;b[ebhl_dZ F_^bpbgkdhcDeZkkbdb

IKBOB:LJBY
I;=:GGMRDBG

DEBGBD: IKBOHI:LBB
BOKL:LBD:>BG:FBD:KBKL?F:LBD:

F?>BPBGKD:YDGB=:Ba^Zl_evkl\hG=F: ‡
M>D 
=ZggmrdbgI;DebgbdZikbohiZlbcboklZlbdZ^bgZfbdZkbkl_fZlbdZ²GGh\]hjh^
Ba^\hG=F:²k² ;b[ebhl_dZf_^bpbgkdhcdeZkkbdbIkbobZljby 
Dgb]Z \u^Zxs_]hky hl_q_kl\_ggh]h ikbobZljZ I;=ZggmrdbgZ y\beZkv blh]hf ihqlb
ljb^pZlbe_lg_c bkke_^h\Zl_evkdhc ^_yl_evghklb Z\lhjZ <i_j\u_ [ueb ^Zgu q_ldb_
debgbq_kdb_ djbl_jbb hl]jZgbq_gby dhgklblmpbhgZevguo ikbohiZlbc h[hkgh\Zgu
khojZgb\rb_k\h_agZq_gb_^hgZklhys_]h\j_f_gbljbijbagZdZbohij_^_eyxsb_< jZ[hl_
ih^jh[gh bkke_^h\Zgu lbiu aZdhgu nhjfmeu jZa\blby ikbohiZlbc ^ZgZ Z\lhjkdZy
deZkkbnbdZpbyikbohiZlbc
Dgb]Zij_^gZagZq_gZ^eyikbobZljh\bklhjbdh\f_^bpbgu
Ih\hijhkZfijbh[j_l_gbydgb]bh[jZsZcl_kv\ Ba^Zl_evkl\hG=F:ihZ^j_km
Gb`gbcGh\]hjh^Zy 
L_e  L_e  
<HAFH@GHIHEMQ?GB?DGB=BKHKDE:>:< FHKD<?
,6%1²²²
‹Ba^Zl_evkl\hG=F:
HLBA>:L?EVKL<:

M\Z`Z_fucdhee_]Z
Fu jZ^u khh[sblv <Zf qlh Ba^Zl_evkl\hf G=F: hldjulZ gh\Zy k_jby ² ;b[ebhl_dZ
f_^bpbgkdhc deZkkbdb < g_c [m^ml ba^Z\Zlvky dgb]b ij_^klZ\eyxsb_ g_hkeZ[_\Zxsbc
bgl_j_k^eyijZdlbq_kdbo\jZq_cex[h]hihdhe_gbydZdaZeh`b\rb_nmg^Zf_glkh\j_f_gghc
f_^bpbgkdhcgZmdb
<u hldjueb dgb]m \u^Zxs_]hky hl_q_kl\_ggh]h ikbobZljZ I_ljZ ;hjbkh\bqZ
=ZggmrdbgZ h^gh]h ba \b^guo ij_^klZ\bl_e_c fhkdh\kdhc ikbobZljbq_kdhc rdheu
ihk\ylb\r_]h k\hx `bagv jZa\blbx dhgklblmpbhgZevgh]h  gZijZ\e_gby \ ikbobZljbb :\lhj
ij_^eZ]Z_fhc\gbfZgbxqblZl_e_cdgb]bg_^h`be^h__ \uoh^Z\ k\_lHgZ[ueZbf\uqblZgZ
b ih^ibkZgZd i_qZlbdh]^Zihke_g_^he]hc[he_agbhg\ ghqvgZn_\jZey]h^Zmf_jg_
m\b^_\__ ba^Zgghc
Ba^Zl_evkl\h \ayeh gZ k_[y kf_ehklv hkms_kl\blv i_j_ba^Zgb_ wlh]h ljm^Z \h fgh]hf
hij_^_eb\r_]h ij_^klZ\e_gby hl_q_kl\_gguo ikbobZljh\ h ih]jZgbqghc ikbobZljbb Fu
ihklZjZebkv ^hg_klb ^h qblZl_e_c ihke_^gxx dgb]m I ; =ZggmrdbgZ \hafh`gh [he__
[ebadhc d hjb]bgZem i_j\h_ ba^Zgb_ [ueh \uims_gh \ k\_l fhkdh\kdbf dhhi_jZlb\guf
ba^Zl_evkl\hf K_\_j \  ]h^m  \g_ky \ g__ lhevdh g_agZqbl_evgu_ dhjj_dlmjgu_
baf_g_gby Fu `^_f hl <Zk m\Z`Z_fuc qblZl_ev ij_^eh`_gbc b ih`_eZgbc ih ba^Zgbx
^jm]bodgb]\ k_jbb;b[ebhl_dZf_^bpbgkdhcdeZkkbdb

IJ?>BKEH<B?
Debgbq_kdZyikbobZljbyi_j_`b\Z_ldjbabkWlhldjbabkg_ba[_`_gIkbobZljby²kZfZy
fheh^Zy b kZfZy keh`gZy hljZkev debgbq_kdhc f_^bpbgu HgZ lhevdh qlh \uj\ZeZkv ba
h[tylbc ki_dmeylb\gh]h fure_gby lhevdh qlh klZeZ gZ [bheh]bq_kdh_ hkgh\Zgb_ b l\_j^h
^_j`ZkvaZwlm[ZamgZqZeZ[ukljhjZa\b\ZlvkyMki_obb ^hklb`_gbydebgbq_kdhcikbobZljbb
² b l_hj_lbq_kdb_ b ijZdlbq_kdb_ ² hq_gv [hevrb_ H^gZdh _keb fgh]h_ k^_eZgh lh _s_
[hevr_ij_^klhblk^_eZlv
?keb \ h^ghc hq_gv [hevrhc k\h_c qZklb \ h[eZklb lZd gZau\Z_fuo wdah]_gbc
debgbq_kdZyikbobZljbykZfuf[ebadbfh[jZahfih^hreZd hklZevghcf_^bpbg__keb\ wlhc
]jmii_ wdah]_gguo \ rbjhdhf kfuke_ keh\Z  ikbobq_kdbo aZ[he_\Zgbc f_`^m
ikbobZljbq_kdhc b l_jZi_\lbq_kdhc debgbdZfb g_l gb jZagbpu gb ijhlb\hj_qbc ² gb \
kfuke_ bamq_gby fZl_jbZeZ gb \ kfuke_ f_lh^h\ e_q_gby ² lh _klv \ ikbobZljbq_kdhc
debgbd_ [hevrZy ]jmiiZ aZ[he_\Zgbc ]jmiiZ ]jhfZ^gh]h agZq_gby dhlhjZy ihij_`g_fm
gZ\e_dZ_lgZ ikbobZljbx g_^h\hevkl\h kh klhjhgukhfZlbdh\ khfZlbdb ihij_`g_fm ]hlh\u
\b^_lv \ ikbobZljZo g_ [bheh]h\ Z ikboheh]h\ \ ki_pbnbq_kdhf kfuke_ wlh]h keh\Z ih
ij_`g_fm hldZau\Zxlky hl h[s_]h yaudZ b ^Z`_ h[s_]h fure_gby ihij_`g_fm ]hlh\u
hljbpZlvaZikbobZljb_cijZ\h[ulvhljZkevxf_^bpbgu
WlZ]jmiiZ²]jmiiZlZdgZau\Z_fuodhgklblmpbhgZevguoikbohiZlbcWlZ]jmiiZdjZcg_
jZaghh[jZagZ^hkboihjhgZhklZ_lkydjZcg_jZajhag_gghchgZhibku\Z_lky\ jZaguo]eZ\Zob
^Z`_ \ jZaguo lhfZo ikbobZljbq_kdbo mq_[gbdh\ b jmdh\h^kl\ \ wlm ]jmiim \oh^yl b
pbjdmeyjguc ikboha b iZjZghy b bkl_jby b ikbohiZlbq_kdb_ ebqghklb b g_ghjfZevgu_
j_Zdpbb b iheh\u_ ba\jZs_gby b l^ ;ueh [u hq_gv `_eZl_evgh b kh\_jr_ggh g_h[oh^bfh
gZclbb ^eywlhc]jmiiukemqZ_\khfZlbq_kdmx[Zambebohly[uhij_^_e_ggu_khfZlbq_kdb_
dhjj_eypbb < wlhf hlghr_gbb ^_eZxlky fgh]hqbke_ggu_ b bkdexqbl_evgu_ ihiuldb wlb
ihiuldb g_ lhevdh ^_eZxlky hgb ^he`gu ^_eZlvky b[h m`_ k_cqZk _klv fgh]h hkgh\Zgbc
^mfZlv qlh wlb ihiuldb ² kdhjh eb iha^gh eb ² gh m\_gqZxlky mki_ohf Wlb ihiuldb
^_eZxlky j_rbl_evgh \h \k_o iehkdhklyo b gZijZ\e_gbyo iulZxlky bamqZlv b
deZkkbnbpbjh\Zlv ikbohiZlbb bkoh^y ba kZfuo jZaghh[jZaguo ij_^ihkuehd ²
ZgZlhfbq_kdbo nbabheh]bq_kdbo obfbq_kdbo wg^hdjbgheh]bq_kdbo b ^j Kljh_gb_ l_eZ
q_eh\_dZ khihklZ\eyxl k _]h oZjZdl_jhf jZaebqZxl ikbobdm \Z]hlhgbdh\ b
kbfiZlbdhlhgbdh\ jZaebqZxl ikbobdm ex^_c k ij_h[eZ^Zgb_f ^_yl_evghklb dhju ]heh\gh]h
fha]Z hl ikbobdb ex^_c m dhlhjuo ij_h[eZ^Zxl nmgdpbb ih^dhjdh\uo h[eZkl_c ^Z`_ \
ij_^_eZo h^ghc dhju ]heh\gh]h fha]Z \u^_eyxl jZagu_ lbiu ex^_c lbi eh[guc lbi
aZluehqguc iulZxlky mklZgh\blvjZaebqb_\ ikbobd__kebg_ex^_clh`b\hlguobkoh^yba
wdki_jbf_glZevguo^Zgguoh[mkeh\guob [_amkeh\guoj_ne_dkZoKlZ\ylikbobdm\ k\yavkh
k\hckl\Zfbkhkm^bklhckbkl_fuk h[sbfbk\hckl\ZfbldZg_chj]ZgbafZk dZq_kl\hfdjh\bb
l^Hkh[_ggh[hevrh_ihe_^ey\u\h^h\ih^h[gh]hjh^Z²\u\h^h\g_lhevdhbgl_j_kguob
aZfZgqb\uo gh b kiehrv b jy^hf hq_gv k_jv_aguo b hkgh\Zl_evguo ² ^Z_l wg^hdjbggZy
kbkl_fZ]h\hjylh ]bi_jlbj_hb^ghfb ]bihlbj_hb^ghfl_fi_jZf_glZoh lbi_ l_lZghb^ghf b
lbi_ [Za_^h\hb^ghf h lbiZo ]bih]_gblZevghf ]bihkmijZj_gZevghf ]bih b
]bi_jiblmblZjghf ?keb k h^ghc klhjhgu fh`gh wlh _s_ jZa ih^q_jdgmlv \k_ wlb ihiuldb
g_h[oh^bfub \dhg_qghfkq_l_ijb\_^mld hq_gvhij_^_e_ggufb gZ^_`gufj_amevlZlZflhk
^jm]hcklhjhgugZ^hk lZdhx`__kebg_k [hevr_chlq_leb\hklvxkdZaZlvqlhwlbihiuldb
ihdZqlh_s_g_^Zebijb_fe_fh]hihgylgh]hb ohlvkdhevdhgb[m^vl\_j^h]hh[tykg_gbylhfm
]jhfZ^ghfm fZl_jbZem \ wlhc h[eZklb dhlhjuf jZkiheZ]Z_l debgbdZ Ba wlh]h iheh`_gby
^mfZ_lky gZf k g_ba[_`ghklvx \ul_dZ_l ^jm]h_ ihdZ m gZk g_ bf__lky hij_^_e_gghc
khfZlbq_kdhc [Zau ^ey bamq_gby dhgklblmpbhgZevguo ikbohiZlbc fu ^he`gu bamqZlv wlhl
\Z`g_crbc fZl_jbZe \ lhf Zki_dl_ \ dhlhjhf hg ^hklmi_g b ih^^Z_lky bamq_gbx bgufb
keh\Zfb fu ^he`gu bamqZlv debgbdm ikbohiZlbc Fu g_ ^he`gu kdju\Zlv hl k_[y gh g_
^he`gu b h]hjqZlvky l_f h[klhyl_evkl\hf qlh wlh gZr_ debgbq_kdh_ bamq_gb_ ikbohiZlbc
hdZ`_lky g_^he]h\_qguf qlh k l_q_gb_f \j_f_gb k ijh]j_kkhf agZgby \ hkgh\_ jZaebqguo
ikbohiZlbc hdZ`mlky gZc^_ggufb hij_^_e_ggu_ khfZlhnbabheh]bq_kdb_ fhf_glu ² \k_ `_
fub \gZklhys__\j_fyijbl_i_j_rg_fmjh\g_agZgby^he`gubamqZlvb kbkl_fZlbabjh\Zlv
ikbohiZlbbbamqZlvbodebgbdm\ __klZlbq_kdhfb ^bgZfbq_kdhfjZaj_aZofu^he`gu\aylv
\kx wlm [hevrmx ]jmiim dhgklblmpbhgZevguo ikbohiZlbc aZ h^gh p_eh_ b bkke_^h\Zlv wlm
h[smx kmffm debgbq_kdbo nZdlh\ k h^gbo b l_o `_ lhq_d aj_gby g_ jZajZagb\Zy hl^_evguo
bg]j_^b_glh\wlhckmffuZ gZh[hjhl\k_]^ZkhihklZ\eyyh^gbkeZ]Z_fu_k ^jm]bfb 
< wlbo \\h^guo khh[jZ`_gbyo fu [u ohl_eb hij_^_e_ggh ih^q_jdgmlv qlh
dhgklblmpbhgZevgu_ ikbohiZlbb ² dZd [u gb [ueb jZaghh[jZagu bo ijhy\e_gby ²
khklZ\eyxlijbl_i_j_rg_fmjh\g_agZgbyh^gm]eZ\mdebgbq_kdhc ikbobZljbb < wlhc ]eZ\_
ikbohiZl^he`_gbamqZlvkyih^h^gbfb l_f`_m]ehfaj_gbyh^gbfbb l_fb`_debgbq_kdbfb
ijb_fZfb Wlh ² i_j\h_ <lhjh_ ² ikbohiZl ^he`_g bamqZlvky dZd p_eh_ dZd ebqghklv \h
\k_c__ iheghl_\h\k_f__ h[t_f_ dhg_qgh^he`gubamqZlvky\hafh`ghiheg__khfZlbq_kdb_
dhjj_eypbbwlhcebqghklbghboh^gboihdZ_s_kebrdhffZehikbohiZl^he`_gbamqZlvky\h
\aZbfhhlghr_gbbk hdjm`Zxs_c_]hkj_^hc\h\k_o_]hklhedgh\_gbyok wlhckj_^hc\h\k_o
_]h j_Zdpbyo gZ g__ \h \k_o ijhlb\hj_qbyo _]h ikbobdb gh \k_]^Z hg ^he`_g bamqZlvky dZd
g_qlh_^bgh_p_ehklgh_GZdhg_pikbohiZl^he`_gbamqZlvkyg_lhevdh\ l_q_gb_hl^_evguo
[he_ag_gguowlZih\_]h`bagbZih\hafh`ghklbgZijhly`_gbb\k_]h_]h`bag_ggh]himlb
lhevdhlh]^Zfh`gh[ulv^hba\_klghckl_i_gb]ZjZglbjh\Zggufhl\kydh]hjh^Zihki_rguo

F_lh^ Nj_c^ZdhlhjufiulZxlkyhk\_lblv]_g_ab debgbdmikbohiZlbbdZ`_lkygZfkebrdhfb

aZ]Z^hqgufb ijhba\hevgufb g_hij_^_e_gguf^eylh]hqlh[ukdhevdhgb[m^vk_jv_aghijbf_gylv_]hd
lZdhchl\_lkl\_gghcb rbjhdhcijh[e_f_

\u\h^h\b h[h[s_gbclhevdhlh]^Zfh`ghhl^_eblv\j_f_ggh_kemqZcgh_ij_oh^ys__hl
ihklhyggh]h b klhcdh]h Wlb ljb f_lh^heh]bq_kdbo mkeh\by dZ`mlky gZf g_h[oh^bfufb ijb
bamq_gbbikbohiZlbc
Imlv dhlhjuf fh`gh b^lb ijb bamq_gbb wlh]h fZl_jbZeZ ^mfZ_lky gZf ^\hydbc h^bg
imlv imlv bkiulZgguc gZ^_`guc ^Z\rbc gZf m`_ [e_klysb_ j_amevlZlu wlh ² imlv hl
[he_agbd a^hjh\vxhl[hevrhckm]m[hcikbobZljbbd fZehcih]jZgbqghcimlvdhlhjuf^h
kbo ihj reZ gZrZ ^bkpbiebgZ b g_ lhevdh hgZ h^gZ  b hl dhlhjh]h g_l gbdZdbo hkgh\Zgbc
hldZau\Zlvky >jm]hc imlv _keb m]h^gh ² h[jZlguc hl a^hjh\vy d [he_agb beb \_jg__
]h\hjy imlv bf_xsbc k\hbf bkoh^guf imgdlhf g_ gZk_e_gb_ ikbobZljbq_kdhc [hevgbpu Z
h[uqgmx`bag_ggmxkj_^mh[uqgmx`bag_ggmxZlfhkn_jmwlhlimlvbamqZ_lebqghklv\ __
\aZbfhhlghr_gbyok hdjm`Zxs_ckj_^hck Zdp_glhfgZihke_^g_cJ_amevlZlhfqj_af_jgh]h
m\e_q_gby lZdbf \a]ey^hf y\ey_lky ij_^eh`_gb_ aZf_gblv l_jfbg ikbohiZl l_jfbghf
khpbhiZl ² ij_^eh`_gb_ gZ gZr \a]ey^ b g_ijb_fe_fh_ b gbq_f g_hijZ\^u\Z_fh_ Z
]eZ\gh_ kebrdhf mijhsZxs__ wlm klhev keh`gmx ijh[e_fm GZ wlhf \lhjhf imlb bamq_gby
hkh[_gghfgh]h\gbfZgbym^_ey_lky\hijhkZf\hkiblZgby[ulZijhn_kkbbkblmZpbbWlb^\Z
imlb kh\_jr_ggh jZagu_ gh hgb g_ bkdexqZxl Z ^hihegyxl h^bg ^jm]hc <lhjhc imlv
^mfZ_lky gZf \ ^_e_ bamq_gby ikbohiZlbc ^Ze _s_ hq_gv g_fgh]h gh g_dhlhju_ \hijhku
ihklZ\e_ggu_ [eZ]h^Zjy bf_ggh wlhfm imlb b hq_gv bgl_j_kgu b ijbgpbibZevgh \Z`gu
Kh_^bgblvh^gZdhwlb^\Zimlb\ h^ghfbkke_^h\ZgbbgZfdZ`_lkyhq_gvaZljm^gbl_evguf<
gZr_cjZ[hl_fu]eZ\gufh[jZahfbkoh^bfbadebgbq_kdh]hhiulZb debgbq_kdh]hfZl_jbZeZ
^jm]bfb keh\Zfb fu b^_f i_j\uf iml_f wlh ^_eZ_l gZrm jZ[hlm g_kdhevdh h^ghklhjhgg_c
h^gZdh nZdlhj khpbZevguc kblmZpbhgguc \ rbjhdhf kfuke_ keh\Z fu g_ lhevdh g_
b]ghjbjm_fZ hij_^_e_gghih^q_jdb\Z_fb bf__f\ \b^m
Kmf__f eb fu hklZ\Zykv \ ij_^_eZo debgbq_kdh]h hiulZ ohly [u gZ ba\_klguc
ijhf_`mlhd \j_f_gb ^Zlv kbkl_fm ikbohiZlbc" >mfZ_f qlh g_l gh gZf dZ`_lky
g_[_augl_j_kguf ohly [u ihiulZlvky wlh k^_eZlv ihiulZlvky ^Zlv h[smx kbkl_fm
dhgklblmpbhgZevguo ikbohiZlbc hl^_evgu_ qZklb dhlhjhc fh`_l [ulv hdZ`mlky g_
aZiheg_ggufb Z ebrv gZf_q_ggufb ^Z\Zy f_klh ^ey [m^msbo bkke_^h\Zgbc < gZr_f
lhedh\Zgbbdebgbq_kdh]hfZl_jbZeZfu^hjh`bf]hjZa^h[hevr_bf_gghh[s_ckbkl_fhcq_f
nZdlbq_kdbf kh^_j`Zgb_f wlbf h[tykgy_lky lh h[klhyl_evkl\h qlh fgh]bo \_s_c fgh]bo
^_lZe_c fu kh\_jr_ggh g_ dZkZ_fky hij_^_e_ggh iheZ]Zy qlh lZdbf baeh`_gb_f fu
aZkehgbeb[uh[sbcieZgjZ[hluK ^jm]hcklhjhgubal_o`_khh[jZ`_gbcfujZkij_^_ebeb
gZr fZl_jbZe g_ lZd dZd h[udgh\_ggh wlh ^_eZ_lky IkbohiZlbq_kdb_ ebqghklb
iZlheh]bq_kdb_ oZjZdl_ju \k_]^Z hdZau\Zxlky ij_^f_lhf ihke_^gbo aZdexqbl_evguo ]eZ\
mq_[gbdh\b jmdh\h^kl\ihikbobZljbbfu`_gZqbgZ_fk\h_baeh`_gb_ bf_ggh k gbo dZd k
lhchkgh\ghcklZlbq_kdhc[ZaudZdk lhcihq\udhlhjZyijboh^bl\ dhe_[Zgb_\ khljyk_gb_
dhlhjZy f_gy_l k\hb k\hckl\Z gZ ^he]bc beb dhjhldbc kjhd ih^ \ebygb_f l_o beb ^jm]bo
nZdlhjh\ ^bgZfbdZ ikbohiZlbc  KlZlbq_kdbc b ^bgZfbq_kdbc jZaj_a h^ghc b lhc `_
ikbohiZlbq_kdhcebqghklb²\hlijbgpbigZr_]hihgbfZgbyij_^f_lZijbgpbidhlhjucg_
\k_]^Zd kh`Ze_gbxm^Z_lky ihke_^h\Zl_evghijh\_klbYkgh\ lZdhfkemqZ_qlhklZlbq_kdbc
jZaj_a ebqghklb dZd lhqdZ ijbeh`_gby \g_rg_]h nZdlhjZ ^he`_g bamqZlvky b baeZ]Zlvky
jZgvr_ q_f __ ^bgZfbdZ \ dhlhjmx ^he`gu \hclb nhjfu j_Zdpbb wlhc ebqghklb gZ lh beb
^jm]h_\g_rg__jZa^jZ`_gb_IjZ\^Z\ ijhp_kk_`bagbklZlbdZg_hl^_ebfZhl^bgZfbdb\_^v
ihgylb_ h klZlbd_ _klv ihgylb_ \ ^hklZlhqghc f_j_ mkeh\gh_ Z[kljZdlgh_ ihqlb
fZl_fZlbq_kdh_ gh \k_ `_ hij_^_e_ggu_ k\hckl\Z ebqghklb d ba\_klghfm fhf_glm `bagb
bg^b\b^mmfZ d ² ]h^Zf  hdZau\Zxlky [he__ beb f_g__ klhcdbfb mklZgh\e_ggufb b
fh]ml[ulv\aylu dZd g_qlh^Zggh_ dZd klZlbq_kdbc fZl_jbZe dZd bkoh^gZy lhqdZ ^bgZfbdb
;ulvfh`_l²b wlh^Z`_gZ\_jgh_²lhqlhfuhibku\Z_f\ klZlbd__klvg_qlhijhba\h^gh_
_klv m`_ j_amevlZl ^bgZfbdb [ulv fh`_l qbkeh hkgh\guo lbih\ klZlbq_kdbo  ]hjZa^h
f_gvr_ q_f \aylh \ gZr_f baeh`_gbb gh fu g_ ohl_eb [u kdZaZlv [hevr_ lh]h qlh \
gZklhys__ \j_fy agZ_f ih f_j_ jhklZ agZgbc g_dhlhju_ a\_gvy gZr_c kbkl_fu fh]ml [ulv
i_j_g_k_gu ba h^gh]h jy^Z \ ^jm]hc gh wlh g_ ^he`gh gZjmrZlv \k_c kbkl_fu Djbl_jbc
^bgZfbdb djbl_jbc jZa\blby g_h[oh^bfh \\_klb \ h[boh^ debgbq_kdhc ikbobZljbb wlhl
djbl_jbc^he`_g[ulvbkihevah\Zg]hjZa^h[hevr_q_fwlh^_eZ_lkyl_i_jvdh]^ZlZdfgh]h
\gbfZgby m^_ey_lky bamq_gbx b ZgZebam khklhygby [hevgh]h b lZd fZeh ]h\hjblky h
l_q_gbb[he_agb< gZr_cjZ[hl_baeh`_gbxklZlbq_kdh]hfZl_jbZeZlh`_m^_e_gh[hevrh_
f_klh gh fu [u ohl_eb ih^q_jdgmlv qlh \ klZlbd_ ikbohiZlbc bf__lky \ \b^m nZdlbq_kdh_
kh^_j`Zgb_ ij_^f_lZ Z \ ^bgZfbd_ ² ]eZ\guf h[jZahf lbiu aZdhgu nhjfmeu jZa\blby
ikbohiZlbc dhgdj_lghfm baeh`_gbx nZdlh\ \k_]^Z ijboh^blky m^_eylv [hevr_ f_klZ q_f
aZdhgZfbojZa\blby[_ai_j\h]hg_\hafh`ghb \lhjh_
H]jhfguc fZl_jbZe dhgklblmpbhgZevguo ikbohiZlbc fu iulZ_fky kbkl_fZlbabjh\Zlv \
ij_^_eZodebgbq_kdbgZ[ex^Z_fuonZdlh\b \ij_^_eZokh\j_f_gguodebgbq_kdbomklZgh\hd
HlijZ\ghc lhqdhc \ gZr_c kbkl_f_ y\ey_lky ^bgZfbq_kdbc ih^oh^ d ikbohiZlbb [_j_lky
klZlbdZ ikbohiZlbb b wlZ ikbohiZlby bamqZ_lky \h \k_f [h]Zlkl\_ __ ijhy\e_gbc ih^ agZdhf
^bgZfbdbkhpbZevguomkeh\bc`bagb^bgZfbdb[bheh]bq_kdhc gZijbf_j\hajZkl ^bgZfbdb
iZlheh]hdebgbq_kdhc
Hkgh\gufb ^bgZfbq_kdbfb fhf_glZfb \ iZlheh]bq_kdhc `bagb ebqghklb y\eyxlky 
nZaZ beb wibah^   rhd   j_Zdpby   jZa\blb_ Ih wlhc bf_ggh ko_f_ b^_l ^Zevg_crbc
jZkihjy^hdbaeh`_gby
<k_ h[sb_ \hijhku ² klhev \Z`gu_ b bgl_j_kgu_ h oZjZdl_j_ h l_fi_jZf_gl_ h
dhgklblmpbb h[ bg^b\b^mZevghklb ² gZfb hklZ\eyxlky \ klhjhg_ Fu \ugm`^_gu ih jh^m
k\h_c ki_pbZevghklb [jZlv \_sb y\e_gby lZdbfb dZdbfb hgb gZ[ex^Zxlky \jZqhf b \
debgbd_ b \ wlhf b gZr_ ij_bfms_kl\h gh [ulv fh`_l \ wlhf `_ _s_ [hevr_ b gZr
g_^hklZlhd fu ohl_eb [u ebrv ^mfZlv qlh wlb gZrb debgbq_kdb_ khh[jZ`_gby fh]ml
khkem`blv ohly [u g_[hevrmx kem`[m b \ ^jm]bo h[eZklyo ² h[eZklyo [he__ h[s_]h
oZjZdl_jZ 
H[t_fgZr_cjZ[hlug_\_ebdfubkdexqbebih^jh[gu_ebl_jZlmjgu_kijZ\dbghljm^Z
b \j_f_gbgZrZjZ[hlZ\k_`_ihlj_[h\ZeZ[hevrboHq_gv[hevrmxihfhsvhdZaZegZfIF
Abgh\v_\²[_a_]hmqZklby\ wlhf^_e_fu[ug_kijZ\bebkvk gZr_caZ^Zq_c
 H;SB?<<H>GU?KHH;J:@?GBY
Kh\j_f_ggh_ mq_gb_ h dhgklblmpbhgZevguo ikbohiZlbyo y\behkv j_amevlZlhf
m]em[e_gghc debgbq_kdhc jZajZ[hldb h[eZklb lZd gZau\Z_fuo ih]jZgbqguo khklhygbc ²
ih]jZgbqguo f_`^m ^mr_\gufb b g_j\gufb [he_agyfb k h^ghc klhjhgu b f_`^m
^mr_\ghc [he_agvx b ^mr_\guf a^hjh\v_f k ^jm]hc H[eZklv wlZ h[gbfZ_l fZl_jbZe \
agZqbl_evghc kl_i_gb jZaghjh^guc Kx^Z \oh^yl b e_]db_ Z[hjlb\gu_ nhjfu ikbohah\
ijhp_kkh\ ijh]j_^b_glgu_nhjfu k hij_^_e_gguffhf_glhfgZqZeZaZ[he_\Zgbyb y\e_gby
gZ[ex^Z_fu_ \ l_q_gb_ \k_c `bagb m g_ijZ\bevgh hj]Zgbah\Zgguo ^bk]Zjfhgbqguo
ebqghkl_cI_j\u_dZd[ufy]dhhgbgb ijhl_dZebb dZdb_[ufZehaZf_lgu_baf_g_gbyihke_
k_[y gb hklZ\eyeb \k_]^Z ij_^klZ\eyxl g_qlh qm`^h_ hkgh\ghc l_g^_gpbb gZijZ\eyxs_c
jZa\blb_ ^Zgghc ebqghklb Ijb gbo \ oh^ `bag_gguo ijhp_kkh\ hj]ZgbafZ h[yaZl_evgh
\f_rb\Z_lky g_dhlhjuc hkh[uc h[mkeZ\eb\Zxsbc k^\b] nZdlhj b gZqbgZ_lky jZa\blb_
y\e_gbc dhlhju_ [m^mqb qm`^ufb hj]Zgbafm b \k_c ebqghklb ijb\h^yl __ iheghklvx beb
qZklbqgh d baf_g_gbx b jZajmr_gbx d miZ^dm IjbgpbibZevgh g_kms_kl\_ggh kdZau\Z_lky
eb\ wlbokemqZyo[he_ag_ggucijhp_kky\e_gbyfbj_adbfbyjdbfbbebebrvdjZcg_keZ[ufb
b^_l eb hg [ukljh beb f_^e_ggh ^Z_l eb hklZgh\dm \ k\h_f l_q_gbb beb \k_ \j_fy
ijh]j_kkbjm_lg_lihwlhfmgbdZdhcg_h[oh^bfhklbljZdlh\Zlvhl^_evghe_]db_nhjfulZdbo
ikbohah\ijhp_kkh\ \g_ jZfhd hibkZgby hkgh\guo bo ]jmii Kh\k_f bgZq_ h[klhbl ^_eh ih
hlghr_gbxd l_fkemqZyf]^_ghjfZevgu_y\e_gbyg_ij_^klZ\eyxlj_amevlZlZ\f_rZl_evkl\Z
bghjh^gh]h ijhp_kkZ Z hdZau\Zxlky \jh`^_ggufb ijbkmsbfb kZfhfm kms_kl\m ebqghklb b
jZa\b\Zxsbfbky lhevdh \ l_o ij_^_eZo \ dhlhjuo wlh]h lj_[m_l __ h[uqgh_ `bag_ggh_
jZa\blb_bebmkeh\by__ khhlghr_gbck hdjm`Zxs_ckj_^hc?kebhl\e_qvkyhllh]hnZdlZqlh
\kydZy `bagv kZfZ ih k_[_ _klv hj]Zgbq_kdbc ijhp_kk khklhysbc ba nZa   ihklmiZl_evgh]h
jZa\blby jZ\gh\_kbyb  miZ^dZlh\h\k_olZdbokemqZyofh`gh]h\hjblvh khklhygbyo\
[he__ beb f_g__ lhqghf kfuke_ wlh]h keh\Z l_ h y\e_gbyo klZpbhgZjguo Z g_
ijh]j_^b_glguo >ey h[hagZq_gby ih^h[gh]h jh^Z nhjf \ debgbq_kdhc ikbobZljbb
mihlj_[ey_lky l_jfbg dhgklblmpbhgZevgu_ ikbohiZlbb Khhl\_lkl\_ggh wlhfm
ikbohiZlbq_kdbfbgZau\Zxlkyebqghklbk xghklbk fhf_glZnhjfbjh\Zgbyij_^klZ\eyxsb_
jy^ hkh[_gghkl_c dhlhju_ hlebqZxl bo hl lZd gZau\Z_fuo ghjfZevguo ex^_c b f_rZxl bf
[_a[he_ag_ggh ^ey k_[y b ^ey ^jm]bo ijbkihkh[eylvky d hdjm`Zxs_c kj_^_ Ijbkmsb_ bf
iZlheh]bq_kdb_ k\hckl\Z ij_^klZ\eyxl kh[hc ihklhyggu_ \jh`^_ggu_ k\hckl\Z ebqghklb
dhlhju_ ohly b fh]ml \ l_q_gb_ `bagb mkbeb\Zlvky beb jZa\b\Zlvky \ hij_^_e_gghf
gZijZ\e_gbb h^gZdh h[uqgh g_ ih^\_j]Zxlky kdhevdhgb[m^v j_adbf baf_g_gbyf GZ^h
^h[Z\blv ijb wlhf qlh j_qv b^_l h lZdbo q_jlZo b hkh[_gghklyo dhlhju_ [he__ beb f_g__
hij_^_eyxl \_kv ikbobq_kdbc h[ebd bg^b\b^mmfZ gZdeZ^u\Zy gZ \_kv _]h ^mr_\guc mdeZ^
k\hc\eZklguchli_qZlhdb[hkms_kl\h\Zgb_\ ikbobd_lh]hbebbgh]hkm[t_dlZ\hh[s_dZdbo
eb[h hl^_evguo we_f_glZjguo g_ijZ\bevghkl_c b mdehg_gbc _s_ g_ ^Z_l hkgh\Zgby
ijbqbkeylv_]hd ikbohiZlZfLZdbfh[jZahfikbohiZlbb²wlhnhjfudhlhju_g_bf_xlgb
gZqZeZ gb dhgpZ g_dhlhju_ ikbobZlju hij_^_eyxl ikbohiZlbq_kdb_ ebqghklb wlbo ih
\ujZ`_gbx ;Zeey %DOO  ihklhygguo h[blZl_e_c h[eZklb ih]jZgbqghc f_`^m ^mr_\guf
a^hjh\v_f b ^mr_\gufb [he_agyfb dZd g_m^Zqgu_ [bheh]bq_kdb_ \ZjbZpbb dZd qj_af_jgh
^Ze_dh aZr_^rb_ hldehg_gby \ klhjhgm hl hij_^_e_ggh]h kj_^g_]h mjh\gy beb ghjfZevgh]h
lbiZ Djhf_ lh]h ^ey ]jhfZ^gh]h [hevrbgkl\Z ikbohiZlbc oZjZdl_jguf y\ey_lky lZd`_
ijbagZd g_^hklZlhqghklb ^_n_dlghklb g_iheghp_gghklb \ rbjhdhf kfuke_ keh\Z lh]^Z dZd
hldehg_gby \ klhjhgm mkbe_gby iheh`bl_evguo k\hckl\ ebqghklb ohly b klZ\yl bgh]^Z
km[t_dlZlh`_\g_jZfhdghjfZevgh]hkj_^g_]hq_eh\_dZgb \dh_fkemqZ_g_^Zxl_s_ijZ\Z
ijbqbkeylv _]h d ikbohiZlZf Ijb hij_^_e_gbb ikbohiZlbc fh`gh lZd`_ bkoh^blv ba
ijZdlbq_kdh]h ijbagZdZ \u^\b]Z_fh]h Rg_c^_jh\ 6FKQHLGHU  ih keh\Zf dhlhjh]h
ikbohiZlbq_kdb_ ebqghklb ² wlh lZdb_ g_ghjfZevgu_ ebqghklb hl g_ghjfZevghklb dhlhjuo
kljZ^Zxl beb hgb kZfb beb h[s_kl\h GZ^h ^h[Z\blv qlh wlh ² bg^b\b^mmfu dhlhju_
gZoh^ykv \ h[uqghc `bagb j_adh hlebqZxlky hl h[udgh\_gguo ghjfZevguo ex^_c hgb
f_`^mijhqbfe_]dh\klmiZxl\ dhgnebdlk ijZ\beZfbh[s_`blbyk aZdhghfghhdZaZ\rbkv
^h[jh\hevghbebihijb]h\hjmkm^Z\ kl_gZoki_pbZevgh]haZ\_^_gby^ey^mr_\gh[hevguog_
f_g__ j_adh hlebqZxlky b hl h[uqgh]h gZk_e_gby wlbo mqj_`^_gbc Dhebq_kl\_ggZy klhjhgZ
^_eZ kl_i_gv ikbohiZlbqghklb _keb fh`gh lZd \ujZablvky dhg_qgh fh`_l [ulv gZklhevdh
\_ebdZ qlh ijb gZebqghklb wlhc kl_i_gb ikbohiZl fh`_l [ulv hq_gv ^Ze_d hl ih]jZgbqghc
ihehku b p_ebdhf ih^e_`Zlv aZdjulhfm ikbobZljbq_kdhfm mqj_`^_gbx ² h^gZdh hq_gv
[hevrh_dhebq_kl\hikbohiZlh\gZoh^blkybf_gghgZ]jZgbp_f_`^m[hevgufbb a^hjh\ufb
GZ^h kdZaZlv qlh jZa^_e_gb_ \k_o wg^h]_gguo nhjf bamqZ_fuo ikbobZljb_c gZ
[he_ag_ggu_ijhp_kku ikbohauijhp_kku k h^ghc

<hijhkZh \aZbfhhlghr_gbbf_`^m ^_]_g_jZpb_cb ijh]_g_jZpb_cfug_dZkZ_fky

<kyg_^hklZlhqghklvmkeh\ghklvhlghkbl_evghklvwlbohij_^_e_gbcykgukZfbkh[hc

klhjhgu b dhgklblmpbhgZevgu_ ikbohiZlbb k ^jm]hc y\ey_lky \k_ `_ ebrv jZ[hq_c

]bihl_ahc ohly [u b hq_gv ihe_aghc Z[khexlghklv dhlhjhc h]jZgbqb\Z_lky ^\mfy
khh[jZ`_gbyfb   ijZdlbq_kdhc ljm^ghklvx ihklZgh\db lhqgh]h ^bZ]ghaZ b mklZgh\e_gby
gZebqghklb k^\b]Z ljm^ghklvx iha\heyxs_c g_dhlhjuf ikbobZljZf kqblZlv ba\_klgu_
]jmiiu ikbohiZlbc kdjulufb ijhp_kkZfb lZd gZau\Z_fu_ eZl_glgu_ rbahnj_gbb b
wibe_ikbb b  g_khfg_ggufkms_kl\h\Zgb_fdhf[bgZpbc]^_ijhp_kkjZa\b\Z_lkygZihq\_
dhgklblmpbhgZevghcZghfZebb
<hijhk h[ wlbheh]bb ikbohiZlbc hq_gv keh`_g =jhfZ^gmx jhev \ bo ijhbkoh`^_gbb
ba^Z\gZ ijbibku\Zeb lhfm ^h kbo ihj g_^hklZlhqgh \uykg_gghfm [bheh]bq_kdhfm ijhp_kkm
dhlhjucgZau\Z_lky\ujh`^_gb_fD kh`Ze_gbxihgylb_wlh^hkboihjhklZ_lkyqj_a\uqZcgh
g_hij_^_e_gguf<h\kydhfkemqZ_ijbf_g_gb__]h\ bgl_j_kmxs_cgZkh[eZklbhij_^_e_ggh
ih^q_jdb\Z_l nZdl \jh`^_gghklb ikbohiZlbc Ijb wlhf [hevrZy qZklv bo ^he`gZ [ulv
hlg_k_gZ d khklhygbyf g_ lhevdh \jh`^_gguf gh b mgZke_^h\Zgguf g_dhlhjZy ]jmiiZ ih
\b^bfhfm bf__l \ k\h_c hkgh\_ lZd gZau\Z_fh_ ih\j_`^_gb_ aZqZldZ b g_[hevrZy fh`_l
[ulv hlghkblky d ihke_^kl\byf \gmljbmljh[guo aZ[he_\Zgbc b ih\j_`^_gbc Hl ihke_^gbo
ijbgpbibZevgh g_evay hl^_eblv g_dhlhju_ khklhygby y\eyxsb_ky j_amevlZlhf g_ihegh]h
\ua^hjh\e_gby \ua^hjh\e_gby k ^_n_dlhf  ihke_ bf_\rbo f_klh \ jZgg_f ^_lkdhf \hajZkl_
aZ[he_\Zgbc ijb wlhf dhg_qgh j_qv fh`_l b^lb lhevdh h l_o kemqZyo dh]^Z g_l gZebph
kdhevdhgb[m^v aZf_lghc mfkl\_gghc hlklZehklb Kh\_jr_ggh g_khfg_ggZ ]jhfZ^gZy jhev
kbnbebkZ Zedh]hebafZ Z fh`_l [ulv b lm[_jdme_aZ jh^bl_e_c \ wlbheh]bb ikbohiZlbc
H^gZdh imlb ih dhlhjuf wlb nZdlu hdZau\Zxl k\h_ \ebygb_ hklZxlky kh\_jr_ggh
g_ba\_klgufb QZklv ikbobZljh\ ^h kbo ihj ih^^_j`b\Z_l \u^\bgmlh_ Fhj_e_f 0RUHO
ij_^klZ\e_gb_ dZd [u h f_^e_ggh ijhl_dZxs_f [he_ag_gghf ijhp_kk_ ihjZ`Zxs_f g_
hl^_evgmx q_eh\_q_kdmx ebqghklv Z jy^ kf_gyxsbo ^jm] ^jm]Z ihdhe_gbc >jm]b_
h]jZgbqb\Zxl\ebygb_mdZaZgguo\j_^ghkl_cijhp_kkhfm`_mihfygmlh]h\ur_ih\j_`^_gby
aZqZldZdhlhjh_kljh]h]h\hjyg_evayhlghkblvd qbkemgZke_^kl\_gguonZdlhjh\H kemqZyo
ijhklhc i_j_^Zqb \ g_baf_gghf \b^_ h^gbo b l_o `_ ikbohiZlbq_kdbo k\hckl\ hl h^gh]h
ihdhe_gby^jm]hfmfgh]h]h\hjblvg_ijboh^blkyb[hhgb g_khfg_ggu gh ih\b^bfhfm g_
j_^db b lZdb_ kemqZb dh]^Z ikbohiZlbq_kdZy ebqghklv ij_^klZ\ey_l ba k_[y g_m^Zqgmx
dhf[bgZpbx gZke_^kl\_gguo aZ^Zldh\ kZfbo ih k_[_ gbq_]h iZlheh]bq_kdh]h g_
ij_^klZ\eyxsbo < wlbo kemqZyo g_dhlhju_ hl^_evgu_ ijbagZdb bf_xsb_ky m hlpZ b m
fZl_jb [m^mqb jh^kl\_ggufb beb ^Z`_ lh`^_kl\_ggufb \ k\h_c hkgh\_ fh]ml \aZbfgh
mkbeb\Zlv ^jm] ^jm]Z ijbh[j_lZy lZdbf h[jZahf g_ijhihjpbhgZevgh \Z`gh_ agZq_gb_ \
ikbobq_kdhfh[ebd_g_dhlhjuobeb\k_oij_^klZ\bl_e_cihlhfkl\ZGZdhg_pba\_klgmxjhev
fh`_l[ulvke_^m_lhlg_klblZd`_khq_lZgbxdZq_kl\ijhlb\hj_qZsbo^jm]^jm]mbeb\hh[s_
^jm] k ^jm]hf ^bk]Zjfhgbjmxsbo gZijbf_j khq_lZgbx ih\ur_gguo lj_[h\Zgbc d `bagb k
g_^hklZlhqguf bgl_ee_dlhf beb kh keZ[hklvx \heb g_j_rbl_evghklvx b jh[hklvx D
kh`Ze_gbx ^h kbo ihj g_l ^hklZlhqgh]h nZdlbq_kdh]h fZl_jbZeZ qlh[u h[hkgh\Zlv beb
hijh\_j]gmlv\k_lZdh]hjh^Zij_^iheh`_gby
Mykg_gbx f_oZgbafZ e_`Zs_]h \ hkgh\_ g_kihkh[ghklb ikbohiZlh\ ijbkihkh[eylvky d
^_ckl\bl_evghklbfgh]hihfh]Z_lih^q_jdb\Z_fh_Dj_i_ebghf .UDHSHOLQ ihgylb_h aZ^_j`d_
jZa\blby G_j_^dh klZedb\Zykv k ikbohiZlbq_kdbfb ijhy\e_gbyfb fu g_\hevgh ihemqZ_f
\i_qZle_gb_ q_]hlh g_^hjZa\blh]h ^_lkdh]h lZdh\u ohly [u ih\ur_ggZy \gmrZ_fhklv
kdehgghklv d ij_m\_ebq_gbx b qj_af_jgh jZa\blZy ^_yl_evghklv nZglZabb m bkl_jbqguo
km[t_dlh\ wfhpbhgZevgZy g_mklhcqb\hklv ² m wfhlb\gheZ[bevguo b dhgklblmpbhgZevgh
g_j\guo keZ[hklv \heb ² m g_mklhcqb\uo ikbohiZlh\ gZoh^ysboky \h \eZklb Znn_dlh\
g_djblbq_kdh_ fure_gb_² m iZjZghbdh\ b l^ LZdh]h jh^Z ikbobq_kdb_ ^_n_dlu Dj_i_ebg
h[tykgy_lg_^hklZlhqgufjZa\blb_fl_obeb^jm]boklhjhgebqghklbb gZau\Z_lqZklbqgufb
iZjpbZevgufb bgnZglbebafZfb ij_bfms_kl\_ggh ² \heb b qm\kl\Z  \ ijhlb\hiheh`ghklv
iheghfm lhlZevghfm ikbobq_kdhfm bgnZglbebafm gZoh^ys_fm k\h_ hij_^_e_ggh_
debgbq_kdh_\ujZ`_gb_\ heb]hnj_gbb
Gb ZgZlhfbb gb obfbb gb wg^hdjbgguo f_oZgbafh\ h[mkeZ\eb\Zxsbo jZaebqgu_
nhjfu dhgklblmpbhgZevguo ikbohiZlbc fu _s_ g_ agZ_f lZd dZd \ ^_e_ bamq_gby wlbo
nZdlhjh\ k^_eZgu ebrv i_j\u_ rZ]b K_cqZk fh`gh lhevdh mdZaZlv qlh d j_r_gbx wlbo
\hijhkh\ ikbobZljbq_kdh_ bkke_^h\Zgb_ ^he`gh [m^_l b^lb ^\mfy jZaebqgufb gh qZklh
i_j_k_dZxsbfbkyf_`^mkh[hcimlyfbbkoh^yk h^ghcklhjhgubabf_xsbokym gZkagZgbc
hlghkbl_evghkhfZlbdbwg^h]_gguoijh]j_^b_glguoikbohah\b lZdgZau\Z_fuohj]Zgbq_kdbo
ikbohah\ \ l_kghf kfuke_ wlh]h keh\Z Z k ^jm]hc ² ba [ukljh jZa\b\Zxs_cky ^bkpbiebgu
bf_xs_c p_evx mklZgh\e_gb_ b h[tykg_gb_ bg^b\b^mZevguo hkh[_gghkl_c khfZlbdb
khfZlbq_kdbo dhgklblmpbc  jZaebqguo q_eh\_q_kdbo ]jmii Bamq_gb_ fh]msbo kem`blv ^ey
\u^_e_gby lZdbo ]jmii fhjnheh]bq_kdbo b nmgdpbhgZevguo jZaebqbc gZijbf_j \ kljh_gbb
l_eZ jZaguo ex^_c \ hkh[_gghklyo bo fhlhjbdb \ ^_yl_evghklb m gbo `_e_a \gmlj_gg_c
k_dj_pbb \ j_Zdpbyo f_`mlhqghc ldZgb b \_]_lZlb\ghc g_j\ghc kbkl_fu \ fhjnheh]bb b
obfbb djh\b \ kljh_gbb b djh\hkgZ[`_gbb pblh b Zg]bhZjobl_dlhgbdZ  ]heh\gh]h fha]Z
gZdhg_p \ hkh[_gghklyo l_q_gby m gbo jZaebqguo aZ[he_\Zgbc ² wlh bamq_gb_ \_^ms__ky
fgh]hqbke_ggufb bkke_^h\Zl_eyfb \ kZfuo jZaebqguo h[eZklyo f_^bpbgu ^Z_l gZb[he__
ihdZaZl_evgu_ j_amevlZlu bf_ggh \ kemqZyo iZlheh]bq_kdbo beb \hh[s_ agZqbl_evgh
mdehgyxsbokyhlkj_^g_]hmjh\gy>eygZk\Z`g__\k_]hlhqlhih^h[gh_bamq_gb_iha\hey_lk
g_khfg_gghklvx mklZgh\blv fgh]hqbke_ggu_ khhlghr_gby dhjj_eypbb  kms_kl\mxsb_ dZd
f_`^m jZaebqgufb jy^Zfb i_j_qbke_gguo bg^b\b^mZevguo hlebqbb lZd b f_`^m gbfb b
ikbobq_kdbfb hkh[_gghklyfb Ba ]Zdbo khhlghr_gbb \ gZklhys__ \j_fy [hevr_ \k_]h
ijb\e_dZ_l d k_[_ \gbfZgb_ aZ\bkbfhklv f_`^m wg^hdjbgguf ZiiZjZlhf h[f_ghf \_s_kl\ \
hj]Zgbaf_ aZdhgZfb jhklZ ihke_^g_]h kljh_gb_f l_eZ b jy^hf nmgdpbc g_j\ghc kbkl_fu
hkh[_ggh ikbobq_kdhc ^_yl_evghklvx fhlhjghc b \_]_lZlb\ghc g_j\ghc ^_yl_evghklvx
Rbjhdmx ba\_klghklv ijbh[j_eZ ihiuldZ Dj_qf_jZ .UHWVFKPHU  mklZgh\blv k\yav f_`^m
kljh_gb_f l_eZ b oZjZdl_jhf ihiuldZ ohly b g_ ijb\_^rZy ihdZ d [_kkihjguf j_amevlZlZf
h^gZdh ij_^klZ\eyxsZy ^ey bgl_j_kmxs_c gZk h[eZklb ijbgpbibZevguc bgl_j_k b agZq_gb_
\\b^m lh]h qlh Z\lhj \ k\h_c jZ[hl_ bkoh^be ba gZ[ex^_gbc dZd gZ^ ^mr_\gh[hevgufb \
kh[kl\_gghfkfuke_wlh]hkeh\ZlZdb gZ^dhgklblmpbhgZevgufbikbohiZlZfb
Ijb\_^_ggu_ khh[jZ`_gby fh`_l [ulv k^_eZxlky [he__ ihgylgufb \ k\yab k lhc
hlebqbl_evghc hkh[_gghklvx mq_gby h ikbohiZlbyo dhlhjZy \ujZ`Z_lky iheh`_gb_f qlh
bamqZ_fu_ nhjfu g_ bf_xl hij_^_e_gguo ]jZgbp [m^mqb qZklh ljm^gh hlebqbfufb hl
g_j_adh \ujZ`_gguo ikbohah\ hgb k ^jm]hc klhjhgu m`_ kh\_jr_ggh g_aZf_lguf h[jZahf
keb\Zxlky k lZd gZau\Z_fhc ghjfhc b[h f_`^m ikbohiZlbq_kdbfb hkh[_gghklyfb b
khhl\_lkl\mxsbfb bf ijhklufb q_eh\_q_kdbfb g_^hklZldZfb jZagbpZ [hevr_c qZklvx
lhevdh dhebq_kl\_ggZy Z g_ dZq_kl\_ggZy ² lZd gZau\Z_fu_ ghjfZevgu_ oZjZdl_ju _keb
lhevdh lZdh\u_ kms_kl\mxl  [_a \kydbo ]jZgbp i_j_oh^yl \ iZlheh]bq_kdb_ [eZ]h^Zjy wlhfm
h[klhyl_evkl\m fu bf__f a^_kv ^_eh lh kh kemqZyfb ^Ze_dh aZoh^ysbfb \ iZlheh]bx lh k
ebpZfb gbd_f g_ kqblZ_fufb aZ [hevguo G_h[oh^bfh ^h[Z\blv qlh ]jZgbpu f_`^m
hl^_evgufb ikbohiZlbyfb klhev `_ jZkieu\qZlu b g_hij_^_e_ggu dZd b h[sb_ jZfdb \k_c
wlhc ih^e_`Zs_c bamq_gbx h[eZklb <u^_ey_fu_ gZfb hl^_evgu_ nhjfu [hevr_x qZklvx
ij_^klZ\eyxl bkdmkkl\_gguc ijh^mdl ko_fZlbq_kdhc h[jZ[hldb lh]h qlh gZ[ex^Z_lky \
^_ckl\bl_evghklb gZ kZfhf ^_e_ qbklu_ nhjfu ikbohiZlbc \ lhf \b^_ dZd bo ijbgylh
hibku\Zlv \klj_qZxlky j_^dh \ `bagb ij_h[eZ^Zxl nhjfu kf_rZggu_ ² hlkx^Z b
g_h[udgh\_ggh_fgh]hh[jZab_b [hevrZyg_mklhcqb\hklvhl^_evguokbfilhfh\
DZd fu ]h\hjbeb ikbohiZlu h[uqgh hlebqZxlky g_^hklZlhqghc kihkh[ghklvx
ijbkihkh[eylvky d hdjm`Zxs_c bo kj_^_ b e_]dh \klmiZxl \ dhgnebdlu k h[s_kl\hf
Kh^_j`Zgb_ wlbo dhgnebdlh\ [u\Z_l hq_gv jZaghh[jZagh b ij_^klZ\bl_e_c ih^e_`Zs_c
gZr_fm hibkZgbx ]jmiiu fu \b^bf \ kZfuo jZaghh[jZaguo h[s_kl\_gguo iheh`_gbyo ² \
h[s_f ^bZiZahg bo khpbZevghc ^_yl_evghklb hq_gv rbjhdbc hl [eZ]h^_ygbc ² ^h
ij_klmie_gby ih hlghr_gbx d g_dhlhjuf ba gbo bgh]^Z g_\hevgh gZijZrb\Z_lky klZjuc
njZgpmakdbc l_jfbg GHOLUH GHV DFWHV ² [j_^ ihklmidh\ ikbohiZlu wlh]h lbiZ jZkkm`^Zxl
hq_gv ohjhrh ijZ\bevgh eh]bqgh Z ihklmiZxl ^_ckl\mxl hq_gv iehoh \iehlv ^h
kh\_jr_gby m]heh\gh gZdZam_fuo ihklmidh\ IROLH OXFLGH IROLH UDLVRQQDQWH IROLH PRUDOH 
Ihwlhfmmq_gb_h ikbohiZlbyobf__lg_lhevdhmadhf_^bpbgkdh_ghb khpbZevgh_agZq_gb_
² \ qZklghklb ijh[e_fZ ij_klmighklb \jy^ eb fh`_l [ulv ijZ\bevgh j_r_gZ _keb
b]ghjbjh\Zlv kj_^b ij_klmigbdh\ gZebqghklv agZqbl_evgh]h ijhp_glZ ikbohiZlh\ < k\yab k
wlbf bf_ggh ih ^_eZf h ikbohiZlZo ikbobZljZf hkh[_ggh qZklh ijboh^blky \uklmiZlv
wdki_jlZfb \ km^Zo ^Z\Zy aZdexq_gby h bo ij_klmie_gbyo aZdexq_gby hl dhlhjuo g_j_^dh
aZ\bkblb km^v[Zh[\bgy_fh]hb [_ahiZkghklvh[s_kl\Z
?s_ h^gh h[klhyl_evkl\h ohly fu b ijhlb\hihklZ\ey_f ikbohiZlbb dZd klZpbhgZjgu_
khklhygby ikbohaZfijhp_kkZf h^gZdh g_ gZ^h aZ[u\Zlv qlh klZlbdZ wlZ hq_gv mkeh\gZ hgZ
k\h^blky ]eZ\guf h[jZahf d khojZg_gbx ba\_klgh]h _^bgkl\Z ebqghklb gZ nhg_ dhlhjh]h
jZa\_jlu\Z_lkykm]m[Zy^bgZfbdZikbohiZluhkh[_gghe_]dh^ZxliZlheh]bq_kdb_j_ZdpbbgZ
ikbobq_kdb_ljZ\fugZqj_af_jghly`_eu_mkeh\by`bagbm gbo`_fugZ[ex^Z_fhkh[_ggh
wdkd\bablgu_b yjdb_iZlhikboheh]bq_kdb_jZa\blby iZjZghbq_kdb_g_\jhlbq_kdb_b ij 
H[s_ijbgylhc deZkkbnbdZpbb ikbohiZlbc g_l g_dhlhju_ ikbobZlju dZd gZijbf_j
Dj_i_ebg ijb ih^jZa^_e_gbb wlhc [hevrhc ]jmiiu gZ hl^_evgu_ \b^u bkoh^yl ba
ijZdlbq_kdbo ih`Zemc b debgbq_kdbo khh[jZ`_gbc ^jm]b_ `_ klZjZxlky deZkkbnbpbjh\Zlv
ikbohiZlh\ ih ikboheh]bq_kdbf b oZjZdl_jheh]bq_kdbf djbl_jbyf ;hevrh_ \gbfZgb_
ijb\e_deZm`_mihfbgZ\rZyky\ur_ihiuldZDj_qf_jZjZa^_eblv\k_oghjfZevguoex^_cgZ
^\_[hevrb_dhgklblmpbhgheh]bq_kdb_ ]jmiiurbahb^h\b pbdehb^h\Y\gZyg_^hklZlhqghklv
lZdh]h^\moqe_ggh]h^_e_gbym`_hq_gv[ukljhih[m^beZijbkh_^bgblvd dhgklblmpbhgZevguf
lbiZfDj_qf_jZgh\u_]jmiiugZijbf_jwibe_ilhb^h\=mj_\bq\ g_^Z\g__\j_fyij_^eh`be
q_luj_oqe_ggh_ ^_e_gb_ ikbohiZlbc gZ rbahb^gmx pbdehb^gmx wibe_ilhb^gmx b
bkl_jhb^gmx beb j_Zdlb\gheZ[bevgmx ]jmiiu Fu ij_^ihqblZ_f \ h[s_f hklZ\Zlvky gZ
ihq\_ij_^\Zjbl_evghckqblZxs_cky]eZ\gufh[jZahfk ihlj_[ghklyfbijZdlbq_kdhc`bagb
deZkkbnbdZpbb Dj_i_ebgZ \g_ky \ g__ h^gZdh l_ ihijZ\db dhlhju_ \ul_dZxl dZd ba
g_h[oh^bfhklb [he__ rbjhdhc ljZdlh\db ih^e_`Zs_]h bamq_gbx fZl_jbZeZ lZd b ba gh\uo
^Zgguo^h[uluodhgklblmpbhgheh]bq_kdbf gZijZ\e_gb_f
Fu gZqbgZ_f dZd m`_ ]h\hjbeb kh klZlbdb ikbohiZlh\ >ey jZ[hlu ij_ke_^mxs_c g_
lhevdh qbklh debgbq_kdb_ p_eb gh b g_dhlhju_ f_lh^heh]bq_kdb_ mklZgh\db nZdlbq_kdbc
fZl_jbZe\k_`_hij_^_e_gghg_h[oh^bf\ gZr_fbaeh`_gbbfug_]gZebkvaZih^jh[ghklyfb
gh fu g_ ohlbf hi_jbjh\Zlv k Z[kljZdlgufb ihkljh_gbyfb Z bkoh^bf ba ^Zgguo j_Zevghc
`bagb

KL:LBD:IKBOHI:LBB

=JMII:PBDEHB>H<
DhgklblmpbhgZevgh   ^_ij_kkb\gu_ < qbklhf \b^_ wlZ ]jmiiZ g_fgh]hqbke_ggZ >_eh
b^_lh ebpZok ihklhygghihgb`_ggufgZkljh_gb_fDZjlbgZfbjZdZd[m^lhihdjulZ^eygbo
ljZmjguf ne_jhf `bagv dZ`_lky [_kkfuke_gghc \h \k_f hgb hlukdb\Zxl lhevdh fjZqgu_
klhjhguWlh²ijbjh`^_ggu_i_kkbfbklu<kydh_jZ^hklgh_kh[ulb_k_cqZk`_hljZ\ey_lky
^ey gbo fukevx h g_ijhqghklb jZ^hklb hl [m^ms_]h hgb g_ `^ml gbq_]h djhf_ g_kqZklvy b
ljm^ghkl_cijhreh_`_ ^hklZ\ey_l lhevdh m]jua_gby kh\_klb ih ih\h^m ^_ckl\bl_evguobeb
fgbfuo hrb[hd k^_eZgguo bfb Hgb qj_a\uqZcgh qm\kl\bl_evgu dh \kydbf g_ijbylghklyf
bghcjZahq_gvhkljhj_Z]bjmxlgZgboZ djhf_lh]hdZdh_lhg_hij_^_e_ggh_qm\kl\hly`_klb
gZk_j^p_khijh\h`^Z_fh_lj_\h`gufh`b^Zgb_fg_kqZklvyij_ke_^m_lihklhygghfgh]boba
gbo >jm]b_ gbdZd g_ fh]ml hl^_eZlvky hl m\_j_gghklb \ k\h_c kh[kl\_gghc \bgh\ghklb
hdjZrb\Zxs_c ^ey gbo qj_a\uqZcgh ly`_euf qm\kl\hf \hkihfbgZgby h kZfuo h[uqguo
ihklmidZoxghklbKhhl\_lkl\_gghwlhfmbfqZklhdZ`_lkyqlhhdjm`Zxsb_hlghkylkyd gbfk
ij_aj_gb_fkfhljylgZgbok\ukhdZWlhaZklZ\ey_lboklhjhgblvky^jm]boex^_caZfudZlvky
\ k_[_ Bghc jZa hgb gZklhevdh ih]jm`Zxlky \ k\hb kZfh[bq_\Zgby qlh kh\k_f i_j_klZxl
bgl_j_kh\Zlvky hdjm`Zxs_c ^_ckl\bl_evghklvx ^_eZxlky d g_c jZ\gh^mrgufb b
[_ajZaebqgufb <_qgh m]jxfu_ fjZqgu_ g_^h\hevgu_ b fZehjZa]h\hjqb\u_ hgb g_\hevgh
hllZedb\Zxlhlk_[y^Z`_khqm\kl\mxsbobfebpH^gZdhaZwlhcm]jxfhch[hehqdhch[uqgh
l_ieblky[hevrZy^h[jhlZhlau\qb\hklvb kihkh[ghklvihgbfZlv^mr_\gu_^\b`_gby^jm]bo
ex^_c \ l_kghf djm]m [ebadbo hdjm`_ggu_ Zlfhkn_jhc khqm\kl\by b ex[\b hgb
ijhykgyxlky ^_eZxlky \_k_eufb ijb\_leb\ufb jZa]h\hjqb\ufb ^Z`_ rmlgbdZfb b
xfhjbklZfb^eylh]hqlh[u_^\Zijh\h^b\k\hbo]hkl_cbebhklZ\b\\_k_eh_h[s_kl\hkgh\Z
ijbgylvky aZ fmqbl_evgh_ dhiZgb_ \ k\hbo ^mr_\guo jZgZo <h \g_rgbo bo ijhy\e_gbyo \
^\b`_gbyo \ fbfbd_ [hevr_x qZklvx \b^gu ke_^u dZdh]hlh aZlhjfh`_gby hims_ggu_
q_jlu ebpZ [_kkbevgh ih\bkrb_ jmdb f_^e_ggZy ihoh^dZ kdmiu_ \yeu_ `_klu ² hl \k_]h
wlh]hlZdb \__l[_agZ^_`gufmgugb_fDZdZy[ulhgb[uehjZ[hlZ^_yl_evghklvih[hevr_c
qZklb bf g_ijbylgZ b hgb kdhjh hl g__ mlhfeyxlky Djhf_ lh]h \ k^_eZgghf hgb aZf_qZxl
ij_bfms_kl\_gghhrb[dbZ \lhfqlhij_^klhbl²klhevdhljm^ghkl_cqlh\ ij_^\b^_gbbbo
g_\hevgh himkdZxlky jmdb D lhfm `_ [hevrbgkl\h ba gbo h[uqgh g_kihkh[gh d
ijh^he`bl_evghfm\he_\hfmgZijy`_gbxb e_]dh\iZ^Z_l\ hlqZygb_<k_wlh^_eZ_lbodjZcg_
g_j_rbl_evgufb b g_kihkh[gufb gb d dZdhc ^_ckl\_gghc bgbpbZlb\_ Bgl_ee_dlmZevgh
lZdh]h jh^Z ex^b qZklh klhyl hq_gv \ukhdh ohly [hevr_x qZklvx mfkl\_ggZy jZ[hlZ
hdjZr_gZ^eygbog_ijbylghkhijh\h`^Zykvqm\kl\hf[hevrh]hgZijy`_gby²a^_kv[hevr_
\k_]h kdZau\Z_lky \gmlj_gg__ lhjfh`_gb_ ijhy\eyxs__ky \ qj_a\uqZcghc f_^e_gghklb
bgl_ee_dlmZevguoijhp_kkh\kj_^bgboij_h[eZ^Zxllm]h^mfu
Nbabq_kdh_bokZfhqm\kl\b_h[udgh\_gghgZoh^blky\ iheghfkh]eZkbbk gZkljh_gb_f
boij_ke_^m_lqm\kl\hihklhygghcmklZehklbb jZa[blhklbhkh[_gghihmljZf]heh\ZdZ`_lky
g_k\_`_cfmqZ_lqm\kl\h^Z\e_gby\ g_cg_dhlhju_`ZemxlkygZly`_eu_fb]j_gbDbr_qgbd
jZ[hlZ_liehohb ihklhyggu_aZihju_s_[hevr_mom^rZxlgZkljh_gb_BghcjZab `_em^hd
hdZau\Z_lky g_ \ ihjy^d_ ^_eZykv `_jl\hc \k_\hafh`guo g_j\guo ^bki_ikbc ;hevrbgkl\h
`Zem_lky gZ g_^hklZlhqguc b g_hk\_`Zxsbc khg dhlhjuc d lhfm `_ qZklh ij_ju\Z_lky
dhrfZjhfkf_gyykv^g_fljm^ghij_h^he_\Z_fhckhgeb\hklvx
M g_dhlhjuo ba hibku\Z_fuo gZfb ex^_c \gmlj_ggyy m]g_l_gghklv b aZlhjfh`_gb_ ^h
g_dhlhjhckl_i_gbdhfi_gkbjmxlky\h\g_\he_\ufgZijy`_gb_fqj_a\uqZcghljm^ghh^gZdh
bf ^Zxs_fky g_j_^dh fh`gh \b^_lv dZd \ fbgmlu mklZehklb beb hkeZ[e_gby \heb m gbo
kiZ^Z_l gZ^_lZy gZ bo ^_ckl\bl_evgh_ y fZkdZ h[gZ`Zy ih^ebggh_ bo ebph ² b f_klh
\_k_eh]h[ZeZ]mjZaZgbfZ_liheguc[_agZ^_`gh]h\gmlj_gg_]hhlqZygby\yeucf_eZgohebd
 QZklhlZdh]hjh^ZebpZ m`_ \ ^_lkl\_ h[jZsZxlgZ k_[y \gbfZgb_ k\h_c aZ^mfqb\hklvx
[hyaeb\hklvx ieZdkb\hklvx b dZijbaghklvx QZs_ h^gZdh i_jbh^hf dh]^Z \uy\eyxlky
hkh[_ggh yjdh q_jlu dhgklblmpbhgZevghc  ^_ij_kkbb [u\Z_l \hajZkl iheh\h]h khaj_\Zgby
dh]^Z m dZaZ\rboky jZgvr_ kh\_jr_ggh ghjfZevgufb ih^jhkldh\ gZqbgZ_lky k^\b] \
gZkljh_gbb ^h lh]h ² \_k_eu_ h[sbl_evgu_ `b\u_ hgb gZqbgZxl hsmsZlv ly`_euc
\gmlj_ggbcjZaeZ^ihy\eyxlkyfukebh [_kp_evghklbkms_kl\h\Zgbylhkdeb\h_gZkljh_gb_b
\k_ ^jm]b_ i_j_qbke_ggu_ \ur_ hkh[_gghklb qlh[u k l_o ihj lh mkbeb\Zykv lh hkeZ[_\Zy
khijh\h`^Zlv [hevgh]h m`_ ^h klZjhklb dh]^Z hgb beb ihkl_i_ggh kfy]qZxlky beb `_
gZh[hjhl mkbeb\Zxlky ^h lh]h qlh ijbgbfZxl y\gh ikbohlbq_kdb_ nhjfu G_j_^dh
`bag_ggucimlvwlboikbohiZlh\ij_`^_\j_f_gghh[ju\Z_lkykZfhm[bckl\hfd dhlhjhfmhgb
keh\gh]hlh\u\ ex[mxfbgmlm`bagbGZdhg_p\ jy^_kemqZ_\gZhibkZgghfhkgh\ghfnhg_
hl \j_f_gb ^h \j_f_gb jZa\b\Zxlky ikbohlbq_kdb_ \kiurdb beb fZgbZdZevgu_ beb
^_ij_kkb\gu_
DZd m`_ [ueh kdZaZgh qbklu_ nhjfu dhgklblmpbhgZevghc  ^_ij_kkbb \klj_qZxlky
kjZ\gbl_evgh j_^dh QZs_ ijboh^blky \b^_lv kemqZb i_j_oh^gu_ d kf_`guf ]jmiiZf
dhgklblmpbhgZevghc g_j\ghklb \ qZklghklb ² d ikboZkl_gbb bgh]^Z ^Z`_ d
dhgklblmpbhgZevghfm \ha[m`^_gbx Fu bf__f lh]^Z i_j_^ kh[hc lh qj_af_jgh
qm\kl\bl_evguo fbfhahih^h[guo ebqghkl_c [he_ag_ggh j_Z]bjmxsbo gZ \kydmx
g_ijbylghklv lh ex^_c m dhlhjuo gZ i_j\uc ieZg \uklmiZxl g_m\_j_gghklv \ k_[_
g_j_rbl_evghklv lj_\h`ghklv lh gZdhg_p kemqZb ]^_ \f_klh m]g_l_gby gZr_ \gbfZgb_
ij_`^_\k_]hhklZgZ\eb\Z_lkygZjZa^jZ`bl_evghklbb kdehgghklbd ]g_\guf\kiurdZf
DhgklblmpbhgZevgh   \ha[m`^_ggu_ WlZ ]jmiiZ ikbohiZlh\ ij_^klZ\ey_l iheyjgmx
ijhlb\hiheh`ghklv lhevdh qlh hibkZgghc H^ghc ba kZfuo bgl_j_kguo __ hkh[_gghkl_c
y\ey_lkylhh[klhyl_evkl\hqlhij_^klZ\bl_eb__ \g_j_adh\ujZ`_gguokemqZyoijZdlbq_kdb
kqblZxlky \iheg_ a^hjh\ufb b ^_ckl\bl_evgh \jy^ eb fh]ml [ulv ijbqbke_gu d ex^yf
^hklZ\eyxsbf kljZ^Zgby k_[_ beb h[s_kl\m Dj_i_ebg hibku\Z_l bo dZd [e_klysbo gh
[hevr_x qZklvx g_jZ\ghf_jgh h^Zj_gguo km[t_dlh\ dhlhju_ bamfeyxl hdjm`Zxsbo
]b[dhklvx b fgh]hklhjhgghklvx k\h_c ikbobdb [h]Zlkl\hf fuke_c qZklh om^h`_kl\_gghc
h^Zj_gghklvx ^mr_\ghc ^h[jhlhc b hlau\qb\hklvx Z ]eZ\gh_ \k_]^Z \_k_euf gZkljh_gb_f
Wlh ex^b [ukljh hldebdZxsb_ky gZ \k_ gh\h_ wg_j]bqgu_ b ij_^ijbbfqb\u_ H^gZdh ijb
[he__ [ebadhf agZdhfkl\_ k gbfb gZjy^m k i_j_qbke_ggufb iheh`bl_evgufb q_jlZfb \ bo
^moh\ghfh[ebd_h[jZsZxlgZk_[y\gbfZgb_b hkh[_gghklb^jm]h]hihjy^dZ\g_rgbc[e_kd
bghcjZakh_^bgy_lkyk [hevrhcih\_joghklghklvxb g_mklhcqb\hklvxbgl_j_kh\dhlhju_g_
iha\heyxl \gbfZgbx gZ^he]h aZ^_j`b\Zlvky gZ h^ghf b lhf `_ ij_^f_l_ h[sbl_evghklv
i_j_oh^bl \ qj_af_jgmx [heleb\hklv b ihklhyggmx ihlj_[ghklv \ m\_k_e_gbyo \ jZ[hl_ g_
o\ZlZ_l\u^_j`dbZ ij_^ijbbfqb\hklv\_^_ld ihkljh_gbx\ha^mrguoaZfdh\b ]jZg^bhaguo
ieZgh\deZ^msbogZqZeh rbjhdh\_sZl_evgufghj_^dh ^h\h^bfuf^h dhgpZ gZqbgZgbyf K
lZdbfb ex^vfb hq_gv ijbylgh \klj_qZlvky \ h[s_kl\_ ]^_ hgb hqZjh\u\Zxl k\hbf
hkljhmfb_f ijb\_leb\hklvx b hldjuluf oZjZdl_jhf gh g_ \k_]^Z e_]dh ih^^_j`b\Zxl
^_eh\u_hlghr_gbyihfbfhlh]hqlhboh[_sZgbyfg_evay\_jblvfgh]b_bagboqj_a\uqZcgh
\ukhdh]h fg_gby h k_[_ b ihwlhfm k [hevrbf g_m^h\hevkl\b_f \ukemrb\Zxl \hajZ`_gby
ijhlb\ \ukdZau\Z_fuo bfb fuke_c beb djblbq_kdb_ aZf_qZgby ih ih\h^m jZa\b\Z_fuo bfb
ijh_dlh\iha\heyyf_`^ml_fk_[_gZkf_rdbb hkljhlubgh]^Zqj_a\uqZcghf_ldb_ghhq_gv
[hevgh aZ^_\Zxsb_ kh[_k_^gbdZ < [he__ j_adh \ujZ`_gguo kemqZyo fu \klj_qZ_fky m`_ k
g_khfg_ggufbikbohiZlbq_kdbfbhkh[_gghklyfbdeZ^msbfbhij_^_e_gguchli_qZlhdgZ\_kv
`bag_ggucimlvlZdboex^_cM`_\ rdhe_hgbh[jZsZxlgZk_[y\gbfZgb_l_fqlhh[eZ^Zy\
h[s_f ohjhrbfb kihkh[ghklyfb mqZlky h[udgh\_ggh iehoh  qj_a\uqZcgh g_mklhcqb\h_
\gbfZgb_ g_ iha\hey_l bf gZ^he]h khkj_^hlhqb\Zlvky gZ h^ghf ij_^f_l_ ihwlhfm hgb e_]dh
hl\e_dZxlky g_ kihkh[gu d mkb^qb\hc jZ[hl_ b j_rbl_evgh g_ \ khklhygbb aZklZ\blv k_[y
aZgbfZlvky kbkl_fZlbq_kdb FZeh ZddmjZlgu_ hgb qZklh ijhimkdZxl aZgylby aZihegyy k\h_
\j_fy ex[hc ^_yl_evghklvx lhevdh g_ rdhevghc jZ[hlhc < j_amevlZl_ hgb mk\Zb\Zxl
[hevr_x qZklvx lhevdh ih\_joghklgh k\yaZggu_ f_`^m kh[hc h[ju\db agZgbc qZklh
ij_l_ji_\Zy g_m^Zqb b ^Z`_ dZlZkljhnu ijb jZaebqgh]h jh^Z ijh\_jdZo agZgbc Djhf_ lh]h
hgb e_]dh jZkimkdZxlky b \uoh^yl ba ih\bgh\_gby ^_eZykv \h`ZdZfb lh\Zjbs_c \h \k_o
dhee_dlb\guo rZehklyo Bo ^mjgh gZijZ\e_ggZy wg_j]by b kihkh[ghklv m\e_dZlv aZ kh[hc
^jm]bo bghc jZa ijbqbgy_l gZklhevdh [hevrb_ g_ijbylghklb rdhevghfm gZqZevkl\m qlh
g_kfhljy gZ fgh]b_ ijb\e_dZl_evgu_ hkh[_gghklb wlbo fbeuo rZemgh\ hgh gZqbgZ_l
klZjZlvky hl gbo hl^_eZlvky k [hevrbf ljm^hf i_j_ghkyl hgb ijb k\hbo gZdehgghklyo b
\h_ggmx kem`[m qZklh gZjmrZy ^bkpbiebgm b ih^\_j]Zykv \k_\hafh`guf \aukdZgbyf JZgh
ijh[m`^Zxs__ky bgl_gkb\gh_ iheh\h_ \e_q_gb_ \_^_l aZ kh[hc fgh]hqbke_ggu_ wjhlbq_kdb_
wdkp_kku dhlhju_ g_j_^dh g_ihijZ\bfh dZe_qZl bo nbabq_kdh_ a^hjh\v_ QZklh ih^h[gh]h
jh^Z iZpb_glu hdZau\Zxlky djhf_ lh]h fZehmklhcqb\ufb ih hlghr_gbx d mihlj_[e_gbx
Zedh]hey b e_]dh kib\Zxlky  \_k_eu_ b e_]dhfuke_ggu_ hgb g_ lhevdh [_aaZ[hlgh
ijhdmqb\Zxl\k_qlhm gbo_klvghb \e_aZxl\ g_hieZlgu_^he]bIjbwlhfhgb\h\k_g_qZklh
himkdZxlky gZ ^gh ij_^ijbbfqb\u_ b gZoh^qb\u_ lZdb_ km[t_dlu h[udgh\_ggh
\uimlu\Zxlky ba kZfuo aZljm^gbl_evguo iheh`_gbc ijhy\eyy ijb wlhf ihbklbg_
bamfbl_evgmxeh\dhklvb ba\hjhleb\hklvB \aj_eu_]h^ubo`bag_ggucimlvg_b^_lijyfhc
ebgb_cZ \k_\j_fykh\_jrZ_l[hevrb_ab]aZ]bhldjmluoih^t_fh\^hfhegb_ghkguoiZ^_gbc
Fgh]b_ ba gbo agZxl qj_a\uqZcgh [hevrb_ ^hklb`_gby b m^Zqb hkljhmfgu_ bah[j_lZl_eb
m^Zqeb\u_ iheblbdb eh\db_ Zn_jbklu hgb bgh]^Z rmly \a[bjZxlky gZ kZfmx \_jrbgm
h[s_kl\_gghc e_klgbpu gh j_^dh ^he]h gZg_c m^_j`b\Zxlky ² ^ey wlh]h m gbo g_ o\ZlZ_l
k_jv_aghklb b ihklhygkl\Z G_evay g_ hlf_lblv qlh \ k\h_c ijZdlbq_kdhc ^_yl_evghklb hgb
^Ze_dh g_ \k_]^Z hlebqZxlky fhjZevghc s_i_lbevghklvx ih k\hckl\_gghfm bf e_]dhfukebx
hgb ijhklh ijh]ey^u\Zxl ]jZgbpm f_`^m ^ha\he_gguf b aZij_lguf Z kZfh_ ]eZ\gh_ bo
[mjguc l_fi_jZf_gl ijhklh g_ iha\hey_l bf \k_ \j_fy m^_j`b\Zlvky \ madbo jZfdZo
aZdhgghklbb fhjZebFubgh]^Z\b^bfij_^klZ\bl_e_cwlh]hlbiZaZimlZ\rbfbky\ djmiguo
fhr_ggbq_kl\Zo \ dhlhju_ bo m\e_dZ_l g_ gZoh^ysZy \ h[uqguo mkeh\byo ^hklZlhqgh]h
ijbf_g_gbydbimqZywg_j]byjZa\b\ZxsZym gbog_mlhfbfmx`Z`^mijbdexq_gbcb kljZklvd
jbkdh\Zggufij_^ijbylbyfQZs_h^gZdhfu\klj_qZ_fkyk [he__g_\bgghckdehgghklvxdh
e`b b o\Zklh\kl\m k\yau\Zxs_cky h[udgh\_ggh k qj_af_jgh jZa\bluf \hh[jZ`_gb_f b
ijhy\eyxs_cky \ nZglZklbq_kdbo bafure_gbyo h k\h_f \ukhdhf iheh`_gbb b h gbdh]^Z \
^_ckl\bl_evghklb g_ kh\_jrZ\rboky ih^\b]Zo Z bghc jZa ² ijhklh \ jZkkqblZgguo gZ
kha^Zgb_ k_gkZpbb \u^mfdZo h dZdbogb[m^v g_[u\Zeh ]jZg^bhaguo kh[ulbyo [ebahklv d
iZlheh]bq_kdbfe]mgZf 
 =jmiiZ kjZ\gbl_evgh g_\bgguo [helmgh\ ijb gZebqghklb [he__ j_adh \ujZ`_ggh]h
kZfhfg_gby b g_dhlhjhc jZa^jZ`bl_evghklb h[jZam_l _kl_kl\_gguc i_j_oh^ d ^jm]hc
agZqbl_evgh [he__ g_ijbylghc jZagh\b^ghklb hibku\Z_fh]h lbiZ d lZd gZau\Z_fuf
g_kghkguf kihjsbdZf Wlh ex^b dhlhju_ \k_ agZxl emqr_ ^jm]bo qj_a\uqZcgh g_ ex[yl
kemrZlv b hkh[_ggh g_ l_jiyl \hajZ`_gbc \uau\Zxsbo m g_dhlhjuo ba gbo g_m^_j`bfu_
]g_\gu_ \kiurdb I_j_hp_gb\Zy k\h_ agZq_gb_ hgb kdehggu ij_^ty\eylv kh\_jr_ggh
g_hkms_kl\bfu_ ijblyaZgby Z \klj_qZy g_ijbagZgb_ b ijhlb\h^_ckl\b_ e_]dh \klmiZxl gZ
imlv mihjghc [hjv[u aZ k\hb fgbfu_ ijZ\Z < wlhc [hjv[_ hgb h[udgh\_ggh g_
hklZgZ\eb\Zxlkygbi_j_^q_f<u\_^_ggu_bak_[yhgbkh\_jr_gghg_kqblZxlkyk ijZ\beZfb
h[s_`blby ^bkpbiebghc b lj_[h\Zgbyfb aZdhgZ \_^ml k_[y \uau\Zxs_ ]jm[h k
hdjm`Zxsbfb hkuiZxl k\hbo ijhlb\gbdh\ \k_\hafh`gufb hkdhj[e_gbyfb b [jZggufb
keh\Zfbbkdj_gghg_aZf_qZy\k_cg_iha\hebl_evghklbk\h_]hih\_^_gbyQZklhhgbgZqbgZxl
kh\_jr_ggh g_hkgh\Zl_evgu_ km^_[gu_ ijhp_kku dhlhju_ bghc jZa qj_a\uqZcgh mihjgh
ijh\h^yl ^h kZfuo ihke_^gbo bgklZgpbc ihklhyggh ih^kl_]b\Z_fu_ bkiulu\Z_fuf bfb
ijhlb\h^_ckl\b_f Hl gZklhysbo iZjZghyevguo kmly] lZdb_ ik_\^hd\_jmeyglu hlebqZxlky
\k_lZdbf_gvrbfihklhygkl\hf[hevr_xfy]dhklvxoZjZdl_jZb kihkh[ghklvxih^\ebygb_f
baf_gb\r_]hky gZkljh_gby hl \j_f_gb ^h \j_f_gb ijboh^blv d ihgbfZgbx g_e_ihklb k\hbo
\uoh^hdZ bgh]^Zb kdehgghklvxd ijbfbj_gbx
Qlh dZkZ_lky l_ehkeh`_gby b nbabq_kdbo hkh[_gghkl_c hibku\Z_fuo ikbohiZlh\ lh ih
\b^bfhfm [hevr_ \k_]h kj_^b gbo ibdgbdh\ Dj_qf_jZ  ex^_c gZdehgguo d iheghl_ k
fy]dbfb q_jlZfb ebpZ a^hjh\uf qZklh qj_af_jguf Zii_lblhf b ohjhrbf ibs_\Zj_gb_f \
ih`beu_]h^ue_]dhaZ[he_\Zxsboih^Z]jhcWlh²km[t_dluk h`b\e_gghc_kl_kl\_gghcb
\ujZabl_evghc fbfbdhc qZs_ \k_]h [uklju_ b ih^\b`gu_ bgh]^Z h^gZdh g_kdhevdh
kdehggu_ d e_gb b kb[Zjblkl\m ijbohleb\h i_j_ie_lZxsbfbky m gbo k [hevrhc wg_j]b_c b
Zdlb\ghklvx

Pbdehlbfbdb=hjZa^hqZs_q_fdhgklblmpbhgZevgh^_ij_kkb\gu_b dhgklblmpbhgZevgh
\ha[m`^_ggu_ ikbohiZlu \klj_qZxlky ebqghklb k fgh]hdjZlghc \heghh[jZaghc kf_ghc
khklhygbc \ha[m`^_gby b ^_ij_kkbb Wlb dhe_[Zgby h[udgh\_ggh [_jml gZqZeh \ \hajZkl_
iheh\h]h khaj_\Zgby dhlhjuc b \ ghjfZevguo mkeh\byo qZklh \uau\Z_l [he__ beb f_g__
agZqbl_evgh_gZjmr_gb_^mr_\gh]hjZ\gh\_kbyDZdm`_\ur_[uehhlf_q_ghqZklhbf_ggh\
wlhf \hajZkl_ \_k_eu_ `b\u_ b `bag_jZ^hklgu_ ih^jhkldb ij_\jZsZxlky \ f_eZgohebqguo
m]g_l_gguo b i_kkbfbklbq_kdb gZkljh_gguo xghr_c b ^_\mr_d ;u\Z_l b gZh[hjhl iheh\h_
khaj_\Zgb_\uau\Z_lg_h`b^ZggucjZkp\_lebqghklbb ^hlh]h\yeucg_ex^bfucg_mdex`bc
b aZkl_gqb\uc j_[_ghd \^jm] jZa\_jlu\Z_lky \ [e_klys_]h wg_j]bqgh]h hkljhmfgh]h b
gZoh^qb\h]h xghrm h[gZjm`b\Zxs_]h fZkkm jZg__ kdjuluo lZeZglh\ djm`Zs_]h ]heh\u
`_gsbgZf b ihegh]h kZfuo jhah\uo gZ^_`^ b rbjhdbo ieZgh\ >Ze__ gZqbgZ_lky
i_jbh^bq_kdZykf_gZh^gbokhklhygbc^jm]bfbbgh]^Zk\yaZggZydZd[m^lhk hij_^_e_ggufb
\j_f_gZfb ]h^Z qZs_ \k_]h ² k \_kghx beb hk_gvx Ijb wlhf khklhygby \ha[m`^_gby
h[udgh\_ggh km[t_dlb\gh \hkijbgbfZxlky dZd i_jbh^u ihegh]h a^hjh\vy b jZkp\_lZ kbe
lh]^Z dZd ijbklmiu ^_ij_kkbb ^Z`_ _keb hgb keZ[h \ujZ`_gu i_j_`b\Zxlky ly`_eh b
[he_ag_ggh khijh\h`^Zxsb_ bo khfZlbq_kdb_ jZkkljhckl\Z Z lZd`_ ihgb`_gb_
jZ[hlhkihkh[ghklb qm\kl\h k\yaZgghklb b [_ahlq_lgh lhkdeb\h_ gZkljh_gb_ g_j_^dh
aZklZ\eyxlbkdZlvh[e_]q_gbym \jZq_c< dhgp_dhgph\h^gZdhb khklhygbyih^t_fZbghcjZa
l_jyxl k\hx [_ah[eZqgh jZ^hklgmx hdjZkdm qZklu_ gZjmr_gby ^mr_\gh]h jZ\gh\_kby
mlhfeyxl \uau\Zy qm\kl\h \gmlj_gg_]h gZijy`_gby b ihklhyggh]h h`b^Zgby gh\hc
ijhlb\hiheh`ghcnZau\_k_eh_ijbih^gylh_gZkljh_gb_\ [he__iha^g_f\hajZkl_kf_gy_lky
jZa^jZ`bl_evgh]g_\eb\uf ij_^ijbbfqb\hklv ijbh[j_lZ_l hll_ghd Z]j_kkb\ghklb b l^
K\yaZggu_ k qj_af_jgh [h]Zlhc wfhpbhgZevghc `bagvx dhe_[Zgby khkm^bklh]h jZ\gh\_kby
g_j_^dh \uau\Zxl m ikbohiZlh\ wlh]h jh^Z jZgg__ gZklmie_gb_ Zjl_jbhkde_jhaZ jZa\blb_
dhlhjh]h h[udgh\_ggh \_^_l d m]em[e_gbx iZlheh]bq_kdbo hkh[_gghkl_c ^_eZ_l [hevguo
f_g__yjdbfbb ijb^Z_lboikbobd_[he__ykgh\ujZ`_ggucoZjZdl_jh]jZgbq_gghklbZ bgh]^Z
b ^_f_glghklb
GZebqghklv ]jmiiu pbdehlbfbdh\ y\ey_lky h^gbf ba gZb[he__ \Z`guo nZdlbq_kdbo
hkgh\Zgbc ^ey ijhba\_^_ggh]h Dj_qf_jhf \u^_e_gby pbdehb^gh]h djm]Z ebqghkl_c
h[gbfZxs_]h dZd pbjdmeyjguo ^mr_\gh[hevguo lZd b khhl\_lkl\mxsbo ikbohiZlh\
dhgklblmpbhgZevgh^_ij_kkb\guo dhgklblmpbhgZevgh\ha[m`^_gguo pbdehlbfbdh\ b
wfhlb\gheZ[bevguo  jZ\gh dZd b ghjfZevguo ex^_c jh^kl\_ggh]h kdeZ^Z < qZklghklb
bf_ggh m pbdehlbfbdh\ g_j_^dh m^Z_lky gZ[ex^Zlv h^gh\j_f_ggh_ khkms_kl\h\Zgb_
we_f_glh\ ijhlb\hiheh`guo gZkljh_gbc lZd gZijbf_j \h \j_fy khklhygby \ha[m`^_gby \
gZkljh_gbb [hevgh]h fh`gh hldjulv g_khfg_ggmx ijbf_kv ]jmklb b gZh[hjhl m
^_ij_kkb\guokm[t_dlh\²gZe_lxfhjZ²h[klhyl_evkl\hih[m^b\r__Dj_qf_jZ\uklZ\blv
iheh`_gb_ h lZd gZau\Z_fhc ^bZl_lbq_kdhc ijhihjpbb gZkljh_gby aZdexqZxs_cky \ lhf
qlh \ dZ`^hf hl^_evghf kemqZ_ ]bihfZgbdZevgZy b f_eZgohebq_kdZy iheh\bgu pbdehb^gh]h
l_fi_jZf_glZ kf_rZgu f_`^m kh[hc lhevdh \ jZaebqguo ijhihjpbyo Fukev h gZebqbb
ih^h[gh]hkhkms_kl\h\Zgby\ h^ghcebqghklb iheyjguoijhlb\hiheh`ghkl_c lh]h bebbgh]h
jh^Z\ukdZau\Z_lkydZdDj_qf_jhflZdb ^jm]bfbbkke_^h\Zl_eyfbb ihhlghr_gbxd ^jm]bf
]jmiiZfikbohiZlh\bf_gghd rbahb^Zfb wibe_ilhb^Zf
Wfhlb\gh  eZ[bevgu_ j_Zdlb\gh  eZ[bevgu_  ikbohiZlu M g_dhlhjuo pbdehlbfbdh\
dhe_[Zgby bo khklhygby kh\_jrZxlky qj_a\uqZcgh qZklh bgh]^Z ijyfh ih ^gyf LZdb_
km[t_dlu[hevr_\k_]hihjZ`ZxldZijbaghcbaf_gqb\hklvxbogZkljh_gbydZd[u[_ah\kydhc
ijbqbgu i_j_oh^ys_]h ba h^ghc djZcghklb \ ^jm]mx ;ebadh_ d gbf iheh`_gb_ aZgbfZ_l
]jmiiZ ikbohiZlh\ m dhlhjuo wfhpbhgZevgZy g_mklhcqb\hklv dZd lZdh\Zy bf__l [he__
kZfhklhyl_evgh_ agZq_gb_ b aZgbfZ_l [he__ \u^Zxs__ky f_klh WlZ g_mklhcqb\hklv qZklh
ijb^Z_lbooZjZdl_jmhli_qZlhdq_]hlhg_`gh]hojmidh]hhlqZklb^_lkdh]hb gZb\gh]hq_fm
kihkh[kl\m_l lZd`_ b bo [hevrZy \gmrZ_fhklv Ih kms_kl\m wlh [hevr_x qZklvx ² ex^b
\_k_eu_ hldjulu_ b ^Z`_ ijhklh^mrgu_ h^gZdh gZ hdjm`Zxsbo qZklh ijhba\h^ysb_
\i_qZle_gb_dZijbaguog_^hljh]fZe_crZyg_ijbylghklvhfjZqZ_lbo^mr_\gh_jZkiheh`_gb_
b ijb\h^bl bo \ ]em[hdh_ mgugb_ ohly h[udgh\_ggh g_ gZ^he]h klhbl lZdhfm km[t_dlm
khh[sblv dZdmxgb[m^v bgl_j_kgmx gh\hklv beb g_fgh]h ihevklblv _]h kZfhex[bx dZd hg
m`_ jZkp\_lZ_l ^_eZ_lky kgh\Z `bag_jZ^hklguf [h^juf wg_j]bqguf Ihqlb gbdh]^Z bo
gZkljh_gb_ g_ f_gy_lky [_kijbqbggh h^gZdh ih\h^u ^ey _]h baf_g_gbc h[udgh\_ggh
gZklhevdhg_agZqbl_evguqlhkhklhjhguwlbbaf_g_gbydZ`mlkykh\_jr_ggh[_kijbqbggufb
gZ wfhlb\gheZ[bevguo fh`_l ^_ckl\h\Zlv b ^mjgZy ih]h^Z b j_adh kdZaZggh_ keh\h b
\hkihfbgZgb_ h dZdhfgb[m^v i_qZevghf kh[ulbb b fukev h ij_^klhys_f g_ijbylghf
k\b^Zgbbb keh\hflZdZyfZkkZkh\_jr_gghg_mqblu\Z_fuof_ehq_cqlhbghcjZa^Z`_kZf
[hevghcg_\ khklhygbbihgylvihq_fm_fmklZehlhkdeb\hb dZdZyg_ijbylghklvaZklZ\beZ_]h
m^Zeblvkyba\_k_eh]hh[s_kl\Z\ dhlhjhfhglhevdhqlh[_aaZ[hlghkf_yekyGZ^h^h[Z\blv
qlh [hevr_c qZklvx m gbo _klv \k_lZdb k\hb ohjhrb_ b ^mjgu_ ^gb ijbq_f \ ohjhrb_ hgb
bghc jZa hq_gv kihdhcgh i_j_ghkyl ^Z`_ djmigu_ h]hjq_gby b g_ijbylghklb lh]^Z dZd \
iehob_ ² ihqlb g_ \uoh^yl ba lhkdeb\h]h m]g_l_gby beb ]g_\ghc jZa^jZ`bl_evghklb \
g_dhlhjuo kemqZyo wlZ jZa^jZ`bl_evghklv y\ey_lky ^Z`_ hkgh\ghc q_jlhc oZjZdl_jZ lZdh]h
jh^ZikbohiZlh\G_kfhljygZba\_klguchll_ghde_]dhfukebyb ih\_joghklghklb²wlhex^b
kihkh[gu_ d ]em[hdbf qm\kl\Zf b ijb\yaZgghklyf hgb qj_a\uqZcgh ly`_eh ² bgh]^Z b gZ
^he]bckjhd
²i_j_`b\Zxl\kydb_kbevgu_^mr_\gu_ihljyk_gbyhkh[_gghmljZlm[ebadboebpghb
ihhlghr_gbxd ^jm]bfikbobq_kdbfljZ\fZf dZlZkljhnZfi_j_`b\Zgbyf\hcgulxj_fghfm
aZdexq_gbx  ihjh] bo \ughkeb\hklb hq_gv g_\ukhd ² bf_ggh hgb qZs_ \k_]h ^Zxl lZd
gZau\Z_fu_ iZlheh]bq_kdb_ j_Zdpbb b j_Zdlb\gu_ ikbohau Kjhd gZ dhlhjuc f_gy_lky
gZkljh_gb_ m wlhc ]jmiiu ebqghkl_c fh`_l [ulv hq_gv jZaebq_g gZjy^m kh kemqZyfb ]^_
gZkljh_gb_ f_gy_lky g_kdhevdh jZa \ l_q_gb_ ^gy hl [_aaZ[hlgh]h \_k_evy ^h ijbklmih\
ihegh]h hlqZygby m gbo `_ gZ[ex^Z_lky b ^ebl_evgh_ khklhygb_ b jZ^hklb b lhkdb
jZa\b\Zxs__ky\k_]^Zdhg_qghihlhfmbeb^jm]hfmih\h^mijbwlhf^ebl_evghklvwnn_dlZ
^h ba\_klghc kl_i_gb hdZau\Z_lky Z^_d\Zlghc lhfm nZdlhjm dhlhjuc \ua\Ze b jh^be
baf_g_gb_gZkljh_gby GZ^h ^h[Z\blv qlh djhf_ hibkZgguo _klv wfhlb\gheZ[bevgu_
ebqghklbb g_kdhevdhbgh]hkdeZ^ZFubf__f\ \b^mex^_c

Ijb h[uqguo mkeh\byo jh\guo b kihdhcguo fh`_l [ulv lhevdh g_kdhevdh q_j_kqmj
fy]dbo [hyaeb\uo b lj_\h`guo Hgb h[udgh\_ggh ij_djZkgh m`b\Zxlky \ jZaf_j_gguo
jZfdZo ohjhrh gZeZ`_gghc `bagb gh aZlh qj_a\uqZcgh [ukljh l_jyxlky \ mkeh\byo
lj_[mxsb_ gZoh^qb\hklb b j_rbl_evghklb hq_gv e_]dh ^Z\Zy iZlheh]bq_kdb_j_Zdpbb gZ
g_ijbylgu_i_j_`b\Zgbyohlykdhevdhgb[m^v\u\h^ysb_boba^mr_\gh]hjZ\gh\_kby

=JMII::KL?GBDH<
Ihgylb_g_j\ghikbobq_kdhcZkl_gbb\ rbjhdhfkfuke_wlh]hkeh\Zho\Zlu\Z_lp_euc
jy^ khklhygbc dZd \jh`^_gguo lZd b ijbh[j_l_gguo <u^_eyy dhgklblmpbhgZevgmx
Zkl_gbx dZdh^gmbanhjfikbohiZlbcfu_kl_kl\_gghbf__f\ \b^mlhevdhl_kemqZb]^_
y\e_gby lZd gZau\Z_fhc jZa^jZ`bl_evghc keZ[hklb g_j\ghc kbkl_fu b ikbobdb
jZa^jZ`bfhklv  bklhsZ_fhklv  \u^\b]Zykv gZ i_j\uc ieZg ij_^klZ\eyxl k\hckl\Z g_
gZ`blu_Z \jh`^_ggu_b ihklhyggu_KbfilhfZlheh]bywlhcnhjfuqj_a\uqZcghbaf_gqb\Zb
fgh]hh[jZagZ>eym^h[kl\ZjZkkfhlj_gbyfu\u^_ebfg_kdhevdhhl^_evguo]jmiiZkl_gbdh\
h^gZdhwlh\u^_e_gb_gZ^hjZkkfZljb\ZlvdZdbf_xs__ebrv mkeh\gh_ agZq_gb_b[h qZklh m
h^gh]hb lh]h`_ebpZfh`gh\klj_lblvkbfilhfuoZjZdl_jgu_^eyjZaguo]jmii
 < gZb[he__ qbklhf b ijhklhf \b^_ kbfilhfZlheh]by dhgklblmpbhgZevghc  Zkl_gbb
ij_^klZ\e_gZm lZdgZau\Z_fuog_\jZkl_gbdh\km[t_dlh\gZb[he__hlebqbl_evgufbq_jlZfb
dhlhjuobf_gghb y\eyxlkyqj_af_jgZyg_j\ghikbobq_kdZy\ha[m^bfhklvjZa^jZ`bl_evghklv
k h^ghc klhjhgu b bklhsZ_fhklv mlhfey_fhklv k ^jm]hc Ihfbfh lh]h \ kbfilhfZlheh]bb
wlbo kemqZ_\ [hevrmx jhev b]jZxl y\e_gby dZd [u khfZlbq_kdh]h ihjy^dZ hsms_gby \
jZaebqguo qZklyo l_eZ nmgdpbhgZevgu_ gZjmr_gby ^_yl_evghklb k_j^pZ
`_em^hqghdbr_qgh]h ZiiZjZlZ b ij [hevgu_ `Zemxlky gZ ]heh\gu_ [heb k_j^p_[b_gb_
[_kkhggbpm ghqvx b khgeb\hklv ^g_f iehohc Zii_lbl ihghku kf_gyxsb_ky aZihjZfb
iheh\mx keZ[hklv G_dhlhju_ ba gbo hlebqZxlky djhf_ lh]h h[s_c \yehklvx hlkmlkl\b_f
bgbpbZlb\u g_j_rbl_evghklvx fgbl_evghklvx bbeb ZiZlbqguf beb qZs_ jZ\ghf_jgh
m]g_l_gguf gZkljh_gb_f Ih^h[gh]h jh^Z km[t_dlu g_kihkh[gu d ^ebl_evghfm mkbebx b
mkb^qb\hc jZ[hl_ ihke_^gyy [ukljh gZqbgZ_l bf gZ^h_^Zlv ihy\ey_lky qm\kl\h mklZehklb
keZ[hklb^Z`_khgeb\hklbQZklhkljZoi_j_^qj_af_jghklvxlj_[mxs_]hkyhlgboljm^h\h]h
gZijy`_gbym`_aZjZg__iZjZebam_lbo\hexb ^_eZ_lbog_kihkh[gufb^Z`_ijbgylvkyaZ^_eh
Ijbihiuld_ij_h^he_lvg_hohlm

H[t_fihgylbyh dhgklblmpbhgZevghcg_j\ghklb GLHNRQVWLWXWLRQHOOH1HUYRVLWDW ^Z\Z_fucRmevp_f 6FKXOW] \

jmdh\h^kl\_;mfd_ %XPNH gZklhevdhjZkieu\qZlb \k_h[t_fexsqlh_^\ZeblZdh_lhedh\Zgb_fh`_l
bf_lvohly[udZdh_eb[hijZdlbq_kdh_agZq_gb_

b hl\jZs_gb_ jZa\b\Zxlky \kydb_ g_ijbylgu_ hsms_gby qm\kl\h ly`_klb \ ]heh\_

lygmsb_ [heb \ kibg_ qZklu_ ihau\u gZ fhq_bkimkdZgb_ b ij Z bgh]^Z b dZdh_lh hkh[h_
khklhygb_ \ha[m`^_gby g_ iha\heyxs__ km[t_dlm ^he]h kb^_lv gZ h^ghf f_kl_ >ebl_evgh_
khkj_^hlhq_gb_ \gbfZgby gZ ij_^f_l_ jZ[hlu djhf_ lh]h aZljm^gy_lky l_f qlh fukeb ijb
i_j\hc \hafh`ghklb khkdZevau\Zxl gZ ijb\uqgmx ^ey lZdh]h jh^Z ebp dhe_x ² d aZ[hl_ h
k\h_f l_e_ dhlhjh_ ^ey gbo kiehrv b jy^hf ij_^klZ\ey_l ij_^f_l hkh[h]h \gbfZgby b
g_kh\_jr_gkl\h nmgdpbc dhlhjh]h hgb qj_a\uqZcgh hohlgh ij_m\_ebqb\Zxl HiZkZykv
\k_\hafh`guo [he_ag_c ih^h[gu_ bihohg^jbdb lsZl_evgh bsml \ k\hbo hlijZ\e_gbyo
dZdbogb[m^v ijbagZdh\ hldehg_gby hl ghjfu gZijZ\eyy k\h_ \gbfZgb_ gZ f_evqZcrb_
hsms_gbyk\h_]hl_eZhgbijhlb\\hebjZkkljZb\Zxlb [_alh]hg_ijZ\bevgh^_ckl\mxsb_m
gbo \_]_lZlb\gu_ nmgdpbb Z _keb d wlhfm ijbkh_^bgyxlky dZdb_gb[m^v ^h[Z\hqgu_
g_[eZ]hijbylgu_ fhf_glu ly`_eu_ mkeh\by `bagb bgn_dpbb ikbobq_kdb_ ljZ\fu  m gbo
e_]dh jZa\b\Zxlky b gZklhysb_ g_\jhau hj]Zgh\ g_j\gu_ ^bki_ikbb b wgl_jhdheblu
k_j^_qgu_ g_\jhau b ij < lZdbo kemqZyo fukev h [he_agb iheghklvx h\eZ^_\Z_l
bihohg^jbdhfb ]hgbl_]hhlh^gh]h\jZqZd ^jm]hfmijbq_fdZ`^hfmhg\udeZ^u\Z_lfZkkm
`Zeh[gZg_ijbylgu_b [he_ag_ggu_hsms_gbykZfh]hjZaebqgh]hjh^Zb \kZfuojZaebqguo
qZklyol_eZ
HlhibkZggh]hlbiZ\yeh]hg_\jZkl_gbdZbihohg^jbdZg_kdhevdhhlebqZxlkykm[t_dlum
dhlhjuo gZjy^m k lhc `_ Z fh`_l [ulv b _s_ [hevr_c bklhsZ_fhklvx j_adh \uy\ey_lky
kdehgghklv d m\e_q_gbx lhc beb bghc jZ[hlhc l_fb beb ^jm]bfb bgl_j_kZfb wlh k\hckl\h
ijhbkl_dZ_l ba \lhjhc hkgh\ghc oZjZdl_jbamxs_c bo hj]ZgbaZpbx q_jlu ² \ha[m^bfhklb
jZa^jZ`bfhklb Wlb ex^b e_]dh mk\Zb\Zxl \k_ gh\h_ gh dZd b lhevdh qlh hibkZggu_
kh\_jr_ggh g_ \u^_j`b\Zxl ^ebl_evgh]h gZijy`_gby < bo jZ[hl_ g_j_^dh ihjZ`Z_l
[jhkZxs__ky\ ]eZaZijhlb\hj_qb_f_`^mm^ZqgufgZqZehfb hq_gvg_agZqbl_evgufh[t_fhf
h[s_]h wnn_dlZ ² j_amevlZlZ gZklmiZxs_]h m`_ q_j_a hq_gv dhjhldh_ \j_fy [ukljh]h
iZ^_gby ijh^mdlb\ghklb <ke_^kl\b_ wlh]h bf ijboh^blky ihklhyggh ij_ju\Zlv jZ[hlm
[hevrbfbbebf_gvrbfb i_jbh^Zfbhl^uoZ DZd lhevdhhklu\Z_l i_j\h_ m\e_q_gb_jZ[hlhc
lZd lhlqZk y\ey_lky qm\kl\h kdmdb b ihlj_[ghklv d kf_g_ \i_qZle_gbc ;eZ]h^Zjy wlhfm
\gbfZgb_bohq_gvg_mklhcqb\hb e_]dhhl\e_dZ_lkyghg_ihlhfmqlh_]hijb\e_dZxld k_[_
\k_ gh\u_ b gh\u_ \i_qZle_gby Z ihlhfm qlh hgh mklZ_l hl kdhevdhgb[m^v ^ebl_evgh]h
nbdkbjh\Zgbyh^gbob l_o`_b g_\hevghbs_li_j_f_guLZdh]hjh^Zkm[t_dluqj_a\uqZcgh
qm\kl\bl_evgu dh \kydbf ihf_oZf \ jZ[hl_ b qZklh k [hevrbf ljm^hf ijb\udZxl d
baf_g_gguf mkeh\byf ihke_^g_c >h iheghc g_jZ[hlhkihkh[ghklb ^_eh \ijhq_f ihqlb
gbdh]^Z g_ ^hoh^bl [hevgu_ jZ[hlZxl g_ijZ\bevgh g_j_]meyjgh kdZqdZfb b \kiurdZfb
h^gZdh \k_lZdb khojZgyxl kihkh[ghklv ^Z\Zlv ^hklZlhqgh iheghp_ggu_ j_amevlZlu b
hklZ\Zlvky ihe_agufb qe_gZfb h[s_kl\Z LZdh]h jh^Z ex^_c qZklh h[\bgyxl \ e_gb
gZau\Zxle_glyyfbghwlhkebrdhfijhklh_b gbq_]hg_]h\hjys__h[tykg_gb_
;he__ keh`gmx ]jmiim ikbohiZlh\ Zkl_gbq_kdh]h kdeZ^Z h[jZamxl ebpZ ]eZ\gufb
q_jlZfb dhlhjuo y\eyxlky qj_af_jgZy \i_qZlebl_evghklv k h^ghc klhjhgu b j_adh
\ujZ`_ggh_qm\kl\hkh[kl\_gghcg_^hklZlhqghklbk ^jm]hc\ [hevr_cbebf_gvr_ckl_i_gb
ijbkms__ \ijhq_f \k_f \hh[s_ Zkl_gbdZf Bo g_j\gZy keZ[hklv ijhy\ey_lky \ djZcg_c
jZgbfhklb d i_j_`b\Zgbyf ohly kdhevdhgb[m^v \uoh^ysbf ba jy^Z h[uqguo `bl_ckdbo
ijhbkr_kl\bb Hgb iZ^Zxl \ h[fhjhd ijb \b^_ djh\b g_ \ khklhygbb ijbkmlkl\h\Zlv ijb
kZfhc gbqlh`ghc hi_jZpbb g_ \ughkyl kdhevdhgb[m^v ]hjyqbo kihjh\ b ^h djZcghklb
ljZ\fZlbabjmxlky \b^hf g_h[uqZcguo mebqguo ijhbkr_kl\bc g_kqZklguo kemqZ_\ ^jZd
kdZg^Zeh\ b ij Jh[db_ fZeh^mrgu_ aZkl_gqb\u_ wlh h[udgh\_ggh g_`gu_ lhgdh
qm\kl\mxsb_ gZlmju kljZ^Zxsb_ hl \kydh]h ]jm[h]h ijbdhkgh\_gby Fgh]b_ ba gbo
\a^jZ]b\Zxl ijb fZe_cr_f rhjho_ b \kydhc g_h`b^Zgghklb kljZ^Zxl iZgbq_kdbf kljZohf
i_j_^l_fghlhc[hylkyg_dhlhjuo`b\hlguogZk_dhfuog_fh]ml\ughkblvj_adboa\mdh\g_
fh]ml\b^_lv[_ahl\jZs_gbyjy^Z\_s_cg_\ughkylkh\_jr_gghijbdhkgh\_gbyd k_[_b l^
b l^ LheiZb \hh[s_ ex^kdh_h[s_kl\h bo qZklh mlhfey_l b aZklZ\ey_l bkdZlv h^bghq_kl\Z
Bofbfhahih^h[ghklvh^gZdhg_y\ey_lkyj_amevlZlhfZmlbklbq_kdh]hmoh^Zhl`bagbZ ebrv
ijhy\e_gb_f qj_af_jghc qm\kl\bl_evghklb ;eZ]h^Zjy ihklhygghfm ljZ\fZlbabjh\Zgbx
`bag_ggufb \i_qZle_gbyfb ij_h[eZ^Zxsbc hll_ghd gZkljh_gby m gbo [hevr_x qZklvx
ihgb`_gguc LZd dZd wlh h[udgh\_ggh ex^b hq_gv kZfhex[b\u_ lh hkh[_ggh bo m]g_lZ_l
ij_`^_ \k_]h khagZgb_ qlh hgb g_ dZd \k_ Z aZ l_f b \ul_dZxsZy hlkx^Z djZcgyy
g_m\_j_gghklv\ k_[_Wlhkha^Z_l\ gboqm\kl\h\gmlj_gg_cgZijy`_gghklbb lj_\h]b?kebm
[hevguod lhfm`__klvdZdb_gb[m^vl_e_kgu_^_n_dlug_mdex`ZyfhlhjbdZg_^hklZlhqgh
djZkb\h_ebphb ijbeb_kebhgbg_h`b^ZgghihiZ^Zxl\ kj_^mkhpbZevgh\ur_boklhysmx
lhboaZkl_gqb\hklve_]dhi_j_oh^bl\kydb_]jZgbpub mh^gbojZa\b\Z_lkydjZcgyyjh[hklvb
ih^hajbl_evghklv dZ`_lky qlh hdjm`Zxsb_ ke_^yl aZ gbf ]h\hjyl h g_f djblbdmxl _]h b
kf_xlky gZ^ gbf  mkbeb\Z_lky g_eh\dhklv ihy\ey_lky aZbdZgb_ ijb gbqlh`g_cr_f ih\h^_
\uklmiZ_ldjZkdZkfms_gbygZebp_b l^^jm]b_`_klj_fykvij_h^he_lvdjZcg_fmqbl_evgh_
^eygboqm\kl\hk\h_ckeZ[hklbb g_^hklZlhqghklbgZ^_\ZxlgZk_[yg_\k_]^Zm^Zxsmxkybf
ebqbgm \g_rg_c jZa\yaghklb b ^Z`_ aZghkqb\hklb ih^ dhlhjhc h^gZdh g_ljm^gh jZa]ey^_lv
lh]h `_ kZfh]h \gmlj_gg_ kfms_ggh]h b jh[dh]h g_\jZkl_gbdZ ;bqhf ^ey ih^h[gh]h jh^Z
km[t_dlh\ y\eyxlky \kydb_ hl\_lkl\_ggu_ \uklmie_gby i_j_^ ^jm]bfb ex^vfb kfms_gb_ b
kljZo gZ wdaZf_g_ ^Z`_ ohjhrh ih^]hlh\e_ggh]h xghrm bgh]^Z ijb\h^yl \ lZdh_
aZf_rZl_evkl\h qlh jZa\b\Z_lky ihegZy g_kihkh[ghklv \kihfgblv b k\yaZggh jZkkdZaZlv lh
qlh lj_[m_lky wdaZf_gZpbhgguc klmihj  m hjZlhjh\ ij_ih^Z\Zl_e_c Zjlbklh\ lZdh]h lbiZ
dZ`^h_\uklmie_gb_gZdZn_^j_ljb[mg_bebkp_g_\uau\Z_lly`_eh_g_j\gh_ihljyk_gb_hl
dhlhjh]h bghc jZa ijboh^blky hijZ\eylvky \ l_q_gb_ g_kdhevdbo ^g_c Hq_gv [he_ag_ggh
^_ckl\mxl gZ lZdbo ex^_c kem`_[gu_ g_m^Zqb dZd jZa bf_ggh m gbo g_j_^db_ ijb bo
[he_ag_gghfkZfhex[bblZdb_g_m^Zqb\_^mld j_adbfb g_khjZaf_jguf\kiurdZfm]g_l_gbyb
hlqZygby Qj_af_jgZy g_j\gZy \ha[m^bfhklv jZkkljZb\Z_l h[udgh\_ggh m ij_^klZ\bl_e_c
hibku\Z_fhc ]jmiiu b khfZlbq_kdb_ nmgdpbb khg m gbo qZs_ \k_]h lj_\h`guc iheguc
dhrfZjguokgh\b^_gbcij_ju\Z_fuchkljufbijbklmiZfbkljZoZg_j_^dbdjZldh\j_f_ggu_
nmgdpbhgZevgu_ jZkkljhckl\Z jZaebqguo hj]Zgh\ ih^ \ebygb_f Znn_dlb\guo i_j_`b\Zgbc
qZs_ \k_]h kljZoZ beb aZf_rZl_evkl\Z  g_ihjy^db \ fhq_bkimkdZgbb g_j\gu_ j\hlu b
ihghkuj_adZyihleb\hklvb l^GZihq\_g_khhl\_lkl\byf_`^ml_fblj_[h\Zgbyfbdhlhju_
wlbex^bij_^ty\eyxld k_[_b d`bagbb l_fiheh`_gb_f\ ihke_^g_cdhlhjh_bfgZkZfhf
^_e_ ^hklZ_lky m gbo bghc jZa jZa\b\Zxlky ^ebl_evgu_ ^_ij_kkb\gu_ khklhygby ^Zxsb_
bgh]^Z ih\h^ d kf_r_gbx k pbdehlbfbq_kdbfb ^_ij_kkbyfb Hlebqb_f y\ey_lky
bkdexqbl_evgZyaZ\bkbfhklv^_ij_kkbcm dhgklblmpbhgZevghg_j\guohl\g_rgbo\ebygbck
baf_g_gb_f dhlhjuo f_gy_lky b gZkljh_gb_ Ihke_^g__ h[klhyl_evkl\h b \hh[s_ bo
wfhpbhgZevgZy g_mklhcqb\hklv kdehgghklv d wfhpbhgZevguf j_Zdpbyf k[eb`Zxl wlbo
ikbohiZlh\lZd`_b kwfhlb\gheZ[bevgufbikbohiZlZfbhldhlhjuobo^_ckl\bl_evgh^Ze_dh
g_ \k_]^Z e_]dh b fh`gh gZ i_j\uc \a]ey^ hl]jZgbqblv H^gZdh \ k\h_c hkgh\_ wlh kh\k_f
jZagu_ ex^b < lh \j_fy dZd wfhlb\gheZ[bevgu_ hlebqZxlky qj_a\uqZcguf [h]Zlkl\hf
wfhpbhgZevguo hll_gdh\ ijbq_f ih^\b`ghklv bo qm\kl\ ² hkgh\gh_ k\hckl\h bo gZlmju
wfhpbb Zkl_gbdh\ dhgp_gljbjmykv ihqlb \k_]^Z \hdjm] bo ebqguo g_m^Zq bo ms_fe_ggh]h
kZfhex[by b bo qm\kl\Z g_^hklZlhqghklb ]hjZa^h [_^g__ bo wfhpbhgZevgZy g_mklhcqb\hklv
_klvebrvqZklbqgh_ijhy\e_gb_bog_j\ghckeZ[hklb
H[sbfk\hckl\hf\k_oZkl_gbdh\y\ey_lkyjZa^jZ`bl_evghklvJ_^dhdlhbagbod dZdhc
[u]jmii_hggbhlghkbekyg_`Zem_lkygZijbklmiu]g_\guo\kiur_dhkh[_gghqZkluoijb
mlhfe_gbb\kiur_dbgh]^Z\_^msbod ^h\hevgh[mjguf\aju\Zfohlyh[udgh\_gghb [ukljh
bklhsZxsboky< g_dhlhjuokemqZyowlZhkh[_gghklvgZklhevdh\u^\b]Z_lkygZi_j\ucieZg
qlh hdZau\Z_lky kZfhc yjdhc oZjZdl_jghc b \ lh `_ \j_fy ly`_ehc q_jlhc \ dZjlbg_
ikbohiZlbq_kdbo ijhy\e_gbc Zkl_gbdh\ Ijbf_jhf fh]ml kem`blv ex^b k h^ghc klhjhgu
kZfhex[b\u_k ^jm]hcg_h[eZ^Zxsb_kbehc\heb\u^_j`dhcb jZ[hlhkihkh[ghklvxqlh[u
^h[blvky [he__ beb f_g__ \b^gh]h iheh`_gby b aZ\h_\Zlv k_[_ ijZ\h gZ m\Z`_gb_
hdjm`Zxsbo ;eZ]h^Zjy wlhfm bf ijboh^blky h[udgh\_ggh hdZau\Zlvky \ ih^qbg_gghf
iheh`_gbbl_ji_lvg_\gbfZgb_h[b^u^Z`_mgb`_gbyhlebp\ur_boklhysbo\ j_amevlZl_
q_]h m gbo h[jZam_lky ]jhfZ^guc aZiZk g_ba`bluo f_edbo ikbobq_kdbo ljZ\f kha^Zxsbc
h[sbc gZijy`_gguc b hdjZr_gguc g_^h\hevkl\hf lhg gZkljh_gby KhojZgyy \g_rgxx
k^_j`Zgghklv lZf ]^_ \kiurdZ jZa^jZ`_gby fh]eZ [u ih\j_^blv _fm kZfhfm lZdhc km[t_dl
l_f hohlg__ jZajy`Z_l gZdhib\r__ky m g_]h \gmlj_gg__ g_^h\hevkl\h gZ ebpZo hl g_]h
aZ\bkysbo gZijbf_j gZ k\hbo ^hfZrgbo jh[dbc b fZehaZf_lguc \ h[s_kl\_ hg bghc jZa
^hfZhdZau\Z_lkygZklhysbflbjZghfohlyb g_kihkh[gufd ijhy\e_gbx^_ckl\bl_evghckbeu
^Z`_ \ ]g_\_ b i_j_oh^ysbf hl ijbklmih\ g_m^_j`bfhc yjhklb d ieZqm b kZfhh[\bg_gbyf
GZebqghklv jZa^jZ`bl_evghklb dZd ihklhygghc q_jlu m Zkl_gbdh\ aZklZ\ey_l ^mfZlv qlh \
g_dhlhjuokemqZyoa^_kv^_ehfh`_lb^lbm`_g_h jZa^jZ`bl_evghckeZ[hklbdZdlZdh\hcZ
h gZebqbb \ h[s_c kmff_ g_j\ghikbobq_kdhc Zkl_gbb b kl_gbq_kdh]h ^_ckl\_ggh]h
dhfihg_glZ bgufb keh\Zfb ^_eh b^_l m`_ g_ h qbklhf Zkl_gbq_kdhf lbi_ Z h kf_rZgghf
keh`ghf
Ihke_^gxx b gZb[he__ keh`gmx ]jmiim hibku\Z_fhc ikbohiZlbb h[jZamxl lZd
gZau\Z_fu_ ikboZkl_gbdb Hkgh\gufb bo q_jlZfb y\eyxlky djZcgyy g_j_rbl_evghklv
[hyaeb\hklv b ihklhyggZy gZdehgghklv d khfg_gbyf Hgb qj_a\uqZcgh \i_qZlebl_evgu b ijb
lhfg_lhevdhd lhfmqlhdjm]hfgbo\ ^Zggmxfbgmlmijhbkoh^blghb _s_[he__d lhfmqlh
ih bo fg_gbx fh`_l kemqblvky dh \k_f l_f g_ijbylghklyf dhlhju_ dZd hgb iheZ]Zxl
h`b^Zxl bo \ [eb`Zcr_f [m^ms_f LZdbf h[jZahf wfhpbhgZevgZy hdjZkdZ m ikboZkl_gbdh\
khijh\h`^Z_l fbj ij_^klZ\e_gbc h [m^ms_f _s_ \ [hevr_c kl_i_gb q_f fbj
g_ihkj_^kl\_gguo i_j_`b\Zgbc b \hkihfbgZgbc Lhevdh _s_ \hafh`gZy hiZkghklv beb
g_ijbylghklv g_ f_g__ Z fh`_l [ulv b [he__ kljZrgZ ikboZkl_gbdm q_f g_ihkj_^kl\_ggh
kms_kl\mxsZy <kydZy f_ehqv \kydbc imklyd dhlhjuc ikboZkl_gbd aZf_qZ_l \ hdjm`Zxs_c
`bagbaZklZ\eyxl_]h^mfZlvp_eucjy^h[udgh\_gghg_ijbylguoZkkhpbZpbc\hagbdZ_l\ _]h
mf_ihlZdbfgbqlh`gufih\h^ZfgZdhlhju_^jm]hcq_eh\_dg_h[jZlblgbdZdh]h\gbfZgby
IkboZkl_gbd hq_gv [hyaeb\ b jh[hd hg [hblky \k_]h hg hlklmiZ_l g_ lhevdh i_j_^
^_ckl\bl_evghc hiZkghklvx gh b kms_kl\mxs_c lhevdh \ _]h \hh[jZ`_gbb hg [hblky g_
lhevdhlh]hq_]hke_^m_lhiZkZlvkyg_lhg[hblky^Z`_b lh]hq_]hhgijhklhg_agZ_l\kydh_
gh\h_g_agZdhfh_^_eh\kydZybgbpbZlb\Zy\eyxlky^eyg_]hbklhqgbdZfbfmq_gbc_kebg_l
djZcghklbbeb^Z\e_gbyba\g_ikboZkl_gbdgbdh]^Zg_j_rblkygZqZlvqlhgb[m^vlZdh_q_]h
hg[hblkybebijhklhg_agZ_l<hh[s_ijbgylvlhbeb^jm]h_j_r_gb_ikboZkl_gbdmdjZcg_
ljm^gh ^Z`_ \ lhf kemqZ_ dh]^Z ^_eh dZkZ_lky kZfh]h gbqlh`gh]h h[klhyl_evkl\Z >Z`_
j_rb\rbkvgZqlhgb[m^vgZqZ\rbm`_^_ckl\h\ZlvikboZkl_gbd \k_ \j_fy khfg_\Z_lky lZd
ebhgihklmiZ_llhebhgk^_eZeqlhohl_eb wlb\_qgu_khfg_gbywlhl\k_]^Zrgbcdhgljhev
kZfh]h k_[y ^_eZxl wlm jZ[hlm b f_^e_gghc b fmqbl_evghc Khfg_gby \ ijZ\bevghklb
k^_eZggh]h bf aZklZ\eyxl ikboZkl_gbdZ \gh\v i_j_^_eu\Zlv lh qlh hg lhevdh qlh k^_eZe
g_^h\_jb_d kZfhfmk_[_d k\hbfkbeZfaZklZ\ey_l_]hh[jZsZlvkyd ^jm]bfbebaZihfhsvx
bebohly[uaZl_fqlh[u_]hmkihdhbebqlh[u_fmkdZaZebqlh[_kihdhblvky\hegh\Zlvkyg_l
j_rbl_evgh gbdZdbo hkgh\Zgbc WlZ kdehgghklv bkdZlv ih^^_j`db m ^jm]bo wlh g_mf_gb_
h[oh^blvky [_a ihklhjhgg_c ihfhsb y\eyxlky lZd`_ h^ghc ba hlebqbl_evguo q_jl
ikboZkl_gbq_kdh]hoZjZdl_jZIj_`^_\k_]hdhg_qghikboZkl_gbd[hblkyaZk_[ykZfh]haZlh
[m^ms__ dhlhjh_ _]h h`b^Z_l b dhlhjh_ hg jbkm_l k_[_ fjZqgufb djZkdZfb [hblky aZ k\h_
nbabq_kdh_ b ikbobq_kdh_ a^hjh\v_ G_ f_g__ kbevgh [hblky hg aZ mqZklv k\hbo [ebadbo b
jh^guo ihklhyggu_ lj_\h]b hiZk_gby [_kihdhckl\h ² \hl qlh gZihegy_l _]h `bagv `^Zlv
q_]hgb[m^v ² Z wlh qlhgb[m^v jbkm_lky _fm h[udgh\_ggh \ q_jghf k\_l_ ² hg
iheh`bl_evghg_fh`_l\kydh_h`b^Zgb_klZgh\blky_fmg_\ughkbfhfmqbl_evgh\hlihq_fm
g_kfhljy gZ \kx k\hx h[uqgmx g_j_rbl_evghklv ikboZkl_gbd hdZau\Z_lky bgh]^Z
gZklhcqb\ufb ^Z`_g_l_ji_eb\ufHg^he]hg_j_rZ_lkygh_kebm`_gZqlhgb[m^vj_rbeky
lh[hevr_g_fh`_l[ulvkihdh_g^hl_oihjihdZwlhg_[m^_lk^_eZgh[_kihdhykvkZfhgg_
^Z_l ihdhy b l_f ba hdjm`Zxsbo hl dh]h aZ\bkbl ijb\_^_gb_ \ bkiheg_gb_ aZ^mfZggh]h bf
j_r_gby IkboZkl_gbd gb gZ fbgmlm g_ aZ[u\Z_l qlh gZ imlb d \uiheg_gbx _]h p_eb fh`_l
\klj_lblvkydZdZygb[m^vihf_oZhgk ljm^hfi_j_ghkblgZagZq_gb_kjhdZ²\ lZdbokemqZyo
hggZqbgZ_l[hylvkyqlhg_ihki__ld gZagZq_gghfm\j_f_gbhgg_[m^_lgZijbf_jkihdhcgh
kiZlv_kebagZ_lqlhgZmljh^he`_gjZgh\klZlvohly_keb[ulZdhcg_h[oh^bfhklbg_[ueh
hg \_jhylgh \klZe [u lZd `_ jZgh Z kiZe [u kihdhcgh b dj_idh ;m^mqb \hh[s_ q_eh\_dhf
hq_gv ^_ebdZlguf b qmldbf ikboZkl_gbd l_f g_ f_g__ fh`_l ijbqbgblv fgh]h
g_ijbylghkl_chdjm`Zxsbfhgh[udgh\_ggh[hevrhci_^ZglnhjfZebklb lj_[m_lhl^jm]bo
lh]h `_ kZfh]h \kydbc imklyd \kydh_ hlklmie_gb_ hl nhjfu hl jZa gZ\k_]^Z ijbgylh]h
ihjy^dZ lj_\h`bl _]hb hg g_ lhevdh [_kihdhblky gh b k_j^blky hkh[_ggh _keb ^_eh b^_l h
ih^qbg_gguo _fm ebpZo Z \ ^hfZrg_c h[klZgh\d_ kZfh_ f_ehqgh_ gZjmr_gb_ _]h ijb\uq_d
\u\h^bl _]h ba jZ\gh\_kby b jZa^jZ`Z_l DZd b \k_ ikbohiZlu Zkl_gbq_kdh]h kdeZ^Z
ikboZkl_gbdb h[udgh\_ggh ex^b dhgnmaeb\u_ b aZkl_gqb\u_ khagZgb_ qlh hgb y\eyxlky
ij_^f_lhf \gbfZgby ^ey gbo qj_a\uqZcgh fmqbl_evgh ;eZ]h^Zjy k\h_c kl_kgbl_evghklb
ikboZkl_gbd qZklh [hblky k^_eZlv lh qlh kqblZ_l g_h[oh^bfuf _fm k^_eZeb qlhgb[m^v
ohjhr__ ² hg g_ j_rZ_lky ih[eZ]h^Zjblv _fm ^_eZxl g_ih^oh^ys__ ij_^eh`_gb_ ² hg g_
j_rZ_lky_]hhldehgblv_fm^he`guaZieZlblv^_gv]b²hg[hblkyboihlj_[h\ZlvY qZklh
e]mba[hyaeb\hklb²]h\hjbeh^bg[hevghc=Zjl_g[_j]Z +DUWHQEHUJ ²ihlhfmqlhg_kf_x
kdZaZlvlhqlhy ^mfZxIkboZkl_gbd\k_]^Zg_wg_j]bq_gg_Zdlb\_g[_a^_yl_e_gwlh²g_
q_eh\_d^_eZZ f_qlZl_evb nZglZa_j;hevr_xqZklvxhgg_ex[blnbabq_kdh]hljm^Zhq_gv
g_eh\hd b k [hevrbf ljm^hf ijb\udZ_l d jmqghc jZ[hl_ <hh[s_ ikboZkl_gbd y\ey_lky
q_eh\_dhf g_ijbkihkh[e_gguf d `bagb g_ijb]h^guf ^ey [hjv[u aZ kms_kl\h\Zgb_ _fm
gm`gZ mijhs_ggZy `bagv l_iebqgZy h[klZgh\dZ H^ghc ba qj_a\uqZcgh oZjZdl_jguo q_jl
ikboZkl_gbdZy\ey_lkykdehgghklv_]hd kZfhZgZebam²kh[kl\_ggZyikbobdZy\ey_lky^eyg_]h
dZd[ul_Zljhf]^_jZau]ju\Zxlkykp_gudZdhclhb^_heh]bq_kdhcdhf_^bbgZij_^klZ\e_gbb
dhlhjhc hg kZf ijbkmlkl\m_l \ dZq_kl\_ ^Ze_dh g_ [_amqZklgh]h ajbl_ey G_ihkj_^kl\_ggh_
qm\kl\h fZeh ^hklmigh ikboZkl_gbdm b [_aaZ[hlgh_ \_k_ev_ j_^dh y\ey_lky _]h m^_ehf Hg
qZklh ij_^Z_lky \k_\hafh`guf jZafure_gbyf qbklh hl\e_q_ggh]h oZjZdl_jZ qZklh klZ\bl
k_[_ l_ beb bgu_ \hijhku h[s_]h k\hckl\Z g_ bf_xsb_ d g_fm ijyfh]h hlghr_gby b
g_ij_f_ggh klZjZ_lky gZclb gZ gbo hl\_lu Fuke_ggh \ k\hbo f_qlZo ikboZkl_gbd kihkh[_g
i_j_`blv fgh]h_ gh hl mqZklby \ j_Zevghc ^_ckl\bl_evghklb hg \kyq_kdb klZjZ_lky
mdehgblvkyEx[blv f_qlZlv qm\kl\h\Zlv mqblvky b ihgbfZlv² y fh]m \k_ ebrv [u f_gy
lhevdh hk\h[h^beb hl g_h[oh^bfhklb ^_ckl\h\Zlv ² ]h\hjbl ikboZkl_gbd :fbwev $PLHO 
hklZ\b\rbcihke_k_[yqj_a\uqZcghp_gguc^hdmf_gl\ \b^_]jhfZ^gh]h^g_\gbdZ\k_ck\h_c
`bagb K\h_h[jZaghc hkh[_gghklvx ikboZkl_gbdh\ y\ey_lky ih\b^bfhfm ij_^klZ\eyxsZy
j_amevlZl bo g_m\_j_gghklb \ k_[_ ihlj_[ghklv \k_ kgh\Z b kgh\Z \uau\Zlv \ khagZgbb
hl^_evgu_[he__\k_]hlj_\h`Zsb_bofukebb h[jZauk p_evxijh\_jdbg_k^_eZghebdZdbo
gb[m^vmims_gbcb g_]jhablebdZdZygb[m^v[_^Zb g_ijbylghklv< ^Zevg_cr_fwlhqZklh
\_^_l d aZklj_\Zgbx lZdbo ij_^klZ\e_gbc \ khagZgbb m`_ ijhlb\ \heb ikboZkl_gbdZ b d
h[jZah\ZgbxlZdgZau\Z_fuogZ\yaqb\uoij_^klZ\e_gbcb kljZoh\
 AZdZgqb\ZyhibkZgb_jZaebqguolbih\dhgklblmpbhgZevghc Zkl_gbbfu^he`gu _s_jZa
ih^q_jdgmlv qlh wlh ² g_ hl^_evgu_ ikbohiZlbq_kdb_ nhjfu Z ebrv jZagh\b^ghklb
\ujZklZxsb_bah^ghcb lhc`_dhgklblmpbhgZevghc hkgh\ub \ ^_ckl\bl_evghklb [hevr_x
qZklvxi_j_ie_lZxsb_ky^jm]k ^jm]hf\ k\h_ckbfilhfZlheh]bbWlhfmkhhl\_lkl\m_llZd`_
lhh[klhyl_evkl\hqlhkhfZlbq_kdbm [hevrbgkl\ZZkl_gbq_kdboebqghkl_cfu\klj_qZ_fky k
jy^hf h[sbo hkh[_gghkl_c Ih l_ehkeh`_gbx bo qZs_ \k_]h ijboh^blky ijbqbkeylv d lZd
gZau\Z_fhfmZkl_gbq_kdhfmbebe_ilhahfghfmlbimDj_qf_jZZ khklhjhgug_j\ghckhfZlbdb
m gboihqlb\h\k_okemqZyoh[gZjm`b\ZxlkyijbagZdbg_^hklZlhqghklb²\ kfuke_ebijyfhc
keZ[hklbbebqj_af_jghc\ha[m^bfhklb²l_ohl^_eh\g_j\ghckbkl_fudhlhju_j_]mebjmxl
j_ne_dlhjgmx^_yl_evghklv\hh[s_b nmgdpbblZdgZau\Z_fhc\_]_lZlb\ghcg_j\ghckbkl_fu
²\ qZklghklb
<ukdZau\Zebkv ij_^iheh`_gby qlh h^gb ]jmiiu g_j\guo ebqghkl_c gZ^h hlghkblv d
\Z]hlhgbdZf ^jm]b_ d kbfiZlbdhlhgbdZf \ ^_ckl\bl_evghklb kbfilhfu \Z]h b
kbfiZlbdhlhgbb m h^gbo b l_o `_ ebp h[udgh\_ggh i_j_ie_lZxlky \ lZdb_ g_jZa^_ebfu_ b
aZimlZggu_khq_lZgbyqlh]h\hjblvh ij_h[eZ^Zgbblhcbeb^jm]hcm Zkl_gbdh\jZaguo]jmii
\jy^ eb p_e_khh[jZagh M \k_o hibkZgguo gZfb \b^h\ wlhc ikbohiZlbb fu h[udgh\_ggh
\klj_qZ_fky k ih\ur_gb_f kmoh`bevguo j_ne_dkh\ k ih\ur_gghc \ha[m^bfhklvx
\Zahfhlhjh\k e_]dh\hagbdZxsbfijbfZe_cr_f\heg_gbblj_fhjhfk m`_hlf_q_gghc\ur_
kdehgghklvx d \hagbdgh\_gbx nmgdpbhgZevguo jZkkljhckl\ lZdbo hj]Zgh\ dZd k_j^p_ lZd
gZag_\jhauk_j^pZ ibs_\Zjbl_evgucZiiZjZlfhq_iheh\Zykbkl_fZb ijG_j_^dbm gbob
lZdb_ km^hjh`gu_ jZkkljhckl\Z dZd lbdb b aZbdZgby GZdhg_p Zkl_gbdb qZklh ^Zxl
dhf[bgZpbbk lZdgZau\Z_fufbZee_j]bq_kdbfbj_ZdpbyfbQj_a\uqZcgh[ueh[ubgl_j_kghb
\Z`gh mklZgh\blv ijbqbggh_ \aZbfhhlghr_gb_ f_`^m khfZlbdhc b ikbobq_kdbfb
i_j_`b\Zgbyfb dhgklblmpbhgZevgh]h  g_\jZkl_gbdZ aZ\bkbl eb h^gh y\e_gb_ hl ^jm]h]h
ijbq_f\ h^ghfkemqZ_\k_^_eh\ khfZlbd_Z \^jm]hf²\ ikbobd_y\eyxlkyebh[Zy\e_gby
h[sbf h^gh\j_f_gguf ke_^kl\b_f jZkkljhckl\ ^_yl_evghklb dZdh]hlh mqZkldZ p_gljZevghc
g_j\ghc kbkl_fu mklZgZ\eb\Z_lky eb f_`^m h[hbfb jy^Zfb \aZbfgh mkbeb\ZxsZy
iZlheh]bq_kdb_ y\e_gby aZ\bkbfhklv lZd gZau\Z_fhc FLUFXOXV YLWLRVXV ² \hl l_ ihklhyggu_
\hijhkudhlhju_\ lZdbokemqZyoklZ\ylkyghgZdhlhju_d kh`Ze_gbxg_lihdZhl\_lZ

=JMII:RBAHB>H<
L_jfbg rbahb^ \\_^_g \ ikbobZljbx Dj_qf_jhf b mihlj_[ey_lky ihke_^gbf ^ey
h[hagZq_gby ikbohiZlbq_kdbo ebqghkl_c ih k\hbf dhgklblmpbhgZevguf hkh[_gghklyf b
q_jlZfoZjZdl_jZ[ebadbfd rbahnj_gbdZfQj_af_jghrbjhdZyko_fZrbahb^ghcikbohiZlbb
ihkljh_ggZyDj_qf_jhfiha\hey_lh^gZdh_fmb _]hihke_^h\Zl_eyf\dexqZlv\ __jZfdbg_
h^gm Z p_euc jy^ [he__ beb f_g__ hlebqguo ^jm] hl ^jm]Z ]jmii ikbohiZlh\ Fu
ij_^ihqblZ_f hklZ\blv wlh gZa\Zgb_ lhevdh aZ lhc qZklvx rbahb^h\ Dj_qf_jZ \ ikbobd_
dhlhjuo_klvkoh^kl\hk l_fqlhfu²ijb^jm]bomkeh\byojZa\blby²ijb\udebgZ[ex^Zlv
ijbrbahnj_gbbdZd\ nhjf_ijh]j_^b_glghca^_kv²\ ikbohiZlbb²wlbq_jluoZjZdl_jZ
hdZau\Zxlkyg_gZ`blufbdZd\ ijhp_kk_Z \jh`^_ggufbihklhyggufb
 ;hevr_ \k_]h rbahb^h\ oZjZdl_jbamxl ke_^mxsb_ hkh[_gghklb Zmlbklbq_kdZy
hlhj\Zgghklv hl \g_rg_]h j_Zevgh]h fbjZ hlkmlkl\b_ \gmlj_gg_]h _^bgkl\Z b
ihke_^h\Zl_evghklb \h \k_c kmff_ ikbobdb b ijbqm^eb\Zy iZjZ^hdkZevghklv wfhpbhgZevghc
`bagb b ih\_^_gby Hgb h[udgh\_ggh bfihgbjmxl dZd ex^b kljZggu_ b g_ihgylgu_ hl
dhlhjuo g_ agZ_rv q_]h `^Zlv M`_ kZfZy fZg_jZ ^_j`Zlv k_[y ^\b`_gby `_klu rbahb^h\
g_j_^dh ijhba\h^yl \i_qZle_gb_ [hevrh]h k\h_h[jZaby H[s_c q_jlhc fhlhjbdb rbahb^h\
gZ^h kqblZlv hlkmlkl\b_ _kl_kl\_gghklb ]Zjfhgbqghklb b weZklbqghklb H[udgh\_ggh hgb
h[jZsZxl gZ k_[y \gbfZgb_ lm]hih^\b`ghklvx b m]eh\Zlhklvx ^\b`_gbc hlkmlkl\b_f
ieZ\guob ihkl_i_gguoi_j_oh^h\f_`^mgbfbijbq_fm h^gbodjhf_lh]h[jhkZ_lky\ ]eZaZ
fZg_jghklv b \uqmjghklv m ^jm]bo ² klj_fe_gb_ d klbebaZpbb b gZdhg_p m lj_lvbo ²
ijhklh djZcg__ h^ghh[jZab_ b kdm^ghklv ^\b`_gbb ?klv rbahb^u gbdh]^Z g_ [u\rb_ gZ
\h_gghckem`[_ghihjZ`Zxsb_k\h_cihqlb\h_gghc\uijZ\dhcwlZ\uijZ\dZm gbo^hoh^bl
^h lh]h qlh hgb dZ`mlky ^_j_\yggufb \jh^_ dmdhe ^\b]Zxsboky gZ rZjgbjZo M fgh]bo
fh`gh hlf_lblv ijb\uqgu_ ]jbfZku km^hjh`gh kl_j_hlbigu_ ^\b`_gby bgh]^Z
ijbgbfZxsb_nhjfmgZklhysbolbdh\Hkh[_gghfgh]hk\h_h[jZaby\ boihoh^d_h^gboh^yl
g_ k]b[Zy dhe_g ^jm]b_ ² dZd [u ih^iju]b\Zy lj_lvb ² \hehqZl gh]b ijb oh^v[_ b l ^
;hevrhcb bgl_j_kgucfZl_jbZe^eybamq_gbyrbahb^ghcfhlhjbdb^hklZ\ey_lihq_jd²lhk
hkh[ufgZdehghf[md\lhkhk\h_h[jZagufbogZq_jlZgb_fkhkdehgghklvxdh\k_\hafh`guf
aZ\bldZf k g_jZ\ghf_jghklvx hl^_evguo [md\ b l^ H[jZsZ_l gZ k_[y \gbfZgb_ b j_qv
[hevguogZqbgZyk lZdbo\g_rgbo__ fhf_glh\dZdbglhgZpbym^Zj_gbyb ijhqb dhgqZy__
]jZffZlbq_kdbfb eh]bq_kdbfihkljh_gb_fM lZdh]hjh^Zkm[t_dlh\bghcjZa[jhkZ_lky\ ]eZaZ
g_khhl\_lkl\b_ f_`^m kh^_j`Zgb_f j_qb bglhgZpb_c b khijh\h`^Zxsbfb __ fbfbdhc b
`_klZfb< ihkljh_gbbj_qbm h^gboij_h[eZ^Z_lbaukdZgghklvgZius_gghklv\blb_\Zlhklvb
iZl_lbqghklv m ^jm]bo gZh[hjhl fhghlhgghklv g_\ujZabl_evghklv kl_j_hlbighklv
hlkmlkl\b_ fh^meypbc H kh^_j`Zgbb rbahb^ghc ikbobdb ]h\hjblv \hh[s_ hq_gv ljm^gh \h
\kydhf kemqZ_ ih\_^_gb_ rbahb^h\ g_ ^Z_l h g_f gbdZdh]h ij_^klZ\e_gby <kihfgbf keh\Z
Dj_qf_jZ qlh fgh]b_ rbahb^gu_ ex^b ih^h[gu ebr_gguf mdjZr_gbc jbfkdbf ^hfZf
\beeZf klZ\gb dhlhjuo aZdjulu hl yjdh]h khegpZ h^gZdh \ kmf_jdZo bo \gmlj_ggbo ihdh_\
kijZ\eyxlky ibju Hq_gv \Z`gh ihfgblv qlh [hevrbgkl\h rbahb^h\ ² ex^b hq_gv
k\h_h[jZaghg_ihh[uqghfmijbkihkh[eyxsb_kyd ^_ckl\bl_evghklbH lhfqlhijhbkoh^bl
djm]hfgboh kblmZpbb\ dhlhjhchgbgZoh^ylkyrbahb^uh[udgh\_gghbf_xlqj_a\uqZcgh
km[t_dlb\gh_ b g_lhqgh_ ij_^klZ\e_gb_ Hdjm`Zxsbc fbj dZd [m^lh hljZ`Z_lky ^ey gbo \
djb\hfa_jdZe_\k_hl^_evgu__]hqZklbrbahb^\b^blhlq_leb\hghhlghr_gbyb ijhihjpbb
f_`^m wlbfb qZklyfb \ _]hij_^klZ\e_gbb ihqlb \k_]^Z bkdZ`_gu Hkh[_ggh ljm^gh rbahb^m
ijhgbdgmlv \ ^mr_\guc fbj ^jm]bo ex^_c ]hjZa^h ljm^g__ q_f gZh[hjhl ² [ulv ihgyluf
bfb wlh aZ\bkbl f_`^m ijhqbf hl hlkmlkl\by m [hevrbgkl\Z rbahb^h\ lh]h qlh Dj_qf_j
gZau\Z_lZnn_dlb\gufj_ahgZgkhfd qm`bfi_j_`b\ZgbyfM gboqZklhfh`ghh[gZjm`blv
lhgdh_wkl_lbq_kdh_qm\kl\h[hevrhciZnhkb kihkh[ghklvd kZfhih`_jl\h\Zgbx\ \hijhkZo
ijbgpbibZevguob h[s_q_eh\_q_kdbohgbgZdhg_pfh]mlijhy\eylvfgh]hqm\kl\bl_evghklb
b ih hlghr_gbx d ex^yf bfb \hh[jZ`Z_fuf gh ihgylv ]hj_ b jZ^hklv ex^_c j_Zevguo bo
hdjm`Zxsbo bf ljm^g__ \k_]h Bo wfhpbhgZevgZy `bagv \hh[s_ bf__l hq_gv keh`gh_
kljh_gb_ Znn_dlb\gu_ jZajy^u ijhl_dZxl m gbo g_ ih gZb[he__ h[uqguf b _kl_kl\_gguf
imlyfZ ^he`guij_h^he_\Zlvp_eucjy^\gmlj_ggboijhlb\h^_ckl\bcijbq_fkZfu_ijhklu_
^mr_\gu_ ^\b`_gby \klmiZy \ qj_a\uqZcgh aZimlZggu_ b ijbqm^eb\u_ ZkkhpbZlb\gu_
khq_lZgbykhke_^Zfbij_`gboi_j_`b\Zgbcfh]mlih^\_j]gmlvkykh\_jr_gghg_ihgylgufgZ
i_j\uc\a]ey^ba\jZs_gbyf;eZ]h^Zjywlhfmrbahb^[m^mqbhlqm`^_ghl^_ckl\bl_evghklb\
lh `_ \j_fy gZoh^blky \ ihklhygghf b g_ijbfbjbfhf \gmlj_gg_f dhgnebdl_ k kZfbf kh[hc
Fh`_l [ulv wlh b kem`bl ijbqbghc lh]h qlh g_ij_ju\gh gZdZieb\Zxs__ky gh [hevr_x
qZklvxk^_j`b\Z_fh_rbahb^hf\gmlj_gg__gZijy`_gb_hl\j_f_gb^h\j_f_gbgZoh^blk_[_
bkoh^ \ kh\_jr_ggh g_h`b^Zgguo Znn_dlb\guo jZajy^Zo LZdbf h[jZahf jZa^jZ`bl_evghklv
g_dhlhjuo rbahb^h\ hdZau\Z_lky \ ijhlb\hj_qbb d bo wfhpbhgZevghc `bagb ijhlb\hj_qbb
\k_]^Z ^_j`Zs_f bo \ khklhygbb g_ijbylgh]h gZijy`_gby Ijbgylh ]h\hjblv h ^mr_\ghc
oheh^ghklb rbahb^h\ DZd \b^gh ba baeh`_ggh]h wlh iheh`_gb_ g_evay ijbgbfZlv [_a
h]h\hjhd Dj_qf_j kqblZ_l qlh m [hevrbgkl\Z rbahb^h\ lhevdh \ jZaguo khq_lZgbyo
bf_xlky g_kfhljy gZ \aZbfgmx iheyjgmx ijhlb\hiheh`ghklv b ]bi_jwkl_lbq_kdb_ b
Zgwkl_lbq_kdb_ we_f_glu hlghr_gb_ \ dhlhjhf wlb ihke_^gb_ kf_rZgu m lh]h beb ^jm]h]h
ebpZDj_qf_jgZau\Z_lihZgZeh]bbk ^bZl_lbq_kdhcijhihjpb_cgZkljh_gbcm pbdehb^h\²
ikbowkl_lbq_kdhc ijhihjpb_c LZdbf h[jZahf ih Dj_qf_jm m fbfhahih^h[guo
]bi_jwkl_lbdh\ qm\kl\bl_evghklv kh_^bgy_lky k ba\_klghc hlqm`^_gghklvx hl ex^_c \
wfhpbhgZevghc lmihklb oheh^guo Zgwkl_lbdh\ ihqlb \k_]^Z aZf_l_g dZdhclh gZe_l
jZa^jZ`bl_evghklbb jZgbfhklb
WfhpbhgZevghc^bk]Zjfhgbbrbahb^h\g_j_^dhkhhl\_lkl\m_lqj_a\uqZcghg_ijZ\bevgh_
l_q_gb_ m gbo bgl_ee_dlmZevguo ijhp_kkh\ B a^_kv bo [hevr_ \k_]h oZjZdl_jbam_l
hlj_r_gghklv hl ^_ckl\bl_evghklb b \eZklv ijbh[j_lZ_fZy gZ^ bo ikbobdhc keh\Zfb b
nhjfmeZfbHlkx^Z²kdehgghklv d g_`bag_gguf nhjfZevgufihkljh_gbyf bkoh^ysbfg_
banZdlh\Z bako_fhkgh\ZgguogZb]j_keh\b ijhba\hevguokhq_lZgbyoihgylbcHlkx^Z`_
m fgh]bo ba gbo kdehgghklv d kbf\hebd_ Kd\hav hqdb k\hbo ko_f rbahb^ h[udgh\_ggh b
kfhljblgZ^_ckl\bl_evghklvIhke_^gyykdhj__^hklZ\ey_l_fmbeexkljZpbb^eym`_]hlh\uo
\u\h^h\q_ffZl_jbZe^eyboihkljh_gbyLhqlhg_khhl\_lkl\m_l_]hij_^klZ\e_gbyfh g_c
hg\hh[s_h[udgh\_gghb]ghjbjm_lG_kh]eZkb_k hq_\b^ghklvxj_^dhkfmsZ_lrbahb^Zb hg
[_a \kydh]h kfms_gby gZau\Z_l q_jgh_ [_euf _keb lhevdh wlh]h [m^ml lj_[h\Zlv _]h ko_fu
>ey g_]h lbibqgZ njZaZ =_]_ey kdZaZggZy ihke_^gbf \ hl\_l gZ mdZaZgb_ g_khhl\_lkl\by
g_dhlhjuo _]h l_hjbc k ^_ckl\bl_evghklvx l_f om`_ ^ey ^_ckl\bl_evghklb Hkh[_ggh gZ^h
ih^q_jdgmlv ex[h\v rbahb^h\ d kljZgguf ih kms_kl\m qZklh g_kh\f_klbfuf eh]bq_kdbf
dhf[bgZpbyf d k[eb`_gbx ihgylbc \ ^_ckl\bl_evghklb gbq_]h h[s_]h f_`^m kh[hc g_
bf_xsbo ;eZ]h^Zjy wlhfm hli_qZlhd \uqmjghklb b iZjZ^hdkZevghklb ijbkmsbc \k_c
ebqghklb rbahb^Z hlq_leb\h kdZau\Z_lky b gZ _]h fure_gbb Fgh]b_ rbahb^u djhf_ lh]h
ex^b djb\hc eh]bdb j_ahg_ju \ om^r_f kfuke_ wlh]h keh\Z g_ aZf_qZxsb_ [eZ]h^Zjy
hlkmlkl\bx m gbo eh]bq_kdh]h qmlvy kZfuo \hibxsbo ijhlb\hj_qbc b kZfuo we_f_glZjguo
eh]bq_kdbohrb[hd\ k\hbojZkkm`^_gbyo
<gbfZgb_rbahb^h\[hevr_xqZklvxj_adhba[bjZl_evghb h]jZgbqb\Z_lkybgh]^Zebrv
madbf djm]hf ki_pbZevgh bo bgl_j_kmxsbo ijh[e_f aZ ij_^_eZfb dhlhjh]h hgb fh]ml
h[gZjm`b\Zlv djZcgxx jZkk_ygghklv ;hevrbgkl\h ba gbo khhl\_lkl\_ggh wlhfm fZeh
hl\e_dZ_fuh^gZdhg_dhlhju_kihkh[gub dhq_gvrbjhdhfmjZkij_^_e_gbx\gbfZgby_keb
gZijbf_j wlh g_h[oh^bfh ^ey ijhba\h^bfhc bfb jZ[hlu Ohly \hh[s_ ]h\hjy rbahb^u g_
\gmrZ_fu^Z`_[he__²mijyfub g_]Zlb\bklbqguh^gZdh\ hl^_evguokemqZyohgbih^h[gh
rbahnj_gbdZfh[gZjm`b\Zxl ihjZabl_evgh e_]dmx ih^qbgy_fhklv b e_]dh\_jb_ g_ihgylgh_
kh_^bg_gb_ mijyfkl\Z b ih^Zleb\hklb bgh]^Z oZjZdl_jbam_l bo ih\_^_gb_ <hey bo [hevr_x
qZklvxjZa\blZb gZijZ\e_gZdjZcg_g_jZ\ghf_jghb h^ghklhjhgg_Rbahb^fh`_lp_eu_]h^u
ijh\h^blv\ [_ajZaebqghciZkkb\ghc[_a^_yl_evghklbhklZ\eyy\ ij_g_[j_`_gbbgZkmsg_crb_
aZ^Zqb Z k ^jm]hc klhjhgu gbqlh`g_crb_ p_eb dZd gZijbf_j kh[bjZgb_ g_]h^guo d
mihlj_[e_gbxihqlh\uofZjhdfh]mlih]ehsZlv\kx_]hwg_j]bxg_hklZ\eyym g_]h\j_f_gb
gb gZ qlh ^jm]h_ < ih\_^_gbb rbahb^h\ \hh[s_ h[jZsZ_l gZ k_[y \gbfZgb_
g_ihke_^h\Zl_evghklv b g_^hklZlhqghklvk\yabf_`^mhl^_evgufbbfimevkZfbAgZqbl_evgmx
bo]jmiimoZjZdl_jbam_lkdehgghklvd qm^Zq_kl\Zfg_h`b^ZggufihklmidZfb wdkp_gljbqguf
bghcjZadZ`msbfkykh\_jr_gghg_e_iufb\uoh^dZfJ_^dhh^gZdhrbahb^qm^Zqbl qlh[u
h[jZlblv gZ k_[y \gbfZgb_ ]hjZa^h qZs_ _]h kljZggh_ ih\_^_gb_ ^bdlm_lky _fm
g_ihkj_^kl\_ggufb bfimevkZfb _]h g_ ihoh`_c gZ ^jm]bo ijbjh^u LZd dZd m rbahb^h\
h[udgh\_ggh hlkmlkl\m_l g_ihkj_^kl\_ggh_ qmlv_ ^_ckl\bl_evghklb lh b \ ihklmidZo bo
g_j_^dh fh`gh h[gZjm`blv g_^hklZlhd lZdlZ b ihegh_ g_mf_gb_ kqblZlvky k qm`bfb
bgl_j_kZfb < jZ[hl_ hgb j_^dh ke_^mxl qm`bf mdZaZgbyf mijyfh ^_eZy \k_ lZd dZd bf
gjZ\blky jmdh\h^kl\mykv bghc jZa qj_a\uqZcgh l_fgufb b fZehihgylgufb khh[jZ`_gbyfb
G_dhlhju_ ba gbo \hh[s_ hdZau\Zxlky g_kihkh[gufb d j_]meyjghc ijhn_kkbhgZevghc
^_yl_evghklb hkh[_ggh d kem`[_ ih^ qm`bf gZqZehf Hgb qZklh ih gbqlh`guf ih\h^Zf
\g_aZigh hldZau\Zxlky hl jZ[hlu i_j_oh^yl hl h^ghc ijhn_kkbb d ^jm]hc b l^ <k_ wlh
qj_a\uqZcgh f_rZ_l bo `bag_gghfm mki_om b haeh[eyy bo _s_ [he__ mkbeb\Z_l h[uqgh
k\hcl\_ggu_ bf aZfdgmlhklv b ih^hajbl_evghklv GZ^h ^h[Z\blv h^gZdh qlh ijb gZebqbb
bgl_ee_dlmZevghc beb om^h`_kl\_gghc h^Zj_gghklb b ^hklZlhqghc \hafh`ghklb ijhy\blv
k\hx bgbpbZlb\m b kZfh^_yl_evghklv rbahb^u kihkh[gu b d qj_a\uqZcgh [hevrbf
^hklb`_gbyfhkh[_gghp_ggufbf_ggh[eZ]h^Zjybog_aZ\bkbfhklbb hjb]bgZevghklb
G_kdhevdh keh\ h[ Zmlbaf_ rbahb^h\ Hg \ul_dZ_l g_ lhevdh ba hlkmlkl\by m gbo
Znn_dlb\gh]hj_ahgZgkZd qm`bfi_j_`b\Zgbyfghb babo\gmlj_gg_cijhlb\hj_qb\hklbb
iZjZ^hdkZevghklb hkh[_gghklyo dhlhju_ ^_eZxl bo kh\_jr_ggh g_kihkh[gufb i_j_^Zlv
^jm]bf lh qlh hgb kZfb qm\kl\mxl Hl \j_f_gb b ^h \j_f_gb b m gbo dhg_qgh \hagbdZ_l
ihlj_[ghklvh[e_]qblvk_[yijbagZgb_fih^_eblvkyk [ebadbfq_eh\_dhfjZ^hklvxbeb]hj_f
h^gZdh bkiulu\Z_fZy bfb ijb wlhf g_kihkh[ghklv \ukdZaZlvky ^h dhgpZ b \klj_qZ_fh_
g_ihgbfZgb_ h[udgh\_ggh \uau\Zxl _s_ [hevrmx ihlj_[ghklv mclb \ k_[y WlZ
fbfhahih^h[gZy aZfdgmlhklv g_ hl qj_af_jghc jZgbfhklb Z hl g_kihkh[ghklb gZclb
Z^_d\Zlguc kihkh[ h[s_gby :jbklhdjZlbq_kdZy k^_j`Zgghklv Z lh b ijhklh qhihjghklv b
kmohklvg_dhlhjuorbahb^h\g_\k_]^Zy\ey_lkybobkdhggufk\hckl\hf\ g_dhlhjuokemqZyo
wlh ² \ujZ[hlZggh_ hiulhf `bagb kj_^kl\h ^_j`Zlv ^jm]bo ex^_c gZ jZkklhygbb \h
ba[_`Zgb_ jZahqZjh\Zgbc dhlhju_ g_ba[_`gu ijb [ebadhf khijbdhkgh\_gbb k gbfb
HlebqZykv\hh[s_g_^h\_jqb\hklvxb ih^hajbl_evghklvxrbahb^u^Ze_dhg_dh\k_fex^yf
hlghkylkyh^bgZdh\h[m^mqb\hh[s_ex^vfbdjZcghkl_cg_agZxsbfbk_j_^bgukdehggufbd
ij_m\_ebq_gbyf hgb b \ k\hbo kbfiZlbyo b ZglbiZlbyo [hevr_x qZklvx ijhy\eyxl
dZijbagmx ba[bjZl_evghklv b qj_af_jgmx ijbkljZklghklv Ih gZklhys_fm rbahb^u ex[yl
\k_lZdblhevdhk_[y[m^mqbw]hbklZfb SDUH[FHOOHQFHhgbihqlb\k_]^Z^_j`Zlkyqj_a\uqZcgh
\ukhdh]h fg_gby h k_[_ h k\hbo kihkh[ghklyo b j_^dh mf_xl p_gblv ihgZklhys_fm ^jm]bo
ex^_c^Z`_l_od dhfmhlghkylkyohjhrh
KhpbZevgh_ agZq_gb_ hl^_evguo ]jmii rbahb^h\ qj_a\uqZcgh jZaghh[jZagh LZd
gZau\Z_fu_qm^Zdbb hjb]bgZeu²ex^b[hevr_cqZklvx[_ah[b^gu_ohlyb fZehihe_agu_
LZdh\u g_dhlhju_ mq_gu_ \u[jZ\rb_ k_[_ dZdmxgb[m^v madmx gbdhfm g_ gm`gmx
ki_pbZevghklvb gbq_]hg_ohlysb_agZlvdjhf_g__lZdh\h²[hevrbgkl\hdhee_dpbhg_jh\
lZdh\u lZd`_ b km[t_dlu h[jZsZxsb_ gZ k_[y \gbfZgb_ kljZgghc h^_`^hc bah[j_lZxsb_
hkh[u_ qZklh qj_a\uqZcgh k\h_h[jZagu_ ^b_lu oh^ysb_ [hkbdhf b ijhq G_dhlhjuo
ij_^klZ\bl_e_c wlhc ihke_^g_c ]jmiiu fh`_l [ulv ijZ\bevg__ hlghkblv d iZjZghbq_kdbf
ebqghklyf D rbahb^Zf ijbgZ^e_`Zl b l_ [jh^y]b dhlhju_ \u[jZeb wlhl h[jZa `bagb ba
g_mf_gbyb g_`_eZgby\lbkgmlvk\hxhjb]bgZevgmxb kljm^hf\u^_j`b\Zxsmxih^qbg_gb_
ebqghklv\ madb_jZfdbmihjy^hq_gghcdmevlmjghc`bagbGhkj_^brbahb^h\fh`ghgZclbb
ex^_c aZgbfZxsbo ihabpbb gZ l_o \_jrbgZo pZjkl\Z b^_c \ jZaj_`_gghf \ha^mo_ dhlhjuo
ljm^gh ^urZlv h[udgh\_gghfm q_eh\_dm kx^Z hlghkylky mlhgq_ggu_ wkl_luom^h`gbdb
l\hjq_kl\hdhlhjuo[hevr_cqZklvxnhjfZevgh_ihgylghebrvg_fgh]bf]em[hdhfuke_ggu_
f_lZnbabdb gZdhg_p lZeZgleb\u_ mq_gu_ko_fZlbdb b ]_gbZevgu_ j_\hexpbhg_ju \ gZmd_
[eZ]h^Zjy k\h_c kihkh[ghklb d g_h`b^Zgguf khihklZ\e_gbyf k [_klj_i_lghc hl\Z]hc
ij_h[jZ`Zxsb_bgh]^Z^hg_magZ\Z_fhklbebphlhc^bkpbiebgu\ dhlhjhchgbjZ[hlZxl
HljbpZl_evgmxkhpbZevgmxjhevb]jZxlwfhpbhgZevghlmiu_rbahb^u<ur_m`_[ueh
hlf_q_gh qlh [hevrZy beb f_gvrZy wfhpbhgZevgZy oheh^ghklv ² h[s__ k\hckl\h \k_o
rbahb^h\ h^gZdh fh`gh \u^_eblv h^gm bo ]jmiim m dhlhjhc wlh k\hckl\h \uklmiZ_l gZ
i_j\uc ieZg b aZl_fgy_l \k_ hklZevgu_ bo hkh[_gghklb QZs_ \k_]h wlh ² e_gb\u_ \yeu_
[_ajZaebqgu_ ex^b k hlkmlkl\b_f \kydh]h bgl_j_kZ d q_eh\_q_kdhfm h[s_kl\m dhlhjh_
\uau\Z_l m gbo kdmdm beb hl\jZs_gb_ Gh _klv kj_^b gbo b ex^b hlebqZxsb_ky [hevrhc
Zdlb\ghklvxWlboheh^gu_wg_j]bqgu_gZlmjubghcjZakihkh[gud qj_a\uqZcghc`_klhdhklb
g_baklj_fe_gbyd ijbqbg_gbxfmq_gbcZ ba[_ajZaebqbyd qm`hfmkljZ^ZgbxGha^_kvfu
klhbf m`_ gZ ]jZgbp_ hl^_eyxs_c rbahb^h\ k h^ghc klhjhgu hl ZglbkhpbZevguo
ikbohiZlh\Z k^jm]hc²hlnZgZlbdh\
Gm`gh hlf_lblv _s_ h^bg nZdl gZebqghklb ijhlb\hj_qbc m rbahb^h\ G_dhlhju_ ba
gbo ² dZd [u gb dZaZebkv hlhj\Zggufb hl `bagb ² hjb_glbjmxlky \ we_f_glZjguo __
khhlghr_gbyo gZijbf_j \ fZl_jbZevghf __ mkljhckl\_ emqr_ q_f dlh [u lh gb [ueh \
ikbobd_ wlbo rbahb^h\ keh\gh ^\_ iehkdhklb h^gZ ² gbarZy ijbfblb\gZy gZjm`gZy  \
iheghc]Zjfhgbbk j_Zevgufbkhhlghr_gbyfb^jm]Zy²\ukrZy \gmlj_ggyy k hdjm`Zxs_c
^_ckl\bl_evghklvx^bk]ZjfhgbjmxsZyb _xg_bgl_j_kmxsZyky
Hlghkbl_evgh [bheh]bq_kdhc hkgh\u rbahb^ghc ikbohiZlbb fh`gh lhevdh kljhblv
^h]Z^dbIh\b^bfhfmg_khfg_ggh__ ]_g_lbq_kdh_jh^kl\hk rbahnj_gb_cgZqlhmdZau\Z_lb
nZdlqZklh]hh[gZjm`_gby[hevr_]hdhebq_kl\Zrbahb^guoikbohiZlh\\ k_fvyog_khfg_gguo
rbahnj_gbdh\ G_dhlhju_ g_f_pdb_ ikbobZlju]_g_lbdb mklZgZ\eb\Zy gZke_^kl\_ggmx
h[mkeh\e_gghklvrbahnj_gbbij_^iheZ]Zxlqlhrbahb^gZyikbohiZlbyij_^klZ\ey_lbak_[y
j_adh \ujZ`_ggmx bg^b\b^mZevgmx [bheh]bq_kdmx \ZjbZpbx ih Dj_qf_jm ² mkbe_gb_
ghjfZevguo rbahlbfbq_kdbo hkh[_gghkl_c  \ hkgh\_ dhlhjhc e_`bl ]_g rbahb^ghklb
rbahnj_gb_c ih bo fg_gbx aZ[he_\Zxl lhevdh rbahb^u m dhlhjuo d ]_gm rbahb^ghklb
ijbkh_^bgy_lky ]_g ijhp_kkZ Ijb \k_f bgl_j_k_ \ha[m`^Z_fhf wlhc djZkb\hc ko_fhc __
\\b^mhlkmlkl\bydZdbo[ulhgb[uehhiulguoih^l\_j`^_gbcg_evayijbgylvihdZ^Z`_aZ
]bihl_lbq_kdmx hkgh\m [bheh]bq_kdh]h ihgbfZgby hlghr_gbc f_`^m rbahb^g_c b
rbahnj_gb_c lZdbf h[jZahf ihdZ ijboh^blky h]jZgbqb\Zlvky h^gbf ebrv ih^l\_j`^_gb_f
gZebqghklbk\yabf_`^mwlbfb^\mfy]jmiiZfb
LZd dZd rbahnj_gby qZklh jZa\b\Z_lky bf_ggh m rbahb^h\ lh _kl_kl\_ggu ^h\hevgh
agZqbl_evgu_ ljm^ghklb ^bnn_j_gpbjh\Zgby rbahb^ghc ikbohiZlbb hl rbahnj_gbb
MklZgh\e_gb_ lhqgh]h fhf_glZ dh]^Z m rbahb^Z gZqbgZ_lky rbahnj_gbq_kdbc ijhp_kk ²
\_svqZklhkh\_jr_gghg_\hafh`gZylZddZdy\e_gbyoZjZdl_jbamxsb_gZqZehrbahnj_gbcZ
lZd`_b \hh[s_\k_l_q_gb_lZdgZau\Z_fh]h\yeh]hrbahnj_gbq_kdh]hijhp_kkZbgh]^Zihqlb
g_ hlebqbfh hl hkh[_gghkl_c ih\_^_gby rbahb^ghc ebqghklb ?^bgkl\_gguf ijhqguf
djbl_jb_f \h \k_o lZdbo kemqZyo gZ^h kqblZlv gZebqb_ ijbagZdh\ wg^h]_ggh h[mkeh\e_gghc
^_]jZ^ZpbbebqghklbdZd[uwlbijbagZdbgb[uebbgh]^Zg_agZqbl_evgu
AZdZgqb\Zy hibkZgb_ rbahb^guo ikbohiZlh\ fu kqblZ_f g_h[oh^bfuf hlf_lblv qlh
fgh]b_bagboij_^klZ\eyxldjhf_ki_pbnbq_kdbo^eygbohkh[_gghkl_c_s_b jZaghh[jZagu_
Zkl_gbq_kdb_ q_jlu Dj_qf_j kqblZ_l g_j\ghklv h^ghc ba oZjZdl_jguo q_jl rbahb^h\ 
Hkh[_ggh fgh]h jh^kl\_ggh]h fh`gh ijb \gbfZl_evghf ZgZeba_ h[gZjm`blv f_`^m
ih]jm`_ggufb \ k\hc \gmlj_ggbc fbj lhgdh qm\kl\mxsbfb rbahb^Zfb b g_dhlhjufb
ikboZkl_gbdZfb
F_qlZl_ebWlh²h[udgh\_gghlhgdhqm\kl\mxsb_e_]dhjZgbfu_km[t_dlukhkeZ[hc
\he_c \ kbem g_`ghklb k\h_c ikbobq_kdhc hj]ZgbaZpbb iehoh i_j_ghkysb_ ]jm[h_
ijbdhkgh\_gb_^_ckl\bl_evghc`bagbklhedgh\_gbyk ihke_^g_caZklZ\eyxlbokt_`b\Zlvkyb
moh^blv\ k_[yhgbih]jm`Zxlky\ k\hbf_qlub \wlbof_qlZokeh\ghdhfi_gkbjmxlk_[yaZ
bkiulu\Z_fu_ bfb g_ijbylghklb \ j_Zevghc `bagb Ojmidhklv g_j\ghc hj]ZgbaZpbb jh^gbl
f_qlZl_e_c k Zkl_gbdZfb Z hlj_r_gghklvhl ^_ckl\bl_evghklbb Zmlbklbq_kdh_ ih]jm`_gb_ \
f_qlu g_ ^Z_l \hafh`ghklb ijh\_klb kdhevdhgb[m^v j_admx ]jZgbpm f_`^m gbfb b
rbahb^Zfb Kiehrv b jy^hf wlh ² ex^b k ih\ur_gghc kZfhhp_gdhc g_^h\hevgu_ l_f
iheh`_gb_f dhlhju_ hgb aZgyeb \ `bagb gh g_kihkh[gu_ [hjhlvky aZ emqr__ <yeu_
e_gb\u_[_a^_yl_evgu_²hgbdZd[uk\ukhdZkfhljylgZhdjm`Zxsmxbo^_ckl\bl_evghklv
b k hl\jZs_gb_f \uihegyxl h[yaZgghklb \haeZ]Z_fu_ gZ gbo g_h[oh^bfhklvx aZ[hlblvky h
fZl_jbZevghf kms_kl\h\Zgbb K\h[h^gh_ \j_fy aZihegyxl hgb nZglZabjh\Zgb_f =eZ\gh_
kh^_j`Zgb_nZglZabb²bkiheg_gb_bo`_eZgbcEx^b[_^gu_fZehaZf_lgu_hgbf_qlZxlh
[h]Zlkl\_ ihq_klyo \ukhdhf a\Zgbb jh[db_ b ljmkeb\u_ ² h ]_jhbafZo b ih^\b]Zo
[_klZeZggu_²h aZf_qZl_evguoom^h`_kl\_gguoijhba\_^_gbyobfbkha^Zgguohldjulbyob
bah[j_l_gbyobfbk^_eZgguog_djZkb\u_b hl\_j]Z_fu_²h [eZ]Zoex[h\guogZkeZ`^_gbc
;hevrbgkl\h ijhy\ey_l ijb wlhf fZeh hjb]bgZevghklb aZbfkl\my nZ[mem k\hbo f_qlZgbb ba
ijhqblZgguodgb]ba\b^_gguol_ZljZevguoihklZgh\hdbaaZihfgb\rbokyh[ju\dh\^_lkdbo
kdZahd b l^ ?klv kj_^b gbo h^gZdh b ex^b ^_ckl\bl_evgh h^Zj_ggu_ [h]Zluf b
hjb]bgZevguf l\hjq_kdbf \hh[jZ`_gb_f ² ihl_gpbZevgu_ ihwlu b om^h`gbdb \ k\hbo
f_qlZoij_h[jZ`Zxsb_m[h]mx^_ckl\bl_evghklv\ \her_[gmxkdZadmb h[udgh\_gghmihjgh
kdju\Zxsb_ hl hdjm`Zxsbo k\hb ]j_au Ij_^klZ\bl_eb wlhc ihke_^g_c ]jmiiu hlebqZxlky
beb ohjhr_c kihkh[ghklvx ieZklbq_kdh]h \hkijhba\_^_gby ajbl_evguo h[jZah\ beb [h]Zlhc
\u^mfdhc Z qZs_ ² b l_f b ^jm]bf \f_kl_ M gbo ihfbfh klj_fe_gby ^h[blvky ohly [u
nbdlb\gh]h m^h\e_l\hj_gby k\hbo `_eZgbc [hevrmx jhev b]jZ_l b g_ihkj_^kl\_ggZy
ihlj_[ghklv \ nZglZabjh\Zgbb kZfhf ih k_[_ ih^h[gh lhfm dZd wlh bf__l f_klh m ^_l_c
bkihevamxsbok\h_`b\h_b yjdh_\hh[jZ`_gb_b k\hxkihkh[ghklvi_j_\hiehsZlvky\ ex[mx
kblmZpbxbkdexqbl_evgh^eyb]juF_qlZl_ebh[udgh\_gghg_^_eZxl^Z`_keZ[uoihiulhdd
hkms_kl\e_gbx k\hbo f_qlZgbc m`_ \ kbem lh]h qlh ihke_^gb_ gZoh^ylky \ j_adhf
g_khhl\_lkl\bb k mkeh\byfb ^_ckl\bl_evghklb < l_o j_^dbo kemqZyo ]^_ ih^h[gu_ ihiuldb
ij_^ijbgbfZxlky bf m`_ \ kZfhf gZqZe_ deZ^_lky ij_^_e k h^ghc klhjhgu keZ[hklvx
bgbpbZlhjZ Z k ^jm]hc kmjh\hc ijZ\^hc `bagb Bgh]^Z h^gZdh f_qlZl_eb gZklhevdh
\`b\Zxlky\ k\hb]j_auqlhihqlbgZqbgZxl\_jblv\ bo^_ckl\bl_evghklv\ j_amevlZl_q_]h
hkh[_ggh ijb gZebqghklb khhl\_lkl\mxsbo \g_rgbo mkeh\bc ^_eh fh`_l ^hclb b ^h
gZklhysbo djZldh\j_f_gguo [j_^h\uo \kiur_d beb ^Z`_ jZa\blby klhcdh]h [j_^Z GZ^h
^h[Z\blv qlh nZglZa_ju bkihevamxsb_ k\hx kihkh[ghklv d \u^mfd_ ^ey fbklbnbpbjh\Zgby
hdjm`Zxsbo beb ^Z`_ ijhklh ^ey lh]h qlh[u h[jZlblv gZ k_[y \gbfZgb_ hlghkylky g_ d
hibku\Z_fhc]jmii_Z dikbohiZlZflbiZbkl_jbdh\bebik_\^heh]h\

=JMII:I:J:GHBDH<
Hibku\Z_fucgb`_ lbi ikbohiZlh\ h[hagZqZ_lkydZdiZjZghbq_kdbc \ kbem p_eh]h jy^Z
_`_eb fh`gh lZd \ujZablvky bklhjbdhdebgbq_kdbo khh[jZ`_gbc Hg ^_ckl\bl_evgh hq_gv
qZklh hdZau\Z_lky lhc ikbohiZlbq_kdhc ihq\hc gZ dhlhjhc jZa\b\Z_lky iZjZghy dZd
hij_^_e_ggh \ujZ`_ggh_ aZ[he_\Zgb_ ^Ze_dh_ hl ]jZgbp ghjfZevghc `bagb H^gZdh fu g_
ohlbf wlbf l_jfbghf k\yau\Zlv k_[y gZklhevdh qlh[u kqblZlv kh\_jr_ggh mklZgh\e_gguf
qlh iZjZghy jZa\b\Z_lky lhevdh gZ wlhc ihq\_ \iheg_ \_jhylgh b \hafh`gh qlh b ^jm]b_
jh^kl\_ggu_ikbohiZlbbfh]ml[ulvlhchkgh\hcgZdhlhjhc ijb khhl\_lkl\mxsbo mkeh\byo
\ujZklZ_liZjZghy
KZfuf oZjZdl_jguf k\hckl\hf iZjZghbdh\ y\ey_lky bo kdehgghklv d h[jZah\Zgbx lZd
gZau\Z_fuo k\_jop_gguo b^_c \h \eZklb dhlhjuo hgb ihlhf b hdZau\Zxlky wlb b^_b
aZihegyxl ikbobdm iZjZghbdZ b hdZau\Zxl ^hfbgbjmxs__ \ebygb_ gZ \k_ _]h ih\_^_gb_
KZfhc\Z`ghclZdhck\_jop_gghcb^__ciZjZghbdZh[uqghy\ey_lkyfukevh[hkh[hfagZq_gbb
_]h kh[kl\_gghc ebqghklb Khhl\_lkl\_ggh wlhfm hkgh\gufb q_jlZfb ikbobdb ex^_c k
iZjZghbq_kdbf oZjZdl_jhf y\eyxlky hq_gv [hevrhc w]hbaf ihklhyggh_ kZfh^h\hevkl\h b
qj_af_jgh_ kZfhfg_gb_ Wlh ² ex^b djZcg_ madb_ b h^ghklhjhggb_ \ky hdjm`ZxsZy
^_ckl\bl_evghklvbf__l^eygboagZq_gb_b bgl_j_kebrvihklhevdmihkdhevdmhgZdZkZ_lkybo
ebqghklb\k_qlhg_bf__l[ebadh]hbglbfgh]hhlghr_gbyd _]hydZ`_lkyiZjZghbdmfZeh
aZkem`b\Zxsbf\gbfZgbyfZehbgl_j_kguf<k_oex^_ck dhlhjufb_fmijboh^blky\oh^blv
\ khijbdhkgh\_gb_ hg hp_gb\Z_l bkdexqbl_evgh ih lhfm hlghr_gbx dhlhjh_ hgb
h[gZjm`b\Zxld _]h^_yl_evghklbd _]hkeh\Zfhgg_ijhsZ_lgb jZ\gh^mrbygb g_kh]eZkby
Dlhg_kh]eZk_gk iZjZghbdhfdlh^mfZ_lg_lZddZdhglhl\ emqr_fkemqZ_²ijhklh]emiuc
q_eh\_d Z \ om^r_f ² _]h ebqguc \jZ] IZjZghbdZ g_ aZgbfZ_l gb gZmdZ gb bkdmkkl\h gb
iheblbdZ _keb hg kZf g_ ijbgbfZ_l [eb`Zcr_]h mqZklby \ jZajZ[hld_ khhl\_lkl\mxsbo
\hijhkh\_kebhgkZfg_y\ey_lky^_yl_e_f\ wlboh[eZklyob gZh[hjhldZd[ugb [uemahdb
fZehagZqZskZfihk_[_lhlbebbghc \hijhk jZabf aZgyl iZjZghbd wlh]h m`_ ^he`gh [ulv
^hklZlhqghqlh[uwlhl\hijhkihemqbe\Z`ghklvb h[s__agZq_gb_IZjZghbdbdjZcg_mihjgh
hlklZb\Zxl k\hb fukeb hgb qZklh hdZau\Zxlky [hjpZfb aZ lm beb bgmx b^_x gh l_f g_
f_g__wlh\k_lZdbf_g__\k_]hb^_cgu_[hjpubf\Z`ghboaZgbfZ_lqlhwlh²bob^_ybo
fukev ^Zevg_cr__ bo fZeh bgl_j_km_l iZjZghbdb kljZ^Zxl g_^hklZldhf djblbq_kdhc
kihkh[ghklb gh wlhl g_^hklZlhd hq_gv g_jZ\ghf_jgh jZkijhkljZgy_lky gZ jZaebqgu_ bo
km`^_gbyH[h\k_fqlhg_hlghkblky^h_]hebqghklb]h\hjblQb`iZjZghbdfh`_lkm^blv
ijZ\bevghghg_fh`_lbf_lvijZ\bevguokm`^_gbch kh[kl\_gghcebqghklb\ __hlghr_gbbd
^jm]bf ex^yf \k_ lh qlh g_ bf__l g_ihkj_^kl\_ggh]h hlghr_gby d _]h ebqghklb bf
mk\Zb\Z_lky b h[km`^Z_lky ijZ\bevgh \k_ qlh aZljZ]b\Z_l _]h hlghr_gb_ d ex^yf \k_ qlh
aZljZ]b\Z_l g_ihkj_^kl\_ggh _]h ebqghklv ihgbfZ_lky g_ lhevdh eh`gh gh \k_]^Z \
hij_^_e_gghf kfuke_ < h[s_f gZ^h kdZaZlv qlh fure_gb_ iZjZghbdh\ ² g_ aj_eh_ g_
]em[hdh_ihp_ehfmjy^mhkh[_gghkl_cijyfhijb[eb`Zxs__kyd ^_lkdhfmwlhfure_gb_g_
lhevdhkm[t_dlb\gh_ghb j_adhZnn_dlb\ghhdjZr_ggh_ijZ\bevghlhevdhlhqlhohq_lkyb
gjZ\blky iZjZghbdm M g_dhlhjuo iZjZghbdh\ fure_gb_ ohly b \ f_gvr_c kl_i_gb q_f m
f_qlZl_e_c gZoh^blky \ [hevr_c aZ\bkbfhklb hl g_ihf_jgh jZa\blhc b g_ k^_j`b\Z_fhc
djblbq_kdbf hlghr_gb_f b eh]bdhc nZglZabb gh qZs_ hgh \ ]hjZa^h [hevr_c kl_i_gb
hij_^_ey_lky bo qj_af_jghc kdehgghklvx d j_ahg_jkl\m l_ d k\h_h[jZaguf ihkljh_gbyf
[_jmsbf aZ hkgh\Zgb_ dZdmxgb[m^v h^ghklhjhggxx fukev b ijh\h^ysbf __ ^h djZcgbo
ij_^_eh\g_\abjZygZy\gu_g_khh[jZaghklb< hkgh\_j_ahg_jkdbokm`^_gbc\k_]^Ze_`bllZ
beb bgZy hrb[dZ km`^_gby kZfbf [hevguf h^gZdh g_ khagZ\Z_fZy dZd \ kbem _]h
hke_ie_gghklbZnn_dlhflZdb \kbemkeZ[hklb_]hdjblbdb
GZ^h^h[Z\blvqlhg_dhlhju_iZjZghbdbex[yl²k\hckl\hjh^gys__bok rbahb^Zfb²
g_h[uqgu_ ZkkhpbZlb\gu_ khq_lZgby ij_^ihqblZy eb[h nhjfZevghki_dmeylb\gu_ eb[h
iZjZ^hdkZevgu_ ihkljh_gby ijhkluf b _kl_kl\_gguf Wlh k\hckl\h ^h g_dhlhjhc kl_i_gb
h[tykgy_lky klj_fe_gb_f d hldjulbx gh\h]h ^jm]bf g_ba\_klgh]h `_eZgb_f
ijhlb\hihklZ\blv k_[y h[uqguf ex^yf ;m^mqb dZd m`_ \ur_ hlf_q_gh ex^vfb hq_gv
madbfb iZjZghbdb g_ hlebqZxlky [h]Zlkl\hf b^_c h[udgh\_ggh hgb mo\Zlb\rbkv aZ
g_kdhevdh ihgjZ\b\rboky bf fuke_c g_ fh]ml m`_ hl gbo hk\h[h^blvky b lhevdh
i_j_`_\u\Zxlbo^Zevr_gZ\k_eZ^uQlhdZkZ_lkywfhpbhgZevghc`bagbiZjZghbdh\lhm`_
ba\k_]hij_^u^ms_]hbaeh`_gbykh\k_xykghklvx\ul_dZ_lqlhwlh²ex^bh^ghklhjhggbo
gh kbevguo Znn_dlh\ g_ lhevdh fure_gb_ gh \k_ bo ihklmidb \ky bo ^_yl_evghklv
hij_^_eyxlky dZdbflh h]jhfguf Znn_dlb\guf gZijy`_gb_f \k_]^Z kms_kl\mxsbf \hdjm]
i_j_`b\ZgbciZjZghbdZ\hdjm]_]hdhfie_dkh\_]hk\_jop_gguob^_bbaebrg_^h[Z\eylv
qlh \ p_glj_ \k_o wlbo i_j_`b\Zgbc \k_]^Z gZoh^blky kh[kl\_ggZy ebqghklv iZjZghbdZ
H^ghklhjhgghklv iZjZghbdh\ ^_eZ_l bo fZehihgylgufb b klZ\bl bo ih hlghr_gbx d
hdjm`Zxs_c kj_^_ i_j\hgZqZevgh \ khklhygb_ hlqm`^_gby Z aZl_f ² b \jZ`^_[ghklb
DjZcgbc w]hbaf b kZfhfg_gb_ g_ hklZ\eyxl f_klZ \ bo ebqghklb ^ey qm\kl\ kbfiZlbb ^ey
ohjhr_]h hlghr_gby d ex^yf Zdlb\ghklv ih[m`^Z_l bo d [_kp_j_fhgghfm hlghr_gbx d
hdjm`Zxsbf ex^yf dhlhjufb hgb ihevamxlky dZd kj_^kl\hf ^ey ^hklb`_gby k\hbo p_e_c
khijhlb\e_gb_ g_kh]eZkb_ [hjv[Z gZ dhlhju_ hgb bgh]^Z gZlZedb\Zxlky \uau\Zxl m gbo b
[_awlh]hijbkms__bfihkZfhcbogZlmj_qm\kl\hg_^h\_jbyh[b^qb\hklbih^hajbl_evghklb
hgb g_m`b\qb\u b Z]j_kkb\gu h[hjhgyykv hgb \k_]^Z i_j_oh^yl \ gZiZ^_gb_ b hljZ`Zy
\hh[jZ`Z_fu_bfbh[b^ukZfb\ k\hxhq_j_^vgZghkylhdjm`Zxsbf]hjZa^h[he__djmigu_
lZdbf h[jZahf iZjZghbdb \k_]^Z \uoh^yl h[b^qbdZfb kZfb \u^Z\Zy k_[y aZ h[b`_gguo
<kydbc dlh \oh^bl k iZjZghbdhf \ klhedgh\_gb_ dlhiha\hebl k_[_ihklmiZlv g_ lZd dZdhg
ohq_l wlh]h b lj_[m_l lhl klZgh\blky _]h \jZ]hf ^jm]hc ijbqbghc \jZ`^_[guo hlghr_gbc
y\ey_lkynZdlg_ijbagZgbckhklhjhguhdjm`Zxsbo^Zjh\Zgbcb ij_\hkoh^kl\ZiZjZghbdZ<
dZ`^hc f_ehqb \ dZ`^hf ihklmid_ hgb \b^yl hkdhj[e_gb_ bo ebqghklb gZjmr_gb_ bo ijZ\
LZdbf h[jZahf hq_gv kdhjh m gbo hdZau\Z_lky [hevrh_ dhebq_kl\h \jZ]h\ bgh]^Z
^_ckl\bl_evguo Z [hevr_x qZklvx lhevdh \hh[jZ`Z_fuo <k_ wlh ^_eZ_l iZjZghbdZ ih
kms_kl\m g_kqZklguf q_eh\_dhf g_ bf_xsbf bglbfgh[ebadbo ex^_c l_jiysbf \ `bagb
h^gbjZahqZjh\Zgby<b^yijbqbgmk\hbog_kqZklbc\ l_obeb^jm]bohij_^_e_gguoebqghklyo
iZjZghbd kqblZ_l g_h[oh^bfuf kqblZ_l ^he]hf k\h_c kh\_klb ² fklblv hg aehiZfyl_g g_
ijhsZ_lg_aZ[u\Z_lgb h^ghcf_ehqbG_evayihaZ\b^h\Zlvq_eh\_dmdhlhjh]hh[klhyl_evkl\Z
\h\e_dZxl \ [hjv[m k iZjZghbdhf wlh]h jh^Z ikbohiZlu hlebqZxlky kihkh[ghklvx d
qj_a\uqZcghfm b ^ebl_evghfm \he_\hfm gZijy`_gbx hgb mijyfu gZklhcqb\u b
khkj_^hlhq_gu\ k\h_c^_yl_evghklb_kebiZjZghbdijboh^bld dZdhfmgb[m^vj_r_gbxlhhg
gb i_j_^ q_f g_ hklZgZ\eb\Z_lky ^ey lh]h qlh[u ijb\_klb _]h \ bkiheg_gb_ `_klhdhklv
ih^qZkijbgylh]hj_r_gbyg_kfmsZ_l_]hgZg_]hg_^_ckl\mxlgb ijhkv[Z_]h[eb`gbogb
^Z`_m]jhau\eZklvbf_xsbo^Zd lhfm`_[m^mqbm[_`^_g\ k\h_cijZ\hl_iZjZghbdgbdh]^Z
b g_kijZrb\Z_lkh\_lh\g_ih^^Z_lkym[_`^_gbxb g_kemrZ_l\hajZ`_gbc< [hjv[_aZk\hb
\hh[jZ`Z_fu_ ijZ\Z iZjZghbd qZklh ijhy\ey_l [hevrmx gZoh^qb\hklv hq_gv mf_eh
hlukdb\Z_l hg k_[_ klhjhggbdh\ m[_`^Z_l \k_o \ k\h_c ijZ\hl_ [_kdhjuklghklb
kijZ\_^eb\hklb b bghc jZa ^Z`_ \hij_db a^jZ\hfm kfukem \uoh^bl ih[_^bl_e_f ba y\gh
[_agZ^_`gh]hklhedgh\_gbybf_ggh[eZ]h^Zjyk\h_fm mihjkl\m b f_ehqghklb Ghb ihl_ji_\
ihjZ`_gb_hgg_hlqZb\Z_lkyg_mgu\Z_lg_khagZ_lqlhhgg_ijZ\gZh[hjhlbag_m^Zqhg
q_jiZ_lkbeu^ey^Zevg_cr_c[hjv[uGZ^h^h[Z\blvqlhihdZiZjZghbdg_ijbr_e\ klZ^bx
hldjulhc\jZ`^uk hdjm`Zxsbfbhgfh`_l[ulvhq_gvihe_agufjZ[hlgbdhfgZba[jZgghf
bf madhf ihijbs_ ^_yl_evghklb hg [m^_l jZ[hlZlv kh k\hckl\_gguf _fm mihjkl\hf
kbkl_fZlbqghklvx ZddmjZlghklvx b i_^Zglbafhf g_ hl\e_dZykv gbdZdbfb ihklhjhggbfb
khh[jZ`_gbyfb b bgl_j_kZfb Ba jh^kl\_gguo ]jmii ikbohiZlh\ agZqbl_evgZy qZklv
iZjZghbdh\ bf__l fgh]h h[s_]h k rbahb^Zfb k ^jm]hc klhjhgu qj_af_jgh jZa\blZy
^_yl_evghklv g_aj_ehc nZglZabb jh^gbl g_dhlhjuo iZjZghbdh\ b k f_qlZl_eyfb hl dhlhjuo
hgbh^gZdh\k_]^ZhlebqZxlkyk\h_c^_yl_evghklvxZdlb\ghklvxb hij_^_e_gghklvx

NZgZlbdbWlbfl_jfbghfkh]eZkghh[uqghcj_qbh[hagZqZxlkyex^bk bkdexqbl_evghc
kljZklghklvx ihk\ysZxsb_ \kx k\hx `bagv kem`_gbx h^ghfm ^_em h^ghc b^__ kem`_gbx
kh\_jr_ggh g_ hklZ\eyxs_fm \ bo ebqghklb f_kl gb ^ey dZdbo ^jm]bo bgl_j_kh\ LZdbf
h[jZahfnZgZlbdbdZdb iZjZghbdbex^bk\_jop_gguob^_cdZdb l_djZcg_h^ghklhjhggb_
b km[t_dlb\gu_ HlebqZ_l bo hl iZjZghbdh\ lh qlh hgb h[udgh\_ggh g_ \u^\b]Zxl lZd dZd
ihke_^gb_gZi_j_^gbcieZgk\hxebqghklvZ [he__bebf_g__[_kdhjuklghih^qbgyxlk\hx
^_yl_evghklvl_fbeb^jm]bfb^_yfh[s_]hoZjZdl_jZP_gljly`_klbbobgl_j_kh\e_`blg_\
kZfbob^_yoZ \ij_l\hj_gbbbo\ `bagv²j_amevlZllh]hqlh^_yl_evghklvbgl_ee_dlZqZs_
\k_]h hlklmiZ_l m gbo gZ \lhjhc ieZg ih kjZ\g_gbx k ^\b`bfhc ]em[hdbf g_bklhsbfuf
Znn_dlhf \he_c IjZ\^Z kj_^b nZgZlbdh\ \klj_qZxlky b \ukhdh h^Zj_ggu_ km[t_dlu gh
[hevrbgkl\h bo \k_lZdb ex^b g_mfgu_ h]jZgbq_ggu_ Bo fbjh\haaj_gb_ g_ hlebqZ_lky
keh`ghklvx  hgh khklhbl ba g_[hevrh]h dhebq_kl\Z b^_c qZs_ \k_]h aZbfkl\h\Zgguo gh
[eZ]h^Zjyk\h_ckbevghcZnn_dlb\ghchdjZkd_]em[hdhkjhkrbokykh\k_cboebqghklvxbjZa
hgbmk\h_gug_ih^\_j]Zxsbokybaf_g_gbx^hkZfhckf_jlbboghkbl_e_c;m^mqbkljZklghd
gbf ijb\yaZgu beb ih ijb\uqd_ beb \ j_amevlZl_ dZdbogb[m^v kemqZcguo gh hklZ\b\rbo
[he__ beb f_g__ ]em[hdbc ke_^ \ bo ebqghklb Znn_dlb\guo i_j_`b\Zgbc nZgZlbdb
kh\_jr_ggh g_ bkiulu\Zxl ihlj_[ghklb \ eh]bq_kdhf h[hkgh\Zgbb wlbo b^_c aZf_gyy
ihke_^g__ hl\_j]Zxs_c \kydb_ ^hdZaZl_evkl\Z \_jhc \ lh qlh bf ohq_lky TXRG YROXPXV
FUHFKPXV 
:nn_dlunZgZlbdh\lZd`_dZdbob^_bg_hlebqZxlky[h]Zlkl\hfWlhex^bg_lhevdh
h^ghcb^_bghb h^ghckljZklb;m^mqb[hevr_xqZklvxebr_ggufb]jm[hcdhjuklbb lZdh]h
g_ijbdjulh]hb \k_ih]ehsZxs_]hw]hbafZdZdwlhfu\b^_ebm iZjZghbdh\nZgZlbdbh^gZdh
j_^dh hdZau\Zxlky kihkh[gufb ijhy\eylv ^mr_\gmx l_iehlm ih hlghr_gbx d hl^_evguf
ex^yfIhke_^gb_h[udgh\_gghy\eyxlky^eygboebrvhjm^b_fijbihfhsbdhlhjh]hhgb
klj_fylky^hklb]gmlvihklZ\e_gguobfbk_[_p_e_cIhwlhfm\ ebqguohlghr_gbyohgbqZs_
\k_]hbeb[_ajZaebqghoheh^gubeblj_[h\Zl_evghkljh]bQ_eh\_q_kdh_]hj_bog_ljh]Z_lb
[_a^mrgZy `_klhdhklv khklZ\ey_l g_j_^dh bo k\hckl\h )LDW MXVWLWLD SHUHDW PXQGXV ² \hl
hkgh\ghc ijbgpbi bo `bag_gghc mklZgh\db =eZ\gZy kbeZ nZgZlbdh\ aZdexqZ_lky \ bo
g_khdjmrbfhc \he_ dhlhjZy ihfh]Z_l bf [_a dhe_[Zgby ijh\h^blv lh qlh hgb kqblZxl
gm`guf D ]hehkm m[_`^_gby hgb ]emob \ky bo kljZklgZy gh g_keh`gZy Znn_dlb\ghklv
gZoh^blkyp_ebdhfgZkem`[_bo\_juZ khijhlb\e_gb_b ij_ke_^h\ZgbylhevdhaZdZeyxlbo
@_e_agZy \hey b ^_eZ_l nZgZlbdh\ hiZkgufb ^ey h[s_kl\Z IkbobZljZf ijboh^blky
\klj_qZlvkyk gbfb]eZ\gufh[jZahfdZdk \h`^yfbj_eb]bhaguol_q_gbcb k_dlG_j_^dhih^
bo jmdh\h^kl\hf kh\_jrZebkv bam\_jkdb_ ^_eZ b qm^h\bsgu_ ij_klmie_gby kZfhbklyaZgb_
iuldb fmqbl_evkl\Z m[bckl\Z JmkkdZy ^_ckl\bl_evghklv agZeZ ex^kdb_ `_jl\hijbghr_gby
dhee_dlb\gu_kZfhkh``_gbyb kZfhih]j_[_gbyb ^jm]b_g_f_g__kljZrgu_^_eZ@bag_gguc
imlv nZgZlbdZ hij_^_ey_lky _]h \gmlj_ggbf kms_kl\hf wlh q_eh\_d [hjv[u j_^dh
h[oh^ysbcky [_a klhedgh\_gbc k ^_ckl\bl_evghklvx Hlkmlkl\b_ m g_]h ]b[dhklb b
ijbkihkh[ey_fhklb e_]dh ijb\h^bl _]h d dhgnebdlm k aZdhghf b h[s_kl\_gguf ihjy^dhf
ihwlhfm h^gbf ba wlZih\ _]h dZjv_ju qZklh hdZau\Z_lky ij_[u\Zgb_ \ lxjvf_ beb \
ikbobZljbq_kdhc[hevgbp_
G_h[oh^bfhijb[Z\blvqlhqbklu_ij_^klZ\bl_ebhibkZggh]h\ur_lbiZ\klj_qZxlkyg_
qZklh>_ckl\bl_evgZy`bagv\ ]hjZa^h[hevr_ckl_i_gb^Z_lkf_rZggu_nhjfuk[eb`Zxsb_
nZgZlbdh\ k h^ghc klhjhgu k iZjZghbdZfb Z k ^jm]hc k wibe_ilhb^Zfb G_ \k_]^Z e_]dh
ijh\_klbhl]jZgbq_gb_]jmiinZgZlbdh\b hlrbahb^h\b f_qlZl_e_cI_j_oh^gu_nhjfu\ wlm
klhjhgm bah[bemxl lZdbf [h]Zlkl\hf hll_gdh\ qlh \ jy^_ kemqZ_\ dZd wlh gb dZ`_lky
iZjZ^hdkZevguf ijboh^blky ]h\hjblv h fy]dbo \yeuo nZgZlbdZo LZdh\u gZijbf_j
ex^b^_eZxsb_badZdhcgb[m^vmadhcfukebbeb^Z`_]b]b_gbq_kdh]hijZ\beZ gZijbf_jba
ijbgpbiZ\_]_lZjbZgkl\Z \hijhkfbjhkha_jpZgby< ih^h[guokemqZyofubgh]^Z\klj_qZ_fky
lZdbfiheh`_gb_fqlhnZgZlbq_kdbij_^Zgguck\h_cb^__ikbohiZlg_gZoh^blh^gZdh\ k_[_
^hklZlhqgh kbeu ^ey [hjv[u aZ ijbkh_^bg_gb_ d g_c ^jm]bo ex^_c Z ^h\hevkl\m_lky
hkms_kl\e_gb_f__ bkdexqbl_evgh\ kh[kl\_gghc`bagb
A^_kv `_ [ulv fh`_l ke_^m_l mihfygmlv b h ^h\hevgh fgh]hqbke_gghc ]jmii_ _keb
lhevdh fh`gh lZd \ujZablvky nZgZlbdh\qm\kl\Z D gbf qZs_ \k_]hhlghkylky \hklhj`_ggu_
ijb\_j`_gpu j_eb]bhaguo k_dl kem`Zsb_ nZgZlbdZf\h`^yf ke_iuf hjm^b_f ^ey
hkms_kl\e_gbyboaZ^ZqLsZl_evgh_bamq_gb_lZdboe_]dh\gmrZ_fuob [ukljhihiZ^Zxsbo\
[_kij_dhkeh\gh_ih^qbg_gb_ex^yfk kbevghc\he_cebpihdZau\Z_lqlhhgbqZklhihqlbg_
bf_xl ij_^klZ\e_gby h lhf aZ qlh [hjxlky b d q_fm klj_fylky K\_jop_ggZy b^_y
ij_\jZsZ_lky m gbo p_ebdhf \ wdklZlbq_kdh_ i_j_`b\Zgb_ ij_^Zgghklb \h`^x b
kZfhih`_jl\h\Zgby \h bfy qZklh bf kh\_jr_ggh g_ihgylgh]h ^_eZ Ih^h[gZy aZf_gZ
hlh^\b]Zgb_ gZ aZ^gbc ieZg  k\_jop_gghc b^_b khhl\_lkl\mxsbf _c Znn_dlhf gZ[ex^Z_lky
g_ lhevdh \ h[eZklb nZgZlbafZ b j_eb]bhagh]h bam\_jkl\Z gh y\ey_lky lZd`_  oZjZdl_jghc
hkh[_gghklvx gZijbf_j g_dhlhjuo j_\gb\p_\ j_\gmxsbo g_ [eZ]h^Zjy gZebqbx fukeb h
\hafh`ghklb baf_gu Z bkdexqbl_evgh \ke_^kl\b_ gZebqghklb g_hlklmigh \eZ^_xs_]h bfb
[_kij_^f_lgh]h qm\kl\Z j_\ghklb Ih^h[gh_ `_ iheh`_gb_ fu bf__f m g_dhlhjuo
dhgklblmpbhgZevghg_j\guob ikboZkl_gbdh\^eydhlhjuolZdbfk\_jop_ggufZnn_dlhf[_a
hij_^_e_gghc ijh_dpbb y\ey_lky ijbkh_^bgyxs__ky j_rbl_evgh dh \k_fm ijhbkoh^ys_fm
djm]hfqm\kl\hkljZoZWlbogZoh^ysboky\ bkdexqbl_evghc\eZklbh^gh]hZnn_dlZex^_cih
ZgZeh]bbk l_jfbgheh]b_cPb_gZ =LHKHQ fh`ghgZau\Zlv`g_cdZfb

=JMII:WIBE?ILHB>H<
M`_ \ kZfhf gZa\Zgbb wibe_ilhb^gZy ikbohiZlby aZeh`_gZ fukev h lhf qlh wlbf
l_jfbghf ^he`gu h[hagZqZlvky l_ g_ijh]j_^b_glgu_ dhgklblmpbhgZevgu_ nhjfu dhlhju_
gZoh^ylky \ lZdhf `_ hlghr_gbb d wibe_ikbb dZd rbahb^gZy ikbohiZlby d rbahnj_gbb
KZfufb oZjZdl_jgufb k\hckl\Zfb wlh]h lbiZ ikbohiZlh\ fu kqblZ_f \hi_j\uo djZcgxx
jZa^jZ`bl_evghklv ^hoh^ysmx ^h ijbklmih\ g_m^_j`bfhc yjhklb \h\lhjuo ijbklmiu
jZkkljhckl\Z gZkljh_gby k oZjZdl_jhf lhkdb kljZoZ ]g_\Z  b \lj_lvbo hij_^_e_ggh
\ujZ`_ggu_ lZd gZau\Z_fu_ fhjZevgu_ ^_n_dlu ZglbkhpbZevgu_ mklZgh\db  H[uqgh wlh
ex^bhq_gvZdlb\gu_h^ghklhjhggb_gZijy`_ggh^_yl_evgu_kljZklgu_ ex[bl_eb kbevguo
hsms_gbchq_gvgZklhcqb\u_b ^Z`_mijyfu_LZbeb^jm]ZyfukevgZ^he]haZklj_\Z_l\ bo
khagZgbbfh`ghhij_^_e_ggh]h\hjblvh kdehgghklbwibe_ilhb^h\d k\_jop_ggufb^_yfBo
Znn_dlb\gZy mklZgh\dZ ihqlb \k_]^Z bf__l g_kdhevdh g_ijbylguc hdjZr_gguc iehoh
kdju\Z_fucaeh[ghklvxhll_ghdgZh[s_fnhg_dhlhjh]hhl\j_f_gb^h\j_f_gbbghcjZaih
gbqlh`ghfm ih\h^m jZa\b\Zxlky [mjgu_ \kiurdb g_m^_j`bfh]h ]g_\Z \_^msb_ d hiZkguf
gZkbevkl\_gguf ^_ckl\byf H[udgh\_ggh ih^h[gh]h jh^Z ikbohiZlu hq_gv g_l_ji_eb\u
djZcg_ g_l_jibfu d fg_gbx hdjm`Zxsbo b kh\_jr_ggh g_ \ughkyl ijhlb\hj_qbc ?keb d
wlhfm ijb[Z\blv [hevrh_ k_[yex[b_ b w]hbaf qj_a\uqZcgmx lj_[h\Zl_evghklv b g_`_eZgb_
kqblZlvkyk qvbfb[ulhgb [uehbgl_j_kZfbdjhf_k\hbokh[kl\_gguolhklZg_lihgylghqlh
ih\h^h\^eyklhedgh\_gbck hdjm`Zxsbfbm wibe_ilhb^h\\k_]^Zfgh]h>Z`_lh]^Zdh]^Zbo
g_l \h\k_ wibe_ilhb^m gbq_]h g_ klhbl bo \u^mfZlv lhevdh ^ey lh]h qlh[u jZajy^blv
g_m^_j`bfh gZdbiZxs__ m g_]h \j_f_gZfb qm\kl\h [_kij_^f_lgh]h jZa^jZ`_gby Hg
ih^hajbl_e_gh[b^qb\f_ehqghijb^bjqb\<k_hg]hlh\djblbdh\Zlv\kx^m\b^blg_ihjy^db
bkijZ\e_gby dhlhjuo _fm h[yaZl_evgh gZ^h ^h[blvky < k_f_cghc `bagb wibe_ilhb^u
h[udgh\_ggh g_kghkgu_ lbjZgu mkljZb\Zxsb_ kdZg^Zeu baaZ hiha^Z\r_]h gZ g_kdhevdh
fbgml h[_^Z ih^]hj_\r_]h dmrZgvy iehohc hlf_ldb m kugZ beb ^hq_jb iha^g_]h bo
\ha\jZs_gby ^hfhc k^_eZgghc `_ghc [_a bo kijhkZ ihdmidb b l^ Ihklhyggh ^_eZxl hgb
^hfZrgbf\k_\hafh`gu_aZf_qZgbyf_evqZcrmxijh\bgghklv\ha\h^yl\ djmigmx\bgmb gb
h^gh]hijhklmidZ g_ hklZ\eyxl [_a gZdZaZgby Hgb \k_]^Z lj_[mxl ihdhjghklb b ih^qbg_gby
k_[_ b gZh[hjhl kZfb g_ \ughkyl kh\_jr_ggh ih\_ebl_evgh]h lhgZ m ^jm]bo
ij_g_[j_`bl_evgh]h d k_[_ hlghr_gby aZf_qZgbc b \u]h\hjZ K ^_lkl\Z g_ihkemrgu_ hgb
qZklh \kx `bagv ijh\h^yl \ [hjv[_ aZ dZ`ms__ky bf h]jZgbq_gb_ bo kZfhklhyl_evghklb
[hjv[_dhlhjZybfdZ`_lky[hjv[hcaZkijZ\_^eb\hklvG_m`b\qb\hklvwibe_ilhb^h\^hoh^bl
^h lh]h qlh fgh]b_ ba gbo ijbgm`^_gu \kx `bagv ijh\h^blv \ kdblZgbyo k h^ghc klhjhgu
[eZ]h^Zjy bo kljZklb \h \k_ \f_rb\Zlvky Z k ^jm]hc b [hevr_ \k_]h baaZ Z[khexlghc
g_kihkh[ghklb kdhevdhgb[m^v ijh^he`bl_evgh_ \j_fy khojZgylv fbjgu_ hlghr_gby k
khkem`b\pZfbk gZqZevkl\hfk khk_^yfb
Hq_gv \Z`gh ih^q_jdgmlv qj_a\uqZcgh oZjZdl_jgmx ^ey wibe_ilhb^h\ kdehgghklv d
wibah^bq_kdb jZa\b\Zxsbfky jZkkljhckl\Zf gZkljh_gby jZkkljhckl\Zf fh]msbf \hagbdZlv
dZdkihglZgghdZd[u[_a\kydhc\b^bfhcijbqbgulZdb j_Zdlb\gh²ih^\ebygb_fl_obeb
^jm]bo g_ijbylguo i_j_`b\Zgbc Lh qlh hlebqZ_l ih^h[gu_ jZkkljhckl\Z hl ^_ij_kkb\guo
khklhygbc \kydh]h ^jm]h]h jh^Z wlh ihqlb ihklhyggZy gZebqghklv \ gbo lj_o hkgh\guo
dhfihg_glh\
aeh[ghklb lhkdb b kljZoZ Ih^h[gu_ jZkkljhckl\Z gZkljh_gby fh]ml ijh^he`Zlvky
g_^he]hghfh]mlb aZly]b\ZlvkygZ^_gvbeb^Z`_gZg_kdhevdh^g_cb bf_gghgZwlblh^gbb
iZ^ZxlgZb[he__[mjgu_b [_ajZkkm^gu_\kiurdbwibe_ilhb^h\
G_kfhljy gZ k\hx g_h[ma^Zgghklv wibe_ilhb^u \k_]^Z hklZxlky ex^vfb hq_gv madbfb
h^ghklhjhggbfb b g_ kihkh[gufb ohly [u gZ f]gh\_gb_ hlj_rblvky hl k\hbo w]hbklbq_kdbo
bgl_j_kh\iheghklvxhij_^_eyxsbobo\ h[s_f\k_]^Zhq_gvgZijy`_ggmx^_yl_evghklvBo
Znn_dlb\ghklv ebr_gZ [h]Zlkl\Z hll_gdh\ b hij_^_ey_lky ij_bfms_kl\_ggh ihklhyggh
bf_xs_cky m gbo \ gZebqbb Z]j_kkb\ghklvx ih hlghr_gbx d hdjm`Zxsbf ex^yf Qm\kl\h
kbfiZlbb b khkljZ^Zgby kihkh[ghklv \qm\kl\h\Zlvky \ qm`b_ i_j_`b\Zgby bf g_^hklmigu
Hlkmlkl\b_ wlbo qm\kl\ \ kh_^bg_gbb k djZcgbf w]hbafhf b aeh[ghklvx ^_eZ_l bo fhjZevgh
g_iheghp_ggufb b kihkh[gufb gZ ^_ckl\by ^Ze_dh \uoh^ysb_ g_ lhevdh aZ jZfdb
ijb_fe_fh]h \ ghjfZevguo mkeh\byo h[s_`blby gh b aZ ]jZgbpu hij_^_ey_fu_ m]heh\guf
aZdhghfHkh[_gghqZklhhgbklZedb\Zxlkyk ihke_^gbfbaaZkdehgghklbbod gZkbevkl\_gguf
ZdlZfihiZ^Zyih^km^ihh[\bg_gbx\ m[bckl\_bebgZg_k_gbbly`_euojZg;he__g_\bggh_
agZq_gb_ bf__l bo gZdehgghklv d kdZg^ZeZf hkh[_ggh qZklh ijhy\ey_fZy bfb ih^ \ebygb_f
Zedh]hey dhlhjuc dZd ijZ\beh hgb h[udgh\_ggh iehoh i_j_ghkyl ^Z\Zy ^h\hevgh qZklh
\kiurdblZdgZau\Z_fh]hiZlheh]bq_kdh]hhivyg_gby
Wibe_ilhb^u dZd ^hklZlhqgh ykgh ba ij_^u^ms_]h ex^b bgklbgdlh\ b ijbfblb\guo
\e_q_gbcKljZklgu_b g_m^_j`bfu_hgbgb\ q_fg_agZxlf_jugb \[_amfghcojZ[jhklbgb
\ ZdlZo `_klhdhklb gb \ ijhy\e_gbyo ex[h\ghc kljZklb < bo jy^Zo fu qZklh \klj_qZ_f
ZaZjlguo b]jhdh\ ivygbp^bikhfZgh\ b ebp kljZ^Zxsbo i_jbh^bq_kdbfb ijbklmiZfb
g_m^_j`bfh]h klj_fe_gby d [jh^y`gbq_kl\m Bgh]^Z h^gZdh ih^h[gu_ lZd gZau\Z_fu_
bfimevkb\gu_ ijhy\e_gby \klj_qZxlky b m ex^_c m dhlhjuo ^jm]b_ hkh[_gghklb
wibe_ilhb^ghc ikbohiZlbb aeh[ghklv Z]j_kkb\ghklv  g_kdhevdh hlklmiZxl gZ aZ^gbc ieZg
Ljm^gh kdZaZlv qlh y\ey_lky ]eZ\guf ^_n_dlhf wlbo bfimevkb\guo ikbohiZlh\ ex^_c
bgklbgdlh\ihij_bfms_kl\mqj_af_jgZyebkbeZ\e_q_gbybebg_^hklZlhqgZykihkh[ghklvbo
d ih^Z\e_gbxWlZjZagh\b^ghklvwibe_ilhb^h\^Z_lg_f_gvr__q_fhkgh\gZy]jmiiZqbkeh
ijZ\hgZjmrbl_e_c hgZ ihklZ\ey_l ij_klmigbdh\ ijhlb\ iheh\hc gjZ\kl\_gghklb
fhr_ggbdh\\hjh\jZkljZlqbdh\b l^Kj_^bgbofgh]hlZdgZau\Z_fuoiheh\uoikbohiZlh\
l_ebpkljZ^Zxsbok_dkmZevghcba\jZs_gghklvxH^gZdhkdehgghklvd iheh\ufZghfZebyf
lh]h beb ^jm]h]h jh^Z _klv q_jlZ k\hckl\_ggZy fgh]bf ikbohiZlZf Z g_ h^ghc dZdhceb[h
hij_^_e_gghcbo]jmii_
<hijhkh wibe_ilhb^ghcikbohiZlbbaZihke_^g__\j_fyijb\e_dZ_l\gbfZgb_ikbobZljh\
gZ AZiZ^_ b m gZk Hkh[_ggh h`b\e_ggh ^_[Zlbjm_lky \hijhk h kms_kl\h\Zgbb b \ wlhc
ikbohiZlbb iheyjghklb ih^h[ghc lhc dhlhjmx Dj_qf_j hibkZe ^ey rbahb^h\ b pbdehb^h\
ikbowkl_lbq_kdZy b ^bZl_lbq_kdZy ijhihjpbb  < lh \j_fy dZd qZklv Z\lhjh\ kqblZ_l
oZjZdl_jgufb^eywibe_ilhb^ghcikbohiZlbbebrvhibkZggu_\ur_kbfilhfuhlghkyqZklh
\klj_qZxsb_ky m wibe_ilbdh\ q_jlu ikbobq_kdhc \yadhklb i_^ZglbafZ f_ehqghklb
ebp_f_jby g_ d q_jlZf dhgklblmpbhgZevghc  ikbohiZlbb Z d ijhy\e_gbyf wibe_ikbb dZd
[he_ag_ggh]hijhp_kkZ ke_^h\Zl_evghd y\e_gbyfkhimlkl\mxsbfm`_gZ`blhfmkeZ[hmfbx 
^jm]b_]h\hjyleb[hh ^\mojZaebqguo]jmiiZowibe_ilhb^guoikbohiZlh\²djhf_hibkZgghc
ZglbkhpbZevghc  _s_ h ^jm]hc ^ey dhlhjhc FZmp 0DX]  ij_^eh`be gZa\Zgb_
©]bi_jkhpbZevghcª h[klhyl_evgu_ZddmjZlgu_bkihegbl_evgu_ i_^Zglu kdhib^hfu oZg`b
b ebp_f_ju  ² eb[h h gZebqghklb m wibe_ilhb^h\ lZdhc `_ iheyjghklb dZd m rbahb^h\ b
pbdehb^h\ >_ev[jxd 'HOEUXN  gZijbf_j ml\_j`^Z_l qlh q_jlu \ha[m^bfhklb k h^ghc
klhjhgub ikbobq_kdhc\yadhklbk ^jm]hc\ [hevr_cbebf_gvr_ckl_i_gbijbkmsb\kydhfm
wibe_ilhb^ghfm ikbohiZlm Lhevdh [m^msb_ bkke_^h\Zgby mdZ`ml j_Zevgu_ khhlghr_gby
\_s_c
K khfZlbq_kdhc klhjhgu fh`gh hlf_lblv qlh agZqbl_evgZy qZklv wibe_ilhb^h\
hlebqZ_lky k\h_h[jZaguf Zle_lbq_kdb^bkieZklbq_kdbf l_ehkeh`_gb_f b qj_af_jghc
\ha[m^bfhklvx\Zahfhlhjh\< k\yabk ihke_^gbfh[klhyl_evkl\hfklhylqZklhgZ[ex^Z_fu_m
gbo \h \j_fy \kiur_d ]g_\Z ijbeb\u djh\b d ]heh\_ G_dhlhju_ ikbobZlju kqblZxl
hij_^_e_ggh \hafh`guf ]h\hjblv qlh wibe_ilhb^u hdZau\Zxlky khfZlbq_kdb Zle_lbdZfb
ih^h[gh lhfm dZd pbdehb^u ² ibdgbdZfb Z rbahb^u ² Zkl_gbdZfb Fu ^mfZ_f qlh
mklZgh\e_gb_b wlboiheh`_gbc²^_eh[m^ms_]h
 =JMII:BKL?JBQ?KDBOO:J:DL?JH<
;eZ]h^Zjyg_hij_^_e_gghklbkZfh]hihgylbybkl_jby\ ikbobZljbq_kdhcebl_jZlmj_g_l
ihegh]h_^bgh^mrby\ ijbf_g_gbbl_jfbgZbkl_jbq_kdbcihhlghr_gbxd ikbohiZlbq_kdbf
ebqghklyf Jy^ Z\lhjh\ kqblZ_l ^Z`_ `_eZl_evguf mkljZg_gb_ wlh]h l_jfbgZ ba mq_gby h
ikbohiZlbb?^\Zebwlhp_e_khh[jZagh\ujZ`_gb_^_]_g_jZlb\gZybkl_jbyijhqghaZ\h_\Zeh
k_[_ijZ\h]jZ`^Zgkl\Zg_lhevdh\ ikbobZljbq_kdhcghb \h[s_f_^bpbgkdhcebl_jZlmj_fu
hij_^_e_gghkqblZ_fg_h[oh^bfuf\u^_e_gb_lZdhc]jmiiu
=eZ\gufb hkh[_gghklyfb ikbobdb bkl_jbqguo y\eyxlky   klj_fe_gb_ \h qlh[u lh gb
klZeh h[jZlblv gZ k_[y \gbfZgb_ hdjm`Zxsbo b   hlkmlkl\b_ h[t_dlb\ghc ijZ\^u dZd ih
hlghr_gbx d ^jm]bf lZd b d kZfhfm k_[_ bkdZ`_gb_ j_Zevguo khhlghr_gbc  Yki_jk
-DVSHUV h[t_^bgyyh[ZwlbijbagZdZ^Z_lhq_gvdhjhldh_b f_ldh_hij_^_e_gb_lhchkgh\uba
dhlhjhc\ujZklZ_lih\_^_gb_b oZjZdl_jbkl_jbqguo²klj_fe_gb_dZaZlvky[hevr_q_fwlh
gZ kZfhf ^_e_ _klv Bkoh^y ba wlh]h hij_^_e_gby Rg\c^_j ij_^eh`be aZf_gblv kZfh_
gZa\Zgb_bkl_jbqgu_l_jfbghf *HOWXQJVEHGXUIWLJH²lj_[mxsb_ijbagZgby<h\g_rg_f
h[ebd_ [hevrbgkl\Z ij_^klZ\bl_e_c ]jmiiu h[t_^bgy_fhc wlbfb k\hckl\Zfb hkh[_ggh
h[jZsZxlgZk_[y\gbfZgb_oh^mevghklvl_ZljZevghklvb e`b\hklvBfg_h[oh^bfhqlh[uh
gbo]h\hjbebb ^ey^hklb`_gbywlh]hhgbg_[j_a]mxlgbdZdbfbkj_^kl\Zfb< [eZ]hijbylghc
h[klZgh\d_ _keb _fm ij_^klZ\blky khhl\_lkl\mxsZy jhev bkl_jbd fh`_l b gZ kZfhf ^_e_
hlebqblvky hg fh`_l ijhbaghkblv [e_klysb_ aZ`b]Zxsb_ j_qb kh\_jrZlv djZkb\u_ b g_
lj_[mxsb_ ^ebl_evgh]h gZijy`_gby ih^\b]b qZklh m\e_dZy aZ kh[hc lheim hg kihkh[_g b d
ZdlZfih^ebggh]hkZfhih`_jl\h\Zgby_keblhevdhm[_`^_gqlhbfex[mxlkyb \hklhj]Zxlky
=hj_ bkl_jbq_kdhc ebqghklb \ lhf qlh m g__ h[udgh\_ggh g_ o\ZlZ_l ]em[bgu b kh^_j`Zgby
^eylh]hqlh[ugZ[he__bebf_g__ijh^he`bl_evgh_\j_fyijb\e_qvd k_[_^hklZlhqgh_qbkeh
ihdehggbdh\ Bo wfhpbhgZevgZy `bagv dZijbagh g_mklhcqb\Z qm\kl\Z ih\_joghklgu
ijb\yaZgghklb g_ijhqgu b bgl_j_ku g_]em[hdb \hey bo g_ kihkh[gZ d ^ebl_evghfm
gZijy`_gbx \h bfy p_e_c g_ h[_sZxsbo bf g_f_^e_gguo eZ\j b \hkobs_gby kh klhjhgu
hdjm`ZxsboQZklhwlh²km[t_dlug_^hklb]rb__s_g_kfhljybghcjZagZih`behc\hajZkl
^_ckl\bl_evgh ^moh\ghc aj_ehklb bo km`^_gby ihjZ`Zxl k\h_c ijhlb\hj_qb\hklvx Z f_klh
eh]bq_kdh]hkhihklZ\e_gbynZdlh\b lj_a\hchp_gdb^_ckl\bl_evghklbaZgbfZxl[_kihq\_ggu_
\u^mfdb²ijh^mdlubo^_lkdb[h]Zlhcb g_h[ma^ZgghcnZglZabbHgbe_]dh\gmrZ_fuohly
\gmrZ_fhklv wlZ h[udgh\_ggh ba[bjZl_evgZy b h^ghklhjhggyy ² lhevdh ih hlghr_gbx d
lhfm qlh khhl\_lkl\m_l bo ihlj_[ghklb h[jZsZlv gZ k_[y \gbfZgb_ gZh[hjhl ihiuldZf
\gmrZxs_cl_jZibbhgbg_j_^dhhdZau\Zxlqj_a\uqZcghmihjgh_khijhlb\e_gb_Ijbi_j\hf
agZdhfkl\_fgh]b_bkl_jbdbdZ`mlkyh[\hjh`bl_evgufbhgbfh]ml[ulvfy]dbb \djZ^qb\u
dZijbagZybaf_gqb\hklvboh[jZaZfuke_cb gZkljh_gbyijhba\h^bl\i_qZle_gb_ih^dmiZxs_c
^_lkdbijhklh^mrghc g_ihkj_^kl\_gghklb Z hlkmlkl\b_ m gbo ijhqguo m[_`^_gbc
h[mkeZ\eb\Z_l e_]dmx bo mklmiqb\hklv \ \hijhkZo ijbgpbibZevguo H[udgh\_ggh lhevdh
ihkl_i_ggh \kdju\Zxlky bo hljbpZl_evgu_ q_jlu b ij_`^_ \k_]h ² g__kl_kl\_gghklv b
nZevrb\hklv DZ`^uc ihklmihd dZ`^uc `_kl dZ`^h_ ^\b`_gb_ jZkkqblZgu gZ ajbl_ey gZ
wnn_dl ^hfZ \ k\h_c k_fv_ hgb ^_j`Zl k_[y bgZq_ q_f ijb ihklhjhggbo \kydbc jZa dZd
f_gy_lky hdjm`ZxsZy h[klZgh\dZ f_gy_lky bo gjZ\kl\_gguc b mfkl\_gguc h[ebd Hgb
g_ij_f_ggh ohlyl [ulv hjb]bgZevgufb b lZd dZd wlh j_^dh m^Z_lky bf \ h[eZklb
iheh`bl_evghc l\hjq_kdhc ^_yl_evghklb lh hgb o\ZlZxlky aZ ex[h_ kj_^kl\h
ih^\_jlu\Zxs__ky ih^ jmdb [m^v lh ^Z`_ \hafh`ghklv ijb\e_qv d k_[_ \gbfZgb_
g_h[uqgufb y\e_gbyfb dZdhcgb[m^v [he_agb Hlkx^Z ² kp_gu ijbiZ^dh\ b h[fhjhdh\
aZ]Z^hqgu_dhe_[Zgbyl_fi_jZlmjuijh^he`bl_evgu_hldZauhlibsbk lZcghc_^hcihghqZf
ijbqbg_gb_ k_[_ \k_\hafh`guo ih\j_`^_gbc dhlhju_ aZl_f \u^Zxlky aZ kZfb kh[hc
ihy\b\rb_ky b l^ QZklh jZau]ju\Zxl hgb ba k_[y h[b`_gguo b g_kqZklguo bf gbq_]h g_
klhbl[_ah\kydh]hhkgh\Zgbyh[\bgblvgZijbf_je_qb\r_]hbo\jZqZk dhlhjufijboh^behkv
hklZ\Zlvky gZ_^bg_ \ ihdmr_gbb gZ bagZkbeh\Zgb_ b ^Z`_ \ kZfhf bagZkbeh\Zgbb < lZdbo
kemqZyo hohlgh bah[jZ`Zxlky kp_gu djZcg_]h hlqZygby b ^_eZxlky l_ZljZevgu_ ihiuldb gZ
kZfhm[bckl\h lZd jZkkqblZggu_ qlh[u ihke_^g__ aZ\_^hfh g_ fh]eh m^Zklvky Qlh[u
ijhba\_klb \i_qZle_gb_ hgb ]hlh\u ijhlb\hj_qblv h[s_ijbgyluf \haaj_gbyf o\Zeblv beb
ex[blv lh qlh gbdhfm g_ gjZ\blky qlh ^Z`_ \k_f ijhlb\gh k djZcgbf mihjkl\hf aZsbsZy
ijbwlhfk\hbg_h[udgh\_ggu_\a]ey^ufukebb \dmku;hykv[ulvhi_j_`_ggufbd_fgb[m^v
\ aZ^mfZgghf bfb wnn_dl_ bkl_jbqgu_ h[uqgh aZ\bkleb\u b j_\gb\u ?keb \ dZdhcgb[m^v
h[eZklb bkl_jbdm ijboh^blky klhedgmlvky k khi_jgbdhf lh hg g_ ijhimklbl kZfh]h
gbqlh`gh]h ih\h^Z qlh[u mgbablv ihke_^g_]h b ihdZaZlv _fm k\h_ ij_\hkoh^kl\h K\hbo
hrb[hd bkl_jbdb g_ khagZxl gbdh]^Z _keb qlh b ijhbkoh^bl g_ lZd dZd [u gm`gh [ueh lh
\k_]^Zg_ihbo\bg_Q_]hhgbg_\ughkylwlh²jZ\gh^mrbybebij_g_[j_`_gby²bfhgb
\k_]^Z ij_^ihqlml g_ijbyagv b ^Z`_ g_gZ\bklv Ih hlghr_gbx d l_f dlh \ha[m^be bo
g_m^h\hevkl\b_ hgb aehiZfylgu b fklbl_evgu ;m^mqb g_bklhsbfu b g_jZa[hjqb\u \
kj_^kl\Zohgbemqr_\k_]hqm\kl\mxlk_[y\ Zlfhkn_j_kdZg^Zeh\kie_l_gb ^jya]< h[s_f
hgb bsml e_]dhc ijb\hevghc `bagb b _keb bgh]^Z ijhy\eyxl mihjkl\h lh lhevdh ^ey lh]h
qlh[uh[jZlblvgZk_[y\gbfZgb_
>moh\gZy g_aj_ehklv bkl_jbq_kdhc ebqghklb g_ ^Z\Zy _c \hafh`ghklb ^h[blvky
hkms_kl\e_gby k\hbo ijblyaZgbc iml_f \hkiblZgby b jZa\_jlu\Zgby ^_ckl\bl_evgh
bf_xsbokym g__kihkh[ghkl_clhedZ_l__ gZimlvg_jZa[hjqb\h]hbkihevah\Zgby\k_okj_^kl\
\ha^_ckl\by gZ hdjm`Zxsbo ex^_c ebrv [u dZdhc m]h^gh p_ghc ^h[blvky
ijb\be_]bjh\Zggh]h iheh`_gby G_dhlhju_ Z\lhju hkh[_ggh ih^q_jdb\Zxl bgnZglbevgh_
kljh_gb_ wfhpbhgZevghc `bagb bkl_jbdh\ kqblZy _]h ijbqbghc g_ lhevdh djZcg_c
ih\_joghklghklb bo wfhpbc gh b qZklh g_^hklZlhqghc bo \ughkeb\hklb ih hlghr_gbx d
ljZ\fZlbabjmxsbf i_j_`b\Zgbyf GZ^h lhevdh hlf_lblv qlh b \ h[eZklb j_Zdpbb gZ
ikbobq_kdb_ ljZ\fu gZjhqblh_ b \u^mfZggh_ qZklh aZkehgy_l m bkl_jbdh\ g_ihkj_^kl\_ggu_
ke_^kl\by^mr_\gh]hihljyk_gby
< [ZeZgk_ikbobq_kdhc`bagbex^_ck bkl_jbq_kdbfoZjZdl_jhf\g_rgb_\i_qZle_gby²
jZamf_y wlh keh\h \ kZfhf rbjhdhf kfuke_ ² b]jZxl hq_gv [hevrmx [ulv fh`_l
i_j\_gkl\mxsmx jhev q_eh\_d k bkl_jbq_kdbf kdeZ^hf ikbobdb g_ m]em[e_g \ k\hb
\gmlj_ggb_ i_j_`b\Zgby dZd wlh ^_eZ_l ohly [u ikboZkl_gbd  hg gb gZ h^gm fbgmlm g_
aZ[u\Z_lijhbkoh^ys_]hdjm]hfgh_]hj_ZdpbygZhdjm`Zxs__y\ey_lkydjZcg_k\h_h[jZaghc
b ij_`^_ \k_]h ba[bjZl_evghc < lh \j_fy dZd h^gb \_sb \hkijbgbfZxlky qj_a\uqZcgh
hlq_leb\h qj_a\uqZcgh lhgdh b hkljh djhf_ lh]h nbdkbjmxlky ^Z`_ gZ^he]h \ khagZgbb \
\b^_ hq_gv yjdbo h[jZah\ b ij_^klZ\e_gbc ^jm]b_ kh\_jr_ggh b]ghjbjmxlky g_ hklZ\eyxl
j_rbl_evgh gbdZdh]h ke_^Z \ ikbobd_ b iha^g__ kh\_jr_ggh g_ \kihfbgZxlky <g_rgbc
j_Zevgucfbj^eyq_eh\_dZk bkl_jbq_kdhcikbobdhcijbh[j_lZ_lk\h_h[jZagu_ijbqm^eb\u_
hq_jlZgby h[t_dlb\guc djbl_jbc ^ey g_]h mljZq_g b wlh qZklh ^Z_l ih\h^ hdjm`Zxsbf
h[\bgylv bkl_jbqgh]h \ emqr_f kemqZ_ \h e`b b ijbl\hjkl\_ =jZgbpu dhlhju_
mklZgZ\eb\Zxlky ^ey q_eh\_dZ k ghjfZevghc ikbobdhc ijhkljZgkl\hf k h^ghc klhjhgu b
\j_f_g_fk ^jm]hcg_kms_kl\mxl^eybkl_jbqgh]hhgg_k\yaZgbfbLhqlh[ueh\q_jZbeb
gugq_ fh`_l dZaZlvky _fm [u\rbf ^_kylv e_l gZaZ^ b gZh[hjhl B g_ lhevdh hlghkbl_evgh
\g_rg_]h fbjZ hk\_^hfe_g g_ijZ\bevgh bkl_jbqguc lhqgh lZd `_ hk\_^hfe_g hg
hlghkbl_evgh \k_o l_o ijhp_kkh\ dhlhju_ ijhbkoh^yl \ _]h kh[kl\_gghf hj]Zgbaf_ \ _]h
kh[kl\_gghcikbobd_< lh\j_fydZdh^gbba_]hi_j_`b\Zgbckh\_jr_gghmkdhevaZxlhlg_]h
kZfh]h^jm]b_gZijhlb\hp_gb\Zxlkyqj_a\uqZcghlhgdh;eZ]h^Zjyyjdhklbh^gboh[jZah\b
ij_^klZ\e_gbcb [e_^ghklb^jm]boq_eh\_dk bkl_jbq_kdbfkdeZ^hfikbobdbkiehrvb jy^hf
g_ ^_eZ_l jZagbpu beb \_jg__ ]h\hjy g_ \ khklhygbb k^_eZlv lZdh\hc f_`^m nZglZab_c b
^_ckl\bl_evghklvxf_`^m\b^_ggufb lhevdhqlhijbr_^rbf_fm\ ]heh\mf_`^mbf_\rbf
f_klh gZy\m b \b^_gguf \h kg_ g_dhlhju_ fuke_ggu_ h[jZau gZklhevdh yjdb qlh
ij_\jZsZxlky \ hsms_gby ^jm]b_ `_ gZijhlb\ lhevdh k [hevrbf ljm^hf \hagbdZxl \
khagZgbb EbpZ k bkl_jbq_kdbf oZjZdl_jhf lZd kdZaZlv wfZgkbibjmxlky hl nZdlh\ DjZcg_
lhgdh b hkljh \hkijbgbfZy h^gh bkl_jbd hdZau\Z_lky kh\_jr_ggh g_qm\kl\bl_evguf d
^jm]hfm ^h[juc fy]dbc ^Z`_ ex[ysbc \ h^ghf kemqZ_ hg h[gZjm`b\Z_l iheg_cr__
jZ\gh^mrb_djZcgbcw]hbafZ bgh]^Zb `_klhdhklv²\ ^jm]hf]hj^ucb \ukhdhf_jguchg
ih^qZk]hlh\gZ\k_\hafh`gu_mgb`_gbyg_mklmiqb\ucmijyfuc\iehlv^hg_]Zlb\bafZhg
klZgh\blky\ bguokemqZyokh]eZkgufgZ\k_ihkemrguf]hlh\ufih^qbgblvkyq_fmm]h^gh
[_kkbevguc b keZ[uc hg ijhy\ey_l wg_j]bx \ lhf kemqZ_ dh]^Z wlh]h ihlj_[mxl hl g_]h
aZdhgu ]hkih^kl\mxsb_ \ _]h ikbobd_ Wlb aZdhgu \k_ `_ kms_kl\mxl ohly [u fu bo b g_
agZebohly[uijhy\e_gbyikbobdbbkl_jbqguo[ueb[ulZdjZaghh[jZagub dZe_c^hkdhibqgu
qlh[ueh[uijZ\bevg__^mfZlvg_h aZdhghf_jghklby\e_gbcZ hiheghcZgZjobb

IZlheh]bq_kdb_e]mgu?kebihlj_[ghklvijb\e_dZlvd k_[_\gbfZgb_b hke_ieylv^jm]bo

ex^_c[e_kdhfk\h_cebqghklbkh_^bgy_lkyk h^ghcklhjhguk qj_af_jgh\ha[m^bfhc[h]Zlhc
b g_aj_ehcnZglZab_cZ k^jm]hc²k [he__j_adhq_fm bkl_jbdh\\ujZ`_ggufbfhjZevgufb
^_n_dlZfb lh \hagbdZ_l dZjlbgZ lhc ikbohiZlbb dhlhjmx >_ev[jxd 'HOEULLFN  gZau\Ze
SVHXGRORJLD SKDQWDVWLFD >xij_ 'XSUH  ² fbnhfZgb_c b ij_^klZ\bl_e_c dhlhjhc Dj_i_ebg
]jm[__ b ijZ\bevg__ h[hagZqZ_l dZd e]mgh\ b iemlh\ QZs_ \k_]h ² wlh ex^b dhlhjuf
g_evayhldZaZlv\ kihkh[ghklyoHgbkhh[jZabl_evgugZoh^qb\u[ukljhmk\Zb\Zxl\k_gh\h_
\eZ^_xl ^Zjhf j_qb b mf_xl bkihevah\Zlv ^ey k\hbo p_e_c \kydh_ agZgb_ b \kydmx
kihkh[ghklv dZdbfb lhevdh h[eZ^Zxl Hgb fh]ml dZaZlvky rbjhdh h[jZah\Zggufb ^Z`_
mq_gufb h[eZ^Zy lhevdh ih\_joghklguf aZiZkhf k\_^_gbc gZo\ZlZgguo ba
wgpbdehi_^bq_kdbo keh\Zj_c b ihimeyjguo [jhrxj G_dhlhju_ ba gbo h[eZ^Zxl dh_dZdbfb
om^h`_kl\_ggufbb ihwlbq_kdbfbgZdehgghklyfbibrmlklbobjbkmxlaZgbfZxlkyfmaudhc
iblZxlkljZklvd l_Zljm;ukljhaZ\yau\ZyagZdhfkl\Zhgbohjhrhijbkihkh[eyxlkyd ex^yf
b e_]dhijbh[j_lZxlbo^h\_jb_Hgbmf_xl^_j`Zlvkyk ^hklhbgkl\hfeh\dbqZklhbaysgu
hq_gv aZ[hlylky h k\h_c \g_rghklb b h \i_qZle_gbb bfb ijhba\h^bfhf gZ hdjm`Zxsbo
g_j_^dhs_]hevkdbcdhklxfij_^klZ\ey_l_^bgkl\_ggmxkh[kl\_gghklvih^h[gh]hikbohiZlZ
<Z`gh lh qlh h[eZ^Zy g_^mjgufb kihkh[ghklyfb wlb ex^b j_^dh h[gZjm`b\Zxl
ih^ebgguc bgl_j_k d q_fmgb[m^v djhf_ k\h_c ebqghklb b kljZ^Zxl iheguf hlkmlkl\b_f
ijbe_`Zgby b \u^_j`db Hgb ih\_joghklgu g_ fh]ml ijbgm^blv k_[y d ^ebl_evghfm
gZijy`_gbx e_]dh hl\e_dZxlky jZa[jZku\Zxlky Bo ^moh\gu_ bgl_j_ku f_edb Z jZ[hlZ
dhlhjZy lj_[m_l mihjkl\Z ZddmjZlghklb b lsZl_evghklb l_f kZfuf ijhba\h^bl gZ gbo
hllZedb\Zxs__^_ckl\b_Bofure_gbx²]h\hjblDj_i_ebg²g_o\ZlZ_liheghf_jghklb
ihjy^dZb k\yaghklbkm`^_gbyf²aj_ehklbb h[klhyl_evghklbZ \k_fmbo\hkijbylbx`bagb
²]em[bgub k_jv_aghklbDhg_qghg_evayh`b^Zlvhlgbob fhjZevghcmklhcqb\hklb[m^mqb
ex^vfb e_]dhfuke_ggufb hgb g_ kihkh[gu d ]em[hdbf i_j_`b\Zgbyf dZijbagu \ k\hbo
ijb\yaZgghklyo b h[udgh\_ggh g_ aZ\yau\Zxl ijhqguo hlghr_gbc k ex^vfb Bf qm`^h
qm\kl\h^he]Zb ex[ylhgblhevdhkZfbok_[y
KZfhc jhdh\hc bo hkh[_gghklvx y\ey_lky g_kihkh[ghklv ^_j`Zlv \ ma^_ k\h_
\hh[jZ`_gb_ Ijb bo kljZklb d jbkh\d_ d imkdZgbx iueb \ ]eZaZ hgb kh\_jr_ggh g_ \
khklhygbb [hjhlvky k bkdmr_gb_f bkihevah\Zlv ^ey wlhc p_eb e_]dh m gbo \hagbdZxsb_
[h]Zlu_ ^_lZeyfb b iurgh jZamdjZr_ggu_ h[jZau nZglZabb Hlkx^Z bo g_ij_h^hebfZy b
qZklh ijbghkysZy bf dhehkkZevguc \j_^ kljZklv d e]Zgvx E]ml hgb om^h`_kl\_ggh
fZkl_jkdb kZfb m\e_dZykv k\h_c eh`vx b ihqlb aZ[u\Zy qlh wlh eh`v QZklh hgb e]ml
kh\_jr_ggh [_kkfuke_ggh [_a \kydh]h ih\h^Z lhevdh [u q_fgb[m^v [e_kgmlv q_fgb[m^v
ihjZablv\hh[jZ`_gb_kh[_k_^gbdZQZs_\k_]hdhg_qghbo\u^mfdbdZkZxlkybokh[kl\_gghc
ebqghklbhgbhohlghjZkkdZau\Zxlh k\h_f\ukhdhfijhbkoh`^_gbbk\hbok\yayo\ kn_jZo
h agZqbl_evguo ^he`ghklyo dhlhju_ hgb aZgbfZeb b aZgbfZxl h k\h_f dhehkkZevghf
[h]Zlkl\_ Ijb bo [h]Zlhf \hh[jZ`_gbb bf gbq_]h g_ klhbl k f_evqZcrbfb ^_lZeyfb
jZkibkZlv h[klZgh\dm g_kms_kl\mxs_c \beeu bf [m^lh [u ijbgZ^e_`Zs_c ^Z`_ [hevr_ ²
ih_oZlvk khfg_\Zxsbfbkyb ihdZaZlvbf\ ^hdZaZl_evkl\hbklbguk\hbokeh\ih^\b^hfk\h_c
qvxgb[m^vqm`mx\beemb l^Ghhgbg_\k_]^Zh]jZgbqb\Zxlkylhevdheh`vx
ebrv qZklv bo e]ml gZb\gh b g_\bggh dZd ^_lb ih^kl_]b\Z_fu_ `_eZgb_f ihjbkh\Zlvky
\k_ gh\ufb b gh\ufb \hagbdZxsbfb \ \hh[jZ`_gbb h[jZaZfb ;hevrbgkl\h ba\e_dZ_l ba
k\h_c e`b b hkyaZl_evgmx ihevam LZdh\u fgh]hqbke_ggu_ Zn_jbklu \u^Zxsb_ k_[y aZ
iml_r_kl\mxsbo bgdh]gblh agZqbl_evguo ex^_c lZdh\u rZjeZlZgu ijbk\Zb\Zxsb_ k_[_
a\Zgb_\jZq_cbg`_g_jh\b ijb qZklhmki_\Zxsb_gZg_dhlhjh_\j_fy^_j`Zlvhdjm`Zxsbo
ih^ ]bighahf k\h_]h h[fZgZ lZdh\u rme_ju b ih^^_eu\Zl_eb ^hdmf_glh\ lZdh\u gZdhg_p
^Z`_fgh]b_f_edb_mebqgu_`mebdb\ufZgb\Zxsb_m ^h\_jqb\uoex^_c^_gv]bjZkkdZaZfb
h kemqb\r_fky k gbfb g_kqZklbb h[_sZgbyfb ijb ihfhsb agZdhfkl\ hdZaZlv dZdmxgb[m^v
\Z`gmxmkem]mb ijb ijBokZfhh[eZ^Zgb_ijbwlhf[u\Z_lqZklhihjZabl_evgufhgbe]ml
lZd kZfhm\_j_ggh g_ kfmsZykv gbq_f lZd e_]dh \u\_jlu\Zxlky ^Z`_ dh]^Z bo ijbibjZxl d
kl_gd_qlhg_\hevgh\uau\Zxl\hkobs_gb_Fgh]b_g_mgu\Zxlb [m^mqbihcfZguDj_i_ebg
jZkkdZau\Z_l h[ h^ghf lZdhf fhr_ggbd_ dhlhjuc e_`Ze \ debgbd_ gZ bkiulZgbb b
\ha\jZsZykv ih hdhgqZgbb kjhdZ ihke_^g_]h \ lxjvfm lZd bfihgbjh\Ze k\hbf ]hj^uf
[Zjkdbf \b^hf ijbkeZgghfm aZ gbf ^ey khijh\h`^_gby _]h ihebp_ckdhfm qlh aZklZ\be
ihke_^g_]h mkem`eb\h g_klb k\hb \_sb H^gZdh \ dhgp_ dhgph\ hgb hlebqZxlky \k_lZdb
ihgb`_gghcmklhcqb\hklvxihhlghr_gbxd ^_ckl\bxm^Zjh\km^v[u[m^mqbmebq_gub g_
\b^ym`_gbdZdh]h\uoh^Zhgbe_]dhijboh^yl\ ihegh_hlqZygb_b lh]^Zkh\_jr_gghl_jyxl
k\h_^hklhbgkl\h
Jy^ q_jljh^gbl ikbohiZlh\ hibkZggh]h lbiZ k ij_^u^ms_c ]jmiihc bkl_jbdh\ =eZ\gh_
hlebqb_\ lhfqlhe`b\hklvm gboaZkehgy_lkh[hc\k_hklZevgu_q_jluebqghklbDjhf_lh]h
bkl_jbdb\ k\hbo\uoh^dZoj_^dhi_j_oh^yl]jZgbpuhij_^_ey_fu_m]heh\gufaZdhghflh]^Z
dZd k ik_\^heh]Zfb qZklh ijboh^blky \klj_qZlvky b km^_[guf b lxj_fguf ikbobZljZf
=hjZa^h [he__ j_adZy jZagbpZ hl^_ey_l ik_\^heh]h\ hl f_qlZl_e_c k dhlhjufb hgb bf_xl
ebrv h^gm h[smx q_jlm ² qj_af_jgmx \ha[m^bfhklv \hh[jZ`_gby ih hq_gv hkljhmfghfm
hij_^_e_gbxDjhgn_ev^Z .URQIHOG \ lh\j_fydZdf_qlZl_evh[fZgu\Z_l k_[yhlghkbl_evgh
\g_rg_]h fbjZ ik_\^heh] h[fZgu\Z_l hdjm`Zxsbo hlghkbl_evgh k_[y Lh qlh ihke_^gbc
bgh]^ZgZqbgZ_lb kZfih^^Z\Zlvkyk\h_fmh[fZgmij_^klZ\ey_llhevdhih[hqgucwnn_dlg_
e_`Zsbc\ kms_kl\_hkgh\ghcl_g^_gpbb_]hih\_^_gby

=JMII:G?MKLHCQB<UOIKBOHI:LH<
Wlhll_jfbgg_^hklZlhqghlhq_gb jZagufbikbobZljZfbmihlj_[ey_lkyg_\ h^bgZdh\hf
h[t_f_ Fu ij_^ihqblZ_f g_ jZkrbjylv qj_af_jgh _]h agZq_gby b ]jZgbp b h[hagZqblv bf
lhevdh l_o ^mr_\gh g_]em[hdbo keZ[hoZjZdl_jguo ex^_c dhlhju_ e_]dh ih^iZ^Zxl ih^
\ebygb_ kj_^u hkh[_ggh ^mjghc b m\e_dZ_fu_ ijbf_jZfb lh\Zjbs_c beb gjZ\Zfb
]hkih^kl\mxsbfb \ bo ijhn_kkbhgZevghf hdjm`_gbb \h_ggZy kj_^Z ij_`g_]h \j_f_gb
ebl_jZlmjgZy [h]_fZ b ^j  kib\Zxlky ^_eZxlky dZjx`gbdZfb jZkljZlqbdZfb Z lh lZd b
f_edbfbfhr_ggbdZfb^eylh]hqlh[u\ dhgp_dhgph\hqmlblvkygZ^g_;hevr_xqZklvx²
wlhex^bg_oheh^gu_b g_]hjyqb_[_a[hevrbobgl_j_kh\[_a]em[hdboijb\yaZgghkl_c
g_^mjgu_ lh\Zjbsb qZklh hq_gv fbeu_ kh[_k_^gbdb ex^b dhfiZg_ckdb_ kdmqZxsb_ \
h^bghq_kl\_b h[udgh\_ggh[_jmsb_ijbf_jkhk\hbo[he__yjdboijbyl_e_c 0LOLHXPHQVFKHQ 
< kj_^_ ]^_ g_ \ h[uqZ_ mihlj_[e_gb_ kibjlguo gZibldh\ Z kbkl_fZlbq_kdbc ljm^ y\ey_lky
h[s_c ijb\uqdhc hgb b^ml \ gh]m k ^jm]bfb b \ h[s_f hdZau\Zxlky gbkdhevdh g_ om`_
kj_^gbo ex^_c gb \ dZdmx klhjhgm g_ \u^_eyykv ba gbo gb k\hbf mfkl\_gguf mjh\g_f gb
k\hbfb bgl_j_kZfb b gjZ\kl\_ggufb dZq_kl\Zfb Fh`_l [ulv hl \j_f_gb ^h \j_f_gb hgb
\uau\Zxlg_m^h\hevkl\b_hdjm`Zxsbok\h_c[_kihjy^hqghklvxg_ZddmjZlghklvxZ hkh[_ggh
e_gvx GZ^ gbfb dZd ]h\hjblky gZ^h \_qgh klhylv k iZedhc bo gZ^h ihgmdZlv [jZgblv beb
h[h^jylvkfhljyihh[klhyl_evkl\ZfE_]dh\^hogh\eyxsb_kyhgbe_]dhb hklu\Zxl^Ze_dh
g_ \k_]^Z hdZgqb\Zy gZqZlh_ bfb ^_eh hkh[_ggh _keb bo ij_^hklZ\beb k_[_ Bo g_kqZklb_ ²
gZjdhlbq_kdb_ kj_^kl\Z hkh[_ggh \bgh ih^ \ebygb_f dhlhjh]h hgb qZklh ^_eZxlky
g_magZ\Z_fufbdZd[m^lhdlhlhih^f_gbelh]hfbeh]hq_eh\_dZk dhlhjuflZdijbylgh[ueh
bf_lv ^_eh dh]^Z hg [ue lj_a\ ba ^h[jh]h mkem`eb\h]h b mklmiqb\h]h hg ^_eZ_lky ]jm[uf
^_jadbfw]hbklbqguf^Z`_[hevr_²[_kk_j^_qgufkihkh[guf\ h^bg^_gvijhiblv\k_k\h_
`Zeh\Zgv_ gZ dhlhjh_ k_fvy ^he`gZ [ueZ [u kms_kl\h\Zlv p_euc f_kyp mg_klb ba ^hfZ b
ijh^Zlvihke_^gxxh^_`^m`_gub ^_l_cb l^Ijhlj_a\b\rbkvhg[m^_l]hjvdhjZkdZb\Zlvky
\ k\hboihklmidZoi_j_c^_l\kydmx]jZgbpm\ kZfhh[\bg_gbyoghg_ijbf_g_lih`Zeh\Zlvky
gZ kemqZcgh keh`b\rb_ky h[klhyl_evkl\Z gZ lh qlh _]h q_eh\_dZ k aZijhkZfb b
kihkh[ghklyfb aZ_eZ kj_^Z LZdb_ ex^b g_\hevgh \uau\Zxl khqm\kl\b_ b `_eZgb_ bf
ihfhqv gh hdZau\Z_fh_ bf kh^_ckl\b_ j_^dh b^_l \ijhd klhbl gZ dhjhldh_ \j_fy
ij_^hklZ\blv lZdh]h q_eh\_dZ kZfhfm k_[_ dZdhg m`_ hdZau\Z_lky \k_ kimklbe \k_ ijhibe
ijhb]jZe \ dZjlu ihiZe d lhfm `_ \ dZdhcgb[m^v djmiguc kdZg^Ze aZjZabeky \_g_jbq_kdhc
[he_agvxb l^b l^Lhevdh\ mkeh\byoihklhygghchi_db\ mkeh\byohj]Zgbah\Zgghckj_^u
gZoh^ykvih^^Z\e_gb_fkmjh\h]h`bag_ggh]hmdeZ^Zbeb\ jmdZoq_eh\_dZk kbevghc\he_cg_
kimkdZxs_]h _]h k ]eZa fh`_l ih^h[gh]h jh^Z ikbohiZl kms_kl\h\Zlv [eZ]hihemqgh b [ulv
ihe_agufqe_ghfh[s_kl\Z

=JMII::GLBKHPB:EVGUOIKBOHI:LH<
<  ] Zg]ebckdbc ikbobZlj IjbqZj^ 3ULFKDUG  hibkZe dZd hl^_evgmx debgbq_kdmx
nhjfm hkh[mx [he_agv dhlhjhc hg ^Ze gZa\Zgb_ PRUDO LQVDQLW\ ² gjZ\kl\_ggh_
ihf_rZl_evkl\h jZamf_y ih^ wlbfb keh\Zfb debgbq_kdmx dZjlbgm oZjZdl_jbamxsmxky
[he__ beb f_g__ bahebjh\Zgguf ihjZ`_gb_f wfhpbhgZevghc kn_ju \ ijhlb\hiheh`ghklv
kemqZyf ]^_ gZ i_j\uc ieZg \uklmiZ_l ihjZ`_gb_ bgl_ee_dlZ ² LQWHOOHFWXDO LQVDQLW\
Ihke_^h\Zl_eb IjbqZj^Z klZeb h^gZdh ihgbfZlv ih^ wlbf l_jfbghf g_qlh bgh_ Z bf_ggh
hlkmlkl\b_ gjZ\kl\_gguo qm\kl\ ijb [he__ beb f_g__ khojZg_gghf bgl_ee_dl_ Mq_gb_ h
gjZ\kl\_gghf ihf_rZl_evkl\_ \ wlhf ihke_^g_f ihgbfZgbb h^gh \j_fy ihevah\Zehkv h[sbf
ijbagZgb_f b [hevrhc ihimeyjghklvx h^gZdh \ gZklhys__ \j_fy hgh hij_^_e_ggh
ijbgZ^e_`bl m`_ bklhjbb Kh\j_f_ggZy ikbobZljby g_ agZ_l lZdhc [he_agb dZd \hh[s_ g_
agZ_l h^ghij_^f_lgh]h ihf_rZl_evkl\Z fhghfZgbc H^gZdh g_khfg_ggh kms_kl\mxl
ikbohiZlu]eZ\ghc[jhkZxs_cky\ ]eZaZhkh[_gghklvxdhlhjuoy\eyxlkyj_adh\ujZ`_ggu_
fhjZevgu_ ^_n_dlu Wlh ² ex^b kljZ^Zxsb_ qZklbqghc wfhpbhgZevghc lmihklvx bf_ggh
hlkmlkl\b_f khpbZevguo wfhpbc qm\kl\h kbfiZlbb d hdjm`Zxsbf b khagZgb_ ^he]Z ih
hlghr_gbx d h[s_kl\m m gbo h[udgh\_ggh iheghklvx hlkmlkl\m_l m gbo g_l gb q_klb gb
klu^Z hgb jZ\gh^mrgu d iho\Ze_ b ihjbpZgbx hgb g_ fh]ml ijbkihkh[blvky d ijZ\beZf
h[s_`blby Ihqlb \k_]^Z wlh ² km[t_dlu \hi_j\uo e`b\u_ ² g_ ba ihlj_[ghklb
ihjbkh\Zlvkyb ihnZglZabjh\ZlvZ bkdexqbl_evgh^eyfZkdbjh\dbbgklbgdlh\b gZf_j_gbcZ
\h\lhjuo² e_gb\u_ b g_kihkh[gu_gb d dZdhfm j_]meyjghfm ljm^m BkdZlv m gbo kdhevdh
gb[m^v \ujZ`_gguo ^moh\guo bgl_j_kh\ g_ ijboh^blky aZlh hgb hlebqZxlky [hevrhc
ex[h\vxd qm\kl\_ggufgZkeZ`^_gbyfihqlb\k_]^ZwlheZdhfdbkeZklhex[pujZa\jZlgbdb
QZs_ \k_]h hgb g_ ijhklh oheh^gu Z b `_klhdb =jm[u_ b aeu_ hgb hq_gv jZgh k ^_lkl\Z
h[gZjm`b\Zxlk_[y²kgZqZeZk\h_ckdehgghklvxd fmqbl_evkl\m`b\hlguob ihjZabl_evguf
hlkmlkl\b_f ijb\yaZgghklb d kZfuf [ebadbf ex^yf ^Z`_ d fZl_jb  Z aZl_f k\hbf dZd [u
mfure_ggh [_kp_j_fhgguf g_`_eZgb_f kqblZlvky k kZfufb fbgbfZevgufb m^h[kl\Zfb
hdjm`Zxsbo Hgb kihkh[gu baaZ imklydZ iexgmlv fZl_jb \ ebph gZqZlv aZ klhehf ]jhfdh
[jZgblvky iehsZ^ghx [jZgvx [blv hdgZ ihkm^m f_[_ev ijb kZfhc g_agZqbl_evghc kkhj_ b
\k_ wlh ² g_ klhevdh \ke_^kl\b_ qj_af_jgh]h ]g_\gh]h \ha[m`^_gby kdhevdh ba `_eZgby
^hkZ^blv hdjm`Zxsbf Bgh]^Z hgb iblZxl ly`_emx aeh[gmx g_gZ\bklv b `Z`^m f_klb ih
hlghr_gbx d l_f ba [ebadbo qZs_ \k_]h d hlpm  dhlhju_ klj_fylky ^_j`Zlv bo \
hij_^_e_gguojZfdZob ijhy\eyxlihhlghr_gbxd gbfkljh]hklv\ lZdbokemqZyo^_ehfh`_l
^hclb b ^h m[bckl\Z Kl_kg_gb_ k\h_c k\h[h^u hgb \hh[s_ i_j_ghkyl iehoh b ihwlhfm dZd
ijZ\beh jZgh hklZ\eyxl ^hf b k_fvx ijb hlkmlkl\bb ijb\yaZgghkl_c `bagv \ ^hfZrg_c
h[klZgh\d_hagZqZ_l^eygbolhevdhjy^g_kghkguoh]jZgbq_gbcb g_\hafh`ghklvjZa\_jgmlv\
iheghc f_j_ k\hb k\h_h[jZagu_ gZdehgghklb Bf_ggh wlm ]jmiim ikbohiZlh\ bf_e \ \b^m
Ehf[jhahdh]^Z]h\hjbeh ijbjh`^_gghfij_klmigbd_Ij_klmie_gb_²wlhdZdjZalhl\b^
^_yl_evghklbdhlhjuc[hevr_\k_]hkhhl\_lkl\m_lbogZdehgghklb^eyij_klmigbdh\wlh]h

Ihhlghr_gbxd ]jmii_ZglbkhpbZevguoikbohiZlh\[hevr_q_fih hlghr_gbxd dZdhceb[h^jm]hcbaqbkeZ

\u^_ey_fuogZfb]jmiigm`ghkdZaZlvqlh[ulvfh`_la^_kv^_ehb^_lg_h[hl^_evghckdhevdhgb[m^v
kZfhklhyl_evghc]jmii_y\e_gbcZ ebrvh nZdl_jZa\blby kfgb`_ h^ghcba[he__hkgh\guo
dhgklblmpbhgZevguonhjfDjZcg_aZfZgqb\h[ueh[ukhdjZlblvqbkehwlbohkgh\guo]jmiiZ hklZevgu_
kqblZlvijhba\h^gufbh^gZdhdZdgZwlhfum`_mdZau\ZebihdZgbdebgbq_kdb_nZdlugbbo
[bheh]bq_kdh_h[hkgh\Zgb_wlh]hk^_eZlvg_iha\heyxl

<u^_e_gb_wlh]hlbiZdhgklblmpbhgZevguoikbohiZlh\dhg_qghg_^Z_lgbdZdh]hijZ\ZkqblZlv\k_o
ij_klmigbdh\ikbohiZlZfb\ wlhflhb aZdexqZeZkvdjmig_crZyhrb[dZ ²hrb[dZb debgbq_kdZyb ijhklh
eh]bq_kdZy²k^_eZggZyEhf[jhah

jh^Z qj_a\uqZcgh oZjZdl_jgZ ihegZy bo g_bkijZ\bfhklv b dZd ke_^kl\b_ wlh]h
kdehgghklv d j_pb^b\Zf QZklh ba gbo \ujZ[Zlu\Zxlky gZklhysb_ m[_`^_ggu_ \jZ]b
h[s_kl\Z fklysb_ ihke_^g_fm aZ l_ h]jZgbq_gby dhlhju_ hgh klZ\bl bo ^_yl_evghklb bfb
ihkl_i_ggh h\eZ^_\Z_l gZklhysZy kljZklv d [hjv[_ k aZdhghf hiZkghklv dhlhjhc lhevdh
jZa`b]Z_l bo ij_klmie_gb_ gZqbgZ_l ijb\e_dZlv bo dZd ex[bfh_ ^_eh jZa\b\Zxlky
ki_pbZevgu_gZ\udbbdZdihke_^kl\b_qm\kl\Zh[eZ^Zgbyk\h_h[jZaguflZeZglhfba\_klgZy
ijhn_kkbhgZevgZy]hj^hklvH^gZdhg_dhlhju_baZglbkhpbZevguoikbohiZlh\m^_j`b\Zxlkyb
\ jZfdZoh[s_`blby²wlhij_bfms_kl\_gghebpZbaohjhrhh[_ki_q_gguodeZkkh\h[s_kl\Z
g_ gm`^Zxsb_ky \ ij_klmie_gbb ^ey lh]h qlh[u m^h\e_l\hjblv k\hx `Z`^m gZkeZ`^_gbc
lZdh\u fgh]b_ \ukhdhklhysb_ iheblbdZgu g_ [j_a]mxsb_ ^ey k\hbo madh w]hbklbq_kdbo
p_e_cgbdZdbfbkj_^kl\ZfblZdh\u[_a^mrgu_fZl_jbg_iblZxsb_gbdZdboijb\yaZgghkl_c
d k\hbf^_lyfij_ke_^mxsb_bokljh]hklvxb `_klhdhklvxb [_akh`Ze_gby[jhkZxsb_bogZ
ihi_q_gb_gyg_d<hh[s_gZ^hkdZaZlvqlhhibku\Z_fZyikbohiZlbyh[gbfZ_lhq_gvrbjhdmx
]jmiim ebp \h fgh]hf jZaebqgh]h kdeZ^Z Djhf_ hkgh\gh]h lbiZ hlebqZxs_]hky q_jlZfb
[ebadbfb d aibe_ilhb^Zf ex^b ]jm[u_ `_klhdb_ b aeh[gu_  kj_^b gbo \klj_qZxlky b
oheh^gu_ [_a^mrgu_ j_ahg_ju jh^kl\_ggu_ rbahb^Zf km[t_dlu m dhlhjuo ohjhrh
^_ckl\mxsbc jZkkm^hd \k_]^Z gZ]hlh\_ ^ey lh]h qlh[u hijZ\^u\Zlv h[tykgylv bo ^mjgu_
ihklmidb Bf_ggh \ ijbf_g_gbb d kemqZyf ih^h[gh]h jh^Z klZju_ njZgpmakdb_ ikbobZlju
]h\hjbebh IROLHPRUDOHIROLHUDLVRQQDQWHIROLHOXFLGH GHOLUHGHVDFWHV 
QlhdZkZ_lky^bnn_j_gpbZevgh]h^bZ]ghaZlhdjhf_g_\hafh`ghklbj_adh]hh]jZgbq_gby
wlhcnhjfuhlrbahb^h\b wibe_ilhb^h\k h^ghcklhjhgue]mgh\b g_mklhcqb\uoikbohiZlh\
k ^jm]hcgZ^hmihfygmlvqlhqZklhqj_a\uqZcghaZljm^gbl_evgh[u\Z_lj_rblvbf__febfu
^_eh k ZglbkhpbZevguf ikbohiZlhf beb k wfhpbhgZevghlmiuf rbahnj_gbdhf fy]dh
l_dmsbcijhp_kk [_aj_adh\ujZ`_gguo[j_^h\uoy\e_gbcb kimlZgghklb
 =JMII:DHGKLBLMPBHG:EVGH=EMIUO
Ihke_^gbf aZdexqbl_evguf Zddhj^hf mq_gby h dhgklblmpbhgZevguo ikbohiZlbyo
y\ey_lky ]jmiiZ ex^_c dhgklblmpbhgZevgh]emiuo WlZ ]jmiiZ lZd`_ gZoh^blky gZ ]jZgbp_
f_`^m ikbobq_kdbf a^hjh\v_f b ikbobq_kdhc [he_agvx wlh ² ex^b \jh`^_ggh
h]jZgbq_ggu_ hl jh`^_gby g_mfgu_ [_ah \kydhc ]jZgbpu dZd kZfh kh[hc jZamf__lky
keb\Zxsb_ky k ]jmiihc \jh`^_gghc hlklZehklb b^bhlb_c heb]hnj_gb_c  Fu g_ fh`_f
a^_kvaZgbfZlvkyjZkkfhlj_gb_f\hijhkZh ijbqbgZo\uau\Zxsbod `bagbbgl_ee_dlmZevgmx
^_n_dlghklv wlh]h jh^Z ex^_c GZr_c aZ^Zq_c y\ey_lky lhevdh ih^q_jdgmlv qlh kj_^b
dhgklblmpbhgZevguoikbohiZlbc \ lhfkfuke_b h[t_f_wlh]hl_jfbgZdZdhc_fmijb^Z_lky\
wlhc jZ[hl_  gZ^h hl\_klb f_klh b l_f ebpZf hlebqbl_evguf k\hckl\hf dhlhjuo y\ey_lky
\jh`^_ggZymfkl\_ggZyg_^hklZlhqghklvWlhbf_gghl_kemqZbhp_gb\Zydhlhju_dZdkemqZb
qlh a^_kv ghjfZevghb qx m`_ g_ ghjfZevgh Ih^h[gh]h jh^Z ex^b bgh]^Z ohjhrh mqZlky m
gbokiehrvb jy^hfohjhrZyiZfylv g_lhevdh\ kj_^g_cgh^Z`_b \\ukr_crdhe_dh]^Z`_
hgb \klmiZxl \ `bagv dh]^Z bf ijboh^blky ijbf_gylv bo agZgby d ^_ckl\bl_evghklb
ijhy\eylv ba\_klgmx bgbpbZlb\m ² hgb hdZau\Zxlky kh\_jr_ggh [_kieh^gufb Hgb mf_xl
k_[y ^_j`Zlv \ h[s_kl\_ ]h\hjblv h ih]h^_ ]h\hjblv rZ[ehggu_ [ZgZevgu_ \_sb gh g_
ijhy\eyxl gbdZdhc hjb]bgZevghklb hlkx^Z \ujZ`_gb_ 6DORQ EORGVLQQ ² kZehggh_
keZ[hmfb_  Hgb ohjhrh kijZ\eyxlky k `bagvx ebrv \ hij_^_e_gguo madbo ^Z\gh
mklZgh\e_gguojZfdZo^hfZrg_]hh[boh^Zb fZl_jbZevgh]h[eZ]hihemqbyK ^jm]hcklhjhgu
kx^Zhlghkylkyb we_f_glZjghijhklu_ijbfblb\gu_ex^bebr_ggu_^moh\guoaZijhkh\gh
ohjhrhkijZ\eyxsb_kyk g_keh`gufblj_[h\ZgbyfbdZdh]hgb[m^vj_f_keZbgh]^Z^Z`_[_a
[hevrbo g_^hjZamf_gbc jZ[hlZxsb_ \ lhj]h\e_ ^Z`_ \ Z^fbgbkljZpbb H^ghc ba
hlebqbl_evguo q_jl dhgklblmpbhgZevghh]jZgbq_gguo y\ey_lky bo [hevrZy \gmrZ_fhklv bo
ihklhyggZy ]hlh\ghklv ih^qbgylvky ]hehkm [hevrbgkl\Z h[s_kl\_gghfm fg_gbx qlh
klZg_l ]h\hjblv dgy]bgy FZjvy :e_dk__\gZ  wlh ² ex^b rZ[ehgZ [ZgZevghklb fh^u wlh
lh`_ex^bkj_^u 0LOLHXPHQVFKHQ ghg_kh\k_f\ lhfkfuke_dZdg_mklhcqb\u_ikbohiZlu
lZf ex^b b^ml aZ yjdbf ijbf_jhf wlhc kj_^u aZ ihjhdhf Z a^_kv gZijhlb\ ² aZ
[eZ]hgjZ\b_f DhgklblmpbhgZevghh]jZgbq_ggu_ ikbohiZlu ² \k_]^Z dhgk_j\Zlhju ba
_kl_kl\_ggh]hqm\kl\ZkZfhaZsbluhgb^_j`ZlkyaZklZjh_d dhlhjhfmijb\udebb ddhlhjhfm
ijbkihkh[bebkv b [hylky \k_]h gh\h]h Wlh ² l_ ghjfZevgu_ ex^b h dhlhjuo Dxev_j
&XOOHUH ]h\hjbeqlh\ lhlkZfuc^_gvdh]^Z[hevr_g_[m^_lihemghjfZevguoex^_c GHPL
IRXV  pb\bebah\Zgguc fbj ih]b[g_l ih]b[g_l g_ hl ba[uldZ fm^jhklb Z hl ba[uldZ
ihkj_^kl\_gghklb Wlh l_ ghjfZevgu_ ex^b dhlhjuo N_jjb )HUUL  kjZ\gb\Z_l k ]hlh\uf
ieZlv_fba[hevrbofZ]Zabgh\a^_kv^_ckl\m_llhevdhaZdhgih^jZ`ZgbyDZd ex^yf k j_adh
\ujZ`_gghc \gmrZ_fhklvx bf [ebadh bf k\hckl\_ggh \k_ q_eh\_q_kdh_ \k_ ex^kdb_
keZ[hklbb ij_`^_\k_]hkljZob hlqZygb_Hgbhq_gve_]dh^Zxlj_Zdlb\gu_khklhygby\ke_^
aZkhhl\_lkl\mxsbfbljZ\fZfb
hkljuc iZjZghb^ ² ihke_ Zj_klZ b ij_[u\Zgby \ lxjvf_ hkljmx ^_ij_kkbx ² ihke_
ihl_jbbfms_kl\Zhkljmxbihohg^jbx²ihke_kljZrgh]h^bZ]ghaZb l^b l^
D dhgklblmpbhgZevgh]emiufgZ^hhlg_klblZd`_b l_ok\h_h[jZaguokm[t_dlh\dhlhju_
hlebqZxlky[hevrbfkZfhfg_gb_fb dhlhju_k \ukhdhiZjguflhj`_kl\_gguf\b^hfbaj_dZxl
h[sb_ f_klZ beb g_ bf_xsb_ gbdZdh]h kfukeZ \blb_\Zlu_ njZau ij_^klZ\eyxsb_ gZ[hj
iurguo keh\ [_a kh^_j`Zgby ohjhrbc h[jZa_p ² ijZ\^Z \ rZj`bjh\Zgghf dZjbdZlmjghf
\b^_²baj_q_gbyDhavfuIjml
 >ey h[hagZq_gby lh]h `_ kZfh]h lbiZ ;=_ce_j %OHXOHU  ihevam_lky l_jfbghf GLH
8QNODUHQih^q_jdb\ZywlbfqlhwlhllbioZjZdl_jbam_lkyg_klhevdh[_^ghklvxZkkhpbZpbc
kdhevdh g_ykghklvx ihgylbc ;e_ce_j kqblZ_l qlh a^_kv ^_eh b^_l h[ hlkmlkl\bb ijhqghklb
ZkkhpbZlb\guo dhfie_dkh\ [eZ]h^Zjy q_fm h^gZ b lZ `_ b^_y \ jZagu_ hlj_adb \j_f_gb
hdZau\Z_lky \ jZaghf ZkkhpbZlb\ghf hdjm`_gbb [_a lh]h h^gZdh qlh[u wlh ihke_^g__
h[klhyl_evkl\h[uehmeh\e_ghkZfbfiZpb_glhf
Fh`_l [ulv a^_kv `_ gZ^h mihfygmlv b h g_dhlhjuo j_ahg_jZo klj_fe_gb_ dhlhjuo
bf_lv h \k_f k\h_ km`^_gb_ \_^_l d ]jm[_crbf hrb[dZf d \ukdZau\Zgbx \ dZq_kl\_ bklbg
g_e_iuo k_gl_gpbb bf_xsbo \ hkgh\_ b]ghjbjh\Zgb_ we_f_glZjguo eh]bq_kdbo lj_[h\Zgbc
G_ ebrg_ ih^q_jdgmlv qlh ih hlghr_gbx dh fgh]bf \b^Zf dhgklblmpbhgZevghc ]emihklb
ih^l\_j`^Z_lky baj_q_gb_ agZf_gblh]h g_f_pdh]h ikbobZljZ qlh hgb fh]ml mf_xl [hevr_
q_fagZxl PHKUNRQQHQRVZLVVHUL \ j_amevlZl_q_]h\ ]jm[hwe_f_glZjghc`bagbhgbqZklh
hdZau\Zxlky^Z`_[he__ijbkihkh[e_ggufbq_flZdgZau\Z_fu_mfgu_ex^b 
GZdhg_p g_evay g_ mihfygmlv a^_kv lZd`_ b h[ hlghr_gbb kms_kl\mxs_f f_`^m
ikbohiZlb_cb ]_gbZevghklvx beb\ukhdhch^Zj_gghklvx A^_kvgZ^hbkoh^blvbalh]hnZdlZ
qlh\ g_j_adh\ujZ`_gghcnhjf_l_beb^jm]b_ikbohiZlbq_kdb_hkh[_gghklbijbkmsbihqlb
\k_f b ghjfZevguf ex^yf DZd ijZ\beh q_f j_aq_ \ujZ`_gZ bg^b\b^mZevghklv l_f yjq_
klZgh\ylky b k\hckl\_ggu_ _c ikbohiZlbq_kdb_ q_jlu G_fm^j_gh qlh kj_^b ex^_c \ukhdh
h^Zj_gguo k [h]Zlh jZa\blhc wfhpbhgZevghc `bagvx b e_]dh \ha[m^bfhc nZglZab_c
dhebq_kl\h g_khfg_gguo ikbohiZlh\ hdZau\Z_lky ^h\hevgh agZqbl_evguf Qlh[u ijZ\bevgh
hp_gblv wlh h[klhyl_evkl\h gZ^h _s_ ihfgblv qlh \ kha^Zgbb ]_gbZevgh]h ijhba\_^_gby
ijbgbfZxlmqZklb_^\Z nZdlhjZ kj_^Z wihoZ  b l\hjq_kdZy ebqghklv Qlh fgh]b_ ikbohiZlu
bf_ggh[eZ]h^Zjyk\hbfikbohiZlbq_kdbfhkh[_gghklyf^he`gu[ulv]hjZa^h[he__qmldbfbd
aZijhkZfwihobq_flZdgZau\Z_fu_ghjfZevgu_ex^bihke_kdZaZggh]hihgylghkZfhkh[hc
Bklhjbxbgl_j_km_llhevdhl\hj_gb_b]eZ\gufh[jZahfl__]hwe_f_gludhlhju_bf_xlg_
ebqguc bg^b\b^mZevguc Z h[sbc g_ij_oh^ysbc oZjZdl_j L\hjq_kdZy ebqghklv hlklmiZy
i_j_^bklhjb_cgZaZ^gbcieZgihk\h_c[bheh]bq_kdhcp_gghklb\h\k_g_^he`gZh[yaZl_evgh
bf_lv lh `_ iheh`bl_evgh_ agZq_gb_ dZdh_ h[t_dlb\gh ijbgZ^e_`bl \ khhl\_lkl\mxs_c
h[eZklb __ l\hj_gbx Kihj h lhf ij_^klZ\ey_l eb ]_gbZevgZy ebqghklv y\e_gb_ ^_]_g_jZpbb
beb ijh]_g_jZpbb ih kms_kl\m [_kieh^_g b y\ey_lky \ agZqbl_evghc f_j_ j_amevlZlhf
g_aZdhghf_jgh]hkf_r_gby[bheh]bq_kdhcb khpbheh]bq_kdhclhq_daj_gby
;e_ce_j \u^_eb\rbc wlm [he_ag_ggmx nhjfm h^gbf ba i_j\uo \ukdZau\Z_l
ml\_j`^_gb_ qlh wlh]h lbiZ [hevgu_ ² \ ijhlb\hiheh`ghklv h[uqguf heb]hnj_gZf ²
bf_ggh [hevr_ agZxl q_f mf_xl Fu iha\hey_f k_[_ kqblZlv wlh ml\_j`^_gb_ g_
khhl\_lkl\mxsbf^_ckl\bl_evghklbb hijZ\^u\Zxsbfkyebrv\ g_[hevrhfjy^_kemqZ_\
 G?DHLHJU?H;SB?>:GGU?D:K:XSB?KYKL:LBDB
IKBOHI:LBC
AZdZgqb\Zy wlm qZklv gZr_c jZ[hlu fu kqblZ_f g_h[oh^bfuf ih^q_jdgmlv qlh
ij_^u^ms__ baeh`_gb_ bf__l \ \b^m lhevdh klZlbdm ikbohiZlbc >bgZfbd_ ihke_^gbo [m^ml
ihk\ys_gu ke_^mxsb_ ]eZ\u A^_kv _s_ \ ij_^_eZo klZlbdb fu ^ey emqr_]h ihgbfZgby
ij_^u^ms_]h hibkZgby b ^ey hk\_s_gby \k_c ijh[e_fu \ p_ehf iha\hey_f k_[_ k^_eZlv
g_kdhevdh^hihegbl_evguoaZf_qZgbc
<ur_ m`_ [ueh mihfygmlh qlh ikbohiZlbb ij_^klZ\eyxl klZpbhgZjgu_ lhqg__ g_
ijh]j_^b_glgu_ khklhygby \ ijhlb\hiheh`ghklv [he_ag_gguf ijhp_kkZf l_ nhjfZf
ijh]j_^b_glgufijb\h^ysbfd ba\_klghfmbaf_g_gbxikbobdb d gZ`blhfmkeZ[hmfbx Wlh
h[s__ iheh`_gb_ dZd kZfh kh[hc jZamf__lky g_ hagZqZ_l h^gZdh qlh ikbohiZlbq_kdZy
ebqghklv kh \k_fb k\hbfb hkh[_gghklyfb ^ZgZ m`_ \ fhf_gl jh`^_gby b g_ baf_gy_lky \
l_q_gb_ `bagb Ihfbfh lh]h qlh \kydZy q_eh\_q_kdZy ebqghklv aZ \j_fy k\h_]h
bg^b\b^mZevgh]h kms_kl\h\Zgbyijhoh^bl p_eucjy^ wlZih\ jZa\blby g_evay aZ[u\Zlv lZd`_
lh]h qlh hgZ kdhevdhgb[m^v hlq_leb\h nhjfbjm_lky lhevdh \ xghr_kdhf \hajZkl_ d ²
]h^Zf b lhevdh k wlhc ihju h[udgh\_ggh gZqbgZ_l [he__ beb f_g__ ykgh \ujbkh\u\Zlvky __
lbi \ qZklghklb b __ ikbohiZlbq_kdb_ q_jlu IjZ\^Z fu g_j_^dh \klj_qZ_f g_khfg_gguo
ikbohiZlh\ m`_ kj_^b ^_l_c b ih^jhkldh\ h^gZdh oZjZdl_j bo ikbohiZlbb ^h gZklmie_gby
iheh\hcaj_ehklb[_ahrb[hqgh^bZ]ghkpbjm_lkylhevdh\ g_[hevrhfqbke_kemqZ_\Ijbqbghc
wlh]hy\ey_lkylhh[klhyl_evkl\hqlhk h^ghcklhjhguk^\b]b[bheh]bq_kdb_ijhbkoh^ysb_\
hj]Zgbaf_ \ xghr_kdhf \hajZkl_ Z k ^jm]hc kmffZ \g_rgbo \ebygbb ^_ckl\mxsbo gZ
q_eh\_dZ\ wlhlgZb[he__ \hkijbbfqb\ucgZb[he__ ieZklbqguc _keb fh`gh lZd \ujZablvky
i_jbh^_]h`bagb²wlbbf_gghnZdlhjuijh[m`^Zxlb hij_^_eyxloZjZdl_j\e_q_gbcb kbe\
^Zevg_cr_f ^_eZxsboky hkgh\gufb gZijZ\eyxsbfb fhf_glZfb ikbobq_kdhc ^_yl_evghklb
q_eh\_dZ Bf_ggh ihwlhfm h[uqgh [u\Z_l lZd qlh hij_^_e_ggu_ ikbohiZlbq_kdb_ q_jlu
\i_j\u_\ujbkh\u\Zxlkyk iheghcykghklvxlhevdh\ xghr_kdhf\hajZkl_
Knhjfbjh\Z\rbkv d ² ]h^Zf ebqghklv aZl_f m`_ ijbh[j_lZ_l ^h\hevgh
agZqbl_evgmx mklhcqb\hklv HgZ ijh^he`Z_l w\hexpbhgbjh\Zlv gZdhieyy \k_ [hevrbc b
[hevrbc hiul gh __ kljmdlmjZ \aZbfhhlghr_gb_ jZaebqguo kbe \ g_c ^_ckl\mxsbo b
jZaebqguo klhjhg \ g_c hldju\Zxsboky jZa mklZgh\b\rbkv \ ^Zevg_cr_f hklZxlky [he__
bebf_g__g_baf_ggufbhij_^_eyylhqlhijbgylhgZau\Zlvl_fi_jZf_glhfbeboZjZdl_jhf
GZ^h lhevdhg_ aZ[u\Zlv qlh \ jZagu_ i_jbh^u `bagb ih^ \ebygb_f \hajZklZ i_j_g_k_gguo
aZ[he_\Zgbc mkeh\bc `bagb beb wibah^bq_kdbo hl^_evguo i_j_`b\Zgbc jZaebqgu_
dhfihg_glu oZjZdl_jZ \ jZaebqghc kl_i_gb hljZ`Zxlky \ ih\_^_gbb b \hh[s_ \h \g_rgbo
ijhy\e_gbyo ebqghklb khhl\_lkl\_ggh q_fm gZ i_j\uc ieZg fh]ml \uklmiZlv lh h^gb ]h
^jm]b___ q_jluWlbffh`_l[ulvke_^m_lh[tykgblvb lhh[klhyl_evkl\hqlhm h^gh]hb lh]h
`_ q_eh\_dZ ijb jZaguo mkeh\byo ikbohiZlbq_kdb_ hkh[_gghklb fh]ml [ulv lh j_adh
\ujZ`_gulhhklZ\Zlvkyihqlbg_aZf_lgufb
KdZaZggh_klZg_l_s_[he__ihgylguf_kebfu\kihfgbfqlh\ ^_ckl\bl_evghklbqbklu_
h^ghlbigu_ ikbohiZlbb \klj_qZxlky qj_a\uqZcgh j_^dh Ihqlb \k_]^Z fu \ wlhc h[eZklb
bf__f ^_eh kh kf_rZggufb i_j_oh^gufb nhjfZfb [e_smsbfb qj_a\uqZcguf
ihebfhjnbafhfijhy\e_gbcb [h]Zlkl\hfmf_sZxsboky\ h^ghcb lhc`_ebqghklbhll_gdh\
Keh`ghklv kf_rZgghklv g_h^ghjh^ghklv ]hkih^kl\mxl a^_kv [hevr_ q_f \ ex[hc ^jm]hc
h[eZklb ikbobZljbb Bf_ggh ihwlhfm ih hlghr_gbx d hl^_evguf ikbohiZlbyf g_evay
ijbf_gylvghaheh]bq_kdboihgylbca^_kvfubf__fg_hl^_evgu_kljh]hhl]jZgbq_ggu_^jm]
hl^jm]Z[he_agb ghaheh]bq_kdb__^bgbpu Z ebr_ggu_j_adbohq_jlZgbcnhjfug_aZf_lgh
jy^hfhll_gdh\i_j_oh^ysb_h^gZ\ ^jm]mxBohkgh\gu_q_jlubooZjZdl_jgu_hkh[_gghklb
\uy\eyxlky ^h ba\_klghc kl_i_gb lhevdh iml_f ihkljh_gby b^_Zevguo lbih\ beb
bkdmkkl\_ggh]h \u^_e_gby gZb[he__ qbkluo yjdbo kemqZ_\ ba fgh`_kl\Z i_j_oh^guo b
kf_rZgguo< k\yabk wlbfklhylb qj_a\uqZcgu_deZkkbnbdZpbhggu_ljm^ghklbb mkeh\guc
oZjZdl_j ^bnn_j_gpbjh\Zgby ikbohiZlbc Ljm^ghklb wlb _s_ mkm]m[eyxlky l_f qlh kl_i_gv
ijhy\e_gbc g_ f_g__ dZq_kl\_gghc bo hkgh\u ij_^klZ\ey_l ijyfh aZimlu\Zxs__ [h]Zlkl\h
hll_gdh\ ² hl ex^_c dhlhjuo hdjm`Zxsb_ kqblZxl ghjfZevgufb ² b ^h ly`_euo
ikbohlbq_kdbokhklhygbclj_[mxsbobgl_jgbjh\Zgby
GZ\hijhk_h kl_i_gbkbe_\uy\b\r_ckybeb\uy\e_gghcdhgklblmpbhgZevghc ikbohiZlbb
fu^he`guhklZgh\blvky\ \b^mdjZcg_c\Z`ghklb^eyijh[e_fu\ p_ehfwlh]hhl^_evgh]hgh
hkgh\gh]h \hijhkZ ?keb dZq_kl\h lbi ikbohiZlbb beb dZd l_i_jv ex[yl ]h\hjblv djm] d
dhlhjhfm ijbgZ^e_`bl ^ZggZy ikbohiZlby hij_^_ey_lky d ²  ]h^Zf b k wlh]h i_jbh^Z
\j_f_gb wlhl lbi dZq_kl\_ggZy klhjhgZ ^_eZ  hklZ_lky \ ba\_klguo jZfdZo g_baf_g_gguf
y\ey_lky hlijZ\ghc lhqdhc ^Zevg_cr_]h ^h g_dhlhjhc kl_i_gb wlbf lbihf gZf_q_ggh]h
jZa\blby klZlbdZ ² ^bgZfbdZ  lh kh\k_f g_ lZd h[klhbl ^_eh k dhebq_kl\_gghc klhjhghc
\hijhkZ l_ k kbehc kh kl_i_gvx ikbohiZlbb Debgbq_kdh_ \uy\e_gb_ dhgklblmpbhgZevghc
ikbohiZlbb l___ `bag_ggZykbeZijbq_f^_ehfh`_lb^lbg_lhevdhh[bgl_gkb\ghklb\k_c
debgbq_kdhc dZjlbgu p_ebdhf gh ijb kemqZ_ b h \uiyqb\Zgbb hl^_evguo q_jl hl^_evguo
dhfihg_glh\ lh]h keh`gh]h debgbq_kdh]h n_ghf_gZ dZdbf y\ey_lky \kydZy
dhgklblmpbhgZevgZy ikbohiZlby  \ agZqbl_evghc f_j_ aZ\bkbl hl kmffu \g_rgbo \ebygbc
dhlhjuf\ k\h_c`bagbih^\_j]Z_lkyikbohiZlWlbfkZfuffu\iehlgmxih^oh^bfd ihgylbx
h eZl_glguo beb h dhfi_gkbjh\Zgguo ikbohiZlZo < \hijhk_ h dhgklblmpbhgZevguo
ikbohiZlbyoeZl_glgu_bebdhfi_gkbjh\Zggu_nhjfubf_xl]jhfZ^gh_ijZdlbq_kdh_\ jy^_
kemqZ_\j_rZxs__agZq_gb_<_^v\ lZdhfk h^ghcklhjhguojmidhfb lhgdhfZ k^jm]hc\
lZdhf keh`ghf ZiiZjZl_ dZdbfy\ey_lky q_eh\_q_kdZy ikbobdZ ² fh`gh m dZ`^h]h gZclb l_
beb^jm]b_ih^qZk ^h\hevgh^bnnmagu_ dhgklblmpbhgZevghikbohiZlbq_kdb_ q_jlu gh g_ \
wlhf h^gZdh kms_kl\h ijZdlbq_kdhc klhjhgu ^_eZ ^_eh ² \ \uy\e_gbb \h\g_ wlbo
ikbohiZlbq_kdboq_jl^_eh²\ ih\_^_gbbwlh]hdhgklblmpbhgZevgh]h ikbohiZlZZ ih\_^_gb_
ikbohiZlh\ ijbgZ^e_`Zsbo d h^ghfm b lhfm `_ djm]m fh`_l [ulv kh\_jr_ggh jZaebqguf
H^bg wibe_ilhb^ fh`_l ij_djZkgh \_klb [hevrh_ ^_eh ^jm]hc ² lh`_ wibe_ilhb^ ²
kh\_jrblv ij_klmie_gb_ h^bg iZjZghbd hdZ`_lky \k_fb ijbagZgguf mq_guf b
bkke_^h\Zl_e_f^jm]hc²^mr_\gh[hevgufgZoh^ysbfky\ ikbobZljbq_kdhc[hevgbp_h^bg
rbahb^² \k_fb ex[bfufihwlhf fmaudZglhf om^h`gbdhf ^jm]hc ² gbdhfm g_ gm`guf
g_\ughkbfuf [_a^_evgbdhf b iZjZablhf <k_ ^_eh ² \ debgbq_kdhf `bag_gghf \uy\e_gbb
ikbohiZlbb dhlhjh_ b y\ey_lky ih\lhjy_f hij_^_eyxsbf ijZdlbq_kdmx ]eZ\gmx klhjhgm
^_eZ Gm`gh \ijhq_f hlf_lblv qlh \hijhk h kl_i_gb aZ[he_\Zgby bf__l agZq_gb_ \h \k_c
ikbobZljbq_kdhc debgbd_ g_ lhevdh \ ]eZ\_ h ikbohiZlbyo >_exlbjmxsbc iZjZeblbd lh`_
ijbkemqZ_fh`_lk mki_ohfijh^he`Zlvbkihegylvk\hbh[yaZgghklbfy]db_rbahnj_gbdbb
wibe_ilbdb lh`_ kiehrv b jy^hf hdZau\Zxlky gZ \ukhl_ ij_^ty\ey_fuo bf `bagvx
lj_[h\Zgbc ² gh \h \k_o wlbo kemqZyo ijhp_kk `bag_gghc dhfi_gkZpbb h[mkeZ\eb\Z_lky
kl_i_gvx fy]dhc nhjfhc  kZfh]h aZ[he_\Zgby Ijb dhgklblmpbhgZevguo ikbohiZlbyo
gZijhlb\kZfZkl_i_gvbo\uy\e_gby\ agZqbl_evghcf_j_aZ\bkblhl\g_rgbo\ha^_ckl\bchl
bo kmffu hl bo kh^_j`Zgby Dhg_qgh kl_i_gv kbeZ ikbohiZlbb kZfZ ih k_[_ [_a ^_ckl\by
\g_rgboj_Zdlb\h\fh`_l[ulvgZklhevdh\_ebdZb agZqbl_evgZqlhlhlbeb^jm]hcikbohiZl
hdZau\Z_lky\g_`bagb\ kn_j_^_ckl\byikbobZljbq_kdhc[hevgbpugh wlh kjZ\gbl_evgh g_
qZkluc kemqZc ]hjZa^h qZs_ dhgklblmpbhgZevgZy ikbohiZlby ijbh[j_lZ_l k\hx `bag_ggmx
kbem ^hklb]Z_l kl_i_gb m`_ debgbq_kdh]h nZdlZ lhevdh ijb gZebqghklb ^hklZlhqgh kbevguo
\g_rgbo\ha^_ckl\bcJhev\g_rg_]hnZdlhjZ\ debgbd_ikbohiZlbcbf__lhkh[_ggh[hevrh_
agZq_gb_²\ dZq_kl\_ijhy\bl_eylh]hqlhijb^jm]bomkeh\byohklZehkv[ukdjuluf< wlhf
hlghr_gbb²fu^he`guih^q_jdgmlvwlh_s_jZa²lhldebgbq_kdbcfZl_jbZedhlhjucfu
ij_^klZ\beb dZd klZlbdm ikbohiZlbc \ lhc _]h nhjf_ b `bag_gghc yjdhklb \ dZdbo hg
baeh`_g y\ey_lky \ ^hklZlhqghc f_j_ ijhba\h^guf l_ h[yaZgguf k\h_c debgbq_kdhc
dZjlbghc²g_k dZq_kl\_gghcZ kdhebq_kl\_gghcklhjhgu²\g_rg_fmnZdlhjm\ rbjhdhf
kfuke_ wlh]h keh\Z Fh`gh [ulv ikbohiZlhf ² ]h\hjbl Dj_i_ebg ² gh ^_ckl\h\Zlv ih^
\ebygb_f k\h_c ikbohiZlbb g_evay 3V\FKRSDWKLVFK NDQQ PDQ VFKRQ VHLQ DEHU PDQ GDUI VLFK
GDGXUFK QLFKW LQ VHLQHQ +DQGOXQJHQ EHVWLPPHQ ODVVHQ  P_ggu_ g_\jhlbdb b ikbohiZlu ²
]h\hjbl Hllh DZgl 2WWR .DQW  ² ijh^_eu\Zxl k\hb gZb[hevrb_ `bag_ggu_ ljm^ghklb \
[hjv[_k kZfbfbkh[hc 'LHZHUWYROOHQ1HXURWLNHUXQG3V\FKRSDWKHQPDFKHQLKUH6FKZLHULJNHLWHQ
²RIWLQKHURLVFKHP.DPSI²PLWVLFKVHOEVWDE 
Wlbfb nhjfmebjh\dZfb dhg_qgh ih^q_jdb\Z_lky \hafh`ghklv `bag_gghc dhfi_gkZpbb
ikbohiZlh\ Z k ^jm]hc klhjhgu mdZau\Z_lky b gZ \Z`ghklv ^ey debgbq_kdbo ijhy\e_gbc
dhgklblmpbhgZevghc ikbohiZlbb __ kl_i_gb \ k\hx hq_j_^v aZ\bkys_c hl kmffu \g_rgbo
\ebygbc
AZljm^g_gby k\yaZggu_ k ijh\_^_gb_f hij_^_e_gguo jZa]jZgbqbl_evguo ebgbc ih
hlghr_gbxd wlhfmdebgbq_kdhfmfZl_jbZemih\b^bfhfmb aZklZ\eyxlfgh]bokh\j_f_gguo
bkke_^h\Zl_e_cbebhldZaZlvky\h\k_hlih^jZa^_e_gbyikbohiZlbcbebjZkij_^_eylvboebrv
ihg_fgh]bfdjmigufb ebrv\ h[sboq_jlZogZf_q_gguf]jmiiZf
Hkh[_gghihimeyjgu_g_lhevdh\ h[eZklbmq_gbyh ikbohiZlbyoghb \oZjZdl_jheh]bb
\hh[s_[eZ]h^Zjyk\h_cijhklhl_b eh]bq_kdhckljhcghklb^\mqe_ggu_^_e_gbyijhba\h^bfu_
gZhkgh\ZgbbdhgklZlbjh\ZgbygZebqbybebhlkmlkl\bydZdh]heb[hijbagZdZLZdh\h^_e_gb_
² gZ ebqghklb kl_gbq_kdb_ b Zkl_gbq_kdb_ wdkljZ\_jlbjh\Zggu_ b bgljZ\_jlbjh\Zggu_
lZdh\h lZd`_ b fgh]h jZa m`_ mihfbgZ\r__ky \ur_ ^_e_gb_ Dj_qf_jZ gZ rbahb^h\ b
pbdehb^h\ Dhg_qgh hgh bf__l fgh]h ij_bfms_kl\ _]h ijhklhlZ b kljhcghklv djZcg_
kh[eZagbl_evgu gh klhbl \kfhlj_lvky \ nZdlu ^_ckl\bl_evghklb qlh[u m\b^_lv qlh
ihke_^gyy fgh]hklhjhgg__ q_f wlh dZ`_lky Dj_qf_jm < h^ghf g_evay g_ kh]eZkblvky kh
klhjhggbdZfbmijhs_gbydeZkkbnbdZpbb_kebi_j_kfhlj_lvh^gmaZ^jm]hchl^_evgu_nhjfu
ikbohiZlbclhhdZ`_lkyqlhg_mgbqlh`Zybohl^_evgh]hkms_kl\h\Zgbybo\k_lZdbfh`gh
h[t_^bgblv ih kl_i_gb [ebahklb ^jm] d >jm]m \ g_kdhevdh [hevrbo ]jmii beb dZd bgh]^Z
\ujZ`Zxlkydjm]h\[hevr_xqZklvxklhysbo\ ba\_klghfjh^kl\_k [hevrbfbwg^h]_ggufb
ikbohaZfbLZdh\udjm]pbdehb^gucdjm]rbahb^gucwibe\ilhb^gucb l^
G_ gZ^h aZ[u\Zlv qlh djhf_ [bheh]bq_kdhc hkgh\u ^ey ^_e_gby ikbohiZlbc bgh]^Z
ihevamxlky b hkgh\hc khpbheh]bq_kdhc ² khhl\_lkl\_ggh khpbZevghc mklZgh\d_ hl^_evguo
]jmiiikbohiZlh\HlqZklbfum`_dZkZebkvwlh]h\hijhkZa^_kvmihfyg_flhevdhqlhf_`^m
ijhqbf _kl_kl\_ggh gZijZrb\Z_lky jZkij_^_e_gb_ ikbohiZlh\ kh]eZkgh nhjfme_ Rg_c^_jZ
gZlZdbodhlhju_ij_bfms_kl\_gghkZfbkljZ^Zxlhlk\h_cg_ghjfZevghklbb lZdbodhlhju_
aZklZ\eyxlkljZ^Zlvhlg__h[s_kl\hIjZdlbq_kdb\Z`gh_agZq_gb_ bf__l lhh[klhyl_evkl\h
qlh \ lh \j_fy dZd i_j\Zy ]jmiiZ khklhbl ba ex^_c dhlhju_ kZfb b^ml d \jZqZf b bsml bo
ihfhsb b kh\_lZ \lhjZy gZh[hjhl ihiZ^Z_l ih^ \jZq_[gh_ gZ[ex^_gb_ qZs_ \k_]h ih
`_eZgbx hdjm`Zxsbo \eZkl_c km^_[guo hj]Zgh\ b l^ Wlm \lhjmx ]jmiim [hevr_ \k_]h
h[t_^bgy_llhqlh__ ij_^klZ\bl_eb\ [hevr_cbebf_gvr_ckl_i_gb\k_]^Zh[gZjm`b\Zxll_
beb ^jm]b_ fhjZevgu_ ^_n_dlu I_j_hp_gdZ wlh]h ihke_^g_]h h[klhyl_evkl\Z b ijb\_eZ
Ehf[jhahd _]hmq_gbxh ijbjh`^_gghfij_klmigbd_
Ohly[bheh]bq_kdZyhkgh\ZikbohiZlbcihdZkh\_jr_gghg_mklZgh\e_gZZ iZlheh]bq_kdZy
ZgZlhfby bo g_ kms_kl\m_l ^Z`_ \ aZqZlhqghf \b^_ h^gZdh \k_ jZa\blb_ ikbobZljbb aZ
ihke_^g__\j_fyk g_khfg_gghklvxih^l\_j`^Z_lqlhjZajZ[hldZhlghkysbokykx^Z\hijhkh\
g_ lhevdh \hafh`gZ gh b \g_ khfg_gby ^he`gZ ijb\_klb d iheh`bl_evguf j_amevlZlZf <
kZfhf ^_e_ ljm^gh k_[_ ij_^klZ\blv l_ j_adb_ [jhkZxsb_ky \ ]eZaZ hkh[_gghklb kdeZ^Z
ikbobdb dhlhju_ fu gZ[ex^Z_f m jZaebqguo ikbohiZlh\ [_a khhl\_lkl\mxs_c hkgh\u
[bheh]bq_kdhc b [_a ZgZlhfbq_kdh]h km[kljZlZ \h \k_o dhfihg_glZo p_gljZevghc g_j\ghc
kbkl_fu
Qlh dZkZ_lky \hijhkZ h e_q_gbb ikbohiZlbc lh a^_kv kh[kl\_ggh l_jZi_\lbq_kdb_
f_jhijbylby ihqlb [_a hklZldZ jZkl\hjyxlky \ ijhnbeZdlbq_kdbo =h\hjblv h
f_^bdZf_glhaghc l_jZibb \ wlhc h[eZklb dhg_qgh [_kkfuke_ggh Ikbohl_jZiby \h \k_o __
\b^Zomf_klgZghhgZgZijZ\ey_lky]eZ\gufh[jZahfijhlb\\hagbdZxsbogZihq\_lhcbeb
bghc ikbohiZlbb g_ghjfZevguo j_Zdpbc gZ mkeh\by `bagb b i_j_`b\Zgby Ij_^_eu __
ijbf_g_gbyhq_gvjZaebqguKZfh_kms_kl\_ggh_wlhdhg_qgh²ijZ\bevgh_\hkiblZgb_gh
b hghghb hgh^Ze_dhg_\k_]^Z^hklb]Z_lp_eblZddZdhq_gv qZklh hdZau\Z_lky kh\_jr_ggh
[_kihfhsguf i_j_^ iheguf hlkmlkl\b_f \he_\uo aZ^_j`_d m h^gbo b fh]mqbf gZihjhf
jZajmrZxsbo ebqghklv \e_q_gbc ² m ^jm]bo < [he__ iha^g_f \hajZkl_ [hevrh_ agZq_gb_
bf_xlmkeh\by`bagbkj_^Zh[sb_khpbZevgu_mklZgh\dbijZ\bevghhj]Zgbah\Zggucljm^<
h[s_fkqblZ_lkyqlh^h²e_l_s_\hafh`guhq_gvagZqbl_evgu_ baf_g_gby \ klhjhgm
[hevr_c ikbobq_kdhc mklhcqb\hklb g_j_adh \ujZ`_ggu_ ikbohiZlbq_kdb_ gZlmju ijb
[eZ]hijbylguo mkeh\byo bgh]^Z agZqbl_evgh \ujZ\gb\Zxlky b \_^ml ^h ]em[hdhc klZjhklb
ghjfZevgmx ljm^h\mx `bagv ijbgbfZykv hdjm`Zxsbfb aZ \iheg_ a^hjh\uo ex^_c Gh\u_
khpbZebklbq_kdb_gZ\udbgh\u_khpbZebklbq_kdb_mklZgh\dbh[_sZxlhq_gvfgh]h_\ kfuke_
[eZ]hijbylgh]h\ha^_ckl\bygZikbohiZlh\
Ihke_^g__qlhgZfohl_ehkv[ua^_kvhlf_lblvwlhlhqlh\ kh\j_f_gghf^Ze_dh_s_g_
kh\_jr_gghf khklhygbb mq_gby h ikbohiZlbyo fgh]h_ h[tykgy_lky bklhjb_c jZa\blby
ikbobZljbq_kdbo \haaj_gbc IkbobZljby dZd b \kydZy ^jm]Zy gZmdZ reZ \ k\h_f jZa\blbb k
h^ghcklhjhguhlijhklh]hd keh`ghfmZ k^jm]hc²hl[he__yjdbob [jhkZxsboky\ ]eZaZ
nZdlh\ d y\e_gbyf kjZ\gbl_evgh fZeh aZf_lguf Ihwlhfm ihgylgh qlh d kh\j_f_gghfm
mq_gbx h ih]jZgbqguo khklhygbyo b \ qZklghklb h dhgklblmpbhgZevguo ikbohiZlbyo fu
ijbrebhllZdgZau\Z_fhc[hevrhcikbobZljbbb hlmq_gbyh nmgdpbhgZevguog_\jhaZo<
lhc b ^jm]hc h[eZklyo ^h kjZ\gbl_evgh g_^Z\g_]h \j_f_gb ]hkih^kl\h\Zeb hibkZgb_ b
i_j_qbke_gb_kbfilhfh\b kbfilhfhdhfie_dkh\deZkkbnbpbjh\Z\rbokyij_bfms_kl\_gghgZ
hkgh\Zgbb nhjfZevguo ijbagZdh\ < lh \j_fy dZd [hevrZy ikbobZljby ih^ jmdh\h^kl\hf
Dj_i_ebgZkf_gbeZwlhkbfilhfZlheh]bq_kdh_gZijZ\e_gb_gZk[eb`Z\r____ kkhfZlbq_kdhc
f_^bpbghc gZijZ\e_gb_ ghaheh]bq_kdh_ mq_gbx h ikbohiZlbyo km`^_gh [ueh ihklZ\blv gZ
hq_j_^v ^Zevg_crb_ dhgklblmpbhgheh]bq_kdb_  ijh[e_fu \hijhk h[ bg^b\b^mZevguo
ij_^jZkiheh`_gbyo dZd ijbqbgZo l_o beb ^jm]bo ikbobq_kdbo ZghfZebc K wlhc gh\hc
dhgklblmpbhgheh]bq_kdhc  lhqdb aj_gby p_glj ly`_klb bkke_^h\Zl_evkdhc jZ[hlu \
bgl_j_kmxs_c gZk h[eZklb i_j_^\bgmeky hl bamq_gby kbfilhfh\ b kbfilhfhdhfie_dkh\
kbfilhfZlbq_kdboikbohah\pbjdmeyjgh]hikbohaZg_\jhah\gZ\yaqb\uokhklhygbcb ij  d
bamq_gbx ihq\u gZ dhlhjhc ihke_^gb_ \ujZklZxl l_ d bamq_gbx kZfbo ikbohiZlbq_kdbo
ebqghkl_c <hl ihq_fm \ baeh`_gbb [hevrhc ]eZ\u dhgklblmpbhgZevguo ikbobq_kdbo
aZ[he_\Zgbc fu \hij_db ijbgyluf h[uqZyf gZqbgZ_f g_ kh klZjuo mklZgh\e_gguo nhjf
pbjdmeyjguc ikboha bkl_jby iZjZghy b l^  Z k _s_ g_ \iheg_ bamq_gguo b g_ \iheg_
hl]jZgbq_gguo ^jm] hl ^jm]Z \jh`^_gguo ikbohiZlbq_kdbo khklhygbc gZ ihq\_ dhlhjuo b
jZa\b\Zxlky l_ beb ^jm]b_ ikbohlbq_kdb_ wibah^u H[sZy kbkl_fZ dhgklblmpbhgZevguo
ikbobq_kdbo aZ[he_\Zgbc ijb lZdhf jZkij_^_e_gbb fZl_jbZeZ ^mfZ_lky gZf \ub]ju\Z_l \
kljhcghklb_kl_kl\_gghklbb eh]bqghklb

>BG:FBD:IKBOHI:LBC

IJ?><:JBL?EVGU?A:F?Q:GBY
@bagv _klv ihklhyggh_ jZa\blb_ `bag_ggu_ y\e_gby gbdh]^Z g_ hklZxlky
klZpbhgZjgufb g_ih^\b`gufb g_baf_ggufb b \ bgl_j_kmxs_c gZk h[eZklb dZd m`_ [ueh
mdZaZgh \ur_ klZlbq_kdh_ bamq_gb_ ^Ze_dh g_ bkq_jiu\Z_l \k_c ijh[e_fu >bgZfbdm
ikbohiZlbc dhlhjZy ^he`gZ ^hihegblv klZlbdm fh`gh ihgbfZlv rbjhdh b madh Fh`gh
ihiulZlvky gZq_jlblv `bag_ggmx djb\mx dhgklblmpbhgZevguo ikbohiZlh\ l_ hibkZlv
hkh[_gghklbbo[bheh]bq_kdh]hjZa\blbyb \k_l_imlbihdhlhjufm jZaguobo]jmii\ l_beb
^jm]b_ i_jbh^u bo `bagb b^_l \aZbfhhlghr_gb_ k hdjm`Zxs_c kj_^hc k ^jm]hc klhjhgu
fh`gh h]jZgbqblvky lhevdh jZfdZfb bkdexqbl_evgh iZlheh]bq_kdbo fhf_glh\ ^bgZfbdb
ikbohiZlbc l_ ]eZ\guf h[jZahf hibkZgb_f djZldh\j_f_gguo b ^ebl_evguo hkljuo b
ojhgbq_kdbo ikbohiZlheh]bq_kdbo y\e_gbc m gbo ih l_f beb bguf ijbqbgZf b ih\h^Zf
jZa\b\Zxsboky Fu bkoh^y ba ^Zgguo \hafh`ghkl_c ikbobZljbq_kdhc debgbdb \ugm`^_gu
\u[jZlv \lhjhc lbi j_r_gby klhys_c i_j_^ gZfb aZ^Zqb H^gZdh ^ey iheghc dZjlbgu fu g_
fh`_f \k_lZdb ba[_`Zlv ohly [u djZldh]h i_j_qbke_gby l_o fhf_glh\ dhlhju_ \ `bagb
dZ`^h]hq_eh\_dZZ ikbohiZlZ\ hkh[_gghklby\eyxlky^bgZfbq_kdbfb
Fukev h lhf qlh q_eh\_q_kdZy ebqghklv ^Z`_ gZ imlb k\h_ ]h ghjfZevgh]h jZa\blby
h[udgh\_ggh ij_l_ji_\Z_l dhj_ggu_ baf_g_gby b ^_eZ_lky bghc jZa g_magZ\Z_fhc g_ lhevdh
qZklh \klj_qZ_lky \ jZ[hlZo ikboheh]h\ [bheh]h\ b \jZq_c gh ij_^klZ\ey_l kh[hc lZd`_
baex[e_ggmx l_fm fgh]bo ihwlh\ b om^h`gbdh\ keh\Z Hq_gv m^Zqgmx nhjfm wlhc fukeb
ijb^ZeNhkl_j< l_q_gb_^he]hc`bagb²]h\hjblhg²q_eh\_dfh`_ly\eylvkyi_j_^gZfb
ihke_^h\Zl_evgh \ \b^_ g_kdhevdbo ebqghkl_c ^h lZdhc kl_i_gb jZaebqguo qlh _keb [u
dZ`^ZybanZawlhc`bagbfh]eZ\hiehlblvky\ jZaebqguobg^b\b^Zodhlhjuofh`gh[ueh[u
kh[jZlv \f_kl_ lh hgb khklZ\beb [u djZc g_ jZaghh[jZagmx ]jmiim ^_j`Zebkv [u kZfuo
ijhlb\hiheh`guo\a]ey^h\iblZeb[u]em[hdh_ij_aj_gb_^jm]d ^jm]mb kdhjh[ujZahrebkv
g_ \ukdZau\Zy gb fZe_cr_]h `_eZgby khclbkv \lhjbqgh LZdh_ ij_h[jZah\Zgb_ ebqghklb
ijhbkoh^bl[hevr_xqZklvxg_lhevdhiml _fjZ\ghf_jghcw\hexpbbghb dZdke_^kl\b_jy^Z
k^\b]h\ij_ju\Zxsbohl\j_f_gb^h\j_f_gbkihdhcgh_b f_^e_ggh___ jZa\blb_Wlbk^\b]b
ij_`^_ \k_]h khhl\_lkl\mxl l_f i_jbh^Zf dh]^Z ijhbkoh^yl djmig u_ baf_g_gby \
^_yl_evghklbwg^hdjbgguo`_e_alZdgZau\Z_fh_\hajZklgu_djbabkuKZfu_\Z`gu_balZdbo
djbabkh\ wlh ² xghr_kdbc khhl\_lkl\mxsbc i_jbh^m iheh\h]h khaj_\Zgby b
ijhlb\hiheh`guc _fm ² debfZdl_jbq_kdbc beb ij_^klZjq_kdbc wihoZ m]ZkZgby iheh\hc
`bagb AgZq_gb_ wlbo djbabkh\ \ ^bgZfbd_ ikbohiZlbc aZdexqZ_lky \ lhf qlh hgb y\eyxlky
i_jbh^Zfb i_jlmj[Zpbc dh]^Z om^h beb ohjhrh mklZgh\b\r__ky jZ\gh\_kb_ gZjmrZ_lky b
ebqghklv g_h`b^Zggh ihiZ\rZy \ g_ijb\uqgu_ ^ey g__ mkeh\by [bheh]bq_kdh]h
kms_kl\h\Zgby e_]dh ljZ\fZlbabjm_lky b ih^qZk l_jibl djmr_gb_ I_jbh^ iheh\h]h
khaj_\Zgby ² e_l  y\ey_lky \hajZklhf \ dhlhjhf qZs_ \k_]h fh`gh gZ[ex^Zlv dZd
i_j\u_hlq_leb\u_ihy\e_gbyikbohiZlbclZdb gZklhysb_ikbohlbq_kdb_\kiurdbGbdh]^Z
g_evayagZlvqlhijbg_k_lk kh[hcwlhl\hajZklb jh^bl_eb\k_]^ZkhkljZohfh`b^Zxlhlg_]h
\k_\hafh`guo g_h`b^Zgghkl_c Ih^jhkldb ^_eZxlky g_ihk_^eb\ufb [_kihdhcgufb
g_ihkemrgufb jZa^jZ`bl_evgufb ?kl_kl\_gguc b a^hjh\uc ijhl_kl ijhlb\ qZklh
aehmihlj_[eyxsbo k\hbf Z\lhjbl_lhf klZjrbo \ujZklZ_l \ [_kkfuke_ggh_ mijyfkl\h b
g_e_ih_ ijhlb\h^_ckl\b_ \kydhfm jZamfghfm kh\_lm JZa\b\Z_lky aZghkqb\hklv b
kZfhm\_j_gghklv K^\b] \ fhlhjbd_ ^_eZ_l ih^jhkldZ g_mdex`bf b kha^Z_l m g_]h
h^gh\j_f_ggh hsms_gb_ jZklms_c kbeu b qm\kl\h hkljh]h g_^h\hevkl\Z kh[hc GZebqb_
lhevdhqlhijh[m^b\rbokygh\uo\e_q_gbcijbhlkmlkl\bb_s_\\h^ys_]hbo\ hij_^_e_ggu_
]jZgbpuk_jv_agh]hkh^_j`ZgbykljZklgh_bkdZgb_ijbagZgbykhklhjhgu^jm]bokh[kl\_gghc
agZqbl_evghklbb aj_ehklbijbhlkmlkl\bb\hafh`ghklbwlh]h^h[blvkyj_Zevgufbkj_^kl\Zfb
²\k_wlhih[m`^Z_lxghrmklZ\blvk_[_p_eby\ghg_^hklb`bfu_aZklZ\eyxsb__]h`_eZlv
dZaZlvky[hevr_q_f[ulvb ijb^Z_l_]hfbfbd_b `_klZfoZjZdl_jfZg_jghklbb oh^mevghklb
Z \k_fm h[ebdm ² hll_ghd gZius_gghklb b l_ZljZevghklb Ijh[m^b\r__ky iheh\h_ qm\kl\h
\eZklgh lj_[m_l m^h\e_l\hj_gby b hkh[_ggh xghr_c ih[m`^Z_l d wdkp_kkZf LQ 9HQHUH beb
fZklmj[Zpbb Hrb[db kh\_jr_ggu_ fheh^ufb ex^vfb ijb h[s_c bo g_mklhcqb\hklb b
k\hckl\_gghc bf kdehgghklb d [_kijbqbgguf jZkkljhckl\Zf gZkljh_gby g_j_^dh \uau\Zxl
dhjhldb_ gh hklju_ \kiurdb hlqZygby \_^msb_ d g_ihijZ\bfuf ihklmidZf gZijbf_j d
ihiuldZf kZfhm[bckl\Z <k_ wlb g_jh\ghklb b r_jhoh\Zlhklb m ikbohiZlh\ h[udgh\_ggh
[u\Zxl \ujZ`_gu agZqbl_evgh kbevg__ q_f m kj_^gbo lZd gZau\Z_fuo ghjfZevguo
fheh^uoex^_cDjhf_lh]hdZjlbgmim[_jlZlgh]hjZa\blbym gbokbevghhkeh`gyxlk h^ghc
klhjhguqZklh_\hagbdgh\_gb_\ wlhfi_jbh^_gZklhysboikbohlbq_kdboijbklmih\Z k^jm]hc
² jy^ g_ijZ\bevghkl_c \ kZfbo kjhdZo gZklmie_gby b ijhl_dZgby wlh]h i_jbh^Z M gbo fu
qZklh \klj_qZ_f dZd qj_af_jgh jZgg__ SXEHUWDV SUDHFR[  lZd b gZh[hjhl aZiha^Zeh_ iheh\h_
khaj_\Zgb_ ijbq_f \ h[hbo kemqZyo hgh g_j_^dh hdZau\Z_lky ^bk]Zjfhgbqguf g_iheguf
qZklbqguf <k_ baeh`_ggh_ h[mkeZ\eb\Z_l \ dZ`^hf hl^_evghf kemqZ_ qj_a\uqZcgh i_kljh_
i_j_ie_l_gb_ kZfuo jZaebqguo y\e_gbc ijbqm^eb\h_ i_j_dj_sb\Zgb_ kZfuo jZaebqguo lh
mkbeb\Zxsbo lh lhjfhaysbo ^jm] ^jm]Z l_g^_gpbc b ^_eZ_l ikboheh]bx b ikbohiZlheh]bx
xghr_kdh]h\hajZklZh^ghcbakZfuoljm^guoijh[e_f
Ihke_ ² e_l q_eh\_d ^_eZ_lky mjZ\gh\_r_gg__ b kihdhcg__ G_ hq_gv ]em[hdb_
ikbohiZlbq_kdb_ hkh[_gghklb k wlh]h \hajZklZ gZqbgZxl ihkl_i_ggh \ujZ\gb\Zlvky bkq_aZ_l
xghr_kdZy g_mjZ\gh\_r_gghklv b Znn_dlb\ghklv q_eh\_d emqr_ ijbkihkh[ey_lky d `bagb
^_eZ_lkylZdlbqg__mfg__ijZdlbqg__b kmr_
< \hajZkl_ ² e_l ijhbkoh^bl gh\uc wg^hdjbgguc k^\b] b h^gh\j_f_ggh gZqbgZxl
jZa\b\Zlvkyh[sb_kde_jhlbq_kdb_y\e_gby
< j_amevlZl_ ikbobq_kdh_ jZ\gh\_kb_ ebqghklb kgh\Z ih^\_j]Z_lky hiZkghklb
KbfilhfZlheh]by wlh]h ij_^klZjq_kdh]h djbabkZ agZqbl_evgh [_^g__ q_f ij_^r_kl\mxs_]h
im[_jlZlgh]h Hg oZjZdl_jbam_lky ]eZ\guf h[jZahf g_dhlhjuf hkdm^_gb_f wfhpbhgZevghc
`bagb km`_gb_f bgl_j_kh\ jZa\blb_f i_kkbfbafZ kdmihklb b ih^hajbl_evghklb b \ [he__
j_adh \ujZ`_gguo iZlheh]bq_kdbo nhjfZo ² dZjlbgZfb khklhygbc ^_ij_kkb\guo
bihohg^jbq_kdbo iZjZghb^guo Dhebq_kl\h gZqbgZxsboky \ wlhf \hajZkl_ ijh]j_^b_glguo
ikbobq_kdbo aZ[he_\Zgbc agZqbl_evgh \ur_ q_f wlh bf__l f_klh \ kj_^gb_ ^_kylbe_lby
`bagbKjhdbhij_^_eyxsb_]jZgbpuwlh]hi_jbh^ZlZd`_dZdb im[_jlZlgh]hih^\_j`_gu
m ikbohiZlh\ ^h\hevgh agZqbl_evguf hldehg_gbyf hl ghjfu hkh[_ggh qZklh \ klhjhgm
jZgg_]hgZklmie_gbyy\e_gbym\y^Zgby VHQLXPSUDHFR[ 
>Zevg_cr__jZa\blb_ebqghklbh[udgh\_ggh\_^_lm`_\ klhjhgm jZa\blby hj]Zgbq_kdbo
Zjl_jbhkde_jhlbq_kdbo\ khkm^Zo]heh\gh]hfha]Zb Zljhnbq_kdbo\ kZfhc_]hldZgb y\e_gbc
hlf_lbf qlh m ghjfZevguo mjZ\gh\_r_gguo ex^_c klZjhklv ² wlh i_jbh^ ^mr_\gh]h
kihdhckl\by b hkh[hc [h]Zlhc hiulhf fm^jhklb dhlhjZy h^gZdh ijb kdehgghklb klZjbdh\
aZklu\Zlv gZ ijbh[j_l_gghf \ [he__ fheh^u_ ]h^u aZiZk_ b^_c b g_kihkh[ghklb bo d
\hkijbylbx gh\h]h b hjb]bgZevgh]h \ghkbfh]h \ `bagv xguf ihdhe_gb_f g_j_^dh gZ ^_e_
h[jZsZ_lky \ ^h\hevgh \j_^gmx ]emihklv Ijb l_o ikbohiZlbq_kdbo nhjfZo dhlhju_
oZjZdl_jbamxlky g_^hklZlhqguf beb h^ghklhjhggbf jZa\blb_f Znn_dlb\ghklb hkh[_ggh
khpbZevguoqm\kl\h\ZgbcklZjhklvg_j_^dh^_[xlbjm_l mjh^eb\uf\uiyqb\Zgb_fgZi_j\uc
ieZg]jm[h]hw]hbafZ^mr_\ghcq_jkl\hklbb l^
;ueh [u kh\_jr_ggh g_ijZ\bevgh ^mfZlv qlh ^ey \k_o ex^_c kms_kl\m_l h^gZ ko_fZ
\hajZklgh]h jZa\blby GZh[hjhl g_h[oh^bfh kh \k_c j_rbl_evghklvx ih^q_jdgmlv qlh g_
]h\hjy m`_ h[ bg^b\b^mZevguo hkh[_gghklyo k\hckl\_gguo `bag_gghfm pbdem dZ`^h]h
hl^_evgh]h q_eh\_dZ ^ey dZ`^hc ba dhgklblmpbhgZevguo ]jmii ^ey \b^Z ikbohiZlbb fh`gh
gZf_lblv g_dhlhjuc hkh[uc lbi \ujZ`_gby b l_q_gby \hajZklguo baf_g_gbc IhegZy
g_jZajZ[hlZgghklv wlh]h \hijhkZ g_ iha\hey_l gZf hklZgZ\eb\Zlvky gZ g_f ih^jh[g__ \h
\kydhf kemqZ_ gbdh]^Z g_evay aZ[u\Zlv qlh dhgklblmpbhgZevgu_ hkh[_gghklb ebqghklb
kdZau\Zxlkyg_lhevdh\ __klZlbq_kdhfh[ebd_ghb \__ ^bgZfbq_kdhf\hajZklghfjZa\blbb
 KdZaZggh_ \ur_ ^Ze_dh g_ bkq_jiu\Z_l \k_o fhf_glh\ hij_^_eyxsbo ^bgZfbdm
ebqghklb Oh^ ikbobq_kdh]h jZa\blby dZ`^h]h q_eh\_dZ h[mkeZ\eb\Z_lky g_ lhevdh
\gmlj_ggbfb l_g^_gpbyfb aZeh`_ggufb \ _]h hj]ZgbaZpbb gh b fgh]hh[jZagufb
wdah]_ggufbnZdlhjZfbKj_^bwlboihke_^gbogZb[hevr__agZq_gb_bf_xlk h^ghcklhjhgu
jZaebqgu_ obfbdhnbabq_kdb_ \ha^_ckl\by ² bglhdkbdZpbb ljZ\fu bgn_dpbb hkh[_ggh
qZklh lm[_jdme_a OXHV Zedh]hebaf  Z lZd`_ ihjZ`_gby beb hl^_evguo hj]Zgh\ beb \k_]h
hj]ZgbafZ\ p_ehfZ k^jm]hc²\ebygbybkiulu\Z_fu_ebqghklvxkhklhjhguhdjm`Zxs_c
b khpbZevghckj_^uQlhdZkZ_lkyfhf_glh\i_j\h]hihjy^dZlhlhevdh\ hq_gvj_^dbokemqZyo
fh`ghb]ghjbjh\Zlvbojhev[hevr_x`_qZklvxikbobq_kdbch[ebdihqlbdZ`^h]hih`beh]h
q_eh\_dZghkblgZk_[_l_beb^jm]b_ke_^uh[mkeh\eb\Z_fuowlbfbfhf_glZfbhj]Zgbq_kdbo
\ebygbc Gh dhg_qgh hgb hlklmiZxl ^Ze_dh gZ aZ^gbc ieZg i_j_^ l_fb fh]ms_kl\_ggufb b
ij_h[jZamxsbfb ebqghklv \ha^_ckl\byfb dhlhju_ hdZau\Z_l gZ g__ khpbZevgZy kj_^Z \
rbjhdhf kfuke_ wlh]h keh\Z G_evay aZ[u\Zlv qlh ihke_^gyy lZd `_ g_h[oh^bfZ ^ey
^moh\gh]h jZa\blby q_eh\_dZ dZd \ha^mo ^ey _]h nbabq_kdh]h kms_kl\h\Zgby H[t_dlu ^ey
m^h\e_l\hj_gbyk\hbo\e_q_gbckh^_j`Zgb_kZfboikbobq_kdboZdlh\ghjfuih\_^_gby]hj_
b jZ^hklv²\k_wlhq_eh\_dihemqZ_lbkdexqbl_evghhlg__Hlghr_gbyfbk g_chij_^_eyxlky
b bf_xsb_ qZklh jhdh\h_ ^ey g_]h agZq_gb_ _]h dhgnebdlgu_ i_j_`b\Zgby >ey l_o
ikbohiZlh\dhlhju_hlebqZxlkykeZ[hklvx\hebqj_af_jghc\gmrZ_fhklvxb ih^Zleb\hklvx
ih hlghr_gbx d ^mjguf \ebygbyf Zkl_gbdb g_mklhcqb\u_ bkl_jbdb b ij  lh beb bgh_
\ebygb_kj_^ug_j_^dhhdZau\Z_lkyj_rZxsbfhij_^_eyxsbf\_kvbo`bag_ggucimlv\kx
bokm^v[m
;ulvfh`_la^_kvmf_klghmihfygmlvh[h^ghfnZdlhj_bf_xs_f[hevrh_kblmZpbhggh_
agZq_gb_h jheb\ `bagbikbohiZlZijhn_kkbb<hijhkwlh[hevrhclj_[mxsbcki_pbZevgh]h
bamq_gby a^_kv fu [u ohl_eb mdZaZlv gZ ^\_ klhjhgu ^_eZ <hi_j\uo bgh]^Z ikbohiZl
\u[bjZ_l k_[_ ijhn_kkbx khhl\_lkl\_ggh k\hckl\Zf k\h_c ikbohiZlbb k\h_h[jZaguc hl[hj 
^hklb]Zy wlbf \gmlj_gg_]h jZ\gh\_kby b ]Zjfhgbb \h\lhjuo ijhn_kkby dmevlb\bjm_l l_
k\hckl\Z ikbohiZlbq_kdhc ebqghklb dhlhju_ ijb ^jm]bo mkeh\byo hdZaZehkv [u
g_\uy\e_ggufbFh`gheb]h\hjblvh ijhn_kkbhgZevguoikbohiZlbyo gbsb_ijhklblmldb
b ^j ²fu^mfZ_fqlhg_lWlhijhlb\hj_qbeh[u\k_fijbgpbibZevgufmklZgh\dZfgZr_c
jZ[hlu
Djhf_kdehgghklbikbohiZlh\^Z\Zlv\ k\h_fjZa\blbbqj_af_jgh_h[hklj_gb_y\e_gbc\h
\j_fy i_j_ehfguo fhf_glh\ \h \j_fy djbabkh\ bo ikbobdZ hdZau\Z_lky lZd`_ djZcg_
g_mklhcqb\hc b ih hlghr_gbx dh \k_f ^jm]bf nZdlhjZf Wlh k h^ghc klhjhgu jZaebqgh]h
jh^Zg_bf_xsb_m h[uqguoex^_c[hevrh]hagZq_gbyi_jbh^bq_kdb_dhe_[Zgby `bag_gguo
ijhp_kkh\ kZfufb ba\_klgufb ba dhlhjuo y\eyxlky f_gkljmZpbb  Z k ^jm]hc lhevdh qlh
mdZaZggu_\ebygby\g_rg_ckj_^unbabdhobfbq_kdb_b khpbZevgu_Ihhlghr_gbxdh\k_f
wlbf nZdlhjZf [hevrbgkl\h ikbohiZlh\ ijhy\ey_l [hevrmx jZgbfhklv [hevrmx
eZ[bevghklv ^Z\Zy bgh]^Z ih gbqlh`g_crbf ih\h^Zf jZaghh[jZagu_ iZlheh]bq_kdb_
j_Zdpbb WlZ kihkh[ghklv ikbohiZlh\ e_]dh l_jylv ikbobq_kdh_ jZ\gh\_kb_ b h[mkeZ\eb\Z_l
lh h[klhyl_evkl\h qlh ikbohiZlbq_kdZy ihq\Z dZd ijZ\beh ^Z_l ]hjZa^h [he__ yjdmx b
jZaghh[jZagmx ^bgZfbdm q_f ghjfZevgZy dhg_qgh ^bgZfbdm iZlheh]bq_kdmx \
g_ihkj_^kl\_gghfmadhfkfuke_wlh]hkeh\ZHibkZgbxy\e_gbchlghkysbokyd wlhch[eZklb
b [m^ml ihk\ys_gu ke_^mxsb_ ]eZ\u Fu [m^_f ijb wlhf khhl\_lkl\_ggh iZlh]_g_am
jZaebqZlv k h^ghc klhjhgu kihglZggu_ Zmlholhggu_ beb b^bhiZlbq_kdb_ ijbklmiu
beb nZau \hagbdZxsb_ hl \j_f_gb ^h \j_f_gb [_ah \kydhc \b^bfhc \g_rg_c ijbqbgu Z k
^jm]hc ² j_Zdpbb l_ ikbohlbq_kdb_ kbfilhfhdhfie_dku y\eyxsb_ky hl\_lhf gZ l_ beb
bgu_ \g_rgb_ jZa^jZ`_gby dZd khfZlbq_kdb_ khfZlh]_ggu_ j_Zdpbb  lZd b ikbobq_kdb_
ikboh]_ggu_ j_Zdpbb  J_adhc ]jZgbpu f_`^m nZaZfb b j_Zdpbyfb g_l b ih hlghr_gbx d
jy^m dZjlbg hq_gv ljm^gh j_rblv \ dZdmx ]jmiim bo hlg_klb Ikboh]_ggu_ j_Zdpbb ^Zevr_
^_eylkygZrhdbkh[kl\_gghj_ZdpbbjZa\blby
H[s_cq_jlhc\k_owlboiZlheh]bq_kdbokhklhygbcy\ey_lkylhh[klhyl_evkl\hqlhhgbih
k\h_fm l_q_gbx b bkoh^Zf hlebqgu hl lZd gZau\Z_fuo ijh]j_^b_glguo ikbohah\
AgZqbl_evgZy qZklv ba gbo dhgqZ_lky \hkklZgh\e_gb_f ghjfZevgh]h ^hikbohlbq_kdh]h
khklhygby ih djZcg_c f_j_ qlh dZkZ_lky dZ`^h]h hl^_evgh]h ijbklmiZ IjZ\^Z [j_^
iZjZghbdh\ j_^dh b h[udgh\_ggh lhevdh qZklbqgh ih^^Z_lky h[jZlghfm jZa\blbx Z ihke_
ly`_euo^ebl_evguoj_Zdlb\guokhklhygbcbeb\ j_amevlZl_qZklhckf_gunZapbjdmeyjgh]h
ikbohaZ bgh]^Z hklZxlky m`_ klhcdb_ y\e_gby ikbobq_kdhc bg\Zeb^ghklb h^gZdh
ijbgpbibZevgh_ hlebqb_ wlbo k\h_h[jZaguo bkoh^guo khklhygbc hl bkoh^guo khklhygbc
ijh]j_^b_glguo ikbohah\ aZdexqZ_lky \ lhf qlh a^_kv fu bf__f bkdexqbl_evgh j_amevlZlu
qj_af_jghci_j_]jmadbbklhs_gbyfha]ZlZf`_ijhbkoh^bljZajmr_gb__]haehdZq_kl\_gguf
ijhp_kkhf a^_kv ih\j_`^_gb_ fha]Z y\ey_lky ih[hqguf ke_^kl\b_f qj_af_jghc kbeu
Znn_dlb\guo i_j_`b\Zgbc lZf `_ hgh ij_^klZ\ey_l kh[hc i_j\bqguc iZjZablbq_kdbc
bkoh^gucimgdl\k_oikbohiZlheh]bq_kdboy\e_gbcGZdhg_plh]^ZdZd\h\k_obgl_j_kmxsbo
gZk a^_kv kemqZyo ^_eh b^_l h[udgh\_ggh h[ _^\Z meh\bfuo baf_g_gbyo hklZ\eyxsbo
ebqghklv \ h[s_f khojZg_gghc ikbohauijhp_kku jZkijhkljZgyxl k\h_ jZajmrbl_evgh_
^_ckl\b_ gZ \k_ klhjhgu ikbobq_kdhc `bagb qZklh ^h g_magZ\Z_fhklb f_gyy \kx ebqghklv
[hevgh]h
<hijhkh \aZbfhhlghr_gbbhibku\Z_fuogb`_ikbohlbq_kdbokhklhygbcb lhcihq\ugZ
dhlhjhc hgb \hagbdZxl j_rZ_lky g_ lhevdh k lhqdb aj_gby [hevr_c beb f_gvr_c
mklhcqb\hklb b \ughkeb\hklb ebqghklb gh qlh ]hjZa^h \Z`g__ lZd`_ b k lhqdb aj_gby
khhl\_lkl\by dZjlbgu j_Zdpbb dZq_kl\_gguf hkh[_gghklyf lhc beb bghc ikbohiZlbb <
h[s_f fh`gh kqblZlv qlh dZ`^hc ikbohiZlbb khhl\_lkl\m_l b hkh[uc oZjZdl_jguc bf_ggh
^eyg__kihkh[j_Z]bjh\ZlvgZ\g_rgb_\ha^_ckl\byKhhl\_lkl\_gghwlhfmb nZaub j_Zdpbb
\kydh]hjh^Z\k_]^ZihemqZxlhllhcdhgklblmpbhgZevghc ihq\ugZdhlhjhchgbjZa\b\Zxlky
k\hc hkh[uc hli_qZlhd H^gZdh wlh iheh`_gb_ bf__l lhevdh hlghkbl_evgh_ agZq_gb_ b hiul
ihdZau\Z_lqlhfgh]b_bahibku\Z_fuogb`_nhjfdZdkihglZgguolZdhkh[_gghj_Zdlb\guo
fh]ml \hagbdZlv m ikbohiZlh\ jZaebqgh]h kdeZ^Z G_h[oh^bfh ijb wlhf bf_lv \ \b^m qlh
hij_^_e_ggZy ljZ\fZ hij_^_e_ggZy kblmZpby fh`_l rhdbjh\Zlv b \uy\eylv ebrv h^gm
khhl\_lkl\_ggh klhjhgm ikbobdb dhgklblmpbhgZevgh]h  ikbohiZlZ wlbf kZfuf ^Z_lky
\hafh`ghklv jZa\blby h^bgZdh\uo debgbq_kdbo dZjlbg dhg_qgh k jZagbp_c \ ^_lZeyo  m
ikbohiZlh\ jZaguo lbih\ k ^jm]hc klhjhgu h^gZ b lZ `_ ikbohiZlbq_kdZy ihq\Z ² \
aZ\bkbfhklbhlkh^_j`Zgbyrhdbjmxs_]hfhf_glZ²fh`_l^Z\ZlvjZagu_lbiuj_Zdpbb
< aZdexq_gb_fukqblZ_fg_h[oh^bfufmdZaZlvqlh]eZ\gh_gZr_\gbfZgb_\ wlhfhl^_e_
[m^_lihk\ys_ghk h^ghcklhjhgumykg_gbx\aZbfguohlghr_gbchl^_evguoikbohlbq_kdbo
nhjf Z k ^jm]hc ² mklZgh\e_gbx k\ya_c kh_^bgyxsbo wlb nhjfu k l_fb beb bgufb
ij_^jZkiheh`_gbyfbDZdgbaZimlZgb dZdfZehgbbkke_^h\Zgwlhl\hijhkfukqblZ_fqlh
^he`gu ihk\ylblv _fm hkh[h_ \gbfZgb_ lZd dZd hg \he_cg_\he_c kZf kh[hc \u^\b]Z_lky gZ
i_j\uc ieZg ^ey bkke_^h\Zl_ey wlhc h[eZklb LZdh_ ihkljh_gb_ gZr_]h baeh`_gby
hk\h[h`^Z_l gZk hl g_h[oh^bfhklb ^_lZevguo hibkZgbc gZ[ex^Zxsboky \ wlhc h[eZklb
qj_a\uqZcghjZaghh[jZaguob baf_gqb\uodZjlbg
Dh]^Z ^_eh b^_l h gh\uo debgbq_kdbo nhjfZo h gh\uo debgbq_kdbo \uy\e_gbyo ²
dZdh\ufb ih kjZ\g_gbx kh klZlbdhc ikbohiZlbc g_khfg_ggh ^he`gu kqblZlvky nZaZ rhd
j_ZdpbyjZa\blb_²g_ij_f_ggh\klZ_l\hijhkqlhgh\h]h\ ikbohnbabq_kdmxhj]ZgbaZpbx
ikbohiZlZ ijbghkbl k kh[hc wlZ gh\Zy nhjfZ `bagb GZ wlhl \hijhk hq_gv e_]dh b dhg_qgh
gm`ghhl\_lblvml\_j^bl_evghgh\eh`blv\ wlhlhl\_ldhgdj_lgh_hij_^_e_ggh_kh^_j`Zgb_
djZcg_ ljm^gh Dh]^Z rbahb^guc ikbohiZl aZ[he_\Z_l rbahnj_gb_c ² \ wlhf ijhp_kk_ _klv
qlhlh_kebfh`ghlZd\ujZablvky]jm[hhj]Zgbq_kdbp_j_[jZevghgh\h_lh`_kZfh_dh]^Z
wibe_ilhb^guc ikbohiZl aZ[he_\Z_l wibe_ikb_c gh qlh wlh gh\h_ dZd _]h ihgbfZlv dZd
jZkp_gb\Zlv²wlh]h_s_gbdlhg_mdZaZeF_g__meh\bfh_f_g__[ulvfh`_l]jm[h_gh\k_
`_ g_khfg_ggh g_qlh gh\h_ \ghkbl \ hj]Zgbaf ikbohiZlZ nZaZ rhd j_Zdpby b dhg_qgh
jZa\blb_ JZagbpZ kdZ`_f f_`^m pbdehlbfbq_kdhc ihq\hc b j_adh \ujZ`_gguf ijbklmihf
pbjdmeyjgh]h ikbohaZ f_`^m afhlb\gheZ[bevghc dhgklblmpb_c b ijbklmihf j_Zdlb\gh]h
klmihjZ dZd \ujZ`_gb_f rhdZ f_`^m l_f beb ^jm]bf dhgklblmpbhgZevguf
ij_^jZkiheh`_gb_fb ^ebl_evghcj_Zdpb_cgZihq\_wlh]hij_^jZkiheh`_gbyjZa\b\Zxs_cky
²wlZjZagbpZkebrdhfykgZkebrdhf\_ebdZqlh[ufh`gh[ueh]h\hjblvlhevdhh jZagbp_
dhebq_kl\_gghcLh`_dhg_qghhlghkblkyb djZa\blbx=h\hjykZfufbh[sbfbl_jfbgZfb
wlh gh\h_ gZoh^bl k_[_ \ujZ`_gb_   \ ^jm]hc baf_g_gghc nhjf_ nmgdpbhgbjh\Zgby
\_]_lZlb\ghc kbkl_fu wg^hdjbggh]h ZiiZjZlZ b khkm^h\   \ \ujZ[hld_ gh\uo mkeh\guo
j_ne_dkh\ \ kha^Zgbb gh\uo gZ\udh\   \ jZa\blbb k\h_h[jZaguo dhfi_gkZlhjguo
f_oZgbafh\ b gZdhg_p   \ \uy\e_gbb l_o f_oZgbafh\ ² ^Z\gbo ijbfblb\guo ² dhlhju_
ijb ghjfZevguo mkeh\byo m`_ g_ nmgdpbhgbjmxl < nmgdpbhgbjh\Zgbb ]heh\gh]h fha]Z
fh]ml gZ[ex^Zlvky ke_^mxsb_ baf_g_gby qj_af_jgh_ \ha[m`^_gb_ UHVS lhjfh`_gb_
^_yl_evghklbdhjuh[s__bebqZklbqgh_ jZkijhkljZg_gb_ \ha[m`^_gbyUHVS lhjfh`_gbygZ
h[uqghg_aZljZ]b\Z_fu_mqZkldbb kbkl_fu]heh\gh]hfha]ZgZdhg_pjZajuoe_gb_beb^Z`_
\j_f_ggh_mgbqlh`_gb_h[uqgh^_ckl\mxsbo\ h[s_ckbkl_f_k\ya_c 
 < k\h_f mq_[gbd_   \ \\h^guo h[sbo aZf_qZgbyo d ]eZ\_ h j_Zdpbb .UDQNKDIWH
5HDNWLRQHQ  ;e_ce_j ih^jh[gh ljZdlm_l \hijhk h ikboheh]bb b h f_oZgbafZo wlbo j_Zdpbc
Fgh]b_ ba wlbo jZkkm`^_gbc dZ`mlky gZf aZkem`b\Zxsbfb ihegh]h \gbfZgby h^gZdh \
h[s_ckh\hdmighklb\k_ihkljh_gb_;e_ce_jZij_^klZ\ey_lkygZffZehkbkl_fZlbabjh\Zgguf
fZeh h^ghjh^guf b ^Z`_ i_kljuf Z \ g_dhlhjuo k\hbo qZklyo ² g_ lhevdh Z[kljZdlguf b
ki_dmeylb\gufghb \h\k_g_ijb_fe_fufk h[s_cnbehkhnkdhclhqdbaj_gbyWlbfbkeh\Zfb
fu \h\k_ g_ ohlbf kdZaZlv qlh ljm^gZy ijh[e_fZ h f_oZgbaf_ iZlheh]bq_kdbo j_Zdpbc d_f
eb[hm`_j_r_gZdjhf_kZfuoh[sbonhjfmefua^_kvihdZ_s_gbq_]hg_bf__f
A^_kv `_ fu mihfyg_f h ijbgZ^e_`Zs_c lZdhfm djmighfm ikbobZljm dZd J_coZjl
 5HOFKDUGW  ihiuld_ lZd`_ ijhgbdgmlv \ kfuke f_oZgbafZ j_Zdpbc wlh \b^gh ba _]h \a]ey^Z
  h g_h[oh^bfhklbjZaebqZlvg_\jhiZlqbb ikbohiZlbb< hkgh\_i_j\uo YLVFHUDOQHUYRVH
6WRUXQJHQ  hg \b^bl g_ihjy^db \ \_]_lZlb\ghc beb wg^hdjbgghc kbkl_f_ \ hkgh\_ \lhjuo ²
g_ihjy^db \ kn_j_ bgklbgdlh\ l_fi_jZf_glZ beb oZjZdl_jZ $EQRUPLWDWHQ LQ GHU 7ULE
7HPSHUDPHQWV XQG &KDUDNWHUVVSKDUH  Fu ^he`gu a^_kv \iheg_ hij_^_e_ggh \ukdZaZlvky qlh
wlhfm ^_e_gbx b lZdhfm ihgbfZgbx \_s_c g_ khqm\kl\m_f fu g_ fh`_f ihgylv jZagbpu
f_`^m g_\jhiZlbyfb b ikbohiZlbyfb h^bg ba wlbo l_jfbgh\ ^he`_g [ulv mgbqlh`_g gZf
dZ`_lky qlh wlZ mqZklv ^he`gZihklb]gmlv l_jfbgg_\jhiZlby  LZdh_ ^_e_gb_ hagZqZeh [u
\ha\jZl d kdhevadhfm b iZ]m[ghfm wlZim bklhjbb ikbobZljbb JZa\_ bgklbgdl l_fi_jZf_gl
oZjZdl_j g_hl^_ebfu hl wg^hdjbggh]h ZiiZjZlZ beb \_]_lZlb\ghc kbkl_fu" JZa\_ fu agZ_f
h[t_f nmgdpbhgbjh\Zgby wlbo kbkl_f" JZa\_ ijb g_\jhiZlbyo ih J_coZjlm g_ ijbgbfZ_l
mqZklb_ wdah]_gby UHVS ikboh]_gby" <h \k_o wlbo ih^jZa^_e_gbyo fu kdehggu mkfZljb\Zlv
ihiuldb²ebrgb_g_m^Zqgu_g_k\h_\j_f_ggu_²\eh`blvdhgdj_lgh_kh^_j`Zgb_\ lhbeb
^jm]h_ ihgylb_ g_ hl^Z\Zy k_[_ hlq_lZ gb \ h[t_f_ ihgylby gb \ kfuke_ kh^_j`Zgby ^_eh
b^_lh keh\_kguonhjfmeZo[_abklbggh]hagZgby

N:AU
:mlholhggh l_ [_a \b^bfuo \g_rgbo ih\h^h\ \hagbdZxsb_ m ikbohiZlbq_kdbo
ebqghkl_cg_ijh]j_^b_glgu_ikbohlbq_kdb_ijbklmiuihhdhgqZgbbdhlhjuomklZgZ\eb\Z_lky
khklhygb_ bf_\r__ f_klh ^h gZqZeZ ijbklmiZ ih bgbpbZlb\_ Yki_jkZ ijbgylh gZau\Zlv
nZaZfb b _keb hgb hq_gv dhjhldb ² wibah^Zfb  G_h[oh^bfh m`_ k kZfh]h gZqZeZ
h]h\hjblvky qlh ihgylb_ Zmlholhgghklb kihglZgghklb \hagbdgh\_gby fu g_ kdehggu
lhedh\Zlv [_amkeh\guf h[jZahf Hq_gv \_jhylgh qlh djhf_ khhl\_lkl\mxs_c
dhgklblmpbhgZevghc hkgh\u ^ey \hagbdgh\_gby nZa h[yaZl_evgh gZebqb_ b dZdbogb[m^v
\g_rgbo lheqdh\ [hevr_c beb f_gvr_c kbeu [m^v lh ikbobq_kdb_ ljZ\fu khfZlbq_kdb_
aZ[he_\Zgby \hagbdrb_ ih lhc beb bghc ijbqbg_ khklhygby ikbobq_kdh]h bklhs_gby beb
dZdb_gb[m^v _s_ g_ ba\_klgu_ gZf ihdZ nZdlhju gZijbf_j jZkkljhckl\h h[f_gZ  < h^gbo
kemqZyolZdb_lheqdbm^Z_lky h[gZjm`blv \ ^_ckl\bl_evghklb \ ^jm]bo `_ bo kms_kl\h\Zgb_
fh`gh lhevdh ij_^iheZ]Zlv <Z`gh ih^q_jdgmlv qlh ^ey ml\_j`^_gby Zmlholhgghklb
\hagbdgh\_gby j_rZxsbf y\ey_lky g_ hlkmlkl\b_ \ ]_g_a_ ^Zggh]h khklhygby dZdbogb[m^v
\g_rgbo fhf_glh\ Z j_rbl_evgh_ ij_h[eZ^Zgb_ dZd \ dZjlbg_ ijbklmiZ lZd b \ f_oZgbaf_
_]h jZa\_jlu\Zgby we_f_glh\ wg^h]_gbb hkgh\u\Zxsboky gZ dhgklblmpbhgZevghf
ij_^jZkiheh`_gbb < qZklghklb hl ikboh]_gguo khklhygbc jh^kl\_ggh]h oZjZdl_jZ
Zmlholhggu_ nZau gZijbf_j pbjdmeyjgu_ ^_ij_kkbb  hlebqZxlky ihfbfh \k_]h ijhq_]h
hlkmlkl\b_f ihgylghc k\yab f_`^m rhdhf _keb lZdh\hc fh`_l [ulv h[gZjm`_g b h[ebdhf
ikbohlbq_kdhc\kiurdb
Ij_^klZ\e_gb_ h dhgklblmpbhgZevghc  h[mkeh\e_gghklb l_o g_ijh]j_^b_glguo
ikbohlbq_kdbonhjfdhlhju_ijhl_dZxlihlbimnZagm`^Z_lky_s_\ h^ghch]h\hjd_^_eh\
lhf qlh ba nZdlZ kms_kl\h\Zgby m ^Zgghc ebqghklb lh]h beb bgh]h ijbklmiZ
dhgklblmpbhgZevgh]h ikbohaZ nZau ^Ze_dhg_\k_]^Zfh`ghk^_eZlv[_ah]h\hjhqguc\u\h^h
gZebqghklb m g__ \ k\h[h^gh_ hl wlbo [he_ag_gguo y\e_gbc \j_fy ihklhygguo
ikbohiZlbq_kdbo hkh[_gghkl_c khhl\_lkl\mxs_]h dhgklblmpbhgZevgh]h  lbiZ LZd gZijbf_j
gZlhfhkgh\Zgbbqlh^_ij_kkb\gu_b fZgbZdZevgu_nZauk\yaZguij_`^_\k_]hk pbdehb^guf
djm]hf ijbgylh kqblZlv qlh b \hafh`ghklv bo \hagbdgh\_gby aZ\bkbl bf_ggh hl gZebqby \
^ZgghfkemqZ_pbdehb^ghcdhgklblmpbbDebgbdZh^gZdhg_j_^dhihdZau\Z_lqlhgZijbf_j
gZklhysb_wg^h]_ggu_^_ij_kkbbijZ\^Zbgh]^Zk hldehgyxs_ckyhllbibqguopbjdmeyjguo
kemqZ_\debgbq_kdhcdZjlbghcjZa\b\ZxlkygZdhgklblmpbhgZevghc hkgh\_ihk\hbf\g_rgbf
ijhy\e_gbyf bf_xs_c g_ fgh]h h[s_]h k pbdehb^ghc IhdZ ljm^gh kdZaZlv k
hij_^_e_gghklvx\ q_fa^_kv^_ehFh`gh^mfZlvh lhfqlhkhhl\_lkl\mxsbcijbklmi\ua\Zg
\k_lZdb pbdehb^gufb dhgklblmpbhgZevgufb dhfihg_glZfb lhevdh ^h ihju ^h \j_f_gb
hklZ\Z\rbfbkyeZl_glgufbkdjulufbhlh^\bgmlufbgZaZ^gbcieZgfh`gh]h\hjblvh lhf
qlh h^bgZdh\u_ih k\h_fm debgbq_kdhfm h[ebdm nZau khhl\_lkl\mxl g_ h^ghc Z g_kdhevdbf
jZaebqguf dhgklblmpbyf fh`gh gZdhg_p b^lb b ^Zevr_ \ ihiuldZo mklZgh\e_gby k\ya_c
f_`^mihq\hcb ikbohahfh[tykgyyhl^_evgu_²debgbq_kdbg_oZjZdl_jgu_²dhfihg_glu
nZa ihke_^g_]h g_qbkluf kf_rZgguf oZjZdl_jhf i_j\hc gZijbf_j kh_^bg_gb_f \ g_c
we_f_glh\rbahb^ghcb pbdehb^ghcdhgklblmpbc 
< g_dhlhjhc k\yab k ijb\_^_ggufb khh[jZ`_gbyfb klhbl \hijhk b lh`^_kl\_gghklb beb
jZaebqbb f_oZgbafh\ e_`Zsbo \ hkgh\_ ijhklh]h _kl_kl\_ggh]h jZa\blby ikbohiZlbq_kdhc
ebqghklbk h^ghcklhjhgub \hagbdZxsbohl\j_f_gb^h \j_f_gb ihke_^g_cikbohlbq_kdbo
ijbklmih\ ² k ^jm]hc <k_ qlh fu agZ_f h l_q_gbb ihke_^gbo ]h\hjbl aZ lh qlh hgb
ij_^klZ\eyxl ba k_[y g_ lhevdh h[hklj_gb_ dhgklblmpbhgZevguo hkh[_gghkl_c Z qlh ^ey bo
\hagbdgh\_gby \k_]^Z g_h[oh^bf g_dhlhjuc ^h[Z\hd [ulv fh`_l ^h ba\_klghc kl_i_gb
ZgZeh]bqguclhfmdhlhjucijbkh_^bgy_lkyd rbahb^ghcbebwibe_ilhb^ghcdhgklblmpbbijb
\hagbdgh\_gbb khhl\_lkl\mxsbo bf ijh]j_^b_glguo aZ[he_\Zgbc ² rbahnj_gbb b
wibe_ikbb_kebm q_eh\_dZpbdehb^gh]hdjm]ZjZa\b\Z_lkyijbklmipbjdmeyjgh]hikbohaZlh
fh`gh ]h\hjblv h \j_f_gghf jZkkljhckl\_ dhfi_gkZpbb \ ikbohnbabq_kdhf f_oZgbaf_ gh
dZdh\Z kmlv wlh]h ijhp_kkZ ² gbdlh g_ agZ_l wlh ² ebrv ZgZeh]by b g_ [hevr_ ?s_ h^gh
aZf_qZgb_ ² m`_ g_ \ h]jZgbq_gb_ Z \ jZa\blb_ ijbgpbiZ dhgklblmpbhgZevghc
h[mkeh\e_gghklb ih^e_`Zsbo gZr_fm hibkZgbx \ wlhc ]eZ\_ nhjf Debgbq_kdbc hiul g_
iha\hey_lgZfh]jZgbqb\Zlvh[eZklvijbf_g_gbyihgylbyl_q_gbyihlbimnZalhevdhjZfdZfb
pbjdmeyjgh]h ikbohaZ Fu iheZ]Z_f qlh wg^h]_ggu_ ikbohlbq_kdb_ ijbklmiu g_
ijh]j_^b_glgh]h oZjZdl_jZ \hafh`gu b \g_ jZfhd wlh]h ikbohaZ q_fm khhl\_lkl\m_l
\u^_e_gb_ gZfb \ wlhc ]eZ\_ djhf_ pbdehb^guo lZd`_ rbahb^guo b wibe_ilhb^guo nZa b
wibah^h\ ih^ihke_^gbfl_jfbghffuihgbfZ_fdhjhldb_Z[hjlb\gu_nZau 

NZaupbdehb^gh]hdjm]Z
Lh qlh agZqbl_evgZy qZklv [bheh]bq_kdbo ijhp_kkh\ l_q_l \heghh[jZagh ^Z\gh m`_
hlf_q_gh fgh]hqbke_ggufb gZ[ex^Zl_eyfb \ kZfuo jZaebqguo h[eZklyo GZb[he__
mgb\_jkZevguf ih^l\_j`^_gb_f wlh]h iheh`_gby y\ey_lky oZjZdl_jgZy g_ lhevdh ^ey
`b\hlgh]h gh hlqZklb b ^ey jZklbl_evgh]h pZjkl\Z kf_gZ khklhygbc kgZ khklhygb_f
[h^jkl\h\Zgby <k_f ba\_klgh hklZxs__ky ihdZ aZ]Z^hqguf y\e_gb_ abfg_c kiyqdb m
g_dhlhjuo `b\hlguo < q_eh\_q_kdhf hj]Zgbaf_ gZb[he__ yjdbf ijbf_jhf ih^h[gh]h
\heghh[jZagh]h jblfZ y\ey_lky `_gkdbc f_gkljmZevguc pbde Ih\b^bfhfm b h[sbc oh^
h[f_gZ \_s_kl\ b ikbobq_kdZy `bagv ih^e_`Zl ^_ckl\bx wlh]h aZdhgZ < qZklghklb
ih\k_^g_\gh_gZ[ex^_gb_mqblgZkqlhm [hevrbgkl\Zex^_cboh[sZy`bag_ggZyZdlb\ghklv
² gZkljh_gb_ jZ[hqZy wg_j]by b ijhq__ ² ihklhyggh ih^\_j]Zxlky dhe_[Zgbyf f_`^m
i_jbh^Zfbih^t_fZb miZ^dZdhe_[Zgbyfb^eydhlhjuog_\k_]^Zm^Z_lkyh[gZjm`blvdZdb_
gb[m^v \g_rgb_ ijbqbgu DZd fu m`_ \ur_ mihfbgZeb hkh[_ggh kdehgguf d lZdbf
pbjdmeyjgufdhe_[Zgbyfikbobq_kdh]hkhklhygbyhdZau\ZxlkyikbohiZlupbdehb^gh]hdjm]Z
Ih^h[gu_ dhe_[Zgby fh]ml g_ \uoh^blv aZ ij_^_eu mkeh\gh kqblZ_fu_ gZfb ]jZgbpZfb
ghjfu Gh fh`gh ij_^klZ\blv k_[_ qlh ijb ijhklhf mkbe_gbb jZafZoZ dhe_[Zgbc \f_klh
i_jbh^h\ ih^t_fZ [m^ml jZa\b\Zlvky m`_ y\gh iZlheh]bq_kdb_ khklhygby \ha[m`^_gby Z
khklhygby miZ^dZ ijbfml nhjfm [he__ beb f_g__ ]em[hdbo dZd [u [_kijbqbgguo ^_ij_kkbb
ijbq_f \k_lZdb b l_ b ^jm]b_ [m^ml \k_]^Z \ha\jZsZlvky d g_dhlhjhc mkeh\ghc ghjf_
hl^_eyykvlZdbfh[jZahf^jm]hl^jm]Zihehkhcjh\gh]hkj_^g_]hkhklhygby< wlhfkemqZ_fu
[m^_f bf_lv i_j_^ kh[hc gZb[he__ lbibqguc kemqZc \hagbdgh\_gby b kf_gu nZa ²
i_jbh^bq_kdbc lhqg__ pbdebq_kdbc lbi Hlkx^Z b mihlj_[e_gb_ lZdbo l_jfbgh\ dZd
pbjdmeyjgucikbohapbdehlbfbypbdehb^gZyikbohiZlbyb l^
GZihfgbf \djZlp_ aZdhgu l_q_gby b kf_gu Z lZd`_ hkgh\gu_ debgbq_kdb_ hkh[_gghklb
wlbopbjdmeyjguonZaDZdba\_klghhgb^_[xlbjmxlkhklhygbyfb^\hydh]hjh^Z^jm]^jm]m
^bZf_ljZevghijhlb\hiheh`gufb²\ha[m`^_gbyb m]g_l_gbybebbgZq_²fZgbZdZevgufb
b ^_ij_kkb\gufb
Debgbq_kdmxdZjlbgmfZgbZdZevgh]hkhklhygbyijbgylhmkeh\ghjZkqe_gylvgZljbqZklb
^\b]Zl_evgh_ bgl_ee_dlmZevgh_ b Znn_dlb\gh_ \ha[m`^_gb_ ;hevgu_ bkiulu\Zxl
ih\ur_ggh_ klj_fe_gb_ d ^_yl_evghklb mljZqb\Zxl \kydh_ qm\kl\h mklZehklb ^_eZxlky
qj_af_jgh ih^\b`gufb b km_leb\ufb ZkkhpbZpbb m gbo mkdhj_gu b fukeb kf_gyxl h^gZ
^jm]mxg_^Z\Zy\hafh`ghklbgbh^gmijh^mfZlvdZdke_^m_lgZkljh_gb_^_eZ_lky[_aih\h^Z
\_k_euf b jZ^hklguf hklZ\Zykv h^gZdh \ lh `_ \j_fy hq_gv g_mklhcqb\uf <k_ \e_q_gby
[hevguo ih\ur_gu Z aZ^_j`db^h djZcghklbhkeZ[e_gu G_ ly`_eu_ fZgbZdZevgu_ [hevgu_
gZ i_j\uc \a]ey^ ijhba\h^yl \i_qZle_gb_ ijhklh hq_gv \_k_euo h[sbl_evguo hkljhmfguo
gZoh^qb\uo b wg_j]bqguo ex^_c Lhevdh ijb]ey^_\rbkv d gbf fh`gh aZf_lblv
ih\_joghklghklv b hl\e_dZ_fhklv bo fure_gby qj_af_jgmx \ha[m^bfhklv b g_kihkh[ghklv
kqblZlvky k kblmZpb_c fhf_glZ H[udgh\_ggh hlf_qZ_lky ih\ur_ggZy kZfhhp_gdZ
khq_lZxsZykyk g_kihkh[ghklvxdjblbq_kdbhlghkblvkyd k\hbfihklmidZfFgh]b_^_eZxlky
wjhlbqgufbh[klhyl_evkl\hhkh[_gghaZf_lgh_m `_gsbg\ h[uqguomkeh\byohlebqZxsboky
[hevr_x k^_j`Zgghklvx q_f fm`qbgu < [he__ ly`_euo kemqZyo [hevgu_ hdZau\Zxlky m`_
g_kihkh[gufb khojZgylv ^Z`_ fbgbfZevgmx ihke_^h\Zl_evghklv \ fure_gbb b ih\_^_gbb
GZieu\ ZkkhpbZpbc hdZau\Z_lky gZklhevdh [hevrbf qlh fukeb g_ij_ju\gh kf_gyxl h^gZ
^jm]mx g_ hnhjfeyykv \ kdhevdhgb[m^v k\yagh_ ihkljh_gb_ Ih\ur_ggZy Zdlb\ghklv
ij_\jZsZ_lky \ [_kihjy^hqgh_ ^\b]Zl_evgh_ \ha[m`^_gb_ b ^_yl_evghklv [hevgh]h
kh\_jr_ggh l_jy_l k\hc p_e_\hc oZjZdl_j hdZau\Zykv \h \eZklb _`_fbgmlgh kf_gyxsboky
jZaghh[jZaguoZnn_dlh\< djZcgbokl_i_gyofZgbZdZevgh]h\ha[m`^_gbygZkljh_gb_g_j_^dh
mljZqb\Z_lhll_ghd\_k_ehklbb ^h\hevkl\Zb ^_eZ_lky]g_\eb\ufb jZa^jZ`bl_evgufijb\h^y
[hevgh]hbghcjZad qj_a\uqZcgh[mjgufijbklmiZfih^ebgghcyjhklbBaj_^dZ^_eh^hoh^bl
^hlh]hqlh[hevghcl_jy_lkihkh[ghklvhjb_glbjh\Zlvky\h\j_f_gbb ijhkljZgkl\_j_qv_]h
^_eZ_lky kimlZgghc Z khagZgb_ aZihegy_lky [_kk\yagufb hlju\dZfb fuke_c bgh]^Z
ijbgbfZxsbfb y\gh [j_^h\uc oZjZdl_j b khijh\h`^Zxsbfbky ]ZeexpbgZpbyfb DZd \b^gh
ba baeh`_ggh]h dZjlbgZ fZgbZdZevgh]h khklhygby \ aZ\bkbfhklb hl bgl_gkb\ghklb
\ha[m`^_gby fh`_l [ulv qj_a\uqZcgh jZaghh[jZaghc < kZfuo e_]dbo nhjfZo ljm^gh ^Z`_
]h\hjblv h gZebqbb [he_ag_gguo y\e_gbc b gZh[hjhl djZcgb_ kemqZb ijbgZ^e_`Zl d qbkem
kZfuo ly`_euo \ ikbobZljbq_kdhc ijZdlbd_ ikbohlbq_kdbo khklhygbc b lj_[mxl hkh[_ggh
lsZl_evgh]hmoh^Z
?keb \ fZgbZdZevguokhklhygbyo dZjlbgZ hij_^_ey_lky ikbobq_kdbf \ha[m`^_gb_f lh \
^_ij_kkb\guo ]hkih^kl\m_l lhjfh`_gb_ ^\b]Zl_evgh_ bgl_ee_dlmZevgh_ b wfhpbhgZevgh_
>\b`_gby[hevgh]h^_eZxlkyf_^e_ggufb\yeufb`_klu[_^gufbfbfbdZdZd[uaZklu\r_c
\ \ujZ`_gbb ih^Z\e_gghklb b i_qZeb ;hevrbgkl\h [hevguo `Zem_lky gZ miZ^hd \heb b
g_j_rbl_evghklv <k_ fukebl_evgu_ ijhp_kku ijhl_dZxl m gbo dZd [u ij_h^he_\Zy dZdh_lh
khijhlb\e_gb_ b hklZxlky g_aZdhgq_ggufb bf ljm^gh ijbihfgblv ljm^gh khh[jZ`Zlv b
lhevdh fukeb h g_\ughkbfhklb k\h_]h iheh`_gby g_hl\yagh e_aml bf \ ]heh\m <k_ wlh
khijh\h`^Z_lkyg_ihgylghc]g_lms_clhkdeb\hklvxhsms_gb_fdZdhclhgZ\bkr_cly`_klb
ij_^qm\kl\b_f ]jhays_c [_^u Z qZs_ \k_]h b i_j_`b\Zgb_f dZdhclh kh[kl\_gghc \bgu aZ
dhlhjmxgZ^hjZkieZqb\Zlvkyi_j_`b\Zgb_fg_j_^dh\_^msbfd h[jZah\Zgbxhq_gvmihjguo
b klhcdbo[j_^h\uofuke_ckZfhh[\bg_gbyb kZfhmgbqb`_gby
IZlheh]bq_kdbcoZjZdl_j^_ij_kkb\guonZaagZqbl_evghj_aq_[jhkZ_lky\ ]eZaZq_fwlh
bf__l f_klh ih hlghr_gbx d fZgbZdZevguf khklhygbyf >Z`_ kZfu_ e_]db_ ^_ij_kkbb
i_j_`b\ZxlkydZdg_qlhg_h[uqgh_[he_ag_ggh_q_fih\b^bfhfmb h[tykgy_lkyqlhfy]dh
l_dmsb_ pbjdmeyjgu_ nhjfu lZd gZau\Z_fu_ pbdehlbfbb ^_[xlbjmxl h[udgh\_ggh
^_ij_kkb\gufb nZaZfb ² khhl\_lkl\mxsb_ khklhygby \ha[m`^_gby \ wlbo kemqZyo ih
\b^bfhfmhklZxlkyg_aZf_q_ggufb
< dZjlbg_ lbibq_kdbo ly`_euo ^_ij_kkbc we_f_glu fhlhjgh]h b bgl_ee_dlmZevgh]h
lhjfh`_gby qZklh gZklhevdh \uklmiZxl gZ i_j\uc ieZg qlh aZ gbfb g_ \k_]^Z e_]dh \b^gZ
Znn_dlb\gZy^_ij_kkby
[hevgu_\yeufZehih^\b`guihqlbg_]h\hjylb lhevdhkljZ^Zevq_kdh_\ujZ`_gb_ebpZ
iha\hey_l jZkihagZlv gZebqghklv ly`_ehc lhkdeb\hklb G_j_^dh [he__ yjdh_ \i_qZle_gb_
ijhba\h^yl l_ `_ [hevgu_ dh]^Z hgb gZqbgZxl hk\h[h`^Zlvky hl fhlhjghc k\yaZgghklb lZd
dZd lml hgb kgh\Z ihemqZxl \hafh`ghklv ijhy\eylv \h \k_c iheghl_ k\hb Znn_dlb\gu_
i_j_`b\Zgby ² ke_^kl\b_f wlh]h y\ey_lky lh qlh \ky dZjlbgZ bo khklhygby ^_eZ_lky
agZqbl_evgh ^jZfZlbqg__ Wlh f_`^m ijhqbf hkh[_ggh j_ev_ngh ijhy\ey_lky mqZs_gb_f \
wlhfi_jbh^_ihiulhdd kZfhm[bckl\mbf_gghl_i_jve_]q_aZ\_jrZxsbokyihegufmki_ohf
Ba Zlbibqguo ^_ij_kkb\guo dZjlbg gZ^h mihfygmlv h qZklhf ihy\e_gbb \ wlbo nZaZo
jZaebqguo gZ\yaqb\uo khklhygbc ih k\h_fm oZjZdl_jm h[udgh\_ggh hq_gv ly]hklguo b
fmqbl_evguo Z lZd`_ h[ ZgZeh]bqguo khhl\_lkl\mxsbf fZgbZdZevguf khklhygbyf
^_ebjbhaguonhjfZok gZjmr_gb_fkhagZgbyjZkkljhckl\hfhjb_glbjh\dbjZkl_jygghklvxb
kimlZgghklvxh[udgh\_gghkhijh\h`^Zxsbokyyjdbfbb h[bevgufbohly[hevr_xqZklvxb
fZehk\yagufb]ZeexpbgZlhjgh[j_^h\ufbi_j_`b\ZgbyfbG_h[oh^bfhih^q_jdgmlvh^gZdh
qlh dZjlbgu ihke_^g_]h jh^Z \ jZfdZo pbjdmeyjgh]h ikbohaZ ² y\e_gb_ g_ qZklh_ b
^bZ]ghklbq_kdb g_e_]dh hl]jZgbqb\Z_fh_ hl khhl\_lkl\mxsbo rbahnj_gbq_kdbo khklhygbc
Ihy\e_gb_ \ dZjlbg_ pbjdmeyjguo nZa ^_ebjbhaguo khklhygbc h[tykgy_lky jZaebqgh
bgl_gkb\ghklvx aZ[he_\Zgby gZebqghklvx \ dhgklblmpbhgZevghc  hkgh\_ aZ[he_\r_]h g_
lhevdhpbdehb^guodhfihg_glh\ rbahb^gh]hwibe_ilhb^gh]hb >j gZdhg_p\dexq_gb_f\
^_ckl\b_ ^hihegbl_evguo ]eZ\guf h[jZahf lhdkbq_kdbo beb ZmlhbglhdkbdZpby beb
wdah]_ggu_ y^u  Z]_glh\ <k_ wlb h[tykg_gby gZ^h khagZlvky fZeh ihfh]Zxl ihgbfZgbx
kmsghklb^_eZ
MdZ`_f gZdhg_p _s_ b gZ lhh[klhyl_evkl\h qlh ^_ij_kkb\gu_ khklhygby h[udgh\_ggh
khijh\h`^Zxlky lZd`_ b g_khfg_ggufb khfZlbq_kdbfb jZkkljhckl\Zfb mdZau\Zxsbfb gZ
gZjmr_gguc h[f_g \_s_kl\ Kx^Z hlghkylky qj_a\uqZcgh qZklu_ m ^_ij_kkb\guo [hevguo
aZihju hlkmlkl\b_ Zii_lblZ kmohklv \h jlm mihjgu_ g_\jZe]bq_kdb_ [heb b ^jm]b_
ij_bfms_kl\_ggh \_]_lZlb\gu_ jZkkljhckl\Z Ba ihke_^gbo klhblhlf_lblv gZ[ex^Z_fh_ ijb
g_dhlhjuokhklhygbyoly`_ehclhkdeb\hklbhlkmlkl\b_ke_aKhfZlbq_kdb_g_ihjy^dbgZebph
b ijb fZgbZdZevguo khklhygbyo gh j_aq_ hgb \ujZ`_gu ijb ^_ij_kkbb Jy^ ikbobZljh\ m`_
^Z\gh Z aZ ihke_^g__ \j_fy b bgl_jgbklu Ie_lg_\` mdZau\Zxl gZ lh qlh bgh]^Z \f_klh
lbibqghc^_ij_kkb\ghcnZaujZa\b\Z_lkyijbklmidZdh]hgb[m^vk\yaZggh]hk jZkkljhckl\hf
h[f_gZ\_s_kl\khfZlbq_kdh]haZ[he_\Zgby
Jy^ Z\lhjh\ ij_`^_ \k_]h Dj_i_ebg [hevrh_ agZq_gb_ ijbibku\Z_l \hafh`ghklb
kh_^bg_gby \ h^ghc dZjlbg_ khklhygbc h[uqgh \f_kl_ g_ \klj_qZxsboky gZijbf_j
bgl_ee_dlmZevgh]h \ha[m`^_gby b lhkdeb\h]h Znn_dlZ beb gZh[hjhl klmihjZ b w_k_eh]h
gZkljh_gby b l^ Ij_^eh`_g p_euc jy^ ko_f ^ey gZ]ey^gh]h bah[jZ`_gby ih^h[guo
khq_lZgbc IjZdlbq_kdb mq_gb_ h ih^h[gh]h jh^Z kf_rZgguo khklhygbyo ijb\_eh d
qj_af_jghfmjZkrbj_gbxjZfhdpbjdmeyjgh]hikbohaZ\ dhlhju_klZeb\lbkdb\Zlvnhjfug_
bf_xsb_ gbq_]h h[s_]h k pbjdmeyjgufb Jy^ ikbobZljh\ ² fu hohlgh ijbkh_^bgy_fky d
lZdhfmlhedh\Zgbx²kqblZ_l^himklbfuf]h\hjblvdZdh pbjdmeyjguonZaZolhevdhh lZdbo
khklhygbyo \ dhlhjuo khkms_kl\h\Zgb_ we_f_glh\ lhjfh`_gby b \ha[m`^_gby
ikboheh]bq_kdb ihgylgh LZdh\h gZijbf_j khq_lZgb_ lhkdb k ^\b]Zl_evguf \ha[m`^_gb_f
q_eh\_dg_fh`_lgZclbk_[_f_klZhllhkdb khq_lZgb_lhkdbk gZieu\hffuke_c fukeb
g_^Zxlihdhy khq_lZgb_^\b]Zl_evgh]haZlhjfh`_gbyk gZieu\hffuke_c q_eh\_dmklZeg_
fh`_l ^\bgmlvky k f_klZ Z fukeb \ ]heh\_ [_ahklZgh\hqgh kf_gyxl h^gZ ^jm]mx  b l^
GZijhlb\ ljm^gh gZclb \ h[uqghc `bagb ZgZeh]bb lZdbf khklhygbyf dZd khq_lZgb_
^\b]Zl_evgh]h \ha[m`^_gby b ohjhr_]h gZkljh_gby k hlkmlkl\b_f fuke_c \ ]heh\_
JHGDQNHQDUPH 0DQLH  beb khq_lZgb_ ^\b]Zl_evgh]h b bgl_ee_dlmZevgh]h lhjfh`_gby k
ohjhrbf gZkljh_gb_f PDQLVFKHU 6WXSRU  Wlb ihke_^gb_ ihgylby \gmlj_gg_ ijhlb\hj_qb\u
jZks_ie_gb_ b aZklZ\eyxl^mfZlvh \hafh`ghklbrbahnj_gbbGm`ghkdZaZlvqlhmq_gb_h
kf_rZgguo khklhygbyo \ ij_^_eZo pbjdmeyjgh]h ikbohaZ \hagbdeh \ lh \j_fy dh]^Z \
ikbobZljbq_kdhf h[boh^_ g_ [ueh gb kljmdlmjgh]h ZgZebaZ gb fgh]hkehcgh]h ^bZ]ghaZ gb
ihgylbyh lZdgZau\Z_fuodhgklblmpbhgZevguobebbguo dhfihg_glZo \ dZjlbg_ikbohaZ <
gZklhys__ \j_fy g_lbibq_kdb_ dZjlbgu bgh]^Z \klj_qZxsb_ky \ jZfdZo pbjdmeyjgh]h
ikbohaZ fh]ml ² fu h[ wlhf m`_ ]h\hjbeb ² jZkp_gb\Zlvky b h[tykgylvky dZd keh`gh_
debgbq_kdh_ y\e_gb_ ]^_ gZjy^m k kbfilhfZfb pbdehb^gh]h djm]Z ² \ ^Zgghf kemqZ_
iZlh]_g_lbq_kdbfb ² ihemqZxl k\h_ iZlhieZklbq_kdh_ \ujZ`_gb_ b hnhjfe_gb_ ^jm]b_
bf_xsb_ky gZebph nZdlhju ² dhgklblmpbhgZevgu_ rbahb^gu_ wibe_ilhb^gu_
dhfihg_glu  wdah]_ggu_ \hajZkl y^ i_j_g_k_gguc OXHV  ikboh]_ggu_ bkl_jbq_kdb_
kbfilhfu 
>ebl_evghklv pbjdmeyjguo nZa bg^b\b^mZevgh fh`_l [ulv hq_gv jZaebqghc ² hl
g_kdhevdbo g_^_ev ^h ² \ bkdexqbl_evguo kemqZyo ² g_kdhevdbo e_l QZs_ \k_]h hgZ
jZ\gy_lky ²² f_kypZf Hq_gv ^ebl_evgu_ fZgbZdZevgu_ b ^_ij_kkb\gu_ nZau ² lZd
gZau\Z_fu_ojhgbq_kdb_fZgbbb f_eZgohebb²bebij_^klZ\eyxlkh[hcijhklh_m]em[e_gb_
khhl\_lkl\mxsbo dhgklblmpbhgZevguo khklhygbc beb hdZau\Zxlky ijh^mdlZfb
^bZ]ghklbq_kdbo hrb[hd ihkl_i_ggh jZa\_jlu\Zykv \ ^_[xl rbahnj_gbb >ebl_evghklv
ijbklmiZ ^Ze_dh g_ \k_]^Z gZoh^blky \ hij_^_e_gghf khhlghr_gbb k _]h bgl_gkb\ghklvx
>Ze__ lZ beb bgZy nZaZ fh`_l \hagbdgmlv gZ nhg_ ij_^r_kl\mxs_]h ihegh]h ikbobq_kdh]h
jZ\gh\_kby beb kf_gy_l kh[hc lhevdh qlh aZdhgqb\rmxky ijhlb\hiheh`gmx nZam Bgh]^Z
iheghfm \hkklZgh\e_gbx jZ\gh\_kby ij_^r_kl\m_l djZldh\j_f_ggh_ dhe_[Zgb_ khklhygby \
klhjhgmijhlb\hiheh`ghcnZaulZdgZijbf_jaZfZgbZdZevgufkhklhygb_ffh`_l\ l_q_gb_
g_kdhevdbog_^_evke_^h\Zlve_]dZy^_ij_kkbyb gZh[hjhlQZs_\k_]hh^gZnZaZhl^_ey_lkyhl
^jm]hcijhf_`mldhf \ g_kdhevdh bgh]^Z^Z`_ \ g_kdhevdh ^_kyldh\ e_l Q_j_^h\Zgb_ nZa g_
ih^^Z_lky dZdhcgb[m^v aZdhghf_jghklb bgh]^Z ke_^mxsZy nZaZ ghkbl ijhlb\hiheh`guc
ij_^u^ms_cagZdbgh]^Zlhl`_ kZfuc < h[s_f fh`ghkdZaZlv qlh ^_ij_kkbbij_h[eZ^Zxl
gZ^fZgbZdZevgufbkhklhygbyfbHq_gvj_^dbkemqZbdh]^Zihke_^h\Zl_evgZykf_gZly`_euo
ikbohlbq_kdbo nZa ijhbkoh^bl \ l_q_gb_ fgh]bo e_l [_a k\_leuo ijhf_`mldh\ ih^h[gu_
kemqZb \k_]^Z khfgbl_evgu \ ^bZ]ghklbq_kdhf hlghr_gbb H^gZdh ihklhyggZy kf_gZ e_]dbo
fZehaZf_lguo\ha[m`^_gbcb ^_ij_kkbc[_aj_adh\ujZ`_gguoikbohlbq_kdboijhy\e_gbc²
\_svg_j_^dZy
Bkoh^ dZ`^hc pbjdmeyjghc nZau ² ihegh_ bg^b\b^mZevgh_ \ua^hjh\e_gb_ UHVWLWXWLR DG
LQWHJUXP  H^gZdh gZ^h bf_lv \ \b^m ke_^mxsb_ h]jZgbq_gby <hi_j\uo dZ`^Zy ² b
fZgbZdZevgZyb ^_ij_kkb\gZy²nZaZk __`bag_ggufb\uy\e_gbyfbm\_ebqb\Z_lh[h]ZsZ_l
hiuliZpb_glZb \dhgp_dhgph\g_fh`_lg_hljZablvky\ lhcbeb^jm]hcf_j_gZjZa\blbb_]h
ebqghklb <h\lhjuo k ihy\e_gb_f \ hj]Zgbaf_ pbdehlbfbdh\ bg\hexpbhgguo
kde_jhlbq_kdbo b ^jm]bo baf_g_gbc l_q_gb_ nZa f_gy_lky g_dhlhju_ debgbpbklu hlf_qZxl
qlhdZdijZ\behk \hajZklhfnZauklZgh\ylky[he__^ebl_evgufbb \hagbdZxlqZs_fuebqgh
kqblZ_f qlh wlh h[s__ iheh`_gb_ \h\k_ g_ lZd qZklh hijZ\^u\Z_lky gh qlh hl gZebqghklb
klZjq_kdbo beb kde_jhlbq_kdbo baf_g_gbc nZau pbjdmeyjgh]h ihjy^dZ ^h lh]h [_kke_^gh
ijhoh^b\rb_ aZly]b\Zxlky b ihemqZxl ^h[Z\hqgu_ q_jlu hj]Zgbq_kdh]h keZ[hmfby ² wlhl
nZdl gm`gh kqblZlv mklZgh\e_gguf <lj_lvbo ihke_ ^ebl_evguo bgl_gkb\guo b qZkluo
pbjdmeyjguoijbklmih\dhg_qgh\h\e_dZxsbo\ kn_jmk\h_]h^_ckl\by\_kvhj]Zgbaffh`gh
]h\hjblv h[ ba\_klguo bkoh^guo kbfilhfZo kbfilhfZo hkeZ[e_gby ikbobdb B gZdhg_p \
q_l\_jluo dh]^Z h^gZ ba hq_j_^guo nZa pbjdmeyjgh]h oZjZdl_jZ g_ ^Z_l \ua^hjh\e_gby Z
aZdZgqb\Z_lkyklhcdbfkeZ[hmfb_flhjy^Z\lhjh\ =Zmii *DXSS b FZmp 0DX] X^bgb ^j
kqblZ_l \hafh`guf ]h\hjblv g_ h[ hrb[hqghf jZkihagZ\Zgbb Z h kf_rZgguo nhjfZo
0LVFKIRUPHQ Wlhmq_gb_h kf_rZgguonhjfZodZ`_lkygZffZehijb_fe_fuf

NZau^jm]boikbohiZlbq_kdbo]jmii g_pbdehb^gh]hdjm]Z
M wibe_ilhb^guo ikbohiZlh\ ihfbfh kdhjhij_oh^ysbo ijbklmih\ wibah^h\
wg^h]_ggh]hjZkkljhckl\ZgZkljh_gbyg_j_^dhjZa\b\Zxlkyb [he__^ebl_evgu_ ihg_kdhevdm
^g_c Z bgh]^Z b g_^_ev  khklhygby nZau  m]g_l_gby debgbq_kdb hlebqZxsb_ky hl
pbjdmeyjguo^_ij_kkbcij_bfms_kl\_gghhlkmlkl\b_ffhlhjgh]hlhjfh`_gbyb gZebqghklvx
m [hevguo \f_klh b^_c kZfhh[\bg_gby Z]j_kkb\guo l_g^_gpbb b aeh[ghklb kj lZd`_
ijbklmiu [jh^y`gbq_kl\Z  Kdehgghklv d ih\lhjghfm kihglZgghfm \hagbdgh\_gbx
g_khfg_gguo ^_ij_kkb\guo khklhygbc hlf_qZ_lky dZd fu m`_ mdZau\Zeb \ur_ b m ^jm]bo
ikbohiZlh\ g_ pbjdmeyjgh]h djm]Z gZijbf_j rbahb^h\  OZjZdl_j nZa ghkyl lZd`_ b l_
ijZ\^Z hq_gv g_ qZklh gZ[ex^Zxsb_ky m g_dhlhjuo Zkl_gbdh\ rbahb^h\ wfhlb\gh
eZ[bevguo k\h_h[jZagu_ ijbklmiu hkljuo g_\jZkl_gbq_kdbo b rbahb^guo khklhygbc
bgh]^Zk dZjlbghc[j_^Zlh]hbeb^jm]h]hkh^_j`Zgbybebk ihkljh_gbyfbnZglZabb dhlhju_
\hagbdZxldZd[u[_a\kydhc\g_rg_cijbqbgub ebrvbkdmkkl\_gghih^]hgyxlkyih^ihgylb_
g_j\gh]h bklhs_gby i_j_mlhfe_gby b l^ Kx^Z \_jhylgh hlghkylky g_dhlhju_ ^Ze_dh g_
\k_  kemqZb l_o debgbq_kdbo nhjf dhlhju_ klZju_ njZgpmakdb_ ikbobZlju hibku\Zeb dZd
GHOLUH G HPEOHH ERXIIHH GHOLUDQWH GZdhg_p y\kl\_ggmx l_g^_gpbx d i_jbh^bq_kdhfm
wg^h]_gghfm \hagbdgh\_gbx b bkq_agh\_gbx h[gZjm`b\Zxl fgh]b_ gZ\yaqb\u_ khklhygby m
ikbohiZlh\ ba ]jmiiu Zkl_gbdh\  <hijhku h kmsghklb iZlh]_g_a_ b debgbd_ ih^h[guo g_
pbjdmeyjguo nZa _s_ lhevdh `^ml k\h_c jZajZ[hldb A^_kv gZf dZaZehkv g_h[oh^bfuf
ih^q_jdgmlvkZfucnZdlbokms_kl\h\Zgby
Ij_`^_ q_f i_j_clb d ke_^mxs_fm hl^_em gZr_c jZ[hlu fu [u _s_ jZa ohl_eb
ih^q_jdgmlvmkeh\ghklvhlghkbl_evghklvgZrboih^jZa^_e_gbcIhgylb_nZau²m`_ihgylb_
j_Zdpbb ?keb ijbgylv \h \gbfZgb_ lhl nZdl qlh Zmlholhgghklv kihglZgghklv dZ`^hc nZau
_klv\_sv\ ^hklZlhqghckl_i_gbmkeh\gZy\j_f_ggZyh[mkeh\eb\Z_fZyl_i_j_rgbfmjh\g_f
gZrboagZgbcbeb\_jg__gZrbfg_agZgb_f_kebk ^jm]hcklhjhgubf_lv\ \b^mqlhnZaZ
hlh[jZ`Z_l g_ klhevdh kblmZpbx wdah]_gby  kdhevdh dhgklblmpbx wg^h]_gby  lh f_`^m
ihgylb_fnZaub ihgylb_fdhgklblmpbhgZevghc j_ZdpbbhdZ`_lkyhq_gvfZe_gvdZyjZagbpZ²
jZagbpZ \ m^Zj_gbb \ hlghkbl_evghf agZq_gbb h^gh]h ba ^\mo fhf_glh\ debgbq_kdh]h
y\e_gby Lhqgh lZd `_ fu h[ wlhf lh`_ ]h\hjbeb b ^ey jZa\blby ebqghklb ikbohiZlZ
i_j_g_k_ggu_bfiZlheh]bq_kdb_nZaug_fh]mlhklZlvky[_a^Zevg_cr_]h\ebygby

I:LHEH=BQ?KDB?J?:DPBB IKBOH=?GGU?
I_j_oh^yd l_fnhjfZfdhgklblmpbhgZevguo^mr_\guojZkkljhckl\lheqdhfd jZa\blbx
dhlhjuoy\eyxlkyl_beb^jm]b_\g_rgb_ih\h^ul_beb^jm]b_wfhpbhgZevgu_ljZ\fugZ^hk
kZfh]h gZqZeZ kh\_jr_ggh hij_^_e_ggh kdZaZlv qlh ohly ^ey m^h[kl\Z hibkZgby fu b
jZa^_ebeb bo gZ jZaebqgu_ ]jmiiu gh f_`^m wlbfb ihke_^gbfb g_l l_o \k_ `_
ijbgpbibZevguojZaebqbcdhlhju_gZijbf_jkms_kl\mxlf_`^mnZaZfbb j_Zdpbyfb;m^_f
eb fu bf_lv ^_eh k hkljuf b dhjhldbf jZkkljhckl\hf khagZgby y\eyxsbfky ke_^kl\b_f
qj_af_jgh kbevgh]h \g_aZigh]h ihljyk_gby beb k [he__ ^ebl_evgufb ikbohlbq_kdbfb
ijbklmiZfb bf_xsbfb \ hkgh\_ lm beb bgmx ikbobq_kdmx ljZ\fm beb gZdhg_p k
aZo\Zlu\Zxsbf ihqlb \kx khagZl_evgmx `bagv iZlheh]bq_kdbf jZa\blb_f ebqghklb
g_dhlhjuo ikbohiZlh\ ijb dhlhjhf wlZ ihke_^gyy f_gy_lky f_^e_ggh b ihkl_i_ggh ih^
\ebygb_f f_edbo ih\k_^g_\guo \g_rgbo \ebygbc b Znn_dlb\guo \ha^_ckl\bc ² fu
h[gZjm`bf f_`^m \k_fb wlbfb kemqZyfb jZagbpm ]eZ\guf h[jZahf ebrv \ l_q_gbb b
g_dhlhjuo ^jm]bo ijb\oh^ysbo fhf_glZo KdZaZggh_ dhg_qgh kh\_jr_ggh g_ bkdexqZ_l
g_h[oh^bfhklb ih^jZa^_eblv \ bgl_j_kZo ykghklb b kbkl_fZlbqghklb baeh`_gby gZklhysmx
]eZ\m gZ jy^ hl^_eh\ khhl\_lkl\mxsbo g_ba[_`guf jZaebqbyf \ debgbq_kdhc dZjlbg_ b \
l_q_gbb hl^_evguo ]jmii kemqZ_\ Gh ij_`^_ \k_]h gZf g_h[oh^bfh ohly [u \djZlp_
hklZgh\blvky gZ \hijhk_ h f_oZgbafZo \uau\Zxsbo d `bagb l_ iZlheh]bq_kdb_ y\e_gby
dhlhju_ fu gZau\Z_f ikboh]_ggufb j_Zdpbyfb beb j_Zdlb\gufb khklhygbyfb A^_kv fh`_l
[ulv \Z`g__ \k_]h mdZaZlv qlh \ agZqbl_evghf qbke_ kemqZ_\ ² wlh l_ f_oZgbafu dhlhju_
^_ckl\mxl b \ ghjfZevghc ikbobq_kdhc `bagb Nbabheh]bq_kdb wlh ij_`^_ \k_]h
f_oZgbafu[_amkeh\guob mkeh\guoj_ne_dkh\\ha[m`^_gbylhjfh`_gbykhq_lZgbykju\Zb
l^ ijbq_f \ h^gbo kemqZyo \ha[m`^_gb_ jZkijhkljZgy_lky gZ h[eZklb h[uqgh bf g_
aZljZ]b\Z_fu_ h[mkeh\eb\Zy b aZdj_ieyy ijb wlhf jy^ g_h[uqguo khq_lZgbc \ ^jm]bo
lhjfh`_gb_^_eZ_lkyqj_af_jgh]em[hdbfh^gh\j_f_gghbghcjZa\uk\h[h`^Zyih^Z\ey_fu_\
h[uqguo mkeh\byo ijbfblb\gu_ Z\lhfZlbafu \lj_lvbo ² ijhbkoh^bl g_h`b^Zggh_
mgbqlh`_gb_ dZaZehkv [u m`_ ijhqgh mklZgh\b\rboky ZkkhpbZpbc Ikboheh]bq_kdb
ij_^klZ\e_gbx h[ hlkmlkl\bb \ bamqZ_fhc gZfb h[eZklb dZdhceb[h g_i_j_oh^bfhc ]jZgb
f_`^m ghjfhc b iZlheh]b_c khhl\_lkl\m_l mklZgh\e_ggh_ Yki_jkhf iheh`_gb_ h lhf qlh
[hevrbgkl\h ikboh]_gguo j_Zdpbc oZjZdl_jbam_lky h^gbf h[sbf ijbagZdhf bf_ggh
ijbagZdhfboihgylghklb\hi_j\uok lhqdbaj_gbyikboheh]bq_kdhc\hafh`ghklbh[tykgblv
y\e_gb_dZdj_amevlZldZdihke_^kl\b_h[mkeh\b\r_]h_]hi_j_`b\Zgbyb\h\lhjuok lhqdb
aj_gby gZebqghklb \ l_o `bag_gguo nhjfZo \ dhlhjuo hgh ijhy\ey_lky hij_^_e_ggh]h
kfukeZb p_ebIjZdlbq_kdbh^ghcbakZfuo\Z`guonhjf lZdhcihgylghc k\yab j_Zdpbc k
\ua\Z\rbfb bo \ha^_ckl\byfb y\ey_lky moh^ ba ^_ckl\bl_evghklb beb [_]kl\h \ [he_agv
dh]^Z fZehmklhcqb\Zy ebqghklv klj_fykv hk\h[h^blvky hl g_\ughkbfhc ly`_klb kblmZpbb \
dhlhjmxhgZihiZeZbebihijhklm\udexqZ_lwlmkblmZpbxbakhagZgbybebmkdhevaZ_lbag__
[he__obljufiml_fihem[_kkhagZl_evghjZau]ju\Zylhbebbgh_[he_ag_ggh_khklhygb_beb
gZdhg_pihevam_lkyh[hbfbwlbfbijb_fZfbh^gh\j_f_ggh>jm]hclbiihgylguok\ya_c^Z_l
lhl kemqZc dh]^Z km[t_dl ² khagZl_evgh beb [_kkhagZl_evgh ² iulZ_lky l_f beb bguf
h[jZahf dhfi_gkbjh\Zlv kh[kl\_ggmx k\hx g_^hklZlhqghklv ² g_^hklZlhqghklv eb[h
dZ`msmxky fgbfmx eb[h ^_ckl\bl_evgh kms_kl\mxsmx ² iulZ_lky dZdgb[m^v
dhfi_gkbjh\Zlvk\hb`bag_ggu_g_m^Zqbkha^Zlv\f_klhgbolhlbeb^jm]hckmjjh]Zlb \wlbo
k\hbo ihiuldZo \uy\ey_l l_ q_jlu k\h_c ikbobdb dhlhju_ ^h lh]h gZoh^ylky \ eZl_glghf
khklhygbb Z]j_kkb\ghklvkdehgghklvd i_j_hp_gd_l_obebbguob^_ckdehgghklvd [j_^h\uf
ihkljh_gbyfd nZglZabbgZ\yaqb\h_fure_gb_ Q_eh\_diulZ_lkyl_fbebbgufiml_fgZclb
k_[_lZdmxihabpbxohly[ugZ\j_fygZclbk_[_lZdh_f_klh\ `bagbdhlhjh_[u^Z\Zeh_fm
\uoh^ ba g_\ughkbfhc ^ey k_[y g_ijb_fe_fhc g_ihkbevghc kblmZpbb hg klZgh\blky
lj_[mxsbf aZ[hlu \gbfZgby hi_db dhfi_gkZlhjguc iZjZablbaf  GZdhg_p _kl_kl\_ggZ
ihgylgZ ^_ij_kkby lhkdZ ihke_ g_kqZklvy ihgyl_g kljZo b b^_b ij_ke_^h\Zgby ihke_
h[ukdZihke_Zj_klZihgylgu]ZeexpbgZpbb\ h^bghqghfaZdexq_gbbb l^b l^L_jfbg²
ihgylguc²fu[_j_f\ dZ\uqdb b[h _keb m]h^gh \kydh_ lZdh]hjh^Zy\e_gb_ b ihgylghb
g_ihgylgh b[h _keb hgh kms_kl\m_l \ ^_ckl\bl_evghc `bagb lh hgh q_flh h[mkeh\e_gh b
fh`_l[ulvihgylhg_ihgylgh`_hghihlhfmqlh\uoh^blaZjZfdbh[uqguokj_^gbolbih\
j_Z]bjh\Zgby<hijhkh ihgylghklbk\ya_c²\hijhkhij_^_e_gghhlghkbl_evgucmkeh\guc
debgbq_kdh__]hagZq_gb_\k_`_hklZ_lkyhq_gv[hevrbfb[hhlkmlkl\b_bebgZebqghklvwlhc
ihgylghklbkiehrvb jy^hfhdZau\Z_l[hevrb_ mkem]b \ ^_e_ ^bnn_j_gpbZevgh]h ^bZ]ghaZ
f_`^m ikbohiZlb_c b [he_ag_gguf ijhp_kkhf rbahnj_gb_c  ijbq_f hlkmlkl\b_ wlh]h
debgbdhikboheh]bq_kdh]hijbagZdZh[uqgh]h\hjblaZrbahnj_gbxb ijhlb\ikbohiZlbb 
?klv _s_ h^bg imlv ^ey ihgylguo gh\hh[jZah\Zgbb ² imlv dhlhjuc h^gZdh gZf
kZfbf dZ`_lky gZklhevdh g_m[_^bl_evguf qlh fu g_ j_rZ_fky ]h\hjblv h g_f \ l_dkl_
jZ[hluZ ]h\hjbfebrv\ ijbf_qZgbb>_ehb^_lh l_okemqZyodh]^Zq_eh\_d\ gZr_fkemqZ_
q_eh\_dhij_^_e_ggh]hikbohiZlbq_kdh]hkdeZ^ZaZljZqb\Z_lfgh]hwg_j]bbfgh]hfhjZevguo
b bgl_ee_dlmZevguo kbe gZ lm beb ^jm]mx b^_x gZ lm beb ^jm]mx `bag_ggmx p_ev \
ba\_klguc fhf_gl hg ]hjvdh jZahqZjh\u\Z_lky \ k\h_c ^_yl_evghklb ijboh^bl d khagZgbx
[_kkfuke_gghklb k\h_c klhev ^hjh]h klhb\r_c _fm jZ[hlu b ² hdZau\Z_lky \ gZklhevdh
g_mklhcqb\hf ikbobq_kdb khklhygbb qlh ih^ \ebygb_f lh]h beb ^jm]h]h rhdZ ^Z_l
iZlheh]bq_kdb_ j_Zdpbb Wlhl imlv h[jZah\Zgby gh\uo ihgylguo k\ya_c dZ`_lky gZf
fZehijb_fe_fuf ihlhfm qlh _keb q_eh\_d ^_ckl\bl_evgh m[_^beky \ k\hbo hrb[dZo lh hg
gZklhevdh ihdhj_g k\hbfb gh\ufb `bag_ggufb mklZgh\dZfb qlh _fm g_ h q_f ]hj_\Zlv b
g_q_]hgZijhreh_j_Z]bjh\Zlv
\ ijhlb\ghf kemqZ_ hg g_ ^he`_g h[fZgu\Zlv k_[y b ^jm]bo l_ ]jhfZ^gu_ aZljZlu
ikbobq_kdhcwg_j]bbdhlhju_hgk^_eZeg_ijhreb^eyg_]h[eZ]h^Zjy_]hg_iheghp_gghklb
^Zjhf hgb _]h h[_kkbebeb hg klZe g_ l_f q_f [ue \ wlbo kemqZyo fh`gh ]h\hjblv eb[h h
gZ`blhc g_\jZkl_gbb eb[h m`_ h klhcdhc bg\Zeb^ghklb eb[h gZdhg_p h[ Zkl_gbq_kdhf
jZa\blbb kf gb`_  dhg_qgh h[yaZgghf k\hbf ijhbkoh`^_gb_f gZebqghklb \ ikbobd_ wlh]h
q_eh\_dZUHVSikbohiZlZZkl_gbq_kdh]h`ZeZ

< debgbd_j_Zdlb\guokhklhygbcbf__lhq_gv\Z`gh_h[s__agZq_gb_ijZ\^Zg_aZihegyy
kh[hc \k_]h debgbq_kdh]h kh^_j`Zgby khhl\_lkl\mxsbo kemqZ_\ kbg^jhf jZkkljhckl\Z
khagZgby wlh b aZklZ\ey_l gZk hklZgh\blvky gZ wlhf kbfilhf_ jZgvr_ q_f fu i_j_c^_f d
hibkZgbx hl^_evguo nhjf Kbg^jhf wlhl ihqlb g_ ih^^Z_lky hibkZgbx E_]q_ \k_]h
hoZjZdl_jbah\Zlv _]h hljbpZl_evguf ijbagZdhf ² g_kihkh[ghklvx ijZ\bevgh jZkp_gb\Zlv
hdjm`Zxs__ K dhebq_kl\_gghc klhjhgu _]h hij_^_ey_l [hevr__ beb f_gvr__ ² bgh]^Z
\iehlv^hihegh]hm]ZkZgby²ih[e_^g_gb_\hkijbylbb>eyj_Zdlb\guojZkkljhckl\khagZgby
oZjZdl_jgZ hkh[_gghklv gZau\Z_fZy qZklh h[jZaguf l_jfbghf km`_gb_ khagZgby
khkj_^hlhq_gb_ gZ madhf djm]_ i_j_`b\Zgbc k aZ[u\Zgb_f \udexq_gb_f ba khagZgby \k_]h
hklZevgh]h GZ^h ijb wlhf ihfgblv qlh hibku\Z_fuc kbg^jhf bf__l b g_dhlhjh_
iheh`bl_evgh_kh^_j`Zgb_ikbobdZ[hevgh]hg_lhevdh\udexqZ_l\i_qZle_gbyhdjm`Zxs_]h
fbjZ g_`_eZl_evgu_ \hkihfbgZgby b ijhq__ gh qZklh b aZihegy_lky jy^hf Znn_dlb\gh
hdjZr_gguo i_j_`b\Zgbc b nZglZklbq_kdbo h[jZah\ <h fgh]bo kemqZyo g_\hevgh
gZijZrb\Z_lky ZgZeh]by gZjmr_ggh]h khagZgby kh kghf \ dhlhjhf \f_klh \udexq_gghc
^_ckl\bl_evghklb ikbobq_kdbc fbj aZiheg_g h[jZaZfb ohly b g_j_Zevgufb [_kk\yagufb gh
l_fg_f_g__bf_xsbfb[eb`Zcr__hlghr_gb_d kZfufbglbfgufi_j_`b\Zgbyfb qm\kl\Zf
ebqghklb
Qlh dZkZ_lky dhgdj_lguo ijhy\e_gbc dhlhjufb h[gZjm`b\Z_lky kbg^jhf j_Zdlb\gh]h
jZkkljhckl\Z khagZgby \ hl^_evguo kemqZyo lh \ k\yab k wlbheh]bq_kdbf fhf_glhf
dhgklblmpbhgZevgufb nZdlhjZfb b jZagufb ^jm]bfb mkeh\byfb hg fh`_l agZqbl_evgh
\Zjvbjh\Zlv ² h[klhyl_evkl\h iha\heyxs__ \u^_eblv g_kdhevdh jZaebqguo _]h nhjf
Ijhkl_crbf \b^hf y\eyxlky h[fhjhdb klmihjhagu_ khklhygby b ijbklmiu we_f_glZjgh]h
^\b]Zl_evgh]h \ha[m`^_gby ijbiZ^db  y\eyxsb_ky ke_^kl\b_f ^mr_\guo ihljyk_gbc
;he__ keh`gmx ]jmiim kemqZ_\ h[jZamxl ^ebl_evgu_ khklhygby \hagbdZxsb_ qZs_ \k_]h \
lxj_fghf aZdexq_gbb b kh_^bgyxsb_ \ k_[_ y\e_gby jZkkljhckl\Z khagZgby k we_f_glZfb
^_fhgkljZlb\ghklb b gZjhqblhklb kbg^jhf =Zga_jZ imwjbebaf ik_\^h^_f_glghklv  Bf
jh^kl\_ggu kmf_j_qgu_ khklhygby bghc jZa jZa\b\Zxsb_ky ihke_ g_m^Zq \ ex[h\guo UHVS
k_f_cguohlghr_gbyoihke_mljZlu[ebadboex^_cb l^²khklhygby]eZ\ghcoZjZdl_jghc
q_jlhc dhlhjuo y\ey_lky aZf_gZ ^_ckl\bl_evghklb kghih^h[gufb i_j_`b\Zgbyfb ba
ijhreh]h Z lZd`_ dZjlbgZfb hkms_kl\e_gguo `_eZgbc beb hiZk_gbc GZdhg_p ihke_^gxx
]jmiim h[jZamxl dZjlbgu [ebadbo d [j_^m nZglZklbq_kdbo i_j_`b\Zgbc [j_^hih^h[gu_
nZglZabb]j_augZy\m 
I_j_oh^y l_i_jv d bamq_gbx hl^_evguo ih^e_`Zsbo gZr_fm bamq_gbx debgbq_kdbo
dZjlbg fu ij_`^_ \k_]h ^he`gu h[jZlblvky d hklj_crbf dZlZkljhnbq_kdbf  nhjfZf
dhlhju_mkeh\ghm^h[g__\k_]hgZa\Zlvj_ZdpbyfbrhdZ

Rhd
Ih^ wlbf gZa\Zgb_f fuih^jZamf_\Z_f l_ kemqZb dh]^Z kh\_jr_gghg_ihkj_^kl\_ggZy b
hq_\b^gZy hiZkghklv ^ey `bagb gZijbf_j \h \j_fy dZlZkljhn gZ \hcg_ b ijhq__ \uau\Z_l
ikbobq_kdh_ ihljyk_gb_ \_^ms__ d klhev agZqbl_evguf baf_g_gbyf \ mkeh\byo
nmgdpbhgbjh\Zgby p_gljZevghc g_j\ghc kbkl_fu qlh ohly [u gZ dhjhldh_ \j_fy ]jm[h
gZjmrZxlkyb ikbobq_kdZy^_yl_evghklvb j_]mebjm_fu_wlhcihke_^g_cijhy\e_gby?klv^\Z
hkgh\guolbiZrhdZ ^\b]Zl_evgh_\ha[m`^_gb_b  klmihjB lhlb ^jm]hc\ agZqbl_evghf
qbke_ kemqZ_\ khijh\h`^Zxlky jZkkljhckl\hf khagZgby Nhjfu ^_[xlbjmxsb_
\ha[m`^_gb_fdjhf_lh]hoZjZdl_jbamxlkyqZkluf\uy\e_gb_fjZaebqguoZ\lhfZlbafh\dZd\
kfuke_ h[gZjm`_gby ijbfblb\guo \e_q_gbc [_am^_j`gh_ [_]kl\h Z]j_kkb\gu_ ihklmidb b
l^  lZd b ijhklh [_kihjy^hqghc kf_ghc g_hkfuke_gguo bghc jZa km^hjh`guo ^\b`_gbc
ijbiZ^db  < ih\_^_gbb ih^h[guo [hevguo bghc jZa fh`gh ih^f_lblv _s_ b dZd [u
^_lkdmxih^q_jdgmlhg_e_imxkm_leb\hklv
Klmihjhagu_ nhjfu qZs_ \k_]h ij_^klZ\eyxl kh[hx \uau\Z_fh_ m`Zkhf aZklu\Zgb_ gZ
f_kl_ khijh\h`^Z_fh_ g_kihkh[ghklvx d kh\_jr_gbx kZfuo we_f_glZjguo ^\b`_gbc
g_h[oh^bfuo^Z`_^eykh[kl\_ggh]hkiZk_gby;ebadmxd wlhc]jmii_nhjfmij_^klZ\ey_llZd
gZau\Z_fucwfhpbhgZevguciZjZebq²khklhygb_\b^bfh]h[_amqZklbyd ijhbkoh^ys_fmb
kemqb\r_fmky khklhygb_ khijh\h`^Zxs__ky i_j_`b\Zgb_f \gmlj_gg_c imklhlu b
g_kihkh[ghklvxijhqm\kl\h\ZlvljZ]bafiheh`_gby< j_ZdpbyorhdZihqlb\k_]^Z\ lhcbeb
bghcnhjf_ijbgbfZ_lmqZklb_b khfZlbdZa^_kvgZ^hij_`^_\k_]hhlf_lblv\Z`gh_agZq_gb_
ijbgZ^e_`Zs__ lZdbf kbfilhfZf dZd aZf_^e_gb_ beb gZh[hjhl mkdhj_gb_ k_j^p_[b_gby
ih[e_^g_gb_ ihy\e_gb_ h[bevgh]h ihlZ ijhnmagu_ ihghku b j\hlu jZkkljhckl\h
fhq_bkimkdZgby b ijhq__ ² kbfilhfZf mdZau\Zxsbf gZ g_ihkj_^kl\_ggh_ ihjZ`_gb_
p_gljh\ \_]_lZlb\ghc g_j\ghc kbkl_fu bgh]^Z gZklhevdh j_adh_ b bkdexqbl_evgh_ qlh
g_\hevgh \hagbdZ_l fukev m`_ g_ h nmgdpbhgZevghf Z h[ hj]Zgbq_kdhf oZjZdl_j_
ijhba\_^_ggh]hrhdhfihjZ`_gby
<aZbfhhlghr_gby f_`^m ihq\hc b kblmZpb_c ijb j_Zdpbyo rhdZ dhg_qgh fh]ml [ulv
jZaebqgufb < h[s_f ih\b^bfhfm wlb j_Zdpbb fh]ml ^Z\Zlv \k_ dhgklblmpbb
hlebqbl_evguf k\hckl\hf dhlhjuo y\ey_lky jZgbfhklv b \ha[m^bfhklv ijbq_f fh`gh
ij_^iheZ]Zlv qlh lZf ]^_ \ dhgklblmpbhgZevghc  hkgh\_ _klv agZqbl_evgu_ we_f_glu
\ha[m^bfhklb b \ debgbq_kdhc dZjlbg_ ij_h[eZ^Z_l \ha[m`^_gb_ lZf `_ ]^_ ]hkih^kl\mxl
Zkl_gbq_kdb_ dhfihg_glu dZjlbgZ khklhygby hdjZrb\Z_lky p\_lZfb klmihjZ H^gZdh
hij_^_e_gguo debgbq_kdbo ^hdZaZl_evkl\ lZdh]h jZaebqby fu ihdZ g_ bf__f b ihwlhfm
]h\hjblv h ki_pbnbq_kdbo ^ey hij_^_e_gguo dhgklblmpbc dZjlbgZo j_Zdpbc rhdZ _s_ g_l
hkgh\Zgby< jy^_kemqZ_\\hh[s_fh`ghkdZaZlvqlhbf_ggha^_kvdhgklblmpbyhdZau\Z_lgZ
nhjfu ikbohlbq_kdbo ijhy\e_gbc kjZ\gbl_evgh g_[hevrh_ \ebygb_ b bg^b\b^mZevgu_
jZaebqby\ dZjlbg_ khklhygbc kdhj__ kdehggu k]eZ`b\Zlvky Khhl\_lkl\_ggh wlhfm ih^h[gu_
j_Zdpbbfh`gh[ueh[ugZa\Zlvj_Zdpbyfbh[s_q_eh\_q_kdbfbWlhfmkhhl\_lkl\m_llZd`_b
lhh[klhyl_evkl\hqlh^ey\hagbdgh\_gbyj_ZdpbcrhdZ\h\k_g_g_h[oh^bfZkdhevdhgb[m^v
]em[hdZyikbohiZlbq_kdZyhkgh\ZkljZ^Zxs_cebqghklbgZh[hjhlijbgZebqbbkbevgh]hrhdZ
kl_i_gvikbohiZlbqghklbfh`_l[ulvb hq_gvg_\_ebdZ

Bfimevkb\gZy j_Zdpby Ih k\h_c djZldhklb d j_Zdpbb rhdZ hq_gv [ebadZ j_Zdpby
\uau\Z_fZy Znn_dlZfb ]g_\Z j_\ghklb kljZklb >Z`_ m ex^_c [_a j_adh \ujZ`_gguo
ikbohiZlbq_kdbo hkh[_gghkl_c ]g_\ g_j_^dh h[mkeh\eb\Z_l gZklhevdh g_ijZ\bevgh_
ih\_^_gb_ lZdb_ [mjgu_ g_hkfuke_ggu_ b y\gh \ur_^rb_ baih^ dhgljhey khagZgby
^\b`_gby b ^_ckl\by qlh \hagbdZ_l fukev h ikbobq_kdhf g_a^hjh\v_ M ikbohiZlh\ kZfh]h
jZaebqgh]hkdeZ^Z\aju\ug_h[ma^Zggh]h]g_\Zij_^klZ\eyxlqj_a\uqZcghqZklh_y\e_gb_LZd
dZdhgbh[udgh\_gghhq_gv[ukljhb [_kke_^ghh[oh^ylkyg_hklZ\eyygbdZdboke_^h\lhb g_
\hagbdZ_l ih\h^h\ ^ey h[jZs_gby d ikbobZljm Ihke_^g__ klZgh\blky g_h[oh^bfuf dh]^Z
ihke_^kl\b_f ]g_\ghc \kiurdb y\eyxlky hiZkgu_ Z bgh]^Z b g_ihijZ\bfu_ ihklmidb qZs_
\k_]h^jZdZbeb^Z`_m[bckl\h<bgh\gbdbih^h[guo^_ygbcdZdijZ\beh\ hijZ\^Zgb_k\h_]h
ih\_^_gby ml\_j`^Zxl qlh \ fhf_gl kh\_jr_gby ij_klmie_gby hgb [ueb \ [_kkhagZl_evghf
khklhygbbb gbq_]hg_ihfgylh lhfqlhlh]^Z^_eZebD lZdh]hjh^ZaZy\e_gbyfgZ^hdhg_qgh
hlghkblvkydjblbq_kdbohlyb g_khfg_gghqlhq_f\ur_Znn_dlb\gh_gZijy`_gb_l_f[he__
km`b\Z_lky ihe_ khagZgby b l_f f_g__ m khhl\_lkl\mxs_c ebqghklb hklZ_lky \hafh`ghklb
j_]mebjh\Zlvk\hb^_ckl\by\ jy^_kemqZ_\lZdhfm khklhygbx ^_ckl\bl_evgh khhl\_lkl\m_l b
aZl_fg_gb_ khagZgby gZ lhl beb ^jm]hc kjhd Hkh[_ggh e_]dh ih^h[gu_ khklhygby
iZlheh]bq_kdh]h Znn_dlZ g_ hklZ\eyxsb_ ihke_ k_[y gbdZdh]h \hkihfbgZgby h k^_eZgghf
gZijbf_j h kh\_jr_gghf \ lZdhf khklhygbb m[bckl\_  jZa\b\Zxlky m wibe_ilhb^guo
ikbohiZlh\
D qbkem bfimevkb\guo j_Zdpbc _kl_kl\_gg__ \k_]h hlg_klb lZd`_ b lhl kemqZc dh]^Z
^ebl_evgh_khklhygb_fheqZi_j_ghkbfh]hZnn_dlb\gh]hgZijy`_gby lhkdbaeh[ukljZklb
jZaj_rZ_lky\kiurdhc`_klhdbogZkbevkl\_gguo^_ckl\bc ih^`h]bm[bckl\Zb ij LZdh\u
hibkZggu_Yki_jkhfij_klmie_gby\ke_^kl\b_lhkdbihjh^bg_ +HLPZHKUHDNWLRQHQ lZdh\u
b g_dhlhju_ kemqZb lZd gZau\Z_fh]h ^_lhm[bckl\Z m[bckl\Z fZl_jyfb k\hbo lhevdh qlh
jh^b\rboky^_l_c <h\k_oih^h[guokemqZyo^_ehb^_lh g_h`b^Zgghfih^qZkb ^eykZfh]h
ij_klmigbdZ ij_\jZs_gbb \ ^_ckl\b_ aZfukeZ ^h lh]h b g_ ij_^iheZ]Z\r_]hky \h\k_ d
hkms_kl\e_gbx gh \ l_q_gb_ [he__ beb f_g__ ijh^he`bl_evgh]h \j_f_gb ijbklZevgh
aZgbfZ\r_]h _]h nZglZabx GZdhg_p bgh]^Z kh^_j`Zgb_ ^_ckl\by hij_^_ey_lky f]gh\_ggh
kha^Z\r_cky kblmZpb_c ^Zxs_c ihke_^gbc lheqhd d jZajy^m ihkl_i_ggh gZdZieb\Z\r_]hky
^ebl_evgh]h gZijy`_gby Dj_qf_j ih^h[gh]h jh^Z ^_ckl\by gZau\Z_l j_Zdpbyfb dhjhldh]h
aZfudZgby .XU]VFKOXVVUHDNWLRQHQ  ij_^iheZ]Zy bo kmsghklv \ lhf qlh bfimevk d ^_ckl\bx
[eZ]h^Zjyqj_af_jghckbe_aZklhy\r_]hkyZnn_dlZhkms_kl\ey_lkyj_ne_dkhh[jZaghfbgmy
klZ^bx khagZl_evghc i_j_jZ[hldb \ukrbfb ikbobq_kdbfb p_gljZfb Wlb lbiu j_Zdpbb
gZ[ex^Zxlkym rbahb^h\wibe_ilhb^h\bkl_jbqguo
< iZlhikboheh]bb wlbo khklhygbc g_khfg_ggh [hevrmx jhev b]jZxl lZd gZau\Z_fu_
k\_jop_ggu_ b^_b Gm`gh ^h[Z\blv qlh bgh]^Z wlb khklhygby hdZau\Zxlky g_kdhevdh [he__
^ebl_evgufb q_f wlh h[uqgh [u\Z_l k j_Zdpbyfb rhdZ b lygmlky ^Z`_ g_kdhevdh ^g_c
[hevgu_ lZdh]h jh^Z hdZau\Zxlky h^_j`bfufb lhc beb ^jm]hc kljZklvx khagZgb_
km`b\Z_lkyb q_j_adhjhldbckjhd^_ehaZ\_jrZ_lkydZlZkljhnhc

J_Zdpby wdklZaZ Wlh kjZ\gbl_evgh g_ qZklh_ khklhygb_ h[udgh\_ggh ij_^klZ\ey_l

\ujZ`_gb_i_j_`b\ZgbydjZcg_]h[eZ`_gkl\Zk\yaZggh]hk qm\kl\hfjZkl\hj_gbyebqgh]hy
b hl^ZqbkZfh]hk_[y\h\eZklvex[bfh]hbeb\ukr_]hkms_kl\Z< k\hbodjZcgboijhy\e_gbyo
wdklZa h[udgh\_ggh khijh\h`^Z_lky jZkkljhckl\hf khagZgby Z bgh]^Z b ]ZeexpbgZpbyfb
\b^_gbyfb  WdklZlbq_kdh_ khklhygb_ j_^dh ^eblky ^he__ g_kdhevdbo qZkh\ WlZ j_Zdpby
wdklZaZqZs_\k_]h\klj_qZ_lkym f_qlZl_e_cnZgZlbdh\iZjZghbdh\

AZly`gu_j_Zdlb\gu_khklhygby
Dh]^Z iZlheh]bq_kdZy j_Zdpby gZ l_ beb bgu_ `bag_ggh aZljZ]b\Zxsb_ bgl_j_ku
ebqghklb nZdlu y\ey_lky [he__ ^ebl_evghc fh`gh ]h\hjblv h ^ebl_evguo j_Zdlb\guo
khklhygbyo\ kh[kl\_gghfkfuke_wlh]hkeh\ZQlh[ubkq_jiZlv\hijhkh[bonhjfZo\hafh`gh
iheg__g_h[oh^bfhih^hclbd g_fmk jZaguolhq_daj_gbykhhl\_lkl\_gghq_fmfh`gh[ueh
[uihkljhblvg_kdhevdh jZaebqguo ² b h^bgZdh\h ijZ\hf_jguo ² kihkh[h\ deZkkbnbdZpbb
wlbonhjfGZbf_g__ijh^mdlb\gufghb gZb[he__ijhklufb we_f_glZjgufy\ey_lky^_e_gb_
khhl\_lkl\_ggh debgbq_kdbf dZjlbgZf Wlhl ijbgpbi ^_e_gby fu \ i_j\mx hq_j_^v b
bkihevam_f

J_Zdpby moh^Z ba ^_ckl\bl_evghklb ?keb i_j_`b\Zgb_ ly`_ehc g_ijbylghklb [hevrhc

hiZkghklb b \hh[s_ k_jv_aghc m]jhau bgl_j_kZf ebqghklb \ul_dZ_l g_ ba djZldh\j_f_ggh]h
rhdZ Z ba ijhqghc g_[eZ]hijbylgh keh`b\r_cky kblmZpbb lh m keZ[hc fZeh mklhcqb\hc
ikbohiZlbq_kdhcebqghklbqZklh\hagbdZ_lkhagZl_evgh_beb[_kkhagZl_evgh_`_eZgb_l_fbeb
bgufiml_fohly[ugZ\j_fymclbbaih^gZ\bkr_]hgZ^g_c]g_lZhl^_eZlvkyhlm]jh`Zxs_c
beb ^Z`_ ijhklh g_ijb_fe_fhc ^_ckl\bl_evghklb Kihkh[u dhlhjufb kh\_jrZ_lky lZdhc
moh^ ba ^_ckl\bl_evghklb fh]ml [ulv hq_gv jZaghh[jZagufb Ijhkl_crbf b gZb[he__
jZkijhkljZg_ggufy\ey_lkylZdgZau\Z_fh_[_]kl\h\ [he_agv\uy\e_gb_ dZjlbgu lh]h beb
bgh]h iZlheh]bq_kdh]h khklhygby bf_xs__ p_evx iml_f ^_fhgkljZpbb [_kihfhsghklb b
keZ[hklb \ua\Zlv m hdjm`Zxsbo mqZklb_ b aZklZ\blv baf_gblv kha^Z\rmxky h[klZgh\dm \
ihevam [hevgh]h Dhg_qgh lZdmx b]jm g_evay ij_^klZ\eylv k_[_ dZd mfure_gguc h[fZg
kbfmeypbx ij_h[eZ^Zxsmx jhev \ \hagbdgh\_gbb khhl\_lkl\mxsbo dZjlbg b]jZxl
[_kkhagZl_evgu_ih^khagZl_evgu_f_oZgbafuZ mfure_gghklv\ kfuke_^_ckl\bl_evgh]h
b khagZ\Z_fh]h `_eZgby dZaZlvky ly`_eh [hevguf [hevr_x qZklvx b]jZ_l jhev lhevdh
gZqZevgh]h lheqdZ ihke_ dhlhjh]h [he_ag_ggh_ khklhygb_ jZa\_jlu\Z_lky m`_ ih k\hbf
kh[kl\_gguf aZdhgZf Bgl_j_kgh hlf_lblv qlh j_Zdlb\gu_ khklhygby ^_[xlbjmxsb_
jZkkljhckl\Zfb khagZgby hq_gv qZklh hlghkylky bf_ggh d dZl_]hjbb j_Zdpbb moh^Z ba
^_ckl\bl_evghklb ² ih\b^bfhfm ^_fhgkljZlb\ghklv wlh]h kbg^jhfZ hkh[_ggh [ebadZ
l_g^_gpbb[hevgh]hdZaZlvkyaZkem`b\ZxsbfkhkljZ^Zgby
Hkh[_ggh oZjZdl_jgmx dZjlbgm ikboh]_ggh]h kmf_j_qgh]h khklhygby hlghkys_]hky d
j_Zdpbyf [_]kl\Z \ [he_agv ^Z_l lZd gZau\Z_fuc ]Zga_jh\kdbc kbg^jhf LZd gZau\Z_lky
k\h_h[jZagh_ ih\_^_gb_ g_dhlhjuo [hevguo ij_bfms_kl\_ggh ba qbkeZ ih^ke_^kl\_gguo
aZdexq_gguodhlhjh_\k_]hgZ]ey^g__h[gZjm`b\Z_lky\ hl\_lZogZjZkkijhku \jZqZ Hl\_lu
wlboZjZdl_jbamxlkybohq_\b^ghcg_e_ihklvxh^gh\j_f_gghh^gZdhm^b\eyy\gbfZl_evgh]h
gZ[ex^Zl_eyl_fqlhhl\_lu[m^mqblZdkdZaZlvb^msbfbfbfhp_eb 9RUEHLUHGHQ \ lh`_
\j_fy ihqlb \k_]^Z ^Zxlky \ iehkdhklb \hijhkZ Wlh h[klhyl_evkl\h ijb^Z_l \ukdZau\Zgbyf
[hevgh]h oZjZdl_j hkh[hc gZjhqblhklb b ^_eZgghklb LZd gZ \hijhk kdhehdh [m^_l ^\Z`^u
^\Z" ² [hevghc hl\_qZ_l ljb beb iylv dZdh_ qbkeh k_]h^gy" ²  dZdh]h p\_lZ
kg_]" ² djZkguc b l^ LZdhc `_ oZjZdl_j bf_xl b ihklmidb [hevguo hgb g_\_jgh
\uihegyxl kZfu_ ijhklu_ ij_^eh`_gby ihqlb \k_]^Z h^gZdh khojZgyy h[s__ gZijZ\e_gb_
^_ckl\bykh]eZkghaZ^ZgbxlZd[hevghcaZ`b]Z_lkibqdbh[jZlghcklhjhghc\klZ\ey_ldexq\
aZfhdk ^jm]h]hdhgpZb l^Ijbwlhf[hevgu_ijhba\h^ylh[s__\i_qZle_gb_jZkl_jygghklb
]ey^yl i_j_^ kh[hc gbq_]h g_ ihgbfZxsbf \a]ey^hf `Zemxlky gZ ]heh\gmx [hev b eb[h
ZiZlbqgh e_`Zl \ ihkl_eb hl\_jgm\rbkv d kl_g_ eb[h g_ij_ju\gh g_e_ih km_lylky lh
g_h`b^Zggh gZqbgZxl ]emih ohohlZlv lh \^jm] k \ujZ`_gb_f kljZoZ gZ ebp_ ijyqmlky ih^
klhe b l^ I_j\h_ \i_qZle_gb_ ijhba\h^bfh_ ih^h[gufb [hevgufb ² wlh \i_qZle_gb_
]em[hdh]hkeZ[hmfbyghq_f^Zevr_bogZ[ex^Z_rvl_fh[udgh\_ggh\k_\b^g__klZgh\blky
qlh \ bo keZ[hmfbb b g_e_ihklb _klv kbkl_fZ beb dZd ]h\hjbl Ibd 3LFN  \ bo [_kkfukebb
kdju\Z_lky p_euc f_lh^ H^gZdh \ f_oZgbaf_ jZa\blby lZdbo khklhygbc mfure_gghklv
ijhba\hevghklv b]jZ_l jhev qZs_ \k_]h g_ \ kfuke_ ]jm[h]h ijbl\hjkl\Z Z kdhj__ ²
[_kkhagZl_evgh]h kZfh\a\bgqb\Zgby ;hevghc gZ kZfhf ^_e_ h]emr_g k\Zeb\rbfky gZ g_]h
g_kqZklb_fhgjZkl_jygb g_fh`_lgZclb\uoh^Zbakha^Z\r_]hkyiheh`_gbyH`b^Z_fh_bf
gZdZaZgb_ gZihegy_l_]h m`Zkhf ?fm \ ^_ckl\bl_evghklb ohl_ehkv [u khclb k mfZ qlh[u g_
ihgbfZlv ijhbkoh^ys_]h djm]hf \ j_amevlZl_ Znn_dl m`ZkZ b jZkl_jygghklb mkbeb\Z_lky
gZklhevdh qlh khagZgb_ gZjmrZ_lky b baih^ ihjh]Z ihke_^g_]h ihy\ey_lky m`_
ih^]hlh\e_gguc\k_fbij_^u^msbfbi_j_`b\Zgbyfblhlkihkh[ih\_^_gbydhlhjucdZ`_lky
[hevghfm gZb[he__ p_e_khh[jZaguf hg [_kkhagZl_evgh gZqbgZ_l jZau]ju\Zlv
^mr_\gh[hevgh]h b bf_ggh lZd dZd wlh ij_^klZ\ey_lky g_k\_^ms_fm \ ikbobZljbb q_eh\_dm
bf_ggh gZjhqblh g_e_iuf ih\_^_gb_f Ih^h[gu_ hibkZgguf khklhygby fh]ml ^eblvky
f_kypZfb jZaj_rZykv dZd lhevdh hij_^_eblky \ lm beb bgmx klhjhgm ^Zevg_crZy km^v[Z
[hevgh]hhk\h[h`^_gb_hlgZdZaZgbyh[uqghebd\b^bjm_lbop_ebdhf

=Zga_jh\kdbckbg^jhfij_^klZ\ey_lkh[hcebrvgZb[he__yjdmxnhjfmijhy\e_gby[he__
rbjhdhc ]jmiiu j_Zdlb\guo khklhygbc emqr_ \k_]h mdeZ^u\Zxs_cky \ jZfdb ihgylby ² 
ik_\^h^_f_glghklb eh`gh_dZ`ms__kyfgbfh_keZ[hmfb_GHPHQWLDVSXULD
3VHXGRGHPHQ]  < ^jm]bo k\hbo nhjfZo ik_\^h^_f_glghklv qZs_ \k_]h lhevdh
dhebq_kl\_ggh hlebqZ_lky hl m`_ hibkZgguo kemqZ_\ Ijb f_gvr_f \uy\e_gbb we_f_glh\
gZjhqblhc g_e_ihklb [hevgu_ h[jZsZxl gZ k_[y \gbfZgb_ [hevr_c jZkl_jygghklvx
h]emr_gghklvx`Zeh[ZfbgZ]heh\gu_[hebb gZg_kihkh[ghklvqlhgb[m^vihgylvK lmiuf
[_kkfuke_gguf\ujZ`_gb_fkfhljylhgbi_j_^kh[hcih^he]mdZd[u[m^mqbg_\ khklhygbb
kh[jZlvky k fukeyfb fheqZl ij_`^_ q_f hl\_lblv gZ kZfuc ijhklhc \hijhk hldZau\Zxlky
kkueZykvgZg_mf_gb_j_rZlvwe_f_glZjgu_aZ^Zqbg_fh]ml\kihfgblvhkgh\gu_^Zluk\h_c
`bagb b l^ AZ wlhc fZkdhc jZkl_jygghklb b lmihklb \Z`gh g_ mimkdZlv ihqlb \k_]^Z
bf_xs_ckygZebphl_g^_gpbbih^q_jdgmlvk\hxg_^__kihkh[ghklvb g_hl\_lkl\_gghklv
AZf_lghc q_jlhc dZjlbgu j_Zdlb\guo khklhygbc hibku\Z_fh]h oZjZdl_jZ \ p_ehf jy^_
kemqZ_\ y\ey_lky h^gZ k\h_h[jZagZy hkh[_gghklv ihemqb\rZy gZa\Zgb_ imwjbebafZ Wlh
gZa\Zgb_ ijbf_gy_lky ^ey h[hagZq_gby hkh[hc jZagh\b^ghklb g_e_ih]h g_khhl\_lkl\mxs_]h
ikbobd_ \ajhkeh]h q_eh\_dZ ih\_^_gby bf_ggh ih\_^_gby ^_lkdh]h ^_lkdbo fZg_j j_qb
^_lkdbo `_klh\ ^_lkdbo rZehkl_c [hevgu_ r_i_ey\yl b kxkxdZxl ]h\hjyl
mf_gvrbl_evgufb bf_gZfb lj_[mxl k_[_ b]jmr_d b]jZxl \ ^_lkdb_ b]ju gZijbf_j
ijh\h^yl \j_fy \ ihkljhcd_ dZjlhqguo ^hfbdh\ b ij G_j_^dh \k_ ih\_^_gb_ lZdbo [hevguo
dZd [m^lh ]h\hjbl Kfhljbl_ dZd y keZ[ b [_kihfhs_g y gZklhysbc j_[_ghd ihsZ^bl_ `_
f_gy GZ^h ^h[Z\blv qlh imwjbebaf y\ey_lky b \g_ khklhygbc khijh\h`^Zxsboky
jZkkljhckl\hf khagZgby hq_gv qZkluf kimlgbdhf j_Zdlb\guo khklhygbc ba ]jmiiu moh^Z hl
^_ckl\bl_evghklb
A^_kv [ulv fh`_l mf_klgh ohly [u lhevdh hlf_lblv qlh djhf_ hibkZgguo ^_eZgguo
gZjhqbluo kmf_j_qguo khklhygbc g_khfg_ggh \klj_qZxlky lZd`_ kemqZb ^_[xlbjmxsb_
jZkkljhckl\hf khagZgby b kimlZgghklvx b g_ ij_^klZ\eyxsb_ gbdZdbo q_jl ohly [u
[_kkhagZl_evghc gZb]jZgghklb F_oZgbaf \hagbdgh\_gby b debgbq_kdh_ iheh`_gb_ lZdbo
kemqZ_\ihdZg_^hklZlhqghykgu
Hkh[h_ f_klh aZgbfZxl gh hlghkylky kx^Z `_ ^h\hevgh j_^db_ kemqZb lZd gZau\Z_fuo
[j_^hih^h[guo nZglZabc ZDKQKDIWH (LQELOGXQJHQ (LQIDOOH  lZd`_ bghc jZa \hagbdZxsbo \
lxj_fghf aZdexq_gbb gh g_khfg_ggh \klj_qZxsboky b \g_ _]h \ k\yab k lhc beb ^jm]hc
ikbobq_kdhc ljZ\fhc  Kbg^jhf wlhl khklhbl \ lhf qlh m q_eh\_dZ ^h lh]h dZd [m^lh
kh\_jr_ggha^hjh\h]hg_h`b^Zggh\ke_^aZl_fbeb^jm]bfihljyk_gb_fjZa\b\Z_lky^h\hevgh
iurguc[j_^qZklh\_ebqby [hevghc²[h]Zlucb agZlgucq_eh\_dhg`_gblkygZdjZkZ\bp_
_fm ij_^eh`_gh aZgylv jy^ \u^Zxsboky ^he`ghkl_c b l^  ;j_^ wlhl ijhl_dZ_l ijb
dZ`ms_fky ykghf khagZgbb bf__l ^h ba\_klghc kl_i_gb k\yaguc oZjZdl_j kiehrv b jy^hf
ijbqm^eb\ gZ^mfZg ^Z`_ g_e_i ih k\h_fm kh^_j`Zgbx \k_ wlh \f_kl_ ijb^Z_l wlbf
ihkljh_gbyf oZjZdl_j \u^mfdb ijbl\hjkl\Z nZglZabb h^gZdh khagZl_evgZy kbfmeypby
h[uqgh fh`_l [ulv e_]dh bkdexq_gZ Hlebqbl_evghc hkh[_gghklvx bklbgguo [j_^h\uo
nZglZabcy\ey_lkylhqlhhgb^_j`Zlkyhq_gvg_^he]hqZklhbaf_gqb\u\ k\h_fkh^_j`Zgbbb
[ukljh bkq_aZxl GZ^h aZf_lblv qlh hibku\Z_fuc kbg^jhf bgh]^Z ljm^gh hlebqblv hl
oZjZdl_jbamxsbo ikbohiZlh\f_qlZl_e_c lZd gZau\Z_fuo ]j_a gZy\m ij_^klZ\eyxsbo
lZd`_ ijhy\e_gb_ klj_fe_gbc h[^_e_gghc `bagvx gZlmju mclb hl ^_ckl\bl_evghklb \ fbj
nZglZabb
Bgl_j_kguc h[jZaqbd kbg^jhfZ moh^Z ba ^_ckl\bl_evghklb aZgbfZxl j_Zdpbb hldZaZ
9HUVDJXQJ  DjZkb\uc kemqZc ih^h[gh]h jh^Z ijb\h^bl Dj_qf_j G_djZkb\Zy b g_mfgZy
^_\mrdZ\ l_q_gb_jy^Ze_lihkl_i_gghklZjblkygZf_edhc^hfZrg_cjZ[hl_\ hlph\kdhf^hf_
[_ajhihlghg_ky\kxly`_klvkdm^gh]hohayckl\Z[_^ghck ljm^hfk\h^ys_cdhgpuk dhgpZfb
k_fvb Ihklhyggu_ fZl_jbZevgu_ g_^hklZldb moh^ aZ dZijbaghc \u`b\r_c ba mfZ [Z[dhc
ih^ju\Zxl gZdhg_p __ fm`_kl\h Ihke_imklyqgh]h mebqgh]hg_kqZklvy hgZ [ueZ krb[e_gZ
ehrZ^vx  hgZ gZ^_\Z_l kbgb_ hqdb eh`blky \ ihkl_ev Z dh]^Z __ ohlyl ihklZ\blv gZ gh]b
\Zeblky gZ ihe ?keb i_j_\_klb wlm dZjlbggmx iZglhfbfm \ ko_fZlbq_kdmx nhjfmem lh wlZ
ihke_^gyy \_jhylgh [m^_l a\mqZlv lZd y kf_jl_evgh mklZeZ y g_ ohqm gbq_]h \b^_lv b
keurZlvg_^\bgm[hevr_gb h^gbfqe_ghfb g_k^_eZxgbh^gh]hrZ]Z
A^_kv `_ gm`gh mihfygmlv b h kbfmeypbb kbfmeypby ^he`gZ lhqgh lZd `_
jZkkfZljb\ZlvkydZdaZsblgZyj_ZdpbyikbohiZlbq_kdhcebqghklbgZg_ihkbevgmx^eywlhc
ebqghklb`bag_ggmxkblmZpbx
<hijhk h khagZl_evghklb beb [_kkhagZl_evghklb kbfmeypbb _klv \hijhk mkeh\guc
hlghkbl_evguc @_eZgb_ ikbohiZlZ [ulv beb dZaZlvky ^mr_\gh[hevguf fh`_l i_j_clb \
^_ckl\bl_evgh_ ikbobq_kdh_ jZkkljhckl\h `_eZgbx [ulv ^mr_\gh[hevgufb m wlbo
g_iheghp_gguo ebqghkl_c ² \k_]^Z d mkem]Zf ih^khagZl_evgu_ p_j_[jZevgu_ f_oZgbafu
P_euc jy^ debgbq_kdbo y\e_gbc kgZqZeZ mfure_gguo b ij_^gZf_j_gguo dZd gZijbf_j
Z[kmj^gu_ b^_b aZ\_^hfh g_e_iu_ ihklmidb g__kl_kl\_ggZy Znn_dlbjh\Zgghklv ² \k_ wlb
y\e_gby ihkl_i_ggh wfZgkbibjmxlky hl `_eZgby km[t_dlZb ijbgZebqghklb_]h ih\ur_gghc
kZfh\gmrZ_fhklb ^_eZxlky m`_ g_ bkdmkkl\_ggufb g_ ijhba\hevgufb Z gZklhysbfb
kbfilhfZfb[he_agb
Qlh dZkZ_lky dhgklblmpbhgZevghc  hkgh\u j_Zdpbc moh^Z ba ^_ckl\bl_evghklb lh ih
\b^bfhfmkZfmx[eZ]hijbylgmxihq\m^eygboij_^klZ\eyxlwibe_ilhb^uZglbkhpbZevgu_
bkl_jbdbb jh^kl\_ggu_bfiZlheh]bq_kdb_e]mguke_^mxs_c]jmiihcqZklh^Zxs_ckemqZb
lZdboj_Zdpbcy\eyxlkyZkl_gbdbrbahb^ub hlqZklbj_Zdlb\gheZ[bevgu_ebqghklb

=Zeexpbgha b iZjZghb^ Hkljuc ]Zeexpbgha ² kjZ\gbl_evgh j_^dh_ y\e_gb_ \ debgbd_

ikboh]_gguoj_Zdpbchkh[_ggh _keb jZkkfZljb\Zlv _]h dZd kZfhklhyl_evguc kbg^jhf ihqlb
\k_]^Z hg k\yaZg k l_fb beb ^jm]bfb [j_^h\ufb ihkljh_gbyfb QZklh hg \hagbdZ_l \
h^bghqghfaZdexq_gbbb k\yaZgk i_j_`b\Zgbyfbg_\ughkbfhclj_\h]bb h`b^Zgbyg_kqZklvy
b oZjZdl_jbam_lky h[bevgufb kemoh\ufb ]ZeexpbgZpbyfb qZs_ \k_]h h[\bgyxs_]h b
m]jh`Zxs_]h oZjZdl_jZ Bgh]^Z gZh[hjhl kh^_j`Zgb_ ]hehkh\ y\ey_lky ih^l\_j`^_gb_f
\hagbdZxsbom [hevgh]hfuke_ck\h_]hkh[kl\_ggh]hagZq_gbyb ^Z`_\_ebqby=hjZa^hqZs_
q_f \ujZ`_gguc kbg^jhf hkljh]h ]ZeexpbghaZ wibah^bq_kdb \klj_qZxlky b lZd`_
ij_bfms_kl\_ggh m aZdexq_gguo kemoh\u_ Z bgh]^Z b ajbl_evgu_ ]ZeexpbgZpbb dZd
ih^l\_j`^_gb_jZa\b\Zxsbokym gbol_obebbguo[j_^h\uob^_c
;he__ agZqbl_evgh_ f_klh \ ]jmii_ j_Zdlb\guo khklhygbc ijbgZ^e_`bl dZjlbg_ hkljh]h
iZjZghb^Z Km[t_dlb\ghikboheh]bq_kdb \hagbdgh\_gb_ wlh]h kbg^jhfZ \iheg_ ihgylgh hg
ihy\ey_lky \k_]^Z lZf ]^_ ih lhc beb ^jm]hc ijbqbg_ keZ[Zy g_mklhcqb\Zy \gmrZ_fZy
ebqghklvihiZ^Z_l\ eh`gh_bahebjh\Zggh_iheh`_gb_>\_kblmZpbb[hevr_\k_]hkihkh[gu
_]h \ua\Zlv   gZoh`^_gb_ ih^ ih^haj_gb_f \ kh\_jr_gbb dZdh]hgb[m^v ijhklmidZ beb
ij_klmie_gby b   bahebjh\Zggh_ iheh`_gb_ \ kh\_jr_ggh qm`^hc kj_^_ gZijbf_j \ kj_^_
ex^_c ]h\hjysbo gZ ^jm]hf yaud_ GZkdhevdh qZklh \klj_qZ_lky i_j\Zy kblmZpby gZklhevdh
`_ j_^db kemqZb ikboh]_gguo j_Zdpbc gZ ihq\_ \lhjhc Qlh g_qbklZy kh\_klv kZfZ ih k_[_
kdehggZ \uau\Zlv iZjZghb^gmx mklZgh\dm ² \_sv _kl_kl\_ggZy [_a \kydbo ^Zevg_crbo
ihykg_gbcIjbgZebqghklbkdhevdhgb[m^v\ujZ`_gguoZkl_gbq_kdboq_jl\ kdeZ^_ebqghklb
g_m\_j_gghklv lj_\h`ghklv  m q_eh\_dZ bf_xs_]h aZ kh[hc dZdb_gb[m^v ih^e_`Zsb_
khdjulbx h[klhyl_evkl\Z hq_gv e_]dh jZa\b\Zxlky hiZk_gby ke_`db ih^]ey^u\Zgby
ih^kemrb\Zgby b l^ ?kl_kl\_ggh qlh lZf ]^_ \hagbdZ_l m`_ j_ZevgZy g_ihkj_^kl\_ggZy
hiZkghklv hkh[_ggh m ex^_c kdjulguo ih^hajbl_evguo wfhpbhgZevghg_mklhcqb\uo e_]dh
jZa\b\Z_lkyb gZklhysbciZjZghb^q_eh\_dmdZ`_lkyqlhhdjm`Zxsb_ex^b]h\hjyllhevdhh
g_f hg \b^bl bo i_j_fb]b\Zgby ih^Z\Z_fu_ bfb ^jm] >jm]m agZdb hg keurbl
ij_^hkl_j_]Zxsb_b m]jh`Zxsb_]hehkZhgaZf_qZ_l\kx^mke_^mxsboaZgbfkusbdh\b l^
< j_adh \ujZ`_gguo kemqZyo hkh[_ggh \ ih^ke_^kl\_gghf aZdexq_gbb \ky dZjlbgZ
hdjm`Zxs_c ^_ckl\bl_evghklb f_gy_lky ihy\eyxlky [he__ beb f_g__ h[bevgu_ kemoh\u_
]ZeexpbgZpbbbgh]^ZjZa\b\Z_lky^Z`_b g_dhlhjh_gZjmr_gb_khagZgbyDZjlbgZiZjZghb^Zk
[j_^hf ij_ke_^h\Zgby fh`_l jZa\b\Zlvky b ijb ^jm]bo h[jZlguo ikboheh]bq_kdbo
ij_^ihkuedZo wlh\ijhq_fj_`_ ²bf_gghdh]^Zebqghklv\k_]^ZkdehggZy\h\k_f\bgblv
g_k_[yZ ^jm]bokdehggZykqblZlvk_[yg_hp_g_gghcih aZkem]Zf g_kijZ\_^eb\hh[b`_gghc
wibe_ilhb^gu_ dhfihg_glu  ihke_ lh]h beb ^jm]h]h rhdZ kha^Z_l gZ lhl beb ^jm]hc kjhd
p_emxkbkl_fm[j_^Z ij_ke_^h\Zgby IZjZghb^ebphdZaZ\rboky\ qm`hckljZg_[_ayaudZ
[_a k\yab k hdjm`Zxsbfb hlebqZ_lky hl iZjZghb^Z ih^haj_\Z_fuo b ih^ke_^kl\_gguo ebrv
ih kh^_j`Zgbx [j_^ ij_ke_^h\Zgby [j_^ hlghr_gby bf__l a^_kv ^jm]mx hkgh\m b ^jm]hc
dhehjbl
 =h\hjyh iZjZghb^_g_evayg_mihfygmlv_s_h ke_^mxsbonhjfZo
h \hagbdgh\_gbb[j_^Zihfbeh\Zgbym aZdexq_gguogZ^he]b_kjhdbh[bg^mpbjh\Zgghf
ihf_rZl_evkl\_ b [j_^_ lm]hmobo Qlh dZkZ_lky i_j\h]h lh wlhl kbg^jhf \klj_qZ_lky djZcg_
j_^dh b fZeh bamq_g LZd dZd hg ih\b^bfhfm ij_^klZ\ey_l j_amevlZl ^ebl_evgh]h jZa\blby
ebqghklb gZoh^ys_cky \ hij_^_e_gguo mkeh\byo ijZ\bevg__ hlghkblv _]h d ke_^mxs_fm
hl^_emiZlhikboheh]bq_kdh]hjZa\blby
Qlh dZkZ_lky kemqZ_\ bg^mpbjh\Zggh]h ihf_rZl_evkl\Z lh qZs_ \k_]h \ gbo fu bf__f
^_eh k \ha^_ckl\b_f gZ e_]dh \gmrZ_fuo h]jZgbq_gguo fZeh dmevlmjguo ijbfblb\guo
ex^_c ² \ha^_ckl\b_f hdZau\Z_fuf gZ gbo kh klhjhgu bo ^mr_\gh[hevguo jh^kl\_ggbdh\
beb[ebadbo rbahnj_gbdh\iZjZghbdh\k m`_klhcdbfkeh`b\rbfky[j_^hf Mihlj_[e_gb_
l_jfbgZikbobq_kdh_aZjZ`_gb_ihhlghr_gbxd hibku\Z_fhc]jmii_kemqZ_\gZ^hdhg_qgh
ihgbfZlv ebrv nb]mjZevgh F_oZgbaf \hagbdgh\_gby [j_^Z a^_kv p_ebdhf hij_^_ey_lky
kbevghcwfhpbhgZevghcijb\yaZgghklvxd ebqghklby\eyxs_ckybklhqgbdhf[j_^Zb ke_iuf
ih hlghr_gbx d g_c ^h\_jb_f Kh^_j`Zgb_ bg^mpbjh\Zggh]h [j_^Z fh`_l [ulv hq_gv
jZaghh[jZagufqZklhwlh[j_^ij_ke_^h\Zgby
GZdhg_p [j_^ lm]hmobo ij_^klZ\ey_l kh[hc g_ j_Zdpbx \ madhf kfuke_ wlh]h keh\Z Z
j_amevlZlk\h_h[jZagh]hjZa\blbyebqghklbijbq_febqghklbg_lhevdhikbohiZlbq_kdhcgh
\_jhylgh djhf_ lh]h m`_ k l_f beb bguf gZ`blufp_j_[jZevguf^_n_dlhf Ghaheh]bq_kdh_
f_klhwlh]hkbg^jhfZkihjghF_oZgbaf ikboh]_ggh]h \hagbdgh\_gbya^_kv[j_^Z[he__beb
f_g__ lhl `_ qlh b ex^_c ihl_jy\rbo \hafh`ghklv \oh^blv \ h[uqgh_ h[s_gb_ k
hdjm`Zxsbfb ih\h^ ^ey ihy\e_gby g_^h\_jby  IZjZghb^u \hagbdZxl gZ kZfuo jZaebqguo
dhgklblmpbhgZevguohkgh\ZoqZs_\k_]h²m rbahb^h\Zkl_gbdh\iZjZghbdh\bkl_jbqguo
j_`_m wibe_ilhb^h\

>_ij_kkby>_ij_kkby²h^gZbakZfuoqZkluonhjfj_Zdlb\guokhklhygbcOZjZdl_jghc
^ey g__ hkh[_gghklvx [hevr_ ih`Zemc q_f ^ey \kydhc bghc nhjfu ikboh]_gguo j_Zdpbc
y\ey_lky hlkmlkl\b_ kdhevdhgb[m^v hsmlbfhc ]jZgbpu f_`^m ghjfhc b iZlheh]b_c E_]dZy
^_ij_kkby y\ey_lky \ kZfhf ^_e_ jZkijhkljZg_gg_cr_c nhjfhc ghjfZevguo
h[s_q_eh\_q_kdbo i_j_`b\Zgbc \kydZy kdhevdhgb[m^v agZqbl_evgZy mljZlZ m [hevrbgkl\Z
ghjfZevguo ex^_c \uau\Z_l m]g_l_ggh_ lhkdeb\h_ gZkljh_gb_ h[smx \yehklv b
aZlhjfh`_gghklv hlkmlkl\b_ kgZ Zii_lblZ ke_au b ij < iZlheh]bq_kdbo kemqZyo j_qv b^_l
ij_bfms_kl\_gghh dhebq_kl\_gghfgZjZklZgbbl_o`_kZfuo y\e_gbc Fh`gh \u^_eblv ^\_
]jmiiu iZlheh]bq_kdbo ^_ij_kkb\guo khklhygbc j_Zdlb\gh]h ihjy^dZ   kemqZb ]^_
ij_h[eZ^Z_l qj_af_jgZy kbeZ Znn_dlb\guo ijhy\e_gbc b   ^jm]b_ [hevr_ h[jZsZxsb_ gZ
k_[y \gbfZgb_ k\h_x ^ebl_evghklvx KemqZb i_j\h]h jh^Z ohly b ijb\h^yl g_j_^dh d
ihiuldZfkZfhm[bckl\Z\k_`_kjZ\gbl_evghj_^dhihiZ^Zxlih^gZ[ex^_gb_ikbobZljZhgb
ghkyl oZjZdl_j wdkiehab\guo \kiur_d UDSWXV  g_ihkj_^kl\_ggh ijbfudZxsbo d mljZl_
[ebadh]hq_eh\_dZex[h\ghfmjZahqZjh\Zgbxb l^ihiuldZkZfhm[bckl\ZbghcjZay\ey_lky
gZqZehf kiZ^_gby Znn_dlb\ghc \hegu b \ha\jZs_gby km[t_dlZ d [he__ beb f_g__
ghjfZevghfm khklhygbx < ^jm]bo kemqZyo k l_q_gb_f \j_f_gb ijhy\e_gby Znn_dlZ
^_eZxlky f_g__ j_adbfb h^gZdh iheghklvx hg g_ jZaj_rZ_lky b khklhygb_ [hevgh]h
ijbgbfZ_l oZjZdl_j ^ebl_evghc ^_ij_kkbb Nhjfu wlh]h ihke_^g_]h jh^Z b khklZ\eyxl
]eZ\gmx fZkkm ikbobZljbq_kdbo gZ[ex^_gbc ijbq_f lhevdh \ g_[hevrhc qZklb kemqZ_\ hgb
ij_^klZ\eyxl dZd[uhklZlhd[he__hkljuo \kiur_d khhl\_lkl\h\Z\rbo fhf_glm gZqZevgh]h
i_j_`b\Zgby kiehrv b jy^hf ^_ij_kkb\gh_ khklhygb_ jZa\b\Z_lky ihkl_i_ggh ^hklb]Zy
fZdkbfZevgh]h gZijy`_gby ebrv q_j_a g_dhlhjuc ijhf_`mlhd \j_f_gb ihke_ fhf_glZ
ikbobq_kdhcljZ\fuKbfilhfZlheh]bq_kdbj_Zdlb\gu_^_ij_kkbbh[uqghfZehhlebqZxlkyhl
^_ij_kkbc wg^h]_gguo ohly \ wlhf hlghr_gbb b ^_eZxlky hq_gv bgl_j_kgu_
^bnn_j_gpbZevgh^bZ]ghklbq_kdb_ ihiuldb ih`Zemc _^bgkl\_gguf kdhevdhgb[m^v
ihklhygguf ohly lh`_ \h\k_ g_ h[yaZl_evguf hlebqbl_evguf bo ijbagZdhf y\ey_lky
gZebqghklv k\yab f_`^m kh[ulb_f ih\_^rbf d jZa\blbx ^_ij_kkbb b kh^_j`Zgb_f
i_j_`b\Zgbc \ ^_ij_kkb\ghf khklhygbb GZ^h kdZaZlv qlh \hh[s_ dZjlbgu j_Zdlb\guo
^_ij_kkbc fh]ml [ulv hq_gv jZaghh[jZagu ² h[klhyl_evkl\h klhys__ \ k\yab g_ klhevdh k
oZjZdl_jhf b bgl_gkb\ghklvx gZqZevgh]h i_j_`b\Zgby kdhevdh k dhgklblmpbhgZevgufb
hkh[_gghklyfb aZ[he_\Zxsbo < kZfhf ^_e_ j_Zdlb\gu_ ^_ij_kkbb fh]ml jZa\b\Zlvky m
ikbohiZlbq_kdbo ebqghkl_c ex[h]h kdeZ^Z hohlg__ b ]em[`_ \k_]h aZljZ]b\Zy h^gZdh ebp k
pbdehlbfbq_kdbf \ rbjhdhf kfuke_ wlh]h keh\Z ij_^jZkiheh`_gb_f hkh[_ggh ²
pbdehlbfbdh\ dhgklblmpbhgZevgh^_ij_kkb\guo b wfhlb\gheZ[bevguo ?kl_kl\_ggh qlh \
wlhfdjm]mqZs_\k_]hb jZa\b\ZxlkygZb[he__[ebadb_d wg^h]_gguf^_ij_kkbyfdZjlbguM
ebp g_ pbdehlbfbq_kdh]h kdeZ^Z gZijbf_j m Zkl_gbdh\ j_Zdlb\gu_ ^_ij_kkbb h[udgh\_ggh
hdZau\Zxlkyf_g__]em[hdbfbb g_klhev^ebl_evgufbg_j_^dh²k hq_gvfZeh\ujZ`_ggufb
y\e_gbyfb lhjfh`_gby m ebp k bkl_jbq_kdbfb q_jlZfb ikbobdb hgb djhf_ lh]h
oZjZdl_jbamxlky aZf_lghc kdehgghklvx d ij_m\_ebq_gbx k\h_]h [he_ag_ggh]h khklhygby b d
ij_h[eZ^Zgbx we_f_glh\ Z]j_kkb\ghklb b jZa^jZ`bl_evghklb gZ^ lhkdhc b k\hckl\_gghc
pbjdmeyjghc^_ij_kkbbmklZgh\dhcgZkZfhh[\bg_gb_
gZdhg_p m wibe_ilhb^h\ dhlhju_ g_j_^dh ^Zxl j_Zdlb\gu_ ^_ij_kkbb wlb ijbklmiu
bgh]^Z aZly]b\Zxlky gZ hq_gv ^he]bc kjhd hlebqZxlky [hevrhc fhghlhgghklvx [hevgu_
kiehrv b jy^hf m]jxfu aeu g_ ih^^Zxlky gb eZkd_ gb m]h\hjZf \bgyl \ ijhbkr_^r_f
g_kqZklbbdh]hm]h^ghghg_k_[yEZg]_ /DQJH jZkkfZljb\Zy]jmiimj_Zdlb\guo^_ij_kkbc
dZd jy^ k g_ij_ju\gufb b g_aZf_lgufb i_j_oh^Zfb hl wg^h]_gbc d wdah]_gbyf ij_^eh`be
ke_^mxsmx bo deZkkbnbdZpbx   ikbobq_kdb ijh\hpbjh\Zggu_ f_eZgohebb l_ lbibqgu_
ijbklmiupbjdmeyjguo^_ij_kkbcjZa\b\rb_kyh^gZdhih^\ebygb_fl_obebbguoly`_euo
i_j_`b\Zgbc a^_kv k\yav kh^_j`Zgby [he_ag_gguo i_j_`b\Zgbc k bkoh^guf fhf_glhf
[he_agbk l_q_gb_f\j_f_gbihkl_i_gghk]eZ`b\Z_lkyb ihju\Z_lky j_Zdlb\gu_^_ij_kkbb\
kh[kl\_gghf kfuke_ ² khklhygby jZa\b\Zxsb_ky m pbdehlbfbdh\ b dhgklblmpbhgZevgh
^_ij_kkb\guohq_gvkoh^gu_ihdZjlbg_k wg^h]_ggufb^_ij_kkbyfbghoZjZdl_jbamxsb_ky
h[yaZl_evguf khojZg_gb_f \ l_q_gb_ \k_c [he_agb iZlhikboh]_g_lbq_kdhc k\yab k bkoh^ghc
ikbobq_kdhcljZ\fhc ikboh]_ggu_^_ij_kkbb m rbahb^h\bkl_jbdh\b ij hlebqZxsb_ky
jy^hf q_jl g_ k\hckl\_gguo ^\mf i_j\uf ]jmiiZf hlkmlkl\b_ lhjfh`_gby kdehgghklv d
ij_m\_ebq_gbx we_f_glu Z]j_kkb\ghklb ih hlghr_gbx d hdjm`Zxsbf b l^  IjZdlbq_kdb
\k_ih^h[gu_ko_fubf_xlh^gZdhebrvhq_gvmkeh\gh_b hlghkbl_evgh_agZq_gb_
D Zlbibq_kdbf j_Zdlb\guf ^_ij_kkbyf [ebadh klhyl k\h_h[jZagu_ dZjlbgu dhlhju_
fh`_l [ulv p_e_khh[jZag__ [ueh [u kh\k_f \u^_eblv ba ]jmiiu ^_ij_kkb\guo khklhygbc
LZdh\u khklhygby dhlhju_ m^h[g__ \k_]h gZa\Zlv hkljufb j_Zdlb\gufb Zkl_gbyfb b
j_Zdlb\gu_ bihohg^jbb I_j\Zy ]jmiiZ kemqZ_\ h[gbfZ_l khklhygby jZa\b\Zxsb_ky m
rbahb^h\ b Zkl_gbdh\ ihke_ ^ebl_evguo b bgl_gkb\guo Znn_dlb\guo gZijy`_gbc hkh[_ggh
_keb hgb g_ ijb\_eb d `_eZl_evghfm j_amevlZlm beb ^Z`_ aZdhgqbebkv ly`_ehc mljZlhc
gZijbf_jkf_jlvx^he]h[he_\r_]hb lj_[h\Z\r_]h[^bl_evgh]hmoh^Z[ebadh]hq_eh\_dZ <
wlbodZjlbgZogZi_j\ucieZg\uklmiZ_lg_lhkdZb m]g_l_gb_y \yehklv[_ajZaebqb_ZiZlby
miZ^hd bgbpbZlb\u bgh]^Z kf_gyxsb_ky \kiurdZfb jZa^jZ`_gby QZklh kx^Z `_
ijbkh_^bgy_lky b jy^ khfZlbq_kdbo kbfilhfh\ ]heh\gu_ [heb [_kkhggbpZ hlkmlkl\b_
Zii_lblZb ijhq__
J_Zdlb\gufb bihohg^jbyfb ke_^m_l h[hagZqZlv khklhygby jZa\b\Zxsb_ky
ij_bfms_kl\_ggh m Zkl_gbdh\ b wfhlb\gheZ[bevguo \ k\yab k g_hklhjh`gh khh[s_gguf bf
k_jv_aguf ^bZ]ghahf lh]h beb bgh]h bo [he_ag_ggh]h khklhygby yljh]_ggu_ j_Zdpbb  beb
^Z`_ijhklh\ k\yabk [he__bebf_g__h[udgh\_ggufbbokh[kl\_ggufbij_^iheh`_gbyfbh
gZebqbbm gbolhcbeb^jm]hchiZkghc[he_agb gZijbf_j[he_agbk_j^pZlm[_jdme_aZjZdZ
kbnbebkZ Ih^h[gh]hjh^Zhklju_bihohg^jbq_kdb_khklhygbyfh]ml\hagbdZlvb mex^_cih
lhc beb bghc ijbqbg_ hdZaZ\rboky \ f_klghklb dhlhjhc m]jh`Z_l jZkijhkljZg_gb_ dZdhc
gb[m^v wib^_fbb ohe_ju lbnZ b l^  Hl ijb\uqguo bihohg^jbq_kdbo khklhygbc
dhgklblmpbhgZevguoZkl_gbdh\j_Zdlb\gu_bihohg^jbbhlebqZxlkyihfbfhhkljhlul_q_gby
bgl_gkb\ghklvx e_`Zs_]h \ bo hkgh\_ qm\kl\Z kljZoZ b lj_\h]b [hevgu_ g_ \ khklhygbb
gbq_]h^_eZlv^Z`_kb^_lvgZf_kl_f_qmlkybaklhjhgu\ klhjhgmijbklZxld hdjm`Zxsbf
kh\k_\hafh`gufb`Zeh[Zfbbebh[jZsZxlky\ [_]kl\hbalhcf_klghklbdhlhjZybfdZ`_lky
hiZkghc < ^jm]bo kemqZyo gZh[hjhl [hevgu_ ² gZ ba\_klguc kjhd ^h hdhgqZgby
[he_ag_ggh]hkhklhygby²p_ebdhfih]jm`Zxlky\ aZ[hluh k\h_fa^hjh\v_aZihegyy\k_k\h_
\j_fy imgdlmZevg_crbf \uiheg_gb_f \jZq_[guo ij_^ibkZgbc b ^_eZykv kh\_jr_ggh
g_^hklmigufbdZdbfeb[h^jm]bfbgl_j_kZf

DhgklblmpbhgZevgu_lbiuj_Zdpbc
M`_ \ hibkZgguo \ur_ j_Zdlb\guo khklhygbyo gZjy^m k hkh[_gghklyfb ijb\ghkbfufb
kblmZpb_c ]jhfZ^gmx ih^qZk hij_^_eyxsmx jhev b]jZ_l b nZdlhj dhgklblmpbhgZevguc
\eZklgh hdjZrb\Zxsbc \ k\hb bg^b\b^mZevgu_ p\_lZ lbi nhjfm kh^_j`Zgb_ j_Zdpbb <
\hijhk_ h \aZbfhhlghr_gbb f_`^m nZdlhjhf kblmZpbhgguf b dhgklblmpbhgZevguf gm`gh
kqblZlvky k jy^hf \hafh`ghkl_c GZ^h f_`^m ijhqbf bf_lv \ \b^m i_kljhlm keh`ghklv
hlkmlkl\b_ qbklhlu lbiZ  ihqlb \kydhc ikbohiZlbq_kdhc dhgklblmpbb ² i_kljhlm dhlhjZy
iha\hey_lih^\ebygb_f^Zgghcikbobq_kdhcljZ\fuijh[m`^Zlvkyb \uy\eylvkydhfihg_glZf
ijb[eZ]hijbylguomkeh\byogZoh^ysboky\ ^j_fexs_feZl_glghfkhklhygbbLZbeb^jm]Zy
ljZ\fZkblmZpby\ rbjhdhfkfuke_g_\k_]^Zrhdbjm_lih\j_`^Z_l\kxebqghklvp_ebdhfZ
kiehrv b jy^hf ² ebrv hl^_evgu_ __ bg]j_^b_glu b wlZ qZklbqghklv ba[bjZl_evghklv
ih\j_`^_gby h[mkeh\e_ggu_ kblmZpbhggh kdZau\Zxlky b gZ oZjZdl_j_ j_Zdpbb Wlh ² ih
ih\h^m dZq_kl\_gghc klhjhgu ^_eZ qlh `_ dZkZ_lky ^h dhebq_kl\_ggh]h khhlghr_gby f_`^m
h[hbfbnZdlhjZfblhg_h[oh^bfhih^q_jdgmlvqlh\ dZ`^hfhl^_evghfkemqZ_ikboh]_gghc
j_Zdpbb khhlghr_gb_ kblmZpbhggh]h b dhgklblmpbhgZevgh]h  nZdlhjh\ kbevgh \Zjvbjm_l \
k\yab k q_f ih\b^bfhfm klhbl b djZcg__ jZaghh[jZab_ debgbq_kdbo dZjlbg gZ[ex^Z_fh_
gZfb \ wlhc h[eZklb DZdh]hgb[m^v ijZ\beZ hij_^_eyxs_]h mqZklb_ lh]h beb ^jm]h]h
nZdlhjZ knhjfmebjh\Zlv g_evay fh`gh lhevdh mklZgh\blv lh h[s__ iheh`_gb_ g_ gm`gh
lhevdhihgbfZlv_]hkebrdhfmijhs_ggh qlhjhevboh[jZlghijhihjpbhgZevgZ^jm]>jm]mb
q_f[hevr_we_f_glh\h^gh]hihjy^dZl_ff_gvr_²^jm]h]hKhhl\_lkl\_gghwlhfmgZh^ghf
baihexkh\jy^Zh[jZam_fh]hj_Zdlb\gufbkhklhygbyfb_kebbojZkiheh`blvkhhl\_lkl\_ggh
jheb dhlhjmx \ gbo b]jZxl dhgklblmpbhgZevguc b kblmZpbhgguc fhf_glu g_h[oh^bfh
hdZ`mlky l_ nhjfu ]^_ dhgklblmpbhgZevghfm nZdlhjm ijbgZ^e_`bl bkdexqbl_evgh_
j_rZxs__ agZq_gb_ LZdh\u gZijbf_j ikbobq_kdb ijh\hpbjh\Zggu_ f_eZgohebb Ehg]_
lZdh\ub g_dhlhju_nhjfujZkkljhckl\ZgZkljh_gbym wibe_ilhb^h\LZdb_nhjfu]^_lheqhd
^Z\Z_fuc kblmZpb_c b]jZ_ljhev lhevdh kemqZcgh]h kihkh[kl\mxs_]h fhf_glZ ih kms_kl\m
m`_\uoh^ylbadjm]Zikboh]_gguoj_Zdpbc\ kh[kl\_gghfkfuke_wlh]hkeh\ZJy^hfk gbfb
h^gZdh klhyl kemqZb ]^_ dZjlbgZ [he_agb hdjZr_gZ \ km]m[hdhgklblmpbhgZevgu_ lhgZ
h^gZdh kblmZpbhgguc nZdlhj \k_lZdb hdZau\Z_lky p_ebdhf hij_^_eyxsbf kZfh_
\hagbdgh\_gb_ j_Zdlb\gh]h khklhygby j_rZy ^Z`_ bghc jZa dZdb_ we_f_glu ebqghklb [m^ml
mqZkl\h\Zlv\ dZjlbg_wlh]hkhklhygby
Ba lZdbo km]m[hdhgklblmpbhgZevguo j_Zdpbc \k_]h hij_^_e_gg__ fh`gh ]h\hjblv h
rbahb^ghc b wibe_ilhb^ghc Ijb wlhf g_h[oh^bfh bf_lv \ \b^m ke_^mxs__ h[klhyl_evkl\h
DhgklblmpbhgZevguclbij_Zdpbb fu]h\hjbfh rbahb^Zob wibe_ilhb^Zo fh`_l\uy\eylvky
^\hydh <hi_j\uo ih^ \ebygb_f ikbobq_kdhc ljZ\fu fh]ml \uy\eylvky b mkm]m[eylvky gZ
hij_^_e_gguc kjhd ikbobq_kdb_ q_jlu ebqghklb q_jlu oZjZdl_jZ aZfdgmlhklv
hlqm`^_gghklv ih^hajbl_evghklv aeh[ghklv jZa^jZ`bl_evghklv  \k_]^Z k\hckl\_ggu_ wlhfm
lbimikbohiZlZgh^hfhf_glZljZ\fubebg_j_adh\ujZ`_ggu_beb^Z`_[u\rb_\ eZl_glghf
ihl_gpbZevghfkhklhygbb<h\lhjuoih^\ebygb_fljZ\fufh]ml\uy\eylvky_kebfh`ghlZd
\ujZablvky ikbohlbq_kdb_ kbg^jhfu ikbohlbq_kdb_ dhfie_dku dhfie_dku lZd`_
dhjj_ebjmxsb_k hij_^_e_gguflbihfikbohiZlbbihoh`b_gZhkljucijbklmirbahnj_gbb
beb gZ ijbklmi wibe_ilbq_kdh]h wd\b\Ze_glZ dh]^Z gm`gh ]h\hjblv m`_ g_ h k\hckl\Zo
ebqghklb g_ h q_jlZo oZjZdl_jZ ohly [u mjh^eb\uo b mkm]m[e_gguo Z h gZklhys_f
ikbobq_kdhf jZkkljhckl\_ jZkkljhckl\_ [he__ ]em[hdhf b [he__ we_f_glZjghf jZkkljhckl\_
jy^Z ikbobq_kdbo nmgdpbc ijbklmiu dZlZlhgbb fmlbafZ kljZoZ ijbklmiu jZkkljhckl\Z
khagZgbyaeh[ghclhkdbb l^ Fh`ghebj_adhjZaebqblvwlb^\ZlbiZj_Z]bjh\Zgbyb i_j\uc
lbigZau\ZlvoZjZdl_jheh]bq_kdbfZ \lhjhc²dhgklblmpbhgZevguf\ madhfkfuke_keh\Z²
gZwlhl\hijhkfukdehggu\ khhl\_lkl\bbk gZr_ch[s_cdhgp_ipb_chl\_qZlvhljbpZl_evgh
Rbahb^gu_ j_Zdpbb Kj_^b rbahb^guo ikbohiZlh\ _klv lZdb_ m dhlhjuo \kydh_
khfZlbq_kdh_ b ikbobq_kdh_ \j_^gh_ \ha^_ckl\b_ h[yaZl_evgh \uau\Z_l h[hklj_gb_
ki_pbnbq_kdbo dhgklblmpbhgZevguo bo hkh[_gghkl_c \iehlv ^h ikbohlbq_kdbo ihoh`bo gZ
rbahnj_gbx \kiur_d [ukljh b [_a ke_^Z ebd\b^bjmxsboky ih fbgh\Zgbb
ljZ\fZlbabjmxs_]h nZdlhjZ Hkh[_ggh qZklh lZdh]h jh^Z y\e_gby gZ[ex^Zxlky ihke_
ikbobq_kdbo ljZ\f Ijb wlhf ikbohlbq_kdb_ khklhygby \ kh[kl\_gghf kfuke_ wlh]h keh\Z k
dZlZlhgbq_kdbfb y\e_gbyfb k jZkkljhckl\Zfb khagZgby ² lh qlh fh`gh [ueh [u gZa\Zlv
rbahnj_gbq_kdhc ikboh]_gghc j_Zdpb_c ² ij_^klZ\eyxl kjZ\gbl_evgh j_^dh_ y\e_gb_
Km]m[Zy hklhjh`ghklv a^_kv hkh[_ggh g_h[oh^bfZ ihlhfm qlh hlghkbfu_ kx^Z kemqZb bghc
jZa hdZau\Zxlky i_j\ufb kjZ\gbl_evgh [eZ]hijbylgh aZdZgqb\Zxsbfbky ijbklmiZfb
gZklhys_crbahnj_gbb>eyihklZgh\db^bZ]ghaZrbahnj_gbq_kdhcj_Zdpbb\h\kydhfkemqZ_
g_h[oh^bfh gZebqb_ `b\h]h Znn_dlZ \hafh`ghklv mklZgh\blv k\yav kh^_j`Zgby
ikbohlbq_kdbo ijhy\e_gbc k \ua\Z\rbf ikboha i_j_`b\Zgb_f kjZ\gbl_evgh g_[hevrZy
ijh^he`bl_evghklv [he_agb b ihegh_ \hkklZgh\e_gb_ ij_ikbohlbq_kdhc ebqghklb gZ lhf
mjh\g_gZdhlhjhfhgZ[ueZ^hgZqZeZ\kiurdbA^_kvmf_klghhlf_lblvlZd`_qlhbghcjZa
[u\Z_l ljm^gh ijh\_klb b ^bnn_j_gpbZevguc ^bZ]gha f_`^m dZlZlhgbq_kdhc nhjfhc
rbahnj_gbb ijbkh_^bgb\r_cky d ikbobq_kdhfm ihljyk_gbx gZijbf_j lxj_fghfm
aZdexq_gbx  b aZlygm\rbfbky kemqZyfb ikboh]_ggh]h klmihjZ DZd ihdZau\Z_l debgbq_kdh_
gZ[ex^_gb_ wlb ihke_^gb_ ^_ckl\bl_evgh qZs_ \k_]h jZa\b\Zxlky m [he__ beb f_g__ yjdh
\ujZ`_gguorbahb^guoikbohiZlh\
GZb[hevrbc bgl_j_k kj_^b dhgklblmpbhgZevguo rbahb^guo j_Zdpbc ij_^klZ\eyxl
h^gZdhg_wlbkemqZbZ khklhygby bohibkZeNjmfdbg ijbdhlhjuom ebpk g_hq_gvj_adh
\ujZ`_ggufb rbahb^gufb dhgklblmpbhgZevgufb dhfihg_glZfb ih^ \ebygb_f ikbobq_kdhc
ljZ\fu h[udgh\_ggh [he__ beb f_g__ ^ebl_evghc b ly`_ehc qZs_ \k_]h gjZ\kl\_ggh
bahebjmxs_c kblmZpbb ih^haj_gb_ \ kh\_jr_gbb dZdh]hgb[m^v g_[eZ]h\b^gh]h ihklmidZ
m]jhaZjZah[eZq_gbyihjhqZsbok\_^_gbcgZoh`^_gb_ih^km^hfb l^ \j_f_gghijhbkoh^bl
dZd [m^lh dZdhclh kljmdlmjguc k^\b] \ oZjZdl_j_ ijbq_f ebqghklv h^gh\j_f_ggh k
jZkkljhckl\hfgZkljh_gbyihemqZ_lyjdh\ujZ`_ggu_rbahb^gu_q_jlulh]^ZdZd\k_^jm]b_
__ hkh[_gghklb k]eZ`b\Zxlky b hlh^\b]Zxlky gZ aZ^gbc ieZg H^gh\j_f_ggh k ihl_j_c
^mr_\gh]h jZ\gh\_kby q_eh\_d ^_eZ_lky j_adh aZfdgmluf ih^hajbl_evguf kljZgguf b
h^gh\j_f_ggh\yeuf[_ajZaebqguf^Z`_dZd[m^lhlmiufIh^hajbl_evghklvm lZdboex^_c
^hklb]Z_l kl_i_g_c gZ dhlhjuo ihqlb klbjZ_lky hlebqb_ hl iZjZghb^ghc j_Zdpbb \ madhf
kfuke_wlh]hkeh\ZOZjZdl_jghqlh\k_hibkZggu_q_jluhq_gv[ukljhklmr_\u\Zxlky\kdhj_
`_ ih fbgh\Zgbb \ua\Z\r_c bo kblmZpbb \hkklZgZ\eb\Zy ij_`gxx kljmdlmjm ebqghklb b
hklZ\eyyihke_k_[ylhevdhkhklhygb_e_]dhcgZklhjh`_gghklbb g_^h\_jqb\hklb
Wibe_ilhb^gu_ j_Zdpbb <hijhk [u\Zxl eb gZklhysb_ wibe_ilbq_kdb_ ijbiZ^db
ke_^kl\b_f ikbobq_kdbo ljZ\f j_rZ_lky ihjZaghfm fu kdehggu hl\_qZlv gZ g_]h
iheh`bl_evgh LZd gZau\Z_fZy Znn_dlwibe_ikby ij_^klZ\ey_l k[hjgmx ]jmiim \ dhlhjmx
\oh^yl ih\b^bfhfm k h^ghc klhjhgu kemqZb bklbgghc ]_gmbgghc wibe_ikbb \ dhlhjuo
ikbobq_kdZy ljZ\fZ fh`_l kem`blv lhevdh ijh\hpbjmxsbf fhf_glhf bkl_jhnbeby
E_\Zg^h\kdh]h Z k^jm]hc²kemqZbikbohiZlbbkhkdehgghklvxj_Z]bjh\ZlvgZZnn_dlb\gu_
i_j_`b\Zgby ijbiZ^hqgufb khklhygbyfb koh^gufb gh [ulv fh`_l g_ \k_]^Z
lh`^_kl\_ggufbk wibe_ilbq_kdbfbijbiZ^dZfb;ebadh_hlghr_gb_d wibe_ilhb^ghfmdjm]m
bf_xl lZd`_ b mihfygmlu_ m`_ \ur_ kjZ\gbl_evgh j_^db_ jZkkljhckl\Z khagZgby
khijh\h`^Zxsb_ khklhygb_ lZd gZau\Z_fh]h iZlheh]bq_kdh]h Znn_dlZ GZdhg_p b
jZkkljhckl\Z gZkljh_gby ² dZd m ikbohiZlh\ wibe_ilhb^gh]h lbiZ lZd b m gZklhysbo
wibe_ilbdh\ ² lZd`_ g_j_^dh \hagbdZxl j_Zdlb\gh A^_kv mf_klgh mihfygmlv qlh \k_
ikboh]_ggu_ j_Zdpbb bfimevkb\gh]h lbiZ ih\b^bfhfm hohlg__ \k_]h \hagbdZxl m
ikbohiZlh\wibe_ilhb^ghc]jmiiu
 :gZeh]bqgh hibkZgguf \ur_ hkljuf rbahb^guf ² g_khfg_ggh gZ[ex^Zxlky
wibe_ilhb^gu_ j_Zdlb\gu_ khklhygby =Zggmrdbg Njb^fZg  Ih^ \ebygb_f ly`_euo
i_j_`b\Zgbc [hevrbo g_m^Zq h]hjq_gbc ² ^ebl_evguo ih\lhjguo bgl_gkb\guo ² m
g_dhlhjuo ex^_c jZa\b\Zxlky ^ebl_evgu_ jZkkljhckl\Z gZkljh_gby \ujZ`Zxsb_ky \
haeh[e_gghklb ]g_\eb\hklb lhkd_ ;hevghc haeh[ey_lky h[gZjm`b\Z_l \k_ hljbpZl_evgu_
q_jluk\h_cikbobdbklZjZ_lky\uy\blvk_[y\hafh`gh`_klq_ZglbkhpbZevg__ij_g_[j_]Z_l
\k_fb ijZ\beZfb b gZ\udZfb h[s_`blby hg hlf_`_\u\Z_lky hl h[s_kl\Z klZjZ_lky dZd
fh`gh [hevr_ gZ\j_^blv hlhfklblv wlhfm h[s_kl\m hg g_ ih]jm`Z_lky \ kZfh]h k_[y dZd
rbahb^hg\_^_l[hjv[mwlZ[hjv[Z_klvj_amevlZlqm\kl\Zf_klbqm\kl\Zhaeh[e_gby[hevgh]h
ijhlb\ h[s_kl\Z dhlhjh_ g_ ^Zeh _fm kqZklvy mxlZ f_klZ \ `bagb b ijhlb\ l_o mkeh\bc \
dhlhjuohghqmlbekyH[eZ^Zy\k_fbZljb[mlZfbihklhygguok\hckl\ebqghklbwlhkhklhygb_
h^gZdh [hevr_x qZklvx [u\Z_l \j_f_gguf ^eysbfky lhevdh ba\_klguc kjhd g_^_eb
f_kypu  Qj_a\uqZcgh \Z`gh ih^q_jdgmlv qlh lZdh]h jh^Z j_Zdpbb fh]ml jZa\b\Zlvky g_
lhevdh m j_adh \ujZ`_gguo wibe_ilhb^guo ikbohiZlh\ gh lZd`_ b m ex^_c \ ikbobd_
dhlhjuowibe_ilhb^gu_dhfihg_glulhevdhgZf_q_gu
Pbdehb^gu_j_ZdpbbM dhgklblmpbhgZevguoikbohiZlh\pbdehb^gh]hdjm]Zikbobq_kdb_
ljZ\fuqZs_\k_]h\uau\Zxl^_ij_kkb\gu_khklhygbyIj_^iheh`_gb_g_dhlhjuoikbobZljh\
h \hafh`ghklb jZa\blby ihke_ ikbobq_kdbo ljZ\f fZgbZdZevguo khklhygbc ^h kbo ihj g_
ihemqbeh hdhgqZl_evgh]h ih^l\_j`^_gby b \uau\Z_l k_jv_agu_ \hajZ`_gby E_]db_
]bihfZgbZdZevgu_ khklhygby ih\b^bfhfm bghc jZa \hagbdZxl dZd ke_^kl\b_ dhgljZklguo
i_j_`b\Zgbc gZijbf_j ihke_ hk\h[h`^_gby ba ^ebl_evghc ly`_ehc kblmZpbb ih kms_kl\m
hgbZgZeh]bqguwcnhjbb\ua^hjZ\eb\Zxsbo
Fh`gh eb ]h\hjblv h[ hkljuo pbdehb^guo khklhygbyo \ lhf `_ kZfhf kfuke_ dZd h[
hkljuokhklhygbyorbahb^guob wibe_ilhb^guohklZ_lkyihdZg_ykguf?kebbf_lv\ \b^mg_
nhjfZevgmxklhjhgm^_eZg_\hijhkh l_jfbgZoZ bkdexqbl_evghkms_kl\h^_eZlhdhg_qgh
fh`gh kqblZlv mklZgh\e_gguf qlh m ikbohiZlh\ pbdehb^ghc ]jmiiu ih^ \ebygb_f
khhl\_lkl\mxsbonZdlhjh\fh]mljZa\b\Zlvkyhklju_\j_f_ggu_j_Zdlb\gu_khklhygbyj_adh
\uy\eyxsb_ h[uqgu_ q_jlu bo ikbobdb h^gZdh wlhl nZdl ijboh^blky khihklZ\blv k l_f
g_khfg_gguf debgbq_kdbf gZ[ex^_gb_f qlh m h^gbo b l_o `_ bg^b\b^mmfh\ lhc `_
pbdehb^ghc ]jmiiu gZjy^m k j_Zdlb\gufb khklhygbyfb ^_ij_kkb\gh]h oZjZdl_jZ  bf_xl
f_klh b kihglZggh jZa\b\Zxsb_ky ijbklmiu ^_ij_kkbb f_eZgohebq_kdb_ nZau  Wlh
khihklZ\e_gb_^_eZ_lebrgbfb g_gm`guf^Zevg_crb_jZa]jZgbq_gby kfjZgvr_kdZaZggh_h
j_Zdlb\ghc^_ij_kkbb 
?keb g_ h]jZgbqb\Zlvky rbahb^gufb wibe_ilhb^gufb pbdehb^gufb ikbohiZlbyfb Z
bf_lv \ \b^m b ^jm]b_ debgbq_kdb_ lbiu dhgklblmpbhgZevgh]hij_^jZkiheh`_gby lh gm`gh
kdZaZlv qlh b ^jm]b_ k\hckl\Z ebqghklb wlm ebqghklv hij_^_e_ggh oZjZdl_jbamxsb_ b
^Zxsb__ck\h_h[jZagmxh[smxhdjZkdmdZdlhfgbl_evghklvih^hajbl_evghklvkdehgghklv
d gZ\yaqb\uf fukeyf kdehgghklv d k\_jop_gguf h[jZah\Zgbyf e`b\hklv kdehgghklv d
[jh^y`gbq_kl\m b l^ kf khhl\_lkl\mxsb_ ikbohiZlbb  fh]ml ijb khhl\_lkl\mxs_c
kblmZpbb ² \uy\eylvky \uklmiZlv gZjm`m ² \j_f_ggh gZ ba\_klguc dhjhldbc kjhd ^Z\Zy
lZdbf h[jZahf j_Zdpbx j_Zdlb\gh_ khklhygb_ lh]h beb ^jm]h]h kh^_j`Zgby Debgbq_kdb_
gZ[ex^_gby ihdZau\Zxl qlh \ lZdbo kemqZyo ]hjZa^h qZs_ ^_eh b^_l g_ h j_Zdpbyo Z h
jZa\blbb ebqghklb l_ h khklhygbyo ^ebl_evguo klhcdbo Z g_ ij_oh^ysbo ihq_fm
hlghkysbckykx^ZfZl_jbZeb [m^_lijb\_^_g\ ]eZ\_h jZa\blbbikbohiZlbq_kdhcebqghklb 
h^gZdh hl^_evgu_ debgbq_kdb_ nZdlu hij_^_e_ggh ihdZau\Zxl qlh kms_kl\mxl b hklju_
j_Zdlb\gu_khklhygbylZdh]hlbiZDZd gZ qj_a\uqZcghyjdmx beexkljZpbx fu khre_fky gZ
gZ[ex^Z\rbcky gZfb kemqZc dh]^Z ikbohiZl \ ikbobd_ dhlhjh]h kdehgghklv dh e`b \h\k_
^Z`_ g_ aZgbfZeZ hkh[_ggh \u^Zxs_]hky f_klZ \hr_e \ dhjhldh_ gZ g_kdhevdh g_^_ev
j_Zdlb\gh_khklhygb_kiehrvaZiheg_ggh_\ufukeZfbb \k_\hafh`gufb\u^mfdZfb
AZdZgqb\Zy ]eZ\m h ikboh]_gguo j_Zdpbyo fu kqblZ_f g_h[oh^bfuf k^_eZlv g_kdhevdh
aZdexqbl_evguo aZf_qZgbc <ur_ fu ]h\hjbeb m`_ h[ baf_gqb\hf khhlghr_gbb \ dZjlbg_
wlbo [he_ag_gguo khklhygbc nZdlhjh\ dhgklblmpbhgZevguo b kblmZpbhgguo >h g_dhlhjhc
kl_i_gb\ k\yabk wlbfklhbl[he__h[sbc\hijhkh kljmdlmj_ikboh]_gbc<hi_j\uog_evay
aZ[u\Zlv qlh ijb keh`ghklb ikbohiZlbc lZ beb ^jm]Zy ikbobq_kdZy ljZ\fZ fh`_l jZgblv g_
\kxikbobdmikbohiZlZiheghklvxZ ebrvba[bjZl_evghg_dhlhju___ klhjhgu<h\lhjuo²
b wlh qj_a\uqZcgh \Z`gh ² wfhpbhgZevgh_ ihljyk_gb_ e_`Zs__ \ hkgh\_ ikboh]_gbb \
aZ\bkbfhklbhlk\h_ckbeub dZq_kl\Zfh`_lhdZau\Zlvij_bfms_kl\_ggh_^_ckl\b_gZjZagu_
kehb g_j\ghikbobq_kdh]h ZiiZjZlZ khhl\_lkl\_ggh q_fm \Zjvbjm_l b dZjlbgZ \hagbdZxs_]h
kbg^jhfZBkoh^ybalZdh]hjh^Zij_^iheh`_gbcDjZkgmrdbg^_ebl\k_ikboh]_ggu_j_Zdpbb
gZ ljb ]jmiiu   j_Zdpbb ]em[bgghc ebqghklb h[yaZggu_ k\hbf ijhbkoh`^_gb_f rhdm
\_]_lZlb\guo p_gljh\ b g_ h[gZjm`b\Zxsb_ ihgylghc k\yab k ijbqbggufb fhf_glZfb 
bkl_jbq_kdb_ j_Zdpbb ijb dhlhjuo gZ ih\_joghklv \kieu\Zxl ZjoZbq_kdb_ nhjfu
ikbobq_kdhc `bagb ehdZebabjmxsb_ky \ ih^dhjdh\hc h[eZklb b   oZjZdl_jheh]bq_kdb_
j_Zdpbb aZbfkl\mxsb_ k\hx nhjfm b kh^_j`Zgb_ ba kZfuo \_jogbo wlZ`_c ikbobdb b
ebqghklb Wlm ihke_^gxx ]jmiim DjZkgmrdbg kqblZ_l [eb`_ \k_]h klhys_c d wg^h]_gbyf b
^_ebl gZ ljb lbiZ ² rbahb^guc kbglhgguc b wibe_ilhb^guc ;jZmg %UDXQ  \u^_eyy ^\Z
hkgh\guo ikbobq_kdbo kehy²khnjhikbobdm² kehc ih\_joghklguc jZ[hlZxsbc ijb k\_l_
khagZgbyb lbnehikbobdm²]em[bgguc ke_ihc kehcih^q_jdb\Z_lqlhf_`^mgbfbbf__lky
fgh`_kl\hg_ih^^ZxsbokyjZa]jZgbq_gbxi_j_oh^h\b qlhh^gZb lZ`_debgbq_kdZydZjlbgZ
gZijbf_j ikboh]_ggh]h ijbiZ^dZ fh`_l i_j\hgZqZevgh [ulv j_amevlZlhf
g_ihkj_^kl\_ggh]h ihljyk_gby ]em[hdbo keh_\ rhdZ  Z aZl_f ² klZlv ijhy\e_gb_f
k^_eZ\r_]hky ijb\uqguf [_kkhagZl_evgh]h beb ^Z`_ khagZl_evgh]h ² \iehlv ^h y\ghc
kbfmeypbb ² klj_fe_gby ba\e_qv \u]h^m ba ^_fhgkljZpbb [he_ag_ggh]h khklhygby
khhl\_lkl\_ggh q_fm b f_oZgbaf __ \hagbdgh\_gby ihkl_i_ggh ih^gbfZ_lky ba gbarbo \k_ \
[he__b [he__\ukrb_kehbikbobdb
Ihkljh_gby ih^h[gu_ \ur_baeh`_gguf g_kfhljy gZ g_khfg_ggh \ha[m`^Z_fuc bfb
[hevrhc bgl_j_k ihdZ bf_xl lhevdh hlghkbl_evgh_ agZq_gb_ b ^he`gu ijbgbfZlvky k
[hevrhc hklhjh`ghklvx Lh `_ ^h g_dhlhjhc kl_i_gb hlghkblky b d mihfygmlhfm \ur_
djbl_jbxihgylghklbikboh]_gguoj_ZdpbcG_kfhljygZ\k__]hdebgbq_kdh_agZq_gb_hg\k_
`_ hklZ_lky \ agZqbl_evghc f_j_ mkeh\guf \ kZfhf ^_e_ q_f [he__ ]em[hdbc kehc g_j\gh
ikbobq_kdh]h ZiiZjZlZ aZljZ]b\Z_l \uau\Zxs__ j_Zdpbx ihljyk_gb_ l_f f_gvr_ wlZ
ihke_^gyy dZd hlf_qZ_l b DjZkgmrdbg hdZau\Z_lky ihgylghc A^_kv \ agZqbl_evghc kl_i_gb
j_qvb^_lh lhf\uau\Z_lebikboh]_ggucfhf_gllhevdhdhebq_kl\_ggh_bebdZq_kl\_ggh_ Z
wlh kiehrv b jy^hf hlghkbl_evgh_ jZa]jZgbq_gb_  baf_g_gb_ \ mkeh\byo ikbobq_kdh]h
nmgdpbhgbjh\Zgby²\ wlhfihke_^g_fkemqZ_dhg_qghljm^ghm`_lj_[h\Zlvihgylghck\yab
f_`^mjZaghjh^gufbdhfie_dkZfbi_j_`b\Zgbc
Qlh dZkZ_lky l_q_gby hibku\Z_fuo a^_kv nhjf lh djhf_ m`_ hlf_q_gguo \ur_
kjZ\gbl_evghc _]h djZldhklb b aZ\bkbfhklb hl ijh^he`Zxs_]hky ^_ckl\by beb ij_djZs_gby
h[mkeh\b\r_]h aZ[he_\Zgb_ ikboh]_ggh]h fhf_glZ gZ^h hlf_lblv h^gh ijZdlbq_kdb \Z`gh_
h[klhyl_evkl\hbf_gghqlh\kiurdZj_Zdlb\gh]hkhklhygby^Ze_dhg_\k_]^Zg_ihkj_^kl\_ggh
ke_^m_laZbkoh^gufi_j_`b\Zgb_f
bgh]^Z k fhf_glZ kh[ulby b]jZ\r_]h jhev ijbqbgu aZ[he_\Zgby ^h ihy\e_gby i_j\uo
ijbklmih\ ihke_^g_]h ijhoh^bl g_dhlhjuc kjhd ² g_kdhevdh ^g_c b [he__ ² lZd kdZaZlv
kdjuluc i_jbh^ aZ[he_\Zgby Ih\b^bfhfm \ lZdbo kemqZyo ljZ\fZlbabjmxs__ i_j_`b\Zgb_
g_ kjZam iheghklvx hkfukey_lky b g_ \k_ ikbobq_kdb_ kehb h^gh\j_f_ggh bf aZljZ]b\Zxlky
Fu^he`guijbagZlvqlh\k_`_lbih\l_q_gbyikboh]_gguoj_Zdpbbfug_agZ_f\ hkgh\ghf
\k_aZ\bkblhlkbeuljZ\fuhlkbeukhijhlb\e_gbyb hlkihkh[ghklbaZ[he_\r_]h\dexqblvky
\ gh\mxjZ[hlm\ gh\h_^_eh\ gh\u_bgl_j_ku
Ihke_^gbc \hijhk dhlhjh]h gZf g_h[oh^bfh a^_kv dhkgmlvky ² wlh \hijhk h[
bae_qbfhklb ikboh]_gguo j_Zdpbb DZd ijZ\beh ijboh^blky ij_^klZ\eylv k_[_ bo l_q_gb_
ZgZeh]bqgh lhfm qlh fu agZ_f h ijhl_dZgbb \kydbo kbevguo i_j_`b\Zgbc \hh[s_ Ih f_j_
lh]h dZd hlh^\b]Z_lky \h \j_f_gb bkoh^gh_ iZlh]_g_lbq_kdh_ i_j_`b\Zgb_ hgh [e_^g__l b
l_jy_l \ k\h_c kbe_ khijh\h`^Zxsbc _]hZnn_dl Gh\u_ \i_qZle_gby ijbghkysb_ k kh[hc b
gh\u_Znn_dlb\gu_jZa^jZ`_gbyihkl_i_ggh\k_[he__b [he__hll_kgyxl_]hgZaZ^gbcieZg
aZgbfZy_]hf_klhb i_j_\h^yikbobq_kdmxwg_j]bx[hevgh]hgZ^jm]b_j_evku
[hevrmx jhev b]jZxl h[sb_ j_kmjku b \_kv lhgmk ikbobdb < dhgp_ dhgph\ a^hjh\u_
kbeu [_jml \_jo ² b gZklmiZ_l \ua^hjh\e_gb_ < g_dhlhjuo kemqZyo h^gZdh gZ[ex^Z_lky
hq_gv aZly`gh_ l_q_gb_ ikboh]_gguo j_Zdpbc gZijbf_j m wibe_ilhb^guo ikbohiZlh\  AZ
ihke_^g__ \j_fy \ jmkkdhc ebl_jZlmj_ <\_^_gkdbc  ihklZ\e_g \hijhk g_ \uau\Zxl eb ijb
g_dhlhjuomkeh\byo^ebl_evgu_b ]em[hdhaZljZ]b\Zxsb_ikbobdmj_ZdpbblZd`_b klhcdh]h
ihjZ`_gby g_j\guo p_gljh\ j_]mebjmxsbo l_q_gb_ wfhpbhgZevghc `bagb \kydZy gZ`blZy
miZ^hqghklv [m^_l \ k\hx hq_j_^v f_rZlv dhjj_dpbb j_Zevguo khhlghr_gbc b l_f kZfuf
kihkh[kl\h\Zlv klhcdhklb UHVS g_bae_qbfhklb j_Zdpbb DjZkgmrdbg lZd`_ mdZau\Z_l qlh
]em[bggu_j_Zdpbb rhdb ihjZ`Zy\_]_lZlb\gu_p_gljufh]mlh[mkeh\eb\Zlvihke_^mxsmx
bg\Zeb^ghklv Ih\b^bfhfm ^_ckl\bl_evgh ihke_ ly`_euo \g_aZiguo ihljyk_gbc ihke_
^ebl_evguo khklhygbc kljZoZ k m]jhahx `bagb fh]ml jZa\b\Zlvky gZklhysb_ g_bae_qbfu_
khklhygby ijhf_`mlhqgufb a\_gvyfb ijb jZa\blbb lZdh]h jh^Z bg\Zeb^ghklb gZ^h kqblZlv
khkm^bklmxkbkl_fmwg^hdjbggucZiiZjZl\_]_lZlbdm
>bZ]ghkpbjmy b deZkkbnbpbjmy ikboh]_ggu_ j_Zdpbb gm`gh bf_lv \ \b^m   kl_i_gv
ikbohiZlbq_kdhcdhgklblmpbb ihq\ZdhlhjZyih^\_j]Z_lkyrhdm b lbiwlhcdhgklblmpbb
kl_i_gv b nhjfm `bag_ggh_ kh^_j`Zgb_  ljZ\fZlbabjmxs_]h fhf_glZ   debgbq_kdh_
\uy\e_gb_ j_Zdpbb < k\hx hq_j_^v debgbdZ j_Zdpbc fh`_l hlh[jZ`Zlv ihq\m gZ dhlhjhc
j_Zdpby \hagbdeZ eb[h iheghklvx eb[h qZklbqgh fh`gh ]h\hjblv h[ wg^h]_gghf
dhgklblmpbhgZevghf  b wdah]_gghf kblmZpbhgghf  lbi_ j_Zdpbb ikbohiZlZ h
dhebq_kl\_gghfb dZq_kl\_gghf dhgljZklghf lbi_h j_Zdpbyoihgylguo b fZehihgylguo h
j_Zdpbyo hj]Zgbq_kdbo klmihj ijb a_fe_ljyk_gbb  b ikbobq_kdbo h j_Zdpbyo
ikbohiZlbq_kdbo b h[s_q_eh\_q_kdbo ki_pbnbq_kdbo b g_ki_pbnbq_kdbo GZdhg_p debgbdZ
ikboh]_gguoj_Zdpbc hlh[jZ`Z_l \ fbgbZlxj_ gZrm [hevrmx debgbq_kdmx ikbobZljbx b
wlh lh`_ ^he`gh [ulv ij_^f_lhf bkke_^h\Zgby DZ`^uc ba wlbo fhf_glh\ fh`_l [ulv
djbl_jb_f ^_e_gby Z ke_^h\Zl_evgh y\eylvky hkgh\Zgb_f ^ey jZkihagZ\Zgby b bamq_gby
ikboh]_gghcj_Zdpbbghd kh`Ze_gbxihdZ\k_wlbkhh[jZ`_gbyg_h[eZ^Zxl\ iheghcf_j_
hij_^_e_ggufdhgdj_lgufkh^_j`Zgb_fb kiehrvb jy^hfk\b^_l_evkl\mxl]hjZa^h[hevr_h[
bgl_j_kghc]bfgZklbd_mfZq_fh agZgbbkhhlghr_gbc^_ckl\mxsbokbe
< ebl_jZlmj_hibkZgukemqZbkf_jlbijbrhd_hla_fe_ljyk_gby

I:LHEH=BQ?KDH?J:A<BLB?
Ihgylb_ jZa\blby ij_^klZ\ey_l kh[hx ijh^he`_gb_ ihgylby h j_Zdpbyo b rhdZo
IjbgpbibZevghcjZagbpu f_`^m gbfb g_l lZd dZd jZa\blb_ \ ^_ckl\bl_evghklb keZ]Z_lky ba
jy^Z j_Zdpbc nbdkbjmxsbo ihkl_i_ggh khhl\_lkl\mxsb_ debgbq_kdb_ y\e_gby lZd qlh \
dhgp_dhgph\ijboh^blkymkeh\gh]h\hjblvh klhcdhfbaf_g_gbbebqghklbbaf_g_gbbh^gZdh
g_bf_xs_fgbq_]hh[s_]hk ijhp_kkhf
?kl_kl\_ggh\hagbdZ_l\hijhkihq_fm\ h^gbokemqZyoj_Zdpbyk]eZ`b\Z_lkyZ \^jm]bo
^_ehhdZgqb\Z_lky^ebl_evgufbaf_g_gb_febqghklb<hijhkwlhl ihqlb lh`^_kl\_g_g k l_f
dZdh\Z jZagbpZ f_`^m jZa\blb_f b j_Zdpb_c A^_kv gZ^h mdZaZlv gZ ke_^mxsb_ hkgh\gu_
fhf_glu
 Ihgylb_ h ^ebl_evghklb \hh[s_ mkeh\gh ² lZd _keb \aylv debgbq_kdmx dZambklbdm
kmly`gh]hihf_rZl_evkl\ZbeblZdgZau\Z_fh]hljZ\fZlbq_kdh]hg_\jhaZlhfum\b^bfqlh
g_j_^dhlbibqgu_kemqZbwlboaZ[he_\ZgbcaZdZgqb\Zxlkyihqlbiheghcj_klblmpb_c
 KbeZ b ^ebl_evghklv rhdZ ^_ckl\b_ rhdZ fh`_l [ulv djZldh\j_f_gguf ih\lhjguf
^ebl_evguf²\k_wlhbf__lk\h_hkh[h_agZq_gb_g_h^bgZdh\h_^eyjZaebqguoikbohiZlbc
fh]ml [ulv qj_a\uqZcgh jZaghh[jZagufb b ijb keZ[hc khijhlb\ey_fhklb ikbobdb lh]h beb
bgh]h[hevgh]he_]dhfh]mlkha^Zlvkymkeh\by^eylZdh]h^ebl_evgh]hl_q_gbydhlhjh_^_eZ_l
g_p_e_khh[jZagufijbf_g_gb_ihgylbyj_Zdpbb
 GZb[he__ kms_kl\_ggh lh h[klhyl_evkl\h qlh y\e_gby j_Zdpbb bf_xl l_g^_gpbx
nbdkbjh\Zlvky ih^ \ebygb_f ih\lhjgh]h ^_ckl\by rhdh\ gZ hkgh\_ f_oZgbafZ aZdj_ie_gby
mkeh\guo j_ne_dkh\ wlbf f_oZgbafhf \_jhylgh h[mkeZ\eb\Z_lky b ^ebl_evgh_
kms_kl\h\Zgb_ \ ikbobd_ jZaebqguo qm`^uo gZkeh_gbc [m^_l eb wlh ^mjgh_ gZkljh_gb_
y\b\r__kyj_amevlZlhfly`_ehcihl_jbbebaZdj_ib\r__kykhklhygb_lj_\h`gh]hh`b^Zgbyb
kljZoZ m q_eh\_dZ ^he]h ih^\_j]Z\r_]hky ij_ke_^h\Zgbyf b j_ij_kkbyf ² \ lZdbo kemqZyo
h[udgh\_ggh h[jZamxlky gZ\udb m`_ lm]h ih^^Zxsb_ky mkljZg_gbx b jZa\b\Zxlky
^ebl_evgu_ khklhygby k\h_]h jh^Z miZ^hqghklb dhlhjZy ij_iylkl\m_l \ k\hx hq_j_^v
dhjj_dlbjh\Zgbxj_Zevguokhhlghr_gbc
 Hij_^_e_ggh g_h[oh^bfh b mqZklb_ hj]Zgbq_kdbo nZdlhjh\ ih bkl_q_gbb [he__ beb
f_g__ ^ebl_evgh]h i_jbh^Z ^_ckl\by lh]h beb bgh]h rhdZ mklZgZ\eb\Zxlky g_ihjy^db \
\_]_lZlb\ghc g_j\ghc kbkl_f_ wg^hdjbgghf ZiiZjZl_ khkm^Zo b ij \ hj]Zgbaf_ iZpb_glZ
mklZgZ\eb\Z_lkyk\h_]hjh^ZFLUFXOXVYLWLRVXV
 D i_j_qbke_gguf fhf_glZf gZ^h ijb[Z\blv _s_ lhl nZdl qlh g_dhlhjuf lbiZf
dhgklblmpbcihkZfhcboikboheh]bq_kdhckljmdlmj_k\hckl\_ggZ^ebl_evghklvj_Z]bjh\Zgby
qlh ^_eZ_l hq_gv aZljm^gbl_evguf jZaebqb_ f_`^m j_Zdpb_c b jZa\blb_f wlh khh[jZ`_gb_
gZijbf_jbf__lagZq_gb_ijbhp_gd_j_Zdpbcm wibe_ilhb^h\b mjy^Z^jm]boikbohiZlh\
=hjZa^h[he__]em[hdZb agZqbl_evgZ]jZgbpZhl^_eyxsZyjZa\blb_hlijhp_kkZIhfbfh
kemqZ_\ dhf[bgZpbb k Zjl_jbhkde_jhahf kbnbebkhf k_gbmfhf a^_kv j_qv b^_l ]eZ\guf
h[jZahf h[ hlebqbb bgl_j_kmxsbo gZk kemqZ_\ ihkl_i_ggh]h baf_g_gby ebqghklb ih^
\ebygb_f ikbobq_kdbo UHVS kblmZpbhgguo nZdlhjh\ hl nZlZevgh jZa\b\Zxsboky ih^
\ebygb_f dZdbolh Z[bhljhnbq_kdbo ijhp_kkh\ ijh]j_^b_glguo miZ^hqguo khklhygbc
gZ[ex^Z_fuo gZfb gZijbf_j \ ^he]h ^eysboky kemqZyo fy]dh l_dmsbo rbahnj_gbb b
wibe_ikbbB a^_kvjZagbpZ\ dhgp_dhgph\mkeh\gZygh\k_lZdb\ kemqZyoijhp_kkZbf__lky
dZdZylh hij_^_e_ggZy ZgZlhfbq_kdZy [ZaZ \ ]heh\ghf fha]m ijb jZa\blbb `_ ^_eh g_ \
fha]h\uo ZgZlhfbq_kdbo baf_g_gbyo Z \ aZdj_ie_gbb nmgdpbhgZevguo g_ijZ\bevghkl_c \
ij_^_eZo ZgZlhfbq_kdb ghjfZevgh]h ZiiZjZlZ >jm]bfb keh\Zfb khklZ\ fha]h\hc fZrbgu
khojZgy_lky\ p_ehklbgh^_ckl\m_lhgZ\k_lZdbg_ijZ\bevgh
LhqghlZd`_dZdijbj_Zdpbyofuml\_j`^Z_fkms_kl\h\Zgb_h[jZlgh]hkhhlghr_gby\
jZaguo kemqZyo f_`^m mqZklb_f dhgklblmpbhgZevgh]h b kblmZpbhggh]h nZdlhjh\ lZd b \
jZa\blbb fh`gh gZf_lblv ^\Z jZaguo lbiZ bo khhlghr_gby ² lbi dhgklblmpbhgZevguc b
kblmZpbhgguc DhgklblmpbhgZevgh_  jZa\blb_ hibjZ_lky gZ ebqghklv kblmZpbhggh_ `_ gZ
ljZ\fmKhhl\_lkl\_gghwlhfmi_j\h_bf__ll_q_gb_ihkl_i_ggh_b w\hexpbhggh_\lhjh_`_\
k\yab k j_Zdpbyfb ghkbl oZjZdl_j k^\b]h\ Djhf_ lh]h i_j\h_ ghkbl oZjZdl_j
ij_bfms_kl\_ggh dhebq_kl\_ggh]h baf_g_gby ebqghklb Z \lhjh_ ² \ ba\_klghc kl_i_gb ²
dZq_kl\_ggh]h gZdhg_p kblmZpbhggh_ jZa\blb_ ihevam_lky dhgklblmpb_c [hevgh]h g_
iheghklvx g_ p_ebdhf Z qZklbqgh ba[bjZl_evgh khhl\_lkl\_ggh oZjZdl_jm b kh^_j`Zgbx
kblmZpbb 
I_j_oh^yd hibkZgbxqZklguodebgbq_kdbonhjffuij_`^_\k_]hkqblZ_fg_h[oh^bfuf
mdZaZlv qlh hkgh\gu_ lbiu jZa\blby ikbohiZlbq_kdbo ebqghkl_c gZfb m`_ gZf_q_gu ijb
hibkZgbb hl^_evguo ikbohiZlbc A^_kv fu \u^_ebf lhevdh g_kdhevdh hkh[_ggh yjdbo b
wdkd\bablguo_]hlbih\lj_[mxsbod k_[_hkh[h]h\gbfZgbyb \mq_[gbdZoikbobZljbbqZklh
\u^_ey_fuodZdhkh[u_[he_agbbf_ggh
  Zkl_gbq_kdh_ jZa\blb_ ho\Zlu\Zxs__ kemqZb jZa\blby g_j\gh]h oZjZdl_jZ
hibkZggu_ :^e_jhf $GLHU  b ljZ\fZlbq_kdbc g_\jha   jZa\blb_ k y\e_gb_f h[k_kkbc 
jZa\blb_bfimevkb\guogZ\udh\  k_dkmZevgu_ikbohiZlbb gZjdhfZgbb iZjZghbq_kdh_
b ZgZeh]bqgu__fmk nbdkbjh\Zgb_fk\_jop_gguob^_cm nZgZlbdh\We_f_glh\kblmZpbhgguo
[he__\k_]h\ i_j\hc]jmii_b dhebq_kl\_gghij_^klZ\eyxs_ch^bgbakZfuofgh]hqbke_gguo
hl^_eh\gZr_]hih^jZa^_e_gby< hklZevguoj_adh\ujZ`_gb nZdlhjdhgklblmpbhgZevgucG_
gZ^haZ[u\Zlvh^gZdhqlhjZagbpZb a^_kvhq_gvmkeh\gZy\h\k_okemqZyofubf__f\ \b^mg_
f_jl\u_ klZlbq_kdb_ khklhygby Z `b\mx ^bgZfbdm ebqghklb \ dhlhjhc ]jhfZ^gh_ agZq_gb_
bf_xl j_amevlZlu `bag_ggh]h hiulZ b `bag_gguo rhdh\ ijbq_f g_j_^dh iZlheh]bq_kdb_
ihkljh_gby [hevgh]h y\eyxlky dZd [u aZf_s_gb_f g_hkms_kl\e_gguo lj_[h\Zgbc _]h d
^_ckl\bl_evghklb
 <ky wlZ l_jfbgheh]by ^Ze_dh g_ [_amij_qgZ kh_^bg_gb_ l_jfbgZ gZ\udb k
hij_^_e_gb_f bfimevkb\guc kljZ^Z_l \gmlj_ggbf ijhlb\hj_qb_f h^gZdh \ wlhf
h[hagZq_gbbbf_xlky\ \b^mh[ZoZjZdl_jbamxsb_wlhkeh`gh_y\e_gb_fhf_glZ
AZf_lbfgZdhg_pqlh\ gZr_fbaeh`_gbbfug_aZbgl_j_kh\ZguiheghlhcnZdlbq_kdh]h
kh^_j`Zgby ohly \k_ `_ gZf ijb^_lky aZj_]bkljbjh\Zlv \ gZrbo jm[jbdZo lhl hkgh\ghc
debgbq_kdbc fZl_jbZe dhlhjuc m`_ aZg_k_g ² \ bghf jZkiheh`_gbb b hk\_s_gbb ² gZ
kljZgbpZomq_[gbdh\

:kl_gbq_kdh_jZa\blb_
AgZqbl_evgh_ qbkeh hlghkbfuo kx^Z kemqZ_\ khklZ\eyxl hibkZggu_ :^e_jhf
dhfi_gkZpbb b ]bi_jdhfi_gkZpbb qm\kl\mxsZy k_[y \ lhf beb bghf hlghr_gbb
g_^hklZlhqghc ebqghklv klj_fblky dhfi_gkbjh\Zlv k_[y aZ wlh k h^ghc klhjhgu iml_f
kZfh\ha\ur_gby\ kh[kl\_gghfkZfhkhagZgbbZ k^jm]hcklhjhgu²ijb\e_q_gb_f\gbfZgby
khqm\kl\by khkljZ^Zgby bgh]^Z \hkobs_gby  hdjm`Zxsbo d k\hbf ohly [u lhevdh fgbfuf
^hklhbgkl\Zf Lbibqguf ijbf_jhf lZdh]h jZa\blby y\ey_lky km^v[Z fgh]bo bkl_jbdh\
dhlhju_gZ^_\Zy\ aZf_gmg_^hklZxsbobf\gmlj_ggbodZq_kl\[he__bebf_g__bfihaZglgmx
fZkdm\ dhgp_dhgph\gZklhevdhijbmqZxlkyd g_bkdj_gghklbb nZevrbqlhihlhfm`_g_\
khklhygbb hl g__ hl^_eZlvky >jm]bf lbihf jZa\blby k oZjZdl_jhf dhfi_gkZpbb y\ey_lky
\ujZ[hldZ g_eh\dbfb b aZkl_gqb\ufb ex^vfb ebqbgu kZfhm\_j_gghklb b ij_\hkoh^kl\Z \
dhgp_ dhgph\ gZklhevdh ih^f_gyxs_c bo ih^ebggmx Zkl_gbq_kdmx kmsghklv qlh
hdjm`Zxsb_ Z ih^qZk b kZf km[t_dl g_\hevgh ih^^Zxlky h[fZgm BklbgZ h[gZjm`b\Z_lky
h[udgh\_ggh\ dZdhcgb[m^vdjblbq_kdbcfhf_gllj_[mxsbcgZebqby^_ckl\bl_evghckbeu
lml\ h^bgfb]fh`_lh[jmrblvkyk lZdbfljm^hf\u\_^_ggucnZkZ^hldju\ZyaZkh[hcebph
keZ[hcg_m\_j_gghc\ k_[_jZkl_jy\r_ckyb l_jiys_cdjZoZkl_gbq_kdhcebqghklb;hevrh_
ijZdlbq_kdh_ agZq_gb_ \h \k_o ih^h[gh]h jh^Z kemqZyo bf__l lh h[klhyl_evkl\h qlh
ihklhyggh_ klj_fe_gb_ h[gZjm`blv [hevr_ q_f ^Zgguc q_eh\_d \ kbeZo wlh k^_eZlv b
\hagbdZxs__ hlkx^Z ^ebl_evgh_ wfhpbhgZevgh_ gZijy`_gb_ e_]dh \_^ml d jZa\blbx
jZaebqguo lZd gZau\Z_fuo g_\jhiZlbq_kdbo kbfilhfh\ ]heh\gu_ [heb [_kkhggbpZ
k_j^p_[b_gb_kljZob ihih\h^mdhlhjuo[hevghcb h[jZsZ_lky\i_j\u_d \jZqm
G_kdhevdh hkh[h_ iheh`_gb_ \ hibku\Z_fhc ]jmii_ aZgbfZ_l jZa\blb_ gZ hkgh\_ m`_
hibkZggh]h \ur_ \ j_Zdpbyo  f_oZgbafZ [_]kl\Z \ [he_agv ;he_ag_gguc kbfilhf
gZijbf_j lZd gZau\Z_fuc bkl_jbq_kdbc ijbiZ^hd  i_j\hgZqZevgh h[mkeh\e_gguc dZdbf
gb[m^v qj_af_jguf i_j_`b\Zgb_f ² _keb hg hdZau\Z_lky \u]h^guf \ lhf beb bghf
hlghr_gbb^ey^Zggh]hebpZ²\ ^Zevg_cr_ffh`_lihemqblvl_g^_gpbxihy\eylvky\kydbc
jZa dh]^Z kblmZpby fhf_glZ hdZau\Z_lky ih^oh^ys_c ^jm]bfb keh\Zfb ijhbkoh^bl dZd [u
h[jZah\Zgb_ k\h_h[jZagh]h mkeh\gh]h j_ne_dkZ Iml_f ihkl_i_ggh]h gZdhie_gby b mkbe_gby
ih^h[gh]hjh^Zkbfilhfh\\ dhgp_dhgph\fh`_ljZa\blvkyqj_a\uqZcghly`_eZyb \_^msZyd
iheghcbg\Zeb^ghklbdZjlbgZ[he_agbhlebqbl_evghchkh[_gghklvxdhlhjhcy\ey_lkylhqlh
ebqghklv ihevam_lky _x dZd kj_^kl\hf ^ey ba\e_q_gby \u]h^ b dZd hjm^b_f ]hkih^kl\Z gZ^
hdjm`Zxsbfb k\h_h[jZaguciZlheh]bq_kdbciZjZablbaf
Lbibqguf ijbf_jhf lZdh]h jZa\blby y\ey_lky ljZ\fZlbq_kdbc g_\jha LZd gZau\Z_lky
aZ[he_\Zgb_ jZa\b\Zxs__ky \ j_amevlZl_ i_j_g_k_gguo dZlZkljhn b g_kqZklguo kemqZ_\
\dexqZykx^Zb ihemq_ggu_gZnjhgl_dhglmabbG_ij_f_ggufmkeh\b_f_]h\hagbdgh\_gby
y\ey_lky \hafh`ghklv ihemq_gby \hagZ]jZ`^_gby aZ ihl_jyggmx jZ[hlhkihkh[ghklv beb \
\h_ggh_\j_fy²w\ZdmZpbbk njhglZBkoh^gufimgdlhfaZ[he_\Zgby h[udgh\_ggh y\ey_lky
bihohg^jbq_kdh_ j_Zdlb\gh_ khklhygb_ ijboh^ys__ bgh]^Z g_ihkj_^kl\_ggh qZs_ `_ \k_]h
ih bkl_q_gbb g_dhlhjh]h ijhf_`mldZ \j_f_gb gZ aZf_gm j_Zdpbb rhdZ G_j_^dh [u\Z_l lZd
qlhihke_rhdZ[hevghcg_kdhevdhhijZ\b\rbkv\ha\jZsZ_lkyd jZ[hl_ghhdZau\Z_lkyg_\
khklhygbb __ g_klb [eZ]h^Zjy ^jh`Zgbx jmd jZkkljh_gghc ihoh^d_ qm\kl\m keZ[hklb
jZkk_ygghklb ]heh\guf [heyf g_ijZ\bevgufhsms_gbyf \ jZaguo qZklyo l_eZ LZdh]h jh^Z
iZpb_glu `Zemxlky gZ aZljm^g_gb_ \ khkj_^hlhq_gbb \gbfZgby \ \hkijbylbb \g_rgbo
\i_qZle_gbcgZaZf_^e_ggh_l_q_gb_fuke_chkh[_gghiZfylbHkh[_gghh[bevgu`Zeh[ugZ
\k_\hafh`gu_ [heb djhf_ ]heh\u ² hkh[_ggh qZklh \ iha\hghqgbd_ b dhg_qghklyo gZ
imevkbjh\Zgb_ \ \bkdZo rmf \ mrZo b l^ GZkljh_gb_ ijb wlhf h[udgh\_ggh m]g_l_ggh_
qZklhieZdkb\h_[hevgu_lj_\h`gujZa^jZ`bl_evgub ^Z`_ ]g_\eb\u H^gZdh \ p_glj_ \k_o
bo`Zeh[klhblg_kihkh[ghklvd jZ[hl_hgb`ZemxlkygZihegmxg_\hafh`ghklvdZdh]h[ulh
gb [ueh gZijy`_gby dZd lhevdh hgb ijbgbfZxlky aZ ^_eh lZd k_cqZk `_ \k_ bo [heb b
g_ijbylgu_ hsms_gby djZcg_ \hajZklZxl ihy\ey_lky qm\kl\h \yehklb khgeb\hklv
]heh\hdjm`_gbyk_j^p_[b_gbyb lZdZydjZcgyymklZehklvqlh[hevghfmdZ`_lkyljm^guf^Z`_
klhylvgZ gh]Zo beb ^Z`_ \hh[s_ khojZgylv gm`gmx ^ey jZ[hluiham Ijboh^blky ij_ju\Zlv
jZ[hlm[jZlvhlimkdZghgh\u_b gh\u_ihiuldb\_jgmlvkyd ijhn_kkbhgZevghc^_yl_evghklb
aZdZgqb\Zxlky g_ lhevdh [_a \kydh]h ohly [u fZe_gvdh]h mki_oZ gh qZklh l_jiyl _s_ [he__
j_rbl_evgh_djmr_gb_q_fij_`^_GZdhg_p[hevghcij_djZsZ_lkh\k_fihiuldb\_jgmlvkyd
jZ[hl_b \k_k\h_\gbfZgb_khkj_^hlhqb\Z_lk h^ghcklhjhgugZ[he_agbfZe_crb_kbfilhfu
dhlhjhchglsZl_evgh\ubkdb\Z_lb dmevlb\bjm_lZ k^jm]hc²gZbkdZgbb\hagZ]jZ`^_gbyaZ
ijbqbg_ggucljZ\fhc_]ha^hjh\vxb jZ[hlhkihkh[ghklbms_j[G_j_^dh[u\Z_lb lZdqlhwlZ
nZaZ gZklmiZ_l [_a ijhf_`mlhqguo ihiulhd \_jgmlvky d jZ[hl_ ² g_ihkj_^kl\_ggh ihke_
\uoh^Z ba hkljh]h khklhygby K l_q_gb_f \j_f_gb kbfilhfu [he_agb [hevr_x qZklvx
gZjZklZxlb __dZjlbgZdZd[ujZa\_jlu\Z_lkyijbq_fkhklhygb_[hevgh]h\k_]^ZgZoh^blky\
[hevrhc aZ\bkbfhklb hl khpbZevguo mkeh\bc \ dhlhjuo hg gZoh^blky b hl lh]h m^Zklky eb
_fm^h[blvky\hagZ]jZ`^_gbybebi_gkbbQZklhd hibkZgguf\ur_y\e_gbyfijbkh_^bgyxlky
b we_f_glukmly`gbq_kl\Z[hevghc\ujZ`Z_lg_^h\hevkl\hhlghr_gb_fd g_fm\eZkl_ckm^Z
\jZq_c b l^ \ly]b\Z_lky \ km^_[gu_ ijhp_kku beb gZqbgZ_l ij_^ty\eylv \ jZaebqguo
bgklZgpbyo\k_\hafh`gu_lj_[h\Zgbyh ihfhsbe_q_gbbb fZl_jbZevghfmkljhckl\_Fgh]b_
ij_\jZsZxlky \ \_qgh g_^h\hevguo h[\bgyxsbo \_kv fbj \ k\h_f g_kqZklbb aeh[guo
kdZg^Zebklh\ hohlgh ijb[_]Zxsbo d Zedh]hex b ih^ \ebygb_f ihke_^g_]h [ukljh
^_]jZ^bjmxsbo B h^gZdh g_j_^db kemqZb \ dhlhjuo ijb [eZ]hijbylguo mkeh\byo \k_ wlb
y\e_gby [ukljh j_^mpbjmxlky b [hevghc \ha\jZsZ_lky d jZ[hl_ ² wlh lh]^Z _keb bkq_aZ_l
g_h[oh^bfhklvq_]hgb[m^v^h[b\ZlvkybebhlklZb\Zlvm`_ijbh[j_l_ggh_bfms_kl\h< lZdbo
kemqZyo qZklh [u\Z_l qlh [hevghc gZqbgZ_l kgZqZeZ g_fgh]h jZ[hlZlv ^hfZ ih ohayckl\m Z
aZl_f ² _keb wlh g_ ]jhabl _fm ebr_gb_f i_gkbb ² ihklmiZ_l b gZ dZdmxgb[m^v jZ[hlm
Zjl_evbg\Zeb^h\b l^
Ih f_j_ lh]h dZd jZa\b\Z_lky bgl_j_k d jZ[hl_ hloh^yl gZ \lhjhc ieZg b bkq_aZxl
`Zeh[u [hevgh]h Z _keb ihke_^g_fm m^Z_lky gZclb k_[_ \u]h^gmx b m^h\e_l\hjyxsmx _]h
kem`[m g_kh\f_klbfmx k khklhygb_f \ bg\Zeb^ghklb hg \ dhgp_ dhgph\ hdhgqZl_evgh
ihju\Z_lkhk\hbfiheh`_gb_fg_iheghp_gghcebqghklb
Ih\b^bfhfm \ jZa\blbb hibkZgghc dZjlbgu [he_agb ]eZ\gmx jhev b]jZ_l aZdj_ie_gb_
l_o gZ\udh\ b nhjf kZfhqm\kl\by dhlhju_ hdZau\Zxlky ihe_agufb ^ey [_kkhagZl_evgh]h
klj_fe_gby [hevgh]h mclb ba k^_eZ\r_cky ^ey g_]h qj_af_jgh ly]hklghc ihke_ g_kqZklgh]h
kemqZyjZ[hq_ch[klZgh\dbIhlj_[ghklv\h\gbfZgbbih^^_j`d_b gZ]jZ^_aZbkiulZggh_bf
ihljyk_gb_aZklZ\ey_l_]hij_m\_ebqb\Zlvg_agZqbl_evgu_hklZ\rb_kykbfilhfuZ g_^h\_jb_
\jZq_c_s_[he__wlhfmkihkh[kl\m_l
<k_hibkZggu_\ur_nhjfuZkl_gbq_kdh]hjZa\blbyij_^klZ\eyxl^h\hevgh[eZ]h^Zjgmx
ihq\m ^ey ikbohl_jZibb Ih^h[gu_ [hevgu_ [hevr_ \k_]h gm`^Zxlky k h^ghc klhjhgu \
ih^^_j`d_ Z k ^jm]hc ² \ jmdh\h^kl\_ Khhl\_lkl\_ggh wlhfm aZ^ZqZ qZs_ \k_]h ² qbklh
\hkiblZl_evgZy HgZ aZdexqZ_lky \ lhf qlh[u aZ\h_\Zlv ^h\_jb_ [hevgh]h b jZatykgblv _fm
g_k_jv_aghklv gZoh^bfuo bf m k_[y kbfilhfh\ b \hafh`ghklv iml_f gZ^e_`Zs_]h
kZfh\hkiblZgby bo mkljZg_gby <jZq h^gZdh ^he`_g ^_ckl\h\Zlv gZ [hevgh]h g_ lhevdh
m[_`^_gb_fghb Z\lhjbl_lhf_klvkemqZb]^_[hevr_ihfh]Z_l j_rbl_evghklv b kljh]hklv
q_f m]h\hj b \ujZ`_gb_ khqm\kl\by Koh^kl\h lj_[mxsboky hl \jZq_c ijb_fh\ k
i_^Z]h]bq_kdbfb ihkem`beh hkgh\Zgb_f d \u^_e_gbx hkh[h]h hl^_eZ ikbohl_jZibb
gZa\Zggh]h Djhgn_ev^hf ikboZ]h]bdhc ² hg h[gbfZ_l kh\hdmighklv ijb_fh\ \jZq_[gh]h
i_j_\hkiblZgbyebqghklbijh^_eZ\r_clZdh_iZlheh]bq_kdh_jZa\blb_
Wlhl lbi iZlheh]bq_kdh]h jZa\blby fu ij_^ihqblZ_f gZau\Zlv Zkl_gbq_kdbf Z g_
bkl_jbq_kdbf kjl_jfbgDj_qf_jh²khpbZevgZybkl_jby dZdwlh^_eZxl^jm]b_ Fhehoh\`
wlbfl_jfbghffuih^q_jdb\Z_fg_lhevdhlbij_Z]bjh\Zgbyghb ^_n_dlghklv miZ^hqghklv
lhc ihq\u lh]h nhgZ gZ dhlhjuo ijhbkoh^bl ^Zevg_cr__ baf_g_gb_ ikbobdb Z lZd`_ b
oZjZdl_j kZfh]h baf_g_gby < jy^_ kemqZ_\ wlh]h jh^Z mklZgh\blv jZagbpm f_`^m
iZlheh]bq_kdbf jZa\blb_f b j_Zdpb_c g_ m^Z_lky h^gZdh gZ[ex^Zxlky g_khfg_ggh
ijhke_`_ggu_kemqZbdh]^Z\ur_gZf_q_ggZydebgbq_kdZydZjlbgZ mklZgZ\eb\Z_lkygZ^he]h
gZ fgh]h e_l ² ]h\hjblv a^_kv h j_Zdpbb [ueh [u g_ijZ\bevgh DZd fu m`_ ]h\hjbeb wlhl
lbi jZa\blby \ agZqbl_evghc f_j_ kblmZpbhgguc gh \k_ `_ [hevrbgkl\h kemqZ_\ wlh]h jh^Z
iZ^Z_lgZikbohiZlh\rbahb^gh]hlbiZZkl_gbdh\wfhlb\gheZ[bevguob bkl_jbqguo
< k\yab k Zkl_gbq_kdbf jZa\blb_f mf_klg__ q_f ]^_eb[h \ bghf dhgl_dkl_ ihklZ\blv
[hevrhcijbgpbibZevghc\Z`ghklb\hijhk\hijhk^mfZ_lkygZfihdZ_s_g_j_r_ggucWlhl
\hijhk ke_^mxsbc Fh`_l eb klhcdh_ Zkl_gbq_kdh_ khklhygb_ UHVS Zkl_gbq_kdh_ jZa\blb_
gZ[ex^Zlvky m ikbohiZlZ dhlhjuc ^h rhdbjmxsbo \ha^_ckl\bc ijbgZ^e_`bl g_ d ]jmii_
Zkl_gbdh\\ rbjhdhfkfuke_wlh]hkeh\Z"Fh`_lebZkl_gbabjh\Zlvkyex[ZyikbohiZlbq_kdZy
ebqghklv^Z\Zyg_\j_f_ggmxZ klhcdmxkeZ[hklv"Fh]mlebZkl_gbabjmxsb_fhf_glu[ulv
gZklhevdhbgl_gkb\gub ^ebl_evguqlh[u²_kebg_gZ\k_]^ZlhihdjZcg_cf_j_gZjy^e_l
² kehfZlv ^Z`_ kbevgh]h q_eh\_dZ UHVS kl_gbqgh]h ikbohiZlZ gZijbf_j wibe_ilhb^Z"
Wlhl djmiguc \hijhk dhg_qgh ^he`_g b fh`_l [ulv jZaj_r_g lhevdh \ h[s_f fZkrlZ[_
a^_kv fu h]jZgbqbfky lhevdh g_dhlhjufb ijbgpbibZevgufb khh[jZ`_gbyfb Fu iheZ]Z_f
qlh h lZdbo djmluo i_j_ehfZo \ ikbobd_ h lZdbo k^\b]Zo dh]^Z ebqghklv ihke_ ^_ckl\by
rhdh\^_eZ_lkygZ^he]bckjhdgZ]h^ug_ihoh`_cgZlhqlh[ueh^hwlborhdh\²h[wlhf
fh`gh ]h\hjblv \ ke_^mxsbo kemqZyo <hi_j\uo wlh fh`_l bf_lv f_klh dh]^Z
ljZ\fZlbabjmxsb_fhf_glu^_ckl\mxlgZebqghklv_s_g_keh`b\rmxky\ wlbokemqZyo^_eh
b^_lg_h[hij_^_e_gghcebqghklbg_h[hij_^_e_gghfl_fi_jZf_gl_beboZjZdl_j_Z hlZdhf
khklhygbbh lZdhcklmi_gbjZa\blbyebqghklb \hajZklfh`_l[ulvjZaebqgufh[uqgh²wlh
^h²e_l dh]^Zhl^_evgu___ dhfihg_gludhfihg_glukZfu_jZaghh[jZagu_gZoh^ylky
_s_ \ klZ^bb hnhjfe_gby b g_ k\yaZgu ^jm] k ^jm]hf \ h^gh p_eh_ k\yab f_`^m wlbfb
dhfihg_glZfb gZklhevdh juoeu qlh kbevguc b ^ebl_evguc rhd fh`_l j_adh baf_gblv
gZf_q_ggmx ]hlh\ysmxky ikbobq_kdmx mklZgh\dm ebqghklv dhlhjZy ^he`gZ [ueZ [u [ulv
kl_gbqghc hdZau\Z_lky ojmidhc b keZ[hc Fh`gh fukeblv k_[_ b ijhlb\hiheh`gh_
ebqghklv dhlhjZy ^he`gZ [ueZ [u [ulv Zkl_gbq_kdhc ijb kqZkleb\hf kl_q_gbb
h[klhyl_evkl\UHVSmf_ehfaZdZeb\ZgbbhdZau\Z_lky\ `bagbkbevghc
wlZ ihke_^gyy \hafh`ghklv mihfbgZ_lky gZfb jZ^b ijbgpbibZevghc iheghlu b[h a^_kv
^_eh m`_ b^_l [hevr_ h i_^Z]h]bd_ Z g_ h f_^bpbg_ <lhjhc ZgZeh]bqguc kemqZc
ij_^klZ\ey_lky lh]^Z dh]^Z fu bf__f ^_eh kh kf_rZggufb ikbohiZlbyfb dh]^Z \ `bagb
h^gh]h b lh]h `_ bg^b\b^mmfZ ykgh \ujZ`_gu q_jlu jZaebqguo ih^qZk ² ih bo
debgbq_kdhfm h[ebdm ² ijhlb\hiheh`guo ikbohiZlbc < ikbobd_ dZ`^h]h q_eh\_dZ _klv
aZjh^ur \k_\hafh`guo ikbohiZlbq_kdbo q_jl MHGHU 0HQVFK LVW HWZDV PDQLVFK PHODQFKROLVFK
K\VWHULVFK SDUDQRLVFK b l^ ² ij_djZkgZy nhjfmeZ C_ev]_jkfZ -HOJHUVPD  b g_ f_g__ yjdh_
iheh`_gb_ Dj_qf_jZ HLQ DVWKHQLVFKHU 6WDFKHO LP VWHQLVFKHQ &KDUDNWHU  qbklu_ nhjfu
ikbohiZlbcg_qZkluh[wlhffum`_]h\hjbebH^gZdhg_wlhfubf__fk_cqZk\ \b^mdh]^Z
]h\hjbfh kf_rZgguoikbohiZlbyofubf__f\ \b^m_kebfh`ghlZd\ujZablvkyfhaZbqgu_
nhjfu ikbohiZlbc < ]jhfZ^ghf [hevrbgkl\_ kemqZ_\ ikbohiZlbc g_kfhljy gZ hlkmlkl\b_
qbklhlulbiZfh`gh\k_`_\uy\blvhkgh\gmxl_g^_gpbxwlh]hlbiZqlhb iha\hey_lhlg_klb
lhlbeb^jm]hcdhgdj_lguckemqZcikbohiZlbbd ba\_klghcdebgbq_kdhc]jmii_< fhaZbqguo
nhjfZo lZdhc hij_^_e_gghc mklZgh\db g_l _klv nbabq_kdZy kf_kv Z g_ obfbq_kdh_
kh_^bg_gb_ _klv fhaZbdZ gh g_l jbkmgdZ b a^_kv dZd \ xghf \hajZkl_ k\yab f_`^m
hl^_evgufb qZklyfb g_ ijhqgu ^ebl_evgZy b bgl_gkb\gZy ljZ\fZ gZjmrZ_l wlb k\yab
\uy\ey_lky gh\Zy dhf[bgZpby gh\Zy ikbobdZ g_ ihoh`Zy gZ klZjmx Fh`gh eb ]h\hjblv h
lZdhc fhaZbd_ ikbohiZlZ beb gm`gh ^mfZlv h ^ebl_evghc _keb g_ ihklhygghc aZ^_j`d_
jZa\blby ² wlhl \hijhk gZf dZ`_lky g_ ijbgpbibZevguf b g_ bf_xsbf kms_kl\_ggh]h
agZq_gbyGZdhg_plj_lbckemqZcfh`_lfukeblvkylh]^Zdh]^Z^_ehb^_lh ^_ckl\bbljZ\fu
gZ mjZ\gh\_r_ggmx ]Zjfhgbq_kdmx ghjfZevgmx ebqghklv \_^v fh`gh ^mfZlv Z lZd
g_dhlhju_b ^mfZxlqlhljZ\fZfh`_l[ulvgZklhevdh^ebl_evgZb bgl_gkb\gZqlhex[Zy

Ijb\_^_f_s_hq_gvq_ldmxnhjfmemOw[_jeqgh +DEHUOLQ MHGHUPHQVFKOLFKH=XJLVWLQMHGHPHLQ]HOQHQ0HQVFKHQ

YHUWHUWHQGRFKILQGHWVLFKNHLQ&KDUDNWHU]XJEHL]ZHLYHUVFKLHGHQHQ0HQVFKHQLQGHUJOHLFKHQ:HLVH\ k\h[h^ghf
i_j_\h^_wlZnhjfmeZa\mqbllZdex^bhlebqZxlky^jm]hl^jm]Zg_hl^_evgufbq_jlZfboZjZdl_jZ²hgb
gZebphm dZ`^h]h²Z kihkh[hfbokhq_lZgby *HVDPWVWUXNWXU 
 kbeZ ebqghklb hdZ`_lky g_^hklZlhqghc qbklh kblmZpbhggh_ jZa\blb_  <hafh`gu eb
lZdb_ kemqZb fu g_ agZ_f \h \kydhf kemqZ_ hgb ^he`gu [ulv djZcg_ j_^db \hi_j\uo
ihlhfm qlh wlb ]Zjfhgbq_kdb_ gZlmju ih [hevr_c qZklb _klv ieh^ \hh[jZ`_gby b \h
\lhjuo ihlhfm qlh _keb [u hgb ^_ckl\bl_evgh kms_kl\h\Zeb lh hgb ^he`gu [ueb [u
h[eZ^Zlv ^hklZlhqghc `bag_gghc weZklbqghklvx qlh[u k q_klvx ijhlb\hklhylv h[uqgh
^_ckl\mxsbf\j_^guf\ebygbyf
< \b^m lh]h qlh lZdh]h jh^Z kemqZb iZlheh]bq_kdh]h jZa\blby k dZq_kl\_gguf k^\b]hf
ebqghklbg_qZklufuiha\hey_fk_[_ijb\_klbh^ghlZdh_gZ[ex^_gb_dhlhjh_dZ`_lkygZf
aZkem`b\Zxsbf \gbfZgby wlh gZ[ex^_gb_ k^_eZgh \ ikbobZljbq_kdhc debgbd_ ]h F=M b
m`_him[ebdh\Zgh\ ki_pbZevghci_qZlb fu_]hpblbjm_f\ khdjZs_gghf\b^_
;hevghcNe_lihklmibe\ debgbdm ]K\_^_gbykhkeh\[hevgh]hHl_p²
l\_j^uc kmjh\uc j_rbl_evguc wg_j]bqguc \eZklguc <uib\Ze < khklhygbb hivyg_gby
k^_j`Zgghklvg_hklZ\eyeZ_]hFZlv²h[sbl_evgZyhldjh\_ggZyg_fh`_l[ulv[_aex^_c
J_rbl_evgZywg_j]bqgZyK_kljZ²^h[jZyfy]dZykihdhcgZyh[sbl_evgZy;hevr_gb hdhf
bajh^guog_agZ_l;hevghcjhk\ dj_klvygkdhck_fv_JZa\blb_²1FZevqbdhfjhk^h[juf
hlau\qb\uf djZcg_ \i_qZlebl_evguf ² qm`h_ ]hj_ ² [ueh _]h ]hj_f >h\_jqb\uc
hldjh\_gguc h[sbl_evguc \k_]^Z bf_e fgh]h lh\Zjbs_c G_kdhevdh aZkl_gqb\uc
lj_\h`guc ohly b [ue ^hklZlhqgh m\_j_g \ k\hbo kbeZo b \hafh`ghklyo gh \kydh_ g_
^h\_^_ggh_bf^hdhgpZ^_ehkbevgh\hegh\Zeh_]h@bl_ckdb_g_mjy^bpui_j_`b\Zely`_eh
fZe_crZyg_ijbylghklvhklZ\eyeZ^ebl_evgucb ]em[hdbcke_^J_Z]bjh\ZegZ\k_ke_aZfbGh
\k_`_[ueqj_a\uqZcghgZklhcqb\h[yaZl_evgh^h[b\Zekyk\h_]h>_eZywlhlbohfbjgh[_a
rmfZ [_a aZ^hjZ gh mihjgh K ^_lkl\Z ex[be qbklhlm ihjy^hd g_ ^himkdZy \ dhklxf_ gb
fZe_cr_]h batygZ dZ`^Zy \_sv ^he`gZ [ueZ l\_j^h agZlv k\h_ f_klh F_qlu [ueb \k_]^Z
kh\_jr_ggh j_Zevgufb khkj_^hlhqb\Zebkv hgb gZ _]h [m^ms_c `bagb KZfuf aZ\_lguf g_
hklZ\eyxsbf _]h b ih kbx ihjm [ueh `_eZgb_ klZlv xjbklhf <hh[s_ \hijhku
kijZ\_^eb\hklb b]jZeb ^ey [hevgh]h [hevrmx h]jhfgmx jhev dlhgb[m^v dh]hgb[m^v
h[b^blZ fg_[hevg__q_fkZfhfmh[b`_gghfm<kyq_kdb_g_kijZ\_^eb\hklb\uau\Zeb\ g_f
[mjx g_]h^h\Zgby gh [hevrZy k^_j`Zgghklv ihfh]ZeZ _fm wlh]h g_ ijhy\eylv \h\g_ \ l_o
kemqZyo ]^_ hg khagZ\Ze k\h_ [_kkbeb_ lZf `_ ]^_ hg \b^_e \hafh`ghklv ihfhqv \klmiZeky
djZcg_Zdlb\ghIhhlghr_gbxd \_sZf²\k_]^Z[_j_`eb\Dhklxfu_]hkhojZgyebkvfgh]h
^hevr_ q_f m ^jm]bo fZevqbdh\ >hklb]Ze wlh]h k\h_c ZddmjZlghklvx b hklhjh`ghklvx g_
eZaZeih^_j_\vyf\f_kl_k lh\ZjbsZfbjZgvr_q_fk_klvgZeZ\dmlsZl_evgh\ulbjZe__gZ
ghqv kdeZ^u\Ze \k_ \ hij_^_e_gghf ihjy^d_ Mqblvky gZqZe e_l k fb kihkh[ghklb [ueb
ij_djZkgu_\k_^Z\Zehkve_]dhhlghkbekyd mq_gbxk [hevrhc^h[jhkh\_klghklvx_kebq_]h
g_\umqblghqvkiZlvg_[m^_lMjhdb[uebgZi_j\hfieZg_R_e\k_]^Zi_j\ufmq_gbdhf
Lh\Zjbsb hq_gv ex[beb b m\Z`Zeb _]h hgihfh]Ze mqblvky g_agZxsbf g_ iha\heye k_[_
gbdh]^Z gb gZ dh]h ^hghkblv emqr_ kZf \ha^_ckl\m_l fhjZevgh < ^jZdZo b kkhjZo g_
mqZkl\h\Ze lb e_l hdhgqbe q_luj_odeZkkh\mx rdhemklZe jZ[hlZlv \f_kl_k hlphf
ihklheyjghfm ^_em <  ] \klmibe \ dhfkhfhe <kdhj_ klZe \u^_eylvkydZd h^bg ba
gZb[he__ Zdlb\guo wg_j]bqguo b lhedh\uo jZ[hlgbdh\ < wlhf `_ ]h^m i_j_g_kkuighc b
\ha\jZlguc lbnu lb e_l [ue jy^ m\e_q_gbc hlghkbeky d gbf k_jv_agh ^_\mr_d m\Z`Ze
gh jZ[hlZ \k_]^Z [ueZ ^ey g_]h \Z`g__ wlh]h <  ] ba[jZg [ue k_dj_lZj_f f_klghc
dhfkhfhevkdhchj]ZgbaZpbb]^_jZ[hlZeh[hevrhcmki_rghklvxhdhehlj_oe_l
<  ] gZ khk_^g_f kl_dhevghf aZ\h^_ ijhbahreh h]jZ[e_gb_ DjZ^_gu_ \_sb
ih^dbgmebgZq_j^Zd\ ba[m[hevgh]hIjbh[ukd_\_sb[uebgZc^_gu [hevgh]h Zj_klh\Zeb
>hkm^Zhgijhkb^_ef_kyp_\< i_j\h_\j_fyhghlghkbekyd Zj_klmdZdlhrmlykh^gygZ
^_gvh`b^Zehk\h[h`^_gbyYq_cdZmk_j^ghoehihlZeZaZg_]hihk_sZ\rb_lh\Zjbsb\_jbeb\
ihegmx _]h g_\bgh\ghklv Kh \k_o klhjhg hg \b^_e khqm\kl\b_ Gh km^ \ug_k kh\_jr_ggh
g_h`b^Zggh ^ey [hevgh]h ijb]h\hj hg ijbkm`^_g [ue d  ]h^Zf lxj_fgh]h aZdexq_gby b
i_j_\_^_g \ dZf_jm ^ey m]heh\guo A^_kv hg hdZaZeky dZd [u kj_^b ^\mo h]g_c K h^ghc
klhjhgu²Z^fbgbkljZpbydhlhjZyij_abjZeZ_]hm]heh\gh]hij_klmigbdZk ^jm]hc²khk_^b
ihdZf_j_dhlhju_\_jbeb\ _]hg_\bgh\ghklvb aZwlhg_gZ\b^_eb_]hba^_\ZebkvgZ^gbfZ
bgh]^Z ^Z`_ ba[b\Zeb _]h >mr_\gh_ khklhygb_ [ueh djZcg_ ly`_euf @_klhdbc ijb]h\hj
i_j_\_jgme \kx ikbobdm hg kZf k_[y g_ ihgbfZe g_ gZoh^be gm`guo keh\ \j_f_gZfb
_fmdZaZehkvqlhhg^_ckl\bl_evghqlhlhk^_eZe?]hg_im]Zebgb gZdZaZgb_gbebr_gbygh
m[b\ZeZkZfZg_kijZ\_^eb\hklvkhagZgb_qlhkb^bl\ lxjvf_Z[khexlghg_\bggucq_eh\_d
KlZeqm\kl\h\Zlv\ k_[_[_kij_klZggh_\heg_gb_g_[uehgbh^ghck_dmg^u\h\j_fydhlhjhc
_]hg_fmqbeb[u[_kdhg_qgu_\hijhkuklZedZaZlvkyk_[_gbadbfgbqlh`guf\bgbek_[y
\ lhf qlh g_ kmf_e hijZ\^Zlvky b ihiZe \h \kx wlm ]jyav KhagZ\Ze qlh gm`gh [u qlh
gb[m^v ij_^ijbgylv h[ty\blv ]heh^h\dm ihdhgqblv k kh[hc gh g_ fh] g_ [ueh kbe g_
[ueh \heb Ihy\beZkv ZiZlby dh \k_fm ihegh_ [_ajZaebqb_ qm\kl\h kh\_jr_gghc
[_kihfhsghklb GZ \lhjhc ]h^ ij_[u\Zgby \ lxjvf_ hg klZe ^_eZlvky jh[dbf aZkl_gqb\uf
g_m\_j_gguf\ k_[_gZex^yoklZekfmsZlvkydjZkg_lvihy\bebkvk_j^p_[b_gbyb ^jh`Zgb_
]hehkZ < ]eZaZo ex^_c hg dZaZeky k_[_ ij_klmigbdhf Ki_j\Z hg ijh[h\Ze [hjhlvky k wlbfb
y\e_gbyfb qlh[u ba`blv bo gZjhqgh klZjZeky [hevr_ h[sZlvky k hdjm`Zxsbfb Gh
khklhygb_ _]h \k_ mom^rZehkv b gZ lj_lbc ]h^ ij_[u\Zgby \ lxjvf_ hg kh\_jr_ggh mr_e \
k_[y i_j_klZe [hjhlvky kh k\hbfb i_j_`b\Zgbyfb gZ ijh]med_ ^_j`Zeky hkh[gydhf
klhjhgbeky\k_ogZjZ[hl_aZ[b\Zekydm^Zgb[m^v\ m]he<k_ihfukeu_]h[uebgZijZ\e_gu
gZ lh qlh[u hklZlvky g_aZf_q_gguf Hg \hhjm`beky dgb]Zfb Mki_\Ze ohjhrh ;ue
i_j_\_^_g \ dZf_jm ^ey iheblaZdexq_gguo A^_kv hg gZr_ek_[_khqm\kl\b__]h hdjm`beb
\gbfZgb_f ghkhklhygb_ _]h \k_ mom^rZehkvaZf_rZl_evkl\h gh ex^yo mkbeb\Zehkv ^h
lZdhckl_i_gbqlh\hclb\ dhfgZlm]^_dlhgb[m^vkb^_eklZeh^eyg_]hg_\hafh`guf
Hk_gvx  ] kemqZcgh \uykgbeZkv _]h g_\bgghklv b hg [ue \uims_g >jmavyfb b
jh^gufbhg[ue \klj_q_g k dhehkkZevghxjZ^hklvx LhlqZk `_ihemqbe jZ[hlm gZ nZ[jbd_ \
dZq_kl\_ bgkljmdlhjZ \hkklZgh\e_g [ue \ dhfkhfhe_ gh gbq_]h g_ fh]eh baf_gblv _]h
khklhygby>hlxjvfuhg[uei_j\ufq_eh\_dhfZ \ur_ehllm^Zihke_^gbfJZ[hlZlv[ueh
qj_a\uqZcghljm^ghohly^_ehk\h_hgagZeohjhrh_]hiZjZebah\ZeZfukevqlhhg^he`_g
\hclb \ p_o qlh _]h m\b^yl k_cqZkqlh hg gZqg_l djZkg_lv\hegh\hlvky AZqZklmx hg ih^he]m
ijhklZb\Ze m ^\_j_c p_oZ g_ j_rZykv aZclb lm^Z Hl iZjlbcghc jZ[hlu _fm ijbrehkvkh\k_f
hldZaZlvkylZd dZd \uklmiZlv gZkh[jZgbyo hg g_ fh] \h\k_ H^gZ`^u hg iulZeky
i_j_kbeblvk_[ygh ihk_j_^bg_ ijbgm`^_g [ue hklZgh\blvkylZd dZd \ aZf_rZl_evkl\_klZe
imlZlv keh\Z aZ[ue ijh^he`_gb_ j_qb ihdjZkg_e ]hehk gZqZe ^jh`Zlv H[t_dlb\gh_
aZ\h^kdhcjZ[hlhckijZ\ey_lkyohjhrhkqblZekygZnZ[jbd_i_j\ufbgkljmdlhjhfghklhbeh\k_
wlh _fm g_bfh\_jguo mkbebc Lh\ZjbsZfb [ue ihij_`g_fm ex[bf ijh[h\Ze aZ\h^blv
gh\uo ^jma_c aZgbfZlvkykihjlhf^mfZeqlh wlh ihfh`_l _fmkijZ\blvkykkh[hcgh khklhygb_
_]h\k_mom^rZehkv
< ghy[j_ ] ihklmibe hg \ kZgZlhjbc Khdhevgbdb Memqr_gb_ g_ gZklmibeh Ba
kZgZlhjbyi_j_\_eb\ debgbdm
Kh keh\ k_klju FZevqbdhf ihfgbl _]h [hcdbf \_k_euf h[sbl_evguf ihkemrguf
mkem`eb\uf K jZgg_]h ^_lkl\h ² hq_gv ZddmjZlguc qbklhiehlguc lj_[h\Ze qlh[ \k_ gZ
g_f [e_kl_eh Mqbeky ohjhrh ;ue ijbe_`_g aZ dgb]Zfb ijhkb`b\Ze ^h iha^g_c ghqb Ih
\uoh^_ ba lxjvfu [hevghc hdZaZeky kh\_jr_ggh i_j_f_gb\rbfky jh[dbf aZkl_gqb\uf gZ
ex^yo ² djZkg__l l_jy_lky >hfZ `_ hg lj_[h\Zl_e_g dZijba_g \k_ ih g_f ^he`gh
^_eZlvky Ij_l_gabb _]h ]eZ\guf h[jZahf gZijZ\e_gu gh kh[ex^_gb_ qbklhlu b ihjy^dZ
qmlv kdeZ^dZ gZ khjhqd_ lhlqZk `_ \_ebl __ jZa]eZ^blv qmlv aZf_lbl \ dhfgZl_ fZe_crbc
g_ihjy^hd\k_^he`gh[ulvg_f_^e_gghm[jZgh;hevghckh\_jr_gghihl_jyek\hxij_`gxx
\_k_ehklvj_`_klZe\b^_lvkyk lh\ZjbsZfb[hevrmxqZklv\j_f_gbijh\h^blaZdgb]Zfb
6WDWXVSUDHVHQV;hevghckj_^g_]hjhklZijZ\bevgh]hl_ehkeh`_gbyk ij_h[eZ^Zgb_fq_jl
ibdgbq_kdh]h lbiZ K_j^p_ g_kdhevdh jZkrbj_gh \ijZ\h Lhgu ]emoh\Zlu_ khkm^u fy]db_
imevk jblfbqguc ih aZdexq_gbx l_jZi_\lZ ² kihjlb\gh_ k_j^p_  Djh\ygh_ ^Z\e_gb_
² Hlf_qZ_lkyg_dhlhjZyihleb\hklv e_]dbc lj_fhj \ulygmluo iZevp_\ jmd AjZqdb²
jZ\ghf_jguj_ZdpbygZk\_l^hklZlhqgZykmoh`bevgu_j_ne_dku`b\u_
;hevghc hjb_glbjh\Zg khagZgb_ ykgh_ H[sbl_e_g ijb\_leb\ fgh]h b hohlgh
jZkkdZau\Z_l h k_[_ b k\h_c [he_agb JZkkdZa k\hc qZklh ij_ju\Z_l ke_aZfb b ijhkv[Zfb
ihfhqv _fm dZdgb[m^v k^_eZlv k gbf qlh m]h^gh gh lhevdh bkp_eblv _]h LZd `blv hg
[hevr_g_fh`_l_kebdebgbdZg_baf_gbl_]hkhklhygbylh_fmhklZ_lkyebrvimex\ eh[
imklblv FZl_jbZevgu_ b fhjZevgu_ mkeh\by _]h `bagb kdeZ^u\Zxlky lZd qlh hg ^he`_g
[ue[u[ulvkZfufkqZkleb\ufq_eh\_dhfgZk\_l_Z gZkZfhf^_e_g_lq_eh\_dZg_kqZklg__
_]h I_j_^ \Zfb ebrv hklh\ q_eh\_dZ g_l gbdh]h gZ k\_l_ k d_f [u hg ohjhrh k_[y
qm\kl\h\Zeiylbe_lgbcfeZ^_g_paZklZ\ey_l_]hdjZkg_lvb l_jylvky?]h\k_\j_fylyg_ld
im[ebd_ d h[s_kl\m Z f_`^m l_f dZ`^uc rZ] ^ey g_]h ljZ]_^by Klhbl _fm ijhclb fbfh
ex^_c dZd \uklmiZ_l jh[hklv aZkl_gqb\hklv \gmlj_ggbc lj_i_l Bgh]^Z gZqg_l [_k_^m
ohjhrh gh \^jm] aZev_l ebph djZkdhc jZkl_jy_lky gZqg_l dZaZlvky qlh _]h mebqbeb \
q_flhH[s_gb_^eyg_]h²jZ\ghkbevghi_le_>eblkywlhkhklhygb_k lZdbf mihjkl\hf
qlh \k_ jmrblky i_j_^ iheghc [_agZ^_`ghklvx < kbem wlh]h ihklhyggZy
g_m^h\e_l\hj_gghklvij_ke_^m_l_]hgbq_]hg_fbeh^Z`_khegp_b lhg_jZ^m_l?keb[u
g_jh[hklvg_aZkl_gqb\hklvg_kljZoh[s_gby lh\k_[ueh[uohjhrh>mrZm g_]hhklZeZkv
ij_`gyy <j_f_gZfb khklhygb_ gZklhevdh memqrZ_lky qlh [hevghc qm\kl\m_l k_[y ihqlb
bkp_e_gguf h^gh g_[hevrh_ mkbeb_ f_^bpbgu b hg [m^_l a^hjh\ Gh fhf_gl g_ ko\Zq_g
\j_fy ml_jygh b \k_ [he_ag_ggu_ y\e_gby \ha\jZsZxlky \gh\v Kh klhjhgu nhjfZevguo
kihkh[ghkl_chldehg_gbchl1g_l
L_q_gb_< debgbd_[hevghc[uedZijba_gh[b^qb\g_kdhevdhjZa^jZ`bl_e_glj_[h\Zed
k_[_ [hevrh]h \gbfZgby ihklhyggh klZjZeky gZclb k_[_ kh[_k_^gbdZ dhlhjhfm fh`gh [ueh
[u jZkkdZaZlv h k\hbo i_j_`b\Zgbyo KlZjZeky \eblvky \ `bagv hl^_e_gby h[sZlvky k
[hevgufb jZ[hlZlv gh qZklh hklZ\eyy gZqZlmx jZ[hlm beb ij_ju\Zy [_k_^m [_`Ze d k\h_c
djh\Zlbbeh`ZkvgZg__ih^he]mieZdZeH[tykgyewlhihy\b\r_ckyjZkl_jygghklvxi_qZlvx
aZkl_gqb\hklb dhlhjZy g_ ihdb^Z_l _]h gZ ex^yo Dh]^Z [hevghfm gm`gh [ueh ih_oZlv \
kljZodZkkm meZ^blv k\hb fZl_jbZevgu_ ^_eZ ² mihjgh hldZau\Zeky ]h\hjy qlh ijb h^ghc
fukebh[wlhfhg\_kvoheh^__l
Fgh`_kl\h jZa \ukdZau\Ze g_^h\hevkl\h qlh _]h g_ e_qZl h`b^Ze dZdbolh
j_rbl_evguof_jhijbylbcIkbohl_jZi_\lbq_kdb_[_k_^udhlhju_ijh\h^bebkvk [hevguf
hklZ\Zebkv[_aj_amevlZlgufb< dhgp_fZylh]h`_]h^Z[hevghc\uibkZg\ lhf`_khklhygbb
Kmffbjmyb ^Z`_g_kdhevdhko_fZlbabjmygZ[ex^_gb_fh`ghkdZaZlvqlhwibe_ilhb^gZy
kl_gbq_kdZy  ^h ^_ckl\by ljZ\fu ebqghklv ihke_ wlhc ljZ\fu klZgh\blky Zkl_gbqghc
Kh\_jr_ggh ijZ\bevgh ]h\hjbl Z\lhj pblbjm_fhc jZ[hlu E_\bgkhg  qlh Zkl_gbq_kdh_ y^jh
ebqghklb[u\r__^hrhdZdZd[u\ eZl_glghfkhklhygbbklZehihke_ljZ\fuihdju\Zlvkh[hc
__ kl_gbq_kdb_ l_g^_gpbb lhqgh lZd `_ fh`gh \iheg_ kh]eZkblvky b k l_f iheh`_gb_f qlh
wlhl kemqZc ^Z_l \hafh`ghklv ijb\e_qv d h[tykg_gbx ih^h[gh]h jZa\blby ebqghklb __
\hajZklgu_ hkh[_gghklb fh`gh ij_^iheZ]Zlv qlh \ i_j_oh^ghf \hajZkl_ \ ikbobd_ g_
mki_\Z_lkha^Z\Zlvkymklhcqb\hcijhihjpbbf_`^mhl^_evgufb__ dhfihg_glZfbb ^hklZlhqgh
bgl_gkb\guc b ^ebl_evguc nZdlhj fh`_l Zdlb\bjh\Zlv h^bg ba gbo qlh[u hg b \ij_^v
hklZ\Zeky^hfbgbjmxsbf

JZa\blb_k \uy\e_gb_fh[k_kkbc gZ\yaqb\u_khklhygby

Ihk\h_cikbohiZlheh]bq_kdhckmsghklbgZ\yaqb\u_khklhygbyg_h^ghjh^guHgbfh]ml
[ulvkbfilhfZfbb lZdboaZ[he_\ZgbcdZdohly[urbahnj_gbybebwibe_ikbyh^gZdhhq_gv
g_j_^dh hgb ij_^klZ\eyxl j_amevlZl iZlheh]bq_kdh]h jZa\blby g_dhlhjuo ]jmii
ikbohiZlbq_kdbo ebqghkl_c ij_bfms_kl\_ggh wfhlb\gheZ[bevguo Zkl_gbdh\ b rbahb^h\
A^_kvfu_kl_kl\_gghg_[m^_fdZkZlvkyl_obonhjfdhlhju_gZ[ex^Zxlkyijbrbahnj_gbb
b wibe_ikbbZ aZcf_fkybkdexqbl_evghdZjlbgZfbjZa\b\Zxsbfbkym ikbohiZlh\
M jy^Zex^_cikbohiZlbq_kdh]hkdeZ^ZkjZ\gbl_evghkghkghkijZ\eyxsbokyk `bagvxk
__ aZijhkZfbb lj_[h\Zgbyfb\ hij_^_e_gguckjhdh^gZdhg_kjZamZ ihkl_i_gghiml_fjy^Z
ihke_^h\Zl_evguo ² \ke_^kl\b_ jZaebqguo rhdh\ ² mom^r_gbc khklhygby mklZgZ\eb\Z_lky
_keb g_ ihegZy lh \h \kydhf kemqZ_ [hevrZy [_kihfhsghklv h[mkeh\eb\Z_fZy l_f qlh
kdhevdhgb[m^v ijZ\bevgh_ l_q_gb_ `bagb \ dhjg_ gZjmrZ_lky ihy\e_gb_f k\h_h[jZaguo
g_hl\yaguo hiZk_gbc k h^ghc klhjhgu b aZsblguo ijb\uq_d k ^jm]hc dhlhju_
khkj_^hlhqb\Zxl gZ [_kieh^ghc [hjv[_ k kh[hc \k_ \gbfZgb_ iZpb_glZ b ^_eZxl ^ey g_]h
g_\hafh`ghc j_]meyjgmx ljm^h\mx `bagv Hkgh\guf nZdlhjhf h[mkeZ\eb\Zxsbf jZa\blb_
lZdbo khklhygbc ih\b^bfhfm y\ey_lky _kl_kl\_gguc dZ`^hfm k\hckl\_gguc kljZo lhevdh
\uy\eyxsbcky hkh[_ggh j_adh \ lhl beb bghc fhf_gl b aZl_f \ kbem jy^Z ijbqbg
aZdj_ieyxsbckyGZ^h^h[Z\blvijbwlhfqlhohlyfub ]h\hjbfa^_kvh khklhygbyogZkZfhf
`_ ^_e_ \ hibku\Z_fhf kbg^jhf_ fu bf__f y\e_gb_ g_ klZpbhgZjgh_ Z g_dhlhjmx
jZa\b\Zxsmxky ^bgZfbq_kdmx nhjfm j_amevlZl gZdhie_gby fgh]bo j_Zdpbc gZ jZaebqgu_
\ha^_ckl\bydZ`^h_badhlhjuokZfhihk_[_h^gZdhkh\_jr_gghg_^hklZlhqgh^ey\uau\Zgby
[he__bebf_g__klhcdh]hj_Zdlb\gh]hkhklhygbyIh\b^bfhfm\ijhq_f_klvb lZdb_nhjfu
hibku\Z_fh]h kbg^jhfZ dhlhju_ ihkdhevdm hgb ij_^klZ\eyxl ba k_[y hl\_l gZ ^ebl_evgh_
Znn_dlb\gh_ gZijy`_gb_ \ua\Zggh_ dZdbfgb[m^v dhgnebdlguf i_j_`b\Zgb_f [ueh [u
ijZ\bevg__hibku\Zlvg_a^_kvZ \]eZ\_h j_ZdpbyoFug_khqebh^gZdhm^h[gufjZa[b\Zlv
hibkZgb_ h^gh]h kbg^jhfZ ih jZaebqguf ]eZ\Zf l_f [he__ qlh g_ \b^bf ijbgpbibZevgh]h
jZaebqbyf_`^mjZa\blb_fb ^ebl_evgufj_Zdlb\gufkhklhygb_f
Ihf_s_gb_gZ\yaqb\uokhklhygbc\ ]eZ\mh jZa\blbbdjhf_lh]h^bdlm_lkybohkh[_gghc
kdehgghklvxd nbdkbjh\Zgbxd aZdj_ie_gbxbgh]^ZgZhq_gv^ebl_evgu_kjhdb
GZb[he__ hlq_leb\h ]_g_a gZ\yaqb\uo khklhygbc fh`gh ijhke_^blv \ jZa\blbb kljZoZ
hl\_lkl\_gghklbQ_eh\_d^hlh]h\_^rbc[hevrh_^_eh^hlh]hmf_ehjZkihjy`Z\rbckyb dZd
[m^lh g_ l_jy\rbcky \ ljm^guo mkeh\byo ih^ \ebygb_f lh]h beb ^jm]h]h ih^qZk ^Z`_
g_agZqbl_evgh]hkemqZcgh]hijhbkr_kl\bygZqbgZ_lqm\kl\h\ZlvjZklmsmx\k_[he__b [he__
lj_\h]m hg fh`_l hdZaZlvky g_kihkh[guf ijbgylv g_h[oh^bfh_ j_r_gb_ ijhimklblv
khhl\_lkl\mxsbc fhf_gl gZ^_eZ_l hrb[hd ² b \k_ wlh ijb\_^_l d djZom ijh\Zem ^_eZ gZ
dhlhjhf hg jZ[hlZ_l Gh lZdhc `_ kljZo fh`_l jZa\blvky b m q_eh\_dZ aZgbfZxs_]h kZfuc
g_[hevrhc ihkl b \_^ms_]h fZeh hl\_lkl\_ggmx jZ[hlm ² lZf kh^_j`Zgb_ hiZk_gbc [m^_l
lhevdh[he__we_f_glZjgufijbfblb\gufb]eZ\gh_[he__y\ghiZlheh]bq_kdbfihkms_kl\m
`_hgh[m^_lghkblvlhl`_oZjZdl_j[hevghfmg_m^Z_lky\uihegblvihjmq_gghc_fmjZ[hlu
hg ^_eZ_l hrb[db dhlhju_ hdZau\Zxlky jhdh\ufb l_jy_l kem`[m b l^ JZa ihy\b\rbkv
ih^h[gu_ fukeb jZa\b\Zxlky \k_ ^Zevr_ b ^Zevr_ \ dhgp_ dhgph\ kh\_jr_ggh iZjZebamy
\kydmx \hex b kihkh[ghklv d ijbgylbx dZdh]heb[h j_r_gby \kydbc ij_^ijbgbfZ_fuc bf
rZ] [m^_l dZaZlvky hiZkguf g_hkfhljbl_evguf lj_[mxsbf lsZl_evgh]h \a\_rb\Zgby
jZkl_jygghklv[m^_lm\_ebqb\ZlvkyihdZgZdhg_p[hevghcg_ihqm\kl\m_lk_[y\ugm`^_gguf
gZg_dhlhjh_\j_fyZ bghcjZab kh\_jr_gghhldZaZlvkyhlij_`g_cjZ[hlu
Ih^h[guf h[jZahf jZa\b\Zxlky b ^jm]b_ nhjfu gZ\yaqb\uo khklhygbc m [hyaeb\uo
aZkl_gqb\uo ex^_c e_]dh \hagbdZ_l kljZo ihdjZkg_lv b [ulv \ wlhf aZf_q_gguf kljZo
aZklZ\eyxsbclZdboiZpb_glh\ijylZlvkyhlex^_cb \u[bjZlv\ h[s_kl\_kZfu_l_fgu_m]eu
m [hys_]hky aZ k\h_ k_j^p_ bihohg^jbdZ gZ\yaqb\hc qZklh ^_eZ_lky [hyagv miZklv hl
\g_aZigh]hh[fhjhdZk_j^_qgh]hijbiZ^dZb ^Z`_jZaju\Zk_j^pZ[hyagvaZklZ\eyxsZy_]h
k_j^p_ hlqZyggh [blvky Z _]h kZfh]h h[eb\Zlvky oheh^guf ihlhf ebrv lhevdh hg gZ mebp_
hdZ`_lky h^bg b ijbgm`^ZxsZy _]h \uoh^blv ba ^hfm g_ bgZq_ dZd k ijh\h`Zluf M
g_dhlhjuogZijhlb\jZa\b\Z_lky[hyagvrmfghclheiu^\b`_gbykljZo_a^ugZljZf\Z_beb
ih `_e_aghc ^hjh]_ b ij ² ihqlb \k_]^Z \ k\yab k dZdbfgb[m^v ohly [u g_agZqbl_evguf
\uau\Zxsbfqm\kl\hkljZoZbgpb^_glhfNhjfuih^h[guo gZ\yaqb\uo kljZoh\ qj_a\uqZcgh
fgh]hqbke_ggu b jZaghh[jZagu b fu g_ fh`_f i_j_qbkeblv a^_kv bo Z h]jZgbqbfky
mdZaZgb_f gZ h[yaZl_evgh_ gZebqb_ \ ijhrehf iZpb_glZ khhl\_lkl\mxs_]h rhdZ beb ^Z`_
g_kdhevdboihke_^h\Zl_evguorhdh\
G_ \k_ gZ\yaqb\u_ khklhygby lZd e_]dh h[tykgbfu dZd \ur_mdZaZggu_ Qlh[u k^_eZlv
\hagbdgh\_gb_ g_dhlhjuo ba gbo ihgylgufb g_h[oh^bfh djhf_ baeh`_gguo fhf_glh\
ijbgylv \h \gbfZgb_ _s_ kdehgghklv iZpb_glh\ d \ujZ[hld_ k\h_h[jZaguo qZs_ \k_]h
kbf\hebq_kdbo ijb\uq_d b ijbkihkh[e_gbc dZd [u aZsbsZxsbo bo hl fmqbl_evgh]h
i_j_`b\Zgby g_ihgylgh]h b g_hl\yagh]h kljZoZ Ih^h[gu_ ijbkihkh[e_gby qZklh gZklhevdh
\u^\b]Zxlky gZ i_j\uc ieZg qlh g_ lhevdh ^ey hdjm`Zxsbo gh b ^ey kZfh]h [hevgh]h
aZdju\Zxl ^_ckl\bl_evguc i_j\hgZqZevguc bklhqgbd gZ\yaqb\h]h khklhygby lZdbf h[jZahf
kha^Z\rb_ky ijb\uqdb gZ i_j\uc \a]ey^ dZ`mlky m`_ kh\_jr_ggh g_ihgylgufb lZd
gZijbf_j[hyagvaZ]jyag_gbyjZaihy\b\rbkv_kl_kl\_ggh\_^_ld ihlj_[ghklyfhqbklblvky
kfulv]jyavwlZihlj_[ghklv\_^_ld ihklhyggufhfh\_gbyfijbq_ffulv_jmd\ dhgp_dhgph\
gZqbgZ_lijbh[j_lZlvkZfhklhyl_evgh_agZq_gb_[hevghcfh_ljmdbm`_g_ihlhfmqlh[hblky
]jyab Z \ke_^kl\b_ ihlj_[ghklb \uihegblv ijb\uqgh_ ^_ckl\b_ G_\uiheg_gb_ ihke_^g_]h
l_i_jv m`_ kZfh ih k_[_ \uau\Z_l qj_a\uqZcgh g_ijbylgh_ qm\kl\h dZdh]hlh hq_gv \Z`gh]h
mims_gby gZihegyxs__ [hevgh]h gh\uf kljZohf \lhjbqgh]h ihjy^dZ ^_eZxsbfky _fm
kZfhfm m`_ fZek ihgylguf < ^jm]bo kemqZyo \ gZ\yaqb\hklv h[jZsZxlky k\yaZggu_ k
h[uqgufb `bl_ckdbfb kljZoZfb ij_^jZkkm^db ]jhaysmx g_ijbylghklv dZ`_lky \hafh`guf
ij_^hl\jZlblvl_fbebbgufkbf\hebq_kdbf^_ckl\b_fjblmZehfb gZh[hjhl^jm]b_^_ckl\by
ij_^klZ\eyxlkyfh]msbfbgZdebdZlvg_kqZklv_gZijbf_j_keblsZl_evghh[oh^blv\k_em`b
gZ mebp_ beb fuke_ggh hlf_qZlv \k_ [md\u h ijb ql_gbb dgb] lh \k_ [m^_l ohjhrh
gZh[hjhl_keb\ ijbkmlkl\bb[hevgh]hdlhgb[m^vkemqZcghjZah[v_ldZdmxgb[m^v\_svbeb
ijb h^_\Zgbb [hevghc g_qZyggh dhkg_lky k\h_]h gb`g_]h [_evy lh fh`_l mf_j_lv [ebadbc
q_eh\_d b ]jhays__ g_kqZklb_ gZ^h hkh[h aZ]h\Zjb\Zlv g_cljZebah\Zlv ki_pbZevgufb gZ
wlhlkemqZcijhp_^mjZfbIh^h[guojblmZeh\b ijhp_^mjihkl_i_gghgZdhiey_lkylZdfgh]h
qlhgZdhg_p\_kv^_gv[hevgh]hp_ebdhfaZihegy_lkyaZ[hlZfbh[bo\uiheg_gbbb kh\k_fg_
hklZ_lky\j_f_gb^eyijh^mdlb\ghcjZ[hlu
DZd \b^gh ba baeh`_ggh]h f_oZgbaf h[jZah\Zgby gZ\yaqb\uo khklhygbc hq_gv [ebahd d
f_oZgbafmh[jZah\Zgbyijb\uqdbQZklhg_\hevghgZijZrb\Z_lkyfukevqlhfua^_kvbf__f
^_ehk ijhy\e_gb_fk\h_h[jZagh]hi_^ZglbafZlhevdhi_j_r_^r_]hm`_ba\_klgmx]jZgvlZd
qlh ^hklb]r__ g_dhlhjhc hij_^_e_gghc \ukhlu dhebq_kl\h ij_\jZlbehkv \ gh\h_ dZq_kl\h
Hlf_lbf gZdhg_p qlh \ `bag_gghf pbde_ bg^b\b^mmfZ _klv i_jbh^u dh]^Z gZ\yaqb\u_
khklhygby\hagbdZxlhkh[_gghe_]dhH^gbfbalZdboi_jbh^h\y\ey_lkyim[_jlZlguc\hajZkl
^Zxsbc\ijhq_fihq\m^eyiurgh]hjZa\blbyb ^jm]boikbohiZlbq_kdboijhy\e_gbc

JZa\blb_bfimevkb\guogZ\udh\
Qj_af_jgZy kbeZ ijbfblb\guo \e_q_gbc ijb g_^hklZlhqghklb \ukrbo aZ^_j`_d g_j_^dh
\_^_l d jZa\blbx khklhygbc \g_rg_ qj_a\uqZcgh koh^guo k gZ\yaqb\ufb OZjZdl_jghc ^ey
lZdbo h[t_^bgy_fuo Dj_i_ebghf \ ]jmiim bfimevkb\gh]h ihf_rZl_evkl\Z  khklhygbc
y\ey_lkyg_ij_h^hebfhklv[_am^_j`ghklvk dhlhjhc^Zggh_\e_q_gb_klj_fblkyij_\jZlblvky
\ ^_ckl\b_ >_ckl\by wlb h^gZdh \ ijhlb\hiheh`ghklv gZ\yaqb\uf g_ y\eyxlky q_flh
g__kl_kl\_gguf \ugm`^_gguf ijhba\h^guf Z gZh[hjhl ij_^klZ\eyykv khagZgbx [hevgh]h
gZijZ\e_ggufbd ^hklb`_gbxg_dhlhjhc`_eZgghcohlyfh`_l[ulvb g_\k_]^Z\iheg_ykgh
khagZ\Z_fhc bf p_eb h[udgh\_ggh kZfuf ijhp_kkhf k\h_]h \uiheg_gby ^hklZ\eyxl _fm
]em[hdh_ hj]Zgbq_kdh_ m^h\e_l\hj_gb_ gZ\yaqb\u_ ^_ckl\by ijb h[k_kkbyo y\eyxlky
kem`_[gufb aZsblgufb a^_kv `_ gZ^h ]h\hjblv h[ ba\_klghc kZfhp_evghklb lZdh]h jh^Z
ihklmidh\ lZf ^_eh b^_l h \_sZo we_f_glZjguo kl_j_hlbiguo a^_kv ² h keh`guo
lj_[mxsbo[hevrhcih^qZkwg_j]bbZdlZo
<lhjhkl_i_gghc b ^Ze_dh g_ ihklhygghc ohly ijZdlbq_kdb hq_gv \Z`ghc hkh[_gghklvx
ih^h[guo bfimevkb\guo ihklmidh\ y\ey_lky bo ij_bfms_kl\_ggh ZglbkhpbZevgZy
gZijZ\e_gghklv²d kh\_jr_gbxq_]hgb[m^vg_iha\hebl_evgh]hbghcjZa^Z`_ij_klmigh]h
KZfufb qZklufb b \Z`gufb bo nhjfZfb y\eyxlky bfimevkb\gh_ \hjh\kl\h de_ilhfZgby 
bfimevkb\gh_[jh^y`gbq_kl\h ihjbhfZgbynm]b\Z]Z[hg^Z` aZihc ^bikhfZgby b kljZklv
d ZaZjlgufb]jZf
Kmsghklv bfimevkb\guo gZ\udh\ hibku\Z_fh]h jh^Z ih`Zemc emqr_ \k_]h
h[gZjm`b\Z_lky\ jZa\blbbde_ilhfZgbbAZqZlhqgu_nhjfude_ilhfZgbq_kdboZdlh\g_j_^dh
hlf_qZxlky _s_ \ ^_lkdhf \hajZkl_ LZf bo kljmdlmjZ kh\_jr_ggh ykgZ hgZ \ujZklZ_l ba
kljZklgh]h `_eZgby bf_lv lm beb bgmx \_sv b g_kihkh[ghklb ^ebl_evgh ijhlb\blvky
bkdmr_gbx __ lZcgh]h ijbk\h_gby < qbkeh fhlb\h\ bghc jZa hlq_leb\h \ie_lZ_lky we_f_gl
ZaZjlZ Z\ZglxjZ < i_jbh^ iheh\h]h khaj_\Zgby de_ilhfZgbq_kdb_ gZdehgghklb dZd b \k_
\hh[s_ikbohiZlbq_kdb_hkh[_gghklb\hajZklZxlh[hkljyxlkyb h[gZjm`b\ZxlgZdehgghklv
d hkh[_ggh [_am^_j`ghfm ijhy\e_gbx F_`^m ijhqbf bgl_j_kgh hlf_lblv qlh qZs_
de_ilhfZgZfb ^_eZxlky ebpZ `_gkdh]h iheZ ijbq_f hkh[_ggh g_kihkh[gufb ijhlb\hklhylv
bkdmr_gbx hgb hdZau\Zxlky \h \j_fy f_gkljmZpbb beb dZdbogb[m^v ^jm]bo i_jbh^h\
iheh\h]hpbdeZ [_j_f_gghklveZdlZpbyb ij M^Zqghkhr_^r__k jmd\hjh\kl\hhkeZ[ey_lm
de_ilhfZgZ _s_ hklZ\rb_ky aZ^_j`db b mkbeb\Z_l \e_q_gb_ d gh\uf djZ`Zf dhlhju_ lZdbf
h[jZahfihkl_i_ggh\oh^yl\ ijb\uqdb\ kemqZ_jZkdjulbydjZ`bihcfZggu_²\ bgl_j_kZo
m`_kZfhkhojZg_gby²h[udgh\_gghmkbe_gghih^q_jdb\Zxlg_kihkh[ghklvd khijhlb\e_gbx
[he_ag_gghfm ih[m`^_gbx Z lZd`_ [_kkfuke_gghklv b g_gm`ghklv ^ey ihiZ\r_]hky ZdlZ
\hjh\kl\ZQlhh iheghc[_ahlq_lhklba^_kvb j_qb[ulvg_fh`_lihdZau\Z_lm`_lhlnZdl
qlhgZdZaZgbymf_gvrZxldhebq_kl\hde_ilhfZgh\lh]^ZdZdgZh[hjhlijbagZgb_ihke_^gbo
g_\f_gy_fufb b hk\h[h`^_gb_ hl gZdZaZgby kh^_ckl\mxl ^Zevg_crbf ih\lhj_gbyf ij_`gbo
ijhklmidh\
Bgl_j_kghhlf_lblvqlhDj_i_ebgkha^Z\rbc©ghaheh]bq_kdh_gZijZ\e_gb_ªa^_kv²\
debgbd_ bfimevkb\guo \e_q_gbb dZd b \ jy^_ ^jm]bo kemqZ_\  ² hdZaZeky iheghklvx \h
\eZklbkbg^jhfh\
Dhg_qgh_klvb lZdb_kemqZb]^_de_ilhfZgbymdhj_gy_lkyhq_gv]em[hdhb ijbh[j_lZ_l
hij_^_e_ggu_ iZlheh]bq_kdb_ nhjfu Lml gZb[hevrbc bgl_j_k ij_^klZ\ey_l ijhp_kk
i_j_f_s_gby\ Zdl_[he_ag_ggh]h\e_q_gbyp_gljZly`_klbk ij_^f_lZdhlhjuf[hevghcohq_l
h[eZ^Zlv gZ kZfuc Zdlihobs_gbyijbh[j_lZxsbc^ey g_]h lZdbfh[jZahf kZfh^h\e_xsmx
p_gghklvb agZq_gb_
Ih^h[gu_ de_ilhfZgu qZklh hdZau\Zxlky g_kihkh[gufb hk\h[h^blvky hl k\h_c
k^_eZ\r_cky ly]hklghc b ^ey gbo kZfbo ijb\uqdb hgb \ dhgp_ dhgph\ lZsZl \k_ qlh
ihiZ^_lky bf ih^ jmdm g_ h[jZsZy \gbfZgby gZ lh gm`gh wlh bf beb g_l GZ^h aZf_lblv
h^gZdh qlh \ kemqZyo lZdbo kh\_jr_ggh [_kkfuke_gguo djZ` g_j_^dh hdZau\Z_lky qlh ^_eh
b^_lg_h ikbohiZlbq_kdhfjZa\blbb Z h rbahnj_gbb beb h ^jm]bo aZ[he_\Zgbyo klZjq_kdh_
keZ[hmfb_ ijh]j_kkb\guc iZjZebq  M gZklhysbo g_ hq_gv ly`_euo de_ilhfZgh\ djZ`b beb
bf_xl oZjZdl_j h^bghqguo ^_ckl\bc beb kh\_jrZxlky iZqdZfb dZd [u \ \b^_ ijhju\h\ ²
lZf ]^_ _klv beb hq_gv [hevrhc kh[eZag beb ih dZdhcgb[m^v ijbqbg_ hkeZ[e_gZ
khijhlb\ey_fhklv \e_q_gbx mdjZklv < e_]dbo kemqZyo de_ilhfZgbq_kdb_ Zdlu fh]ml q_j_a
ba\_klgucijhf_`mlhd\j_f_gbbkq_aZlvkh\k_f
Bfimevkb\gh_ [jh^y`gbq_kl\h ghkbl g_kdhevdh bghc oZjZdl_j Bfimevkb\gu_ ^_ckl\by
a^_kvebr_gukdhevdhgb[m^vyjdhZglbkhpbZevguoq_jl[jh^y`gbq_kl\hkdhj__ZkhpbZevgh
q_f ZglbkhpbZevgh >Ze__ bfimevk e_`Zsbc \ _]h hkgh\_ ]hjZa^h [he__ hk\h[h`^_g hl
p_e_\uomklZgh\hd[jh^y]Zg_agZ_lp_ebhg^\b`_lkylhevdhg_hij_^_e_ggufg_\k_]^Zbf
ykghkhagZ\Z_fufohlyh[udgh\_gghqj_a\uqZcghfh]mqbf\e_q_gb_fd k\h[h^_d i_j_f_g_
f_klZ ?`_eb hg ^he]h aZkb`b\Z_lky ]^_gb[m^v bf \ dhgp_ dhgph\ h\eZ^_\Z_l
g_hij_^_e_ggZy_fmkZfhfmg_ihgylgZylhkdZb lj_\h]Z`Z`^Zgh\uo\i_qZle_gbcZ lhlZdb
ijhklhkljZklv\hqlh[ulhgbklZehb^lbdm^Z]eZaZ]ey^yl²b hgkgbfZ_lkyk f_klZ[jhkZy
\hafh`ghklv ohjhr_]h fZl_jbZevgh]h h[_ki_q_gby ihju\Zy kZfu_ ]em[hdb_ b bglbfgu_
k\yabqlh[uijhf_gylv\k_wlhgZgh\h_²gZg_ba\_klghklvgm`^mebr_gbyDhg_qgh^Ze_dh
g_ \k_ ijb\uqgu_ [jh^y]b fh]ml [ulv hlg_k_gu d qbkem [jh^y] bfimevkb\guo ² fgh]b_
gZqbgZxl [jh^y`blv ih gm`^_ m ^jm]bo `_ [jh^y`gbq_kl\hh ij_^klZ\ey_l ijhy\e_gb_
ikbobq_kdhc ^_]jZ^Zpbb \ j_amevlZl_ i_j_g_k_ggh]h ikbohaZijhp_kkZ rbahnj_gbb j_`_
wibe_ikbbI_jbh^bq_kdh_\hagbdgh\_gb_ihjbhfZgbq_kdbobfimevkh\bgh]^Zklhbl\ k\yabk
nZaZfb ^_ij_kkb\gufb  pbjdmeyjgh]h ikbohaZ wibe_ilhb^ghc ikbohiZlbb beb \ k\yab k
wd\b\Ze_glZfb wibe_ikbb >ey gZk a^_kv \Z`gh hlf_lblv qlh \ kemqZyo gZklhys_]h
bfimevkb\gh]h [jh^y`gbq_kl\Z ijb\uqdZ y\ey_lky l_f nZdlhjhf dhlhjuc g_hij_^_e_ggu_
\e_q_gbyd kljZgkl\byfijbkmsb_[hevrbgkl\mgZoh^ysboky\ im[_jlZlghfi_jbh^_xghr_c
ihkl_i_gghij_\jZsZ_l\ klhcdmxg_ij_h^hebfmxmklZgh\dm jZa\blb_ 
G_lgZ^h[ghklbih^jh[ghhklZgZ\eb\Zlvkya^_kvgZjZa\blbbZaZjlZFuohl_eb[ulhevdh
mdZaZlvgZagZqbl_evgmxjhevdhlhjmx\ wlhf jZa\blbb b]jZxl kblmZpby b khhl\_lkl\mxsb_
fgh]hdjZlgu_i_j_`b\ZgbyB a^_kvgZdhie_gb_ba\_klguomkeh\guoj_ne_dkh\b ijb\uq_dgZ
hkgh\_ [eZ]hijbylgh]h dhgklblmpbhgZevgh]h  ij_^jZkiheh`_gby \ dhgp_ dhgph\ b]jZ_l
j_rZxsmxjhev
G_kdhevdhhkh[h_iheh`_gb_kj_^bbfimevkb\guoijhy\e_gbcaZgbfZ_l^bikhfZgbyIh
\b^bfhfm wlZ nhjfZ aehmihlj_[e_gby Zedh]he_f ih e_`Zsbf \ __ hkgh\_ iZlheh]bq_kdbf
f_oZgbafZfij_^klZ\ey_lk[hjgmx]jmiim_s_g_\iheg_\uykg_ggh]hkhklZ\ZDj_i_ebgqZklv
kemqZ_\ ^bikhfZgbb dZd ba\_klgh hlghkbe d ijhy\e_gbyf ]_gmbgghc wibe_ikbb g_dhlhju_
kemqZb fh`_l [ulv khhl\_lkl\mxl b pbjdmeyjguf ^_ij_kkbyf hklZevgu_ `_ ih\b^bfhfm
ij_^klZ\eyxl j_amevlZl k\h_h[jZagh]h jZa\blby kdehgguo d jZkkljhckl\Zf gZkljh_gby
wibe_ilhb^guoikbohiZlh\ m Zedh]hebdh\ beb ^Z`_ ijhklh m ebp bkiulZ\rbo g_kdhevdh jZa
Zedh]hevgh_ hivyg_gb_ _kl_kl\_ggh jZa\b\Z_lky klj_fe_gb_ ]emrblv \bghf l_ g_\ughkbfu_
khklhygby ^mr_\ghc lhkdb dhlhju_ lZd k\hckl\_ggu g_dhlhjuf wibe_ilhb^Zf F_oZgbaf
aZdj_ie_gby ijb\uqdhc lZdh]h kihkh[Z [_]kl\Z hl kZfh]h k_[y hq_\b^_g b g_ gm`^Z_lky \
ih^jh[ghfhibkZgbbA^_kvmf_klghhlf_lblvqlhb \kydZy\hh[s_gZjdhfZgby\dexqZykx^Z
b ijb\uqgh_ivygkl\h\ agZqbl_evghckl_i_gbhkgh\ZgZgZ^_ckl\bb mkbe_ggh]hijb\uqdhcb
ihkl_i_ggufhkeZ[e_gb_fkhijhlb\e_gby \e_q_gbyd bkdmkkl\_gghfmkha^Zgbxk\h_h[jZaghc
wcnhjbb l_ gZ f_oZgbaf_ jh^kl\_gghf l_f dhlhju_ e_`Zl \ hkgh\_ \k_o bfimevkb\guo
jZa\blbb
Wibe_ilhb^gZydhgklblmpbyij_^klZ\ey_lgZb[he__[eZ]hijbylgmxihq\m^eyjZa\blbyg_
lhevdh^bikhfZgbbghb \k_o^jm]bonhjfbfimevkb\guokhklhygbcGZihfgbfqlhfu_s_
ijb hibkZgbb klZlbdbikbohiZlbc \u^_ebeb \ ij_^_eZo wibe_ilhb^bb ]jmiim ebp m dhlhjuo
ijyfu_ wibe_ilhb^gu_ k\hckl\Z ² aeh[ghklv b Z]j_kkb\ghklv ² g_kdhevdh hlklmiZxl gZ
\lhjhcieZgi_j_^kdehgghklvxd \uy\e_gbx bo qj_af_jgh gZijy`_gguo \e_q_gbc Dhg_qgh
g_ gZ^h ij_^klZ\eylv k_[_ ^_eh lZd qlh m ij_^klZ\bl_e_c ^jm]bo dhgklblmpbhgZevguo ]jmii
jZa\blb_ ih h^ghfm ba hibkZgguo \ur_ lbih\ kh\_jr_ggh g_\hafh`gh Ijb mkeh\bb
g_dhlhjhc ijbfblb\ghklb b g_kihkh[ghklb bkihevah\Zlv \ iheghc f_j_ ^ey ih^Z\e_gby
we_f_glZjguo`_eZgbcb \e_q_gbcl_o\ukrboaZ^_j`_ddhlhju_kha^Zxlkyhj]Zgbah\Zgguf
ljm^hf [ulhf dmevlmjhc bfimevkb\gu_ khklhygby ih\b^bfhfm fh]ml \hagbdZlv b ijb
[eZ]hijbylguo mkeh\byo aZdj_ieylvky m ikbohiZlh\ jZaebqgh]h kdeZ^Z ijZ\^Z ihqlb \k_]^Z
hlebqZxsboky g_dhlhjufb ZkhpbZevgufb gZdehgghklyfb hkh[_ggh ^he`gZ [ulv a^_kv
mihfygmlZ]jmiiZg_mklhcqb\uoikbohiZlh\ 

Iheh\u_ba\jZs_gby
< rbjhdhf kfuke_ keh\Z d bfimevkb\guf nhjfZf iZlheh]bq_kdh]h jZa\blby hlghkylky
lZd gZau\Z_fu_ iheh\u_ ba\jZs_gby lZd gZau\Z_fZy iheh\Zy ikbohiZlby wlhl ihke_^gbc
l_jfbg \ijhq_f ^he`_g kqblZlvky kh\_jr_ggh g_ijZ\bevguf  Fu g_ fh`_f a^_kv
aZgbfZlvkyhibkZgb_fb i_j_qbke_gb_f\k_owlbo nhjf b h]jZgbqbfky lhevdh mklZgh\e_gb_f
g_dhlhjuoh[sboijbgpbibZevguolhq_daj_gbyIj_`^_\k_]hg_evayhlghkblv\ wlm]jmiim
y\e_gbc ijhklh]h ih\ur_gby beb ihgb`_gby iheh\h]h \e_q_gby Z lZd`_ l_o kemqZ_\
fZklmj[Zpbbdhlhju_bf_xlqZklhnbabheh]bq_kdh_agZq_gb_ hgZgbafxghr_caZdexq_gguo
b ij  beb \hagbdZxl gZ ihq\_ qj_af_jghc iheh\hc \ha[m^bfhklb m fgh]bo g_\jZkl_gbdh\ 
Ebrv l_ kemqZb hgZgbafZ \ dhlhjuo bf__lky ^_ckl\bl_evgh_ ba\jZs_ggh_ \e_q_gb_ k
gZijZ\e_gb_f _]h bkdexqbl_evgh gZ k_[y gZjpbaf Zmlhwjhlbaf bikZpby  fh`gh kqblZlv
ijbgZ^e_`Zsbfb d bgl_j_kmxs_c gZk a^_kv h[eZklb P_ebdhf d iheh\uf ba\jZs_gbyf
hlghkylkylZdb_nhjfu dZd wdk]b[bpbhgbaf kZ^baf fZahobaf n_lbrbaf i_^h b ahhnbeby
gZdhg_p ]hfhk_dkmZebaf < [hevrbgkl\_ kemqZ_\ f_oZgbaf bo \hagbdgh\_gby ih\b^bfhfm
aZdexqZ_lky \ aZdj_ie_gbb gZ h[s_c hkgh\_ g_^hklZlhqghc ^bnn_j_gpbjh\Zgghklb iheh\h]h
\e_q_gby aZ^_j`dZ gZ ^_lkdhc klZ^bb jZa\blby ikbohk_dkmZevguc bgnZglbebaf  l_o
ZghjfZevguo nhjf _]h m^h\e_l\hj_gby \ dhlhju_ ih lhc beb ^jm]hc ijbqbg_ \uebebkv
jZggb_ ^_lkdb_ k_dkmZevgu_i_j_`b\Zgby^Zggh]h lbiZ WlZ lhqdZ aj_gby \ gZklhys__ \j_fy
g_ hkiZjb\Z_lky ih hlghr_gbx d [hevrbgkl\m nhjf iheh\hc ikbohiZlbb gh ^h kbo ihj
y\ey_lky ij_^f_lhf h`_klhq_gghc ihe_fbdb \ \hijhk_ h ijhbkoh`^_gbb ]hfhk_dkmZebafZ
QZklh_khq_lZgb_k ZghfZebyfbl_ehkeh`_gby fm`kdb_nhjfub \lhjbqgu_iheh\u_ijbagZdb
m `_gsbg b gZh[hjhl  aZklZ\eyxl fgh]bo ^mfZlv qlh \ ijhbkoh`^_gbb ^Zggh]h y\e_gby
agZqbl_evgmxjhevb]jZxlb ijbjh`^_ggu_ZghfZebb\gmlj_gg_ck_dj_pbbij_bfms_kl\_ggh
kh klhjhgu iheh\uo `_e_a Hkh[hc ihimeyjghklvx ihevam_lky lhqdZ aj_gby ba\_klgh]h
g_f_pdh]h k_dkheh]Z =bjrn_ev^Z +LUVFKIHOG  kh]eZkgh dhlhjhc f_`^m ^\mfy djZcgbfb
ikbohnbabq_kdbfbnhjfZfbiheh\hcdhgklblmpbb²fm`kdhcb `_gkdhc²bf__lkyjy^nhjf
i_j_oh^guo \ dhlhjuo ^_ckl\mxl \aZbfghijhlb\hiheh`gu_ ]hjfhgZevgu_ \ebygby
khhl\_lkl\_gghq_fmfubf__fb khq_lZgb_ijhlb\hiheh`ghjZa\bluodhfie_dkh\jZaebqguo
dZdnbabq_kdbolZdb ikbobq_kdboiheh\uoijbagZdh\;eZ]h^Zjywlhfm\ h^gbokemqZyofu
[m^_fbf_lvh^bgZdh\h_\e_q_gb_d ebpZfh[h_]hiheZ [bk_dkmZevghklv Z \^jm]bo²ebpZ
nbabq_kdb oZjZdl_jbam_fu_ ijbagZdZfb h^gh]h iheZ \ ikbobq_kdhf hlghr_gbb hlebqZxlky
k\hckl\Zfb ^jm]h]h l_ bkiulu\Zxl iheh\h_ \e_q_gb_ g_ d ijhlb\hiheh`ghfm Z d k\h_fm
ihem ]hfhk_dkmZevghklv G_hljbpZyiheghklvxagZq_gbyfhf_glh\hij_^_eyxsboiheh\mx
dhgklblmpbx fu kdehggu h^gZdh kqblZlv [he__ ijZ\bevghc lhqdm aj_gby h gZ`blhf Z g_
dhgklblmpbhgZevghf ijhbkoh`^_gbb ]hfhk_dkmZebafZ Kh\_jr_ggh g_khfg_ggh qlh dZd
ijZ\beh m [hevrbgkl\Z ex^_c ^h gZklmie_gby iheghc iheh\hc aj_ehklb iheh\h_ \e_q_gb_
hlebqZ_lky [hevrhc g_mklhcqb\hklvx hkh[_ggh \ hlghr_gbb p_eb b h[t_dlZ \e_q_gby
KemqZcgu_ \i_qZle_gby kh[eZagu kh klhjhgu lh\Zjbs_c gZdhg_p ijyfh_ kh\jZs_gb_ kh
klhjhguih`beuo ]hfhk_dkmZeh\ nbdkbjmxl m _s_ g_ gZr_^r_]h k_[y \ iheh\hf hlghr_gbb
g_mklhcqb\h]h ikbohiZlbq_kdh]h xghrb lm nhjfm m^h\e_l\hj_gby iheh\h]h \e_q_gby \
dhlhjhchgbkiulu\Zek\hbi_j\u_gZb[he__yjdb_iheh\u_i_j_`b\ZgbyIh\lhj_gb_kha^Z_l
ijb\uqdm Z h[s_gb_ k ^jm]bfb ]hfhk_dkmZeZfb b khagZgb_ hkm`^_gby k dhlhjuf h[s_kl\h
hlghkblky d ]hfhk_dkmZem ijb\h^bl d h^ghklhjhgg_c k_dlZglkdhc mklZgh\d_ d ebpZf ^jm]h]h
iheZiZjZee_evghk wlbfwe_f_glughjfZevgh]hiheh\h]hqm\kl\Zihkl_i_gghZljhnbjmxlkyb
aZfbjZxl ² ^Ze_dh g_ \k_]^Z h^gZdh iheghklvx  p_euc jy^ Z\lhjh\ hkh[_ggh Rl_d_ev
6WHFNHO khh[sZxlh kemqZyoikbohl_jZi_\lbq_kdh]hbae_q_gby]hfhk_dkmZebafZ
Iheh\u_ ba\jZs_gby hkh[_ggh e_]dh \hagbdZxl m ikbohiZlh\ k [he__ beb f_g__
agZqbl_evgufb ZkhpbZevgufb b ZglbkhpbZevgufb mklZgh\dZfb djhf_ bfimevkb\guo _s_ m
bkl_jbdh\ rbahb^h\ e]mgh\ b iemlh\ ZglbkhpbZevguo b ij  gh b ex^b k \ukhdhjZa\blhc
fhjZevxk [hevrhckh\_klvxhkh[_gghbaqbkeZZkl_gbdh\bf_ggh\ wlhch[eZklbg_j_^dh
hl^Zxl[h]Zlmx^Zgvijbfblb\ghc`b\hlghcklhjhg_k\h_cgZlmjuM km[t_dlh\ihke_^g_]h
jh^Z bo i_j\_jkbb y\eyxlky g_j_^dh bklhqgbdhf ly`_euo b g_jZaj_rbfuo ^mr_\guo
dhgnebdlh\ Lbi ikbohiZlbb dZd h[s_]h mdeZ^Z ikbobdb \ wlhc nhjf_ iZlheh]bq_kdh]h
jZa\blby [ulv fh`_l hlh^\b]Z_lky gZ aZ^gbc ieZg mklmiZy f_klh hl^_evguf k\hckl\Zf
g_iheghp_gghcikbobdbb khhl\_lkl\mxsbf\g_rgbf\i_qZle_gbyf

GZjdhfZgby
DZkZykv \hijhkZ h ^bikhfZgbb fu kqblZeb \hafh`guf ljZdlh\Zlv _keb g_ \k_ lh ih
djZcg_c f_j_ g_dhlhju_ kemqZb wlh]h aZ[he_\Zgby dZd \ujZ`_gb_ iZlheh]bq_kdh]h jZa\blby
ebqghklb L_ `_ lhqdb aj_gby ^mfZ_lky gZf ^he`gu [ulv ijh\_^_gu ih hlghr_gbx d
gZjdhfZgbyf \hh[s_ <aZbfhhlghr_gb_ f_`^m dhgklblmpMxgZevghc ikbohiZlb_c b
^_ckl\b_f gZjdhlbabjmxs_]h \_s_kl\Z fh`_l jZkkfZljb\Zlvky \ ^\hcghc iehkdhklb \h
i_j\uo h^bg b lhl `_ y^ ^_ckl\m_l gZ jZaebqgu_ lbiu ikbohiZlbb g_h^bgZdh\h gZijbf_j
wibe_ilhb^ j_Z]bjm_l gZ Zedh]hev g_ lZd dZd pbdehb^ beb rbahb^  b wlh jZaebqb_ ^he`gh
[ulvij_^f_lhfki_pbZevgh]hbkke_^h\Zgby\h\lhjuo^eylh]hqlh[uk^_eZlvkyijb\uqguf
gZjdhfZghfg_h[oh^bfZlZbeb^jm]Zykl_i_gvlhbeb ^jm]h_ dZq_kl\h dhgklblmpbhgZevgh]h
ij_^jZkiheh`_gby² wlZ klhjhgZ ^_eZ lh`_ ih^e_`blbamq_gbx < wlhc qZklb gZr_c jZ[hlu
fu dhkg_fky lhevdh \lhjhc klhjhgu h[s_c ijh[e_fu Dhg_qgh lhl ihjhqguc djm] l_
\klj_qgu_l_q_gbydhlhju_mklZgZ\eb\Zxlkyf_`^miZlheh]bq_kdhcihq\hck h^ghcklhjhgu
b j_Zdpb_c\ rbjhdhfkfuke_wlh]hl_jfbgZk ^jm]hc²a^_kvy\eyxlkyhkh[_gghkeh`gufb
hkh[_gghaZimlZggufb\_^vh^gh^_eh²ijb\uqdZd dZdhfmgb[m^vi_j_`b\Zgbxd dZdhfm
gb[m^v^_ckl\bx [m^vlhijb\uqgu_kljZobijb\uqgu_djZ`bb ij b kh\_jr_ggh^jm]h_²
ijb\uqdZd y^mdhlhjuc^hklZ\eyybg^b\b^mmfmdZdb_lhgm`gu__fmikbobq_kdb_[eZ]Z\ lh
`_\j_fyhljZ\ey_l\_kvhj]Zgbafihgb`Zy_]hh[smxkhijhlb\ey_fhklvh^gZdhg_kfhljygZ
wlm keh`ghklv hl\e_dZykv hl g__ ² bf_xlky \k_ eh]bq_kdb_ b debgbq_kdb_ hkgh\Zgby
jZkp_gb\ZlvgZjdhfZgbxdZdikbohiZlbq_kdh_jZa\blb_wlhgZfdZ`_lkyykgufb ijhkluf[_a
ijb\_^_gby ^Zevg_crbo khh[jZ`_gbc Fu b a^_kv hklZgh\bfky ebrv gZ ijbgpbibZevguo
klhjhgZo^_eZ
I_j\h_ < hl^_e_ h gZjdhfZgbyo dZd iZlheh]bq_kdhf jZa\blbb ebqghklb fh`gh ² \
ij_^_eZo h^gh]h wlh]h hl^_eZ ² hkh[_ggh ykgh mkfhlj_lv dZd kblmZpbhggmx lZd b
dhgklblmpbhgZevgmx nhjfm jZa\blby k [_kqbke_gguf jy^hf i_j_oh^h\ hl h^ghc nhjfu d
^jm]hc >ey Zedh]hebafZ dZd [ulh\h]h y\e_gby lj_[m_lky f_gvr__ ^ey fhjnbgbafZ dZd
y\e_gby wdahlbq_kdh]h ² [hevr__ dhgklblmpbhgZevgh_ ij_^jZkiheh`_gb_ f_gyy ba\_klgmx
njZam h ihwlZo b h[ hjZlhjZo fh`gh kdZaZlv qlh Zedh]hebdZfb ^_eZxlky Z fhjnbgbklZfb
jh`^Zxlky
<lhjh_ Debgbq_kdh_ ijhy\e_gb_ gZjdhfZgbb lbi gZjdhfZgbb gZijbf_j ijb
Zedh]hebaf_²ivygkl\haZihcgh_k h^ghcklhjhgub ijb\uqgh_²k ^jm]hc \ agZqbl_evghc
f_j_fh`_lhij_^_eylvkydhgklblmpbhgZevghLZdikbohiZlbywibe_ilhb^gZybebpbdehlbfby
^_ij_kkb\gu_ nZau  fh]ml h[mkeh\eb\Zlv ivygkl\h aZihcgh_ K wlhc dhgklblmpbhgZevghc
lhqdbaj_gby^he`_g[ulvi_j_kfhlj_g\_kvdebgbq_kdbcfZl_jbZeihgZjdhfZgbyf
GZdhg_p lj_lv_ <hijhk h lbi_ ikbohiZlbb dhlhjuc [u hkh[_ggh jZkiheZ]Ze d
gZjdhfZgbb j_rZ_lky g_kdhevdh ih hkh[hfm IjbgbfZy \h \gbfZgb_ lhl nZdl qlh ^ey
g_dhlhjuo\b^h\gZjdhfZgbb \ jZagvgokljZgZojZaebqguo lj_[m_lkyfbgbfZevgh_Z fh`_l
[ulv ^Z`_ b gbdZdh]h ij_^jZkiheh`_gby fh`gh kdZaZlv qlh lZdh]h jh^Z gZjdhfZgby
kblmZpbhggh[ulh\Zy ijhn_kkbhgZevgZy  fh`_l jZa\blvky m \kydh]h < ^jm]bo \b^Zo
gZjdhfZgbb g_h[oh^bfh hij_^_e_ggh \ujZ`_ggh_ dhgklblmpbhgZevgh_ ij_^jZkiheh`_gb_
i_j\h_f_klha^_kvaZgbfZ_l]jmiiZwibe_ilhb^h\g_mklhcqb\uopbdehlbfbdh\

IZjZghbq_kdh_jZa\blb_ iZjZghy
Ohly kZfh ihgylb_ jZa\blby ikbohiZlbq_kdhc ebqghklb \ujhkeh ba Dj_i_ebgh\kdh]h
mq_gbyh iZjZgh_h^gZdhbklbgghiZjZghyevgh_jZa\blb_ij_^klZ\ey_lkh[hcj_^dh_y\e_gb_
[he__ j_^dh_ q_f ih\b^bfhfm ^mfZe kZf Dj_i_ebg JZa\blb_ [hevrbgkl\Z iZjZghbq_kdbo
ebqghkl_c ijhoh^bl \ jZfdZo knhjfbjh\Zgby hibkZggh]h \ hl^_e_ ihk\ys_gghf klZlbd_
ki_pbnbq_kdh]hiZjZghbq_kdh]hoZjZdl_jZb ebrv j_^dh^_eh aZdZgqb\Z_lky ^_ckl\bl_evguf
[j_^hh[jZah\Zgb_f L_ `_ kemqZb \ dhlhjuo fu bf__f i_j_^ kh[hx [j_^ kdhevdhgb[m^v
g_e_iuc kmf[mjguc g_ihgylguc ohly [u b knhjfbjh\Z\rbcky f_^e_ggh ihkl_i_ggh b [_a
\kydh]h mqZklbyh[fZgh\ qm\kl\ ljm^gh h[tykgblvh^gbfjZa\blb_f^Z`_ b ikbohiZlbq_kdhc
ebqghklb ih\b^bfhfm a^_kv \k_]^Z mqZkl\mxl l_ beb bgu_ madh hj]Zgbq_kdb_ nZdlhju
klZjq_kdZy bg\hexpby Zjl_jbhkde_jha gZdhg_p \ g_dhlhjuo kemqZyo ^_eh b^_l h fy]dh
l_dmsbonhjfZoiZjZghb^ghcrbahnj_gbb iZjZknj_gbyo 
< hkgh\_ ihqlb \k_o kemqZ_\ ^_ckl\bl_evgh]h iZjZghyevgh]h jZa\blby jZa\blby
aZdhgqb\r_]hkydjbklZeebaZpb_cklhcdhc[j_^h\hckbkl_fuh[udgh\_gghe_`blh^bgba^\mo
fhlb\h\   klj_fe_gb_ \b^_lv hkms_kl\e_ggufb k\hb \ ^_ckl\bl_evghklb g_bkihegbfu_
`_eZgby [heurmx jhev b]jZ_l lZd`_ b gZebqghklv \ ikbobd_ lZdh]h jh^Z ex^_c lZd
gZau\Z_fuo k\_jop_gguo b^_c  b   [hjv[Z aZ kijZ\_^eb\hklv ijhlb\ ^_ckl\bl_evguo b
fgbfuo__ gZjmrbl_e_cG_j_^dhh[Zwlbfhlb\Z^_ckl\mxlkh\f_klghijbqm^eb\ufh[jZahf
i_j_ie_lZykv^jm]k ^jm]hf
Qlh dZkZ_lky k\hckl\ ebqghklb dhlhju_ [hevr_ \k_]h kh^_ckl\mxl jZa\b]]bx
iZjZghyevgh]h [j_^Z lh Dj_i_ebg dZd ba\_klgh kqblZ_l _]h bklhqgbdZfb k h^ghc klhjhgu
ih\ur_ggh_qm\kl\hkh[kl\_ggh]h ^hklhbgkl\Z Z k^jm]hc² hkh[_gghklboZjZdl_jbamxsb_
g_ \iheg_ jZa\b]]mx bgnZglbevgmx ikbobdm ² `b\h_ \hh[jZ`_gb_ b qj_af_jgmx
aZ\bkbfhklv j_amevlZlh\ km`^_gby hl ihlj_[ghkl_c qm\kl\Z G_fZemx jhev \ ihkljh_gbb
iZjZghyevgh]h[j_^Zb]jZ_lb kdehgghklvd j_ahg_jkl\mb k\h_h[jZagufbghcjZaqj_a\uqZcgh
hjb]bgZevgufb kh\_jr_gghg_h`b^ZggufkhihklZ\e_gbyf<k_wlbdZq_kl\Z\ kh\hdmighklbb
e_`Zl h[udgh\_ggh \ hkgh\_ ijb\h^ys_c d [j_^h\uf ihkljh_gbyf djb\hc eh]bdb GZ^h
h^gZdhkdZaZlvqlhhrb[dbkm`^_gbygZhkgh\_dhlhjuoijhbkoh^blnhjfbjh\Zgb_[j_^Zih
k\h_fm kms_kl\m gbq_f j_rbl_evgh g_ hlebqZxlky hl l_o dhlhju_ gZ[ex^Zxlky m \iheg_
ikbobq_kdba^hjh\uoex^_c<k_\b^u^_eZ_fuoiZjZghbdZfbhrb[hdfh`ghih^\_klbih^l_
`_ jm[jbdb dhlhju_ fu gZoh^bf \ ]eZ\Zo eh]bdb ihk\ys_gguo bamq_gbx aZ[em`^_gbc
q_eh\_q_kdh]h mfZ Fbeev gZijbf_j jZaebqZ_l aZ[em`^_gby \ dhlhjuo g_ijZ\bevgh_
ml\_j`^_gb_ aZ\bkbl g_ hl nhjfZevghc ijbqbgu Z hl ijbqbgu ikboheh]bq_kdh]h oZjZdl_jZ
IDOODFLHVDSULRUL b aZ[em`^_gbyb hrb[dby\eyxsb_kyke_^kl\b_fg_ykghklb\ Zj]mf_glZpbb
beb g_ijZ\bevghklb \ \u\h^Zo IDOODFLHV RI LQIHUHQFH  I_j\Zy ]jmiiZ aZ[em`^_gbc k\h^blky d
ijhy\e_gbx lZd gZau\Z_fhc djb\hc eh]bdb Znn_dlb\gh]h fure_gby b p_ebdhf
khhl\_lkl\m_l hlf_qZ_fhc Dj_i_ebghf Z ^h g_]h b jy^hf ^jm]bo Z\lhjh\ aZ\bkbfhklb
km`^_gby iZjZghbdh\ hl ihlj_[ghkl_c qm\kl\ lZf ]^_ km`^_gb_ aZljZ]b\Z_l \_sb b
h[klhyl_evkl\Z k\yaZggu_ k `_eZgbyfb b hiZk_gbyfb ^Zggh]h ebpZ \k_]^Z ijboh^blky
dhgklZlbjh\Zlv]jhfZ^gh_\ebygb_gZoZjZdl_j_]hihkljh_gbyb gZ_]hkh^_j`Zgb_khklhjhgu
qm\kl\ b \heb TXRG YROXPXV ² FUHGLPXV  kbevgh_ `_eZgb_ _klv hl_p fukeb ² \ lZdbo
kemqZyo jZamf b]jZ_l dZd [u kem`_[gmx jhev baukdb\Zy k\h_h[jZagu_ b g_ijZ\bevgh
ihkljh_ggu_fhlb\ub h[tykg_gby^eyhijZ\^Zgbyl_obebbguoihklmidh\bklbggZyijbqbgZ
dhbo djh_lky \ wfhpbyo b \e_q_gbyo H^gZdh b a^_kv jhev jZamfZ g_ fh`_l kqblZlvky
\lhjhkl_i_gghc ^ey lh]h qlh[u ih^ \ebygb_f kbevghc kljZklb ijbagZlv bklbgguf lhl beb
bghc jy^ iheh`_gbc g_h[oh^bfh \k_ `_ bf_lv dZdb_eb[h ohly [u ijbajZqgu_ hkgh\Zgby
^hdZaZl_evkl\Z l_ beb bgu_ ohly [u ba\jZs_ggu_ bgl_ee_dlmZevgu_ ij_^ihkuedb qlh[u
qm\kl\h \hklhj`_kl\h\Zeh gZ^ fukevx hgh ij_^\Zjbl_evgh ^he`gh bkdZablv jZkkm^hd ?keb
[um^Zehkvk^_eZlvg_\hafh`ghckhnbklbdmmfZ]h\hjblFbeevlhb khnbklbdZqm\kl\klZeZ
[u aZ hlkmlkl\b_f k\h_]h hjm^by [_kkbevghc G_dhlhjh_ \gbfZgb_ fu ^he`gu ihk\ylblv
jZkkfhlj_gbx b hrb[hd \]hjh]h jh^Z aZ\bkysbo m`_ hl nhjfZevguo g_ijZ\bevghkl_c \
nmgdpbhgbjh\Zgbbbgl_ee_dlZGZ^hlhevdhaZf_lblvqlhjZa^_evgh_ljZdlh\Zgb_l_ob ^jm]bo
hrb[hd ij_^klZ\ey_l kh[hx \ agZqbl_evghc kl_i_gb bkdmkkl\_gguc ijb_f lZd dZd [hevr_x
qZklvx\ ijhbkoh`^_gbbh^ghcb lhc`_hrb[dbfh`ghh[gZjm`blv^_ckl\b_ijbqbguh[h_]h
jh^Z Ihwlhfm ijZ\bevg__ dZd ih hlghr_gbx d a^hjh\uf ex^yf lZd b ikbobq_kdb [hevguf
jZkkfZljb\Zlvhrb[dbb aZ[em`^_gbyh[_bodZl_]hjbcih\hafh`ghklbkh\f_klgh
?keb hl\e_dZykv gZ \j_fy hl wlh]h ihke_^g_]h lj_[h\Zgby \k_lZdb hklZgh\blvky gZ
fhf_gl gZ nhjfZevguo hrb[dZo km`^_gby iZjZghbdh\ lh fu ihfbfh h[s_c g_aj_ehklb bo
fukebl_evghc kihkh[ghklb qZs_ \k_]h gZlZedb\Z_fky gZ h^gm q_jlm ² wlh kdehgghklv bo d
j_ahg_jkl\m J_ahg_jkl\hf fu gZau\Z_f a^_kv klj_fe_gb_ d jZaebqgh]h jh^Z hl\e_q_gguf
ihkljh_gbyf hkgh\Zgguf g_ gZ bamq_gbb lh]h beb ^jm]h]h y\e_gby ih kms_kl\m Z gZ
ih\_joghklguoZgZeh]byob k[eb`_gbyogZb]ghjbjh\Zgbbl_obebbguoaZdhgh\eh]bdbb gZ
khnbklbq_kdbo meh\dZo < j_amevlZl_ bf_xsb_ \g_rgbc \b^ ijZ\bevghklb b
ihke_^h\Zl_evghklb jZkkm`^_gby \ ^_ckl\bl_evghklb hdZau\Zxlky hkgh\Zggufb gZ l_o beb
bguo ]jm[uo hrb[dZo \ ^hdZaZl_evkl\_ Hq_gv qZklhc hrb[dhc \ lZdbo jZkkm`^_gbyo
gZijbf_j y\ey_lkySHWLWLRSULQFLSLL l_ eh`gh_ ijbgylb_ aZ hkgh\m \ ^hdZaZl_evkl\_ lh]h qlh
_s_khfgbl_evghhohlghihevamxlkyj_ahg_jub eh]bq_kdbfdjm]hf FLUFXOXVLQGHPRQVWUDQGR 
dh]^Z gZijbf_j iheh`_gb_ i_j\h_ ^hdZau\Z_lky q_j_a \lhjh_ \lhjh_ q_j_a lj_lv_ Z lj_lv_
kgh\Z ² q_j_a _s_ lj_[mxs__ ^hdZaZl_evkl\Z i_j\h_ Lbibq_kdb j_ahg_jkdb_ eh`gu_
ihkljh_gby bkoh^yl lZd`_ ba mihlj_[e_gby h^gh]h b lh]h `_ l_jfbgZ \ jZaguo f_klZo
jZkkm`^_gby \ jZaghf agZq_gbb b ba b]ghjbjh\Zgby wlhc jZagbpu KRPRQ\PLD ²
^\mkfuke_gghklv keh\Z  Ih^h[guo bklhqgbdh\ j_ahg_jkdb g_ijZ\bevguo \u\h^h\ fh`gh
mdZaZlvhq_gvfgh]h
DZd ijhbkoh^bl iZjZghbq_kdh_ jZa\blb_" < hkgh\ghf lZd `_ dZd b ijb ^jm]bo nhjfZo
jZa\blby ² iml_f kmffbjh\Zgby j_Zdpbb gZ `bag_ggu_ jZa^jZ`_gby h[jZah\Zgby gZ gbo
hij_^_e_gguo iZlheh]bq_kdbo mklZgh\hd b aZdj_ie_gby ihke_^gbo [eZ]h^Zjy ih\lhj_gbx
ijb\uq_d Dhg_qgh qlh[u ihgylv \h \k_c iheghl_ kljh_gb_ b ^bgZfbdm nhjfbjh\Zgby
iZjZghyevgh]h [j_^Z \ dZ`^hf hl^_evghf kemqZ_ gZ^h [u mklZgh\blv \k_ nZau `bag_ggh]h
jZa\blbykhhl\_lkl\_gghcebqghklbgZqbgZyk jZgg_]h^_lkl\Z>_lkdb_\i_qZle_gby\h\kydhf
kemqZ_ m fgh]bo iZjZghbdh\ ih \b^bfhfm \ agZqbl_evghc kl_i_gb hij_^_eyxl g_ lhevdh
ij_h[eZ^Zxsb_ m gbo \ihke_^kl\bb bgl_j_ku gh b g_dhlhju_ hkgh\gu_ gZijZ\e_gby ih
dhlhjuf \ [he__ iha^gb_ ]h^u [m^_l jZa\b\Zlvky bo [j_^ J_rZxsbfb h^gZdh [hevr_x
qZklvx hdZau\Zxlky klhedgh\_gby k `bagvx ijboh^ysb_ky m`_ gZ ]h^u kZfhklhyl_evgh]h
kms_kl\h\Zgby ijbq_f g_j_^dh ihemqZ_lky \i_qZle_gb_ qlh wlb klhedgh\_gby ihkem`beb
lhevdh djbklZeeb aZpbhggufb imgdlZfb \uy\b\rbfb m`_ ^Z\gh gZaj_\r__ [j_^h\h_
hlghr_gb_ d ^_ckl\bl_evghklb < kZfhf ^_e_ g_j_^dh dZ`_lky qj_a\uqZcgh ihjZabl_evguf
gZkdhevdhg_agZqbl_evgu_ijhbkr_kl\byfh]mlijbh[j_lZlvagZq_gb_\k_ohij_^_eyxsbo\_kv
^Zevg_crbc`bag_ggucimlviZjZghbdZdZdZygb[m^v \klj_qZ rmleb\uc jZa]h\hj kemqZcgh_
ql_gb_ imklydh\h_ klhedgh\_gb_ g_[hevrZy kem`_[gZy g_ijbylghklv dZd [m^lh [u kjZam \
dhjhldh_\j_fyij_h[jZah\u\Zxlebqghklvb klZ\yli_j_^g_ckjZamaZ^Zqm\k_c__ ^Zevg_cr_c
`bagb h[t_^bgyy \ _^bgh_ hkfuke_ggh_ p_eh_ jZahj\Zggu_ ^h lh]h we_f_glu hdjm`Zxs_c
^_ckl\bl_evghklb K wlh]h fhf_glZ bah[j_lZl_ev p_ebdhf ih]jm`Z_lky \ fukeb h k\h_f
bah[j_l_gbbb _]hj_ZebaZpbbijhjhd`b\_llhevdhaZ[hlZfbh \k_[hevr_fkZfh\ha\_ebq_gbb
b ijb\e_q_gbb d k_[_ Z^_ilh\ b ihdehggbdh\ Z kmly`gbd ² \k_ kbeu k\h_]h mfZ b \k_ k\hb
kj_^kl\Zhl^Z_lgZ[hjv[maZydh[uihijZggmxkijZ\_^eb\hklvK kZfh]hk\h_]h\hagbdgh\_gby
[j_^h\Zy kbkl_fZ dZd [u hdjm`Z_lky ihe_f [hevrh]h Znn_dlb\gh]h gZijy`_gby b \kydh_
gh\h_\i_qZle_gb_\ g_]hihiZ^Zxs__\ukljZb\Z_lky\ ihjy^d_wlhckbkl_fhchij_^_ey_fhf
< ^Zevg_cr_f[m^_lijhbkoh^blvh[jZklZgb_[j_^Z
Ijb\_^_f ^ey h[jZapZ ijbf_j ih^h[gh]h j_ahg_jkdh]h jZkkm`^_gby =eZ\gZy ijbqbgZ
^\b`_gby \h^u _klv rZjhh[jZaghklv a_fgh]h rZjZ <h^Z gZ rZj_ g_ fh`_l ij_[u\Zlv \
ihdhcghfkhklhygbblZddZdgZih\_joghklbrZjZdZ`^uc_]himgdlbeblhqdZ_klvp_gljbeb
\ukhdh_ f_klh ih hlghr_gbx d ^jm]bf imgdlZf rZjZ l _ _keb hl dZ`^h]h imgdlZ ijh\_klb
]hjbahglZevgmxijyfmxebgbxlh\um\b^bl_qlh\ZrZlhqdZ]^_\uklhbl_\ur_lhcdhlhjZy
klhbl ^Zevr_ hl \Zk GZijbf_j _keb \u ih rZjm ihc^_l_ d ijhlb\hiheh`ghfm imgdlm
ij_^iheh`bfgZ^_kylv\_jkl²\uykghm\b^bl_qlh^he`gub^lb ih^ ]hjm b ^_ckl\bl_evgh
\u ihc^_l_ ih^ ]hjm gh dh]^Z \u ^hreb ^h gZagZq_ggh ]h \Zfb f_klZ b ihc^_l_ h[jZlgh ih
lhfm `_ imlb lh \u b k wlh]h f_klZ m\b^bl_ lh `_ kZfh_ qlh \u klhbl_ \ur_ lh]h f_klZ hl
dhlhjh]h\uijbrebb \ZfgZ^hb^lbh[jZlghhiylvih^]hjmBlZdgZih\_joghklbg_limlb\
]hjm \k_ jZ\gh dZd \h \gmlj_gghklb imklh]h rZjZ g_l imlb ih^ ]hjm GZ hkgh\Zgbb lZdh]h
aZdhgZ\h^ZgZrZj_\ ihdhcghfkhklhygbbgZoh^blvkyg_fh`_lZ ^he`gZ\_qghi_j_eb\Zlvky
lZdh\Z ]eZ\gZy ijbqbgZ i_j_eb\Zgby \h^ gZ a_f ghf rZj_ Z debfZlbq_kdb_ mkeh\by kem`Zl
gZijZ\e_gb_fl_q_gbyLZddZdihrZjm_c\k_jZ\ghdm^Zklj_fblvky\ lZdhfkemqZ_l_q_gbyfb
b mijZ\eyxl deb fZlbq_kdb_ mkeh\by Gh\Zy dgb]Z h ijbjh^_ BhkbnZ I h\Z Fhkd\Z  ]
jZaebqgufb ^h[Z\hqgufb ihkljh_gbyfb gZdhie_gb_ gh\uo Zj]mf_glh\ b \k_ [hevr__
aZdj_ie_gb_ kha^Z\rboky [j_^h\uo mklZgh\hd =h^Zf d ² nhjfbjh\Zgb_ [j_^Z
h[udgh\_ggh aZdZgqb\Z_lky b ^Zevr_ gZqbgZ_lky m`_ i_jbh^ _]h aZklu\Zgby b
kl_j_hlbibabjh\Zgby m g_dhlhjuo `_ [hevguo \ k\yab k jZa\blb_f Zjl_jbhkde_jhaZ [j_^
bgh]^Z gZqbgZ_l ijbh[j_lZlv hj]Zgbq_kdb_ q_jlu l_jy_l k\hx \gmlj_ggxx kljhcghklv
^_eZ_lkyg_e_iufb f_g__k\yaguf
Hl^_evgu_kemqZbiZjZghyevgh]hjZa\blbyij_^klZ\eyxlfZkkmbg^b\b^mZevguohlebqbb
dZd \ kfuke_ oZjZdl_jheh]bq_kdbo hkh [_gghkl_c [hevguo lZd b kh^_j`Zgby bo [j_^Z b
l_q_gby[he_agbBanhjfdhgklblmpbhgZevguoikbohiZlbbqZs_\k_]h^ZxsboiZjZghyevgh_
jZa\blb_ djhf_ iZjZghbdh\ gZ^h mihfygmlv rbahb^h\ f_qlZl_e_c b nZgZlbdh\ Ijb wlhf
fy]db_ iZjZghbdb [ebadb_ d f_qlZl_eyf qZs_ \k_]h jZa\b\Zxlky \ bah[j_lZl_e_c rbahb^u
^Zxl g_ gZoh^ysbo k_[_ ihke_^h\Zl_e_c ijhih\_^gbdh\ hkh[uo kihkh[h\ iblZgby
mijhs_gghc`bagbk\h_h[jZaguo f_lh^h\ e_q_gby b ij hibkZggZy \ klZlbd_ih^gZa\Zgb_f
iZjZghbdh\ ]jmiiZ ebqghkl_c qZs_ \k_]h \u^_ey_l ba k\h_c kj_^u d\_jmeyglh\ b [hjph\ aZ
kijZ\_^eb\hklv hgb `_ gZjy^m k nZgZlbdZfb bghc jZa \ujZklZxl \ hkgh\Zl_e_c b ]eZ\Zj_c
j_eb]bhaguok_dl
Dhg_qgh gZoh^ykv \ l_kghc k\yab k dhgklblmpbhgZevgufb k\hckl\Zfb ebqghklb
kh^_j`Zgb_ [j_^Z ih kms_kl\m \k_]^Z y\ey_lky j_amevlZlhf \ha^_ckl\by gZ ebqghklv
hdjm`Zxs_c __ kj_^u Qlh dZkZ_lky l_q_gby iZjZghc lh qZs_ \k_]h hgh f_^e_ggh
ijh]j_kkbjmxs__ [j_^ ^_eZ_lky g_bkijZ\bfuf [hevghc ^moh\gh aZdhkl_g_\Z_l kl_j_hlbigh
ih\lhjyy ihklhyggh h^gb b l_ `_ aZklu\rb_ kl_j_hlbigu_ nhjfmeu Bf_xlky h^gZdh b
kjZ\gbl_evgh e_]db_ kemqZb lZd gZau\Z_fhc Z[hjlb\ghc iZjZghb dhgqZxsb_ky ijb
[eZ]hijbylguo \g_rgbo mkeh\byo [he__ beb f_g__ iheghc ebd\b^Zpb_c [j_^Z ohly [u
gZijbf_j g_dhlhju_ kemqZb kmly`gbq_kdh]h ihf_rZl_evkl\Z ihke_ \ub]jZggh]h ijhp_kkZ
WlbkemqZbZ[hjlb\ghciZjZghc\ijhq_fhq_gvg_qZklu
Qlh[u^ZlvgZ]ey^gh_ ij_^klZ\e_gb_h f_oZgbaf_ iZjZghyevgh]h jZa\blby ijb\_^_f^\Z
ijbf_jZbajZ[hluFheh^_gdh\ZD \hijhkmh iZjZgh_b iZjZghbq_kdhcdhgklblmpbb
 < j  e_l am[ghc \jZq < ^_lkl\_ jZa\b\Zeky ghjfZevgh mqbeky ohjhrh ijhy\eye
[hevrhcbgl_j_kd _kl_kl\_ggufgZmdZfaZgbfZekykh[bjZgb_fdhee_dpbcql_gb_fb l^ Ih
oZjZdl_jm \k_]^Z [ue djZcg_ j_rbl_e_g gZklhcqb\g_ij_dehg_g \ bkiheg_gbb k\hbo
`_eZgbchq_gv ijbgpbibZe_g b [eZ]h^Zjy k\hbf nZgZlbq_kdb ijh\h^bfuf \ `bagb
m[_`^_gbyfr_jhoh\Zl < fheh^hklbbf_eihklhyggu_klhedgh\_gby
 Bf__lky hij_^_e_ggh_ g_m^h[kl\h \ mihlj_[e_gbb \ jZaebqghf agZq_gbb h^bgZdh\uo
l_jfbgh\ ohly b k jZagufb hdhgqZgbyfb gh k h^gbf b l_f `_ dhjg_f \ ^Zgghf kemqZ_ fu
bf__fl_jfbguhkljuciZjZghb^ kfhl^_eh j_Zdpbyo b iZjZghy\ l_jfbg²hkljuciZjZghb^
² \deZ^u\Z_lky \h i_j\uo ihgylb_ ebrv h kbg^jhf_ b \h \lhjuo [hevr_x qZklvx k
kh^_j`Zgb_f [j_^Z ij_ke_^h\Zgby \ l_jfbg_ `_ ² iZjZghy ² iZjZghbq_kdZy ikbohiZlby
iZjZghbq_kdh_jZa\blb_²\deZ^u\Z_lkyihgylb_h \k_cebqghklbp_ebdhfb _kebbf_lv\ \b^m
[j_^h\u_dhfihg_gludebgbq_kdhcdZjlbgulha^_kv^_ehb^_lij_`^_\k_]hh [j_^_\_ebqbyk
hlphf Fbjhkha_jpZgb_ [hevgh]hih _]hkeh\ZfgZqZeh nhjfbjh\Zlvky e_l k ² Ih
m[_`^_gbyfhgZgZjobklb \lh`_\j_fykibjblmZebklHg^mfZ_lqlh\ hkgh\_\k_]he_`bl
^moh\gh_gZqZehDjhf_lh]himl_fiZjZee_evgh]hbamq_gby_\Zg]_ebyb _kl_kl\_gguogZmdhg
ijbr_e d jy^m iheh`_gbc b hldjulbc ijbfbjyxsbo gZmdm k j_eb]b_c b iha\heyxsbo
[hevghfm bkihevah\Zlv \ ijZdlbq_kdhf hlghr_gbb g_dhlhju_kdjulu_ ^ey ^jm]bokbeu
ijbjh^uIhevamykvwlbfhgfh`_li_j_^Z\Zlvfukebb \gmrZlvgZjZkklhygbbh[b`Zlvkykh
k\_joqm\kl\_gguf fbjhf e_qblv \gmr_gb_f b gZeh`_gb_f jmd b li ;hevghckh\_jr_ggh
m\_j_g\ Z[khexlghcbklbgghklbk\hbom[_`^_gbcb g_^himkdZ_lgbdZdh]hdjblbq_kdh]hd gbf
hlghr_gby H^gZdh hg g_ aZfudZ_lky bkdexqbl_evgh djm]hf i_j_`b\Zgbck\yaZgguok _] h
[j_^hf hg ijbgbfZ_l `b\_cr__ mqZklb_ \ h[s_kl\_gghc `bagbk\h_Zh jZchgZ ihimeyj_g \
k\h_f djm]m ohly [eZ]h^Zjy ijbkms_c _fm ijyfhebg_cghklb b nZgZlbafm b gZoh^blky \
ihklhygghf dhgnebdl_k hdjm`Zxsbfb b \eZklyfb ;hevguf hgk_[ydhg_qghg_kqblZ_l\
h[s_gbbkex^vfb\iheg_^hklmi_ghohlghjZa]h\Zjb\Z_l_ \jZqZfbih^q_jdb\Zyk\h_^moh\gh_
ij_\hkoh^kl\hb bjhgbabjmyihih\h^mihf_s_gby_]hgZbkiulZgb_\ debgbdm
I]h^Z^_\bpZ`b\_lgZkj_^kl\hjh^guoK_kljZ[hevghckljZ^Z_lrbahnj_gb_c
JZgg__ jZa\blb_ ghjfZevgh < ^_lkl\_ ih oZjZdl_jm dZijbagh w]hbklbqgZ mijyfZ Ih
g_mki_rghklb g_ fh]eZ hdhgqblv kj_^g_]h h[jZah\Zgby < fheh^hklb [ueZ `b\hc \_k_ehc
ex[beZ h[s_kl\h jZa\e_q_gby \k_f bgl_j_kh\ZeZkv fgh]h qblZeZ < h[sbo q_jlZo oZjZdl_j
[hevghc hklZeky [_a baf_g_gbc b ih gZklhys__ \j_fy GZkljh_gb_ \k_]^Z [h^jh_ b ^h\hevgh
jh\gh_ Hkgh\ghc aZ^Zq_c k\h_c `bagb [hevgZy kqblZ_l ihfhsv kljZ`^msbf b g_bfmsbf
;hevgZy hlukdb\Z_l [hevguo [_a^hfguo ^_l_c klZjbdh\ b mkljZb\Z_l bo \ rdheu ijbxlu
[h]Z^_evgb b ^jm]b_ ih^h[gh]h jh^Z aZ\_^_gby ijbq_f ijbkljhb\ dm^Zgb[m^v ijh^he`Z_l
ke_^blv aZ bo km^v[hc b \ mqj_`^_gbb GZ wlhc ihq\_ ² ihklhyggu_ dhgnebdlu k
Z^fbgbkljZpb_c mqj_`^_gbc \h \gmlj_ggb_ jZkihjy^db dhlhjuo [hevgZy iha\hey_l k_[_
\f_rb\Zlvky kZfuf [_kp_j_fhgguf h[jZahf lZd dZd \_a^_ b \k_]^Z bs_l ijZ\^m b
\hkklZgZ\eb\Z_lkijZ\_^eb\hklv<ky`bagv [hevghcij_^klZ\ey_lkh[hcp_ivklhedgh\_gbc
bgljb] g_^hjZamf_gbc b km^_[guo ijhp_kkh\ k ex^vfb kZfuo jZaghh[jZaguo jZg]h\ b
iheh`_gbc =^_ [u hgZg_ `beZ b k d_f [u hgZ g_ bf_eZ ^_eh \hdjm] g__ jhdh\uf h[jZahf
k]msZ_lky Zlfhkn_jZ b ijhbkoh^yl kdZg^Zeu ;hevghc \k_ \j_fy dZ`_lky qlh d g_c
g_kijZ\_^eb\h hlghkylky qlh ihibjZxl __ ijZ\Z h[b`Zxl __ b khqbgyxl ijh g__ ]jyagu_
kie_lgb HgZ h[tykgy_l wlh ih^ehklvx b g_gZ\bklvx ex^_c b `_eZgb_f gZkheblv _c dZd
q_eh\_dmklhys_fmgZ]heh\m\ur_hdjm`Zxsbo\ fhjZevghfhlghr_gbbdZdh\ufhgZk_[y
kqblZ_l b d lhfm `_ hgZ² q_eh\_d keZ[uc b [_aaZsblguc dhlhjh]h h[b`Zxl \k_ dhfm g_
e_gv  H^gZdh ih __ keh\Zf bah \k_o dhgnebdlh\ hgZ \ dhgp_ dhgph\ \k_]^k] \uoh^bl
ih[_^bl_evgbp_c < jZkkdZa_ [hevghc h k\h_c `bagb qm\kl\m_lky [hevrZy kZfhm\_j_gghklv b
i_j_hp_gdZ k\hbo iheh`bl_evguo dZq_kl\ i_j_oh^ysZy ihjhc \ k\h_]h jh^Z kZfhex[h\Zgb_
K e_lbf_eZdhehkkZevgucmki_om fm`qbgfgh]b_^h[b\Zebkvjmdbgh[_amki_rghZ ^\h_
^h`_ihdhgqbebk kh[hc AZfm` g_ \ureZ lZ d dZdg_\klj_lbeZ gbdh]h^hklhcgh]h gZg_c
`_gblvky Djhf_ lh]h hl wlh]h rZ]Z hklZgZ\eb\Zeb j_ahg_jkdb_ jZkkm`^_gby lZdx]h jh^Z
\uc^m aZfm` ² [m^ml ^_lb ^_lb fh]ml aZ[he_lv dZdhcgb[m^v aZjZaghc [he_agvx b g_evay
[m^_l gZ\_sZlv jh^guo  dhlhjuo hgZ hq_gv ex[bl Ih keh\Zf ex^_c bf_\rbo k g_c ^_eh
[hevgZy ² q_eh\_d kh\_jr_ggh g_\ughkbfuc \ h[s_`blbb hgZ ihklhyggh \f_rb\Z_lky \
qm`b_ ^_eZ ihmqZ_l j_ahgbjm_l ihegZ khagZgby kh[kl\_gghc g_ih]j_rbfhklb \kx^m
kie_lgbqZ_l b aZ\h^bl keh`gu_ bgljb]b <k_ wlh ^_eZ_lky ih keh\Zf [hevghc k p_evx
ihmq_gbyb \hkklZgh\e_gbykijZ\_^eb\hklb

DhgklblmpbhgZevgu_lbiujZa\blby
Djhf_ hibkZgguo \ur_ kms_kl\m_l g_khfg_ggh b fgh]h ^jm]bo nhjf jZa\blby
ikbohiZlbq_kdboebqghkl_c
G_evayaZ[u\Zlvij_`^_\k_]hqlhdZ`^ucq_eh\_dbf__ll_g^_gpbxjZa\b\Zlvkyihimlb
gZf_q_gghfm _]h dhgklblmpbhgZevgufb k\hckl\Zfb M`_ \ ]eZ\_ ihk\ys_gghc hibkZgbx
klZlbdb ikbohiZlbb fu ihklZjZebkv gZf_lblv hkgh\gu_ lbiu wlhc gZb[he__ qbklhc ²
dhgklblmpbhgZevghc ² nhjfu jZa\blby AZl_f \ ij_^u^ms_c ]eZ\_ fu mdZau\Zeb qlh
[hevrbgkl\h ikbohiZlh\ iZjZghbq_kdh]h kdeZ^Z g_ ^Z\Zy lbibq_kdh]h iZjZghyevgh]h
[j_^hh[jZah\Zgby l_f g_ f_g__ h[yaZl_evgh jZa\b\Zxlky \ klhjhgm h[hklj_gby bo hkgh\guo
dhgklblmpbhgZevguo k\hckl\ Ih^h[gh_ `_ jZa\blb_ fu gZ[ex^Z_f b m ^jm]bo lbih\
ikbohiZlh\hkh[_gghyjdhm rbahb^h\wibe_ilhb^h\b pbdehlbfbdh\k qZklufb^_ij_kkbyfb
GZ^h h^gZdh h]h\hjblvky qlh b wlb dZd [u km]m[h DhgklblmpbhgZevgu_ lbiu jZa\blby g_
y\eyxlky nZlZevgufb Z fh]ml agZqbl_evgh \Zjvbjh\Zlv \ aZ\bkbfhklb hl i_j_`b\Zgbc b
\hh[s_ ² hl l_o beb bguo \ebygbc hdjm`Zxs_c kj_^u Ijb wlhf g_j_^dh hkh[_ggh m
km[t_dlh\ kf_rZgguodhgklblmpbc beb _s_g_ khaj_\rbo gZ wlh fu m`_ mdZau\Zeb  fh`gh
hlf_lblv qlh _keb `bag_ggu_ mkeh\by kh^_ckl\mxl jZa\blbx q_jl i_j\hgZqZevgh fZeh
\ujZ`_gguo dZd [u hklZ\Z\rboky \ l_gb lh wlb q_jlu \ dhgp_ dhgph\ \u^\b]Zxlky gZ
i_j\uc ieZg b ijbh[j_lZxl \ h[s_c kljmdlmj_ ebqghklb ^hfbgbjmxs__ agZq_gb_ lZd qlh
ihemqZ_lky \i_qZle_gb_ dZd [m^lh dZdhclh i_j_f_gu k^\b]Z Fu g_ [m^_f ih^jh[gh
hklZgZ\eb\Zlvkya^_kvgZf_oZgbafZowlbolbih\jZa\blby²hlf_lbflhevdhh^bg \h fgh]bo
kemqZyohij_^_eyxsbcfhf_gl
Fu bf__f \ \b^m lh h[klhyl_evkl\h qlh g_j_^dh ikbohiZlbq_kdZy ebqghklv g_ lhevdh
hdZau\Z_lky qj_af_jgh ih^Zleb\hc \ebygbyf hdjm`Zxs_c __ kj_^u b kebrdhf hkljh k
ih\ur_gghc jZgbfhklvx j_Z]bjm_l gZ \g_rgb_ ljZ\fZlbabjmxsb_ __ \ha^_ckl\by gh b kh
k\h_c klhjhgu hkh[_ggh hohlgh b^_l ih imlb ih^\_j]Zxs_fm hiZkghklb dZd jZa bf_ggh __
gZb[he__keZ[u_f_klZLZdg_mklhcqb\ucikbohiZlqj_a\uqZcghe_]dhkhkdZevau\Z_lgZimlv
ih^qbg_gby\ebygbyfbf_gghk\hbolh\Zjbs_cZedh]hebdh\lZddZdbf_gghgZwlhfimlb_fm
f_gvr_ \k_]h gm`gh [m^_l ijhy\eylv kZfhklhyl_evghc bgbpbZlb\u l\_j^hklb \heb b
\u^_j`db AZfdgmluc ih^hajbl_evguc rbahb^ rbahb^gh_ jZa\blb_  bahebjmy k_[y hl
hdjm`Zxs_ckj_^ug_aZf_lgh^eyk_[y\uju\Z_lf_`^mkh[hclZdmxg_ijhoh^bfmxijhiZklv
k\hbf g_^h\_jb_f kha^Z_l \hdjm] k_[y lZdmx Zlfhkn_jm g_^h[jh`_eZl_evghklb  qlh \ l_
fbgmludh]^Z_fmhkh[_gghgm`gu[ueb[u^jm`_kdh_mqZklb_b kh\_l²hghklZ_lkydZd\
imklug_ gb]^_ g_ gZoh^y hldebdZ beb ² k\hbf qm^Zdh\Zluf g_Z^_d\Zlguf kljZgguf
ih\_^_gb_f \uau\Z_l gZkf_rdm bf_ggh lh]^Z dh]^Z i_j_`b\Z_l gZb[he__ gZijy`_ggu_
wfhpbb ?kl_kl\_ggh qlh khhl\_lkl\_ggh ihemqZ_fuf bf hldebdZf jZkl_l b _]h oheh^ghklv
hlqm`^_gghklv b g_^h\_jqb\hklv LZd `_ b wibe_ilhb^ wibe_ilhb^gh_ jZa\rlb_  \klj_qZy
j_adbc hlihj k\hbf aeh[guf \uoh^dZf l_f [he__ mkbeb\Z_l k\hx Z]j_kkb\ghklv b
fklbl_evghklvijbq_fb \\u[hj_k\h_cijhn_kkbhgZevghc^_yl_evghklbhgg_j_^dhklj_fblky
\ jmkeh fh]ms__ m^h\e_l\hjblv _]h `Z`^m Z]j_kkbb b fmqbl_evkl\Z ?kl_kl\_ggh qlh l_f
[hevr_ \hagbdZ_l m g_]h ih\h^h\ dh \k_\hafh`guf klhedgh\_gbyf l_f [he__ ihjlblky _]h
oZjZdl_j
G_kdhevdh hkh[uc oZjZdl_j ghkbl jZa\blb_ m g_dhlhjuo sbdehlbfbdh\ k dhe_[Zgbyfb
gZkljh_gby ij_bfms_kl\_ggh \ klhjhgm g_]em[hdbo ^_ij_kkbc M gbo qZklh_ ih\lhj_gb_
h^bgZdh\uokhklhygbcg_j_^dh\uau\Z_lklhcdmxijb\uqdmd ^mr_\ghfmm]g_l_gbxkha^Z\Zy
lZdbf h[jZahf ^ebl_evgmx ^_ij_kkb\gmx mklZgh\dm ^Z`_ lh]^Z dh]^Z kh[kl\_ggh ijbklmi
^_ij_kkbbfh`gh[ueh[ukqblZlvfbgh\Z\rbfLZdbfh[jZahfkha^ZxlkydZjlbguihqlbg_
hlebqbfu_ hl gZklhys_c dhgklblmpbhgZevghc  ^_ij_kkbb ² k ihklhygguf ^_ij_kkb\guf
hll_gdhfgZkljh_gbyb qZklufbi_jbh^bq_kdbfbm]em[e_gbyfbaZlhjfh`_gghklbb m]g_l_gby
AZdZgqb\Zywlm]eZ\mfukqblZ_fg_[_kihe_aguf_s_jZaih^q_jdgmlvqlhko_fZlbq_kdb
fh`gh [ueh [u \k_ \b^u jZa\blby jZkij_^_eblv ih h^ghc g_ij_ju\ghc ebgbb lZd qlh gZ
h^ghf __ ihexk_ [ueb [u nhjfu [hevr_ \k_]h k\yaZggu_ k dhgklblmpbhgZevgufr Z gZ
^jm]hf²k kblmZpbhggufbnZdlhjZfbKhhl\_lkl\_gghwlhfmfh`gh[ueh[ub gZf_lblv^\Z
² \ ^_ckl\bl_evghklb \ bo qbklhf \b^_ g_kms_kl\mxsb_ h^gZdh ^Zxsb_ \hafh`ghklv
mklZgZ\eb\Zlv \ dZhd^hf hl^_evghf kemqZ_ khhlghr_gb_ jZaebqguo iZlh]_gguo fhf_glh\ ²
hkgh\guo lbiZ jZa\blby bf_ggh lbiu dhgklblmpbhgZevfuc b kblmZpbhgguc
DhgklblmpbhgZevgh_ jZa\blb_lh]^Zfh`gh[ueh[uhoZjZdl_jbah\Zlvke_^mxsbfbhkgh\gufb
q_jlZfb hgh [_j_l k\hb oZjZdl_jgu_ hkh[_gghklb ba kZfhc ebqghklb kh\_jrZ_lky iml_f
f_^e_ggh]h b ihkl_i_ggh]h gZjZklZgby ]eZ\guf h[jZahf dhebq_kl\_gguo baf_g_gbc <
ijhlb\hiheh`ghklv wlhfm ijb ij_h[eZ^Zgbb kblmZpbhgguo fhf_glh\ jZa\blb_ y\kl\_ggh
gZqbgZ_lky hl ljZ\fu b \ gZqZe_ _]h \k_]^Z fh`gh hlebqblv hij_^_e_gguc dZq_kl\_gguc
k^\b] ihke_ dhlhjh]h g_j_^dh mklZgZ\eb\Z_lky [he__ beb f_g__ klZpbhgZjgZy dZjlbgZ beb
^Z`_ bgh]^Z ijhbkoh^bl h[jZlgh_ jZa\blb_ M`_ ba kZfh]h wlh]h hij_^_e_gby ykgh qlh
kblmZpbhgguclbijZa\blbyij_^klZ\ey_lkh[hxg_lhevdhnhjfmijhlb\hiheh`gmxjZa\blbx
dhgklblmpbhgZevghfm gh b g_ihkj_^kl\_ggh_ ijh^he`_gb_ hkljh]h j_Zdlb\gh]h khklhygby
^jm]bfb keh\Zfb y\ey_lky a\_ghf kh_^bgyxsbf j_Zdpbb b jZa\blby f_`^m dhlhjufb
kh]eZkgh m`_ kdZaZgghfm \ur_ g_ hdZau\Z_lky j_adhc ]jZgbpu Z ebrv jy^ ihkl_i_gguo
i_j_oh^h\
<hijhk h \aZbfhhlghr_gbb f_`^m lbihfikbohiZlbb b lbihf jZa\blby wlhc ikbohiZlbb
aZkem`b\Z_l_s_g_dhlhjh]h\gbfZgbyKms_kl\m_lfg_gb_\ukdZau\Z\r__kyg_h^bgjZab k
jZaguoklhjhgqlh`bag_ggZykm^v[ZikbohiZlZ 3V\FKRSDWKHQVFKLFNVDO ²Z wlhihgylb_hq_gv
[ebadh_d ihgylbxh jZa\blbb²\ agZqbl_evghcf_j_m`_ij_^hij_^_e_gZkZfbflbihfwlhc
ikbohiZlbb^ZgZ\ g_fF_`^mebqghklvxb __i_j_`b\Zgbyfb²ihlZdhfmij_^klZ\e_gbx²
^he`gZkms_kl\h\ZlvkZfZybglbfgZyk\yav $IILQLWDW]ZLVFKHQ3HUVRQOLFKNHLWXQG(ULHEQLV  Wlh
iheh`_gb_dhg_qghg_\u^_j`b\Z_ldjblbdbb[hhghk\b^_l_evkl\m_lh dZdhflhnZlZebaf_b
k\yaZghk ij_^klZ\e_gb_fh dZdbolhaZklu\rbohklZgh\b\rboky nhjfZo `bagb DZd fu m`_
mdZau\Zeb ikbohiZl lh]h beb ^jm]h]h lbiZ bs_l kh]eZkgh kdeZ^m k\h_c ikbobdb
khhl\_lkl\mxsbo i_j_`b\Zgbc b f_`^m wlbfb i_j_`b\Zgbyfb b _]h ikbobdhc
mklZgZ\eb\Z_lky \klj_qgh_ l_q_gb_ ² wlhl nZdl fh`_l kqblZlvky ^Z`_ [_a ^Zevg_crbo
beexkljZpbcg_khfg_ggufH^gZdh^_eZlvbawlh]hh[sbcaZdhgjZa\blbyebqghklbb km^v[u
ikbohiZlZ [m^_l kh\_jr_ggh g_ijZ\bevgh wlh agZqbl klZ\blv gZ\u\hjhl \kx ijh[e_fm
q_eh\_q_kdh]h jZa\blby GZrZ lhqdZ aj_gby ^mfZ_lky gZf ^hklZlhqgh \ujZ`_gZ \h \k_f
ij_^u^ms_fbaeh`_gbb
DZg .DKQ  h[eZ^Zxsbc gZ^h khagZlvky [hevrbf fZkl_jkl\hf \ jZaebqgh]h jh^Z
ki_dmeylb\guo ihkljh_gbyo mklZgZ\eb\Z_l g_kdhevdh lbibqguo bkoh^h\ `bag_gghc km^v[u
ikbohiZlh\ gZkus_gb_ m^h\e_l\hj_gb_ ikbohiZlZ ^hklb]gmlufb \ `bagb j_amevlZlZfb
6DWXULHUXQJ fgbfZyih[_^ZikbohiZlZ 6FKHLQVLHJ j_abgvypby 5HVLJQDWLRQ l_h[_kp_g_gb_
ikbohiZlhf bf `_ kZfbf klZ\b\rboky p_e_c b ke_^h\Zl_evgh hldZa hl ^Zevg_cr_c [hjv[u
gZdhg_pkZfhm[bckl\h 6HOEVWPRUG Fug_kdehgguhklZgZ\eb\Zlvkykdhevdhgb[m^vih^jh[gh
gZ wlbo ihkljh_gbyo \ gbo fu eb[h g_ \b^bf dhgdj_lgh]h kh^_j`Zgby Z ebrv Z[kljZdlgu_
jZkkm`^_gbyeb[h\b^bfgh\mxnhjfmebjh\dm^Z\ghm`_\ukdZaZgguoklZjuoiheh`_gbc

KHF:LH=?GGU?J?:DPBBIKBOHI:LH<
G_ lhevdh wfhpbhgZevgu_ ihljyk_gby gh b jZaebqgu_ khfZlbq_kdb_ \j_^gu_ nZdlhju
e_]dh\uau\Zxlm ikbohiZlbq_kdboebqghkl_cjZaebqgu_[he_ag_ggu_j_ZdpbbBahibkZgguo
gZfb nhjf dhgklblmpbhgZevguo ikbohiZlbc hkh[_ggh qZklh bo ^Zxl Zkl_gbdb rbahb^u
pbdehlbfbdb b wfhlb\gheZ[bevgu_ Kms_kl\m_l eb ki_pbnbq_kdZy kbfilhfZlbq_kdb
eZ[bevgZy dhgklblmpby dhlhjhc De_ckl .OHLVW  hl\h^bl lZdmx \Z`gmx jhev \ wlbheh]bb
jZaebqguo ikbobq_kdbo hkeh`g_gbc ijb khfZlbq_kdbo [he_agyo wlhl \hijhk ih^e_`bl ihdZ
ba\_klghfmkhfg_gbxGZ^h\hh[s_kdZaZlvqlh\kyh[eZklvkhfZlh]_gguoj_Zdpbc^hkboihj
f_gvr_ \k_]h ih^\_j]ZeZkv dZdhceb[h jZajZ[hld_ \ kfuke_ mklZgh\e_gby k\yab k dhgklb
lmpbhgZevgufb hkh[_gghklyfb [hevguo Ihwlhfm fu fh`_f a^_kv lhevdh hq_gv dhjhldh
gZf_lblvl_fhf_gludhlhju_gZfdZ`mlkyhkgh\gufb\ wlhf\hijhk_
>\Z h[klhyl_evkl\Z \Z`gh hlf_lblv I_j\h_ ² wlh lh qlh f_`^m ikboh]_ggufb b
khfZlh]_ggufb j_Zdpbyfb g_l j_adhc g_i_j_oh^bfhc ]jZgbpu gZijhlb\ h^gb jy^hf
g_aZf_lguo i_j_oh^h\ keb\Zxlky k ^jm]bfb ohly khklhygby gZoh^ysb_ky gZ
ijhlb\hiheh`guodhgpZokh_^bgyxs_cbop_ibb j_adhijhlb\hiheh`gu^jm]>jm]m<lhjh_
² lh qlh khfZlh]_ggu_ j_Zdpbb \ agZqbl_evgh f_gvr_c kl_i_gb q_f ikboh]_ggu_
hdjZrb\Zxlky \ p\_lZ lhc ikbohiZlbq_kdhc dhgklblmpbb gZ hkgh\_ dhlhjhc hgb
jZau]ju\Zxlky
Ijhf_`mlhqgufa\_ghfkh_^bgyxsbfh[_]jmiiuy\eyxlkyhklju_Zkl_gbb

Hklju_Zkl_gbb
M`_ \ur_ ijb hibkZgbb ^_ij_kkbc fu mihfbgZeb qlh gZ ^ebl_evgh_ gZijy`_gb_
ikbobdZ ex^_c hij_^_e_ggh]h kdeZ^Z Zkl_gbdh\ rbahb^h\  j_Z]bjm_l khklhygbyfb dhlhju_
gZfdZaZehkvm^h[g__\k_]hh[t_^bgblv\ ]jmii_hkljuoZkl_gbq_kdboj_ZdpbcK ih^h[gufb
j_Zdpbyfb [ebadh jh^kl\_ggu Z bgh]^Z b ihqlb b^_glbqgu khklhygby jZa\b\Zxsb_ky dZd
ke_^kl\b_ hkljh]h kbevgh]h bklhs_gby Ijb wlhf bklhsZxsb_ nZdlhju fh]ml [ulv hq_gv
jZaghh[jZagu qZs_ \k_]h ^_eh b^_l h qj_af_jghf mfkl\_gghf i_j_mlhfe_gbb
khijh\h`^Zxs_fky [_kkhggufb ghqZfb b ihklhygghc lj_\h]hc aZ m^Zqgh_ hdhgqZgb_
\uihegy_fhc jZ[hlu ih^]hlh\dZ d ljm^ghfm wdaZf_gm ^_yl_evghklv jmdh\h^bl_ey djmigh]h
ij_^ijbylby hl\_lkl\_ggZy iheblbq_kdZy jZ[hlZ b ij  \ \h_ggh_ \j_fy khhl\_lkl\_ggu_
dZjlbgujZa\b\ZxlkylZd`_\ j_amevlZl_qj_af_jghkbevgh]hb ijh^he`bl_evgh]hnbabq_kdh]h
gZijy`_gby fgh]h^g_\gu_fZjrbh[udgh\_gghkhijh\h`^Zxsb_kyg_^hklZlhqgufiblZgb_f
b \ugm`^_gghc[_kkhggbp_c 
Kbfilhfhdhfie_dk g_j\gh]h bklhs_gby \i_j\u_ [ue hibkZg Zf_jbdZgp_f ;bj^hf
%HDUG  ih^ gZa\Zgb_f g_\jZkl_gbb D kh`Ze_gbx ;bj^ k kZfh]h gZqZeZ kebrdhf rbjhdh
jZa^\bgmejZfdbwlhc[he_agbkh\j_f_gghc]hjh^kdhcpb\bebaZpbblZdqlh\ gbohdZaZebkv
b h[uqgu_\h\k_g_k\yaZggu_k dZdbfgb[m^vbklhsZxsbffhf_glhfkhklhygbyikbohiZlh\
Zkl_gbdh\ b dZjlbgu gZqZevgh]h fha]h\h]h Zjl_jbhkde_jhaZ b ^Z`_ fgh]b_ kemqZb
gZqbgZxs_]hky ijh]j_kkb\gh]h iZjZebqZ \yeh l_dms_c rbahnj_gbb b e_]dbo pbjdmeyjguo
^_ij_kkbc
Dhg_qghg_evayg_^hhp_gb\Zlvlh]hnZdlZqlhhkh[_gghqZklhdZjlbguhkljhcZkl_gbb
jZa\b\Zxlky bf_ggh m dhgklblmpbhgZevguo Zkl_gbdh\ Ij_^f_lhf h`b\e_gghc ^bkdmkkbb
h^gZdh\k_]^Z[ue\hijhkh lhffh]mlebih^h[gu_khklhygbyjZa\b\Zlvkym lZdgZau\Z_fuo
a^hjh\uo ex^_c Hl\_l gZ wlhl \hijhk [ebahd d lhfm dhlhjuc fu m`_ ^Zeb hlghkbl_evgh
ijbqbgguo fhf_glh\ \hagbdgh\_gby j_Zdpbc rhdZ hg k\h^blky d ke_^mxs_fm hklju_
Zkl_gbq_kdb_ khklhygby \hagbdZy ijb ba\_klguo h[klhyl_evkl\Zo gZ ex[hc
dhgklblmpbhgZevghcihq\_Z bgh]^Z[ulvfh`_lb [_alZdh\hc²hkh[_gghe_]dhbghcjZa
ih kh\_jr_ggh gbqlh`guf ih\h^Zf jZa\b\Zxlky m Zkl_gbdh\ b [ebadbo d gbf ikbohiZlh\
gZijbf_j rbahb^h\  >jm]bfb keh\Zfb b a^_kv ijboh^blky kdZaZlv qlh bgl_j_kmxsb_ gZk
dZjlbgu h[yaZgu k\hbf \hagbdgh\_gb_f kh\hdmighfm b \ jZaguo kemqZyo bg^b\b^mZevgh
jZaebqghfm^_ckl\bxnZdlhjh\dhgklblmpbbb kblmZpbbk l_fhlebqb_fhlj_ZdpbbrhdZqlh\
Zkl_gbq_kdbo dZjlbgZo dhgklblmpbhgZevghfm fhf_glm dZd ijZ\beh ijbgZ^e_`bl ]hjZa^h
[he__agZqbl_evgZyjhev
D q_fm k\h^blky kbg^jhf wdah]_ggh h[mkeh\e_gghc hkljhc Zkl_gbb" Hkgh\gu_ _]h
fhf_glu emqr_ \k_]h hij_^_eyxlky hiylvlZdb ihgylb_f jZa^jZ`bl_evghc keZ[hklb
;hevgu_`ZemxlkygZh[smxkeZ[hklvdjZcgxxmlhfey_fhklvg_lhevdhhlmfkl\_gghcghb
hl nbabq_kdhc jZ[hlu ly`_klv \ ]heh\_ beb ^Z`_ ihklhyggmx lmimx ]heh\gmx [hev 
khgeb\hklv ^g_f b [_kkhggbpm ghqvx [hevrmx jZa^jZ`bl_evghklv hkeZ[e_gb_ iZfylb b
jZkk_ygghklv Ijb[he__ \gbfZl_evghf ZgZeba_ bo bgl_ee_dlmZevgh]h khklhygby hdZau\Z_lky
qlh[hevr_xqZklvxkljZ^Z_lg_iZfylvZ \gbfZgb_b ]eZ\gufh[jZahfZdlb\gh_hkh[_ggh\
kfuke_ ^ebl_evgh]h khkj_^hlhq_gby gZ h^ghf b lhf `_ ij_^f_l_ Ihwlhfm gZqZlZy fukev
qZklh h[ju\Z_lky b aZ[u\Z_lky ij_`^_ q_f [hevghc ijh^mfZe __ ^h dhgpZ kZfu_ e_]db_
mfkl\_ggu_ hi_jZpbb hq_gv [ukljh \uau\Zxl hsms_gb_ ly`_eh]h mlhfe_gby ql_gb_ g_
m^Z_lky lZd dZd ijhqblZggh_ kh\_jr_ggh g_ mk\Zb\Z_lky Fgh]b_ `Zemxlky gZ ly]hklgh_
qm\kl\h imklhlu \ ]heh\_ b g_kihkh[ghklv ^mfZlv \hh[s_ aZihfbgZgb_ bf_g qbk_e ^Zl
ij_^klZ\ey_l g_ij_h^hebfu_ ljm^ghklb <g_rgb_ \i_qZle_gby \hkijbgbfZxlky g_hlq_leb\h
dZd [u kdhevay ih ih\_joghklb khagZgby k ^jm]hc klhjhgu kbevgu_ jZa^jZ`_gby hj]Zgh\
qm\kl\ \uau\Zxl g_ijbylgu_ hsms_gby yjdbc k\_l hke_iey_l ]jhfdb_ a\mdb g_\ughkbfh
j_`ml moh b l^ ;hevgu_ \yeu e_gb\u [_a\hevgu \kydh_ j_r_gb_ ^Z_lky bf k \_ebqZcrbf
ljm^hf Z qlh[u kh\_jrblv g_[hevrmx jZ[hlm hgb gm`^Zxlky \ qj_a\uqZcghf gZijy`_gbb
WfhpbhgZevghhgbk h^ghcklhjhguZiZlbqguZ k^jm]hc²keZ[h^mrgub jZa^jZ`bl_evgu
Hkh[_gghoZjZdl_jgh\ jy^_kemqZ_\qlhijbihklhjhggbohgbdh_dZd_s_\eZ^_xlkh[hcgh
hklZ\rbkv \ ^hfZrg_c h[klZgh\d_ hdZau\Zxlky m`_ kh\_jr_ggh g_ \ khklhygbb [hjhlvky k
g_ijbylgufqm\kl\hfg_^h\hevkl\Z\k_fhdjm`ZxsbfbojZa^jZ`Z_lb ieZqj_[_gdZb a\mdb
_^u aZ klhehf b ]jhfdbc jZa]h\hj b \_k_euc kf_o bo k_f_cguo \k_ ² \iehlv ^h fmob [_a
iha\he_gby mk_\r_cky gZ kl_gm K ^jm]hc klhjhgu m fgh]bo gZkljh_gb_ ijbh[j_lZ_l y\gh
bihohg^jbq_kdb_ q_jlu [h]Zluc fZl_jbZe ^ey q_]h ^Zxl fgh]hqbke_ggu_ [he_ag_ggu_
hsms_gby k\yaZggu_ k h[sbf qm\kl\hf g_ jZaj_r_ggh]h g_j\gh]h b fur_qgh]h mlhfe_gby
Fgh]b_ `Zemxlky lZd`_ gZ g_ijbylgu_ ih^_j]b\Zgby \ hl^_evguo fur_qguo ]jmiiZo
\a^jZ]b\Zgb_ ijb aZkuiZgbb b ^j Ihqlb \k_]^Z fh`gh hlf_lblv b gZebqb_ kbfilhfh\
mdZau\Zxsbo gZ ihjZ`_gb_ \_]_lZlb\ghc kbkl_fu ihgb`_gb_ djh\ygh]h ^Z\e_gby
nmgdpbhgZevgu_jZkkljhckl\Zk_j^_qghc^_yl_evghklbih\ur_ggZyihleb\hklvb ij
?kebdhgklblmpbhgZevgZyhkgh\Zih^h[ghchkljhcZkl_gbbg_]em[hdZlhh[udgh\_ggh
ijb m^Ze_gbb g_ihkj_^kl\_ggh \ua\Z\r_c khklhygb_ ijbqbgu ghjfZevgh_ kZfhqm\kl\b_
\hkklZgZ\eb\Z_lky^h\hevgh[ukljhg_h[oh^bfhlhevdh\ i_j\mxhq_j_^vihaZ[hlblvkyh lhf
qlh[u gZeZ^beky khg BgZq_ h[klhbl ^_eh \ ]hjZa^h [he__ qZkluo kemqZyo ]^_ wdah]_ggu_
nZdlhju b]jZxl f_gvrmx jhev q_f dhgklblmpbhgZevgZy hkgh\Z ² lml g_j_^dh [u\Z_l lZd
qlh g_agZqbl_evguc kZf ih k_[_ bklhsZxsbc nZdlhj ebrv \uau\Z_l gZ kp_gm m`_ ^Z\gh
`^Z\rb_ lheqdZ ^ey k\h_]h ijhy\e_gby dhgklblmpbhgZivgu_ f_oZgbafu JZa gZqZ\
^_ckl\h\Zlv wlb ihke_^gb_ m`_ g_ mklmiZxl gbdZdbf e_q_[guf f_jhijbylbyf b dZjlbgZ
[he_agb lh kfy]qZykv lh h[hkljyykv ijbh[j_lZ_l ojhgbq_kdbc oZjZdl_j k q_jlZfb
oZjZdl_jbamxsbfbh[uqgh_khklhygb_dhgklblmpbhgZevguoZkl_gbdh\
QlhdZkZ_lkykmsghklbwdah]_gguonZdlhjh\mqZkl\mxsbo\ \hagbdgh\_gbbhibku\Z_fuo
khklhygbclhhgbhq_gvjZaghh[jZaguGZjy^mk \ebygb_flZdboqbklhikboh]_gguofhf_glh\
dZd wfhpbhgZevgh_ gZijy`_gb_ ^_ckl\m_l b g_ihkj_^kl\_ggh_ bklhs_gb_ fZl_jbZevghc
km[klZgpbbfha]Z\dexqZykx^Zb j_amevlZluhljZ\e_gbyihke_^g_]h\u^_ey_fufbijbjZ[hl_
b ih^e_`Zsbfb mkljZg_gbx ba hj]ZgbafZ y^h\blufb ijh^mdlZfb < ^jm]bo kemqZyo fh`gh
^mfZlvh \uau\Z_fuoqZklufbdhe_[Zgbyfbkhkm^bklh]hjZ\gh\_kby\j_f_gguojZkkljhckl\Zo
djh\hh[jZs_gby Zg]bhg_\jhlbq_kdb_ fhf_glu  gZdhg_p ijb ly`_euo bklhs_gbyo bgh]^Z
ijboh^blky^mfZlvb hohly[ug_klhcdboih\_joghklguogh\k_`_hj]Zgbq_kdboihjZ`_gbyo
fha]h\hcldZgbDhg_qgh\ kemqZyoihke_^g_]hjh^Zij_^kdZaZgb_^_eZ_lkyagZqbl_evgh[he__
k_jv_aguf 
Hq_gvkoh^gu_k hibkZggufbdZjlbguk lZdbf`_khq_lZgb_fb \aZbfgufijhiblu\Zgb_f
wdah]_gguob dhgklblmpbhgZevguo nZdlhjh\^Zxl g_j_^dh b i_j_g_k_ggu_ hklju_bgn_dpbb
\hkiZe_gb_ e_]dbo lbnu fZeyjby b ij Hlebqb_ khklhbl \ lhf qlh hkgh\Z ihke_bg
n_dpbhgguo Zkl_gbc ]hjZa^h qZs_ q_f \ kemqZyo ijhklh]h bklhs_gby dhj_gblky \ madh
hj]Zgbq_kdbofhf_glZoqZs_\k_]he_]dbowgp_nZebklbq_kdboihjZ`_gbyo\ wlboihke_^gbo
kemqZyo]h\hjblvh khfZlh]_gguoj_ZdpbyoikbohiZlh\dhg_qghm`_g_ijboh^blky
Qlh dZkZ_lky g_\jZkl_gbq_kdbo kbg^jhfh\ bgh]^Z hkljh jZa\b\Zxsboky \ gZqZevghf
i_jbh^_lZdbohj]Zgbq_kdboaZ[he_\Zgbcfha]ZdZdfha]h\hcZjl_jbhkde_jhab ijh]j_kkb\guc
iZjZebqlhijb

FukqblZ_febrgbfdZkZlvkya^_kv \ mq_gbbh ikbohiZlbyo \hijhkZh[hlghr_gbbf_`^mwlbfb

hkljufbZkl_gbyfbb gZ`blhcbg\Zeb^ghklvxH[wlhfkfgZrmklZlvx\ J_\hexpbbb dmevlmj_


\k_f bo ijbgpbibZevghf hlebqbb hl jZkkfZljb\Z_fuo dZjlbg ^Ze_dh g_ \k_]^Z fh`gh
hij_^_e_gghhljbpZlvjh^kl\h[eb`Zcrbof_oZgbafh\boh[mkeZ\eb\Zxsbok l_fbdhlhju_
\uau\Zxl [he__ ly`_eu_ kemqZb Zkl_gbc hl bklhs_gby b ihke_bgn_dpbhgguo
Zg]bhg_\jhlbq_kdb_ jZkkljhckl\Z gZqZevgu_ wgp_nZeblbq_kdb_ y\e_gby gZdhg_p
^_]_g_jZlb\gu_ ijhp_kku \ g_j\guo de_ldZo ihdZ hgb g_ ^hklb]eb agZqbl_evghc ]em[bgu
^Zxl ih\b^bfhfm lhl `_ kZfuc kbg^jhf jZa^jZ`bl_evghc keZ[hklb g_aZ\bkbfh hl
wlbheh]bq_kdh]h fVf_glZ e_`Zs_]h \ _]h hkgh\_ DhgklblmpbhgZevgu_ nZdlhju b a^_kv
dhg_qghhklZxlkyg_[_aagZq_gby
>jm]b_khfZlh]_ggu_j_Zdpbb
DZd ihdZau\Z_lgZ[ex^_gb_ ikbohiZlbq_kdb_ ebqghklbhkh[_ggh e_]dh^Zxl b \kiurdb
lZd gZau\Z_fuo kbfilhfZlbq_kdbo ikbohah\ l_ ikbobq_kdbo hkeh`g_gbc ijb jZaebqguo
khfZlbq_kdbo aZ[he_\Zgbyo Z lZd`_ b l_ beb bgu_ ikbohiZlheh]bq_kdb_ ijhy\e_gby dZd
j_amevlZl bglhdkbdZpbc b ljZ\f <hijhk h lhf ihq_fm h^bg b lhl `_ nZdlhj gZijbf_j
hljZ\e_gb_Zedh]he_faZ[he_\Zgb_]jbiihfb l^ m h^gboex^_c\uau\Z_lih^h[gu_y\e_gby
Z m^jm]bog_lhq_gvkeh`guca^_kvijboh^blky^mfZlvb h[hlghkbl_evghckbe_ihemq_ggh]h
hj]Zgbafhf ih\j_`^_gby b h keZ[hklb _]h aZsblbl_evguo kbe \ qZklghklb ² h
g_^hklZlhqghklblZdgZau\Z_fh]h]_fZlhwgp_nZebq_kdh]h[Zjv_jZb hih\ur_gghcjZgbfhklb
hij_^_e_gguo fha]h\uo kbkl_f ih hlghr_gbx d ^_ckl\bx l_o beb bguo [he_ag_l\hjguo
Z]_glh\ Debgbq_kdb_ nhjfu \ dhlhju_ lZdb_ aZ[he_\Zgby \ueb\Zxlky h^gZdh dZd fu m`_
\ur_ mihfbgZeb ghkyl hli_qZlhd dhgklblmpbhgZevguo k\hckl\ ebqghklb \ agZqbl_evgh
f_gvr_c kl_i_gb q_f \ kemqZyo ikboh]_gbc DZjlbgu jZa\b\Zxsb_ky ih^ \ebygb_f
khfZlbq_kdbowdah]_gguofhf_glh\m ebpkZfh]hjZaebqgh]hkdeZ^Zg_j_^dhgZklhevdhkoh^gu
^jm] k ^jm]hf qlh lhevdh ijb hq_gv ijbklZevghf bamq_gbb m^Z_lky h[gZjm`blv \ gbo b
bg^b\b^mZevgu_ ^ey ^Zggh]h kemqZy hkh[_gghklb K ^jm]hc klhjhgu hgb bghc jZa
hdZau\ZxlkygZklhevdhqm`^ufbihklhyggufk\hckl\ZfebqghklbqlhDe_cklgZijbf_j^Z_l
bfgZa\Zgb_]_lhjhghfguokbg^jhfh\\ ijhlb\hiheh`ghklv]hfhghggufjZa\b\ZxsbfkygZ
ihq\_ wg^h]_gbc <k_ wlb h[klhyl_evkl\Z \ agZqbl_evghc hkl_i_gb ih[m^beb ;hgo_nn_jZ
%RQKRHIIHU  d kha^Zgbx mq_gby h[ wdah]_gghf lbi_ j_Zdpbb kh]eZkgh dhlhjhfm bgn_dpbb
bglhdkbdZpbb b ljZ\fu kZfh]h jZaebqgh]h jh^Z fh]ml \ua\Zlv \k_]^Z bkdexqbl_evgh
hij_^_e_ggu_ ikbohiZlheh]bq_kdb_ kbg^jhfu ij_bfms_kl\_ggh ² ^_ebjbb Zf_glb\gu_
Zkl_gbq_kdb_khklhygbydhjkZdh\kdbckbfilhfhdhfie_dkb ij 
<hijhk h \aZbfhhlghr_gbyo f_`^m wdah]_gguf b wg^h]_gguf lbiZfb j_Zdpbb \hijhk h
ki_pbnbqghklb beb g_ki_pbnbqghklb wdah]_gguo lbih\ bgufb keh\Zfb \hijhk h
g_ij_f_gghf khhl\_lkl\bb bo hij_^_e_gghfm wlbheh]bq_kdhfm nZdlhjm ;hgo_nn_j ²
Dj_i_ebg` \hijhk h lhf fh`_l eb km]m[h wdah]_gguc lbi j_Zdpbb kdZ`_f [_eh]hjyq_qguc
kbg^jhf \hagbdgmlv wg^h]_ggh UHVS ikboh]_ggh beb ^ey wlh]h lj_[m_lky dZd g_h[oh^bfZy
ij_^ihkuedZ khhl\_lkl\mxsZy khfZlbq_kdZy j_Zdlb\gZy ]hlh\ghklv [_eZy ]hjyqdZ [_a
nbabq_kdbo kbfilhfh\ ikboh]_ggh jZa\b\ZxsZyky m ^Z\gh g_ ivxs_]h Zedh]hebdZ
bkl_jbq_kdbc iZjZebq m [m^ms_]h hj]ZgbdZ ]_fbie_]bdZ ]^_ ikboh]_gby dZd [u
ij_^\hkobsZ_l [m^msmx hj]Zgbdm  gZdhg_p \hijhk h q_ldhf b ykghf jZa]jZgbq_gbb kZfhc
debgbq_kdhc dZjlbgu wdah]_ggh]hb wg^h]_ggh]h lbiZ j_Zdpbb² \k_ wlb \hijhku g_ lhevdh
_s_g_j_r_gugh^Z`_hij_^_e_gghg_ihklZ\e_guIjyfh]hhlghr_gbyd gZr_cjZ[hl_hgb
h^gZdhg_bf_xl
G_h[oh^bfh \k_ `_ hlf_lblv nZdl gZebqby \ ij_^_eZo h^gh]h b lh]h `_ wdah]_ggh]h
kbg^jhfZbg^b\b^mZevguohkh[_gghkl_c²g_khfg_gghkms_kl\mxsboohlydZd\ur_[ueh
kdZaZghb g_e_]dhmeZ\eb\Z_fuo
A^_kv dhgklblmpbhgZevghfm ij_^jZkiheh`_gbx ih\b^bfhfm ijbgZ^e_`bl j_rZxsZy
jhev Lhevdh jhevx dhgklblmpbhgZevguo nZdlhjh\ fh`gh h[tykgblv ohjhrh ba\_klgu_
jZaebqby dZjlbg hkljh]h hljZ\e_gby Zedh]he_f gZ[ex^Z_fuo m jZaguo ebp ^h[jh^mrgh_
\ha[m`^_gb_ b e_]dh ih^^Zxsbcky hl\e_q_gbx gZ ^jm]b_ j_evku aZ^hj h^gbo aeh[ghklv
^jm]bo \yehklv b khgeb\hklv lj_lvbo b l^ Ijb iZlheh]bq_kdhf hivyg_gbb jZagbpZ _s_
j_aq_ <ebygb_ l_o `_ nZdlhjh\ ih\b^bfhfm h[mkeZ\eb\Z_l b lh qlh ikbobq_kdh_
\ha[m`^_gb_\uau\Z_fh_hljZ\e_gb_flZdbfb y^Zfb dZd gZijbf_j dhdZbg m h^gbo \_^_l d
ijbylghhdjZr_gghfm h[s_fm qm\kl\m ih^t_fZ m ^jm]bo² \uau\Z_l g_ihgylgh_ hsms_gb_
kljZoZ khijh\h`^Zxs__ky gZieu\hf fuke_c h ij_ke_^h\Zgbb JZkijhkljZgyy lm `_ fukev
fh`gh [ueh [u kdZaZlv qlh dZ`^hfm lbim ikbohiZlbb khhl\_lkl\m_l b hkh[uc lbi
debgbq_kdh]h \ebygby ^_ckl\by y^Z >ey ^hdZaZl_evkl\Z wlh]h h^gZdh lj_[m_lky _s_
g_h[oh^bfuc debgbq_kdbc fZl_jbZe D wlhc `_ dZl_]hjbb gZ^h hlg_klb lZdb_ nZdlu dZd
gZ[ex^_gb_ @bkebgZ b ^jm]bo Z\lhjh\ ih dhlhjuf Zedh]hevgu_ ]ZeexpbgZpbb m rbahb^h\
ij_bfms_kl\_gghkemoh\u_m pbdehb^h\ajbl_evgu_
GZ^hkhagZlvkyqlh\k_aZljhgmlu_\ur_\hijhkuihdZklhylebrv\ kZfhfgZqZe_k\h_c
jZajZ[hldbb fug_fh`_f^hkboihj^Zlv\iheg_hij_^_e_gguchl\_lgZ\hijhkkh\iZ^Z_leb
gZb[hevr__ ij_^jZkiheh`_gb_ d ikbobq_kdbf aZ[he_\Zgbyf ijb bgn_dpbyo bglhdkbdZpbyo
ljZ\fZo ]heh\u k hij_^_e_ggufb ]jmiiZfb dhgklblmpbhgZevguo ikbohiZlbc beb gZ^h
ij_^iheh`blvgZebqb_hkh[hckbfilhfZlbq_kdbeZ[bevghcdhgklblmpbbg_kh\iZ^Zxs_cgbk
h^ghc ba l_o ijh dhlhju_ \ur_ ]h\hjbehkv GZf dZ`_lky ]hjZa^h [he__ \_jhylguf qlh
ij_^jZkiheh`_gb_ d khfZlbq_kdbf wdah]_gguf j_Zdpbyf ^Z_lky ]eZ\guf h[jZahf
dhgklblmpbhgZevghc dZd h[s_c khfZlbq_kdhc lZd b ikbobq_kdhc Zkl_gb_c < qZklghklb
ij_bfms_kl\_gghd dhgklblmpbhgZevgufZkl_gbdZfhlghkblkyh[s_ba\_klgh_gZ[ex^_gb_qlh
_klvex^bm dhlhjuo^Z`_g_[hevrh_ih\ur_gb_l_fi_jZlmju\uau\Z_l[j_^
Hkh[hke_^m_lhlf_lblvlhh[klhyl_evkl\hqlhm ikbohiZlh\pbjdmeyjgh]hkdeZ^Zhklju_
bgn_dpbb b ljZ\fu g_j_^dh kem`Zl lheqdhf ijh\hpbjmxsbf jZa\blb_ wg^h]_ggh]h
fZgbZdZevgh]h beb ^_ij_kkb\gh]h ijbklmiZ IjZ\behf gZ^h kqblZlv h[hklj_gb_ \
ihke_bgn_dpbhgghf i_jbh^_ jZg__ lhevdh _^\Z gZf_qZ\rboky \ kljmdlmj_ ebqghklb
ikbohiZlbq_kdbo hkh[_gghkl_c hkh[_ggh q_jl wibe_ilhb^guo rbahb^guo Zkl_gbq_kdbo
we_f_glh\wfhlb\ghceZ[bevghklbb ij 
Djhf_ hlf_q_gghc m`_ \ur_ oZjZdl_jghc ^ey g_dhlhjuo ikbohiZlh\ g_mklhcqb\hklb
ikbobdbihhlghr_gbxd ih\ur_gbxl_fi_jZlmjugZ^hhkh[hhklZgh\blvky_s_gZbf_xs_c
[hevrh_ ijZdlbq_kdh_ agZq_gb_ g_\ughkeb\hklb g_dhlhjuo bo ]jmii d Zedh]hex A^_kv fu
bf__f \ \b^m g_ l_ kemqZb ]^_ Zkl_gbq_kdZy ebqghklv [ukljh of_e__l b aZkuiZ_l Z ^jm]b_
hlghkysb_ky ij_bfms_kl\_ggh d ebpZf wibe_ilhb^gh]h kdeZ^Z ]^_ qj_a\uqZcgh [ukljh_
hivyg_gb_ qZklh hl h^ghc jxfdb  khq_lZ_lky k j_adbf ikbohfhlhjguf \ha[m`^_gb_f b kh
kdehgghklvxd gZkbevkl\_gguf^_ckl\byfLZdb_km[t_dlue_]dhaZl_\ZxlkdZg^Zeu\klmiZxl
\ kkhjub ^jZdbb g_j_^dhm`_g_hl^Z\Zyk_[_hlq_lZ\ lhfqlh^_eZxlo\ZlZxlkyaZi_j\h_
ihiZ\r__kyih^jmdmhjm`b_J_amevlZlhfy\ey_lky[blv_ihkm^ujZa]jhfihf_s_gbcly`_eu_
m\_qvy ^Z`_ m[bckl\Z I_j_^ ikbobZljhf dhlhjuc ^he`_g ^Z\Zlv km^_[gmx wdki_jlbam h
ikbobq_kdhf khklhygbb kh\_jrb\rbo ih^h[gu_ ij_klmie_gby klhbl qj_a\uqZcgh ljm^gZy
aZ^ZqZ hl]jZgbqblv ih^h[gu_ kjZ\gbl_evgh g_ qZklu_ kemqZb iZlheh]bq_kdh]h hivyg_gby hl
h[uqguoivyguo^_[hr_c

JHEV<HAJ:KLGUOLHDKBQ?KDBOB MADHHJ=:GBQ?KDBO
N:DLHJH<< >BG:FBD?IKBOHI:LBC
>bgZfbdZikbohiZlbcg_bkq_jiu\Z_lky\ur_baeh`_ggufFgh]h\gbfZgby m^_eyehkv b
l_i_jv m^_ey_lky \hijhkm h ij_`^_\j_f_gghf beb h aZiha^Zehf gZklmie_gbb \hajZklguo
k^\b]h\ G_fpu \k_]^Z aZ[hlb\rb_ky h khhl\_lkl\mxs_c l_jfbgheh]bb ]h\hjyl \ lZdbo
kemqZyo h[ w\hexlb\guo ZgZojhgbafZo HYROXWLYH $QDFKURQLVPHQ  KlZ\beky ^Z`_ \hijhk
y\eyxlkyebwlbZgZojhgbafuj_amevlZlhfikbohiZlbbbebkZfZikbohiZlby_klvihke_^kl\b_
wlbo ZgZojhgbafh\ \hijhk dhg_qgh ijZa^guc ki_dmeylb\guc k\b^_l_evkl\mxsbc h
\hafh`ghklb qbklh nhjfZevgh]h hlghr_gby d [bheh]bq_kdbf ijh[e_fZf Fh`gh kqblZlv
kh\_jr_ggh mklZgh\e_gguf qlh wlb ZgZojhgbafu qZklh gZ[ex^Zxlky m ikbohiZlh\ jZagh]h
kdeZ^Z\uklZ\blvdZdh_gb[m^vh[s__iheh`_gb_h k\yabf_`^mlbihfikbohiZlbbb kjhdZfb
\hajZklguok^\b]h\²wlh]hdebgbdZihdZk^_eZlvg_iha\hey_l< wlm]jmiim\hijhkh\\oh^bl
\hijhk h SXEHUWDV SUDHFR[ h VHQLXP SUDHFR[ h l_o nhjfZo bgnZglbebafZ dhlhju_ njZgpmau
h[hagZqZxl dZd SHWLW YLHX[ fheh^hc klZjbqhd  Z g_fpu dZd DOWNOXJHV .LQG h lhf dZd
g_dhlhju_ ex^b ikbohiZlu  ^h dhgpZ k\hbo ^g_c khojZgyxl xghr_kdbc aZ^hj b iue HZLJH
-XJHQG \_qgZy xghklv ^hdZau\ZxsZy qlh wlb km[t_dlu iheghklvx gbdh]^Z g_ khaj_\Zxl  Z
^jm]b_ k fheh^uo e_l h[gZjm`b\Zxl q_jlu klZjq_kdhc ikbobdb b fm^jhklb Fu g_
hklZgZ\eb\Z_fky kdhevdhgb[m^v ih^jh[gh gZ wlbo \_sZo Z ebrv ih^q_jdb\Z_f lh
\aZbfh^_ckl\b_ dhlhjh_ kms_kl\m_l f_`^m dhgklblmpbhgZevghc  ikbohiZlb_c b \hajZklgufb
nZaZfb
Ihfbfh lh]h \ im[_jlZlghf \hajZkl_ djhf_ qZkluo h[sbo ijhy\e_gbc ikbobq_kdhc
g_mjZ\gh\_r_gghklb rbahnj_gbq_kdbo k^\b]h\ b pbjdmeyjguo nZa g_j_^dh jZa\b\Z_lky
kbfilhfhdhfie_dk hq_gv m^Zqgh ihemqb\rbc hl Dj_i_ebgZ gZa\Zgb_ bkl_jbb jZa\blby M
wfhlb\gheZ[bevguo ebqghkl_c m Zkl_gbdh\ m g_mklhcqb\uo ikbohiZlh\ g_^hklZlhqgh
khaj_\rbo^ey\uiheg_gbyl_olj_[h\Zgbcdhlhju_d gbfij_^ty\ey_lkj_^ZbebihiZ\rbo\
g_ijb\uqgmx bf kmjh\mx h[klZgh\dm e_]dh jZa\b\Z_lky iurgZy b ihebfhnhjgZy dZjlbgZ
qZklh g_h[udgh\_ggh bfihgbjmxsZy dZ`ms_cky ]em[bghc b agZqbl_evghklvx kbfilhfh\
;hevgu_ h[jZsZxl gZ k_[y \gbfZgb_ j_adbfb g_fhlb\bjh\Zggufb kf_gZfb gZkljh_gbc lh
aZ^mfqb\hklvx fheqZeb\hklvx lhkdeb\hklvx ihklhyggufb ke_aZfb lh [_kijbqbgguf
kf_ohfb [_am^_j`ghcgZb]jZgghc\_k_ehklvxijbq_fkf_og_j_^dhi_j_oh^bl\ km^hjh`guc
ieZq \ bkl_jbdm G_agZqbl_evgu_ g_ijbylghklb b imklydh\u_ kkhju \uau\Zxl [mjgu_
\aju\u Znn_dlZ \iehlv ^h l_ZljZevguo kp_g h[fhjhdh\ b bkl_jbq_kdbo ijbiZ^dh\ >jm]b_
gZ^_\ZxlgZk_[yfZkdmg_ihgylghklbb h^bghq_kl\ZgZf_dZxlhdjm`ZxsbfgZi_j_g_k_ggu_
bfb lZcgu_ kljZ^Zgby ]h\hjyl h `_eZgbb ihdhgqblv k kh[hc bgkp_gbjmxl ihiuldb
kZfhm[bckl\Z lj_lvb klj_fylky jZa^mlv ^h djZcgbo ij_^_eh\ f_evqZcrb_ [he_ag_ggu_
kbfilhfu bfb m k_[y aZf_q_ggu_ beb ^Z`_ g_j_^dh \u^mfu\Zxl bo \iehlv ^h gZjhqblh]h
\uau\Zgby m k_[y kljZrguo gZ \b^ ya\ ebrv [u ijb\e_qv d k_[_ khqm\kl\_ggh_ \gbfZgb_
QZklh m gboqm\kl\m_lky \a[m^hjZ`_ggZy ohly b g_aj_eZy k_dkmZevghklv k h^ghc klhjhgu ²
g_a^hjh\h_ ex[hiulkl\h d y\e_gbyf iheh\hc `bagb jZkims_ggu_ k_dkmZevgu_ nZglZabb
fZklmj[Zpbb Z k ^jm]hc ² g_m^h\e_l\hj_gghklv j_Zevguf iheh\uf Zdlhf b ^Z`_ kljZo b
hl\jZs_gb_ i_j_^ gbf \iehlv ^h ihy\e_gby jZaghh[jZaguo km^hjh`guo y\e_gbc ijb \kydhc
ihiuld_FRLWXV DDj_qf_j]h\hjyh[ZgZeh]bqguokemqZyo hlf_qZ_l m [hevguo k\h_h[jZaguc
dhgljZkl\g_rg_qj_af_jgh]hwjhlbq_kdh]hgZijy`_gbyb ^_ckl\bl_evghciheh\hcoheh^ghklb
ijbq_f kZfh_ qm\kl\h [ukljh \kiuob\Z_l b e_]dh ihlmoZ_l Wlhfm khhl\_lkl\m_l ex[h\v dh
\k_fm yjdhfm b ij_m\_ebq_gghfm l_ZljZevguc iZnhk klj_fe_gb_ b]jZlv [e_klysb_ jheb
]j_au h \_ebdbo p_eyo f_qlZl_evgh_ klj_fe_gb_d ijbg_k_gbx k_[y \ `_jl\m kh_^bg_ggh_ k
gZb\guf^_lkdbfw]hbafhfb hkh[_ggh²kf_r_gb_ljZ]bq_kdh]hb dhfbq_kdh]h\ `bag_gghf
klbe_ Ijh[m^b\rZyky bsmsZy \uoh^Z gh _s_ g_aj_eZy bgnZglbevgZy ^bk]ZjfhgbqgZy
k_dkmZevghklv ih\b^bfhfm gZ kZfhf ^_e_ g_j_^dh y\ey_lky h^ghc ba ^\b`msbo kbe
hibku\Z_fh]h gZfb kbfilhfhdhfie_dkZ Ij_^kdZaZgb_ \ ih^h[guo kemqZyo g_evay kqblZlv
g_[eZ]hijbylguf ijb ohjhrbo mkeh\byo \ ljm^h\hc h[klZgh\d_ b \ a^hjh\hc khpbZevghc
kj_^_[hevgu_k \hajZklhfklZgh\ylkyjh\g__k_jv_ag__\oh^yl\ ghjfZevgmxjZ[hqmxdhe_x
b kh\_jr_gghl_jyxl\k_l_we_f_glugZimkdgh]hb l_ZljZevgh]hdhlhjufb\ xghklbiulZebkv
ijb\e_qvd k_[_\gbfZgb_
Ih`behcij_^klZjq_kdbc\hajZklm ikbohiZlbq_kdboebqghkl_c rbahb^h\pbdehlbfbdh\
wfhlb\gheZ[bevguob ij lZd`_g_j_^dh\_^_ld dhe_[Zgbxikbobq_kdh]hjZ\gh\_kbyA^_kv
g_f_klhhibku\Zlv[h]ZlmxkbfilhfZlbdmij_^klZjq_kdboikbohah\lZddZd\k_wlh²nhjfu
\uoh^ysb_bajZfhdmq_gbyh ikbohiZlbyohlf_lbflhevdhqlhj_Zdlb\gh_bogZqZeh²hq_gv
qZklh_ y\e_gb_ b lhevdh ihke_ g_dhlhjh]h i_jbh^Z dh]^Z dZjlbgZ [he_agb dZ`_lky bghc jZa
ihqlbg_hlebqbfhchllh]hbeb^jm]h]hj_Zdlb\gh]hkhklhygbyihkl_i_ggh\ujbkh\u\Zxlkyb
\u^\b]ZxlkygZi_j\ucieZgq_jluijhp_kkZijh]j_^b_glghklbIjbwlhfg_j_^dh[u\Z_lqlh
bf_ggh a^_kv m`_ \ dZjlbg_ ijh]j_^b_glgh]h ikbohaZ hkh[_ggh j_adh h[hkljyxlky jZgvr_
k]eZ`_ggu_ bg^b\b^mZevgu_ ikbohiZlbq_kdb_ hkh[_gghklb Ih^h[gh lhfm dZd ]h\hjyl h[
bkl_jbb jZa\blby \ i_jbh^_ SXEHUWDWLV lhqgh lZd `_ \h \j_fy FOLPD[ D ² fh`gh ]h\hjblv h[
bkl_jbbbg\hexpbb²k lhcjZagbp_cqlhbkl_jbyjZa\blby\ujZ\gb\Z_lkyb k]eZ`b\Z_lkyZ
bkl_jby bg\hexpbhggZy kem`bl mdZaZgb_f gZ \hajZklZxsmx jZgbfhklv b gZ ]jy^msmx
^_n_dlghklv M dZdbo ikbohiZlh\ gZ[ex^Z_lky bg\hexpbhggZy bkl_jby ² gZ wlh _s_ g_
h[jZsZehkv\gbfZgby
G_h[oh^bfh \hh[s_ aZf_lblv qlh g_ lhevdh ij_k_gbmf gh b ^jm]b_ hj]Zgbq_kdb_
nZdlhju dZd ijZ\beh h[hkljyxl b \uy\eyxl Z aZl_f k]eZ`b\Zxl dhgklblmpbhgZevgu_
hkh[_gghklb ebqghklb Ihke_^g__ hj]Zgbq_kdZy Zkl_gbaZpby ebqghklb  qZs_ \k_]h b^_l
iZjZee_evgh k jZa\b\Zxsbfky ijb dZ`^hf hj]Zgbq_kdhf aZ[he_\Zgbb miZ^dhf bgl_ee_dlZ b
hkeZ[e_gb_flhgmkZwfhpbhgZevghc`bagbFum`_hlf_qZeb\ur_qlhm iZjZghbdh\k [he__
beb f_g__ agZqbl_evgh jZa\b\rbfky p_j_[jZevguf Zjl_jbhkde_jhahf [j_^ gZqbgZ_l l_jylv
q_jlu eh]bqghklb b k\yaghklb _]h ihgylghklv aZl_fgy_lky ]b[dhklv b kljhcghklv
gZjmrZxlky h^gh\j_f_ggh k q_f qZklh iZ^Z_l b Zdlb\ghklv iZjZghbdZ \k_ [he__ b [he__
gZqbgZxs_]h h]jZgbqb\Zlvky jZa]h\hjZfb b \k_ f_g__ klj_fys_]hky d ij_l\hj_gbx k\hbo
b^_c \ `bagv Ihgylgh lZd`_ ihq_fm d klZjhklb ikbohiZlu k yjdh \ujZ`_ggufb
bg^b\b^mZevgufbhkh[_gghklyfbihkl_i_gghklZgh\ylky[e_^g__f_g__bgl_j_kgufbb f_g__
Zdlb\gufb Ijb wlhf g_h[oh^bfh bf_lv \ \b^m qlh jZagu_ lbiu ikbohiZlbb hdZau\Zxl
g_h^bgZdh\mx kl_i_gv khijhlb\ey_fhklb jZajmrbl_evghc kbe_ hj]Zgbq_kdh]h fha]h\h]h
ijhp_kkZ
QlhdZkZ_lkyjhebbglhdkbdZpbclhgZ^hkdZaZlvqlhdZdijZ\beh\ebygb_bogZjZa\blb_
ikbohiZlbq_kdhc ebqghklb lZdh_ `_ dZd b ^jm]bo hj]Zgbq_kdbo nZdlhjh\ < hl^_e_ h
iZlheh]bq_kdhf jZa\blbb fu m`_ dZkZebkv \hijhkZ h \aZbfhhlghr_gbb f_`^m y^hf
gZjdhlbabjmxsbf  b ikbohiZlb_c A^_kv fu aZljZ]b\Z_f ebrv ^jm]mx klhjhgm lhc `_
keh`ghc ijh[e_fu fu ^he`gu ihklZ\blv \hijhk h lhf dZd \eby_l h^bg b lhl `_ XVXV gZ
jZaebqgu_lbiuikbohiZlbcgZkdhevdhaZ\bkbljZagbpZ\ debgbq_kdhcdZjlbg_lhcbeb^jm]hc
gZjdhfZgbb hl lhc ihq\u gZ dhlhjmx hgZ iZ^Z_l >ey ihykg_gby gZr_c fukeb \havf_f ^\Z
ijbf_jZ h[Z ba debgbdb Zedh]hebafZ ^\Z yjdbo debgbq_kdbo n_ghf_gZ ² lZd gZau\Z_fuc
Zedh]hevguc xfhj b agZf_gbluc [j_^ j_\ghklb Zedh]hebdh\ GZ hkgh\Zgbb debgbq_kdhc
ijZdlbdb fu iha\hey_f k_[_ ml\_j`^Zlv qlh gb lhl gb ^jm]hc kbfilhf g_ y\eyxlky
ihke_^kl\b_f Zedh]hey Z \ ]hjZa^h [he__ agZqbl_evghc f_j_ _keb g_ bkdexqbl_evgh h[yaZg
k\hbf ijhbkoh`^_gb_f lhc ihq\_ gZ dhlhjhc \ khhl\_lkl\mxsbo kemqZyo jZa\b\Z_lky
Zedh]hebaf IkbobZljbq_kdZy debgbdZ lZdbfb b ZgZeh]bqgufb gZ[ex^_gbyfb hq_gv [h]ZlZ
]_g_a bo kfuke b agZq_gb_ dZd fu m`_ ]h\hjbeb h[ wlhf ^he`_g [ulv hij_^_e_ggh
i_j_kfhlj_g ;ueh [u hq_gv bgl_j_kgh b ijZdlbq_kdb p_ggh kh[jZlv \_kv hlghkysbcky kx^Z
fZl_jbZe ² ohly [u jZajhag_gguc b ^Z`_ ebrv dZambklbq_kdbc ² b _]h lZd beb bgZq_
ihiulZlvky kbkl_fZlbabjh\Zlv \ ^\mo iehkdhklyo \ hlghr_gbb y^Z b \ hlghr_gbb lbiZ
ikbohiZlbb fu kqblZ_f h^gZdh qlh wlh [eb`Zcrbf h[jZahf \ gZrm gZklhysmx aZ^Zqm g_
\oh^blk ^jm]hcklhjhguwlhkebrdhfaZkehgbeh[uhkgh\gmxklhjhgmijh[e_fuihq_fmfu
b h]jZgbqb\Z_fkywlbfbh[sbfbkhh[jZ`_gbyfb
GZdhg_p b rbahnj_gby b wibe_ikby kmlv iZlheh]hdebgbq_kdb_ y\e_gby \ dhlhjuo
nZdlhjdhgklblmpbhgZevghc ikbohiZlbbb]jZ_llZd`_djmigmxjhevh^gZdh\ h[hbokemqZyo
^_ehb^_lh lZdbokeh`guob ihdZ_s_gZklhevdhg_ykghhq_jq_gguodebgbq_kdbonZdlZoqlh
\u^_eblvhl^_evgu_dhfihg_gluijbqZklgu_d wlbheh]bbwlbo^\moaZ[he_\Zgbcqj_a\uqZcgh
ljm^gh Hkgh\ghc \hijhk fh`_l eb rbahnj_gby beb wibe_ikby jZa\b\Zlvky g_ lhevdh gZ
rbahb^ghcbebwibe_ilhb^ghcihq\_Z lZd`_b gZihq\_ bghc ikbohiZlbb² gZ wlhl \hijhk
debgbq_kdbc fZl_jbZe ihdZ hl\_qZ_l ml\_j^bl_evgh Ih wlhfm ih\h^m fh`gh [ueh [u
\ukdZaZlv jy^ khh[jZ`_gbc b khfg_gbc dZd qbklh ijbgpbibZevgh]h h[s_]h oZjZdl_jZ lZd b
qZklgh]h debgbq_kdh]h gh fu ij_^ihqblZ_f wlh]h g_ ^_eZlv \k_ wlb khh[jZ`_gby [ueb [u
fZehh[hkgh\ZggufbFuebrv_s_jZaih^q_jdb\Z_fqlh^_eh\_jhylghf_`^mijhqbfb \
lhfqlhdebgbq_kdZy]jmiiZrbahnj_gbbb wibe_ikbb_klv]jmiiZk[hjgZykf_rZggZy
P_eh]hjy^Z\hijhkh\b ijh[e_fdZkZxsbokyk\yabwg^h]_gbbb wdah]_gbbfudhg_qgh
g_ dZkZebkv iheZ]Zy qlh wlh \h\k_ g_ \oh^bl \ jZfdb gZr_c jZ[hlu GZ h^ghc ebrv ]jmii_
y\e_gbcfu\k_`_ohl_eb[uhklZgh\blvkym ex^_clh]hbeb^jm]h]hikbohiZlbq_kdh]hkdeZ^Z
kiehrvb jy^hf²_kebg_qZklhlh\k_`_\ hij_^_e_gghfqbke_kemqZ_\²ijbihy\e_gbbm
gbo [he_ag_ggh]hijhp_kkZ [m^v lh p_j_[jZevguc Zjl_jbhkde_jha rbahnj_gby beb _s_ qlh
jZa\b\Z_lkykhhl\_lkl\_gghlbimikbohiZlbbj_ZdpbygZwlhlijhp_kk\ debgbq_kdhcdZjlbg_\
lZdhf kemqZ_ gZ[ex^Z_lky dhf[bgZpby kbfilhfh\A gZ[ex^Z_lky ^\Z jy^Z iZjZee_evguo
y\e_gbc ba dhlhjuo h^bg hkgh\ghc jy^ ijbgZ^e_`bl [he_ag_gghfm ijhp_kkm Z ^jm]hc ²
j_Zdlb\ghfm khklhygbx jZa\blbx ebqghklb \ gh\uo mkeh\byo `bagb ihke_^gbc jy^ h[yaZg
k\h_c debgbdhc lbim ikbohiZlbb F_`^m h[hbfb jy^Zfb y\e_gbc dhg_qgh mklZgZ\eb\Z_lky
k\yav gh \k_ `_ [hevr_x qZklvx fh`gh [_a ljm^Z jZa]jZgbqblv kbfilhfu lh]h b ^jm]h]h
ihjy^dZ Fhjhah\ 
 A:DEXQ?GB?
GZfdZ`_lkyqlh]eZ\gu_wlZiudebgbdbikbohiZlbb\ ij_^u^ms_fbaeh`_gbbgZf_q_gu
L_i_jv ² \ aZdexqbl_evghc qZklb jZ[hlu ² fu [u ohl_eb hklZgh\blvky gZ lhf dZd hgZ
^he`gZ [ueZ [u [ulv ihkljh_gZ _keb [u debgbdZ h[eZ^ZeZ khhl\_lkl\mxsbf fZl_jbZehf \
iheghf h[t_f_ fu ohlbf hklZgh\blvky gZ wlhf ihlhfm qlh lZdbf h[jZahf jZkkqblu\Z_f
hij_^_e_gg__ \ukdZaZlvky ih \k_c ijh[e_f_ \ p_ehf lZdbf iml_f ^mfZ_lky [he__ ihgylgh
[m^_l q_]h fu `^_f hl ^Zevg_cr_c jZajZ[hldb \hijhkZ Ijh]jZffZ PD[LPXP \uklZ\ey_lky
gZfb lZdZy >he`gu [ulv \u^_e_gu hkgh\gu_ g_ ijhba\h^gu_  lbiu dhgklblmpbhgZevguo
ikbohiZlbcwlbolbih\^he`gh[ulvih\hafh`ghklbg_fgh]hb fu^he`guykghkdZaZlvqlh
gZfbijb\_^_ggu_lbiu kfklZlbdm gbkdhevdhg_m^h\e_l\hjyxlgZkkZfboohly[uihlhfm
qlh bo kebrdhf fgh]h DZ`^uc lbi ikbohiZlbb ² wlh gZf dZ`_lky hkh[_ggh \Z`guf ²
^he`_g[ulvijhke_`_g^bgZfbq_kdb\h\k_onZaZob kemqZyo`bagbfu^he`gubamqblv\kx
`bagv dZ`^h]h lbiZ ikbohiZlbb gZ \k_f __ ijhly`_gbb fu ^he`gu agZlv dZd ijhl_dZxl
\hajZklgu_k^\b]b^Zggh]hlbiZikbohiZlbbq_]h`^Zlvhl^Zggh]hlbiZikbohiZlbb\ i_jbh^
bg\hexpbb beb klZjhklb fu ^he`gu bamqblv b agZlv dZd ^_ckl\m_l gZ ^Zgguc \u^_e_gguc
lbiikbohiZlbblZbeb^jm]Zybgn_dpbylhbeb^jm]h_gZjdhlbabjmxs__\_s_kl\hdZd\eby_l
gZ g_]h jZa\b\Zxsbcky m g_]h kde_jha ]heh\gh]h fha]Z beb gZqbgZxsbcky ijh]j_kkb\guc
iZjZebq fu ^he`gu khihklZ\eylv wdah]_gguc lbi j_Zdpbb \ kZfhf rbjhdhf kfuke_ wlh]h
l_jfbgZ k lbihf ikbohiZlbb LZd gZijbf_j fu ^he`gu agZlv q_f hlebqZ_lky i_jbh^
khaj_\Zgby m wibe_ilhb^gh]h ikbohiZlZ hl lh]h `_ i_jbh^Z ijb ^jm]bo ikbohiZlbyo dZd
\uy\blkym g_]hi_jbh^bg\hexpbbdZdh\Zm g_]hdZjlbgZhivyg_gbyihkjZ\g_gbxk ^jm]bfb
ikbohiZlbyfb b l^ b l^ K ^jm]hc klhjhgu fu ^he`gu bamqZlv ² hiylvlZdb \k_]^Z
khihklZ\eyy bo k lbihf ikbohiZlbb ² ikbohiZlbq_kdb_ nZau beb wibah^u b^bhiZlbq_kdb_
g_ijh]j_^b_glgu_ nhjfu  iZlheh]bq_kdb_ j_Zdpbb lh]h beb ^jm]h]h lbiZ ikbohiZlbb gZ
\k_\hafh`gu_ikbobq_kdb_rhdbb ljZ\fuiZlheh]bq_kdh_jZa\blb_ebqghklbikbohiZlZ;_jy
lhl`_ijbf_j fu^he`gu agZlv q_]h `^Zlv hl wibe_ilhb^gh]h ikbohiZlZ _keb hg ihl_jy_l
dh]heb[hbak\hbo[ebadbo_kebhgkh^_j`blky\ h^bghqghfaZdexq_gbbih^ke_^kl\b_fdZd
[m^_lf_gylvky_]hebqghklv_kebhg[m^_ll_ji_lv`bag_ggu_g_m^ZqbbebgZh[hjhlbf_lv
mki_o b l^ b l^ LZdbf h[jZahf ijb dZ`^hf lbi_ _]h klZlbdZ [m^_l bf_lv k\hx
ihl_gpbZevgmx^bgZfbdm²^bgZfbdmh[mkeh\e_ggmxdhg_qgh]eZ\gufh[jZahf\g_rgbfb
nZdlhjZfb LZdh\h gZr_ ihgbfZgb_ h[t_fZ b jZkij_^_e_gby debgbq_kdh]h fZl_jbZeZ h
dhgklblmpbhgZevguoikbohiZlbyo_keb\k_qZklbwlhckbkl_fu[m^mlbamq_gub ihklZ\e_gugZ
k\h_ f_klh lh]^Z fh`gh [m^_l ]h\hjblv h[ h\eZ^_gbb wlbf \Z`guf hl^_ehf debgbq_kdhc
ikbobZljbbWlhdhg_qgh^_eh^Ze_dh]h[m^ms_]h
< gZr_f baeh`_gbb fu kZfb \b^bf g_^hklZldb wlb g_^hklZldb ^mfZ_lky gZf ^he`gu
mdZau\ZlvgZg_dhlhju_g_h[oh^bfu_\ ^Zevg_cr_fbkke_^h\Zgby
< kbemg_ba`bluo_s_g_hijhdbgmluodebgbq_kdboljZ^bpbcfuij_m\_ebqbebklZlbdm
dhg_qgh\ ms_j[^bgZfbd_ikbohiZlbcDZdfum`_g_jZamdZau\Zebg_dhlhju_klZlbq_kdb_
lbiuih^gZihjhf^Zevg_crbobkke_^h\ZgbchdZ`mlkyg_hkgh\gufbZ ijhba\h^gufbqbkeh
hkgh\guo lbih\ [m^_l agZqbl_evgh f_gvr_ qlh dhg_qgh k_cqZk `_ kdZ`_lky gZ \k_f
jZkij_^_e_gbbhklZevgh]hfZl_jbZeZ
 < ]eZ\_h iZlheh]bq_kdhfjZa\blbbfug_dhkgmebkvagZqbl_evgh]h²ihijZdlbq_kdhfmb
l_hj_lbq_kdhfm bgl_j_km ² fZl_jbZeZ g_khfg_ggh bf_xs_]h ijyfh_ hlghr_gb_ d debgbd_
ikbohiZlbc Fu g_ dhkgmebkv ^\mo [hevrbo ]jmii y\e_gbc ba wlhc h[eZklb <hi_j\uo fu
kh\_jr_gghg_]h\hjbebh lZdgZau\Z_fuo^\b]Zl_evguoj_Zdpbyo lbdbaZbdZgb_b l^ b\h
\lhjuo kh\_jr_ggh g_ aZljhgmeb \hijhkZ h g_\jhaZo hj]Zgh\ Z f_`^m l_f b lbdb b
aZbdZgb_ k h^ghc klhjhgu b g_\jhau hj]Zgh\ k ^jm]hc gZijbf_j ZklfZ dheblu g_\jha
k_j^pZg_\jha`_em^dZiheh\Zybfihl_gpbyb ij²dhg_qgh^_ehb^_l h g_dhlhjuo Z g_ h
\k_o kemqZyo wlbo aZ[he_\Zgbc  g_j_^dh hdZau\Zxlky ij_djZkgufb h[jZaqbdZfb
iZlheh]bq_kdh]hjZa\blbyjZaebqguo dhgklblmpbhgZevguo ikbohiZlbc Fu g_ dZkZebkv wlh]h
fZl_jbZeZ²wlhhq_gv[hevrhcijh[_e²ihlhfmqlhihdZhgkjZ\gbl_evghj_^dhihiZ^Z_l\
jmdbikbobZljh\b fug_j_rZebkvhk\_sZlv_]hgZhkgh\Zgbbebl_jZlmjguobklhqgbdh\Z g_
kh[kl\_ggh]hhiulZ
Hq_gvfZehgZfbjZajZ[hlZg\hijhkh kh^_j`ZgbbrhdZljZ\fub h\uy\e_gbb\ k\yabk
wlbfkh^_j`Zgb_fhij_^_e_gguok\hckl\ikbohiZlbq_kdhcebqghklb<hijhkh lbi_j_Zdpbb\
k\yab k hij_^_e_gghc ljZ\fhc h lbi_ jZa\blby \ k\yab k hij_^_e_ggufb h^bgZdh\ufb ih
kh^_j`Zgbxih\lhjgufbrhdZfb²wlhl\hijhkihqlbkh\_jr_gghg_bkke_^h\ZgZ f_`^ml_f
\Z`ghklv_]h^eyj_r_gbyp_eh]hjy^Z\hijhkh\g_lj_[m_l^Zevg_crbojZatykg_gbc
GZrZjZ[hlZg_fh`_lij_l_g^h\ZlvgZjhevkbkl_fuikbohiZlbc
wlh ebrv hq_jdb ih debgbd_ ikbohiZlbc hq_jdb ikbobZljZ \ agZqbl_evghc f_j_
\hkiblZggh]hgZijZdlbd_[hevrhc[hevgbqghcikbobZljbb<k_]hfZl_jbZeZfug_ho\Zlbeb
ieZg b f_lh^ jZ[hlu hklZebkv g_\u^_j`Zggufb hl^_evgu_ qZklb hdZaZebkv g_
ijhihjpbhgZevgufb ^jm] ^jm]m kiehrv b jy^hf fu \ugm`^_gu [ueb b^lb g_ hl ihq\u d
kbg^jhfm Z hl kbg^jhfZ d ihq\_ Fu ^he`gu ijbagZlv qlh mfure_ggh g_ dZkZebkv jy^Z
ih^jh[ghkl_c ]eZ\gufb fu kqblZeb g_ ^_lZeb Z h[sb_ mklZgh\db h[sb_ l_g^_gpbb Wlb
ihke_^gb_^mfZ_lkygZf\k_`_^hklZlhqghykgubagZr_]hbaeh`_gby=eZ\ghcp_evxgZr_c
jZ[hlu [ueh kbkl_fZlbabjh\Zlv b jZkp_gblv hdZau\Zxsbcky \ jZkihjy`_gbb debgbpbklZ
ikbobZljZ fZl_jbZe Wlhl fZl_jbZe jZajhag_g b h[uqgh h[hagZqZ_lky lZdbfb h[sbfb
l_jfbgZfb g_\jhau g_\jhiZlbb ikboh]_gbb ^_]_g_jZpby ikbohiZlbb Fu klj_fbebkv
ihdZaZlv qlh dZ`^hfm debgbq_kdhfm y\e_gbx ba wlhc h[eZklb ^he`gh ijbgZ^e_`Zlv
hij_^_e_ggh_ f_klh \ h^ghc h[s_c kbkl_f_ wlhc kbkl_fu dhgklblmpbhgZevguo ikbohiZlbc
fudhg_qghg_^Zebghg_h[oh^bfhklv\ g_cykgZ
Fug_dZkZebkvh[sbol_hjbcb g_^_eZebh[sboihkljh_gbcp_eh]hjy^Zh[sboijh[e_f
fu mfure_ggh g_ aZljZ]b\Zeb Fuiheghklvx ijbgbfZ_f mij_d \ wfibjbaf_ hg ^bdlh\Zeky
gZf[hyagvx[hyagvx\iheg_hij_^_e_gghc²hlhj\Zlvkyhldebgbdbb kdZaZlv[hevr_lh]h
qlh kmf__rv h[hkgh\Zlv Fu g_ [m^_f gZ wlhf hklZgZ\eb\Zlvky jZ^b beexkljZpbb fu
mihfbgZ_f ohly [u h [jhr_gghc \ ki_pbZevghc ebl_jZlmj_ njZa_ dZ`^uc ikbohiZl _klv
hj]Zgbd_kebhlwlhcnjZauihlj_[h\Zlvlhqgh]hkfukeZb kh^_j`Zgbylhk lZdbf`_ijZ\hfb
hkgh\Zgb_f fh`gh kdZaZlv dZ`^uc q_eh\_d _klv hj]Zgbd G_ ^mfZ_f qlh fu \ub]jZ_f qlh
gb[m^vhllZdboh[sbonhjfme
AgZq_gb_\k_owlbog_^hklZldh\fukZfb\h\k_g_kdehgguij_mf_gvrZlvGZr_c]eZ\ghc
aZ^Zq_c [ueh \aylv \kx ijh[e_fm debgbdb ikbohiZlbc p_ebdhf b gZf_lblv hkgh\gu_ qZklb
hkgh\gu_a\_gvybamq_gbywlhcijh[e_fu
GZrZ jZ[hlZ ² debgbq_kdZy kh \k_fb g_^hklZldZfb madh debgbq_kdh]h lhedh\Zgby
ij_^f_lZ lhedh\Zgby [ulv fh`_l hkh[_ggh fZeh ijh^mdlb\gh]h \ lhf hl^_e_ ikbobZljbb
dhlhjuc ljZdlm_l lZd gZau\Z_fu_ dhgklblmpbhgZevgu_ ikbohiZlbb Ij_^klZ\e_ggZy gZfb
^bgZfbdZ ikbohiZlbb _klv ^bgZfbdZ km]m[h bg^b\b^mZevgZy bg^b\b^mZevgh debgbq_kdZy ²
ijZ\^Zk \hafh`ghrbjhdbfbkihevah\Zgb_fnZdlhjh\[ulZb khpbZevghckj_^um`_baqbklh
debgbq_kdh]h bamq_gby ijh[e_fu ykgh ² wlh gZfb g_ jZa ih^q_jdgmlh ² qlh kl_i_gv kbeZ
`bag_ggh_ijhy\e_gb_ g_lbi dhgklblmpbhgZevguoikbohiZlbcaZ\bkylhl\g_rgbonZdlhjh\
\ iheghf h[t_f_ wlh]h keh\Z < gZr_c jZ[hl_ h^gZdh kh\_jr_ggh hlkmlkl\m_l bklhjbq_kdZy
^bgZfbdZ ikbohiZlbc bgufb keh\Zfb gZfb kh\_jr_ggh g_ aZljhgml b ^Z`_ g_ ihklZ\e_g
\hijhk h lhf dZdb_ lbiu ikbohiZlbc b \ dZdhc kl_i_gb \uy\eyxlky \ lhl beb bghc hlj_ahd
\j_f_gb \ lm beb ^jm]mx wihom IjZ\^Z \ gZrbo debgbq_kdbo aZgylbyo fu ^_eZeb ihiuldb
khihklZ\blv mkeh\by oZjZdl_j lh]h beb ^jm]h]h i_jbh^Z \j_f_gb k jZkijhkljZg_gb_f b
\uy\e_gb_f aZ lh `_ \j_fy hl^_evguo lbih\ ikbohiZlbc rbahb^h\ wibe_ilhb^h\
iZjZghbdh\  fu iulZebkv bkdZlv \h \g_rgbo mkeh\byo `bagb ijbqbgu hij_^_e_gghc
dZq_kl\_gghc ikbohiZlbaZpbb gZk_e_gby ijbqbgu \uy\e_gby rbahb^h\ wibe_ilhb^h\
iZjZghbdh\WlbihiuldbhklZebkvlhevdhihiuldZfbb g_ihemqbebkdhevdhgb[m^vq_ldh]h
hnhjfe_gby²^eywlh]hgm`gufgh]hqbke_ggu_^hihegbl_evgu_bkke_^h\ZgbyLZdh]hjh^Z
bkke_^h\Zgby _s_ [he__ ih^dj_ibeb [u lh iheh`_gb_ qlh `bag_ggZy kbeZ
dhgklblmpbhgZevguoikbohiZlbcaZ\bkblhlkhpbZevghckj_^u\ rbjhdhfkfuke_wlh]hkeh\Z
Fh`ghhij_^_e_gghkdZaZlvqlhijZ\bevghhj]Zgbah\ZggZykhpbZevgZykj_^Z[m^_laZ]emrZlv
\uy\e_gb_ b jhkl ikbohiZlbc fh`gh k iheguf hkgh\Zgb_f ^mfZlv qlh khpbZebklbq_kdh_
mkljhckl\h `bagb k _]h gh\uf [ulhf k _]h gh\hc hj]ZgbaZpb_c ljm^Z k gh\hc khpbZevghc
kj_^hc [m^_l ij_iylkl\h\Zlv \uy\e_gbx ikbohiZlbc b y\blky aZeh]hf kha^Zgby gh\h]h
q_eh\_dZ