Клиническая психиатрия из синопсиса по психиатрии том 1 [Г.И. Каплан] (pdf) читать онлайн

&/,1,&$/
36bkkhpbZlb\gu_jZkkljhckl\Z 
=eZ\Z  K_dkmZevgZykn_jZq_eh\_dZ 
=eZ\Z  Khgb gZjmr_gbykgZ 
=eZ\Z  Bkdmkkl\_ggh^_fhgkljbjm_fu_jZkkljhckl\Z 
=eZ\Z  JZkkljhckl\Z dhgljhey gZ^ k\hbfb bfimevkZfb gb]^_ [he__ g_
deZkkbnbpbjm_fu_ >jm]h_gZa\Zgb_hlkmlkl\m_l>GH 
=eZ\Z  JZkkljhckl\ZZ^ZilZpbb 
=eZ\Z  Ikboheh]bq_kdb_ nZdlhju \ebyxsb_ gZ nbabq_kdh_ khklhygb_
ikbohkhfZlbq_kdb_jZkkljhckl\Z 
=eZ\Z  JZkkljhckl\Zebqghklb 
IJ?>BKEHZggh_ jmdh\h^kl\h ihk\ys_gh wlhfm ]mfZgbafm dhlhjuc qZklh
l_jy_lky \ l_ogbq_kdb hkgZs_gghc kh\j_f_gghc f_^bpbgkdhc ijZdlbd_ Lhqgh lZd `_
\aZbfhhlghr_gbyf_`^mmq_[gufbf_^bpbgkdbfbnZdmevl_lZfbb klm^_glZfblj_[mxl
ih^q_jdgmlh]h \gbfZgby _keb fu ohlbf ba[_`Zlv ihy\e_gby ih^h[guo dhfivxl_jm
\jZq_cjh[hlh\
< Kh_^bg_gguoRlZlZo:f_jbdbikbobZljbyy\ey_lky_^bgkl\_gghcf_^bpbgkdhc
^bkpbiebghc dmjk ij_ih^Z\Zgby dhlhjhc ijh\h^blky g_ij_ju\gh \ l_q_gb_ q_luj_o
e_l?kebij_ih^Z\Zgb_\_^_lkygZ^he`ghfmjh\g_wlhldmjk^he`_g[ulv\hegmxsbf
gZihfbgZgb_f\k_fh lhfqlhaZ^ZqZf_^bpbgu²klZ\blv^bZ]ghae_qblvb ^h[b\Zlvky
h[e_]q_gby [heb kljZ^Zgby b aZ[he_\Zgby hkgh\u\Zykv gZ ih^oh^_ d [hevghfm dZd d
p_ehklghcebqghklb
Gh\h_ ba^Zgb_ \ mf_gvr_gghf jZaf_j_ WlZ dgb]Z y\ey_lky qZklvx [hevr_]h
ba^Zgby \ dhlhjhf ho\Zq_gu hkgh\u ih\_^_gq_kdbo gZmd b debgbq_kdbo ikbobq_kdbo
jZkkljhckl\ >Zggh_ f_gvr__ ba^Zgb_ \dexqZ_l hibkZgb_ lhevdh debgbq_kdbo
ijhy\e_gbc ikbobq_kdbo jZkkljhckl\ Jmdh\h^kl\h \ iheghf h[t_f_ ^Z_l \hafh`ghklv
klm^_glm ihevah\Zlvky dgb]hc gZ ijhly`_gbb \k_o q_luj_o e_l mq_[u \ f_^bpbgkdhf
bgklblml_ >Zggh_ jmdh\h^kl\h ]h^blky ^ey klm^_glZ dhlhjhfm lj_[m_lky mq_[gbd
\dexqZxsbc lhevdh debgbq_kdmx ikbobZljbx Fu kqblZ_f qlh lZdZy ]b[dhklv
h[_ki_qb\Z_l \hafh`ghklv \u[hjZ ^ey rbjhdh]h djm]Z qblZl_e_c aZgbfZxsboky
ikbobZljb_c ikboheh]b_c khpbZevghc ^_yl_evghklvx \ ikbobZljbb ^_yl_evghklvx
kj_^g_]h f_^bpbgkdh]h i_jkhgZeZ \ ikbobZljbb ih\_^_gq_kdhc j_dj_Zpbhgghc
\hkklZgh\bl_evghc  l_jZib_c b ^jm]bfb Zki_dlZfb k\yaZggufb k ikbobq_kdbf
a^hjh\v_f

Gh\u_ baf_g_gby \ wlhf ba^Zgbb WlZ dgb]Z kh^_j`bl gh\_crb_ jZajZ[hldb \
debgbq_kdhc ikbobZljbb < qZklghklb \ g_c ij_^klZ\e_gZ ghaheh]by jZajZ[hlZggZy \
lj_lv_f bkijZ\e_gghf ba^Zgbb :f_jbdZgkdhc IkbobZljbq_kdhc :kkhpbZpbb
©>bZ]ghklbq_kdh_ b klZlbklbq_kdh_ jmdh\h^kl\h ih ikbobq_kdbf aZ[he_\Zgbyfª
'LDJQRVWLFDO DQG 6WDWLVWLFDO 0DQXDO RI 0HQWDO 'LVRUGHUV '60,,,5  dhlhjh_ [ueh
him[ebdh\Zgh\  ]< g__\dexq_gu ^hklb`_gby\ h[eZklbbamq_gbyhj]Zgbq_kdh]h
ikbohkbg^jhfZ b k\yaZgguo k gbf jZkkljhckl\ gZjmr_gbc h[mkeh\e_gguo
mihlj_[e_gb_f ikbohZdlb\guo \_s_kl\ kh^_j`blky gh\uc b jZkrbj_gguc jZa^_e
hibkZgbyjZkkljhckl\kgZIh^jh[ghh[km`^Zxlkyihke_^gb_j_amevlZlu[bheh]bq_kdbo
bkke_^h\Zgbc \ oh^_ dhlhjuo [ueb h[gZjm`_gu wlbheh]bq_kdb_ nZdlu e_`Zsb_ \
hkgh\_jZaebqguoikbobq_kdbojZkkljhckl\
I_j_kfhlj_g jZa^_e ihk\ys_gguc lj_\h]_ dZd ghjfZevghc lZd b
iZlheh]bq_kdhc Zggh_jmdh\h^kl\hihdebgbq_kdhcikbobZljbbb ©KbghikbkihikbobZljbbª
khklZ\eyxl h^gm qZklv ljhcghc kbkl_fu jZajZ[hlZgghc Z\lhjZfb ^ey h[e_]q_gby
h[mq_gby ikbobZljbb b gZmdZf h ih\_^_gbb >jm]Zy qZklv wlhc kbkl_fu ij_^klZ\ey_l
kh[hc ©bZ]ghklbq_kdh_b klZlbklbq_kdh_jmdh\h^kl\hihikbobq_kdbfaZ[he_\Zgbyfª '60
,,,5  dhlhjh_ y\ey_lky aZdhghf \ Zf_jbdZgkdhc ikbobZljbb Lh]^Z dZd Z\lhju bf_xl
h]h\hjdb hlghkbl_evgh ihe_aghklb b h[hkgh\Zgghklb '60,,,5 dhlhjZy kh^_j`bl
gh\h\\_^_gby\uau\Zxsb_bgh]^Zkhfg_gby\ hlghr_gbb__ ij_bfms_kl\i_j_^ '60
,,, klm^_glu ^he`gu bamqblv '60,,,5 ^h l_o ihj ihdZ hgZ g_ baf_gblky
hij_^_e_ggufh[jZahfb dh]^Z[m^_lhim[ebdh\ZgZ\_jkby '60,9
=eZ\Z 

DEBGBQ?KDH?H;KE?>H:K ;HEVGUF< IKBOB:LJBQ?KDHCDEBGBD?

M

Kh^_j`Zgb_ b oh^ [_k_^u aZ\bkyl hl fgh`_kl\Z nZdlhjh\ g_dhlhju_ ba gbo fu
ijb\h^bfgb`_
AgZqbl_evgh_ \ebygb_ gZ nhjfm khh[s_gby [hevguf k\_^_gbc h k_[_ b gZ oh^

jZa\blby [_k_^u hdZau\Zxl oZjZdl_j kbfilhfh\ [he_agb b ebqghklgu_ hkh[_gghklb
[hevgh]h
LZdb_ oZjZdl_jgu_ ^ey debgbdb kblmZpbb dZd gZijbf_j ke_^mxsb_ [hevghc
gZoh^blky ih^ gZ[ex^_gb_f f_^bpbgkdh]h i_jkhgZeZ \ [hevgbqghc iZeZl_ [hevghc k
ikbohkhfZlbq_kdbfbkbfilhfZfb[hevghcdhlhjucg_fh`_lkijZ\blvkyk ^mr_\gufb
i_j_`b\Zgbyfb beb [hevghc dhlhjuc gm`^Z_lky \ g_hleh`ghc ihfhsb ² kha^Zxl
hkh[u_jZfdb\ dhlhjuonhjfbjm_lky[_k_^Z
GZoh^[_k_^ufh]mlhdZau\Zlv\ebygb_b g_lhevdhlZdb_l_ogbq_kdb_ nZdlhju
dZdl_e_nhggu_a\hgdbbkihevah\Zgb_^bdlhnhgZghb h[t_fb dhfnhjlghklvdhfgZlu
\ dhlhjhchgZijhoh^bl
:GGU?IHEMQ?GGU?H_ij_kkb\gu_ijbklmiu
H[s__ hibkZgb_ GZb[he__ lbibqguf kbfilhfhf y\ey_lky ]_g_jZebah\ZggZy
ikbohfhlhjgZy aZlhjfh`_gghklv ohly bgh]^Z gZ[ex^Z_lky ikbohfhlhjgZy Z`blZpby
hkh[_ggh m [he__ ih`beuo ex^_c  DeZkkbq_kdbc \b^ ^_ij_kkb\gh]h [hevgh]h²
kmlmeZy ihaZ hlkmlkl\b_ kihglZgguo ^\b`_gbc b ihlmorbc ljZ]bq_kdbc \a]ey^ ?keb
kbfilhfu ikbohfhlhjghc aZlhjfh`_gghklb m [hevgh]h \ujZ`_gu \ agZqbl_evghc
kl_i_gb hg fh`_l hq_gv gZihfbgZlv [hevgh]h k dZlZlhgbq_kdbf klmihjhf
DeZkkbq_kdbfb kbfilhfZfb ikbohfhlhjghc Z`blZpbb y\eyxlky ihlbjZgb_ jmd b
\u^_j]b\Zgb_\hehk
GZkljh_gb_ Znn_dl b hsms_gby >_ij_kkby y\ey_lky dexq_\uf kbfilhfhf
^Zggh]hjZkkljhckl\Zohlyijb[ebabl_evghiheh\bgZ[hevguofh`_lhljbpZlvgZebqb_
^_ij_kkb\guo i_j_`b\Zgbc b hgb g_ ijhba\h^yl gZ \jZqZ \i_qZle_gb_ agZqbl_evgh
^_ij_kkb\guo [hevguo Wlbo [hevguo qZklh kqblZxl \ k_fv_ b gZ jZ[hl_
g_h[sbl_evgufbb fZehZdlb\gufb
I_jp_ilb\gu_ jZkkljhckl\Z H ^_ij_kkb\guo [hevguo k [j_^hf b
]ZeexpbgZpbyfb]h\hjylqlhhgb[hevguikbohlbq_kdhc^_ij_kkb_cwlhll_jfbglZd`_
qZklh bkihevam_lky \jZqZfb ^ey hibkZgby ^_ij_kkb\guo [hevguo kh agZqbl_evgufb
ijhy\e_gbyfb j_]j_kkbb gZijbf_j l_o dhlhju_ ^_fhgkljbjmxl g_fhlm g_ ohlyl
ijbgbfZlv \Zggm g_qbklhiehlguo  ;j_^ b ]ZeexpbgZpbb khhl\_lkl\mxsb_
^_ij_kkb\ghfm gZkljh_gbx gZau\Zxlky ]Zjfhgbq_kdbfb beb ©dhg]jmwglgufbª
Dhg]jmwglguc gZkljh_gbx [j_^² wlh [j_^ \bgh\ghklb ]j_oh\ghklb kh[kl\_gghc
gbdq_fghklbh[gbsZgbyZ lZd`_kf_jl_evgh]hkhfZlbq_kdh]haZ[he_\Zgby gZijbf_j
fha] ©ijh]gbeª hl jZdZ  Kh^_j`Zgb_ g_ dhg]jmwglguo gZkljh_gbx [j_^Z b
]ZeexpbgZpbc g_ khhl\_lkl\m_l ^_ij_kkb\ghfm gZkljh_gbx G_dhg]jmwglguc [j_^ m
^_ij_kkb\gh]h [hevgh]h \dexqZ_l l_fu \_ebqby ij_m\_ebq_gghc kbeu agZgbc b
^hklhbgkl\ ² gZijbf_j\_jZ\ lhqlhhgy\ey_lkyF_kkb_cBgh]^Zijbikbohlbq_kdhc
^_ij_kkbbihy\eyxlky]ZeexpbgZpbbghwlh[u\Z_lj_^dh
Fukebl_evguc ijhp_kk >_ij_kkb\gu_ [hevgu_ h[uqgh hljbpZl_evgh kfhljyl
gZ fbj b gZ kZfbo k_[y Kh^_j`Zgb_f fuke_c h[uqgh y\eyxlky g_[j_^h\u_
jZafure_gby h ihl_jyo k\h_c \bg_ kmbpb^_ b kf_jlb M fgh]bo [hevguo kgb`Z_lky
kdhjhklv b h[t_f j_qb hgb hl\_qZxl gZ \hijhku h^ghkeh`gh b k aZ^_j`dhc
Ijb[ebabl_evgh m  ^_ij_kkb\guo [hevguo bf_xlky \ujZ`_ggu_ gZjmr_gby
fure_gby h[uqgh [ehdbjh\Zgb_ fuke_c djZcgyy kdm^ghklv kh^_j`Zgby j_qb beb
\ujZ`_ggZyh[klhyl_evghklv
Bfimevkb\ghklv kmbpb^u b h^_j`bfhklv m[bckl\hf Ijb[ebabl_evgh \ ²
 kemqZ_\ m ^_ij_kkb\guo [hevguo bf__l f_klh aZ\_jr_gguc kmbpb^ b hdheh 
ieZgbjmxl_]h;hevgu_k ikbohlbq_kdhc^_ij_kkb_cbgh]^Zfh]mliulZlvkym[blvebph
\h\e_q_ggh_\ bo[j_^h\mxkbkl_fmH^gZdhm gZb[he__ly`_euo^_ij_kkb\guo[hevguo
qZklhhlkmlkl\m_lg_h[oh^bfZyfhlb\Zpbybebwg_j]byqlh[ukh\_jrblvbfimevkb\gh_
^_ckl\b_ beb ijbf_gblv gZkbeb_ ;hevgu_ ^_ij_kkb_c bf_xl ih\ur_gguc jbkd
kmbpb^h\\ i_jbh^\ua^hjh\e_gbydh]^Zm gbo\hkklZgZ\eb\Z_lkyg_h[oh^bfZywg_j]by
^ey \uiheg_gby aZieZgbjh\Zggh]h kmbpb^Z iZjZ^hdkZevguc kmbpb^  Hq_gv qZklhc
hrb[dhc y\ey_lky \u^ZqZ ^_ij_kkb\ghfm [hevghfm \ fhf_gl \uibkdb ba debgbdb
[hevrh]hdhebq_kl\ZZglb^_ij_kkZglh\ hkh[_gghLK: 
Hjb_glbjh\dZ ;hevrbgkl\h ^_ij_kkb\guo [hevguo hjb_glbjh\Zgu \

kh[kl\_gghcebqghklbf_kl_b \j_f_gbohly\ jy^_kemqZ_\baaZhlkmlkl\bywg_j]bbb
bgl_j_kZd \hijhkmhgbfh]mlg_hl\_qZlvgZg_]h
IZfylv Ijb[ebabl_evgh ² ^_ij_kkb\guo [hevguo bf_xl dh]gblb\gu_
gZjmr_gby dhlhju_ gZau\Zxl ^_ij_kkb\ghc ©ik_\^h^_f_gpb_cª LZdb_ [hevgu_
h[uqgh`ZemxlkygZgZjmr_gb_kihkh[ghklbkhkj_^hlhqblv\gbfZgb_b aZ[u\qb\hklv
KZfhhp_gdZb djblbdZ Hp_gdZ[hevgufk\h_]hkhklhygbyklZgh\blkyhq_\b^ghc
bagZ[ex^_gbcaZ_]hihklmidZfb\ g_^Z\g_fijhrehfb ih\_^_gb_f\h\j_fy[_k_^u
Hlghr_gb_ ^_ij_kkb\gh]h [hevgh]h d k\h_fm khklhygbx khklhbl \ lhf qlh qZklh hg
ij_m\_ebqb\Z_lgZ[ex^Zxsb_kym g_]hgZjmr_gbyk\h_aZ[he_\Zgb_b k\hbkljZ^Zgby
LZdh]h[hevgh]hhq_gvljm^ghh[fZgmlvkdZaZ\qlhhgfh`_l\ua^hjh\_lv
GZ^_`ghklv LBIU

Ly`_eh_^_ij_kkb\gh_jZkkljhckl\h
>bZ]gha >eylh]hqlh[uihklZ\blv^bZ]ghaly`_eh_^_ij_kkb\gh_jZkkljhckl\h
dZd[uehijb\_^_gh\ur_kh]eZkgh '60,,,5 lj_[m_lkygZebqb_ijbklmiZ^_ij_kkbbb
hlkmlkl\b_ eb[h fZgbZdZevgh]h eb[h hlq_leb\h]h ]bihfZgbZdZevgh]h wibah^h\ Gb`_
ijb\h^ylky hibkZgby ih^lbih\ _^bgbqgh]h ijbklmiZ ih\lhjguo ijbklmih\ beb
k_ahgguo \kiur_d \aylu_ ba '60,,,5 >bZ]ghklbq_kdbfb djbl_jbyfb ^ey ly`_eh]h
^_ij_kkb\gh]h jZkkljhckl\Z _^bgbqguc ijbklmi y\eyxlky ke_^mxsb_ >ey hibkZgby
l_dms_]hklZlmkZbkihevamcl_dh^uly`_eh]h^_ij_kkb\gh]hijbklmiZ iylZypbnjZ 
:?^bgbqgucijbklmily`_ehc^_ij_kkbb
Hlkmlkl\b_ dh]^Zeb[h fZgbZdZevgh]h wibah^Z beb hlq_leb\h
;
]bihfZgbZdZevgh]h wibah^Z Hij_^_ebl_ bf__lky eb k_ahgghklv Khhlg_kbl_ k
ijb\_^_ggufb \ur_ ^bZ]ghklbq_kdbfb djbl_jbyfb ^ey ly`_eh]h ^_ij_kkb\gh]h
jZkkljhckl\Z >bZ]ghklbq_kdbfb djbl_jbyfb ^ey ly`_ehc ^_ij_kkbb k ih\lhjgufb
ijbklmiZfb y\eyxlky ke_^mxsb_ >ey hibkZgby l_dms_]h klZlmkZ bkihevamcl_ dh^u
ly`_eh]h^_ij_kkb\gh]hijbklmiZ iylZypbnjZ 
: >\Z beb [he__ ^_ij_kkb\guo ijbklmih\ dZ`^uc ba dhlhjuo hl^_e_g ih
f_gvr_cf_j_^\mfyf_kypZfb\ha\jZs_gbyd [he__bebf_g__ghjfZevghc`bagb ?keb
bf_e f_klh ly`_euc ^_ij_kkb\guc wibah^ \ ijhrehf l_dmsbc ijbklmi ^_ij_kkbb
g_h[yaZl_evgh^he`_ghl\_qZlv\k_fdjbl_jbyfly`_eh]h^_ij_kkb\gh]hijbklmiZ
; Gbdh]^Zg_[uehfZgbZdZevgh]hijbklmiZbebhlq_leb\h]h]bihfZgbZdZevgh]h
ijbklmiZHij_^_ebl_ bf__lkyebk_ahgghklv
Khhlg_kbl_ k ijb\_^_ggufb \ur_ ^bZ]ghklbq_kdbfb djbl_jbyfb ^ey ly`_eh]h
^_ij_kkb\gh]hjZkkljhckl\Z
>bZ]ghklbq_kdbfbdjbl_jbyfb^eyk_ahgguoijbklmih\y\eyxlky
: Bf__lky j_]meyjgZy \j_f_ggZy k\yav f_`^m gZqZehf ijbklmiZ [biheyjgh]h
jZkkljhckl\Z \dexqZy [biheyjgh_ jZkkljhckl\h ^jm]b_ gZa\Zgby ^ey dhlhjh]h
hlkmlkl\mxl >GH g_mlhqg_ggh_  beb ih\lhjgh_ ly`_eh_ ^_ij_kkb\gh_ jZkkljhckl\h
\dexqZy ^_ij_kkb\gh_ jZkkljhckl\h ^ey dhlhjh]h ^jm]h_ gZa\Zgb_ hlkmlkl\m_l >GH
g_mlhqg_ggh_  b hij_^_e_gguc ^g_\guc i_jbh^ \ ]h^m gZijbf_j j_]meyjgh_
\hagbdgh\_gb_ ^_ij_kkbb f_`^m gZqZehf hdly[jy b dhgphf ghy[jy  Hlf_lvl_ G_
\dexqZlv kemqZ_\ \ dhlhjuo bf__l f_klh hlq_leb\h_ \ebygb_ k\yaZgguo k \j_f_g_f
]h^ZikbohkhpbZevguoklj_kkh\gZijbf_jihklhyggZy[_ajZ[hlbpZabfhc
; IhegZy j_fbkkby beb kf_gZ ^_ij_kkbb fZgb_c beb ]bihfZgb_c  lZd`_
ihy\eyxsZyky\ l_q_gb_hij_^_e_ggh]h^g_\gh]hi_jbh^Z]h^Z gZijbf_j^_ij_kkby
bkq_aZ_lhlk_j_^bgun_\jZey^hk_j_^bguZij_ey 
bZ]ghklbq_kdb_djbl_jbb^eydh^h\ly`_eh]h^_ij_kkb\gh]hijbklmiZ
IylZy pbnjZ qbkeh\h]h dh^Z b djbl_jbb kl_i_gb ly`_klb l_dms_]h khklhygby
[biheyjgh]hjZkkljhckl\Z^_ij_kkbbbebly`_eh]h^_ij_kkb\gh]hjZkkljhckl\Z
²E_]dh_ hq_gv fZeh ijhy\e_gbc _keb hgb \hh[s_ _klv k\_jo l_o dhlhju_
lj_[mxlky qlh[u ihklZ\blv ^bZ]gha b kbfilhfu \ j_amevlZl_ dhlhjuo ihy\ey_lky
ebrvg_agZqbl_evgh_gZjmr_gb_^_yl_evghklb\ ijhn_kkbhgZevghfieZg_beb\ h[eZklb
h[uqghckhpbZevghcZdlb\ghklbbeb\h\aZbfhhlghr_gbyok ^jm]bfbex^vfb
²Mf_j_ggh_ kbfilhfZlbdZ beb gZjmr_gby ^_yl_evghklb f_`^m ©e_]dbfbª b
©ly`_eufbª
²Ly`_eh_ [_a ikbohlbq_kdbo ijhy\e_gbc gZebqb_ g_kdhevdbo kbfilhfh\
djhf_ l_o dhlhju_ g_h[oh^bfu qlh[u ihklZ\blv ^bZ]gha b kbfilhfu dhlhju_
agZqbl_evgh \ebyxl gZ gZjmr_gb_ ijhn_kkbhgZevghc ^_yl_evghklb beb gZ h[uqgmx
khpbZevgmxZdlb\ghklvbebgZ\aZbfhhlghr_gbyk ^jm]bfbex^vfb
²Ly`_eh_ k ikbohlbq_kdbfb ijhy\e_gbyfb [j_^ beb ]ZeexpbgZpbb ?keb
\hafh`gh hij_^_ebl_ y\eyxlky eb ikbohlbq_kdb_ ijhy\e_gby dhg]jmwglgufb
gZkljh_gbxbebg_dhg]jmwglgufb
DHG=JMWGLGU?G:KLJH?GBXIKBOHLBQ?KDB?IJHYjm]b_ kbfilhfu wg^h]_gghc ^_ij_kkbb
aZdexqZxlky\ dhe_[ZgbyogZkljh_gby\ aZ\bkbfhklbhl\j_f_gbkmlhdgZebqbb[j_^Z
ikbohfhlhjghc aZf_^e_gghklb ijh[m`^_gbc jZggbf mljhf b qm\kl\Z \bgu lZdbf
h[jZahf wlZ kbfilhfZlbdZ g_kdhevdh gZihfbgZ_l \u^_ey_fmx '60,,,5 dZl_]hjbx
ikbohlbq_kdhc ^_ij_kkbb k f_eZgoheb_c Kbfilhfu j_Zdlb\ghc ^_ij_kkbb \dexqZxl
bagZqZevgmx [_kkhggbpm lj_\h]m wfhpbhgZevgmx eZ[bevghklv b fgh`_kl\_ggu_
khfZlbq_kdb_ `Zeh[u >_e_gb_ gZ ikbohlbdh\g_\jhlbdh\ hl^_ey_l [he__ ly`_eh
[hevguo hl f_g__ ly`_eh [hevguo I_j\bqgZy ^_ij_kkby kh]eZkgh '60,,,5
hlghkblky d aZ[he_\Zgbx gZau\Z_fhfm jZkkljhckl\hf gZkljh_gby Z \lhjbqgZy
^_ij_kkby y\ey_lky dhfihg_glhf dZdh]heb[h ^jm]h]h ikbobq_kdh]h beb nbabq_kdh]h
khklhygby ©>\hcgZy ^_ij_kkbyª oZjZdl_jbam_l khklhygb_ ijb dhlhjhf ly`_eh_
^_ij_kkb\gh_ jZkkljhckl\h gZdeZ^u\Z_lky gZ ^bklbfbx ©>_ij_kkb\guc wd\b\Ze_glª
y\ey_lky kbfilhfhf beb kbg^jhfhf dhlhjuc fh`_l y\blvky IRUPH IUXVWH
^_ij_kkb\gh]h ijbklmiZ GZijbf_j ljbZ^Z ba ijh]meh\ ihlj_[e_gby Zedh]hey b
k_dkmZevghcg_jZa[hjqb\hklbm ih^jhkldh\dhlhju_jZgvr_\_ebk_[yijbf_jghfh`_l
[ulvwd\b\Ze_glhf^_ij_kkbbdZdb lj_\h`ghklvgZ[ex^Z_fZym ^_l_cihke_jZaemdbk
fZl_jvx

Kh\k_fg_^Z\ghhibkZggucih^lbidhlhjucfh`_lbf_lvdZddebgbq_kdh_lZdb
gZmqgh_ agZq_gb_²k_ahggh_ Znn_dlb\gh_ jZkkljhckl\h oZjZdl_jbamxs__ky
^_ij_kkb_cikbohfhlhjgufaZf_^e_gb_f]bi_jkhfgb_cZ lZd`_]bi_jnZ]b_cdhlhju_
gZklmiZxlhk_gvxbeb abfhcb hkeZ[_\Zxl\_kghcb e_lhfWlb ^_ij_kkbb fh]ml [ulv
k\yaZgu k gZjmr_gb_f k\_lh\hc j_]meypbb f_eZlhgbgZ bo qZklh m^Z_lky bae_qblv
f_lh^hf ^_ijb\Zpbb kgZ beb k\_lhf E_q_gb_ k\_lhf nhlhl_jZiby  khklhbl \
ijh^e_gbb k\_lh\h]h i_jbh^Z ^ey [hevgh]h iml_f \ha^_ckl\by gZ g_]h yjdh]h k\_lZ
^hihegbl_evgh\ l_q_gb_ ² q \^_gv
;biheyjgh_jZkkljhckl\h
>bZ]gha DZd[uehihdZaZgh\ur_kh]eZkgh '60,,,5 ^ey^bZ]ghaZ[biheyjgh]h
jZkkljhckl\Z fZgbZdZevgh]h lbiZ g_h[oh^bfh gZebqb_ fZgbZdZevgh]h ijbklmiZ Gb`_
ijb\h^ylky ^bZ]ghklbq_kdb_ djbl_jbb ^ey [biheyjgh]h jZkkljhckl\Z fZgbZdZevgh_
khklhygb_
>eyhibkZgbyl_dms_]hklZlmkZbkihevamcl_dh^ufZgbZdZevgh]hijbklmiZ iylZy
pbnjZ 
< gZklhys__ \j_fy beb kh\k_f g_^Z\gh  \ fZgbZdZevghf ijbklmi_ _keb
fZgbZdZevguc ijbklmi bf_e f_klh \ ijhrehf gZklhysbc wibah^ g_ h[yaZl_evgh
^he`_g hl\_qZlv \k_f djbl_jbyf ^ey fZgbZdZevgh]h ijbklmiZ  Hlf_lvl_ bf__lky eb
k_ahgghklv
Khhlg_kbl_ k \ur_ijb\_^_ggufb ^bZ]ghklbq_kdbfb djbl_jbyfb ^ey
fZgbZdZevguoijbklmih\
?keb\ ijhrehfgZ[ex^ZekyfZgbZdZevgucijbklmilhgZklhysbcfZgbZdZevguc
wibah^g_h[yaZl_evgh^he`_ghl\_qZlv\k_fdjbl_jbyffZgbZdZevgh]hijbklmiZGb`_
ijb\h^ylky ^bZ]ghklbq_kdb_ djbl_jbb ^ey [biheyjgh]h jZkkljhckl\Z ^_ij_kkb\gh_
khklhygb_
>ey hibkZgby l_dms_]h klZlmkZ bkihevamcl_ dh^u ^ey ly`_eh]h ^_ij_kkb\gh]h
ijbklmiZ iylZypbnjZ 
: ;ueh^bgbeb[he__fZgbZdZevguoijbklmih\\ ijhrehf
; < gZklhys__ \j_fy beb kh\k_f g_^Z\gh bf__l f_klh ly`_euc ^_ij_kkb\guc
ijbklmi?keb\ ijhrehfbf_ef_klhly`_euc^_ij_kkb\gucwibah^gZklhysbcwibah^
g_h[yaZl_evgh^he`_ghl\_qZlv\k_fdjbl_jbyfly`_eh]h^_ij_kkb\gh]hijbklmiZ
Hlf_lvl__klvebk_ahgghklv
Khhlg_kbl_ k ijb\_^_ggufb \ur_ ^bZ]ghklbq_kdbfb djbl_jbyfb ^ey ly`_eh]h
^_ij_kkb\gh]h ijbklmiZ LZdbf h[jZahf ^ey ^bZ]ghaZ [biheyjgh_ jZkkljhckl\h
^_ij_kkb\guclbi lj_[m_lkyqlh[u\ ijhrehf[ueh^bgbeb[he__
fZgbZdZevguo ijbklmiZ ijb gZebqbb \ gZklhys__ \j_fy ^_ij_kkb\gh]h ijbklmiZ kf
>bZ]ghklbq_kdb_djbl_jbb^eyfZgbZdZevgh]hijbklmiZ ?keb\ ijhrehf[uely`_euc
^_ij_kkb\guc ijbklmi gZklhysbc wibah^ fh`_l g_ hl\_qZlv \k_f djbl_jbyf ^ey
ly`_eh]h ^_ij_kkb\gh]h ijbklmiZ Gb`_ ijb\h^ylky ^bZ]ghklbq_kdb_ djbl_jbb ^ey
[biheyjgh]hjZkkljhckl\Zkf_rZgguclbi>eyhibkZgbyl_dms_]hklZlmkZbkihevamcl_
dh^u^eyfZgbZdZevguoijbklmih\ iylZypbnjZ 
: GZklhysbc beb lhevdh qlh aZdhgqb\rbcky  ijbklmi bf_e debgbq_kdmx
dZjlbgmiheghklvx\dexqZ\rmxkbfilhfub fZgbZdZevgh]hb ly`_eh]h^_ij_kkb\gh]h
ijbklmih\ aZ bkdexq_gb_f lh]h qlh g_h[oh^bfZy ^ebl_evghklv ^ey ^_ij_kkb\ghc
kbfilhfZlbdb khklZ\eyeZ  g_^  dhlhju_ khkms_kl\h\Zeb \ h^gh b lh `_ \j_fy beb
[ukljh \ l_q_gb_ g_kdhevdbo ^g_c g_ij_ju\gh kf_gyeb ^jm] ^jm]Z Khhlg_kbl_ k

\ur_ijb\_^_ggufb ^bZ]ghklbq_kdbfb djbl_jbyfb ^ey ly`_eh]h ^_ij_kkb\gh]h
ijbklmiZb k^bZ]ghklbq_kdbfbdjbl_jbyfb^eyfZgbZdZevgh]hijbklmiZ
; AgZqbl_evgh \ujZ`_ggu_ ^_ij_kkb\gu_ kbfilhfu dhlhju_ ijh^he`Zxlky ih
f_gvr_cf_j_p_euc^_gvHlf_lvl__klvebk_ahgghklv
LZdbf h[jZahf ^bZ]gha [biheyjgh_ jZkkljhckl\h kf_rZgguc lbi lj_[m_l gZebqby
h[hbo iheghklvx \ujZ`_gguo ijbklmih\ ² b fZgbZdZevgh]h b ^_ij_kkb\gh]h
dhlhjuc ^eblky g_ f_g__ p_eh]h ^gy  beb `_ [ukljh]h q_j_^h\Zgby wlbo kbg^jhfh\
q_j_adZ`^u_g_kdhevdh^g_c
< '60,,,5 hij_^_ey_lkylZd`_kl_i_gvly`_klbfZgbZdZevgh]hwibah^Ze_]dZy
mf_j_ggZyly`_eZy[_aikbohlbq_kdboijhy\e_gbc mdZ`bl_dhg]jmwglguogZkljh_gbx
beb g_dhg]jmwglguo gZkljh_gbx  qZklbqgZy j_fbkkby ihegZy j_fbkkby b
g_mlhqg_ggZy
Gb`_ ijb\h^ylky ^bZ]ghklbq_kdb_ djbl_jbb ^ey dh^h\ fZgbZdZevgh]h ijbklmiZ
iylZy pbnjZ qbkeh\uo dh^h\ bkihevam_lky ^ey h[hagZq_gby kl_i_gb ly`_klb l_dms_]h
khklhygbyijb[biheyjghfjZkkljhckl\_fZgbZdZevghfbebkf_rZgghfijbklmi_
²E_]dh_ hl\_qZ_l fbgbfmfm kbfilhfh\ y\eyxs_fmky djbl_jb_f ^ey
fZgbZdZevgh]h ijbklmiZ beb ihqlb hl\_qZ_l _keb \ ijhrehf [ue fZgbZdZevguc
ijbklmi 
²Mf_j_ggh_ qj_a\uqZcgh_mkbe_gb_Zdlb\ghklbbebgZjmr_gb_hp_gdbk\h_]h
ih\_^_gby
²Ly`_eh_ [_a ikbohlbq_kdbo ijhy\e_gbc ihqlb g_ij_ju\gh_ gZ[ex^_gb_
qlh[uh[_ahiZkblvkZfh]h[hevgh]hb hdjm`Zxsbo
²Ly`_eh_ k ikbohlbq_kdbfb ijhy\e_gbyfb [j_^ ]ZeexpbgZpbb beb
dZlZlhgbq_kdb_ kbfilhfu ?keb \hafh`gh hij_^_ebl_ y\eyxlky eb [j_^ b
]ZeexpbgZpbbdhg]jmwglgufbgZkljh_gbxbebg_dhg]jmwglgufbgZkljh_gbx
Dhg]jmwglgu_ gZkljh_gbx ikbohlbq_kdb_ ijhy\e_gby [j_^ beb ]ZeexpbgZpbb
kh^_j`Zgb_ dhlhjuo iheghklvx khhl\_lkl\m_l lbibqguf fZgbZdZevguf l_fZf²
g_h[udgh\_gguo ^hklhbgkl\ kbeu agZgbc ijbagZgb_ k_[y [h`_kl\hf beb \_ebdbf
q_eh\_dhfbebm\_j_gghklv\ k\h_c[ebadhck\yabk gbfbG_dhg]jmwglgu_gZkljh_gbx
ikbohlbq_kdb_ijhy\e_gbyeb[h
Z eb[h[ 
Z  [j_^ beb ]ZeexpbgZpbb kh^_j`Zgb_ dhlhjuo g_ \dexqZ_l l_f lbibqguo ^ey
fZgbZdZevgh]h khklhygby²h g_h[udgh\_gguo ^hklhbgkl\Zo kbe_ agZgbyo
hlh`^_kl\e_gbbk_[yk [h]hfbebagZf_gblufbex^vfbbebm\_j_gghklv\ l_kghck\yab
k gbfbKh^_j`Zgb_fy\eyxlky[j_^ij_ke_^h\Zgby[_aijyfhck\yabk b^_yfb\_ebqby
\deZ^u\Zgb_f fuke_c Z lZd`_ [j_^h\u_ hsms_gby hlghkbl_evgh lh]h qlh bo
ih\_^_gb_mijZ\ey_lkyd_flh
[  dZlZlhgbq_kdb_ kbfilhfu gZijbf_j klmihj fmlbaf g_]Zlb\baf g_e_iu_
ihau
²< khklhygbb qZklbqghc j_fbkkbb \ ijhrehf khklhygb_ hl\_qZeh \k_f
djbl_jbyfgh\ gZklhys__\j_fym`_g_hl\_qZ_lohlyg_dhlhju_ijbagZdbb kbfilhfu
_s_khojZgyxlky
²< khklhygbb iheghc j_fbkkbb \ ijhrehf khklhygb_ hl\_qZeh \k_f
djbl_jbyf gh \ gZklhys__ \j_fy dZdb_eb[h ijhy\e_gby beb kbfilhfu jZkkljhckl\Z
hlkmlkl\mxlihf_gvr_cf_j_\ l_q_gb_ihke_^gbo  f_k
H² G_mlhqg_ggh_
;biheyjgh_ jZkkljhckl\h gb]^_ [he__ g_ deZkkbnbpbjm_fh_ ^jm]h_ gZa\Zgb_

hlkmlkl\m_l >GH g_mlhqg_ggh_ y\ey_lky j_ab^mZevghc dZl_]hjb_c ^ey
]bihfZgbZdZevguo ijbklmih\ dhlhju_ gb]^_ [he__ g_ deZkkbnbpbjmxlky
^bZ]ghklbq_kdb_djbl_jbb^eyg_]hke_^mxsb_
JZkkljhckl\h k fZgbZdZevgufb beb ]bihfZgbZdZevgufb ijhy\e_gbyfb dhlhjh_
g_hl\_qZ_ldjbl_jbyf^eyex[h]h^jm]h]h ki_pbnbq_kdh]h[biheyjgh]hjZkkljhckl\Z
Ijbf_ju
 gZebqb_ g_ f_g__ h^gh]h ]bihfZgbZdZevgh]h ijbklmiZ b g_ f_g__ h^gh]h
ly`_eh]h ^_ij_kkb\gh]h ijbklmiZ gh gbdh]^Z g_ pbdehlbfbb beb fZgbZdZevgh]h
ijbklmiZLZdb_kemqZbh[hagZqZxlkydZd©;biheyjgh_jZkkljhckl\h ,,ª
 h^bgbeb[he__]bihfZgbZdZevguoijbklmih\gh[_apbdehlbfbbbebgZebqby\
ijhrehfeb[hfZgbZdZevgh]heb[hly`_eh]h^_ij_kkb\gh]hijbklmih\
 fZgbZdZevguc ijbklmi gZdeZ^u\Zxsbcky gZ [j_^h\h_ jZkkljhckl\h
j_ab^mZevgmx rbahnj_gbx beb ikbohlbq_kdh_ jZkkljhckl\h >GH g_mlhqg_ggh_ 
Ih^lbiu Hkgh\gufb ih^lbiZfb [biheyjgh]h jZkkljhckl\Z y\eyxlky ^_ij_kkb\gu_
fZgbZdZevgu_b kf_rZggu_Kh]eZkgh^jm]hfm^_e_gbxbf_xlkyih^lbiu©;biheyj ,ª
b ©;biheyj ,,ª
;biheyj , ²wlh kbghgbf \u^_ey_fhfm \ '60,,,5 djbl_jbx ^ey [biheyjgh]h
jZkkljhckl\Z ;biheyj ,, hlghkblky d [hevguf dhlhju_ bf_xl ly`_eu_ ^_ij_kkb\gu_
ijbklmiu b lhevdh ]bihfZgbZdZevgu_ wibah^u Kh]eZkgh '60,,,5 _keb lZdb_
[hevgu_g_hl\_qZxldjbl_jbyf^eypbdehlbfbbhgb^bZ]ghklbjmxlkydZdkljZ^Zxsb_
[biheyjguf jZkkljhckl\hf >GH g_mlhqg_gguf  ;biheyj ,, h[gZjm`_g \ k_fvyo
ijh[Zg^h\ [hevguo mgbiheyjgufb [biheyjgufb jZkkljhckl\Zfb b jZkkljhckl\hf
;biheyj ,, BNN?J?GPB:EVGUC>B:=GHA

Ly`_eh_^_ij_kkb\gh_jZkkljhckl\h
KhfZlbq_kdb_ aZ[he_\Zgby >_ij_kkb\gu_ kbfilhfu fh]ml \hagbdZlv ijb
fgh]bo g_\jheh]bq_kdbo b khfZlbq_kdbo gZjmr_gbyo Z lZd`_ ih^ \ebygb_f
ikbohnZjfZdheh]bq_kdbo\_s_kl\
G_\jheh]bq_kdb_ khfZlbq_kdb_ b nZjfZdheh]bq_kdb_ nZdlhju dhlhju_ fh]ml
h[mkeh\eb\Zlv ^_ij_kkb\guc kbg^jhf ke_^mxsb_ G_\jheh]bq_kdb_ ^_f_gpbb
\dexqZy [he_agv :evp]_cf_jZ  wibe_ikby  kbg^jhf NZjZ  [he_agv =_glbg]lhgZ 
]b^jhp_nZeby bgn_dpbb \dexqZy \bjmk KIB>Z b g_cjhkbnbebk  fb]j_gv 
jZkk_ygguckde_jha  gZjdhe_ikbyg_hieZafu  [he_agvIZjdbgkhgZijh]j_kkbjmxsbc
gZ^ty^_jguc iZjZebq ghqgh_ m^mrv_ bgkmevl  ljZ\fZ  [he_agv  fhghgmde_ha ig_\fhgby\bjmkgZy b [Zdl_jbZevgZy
j_\fZlhb^guc Zjljbl Zjl_jbbl Kt_]j_gZ kbkl_fgZy djZkgZy \heqZgdZ  \bkhqguc
Zjl_jbbllm[_jdme_ajZaebqgu_khfZlbq_kdb_nZdlhju²jZd hkh[_gghih^`_em^hqghc
`_e_au b ^jm]bo `_e_a \gmlj_gg_c k_dj_pbb  k_j^_qghe_]hqgZy g_^hklZlhqghklv
ihjnbjby mj_fby b ^jm]b_ aZ[he_\Zgby ihq_d  ^_nbpbl \blZfbgh\ _ij_kkb\gu_ ijhy\e_gby qZklh kgb`Zxlky ih^ \ebygb_f
Zglb^_ij_kkZglh\b WKL
H[uqgh ©ik_\^h^_f_gpbxª gZ[ex^Zxsmxky ijb ^_ij_kkbb e_]dh hlebqblv hl
^_f_gpbbijblZdhfaZ[he_\ZgbbdZd[he_agv:evp]_cf_jZihdebgbq_kdbfijbagZdZf
GZjmr_gby dh]gblb\ghc nmgdpbb ijb ^_ij_kkbb bf_xl [he__ hkljh_ gZqZeh bf_xlky
lZd`_ b ^jm]b_ kbfilhfu ^_ij_kkbb gZijbf_j kZfhh[\bg_gb_ Kmlhqgu_ dhe_[Zgby
gZjmr_gbc dh]gblb\ghc nmgdpbb dhlhju_ [u\Zxl ijb ^_ij_kkbyo h[uqgh
hlkmlkl\mxl ijb i_j\bqguo ^_f_gpbyo >_ij_kkb\gu_ [hevgu_ k dh]gblb\gufb
gZjmr_gbyfb h[uqgh g_ kl_kgyxlky hl\_qZlv gZ \hijhku ©Y g_ agZxª  lh]^Z dZd
[hevgu_ ^_f_gpb_c iulZxlky dhgnZ[mebjh\Zlv M ^_ij_kkb\guo [hevguo iZfylv gZ
l_dmsb_ b ijhreu_ kh[ulby gZjmrZ_lky h^bgZdh\h m ^_f_glguo [hevguo [hevr_
kljZ^Z_l iZfylv gZ l_dmsb_ kh[ulby q_f gZ ijhreu_ B gZdhg_p ^_ij_kkb\gh]h
[hevgh]hfh`ghgZlj_gbjh\ZlvlZdqlhiZfylvm g_]hmemqrblkylh]^ZdZd\ hlghr_gbb
^_f_glgh]h[hevgh]hwlh]hk^_eZlvg_m^Z_lky
GZjmr_gby gZ[ex^Zxsb_ky m [hevguo \bkhqghc wibe_ikb_c \ f_`ijbklmiguc

i_jbh^ fh]ml lZd`_ gZihfbgZlv ^_ij_kkb\gh_ jZkkljhckl\h hkh[_ggh _keb
wibe_ilbq_kdbc nhdmk jZkiheh`_g kijZ\Z >_ij_kkby h[uqgh khimlkl\m_l bgkmevlZf
hkh[_ggh \ l_q_gb_ ^\mo i_j\uo e_l HgZ [he__ qZklh gZ[ex^Z_lky ijb ihjZ`_gbb
i_j_^gbo q_faZ^gbo hl^_eh\fha]Zijb ehdZebaZpbbhqZ]Z\ e_\hfihemrZjbb b wlm
^_ij_kkbx h[uqgh m^Z_lky dmibjh\Zlv k ihfhsvx Zglb^_ij_kkZglh\ >_ij_kkb\gu_
ijhy\e_gby ^h\hevgh qZklh gZ[ex^Zxlky ijb himoheyo ^bwgp_nZevguo b \bkhqguo
hl^_eh\
G_\hafh`ghklv ihemqblv ohjhrmx debgbq_kdmx bklhjbx [he_agb beb bamqblv
hkh[_gghklb `bagb [hevgh]h b keh`b\rmxky dh \j_f_gb [he_agb kblmZpbx fh`_l
ijb\_klb d ^bZ]ghklbq_kdbf hrb[dZf M ih^jhkldh\ k ^_ij_kkb\gufb ijhy\e_gbyfb
gZ^h bkdexqblv fhghgmde_ha M fm`qbg b `_gsbg k hq_gv gbadhc fZkkhc l_eZ gZ^h
ijh\_jblv ihq_qgmx b lbj_hb^gmx nmgdpbb =hfhk_dkmZebklh\ [bk_dkmZeR\ b
gZjdhfZgh\ gZ^h bkke_^h\Zlv gZ KIB> [hevguo ih`beh]h \hajZklZ²gZ gZebqb_
\bjmkghcig_\fhgbb
DZd [ueh ihdZaZgh \ur_ hq_gv fgh]b_ ij_iZjZlu lZd`_ fh]ml \uau\Zlv
^_ij_kkbx Hq_gv ohjhrbf ijbgpbihf y\ey_lky lhl dhlhjuc iha\hey_l kqblZlv qlh
dZ`^uc ij_iZjZl dhlhjuc [hevghc ijbgbfZ_l fh`_l [ulv nZdlhjhf
h[mkeh\eb\Zxsbf jZkkljhckl\h gZkljh_gby >_ij_kkbx qZklh \uau\Zxl k_j^_qgu_
kj_^kl\Z Zglb]bi_jl_gab\gu_ k_^Zlb\gu_ kghl\hjgu_ Zglbikbohlbq_kdb_
ZglbiZjdbgkhgbq_kdb_ ZgZev]_lbdb Zglb[Zdl_jbZevgu_ b Zglbg_hieZklbq_kdb_
ij_iZjZlu
Ikbobq_kdb_ aZ[he_\Zgby >_ij_kkby fh`_l [ulv ijhy\e_gb_f ijZdlbq_kdb
dZ`^h]h ba ikbobq_kdbo jZkkljhckl\ i_j_qbke_gguo \ '60,,,5 gh hFh[_ggh
\Z`gmx jhev ijb ^bnn_j_gpbZevghf ^bZ]gha_ b]jZxl ke_^mxsb_ ikbobq_kdb_
jZkkljhckl\Zdhlhju_qZs_\k_]hkhijh\h`^Zxlky^_ij_kkb_cgZjmr_gb_Z^ZilZpbbk
^_ij_kkb\guf gZkljh_gb_f aehmihlj_[e_gb_ Zedh]he_f g_j\gZy Zghj_dkby
[biheyjgh_ jZkkljhckl\h [mebfby gZjdhfZgby ^bklbfby pbdehlbfby ly`_eh_
^_ij_kkb\gh_
jZkkljhckl\h
rbahZnn_dlb\gu_
jZkkljhckl\Z
rbahnj_gby
rbahnj_gbnhjfgh_ jZkkljhckl\h khfZlh]_ggh_ gZjmr_gb_ Emqr_ \k_]h ijh\h^blv
^bnn_j_gpbZeevguc^bZ]ghak\_jyydZ`^uckbg^jhf
ih jmdh\h^kl\m mdZaZgghfm \ '60,,,5 bklbfbxhij_^_eyxldZdf_g__agZqbl_evgmxnhjfmly`_eh]h
^_ij_kkb\gh]h jZkkljhckl\Z Z pbdehlbfbx dZd f_g__ ly`_emx nhjfm [biheyjgh]h
jZkkljhckl\Z ihwlhfm bo bgh]^Z gZau\Zxl km[Znn_dlb\gufb jZkkljhckl\Zfb
DeZkkbnbdZpby ^bklbfbb b pbdehlbfbb \gmljb jZkkljhckl\ gZkljh_gby
ih^jZamf_\Z_lqlh bo wlbheh]by ]_g_lbq_kdZy hkgh\Z ijh]gha b j_Zdpby gZ e_q_gb_
koh^gu k lZdh\ufb gZ[ex^Zxsbfbky ijb ly`_ehf ^_ij_kkb\ghf jZkkljhckl\_ b
[biheyjghf jZkkljhckl\_ khhl\_lkl\_ggh Wlh koh^kl\h h^gZdh ghkbl ^bkdmkkbhgguc
oZjZdl_j G_dhlhju_ ijb^_j`b\Zxsb_ky ikboh^bgZfbq_kdhc dhgp_ipbb ikbobZlju
iheZ]Zxlqlh^bklbfbyb pbdehlbfbyy\eyxlkyj_amevlZlhfg_iheghklvxjZaj_r_gguo
ijh[e_f\ ikboh^bgZfbq_kdhfjZa\blbbkm[t_dlZ

>BKLBFBY
>bklbfby oZjZdl_jbam_lky ojhgbq_kdbfb g_ikbohlbq_kdbfb ijbagZdZfb b
kbfilhfZfb^_ij_kkbbdhlhju_hl\_qZxlki_pbnbq_kdbf^bZ]ghklbq_kdbfdjbl_jbyf
gh g_ khhl\_lkl\mxl djbl_jbyf ^ey ly`_eh]h ^_ij_kkb\gh]h jZkkljhckl\Z >bklbfby
hagZqZ_l ©^mjgh_ gZkljh_gb_ª m wlbo [hevguo hlf_qZxlky bgljh\_jlbjh\Zgghklv
m]jxfhklv b aZgb`_ggZy kZfhhp_gdZ ;hevgu_ m dhlhjuo e_]db_ ijbklmiu ^_ij_kkbb
j_]bkljbjmxl wibah^bq_kdb Z g_ ihklhyggh g_ jZkkfZljb\Zxlky dZd bf_xsb_
^bklbfbq_kdb_ jZkkljhckl\Z LZdb_ jZkkljhckl\Z dZd i_jbh^bq_kdZy ^bklbfby
deZkkbnbpbjmxlkydZdgb]^_[he__g_hibku\Z_fu_^_ij_kkb\gu_jZkkljhckl\Z ^jm]h_
gZa\Zgb_hlkmlkl\m_l>GH bebg_mlhqg_ggu_kh]eZkgh '60,,,5
>bklbfby \ ijhrehf bf_eZ p_euc jy^ ^jm]bo gZa\Zgbc Ohly dZ`^u_ l_jfbg
bf_e k\h_ kh[kl\_ggh_ agZq_gb_ b bklhjbx \k_ hgb hibku\Zeb kf_rZggu_ ]jmiiu
[hevguo >bklbfby hij_^_ey_l aZ\bkysmx hl l_fi_jZf_glZ ^bknhjbx \jh`^_ggmx
kdehgghklv d iehohfm gZkljh_gbx GZijhlb\ g_\jhlbq_kdZy ^_ij_kkby gZau\Z_fZy
lZd`_^_ij_kkb\gufg_\jhahf ih^jZamf_\Z_lgZjmr_gb_Z^ZilZpbbmklhcqb\uch[jZa
fure_gby b ih\_^_gb_ \ j_amevlZl_ dhlhjuo gZklmiZ_l ^_ij_kkby ;hevgu_ dhlhju_
dZd kqblZ_lky kljZ^Zxl ^_ij_kkb\guf g_\jhahf qZklh lj_\h`gu bkiulu\Zxl
gZ\yaqb\hklb b kdehgghklb d khfZlbaZpbb OZjZdl_jheh]bq_kdZy ^_ij_kkby
ih^jZamf_\Z_l qlh ^bknhjbq_kdh_ gZkljh_gb_ y\ey_lky hkh[_gghklvx oZjZdl_jZ
L_jfbg ©bihohg^jbq_kdZy ^_ij_kkbyª bgh]^Z bkihevam_lky qlh[u ih^q_jdgmlv qlh
hkh[_gghklvx^Zggh]hkhklhygbyy\ey_lkyfgh`_kl\hkhfZlbq_kdbo`Zeh[IjZ\bevg__
]h\hjblv qlh lZdb_ [hevgu_ kljZ^Zxl jZkkljhckl\hf \ \b^_ khfZlbaZpbb eb[h
^bklbfb_c
Wib^_fbheh]by
Ihkdhevdm ^bZ]ghklbq_kdh_ hij_^_e_gb_ '60,,,5 ^ey ^bklbfbc y\ey_lky
hlghkbl_evghgh\ufwib^_fbheh]bq_kdb_^Zggu_^eywlh]hjZkkljhckl\Zhlkmlkl\mxl
H^gZdh dZd debgbq_kdb_ \i_qZle_gby lZd b ^Zggu_ gZmqguo bkke_^h\Zgbc iha\heyxl
ij_^iheZ]Zlvqlh^bklbfbyy\ey_lkyhlghkbl_evghqZklufjZkkljhckl\hfDZdkqblZxl
hgh\klj_qZ_lkykj_^bgZk_e_gbyk qZklhlhc  gZ  Z qZklhlZ_]h\hagbdgh\_gbym

ikbobq_kdb [hevguo khklZ\ey_l ijbf_jgh  Wlh gZjmr_gb_ \klj_qZ_lky m `_gsbg
qZs_q_fm fm`qbg

Wlbheh]by
;bheh]bq_kdb_nZdlhju M g_dhlhjuo[hevguok ^bklbfb_cm dhlhjuo\ k_fv_
\klj_qZxlky jZkkljhckl\Z gZkljh_gby hlf_qZxl mf_gvr_gb_ eZl_glghklb N;K b
iheh`bl_evgmx j_Zdpbx gZ e_q_gb_ Zglb^_ij_kkZglZfb Hgb ^_ckl\bl_evgh \u]ey^yl
dZd [hevgu_ k km[Znn_dlb\guf kbg^jhfhf bf_xsbf h[smx ]_g_lbq_kdmx b
iZlhnbabheh]bq_kdmx hkgh\m k ly`_euf ^_ij_kkb\guf kbg^jhfhf < h^ghf
bkke_^h\Zgbb h^gZdh khh[sZ_lky qlh l_kl gZ ih^Z\e_gb_ ^_dkZf_lZahgZ b l_kl gZ
lbj_hljhibgjbebabg]]hjfhgg_gZjmr_gum [hevguo^bklbfb_cdZd]jmiiu\ p_ehf
L_f g_ f_g__ [hevghc k ^bklbfb_c m dhlhjh]h \uy\e_gu hldehg_gby ih ihdZaZl_eyf
g_cjhwg^hdjbgguo l_klh\ y\ey_lky dZg^b^Zlhf gZ ijhoh`^_gb_ dmjkZ e_q_gby
Zglb^_ij_kkZglZfb
IkbohkhpbZevgu_nZdlhju < '60,,,5 \u^_eyxlih^lbi^bklbfbbk gZqZehf
\ \hajZkl_ f_g__  ]h^Z < ijhlb\hiheh`ghklv l_hjbyf kh]eZkgh dhlhjuf jZgg__
gZqZeh ^bklbfbb ij_^klZ\ey_l kh[hc ijhy\e_gb_ \jh`^_ggh]h l_fi_jZf_glZ
ikboh^bgZfbq_kdb_ l_hjbb jZkkfZljb\Zxl ^bklbfbx dZd j_amevlZl g_kh\_jr_gkl\Z
ebqghklb b w]haZ\bkbfhklb dmevfbgZpby dhlhjhc gZklmiZ_l ijb klhedgh\_gbb k
ljm^ghklyfb Z^ZilZpbb d mkeh\byf ih^jhkldh\h]h b xghr_kdh]h \hajZklZ DZje
:[jZoZf ij_^iheh`be qlh \uau\Zxsb_ ^_ij_kkbx dhgnebdlu p_gljbjmxlky \hdjm]
hjZevgh b ZgZevghkZ^bklkdbo gZdehgghkl_c :gZevgu_ gZdehgghklb ijhy\eyxlky \
qj_af_jghcih^qbgy_fhklb\bgh\ghklbb aZ[hl_h ^jm]bokqblZ_lkyqlhhgby\eyxlky
aZsblhc hl ij_h[eZ^Zgby ZgZevgh]h \_s_kl\Z hl ^_ahj]ZgbaZpbb \jZ`^_[ghklb b
ih]jm`_gby \ kZfh]h k_[y KZfZy kbevgZy aZsblZ hkms_kl\ey_lky \ j_Zdlb\ghc
nhjfZpbb GbadZy kZfhhp_gdZ Zg]_^hgby b bgljh\_jkby qZklh khq_lZxlky k
^_ij_kkb\gufoZjZdl_jhf
I_qZeb b f_eZgoheby Nj_c^ kqblZe qlh ih^\_j`_gghklv ^_ij_kkbb fh`_l [ulv
\ua\ZgZjZahqZjh\Zgbyfb\ f_`ebqghklguohlghr_gbyo\ jZgg_f^_lkl\_qlhijb\h^bl
d Zf[b\Ze_glghfm hlghr_gbx \ ex[\b dh]^Z iZpb_gl klZe \ajhkeuf b qlh j_Zevgu_
beb ij_^iheZ]Z_fu_ ihl_jb \h \ajhkehc `bagb aZl_f \ua\Zeb ^_ij_kkbx Km[t_dlu
kdehggu_ d ^_ij_kkbb y\eyxlky hjZevghaZ\bkbfufb b lj_[mxl ihklhyggh]h
gZjpbkkbq_kdh]hm^h\hevkl\by?kebboebrblvlZdhcex[\bijbagZgbyaZ[hlum gbo
\uy\eyxlky debgbq_kdb_ ijbagZdb ^_ij_kkbb Dh]^Z m lZdbo km[t_dlh\ kemqZ_lky
j_ZevgZyihl_jyhgbbgl_jbhjbabjmxlbebijh`_dlbjmxlgZk_[yihl_jygguch[t_dlb
gZijZ\eyxlk\hc]g_\gZg_]hblZdbfh[jZahfijhlb\kZfbok_[y
Kh]eZkgh dh]gblb\ghc l_hjbb ^_ij_kkbc bf__lky jZkoh`^_gb_ f_`^m
nZdlbq_kdhc b ijb^mfZgghc km[t_dlhf kblmZpb_c qlh ijb\h^bl d kgb`_gbx
kZfhhp_gdb b qm\kl\m [_kihfhsghklb < h^ghf ba g_^Z\gbo khh[s_gbc [ueb
ijb\_^_gu ^Zggu_ h lhf qlh m [hevguo ^bklbfb_c gZ[ex^Z_lky mkbe_gb_
g_\jhlbq_kdboijhy\e_gbcl_g^_gpbcd kZfhbklyaZgbxb klj_fe_gbcfmqblv^jm]boZ
lZd`_kgb`_gb_kZfhhp_gdb
Debgbq_kdb_ijbagZdbb kbfilhfu
Ijb\_^_f debgbq_kdb_ ijbagZdb b kbfilhfu ^bklbfbb hij_^_ey_fu_ \ '60
,,,5
: >_ij_kkb\gh_ gZkljh_gb_ beb jZa^jZ`bl_evgh_ gZkljh_gb_ m ^_l_c b

ih^jhkldh\  [hevrmx qZklv ^gy \ l_q_gb_ [hevr_]h dhebq_kl\Z ^g_c q_f
g_^_ij_kkb\gh_ihk\b^_l_evkl\mkZfh]h[hevgh]hbebihgZ[ex^_gbyfhdjm`Zxsbo\
l_q_gb_ihf_gvr_cf_j_  e_l  ]h^^ey^_l_cb ih^jhkldh\ 
; GZebqb_ihf_gvr_cf_j_^\mobake_^mxsbonZdlhjh\\ i_jbh^gZoh`^_gby
[hevgh]h\ khklhygbb^_ij_kkbb
 iehohcZii_lblbebi_j__^Zgb_
 [_kkhggbpZbebqj_af_jgZykhgeb\hklv
 gbadZywg_j]bybebmklZehklv
 gbadZykZfhhp_gdZ
 kgb`_gb_ kihkh[ghklb d dhgp_gljZpbb \gbfZgby beb ljm^ghklb \ ijbgylbb
j_r_gby
 qm\kl\h[_agZ^_`ghklb
 Hlkmlkl\b_ fZgbZdZevgh]h ijbklmiZ kf >bZ]ghklbq_kdb_ djbl_jbb ^ey
fZgbZdZevgh]hijbklmiZ bebhlq_leb\h]h]bihfZgbZdZevgh]hijbklmiZ kf
>bZ]ghklbq_kdb_djbl_jbb^ey
[biheyjguojZkkljhckl\gb]^_[he__g_deZkkbnbpbjm_fuo 
? Khklhygb_ ^bklbfbb g_ gZdeZ^u\Z_lky gZ ojhgbq_kdh_ ikbohlbq_kdh_
jZkkljhckl\hgZijbf_jrbahnj_gbxbeb[j_^h\h_jZkkljhckl\h
@ G_ mklZgh\e_gh gZebqb_ hj]Zgbq_kdh]h nZdlhjZ dhlhjuc fh] [u e_`Zlv \
hkgh\_ b
ih^^_j`b\Zlv jZkkljhckl\h
gZijbf_j ^ebl_evgh_ \\_^_gb_
Zglb]bi_jl_gab\guoij_iZjZlh\ Hij_^_ebl_i_j\bqghklvbeb\lhjbqghklvlbiZ
I_j\bqguclbi jZkkljhckl\hgZkljh_gbyg_k\yaZghk kms_kl\h\Z\rbfb^hwlh]h
ojhgbq_kdbfb g_ hlghkysbfbky d gZkljh_gbx jZkkljhckl\Zfb Hkb , beb Hkb ,,,
gZijbf_j k g_j\ghc Zghj_dkb_c khfZlh]_gguf aZ[he_\Zgb_f jZkkljhckl\hf
aZ\bkysbfhlaehmihlj_[e_gbydZdbfeb[hikbohZdlb\guf\_s_kl\hfjZkkljhckl\hf\
\b^_lj_\h`ghklbbebj_\fZlhb^gufZjljblhf
bklbfby jZkkfZljb\Z_lky dZd ojhgbq_kdh_

aZ[he_\Zgb_ Z g_ ijhl_dZxs__ \ \b^_ ijbklmih\ k ijhf_`mldZfb \j_f_gb \ l_q_gb_
dhlhjuo iZlheh]bq_kdZy kbfilhfZlbdZ hlkmlkl\m_l L_f g_ f_g__ m ^bklbfbq_kdbo
ebqghkl_cfh]mlh[gZjm`b\Zlv\j_f_ggu_dhe_[Zgbyly`_klbkbfilhfZlbdbHkgh\guf
kbfilhfhfy\ey_lky^_ij_kkb\gh_gZkljh_gb_oZjZdl_jbamxs__kyhsms_gb_fi_qZeb
\b^_gb_f fbjZ \ q_jghf p\_l_ ih]jm`_gb_f \ oZg^jm kgb`_gb_f beb hlkmlkl\b_f
bgl_j_kZd h[uqghc^_yl_evghklb;hevgu_k ^bklbfb_cqZklh[u\ZxlkZjdZklbq_kdbfb
gb]bebklbq_kdbfb jZafureyxsbfb lj_[mxsbfb b `Zemxsbfbky Ihwlhfm \jZqb
bgh]^Z jZa^jZ`Zxlky b ^Z`_ g_ \_jyl `Zeh[Zf lZdbo [hevguo M ^bklbfbq_kdbo
[hevguoihhij_^_e_gbxhlkmlkl\m_likbohlbq_kdZykbfilhfZlbdZ
Khimlkl\mxsb_ ^bklbfbb kbfilhfu \dexqZxl baf_g_gb_ Zii_lblZ b kgZ
kgb`_gb_ kZfhhp_gdb ihl_jx wg_j]bb ikbohfhlhjgmx aZlhjfh`_gghklv ihgb`_gb_
k_dkmZevguo\e_q_gbcb gZebqb_qj_af_jghcaZ[hluh k\h_fa^hjh\v_;hevgu_bgh]^Z
`Zemxlkyqlhbfljm^ghkhkj_^hlhqblv\gbfZgb_b qlhjZ[hlZbebmq_[Zy\eyxlky^ey
gbo fmq_gb_f I_kkbfbaf [_agZ^_`ghklv b [_kihfhsghklv ijb^Zxl ^bklbfbq_kdbf
[hevguflZdhc\b^dZd [m^lh [u hgb y\eyxlky fZahobklZfb H^gZdh _keb i_kkbfbaf
wlbo [hevguo gZijZ\e_g \h\g_ lh ijb wlhf hgb fh]ml \hafmsZlvky \k_f fbjhf
`Zeh\Zlvky gZ iehoh_ h[jZs_gb_ k gbfb jh^kl\_ggbdh\ ^_l_c jh^bl_e_c dhee_] b
©kbkl_fuª
GZjmr_gby\ khpbZevghc^_yl_evghklbbgh]^ZaZklZ\eyxl[hevgh]hh[jZsZlvkyd
\jZqmikbobZljmM [hevguok ^bklbfb_cfh]mllZd`_[ulvljm^ghklb\ k_f_cghc`bagb
baaZ wfhpbhgZevgh h[mkeh\e_gghc g_kihkh[ghklb [hevgh]h ih^^_j`b\Zlv bglbfgu_
hlghr_gby beb baaZ k_dkmZevghc ^bknmgdpbb gZijbf_j bfihl_gpbb  KhpbZevgZy
aZfdgmlhklvb ljm^ghklb\ dhgp_gljZpbb\gbfZgbyf_rZxl[hevguf\ bojZ[hl_Hgb
qZklh g_ \uoh^yl gZ jZ[hlm Z lZd`_ g_ \uihegyxl h[s_kl\_gguo h[yaZgghkl_c baaZ
khfZlbq_kdhc[he_agb_\mrdZ ihemqbeZ kl_i_gv
ih Z^fbgbkljZlb\guf ^_eZf b i_j__oZeZ \ DZebnhjgbx [he__  ]h^Z gZaZ^ b gZqZeZ
jZ[hlZlv\ [hevrhcnbjf_HgZ`Zeh\ZeZkvgZlhqlhhsmsZeZ©^_ij_kkbxªihex[hfm
ih\h^mihih\h^mjZ[hlufm`Zi_jki_dlb\gZ[m^ms__
JZg__ hgZ m`_ ijhreZ dmjk bgl_gkb\ghc ikbohl_jZibb HgZ gZ\_sZeZ
©ZgZeblbdZª  jZaZ \ g_^_ex \ l_q_gb_  e_l mq_[u \ bgklblml_ b ©[bo_\bhjbklZª \
l_q_gb_ihemlhjZe_l\h\j_fymq_[u\ ZkibjZglmj_;hevgZy`Zeh\ZeZkvgZihklhyggh_
hsms_gb_^_ij_kkbbih^Z\e_gghklb b i_kkbfbafZdhlhju_gZqZebkvm g__\ \hajZkl_
² e_l Ohly hgZ ^hklZlhqgh ohjhrh mqbeZkv \ dhee_^`_ hgZ ihklhyggh
jZafureyeZ h l_o klm^_glZo dhlhju_ [ueb ^_ckl\bl_evgh ©]_gmbggh kihkh[gufbª M
g__[uebk\b^Zgby\h\j_fymq_[u\ dhee_^`_b \ZkibjZglmj_gh[hevgZyhlf_qZeZqlh
gbdh]^Zg_\u[_j_l\ kimlgbdbq_eh\_dZdhlhjucih__ keh\Zf©hkh[_ggucªqlh[ug_
bkiulu\Zlvqm\kl\Zg_iheghp_gghklbb jh[hklbDZdlhevdh^_\mrdZ\klj_qZeZlZdh]h
q_eh\_dZ hgZ ^_j`ZeZkv g_ij_dehggh b moh^beZ \ klhjhgm dZd fh`gh [uklj__ ihlhf
mij_dZyk_[yb f_qlZyh g_ffgh]hf_kyp_\HgZkqblZeZqlhlZdZylZdlbdZihfh]eZ_c
ohly b g_ fh]eZ ijbihfgblv i_jbh^Z \j_f_gb dh]^Z hgZ g_ [ueZ \ ^_ij_kkb\ghf
khklhygbb
bZ]ghab ih^lbiu
>bZ]gha ^bklbfbb klZ\blky gZ hkgh\_ gZebqby ki_pbnbq_kdbo djbl_jb_\
ijb\_^_gguo \ '60,,,5 kf >bZ]ghklbq_kdb_ djbl_jbb ^ey ^bklbfbb  Kbfilhfu
\dexq_ggu_\ djbl_jbc: ^he`gu gZ[ex^Zlvky \ l_q_gb_ ^\mo ihke_^gbo e_l  ]h^Z
^ey^_l_cb ih^jhkldh\ i_jbh^hlkmlkl\bykbfilhfZlbdbg_^he`_gij_\urZlv  f_k
Ohly \ l_q_gb_ i_j\uo ^\mo e_l dh]^Z gZ[ex^Zxlky kbfilhfu ^bklbfbb ly`_eh_
^_ij_kkb\gh_jZkkljhckl\hfh`_lhlkmlkl\h\Zlv^bZ]gha^bklbfbbklZ\blkyebrv\ l_o
kemqZyo dh]^Z ihke_ i_j\bqgh]h ly`_eh]h ^_ij_kkb\gh]h ijbklmiZ \ l_q_gb_  f_k ^h
jZa\blby kbfilhfh\ ^bklbfbb bf_eZ f_klh ihegZy j_fbkkby ?keb ly`_euc
^_ij_kkb\guc ijbklmi gZ[ex^Z_lky kimkly  ]h^Z beb [hevr_ ihke_ ihy\e_gby
kbfilhfh\ ^bklbfbb [hevghfm klZ\yl h[Z ^bZ]ghaZ GZebqb_ kbfilhfh\ ^bklbfbb b
ly`_eh]h ^_ij_kkb\gh]h jZkkljhckl\Z g_dhlhju_ \jZqb gZau\Zxl ©^\hcghc
^_ij_kkb_cª M lZdbo [hevguo h[uqgh gZ[ex^Zxl [he__ qZklu_ b ly`_eu_
^_ij_kkb\gu_ ijbklmiu q_f m [hevguo [_a ^bklbfbb Djbl_jbyfb dhlhju_ g_
khhl\_lkl\mxl ^bZ]gham ^bklbfbb y\eyxlky gZebqb_ \ k_f_cghf ZgZfg_a_
]bihfZgbZdZevgh]hijbklmiZikbohlbq_kdbokbfilhfh\bebj_ab^mZevghcrbahnj_gbb
?keb m [hevgh]h k kbfilhfZfb ^bklbfbb h[gZjm`_g ki_pbnbq_kdbc hj]Zgbq_kdbc
nZdlhj dhlhjuc fh`_l h[mkeh\blv wlb kbfilhfu beb hgb fh]ml [ulv \ua\Zgu
mihlj_[e_gb_f hij_^_e_ggh]h ij_iZjZlZ lh ^bZ]gha ^bklbfbb bkdexqZ_lky DZd
mdZau\Zehkv \ur_ \u^_eyxl lZd`_ i_j\bqgu_ beb \lhjbqgu_ ih^lbiu b jZgg__ beb
iha^g__gZqZeh
'60,,,5 j_dhf_g^m_l _keb wlh lj_[m_lky klZ\blv g_kdhevdh ^bZ]ghah\
bnn_j_gpbZevguc^bZ]gha
Kbfilhfu ih^h[gu_ l_f dhlhju_ gZ[ex^Zxlky ijb ^bklbfbb fh]ml bf_lv
f_klh ijb g_dhlhjuo hj]Zgbq_kdbo b b^bhiZlbq_kdbo jZkkljhckl\Zo ?keb m [hevgh]h
\uy\eyxl kbfilhfu ^bklbfbb hkh[_ggh _keb wlb kbfilhfu gZ[ex^Zxl \ l_q_gb_
i_jbh^Z \j_f_gb f_g__  e_l ke_^m_l jZkkfhlj_lv \k_ i_j_qbke_ggu_ gb`_
^bnn_j_gpbZevgu_ ^bZ]ghau aZ[he_\Zgby hj]Zgbq_kdhc wlbheh]bb ² khfZlbq_kdh_
aZ[he_\Zgb_ jZd [he_agv k_j^pZ  mihlj_[e_gb_ dZdh]heb[h ij_iZjZlZ kbg^jhf
aZ\bkbfhklbhldZdh]heb[h\_s_kl\Zly`_eh_^_ij_kkb\gh_jZkkljhckl\h[biheyjgh_
jZkkljhckl\h^_ij_kkb\gucbebkf_rZgguclbipbdehlbfbyjZkkljhckl\hgZkljh_gby
]_g_jZebah\Zggh]h oZjZdl_jZ g_j\gZy Zghj_dkby [mebfby h[k_kkb\ghdhfimevkb\gh_

jZkkljhckl\h
w]h^bklhgbq_kdZy ]hfhk_dkmZevghklv jZkkljhckl\Z ebqghklb ²ih]jZgbqgu_
khklhygby aZ\bkbfuc lbi kdehgghklv d jZau]ju\Zgbx ij_^klZ\e_gbc khfZlh]_ggu_
jZkkljhckl\Z

E_q_gb_
;hevguf k ^bklbfb_c ]hkiblZebaZpby h[uqgh g_ ihdZaZgZ h^gZdh ijb gZebqbb
ly`_euo debgbq_kdbo ijhy\e_gbc \ujZ`_gguo khpbZevguo b ijhn_kkbhgZevguo
gZjmr_gbc Z lZd`_ kmbpb^Zevguo fuke_c [hevguo ke_^m_l ]hkiblZebabjh\Zlv Ohly
fgh]b_ debgbpbklu kqblZxl qlh ^bklbfby iehoh ih^^Z_lky e_q_gbx
ikbohnZjfZdheh]bq_kdbfbij_iZjZlZfbd g_cke_^m_lijb[_]gmlv_kebe_q_gb_lhevdh
k ihfhsvx ikbohl_jZibb hdZ`_lky g_wnn_dlb\guf Z lZd`_ ijb gZebqbb ly`_euo
kbfilhfh\ b jZkkljhckl\ gZkljh_gby \ k_f_cghf ZgZfg_a_ ihgb`_gbb eZl_glghklb
N;KgZWW=kgZb hldehg_gbyihdZaZl_e_cg_cjhwg^hdjbgguol_klh\KgZqZeZh[uqgh
ijbf_gyxl ]_l_jhpbdebq_kdb_ Zglb^_ij_kkZglu fh`gh k ^h[Z\e_gb_f eblby beb L 
Fh`ghgZqZlvk bg]b[blhjh\fhghZfbghdkb^Zau_kebkj_^biZlheh]bq_kdbokbfilhfh\
ij_h[eZ^Zxl [_kkhggbpZ ]bi_jnZ]by \ujZ`_ggZy lj_\h`ghklv b fgh`_kl\_gghklv
khfZlbq_kdbo`Zeh[ ²kbg^jhfdhlhjucbgh]^ZgZau\Z_lkyZlbibqghc^_ij_kkb_cbeb
bkl_jbq_kdhc ^bknhjb_c ?keb ]_l_jhpbdebq_kdb_ Zglb^_ij_kkZglu b bg]b[blhju
fhghZfbghdkb^Zau hdZ`mlky g_wnn_dlb\gufb fh`gh j_dhf_g^h\Zlv e_q_gb_ h^gbf
eblb_f Ijbf_g_gb_ kbfiZlhfbf_lbdh\ gZijbf_j n_gZfbgZ ² f]kml  lZd`_
fh`_l hdZaZlv ohjhr__ ^_ckl\b_ _keb kh[ex^Zlv hklhjh`ghklv ijb gZagZq_gbb wlbo
ij_iZjZlh\qlh[ug_\ua\Zlvijb\udZgby
< dZq_kl\_ ikbohl_jZibb gZb[he__ ih^oh^ys_c kqblZ_lky bg^b\b^mZevgh
hjb_glbjh\ZggZy ikbohl_jZiby bf__lky fgh`_kl\h ^Zgguo h lhf qlh hgZ hdZau\Z_l
gZb[he__ \ujZ`_gguc wnn_dl ijb ^bklbfbb h^gZdh wlhl \b^ l_jZibb bgh]^Z ke_^m_l
khq_lZlv k nZjfZdhl_jZib_c Wlhl ikbohl_jZi_\lbq_kdbc ih^oh^ hkgh\u\Z_lky gZ
ihiuldZo k\yaZlv jZa\blb_ b mklhcqb\hklv ^_ij_kkb\guo kbfilhfh\ k hkh[_gghklyfb
gZjmr_gby Z^ZilZpbb ebqghklb d g_jZaj_rb\rbfky dhgnebdlZf jZgg_]h ^_lkl\Z K
ihfhsvx e_q_gby fh`gh ^h[blvky djblbdb d gZebqbx wd\b\Ze_glh\ ^_ij_kkbb lZdbo
dZd ijb\udZgb_ d hij_^_e_gguf \_s_kl\Zf beb d ^_lkdbf jZahqZjh\Zgbyf dZd
ij_^r_kl\_ggbdZf\ajhkehc^_ij_kkbbBkke_^mxlZf[b\Ze_glgu_hlghr_gbyiZpb_glZ
k jh^bl_eyfb\ ^Zggucfhf_glZ lZd`_k ^jmavyfbb k^jm]bfbebpZfbhdjm`Zxsbfb
_]h\ gZklhys__\j_fyHq_gv\Z`ghijbwlhcl_jZibbhjb_glbjh\ZgghcgZ\ujZ[hldm
djblbdb d k\h_fm khklhygbx agZlv dZd [hevghc iulZ_lky m^h\e_l\hjblv qj_af_jgmx
ihlj_[ghklv\ h^h[j_gbbkhklhjhguhdjm`Zxsbob kijZ\blvkyk gbadhckZfhhp_gdhcb
ijh[e_fZfb kmi_jw]h >jm]bfb \b^Zfb ikbohl_jZibb ijbf_gy_fufb ijb ^bklbfbyo
y\eyxlkyf_`ebqghklgZydh]gblb\gZyb ih\_^_gq_kdZyl_jZiby
F_`ebqghklgZy l_jZiby ^_ij_kkbb FEL  Bkke_^mxl f_`ebqghklgu_
hlghr_gby[hevgh]h\ ^Zggh_\j_fyb kihkh[uk ihfhsvxdhlhjuohgkijZ\ey_lkykh
klj_kkhfk p_evxkgb`_gby^_ij_kkb\guokbfilhfh\b ih\ur_gbykZfhhp_gdb FIL
ijh\h^yl dmjkhf ijbf_jgh \ l_q_gb_  g_^ b __ fh`gh khq_lZlv k l_jZib_c
Zglb^_ij_kkZglZfb
Ih\_^_gq_kdZy l_jZiby Ih\_^_gq_kdZy l_jZiby ^_ij_kkbb hkgh\u\Z_lky gZ
l_hjbb qlh ^_ij_kkby h[mkeh\e_gZ ihl_j_c ihablb\gh]h ih^dj_ie_gby \ j_amevlZl_
jZaemdbkf_jlbbeb\g_aZigh]hbaf_g_gbyhdjm`Zxs_ch[klZgh\dbJZaebqgu_f_lh^u
e_q_gby gZijZ\e_gu gZ ^hklb`_gb_ ke_^mxsbo p_e_c ih\ur_gb_ Zdlb\ghklb b

kihkh[kl\h\Zgb_ \hagbdgh\_gbx ijbylguo hsms_gbc h[mq_gb_ [hevgh]h j_eZdkZpbb
KqblZ_lky qlh gZb[he__ wnn_dlb\guf kihkh[hf [hjv[u k ^_ij_kkb\gufb fukeyfb b
hsms_gbyfby\ey_lkybaf_g_gb_fZg_juih\_^_gbyk\yaZgghck wlbfbijhy\e_gbyfbm
[hevguo ^_ij_kkb_c Ih\_^_gq_kdZy l_jZiby qZklh bkihevam_l lh qlh gZau\Z_lky
©\umq_gghc[_kihfhsghklvxªm g_dhlhjuobawlbo[hevguodhlhju_]hlh\u\klj_lblv
ex[mx `bl_ckdmx ljm^ghklv k qm\kl\hf [_kkbeby JZaebqgu_ ih\_^_gq_kdb_ ih^oh^u
agZqbl_evghi_j_dju\Zxl^jm]^jm]Z
Dh]gblb\gZy l_jZiby Dh]gblb\gZy l_jZiby ² wlh f_lh^ k ihfhsvx dhlhjh]h
[hevgh]h h[mqZxl ^mfZlv b \_klb k_[y lZd qlh[u mkljZgblv [he_ag_ggh_ g_]Zlb\gh_
hlghr_gb_ d kZfhfm k_[_ d fbjm b d [m^ms_c `bagb Wlh djZldh\j_f_ggZy l_jZiby
hjb_glbjh\ZggZygZl_dmsb_ijh[e_fub bojZaj_r_gb_KfjZa^_e \ dhlhjhfwlhl
ih^oh^h[km`^Z_lky^_lZevgh
K_f_cgZy l_jZiby fh`_l ihfhqv dZd [hevghfm lZd b _]h k_fv_ \ [hjv[_ k wlbf
jZkkljhckl\hf hkh[_ggh \ l_o kemqZyo dh]^Z bf__lky [bheh]bq_kdb h[mkeh\e_gguc
km[Znn_dlb\guc kbg^jhf =jmiih\Zy l_jZiby fh`_l ihfhqv [hevghfm ij_h^he_lv
f_`ebqghklgu_ijh[e_fu\ khpbZevghc`bagb
PBDEHLBFBY
Pbdehlbfby h[uqgh jZkkfZljb\Z_lky dZd f_g__ ly`_eZy nhjfZ [biheyjgh]h
jZkkljhckl\ZDhgp_ipbykh]eZkghdhlhjhcpbdehlbfbyjZkkfZljb\Z_lkydZdk\yaZggh_
k [bheh]bq_kdbfb hkh[_gghklyfb \jh`^_ggh_ jZkkljhckl\h l_fi_jZf_glZ dZ`_lky
[he__ \_jhylghc q_f khhl\_lkl\mxsZy lhqdZ aj_gby gZ ^bklbfbx G_dhlhju_
ikbobZlju ijb^_j`b\Zxlky lhqdb aj_gby qlh pbdehlbfby i_j\bqgh h[mkeh\e_gZ
oZhlbq_kdbfbh[t_dlb\gufbhlghr_gbyfb\ jZgg_fi_jbh^_`bagb
< bklhjbq_kdhfZki_dl_kms_kl\_gguc\deZ^\ jZa\blb_\a]ey^h\gZpbdehlbfbx
\g_keb Dj_i_ebg Z iha^g__ Rg_c^_j dhlhju_ mklZgh\beb qlh  [hevguo k
jZkkljhckl\ZfbgZkljh_gby
kljZ^Z_l b jZkkljhckl\Zfb ebqghklb Dj_i_ebg \u^_ebe q_luj_ lbiZ ebqghklguo
jZkkljhckl\ ^_ij_kkb\guc fjZqguc  fZgbZdZevguc \_k_euc g_aZlhjfh`_gguc 
jZa^jZ`bl_evguc eZ[bevguc beb wdkiehab\guc  b pbdehlbfbq_kdbc Km[t_dl k
jZa^jZ`bl_evguflbihfebqghklbkh]eZkghDj_i_ebgmoZjZdl_jbam_lkyl_flhm g_]h
h^gh\j_f_ggh gZ[ex^Zxlky q_jlu dZd ^_ij_kkb\ghklb lZd b fZgbZdZevghklb Z
pbdehlbfbq_kdhcebqghklbk\hckl\_gguq_j_^h\ZgbyoZjZdl_jgu_^eyfZgbZdZevgh]hb
^_ij_kkb\gh]hlbih\ebqghklb
Wib^_fbheh]by
JZkijhkljZg_gghklv pbdehlbfbb dZd kqblZxl khklZ\ey_l f_g__  WlZ pbnjZ
h^gZdh aZgb`_gZ baaZ ^bZ]ghklbq_kdbo djbl_jb_\ Z lZd`_ baaZ lh]h qlh [hevgu_
pbdehlbfb_c ba[_]Zxl h[jZs_gby d \jZqm Ih ^jm]bf ^Zgguf gZ ^hex pbdehlbfbb
ijboh^blky ² \k_oikbobq_kdb[hevguogZoh^ysbokygZZf[meZlhjghfe_q_gbb
\dexqZy fgh`_kl\h iZpb_glh\ h[jZsZxsboky ih ih\h^m gZjmr_gby f_`ebqghklguo
beb kmijm`_kdbo hlghr_gbc Khhlghr_gb_ f_`^m aZ[he_\Z_fhklvx m `_gsbg b
fm`qbgkhklZ\ey_l  gZqZehaZ[he_\Zgbym ² [hevguogZ[ex^Z_lky\ \hajZkl_
² e_l
Wlbheh]by
;bheh]bq_kdbc nZdlhj Bf_xlky fgh]hqbke_ggu_ ^Zggu_ ih^l\_j`^Zxsb_

]bihl_amh lhfqlhpbdehlbfbyy\ey_lkykm[Znn_dlb\gufjZkkljhckl\hfk\yaZggufk
[biheyjguf jZkkljhckl\hf Ijb[ebabl_evgh m  [hevguo pbdehlbfb_c \ k_f_cghf
ZgZfg_a_ hlf_q_gu kemqZb [biheyjguo jZkkljhckl\ wlZ pbnjZ khhl\_lkl\m_l lhc
dhlhjZy gZ[ex^Z_lky m [hevguo k [biheyjgufb jZkkljhckl\Zfb ;he__ lh]h \
jh^hkeh\ghc k_f_c [hevguo k [biheyjgufb jZkkljhckl\Zfb qZklh bf__lky ihlhfkl\h
[hevguo k [biheyjgufb jZkkljhckl\Zfb ©k\yaZggh_ª k ihdhe_gb_f [hevguo k
pbdehlbfb_c GZijhlb\ kemqZb pbdehlbfbb m jh^kl\_ggbdh\ [hevguo k [biheyjgufb
jZkkljhckl\Zfb \klj_qZxlky agZqbl_evgh [he__ qZklh q_f kemqZb pbdehlbfbb eb[h m
jh^kl\_ggbdh\ [hevguo k ^jm]bfb ikbobq_kdbfb aZ[he_\Zgbyfb eb[h m ikbobq_kdb
a^hjh\uo ebp NZdlu k\b^_l_evkl\mxsb_ h lhf qlh ijb[ebabl_evgh m  [hevguo
pbdehlbfb_c \ihke_^kl\bb gZ[ex^Zxlky ly`_eu_ jZkkljhckl\Z gZkljh_gby qlh m gbo
e_]dh\hagbdZ_l\ua\ZggZyZglb^_ij_kkZglZfb]bihfZgbyb qlhijb[ebabl_evgh  ba
gbo iheh`bl_evgh j_Z]bjmxl gZ eblbc ih^l\_j`^Zxl ]bihl_am kh]eZkgh dhlhjhc
pbdehlbfby_klve_]dZybebhkeZ[e_ggZynhjfZ[biheyjgh]hjZkkljhckl\Z
M g_dhlhjuo [hevguo bf__l f_klh ]bi_jZdlb\ghklv ]b^jhdhjlbahgZ gZ qlh
mdZau\Z_l hlkmlkl\b_ ih^Z\e_gby \ l_kl_ gZ ih^Z\e_gb_ ^_dkZf_lZahgZ Ijbqbgu ih
dhlhjuf nhjfbjm_lky f_g__ ly`_eZy nhjfZ pbdehlbfbb fh]ml \dexqZlv f_gvrmx
ijhgbpZ_fhklv iZlheh]bq_kdbo ]_gh\ gZebqb_ dhfi_gkbjmxsbo ]_gh\ beb [he__
[eZ]hijbylgu_wib]_g_lbq_kdb_nZdlhju
IkbohkhpbZevgu_ nZdlhju Ikboh^bgZfbq_kdb_ l_hjbb ihklmebjmxl \Z`ghklv
jZggbo^_lkdboi_j_`b\ZgbcijbwlhfqZklh\uy\eyxlljZ\fmbebnbdkZpbx\h\j_fy
jZgg_chjZevghcnZaubebnZaufeZ^_gq_kdh]hjZa\blbyNj_c^kqblZeqlhkhklhygb_
pbdehlbfbb _klv ihiuldZ w]h ij_h^he_lv `_klhdh_ b dZjZxs__ kmi_jw]h =bihfZgby
gZ[ex^Z_lky dh]^Z ^_ij_kkb\gZy ebqghklv k[jZku\Z_l hdh\u \g_rg_]h `_klhdh]h
kmi_jw]h kZfhdjblbdZ hlkmlkl\m_l b bkq_aZ_l lhjfh`_gb_ Ijb ]bihfZgbZdZevguo
ijbklmiZohkgh\gufaZsblguff_oZgbafhfy\ey_lkyhljbpZgb_²[hevghcg_hkhagZ_l
\g_rgxx j_Zevghklv b ba[_]Z_l e_`Zsbo \ hkgh\_ wlh]h hkhagZgby ^_ij_kkb\guo
hsms_gbc
Debgbq_kdb_ijbagZdbb kbfilhfu
M [hevguo k pbdehlbfb_c fh]ml bf_lv f_klh \k_ kbfilhfu [biheyjguo
jZkkljhckl\ ^_ij_kkb\gu_ fZgbZdZevgu_ b kf_rZggu_ khklhygby Gb`_ ijb\h^ylky
^bZ]ghklbq_kdb_djbl_jbb^eypbdehlbfbb
: GZebqb_ ih f_gvr_c f_j_ \ l_q_gb_  e_l  ]h^ ^ey ^_l_c b ih^jhkldh\
fgh]hqbke_gguo ]bihfZgbZdZevguo wibah^h\ hl\_qZxsbo \k_f djbl_jbyf
fZgbZdZevgh]h ijbklmiZ djhf_ djbl_jby G_evaymklZgh\blvgZebqb_dZdh]heb[hhj]Zgbq_kdh]hnZdlhjZdhlhjuce_`Ze
[u\ hkgh\_bebih^^_j`b\Ze^Zggh_jZkkljhckl\h gZijbf_jih\lhjgZybglhdkbdZpby
gZjdhlbdZfbbebZedh]he_f 
Bkke_^h\Zgb_ikbobq_kdh]hklZlmkZijh\h^blkylZd`_dZdwlh[uehhibkZgh^ey
^_ij_kkb\guob fZgbZdZevguoijbklmih\\ ij_^u^ms_f
jZa^_e_KbfilhfuqZklhfh]ml[ulvihqlblZdbfb`_ly`_eufbdZdijb [biheyjghf
jZkkljhckl\_ gh ih k\h_c ijh^he`bl_evghklb hgb g_ hl\_qZxl djbl_jbyf wlh]h
jZkkljhckl\ZIjb[ebabl_evghm iheh\bgu[hevguopbdehlbfb_c\ dZq_kl\_hkgh\gh]h
kbfilhfZ gZ[ex^Z_lky ^_ij_kkby b wlb [hevgu_ gZb[he__ qZklh ijb[_]Zxl d ihfhsb
ikbobZljZ qlh[u ba[Z\blvky hl ^_ij_kkbb G_dhlhju_ [hevgu_ pbdehlbfb_c kjZam
h[gZjm`b\Zxlkbfilhfu]bihfZgbZdZevghklbb hgbf_g__qZklhh[jZsZxlkyd \jZqm
q_f l_ [hevgu_ i_j\bqguf jZkkljhckl\hf m dhlhjuo y\ey_lky ^_ij_kkby Bgh]^Z gh
j_^dh gZ[ex^Z_lky qlh [hevgu_ kljZ^Zxl b fZgbZdZevgufb b ^_ij_kkb\gufb
jZkkljhckl\Zfb h^bgZdh\hc ^ebl_evghklb Ihqlb m \k_o [hevguo pbdehlbfb_c
hlf_qZxlky i_jbh^u kf_rZgghc kbfilhfZlbdb k \ujZ`_gghc jZa^jZ`bl_evghklvx
;hevrbgkl\h [hevguo pbdehlbfb_c h[jZsZxsboky d ikbobZljm g_ ij_mki_\Zxl \
ijhn_kkbhgZevghc ^_yl_evghklb b khpbZevghc `bagb baaZ k\h_]h aZ[he_\Zgby
G_dhlhju_[hevgu_pbdehlbfb_ch^gZdh^hklb]Zxl[hevrbomki_oh\ihkdhevdmfh]ml
jZ[hlZlv fgh]h qZkh\ ih^jy^ b fZeh kiZlv Kihkh[ghklv hl^_evguo ebqghkl_c [he__
mki_rgh kijZ\eylvky k ijhy\e_gbyfb wlh]h aZ[he_\Zgby aZ\bkbl hl fgh`_kl\Z
bg^b\b^mZevguo khpbZevguo b dmevlmjguo nZdlhjh\ < p_ehf pbdehlbfby
ij_iylkl\m_lkqZklvxb mki_om
@bagv[hevrbgkl\Z[hevguopbdehlbfb_chq_gvljm^gZPbdeuijbpbdehlbfbb
h[uqgh agZqbl_evgh dhjhq_ q_f ijb [biheyjghf jZkkljhckl\_ Kf_gZ gZkljh_gby
ijhbkoh^bl j_adh bgh]^Z \ l_q_gb_ g_kdhevdbo qZkh\ b g_ ih^qbgy_lky gbdZdbf
aZdhghf_jghklyf KemqZcgu_ i_jbh^u ghjfZevgh]h gZkljh_gby ih k\h_c ijbjh^_
ij_^klZ\eyxlkh[hcg_ij_^kdZam_fu_baf_g_gbygZkljh_gbydhlhju_bgh]^Z\uau\Zxl
m [hevgh]hagZqbl_evgucklj_kkHgqZklhhsmsZ_lqlh_]hgZkljh_gb_©\urehbaih^
dhgljheyª< i_jbh^ujZa^jZ`bl_evghklbb kf_rZgghckbfilhfZlbdb[hevgu_[u\Zxl
dhgnebdlgu[_a\kydhcijbqbgukkhjylkyk ^jmavyfbqe_gZfbk_fvbb kkhljm^gbdZfb
Ohlyfgh]b_[hevgu_h[jZsZxlkyd ikbobZljmqlh[uh[e_]qblv^_ij_kkbxqZklh
m gbo \hagbdZxl ljm^ghklb k\yaZggu_ k oZhkhf h[mkeh\e_gguf gZ[ex^Zxsbfbky m
gbo fZgbZdZevgufb wibah^Zfb bZ]gha ih
'60,,,5Hkv , Pbdehlbfbq_kdh_jZkkljhckl\h
L_q_gb_b ijh]gha
Pbdehlbfby gZb[he__ qZklh gZqbgZ_lky ihkl_i_ggh \ iha^g_f ih^jhkldh\hf
\hajZkl_ beb \ \hajZkl_ ijbf_jgh  e_l J_ljhki_dlb\gh [hevgu_ hibku\Zxl k_[y \

jZgg_f ^_lkl\_ dZd k_gkblb\guo ]bi_jZdlb\guo beb fjZqguo GZebqb_ pbdehlbfbb \
jZgg_fih^jhkldh\hf\hajZkl_b jZgg_cxghklbfh`_lh[mkeh\blv\hagbdgh\_gb_hq_gv
ly`_euohlghr_gbck k_fv_cb ^jmavyfbbdZdj_amevlZlwlh]hiehomxmki_\Z_fhklv\
rdhe_ b g_mki_rghklv \ jZ[hl_ J_Zdpby [hevguo gZ wlh jZkkljhckl\h gZ ijhly`_gbb
`bagb [u\Z_l jZaghc [hevgu_ k [he__ Z^Zilb\gufb kljZl_]byfb iha\heyxsbfb
kijZ\blvky k [he_agvx beb k ohjhrbfb f_oZgbafZfb aZsblu w]h bf_xl emqrbc
ijh]gha Ijb[ebabl_evgh ²  pbdehlbfbq_kdbo [hevguo e_q_gguo
Zglb^_ij_kkZglZfb i_j_`b\Zxl fZgbZdZevgu_ beb ]bihfZgbZdZevgu_ wibah^u
Ijb[ebabl_evghm h^ghclj_lb[hevguopbdehlbfb_cjZa\b\Z_lkyly`_eh_jZkkljhckl\h
gZkljh_gbyh[uqgh[biheyjgh_jZkkljhckl\h ,, l_ly`_euc^_ij_kkb\gucijbklmik
]bihfZgbZdZevgufbwibah^Zfb

>bZ]gha
< '60,,,5 dZd mdZau\Zehkv \ur_ kh^_j`blky gZebqb_ beb hlkmlkl\b_
hij_^_e_gguo djbl_jb_\ ^ey pbdehlbfbb Lj_[m_lky e_lgbc i_jbh^ g_h[uqgh
ijbih^gylh]h wdkiZgkb\gh]h beb jZa^jZ`bl_evgh]h gZkljh_gby k fgh]hqbke_ggufb
wibah^Zfb ^_ij_kkb\gh]h gZkljh_gby b [_a i_jbh^Z hlkmlkl\by kbfilhfZlbdb
ijh^he`Zxs_]hky [he__ q_f  f_k Wlb kbfilhfu g_ ^he`gu hl\_qZlv gb djbl_jbx
ly`_eh]h ^_ij_kkb\gh]h gb fZgbZdZevgh]h wibah^Z Ih hij_^_e_gbx g_ ^he`gh [ulv
gbdZdbo ikbohlbq_kdbo ijhy\e_gbc Z lZd`_ g_ ^he`gh [ulv gbdZdh]h hj]Zgbq_kdh]h
nZdlhjZ dhlhjuc h[mkeh\eb\Ze [u wlm kbfilhfZlbdm gbdZdh]h ij_iZjZlZ Ih^lbih\
pbdehlbfbb\ '60,,,5 g_\u^_ey_lky

>bnn_j_gpbZevguc^bZ]gha
Ijb gZebqbb pbdehlbfbq_kdbo kbfilhfh\ g_h[oh^bfh bkdexqblv hj]Zgbq_kdbc
ikbohkbg^jhf gZijbf_j ijbiZ^db  b aehmihlj_[e_gb_ gZjdhlbdZfb gZijbf_j
dhdZbghf n_gZfbghf b kl_jhb^Zfb  Ke_^m_l lZd`_ jZkkfhlj_lv ih]jZgbqgu_
khklhygby ZglbkhpbZevgu_ gZjpbkkbq_kdb_ jZkkljhckl\Z ebqghklb AjZkkljhckl\Z
ebqghklb \ \b^_ kdehgghklb d ^_fhgkljZlb\ghklb b l_ZljZevghklb dh]^Z klZ\blky
^bZ]gha pbdehlbfbb IZll_jg \ \b^_ oZhlbq_kdh]h ih\_^_gby b g_klZ[bevguo
\aZbfhk\ya_c k hdjm`Zxsbfb hl\_qZxsbc djbl_jbx ^ey ih]jZgbqgh]h jZkkljhckl\Z
ebqghklb fh`_l gZ kZfhf ^_e_ [ulv ijhy\e_gb_f pbdehlbfbb dhlhjZy j_Z]bjm_l gZ
l_jZibx eblb_f >_nbpbl \gbfZgby k ]bi_jZdlb\ghklvx y\ey_lky jZkkljhckl\hf
dhlhjh_ hq_gv ljm^gh hl^bnn_j_gpbjh\Zlv hl pbdehlbfbb m ^_l_c b ih^jhkldh\
Ijbf_g_gb_klbfmeylhjh\ihfh]Z_l[hevrbgkl\m[hevguokljZ^ZxsbojZkkljhckl\hf
\ \b^_ ^_nbpblZ \gbfZgby k ]bi_jZdlb\ghklvx b \uau\Z_l mkbe_gb_ ijhy\e_gbc m
[hevrbgkl\Z[hevguok pbdehlbfb_c
Debgbq_kdbcih^oh^
Ohly bg^b\b^mZevgZy ikbohl_jZiby kZfZ ih k_[_ h[uqgh g_ kqblZ_lky
wnn_dlb\ghc^eypbdehlbfbbhgZhq_gvqZklhihfh]Z_l[hevgufemqr_hkhagZlvk\hb
dhe_[ZgbygZkljh_gbyb ihke_^kl\bydhlhju_gZ[ex^Zxlky\ j_amevlZl_boihklmidh\
ihhlghr_gbxd hdjm`Zxsbfeye_q_gbypbdehlbfbbijbf_gyxllZd`_eblbcIjb[ebabl_evgh  [hevguo

j_Z]bjm_l gZ eblbc \ ^bZiZahg_ _]h kh^_j`Zgby \ ku\hjhld_ \ dhebq_kl\_ ²
f]wd\e E_q_gb_ ^_ij_kkb\guo [hevguo k pbdehlbfb_c Zglb^_ij_kkZglZfb ^he`gh
ijh\h^blvkyk hklhjh`ghklvxbaaZ\hafh`ghklb\hagbdgh\_gby]bihfZgbZdZevguobeb
fZgbZdZevguowibah^h\
=eZ\Z 
J:KKLJHCKL?FBHEH=BY
KhpbZevgu_ nh[bb \klj_qZxlky f_g__ qZklh q_f ijhklu_ nh[bb KhpbZevgu_
nh[bbhlf_qZxlkym ² gZk_e_gbyh^bgZdh\hqZklhm `_gsbgb mfm`qbgGZqZeh
h[uqgh [u\Z_l \ iha^g_f ih^jhkldh\hf \hajZkl_ ohly \hafh`gh \ ex[hf \hajZkl_
GZebqb_kbfilhfh\nh[bb\ l_q_gb_  f_kgZ[ex^Z_lky\ ² kemqZ_\ih^Zgguf
jZaebqguo bkke_^h\Zgbc m `_gsbg [he__ qZklh q_f m fm`qbg Gb`_ i_j_qbkeyxlky
ij_^f_lub kblmZpbbk dhlhjufbk\yaZghihy\e_gb_ijhkluonh[bc`b\hlgu_]jhau
\ukhlZ [he_agb ih\j_`^_gby b kf_jlv Hgb ijb\_^_gu \ m[u\Zxs_f ihjy^d_
hlghkbl_evghqZklhluk dhlhjhc\hagbdZxlwlbnh[bb

BKLHJBYb WLBHEH=BY
Bklhjbynh[bcb l_hjbydZkZxsZykybowlbheh]bbgZklhevdhl_kghi_j_ie_l_gu
qlh bo fh`gh h[km`^Zlv \f_kl_ >Zggu_ h agZqbfhklb [bheh]bq_kdbo nZdlhjh\ \
wlbheh]bb ijhkluo b khpbZevguo nh[bc hlkmlkl\mxl Kh]eZkgh g_dhlhjuf
[bheh]bq_kdbf l_hjbyf [hevgu_ nh[byfb kljZ^Zxl g_kihkh[ghklvx ijb\udZlv d
g_dhlhjuf kblmZpbyf H^gZdh g_dhlhjuf k\b^_l_evkl\hf \ ihevam gZebqby
]_g_lbq_kdh]h dhfihg_glZ y\ey_lky lhl nZdl qlh jh^kl\_ggbdb [hevguo nh[byfb
ijh[Zg^h\kZfbqZklhkljZ^Zxlnh[byfb

IkbohZgZeblbq_kdb_l_hjbb
Nj_c^ knhjfmebjh\Ze ihgylb_ nh[bq_kdbo g_\jhah\ qlh ih kms_kl\m y\ey_lky
ZgZeblbq_kdbf h[tykg_gb_f khpbZevguo b ijhkluo nh[bc Nj_c^ ij_^iheh`be qlh
hkgh\gZy nmgdpby lj_\h`ghklb khklhbl \ lhf qlh[u kb]gZebabjh\Zlv _]h qlh
aZij_s_ggh_ ih^khagZl_evgh_ ih[m`^_gb_ ijhju\Z_lky gZ mjh\_gv khagZgby lZdbf
h[jZahf \ugm`^Zy mkbeb\Zlv b [jhkZlvky gZ aZsblm ijhlb\ im]Zxsbo bgklbgdlb\guo
kbeNj_c^jZkkfZljb\Zenh[bq_kdh_jZkkljhckl\h² beb©lj_\h`gmxbkl_jbxªdZdhg
ijh^he`Ze gZau\Zlv _]h²dZd j_amevlZl dhgnebdlZ p_gljbjh\Zggh]h gZ
g_jZaj_rb\rboky \ ^_lkl\_ kblmZpbyo gZ[ex^Z\rboky \ \hajZkl_ W^bih\Z dhfie_dkZ
Ihkdhevdm k_dkmZevgu_ ih[m`^_gby hklZxlky hdjZr_ggufb \
kbevguc
djh\hkf_kbl_evguc p\_l b m \ajhkeh]h k_dkmZevgZy Zdlb\Zpby jZa`b]Z_l lj_\h]m
dhlhjZyh[uqgh\ujZ`_gZ\ nhjf_kljZoZi_j_^dZkljZpb_c?kebf_oZgbafj_ij_kkbb
g_ kijZ\ey_lky _]h ijboh^blky \uau\Zlv ^hihegbl_evgu_ \b^u aZsblu M [hevguo
nh[byfb i_j\bqghc aZsblhc y\ey_lky kf_s_gb_ l_ k_dkmZevguc dhgnebdl
i_j_ghkblky k ebpZ \ua\Z\r_]h wlhl dhgnebdl gZ hlghkbl_evgh g_j_e_\Zglgu_
ij_^f_lu beb kblmZpbb dhlhju_ klZgh\ylky lZdbfb agZqbfufb qlh fh]ml aZl_f
\ua\Zlv p_emx dhgkl_eeypbx Znn_dlh\ \dexqZy kb]gZevgmx lj_\h`ghklv QZklh
bf_xlky\_kdb_hkgh\Zgbyij_^iheZ]Zlvqlh\uau\Zxsb_nh[bxij_^f_lbebkblmZpby
bf_xl ijyfmx ZkkhpbZlb\gmx k\yav k i_j\bqguf bklhqgbdhf dhgnebdlZ b lZdbf
h[jZahf y\eyxlky _]h kbf\heZfb aZsblguc f_oZgbaf kbf\hebaZpbb  ;he__ lh]h
ij_^f_l beb kblmZpby lZdh\u qlh [hevghc fh`_l e_]dh ba[_`Zlv bo b k ihfhsvx
^hihegbl_evguo aZsblguo f_oZgbafh\ g_ ^himklblv i_j_`b\Zgbc kbevghc
lj_\h`ghklb Nj_c^ \i_j\u_ ijh\_e h[km`^_gb_ wlh]h l_hj_lbq_kdh]h h[tykg_gby
h[jZah\Zgby nh[bb dhlhjh_ hg hlghkbl aZ kq_l w]haZsblguo f_oZgbafh\ kf_s_gby b
ba[_]Zgby djh\hkf_kbl_evguo k_dkmZevguo ih[m`^_gbc \hagbdZxsbo \ \hajZkl_
W^bih\Zdhfie_dkZ\ k\h_cdeZkkbq_kdhcjZ[hl_©Bklhjby[he_agbfZe_gvdh]h=ZgkZ
e_lg_]hfZevqbdZdhlhjuc[hyekyehrZ^_cª
Ohly \gZqZe_ ^mfZeb qlh nh[bb y\eyxlky j_amevlZlhf ©dZkljZpbhgghcª

lj_\h`ghklb l_hjbb jZajZ[hlZggu_ aZ ihke_^g__ \j_fy mdZau\Zxl gZ lh qlh \ bo
nhjfbjh\Zgbbfh]mlmqZkl\h\Zlvb ^jm]b_\b^ulj_\h`ghklbGZijbf_j\ Z]hjZnh[bb
kh\_jr_ggh hlq_leb\Z \_^msZy jhev lj_\h`ghklb jZaemdb Z \ wjbljhnh[bb dhlhjZy
ijhy\ey_lky kljZohf ihdjZkg_lv \ ijbkmlkl\bb ^jm]bo ebp  ijbkmlkl\m_l we_f_gl
hsms_gbyklu^Zqlhk\b^_l_evkl\m_lh[mqZklbblj_\h`ghklbkmi_jw]hIh\b^bfhfm
lhqdZ aj_gby gZ lj_\h`ghklv k\yaZggmx k nh[byfb dZd gZ jZkkljhckl\h bf_xs__
p_eucjy^bklhqgbdh\b hll_gdh\[eb`_kfudZ_lkyk debgbq_kdbfbgZ[ex^_gbyfb
Ijhlb\hnh[bq_kdb_mklZgh\db 2WWR)HQLFKHO ijb\e_dZ_l\gbfZgb_d lhfmnZdlm
qlh nh[bq_kdZy lj_\h`ghklv fh`_l [ulv kijylZgZ aZ mklZgh\dZfb b ih\_^_gq_kdbfb
iZll_jgZfbdhlhju_ij_^klZ\eyxlkh[hchljbpZgb_eb[hlh]hqlhim]Zxsbcij_^f_l
y\ey_lky hiZkguf eb[h lh]h qlh km[t_dl [hblky _]h Hkgh\guf ijhy\e_gb_f wlh]h
n_ghf_gZ y\ey_lky bg\_jkby kblmZpbb \ dhlhjhc km[t_dl y\ey_lky iZkkb\ghc `_jl\hc
\g_rgbo h[klhyl_evkl\ gZ ijhlb\hiheh`gmx \ dhlhjhc km[t_dl klZjZ_lky
ijhlb\hklhylvkljZoZfb kijZ\blvkyk gbfbEbphk ijhlb\hnh[bq_kdbfbmklZgh\dZfb
bs_l kblmZpbb ]jhaysb_ hiZkghklvx b k wglmabZafhf [jhkZ_lky gZ [hjv[m AZgylb_
hiZkgufb \b^Zfb kihjlZ lZdbfb dZd iju`db k iZjZrxlhf Zevibgbaf fh`_l [ulv
\ujZ`_gb_fih\_^_gbyk\yaZggh]hk ijhlb\hnh[bq_kdbfbmklZgh\dZfb
We_f_glu ijhlb\hnh[bq_kdh]h ih\_^_gby fh]ml kh^_j`Zlvky \ ^_lkdhc b]j_
gZijbf_j\ lZdhcqZklhcb]j_dZdb]j_\h\jZqZ
^_lb ^_eZxl dmde_ mdhe dhlhjuc bf kZfbf g_^Z\gh ^_eZeb \ ^_lkdhf e_q_[ghf
mqj_`^_gbb Wlhl \b^ ih\_^_gby kh^_j`bl aZsblguc f_oZgbaf b^_glbnbdZpbb k
Z]j_kkhjhf

Ih\_^_gq_kdb_l_hjbb
<  ] -RKQ :DWVRQ gZibkZe klZlvx ©Mkeh\gu_ wfhpbhgZevgu_ j_Zdpbbª \
dhlhjhc hg ih^h[gh baeh`be k\hb gZ[ex^_gby aZ fZe_gvdbf :ev[_jlhf feZ^_gp_f
dhlhjuc [hyeky djuk b djhebdh\ < hlebqb_ hl fZe_gvdh]h =ZgkZ m dhlhjh]h
[he_ag_ggu_ ijhy\e_gby jZa\b\Zebkv \h \j_fy _kl_kl\_ggh]h ijhp_kkZ khaj_\Zgby
ljm^ghklb gZ[ex^Z\rb_ky m fZe_gvdh]h :ev[_jlZ y\bebkv ijyfuf j_amevlZlhf
gZmqguo bkke_^h\Zgbc ^\mo ikboheh]h\ dhlhju_ ijbf_gbeb f_lh^u mki_rgh
bkihevam_fu_gZ`b\hlguoih\ujZ[hld_mkeh\guoj_Zdpbc
:DWVRQ kqblZe qlh gZqZevgh_ h[jZah\Zgb_ nh[bb iheghklvx hkgh\Zgh gZ
ljZ^bpbhgghciZ\eh\kdhcfh^_ebklbfme²hl\_lmkeh\gh]hj_ne_dkZ>jm]bfbkeh\Zfb
lj_\h`ghklv jZa\b\Z_lky gZ klbfme \uau\Zxsbc _kl_kl\_gguc kljZo dhlhjuc
ihy\ey_lky \ khq_lZgbb kh klbfmehf y\eyxsbfky ih ijbjh^_ g_cljZevguf DZd
j_amevlZl wlhc ZkkhpbZpbb hkh[_ggh dh]^Z ^\Z klbfmeZ khq_lZxlky \ g_kdhevdbo
ihke_^h\Zl_evguo ij_^ty\e_gbyo \gZqZe_ g_cljZevguc klbfme ijbh[j_lZ_l
kihkh[ghklv \uau\Zlv lj_\h]m kZf ih k_[_ G_cljZevguc klbfme lZdbf h[jZahf
klZgh\blkymkeh\gufklbfmehf\uau\Zxsbflj_\h]m
< deZkkbq_kdhc l_hjbb klbfme²hl\_l mkeh\guc klbfme ihkl_i_ggh l_jy_l k\hx
kihkh[ghklv\uau\Zlvj_Zdpbx_kebhgg_ih^dj_iey_lkyi_jbh^bq_kdbfih\lhj_gb_f
[_amkeh\gh]hklbfmeZ< nh[bq_kdhfkbfilhf_wlhhkeZ[e_gb_j_ZdpbbgZnh[bq_kdbc
mkeh\guc  klbfme g_ ijhbkoh^bl b kbfilhf fh`_l ^eblvky ]h^Zfb [_a y\gh]h
\g_rg_]hih^dj_ie_gby< [he__kh\j_f_gghcl_hjbbhi_jZglgh]hh[mkeh\eb\Zgby^Zgh
h[tykg_gb_wlh]hn_ghf_gZKh]eZkghgh\_crbfl_hjbyflj_\h`ghklvjZkkfZljb\Z_lky
dZd ih[m`^_gb_ dhlhjh_ aZklZ\ey_l hj]Zgbaf ij_^ijbgylv \k_ qlh[u ba[_`Zlv
[he_ag_ggh]h Znn_dlZ KemqZcgh klZedb\Zykv k hij_^_e_ggufb y\e_gbyfb \ k\h_c

h[uqghc `bagb `b\hlgh_ h[mqZ_lky lhfm qlh g_dhlhju_ ^_ckl\by iha\heyxl _fm
ba[_`Zlv klbfmeh\ \uau\Zxsbo lj_\h`ghklv IZll_jgu ba[_]Zgby hklZxlky
klZ[bevgufb \ l_q_gb_ ^ebl_evguo i_jbh^h\ \j_f_gb \ j_amevlZl_ ih^dj_ie_gby
dhlhjh_ hgb ihemqZxl [eZ]h^Zjy k\h_c kihkh[ghklb kgb`Zlv lj_\h`ghklv WlZ fh^_ev
ijbf_gbfZ b d nh[byf \ lhf qlh ijh\hpbjmxsbc ba[_]Zgb_ h[t_dl beb kblmZpby
b]jZxl p_gljZevgmx jhev LZdh_ ih\_^_gb_ ba[_]Zgby nbdkbjm_lky klZgh\ykv
mklhcqb\uf kbfilhfhf baaZ k\h_c kihkh[ghklb aZsbsZlv [hevgh]h hl nh[bq_kdhc
lj_\h`ghklb
L_hjby h[mq_gby hkh[_ggh l_kgh k\yaZgZ k nh[bq_kdbfb jZkkljhckl\Zfb b
h[_ki_qb\Z_lijhklh_b ihgylgh_h[tykg_gb_fgh]boZki_dlh\nh[bq_kdbojZkkljhckl\
Djblbdb h^gZdh ml\_j`^Zxl qlh wlZ l_hjby dZkZ_lky \ [hevr_c kl_i_gb
ih\_joghklguo f_oZgbafh\ h[jZah\Zgby kbfilhfh\ b ih\b^bfhfm mklmiZ_l
ikbohZgZeblbq_kdbf l_hjbyf \ ^hklb`_gbb ihgbfZgby g_dhlhjuo gZb[he__ keh`guo
ikbobq_kdboijhp_kkh\e_`Zsbo\ hkgh\_nh[bc
DEBGBQ?KDB?IJHYeynh[bcoZjZdl_jgZZdlb\Zpbykbevghclj_\h]bdh]^ZgZ[hevgh]h\ha^_ckl\m_l
ki_pbnbq_kdZykblmZpby\uau\ZxsZynh[bxbebij_^f_llZd`_k\yaZgguck g_cDZd
m`_ hlf_qZehkv gZb[he__ qZkluf kbfilhfhf khpbZevghc nh[bb y\ey_lky kljZo i_j_^
ihdjZkg_gb_febpZ< ihiuld_ij_^hl\jZlblvjZa\blb_lj_\h`ghklb[hevghc^_eZ_l\k_
qlh \ _]h kbeZo qlh[u ba[_`Zlv kblmZpbb dhlhjZy kihkh[kl\m_l _]h nh[bq_kdhc
j_ZdpbbWlh\ dZdhclhf_j_f_rZ_lih\k_^g_\ghcZdlb\ghklb[hevgh]h\ aZ\bkbfhklb
hl lh]h ljm^gh beb e_]dh [u\Z_l ba[_`Zlv nh[bq_kdhc kblmZpbb :edh]hebaf b
gZjdhfZgbyZ lZd`_ly`_eu_^_ij_kkb\gu_jZkkljhckl\Zfh]mlhkeh`gylvnh[bq_kdb_
jZkkljhckl\ZKe_^mxsbcijbf_jfh`_lijhbeexkljbjh\ZlvkemqZckhpbZevghcnh[bb
Klm^_gldZ xjb^bq_kdh]h mq_[gh]h aZ\_^_gby  ]h^ [ueZ hlijZ\e_gZ gZ
dhgkmevlZpbx d \jZqm ih ih\h^m gZ[ex^Zxsboky m g__ ke_^mxsbo hkh[_gghkl_c
ih\_^_gby ohly hgZ hq_gv ohjhrh kijZ\eyeZkv k l_klZfb \ deZkk_ hgZ g_ fh]eZ
ijbgbfZlv mqZklb_ \ ^bkdmkkbyo HgZ kgZqZeZ mfm^jyeZkv gZoh^blv [eZ]h\b^gu_
ij_^eh]b qlh[u ba[_`Zlv \k_o ihk_s_gbc ]^_ lZdb_ h[km`^_gby ijh\h^bebkv gh \
l_dms_f]h^mijhn_kkhjh[gZjm`bewlbihiuldbba[_]Zgbyb klZekgb`Zlv_chp_gdb
HgZ ijbagZeZkv k ]em[hdbf kfms_gb_f qlh bkiulu\Z_l m`Zk i_j_^ \uklmie_gb_f \
ijbkmlkl\bb^jm]bob g_h^bgjZam[_]ZeZbaZm^blhjbb\ khklhygbbiZgbdb[hykvqlh
__ \uah\ml < lZdb_ i_jbh^u m g__ i_j_o\Zlu\Zeh ^uoZgb_ hlf_qZeZkv ihleb\hklv
k_j^p_g_bklh\h[behkvb hgZ[ueZ[ebadZd h[fhjhdm
HgZ h[tykgbeZ \jZqm qlh qm\kl\m_l qlh m g__ g_ijbylguc Zdp_gl b g_ lZdZy
q_ldZy Zjlbdmeypby dZd m ^jm]bo klm^_glh\ HgZ [ueZ m[_`^_gZ qlh lh\Zjbsb [m^ml
kqblZlv__ ©lmibp_cªb ©^mjhcªaZlhqlhhgZklZjZ_lkyklZlvxjbklhf
H[km`^_gb_ Lh qlh [hevgZy ba[_]ZeZ jZa]h\Zjb\Zlv \ Zm^blhjbb k\yaZgh k
qj_af_jguf qm\kl\hf kljZoZ i_j_^ mgb`_gb_f wlh y\ey_lky lbibqguf ijbf_jhf
khpbZevghcnh[bbIhkdhevdmiZgbq_kdb_ijbklmium g__ihy\eyxlkylhevdhdh]^ZhgZ
ih^\_j]Z_lky\ha^_ckl\bxnh[bq_kdh]hklbfmeZ^hihegbl_evguc^bZ]ghajZkkljhckl\Z
\ \b^_iZgbq_kdboj_Zdpbcg_klZ\blkyZ \ke_^kl\b_lh]hqlhm g__\ p_ehfhlkmlkl\m_l
ba[_]Zgb_ f_`ebqghklguo hlghr_gbc ^bZ]gha jZkkljhckl\Z ebqghklb \ nhjf_
ba[_]ZgbylZd`_g_klZ\blky
>bZ]gha '60,,,5
Hkv , KhpbZevgZynh[by

Hkgh\ghc j_amevlZl bkke_^h\Zgby ikbobq_kdh]h klZlmkZ ² gZebqb_
bjjZpbhgZevgh]hb \uau\Zxs_]hw]h^bklhgbxkljZoZi_j_^ki_pbnbq_kdhckblmZpb_c
^_yl_evghklvxij_^f_lhf;hevgZyhibku\Z_llZd`_dZd_cm^Z_lkyba[_]ZlvdhglZdlZk
nh[bq_kdhc kblmZpb_c H[uqgh ijb bkke_^h\Zgbb ikbobq_kdh]h klZlmkZ \uy\ey_lky
lZd`_^_ij_kkby
L?Q?GB?B IJH=GHA
;eZ]h^Zjy lhfm qlh nh[bq_kdb_ h[t_dlu b kblmZpbb fh`gh e_]dh ba[_`Zlv
[hevgu_\ khklhygbb`blvhlghkbl_evghghjfZevghc`bagvxg_kfhljygZk\hbnh[bb
GZijbf_j ^ey ]hjh`ZgbgZ g_ klhev m` \Z`_g kljZo i_j_^ ehrZ^vfb GZqZeh
khpbZevghc nh[bb h[uqgh ihkl_i_ggh_ b qZklh hgZ gZklmiZ_l ihke_ ijh\hpbjmxs_]h
__ ikbohkhpbZevgh]h klj_kkZ KhpbZevgu_ nh[bb fh]ml bf_lv ojhgbq_kdh_ l_q_gb_
ohly bf_xlky ^Zggu_ qlh hgb g_kdhevdh mf_gvrZxlky \ kj_^g_f \hajZkl_ Ijhklu_
nh[bb dhlhju_ gZqbgZxlky \ ^_lkl\_ h[uqgh ijhoh^yl kihglZggh h^gZdh g_dhlhju_
ijhklu_ nh[bb fh]ml klZgh\blvky ojhgbq_kdbfb LsZl_evgu_ bkke_^h\Zgby
ihk\ys_ggu_bkoh^mnh[bq_kdbojZkkljhckl\hlkmlkl\mxl

>B:=GHAB IH>LBIU
>bZ]ghklbq_kdb_djbl_jbb '60,,,5 ^eykhpbZevghc nh[bbih^jZamf_\Zxlqlh
i_j\bqguc kljZo g_ k\yaZg k ^jm]bfb jZkkljhckl\Zfb Hkb , b Hkb ,,, b qlh kblmZpby
hdZau\Z_l kbevgh_ hljbpZl_evgh_ \ha^_ckl\b_ gZ `bagv [hevgh]h Gb`_ ijb\h^ylky
^bZ]ghklbq_kdb_djbl_jbb^eykhpbZevghcnh[bbih'60,,,5
: Mklhcqb\uc kljZo i_j_^ h^ghc beb [he__ kblmZpbyfb kblmZpbb khpbZevghc
nh[bb \ dhlhjuokm[t_dlih^\_j]Z_lky\gbfZl_evghfmbamq_gbxkhklhjhgu^jm]bob
[hblkyqlhhgbebhgZfh]mlqlhlh^_eZlvbebihklmiZlvlZdqlhwlh\uah\_lmgb`_gb_
beb klu^ Ijbf_ju g_kihkh[ghklv ijh^he`Zlv j_qv ijb im[ebqghf \uklmie_gbb
[hyagv ih^Z\blvky ibs_c \h \j_fy kh\f_klghc ljZi_au kljZo g_ kijZ\blvky k
fhq_bkimkdZgb_f \ im[ebqghf lmZe_l_ [hyagv qlh aZ^jh`Zl jmdb ijb ibkvf_ \
ijbkmlkl\bb^jm]boZ lZd`_[hyagvkdZaZlvqlhgb[m^v]emih_b^bg_kmf_lvhl\_lblvgZ
\hijhku\ khpbZevghckblmZpbb
; ?keb bf__lky jZkkljhckl\h Hkb ,,, beb ^jm]h_ jZkkljhckl\h Hkb , kljZo
hibkZgguc\ : g_k\yaZgk gbfgZijbf_jhgg_k\yaZgk [hyagvxiZgbq_kdh]hijbklmiZ
JZkkljhckl\h \ \b^_ iZgbq_kdbo j_Zdpbc  aZbdZgb_f AZbdZgb_  ^jh`Zgb_f ;he_agv
IZjdbgkhgZ  beb k iZlheh]bq_kdbf ibs_\uf ih\_^_gb_f G_j\gZy Zghj_dkby beb
G_j\gZy[mebfby 
?FBHEH=BY
H[k_kkb\ghdhfimevkb\gh_ jZkkljhckl\h y\ey_lky j_^dbf kbg^jhfhf
\klj_qZxsbfky ebrv m  \k_]h gZk_e_gby ;he__ iha^gb_ bkke_^h\Zgby h^gZdh
mdZau\Zxl gZ lh qlh hgh ih\b^bfhfm \klj_qZ_lky qZs_ q_f ij_^iheZ]Zehkv jZg__
Kdjulghklv [hevguo k wlbfb jZkkljhckl\Zfb fh`_l qZklbqgh h[mkeh\eb\Zlv
g_^hhp_gdm qZklhlu bo \klj_qZ_fhklb ;hevgu_ h[k_kkb\ghdhfimevkb\gufb
jZkkljhckl\Zfb h[jZsZxsb_ky d ikbobZljm khklZ\eyxl m`_   \k_o [hevguo
gZoh^ysbokygZe_q_gbbJZkkljhckl\hqZs_\k_]hgZqbgZ_lky\ ih^jhkldh\hf\hajZkl_
beb
\ xghklb b ihjZ`Z_l h^bgZdh\h qZklh b fm`qbg b `_gsbg M [hevguo k h[k_kkb\gh
dhfimevkb\guf jZkkljhckl\hf bgl_ee_dl h[uqgh [u\Z_l \ur_ kj_^g_]h b
ijb[ebabl_evghh^gZlj_lv[hevguobf__lihf_gvr_cf_j_h[jZah\Zgb_ihemq_ggh_\
dhee_^`_
WLBHEH=BY

;bheh]bq_kdb_nZdlhju
< ]jmiiZo [hevguo h[k_kkb\ghdhfimevkb\gufb jZkkljhckl\Zfb h[gZjm`_g
p_euc jy^ [bheh]bq_kdbo gZjmr_gbc Ihbkdb [bheh]bq_kdh]h nZdlhjZ e_`Zs_]h \
hkgh\_ wlbo jZkkljhckl\ [Zabjmxlky gZ ^\mo gZ[ex^_gbyo OH>

NZjfZdhl_jZiby
DehfbijZfbg hdZaZekygZb[he__wnn_dlb\gufkj_^kl\hf^eye_q_gbyh[k_kkb\gh
dhfimevkb\gh]h jZkkljhckl\Z Ij_iZjZl hlkmlkl\m_l \ KR: gh bf__lky \ DZgZ^_ b
bgh]^Zijbf_gy_lkyijbki_pbZevguobkke_^h\ZgbyoWnn_dl_]hfh`_lg_gZklmiZlv\
l_q_gb_  f_k e_q_gby Z gZb[he__ wnn_dlb\_g hg dh]^Z bf_xlky ki_pbnbq_kdb_
dhfimevkbb >jm]b_ ljbpbdebq_kdb_ Zglb^_ij_kkZglu b SKHQHO]LQH dZd hlf_qZ_lky \
g_dhlhjuo jZ[hlZo lZd`_ wnn_dlb\gu ohly ih fg_gbx fgh]bo \jZq_c bo wnn_dl
agZqbl_evgh keZ[__ q_f dehfbijZfbgZ H^gZdh SKHQHO]LQH fh`gh j_dhf_g^h\Zlv \
kemqZyo dh]^Z m [hevguo h[k_kkb\ghdhfimevkb\guf jZkkljhckl\hf bf_xl f_klh
ijbklmiuiZgbq_kdboj_ZdpbcdZdh^bgbakbfilhfh\E_q_gb_^he`ghijh^he`Zlvkyhl
 ^h  f_kij_`^_q_ffh`ghij_^ijbgylvihiuldmij_djZlblv_]hM fgh]bo[hevguo
ijbhlf_g_e_q_gbygZ[ex^Z_lkyj_pb^b\
Ikbohl_jZiby
;hevgu_ k h[k_kkb\ghdhfimevkb\gufb jZkkljhckl\Zfb ohjhrh ih^^Zxlky
ikbohl_jZibb H^gZdh baaZ hlkmlkl\by kbkl_fZlbq_kdbo bkke_^h\Zgbc \ebygby

ikbohl_jZibb ijb h[k_kkb\ghdhfimevkb\guo jZkkljhckl\Zo ljm^gh k^_eZlv h[sb_
\u\h^u hlghkbl_evgh __ wnn_dlb\ghklb Bg^b\b^mZevgu_ ZgZeblbdb iulZxlky
[hjhlvky b m^_j`b\Zlv baf_g_gby d emqr_fm hkh[_ggh dh]^Z hgb \klj_qZxlky k
Z]j_kkb\gufbbfimevkZfbe_`Zsbfb\ hkgh\_gZ[ex^Zxsbokyijhy\e_gbcLhqghlZd
`_ ZgZeblbdb b ^bgZfbq_kdb hjb_glbjh\Zggu_ ikbobZlju hlf_qZxl agZqbl_evgh_
hkeZ[e_gb_ kbfilhfZlbdb \ kemqZyo dh]^Z ijh\h^blky ^ebl_evguc ZgZeba b
ikbohl_jZibygZijZ\e_ggZygZ\ujZ[hldmdjblbdb
Ih^^_j`b\ZxsZy l_jZiby lZd`_ [_a khfg_gby aZgbfZ_l k\h_ f_klh hkh[_ggh \
]jmii_ [hevguo h[k_kkb\ghdhfimevkb\guf jZkkljhckl\hf dhlhju_ g_kfhljy gZ
debgbq_kdb_ ijhy\e_gby jZaebqghc kl_i_gb ly`_klb \ khklhygbb jZ[hlZlv b
Z^Zilbjh\Zlvky d `bagb >ebl_evgh_ j_]meyjgh_ h[s_gb_ k aZbgl_j_kh\Zgguf
khqm\kl\mxsbf b \gmrZxsbf [h^jhklv ijhn_kkbhgZehf kha^Z_l ^ey [hevgh]h
\hafh`ghklv ijh^he`Zlv ghjfZevgmx `bagv [eZ]h^Zjy wlhc ihfhsb [_a dhlhjhc hg
[ue [u g_ kihkh[_g kijZ\blvky kh k\hbfb g_^hfh]Zgbyfb Bgh]^Z _keb h[k_kkb\gu_
jblmZeu b lj_\h`ghklv ^hklb]Zxl g_i_j_ghkbfhc kbeu ke_^m_l ]hkiblZebabjh\Zlv
[hevgh]h^hl_oihjihdZij_[u\Zgb_ih^aZsblhce_q_[gh]hmqj_`^_gbyb baheypbyhl
ijb\uqguoklj_kkh\bahdjm`_gbyg_\uah\mlh[e_]q_gbyb kbfilhfu^hklb]gml[he__
i_j_ghkbfh]hmjh\gyG_ke_^m_llZd`_aZ[u\Zlvqlhk_fvy[hevgh]hfh`_lgZoh^blvky
\ djZcg_fhlqZygbbbaaZ_]hih\_^_gbyEx[u_ikbohl_jZi_\lbq_kdb_mkbeby^he`gu
[ulv gZijZ\e_gu b gZ \gbfZgb_ d k_fv_ [hevgh]h h[_ki_q_gb_ _c wfhpbhgZevghc
ih^^_j`db m[_`^_gb_ \ lhf qlh \k_ [m^_l ohjhrh h[tykg_gb_ b kh\_l dZd k_[y
^_j`Zlvk [hevgufb dZdj_Z]bjh\ZlvgZ_]hih\_^_gb_
Ih\_^_gq_kdZyl_jZiby
Ih\_^_gq_kdZyl_jZiby[u\Z_lmki_rghcm [hevguo\ ² Wlbf[hevguf
ijbf_gyxl \k_ \b^u²^_k_gkb[bebaZpbx hklZgh\dm fuke_c bgl_gkb\gh_ \ha^_ckl\b_
nh[bq_kdbo bfimevkh\ ©bfiehabhgª beb gZijZ\e_gguc \gmljv \aju\ b Z\_jkb\gh_
h[mkeh\eb\Zgb_ jm]b_\b^ul_jZibb
K_f_cgZy l_jZiby qZklh lj_[m_lky ^ey hdZaZgby kh^_ckl\by k_fv_ h[e_]q_gby
\hagbdZxsbo f_`^m kmijm]Zfb ijh[e_f y\eyxsboky j_amevlZlhf [he_agb b kha^Zgby
khxaZ ^ey e_q_gby [hevgh]h k mqZklb_f qe_gh\ k_fvb B gZdhg_p m hq_gv ly`_euo
[hevguo g_ j_Z]bjmxsbo gb gZ dZdh_ e_q_gb_ kh]eZkgh bf_xsbfky ^Zgguf fh`_l
hdZaZlvky wnn_dlb\ghc ^\mklhjhggyy kj_^bggZy e_cdhlhfby lZeZfhdhjlbdZevguo
k\ya_c
 IHKLLJ:?FBHEH=BY
B:=GHA
>bZ]gha klZ\blky gZ hkgh\Zgbb ijb\_^_gguo  \ur_ djbl_jb_\ i_j_qbke_gguo \
'60,,,5 Nhdmk lj_\h`ghklb g_ fh`_l [ulv h^bghqguf imgdlhf b g_ fh`_l [ulv
k\yaZg k lj_\h`ghklvx h`b^Zgby dZdwlh gZ[ex^Z_lky ijb iZgbq_kdbo j_Zdpbyo b
h[k_kkb\ghdhfimevkb\guo jZkkljhckl\Zo ?keb [hevghc kljZ^Z_l jZkkljhckl\hf
gZkljh_gby ^ey lh]h qlh[u ihklZ\blv _fm ^bZ]gha jZkkljhckl\h \ \b^_
]_g_jZebah\Zgghc lj_\h`ghklb gZ^h qlh[u ijhy\e_gby lj_\h`ghklb gZ[ex^Zebkv m
g_]h \ hlkmlkl\b_ Zdlb\guo kbfilhfh\ jZkkljhckl\Z gZkljh_gby Ki_pbnbq_kdbo
ih^lbih\]_g_jZebah\Zgghclj_\h`ghklbg_l
>bnn_j_gpbZevguc ^bZ]gha ijb ]_g_jZebah\Zgghc lj_\h`ghklb ijh\h^blky k
khfZlbq_kdbfb aZ[he_\Zgbyfb dhlhju_ fh]ml h[mkeh\blv lj_\h`ghklv kf jZa^_e
IZgbq_kdb_ jZkkljhckl\Z b :]hjZnh[by  Hkh[_ggh \Z`gh bkdexqblv dhn_bgh\mx
bglhdkbdZpbx aehmihlj_[e_gb_ klbfmeylhjZfb Zedh]hevgmx Z[klbg_gpbx b
Z[klbg_glguc kbg^jhf ijb aehmihlj_[e_gbb k_^Zlb\gufb kj_^kl\Zfb b kghl\hjgufb
Ijb bkke_^h\Zgbb ikbobq_kdh]h klZlmkZ ke_^m_l lsZl_evgh bamqblv \hafh`ghklv
gZebqby nh[bq_kdh]h jZkkljhckl\Z iZgbq_kdbo j_Zdpbc b h[k_kkb\ghdhfimevkb\gh]h
jZkkljhckl\Z >jm]bfb aZ[he_\Zgbyfb mqblu\Z_fufb ijb ^bnn_j_gpbZevghc
^bZ]ghklbd_ y\eyxlky jZkkljhckl\h Z^ZilZpbb khijh\h`^Zxs__ky lj_\h`guf
gZkljh_gb_f ^_ij_kkby ^bklbfby rbahnj_gby khfZlhnhjfgu_ jZkkljhckl\Z b
^_i_jkjgZebaZpby Ke_^mxsbc ijbf_j beexkljbjm_l kemqZc ]_g_jZebah\Zggh]h
lj_\h`gh]hjZkkljhckl\Z
e_lgbc[hevghcwe_dljbd`_gZl`Zem_lkygZ]heh\hdjm`_gb_ebidb_eZ^hgb
kbevgu_k_j^_qgu_m^Zjub a\hg\ mrZo\ l_q_gb_[he__q_f  f_kM g_]hhlf_qZeZkv
lZd`_kmohklv\hjlmgZ[ex^Zebkvi_jbh^ug_dhgljhebjm_fh]hjZkdZqb\ZgbyZ lZd`_
ihklhyggh_ qm\kl\h qlh hg ©gZoh^blky gZ djZxª b qm\kl\h gZklhjh`_gghklb dhlhjh_
f_rZeh _fm khkj_^hlhqblv \gbfZgb_ Wlb hsms_gby bf_eb f_klh \ l_q_gb_ ^\mo
ij_^u^msbo e_l hgb g_ [ueb k\yaZgu k hij_^_e_ggufb ^bkdj_lgufb i_jbh^Zfb
\j_f_gb
< k\yab k wlbfb gZjmr_gbyfb _]h bkke_^h\Zeb e_qZsbc \jZq g_\jhiZlheh]

g_cjhobjmj]objhijZdlbd
?fm gZagZqbeb ]bih]ebd_fbq_kdmx ^b_lm ijh\h^beb ikbohl_jZibx ih ih\h^m
©ijbqbgyxs_]h fmq_gby g_j\Zª b ih^haj_\Zeb m g_]h gZebqb_ ©aZ[he_\Zgby
\gmlj_gg_]hmoZª
< l_q_gb_ ^\mo ihke_^gbo e_l m g_]h [ueh fZeh ki_pbZevguo dhglZdlh\ ih
ijbqbg_hkh[_gghkl_c_]hg_j\ghckbkl_fuOhlyhgbgh]^Z\ugm`^_g[ueg_jZ[hlZlv
_kebkhklhygb_[uehg_i_j_ghkbfufhgijh^he`Z_ljZ[hlZlv\ lhc`_kZfhcnbjf_\
dhlhjhcijhr_eh[mq_gb_kjZam`_ihke_hdhgqZgbyrdheuHgklZjZ_lkykdjulvk\hb
[he_ag_ggu_ i_j_`b\Zgby hl `_gu b ^_l_c i_j_^ dhlhjufb ohq_l \u]ey^_lv
©kh\_jr_ggufª gh hlf_qZ_l qlh bkiulu\Z_l hij_^_e_ggu_ ljm^ghklb \h
\aZbfhhlghr_gbbk gbfblZddZdhghq_gvg_j\guc
g_dhgljhebjm_fh_
H[km`^_gb_ Kbfilhfu ^\b]Zl_evgh]h gZijy`_gby
ihdZqb\Zgb_  \_]_lZlb\gZy ]bi_jZdlb\ghklv ihleb\hklv ebidb_ eZ^hgb kbevgh_
k_j^p_[b_gb_  Z lZd`_ ih\ur_ggZy gZklhjh`_gghklv b hsms_gb_ ke_`_gby
©ihklhyggh gZ ]jZgbª qm\kl\h qlh aZ gbf ke_^yl  mdZau\Zxl gZ lj_\h`gh_
jZkkljhckl\h Ihkdhevdm iZlheh]bq_kdb_ ijhy\e_gby g_ h]jZgbq_gu hl^_evgufb
i_jbh^Zfb dZd ijb iZgbq_kdbo jZkkljhckl\Zo b g_ nhdmkbjmxlky \hdjm] ^bkdj_lguo
klbfmeh\ dZd ijb nh[bq_kdbo jZkkljhckl\Zo ^bZ]ghahf y\ey_lky jZkkljhckl\h \ \b^_
]_g_jZebah\Zgghclj_\h`ghklb
Ohly [hevghc fgh]h jZa dhgkmevlbjh\Zeky m \jZq_c ih ih\h^m k\hbo
iZlheh]bq_kdbo kbfilhfh\ hlkmlkl\b_ kljZoh\ i_j_^ dZdhceb[h ki_pbnbq_kdhc
[he_agvxbkdexqZ_l^bZ]ghabihohg^jbb
>bZ]gha '60,,,5
Hkv , JZkkljhckl\h\ \b^_]_g_jZebah\Zgghclj_\h`ghklb
DEBGBQ?KDBCIH>OH>

NZjfZdheh]bq_kdZyl_jZiby
J_r_gb_ h gZagZq_gbb Zgdkbheblbq_kdh]h ij_iZjZlZ h[uqgh j_^dh ijbgbfZ_lky
ihke_i_j\h]h\bablZ\jZqZd [hevghfmMqblu\Zyojhgbq_kdmxijbjh^mjZkkljhckl\Z
gZ^hlsZl_evghh[^mfu\ZlvieZge_q_gby
Ijb wlhf jZkkljhckl\_ ij_^ihql_gb_ hl^Z_lky [_gah^bZa_ibgZf < kemqZ_
jZkkljhckl\Z \ \b^_ ]_g_jZebah\Zgghc lj_\h`ghklb e_dZjkl\Z fh`gh gZagZqZlv gZ
hkgh\_SUQlZdqlh[hevghcijbgbfZ_l[ukljh^_ckl\mxsb_[_gah^bZa_ibgudZdlhevdh
qm\kl\m_l qlh lj_\h`ghklv klZeZ qj_af_jghc :evl_jgZlb\guf ih^oh^hf y\ey_lky
gZagZq_gb_mklhcqb\uo^ha[_gah^bZa_ibgh\\ l_q_gb_h]jZgbq_ggh]hi_jbh^Z\j_f_gb
h^gh\j_f_ggh k ikbohkhpbZevghc l_jZib_c Ijbf_g_gb_ [_gah^bZa_ibgh\ ijb wlhf
jZkkljhckl\_ k\yaZgh k jy^hf ljm^ghkl_c Ijb[ebabl_evgh ² [hevguo g_
h[gZjm`b\Zxl debgbq_kdh]h memqr_gby lh]^Z dZd lhe_jZglghklv b aZ\bkbfhklv fh]ml
\ujZ[Zlu\Zlvky M g_dhlhjuo [hevguo hlf_qZ_lky gZjmr_gb_ \gbfZgby qlh
m\_ebqb\Z_l jbkd g_kqZklguo kemqZ_\ ijb \h`^_gbb Z\lhfh[bey beb jZ[hl_ gZ
ijhba\h^kl\_
%XVSLURQH g_[_gah^bZa_ibgh\uc Zgdkbheblbd fh`_l [ulv j_dhf_g^h\Zg dZd
kZfh_ emqr__ kj_^kl\h ^ey wlbo [hevguo Ohly hgh ^_ckl\m_l k aZ^_j`dhc ijb _]h
ijbf_g_gbb g_ \hagbdZ_l fgh]bo hkeh`g_gbc bf_xsboky m [_gah^bZa_ibgh\ JZg__
kqblZeb qlh ljbpbdebq_kdb_ Zglb^_ij_kkZglu b bg]b[blhju fhghZfbghhdkb^Zau
g_wnn_dlb\gu ijb e_q_gbb ]_g_jZebah\Zgghc lj_\h`ghklb h^gZdh bf_xlky ^Zggu_

qlh wlh g_ lZd E:^j_g_j]bq_kdb_ [ehdZlhju lZdb_ dZd ZgZijbebg bkihevamxlky ^ey
e_q_gby i_jbn_jbq_kdbo ijhy\e_gbc lj_\h`ghklb Z Zglb]bklZfbggu_ ij_iZjZlu
ijbf_gyxlky m l_o [hevguo m dhlhjuo hkh[_ggh \ukhdZ \_jhylghklv \hagbdgh\_gby
ijb\udZgbyd [_gah^bZa_ibgZf
IkbohkhpbZevgZyl_jZiby
< ih\_^_gq_kdhf ih^oh^_ d jZkkljhckl\m \ \b^_ ]_g_jZebah\Zgghc lj_\h`ghklb
^_eZ_lky mihj gZ dh]gblb\gu_ kljZl_]bb iha\heyxsb_ kijZ\blvky k jZkkljhckl\hf
j_eZdkZpbxh[^mfu\Zgb_b [bhih^dj_ie_gb_
KZfZy \Z`gZy jhev ijbgZ^e_`bl ikbohl_jZibb hkh[_ggh \ khq_lZgbb k
h[^mfu\Zgb_f lj_\h`ghklb ?keb mklZgh\e_gh qlh lZdZy l_jZiby ih^oh^bl [hevghfm
\u[hjf_lh^ZaZ\bkblhlijbqbgue_`Zs_c\ hkgh\_wlhclj_\h`ghklbH[s__ijZ\beh
khklhbl \ lhf qlh gZebqb_ ijh[e_f g_\jhlbq_kdh]h oZjZdl_jZ k\yaZgguo k
oZjZdl_jheh]bq_kdbfb hkh[_gghklyfb lj_[m_l mqZklby ikbohZgZeblbdZ beb `_
ijh\_^_gby h^gh]h beb [he__ dmjkh\ ijhehg]bjh\Zgghc l_jZibb ?keb bf__l f_klh
ikboheh]bq_kdZyijh[e_fZb hgZk\yaZgZkhki_pbnbq_kdbf\g_rgbfy\e_gb_f\iheg_
wnn_dlb\ghc fh`_l hdZaZlvky djZldh\j_f_ggZy l_jZiby ihfh]ZxsZy [hevguf
jZaj_rblvk\hbdhgnebdlub ihemqblvh[e_]q_gb_hliZlheh]bq_kdboijhy\e_gbc
;hevrbgkl\h [hevguo hlf_qZxl qlh dh]^Z m gbo ihy\ey_lky \hafh`ghklv
h[km^blv k\hb ijh[e_fu k aZbgl_j_kh\Zgguf b khqm\kl\mxsbf \jZqhf lj_\h]Z m gbo
agZqbl_evgh hkeZ[_\Z_l QZklh ihke_ \uy\e_gby \gZqZe_ kdjuluo ijh\hpbjmxsbo
kh[ulbc \ l_q_gb_ g_kdhevdbo [_k_^ klZgh\blky ykguf \hijhk h lhf dZdZy ba
ih^^_j`b\Zxsbo f_lh^bd ^he`gZ [ulv bkihevah\ZgZ M[_`^_gb_ [hevgh]h \ lhf qlh
_]hkljZobg_h[hkgh\Zguihhsj_gb_d lhfmqlh[uhgg_ba[_]Ze\uau\Zxsbolj_\h]m
klbfmeh\ Z lZd`_ ij_^hklZ\e_gb_ _fm \hafh`ghklb [_k_^h\Zlv k \jZqhf h k\hbo
i_j_`b\Zgbyo hdZau\Zxl [hevghfm kms_kl\_ggmx ihfhsv ^Z`_ _keb f_lh^bdb b g_
\_^mld iheghfmbae_qb\Zgbx?keb\jZqbkqblZxlqlhhdjm`ZxsZy[hevgh]h\g_rgyy
h[klZgh\dZ \uau\Z_l m g_]h lj_\h]m hgb fh]ml kZfb beb k ihfhsvx [hevguo beb bo
k_f_cbaf_gblvh[klZgh\dmlZdqlh[uhgZkihkh[kl\h\ZeZihgb`_gbxklj_kkZKe_^m_l
ihfgblv qlh hkeZ[e_gb_ wZzhshmq·_krhp kbfilhfZlbdb iha\hey_l [hevghfm [he__
wnn_dlb\gh kijZ\eylvky kh k\hbfb _`_^g_\gufb ^_eZfb b \aZbfhhlghr_gbyfb k
hdjm`Zxsbfb qlh kZfh ih k_[_ h[_ki_qb\Z_l ^hihegbl_evgh_ \hagZ]jZ`^_gb_ b
m^h\e_l\hj_gb_dhlhju_kZfbihk_[_y\eyxlkyp_ebl_evgufb
=eZ\Z 
KHF:LHNHJFGU?J:KKLJHCKL?E?GB?
JZkkljhckl\h\ \b^_khfZlbaZpbby\ey_lkyojhgbq_kdbfkbg^jhfhfkhklhysbfba
fgh`_kl\ZkhfZlbq_kdbokbfilhfh\dhlhju_g_evayh[tykgblvk ihabpbcf_^bpbgub
dhlhju_ k\yaZgu k ly`_eufb i_j_`b\Zgbyfb b `_eZgb_f ihemqblv ihfhsv hl \jZqZ
Kh]eZkgh '60,,,5 ^ey lh]h qlh[u ihklZ\blv wlhl ^bZ]gha lj_[m_lky qlh[u [he_agv
ijh^he`ZeZkv \ l_q_gb_ g_kdhevdbo e_l gZqZ\rbkv \ \hajZkl_ jZg__  e_l Gb`_
ijb\h^ylky^bZ]ghklbq_kdb_djbl_jbb '60,,,5 ^eyjZkkljhckl\Z\ \b^_khfZlbaZpbb
: Fgh`_kl\_ggu_ `Zeh[u gZ gZjmr_gb_ nbabq_kdh]h khklhygby beb ijbagZgb_
k_[y[hevgufgZqZ\rb_ky\ \hajZkl_^h e_lb ijh^he`Zxsb_ky\ l_q_gb_g_kdhevdbo
e_l
; Ihf_gvr_cf_j_  kbfilhfh\ ba i_j_qbke_gguo gb`_ Qlh[u kbfilhf [ue
ijbagZgagZqbfufgZ^hqlh[uhghl\_qZeke_^mxsbfdjbl_jbyf
 hlkmlkl\b_ hj]Zgbq_kdhc iZlheh]bb beb iZlhnbabheh]bq_kdbo ijbagZdh\
[he_agb gZijbf_jkhfZlbq_kdh_aZ[he_\Zgb_bebih\j_`^_gb_l_eZ\ebygb_e_q_gby
gZjdhlbdh\ beb Zedh]hey  dhlhju_ fh]eb [u e_`Zlv \ hkgh\_ wlh]h kbfilhfZ beb `_
_keb bf__l f_klh dZdZylh hj]Zgbq_kdZy iZlheh]by `Zeh[u b jZaf_j khpbZevguo b
ijhn_kkbhgZevguo gZjmr_gbc agZqbl_evgh ij_\urZxl jZkkljhckl\Z dhlhju_ fh`gh
h[gZjm`blvijbihfhsbbkke_^h\Zgbynbabq_kdh]hkhklhygby[hevgh]h
 g_ijhy\ey_lkylhevdh\h\j_fyiZgbq_kdboijbklmih\
 [hevghfm ijboh^blky ijb[_]Zlv d e_dZjkl\Zf g_ d l_f dhlhju_ ihfh]Zxl
[hjhlvkyk [hevx ihk_sZlv\jZqZZ lZd`_agZqbl_evghf_gylvk\hch[jZa`bagb
Kbfilhfudhlhju_fh]mlbf_lvf_klh
@_em^hqghdbr_qgu_gZjmr_gby
 j\hlZ g_lZdZydZdijb[_j_f_gghklb 
 [heb\ `b\hl_ g_lZdb_dZdijbf_gkljmZpbb 
 lhrghlZ g_lZdZydZdijb[he_agyodbr_qgbdZ 
 \a^mlb_`b\hlZ ]Zau 
 ihghk
 g_i_j_ghkbfhklv bebiehoh_kZfhqm\kl\b_ ihke_g_dhlhjuo\b^h\ibsb
;he_\u_kbfilhfu
 [heb\ dhg_qghklyo
 [heb\ kibg_
 [heb\ kmklZ\Zo
 [heb\h\j_fyfhq_bkimkdZgby
 ^jm]b_[heb aZbkdexq_gb_f]heh\guo[he_c GZjmr_gbykhklhjhguk_j^pZ
b ^uoZl_evghckbkl_fu
 ih\_joghklgh_ ^uoZgb_ aZ bkdexq_gb_f l_o kemqZ_\ dh]^Z ijbf_gy_lky
ki_pbZevgh_mkbeb_ 
 kbevgh_k_j^p_[b_gb_
 [heb\ ]jm^ghcde_ld_
 ]heh\hdjm`_gb_
Dhg\_jkbybebik_\^hg_\jheh]bq_kdb_kbfilhfu
 Zfg_aby
 aZljm^g_ggh_]ehlZgb_

 ihl_jy]hehkZ
 ]emohlZ
 ^\hckl\_gghklvajbl_evgh]hh[jZaZ
 g_q_ldhklvaj_gby
 ke_ihlZ
 h[fhjhdbbebihl_jbkhagZgby
 ijbiZ^dbbebdhg\mevkbb
 rZlZgb_ijboh^v[_
 iZjZebqbebfur_qgZykeZ[hklv
 aZ^_j`dZ fhqb beb ljm^ghklb k fhq_bkimkdZgb_f K_dkmZevgu_ kbfilhfu
oZjZdl_jbamxsb_ [hevrmx qZklv `bagb [hevgh]h dh]^Z ij_^klZ\eyeZkv
\hafh`ghklvk_dkmZevghcZdlb\ghklb
 hsms_gb_``_gby\ iheh\uohj]ZgZobeb\ ijyfhcdbrd_ g_lZdh_dZdijb
iheh\uokghr_gbyo 
 k_dkmZevgh_jZ\gh^mrb_
 [heb\h\j_fyiheh\uokghr_gbc
 bfihl_gpby
@_gkdb_j_ijh^mdlb\gu_kbfilhfudhlhju_dZdkqblZ_l[hevgZygZ[ex^Zxlky
[he__qZklhb ijhl_dZxl[he__ly`_ehq_fm [hevrbgkl\Z`_gsbg
 [he_ag_ggu_f_gkljmZpbb
 g_j_]meyjgu_f_gkljmZevgu_i_jbh^u
 kebrdhfh[bevgh_f_gkljmZevgh_djh\hl_q_gb_
 j\hlZ \h \j_fy [_j_f_gghklb Hlf_lvl_ gZebqb_ k_fb y\guo kbfilhfh\ ba
i_j_qbke_gguo\ur_k\b^_l_evkl\m_lh jZkkljhckl\_\ \b^_khfZlbaZpbbGZhkgh\Zgbb
gZebqby^\mobeb[he__bawlbokbfilhfh\fh`ghk \_kdbfbhkgh\Zgbyfbij_^iheZ]Zlv
wlhjZkkljhckl\hLZdbfh[jZahfkhfZlbq_kdb_kbfilhfug_^he`gu[ulvh[mkeh\e_gu
e_dZjkl\_ggufb \_s_kl\Zfb gZjdhlbdZfb beb Zedh]he_f hgb lZd`_ ^he`gu [ulv
^hklZlhqgh g_ijbylgufb \ugm`^Zy [hevgh]h ijbgbfZlv e_dZjkl\Z gh g_ Zkibjbg b
h[jZsZlvky d \jZqm beb baf_gylv k\hc h[jZa `bagb DZd hlf_qZehkv wlb kbfilhfu
^he`gu \oh^blv \ i_j_qbke_ggu_ \ur_ dZl_]hjbabjh\Zggu_ \ k_fv ]jmii k_fv
dZl_]hjbcLj_[h\ZgbydZkZxsb_kyjZkij_^_e_gbykbfilhfh\ih]jmiiZfhlkmlkl\mxl
JZkkljhckl\h \ \b^_ khfZlbaZpbb [ueh kgZqZeZ ba\_klgh dZd bkl_jby l_jfbg
dhlhjuc ihy\beky \  ] b hibku\Z_l lhqgh lZdhc `_ kbg^jhf dZdbf hg y\ey_lky
k_cqZk Wlh jZkkljhckl\h gZau\Zehkv lZd`_ kbg^jhfhf ;jbd_ ih bf_gb njZgpmakdh]h
ikbobZljZ dhlhjuc hibkZe [hevguo k khfZlbq_kdbfb `Zeh[Zfb gh [_a gZebqby
j_ZevguoijbagZdh\khfZlbq_kdh]haZ[he_\Zgby

WIB>?FBHEH=BY
KhfZlbaZpbyh[gZjm`b\Z_lky m ² `_gsbg ohly \ g_dhlhjuo bkke_^h\Zgbyo
ijb\h^ylky [he__ gbadb_ pbnju Hgh \klj_qZ_lky gZfgh]h qZs_ m `_gsbg q_f m
fm`qbg b bf__l hljbpZl_evgmx dhjj_eypbx k khpbZevguf iheh`_gb_f ijhy\eyykv
[he__ qZklh kj_^b fZehh[jZah\Zgguo [_^guo ex^_c b l_o dlh bf__l [he__ gbadbc
ijhn_kkbhgZevguc klZlmk Hgh gZqbgZ_lky \ \hajZkl_ fheh`_  e_l qZs_ \k_]h \
iha^g_fih^jhkldh\hf\hajZkl_
JZkkljhckl\h\ \b^_khfZlbaZpbbgZ[ex^Z_lky\ hij_^_e_gguok_fvyo\ dhlhjuo
m [ebadbojh^kl\_ggbp[hevguok wlbfjZkkljhckl\hfbf__lf_klh\ ² BNN?J?GPB:EVGUC>B:=GHA
Ijb gZebqbb kbfilhfZlbdb ^Zggh]h jZkkljhckl\Z \jZq ij_`^_ \k_]h ^he`_g
bkdexqblv hj]Zgbq_kdbc oZjZdl_j GZb[hevrb_ ^bZ]ghklbq_kdb_ ljm^ghklb \uau\Z_l

gZebqb_ khfZlbq_kdbo aZ[he_\Zgbc khijh\h`^Zxsboky fgh]hqbke_ggufb [ukljh
f_gyxsbfbky jZkkljhckl\Zfb d lZdbf aZ[he_\Zgbyf hlghkylky jZkk_ygguc kde_jha
kbkl_fgZy djZkgZy \heqZgdZ hkljZy bgl_jfbllbjmxsZy ihjnbjby ]bi_jiZjZlbj_ha b
ojhgbq_kdb_ kbkl_fgu_ bgn_dpbb ;he__ lh]h gZqZeh iZlheh]bq_kdbo ijhy\e_gbc \
iha^g_f \hajZkl_ fh`_l mdZau\Zlv gZ gZebqb_ nbabq_kdh]h aZ[he_\Zgby b ^bZ]gha g_
fh`_l[ulvihklZ\e_g^hl_oihjihdZwlhg_[m^_lbkdexq_gh
Djhf_ lh]h gZ^h bkdexqblv b ^jm]b_ jZkkljhckl\Z GZijbf_j ohly [hevgu_ k
]_g_jZebah\Zgghc lj_\h`ghklvx beb iZgbq_kdbfb jZkkljhckl\Zfb qZklh ij_^ty\eyxl
khfZlbq_kdb_ `Zeh[u bo lj_\h`ghklv b iZgbq_kdb_ j_Zdpbb qZklh fZkdbjmxl
khfZlbq_kdb_ gZjmr_gby Ijb ^_ij_kkbb m [hevguo lZd`_ bf_xl f_klh oZjZdl_jgu_
dh]gblb\gu_ ih\_^_gq_kdb_ b Znn_dlb\gu_ kbfilhfu dhlhju_ h[gZjm`b\Zxl
l_g^_gpbx d i_jbh^bqghklb >bnn_j_gpbjh\Zgb_ k rbahnj_gb_c hkgh\u\Z_lky gZ
gZebqbb m [hevguo rbahn_gb_c khfZlbq_kdh]h [j_^Z b oZjZdl_jguo jZkkljhckl\
fure_gby]ZeexpbgZpbcb gZjmr_gbyj_Zevghchp_gdb\g_rg_]hfbjZ
Kbfilhfu dhg\_jkbb h[jZamxl h^gm ba k_fb ih^]jmii khfZlhnhjfgh]h
jZkkljhckl\Z lZdbf h[jZahf fgh`_kl\_ggu_ ih\lhjgu_ dhg\_jkb\gu_ j_Zdpbb
gZqZ\rb_ky \ \hajZkl_ fheh`_  e_l ke_^m_l ^bZ]ghklbjh\Zlv dZd khfZlhnhjfgh_
jZkkljhckl\h Kbfilhfu khfZlbaZpbb h^gZdh g_ h]jZgbq_gu k_gkhfhlhjgufb b
g_\jheh]bq_kdbfb `Zeh[Zfb hgb ho\Zlu\Zxl ]hjZa^h [he__ rbjhdbc ^bZiZahg
Kh]eZkgh '60,,,5 fh`gh klZ\blv h[Z ^bZ]ghaZ \f_kl_²jZkkljhckl\h \ \b^_
khfZlbaZpbbb dhg\_jkb\gh_jZkkljhckl\h
Bihohg^jby ^bnn_j_gpbjm_lky hl jZkkljhckl\Z \ \b^_ khfZlbaZpbb ih lhfm
ijbagZdm qlh hgZ \dexqZ_l m[_`^_gb_ \ gZebqbb aZ[he_\Zgby b kljZo i_j_^ gbf Z
lZd`_ haZ[hq_gghklv khklhygb_f k\h_]h hj]ZgbafZ b gZqbgZ_lky h[uqgh ihke_  e_l
;hevgu_ k khfZlhnhjfgufb [heyfb h[gZjm`b\Zxl jZkkljhckl\Z \ \b^_ [he_\uo
hsms_gbc Z \ hklZevghf koh^gu k km[t_dlZfb kljZ^Zxsbfb jZkkljhckl\hf \ \b^_
khfZlbaZpbb
IJH=GHA
JZkkljhckl\h \ \b^_ khfZlbaZpbb y\ey_lky ojhgbq_kdbf khklhygb_f bf_xsbf
nemdlmbjmxs__ l_q_gb_ lZd qlh [hevgu_ j_^dh g_ h[gZjm`b\Zxl iZlheh]bq_kdbo
kbfilhfh\ J_^dh kemqZ_lky qlh hgb \ l_q_gb_ ]h^Z fh]ml h[oh^blvky [_a ihfhsb
\jZqZGhdZdhdZaZehkvmjh\_gvkf_jlghklbm gbog_gZfgh]hij_\urZ_lghjfZevguc

E?Q?GB?
;hevgh]h k khfZlbaZpbhgguf jZkkljhckl\hf ^he`_g e_qblv h^bg \jZq \ l_q_gb_
^ebl_evgh]h\j_f_gbihkdhevdmq_f[hevr_\jZq_cijbgbfZxlmqZklb_\ e_q_gbbl_f
[hevr_ m [hevgh]h \hafh`ghkl_c d fZgbimebjh\Zgbx b l_f [hevr_ ijh\h^blky
g_gm`guof_^bpbgkdbo\f_rZl_evkl\
Ikbohl_jZiby hdZau\Z_l ohjhrbc wnn_dl m [hevguo k khfZlbaZpb_c IhdZaZgh
qlh hgZ kgb`Z_l haZ[hq_gghklv [hevgh]h k\hbf a^hjh\v_f gZ  \ hkgh\ghf aZ kq_l
kgb`_gby nmgdpbhgZevghc ]bi_jZdlb\Zpbb b m^h\e_l\hj_gghklb f_^bpbgkdhc
ihfhsvx Ijb ihfhsb ikbohl_jZibb [hevguf m^Z_lky ihfhqv kijZ\blvky k
iZlheh]bq_kdhckbfilhfZlbdhcb ih\hafh`ghklbh]jZgbqblv__
Ijb e_q_gbb [hevguo k khfZlbaZpb_c gZagZq_gby ikbohljhiguo ij_iZjZlh\ b
ZgZev]_lbdh\ ke_^m_l ba[_]Zlv ohly g_dhlhju_ \jZqb gZoh^yl qlh ohjhrbc wnn_dl
fh`ghihemqblvijbe_q_gbbZglb^_ij_kkZglZfbdh]^Zij_h[eZ^ZxsbfjZkkljhckl\hf

y\ey_lky ^_ij_kkby ?E?GB?
Bihohg^jbb ij_^klZ\eyxl kh[hc qj_af_jgmx haZ[hq_gghklv k\hbf a^hjh\v_f b
ko\Zq_gghklvlj_\h]hch kh[kl\_gghfa^hjh\v_Bihohg^jbyy\ey_lkyg_j_Zebklbq_kdhc
ljZdlh\dhckhfZlbq_kdbokbfilhfh\b hsms_gbcqlhijb\h^bld ko\Zq_gghklbkljZohf
beb m[_`^_gb_f \ gZebqbb k_jv_agh]h aZ[he_\Zgby ^Z`_ ckeb g_l gbdZdhc
khfZlbq_kdhc [he_agb dhlhjZy fh]eZ [u h[tykgylv wlb nbabq_kdb_ kbfilhfu beb
hsms_gby Wlhl kljZo beb m[_`^_gghklv \ [he_agb m^_j`b\Zxlky g_kfhljy gZ
Z^_d\Zlgu_m[_`^_gbyGb`_ijb\h^ylky^bZ]ghklbq_kdb_djbl_jbb^eybihohg^jbb
: Ho\Zq_gghklvkljZohfi_j_^gZebqb_fly`_eh]haZ[he_\Zgbyb m[_`^_gghklv\
lhf qlh hgh bf__lky hkgh\ZggZy gZ ljZdlh\d_ km[t_dlhf khfZlbq_kdbo ijbagZdh\ b
hsms_gbcjZkkfZljb\Z_fuodZd^hdZaZl_evkl\hkhfZlbq_kdh]haZ[he_\Zgby
; Khhl\_lkl\mxs__ h[ke_^h\Zgb_ nbabq_kdh]h khklhygby g_ ih^l\_j`^Z_l
^bZ]gha dZdh]heb[h khfZlbq_kdh]h jZkkljhckl\Z dhlhjh_ fh]eh [u e_`Zlv \ hkgh\_
nbabq_kdboijbagZdh\b hsms_gbcbebg_hijZ\^Zgguobgl_jij_lZpbcbokm[t_dlhfb
gZebqb_kbfilhfZ:g_y\eyxs_]hkyijhklhkbfilhfhfiZgbq_kdboijbiZ^dh\
 M[_`^_gghklv \ ijhy\e_gbyo hibkZgguo \ : g_ ^hklb]Z_l [j_^h\hc
bgl_gkb\ghklbdZdwlhbf__lf_klhijb[j_^h\hfjZkkljhckl\_khfZlbq_kdbclbi l_
km[t_dl fh`_l ijbagZ\Zlv \hafh`ghklv qlh hg beb hgZ [hylky [ulv [hevgufb beb
ij_^iheZ]Zxlqlhhgb[hevgulh]^ZdZdgZ^_e_wlh]hg_l 
WIB>?FBHEH=BY
< h[s_f_^bpbgkdhc ijZdlbd_ bihohg^jby \klj_qZ_lky \ ²  hl qbkeZ \k_o
[hevguoJZkijhkljZg_gghklv__ kj_^bgZk_e_gbyg_ba\_klgZIhdZaZghqlhbihohg^jby
ijb[ebabl_evgh\ jZ\ghcf_j_\klj_qZ_lkym fm`qbgb `_gsbgFZdkbfZevgZyqZklhlZ
aZ[he_\Zgbyijboh^blkygZ\hajZklq_l\_jlh]h² iylh]h^_kylbe_lby`bagbh^gZdhhgZ
fh`_l\klj_qZlvky\ ex[hf\hajZkl_hkh[_gghm ih^jhkldh\b ebp\ \hajZkl_klZjr_ 
e_lBf_xlkylZd`_^Zggu_h lhfqlhbihohg^jbyqZs_\klj_qZ_lkykj_^bb^_glbqguo
[ebag_ph\b ^jm]bo[ebadbojh^kl\_ggbdh\

WLBHEH=BY
Ijbjh^Zbihohg^jbbikboh^bgZfbq_kdZy:]j_kkb\gu_b \jZ`^_[gu_`_eZgbyih
hlghr_gbxd hdjm`Zxsbfi_j_\h^ylky j_ij_kkbyb kf_s_gb_ \ nbabq_kdb_`Zeh[u
=g_\ bihohg^jbdZ [_j_l gZqZeh \ i_j_`b\Zgbyo ijhreh]h hl\_j]Zgbyo b ihl_jyo gh
\ujZ`Z_lky\ gZklhys_f\ \b^_ijhkv[d ^jm]bfex^yfh ihfhsbb khqm\kl\bbZ aZl_f
\k_wlhhl\_j]Z_lkydZdg_wnn_dlb\gh_Bihohg^jbyjZkkfZljb\Z_lkylZd`_dZdaZsblZ
hl\bguqm\kl\Z\gmlj_gg_]hg_[eZ]hihemqby\ujZ`_gb_gbadhckZfhhp_gdbb ijbagZd
ih\ur_ggh]h [_kihdhckl\Z h kZfhf k_[_ ;hev b khfZlbq_kdh_ kljZ^Zgb_ y\eyxlky
lZdbf h[jZahf bkdmie_gb_f b jZkieZlhc ebd\b^Zpb_c  b fh]ml \hkijbgbfZlvky dZd
`_eZ_fh_ gZdZaZgb_ aZ ijhreu_ ijh\bgghklb dZd j_Zevgu_ lZd b \hh[jZ`Z_fu_  b
hsms_gb_k\h_cbkihjq_gghklbb ]j_oh\ghklb
Bihohg^jbyfh`_l bf_lv khpbhdmevlmjgh_ ijhbkoh`^_gb_ HgZ jZkkfZljb\Z_lky
dZd h[jZs_gb_ d jheb [hevgh]h km[t_dlhf dhlhjuc klZedb\Z_lky k ij_^iheZ]Z_fhc b
g_jZaj_rbfhc ijh[e_fhc Jhev [hevgh]h h[_ki_qb\Z_l \uoh^ ba kblmZpbb ihkdhevdm
[hevghc fh`_l ba[_`Zlv iZ]m[guo h[yaZl_evkl\ b hleh`blv g_`_eZl_evguc \uah\ Z
lZd`_g_\uihegblvg_ijbylguoh[yaZgghkl_c
Bf_xlky g_dhlhju_ ^Zggu_ qlh bihohg^jbdb ij_m\_ebqb\Zxl b mkbeb\Zxl
khfZlbq_kdb_ hsms_gby gZijbf_j hgb bf_xl [he__ gbadb_ ihjh]b b [he__ gbadmx
lhe_jZglghklvd nbabq_kdhfm^bkdhfnhjlmLhqlhghjfZevgucq_eh\_d\hkijbgbfZ_l
dZd ^Z\e_gb_ \ `b\hl_ bihohg^jbd \hkijbgbfZ_l dZd [hev \ `b\hl_ Fh`_l lZd`_
bf_lv f_klh hrb[hqgZy dh]gblb\gZy ko_fZ khhl\_lkl\_ggh dhlhjhc bihohg^jbd
nhdmkbjm_lky gZ hsms_gbyo kh klhjhgu k\h_]h l_eZ eh`gh bgl_jij_lbjm_l bo b hgb
\uau\Zxlm g_]hlj_\h]m
KhfZlbq_kdh_ aZ[he_\Zgb_ fh`_l \uau\Zlv m [hevgh]h ij_^jZkiheh`_gghklv
^\mfy imlyfb BNN?J?GPB:EVGUC>B:=GHA
DZd b khfZlhnhjfgu_ jZkkljhckl\Z bihohg^jbx ke_^m_l ^bnn_j_gpbjh\Zlv hl
hj]Zgbq_kdboaZ[he_\Zgbchkh[_ggh^bnnmagh]hoZjZdl_jZdhlhju_ihjZ`Zxlkbkl_fm
hj]Zgh\ gZijbf_jwg^hdjbggu_aZ[he_\ZgbybebaZ[he_\Zgbykh_^bgbl_evghcldZgb 
>_ij_kkbx ^bZ]ghklbjmxl \ l_o kemqZyo dh]^Z bihohg^jbq_kdb_ kbfilhfu
ijhy\eyxlkyi_jbh^bq_kdbkoh^ghk l_f dZd ijhl_dZ_l i_jbh^bq_kdZy ^_ij_kkby beb
_keb hgb \i_j\u_ \hagbdZxl \ iha^g_f \hajZkl_ m ebp jZg__ gbdh]^Z g_
h[gZjm`b\Z\rbo bihohg^jbb Fh]ml bf_lv f_klh b ^jm]b_ ^_ij_kkb\gu_ kbfilhfu
gZijbf_j[_kihfhsghklvkmbpb^Zevgu_b^_bb ihgb`_ggZykZfhhp_gdZ
Bihohg^jbq_kdb_ kbfilhfu lbibqgu lZd`_ ^ey jZkkljhckl\Z \ \b^_
]_g_jZebah\Zgghc lj_\h`ghklb b jZkkljhckl\Z \ \b^_ iZgbq_kdbo j_Zdpbc
Khhl\_lkl\_ggh '60,,,5 g_evayklZ\blv^bZ]gha
bihohg^jbb _keb kbfilhfu __ gZ[ex^Zxlky lhevdh \h \j_fy iZgbq_kdbo ijbklmih\
>_ckl\bl_evgh lj_\h`gu_ [hevgu_ qZklh \ujZ`Zxl [_kihdhckl\h ih ih\h^m k\h_]h
a^hjh\vy \ukdZau\Zxl fgh`_kl\h khfZlbq_kdbo `Zeh[ b h[gZjm`b\Zxl djZcgxx
gZijy`_gghklv l_eZ b kljZo i_j_^ [he_agvx Gh ^ey lZdbo [hevguo bihohg^jby g_
y\ey_lky hkgh\guf gZjmr_gb_f Z kdhj__ ijhy\e_gb_f [he__ ho\Zlu\Zxs_]h
jZkkljhckl\Z
Bihohg^jbq_kdZyhaZ[hq_gghklvb qbkluckhfZlbq_kdbc[j_^fh]mlgZ[ex^Zlvky
ijb rbahnj_gbb ^jm]bo ikbohlbq_kdbo khklhygbyo b hj]Zgbq_kdhf ikbohkbg^jhf_
M[_`^_gghklv bihohg^jbdh\ \ k\h_f [he_ag_gghf khklhygbb g_ y\ey_lky [j_^h\hc b
hgb fh]ml ohly b gZ dhjhldh_ \j_fy jZ^h\Zlvky qlh m gbo g_l [he_agb dhlhjhc hgb
[hylky GZijhlb\ khfZlbq_kdbc [j_^ klZlbq_g b g_baf_gy_f lh]^Z dZd
bihohg^jbq_kdb_ kbfilhfu k l_q_gb_f \j_f_gb baf_gyxlky Djhf_ lh]h [hevgu_
rbahnj_gb_c k khfZlbq_kdbf [j_^hf h[uqgh bf_xl ijbqm^eb\hklb b^bhkbgdjZabx
beb`_\_^mlk_[yg_khhl\_lkl\_gghk\hbfdmevlmjgufmklZgh\dZf
G_dhlhju_gZ\yaqb\hklbb nh[bbfh]mllZd`_gZihfbgZlvbihohg^jbxgh\ wlbo
kemqZyo [hevgu_ agZxl qlh gZ[ex^Zxsb_ky m gbo kbfilhfu bjjZpbhgZevgu
qj_af_jgub g_j_Zebklbqgu

K\yavf_`^mbihohg^jb_cb ^jm]bfbkhfZlhnhjfgufbjZkkljhckl\Zfbg_kdhevdh
g_ ykgZ Fh`gh klZ\blv ^bZ]gha bihohg^jbb h^gh\j_f_ggh k ^jm]bf khfZlhnhjfguf
jZkkljhckl\hfJZkkljhckl\Z\ \b^_khfZlbaZpbbg_\dexqZxlm[_`^_gghklv\ [he_agb
kljZo i_j_^ [he_agvx beb haZ[hq_gghklv khklhygb_f k\h_]h hj]ZgbafZ b hgb
gZqbgZxlky\ \hajZkl_fheh`_  e_lKhfZlbaZpbhggufjZkkljhckl\hfqZs_kljZ^Zxl
`_gsbgub hgbbf_xldZdijZ\behbkl_jbq_kdbcdh]gblb\gucklbevf_`ebqghklguo
hlghr_gbc ih kjZ\g_gbx k [he__ gZ\yaqb\ufb bihohg^jbdZfb Bf_xlky h^gZdh ^\Z
khklhygbydhlhju_fh]mli_j_dju\ZlvkyDhg\_jkb\gh_jZkkljhckl\hy\ey_lkyhkljufb
kdhjhijhoh^ysbf khklhbl ba h^gh]h gZ ^Zgguc fhf_gl g_\jheh]bq_kdh]h kbfilhfZ
lh]^Z dZd bihohg^jby y\ey_lky ojhgbq_kdbf khklhygb_f b \dexqZ_l ijhy\e_gby kh
klhjhgufgh`_kl\Zkljmdlmjb hj]Zgh\
?keb bf__l f_klh OD EHOOH LQGLIIHUHQFH ijb gZebqbb dhg\_jkb\gh]h jZkkljhckl\Z hgh
kbevgh hlebqZ_lky hl bihohg^jbq_kdh]h jZkkljhckl\Z KhfZlhnhjfgh_ [he_\h_
jZkkljhckl\h y\ey_lky ojhgbq_kdbf lZd `_ dZd b bihohg^jby gh kbfilhfu
h]jZgbqb\Zxlky[hevx
;hevgu_k ^bkfhjnhnh[b_cl_eZohlyl\u]ey^_lvghjfZevgufb gh kqblZxl qlh
^jm]b_ aZf_qZxl qlh wlh g_ lZd lh]^Z dZd bihohg^jbdb `_eZxl ijb\e_qv d k_[_
\gbfZgb_b ]jhfdhh[ty\eyxlk_[yg_ghjfZevgufb
Bihohg^jbyhlebqZ_lkyhlbkdmkkl\_ggh^_fhgkljbjm_fuojZkkljhckl\gZebqb_f
khfZlbq_kdbo kbfilhfh\ b l_f qlh hl kbfmeypbb bihohg^jbdb ^_ckl\bl_evgh
bkiulu\Zxl [he_ag_ggu_ i_j_`b\Zgby Z g_ kbfmebjmxl jZkkljhckl\Z dhlhjuo m gbo
g_lb gZdhlhju_hgb`Zemxlky

IJH=GHA
>ebl_evgh_ gZ[ex^_gb_ ihdZau\Z_l qlh  bihohg^jbdh\ hklZ_lky \ iehohf
khklhygbb Z hdheh  klZgh\blky ojhgbdZfb l_q_gb_ aZ[he_\Zgby m dhlhjuo
nemdlmbjmxs__ ;hevrbgkl\h bihohg^jbqguo ^_l_c h^gZdh \ua^hjZ\eb\Zxl \
iha^g_f ih^jhkldh\hf \hajZkl_ beb \ jZgg_c xghklb E_q_gb_ ihfh]Z_l agZqbl_evghc
qZklb [hevguo < ihevam ohjhr_]h ijh]ghaZ k\b^_l_evkl\mxl h^gh\j_f_ggh_ gZebqb_
lj_\h`ghklb b ^_ij_kkbb hkljh_ gZqZeh hlkmlkl\b_ ebqghklguo jZkkljhckl\ [he__
\ukhdbckhpbhwdhghfbq_kdbcklZlmk[he__fheh^hc\hajZklb hlkmlkl\b_hj]Zgbq_kdhc
iZlheh]bb

E?Q?GB?
Bihohg^jby h[uqgh [u\Z_l mklhcqb\hc d ijh\h^bfhc ikbobZljZfb l_jZibb
G_dhlhjuf [hevguf lZdh_ e_q_gb_ ihfh]Z_l _keb hgb e_qZlky \ ikbobZljbq_kdhf
mqj_`^_gbb b bo \gbfZgb_ nhdmkbjh\Zgh gZ j_^mdpbb klj_kkZ b \hkiblZgbb mf_gby
kijZ\blvky k ojhgbq_kdbf aZ[he_\Zgb_f Bf_xlky ^Zggu_ h lhf qlh lZdbf [hevguf
emqr_ \k_]h ihfh]Z_l ]jmiih\Zy l_jZiby lZd dZd hgZ h[_ki_qb\Z_l khpbZevgmx
ih^^_j`dm b khpbZevgh_ h[s_gb_ \ dhlhjuo [hevghc gm`^Z_lky Bg^b\b^mZevgZy
hjb_glbjh\ZggZygZdjblbdmljZ^bpbhggZyl_jZibyh[uqghg_^hklb]Z_lmki_oZ
>eyjZam[_`^_gby[hevgh]h\ lhfqlhhgg_ihdbgml\jZqZfbb qlhd _]h`Zeh[Zf
hlghkylky k_jv_agh g_h[oh^bfu qZklu_ h[ke_^h\Zgby khfZlbq_kdh]h khklhygby
Bg\Zab\gu_ ^bZ]ghklbq_kdb_ f_lh^u b ijhp_^mju ke_^m_l h^gZdh ij_^ijbgbfZlv
hkgh\u\Zykv ebrv gZ h[t_dlb\ghc g_h[oh^bfhklb Ih \hafh`ghklb gZ^h
\ha^_j`b\Zlvkyhle_q_gbyg_kms_kl\_gguobebkemqZcghh[gZjm`_gguogZjmr_gbc
NZjfZdhl_jZiby ijb\h^bl d memqr_gbx khklhygby bihohg^jbdh\ lhevdh \ lhf

kemqZ_ _keb \ hkgh\_ bo gZjmr_gbc e_`Zl khklhygby k_gablb\gu_ d e_dZjkl\Zf
gZijbf_j jZkkljhckl\h \ \b^_ lj_\h`ghklb b ly`_eZy ^_ij_kkby Dh]^Z bihohg^jby
y\ey_lky \lhjbqghc ih hlghr_gbx d g_dhlhjuf ikbobq_kdbf i_j\bqguf
jZkkljhckl\Zf __ lZd`_ ke_^m_l e_qblv ih \k_f ijZ\beZf Dh]^Z bihohg^jby
ij_^klZ\ey_l kh[hc ljZgab_glgmx kblmZpbhggmx j_Zdpbx [hevguf gZ^h ihfh]Zlv
kijZ\blvkykhklj_kkhfg_ih^dj_ieyybo[he_ag_ggh_ih\_^_gb_b bkihevah\Zgb_bfb
jheb[hevgh]h^eyj_r_gbyk\hboijh[e_f
>BKFHJNHNH;BYL?E:

HIJ?>?E?GB?
;hevgu_ k ^bkfhjnbq_kdbf jZkkljhckl\hf l_eZ dhlhjh_ ba\_klgh lZd`_ dZd
^bkfhjnhnh[by kqblZxl qlh m gbo gZjmr_gZ nhjfZ dZdboeb[h qZkl_c l_eZ beb hgb
^_n_dlgu ohly bo \g_rghklv h[t_dlb\gh g_ baf_g_gZ H^gZdh m[_`^_gghklv lZdbo
[hevguo g_ bf__l [j_^h\h]h oZjZdl_jZ Kh]eZkgh '60,,,5 ^bkfhjnbq_kdh_
jZkkljhckl\h l_eZ ^bZ]ghklbjm_lky ^h l_o ihj ihdZ g_l g_j\ghc Zghj_dkbb Gb`_
ijb\_^_gu^bZ]ghklbq_kdb_djbl_jbb^ey^bkfhjnbq_kdh]hjZkkljhckl\Zl_eZ
: Ho\Zq_gghklv dZdbfeb[h \hh[jZ`Z_fuf ^_n_dlhf k\h_c \g_rghklb m
q_eh\_dZ k ghjfZevghc \g_rghklvx ?keb bf__lky __ g_agZqbl_evguc ^_n_dl j_Zdpby
gZg_]hqj_a\uqZcghij_m\_ebq_gZ
; M\_j_gghklv \ ^_n_dl_ g_ bf__l [j_^h\hc bgl_gkb\ghklb dZd ijb [j_^h\hf
jZkkljhckl\_ khfZlbq_kdbc lbi gZijbf_j fh`gh ijbagZlv qlh hg beb hgZ
ij_m\_ebqb\Zxl b jZkrbjyxl ]jZgbpu k\h_]h ^_n_dlZ b qlh fh`_l \hh[s_ g_ [ulv
gbdZdh]h^_n_dlZ 
?FBHEH=BY
Kj_^gbc \hajZkl [hevguo k ^bkfhjnhnh[b_c l_eZ khklZ\ey_l 
JZkijhkljZg_gghklvkj_^bfm`qbgb `_gsbgg_ba\_klgZ

e_l

WLBHEH=BY
Wlbheh]by ^bkfhjnbq_kdh]h jZkkljhckl\Z g_ba\_klgZ M g_dhlhjuo [hevguo
hsms_gbyhkgh\u\ZxlkygZ[he__ly`_euoikbobq_kdbojZkkljhckl\ZogZijbf_jlZdb_
hsms_gby [u\Zxl ijb rbahnj_gbb jZkkljhckl\Zo gZkljh_gby beb ly`_euo
jZkkljhckl\Zo ebqghklb K lhqdb aj_gby ikboh^bgZfbq_kdh]h ih^oh^Z g_dhlhju_
ebqghklb ijb^Zxl hij_^_e_gghc qZklb l_eZ \ukhdbc mjh\_gv [_kkhagZl_evghc
agZqbfhklb dhlhjuc fh`gh ijhke_^blv \iehlv ^h kh[ulby kemqb\r_]hky gZ jZgg_c
klZ^bb ikbohk_dkmZevgh]h jZa\blby B:=GHA
G_h[oh^bfh bkdexqblv ^jm]h_ i_j\bqgh_ ikbobq_kdh_ jZkkljhckl\h dhlhjh_
fh`_l e_`Zlv \ hkgh\_ gZ[ex^Zxs_cky ^bkfhjnhnh[bb gZijbf_j rbahnj_gbx
jZkkljhckl\h gZkljh_gby beb hj]Zgbq_kdbc ikbohkbg^jhf GZjmr_gby h[jZaZ k\h_]h
l_eZfh]mlihy\eylvkyijbg_j\ghcZghj_dkbbljZgkk_dkmZebaf_Z lZd`_ijbg_dhlhjuo
hij_^_e_gguolbiZohj]Zgbq_kdh]hihjZ`_gbyfha]Zb \wlbokemqZyoke_^m_lklZ\blv
^bZ]gha^bkfhjnbq_kdh_jZkkljhckl\hl_eZ
IJH=GHA
>bkfhjnbq_kdb_ jZkkljhckl\Z l_eZ ih^djZ^u\Zxlky g_aZf_lgh haZ[hq_gghklv
k\h_c \g_rghklvx jZa\b\Z_lky ihkl_i_ggh B ^_ckl\bl_evgh [hevgu_ qZklh
jZafureyxl h k\hbo \hh[jZ`Z_fuo ^_n_dlZo ]h^Zfb ij_`^_ q_f h[jZsZxlky d
ikbobZljm

E?Q?GB?
G_kfhljy gZ bkiulu\Z_fu_ [hevgufb kljZ^Zgby hgb j_^dh hldjulh e_qZlky m
ikbobZljZ ?keb gZoh^yl ^jm]h_ ikbobq_kdh_ jZkkljhckl\h e_`Zs__ \ hkgh\_ ^Zggh]h
_]hke_^m_le_qblv\ i_j\mxhq_j_^vG_dhlhjuf[hevgufm^Z_lky^h[blvkyqlh[ubf
k^_eZeb ieZklbq_kdmx hi_jZpbx ih ih\h^m lh]h qlh hgb \hkijbgbfZxl dZd
^_nhjfbjh\ZggmxqZklvl_eZihwlhfmkms_kl\_gghcqZklvxaZ^Zqbobjmj]Zy\ey_lky ²
qZklhk ihfhsvxdhgkmevlZpbbl_jZi_\lZ²khihklZ\blvijhkv[u[hevgh]hk aZdhggufb
hkgh\Zgbyfb Bgh]^Z ohjhr_]h wnn_dlZ ijb ^bkfhjnhnh[bb fh`gh ^h[blvky \
j_amevlZl_ ijbf_g_gby ibfhab^Z H]Zj  M [hevrbgkl\Z [hevguo \ dZdhclh f_j_
hklZ_lky haZ[hq_gghklv k\hbfb ijh[e_fZfb gh __ bgl_gkb\ghklv ijblmie_gZ lZd qlh
[hevgu_ fh]ml `blv hlghkbl_evgh ghjfZevghc `bagvx G_h[oh^bfh ^ebl_evgh_
e_q_gb_ ihkdhevdm qZklh ihke_ ij_djZs_gby e_q_gby gZklmiZ_l j_pb^b\ Kh]eZkgh
ihemq_gguf aZ ihke_^g__ \j_fy ^Zgguf Zglb^_ij_kkZglu b bg]b[blhju
fhghZfbghdkb^ZaulZd`_fh]mlhdZaZlvkywnn_dlb\gufbm g_dhlhjuo[hevguo
G?>BNN?J?GPBJHohlym gbog_[uehkblmZpbcdhlhju_
fh]eb[uijb\_klbd wlhfmaZ[he_\Zgbxbofh`ghhlg_klbd wlhcdZl_]hjbb
=eZ\Z 
>BKKHPB:LBBNN?J?GPB:EVGUC>B:=GHA
>bnn_j_gpbZevguc ^bZ]gha ijh\h^blky k hj]Zgbq_kdbfb ikbobq_kdbfb
jZkkljhckl\Zfbijbdhlhjuobf_xlf_klhgZjmr_gb_iZfylbhkh[_gghk ljZgab_glghc
]eh[ZevghcZfg_ab_c L=: H^gZdhL=:g_k\yaZgZkhklj_kkhfihl_jyiZfylb[hevr_
k\yaZgZk g_^Z\gbfbZ g_hl^Ze_ggufbkh[ulbyfbZ gZjmr_gb_hkhagZgbykZfh]hk_[y
gZ[ex^Z_lky j_^dh < kemqZyo hj]Zgbq_kdh]h aZ[he_\Zgby ihegh_ \hkklZgh\e_gb_
iZfylb gZ[ex^Z_lky j_^dh dh]^Z hgh bf__l f_klh lh ijhl_dZ_l hq_gv f_^e_ggh L=:
gZb[he__ qZklh \klj_qZ_lky m [hevguo klZjr_  e_l ijb gZebqbb khkm^bklh]h
ihjZ`_gby Ijb ©ijh\ZeZoª iZfylb \ua\Zgguo bglhdkbdZpb_c hlf_qZ_lky
g_kihkh[ghklv \kihfgblv kh[ulby dhlhju_ bf_eb f_klh \ khklhygbb bglhdkbdZpbb
IjbZedh]hevghfZfg_klbq_kdhfkbg^jhf_ihy\ey_lkydjZldh\j_f_ggZyihl_jyiZfylb
l_[hevghcfh`_l\kihfgblvkh[ulbykjZam`_ihke_lh]hdZdhgbijhbahrebghm`_
q_j_a g_kdhevdh fbgml iZfylv bkq_aZ_l Wlh jZkkljhckl\h ba\_klgh lZd`_ dZd
DhjkZdh\kdbc kbg^jhf hgh k\yaZgh k ^ebl_evguf aehmihlj_[e_gb_f Zedh]he_f Ijb
Zfg_abbgZklmiZxs_cihke_dhglmabb gZjmr_gbyiZfylbgZklmiZxl\ke_^aZljZ\fhc
]heh\u b qZklh y\eyxlky j_ljh]jZ^gufb \ hlebqb_ hl Zgl_jh]jZ^guo gZjmr_gbc ijb
ikboh]_gguo Zfg_abyo  ijbq_f h[uqgh hgb ^eylky g_ [he__ g_^_eb >ey
^bnn_j_gpbjh\Zgby f_`^m Zgl_jh]jZ^ghc b j_ljh]jZ^ghc Zfg_ab_c fh`gh
bkihevah\Zlv ]bigha beb [_k_^m ih^ ZfblZegZljb_\uf jZklhjfZ`b\Zgb_f
?GB?B J?:DPBY
FZklmj[Zpby
FZklmj[Zpby h[uqgh y\ey_lky ghjfZevguf ij_^r_kl\_ggbdhf k_dkmZevgh]h
ih\_^_gby Ih keh\Zf 'LDERUQ ©GbdZdb_ ^jm]b_ nhjfu k_dkmZevghc Zdlb\ghklb lZd
qZklh g_ h[km`^Zxlky dZd kljh]h g_ hkm`^Zxlky b lZd rbjhdh g_ bkihevamxlky dZd
fZklmj[Zpbyª Bkke_^h\Zgb_ $OIUHG .LQVH\ h jZkijhkljZg_gghklb fZklmj[Zpbb
mdZau\Z_l qlh ihqlb \k_ fm`qbgu b  `_gsbg ijb[_]Zxl d fZklmj[Zpbb \ l_q_gb_
`bagb
Ehg]blm^bgZevgu_ bkke_^h\Zgby jZa\blby ihdZaZeb qlh k_dkmZevgZy

kZfhklbfmeypby hq_gv qZklh gZ[ex^Z_lky \ feZ^_gq_kl\_ b ^_lkl\_ Lhqgh lZd `_ dZd
feZ^_g_pgZmqZ_lkyihevah\Zlvkyk\hbfb iZevpZfb b jlhf hg g_ba[_`gh ^_eZ_l lh `_
kZfh_ihhlghr_gbxd iheh\ufhj]ZgZf< \hajZkl_ijb[ebabl_evghhl ^h  f_kh[Z
iheZ gZqbgZxl ]_gblZevgmx kZfhklbfmeypbx < j_amevlZl_ g_`gh]h ijbdhkgh\_gby d
iheh\uf hj]ZgZf j_[_ghd ihemqZ_l m^h\hevkl\b_ Wlb hsms_gby gZjy^m k h[uqguf
`_eZgb_f bkke_^h\Zlv k\h_ kh[kl\_ggh_ l_eh \uau\Zxl ghjfZevguc bgl_j_k d
m^h\hevkl\bx \uau\Z_fhfm fZklmj[Zpb_c M j_[_gdZ lZd`_ \hajZklZ_l bgl_j_k d
iheh\uf hj]ZgZf ^jm]bo²jh^bl_e_c ^_l_c b ^Z`_ `b\hlguo Ih f_j_ lh]h dZd
^_lbrdb gZqbgZxl h[sZlvky k lh\ZjbsZfb ih b]j_ wlh ex[hiulkl\h kha^Z_l
fhlb\Zpbx \ j_amevlZl_ dhlhjhc gZ[ex^Zxlky wibah^u wdk]b[bpbhgbafZ beb
bkke_^h\Zgby ]_gblZebc ^jm] m ^jm]Z Ih^h[guc hiul _keb lhevdh hg g_ ih^Z\ey_lky
kljZohf \bgh\ghklb \ghkbl \deZ^ \ ^he]h\j_f_ggh_ m^h\hevkl\b_ hl k_dkmZevghc
klbfmeypbb
K ijb[eb`_gb_f im[_jlZlZ [ukljh_ m\_ebq_gb_ qbkeZ iheh\uo ]hjfhgh\ b
jZa\blb_ \lhjbqguo iheh\uo ijbagZdh\ Z lZd`_ mkbe_gb_ k_dkmZevgh]h ex[hiulkl\Z
ijb\h^yld lhfmqlhfZklmj[ZpbygZjZklZ_lIh^jhkldbnbabq_kdbkihkh[gud dhblmkm
b hj]ZafmghwlhlhjfhablkykhpbZevgufbaZij_lZfbIh^jhklhdh[uqghgZoh^blkyih^
^\hcguf b qZklh dhgnebdlguf ^Z\e_gb_f mklZgh\e_gby k\h_c k_dkmZevghc
b^_glbqghklb b dhgljhe_f k\hbo k_dkmZevguo bfimevkh\ < j_amevlZl_ \hagbdZ_l
kbevgh_nbabheh]bq_kdh_ gZijy`_gb_ dhlhjh_ lj_[m_l \uk\h[h`^_gby b fZklmj[Zpby
y\ey_lky ghjfZevguf kihkh[hf j_^mpbjh\Zgby lZdh]h k_dkmZevgh]h gZijy`_gby
GH 
gZijbf_j ahhnbeby >Zgguc km[t_dl fh`_l bf_lv fgh`_kl\_ggu_ iZjZnbebq_kdb_
jZkkljhckl\Z

WIB>?FBHEH=BY
Kj_^b hnbpbZevgh b^_glbnbpbjh\Zgguo kemqZ_\ i_^hnbeby y\ey_lky ]hjZa^h
[he__ jZkijhkljZg_gghc q_f ^jm]b_ iheh\u_ ba\jZs_gby Hl  ^h  ^_l_c bf_xl
wlhjZkkljhckl\h\ \hajZkl_
ijb[ebabl_evgh  e_lIhkdhevdmh[t_dlhfy\ey_lkyj_[_ghdd ^ZgghfmjZkkljhckl\m
ke_^m_l hlghkblvky [he__ k_jv_agh b ijbf_gylv [hevr_ mkbebc ^ey ijhke_`b\Zgby
ij_klmie_gbc q_f ijb ^jm]bo iZjZnbebyo Wdk]b[bpbhgbklu dhlhju_ im[ebqgh
h[gZ`Zxlkyi_j_^fZe_gvdbfb^_lvfblZd`_ij_^klZ\eyxlhiZkghklvHiZkghklvfh]ml
ij_^klZ\eylv b \mZc_jbklu gh \ ^Zgghf kemqZ_ jbkd g_ lZd \_ebd  \ajhkeuo
`_gsbgy\eyxlkyfbr_gvxwdk]b[bpbhgbklh\b \mZc_jbklh\K_dkmZevgucfZahobafb
kZ^baf g_^hhp_gb\Zxlky \h \k_o bkke_^h\Zgbyo jZkijhkljZg_gghklb D k_dkmZevghfm
kZ^bafm \gbfZgb_ ijb\e_dZ_lky lhevdh \ k_gkZpbhgguo kemqZyo dh]^Z bf__l f_klh
bagZkbeh\Zgb_ `_klhdhklv beb m[bckl\h Wdkdj_lhjgu_ i_j\_jabb ihqlb g_ hibkZgu
ihkdhevdm hgb bf_xl f_klh f_`^m \ajhkeufb ih \aZbfghfm kh]eZkbx beb f_`^m
ijhklblmldZfb b deb_glZfb N_lbrbklu h[uqgh g_ gZjmrZxl aZdhgZ LjZgk\_klbklu
bgh]^Z ih^\_j]Zxlky Zj_klm _keb gZjmrZxl ihjy^hd gZijbf_j dh]^Z fm`qbgZ
ihy\ey_lky \ h[s_kl\_gguo f_klZo \ `_gkdhc h^_`^_ gh Zj_kl [he__ oZjZdl_j_g ^ey
ebp kljZ^Zxsbo jZkkljhckl\Zfb b^_glbnbdZpbb iheZ Ahhnbeby dZd bklbggZy
iZjZnbeby\klj_qZ_lkyj_^dh
H[uqghkqblZ_lkyqlhk_dkmZevgu_i_j\_jkbbqZs_\klj_qZxlkym fm`qbgq_fm
`_gsbg >ey gZjmr_gbc b^_glbnbdZpbb iheZ khhlghr_gb_ fm`qbg b `_gsbg ijb
debgbq_kdb Zdlb\guo kemqZyo khklZ\ey_l ^\Z d h^ghfm N_lbrbaf ihqlb \k_]^Z
gZ[ex^Z_lkym fm`qbg
;he__  \k_o iZjZnbebc gZqbgZxlky \ \hajZkl_ ^h  e_l KljZ^Zxsb_
iZjZnbebyfbqZklhbf_xlhl  ^h  jZaebqguoiZjZnbebceb[hh^gh\j_f_ggheb[h\
jZagu_ i_jbh^u \j_f_gb \ l_q_gb_ `bagb Wlh hkh[_ggh oZjZdl_jgh ^ey
wdk]b[bpbhgbafZ n_lbrbafZ fZahobafZ kZ^bafZ ljZgk\_klbq_kdh]h n_lbrbafZ
\mZc_jbafZb ahhnbebb
Ijhy\e_gb_ iZjZnbebc ^hklb]Z_l fZdkbfmfZ \ \hajZkl_ hl  ^h  e_l b
ihkl_i_ggh ihgb`Z_lky m fm`qbg \ \hajZkl_  e_l iZjZnbebq_kdb_ ^_ckl\by
gZ[ex^Zxlky j_^dh aZ bkdexq_gb_f l_o dhlhju_ ihy\eyxlky \ h^bghq_kl\_ beb \
kh^jm`_kl\_k _^bghfure_ggbdhf
WLBHEH=BY

IkbohkhpbZevgZyfh^_ev
Kh]eZkgh ikbohZgZeblbq_kdhc fh^_eb iZjZnbebd y\ey_lky ebphf dhlhjh_ g_ \
khklhygbb kh\_jrblv ghjfZevguc ]_l_jhk_dkmZevguc Zdl H^bg \b^ iZjZnbebc

hlebqZ_lky hl ^jm]h]h f_lh^hf ba[bjZ_fuf km[t_dlhf h[uqgh fm`qbghc  ^ey lh]h
qlh[ukijZ\blvkyk lj_\h]hc\ua\ZgghckljZohfi_j_^  dZkljZpb_ckhklhjhguhlpZb
 jZaemdhck fZl_jvxH^gZdhg_aZ\bkbfhhllh]hgZkdhevdhijbqm^eb\ufby\eyxlky
\b^u i_j\_jkbb hgZ ^Z_l \uoh^ k_dkmZevguf b Z]j_kkb\guf ih[m`^_gbyf dhlhju_ \
ijhlb\ghfkemqZ_ijheh`beb[uk_[_imlv\ hkgh\gh_ iheh\h_ih\_^_gb_< j_amevlZl_
g_\hafh`ghklb jZaj_r_gby w^biZevgh]h djbabkZ b^_glbnbdZpb_c k hlphfZ]j_kkhjhf
^ey fZevqbdh\  beb k fZl_jvxZ]j_kkhjhf ^ey ^_\hq_d  gZ[ex^Zxlky eb[h
g_ijZ\bevgZyb^_glbnbdZpbyk jh^bl_e_fijhlb\hiheh`gh]h iheZeb[hg_Z^_d\Zlguc
\u[hj iZjlg_jZ ^ey eb[b^h < hlebqb_ hl kh\j_f_gghc deZkkbnbdZpbb '60,,,5
kh]eZkgh ikbohZgZeblbq_kdhc l_hjbb ]hfhk_dkmZebaf ljZgkk_dkmZevguc b
ljZgk\_klbq_kdbcn_lbrbaf\k_kqblZxlkyi_j\_jkbyfbihkdhevdmijbdZ`^hfbagbo
h[gZjm`b\Z_lky b^_glbnbdZpby k jh^bl_e_f ijhlb\hiheh`gh]h Z g_ lh]h `_ kZfh]h
iheZ GZijbf_j fm`qbgZ h^_\Zxsbcky \ `_gkdb_ h^_`^u iheZ]Z_l qlh hg
b^_glbnbpbjm_lky kh k\h_c fZl_jvx H^gZdh wdk]b[bpbhgbaf b \mZc_jbaf lZd`_
y\eyxlky \ujZ`_gb_f n_fbgbgghc b^_glbnbdZpbb ihkdhevdm iZjZnbebd ^he`_g
ihklhyggh bkke_^h\Zlv k\hb kh[kl\_ggu_ ]_gblZebb b ]_gblZebb ^jm]bo qlh[u
mkihdhblv k\hx lj_\h]m hlghkbl_evgh dZkljZpbb N_lbrbaf _klv ihiuldZ ba[_`Zlv
lj_\h]b iml_f kf_s_gby bfimevkh\ k\yaZgguo k eb[b^h gZ g_ih^oh^ysb_ h[t_dlu
IZjZnbebd bkihevamxsbc \ \b^_ n_lbrbafZ h[m\v [_kkhagZl_evgh hljbpZ_l qlh
`_gsbgu ihl_jyeb k\hc i_gbk baaZ dZkljZpbb k\yau\Zy eb[b^h k nZeebq_kdbf
k\yaZgguf k iheh\uf qe_ghf  h[t_dlhf h[m\vx kbf\hebabjmy `_gkdbc i_gbk DZd
ijb i_^hnbebb lZd b ijb k_dkmZevghf kZ^baf_ bf__lky ihlj_[ghklv ^hfbgbjh\Zlv b
mijZ\eylvk\hbfb`_jl\ZfbdZd[udhfi_gkbjmyk\hx[_kihfhsghklv\h\j_fyi_jbh^Z
W^bih\h]h dhfie_dkZ K_dkmZevguc fZahobkl ij_h^he_\Z_l k\hc kljZo i_j_^
ih\j_`^_gbyfbb [_kihfhsghklvxihdZau\Zylhhgg_\hkijbbfqb\d g_kqZklvyfOhly
g_^Z\gb_ bkke_^h\Zgby ihdZaZeb lh ^ey iZjZnbebc hkh[_ggh \Z`gu aZsblgu_
f_oZgbafujhevdhlhjuokqblZ_lky[hevr_cq_fjhevljZ\fw^biZevgh]hi_jbh^Zdmjk
ikbohZgZeblbq_kdhc l_jZibb iZjZnbebc hklZ_lky lZdbf `_ dZd hg [ue jZajZ[hlZg \
l_hjbbNj_c^Z
>jm]b_ l_hjbb hlghkyl jZa\blb_ iZjZnbebc aZ kq_l jZgg_]h hiulZ dhlhjuc
h[mkeh\eb\Z_l beb ih^]hlZ\eb\Z_l j_[_gdZ m`_ gZ mjh\g_ khagZgby d kh\_jr_gbx
iZjZnbebq_kdh]h ZdlZ I_j\uc jZa^_e_gguc k ^jm]bf ebphf k_dkmZevguc hiul fh`_l
hdZaZlvky \Z`guf \ wlhf hlghr_gbb Ih^\_j]Zgb_ ih^h[ghfm \ha^_ckl\bx \ ^_lkl\_
fh`_lkha^Z\Zlvij_^ihkuedb^eylh]hqlh[ukm[t_dl\ ^Zevg_cr_fklZej_pbib_glhf
^ebl_evgh]h aehmihlj_[e_gby beb gZijhlb\ klZe aehmihlj_[eylv ^jm]bfb GZqZeh
iZjZnbebq_kdbo Zdlh\ fh`_l y\blvky j_amevlZlhf ih^jZ`Zgby ih\_^_gbx ^jm]bo
dhlhju_ kh\_jrZxl iZjZnbebq_kdb_ Zdlu i_j_^jZagb\Zgby wlh]h ^_ckl\by iml_f _]h
bah[jZ`_gby beb \hkihfbgZgby wfhpbhgZevgh ^hfbgbjmxsbo kh[ulbc ba ijhreh]h
gZijbf_j dh]^Z j_[_gdZ ih^\_j]Zeb iZjZnbebq_kdhfm \ha^_ckl\bx Kh]eZkgh l_hjbb
gZmq_gbyihkdhevdmnZglZabjh\Zgb_dZkZxs__kyiZjZnbebq_kdhcaZbgl_j_kh\Zgghklb
gZqbgZ_lky\ hq_gvjZgg_f\hajZkl_b ihkdhevdmhgh i_j_jZklZ_l\ ebqgu_nZglZabbb
fukeb dhlhju_ g_ ^_eylky k ^jm]bfb dlh [u fh] [ehdbjh\Zlv beb \hkij_iylkl\h\Zlv
jZa\blbx wlbo b^_c  bkihevah\Zgb_ b g_ijZ\bevgh_ mihlj_[e_gb_ iZjZnbebq_kdbo
nZglZabc b ih[m`^_gbc ijh^he`Z_lky \ g_aZlhjfh`_gghf khklhygbb ^h iha^g_]h
i_jbh^Z `bagb Lhevdh \ wlh \j_fy hg gZqbgZ_l hkhagZ\Zlv qlh ih^h[gu_
iZjZnbebq_kdb_ bgl_j_ku b ih[m`^_gby g_ khhl\_lkl\mxl khpbZevguf ghjfZf D
kh`Ze_gbx d wlhfm \j_f_gb ih\lhjgh_ bkihevah\Zgb_ nZglZabc klZgh\blky

ojhgbq_kdbf k_dkmZevgu_ fukeb km[t_dlZ b _]h ih\_^_gb_ m`_ dj_idh k\yaZgu beb
h[mkeh\e_guiZjZnbebq_kdbfbnZglZabyfb

Hj]Zgbq_kdb_nZdlhju
< p_ehf jy^_ bkke_^h\Zgbc ijh\_^_gguo aZ ihke_^g__ \j_fy h[gZjm`_gh qlh
ijb iZjZnbebyo bf_xl f_klh iZlheh]bq_kdb_ hj]Zgbq_kdb_ gZjmr_gby Gbdlh g_
bkke_^h\Ze kemqZcgmx ihimeypbx iZjZnbeblbdh\ gZijhlb\ h[rbjgu_ bkke_^h\Zgby
ijh\h^bebkvgZiZjZnbeblbdZoh[jZsZ\rboky\ [hevrb_f_^bpbgkdb_p_gljuBawlbo
iZjZnbeblbdh\bkke_^h\Zgguo\ p_gljZob mdhlhjuogZrebhj]Zgbq_kdh_ihjZ`_gb_m
 hlf_qZ_lky ih\ur_gb_ ]hjfhgZevgh]h mjh\gy m ²ijbagZdb ly`_eh]h beb
e_]dh]h
hj]Zgbq_kdh]h ihjZ`_gby m ²iZlheh]by ojhfhkhf m ²ijbiZ^db m ²
^bae_dkby m ²iZlheh]bq_kdZy WW= [_a ijbiZ^dh\  m  ²ly`_eu_ ikbobq_kdb_
jZkkljhckl\Z b _s_ m ²aZ^_j`dZ mfkl\_ggh]h jZa\blby H^gZdh hklZ_lky g_ykguf
k\yaZguebwlbgZjmr_gbywlbheh]bq_kdbk iZjZnbebq_kdbfbgZjmr_gbyfbbeb`_hgb
y\eyxlkykemqZcgufbihhlghr_gbxd jZa\blbxiZjZnbebb
>ey baf_j_gby h[t_fguo jZaf_jh\ i_gbkZ \ hl\_l gZ iZjZnbebq_kdb_ b
g_iZjZnbebq_kdb_klbfmeubkihevah\Zguikboheh]bq_kdb_l_kluWlZf_lh^bdZfh`_l
hdZaZlvky ihe_aghc ^ey ^bZ]ghaZ b e_q_gby gh \ gZklhys__ \j_fy hgZ lhevdh _s_
ijbf_gy_lky^eygZmqguop_e_c
I?>HNBEBY
I_^hnbeby ij_^klZ\ey_l kh[hc ih\lhjyxs__ky bgl_gkb\gh_ k_dkmZevgh_
ih[m`^_gb_ beb Zdlb\Zpbx ih hlghr_gbx d ^_lyf feZ^r_  e_l dhlhju_
ijh^he`Zxlky g_ f_g__  f_k Km[t_dl oZjZdl_jbamxsbcky dZd kljZ^Zxsbc
i_^hnbeb_c^he`_g[ulvg_fheh`_  e_lb ihf_gvr_cf_j_gZ  e_lklZjr_q_f_]h
`_jl\Z Dh]^Z ebph aZgbfZxs__ky i_^hnbeb_c fheh`_  ke_^m_l debgbq_kdb
hp_gblv ijZ\hf_j_g eb wlhl ^bZ]gha mqblu\Zy \hajZkl \bgh\gbdZ b `_jl\u  Gb`_
ijb\h^ylky^bZ]ghklbq_kdb_djbl_jbb^eyi_^hnbebb
: AZ i_jbh^ ih f_gvr_c f_j_  f_k ih\lhjyxsb_ky bgl_gkb\gh_ k_dkmZevgh_
ih[m`^_gb_b k_dkmZevghZdlb\bjh\Zggu_nZglZabb\dexqZyk_dkmZevgmxZdlb\ghklvk
j_[_gdhfij_im[_jlZlgh]h i_jbh^Zbeb k feZ^rbfb^_lvfb h[uqgh \ \hajZkl_  e_l
bebfeZ^r_ 
; Ebph^_ckl\m_lkh]eZkghwlbfih[m`^_gbyfbebkbevghkljZ^Z_lbaaZgbo
moh\guc fZahobaf
aZdexqZ_lky \ ihlj_[ghklb kljZ^Zlv gh g_ khijh\h`^Z_lky k_dkmZevgufb nZglZabyfb
hg hlghkblky d ijhlb\hj_qb\hc dZl_]hjbb gZau\Z_fhc ©ebqghklb kh klj_fe_gb_f d
kZfhjZajmr_gbxª\ '60,,,5
?GB?
Ijb bkdmkkl\_ggh ^_fhgkljbjm_fuo jZkkljhckl\Zo ij_^ty\eyxlky `Zeh[u gZ
nbabq_kdb_ beb ikboheh]bq_kdb_ gZjmr_gby Kbfmeypby nbabheh]bq_kdbo beb
ikboheh]bq_kdbo aZ[he_\Zgbc bf__l _^bgkl\_ggmx p_ev ²qlh[u km[t_dlZ kqblZeb
[hevguf Hkgh\ghc p_evx m fgh]bo ba wlbo ebp y\ey_lky ]hkiblZebaZpby ijbq_f
bgh]^Z hgZ y\ey_lky p_evx \k_c `bagb Wlbf jZkkljhckl\Zf ijbkms_ dhfimevkb\gh_
dZq_kl\hb lZdh_ih\_^_gb_jZkkfZljb\Z_lkydZd^_fhgkljZlb\gh_\ lhfieZg_qlhhgh
y\ey_lkygZjhqblufb p_e_gZijZ\e_ggufZ g_\ lhfkfuke_qlhbffh`ghmijZ\eylv

WIB>?FBHEH=BY
JZkijhkljZg_gghklvbkdmkkl\_ggh^_fhgkljbjm_fuojZkkljhckl\g_ba\_klgZohly
g_dhlhju_Z\lhjuiheZ]Zxlqlhhgh\klj_qZ_lky[he__qZklhq_f^mfZebjZgvr_Hgh
qZs_ hlf_qZ_lky m fm`qbg Z lZd`_ kj_^b jZ[hlgbdh\ kem`[u a^hjh\vy < h^ghf
bkke_^h\Zgbb hlf_q_gh qlh ba \k_o [hevguo ihklmib\rbo \ debgbdm m 
h[gZjm`b\Zxl bkdmkkl\_ggh ^_fhgkljbjm_fu_ jZkkljhckl\Z \ ^jm]hc jZ[hl_ bf_xlky
^Zggu_h lhfqlhm  [hevguobf__lf_klhbkdmkkl\_ggh^_fhgkljbjm_fZyebohjZ^dZ
>ey ij_^mij_`^_gby khljm^gbdh\ debgbd h lZdbo kemqZyo gZ ebp kbfmebjmxsbo
aZ[he_\Zgb_ bf__lky [Zgd ^Zgguo fgh]b_ ba gbo iulZxlky mkljhblvky \ jZaebqgu_
[hevgbpuih^jZagufbnZfbebyfbbebkbfmebjmyjZagu_[he_agb
WLBHEH=BY
QZklh\ bklhjbb lZdboebpbf__lf_klhk_gkhjgZy^_ijb\Zpby\ jZgg_f \hajZkl_
beb ly`_eZy [he_agv beb hij_^_e_ggh_ gZjmr_gb_ nmgdpbb dhlhjh_ ijhreh gh ijb
mqZklbb [hevrh]h qbkeZ ebp h[_ki_qb\Zxsbo f_^bpbgkdmx ihfhsv gZijbf_j
\jZq_c k_kl_j [hevgbqgh]h i_jkhgZeZ  b ijhy\eyxsbo d wlbf [hevguf ex[h\v b
aZ[hlmK_fvbm wlbo[hevguoh[uqgh[u\Zxlg_ihegufb² eb[hfZlv[jhkZ_lj_[_gdZ
eb[h g_l hlpZ < [hevrbgkl\_ kemqZ_\ m lZdbo [hevguo g_l eb[h h^gh]h eb[h h[hbo
jh^bl_e_c eb[h jh^bl_eb g_ aZ[hlylky h gbo LZdbf h[jZahf kha^Z_lky nZdkbfbe_
]_gmbgguoaZ[he_\Zgbc^ey\hkkha^Zgby`_eZ_fhcihablb\ghcjh^bl_evkdhceZkdbWlh
jZkkljhckl\h y\ey_lky nhjfhc i_jbh^bq_kdhc dhfimevkbb ih\lhjyxs_c hkgh\ghc
dhgnebdlihlj_[ghklbb ihbkdZijbagZgbyb ex[\blh]^ZdZdhiul]h\hjblqlhbog_
[m^_lHlkx^Z[hevghcljZgknhjfbjm_l\jZq_cb i_jkhgZe\ jh^bl_e_chl\_j]rbo_]h

;hevgu_ dhlhju_ ^h[b\Zxlky [he_ag_gguo ijhp_^mj lZdbo dZd hi_jZpbb beb
bg\Zab\gu_ ^bZ]ghklbq_kdb_ bkke_^h\Zgby fh]ml [ulv ebqghklyfb k fZahobklkdbfb
gZdehgghklyfb ^ey dhlhjuo [hev kem`bl dZd [u gZdZaZgb_f aZ ijhreu_ ]j_ob
\hh[jZ`Z_fu_ beb j_Zevgu_ ;ueh \ukdZaZgh ij_^iheh`_gb_ qlh g_dhlhju_ [hevgu_
iulZxlky ij_h^he_lv ljZ\fu gZg_k_ggu_ \ jZgg_f \hajZkl_ \ j_amevlZl_ k_jv_aguo
nbabq_kdbo aZ[he_\Zgbc beb ]hkiblZebaZpbb iml_f ijbgylby jheb [hevgh]h b
ih\lhjgh]hi_j_`b\Zgby[he_ag_gguob kljZrguokblmZpbc\ l_q_gb_fgh`_kl\_gguo
]hkiblZebaZpbc
;hevgu_ kbfmebjmxsb_ ikbobq_kdh_ aZ[he_\Zgb_ bgh]^Z ih^jZ`Zxl
jh^kl\_ggbdm dhlhjh]h ]hkiblZebabjh\Zeb ih ih\h^m aZ[he_\Zgby dhlhjh_ hgb
kbfmebjmxl B^_glbnbpbjmy k_[y k wlbf ebphf lZdb_ [hevgu_ gZ^_ylky
\hkkh_^bgblvkyk g_cbebk gbf\her_[gufkihkh[hf
M fgh]bo ba wlbo [hevguo hlf_qZ_lky iehoZy kljmdlmjZ b^_glbnbdZpbb b
gZjmr_ggZykZfhhp_gdZoZjZdl_jgu_^eyih]jZgbqguoebqghkl_cG_dhlhju_y\eyxlky
©dZd [uª ebqghklyfb dhlhju_ b^_glbnbpbjmxl k_[y k hdjm`Zxsbfb ?keb [hevghc
y\ey_lky ijhn_kkbhgZehf kem`[u a^hjh\vy hg beb hgZ qZklh g_ fh]ml
hl^bnn_j_gpbjh\Zlvk_[yhl[hevguok dhlhjufbhgbdhglZdlbjmxl
Khqm\kl\b_bebihhsj_gb_[hevgh]h^_fhgkljbjmxs_]hbkdmkkl\_ggmx[he_agv
kh klhjhgu ^jm]bo ebp y\ey_lky j_^dbf kemqZ_f ^Zggh]h jZkkljhckl\Z ij_^klZ\eyy
kh[hc _s_ h^bg \hafh`guc ijbqbgguc nZdlhj Ohly [hevrbgkl\h lZdbo [hevguo
^_ckl\mxl \ h^bghqdm \ g_dhlhjuo kemqZyo \ \u^mfu\Zgbb aZ[he_\Zgby bgh]^Z
ijbgbfZxlmqZklb_^jmavybebjh^kl\_ggbdb
B:=GHAB DEBGBQ?KDB?HKH;?GGHKLB
BKDMKKL?GB?

Kh]eZkgh '60,,,5 wlhj_ab^mZevgZy^bZ]ghklbq_kdZydZl_]hjby^eyjZkkljhckl\
dhgljhey gZ^ k\hbfb bfimevkZfb g_ deZkkbnbpbjm_fuo \ ^jm]bo dZl_]hjbyo
gZijbf_j aehmihlj_[e_gb_ ikbohZdlb\gufb \_s_kl\Zfb beb iZjZnbebb  ;hevgu_ k
jZkkljhckl\hfdhgljheygZ^k\hbfbbfimevkZfboZjZdl_jbamxlkyke_^mxsbf  hgbg_
fh]mlkhijhlb\eylvkybfimevkZfih[m`^_gbyfbebbkdmr_gbyfkh\_jrblvdZdh_eb[h
^_ckl\b_ ijbghkys__ \j_^ bf kZfbf beb hdjm`Zxsbf hgb fh]ml khagZl_evgh
khijhlb\eylvkybebg_khijhlb\eylvkybfimevkZfbgh]^ZieZgbjmxlbebg_ieZgbjmxl
^_ckl\b_  i_j_^ kh\_jr_gb_f ^_ckl\by hgb bkiulu\Zxl gZjZklZxs__ qm\kl\h
gZijy`_gby beb Zdlb\Zpbb  \h \j_fy kh\_jr_gby ^_ckl\by hgb hsmsZxl eb[h
jZ^hklvm^h\e_l\hj_ggh]h`_eZgbyeb[hh[e_]q_gb_>_ckl\b_y\ey_lkyw]hkbglhgguf
\ lhf qlh hgh kh]eZkm_lky k kbxfbgmlguf hkhagZgguf `_eZgb_f km[t_dlZ KjZam `_
ihke_ wlh]h ^_ckl\by [hevgu_ bgh]^Z qm\kl\mxl gh bgh]^Z b g_ qm\kl\mxl bkdj_gg__
jZkdZygb_kZfhh[\bg_gb_beb\bgm
Bf__lky  ki_pbnbq_kdbo dZl_]hjbc wlh]h jZkkljhckl\Z jZkkljhckl\h \ \b^_
i_jbh^bq_kdh]h \ha[m`^_gby de_ilhfZgby iZlheh]bq_kdZy b]jZ ibjhfZgby b
ljbohlbeehfZgby Kms_kl\m_l lZd`_ ^bZ]gha jZkkljhckl\Z dhgljhey gZ^ k\hbfb
bfimevkZfb gb]^_ [he__ g_ deZkkbnbpbjm_fh]h >GH  ^ey h[hagZq_gby jZkkljhckl\Z
dhgljheygZ^k\hbfbbfimevkZfbg_hl\_qZxsbfbdjbl_jbyf^jm]bojZkkljhckl\

WLBHEH=BY
IjbqbgZ jZkkljhckl\Z dhgljhey gZ^ k\hbfb bfimevkZfb g_ba\_klgZ
Ij_^iheZ]Z_lky
qlh
wlh
jZkkljhckl\h
h[mkeh\e_gh
\aZbfh^_ckl\b_f
ikboh^bgZfbq_kdbo[bheh]bq_kdbob ikbohkhpbZevguonZdlhjh\Ijb\k_odZl_]hjbyo
bfimevkguo jZkkljhckl\ kh\_jrZ_lky ^_ckl\b_ dhlhjh_ gZghkbl \j_^ ebpm
kh\_jrZxs_fm_]hbeb^jm]bf_ckl\bl_evgh\ g_dhlhjuokemqZyoihlj_[ghklv\ gZdZaZgbbij_^r_kl\m_l
bfimevkm
Ikboh^bgZfbq_kdb_ hkh[_gghklb m jZaguo ebqghkl_c dhlhjuf klZ\blky ^bZ]gha
bfimevkgh]h jZkkljhckl\Z \Zjvbjmxl ^Z`_ _keb m gbo h[gZjm`b\Zxlky h^bgZdh\u_
kbfilhfu )HQLFKHO ij_^iheZ]Ze qlh bfimevkb\gu_ ^_ckl\by y\eyxlky aZsblhc hl
hiZkghklb \dexqZy ^_ij_kkbx b \uau\Zxl iZlheh]bq_kdh_ k_dkmZevgh_ beb
Z]j_kkb\gh_ m^h\e_l\hj_gb_ LZdb_ ^_ckl\by \ f_gvr_c kl_i_gb gZijZ\e_gu gZ
^hklb`_gb_ p_eb q_f gZ hk\h[h`^_gb_ hl gZijy`_gby l _ ihemq_gb_ m^h\hevkl\by
f_g__ \Z`gh q_f ij_ju\Zgb_ [heb G_dhlhju_ ikbohZgZeblbdb ih^q_jdb\Zxl
\Z`ghklv nbdkZpbb gZ hjZevghc nZa_ jZa\blby Wlb [hevgu_ iulZxlky kijZ\blvky k
lj_\h`ghklvx qm\kl\hf \bgu ^_ij_kkb_c b ^jm]bfb [he_ag_ggufb Znn_dlZfb
kh\_jrZ_fuo ^_ckl\bc gh lZdb_ ^_ckl\by gZijZ\e_ggu_ gZ ^hklb`_gb_ h[e_]q_gby
j_^dhijbghkyl_]h^Z`_\j_f_ggh
Fgh]b_kh\j_f_ggu_Z\lhjukqblZxl\hafh`gufmqZklb_hj]Zgbq_kdh]hnZdlhjZ
\ ]_g_a_ wlbo jZkkljhckl\ hkh[_ggh wlh dZkZ_lky [hevguo ijbf_gyxsbo gZkbeb_
Wdki_jbf_glu ihdZau\Zxl qlh k bfimevkguf b Z]j_kkb\guf ih\_^_gb_f k\yaZgu
ki_pbnbq_kdb_ fha]h\u_ h[eZklb lZdb_ dZd ebf[bq_kdZy kbkl_fZ lh]^Z dZd ^jm]b_
h[eZklb k\yaZgu k lhjfh`_gb_f lZdh]h ih\_^_gby G_dhlhju_ ]hjfhgu hkh[_ggh
l_klhkl_jhg lZd`_ k\yaZgu k ijbf_g_gb_f gZkbeby b Z]j_kkb\guf ih\_^_gb_f <
g_dhlhjuo khh[s_gbyo bf_xlky ^Zggu_ h k\yab f_`^m wibe_ikb_c \bkhqghc ^heb b
hij_^_e_ggufb\b^ZfbZ]j_kkb\gh]hih\_^_gbyZ lZd`_
f_`^m gZebqb_f m [hevguo \ ijhrehf ljZ\fu ]heh\u ly`_eh]h khfZlbq_kdh]h
aZ[he_\Zgby b ^jm]bo ihl_gpbZevguo ij_^r_kl\_ggbdh\ hj]Zgbq_kdh]h aZ[he_\Zgby
fha]Z Zggu_ihemq_ggu_aZihke_^g__\j_fyk\b^_l_evkl\mxlh gZebqbb qZklh]hi_j_oh^Z
jZkkljhckl\ dhgljhey gZ^ bfimevkZfb \h \ajhkeuc i_jbh^ `bagb m ebp dhlhju_
jZkkfZljb\Zebkv dZd kljZ^Zxsb_ e_]dhc g_^hklZlhqghklvx nmgdpbb fha]Z \ ^_lkl\_
BNN?J?GPB:EVGUC>B:=GHA
>bZ]gha i_jbh^bq_kdh]h wdkiehab\gh]h jZkkljhckl\Z fh`_l [ulv ihklZ\e_g
lhevdh ihke_ lh]h dZd [m^ml bkdexq_gu ^jm]b_ jZkkljhckl\Z k\yaZggu_ kh kemqZcghc
ihl_j_cdhgljheygZ^Z]j_kkb\gufbbfimevkZfbWlbb ^jm]b_jZkkljhckl\Z\dexqZxl
ikbohau jZkkljhckl\h ebqghklb hj]Zgbq_kdh]h oZjZdl_jZ ZglbkhpbZevgu_ beb
ih]jZgbqgu_ jZkkljhckl\Z ebqghklb gZjmr_gby ih\_^_gby k ijZ\hgZjmr_gbyfb  beb
bglhdkbdZpbbikbohZdlb\gufb\_s_kl\Zfb
I_jbh^bq_kdh_ wdkiehab\gh_ jZkkljhckl\h fh`gh hlebqblv hl ZglbkhpbZevguo
beb ih]jZgbqguo jZkkljhckl\ ebqghklb lZd dZd ijb jZkkljhckl\Zo ebqghklb
Z]j_kkb\ghklv b bfimevkb\ghklv y\eyxlky qZklvx oZjZdl_jZ [hevgh]h b gZ[ex^Zxlky
lZd`_ \ i_jbh^_ f_`^m \kiurdZfb Ijb iZjZghb^ghc b dZlZlhgbq_kdhc rbahnj_gbb
lZd`_ fh]ml bf_lv f_klh ih\_^_gb_ k gZkbeb_f \ hl\_l gZ [j_^ b ]ZeexpbgZpbb b
agZqbl_evgh_ gZjmr_gb_ hp_gdb j_Zevghklb FZgbZdZevgu_ [hevgu_ gZkljh_ggu_
\jZ`^_[gh fh]ml [ulv bfimevkb\gh Z]j_kkb\gufb gh h[mkeh\eb\ZxsZy bo ijbqbgZ
^hklZlhqgh ykgZ ba bo ikbobq_kdh]h klZlmkZ b debgbq_kdbo kbfilhfh\ GZ^h lZd`_
jZkkfhlj_lv b bkdexqblv hj]Zgbq_kdb_ jZkkljhckl\Z lZdb_ dZd wibe_ikby himoheb
fha]Z ^_]_g_jZlb\gu_ aZ[he_\Zgby beb wg^hdjbggu_ jZkkljhckl\Z Z lZd`_ khklhygb_
hkljhc bglhdkbdZpbb gZijbf_j Zedh]he_f [Zj[blmjZlZfb ]Zeexpbgh]_gZfb beb
Zfn_lZfbgZfb JZkkljhckl\h ih\_^_gby bkdexqZ_lky gZ hkgh\Zgbb ih\lhjyxs_]hky b
mklhcqb\h]hiZll_jgZih\_^_gbyZ g_wibah^bq_kdbgZ[ex^Zxs_]hky

E?Q?GB?
ebl_evgh_ \j_fy ^ey e_q_gby wdkiehab\guo [hevguo ijbf_gyebkv
Zglbdhg\mevkb\gu_kj_^kl\Zj_amevlZlue_q_gbyijhlb\hj_qb\u< g_dhlhjuokemqZyo
wnn_dlb\gu n_ghlbZabgu b Zglb^_ij_kkZglu gh \ wlhf kemqZ_ gZ^h ih^mfZlv h

rbahnj_gbbbebjZkkljhckl\ZogZkljh_gbydZdbklbgguoijbqbgZojZkkljhckl\Z?keb
ijbqbghc y\ey_lky gZjmr_gb_ nmgdpbb ih^dhjdh\uo kljmdlmj \ujZ`Zxs__ky \
Zdlb\ghklbih^h[ghckm^hjh`ghcwlb\_s_kl\Z\uau\Zxlmom^r_gb_;_gah^bZa_gbgu
\ g_dhlhjuo kemqZyo \uau\Zxl iZjZ^hdkZevgu_ j_Zdpbb gZjmr_gby dhgljhey Bgh]^Z
ohjhrbc wnn_dl \ kgb`_gbb Z]j_kkb\ghklb \uau\Zxl eblbc beb dZj[ZfZa_ibg
znmènzvs 
Hi_jZlb\gh_ e_q_gb_ [hevguo kh\_jrZxsbo gZkbeb_ b ijhy\eyxsbo Z]j_kkbx
hkms_kl\ey_lky g_dhlhjufb g_cjhobjmj]Zfb \ l_o kemqZyo dh]^Z ^jm]b_ f_lh^u
g_wnn_dlb\gu h^gZdh lZdh_ \f_rZl_evkl\h lZd`_ g_ ijbghkbl ihevau b k_cqZk wlhl
f_lh^g_ijbf_gy_lky

DE?ILHF:GBYHIJ?>?E?GB?B >B:=GHA
Kh]eZkgh '60,,,5 kms_kl\_gghc hkh[_gghklvx de_ilhfZgbb y\ey_lky
i_jbh^bq_kdb \hagbdZxs_c m km[t_dlZ g_ij_h^hebfuc bfimevk \hjh\Zlv ij_^f_lu
dhlhju_ _fm g_ gm`gu ^ey ebqgh]h ihevah\Zgby b dhlhju_ g_ bf_xl fZl_jbZevghc
p_gghklbMdjZ^_ggu_h[t_dlu\u[jZku\ZxlkylZcgh\ha\jZsZxlky\eZ^_evpmbeb bo
^_j`Zlm k_[yb ijyqmlGb`_ijb\_^_gu^bZ]ghklbq_kdb_djbl_jbb^eyde_ilhfZgbb
: I_jbh^bq_kdb \hagbdZxsb_ m km[t_dlZ g_ij_h^hebfu_ bfimevku mdjZklv
ij_^f_lu dhlhju_ _fm g_ gm`gu ^ey ebqgh]h ihevah\Zgby b dhlhju_ g_ bf_xl
fZl_jbZevghcp_gghklb
; Ih\ur_ggh_qm\kl\hgZijy`_gbyg_ihkj_^kl\_gghi_j_^kh\_jr_gb_fdjZ`b
 DjZ`Z g_ k\yaZgZ k gZjmr_gb_f ih\_^_gby beb jZkkljhckl\hf ebqghklb
ZglbkhpbZevgh]hlbiZ
M de_ilhfZgh\ h[uqgh bf_xlky ^_gv]b qlh[u aZieZlblv aZ \_sv dhlhjmx hgb
bfimevkb\gh mdjZeb dZd b ijb ^jm]bo jZkkljhckl\Zo bfimevkZpbb ijb de_ilhfZgbb
ih\urZ_lky gZijy`_gb_ i_j_^ kh\_jr_gb_f ^_ckl\by dhlhjh_ khijh\h`^Z_lky
m^h\hevkl\b_fb kgb`_gb_fgZijy`_gbyk beb[_aqm\kl\Z\bgum]jua_gbykh\_klbbeb
^_ij_kkbb DjZ`Z g_ ieZgbjm_lky b \ g__ g_ \h\e_dZxlky ^jm]b_ Ohly km[t_dlu g_
\hjmxl_kebkms_kl\m_lm]jhaZg_f_^e_ggh]hZj_klZghhgbg_\k_]^Zijbkemrb\Zxlky
d ^mjguf ij_^qm\kl\byf Ohly de_ilhfZgu fh]ml i_j_`b\Zlv qm\kl\h \bgu b lj_\h]b
ihke_ djZ`b hgb g_ hsmsZxl ]g_\Z beb f_klb ;he__ lh]h dh]^Z mdjZ^_gguc h[t_dl
ij_^klZ\ey_l kh[hc ki_pbZevgh ba[jZggmx p_ev ^bZ]gha de_ilhfZgbb g_ ijZ\hf_j_g
ihkdhevdmijbde_ilhfZgbbp_evxy\ey_lkykZfhkh\_jr_gb_djZ`b
WIB>?FBHEH=BY
De_ilhfZgby \klj_qZ_lky ^h\hevgh j_^dh Kh]eZkgh '60,,,5 wlh jZkkljhckl\h
\uy\ey_lkym f_g__q_f  Zj_klh\Zgguo\hjh\b \wlbokemqZyobklhjbyde_ilhfZgbb
fh`_l[ulv\u^mfZgZqlh[uijbkihkh[blvkyd keh`b\r_ckykblmZpbbGZkdhevdhqZklh
wlh jZkkljhckl\h \klj_qZ_lky m fm`qbg b m `_gsbg g_ba\_klgh gh kZfh \hjh\kl\h
[hevr_ jZkijhkljZg_gh kj_^b `_gsbg b lZdbf h[jZahf \hjh\kl\h k\yaZggh_ k
de_ilhfZgb_c\hafh`ghlZd`_[he__jZkijhkljZg_ghkj_^b`_gsbg
WLBHEH=BY
DZdb ^jm]b_jZkkljhckl\Zbfimevkgh]hdhgljheyaZ[he_\Zgbyfha]Zb mfkl\_ggZy
j_lZj^Zpbybgh]^Zk\yaZguk [_kihe_agufg_ijbghkysbf\u]h^u\hjh\kl\hf

G_dhlhju_ ikbohZgZeblbdb ih^q_jdb\Zxl \ujZ`_gghklv m h^gbo Z]j_kkb\guo
bfimevkh\ ijb de_ilhfZgbb m ^jm]bo ² jZkkljhckl\h eb[b^h L_ dhlhju_
nhdmkbjmxlky gZ kbf\hebaf_ \b^yl kfuke \ kZfhf ^_ckl\bb mdjZ^_gghf h[t_dl_ b
`_jl\_ \hjh\kl\Z De_ilhfZgby qZklh khq_lZ_lky k ^jm]bfb ikbobq_kdbfb
jZkkljhckl\Zfb lZdbfb dZd ojhgbq_kdZy ^_ij_kkby g_j\gZy Zghj_dkby [mebfby b
ibjhfZgby m `_gsbg  Kbfilhfu de_ilhfZgbb ihy\eyxlky \ fhf_glu agZqbl_evguo
klj_kkh\ gZijbf_jmljZlujZa\h^Zb jZaju\Z\Z`guok\ya_c 
:gZeblbdbh[jZsZxlhkh[h_\gbfZgb_gZ \hjh\kl\h m ^_l_c b ih^jhkldh\ :ggZ
Nj_c^ kqblZ_l qlh i_j\h_ \hjh\kl\h ba dhr_evdZ fZl_jb mdZau\Z_l gZ kl_i_gv ^h
dhlhjhc hgh mdhj_gbehkv gZ gZqZevghc klZ^bb _^bg_gby fZl_jb b j_[_gdZ :[jZoZf
ibr_lh ij_h[eZ^Zgbbqm\kl\Zqlhkm[t_dlhfij_g_[j_]Zxl_]hh[b`Zxlbebg_ohlyl
H^bgl_hj_lbdmklZgh\be  dZl_]hjbch[tykgyxsbo\hjh\kl\hm ^_l_caZgbfZxsboky
wlbf ojhgbq_kdb  kihkh[ \hkklZgh\e_gby mljZq_gguo \aZbfhhlghr_gbc fZlv²
j_[_ghd  Zdl Z]j_kkbb  aZsblZ hl kljZoZ ih\j_`^_gby \hafh`gh ihbkd
`_gsbgZfb i_gbkZ beb aZsblZ ijhlb\ dZkljZpbhgghc lj_\h]b m fm`qbg   kihkh[
ihemqblv gZdZaZgb_  kihkh[ \hkklZgh\blv beb mkbeblv kZfhhp_gdm  \ k\yab b dZd
j_ZdpbygZ
k_f_cgmx lZcgm  \ha[m`^_gb_ /XVW $QJVW b aZf_s_gb_ iheh\h]h ZdlZ H^gZ beb
[he__bawlbodZl_]hjbcfh]ml[ulvlZd`_ijbf_g_gud \ajhkeufde_ilhfZgZf
DEBGBQ?KDB?HKH;?GGHKLB
Djhf_kms_kl\_gguohkh[_gghkl_cde_ilhfZgbbdhlhju_hlf_q_gu\ '60,,,5
Z bf_ggh i_jbh^bq_kdhc ihl_jb dhgljhey gZ^ k\hbfb bfimevkZfb gZijZ\e_ggufb gZ
djZ`mg_gm`guo\_s_cijbwlhfkhklhygbbgZ[ex^Zxlky_s_g_dhlhju_De_ilhfZgu
qZklh i_j_`b\Zxl qlh bo fh]ml Zj_klh\Zlv b baaZ wlh]h h[gZjm`b\Zxl ijbagZdb
^_ij_kkbb lj_\h]b b qm\kl\Z \bgu M gbo qZklh \hagbdZxl aZljm^g_gby \
f_`ebqghklguohlghr_gbyolZd`_qZklhghg_\k_]^Z\uy\eyxlijbagZdbjZkkljhckl\Z
ebqghklb

L?Q?GB?B IJH=GHA
De_ilhfZgbyfh`_lgZqbgZlvky\ ^_lkl\_ohly[hevrbgkl\h^_l_cb ih^jhkldh\
kh\_jrZxsbo \hjh\kl\h de_ilhfZgZfb g_ klZgh\ylky L_q_gb_ de_ilhfZgbb
oZjZdl_jbam_lky i_jbh^Zfb mkbe_gby b hkeZ[e_gby gh \ p_ehf ²ojhgbq_kdh_
GZkdhevdh qZklh gZklmiZ_l kihglZggh_ \ua^hjh\e_gb_ g_ba\_klgh K_jv_agu_
gZjmr_gby b hkeh`g_gby h[uqgh \lhjbqgu ihke_ ihbfdb hkh[_ggh _keb _klv m]jhaZ
Zj_klZ DZ`_lky qlh fgh]b_ km[t_dlu gbdh]^Z khagZl_evgh g_ aZ^mfu\Zxlky gZ^
ihke_^kl\byfb k\hbo ihklmidh\ qlh ih^l\_j`^Z_l fg_gb_ g_dhlhjuo bkke_^h\Zl_e_c
dhlhju_ kqblZxl qlh de_ilhfZgu²wlh ex^b k ^mjgufb ih[m`^_gbyfb b ihwlhfm
aZgbfZxlky \hjh\kl\hf B m g_dhlhjuo km[t_dlh\ [u\Zxl ijbiZ^db dh]^Z hgb g_
kihkh[gu khijhlb\eylvky bfimevkm \hjh\kl\Z ihke_ dhlhjuo gZklmiZxl k\h[h^gu_
i_jbh^uijh^he`Zxsb_kyg_^_ebb f_kypuIjh]ghaijbgZebqbbe_q_gbyfh`_l[ulv
ohjhrbfghebrvg_[hevrh_qbkeh[hevguoh[jZsZxlkyaZihfhsvxih^h[jhc\he_
QZklh aZ[he_\Zgb_ \h\k_ g_ f_rZ_l km[t_dlm \_klb ghjfZevgmx khpbZevgmx `bagv b
\uihegylv ijhn_kkbhgZevgmx ^_yl_evghklv Ijb [_kkbfilhfghf l_q_gbb ijbklmiu
aZ[he_\Zgby fh]ml [ulv kijh\hpbjh\Zgu mljZlhc [ebadh]h q_eh\_dZ beb dZdbfeb[h
k_jv_agufi_j_`b\Zgb_f

>BNN?J?GPB:EVGUC>B:=GHA
bZ]gha
de_ilhfZgbb klZ\blky _keb \hjh\kl\h kh\_jrZ_lky ihke_ g_m^Zqghc ihiuldb
\hkijhlb\blvky bfimevkm b Y\ey_lky _^bgbqguf ^_ckl\b_f Z mdjZ^_ggu_ \_sb g_
ij_^klZ\eyxlp_gghklbb g_gm`gukm[t_dlm\ ^Zggucfhf_glIjbh[uqghf\hjh\kl\_
^_ckl\b_h[uqghieZgbjm_lkyZ ihobsZ_fu_\_sbbf_xlfZl_jbZevgmxp_gghklvWlh
jZkkljhckl\hbgh]^Zkbfmebjmxlqlh[uba[_`ZlvgZdZaZgby?E?GB?B >B:=GHA
DZd [ueh g_^Z\gh hij_^_e_gh \ '60,,,5 hkgh\gufb hkh[_gghklyfb
iZlheh]bq_kdhc b]ju y\ey_lky ojhgbq_kdZy b ijh]j_kkbjmxsZy g_kihkh[ghklv
khijhlb\eylvkybfimevkmb]jub ih\_^_gbxb]jhdZqlhklZ\blih^m]jhamgZjmrZ_lb
jZajmrZ_l ebqgh_ k_f_cgh_ b ijhn_kkbhgZevgh_ iheh`_gb_ OZjZdl_jgufb
ijh[e_fZfb y\eyxlky [hevrb_ ^he]b b ihke_^mxs__ g_\uiheg_gb_ h[yaZl_evkl\ ih
mieZl_ ^he]h\ jZaju\ k_f_cguo hlghr_gbc g_\gbfZl_evgh_ hlghr_gb_ d jZ[hl_ b
aZij_s_ggZynbgZgkh\Zy^_yl_evghklvgZijZ\e_ggZygZlhqlh[ukijZ\blvkyk ^he]Zfb
Gb`_ijb\_^_gu^bZ]ghklbq_kdb_djbl_jbb^eyiZlheh]bq_kdhcb]ju
>_aZ^Zilb\gh_ ih\_^_gb_ b]jhdZ gZ qlh mdZau\Zxl ih f_gvr_c f_j_ q_luj_
imgdlZbagb`_ke_^mxsbo
 qZklh_mqZklb_\ b]j_b ^h[u\Zgb_^_g_]^eyb]ju
 qZklh_mqZklb_\ b]j_gZ[hevrb_kmffu^_g_]\ l_q_gb_[he__^ebl_evgh]hi_jbh^Z
q_fkm[t_dlgZf_j_\Zeky
 ihlj_[ghklv m\_ebqblv jZaf_j beb qZklhlm klZ\hd qlh[u ^hklb]gmlv `_eZ_fh]h
\ha[m`^_gby
 [_kihdhckl\hbebjZa^jZ`bl_evghklv_kebb]jZkju\Z_lky
 ih\lhjgZy ihl_jy ^_g_] \ b]j_ b \aylb_ bo \aZcfu ©^h aZ\ljZª qlh[u hlu]jZlv

ihl_jx ©hohlZaZ\ub]jur_fª 
 g_h^ghdjZlgu_ihiuldbmf_gvrblvbebij_djZlblvmqZklb_
 mqZs_gb_b]ju\ kblmZpbyodh]^Z]jhablg_h[oh^bfhklv\uihegblvk\hbkhpbZevgu_
b ijhn_kkbhgZevgu_h[yaZgghklb
 ijbg_k_gb_ \ `_jl\m g_dhlhjuo \Z`guo khpbZevguo ijhn_kkbhgZevguo beb
m\_k_ebl_evguof_jhijbylbcjZ^bb]ju
 ijh^he`_gb_ b]ju g_kfhljy gZ g_kihkh[ghklv aZieZlblv jZklmsb_ ^he]b beb
g_kfhljy gZ ^jm]b_ \Z`gu_ khpbZevgu_ ijhn_kkbhgZevgu_ beb xjb^bq_kdb_
ijh[e_fudhlhju_dZdwlhohjhrhba\_klghkm[t_dlm[m^mlkljZ^ZlvbaaZb]ju

WIB>?FBHEH=BY
MklZgh\e_gh qlh \ KR: b]jZ_l hl  ^h  \ajhkeh]h gZk_e_gby JZkkljhckl\h
[he__qZklh\klj_qZ_lkym fm`qbgq_fm `_gsbgQZs_hgh\klj_qZ_lkydZdm fm`qbg
qvb hlpu b]jZxl lZd b m `_gsbg qvb fZl_jb b]jZxl q_f kj_^b gZk_e_gby \ p_ehf
@_gsbgu kljZ^Zxsb_ wlbf jZkkljhckl\hf qZs_ q_f l_ dhlhju_ bf g_ kljZ^Zxl
bf_xl fm`_cZedh]hebdh\ dhlhju_ h[uqgh g_ [u\Zxl ^hfZ Ih kjZ\g_gbx k
gZk_e_gb_f \ p_ehf kj_^b jh^bl_e_c iZlheh]bq_kdbo b]jhdh\ qZs_ \klj_qZ_lky
aZ\bkbfhklvd Zedh]hex

WLBHEH=BY
Bf_xlky ^Zggu_ h lhf qlh ke_^mxsb_ nZdlhju fh]ml kihkh[kl\h\Zlv jZa\blbx
^Zggh]h jZkkljhckl\Z ihl_jy jh^bl_ey \ j_amevlZl_ kf_jlb jZaemdZ jZa\h^ beb
hl^_evgh_ ijh`b\Zgb_ jh^bl_e_c \ \hajZkl_ \k_]^Z j_[_gdm _s_ g_l  e_l iehoh_
h[jZs_gb_jh^bl_e_ck j_[zgdhf hlkmlkl\b_g_mjZ\gh\_r_ggh_hlghr_gb_d j_[_gdm
beb `_klhdhklv  ih^\_j`_gghklv b ij_^jZkiheh`_gghklv d b]j_ \ ih^jhkldh\hf
\hajZkl_ khkj_^hlhq_gghklv k_fvb gZ fZl_jbZevguo b nbgZgkh\uo kbf\heZo b
hlkmlkl\b_j_Zevghc[_j_`eb\hklbieZgbjh\Zgbyb jZkoh^h\Zgby^_g_]
DEBGBQ?KDB?HKH;?GGHKLB
Djhf_ hkh[_gghkl_c hibkZgguo \ur_ iZlheh]bq_kdb_ b]jhdb qZklh [u\Zxl
kebrdhfkZfh^h\hevgufbhq_gvwg_j]bqgufbb ©k\h[h^ghr\ujyxl^_gv]Zfbªdh]^Z
bf_xl f_klh y\gu_ ijbagZdb klj_kkZ lj_\h]b b ^_ij_kkbb H[uqgh lZdbf ebpZf
ijbkmsZmklZgh\dZqlh^_gv]by\eyxlkydZdijbqbghcboaZljm^g_gbclZdb j_r_gb_f
wlboaZljm^g_gbcIhf_j_jhklZ\lygmlhklb\ b]jmhgbh[uqghgZqbgZxle]Zlv^eylh]h
qlh[uihemqblv^_gv]bb ijh^he`Zlvb]jmkdju\Zy\ujZ`_gghklvk\h_]hih\_^_gbydZd
b]jhdh\ Hgb g_ ij_^ijbgbfZxl gbdZdbo k_jv_aguo ihiulhd ieZgbjh\Zlv [x^`_l b
wdhghfblv ^_gv]b Dh]^Z j_kmjku dj_^blZ m gbo bkkydZxl hgb fh]ml h[gZjm`b\Zlv
ZglbkhpbZevgh_ ih\_^_gb_ qlh[u ^h[ulv ^_gv]b ^ey b]ju H[uqgh bo ij_klmigu_
^_ckl\byg_ghkyloZjZdl_jZgZkbebywlh²ih^eh]bjZkljZlubebfhr_ggbq_kl\hIjb
wlhfhkhagZggufgZf_j_gb_fy\ey_lky`_eZgb_\_jgmlv^_gv]bb hl^Zlv^he]b
Hkeh`g_gbyfb dhlhju_ h[uqgh gZ[ex^Zxlky ijb wlhf jZkkljhckl\_ y\eyxlky
hoeZ`^_gb_ d jh^guf b hlqm`^_gb_ agZdhfuo mljZlZ \k_]h qlh ^hklb]gmlh \ `bagb
kmbpb^Zevgu_ ihiuldb b kludh\dZ k wdklj_fbklkdbfb b aZij_s_ggufb ]jmiiZfb <
j_amevlZl_ Zj_klZ aZ kh\_jr_ggu_ ijZ\hgZjmr_gby [_a ijbf_g_gby gZkbeby wlb ebpZ
bgh]^ZihiZ^Zxl\ lxjvfm
L?Q?GB?B IJH=GHA

IZlheh]bq_kdZy b]jZ h[uqgh gZqbgZ_lky \ ih^jhkldh\hf \hajZkl_ m fm`qbg Z m
`_gsbg \ iha^g_f i_jbh^_ `bagb L_q_gb_ ² k gZjZklZgbyfb b m[u\Zgbyfb b
l_g^_gpb_c d ojhgbq_kdhfm < iZlheh]bq_kdhc b]j_ bf__lky ljb nZau  nZaZ dh]^Z
km[t_dl \ub]ju\Z_l aZdZgqb\ZxsZyky djmiguf \ub]jur_f ijb[ebabl_evgh jZ\guf
]h^bqghc aZjieZl_ \ j_amevlZl_ dhlhjh]h q_eh\_d \ly]b\Z_lky \ b]jm  klZ^by
ijh]j_kkbjmxsbo ijhb]jur_c \ l_q_gb_ dhlhjhc `bagv [hevgh]h gZqbgZ_l kljhblvky
gZ hkgh\_ b]ju < wlh `_ \j_fy gZ[ex^Z_lky ljZgknhjfZpby ba ohjhr_]h b]jhdZ \
iehoh]h ² mqZklb_ \ jbkdh\Zgguo f_jhijbylbyo batylb_ k[_j_`_gbc ^ey ihemq_gby
gZebqguo ^_g_] jZklmsb_ ^he]b ijh]meu b ihl_jy jZ[hlu  klZ^by hlqZygby dh]^Z
[hevghcb]jZ_ldZd[_amfgucgZ[hevrb_^_gv]b g_ ieZly ^he]h\ bgh]^Z jZkljZqb\Zy
qm`b_^_gv]b>hgZklmie_gbylj_lv_cklZ^bbfh`_lijhclb  e_lghaZl_f\ l_q_gb_
h^gh]hbeb^\moe_lebqghklv[hevgh]hiheghklvxjZajmrZ_lky
>BNN?J?GPB:EVGUC>B:=GHA
KhpbZevgZyb]jZhlebqZ_lkyhliZlheh]bq_kdhcb]ju\ lhfqlhijbi_j\hcb]jZxl
k ^jmavyfb\ ih^oh^ys_ckblmZpbbb kaZjZg__h]h\hj_ggufbb ijb_fe_fufbklZ\dZfb
lZdqlhijhb]jurfh`ghe_]dhi_j_g_klb
B]jm dhlhjZy oZjZdl_jgZ ^ey fZgbZdZevgh]h wibah^Z fh`gh hlebqblv hl
iZlheh]bq_kdhc b]ju gZ hkgh\Zgbb \ujZ`_ggh]h baf_g_gby gZkljh_gby b gZebqby
jZkkljhckl\ djblbdb ij_^r_kl\mxsbo b]j_ FZgbZdZevghih^h[gu_ baf_g_gby
gZkljh_gby y\eyxlky lbibqgufb b ^ey iZlheh]bq_kdhc b]ju gh hgb bf_xl f_klh
lhevdh ijb \ub]jur_ Z ijb ihke_^mxsbo ijhb]jurZo gZkljh_gb_ f_gy_lky gZ
^_ij_kkb\gh_
Ebqghklb k ZglbkhpbZevgufb mklZgh\dZfb lZd`_ fh]ml [ulv b]jhdZfb b
kh]eZkgh '60,,,5 ijbgZebqbbh[hbowlbojZkkljhckl\ke_^m_lklZ\blvh[Z^bZ]ghaZ

E?Q?GB?
?E?GB?B >B:=GHA
DZd hij_^_e_gh \ '60,,,5 kms_kl\_gghc hkh[_gghklvx ibjhfZgbb y\eyxlky

kh\_jrZ_fu_ h[^mfZggh b p_e_gZijZ\e_ggh b [he__ q_f h^ghdjZlgh ih^`h]b
gZijy`_gb_ b Zdlb\Zpby Znn_dlZ i_j_^ ih^`h]Zfb Z lZd`_ qm\kl\h m^h\e_l\hj_gby
h[e_]q_gby beb m^h\hevkl\by ijb ih^]hlh\d_ d ih^`h]m b kha_jpZgbb ih`ZjZ Gb`_
ijb\_^_gu^bZ]ghklbq_kdb_djbl_jbb '60,,,5 ^eyibjhfZgbb
: H[^mfZggu_b p_e_gZijZ\e_ggu_ih^`h]bkh\_jrZ_fu_g_h^ghdjZlgh
; GZijy`_gb_bebZdlb\ZpbyZnn_dlZi_j_^kh\_jr_gb_fih^`h]Z
BNN?J?GPB:EVGUC>B:=GHA
Ijb h[km`^_gbb ^bnn_j_gpbZevgh]h ^bZ]ghaZ ibjhfZgbb '60,,,5 hlf_qZ_l
qlh jZaebqb_ f_`^m ibjhfZgb_c b kljZklvx d kibqdZf aZ`b]ZedZf b ih`ZjZf
y\eyxs_cky qZklvx ghjfZevgh]h bkke_^h\Zl_evkdh]h hlghr_gby d hdjm`Zxs_fm
ijh\_klb e_]dh IbjhfZgby ^he`gZ [ulv lZd`_ hl^bnn_j_gpbjh\ZgZ hl ^_ckl\bc
gZijZ\e_gguo gZ mfure_ggh_ ih^klj_dZl_evkl\h beb kZ[hlZ` b kh\_jrZ_fuo
iheblbq_kdbfb ^bkkb^_glZfb beb wdklj_fbklZfb beb ©gZgylufb nZd_evsbdZfbª
dhlhju_bf_xlxjb^bq_kdbcl_jfbg©ih^`b]Zl_e_cª ©DUVRQª Dh]^Zih^`b]Zl_evkl\h
ihy\ey_lky ijb jZkkljhckl\Zo ih\_^_gby wlh kdhj__ Zdl ijhba\hevguc q_f
g_kihkh[ghklv khijhlb\eylvky bfimevkm Ih^`h] fh]ml mkljZb\Zlv k p_evx \u]h^u
kZ[hlZ`Z f_klb Ijb rbahnj_gbb ih^`h]b fh]ml mkljZb\Zlvky dZd j_Zdpby gZ [j_^ b
]ZeexpbgZpbb Ijb hj]Zgbq_kdbo aZ[he_\Zgbyo fha]Z [hevgu_ fh]ml kh\_jrZlv
ih^`h]bbaaZg_kihkh[ghklbij_^\b^_lvihke_^kl\bywlh]h^_ckl\by
E?Q?GB?
BaaZlh]hqlhibjhfZgbykdhj___klvkbfilhfZ g_aZ[he_\Zgb_hlghkbl_evgh__
e_q_gby ba\_klgh fZeh E_q_gb_ ih^`b]Zl_e_c aZljm^g_gh baaZ lh]h qlh m gbo
hlkmlkl\m_l fhlb\Zpby Bgh]^Z km[t_dlZ ihe_agh ihf_sZlv \ lxjvfm ihkdhevdm wlh

_^bgkl\_gguc kihkh[ ba[_`Zlv _]h ^Zevg_cr_]h mqZklby \ ih^`h]Zo Ih\_^_gq_kdmx
l_jZibxfh`ghaZl_fijh\h^blvb \aZdexq_gbb
IbjhfZgbxm ^_l_cgm`ghe_qblvhq_gvlsZl_evghKe_^m_lZdlb\gh\f_rb\Zlvky
\ `bagv [h evgh]h gh g_ gZdZau\Zlv j_[_gdZ Z iulZlvky ijh\h^blv e_q_[gu_ beb
l_jZi_\lbq_kdb_f_jhijbylby
LJBOHLBEEHF:GBY

HIJ?>?E?GB?B >B:=GHA
Kh]eZkgh '60,,,5 kms_kl\_gghc hkh[_gghklvx ljbohlbeehfZgbb y\ey_lky
i_jbh^bq_kdb gZklmiZxsZy g_kihkh[ghklv khijhlb\eylvky \uju\Zgbx m k_[y \hehk
>bZ]gha g_ ^he`_g klZ\blvky dh]^Z \uju\Zgb_ \hehk k\yaZgh k ij_^r_kl\mxsbf
\hkiZe_gb_fdh`bbebdh]^Zhghkh\_jrZ_lky\ hl\_lgZ[j_^beb]ZeexpbgZpbbGb`_
ijb\h^ylky^bZ]ghklbq_kdb_djbl_jbb^eyljbohlbeehfZgbb
: I_jbh^bq_kdb gZklmiZxsZy g_kihkh[ghklv khijhlb\eylvky bfimevkZf
\uju\Zlv k\hb kh[kl\_ggu_ \hehku \ j_amevlZl_ q_]h gZ[ex^Z_lky agZqbl_evgh_
mf_gvr_gb_qbkeZ\hehk
; M\_ebq_gb_qm\kl\ZgZijy`_gbyg_ihkj_^kl\_gghi_j_^\uju\Zgb_f\hehkZ
?FBHEH=BY
Kh]eZkgh '60,,,5 ljbohlbeehfZgby hq_\b^gh \klj_qZ_lky qZs_ m `_gsbg
BgnhjfZpbyh \ebygbbgZke_^kl\_gghklbgZwlhjZkkljhckl\hhlkmlkl\m_lohly\ h^ghf
bkke_^h\Zgbb gZ ^_lyo ihdZaZgh qlh m  ba  km[t_dlh\ \ ZgZfg_a_ [ueh h[euk_gb_
>Zgguoh jZkijhkljZg_gghklbg_lgh\hafh`ghljbohlbeehfZgby
\klj_qZ_lky qZs_ q_f kqblZ_lky HgZ qZs_ \klj_qZ_lky m mfkl\_ggh hlklZeuo ebp b
\hafh`gh qZs_ m [hevguo rbahnj_gb_c b ebp kljZ^Zxsbo ih]jZgbqgufb
jZkkljhckl\Zfb ebqghklb Hlf_qZ_lky lZd`_ qlh wlh jZkkljhckl\h qZs_ [u\Z_l m
i_j\h]hbeb_^bgkl\_ggh]hj_[_gdZ\ k_fv_JZkkljhckl\hh[uqghgZqbgZ_lky\ ^_lkl\_
ghfh`_lbf_lvf_klh\ ex[hf\hajZkl_
WLBHEH=BY
Kh]eZkgh '60,,,5 ljbohlbeehfZgby jZkkfZljb\Z_lky dZd ©h[mkeh\e_ggZy
fgh`_kl\hf nZdlhjh\ª __ gZqZeh k\yaZgh kh klj_kkh\ufb kblmZpbyfb \ [he__ q_f 
kemqZ_\ GZjmr_gb_ k\yab fZlv ² j_[_ghd kljZo hklZlvky h^ghfm Z lZd`_ g_^Z\gh
i_j_g_k_ggZy mljZlZ kqblZxlky djblbq_kdbfb nZdlhjZfb kihkh[kl\mxsbfb ^Zgghfm
jZkkljhckl\m Aehmihlj_[e_gb_ gZjdhlbq_kdbfb \_s_kl\Zfb fh`_l lZd`_
kihkh[kl\h\Zlv jZa\blbx wlh]h jZkkljhckl\Z QZklh ij_^jZkiheZ]Zxsbf nZdlhjhf
y\ey_lky ^_ij_kkb\gZy ^bgZfbdZ G_dhlhju_ Z\lhju jZkkfZljb\Zxl \uju\Zgb_ \hehk
dZd\ZjbZglkZfhklbfmeypbb
DEBGBQ?KDB?HKH;?GGHKLB
Kh]eZkgh '60,,,5 i_j_^ gZqZehf iZlheh]bq_kdh]h ih\_^_gby km[t_dl
bkiulu\Z_l gZijy`_gb_ Z \ j_amevlZl_ \u^_j]b\Zgby \hehk gZklmiZ_l qm\kl\h
h[e_]q_gbyb m^h\e_l\hj_gbyFh]ml[ulvihjZ`_gu\k_h[eZklbl_eZGZb[he__qZklhc

ehdZebaZpb_c y\ey_lky dh`Z ]heh\u QZklhc ehdZebaZpb_c y\eyxlky lZd`_ [jh\b
j_kgbpu b [hjh^Z f_g__ qZklhc²lmeh\bs_ ih^furdb b h[eZklv imidZ GbdZdbo
iZlheh]bq_kdbo hkh[_gghkl_c gZ dh`_ ijb wlhf g_ h[gZjm`b\Z_lky LjbohnZ]by beb
aZo\Zlu\Zgb_\hehk\ jhlfh`_lgZklmiZlv\ke_^aZ\u^_j]b\Zgb_f\hehkDZdijZ\beh
\u^_j]b\Zgb_ \hehk g_ khijh\h`^Z_lky [he_\ufb hsms_gbyfb ohly \ ihjZ`_gguo
h[eZklyofh]mlbf_lvf_klham^b qm\kl\h``_gby
< \hehkyguo nheebdmeZo hlf_qZxlky oZjZdl_jgu_ qbklh iZlheh]bq_kdb_
baf_g_gby ba\_klgu_ dZd ljbohfZeypby dhlhju_ fh`gh h[gZjm`blv ijb [bhikbb b
dhlhju_ ihfh]Zxl hlebqblv ljbohlbeehfZgbx hl ^jm]bo nhjf h[euk_gby ;hevgu_
h[uqghg_ijbagZxlky\ lhfqlhhgb\u^_j]b\Zxl\hehkub qZklhkdju\Zxlijbqbgm
h[euk_gbyIjbwlhfjZkkljhckl\_fh]mlbf_lvf_klhihdZqb\Zgb_]heh\uihdmku\Zgb_
gh]l_c jZkpZjZiu\Zgb_ dh`b ]jua_gb_ b k^bjZgb_ dh`b Z lZd`_ ^jm]b_ ^_ckl\by
gZijZ\e_ggu_gZkZfhklbfmeypbx
L?Q?GB?B IJH=GHA
LjbohlbeehfZgby h[uqgh y\ey_lky jZkkljhckl\hf oZjZdl_jguf ^ey ^_lkdh]h
\hajZklZghbgh]^Zhghfh`_lgZqbgZlvky\ iha^g_fih^jhkldh\hfi_jbh^_G_dhlhju_
kqblZxl qlh _keb ^Zggh_ jZkkljhckl\h gZqbgZ_lky m \ajhkeuo ex^_c wlh
k\b^_l_evkl\m_l \ ihevam gZebqby m gbo ikbohaZ Kh]eZkgh '60,,,5 ^bgZfbdZ wlh]h
jZkkljhckl\Z bamq_gZ iehoh Bf_xlky khh[s_gby qlh \ g_dhlhjuo kemqZyo hgh fh`_l
^eblvky [he__ ^\mo ^_kylbe_lbc EbpZ h[jZsZxsb_ky aZ f_^bpbgkdhc ihfhsvx
hlf_qZxl qlh jZkkljhckl\h ^eblky ijb[ebabl_evgh \ l_q_gb_ ]h^Z beb g_kdhevdh
f_gvr_k qZklufbh[hklj_gbyfbb j_fbkkbyfb

>BNN?J?GPB:EVGUC>B:=GHA
Kh]eZkgh '60,,,5 fZgbimebjh\Zgb_b b]jZkhk\hbfb\hehkZfby\eyxlkyqZklh
\klj_qZxsbfbky\ ghjf_y\e_gbyfbIjbh[k_kkb\ghdhfimevkb\guojZkkljhckl\Zowlh
ih\_^_gb_ ijbh[j_lZ_l hkh[h_ agZq_gb_ hgh ^he`gh ij_^mij_^blv beb \ua\Zlv
hij_^_e_ggu_ kh[ulby beb kblmZpbb \ [m^ms_f ;hevgu_ k bkdmkkl\_ggh
^_fhgkljbjm_fufjZkkljhckl\hfk khfZlbq_kdbfbijhy\e_gbyfbZdlb\ghh[jZsZxlkyd
\jZqZfb]jZxljhev©[hevgh]hªb gZjhqghkbfmebjmxlwlhaZ[he_\Zgb_M [hevguokh
kl_j_hlbigufb beb jblmZevgufb jZkkljhckl\Zfb hlf_qZxlky kl_j_hlbigu_ beb
jblfbq_kdb_ ^\b`_gby b bo g_ h]hjqZxl wlb ijhy\e_gby LZdh_ khklhygb_ ljm^gh
hlebqblvhlhqZ]h\h]hh[euk_gby
E?Q?GB?
< hlghr_gbb e_q_gby ljbohlbeehfZgbb _^bgh]h fg_gby g_ kms_kl\m_l Hgh
h[uqgh hkms_kl\ey_lky k mqZklb_f ikbobZljh\ b ^_jfZlheh]h\ dhlhju_ ^_ckl\mxl
kh\f_klgh Ba ikbohnZjfZdheh]bq_kdbo f_lh^h\ bkihevam_fuo ^ey e_q_gby
ikboh^_jfZlheh]bq_kdbo jZkkljhckl\ ijbf_gyxl ]b^jhoehjb^ ]b^jhdkbpbgZ
Zgdkbheblbd k ^\hcgufb k\hckl\Zfb ² Zgdkbheblbq_kdbfb b Zglb]bklZfbggufb
Zglb^_ij_kkZglu b g_cjhe_ilbdb Fgh]b_ ikbohljhigu_ \_s_kl\Z ijbf_gyxlky ^ey
e_q_gby ^_jfZlheh]bq_kdbo aZ[he_\Zgbc b bo wnn_dl _s_ jZa ^hdZau\Z_l mqZklb_
wfhpbhgZevguo nZdlhjh\ \ ^Zgghc iZlheh]bb Dh]^Z \ k\yab k ^_ij_kkb_c ijbf_gyxl
Zglb^_ij_kkZglubgh]^ZmemqrZ_lkykhklhygb_dh`bMki_rgZyih\_^_gq_kdZyl_jZiby
lZd`_ bgh]^Z bkihevam_lky ^ey e_q_gby ^_jfZlheh]bq_kdbo ijhy\e_gbc gZijbf_j
[bhih^dj_ie_gb_  h^gZdh [hevrbgkl\h ba wlbo ^Zgguo ihemq_gh gZ bg^b\b^mZevguo

kemqZyo beb \ g_[hevrbo k_jbyo bkke_^h\Zgbc ijbq_f ijhke_`_g hlghkbl_evgh
dhjhldbc i_jbh^ ihke_ aZ[he_\Zgby >ey ihemq_gby ^hklh\_jguo ^Zgguo g_h[oh^bfh
^Zevg_cr__bamq_gb_wlh]hjZkkljhckl\Z
Ihl_gpbZevghwnn_dlb\ghcijbe_q_gbb^_jfZlheh]bq_kdbojZkkljhckl\y\ey_lky
b ]bighl_jZiby lZd dZd \ wlbo jZkkljhckl\Zo ikboheh]bq_kdb_ nZdlhju b]jZxl
Zdlb\gmx jhev Bf__lky fgh`_kl\h nZdlhjh\ ih^l\_j`^Zxsbo qlh dh`Z ih^\_j`_gZ
]bighlbq_kdhfm \gmr_gbx ;hevrbgkl\h ba wlbo nZdlh\ ihemq_gh \ gZmqguo
bkke_^h\Zgbyo lh]^Z dZd debgbq_kdhfm ijbf_g_gbx ^Zggh]h f_lh^Z \ha^_ckl\by
m^_ey_lky fZeh \gbfZgby B gZdhg_pbf__lky fgh`_kl\h khh[s_gbc h ohjhr_f
ijh]gha_
ijb bkihevah\Zgbb bg^b\b^mZevghc ]jmiih\hc b k_f_cghc ikbohl_jZibb ^ey e_q_gby
ikbohnbabheh]bq_kdbogZjmr_gbcgZdh`_Wnn_dlb\gZlZd`_h[sZyih^^_j`b\ZxsZy
b hjb_glbjh\ZggZygZdjblbdmikbohl_jZiby
=eZ\Z 

J:KKLJHCKL:IL:PBB

HIJ?>?E?GB?
Kh]eZkgh '60,,,5 jZkkljhckl\hZ^ZilZpbby\ey_lky^_aZ^Zilb\ghcj_Zdpb_cgZ
hlq_leb\hh[gZjm`b\Z_fucikbohkhpbZevgucklj_kkbebklj_kkuijhy\eyxs_ckyq_j_a
 f_k ihke_ gZqZeZ ^_ckl\by klj_kkZ >ZggZy iZlheh]bq_kdZy j_Zdpby fh`_l
\hkijbgbfZlvky km[t_dlhf dZd ebqgh_ g_kqZklv_ wlh g_ h[hklj_gb_ ikbobq_kdh]h
aZ[he_\Zgby dhlhjh_ hl\_qZ_l ^jm]bf djbl_jbyf JZkkljhckl\h dZd ijZ\beh
ij_djZsZ_lky\kdhj_ihke_lh]hdZdij_djZsZ_lky^_ckl\b_klj_kkZbeb`__kebklj_kk
hklZ_lky ^hklb]Z_lky gh\uc mjh\_gv Z^ZilZpbb J_Zdpby y\ey_lky ^_aZ^Zilb\ghc baaZ
gZjmr_gbc \ khpbZevghc beb ijhn_kkbhgZevghc ^_yl_evghklb beb baaZ ijhy\e_gbc
\uoh^ysbo aZ jZfdb ghjfZevguo h[uqguo h`b^Z_fuo j_Zdpbc gZ ih^h[guc klj_kk
Ke_^h\Zl_evgh^Zgguc^bZ]ghag_^he`_gklZ\blvky_keb[hevghchl\_qZ_ldjbl_jbyf
[he__ki_pbnbq_kdh]hjZkkljhckl\Z

WIB>?FBHEH=BY
JZkkljhckl\Z Z^ZilZpbb \klj_qZxlky hq_gv qZklh < oh^_ h^gh]h h[ke_^h\Zgby m
 [hevguo gZoh^ysboky \ debgbd_ [he__  e_l [ueb \uy\e_gu jZkkljhckl\Z
Z^ZilZpbbWlhl^bZ]ghaqZs_klZ\blkyih^jhkldZfgh[u\Z_l\ ex[hf\hajZkl_
WLBHEH=BY
JZkkljhckl\Z Z^ZilZpbb mkbeb\Zxlky ijb gZebqbb h^gh]h beb [he__ klj_kkh\
Ly`_klvklj_kkZbebklj_kkh\g_\k_]^Zh[mkeh\eb\Z_lly`_klvjZkkljhckl\ZZ^ZilZpbb
EbqghklgZy hj]ZgbaZpby b dmevlmjgu_ beb h[s_kl\_ggu_ ghjfu b p_gghklb \ghkyl
k\hc \deZ^ \ g_Z^_d\Zlgmx j_Zdpbx gZ klj_kk ?_ ly`_klv y\ey_lky dhfie_dkghc
nmgdpb_ckl_i_gbdhebq_kl\Zijh^he`bl_evghklbh[jZlbfhklbhdjm`Zxs_ckj_^ub
ebqghklguo hlghr_gbc < dZq_kl\_ ijbf_jZ fh`gh mdZaZlv qlh ihl_jy jh^bl_ey
kh\_jr_gghihjZaghfmi_j_ghkblky\ \hajZkl_  b  e_l
Klj_kku fh]ml [ulv _^bgbqgufb lZdbfb dZd jZa\h^ beb ihl_jy jZ[hlu beb
fgh`_kl\_ggufblZdbfbdZdkf_jlv^hjh]h]hq_eh\_dZ
gZklmiZxsZy \ lh `_ kZfh_ \j_fy dh]^Z q_eh\_d l_jy_l jZ[hlm beb ly`_eh [he__l

khfZlbq_kdbKlj_kkufh]ml [ulvi_jbh^bq_kdbfblZdbfb dZd k_ahggu_ ljm^ghklb ih
jZ[hl_ beb ihklhyggufb lZdbfb dZd ojhgbq_kdb_ aZ[he_\Zgby beb ijh`b\Zgb_ \
[_^ghklb >bkdhj^Zglgu_ \gmljbk_f_cgu_ hlghr_gby fh]ml \ua\Zlv jZkkljhckl\Z
Z^ZilZpbb dhlhju_ \ebyxl gZ \kx k_fvx \ p_ehf ?keb `_ gZjmr_gby kihkh[ghklb d
Z^ZilZpbb \hagbdZxl m `_jl\u ij_klmie_gby beb \ j_amevlZl_ ly`_ehc [he_agb
jZkkljhckl\hh]jZgbqb\Z_lkyh^gbfebphfBgh]^ZjZkkljhckl\ZZ^ZilZpbbihy\eyxlky
\ ]jmii_bebh[s_kl\_gghcijhkehcd_klj_kkuhdZau\Zxl\ebygb_gZg_kdhevdboebp
dZd ijb klbobcghf [_^kl\bb beb ijb jZkh\uo khpbZevguo beb j_eb]bhaguo
ij_ke_^h\ZgbyoKi_pbnbq_kdb_klZ^bbjZa\blbylZdb_dZdgZqZehrdheujZkklZ\Zgb_
k ^hfhf \klmie_gb_ \ [jZd jh`^_gb_ j_[_gdZ g_mki_o \ ^hklb`_gbb ihklZ\e_gghc
p_eb \ ijhn_kkbhgZevghf hlghr_gbb moh^ ba ^hfZ ihke_^g_]h j_[_gdZ b \uoh^ gZ
i_gkbxqZklhkhimlkl\mxljZkkljhckl\ZfZ^ZilZpbb
G_dhlhju_ikbohZgZeblbdbkqblZxlqlhh^bgb lhl`_klj_kk\uau\Z_lp_eucjy^
jZaguo j_Zdpbc m ghjfZevguo ex^_c GZ ijhly`_gbb k\h_c `bagb Nj_c^ ijhy\eye
bgl_j_k d \hijhkm h lhf ihq_fm klj_kku h[u^_gghc `bagb m h^gbo ex^_c \uau\Zxl
aZ[he_\Zgb_b g_\uau\Zxlm ^jm]boihq_fmaZ[he_\Zgb_ijbgbfZ_llmbebbgmxnhjfm
b ihq_fm hij_^_e_ggu_ y\e_gby ij_^jZkiheZ]Zxl Z ^jm]b_ g_ ij_^jZkiheZ]Zxl d
jZa\blbx ikbohiZlheh]bb Hg ijb^Z\Ze kms_kl\_ggmx jhev dhgklblmpbhgZevguf
nZdlhjZf b kqblZe qlh \aZbfh^_ckl\b_ wlbo nZdlhjh\ k `bl_ckdbfb i_j_`b\Zgbyfb
\uau\Z_lnbdkZpbx
IkbohZgZeblbq_kdb_ bkke_^h\Zgby ih^q_jdb\Zxl \Z`gmx jhev dhlhjmx b]jZ_l
fZlv b ebpZ \hkiblu\Zxsb_ [hevgh]h \ \ujZ[hld_ _]h kihkh[ghklb j_Z]bjh\Zlv gZ
klj_kk Hkh[h_ agZq_gb_ bf__l dhgp_ipby :LQQLFRWW h ^hklZlhqgh ohjhr_c fZl_jb
dhlhjZyijbkemrb\Z_lkyd gm`^Zfj_[_gdZb hdZau\Z_l_fmih^^_j`dmb \wlhfkemqZ_
hg\ujZklZyklZgh\blkykihkh[_g[hjhlvkyk njmkljZpb_c dh]^Z klZedb\Z_lky k g_c \
`bagb
Ijb gZebqbb h^gh\j_f_ggh]h jZkkljhckl\Z ebqghklb beb hj]Zgbq_kdh]h
ihjZ`_gby lZd`_ fh`_l jZa\blvky gZjmr_gb_ Z^ZilZpbb Ih^h[gZy ih^\_j`_gghklv
fh`_llZd`_y\blvkyj_amevlZlhfmljZlujh^bl_ey\ ^_lkdhf\hajZkl_
>B:=GHA
Ohly ih hij_^_e_gbx jZkkljhckl\h Z^ZilZpbb gZklmiZ_l ihke_ klj_kkZ
kbfilhfug_h[yaZl_evghgZqbgZxlkyg_f_^e_gghb lhqghlZd`_hgbg_kjZambkq_aZxl
dh]^Z ij_djZsZ_lky klj_kk Ijb ihklhyggh ^_ckl\mxs_f klj_kk_ jZkkljhckl\h fh`_l
ijh^he`Zlvky\kx`bagvHghfh`_llZd`_gZklmiZlv\ ex[hf\hajZkl_?]hijhy\e_gby
hq_gv fgh]hh[jZagu ijbq_f gZb[he__ qZklufb m \ajhkeuo y\eyxlky ^_ij_kkb\gu_
lj_\h`gu_b kf_rZggu_kbfilhfu
KhfZlbq_kdb_kbfilhfugZb[he__qZklhgZ[ex^Zxlkym ^_l_cb ih`beuoebpgh
fh]ml [ulv b m ^jm]bo Bgh]^Z [hevgu_ ijhy\eyxl gZkbeb_ b [_ajZkkm^kl\h ivxl
kh\_jrZxl ijZ\hgZjmr_gby beb bahebjmxlky hl h[s_kl\Z Gb`_ ijb\_^_gu
^bZ]ghklbq_kdb_djbl_jbb '60,,,5 ^eyjZkkljhckl\Z^ZilZpbb
: J_Zdpby gZ y\guc ikbohkhpbZevguc klj_kk beb fgh`_kl\_ggu_ klj_kku 
dhlhjZyihy\ey_lky\ l_q_gb_  f_kihke_gZqZeZ\ha^_ckl\byklj_kkZ h\ 
; GZ^_aZ^Zilb\gucoZjZdl_jj_ZdpbbmdZau\Z_lh^bgbake_^mxsbo
 gZjmr_gb_\ ijhn_kkbhgZevghc \dexqZyrdhem ^_yl_evghklbbeb \ h[uqghc
khpbZevghc`bagbbeb\h\aZbfhhlghr_gbyok ^jm]bfb
 kbfilhfu\uoh^ysb_aZjZfdbghjfub h`b^Z_fuoj_ZdpbcgZklj_kk

LBIUJ?:DPBC>?A:>:IL:PBB
J:KKLJHCKL:IL:PBBK >?IJ?KKB?GB?
>bZ]ghklbq_kdb_ djbl_jbb '60,,, b '60,,,5 ^ey ikboheh]bq_kdbo nZdlhjh\
hdZau\Zxsbo \ebygb_ gZ nbabq_kdh_ khklhygb_ l_ ^ey ikbohkhfZlbq_kdbo
jZkkljhckl\  wlh l_ ikboheh]bq_kdb agZqbfu_ jZa^jZ`bl_eb ba hdjm`Zxs_c kj_^u
dhlhju_ ^hklh\_jgh ohly b qZklbqgh b \j_f_ggh h[mkeh\eb\Zxl hkeZ[e_gb_ beb
mkbe_gb_ nbabq_kdh]h aZ[he_\Zgby Ijb lZdhf khklhygbb bf__lky eb[h hlq_leb\Zy
hj]Zgbq_kdZy iZlheh]by gZijbf_j j_\fZlhb^guc Zjljbl eb[h dZdhceb[h ba\_klguc
iZlhnbabheh]bq_kdbc ijhp_kk gZijbf_j ]heh\gZy [hev \ \b^_ fb]j_gb Fgh]b_
kqblZxl qlh bkdexq_gb_ ba '60,,, ghaheh]bq_kdh]h l_jfbgZ ikbohnbabheh]bq_kdbc
kbghgbf l_jfbgZ ©ikbohkhfZlbq_kdbcª  \gh\v i_j_q_jdb\Z_l \aZbfhhlghr_gb_ mfZ
ikbobdb  b l_eZ khfu  dhgp_ipby dhlhjZy ih^q_jdb\Z_l _^bguc beb ohebklbq_kdbc
ih^oh^ \ f_^bpbg_ \ lhf qlh gZ \k_ [he_agb hdZau\Zxl \ebygb_ iZlheh]bq_kdb_
nZdlhjuGb`_i_j_qbke_gu^bZ]ghklbq_kdb_djbl_jbb^eyikboheh]bq_kdbonZdlhjh\
hdZau\Zxsbo\ebygb_gZnbabq_kdh_aZ[he_\Zgb_
: Ikboheh]bq_kdbagZqbfu_jZa^jZ`bl_ebbahdjm`Zxs_ckj_^u \h \j_f_gghf

hlghr_gbb k\yaZgu k gZqZehf beb h[hklj_gb_f ki_pbnbq_kdh]h nbabq_kdh]h
aZ[he_\ZgbybebjZkkljhckl\Z j_]bkljbjm_fuoihHkb ,,, 
; Nbabq_kdh_ khklhygb_ \dexqZ_l eb[h ih^l\_j`^_ggh_ hj]Zgbq_kdh_
aZ[he_\Zgb_ gZijbf_j j_\fZlhb^guc Zjljbl  beb ba\_klgh_ iZlhnbabheh]bq_kdh_
jZkkljhckl\h gZijbf_j]heh\gZy[hevfb]j_gv