_j^bl_evguc hl\_l < wlhf kemqZ_
emqr_ aZ^Zlv hldjuluc \hijhk DZd h[klhyl ^_eZ ^hfZ" < ih^h[guo kblmZpbyo
deb_glu g_j_^dh ihevamxlky \hafh`ghklvx ^Zlv g_hij_^_e_gguc hl\_l gZijbf_j
G_iehohDhgkmevlZglmgm`ghmlhqgblvhl\_l^jm]bf\hijhkhflZdh]hlbiZQlh^ey
<Zk agZqbl g_iehoh" Wlh hq_gv \Z`gh lZd dZd qZklh \ h^gb b l_ `_ ihgylby fu
\deZ^u\Z_f^h\hevghjZagh_kh^_j`Zgb_
H[h^j_gb_b mkihdZb\Zgb_
Wlbl_ogbdbhq_gv\Z`gu^eykha^Zgbyb mdj_ie_gbydhgkmevlZlb\gh]hdhglZdlZ
Ijbh[h^jblvdeb_glZfh`ghdjZldhcnjZahchagZqZxs_ckh]eZkb_beb b ihgbfZgb_
LZdZy njZaZ ih[m`^Z_l deb_glZijh^he`blv ih\_kl\h\Zgb_ GZijbf_jIjh^he`Zcl_
>Z ihgbfZx Ohjhrh LZd b li >h\hevgh jZkijhkljZg_gZ \ujZ`ZxsZy
h^h[j_gb_j_Zdpby:]ZFff < i_j_\h^_ gZ yaudj_qb wlb qZklbpuhagZqZeb[u
Ijh^he`Zcl_ y gZoh`mkv k <Zfb y \gbfZl_evgh kemrZx <Zk H[h^j_gb_ \ujZ`Z_l
ih^^_j`dm ² hkgh\m dhgkmevlZlb\gh]h dhglZdlZ :lfhkn_jZ ih^^_j`db \ dhlhjhc
deb_glqm\kl\m_lk_[yk\h[h^ghiha\hey_lbkke_^h\Zlv\ha[m`^Zxsb_lj_\h]mZki_dlu
kZfhklbqlhhkh[_gghj_dhf_g^m_lky\ hjb_glbjh\ZgghfgZdeb_glZdhgkmevlbjh\Zgbb
>jm]bf \Z`guf dhfihg_glhf ih^^_j`db deb_glZ y\ey_lky mkihdZb\Zgb_
dhlhjh_ \f_kl_ k h[h^j_gb_f iha\hey_l deb_glm ih\_jblv \ k_[y b jbkdh\Zlv baf_gyy
g_dhlhju_ Zki_dlu kZfhklb bkiulu\Zy gh\u_ kihkh[u ih\_^_gby Wlh lh`_ dhjhldb_
njZaudhgkmevlZglZ\ujZ`Zxsb_kh]eZkb_
Hq_gvohjhrhG_\hegmcl_kvbaaZwlh]h<uihklmibebijZ\bevgh<j_fy
hl \j_f_gb dZ`^uc qm\kl\m_l k_[y lZd `_ <u ijZ\u Wlh [m^_l g_e_]dh Y g_
m\_j_gh^gZdh^mfZxqlh<ufh`_l_ihiulZlvkyY agZxqlh[m^_lly`_ehgh<ug_
lhevdhfh`_l_ghb h[yaZguwlhk^_eZlvb l^
H^gZdh ]h\hjy h[ mkihdZb\Zgbb deb_glZ fu g_ ^he`gu aZ[u\Zlv qlh dZd b
ex[Zy l_ogbdZ wlhl f_lh^ fh`_l bkihevah\Zlvky ijZ\bevgh b g_ijZ\bevgh QZklhc
hrb[dhc mkihdZb\Zgby y\ey_lky lh qlh dhgkmevlZgl ij_^eZ]Z_l k_[y \ dZq_kl\_
ih^ihjdb [_kihdhcghfm deb_glm Wlh h]jZgbqb\Z_l \hafh`ghklb deb_glZ
kZfhklhyl_evgh j_rZlv k\hb ijh[e_fu Jhkl ebqghklb \k_]^Z k\yaZg k qm\kl\hf
g_hij_^_e_gghklb b g_dhlhjhc ^hahc gZijy`_gby b lj_\h]b Djhf_ lh]h _keb
mkihdZb\Zgb_ bkihevam_lky qj_af_jgh b kebrdhf qZklh l_ gZqbgZ_l ij_h[eZ^Zlv \
dhgkmevlbjh\Zgbb hgh kha^Z_l aZ\bkbfhklv deb_glZ hl dhgkmevlZglZ < wlhf kemqZ_
deb_gl i_j_klZ_l [ulv kZfhklhyl_evguf g_ bs_l kh[kl\_gguo hl\_lh\ Z iheghklvx
iheZ]Z_lkygZh^h[j_gb_dhgkmevlZglZ l_gbq_]hg_^_eZ_l[_akZgdpbbdhgkmevlZglZ
DhgkmevlZgl lZd`_ g_ ^he`_g aZ[u\Zlv qlh _keb [m^_l aehmihlj_[eylv
jZkijhkljZg_gghc\ gZr_fih\k_^g_\ghfe_dkbdhg_njZahc\k_[m^_lohjhrhkqblZy
__ mkihdZb\Zxs_cdeb_glklZg_lhsmsZlvg_^hklZlhdwfiZlbb
HljZ`_gb_kh^_j`Zgbyi_j_njZabjh\Zgb_b h[h[s_gb_
Qlh[u hljZ`Zlv kh^_j`Zgb_ ijbagZgbc deb_glZ g_h[oh^bfh i_j_njZabjh\Zlv
_]h \ukdZau\Zgby beb h[h[sblv g_kdhevdh \ukdZau\Zgbc Deb_gl lZdbf h[jZahf
m[_`^Z_lky qlh _]h \gbfZl_evgh \ukemrb\Zxl b ihgbfZxl HljZ`_gb_ kh^_j`Zgby
ihfh]Z_lb deb_glmemqr_ihgylvk_[yjZah[jZlvky\ k\hbofukeyob^_yomklZgh\dZo
Ih ^Zgguf +LOO   wlh gZb[he__ rbjhdh bkihevam_fZy l_ogbdZ dhgkmevlbjh\Zgby
g_aZ\bkbfhhll_hj_lbq_kdhchjb_glZpbbdhgkmevlZglZ
I_j_njZabjh\Zgb_ gZb[he__ ijb_fe_fh \ gZqZe_ dhgkmevlbjh\Zgby ihlhfm qlh
ih[m`^Z_ldeb_glZ[he__hldjulhh[km`^Zlvk\hbijh[e_fuH^gZdhk ^jm]hcklhjhgu
hgh g_^hklZlhqgh m]em[ey_l [_k_^m ,YH\   \u^_ey_l ljb hkgh\gu_ p_eb
i_j_njZabjh\Zgby
²ihdZaZlvdeb_glmqlhdhgkmevlZglhq_gv\gbfZl_e_gb iulZ_lky_]hihgylv
²\udjbklZeebah\Zlvfukevdeb_glZih\lhjyy_]hkeh\Z\ k`Zlhf\b^_
² ijh\_jblv ijZ\bevghklv ihgbfZgby fuke_c deb_glZ Ijb i_j_njZabjh\Zgbb
gZ^hihfgblvljbijhkluoijZ\beZ
I_j_njZabjm_lkyhkgh\gZyfukevdeb_glZ
G_evaybkdZ`ZlvbebaZf_gylvkfukeml\_j`^_gbydeb_glZZ lZd`_^h[Z\eylv
qlheb[hhlk_[y
 GZ^h ba[_]Zlv ihim]Zckl\Z l_ ^hkeh\gh]h ih\lhj_gby \ukdZau\Zgby
deb_glZ`_eZl_evghfukebdeb_glZ\ujZ`Zlvk\hbfbkeh\Zfb
Ohjhrhi_j_njZabjh\ZggZyfukevdeb_glZklZgh\blkydhjhq_ykg__dhgdj_lg__
Z wlhihfh]Z_ldeb_glmkZfhfmihgylvqlhhgohl_ekdZaZlv
 Ijbf_jui_j_njZabjh\Zgby
Deb_gl Y g_agZxdZd`blv^Zevr_Bgh]^Z^mfZxqlhgZ^h\k_[jhkblvb b^lb
jZ[hlZlvZ ihjhcdZ`_lkyqlhke_^m_l^Zevr_mqblvkyghy g_agZxqlh\u[jZlv
DhgkmevlZgl M <Zk ijhbkoh^bl \gmlj_ggyy [hjv[Z aZ ^Zevg_cr__
kZfhhij_^_e_gb_ \ `bagb b <Zf ljm^gh j_rblv dZdhc ba ^\mo iml_c k_]h^gy [he__
ijZ\bevguc
Deb_gl < wlhf]h^mg_kqZklvyke_^mxlh^ghaZ^jm]bf;he_eZ`_gZZ ihlhflZ
Z\Zjby dhlhjZy i_j_ihegbeZ qZrm gm Z l_i_jv wlZ hi_jZpby kugZ Fg_ dZ`_lky qlh
g_ijbylghklbgbdh]^Zg_dhgqZlky
DhgkmevlZgl DZ`_lkyqlhijh[e_fugbdh]^Zg_aZdhgqZlkyb <ukijZrb\Z_l_
k_[y\k_]^ZeblZd[m^_l
< h[h[s_gbb\ujZ`Z_lkyhkgh\gZyb^_yg_kdhevdbofZehk\yaZgguof_`^mkh[hc
ml\_j`^_gbc beb ^he]h]h b aZimlZggh]h \ukdZau\Zgby H[h[s_gb_ ihfh]Z_l deb_glm
kbkl_fZlbabjh\Zlv k\hb fukeb \kihfgblv lh qlh [ueh kdZaZgh ih[m`^Z_l d
jZkkfhlj_gbx agZqbfuo l_f b kihkh[kl\m_l kh[ex^_gbx ihke_^h\Zl_evghklb
dhgkmevlbjh\Zgby ?keb i_j_njZabjh\Zgb_ ho\Zlu\Z_l lhevdh qlh \ukdZaZggu_
ml\_j`^_gbydeb_glZlhh[h[s_gbxih^e_`blp_eucwlZi[_k_^ubeb^Z`_\ky[_k_^Z
,YH\  mdZau\Z_lkblmZpbb\ dhlhjuoqZs_\k_]hbkihevam_lkyh[h[s_gb_
²dh]^ZdhgkmevlZglohq_lkljmdlmjbjh\ZlvgZqZeh[_k_^uqlh[uh[t_^bgblv__
k ij_`gbfb[_k_^Zfb
²dh]^Zdeb_gl]h\hjblhq_gv^he]hb aZimlZggh
² dh]^Z h^gZ l_fZ [_k_^u m`_ bkq_jiZgZ b gZf_qZ_lky i_j_oh^ d ke_^mxs_c
l_f_bebd ke_^mxs_fmwlZim[_k_^u
²ijbklj_fe_gbbijb^Zlvg_dh_gZijZ\e_gb_[_k_^_
²\ dhgp_\klj_qbijbklj_fe_gbbih^q_jdgmlvkms_kl\_ggu_fhf_glu[_k_^ub
^ZlvaZ^Zgb_gZijhf_`mlhd\j_f_gb^hke_^mxs_c\klj_qb
HljZ`_gb_qm\kl\
Wfhpbb qm\kl\Z \ dhgkmevlbjh\Zgbb b ikbohl_jZibb ih \ujZ`_gbx %XJHQWDO
  dZd djh\v \ objmj]bb hgb g_ba[_`gu b \uihegyxl hqbklbl_evgmx nmgdpbx
klbfmebjmxl aZ`b\e_gb_ Qm\kl\Z hq_gv \Z`gu \ ijhp_kk_ dhgkmevlbjh\Zgby gh g_
y\eyxlkykZfhp_evxohly^hklb`_gbxp_e_cihfh]Zxlbf_gghkbevgu_qm\kl\ZkljZo
[hevlj_\h]Z`ZehklvgZ^_`^Zb ^j
IhagZgb_ b hljZ`_gb_ qm\kl\ deb_glZ ij_^klZ\ey_lky h^ghc ba ]eZ\g_crbo
l_ogbd dhgkmevlbjh\Zgby Wlb ijhp_kku [hevr_ q_f l_ogbdZ hgb g_ij_f_ggZy
khklZ\eyxsZy hlghr_gbc ^\mo ex^_c HljZ`_gb_ qm\kl\ l_kgh k\yaZgh k
i_j_njZabjh\Zgb_f \ukdZaZgguo deb_glhf fuke_c ² jZagbpZ ebrv \ lhf qlh \
ihke_^g_fkemqZ_\gbfZgb_khkj_^hlhqb\Z_lkygZkh^_j`ZgbbZ ijbhljZ`_gbbqm\kl\
² gZ lhf qlh kdjulh aZ kh^_j`Zgb_f @_eZy hljZ`Zlv qm\kl\Z deb_glZ dhgkmevlZgl
\gbfZl_evgh \ukemrb\Z_l _]h ijbagZgby i_j_njZabjm_l hl^_evgu_ ml\_j`^_gby gh
hjb_glbjm_lkyb gZqm\kl\Z\ujZ`_ggu_deb_glhf\ ijbagZgbyo
<Z`ghh[jZlblv\gbfZgb_gZ [ZeZgk nZdlh\b qm\kl\ \ dhgkmevlZlb\ghc [_k_^_
G_j_^dh ih^^Z\rbkv kljZklb \ukijZrb\Zgby dhgkmevlZgl gZqbgZ_l b]ghjbjh\Zlv
qm\kl\Zdeb_glZ
GZijbf_j
Deb_gldZ Fu k fm`_f ^jm`bf k ^_lkl\Z b ihke_ hdhgqZgby mgb\_jkbl_lZ
ih`_gbebkv Y ^mfZeZ ² dZdhc aZf_qZl_evghc [m^_l kmijm`_kdZy `bagv Gh \k_
hdZaZehkvkh\k_fg_lZd
DhgkmevlZgl Kdhevdhe_l<u\ [jZd_"
 < wlhf kemqZ_ kha^Z_lky \i_qZle_gb_ qlh dhgkmevlZglZ [hevr_ bgl_j_km_l
nhjfZevguc nZdl ijh^he`bl_evghklb [jZdZ Z g_ lh dZd deb_gldZ i_j_`b\Z_l k\hx
kmijm`_kdmx `bagv Ijh^he`_gb_ [_k_^u fh]eh [u [ulv y\gh ijh^mdlb\g__ iha\hev
dhgkmevlZgl ijh^he`Zlv ijbagZgb_ beb meh\b\ m^ebg_ggmx iZmam aZ^Zc hg \hijhk
Qlh^ey<ZkagZqblkh\k_fg_lZd"
< dhgkmevlbjh\Zgbb kms_kl\m_l ijZ\beh qlh ijb \hijhk_ h qm\kl\Zo deb_gl
qZklhjZkkdZau\Z_lnZdluba`bagbghdh]^ZfukijZrb\Z_flhevdhh kh[ulbyo`bagb
ijZdlbq_kdb g_l gbdZdbo rZgkh\ mkeurZlv qlheb[h h qm\kl\Zo Wlh ijZ\beh ykgh
mdZau\Z_lgZijbhjbl_l\hijhkh\h qm\kl\Zob gZkms_kl\_ggmxjhevhljZ`_gbyqm\kl\
\ dhgkmevlbjh\Zgbb LZdh\h g_h[oh^bfh_ mkeh\b_ ih^^_j`Zgby dhgkmevlZlb\gh]h
dhglZdlZ\ hjb_glbjh\ZgghcgZdeb_glZl_jZibb
HljZ`Zyqm\kl\Zdeb_glZdhgkmevlZgldhgp_gljbjm_l\gbfZgb_gZkm[t_dlb\guo
Zki_dlZo_]hijbagZgbcklj_fykvihfhqvdeb_glmjZah[jZlvky\ k\hboqm\kl\Zob beb
bkiulZlvboiheg__bgl_gkb\g__]em[`_HljZ`_gb_qm\kl\hagZqZ_lqlhdhgkmevlZgl
y\ey_lky dZd [u a_jdZehf \ dhlhjhf deb_gl fh`_l m\b^_lv kfuke b agZq_gb_ k\hbo
qm\kl\ HljZ`_gb_ qm\kl\ kihkh[kl\m_l \hagbdgh\_gbx f_`ebqghklgh]h
wfhpbhgZevgh]h dhglZdlZ ihlhfm qlh ihdZau\Z_l deb_glm qlh dhgkmevlZgl klZjZ_lky
ihagZlv _]h \gmlj_ggbc fbjWnn_dlb\gh_ hljZ`_gb_ qm\kl\ ihfh]Z_l deb_glm emqr_
jZah[jZlvky \ k\hbo g_j_^dh ijhlb\hj_qb\uo qm\kl\Zo b l_f kZfuf h[e_]qZ_l
jZaj_r_gb_\gmlj_ggbodhgnebdlh\

GZijbf_j
Deb_gldZ H[wlhf ljm^ghg_lhevdh]h\hjblvgh^Z`_^mfZlv M`_ ^Z\gh y g_
bf_xgbdZdbohlghr_gbck fm`qbgZfbZ l_i_jvg_agZxdZdhlg_klbkvd ihy\b\r_cky
\hafh`ghklb
DhgkmevlZgl =jmklgh kfhlj_lv dZd <u [hbl_kv b ba[_]Z_l_ lh]h q_]h ih
<Zrbfkeh\Zfohl_ehkv[u
Deb_gldZ ;_a khfg_gbc Y g_ agZx ih^oh^bl eb hg fg_ Hg dZ`_lky hq_gv
fbeufb bf__l\k_q_]hfg_ohl_ehkv[uY g_agZx
DhgkmevlZgl <Zrb qm\kl\Z l_i_jv \ kfyl_gbb <u g_ fh`_l_ j_rblv
^_ckl\bl_evghebohlbl_wlh]hfm`qbgm
Deb_gldZ >ZB lZd[u\Z_l\k_]^Zdh]^Zy ^mfZxh[wlhf?kebdlhlhaZ[hlblky
h[hfg_b \k_fohjhry [_]mhlg_]hdh]^Zg_dlhg_ohq_lf_gyy ohqm_]hQlhaZdZrZ
Kfh]meby dh]^Zgb[m^vbaf_gblviheh`_gb_"
DhgkmevlZgl <u qm\kl\m_l_ k_[y jZkl_jy\r_cky ^mfZy \k_]^Z eb ^he`gu
klZjZlvkym[_`Zlvdh]^Zdlheb[haZ[hlblkyh <Zk
@_eZgb_hljZ`Zlvqm\kl\Zij_^iheZ]Z_lbojZkihagZ\Zgb_>eywlh]hg_h[oh^bfh
h[jZsZlv \gbfZgb_ g_ lhevdh gZ kh^_j`Zgb_ jZkkdZaZ deb_glZ gh b gZ _]h
wfhpbhgZevguc lhg iham \ujZ`_gb_ ebpZ LZd `_ \Z`gh ihfgblv qlh qm\kl\Z fh]ml
lZblvky g_ lhevdh \ lhf qlh jZkkdZaZgh gh b \ lhf qlh g_ jZkkdZaZgh ihwlhfm
dhgkmevlZgl^he`_g[ulvqmldbfd jZaebqgufgZf_dZfmfZeqb\ZgbyfiZmaZf
HljZ`Zy qm\kl\Z ke_^m_l mqblu\Zlv \k_ wfhpbhgZevgu_ j_Zdpbb deb_glZ ²
iheh`bl_evgu_hljbpZl_evgu_b Zf[b\Ze_glgu_gZijZ\e_ggu_gZkZfh]hk_[y^jm]bo
ex^_c b dhgkmevlZglZ >ey lhqgh]h hljZ`_gby qm\kl\ \Z`gh bkihevah\Zlv fgh]b_
ihgylbyhij_^_eyxsb_jZaghh[jZagu_qm\kl\_ggu_gxZgku
< dhgkmevlbjh\Zgbb\Z`ghg_lhevdhhljZ`_gb_qm\kl\ghb h[h[s_gb_boHgh
iha\hey_l hij_^_eblv wfhpbhgZevguc lhg [_k_^u kbgl_abjh\Zlv wfhpbhgZevgu_
Zki_dlu hiulZ deb_glZ Hq_gv qZklh \ [_k_^_ fu klZedb\Z_fky k ijhlb\hj_qb\ufb Z
bgh]^Zb kiheyjgufbqm\kl\Zfbihhlghr_gbxd agZqbfuf^eydeb_glZkblmZpbyfbeb
h[t_dlZf ex[\b A^_kv hq_gv p_ggh h[h[s_gb_ qm\kl\ ^ey ihdZaZ deb_glm
^_ckl\bl_evgh]h_^bgkl\Zijhlb\hiheh`ghkl_c\ wfhpbhgZevghckn_j_
=h\hjy h qm\kl\Zo \ dhgkmevlbjh\Zgbb fh`gh knhjfmebjh\Zlv g_kdhevdh
h[h[sZxsbo ijbgpbih\ ho\Zlu\Zxsbo g_ lhevdh hljZ`_gb_ qm\kl\ deb_glZ gh b
\ujZ`_gb_qm\kl\dhgkmevlZglhf
DhgkmevlZglh[yaZgdZdfh`ghiheg__b lhqg__b^_glbnbpbjh\Zlvqm\kl\ZdZd
k\hblZdb deb_glh\
 G_ h[yaZl_evgh hljZ`Zlv beb dhff_glbjh\Zlv dZ`^h_ qm\kl\h deb_glZ ²
ex[h_ ^_ckl\b_ dhgkmevlZglZ ^he`gh [ulv p_e_khh[jZaguf \ dhgl_dkl_ ijhp_kkZ
dhgkmevlbjh\Zgby
H[yaZl_evghh[jZsZlv\gbfZgb_gZqm\kl\Zdh]^Zhgb
²\uau\Zxlijh[e_fu\ dhgkmevlbjh\Zgbbbeb
²fh]mlih^^_j`Zlvdeb_glZihfhqv_fm< i_j\hfkemqZ_hkh[_ggh\u^_eyxlky
kljZo lj_\h]Z aehklv \jZ`^_[ghklv GZijbf_j haeh[e_gghklv deb_glZ fh`_l
[ehdbjh\Zlv ghjfZevgh_ h[s_gb_ ihwlhfm ke_^m_l h[jZlblv _]h \gbfZgb_ gZ wlh
qm\kl\h K_]h^gy <u dZ`_l_kv ^h\hevgh aeuf  qlh[u h[km`^_gb_ kihkh[kl\h\Zeh
mkljZg_gbx ij_iylkl\by ^ey ih^^_j`Zgby dhgkmevlZlb\gh]h dhglZdlZ LZdh_
h[km`^_gb_ bf__l kfuke b ^ey deb_glZ ihkdhevdm ihfh]Z_l _fm ^himklblv
ghjfZevghklvk\hbohljbpZl_evguoqm\kl\Z lZd`_mf_gvrblvbobgl_gkb\ghklv<Z`gh
ihfhqv deb_glm \ujZablv hljbpZl_evgu_ qm\kl\Z _s_ b ihlhfm qlh kZfhfm deb_glm
e_]q_ dhgljhebjh\Zlv hldjulh \ujZ`_ggu_ qm\kl\Z <h \lhjhf kemqZ_ fu hdZau\Z_f
deb_glm wfhpbhgZevgmx ih^^_j`dm GZijbf_j _keb deb_gl dhlhjhfm ljm^gh mclb k
jZ[hlu jZgvr_ \j_f_gb ijboh^bl gZ dhgkmevlZlb\gmx \klj_qm \h\j_fy ke_^m_l wlh
hlf_lblv
DZd ohjhrh qlh <u kfh]eb ijbclb \h\j_fy Beb dh]^Z deb_gldZ k
aZlygm\r_cky^_ij_kkb_c ]h\hjbl qlh kfh]eZ ih^gylvky k djh\Zlb m[jZlv \ dhfgZl_ b
ijb]hlh\blvk_[_h[_^fuihgbfZyagZqbfhklvkh[ulby^he`guihjZ^h\Zlvky\f_kl_k
g_cm^Zqghfmijh^\b`_gbx\ ij_h^he_gbb^_ij_kkbb
 DhgkmevlZgl h[yaZg \ujZ`Zlv lZd`_ kh[kl\_ggu_ qm\kl\Z \hagbdZxsb_ \
kblmZpbb dhgkmevlbjh\Zgby Bo \hagbdgh\_gb_ ij_^klZ\ey_l kh[hc k\h_h[jZaguc
j_ahgZgk gZ i_j_`b\Zgby deb_glh\ DZd ]h\hjbl K 5RJHUV qlh gZb[he__ ebqgh lh
gZb[he__h[sh<kemrb\Zykv\ k\hbqm\kl\Z\hagbdZxsb_\ oh^_dhgkmevlbjh\Zgby\
dZq_kl\_ j_Zdpbb gZ ih\_^_gb_ deb_glZ dhgkmevlZgl fh`_l ihemqblv h g_f fgh]h
p_gghc bgnhjfZpbb <ujZ`_gb_ qm\kl\ ihfh]Z_l ih^^_j`b\Zlv ]em[hdbc
wfhpbhgZevgucdhglZdl\ mkeh\byodhlhjh]hdeb_glemqr_ihgbfZ_ldZd^jm]b_ex^b
j_Z]bjmxl gZ _]h ih\_^_gb_ H^gZdh dhgkmevlZgl ^he`_g \ujZ`Zlv qm\kl\Z lhevdh
k\yaZggu_k l_fhc[_k_^uBgh]^ZkZfdeb_gl`Z`^_lihemqblvbgnhjfZpbxh qm\kl\Zo
dhgkmevlZglZB gZ\_kvfZqZkluc\hijhkY ohl_e[umagZlvdZd<uqm\kl\m_l_k_[ykh
fghc"²g_gm`ghki_rblvhl\_qZlvGZlZdhc\hijhkemqr_hl\_lblv\hijhkhf
Ihq_fm <u kijZrb\Z_l_ f_gy h[ wlhf" Qlh <u h[ wlhf ^mfZ_l_" <
dhgkmevlbjh\Zgbb\k_]^Z[he__agZqbfuqm\kl\Zdeb_glZZ g_dhgkmevlZglZ
IhjhcgZ^hihfhqvdeb_glZfdhgljhebjh\Zlvk\hbqm\kl\Zhkh[_gghdh]^Zhgb
kebrdhfbgl_gkb\guWlhdZkZ_lkydZdiheh`bl_evguolZdb hljbpZl_evguoqm\kl\
IZmaufheqZgby
;hevrbgkl\h ex^_c bkiulu\Z_l kfms_gb_ dh]^Z h[ju\Z_lky [_k_^Z b klhbl
lbrbgZHgZdZ`_lky[_kdhg_qgh^he]hcLZd`_b gZqbgZxsbcdhgkmevlZglqm\kl\m_l
k_[yg_mxlghijb\hagbdgh\_gbb\ [_k_^_iZmaufheqZgbyihkdhevdm_fmdZ`_lkyqlh
hg ihklhyggh ^he`_g qlhlh ^_eZlv H^gZdh mf_gb_ fheqZlv b bkihevah\Zlv lbrbgm \
l_jZi_\lbq_kdbop_eyo²h^bgba\Z`g_crbogZ\udh\dhgkmevlbjh\ZgbyOhlylbrbgZ
\ dhgkmevlbjh\Zgbb bgh]^Z hagZqZ_l gZjmr_gb_ dhgkmevlZlb\gh]h dhglZdlZ l_f g_
f_g__ hgZ [u\Z_l b ]em[hdh hkfuke_gghc DZd ba\_klgh dZ`^hfm ba ih\k_^g_\ghc
`bagbohjhrbf^jmavyfg_h[yaZl_evgh\k_\j_fyjZa]h\Zjb\ZlvZ \ex[e_ggu_fgh]h
\j_f_gbijh\h^yl\ fheqZgbbqlhk\b^_l_evkl\m_lebrvh ]em[bg_bohlghr_gbc>ey
dhgkmevlZglZ gZmqb\r_]hky [ulv qmldbf d jZaebqguf kfukeZf lbrbgu \hh[s_ d
lbrbg_ b gZmqb\r_]hky khagZl_evgh kha^Z\Zlv b bkihevah\Zlv iZmau \
dhgkmevlbjh\ZgbbfheqZgb_klZgh\blkyhkh[_gghl_jZi_\lbq_kdbp_ggufb[hhgh
²m\_ebqb\Z_lwfhpbhgZevgh_\aZbfhihgbfZgb_dhgkmevlZglZb deb_glZ
² ij_^hklZ\ey_l \hafh`ghklv deb_glm ih]jmablvky \ k_[y b bamqZlv k\hb
qm\kl\ZmklZgh\dbp_gghklbih\_^_gb_
²iha\hey_ldeb_glmihgylvqlhhl\_lkl\_gghklvaZ[_k_^me_`blgZ_]hie_qZo
Ohly ki_dlj kfukeh\ lbrbgu \ dhgkmevlbjh\Zgbb ^h\hevgh rbjhd h[uqgh
jZaebqZxl kh^_j`Zl_evgh_ b [_kkh^_j`Zl_evgh_ fheqZgb_ *HOVR )UHW]   <
ihke_^g_f kemqZ_ m\_ebqb\Z_lky lj_\h]Z deb_glZ hg g_ fh`_l mkb^_lv gZ f_kl_
gZqbgZ_lg_j\gbqZlv
DZdh\u\Z`g_crb_kfukeufheqZgby\ dhgkmevlbjh\Zgbb"
IZmaufheqZgbyhkh[_ggh\ gZqZe_[_k_^ufh]ml\ujZ`Zlvlj_\h]mdeb_glZ
iehoh_kZfhqm\kl\b_jZkl_jygghklvbaaZkZfh]hnZdlZdhgkmevlbjh\Zgby
FheqZgb_^Ze_dhg_\k_]^ZhagZqZ_lhlkmlkl\b_j_ZevghcZdlb\ghklb<h\j_fy
iZma fheqZgby deb_gl fh`_l bkdZlv gm`gu_ keh\Z ^ey ijh^he`_gby k\h_]h
ih\_kl\h\Zgby\a\_rb\Zlvlhh q_freZj_qvi_j_^wlbfiulZlvkyhp_gblv\hagbdrb_
\h\j_fy[_k_^u^h]Z^dbDhgkmevlZglmlZd`_gm`guiZmaufheqZgby^eyh[^mfu\Zgby
ijhr_^r_c qZklb [_k_^u b nhjfmebjh\db \Z`guo \hijhkh\ I_jbh^bq_kdb_ iZmau
fheqZgby ^_eZxl [_k_^m p_e_gZijZ\e_gghc lZd dZd \ wlh \j_fy fuke_ggh \uy\eyxlky
kms_kl\_ggu_ fhf_glu [_k_^u j_axfbjmxlky hkgh\gu_ \u\h^u IZmau fheqZgby
ihfh]Zxlg_ijhimkdZlv\Z`gu_\hijhku
 FheqZgb_ fh`_l hagZqZlv qlh b deb_gl b dhgkmevlZgl gZ^_xlky gZ
ijh^he`_gb_[_k_^ukhklhjhgu^jm]^jm]Z
IZmaZfheqZgbyhkh[_ggh_kebhgZkm[t_dlb\ghg_ijbylgZdZddeb_glmlZdb
dhgkmevlZglmfh`_lhagZqZlvqlhh[ZmqZklgbdZ[_k_^ub \ky[_k_^ZhdZaZebkv\ lmibd_
b ijhbkoh^blihbkd\uoh^Zbakha^Z\r_ckykblmZpbbihbkdgh\h]hgZijZ\e_gby[_k_^u
 FheqZgb_ \ g_dhlhjuo kemqZyo \ujZ`Z_l khijhlb\e_gb_ deb_glZ ijhp_kkm
dhgkmevlbjh\Zgby Lh]^Z hgh ih hlghr_gbx d dhgkmevlZglm bf__l fZgbimeylb\guc
kfukeA^_kvdeb_gl\_^_lb]jmY fh]mkb^_lvdZddZf_gvb ihkfhljxm^Zklkyeb_fm
dhgkmevlZglm k^\bgmlvf_gy
 Bgh]^Z iZmau fheqZgby dh]^Z [_k_^Z ijhl_dZ_l gZ ih\_joghklghf mjh\g_ b
ba[_]Z_lky h[km`^_gb_ gZb[he__ \Z`guo b agZqbl_evguo \hijhkh\ dhlhju_ h^gZdh
m\_ebqb\Zxllj_\h]mdeb_glZ
FheqZgb_bgh]^Zih^jZamf_\Z_l]em[hdh_h[h[s_gb_[_akeh\hghlh]^Z[he__
hkfuke_gghb djZkghj_qb\hq_fkeh\Z
IZmau fheqZgby \ dhgkmevlbjh\Zgbb ih^gbfZxl \hijhk ^he`_g eb bo
ij_ju\ZlvkZfdhgkmevlZgl"JZkijhkljZg_ghfg_gb_qlhdhgkmevlZgl^he`_gij_ju\Zlv
imklh_ fheqZgb_ b g_ ki_rblv ij_ju\Zlv ijh^mdlb\gh_ fheqZgb_ Dh]^Z deb_gl
mfhedZ_l b fheqZgb_ ^eblky ^he]h mf_klgh aZf_qZgb_ dhgkmevlZglZ <u dZ`_lky
hq_gv aZ^mfZebkv G_ ohl_eb [u ih^_eblvky l_f qlh k_cqZk qm\kl\m_l_" beb Qlh
\Z`gh_^eyk_[y<ukeurbl_\ wlhffheqZgbb"<f_kl_k l_fg_ke_^m_laZ[u\Zlvqlh
deb_glkZfhl\_qZ_laZij_djZs_gb_fheqZgby
G_kjZ\g_ggmxl_jZi_\lbq_kdmxp_gghklvfheqZgby beexkljbjm_l 5RJHUV 
ijbf_jhfbak\h_cijZdlbdb
Y g_^Z\ghaZ\_jrbedhgkmevlbjh\Zgb_kZfh]hkljZggh]h ba\klj_qZ\rbokyfg_
kemqZ_\   >`hZg [ueZ h^ghc ba i_j\uo fhbo deb_glh\ dh]^Z y gZqZe _`_g_^_evgh
dhgkmevlbjh\Zlv \ f_klghc kj_^g_h[jZah\Zl_evghc rdhe_ Rdhevghfm dhgkmevlZglm
^_\hqdZkdZaZeZY lZdkl_kgyxkvqlh^Z`_g_kfh]m]h\hjblvh k\hboljm^ghklyo<ug_
fh]eb[ukZfbwlhk^_eZlvBlZdi_j_^\klj_q_ck >`hZgdhgkmevlZgljZkkdZaZeZfg_
qlh kZfZy [hevrZy ijh[e_fZ ^_\mrdb ² wlh hlkmlkl\b_ ^jma_c DhgkmevlZgl _s_
^h[Z\beZqlh>`hZghq_gvh^bghdZ
Dh]^Zy \i_j\u_m\b^_e^_\mrdmhgZihqlbg_]h\hjbeZh k\h_cijh[e_f_b ebrv
mihfygmeZ h jh^bl_eyo dhlhjuo dZaZehkv ex[bl GZrZ [_k_^Z ij_ju\ZeZkv hq_gv
^he]bfbiZmaZfbQ_luj_ke_^mxsb_[_k_^umeh`bebkv[ukeh\h\ keh\hgZfZe_gvdhf
dehqd_ [mfZ]b < k_j_^bg_ ghy[jy >`hZg kdZaZeZ qlh \k_ b^_l kh\k_f g_iehoh B
gbq_]h[he__H^gZdhdhgkmevlZgljZkkdZaZeZqlhij_ih^Z\Zl_ebhlf_qZxlg_ijb\uqgmx
^ey gbo ^jm`_ex[gmx meu[dm gZ ebp_ >`hZg ijb \klj_qZo \ dhjb^hj_ Ij_`^_ hgZ
ihqlbg_meu[ZeZkvKZfZdhgkmevlZglj_^dh\b^_eZ>`hZgb gbq_]hg_fh]eZkdZaZlvh
__ dhglZdlZok ^jm]bfbmq_gbdZfb< ^_dZ[j_khklhyeZkv[_k_^Z\h\j_fydhlhjhc>`hZg
k\h[h^gh h[sZeZkv GZ hklZevguo \klj_qZohgZ lhevdh fheqZeZ ijbk_\ gZ dhjlhqdb b
dZaZeZkvaZ^mfqb\hcbgh]^Zih]ey^u\ZeZk meu[dhc?s_[hevr__fheqZgb_\hpZjbehkv
\ ke_^mxsb_ ^\Z k iheh\bghc f_kypZ Ihke_ wlh]h y magZe qlh >`hZg \u[jZgZ
^_\mrdhcf_kypZ\ k\h_crdhe_Djbl_jbyfb\u[hjZ\k_]^Zy\eyebkvkihjlb\ghklvb
ihimeyjghklv H^gh\j_f_ggh y ihemqbe \_klhqdm >mfZx fg_ [hevr_ g_ gm`gh <Zk
ihk_sZlv >Z dhg_qgh _c g_ gm`gh h^gZdh ihq_fm" Qlh ijhbahreh aZ wlb qZku
fheqZgby" LZd [ueZ ijh\_j_gZ fhy \_jZ \ \hafh`ghklb deb_glZ Y kqZkleb\ qlh g_
khfg_\Zeky
Wlhl kemqZc ihdZau\Z_l qlh dhgkmevlZgl ^he`_g iha\heblv deb_glm [ulv \
dhgkmevlZlb\ghfdhglZdl_lZdbfdZdbf_fmohq_lkyklZeh[ulvb fheqZlv
Ij_^hklZ\e_gb_bgnhjfZpbb
P_ebdhgkmevlbjh\Zgby^hklb]ZxlkylZd`_ihkj_^kl\hfij_^hklZ\e_gbydeb_glm
bgnhjfZpbb dhgkmevlZgl \ukdZau\Z_l k\h_ fg_gb_ hl\_qZ_l gZ \hijhku deb_glZ b
bgnhjfbjm_l _]h h jZaguo Zki_dlZo h[km`^Z_fuo ijh[e_f BgnhjfZpby dZd ijZ\beh
k\yaZgZ k ijhp_kkhf dhgkmevlbjh\Zgby ih\_^_gb_f dhgkmevlZglZ beb mkeh\byfb
dhgkmevlbjh\Zgby f_klhb \j_fy\klj_qhieZlZb li 
Ij_^hklZ\e_gb_ bgnhjfZpbb \ dhgkmevlbjh\Zgbb bgh]^Z [u\Z_l hq_gv \Z`guf
ihkdhevdm deb_glu g_j_^dh aZ^Zxl dhgkmevlZglm kZfu_ jZagu_ \hijhku Hkh[_ggh
kms_kl\_ggu \hijhku aZ dhlhjufb djh_lky lj_\h]Z deb_glh\ h k\h_f [m^ms_f
a^hjh\v_ gZijbf_j Kfh`_f eb fu bf_lv ^_l_c" GZke_^m_lky eb jZd"
HaZ^Zq_gghklv deb_glh\ agZqbfZ g_ kZfZ ih k_[_ Z \ dhgl_dkl_ __ \hagbdgh\_gby GZ
lZdb_ \hijhku ke_^m_l kfhlj_lv k_jv_agh b ohjhrh h[^mfu\Zlv hl\_lu gZ gbo Gb \
dh_f kemqZ_ g_evay ij_\jZsZlv \hijhku \ rmldm b hl\_qZlv [_kk\yagh beb \hh[s_
moh^blv hl hl\_lZ <_^v aZ \hijhkZfb kdjulu ebqgu_ ijh[e_fu deb_glh\ k
khimlkl\mxsbfb lj_\h]Zfb b kljZoZfb @_eZl_evgh ijhy\eylv dhfi_l_glghklv b
ba[_]Zlvmijhs_gbcqlh[ug_mljZlblv^h\_jbydeb_glh\b g_m\_ebqblvbolj_\h]m
Ij_^hklZ\eyybgnhjfZpbxdhgkmevlZglg_^he`_gaZ[u\Zlvqlhdeb_gluihjhc
kijZrb\Zxlk p_evxmkljZgblvkyhlh[km`^_gbyk\hboijh[e_fb bkke_^h\ZgbykZfhklb
< ^_ckl\bl_evghklb h^gZdh g_ ljm^gh hlebqblv \hijhku mdZau\Zxsb_ gZ
haZ[hq_gghklv deb_glh\ hl klj_fe_gby fZgbimebjh\Zlv dhgkmevlZglhf k ihfhsvx
\ukijZrb\Zgby
Bgl_jij_lZpby
IjZdlbq_kdb \k_ hldeZ^u\Z_l hli_qZlhd gZ h[jZa ebqghklb G_l gbq_]h
[_kkfuke_ggh]h b kemqZcgh]h ^Z`_ \ fZe_cr_f ^\b`_gbb q_eh\_dZ Ebqghklv
ihklhyggh \ujZ`Z_l k_[y keh\Zfb lhghf]hehkZ `_klZfbihahc b hl dhfi_l_glghklb
dhgkmevlZglZ aZ\bkbl kfh`_l eb hg ijhqblZlv keh`gu_ ikboheh]bq_kdb_ ibkvf_gZ
DZ`^ucdeb_gl²wlhg_hldjulZydgb]ZZ g_ba\_klgZykljZgZ]^_\k_gh\hb \gZqZe_
ljm^gh ih^^Z_lky ihgbfZgbx Hjb_glbjh\Zlvky \ wlhc g_ba\_^Zgghc kljZg_
dhgkmevlZglm ihfh]Z_l l_ogbdZ bgl_jij_lZpbb ² ih`Zemc kZfZy keh`gZy f_lh^bdZ
dhgkmevlbjh\Zgby
< dhgkmevlbjh\Zgbb hq_gv \Z`gh \uy\blv [hevr__ g_`_eb kh^_j`blky \
ih\_joghklghf ih\_kl\h\Zgbb deb_glZ <g_rg__ kh^_j`Zgb_ dhg_qgh lh`_ agZqbfh
h^gZdh kms_kl\_gg__ jZkdjulb_ eZl_glgh]h kh^_j`Zgby kdjulh]h aZ keh\Zfb deb_glZ
>eywlh]hbkihevam_lkybgl_jij_lZpbyih\_kl\h\ZgbyBgl_jij_lZpbhggu_ml\_j`^_gby
dhgkmevlZglZ ijb^Zxlhij_^_e_gguc kfuke h`b^Zgbyf qm\kl\Zf ih\_^_gbx deb_glZ
ihlhfmqlhihfh]ZxlmklZgh\blvijbqbggu_k\yabf_`^mih\_^_gb_fb i_j_`b\Zgbyfb
Kh^_j`Zgb_ jZkkdZaZ b i_j_`b\Zgbc deb_glZ ljZgknhjfbjm_lky \ dhgl_dkl_
jZatykgbl_evghckbkl_fubkihevam_fhcdhgkmevlZglhfLZdh_ij_h[jZah\Zgb_ihfh]Z_l
deb_glm m\b^_lv k_[y b k\hb `bag_ggu_ ljm^ghklb \ gh\hc i_jki_dlb\_ b gh\uf
kihkh[hf $$GLHU ]h\hjbeqlhijZ\bevgh_ihgbfZgb_ijhbkoh^ys_]he_`bl\ hkgh\_
Z^_d\Zlgh]hih\_^_gbyOhjhrhba\_klgZfZdkbfZKhdjZlZ²agZgb__klv^_ckl\b_
Kmsghklvij_^eZ]Z_fhcbgl_jij_lZpbb\ [hevrhcf_j_aZ\bkblhll_hj_lbq_kdhc
ihabpbb dhgkmevlZglZ < hjb_glbjh\Zgghc gZ deb_glZ l_jZibb mdehgyxlky hl ijyfuo
bgl_jij_lZpbc g_ `_eZy kgbfZlv k deb_glZ hl\_lkl\_gghklv aZ ijhp_kk
dhgkmevlbjh\Zgby Kh\_jr_ggh ijhlb\hiheh`gh]h \a]ey^Z gZ bgl_jij_lZpbx
ijb^_j`b\Zxlky ij_^klZ\bl_eb ikbohZgZeblbq_kdh]h gZijZ\e_gby A^_kv
bgl_jij_lZpbhggu_ l_ogbdb aZgbfZxl p_gljZevgh_ f_klh ihkdhevdm \ ikbohZgZeba_
bgl_jij_lbjm_lky ijZdlbq_kdb \k_ ² i_j_ghk khijhlb\e_gb_ kgu k\h[h^gu_
ZkkhpbZpbbmfZeqb\Zgb_b liLZdbfh[jZahfikbohZgZeblbdbklj_fylky[he__]em[hdh
jZkdjulvikboh^bgZfbq_kdbckfukeijh[e_fdeb_glZ< ]_rlZevll_jZibbkZfdeb_gl
ih[m`^Z_lkyd bgl_jij_lZpbbk\h_]hih\_^_gbyl_hklZ_lkyiheghklvxhl\_lkl\_gguf
aZh[tykg_gb_
+LOO  \u^_ey_liylvlbih\bgl_jij_lZpbb
 MklZgh\e_gb_ k\ya_c f_`^m ydh[u jZa^_evgufb ml\_j`^_gbyfb ijh[e_fZfb
bebkh[ulbyfbGZijbf_jdeb_glmdhlhjuc]h\hjblh kljZo_im[ebqgh]h\uklmie_gby
gbadhfmjh\g_kZfhhp_gdbb ljm^ghklyo\ hlghr_gbyok ^jm]bfbex^vfbdhgkmevlZgl
mdZau\Z_l gZ \aZbfhk\yav ijh[e_f b \ebygb_ gZ bo \hagbdgh\_gb_ g_Z^_d\Zlguo
wdki_dlZpbcb ijblyaZgbcdeb_glZ
 :dp_glbjh\Zgb_ dZdboeb[h hkh[_gghkl_c ih\_^_gby beb qm\kl\ deb_glZ
Deb_gl gZijbf_j ihklhyggh hldZau\Z_lky hl jZ[hlu ohly \ukdZau\Z_l `_eZgb_
jZ[hlZlv DhgkmevlZgl fh`_l kdZaZlv _fm <u dZaZehkv [u jZ^m_l_kv ihy\b\r_cky
\hafh`ghklbh^gZdhdh]^ZklZedb\Z_l_kvk g_ba[_`gufbljm^ghklyfbm[_]Z_l_
 Bgl_jij_lZpby kihkh[h\ ikboheh]bq_kdhc aZsblu j_Zdpbc khijhlb\e_gby b
i_j_ghkZ < \ur_ijb\_^_gghf ijbf_j_ \hafh`gZ bgl_jij_lZpby Km^y ih gZr_c
[_k_^_ ih[_] y\ey_lky ^ey <Zk kihkh[hf [hjv[u kh kljZohf g_m^Zqb LZdbf h[jZahf
a^_kv bgl_jij_lbjm_lky ikboheh]bq_kdZy aZsblZ ih[_]  hl lj_\h]b kljZoZ g_m^Zqb 
Bgl_jij_lZpby i_j_ghkZ ij_^klZ\ey_l kh[hc hkgh\gmx l_ogbdm ikbohZgZeblbq_kdh]h
e_q_gbyDeb_glmklZjZxlkyihdZaZlvqlh_]hijhreu_hlghr_gby h[uqghk hlphfbeb
fZl_jvx f_rZxlijZ\bevgh\hkijbgbfZlvqm\kl\Zb ih\_^_gb_dhgkmevlZglZ
 M\yau\Zgb_ gug_rgbo kh[ulbc fuke_c b i_j_`b\Zgbc k ijhreuf BgZq_
]h\hjy dhgkmevlZgl ihfh]Z_l deb_glm mkfhlj_lv k\yav l_i_j_rgbo ijh[e_f b
dhgnebdlh\k ij_^r_kl\mxsbfbikbohljZ\fZfb
 Ij_^hklZ\e_gb_ deb_glm bghc \hafh`ghklb ihgbfZgby _]h qm\kl\ ih\_^_gby
bebijh[e_f

GZijbf_j
Deb_gldZ Hggbq_]hg_^_eZ_l^hfZZ \k_\j_fyoh^blivygkl\h\Zlvk ^jmavyfb
Y h[j_q_gZaZ[hlblvkyh ^_lyob ^_eZlv\k_ih^hfm
DhgkmevlZgl Ihoh`_ qlh hg wlbf k\h_h[jZagh kiZkZ_l <Zk hl ijbgylby
j_r_gbyh k\h_cgug_rg_cb [m^ms_c`bagb
IjZdlbq_kdb \h \k_o i_j_qbke_gguo lbiZo bgl_jij_lZpbc hq_\b^guf y\ey_lky
fhf_glh[tykg_gbyl_kmlvbgl_jij_lZpbb\ lhfqlh[ug_ihgylgh_k^_eZlvihgylguf
Ijb\_^_f\ dZq_kl\_ijbf_jZh[tykg_gb_deb_glmihgylbyZ]hjZnh[by 6WRUU$ 
Ba<Zr_]hjZkkdZaZke_^m_lqlhfbjk^_eZeky^ey<ZkhiZkgufk ^_lkl\Zdh]^Z
fZlv [hyeZkv hlimkdZlv <Zk h^gh]h ba ^hfZ LZdhc kljZo ^ey lj_oe_lg_]h j_[_gdZ g_
m^b\bl_e_g gh k ]h^Zfb m\_j_gghklv \ k_[_ b kdehgghklv d jbkdm \hajZklZxl
?^bgkl\_ggZyg_ghjfZevghklv<Zr_]hkljZoZ²wlh_]hijh^he`bl_evghklv
>ZggZy bgl_jij_lZpby g_ kgbfZ_l g_\jhlbq_kdbc kbfilhf h^gZdh mf_gvrZ_l
lj_\h]m ij_\jZsZy kbfilhf ba g_ihgylgh]h ij_iylkl\by \ ykgh mklZgh\e_ggmx
ijh[e_fmdhlhjmxfh`ghj_rZlv
Bgl_jij_lbjh\Zgb_ ^he`gh ijh\h^blvky k mq_lhf klZ^bb dhgkmevlZlb\gh]h
ijhp_kkZ WlZ l_ogbdZ fZehijb]h^gZ \ gZqZe_ dhgkmevlbjh\Zgby dh]^Z ij_^iheZ]Z_lky
^hklb`_gb_^h\_jbl_evguohlghr_gbck deb_glZfbghiha^g__hgZ\_kvfZihe_agZ^ey
jZkdjulbyikboh^bgZfbdbijh[e_f
Wnn_dlb\ghklvbgl_jij_lbjh\Zgby\ agZqbl_evghcf_j_aZ\bkblhl_]h]em[bgub
\j_f_gb ijh\_^_gby OhjhrZy bgl_jij_lZpby dZd ijZ\beh g_ [u\Z_l kebrdhf
]em[hdhc HgZ ^he`gZ k\yau\Zlvky k l_f qlh deb_gl m`_ agZ_l >_ckl\_gghklv
bgl_jij_lZpbb lh`_ hij_^_ey_lky k\h_\j_f_gghklvx ]hlh\ghklvx deb_glZ __ ijbgylv
DZdhc [u fm^jhc b lhqghc gb [ueZ bgl_jij_lZpby ² _keb hgZ ij_^klZ\e_gZ \
g_ih^oh^ys__ \j_fy wnn_dl [m^_l gme_\uf ihkdhevdm deb_gl g_ kfh`_l ihgylv
h[tykg_gbcdhgkmevlZglZ
Wnn_dlb\ghklv bgl_jij_lZpbb aZ\bkbl b hl ebqghklb deb_glZ Ih ^Zgguf 6
6SLHJHO b K +LOO   deb_glu bf_xsb_ \ukhdbc mjh\_gv kZfhm\Z`_gby b
h[jZah\Zgghklb [he__ qm\kl\bl_evgu d bgl_jij_lZpbyf b ^Z`_ \ kemqZ_ g_kh]eZkby
ijbgbfZxlbo\h\gbfZgb_
DhgkmevlZgl h[yaZg mf_lv ihgbfZlv j_Zdpbb deb_glh\ gZ kmlv bgl_jij_lZpbc
WfhpbhgZevgh_ jZ\gh^mrb_ deb_glZ ^he`gh aZklZ\blv dhgkmevlZglZ ih^mfZlv h
khhl\_lkl\bb bgl_jij_lZpbb ^_ckl\bl_evghklb H^gZdh _keb deb_gl ijhj_Z]bjh\Ze
\jZ`^_[gh b kjZam hl\_j] bgl_jij_lZpbx dZd g_ijZ\^hih^h[gmx _klv hkgh\Zgb_
ij_^iheZ]Zlvqlhbgl_jij_lZpbyaZljhgmeZdhj_gvijh[e_fu
G_kfhljygZagZq_gb_bgl_jij_lbjh\Zgbyg_ke_^m_lbfaehmihlj_[eylvdh]^Z\
ijhp_kk_ dhgkmevlbjh\Zgby kebrdhf fgh]h bgl_jij_lZpbc deb_gl gZqbgZ_l
aZsbsZlvky hl gbo b khijhlb\ey_lky dhgkmevlbjh\Zgbx G_ gZ^h aZ[u\Zlv qlh
dhgkmevlZgl dZd b ex[hc q_eh\_d fh`_l hrb[Zlvky l_ _]h bgl_jij_lZpbb [u\Zxl
g_lhqgufb beb \hh[s_ g_ khhl\_lkl\mxsbfb ^_ckl\bl_evghklb Ihwlhfm
bgl_jij_lZpbhggu_ml\_j`^_gbyg_mf_klghnhjfmebjh\ZlvZ\lhjblZjgufdZl_]hjbqgh
ihmqbl_evguf lhghf Deb_glm e_]q_ ijbgbfZlv bgl_jij_lZpbb nhjfmebjm_fu_ dZd
^hims_gby dh]^Z _fm iha\hey_lky hl\_j]Zlv bo Emqr_ \k_]h bgl_jij_lZlb\gu_
iheh`_gby gZqbgZlv keh\Zfb iheZ]Zx \_jhylgh ihq_fm [u g_ ihijh[h\Zlv
ihkfhlj_lv lZd b li =bihl_lbq_kdbc oZjZdl_j bgl_jij_lZpbc hlgx^v g_ mfZey_l bo
p_gghklb_kebhgbhdZau\Zxlkylhqgufbb ijb_fe_fufb^eydeb_glZ
DhgnjhglZpby
DZ`^uc dhgkmevlZgl \j_fy hl \j_f_gb \ugm`^_g \ l_jZi_\lbq_kdbo p_eyo
\klmiZlv \ dhgnjhglZpbx k deb_glZfb (JDQ   hij_^_ey_l dhgnjhglZpbx dZd
\kydmx j_Zdpbx dhgkmevlZglZ ijhlb\hj_qZsmx ih\_^_gbx deb_glZ QZs_ \k_]h
ijhlb\hklhygb_[u\Z_lgZijZ\e_ghgZ^\hckl\_ggh_ih\_^_gb_deb_glZm\_jldbb]ju
obljhklbba\bg_gbyimkdZgb_iueb\ ]eZaZl_gZ\k_lhqlhf_rZ_ldeb_glmm\b^_lv
b j_rZlv k\hb gZkmsgu_ ijh[e_fu DhgnjhglZpb_c ^h[b\Zxlky ihdZaZ deb_glm
kihkh[h\ ikboheh]bq_kdhc aZsblu bkihevam_fuo \ klj_fe_gbb ijbkihkh[blvky d
`bag_gguf kblmZpbyf gh dhlhju_ m]g_lZxl h]jZgbqb\Zxl klZgh\e_gb_ ebqghklb <
p_glj_ dhgnjhglZpbb h[uqgh hdZau\Z_lky klbev f_`ebqghklgh]h h[s_gby deb_glZ
hljZ`Zxsbcky \ dhgkmevlZlb\ghf dhglZdl_ DhgkmevlZgl h[jZsZ_l \gbfZgb_ gZ
ijb_fu k ihfhsvx dhlhjuo deb_gl klZjZ_lky ba[_`Zlv h[km`^_gby \Z`guo \
dhgkmevlbjh\Zgbbl_fbkdZ`Z_laeh[h^g_\ghklvk\hbo`bag_gguokblmZpbcb li
*HRUJH b &ULVWLDQL   \u^_eyxl ljb hkgh\guo kemqZy dhgnjhglZpbb \
dhgkmevlbjh\Zgbb
 DhgnjhglZpby k p_evx h[jZlblv \gbfZgb_ deb_glZ gZ ijhlb\hj_qby \ _]h
ih\_^_gbb fukeyo qm\kl\Zo beb f_`^m fukeyfb b qm\kl\Zfb gZf_j_gbyfb b
ih\_^_gb_f b li < wlhf kemqZ_ fh`gh ]h\hjblv h ^\mo klmi_gyo dhgnjhglZpbb GZ
i_j\hc dhgklZlbjm_lky hij_^_e_gguc Zki_dl ih\_^_gby deb_glZ GZ \lhjhc ²
ijhlb\hj_qb_ qZs_ \k_]h ij_^klZ\ey_lky keh\_qdZfb gh h^gZdh <
ijhlb\hiheh`ghklvbgl_jij_lZpbbijbdhgnjhglZpbbijyfhmdZau\Z_lkygZijbqbgub
bklhdb ijhlb\hj_qbc DhgnjhglZpb_c lZdh]h lbiZ klZjZxlky ihfhqv deb_glm m\b^_lv
kZfhijhlb\hj_qb_dhlhjh_hgjZgvr_g_aZf_qZeg_ohl_ebebg_fh]aZf_lblv
GZijbf_j
Deb_gl Y lZd`^Zek_]h^gyrgxx\klj_qmihlhfmqlh^he`_gfgh]h_jZkkdZaZlv
DhgkmevlZgl >Zgh<uhiha^ZebgZiylgZ^pZlvfbgmlb l_i_jvm`_g_dhlhjh_
\j_fykb^bl_khkdj_s_ggufbjmdZfb
?s_g_kdhevdhijbf_jh\ijhlb\hj_qb\uo\ukdZau\Zgbcdeb_glh\
F_gyij_ke_^m_l^_ij_kkbyb yh^bghdZh^gZdh\hh[s_\k_g_lZdm`iehoh
Y ^mfZx qlh ex^b ^he`gu kZfb ijbgbfZlv j_r_gby gh k\hbo ^_l_c y
ihklhygghhkuiZxkh\_lZfbdZdbf`blv
Fg_dZ`_lkyqlhm f_gyebrgbc\_kgh^jm]b_]h\hjylqlhy \u]ey`mkh\k_f
g_iehoh
Y ohl_eZ[ukemrZlv^jm]boghihq_fmlh\k_]^Z]h\hjx[hevr_\k_o
 DhgnjhglZpby k p_evx ihfhqv m\b^_lv kblmZpbx lZdhc dZdh\Z hgZ _klv \
^_ckl\bl_evghklb\hij_dbij_^klZ\e_gbxh g_cdeb_glZ\ dhgl_dkl__]hihlj_[ghkl_c
GZijbf_j deb_gldZ `Zem_lky Fhc fm` gZr_e jZ[hlm k\yaZggmx k ^ebl_evgufb
dhfZg^bjh\dZfb ihlhfm qlh g_ ex[bl f_gy J_ZevgZy kblmZpby lZdh\Z qlh fm`
ihf_gyejZ[hlmihlj_[h\Zgbx`_guihke_^he]bokkhjihkdhevdmgZij_`g_cjZ[hl_hg
fZeh aZjZ[Zlu\Ze L_i_jv fm` aZjZ[Zlu\Z_l ^hklZlhqgh h^gZdh j_^dh [u\Z_l ^hfZ <
^Zgghf kemqZ_ dhgkmevlZgl ^he`_g ihdZaZlv deb_gld_ qlh ijh[e_fZ khklhbl g_ \
ex[h\guo hlghr_gbyo Z \ nbgZgkh\hf iheh`_gbb k_fvb g_h[oh^bfhklb qlh[u fm`
[hevr_aZjZ[Zlu\ZeohlybaaZwlh]hhg\ugm`^_gqZklh[u\Zlv\ hlt_a^_Deb_gldZg_
hp_gb\Z_lmkbebc fm`Z^h[blvky[hevrh]h[eZ]hkhklhygbyk_fvb b ljZdlm_l kblmZpbx
m^h[guf^eyk_[ykihkh[hf
 DhgnjhglZpby k p_evx h[jZlblv \gbfZgb_ deb_glZ gZ _]h mdehg_gb_ hl
h[km`^_gby g_dhlhjuo ijh[e_f GZijbf_j dhgkmevlZgl \ukdZau\Z_l deb_glm
m^b\e_gb_ Fu m`_ ^\Z`^u \klj_qZebkv gh <u gbq_]h g_ ]h\hjbl_ h k_dkmZevghc
`bagb ohly \h \j_fy i_j\hc \klj_qb \u^_ebeb __ dZd k\hx \Z`g_crmx ijh[e_fm
<kydbc jZa dh]^Z fu ijb[eb`Z_fky d hkgh\ghc l_f_ <u moh^bl_ \ klhjhgm Y
jZa^mfu\Zxqlh[uwlhfh]ehhagZqZlv
DhgnjhglZpby y\ey_lky keh`ghc l_ogbdhc lj_[mxs_c hl dhgkmevlZglZ
mlhgq_gghklb b hiulghklb HgZ qZklh \hkijbgbfZ_lky dZd h[\bg_gb_ ihwlhfm
ijbf_gbfZ ebrv ijb ^hklZlhqghf \aZbfghf ^h\_jbb dh]^Z deb_gl qm\kl\m_l qlh
dhgkmevlZgl ihgbfZ_l _]h b aZ[hlblky h g_f >ey ijZ\bevgh]h bkihevah\Zgby l_ogbdb
dhgnjhglZpbb \Z`gh agZlv b ihgbfZlv __ h]jZgbq_gby .HQQHG\   \u^_ey_l
g_kdhevdhhkgh\guokemqZ_\
 DhgnjhglZpbx g_evay bkihevah\Zlv dZd gZdZaZgb_ deb_glZ aZ g_ijb_fe_fh_
ih\_^_gb_Wlhg_kj_^kl\h\ujZ`_gbydhgkmevlZglhf\jZ`^_[ghklb
DhgnjhglZpbyg_ij_^gZagZq_gZ^eyjZajmr_gbyf_oZgbafh\ikboheh]bq_kdhc
aZsbludeb_glh\?_gZagZq_gb_²ihfhqvdeb_glZfjZkihagZlvkihkh[udhlhjufbhgb
aZsbsZxlky hl hkhagZgby j_Zevghklb GZoh`^_gb_ b jZajmr_gb_ f_oZgbafh\
ikboheh]bq_kdhc aZsblu d kh`Ze_gbx h^bg ba jZkijhkljZg_gguo ijb_fh\
dhgnjhglZpbb \ ]jmiiZo lj_gbjh\db k_gkblb\ghklb hldm^Z b ihaZbfkl\h\ZgZ wlZ
l_ogbdZ Klbev ikboheh]bq_kdhc aZsblu fgh]h_ ]h\hjbl h ebqghklb deb_glZ b a^_kv
\Z`g__ ihgbfZgb_ Z g_ jZajmr_gb_ dhlhjh_ jZa^jZ`Z_l deb_lZ b \uau\Z_l _]h
khijhlb\e_gb_ I_j_^ bkihevah\Zgb_f l_ogbdb dhgnjhglZpbb \Z`gh jZah[jZlvky \
aZsblguof_oZgbafZodeb_glZb kijhkblvk_[y
²dZd]em[hdhmdhj_gbebkvb gZkdhevdh^he]h^_ckl\mxlwlbf_oZgbafu"
²dZdb_fhlb\uebqghklbkdju\ZxlkyaZikboheh]bq_kdhcaZsblhc"
² gZkdhevdh aZsblgu_ f_oZgbafu g_h[oh^bfu q_eh\_dm ^ey mki_rgh]h
ijbkihkh[e_gbyd ih\k_^g_\ghklb"
²qlhijhbahreh[u[_af_oZgbafh\ikboheh]bq_kdhcaZsblu"
 DhgnjhglZpbx g_evay bkihevah\Zlv ^ey m^h\e_l\hj_gby ihlj_[ghkl_c beb
kZfh\ujZ`_gby dhgkmevlZglZ Dhgkmevlbjh\Zgb_ g_ lZ kblmZpby ]^_ dhgkmevlZgl
^he`_g ^_fhgkljbjh\Zlv k\hx fm^jhklv b kbem \ p_eyo kZfh\ha\_ebqb\Zgby AZ^ZqZ
dhgkmevlZglZ g_ ih[_^blv deb_glZ Z ihgylv _]h b hdZaZlv ihfhsv G_ijZ\bevgh_
ijbf_g_gb_ l_ogbdb dhgnjhglZpbb qZklh k\b^_l_evkl\m_l h lhf qlh \ ijhp_kk_
dhgkmevlbjh\Zgbyki_pbZebklj_rZ_lebqgu_ijh[e_fu
Bkihevah\Zgb_ dhgnjhglZpbb \ dhgkmevlbjh\Zgbb ^he`gh [ulv h[hkgh\Zgh
hij_^_e_ggufbijhklufbijZ\beZfb (JDQ 
²g_h[oh^bfhlsZl_evghhoZjZdl_jbah\Zlvkh^_j`Zgb_g_Z^_d\Zlgh]hih\_^_gby
deb_glZ b _]h dhgl_dkl h^gZdh g_ klhbl \k_ \ukdZau\Zlv h^gh\j_f_ggh g_ ke_^m_l
aZ[u\Zlvqlhj_qvb^_lg_h ij_^klZ\e_gbbZgZebaZkemqZydhee_]Zf
² g_h[oh^bfh ih^jh[gh baeh`blv deb_glm b _]h [ebadbf ihke_^kl\by
ijhlb\hj_qb\h]hih\_^_gby\ lhfqbke_\ ijhp_kk_dhgkmevlbjh\Zgby
²g_h[oh^bfhihfhqvdeb_glmgZclbkihkh[uij_h^he_gby_]hijh[e_f
>hihegyyi_j_qbke_ggu_ijZ\beZohl_ehkv[uih^q_jdgmlvqlhdhgnjhglZpbyk
deb_glhf gb \ dh_f kemqZ_ g_ ^he`gZ [ulv Z]j_kkb\ghc b dZl_]hjbqghc @_eZl_evgh
qZs_bkihevah\ZlvnjZaufg_dZ`_lkyih`ZemcklZihijh[mcl_h[tykgblv_keby
g_hrb[Zxkvdhlhju_\ujZ`Zxlhij_^_e_ggu_khfg_gbydhgkmevlZglZb kfy]qZxllhg
dhgnjhglZpbb
DZd hl^_evguc \ZjbZgl dhgnjhglZpbb aZkem`b\Z_l \gbfZgby ij_ju\Zgb_
ih\_kl\h\Zgby deb_glZ Iha\heb\ deb_glm k\h[h^gh jZkkdZau\Zlv dhgkmevlZgl g_
^he`_g aZ[u\Zlv qlh g_ \k_ k\_^_gby h^bgZdh\h \Z`gu qlh g_dhlhju_ l_fu beb
\hijhkuke_^m_lm]em[blvIj_ju\Zgb_deb_glZ\hafh`ghdh]^Zhgi_j_kdZdb\Z_lgZ
^jm]b_ ijh[e_fu g_ bkq_jiZ\ ij_^u^msbo ?keb deb_gl baf_gbe l_fm dhgkmevlZgl
fh`_l\f_rZlvkyk aZf_qZgb_fY aZf_lbeqlh<ubaf_gbebl_fmKi_pbZevgheb<u
k^_eZeb wlh" H^gZdh qZklh_ ij_ju\Zgb_ ih\_kl\h\Zgby jbkdh\Zggh Dh]^Z fu g_
iha\hey_f deb_glm jZkkdZau\Zlv lZd dZd _fm ohq_lky lh h[uqgh g_ ^hklb]Z_f
`_eZ_fh]h ;hevrbgkl\h deb_glh\ kdehggu ih^^Z\Zlvky jmdh\h^kl\m dhgkmevlZglZ
ihwlhfmihklhyggh_ij_ju\Zgb_ihjh`^Z_laZ\bkbfhklvb lh]^Zljm^ghjZkkqblu\ZlvgZ
hldjh\_gghklv
Qm\kl\ZdhgkmevlZglZb kZfhjZkdjulb_
Dhgkmevlbjh\Zgb_ \k_]^Z lj_[m_l g_ lhevdh hiulZ ijhahjeb\hklb gh b
wfhpbhgZevghc \h\e_q_gghklb \ ijhp_kk L_f g_ f_g__ hq_gv \Z`gh qlh[u
wfhpbhgZevgh_ mqZklb_ [ueh mf_klguf b kem`beh bgl_j_kZf deb_glZ Z g_ kZfh]h
dhgkmevlZglZ @_eZgbx iheg__ ihgylv ijh[e_fu deb_glZ g_ ^he`gZ khimlkl\h\Zlv
mljZlZ h[t_dlb\ghklb DZd ]h\hjbl 6WRUU   wfiZlby [_a h[t_dlb\ghklb klhev `_
fZehp_ggZdZdb h[t_dlb\ghklv[_awfiZlbb -XQJ  ibr_l
?keb^hdlhjohq_lmdZaZlvdhfmlhimlvbebkhijh\h`^Zlvq_eh\_dZohly[ugZ
gbqlh`ghc qZklb _]h imlb hg h[yaZg agZlv ^mrm wlh]h q_eh\_dZ Qm\kl\Z g_\hafh`gh
khq_lZlv k hp_gdhc G_l jZagbpu \ukdZau\Z_lky eb hp_gdZ beb ^_j`blky ijb k_[_
;_ki_jki_dlb\gZb ijhlb\hiheh`gZylhqdZaj_gbyg_evaykh]eZrZlvkyk iZpb_glhf[_a
\kydbo \hajZ`_gbc ² wlh lh`_ hl^Zey_l dZd b hkm`^_gb_ Khqm\kl\b_ ijhy\ey_lky
lhevdhijb[_kijbkljZklghch[t_dlb\ghklb
DhgkmevlZglihkj_^kl\hf\ujZ`_gbyk\hboqm\kl\jZkdju\Z_lkyi_j_^deb_glhf
JZkdjulvky \ kZfhf rbjhdhf kfuke_ ² wlh agZqbl ihdZaZlv k\h_ wfhpbhgZevgh_
hlghr_gb_ d kh[ulbyf b ex^yf < l_q_gb_ fgh]bo e_l \ ikboheh]bq_kdhf
dhgkmevlbjh\Zgbbb ikbohl_jZibbij_h[eZ^ZeZlhqdZaj_gbyqlhdhgkmevlZglg_^he`_g
ih^^Z\Zlvky bkdmr_gbx jZkdju\Zlv k\hx ebqghklv i_j_^ deb_glhf Wlh h[uqgh g_
j_dhf_g^m_lky ih ^\mf ijbqbgZf <hi_j\uo dh]^Z deb_gl kebrdhf fgh]h agZ_l h
dhgkmevlZgl_hgagZqbl_evghf_gvr_nZglZabjm_lh g_fb dhgkmevlZgll_jy_l\Z`guc
bklhqgbdbgnhjfZpbbh deb_gl_GZijbf_jg_dhlhju_deb_gluklj_fylkymagZlv`_gZl
hg aZfm`_f hgZ  beb g_l <f_klh hl\_lZ gZ wlhl \hijhk dhgkmevlZgl ^he`_g
ihbgl_j_kh\Zlvky dZdh_ bf__l agZq_gb_ ^ey deb_glZ `_gZl beb g_`_gZl dhgkmevlZgl
<lhjZyijbqbgZihdhlhjhcg_j_dhf_g^m_lkyjZkdju\Zlvkyi_j_^deb_glZfbkhklhbl\
lhf qlh hldjh\_gghklv ih^jZamf_\Z_l jZa^_e_gb_ k\hbo ijh[e_f k deb_glZfb qlh
Zglbl_jZi_\lbqgh Kdjulghklv hkh[_ggh ZdlmZevgZ \ gZqZe_ dhgkmevlbjh\Zgby dh]^Z
deb_glqm\kl\m_lk_[ylj_\h`ghb g_^h\_jy_lgbk_[_gbdhgkmevlZglmHldjh\_gghklv
dhgkmevlZglZfh`_lm\_ebqblvlj_\h]mdeb_glZb g_^h\_jb_d dhgkmevlZglmJZkkdZau\Zy
h k_[_ deb_glm dhgkmevlZgl qZs_ \k_]h ijhklh ^h[b\Z_lky qlh[u deb_gl _]h emqr_
ihgyeb ijbgyeH^gZdhi_j_^dhgkmevlZglhfklhblijhlb\hiheh`gZyaZ^ZqZ²ihgylv
deb_glZ Dhg_qgh \ ijb\_^_gguo Zj]mf_glZo kh^_j`blky ^hey ijZ\^u L_f g_ f_g__
ij_^klZ\bl_eb wdabkl_gpbZevgh]mfZgbklbq_kdhc hjb_glZpbb ljZdlmxl hldjh\_gghklv
dhgkmevlZglZ dZd \Z`guc Zki_dl kh\j_f_ggh]h dhgkmevlbjh\Zgby b ikbohl_jZibb
ihfh]Zxs_c keh`blvky bkdj_ggbf hlghr_gbyf f_`^m dhgkmevlZglhf b deb_glhf
KimkdZykvk \ukhdh]hiv_^_klZeZZghgbfghklbdhgkmevlZglijb^Z_lkf_ehklbdeb_glZf
\ jZkdjulbb agZqbfuo kh[ulbc b m\_ebqb\Z_l \aZbfgh_ ^h\_jb_ Hldjh\_gghklv
deb_glh\ qZklh aZ\bkbl hl h[hx^ghklb l_ hl kl_i_gb wfhpbhgZevgh]h mqZklby
ki_pbZebklZ\ dhgkmevlbjh\Zgbb
-RXUDUG  ibr_l
Fu h[gZjm`b\Z_f iheh`bl_evgmx dhjj_eypbx dh]^Z bamqZ_f h[hx^gmx
hldjh\_gghklv\ h[s_gbb
BgZq_ ]h\hjy hldjh\_gghklv \uau\Z_l hldjh\_gghklv KZfhjZkdjulb_
dhgkmevlZglZ fh`_l [ulv ^\hydbf Ij_`^_ \k_]h dhgkmevlZgl fh`_l \ujZ`Zlv k\hb
g_ihkj_^kl\_ggu_j_Zdpbbihhlghr_gbxd deb_glmbebd kblmZpbbdhgkmevlbjh\Zgby
h]jZgbqb\Zykv ijbgpbihf a^_kv b l_i_jv GZijbf_j Bgh]^Z \hl dZd k_cqZk fg_
ljm^gh \u[jZlv dZd j_Z]bjh\Zlv gZ <Zrb keh\Z qlh[u wlh bf_eh kfuke ^ey <Zk fg_
]jmklghb lj_\h`ghqlh<uihklhygghkihludZ_l_kvb aZgbfZ_l_kvkZfhmgbqb`_gb_fb
li >jm]hc \ZjbZgl hldjh\_gghklb dhgkmevlZglZ ² wlh jZkkdZa h k\h_f `bag_gghf
hiul_^_fhgkljZpby_]hkoh`_klbk kblmZpb_cdeb_glZGZijbf_j
Deb_gldZ M f_gy ljm^ghklb k hlphf Hg klZj__l b hq_gv h^bghd Ijboh^bl b
kb^bl\_kv^_gvY qm\kl\mxqlh^he`gZaZgbfZlv_]haZ[jZku\Zx\k_^hfZrgb_^_eZ
g_^hklZlhqgh \gbfZgby m^_eyx ^_lyf Y ohl_eZ [u ihfhqv hlpm gh q_f ^Zevr_ l_f
ljm^g__fg_wlhm^Z_lky
DhgkmevlZgl Y ^mfZxqlh fh]m ihgylv dZdmx haeh[e_gghklv b h^gh\j_f_ggh
\bgm<ubkiulu\Z_l_FZfZfh_c`_guh\^h\_eZb lh`_hq_gvh^bghdZHgZijboh^bl
g_ \k_]^Z \ m^h[gh_ \j_fy b kb^bl qZkZfb Fg_ ljm^gh \u]ey^_lv ^h\hevguf b y
bkiulu\Zx\bgmqlh[u\ZxlZdbfw]hbklhf
Bgh]^Z _s_ jZaebqZxl ihablb\gmx b g_]Zlb\gmx hldjh\_gghklv dhgkmevlZglZ
*HOVR )UHW]   < i_j\hf kemqZ_ deb_glm \ujZ`Z_lky ih^^_j`dZ b h^h[j_gb_
GZijbf_j Y lh`_ qm\kl\mx qlh gZrb hlghr_gby kdeZ^u\Zxlky ij_djZkgh b <u
aZf_lghij_mki_eb<h\lhjhfkemqZ_bf__lf_klhdhgnjhglZpbyk deb_glhfGZijbf_j
<u ]h\hjbl_ qlh \k_ ohjhrh h^gZdh _keb dlhgb[m^v ih^h[guf h[jZahf j_Z]bjh\Ze
[u gZ fh_ ihy\e_gb_ y djZcg_ jZkk_j^beky [u JZkdju\Zykv dhgkmevlZgl \ ex[hf
kemqZ_ ^he`_g [ulv bkdj_ggbf kihglZgguf b wfhpbhgZevguf JZkkdZau\Zy h k\h_f
hiul_emqr_hibjZlvkygZgug_rgxx`bag_ggmxkblmZpbxZ g_]h\hjblvh ijhrehf
g_k\yaZgghfk ijh[e_fhcdhgkmevlbjh\ZgbyJZkkdZah k\hboi_j_`b\Zgbyog_^he`_g
hl\e_dZlv\gbfZgb_hldeb_glZ
G_ ijhklh hlebqblv jZamfgmx hldjh\_gghklv dhgkmevlZglZ hl g_jZamfghc
Ij_`^_ \k_]h g_ ke_^m_l aehmihlj_[eylv hldjh\_gghklvx G_ gm`gh ^_eblvky dZ`^uf
bkiulZggufqm\kl\hf\hagbdrbf\hkihfbgZgb_fbebnZglZab_cQZklhih\_kl\h\Zgb_
h kh[ulbyo k\h_]h ijhreh]h [hevr_ ihoh`_ gZ ik_\^hjZkdjulb_ DhgkmevlZgl \k_]^Z
^he`_g hkhagZ\Zlv k dZdhc p_evx ]h\hjbl h k_[_ ² `_eZy ihfhqv deb_glm beb
m^h\e_l\hjyyk\hb`_eZgby
< kZfhjZkdjulbbhq_gv\Z`_gnZdlhj\j_f_gb²gZ^hmeh\blvkhhl\_lkl\mxsbc
fhf_gl b g_ aZly]b\Zlv hldjh\_gb_ qlh[u \ p_glj_ \gbfZgby hklZ\Zeky deb_gl b
i_j_`b\Zgby dhgkmevlZglZ g_ \u^\b]Zebkv gZ i_j\uc ieZg L_ogbdZ kZfhjZkdjulby
bkihevam_lky ebrv ijb gZebqbb ohjhr_]h dhglZdlZ k deb_glZfb dZd ijZ\beh gZ
iha^gboklZ^byodhgkmevlbjh\Zgby
Kljmdlmjbjh\Zgb_dhgkmevlbjh\Zgby
WlZijhp_^mjZijhoh^blq_j_a\_kvijhp_kkdhgkmevlbjh\ZgbyKljmdlmjbjh\Zgb_
hagZqZ_l hj]ZgbaZpbx hlghr_gbc dhgkmevlZglZ k deb_glhf \u^_e_gb_ hl^_evguo
wlZih\ dhgkmevlbjh\Zgby b hp_gdm bo j_amevlZlh\ Z lZd`_ ij_^hklZ\e_gb_ deb_glm
bgnhjfZpbb h ijhp_kk_ dhgkmevlbjh\Zgby AZdhgqb\ h^bg wlZi fu \f_kl_ k deb_glhf
h[km`^Z_f j_amevlZlu nhjfmebjm_f \u\h^u G_h[oh^bfh m[_^blvky qlh hp_gdb
j_amevlZlh\^Zggh]hwlZiZdhgkmevlZglhfb deb_glhfkh\iZ^Zxl
Kljmdlmjbjh\Zgb_ ijhbkoh^bl \ l_q_gb_ \k_]h dhgkmevlbjh\Zgby JZ[hlZ k
deb_glhfhkms_kl\ey_lkyihijbgpbimrZ]aZrZ]hfDZ`^ucgh\ucwlZigZqbgZ_lkyk
hp_gdblh]hqlh^hklb]gmlhWlhkihkh[kl\m_l`_eZgbxdeb_glZZdlb\ghkhljm^gbqZlvk
dhgkmevlZglhfZ lZd`_kha^Z_l\hafh`ghklv\ kemqZ_g_m^ZqbgZhl^_evghfwlZi_\gh\v
\_jgmlvky d g_fm LZdbf h[jZahf kmlv kljmdlmjbjh\Zgby ² mqZklb_ deb_glZ \
ieZgbjh\Zgbbijhp_kkZdhgkmevlbjh\Zgby

KH<?LUG:QBG:XS?FMDHGKMEVL:GLM
DZdij_h^he_lvlj_\h]mb gZijy`_gb_
;hevrbgkl\h gZqbgZxsbo dhgkmevlZglh\ \klj_qZxl k\hbo deb_glh\ k
Zf[b\Ze_glgufb qm\kl\Zfb Bo bklhqgbd ² \hijhku dhlhju_ \klZxl i_j_^
dhgkmevlZglhfb hlkmlkl\b_hij_^_e_gguohl\_lh\
²Q lhy kdZ`mdeb_glm"
²DZdke_^m_ljZa]h\Zjb\Zlvk deb_glhf"
²Kihkh[_geby ihfhqv"
²Kihkh[_geby ihgylvh q_f]h\hjbldeb_gl"
²Qlhkemqblky_keby hrb[mkv"
²Qlhdeb_gl^mfZ_lh[hfg_"
²AZf_lblebdeb_glfhxg_hiulghklvb dZdijhj_Z]bjm_lgZg__"
²Ijb^_lebhg\ ke_^mxsbcjZa"
<k_ ijb\_^_ggu_ \hijhku \uau\Zxl lj_\h]m b gZijy`_gb_ <hh[s_
haZ^Zq_gghklv kh\_jr_ggh _kl_kl\_ggZ ihkdhevdm dhgkmevlZgl ^_ckl\bl_evgh
klZedb\Z_lkyk kZfufbjZagufbex^vfb² jZaebqguoijhn_kkbc b khpbZevguo keh_\
jZagh]h \hajZklZ gZdhg_p hq_gv g_koh`bfb ih oZjZdl_jm H^gb deb_glu klZjr_ q_f
dhgkmevlZglb bf_xl[he__[h]Zluc`bag_gguchiul^jm]b_[he__h[jZah\Zggub wlh
fh`_l\ua\Zlvm dhgkmevlZglZg_m\_j_gghklv\ k\hbokbeZo
< [hevrbgkl\_ kemqZ_\ \hagbdZxsmx \ ih^h[guo kblmZpbyo lj_\h]m ke_^m_l
\hkijbgbfZlv dZd _kl_kl\_ggmx G_dhlhjuc mjh\_gv lj_\h]b mdZau\Z_l gZ hkhagZgb_
ijhn_kkbhgZevghc hl\_lkl\_gghklb Z lZd`_ ihgbfZgb_ g_ij_^kdZam_fhklb ijhp_kkZ
dhgkmevlbjh\ZgbyKf_ehklvdhgkmevlZglZ\ lhfb khklhblqlh[uhgg_hl[jZku\Zeg_
\ul_kgye\hagbdZxsmxlj_\h]mZ \h[jZe__ \k_[yh[hagZqbeb ijbgyeG_m\_j_gghklv\
k_[_ \ lZdhf k_jv_aghf keh`ghf b hl\_lkl\_gghf aZgylbb dZd ikboheh]bq_kdh_
dhgkmevlbjh\Zgb_ \iheg_ ghjfZevgZ ² g_ khfg_\Zxlky ebrv gZ^f_ggu_ ]emipu gh
wlbf hgb b hiZkgu Lj_\h]Z baaZ \ur_mihfygmluo \hijhkh\ mf_gvrblky _keb
dhgkmevlZgli_j_klZg_laZjZg__hp_gb\Zlvb ijbqbkeylvk_[y²Z l_fkZfufb deb_glZ
² d g_dh_c dZl_]hjbb Bklbggu_ hl\_lu gZ \hijhku ij_^hklZ\ey_l bkdj_ggyy
aZbgl_j_kh\Zgghklv \ dZ`^hf deb_gl_ dZd g_ih\lhjbfhf q_eh\_d_ Bgh]^Z lj_\h]Z b
gZijy`_gb_ \hagbdZxl ebrv \ dhgdj_lgu_ fhf_glu dhgkmevlbjh\Zgby ijb
klhedgh\_gbb k hij_^_e_ggufb deb_glZfb beb ijh[e_fZfb < lZdbo kemqZyo \Z`gh
iheghklvx \uykgblv dZdb_ bf_ggh kblmZpbb beb ijh[e_fu ij_^klZ\eyxl m]jham b
k\hxijZdlbdmihdjZcg_cf_j_\gZqZe_kljhblv bolZd qlh[uf_gvr_klZedb\Zlvkyk
bklhqgbdZfb gZijy`_gby Ihe_agh lZd`_ kh\_lh\Zlvky k [he__ hiulgufb dhee_]Zfb
h[km^blvk\hbijh[e_fu\ ]jmiiZoijhn_kkbhgZeh\Lh]^Zijhn_kkbhgZevguc^bZiZahg
jZkrbjblkyb dhgkmevlZglg_k]hjblgZjZ[hl_
H[bkdmkkl\_[ulvkZfbfkh[hcb hldjh\_gghklb
<k_ \hijhku gZqbgZxs_]h dhgkmevlZglZ k\h^ylky d h^ ghc ijh[e_f_ ² dZd
ijZ\bevgh hkms_kl\blv dhgkmevlbjh\Zgb_ =g_lmsZy haZ[hq_gghklv g_j_^dh ih^Z\ey_l
\hagbdZxsb_ \h \j_fy dhgkmevlbjh\Zgby qm\kl\Z aZ]emrZ_l ]hehk bglmbpbb b
aZklZ\ey_l ke_ih ke_^h\Zlv ijhqblZgghfm \ mq_[gbdZo LZd \hagbdZ_l m]jhaZ mljZlu
kZfhklb \ dhgkmevlbjh\Zgbb DhgkmevlZgl [m^lh [u kemrZ_l deb_glZ klZjZl_evgh
hljZ`Z_l _]h fukeb b qm\kl\Z gh baaZ g_m\_j_gghklb \ k_[_ b [hyagb jbkdZ mimkdZ_l
ih^oh^ysbcfhf_gl^ey\ha^_ckl\byg_kfhljygZkZfu_[eZ]b_gZf_j_gbyHrb[db_s_
[hevr_m\_ebqb\ZxlgZijy`_gb_b ij_iylkl\mxl_kl_kl\_gghfmih^^_j`Zgbx[_k_^u
GZijZdlbd_qZs_\k_]h\klj_qZxlky^\_djZcghklbH^gZ²dh]^ZdhgkmevlZgl\
jZ[hl_ k deb_glhf g_ ijhy\ey_l k_[y dZd ebqghklv b klZjZ_lky g_ \uoh^blv aZ jZfdb
lj_[h\Zgbc ijhn_kkbhgZevghc jheb >jm]Zy ² dh]^Z dhgkmevlZgl klj_fblky ex[hc
p_ghc^hdZaZlvdeb_glmqlhhglZdhc`_q_eh\_ddZdb deb_gll_ Z[khexlbabjm_lk\h_
ebqghklgh_ mqZklb_ \ dhgkmevlbjh\Zgbb b iheghklvx b]ghjbjm_l ijhn_kkbhgZevgu_
lj_[h\Zgby
>ey gZqbgZxs_]h dhgkmevlZglZ hkh[_ggh oZjZdl_jgh j_r_gb_ ^be_ffu
ebqghklvbeb jhevb hgdhfi_gkbjm_l qm\kl\Z [_aaZsblghklb g_m\_j_gghklb \ k_[_
i_j_`b\Zgb_ g_hij_^_e_gghklb \ ijhp_kk_ dhgkmevlbjh\Zgby hjb_glZpb_c
bkdexqbl_evghgZijhn_kkbhgZevgu_agZgby
Ih^h[gu_ ihke_^kl\by bf_xl b k\hckl\_ggu_ gZqbgZxs_fm dhgkmevlZglm
g_j_Zebklbqgu_ijblyaZgby
²y \k_]^Z^he`_gihfhqv
²y ^he`_gex[blv\k_ok\hbodeb_glh\b jZ^h\Zlvkybf
²y ^he`_g\k_ihgbfZlvb ijhy\eylvfZdkbfmfwfiZlbb
²y h[yaZg\ ex[hcfhf_glihgbfZlvqlhijhbkoh^blf_`^mfghcb deb_glhf
²y fh]miheghklvxijbgbfZlv^jm]h]hq_eh\_dZlhevdhhldZaZ\rbkvhlk_[y
²y ^he`_ghl\_lblvgZex[u_\hijhkudeb_glZb li
?kebdhgkmevlZglklj_fblkyj_Zebah\ZlvlZdb_lj_[h\Zgbyd k_[_ hg g_ba[_`gh
klZg_l `_jl\hc ijhn_kkbhgZevghc jheb b iheghklvx jZkl\hjblky \ ijhn_kkbhgZevghc
^_yl_evghklb
Dh]^Z dhgkmevlZgl ^h[b\Z_lky iheghc aZsblu ijhp_kkZ dhgkmevlbjh\Zgby hl
ijhy\e_gbc k\h_c ebqghklb g_ ^_eblky k deb_glhf k\hbfb qm\kl\Zfb b \a]ey^Zfb
dhgkmevlbjh\Zgb_ l_jy_l bglbfghklv b q_eh\_q_kdbc dhglZdl ih^f_gy_lky
f_oZgbq_kdbf bkihevah\Zgb_f ijhn_kkbhgZevguo gZ\udh\ ² dhgkmevlZgl klZjZ_lky
dZaZlvky `_jl\mxsbf kh[hc b g_ih]j_rbfuf bg`_g_jhf q_eh\_q_kdbo ^mr
DhgkmevlZgl lj_[m_l hl deb_glZ hldjh\_gghklb gh k\h_c ik_\^hijhn_kkbhgZevghklvx
fh^_ebjm_laZfdgmlhklvLjm^ghlj_[h\Zlvhl^jm]bodZq_kl\Zdhlhjh]hba[_]Z_rvkZf
LZdmljZqb\Z_lkybkdj_gghklvdhglZdlZ
L_f g_ f_g__ dh]^Z dhgkmevlZgl kh\_jr_ggh aZ[u\Z_l qlh \k_ `_ kms_kl\mxl
hij_^_e_ggu_ lj_[h\Zgby ij_^ty\ey_fu_ d ijhn_kkbhgZevghc jheb qm\kl\m_l k_[y
ijhklhmqZklgbdhfdhgkmevlbjh\Zgbykh\_jr_gghbkq_aZ_l]jZgbpZf_`^mihfh]Zxsbf
b ijhkysbf ihfhsb G_dhlhju_ dhgkmevlZglu gZijbf_j gZqbgZxl ^_eblvky k
deb_glZfb k\hbfb gug_rgbfb b ijhreufb ijh[e_fZfb iheZ]Zy qlh wlh gZbemqrbc
kihkh[^hdZaZlvqlhdeb_glg_h^bghd\ ljm^ghklyob kljZ^ZgbyoDhgkmevlZgl^mfZ_l
qlh lZdbf h[jZahf mf_gvrbl agZqbfhklv ijh[e_f deb_glZ D kh`Ze_gbx ih^h[gZy
g_ihkj_^kl\_gghklvqZklhhagZqZ_lebrvlhqlhdhgkmevlZglm^h\e_l\hjy_lkh[kl\_ggu_
ihlj_[ghklb b h[fZgu\Z_l deb_glh\ Kebrdhf bgl_gkb\gh_ b ^he]h ijh^he`Zxs__ky
kZfhjZkdjulb_dhgkmevlZglZaZkehgy_ldeb_glZ
DhgkmevlZgl ^he`_g klj_fblvky d \gmlj_gg_c bgl_]jZpbb ² kbgl_am
ijhn_kkbhgZevguo gZ\udh\ k ebqghc b^_glbqghklvx DZd ]h\hjyl hiulgu_
ikbohl_jZi_\lu \ b^_Zevghf kemqZ_ g_ kms_kl\m_l jZagbpu f_`^m l_f qlh ^_eZ_l
ohjhrbcq_eh\_db l_fqlh^_eZ_lohjhrbcdhgkmevlZgl
Klj_fbl_kvd kh\_jr_gkl\mghmqblu\Zcl_k\hxh]jZgbq_gghklv
Fu m`_ g_fgh]h ]h\hjbeb h g_j_Zevguo mklj_fe_gbyo gZqbgZxs_]h
dhgkmevlZglZ \ k\yab k p_eyfb dhgkmevlbjh\Zgby <u^\b`_gb_ g_hkms_kl\bfuo p_e_c
kbevgh h[mkeh\e_gh klj_fe_gb_f d kh\_jr_gkl\m H^gZdh _keb dhgkmevlZgl aZljZlbl
fgh]h wg_j]bb gZ kha^Zgb_ h[jZaZ kh\_jr_ggh]h ki_pbZebklZ hklZg_lky eb m g_]h
wg_j]by ^ey j_Zevghc jZ[hlu k deb_glZfb" Hrb[db ^himkdZxl b gZqbgZxsb_ b
hiulgu_dhgkmevlZgluKmlvg_\ hrb[dZoZ \^hklb`bfhklbp_e_cjZ[hlu?kebklZ\blv
kebrdhf \ukhdb_p_eb gZijbf_j hdhgqZl_evgh jZaj_rblv \k_ ijh[e_fu  hgb lhevdh
[m^ml ih^Z\eylv dhgkmevlZglZ b g_ iha\heyl iheghp_ggh `blv aZjZ`_gghfm [Zpbeehc
i_jn_dpbhgbafZ deb_glm Ijb \u^\b`_gbb j_Zebklbqguo p_e_c fu fh`_l [ulv g_
^hklb]g_f hkh[uo j_amevlZlh\ aZlh ba[_`bf g_gm`ghc njmkljZpbb ]hgyykv aZ
fbjZ`_fGZdhg_p`_eZgb_\ kh\_jr_gkl\_bkihegylvjhevdhgkmevlZglZij_iylkl\m_l
g_ijbgm`^_gghklb b kihglZgghklb dhlhju_ ^_eZxl dhgkmevlZlb\guc dhglZdl
_kl_kl\_gguf <f_klh `Z`^u kh\_jr_gkl\Z ke_^m_l klj_fblvky d fZkl_jkl\m KlZlv
fZkl_jhf \ k\h_c ijhn_kkbb ]hjZa^h ^hklhcg__ q_f klj_fblvky d beexahjghfm
kh\_jr_gkl\m
Hl^_evguc q_eh\_d g_ lhevdh g_ fh`_l ij_l_g^h\Zlv gZ kh\_jr_gkl\h gh ih
k\h_fmh]jZgbq_g< dhgl_dkl_dhgkmevlbjh\ZgbywlhhagZqZ_lqlhg_evaygZ^_ylvkygZ
mki_ok dZ`^ufdeb_glhfQ_klgh]h\hjyk g_dhlhjufbdeb_glZfb\hh[s_g_\hafh`gh
jZ[hlZlv>Zb g_gm`gh < j_Zevghklbkms_kl\mxl g_ Z[kljZdlgu_ijh[e_fu Z ex^b
bf_xsb_ijh[e_fuB p_evdhgkmevlZglZ²g_klZlvki_pbZebklhfihjZaj_r_gbx\k_o
ijh[e_f Z ihfhqv dhgdj_lghfm deb_glm ijbgylv gZ k_[y hl\_lkl\_gghklv aZ
kh[kl\_ggu_ijh[e_fuG_ke_^m_laZ[u\ZlvqlhdZdhc[ugb[ueZijh[e_fZ²g_m^Zqb
\ rdhe_ Zedh]hebaf beb k_f_cguc dhgnebdl ² ihgylv __ fh`gh lhevdh ijb ZgZeba_
i_j_`b\Zgbcq_eh\_dZH[yaZgghklvdhgkmevlZglZ²ihgylvdeb_glZZ g_gZclbhl\_lu
gZ\hijhkudhlhju_klZ\bli_j_^deb_glhf`bagv
LZdbf h[jZahf dhgkmevlZgl ² wlh g_ \eZkl_ebg \k_o \hafh`guo hl\_lh\ b
j_r_gbcZ lhevdhq_eh\_d`_eZxsbcb kihkh[gucihgylvh[jZsZxs_]hkyd g_fmG_
gZ^haZ[u\Zlvqlhklj_fe_gb_ihfhqv^jm]hfmex[hcp_ghcg_kfhljygZaZfZgqb\hklv
ih k\h_c fhlb\Zpbb kdhj__ ih^hajbl_evgh LZdZy ]bi_jfhlb\Zpby f_rZ_l ijZ\bevgh
\hkijbgbfZlv ^_ckl\bl_evghklv b h[mkeh\eb\Z_l lh qlh deb_glu klZgh\ylky ^ey
dhgkmevlZglZkj_^kl\hfm^h\e_l\hj_gbykZfhex[byb ^hklb`_gbymki_oZZ g_ex^vfb
m]g_l_ggufbijh[e_fZfbbsmsbfbihgbfZgbyb ihfhsb
;m^vl_^h[jhkh\_klguihhlghr_gbxd deb_glZfb dk_[_
G_j_^dh dhgkmevlZgl [hblky mljZlblv m\Z`_gb_ deb_glZ _keb kdZ`_l qlh g_
kihkh[_g ihfhqv H^gZdh bgh]^Z ijbagZgb_ k\h_c h]jZgbq_gghklb m\_ebqb\Z_l
m\Z`_gb_ kh klhjhgu deb_glZ ;ulv ^h[jhkh\_klguf ² agZqbl bf_lv fm`_kl\h
ijbagZlvky \ g_agZgbb dh]^Z ^_ckl\bl_evgh g_ agZ_rv < lZdbo kemqZyo \k_]^Z
kms_kl\m_l\hafh`ghklvgZijZ\blvdeb_glZd [he__hiulghfmdhee_]_
>ey dhgkmevlZglZ Z[khexlgh g_^himklbfh h[fZgu\Zlv deb_glh\ dhjfblv bo
g_j_Zevgufb h[_sZgbyfb h^gZdh klhev `_ g_^himklbf b kZfhh[fZg Eh`v g_
h[yaZl_evghkhagZl_evgZ khagZl_evgZyeh`vg_^himklbfZk ihabpbcijhn_kkbhgZevghc
wlbdb  h[fZg fh`_l [ulv hq_gv mlhgq_gguf b g_hkhagZgguf Fhlb\hf kZfhh[fZgZ
ihjhc y\eyxlky ih\ur_ggZy ihlj_[ghklv kha^Zlv ijh^mdlb\guc b l_jZi_\lbq_kdb
p_gguc dhgkmevlZlb\guc dhglZdl klj_fe_gb_ ex[hc p_ghc m\b^_lv ohjhrb_
j_amevlZlu k\h_c jZ[hlu Dh]^Z hq_gv ohq_lky mkfhlj_lv iheh`bl_evgu_ baf_g_gby
ebqghklb beb ih\_^_gby deb_glZ klZgh\brvky qj_af_jgh hilbfbklbqguf ih
hlghr_gbx d j_Zevgh ihy\eyxsbfky baf_g_gbyf Hlkx^Z \hagbdZ_l kZfhh[fZg beb
\b^_gb_ ohjhrbo j_amevlZlh\ lZf ]^_ hgb hlkmlkl\mxl Z lZd`_ eh`gh_ h[tykg_gb_
kh[kl\_gguo g_m^Zq \g_rgbfb ijbqbgZfb jZpbhgZebaZpby  DhgkmevlZgl bgh]^Z
ijbibku\Z_l gZ k\hc kq_l baf_g_gby ebqghklb b klbey `bagb deb_glh\ gbdZd g_
k\yaZgguo k dhgkmevlbjh\Zgb_f gZijbf_j kihglZgguc \uoh^ ba ^_ij_kkbb ijb
g_dhlhjuoikbobq_kdboaZ[he_\Zgbyo 
K\hbf ih\_^_gb_f dhgkmevlZgl ihjhc ih[m`^Z_l deb_glh\ d kZfhh[fZgm
G_j_^dhdeb_glihljZlb\rbcgZjZaj_r_gb_k\hboijh[e_ffgh]h\j_f_gbwg_j]bbZ
bgh]^Z b ^_g_] gZqbgZ_l mkfZljb\Zlv [hevrhc ijh]j_kk ohly \ ^_ckl\bl_evghklb
j_amevlZlulhevdhfgbfu_Dh]^Zdeb_glk wglmabZafhfml\_j`^Z_lqlhhghq_gvfgh]h
ihemqbe hl dhgkmevlbjh\Zgby fgh]h_ baf_gbe \ k_[_ b \ k\h_c `bagb lj_a\h
hp_gb\Zxsbc kblmZpbx dhgkmevlZgl h[yaZl_evgh ^he`_g ihijhkblv deb_glZ
dhgdj_lbabjh\Zlv mki_ob G_\hafh`ghklv lhqgh hoZjZdl_jbah\Zlv ^hklb]gmlu_
j_amevlZlu b \hh[jZ`Z_fu_ baf_g_gby ihdZau\Z_l ^_ckl\bl_evgh_ iheh`_gb_ b
ihfh]Z_ldeb_glmq_klg__b j_Zebklbqg__jZkkfZljb\Zlvijhbkoh^ys__gZkZfhf^_e_
G_gZ^_cl_kvgZkdhju_j_amevlZlu
< dhgkmevlbjh\Zgbb g_ ke_^m_l h`b^Zlv [ukljuo j_amevlZlh\ QZs_ \k_]h
g_\hafh`gh jZaj_rblv ijh[e_fu deb_glZ aZ  \klj_qb ohly [u\Zxl bkdexq_gby 
;hevrbgkl\h gZqbgZxsbo dhgkmevlZglh\ i_j_`b\Z_l baaZ hlkmlkl\by kdhjhki_euo
ieh^h\k\h_cjZ[hluL_fg_f_g__dhgkmevlZglmg_h[oh^bfhmf_gb_`^Zlv\ mkeh\byo
g_hij_^_e_gghklb \ lhf qbke_ k\yaZgghc k hkh[_gghklyfb ijh]j_kkZ deb_glZ Hq_gv
j_^dh ^bgZfbdm jZaj_r_gby ijh[e_f fh`gh kjZ\gblv k ihkl_i_ggh ih^gbfZxs_cky
d\_jom ijyfhc Ijhp_kk memqr_gby kdhj__ kjZ\gbf k ehfZghc ebgb_c I_j_^
^hklb`_gb_f klZ[bevguo khhl\_lkl\mxsbo h`b^Zgbyf deb_glZ j_amevlZlh\ _]h
khklhygb_ dZd ijZ\beh g_h^ghdjZlgh mom^rZ_lky IhdZ deb_gl ijbklmibl d
kZfhZgZebam kehfZ_l ijb\uqgu_ kihkh[u kZfhaZsblu b hldZ`_lky hl eh`guo
b^_glbnbdZpbc hg i_j_`b\_l ^he]b_ fmqbl_evgu_ qZku [_agZ^_`ghklb
^_ahj]ZgbaZpbx ih\_^_gby k khimlkl\mxsbfb bf lj_\h]hc kljZoZfb ^_ij_kkb_c
H[uqgh deb_gl \ lZdb_ fhf_glu k kh`Ze_gb_f ]h\hjbl Y \_^v ]hjZa^h emqr_
qm\kl\h\Zek_[yi_j_^ijboh^hfd \Zfohlyfg_dZaZehkvqlh\k_hq_gviehohL_i_jvy
klZe agZqbl_evgh [he__ jZgbf >_ckl\bl_evgh kZfhbaf_g_gb_ ² wlh ljm^guc b
[he_ag_gguc ijhp_kk Deb_gl ^he`_g ijbgylv gZ k_[y hl\_lkl\_gghklv aZ jZaj_r_gb_
k\hbo ijh[e_f b [ulv ]hlh\ d bkdmibl_evguf kljZ^Zgbyf  DhgkmevlZgl h[yaZg
h[tykgblvdeb_glmqlh[_awlh]hg_\hafh`gh^hklb`_gb_agZqbl_evguoj_amevlZlh\
=h\hjy h j_amevlZlZo dhgkmevlbjh\Zgby \Z`gh hlf_lblv qlh ih^ebggu_
j_amevlZlu fh]ml klZlv \b^gu gZfgh]h iha`_ hdhgqZgby dhgkmevlbjh\Zgby ihkdhevdm
dhgkmevlbjh\Zgb_ ih^jZamf_\Z_l g_ lhevdh hsmlbfuc g_ihkj_^kl\_gguc wnn_dl hg
`_eZl_e_g  gh b hij_^_e_ggmx bg\_klbpbx \ [m^ms__ \ dhlhjhf deb_gl kfh`_l
mki_rghj_Zebah\Zlvk\hbbaf_gb\rb_kymklZgh\db
?^bgkl\_ggucimlvh[j_klbm\_j_gghklv\ k_[_dZdij_mki_\Zxs_fdhgkmevlZgl_
² wlh bgh]^Z klZ\blv ih^ \hijhk kh[kl\_ggmx wnn_dlb\ghklv iha\heylv k_[_
bkiulu\Zlv [_kkbeb_ b \hh[s_ i_jbh^bq_kdb khfg_\Zlvky \ p_e_khh[jZaghklb aZgylbc
dhgkmevlbjh\Zgb_f b ikbohl_jZib_c Dh]^Z dhgkmevlZgl ba[Z\ey_lky hl ihklhygghc
haZ[hq_gghklb k\h_c ijh^mdlb\ghklvx hg m^_ey_l [hevr_ \gbfZgby dZd k_[_ lZd b
deb_glZf
G_jZkl\hjycl_kv\ ijh[e_fZodeb_glh\
;hevrbgkl\hgZqbgZxsbodhgkmevlZglh\^himkdZxlhrb[dmbaebrg_aZ[hlykvh
deb_glZo G_ihf_jgZy aZ[hleb\hklv dZd b ]bi_jhi_dZ \ ^_lkl\_ h[uqgh ^Zxl
ijhlb\hiheh`guc `_eZ_fhfm j_amevlZl < dhgkmevlbjh\Zgbb ki_pbZebkl ih^\_j]Z_lky
hiZkghklbaZ[he_lv[he_agvxdeb_glZH^bgbahkgh\guogZ\udh\dhgkmevlZglZ²wlh
mf_gb_fZdkbfZevghihk\ysZlvk_[ydeb_glm\h\j_fyijb_fZb kjZam`_hldexqZlvky
ihke__]hmoh^Zqlh[udeb_glkZfhklhyl_evghieZgbjh\Zek\hx`bagvf_`^m\klj_qZfb
Ij_m\_ebq_ggh_ klj_fe_gb_ kha^Zlv ^ey deb_glZ kp_gZjbc kqZkleb\hc `bagb k
ihfhsvxdhgkmevlbjh\Zgbyhj]Zgbah\Zlv KDSS\HQG aZklZ\ey_l\kihfgblveZlbgkdmx
ihkeh\bpm;eZ]bfbgZf_j_gbyfb\ufhs_gZ^hjh]Z\ Z^G_\k_^_ckl\bydhgkmevlZglZ
gZijZ\e_ggu_ ydh[u gZ [eZ]h deb_glZ \ ^_ckl\bl_evghklb hdZau\Zxl ihevam Hq_gv
qZklh m\yaZgb_ \ `bagb deb_glZ bgh]^Z h[tykgbfh_ khqm\kl\b_f b `Zehklvx 
ihiuldbihfhqv_fmg_kqblZykvkhkj_^kl\ZfbkgbfZxlk deb_glZhl\_lkl\_gghklvZ
dhgkmevlZglZ ij_\jZsZxl \ [_ahl\_lkl\_ggh]h hi_dmgZ Dh]^Z dhgkmevlZgl qm\kl\m_l
k_[y kebrdhf hl\_lkl\_gguf aZ `bagv deb_glh\ k ijhn_kkbhgZevghc ^Z b k qbklh
q_eh\_q_kdhc lhqdb aj_gby wlZ hl\_lkl\_gghklv ij_\jZsZ_lky \ kZfmx gZklhysmx
[_ahl\_lkl\_gghklv Ihwlhfm \ ih^h[guo kemqZyo dhgkmevlZglm ke_^m_l kZfhfm beb k
ihfhsvx dhee_] mlhqgblv bklhdb k\h_c [eZ]hl\hjbl_evghklb ihlhfm qlh _]h
h[yaZgghklv g_ `Ze_lv b hi_dZlv Z ihfhqv deb_glm gZclb b bkihevah\Zlv kh[kl\_ggu_
j_kmjku =h\hjyl qlh \ ex[\b hkh[_ggh \Z`gh m\Z`Zlv kZfhklv iZjlg_jZ <
ikboheh]bq_kdhfdhgkmevlbjh\ZgbbijZ\hf_j_glhl`_ijbgpbi
KlZjZcl_kvg_^Z\Zlvkh\_lub ba[_]Zcl_ihki_rguoj_r_gbc
JZa^ZqZkh\_lh\ bf__l khpbZevgu_ dhjgb² [hevrbgkl\h ex^_c ex[yl dh]^Zd
gbf h[jZsZxlky aZ kh\_lZfb b hohlgh ^Zxl bo Wlh s_dhq_l kZfhex[b_ kh\_lqbdZ
Ikboheh]bq_kdh_ dhgkmevlbjh\Zgb_ g_ ij_^klZ\ey_l bkdexq_gby DhgkmevlZglm hq_gv
e_]dh ihiZklv \ aZiZ^gx jZa^Zqb kh\_lh\ ihlhfm qlh qZs_ \k_]h kljZ^Zxsbc deb_gl
h[jZsZ_lky d g_fm [md\Zevgh lj_[my kh\_lZ \ Deb_glZ g_ m^h\e_l\hjy_l h[km`^_gb_
\hafh`guoZevl_jgZlb\j_r_gby ijh[e_f ² hgohq_l qlh[u fm^juc dhgkmevlZgl kZf
jZaj_rbe_]hijh[e_fu
G_ ke_^m_l aZ[u\Zlv keh\Z K -XQJ Ohjhrbc kh\_l ² wlh khfgbl_evgh_
e_dZjkl\h gh g_ hkh[_ggh hiZkgh_ baaZ fZehc wnn_dlb\ghklb Ebqghklv g_evay
baf_gblv kh\_lZfb >Zlv ohjhrbc kh\_l ² h^gZ ba kZfuo ljm^guo aZ^Zq ?s_ ljm^g__
ihemqb\r_fmkh\_lq_eh\_dmj_Zebah\Zlv_]hihkdhevdm`bag_gguchiulkh\_lmxs_]h
^h\hevgh kbevgh hlebqZ_lky <u^Zxsbcky ikbohl_jZi_\l F %DOLQW mdZau\Z_l Gbdh]^Z
g_ ^Z\Zcl_ kh\_lu iZpb_glm ihdZ g_ ihcf_l_ \ q_f aZdexqZ_lky j_rZ_fZy ijh[e_fZ
QZklhijb\uykg_gbbih^ebgghcijh[e_fudeb_glkihkh[_gkZfhklhyl_evghjZaj_rblv
__ Kh\_l\k_]^Z[u\Z_lih\_joghklgufihoh`bfgZh^ghklhjhgg__^\b`_gb_\ lh\j_fy
dZd dhgkmevlbjh\Zgb_ ² h[hx^gh_ ^_eh jZ\ghijZ\guo ebqghkl_c GZdhg_p bgh]^Z
h[jZs_gb_aZkh\_lhfij_^klZ\ey_lkh[hcba\_klgmxfZgbimeylb\gmxb]jm^Zghb
_keb dhgkmevlZgl aZ\bkZ_l gZ wlhf djxqd_ deb_gl _]h ijhklh wdkiemZlbjm_l gZc^y
m^h[gmxfbr_gv
Kh\_lu[u\Zxlg_lhevdhg_wnn_dlb\gufbghb \j_^gufbIhwlhfm\Z`ghagZlv
hkgh\gu_ijbqbguihdhlhjufdhgkmevlZgl^he`_g\ha^_j`b\Zlvkyhlijyfuokh\_lh\
deb_glZf
JZa^ZqZ kh\_lh\ gZjmrZ_l Z\lhghfbx ebqghklb ² ^Z`_ ba wlbq_kdbo
khh[jZ`_gbc fu g_ \ijZ\_ j_rZlv aZ ^jm]bo Ih^h[gZy lZdlbdZ klZ\bl dhgkmevlZglZ \
iheh`_gb_q_eh\_dZdhlhjuc[_j_lgZk_[yhl\_lkl\_gghklvaZ\u[hj\ZjbZglh\`bagb
^jm]h]h q_eh\_dZ GZijbf_j deb_gl kijZrb\Z_l dhgkmevlZglZ JZa\h^blvky eb fg_ k
`_ghc" ?keb dhgkmevlZgl ihkh\_lm_l jZa\_klbkv b deb_gl ihkemrZ_l _]h kh\_lZ Z
\ihke_^kl\bb khql_l jZa\h^ hrb[dhc lh fh`_l h[\bgblv dhgkmevlZglZ \h
\f_rZl_evkl\_\ qm`mx`bagv?kebdeb_glihke_^m_lkh\_lmg_jZa\h^blvkyhiylv`_
\ky\bgZaZg_keh`b\rmxky`bagvey`_lgZdhgkmevlZglZKlZeh[ulvkh\_lqbd\ ex[hf
kemqZ_ klZgh\blky hl\_lkl\_gguf Gh aZ^ZqZ dhgkmevlZglZ ² ihfhqv deb_glm gZclb
kh[kl\_ggu_j_r_gbyb hkhagZlvk\h[h^m^_ckl\bc
JZa^ZqZ kh\_lh\ lZd`_ m\_ebqb\Z_l aZ\bkbfhklv deb_glZ hl dhgkmevlZglZ b l_f
kZfufhl^Zey_lhlhdhgqZl_evguop_e_cdhgkmevlbjh\Zgby
K ijh[e_fZfb dhlhju_ ih^gbfZxl deb_glu \ dhgkmevlbjh\Zgbb klZedb\Z_fky
fu\k_b dhgkmevlZglg_fh`_l [ulv_^bgkl\_ggufwdki_jlhfGZdhg_p [hevrbgkl\h
wlboijh[e_fg_bf__lhij_^_e_gguohl\_lh\B^_lebj_qvh `_gblv[_\u[hj_jZ[hlu
beb hlghr_gbb d ij_klZj_euf jh^bl_eyf ² gZ lZdb_ \hijhku g_ kms_kl\m_l
h^ghagZqguo hl\_lh\ G_dhlhju_ ba j_r_gbc k\yaZgu k gjZ\kl\_gghklvx < ih^h[ghc
kblmZpbbdhgkmevlZglfh`_llhevdhihfhqvdeb_glmijbgylvkZfhklhyl_evgh_j_r_gb_
hibjZykvgZ^_ckl\bl_evgu_gZf_j_gbyb ih^ebggu_qm\kl\Z
>Z\Zykh\_lu\ dhgkmevlbjh\Zgbb g_ke_^m_laZ[u\Zlvb lhh[klhyl_evkl\hqlh
deb_gl ij_`^_ fh] ihemqblv fgh]h ijhlb\hj_qb\uo kh\_lh\ b _s_ h^bg kh\_l ebrv
m\_ebqblg_jZa[_jbom\ _]h ]heh\_ Djhf_ lh]h ex^b qZklh ijhkyl kh\_lZ m`_ ijbgy\
j_r_gb_ < wlhf kemqZ_ ex[hc ijhlb\hj_qZsbc kh\_l \hkijbgbfZ_lky dZd
g_ijZ\bevgucb \uau\Z_lkhfg_gby\ dhfi_l_glghklbdhgkmevlZglZ
Dh]^Zdeb_glgZklhcqb\hkijZrb\Z_ldZd_fm\_klbk_[yijZ\hf_jgu\klj_qgu_
\hijhkuQlh<ukZfbh[wlhf^mfZ_l_"DZdb_\b^bl_\hafh`ghklb^eyjZaj_r_gby
ijh[e_fu" ?keb y k_cqZk ij_^eh`m hl\_l qlh <u [m^_l_ ^_eZlv kh k\hbfb
ijh[e_fZfb\ [m^ms_f"<uohlbl_qlh[uy ijbgyegZk_[yhl\_lkl\_gghklvaZ<Zk"
Dh]^Z dhgkmevlZgl ihhsjy_l hl\_lkl\_ggh_ ih\_^_gb_ deb_glZ b ihfh]Z_l _fm deb_gl
kdehg_g kZfhklhyl_evgh j_rZlv k\hb ijh[e_fu Kh[kl\_ggu_ j_r_gby agZqbl_evgh
ijhs_j_Zebah\ZlvgZijZdlbd_
Ba\_klgh qlh g_ [u\Z_l ijZ\be [_a bkdexq_gbc DhgkmevlZgl h[yaZg ^Z\Zlv
ijyfu_ kh\_lu dh]^Z deb_gl g_ kihkh[_g k^_eZlv \u[hj b ij_^klZ\ey_l ih\ur_ggmx
hiZkghklv ^ey k_[y b hdjm`Zxsbo < kemqZ_ kbevgh]h [_kihdhckl\Z b ^_ahj]ZgbaZpbb
ih\_^_gby dhgdj_lgu_ kh\_lu ihfh]Zxl \aylv kblmZpbx ih^ dhgljhev GZdhg_p
deb_glug_j_^dhijhkylkh\_lh\\ \hijhkZodhlhju_g_y\eyxlkyijh[e_fZfbebqghklb
Ij_^hklZ\e_gb_ihfhsb\ lZdboijh[e_fZoaZ\bkblhl^hihegbl_evguoihagZgbcghwlh
g_evaygZa\Zlvdhgkmevlbjh\Zgb_f
K ij_^hklZ\e_gb_f kh\_lh\ k\yaZgZ _s_ h^gZ \hafh`gZy hrb[dZ gZqbgZxs_]h
dhgkmevlZglZ²ihki_rgh_ij_^eh`_gb_j_r_gbcdeb_glmDhgkmevlZglmke_^m_lbf_lv
\ \b^mqlhijh[e_fZ dhlhjmxij_^klZ\bedeb_gl\ gZqZe_[_k_^ufh`_l[ulvg_kZfhc
\Z`ghc b \hh[s_ g_ lhc baaZ dhlhjhc hg h[jZlbeky JZkkm`^_gby h ik_\^hijh[e_fZo
lhevdh aZkehgyxl ih^ebggu_ ijh[e_fu IZ]m[gh kZfh ij_^eh`_gb_ j_r_gbc deb_glm
DhgkmevlZgl ijhy\bl ij_l_gpbhaghklv _keb [m^_l ^mfZlv qlh agZ_l j_r_gb_ ex[uo
ijh[e_f k dhlhjufb klZedb\Zxlky deb_glu Ij_^eh`_gb_ deb_glm g_ihkj_^kl\_gguo
j_r_gbcg_j_^dhhagZqZ_lk\_^_gb_keh`ghkl_c_]h`bagbd we_f_glZjgufijh[e_fZf
K 5RJHUV ml\_j`^Z_lqlh_kebdhgkmevlZglm`_\ayekyaZ\gbfZl_evgh_\ukemrb\Zgb_
deb_glZhg^he`_gm\Z`Zlvb keh`ghklb_]h`bagbIhiuldbj_rZlvijh[e_fu\f_klh
deb_glZ k\b^_l_evkl\mxl h g_\_jbb \ g_]h dZd q_eh\_dZ kihkh[gh]h kZfhklhyl_evgh
hl\_lblvgZ\hijhkuihklZ\e_ggu_`bagvx
G_fhjZebabjmcl_b g_ihmqZcl_
Dh]^ZdhgkmevlZglfhjZebabjm_lhghp_gb\Z_lih\_^_gb_deb_glZ_]h\haaj_gby
b ^Z_lmdZaZgbyqlhdeb_glh[yaZg^_eZlvb dZdb_qm\kl\Zbkiulu\ZlvLZdZyhq_\b^gZy
ihiuldZ baf_gblv deb_glZ aZklZ\eyy _]h ijbgylv p_gghklb dhgkmevlZglZ \uau\Z_l m
deb_glZ qm\kl\h \bgu b g_ bf__l gbq_]h h[s_]h k p_eyfb ikboheh]bq_kdh]h
dhgkmevlbjh\ZgbyAZy\e_gbylbiZ<ug_bf__l_ijZ\Zg_gZ\b^_lvk\hxfZlv<ug_
^he`gu lZd \_klb k_[y kh k\hbfb ^_lvfb :[hjl ² wlh q_eh\_dhm[bckl\h ² fh]ml
[ulv qZklvx kbkl_fu p_gghkl_c g_dh_]h q_eh\_dZ h^gZdh ba mkl dhgkmevlZglZ hgb
a\mqZl dZd b^_heh]bq_kdb_ ehamg]b b ^_fhgkljbjmxl g_ ihiuldm ihgbfZgby Z y\gh_
hkm`^_gb_
AZ\_jr_gb_dhgkmevlbjh\Zgby
Ij_djZs_gb_ dhgkmevlZlb\gh]h dhglZdlZ qZs_ \k_]h ijhbkoh^bl _kl_kl\_ggh
dh]^Z deb_gl gZqbgZ_l ykgh hkhagZ\Zlv k\hb ijh[e_fu b k\h[h^m \u[hjZ j_r_gbc beb
dh]^Z ijh[e_fu bkq_jiu\Zxlky \ oh^_ dhgkmevlbjh\Zgby <hijhk h ij_djZs_gbb
dhgkmevlZlb\guo \klj_q deb_gl b dhgkmevlZgl j_rZxl \f_kl_ Ihke_^gyy \klj_qZ
^he`gZ [ulv ihk\ys_gZ ih^\_^_gbx blh]h\ b mklZgh\e_gbx \Z`g_crbo j_amevlZlh\
l_jZibb Emqr_ qlh[u i_j\uf wlh k^_eZe kZf deb_gl Lhevdh hg kihkh[_g
knhjfmebjh\Zlv ^_ckl\bl_evgu_ j_amevlZlu DhgkmevlZgl ^he`_g ihfhqv deb_glm
lhqg__ b dhgdj_lg__ h[hagZqblv baf_g_gby dhlhju_ ijhbahreb aZ i_jbh^
dhgkmevlbjh\Zgby Bf_ggh dhgdj_lghklv k\b^_l_evkl\m_l h[ hkhagZgghf ijbgylbb
deb_glhfijhbkr_^rboi_j_f_g
H^gZdh fg_gby deb_glZ b dhgkmevlZglZ h kjhd_ hdhgqZgby dhgkmevlbjh\Zgby
bgh]^Z g_ kh\iZ^Zxl A^_kv \hafh`gu ^\Z \ZjbZglZ < i_j\hf \ZjbZgl_ dhgkmevlZglm
dZ`_lkyqlhihjZij_djZlblvdhgkmevlbjh\Zgb_ghdeb_glqm\kl\m_lk_[yg_]hlh\ufd
wlhfmb ohq_lijh^he`Zlv\klj_qbk dhgkmevlZglhf?^bgkl\_ggufkihkh[hfijh^eblv
l_jZibx klZgh\blky lh]^Z khojZg_gb_ kbfilhfh\ beb ijh[e_f b ^Z`_ \hagbdgh\_gb_
gh\uo aZljm^g_gbc Ihwlhfm dhgkmevlZglm \Z`gh jZah[jZlvky \ ijbqbgZo b kl_i_gb
`_eZgby deb_glZ ijh^he`Zlv dhgkmevlbjh\Zgb_ DZd ijZ\beh \k_ h[tykgy_lky
aZ\bkbfhklvx deb_glZ hl dhgkmevlZglZ b klj_fe_gb_f deb_glZ d hdhgqZl_evghfm
jZaj_r_gbx ijh[e_f G_j_^dh b]jZxl jhev b j_Zdpbb i_j_ghkZ G_ \uykgb\ ^h dhgpZ
fhlb\ugZklhcqb\hklbdeb_glZg_evayij_ju\Zlvdhgkmevlbjh\Zgb_
<h \lhjhf \ZjbZgl_ d hdhgqZgbx dhgkmevlbjh\Zgby klj_fblky deb_gl ohly ih
fg_gbxdhgkmevlZglZg_h[oh^bfu_j_amevlZlu_s_g_^hklb]gmluDhgkmevlZglhiylv
`_ ^he`_g jZah[jZlvky \ ^_ckl\bl_evguo ijbqbgZo ih[m`^_gbc deb_glZ b jZatykgblv
_fm \hafh`gu_ ihke_^kl\by g_k\h_\j_f_ggh]h hdhgqZgby dhgkmevlbjh\Zgby G_j_^dh
ijbqbgZ `_eZgby deb_glZ ihkdhj__ ij_djZlblv dhgkmevlbjh\Zgb_ khklhbl \
g_m^h\e_l\hj_gghklb dhgkmevlZlb\guf dhglZdlhf >jm]Zy ijbqbgZ aZdexqZ_lky \
jZkoh`^_gbb ihklZ\e_gguo deb_glhf b dhgkmevlZglhf p_e_c deb_gl ^h[b\Z_lky
djZldhkjhqguo [eb`Zcrbo p_e_c j_r_gby dhgdj_lghc ijh[e_fu hkeZ[e_gby
kbfilhfZ b li  Z dhgkmevlZgl ² ^he]hkjhqguo i_jki_dlb\guo p_e_c JZamf__lky
ijbhjbl_l hl^Z_lky p_eyf deb_glZ <h \kydhf kemqZ_ dhgkmevlZgl g_ fh`_l aZklZ\blv
deb_glZijh^he`Zlvdhgkmevlbjh\Zgb_ijhlb\_]h\heb
Ihjhc \hagbdZ_l \hijhk h g_h[oh^bfhklb \klj_q k deb_glhf ih hdhgqZgbb
dhgkmevlbjh\Zgby Gm`gh hklZ\blv \hafh`ghklv deb_glm h[jZsZlvky d dhgkmevlZglm \
kemqZ_ gZ^h[ghklb ijb \hagbdgh\_gbb gh\uo ijh[e_f gh k ^jm]hc klhjhgu g_ klhbl
ihhsjylv lZdb_ h[jZs_gby ?keb dhgkmevlbjh\Zgb_ [ueh wnn_dlb\guf m deb_glZ g_
^he`gh\hagbdgmlvihlj_[ghklb\ gh\uo\klj_qZo
Hp_gdZj_amevlZlh\dhgkmevlbjh\Zgby
H^gh ba \Z`guo wlbq_kdbo lj_[h\Zgbc ij_^ty\ey_fuo dhgkmevlZglm ² wlh
hkhagZgb_ bklbgguo j_amevlZlh\ k\h_c jZ[hlu b wnn_dlb\ghklb ijbf_gy_fuo \
dhgkmevlbjh\Zgbb f_lh^h\ < h[s_f \hagbdZ_l \hijhk hdZau\Z_l eb dZdh_eb[h
ihablb\gh_ \ha^_ckl\b_ ikboheh]bq_kdh_ dhgkmevlbjh\Zgb_ beb ikbohl_jZiby " GZ
wlhl dZaZehkv [u ijhklhc \hijhk hl\_lblv g_e_]dh DZd hlf_qZ_l &RLH\  
kms_kl\m_l g_kdhevdh ljm^ghkl_c <hi_j\uo dhgkmevlZglu \ kbem ebqghklguo
hkh[_gghkl_c bkoh^yl \ k\h_c jZ[hl_ ba jZaguo ij_^ihkuehd b bkihevamxl jZaebqgu_
f_lh^u ^ey ^hklb`_gby p_e_c dhgkmevlbjh\Zgby ihwlhfm ihqlb g_\hafh`gh ohlv
kdhevdhgb[m^v h[t_dlb\gh hp_gblv wnn_dlb\ghklv ikboheh]bq_kdh]h
dhgkmevlbjh\Zgby<h\lhjuoj_amevlZlu\ agZqbl_evghckl_i_gbaZ\bkylhldeb_glh\b
_keb bo Zdlb\ghklv \h \j_fy dhgkmevlbjh\Zgby ^_kljmdlb\gZ b hgb g_ kh[ex^Zxl
lj_[h\ZgbydhgkmevlZglZbeb\hh[s_hldZau\ZxlkyijbgbfZlvgZk_[yhl\_lkl\_gghklv
aZ j_r_gb_ k\hbo ijh[e_f lh ihke_^kl\by [m^ml hljbpZl_evgu g_aZ\bkbfh hl mkbebc
dhgkmevlZglZ GZdhg_p\lj_lvbo gZ j_amevlZlu dhgkmevlbjh\Zgby hdZau\Zxl \ebygb_
g_hij_^_e_ggu_ nZdlhju hdjm`_gby GZijbf_j \_kv wnn_dl dhgkmevlbjh\Zgby fh`_l
[ulvg_cljZebah\Zgg_dhgljhebjm_fufb\ha^_ckl\byfbqe_gh\k_fvbdeb_glZ *HRUJH b
&ULVWLDQL  \u^_eyxl_s_h^gmljm^ghklvHgb]h\hjylh[hlkmlkl\bbh[s_ijbgyluo
dhgdj_lguo p_e_c b mklZgh\e_gbb lhevdh h[sbo gZijZ\e_gbc jZ[hlu Hq_gv ljm^gh
dhgdj_lgh hp_gblv j_ZebaZpbx lZdbo p_e_c dZd mkbe_gb_ kZfh\ujZ`_gby ih\ur_gb_
kZfhhp_gdb i_j_kljhcdZ kljmdlmju kZfhklb GZdhg_p [hevrbgkl\h dhgkmevlZglh\
kh[kl\_ggh hp_gdm j_amevlZlh\ jZkkfZljb\Zxl dZd ijhp_^mjm m]jh`Zxsmx bo
ijhn_kkbhgZevghfm ^hklhbgkl\m b qZklh ij_^ihqblZxl beexahjgmx `bagv
^_ckl\bl_evghklb K ^jm]hc klhjhgu agZgb_ bklbgguo j_amevlZlh\ k\h_c jZ[hlu
kihkh[kl\m_lijhn_kkbhgZevghfmjhklm
Ijb `_eZgbb dhgdj_lbabjh\Zlv hp_gdm j_amevlZlh\ dhgkmevlbjh\Zgby lZdhc
h[sbc \hijhk dhlhjuc m`_ aZ^Z\Zeky ² HdZau\Z_l eb dZdh_eb[h ihablb\gh_
\ha^_ckl\b_ ikboheh]bq_kdh_ dhgkmevlbjh\Zgb_" ² g_ ij_^klZ\ey_lky
dhgkljmdlb\guf H^bg ba ba\_klguo bkke_^h\Zl_e_c \ h[eZklb ikbohl_jZibb 3DXO
 knhjfmebjh\Ze\hijhkbgZq_
DZdh_bf_gghe_q_gb_gZb[he__p_e_khh[jZagh^eybg^b\b^Zkhki_pbnbq_kdhc
ijh[e_fhc ijb dhgdj_lguo mkeh\byo" LZdbf h[jZahf \hijhk h[ wnn_dlb\ghklb
dhgdj_lbabjm_lkyih\k_fiZjZf_ljZf
>ey hp_gdb j_amevlZlh\ dhgkmevlbjh\Zgby dhgdj_lgh]h deb_glZ fh`gh
bkihevah\Zlvjy^djbl_jb_\ %ORFKHU  \u^_ey_lq_luj_hkgh\guo
²khpbZevgZyijbkihkh[e_gghklv
²ebqghklgu_hkh[_gghklb
²ijhn_kkbhgZevgZyijbkihkh[e_gghklv
²mki_rghklvmq_[u
Djbl_jbc khpbZevghc ijbkihkh[e_gghklb rbjhdh bkihevam_lky ihkdhevdm
[hevrbgkl\h deb_glh\ b h[jZsZxlky d dhgkmevlZglm baaZ \hagbdrbo ljm^ghkl_c \
khpbZevghf ijbkihkh[e_gbb dZd ijZ\beh ih ijbqbg_ \gmlj_ggbo dhgnebdlh\
ebqghklb Memqr_gb_ khpbZevgh]h ijbkihkh[e_gby kihkh[_g hp_gblv kZf deb_gl gh d
hp_gd_fh`ghijb\e_qv^jma_cdeb_glZqe_gh\k_fvbmqbl_e_c _kebfudhgkmevlbjm_f
j_[_gdZ Ebqghklgu_djbl_jbbho\Zlu\Zxlbaf_g_gb_kZfhhp_gdbb fgh`_kl\h^jm]bo
iZjZf_ljh\ h[uqgh baf_jy_fuo l_klZfb Ijhn_kkbhgZevgZy ijbkihkh[e_gghklv
\dexqZ_lijhn_kkbhgZevgu_ieZgum^h\e_l\hj_gghklvjZ[hlhcb liDjbl_jbbmq_[ghc
^_yl_evghklb bkihevamxlky \ dhgkmevlbjh\Zgbb mqZsboky b hljZ`Zxl ^bgZfbdm
mki_\Z_fhklb
H[uqghhkgh\gufbklhqgbdhfbgnhjfZpbbh[wnn_dlb\ghklbdhgkmevlbjh\Zgby
y\ey_lky kZf deb_gl ij_^klZ\ey_fZy bf hp_gdZ k\h_]h khklhygby LZdZy hp_gdZ bf__l
hij_^_e_ggu_h]jZgbq_gbygh\k_`_h[t_dlb\g__\k_]hhljZ`Z_lbklbggh_iheh`_gb_
<Z`ghqlh[uhp_gdZj_amevlZlh\kZfbfdeb_glhf[ueZ^hklZlhqghdhgdj_lgZIhwlhfm
h^gZ ba \Z`g_crbo aZ^Zq dhgkmevlZglZ ² ihfhqv deb_glm dhgdj_lbabjh\Zlv k\hb
^hklb`_gby\ oh^_dhgkmevlbjh\Zgby
Hp_gdZj_amevlZlh\l_jZibbdhgkmevlZglhflh`_kms_kl\_ggZohly__ ^Ze_dhg_
^hklZlhqgh^eyhdhgqZl_evguo\u\h^h\<hh[s_]h\hjyhdhgqZgb_dhgkmevlbjh\Zgbyb
k\h^blkyd h[km`^_gbxb kh]eZkh\Zgbxhp_ghd^hklb]gmlh]hwnn_dlZij_^klZ\e_gguo
deb_glhfb dhgkmevlZglhf
EBL?J:LMJ:
$UEXFNOH' &RXQVHOLQJDQG3V\FKRWKHUDS\$Q([LVWHQWLDO+XPDQLVWLF9LHZUG(G
%RVWRQ$OO\QDQG%DFNRQ
%HQMDPLQ$ 7KH+HOSLQJ,QWHUYLHZ%RVWRQ+RXJKWRQ0LIIOLQ
 %ORFKHU ' + 'HYHORSPHQWDO &RXQVHOLQJ 1 < 5RQDOG 3UHVV   %UDPHU /
6KRVWURP( 7KHUDSHXWLF3V\FKRORJ\)XQGDPHQWDOVRI
&RXQVHOLQJDQG3V\FKRWKHUDS\WK(G(QJOHZRRG&OLIIV1<
3UHQWLFH+DOO
%XJHQWDO-)7 7KH$UWRI3V\FKRWKHUDSLVW1<1RUWRQ
&RUH\* 7KHRU\DQG3UDFWLFHRI&RXQVHOLQJDQG3V\FKRWKHUDS\UG(G0RQWHUH\
&DOLI%URRNV&ROH
 Kho F 6WUXFWXULQJ WKH 7KHUDSHXWLF 3URFHVV &RPSURPLVH ZLWK &KDRV /RQGRQ
-HVVLFD.LQJVOH\3XEOLVKHUV
 (JDQ * 7KH 6NLOOHG +HOSHU $ 0RGHO IRU 6\VWHPDWLF +HOSLQJ DQG ,QWHUSHUVRQDO
5HODWLQJUG(G0RQWHUH\&DOLI%URRNV&ROH
(LVHQEHUJ''HODQH\6 7KH&RXQVHOLQJ3URFHVV&KLFDJR5DQG0F1DOO\
*HOVR K -)UHW]%& &RXQVHOLQJ3V\FKRORJ\1<+ROW5LQHKDUWDQG:LQVWRQ

*UHHQEHUJ/3PVRII: (GV  7KH3V\FKRWKHUDSHXWLF3URFHVV1<
*XLOIRUG
 +LOO K ? $Q RYHUYLHZ RI WKH +LOO FRXQVHORU DQG FOLHQW YHUEDO UHVSRQVH PRGHV
FDWHJRU\ V\VWHP  ,Q / *UHHQEHUJ : 3PVRII (GV  7KH 3V\FKRWKHUDSHXWLF 3URFHVV $
5HVHDFK+DQGERRN1<
*XLOIRUG3
 +LOO K ? 7KHUDSLVW 7HFKQLTXHV DQG &OLHQW 2XWFRPH (LJKW &DVHV RI %UHLI
3V\FKRWKHUDS\1HZEXU\3DUN&DOLI6DJH
 ,YH\ $ 0LFURFRXQVHOLQJ ,QQRYDWLRQV LQ ,QWHUYLHZLQJ 7UDLQLQJ 6SULQJILHOG ,,,
&KDV&7KRPDV
-RXUDUG6F 7KH7UDQVSDUHQW6HOI1<'9DQQHVWUDQG
 -XQJ & * 3V\FKRORJ\ DQG 5HOLJLRQ  ,Q &ROOHFWHG :RUNV 9RO  /RQGRQ
5RXWOHGJHDQG.HJDQ3DXO
 .HQQHG\ ? 2Q %HFRPLQJ &RXQVHORU $ %DVLF *XLGH IRU 1RQ3URIHVVLRQDO
&RXQVHORUV1<7KH6HDEXU\3UHVV
/DLQJ5 7KH3ROLWLFVRI([SHULHQFH1<3DQWKHRQ
/HDU\7 ,QWHUSHUVRQDO'LDJQRVWLFVDQG3HUVRQDOLW\1<5RQDOG3UHVV
0D\5 7KH$UWRI&RXQVHOLQJ1<$ELQJGRQ3UHVV
3DXO*/ 6WUDWHJ\DQGRXWFRPHUHVHDUFKLQSV\FKRWKHUDS\-RXUQDORI&RQVXOWLQJ
3V\FKRORJ\9RO3²
5RJHUV& &OLHQW&HQWHUHG7KHUDS\%RVWRQ+RXJKWRQ0LIILQ
6SLHJHO6 < +LOO K? *XLGHOLQHVVIRUUHVHDUFKRQWKHUDSLVWLQWHUSUHWDWLRQWRZDUG
JUHDWHU PHWKRGRORJLFDO ULJRU DQG UHOHYDQFH WR SUDFWLFH  -RXUQDO RI &RXQVHOLQJ 3V\FKRORJ\
9RO3²
6WRUU$ 7KH+HDUWRI3V\FKRWKHUDS\1<0HWKXHQ
  6XH ' : &RXQVHOLQJ WKH &XOWXUDOO\ 'LIIHUHQW 7KHRU\ DQG 3UDFWLFH 1<:LOH\

6Z V]36 7KHP\WKRIPHQWDOLOOQHVV$PHULFDQ3V\FKRORJLVW9RO3



 KI?PB:EVGU? IJH;E?FU IKBOHEH=BQ?KDH=H

DHGKMEVLBJH<:GBY
DHGKMEVLBJH<:GB?LJ?<H@GUODEB?GLH<

Lj_\h`ghklv aZgbfZ_l h^gh ba \Z`g_crbo f_kl dZd \ ghjfZevghc

ikboh^bgZfbd_ lZd b \ ikbohiZlheh]bb l_ \ \hagbdgh\_gbb jZaebqguo kbfilhfh\
Lj_\h`ghklv ij_^mij_`^Z_l h[ hiZkghklb m]jha_ b \ wlhf kfuke_ bf__l g_ f_gvrmx
p_gghklv q_f [hev 6 )UHXG hij_^_ey_l lj_\h`ghklv dZd kb]gZe kh klhjhgu (JR
ij_^mij_`^Zxsbc bg^b\b^Z h \gmlj_gg_f dhgnebdl_ H[uqgh dhgnebdl ijhbkoh^bl
f_`^m g_ijb_fe_fufb bfimevkZfb [_kkhagZl_evgh]h b ikbobq_kdbfb kbeZfb
gZijZ\e_ggufb gZ ih^Z\e_gb_ wlbo bfimevkh\ Lj_\h`ghklv ² kb]gZe g_ lhevdh
ij_^mij_^bl_evguc gh b aZsbsZxsbc hl dhgnebdlh\ ihlhfm qlh aZ^_ckl\m_l
f_oZgbafuikboheh]bq_kdhcaZsblu
Lj_\h`ghklvbf__lkoh^kl\hkhkljZohf )UHXG ^Z`_g_jZaebqZ_lwlbkhklhygby
mihlj_[eyy _^bgh_ ihgylb_ $QJVW  \_^v \ h[hbo kemqZyo ijhy\ey_lky j_Zdpby gZ
hiZkghklv H kljZo_ fu _s_ ih]h\hjbf \ ke_^mxs_f jZa^_e_ ihlhfm qlh dZ`^hc ba
wfhpbc \k_ `_ k\hckl\_ggZ ki_pbnbqghklv Lj_\h`ghklv bgljZikbobqgZ l_
h[mkeh\e_gZ\gmlj_gg_b k\yau\Z_lkyk \g_rgbfbh[t_dlZfbebrv\ lhcf_j_\ dZdhc
hgb klbfmebjmxl \gmlj_ggb_ dhgnebdlu H[uqgh lj_\h`ghklv \ hlebqb_ hl kljZoZ
ij_^klZ\ey_l kh[hc j_Zdpbx gZ \hh[jZ`Z_fmx g_ba\_klgmx m]jham < hkgh\_
lj_\h`ghklb \k_]^Z e_`Zl \gmlj_ggb_ dhgnebdlu ebqghklb >ey lj_\h`ghklb lZd`_
oZjZdl_jgZ ijhehg]bjh\Zgghklv l_ _c k\hckl\_ggh jZkly]b\Zlvky \h \j_f_gb
ihklhygghih\lhjylvkybebklZgh\blvkyg_ij_ju\ghc
K nbabheh]bq_kdhclhqdb aj_gby lj_\h`ghklv y\ey_lkyj_Zdlb\guf khklhygb_f
HgZ \uau\Z_l nbabheh]bq_kdb_ baf_g_gby ih^]hlZ\eb\Zxsb_ hj]Zgbaf d [hjv[_ ²
hlklmie_gbx beb khijhlb\e_gbx Ijb lj_\h`ghklb \ha[m`^Z_lky k_j^_qghkhkm^bklZy
kbkl_fZ mqZsZ_lky jblf k_j^pZ ih\urZ_lky djh\ygh_ ^Z\e_gb_  Z ^_yl_evghklv
ibs_\Zjbl_evgh]h ljZdlZ m]g_lZ_lky mf_gvrZ_lky Zdlb\ghklv k_dj_pbb b
i_jbklZevlbdZ  Djh\v ba ibs_\Zjbl_evgh]h ljZdlZ i_j_kueZ_lky \ fur_qgmx
kbkl_fml_hj]Zgbaf]hlh\blkyd Zdlb\ghc^_yl_evghklbLj_\h`ghklvijhy\ey_lkygZ
lj_omjh\gyo
G_cjhwg^hdjbgghf ijh^mdpbyZ^j_gZebgZ²wibg_njbg 
Ikbobq_kdhf g_hij_^_e_ggu_hiZk_gby 
 KhfZlbq_kdhf beb fhlhjgh\bkp_jZevghf nbabheh]bq_kdb_ j_Zdpbb
jZaebqguokbkl_fhj]ZgbafZgZm\_ebq_gb_ijh^mdpbbwibg_njbgZ 
Z ^_jfZlheh]bq_kdb_j_Zdpbb dh`gu_jZa^jZ`_gby 
[  j_Zdpby k_j^_qghkhkm^bklhc kbkl_fu lZobdZj^by m\_ebq_gb_
kbklhebq_kdh]h^Z\e_gby 
\ j_Zdpbyibs_\Zjbl_evgh]hljZdlZ ih^Z\e_gb_^_yl_evghklbkexgguo`_e_a²
kmohklv\hjlmg_ijbylgucijb\dmkZghj_dkbyihghkaZihjb li 
]  j_Zdpbb ^uoZl_evghc kbkl_fu mqZs_ggh_ ^uoZgb_ h^urdZ
]bi_j\_glbeypby 
 ^  ]_gblZevghmjbgZevgu_ j_Zdpbb mqZs_ggh_ fhq_bkimkdZgb_ gZjmr_gb_
f_gkljmZpbb[hev\ h[eZklblZaZnjb]b^ghklvbfihl_gpby 
_ \Zahfhlhjgu_j_Zdpbb ihlhhl^_e_gb_ihdjZkg_gb_ 
`  j_Zdpbb kd_e_lghfur_qghc kbkl_fu ]heh\gu_ [heb [heb \ aZlued_
ZjljZev]bb 
Rbjhdbc ki_dlj nbabheh]bq_kdbo j_Zdpbc \ke_^kl\b_ lj_\h`ghklb h[tykgy_l
ihq_fm ijh^he`bl_evgZy lj_\h`ghklv \uau\Z_l ikbohkhfZlbq_kdb_ jZkkljhckl\Z Z
kZfhkhklhygb_lj_\h`ghklbg_j_^dhfZkdbjm_lky`Zeh[ZfbkhfZlbq_kdh]hoZjZdl_jZ
LZdb_deb_gludZdijZ\beh\gZqZe_ihiZ^Zxlg_d ikboheh]mbebikbohl_jZi_\lmZ d
\jZqmh[s_cijZdlbdb
DZ`^uc ba gZk hkh[_ggh \ klj_kkh\uo kblmZpbyo bkiulu\Z_l lj_\h`ghklv
H^gZdh^ey[hevrbgkl\Zex^_cwlh\j_f_ggh_khklhygb_dhlhjh_hgbij_h^he_\Zxl<
dhgkmevlbjh\ZgbbfuklZedb\Z_fkyk deb_glZfb^eydhlhjuolj_\h`ghklvij_^klZ\ey_l
fmqbl_evgh_ g_ijhoh^ys__ khklhygb_ g_j_^dh khijh\h`^Z_fh_ g_ijbylgufb
nbabq_kdbfb hsms_gbyfb Ikboheh]bq_kdb lZdhc deb_gl qm\kl\m_l qlh k gbf
ijhbkoh^blqlhlhg_eZ^gh_h^gZdhg_fh`_ldhgdj_lbabjh\Zlvk\h_g_^hfh]Zgb_b g_
agZ_l dh]^Z b ]^_ k gbf kgh\Z ijhbahc^_l ih^h[gZy [_aufyggZy ljZ]_^by Q_eh\_d
ihklhygghbkiulu\Zxsbclj_\h`ghklv`b\_ldZd[uih^l_fgufg_[hfb g_kihkh[_g
ij_h^he_lvgZijy`_gb_gb mkbebyfbkh[kl\_gghc\hebgb kihfhsvx[ebadbo< lZdhf
khklhygbb h[uqgh b ihiZ^Zxl d dhgkmevlZglm Bgh]^Z wlh khklhygb_ ijhoh^bl kZfh
kh[hc h^gZdh qZklh h[hkljy_lky b klZgh\blky \k_ [he__ ljm^gh i_j_ghkbfuf
G_hij_^_e_ggZy lj_\h`ghklv hkh[_ggh m]g_lZ_l ijb g_[eZ]hijbylguo `bag_gguo
h[klhyl_evkl\Zo Dh]^Z kms_kl\m_l ihklhyggZy m]jhaZ khpbZevghfm iheh`_gbx
nbgZgkh\hfm [eZ]hihemqbx b li \k_ \hdjm] ij_^klZ\ey_lky ihl_gpbZevgh
m]jh`Zxsbf KhpbZevgh_ hdjm`_gb_ `bag_ggu_ mkeh\by g_ klhevdh g_ihkj_^kl\_ggh
ihjh`^Zxl \gmlj_ggb_ dhgnebdlu kdhevdh ih^qZk kha^Zxl [eZ]hijbylgmx ihq\m ^ey
boijhy\e_gby\ ihegmxkbem
JZ[hlZ dhgkmevlZglZ k deb_glhf dhlhjuc h[jZlbeky baaZ ihklhygghc
lj_\h`ghklb mlhfbl_evgZ lZd dZd deb_glm ihjhc ljm^gh h[tykgblv dZdb_ ijh[e_fu
kdjulu aZ wlbf bagmjyxsbf i_j_`b\Zgb_f DhgkmevlZgl ^he`_g mf_lv jZa]ey^_lv
jZagu_ ebdb lj_\h`ghklb ihkdhevdm lj_\h`ghklv qZklh ijhy\ey_lky g_ gZijyfmx Z
i_j_\hiehsZ_lky %LUG  \u^_ebefgh`_kl\hlZdbo\hiehs_gbc
H^gZ ba gZb[he__ qZkluo fZkdbjh\hd lj_\h`ghklb ² i_j_bf_gh\Zgb_ Y
jZa^jZ`_g y \ gZijy`_gbb m f_gy keZ[hklv y [hxkv fg_ ]jmklgh y ihklhyggh
ijhkuiZxkvihghqZfy g_qm\kl\mxk_[ykZfbfkh[hc²deb_glubkihevamxl^_kyldb
keh\b \ujZ`_gbc^eyh[hagZq_gbykhklhygbylj_\h`ghklb
Hq_gvqZklhlj_\h`ghklv\ujZ`Z_lkykhfZlbq_kdbfbkbfilhfZfb;hevrbgkl\h
deb_glh\ k\yau\Zxl bo kh ki_pbnbq_kdbfb kblmZpbyfb \uau\Zxsbfb lj_\h`ghklv
H^gZdhg_ijZ\bevghgZau\ZlvlZdb_kbfilhfunmgdpbhgZevgufbgZg_j\ghcihq\_
b liihkdhevdmdeb_glqm\kl\m_lk_[ydZd[uh[\bg_gguf\ kbfmeypbbb `Zemxsbfky
gZ qlhlh nbdlb\gh_ ihwlhfm ijb[_]Z_l d hljbpZgbx b ^jm]bf kj_^kl\Zf
ikboheh]bq_kdhc aZsblu Bgh]^Z khfZlbq_kdb_ `Zeh[u ij_^klZ\eyxl kh[hc ijhklh
kihkh[aZy\blvh k\h_clj_\h`ghklbGZijbf_jdh]^Zdeb_gl`Zem_lkyqlhm g_]h[hebl
]heh\Z \ ijbkmlkl\bb `_gu dhgkmevlZgl bf__l \hafh`ghklv ijhykgblv ijh[e_fm
DZ`_lky <u ohlbl_ fg_ kdZaZlv qlh \ ijbkmlkl\bb `_gu ih dZdbflh ijbqbgZf
g_j\gbqZ_l_b <ZrZlj_\h`ghklvijhy\ey_lky]heh\ghc[hevx?kebgZfm^ZklkymagZlv
qlh \uau\Z_l m <Zk lj_\h`ghklv fu kfh`_f h^he_lv wlm ]heh\gmx [hev Ih^h[gZy
lZdlbdZagZqbl_evghemqr_q_fijyfh_ml\_j`^_gb_M <Zk]heh\gZy[hevgZg_j\ghc
ihq\_ KhfZlbq_kdb_ kbfilhfu g_ h[yaZl_evgh \hagbdZxl \ke_^kl\b_ lj_\h`ghklb ²
qZklhhgbijhklhaZf_sZxllj_\h`ghklv
Ihjhc lj_\h`ghklv fZkdbjm_lky hij_^_e_ggufb ^_ckl\byfb <_kv ki_dlj
gZ\yaqb\uo^_ckl\bc²hlklmqZgbyiZevpZfbihklhemdjmq_gbyim]h\bp^hdmqeb\h]h
fhj]Zgby ]eZaZfb ihq_ku\Zgby b ^h i_j__^Zgby qj_af_jgh]h ivygkl\Z beb dmj_gby
gZ\yaqb\hc ihlj_[ghklb ihdmiZlv \_sb ² fh`_l hagZqZlv lj_\h`ghklv baaZ
dhgnebdlghc`bag_gghckblmZpbb
Lj_\h`ghklv lZd`_ g_j_^dh kdju\Z_lky aZ ^jm]bfb wfhpbyfb
JZa^jZ`bl_evghklvZ]j_kkb\ghklv\jZ`^_[ghklvfh]ml\uklmiZlv\ dZq_kl\_j_ZdpbcgZ
\uau\Zxsb_ lj_\h]m kblmZpbb G_dhlhju_ deb_glu kZfb h[tykgyxl qlh dh]^Z hgb
gZqbgZxlbkiulu\ZlvgZijy`_gb_lhklZgh\ylkykZjdZklbqgufbya\bl_evgufbljm^gh
m`b\qb\ufb>jm]b_deb_glu\ ih^h[guokblmZpbyogZh[hjhlklZgh\ylkyoheh^gufb
kdh\Zggufb g_jZa]h\hjqb\ufb <lhjhc lbi j_Zdpbc h[uqgh \ujZ`Z_l \gmlj_ggbc
dhgnebdl f_`^m [_kkbeb_f b Z]j_kkb\ghklvx b wlhl dhgnebdliZjZebam_l Zdlb\ghklv
Dh]^Z fu klZedb\Z_fky k lZdbfb deb_glZfb bo ih\_^_gb_ \uau\Z_l jZa^jZ`_gb_ b
aeh[m gh h^gh\j_f_ggh iha\hey_l ihemqblv dexq d ihgbfZgbx ijh[e_f ih^e_`Zsbo
jZaj_r_gbx <_^v hdjm`Zxsb_ deb_glh\ ex^b bkiulu\Zxl koh^gu_ qm\kl\Z ijb
h[s_gbbk gbfb
Fgh]hj_qb\hklv lh`_ kihkh[ fZkdbjh\db lj_\h`ghklb LZdbf h[jZahf deb_gl
klj_fblkykdjulvk\hxlj_\h`ghklvb h[_ahjm`blvdhgkmevlZglZKeh\_kgucihlhdg_
ke_^m_lij_ju\Zlvgm`ghebrvm^_eblv \gbfZgb_ kdju\Zxs_cky aZ gbf lj_\h`ghklb
G_ij_ju\gh_ ]h\hj_gb_ ² wlh k\h_h[jZagZy nhjfZ kZfhaZsblu dhlhjmx
g_hkfhljbl_evghkjZamehfZlvDhgkmevlZglkd\havijbafmkh[kl\_gguoqm\kl\^he`_g
ijhZgZebabjh\Zlv fhlb\u fgh]h]h\hj_gby bf_y \ \b^m qlh \ ih\k_^g_\ghc `bagb
deb_gllhqghlZd`_^hkZ`^Z_lhdjm`ZxsbfimklufbjZa]h\hjZfbklZjZykvb kijylZlv
k\hxlj_\h`ghklvb m[_`Zlvhlg__
G_dhlhju_ deb_glu qlh[u aZ\mZebjh\Zlv k\hx lj_\h`ghklv b ih^Z\blv
Zdlb\ghklv dhgkmevlZglZ ihklhyggh i_j_[b\Zxl _]h Wlh aZf_lgh njmkljbjm_l
dhgkmevlZglZ gh [hevrbgkl\h deb_glh\ g_ y\eyxlky hiulgufb ij_ju\Zl_eyfb b
dhgkmevlZgle_]dhkijZ\ey_lkyk kblmZpb_cLjm^gh\ l_okemqZyodh]^ZgZkZfhf^_e_
deb_glfZehjZa]h\hjqb\b g_klj_fblkyaZihegylviZmauf_`^m\ukdZau\Zgbyfbh^gZdh
kjZam i_j_[b\Z_l dhgkmevlZglZ dh]^Z lhl gZqbgZ_l ]h\hjblv >Z`_ _keb dhgkmevlZgl
iulZ_lky \hajZablv lZdhc deb_gl g_ hklZgZ\eb\Z_lky dZd [u g_ keurZ _]h keh\
DhgkmevlZglm lh]^Z ke_^m_l g_ \klmiZlv \ dhgdmj_gpbx Z j_adh h[hj\Zlv deb_glZ b
mdZaZlv gZ g_^himklbfhklv ih^h[gh]h ih\_^_gby Klj_fe_gb_ ij_ju\Zlv dhgkmevlZglZ
fh`_l[ulvh[mkeh\e_ghg_\iheg_hkhagZggufkljZohfi_j_^dZdbfeb[h\hijhkhfbeb
\ukdZau\Zgb_f Bgh]^Z jZamfgh ijyfh kijhkblv ihgbfZ_l eb deb_gl qlh ^_eZ_l
Ijyfhc \hijhk ihfh`_l deb_glm hkhagZlv kihkh[ k\h_]h ih\_^_gby \ khklhygbb
lj_\h`ghklb
Hij_^_e_ggZy dZl_]hjby deb_glh\ aZsbsZ_lky hl lj_\h`ghklb iZjZ^hdkZevguf
iml_f Hgb k ^_fhgkljZlb\ghc hldjulhklvx jZkkdZau\Zxl h k\hbo aZ[hlZo b
kijZrb\Zxl qlh bf ^_eZlv LZd \_^ml k_[y b k dhgkmevlZglhf LZdh_ ih^q_jdgmlh_
\uiyqb\Zgb_ lj_\h`ghklb dZd ijZ\beh y\ey_lky ijhy\e_gb_f \jZ`^_[ghklb b
dhgkmevlZgl^he`_gh[jZlblvgZwlh\gbfZgb_deb_glZ
Lj_\h`ghklv fh`_l fhlb\bjh\Zlv khijhlb\e_gb_ kZfhfm ijhp_kkm
dhgkmevlbjh\Zgby Ih kms_kl\m ijhbkoh^bl khijhlb\e_gb_ hkhagZgbx \gmlj_ggbo
dhgnebdlh\ Z l_f kZfuf b mkbe_gbx lj_\h`ghklb Khijhlb\eyykv deb_gl klZjZ_lky
dhgljhebjh\Zlv k\hx hldjulhklv \ukdZau\Zlv lhevdh p_gamjbjh\Zggu_ fukeb b
qm\kl\Z[ulvdZdfh`gh[he__[_aebqghklgufih^Z\eylvk\hbqm\kl\Zihhlghr_gbxd
dhgkmevlZglm AZf_qZgby dhgkmevlZglZ ^he`gu gZijhlb\ h[jZsZlv \gbfZgb_ deb_glZ
gZ lh dZdbf h[jZahf hg ba[_]Z_l lj_\h`ghklb <u baf_gbeb l_fm [_k_^u" <u
iulZ_l_kv i_j_dexqblv \gbfZgb_ gZ f_gy" <u ohlbl_ qlh[u y mdZaZe <Zf l_fm
\ukdZau\Zgby" Fu kgh\Z \ha\jZsZ_fky gZaZ^ ² <u klj_fbl_kv gZ\yaZlv fg_
jmdh\h^kl\h[_k_^hcb li
Bgh]^Z lj_\h`ghklv aZklZ\ey_l deb_glZ g_ lhevdh khijhlb\eylvky gh b
^_fhgkljbjh\Zlv \jZ`^_[ghklv d dhgkmevlZglm qZs_ \k_]h \ kdjulhc nhjf_ Deb_gl k
ij_aj_gb_f b kZjdZafhf djblbdm_l ]emiuo dhgkmevlZglh\ dhlhjuo ihk_sZe ij_`^_
jZkkdZau\Z_l bklhjbb h[ hrb[dZo ikboheh]h\ b ikbohl_jZi_\lh\ ;he__ mlhgq_ggZy
nhjfZ gZklmie_gby gZ dhgkmevlZglZ khklhbl \ klj_fe_gbb ih^jm`blvky k gbf qlh[u
dhgkmevlZgl \hkijbgbfZe deb_glZ g_ dZd deb_glZ Z dZd ^jm]Z Lj_\h`guc deb_gl
fm`qbgZ klZjZ_lky gZclb h[sb_ bgl_j_ku k dhgkmevlZglhf b \uklmiZlv \ jheb _]h
iZjlg_jZ ih oh[[b K wlhc p_evx deb_glu ijbghkyl ihqlh\u_ fZjdb beb ^jm]b_
dhee_dpbhgbjm_fu_ij_^f_luklj_fykvhkms_kl\blvh[f_gijb]eZrZxldhgkmevlZglZ
gZqZrdmdhn_bebh[_^b li @_gsbgu\_^mlk_[ykoh^gufh[jZahfghk oZjZdl_jghc
^ey gbo ki_pbnbdhc ² klZjZxlky ih^q_jdgmlv k\hx `_gkdmx ijb\e_dZl_evghklv
^_fhgkljbjmxl fZl_jbgkdh_ beb k_kljbgkdh_ ih\_^_gb_ ijhy\eyxl haZ[hq_gghklv
\g_rgbf \b^hf b a^hjh\v_f dhgkmevlZglZ qlh kha^Z_l m gbo beexabx ^jm`_kdbo
hlghr_gbc LZdh_ ih\_^_gb_ deb_glh\ gZijZ\e_gh gZ mgbqlh`_gb_ dhgkmevlZglZ dZd
ijhn_kkbhgZeZ ih[m`^Zxsbfb fhlb\Zfb \uklmiZxl kljZo b lj_\h`ghklv hljbpZgb_
k_jv_aghklbijh[e_f?kebdhgkmevlZglih^^Z_lky\ebygbxb ^_ckl\bl_evghklZgh\blky
^jm]hfdeb_glZ\hagbdZ_lfgh]hk_jv_aguoljm^ghkl_c\ dhgkmevlZlb\ghfdhglZdl_b
fh`ghkdZaZlvdhgkmevlbjh\Zgb_dZdlZdh\h_aZdZgqb\Z_lky
Dhgkmevlbjmy lj_\h`guo deb_glh\ \Z`gh agZlv g_ lhevdh kihkh[u dhlhjufb
hgb fZkdbjmxl k\hx lj_\h`ghklv gh b kj_^kl\Z k ihfhsvx dhlhjuo klj_fylky
ba[Z\blvky hl g_ijbylgh]h \ha^_ckl\by lj_\h`ghklb Wlbfb kj_^kl\Zfb kem`Zl
f_oZgbafu ikboheh]bq_kdhc aZsblu dhlhju_ \i_j \u_ hibkZeb 6 )UHXG b _]h ^hqv $
)UHXG F_oZgbafu nmgdpbhgbjmxl Z\lhfZlbq_kdb gZ [_kkhagZl_evghf mjh\g_
Bkihevah\Zgb_ aZsblguo f_oZgbafh\ ^ey mf_gvr_gby lj_\h`ghklb g_ ij_^klZ\ey_l
iZlheh]bb ihdZ g_ klZgh\blky mljbjh\Zgguf b g_ gZqbgZ_l bkdZ`Zlv ihgbfZgb_
j_Zevghklb b h]jZgbqb\Zlv ]b[dhklv ih\_^_gby HibkZgh fgh]h f_oZgbafh\
ikboheh]bq_kdhcaZsbluHoZjZdl_jbam_f\djZlp_hkgh\gu_bagbo
 <ul_kg_gb_ Wlh ijhp_kk g_ijhba\hevgh]h mkljZg_gby \ [_kkhagZl_evgh_
g_ijb_fe_fuo fuke_c ih[m`^_gbc beb qm\kl\ )UHXG ih^jh[gh hibkZe aZsblguc
f_oZgbaf fhlb\bjh\Zggh]h aZ[u\Zgby Hg b]jZ_l kms_kl\_ggmx jhev \ nhjfbjh\Zgbb
kbfilhfh\Dh]^Z^_ckl\b_wlh]hf_oZgbafZ^eymf_gvr_gby lj_\h`ghklb hdZau\Z_lky
g_^hklZlhqguf ih^dexqZxlky ^jm]b_ aZsblgu_ f_oZgbafu iha\heyxsb_
\ul_kg_gghfm fZl_jbZem hkhagZ\Zlvky \ bkdZ`_gghf \b^_ GZb[he__ rbjhdh ba\_klgu
^\_dhf[bgZpbbaZsblguof_oZgbafh\
Z  \ul_kg_gb_  kf_s_gb_ WlZ dhf[bgZpby kihkh[kl\m_l \hagbdgh\_gbx
nh[bq_kdboj_ZdpbcGZijbf_jgZ\yaqb\uckljZofZl_jbqlhfZe_gvdZy^hqdZaZ[he__l
ly`_ehc [he_agvx ij_^klZ\ey_l kh[hc aZsblm ijhlb\ \jZ`^_[ghklb d j_[_gdm
khq_lZxsmxf_oZgbafu\ul_kg_gbyb kf_s_gby
[  \ul_kg_gb_  dhg\_jkby khfZlbq_kdZy kbf\hebaZpby  WlZ dhf[bgZpby
h[jZam_lhkgh\mbkl_jbq_kdboj_Zdpbc
 J_]j_kkby Ihkj_^kl\hf wlh]h f_oZgbafZ hkms_kl\ey_lky g_hkhagZggh_
gbkoh`^_gb_ gZ [he__ jZggbc mjh\_gv ijbkihkh[e_gby iha\heyxsbc m^h\e_l\hjylv
`_eZgby J_]j_kkby fh`_l [ulv qZklbqghc iheghc beb kbf\hebq_kdhc ;hevrbgkl\h
wfhpbhgZevguo ijh[e_f bf_xl j_]j_kkb\gu_ q_jlu < ghjf_ j_]j_kkby ijhy\ey_lky \
b]jZo \ j_Zdpbyo gZ g_ijbylgu_ kh[ulby gZijbf_j ijb jh`^_gbb \lhjh]h j_[_gdZ
fZeur i_j\_g_p i_j_klZ_l ihevah\Zlvky lmZe_lhf gZqbgZ_l ijhkblv khkdm b li  \
kblmZpbyo ih\ur_gghc hl\_lkl\_gghklb ijb aZ[he_\Zgbyo [hevghc lj_[m_l
ih\ur_ggh]h\gbfZgbyb hi_db < iZlheh]bq_kdbonhjfZoj_]j_kkbyijhy\ey_lkyijb
ikbobq_kdbo[he_agyohkh[_gghijbrbahnj_gbb
 Ijh_dpby Wlh f_oZgbaf hlg_k_gby d ^jm]hfm ebpm beb h[t_dlm fuke_c
qm\kl\fhlb\h\b `_eZgbcdhlhju_gZkhagZl_evghfmjh\g_bg^b\b^m k_[yhl\_j]Z_l
G_q_ldb_ nhjfu ijh_dpbb ijhy\eyxlky \ ih\k_^g_\ghc `bagb Fgh]b_ ba gZk
kh\_jr_ggh g_djblbqgu d k\hbf g_^hklZldZf b k e_]dhklvx aZf_qZxl bo lhevdh m
^jm]bo Fu kdehggu \bgblv hdjm`Zxsbo \ kh[kl\_gguo [_^Zo Ijh_dpby [u\Z_l b
\j_^hghkghc ihlhfm qlh ijb\h^bl d hrb[hqghc bgl_jij_lZpbb j_Zevghklb Wlhl
f_oZgbaf qZklh kjZ[Zlu\Z_l m g_aj_euo b jZgbfuo ebqghkl_c < kemqZyo iZlheh]bb
ijh_dpby ijb\h^bl d ]ZeexpbgZpbyf b [j_^m dh]^Z l_jy_lky kihkh[ghklv hlebqZlv
nZglZabbhlj_Zevghklb
Bgljh_dpby Wlhkbf\hebq_kdZybgl_jgZebaZpby \dexq_gb_\ k_[y q_eh\_dZ
beb h[t_dlZ >_ckl\b_ f_oZgbafZ ijhlb\hiheh`gh ijh_dpbb Bgljh_dpby \uihegy_l
hq_gv \Z`gmx jhev \ jZgg_f jZa\blbb ebqghklb ihkdhevdm gZ __ hkgh\_ mk\Zb\Zxlky
jh^bl_evkdb_ p_gghklb b b^_Zeu F_oZgbaf ZdlmZebabjm_lky \h \j_fy ljZmjZ ijb
ihl_j_ [ebadh]h q_eh\_dZ K ihfhsvx bgljh_dpbb mkljZgyxlky jZaebqby f_`^m
h[t_dlZfbex[\bb kh[kl\_gghcebqghklvxIhjhc\f_klhhaeh[e_gghklbbebZ]j_kkbb
ih hlghr_gbx d ^jm]bf ex^yf mgbqb`bl_evgu_ ih[m`^_gby ij_\jZsZxlky \
kZfhdjblbdm kZfhh[_kp_gb\Zgb_ ihlhfm qlh ijhbahreZ bgljh_dpby h[\bgy_fh]h
LZdh_qZklh\klj_qZ_lkyijb^_ij_kkbb
 JZpbhgZebaZpby Wlh aZsblguc f_oZgbaf hijZ\^u\Zxsbc fukeb qm\kl\Z
ih\_^_gb_ dhlhju_ gZ kZfhf ^_e_ g_ijb_fe_fu JZpbhgZebaZpby ² kZfuc
jZkijhkljZg_gguc f_oZgbaf ikboheh]bq_kdhc aZsblu ihlhfm qlh gZr_ ih\_^_gb_
hij_^_ey_lkyfgh`_kl\hfnZdlhjh\b dh]^Z fu h[tykgy_f _]hgZb[he__ ijb_fe_fufb
^eyk_[yfhlb\ZfblhjZpbhgZebabjm_f;_kkhagZl_evgucf_oZgbafjZpbhgZebaZpbbg_
ke_^m_l kf_rb\Zlv k ij_^gZf_j_ggufb eh`vx h[fZghf beb ijbl\hjkl\hf
JZpbhgZebaZpbyihfh]Z_lkhojZgylvkZfhm\Z`_gb_ba[_`Zlvhl\_lkl\_gghklbb \bgu<
ex[hcjZpbhgZebaZpbbbf__lkyohly[ufbgbfZevgh_dhebq_kl\hijZ\^uh^gZdh\ g_c
[hevr_kZfhh[fZgZihwlhfmhgZb hiZkgZ
 Bgl_ee_dlmZebaZpby Wlhl aZsblguc f_oZgbaf ij_^iheZ]Z_l ij_m\_ebq_ggh_
bkihevah\Zgb_ bgl_ee_dlmZevguo j_kmjkh\ \ p_eyo mkljZg_gby wfhpbhgZevguo
i_j_`b\Zgbc b qm\kl\ Bgl_ee_dlmZebaZpby l_kgh k\yaZgZ k jZpbhgZebaZpb_c b
ih^f_gy_l i_j_`b\Zgb_ qm\kl\ jZafure_gbyfb h gbo gZijbf_j \f_klh j_Zevghc
ex[\b²jZa]h\hjuh ex[\b 
 Dhfi_gkZpby Wlh [_kkhagZl_evgZy ihiuldZ ij_h^he_gby j_Zevguo b
\hh[jZ`Z_fuo g_^hklZldh\ Dhfi_gkZlhjgh_ ih\_^_gb_ mgb\_jkZevgh ihkdhevdm
^hklb`_gb_ klZlmkZ y\ey_lky \Z`ghc ihlj_[ghklvx ihqlb \k_o ex^_c Dhfi_gkZpby
fh`_l [ulv khpbZevgh ijb_fe_fhc ke_ihc klZgh\blky agZf_gbluf fmaudZglhf  b
g_ijb_fe_fhc dhfi_gkZpbygbadh]hjhklZ²klj_fe_gb_fd \eZklbb Z]j_kkb\ghklvx
dhfi_gkZpby bg\Zeb^ghklb ² ]jm[hklvx b dhgnebdlghklvx  ?s_ \u^_eyxl ijyfmx
dhfi_gkZpbx klj_fe_gb_ d mki_om \ aZ\_^hfh ijhb]jurghc h[eZklb  b dhk\_ggmx
dhfi_gkZpbx klj_fe_gb_ml\_j^blvk_[y\ ^jm]hckn_j_ 
J_Zdlb\gh_nhjfbjh\Zgb_ WlhlaZsblgucf_oZgbafih^f_gy_lg_ijb_fe_fu_
^ey hkhagZgby ih[m`^_gby ]bi_jljhnbjh\Zggufb ijhlb\hiheh`gufb l_g^_gpbyfb
AZsblZghkbl^\mklmi_gqZlucoZjZdl_jKgZqZeZ\ul_kgy_lkyg_ijb_fe_fh_`_eZgb_Z
aZl_f mkbeb\Z_lky _]h Zglbl_aZ GZijbf_j ij_m\_ebq_ggZy hi_dZ fh`_l fZkdbjh\Zlv
qm\kl\h hl\_j`_gby ij_m\_ebq_ggh_ keZsZ\h_ b \_`eb\h_ ih\_^_gb_ fh`_l kdju\Zlv
\jZ`^_[ghklvb li
HljbpZgb_ Wlhf_oZgbafhl\_j`_gbyfuke_cqm\kl\`_eZgbcihlj_[ghkl_c
beb j_Zevghklb dhlhju_ g_ijb_fe_fu gZ khagZl_evghf mjh\g_ Ih\_^_gb_ lZdh\h
keh\gh ijh[e_fu g_ kms_kl\m_l Ijbfblb\guc f_oZgbaf hljbpZgby \ [hevr_c f_j_
oZjZdl_j_g ^ey ^_l_c _keb kijylZlv ]heh\m ih^ h^_yehf lh j_Zevghklv i_j_klZg_l
kms_kl\h\Zlv  <ajhkeu_ qZklh bkihevamxl hljbpZgb_ \ kemqZyo djbabkguo kblmZpbc
g_bae_qbfZy[he_agvijb[eb`_gb_kf_jlbihl_jy[ebadh]hq_eh\_dZb li 
 Kf_s_gb_ Wlh f_oZgbaf gZijZ\e_gby wfhpbc hl h^gh]h h[t_dlZ d [he__
ijb_fe_fhcaZf_g_GZijbf_jkf_s_gb_Z]j_kkb\guoqm\kl\hljZ[hlh^Zl_eygZqe_gh\
k_fvb beb ^jm]b_ h[t_dlu Kf_s_gb_ ijhy\ey_lky ijb nh[bq_kdbo j_Zdpbyo dh]^Z
lj_\h`ghklvhlkdjulh]h\ [_kkhagZl_evghfdhgnebdlZi_j_ghkblkygZ\g_rgbch[t_dl
< ikboheh]bq_kdhf dhgkmevlbjh\Zgbb fu dZd ijZ\beh klZedb\Z_fky k
bkihevah\Zgb_fg_ijb]h^guoaZsblguof_oZgbafh\^eyij_h^he_gbylj_\h`ghklb
Hq_gv \Z`gh iha\heblv deb_glm \u]h\hjblvky b \ujZablv k\hx lj_\h`ghklv
ihlhfm qlh [_kihdhcguc deb_gl fZeh qlh keurbl ^h g_]h g_ ^hoh^yl m\_s_\Zgby
dhgkmevlZglZ G_\ukdZaZggZy lj_\h`ghklv [_a]jZgbqgZ Dh]^Z hgZ h^_\Z_lky \
keh\_kgmx h[hehqdm lh nbdkbjm_lky \ ij_^_eZo keh\ b klZgh\blky h[t_dlhf dhlhjuc
fh`_l m\b^_lv dZd deb_gl lZd b dhgkmevlZgl Ijhbkoh^bl agZqbl_evgh_ mf_gvr_gb_
^_ahj]Zgbamxs_c kbeu lj_\h`ghklb Ke_^h\Zl_evgh k lj_\h`guf deb_glhf
g_h[oh^bfhh[km`^Zlv_]hkhklhygb_G_evayaZ[u\Zlvqlhfubf__f^_ehihkms_kl\m
kh kdjulufb \ [_kkhagZl_evghf qm\kl\Zfb ihwlhfm [_kihe_agh ^Z\blv gZ deb_glZ
qlh[u hg kdhj__ gZa\Ze ijbqbgu k\h_c lj_\h`ghklb DhgkmevlZgl ^he`_g ijhy\blv
ihgbfZgb_b l_jibfhklvG_gZ^hlZd`_ih^^Z\Zlvkybkdmr_gbxjZkkm`^Zlvh klj_kkZo
b gZijy`_gbb k\hckl\_gguo gZr_fm \j_f_gb Wlh h[uqgh g_ aZljZ]b\Z_l kljZ^Zgbc
dhgdj_lgh]h deb_glZ Q_eh\_dm jZa^bjZ_fhfm \gmlj_ggbf g_\_j[Zebabjm_fuf
dhgnebdlhf g_ ke_^m_l hldZau\Zlv \ ihfhsb baaZ ydh[u wdabkl_gpbZevghc ijbjh^u
_]h lj_\h`ghklb Wdabkl_gpbZevgZy lj_\h]Z kms_kl\m_l h^gZdh [hevrbgkl\h deb_glh\
h[jZsZ_lkyg_baaZg__

DHGKMEVLBJH<:GB?IJBJ?:DPBYOKLJ:O:B NH;BYO
M`_ mihfbgZehkv qlh [ebadbf d lj_\h`ghklb khklhygb_f y\ey_lky kljZo Gh
lj_\h`ghklv\ hlebqb_hlkljZoZg_bf__lhij_^_e_ggh]hh[t_dlZkljZo`_\k_]^Zk\yaZg
k dhgdj_lguf h[t_dlhf hdjm`_gby ebphf ij_^f_lhf kh[ulb_f  KljZo bf__l
[bheh]bq_kdmxagZqbfhklvlZddZdhojZgy_lhlfgh]bohiZkghkl_c;_aqm\kl\ZkljZoZ
fuhdZaZebkv[ue_]dhmya\bfu
< ikboheh]bq_kdhfdhgkmevlbjh\Zgbbfu\klj_qZ_fkyk ^\mfylbiZfbkljZoh\²
ghjfZevguf ihgbfZ_fuf dZd _kl_kl\_ggZy j_Zdpby b iZlheh]bq_kdbf h[uqgh
gZau\Z_fufnh[b_cQlh[udhgkmevlZglfh]wnn_dlb\ghhdZau\Zlvihfhsvhg^he`_g
ihgbfZlvikboheh]bq_kdbckfukeb ikboh^bgZfbdmjZagh]hjh^ZkljZoh\
QZs_ \k_]h deb_glu h[jZsZxlky ih ih\h^m dhgdj_lguo kljZoh\ k\yaZgguo k
dZdbfblh\Z`gufbkh[ulbyfb [hyagvwdaZf_gZkljZoi_j_^objmj]bq_kdhchi_jZpb_c
b li  < lZdbo kemqZyo kgZqZeZ ke_^m_l ihfhqv deb_glm ihgylv kfuke kh[ulby
\ua\Z\r_]h qm\kl\h kljZoZ jZah[jZlvky \ dZdhc kl_i_gb _]h j_Z]bjh\Zgb_ gZ wlh
kh[ulb_y\ey_lkyhijZ\^Zggufb Z^_d\Zlguf
 -DQLV \uihegbe ihdZaZl_evgh_ bkke_^h\Zgb_  pbl ih .HQQHG\   Hg
bamqZekljZom [hevguoobjmj]bq_kdh]h hl^_e_gbyb \u^_ebe ljb lbiZ wfhpbhgZevguo
j_Zdpbc
 IZpb_glu i_j\hc ]jmiiu i_j_`b\Zeb hkh[_ggh kbevguc kljZo i_j_^
hi_jZpb_c Hgb hldjulh ]h\hjbeb h k\h_c haZ[hq_gghklb klZjZebkv dZdlh hleh`blv
hi_jZpbx g_ fh]eb aZkgmlv [_a mkihdhbl_evguo e_dZjkl\ b ihklhyggh bkdZeb
khqm\kl\by b ih^^_j`db m i_jkhgZeZ [hevgbpu >ey wlbo iZpb_glh\ b ihke_ hi_jZpbb
[ueZoZjZdl_jgZagZqbl_evgh[hevrZylj_\h`ghklvq_f^eyhklZevguo
 IZpb_glu \lhjhc ]jmiiu bkiulu\Zeb i_j_^ hi_jZpb_c mf_j_gguc kljZo
Bgh]^Z hgb \ukdZau\Zeb haZ[hq_gghklv hl^_evgufb Zki_dlZfb ij_^klhys_c hi_jZpbb
gZijbf_jkihkh[hfh[_a[heb\Zgby b ijhkbebij_^hklZ\blvijZ\^b\mxbgnhjfZpbxh
lhfqlhk gbfb[m^ml^_eZlvOhlywlbiZpb_glub qm\kl\h\Zebk_[ymya\bfufbl_fg_
f_g__ij_^f_lhfbohaZ[hq_gghklb[uebj_Zevgu_Z g_\hh[jZ`Z_fu_hiZkghklbIhke_
hi_jZpbb m gbo gZ[ex^Zebkv ebrv g_agZqbl_evgu_ wfhpbhgZevgu_ gZjmr_gby Hgb
ohjhrhkhljm^gbqZebk i_jkhgZehf[hevgbpu
 IZpb_glu lj_lv_c ]jmiiu ihqlb g_ bkiulu\Zeb gbdZdh]h kljZoZ i_j_^
hi_jZpb_cHgbiheh`bl_evghkfhlj_ebgZlhqlh^he`ghijhbahclbohjhrhkiZebBo
h`b^Zgby \ hlghr_gbb hi_jZpbb \u]ey^_eb qj_af_jgh hilbfbklbqgufb Ihke_
hi_jZpbb klhedgm\rbkv k ihke_hi_jZpbhggufb [heyfb wlb iZpb_glu [_a dhgpZ
`Zeh\Zebkv gZ k\h_ kZfhqm\kl\b_ klZgh\bebkv aeufb b Z]j_kkb\gufb b k\hx aeh[m
\uie_kdb\ZebgZi_jkhgZe[hevgbpu
-DPV k^_eZe \u\h^ qlh kljZo kj_^g_c kl_i_gb ihe_a_g ihlhfm qlh ]hlh\bl
q_eh\_dZd klhedgh\_gbxk j_ZevgufbhiZkghklyfbb [m^msbfbh]jZgbq_gbyfb<_kvfZ
\Z`ghc^eyiZpb_glh\hdZaZeZkvij_^\Zjbl_evgZybgnhjfZpbyh kh[ulbbdhlhjh]hhgb
[hyebkv IZpb_glu lj_lv_c ]jmiiu dZaZebkv [_kkljZrgufb g_ bgl_j_kh\Zebkv qlh
fh`_l kemqblvky k gbfb ihwlhfm klhedgh\_gb_ k ihke_hi_jZpbhggufb [heyfb [ueh
g_h`b^Zgguf
FZl_jbZeu wlh]h bkke_^h\Zgby kms_kl\_ggu ^ey dhgkmevlbjh\Zgby deb_glh\ kh
kljZohf Ij_`^_ \k_]h gZijZrb\Z_lky ml\_j`^_gb_ qlh g_ gm`gh ihfh]Zlv deb_glZf
iheghklvxba[Z\eylvkyhlkljZoZZ lZd`_g_ke_^m_lkdju\ZlvbgnhjfZpbxdhlhjZygZ
i_j\uc \a]ey^ dZ`_lky im]Zxs_c BgnhjfZpby ij_^klZ\e_ggZy ^he`guf h[jZahf
lhevdhih^]hlZ\eb\Z_ld ly`dbfkh[ulbyfHij_^_e_ggZy^heykljZoZfh`_l hdZaZlvky
p_ebl_evghc DhgkmevlZgl ^he`_g ihfhqv deb_glm dhgkljmdlb\gh \hkihevah\Zlvky
kljZohf
;hevrmxkeh`ghklvij_^klZ\ey_ldhgkmevlbjh\Zgb_deb_glh\k nh[byfbHkgh\m
iZlheh]bq_kdbokljZoh\khklZ\ey_l]em[hdhkdjulZylj_\h`ghklvKmsghklvf_oZgbafZ
nhjfbjh\Zgbynh[bcaZdexqZ_lky\ kf_s_gbblj_\h`ghklbhli_j\bqghckblmZpbbbeb
h[t_dlZ \ua\Z\rbo [_kihdhckl\h gZ ^jm]mx kblmZpbx beb h[t_dl Q_eh\_d gZqbgZ_l
[hylvky \_s_c dhlhju_ y\eyxlky ebrv aZf_klbl_eyfb h[t_dlh\ i_j\bqgh]h
[_kihdhckl\Z LZdh_ kf_s_gb_ ijhbkoh^bl \ke_^kl\b_ g_jZaj_r_gguo \gmlj_ggbo
dhgnebdlh\
BlZd nh[bb ih^jZamf_\Zxl aZf_s_gb_ i_j_`b\Zgby lj_\h`ghklb kljZohf ijb
wlhf \u[bjZ_lky ki_pbnbqguc b dhgdj_lguc h[t_dl beb kblmZpby \f_klh
g_hij_^_e_gghc gZijZ\e_gghklb lj_\h`ghklb Bkiulu\Zlv kljZo lh`_ g_ijbylgh
h^gZdh wlZ g_ijbyagv [he__ ijb_fe_fZ Ih djZcg_c f_j_ agZ_rv q_]h [hbrvky qlh
fh`_lj_Zevghih\j_^blvb dZdba[_`ZlvhiZkghklbl _kljZo\ hlebqb_hllj_\h`ghklb
ih^^Z_lkydhgljhex
DhgkmevlZglg_^he`_gijhy\eylvihki_rghklv\ bgl_jij_lbjh\Zgbb\gmlj_ggbo
dhgnebdlh\ deb_glZ gZ hkgh\Zgbb _]h dhgdj_lghc nh[bb < bgl_jij_lZpbyo hq_gv
g_gZ^_`ghhkgh\u\ZlvkygZkbf\hebq_kdhfkfuke_nh[bbAZh^ghcb lhc`_nh[b_cm
jZaguo ex^_c fh]ml kdju\Zlvky jZagu_ dhgnebdlu Kfuke nh[bc kbevgh aZ\bkbl hl
bg^b\b^mZevghc bklhjbb `bagb deb_glZ ihwlhfm g_ ljm^gh hrb[blvky ih^^Z\rbkv
kh[eZagmih\_joghklgh]hh[tykg_gby
Yaud nh[bc aZimlZg b keh`_g .HQQHG\   f_ldh hibku\Z_l ih\_^_gb_
deb_glh\k nh[byfbh[jZlbfkyd _]hgZ[ex^_gbyf
Kl_j`g_fg_\jhlbq_kdh]hih\_^_gbyk ij_h[eZ^Zgb_fnh[bcy\ey_lkymkbe_ggh_
ba[_]Zgb_ lj_\h]b klj_fe_gb_ h[hclb ihjh^b\rbc __ dhgnebdl Ihwlhfm deb_gl
g_j_^dh kihdhcgh ]h\hjbl h k\h_f kljZo_ gh hljbpZ_l kms_kl\h\Zgb_ ex[uo
\gmlj_ggbo dhgnebdlh\ k\yaZgguo k wlbf kljZohf DhgkmevlZgl ^he`_g [ulv ]hlh\ d
lZdhfmih\_^_gbxIhiuldbba[_`Zlvh[km`^_gbydhgnebdlZfh]mlijhy\blvkykZfufb
jZaghh[jZagufb kihkh[Zfb H[uqgh deb_glu djZcg_ hklhjh`gu \ hlghr_gbyo k
dhgkmevlZglhf Hgb kdehggu khijhlb\eylvky klj_fe_gbx dhgkmevlZglZ ]h\hjblv h
\_sZo ijh\hpbjmxsbo lj_\h`ghklv Khijhlb\e_gb_ hiylv `_ ijbgbfZ_l jZagu_
nhjfuDeb_glaZ[u\Z_l^_lZebij_^uklhjbbk\hboijh[e_fdhlhju_ijheb\Zxlk\_lgZ
kmlv ikboheh]bq_kdh]h dhgnebdlZ GZijbf_j \hagbdgh\_gb_ nh[bb dZdlh k\yaZgh k
baf_g_gbyfb`bagbdeb_glZkbkl_fuhlghr_gbc_]hebqghklbghdeb_glh[wlhf^Z`_
g_ mihfbgZ_l ohly lZdZy bgnhjfZpby \_kvfZ kms_kl\_ggZ ^ey ihgbfZgby ijbjh^u
nh[bb Khijhlb\eyxsbcky deb_gl lZd`_ fh`_l klZjZlvky m\_klb [_k_^m \ klhjhgm b
lZdbf kihkh[hf mdehgblvky hl l_fZlbdb ijh\hpbjmxs_c lj_\h`ghklv <hafh`gh
\hh[s_ ba[_]Zgb_ jZa]h\hjZ h k_[_ Wlh dklZlb deZkkbq_kdZy nhjfZ khijhlb\e_gby \
dhgkmevlbjh\Zgbb
DhgkmevlZgl ^he`_g bf_lv \ \b^m wlb lbibqgu_ q_jlu ih\_^_gby deb_glh\ k
nh[byfbihkdhevdmihjhcijboh^blkymklmiZlvdeb_glZfb g_aZljZ]b\Zlvg_ijbylgu_
l_fuqlh[ug_ijbqbgylvbfkljZ^ZgbcH^gZdhlZdZylZdlbdZg_iha\hey_lgZ^_ylvkygZ
mki_o\ dhjj_dpbbnh[bc?s_h^bgkihkh[[_]kl\Zhllj_\h]bdeb_glh\k nh[bq_kdbfb
j_Zdpbyfb ² wlh aZgylb_ kZfhe_q_gb_f Hgb ihdmiZxl f_^bpbgkdb_ dgb]b jhxlky \
ki_pbZevguo`mjgZeZoklj_fylkybkijh[h\Zlv\k_\hafh`gu_f_lh^ue_q_gbyh^gZdh
ba[_]Zxlg_ihkj_^kl\_ggh]hh[jZs_gbyd k\hbf\gmlj_ggbfdhgnebdlZf
DhgkmevlZglm \Z`gh jZah[jZlvky dZdmx \lhjbqgmx \u]h^m ba\e_dZ_l deb_gl ba
k\h_]h ljmkeb\h]h ih\_^_gby \ k_f_cguo hlghr_gbyo gZ jZ[hl_ beb \ dZdboeb[h
^jm]boh[eZklyoRZgkuihgylvdeb_glZm\_ebqb\Zxlky_kebij_^ijbgbfZ_lkyihiuldZ
kfhlj_lvgZ_]hijh[e_fubebkbfilhfu\ [he__rbjhdhfdhgl_dkl_
?s_ h^gZ hkh[_gghklv dhgkmevlbjh\Zgby deb_glh\ k nh[bq_kdbfb j_Zdpbyfb
khklhbl \ lhf qlh kljZob fh]ml i_j_^Zlvky dhgkmevlZglm ?keb lZdh_ ijhbahreh b
kZfh]hdhgkmevlZglZho\ZlbeZlj_\h`ghklvlh\hklhj`_kl\h\ZeZbkihevam_fZydeb_glhf
l_ogbdZ mdehg_gby b wlbf kemqZ_f g_ ke_^m_l aZgbfZlvky Wnn_dlb\gZy dhjj_dpby
kljZoh\lj_[m_lhldhgkmevlZglZmkbe_ggh]hkZfhdhgljhey

DHGKMEVLBJH<:GB?<J:@>?;GH
G:KLJH?GGUOB :=J?KKB<GUODEB?GLH<
G_fZeh ijh[e_f \ dhgkmevlbjh\Zgbb kha^Zxl g_]Zlb\gh gZkljh_ggu_ beb
hldjulh\jZ`^_[gu_ qlh\klj_qZ_lkyj_`_ deb_gluHkh[_gghih^jh[ghboih\_^_gb_
hibkZe %LUG   DhgkmevlZglu ihjZaghfm j_Z]bjmxl gZ lZdbo deb_glh\ h^gb gZ
\jZ`^_[ghklv hl\_qZxl jZa^jZ`bl_evghklvx b \jZ`^_[ghklvx ^jm]b_ klZjZxlky
ijhy\blv ex[_aghklv b ^jm`_kl\_gghklv iulZykv gZkljhblv deb_glh\ \ k\hx ihevam b
h[tykgblv hlkmlkl\b_ hkgh\Zgbc ^ey haeh[e_gghklb lj_lvb b]ghjbjmxl khklhygb_
deb_glh\ \_^ml k_[y lZd dZd [m^lh gbq_]h g_ kemqbehkv <hafh`gh \ g_dhlhjuo
kemqZyo ihe_agh jZkk_j^blvky gZ deb_glZ h^gZdh _s_ \Z`g__ ihgylv ijbqbgu _]h
khklhygbyDeb_glmgZ^hkdZaZlvqlhhgdZ`_lky\jZ`^_[ghgZkljh_ggufb aeufIhjhc
ihgylby haeh[e_gghklv b \jZ`^_[ghklv ij_^klZ\eyxlky kebrdhf kbevgufb ^ey
oZjZdl_jbklbdb ihwlhfm k\hb \ukdZau\Zgby ke_^m_l nhjfmebjh\Zlv g_ klhev
dZl_]hjbqgh GZijbf_j <u dZ`_l_kv q_flh g_^h\hevguf <u jZahqZjh\Zgu" G_
ohlbl_ eb <u qlhlh kdZaZlv" Wlh a\mqbl [m^lh <u jZkk_j`_gu b li ?keb
dhgkmevlZgl lhevdh ih^haj_\Z_l deb_glZ \h \jZ`^_[ghklb hg fh`_l mlhqgblv Qlh
ijhbahreh" Y qlhgb[m^v g_ijZ\bevgh kdZaZe beb k^_eZe" < ex[hf kemqZ_
klhedgm\rbkv k \jZ`^_[ghklvx deb_glZ g_ klhbl \_klb k_[y lZd keh\gh jmogme fbj
JZamf__lky g_evay k gZkf_rdhc beb ij_aj_gb_f kfhlj_lv gZ deb_glZ ² _]h
\jZ`^_[ghklv \k_]^Z ke_^m_l ljZdlh\Zlv k_jv_agh ihlhfm qlh hgZ f_rZ_l
l_jZi_\lbq_kdhfm\aZbfh^_ckl\bx
Ijbqbgug_m^h\e_l\hj_gghklbdeb_glZfh]ml[ulvijhklufb²g_gjZ\blky\b^
beb keh\Z dhgkmevlZglZ dhgkmevlZgl kebrdhf fheh^ b li Ijbqbgu dZd ijZ\beh
kms_kl\mxl Qlh[u jZah[jZlvky \ ih^hie_d_ haeh[e_gghklb deb_glZ b wnn_dlb\gh
j_Z]bjh\ZlvgZg__dhgkmevlZgl^he`_gihgbfZlvhkgh\gu_q_jluwlh]hkhklhygby
Ij_`^_\k_]haehklvg_y\ey_lkyq_flhiZlheh]bq_kdbfbebg_h[uqgufDZ`^uc
baj_^dZ k_j^blky beb lhqg__ ]h\hjy kihkh[_g jZahaeblvky G_l lZdhc `bag_gghc
kblmZpbb \ dhlhjhc g_ fh]eb [u ijhy\blvky qm\kl\h aeh[u aeZy fukev beb ^_ckl\b_
G_dhlhju_ kh\_jrZ_fu_ \ `bagb ^_eZ lZd`_ ohlv \ fZehc kl_i_gb fhlb\bjh\Zgu
aeh[hc<jZ`^_[ghklvbf__lk\hckfuke²hgZy\ey_lkykj_^kl\hfkZfhaZsbludjhf_
lh]hhgZagZqbl_evgh^_ckl\_gg__q_fkljZo BgZq_ ]h\hjy aehklv y\ey_lky g_ lhevdh
kb]gZehf ij_^mij_`^Zxsbf h[ hiZkghklb ih^h[gh lj_\h`ghklb b kljZom gh b
qm\kl\hfh[mkeh\eb\ZxsbfkZfhaZsblmhgZihjh`^Z_lZ]j_kkb\ghklv
DhgkmevlZglm \Z`gh agZlv ijhbkoh`^_gb_ haeh[e_gghklb Ijbqbgu
haeh[e_gghklb dZ`^h]h deb_glZ kdjulu \ _]h `bag_gguo h[klhyl_evkl\Zo Aehklv
bklhjbqgZ l_ bf__l k\h_ ijhreh_ m dZ`^h]h q_eh\_dZ g_ih\lhjbfh_ < l_q_gb_
`bagb hkh[_ggh \ ^_lkdb_ ]h^u nhjfbjm_lky bg^b\b^mZevguc klbev \jZ`^_[ghklb
l_ baaZ q_]h fu aebfky dZd gZdZieb\Z_lky b \uf_sZ_lky aehklv H^gb deb_glu
k_j^ylkydh]^ZdhgkmevlZgl]h\hjblih\_ebl_evguflhghf
^jm]b_ ² dh]^Z ykgh b lhqgh g_ mdZau\Z_l qlh ^_eZlv lj_lvb ² dh]^Z aZ^Z_l
fgh]hebqguo\hijhkh\ihlhfmqlhwlhdZ`_lkybfbaebrgbfex[hiulkl\hfKoh^gu_
h[klhyl_evkl\Z h^gbo deb_glh\ ^_eZxl \jZ`^_[gufb ^jm]bo ² g_l < hkgh\ghf wlb
jZaebqby h[mkeh\e_gu k\h_h[jZab_f `bag_ggh]h hiulZ DhgkmevlZglm g_e_]dh \
^hklZlhqghc f_j_ ijhke_^blv bg^b\b^mZevgmx bklhjbx haeh[e_gby deb_glZ h^gZdh
\Z`g__ \k_]h ihgylv qlh aehklv ]eZ\guf h[jZahfijb\g_k_gZ  \ dhgkmevlbjh\Zgb_ b
gZijyfmx g_ k\yaZgZ k l_f qlh ]h\hjbl b ^_eZ_l dhgkmevlZgl Bgh]^Z \ dhgdj_lguc
fhf_gl dhgkmevlZgl g_ihkj_^kl\_ggh aZf_sZ_l g_dh_]h q_eh\_dZ beb kblmZpbx ba
ijhrehc `bagb Dh]^Z deb_gl hkh[_ggh \ gZqZe_ dhgkmevlbjh\Zgby \jZ`^_[_g
ih^hajbl_e_g ahe dhgkmevlZgl ^he`_g agZlv qlh bklhqgbd wlbo qm\kl\ gZoh^blky
\gmljb kZfh]h deb_glZ G_j_^dh dhgkmevlZgl kdehg_g h[\bgylv k_[y ihkdhevdm _fm
dZ`_lky qlh deb_glu \k_]^Z m\Z`Zxl ohjhr_]h dhgkmevlZglZ b gbdh]^Z g_ ^he`gu
aeblvkygZg_]hWlhg_\_jgh²aehklvy\ey_lkymgb\_jkZevgufqm\kl\hfb g_ke_^m_l
iblZlv beexabc ih ih\h^m hlkmlkl\by \jZ`^_[ghklb ijb ohjhr_f dhgkmevlbjh\Zgbb
HgZ fh`_l \hagbdgmlv b \hagbdZ_l G_h[oh^bfh agZlv ^jm]h_ ² dhgkmevlZgl ih
hlghr_gbxd dhlhjhfmdeb_glg_fh`_lk\h[h^gh\ujZ`Zlvk\hxg_m^h\e_l\hj_gghklv
bebaehklv²iehohcdhgkmevlZgl
 < dhgkmevlbjh\Zgbb ke_^m_l bf_lv \ \b^m qlh bgh]^Z aehklv kdju\Z_l
lj_\h`ghklv< lZdbokemqZyog_h[oh^bfhihfhqvdeb_glmjZah[jZlvky\ _]hih^ebgguo
qm\kl\Zob lZdbfh[jZahfljZgknhjfbjh\Zlv\jZ`^_[ghklv
Ohly dhgkmevlZglm g_e_]dh hklZ\Zlvky kihdhcguf ijb klhedgh\_gbb k
haeh[e_gghklvx deb_glZ b \ukemrb\Zlv g_ijbylgu_ \_sb h k_[_ h^gZdh g_ gZ^h
aZ[u\Zlv qlh hl\_qZlv \jZ`^_[ghklvx ² agZqbl ijh\hpbjh\Zlv _s_ [hevrmx
\jZ`^_[ghklv
DhgkmevlZgl h[yaZg hkhagZlv k\hb qm\kl\Z \ ih^h[guo kblmZpbyo
b^_glbnbpbjh\Zlv k\h_ g_^h\hevkl\h qlh[u wnn_dlb\g__ ihfhqv deb_glm ij_h^he_lv
_]h haeh[e_gghklv Dh]^Z gZ \jZ`^_[ghklv deb_glZ fu g_ hl\_qZ_f
g_^h[jh`_eZl_evghklvx \ dhg_qghf kq_l_ m\_ebqb\Z_lky h[hx^gh_ ihgbfZgb_
\hajZklZ_lkhljm^gbq_kl\h\ ^hklb`_gbbh[sbop_e_c
Kms_kl\m_l [hevrZy jZagbpZ f_`^m haeh[e_gghklvx deb_glZ \hagbdZxs_c \
ijhp_kk_ dhgkmevlbjh\Zgby b ijyfufb hkdhj[e_gbyfb \ Z^j_k dhgkmevlZglZ D
hkdhj[e_gbyfdhgkmevlZglgb \dh_fkemqZ_g_^he`_ghklZ\Zlvkylhe_jZglguflZddZd
hgb \j_^yl lZd`_ kZfhfm deb_glm H[uqgh Z]j_kkby ih hlghr_gbx d dhgkmevlZglm
\ujZ`Z_lky dhk\_ggh H^bg ba \ZjbZglh\ lZdh]h ih\_^_gby ² ihjbpZgb_ dhee_]
dhgkmevlZglZ k dhlhjufb deb_gl \klj_qZeky ij_`^_ Bgh]^Z ij_l_gabb [u\Zxl
kijZ\_^eb\u ihkdhevdm g_ \k_ ikboheh]b b ikbohl_jZi_\lu kh\_jr_ggu b wlbqgu \
k\h_fih\_^_gbbGh\ [hevrbgkl\_kemqZ_\khh[sZ_lkybebihegZyg_ijZ\^Zbebhq_gv
bkdZ`_ggZy bgnhjfZpby Ih kms_kl\m lZdbf h[jZahf deb_gl \ugm`^Z_l dhgkmevlZglZ
kh]eZkblvky k gbf beb ijh\hpbjm_l ^bkdmkkbx H[_ ebgbb ih\_^_gby g_ijb_fe_fu
DhgkmevlZglqm\kl\m_lk_[yg_mxlghZ deb_gl`^_lhl\_lZ< lZdbokemqZyoke_^m_lg_
dhgdj_lbabjmy k\h_c ihabpbb ijhklh ^Zlv deb_glm \hafh`ghklv iheg__ ih^_eblvky
k\hbfbi_j_`b\Zgbyfb Qlh dZkZ_lky g_dhgljhebjm_fhc \jZ`^_[ghklb d dhgkmevlZglm
gZihfgbf rbjhdh jZkijhkljZg_gguc fbn h[ hkh[hc hiZkghklb dhgkmevlbjh\Zgby
ikbobq_kdb[hevguoGZkZfhf^_e_j_ZevgmxhiZkghklv ij_^klZ\eyxl ebrv g_fgh]b_
lZdb_ [hevgu_ kljZ^Zxsb_ iZjZghb^ghc rbahnj_gb_c fZgb_c hj]Zgbq_kdbfb
gZjmr_gbyfb ikbobdb  ;hevrbgkl\h ba gbo \k_lZdb dhgljhebjmxl k\hx
Z]j_kkb\ghklv H^gZdh ijb \hagbdgh\_gbb hiZkghc kblmZpbb dhgkmevlZglm g_ gm`gh
^_fhgkljbjh\Zlv g_mf_klguc ]_jhbaf HklZ\Zykv kihdhcguf b g_ m]jh`Zy deb_glm
ke_^m_l kdZaZlv qlh Z]j_kkb\gh_ ih\_^_gb_ g_^himklbfh b \ kemqZ_ g_h[oh^bfhklb
[m^mlijbgylu^bkpbiebgZjgu_f_ju< gZklZ\e_gbbg_^he`gZa\mqZlv\jZ`^_[ghklv
H[uqghdjblbqgu_deb_glukfbjyxlkyk h]jZgbq_gbyfbihlhfmqlhkZfbh[_kihdh_gu
ihke_^kl\byfbk\h_]hih\_^_gby
=hjZa^h qZs_ \ dhgkmevlbjh\Zgbb \klj_qZ_lky kdjulZy \jZ`^_[ghklv dhlhjmx
dhgkmevlZgl g_\hevgh qm\kl\m_l KijZ\blvky k g_c keh`g__ q_f k hldjh\_gghc
Z]j_kkb\ghklvx ;hevrbgkl\h deb_glh\ [u\Zxl g_ ]hlh\u d b^_glbnbdZpbb aZlZ_gghc
\jZ`^_[ghklb ^Z b dhgkmevlZglm g_[_ahiZkgh ij_\jZsZlv kdjulmx \jZ`^_[ghklv \
hldjulmx L_f g_ f_g__ _keb \ [_k_^_ k deb_glhf fu ihqm\kl\m_f qlhlh g_^h[jh_
ke_^m_lihfhqv_fm\_j[Zebah\Zlvk\hbi_j_`b\Zgbyhldjulh\ujZablvboihlhfmqlh
ex[u_ g_\ujZ`_ggu_ kbevgu_ wfhpbb hkh[_ggh hljbpZl_evgu_ ^_ahj]Zgbamxl
eh]bq_kdh_ fure_gb_ b ih\_^_gb_ kihkh[kl\mxl \hagbdgh\_gbx ikbohkhfZlbq_kdbo
kbfilhfh\ b aZljm^gyxl ijhp_kk dhgkmevlbjh\Zgby D \hijhkm kdjulhc \jZ`^_[ghklb
fu _s_ \_jg_fky \ jZa^_e_ h[ hkh[_gghklyo dhgkmevlbjh\Zgby deb_glh\ k
ikbohkhfZlbq_kdbfb`Zeh[Zfb

HKH;?GGHKLBDHGKMEVLBJH<:GBYG?FHLB<BJH<:GGUO
DEB?GLH<
Dh]^Z q_eh\_d bs_l ikboheh]bq_kdhc ihfhsb hg h[uqgh gZ^__lky qlh \ _]h
`bagb \hafh`gu iheh`bl_evgu_ i_j_f_gu H^gZdh bgh]^Z ex^b ihiZ^Zxl d
dhgkmevlZglm g_ ih k\h_c \he_ b hl\_j]Zxl jhev deb_glZ gZ\yau\Z_fmx ^jm]bfb
ebpZfb GZijbf_j deb_gl ]h\hjbl Fhy `_gZ ihlj_[h\ZeZ qlh[u y ijbr_e kx^Z
h^gZdhg_^mfZxqlh<ukfh`_l_fg_ihfhqvG_dhlhju_h[jZsZxlkyd dhgkmevlZglm
k _^bgkl\_gguf gZf_j_gb_f ² ^hdZaZlv qlh gbdlh g_ kihkh[_g bf ihfhqv Wlbf
deb_glZf\ ijhp_kk_dhgkmevlbjh\Zgbyg_^hklZ_lfhlb\Zpbb
G_`_eZgb_ [ulv h[t_dlhf qv_ceb[h ihfhsb ² kh\_jr_ggh ghjfZevgh b
ihgylgh ijb hljbpZgbb khhl\_lkl\mxsbo ijh[e_f ?keb q_eh\_d kqblZ_l qlh g_
gm`^Z_lky\ ihfhsbhg\h\k_g_^he`_gkdju\ZlvwlhhldhgkmevlZglZ
LZdZy kblmZpby ij_^klZ\ey_l kh[hc hq_\b^guc bklhqgbd klj_kkZ ^ey
dhgkmevlZglZ ex[hc l_hj_lbq_kdhc hjb_glZpbb G_ \Z`gh \ dZdhf mqj_`^_gbb wlh
ijhbkoh^blDhgkmevlZgl\ugm`^_ge_qblvZ^Zilbjh\Zlvq_eh\_dZijhlb\_]h\heb
GZ^_`^uex^_cgZijZ\b\rbodeb_glZeh`ZlkygZie_qbdhgkmevlZglZly`_ehcghr_cb
klZgh\ylky k\h_h[jZaguf wdaZf_ghf _]h mf_gbc b gZ\udh\ DhgkmevlZglm dZd [u
]h\hjyl<u^he`gumf_lvihfh]Zlv<Zfij_^hklZ\ey_lky\hafh`ghklv^hdZaZlvwlh
;hevrbgkl\h dhgkmevlZglh\ bkiulu\Zxl h[yaZgghklv i_j_\hkiblZlv deb_glh\ Wlh
ijh^bdlh\Zgh bo b^_ZeZfb kbkl_fhc p_gghkl_c hilbfbklbq_kdhc hp_gdhc k\hbo
\hafh`ghkl_c Ihwlhfm g_fhlb\bjh\Zgguc deb_gl [jhkZ_l \uah\ klj_fe_gbx lZdbo
dhgkmevlZglh\ihfhqvex[hcp_ghc
?keb m deb_glZ hlkmlkl\m_l fhlb\Zpby fu h[uqgh h[gZjm`b\Z_f qlh
gZijZ\b\rb__]hex^bj_rZxllZdbfh[jZahfk\hbijh[e_fub ljZdlmxldhgkmevlZglZ\
dZq_kl\_gZdZamxs_ckbeuHkh[_ggh\ukhdijhp_glijbgm^bl_evghdhgkmevlbjm_fuo\
rdheZo
?keb g_fhlb\bjh\Zgguc deb_gl \k_lZdb \ugm`^_g ih dZdbfeb[h ijbqbgZf
ihk_sZlvdhgkmevlZglZh[uqghk\h_g_`_eZgb_ih^^_j`b\ZlvdhgkmevlZlb\gucdhglZdl
hg\ujZ`Z_lihjZaghfm²ijhimkdZ_l\klj_qbhiZa^u\Z_l[_ajZaebq_gdh \k_fm qlh
ijhbkoh^bl\h\j_fydhgkmevlbjh\ZgbyhldZau\Z_lkyijbgylv^hexhl\_lkl\_gghklbaZ
ijhp_kk dhgkmevlbjh\Zgby Hkh[_ggh qZklh k\h_ khijhlb\e_gb_ deb_glu \ujZ`Zxl
fheqZgb_f H[uqgh wlh fheqZgb_ ^ey dhgkmevlZglZ [u\Z_l hq_gv ]jhfdbf Bgh]^Z
deb_gl mgueh djmlbl im]h\bpm b \k_f k\hbf \b^hf ihdZau\Z_l qlh hg ijhklh
hlkb`b\Z_l \ dZ[bg_l_ <jZ`^_[ghklv fh`_l \ujZ`Zlvky b ijyfh GZijbf_j deb_gl
]h\hjblIjboh^blvb ijh\h^blvk <Zfb\j_fy²g_fhyb^_y
DZaZehkv [u kZfh_ ijhklh_ j_r_gb_ dhlhjh_ gZijZrb\Z_lky ² hldZaZlvky
jZ[hlZlv k ebpZfb g_ bf_xsbfb ^hklZlhqghc fhlb\Zpbb d kh\_jr_gkl\h\Zgbx b
i_j_f_gZf k\h_c `bagb H^gZdh wlh g_ \k_]^Z \hafh`gh DhgkmevlZgl ihfbfh aZgylby
qZklghc ijZdlbdhc h[uqgh ljm^blky \ dZdhceb[h hj]ZgbaZpbb rdheZ debgbdZ
dhgkmevlZlb\guc p_glj  K\h_c jZ[hlhc hg g_ lhevdh m^h\e_l\hjy_l bg^b\b^mZevgu_
p_eb gh b kem`bl j_ZebaZpbb p_e_c mqj_`^_gby DhgkmevlZgl \ugm`^_g hdZau\Zlv
ihfhsvebpZfdhlhju_g_kZfbh[jZlbebkvaZg_cZ gZijZ\e_gumqbl_e_f\jZqhfbeb
ijb\_^_gu jh^bl_eyfb H[yaZgghklv ihfh]Zlv q_eh\_dm dhlhjuc lh]h g_ `_eZ_l
\uau\Z_lklj_kkZ g_j_^dhijhlb\hj_qblfbjh\haaj_gbxdhgkmevlZglZ< lZdbokemqZyo
.HQQHG\   ij_^eZ]Z_l \hkihevah\Zlvky l_jZib_c j_Zevghklvx hkgh\hiheh`gbd ²
: *ODVVHU  l_ ijb g_\hafh`ghklb baf_gblv h[klhyl_evkl\Z ke_^m_l hldZaZlvky hl
k\hbo mklZgh\hd Ijbf_gbl_evgh d g_fhlb\bjh\Zgguf deb_glZf ^Zgguc ijbgpbi
hagZqZ_lqlhbfke_^m_lihfhqvohlvq_flhJ_ZevgZyimklv^Z`_g_[hevrZyihfhsv\
^_ckl\bl_evghklbfh`_lhdZaZlvkyhq_gvwnn_dlb\ghc
 <klj_lb\rbkvk g_fhlb\bjh\Zggufdeb_glhfdhgkmevlZgl^he`_gijbgylv_]h
lZdbfdZdh\hg_klvl_dZdg_aZbgl_j_kh\Zggh]h\ dhgkmevlbjh\Zgbbq_eh\_dZ< wlhf
b khklhbl imlv d mki_rghfm dhgkmevlZlb\ghfm dhglZdlm ?keb dhgkmevlZgl iulZ_lky
h^he_lv deb_glZ aZklZ\blv _]h khljm^gbqZlv agZqbl hg g_ ihgbfZ_l _]h G_`_eZgb_
ke_^m_lljZdlh\Zlvklhev`_k_jv_aghdZdex[mx^jm]mxmklZgh\dm
gZ^h hlg_klbkv k ihgbfZgb_f gh h^gh\j_f_ggh ihdZaZlv qlh b dhgkmevlZgl g_
aZbgl_j_kh\Zg gZkbevgh jZ[hlZlv gZ [eZ]h deb_glZ Fh`gh h[klhyl_evgh b k_jv_agh
h[tykgblvdeb_glmkmlvb \hafh`ghklbdhgkmevlbjh\Zgby?kebg_klj_fblvkyihfh]Zlv
deb_glm ex[hc p_ghc b hkh[_ggh ijhlb\ _]h \heb \hafh`gh gZqg_l baf_gylvky
fhlb\Zpby deb_glZ b gZc^mlky ij_^ihkuedb ^ey \hagbdgh\_gby ijh^mdlb\gh]h
dhgkmevlZlb\gh]h dhglZdlZ H^gZdh dhgkmevlZgl ^he`_g kihdhcgh b [_a g_gm`gh]h
kZfhh[\bg_gby ^himkdZlv b lh qlh g_fhlb\bjh\Zgguc deb_gl hklZg_lky ebrv
nhjfZevgufdeb_glhfbeb\hh[s_ij_djZlblihk_s_gby

 DHGKMEVLBJH<:GB? DEB?GLH< IJ?>TY<EYXSBO

A:<UR?GGU?LJ?;H<:GBY
Ih^qZk deb_glu g_gZkulgu \ k\hbo lj_[h\Zgbyo Hgb lj_[mxl [he__ qZkluo b
ijh^he`bl_evguo \klj_q k dhgkmevlZglhf ^h[b\Zxlky ihklhygghc aZ[hlu ohlyl
a\hgblvdhgkmevlZglm^hfhcb ih^he]mjZa]h\Zjb\Zlvk gbfihl_e_nhgmb \hh[s_bf_lv
\hafh`ghklv \ ex[h_ \j_fy k\yaZlvky k dhgkmevlZglhf gZ^_xlky gZ \ha^_ckl\b_
dhgkmevlZglZgZk\hbo[ebadbo kmijm]h\jh^bl_e_c^_l_c b liBgZq_]h\hjy\ ebp_
dhgkmevlZglZwlbdeb_glu`Z`^mlbf_lvihklhyggh]hkh\_lqbdZ\ `bagb
Klhedgm\rbkvk lZdbfbg_j_Zebklbqgufblj_[h\Zgbyfbdeb_glh\ij_`^_\k_]h
gZ^hhl\_lblvk_[_gZg_kdhevdh\hijhkh\
²dZdh\hfh_khklhygb_dh]^Zhlf_gylj_[mxllZdfgh]h"
²fh]meby kdZaZlvdeb_glmg_ldh]^Zohqmwlh]h"
² dZdb_ lj_[h\Zgby y ij_^ty\eyx d k_[_ b gZkdhevdh hgb kh\iZ^Zxl k
lj_[h\Zgbyfbdeb_glZ"
² fh]m eb y ijhlb\hklhylv aZ\ur_gguf lj_[h\Zgbyf deb_glh\ beb iha\hex
fZgbimebjh\Zlvkh[hc"
Hl\_lu gZ wlb \hijhku b]jZxl j_rZxsmx jhev \ nhjfbjh\Zgbb hlghr_gby d
ih^h[gufdeb_glZf
G_dhlhju_ dhgkmevlZglu hkh[_ggh fheh^u_ bkiulu\Zxl qj_af_jgmx
ihlj_[ghklv hdZau\Zlv ihfhsv Deb_glu k aZ\ur_ggufb ijblyaZgbyfb hq_gv e_]dh
fZgbimebjmxlwlhcihlj_[ghklvxDhgkmevlZlb\gucdhglZdl\ lZdbokemqZyogZqbgZ_l
ihoh^blv gZ hlghr_gby ba[Zeh\Zggh]h j_[_gdZ k baebrg_ aZ[hleb\ufb jh^bl_eyfb
dhlhjuf g_e_]dh kfbjblvky k dZijbaZfb k\h_]h hlijukdZ gh aZlh hgb qm\kl\mxl k_[y
\hklj_[h\Zggufb DhgkmevlZgl ^he`_g ba[Z\blvky hl beexabc k\h_c agZqbfhklb
g_aZf_gbfhklb\ `bagbdeb_glZ
G_h[oh^bfh ihgbfZlv ijbjh^m aZ\ur_gguo lj_[h\Zgbc deb_glh\ b oZjZdl_j
k\hboj_ZdpbcgZgboZ lZd`_mf_lv\klmiZlv\ dhgnjhglZpbx

DHGKMEVLBJH<:GB?IJBI?J?@B<:GBB<BGU
IjZdlbq_kdb \k_f ex^yf agZdhfh qm\kl\h \bgu Wlh lZdh_ `_ _kl_kl\_ggh_
i_j_`b\Zgb_ q_eh\_dZ dZd lj_\h`ghklv h^bghq_kl\h k\h[h^Z b hl\_lkl\_gghklv
Qm\kl\h\bguihfh]Z_lihgylvjZagbpmf_`^ml_fdZdb_fu_klvb l_fdZdbfb^he`gu
[ulv <bgZ \hagbdZ_l ijb gZjmr_gbb bg^b\b^hf agZqbfuo ^ey g_]h ghjf
gjZ\kl\_gghklbH^gh\j_f_gghwlhb qm\kl\hg_\uiheg_ggh]h^he]ZI_j_`b\Zgb_\bgu
ijhbkoh^bl \ kblmZpbyo \ dhlhjuo q_eh\_d hldZau\Z_lky hl g_h[oh^bfhc ebqghc
hl\_lkl\_gghklb G_ kemqZcgh F +HLGHJJHU ^ey h[hagZq_gby \bgu b hl\_lkl\_gghklb
bkihevam_lh^ghb lh`_ihgylb_² 6FKXOGLJ ;ulv\bgh\gufihF +HLGHJJHU² agZqbl
[ulvhl\_lkl\_ggufaZ
H[uqgh jZaebqZxl bklbggmx g_\jhlbq_kdmx b wdabkl_gpbZevgmx \bgm
BklbggZy \bgZ \hagbdZ_l \ j_amevlZl_ kh\_jr_gguo ijhklmidh\ < wlhf kemqZ_
\hafh`gZb g_h[oh^bfZaZkem`_ggZyjZkieZlZ
G_\jhlbq_kdZy \bgZ \hagbdZ_l baaZ \hh[jZ`Z_fuo ijhklmidh\ beb gZjmr_gby
aZij_lh\ <hh[s_ qm\kl\h \bgu \ kljmdlmj_ g_\jhlbq_kdbo j_Zdpbc aZgbfZ_l
agZqbl_evgh_f_klh=em[hdZyb ijZdlbq_kdbp_ggZybgl_jij_lZpbyg_\jhlbq_kdhc\bgu
kh^_j`blky \ jZ[hlZo \u^Zxs_cky ij_^klZ\bl_evgbpu dmevlmjgh]h ikbohZgZebaZ D
+RPH\   ?_ bgl_jij_lZpby ihfh]Z_l ijhke_^blv ^bgZfbdm i_j_`b\Zgby \bgu m
fgh]bo deb_glh\ Ij_`^_ \k_]h ^ey g_\jhlbq_kdh]h qm\kl\Z \bgu oZjZdl_jgu
ij_m\_ebq_gghklv b g_bkdj_gghklv Ijb g_\jhaZo qm\kl\h \bgu dZd [u ihfh]Z_l
bg^b\b^mhijZ\^Zlvkyi_j_^kh[hcb ^jm]bfbhg\h\k_g_klZjZ_lkyba[Z\blvkyhlwlh]h
qm\kl\Z b ^Z`_ wg_j]bqgh khijhlb\ey_lky ex[uf ihiuldZf mf_gvrblv _]h Bgh]^Z \
i_j_`b\Zgbb \bgu ^Z`_ ijhy\ey_lky k\h_h[jZagZy ^_fhgkljZlb\ghklv Bg^b\b^
ij_^gZf_j_ggh ijbgb`Z_l k_[y b l_f kZfuf lj_[m_l \hkobs_gby ihwlhfm hg
[he_ag_ggh b \jZ`^_[gh \hkijbgbfZ_l ex[mx djblbdm kh klhjhgu hkdhj[ey_lky _keb
dlhlhk_jv_aghgZqbgZ_lkfhlj_lvgZ_]h\bgm
H^gZ ba \Z`g_crbo ijbqbg \hagbdgh\_gby g_\jhlbq_kdhc \bgu ² kljZo
hkm`^_gby[hyagv[ulv^_fZkdbjh\ZggufKljZohljZ`Z_lh]jhfgmxjZagbpmf_`^m
nZkZ^hfebqghklbg_\jhlbdZb kdjulufbaZwlbfnZkZ^hfih[m`^_gbyfbG_\jhlbd
baihke_^gbokbeaZsbsZ_lkhl\hj_ggucbfnZkZ^ihlhfmqlhwlZdj_ihklvkiZkZ_lhl
lj_\h`ghklb AZ h[jZahf kbevgh]h q_eh\_dZ g_\jhlbq_kdZy ebqghklv klZjZ_lky kdjulv
k\hb keZ[hklb g_aZsbs_gghklv [_kihdhckl\h g_kihkh[ghklv [hjhlvky aZ k_[y
Ij_abjZy wlb k\hckl\Z g_\jhlbd [hblky qlh ^jm]b_ ex^b bo h[gZjm`Zl Ba[_]Zy
hl\_lkl\_gghklb aZ k\hx `bagv b g_ `_eZy ^h[b\Zlvky j_ZebaZpbb k\hbo p_e_c hg
klj_fblkyiZjZablbjh\ZlvgZhdjm`Zxsboihkj_^kl\hf^hfbgbjh\Zgbybebk ihfhsvx
ijb\yaZgghklb ex[\b b ihdhjghklb M lZdh]h bg^b\b^Z qm\kl\h \bgu b lj_\h`ghklv
\hagbdZxl kjZam dZd lhevdh h[jZsZ_lky \gbfZgb_ gZ _]h lj_[h\Zgby d hdjm`Zxsbf
Wlbqm\kl\Zijb^Zxlg_\jhlbq_kdhcebqghklbm\_j_gghklvqlhhgZg_[m^_lhkm`^_gZ
l_f kZfuf fZkdbjm_lky ^_ckl\bl_evgZy ijh[e_fZ LZdbf h[jZahf qm\kl\h \bgu
y\ey_lkyg_lhevdhke_^kl\b_f^_fZkdbjh\dbghb kihkh[hfikboheh]bq_kdhcaZsbluhl
kljZoZ AZ nZkZ^hf \bgu m\_ebqb\Z_lky qm\kl\h [_ahiZkghklb Z hdjm`Zxsb_
ijh\hpbjmxlkybg^b\b^hfgZaZ\_j_gby\ _]hg_\bgh\ghklbDjhf_lh]hqm\kl\h\bgu
^Z_lhkgh\Zgb_kqblZlvk_[yfhjZevgufb ^h[jhkh\_klgufL_g^_gpbyd kZfhh[\bg_gbx
lZd`_ h]jZ`^Z_l hl g_h[oh^bfhklb baf_gylvky l_ klZgh\blky aZf_ghc ih^ebggh]h
j_r_gby ijh[e_f ?s_ h^gZ \Z`gZy nmgdpby g_\jhlbq_kdh]h qm\kl\Z \bgu khklhbl \
lhfqlhhghmf_gvrZ_lm]jhamh[\bg_gbykhklhjhgu^jm]bobgh]^Z[_ahiZkg__aZjZg__
ijbgylv\bgmgZk_[y
I_j_`b\Zgb_\bgubf__llZd`_hglheh]bq_kdbcZki_dll_ijZ\hf_jgh]h\hjblv
h[wdabkl_gpbZevghc \bg_< wlhf kfuke_\bgZij_^klZ\ey_l kh[hcihablb\gmx kbem \
`bagb q_eh\_dZ I_j_`b\Zy wdabkl_gpbZevgmx \bgm fu hk\h[h`^Z_fky hl iZ]m[gh]h
\ebygbyg_\jhlbq_kdhc\bgu
50D\  \u^_ebeljbbklhqgbdZwdabkl_gpbZevghc\bgu
<bgZ\ke_^kl\b_g_^hklZlhqghckZfhj_ZebaZpbb
<bgZ\ke_^kl\b_h]jZgbq_gghklbk\ya_ck [ebadbfbex^vfb
 <bgZ\ke_^kl\b_mljZluk\yabk :[khexlhf< mdZaZgguohlghr_gbyoq_eh\_d
\k_]^Zb [_amkeh\gh\bgh\Zlihkdhevdm
  fu gbdh]^Z g_ kihkh[gu j_Zebah\Zlv \k_ k\hb \hafh`ghklb ohly [u ihlhfm
qlh \u[bjZy h^gb \hafh`ghklb h[yaZgu hldehgblv ^jm]b_ ² hgb lZd b hklZxlky
g_j_Zebah\Zggufb
  fugbdh]^Z \ iheghc f_j_ g_ ihgbfZ_f k\hbo [ebadbo b bo ihlj_[ghklb b \
kbem g_ba[_`gh]h bg^b\b^mZebafZ h[j_q_gu \b^_lv ^jm]bo kd\hav ijbafm
kh[kl\_gghc ebqghklb ihwlhfm gZr_ ihagZgb_ \k_]^Z km[t_dlb\gh b g_ p_ebdhf
khhl\_lkl\m_l^_ckl\bl_evghklb
  fu ij_^klZ\ey_f kh[hc qZklv [h`_kl\_ggh]h ieZgZ b gbdh]^Z g_ kfh`_f _]h
ihgylvdZd]h\hjbeIZkdZev\_l\bg_km`^_ghagZlvgZagZq_gb_^_j_\Z
Wdabkl_gpbZevghc \bgu g_evay ba[_`Zlv ihwlhfm \Z`gh __ hkhagZlv HgZ
ihfh]Z_l \hkiblu\Zlv q_eh\_qghklv b qmldhklv \ hlghr_gbyo k ^jm]bfb ih[m`^Z_l
l\hjq_kdbj_Zebah\u\Zlvk\hb\hafh`ghklb
< ikboheh]bq_kdhf dhgkmevlbjh\Zgbb \Z`gh j_rblv dh]^Z ]j_oh\ghklv
ihfh]Z_l deb_glm hkhagZlv ebqgmx hl\_lkl\_gghklv aZ k\hb ihklmidb b baf_gblv
ih\_^_gb_ \ ihablb\ghf gZijZ\e_gbb Z dh]^Z gZh[hjhl ij_iylkl\m_l mki_rghfm
j_r_gbx `bag_gguo ijh[e_f KlZeh [ulv g_ \k_]^Z dhgkmevlZgl ^he`_g ihki_rgh
hk\h[h`^Zlv deb_glZ hl qm\kl\Z \bgu Bgh]^Z gZ^h ihfhqv i_j_`blv g_ba[_`gmx
]j_oh\ghklv dhlhjZy kZfhc ijbjh^hc ij_^gZagZq_gZ q_eh\_dm < kemqZ_ bklbgghc
\bgh\ghklb\Z`ghh[km`^_gb_\hijhkZh[bkdmie_gbbHk\h[h`^_gb_hlg_\jhlbq_kdhc
\bguij_^iheZ]Z_lhkhagZgb___ fgbfhklbLhevdhlZdbfiml_f\hafh`ghhqbs_gb_
<h \k_o kemqZyo dhgkmevlZglm g_h[oh^bfh ]em[hdh_ agZgb_ jZaebqguo Zki_dlh\
i_j_`b\Zgby\bgu

HKH;?GGHKLBDHGKMEVLBJH<:GBYIE:QMSBODEB?GLH<
Ke_au h[uqgh f_rZxl h[s_gbx G_ ij_^klZ\eyxl bkdexq_gby b
dhgkmevlZlb\gu_\klj_qbG_fZehdeb_glh\hkh[_ggh`_gsbg\hegmxlkyjZkkdZau\Zy
h g_jZaj_rbfuoljm^ghklyok\h_c`bagbljZ]_^byob g_fh]ml]h\hjblv[_ake_aKe_au
kihkh[kl\mxl\hkihfbgZgbyfh ljm^guokblmZpbyob \ha\jZs_gbxd gbf
;hevrbgkl\hdhgkmevlZglh\klZjZxlkym^_j`Zlvdeb_glh\hlieZqZb gZijZ\eyxl
gZ wlh qZklv k\hbo mkbebc B a^_kv \hagbdZ_l hiZkghklv qlh iulZykv h[hclb
[he_ag_ggu_ i_j_`b\Zgby b g_ kijh\hpbjh\Zlv ke_au fh`gh ijhimklblv \Z`gu_
Zki_dlu`bagbdeb_glZBaaZg_\hafh`ghklb^hklZlhqghihgylv deb_glh\ dhgkmevlZgl
ihjhc klZgh\blky h[t_dlhf bo fZgbimeypbc G_dhlhju_ dhgkmevlZglu k\hb mkbeby ih
m^_j`Zgbx deb_glh\ hl ieZqZ h[tykgyxl l_f qlh jZa\hegh\Z\rbcky beb gZqZ\rbc
ieZdZlv deb_gl g_ kihkh[_g ghjfZevgh ]h\hjblv Bgh]^Z dhgkmevlZgl qm\kl\m_l k_[y
\bgh\gufbaaZke_adeb_glZkqblZ_lqlh^h\_e_]h^hke_a[hblky[ulvh[\bg_gguf\
g_qmldhklbbgZq_]h\hjykdehg_gijbgbfZlvgZk_[yhl\_lkl\_gghklvaZke_au
H^gZdh\ ^_ckl\bl_evghklbg_dhgkmevlZgl^h\h^bldeb_glh\^hke_aGZdhg_pg_
hg²ijbqbgZ`bag_gguoljm^ghkl_cb ebqguoijh[e_fdeb_glh\Deb_gluieZqmlbaaZ
k\hbo ebqguo ^_e b dhgkmevlZgl a^_kv gb ijb q_f Deb_gl g_j_^dh b gZqbgZ_l b
i_j_klZ_l ieZdZlv [_a \f_rZl_evkl\Z dhgkmevlZglZ Dh]^Z aZf_lgh qlh deb_gl k_cqZk
gZqg_l ieZdZlv gZ^h khojZgylv kihdhckl\b_ ih^h`^Zlv ihdZ hg kijZ\blky k kh[hc
Ihjhcqlh[u\aylvk_[y\ jmdbdeb_glgZ\j_fybaf_gy_ll_fm[_k_^uq_fmg_ke_^m_l
ijhlb\blvky?kebdeb_gl\k_`_jZkieZq_lkygZ^hiha\heblv_fmieZdZlvWlhg_e_]dh
gh fgh]h_ fh`gh \ub]jZlv Dh]^Z deb_gl \uieZq_lky kZfh_ \j_fy gZqbgZlv jZa]h\hj
Iha\heblv ieZdZlv ² agZqbl_evgh ^hklhcg__ g_`_eb bkiulu\Zlv h[yaZgghklv
mkihdZb\ZlvIh`ZemcklZg_ieZqvl_
DhgkmevlZglmke_^m_lagZlvihq_fm \hh[s_ieZqml \h \j_fydhgkmevlbjh\Zgby
Hkgh\gZy ijbqbgZ dhg_qgh [j_fy ijh[e_f deb_glZ _]h m]g_l_gghklv h^gZdh wlZ
ijbqbgZg__^bgkl\_ggZy
;hevrbgkl\hex^_chkh[_ggh`_gsbguieZqmlhlaehklbA^_kvml_r_gb_gbq_f
g_ fh`_l ihfhqv IeZqmsbf hl aehklb ijhklhgZijhklh gZ^h iha\heblv \ujZablv k\hb
qm\kl\Z Bgh]^Z ieZqml \ khklhygbb njmkljZpbb Z ih^qZkhl jZ^hklb < ex[hf kemqZ_
dhgkmevlZgl ^he`_g ij_^hklZ\blv deb_glm \hafh`ghklv kihdhcgh ieZdZlv \ _]h
dZ[bg_l_
G_ke_^m_llZd`_klZjZlvkybaebrg_khi_j_`b\ZlvieZqml_\_klbk_[yih^h[gh
fZl_jb dhlhjhc hq_gv ohq_lky ml_rblv ieZqms_]h j_[_gdZ LZdh_ `_eZgb_ h[uqgh
bf__l hij_^_e_gguc wjhlbq_kdbc hll_ghd g_ ajy ke_au qZklh kem`Zl kj_^kl\hf
fZgbimeypbb\ f_`ebqghklguohkh[_ggh\ bglbfguohlghr_gbyo

DHGKMEVLBJH<:GB?BKL?JBQ?KDBOEBQGHKL?C
< h^ghfbakeh\Zj_cihikbobZljbb 6ODYQH\0F+HLJKpblih 6WRUU 
ih\_^_gb_ bkl_jbdh\ oZjZdl_jbam_lky ke_^mxsbf h[jZahf Bkl_jbq_kdZy ebqghklv
hlebqZ_lky ij_h[eZ^Zgb_f ihlj_[ghklb gjZ\blvky hdjm`Zxsbf b klj_fe_gb_f
ij_h^he_lv kljZo qlh g_ m^Z_lky ijb\e_qv \gbfZgb_ Wlh ijhy\ey_lky \ g_mklZgghc
Zdlb\ghklb ^jZfZlbaZpbb e`b\hklb \ kh[eZagyxs_f Z bgh]^Z hldjulh k_dkmZevgh
ijh\hpbjmxs_fih\_^_gbb\ g_aj_ehcb g_j_ZebklbqghcaZ\bkbfhklbhl^jm]bo
Bkl_jbdbklZjZykv\u]ey^_lvijb\e_dZl_evgufbaZljZqb\Zxl[_kdhg_qghfgh]h
wg_j]bb b ij_^klZ\eyxl k_[y \ kZfhf ^jZfZlbqghf k\_l_ Wlh dklZlb ^_eZ_l bo
bgl_j_kgufbdeb_glZfbHgbih^dmiZxldhgkmevlZglZ]hlh\ghklvx]h\hjblvh k\hbo
i_j_`b\ZgbyoIjZ\^Zwlbi_j_`b\Zgbyh[uqgh[u\Zxlom^h`_kl\_ggh ij_m\_ebq_gu
Kmlvg_\ lhfqlh bkl_jbdb]h\hjylZ \bofZg_j_]h\hjblvG_kemqZcgh
0DF.LQRQ b 0LFKHOV pbl ih .HQQHG\   mdZau\Zxl qlh gZqbgZxsb_
dhgkmevlZglu [_k_^m k bkl_jbq_kdhc ebqghklvx kqblZxl h^ghc ba kZfuo e_]dbo Z
hiulgu_ ki_pbZebklu ² h^ghc ba kZfuo ljm^guo Bkl_jbq_kdZy ebqghklv
ij_^klZ\ey_lky hq_gv bgl_j_kghc b ijb\e_dZl_evghc lhevdh gZ i_j\uc \a]ey^ GZ
gZqbgZxs_]h dhgkmevlZglZ h[uqgh ijhba\h^yl \i_qZle_gb_ __ `b\hklv fZg_jZ j_qb
\gmlj_gg__l_iehdZ`msb_kyk_jv_agufbgZf_j_gbyaZgylvkyj_r_gb_fk\hboijh[e_f
L_f g_ f_g__ jZ[hlZ k lZdbfb deb_glZfb g_ klhev e_]dZ dZd i_j\hgZqZevgh
ij_^klZ\ey_lky Ijb ]em[hdhf jZkkfhlj_gbb \uykgy_lky qlh bkl_jbdb g_ lZdb_ m`
wfhpbhgZevgh[h]Zlu_ebqghklbZ bogZf_j_gby\ hlghr_gbbdhgkmevlbjh\Zgbyhlgx^v
g_h^ghagZqgu
Bkl_jbq_kdb_ hkh[_gghklb nhjfbjmxlky \ jZgg_f \hajZkl_ Ijbf_jhf fh`_l
kem`blv j_[_ghd ^h[b\Zxsbcky \gbfZgby jh^bl_e_c b ihklhyggh l_jiysbc \ wlhf
g_m^Zqm Dh]^Z jh^bl_eb b]ghjbjmxl ihlj_[ghklb j_[_gdZ \h \gbfZgbb b ex[\b
j_[_ghdgZqbgZ_l^jZfZlbabjh\Zlvk\hbihlj_[ghklb Q_f [he__ ]emobjh^bl_eb l_f
]jhfq_ hg djbqbl `_eZy [ulv mkeurZgguf >ey ^hklb`_gby k\hbo p_e_c j_[_ghd
bkihevam_lrbjhdbcki_dljih\_^_gq_kdbonhjf²hlke_a^h[he_agbKoh^gu_nhjfu
ih\_^_gby\ajhkeuom`_kqblZxlkybkl_jbq_kdbfb
Bkl_jbq_kdZy ebqghklv dh]^Z _c g_ m^Z_lky ihgjZ\blvky hdjm`Zxsbf ]hlh\Z
bkihevah\Zlv \k_ \hafh`gu_ fZkdb b jheb dhlhju_ ih __ fg_gbx ijb_fe_fu LZd
l_jy_lky ebqghklgZy b^_glbqghklv \gmlj_ggbc kl_j`_gv kha^Zxsbc qm\kl\h
ih^ebggh]hyLZdbfh[jZahfijhbkoh^blih^f_gZj_Zevghc`bagbbgkp_gbjh\dZfb
Bkl_jbqgu_ deb_glu \ dhgkmevlbjh\Zgbb iulZxlky \hkihevah\Zlvky k\hbfb
dZq_kl\Zfb hkh[_ggh k dhgkmevlZglhf ijhlb\hiheh`gh]h iheZ deZkkbq_kdbc \ZjbZgl
² `_gsbgZdeb_gl b fm`qbgZdhgkmevlZgl  H[uqgh hgb ^h[b\Zxlky ijb^Zgby
dhglZdlm wjhlbq_kdhc k_dkmZevghc hdjZkdb H^gZdh lZdh_ ih\_^_gb_ bkl_jbqghc
deb_gldb ^h\hevgh ki_pbnbqgh ² _keb dhgkmevlZgl \udZau\Z_l ohlv g_agZqbl_evguc
bgl_j_k wjhlbq_kdh]h oZjZdl_jZ hgZ k_cqZk `_ hlklmiZ_l h[tykgyy qlh kh\k_f ^jm]h_
bf_eZ \ \b^m Bkl_jbq_kdZy ebqghklv gZ kZfhf ^_e_ g_ hkhagZ_l \ha^_ckl\by k\h_]h
ih\_^_gby ihwlhfm hdjm`Zxsb_ qZklh qm\kl\mxl k_[y h[fZgmlufb
njmkljbjh\Zggufb F_`^m ijhqbf wlh ljZ^bpbhgguc kl_j_hlbi ih\_^_gby
bkl_jbq_kdhc ebqghklb \ `bagb LZdhc ihklhygguc hldZa ijbgylv gZ k_[y
hl\_lkl\_gghklvaZijh\hpbjmxsbcnebjlbkdexqZ_lghjfZevgu_hlghr_gbyk ebpZfb
ijhlb\hiheh`gh]h iheZ Bkl_jbq_kdZy ebqghklv lhevdh ijhba\h^bl \i_qZle_gb_
l_iehlu b e_]dhklb \ h[s_gbb < ^_ckl\bl_evghklb hgZ ihklhyggh bkiulu\Z_l
ijh[e_fu\ ih^ebgghcex[\bb bglbfguoijb\yaZgghklyo
Wjhlbq_kdbc hll_ghd ih\_^_gby bkl_jbq_kdhc ebqghklb \h\k_ g_ hagZqZ_l qlh
deb_gldZ `Z`^_l [ebahklb ² hgZ g_ agZ_l qlh ^_eZlv k j_Zevghc bglbfghklvx
G_\_j[Zevgu_ kb]gZeu kem`Zl _c lhevdh dZd aZf_gbl_eb gZklhys_c nbabq_kdhc
[ebahklb Bkl_jbq_kdZy ebqghklv ihklhyggh bs_l ex[\b h^gZdh g_ mf__l kha^Z\Zlv
aj_eu_hlghr_gby
?s_ h^gZ hkh[_gghklv bkl_jbq_kdh]h ih\_^_gby \klj_qZ_fh]h \
dhgkmevlbjh\Zgbb ² ij_^klZ\e_gb_ k_[y \ dZq_kl\_ [_kkbevgh]h b aZ\bkbfh]h
kms_kl\Z `Z`^ms_]h aZ[hlu b \gbfZgby kh klhjhgu kbevghc hl_q_kdhc nb]mju
DhgkmevlZglZ \ lZdbo kemqZyo iulZxlky ij_\jZlblv \ aZf_gbl_ey hlpZ Bkl_jbqghc
deb_gld_ \ kmsghklb g_ gm`_g ex[bfuc _c gm`_g ohjhrbc hl_p <hl ihq_fm hgZ
[u\Z_l rhdbjh\ZgZ ^h`^Z\rbkv khhl\_lkl\mxsbo j_Zdpbc gZ k\h_ ijh\hpbjmxs__
ih\_^_gb_Ij_^klZ\e_gb_k_[y\ jhebj_[_gdZlj_[mxs_]hhi_dbhq_gvoZjZdl_jgh^ey
bkl_jbdZ
Ke_^m_lhlf_lblvqlhihhlghr_gbxd ebpZfk\h_]hiheZbkl_jbq_kdZyebqghklv
aZqZklmx ZglZ]hgbklbqgZ b kdehggZ d khi_jgbq_kl\m hgZ mkfZljb\Z_l \ ^jm]bo
`_gsbgZodhgdmj_glhd\ [hjv[_aZ\gbfZgb_hdjm`Zxsbo
Ih\_^_gb_ bkl_jbq_kdhc ebqghklb fh`_l ijh\hpbjh\Zlv m dhgkmevlZglZ
dhglji_j_ghk Ihwlhfm dhgkmevlZgl jZ[hlZy k lZdbfb deb_glZfb ^he`_g ihklhyggh
dhgljhebjh\Zlvk\hbqm\kl\Z
Bkl_jbdb qZs_ \k_]h h[jZsZxlky k ijh[e_fZfb k\yaZggufb k k_f_cgufb
hlghr_gbyfbb k_dkmZevghc`bagvxIjh[e_fudjhxlky\ g_`_eZgbb`_jl\h\Zlvkh[hc
\ hlghr_gbyo ex[h]h oZjZdl_jZ G_kfhljy gZ \g_rgxx k_dkZibevghklv [hevrbgkl\h
bkl_jbq_kdboebqghkl_cg_kihkh[gud ghjfZevghck_dkmZevghcj_ZebaZpbb@_gsbgu
dZdijZ\beh`ZemxlkygZnjb]b^ghklvdhlhjZyy\ey_lkyj_Zdpb_cgZkljZoi_j_^k\h_c
k_dkmZevghklvx Fm`qbgubkl_jbdb g_j_^dh kljZ^Zxl bfihl_gpb_c b kdehggu d
]hfhk_dkmZebafm
Bkl_jbq_kdb_ebqghklbbkihevamxljZaebqgu_nhjfuikboheh]bq_kdhcaZsblu
dhlhju_ dhgkmevlZglm gZ^h agZlv >h\hevgh oZjZdl_jgh \ul_kg_gb_ ijh[m^b\r_cky
k_dkmZevghklb < j_amevlZl_ g_^hklZ_l k_dkmZevguo i_j_`b\Zgbc ba iZfylb bkq_aZxl
g_dhlhju_ kh[ulby Bkl_jbq_kdb_ ebqghklb bf_xl kdehgghklv d nZglZabjh\Zgbx ²
lhevdh \ \hh[jZ`Z_fhf fbj_ hgb ihemqZxl fgh]h ex[\b b \gbfZgby Kbf\hebq_kdh_
m^h\e_l\hj_gb_ihlj_[ghkl_c[he__ijb_fe_fhihlhfmqlhfZehaZljZ]b\Z_llZysb_ky\
[_kkhagZl_evghf dhgnebdlu M bkl_jbdh\ ^_ckl\bl_evghklv qZklh kf_rb\Z_lky k
nZglZab_chgb\_jyl\ k\hb\u^mfdb< boih\_^_gbbh[uqgZb j_]j_kkby\ khq_lZgbbk
hljbpZgb_f dhlhjh_ iha\hey_l g_ hl^Z\Zlv k_[_ hlq_lZ \ kfuke_ kh[kl\_ggh]h
ih\_^_gby
>ey [hevrbgkl\Z bkl_jbqguo deb_glh\ hkh[_ggh `_gsbg oZjZdl_jgZ ^he]Zy
bklhjby e_q_gby m fgh]bo \jZq_c DZd ba\_klgh ijb bkl_jbq_kdhf g_\jha_ qZklh
\klj_qZ_lkyn_ghf_gdhg\_jkbbklZ\rbcba\_klgufihhibkZgbx)UHXG < wlhfkemqZ_
\gmlj_ggbc ikboheh]bq_kdbc dhgnebdl \ujZ`Z_lky l_e_kguf kbfilhfhf dhlhjuc
klZgh\blky _]h kbf\hehf Ihwlhfm bkl_jbq_kdb_ ebqghklb [_kij_ju\gh e_qZlky hl
kZfuojZaguokhfZlbq_kdbogZjmr_gbcH[uqghdhg\_jkbhggu_kbfilhfuijbgbfZxl
nhjfm ihl_jb qm\kl\bl_evghklb Zg_kl_aby dhg_qghkl_c ke_ihlZ ]emohlZ b li
;hevrbgkl\h bkl_jbqguo deb_glh\ \h \j_fy dhgkmevlbjh\Zgby hq_gv wfhpbhgZevgh
jZkkdZau\Zxlk\hcZgZfg_a
=h\hjyh g_\jhlbq_kdbokbfilhfZo\Z`ghih^q_jdgmlvbo\lhjbqgmx\u]h^m^ey
deb_glZ Wlm \u]h^m deb_gl g_ hkhagZ_l beb hkhagZ_l ebrv qZklbqgh Bkl_jbq_kdb_
kbfilhfukem`Zllj_fhkgh\gufp_eyf
Z gZdZau\Zxlebpd dhlhjufdeb_glbkiulu\Z_l\jZ`^_[ghklv
[  ihfh]Zxl deb_glm ba[_`Zlv g_ijbylguo im]Zxsbo ihl_gpbZevgh
mgb`ZxsbokblmZpbc
\  ihfh]Zxl \ha[m^blv kbfiZlbx hdjm`Zxsbo beb h[jZlblv gZ k_[y bo
\gbfZgb_
Ihwlhfm g_j_^dh \hagbdZ_l hq_\b^gh_ ijhlb\hj_qb_ f_`^m \ukdZaZggufb
deb_glhf`_eZgbyfbb qm\kl\Zfbb l_fh q_f]h\hjyl_]hkbfilhfuWlhijhlb\hj_qb_
\uau\Z_lm dhgkmevlZglZih^haj_gb_qlhdeb_glg_bkdj_g_gb kbfmebjm_lJZah[jZlvky
\ kblmZpbb dhgkmevlZglm ihfh]Z_l _]h bglmbpby dhlhjmx g_ ke_^m_l b]ghjbjh\Zlv
IheZ]ZykvgZbglmbpbxfh`ghg_lhevdhb^_glbnbpbjh\Zlvbkl_jbqguodeb_glh\ghb
ba[_`ZlvjZaghh[jZaguoeh\mr_dlZysboky\ jZ[hl_k gbfb

DHGKMEVLBJH<:GB?H;K?KKB<GUOEBQGHKL?C
H[k_kkb\ghc ebqghklvx gZau\Zxl q_eh\_dZ k h[k_kkb\gufb beb b
dhfimevkb\gufb q_jlZfb H[k_kkby ² wlh ihklhyggh_ ih\lhj_gb_ g_`_eZl_evghc
gZ\yaqb\hcfukebhldhlhjhcg_\hafh`ghba[Z\blvky\he_\ufmkbeb_fDhfimevkby²
wlh ih\lhjyxs__ky gZ\yaqb\h_ ih[m`^_gb_ d \uiheg_gbx dZdh]heb[h ^_ckl\by beb
k_jbb ^_ckl\bc K_jby gZ\yaqb\uo ^_ckl\bc h[uqgh ghkbl jblmZevguc oZjZdl_j
Hkms_kl\e_gb_ gZ\yaqb\hklb iha\hey_l bg^b\b^m ba[_`Zlv ijbklmih\ lj_\h`ghklb
Ohly \ g_dhlhjuo ^bZ]ghklbq_kdbo kbkl_fZo \u^_ey_lky h[k_kkb\ghdhfimevkb\guc
g_\jhah^gZdhljm^ghijh\_klb]jZgvf_`^mghjfhcb iZlheh]b_c
6DL]PDQ   mdZau\Z_l ljb hkgh\guo ijhy\e_gby h[k_kkb\ghdhfimevkb\gh]h
kbg^jhfZ
GZ\yaqb\hklbg_h[mkeh\e_gugbdZdbfbjZpbhgZevgufbihlj_[ghklyfb
 Hkms_kl\e_gb_ gZ\yaqb\hkl_c \ kbem bo qm`^hklb \uau\Z_l ^bkdhfnhjl b
beb khfZlbq_kdb_gZjmr_gby
Bg^b\b^ihgbfZ_liZjZeh]bqghklvgZ\yaqb\uofuke_cb ihklmidh\h^gZdhg_
fh`_lbf\hkij_iylkl\h\Zlv
H[k_kkb\ghc ebqghklb k\hckl\_ggu hij_^_e_ggu_ khpbZevgh p_ggu_ q_jlu
klZjZl_evghklv gZ^_`ghklv kZfhdhgljhev q_klghklv K ^jm]hc klhjhgu )UHXG ijb
hibkZgbb ebqghklb kh kdehgghklvx d h[k_kkb\guf kbfilhfZf mdZau\Z_l gZ
h[yaZl_evgmx dhf[bgZpbx lj_o q_jl i_^Zglbqghklb kdmihklb b mijyfkl\Z Wlm
dhf[bgZpbxhggZau\Z_lZgZevgufoZjZdl_jhf
0F1HLO   hibkZe lbibqgu_ hkh[_gghklb klbey h[k_kkb\ghdhfimevkb\ghc
ebqghklb
 Z  dh]gblb\gZy jb]b^ghklv ² h[hkgh\Zgb_ \a]ey^Z gZ `bagv g_]b[dbfb
nhjfZevgufbkhpbZevgufbmklZgh\dZfbbeby\gh^h]fZlbqgucklbevfure_gby
[  ijb\_j`_gghklv d gZijy`_gghc Zdlb\ghc ^_yl_evghklb [_a jZkkeZ[e_gby b
hl^uoZ
\  g_m\_j_gghklv \ ijbgyluo j_r_gbyo hldeZ^u\Zgb_ j_r_gbc baaZ [hyagb
hrb[blvky
]  ihklhyggZy haZ[hq_gghklv qlh [_a g__ jZ[hlZ g_ fh`_l [ulv \uiheg_gZ
gZ^e_`Zsbfh[jZahf
^  bkdZ`_gb_ ^_ckl\bl_evghklb ijhy\eyxs__ky \ djZcg_c haZ[hq_gghklb ih
ih\h^mg_ij_^kdZam_fuokh[ulbcgZijbf_j\hafh`ghc[he_agb
H[k_kkb\gZy ebqghklv h[uqgh h[jZsZ_lky aZ ihfhsvx g_ \ke_^kl\b_
ki_pbnbq_kdbo ijh[e_f Z \ kbem gZijy`_gby b lj_\h`ghklb \ f_`ebqghklguo
hlghr_gbyo beb k_f_cghc `bagb H[k_kkb\ghdhfimevkb\gu_ kbfilhfu fh]ml
khklZ\eylvebrvg_agZqbl_evgmxqZklv`Zeh[lZdh]hdeb_glZ
DhgkmevlZglm g_h[oh^bfh jZah[jZlvky \ hkh[_gghklyo h[k_kkb\ghc ebqghklb
qlh[u ba[_`Zlv hrb[hd \ jZ[hl_ k h[k_kkb\gufb deb_glZfb b ihgbfZlv kh[kl\_ggu_
j_Zdpbbijb\klj_qZok gbfb
<Z`g_crbc g_hkhagZgguc \gmlj_ggbc dhgnebdl h[k_kkb\ghc ebqghklb ² wlh
[hjv[Zf_`^mihkemrZgb_fb g_ihkemrZgb_ff_`^m`_eZgb_fm]h`^Zlvb klj_fe_gb_f
khijhlb\eylvkyZ\lhjbl_lZf
H[k_kkb\gZy ebqghklv hlebqZ_lky baebrg_c kdehgghklvx d kZfhdhgljhex b
dhgljhex gZ^ hdjm`_gb_f HgZ hiZkZ_lky \g_rg_]h fbjZ b kh[kl\_gguo ih[m`^_gbc
DZd hlf_qZ_l 6DL]PDQ   q_eh\_d h[k_kkb\gh]h lbiZ bkiulu\Z_l ihlj_[ghklv
dhgljhebjh\Zlv k_[y b k\h_ hdjm`_gb_ qlh[u ij_h^he_lv qm\kl\h [_kkbeby
<_jhylghklv kh[kl\_gghc g_dhfi_l_glghklb g_^hklZlhqghc bgnhjfbjh\Zgghklb
g_kihkh[ghklbmf_gvrblvjbkd\ha[m`^Z_lkbevgmxlj_\h`ghklv
G_kihkh[ghklv d kZfhdhgljhex Z dhgdj_lg__ d dhgljhex k\hbo Z]j_kkb\guo
ih[m`^_gbc ihjh`^Z_l mljbjh\Zggh_ ihkemrZgb_ beb dZd ml\_j`^Z_l 6WRUU  
kdehgghklv d lbjZgbb ih hlghr_gbx d ^jm]bf DjZcg__ ihkemrZgb_ ijb\h^bl d
mgbqlh`_gbxbg^b\b^mZevghklb Ijb i_j\hf \ZjbZgl_ aZsblghcj_Zdpbb H[k_kkb\gZy
ebqghklvijhy\ey_ll_g^_gpbxd dhgnhjfbafmHgZ\u[bjZ_laZ\bkbfhklvhlq_eh\_dZ
kihkh[gh]hmdZaZlvdZd`blvI_j\_gkl\hke_^h\Zl_evghhl\h^blky[_ahiZkghklbZ g_
m^h\e_l\hj_gbx `bagvx LZdhc deb_gl h[uqgh ih^qbgy_lky dhgkmevlZglm b e_]dh
kh]eZrZ_lky kh \k_fb _]h ij_^eh`_gbyfb Hg ihklhyggh \ujZ`Z_l dhgkmevlZglm
[eZ]h^ZjghklvaZihfhsvb i_j_`b\Z_lbaaZlh]hqlhfh`_l^hklZ\eylv_fmg_m^h[kl\Z
>jm]bf \ZjbZglhf g_m^Zqgh]h kZfhdhgljhey dZd mihfbgZehkv y\ey_lky
kdehgghklv d ^hfbgbjh\Zgbx ijb^bjqb\Zy djblbqghklv Q_eh\_d klZgh\blky ljm^gh
m`b\qb\ufhkh[_ggh\ k_fv_G_\hafh`ghklviheghklvxdhgljhebjh\Zlv^jm]boex^_c
\ha[m`^Z_l aehklv dhlhjZy \ f_`ebqghklguo hlghr_gbyo ijhy\ey_lky dZd
bjjZpbhgZevgZy lbjZgby < dhgkmevlbjh\Zgbb H[k_kkb\gZy ebqghklv wlh]h lbiZ
bkihevam_l\ dZq_kl\_kZfhaZsblugZiZ^_gb_gZijbf_jh[tykgy_ldhgkmevlZglmqlhhg
^he`_g ]h\hjblv dhff_glbjm_l _]h ijhn_kkbhgZevgu_ ^_ckl\by ^_eZ_l aZf_qZgby ih
ih\h^m _]h ih\_^_gby \h \j_fy dhgdj_lghc \klj_qb beb \hh[s_ fh`_l ijhq_klv
djZldmx e_dpbx h dhgkmevlbjh\Zgbb DhgkmevlZgl bkiulu\Z_l ijyfmx m]jham k\h_c
ijhn_kkbhgZevghc dhfi_l_glghklb b h[uqgh k_j^blky H^gZdh hiulguc dhgkmevlZgl
ihgbfZ_l ikboheh]bq_kdmx j_Zevghklv kdju\Zxsmxky aZ lZdbfb ^_ckl\byfb Deb_gl
g_ klj_fblky hkdhj[blv dhgkmevlZglZ Z iulZ_lky lZdbf kihkh[hf \aylv ih^ dhgljhev
k\hx lj_\h`ghklv b aZsblblvky hl ihfhsb dhlhjZy fh`_l ij_^klZ\eylv ^ey g_]h g_
f_gvrmxhiZkghklvq_f_]hijh[e_fu
>ey h[k_kkb\gh]h klbey oZjZdl_jgh bkihevah\Zgb_ kj_^kl\ h[s_gby ^ey
jZajmr_gby h[s_gby G_fZeh h[k_kkb\guo deb_glh\ \ dhgkmevlbjh\Zgbb mqZkl\mxl
ebrvnbabq_kdbZ ikboheh]bq_kdbkZfhmkljZgyxlkyDeb_glkfhljbldm^Zlh\ klhjhgm
_e_ keurgh ]h\hjbl jZkk_yggh kemrZ_l LZdh_ ih\_^_gb_ njmkljbjm_l dhgkmevlZglZ
dZd b fheqZgb_ dhlhjh_ deb_gl lh`_ bkihevam_l ^ey mdehg_gby hl j_r_gby k\hbo
ijh[e_f < ih^h[guo kemqZyo dhgkmevlZgl fh`_l ^h\hevgh mlhgq_ggh \ujZ`Zlv
\jZ`^_[ghklv gZijbf_j ihkj_^kl\hf \hijhkZ <Zf g_q_]h fg_ kdZaZlv" Bgh]^Z
dhgkmevlZglu aZ^Zxl \hijhk H q_f <u ^mfZ_l_ dh]^Z fheqbl_" Wlh fh`_l
ijb[ebablv d wfhpbhgZevghc kn_j_ h[k_kkb\gh]h deb_glZ [_kdhg_qgh ljm^gh
^hky]Z_fhc
H[k_kkb\gZyebqghklvbah\k_okbeklZjZ_lkyg_]h\hjblvh k\hbowfhpbhgZevguo
ijh[e_fZoHgZijbeZ]Z_lh]jhfgu_mkbebyqlh[ukdjulvwfhpbhgZevgu_ljm^ghklbgh
lZdbf h[jZahf lhevdh ^_fhgkljbjm_l bo Deb_gl ihklhyggh klZjZ_lky dhgljhebjh\Zlv
dhgkmevlZlb\gmx [_k_^m qlh[u ba[_`Zlv wfhpbhgZevgh]h dhglZdlZ k dhgkmevlZglhf
Ihwlhfm [_k_^Z klZgh\blky \heghh[jZaghc ² dZd lhevdh dhgkmevlZgl iulZ_lky
ijh^\bgmlvky \]em[v deb_gl klj_fblky \udjmlblvky b ij_\jZlblv _]h gZf_j_gby \
gbqlhDh]^ZdhgkmevlZglqm\kl\m_lqlhi_j_^_]hghkhfaZoehiu\Z_lky^\_jvagZqblhg
ijb[ebabeky d kZfuf kms_kl\_gguf ijh[e_fZf deb_glZ Mdehg_gb_ hl ih]jm`_gby \
k\hc \gmlj_ggbc fbj ijhy\ey_lky \ kdehgghklb d bgl_ee_dlmZebaZpbb H[tykg_gby y
bgl_jij_lZpbb dhgkmevlZglZ h[k_kkb\guc deb_gl \hkijbgbfZ_l ]heh\hc Z g_ k_j^p_f
Hgfgh]hkeh\_gg_\ p_eyo[he__lhqgh]h\ujZ`_gbyqm\kl\Z ^eyhlf_`_\Zgbyhlgbo
Ih\_kl\h\Zgb_lZdh]hdeb_glZi_j_]jm`_gh^_lZeyfbhgiulZ_lkygbq_]hg_ijhimklblv
\ k\h_fjZkkdZa_ghl_fg_f_g__g_jZkdju\Z_lk\h_cebqghklb;_k_^uk h[k_kkb\gufb
deb_glZfbh[uqghljm^gub ijh^he`bl_evgu
>ey mklZgh\e_gby \ul_kg_ggh]hh[k_kkb\guf deb_glhf fZl_jbZeZ bgh]^Z bf__l
kfukebkke_^h\Zgb__]hkgh\Ihfh]Z_llZd`_bkihevah\Zgb_jbkmghqguol_klh\\f_klh
aZ^ZgbyjZkkdZau\Zlvh ijh[e_fZokeh\Zfb
H[k_kkb\gu_ deb_glu ex[yl ijboh^blv d dhgkmevlZglm k hibkZgb_f i_j_qgy
k\hbo ijh[e_f beb kh kibkdhf \hijhkh\ dhlhju_ g_h[oh^bfh h[km^blv \h \j_fy
dhgkmevlbjh\Zgby Hq_\b^gh wlh hljZ`Z_l `_eZgb_ dhgljhebjh\Zlv kblmZpbx
dhgkmevlbjh\Zgbyb mdehgblvkyhl ijyfh]h wfhpbhgZevgh]h dhglZdlZ k dhgkmevlZglhf
Dh]^Z deb_glm g_ jZaj_rZ_lky ihevah\Zlvky aZjZg__ ih^]hlh\e_ggufb l_dklZfb beb
ijb^_j`b\Zlvky mklZgh\e_ggh]h bf ihjy^dZ \hijhkh\hl\_lh\ hg ijboh^bl \
aZf_rZl_evkl\h LZdh_ ih\_^_gb_ dhgkmevlZglZ y\ey_lky ^ey g_]h kxjijbahf Z
h[k_kkb\gZy ebqghklv g_ l_jibl kxjijbah\ kihglZgghklv ijh\hpbjm_l \ g_c
lj_\h`ghklv Ih^]hlh\dZ d \klj_q_ k dhgkmevlZglhf gZijZ\e_gZ gZ ij_k_q_gb_
g_h`b^Zgghkl_c kihkh[guo \u\_klb ba jZ\gh\_kby DhgkmevlZgl fh`_l kijhkblv
deb_glZ Ihq_fm <u ijb^Zeb lZdh_ \Z`gh_ agZq_gb_ ih^]hlh\d_ d gZr_c \klj_q_"
Hl\_l deb_glZ fh`_l hldjulv imlv \ _]h \gmlj_ggbc fbj B dhg_qgh jZ[hlZy k
h[k_kkb\gufb deb_glZfb dhgkmevlZgl kZf g_ ^he`_g ihevah\Zlvky ih^h[gh]h jh^Z
\kihfh]Zl_evgufbkj_^kl\Zfb aZibkyfbb ij 
Ijb jZ[hl_ k h[k_kkb\gufb deb_glZfb m dhgkmevlZglZ ^\hcgZy aZ^ZqZ 6WRUU
  <hi_j\uo hg ^he`_g ihfhqv deb_glm \ujZablv ih[m`^_gby hl dhlhjuo lhl
aZsbsZ_lky <h\lhjuo kZf dhgkmevlZgl ^he`_g [ulv q_eh\_dhf ijb]h^guf ^ey
wdki_jbf_glbjh\Zgby qlh[u deb_gl fh] ihlj_gbjh\Zlvky \ aZ\yau\Zgbb k\h[h^guo hl
km[hj^bgZpbb hlghr_gbc ?keb j_Zdpbb dhgkmevlZglZ gZ h[k_kkb\gmx ebqghklv
Z^_d\Zlgu ikboheh]bq_kdhc aZsblhc deb_glZ \uklmiZ_l aehklv LZdmx hl\_lgmx
j_Zdpbx ke_^m_l jZkkfZljb\Zlv g_ dZd ke_^kl\b_ k\h_c hrb[db Z kdhj__ dZd ijbagZd
ijh]j_kkZ \ jZ[hl_ DhgkmevlZglm g_ gZ^h aZ]eZ`b\Zlv hlghr_gby kh aeysbfky
deb_glhfGZh[hjhlg_h[oh^bfhiha\heblv_fm\ujZablvkdjulu_qm\kl\ZG_ke_^m_l
ihhsjylv `_eZgb_ deb_glZ g_f_^e_ggh ih^Z\blv aehklv J_Zevgh_ dhgkmevlbjh\Zgb_
fh`_l gZqZlvky ebrv lh]^Z dh]^Z fu [m^_f rZ] aZ rZ]hf k\yau\Zlv aehklv deb_glZ k
ih[m^b\rbfb__ ijbqbgZfbb hlus_fih^hie_dmki_pbnbqgh]hklbey_]hhlghr_gbck
^jm]bfb ex^vfb < wlhf aZdexqZ_lky rZgk ohlv g_fgh]h hk\h[h^blv h[k_kkb\gh]h
deb_glZhl[j_f_gbg_\ujZ`_gguowfhpbc

 DHGKMEVLBJH<:GB? IJB I:J:GHB>:EVGUO

J:KKLJHCKL<:O
< gZr_ \j_fy iZjZghb^Zevgu_ ijhy\e_gby kh]eZkgh ml\_j`^_gbx .HQQHG\
  \klj_qZxlky g_fgh]bf j_`_ lj_\h`guo khklhygbc Ihimeyjgh_ ij_`^_
\ujZ`_gb_ ©G_ dhfie_dkmcª \k_ qZs_ aZf_gy_lky kh\_lhf G_ [m^v iZjZghcyevguf
Wlh agZqbl ² g_ ijhy\eyc ih^hajbl_evghklb b w]hp_gljbqghklb >Zggu_ q_jlu ih
kms_kl\m oZjZdl_jbamxl hkgh\gu_ iZjZghb^gu_ kbg^jhfu ² fZgbx ij_ke_^h\Zgby b
fZgbx \_ebqby OZjZdl_jgZy ^ey iZjZghcyevghc ebqghklb kdehgghklv d wlbf fZgbyf
h[mkeh\eb\Z_l g_kihkh[ghklv d aZ\yau\Zgbx k\ya_c k ^jm]bfb ex^vfb b khpbZevgmx
hlkljZg_gghklv Z lZd`_ hljZ`Z_l ^bnnmaghklv ebqghklghc b^_glbqghklb dh]^Z
q_eh\_dmklZgh\blkyljm^ghjZaebqZlvqlhhlghkblkyd kh[kl\_gghcebqghklbZ qlh²
g_l
Kmlv fZgbb ij_ke_^h\Zgby ² ih^haj_gb_ hdjm`Zxsbo \ aehgZf_j_gghklb
Ihwlhfm iZjZghbd fgh]h \j_f_gb ljZlbl gZ \uy\e_gb_ \jZ]h\ ke_^ysbo aZ gbf
ih^kemrb\Zxsbo _]h jZa]h\hju b li LZdbf \jZ]hf fh`_l klZlv dZd hl^_evguc
q_eh\_d lZd b ]jmiiZ ex^_c K wlhc fZgb_c k\yaZgZ b hq_gv qZklh \klj_qZxsZyky
j_\ghklv Ih^haj_gb_ kmijm]Z \ g_\_jghklb ² hq_gv ieh^hl\hjgZy ihq\Z ^ey
\hagbdgh\_gbyiZjZghb^Zevgv]okljZoh\
FZgby\_ebqbyijhy\ey_lky\ ijbibku\Zgbbk_[_ij_`^_g_aZf_qZ_fuolZeZglh\
b kihkh[ghkl_c IZjZghbdb lZdh]h lbiZ h[uqgh \u^Zxl k_[y aZ bah[j_lZl_e_c jZ[hlu
dhlhjuo ijba\Zgu jZaj_rblv ]eh[Zevgu_ ijh[e_fu fbjZ beb l\hjph\ f_kkbZgkdbo
l_hjbc kihkh[guo kiZklb fbj Bgh]^Z iZjZghcy ijhy\ey_lky \ wjhlhfZgbb dh]^Z
q_eh\_d^mfZ_lqlhhg\ex[e_gb klj_fblkykh[eZagblvebphijhlb\hiheh`gh]hiheZ
Ikboh^bgZfbq_kdbiZjZghbdohlyb kbevgh `_eZ_l [ebahklb k ^jm]bfb ex^vfb
gh [hblky hdZaZlvky h[fZgmluf Wlh kem`bl ]eZ\ghc ijbqbghc ih^hajbl_evghklb L_f
kZfuf iZjZghbd [hykv [ulv hl\_j]gmluf kZf \k_o hllZedb\Z_l qlh h[mkeh\e_gh _]h
\jZ`^_[ghklvx
DhgkmevlZgl \klj_lb\rbkv k iZjZghb^guf deb_glhf ^he`_g [ulv ]hlh\ d _]h
g_^h\_jbx b \jZ`^_[ghklb LZdb_ deb_glu ihklhyggh ijh\_jyxl gZkdhevdh fh`gh
^h\_jylv dhgkmevlZglm G_^h\_jb_ b \jZ`^_[ghklv ^h\hevgh g_ijbylgu b bo
ij_h^he_gb_ y\ey_lky \Z`g_crbf mkeh\b_f \ jZ[hl_ k iZjZghb^gufb deb_glZfb
Ij_`^_\k_]hdhgkmevlZgl^he`_gbf_lv\ \b^mqlhiZjZghbdbkoh^gufh[jZahf\_^ml
k_[y kh \k_fb ex^vfb Khhl\_lkl\mxs__ ihgbfZgb_ ihfh]Z_l dhgkmevlZglm khojZgblv
kZfhh[eZ^Zgb_ g_ ijb[_]Zlv d qj_af_jghc aZsbl_ b g_ klZjZlvky ©ih[_^blvª deb_glZ
JZ[hlZy k iZjZghb^gufb deb_glZfb ke_^m_l kh[ex^Zlv hij_^_e_ggmx ^bklZgpbx
ihlhfm qlh kebrdhf [ukljh_ beb qj_af_jgh ]em[hdh_ \lhj`_gb_ \uau\Z_l m gbo
g_ijbyagv
G_hiulguc dhgkmevlZgl fh`_l gZqZlv ^bkdmlbjh\Zlv beb kihjblv k iZjZghbdhf ih
ih\h^mh[hkgh\Zgghklb_]hfZgbciulZykvijba\ZlvgZihfhsveh]bq_kdb_Zj]mf_glu
>bkdmkkby [_kkfuke_ggZ ihkdhevdm iZjZghb^ghfm deb_glm qm`^ yaud eh]bdb <
h[s_gbbhgihevam_lkyiZjZghb^Zevgufbf_lZnhjZfbGZdhg_p\ aZ^ZqmdhgkmevlZglZ
g_\oh^blhij_^_e_gb_ijZ\^hih^h[ghklb\ukdZau\Z_fuodeb_glhfp_e_cAgZqbl_evgh
\Z`g__kZfnZdlgZebqbyfZgbbb m\_j_gghklvdeb_glZ\ k\h_cijZ\hl_
< ex[hf kemqZ_ dhgkmevlZgl ^he`_g ihfgblv qlh hg klhedgmeky g_ k fZgb_c
dhlhjmxgZ^hmkljZgblvZ kq_eh\_dhf©ihjh^b\rbfªwlmfZgbx

DHGKMEVLBJH<:GB?RBAHB>GUOEBQGHKL?C
Rbahb^gZy ebqghklv ij_^klZ\ey_l h^gm ba gZb[hevrbo ljm^ghkl_c \ jZ[hl_
dhgkmevlZglZ beb ikbohl_jZi_\lZ Z djZcg__ __ ijhy\e_gb_ ² rbahnj_gby ² h^gh ba
]em[hqZcrbob keh`g_crbogZjmr_gbcikbobdbDhglmjurbahb^ghcebqghklbfh`gh
hq_jlblv ih hkgh\guf kbfilhfZf rbahnj_gbb <i_j\u_ l_jfbg rbahnj_gby
bkihevah\Ze ba\_klguc ikbobZlj (XJHQ %OHXOHU \  ] <Z`g_crb_ kbfilhfu wlh]h
gZjmr_gbyikbobdbhghibkZeba\_klghcnhjfmehcq_luj_o: pblih .HQQHG\ 
 :nn_dlb\ghklv M [hevgh]h rbahnj_gb_c gZjmrZ_lky wfhpbhgZevgZy kn_jZ
?]h wfhpbhgZevgZy `bagv klZgh\blky hq_gv kdm^ghc G_j_^dh wfhpbhgZevgu_ j_Zdpbb
g_Z^_d\Zlgu gZijbf_jkf_o\ jZkkdZa_h kf_jlb[ebadh]hq_eh\_dZ l_ wfhpbhgZevgu_
i_j_`b\Zgbyg_khhl\_lkl\mxlkh^_j`Zgbxfuke_c
 :kkhpbZlb\ghklv Rbahnj_gbdZf k\hckl\_ggZ mljZlZ eh]bq_kdhc
ihke_^h\Zl_evghklb fuke_c GZ hkgh\_ k\h[h^gh\hagbdZxsbo ZkkhpbZpbb m gbo
ijhbkoh^bl i_j_kdZdb\Zgb_ hl h^ghc fukeb d ^jm]hc Kihkh[ fure_gby dZ`_lky
kljZggufb oZhlbqgufhl\_lugZ\hijhku[u\Zxlkh\_jr_gghg_Z^_d\ZlgufbBgh]^Z
ZkkhpbZlb\gu_gZjmr_gbyfh]ml[ulvhq_gvmlhgq_ggufbb ljm^ghaZf_lgufb
:mlbaf Fure_gb_rbahb^ZdjZcg_km[t_dlb\ghb w]hp_gljbqghHgdZ`_lky
ih]jm`_gguf\ f_qlub nZglZabbdhlhju_ihkl_i_gghih^f_gyxlj_ZevghklvG_j_^dh
keh\Zfijb^Z_lkyhkh[uc kfuke b dhgkmevlZglm ljm^gh ihgylv h q_f ]h\hjbl deb_gl
LZdhcbg^b\b^mZevguckeh\ZjvmdZau\Z_lgZZmlbqghklvfure_gby
:f[b\Ze_glghklv Ohly[hevrbgkl\hex^_cbkiulu\Zxl^\hckl\_gghklv\ l_o
bebbguokblmZpbyorbahb^gZyebqghklvZf[b\Ze_glgZihqlb\h\k_fHgZi_j_iheg_gZ
ijhlb\hj_qb\ufbqm\kl\ZfbmklZgh\dZfbb \a]ey^Zfbihhlghr_gbxd ^jm]bfex^yfb
d k\hbf`bag_ggufmkeh\byf
Rbahb^gu_ deb_glu ihiZ^Zxl gZ ikboheh]bq_kdh_ dhgkmevlbjh\Zgb_ beb
ikbohl_jZibx ih jZaguf ijbqbgZf QZklhc ijbqbghc h[jZs_gby kem`bl g_\_jb_ qlh
hdjm`Zxsb_kihkh[guboihgylvb ihfhqvihwlhfmhgbbsmlihfhsbm ki_pbZebklh\
hl dhlhjuo `^ml ihgbfZgby k\hbo ljm^ghkl_c H[uqgh rbahb^u `Zemxlky gZ
g_\hafh`ghklv mklZgh\blv b ih^^_j`b\Zlv hlghr_gby hkh[_ggh k ebpZfb
ijhlb\hiheh`gh]h iheZ gZ g_kihkh[ghklv kdhgp_gljbjh\Zlvky b aZdhgqblv gZqZlmx
jZ[hlmgZiehoh_gZkljh_gb_
Rbahb^gu_ deb_glu bkiulu\Zxl fgh]h ljm^ghkl_c \ hlghr_gbyo k ^jm]bfb
ex^vfb Hgb g_^h\_jqb\u ihwlhfm m gbo hq_gv fZeh beb \hh[s_ g_l ^jma_c Bgh]^Z
rbahb^ aZ\yau\Z_l ^jm`[m k k_[_ ih^h[guf h^gZdh hlghr_gby [u\Zxl ojmidbfb b
j_^dh ^eylky ijh^he`bl_evgh_ \j_fy Rbahb^gu_ deb_glu [hylky [ebahklb
bglbfghklbihlhfmqlhj_Zdpbb^jm]boex^_c\uau\Zxlm gboZf[b\Ze_glgu_qm\kl\Z
Hl [ebahklb hgb aZsbsZxlky ba[_]Zy ex[uo wfhpbhgZevguo ijhy\e_gbc \
f_`ebqghklguo hlghr_gbyo Ihkdhevdm qm\kl\Z \Z`gu \ `bagb ex^_c rbahb^gZy
ebqghklv [ZeZgkbjm_l gZ ]jZgb i_j_`b\Zgby [_kkfuke_gghklb `bagb Ba[_]Zgb_
[ebadbo hlghr_gbc rbahb^gu_ deb_glu h[tykgyxl l_f qlh lZdb_ hlghr_gby bo
bagmjyxl Z lZd`_ h[j_f_gbl_evgu hdjm`Zxsbf K[_j_`_gb_ k_[y \ h[s_gbb
ijb\h^bl d hklhjh`ghklb b g_ iha\hey_l \_klb k_[y kihglZggh <hagbdgh\_gb_
mklZgh\db gZ ba[_]Zgb_ [ebadbo f_`ebqghklguo k\ya_c h[tykgy_lky 6WRUU 
ki_pbnbqgufih\_^_gb_fjh^bl_e_c\ ^_lkl\_Moh^aZfZeurhfhlgbfZ_lm jh^bl_e_c
fgh]h nbabq_kdhc b ikbobq_kdhc wg_j]bb b rbahb^gu_ jh^bl_eb dhlhjuf qm`^ fbj
j_[_gdZ _]h ihlj_[ghklb qm\kl\mxl k_[y bklhs_ggufb < j_amevlZl_ j_[_ghd g_
ihemqZ_l g_h[oh^bfu_ _fm ex[h\v b ihgbfZgb_ M g_]h nhjfbjm_lky m[_`^_gb_ qlh
ex[h\v \hafh`gZ lhevdh \ \hh[jZ`_gbb Iha^g__ \ aj_ehf \hajZkl_ wfhpbhgZevgu_
hlghr_gby\hkijbgbfZxlkyg_dZd\aZbfhh[h]ZsZxsb_Z dZdbklhsZxsb_b gZb[he__
[_ahiZkguf ij_^klZ\ey_lky mdehg_gb_ hl gbo Klj_fykv \hkihegblv g_^hklZlhd
dhglZdlh\k \g_rgbffbjhfrbahb^gu_ebqghklbkha^Zxl[h]Zluc\hh[jZ`Z_fucfbj
G_^hklmighklv j_Zevguo hlghr_gbc b ih^ebgghc ex[\b rbahb^u dhfi_gkbjmxl \
\hh[jZ`_gbb gZ^_eyy k_[y \_ebqb_f Ieh^u \hh[jZ`_gby rbahb^gZy ebqghklv
klZjZ_lky\hiehlblv\ j_Zevghklv< f_`ebqghklguohlghr_gbyowlh\ujZ`Z_lkyihahc
ij_\hkoh^kl\Zqlhg_ijb_fe_fh^ey[hevrbgkl\Zex^_c
DklZlb rbahb^gu_ bg^b\b^u fh]ml bkiulu\Zlv aZ\bkbfhklv hl ^jm]bo kqblZy
qlh g_ kihkh[gu ihaZ[hlblvky h k_[_ beb mkljhblv k\hx `bagv Qm\kl\h [_kkbeby ²
h^gZ ba ijbqbg j_]j_kkbb lZdbo deb_glh\ ^h ijbfblb\guo nhjf ijbkihkh[e_gby d
hdjm`_gbxK ^jm]hcklhjhgurbahb^ghcebqghklb[hevghqm\kl\h\Zlvk_[yaZ\bkbfhc
ihlhfmqlhwlhjZgbl__ ]hj^hklv
Hkh[_gghklbrbahb^ghcebqghklbaZljm^gyxlmklZgh\e_gb_b ih^^_j`Zgb_k g_c
dhglZdlZ DhgkmevlZgl qZklh qm\kl\m_l dZd ih^f_lbeZ 6WRUU   qlh m rbahb^h\
hlebqZ_lky ^ebgZ \heg < hlghr_gbyo k lZdbfb deb_glZfb hq_gv \Z`gZ
aZbgl_j_kh\Zgghklv b `_eZgb_ ihfhqv Z g_ ^bZ]ghklbq_kdbc ih^oh^ AZ ly`_eufb
gZjmr_gbyfbdjh_lkymgbdZevguc q_eh\_db ^Z`_ fZeZy lhebdZ ijhklhc q_eh\_qghklb
dhgkmevlZglZ fh`_l ^Zlv g_iehob_ j_amevlZlu b h[e_]qblv kljZ^Zgby rbahb^gh]h
deb_glZ
DhgkmevlZglm ke_^m_l ihgbfZlv kl_i_gv baheypbb rbahb^gh]h deb_glZ I_j\uc
dhglZdl ^he`_g [ulv bgl_ee_dlmZebabjh\Zg Rbahb^gh]h deb_glZ e_]dh gZim]Zlv
g_ihkj_^kl\_gguf ijhgbdgh\_gb_f \ _]h wfhpbhgZevgmx `bagv DhgkmevlZgl lZd`_
^he`_gijbgbfZlv\h\gbfZgb_ijhlb\hj_qb_f_`^m`_eZgb_fdeb_glZ[ulvk ex^vfbb
kljZohf i_j_^ hdjm`Zxsbfb Ihki_rghklv \ mklZgh\e_gbb k deb_glhf [ebadh]h
dhglZdlZ fh`_l kijh\hpbjh\Zlv _]h [_]kl\h H^gZdh _keb dhgkmevlZgl [m^_l kebrdhf
g_cljZe_g b qj_af_jgh hl^Zeylvky hl deb_glZ lhl fh`_l ihqm\kl\h\Zlv k_[y
hl\_j]gmluf G_ gZ^h aZ[u\Zlv qlh hilbfZevgZy ^bklZgpby \h \aZbfhhlghr_gbyo ²
emqrbcih^Zjhdrbahb^ghfmdeb_glm
DhgkmevlZgl^he`_gihfgblvqlh\ dhgkmevlbjh\Zgbb rbahb^guc deb_gl \_^_l
k_[y dZd b \ ^jm]bo `bag_gguo kblmZpbyo gZijbf_j \ k_fv_ Wlb deb_glu qZklh
klZjZxlkyqlh[uhdjm`Zxsb_boex^bbkiulu\Zebqm\kl\h\bgu
Dh]^Zdeb_glu]h\hjylqlhdhgkmevlZgl_s_[hevr_aZimlZeboijh[e_fuwlhg_
ijhklZy dhgklZlZpby nZdlZ Z kdhj__ ikboheh]bq_kdZy fZgbimeypby M dhgkmevlZglZ
ijh\hpbjm_lky qm\kl\h \bgu \ gZ^_`^_ qlh hg jZkk_j^blky b lh]^Z deb_gl ihemqbl
ih^l\_j`^_gb_g_wnn_dlb\ghklb_]hjZ[hlu
<hh[s_rbahb^gZyebqghklv\ dhgkmevlbjh\Zgbb²wlh\uah\dhgkmevlZglmbeb
ikbohl_jZi_\lmGhg_[m^_faZ[u\Zlvqlhwlhb kZfu_bgl_j_kgu_deb_glukihkh[gu_
gZmqblvgZkhjb_glbjh\Zlvky\ ^_[jyoq_eh\_q_kdhcijbjh^u

DHGKMEVLBJH<:GB?:KHPB:EVGUOEBQGHKL?C
:khpbZevghklv ² wlh h^gh ba kZfuo keh`guo b ijh]ghklbq_kdb
g_[eZ]hijbylguoebqghklguojZkkljhckl\dhlhju_ijhy\eyxlkyg_klhevdhjZaebqgufb
kbfilhfZfbkdhevdhgZjmr_gb_fih\_^_gbyIj_`^_wlhgZjmr_gb_^bZ]ghklbjh\Zehkv
dZd ikbohiZlbq_kdZy ebqghklv beb khpbhiZlbq_kdZy ebqghklv l_jfbgu _s_ b
l_i_jv\klj_qZxsb_ky\ ebl_jZlmj_ KhpbhiZluiehohkhpbZebabjh\Zguhgb`b\ml\h
bfym^h\e_l\hj_gbyk\hbobgklbgdlb\guoihlj_[ghkl_cg_h[jZsZy\gbfZgbygZghjfu
fhjZeblj_[h\Zgby h[s_kl\Zihwlhfm kdehgguihklhygghgZjmrZlv ijZ\beZ b aZdhgu
h[s_`blbyg_kqblZykvk \hafh`gufgZdZaZgb_f
:khpbZevgmxebqghklvg_ke_^m_lkf_rb\Zlvk ebphf\_^msbfk_[yZkhpbZevgh
\ke_^kl\b_ \gmlj_ggbo g_\jhlbq_kdbo dhgnebdlh\ G_\jhlbd i_j_`b\Z_l \bgm baaZ
k\h_]hih\_^_gbyqlhZ[khexlghqm`^hZkhpbZevghcebqghklb
OhlyijbagZdbZkhpbZevgh]hih\_^_gbyfh]mlijhy\blvkyaZ^he]h^hhljhq_kdbo
e_l bf_ggh \ xghklb ZkhpbZevghklv hkh[_ggh aZf_lgZ b \ujZ`Z_lky \ Z]j_kkb\ghklb
[_kihjy^hqghfk_dkmZevghfih\_^_gbbb f_oZgbq_kdhf\a]ey^_gZk_dk\ kdehgghklbd
mihlj_[e_gbxZedh]heyb gZjdhlbdh\
DhgkmevlZgl ^he`_g agZlv qlh ZkhpbZevgZy ebqghklv ² wlh g_ ijhklh ^jm]hc
q_eh\_dHgZdZj^bgZevghhlebqZ_lkyhl^jm]bo²hlghr_gb_fd k_[_b ^jm]bfex^yf
p_eyfb`bagb 0DF.LQQRQ b 0LFKROV pblih .HQQHG\  mdZau\Zxl
:khpbZevgZyebqghklvkfhljblgZ^jm]boex^_cdZdgZbklhqgbdhiZkghklbbeb
gZkeZ`^_gby g_ h[jZsZy \gbfZgby gZ bo [_ahiZkghklv m^h[kl\Z m^h\hevkl\by HgZ
i_j_`b\Z_l kh[kl\_ggu_ ih[m`^_gby dZd g_hleh`gu_ b g_mfhebfu_ hldeZ^u\Zgb_
j_ZebaZpbb dhlhjuo beb aZf_gZ q_feb[h ^jm]bf g_fukebfu M^h\e_l\hj_gb_
ih[m`^_gbc \_^_l d jZkims_gghklb khklhygbx ij_kus_gby gh g_ d i_j_`b\Zgbx
kqZklvyk ijbkmsbf_fmqm\kl\hfih\ur_gbykZfhm\Z`_gby
:khpbZevgZy ebqghklv g_l_ji_eb\Z hjb_glbjh\ZgZ gZ kbxfbgmlgh_
m^h\hevkl\b_ jmdh\h^kl\m_lky g_ihkj_^kl\_ggufb ih[m`^_gbyfb b g_ \ khklhygbb
l_ji_lv aZ^_j`dm \ m^h\e_l\hj_gbb ihlj_[ghkl_c HgZ fh`_l mdjZklv ihlhfm qlh \
^Zggucfhf_glg_bf__lk kh[hc^_g_]bebijhklhg_ohq_lmljm`^Zlvk_[yihemq_gb_f
`_eZ_fh]h aZdhgguf kihkh[hf Hl ZkhpbZevguo ^_ckl\bc g_ m^_j`b\Z_l b m]jhaZ
gZdZaZgby Bfimevkb\ghklb \ m^h\e_l\hj_gbb ihlj_[ghkl_c khimlkl\mxl ijbklmiu
Z]j_kkb\ghklb\ kblmZpbyonjmkljZpbbBaaZhlkmlkl\bywfiZlbbZ]j_kkb\gufj_Zdpbyf
[u\Zxlk\hckl\_ggu`_klhdhklv^Z`_kZ^baf
:khpbZevgZy ebqghklv g_ kihkh[gZ aZ\yau\Zlv l_kgu_ f_`ebqghklgu_
hlghr_gby>jm`[Zlj_[m_lhlex^_cqm`^uo_cdZq_kl\:khpbZevgu_bg^b\b^ufh]ml
lhevdh [jZlv hl ^jm]bo gh gbq_f g_ ohlyl `_jl\h\Zlv b wlh ihjh`^Z_l k_f_cgu_
g_mjy^bpu Hgb hjb_glbjmxlky bkdexqbl_evgh gZ k_[y b g_ \hkijbgbfZxl ^jm]bo
ex^_cdZdbf_xsboijZ\Zb qm\kl\Z>jm]b_ex^b^eygbolhevdhkj_^kl\h^hklb`_gby
kh[kl\_gguo p_e_c :khpbZevgZy ebqghklv g_j_^dh iZjZablbjm_l gZ hdjm`Zxsbo
bkihevamy k\hx \g_rgxx ijb\e_dZl_evghklv < kbem i_j_qbke_gguo ijbqbg
dhgkmevlZglm ljm^gh ijhy\eylv wfiZlbx d lZdbf deb_glZf Z bo g_kihkh[ghklv
mklZgh\blv [ebadb_ b hkfuke_ggu_ hlghr_gby ij_iylkl\m_l ihemq_gbx ihevau hl
dhgkmevlbjh\Zgby b ikbohl_jZibb H^gZdh ijbgbfZy \h \gbfZgb_ [_kdhg_qgmx
f_ehqghklv qm\kl\ ZkhpbZevghc ebqghklb dhgkmevlZgl g_ ^he`_g ihki_rgh h[\bgylv
k_[ydh]^Zg_m^Z_lkygZeZ^blvk g_cwfhpbhgZevgucdhglZdl
:khpbZevgu_ ebqghklb j_^dh ihiZ^Zxl d dhgkmevlZglm ih kh[kl\_gghfm
`_eZgbxH[uqghbogZijZ\ey_lrdheZbeb^jm]b_hj]ZgbaZpbbihwlhfmdhgkmevlZglm
kgZqZeZ ke_^m_l \uykgblv ijbqbgu ijboh^Z deb_glZ gZ dhgkmevlbjh\Zgb_
MklZgZ\eb\Zlv dhglZdl k ZkhpbZevgufb deb_glZfb dZd mihfbgZehkv \ur_ hq_gv
ljm^gh ihlhfm qlh hgb ijb\ghkyl k\hc ih\k_^g_\guc klbev `bagb b h[s_gby \
dhgkmevlbjh\Zgb_K kZfh]hgZqZeZdhgkmevlbjh\ZgbylZdb_deb_glubf_xlkdehgghklv
h[fZgu\Zlv dhgkmevlZglh\ hkh[_ggh g_hiulguo k\hbf \g_rgbf h[Zygb_f b fgbfhc
^h[jh`_eZl_evghklvx mf_gb_f ih^hevklblvky DhgkmevlZgl \ klj_fe_gbb ihfhqv
fh`_l i_j_klZjZlvky b k^_eZlvky h[t_dlhf fZgbimeypbb deb_glZ < wlhf kfuke_ ^ey
g_hiulgh]hdhgkmevlZglZZkhpbZevgZyebqghklvij_^klZ\ey_lhiZkghklv
Ihfg_gbx &ROHPDQ pblih .HQQHG\  ZkhpbZevgZyebqghklvbf__l
kdehgghklv ba[_]Zlv hl\_lkl\_gghklb aZ g_ijb_fe_fh_ ih\_^_gb_ aZ kq_l
jZpbhgZebaZpbbb i_j_deZ^u\Zlv\bgmgZ^jm]bo ijh_dpby Ijh^he`bl_evgh_h[s_gb_
k lZdbf q_eh\_dhf \k_]^Z gZqbgZ_l \uau\Zlv g_m^h\e_l\hj_gghklv gZijy`_gb_ b
jZa^jZ`_gb_
Ijb jZ[hl_ k ZkhpbZevgufb deb_glZfb dhgkmevlZglm hq_gv \Z`gh \ ex[hc
fhf_gl b^_glbnbpbjh\Zlv k\hb qm\kl\Z b iheZ]Zlvky gZ gbo ihlhfm qlh wlh
_^bgkl\_ggh_kj_^kl\hba[_`ZlvfZgbimeypbckhklhjhgudeb_glZb \uihegylvjZ[hlm
g_h[jZsZy\gbfZgbygZ[hevrb_ljm^ghklb

DHGKMEVLBJH<:GB?IJB:EDH=HEBAF?
:edh]hebaf²wlhh^gZba\Z`g_crbokhpbZevguoijh[e_fkh\j_f_gghklbh^gZ
ba ljm^g_crbo f_^bpbgkdbo ijh[e_f b gZdhg_p h^gZ ba kZfuo ljm^gh jZaj_rbfuo
ijh[e_fikboheh]bq_kdhcb ikbohl_jZi_\lbq_kdhcihfhsb
Kms_kl\m_l g_fZeh hij_^_e_gbc Zedh]hebafZ H^gb iheZ]Zxl qlh Zedh]hebaf
fh`gh ^bZ]ghklbjh\Zlv dh]^Z mihlj_[e_gb_ Zedh]hey gZjmrZ_l a^hjh\v_ b klZgh\blky
g_h[oh^bfuf ^ey ih^^_j`Zgby ghjfZevghc Zdlb\ghklb >jm]b_ hlghkyl Zedh]hebaf d
ebqghklguf gZjmr_gbyf ijhy\eyxsbfky \ nbabq_kdhc b ikbobq_kdhc aZ\bkbfhklb
Lj_lvb gZau\Zxl Zedh]hebafhf ihlj_[e_gb_ Zedh]hey dhlhjh_ \e_q_l aZ kh[hc
ijh[e_fu \ hlghr_gbyo k qe_gZfb k_fvb jh^kl\_ggbdZfb ^jmavyfb khkem`b\pZfb
ijhlb\hijZ\gu_ ^_ckl\by ijb g_\hafh`ghklb [jhkblv iblv < ihke_^g_f kemqZ_
Z[khexlgh_dhebq_kl\hmihlj_[ey_fh]hZedh]heyg_klhev\Z`gh
Ijbqbgu Zedh]hebafZ iulZxlky h[tykgblv ihjZaghfm b hdhgqZl_evgh]h
h[tykg_gby g_ kms_kl\m_l H[uqgh \u^_eyxl khpbZevgu_ [bheh]bq_kdb_ b
ikboheh]bq_kdb_ ijbqbgu ;bheh]bq_kdb_ ijbqbgu \b^yl \ hkh[_gghklyo f_lZ[hebafZ
bg^b\b^Z ² g_dhlhju_ ex^b kebrdhf qm\kl\bl_evgu d Zedh]hex >jm]b_ gZh[hjhl
hlebqZxlky ih\ur_gghc lhe_jZglghklvx ihlj_[eyxl qj_af_jgu_ ^hau kibjlguo
gZibldh\b klZgh\ylkyZedh]hebdZfbOhjhrhba\_kl_gnZdlqlh^_lbZedh]hebdh\qZs_
kljZ^Zxl Zedh]hebafhf Z wlh mdZau\Z_l gZ \Z`ghklv ]_g_lbq_kdbo nZdlhjh\ L_ dlh
ih^q_jdb\Z_l [bheh]bq_kdb_ ijbqbgu \ ijhbkoh`^_gbb Zedh]hebafZ ij_^ihqblZxl
e_qblv _]h nZjfZdheh]bq_kdbfb kj_^kl\Zfb H^gZdh e_dZjkl\_ggh_ e_q_gb_
g_wnn_dlb\gh
Ikboheh]bq_kdb_ ijbqbgu Zedh]hebafZ mkfZljb\Zxl \ ihiuldZo bg^b\b^Z
j_rZlvebqgu_ijh[e_fuk ihfhsvxh^gh]hbakZfuo^hklmiguokj_^kl\²Zedh]hey
Ihkdhevdm kibjlgu_ gZibldb ^_ckl\bl_evgh ihfh]Zxl \j_f_ggh mf_gvrZlv
wfhpbhgZevgh_gZijy`_gb_mihlj_[e_gb_Zedh]heyfh`_l klZlvijb\uqguf kj_^kl\hf
kgylby klj_kkh\ Ihkl_i_ggh ^ey ^hklb`_gby `_eZ_fh]h j_amevlZlZ lj_[mxlky \k_
[hevrb_ ^hau K m\_ebq_gb_f dhebq_kl\Z Zedh]hey b qZklhlu _]h mihlj_[e_gby
\hagbdZxllbibqgu_jZkkljhckl\Z
fure_gb_klZgh\blkyh]jZgbq_ggufaZf_^eyxlkynbabq_kdb_j_Zdpbbihjlylky
hlghr_gby k ex^vfb Gh\u_ ijh[e_fu agZqbl_evgh k_jv_ag__ l_o jZ^b ba[Z\e_gby hl
dhlhjuo ihlj_[h\Zeky Zedh]hev Bkke_^h\Zgby ebqghklb Zedh]hebdh\ ihdZau\Zxl qlh
[hevrbgkl\h ba gbo wfhpbhgZevgh g_aj_eu aZ\bkbfu hl ^jm]bo b iZkkb\gu BaaZ
gbadh]hihjh]Zlj_\h`ghklbhgbihklhygghbkiulu\Zxlihlj_[ghklv\ __mf_gvr_gbb
D mihlj_[e_gbx Zedh]hey ih[m`^Z_l b lh qlh hg h[e_]qZ_l ijhy\e_gb_ qm\kl\ \ lhf
qbke_\jZ`^_[guok_dkmZevguob ^jdhlhjh_\ h[uqghfkhklhygbb[u\Z_laZljm^g_gh
K ^jm]hc klhjhgu ihke_ wibah^h\ bgl_gkb\gh]h ivygkl\Z g_j_^dh ihy\ey_lky qm\kl\h
\bgu b `_eZgb_ ba[Z\blvky hl ^mjgh]h gZkljh_gby \gh\v ih[m`^Z_l d mihlj_[e_gbx
Zedh]hey
<u^\b`_gb_gZi_j\ucieZgikboheh]bq_kdbonZdlhjh\h[mkeh\e_ghijbagZgb_f
ijbhjbl_lZ ikbohl_jZi_\lbq_kdhc ihfhsb ijb Zedh]hebaf_ i_j_^ [bheh]bq_kdhc
l_jZib_c H^gZdh \u[hj kihkh[h\ dhgdj_lghc ihfhsb Zedh]hebdm aZ\bkbl hl
hk\_^hfe_gghklb dhgkmevlZglZ \ ijh[e_f_ Zedh]hebafZ hl _]h \a]ey^Z gZ wlbheh]bx
Zedh]hebafZ b ebqghklv Zedh]hebdZ GZijbf_j dhgkmevlZgl [u\Z_l hly]hs_g
hljbpZl_evgufb i_j_`b\Zgbyfb \ k\yab k Zedh]hebafhf jh^bl_e_c beb kZf
aehmihlj_[eye Zedh]he_f b wlh hdZau\Z_l \ebygb_ gZ _]h mklZgh\db Hg fh`_l
bkiulu\ZlvZglbiZlbxd Zedh]hebdmb g_\b^_lv\ g_fq_eh\_dZHlkmlkl\b_khqm\kl\by
g_ iha\hebl mklZgh\blv k deb_glhf ijh^mdlb\guc dhgkmevlZlb\guc dhglZdl < lZdbo
kemqZyo dhg_qgh ke_^m_l hldZaZlvky hl jZ[hlu ihlhfm qlh ^ey mki_rgh]h
dhgkmevlbjh\Zgby g_h[oh^bfh aZ hllZedb\Zxsbf b ^_kljmdlb\guf ih\_^_gb_f
Zedh]hebdZ \k_ `_ m\b^_lv ebph q_eh\_dZ DhgkmevlZgl h[yaZg hkhagZ\Zlv k\h_
hlghr_gb_d Zedh]hebafmb bklhdb\hagbdgh\_gbywlh]hhlghr_gby
KljZl_]by b lZdlbdZ jZ[hlu dhgkmevlZglZ \h fgh]hf h[mkeh\e_gu ihgbfZgb_f
ijbqbg Zedh]hebafZ %LUG   bkq_jiu\Zxs_ hibkZe \ZjbZglu lZdhc
h[mkeh\e_gghklb
G_dhlhju_ dhgkmevlZglu Zedh]hebaf ihgbfZxl dZd \j_^gmx ijb\uqdm ihjhd
keZ[hklv oZjZdl_jZ K_jv_aghc ijbqbgu ^ey \uib\db \jh^_ b g_l ² ijhklh ivxl
ihlhfm qlh gjZ\blky g_^hklZ_l \heb dlhlh jZkkljhbe beb jZkk_j^be g_\hafh`gh
ijhlb\blvky \ebygbx ^jma_c beb ijhklh ihlhfm qlh lZd m` ihemqbehkv DhgkmevlZgl
ijb lZdhf ih^oh^_ ijyfh ]h\hjbl deb_glm qlh hg ^mfZ_l h[ Zedh]hebdZo \hh[s_ b
dhgdj_lgh h deb_gl_ Z lZd`_ jZatykgy_l qlh lhl ^he`_g ^_eZlv JZamf__lky ke_^m_l
i_j_klZlv iblv [hevr_ \j_f_gb m^_eylv k_fv_ jZ[hl_ gZclb oh[[b b li Bgh]^Z
gZklZ\e_gby bf_xl ohjhrbc g_ihkj_^kl\_gguc wnn_dl ² deb_gl i_j_klZ_l iblv b
gZqbgZ_lgh\mx`bagvH^gZdhg_h[oh^bfhihfgblvqlhZedh]hebdmg_ij_^klZ\ey_l
ljm^ZgZg_dhlhjh_\j_fy[jhkblviblvHg[jhkZ_liblv^_kyldbb khlgbjZaihkZfuf
jZaguf ijbqbgZf Bgh]^Z ijhbkoh^bl kh\iZ^_gb_ k \hkiblZl_evgufb mkbebyfb
dhgkmevlZglZ b i_j_ju\ \ iblv_ [u\Z_l ^h\hevgh ijh^he`bl_evguf ?keb \uib\dZf
deb_glZ khimlkl\m_l hkljh_ qm\kl\h \bgu mkbeby dhgkmevlZglZ fh]ml mf_gvrblv
i_j_`b\Zgby b ihlj_[ghklv \ \uib\d_ lh`_ agZqbl_evgh mf_gvrblky Ke_^h\Zl_evgh
ihmq_gbyb fhjZebaZpby\ jZ[hl_k Zedh]hebdZfb²g_\k_]^ZimklZyljZlZ\j_f_gbL_f
g_f_g__ijh[e_fZhklZ_lky²kimklydZdh_lh\j_fydeb_gldZdijZ\behgZqbgZ_liblv
kgh\Z
DhgkmevlZglu dhlhju_ \b^yl ijbqbgu ivygkl\Z \ `bag_gguo aZ[hlZo \
klj_fe_gbb m[_`Zlv hl ljm^ghc b [he_ag_gghc j_Zevghklb \kx k\hx wg_j]bx
gZijZ\eyxlgZjZkdjulb_ljm^ghkl_cb ijh[e_fba[_]Z_fuodeb_glhfB [hevrbgkl\h
Zedh]hebdh\ hohlgh ]h\hjyl h k\hbo ljm^ghklyo ² ly`_ehf [_a^hfghf ^_lkl\_ b
hljhq_kl\_ g_m^Z\r_fky [jZd_ ijh[e_fZo gZ jZ[hl_ b li Wlh g_j_^dh \uau\Z_l
khqm\kl\b_ ^Z`_ `_eZgb_ dhgdj_lgh ihfhqv ^Zlv ^_g_] qlhgb[m^v dmiblv gZclb
`bev_  >h[jh^_l_evghklv dhgkmevlZglZ ihjhc ijbghkbl ohjhrbc g_ihkj_^kl\_gguc
wnn_dl h^gZdh h[uqgh g_ gZ^he]h DhgkmevlZgl ^he`_g [ulv ex[_a_g k deb_glhf
h^gZdh g_ fy]dhk_j^_q_g ihkdhevdm hq_gv e_]dh fh`gh klZlv `_jl\hc fZgbimeypbc
deb_glZ\_^vZedh]hebdbhlebqZxlkymf_gb_f\uau\Zlvkhqm\kl\b_ijb\e_dZlvgZk\hx
klhjhgmb lZdbfh[jZahfm^_j`b\ZlvdhgkmevlZglZgZ[_ahiZkghfjZkklhygbb
MkfZljb\Zy ijbqbgu Zedh]hebafZ _^bgkl\_ggh \ `bag_gguo ljm^ghklyo fu
qZklh g_ aZljZ]b\Z_f kms_kl\_gguc nZdlhj ² \gmlj_ggb_ dhgnebdlu kljZo i_j_^
kZfbf kh[hc Mkem`eb\hklv b [eZ]hl\hjbl_evghklv [_a ihgbfZgby \gmlj_gg_]h
khklhygbydeb_glZ\j_^yl_fm²m\_ebqb\Zxlqm\kl\h\bgulj_\h`ghklvb l_fkZfuf
ih[m`^Zxld gh\ufwibah^Zfivygkl\Z
< q_f khklhbl \uoh^" Ij_`^_ \k_]h dhgkmevlZglm ke_^m_l bf_lv \ \b^m qlh
g_dhlhjuf Zedh]hebdZf \hh[s_ g_evay ihfhqv <Z`gh lZd`_ fg_gb_ dhgkmevlZglZ h[
Zedh]hebd_ Fgh]b_ Zedh]hebdb qm\kl\bl_evgu d djblbd_ hgb ijbgbfZxl aZsblgmx
ihamb klZgh\ylkykdjulgufb:edh]hebd\ lZdhc`_f_j_^hklhbgm\Z`_gbydZdex[h_
q_eh\_q_kdh_ kms_kl\h < [_k_^_ gZ^h ihfhqv _fm ihgylv kZfh]h k_[y ;hevrbgkl\h
Zedh]hebdh\ g_kfhljy gZ qm\kl\bl_evghklv d djblbd_ bf_xl gbadbc mjh\_gv
kZfhhp_gdb \iehlv ^h kZfhmgbqb`_gby ;_af_jgh_ ivygkl\h ih djZcg_c f_j_ hlqZklb
hljZ`Z_lg_gZ\bklvd k_[_b klj_fe_gb_ d kZfhjZajmr_gbx DhgkmevlZglm g_h[oh^bfh
h[jZlblv\gbfZgb_gZk_dkmZevgmxkn_jmZedh]hebdZ;hevgufZedh]hebafhfijbkmsb
kljZob ih ih\h^m iheh\hc ihl_gpbb b \hh[s_ iheghp_gghklb k\h_c iheh\hc `bagb
Ihkdhevdm Zedh]hebd fgh]h \j_f_gb ijh\h^bl \ h^ghihehf h[s_kl\_ m g_]h fh]ml
\hagbdZlvkljZobbaaZfZklmj[Zpbbbeb]hfhk_dkmZevguoih[m`^_gbc
JZkdjulv kh^_j`Zgb_ k\h_]h \gmlj_gg_]h fbjZ Zedh]hebdm g_ e_]dh b ^Z`_
jbkdh\Zggh Deb_gl klhedgm\rbkv k nZdlhf qlh _]h kljZob lZcgu iheh\hc `bagb
^hklmigu ihklhjhgg_fm q_eh\_dm fh`_l ihqm\kl\h\Zlv k_[y h[gZ`_gguf
bkiulu\ZxsbfgZiZ^_gb_b gZqbgZ_lZ]j_kkb\ghj_Z]bjh\ZlvgZdhgkmevlZglZZ aZl_f
ivygkl\h\Zlv_s_bgl_gkb\g__
DZd gb iZjZ^hdkZevgh gh koh^guf h[jZahf Zedh]hebd \hkijbgbfZ_l
ih\_joghklgucih^oh^dhgkmevlZglZihiuldmba[_`Zlvh[km`^_gbyhkljuo\hijhkh\b
hldZahlijhgbdgh\_gby\ _]h\gmlj_ggbcfbjDhgkmevlZglihkms_kl\mhdZau\Z_lky\
[_a\uoh^ghfiheh`_gbb²qlh[uhggb ^_eZe\k_aZdZgqb\Z_lkyh^gbfj_amevlZlhf²
\ha\jZs_gb_fdeb_glZd Zedh]hexWlhjZgblijhn_kkbhgZevgh_kZfhex[b_b y\ey_lky
h^ghcba]eZ\guoijbqbgihq_fmfgh]b_dhgkmevlZglub ikbohl_jZi_\luhldZau\Zxlky
ihfh]ZlvZedh]hebdZf
< jZ[hl_k Zedh]hebdZfbihfg_gbx %LUG  dhgkmevlZgl^he`_gmqblu\Zlv
^\_ \Z`gu_ \_sb <hi_j\uo ke_^m_l hldZaZlvky hl ijhn_kkbhgZevghc gZius_gghklb
l_g_^mfZlvh k\h_ckbe_b \eZklbgZ^deb_glZfbb g_ih^jZamf_\Zlvbo[_kdhg_qgmx
[eZ]h^Zjghklv i_j_klZlv dbqblvky k\hbfb mki_oZfb BgZq_ ]h\hjy g_ gZ^h gZ^m\Zlv
imaujv k\h_]h ls_keZ\by ² <hl dZdhc y <h\lhjuo ke_^m_l ykg__ hkhagZlv
kdehgghklvZedh]hebdh\ ih^^_j`b\Zlv b _s_[hevr_ jZa^m\Zlv imaujv dhgkmevlZglZ
qlh[uihlhf\ahj\Zlv_]h?kebdhgkmevlZglagZ_lh[wlhf^eyg_]hagZqbl_evghf_g__
[he_ag_ggu ihiuldb deb_glZ ih^hj\Zlv _]h kZfhex[b_ Z djhf_ lh]h hg kihdhcg__
[m^_lj_Z]bjh\ZlvgZaZbkdb\Zgbydeb_glZmkfZljb\Zy\ gboebrvkihkh[khijhlb\e_gby
dhgkmevlbjh\ZgbxZ ke_^h\Zl_evghijh^he`_gb_kZfhjZajmr_gby
DhgkmevlZgl ^he`_g mqblu\Zlv ^_kljmdlb\ghklv Zedh]hebdZ ih hlghr_gbx d
kZfhfm k_[_ Khijhlb\eyykv dhgkmevlZglm Zedh]hebd ba[_]Z_l kZfhihgbfZgby
Ihkdhevdm kZfh^_kljmdlb\gZy l_g^_gpby khklZ\ey_l qmlv eb g_ kmlv ijh[e_fu
Zedh]hebafZ gZ^h \kyq_kdb \uklZ\eylv __ i_j_^ deb_glhf G_ hkhagZ\ klj_fe_gby d
kZfhjZajmr_gbx deb_gl g_ ihcf_l ijbqbgu k\h_]h ijbkljZklby d Zedh]hex Hq_gv
\Z`gh dZd ]h\hjblv h[ wlhf :edh]hebd b kZf agZ_l qlhhgjZajmrZ_l k_fvx b `bagv
[ebadbo Ih^q_jdb\Zlv ke_^m_l mfure_gguc ohly b g_hkhagZgguc oZjZdl_j
klj_fe_gby hlqZklb \ujZ`Zxs_]hky \ khijhlb\e_gbb mkbebyf dhgkmevlZglZ
DhgkmevlZgl ^he`_g g_ lhevdh h[tykgblv kfuke l_i_j_rgbo ^_ckl\bc deb_glZ gh b
ij_^kdZaZlv _]h ih\_^_gb_ ihke_ ij_djZs_gby dhgkmevlbjh\Zgby b q_f \k_ dhgqblky
Ij_^\b^_gb_ hkgh\Zggh_ gZ j_Zebyo `bagb deb_glZ ij_^hklZ\bl _fm hij_^_e_ggmx
lhqdm hlkq_lZ ² dh]^Z fgh]h_ ba lh]h h q_f ]h\hjbe dhgkmevlZgl gZqg_l k[u\Zlvky
deb_gl kfh`_l kihdhcg__ ihkfhlj_lv gZ k\h_ ijhreh_ [_a baebrg_c haeh[e_gghklb b
\bguIh^h[gZylZdlbdZdhgkmevlZglZ]hjZa^hwnn_dlb\g__q_ffhjZebabjh\Zgb_
JZ[hlZyk Zedh]hebdhfdhgkmevlZgl^he`_gmqblu\Zlvg_dhlhju_ijbgpbiu
² \hi_j\uo dhgkmevlbjh\Zgb_ fh`_l ijhbkoh^blv lhevdh dh]^Z deb_gl g_
iv_lIvxs_fmdeb_glmihfhqvg_\hafh`gh
² \h\lhjuo dhglZdl k deb_glhfZedh]hebdhf ^h\hevgh Zf[b\Ze_gl_g
ihkdhevdm aZ\bkbfhklv hl dhgkmevlZglZ kf_rb\Z_lky k \jZ`^_[guf fZgbimeylb\guf
hlghr_gb_f d g_fm DhgkmevlZglm ijboh^blky mkbeb\Zlv aZ\bkbfhklv deb_glZ hl k_[y
aZf_gyy_xaZ\bkbfhklvhlZedh]heydhlhjmxZedh]hebd kdehg_g hljbpZlv Hg ^mfZ_l
qlh fh`_l dhgljhebjh\Zlv dZd k\h_ ivygkl\h lZd b `bagv \hh[s_ ohly \
^_ckl\bl_evghklb\k_gZh[hjhl
²\lj_lvbodhgkmevlZglh[yaZgjZah[jZlvky\ k\hboj_Zdpbyodhglji_j_ghkZih
hlghr_gbx d deb_glm Ijb jZ[hl_ k Zedh]hebdZfb g_j_^dh \hagbdZ_l qm\kl\h
[_agZ^_`ghklb ihkdhevdm dZ`_lky qlh \eh`_ggu_ mkbeby [_kihe_agu DhgkmevlZgl
^he`_g q_ldh ihgbfZlv qlh hg g_ \ kbeZo hklZgh\blv ivygkl\h Zedh]hebdZ Hg fh`_l
ebrvihfhqvZedh]hebdmklj_fblvkyd lj_a\hklbghg_kihkh[_gaZklZ\blv_]h[jhkblv
iblv Deb_gl lhevdh kh[kl\_ggufb mkbebyfb fh`_l iheghklvx hk\h[h^blvky hl
ivygkl\Z IhgbfZy ^_ckl\bl_evghklv dhgkmevlZgl ^he`_g mklZgh\blv ^himklbfu_
ij_^_eu ijhklmidh\ deb_glZ b mkeh\by ijb kh[ex^_gbb dhlhjuo \hafh`gh
dhgkmevlbjh\Zgb_ ?keb mkeh\by g_ [m^ml ijbgylu dhgkmevlbjh\Zgb_ g_h[oh^bfh
ij_djZlblvgh\k_`_hklZ\blvhldjulhc^\_jv^ey\ha\jZs_gbydeb_glZ
Ih`Zemc gZbemqrbo j_amevlZlh\ \ ihfhsb Zedh]hebdZf ^hklb]eh
jZkijhkljZg_ggh_\h\k_ffbj_^\b`_gb_:ghgbfgu_Zedh]hebdb :: hibjZxs__ky
gZ ijh]jZffm  rZ]h\ %LUG   kqblZ_l qlh ijh]jZffZ :: aZljZ]b\Z_l kZfmx
k_j^p_\bgmijh[e_fZedh]hebdZ²kljZoi_j_^kh[hcQZklhZedh]hebdk\hxmklZgh\dm
hlghkbl_evgh ihfhsb \ujZ`Z_l keh\Zfb <u g_ kfh`_l_ fg_ ihfhqv Y ivx dZ`^uc
^_gv ihl_jye jZ[hlm f_gy hklZ\beb `_gZ b ^_lb Wlbf hg ohq_l ih^q_jdgmlv k\h_
iZ^_gb_b ^_kljmdlb\ghklvZ ]eZ\gh_²kdZaZlvqlhijhklhckf_jlgucg_kihkh[_g_fm
ihfhqv MqZklgbdb :: g_ m[_`^Zxl ijbr_^r_]h Zedh]hebdZ qlh \ _]h ih\_^_gbb g_l
gbq_]h kljZrgh]h b lZdh\Z m` _]h km^v[Z qlh kj_^b gbo hg klZg_l gh\uf q_eh\_dhf
GZh[hjhlhgbiulZxlkymgbqlh`blvihke_^gb_beexabbb ]h\hjyl
Ihkfhljb gZ gZk <hl hg gZqZe iblv \ q_lujgZ^pZlv e_l b ljb jZaZ kb^_e \
lxjvf_ Z wlhl ihf_gye ^\Z^pZlv f_kl jZ[hlu b `_gZ g_ lhevdh hklZ\beZ _]h gh b
ihdhgqbeZ k kh[hc LZdbf h[jZahf Zedh]hebdm \ha\jZsZ_lky qm\kl\h j_Zevghklb
mgbqlh`Zxlky ihke_^gb_ beexabb gh \k_ey_lky b gZ^_`^Z qlh ^Z`_ [m^mqb iZ^rbf
q_eh\_dhf qlhlh fh`gh baf_gblv _keb ijbagZlv k_[y g_bae_qbfuf [hevguf :: g_
gZ\yau\Zxl k\hx ihfhsv Zedh]hebd ^he`_g ijbclb kZf b ihijhkblv ihfhsb Qlh[u
wlh ijhbahreh g_h[oh^bfh ^hklbqv ij_^_eZ iZ^_gby dhlhjuc m dZ`^h]h jZaebq_g
hdZaZlvky\ djbabk_dh]^ZklZgh\blkyihgylghqlhijh[e_fZ\gmljbqlhluklZejZ[hf
Zedh]hey b [_a ihklhjhgg_c ihfhsb g_ \udZjZ[dZlvky :: ]hlh\u ihfhqv \ ex[hf
kemqZ_g_aZ\bkbfhhl]em[bguiZ^_gby
Hq_gv\Z`gucl_jZi_\lbq_kdbcnZdlhjijh]jZffu:: ²lj_[h\Zgb_d gh\bqdm
[hevr_ ]h\hjblv h k_[_ hkh[_ggh h lhf dZdhc hg iehohc LZdh_ h[gZ`_gb_ iha\hey_l
_fm \ujZablv qm\kl\h \bgu \ukdZaZlv gZdhib\r__ky ]h^Zfb h q_f g_ hkf_eb\Zeky
]h\hjblv b \ q_f [hyeky ijbagZlvky ^Z`_ k_[_ A^_kv kms_kl\_g_g g_ klhevdh nZdl
\hafh`ghklb \ukdZaZlvky kdhevdh hlkmlkl\b_ ihiulhd hkm`^_gby \_^v gbdlh g_
klj_fblky dZaZlvky emqr_ Wlh ^Z_l h]jhfgmx m\_j_gghklv \ k\hbo ^jmavyo ih
g_kqZklvx
Hq_gv\Z`gucimgdl ijh]jZffu :: ² \ha\jZl d \_j_ \ ;h]Z gZkdhevdh y ?]h
ihgbfZxWlhihfh]Z_lba[Z\blvkyhlkZfhc]em[hdhclj_\h`ghklb
Ijh]jZffZ:: iha\hey_llZd`_\hah[gh\blvf_`ebqghklgu_dhglZdludhlhju_
\ [u\r_c`bagbZedh]hebdZh[uqgh[_kkh^_j`Zl_evgub h^ghh[jZagu
QZklhljm^ghh[tykgblvihq_fmijbkh_^bgb\rb_kyd ::i_j_klZxlmihlj_[eylv
Zedh]hevIheZ]Zxlqlhwlhijhbkoh^blihijbqbg_b^_glbnbdZpbbk k_[_ih^h[gufb
IjbagZ\Zy\ ^jm]bol_`_kZfu_ijh[e_fue_]q_\_klbk_[ykoh^gufh[jZahfZ lZd`_
]em[`_aZ]eygmlv\ k_[y< wnn_dlb\ghklb:: kms_kl\_gghh[klhyl_evkl\hqlhqe_g::
hklZ_lky g_ivxsbf ihdZ ihfh]Z_l ^jm]bf ijbeZ]Z_l mkbeby jZ^b ^jm]bo Mdj_ieyy
^jm]bo\gh\vijb[u\rbohgkZfgZ[bjZ_lkykbe

 DHGKMEVLBJH<:GB? DEB?GLH< K IKBOHKHF:LBQ?KDBFB

J:KKLJHCKL<:FB
Kms_kl\m_l fgh`_kl\h ihiulhd h[tykgblv ijhbkoh`^_gb_ ikbohkhfZlbq_kdbo
gZjmr_gbc Ihqlb \k_ hgb lZd beb bgZq_ k\yaZgu k ikbohZgZeblbq_kdbf ihgbfZgb_f
ebqghklbb[hkZfbhkgh\uikbohkhfZlbq_kdhcf_^bpbgu\ lj_lv_f^_kylbe_lbbgZr_]h
\_dZ nhjfbjh\Zebkv ih^ \ebygb_f ikbohZgZebaZ B k_]h^gy \ebygb_ ikbohZgZebaZ gZ
h[tykg_gb_ b e_q_gb_ ikbohkhfZlbq_kdbo gZjmr_gbc ^h\hevgh \_ebdh >ebl_evgh_
\j_fy ih^q_jdb\Zehkv agZq_gb_ hkh[_gghkl_c ebqghklb \ \hagbdgh\_gbb
ikbohkhfZlbq_kdbo gZjmr_gbc gZijbf_j 'XQEDU hibkZe dhjhgZjgmx
Zee_j]bq_kdmx ]bi_jlhgbq_kdmx j_\fZlhb^gmx b ^j ebqghklb  Iha^g__
iheZ]Zeb qlh \hagbdgh\_gb_ dhgdj_lguo ikbohkhfZlbq_kdbo gZjmr_gbc
ij_^hij_^_e_gh mklhcqb\hklvx hij_^_e_gguo wfhpbhgZevguo khklhygbc h^bg ba
hkgh\hiheh`gbdh\ ikbohkhfZlbq_kdhc f_^bpbgu :HLW]VDNHU ml\_j`^Ze qlh aeh[Z b
h`_klhq_gghklvh[mkeh\eb\Zxl\hagbdgh\_gb_[he_ag_ck_j^pZ[_kkbeb_b aZ\bkbfhklv
ijb\h^yl d jZkkljhckl\Zf ibs_\Zjbl_evgh]h ljZdlZ k_dkmZevgh_ gZijy`_gb_
kihkh[kl\m_l gZjmr_gbx kbkl_fu ^uoZgby b li  < gZklhys__ \j_fy mq_gu_
kdehgyxlkyd dhgp_ipbbfgh]hnZdlhjgh]hiZlh]_g_aZikbohkhfZlbq_kdbogZjmr_gbcb
h[tykgyxl bo g_ ebqghklghc kljmdlmjhc Z ki_pbnbq_kdbfb ikboheh]bq_kdbfb
]_g_lbq_kdbfb b khpbZevgufb nZdlhjZfb Ih^q_jdb\Z_lky agZq_gb_ ]_g_lbq_kdb
aZ^Zgguo k\hckl\ q_eh\_dZ \ lhf qbke_ b ikbobq_kdbo  ih\ur_gghc mya\bfhklb
hl^_evguohj]Zgh\ h[mkeh\e_gghcjh^h\ufbljZ\fZfbkhfZlbq_kdbfbaZ[he_\Zgbyfb
b nbabq_kdbfbih\j_`^_gbyfb\ feZ^_gq_kl\_^_lkl\_b xghklb \aZbfhhlghr_gbc\
k_fv_kihkh[h\j_Z]bjh\Zgbyebqghklb\ djblbq_kdbokblmZpbyo .RFLXQDV  
Bgh]^Z ikbohkhfZlbq_kdb_ `Zeh[u q_eh\_dZ dZ`mlky [_ahkgh\Zl_evgufb b
ijb\h^yl \ aZf_rZl_evkl\h \jZq_c h[s_c ijZdlbdb dhlhju_ \h \k_f kdehggu \bgblv
g_j\u L_f g_ f_g__ qZs_ \k_]h aZ wlbfb `Zeh[Zfb kdjulu g_ \u^mfZggu_ Z
j_Zevgu_ dhgnebdlu ]h\hjy lhqg__ ki_pbnbq_kdZy mklhcqb\hklv g_[eZ]hijbylguo
hlghr_gbc %LUG  
H[uqgh ex^b klj_fylky d ij_djZs_gbx iehobo \aZbfhhlghr_gbc
IkbohkhfZlbq_kdbc deb_gl \_^_l k_[y bgZq_ Hg ]h^Zfb fh`_l l_ji_lv hlghr_gby
dhlhju_g_lhevdhg_^hklZ\eyxlm^h\hevkl\byghbklhsZxlb jZajmrZxl_]hebqghklv
Ljm^gh h[tykgblv ihq_fm wlh ijhbkoh^bl IkbohkhfZlbq_kdbf deb_glZf g_
k\hckl\_ggu fZahobklkdb_ q_jlu ?keb [u lZdb_ hlghr_gby ^hklZ\eyeb fZahobklkdh_
m^h\e_l\hj_gb_ g_ \hagbdZeb [u ikbohkhfZlbq_kdb_ kbfilhfu Lhe_jZglghklv d
g_[eZ]hijbylguf \aZbfhhlghr_gbyf b ijbjh^m ikbohkhfZlbq_kdbo kbfilhfh\ fh`gh
h[tykgblv ih^Z\e_gb_f \jZ`^_[ghklb Z]j_kkb\ghklb aeh[u ?keb h[uqgh
haeh[e_gghklv ih[m`^Z_l ex^_c d ij_djZs_gbx hlghr_gbc lh ikbohkhfZlbq_kdZy
ebqghklv ih^Z\ey_l aeh[m b ijh^he`Z_l hlghr_gby <g_rg_ lZdhc q_eh\_d ^Z`_ g_
dZ`_lky kljZ^Zxsbf h^gZdh dhgkmevlZgl fh`_l k iheghc hq_\b^ghklvx m[_^blvky \
kljZ^Zgbb_]hl_eZG_ihgylghihq_fmijhbkoh^blih^Z\e_gb_aeh[ughba\_klghqlh
ikbohkhfZlbq_kdb_deb_gluhq_gvqm\kl\bl_evgud ex[ufijhy\e_gbyfhaeh[e_gghklb
\ k_[_b ^jm]bo
<Z`g_crZy aZ^ZqZ dhgkmevlZglZ \ [_k_^_ k ikbohkhfZlbq_kdbf deb_glhf ²
ihfhqv _fm \uy\blv ohly [u qZklbqgh kdjulmx haeh[e_gghklv Gh dZd wlh k^_eZlv"
G_dhlhju_dhgkmevlZglugZqbgZxlk \hijhkh\G_j\guceb<u"Qm\kl\bl_evguceb
<u"<hafh`gu_hl\_lugZwlb\hijhkum\u^ZxlfZehk\_^_gbcGhfh`ghkijhkblv
b hdhgdj_lguoijh[e_fZob ihklZjZlvky\gbdgmlv\ `bagvdeb_glZ
Ihoh`_ qlhlh \ `bagb \uau\Z_l m <Zk haZ[hq_gghklv g_ jZkkdZ`_l_ eb h[
wlhf" beb Qlh ijhbkoh^bl \ <Zr_c `bagb qlh \ g_c baf_gbehkv qlh klZeh bgZq_
g_`_eb [ueh jZgvr_" <hijhku gZijZ\e_gu gZ ih\k_^g_\gmx `bagv deb_glZ gZ
i_j_f_gu \ _]h k_fv_ jZ[hl_ \ hlghr_gbyo k [ebadbfb b ^jmavyfb Ihjhc gZ lZdb_
\hijhkudhgkmevlZglkeurblgbq_]hg_agZqZsbchl\_l<k_ohjhrhWlh\k_]hebrv
hl]h\hjdZ ihkdhevdm \ `bagb dZ`^h]h q_eh\_dZ \k_]^Z qlhlh ijhbkoh^bl H^gZdh
dhgkmevlZgl ^he`_g g_ ijhlb\hj_qblv Z ijh^he`Zlv kijZrb\Zlv deb_glZ h jZaebqguo
Zki_dlZo_]h`bagbq_fhgaZgbfZ_lkygZjZ[hl_k d_fjZ[hlZ_ldZdh\_]hebqguc\deZ^
\ h[smx jZ[hlm dZd hg ijh\h^bl k\h[h^gh_ \j_fy dZdh\u \aZbfhhlghr_gby m g_]h \
k_fv_" G_ ke_^m_l gZklhyl_evgh lj_[h\Zlv jZkkdZaZ h dhgnebdlZo hljbpZl_evguo
qm\kl\Zoihkdhevdmbakeh\Zjydeb_glZbkdexq_gukhhl\_lkl\mxsb_ihgylby
DhgkmevlZgl^he`_gg_lhevdhihfhqvdeb_glmhkhagZlvk\hxhaeh[e_gghklvgh
b mdZaZlvdZdhgZkdZau\Z_lkygZih\_^_gbbH^gbikbohkhfZlbq_kdb_deb_glukeZsZ\u
b ijbylgu kh \k_f kh]eZrZxlky b ljm^gh ih\_jblv \ bo \jZ`^_[ghklv >jm]b_ g_
kihkh[gu ihqm\kl\h\Zlv ^Z b g_ qm\kl\mxl g_^h[jh`_eZl_evghklb \hdjm] k_[y Ijb
\hagbdgh\_gbbohly[ufZe_cr_]hkihjZhgbhlklmiZxl?kebg_fh]ml mkljZgblvkyba
kblmZpbb ijb[_]Zxl d jZpbhgZebaZpbb b ]h\hjyl k_[_ qlh kihjysb_ rmlyl Bgu_
kdehggu\ujZ`Zlvk\hxaehklvl_fg_f_g__baf_gyxl__^_ckl\bl_evguch[t_dl
;_k_^Zk ikbohkhfZlbq_kdbfdeb_glhfh[haeh[e_gghklbh[uqghljm^gZb ^Ze_dh
g_\k_]^Zmki_rgZohlyiha\hey_lihdZaZlvdeb_glmdZdh\Z_]h`bag_ggZykblmZpbydZd
hg ih^Z\ey_l k\hx \jZ`^_[ghklv b dZd wlh k\yaZgh k _]h khfZlbq_kdbfb kbfilhfZfb
DhgkmevlZgl^he`_gg_lhevdhihfhqvdeb_glmjZkihagZlv\ k_[_aeh[mghb ih[m`^Zlv
_]h d hlj_Z]bjh\Zgbx \ ijhp_kk_ dhgkmevlbjh\Zgby Ihwlhfm g_ m^b\bl_evgh _keb \
kemqZ_ mki_rghc jZ[hlu aZf_gbl_e_f ^_ckl\bl_evgh]h h[t_dlZ \jZ`^_[ghklb deb_glZ
\j_f_gghklZgh\blkydhgkmevlZgl
?s_ h^gZ kms_kl\_ggZy ijbqbgZ ljm^ghklb dhgkmevlbjh\Zgby
ikbohkhfZlbq_kdhc ebqghklb khklhbl \ __ wfhpbhgZevghc [_a]jZfhlghklb
g_kihkh[ghklb \_j[Zebah\Zlv k\hb \gmlj_ggb_ i_j_`b\Zgby g_o\Zld_ kbf\hebq_kdh]h
fure_gby Wlb k\hckl\Z \  ] Zf_jbdZgkdbc ikbobZlj J 6LOQHRV ijbibkZe
Ze_dkblbfghc ebqghklb Dhfie_dk koh^guo dZq_kl\ gZjy^m k kbfilhfZfb
fZkdbjh\Zgghc^_ij_kkbb[uelZd`_h[gZjm`_gm ebpi_j_g_krboihklljZ\fZlbq_kdbc
klj_kkb ^Z`_m g_dhlhjuoa^hjh\uo
Q_jlu Ze_dkblbfghc ikbohkhfZlbq_kdhc  ebqghklb kem`Zl k_jv_aguf
ij_iylkl\b_f \ dhgkmevlbjh\Zgbb b ikbohl_jZibb ;hevr_ \k_]h dhgkmevlZglZ
njmkljbjm_lhldZawlbodeb_glh\k\yau\Zlvk\hbkhfZlbq_kdb_`Zeh[uk dhgnebdlZfb\
wfhpbhgZevghc kn_j_ ohly qZklh ikboheh]bq_kdbc dhgl_dkl `Zeh[ hq_\b^_g Hq_gv
ljm^gh ihfhqv q_eh\_dm ikboheh]bq_kdbfb f_lh^Zfb dh]^Z hg k\hb wfhpbhgZevgu_
ijh[e_fu ihgbfZ_l dZd khfZlbq_kdb_ LZdhc deb_gl ]h\hjbl h jZaghh[jZaguo [heyo
fgh]hfheqblg_ijhy\ey_lgbdZdhcfhlb\Zpbbd khljm^gbq_kl\my\ghhjb_glbjh\ZggZ
f_^bdZf_glhagh_ e_q_gb_ ihklhyggh ijbgm`^Z_l dhgkmevlZglZ d bgbpbZlb\_
Fhghlhgguc wfhpbhgZevgh [_kp\_lguc klbev deb_glZ \uau\Z_l m dhgkmevlZglZ
jZa^jZ`_gb_ihlhfmqlhhgqm\kl\m_lk_[yaZ]gZgguf\ m]heIhiuldZZdlb\gh\h\e_qv
deb_glZ \ wfhpbhgZevgu_ hlghr_gby lhevdh m\_ebqb\Z_l m lh]h lj_\h`ghklv baaZ
g_mf_gby \_j[Zebah\Zlv qm\kl\Z Khhl\_lkl\mxsbc \kie_kd nbabheh]bq_kdbo j_Zdpbc
iha\hey_ldeb_glm_s_[hevr_`Zeh\ZlvkygZkhfZlbq_kdh_g_^hfh]Zgb_
?keb deb_gl yjdbc Ze_dkblbfbd ke_^m_l ijbf_gylv ijhp_^mju
dhgkmevlbjh\Zgby gZijZ\e_ggu_g_ gZ dhgnjhglZpbx Z gZ ih^^_j`dm Deb_glZ lZd`_
ke_^m_l ih^]hlZ\eb\Zlv d \_j[ZebaZpbb k\hbo i_j_`b\Zgbc >ey wlh]h fh`gh
bkihevah\Zlv ijbf_ju wfhpbhgZevguo keh\ b nZglZabc ZgZeba jZaebqguo
wfhpbhgZevguo kblmZpbc i_j_\h^ mfhaZdexq_gbc deb_glZ gZ ^bnn_j_gpbjh\Zgguc
yaudwfhpbcOhlylZdZyih^]hlh\dZ^Ze_dhg_\h\k_okemqZyo[u\Z_lwnn_dlb\ghchgZ
\ hij_^_e_gghc kl_i_gb ihfh]Z_l hkhagZlv wfhpbhgZevgu_ ijh[e_fu b \_j[Zebah\Zlv
bo

 DHGKMEVLBJH<:GB? DEB?GLH< K >?IJ?KKB?C B

KMBPB>GUFBG:F?J?GBYFB
Ikboheh]bq_kdZyihfhsvdeb_glZfk ^_ij_kkb_c
Ihgb`_ggh_gZkljh_gb_²h^ghbakZfuog_ijbylguowfhpbhgZevguokhklhygbc
ebqghklbqZklh\hagbdZxsbo\ jZaebqguo`bag_gguokblmZpbyob h^bgba\Z`g_crbo
kbfilhfh\ [hevrbgkl\Z gZjmr_gbc ikbobdb Z bgh]^Z ^hfbgbjmxsbc kbfilhf
^_ij_kkb\guc g_\jha ikbohau  < dhgkmevlbjh\Zgbb fu dZd ijZ\beh h[uqgh
klZedb\Z_fkyk lZdgZau\Z_fhcj_Zdlb\ghc^_ij_kkb_cdhlhjZyh[uqgh\hagbdZ_ldZd
j_Zdpby gZ kh[ulby ljZ\fbjmxsb_ `bagv khfZlbq_kdh_ aZ[he_\Zgb_ dhgnebdlu
bglbfgu_ijh[e_fujZaebqgu_mljZlu\ lhfqbke_kf_jlv[ebadh]hq_eh\_dZb l^ 
>_ij_kkby ij_`^_ \k_]h ijhy\ey_lky \ baf_g_gbb gZkljh_gby Q_eh\_d
klZgh\blky ]jmklguf b m]jxfuf _]h h^he_\Zxl fukeb h k\h_c g_m^Z\r_cky `bagb
``_l hkljh_ qm\kl\h \bgu Hg l_jy_l \dmk d `bagb b kihkh[ghklv khijhlb\eylvky
ljm^ghklyfmljZqb\Z_lbgl_j_kd \_sZfdhlhju_jZgvr_ijb\e_dZebAZf_^ey_lkydZd
^\b]Zl_evgZy Zdlb\ghklv lZd b l_q_gb_ ijhp_kkh\ fure_gby ?keb ^_ij_kkby
g_agZqbl_evgZ bg^b\b^ _s_ fh`_l ijh^he`Zlv jZ[hlZlv \uihegylv ih\k_^g_\gu_
aZ^Zgby h^gZdh \k_ wlh i_j_klZ_l ^hklZ\eylv _fm m^h\hevkl\b_ Ijb h[hklj_gbb
^_ij_kkbbmljZqb\Z_lky\kydZyZdlb\ghklvQ_eh\_dklZgh\blky[_ajZaebqgufdh\k_fm
gZijbf_j fh`_l qZkZfb kb^_lv m l_e_\bahjZ b kfhlj_lv g_ \Z`gh qlh beb ijhklh
e_`Zlv<k_\hdjm]hg\b^bl\ l_fghfk\_l_YjqZcrZyq_jlZ^_ij_kkb\ghcebqghklb
² kZfhmgbqb`_gb_ Ijb ^_ij_kkbb q_eh\_d qm\kl\m_l k_[y gbq_]h g_ klhysbf
g_m^Zqgbdhf b li Hg klZgh\blky kebrdhf qm\kl\bl_evguf dh \k_fm b wlh lh`_
mf_gvrZ_lkZfhhp_gdmGZijbf_jkkhjZkhagZqbfufq_eh\_dhfdhlhjZyg_[he__q_f
wibah^ `bagb dZ`_lky dhgphf k\_lZ g_m^ZqZ gZ wdaZf_g_ \hkijbgbfZ_lky dZd
^hdZaZl_evkl\h Z[khexlghc [_a^Zjghklb Ke_^m_l ih^q_jdgmlv qlh \ khklhygbb
^_ij_kkbb bg^b\b^ kqblZ_lk\h_ \hkijbylb_ fbjZ _^bgkl\_ggh ijZ\bevguf Z i_jbh^u
`bagb[_a^_ij_kkbbij_^klZ\eyxlky_fmbeexab_c
 Q_eh\_d \ khklhygbb ^_ij_kkbb aZgyl lhevdh kh[hc k\hbfb ijh[e_fZfb k\hbf
a^hjh\v_f Hg qZklh kdehg_g ]h\hjblv h kbfilhfZo k\yaZgguo k ^_ij_kkb_c gh g_ h
kZfhc ^_ij_kkbb Ihwlhfm \ujZ`Z_lky haZ[hq_gghklv nbabq_kdbf a^hjh\v_f
ih^q_jdb\Zxlky`Zeh[ugZ[_kkhggbpmjZgg__ijh[m`^_gb_ihl_jxZii_lblZh[smx
mklZehklv Bgh]^Z `Zeh[u gZ gZjmr_gb_ jZaebqguo kbkl_f hj]ZgbafZ fZkdbjmxl
^_ij_kkbx kemqZblZdgZau\Z_fhcfZkdbjh\Zgghc^_ij_kkbb 
DhgkmevlZglm ke_^m_l ihfgblv qlh ^_ij_kkby bkdZ`Z_l ihgbfZgb_ ijhreh]h
Q_eh\_dmdZ`_lkyqlh\ _]hijhrehfg_[uehgbq_]hohjhr_]hgbdZdboijhk\_lh\Hg
g_ihfgblf]gh\_gbckqZklvydZda^hjh\ucq_eh\_d²fhf_glh\[hebLZdhc\a]ey^gZ
ijhreh_ \eby_l b gZ gug_rgxx kZfhhp_gdm M`_ ]h\hjbehkv h kdehgghklb
^_ij_kkb\guodeb_glh\d kZfhmgbqb`_gbx;hevrbgkl\hbagboaZ[u\ZxlkemqZbdh]^Z
\ ijhrehfbfkhimlkl\h\Zemki_ob g_kihkh[gu\u^_eblvlZdb_wibah^u\ gZklhys_f
DklZlb ^_ij_kkby bkdZ`Z_l km`^_gby b l_o ex^_c m dhlhjuo \k_ b^_l mki_rgh
DhgkmevlZglmgZ^hh[jZsZlvgZwlh\gbfZgb_deb_glh\
Ijb \hagbdgh\_gbb ^_ij_kkbb bg^b\b^ h[uqgh bs_l dhglZdlu k ^jm]bfb
ex^vfb kbevgh `_eZy bo ihfhsb H^gZdh g_j_^dh _]h ih^Z\e_ggh_ gZkljh_gb_
h[mkeh\eb\Z_l g_m^Zqb \ f_`ebqghklguo hlghr_gbyo < j_amevlZl_ ^_ij_kkby
mkbeb\Z_lky lZd dZd bg^b\b^m gZqbgZ_l dZaZlvky qlh hdjm`Zxsb_ klZjZxlky _]h
hllhedgmlv < wlhf hg gZoh^bl ih^l\_j`^_gb_ g_ex[\b d k_[_ LZd ihkl_i_ggh
ij_djZsZ_lkyihbkdk\ya_ck ^jm]bfbex^vfbijhbkoh^blm^Ze_gb_hlgbob kfbj_gb_
Ho\Zq_gguc^_ij_kkb_cbg^b\b^bkiulu\Z_l[_kkbeb_b [_agZ^_`ghklvkljZ^Z_lfheqZ
qZklhaeykvgZ^jm]bob gZk_[y
H^ghbaihke_^kl\bc^_ij_kkb\gh]hkhklhygby²aZ\bkbfhklvhlfg_gby^jm]bo
ex^_c hkh[_ggh [ebadbo Q_eh\_d i_j_klZ_l[ulvjZ\gh^mrguf d lhfm qlh ^mfZxl h
g_f^jm]b_AZ\bkbfhklvb qm\kl\bl_evghklvd djblbd_ihjh`^Zxlg_m\_j_gghklvZ hgZ
\ k\hx hq_j_^v _s_ [hevr_ m\_ebqb\Z_l aZ\bkbfhklv Dh]^Z ^_ij_kkb\guc deb_gl
h[jZsZ_lkyaZihfhsvx\k__]hih\_^_gb_ijhb]ju\Z_lky\ kblmZpbbdhgkmevlbjh\Zgby
Deb_gl^h[b\Z_lkyqlh[udhgkmevlZgl\ayegZk_[yhl\_lkl\_gghklvaZ_]h`bagvL_fg_
f_g__ijbagZ\Zy ijZ\beh qlh \ gZqZevghc klZ^bbjZ[hlu k ^_ij_kkb\gufb deb_glZfb
dhgkmevlZgl ^he`_g [ulv Zdlb\g__ h[ wlhf _s_ ihc^_l j_qv  \h\k_ g_ h[yaZl_evgh
ijbgbfZlv gZ k_[y \kx hl\_lkl\_gghklv aZ dhgkmevlZlb\guc ijhp_kk DhgkmevlZgl
^_ckl\bl_evgh g_ hl\_qZ_l gb aZ j_r_gb_ ijh[e_f ^_ij_kkb\gh]h deb_glZ gb aZ
i_j_f_gu \ _]h `bagb gb aZ ijbgbfZ_fu_ bf j_r_gby M deb_glZ dhlhjuc gZdhg_p
ihcf_lqlhdhgkmevlZglg_fh`_lb g_kh[bjZ_lky\k_^_eZlvaZg_]hgZih^h[b_fZ]Zbeb
aZ[hleb\uo jh^bl_e_c \hagbdZ_l njmkljZpby ihkdhevdm gZ kZfhf ^_e_ hg ohq_l
[hevr_]h q_f ihfhsb >_ij_kkb\ghfm deb_glm g_^hklZlhqgh qlh[u dhgkmevlZgl
ijhklhihfh]_]hkZfhhij_^_e_gbx?fmohl_ehkv[ubf_lv\ ebp_dhgkmevlZglZqmlveb
g_ aZf_gbl_ey ex[bfh]h q_eh\_dZ Dh]^Z lZdb_ `_eZgby g_ bkihegyxlky deb_gl k\hx
g_m^h\e_l\hj_gghklvg_j_^dh\ujZ`Z_laeh[hc
<hh[s_ q_eh\_d \ khklhygbb^_ij_kkbb ihqlb \k_]^Z bkiulu\Z_l hij_^_e_ggmx
haeh[e_gghklvdZdbf[uih^Z\e_ggufb g_kqZklgufhggb[ueGZijbf_jhgk_j^blky
gZ mf_jr_]h kmijm]Z aZ lh qlh lhl hklZ\be _]h ihklhyggh `Zem_lky gZ iehoh_
h[jZs_gb_ ^jma_c b [ebadbo \hafmsZ_lky hdjm`Zxsbfb ^h\hevgufb `bagvx A^_kv
\hagbdZ_l b hij_^_e_ggh_ ijhlb\hj_qb_ ² ihy\e_gb_ \jZ`^_[ghklb mkbeb\Z_l
^bkdhfnhjlihlhfmqlhih\ur_gZihlj_[ghklv\ ex^yoDh]^Zq_eh\_dg_hkf_eb\Z_lky
hldjulh\ujZablvhaeh[e_gghklvhgZ\hajZklZ_lb ijbgbfZ_lnhjfmkZfhh[\bg_gbyLZd
ihemqZ_lky aZdhe^h\Zgguc djm] ]^_ i_j_ie_lZxlky f_`^m kh[hc ^_ij_kkby b
aZ\bkbfhklv kZfhmgbqb`_gb_ b haeh[e_gghklv G_^Zjhf ^_ij_kkbx bgh]^Z gZau\Zxl
i_j_\_jgmlhcaeh[hc .HQQHG\  
Ihwlhfm \gmrZlv ^_ij_kkb\ghfm deb_glm qlh \k_ [m^_l ohjhrh b g_ gZ^h
h[jZsZlv \gbfZgb_ gZ f_ehqb l_ \kyq_kdb ih^[Z^jb\Zlv deb_glZ kdhj__ \j_^gh
g_`_ebihe_aghWlhlhevdhhaeh[ey_lb h[hkljy_l^_ij_kkbx
Ij_`^_\k_]hg_h[oh^bfhmklZgh\blvk ^_ij_kkb_cdZdh]hjh^Zfuklhedgmebkv
²k ijhy\e_gb_fikbohlbq_kdh]haZ[he_\Zgbyk g_\jhlbq_kdhc^_ij_kkb_cbebijhklhk
ghjfZevghc j_Zdpb_c gZ ]hj_klgu_ kh[ulby >_ij_kkbx g_ ke_^m_l imlZlv k ^jm]bfb
gZjmr_gbyfb Bgh]^Z dhgkmevlZgl ijbgbfZ_l kbfilhfu ^_ij_kkbb aZ i_j_mlhfe_gb_
nbabq_kdh_bebikbobq_kdh_bklhs_gb_b j_dhf_g^m_ldeb_glm[hevr_hl^uoZlvkiZlv
mihlj_[eylv\blZfbguih_oZlv\ kZgZlhjbcb liH^gZdh\ kemqZ_^_ij_kkbbwlhfZeh
ihfh]Z_l
AZ^ZqZdhgkmevlZglZ\ jZ[hl_k ^_ij_kkb\gufbdeb_glZfb^\hydZih^^_j`Zlvdeb_glZ
b ihfhqv _fm \ ikboheh]bq_kdhf h[tykg_gbb ljm^ghkl_c KZf nZdl qlh dhgkmevlZgl
]hlh\ kjZablvky k ^_ij_kkb_c mdj_iey_l gZ^_`^m deb_glZ b g_cljZebam_l hlqZygb_
Ih^^_j`dZ b ihgbfZgb_ mf_gvrZxl kljZ^Zgb_ b i_j_`b\Zgb_ \bgu ihfh]Zxl
\hkklZgh\blv kZfhm\Z`_gb_ Deb_gl \b^y ohly [u h^gh]h q_eh\_dZ ihgbfZxs_]h b
p_gys_]h _]h fh`_l baf_gblv mklZgh\dm ih hlghr_gbx d hdjm`Zxsbf \ ihablb\ghf
gZijZ\e_gbb < p_eyo \hkklZgh\e_gby m deb_glZ \_ju \ kh[kl\_ggu_ \hafh`ghklb
g_h[oh^bfh h[jZsZlv \gbfZgb_ gZ kn_ju \ dhlhjuo hg dhfi_l_gl_g b _]h [u\rb_
^hklb`_gby <Z`gh fh[bebah\Zlv Z]j_kkb\gu_ ih[m`^_gby deb_glZ qlh[u hg fh]
mki_rg__[hjhlvkyk `bag_ggufbbkiulZgbyfb
DhgkmevlZgl ^he`_g g_ \u`b^Zlv wlh _s_ [hevr_ njmkljbjm_l ^_ij_kkb\gh]h
deb_glZb m]em[ey_l^_ij_kkbx Z Zdlb\ghjZa]h\Zjb\Zlvk deb_glhfh _]hi_j_`b\Zgbyo
b \g_rgbo h[klhyl_evkl\Zo >_ij_kkb\gu_ deb_glu lj_[mxl [hevr_c Zdlb\ghklb q_f
hklZevghc dhglbg]_gl h[jZsZxsboky Emqr_ h[uqgh]h g_h[oh^bfh kljmdlmjbjh\Zlv
dhgkmevlZlb\gmx [_k_^m hkh[_ggh \ gZqZevghc klZ^bb dhgkmevlbjh\Zgby Ih^h[gZy
lZdlbdZ h[mkeh\e_gZ iZkkb\ghklvx deb_glZ _]h g_`_eZgb_f kZfhklhyl_evgh
ZgZebabjh\Zlv ijh[e_fu ?keb dhgkmevlZgl [m^_l kb^_lv fheqZ hg ebrv ih^q_jdg_l
g_kihkh[ghklv deb_glZ d Z^_d\Zlghfm h[s_gbx Ihwlhfm \ gZqZe_ dhgkmevlbjh\Zgby
ki_pbZebklg_k_lhkgh\gmxhl\_lkl\_gghklvaZ[_k_^m
Bgh]^Z^_ij_kkb\gucdeb_glgZklhevdhiZkkb\_gqlhk ljm^hffh`_l]h\hjblvh
k\hbo ijh[e_fZo ihwlhfm k gbf ijboh^bl khijh\h`^Zxsbc Ohly \hh[s_ \
dhgkmevlbjh\Zgbbke_^m_lmdehgylvkyhljZa]h\hjh\aZkibghcdeb_glZ\ ^ZgghfkemqZ_
ihemq_gb_ bgnhjfZpbb hl ebpZ khijh\h`^Zxs_]h deb_glZ ij_^klZ\ey_lky
hijZ\^Zgguf
DhgkmevlZgl^he`_gqZklh\klj_qZlvkyk ^_ij_kkb\gufdeb_glhfhkh[_ggh_keb
klZedb\Z_lky k hkljhc ^_ij_kkb_c QZklhlZ \klj_q fh`_l [ulv  jZaZ \ g_^_ex k
ihkl_i_gguf __ mf_gvr_gb_f \ aZ\bkbfhklb hl khklhygby deb_glZ < ijhp_kk_
dhgkmevlbjh\Zgby g_h[oh^bfh ij_h^he_\Zlv aZ\bkbfhklv deb_glZ b ih[m`^Zlv _]h d
[he__Zdlb\ghcjhebk dZ`^hcihke_^mxs_c\klj_q_c
< kemqZyo ^_ij_kkbb h[uqgh bkihevam_lky f_^bdZf_glhagh_ e_q_gb_
Zglb^_ij_kkZglZfb GZagZq_gb_ e_dZjkl\ b ^habjh\dZ ² wlh ^_eh \jZq_c h^gZdh
dhgkmevlZgl ^he`_g agZlv mihlj_[ey_l eb _]h deb_gl e_dZjkl\Z b dZdh\Z kbeZ bo
\ha^_ckl\by G_ ke_^m_l ^Z\Zlv kh\_lu deb_glm ih \u[hjm e_dZjkl\ beb ^ha h^gZdh
\hagbdZxsb_\hijhkuh[yaZl_evghgm`ghh[km^blvk gZagZqb\rbfe_dZjkl\h\jZqhf
DhgkmevlZgl ^he`_g agZlv h [bheh]bq_kdhc b ikboheh]bq_kdhc
ij_^jZkiheh`_gghklb g_dhlhjuo ex^_c d ^_ij_kkb\guf j_Zdpbyf \ ljm^guo
`bag_gguo kblmZpbyo M lZdbo deb_glh\ khklhygb_ ^_ij_kkbb fh`_l ih\lhjylvky \
g_[eZ]hijbylguo h[klhyl_evkl\Zo >_ij_kkby hkh[_ggh \hagbdrZy \ kbem \g_rgbo
ijbqbgbkq_aZ_lijbbaf_g_gbb`bag_gguomkeh\bc
Ijhp_kk dhgkmevlbjh\Zgby ^_ij_kkb\guo deb_glh\ djZkb\h h[h[sbe -DFREVRQ
pblih .HQQHG\ 
G_h[oh^bfZ ijh^he`bl_evgZy mlhgq_ggZy wfiZlbq_kdZy k\yav f_`^m
ZgZeblbdhf b ^_ij_kkb\guf deb_glhf fu ^he`gu [ulv hq_gv \gbfZl_evgufb qlh[u
g_ ^himkdZlv \hpZj_gby [_kkfuke_gghc lbrbgu beb g_ ]h\hjblv qj_af_jgh fgh]h
kebrdhf[ukljhbebijhgbdgh\_gghl_gbdh]^Zg_ke_^m_lhl^Z\Zlvhq_gvfgh]hbeb
gZh[hjhlfZeh< ex[hfkemqZ_^_ij_kkb\gufiZpb_glZfgm`guhlghkbl_evghqZklu_b
ijh^he`bl_evgu_\klj_qb\ aZ\bkbfhklbhl bo gZkljh_gby gm`gh l_ieh_hlghr_gb_ b
m\Z`_gb_²mklZgh\dbdhlhju_g_ke_^m_limlZlvk qj_af_jgufb^h[jhlhckbfiZlb_c
mkihdh_gb_f K wlbfb iZpb_glZfb fu \k_]^Z gZoh^bfky f_`^m ijhiZklvx b kbgbf
fhj_f²wlhg_ba[_`gh
Hkh[_gghklbdhgkmevlbjh\Zgbyijbkmbpb^guogZf_j_gbyo
Q_eh\_d \ khklhygbb ^_ij_kkbb qZklh ij_^klZ\ey_l hiZkghklv ^ey kZfh]h k_[y
ihlhfm qlh kdehg_g d kZfhjZajmr_gbx \ y\ghc b kdjulhc nhjfZo Dh]^Z fu
\klj_qZ_fky k ^_ij_kkb\gufb deb_glZfb g_evay aZ[u\Zlv qlh keZ[h\ujZ`_ggZy
^_ij_kkbyfh`_li_j_jZklb\ hkljmxk kmbpb^gufbgZf_j_gbyfb
KZfhm[bckl\hkqblZ_lkym`Zkgufihklu^guf^_ehfb g_dhlhju_dhgkmevlZglu
jZ[hlZy k ^_ij_kkb\gufb deb_glZfb g_\hevgh ij_g_[j_]Zxl lZdhc \hafh`ghklvx b
iheZ]Zxlqlhbodeb_glug_fh]ml^Z`_ih^mfZlvh[wlhf?kebdhgkmevlZglijhy\ey_l
lZdh]h jh^Z ke_ihlm \hagbdZ_l [hevrZy hiZkghklv ^ey [eZ]hihemqby b ^Z`_ `bagb
deb_glZIjh[e_fZkhklhbldZdijZ\behg_\ khdjulbbkZfhm[bcp_ck\hbogZf_j_gbcZ
\ lhfqlhhgg_[m^_lmkeurZgdh]^Z]h\hjblh gbo
H[uqgh jZaebqZxl ihiuldm kZfhm[bckl\Z iZjZkmbpb^  b j_Zebah\Zggh_
kZfhm[bckl\hIh^Zgguf 'DYLV pblih .HQQHG\  `_gsbgu\ q_luj_jZaZ
qZs_ q_f fm`qbgu iulZxlky ihdhgqblv `bagv kZfhm[bckl\hf Z fm`qbgu \ q_luj_
jZaZ qZs_ dhgqZxl `bagv kZfhm[bckl\hf Bgh]^Z ml\_j`^Z_lky qlh g_m^Z\rZyky
ihiuldZ kZfhm[bckl\Z hagZqZ_l qlh gZf_j_gb_ [ueh g_k_jv_aguf Wlh ^h\hevgh
hiZkgh_ aZ[em`^_gb_ b[h g_fZeh ex^_c iulZ\rboky kh\_jrblv kZfhm[bckl\h
ih\lhjyxl ihiuldm Ih ^Zgguf 6KRFNHW  pbl ih .HQQHG\   \  kemqZyo
ih\lhjgZyihiuldZij_^ijbgbfZ_lky\ l_q_gb_lj_oe_l
<Z`_g \hijhk dlh bf_ggh b \ dZdbo kblmZpbyo qZs_ kh\_jrZ_l kZfhm[bckl\h
M`_ mihfbgZehkv qlh g_ \k_ ex^b \ khklhygbb ^_ij_kkbb gZf_j_\Zxlky kh\_jrblv
kZfhm[bckl\h gh \g_ ^_ij_kkbb kZfhm[bckl\h kh\_jrZ_lky hq_gv j_^dh
Ij_^ijbgbfZxlky ihiuldb ^Zlv [he__ ihegmx oZjZdl_jbklbdm ]jmii_ ihl_gpbZevguo
kZfhm[bcp .HQQHG\  mdZau\Z_lg_kdhevdhdjbl_jb_\jbkdZ
 H^bghdb_ fm`qbgu jZa\_^_ggu_ b g_ bf_xsb_ [ebadbo ^jma_c  klZjr_ 
e_l
EbpZ`b\msb_h^gb
:edh]hebdb
Ex^bi_j_g_krb_[hevrmxmljZlm
Ex^bij_dehggh]h\hajZklZbf_xsb_khfZlbq_kdb_aZ[he_\Zgby
3UHW]HO   hlf_qZ_l ^\Z mkeh\by kihkh[kl\mxsb_ ihiuldZf kZfhm[bckl\Z
I_j\h_ ² m\_ebq_gb_ klj_kkZ ^h ljm^gh i_j_ghkbfh]h bg^b\b^hf mjh\gy <lhjh_ ²
g_kihkh[ghklvij_h^he_lvklj_kkgb \h^bghqdmgb kihfhsvx^jm]boH[uqghj_r_gb_
h kZfhm[bckl\_ g_ \hagbdZ_l \g_aZigh QZklh _fm ij_^r_kl\m_l k_jby ihiulhd
ih^_eblvkyk\hbfb gZf_j_gbyfb k ^jm]bfb ex^vfb GZb[hevrZy \_jhylghklvihiuldb
kZfhm[bckl\Z ijboh^blky gZ \_jrbgm wdabkl_gpbZevgh]h djbabkZ &ROHPDQ 
hlf_qZ_l ljb nZdlhjZ kbevgh ih\urZxsb_ jbkd ijb ij_^jZkiheh`_gghklb d
kZfhm[bckl\m f_`ebqghklgu_ djbabku iZ^_gb_ mjh\gy kZfhhp_gdb mljZlZ kfukeZ
`bagb b i_jki_dlb\u 6KQHLGPDQ   mdZau\Z_l q_luj_ mkeh\by kihkh[kl\mxsb_
\hafh`ghklbkZfhm[bckl\Z
>_ij_kkby
>_ahjb_glZpbyk ]ZeexpbgZpbyfbb [j_^hf
 Klj_fe_gb_ \_jgmlv k_[_ dhgljhev aZ hdjm`_gb_f \ hij_^_e_gguo
h[klhyl_evkl\Zo gZijbf_j g_bae_qbfh [hevghc q_eh\_d fh`_l iulZlvky kh\_jrblv
kZfhm[bckl\h\ p_eyo\aylvih^dhgljhev\j_fyk\h_ckf_jlb
AZ\bkbfhklvhl^jm]bob [hevrZyg_m^h\e_l\hj_gghklvlZdbfiheh`_gb_f
Hq_gv \Z`gZy q_jlZ ihl_gpbZevgh]h kZfhm[bcpu ² Zf[b\Ze_glghklv HgZ
aZljm^gy_l jZkihagZgb_ ^_ckl\bl_evguo gZf_j_gbc Ihwlhfm h iulZ\rboky kh\_jrblv
kZfhm[bckl\hbgh]^Zfh`ghmkeurZlvG_ihoh`_gZ^_ij_kkbx<q_jZ\_q_jhfm g_]h
[uehohjhr__gZkljh_gb_
DhgkmevlZgl \klj_qZxsbcky k deb_glZfb bf_xsbfb kmbpb^gu_ gZf_j_gby
ij_`^_\k_]hh[yaZgijhZgZebabjh\Zlvkh[kl\_ggu_mklZgh\dbb qm\kl\Zihhlghr_gbx
d kZfhm[bckl\magZlvboaZjZg__< jZ[hl_gbdh]^Zg_ke_^m_lkdju\Zlvk\hbih^ebggu_
qm\kl\Z Ohjhrbc dhglZdl k dhgkmevlZglhf fh`_l [ulv dj_iqZcr_c gblvx
k\yau\Zxs_cihl_jy\r_]hgZ^_`^mq_eh\_dZk `bagvx
Bgh]^ZiheZ]Zxlqlhh[km`^_gb_k deb_glZfb\hafh`ghklbkZfhm[bckl\Zlhevdh
mkbeb\Z_l bo gZf_j_gby H^gZdh dZd ijZ\beh [_k_^Z h qm\kl\Zo ih^lZedb\Zxsbo d
kZfhm[bckl\mmf_gvrZ_l\_jhylghklvj_ZebaZpbbih[m`^_gbcIhwlhfmdhgkmevlZglg_
^he`_gmdehgylvkyhlh[km`^_gbyk ^_ij_kkb\gufbdeb_glZfbijh[e_fukZfhm[bckl\Z
L_fkZfufhgihdZau\Z_ldeb_glmqlhfukebh kZfhm[bckl\_fh]ml[ulv\hkijbgylub
ihgylu^jm]bfq_eh\_dhf
JZkkfZljb\Zy hq_gv k_jv_agh ex[h_ gZf_j_gb_ kZfhm[bckl\Z \k_ `_ g_evay
aZ[u\Zlv h \hafh`ghklb fZgbimeylb\ghc m]jhau k p_evx m[_^blv dhgkmevlZglZ \
\Z`ghklb k\h_c ijh[e_fu b ij_l_g^h\Zlv gZ fZdkbfmf _]h \j_f_gb ;hevrbgkl\h
kbfmeyglh\ y\eyxlky bkl_jbq_kdbfb ebqghklyfb G_dhlhju_ deb_glu ]h\hjyl h
kZfhm[bckl\_ ba `_eZgby hlhfklblv l_f dlh ydh[u bo g_^hklZlhqgh ex[bl <hh[s_
we_f_gl\jZ`^_[ghklbijbkmlkl\m_lihqlb\ dZ`^hfkZfhm[bckl\_
<klj_lb\rbkv \ dhgkmevlbjh\Zgbb k ^_ij_kkb\guf deb_glhf \ukdZau\Zxsbf
kmbpb^gu_ gZf_j_gby hq_gv \Z`gh hp_gblv jbkd bo j_ZebaZpbb Hl ijZ\bevgh]h
ijh]ghaZ fh`_l aZ\bk_lv `bagv deb_glZ Ih fg_gbx 3UHW]HO   aZfuk_e
kZfhm[bckl\Zbf__lljbkhklZ\eyxsbo\u[hjkj_^kl\Zm[bckl\_ggZyfhsvkj_^kl\Zb
_]h ^hklmighklv ?keb q_eh\_d m`_ \u[jZe kihkh[ kZfhm[bckl\Z gZ\_jgydZ
h[_ki_qb\Zxsbckf_jlvb kj_^kl\he_]dh^hklmighjbkdklZgh\blkyhq_gv[hevrbf
Kl_i_gv\_jhylghklbkZfhm[bckl\ZdhgkmevlZglfh`_l\uykgblvaZ^Z\Zydeb_glm
dhk\_ggu_\hijhku %LUG  IjyfhkijZrb\ZlvG_gZf_j_\Z_l_kveb<ukh\_jrblv
kZfhm[bckl\h" ² g_ijb_fe_fh ihlhfm qlh lZdhc \hijhk ih[m`^Z_l deb_glZ d
hljbpZgbxWnn_dlb\gZlZdlbdZihkl_i_ggh]hjZkkijhkZ
DhgkmevlZglDZdb^ml^_eZ"
Deb_gl ih`bfZ_lie_qZfb 
DhgkmevlZglG_\k_ohjhrh"
Deb_gl ljyk_l]heh\hc 
DhgkmevlZgl=jmklgh"
Deb_gl db\Z_l]heh\hc 
 DhgkmevlZgl<k_dZ`_lky[_agZ^_`guf"
Deb_gl>Z
DhgkmevlZgl@bagvbgh]^ZdZ`_lky[_kkfuke_gghc"
Deb_glBgh]^Z
DhgkmevlZglQZklheb<u^mfZ_l_qlhohl_eb[umf_j_lv"
Deb_gl;hevrmxqZklv\j_f_gb
DhgkmevlZgl<hagbdZ_l`_eZgb_ihdhgqblvk `bagvx"
Deb_glBgh]^Z
DhgkmevlZglH[km`^Zebeb<udZdwlhk^_eZlv"
Deb_gl?s_g_aZr_elZd^Ze_dh

LZdZy ihkl_i_gghklv hijhkZ ^Z_l \hafh`ghklv lhqg__ magZlv dZd ^Ze_dh aZr_e
deb_gl \ k\hbo fukeyo h kf_jlb < ^Zgghf kemqZ_ deb_gl bf__l y\gu_ kmbpb^gu_
gZf_j_gbyh^gZdhijyfhcm]jhaukZfhm[bckl\ZihdZg_l

Hkgh\Zl_ev eh]hl_jZibb 9 )UDQNL ij_^eZ]Z_l hp_gb\Zlv \f_klh \_jhylghklb

kZfhm[bckl\Z \_ebqbgm `bag_ggh]h ihl_gpbZeZ b kijZrb\Zlv deb_glZ g_ h ijbqbg_
g_`_eZgby`blvZ hkfuke_`bagb^eyg_]hQ_f[hevr_gZoh^blkygbl_ck\yau\Zxsbo
deb_glZ k `bagvx l_f f_g__ \_jhylgh kZfhm[bckl\h Kms_kl\mxl hij_^_e_ggu_
ijZ\beZdhgkmevlbjh\ZgbyebpgZf_j_\Zxsbokykh\_jrblvkZfhm[bckl\h 6FKXW] 
%HUPDQ&RKHQ6DQGOHU pblihKh]_m %LUG  .HQQHG\ 
K lZdbfbdeb_glZfbgm`ghqZs_\klj_qZlvky
 DhgkmevlZgl ^he`_g h[jZsZlv \gbfZgb_ kmbpb^gh]h deb_glZ gZ ihablb\gu_
Zki_dlu \ _]h `bagb GZijbf_j <u mihfbgZeb qlh ij_`^_ fgh]bf bgl_j_kh\Zebkv
JZkkdZ`bl_h k\hboijbkljZklbyobeb<k_]^Z_klvjZ^bq_]h`blvQlh<u^mfZ_l_h[
wlhf" LZdb_ \hijhku ihfh]Zxl deb_glm baukdZlv j_kmjku ^ey ij_h^he_gby ljm^gh]h
wlZiZ`bagb
 MagZ\ h gZf_j_gbb deb_glZ kh\_jrblv kZfhm[bckl\h g_ ke_^m_l iZgbdh\Zlv
iulZlvky hl\e_qv _]h dZdbflh aZgylb_f b ijb[_]Zlv d fhjZebabjh\Zgbx Hl wlh]h
gbq_]h g_ baf_gblky AgZ_l_ eb <u qlh \k_ j_eb]bb kqblZxl kZfhm[bckl\h
\_ebqZcrbf]j_ohf" LZdZylZdlbdZebrvm[_^bldeb_glZqlh_]hgbdlhg_ihgbfZ_lb
dhgkmevlZgl²lh`_
 Ki_pbZebkl ^he`_g ijb\e_qv d jZ[hl_ k deb_glhf f_`^m dhgkmevlZlb\gufb
\klj_qZfbagZqbfuo^eyg_]hex^_c [ebadbo^jma_c 
 Deb_gl ^he`_g bf_lv \hafh`ghklv \ ex[h_ \j_fy iha\hgblv dhgkmevlZglm
qlh[ulhlfh]dhgljhebjh\Zlv_]hwfhpbhgZevgh_khklhygb_
 Ijb \ukhdhc \_jhylghklb kZfhm[bckl\Z ke_^m_l ijbgylv f_ju
ij_^hklhjh`ghklb ² ijhbgnhjfbjh\Zlv [ebadbo deb_glZ h[km^blv \hijhk h
]hkiblZebaZpbbDhgkmevlZglmg_\k_]^Ze_]dhwlh\uihegblvDeb_glg_j_^dhgZqbgZ_l
hljbpZlvk\hbgZf_j_gbyb ml\_j`^Z_lqlhg_q_]h aZ g_]h [_kihdhblvky L_f g_ f_g__
dhgkmevlZglm emqr_ ihgZ^_ylvky gZ k\hx bglmbpbx b mq_klv hiZkgu_ ijbagZdb \
ih\_^_gbb deb_glZ ihkdhevdm ml_rbl_evgu_ aZy\e_gby fh]ml ghkblv hl\e_dZxsbc
oZjZdl_j < kemqZyo y\gh]h kmbpb^gh]h jbkdZ dhgkmevlZgl ^he`_g ihlj_[h\Zlv
g_f_^e_gghc ]hkiblZebaZpbb ohly [hevrbgkl\h deb_glh\ dZl_]hjbq_kdb ijhl_klmxl
ijhlb\ihf_s_gby\ ikbobZljbq_kdmxdebgbdmG_dhlhju_ikbohl_jZi_\lu 6WRUU 
kqblZxl qlh deb_glZ rhdbjm_l baf_g_gb_ ih\_^_gby dhgkmevlZglZ Q_eh\_d
ih[m`^Zxsbc d g_aZ\bkbfhklbb k\h[h^ghfm\u[hjm\^jm][_j_lgZk_[yiheghfhqby
h]jZgbqblvk\h[h^mdeb_glZaZi_j_lv_]h\ ikbobZljbq_kdhcdebgbd_GZf^mfZ_lkyqlh
ijZ\h hdhgqZl_evgh]h \u[hjZ bf__l dZ`^uc q_eh\_d gh h[yaZgghklv dhgkmevlZglZ \
kemqZ_m]jhaukZfhm[bckl\Z²k^_eZlvfZdkbfmf\hafh`gh]hqlh[uih\ebylvgZ\u[hj
deb_glZ\ ihevam`bagb
DhgkmevlZglg_^he`_giha\heylvdeb_glmfZgbimebjh\Zlvkh[hcihkj_^kl\hf
m]jhaukZfhm[bckl\Z
 DhgkmevlZgl h[yaZg g_ aZ[u\Zlv qlh hg g_ ;h] b g_\abjZy gZ kZfu_ emqrb_
ih[m`^_gby g_ \k_]^Z kihkh[_g \hkij_iylkl\h\Zlv kZfhm[bckl\m GZb[hevrmx
hl\_lkl\_gghklv aZ kh[kl\_ggu_ ^_ckl\by g_k_l kZf deb_gl DhgkmevlZgl g_ fh`_l
iheghklvxb _^bghebqghhl\_qZlvaZdeb_glZHgebrvijhn_kkbhgZevghhl\_lkl\_g_gaZ
ij_k_q_gb_j_ZebaZpbbkmbpb^guogZf_j_gbcH^gZdhg_hijh\_j`bfZZdkbhfZ²_keb
deb_gl^_ckl\bl_evghohq_lihdhgqblvk `bagvxgbdlhg_kihkh[_ghklZgh\blv_]hDZd
hlf_qZ_l .HQQHG\   fu ]h\hjbf ^Z `bagb deb_glZ gh ^he`gu [ulv ]hlh\u d
lhfmqlhg_dhlhju_deb_glu\k_lZdbkdZ`mlk\h_c`bagbg_l
 DhgkmevlZgl h[yaZg ih^jh[gh \ ibkvf_gghc nhjf_ ^hdmf_glbjh\Zlv k\hb
^_ckl\by qlh[u \ kemqZ_ g_kqZklvy hg kfh] ^hdZaZlv k_[_ b ^jm]bf qlh ^_ckl\h\Ze
ijhn_kkbhgZevghb ijbgye\k_f_ju^eyba[_`ZgbydZlZkljhnu
DhgkmevlZgl ^he`_g agZlv ki_pbnbdm dhgkmevlbjh\Zgby ebp iulZ\rboky
kh\_jrblvkZfhm[bckl\hDhgkmevlbjh\Zgb_gZijZ\ey_lkygZij_h^he_gb_ih[m`^_gbcd
kZfhm[bckl\mdhlhju__s_hklZxlkyihke_g_m^Z\r_ckyihiuldb+DPLOWRQ b 0RVV pbl
ih .HQQHG\   \u^_eyxl ljb wlZiZ dhgkmevlbjh\Zgby \ hkljhc nZa_ \ nZa_
\ua^hjh\e_gby b ihke_ \ua^hjh\e_gby Hkh[_ggh agZqbfZ jZ[hlZ dhgkmevlZglZ \ ^\mo
i_j\uonZaZo
<h \j_fy i_j\h]h dhglZdlZ ihke_ g_m^Z\r_]hky kZfhm[bckl\Z gZ i_j\uc ieZg
\uklmiZxl mgbdZevghklv kblmZpbb b kZfhqm\kl\b_ kZfhm[bcpug_m^ZqgbdZ Q_eh\_d
bkiulZ\rbc fZdkbfZevgh_ gZijy`_gb_ ^moh\guo kbe ihgbfZ_l qlh g_ mf_j gh
h[klhyl_evkl\Z ijb\_^rb_ d ihiuld_ mclb ba `bagb m g_]h hklZebkv Fhf_gl
ijh[m`^_gby ² gZqZeh gh\h]h wlZiZ `bagb wlh]h ebpZ Ihwlhfm \Z`gh dZdh_
\ha^_ckl\b_[m^_l\ibkZgh\ qbklucebklkhagZgbydeb_glZ
<j_fy i_j\h]h dhglZdlZ g_ ^he`gh h]jZgbqb\Zlvky deb_glm gZ^h iha\heblv
\u]h\hjblvky Hl dhgkmevlZglZ \klj_qZxs_]hky k lZdbf deb_glhf lj_[m_lky
g_ih^^_evgZybkdj_gghklvkhkj_^hlhq_gb_b hl^ZqZ\k_ok\hbo^moh\guokbeBf__lky\
\b^m g_qlh [hevr__ q_f h[yaZgghklv dhgkmevlZglZ Ihke_ ihiuldb kZfhm[bckl\Z
deb_gl fZdkbfZevgh h[gZ`_g b hq_gv jZgbf hg ykgh qm\kl\m_l \gmlj_gg__ khklhygb_
dhgkmevlZglZ < i_j\hc nZa_ g_ ke_^m_l gZqbgZlv h[km`^_gb_ hkgh\gh]h dhgnebdlZ b
ebrv ihkl_i_ggh fh`gh i_j_clb d ijbqbgZf b ikbohkhfZlbq_kdhfm kfukem
kZfhm[bckl\ZKZfhdhgkmevlbjh\Zgb_^he`gh[ulvgZijZ\e_ghgZmf_gvr_gb_lj_\h]b
b [_agZ^_`ghklb
NZaZ\ua^hjh\e_gbygZqbgZ_lkydh]^Zdeb_glfh`_l\ha\jZlblvky\ k\h_ij_`g__
hdjm`_gb_ <h \j_fy \lhjhc nZau dZd dklZlb b ihke_ ihegh]h \hkklZgh\e_gby
\hafh`gh ih\lhj_gb_ kmbpb^guo ih[m`^_gbc Ijh\hpbjmxs__ \ebygb_ hdZau\Z_l
bf_gghhdjm`_gb_g_ihkj_^kl\_gghk\yaZggh_k ljZ\fbjmxsbfnZdlhjhfIhwlhfmgZ
\lhjhf wlZi_ hq_gv \Z`gZ jZ[hlZ dhgkmevlZglZ k k_fv_c kmbpb^_glZ Ihfhsv k_fv_
g_j_^dh jZaj_rZ_l ijh[e_fZlbqgu_ h[klhyl_evkl\Z <hh[s_ ihiuldZ kZfhm[bckl\Z ²
kms_kl\_ggZyijbqbgZ^eybaf_g_gbc\ k_f_cghc`bagblhqg__]h\hjylZdb_baf_g_gby
klZgh\ylkyg_ba[_`gufbLhevdhi_j_f_gZmkeh\bc`bagbihgZklhys_fmp_e_[gZ
IhiuldZ deb_glZ kh\_jrblv kZfhm[bckl\h Z l_f [he__ hkms_kl\e_ggh_
kZfhm[bckl\h ij_^klZ\eyxl ^ey dhgkmevlZglZ hq_gv ly`_emx ikbobq_kdmx ljZ\fm
&ROOLQV pblih 0HQQLQJHU  hibku\Z_lk\hbi_j_`b\Zgbyihke_kZfhm[bckl\Z
iZpb_glZ <gZqZe_ ly]hlbeh hkljh_ qm\kl\h \bgu b g_ hkhagZ\ZeZkv g_ijbyagv d
iZpb_glm aZ kh\_jr_ggh_ kZfhm[bckl\h Ebrv ihkl_i_ggh ijbreh hkhagZgb_
haeh[e_gghklb baaZ mljZq_gghc i_jki_dlb\u Haeh[e_gghklv \ k\hx hq_j_^v
ijh\hpbjh\ZeZ \bgm H^gh\j_f_ggh ^h\e_eh qm\kl\h klu^Z i_j_^ dhee_]Zfb Ijhp_kk
kdhj[bi_j_ie_lZekyk ih\lhjyxsbfbky\hkihfbgZgbyfbb kgZfb< i_j\u_^gbihke_
g_kqZklvy ihdhgqb\rbc k kh[hc iZpb_gl g_ \uoh^be ba ]heh\u q_jlu iZpb_glZ
\b^_ebkv m [hevrbgkl\Z \klj_q_gguo ex^_c <k_ wlh \j_fy hsmsZeZkv h[yaZgghklv
h[tykgylvky k dhee_]Zfb ² jZkkdZau\Zlv bf h k\h_c ihke_^g_c [_k_^_ k iZpb_glhf b
\ujZ`Zlvkh`Ze_gb_qlhg_aZf_lbeijbagZdh\gZ^\b]Zxs_]hkykZfhm[bckl\Z &ROOLQV
lZdh[h[sZ_lk\hchiul
Fh_ckZfhc[hevrhcih^^_j`dhc[uewfiZlbqguckemrZl_ev
Jmdh\h^bl_evba\_klghc\ KR:debgbdb :0HQQLQJHU  ij_^eZ]Z_lkh\_lu
ki_pbZebklZfjZ[hlZxsbfk ihl_gpbZevgufbkZfhm[bcpZfbb l_fdlhkljZ^Z_lbaaZ
kZfhm[bckl\ZiZpb_glZ
Fbjh\haaj_gq_kdb_mklZgh\db
² ki_pbZebkl g_ fh`_l g_klb hl\_lkl\_gghklv aZ lh qlh ]h\hjbl b ^_eZ_l
iZpb_gl\g_kl_gl_jZi_\lbq_kdh]hdZ[bg_lZ
²kZfhm[bckl\hbgh]^Zijhbkoh^bl\hij_dbaZ[hleb\hfmhlghr_gbx
² g_evay ij_^hl\jZlblv kZfhm[bckl\h _keb iZpb_gl ^_ckl\bl_evgh ijbgye
j_r_gb_
LZdlbdZijbdhgkmevlbjh\ZgbbiZpb_glh\k kmbpb^gufbgZf_j_gbyfb
²g_h[oh^bfZ[^bl_evghklvb ]hlh\ghklvd g_m^Zq_
²\ jbkdh\ZgguokemqZyoh[yaZl_evghdhgkmevlbjmcl_kvk dhee_]Zfb
² g_h[oh^bfh h[km^blv k dhee_]Zfb kZfhm[bckl\h iZpb_glZ dZd \hafh`guc
\ZjbZgl_]h\uoh^ZbadjbabkZKe_^m_lihfgblvqlhjhevdhgkmevlZglZkhklhbl\ lhf
qlh[u ij_^hkl_j_qv iZpb_glZ hl kZfhm[bckl\Z b ihfhqv _fm gZclb ^jm]b_ kihkh[u
jZaj_r_gbyijh[e_f
DZdj_Z]bjh\ZlvgZkZfhm[bckl\hiZpb_glZ
²bkoh^bl_balh]hqlhkZfhm[bckl\h\k_fijbqbgy_l[hev
²\uh[j_lZ_l_ihljykZxsbchiul
²g_m^b\eycl_kvih^Z\e_gghfmgZkljh_gbxqm\kl\Zf\bgub aeh[u
Ij_h^he_gb_ihke_^kl\bckZfhm[bckl\ZiZpb_glZ
²kdhj[v²_kl_kl\_ggZyj_Zdpbyb \k_i_j_`b\Zxlh^bgZdh\h
²]h\hjbl_b i_j_`b\Zcl_gh[_abaebrg_]hkZfhh[\bg_gby
²iha\hevl_k_[_\u]h\hjblvkyk dhee_]Zfb^jmavyfb\ k_fv_
² ihfgbl_ ]h^h\sbgm ]hj_klgh]h ijhbkr_kl\by qlh[u g_ hdZaZlvky
aZklb]gmlufb\jZkieho
-RQHV   \kihfbgZy qlh dblZckdbc b_jh]ebn hagZqZxsbc djbabk
khklZ\eyxlkbf\heuhiZkghklbb \hafh`ghklbh[h[sZ_l
Dh]^Z iZpb_gl kh\_jrZ_l kZfhm[bckl\h gZ^ l_jZi_\lhf gZ\bkZ_l m]jhaZ
Ihfbfhebqguob ijhn_kkbhgZevguoi_j_`b\ZgbcbaaZmljZluhgfh`_lih^\_j]gmlvky
m\hevg_gbx \ke_^kl\b_ oZeZlghklb H^gZdh ljZ]_^by kZfhm[bckl\Z iZpb_glZ
ij_^hklZ\ey_lb \hafh`ghklvijhn_kkbhgZevgh]hjhklZ\ kfuke_gZ\udh\ij_h^he_gby
kmbpb^guodjbabkh\JZkrbjy_lkyb m]em[ey_lkyih^^_j`dZdhee_]b gZrZkZfhhl^ZqZ
fu gZqbgZ_f [hevr_ p_gblv ^Zj `bagb b ihfh]Zlv iheghp_ggh `blv ^jm]bf <k_
jZ[hlZxsb_ k ex^vfb hly]hs_ggufb k_jv_agufb ijh[e_fZfb ^he`gu [ulv ]hlh\u
ijbgylv gZ k_[y hl\_lkl\_gghklv aZ bo kZfhm[bckl\h ?keb kemqZ_lky lZdh_ g_kqZklv_
\k_]^Ze_]q_i_j_g_klb_]hk ihfhsvx^jm]bo

DHGKMEVLBJH<:GB?IJBI?J?@B<:GBBMLJ:LU
Dhgkmevlbjh\Zgb_\ kemqZ_kf_jlb[ebadh]hq_eh\_dZ
Dhgkmevlbjh\Zgb_ ex^_c i_j_g_krbo mljZlm ² wlh g_e_]dh_ bkiulZgb_
^moh\guokbeb ijhn_kkbhgZevghcdhfi_l_gpbb
< `bagb mljZlu [he__ beb f_g__ hsmlbfu gh \h \k_o kemqZyo q_eh\_d
bkiulu\Z_l ^mr_\gmx [hev i_j_`b\Z_l ]hj_ MljZlu dZd b fgh]b_ kh[ulby gZr_c
`bagb g_ lhevdh [he_ag_ggu hgb ij_^hklZ\eyxl b \hafh`ghklv ebqghklgh]h jhklZ
DhgkmevlZgl fh`_l kihkh[kl\h\Zlv j_ZebaZpbb wlhc \hafh`ghklb _keb ihgbfZ_l
ijbjh^mmljZlu__ k\yavk ^jm]bfbwfhpbyfbjhev\ klZgh\e_gbbq_eh\_dZ
>ey mf_jr_]h kf_jlv ² Z[khexlguc dhg_p _]h a_fghc `bagb H^gZdh \ ^mrZo
[ebadbo b ^jma_c q_eh\_d _s_ ijh^he`Z_l kms_kl\h\Zlv ih djZcg_c f_j_ g_dhlhjh_
\j_fy Ijbfbj_gb_ k mljZlhc ² [he_ag_gguc ijhp_kk \ dhlhjhf hl mljZq_ggh]h
q_eh\_dZhldZau\Zxlkyihkl_i_gghb kljm^hfGhijhp_kkkh\_jr_ggh_kl_kl\_g_gb
_]h g_ gZ^h nhjkbjh\Zlv Gbdlh g_ ^he`_g \k_eylv bkdmkkl\_gguc hilbfbaf \
kdhj[ys_]h iulZlvky _]h q_feb[h aZbgl_j_kh\Zlv aZgbfZlv jZa\e_q_gbyfb Kf_jlv
[ebadh]h²wlhly`_eZyjZgZb g_kqZklgucbf__lijZ\hgZkdhj[v
Bgl_gkb\ghklv b ijh^he`bl_evghklv qm\kl\Z kdhj[b m jZaebqguo ex^_c
g_h^bgZdh\u <k_ aZ\bkbl hl oZjZdl_jZ hlghr_gbc k ihl_jygguf q_eh\_dhf hl
\ujZ`_gghklb\bguhl^ebl_evghklbljZmjgh]hi_jbh^Z\ dhgdj_lghcdmevlmj_
>mr_\gu_ l_jaZgby dZd yjqZcrbc dhfihg_gl ljZmjZ ij_^klZ\eyxlky kdhj__
ijhp_kkhfg_`_ebkhklhygb_fI_j_^q_eh\_dhfaZgh\h\klZ_l\hijhkh[b^_glbqghklb
hl\_l gZ dhlhjuc ijboh^bl g_ dZd f]gh\_gguc Zdl Z q_j_a hij_^_e_ggh_ \j_fy \
dhgl_dkl_q_eh\_q_kdbohlghr_gbc
>eyhibkZgbyijhp_kkZkdhj[bqZklhbkihevam_lkyfh^_ev.XEOHU5RVV  HgZ
ij_^iheZ]Z_l q_j_^h\Zgb_ klZ^bc hljbpZgby haeh[e_gghklb dhfijhfbkkZ ^_ij_kkbb
Z^ZilZpbbKqblZ_lkyqlhghjfZevgZyj_Zdpbykdhj[bfh`_lijh^he`Zlvky^h]h^Z
KjZamihke_kf_jlb[ebadh]hq_eh\_dZ\hagbdZ_lhkljZy^mr_\gZy[hev
GZi_j\hfwlZi_wfhpbhgZevghfmrhdmkhimlkl\m_lihiuldZhljbpZlvj_Zevghklv
kblmZpbb Rhdh\Zy j_Zdpby bgh]^Z ijhy\ey_lky \ g_h`b^Zgghf bkq_agh\_gbb qm\kl\
hoeZ`^_gbbkeh\ghqm\kl\Zijh\Zeb\Zxlkydm^Zlh\]em[vWlhijhbkoh^bl^Z`__keb
kf_jlv[ebadh]hq_eh\_dZg_[ueZ\g_aZighcZ h`b^ZeZkv^he]h_\j_fyHljbpZ_lkykZf
nZdlkf_jlb²Hgg_mf_j hgZg_mf_jeZ Wlh]hg_fh`_l[ulvY g_\_jxwlhfm
b liH[mf_jr_fg_j_^dh]h\hjyl\ gZklhys_f\j_f_gbhgijbgbfZ_lky\h\gbfZgb_
ijbieZgbjh\Zgbb[m^ms_]h
< ijhp_kk_ kdhj[b g_ij_f_ggh gZklmiZ_l haeh[e_gghklv Ihg_krbc mljZlm
q_eh\_d klj_fblky h[\bgblv dh]hlh \ kemqb\r_fky <^h\Z fh`_l h[\bgylv mf_jr_]h
fm`ZaZlhqlhhghklZ\be__beb;h]Zdhlhjucg_\gye__ fhebl\ZfH[\bgyxlky\jZqb
b ^jm]b_ex^bkihkh[gu_j_Zevghbeblhevdh\ \hh[jZ`_gbbkljZ^Zebpug_^himklblv
kha^Z\r_cky kblmZpbb J_qv b^_l h gZklhys_c aehklb ?keb hgZ hklZ_lky \gmljb
q_eh\_dZlhih^iblu\Z_l^_ij_kkbxIhwlhfmdhgkmevlZgl^he`_gg_^bkdmlbjh\Zlvk
deb_glhfb g_dhjj_dlbjh\Zlv_]haeh[mZ ihfhqv_c\ueblvkygZjm`mLhevdh\ lZdhf
kemqZ_mf_gvrblky\_jhylghklv__ jZajy^dbgZkemqZcguoh[t_dlZo
Ihke_i_j\hcj_ZdpbbgZkf_jlv[ebadh]hq_eh\_dZ²rhdZhljbpZgbyaeh[u²
ijhbkoh^blhkhagZgb_mljZlub kfbj_gb_k g_c< klZlv_Kdhj[vb f_eZgoheby 
6 )UHXG gZa\Ze ijhp_kk Z^ZilZpbb d g_kqZklvx jZ[hlhc kdhj[b 7UDXHUDUEHLW 
Kh\j_f_ggu_ bkke_^h\Zl_eb jZ[hlm kdhj[b oZjZdl_jbamxl dZd dh]gblb\guc ijhp_kk
\dexqZxsbc baf_g_gb_ fuke_c h[ mf_jr_f ]hj_qv mljZlu ihiuldm hlkljZgblvky hl
mljZq_ggh]h ebpZ ihbkd k\h_]h f_klZ \ gh\uo h[klhyl_evkl\Zo 6WURHEH   Wlhl
ijhp_kkg_y\ey_lkydZdhclhg_Z^_d\Zlghcj_Zdpb_chldhlhjhcgZ^hm[_j_qvq_eh\_dZ
k ]mfZgbklbq_kdbo ihabpbc hg ijb_fe_f b g_h[oh^bf Bf__lky \ \b^m hq_gv ly`_eZy
ikbobq_kdZy gZ]jmadZ aZklZ\eyxsZy kljZ^Zlv DhgkmevlZgl kihkh[_g ^hklZ\blv
h[e_]q_gb_ h^gZdh _]h \f_rZl_evkl\h g_ \k_]^Z mf_klgh Kdhj[v g_evay
ijbhklZgZ\eb\ZlvhgZ^he`gZijh^he`Zlvkyklhevdhkdhevdhg_h[oh^bfh
Lbibqgh_ ijhy\e_gb_ kdhj[b ² lhkdZ ih mf_jr_fm 3DUNHV :HLVV  
Q_eh\_d i_j_`b\rbc mljZlm ohq_l \_jgmlv ml_jyggh_ H[uqgh wlh bjjZpbhgZevgh_
`_eZgb_ g_^hklZlhqgh hkhagZ_lky qlh ^_eZ_l _]h _s_ ]em[`_ GZ\yaqb\u_ fukeb b
nZglZabb h[ mf_jr_f ihklhyggh e_aml \ ]heh\m ?]h ebph \b^blky \ lhei_ ijhiZ^Z_l
bgl_j_k d kh[ulbyf dhlhju_ ij_`^_ dZaZebkv \Z`gufb d k\h_c \g_rghklb F_klZ b
kblmZpbb k\yaZggu_ k mf_jrbf ijbh[j_lZxl hkh[mx agZqbfhklv DhgkmevlZglm
ke_^m_ljZah[jZlvky\ kbf\hebq_kdhcijbjh^_lhkdbIhbkdmf_jr_]hg_[_kp_e_g²hg
y\gh gZijZ\e_g gZ \hkkha^Zgb_ mljZq_ggh]h q_eh\_dZ G_ gZ^h ijhlb\blvky
kbf\hebq_kdbfmkbebyfkdhj[ys_]hihkdhevdmlZdbfh[jZahfhgklZjZ_lkyij_h^he_lv
mljZlmK ^jm]hcklhjhguj_Zdpbykdhj[b[u\Z_lij_m\_ebq_gZb lh]^Zkha^Z_lkydmevl
mf_jr_]h< kemqZ_iZlheh]bq_kdhckdhj[bgm`gZihfhsvikbohl_jZi_\lZ
< jZagu_i_jbh^u`bagbex^bbkiulu\ZxlZf[b\Ze_glgu_qm\kl\Z^jm]d ^jm]m
Ihke_kf_jlb[ebadh]hq_eh\_dZij_`gyyZf[b\Ze_glghklvy\ey_xybklhqgbdhfqm\kl\Z
\bgu JZ[hlZ kdhj[b h[mkeh\eb\Z_l \ha\jZl d hlghr_gbyf dhlhju_ ij_j\ZeZ kf_jlv
Ij_^ijbgbfZ_lkyihiuldZihgylvboagZq_gb_\ i_jki_dlb\_\j_f_gbIhg_krbcmljZlm
ihklhygghaZ^Z_lk_[_\hijhku<k_eby k^_eZe^eymf_jr_]h">hklZlhqghebm^_eye
_fm \gbfZgby " <kihfbgZxlky kemqZb g_kijZ\_^eb\h]h hlghr_gby d mf_jr_fm b
kljZ^Zxsbc q_eh\_d aZ\_jy_l k_[y \ kh\k_f bghf ih\_^_gbb [m^v \hafh`ghklv \k_
\_jgmlv DhgkmevlZgl ^he`_g k ihgbfZgb_f \hkijbgbfZlv wlb keh`gu_ i_j_`b\Zgby
dZdg_ba[_`gh_ba`b\Zgb_kdhj[b
<h \j_fy ljZmjZ bkiulu\Zxl agZqbl_evgh_ baf_g_gb_ b^_glbqghklb gZijbf_j
j_adh f_gy_lky kZfhhp_gdZ hkms_kl\e_gby kmijm`_kdhc jheb Ihwlhfm \Z`gZy
khklZ\eyxsZyjZ[hlukdhj[baZdexqZ_lky\ h[mq_gbbgh\hfm\a]ey^mgZk_[yihbkdm
gh\hcb^_glbqghklb
< ljZmj_hq_gvkms_kl\_ggujblmZeuHgbgm`gukdhj[ys_fmdZd\ha^mob \h^Z
Ikboheh]bq_kdb djZcg_ \Z`gh bf_lv im[ebqguc b kZgdpbhgbjh\Zgguc kihkh[
\ujZ`_gby keh`guo b ]em[hdbo qm\kl\ kdhj[b JblmZeu g_h[oh^bfu `b\uf Z g_
mf_jrbfb hgbg_fh]ml[ulvmijhs_gu^hihl_jbk\h_]hgZagZq_gby
JZ[hlmkdhj[bbgh]^Zlhjfhaylbebhkeh`gyxlkhqm\kl\mxsb_ex^bdhlhju_
g_ihgbfZxl\Z`ghklbihkl_i_ggh]hba`b\Zgbyg_kqZklvyLjm^guc^moh\gucijhp_kk
hl^_e_gby hl mf_jr_]h ijhbkoh^bl \ km[t_dlb\ghf fbj_ ihg_kr_]h mljZlm b
\f_rZl_evkl\h\ g_]hhdjm`Zxsbog_mf_klghDhgkmevlZgl lh`_ g_^he`_g aZ]emrZlv
ijhp_kk kdhj[b ?keb hg jZajmrbl ikboheh]bq_kdmx aZsblm deb_glZ lh g_ kfh`_l
hdZaZlv wnn_dlb\gmx ihfhsv Deb_gl gm`^Z_lky \ aZsblguo f_oZgbafZo hkh[_ggh gZ
jZgg_cklZ^bbljZmjZdh]^Zhgg_]hlh\ijbgylvkf_jlvb j_Zebklbqgh^mfZlvh g_c<
mkeh\byo ^_nbpblZ jZpbhgZevghklb \dexqZxlky aZsblgu_ f_oZgbafu < ijhp_kk_
ljZmjZ bo jhev nmgdpbhgZevgZ b k\h^blky d lhfm qlh[u \ub]jZlv \j_fy b aZgh\h
hp_gblv k_[y b hdjm`Zxsbc fbj Ihwlhfm dhgkmevlZgl ^he`_g iha\heblv deb_glm
bkihevah\ZlvhljbpZgb_b ^jm]b_f_oZgbafuikboheh]bq_kdhcaZsblu
Ke_^m_lhlf_lblvqlhjZ[hlZkdhj[bg_^ey\k_oex^_cy\ey_lkywnn_dlb\ghc
kljZl_]b_c ij_h^he_gby mljZlu Fgh]h_ aZ\bkbl hl klbey j_Z]bjh\Zgby Q_eh\_dm
kdehgghfm aZ]emrZlv [he_ag_ggu_ \hkihfbgZgby ^jm]hc ^_yl_evghklvx jZ[hlZ
kdhj[b fZeh ihfh]Z_l GZijbf_j kh]eZkgh 1ROHQ+RHNVHPD  pbl ih 6WURHEH
  `_gsbgu \h \j_fy ^_ij_kkbb kdehggu d gZ\yaqb\uf jZa^mfvyf qlh lhevdh
m]em[ey_l miZ^hd gZkljh_gby Fm`qbgu gZh[hjhl ijhy\eyxl Zdlb\ghklv b wlh
h[e_]qZ_lb mdhjZqb\Z_l^_ij_kkbx
K hdhgqZgb_fjZ[hlukdhj[bijhbkoh^blZ^ZilZpbyd j_Zevghklbg_kqZklvy b
^mr_\gZy[hevmf_gvrZ_lky
Ihg_kr_]hmljZlmq_eh\_dZgZqbgZxlaZgbfZlvgh\u_ex^bb kh[ulbyBkq_aZ_l
`_eZgb_ kh_^bgblvky k mf_jrbf mf_gvrZ_lky aZ\bkbfhklv hl mljZlu < g_dhlhjhf
kfuke_ fh`gh kdZaZlv qlh ijhp_kk ljZmjZ ij_^klZ\ey_l kh[hc f_^e_ggh_ hkeZ[e_gb_
k\yabk mf_jrbfWlhg_hagZqZ_laZ[\_gbyIjhklhmf_jrbcq_eh\_dm`_ij_^klZ_lg_\
nbabq_kdhf kfuke_ Z bgl_]jbjm_lky \h \gmlj_ggbc fbj <hijhk hlghr_gby k gbf
j_rZ_lkyl_i_jvkbf\hebq_kdbfh[jZahf²mf_jrbck\hbfg_aZf_lgufijbkmlkl\b_f\
^mr_ ihg_kr_]h mljZlm ihfh]Z_l _fm \ `bagb LZdbf h[jZahf qm\kl\h b^_glbqghklb
mki_rghfh^bnbpbjm_lky
< i_jbh^ mljZlu kljZ^Zgb_ h[e_]qZ_lky ijbkmlkl\b_f jh^kl\_ggbdh\ ^jma_c
ijbq_f kms_kl\_ggZ g_ bo ^_ckl\_ggZy ihfhsv Z e_]dZy ^hklmighklv \ l_q_gb_
g_kdhevdbo g_^_ev dh]^Z kdhj[v gZb[he__ bgl_gkb\gZ Ihg_kr_]h mljZlm g_ gZ^h
hklZ\eylv h^gh]h h^gZdh _]h g_ ke_^m_l i_j_]jm`Zlv hi_dhc ² [hevrh_ ]hj_
ij_h^he_\Z_lky lhevdh kh \j_f_g_f =hjxxs_fm q_eh\_dm gm`gu ihklhyggu_ gh g_
gZ\yaqb\u_ihk_s_gbyb ohjhrb_kemrZl_eb
JhevkemrZl_ey\ g_dhlhjuokemqZyofh`_l\uihegylvdhgkmevlZglGZoh^blvky
kh kdhj[ysbf q_eh\_dhf b gZ^e_`Zsbf h[jZahf \gbfZlv _fm ² ]eZ\gh_ qlh fh`gh
k^_eZlvQ_f[hevr_dhgkmevlZglkhi_j_`b\Z_lkdhj[bb q_fZ^_d\Zlg__\hkijbgbfZ_l
kh[kl\_ggu_wfhpbhgZevgu_j_Zdpbbk\yaZggu_k ihfhsvxl_fwnn_dlb\g__p_e_[gh_
\ha^_ckl\b_ G_ ke_^m_l ih\_joghklgh mkihdZb\Zlv kdhj[ys_]h q_eh\_dZ
AZf_rZl_evkl\hb nhjfZevgu_njZauebrvkha^Zxlg_m^h[gh_iheh`_gb_Deb_glmgZ^h
ij_^hklZ\blv\hafh`ghklv\ujZ`Zlvex[u_qm\kl\Zb \k_hgb^he`gu[ulv\hkijbgylu
[_a ij_^m[_`^_gby AZ^Zqm dhgkmevlZglZ fh`gh \ujZablv keh\Zfb R_dkibjZ ba
FZd[_lZ²^Zlv]jmklbkeh\h>jm]Zyhq_gv\Z`gZyaZ^ZqZdhgkmevlZglZ²ihfhqv
[ebadbfihg_kr_]hmljZlmq_eh\_dZijZ\bevghj_Z]bjh\ZlvgZ_]hkdhj[v
GhjfZevguc ijhp_kk kdhj[b bgh]^Z i_j_jZklZ_l \ ojhgbq_kdh_ djbabkgh_
khklhygb_ dhlhjh_ gZau\Z_lky iZlheh]bq_kdhc kdhj[vx Ih fg_gbx )UHXG kdhj[v
klZgh\blky iZlheh]bq_kdhc dh]^Z jZ[hlZ kdhj[b g_m^ZqgZ beb g_ aZ\_jr_gZ
<u^_ey_lkyg_kdhevdhlbih\iZlheh]bq_kdhckdhj[b
;ehdbjh\Zgb_wfhpbc\hba[_`Zgb_bgl_gkbnbdZpbbijhp_kkZkdhj[b
LjZgknhjfZpbykdhj[b\ b^_glbnbdZpbxk mf_jrbfq_eh\_dhf< wlhfkemqZ_
ijhbkoh^bl hldZa hl ex[hc ^_yl_evghklb kihkh[ghc hl\e_qv \gbfZgb_ hl fuke_c h[
mf_jr_f
 JZkly]b\Zgb_ ijhp_kkZ kdhj[b \h \j_f_gb k h[hklj_gbyfb gZijbf_j \ ^gb
]h^h\sbgkf_jlb
 Qj_af_jgh hkljh_ qm\kl\h \bgu khijh\h`^Z_fh_ ihlj_[ghklvx gZdZau\Zlv
k_[yBgh]^ZlZdh_gZdZaZgb_j_Zebam_lkyihkj_^kl\hfkZfhm[bckl\Z
I_j_`b\Zgb_mljZluijbjZa\h^_
MljZlZ [ebadh]h q_eh\_dZ kemqZ_lky g_ lhevdh ijb _]h kf_jlb JZa\h^
ij_^klZ\ey_l kh[hc ZgZeh]bqgmx kblmZpbx b ihjh`^Z_l koh`mx ^bgZfbdm
i_j_`b\Zgbc JZa\h^ ² wlh kf_jlv hlghr_gbc \uau\ZxsZy kZfu_ jZaghh[jZagu_ gh
ihqlb\k_]^Z[he_ag_ggu_qm\kl\Z
 )URLODQG b +R]PDQ  pbl ih *HRUJH &ULVWLDQL   ^ey hibkZgby jZa\h^Z
\hkihevah\Zebkvba\_klghcfh^_evx.XEOHU5RVV h dhlhjhcmihfbgZehkv\ur_
 KblmZpby hljbpZgby I_j\hgZqZevgh j_Zevghklv ijhbkr_^r_]h hljbpZ_lky
H[uqgh q_eh\_d aZljZqb\Z_l gZ [ebadb_ hlghr_gby fgh]h \j_f_gb wg_j]bb b qm\kl\
ihwlhfm ljm^gh kjZam kfbjblvky k jZa\h^hf GZ wlhc klZ^bb kblmZpby jZa\h^Z
\hkijbgbfZ_lky k \ujZ`_gghc aZsblhc ihkj_^kl\hf f_oZgbafZ jZpbhgZebaZpbb
h[_kp_gb\Zxlky [jZqgu_ hlghr_gby Gbq_]h lZdh]h g_ kemqbehkv <k_ ohjhrh
GZdhg_pijbrehhk\h[h`^_gb_b li
 KlZ^by haeh[e_gghklb GZ wlhc klZ^bb hl ^mr_\ghc [heb aZsbsZxlky
haeh[e_gghklvx ih hlghr_gbx d iZjlg_jm G_j_^dh fZgbimebjmxl ^_lvfb iulZykv
ijb\e_qvbogZk\hxklhjhgm
KlZ^byi_j_]h\hjh\ Lj_lvyklZ^bykZfZykeh`gZyIj_^ijbgbfZxlkyihiuldb
\hkklZgh\blv[jZdb bkihevam_lkyfgh`_kl\hfZgbimeypbcihhlghr_gbx^jm]d ^jm]m
\dexqZy k_dkmZevgu_ hlghr_gby m]jham [_j_f_gghklb beb [_j_f_gghklv Bgh]^Z
ijb[_]Zxld ^Z\e_gbxgZiZjlg_jZkhklhjhguhdjm`Zxsbo
 KlZ^by ^_ij_kkbb M]g_l_ggh_ gZkljh_gb_ gZklmiZ_l dh]^Z hljbpZgb_
Z]j_kkb\ghklv b i_j_]h\hju g_ ijbghkyl gbdZdbo j_amevlZlh\ Q_eh\_d qm\kl\m_l k_[y
g_m^Zqgbdhfmf_gvrZ_lkymjh\_gvkZfhhp_gdbhggZqbgZ_lklhjhgblvky^jm]boex^_c
g_^h\_jylvbfG_j_^dhbkiulZggh_\h\j_fyjZa\h^Zqm\kl\hhl\_j`_gbyb ^_ij_kkby
^h\hevgh^he]h_\j_fyf_rZxlaZ\h^blvgh\u_bglbfgu_hlghr_gby
KlZ^byZ^ZilZpbb Dh]^ZdhgkmevlZgl\klj_qZ_lkyk jZa\_^_ggufdeb_glhf\h
\j_fyh^ghcba\ur_gZa\ZgguoklZ^bc_]hp_ev²ihfhqvdeb_glmi_j_clb\ klZ^bx
ijbkihkh[e_gby d baf_gb\rbfky mkeh\byf `bagb < l_o kemqZyo dh]^Z ihke_ jZa\h^Z
hklZ_lky g_ihegZy k_fvy ^_lyf lh`_ gm`gZ ih^^_j`dZ \ Z^ZilZpbb d gh\hc kblmZpbb
LZdmx ih^^_j`dm fh`_l hdZaZlv dZd hklZ\rbcky k gbfb jh^bl_ev lZd b dhgkmevlZgl
ihfh]ZxsbcfZl_jbbebhlpmij_h^he_lvdjbabk
>bZiZahg ijh[e_f \hagbdZxsbo ihke_ jZa\h^Z ^h\hevgh rbjhd ² hl
nbgZgkh\uo ^h moh^Z aZ ^_lvfb < jZaj_r_gbb ijh[e_f kms_kl\_ggh_ f_klh aZgbfZ_l
mf_gb_ `blv [_a kmijm]Z fm`Z beb `_gu  b ij_h^he_\Zlv h^bghq_kl\h G_ba[_`gZ
hij_^_e_ggZy ehfdZ khpbZevguo hlghr_gbc ² ijboh^blky ijb\udZlv h^ghfm h^ghc
oh^blv gZ dhgp_jlu \ ]hklb <Z`gh a^hjh\uf b ijb_fe_fuf iml_f m^h\e_l\hjylv
k_dkmZevgmx ihlj_[ghklv Jhev dhgkmevlZglZ \ wlbo h[klhyl_evkl\Zo fh`_l hdZaZlvky
^h\hevgh agZqbl_evghc Hg ^he`_g ihfhqv hl^_eblv h^bghq_kl\h hl m_^bg_gghklb
hldjulhZgZebabjh\Zlvhlghr_gb_d k_dkmb li

HKH;?GGHKLB;?K?>UK MFBJ:XSBFQ?EH<?DHF
Hlghr_gb_ d kf_jlb hdZau\Z_l \ebygb_ gZ h[jZa `bagb Klhbdb ]h\hjbeb qlh
kf_jlvy\ey_lky\Z`g_crbfkh[ulb_f\ `bagbK\:\]mklbgfukebekoh^gufh[jZahf
Lhevdhi_j_^ebphfkf_jlbjh`^Z_lkykZfhklvq_eh\_dZBlZdkf_jlvy\ey_lky
nZdlhf`bagbLjm^ghijbgylvfukevqlhkf_jlvfh`_lhdZau\Zlvihablb\gh_\ebygb_
gZ`bagvihlhfmqlhfuh[uqghkfhljbfgZg__dZdgZ Z[khexlgh_ aeh H^gZdh _keb
ohly [u gZ f]gh\_gv_ hldZaZlvky hl fukeb h kf_jlb `bagv kjZam mljZlbl k\hx
bgl_gkb\ghklv
G_bae_qbfZy [he_agv g_hl\jZlbfh ijb[eb`Z_l j_Zevghklv kf_jlb HgZ
kms_kl\_ggh baf_gy_l q_eh\_q_kdmx `bagv b gZ wlhf nhg_ dZd gb iZjZ^hdkZevgh
g_j_^dh ihy\eyxlky ijbagZdb jhklZ ebqghklb <DORP   Qlh `_ ijhbkoh^bl ijb
ijb[eb`_gbb kf_jlb" < dZdhclh f_j_ hl\_l gZ \hijhk fu ihemqZ_f \ [_k_^Zo k
[hevgufbjZdhf
 ²aZgh\hhp_gb\Zxlkyijbhjbl_lu`bagb²l_jyxlagZq_gb_\kydb_f_ehqb
²\hagbdZ_lqm\kl\hhk\h[h`^_gb_²g_^_eZ_lkylhq_]hg_ohq_lky^_eZlvl_
l_jyxlkbem^he`_gkl\h\Zgby h[yaZgg_h[oh^bfhb li 
²mkbeb\Z_lkykbxfbgmlgh_hsms_gb_`bagb
² h[hkljy_lky agZqbfhklv we_f_glZjguo `bag_gguo kh[ulbc kf_gZ \j_f_g
]h^Z^h`^vebklhiZ^b li 
²h[s_gb_k ex[bfufbex^vfbklZgh\blky[he__]em[hdbf
²mf_gvrZ_lkykljZo[ulvhl\_j]gmluf\hajZklZ_l`_eZgb_jbkdh\Zlv
<k_wlbbaf_g_gbyk\b^_l_evkl\mxlh[m\_ebq_gbbqm\kl\bl_evghklbg_bae_qbfh
[hevgh]hq_eh\_dZqlhij_^ty\ey_ldhgdj_lgu_lj_[h\Zgbyd l_fdlhgZoh^blkyjy^hfk
gbf ² d [ebadbf \jZqZf ikboheh]Zf M [hevgh]h \hagbdZxl hq_gv \Z`gu_ ^ey g_]h
\hijhku dhlhju_ hg aZ^Z_l hdjm`Zxsbf H^bg ba lZdbo \hijhkh\ ² Kdhjh eb y
mfjm" G_ kms_kl\m_l _^bgkl\_ggh ijZ\bevgh]h hl\_lZ gZ wlhl \hijhk ohly fh`gh
]h\hjblv h [he__ beb f_g__ mgb\_j_kZevguo ijbgpbiZo < gZklhys__ \j_fy
j_dhf_g^m_lky [hevrZy hl\_lkl\_gghklv \ jZa]h\hj_ k iZpb_glhf h kf_jlb Ij_`^_
\k_]h g_iehoh ihkh\_lh\Zlv _fm ijb\_klb \ ihjy^hd `bag_ggu_ ^_eZ ihke_^gb_
`_eZgby aZ\_sZgb_ b li  Fh`gh g_ ]h\hjblv iZpb_glm ijyfh qlh \hafh`gh hg
\kdhj_ mfj_l DZ`^uc ^he`_g [ulv ]hlh\ d kZfhfm om^r_fm hkh[_ggh
ly`_eh[hevghc G_dhlhju_ ex^b g_ kdehggu ^mfZlv h aZ\_jr_gbb k\hbo a_fguo ^_e
ihlhfmqlhbfdZ`_lkyqlhj_r_gb_ih^h[guoijh[e_fhldju\Z_l^\_jvkf_jlbK gbfb
fh`ghh[km^blvijh[e_fmkljZoZi_j_^kf_jlvx
<hijhkh[hldjh\_gghklbk g_bae_qbfh[hevgufij_^klZ\ey_lkyh^gbfbakZfuo
ljm^guo Kms_kl\mxl kZfu_ jZagu_ fg_gby gZ wlhl kq_l H^gb ^mfZxl qlh iZpb_glm
gZ^hkdZaZlv\kxijZ\^m ^jm]b_ ih^q_jdb\Zxl g_h[oh^bfhklv [_j_`gh]h hlghr_gby d
ly`_eh[hevghfm b gbq_]h g_ ]h\hjyl _fm h ijb[eb`Zxs_cky kf_jlb lj_lvb kqblZxl
qlh ke_^m_l \_klb k_[y lZd dZd ohq_l iZpb_gl Dhg_qgh [hevghc bf__l ijZ\h agZlv
ijZ\^m h k\h_f j_Zevghf iheh`_gbb b gbdhfm g_ iha\he_gh mamjibjh\Zlv _]h ijZ\h
h^gZdh g_ klhbl aZ[u\Zlv qlh ijZ\h agZlv hlgx^v g_ lh`^_kl\_ggh h[yaZgghklb
agZlvIjZ\hagZgbyg_jZ\ghkbevgh\u[hjmagZgbyK\h[h^ZiZpb_glZ[m^_lj_Zevghc
lhevdh ijb hjb_glZpbb gZ _]h `_eZgb_ h[eZ^Zlv ih^ebgguf agZgb_f Ly`_eh[hevghc
q_eh\_d fh`_l b g_ `_eZlv agZlv qlheb[h dhgdj_lgh_ h ijb[eb`Zxs_cky kf_jlb b
hdjm`Zxsb_h[yaZgum\Z`Zlv_]h\u[hjHq_gvqZklhagZgb_lh]hqlh kdhjhgZklmibl
kf_jlv g_ h[e_]qZ_l khklhygby [hevgh]h b lh]^Z ^Z`_ emqr_ _keb hg f_gvr_ agZ_l
Dh]^Z iZpb_gl dZl_]hjbq_kdb lj_[m_l kdZaZlv kdhevdh _fm hklZehkv `blv ij_^klZ\eyy
kZfu_ jZagu_ g_j_^dh ^hklZlhqgh jZpbhgZevgu_ Zj]mf_glu hdjm`Zxsb_ ^he`gu
klZjZlvky ihgylv ihqm\kl\h\Zlv qlh kdjulh aZ wlbfb keh\Zfb QZklh [_ah]ey^gZy
kf_ehklv y\ey_lky fgbfhc Lj_[my \ukdZaZlv \k_ ^h dhgpZ iZpb_gl g_ hq_gv
ij_^klZ\ey_l k\hx j_Zdpbx gZ `_klhdmx ijZ\^m Bgh]^Z g_ljm^gh aZf_lblv qlh _]h
lj_[h\Zgb_ ghkbl kdhj__ nhjfZevguc oZjZdl_j b hg \h\k_ g_ `_eZ_l ihemqblv lhqguc
hl\_lihkdhevdmwlhebrZ_l_]hgZ^_`^u
Ihke_^h\Zl_evghklv j_Zdpbc g_bae_qbfh [hevguo ex^_c gZ ijb[eb`Zxsmxky
kf_jlvhibku\Z_lfh^_ev .XEOHU5RVV
HljbpZgb_ Ijbihk_s_gbbjZaguo\jZq_ciZpb_gluij_`^_\k_]hgZ^_xlkygZ
hljbpZgb_^bZ]ghaZ>_ckl\bl_evgh_iheh`_gb_\_s_ckdju\Z_lkydZdhlk_fvblZdb hl
k_[y HljbpZgb_ ^Z_l \hafh`ghklv m\b^_lv g_kms_kl\mxsbc rZgk ^_eZ_l q_eh\_dZ
ke_iufd ex[ufijbagZdZfkf_jl_evghchiZkghklb
 Aeh[Z HgZ qZs_ \k_]h \ujZ`Z_lky \hijhkZfb Ihq_fm y" Ihq_fm wlh
kemqbehkvkhfghc"Ihq_fmf_gyg_mkeurZe;h]"b li
  Dhfijhfbkk GZ wlhc klZ^bb klj_fylky dZd <u hleh`blv ijb]h\hj km^v[u
baf_gyyk\h_ih\_^_gb_h[jZa`bagbhldZau\ZykvhljZaguom^h\hevkl\bcb li
>_ij_kkby Ihgy\g_ba[_`ghklvk\h_]hiheh`_gbyihkl_i_gghl_jyxlbgl_j_k
d hdjm`Zxs_fmfbjmbkiulu\Zxl]jmklv]hj_qv
:^ZilZpby Kfbj_gb_ihgbfZ_lkydZd]hlh\ghklvkihdhcgh\klj_lblvkf_jlv
M^_evguc \_k hl^_evguo klZ^bc m jZaguo ex^_c agZqbl_evgh jZaebqZ_lky
Ke_^m_l hlf_lblv qlh q_j_a \k_ wlb klZ^bb ijhoh^yl b qe_gu k_fvb magZ\ h
g_bae_qbfhc[he_agb[ebadh]hq_eh\_dZ
<Z`g_cr_c klZ^b_c ij_h^he_gby kljZoZ kf_jlb %LUG   kqblZ_l hljbpZgb_
Ih _]h fg_gbx hljbpZgb_ ^_ckl\m_l ih^h[gh fhjnbx ² g_ mkljZgyy ijbqbgu
aZ[he_\Zgby hgh mf_gvrZ_l [hev HljbpZgb_ h[e_]qZ_l ^mr_\gu_ kljZ^Zgby aZ kq_l
khdjulby j_Zevghklb >_ckl\b_ aZsblgh]h f_oZgbafZ ijhbkoh^bl [_kkhagZl_evgh _]h
bgl_gkb\ghklv b oZjZdl_j g_ m \k_o h^bgZdh\u Bgh]^Z [_klhedh\uc ^hdlhj iulZ_lky
[hjhlvky k ikboheh]bq_kdhc aZsblhc iZpb_glh\ \ukf_b\Zy Z[kmj^ghklv bo nZglZabc
iZpb_glu k g_bae_qbfhc [he_agvx ihjhc mkfZljb\Zxl ijbagZdb \ua^hjh\e_gby
gZqbgZxlkljhblv^Ze_dhb^msb_ieZgub li GZkZfhf^_e_ijhy\ey_lkykh\_jr_ggh
_kl_kl\_ggZy b h[hkgh\ZggZy j_Zdpby mfbjZxs_]h gZ kljZo kf_jlb JZa\_gqZgb_
bkdZ`_gghc dZjlbgu [he_agb mf_klgh ijb ^jm]bo aZ[he_\Zgbyo gZijbf_j hljbpZgb_
[he_agbijbbgnZjdl_fbhdZj^Zfh`_lklhblviZpb_glm`bagb 
K ihfhsvx hljbpZgby kha^Z_lky beexaby qlh \k_ h[klhbl ohjhrh H^gZdh
hljbpZgb_ gb \ dh_f kemqZ_ g_ hagZqZ_l qlh iZpb_gl ^_ckl\bl_evgh g_ agZ_l h
ijb[eb`_gbb kf_jlb Kdhj__ fh`gh ^mfZlv qlh hg \u[bjZ_l g_agZgb_ beb bgZq_
]h\hjy ij_^ihqblZ_l hklZ\Zlvky \ g_\_^_gbb GZ [_kkhagZl_evghf mjh\g_ iZpb_gl
qm\kl\m_l dZdh\Z kblmZpby \ ^_ckl\bl_evghklb gh kdehg_g b]ghjbjh\Zlv __ Ke_^m_l
hlf_lblvqlhbkihevah\Zgb_hljbpZgby[u\Z_lmki_rgufl_\uihegy_lk\hbnmgdpbb
lhevdhlh]^Zdh]^Zgbdlhbahdjm`Zxsboex^_cg_bkihevam_lwlhlf_oZgbafaZsblu
H[uqgh`_[ebadb_mfbjZxs_]hZ bgh]^Z^Z`_\jZqbkdehggub]ghjbjh\Zlvbklbggh_
iheh`_gb_ ^_e ihlhfm qlh lh`_ bkiulu\Zxl kljZo i_j_^ kf_jlvx b g_ agZxl dZd
jZa]h\Zjb\Zlv k q_eh\_dhf dhlhjhfm hklZehkv g_^he]h `blv L_f kZfuf hgb f_rZxl
iZpb_glm \hkihevah\Zlvky f_oZgbafhf hljbpZgby Dh]^Z hdjm`Zxsb_ gZqbgZxl
]h\hjblvh lhfqlh\k_[m^_lohjhrhb iZpb_gl\ua^hjh\__llj_\h`ghklvm iZpb_glh\
m\_ebqb\Z_lky b qZklh lZdb_ b]ju [ebadbo klZgh\ylky ^ey g_]h ijbagZdhf iheghc
[_agZ^_`ghklb_]hkhklhygby
MfbjZxsbc q_eh\_d kihkh[_g ihgylv k\h_ iheh`_gb_ b g_j_^dh ohq_l
ih]h\hjblvh k\h_c[he_agbb ijb[eb`_gbbkf_jlbghlhevdhk l_fbdlh\ukemrb\Z_l
_]h [_a ih\_joghklguo ihiulhd ml_rblv Ihwlhfm dhgkmevlZglm beb \jZqm ke_^m_l
mf_lvd\Zebnbpbjh\ZgghjZah[jZlvky\ `_eZgbyomfbjZxs_]hb k\yaZgguokhkf_jlvx
nZglZabyo b kljZoZo Wlh iha\hey_l g_ lhevdh \ukemrZlv iZpb_glZ gh b ihfhqv _fm
ih^_eblvkyfukeyfbh kf_jlbkh[kl\_gghfg_]h^h\Zgbbb hlhfqlhhgihl_jy_l\f_kl_
k `bagvx DhgkmevlZgl ih kmlb kihkh[_g ih[m^blv g_bae_qbfh [hevgh]h q_eh\_dZ
ba\_^Zlv`bagv^hihke_^g_]hf]gh\_gvy
< aZdexq_gb_ i_j_qbkebf g_kdhevdh \Z`guo ijbgpbih\ dhlhju_ ke_^m_l
mqblu\ZlvdhgkmevlZglm\ jZ[hl_k mfbjZxsbfq_eh\_dhf
Hq_gvqZklhex^bmfbjZxl\ h^bghq_kl\_Ba\_klgh_nbehkhnkdh_baj_q_gb_
Q_eh\_d \k_]^Z mfbjZ_l \ h^bghqdm g_j_^dh ihgbfZxl kebrdhf [md\Zevgh b
hijZ\^u\Zxl bf aZsblgh_ hl]hjZ`b\Zgb_ hl mfbjZxs_]h Gh kljZo kf_jlb b [hev
klZgh\ylky _s_ kbevg__ _keb hklZ\blv q_eh\_dZ h^gh]h D mfbjZxs_fm g_evay
hlghkblvkydZdd m`_mf_jr_fm?]hgZ^hgZ\_sZlvb h[sZlvkyk gbf
  Ke_^m_l \gbfZl_evgh \ukemrb\Zlv `Zeh[u mfbjZxs_]h b aZ[hleb\h
m^h\e_l\hjylv_]hihlj_[ghklb
GZ[eZ]hmfbjZxs_fm^he`gu[ulvgZijZ\e_gumkbeby\k_ohdjm`Zxsbo_]h
ex^_c< h[s_gbbk gbfke_^m_lba[_]Zlvih\_joghklgh]hhilbfbafZdhlhjuc\uau\Z_l
ih^hajbl_evghklvb g_^h\_jb_
 MfbjZxsb_ ex^b ij_^ihqblZxl [hevr_ ]h\hjblv q_f \ukemrb\Zlv
ihk_lbl_e_c
 J_qv mfbjZxsbo qZklh [u\Z_l kbf\hebqghc >ey emqr_]h __ ihgbfZgby
g_h[oh^bfh jZkrbnjh\u\Zlv kfuke bkihevam_fuo kbf\heh\ H[uqgh ihdZaZl_evgu
`_klu[hevgh]hjZkkdZaub \hkihfbgZgbydhlhjufbhg^_eblky
 G_ ke_^m_l ljZdlh\Zlv mfbjZxs_]h q_eh\_dZ lhevdh dZd h[t_dl aZ[hl b
khqm\kl\by G_j_^dh hdjm`Zxsb_ k kZfufb emqrbfb gZf_j_gbyfb iulZxlky j_rblv
qlh emqr_ ^ey mfbjZxs_]h H^gZdh qj_af_jgh_ ijbgylb_ gZ k_[y hl\_lkl\_gghklb
mf_gvrZ_l^bZiZahgkZfhklhyl_evghklbiZpb_glZ<f_klhwlh]hke_^m_l\ukemrZlv_]h
iha\heblv_fmmqZkl\h\Zlv\ ijbgylbbj_r_gbch e_q_gbbihk_lbl_eyob li
KZfh_[hevr__q_ffh`_l\hkihevah\ZlvkymfbjZxsbcq_eh\_d²wlhgZrZ
ebqghklv Dhg_qgh fu g_ ij_^klZ\ey_f kh[hc b^_Zevgh_ kj_^kl\h ihfhsb gh \k_ `_
gZbemqrbf h[jZahf khhl\_lkl\mxs__ ^Zgghc kblmZpbb Ij_[u\Zgb_ k mfbjZxsbf
lj_[m_lijhklhcq_eh\_q_kdhchlau\qb\hklbdhlhjmxfuh[yaZguijhy\blv
 Ikboheh]Zf b \jZqZf ke_^m_l ijbagZlvky \ k\hbo khfg_gbyo qm\kl\_ \bgu
ms_fe_gghfgZjpbkkbaf_b fukeyoh kh[kl\_gghckf_jlb
I_jkhgZem jZ[hlZxs_fm k mfbjZxsbf b _]h [ebadbfb lh`_ g_h[oh^bfZ
kms_kl\_ggZyihfhsvK gbfbij_`^_\k_]hke_^m_l]h\hjblvh[hkhagZgghfkfbj_gbbk
qm\kl\Zfb \bgu b [_kkbeby F_^bdZf \Z`gh ij_h^he_lv mgb`_gb_ ijhn_kkbhgZevgh]h
^hklhbgkl\Z LZdh_ qm\kl\h ^h\hevgh qZklh \klj_qZ_lky kj_^b \jZq_c ^ey dhlhjuo
kf_jlviZpb_glZ\ hij_^_e_gghfkfuke_y\ey_lkyijhn_kkbhgZevghcdZlZkljhnhc

DHGKMEVLBJH<:GB?IJBK?DKM:EVGUOIJH;E?F:O
< gZr_fh[s_kl\_\ke_^kl\b_eb[_jZebaZpbbkhpbZevguoghjfihhlghr_gbxd
k_dkmZevghklbjZkijhkljZg_gbydgb]b \b^_hijh^mdpbb ijhiZ]Zg^bjmxsbo wjhlbdm b
k_dk k_dkmZevgh_ ih\_^_gb_ klZgh\blky \k_ [he__ k\h[h^guf l_f g_ f_g__ ijh[e_fu
hklZxlky b ^Z`_ \hagbdZxl gh\u_ GZijbf_j g_dhlhju_ ex^b i_j_`b\Zxl baaZ
g_khhl\_lkl\byiheh\h]hih\_^_gbyl_fklZg^ZjlZfdhlhju_hgb\b^ylgZwdjZg_bebh
dhlhjuoqblZxl\ dgb]Zo
Hkgh\gZy ijbqbgZ k_dkmZevguo ijh[e_f djh_lky \ ikbobq_kdhf gZijy`_gbb
lj_\h`ghklb \gmlj_ggbo dhgnebdlZo ihkdhevdm k_dkmZevgZy kn_jZ q_eh\_dZ hkh[_ggh
qm\kl\bl_evgZd wfhpbhgZevgufklj_kkZfJZkdj_ihs_gghklv\ hlghr_gbbk_dkmZevghc
`bagb iha\hey_l ex^yf k\h[h^g__ h[jZsZlvky d ki_pbZebklZf ih k_dkmZevguf
ijh[e_fZfb h[km`^Zlvbo\h\j_fydhgkmevlbjh\Zgby
L_jfbgu k_dk b k_dkmZevghklv qZklh bkihevamxlky dZd kbghgbfu gh bo
agZq_gb_ jZaebqZ_lky Wlh \Z`gh agZlv _keb bkihevah\Zlv ^Zggh_ ihgylb_ \ k\h_c
ijhn_kkbhgZevghc jZ[hl_ K_dk hagZqZ_l f_oZgbq_kdh_ hkms_kl\e_gb_ iheh\h]h ZdlZ
K_dkmZevghklv`_ho\Zlu\Z_l\kx]Zffmhsms_gbc²hlqm\kl\_ggh]h\ha[m`^_gby^h
i_j_`b\Zgby bglbfghklb < ikboheh]bq_kdhf dhgkmevlbjh\Zgbb ijboh^blky qZs_
klZedb\Zlvky k k_dkmZevgufb ijh[e_fZfb ohly bgh]^Z deb_glu `_eZxl h[km^blv b
l_ogbq_kdb_Zki_dluk_dkmZevghc`bagb
Dhgkmevlbjh\Zgb_ ijb k_dkmZevguo ijh[e_fZo ij_^iheZ]Z_l ihgbfZgb_ qlh
lZdh_ghjfZiZlheh]byb ^_\bZpbbk_dkmZevghc`bagbJZkkfhljbf\djZlp_kh^_j`Zgb_
wlboihgylbc
P_evx k_dkmZevgh]h ih\_^_gby kh]eZkgh gZrbf dmevlmjguf ghjfZf y\eyxlky
hkfuke_ggu_ ex[h\gu_ hlghr_gby ^hklZ\eyxsb_ gZkeZ`^_gb_ b ]em[hdh_ ihagZgb_
^jm]h]h q_eh\_dZ ba[Z\eyxsb_ hl k_dkmZevgh]h gZijy`_gby b iha\heyxsb_ bf_lv
^_l_c GhjfZevgZy k_dkmZevghklv ho\Zlu\Z_l rbjhdbc ki_dlj iheh\h]h ih\_^_gby
Bgh]^Z ^Z`_ ljm^gh mklZgh\blv lhqgmx ]jZgbpm f_`^m ghjfZevghc b g_ghjfZevghc
k_dkmZevghklvxJZkiheh`_gb_wlhc]jZgbpuaZ\bkblhlkhpbhdmevlmjguofhjZevguob
ijZ\h\uoghjfDklZlbhgbqZklh[u\ZxlZjoZbqgufbb dhgk_j\Zlb\gufb Baf_g_gb_
khpbZevguo mklZgh\hd d nhjfZf \ujZ`_gby k_dkmZevghklb ijb\h^bl d gh\hfm
ij_^klZ\e_gbxh k_dkmZevghcghjf_dhlhjh_g_j_^dhaZ\bkblhlkh]eZr_gbyiZjlg_jh\
Fgh]b_ l_ogbdb iheh\uo hlghr_gbc kqblZxlky ghjfZevgufb _keb lZdh\ufb bo
ijbagZxl h[Z iZjlg_jZ ;hevrbgkl\h ki_pbZebklh\ ijbqbkeyxl d ghjfZevghfm
ijhy\e_gbx k_dkmZevghklb fZklmj[Zpbx hkh[_ggh \ hljhq_kl\_  hjZevguc k_dk ohly
kms_kl\mxl b ijhlb\hiheh`gu_ fg_gby Ijbqbgu hldehg_gbc \ k_dkmZevghklb fh]ml
[ulv dZd ikboheh]bq_kdbfb lZd b nbabq_kdbfb Ke_^m_l hlf_lblv qlh gZjmr_ggZy
k_dkmZevghklv mkm]m[ey_l ^jm]b_ ijh[e_fu dhlhju_ \ k\hx hq_j_^v mkbeb\Zxl
k_dkmZevgu_jZkkljhckl\Z
GZb[he__jZkijhkljZg_ggh_gZjmr_gb_k_dkmZevghklbm fm`qbg²bfihl_gpby
beb iheh\h_ [_kkbeb_ ijhy\eyxs__ky \ g_\hafh`ghklb ^hklbqv iheghc wj_dpbb \h
\j_fyiheh\uokghr_gbcDZd\j_f_ggh_gZjmr_gb_bfihl_gpby\klj_qZ_lky^h\hevgh
qZklh ² ih ^Zgguf g_dhlhjuo Z\lhjh\ \ hij_^_e_ggu_ i_jbh^u `bagb __ ij_l_ji_e
ihqlb dZ`^uc \lhjhc fm`qbgZ K \hajZklhf \_jhylghklv bfihl_gpbb m\_ebqb\Z_lky
Bfihl_gpby \uau\Z_l hklju_ i_j_`b\Zgby hkh[_ggh m fheh^uo fm`qbg <hagbdZ_l
aZ[he_\Zgb_ \ kbem hj]Zgbq_kdbo beb ikboh]_gguo nZdlhjh\ < i_j\hf kemqZ_
iZlh]_ggh_ \ebygb_ fh`_l hdZau\Zlv mihlj_[e_gb_ ]hjfhgZevguo ij_iZjZlh\
g_dhlhju_ khfZlbq_kdb_ aZ[he_\Zgby g_\jheh]bq_kdb_ gZjmr_gby <h \lhjhf kemqZ_
g_j_^dh h[gZjm`b\Z_lky ^bk]Zjfhgby hlghr_gbc k iZjlg_jr_c ih\ur_ggZy
lj_\h`ghklvojhgbq_kdb_qm\kl\Z\bgub klu^Z
bgh]^Z iheh\Zy nmgdpby [ehdbjm_lky \ hij_^_e_gguo kblmZpbyo G_m^ZqZ \
iheh\uohlghr_gbyoh[uqgh\uau\Z_lhkljh_qm\kl\hg_iheghp_gghklbdhlhjh_\ k\hx
hq_j_^vijh\hpbjm_lihke_^mxsb_g_m^Zqb
>jm]h_ \klj_qZxs__ky m fm`qbg gZjmr_gb_ ² kebrdhf jZggyy wydmeypby l_
ba\_j`_gb_ k_f_gb ^h beb kjZam ihke_ \\_^_gby qe_gZ \h \eZ]Zebs_ Ijbqbgu
ij_`^_\j_f_gghc wydmeypbb dZd ijZ\beh ikboh]_ggu_ qZs_ \k_]h g_jZaj_r_ggu_
k_dkmZevgu_ dhgnebdlu ohly bgh]^Z b]jZ_l jhev kbevgZy mklZehklv KZfh gZjmr_gb_
\uau\Z_l ihklhyggh_ qm\kl\h g_iheghp_gghklb m fm`qbg b k_dkmZevgmx
g_m^h\e_l\hj_gghklv m `_gsbg Kebrdhf jZggyy wydmeypby g_ iha\hey_l iZjlg_jZf
h^gh\j_f_ggh^hklbqvhj]ZafZ
< g_dhlhjuokemqZyowydmeypby\hh[s_hlkmlkl\m_lbebijhbkoh^bl[_ahj]ZafZ
LZdh]h jh^Z jZkkljhckl\Z g_j_^dh \hagbdZxl \ j_amevlZl_ \ha^_ckl\by g_dhlhjuo
e_dZjkl\b lj_[mxllsZl_evgh]hf_^bpbgkdh]hh[ke_^h\Zgby
GZb[he__ jZkijhkljZg_ggh_ gZjmr_gb_ `_gkdhc k_dkmZevghklb ² njb]b^ghklv
beb iheh\Zy oheh^ghklv \Z`g_crZy hkh[_gghklv dhlhjhc ² qZklbqgh_ beb ihegh_
hlkmlkl\b_ k_dkmZevgh]h m^h\e_l\hj_gby Wlh jZkkljhckl\h g_ ij_iylkl\m_l
\hafh`ghklb kh[kl\_ggh iheh\uo hlghr_gbc Wlbheh]by njb]b^ghklb qZs_ \k_]h
ikboh]_ggZyk\yaZggZyk hljbpZl_evgufbqm\kl\Zfbihhlghr_gbxd k_dkmZevghfmZdlm
ij_`gbchljbpZl_evguchiulg_ijb_fe_fh_ih\_^_gb_iZjlg_jZb li Njb]b^ghklb
fh]ml khimlkl\h\Zlv khfZlbq_kdb_ jZkkljhckl\Z gZijbf_j \Z]bgbaf g_ijhba\hevgu_
kiZafu kl_ghd \eZ]ZebsZ f_rZxsb_ \\_^_gbx iheh\h]h qe_gZ  dhlhjuc \ijhq_f
lh`_k\yau\Zxlk ikboheh]bq_kdbfbijh[e_fZfb
M h[hbo iheh\ k_dkmZevgh_ gZjmr_gb_ fh`_l ijhy\eylvky \ nhjf_
]bi_jk_dkmZevghklb Ijb wlhf jZkkljhckl\_ q_eh\_dZ ihklhyggh fmqZxl fukeb b
nZglZabb k_dkmZevgh]h oZjZdl_jZ _]h h^he_\Z_l iheh\h_ \e_q_gb_ @_gkdmx
]bi_jk_dkmZevghklv bgh]^Z gZau\Zxl gbfnhfZgb_c fm`kdmx ² kZlbjbZabkhf
Wlbheh]by ]bi_jk_dkmZevghklb qZs_ \k_]h ikboh]_ggZy gh hgZ fh`_l \hagbdgmlv gZ
nhg_ wibe_ikbb b ^jm]bo g_\jheh]bq_kdbo aZ[he_\Zgbc Z lZd`_ \ j_amevlZl_
mihlj_[e_gby ZfnblZfbgh\ b ]hjfhgh\ < g_dhlhjuo kemqZyo ]bi_jk_dkmZevghklv
h[mkeh\e_gZ nbabheh]bq_kdbfb baf_g_gbyfb \h \j_fy f_ghiZma b debfZdl_jbq_kdh]h
i_jbh^Z
Ih^ k_dkmZevgufb hldehg_gbyfb ihgbfZxl khpbZevgh g_ijb_fe_fu_ nhjfu
k_dkmZevgh]hih\_^_gbyIhdZg_l_^bgh]hfg_gbyh ijbqbgZok_dkmZevguohldehg_gbc
Bo ijhbkoh`^_gb_ h[tykgyxl hj]Zgbq_kdbfb aZ[he_\Zgbyfb b ]_g_lbq_kdbfb
nZdlhjZfbgZjmr_gbyfb]hjfhgZevgh]hh[
f_gZZ lZd`_ikbobq_kdbfbljZ\fZfbhkh[_gghgZjZgg_fi_jbh^_jZa\blby
JZaebqZxl ^\Z lbiZ k_dkmZevguo hldehg_gbc ih \u[hjm h[t_dlZ n_lbrbaf
i_^hnbeby ahhnbeby b ^j  b ih p_eb k_dkmZevgh]h \e_q_gby ljZgk\_klbaf
wdk]b[bpbhgbaf\mZc_jbafkZ^baffZahobafb ^j 
N_lbrbaf ² \ha\_^_gb_ \ dmevl k_dkmZevgh]h h[t_dlZ ij_^f_lh\ h^_`^u beb
qZkl_cl_eZ\haex[e_ggh]hH[uqghoZjZdl_j_g^eyfm`qbg
I_^hnbeby ² iZlheh]bq_kdh_ k_dkmZevgh_ \e_q_gb_ d ^_lyf H[uqgh i_^hnbe
bf__l fZahobklkdb_ gZdehgghklb b y\ey_lky bfihl_glhf J_[_ghd ljZdlm_lky dZd
g_m]jh`Zxsbck_dkmZevguch[t_dl
LjZgk\_klbaf ² k_dkmZevgh_ m^h\e_l\hj_gb_ hl i_j_h^_\Zgby \ h^_`^m
ijhlb\hiheh`gh]hiheZbebijbgylbyjhebebpZ^jm]h]hiheZQZs_\klj_qZ_lkykj_^b
fm`qbg Wlbf ebpZf k ^_lkl\Z k\hckl\_ggZ g_^bnn_j_gpbjh\ZggZy iheh\Zy
b^_glbnbdZpby
Wdk]b[bpbhgbaf ² k_dkmZevgh_ m^h\e_l\hj_gb_ hl ^_fhgkljbjh\Zgby k\hbo
iheh\uo hj]Zgh\ i_j_^ ebpZfb ijhlb\hiheh`gh]h iheZ Hg hagZqZ_l dhfi_gkZlhjgh_
klj_fe_gb_ ih^l\_j^blv k\hx k_dkmZevghklv b qZs_ \klj_qZ_lky m fm`qbg Bkim]
`_jl\u ² h[yaZl_evgh_ mkeh\b_ k_dkmZevgh]h m^h\e_l\hj_gby Wdk]b[bpbhgbafm
h[uqghkhimlkl\m_lfZklmj[Zpby
<mZc_jbaf ² iheh\h_ hldehg_gb_ ijhlb\hiheh`gh_ wdk]b[bpbhgbafm dh]^Z
m^h\e_l\hj_gb_ gZklmiZ_l hl gZ[ex^_gby aZ h[gZ`_gguf ebphf ijhlb\hiheh`gh]h
iheZWlhb y\ey_lkyhdhgqZl_evghcp_evxk_dkmZevguomklj_fe_gbc
Ihkdhevdmhlghr_gb_d ]hfhk_dkmZebafm\hfgh]bokljZgZo[ukljhf_gy_lky_]h
g_kdhevdh \u^_eyxl kj_^b k_dkmZevguo gZjmr_gbc b hldehg_gbc =hfhk_dkmZebafhf
gZau\Zxl iheh\u_ dhglZdlu k ebpZfb lh]h `_ iheZ `_gkdbc ]hfhk_dkmZebaf ²
e_k[bygkl\h  D ]hfhk_dkmZebklZf hlghkylky b [bk_dkmZeu ih^^_j`b\Zxsb_ iheh\u_
dhglZdlu k ebpZfb h[hbo iheh\ =hfhk_dkmZebaf ^h\hevgh jZkijhkljZg_g  kj_^b
fm`qbg  kj_^b `_gsbg  Ihij_`g_fm ^bkdmlbjm_lky \hijhk ij_^klZ\ey_l eb
]hfhk_dkmZebaf iheh\h_ hldehg_gb_ ² qZklv ki_pbZebklh\ hlghkyl _]h d khpbZevguf
^_\bZpbyf \ ]wlhcihabpbbijb^_j`b\Zebkv[hevrbgkl\hqe_gh\:f_jbdZgkdhc
ZkkhpbZpbb ikbobZljh\  G_dhlhju_ Z\lhju jZkkfZljb\Zxl ]hfhk_dkmZebaf \ dZq_kl\_
ghjfZevgh]h \ZjbZglZ k_dkmZevghc ij_^jZkiheh`_gghklb b lh]^Z klZgh\blky
g_Z^_d\Zlguf \hijhk h _]h e_q_gbb b \ dhgkmevlbjh\Zgbb fh`gh ebrv h[km`^Zlv
ijh[e_fm khpbZevguo ij_^jZkkm^dh\ >ey [hevrbgkl\Z dhgkmevlZglh\ g_fZeu_
ljm^ghklb ij_^klZ\ey_l g_ij_^\aylh_ \ukemrb\Zgb_ ]hfhk_dkmZebklh\ h ijh[e_fZo bo
\aZbfhhlghr_gbc k iZjlg_jZfb ohly \ ^_ckl\bl_evghklb j_qv b^_l h l_o `_ kZfuo
ljm^ghklyo dhlhju_ \klj_qZxlky ijb ]_l_jhk_dkmZevguo k\yayo ² j_\ghklv
dhgdmj_gpby^hfbgbjh\Zgb_kdmdZg_\_jghklvb li
DZd gZqbgZlv [_k_^m h k_dkmZevguo ijh[e_fZo" >Z`_ _keb wlb ijh[e_fu
y\eyxlkyhkgh\ghcijbqbghch[jZs_gbydeb_glu^Ze_dhg_\k_]^Zijyfh]h\hjylh gbo
B dhgkmevlZglg_\k_]^Zfh`_lk\h[h^ghjZkkijZrb\Zlvdeb_glZh[bglbfguoklhjhgZo
_]h `bagb Ihwlhfm bamq_gb_ k_dkmZevghklb deb_glZ g_j_^dh gZqbgZ_lky kh
klZg^Zjlgh]h\hijhkZb hl\_lZbebk\h_h[jZaghcb]judhgkmevlZglZb deb_glZQlh<u
fh]eb [u jZkkdZaZlv h k\h_c iheh\hc `bagb" ² <k_ ohjhrh beb GhjfZevgh
H^gZdh dhgkmevlZgl g_ ^he`_g m^h\e_l\hjylvky lZdbf ih\_joghklguf hl\_lhf
g_h[oh^bfu mlhqgyxsb_ \hijhku Qlh agZqbl ohjhrh" Qlh y\ey_lky ^ey <Zk
ghjfhc \ iheh\hc `bagb" L_f kZfuf fu ^Z_f deb_glm ihgylv qlh djZldbc hl\_l
\hafh`_g gh g_^hklZlhq_g DZd mihfbgZehkv ^Z`_ _keb deb_gl h[jZlbeky g_ baaZ
k_dkmZevguo jZkkljhckl\ [hevrbgkl\h ikboheh]bq_kdbo ijh[e_f l_kgh k\yaZgu k
k_dkmZevghc kn_jhc Ihwlhfm dh]^Z deb_gl gbq_]h g_ ]h\hjbl h k\h_c k_dkmZevghklb
dhgkmevlZgl ^he`_g gZ\_klb _]h gZ wlm l_fm <u gbq_]h g_ jZkkdZau\Z_l_ h k\h_c
k_dkmZevghc `bagb LZdh_ aZf_qZgb_ [u\Z_l [he__ p_ggh q_f \hijhk ?keb deb_gl
hl\_qZ_l \hijhkhf : qlh <u ohlbl_ magZlv" aZf_qZgb_ fh`gh i_j_njZabjh\Zlv \
\hijhk Ihq_fm <u gbq_]h g_ ]h\hjbl_ h iheh\hc `bagb" Ijb khijhlb\e_gbb
h[km`^_gbx ih^h[guo \hijhkh\ g_ ke_^m_l hdZau\Zlv ^Z\e_gby h^gZdh g_h[oh^bfh
mdZaZlvqlh[_alZdh]hh[km`^_gby]hjZa^hljm^g__ihgylv^jm]b_ijh[e_fu
Dhgkmevlbjh\Zgb_ deb_glh\ k k_dkmZevgufb ijh[e_fZfb [u\Z_l lj_o \b^h\
k_dkmZevgh_ ijhk\_s_gb_ nhjfbjh\Zgb_ Z^_d\Zlgh]h k_dkmZevgh]h ih\_^_gby b
k_dkhl_jZiby JZaebqgu_ Zki_dlu dhgkmevlbjh\Zgby &DOGHURQH  pbl ih *HRUJH
&QVWLDQL  hoZjZdl_jbah\Zeke_^mxsbfh[jZahf
Ijhk\_s_gb_ y\ey_lky ijhp_kkhf \ dhlhjhf ij_^hklZ\ey_lky nZdlbq_kdZy
bgnhjfZpby h k_dkmZevghklb b ihhsjy_lky baf_g_gb_ mklZgh\hd ih hlghr_gbx d g_c
Kh[kl\_ggh dhgkmevlbjh\Zgb_ aZdexqZ_lky \ ihfhsb bg^b\b^Zf ij_\jZlblv k\h_
k_dkmZevgh_ h[jZah\Zgb_ \ khpbZevgh hl\_lkl\_ggh_ k_dkmZevgh_ ih\_^_gb_ <h \j_fy
l_jZibbihfh]ZxlhkhagZlvb mkljZgblvg_ghjfZevghklb\ k_dkmZevghc`bagb
K_dkmZevgh_ ijhk\_s_gb_ b kh[kl\_ggh dhgkmevlbjh\Zgb_ dZd ijZ\beh
ijhbkoh^yl\f_kl_
Ijb dhgkmevlbjh\Zgbb \ajhkeuo k_dkmZevgh_ ijhk\_s_gb_ ih^jZamf_\Z_l
baf_g_gb_mklZgh\hd ihhlghr_gbxd k_dkmZevghklb Ijh[e_fu qZklh \hagbdZxl baaZ
ij_\jZlguo ij_^klZ\e_gbc h iheh\hc `bagb l_ jZagh]h jh^Z ik_\^hb^_c b fbnh\
;hevrbgkl\hex^_cbf_xlk\h_h[jZagh_ij_^klZ\e_gb_h lhfqlhy\ey_lkyghjfZevguf
b g_ghjfZevguf \ iheh\hc `bagb b wlh ihgbfZgb_ g_j_^dh h[mkeh\e_gh fbnZfb
Fgh]b_fbnubgl_jij_lbjmxliheh\hcZdlb jZkij_^_e_gb_jhe_c\ g_f<hlg_dhlhju_
bagbo
²fm`qbgZ\k_]^Zklj_fblkyd iheh\ufhlghr_gbyfZ `_gsbgZ²g_l
² fm`qbgZ ih ijbjh^_ Z]j_kkb\_g h[eZ^Z_l kbevghc ihl_gpb_c Z `_gsbgZ
h[uqghiZkkb\gZ
²fm`qbgZ\k_]^Z^he`_g[ulvbgbpbZlhjhfiheh\uohlghr_gbc
²h[ZiZjlg_jZ^he`guh^gh\j_f_gghbkiulu\Zlvhj]Zaf
²m fm`qbgu\k_]^Z^he`gu[ulvwj_dpbyb wydmeypby
²fm`qbgZg_fh`_lih\ebylvgZkihkh[ghklv`_gsbgubkiulu\Zlvhj]Zaf
² iheh\u_ hlghr_gby \hafh`gu ebrv \ hij_^_e_ggh_ \j_fy ijb gZebqbb
hij_^_e_gguomkeh\bc
²\ k_dk_kms_kl\mxlijb_fe_fu_b g_ijb_fe_fu_ihabpbbb l^
G_dhlhju_ ex^b jmdh\h^kl\mxlky k_dkmZevghc fbnheh]b_c b qm\kl\mxl k_[y
g_kqZklgufb _keb bo iheh\Zy `bagv g_ khhl\_lkl\m_l kl_j_hlbiguf ij_^klZ\e_gbyf
Hq_gv\Z`ghqlh[ukZfdhgkmevlZglg_gZoh^bekyih^\ha^_ckl\b_f\kyq_kdbofbnh\
Ihfhsv deb_glZf \ hk\h[h`^_gbb hl fbnh\ b kl_j_hlbih\ ² hq_gv \Z`guc
Zki_dldhgkmevlbjh\Zgbyijbk_dkmZevguoijh[e_fZo
DhgkmevlZgl ^he`_g [ulv ih^]hlh\e_g d dhgkmevlbjh\Zgbx deb_glh\ \k_o
\hajZklguo]jmii .LUNSDWULN pblQR*HRUJH&ULVWLDQL  knhjfmebjh\Ze^_\ylv
ijZ\bek_dkheh]bq_kdh]hdhgkmevlbjh\Zgby
 DhgkmevlZgl g_ ^he`_g [ulv hly]hs_g kh[kl\_ggufb k_dkmZevgufb
ijh[e_fZfb Wlh g_h[oh^bfh_ mkeh\b_ ^ey Z^_d\Zlgh]h j_Z]bjh\Zgby gZ
khhl\_lkl\mxsb_aZljm^g_gbydeb_glh\
 DhgkmevlZgl ^he`_g mf_lv k\h[h^gh b hldjulh ]h\hjblv h k_dkmZevguo
ijh[e_fZo l_ g_ mihlj_[eylv h[l_dZ_fuo \ujZ`_gbc b ijZ\bevgh bkihevah\Zlv
k_dkheh]bq_kdmxl_jfbgheh]bx
 DhgkmevlZgl \ g_dhlhjuo kemqZyo ^he`_g i_j\uf gZqZlv jZa]h\hj h
\hafh`guo k_dkmZevguo ijh[e_fZo deb_glZ ihkdhevdm deb_gl fh`_l ijhy\eylv
jh[hklv
 DhgkmevlZgl h[yaZg mf_lv bgl_jij_lbjh\Zlv k_dkmZevgu_ ijh[e_fu dh]^Z
deb_glij_^klZ\ey_lbo\ aZfZkdbjh\Zgghcnhjf_
 DhgkmevlZgl ^he`_g [ulv ohjhrh hk\_^hfe_g \ jZaebqguo \hijhkZo
k_dkmZevghklb q_eh\_dZ qlh[u ij_^hklZ\blv deb_glZf khhl\_lkl\mxsmx bgnhjfZpbx
ZgZlhfbyikboheh]byiheh\nZjfZdheh]bydhgljZp_ilb\gu_kj_^kl\Z 
 DhgkmevlZgl ^he`_g bf_lv \ \b^m ijb dhgkmevlbjh\Zgbb ih^jhkldh\ b
xghr_cqlhboagZgbyh k_dkmZevghklbfh]ml[ulvg_ihegufbb bkdZ`_ggufbKe_^m_l
h[jZlblvhkh[h_\gbfZgb_gZjZggb_iheh\u_hlghr_gbyfZklmj[Zpbxbkihevah\Zgb_
ij_^hojZgbl_evguokj_^kl\
 DhgkmevlZgl ^he`_g ihgbfZlv ij_^_eu k\hbo \hafh`ghkl_c G_ ke_^m_l
aZgbfZlvkyk_dkhl_jZib_c[_aki_pbZevghcih^]hlh\db
 DhgkmevlZgl h[yaZg agZlv \ dZdbo kemqZyo gZijZ\eylv deb_glZ d ^jm]bf
ki_pbZebklZfb Z^j_kZwlboki_pbZebklh\
 DhgkmevlZgl ^he`_g hldZaZlvky hl hkm`^Zxsbo hp_ghd \ hlghr_gbb
k_dkmZevgh]hih\_^_gbyb ^hklhbgkl\deb_glh\
< e_q_gbb k_dkmZevguo gZjmr_gbc ihevam_lky ihimeyjghklvx k_dkhl_jZiby
ij_^eh`_ggZyZf_jbdZgkdbfbmq_gufb 0DVWHUV b -RKQVRQ   OhlyhgZihkms_kl\m
ij_^gZagZq_gZ ^ey iZj h^gZdh \ ihke_^g__ \j_fy ijbf_gy_lky \ dZq_kl\_
bg^b\b^mZevgh]h b ]jmiih\h]h f_lh^Z K_dkhl_jZiby hkgh\u\Z_lky gZ g_kdhevdbo
ijbgpbiZo
² hl\_lkl\_gghklvaZkh[kl\_ggh_ih\_^_gb_
² k_dkmZevgZyjZkdj_ihs_gghklv
² bamq_gb_jZaguonhjfk_dkmZevgh]hih\_^_gby
² m]em[e_ggh_hkhagZgb_ijbh[s_gbbk ijhlb\hiheh`gufihehfk\hboqm\kl\
b nZglZabc
² kljmdlmjgZyi_j_kljhcdZih\_^_gby
K_dkhl_jZibyqZs_\k_]hijbf_gy_lkyijbbfihl_gpbb i_j\bqghcb \lhjbqghc 
kebrdhfjZgg_cbebaZiha^ZehcwydmeypbbgZjmr_gbyohj]ZafZb \Z]bgbaf_
EBL?J:LMJ:
 %LUG < 7DONLQJZLWK3DWLHQWVQG(G3KLODGHOSKLD-%/LSSPFRWW
&RPSDQ\
&ROHPDQ-& $EQRUPDO3V\FKRORJ\LQ0RGHUQ/LIH*OHQYLHZ
,,,6FRWW)RUHVPDQGDQG&R
&RUH\* 7KHRU\DQG3UDFWLFHRI&RXQVHOLQJDQG3V\FKRWKHUDS\
0RQWHUH\&DOLI%URRNV&ROH
 'XQH ( - 0FOQWRVK - / 'XQH0D[LP D (GV 6XLFLGH DQG ,WV $IWHUPDWK
8QGHUVWDQGLQJDQG&RXQVHOLQJWKH6XUYLYRUV1<
1RUWRQ
 *HRUJH 5 / &ULVWLDQL 7 6 &RXQVHOLQJ 7KHRU\ DQG 3UDFWLFH UG (G (QJOHZRRG
&OLIIV1-3UHQWLFH+DOO
+RPH\ D 7KH1HXURWLF3HUVRQDOLW\RI2XU7LPH1<1RUWRQ

-DFREVRQ( 'HSUHVVLRQ1<,QWHUQDWLRQDO8QLYHUVLW\3UHVV
-RQHV)$ 7KHUDSLVWVDVVXUYLYRUVRIFOLHQWVXLFLGH,Q(-'XQH-/0FOQWRVK.
'XQH0D[LP. (GV 6XLFLGHDQG,WV$IWHUPDWK
8QGHUVWDQGLQJDQG&RXQVHOLQJWKH6XUYLYRUV1<1RUWRQ

 .HQQHG\ / 2Q %FLRPLQJ &RXQVHORU $ %DVLF *XLGH WRU 1RQ 3URIHVVLRQDO
&RXQVHORUV1<7KH6HDEXU\3UHVV
.RFLXQDV 5 $VPHQ\EHVW\ULPRSDVODW\VSVLKRVRPDWLQHMLPHGLFPR-H3VLFKRORJLMD
1U3
.XEOHU5RVV( 2Q'HDWKDQG'\LQJ1<0DF0LOODQ
0DVWHUV:+-RQVRQ9( +XPDQ6H[XDO,QDGHTXDF\%RVWRQ/LWWOH%URZQ
0D\5 7KH$UWRI&RXQVHOLQJ1<$ELQJGRQ3UHVV
0F1HLO(% 1HXURVLVDQG3HUVRQDOO\'LVRUGHUV1<‡6FLHQFH+RXVH
0HQQLQJHU:: 3DWLHQWVXLFLGHDQGLWVLPSDFWRQWKH
SV\FKRWKHUDSLVW%XOOHWLQRIWKH0HQQLQJHU&OLQLF9RO3
 3DUNHV 0 %HUHDYHPHQW 6WXGLHV RI *ULHI LQ $GXOW /LIH 1 < ,QWHUQDWLRQDO
8QLYHUVLW\3UHVV
3DUNHV0:HLVV5 5HFRYHU\IURP%HUHDYHPHQW1<%DVLF%RRNV
 3UHW]HO 3 8QGHUVWDQGLQJ DQG &RXQVHOLQJ WKH 6XLFLGDO 3HUVRQ 1DVKYLOOH 7HQQ
$ELQJGRQ3UHVV
6DO\QDQ/ 7KH2EVHVVLYH3HUVRQDOLW\1<6FLHQFH+RXVH
O26KQHLGPDQ(6 2QWKHQDWXUHRI6XLFLGH6DQ)UDQVLVFR-RVVH\%DVV
6WRUU$ 7KH$UWRI3V\FKRWKHUDS\1<0HWKXHQ
 6WURHEH 0 &RSLQJ ZLWK EHUHDYHPHQW D UHYLHZ RI WKH JULHI ZRUN K\SRWKHVLV 
2PHJD9RO , 3
<DORP, ([LVWHQWLDO3V\FKRWKHUDS\1<%DVLF%RRNV

 WLBQ?KDB? IJBGPBIU < IKBOHEH=BQ?KDHF

DHGKMEVLBJH<:GBB
DhgkmevlZgl dZd b ^jm]b_ ijhn_kkbhgZeu g_k_l wlbq_kdmx hl\_lkl\_gghklv b
bf__l h[yaZl_evkl\Z Ij_`^_ \k_]h hg hl\_lkl\_g_g i_j_^ deb_glhf H^gZdh deb_gl b
dhgkmevlZgl gZoh^ylky g_ \ \Zdmmf_ Z \ kbkl_f_ jZaghh[jZaguo hlghr_gbc ihwlhfm
dhgkmevlZgl hl\_lkl\_g_g b i_j_^ qe_gZfb k_fvb deb_glZ i_j_^ hj]ZgbaZpb_c \
dhlhjhcjZ[hlZ_l\hh[s_i_j_^h[s_kl\_gghklvxbgZdhg_pi_j_^k\h_cijhn_kkb_c
LZdZy hl\_lkl\_gghklv b h[mkeh\eb\Z_l hkh[mx \Z`ghklv wlbq_kdbo ijbgpbih\ \
ikboheh]bq_kdhf dhgkmevlbjh\Zgbb b ikbohl_jZibb <hl ihq_fm \h \k_o kljZgZo
kha^Zxlky dh^_dku ijhn_kkbhgZevghc wlbdb j_]eZf_glbjmxsb_ ijhn_kkbhgZevgmx
^_yl_evghklvikbohl_jZi_\lZb dhgkmevlZglZikboheh]Z
H^gZdh dhgkmevlZglm g_ lZd ijhklh [_amkeh\gh ke_^h\Zlv ijZ\beZf wlbdb ih
^hklZlhqghh[t_dlb\gufijbqbgZfHkgh\gu_bagbomdZaZeb *HRUJH b &ULVWLDQL  
 Ljm^gh kh[ex^Zlv klZg^Zjlu mklZgh\e_ggh]h ih\_^_gby \ h]jhfghf
jZaghh[jZabb kblmZpbc dhgkmevlbjh\Zgby \_^v dZ`^uc dhgkmevlZlb\guc dhglZdl
mgbdZe_g
 ;hevrbgkl\h dhgkmevlZglh\ ijZdlbdmxl \ hij_^_e_gguo mqj_`^_gbyo
debgbdZo p_gljZo rdheZo qZklguo kem`[Zo b ij  P_gghklgZy hjb_glZpby wlbo
hj]ZgbaZpbcfh`_l g_\iheg_kh\iZ^Zlvk wlbq_kdbfb lj_[h\Zgbyfb d dhgkmevlZglm <
lZdbokemqZyodhgkmevlZglhdZau\Z_lkyi_j_^keh`guf\u[hjhf
 DhgkmevlZgl g_j_^dh ihiZ^Z_l \ wlbq_kdb ijhlb\hj_qb\u_ kblmZpbb dh]^Z
ijb^_j`b\Zykvlj_[h\Zgbch^ghcghjfuhggZjmrZ_l^jm]mxLZdbfh[jZahf\ kemqZ_
ex[h]h\u[hjZg_kh[ex^Z_lkydh^_dkwlbdb
<hh[s_wlbq_kdb_^be_ffu\ agZqbl_evgh[hevr_cf_j_q_fijyfu_gZjmr_gby
dh^_dkZ wlbdb ihfh]Zxl ihgylv h]jZgbq_gghklv wlbq_kdbo dh^_dkh\ ijb j_r_gbb
\hagbdZxsbo\ dhgkmevlbjh\Zgbbijh[e_f<havf_fd ijbf_jmij_Zf[memgh\_cr_]h
wlbq_kdh]hdh^_dkZ  :f_jbdZgkdhcZkkhpbZpbbikboheh]h\
Ikboheh]b m\Z`Zxl b p_gyl ^hklhbgkl\h ebqghklb b klj_fylky h[_ki_qblv b
aZsblblv hkgh\gu_ ijZ\Z q_eh\_dZ Hgb h[yaZgu gZdZieb\Zlv k\_^_gby h ih\_^_gbb
ex^_c ihgbfZgbb ex^vfb ^jm] ^jm]Z kZfhihgbfZgbb b ijbf_gylv wlb k\_^_gby ^ey
h[_ki_q_gby[eZ]hkhklhygbyh[s_kl\Z
H^gZdh \ jZ[hl_ gZijbf_j k deb_glZfb bf_xsbfb kmbpb^gu_ gZf_j_gby
ljm^gh iheghklvx ijb^_j`b\Zlvky ^Zgguo ijbgpbih\ ?keb klZjZlvky h[_ki_qblv
[_ahiZkghklv deb_glZ lh ljm^gh g_ gZjmrblv _]h Z\lhghfbx ijZ\h gZ k\h[h^gh_
kZfhhij_^_e_gb_ Z ke_^h\Zl_evgh g_ ihky]gmlv gZ _]h ebqghklgh_ ^hklhbgkl\h b
p_gghklb K ^jm]hc klhjhgu _keb gbq_]h g_ ^_eZlv b hojZgylv Z\lhghfbx deb_glZ
\hagbdg_l m]jhaZ _]h [eZ]hihemqbx b ^Z`_ `bagb < ijb\_^_gghf ijbf_j_ ijbgpbim
[eZ]h^_ygbyhl^Z_lkyij_^ihql_gb_i_j_^ijbgpbihfZ\lhghfbbebqghklb %HDXFKDPS
&KLOGUHVV  
Ijhlb\hj_qb\hklv wlbq_kdbo ijh[e_f \ugm`^Z_l i_jbh^bq_kdb baf_gylv
wlbq_kdb_dh^_dku:f_jbdZgkdZyZkkhpbZpbyikboheh]h\\ dhlhjhcih^oh^d wlbq_kdbf
\hijhkZf ih`Zemc gZb[he__ kljmdlmjbjh\Zg aZ ihke_^gb_ ljb^pZlv e_l ljb`^u
bkijZ\eyeZdh^_dkijhn_kkbhgZevghcwlbdbIhijZ\db_kl_kl\_gghhljZ`Zxlbaf_g_gby
\ h[s_kl\_ gh \k_ `_ dZd ijZ\beh h[mkeh\e_gu ljm^ghklvx kh[ex^_gby wlbq_kdbo
ghjf ih^jh[g__h[wlhfijbZgZeba_ijh[e_fudhgnb^_gpbZevghklb 
I_j\h_ lj_[h\Zgb_ d dhgkmevlZglm ij_^ty\ey_lky m`_ \ gZqZe_ ijhp_kkZ
dhgkmevlbjh\Zgby J_r_gb_ deb_glZ aZdexqblv dhgkmevlZlb\guc dhgljZdl ^he`gh
[ulv \iheg_ hkhagZgguf ihwlhfm dhgkmevlZgl h[yaZg \h \j_fy i_j\hc \klj_qb
ij_^hklZ\blvdeb_glmfZdkbfmfbgnhjfZpbbh ijhp_kk_dhgkmevlbjh\Zgby
²h[hkgh\guop_eyodhgkmevlbjh\Zgby
²h k\h_cd\ZebnbdZpbb
²h[hieZl_aZdhgkmevlbjh\Zgb_
²h ijb[ebabl_evghcijh^he`bl_evghklbdhgkmevlbjh\Zgby
²h p_e_khh[jZaghklbdhgkmevlbjh\Zgby
²h jbkd_\j_f_ggh]hmom^r_gbykhklhygby\ ijhp_kk_dhgkmevlbjh\Zgby
 ²h ]jZgbpZodhgnb^_gpbZevghklb
DhgkmevlZgl h[yaZg ijZ\bevgh hp_gb\Zlv mjh\_gv b ij_^_eu k\h_c
ijhn_kkbhgZevghcdhfi_l_glghklbHgg_^he`_g\k_eylv\ deb_glZgZ^_`^mgZihfhsv
dhlhjmxg_\ kbeZohdZaZlv< dhgkmevlbjh\Zgbbg_^himklbfhijbf_g_gb_g_^hklZlhqgh
hk\h_gguo ^bZ]ghklbq_kdbo b l_jZi_\lbq_kdbo ijhp_^mj DhgkmevlZlb\gu_ \klj_qb k
deb_glZfbgb \dh_fkemqZ_g_evaybkihevah\Zlv^eybkiulZgbydZdboeb[hf_lh^h\beb
l_ogbd dhgkmevlbjh\Zgby ?keb dhgkmevlZgl \ hl^_evguo kemqZyo qm\kl\m_l qlh
g_^hklZlhqghdhfi_l_gl_ghgh[yaZgdhgkmevlbjh\Zlvkyk [he__hiulgufbdhee_]Zfbb
kh\_jr_gkl\h\Zlvkyih^bojmdh\h^kl\hf
DhgkmevlZgl h[yaZg ij_^hklZ\blv dZd m`_ mihfbgZehkv bkq_jiu\Zxsmx
bgnhjfZpbx h[ mkeh\byo dhgkmevlbjh\Zgby Hq_gv \Z`gh aZjZg__ kh]eZkh\Zlv k
deb_glhf \hafh`ghklv Zm^bh ² b \b^_haZibkb dhgkmevlZlb\guo [_k_^ b gZ[ex^_gby
lj_lvbf ebphf q_j_a a_jdZeh h^ghklhjhgg_]h \b^_gby G_^himklbfh bkihevah\Zgb_
lZdbo ijhp_^mj [_a kh]eZkby deb_glZ Wlb ijhp_^mju fh]ml [ulv \Z`gu ^ey
dhgkmevlZglZ\ i_^Z]h]bq_kdbob bkke_^h\Zl_evkdbop_eyoZ lZd`_ihe_agudeb_glm^ey
hp_gdb ^bgZfbdb _]h ijh[e_f b wnn_dlb\ghklb dhgkmevlbjh\Zgby Bgh]^Z
dhgljhebjmxsZy d\ZebnbdZpbx dhgkmevlZglZ bgklZgpby lj_[m_l ij_^klZ\blv
ih^jh[gmxbgnhjfZpbxh dhgdj_lghfkemqZ_Khijhlb\e_gb_g_dhlhjuog_m\_j_gguo\
k_[_ dhgkmevlZglh\ ijhp_^mjZf gZ[ex^_gby beb aZibkb [_k_^ ydh[u ba klj_fe_gby
khojZgblv dhgnb^_gpbZevghklv b h]jZ^blv deb_glZ gZ kZfhf ^_e_ \ujZ`Z_l _]h
kh[kl\_ggmx lj_\h`ghklv b ^bkdhfnhjl Hkgh\ghc bklhqgbd wlbq_kdbo ^be_ff \
dhgkmevlbjh\Zgbb ² \hijhk dhgnb^_gpbZevghklb Hg ij_^klZ\ey_l kh[hc eZdfmkh\mx
[mfZ`dm f_ju hl\_lkl\_gghklb dhgkmevlZglZ i_j_^ deb_glhf Dhgkmevlbjh\Zgb_
g_\hafh`gh _keb deb_gl g_ [m^_l ^h\_jylv dhgkmevlZglm <hijhk dhgnb^_gpbZevgh_A
ke_^m_lh[km^blv\h\j_fyi_j\hc\klj_qbk deb_glhf
*HRUJH b &LLVWLDQL   \u^_eyxl ^\Z mjh\gy dhgnb^_gpbZevghklb I_j\uc
mjh\_gv hlghkblky d ij_^_em ijhn_kkbhgZevgh]h bkihevah\Zgby k\_^_gbc h deb_gl_
H[yaZgghklv dZ`^h]h dhgkmevlZglZ ² bkihevah\Zlv bgnhjfZpbx h deb_gl_ lhevdh \
ijhn_kkbhgZevguo p_eyo DhgkmevlZgl g_ \ijZ\_ jZkijhkljZgylv k\_^_gby h deb_gl_ k
^jm]bfb gZf_j_gbyfb Wlh dZkZ_lky b lh]h nZdlZ qlh g_dlh ijhoh^bl dmjk
ikbohdhjj_dpbbK\_^_gbyh deb_glZo aZibkbdhgkmevlZglZbg^b\b^mZevgu_dZjlhqdb
deb_glh\ ^he`guojZgblvky\ g_^hklmiguo^eyihklhjhggbof_klZo
<lhjhcmjh\_gvdhgnb^_gpbZevghklbhlghkblkyd mkeh\byfijbdhlhjuo fh`_l
[ulv bkihevah\ZgZ ihemq_ggZy \ ijhp_kk_ dhgkmevlbjh\Zgby bgnhjfZpby Deb_gl
\ijZ\_ gZ ^_ylvky qlh lZdh]h jh^Z bgnhjfZpby [m^_l kem`blv bkdexqbl_evgh ^ey _]h
[eZ]Z Dh]^Z g_h[oh^bfh ih^_eblvky ihemq_ggufb hl deb_glZ k\_^_gbyfb k _]h
jh^bl_eyfbmqbl_eyfbkmijm]hfg_ba[_`gZ^be_ffZH k\hbogZf_j_gbyodhgkmevlZgl
h[yaZg ihklZ\blv deb_glZ \ ba\_klghklv ?keb deb_gl g_ \hajZ`Z_l \hijhk
dhgnb^_gpbZevghklbbawlbq_kdh]hij_\jZsZ_lky\ km]m[hijhn_kkbhgZevguc
DhgkmevlZgl h[_ki_qb\Zy k_dj_lghklv ^he`_g hagZdhfblv deb_glZ k
h[klhyl_evkl\Zfb ijb dhlhjuo ijhn_kkbhgZevgZy lZcgZ g_ kh[ex^Z_lky
Dhgnb^_gpbZevghklvdZd[m^_lmdZaZghgb`_g_evay\ha\_klb\ Z[khexlgucijbgpbi
QZs_\k_]hijboh^blky]h\hjblvh __]jZgbpZo6FKQHLGHU pbl QR*HRUJH&QVWLDP
  knhjfmebjh\Ze k_fv hkgh\guo ijZ\be ke_^my dhlhjuf fh`gh mklZgh\blv lZdb_
]jZgbpu
H[yaZl_evkl\hkh[ex^Zlvdhgnb^_gpbZevghklvg_ Z[khexlgh Z hlghkbl_evgh
ihkdhevdmkms_kl\mxlhij_^_e_ggu_mkeh\bykihkh[gu_baf_gblvlZdh_h[yaZl_evkl\h
Dhgnb^_gpbZevghklvaZ\bkblhloZjZdl_jZij_^klZ\e_gguodeb_glhfk\_^_gbc
l_f g_ f_g__ ^h\_jbl_evghklv deb_glZ g_kjZ\g_ggh kljh`_ k\yau\Z_l dhgkmevlZglZ
g_`_ebk_dj_lghklvkh[ulbch dhlhjuokhh[sZ_ldeb_gl
 FZl_jbZeu dhgkmevlZlb\guo \klj_q dhlhju_ g_ fh]ml ijbqbgblv \j_^
bgl_j_kZfdeb_glZg_ih^iZ^Zxlih^ijZ\beZdhgnb^_gpbZevghklb
 FZl_jbZeu dhgkmevlZlb\guo \klj_q g_h[oh^bfu_ ^ey wnn_dlb\ghc jZ[hlu
dhgkmevlZglZ lZd`_ g_ ih^iZ^Zxl ih^ ijZ\beZ dhgnb^_gpbZevghklb gZijbf_j
\hafh`gh ij_^hklZ\e_gb_ wdki_jlm fZl_jbZeh\ dhgkmevlbjh\Zgby ih ^h]h\hj_gghklb k
deb_glhf
 Dhgnb^_gpbZevghklv \k_]^Z hkgh\u\Z_lky gZ ijZ\_ deb_glZ gZ ^h[jh_ bfy b
khojZg_gb_ lZcgu DhgkmevlZgl h[yaZg m\Z`Zlv ijZ\Z deb_glh\ b \ hij_^_e_gguo
kemqZyo ^Z`_ ihklmiZlv ijhlb\haZdhggh gZijbf_j g_ ij_^hklZ\eylv bgnhjfZpbx h
deb_gl_ijZ\hhojZgbl_evgufhj]ZgZf_kebwlbfg_gZjmrZxlkyijZ\Zlj_lvboebp 
 Dhgnb^_gpbZevghklv h]jZgbq_gZ ijZ\hf dhgkmevlZglZ gZ khojZg_gb_
kh[kl\_ggh]h^hklhbgkl\Zb [_ahiZkghklbk\h_cebqghklb
Dhgnb^_gpbZevghklvh]jZgbq_gZijZ\Zfblj_lvboebpb h[s_kl\_gghklb
Kj_^bgZb[he__qZklhmdZau\Z_fuoh[klhyl_evkl\ijbdhlhjuo^_ckl\b_ijZ\be
dhgnb^_gpbZevghklb \ dhgkmevlbjh\Zgbb fh`_l [ulv h]jZgbq_gh aZkem`b\Zxl
mihfbgZgbyke_^mxsb_
Ih\ur_ggucjbkd^ey`bagbdeb_glZbeb^jm]boex^_c
 Ij_klmigu_ ^_ckl\by gZkbeb_ jZa\jZs_gb_ bgp_kl b ^j  kh\_jrZ_fu_ gZ^
g_kh\_jr_gghe_lgbfb
G_h[oh^bfhklv]hkiblZebaZpbbdeb_glZ
 MqZklb_ deb_glZ b ^jm]bo ebp \ jZkijhkljZg_gbb gZjdhlbdh\ b ijhqbo
ij_klmiguo^_ckl\byo
<uykgb\ \h \j_fy dhgkmevlbjh\Zgby qlh deb_gl ij_^klZ\ey_l ^ey dh]hlh
k_jv_agmxm]jhamdhgkmevlZglh[yaZgijbgylvf_ju^eyaZsbluihl_gpbZevghc`_jl\u
beb `_jl\  b ijhbgnhjfbjh\Zlv h[ hiZkghklb __ kZfm bo  jh^bl_e_c [ebadbo
ijZ\hhojZgbl_evgu_ hj]Zgu DhgkmevlZgl lZd`_ ^he`_g khh[sblv deb_glm h k\hbo
gZf_j_gbyo
Q_fm hl^Zlv ij_^ihql_gb_ ijb \hagbdgh\_gbb ^be_ffu kh[ex^Zlv
dhgnb^_gpbZevghklv kh]eZkgh dh^_dkm wlbdb beb ke_^h\Zlv ijZ\h\uf ghjfZf Ihke_
gZrmf_\r_]h\ KR:kemqZyk 7DUDVRII bajy^ghih\eby\r_]hgZhij_^_e_gb_ij_^_eh\
dhgnb^_gpbZevghklbij_^ihql_gb_hl^Z_lkyihke_^g_fm\ZjbZglm
< Z\]mkl_ ] deb_gl P_gljZ ikbobq_kdh]h a^hjh\vy 3RGGDU jZkkdZaZe
dhgkmevlbjmxs_fm_]hikboheh]mqlhkh[bjZ_lkym[blvk\hxih^jm]m 7DWLDQD7DUDVRII
Ikboheh] khh[sbe h[ wlhf \ ihebpbx ih l_e_nhgm b ^hihegbl_evgh baeh`be
h[klhyl_evkl\Z ^_eZ \ hnbpbZevghf ibkvf_ gZqZevgbdm ihebpbb Hg mdZaZe gZ
g_h[oh^bfhklv mklZgh\blv aZ deb_glhf gZ[ex^_gb_ b ]hkiblZebabjh\Zlv _]h dZd
khpbZevghhiZkgh_ebph Ihebpby aZ^_j`ZeZ 3RGGDU ^ey^hijhkZ gh \kdhj_ hlimklbeZ \
k\yab k g_^hklZlhqghklvx mebd G_dhlhjh_ \j_fy kimkly wdki_jl dhgljhebjmxsbc
d\ZebnbdZpbxmihfygmlh]hikboheh]Z\ujZabeg_^h\hevkl\h b ihlj_[h\Ze qlh[u _fm
\ha\jZlbeb ibkvfh gZ ijZ\e_ggh_ \ ihebpbx Ibkvfh [ueh mgbqlh`_gh KlZjrbc
dhee_]Z ihlj_[h\Ze hl dhgkmevlbjh\Z\r_]h ikboheh]Z g_ ij_^ijbgbfZlv [hevr_
gbdZdbo ^_ckl\bc ih hlghr_gbx d wlhfm deb_glm Jh^bl_eb ihl_gpbZevghc `_jl\u g_
[ueb ihklZ\e_gu \ ba\_klghklv h gZ\bkr_c m]jha_ Q_j_a ^\Z f_kypZ 3RGGDU m[be
^_\mrdm ?_ jh^bl_eb \ha[m^beb m]heh\gh_ ^_eh ijhlb\ kem`Zsbo mgb\_jkbl_lZ aZ lh
qlh bo g_ ij_^mij_^beb h \hafh`ghf g_kqZklv_ Ohly gb`gyy bgklZgpby km^Z bkd
hldehgbeZ <_joh\guc km^ DZebnhjgbb \  ] \ug_k khljm^gbdZf P_gljZ
h[\bgbl_evgucijb]h\hjaZ[_ahl\_lkl\_gghklv
DZd ml\_j`^Zxl %HDXFKDPS b &KLOGUHVV   ijbhjbl_l dhgnb^_gpbZevghklb
dhgqZ_lkylZf]^_dhfmlhm]jh`Z_lhiZkghklv
>jm]hc \Z`guc wlbq_kdbc ijbgpbi dhlhjuc h[km`^Z_lky klhev `_qZklh dZdb
dhgnb^_gpbZevghklv ² wlh aZij_l gZ ^\hcgu_ hlghr_gby G_p_e_khh[jZagh
dhgkmevlbjh\Zgb_ jh^kl\_ggbdh\ ^jma_c khljm^gbdh\ h[mqZxsboky m dhgkmevlZglZ
klm^_glh\ g_^himklbfu k_dkmZevgu_ dhglZdlu k deb_glZfb LZdhc aZij_l \iheg_
ihgyl_g ihkdhevdmdhgkmevlbjh\Zgb_^Z_lki_pbZebklmij_bfms_kl\_ggh_iheh`_gb_
b \hagbdZ_l m]jhaZ qlh ijb ebqguo hlghr_gbyo wlh ij_bfms_kl\h fh`_l
bkihevah\Zlvky\ p_eyowdkiemZlZpbb
Ijh[e_fZk_dkmZevguohlghr_gbcdhgkmevlZglh\b ikbohl_jZi_\lh\k deb_glZfb
hq_gv \Z`gZ b g_j_^dh aZfZeqb\Z_lky +ROUR\G b %URGVN\ \ ] hijhkbeb 
Zf_jbdZgkdboijZdlbdh\ikboheh]bq_kdh]hdhgkmevlbjh\Zgbyb ikbohl_jZibbbf_xsbo
^hdlhjkdmx kl_i_gv Iheh\bgZ ba gbo [ueb fm`qbgu Z ^jm]Zy iheh\bgZ ² `_gsbgu
Bkke_^h\Zl_ebihemqbeblZdb_j_amevlZlu
² wjhlbq_kdb_ dhglZdlu b k_dkmZevgu_ hlghr_gby [he__ qZklu f_`^m
fm`qbgZfbdhgkmevlZglZfbb `_gsbgZfbdeb_glZfb  g_`_ebf_`^m`_gsbgZfb
dhgkmevlZglZfbb fm`qbgZfbdeb_glZfb  
² dhgkmevlZglu h^gZ`^u i_j_rZ]gm\rb_ ]jZgbpm ^ha\he_ggh]h kdehggu
ih\lhjghaZ\yau\Zlvk_dkmZevgu_k\yabk deb_glZfb kemqZ_\ 
²  dhgkmevlZglh\ fm`qbg b  dhgkmevlZglh\ `_gsbg dZl_]hjbq_kdb
hljbpZxl ^himklbfhklv k_dkmZevguo hlghr_gbb k deb_glZfb  hijhr_gguo
k_dkmZevgu_k\yabk deb_glZfbkqblZxll_jZi_\lbq_kdbp_ggufb
K_dkmZevgu_hlghr_gbydhgkmevlZglh\k deb_glZfb g_ijb_fe_fu gb wlbq_kdb
gb ijhn_kkbhgZevgh ihlhfm qlh ij_^klZ\eyxl ijyfh_ aehmihlj_[e_gb_ jhevx
dhgkmevlZglZDeb_glgZfgh]h[he__mya\bfq_fdhgkmevlZgllZddZd\ ki_pbnbq_kdhc
Zlfhkn_j_ dhgkmevlbjh\Zgby h[gZ`Z_l k_[y ² jZkdju\Z_l k\hb qm\kl\Z nZglZabb
lZcgu `_eZgby \ lhf qbke_ b k_dkmZevgh]h oZjZdl_jZ Bgh]^Z deb_gl kbevgh
b^_Zebabjm_l dhgkmevlZglZ _fm ohq_lky [ebadbo hlghr_gbc k lZdbf b^_Zevguf
]em[hdhihgbfZxsbf_]hq_eh\_dhfL_fg_f_g__ijbij_\jZs_gbbdhgkmevlZlb\gh]h
dhglZdlZ \ k_dkmZevgmx k\yav m deb_glh\ jZa\b\Z_lky djZcgyy aZ\bkbfhklv Z
dhgkmevlZgl l_jy_l h[t_dlb\ghklv GZ wlhf b aZdZgqb\Z_lky ex[h_ ijhn_kkbhgZevgh_
dhgkmevlbjh\Zgb_b ikbohl_jZiby
EBL?J:LMJ:
 $PHULFDQ 3V\FKRORJLFDO $VVRFLDWLRQ (WKLFDO SULQFLSOHV RI 3V\FKRORJLVWV$PHQFDQ
3V\FKRORJLVW  9RO  3 
 %HDXFKDPS 7 / &KLOGUHVV - 6 3ULQFLSOHV RI%LRPHGLFDO (WKLFV UG (G 1 < 2[IRUG
8QLYHUVLW\3UHVV 
 *HRUJH5/&QVWLDP76 &RXQVHOLQJ7KHRU\DQG3UDFWLFH UG (G(QJOHZRRG&OLIIV 1
-3UHQWLFH+DOO 
 +ROUR\G - K %URGVN\ $ 3V\FKRORJLVWV DWWLWXGHV DQG SUDFWLFHV UHJDUGLQJ HURWLF DQG
QRQHURWLFSK\VLFDOFRQWDFWZLWKSDWLHQWV $PHULFDQ3V\FKRORJLVW  9RO  3 

IHKE?KEH<B? H DGB=? J DHQXG:K: HKGH<U

IKBOHEH=BQ?KDH=HDHGKMEVLBJH<:GBY
Dgb]Z JbfZkZ DhqxgZkZ h[h[sZ_l hiul Z\lhjZ \ l_hjbb b ijZdlbd_
ikboheh]bq_kdh]h dhgkmevlbjh\Zgby GZ ijhly`_gbb \hkvfb e_l fg_ ihkqZkleb\behkv
mqZkl\h\Zlv \ jZ[hl_ J DhqxgZkZ lh \ dZq_kl\_ qe_gZ lj_gbg]h\uo b [Zebglh\kdbo
]jmii lh \ dZq_kl\_ gZ[ex^Zl_ey Y kfh] m[_^blvky \ ihklhygghf jhkl_ _]h
ijZdlbq_kdh]hfZkl_jkl\Zb m]em[e_gbbl_hj_lbq_kdboihagZgbc
>hklmigZy gZf ebl_jZlmjZ ih ikboheh]bq_kdhfm dhgkmevlbjh\Zgbx \_kvfZ
h]jZgbq_gZ >ZggZy fhgh]jZnby ij_^klZ\ey_lky mgbdZevghc ih rbjhl_ h[km`^Z_fuo \
g_cijh[e_fKms_kl\_gguf^hklhbgkl\hffhgh]jZnbby\ey_lkyb lhqlhpblbjm_fZy\
g_cebl_jZlmjZfZehba\_klgZjmkkdhyauqghfmqblZl_ex
H[jZlbfkyd hkgh\gufl_fZfaZljhgmlufZ\lhjhf
=^_ dhgqZ_lky ikbohl_jZiby b gZqbgZ_lky ikboheh]bq_kdh_ dhgkmevlbjh\Zgb_"
GZ wlhl ljm^guc \hijhk ij_^eZ]Z_lky fgh`_kl\h hl\_lh\ QZklv aZjm[_`guo
ki_pbZebklh\ijZdlbdh\\hh[s_g_jZa^_eyxlwlbij_^f_luLZd?:c\bb khZ\l 
ij_^eZ]Zxl \k_o ki_pbZebklh\ \ h[eZklb ikbohl_jZibb b dhgkmevlbjh\Zgby gZau\Zlv
l_jZi_\lZfb <_^v g_ lhevdh oZjZdl_j jZ[hlu gh b ijhn_kkbhgZevgZy ih^]hlh\dZ
khhl\_lkl\mxsboki_pbZebklh\bf_xlfgh]hh[s_]h
< gZr_c kljZg_ keh`beZkv ljZ^bpby kh]eZkgh dhlhjhc e_q_gb_ [hevguo
ijh\h^blky\jZqhfZ ikboheh]bq_kdZydhjj_dpbyijZdlbq_kdba^hjh\uohkms_kl\ey_lky
ikboheh]hf < i_j\hf kemqZ_ l_jZi_\lbq_kdbc ijhp_kk gZau\Z_lky ikbohl_jZib_c \h
\lhjhf²ikboheh]bq_kdbfdhgkmevlbjh\Zgb_fIj_^iheZ]Z_lkyqlh[hevghcg_^he`_g
ihiZ^Zlv d ikboheh]m Z a^hjh\uc ² d \jZqm < `bagb \k_ agZqbl_evgh keh`g__ Ih
gZr_fm fg_gbx Zj]mf_glbjh\Zggh jZa^_eblv ikboheh]bq_kdh_ dhgkmevlbjh\Zgb_ b
ikbohl_jZibxfh`ghlhevdh\ djZcgbokemqZyoAZqZklmx`_lZdh_jZa^_e_gb_beby\gh
bkdmkkl\_ggh beb g_m[_^bl_evgh Gh ihkdhevdm ijhn_kkbb dhgkmevlZglZ b
ikbohl_jZi_\lZ \h fgh]bo kljZgZo jZa^_eyxlky g_evay \h\k_ g_ mqblu\Zlv g_dhlhju_
jZaebqby^\mokn_j^_yl_evghklbIh\b^bfhfm\u^_e_gb_debgbq_kdhc ikbohl_jZibb
bf__l kfuke dh]^Z \ ikbohdhjj_dpbb p_e_khh[jZagh hibjZlvky gZ iZjZ^b]fu
deZkkbq_kdhcikbobZljbbb ijh\h^blv^bZ]ghklbdm
< gZklhys__\j_fy\ ikboheh]bq_kdhfdhgkmevlbjh\ZgbbdZdb \ikbohl_jZibb
\k_[hevrmxihimeyjghklvaZ\h_\u\Z_lwde_dlbq_kdbcih^oh^bgl_]jbjmxsbcemqrb_
^hklb`_gbyjZaebqguoikbohl_jZi_\lbq_kdbordhe< dZq_kl\_ijbf_jZlZdh]hih^oh^Z
Z\lhj ijb\h^bl r_klbklZ^bcgmx fh^_ev ijhp_kkZ dhgkmevlbjh\Zgby WlZ fh^_ev
ohjhrh jZ[hlZ_l gh gZf ij_^klZ\ey_lky [he__ wdhghfguf bkihevah\Zgb_
q_luj_oklmi_gqZlhc fh^_eb Ijbkh_^bg_gb_ ² DjbklZeebaZpby ijh[e_fu ²
L_jZi_\lbq_kdh_ aZ\_jr_gb_ ² Hlkh_^bg_gb_ GZrZ fh^_ev lh`_ ij_^gZagZq_gZ \
hkgh\ghf^eyjZ[hluk ijh[e_fZfb\g_aZ\bkbfhklbhlmklZgh\e_ggh]h^bZ]ghaZ
DhgkmevlZlb\guc dhglZdl l_jZi_\lZ b deb_glZ Z\lhj jZkkfZljb\Z_l dZd \ZjbZgl
bglbfguohlghr_gbc^\moebqghkl_cIjbq_fwlhki_pbnbq_kdb_bglbfgu_hlghr_gby
hlebqgu_ hl ^jm`_kdbo b ex[h\guo Hkh[h ih^q_jdb\Z_lky agZq_gb_ bkdj_gghklb dZd
kihkh[ghklb [ulv kZfbf kh[hc g_ ijylZlvky aZ ijhn_kkbhgZevghc jhevx
>_ckl\bl_evgh qmldhklv d kh[kl\_gguf i_j_`b\Zgbyf ^hklh\_jghklv b ijZ\^b\hklv \
boi_j_^Zq_deb_glm²g_ij_f_ggu_mkeh\byih^^_j`Zgbymklhcqb\hcwfhpbhgZevghc
k\yab
AgZqbl_evgh_f_klh\ fhgh]jZnbbm^_e_ghl_ogbdZfdhgkmevlbjh\Zgbyih^jh[gh
hibkZgu kihkh[u ihkljh_gby [_k_^u Wlhl jZa^_e ^ey gZk hq_gv bgl_j_k_g lZd dZd
[_k_^u ij_^klZ\eyxl h^gh ba gZrbo gZpbhgZevguo ijbkljZklbc Z gZmqgh_ bamq_gb_
dhfie_dkZkhhl\_lkl\mxsbon_ghf_gh\ihdZ\hfgh]hf^_eh[m^ms_]h
Ki_pbZevgu_ jZa^_eu J DhqxgZk ihk\ysZ_l gZb[he__ jZkijhkljZg_gguf
ijh[e_fZf\ dhgkmevlbjh\Zgbblj_\h`ghklbkljZoZfi_j_`b\Zgbx\bgukljZ^Zgbyf
ijb mljZl_ [ebadh]h q_eh\_dZ hkh[_gghklyf [_k_^u k mfbjZxsbf Hlf_lbf qlh
^bgZfbdZ ijhp_kkZ kdhj[b \i_j\u_ klhev ih^jh[gh hk\_s_gZ \ jmkkdhyauqghc
ebl_jZlmj_k mdZaZgb_fg_h[oh^bfuoikbohl_jZi_\lbq_kdbo\ha^_ckl\bc
Deb_gli_j_klmiZ_l ihjh] dhgkmevlZlb\gh]h dZ[bg_lZ kh kljZohfb gZ^_`^hc b
i_j\hkl_i_ggZy aZ^ZqZ dhgkmevlZglZ ih fg_gbx Z\lhjZ baf_gblv [ZeZgk qm\kl\ \
klhjhgm gZ^_`^u Deb_gl ^he`_g moh^blv k dZ`^hc dhgkmevlZlb\ghc \klj_qb k
j_rbfhklvx kZfhklhyl_evgh i_j_kljZb\Zlv k\hx `bagv Hl\_^_gb_ deb_glm
jZ\ghp_gghcjheb\ dhgkmevlZlb\ghfijhp_kk_gZjy^mk dhgkmevlZglhfb ih^q_jdb\Zgb_
\ukhdhc hl\_lkl\_gghklb deb_glZ aZ bkoh^ dhgkmevlbjh\Zgby ² \Z`g_crb_ aZkem]b
wdabkl_gpbZevgh]mfZgbklbq_kdh]h gZijZ\e_gby \ ikbohl_jZibb < k\hx hq_j_^v
h[hkgh\Zgb_ p_ebl_evghc kbeu kljZ^Zgby g_h`b^Zggh k[eb`Z_l ikbohl_jZi_\lbq_kdb_
ij_^klZ\e_gbyk ojbklbZgkdbfihgbfZgb_fbkdmie_gby
J DhqxgZk ih^jh[gh hklZgZ\eb\Z_lky gZ dZq_kl\Zo ebqghklb g_h[oh^bfuo
dhgkmevlZglm b gZau\Z_l ke_^mxsb_ q_jlu Zml_glbqghklv kihkh[ghklv d
kZfhihagZgbx lhe_jZglghklv d g_hij_^_e_gghklb qm\kl\h hl\_lkl\_gghklb
kihkh[ghklv d wfiZlbb mf_gb_ klZ\blv j_Zebklbqgu_ p_eb Ih kms_kl\m j_qv b^_l h[
h[yaZl_evghklb ikbobq_kdh]h a^hjh\vy b h ih^ebgghc khpbZevghikboheh]bq_kdhc
Z^ZilZpbb \gmlj_gg_c k\h[h^_  qm`^hc Z\lhjblZjghklb b dhgnhjfbafm Lhevdh
khpbZevgh aj_euc dhgkmevlZgl kihkh[_g klZ\blv \ jZ[hl_ k deb_glZfb j_Zebklbqgu_
p_ebFh`ghkh]eZkblvkyk Z\lhjhfqlhklj_fe_gb_ihfhqvdeb_glmex[hcp_ghc\k_]^Z
ih^hajbl_evgh b qZs_ \k_]h kem`bl m^h\e_l\hj_gbx kh[kl\_gguo ihlj_[ghkl_c
dhgkmevlZglZ hkhagZgguo beb g_hkhagZgguo  ^Ze_dbo hl h[eZ]h^_l_evkl\h\Zgby
deb_glZ
G_hklZ_lky\ fhgh]jZnbb[_a\gbfZgbyb \hijhkh ijhn_kkbhgZevghc\j_^ghklb
dhgkmevlZlb\ghc ^_yl_evghklb DhgkmevlZglZf m]jh`Z_l kbg^jhf k]hjZgby dhlhjuc
ijhy\ey_lky \ ihgb`_gghf gZkljh_gbb qm\kl\_ mklZehklb g_kihkh[ghklb \b^_lv
ihablb\gu_ j_amevlZlu k\h_c jZ[hlu hljbpZl_evghf hlghr_gbb d jZ[hl_ b \hh[s_ d
`bagbIj_^eZ]Z_fu_Z\lhjhfijhnbeZdlbq_kdb_f_ju\oh^ylb \jZajZ[hlZggmxgZfb
kbkl_fmf_glZevghcwdheh]bbIhkdhevdmkZfki_pbZebklij_^klZ\ey_l\ ikbohl_jZibb
gZb[he__ p_gguc bgkljmf_gl klhbl ihaZ[hlblvky h _]h khojZg_gbb <k_f
ki_pbZebklZfjZaZ\ ]h^ke_^m_lmqZkl\h\Zlv\ ki_pbZevguolj_gbg]Zo[Zebglh\kdbo
b kmi_j\bahjkdbo]jmiiZopbdeZoklZ`bjh\db
Hq_gv m[_^bl_evgh J DhqxgZk ibr_l h[ wlbq_kdbo ijbgpbiZo
dhgkmevlbjh\Zgby ij_^hklZ\e_gbb deb_glm iheghc bgnhjfZpbb h dhgkmevlZlb\ghf
ijhp_kk_ h[yaZl_evghf khojZg_gbb dhgnb^_gpbZevghklb dhgkmevlZlb\guo hlghr_gbc
g_^himklbfhklbk_dkmZevguo k\ya_c k deb_glZfb DZdba\_klgh ]mfZggh_hlghr_gb_d
ex^yfk ^mr_\gufbg_^m]Zfb²^hklh\_jgucdjbl_jbc^_fhdjZlbqghklbkhpbZevgh]h
mkljhckl\Z <hl ihq_fm \ gZklhys__ \j_fy kljh]h_ kh[ex^_gb_ wlbq_kdbo ghjf
ijbh[j_lZ_lhkh[uckfuke
J_dhf_g^Zpbb Z\lhjZ gZqbgZxsbf ki_pbZebklZf ijb]h^ylky b fZklbluf
ijhn_kkbhgZeZf
< aZdexq_gb_ ohq_lky ih[eZ]h^Zjblv J DhqxgZkZ aZ mqZklb_ \ gZr_c
ba^Zl_evkdhck_jbb
<<F:D:JH<

H=E:<E?GB?
IJ?>BKEH<B? D K?JBB ;B;EBHL?D: IKBOHEH=BBIKBOH:G:EBA:
IKBOHL?J:IBB<<F:D:JH<
HL:<LHJ:
,H;SB?IJH;E?FUIKBOHEH=BQ?KDH=HDHGKMEVLBJH<:GBY
 Hij_^_e_gb_b p_ebikboheh]bq_kdh]h
dhgkmevlbjh\Zgby
Ikboheh]bq_kdh_dhgkmevlbjh\Zgb_b ikbohl_jZiby
L_hjbbebqghklbb ijZdlbdZdhgkmevlbjh\Zgby
KljmdlmjZijhp_kkZdhgkmevlbjh\Zgby
DHGKMEVL:GL
Jhevb f_klhdhgkmevlZglZ\ dhgkmevlbjh\Zgbb"
Lj_[h\Zgbyd ebqghklbdhgkmevlZglZ²fh^_ev
wnn_dlb\gh]hdhgkmevlZglZ
Kbkl_fZp_gghkl_cdhgkmevlZglZ
 <ebygb_ ijhn_kkbhgZevghc ^_yl_evghklb gZ ebqghklv dhgkmevlZglZ 
Ijhn_kkbhgZevgZyih^]hlh\dZdhgkmevlZglZ
DHGKMEVL:LB<GUCDHGL:DL
Hij_^_e_gb_dhgkmevlZlb\gh]hdhglZdlZ
L_jZi_\lbq_kdbcdebfZlNbabq_kdb_dhfihg_glu
l_jZi_\lbq_kdh]hdebfZlZ
WfhpbhgZevgu_dhfihg_glul_jZi_\lbq_kdh]h
debfZlZKha^Zgb_h[hx^gh]h^h\_jby
GZ\udbih^^_j`ZgbydhgkmevlZlb\gh]hdhglZdlZ
I_j_ghkb dhglji_j_ghk\ dhgkmevlbjh\Zgbbb
ikbohl_jZibb
IJHP?KKIKBOHEH=BQ?KDH=HDHGKMEVLBJH<:GBY
I_j\Zy\klj_qZk deb_glhf
Hp_gdZijh[e_fdeb_glh\
Ijhp_^mjub l_ogbdbdhgkmevlbjh\Zgby
Kh\_lugZqbgZxs_fmdhgkmevlZglm
 KI?PB:EVGU? IJH;E?FU IKBOHEH=BQ?KDH=H
DHGKMEVLBJH<:GBY
Dhgkmevlbjh\Zgb_lj_\h`guodeb_glh\
Dhgkmevlbjh\Zgb_ijbj_ZdpbyokljZoZb nh[byo
Dhgkmevlbjh\Zgb_\jZ`^_[ghgZkljh_gguob
Z]j_kkb\guodeb_glh\
Hkh[_gghklbdhgkmevlbjh\Zgby©g_fhlb\bjh\Zgguoªdeb_glh\
Dhgkmevlbjh\Zgb_deb_glh\ij_^ty\eyxsbo
aZ\ur_ggu_lj_[h\Zgby
Dhgkmevlbjh\Zgb_ijbi_j_`b\Zgbb\bgu
Hkh[_gghklbdhgkmevlbjh\ZgbyieZqmsbodeb_glh\
Dhgkmevlbjh\Zgb_bkl_jbq_kdboebqghkl_c
Dhgkmevlbjh\Zgb_h[k_kkb\guoebqghkl_c
Dhgkmevlbjh\Zgb_ijbiZjZghb^Zevguo
jZkkljhckl\Zo
Dhgkmevlbjh\Zgb_rbahb^guoebqghkl_c
Dhgkmevlbjh\Zgb_ZkhpbZevguoebqghkl_c
Dhgkmevlbjh\Zgb_ijbZedh]hebaf_
Dhgkmevlbjh\Zgb_deb_glh\k ikbohkhfZlbq_kdbfb
jZkkljhckl\Zfb
Dhgkmevlbjh\Zgb_deb_glh\k ^_ij_kkb_cb
kmbpb^gufbgZf_j_gbyfb
 Dhgkmevlbjh\Zgb_ijbi_j_`b\ZgbbmljZlu
Hkh[_gghklb[_k_^uk mfbjZxsbfq_eh\_dhf
Dhgkmevlbjh\Zgb_ijbk_dkmZevguoijh[e_fZo
 WLBQ?KDB? IJBGPBIU < IKBOHEH=BQ?KDHF
DHGKMEVLBJH<:GBB
IHKE?KEH<B? H DGB=? JDHQXG:K: HKGH<U IKBOHEH=BQ?KDH=H
DHGKMEVLBJH<:GBY<<F:D:JH<