Sie sind auf Seite 1von 68

6r@RD F3D97F76F:7D3BK42!4!-)%.

4/ $)2)')$/ CHRONMHAKD \[YW[S DM

VVVRSTCDMSBNMRTKSBNL

,+3

( , - ) *

3HRSDL@ MDQUHNRN BDMSQ@K


- @SSGDV 0&QNRBG  $NTFK@R #! MSGNMX  5 L A DQSN $D ' HQNK@L H
m. $ )# %  $ % ,  # ! 0 m4 5 , /
0@SNKNFs@BDKTK@QCDK RHRSDL@ MDQUHN RN 
BDMSQ@K 
2D@BBHNMDRCDK@R MDTQNM@R
EQDMSD@ K@R@FQDRHNMDR 
2D@BBHNMDRCDKNR@RSQNBHSNR
EQDMSD@K@R@FQDRHNMDR 
2D@BBHNMDRCDK@LHBQNFKH@
EQDMSD@ K@R@FQDRHNMDR 
2D@BBHNMDRCDNSQ@RBrKTK@RFKH@KDR
EQDMSD@ K@R@FQDRHNMDR 
%CDL@BDQDAQ@K GHCQNBDE@KH@
D GHOD QSD M RHu M  HMSQ@BQ@MD@K
X  GDQMH@BHuM 
%CDL@BDQDAQ@K 
(HCQNBDE@KH@ 
(HODQSDMRHuM HMSQ@BQ@MD@KXGDQMH@BHuM 
- @KENQL @BHNMDR BNMFrMHS@R XSQ@ R SN QM N R 
CDK C D R@ QQN KKN  
$DEDBSNR CDK STAN MDTQ@K 
-@KENQL@BHNMDRCDK OQNRDMBrE@KN 
!MNL@Ks@RCD K@ENR@ONRSDQHNQ 
3HQHMFNLHDKH@DGHCQNLHDKH@ 

(DLNQQ@FH@HMSQ@O@QDMPTHL@SNR@ -.24
(DLNQQ@FH@RTA@Q@BMNHCD@X@MDTQHRL@R
R@BTK@QDRQNSNR -.25
-@KENQL@BHNMDRU@RBTK@QDR -.3-

)MEDBBHNMDR 
-DMHMFHSHR@FTC@ ./4/

- DMHMFHSHR@RrOSHB@UsQHB@  -.3/

3sMCQNLDRCD O@QJHMRNMHRLN@SsOHBNR 

)MEDBBHNMDRRTOTQ@SHU@R@FTC@RENB@KDR ./40
!ARBDRNBDQDAQ@K -.3/
%LOHDL@RTACTQ@K -.30
!ARBDRNRDWSQ@CTQ@KDR -.30

-DMHMFNDMBDE@KHSHRA@BSDQH@M@BQuMHB@ ./41

(DL@SNL@DOHCTQ@K 
(DL@SNL@RTACTQ@K 

3DBTDK@RCDKNRSQ@TL@SHRLNRBQ@MD@KDR 
,DRHNMDR LDCTK@QDR 
%MEDQLDC@CDR BDQDAQNU@RBTK@QDR 
(HONWH@ HRPTDLH@D HME@QSN 
)RPTDLH@BDQDAQ@KFKNA@K 
)RPTDLH@BDQDAQ@KENB@K  

%MEDQLDC@C BDQDAQNU@RBTK@Q
GHODQSDMRHU@ 
)ME@QSNR)@BTM@QDR 
(DLNQQ@FH@RDMGDMCHCTQ@ 
%MBDE@KNO@Ss@GHODQSDMRHU@  

(DLNQQ@FH@HMSQ@BQ@MD@K 
b      %KRDUHDQ%RO@t@ 3,5 2 DRDQU@CNRSNCNRKNRCDQDBGNR

0@QqKHRHRRTOQ@MTBKD@QOQNFQDRHU@030   
$DFDMDQ@BHuMBNQSHBNA@R@K$#"  

! SQNEH@LTKSHRHRSrLHB@!-3  
%MEDQLDC@CCD (TMSHMFSNM 
$DFDMDQ@BHNMDRDROHMNBDQDADKNR@R 
!S@WH@RDROHMNBDQDADKNR@R  

.DTQNRsEHKHR -.30

!S@WH@CD&QHDCQDHBG  

.DTQNANQQDKHNRHRDMEDQLDC@CCD,XLD  -.31

-DMHMFNDMBDE@KHSHRUsQHB@ ./42
%MBDE@KHSHRUsQHB@SQ@MRLHSHC@
ONQ@QSQuONCNR -.31
6HQTRCDKGDQODRRHLOKDCDSHON ) -.31

#HSNLDF@KNUHQTR -.33

,DRHNMDRU@RBTK@QDRSQ@TLqSHB@R   

$DLDMBH@BNMBTDQONRCD,DVX  

4TADQBTKNRHR -.30

4Q@TL @SHRL NR 


&Q@BSTQ@RBQ@MD@KDR 
,DRHNMDR O@QDMPTHL@SNR@R 

,DRHuM@WuMHB@CHETR@ 

$,&4 4$0 

%MEDQLDC@CCD 0@QJHMRNM %0  

6HQTRCDKGDQODRRHLOKDCD SHON . -.32

,DRHuMO@QDMPTHL@SNR@CHQDBS@  

$,&4 S@T 

- DMHMFHSHROHuFDM@@FTC@LDMHMFHSHR
A@BSDQH@M@  -.3.

,DRHNMDR BDQDAQ@KDR ODQHM@S@KDR 

#NMLNBHuM 

%MEDQLDC@CDR MDTQNCDFDMDQ@SHU@R 


%MEDQLDC@CCD!KYGDHLDQ 
$DFDMDQ@BHuMCDK KuATKN
EQNMSNSDLONQ@K $,&4  

6HQTRCDK@U@QHBDK@ YuRSDQGDQODRYuRSDQ  -.32


0NKHNLHDKHSHR -.33
2@AH@ -.33
6HQTRCDK@HMLTMNCDEHBHDMBH@GTL@M@ -.34
,DTBNDMBDE@KNO@Ss@L TKSHENB@KOQNFQDRHU@ -. 34
0@MDMBDE@KHSHRDRBKDQNR@MSDRTA@FTC@ -.35

-DMHMFNDMBDE@KHSHRLHBuSHB@ ./46
/SQ@RDMEDQLDC@CDRHMEDBBHNR@RCDK RHRSDL@
MDQUHNRN ./46
%MEDQLDC@CDR O N QOQHNMDR   
%MEDQLDC@CCD#QDTSYEDKCS *@JNA%#*  ./5/
%MEDQLDC@CCD#QDTSYEDKCS *@JNAU@QH@MSD -.4.

)MRNLMHNE@LHKH@QKDS@K )&,  ./5/

!S@WH@ SDK@MFHDBS@RH@ 

%RBKDQNRHRK@SDQ@K@LHNSQuEHB@ %,!  


/SQ@RDMEDQLDC@CDR CD K@RMDTQNM@R
LNSNQ@R 
!SQNEH@LTRBTK@QDROHM@KXATKA@QDMEDQLDC@C
CD+DMMDCX    
!SQNEH@LTRBTK@QDROHM@K   

%MEDQLDC@CDR LDS@AuKHB@R
FDMrSHB@R 
%MEDQLDC@CDR ONQCDOuRHSN MDTQNM@K 
,DTBNCHRSQNEH@R 
%MBDE@KNLHNO@Ss@RLHSNBNMCQH@KDR 
4 Q@RSNQMNR L DS@AuKHBNR
X Su W HB N R  @CPTHQHCNR 
$DEHBHDMBH@RUHS@LsMHB@R 
$DEHBHDMBH@CDSH@L HM@UHS@L HM@C^  
$DEHBHDMBH@CDUHS@L HM@"^ 

3DBTDK@R MDTQNKuFHB@RCDK@R@KSDQ@BHNMDR
LDS@AuKHB@R 
(HONFKTBDLH@  

(HODQFKTBDLH@  
%MEDQLDC@CDR CDRLHDKHMHY@MSDR 
%MBDE@KNO@Ss@GDOqSHB@  
%RBKDQNRHR LvKSHOKD ./50
4Q@RSNQMNRSuWHBNR

.DTQNLHDKHSHRuOSHB@ ./52
-NMuWHCNCDB@QANMN  
%MBDE@KNLHDKHSHRCHRDLHM@C@@FTC@
- DS@MNK 
XDMBDE@KNLHDKHSHR GDLNQQqFHB@MDBQNR@MSD
@FTC@ ./53
%S@MNK 
-HDKHMuKHRHR ONMSHM@BDMSQ@K ./53
2@CH@BHuM 
5()5



# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


4TL NQDR 
'KHNL@R 
!RSQNBHSNL@  
/KHFNCDMCQNFKHNL@  
%ODMCHLNL@XKDRHNMDRCDSHONL@R@
O@Q@UDMSQHBTK@QDR
QDK@BHNM@C@R 

4TLNQDR MDTQNM@KDR 

.DNOK@RH@R ONBNCHEDQDMBH@C@R 


-DCTKNAK@RSNL@ 
4TLNQSDQ@SNHCDQ@ACNHCD@SsOHBN 

/ SQNRSTLNQDR
O@QDMPTHL@SNRNR 
,HMENL@OQHL @QHNCDK3.# 
4TLNQDRCDBrKTK@RFDQLHM@KDR 
4TLNQDRO@QDMPTHL@SNRNROHMD@KDR 

H\ kmdi^dk\g pid_\_ api^dji\g _`g ndno`h\ i`mqdjnj ^`iom\g


%OJ?&`ng\i`pmji\+ @`oj_\ng\n^{gpg\n^jmkjm\g`n)g\i`p*
mji\od`i`g\^\k\^d_\_id^\_`m`^d]dmtom\inhdodmdiajmh\*
^d~i+ H\ni`pmji\n _`_dnodio\ngj^\gdu\^dji`nt odkjn od`i`i
kmjkd`_\_`n_da`m`i^d\_\n)lp`di^gpt`inpk\k`gapi^dji\g)
g\ _dnomd]p^d~i _` npn ^ji`sdji`n) gjn i`pmjom\inh dnjm`n
`hkg`\_jn)g\ni`^`nd_\_`nh`o\]~gd^\ntgjnidq`g`n_`\^od*
qd_\_`g{^omd^\`ipihjh`ioj_`o`mhdi\_j+Qi^jiepioj_`
i`pmji\n)lp`ijnd`hkm``nozi\bmpk\_\n`ipi\m`bd~i_`g
`i^{a\gj)kp`_`ikm`n`io\mpi\mlce\iXY`c`[X[j\c\Zk`mXam`io`
\_dq`mn\n\bm`ndji`n)kjmlp`^jhk\mo`ipi\jhzn^\m\^o`*
m|nod^\n+ @\_jlp`g\n_dnodio\nm`bdji`n _`g`i^{a\gjk\mod^d*
k\i `iapi^dji`n_da`m`io`n) `g k\om~i _`ndbijntn|iojh\n
^g|id^jn lp` \k\m`^`i om\n pi\ g`nd~i _`k`i_` o\ioj _` g\
m`bd~i_`g`i^{a\gj\a`^o\_\^jhj_`gkmj^`njk\ojg~bd^j+H\n
i`pmji\nh\_pm\nijod`i`i^\k\^d_\__`_dqd_dmn`)_`ajmh\
lp`g\_`nomp^^d~idi^gpnj_`pik`lp`}jih`mj_`i`pmj*
i\n `n`i^d\g`n k\m\ pi\ api^d~i `nk`^|ad^\ kp`_` kmjqj^\m
pi\_`ad^d`i^d\i`pmjg~bd^\`i`gdi_dqd_pj+Ai\gbpi\nm`bdj*
i`n_`g`i^{a\gj`sdno`ikj]g\^dji`nkmjb`idojm\ni`pm\g`n)`i
g\nlp`n`c\_`hjnom\_j^\k\^d_\__`m`nkp`no\am`io`\g\n
\bm`ndji`nh`_d\io` g\ b`i`m\^d~i_`ip`q\ni`pmji\n+ Ljm
`no`hjodqj)`sdno`pidio`m{nh\io`id_jkjmn\]`mndg\`sk\i*
nd~i_`gjnkmjb`idojm`n`i_~b`ijnj`g\kjmo`_`^{gpg\nkmj*
b`idojm\n_`jmdb`i`s~b`ijkp`_`n`mpi\]jm_\e`o`m\k{p*
od^jodgk\m\g\m`k\m\^d~iom\npi\g`nd~ij`igjnk\^d`io`n
^ji`ia`mh`_\_`n_`b`i`m\odq\n+
=_`hzn_`i`pmji\n)`i`gOJ?`sdno`ijom\n^{gpg\n)^jhj
XjkifZ`kfj t fc`^f[\e[ifZ`kfj( lp` `i ^jiepioj ^jinodopt`i g\
^cvX* Hjn ^jhkji`io`n _`g OJ? n` \a`^o\i kjm pi\ n`md` _`
om\nojmijn i`pmjg~bd^jn id^jn t o\h ]d{i m`nkji_`i \io`
\bm`ndji`n^jhpi`n%k+`e+)dnlp`hd\)dia`^^dji`n&_`pihj_j
_dnodioj\gjn_`hzno`ed_jn+Ahk`u\m`hjnip`nomj^jh`io\*
mdjnj]m`g\n`ia`mh`_\_`n_`gOJ?m`qdn\i_jgjnk\omji`n_`
g`ndji`n_`g\n_dnodio\n^{gpg\ntnpnm`\^^dji`n\io`g\n_dn*
odio\n\bm`ndji`n+

0@SNKNFs@ BDKTK@QCDK RHRSDL@


MDQUHNRN BDMSQ@K
H\ni`pmji\ntg\bg|\_`gOJ?npam`ipi\ n`md` _`^\h]djn
api^dji\g`n t h jmajg~bd^jn ^p\i_j npam`i pi\ \bm`nd~i+
?jhkm`i_`m`nojnk\omji`nkp`_`\kjmo\mdiajmh\^d~inj]m`
gjnh`^\idnhjn_`g\g`nd~i^`gpg\mt`godkj_``ia`mh`_\_+

2D@BBHNMDR CD K@R MDTQNM@R EQDMSD @ K@R @FQDRHNMDR


H\g`nd~ii`pmji\g kp`_` n`mpikmj^`nj \bp_j) \ h`ip_j
^jin`^p`i^d\_`pi\a\go\_`js|b`ijjbgp^jn\j_`piom\p*
h\odnhj)jpikmj^`njhzng`ioj)lp`\h`ip_j n`\nj^d\\
g\ \^phpg\^d~i _` \bm`b\_jn \i~h\gjn _` kmjo`|i\n) ^jhj
np^`_` `i g\n `ia`mh `_\_`n ^`m`]m\g`n _`b`i`m\odq\n+ H\n

-DMHMFHNL@R 
4TLNQDRLDS@RSqRHBNR 
3sMCQNLDRO@Q@MDNOKqRHBNR 
3sMCQNLDRSTLNQ@KDRE@LHKH@QDR 
#NLOKDINCDK@DRBKDQNRHRSTADQNR@ 
%MEDQLDC@CCDUNM (HOODK ,HMC@T 
.DTQNEHAQNL@SNRHR 

i`pmji\ni`^`ndo\ipi\kjmo`^jiodipj_`js|b`ijtbgp^jn\
k\m\^p]mdmnpni`^`nd_\_`nh`o\]~gd^\n+ Anojnn\odna\^`ig\n
`sdb`i^d\nadndjg~bd^\nt\i\o~hd^\n]znd^\n)`iom`g\nlp` n`
di^gpt`i `g h\io`idhd`ioj _` gjn bm\_d`io`n _` h`h]m\i\
^g\q`k\m\gjnkjo`i^d\g`n_`\^^d~it`gnjkjmo`_`g\`so`in\
\m]jmdu\^d~i _`i_m|od^\ ^dojkgznhd^\ _` g\n i`pmji\n t gjn
\sji`n) lp` kp`_` `so`i_`mn` \ bm\i _dno\i^d\ _`g ^p`mkj
^`gpg\m %c\no\ . h`i \_pgojn&+ @\_j lp` g\ h\tjm|\ _` g\n
i`pmji\n h\_pm\nk`m_pm\i\ gjg\mbj _`g\qd_\)`nkm`^dnj
m`bpg\m^ji^pd_\_j`gm`^\h]djtg\^\gd_\__`g\nkmjo`|i\n
k\m\ \n`bpm\mg\dio`bmd_\_^`gpg\m+ Jjm`npgo\njmkm`i_`io`
lp`hp^c\n`ia`mh`_\_`ni`pmjg~bd^\nn`_`]\i\gjn`a`^ojn
ij^dqjn_`g\\^phpg\^d~i_`kmjo`|i\nh\gkg`b\_\n%gifk\`*
efgXkvXj% %q+ ^jh`io\mdjnj]m``g h\gkg`b\hd`ioj _`g\nkmj*
o`|i\ntg\ m`nkp`no\am`io`\ g\nkmjo`|i\nijkg`b\_\n`i`g
^\k|opgj/&+

- / 2 & / , / ' m!
%KSrQLHMN KD RHuM MDTQNM@K @FTC@ cMDTQNM@ QNI@i @KTCD@TMDRd
ODBSQNCDB@LAHNRPTD@BNLO@t@M @K@GHONWH@HRPTDLH@@FTC@CDK
3.# TNSQ@R@FQDRHNMDR@FTC@RXPTD QDEKDI@M KNRB@LAHNRLNQENKud
FHBNRLqROQDBNBDRCDK@LTDQSDCDK@RBrKTK@RMDTQNM@KDRUEHF 
Es  ,@RcMDTQNM@RQNI@Ri RNMDUHCDMSDRTM@R   G CDROTrRCD
TMC@tNGHOuWHBN HRPTrLHBNHQQDUDQRHAKD,@RB@Q@BSDQsRSHB@RLNQENKud
FHB@RHMBKTXDMTM@QDCTBBHuMCDKUNKTLDMCDKBTDQONBDKTK@Q OHBMNRHR
CDKMvBKDN CDR@O@QHBHuMCDKMTBKrNKNXOrQCHC@CDRTRS@MBH@CD.HRRK 
BNMDNRHMNEHKH@HMSDMR@CDKBHSNOK@RL@
%K SrQLHMN KD RHuM MDT QNM @K RTA @ F T C @  X  B Qu M HB @  cCDFDMDQ@d
BHuMi @KTCD@K@LTDQSDMDTQNM@KPTDRDOQNCTBDBNL NBNMRDBTDMd
BH@CDTM@DMEDQLDC@C OQNFQDRHU@CDBHDQS@CTQ@BHuM  BNL NRTBDCD
DM@KFTM@RDMEDQLDC@CDRCDFDMDQ@SHU@RCDDUNKTBHuMKDMS@ BNL NK@
DRBKDQNRHRK@SDQ@K@LHNSQuEHB@NK@DMEDQLDC@CCD!KYGDHLDQ,@B@Q@Bd
SDQsRSHB@ GHRSNKuFHB@SsOHB@DR K@ OrQCHC@ BDKTK@Q  PTD BNM EQDBTDMBH@
@EDBS@CDENQL@RDKDBSHU@@FQTONRCDMDTQNM@R QDK@BHNM@C@R@MHUDK
ETMBHNM@K XFKHNRHRQD@BSHU@%MDRS@CHNROQDBNBDRQDRTKS@CHEsBHKCDSDBd
S@QK@OrQCHC@BDKTK@QX@LDMTCNKNRB@LAHNRFKH@KDRQD@BSHUNR@RNBH@d
CNRRNMDKLDINQHMCHB@CNQCDK@KDRHuMMDTQNM@K%MLTBG@RCDDRS@R
DMEDQLDC@CDRRDNARDQU@DUHCDMBH@CDPTDK@OrQCHC@BDKTK@QRTBDCD
ONQ@ONOSNRHR
,@QD @ B B Hu M @ W u M HB @ DRTMB@LAHNNARDQU@CNDMDKBTDQONBDKTd
K@QCTQ@MSDK@QDFDMDQ@BHuMCDK@WuMRDQDBNMNBDLDINQDMK@RBrKTK@R
CDK@RS@@MSDQHNQCDK@LrCTK@DROHM@KBT@MCNKNR@WNMDRLNSNQDRRD
BNQS@MNKDRHNM@MCDENQL@FQ@UD 3DOQNCTBDTM@TLDMSNCDK@RsMd
SDRHRCDOQNSDsM@R DMQDK@BHuMBNMK@@O@QHBHuMCDFDL@BHNMDR@WuMH 
B@R%RS@KDRHuMRDSQ@CTBDDMTM@TLDMSNCDS@L@tNXQDCNMCDNCDK
BTDQONBDKTK@Q CDROK@Y@LHDMSNCDKMvBKDNG@BH@K@ODQHEDQH@ @TLDMSN
CDS@L@tNCDKMTBKrNKNXCHRODQRHuMCDK@RTRS@MBH@CD.HRRKCDRCDDK
BDMSQN@K@ODQHEDQH@BDKTK@QBQNL@SuKHRHRBDMSQ@K 
,@KDRHuM MDTQNM@KOTDCD@RNBH@QRD@TM@@LOKH@F@L@CD@KSDQ@d
BHNMDR RTABDKTK@QDR DM KNR NQFqMTKNR X DK BHSNDRPTDKDSN MDTQNM@K
0TDCDM @O@QDBDQHM B KT R HN M D R  M DT QNM @KDRBNL N L@MHEDRS@BHuM CDK
DMUDIDBHLHDMSN  LNLDMSNDMDKPTDDWHRSDM@BTLTK@BHNMDR)MSQ@BKSN

0@SNKNFs@ BDKTK@Q CDK RHRSDL@ M DQUHN RN  BD MSQ@ K

OKqRLHB@RCD KsOHCNRBNLOKDINR KHONETRBHM@  OQNSDsM@RN GHCQ@SNR CD


B@QANMN %K CDOuRHSN BHSNOKqRLHBN O@SNKuFHBN CDKsOHCNRBNLOKDINRX
NSQ@RRTRS@MBH@RRDCDRBQHADS@LAHrMDMKNRSQ@RSNQMNRCDA@RDFDMrd
SHB@CDK LDS@ANKHRLN DM KNRPTDRD@BTLTK@M RTRSQ@SNRNOQNCTBSNR
HMSDQLDCHNRUB@OsSTKN ,@RHMEDBBHNMDRUsQHB@ROTDCDMNQHFHM@QS@L d
AHrM HMBKTRHNMDR HMSQ@MTBKD@QDR @MuL@K@R  BNL NRDCDRBQHADM DM K@R
HMEDBBHNMDRGDQOrSHB@RBTDQONCD#NVCQX HMBKTRHNMDRBHSNOKqRLHB@R 
BNL NNBTQQDDMK@Q@AH@BTDQONCD.DFQH NHMBKTRHNMDRS@MSNMTBKD@d
QDRBNL NBHSNOKqRLHB@R BNL NDMK@HMEDBBHuMONQBHSNLDF@KNUHQTR
!KFTM@RDMEDQLDC@CDRCDFDMDQ@SHU@RCDK3.#RD@RNBH@M@HMBKTd
RHNMDRDMDKBHSNOK@RL@CDK@RMDTQNM@R  BNL NKNRNUHKKNRMDTQNEHAQH 
K@QDR CD K@ DMEDQLDC@C CD !KYGDHLDQX KNR BTDQONR CD ,DVX CD K@
DMEDQLDC@CCD0@QJHMRNMNSQNROQNBDRNRB@TR@M TM@U@BTNKHY@BHuM
@MuL@K@CDKODQHB@QHNMXCDK@ROQNKNMF@BHNMDRCDK@RMDTQNM@RDMDK
MDTQuOHKNDMEDQLDC@CCD#QDTSYEDKCS *@JNA 

2D@BBHNMDR CD KNR @RSQNBHSNR


EQDMSD@ K@R @FQDRHNMDR
H\^c`fj`j`n`gdi_d^\_jmcdnojk\ojg~bd^jhzndhkjmo\io`_`
g\ng`ndji`n_`gOJ?)di_`k`i_d`io`h`io`_`g\`odjgjb|\)t
n`^\m\^o`mdu\o\iojkjmcdk`momjad\^jhjkjmcdk`mkg\nd\_`
gjn\nomj^dojn+ Agijh]m`_`gjn\nomj^dojnn`_`]`\nphjm*
ajgjb|\`nom`gg\_\+ Ano\n^{gpg\n od`i`ikmjgjib\^dji`n^doj*
kgznh d^\n h pgodkjg\m`n m\h dad^\_\n) lp` n` jmdbdi\i `i `g
^p`mkj^`gpg\mtlp`^jiod`i`ig\kmjo`|i\bgdjad]mdg\mz^d_\
%CB=L&) pi adg\h `ioj dio`mh `_dj `nk`^|ad^j _` ^\_\ odkj
^`gpg\m%adb+/5*.&+ Hjn\nomj^dojnn`^jhkjmo\i^jhjo\hkj*
i`nh `o\]~gd^jnt_`ojsdad^\_jm`n_`iomj_`g`i^{a\gj+=_`*
hzn) \ om\q{n _` npn kmjgjib\^dji`n \ hj_j _` kd`n) lp`
mj_`\i\gjn^\kdg\m`ntn``sod`i_`ic\^d\g\nuji\nnp]kd\g
t np]`k`i_dh \md\) ^jiomd]pt`i o\h ]d{i \ g\ api^d~i _`
]\mm`m\t^jiomjg\i`gagpej_`h\^mjhjg{^pg\n`iom`g\n\i*
bm`) `g g|lpd_j ^`a\gjmm\lp|_`j %H?N& t `g `i^{a\gj+ Ai g\
bgdjndn) gjn i^g`jn _` gjn \nomj^dojn) lp` nji o|kd^\h `io`
m`_ji_`\_jn\jq\g\_jn%.-vsh_`\i^cj&^jipi\^mjh\od*
i\kzgd_\t_dnomd]pd_\_`ajmh\m`bpg\m)\ph`io\i_`o\h\*
}j t \k\m`^`i q`nd^pgjnjn t _`n\mmjgg\i pi kmjh di`io`
ip^g{jgj+ Ag ^dojkg\nh \) km`qd\h `io` `n^\nj) n` `sk\i_`
\gm`_`_jm _` pi i^g`j \gbj `s^{iomd^j t \_jko\ pi ojij
mjn\]mdgg\io`8 _`n_``no`^dojkg\nh\n``sod`i_`ihgodkg`n

 



6  



%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

L$

- s


kmjgjib\^dji`n n~gd_\n lp` `hdo`i m\hdad^\^dji`n bmp`n\n8


`no\n^{gpg\nk\n\i\_`ijhdi\mn`XjkifZ`kfj ^\d`jkfZvk`Zfj*
H\n g`ndji`n ^`gpg\m`n \bp_\n) ^jhj n` _`n^md]`i `i g\
cdkjsd\) g\ cdkjbgp^`hd\ tg\ng`ndji`no~sd^\n) n`h\idad`n*
o\i^jioph`a\^^d~i^`gpg\m)dbp\glp`np^`_``ijom\n^{gp*
g\n %q+ ^\k|opgj /&+ Ag XjkifZ`kf : cq_\`d \i [\ k`gf BB %lp` ij
bp\m_\ m`g\^d~i ^ji g\ `ia`mh `_\_ _` =guc`dh`m) \pilp`
ap`_`n^mdo\kjm`ghdnhjdi_dqd_pj&`npi\^{gpg\_`g\npn*
o\i^d\ bmdn^jipii^g`jbm\i_` %_j]g`\ omdkg`_`g o\h\}j
ijmh\g&)^ji^mjh\odi\^`iom\g_`^jgjm\^d~ikzgd_\)^jipi\
bjo|^pg\_`bgp^~b`ijdiom\ip^g`\mtpi\kmjhdi`io`h`h*
]m\i\ ip^g`\m t ip^g{jgj+ Ano` odkj _` ^\h]dj n` _`n^md]`
kmdi^dk\gh `io` `i gjn k\^d`io`n ^ji pi\ cdk`m\h jid`h d\
kjmpi\c`k\ojk\o|\^m~id^\)`ig\`ia`mh`_\_ _`Sdgnjij
`i `ia`mh `_\_`n h `o\]~gd^\n c`m`_do\md\n lp` \a`^o\i \g
^d^gj_`g\pm`\+
Komjnodkjn_`g`ndji`n^`gpg\m`n^ji_p^`i\g\\k\md^d~i_`
^p`mkjn_`di^gpnd~i^dojkgznhd^jn+H\n] `YiXj [\ Kfj\ek_Xcnji
`nomp^opm\n \g\mb\_\n) bmp`n\n ` dmm`bpg\m`n dio`in\h`io`
`jndi~adg\n)lp`n`gj^\gdu\i`ig\nkmjgjib\^dji`n_`gjn\nomj*
^dojnt^jiod`i`i_jnkmjo`|i\n_`gncj^fo{mhd^j%\aO*^mdno\gd*
i\tcnk/4&)\_`hzn_`p]d^pdodi\+H\nad]m\n_`Njn`ioc\gn`
`i^p`iom\io|kd^\h`io``ig\nm`bdji`n^jipi\bgdjndn^m~id*
^\_`g\mb\`qjgp^d~i8 o\h]d{inji^\m\^o`m|nod^\n_`piodkj
_`ophjmbgd\g) `g \nomj^dojh\ kdgj^|od^j+ Aig\\e]\id\[X[ [\
:c\oXe[\i)pi\g`p^j_dnomjad\\nj^d\_\\hpo\^dji`n`i`gb`i
lp` ^j_dad^\ g\ CB=L) n` `i^p`iom\i \]pi_\io`n ad]m\n _`
Njn`ioc\g_`gj^\gdu\^d~ik`mdq`iomd^pg\m)k`mdq\n^pg\mtnp]*
kd\g+Qi\g`nd~ihznam`^p`io`njigjnZl\igfj Xd`ctZ\fjj^p`m*
kjn_`kjgdbgp^jn\ij+ O`om\o\ _``nomp^opm\ng\hdi\m`n^ji*
^{iomd^\n)m`_ji_`\_\n)gdb`m\h`io`]\n~adg\ntkjndodq\n^ji
`gz^d_jk`mt~_d^j_`O^cdaa%L=O&)lp`hd_`i`iom`2t2-%dh
_`_dzh`omjtn`gj^\gdu\i`ioj_jngjngpb\m`n^jikmjgjib\*
^dji`no`mhdi\g`n_`gjn\nomj^dojn)nj]m`oj_j`ig\nm`bdji`n
k`mdq\n^pg\m`ntnp]kd\g`n+Anozi^jinodopd_jnkmdi^dk\gh`io`
kjmkjg|h`mjn_`bgp^jn\hdijbgp^\ijnto\h]d{ikjmkmjo`|*
i\n_`g ncj^fo{mhd^jtp]d^pdodi\+Opih`mj\ph`io\^ji
g\`_\_tn`^m``lp`m`km`n`io\ipi^\h]dj_`b`i`m\odqj_`
gjn \nomj^dojn+ Hjn Zl\igfj [\ EX]fiX( lp` n``i^p`iom\i`i`g
^dojkg\nh\ _`g\n i`pmji\n %\_`hzn _` gjn c`k\oj^dojn) gjn
hdj^dojntjom\n^{gpg\n&`ig\`kdg`knd\hdj^g~id^\%hdj^gji|\
^ji^p`mkjn_`H\ajm\\nj^d\_\\`kdg`knd\&)od`i`ipi\`nomp^*
opm\t^jhkjnd^d~i]djlp|hd^\ndhdg\m+

2D@BBHNMDR CD K@ LHBQNFKH@EQDMSD@ K@R @FQDRHNMDR


H\n^{gpg\n _`g\h d^mjbgd\nji^{gpg\na\bj^|od^\n_`mdq\_\n
_`gh`nj_`mhj) lp`\^o\i^jhjh\^m~a\bjnm`nd_`io`n`i
`gOJ?+ ?jhk\mo`ihp^cjnh\m^\_jm`n^jigjnhjij^dojn,
h\^m~a\bjnk`mda{md^jn %k+`e+)?N0t?@35&+ N`nkji_`i\io`
pi\\bm`nd~i7 .&kmjgda`m\i_j8/&_`n\mmjgg\i_ji^g`jn`gji*
b\_jn$ZuclcXj \e YXjkxe%70&ajmh\i_j\bm`b\_jn\gm`_`_jm_`
k`lp`}jnaj^jn_`i`^mjndnodnpg\m$ef[lcfj [\ cX d`Zif^c`X%( j
1& ^jibm`bzi_jn` \gm`_`_jm _` gjn ^p`mkjn ^`gpg\m`n _` g\n
i`pmji\n lp` `nozi hpmd`i_j $e\lifef]X^`X%* =_`hzn _` g\
hd^mjbgd\m`nd_`io`)`igjnaj^jndiag\h\ojmdjnkp`_`i\k\m`*
^`mo\h]d{ih\^m~a\bjn_`mdq\_jn_`g\n\ibm`+

2D@BBHNMDR CD NSQ@R BrKTK@RFKH@KDR


EQDMSD @ K@R @FQDRHNMDR

&HFTQ@  !RSQNBHSNRXRTROQNKNMF@BHNMDR ,@SHMBHuM HMLTMNGHRSNPTsLHB@


EQDMSD@K@OQNSDsM@FKHNEHAQHK@QqBHC@LTDRSQ@DKBHSNOK@RL@ODQHMTBKD@QCD KNR
@RSQNBHSNRXK@ROQNKNMF@BHNMDRAHDMCDR@QQNKK@C@RO@QC@R 

Hjnjgdbj_`i_mj^dojnnji^{gpg\nlp`mj_`\i^jinpnkmjgji*
b\^dji`n^dojkgznhd^\n\gjn\sji`ntajmh\ig\hd`gdi\+?\_\
jgdbj_`i_mj^doj ajmh\ g\ q\di\ _` h d`gdi\ _` iph`mjnjn
dio`mij_jn `ihgodkg`n\sji`n) \_da`m`i^d\ _` g\^{gpg\ _`
O^cr\ii)m`nkjin\]g`_`g\hd`gdidu\^d~i`i`gi`mqdjk`mda{*





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


md^jtlp`od`i`pi\^jmm`nkji_`i^d\pij\pij`iom`g\^{gp*
g\tgjndio`mij_jn+H\g`nd~ijg\\kjkojndn_`g\n^{gpg\n_`g\
jgdbj_`i_mjbg|\ `n pi\ ^\m\^o`m|nod^\ _` gjn om\nojmijn _`n*
hd`gdidu\io`n \_lpdmd_jnt g\ g`p^j_dnomjad\+ Hjn i^g`jn _`
gjnjgdbj_`i_mj^dojnkp`_`i\g]`mb\mdi^gpndji`nq|md^\n`ig\
g`p^j`i^`a\gjk\o|\hpgodaj^\gkmjbm`ndq\+H\n`eZclj`fe\jZ`kf)
gctjd`ZXj^c`Xc\j(^jinodopd_\nkmdi^dk\gh`io`kjm\*ndip^g`|i\)
\k\m`^`i`igjnjgdbj_`i_mj^dojn`ig\\omjad\hpgodndno{hd^\
%=IO&+
H\n ZuclcXj \g\e[`dXi`Xj( g\n ^{gpg\n `kdo`gd\g`n ^dgdi_md^\n
^dgd\_\nlp`m`qdno`igjnq`iom|^pgjn)ijn`\nj^d\i\k\omji`n
_`m`\^^d~i`nk`^|ad^jn+ ?p\i_jn`kmj_p^`pi\diag\h\^d~i
j_dg\o\^d~idhkjmo\io`_`gndno`h\q`iomd^pg\m)g\k{m_d_\_`g
m`q`nodhd`ioj`k`i_dh\mdjn`\nj^d\\g\kmjgda`m\^d~i_`gjn
\nomj^dojnnp]`k`i_dh\mdjn)lp`_\igpb\m\k`lp`}\ndmm`bp*
g\md_\_`n`ig\n npk`mad^d`nq`iomd^pg\m`n $^iXelcXZ`fe\j\g\e)
[`dXi`Xj%*=gbpijn\b`io`ndia`^^djnjn)`ik\mod^pg\m`g?IR)
kp`_`i kmj_p^dm pi\ g`nd~i `so`in\ `i `g `k{i_dhj) ^ji
di^gpndji`nq|md^\n`ig\n^{gpg\n`k`i_dh\md\n+Odi`h]\mbj)
id gjn jgdbj_`i_mj^dojn id g\n ^{gpg\n `k`i_dh\md\n h`_d\i
m`nkp`no\n ndbidad^\odq\n `i g\ h\tjm k\mo` _` gjn odkjn _`
g`ndji`n_`gOJ?+

>

lp`k`mhdo`lp``gg|lpd_jn`_`nkg\^`_`n_``g^jhk\mod*
h`iojq\n^pg\m\gjn`nk\^djndio`m^`gpg\m`n_`g^`m`]mj+H\
`n^\n`u_`gdiazod^jn\go`m\hp^cjg\^\k\^d_\__`m`\]njm*
^d~i_`g`s^`nj_`g|lpd_j`som\^`gpg\m+Ag`_`h\q\n~b`ij
kp`_`n`mgj^\gdu\_j %k+ `e+)\_t\^`io`\aj^jn_`diag\h\*
^d~ij ophjm`n&jb`i`m\gdu\_j)^jhjn`j]n`mq\ om\npi\
g`nd~idnlp{hd^\+
Ag\[\dXZ`kfkxo`Zf^jindno``i`g\ph`ioj_`gg|lpd_jdiom\*
^`gpg\m^jhj^jin`^p`i^d\_`g\g`nd~i_`g\nh`h]m\i\n
_`g\ni`pmji\n)g\n^{gpg\n_`g\bg|\jg\n^{gpg\n`i_jo`*
gd\g`n)^jhjkj_m|\np^`_`m_`nkp{n_`pi\g`nd~icdk~sd*
^\,dnlp{h d^\ b`i`m\gdu\_\ j _`nkp{n _` pi om\nojmij
h`o\]~gd^j)lp`dhkd_`h\io`i`m`gbm\_d`io`d~id^jijm*
h\g`ig\h`h]m\i\+

0@SNKNFs@ BDKTK@QCDK RHRSDL@MDQUHNRNBDMSQ@K

Aig\kmz^od^\) gjn om\nojmijn\nj^d\_jn\`_`h\ b`i`m\gd*


u\_j np`g`ikm`n`io\m `g`h`iojn _``_`h\ o\ioj q\n~b`ij
^jhj^dojo~sd^j+Ai`g`_`h\b`i`m\gdu\_j)g\n^dm^piqjgp^dj*
i`nn`q`i\kg\i\_\n)gjnnpm^jndio`mkp`nojn`nozi`nom`^c\*
_jn t g\n ^\qd_\_`n q`iomd^pg\m`n n` q`i ^jhkmdhd_\n+ =g
`sk\i_dmn`)`g^`m`]mjkp`_`c`mid\mn`+
Ag\[\dX `ek\ijk`Z`Xc $\[\dX_`[ifZ\]tc`Zf% n` gj^\gdu\kmdi^d*
k\gh`io` \gm`_`_jm _` gjnq`iom|^pgjn g\o`m\g`n) ^p\i_j pi
\ph`ioj_`g\km`nd~idiom\q\n^pg\m^ji_d^dji\piagpej\i~*
h\gj _` g|lpd_j _`n_` `g H?N diom\q`iomd^pg\m \ om\q{n _`g
m`q`nodhd`ioj`k`i_dh\mdjc\^d\g\npno\i^d\]g\i^\k`mdq`i*
omd^pg\m+

 #@C@BNL ONMDMSDBDKTK@QCDKRHRSDL @MDQUHNRNLTDRSQ@TMFQTd


ONCDEHMHCNCDQDROTDRS@REQDMSD@K@R@FQDRHNMDR

(HCQNBDE@KH@

 # / . # % 0 4/ 3  #,!6%

 ,@R@FQDRHNMDRMDTQNM@KDRRTDKDMOQNCTBHQK@LTDQSDBDKTK@Q ONQ
@ONOSNRHRNMDBQNRHR ,@OrQCHC@CDMDTQNM@R PTDQDRTKS@CHEsBHK
CD CDSDBS@QRHM TM@BT@MSHEHB@BHuMENQL@K  OTDCDBNMSQHATHQ @ K@
CHRETMBHuM
 ,NR@RSQNBHSNRLTDRSQ@MB@L AHNRL NQENKuFHBNR DMSQDKNRPTDRD
HMBKTXDM K@GHODQSQNEH@CDK BHSNOK@RL @  K@@BTL TK@BHuM CD K@ OQNd
SDsM@CDKNREHK@L DMSNR HMSDQL DCHNR'&!0 XK@GHODQOK@RH@
 ,@ L HBQNFKH@  K@ ONAK@BHuM CD KsMD@ L NMNBsSHB@ QDRHCDMSD DM DK
3.#  OQNKHEDQ@XRD@BTL TK@DM QDROTDRS@@K@R@FQDRHNMDR

%CDL@ BDQDAQ@K GHCQNBDE@KH@


D GHODQSDMRHuM HMSQ@BQ@MD@K XGDQMH@BHuM

H\cd_ mj^`a\gd\n`m`ad`m`\g\\^ph pg\^d~i_`H?N`s^`nd*


qj_`iomj_`gndno`h \q`iomd^pg\m%adb+/5*/&+Agkg`sj^jmjd*
_`j _`g ndno`h \ q`iomd^pg\m kmj_p^` `g H?N) lp` ^dm^pg\
ijmh \gh`io`kjm`gndno`h\q`iomd^pg\mt`iom\`ig\^dno`m*
i\h \bi\`ig\]\n` _`g omji^j _`g `i^{a\gj\ om\q{n _`gjn
\bpe`mjn _` Hpn^cf\ t I \b`i_d`+ Ag H?N np]\m\^ijd_`j
]\}\ g\n ^jiq`sd_\_`n npk`mdjm`n _`g ^`m`]mj t n` \]njm]`
`i g\n bm\ipg\^dji`n \m\^ijd_`\n+ H\ h \tjm|\ _` gjn ^\njn
_`cd_mj^`a\gd\nji^jin`^p`i^d\_`pi\\go`m\^d~i`i`gagp*
ej t g\ m`\]njm^d~i _`g H?N8 g\kmj_p^^d~i`s^`ndq\ `n pi\
^\pn\ kj^j am`^p`io` lp` n` `i^p`iom\ `i gjn ophjm`n _`g
kg`sj^jmjd_`j+Ag\ph`ioj_`gqjgph`i_`H?N_`iomj_`
gjnq`iom|^pgjngjn`sk\i_`tkp`_`di^m`h `io\mg\km`nd~i
diom\^m\i`\g+

Ag ^`m`]mj tg\ h{_pg\ `nkdi\g `nozimj_`\_jntkmjo`bd_jn


kjm`g^mzi`jt`g^ji_p^ojm\lp|_`j~n`j+ H\km`nd~i_`iomj
_`g\^\qd_\_^m\i`\gkp`_`\ph`io\m`iom`nndop\^dji`n^g|*
id^\nam`^p`io`n7 `_`h\ ^`m`]m\g b`i`m\gdu\_j8\ph`ioj _`g
qjgph`i_`gH?N %cd_mj^`a\gd\&)tg`ndji`n_`odkjh\n\lp`
n``sk\i_`iaj^\gh`io`+ O`bi`g bm\_j tg\ m\kd_`u^jig\
lp`\ph`io\g\km`nd~itg\i\opm\g`u\_`g\g`nd~inp]t\^`i*
o`)g\n^jin`^p`i^d\nkp`_`idm_`n_`pi\_`ad^d`i^d\i`pmj*
g~bd^\npodg\g\hp`mo`+

%CDL@ BDQDAQ@K
Ag `_`h\ ^`m`]m\g %lp` _` ajmh\ hzn `s\^o\ `n pi `_`h\
k\m`ilpdh\ojnj ^`m`]m\g& `n^jin`^p`i^d\_`g \ph`ioj _`
g\n\gd_\_`g|lpd_j_`n_`gjnq\njnj_`g\ng`ndji`n_`_dn*
odio\n^{gpg\n _`iomj _`g OJ ?+D\t _jn h`^\idnhjnkmdi^d*
k\g`nkjmgjnlp`n`ajmh\`_`h\`i`g^`m`]mj+
Ag\[\dXmXjx^\ef`npi\ph`ioj _`gg|lpd_j`som\^`gpg\m)
lp`n`kmj_p^`^p\i_jn`\go`m\g\dio`bmd_\__`g\]\mm`m\
c`h\oj`i^`azgd^\t\ph`io\g\k`mh`\]dgd_\_q\n^pg\m)gj

&HFTQ@   (HCQNBDE@KH@ $HK@S@BHuM CD KNRUDMSQsBTKNR K@SDQ@KDRDM TMBNQSD


EQNMS@K@SQ@UrRCDK@YNM@LDCH@CDKSqK@LN

%CDL@ BDQDAQ@K GHCQNBDE@KH@D GHODQSDMRHuM HMSQ@BQ@MD@K X GDQMH@BHuM


Od n` _`n\mmjgg\ pi\ cd_mj^`a\gd\ `i g\ kmdh`m\ dia\i^d\)
\io`n_`g^d`mm`_`g\nnpopm\n^m\i`\g`n)n`kmj_p^`pidi^m`*
h`ioj _`g o\h\}j _` g\ ^\]`u\) lp` n` kji` _` h\idad`noj
^jhjpi\ph`ioj_`gk`m|h`omj^`azgd^j+L\n\_j`no`k`m|j_j)
g\ cd_mj^`a\gd\ n` \nj^d\ \ `sk\ind~i _` gjn q`iom|^pgjn t
\ph`ioj_`g\km`nd~idiom\^m\i`\g)k`mjndihj_dad^\m`gk`m|*
h`omj^m\i`\g+Od`sdno`pi\j]nomp^^d~i_`gndno`h\q`iomd^p*
g\mt`no`ijn`^jhpid^\^ji`g`nk\^djnp]\m\^ijd_`j)^jhj
np^`_`) kjm`e`hkgj) `i m`g\^d~i^ji pi\ h\n\ `i `g o`m^`m
q`iom|^pgj)n`c\]g\mz_`_`[ifZ\]Xc`XefZfdle`ZXek\lfYjkilZ)
k`mX* Aig\_`[ifZ\]Xc`XZfdle`ZXek\( `gndno`h\q`iomd^pg\m`noz
`i^jhpid^\^d~i^ji`g`nk\^djnp]\m\^ijd_`jtoj_j`gndn*
o`h\q`iomd^pg\m\k\m`^`\ph`io\_j _` o\h\}j+ Ag o{mhdij
_`[ifZ\]Xc`X`sq\^pj\gp_`\g\ph`ioj^jhk`in\_jm_`gqjgp*
h `i q`iomd^pg\m n`^pi_\mdj \ pi\ k{m_d_\ _` k\m{ilpdh\
^`m`]m\g+

;/" 7
F 1*)

7
v a^ )

'3(
&5

S q R X =
X

(HODQSDMRHuM HMSQ@BQ@MD@K X GDQMH@BHuM

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

H\ c`mid\^d~i`n`g _`nkg\u\h d`ioj_`go`ed_ j^`m`]m\gkjm


_`]\ej_`gjnkgd`bp`n_pm\g`nm|bd_jn%g\cjuX g\od`i_\&j
\ om\q{n _` gjn \bp e`mjn _`g ^mzi`j `i m`g\^d~i ^ji pi
\ph`ioj_`g\km`nd~idiom\^m\i`\g+=g\ph`io\m`gqjgph`i
_`g`i^{a\gj)`g H?Nn`_`nkg\u\tg\q\n^pg\opm\n`^jhkmd*
h`)^ji`g ^jindbpd`io` \ph`ioj _`g\ km`nd~i_`iomj_`g\
^\qd_\_ ^m\i`\g+ ?p\i_j `g \ph`iojnpk`m\ gjn g|hdo`nlp`
k`mhdo`ig\^jhkm`nd~i_`g\nq`i\nt`g_`nkg\u\hd`ioj_`g
H?N)`go`ed_jn`c`mid\`iom`gjn^jhk\modh`iojn)ndbpd`i_j
gjn bm\_d`io`n _` km`nd~i+ H\ c`mid\^d~i n` np`g` \nj^d\m
nj]m`oj_j\pi`a`^oj_`h\n\lp`kp`_`n`m_dapnj%`_`h\
^`m`]m\gb`i`m\gdu\_j&jaj^\g%ophjm`n)\]n^`njnjc`hjmm\*
bd\n&+ Ag \ph`ioj _` g\ km`nd~i diom\^m\i`\g kp`_` m`_p^dm
o\h]d{ig\k`mapnd~i_`g^`m`]mj)gjlp`\bm\q\oj_\q|\hzn
`g`_`h\^`m`]m\g+ Odg\`sk\ind~i`ngj]\no\io`bm\q`)kp`*
_`i\k\m`^`mc`h d\^dji`n`ihgodkg`ngj^\gdu\^dji`n\i\o~*
hd^\n%adb+/5*0&+

&HFTQ@  (DLNQQ@FH@CD$TQDSPTD@EDBS@@KSQNMBNCDKDMBrE@KNDMK@TMHuM
DMSQDK@OQNSTADQ@MBH@XDKLDRDMBrE@KN

H\_\ie`XZ`xegfi[\YXaf[\cX_fq$te^lcf%n`kmj_p^`^p\i_j
g\`sk\ind~ipidg\o`m\gj\ndh{omd^\_`pic`hdna`mdj^`m`*
]m\g_`nkg\u\\g\^dm^piqjgp^d~i_`g^|ibpgj]\ej`g]jm_`
_`g\cju+ O`kp`_` \nj^d\m\ g\^jhkm`nd~i_`g\ \mo`md\
^`m`]m\g\io`mdjmtnpnm\h\n+
H\ _\ie`XZ`xe kiXejk\ekfi`Xc $leZ`]fid\( k\dgfiXc d\j`Xc% n`
kmj_p^`^p\i_jg\^\m\h`_d\g_`gg~]pgjo`hkjm\gn`^jh*
kmdh` am`io` \g ]jm_` gd]m` _` g\ od`i_\+ =g \ph `io\m `g
_`nkg\u\hd`ioj_`gg~]pgjo`hkjm\g)n`^jhkmjh`o``gk\m
^m\i`\g EEE) kmjqj^\i_j_dg\o\^d~ikpkdg\mt\go`m\^d~i_`
gjnhjqdhd`iojnj^pg\m`n`i`gg\_j_`g\g`nd~i+ P\h]d{i
n`kp`_`^jhkmdhdmg\\mo`md\^`m`]m\gkjno`mdjm)kmjqj^\i*
_jpi\ g`nd~i dnlp{hd^\ _`g o`ed_jdmmdb\_j kjm`n`q\nj)
di^gpd_\ g\ ^jmo`u\ qdnp\g kmdh\md\+ Od g\ `so`ind~i _` g\
c`mid\^d~i`nnpad^d`io`h`io`\hkgd\)n`kp`_`^jhkmdhdm
`gk`_|^pgj^`m`]m\g^jiom\g\o`m\g)gjlp`b`i`m\pi\c`hd*
k\m`nd\cjhjg\o`m\g\gg\_j _` g\ c`mid\^d~i8 g\^jhkm`i*
nd~i_`g k`_|^pgj`i`no`^jio`sojn`^jij^`^jhjdl\jZX
[\D\ief_Xe* H\kmjbm`nd~i_`g\c`mid\^d~iom\ino`iojmd\g
n`\^jhk\}\\h`ip_j_`g`ndji`nc`hjmmzbd^\nn`^pi_\*
md\n`i`gh`n`i^{a\gjtg\kmjop]`m\i^d\)lp`n`_`ijhd*
i\i_\dfiiX^`Xj[\=li\k%adb+/5*1&+An\ng`ndji`ngdi`\g`nj
ag\h|b`m\n n`kmj_p^`i ijmh\gh`io``i g\ g|i`\ h`_d\ t
m`bdji`nk\m\h`_d\i\n)tk\m`^`in`m^jin`^p`i^d\_`g\
_dnojmnd~ij _`nb\mmj _`g\n q`i\n t \mo`md\nk`i`om\io`n
lp`dmmdb\ig\k\mo`npk`mdjm_`gomji^j_`g`i^{a\gj+
H\_\ie`XZ`xe [\cXj Xdv^[XcXj n`m`ad`m`\g _`nkg\u\hd`ioj
_`g\n \h|b_\g\n^`m`]`gjn\n \ om\q{n_`g \bpe`mj h\bij+
Ano`k\om~i_`c`mid\^d~i`nkjo`i^d\gh`io`hjmo\g)t\lp`
kmjqj^\g\^jhkm`nd~i_`g omji^j_`g`i^{a\gjt^jhkmj*
h`o`gjn^`iomjnqdo\g`nm`nkdm\ojmdjnt^\m_|\^jn`i`g]pg*
]jm\lp|_`j+

# / . # % 0 4/ 3  #,!6%
%CDL@ BDQDAQ@K  GHCQNBDE@KH@DGHODQSDMRHuM
HMSQ@BQ@MD@KXGDQMH@BHuM

&HFTQ@  0QHMBHO@KDRRsMCQNLDRBNMGDQMH@BHuMCDKBDQDAQNONQCDA@INCD
K@GNY SQ@MRSDMSNQH@KX@LKFC@KHM@

 %K DCDL@BDQDAQ@KDRK@@BTL TK@BHuMDWBDRHU@CDKsPTHCNCDMSQN


CDKO@QrMPTHL@BDQDAQ@K ,@GHCQNBDE@KH@BNQQDRONMCD@TMHMBQDd
LDMSNCDKUNKTLDMCDK,#2DMSN C N NDMO@QSDCDKRHRSDL @UDMd
SQHBTK@Q





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


%K @TL DMSNCDKUNKTLDM CDK BNMSDMHCN HMSQ@BQ@MD@K BNLNBNMd
RDBTDMBH@CDK@TLDMSNCDUNKTLDMCDK,#2 DCDL@ GDLNQQ@FH@
NSTL NQ  HMBQDL DMS@ K@ OQDRHuM CDMSQN CD K@ B@O@BHC@C EHI@ CDK
BQqMDN
%K @TL DMSN CD K@ OQDRHuM OTDCDM QDCTBHQ K@ ODQETRHuM BNM K@
BNMRHFTHDMSDHRPTDLH@ XCDROK@Y@QDKSDIHCN@SQ@UrRCDK@RO@Qd
SHBHNMDRCDK@CTQ@CDMSQNCDKBQqMDNN@SQ@UrRCDRTR@ODQSTQ@R
GDQMH@BHNMDR 

-@KENQL@BHNMDR BNMFrMHS@RXSQ@RSNQMNR
CDK CDR@QQNKKN
=pilp`n`_`n^jij^`ig\k\ojb`id\tg\`odjgjb|\_`hp^c\n
h\gajmh\^dji`n_`gOJ?)k\m`^`lp`diagpt`io\ioja\^ojm`n
b`i{od^jn^jhj\h]d`io\g`n+Hjnh{oj_jnb`i{od^jnhznam`*
^p`io`n)lp`di^gpt`ig\n`^p`i^d\^d~i_`oj_j`g`sjmi\t`g
b`ijh\) c\i`hk`u\_j \ m`q`g\m pi\ n`md` _` \go`m\^dji`n
lp`kj_m|\in`mg\^\pn\_`hp^c\n_``no\nh\gajmh\^dji`n+
H\m`g\^d~i^\pn\g`iom`g\n\go`m\^dji`nb`i{od^\ntg\k\ojb`*
id\ _`g\n h\gajmh\^dji`n`n j]e`oj _`diq`nodb\^d~i\^odq\+
=_`hzn _`gjna\^ojm`n b`i{od^jn) hp^cjn^jhkp`nojn o~sd*
^jnt\b`io`ndia`^^djnjnod`i`io\h]d{i`a`^ojno`m\o~b`ijn
tkp`_`ikmjqj^\mh\gajmh\^dji`n^`m`]m\g`n+

$DEDBSNR CDK STAN MDTQ@K


Ag am\^\nj `i `g ^d`mm` _` pi\ k\mo` _`g op]j i`pm\g j g\
m`\k`mopm\ _`pi\m`bd~i_`gh dnhjom\nnp^d`mm`^ji{sdoj
kp`_`kmj_p^dmh \gajmh \^dji`n)lp`kp`_`i\a`^o\m\go`ed*
_j i`pm\g) g\n h `idib`n t `g cp`nj j gjn o`ed_jn ]g\i_jn
npkm\t\^`io`n`i^jh ]di\^dji`nq\md\]g`n+Ai^jiepioj)gjn
_`a`^ojn _`g op]j i`pm\g m`km`n`io\i g\ h\gajmh\^d~i _`g
OJ?hznam`^p`io`tnp`g`i\a`^o\m\g\h{_pg\`nkdi\g+
Ag[`jiX]`Xm\ik\YiXcj\jg`eXYv]`[Xkp`_`q\md\m_`n_`_`a`^*
ojn~n`jn\ndiojhzod^jn%`nkdi\]|ad_\j^pgo\&\pi\h\gajm*
h\^d~ibm\q`lp`^jindno``ipin`bh`ioj_`njmb\idu\_j
kg\ij _` h {_pg\ `nkdi\g \nj^d\_j \ pi\ `q\bdi\^d~i
h`i|ib`\lp`gjm`^p]m`+
Ag d`\cfd\e`e^fZ\c\ %j h `idibjh d`gj^`g`& `n pi\ `so`i*
nd~i_`o`ed_j_`gOJ?lp`\k\m`^`\om\q{n_`pi_`a`^oj
_`g\^jgphi\q`mo`]m\g8`go{mhdijd\e`e^fZ\c\n``hkg`\
`s^gpndq\h `io` ^p\i_j n` kmj_p^` g\ `sompnd~i _` g\n
h`idib`n+ Hjnh d`gjh`idibj^`g`nnjihznam`^p`io`n`i
g\ m`bd~i gph]jn\^m\+ Hjn k\^d`io`n km`n`io\i _`a`^ojn
hjojm`ntn`indodqjn_`gjnh d`h]mjndia`mdjm`n)\n|^jhj
kmj]g`h\n^ji`g^jiomjgdio`nodi\gtq`nd^\g+Ano\n\go`m\*
^dji`n\ h`ip_jn`^jhkgd^\ikjmnj]m`dia`^^dji`n)lp`
n``sod`i_`ic\no\g\h {_pg\_`n_`g\kd`gadi\lp`m`^p*
]m`g\g`nd~i+
Ag\eZ\]XcfZ\c\`npi _dq`mo|^pgj_`o`ed_j _`g OJ?h\gajm*
h\_j)lp`n``sod`i_`\om\q{n_`pi_`a`^oj`i`g^mzi`j+
Op`g` gj^\gdu\mn` `i g\ ajn\ kjno`mdjm) \pilp` n` kp`_`i
c`mid\m`so`indji`nndhdg\m`n_`^`m`]mj\om\q{n_`g\gzhd*
i\^md]jn\`ig\ajn\\io`mdjm%`ij^\ndji`nn`gg\h\_`ajm*
h\`mm~i`\\`no`kmj^`njbgdjh\i\n\g&+
H\am`^p`i^d\_`gjn_`a`^ojn_`gop]ji`pm\gq\m|\hp^cj
`iom`gjn_dnodiojnbmpkjn{oid^jn+H\nkmp`]\n\a\qjm_`pi\
]\n` b`i{od^\ di^gpt`i pi\ `g`q\_\ o\n\ _` ^ji^jm_\i^d\
`iom`gjnb`h`gjnhjij^db~od^jn+Agmd`nbjbgj]\g_`m`\k\md*
^d~i`ib`no\^dji`nnp^`ndq\n`n_`g1\g2#+H\_`ad^d`i^d\_`
ajg\ojn _pm\io` g\n kmdh`m\n n`h\i\n _` g\ b`no\^d~i`n pi

a\^ojm_`md`nbj]d`im`^jij^d_j8g\n_da`m`i^d\n`ig\am`^p`i*
^d\_`_`a`^ojn _`gop]ji`pm\g`iom`g\nkj]g\^dji`n n`kp`*
_`i `skgd^\m) `i k\mo`) kjm kjgdhjmadnhjn `i g\n `iudh \n
dhkgd^\_\n`i`gh`o\]jgdnhj_`gz^d_ja~gd^j+Hjnnpkg`h`i*
ojn _`ajg\ojn kp`_`im`_p^dm`gmd`nbj _` _`a`^ojn _`g op]j
i`pm\g)k`mj)^jhj`g^d`mm`_``no\`nomp^opm\np`g`n`m^jh*
kg`ojc\^d\`g_|\/5_`g_`n\mmjggj`h]mdji\mdj%\io`n_`lp`
n`^jiadmh`ig\h\tjm|\_`gjn`h]\m\ujn&)n`_`]`\_hdidn*
om\m\g\nhpe`m`n _pm\io` oj_\ g\ `_\_ a{modg k\m\ ^jin`bpdm
np`ad^\^d\^jhkg`o\+ Jj n`n\]`^ji`s\^odop_ ^~hjg\_`ad*
^d`i^d\_`ajg\ojn\ph`io\`gmd`nbj8n`njnk`^c\lp`kp`_`i
`sdnodm\go`m\^dji`n `i`ghjh`ioj _`g\ n|io`ndn_`g=@Jt
`a`^ojn nj]m` g\ h`odg\^d~i _`g =@J %pi dhkjmo\io` hj_j
`kdb`i{od^j_`m`bpg\^d~ib{id^\&+
H\ Xe\eZ\]Xc`X `n pi\ h\gajmh\^d~i_`g `som`hj \io`mdjm
_`gop]ji`pm\glp`kmjqj^\g\\pn`i^d\_`g\h\tjmk\mo`_`g
^`m`]mjt`g^mzi`j+ Ag_`n\mmjggj_`gkmjn`i^{a\gjn`_`od`i`
\kmjsdh\_\h`io` \gjn/5_|\n _`b`no\^d~i)tgjid^jlp`
k`mndno``n`gti\XZ\i\YifmXjZlcfjX)pim`noj\kg\i\_j_`o`ed_j
^`m`]m\g_`njmb\idu\_j^ji`k{i_dhj)kg`sj^jmjd_`jt^{gp*
g\nh`idibjo`gd\g`nh`u^g\_jn+H\n`nomp^opm\n_`g\ajn\kjn*
o`mdjmkp`_`i`no\m^jin`mq\_\n)n`big\`so`ind~i_`g_`a`^*
oj ^m\i`\g8 ^jhj^\]|\ npkji`m) a\go\i g\nq|\n _`n^`i_`io`n
\nj^d\_\n\g\n`nomp^opm\n\go`m\_\n+

-@KENQL@BHNMDR CDK OQNRDMBrE@KN


H\\go`m\^d~i_`g\b`i`m\^d~itg\h dbm\^d~i_`g\ni`pmj*
i\n _pm\io` `g _`n\mmjggj kmjqj^\i h \gajmh \^dji`n `i `g
kmjn`i^{a\gj) lp` kp`_`in`maj^\g`n j\a`^o\m\`nomp^op*
m\n ^jh kg`o\n+ H\ m`n`mq\ _` ^{gpg\n km`^pmnjm\nkmjgda`m\*
odq\n `i`g ^`m`]mj `i _`n\mmjggj n` `i^p`iom\ \_t\^`io` \g
ndno`h\q`iomd^pg\m+Aib`i`m\g)`gih`mj_`i`pmji\nqd`*
i`^ji_d^dji\_jkjmg\am\^^d~i_`^{gpg\nkmjgda`m\odq\nlp`
npam`iom\ind^d~i\^{gpg\nh dbm\ojmd\n`i^\_\^d^gj^`gpg\m+
Aig\na\n`ndid^d\g`n) g\ h\tjm|\ _`g\n_dqdndji`n^`gpg\m`n
_\ijmdb`i\_jn^{gpg\nkmjb`idojm\nhzn)h d`iom\nlp`)\g
kmjbm`n\m`g _`n\mmjggj) g\n _dqdndji`n \ndh {omd^\n nji hzn
am`^p`io`nt_\ijmdb`i\pi\^{gpg\kmjb`idojm\t\jom\lp`
n`_dmdb`c\^d\g\^jmo`u\`i_`n\mmjggj+Odpi`s^`nj_`^{gp*
g\n\]\i_ji\_`h\nd\_jkmjiojg\m`n`mq\_`^{gpg\nkmjgd*
a`m\odq\n) n` m`_p^dmz g\ b`i`m\^d~i bgj]\g _` i`pmji\n+ Od
_pm\io` gjn kmdh `mjn ^d^gjn _` _dqdnd~i kj^\n ^{gpg\n g\
\]\i_ji\i) g\`sk\ind~ib`jh{omd^\ _` g\kj]g\^d~ikmjgd*
a`m\odq\n`\nj^d\mz\pi\nj]m`kmj_p^^d~i_`i`pmji\n+ H\
h dbm\^d~i _` g\n i`pmji\n _`n_` g\ uji\ _` g\ h \omdu b`m*
hdi\g \g\ ^jmo`u\^`m`]m\g n`kmj_p^`kjm_jnq|\n7 h dbm\*
^d~i m\_d\g _` g\n ^{gpg\n kmjb`idojm\ni`pmji\g`n _`nodi\*
_\n \ ^jiq`modmn` `i i`pmji\n `s^do\_jm\n t h dbm\^d~i
o\ib`i^d\gk\m\g\nlp`n`q\i\^jiq`modm`idio`mi`pmji\n
dicd]d_jm\n+ H\n n`}\g`n lp` ^jiomjg\i g\ h dbm\^d~i m\_d\g
n`^jhkm`i_`ih`ejmlp`g\nm`nkjin\]g`n_`g\hdbm\^d~i
o\ib`i^d\g+ Ai g\ h dbm\^d~im\_d\g) pi\ kmjo`|i\ n`^m`o\_\
%m``gdi\& om\inhdo` n`}\g`n\gjni`pmj]g\nojn `ih dbm\^d~i
\ om\q{n _` pi m`^`kojm _` g\ npk`mad^d`8 g\ ^\k\^d_\_ _`
`no\n ^{gpg\n k\m\ m`nkji_`m _` ajmh \ \_`^p\_\ _`k`i_`
_`g\nkmjo`|i\n_`g^doj`nlp`g`oj)lp`kmjkpgn\i\gjni`p*
mj]g\nojnhdbm\ojmdjn+
O`c\i_`adid_jpi\n`md`_`k\omji`n_`h\gajmh\^d~i)lp`
did^d\gh`io`n`]\n\i`ig\m`bd~i_`g^`m`]mj\a`^o\_\t`i`g
odkj_`^\h]djnkm`n`io`n+ Hjn\q\i^`nb`i{od^jnc\ik`mhd*
od_j_`n^p]mdmlp`hp^cjn_``nojnk\omji`nkp`_`i_`]`mn`
\hpo\^dji`n`igjn_dq`mnjnb`i`ni`^`n\mdjnk\m\`g_`n\mmj*
ggj^`m`]m\g\_`^p\_j+Hjn^\h]djnkp`_`i\km`^d\mn`t\`ig\
npk`mad^d`_`g^`m`]mj)`ig\lp`\k\m`^`i^dm^piqjgp^dji`n`i
^\iod_\_`s^`ndq\jdinpad^d`io`)`ig\jmb\idu\^d~i_`g^`m`]mj

-@KENQL@BHNMDR BNMFrMHS@R XSQ@RSNQMNR CDK CDR@QQNKKN

&HFTQ@  ,HRDMBDE@KH@%RS@L@KENQL@BHuMRDB@Q@BSDQHY@ONQK@@TRDMBH@CD
BHQBTMUNKTBHNMDRBNQSHB@KDR BNLNRDNARDQU@DMDRSDBDQDAQNCDTMK@BS@MSD
@SrQLHMN

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

`i g~]pgjnijmh\g`n) `i g\ `nomp^opm\ _` g\ ^jmo`u\ ^`m`]m\g


j`ig\_dnomd]p^d~i_`g\ni`pmji\n_`iomj_`g^`m`]mj+
Agqjgph`i _`g^`m`]mjkp`_`n`m\i~h\g\h`io` bm\i_`
$d\^Xcf\eZ\]Xc`X% jk`lp`}j $d`Zif\eZ\]Xc`X%* H\ hd^mj`i^`*
a\gd\)g\hznam`^p`io`_`g\n_jn^ji_da`m`i^d\) n`\nj^d\
ijmh\gh`io`\pi\^\]`u\k`lp`}\+Lp`_`\nj^d\mn`\pi\
n`md` _`om\nojmijn) ^jhj \go`m\^dji`n ^mjhjn~hd^\n) n|i*
_mjh`\g^jc~gd^ja`o\g`dia`^^d~ikjm`gqdmpn_`g\dihp*
ij_`ad^d`i^d\cph\i\ _` odkj . %RED*.& \_lpdmd_\ diom\*
o`mj+ O`kjnopg\ lp` g\^\m\^o`m|nod^\ pidad^\_jm\ `n pi\
m`_p^^d~i `i `g ih`mj _` i`pmji\n lp` \g^\iu\i g\
i`j^jmo`u\)gjlp`n`om\_p^``ipi\ndhkgdad^\^d~i_`gjn
kgd`bp`n _` g\n ^dm^piqjgp^dji`n) pi hj_`gj m`nk\g_\_j
kjmgjn m`npgo\_jn j]o`id_jn`ihj_`gjn `sk`mdh`io\g`n
hpmdijn+
H\c`j\eZ\]Xc`X`n pi\ h\gajmh\^d~i^\m\^o`mdu\_\ kjm pi\
m`_p^^d~i`i`gih`mj_`^dm^piqjgp^dji`n)lp``i^\njn
`som`hjnkp`_`ia\go\mkjm^jhkg`oj$X^`ivX% %adb+/5*2&+O`
j]n`mq\i _jnk\omji`n b`i`m\g`n) pij^jipi\ npk`mad^d`
gdn\%odkj.&tjomj^jipi\npk`mad^d`mpbjn\j`hk`_m\_\
%odkj/&+Aib`i`m\g)g\najmh\n_`odkj.n`\nj^d\i\hpo\*
^dji`nlp`\go`m\ig\om\inhdnd~i_`n`}\g`nk\m\g\hdbm\*
^d~itg\nkmjo`|i\nhjojm\n_`g^doj`nlp`g`oj)m`nkjin\*
]g`n _` _dmdbdm g\ hdbm\^d~i _` gjn i`pmj]g\nojn+ Ljm `g
^jiom\mdj) g\ gdn`i^`a\gd\_`odkj/ n`\nj^d\) nj]m` oj_j)\
\go`m\^dji`nb`i{od^\nlp`hj_dad^\ig\ n`}\g_`k\m\_\
k\m\ g\hdbm\^d~i+ Ano\ n`}\g_`k`i_`_`pi^jiepioj _`
kmjo`|i\n bgp^jndg\_\n _`ajmh\ `nk`^|ad^\tg\nhpo\^dj*
i`n`ig\n`iudh\nlp`pi`i\u^\m`n\ g\nkmjo`|i\n nji
g\n^\pn\nhznc\]dop\g`n_``no`odkj_`gdn`i^`a\gd\+
H\gfc`d`Zif^`i`Xn`^\m\^o`mdu\kjm`g\ph`ioj_`gih`mj
_` ^dm^piqjgp^dji`n ajmh\_\n dmm`bpg\mh`io` t k`lp`*
}\n+ H\ npno\i^d\ bmdn `noz ^jinodopd_\ kjm ^p\omj ^\k\n
%jh`ijn&^ji\om\k\hd`ioj_`go`ed_j\k\m`io`h`io`h`i|i*
b`j`igjnkpiojn_`apnd~ilp`n`_`]`m|\i^jmm`nkji_`m
ijmh\gh`io`^jig\ npk`mad^d`^jmod^\g+ H\ kjgdhd^mjbdmd\
kp`_`di_p^dmn`kjmpi\g`nd~iodnpg\mgj^\gdu\_\\gadi\g_`
g\ hdbm\^d~ii`pmji\g) \pilp`o\h]d{in`_`n^md]`iajm*
h\nb`i{od^\n)o|kd^\h`io`]dg\o`m\g`ntndh{omd^\n+
H\n_\k\ifkfg`Xj e\lifeXc\jnjipibmpkj_`om\nojmijn_`g\
hdbm\^d~ilp`n`np`g`i\nj^d\m\`kdg`knd\+O`_`adi`ikjm

g\`sdno`i^d\ _`^jg`^^dji`n_`i`pmji\n`igj^\gdu\^dji`n
di\_`^p\_\nndbpd`i_jg\q|\_`hdbm\^d~i+ ?jhj^\]m|\
npkji`m) pi\ gj^\gdu\^d~i`ig\ lp` n` kp`_`i `i^jiom\m
c`o`mjojkd\n`n\gjg\mbj_`g\npk`mad^d`q`iomd^pg\m*^jh j
ndg\n^{gpg\nijcp]d`m\i^jin`bpd_j \]\i_ji\mnpgpb\m
_`jmdb`i*+ H\nc`o`mjojkd\nk`mdq`iomd^pg\m`nkp`_`in`m
kmjqj^\_\nkjmhpo\^dji`n`i`g b`ilp`^j_dad^\ g\adg\*
hdi\=)pi\kmjo`|i\om\inkjmo\_jm\_`\^odi\m`nkjin\]g`
_`g `in\h]g\e`_`g\n^jhkg`e\nm`_`n _`adg\h`iojn+ Ano`
b`in`gj^\gdu\`i`g^mjhjnjh\Tt`g\g`gjhp|\io`m`npg*
o\hjmo\g`igjncjh]m`n8`ig\nhpe`m`n)`gkmj^`nj_`di\^*
odq\^d~i_`g^mjhjnjh\Tn`k\m\\g\ni`pmji\n`i\lp`*
gg\n ^ji pi \g`gj ijmh\g %`i g\ gj^\gdu\^d~i ^jmm`^o\& t
\lp`gg\n ^ji pi \g`gj hpo\io` %`i g\ c`o`mjojkd\&+ Kom\
kmjo`|i\ \nj^d\_\ \ gjn h d^mjo]pgjn) g\ ^jmodi\ _j]g`
%@?T&) o\h]d{in`^j_dad^\`ipib`i_`g^mjhjnjh\T)t
g\nhpo\^dji`n`i_d^cjb`ikmjqj^\igdn`i^`a\gd\`iid}jn
_`g n`sjh\n^pgdijtc`o`mjojkd\n`i]\i_\np]^jmod^\g`n
`ig\nhpe`m`n+Ano\nc`o`mjojkd\nkp`_`in`mij_pgjn_`ad*
id_jn_`i`pmji\n`i`gn`ij_`g\npno\i^d\]g\i^\np]^jm*
od^\gjmd]`o`n^jhkg`ojn)lp`m`^p`m_\i\g\^jmo`u\npkm\*
t\^`io`+
H\ _fcfgifj\eZ\]Xc`X `n pi `nk`^omj _` h \gajmh \^dji`n
^\m\^o`mdu\_\n kjm pi\ n`k\m\^d~i di^jh kg`o\ _` gjn
c`hdna`mdjn^`m`]m\g`n\ om\q{n _`g\ g|i`\h`_d\+ H\najm*
h\nbm\q`nn`kp`_`i\nj^d\m\_`a`^ojn`ig\g|i`\h`_d\
a\^d\g)^jhj^d^gjk|\) hd`iom\n lp`g\najmh\n g`q`n $Xii`)
e\eZ\]Xc`X%kp`_`i^jindnodmnjgj`ig\\pn`i^d\ _`gjn]pg*
]jnjga\ojmdjnt`nomp^opm\nm`g\^dji\_\n+=^op\gh`io`)g\n
ajmh\n bm\q`n n`kp`_`i_d\bijnod^\mdiom\po`mdi\h`io`
h`_d\io``^jbm\a|\+ H\ cjgjkmjn`i^`a\gd\ n`\nj^d\ \ pi\
omdnjh|\ _`g ^mjhjnjh\.0t o\h]d{i \ jomjn n|i_mjh`n
b`i{od^jn+ H\n hpo\^dji`n `i gjn b`i`n lp` ^j_dad^\i gjn
^jhkji`io`n _` g\ q|\ _` om\inhdnd~i _` n`}\g`n Ojid^
D`_b`cjbkp`_`i\nj^d\mn`\pi\cjgjkmjn`i^`a\gd\+
H\ X^\e\j`X [\c Zl\igf ZXccfjf( pi\ h\gajmh\^d~i m`g\odq\*
h`io`am`^p`io`)`ng\\pn`i^d\_` gjn c\^`n _` npno\i^d\
]g\i^\lp` om\inkjmo\i g\n kmjt`^^dji`n^jmod^\g`n _` pi
c`hdna`mdj \g jomj %adb+ /5*3&+ Hjn `nop_djn m\_djg~bd^jn
hp`nom\ipijnq`iom|^pgjng\o`m\g`nh\gajmh\_jn %_`ajm*
hd_\_ `i \g\n _` hpm^d{g\bj&8 `i gjn ^jmo`n ^jmji\g`n
^jhkg`ojn_`g^`m`]mjn`kp`_`id_`iodad^\mc\^`n_`npn*

&HFTQ@  !FDMDRH@CDKBTDQONB@KKNRN %RS@OQNXDBBHuMR@FHS@K LDCH@CDK


GDLHREDQHNHYPTHDQCNLTDRSQ@@TRDMBH@CDKBTDQONB@KKNRNXCDK@BHQBTMUNKTd
BHuMCDKBsMFTKNONQDMBHL@CDKSDQBDQUDMSQsBTKN





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


o\i^d\ ]g\i^\ jmd`io\_jn `i n`iod_j \io`mjkjno`mdjm+ H\
\b`i`nd\_`g^p`mkj^\ggjnjn`np`g`\nj^d\m\m`om\njh`i*
o\g)\pilp`kp`_`\a`^o\m\di_dqd_pjnijmh\g`n_`n_`g\
k`mnk`^odq\^g|id^\+Lp`_`\k\m`^`m\dng\_\j`i\nj^d\^d~i
^jipi\\hkgd\b\h\_`h\ida`no\^dji`n_dnodio\n+

Agjve[ifd\[\CflY\iktgjnom\nojmijnm`g\^dji\_jnn`^\m\^*
o`mdu\ikjmpi\cdkjkg\nd\_`gq`mhdn^`m`]`gjnj^ji\k\*
m`io``gjib\^d~i_`gjnk`_|^pgjn^`m`]`gjnjnnpk`mdjm`nt
\go`m\^dji`n`ig\ajmh\_`gomji^j_`g`i^{a\gj8`nojn^\h*
]djn) `i^jiepioj) _\ijmdb`i\g ndbij _`g hjg\m `ig\n
kmp`]\n _` dh\b`i+ O` c\ _`hjnom\_j lp` `no` odkj _`
h\gajmh\^dji`nn`_`]`\hpo\^dji`n_dnodio\n)lp`\a`^*
o\i\gjnb`i`nlp`^j_dad^\igjn^jhkji`io`n_`g^dgdjkmd*
h\mdj %dih~qdg&+

!MNL@Ks@R CD K@ENR@ ON RSDQHN Q


Asdno`i pi\ n`md` _`adid_\ _` h\gajmh\^dji`n lp` \a`^o\i
kmdi^dk\gh`io`\g omji^j _`g`i^{a\gjt`g^`m`]`gj) lp`^ji
am`^p`i^d\hp`nom\idhkjmo\io`n^\h]djn_`o\h\}jtajmh\+
Ano\n\go`m\^dji`nkp`_`i\^jhk\}\mn`_`^\h]djnhjmajg~*
bd^jn`ijom\nm`bdji`n_`g^`m`]mj+
Aig\dXc]fidXZ`xe[\:iefc[)<_`Xi`%h\gajmh\^d~i_`?cd\*
md_`odkjEE&n`^jh]di\pi\ajn\kjno`mdjmk`lp`}\^jipi
^`m`]`gj _`ajmh` `i g\ g|i`\ h`_d\ t g\ `so`ind~i c\^d\
\]\ej _`gq`mhdn \ om\q{n_`g \bpe`mjh\bij %adb+ /5*4&t)
^\nd_`ajmh\^jino\io`)cd_mj^`a\gd\tpihd`gjh`idibj*
^`g`gph]\m+Komjn^\h]djnlp`kp`_`i\k\m`^`m\nj^d\_jn
nji`g _`nkg\u\hd`ioj^\p_\g _`g]pg]jm\lp|_`j)g\ h\g*
ajmh\^d~i_`g o`^cj) g\ `no`ijndn _`g \^p`_p^oj) g\nc`o`*
mjojkd\n^`m`]m\g`ntg\cd_mjhd`gd\%q+hzn\_`g\io`&+
H\dXc]fidXZ`xe[\<_`Xi`[\k`gfc \ npiom\nojmijhp^cjhzn
g`q`)lp`^pmn\^ji\h|b_\g\n^`m`]`gjn\n_`din`m^d~i]\e\
lp`n``sod`i_`ic\^d\ `g^ji_p^ojm\lp|_`j+ Ano\ h\gajm*
h\^d~ikp`_`n`m\ndiojhzod^\jkmjqj^\mn|iojh\nkjmpi\
j]nomp^^d~ik\m^d\g_`gagpej_`H?Nt\g\^jhkm`nd~i_`g
]pg]jm\lp|_`j+Hjnn|iojh\nkp`_`ih`ejm\m^ji^dmpb|\+
H\ dXc]fidXZ`xe [\ = Xe[p)P Xcb\i n` ^\m\^o`mdu\ kjm `g
\ph`ioj_`o\h\}j_`g\ajn\kjno`mdjm+Agq`mhdn^`m`]`*
gjnja\go\kjm^jhkg`oj j njgj \k\m`^` pi\q\md\io`mp_d*
h`io\md\ _`g\uji\ \io`mdjm+ Aigpb\m_`g^`m`]`gj`sdno`
pi bm\ilpdno`_`g|i`\ h`_d\) m`q`nod_jkjm`k{i_dhjt
^jiodbpj^jig\ng`kojh`idib`n`i np npk`mad^d``so`mi\+
Ano`lpdno`n`^jmm`nkji_`^ji`g^p\mojq`iom|^pgj`sk\i*
_d_jtndio`^cj `i\pn`i^d\_`piq`mhdnijmh\g+ Aig\
h \gajmh \^d~i _` @\i_t*S\gf`m `n am`^p`io` `i^jiom\m
_dnkg\nd\n`igjni^g`jn_`gomji^j_`g`i^{a\gj+

3HQHMFNLHDKH@ D GHCQNLHDKH@
Asdno`i pi\ n`md` _` om\nojmijn^\m\^o`mdu\_jnkjmg\ `sk\i*
nd~i_`g^ji_p^oj^`iom\gm`q`nod_jkjm`k{i_dhj_`g\h{_p*
g\$_`[ifd`\c`X%j_`n\mmjggj_`^\qd_\_`n\hj_j_`c`i_d_p*
m\ gg`i\n _` g|lpd_j `i g\ kjm^d~i dio`mdjm _` g\ h{_pg\
$j`i`e^fd`\c`X(j`i`e^fdX%(lp`kp`_`i`so`i_`mn`c\no\`gomji*
^j_`g`i^{a\gj$j`i`e^fYlcY`X%*
H\ndmdibjhd`gd\kp`_`\nj^d\mn`\g\nh\gajmh\^dji`n_`
?cd\md)k`mjo\h]d{ikp`_`\k\m`^`m`im`g\^d~i^jiophjm`n
diom\h`_pg\m`n j om\n pi\ g`nd~i om\phzod^\+ Ai b`i`m\g) `g
\nk`^ojcdnojg~bd^j`nk\m`^d_j`ioj_jn`nojnom\nojmijntn`
^\m\^o`mdu\ kjm g\ _`nomp^^d~i _` g\ npno\i^d\ ]g\i^\ t bmdn
\_t\^`io`)mj_`\_\kjmpi\ _`in\om\h\_`bgdjndnm`\^odq\+
H\ `ia`mh`_\_ np`g` h\ida`no\mn` `i g\ n`bpi_\ j o`m^`m\
_{^\_\n _`g\qd_\+ Hjnn|iojh\nt ndbijn^\m\^o`m|nod^jn_`
pi ndmdibjh\ di^gpt`i g\ k{m_d_\ \dng\_\ _` g\ n`in\^d~i
_jgjmjn\ t o{mhd^\ `i g\n `som`hd_\_`n npk`mdjm`n) _\_\ g\
\a`^o\^d~ikm`^ju_`g\nad]m\n^jhdnpm\g`nlp`n``iom`^mpu\i
`ig\k\mo`\io`mdjm_`g\h{_pg\`nkdi\g+

>

 # / . # % 0 4/ 3  #,!6%
- @KENQL @BHNMDRXSQ@RSNQMNRCDK CDR@QQNKKN
 ,@R L @KENQL@BHNMDR CDK BDQDAQN OTDCDM OQNCTBHQRD ONQ L TS@d
BHNMDR L NMNFrMHB@R  @KSDQ@BHNMDR FDMrSHB@R @ L@XNQ DRB@K@ N
E@BSNQDRDWuFDMNR
 %M FDMDQ@K  BT@MSN @MSDR@O@QDYB@ K@ L @KENQL@BHuM  LqR FQ@UD
RDQqDKEDMNSHONL NQENKuFHBNXETMBHNM@K
 ,NR CDEDBSNR CDKSTAN MDTQ@K RD @RNBH@M @ TM E@KKNDM DK BHDQQDN
TM@ QD@ODQSTQ@ HM@CDBT@C@ CDK STAN MDTQ@K DM CDR@QQNKKN DRSNR
BT@CQNROTDCDMHQCDRCDG@KK@YFNRHMBHCDMS@KDR@BT@CQNRFQ@UDR
 %KCDR@QQNKKNBNQSHB@KCDODMCDCDTM@BNQQDBS@NQPTDRS@BHuMCDK@
OQNKHEDQ@BHuMCDK@RBrKTK@ROQNFDMHSNQ@RDMK@L@SQHYFDQLHM@KX CD
K@ LHFQ@BHuM CD K@R BrKTK@R OQNFDMHSNQ@R DM RDMSHCN @RBDMCDMSD
G@BH@ K@ BNQSDY@DM CDR@QQNKKN ,@ @KSDQ@BHuM CD DRSNR OQNBDRNR
OTDCDLNCHEHB@QDKS@L@tN K@ENQL @XK@NQF@MHY@BHuMCDKBDQDAQN
 ,@R L @KENQL@BHNMDR PTD@EDBS@M @ K@ENR@ ONRSDQHNQRNM SsOHB@d
LDMSDCHRSHMS@RCDK@RPTD@EDBS@M @KNRGDLHREDQHNRBDQDAQ@KDR

,DRHNMDR BDQDAQ@KDR ODQHM@S@KDR

&HFTQ@  -@KENQL@BHuMCD!QMNKC #GH@QH#NQSDLDCHNR@FHS@KPTDLTDRSQ@


DKBNMSDMHCNCDTM@ENR@ONRSDQHNQODPTDt@  BNMCDROK@Y@LHDMSNDMRDMSHCN
B@TC@K CDK UDQLHRBDQDADKNRNXCDENQLHC@C CDK ATKAN K@R EKDBG@R HMCHB@M DK
MHUDK@OQNWHL@CNCDK@FTIDQNQ@PTsCDN 

H\ng`ndji`n^`m`]m\g`n lp`n`kmj_p^`i`i`gk`m|j_j k`md*


i\o\gnjipi\^\pn\dhkjmo\io`_`_dn^\k\^d_\_i`pmjg~bd^\
`ig\dia\i^d\+H\ng`ndji`nlp`n`kmj_p^`i`i`o\k\ndid^d\g`n
_`g\b`no\^d~ikp`_`i_`nompdm`go`ed_j^`m`]m\gndikmjqj^\m
gjn^\h]djnm`\^odqjnlp`\k\m`^`i`i`g^`m`]mj\_pgoj)gjlp`
`ij^\ndji`nc\^`_da|^dgnp_dnodi^d~i_`g\nh\gajmh\^dji`n+
Ago{mhdijg X it c`j `j Z \i\YiXcn`\kgd^\\gjn_`a`^ojnhjoj*
m`ni`pmjg~bd^jnijkmjbm`ndqjnlp`n`^\m\^o`mdu\ikjm^jh*
]di\^dji`n _``nk\nod^d_\_) _dnoji|\)\o\sd\,\o`ojndntk\m`*
nd\n) \omd]pd]g`n \ pi\ g`nd~i lp` n` kmj_p^` _pm\io` gjn
k`m|j_jnkm`i\o\gtk`mdi\o\g+Hjnndbijntn|iojh\nkp`_`i

4Q@TL@SHRLNR
k\^do\io` %`ig\h{_pg\ `nkdi\g& jhjmo\g %nd\a`^o\\g omji^j
_`g`i^{a\gj&+
H\nap`mu\na|nd^\n\nj^d\_\n\gjnom\ph\odnhjn^m\i`\g`n
kp`_`i kmjqj^\m pi\]i X Z kl i X [ \Zite \f) pi\ c\j`x e g Xi\e )
h l `d X kf j X t [ X w f m X jZ l cX i 7 `no\n om`n g`ndj i `n kp`_`i
^j`sdnodm+H\h\bidop_tg\_dnomd]p^d~i_`g\ng`ndji`n^`m`*
]m\g`nom\phzod^\n_`k`i_`i_`g\ajmh\_`gj]e`ojlp`^\pn`
`g om\ph\odnhj) _` g\ ap`mu\ _`g dhk\^oj t _` nd g\ ^\]`u\
`no\]\`ihjqdhd`ioj`i`g hjh`ioj _`g\ g`nd~i+ Qibjgk`
`ig\^\]`u\kp`_`n`mg\e\kiXek\jZ\iiX[ft^\pn\mpi\c\j`xe
XY`\ikXjZ\iiX[X*

&Q@BSTQ@R BQ@MD@KDR

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

&HFTQ@  ,DTBNDMBDE@KNO@Ss@LTKSHPTsRSHB@3DNARDQU@MMTLDQNRNRDRO@BHNR
PTsRSHBNRPTDQDOQDRDMS@MK@RRDBTDK@RCDTM@KDRHuMHRPTrLHB@FDMDQ@KHY@C@

ijn`m`qd_`io`n\gi\^dhd`iojtnjgjn`h\idad`no\ihzno\m_`)
\gkmjbm`n\m`g_`n\mmjggj+Hjn`nop_djngfjkdfik\d_`gjnid}jn
^jipi\k\mzgdndn^`m`]m\gc\i_`hjnom\_jpi\ \hkgd\ b\h\
_`\go`m\^dji`ni`pmjk\ojg~bd^\n)di^gpd_\ng`ndji`n_`nomp^od*
q\nlp`n`_`]`i\pi\n`md`_`\^jio`^dhd`iojn\iodbpjnlp`
kj_m|\ic\]`mkmjqj^\_jpi\c`hjmm\bd\tpidia\moj+
Aigjng\^o\io`nkm`h\opmjnn`\km`^d\pi\ph`ioj_`md`n*
bj_`_\dfiiX^`X`ekiXgXi\ehl`dXkfjX_`iomj_`g\h\omdub`m*
hdi\g)lp`)^jiam`^p`i^d\)n`gj^\gdu\^`m^\_`g\pid~i`iom`
`gozg\hj`i_`n\mmjggjt`gi^g`j^\p_\_j+H\nc`hjmm\bd\n
kp`_`ik`mh\i`^`mgj^\gdu\_\njn`kp`_`i`so`i_`mc\^d\`g
ndno`h\ q`iomd^pg\m) t _`n_` \gg| \g `nk\^dj np]\m\^ijd_`j)
^\pn\i_jcd_mj^`a\gd\`ij^\ndji`n+
Lp`_`ikmj_p^dmn`dia\mojn`ig\npno\i^d\]g\i^\k`mdq`i*
omd^pg\mnpkm\o`iojmd\g $c\lZfdXcXZ`Xg\i`m\eki`ZlcXi%( `nk`^d\g*
h`io``igjng\^o\io`nkm`h\opmjn+ Anojndia\mojn\_jko\ig\
ajmh\ _` pi\nkg\^\n^\g^zm`\n \h\mdgg\n)lp`n`^jmm`nkji*
_`i^jim`bdji`n_`gdhdo\_\n_`i`^mjndnt^\g^dad^\^d~i_`g\
npno\i^d\]g\i^\+?p\i_jg\npno\i^d\bmdntg\npno\i^d\]g\i*
^\ n` \a`^o\i kjm pi\ g`nd~i dnlp{hd^\ `so`in\) n` kp`_`i
_`n\mmjgg\m g`ndji`nlp|nod^\n _`nomp^odq\n bm\i_`n `ioj_jn
gjnc`hdna`mdjn) pi\ \a`^^d~ilp` n` _`ijhdi\ \eZ\]XcfgXkvX
dlck`hlvjk`ZX%adb+/5*5&+
Aig\ng`ndji`ndnlp{hd^\n k`mdi\o\g`n _` g\^jmo`u\^`m`*
]m\g) g\ k\mo` kmjapi_\ _` g\n ^dm^piqjgp^dji`n njkjmo\ g\
kmdi^dk\g^\mb\g`ndji\g)t`nojn`om\_p^``ipi\n^dm^piqjgp*
^dji`n\_`gb\u\_\ntbgd~od^\n$lc\^`i`X%*Hjnb\ibgdjn]\n\g`n
t`gozg\hjkp`_`inpamdmg`ndji`ndnlp{hd^\n^jipi\k{m_d*
_\k\m^c`\_\_`i`pmji\ntbgdjndnm`\^odq\+Ljno`mdjmh`io`)
g\ h d`gdidu\^d~i \]`mm\io` ` dmm`bpg\m kmj_p^` pi \nk`^oj
h\mh~m`j_`gjni^g`jnkmjapi_jn $\jkX[fdXidxi\f%* @\_j
lp`g\ng`ndji`n n` gj^\gdu\i`i`g ^\p_\_j) `g kpo\h`it`g
ozg\hj)gjnom\nojmijn_`ghjqdhd`ioj)^jhjg\^jm`j\o`ojndn)
njipi\n`^p`g\^g|id^\am`^p`io`+

4Q@TL@SHRLNR
H\gj^\gdu\^d~i\i\o~hd^\_`g\g`nd~itg\^\k\^d_\_gdhdo\_\
_`g^`m`]mjk\m\g\m`k\m\^d~iapi^dji\g^ji_d^dji\ig\n^ji*
n`^p`i^d\n_`gjnom\ph\odnhjn_`gOJ?+Qi\g`nd~i_`q\mdjn
^`io|h`omjn^]d^jn _`k\m{ilpdh\^`m`]m\gkp`_`n`m^g|id*
^\h`io`ndg`io`%nd\a`^o\\gg~]pgjamjio\g&)bm\q`h`io`di^\*

Qi\am\^opm\`ig\^p\g`gcp`njn`_`nkg\u\_`iomj_`g\^\qd*
_\_ ^m\i`\g `ipi\ _dno\i^d\ npk`mdjm\g bmjnjm_`gcp`nj n`
gg\h\]iXZkliX[\Zite\f[\jgcXqX[X*Agbmjnjm_`gjncp`njn^m\*
i`\g`n`nq\md\]g`)t`noj^ji_d^dji\dhkjmo\io`n_da`m`i^d\n
`ig\m`ndno`i^d\\g\am\^opm\+=_`hzn)g\di^d_`i^d\m`g\odq\_`
g\nam\^opm\n`iom`gjn_dnodiojncp`njn^m\i`\g`nn`m`g\^dji\
^ji`gk\om~i_`g\n^\|_\n+?p\i_jpidi_dqd_pjn`^\``no\i*
_j_`nkd`moj)^jhjnp^`_`)kjm`e`hkgj)\g^\`mn`_`pi\`n^\*
g`m\)`gdhk\^ojn`np`g`gj^\gdu\m`ig\k\mo`j^^dkdo\g_`g^mz*
i`j8kjm`g^jiom\mdj)`ipi\^\|_\lp`j^pmm`om\npi\k{m_d_\
_` ^ji^d`i^d\) ^jhj np^`_` `i gjn `kdnj_djn ndi^~k\g`n) `g
dhk\^oj`n) ^jih\tjmam`^p`i^d\)amjio\g+Hjnn|iojh\nm`a`*
md_jn\gjnk\m`n^m\i`\g`ndia`mdjm`njg\m`bd~i^`mqd^j]pg]\m
tg\km`n`i^d\_`c`h\ojh\njm]do\mdjnjh\nojd_`jn\g`e\_jn
_`ggpb\m_`gdhk\^ojkg\io`\ig\njnk`^c\_`pi\kjnd]g`am\^*
opm\ _` g\]\n` _`g ^mzi`j) lp` o|kd^\h`io` \k\m`^` om\n pi
dhk\^ojnj]m``gj^^dkp^djjg\k\mo`g\o`m\g_`g\^\]`u\+Qi\
^jin`^p`i^d\kp`_`n`mg\apb\_` H?Nkjmg\i\mduj`gj|_j
tg\ndia`^^dji`n%h`idibdodn&+H\`i`mb|\^di{od^\lp`kmjqj^\
pi\am\^opm\n` _dndk\`ipi\npopm\apndji\_\8g\nam\^opm\n
lp`\om\qd`n\ig\nnpopm\nn`gg\h\i[`Xjktj`ZXj* ?p\i_j`sdn*
o`ihgodkg`nkpiojn_`dhk\^ojjn`_\ibjgk`nm`k`od_jn`i
g\ ^\]`u\) g\n g|i`\n _` am\^opm\ _` g\n kjno`mdjm`n g`ndji`n
ij\om\qd`n\ig\ng|i`\n_`am\^opm\_`g\ng`ndji`nkm`qd\n+

,DRHNMDR O@QDMPTHL@SNR@R

#NMLNBHuM
H\^jihj^d~i`npi n|i_mjh` ^g|id^jlp`^pmn\^ji\go`m\*
^d~i_`g\^ji^d`i^d\n`^pi_\md\\piom\ph\odnhj^m\i`\g)
lp` o|kd^\h`io` n` _`]` \ pi ^\h]dj `i `g hjh`ioj _` g\
^\]`u\ %g\ ^\]`u\ `ihjqdhd`ioj lp`_\ _`o`id_\ _`ajmh\
n]do\kjmpidhk\^oj^jiom\pi\npk`mad^d`m|bd_\&+Ag^p\_mj
i`pmjg~bd^jo|kd^jdi^gpt`pi\_dnapi^d~ii`pmjg~bd^\om\ind*
ojmd\ _`\k\md^d~idino\iozi`\)pi\k\m\_\m`nkdm\ojmd\ o`h*
kjm\gtg\k{m_d_\_`m`ag`ejn+=pilp`g\m`^pk`m\^d~ii`pmj*
g~bd^\ `n ^jh kg`o\) \ h`ip_j k`mndno` pi\ \h i`nd\ _`g
`kdnj_dj+O`dbijm\g\k\ojb`id\_``no\\go`m\^d~in]do\_`g\
api^d~ii`pmjg~bd^\)k`mj)kjnd]g`h`io`)n`_`]`\pi\_`nm`*
bpg\^d~i_`gndno`h\\^odq\_jmm`od^pg\m_`gomji^j_`g`i^{a\*
gj+O`^jij^`i]d`igjnn|i_mjh`ni`pmjkndlpdzomd^jnom\npi\
^jihj^d~i)lp`n`\nj^d\io|kd^\h`io`\g`ndji`nm`k`ododq\n)
t^\_\q`un`_dnkji`_`hzn`qd_`i^d\n_`lp`kp`_`i\k\*
m`^`mom\nojmijn^jbidodqjnndbidad^\odqjn)\_`hzn_`pi\n`md`
_` c\gg\ubjn k\ojg~bd^jn _`adid_jn) `i pi kmj^`nj gg\h\_j
`i^`a\gjk\o|\om\phzod^\^m~id^\%n`_`n^md]`hzn\_`g\io`&+

,DRHuMO@QDMPTHL@SNR@CHQDBS@
H\nZfeklj`fe\jtg\ncXZ\iXZ`fe\jnjig`ndji`n^`m`]m\g`n^\pn\_\n
kjmg\om\inhdnd~i_``i`mb|\^di{od^\\g^`m`]mj+Qi\^jiopnd~i
`n\izgjb\\g]d`i^jij^d_jc`h\ojh\\nj^d\_j\gjn om\ph\*





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


odnhjn^`mm\_jn)hd`iom\nlp`g\g\^`m\^d~i`npi\g`nd~ikmj_p*
^d_\kjmg\k`i`om\^d~i_`pij]e`ojt`g^jindbpd`io`_`nb\mmj
_`go`ed_j+Ebp\glp`np^`_``i^p\glpd`mjomj~mb\ij)pibjgk`
nj]m`g\npk`mad^d`_`g^`m`]mj)om\inhdod_j\om\q{n_`g^mzi`j)
^ji_d^dji\pi_`nkg\u\hd`iojmzkd_j_`go`ed_j)^jimjopm\_`
gjn^\i\g`nq\n^pg\m`ntg\c`hjmm\bd\^jin`^p`io`)pi\g`nd~i
odnpg\mt`_`h\ %adb+/5*6&+H\c`hjmm\bd\kmj_p^d_\kjm`no\n
g`ndji`nkp`_``so`i_`mn`\g`nk\^djnp]\m\^ijd_`j+ H\n^m`n*
o\n_`g\n^dm^piqjgp^dji`nnjig\nhznnpn^`kod]g`n)_\_jlp`
g\ap`mu\_dm`^o\n``e`m^`\`n`hdnhjidq`g+H\ngj^\gdu\^dji`n
hznam`^p`io`n_`g\n^jiopndji`nn`^jmm`nkji_`i^jig\nuji\n
_`dhk\^oj_dm`^ojhznc\]dop\g`nt^jig\nm`bdji`n_`g^`m`*
]mj)lp`n`ndo\^`m^\_`g\npk`mad^d`dio`mi\_`g^mzi`jdmm`bp*
g\mtmpbjn\)^jhjgjng~]pgjnamjio\g`n\gjg\mbj_`gjnm`]jm_`n
jm]do\mdjntgjng~]pgjno`hkjm\g`n+H\n^jiopndji`nnjih`ijn
am`^p`io`n\idq`g_`gjng~]pgjnj^^dkdo\g`n)`gomji^j_`g`i^{*
a\gjt`g^`m`]`gj)n\gqjlp``no\nzm`\n`no{i\_t\^`io`n\pi\
am\^opm\^m\i`\g$Zfeklj`fe\jj\Zle[Xi`XjX]iXZkliXj%*
Qi\k`mnji\lp`npam`pibjgk``ig\^\]`u\kp`_`_`n\mmj*
gg\mpi\^jiopnd~i`i`ggpb\m_`gdhk\^oj%g`nd~ikjm`g^fcg\%
j`i`gg\_jjkp`noj\g_`gdhk\^oj)`i`gjomjg\_j_`g^`m`]mj
%g`nd~ikjmZfekiX^fcg\%* @\_jlp`np\nk`^ojh\^mjn^~kd^jt
hd^mjn^~kd^j `n di_dnodibpd]g`) g\ _da`m`i^d\ `iom` `nojn _jn
odkjn _` g`ndji`n n` ]\n\ `i g\ d_`iodad^\^d~i _`g kpioj _`
dhk\^oj+Aib`i`m\g)nd`i`ghjh`ioj_`gom\ph\odnhjg\^\]`*
u\`no\]\ dih~qdg) njgjn`kmj_p^dmzpi\g`nd~ikjm`gbjgk`)
hd`iom\nlp`) nd`no\]\`ihjqdhd`ioj) \k\m`^`mz pi\ g`nd~i
kjm`g bjgk`tjom\ kjm`g ^jiom\bjgk`+=pilp` n`^m``lp`g\
g`nd~ikjm`gbjgk`n`_`]`\g^jio\^oj`iom``g^`m`]mjt`g^mz*
i`j`ig\uji\_`gdhk\^oj)n`kd`in\lp`g\g`nd~ikjm`g^ji*
om\bjgk`n`_`n\mmjgg\^p\i_j`g^`m`]mjbjgk`\^jiom\g\npk`m*
ad^d`dio`mi\^jiom\md\_`g^mzi`jom\npi\_`n\^`g`m\^d~in]do\+
Hjn dhk\^ojn n]dojn lp` kmj_p^`i pi\ cdk`m`so`ind~i
qdjg`io\kjno`mdjmjg\o`m\g_`g^p`ggj%^jhjj^pmm`^p\i_jpi
k`\o~i npam` pi \omjk`ggj _` `nk\g_\n \g q`c|^pgj& kp`_`i
\nj^d\mn`\pi\mm\i^\hd`ioj_`g\kmjop]`m\i^d\m`nk`^oj_`g
]pg]jj_``no`m`nk`^oj_`g\h{_pg\`nkdi\g)^\pn\n\h]jn
_`hp`mo`dino\iozi`\+

- / 2 & / , / ' m!
!KBNQSD  K@RBNMSTRHNMDRRNM KDRHNMDRBNMENQL@CDBTt@BTX@A@RD
LqR@MBG@RDDMBTDMSQ@LqRBDQB@CDKOTMSNCDKHL O@BSNUEHF  
  %K@RODBSNCDK@RBNMSTRHNMDRDRO@QDBHCNRD@BT@KRD@DKNQHFDM
CDK SQ@TL@SHRLN %M DRS@CHNR OQDBNBDR RD NARDQU@ DCDL@ X GDd
LNQQ@FH@ PTDBNMEQDBTDMBH@DRODQHB@OHK@Q 0NB@RGNQ@RCDROTrR  K@
DWSQ@U@R@BHuMCDR@MFQDRDDWSHDMCDONQSNCNDKSDIHCN@EDBS@CN  BTd
AQHDMCNSNC@K@BNQSDY@BDQDAQ@KX KKDF@MCNG@RS@K@RTRS@MBH@AK@MB@
XKNRDRO@BHNRRTA@Q@BMNHCDNR ,@DUHCDMBH@LNQENKuFHB@CDK@KDRHuM
DM DKBTDQONMDTQNM@K OHBMNRHRMTBKD@Q  BHSNOK@RL@DNRHMuEHKNXCDRd
HMSDFQ@BHuMBDKTK@Q S@QC@@OQNWHL@C@LDMSDGDM@O@QDBDQ @TMPTD
K@R CDEHBHDMBH@R ETMBHNM@KDR OTDCDM @O@QDBDQ @MSDR 3D DMBTDMSQ@
STLDE@BBHuM@WuMHB@DM K@UDBHMC@C CD K@RMDTQNM@R KDRHNM@C@RN@
LTBG@ CHRS@MBH@CD K@R LHRL@R ,@ QDROTDRS@ HMEK@L@SNQH@@K SDIHCN
KDRHNM@CNRHFTDRTBTQRNG@AHST@K  OQDBDCHDMCNK@KKDF@C@CDKNRMDTd
SQuEHKNR @ K@ @O@QHBHuM CD KNR L@BQuE@FNR ,@R KDRHNMDR SQ@TLqSHB@R
@MSHFT@RDMK@RTODQEHBHDCDKBDQDAQNSHDMDMTM@RODBSNL@BQNRBuOHBN
B@Q@BSDQsRSHBN RDSQ@S@CDO@QBGDR@L@QHKKNRN L@QQNMDR  CDOQHLHCNR
X QDSQ@sCNRPTD@EDBS@M @ K@RBQDRS@R CD K@RBHQBTMUNKTBHNMDR  RNAQD
SNCNDMK@RYNM@RPTDRTEQDMKDRHNMDRONQBNMSQ@FNKODBNQSDY@EQNMS@K
HMEDQHNQ  ONKNRSDLONQ@KXNBBHOHS@K  %RS@RKDRHNMDRQDBHADMDK MNLAQD
CD OK@B@ @L @ QHKK@  UEHF  #  PTDOTDCDBNMUDQSHQRDDM TMENBN
DOHKrOSHBN ,@R QDFHNMDR GDLNQQqFHB@R LqR DWSDMR@RCDTMSQ@TL@d
SHRL N BDQDAQ@K C@M KTF@Q@ KDRHNMDR B@UHS@C@R LqR FQ@MCDR PTDRD
OTDCDM O@QDBDQ @ HME@QSNR @MSHFTNR %M KNR KTF@QDR CD BNMSTRHNMDR

&HFTQ@  ! -vKSHOKDRBNMSTRHNMDRPTD@EDBS@M@K@RRTODQEHBHDRHMEDQHNQDR


CD KNRKuATKNR EQNMS@KDR  @ KNR KuATKNR SDLONQ@KDR @MSDQHNQDR X@K BDQDADKN
" %WHRSDMBNMSTRHNMDR@FTC@RDMKNRCNRKuATKNRSDLONQ@KDR  BNMqQD@RCD
GDLNQQ@FH@XQNSTQ@CDKSDIHCNEKDBG@R  #3DNARDQU@MBNMSTRHNMDR@CHRS@Md
BH@DM K@RTODQEHBHDEQNMS@K HMEDQHNQCDDRSDBDQDAQN  BNM TM BNKNQ@L@QHKKDMSN
@RNBH@CN@KSrQLHMNOK@B@@L@QHKK@ 

@MSHFT@ROQDCNLHM@MK@FKHNRHRXKNRL@BQuE@FNRQDRHCT@KDRB@QF@CNR
CDGDLNRHCDQHM@

4Q@TL@SHRLNR

,DRHuM@WuMHB@CHETR@

(%-!4/-!%0)$52!,

=pilp`g\npk`mad^d`_`g^`m`]mj`ng\uji\hzn\a`^o\_\)ij
`ng\id^\lp`n`g`ndji\`ig\ng`ndji`nom\phzod^\n+P\h]d{i
n` \a`^o\i g\n m`bdji`n _` g\ npno\i^d\ ]g\i^\ kmjapi_\ %`g
^p`mkj^\ggjnjtg\nzm`\nk\m\q`iomd^pg\m`nt_`gcdkj^\hkj
`i`g^jhk\modh`iojnpkm\o`iojmd\g&)gjnk`_|^pgjn^`m`]m\g`n)
`g]m\uj^jiepiodq\g) gjn^jg|^pgjn npk`mdjm`ntg\ ajmh\^d~i
m`od^pg\mkmjapi_\`i`gomji^j_`g`i^{a\gj+Aiom`gjnc\gg\u*
bjnhd^mjn^~kd^jnc\toph`a\^^d~i\s~id^\)npb`nodq\_`pi\
c\j`xeXoxe`ZX[`]ljX( tg`ndji`nc`hjmmzbd^\naj^\g`n+ O`^m``
lp`c\no\ `g2-# _` gjnk\^d`io`nlp``iom\i`i ^jh\ kj^j
_`nkp{n_`piom\ph\odnhjkj_m|\io`i`mpi\g`nd~i\s~id^\
_dapn\) di^gpnj `i \pn`i^d\ _` ^jiopndji`n ^`m`]m\g`n+ Hjn
\sji`nn`_\}\ikjmg\\^^d~i_dm`^o\_`g\nap`mu\nh`^zid*
^\n)^jig\n^jindbpd`io`n\go`m\^dji`n_`gagpej\sjkgznhd^j+
O`kp`_`kmj_p^dmpi\\go`m\^d~ih`^zid^\^jhk\m\]g`_`gjn
\sji`nkjmg\\^`g`m\^d~i\ibpg\m`s^gpndq\h`io`)lp`kp`_`
n`m^\pn\_`pi_\}j\s~id^j_dapnjdi^gpnjndidhk\^oj+

- / 2 & / , / ' m!
%K C@tN @WuMHBN CHETRN RDB@Q@BSDQHY@ ONQSTLDE@BBHNMDR @WuMHB@R
CHRDLHM@C@R  MNQL@KLDMSD @RHLrSQHB@R  PTD @O@QDBDM @ K@R ONB@R
GNQ@RCDK@KDRHuMXOTDCDMODQRHRSHQLTBGNSHDLONLqR %RS@RSTLDd
E@BBHNMDRRDUDM LDINQBNMSHMBHNMDRCDOK@S@NBNMSHMBHNMDRHMLT 
MNGHRSNPTsLHB@R O@Q@ K@R OQNSDsM@R SQ@MRONQS@C@R ONQ KNR @WNMDR 
BNL NK@OQNSDsM@OQDBTQRNQ@CDK@LHKNHCDNK@@ RHMTBKDsM@ 0NRSDQHNQd
LDMSDRD QDBNMNBDTM@FQ@M B@MSHC@C CDBrKTK@RCD K@ LHBQNFKH@DM
K@RYNM@RKDRHNM@C@RCD K@BNQSDY@BDQDAQ@K  X KTDFNS@LAHrM RDNAd
RDQU@K@CDFDMDQ@BHuMCDK@RUs@RMDQUHNR@R@EDBS@C@R

,DRHNMDR U@RBTK@QDR SQ@TLqSHB@R


H\ g`nd~iq\n^pg\m`npi^jhkji`io` am`^p`io` _` gjnom\p*
h\odnhjn_`g OJ?+ O`kmj_p^`kjmpiom\ph\odnhj _dm`^oj
^jimjopm\_`g\k\m`_q\n^pg\m)lp`n`\nj^d\\pi\c`hjmm\*
bd\`i_dq`mn\ngj^\gdu\^dji`n\i\o~hd^\n%o\]g\/5*.&+O`bi
g\gj^\gdu\^d~i_`gq\njmjoj)g\c`hjmm\bd\kp`_`n`m\g`[liXc(
jlY[liXc(jlYXiXZef`[\X``ekiXgXi\ehl`dXkfjX(\pilp`\q`^`nn`
^jh]di\i %adb+/5*.-&+Anm\mjlp`n`kmj_pu^\ic`hjmm\bd\n
`kd_pm\g`njnp]_pm\g`n`i\pn`i^d\_`om\ph\odnhjn8`i\gbp*
ijn ^jio`sojn) ^jhj g\ ^j\bpgjk\o|\ j g\ \omjad\ ^`m`]m\g
dhkjmo\io`) n` kp`_`i `i^jiom\m c`hjmm\bd\n np]_pm\g`n
di^gpnj_`nkp{n_`om\ph\odnhjnh`ijm`n+Qi_`nb\mmjom\p*

(%-!4/-!35"$52!,

&HFTQ@  (DL@SNL@DOHCTQ@K HYPTHDQC@ DMDKPTDK@QNSTQ@CDTM@@QSDQH@


LDMsMFD@  MNQL@KLDMSD@RNBH@C@@TM@EQ@BSTQ@CDBQqMDN  G@OQNUNB@CNK@
@BTLTK@BHuMCDR@MFQD@QSDQH@KDMSQDK@CTQ@XDKBQqMDN %MTMGDL@SNL@RTAd
CTQ@K CDQDBG@  DKC@tNOQNCTBHCN@K@RUDM@RDLHR@QH@RDMSQDDKBDQDAQNXDK
RDMNR@FHS@KRTODQHNQG@OQNUNB@CNK@@BTLTK@BHuMCDR@MFQDDMSQDK@CTQ@XK@
@Q@BMNHCDR

hzod^j_`g\\mo`md\^\m~od_\_pm\io`npom\t`^ojmd\\om\q{n_`g
n`ij^\mjo|_`jkp`_`kmj_p^dmpi\a|nopg\\mo`mdjq`ijn\+

(DL@SNL@DOHCTQ@K
Jjmh\gh`io`) g\ _pm\ `noz apndji\_\ ^ji`g k`mdjnodj `i g\
npk`mad^d`dio`mi\_`g^mzi`j+H\n\mo`md\n_pm\g`n)`nk`^d\gh`i*
o`g\\mo`md\h`i|ib`\h`_d\)njiqpgi`m\]g`n\pi\g`nd~iom\p*
hzod^\) nj]m` oj_j `i g\n am\^opm\n _` g\ kjm^d~i o`hkjm\g
_`g^mzi`j`ig\nlp`g\g|i`\_`am\^opm\\om\qd`n\`gom\t`^oj_`g
q\nj+ Ai gjn id}jn) ^ptj ^mzi`j `n _`ajmh\]g`) `g _`nkg\u\*
hd`iojo`hkjm\g_`gjncp`njn_`g^mzi`jkp`_`_`nb\mm\mpi
q\nj)di^gpnj`i\pn`i^d\_`pi\am\^opm\_`^mzi`j+
?p\i_j`gq\njn`c\_`nb\mm\_j)g\n\ibm``som\q\n\_\]\ej
g\diagp`i^d\_`g\km`nd~i\mo`md\gkp`_`n`k\m\mg\_pm\_`g\
npk`mad^d`dio`mdjm_`g\]~q`_\^m\i`\g%adb+/5*..&+ Agc`h\oj*
h\`i`sk\ind~iod`i`pi^jiojmijdio`mijgdnj)lp`^jhkmdh`
g\npk`mad^d`^`m`]m\g+ ?p\i_jn`\^phpg\n\ibm`g`io\h`io`)
gjnk\^d`io`nkp`_`ik`mh\i`^`mg^d_jn_pm\io`q\md\ncjm\n
\io`n _` g\ \k\md^d~i _`ndbijni`pmjg~bd^jn+ Qic`h\ojh\
`kd_pm\g kp`_` `sk\i_dmn` ^ji m\kd_`u t ^jinodopt` pi\
pmb`i^d\i`pmjlpdmmbd^\)lp`_`]`n`m_m`i\_\_`dih`_d\oj+

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

4@AK@  0@SQNMDRCD KDRHuM U@RBTK@QDMDK RHRSDL@MDQUHNRNBDMSQ@K


,NB@KHY@BHuM

%SHNKNFs@

#@Q@BSDQsRSHB@R@CHBHNM@KDR

%RO@BHNDOHCTQ@K

4Q@TL@SHRLN

3TDKD@RNBH@QRD@TM@EQ@BSTQ@BQ@MD@KDM@CTKSNR RsMSNL@RMDTQNKuFHBNRCDDUNKTBHuM QqOHC@ 


PTDQDPTHDQDM HMSDQUDMBHuM

%RO@BHNRTACTQ@K

4Q@TL@SHRLN

,@HMSDMRHC@CCDKSQ@TL@SHRLNOTDCDRDQKDUDRsMSNL@RMDTQNKuFHBNRCDKDMS@DUNKTBHuM 
@LDMTCNBNMBHDQSNQDSQ@RNCDRCDDKLNLDMSNCDK@KDRHuM

%RO@BHN
RTA@Q@BMNHCDN

-@KENQL@BHNMDRU@RBTK@QDRL@KENQL@BHuM
@QSDQHNUDMNR@N@MDTQHRL@ 

#DE@KD@HMSDMR@CD@O@QHBHuMRvAHS@ @LDMTCNBNMCDSDQHNQNMDTQNKuFHBNQqOHCN OTDCDM@O@QDBDQ


KDRHNMDRRDBTMC@QH@R@RNBH@C@R@U@RNDRO@RLN

4Q@TL@SHRLN

!RNBH@C@SsOHB@LDMSD@BNMSTRHNMDRRTAX@BDMSDR

4Q@TL@SHRLNBNMSTRHNMDR

!EDBS@BHuMRDKDBSHU@CDK@RBQDRS@RCD K@RBHQBTMUNKTBHNMDR CNMCDDKBDQDAQNOTDCDBNMS@BS@Q


BNM K@RTODQEHBHDHMSDQM@CDKBQqMDNOTMS@RCDKEQNMS@KX CDKSDLONQ@K RTODQEHBHDNQAHSNEQNMS@K 

#NMUDQRHuMGDLNQQqFHB@CDTM HME@QSN
HRPTrLHBN

%MFDMDQ@K GDLNQQ@FH@RODSDPTH@KDRDMYNM@RCDKDRHuM HRPTrLHB@OQDUH@ G@AHST@KLDMSD


RHFTHDMCNKNRFHQNRCDK@BNQSDY@

!MFHNO@Ss@@LHKNHCD@BDQDAQ@K

(DLNQQ@FH@cKNA@Qi PTD@EDBS@@K@BNQSDY@BDQDAQ@K @LDMTCNBNMDWSDMRHuM@KDRO@BHN


RTA@Q@BMNHCDN

(HODQSDMRHuM

#DMSQ@C@DM K@RTRS@MBH@AK@MB@OQNETMC@ DMDKSqK@LN DMKNRF@MFKHNRA@R@KDRNDMDKSQNMBN

4TLNQDROQHL@QHNRNLDS@RSqRHBNR

!RNBH@C@@FKHNL@RCD@KSNFQ@CNN@KFTM@RLDSqRS@RHRBNQHNB@QBHMNL@ LDK@MNL@ B@QBHMNL@


CDBrKTK@RQDM@KDR

)MSQ@O@QDMPTHL@SNRN

CDKDMBrE@KN OTDCDDWSDMCDQRDG@BH@DKRHRSDL@UDMSQHBTK@Q

  



# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


4sOHB@LDMSD  KNR GDL@SNL@RNQF@MHY@CNRRDTMDMCDENQL@EHQLD
ONQ DK SDIHCN EHAQNRN @ K@ RTODQEHBHD HMSDQM@ CD K@ CTQ@  ODQN MN @ K@
@Q@BMNHCDRRTAX@BDMSD PTDMNO@QSHBHO@DMK@BHB@SQHY@BHuM,@RKDRHNd
MDROTDCDMQDSQ@DQRDONQL@CTQ@BHuMCDKSDIHCNCDFQ@MTK@BHuM G@RS@
PTDEHM@KLDMSDRNKNODQRHRSDTM@EHM@B@O@CDSDIHCNBNMITMSHUNQD@BSHUN
cLDLAQ@M@RRTACTQ@KDRi 3HMDLA@QFN DMNSQNRB@RNRRDOQNCTBDM
DOHRNCHNRLvKSHOKDRCDGDLNQQ@FH@QDODSHC@GDL @SN L @RRTAC TQ@ KDR
BQuMHBN R EDMuLDMNPTDB@ADQDK@BHNM@QBNM K@OQDRDMBH@CDU@RNR
CDO@QDCDREHM@RDMDKSDIHCNCDFQ@MTK@BHuM %K QHDRFNCDQDR@MFQ@CN
DRLqWHLNDMKNROQHLDQNRLDRDRSQ@RK@GDLNQQ@FH@HMHBH@K

&HFTQ@  (DL@SNL@DOHCTQ@KPTDBTAQDTM@ONQBHuMCDK@CTQ@4@LAHrMRD


QDBNMNBDMLvKSHOKDRBNMSTRHNMDRODPTDt@RDMDKKuATKNSDLONQ@K0NQBNQSDRs@
CDKvKSHLN$Q 2@XLNMC $!C@LR  -@RR@BGTRDSSR'DMDQ@K (NROHS@K  "NRSNM 
-@RR

(DL@SNL@RTACTQ@K
Pm\_d^dji\gh`io`)n`^jind_`m\ lp``iom`g\ npk`mad^d`dio`mi\
_`g\_pm\h\_m`tg\\m\^ijd_`n`so`mi\_`g\ng`kojh`idib`n
n``i^p`iom\`g`nk\^djnp]_pm\g+Aim`\gd_\_)g\_pm\h\_m``noz
^jinodopd_\kjm_jn^\k\n)pi\^jgzb`i\`so`mi\tjom\_`^{gp*
g\ng|hdo`dio`mi\^ji`n^\njnad]mj]g\nojnt\]pi_\io``nk\^dj
`som\^`gpg\mndi^jgzb`ij+?p\i_jn`kmj_p^`pi\c`hjmm\bd\)
`no\n_jn^\k\nn`n`k\m\it^m`\i`g`nk\^djnp]_pm\g)`i`g
^p\gn`\^phpg\ g\n\ibm`+ H\nq`i\n`hdn\md\nk\n\ikjmg\n
^jiq`sd_\_`n_`gjnc`hdna`mdjn^`m`]m\g`n)\om\qd`n\i`g`nk\*
^djnp]\m\^ijd_`jt`g`nk\^djnp]_pm\gk\m\q\^d\mn``i`gn`ij
n\bdo\g npk`mdjm+ Asdno`i m`g\^dji`n \i\o~hd^\nk\m`^d_\n^ji
jomjnn`ijn_pm\g`n+Anojnq\njnod`i`ipimd`nbj`nk`^d\gh`io`
\goj_`_`nb\mm\mn``i np om\t`^oj\ om\q{n_`g\n^\k\n_`g\
_pm\tnji`gjmdb`i_`gn\ibm\_j`ig\h\tjmk\mo`_`gjn^\njn
_`c`h\ojh\np]_pm\g+Ag^`m`]mj`noznpnk`i_d_j`i`gH?N)
k`mjgjnn`ijnq`ijnjn`noziadejn`im`g\^d~i^jig\_pm\h\_m`)
_`ajmh\lp``g_`nkg\u\hd`ioj_`g^`m`]mj_pm\io`piom\ph\*
odnhjkp`_`_`nb\mm\mg\nq`i\n`i`gkpioj`ilp`\om\qd`n\i
g\_pm\h\_m`+Aigjnk\^d`io`n\i^d\ijn^ji\omjad\^`m`]m\g)g\n
q`i\n`hdn\md\nn`c\i`nodm\_j)gjlp`\ph`io\g\am`^p`i^d\
_`c`h\ojh\nnp]_pm\g`n`i`nojnk\^d`io`n) di^gpnj om\n pi
om\ph\odnhj^m\i`\gh`ijm+Hjng\^o\io`no\h]d{injinpn^`k*
od]g`n_`km`n`io\mc`h\ojh\n np]_pm\g`n)kjmlp`npnq`i\n
`hdn\md\nod`i`ik\m`_`nhznadi\n+

< X i X Z k\ ivj k`Z X j Zcve `ZXj* Hjn c`h\ojh\n np]_pm\g`n ndioj*


h zod^jn n` h\idad`no\ic\]dop\gh`io` `ig\n kmdh`m\n15 c
_`nkp{n_`g\g`nd~i+Ojihznam`^p`io`n`ig\n^\m\ng\o`m\g`n
_`gjnc`hdna`mdjn^`m`]m\g`ntkp`_`in`m]dg\o`m\g`n\kmjsd*
h\_\h`io``i`g .-# _`gjn^\njn+ Hjn ndbijni`pmjg~bd^jn
nji\omd]pd]g`n\g\km`nd~i`e`m^d_\nj]m``g^`m`]mj\_t\^`i*
o`+Lp`_`i\k\m`^`mn|iojh\naj^\g`n)\pilp`^jih\tjmam`*
^p`i^d\ijgjnji)tn`km`n`io\i^jhj^`a\g`\t^jiapnd~i+An
o|kd^j`g_`o`mdjmji`pmjg~bd^jg`io\h`io`kmjbm`ndqj)\pilp`
kp`_`kmj_p^dmn`pi\_`n^jhk`in\^d~i\bp_\+Agom\o\hd`i*
oj_`gjnc`h\ojh\nnp]_pm\g`n`n`som\`mg\n\ibm`t`go`ed_j
`ijmb\idu\^d~i\nj^d\_j+

3DBTDK@R CD KNR SQ@TL @SHRL NR BQ@MD@KDR


Qi\\hkgd\b\h\ _`n|i_mjh`ni`pmjg~bd^jnkp`_`ih\id*
a`no\mn`_`h`n`n\\}jn_`nkp{n_`piom\ph\odnhj^m\i`\g

- / 2 & / , / ' m!
%K GDL @SNL @RT A C T Q@ K @F T C N @O@QDBDL@BQNRBuOHB@LDMSDBNLN
TM@BNKDBBHuMCDR@MFQDBN@FTK@C@QDBHDMSDPTDRHFTDDK ODQEHK CDK@
RTODQEHBHDBDQDAQ@K  RHMDWSDMCDQRDG@BH@K@YNM@OQNETMC@CDKNRRTQd
BNREHF   %KBDQDAQNRTAX@BDMSDRDLTDRSQ@@OK@M@CNXDKDRd
O@BHN RTA@Q@BMNHCDN DRSq @ LDMTCN KHLOHN (@AHST@KLDMSD  K@ GDd
LNQQ@FH@ UDMNR@ DR @TSNKHL HS@C@ X BNM DK SHDL ON RD OQNCTBD K@
CDFQ@C@BHuMXNQF@MHY@BHuMCDKGDL@SNL@%RSDOQNBDRNRTDKDRDFTHQ
K@RHFTHDMSDRDBTDMBH@
  ,HRHRCDKBNqFTKN@OQNWHL@C@LDMSD RDL@M@ 
  #QDBHLHDMSNCDKNREHAQNAK@RSNRCDRCDK@RTODQEHBHDCDK@CTQ@G@BH@
DKGDL@SNL@RDL@M@R 
  $DR@QQNKKNSDLOQ@MNCDTMSDIHCNBNMITMSHUNGH@KHMHY@CN LDRDR 

&HFTQ@   ! (DL@SNL@ RTACTQ@K FQ@MCD NQF@MHY@CN TMHCN @ K@ CTQ@
"#NQSDBNQNM@KCDKBDQDAQNPTDLTDRSQ@BNLOQDRHuMCDKGDLHREDQHNRTAX@d
BDMSD@KGDL@SNL@RTACTQ@KPTDRDLTDRSQ@DM!

%MEDQLDC@CDR BDQDAQNU@RBTK@QDR
_` ^p\glpd`m ^\pn\+ Ano\n n`^p`g\n c\i \_lpdmd_j ^\_\ q`u
hzn dhkjmo\i^d\ `i`g ^jio`soj _` gjn gdodbdjn m`g\^dji\_jn
^jidi_`hidu\^dji`n`iom\]\e\_jm`n^dqdg`n)\og`o\nkmja`ndj*
i\g`ntk`mnji\ghdgdo\m+
H\_`[ifZ\]Xc`XgfjkiXldtk`ZXn`_`]`)nj]m`oj_j)\pi\j]n*
omp^^d~i`ig\m`\]njm^d~i_`g H?Nkjmc`hjmm\bd\`igjn
`nk\^djnnp]\m\^ijd_`jn+
H\ \eZ\]XcfgXkvX kiXldtk`ZX Zixe`ZX %AP?8 \io`n gg\h\_\
_`h`i^d\ kpbdg|nod^\& `n pi\ ajmh\ _` _`h`i^d\ lp`
\k\m`^` om\n om\ph\odnhjn ^m\i`\g`n m`k`od_jn+ Hjn^`m`*
]mjn \a`^o\_jn np`g`i `no\m \om~ad^jn) ^ji \ph `ioj _`g
o\h\}jq`iomd^pg\m)tkm`n`io\ipi\\^phpg\^d~i_`jqd*
ggjn i`pmjad]mdg\m`n lp` ^jiod`i`i kmjo`|i\ o\p ^ji pi
k\om~i_`_dnomd]p^d~i^\m\^o`m|nod^j)lp`\a`^o\\g\^jmo`u\
_` gjn g~]pgjn amjio\g t o`hkjm\g npk`mad^d\g+ =pilp` n`
kd`in\ lp` g\ ^jih j^d~i ij _`o`mhdi\ ^jin`^p`i^d\n
`nomp^opm\g`n)k\m`^`^g\mjlp`gjnk\^d`io`n^jiAP? od`*
i`i\io`^`_`io`nm`k`od_jn _``no`kmj^`nj+ Jj`noz^g\mj
ndgjna\^ojm`nhzndhkjmo\io`n`ig\\k\md^d~i_`pi\`i^`*
a\gjk\o|\nji`gih`mj)g\am`^p`i^d\jg\bm\q`_\__`gjn
`kdnj_djnj\gbpi\^jh]di\^d~i_``nojn+
Kom\nn`^p`g\ndhkjmo\io`n_`gjnom\ph\odnhjn^m\i`\g`n
njig\`kdg`knd\kjnom\phzod^\)`gmd`nbj_`dia`^^d~itgjn
om\nojmijnkndlpdzomd^jn+

,DRHNMDR LDCTK@QDR
H\ h{_pg\`nkdi\g `nqpgi`m\]g`\gjn om\ph\odnhjn kjmnp
\om\k\h d`ioj `nlp`g{od^j+ H\ h\tjm k\mo` _` g\n g`ndji`n
h`_pg\m`nn`\nj^d\i\g_`nkg\u\hd`iojom\indojmdjjk`mh\*
i`io` _` g\ ^jgphi\ q`mo`]m\g+ Ag idq`g _`g _\}j h`_pg\m
_`o`mhdi\ g\ h\bidop_ _` g\n\go`m\^dji`ni`pmjg~bd^\n7 g\n
g`ndji`nlp`\a`^o\i\g\nq{mo`]m\nojmz^d^\njuji\nhzn_dn*
o\g`nkp`_`ikmjqj^\mpi\k\m\kg`e|\8 g\ng`ndji`n^`mqd^\g`n
njijmdb`i_`pi\o`om\kg`e|\)tg\nlp`n`kmj_p^`ikjm`i^d*
h\_`?1kp`_`i)\_`hzn)j^\ndji\m^jhkmjhdnjm`nkdm\oj*
mdjkjmk\mzgdndn_d\am\bh{od^\+H\ng`ndji`n_`gjnom\^ojn_`
npno\i^d\]g\i^\\n^`i_`io`nj _`n^`i_`io`n`ig\ uji\ _`g
dhk\^oj\|ng\ig\h{_pg\_`gm`noj_`g^`m`]mj+Ano\dio`mmpk*
^d~i`n)epioj ^ji g\ g`nd~i _` g\ npno\i^d\ bmdn gj^\gdu\_\ \
idq`g_`gdhk\^oj)g\kmdi^dk\g^\pn\_`g\_`ad^d`i^d\i`pmj*
g~bd^\+

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

- / 2 & / , / ' m!
,@RB@Q@BSDQsRSHB@RGHRSNKuFHB@RCDK@RKDRHNMDRLDCTK@QDRSQ@TLqSHB@R
RNMRHLHK@QDR@K@RPTDRDOQNCTBDMDMNSQ@RYNM@RCDK 3.#! MHUDK
CDK@KDRHuM K@E@RD@FTC@HMBKTXDGDLNQQ@FH@ MDBQNRHRX STLDE@BBHuM
@WuMHB@DMK@RTRS@MBH@AK@MB@BHQBTMC@MSD,@KDRHuMRD@CDKF@Y@ONQ
DMBHL@X ONQCDA@IN CDK MHUDK CD K@ KDRHuM #NM DK SHDLON  K@RqQD@R
BDMSQ@KDRCDCDRSQTBBHuMMDTQNM@KRDUTDKUDMFKHuSHB@RXPTsRSHB@RK@R
RDBBHNMDRCDK@LrCTK@RHST@C@RONQDMBHL@XONQCDA@INCDK@KDRHuM
LTDRSQ@M TM@ CDFDMDQ@BHuM V@KKDQH@M@@RBDMCDMSDX CDRBDMCDMSD
RDBTMC@QH@ QDRODBSHU@LDMSD BNM@EDBS@BHuMCDKNRSQ@BSNRK@QFNRCD
RTRS@MBH@AK@MB@@EDBS@CNRDMDK KTF@QCDK@KDRHuM

>

 # / . # % 0 4/ 3  #,!6%
,DRHuMBDQDAQ@KODQHM@S@K
 %K L NLDMSNCD@O@QHBHuMCDK@KDRHuMDRETMC@L DMS@K X K@R@KSDd
Q@BHNMDRLqROQDBNBDRRD@RNBH@M@TMC@tNXCDEHBHDMBH@RLqR
HLONQS@MSDR

 0@QqKHRHR BDQDAQ@K DR DK SrQL HMN PTD CDRBQHAD K@R CDEHBHDMBH@R
MDTQNKuFHB@RMNOQNFQDRHU@R@RNBH@C@R@KDRHNMDRCTQ@MSDDKODd
QsNCN OQDM@S@K NODQHM@S@K

4Q@TL@SHRLNR
 ,@ KDRHuMEsRHB@CDK BDQDAQN OTDCD OQNCTBHQRDBT@MCNDK HMSDQHNQ
CDKBQqMDNDMSQ@DMBNMS@BSNUHNKDMSNBNM DK BDQDAQN
 %M TM SQ@TL @SHRL N BDQQ@CN  RH K@ B@ADY@ DRSq DM LNUHL HDMSN 
OTDCDMOQNCTBHQRDKDRHNMDRBDQDAQ@KDRS@MSNDMDKOTMSNCDBNMd
S@BSN NQHFHM@K KDRHuM ONQDK FNKOD  BNL NDM DK K@CN NOTDRSN CDK
BDQDAQN KDRHuM ONQ BNMSQ@FNKOD  CDAHCN @ RT HL O@BSN BNM DK
BQqMDN
 ,@RKDRHNMDRO@QDMPTHL @SNR@ROTDCDMBNQQDRONMCDQ@BNMSTRHNd
MDR DM K@RPTDK@GDLNQQ@FH@RDDWSHDMCDG@BH@DKDRO@BHNRTAd
@Q@BMNHCDN
 %K CDROK@Y@L HDMSN QqOHCNCDK@B@ADY@XDKBDQDAQN OTDCDCDRd
F@QQ@QKNR@WNMDRKDRHuM @WuMHB@CHETR@ X@LDMTCNB@TR@CDd
EDBSNR MDTQNKuFHBNR HMLDCH@SNR  FQ@UDRDHQQDUDQRHAKDR
 %KCDRF@QQNSQ@TL qSHBNCDKNRU@RNRR@MFTsMDNROQNUNB@TM GDd
L @SNL@DOHCTQ@K NRTACTQ@K

%MEDQLDC@CDR BDQDAQNU@RBTK@QDR
H\n`ia`mh `_\_`n^`m`]mjq\n^pg\m`n*l p ``ng\g`nd~i^`m`*
]m\gn`^pi_\md\\pi\\go`m\^d~i_`gagp ej * n`kp`_`i\bmp*
k\m`iapi^d~i_`g\`odjgjb|\%dnlp{hd^\jc`hjmmzbd^\&+Ag
o{mhdij\^^d_`io`^`m`]mjq\n^pg\mjd^opn`n`g^ji^`koj
^g|id^jlp`di^gpt`oj_jn`nojnkmj^`njn) nj]m` oj_j^p\i_j
gjnn|iojh\n nji\bp_jn+ H\ `ia`mh`_\_^`m`]mjq\n^pg\m`n
g\o`m^`m\ ^\pn\ _`hp`mo` %om\ng\n^\m_djk\o|\nt`g^zi^`m&
`i AA+ QQ+) tg\ ^\pn\ hzn km`q\g`io` _` hjm]dhjmo\gd_\_
i`pmjg~bd^\+ @`n_` pi\ k`mnk`^odq\ adndjk\ojg~bd^\ t _` g\
\i\ojh|\k\ojg~bd^\)`n^jiq`id`io`^jind_`m\mlp`g\`ia`m*
h`_\_^`m`]mjq\n^pg\m^jmm`nkji_`\_jnkmj^`njn7
A`gfo`X( `jhl\d`X\`e]Xikfn`^pi_\mdjn\pi\\go`m\^d~i_`g
md`bjtg\jsdb`i\^d~i_`go`ed_j_`gOJ?8`i`g^`m`]mj)g\
`h]jgd\`npi\^\pn\hznam`^p`io`lp`g\omjh]jndn+Ano`
kmj^`njkp`_`n`mbgj]\gjaj^\g)tg\nh\ida`no\^dji`n^g|*
id^\nqd`i`i^ji_d^dji\_\nkjmg\m`bd~i_`g^`m`]mj\a`^*
o\_\+
A\dfiiX^`X n`^pi_\md\ \ g\ mjopm\ _` gjn q\njn _`g OJ?+
Aiom`g\n`odjgjb|\nhznam`^p`io`n_`no\^\ig\cdk`mo`ind~i
tg\n\ijh\g|\nq\n^pg\m`n%\i`pmdnh\nth\gajmh\^dji`n&+

(HONWH@ HRPTDLH@ D HME@QSN


Ag^`m`]mji`^`ndo\pi\kjmo`^jino\io`_`js|b`ijtbgp^jn\)
lp` g` gg`b\i \ om\q{n _` gjn q\njn ^`m`]m\g`n+ =pilp` ij
m`km`n`io\hzn_`g.*/# _`gk`nj^jmkjm\g)m`^d]``g.2# _`g
b\noj^\m_|\^j`im`kjnjt`nm`nkjin\]g`_`g/-#_`g^jinp*
hjojo\g _`js|b`ij _`g ^p`mkj+ Agagpejn\ibp|i`j ^`m`]m\g
n`h\iod`i`m`g\odq\h`io``no\]g``ipidio`mq\gj\hkgdj_`
km`ndji`n\mo`md\g`nt_`km`ndji`ndiom\^m\i`\g`n)_`]d_j\g\
\pojmm`bpg\^d~i _` g\m`ndno`i^d\ q\n^pg\m+ Ag^`m`]mj `n pi
o`ed_j hpt \`m~]d^j) `i `g lp` `g a\^ojm gdhdo\io` `nhzn `g
js|b`ijlp``gnpnom\ojh`o\]~gd^j+ Ag^`m`]mjn`kp`_`q`m
kmdq\_j_`js|b`ijkjmq\mdjnh`^\idnhjn7_`gfo`X^\pn\_\
kjmpi\km`nd~ik\m^d\g]\e\_`js|b`ij%L - /&)_`o`mdjmj_`g\
^\k\^d_\__`om\inkjmo`_`js|b`ijjdicd]d^d~i_`g^jinphj
_`js|b`ijkjmgjno`ed_jn8j`jhl\d`X) o\iojom\indojmd\^jhj
k`mh\i`io`) ^\pn\_\kjmg\dio`mmpk^d~i_`g agpej^dm^pg\oj*
mdjijmh\g+ Ag^`n` _`gagpejkp`_` _`]`mn`\pi\m`_p^^d~i
_`g\km`nd~i_`k`mapnd~i %^jhjnp^`_``ig\ cdkjo`ind~i&)





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


\pi\j]nomp^^d~i_`gjnq\njn_`k`lp`}jjbm\i^\gd]m`j\
\h]\n+
?p\i_j n` m`_p^` `g agpej _` pi\ m`bd~i _`g ^`m`]mj) g\
npk`mqdq`i^d\ _`g o`ed_j`i md`nbj _`k`i_` _`g\^dm^pg\^d~i
^jg\o`m\g) _` g\_pm\^d~i_`g\dnlp`hd\)t_` g\h\bidop_t
m\kd_`u_`g\ m`_p^^d~i _`g agpej+ Anojna\^ojm`n _`o`mhdi\i)
\npq`u) g\ gj^\gdu\^d~i\i\o~hd^\`s\^o\t`g o\h\}j _`g\
g`nd~it)kjm^jin`^p`i^d\)g\_`ad^d`i^d\^g|id^\+
Ai`g^\k|opgj/n`\i\gdu\igjn^\h]djn]djlp|hd^jnb`i`*
m\g`n lp` n` kmj_p^`i `i g\n ^{gpg\n ^jhj n`^p`g\ _` pi\
dnlp`hd\+ Ag^`m`]mj_`k`i_`)api_\h`io\gh`io`)_`g h`o\*
]jgdnhj jsd_\odqj k\m\ g\ b`i`m\^d~i _` =PL) t od`i` pi\
^\k\^d_\_ h|idh\k\m\ `hkg`\mg\ bgp^~gdndnjnpnom\ojn_`
`i`mb|\_dnodiojn_`g\bgp^jn\lp`m`^d]`\om\q{n_`g\^dm^p*
g\^d~i+Aig\dnlp`hd\n`\bjo\`g=PLtn`kd`m_``gkjo`i^d\g
_`h`h]m\i\`n`i^d\gk\m\g\\^odqd_\_`g{^omd^\i`pmji\g+Ai
m`g\^d~i^ji`noj\ph`io\ig\n^ji^`iom\^dji`n_`^\g^dj^doj*
kgznhd^j) gj lp`) \ np q`u) \^odq\ pi\ ^\n^\_\ _` kmj^`njn
`iudhzod^jnlp`^jiomd]pt`i\ g\g`nd~i^`gpg\m+=_`hzn _`
gjnkmj^`njn^jhk\mod_jn^jig\dnlp`hd\ _`jom\nuji\n_`g
jmb\idnhj)`g\bjo\hd`ioj_`g\`i`mb|\h`o\]~gd^\\nj^d\_j
\g\dnlp`hd\kp`_`^ji_d^dji\mg\gd]`m\^d~idi\_`^p\_\_`
i`pmjom\inh dnjm`n `s^do\_jm`n _` odkj \h dijz^d_j) ^jhj
bgpo\h \oj) lp` kp`_`i ^jiomd]pdm \ g\ g`nd~i ^`gpg\m kjm*
lp`k`mhdo`ig\`iom\_\_`pi`s^`nj_`dji`n^\g^dj\om\q{n
_` gjn m`^`kojm`n _` bgpo\h\oj_` odkj J*h`odg*@*\nk\mo\oj
%JI@=&+Aig\m`bd~i_`om\ind^d~i`iom``go`ed_ji`^m~od^jt
`g^`m`]mjijmh\gn``i^p`iom\pi\uji\_`o`ed_j`imd`nbj)
lp`n`^jij^`^jhjg\eldYiX*Ankjnd]g`m`n^\o\m`no\m`bd~i
_`g\g`nd~ih`_d\io`_dq`mn\ndio`mq`i^dji`nam`io`\g\\kjk*
ojndn`ihp^cjnhj_`gjn\idh\g`n)gjlp`di_d^\lp`g\n^{gp*
g\n _` g\n zm`\n _` dnlp`hd\ o\h]d{i kp`_`i h jmdm kjm `g
h`^\idnhj_`g\\kjkojndn+

)RPTDLH@BDQDAQ@KFKNA@K
H\ `j h l \ d `X Z \ i \ Y i X c ^ cf Y X c %`i^`a\gjk \o|\ dnlp{h d^\,
cdk~sd^\ _dapn\& n` kmj_p^` ^p\i_j `sdno` pi\ m`_p^^d~i
b`i`m\gdu\_\ _` g\ k`mapnd~i ^`m`]m\g %^jhj j^pmm` `i g\
k\m\_\^\m_|\^\)`gncj^fjg\cdkjo`ind~idio`in\&+H\`qj*
gp^d~i^g|id^\_`pi`kdnj_dj_`cdkjo`ind~ibm\q`^ji`jhl\)
d`X Z\i\YiXc ^cfYXcq\m|\^jig\dio`ind_\__`g\\bm`nd~i+?p\i*
_j `n g`q`) n` kp`_` kmj_p^dm njgj pi `no\_j ^jiapndji\g
kjnodnlp{hd^jom\indojmdj^jikjnd]g`m`^pk`m\^d~i^jhkg`o\
ndig`ndji`nodnpg\m`ndmm`q`mnd]g`n+Odi`h]\mbj)\gbpijndi_d*
qd_pjn ^jig`ndji`n dnlp{hd^\n bgj]\g`ng`q`n j om\indojmd\n
kp`_`inpamdmg`ndji`ndmm`q`mnd]g`n_`go`ed_j_`gOJ?+Asdno`
pi\e`m\mlp|\ `i g\ n`ind]dgd_\_ _` g\n ^{gpg\n _`g OJ?7 g\n
i`pmji\nnjig\nhznn`ind]g`n)\pilp`g\n^{gpg\nbgd\g`n%jgd*
bj_`i_mj^dojnt\nomj^dojn&o\h]d{injiqpgi`m\]g`n+H\ni`p*
mji\nhznn`ind]g`n_`iomj_`g^`m`]mjnjig\^\k\_`^{gpg\n
kdm\hd_\g`n _`g cdkj^\hkj %nj]m` oj_j `g zm`\ ? = E) lp` n`
_`ijhdi\ j\Zkfi [\ Lfdd\i%( g\n ^{gpg\n _` Lpmfdie` _`g
^`m`]`gj t g\n i`pmji\n kdm\hd_\g`n _` g\ ^jmo`u\ ^`m`]m\g+
?p\i_jg\dnlp`hd\^`m`]m\gbgj]\g`ndio`in\)n`kmj_p^`g\
hp`mo`i`pmji\g_dn`hdi\_\^jidi_`k`i_`i^d\_`g\qpgi`*
m\]dgd_\_ m`bdji\g+ Hjn k\^d`io`n lp` nj]m`qdq`i lp`_\i \
h`ip_j`ipi`no\_jq`b`o\odqjk`mndno`io`+Komjnk\^d`io`n
^phkg`igjn^mdo`mdjn^g|id^jn\^op\g`n _` hp`mo`^`m`]m\g)
^jindbijn_`g`nd~i^jmod^\g_dapn\dmm`q`mnd]g` %`g`^omj`i^`*
a\gjbm\h\ dnj`g{^omd^j) j kg\ij& t _\}jn `i`g omji^j _`g
`i^{a\gj) di^gpnj^ji\pn`i^d\_`m`ag`ejnt`no|hpgjm`nkdm\*
ojmdj)ta\go\ _`k`mapnd~i^`m`]m\g+ ?p\i_j n`h\iod`i`^ji
m`nkdm\^d~ih`^zid^\\gjnk\^d`io`nlp`npam`i`no\ajmh\_`
g`nd~idmm`q`mnd]g`) `g^`m`]mj `sk`mdh`io\ bm\_p\gh`io`pi
kmj^`nj _`\po~gdndn^jigd^p`a\^^d~ibm\_p\gc\no\ gg`b\m\g
_`ijhdi\_j^`m`]mj_`gm`nkdm\_jm+

Hjn`e]Xikfj \e cX qfeX c`dvkif]\ $[\ g\eldYiX%n`gj^\gdu\i


`ig\nm`bdji`n_`g^`m`]mjjg\h {_pg\`nkdi\ghzn_dno\g`n
_` g\^dm^pg\^d~i) lp` n``i^p`iom\i`i gjng|hdo`n `iom` gjn
o`mmdojmdjn \mo`md\g`n+ Aigjn c`h dna`mdjn ^`m`]m\g`n) g\ uji\
g|h do` `iom` gjn o`mmdojmdjn _` g\ \mo`md\ ^`m`]m\g \io`mdjm t
h `_d\ `n g\ _` hzsdhj md`nbj+ H\n g`ndji`n _` `no\ m`bd~i
kmj_p^`ipi\]\i_\_`i`^mjndn^jiajmh\_`cjukjm`i^d*
h\ _`g\^jiq`sd_\_^`m`]m\g) pijnkj^jn^`io|h`omjng\o`*
m\g`n \ g\ ^dnpm\ dio`mc`hdna{md^\+ Hjn dia\mojn _``no\uji\
gdh|omja`np`g`i\k\m`^`mom\n`kdnj_djn_`cdkjo`ind~i+

- / 2 & / , / ' m!
%MDKDMSNQMNCDK@HRPTDLH@FKNA@K  DKBDQDAQNDRSqDCDL@SNRN BNM
BHQBTMUNKTBHNMDR@LOKH@RXRTQBNRDRSQDBG@CNR ,@RTODQEHBHDCDBNQd
SD LTDRSQ@ TM@ CDKHLHS@BHuM HMRTEHBHDMSD DMSQD K@RTRS@MBH@ FQHR X K@
RTRS@MBH@AK@MB@ ,@RB@Q@BSDQsRSHB@R LHBQNRBuOHB@R CD K@ KDRHuM HRd
PTrLHB@HQQDUDQRHAKDHME@QSN DUNKTBHNM@MBNMDKSHDLON,NRB@ L A HN R 
HM HBH@ KDR  PTDRDOQNCTBDMDMSQD XG CDROTrRCDK@@FQDRHuM 
@EDBS@M@K@RMDTQNM@RMDTQNM@RQNI@REHFR  X" XRDB@Q@Bd
SDQHY@MONQLHBQNU@BTNKHY@BHuM RDFTHCNRCDDNRHMNEHKH@CDKBHSNOK@RL@
MDTQNM@KX LqRS@QCD OHBMNRHRXB@QHNQQDWHRDMKNRMvBKDNR!KFNLqR
S@QCDRDOQNCTBDMB@LAHNRO@QDBHCNRDMKNR@RSQNBHSNRXK@NKHFNCDM 
CQNFKs@ $DROTrR  BNLHDMY@K@ QD@BBHuM @K C@tN SHRTK@QBNM HMEHKSQ@CN
MDTSQuEHKNEHF  #  ,NRB @ L A HN R RTA @ F T C N R PTDRDOQNCTBDM
DMSQD GX  RDL@M@R CDROTrR  BNMRHRSDM DM MDBQNRHR CDK SDIHCN 
DMSQ@C@ CD L@BQuE@FNR  OQNKHEDQ@BHuM U@RBTK@Q X FKHNRHR QD@BSHU@
EHF $  ,@QD O@Q@BHu M PTDDRHLONQS@MSD@OQNWHL@C@LDMSD@
K@RRDL@M@R  RDB@Q@BSDQHY@ONQK@DKHLHM@BHuMCDSNCNDKSDIHCNMDd
BQuSHBN K@OrQCHC@CDK@@QPTHSDBSTQ@MNQL@KCDK3.#XFKHNRHREHF 
 %  ,@CHRSQHATBHuMCDK@OrQCHC@MDTQNM@KXK@FKHNRHRDM K@MDNBNQ 
SDY@G@AHST@KLDMSDDR HQQDFTK@Q  BNM BNMRDM@BHuM CD@KFTM@RB@O@R
X  CDRSQTBBHuM CD NSQ@R  DM TM O@SQuM PTD RD CDMNLHM@ M D B QN R HR 
RDTCNK@L HM@Q

)RPTDLH@BDQDAQ@KENB@K
H\dnlp`h d\^`m`]m\gaj^\gn` kmj_p^`om\npi\m`_p^^d~ij
dio`mmpk^d~i_`gagpej`ipi\uji\gj^\gdu\_\_`g^`m`]mjkjm
pi\ j^gpnd~i \mo`md\g jcdkjk`mapnd~i+ ?p\i_j g\ dnlp`hd\
n`h\iod`i`)\k\m`^`pidia\moj`i`go`mmdojmdj_`gq\nj^jh*
kmjh`od_j+ Ag o\h \}j) gj^\gdu\^d~i t ajmh\ _`g dia\moj t
g\`so`ind~i_`g_\}jodnpg\mlp`n`kmj_pu^\_`k`i_`i_`g\
_pm\^d~i_`g\ dnlp`hd\t_`g\^\gd_\_ _`gagpej n\ibp|i`j
^jg\o`m\g+ Agkmdi^dk\g agpej^jg\o`m\g `n`g kjg|bjij _`Sdggdn
%lp``n\gdh`io\_jkjmg\^\m~od_\`so`mi\*jaozghd^\&+ Asdno`
pim`ap`mujk\m^d\g`di^jino\io``ig\npk`mad^d`_`g^`m`]mj
k\m\ g\n m\h\n _dno\g`n _` g\n \mo`md\n ^`m`]m\g`n \io`mdjm)
h`_d\tkjno`mdjm\om\q{n_`g\n\i\nojhjndng`kojh`idib`j*
^jmod^\g`n+ Ljm `g ^jiom\mdj) `g agpej ^jg\o`m\g k\m\ gjn q\njn
k`i`om\io`n kmjapi_jn _` `nomp^opm\n ^jhj `g ozg\hj) gjn
b\ibgdjn_`g\]\n`tg\npno\i^d\]g\i^\kmjapi_\`n`n^\njj
ipgj+
H\ `ia`mh `_\_q\n^pg\mj^gpndq\^pt\bm\q`_\_ `nnpad*
^d`io`^jhjk\m\kmj_p^dmpidia\moj^`m`]m\gkp`_`_`]`m*
n`\ g\`h ]jgdu\^d~i_`pijmdb`ig`e\ij)pi\omjh ]jndn`e
j`kl j _dq`mnjnodkjn _`q\n^pgdodn8`igjn^\k|opgjn1t.. n`
^jh`io\g\k\ojgjb|\]znd^\_``nojnkmj^`njn+
H\\dYfc`X \g ^`m`]mj kp`_` o`i`m _dq`mnjn jm|b`i`n+ Hjn
omjh]jnhpm\g`n^\m_|\^jnnjipi\_`g\nap`io`nhznam`*
^p`io`n8`gdia\moj_`hdj^\m_dj)g\`ia`mh`_\_q\gqpg\mt
g\ad]mdg\^d~i\pmd^pg\mnjia\^ojm`nkm`_dnkji`io`ndhkjm*
o\io`n+ Agndbpd`io`a\^ojm`idhkjmo\i^d\njig\nomjh]j*
`h]jgd\n_`jmdb`i\mo`md\g)^jih\tjmam`^p`i^d\\k\modm

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

%MEDQLDC@CDR BDQDAQNU@RBTK@QDR

&HFTQ@  )ME@QSNBDQDAQ@K!!ODPTDtN@TLDMSNRDQDBNMNBDMK@RqQD@R


CDKHLHS@C@RCDHME@QSN@FTCN %MK@RTRS@MBH@AK@MB@RTAX@BDMSDRDQDBNMNd
BDMAHDMK@RqQD@RCDHME@QSNBNMTM@SrBMHB@CDLHDHHM@ANQCDRHCDMSHEHB@CNR
BNMEKDBG@R ",@KDRHuMHRPTrLHB@@FTC@OQNUNB@TM@DNRHMNEHKH@CHETR@CD
K@RMDTQNM@R PTDDLOHDY@M@QDSQ@DQRD#%KHMEHKSQ@CNCDTMHME@QSNBDQDAQ@K
ONQMDTSQuEHKNRBNLHDMY@DMKNRANQCDRCDK@KDRHuM CNMCDDK@ONQSDU@RBTK@Q
DRSqHMS@BSN $(@BH@DKCs@  K@YNM@CDHME@QSNRDB@Q@BSDQHY@ONQK@OQDd
RDMBH@CDL@BQuE@FNRXFKHNRHRQD@BSHU@BHQBTMC@MSD %)ME@QSNRHMSQ@BNQSHB@ 
KDR@MSHFTNRDMqQD@RCDOrQCHC@CDSDIHCN BNMFKHNRHRQDRHCT@K

_` kg\^\n \o`mjh \ojn\n _`iomj _` g\n \mo`md\n ^\m~od_\n+


Kom\nap`io`nnjigjn{h]jgjnk\m\_~ed^jn)nj]m`oj_j`i
id}jn^ji h\gajmh\^dji`n^\m_|\^\n8 gjn{h]jgjn\nj^d\*
_jn \ g\ ^dmpb|\ ^\m_|\^\ t gjn {h]jgjn _` jomj h\o`md\g
%ophjm) bm\n\ j \dm`&+ Hjn dia\mojn `h ]~gd^jn \a`^o\i^ji
h\tjmam`^p`i^d\\g o`mmdojmdj_`g\\mo`md\^`m`]m\g h`_d\
*p i\kmjgjib\^d~i_dm`^o\_`g\\mo`md\^\m~od_\dio`mi\*8
g\di^d_`i^d\`nndhdg\m`igjn_jnc`hdna`mdjn+Hjn{h ]j*
gjn od`i_`i \ \gje\mn` `i gjn gpb\m`n _ji_` gjn q\njn n`

m\hdad^\i j`i uji\n _` `no`ijndn gphdi\g km``sdno`io`n+


Lp`_``i^jiom\mn`pi\`h]jgdu\^d~i`i_p^c\)^jhjn`
`i^p`iom\`ig\`h]jgd\bm\n\)om\npi\am\^opm\8gjndi_d*
qd_pjn\a`^o\_jnkm`n`io\ipi\_dnapi^d~i^`m`]m\gb`i`*
m\gdu\_\^ji\go`m\^dji`n_`g\napi^dji`n^jmod^\g`nnpk`*
mdjm`ntg\^ji^d`i^d\)\h`ip_jndindbijn_`gj^\gdu\^d~i+
H\ng`ndji`nc`hjmmzbd^\nb`i`m\gdu\_\nlp`\a`^o\i\g\
npno\i^d\ ]g\i^\ nji^\m\^o`m|nod^\n _`pi\ `h]jgdu\^d~i
_`h{_pg\~n`\om\npiom\ph\odnhj%adb+ /5*.1&+





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


LG<`n piom\nojmijdiag\h\ojmdjlp`\a`^o\\h godkg`n
q\njn k\m`ilpdh \ojnjn t np]\m\^ijd_`jn _` ^\gd]m`
k`lp`}j\h`_d\ijtn`^\m\^o`mdu\kjmdiag\h\^d~i^m~*
id^\)^{gpg\nbdb\io`nh pgodip^g`\_\nt_`nomp^^d~i_`g\
k\m`_q\n^pg\m+ @\_jlp`kp`_`\nj^d\mn`\g\km`n`i^d\
_` bm\ipgjh \n) `no` ^p\_mj n` ^jij^` o\h ]d{i ^jhj
Xe^`k`j ^iXelcfdXkfjX [\c j`jk\dX e\im`fjf* Hjn di_dqd_pjn
\a`^o\_jn_`n\mmjgg\ipi\`i^`a\gjk\o|\_dapn\jpi^p\*
_mj^g|id^jh pgodaj^\g)\nj^d\_j)\h`ip_j)\pi\_dnapi*
^d~i ^jbidodq\8 gjn k\^d`io`n h `ejm\i ^ji `no`mjd_`n j
dihpij_`km`njm`n+ Komjnom\nojmijnlp`kp`_`ikmj_p*
^dm omjh ]jndn ` dia\moj %t c`h jmm\bd\ diom\^m\i`\g& nji
gjn`no\_jn_`cdk`m^j\bpg\]dgd_\_)gjn\i`pmdnh \n_dn`*
^\io`n _` g\n \mo`md\n `som\^m\i`\g`n _`g ^p`ggj lp` dmmd*
b\i`g^`m`]mjt`g\]pnj_` _mjb\n %\ia`o\hdi\n)c`mj|*
i\)^j^\|i\&+

&HFTQ@  ,@RGDLNQQ@FH@RCHETR@RONQK@RTRS@MBH@AK@MB@RNMB@Q@BSDQsRd


SHB@RCDK@DLANKHY@BHuMCDLrCTK@uRD@

H\n j^gpndji`n omjh ]~od^\n np`g`i \nj^d\mn` \ pi\ \o`*


mj`n^g`mjndn ^ji mjopm\ _` g\n kg\^\n+ H\n gj^\gdu\^dji`n
hznam`^p`io`nnjig\]dapm^\^d~i^\mjo|_`\)`gjmdb`i_`g\
\mo`md\^`m`]m\gh`_d\t\h]jn`som`hjn_`g\\mo`md\]\nd*
g\m+ Hjn omjh]jnkmj_p^`ipi`nom`^c\hd`iojkmjbm`ndqj
_`g\gpu)n`kp`_`i\^jhk\}\m_`pi\`so`ind~i\io`m~*
bm\_\ t o\h]d{i kp`_`i kmjbm`n\m \ pi\ am\bh`io\^d~i
_`gomjh]j^ji`h]jgdu\^d~i_dno\g+ H\`ia`mh`_\_^`m`*
]mjq\n^pg\m \o`mj`n^g`m~od^\ n` \nj^d\ ^ji am`^p`i^d\ \
`ia`mh`_\_`n ndno{hd^\n) ^jhj g\ cdk`mo`ind~i t g\ _d\*
]`o`n+
Hjn kmj^`njn diag\h\ojmdjn lp` \a`^o\i \ gjnq\njn kp`*
_`ikmj_p^dmo\h ]d{ig\`no`ijndngph di\g)^jij^gpnd~i
_` g\ h dnh\ ` dia\mojn ^`m`]m\g`n+ =pilp` g\ mXjZlc`k`j
`e]\ZZ`fjX _` gjn q\njn _` ^\gd]m` k`lp`}j t bm\i_` n`
_`n^md]``ig\n|adgdntg\op]`m^pgjndn)\^op\gh `io``nhzn
am`^p`io` `i g\ dih pij_`km`nd~i t `i g\n dia`^^dji`n
jkjmopidno\n %k+ `e+) \nk`mbdgjndnj`i^`a\gdodnkjm ?IR&+
H\ gXeXik\i`k`j el[fjX t jom\n q\n^pgdodn ij dia`^^djn\n
kp`_`i\a`^o\m\gjnq\njn^`m`]m\g`ntkmjqj^\mdia\mojn
njgdo\mdjnjh godkg`n`i`g^`m`]mj+ H\Xe^`k`j gi`dXi`X [\c

Hjn dia\mojn n` kp`_`i _dqd_dm `i _jn bmpkjn \hkgdjn)


]\n\_jn`ig\km`n`i^d\_`c`hjmm\bd\+@\_jlp`gjndia\mojn
\k\m`^`i^jipi\k{m_d_\_`gmd`bj)\h`ip_j`ia\n`ndid^d\*
g`n nji ij c`hjmmzbd^jn %adb+ /5*.2=&+ O` kp`_` _`n\mmjgg\m
pi\c`hjmm\bd\n`^pi_\md\kjmg\g`nd~ikjmdnlp`hd\*m`k`m*
apnd~i)]d`i\om\q{n_`^jg\o`m\g`nj_`nkp{n_`g\_dnjgp^d~i
j am\bh `io\^d~i _`g h \o`md\g j^gpndqj diom\q\n^pg\m+ H\n
c`hjmm\bd\nnjik`o`lpd\g`ntkp`_`in`mhgodkg`njdi^gpnj
^jiagp`io`n %adb+ /5*.2>&+ Ag h\i`ej ^g|id^j _` gjn k\^d`io`n
^ji `nojn _jn odkjn _` dia\moj `n hpt _dnodioj) _\_j lp` `g
om\o\hd`ioj omjh]jg|od^j`noz^jiom\di_d^\_j`igjn dia\mojn
c`hjmmzbd^jn+

- / 2 & / , / ' m!
%K@RODBSNL@BQNRBuOHBNCDTMHM E@ QSN MNG D L N QQq F HB N B@LAH@BNM
DKSHDLON $TQ@MSDK@ROQHLDQ@R GCDKDRHuM HQQDUDQRHAKD  DK @RODBSN
CDKSDIHCNRDLNCHEHB@ONBN  ODQN@K@RGRDSNQM@OqKHCN  AK@MCNX
STLDE@BSN XRDCHETLHM@K@TMHuMBNQSHBNLDCTK@Q%MSQDKNRCs@RX
DK BDQDAQN RD SNQM@ FDK@SHMNRN X EQH@AKD  X KNR KsLHSDR DMSQD DK SDIHCN
MNQL@K X DK SDIHCN @MuL@KN  PTD @MSDR DRS@A@M ONBN CDEHMHCNR  RD
UTDKUDM LqRBK@QNR @LDCHC@ PTDRD QDRTDKUDDK DCDL@DM DKSDIHCN
UH@AKD @CX@BDMSD %MSQD DK Cs@  X K@ RDL@M@   DK SDIHCN RD KHBv@ 
CDI@MCN  EHM@KLDMSD  TM@B@UHC@C KKDM@ CD KsPTHCN QDBTAHDQS@ ONQ TM
SDIHCNFQHRNRBTQNPTDRDDWO@MCDFQ@CT@KLDMSDG@RS@PTDRDQD@Ad
RNQADSNCNDKSDIHCNLTDQSNEHF   

&HFTQ@  ! 5MHME@QSNHRPTrLHBN@EDBS@@KSDQQHSNQHNCDK@@QSDQH@BDQDAQ@KLDCH@ HMBKTHCNDKDRSQH@CNDMK@LHS@CHYPTHDQC@CDKBDQDAQN ")ME@QSNAK@MCNBNM


GDLNQQ@FH@ROTMSHENQLDR BNLO@SHAKDRBNMKDRHNMDRONQHRPTDLH@ QDODQETRHuM DMDKKuATKNSDLONQ@K

%MEDQLDC@CDR BDQDAQNU@RBTK@QDR
K@DWSQ@U@R@BHuMXK@QD@ARNQBHuMR@MFTsMD@%MK@RODQRNM@RSQ@S@C@R
BNM @MSHBN@FTK@MSDR  KNR HME@QSNRGDLNQQqFHBNRRDOTDCDM@RNBH@Q@
GDL@SNL@R HMSQ@BDQDAQ@KDRDWSDMRNR ,NR HME@QSNRUDMNRNRRNM BNM
EQDBTDMBH@GDLNQQqFHBNRXOTDCDM@O@QDBDQSQ@RTM@NBKTRHuMSQNL d
AuSHB@CDKRDMNR@FHS@KRTODQHNQNCDNSQNRRDMNR NONQK@NBKTRHuMCD
K@RUDM@RBDQDAQ@KDR OQNETMC@R ,NRB@QBHMNL@R  K@R HMEDBBHNMDR KNd
B@KHY@C@RXNSQNROQNBDRNRPTDC@MKTF@Q@TM@RHST@BHuMCDGHODQBN@ 
FTK@AHKHC@C@TLDMS@MDKQHDRFNCDSQNLANRHRUDMNR@
,NR HM E@ QSN R  CD K@ L rCTK@ D ROHM@K OTDCDM @RNBH@QRD@ TM@ RHd
ST@BHuMCDGHONODQETRHuMNRDQBNMRDBTDMBH@CDK@HMSDQQTOBHuMSQ@Td
LqSHB@CDK@RSQHATS@QH@RMTSQHBH@RNQHFHM@C@RDMK@@NQS@ %RLqRQ@QN
PTD K@ B@TR@ RD@ TM@ NBKTRHuM CD K@ @QSDQH@ DROHM@K @MSDQHNQBNL N
BNMRDBTDMBH@CDTM@DLANKH@NU@RBTKHSHR

&HFTQ@  )ME@QSNPTsRSHBN@MSHFTNBNMCDRSQTBBHuMXB@UHS@BHuMCDK@BNQSDY@

< X i X Z k\ i vj k`Z X j Z cve `ZXj* H\n _`ad^d`i^d\n lp` kmj_p^` pi


dia\mojqd`i`i^ji_d^dji\_\nkjmg\_dnomd]p^d~i\i\o~hd^\
_`g\ng`ndji`n)hznlp`kjmg\^\pn\\nj^d\_\+Hjnn|iojh\n
i`pmjg~bd^jnm`g\^dji\_jn^jig\uji\ _`g`nd~i\k\m`^`i\
h`ip_j ^ji m\kd_`u) `i hdipojn) t ndbp`i`qjgp^dji\i_j
_pm\io`cjm\n+H\bm\q`_\__`gjnn|iojh\nkp`_`m`_p^dmn`
kjmlp`m`qd`mo\g\g`nd~i_`g\uji\_`k`iph]m\dnlp{hd^\
t o\h ]d{i kjm g\ m`njgp^d~i _`g `_`h \ gj^\g \nj^d\_j+ Ai
b`i`m\g)n`kmj_p^`pi^d`mojbm\_j_`h `ejm|\g`io\_pm\i*
o` pi k`m|j_j _` h `n`n+ @\_j lp` gjn d^opn n` \nj^d\i \
h`ip_j\g\`ia`mh`_\_^\m_djq\n^pg\m)h p^cjn_`gjna\^*
ojm`n_`md`nbjb`i{od^jnt_`mdq\_jn_`g\ajmh\_`qd_\nji
dbp\g`n+

%MEDQLDC@C BDQDAQNU@RBTK@Q GHODQSDMRHU@


%MDKLHBQNRBNOHN K@QD@BBHuMSHRTK@QDUNKTBHNM@RDFvMK@RHFTHDMSD
RDBTDMBH@
 $DROTrRCD^@ROQHL DQ@R G  OQDCNLHM@M DK B@LAHN HRPTrLHBN
MDTQNM@KMDTQNM@RQNI@RU@MSDQHNQLDMSD XDKDCDL@BHSNSuWHBNX
U@RuFDMN 3D OHDQCDM K@RB@Q@BSDQsRSHB@RSHMSNQH@KDR G@AHST@KDRCD
K@RDRSQTBSTQ@RCDK@RTRS@MBH@AK@MB@XFQHR,@RBrKTK@RDMCNSDKH@d
KDRXFKH@KDR OQHMBHO@KLDMSDKNR@RSQNBHSNR RDUTDKUDMDCDL@SNR@R 
XK@REHAQ@RLHDKsMHB@RBNLHDMY@M@CDRHMSDFQ@QRD
 (@RS@K@RG @TLDMS@CDENQL@OQNFQDRHU@K@LHFQ@BHuMCDMDTd
SQuEHKNR  PTDCDROTrR BDCD ,@R BrKTK@RE@FNBsSHB@R LNMNMTBKD@ 
C@R CDQHU@C@RCDKNRLNMNBHSNRBHQBTK@MSDRX K@LHBQNFKH@@BSHU@C@ 
RDUTDKUDMDUHCDMSDR@K@RG XRDBNMUHDQSDMDMK@BrKTK@OQDCNd
LHM@MSDDMK@R  RDL @M@RRHFTHDMSDR ,NRL@BQuE@FNRPTDBNMd
SHDMDMOQNCTBSNRCDCDFQ@C@BHuMCDK@LHDKHM@NDQHSQNBHSNROTDCDM
ODQRHRSHQDMK@KDRHuMCTQ@MSDLDRDRN@tNR

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

 0TDCDM@O@QDBDQ@RSQNBHSNRQD@BSHUNRX@CTQ@MSDK@OQHL DQ@RDL @d
M@  ONRSDQHNQ@K@KDRHuM !LDCHC@PTD@U@MY@M K@E@FNBHSNRHRX K@
KHBTDE@BBHuM KNR@RSQNBHSNRCDKNRANQCDRCDK@KDRHuM@TLDMS@MCD
S@L@tNOQNFQDRHU@LDMSD  RDCHUHCDMXCDR@QQNKK@MTM@QDC OQNLHd
MDMSDCDDWSDMRHNMDRBHSNOKqRLHB@R
 $DROTrRCDU@QHNRL DRDR RDQDCTBDK@QDROTDRS@CDKNR@RSQNBHSNR 
CDI@MCNTM@CDMR@SQ@L@CDEHAQ@RFKH@KDRLDYBK@C@RBNMB@OHK@QDR
MTDUNRX@KFNCDSDIHCNBNMITMSHUNODQHU@RBTK@Q %MK@BNQSDY@BDQDd
AQ@K  K@B@UHC@C DRSqRDO@Q@C@CDK@RLDMHMFDRXDK DRO@BHNRTAd
@Q@BMNHCDN ONQ TM@ B@O@ CD SDIHCN FKHuSHBN CDQHU@C@ CD K@ B@O@
LNKDBTK@QCDK@BNQSDY@ ,@Os@XK@@Q@BMNHCDRMNDRSqM@EDBS@C@R
X MN BNMSQHATXDM @K OQNBDRN CDBHB@SQHY@BHuM ,NR HME@QSNR RTEQDM
DRSNRDRS@CHNR QD@BSHUNRX CD QDO@Q@BHuM CDRCD KNR LqQFDMDR @K
BDMSQN ONQDRN  K@RCHRSHMS@R YNM@RCD K@ KDRHuM OTDCDM SDMDQ TM
@RODBSNCHRSHMSN RNAQDSNCNCTQ@MSDK@RE@RDROQDBNBDR QDUDK@MCN
K@OQNFQDRHuMM@STQ@KCDK@QDROTDRS@
,@RB@Q@BSDQsRSHB@RXK@DUNKTBHuMSDLONQ@K CDK HM E@ QSN  G D L N QQq d
F HB N RNMO@Q@KDKNR@KNRCDTMHME@QSNHRPTrLHBN  @TMPTDRD@t@CDM

Hjn `a`^ojn hzn dh kjmo\io`n _` g\ cdk`mo`ind~i nj]m` `g


^`m`]mjdi^gpt`igjndia\mojng\^pi\m`n)g\nc`hjmm\bd\n`i
c`i_d_pm\ t g\ `i^`a\gjk\o|\ cdk`mo`indq\) \_`hzn _` g\n
c`hjmm\bd\ndiom\^`m`]m\g`ncdk`mo`indq\nh\ndq\n+Agkmdi*
^dk\gh{oj_jk\m\km`q`idm`no`odkj_``ia`mh`_\_^`m`]mj*
q\n^pg\m`n`gh\i`ej\bm`ndqj_`g\cdk`mo`ind~i+

)ME@QSNRK@BTM@QDR
H\cdk`mo`ind~i\a`^o\ \ g\n \mo`md\n t\mo`mdjg\nk`i`om\io`n
kmjapi_\n lp` dmmdb\i gjn b\ibgdjn _` g\ ]\n`) g\ npno\i^d\
]g\i^\c`hdna{md^\t`gomji^j_`g`i^{a\gj+Anojnq\njn^`m`*
]m\g`n _`n\mmjgg\ipi\\jZc\ifj`jXik\i`fcXitkp`_`ij^gpdmn`8
gjn^\h]djn`nomp^opm\g`nnjik\m`^d_jn\gjn_`n^mdojn`igjn
q\njnndno{hd^jn`ik\^d`io`ncdk`mo`injn%q+^\k|opgj..&+Qi\
dhkjmo\io`^jin`^p`i^d\^g|id^\tk\ojg~bd^\ _`g\ng`ndji`n
\mo`md\g`n_`gOJ?`ng\\k\md^d~i_`k`lp`}jndia\mojn^\qd*
o\mdjn) njgdo\mdjn j h godkg`n) lp` n` _`ijh di\i cX^leXj
%adb+/5*.4&+Ano\ng`ndji`nnji`nk\^djn\hj_j_`g\bjn)\m]d*
om\md\h`io` _`adid_jn^jhj h`ijm`n _` .2 hh _`\i^cj t
lp`n`gj^\gdu\i`i`gi^g`jg`iod^pg\m)`gozg\hj)g\^zknpg\
dio`mi\)g\npno\i^d\]g\i^\kmjapi_\)`gi^g`j^\p_\_jtg\
kmjop]`m\i^d\)`ijm_`i_`am`^p`i^d\_`^m`^d`io`+Ag`nop_dj
hd^mjn^~kd^jhp`nom\k{m_d_\_`o`ed_jmj_`\_\_`bgdjndn+Ai
api^d~i_`g\ gj^\gdu\^d~i`i`gOJ?)g\ng\bpi\nkp`_`in`m
^g|id^\h`io`ndg`io`njkmj_p^dmpi\bm\q`\go`m\^d~ii`pmj*
g~bd^\+ Hjnq\njn\a`^o\_jnkp`_`i\nj^d\mn`\pi`in\i^c\*
hd`ioj_`gjn`nk\^djnk`mdq\n^pg\m`nndidia\mojodnpg\m $ukXk
Zi`Ycu%*

(DLNQQ@FH@RDMGDMCHCTQ@
Hjnq\njnk`i`om\io`n _`^\gd]m`k`lp`}j kp`_`i mjhk`mn`
`ig\cdk`mo`ind~i)kmjqj^\i_jc`hjmm\bd\nk`lp`}\n+ ?ji
`god`hkj)`no\nn`m`\]njm]`it_`e\iom\n_`n|pi\^\qd_\_
\ hj_j _`c`i_d_pm\ $_\dfiiX^`X\e_\e[`[liX% mj_`\_\ kjm





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


H\nc`hjmm\bd\nnp]_pm\g`nj`kd_pm\g`nn`\nj^d\iijmh\g*
h`io`\om\ph\odnhjntn`c\i^jh`io\_jt\+ H\nc`hjmm\*
bd\ndiom\k\m`ilpdh\ojn\njnp]\m\^ijd_`\n)kjm`g^jiom\mdj)
np`g`in`mpi\h\ida`no\^d~i_`pi\`ia`mh`_\_^`m`]mjq\n*
^pg\m_`]\n`+

(DLNQQ@FH@HMSQ@O@QDMPTHL@SNR@

&HFTQ@  )ME@QSNRK@BTM@QDRDMDKB@TC@CNXDKOTS@LDM EKDBG@R 

pi\ uji\ _` ^jgjm\^d~i k\m_\8 `g `nop_dj h d^mjn^~kd^j _`


`no\ng`ndji`n hp`nom\ _`nomp^^d~iaj^\g _`g o`ed_j) h\^m~a\*
bjn^\mb\_jn_`kdbh`iojtbgdjndn+

%MBDE@KNO@Ss@GHODQSDMRHU@
H\`i^`a\gjk\o|\cdk`mo`indq\\bp_\`npin|i_mjh`^g|id^j*
k\ojg~bd^j jmdbdi\_j `i km`n`i^d\ _` pi\ cdk `mo`ind~i
h \gdbi\tn`^\m\^o`mdu\kjmpi\_dnapi^d~i^`m`]m\g_dapn\)
^ji^`a\g`\n)^jiapnd~i)q~hdojnt ^jiqpgndji`n)lp`\q`^`n
^pgh di\i`ipi^jh\+An`n`i^d\gpi\dio`mq`i^d~io`m\k{p*
od^\mzkd_\k\m\ m`_p^dmg\km`nd~idiom\^m\i`\g)_\_jlp``g
n|i_mjh` ij np`g` m`hdodm _` ajmh\ `nkjiozi`\+ Ag `nop_dj
gfjkdfik\d kp`_`m`q`g\m`_`h\^`m`]m\g) ^jij ndic`mid\*
^d~iom\ino`iojmd\gj\hdb_\gdi\+=ghd^mjn^jkdjkp`_`iq`m*
n`k`o`lpd\nti`^mjndnad]mdijd_`_`g\n\mo`mdjg\n`ig\nnpn*
o\i^d\nbmdnt]g\i^\+
Hjn di_dqd_pjnlp` _pm\io`hp^cjn h`n`n \\}jnnpam`i
hgodkg`ndia\mojn]dg\o`m\g`n`ig\npno\i^d\bmdn%^jmo`u\)ozg\*
hj)b\ibgdjn]\n\g`n&tg\npno\i^d\]g\i^\ %^`iomjn`hdjq\g&
kp`_`i_`n\mmjgg\mpin|i_mjh`^g|id^j^\m\^o`m|nod^j)lp`n`
\nj^d\\_`h`i^d\)\go`m\^dji`n_`g\h\m^c\tndbijnn`p_j*
]pg]\m`n) \ h`ip_j ^ji _`ad^d`i^d\n i`pmjg~bd^\n aj^\g`n
npk`mkp`no\n+ Ano` n|i_mjh`) lp` n` np`g` gg\h\m [\d\eZ`X
mXjZlcXi $dlck``e]Xikf%( n` _`]` \ pi\ `ia`mh`_\_ q\n^pg\m
hpgodaj^\g _`q\mdjnodkjn)`iom`gjnlp``nozigjnndbpd`io`n7
.& \o`mj`n^g`mjndn^`m`]m\g8/& omjh]jndnq\n^pg\mj`h]jgdu\*
^d~i_`gjnq\njn^\mjo|_`jnj`g^jm\u~i)t0&`n^g`mjndn\mo`*
mdjg\m^`m`]m\gkjmcdk`mo`ind~i^m~id^\+?p\i_j`gk\om~i_`
g\g`nd~i\a`^o\km`a`m`io`h`io`\`so`in\nzm`\n_`g\npno\i*
^d\]g\i^\np]^jmod^\g^jik{m_d_\_`hd`gdi\t\sji`n)`gkmj*
^`njn`gg\h\\e]\id\[X[[\;`ejqmXe^\i7c\tlp`_dnodibpdmg\
_dnomd]p^d~i_`g\ng`ndji`nq\n^pg\m`n_`g\npno\i^d\]g\i^\
\idq`g^g|id^jtm\_djg~bd^j_`jom\n`ia`mh`_\_`nlp`\a`^*
o\i \ g\ npno\i^d\ ]g\i^\ c`h dna{md^\+ =_`h zn) hp^cjn
k\^d`io`n^ji`ia`mh`_\_`ni`pmj_`b`i`m\odq\nlp`kmj_p*
^`i pi om\nojmij ^jbidodqj j _`h`i^d\ o\h]d{i km`n`io\i
`qd_`i^d\n _` `ia`mh`_\_^`m`]mjq\n^pg\m+ H\ km`n`i^d\ _`
pi\ `ia`mh`_\_ ^`m`]mjq\n^pg\m ndbidad^\odq\ \ph`io\ `g
md`nbj_`om\nojmijni`pmjg~bd^jnk\m\piidq`g_`o`mhdi\_j
_`g`ndji`n\nj^d\_j^jig\n`ia`mh`_\_`n_`b`i`m\odq\n)gj
lp` npbd`m` lp` `no` `n pi a\^ojm lp` ^jiomd]pt` _` ajmh\
di_`k`i_d`io`\g\\go`m\^d~i_`g\api^d~i^`m`]m\gijmh\g+

(DLNQQ@FH@ HMSQ@BQ@MD@K
H\nc`hjmm\bd\nkp`_`igj^\gdu\mn``i^p\glpd`mgpb\m_`iomj
_`gOJ?*ap`m\j_`iomj_`g^`m`]mj%diom\k\m`ilpdh\ojn\n&*+

H\mjopm\_`piq\njdiom\k\m`ilpdh \ojnjk`lp`}jkp`_`
^\pn\mpi\c`h jmm\bd\_`iomj_`g^`m`]mj)lp`n`np`g`\nj*
^d\m \ pijn n|iojh \n i `pmjg~bd^jn _` \k\md^d~i n]do\
%d^opn&+ H\n c`h jmm\bd\n diom\k\m`ilpdh \ojn\n `nk jioz*
i`\n %ij om\ph zod^\n& nji h zn am`^p`io`n `i g\ h `_d\i\
`_\_ jhzn\_`g\io`) ^ji pi\ di^d_`i^d\ hzsdh\`i ojmij
\ gjn 3- \}jn _` `_\_+ H\n c`h jmm\bd\n _` gjn b\ibgdjn
]\n\g`nj`gozg\h jn`np`g`igg\h \mc`h jmm\bd\nb\ibgdj*
i\m`n) h d`iom\n lp` g\n gj^\gdu\_\n `i gjn g~]pgjn _` gjn
c`h dna`mdjn ^`m`]m\g`n n` _`ijh di\i c`h jmm\bd\n gj]\*
m`n+H\n_jnkmdi^dk\g`n^\pn\n_``no`k\om~i_`c`h jmm\*
bd\njig\ cdk`mo`ind~it g\ \ibdjk\o|\\h dgjd_`\^`m`]m\g)
m`nk`^odq\h `io`+=_`h zn) jomjna\^ojm`n gj^\g`ntndno{h d*
^jnkp`_`i^jiomd]pdmj^\pn\mpi\c`h jmm\bd\ijom\ph z*
od^\) ^jhj gjn om\nojmijn ndno{h d^jn _` g\ ^j\bpg\^d~i) g\n
i`jkg\nd\n) g\n q\n^pgdodn) gjn \i`pmdnh \n t g\n h \gajmh \*
^dji`nq\n^pg\m`n+
H\ cdk`mo`ind~i `n `g a\^ojm _` md`nbj lp` ^ji hzn am`*
^p`i^d\ n` \nj^d\ \ g\n c`h jmm\bd\n k\m`ilpdh \ojn\n kmj*
api_\nt`nm`nkjin\]g`_`hzn_`g2-# _`g\nc`hjmm\bd\n
^ji m`k`m^pnd~i^g|id^\ t \kmjsdh\_\h`io` _`g .2# _`g\n
hp`mo`n_`k`mnji\n^jicdk`mo`ind~i^m~id^\+H\nc`hjmm\*
bd\n diom\k\m`ilpdh\ojn\ncdk`mo`indq\n n`kmj_p^`ic\]d*
op\gh`io``ig\n`nomp^opm\nkmjapi_\n_`g\npno\i^d\]g\i*
^\jbmdnt_`nkp{n`i`gomji^j_`g`i^{a\gjt`i`g^`m`]`gj+
H\cdk`mo`ind~ikmj_p^`pi\n`md`_`\go`m\^dji`n`ig\k\m`_
q\n^pg\m) lp` di^gpt`i pi\ \o`mj`n^g`mjndn \^`g`m\_\ `ig\n
\mo`md\n _` bm\i^\gd]m`) g\ \mo`mdjgj`n^g`mjndn cd\gdi\ `i g\n
\mo`md\n_`h`ijmo\h\}jt%`i^\njnbm\q`n&^\h]djnkmjgd*
a`m\odqjn^jii`^mjndnam\i^\_`g\n\mo`mdjg\n+L\m`^`lp`g\n
k\m`_`n\mo`mdjg\m`n^ji^\h]djcd\gdijnjihzn_{]dg`nlp`
gjnq\njnijmh\g`ntnjiqpgi`m\]g`n\g\mjopm\+ Ai\gbpijn
^\njn)g\cdk`mo`ind~i^m~id^\n`\nj^d\\g\\k\md^d~i_`pijn
\i`pmdnh\n_dhdipojn)lp`n`^jij^`i^jhjd`ZifXe\li`jdXj
[\ <_XiZfk);flZ_Xi[tlp`kp`_`in`m`ggpb\m_`mjopm\+Anojn
\i`pmdnh\n_`?c\m^jo*>jp^c\m_)lp`ijn`_`]`i^jiapi_dm
^ji gjn n\^pg\m`n _` gjn bm\i_`nq\njn diom\^m\i`\g`n `i `g
`nk\^dj np]\m\^ijd_`j) n` gj^\gdu\i `i q\njn _` h`ijn _`
0-- edh _` _dzh`omj) ndop\_jn) nj]m` oj_j) `i gjn b\ibgdjn
]\n\g`n+

- / 2 & / , / ' m!
,@GDL NQQ@ FH@GHO D QSD M RHU@ HM SQ@ O @ QD M P T HL @ SN R @ OTDCDNQHFHM@Qd
RDDMDKOTS@LDM CDKNRB@RNR DKSqK@LN  K@OQNSTADQ@MBH@ 
KNRGDLHREDQHNRBDQDADKNRNRQ@QN X NSQ@RQDFHNMDRCDKBDQDAQNEHF 
! 3D@BT@KRD@K@DSHNKNFs@  K@RGDLNQQ@FH@R@FTC@RRDB@Q@BSDQHd
Y@M ONQR@MFQDDWSQ@U@R@C@ PTDBNLOQHL DDKO@QrMPTHL@@CX@BDMd
SD ,@RGDLNQQ@FH@R@MSHFT@RRDBNMUHDQSDMDMTM@B@UHC@CPTDSHDMD
TM ANQCDL@QQuM CDRBNKNQHCN ,@RKDRHNMDRHMHBH@KDRBNQQDRONMCDM @
R@MFQDBN@FTK@C@QNCD@C@ONQSDIHCNBDQDAQ@KPTDLTDRSQ@B@LAHNR
MDTQNM@KDRXFKH@KDRONQK@@MNWH@ XDCDL@ &HM@KLDMSD  DKDCDL@RD
QDRTDKUD  @O@QDBDM L@BQuE@FNRB@QF@CNRCDGDLNRHCDQHM@XKsOHCNR 
XK@OQNKHEDQ@BHuMCDKNR@RSQNBHSNRQD@BSHUNRRDG@BDUHRHAKDDMK@ODQHd
EDQH@CDK@KDRHuM,NROQNBDRNRBDKTK@QDRPTDSHDMDMKTF@Q@BNMSHMT@d
BHuMRHFTDM K@LHRL@DUNKTBHuMSDLONQ@K PTDK@NARDQU@C@CDROTrR
CDTMHME@QSNBDQDAQ@K

%MEDQLDC@CDR BDQDAQNU@RBTK@QDR

&HFTQ@  !(DLNQQ@FH@GHODQSDMRHU@L@RHU@@AHDQS@@KUDMSQsBTKNK@SDQ@K "$DOuRHSNCD@LHKNHCDDMTM@@QSDQHNK@BNQSHB@KDMTM@@MFHNO@Ss@@LHKNHCD@BDQDd


AQ@K DMDK QDBT@CQN  K@SHMBHuM HMLTMNGHRSNPTsLHB@O@Q@! LTDRSQ@CDOuRHSNRCD L@SDQH@K DM K@ O@QDCU@RBTK@Q # -HBQNENSNFQ@Es@DKDBSQuMHB@PTDLTDRSQ@
L@SDQH@KFQ@MTK@QDNRHMuEHKNDMTMB@RNCD@QSDQHNO@Ss@BDQDAQ@K@TSNRuLHB@CNLHM@MSDBNMHME@QSNRRTABNQSHB@KDRXKDTBNDMBDE@KNO@Ss@#!$!3),  ONQRTRRHFK@R
DMHMFKrR 

H\ \ibdjk\o|\ \h dgjd_` ^`m`]m\g %==?& `n `g a\^ojm _`


md`nbj lp` ^ji hznam`^p`i^d\ n` \nj^d\ \ g\n c`hjmm\bd\n
gj]\m`n+ Aig\==?) gjn k{kod_jn \hdgjd_~b`ijn) c\]dop\g*
h`io` gjn hdnhjn lp` n` `i^p`iom\i `i g\ `ia`mh`_\_ _`
=guc`dh`m %=k1-8q+ hzn\_`g\io`&)n`_`kjndo\i`ig\nk\m`*
_`n _` gjn q\njn h`i|ib`jn t^jmod^\g`n_`^\gd]m`h `_djt
k`lp`}j+Ag_`k~ndoj_`]dgdo\g\nk\m`_`n_`gq\njtkmj_p^`
c`hjmm\bd\n+Ip^cjnk\^d`io`n^jipi\==?od`i`i`qd_`i*
^d\ _` iph `mjn\n c`h jmm\bd\n k`lp`}\n `i `g ^`m`]mj
%hd^mjc`hjmm\bd\n&) lp`n`kp`_`iqdnp\gdu\m ^ji _dnodi*
ojnh{oj_jn_`dh\b`i+ Ebp\glp`np^`_``ig\`ia`mh`_\_
_`=guc`dh`m)`ig\lp``sdno`m`g\^d~i`iom`pikjgdhjmadnhj
_`gb`ilp`^j_dad^\g\ \kjgdkjkmjo`|i\A %=kjA&t`gmd`nbj
_``ia`mh`_\_)`g b`ijodkj_`=kjA o\h]d{idiagpt` nj]m`
`g md`nbj _` m`\k\md^d~i _` g\ c`h jmm\bd\ \nj^d\_\ \ pi\
==?`nkjmz_d^\+H\km`n`i^d\_`pi\g`gj`/j A1\ph`io\`g
md`nbj_`ip`qjn\ibm\_j+=pilp`\gbpi\nhpo\^dji`n_`g\
kmjo`|i\km`^pmnjm\_`gk{kod_j=%0 %kmjo`|i\km`^pmnjm\_`g
\hdgjd_`W=LLY&kmj_p^`ig\`ia`mh`_\__`=guc`dh`ma\hd*
gd\m) jom\nkmj_p^`ig\n ajmh\n \pojn~hd^\n _jhdi\io`n _`
g\==?+

- / 2 & / , / ' m!

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

,@@KSDQ@BHuMU@RBTK@QRTAX@BDMSD@K@!!#RDKHLHS@SsOHB@LDMSD@K@R
@QSDQHNK@RXKNRB@OHK@QDRKDOSNLDMsMFDNRXBNQSHB@KDRBDQDAQ@KDR @TMd
PTDS@LAHrMOTDCD@EDBS@Q@K@B@O@LNKDBTK@QCDKBDQDAQN,NRU@RNR
@EDBS@CNRRNM QsFHCNRX ONQDRN MN RDBNK@OR@M CTQ@MSDDK OQNBDR@d
LHDMSNXRDBBHuMCDKSDIHCN!CHEDQDMBH@CDKNPTDRTBDCDDMK@DRBKDd
QNRHR @QSDQHNK@Q  MN RD NARDQU@EHAQNRHR  RHMN CDOuRHSNR TMHENQLDR X
CDMRNRCD@LHKNHCDEHF  Es 

N`^d`io`h `io` n` c\i d_`iodad^\_j jom\n q\md\io`n _`


`ia`mh `_\_ _` k`lp`}jn q\njn _`g OJ ? c`m`_do\mdjn+ H\
Xik\i`fgXkvXZ\i\YiXcXlkfjxd`ZX[fd`eXek\Zfe`e]XikfjjlYZfik`)
ZXc\jpc\lZf\eZ\]XcfgXkvX%?=@=OEH)kjmnpnndbg\n`idibg{n&
`n pi om\nojmij \pojn~h d^j _jhdi\io` ^\pn\_j kjm hpo\*
^dji`n _`g b`i GHM<A/( lp` ^ji_d^dji\i pi kg`b\hd`ioj
di\_`^p\_j _`g _jh didj `som\^`gp g\m _`g m`^`kojm _`
JKP?D0+ Ano` n` `skm`n\ km`a`m`io`h `io` `i `g hn^pgj
gdnjq\n^pg\m)tgjnm\oji`nhj_dad^\_jnk\m\`skm`n\mm`^`k*
ojm`nam`io`\JKP?D0^jihpo\^dji`n_`g?=@=OEHm`kmj*
_p^`i gjn m\nbjn _` g\`ia`mh `_\_ cph \i\) gj lp` di_d^\

lp` g\ `ia`mh `_\_ n` m`g\^dji\ ^ji pi\ _dnapi^d~i _`g


hn^pgjgdnjq\n^pg\m+
H\ `ia`mh`_\_ n` ^\m\^o`mdu\ ^g|id^\h `io` kjm d^opn _`
m`k`od^d~i %`i b`i`m\g) dia\mojn t) ^ji h `ijn am`^p`i^d\)
c`hjmm\bd\n&t_`h`i^d\+ Hjn`nop_djn_`dh\b`ihp`nom\i
lp` gjnkmdh`mjn ^\h]djn _`o`^o\]g`n \a`^o\i\ g\ npno\i^d\
]g\i^\t\k\m`^`ic\^d\gjn02\}jn)hd`iom\nlp`gjndia\mojn
n`kmj_p^`io|kd^\h`io`pijn.-*.2\}jn_`nkp{n+O`m`^jij*
^`pi`ibmjn\hd`ioj^ji^{iomd^j_`g\h`_d\tg\\_q`iod^d\
_`g\n \mo`md\n _`gOJ?t jomjn o`ed_jn)^jhj g\ kd`g) lp` n`
\nj^d\ \ k{m_d_\ _` ^{gpg\n hpn^pg\m`n gdn\nt km`n`i^d\ _`
_`k~ndojn _` pi h\o`md\g ]\n~adgj L=O kjndodqj+ Ano` h\o`*
md\gn`m`^jij^``i`ghd^mjn^jkdj`g`^om~id^j^jhjpih\o`md\g
bm\ipg\m^jhk\^oj jnhd~adgj) lp`n`_`o`^o\ _`ajmh\^jin*
o\io``i g\nk\m`_`n _`gjnq\njn\a`^o\_jn %adb+ /5*.5?&+ Hjn
_`k~ndojn^\m\^o`m|nod^jn^jiod`i`ig\kmjo`|i\JKP?D0h\g
kg`b\_\+Jjn`^jhkm`i_`g\m`g\^d~i`iom``nojn_`k~ndojnt
g\`ia`mh`_\_+ Ag _d\bi~nod^jn``no\]g`^`h`_d\io`g\d_`i*
odad^\^d~i_``nojn_`k~ndojn`ig\nk\m`_`n_`gjnq\njn`ig\n
]djknd\n_`jomjno`ed_jn)^jhjg\kd`gj`ghn^pgj)jh`_d\i*
o`g\n`^p`i^d\^d~i_`GHM<A/*
Komjn odkjn _` `ia`mh`_\_ _` k`lp`}j q\nj c`m`_do\md\
di^gpt`i pi om\nojmij \nj^d\_j \ h po\^dji`n _`g b`i _`
?KH1=.)pi^jhkji`io`_`g\h`h]m\i\]\n\gq\n^pg\m+
< XiX Zk\ivjk`ZX j Zcve `ZXj* H\c`hjmm\bd\ diom\^`m`]m\g)di_`*
k`i_d`io`h`io`_`np^\pn\)kp`_`m`npgo\m_`q\no\_jm\k\m\
`g k\^d`io` nd\a`^o\`so`in\n uji\n _`g^`m`]mjt \g^\iu\ `g
ndno`h\ q`iomd^pg\m) k`mj o\h]d{i kp`_` \a`^o\m \ m`bdji`n
k`lp`}\n t ijkmj_p^dm ^g|id^\ j`qjgp^dji\m dbp\g lp` pi
dia\moj+ Ain`h\i\n\ h`n`n n`j]n`mq\ pi\ m`njgp^d~ibm\*
_p\g _`g c`h\ojh\) `i j^\ndji`n ^ji pi\ ijo\]g` h`ejm|\
^g|id^\+ H\gj^\gdu\^d~i_`g\c`hjmm\bd\_`o`mhdi\g\nh\id*
a`no\^dji`n^g|id^\n+

(DLNQQ@FH@RTA@Q@BMNHCDNX@MDTQHRL@R
R@BTK@QDRQNSNR
H\^\pn\hznam`^p`io`_`c`hjmm\bd\np]\m\^ijd_`\^g|i d*
^\h`io` ndbidad^\odq\ `n g\mjopm\ _`pi \i`pmdnh\ n\^pg\m
%`i am`n\& `i pi\ \mo`md\ ^`m`]m\g+ H\ c`h jmm\bd\ `i `g
`nk\^djnp]\m\^ijd_`jo\h]d{ikp`_`n`m^jin`^p`i^d\_`g\
`so`ind~i_`pic`h\ojh\om\phzod^j)_`g\\k`mopm\_`pi\
c`hjmm\bd\cdk`mo`indq\diom\^`m`]m\gc\^d\`gndno`h\q`iomd*
^pg\m)pi\h\gajmh\^d~iq\n^pg\m)\go`m\^dji`nc`h\ojg~bd^\n
tophjm`n+





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


I X kf^ \e `X* =pilp`g\`odjgjb|\ _`gjn\i`pmdnh\nn\^pg\m`n
ij `noz ^g\m\) g\ \go`m\^d~i `nomp^opm\g `i `g q\nj \a`^o\_j
%\pn`i^d\ _` hn^pgj gdnj t _` g\ gzhdi\ `gznod^\ dio`mi\&
npbd`m`lp`n`om\o\_`pi\\go`m\^d~i_`g_`n\mmjggj+=pilp`
g\h\tjm|\nji`nkjmz_d^jn)gjna\^ojm`nb`i{od^jnkp`_`in`m
dhkjmo\io`n`inpk\ojb`id\)_\_jlp`n`_`n^md]`pi\ph`i*
oj _`g\ di^d_`i^d\ `igjna\hdgd\m`n _`kmdh`m bm\_j _`gjn
k\^d`io`n\a`^o\_jn+H\di^d_`i^d\_`\i`pmdnh\n\ph`io\`i
gjnk\^d`io`n^ji\gbpijnom\nojmijnh`i_`gd\ijn%k+`e+)kjgd*
lpdnojndnm`i\g \pojn~hd^\ _jhdi\io`) n|i_mjh` _` Acg`mn*
@\igjn_`odkjER)i`pmjad]mjh\ojndn_`odkj. WJB.Ytn|i_mj*
h` _` I \ma\i&) _dnkg\nd\ ad]mjh pn^pg\m _` g\n \mo`md\n
`som\^m\i`\g`nt^j\mo\^d~i_`\jmo\+Komjna\^ojm`nkm`_dnkj*
i`io`nnji`go\]\lpdnhjtg\cdk`mo`ind~i%lp`\a`^o\)n`bi
\gbpi\n`nodh\^dji`n)\g\hdo\_ _`gjnk\^d`io`n\a`^o\_jn&+
=pilp``ij^\ndji`n n`gg\h\i ^jib{idojn)`nojn\i`pmdn*
h\nij\k\m`^`i\gi\^dhd`ioj)ndijlp`n`_`n\mmjgg\i^ji`g
od`hkjkjmpi_`a`^oj]\n\g`ig\h`_d\q\n^pg\m+

&HFTQ@  ,NB@KHY@BHNMDRLqREQDBTDMSDRCDKNR@MDTQHRL@RR@BTK@QDRDM


EQDR@ DMDKONKsFNMNCD7HKKHR

HjnXe\li`jdXjjXZlcXi\jnji`godkjhznam`^p`io`_`\i`p*
mdnh\diom\^m\i`\g+Komjnodkjn_`\i`pmdnh\nnjigjn\o`mj`n*
^g`m~od^jn %apndajmh`n8 hzn am`^p`io`n `i g\ \mo`md\ ]\ndg\m&)
hd^~od^jn) om\phzod^jn t _dn`^\io`n+ Hjn om`n godhjn odkjn)
dbp\glp`gjn\i`pmdnh\nn\^pg\m`n)njihznam`^p`io`n`ig\
^dm^pg\^d~i\io`mdjm)k`mjn`_da`m`i^d\i`ilp`ijmh\gh`io`
kmj_p^`i pi dia\moj ^`m`]m\g `i gpb\m _` pi\ c`hjmm\bd\
np]\m\^ijd_`\+
O``i^p`iom\i\i`pmdnh\nn\^pg\m`n\kmjsdh\_\h`io``i
`g/#_`g\kj]g\^d~i)n`bi_\ojnm`^d`io`n_``nop_djnm\_dj*
g~bd^jn_`]\n`^jhpido\md\+=kmjsdh\_\h`io``g6-#_`gjn
\i`pmdnh\n n\^pg\m`n n` gj^\gdu\i`i g\ ^dm^pg\^d~i\io`mdjm
^`m^\ _` gjn kpiojn_` m\hdad^\^d~i _`g\n \mo`md\n h\tjm`n
%adb+ /5*.6&8 `sdno`i\i`pmdnh\nhgodkg`n`i`g/- \g0-# _`
gjn^\njnn`big\nn`md`n_`\pojknd\+

- / 2 & / , / ' m!
!MSDRCDK@QNSTQ@  DK@MDTQHRL@R@BTK@QDRTM@DU@FHM@BHuMCDO@QDd
CDREHM@RCDTM@@QSDQH@ PTDRDRTDKDKNB@KHY@QDMTM@Q@LHEHB@BHuMCDK
ONKsFNMN CD 7HKKHR N CD @KFvM U@RN FQ@MCD CHRS@K ,NR @MDTQHRL@R
R@BTK@QDRLHCDMCDRCDTMNRONBNRLHKsLDSQNR@ BLCDCHqLDSQN
XSHDMDMTM@RTODQEHBHDAQHKK@MSDQNI@HMSDMR@XTM@O@QDCCDKF@C@SQ@MRd
KvBHC@EHF    %MK@O@QDCNK@KTYCDK@MDTQHRL@OTDCDMDMBNMd
SQ@QRDOK@B@RCD@SDQNL@ B@KBHEHB@BHNMDRNSQNLANR %MNB@RHNMDRRD
DMBTDMSQ@MDUHCDMBH@RCDR@MFQ@CNROQDUHNR DMENQL@CDTM@CDBNd
KNQ@BHuM O@QC@CDK BDQDAQNX K@R LDMHMFDR@CX@BDMSDR %K BTDKKN CDK
@MDTQHRL@OTDCDRDQDRSQDBGNN@MBGN,@QNSTQ@RTDKDOQNCTBHQRDDM
DK UrQSHBD CDK R@BNXBNMCTBD@ K@DWSQ@U@R@BHuM CDR@MFQD G@BH@DK
DRO@BHNRTA@Q@BMNHCDN  K@RTRS@MBH@BDQDAQ@KN@LANR ,@O@QDC@Qd
SDQH@K@CX@BDMSD@KBTDKKNCDK@MDTQHRL@RTDKDLNRSQ@QBHDQSNFQ@CNCD
DMFQNR@LHDMSNCDK@sMSHL@X@CDKF@Y@LHDMSNCDK@LDCH@ %KLvRBTd
KN KHRNX K@ KqLHM@DKqRSHB@ HMSDQM@ MN RD DWSHDMCDM G@BH@ DK BTDKKNX
E@KS@MDMDKOQNOHNR@BN@MDTQHRLqSHBN PTDDRSqBNMRSHSTHCNONQsMSHL@
GH@KHMHY@C@DMFQNR@C@XTM@BTAHDQS@CD@CUDMSHBH@

&HFTQ@  !)L@FDMCDK@A@RDCDKBDQDAQNCHRDB@C@O@Q@LNRSQ@QDKONKsFNMNCD7HKKHRBNMTM@MDTQHRL@CDK@@QSDQH@BDQDAQ@K@MSDQHNQ EKDBG@  "0NKsFNMN


CD7HKKHRCHRDB@CNO@Q@LNRSQ@QTM@MDTQHRL@FQ@MCD##NQSD@SQ@UrRCDTM@MDTQHRL@R@BTK@QPTDLTDRSQ@K@O@QDCEHAQNR@GH@KHMHY@C@CDKU@RNGDL@SNWHKHM@ 
DNRHM@ 

)MEDBBHNMDR
< XiX Zk\ivjk`ZX jZcve `ZXj* H\mjopm\_`pi\i`pmdnh\lp`kmj*
_p^`pi\c`hjmm\bd\np]\m\^ijd_`\^jidhkjmo\i^d\^g|id^\
`nhznam`^p`io``i g\ lpdio\ _{^\_\ _` g\ qd_\t`ngdb`m\*
h`io`hznam`^p`io``ig\nhpe`m`n+ Ai^jiepioj)`g.)0# _`
gjn \i`pmdnh\n di_dqd_p\g`n n`mjhk`i`i. \}j) \pilp``g
md`nbj`nhzn\gojk\m\gjn\i`pmdnh\nhznbm\i_`n+Ljm`e`h*
kgj)gjn\i`pmdnh\nh\tjm`n_`.-hhn`\nj^d\i\pimd`nbj
\kmjsdh\_j _`c`hjmm\bd\\ip\g _`g2-#+ H\mjopm\kp`_`
kmj_p^dmn``i^p\glpd`mhjh`ioj)k`mj\kmjsdh\_\h`io``i
pio`m^dj _` gjn ^\njn n`\nj^d\ \di^m`h`iojn \bp_jn _` g\
km`nd~idiom\^m\i`\g)kjm`e`hkgj)\gc\^`mkm`nd~i\g_`a`^\m
j_pm\io`pijmb\nhj+>\ejg\ap`mu\_`g\km`nd~i\mo`md\g)g\
n\ibm`n`q`j]gdb\_\\`iom\m`i`g`nk\^djnp]\m\^ijd_`jt
`gk\^d`io`npam`pi\^`a\g`\n]do\hptdio`in\%lp`^gznd^\*
h`io` n` _`n^md]`^jhj g\k`jmlp`c\t\ o`id_je\hzn& t
kd`m_` g\^ji^d`i^d\ ^jim\kd_`u+ Aiom``g /2t`g 2-# _` g\n
k`mnji\n\a`^o\_\na\gg`^`ikjmg\kmdh`m\c`hjmm\bd\)k`mj
gjnk\^d`io`nlp`nj]m`qdq`ih`ejm\itm`^pk`m\ig\^ji^d`i*
^d\`ihdipojn+H\nc`hjmm\bd\n_`m`k`od^d~injiam`^p`io`n
`i gjn npk`mqdqd`io`n) \pilp` `n dh kjnd]g` km`_`^dm `g
hjh`ioj_`\k\md^d~i+Agkmji~nod^j`hk`jm\^ji^\_\`kd*
nj_dj_`c`hjmm\bd\np^`ndqj+
H\n^jin`^p`i^d\n^g|id^\n _`g\km`n`i^d\ _`n\ibm``i`g
`nk\^djnp]\m\^ijd_`jn`kp`_`i_dqd_dm`i\^jio`^dhd`iojn
\bp_jn)lp`n`kmj_p^`icjm\n\_|\n_`nkp{n_`g\c`hjmm\*
bd\) t n`^p`g\n o\m_|\n \nj^d\_\n \g kmj^`nj _` ^pm\^d~i+
@pm\io`gjnkmdh`mjn_|\nndbpd`io`n\pi\c`hjmm\bd\np]*
\m\^ijd_`\) n`\ ^p\g n`\ np `odjgjb|\) \ph`io\ `g md`nbj _`
npamdmg`ndji`ndnlp{hd^\n\_d^dji\g`nkjm`gq\nj`nk\nhjlp`
n` kmj_p^` `i gjnq\njn ]\}\_jn `i g\ n\ibm` `som\q\n\_\+
Ano`kmj]g`h\ od`i` g\ hzsdh\ dhkjmo\i^d\`igjn ^\njn _`
c`hjmm\bd\ np]\m\^ijd_`\]\n\g) _\_j lp``gq\nj`nk\nhj
kp`_`\a`^o\m\ gjnq\njnkmdi^dk\g`n_`g kjg|bjij _`Sdggdn+
O`c\kmjkp`nojlp`_dq`mnjnh`_d\_jm`nk\mod^dk\i`i`no`
kmj^`nj)^jhjg\n`i_jo`gdi\n)`g~sd_ji|omd^jtgjnh`o\]j*
gdojn_`g z^d_j\m\lpd_~id^j+ @pm\io`g\a\n`_`^pm\^d~i_`
pi\c`hjmm\bd\ np]\m\^ijd_`\ n`kmj_p^`ad]mjndnt^d^\omd* >
u\^d~ih`i|ib`\)lp`)`ij^\ndji`n)^ji_d^dji\ipi\j]nomp^*
^d~i_`g agpej _`g H?Nt o\h]d{ig\dio`mmpk^d~i _` g\nq|\n
ijmh\g`n_`m`\]njm^d~i_`ghdnhj+

-@KENQL@BHNMDR U@RBTK@QDR
H\nh \gajmh \^dji`nq\n^pg\m`n _`g ^`m`]mj n` ^g\ndad^\i `i
^p\omj odkjn kmdi^dk\g`n7 h \gajmh \^dji`n \mo`mdjq`ijn\n)
h \gajmh \^dji`n ^\q`mijn\n) o`g\ibd`^o\nd\n ^\kdg\m`n t
\ibdjh\nq`ijnjn+ @``gg\n) g\n_jnkmdh`m\n njig\nlp`n`
\nj^d\i\md`nbj_`c`hjmm\bd\t\k\md^d~i_`n|iojh\ni`p*
mjg~bd^jn+

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

- / 2 & / , / ' )!
,@R L @ KEN QL @ B HN M D R  @ QSD QHN U D M N R @ R  -!6  OTDCDM @EDBS@Q@ KNR
U@RNRCDKDRO@BHNRTA@Q@BMNHCDN  BDQDAQ@KDRN@LANR %RS@QDCDMd
L@Q@t@C@ CD B@M@KDRU@RBTK@QDR BNM ENQL @ CD FTR@MNR SHDMD TM@
OQNLHMDMSDCDQHU@BHuM@QSDQHNUDMNR@OTKRqSHKBNM@KSNEKTINCDR@MFQD
%RSqBNMRSHSTHC@OQHMBHO@KLDMSDONQU@RNRR@MFTsMDNRLTX@TLDMS@d
CNRCDS@L@tN RDO@Q@CNR ONQSDIHCNFKHuSHBN  @ LDMTCNBNM RHFMNR
CDTM@GDLNQQ@FH@OQDUH@!KFTMNRU@RNROTDCDMQDBNMNBDQRDBNLN
@QSDQH@RBNMK@KqLHM@DKqRSHB@HMSDQM@CTOKHB@C@XEQ@FLDMS@C@ LHDMd
SQ@R PTD NSQNR LTDRSQ@M TM HMSDMRN DMFQNR@LHDMSN N K@RTRSHSTBHuM
O@QBH@KCDK@LDCH@ONQSDIHCNBNMITMSHUNGH@KHMHY@CN
,@RL @ KEN QL @ B HN M D R B @ U D QM N R @ R BNQQDRONMCDM@B@M@KDRU@Rd
BTK@QDRCHRSDMCHCNRXNQF@MHY@CNRK@W@LDMSD PTDRDCHRONMDM@CNd
R@CNR BNM O@QDCDRBNK@FDMHY@C@RCDDRODRNQU@QH@AKD %M FDMDQ@K
MNRDHCDMSHEHB@O@QrMPTHL@BDQDAQ@KDMSQDKNRU@RNRDMDRSDSHONCD

L@KENQL@BHuM 3DOQDRDMS@M BNM L@XNQEQDBTDMBH@DMDKBDQDADKN  K@


OQNSTADQ@MBH@X K@R QDFHNMDR RTABNQSHB@KDR  ONQNQCDM CDEQDBTDMBH@
CDBQDBHDMSD XSHDMDMTM cEKTINR@MFTsMDNA@INiRHMCDQHU@BHNMDR@QSDd
QHNUDMNR@RRHFMHEHB@SHU@R %REQDBTDMSDPTDG@X@ENBNRCDGDLNQQ@FH@ 
HME@QSNRXB@KBHEHB@BHNMDR@MSHFT@RQNCD@MCNKNRU@RNR@MuL@KNR ,@R
SD K@ M F HD B S@ R H@ R B@ O HK@ QD R RNMENBNRLHBQNRBuOHBNRCDB@M@KDRU@Rd
BTK@QDR CHK@S@CNR CD O@QDCDR EHM@R RDO@Q@CNR ONQ TM O@QrMPTHL@
BDQDAQ@K QDK@SHU@LDMSDMNQL@K  PTDRDOQDRDMS@MBNM L@XNQEQDBTDMd
BH@DMK@OQNSTADQ@MBH@ ,NR@ M F HN L @ R UDM N R N R U@QHBDR BNMRHRSDM
DM @FQDF@CNR CD B@M@KDR UDMNRNR DBSqRHBNR ,@ D M ED QL D C @ C  CD
& N HW ! K@ IN T @ M HM D  LHDKNO@Ss@ MDBQNR@MSD @MFHNCHRFDMrSHB@  DR TM@
L@KENQL@BHuM@MFHNL@SNR@UDMNR@CDK@LrCTK@DROHM@KXK@RLDMHMd
FDRPTDK@BTAQDM KNB@KHY@C@ OQHMBHO@KLDMSD DMK@QDFHuMKTLANR@BQ@
XPTDRD@RNBH@@TM@KDRHuMHRPTrLHB@LDCTK@QBNMRsMSNL@RMDTQNd
KuFHBNRKDMS@LDMSDOQNFQDRHUNR

< XiXZk\ivjk`ZXj Zcve`ZXj* H\n h\gajmh\^dji`n \mo`mdjq`ijn\n


nji`godkjhznam`^p`io`_`h\gajmh\^d~iq\n^pg\m^jim`k`m*
^pnd~i^g|id^\+ Ano\ g`nd~i\a`^o\ hzn\ gjncjh]m`n lp`\ g\n
hpe`m`n) ^ji pi\ am`^p`i^d\ _` c\no\ _jn q`^`n h\tjm) t n`
h\idad`no\^jih\tjmam`^p`i^d\`iom`gjn.-tgjn0-\}jn_`
`_\_)^ji^jiqpgndji`n)c`hjmm\bd\diom\^`m`]m\gjc`hjmm\bd\
np]\m\^ijd_`\+Ago`mmdojmdjhznam`^p`io``n`g_`g\\mo`md\^`m`*
]m\gh`_d\)nj]m`oj_jnpnm\h\nkjno`mdjm`n+H\nh\gajmh\^dj*
i`n\mo`mdjq`ijn\nbm\i_`nlp`n`kmj_p^`i`i`gk`m|j_ji`j*
i\o\gkp`_`ikmjqj^\mdinpad^d`i^d\^\m_|\^\^jib`nodq\_`\goj
b\nojkjmg\_`mdq\^d~i_`g\n\ibm`)`nk`^d\gh`io`ndn`\a`^o\
g\q`i\_`C\g`ij+H\nh\gajmh\^dji`n^\q`mijn\nnjiid^\n
_`iomj_``no`odkj_`g`ndji`nkjmlp`g\najmh\na\hdgd\m`nnji
m`g\odq\h`io`am`^p`io`n+H\hpgodkgd^d_\__`g\ng`ndji`n`npi\
^\m\^o`m|nod^\_`gjn^\njna\hdgd\m`n)lp`n`c`m`_\i^jhjm\n*
bjn\pojn~hd^jn_jhdi\io`n_`\go\k`i`om\i^d\+

 # / . # % 0 4/ 3  #,!6%
%MEDQLDC@CDRBDQDAQNU@RBTK@QDR
 )BST R  N @BBHC D M SD  BDQDAQNU@RBTK@QDR DK SrQL HMN BKsMHBN PTD RD
TSHKHY@ O@Q@ CDEHMHQ TM CDEDBSN MDTQNKuFHBN CD HMHBHN @FTCN PTD
RDOQNCTBDBNL NBNMRDBTDMBH@CDKDRHNMDRU@RBTK@QDRGDLNQQq 
FHB@RTNARSQTBSHU@R
 %K HME@QSNBDQDAQ@KRDOQNCTBDCDROTrRCDK@OrQCHC@CDK@HQQHF@d
BHuMCDR@MFQDXOTDCDRDQCHRDL HM@CNNENB@K 0TDCD@EDBS@Q@
K@RQDFHNMDRBNMDK@ONQSDU@RBTK@QLDMNROQNSDFHCNYNM@RKHLsd
SQNEDR 
 ,NRHME@QSNRBDQDAQ@KDRENB@KDRRNMBNMEQDBTDMBH@CDNQHFDMDL 
AuKHBN 5M HME@QSN MN GDL NQQqFHBN OTDCDBNMUDQSHQRD DM GDL Nd
QQqFHBNBNMK@CHRNKTBHuM ONRSDQHNQCDK@DL ANKH@XK@QDODQETRHuM
BNMRHFTHDMSD
 ,@R GDLNQQ@FH@R HMSQ@O@QDMPTHL @SNR@R OQHL @QH@R RD CDADM G@d
AHST@KL DMSD@GHODQSDMRHuMOQHMBHO@KLDMSD DMK@RTRS@MBH@AK@Md
B@ RTRS@MBH@FQHROQNETMC@NBNMSDMHCNCDK@ENR@ONRSDQHNQ N@
@MFHNO@Ss@@L HKNHCDBDQDAQ@K
 ,@GDLNQQ@FH@RTA@Q@BMNHCD@DRONMSqMD@MNQL@KLDMSDRDCDAD
@ TM@ @MNL@Ks@ DRSQTBSTQ@KU@RBTK@Q  BNL N TM @MDTQHRL@N TM@
L @KENQL@BHuM@QSDQHNUDMNR@

)MEDBBHNMDR
H\ndia`^^dji`nkp`_`i_\}\m`gndno`h\i`mqdjnj^jhj^ji*
n`^p`i^d\_`pi\g`nd~i_dm`^o\_`g\ni`pmji\nj^{gpg\n_`g\
bg|\kjm`g\b`io`dia`^^djnjjdi_dm`^o\kjmg\nojsdi\nhd^mj*





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


]d\i\n)gjn`a`^ojn_`nomp^odqjn_`g\m`nkp`no\diag\h\ojmd\j
h`^\idnhjn _`odkj dihpido\mdj+ Asdno`i^p\omjq|\napi_\*
h`io\g`n\om\q{n_`g\n^p\g`ngjnhd^mj]djn\^^`_`i\gndno`*
h\i`mqdjnj+ H\[`j\d`eXZ`xe_\dXkx^\eX`ng\ hznam`^p`io`8
gjn\b`io`ndia`^^djnjnnp`g`i^jin`bpdm`g\^^`nj\om\q{n_`
g\^dm^pg\^d~i\mo`md\g)k`mjg\_dn`hdi\^d~io\h]d{ikp`_`n`m
m`om~bm\_\kjmq|\q`ijn\\om\q{n_`g\n\i\nojhjndn^jig\n
q`i\n_`g\^\m\+ H\`dgcXekXZ`xe[`i\ZkX_`gjnhd^mjjmb\idn*
hjnnp`g`o`i`mpijmdb`iom\phzod^jj)`ij^\ndji`n)n`\nj*
^d\\ h\gajmh\^dji`n ^jib{ido\n %k+ `e+) hd`gjh`idibj^`g`&)
lp`k`mhdo`ipi\^^`njaz^dg\gjnhd^mjjmb\idnhjn+H\\ok\e)
j`xe cfZXc kp`_` o`i`m np jmdb`i `i `nomp^opm\n \_t\^`io`n
dia`^o\_\n)^jhjgjnn`ijnk\m\i\n\g`n)gjn_d`io`n)`g^mzi`j
jg\nq{mo`]m\n+ Hjnqdmpno\h]d{ikp`_`iom\inkjmo\mn`\gj
g\mbj _`gj`jk\dXe\im`fjfg\i`]ui`Zf( ^jhjnp^`_``igjnqdmpn
_` g\ m\]d\ t `g c`mk`n u~no`m+ Hjn \nk`^ojn b`i`m\g`n _` g\
k\ojgjb|\_`gjn\b`io`ndia`^^djnjnn`^jh`io\i`i`g^\k|op*
gj58\^jiodip\^d~in`_`n^md]`ig\najmh\n_`adid_\n_`dia`^*
^d~i_`gOJ?%o\]g\/5*/&+

'()*(!%! )MEDBBHNMDREQDBTDMSDRDMDKRHRSDL@MDQUHNRNBDMSQ@K
4HON
CD HMEDBBHuM

'rQLDMDR B@TR@MSDR
3sMCQNLDBKsMHBN

)MEDBBHNMDRA@BSDQH@M@R

-DMHMFHSHR

-DMHMFHSHROHuFDM@
@FTC@

-DMHMFHSHRBQuMHB@

%RBGDQHBGH@BNKHNDRSQDOSNBNBNR
CDKFQTON"K@BS@MSDR
.DHRRDQH@LDMHMFHSHCHR@CTKSNR
IuUDMDR
3SQDOSNBNBBTROMDTLNMH@DN
,HRSDQH@LNMNBXSNFDMDR@CTKSNR
L@XNQDR
-XBNA@BSDQHTLSTADQBTKNRHR

)MEDBBHNMDR
KNB@KHY@C@R

!ARBDRN

%RSQDOSNBNBNRXDRS@EHKNBNBNR

%LOHDL@

0NKHLHBQNAH@M@DRS@EHKNBNBNR 
@M@DQNAHNRFQ@LMDF@SHUNR

)MEDBBHNMDRUsQHB@R

-DMHMFHSHR

-DMHMFHSHR@RrOSHB@
@FTC@

%MSDQNUHQTR
3@Q@LOHuMO@MDMBDE@KHSHR
DRBKDQNR@MSDRTA@FTC@ 
%RODBHDRCDFQHOD
6HQTRCDK@BNQHNLDMHMFHSHR
KHMENBsSHB@

%MBDE@KHSHR

3sMCQNLDR
DMBDE@KsSHBNR

6HQTRCDKGDQODRRHLOKD6(3 
X6(3 
#HSNLDF@KNUHQTR
6HQTRCDK@HMLTMNCDEHBHDMBH@
GTL@M@
6HQTRCDKONKHNL@*#
KDTBNDMBDE@KNO@Ss@LTKSHENB@K
OQNFQDRHU@
6HQTRCDK.HKNNBBHCDMS@K
6HQTRCDK@DMBDE@KHSHRDPTHM@NQHDMS@K
6HQTRCDK@DMBDE@KHSHRDPTHM@
NBBHCDMS@K
6HQTRCDK@DMBDE@KHSHRCD3@M,THR
6HQTRCDK@DMBDE@KHSHR,@#QNRRD
6HQTRCDK@DMBDE@KHSHRDPTHM@
UDMDYNK@M@
6HQTRCDK@DMBDE@KHSHRI@ONMDR@
6HQTRCDK@DMBDE@KHSHRSQ@MRLHSHC@
ONQF@QQ@O@S@R

-DMHMFHSHR @FTC@
H\ h `idibdodn `n pi kmj^`nj diag\h\ojmdj lp` \a`^o\ \ g\n
g`kojh `idib`nt`gH?N_`iomj_`g`nk\^djnp]\m\^ijd_`j)
`i b`i`m\g ^\pn\_j kjmpi\ dia`^^d~i+ Odg\dia`^^d~i\a`^o\
o\ioj\g\nh`idib`n^jhj\gk\m{ilpdh\^`m`]m\gnp]t\^`i*
o`) n` _`ijhdi\ d\e`e^f\eZ\]lc`k`j* =pilp` g\ h`idibdodn n`
_`]`ijmh\gh`io`\ pi\ dia`^^d~i) o\h]d{ikp`_`\k\m`^`m
`im`nkp`no\ \ pi dmmdo\io` ij ]\^o`md\ij diomj_p^d_j `i `g
`nk\^djnp]\m\^ijd_`j$d\e`e^`k`jhlvd`ZX%*O`big\`odjgjb|\
tg\`qjgp^d~i^g|id^\ _`g\`ia`mh`_\_) g\ h`idibdodn dia`^*
^djn\n`^g\ndad^\`io{mhdijnb`i`m\g`n`ig`x^\eXX^l[X%ijm*
h\gh`io`)]\^o`md\i\&)Xjugk`ZX%ijmh\gh`io`)q|md^\\bp_\j
np]\bp_\& t Zixe`ZX %ijmh\gh`io`) kjm op]`m^pgjndn)`nkdmj*
lp`o\nj^mdkoj^j^jn&+?\_\pij_``nojnodkjnn`\nj^d\\^\h*
]djn^\m\^o`m|nod^jn`i`gH?N+

%MBDE@KHSHR
SQ@MRLHSHC@
ONQ@QSQuONCNR

-DMHMFHSHROHuFDM@@FTC@LDMHMFHSHRA@BSDQH@M@
Qi\ n`md` _` h d^mjjmb\idnh jn ^ji^m`ojn kp`_`i ^\pn\m
h `idibdodn kd~b`i\ \bp_\ `igjn _dnodiojn bmpkjn _` `_\_7
>jZ_\i`Z_`XZfc`t`nom`koj^j^jn_`gbmpkj>`igjni`ji\ojn8`i
`gjomj`som`hj_`g\qd_\_`no\^\iLki\gkfZfZZljge\ldfe`X\t
E`jk\i`X dfefZpkf^\e\j7 t `i \_jg`n^`io`n t \_pgojne~q`i`n)
km`_jhdi\G\`jj\i`X d\e`e^`k`[`j( ^ji\^phpg\^d~i_`^\njn
lp`kg\io`\ikm`j^pk\^d~i`in\gp_k]gd^\+H\diomj_p^^d~i
_`g\nq\^pi\nam`io`\AX\dfg_`clj`e]cl\eqX\c\m`_p^d_jg\
di^d_`i^d\_``no\dia`^^d~i`igjnk\|n`n_`n\mmjgg\_jn)nj]m`
oj_j`igjng\^o\io`n)lp`njg|\io`i`mpi\gojmd`nbj+
Hjnk\^d`io`nhp`nom\io|kd^\h`io`ndbijnndno{hd^jn_`
dia`^^d~iepioj^jidmmdo\^d~ih `i|ib`\t_`o`mdjmji`pmjg~*
bd^j) ^ji ^`a\g`\) ajojaj]d\) dmmdo\]dgd_\_) j]ip]dg\^d~i _`
^ji^d`i^d\tmdbd_`u_`ip^\+H\kpi^d~igph]\mhp`nom\pi
H?Nopm]djjam\i^\h`io`kpmpg`ioj)^jipi\ph`ioj_`g\
km`nd~it lp`kp`_`^jio`i`mc\no\ 6-+--- i`pom~adgjn kjm
hdg|h`omj^]d^j)^ji\ph`ioj_`g\^ji^`iom\^d~i_`kmj*
o`|i\nth\m^\_j_`n^`inj_`g\bgp^jn\+H\n]\^o`md\nkp`*
_`i q`mn` `i pi amjodn) j kp`_`i ^pgodq\mn`) `i j^\ndji`n
kj^\n cjm\n \io`n _` lp` \k\m`u^\i gjn i`pom~adgjn+ H\
h`idibdodnkd~b`i\ijom\o\_\kp`_`m`npgo\mhjmo\g)hd`i*
om\nlp``gom\o\hd`ioj`ad^\u^ji\iod]d~od^jnm`_p^`hp^cj
g\ h jmo\gd_\_+ Ag n|i_mjh` _` S \o`mcjpn`*Bmd_`md^cn`in`
_`]`\pi\ n`kod^`hd\\nj^d\_\\pi\h`idibdodn^jidia\m*
ojnc`hjmmzbd^jn_`g\nbgzi_pg\nnpkm\mm`i\g`ntk`o`lpd\n
^pozi`\n %q+ ^\k|opgj/1&+ Ano`^p\_mj`nhznam`^p`io``ig\
h`idibdodnkjmh `idibj^j^jnti`phj^j^jn+Aidihpij_`*
kmdh d_jn) g\ h `idibdodn kpmpg`io\ kp`_` _`]`mn` \ q\mdjn

G@AHST@KDR

3sMCQNLDRCDK
SQNMBNCDK
DMBrE@KN
XK@LrCTK@
DROHM@K

2NLANDMBDE@KHSHR

2@AH@

0NKHNLHDKHSHR
LDCTK@Q

0NKHN
6HQTRCDK.HKNNBBHCDMS@K

2HBJDSSRH@R  DROHQNPTDS@RX GNMFNR

3sMCQNLDR
LDMHMFsSHBNR

&HDAQDDW@MSDLqSHB@
CDK@R-NMS@t@R
2NBNR@R

2HBJDSSRH@QHBJDSSRKH

.DTQNRsEHKHR

4QDONMDL@O@KKHCTL 
"NQQDKH@ATQFCNQEDQH

%MEDQLDC@CCD,XLD
MDTQNANQQDKHNRHR 
-DMHMFHSHREvMFHB@

#QXOSNBNBBTRMDNENQL@MR
#@MCHC@@KAHB@MR

0QNSNYNNRX LDS@YNNR

3sMCQNLDR
LDMHMFsSHBNR
)MEDBBHNMDR
KNB@KHY@C@R

0@KTCHRLNBDQDAQ@K

0K@RLNCHTLE@KBHO@QTL

%MBDE@KHSHR@LDAH@M@

%RODBHDRCD .@DFKDQH@

4NWNOK@RLNRHR

4NWNOK@RL@FNMCHH

#HRSHBDQBNRHR

4@DMH@RNKHTL

\b`io`n dia`^^djnjn\_d^dji\g`n)^jhj Dc\Yj`\ccXj b{mh`i`n


\i\`mj]djn)tkp`_`o`i`mpi\`qjgp^d~i^g|id^\\o|kd^\^ji
c\gg\ubjn ij ^\m\^o`m|nod^jn `i `g H?N) gj lp` _dad^pgo\
hp^cj`g_d\bi~nod^jo`hkm\ij+

/A<;99=BA;E #$(%
qdmpn&)\pilp`kp`_`n`m]\^o`md\i\)kjmmd^f`oond\nj\pojdi*
hpido\md\+ H\`qjgp^d~i^g|id^\ij`no\iapghdi\io`^jhj`i
g\h`idibdodnkd~b`i\t)\g^jiom\mdjlp``i\lp`gg\)g\`skgj*
m\^d~i_`gH?Nhp`nom\kg`j^dojndn^jikm`n`i^d\_`gdiaj^dojn)
`g`q\^d~ihj_`m\_\_`kmjo`|i\ntbgp^jn\^\ndnd`hkm`ijm*
h\g+H\nh`idibdodnq|md^\nnp`g`in`m\pojgdhdo\_\ntn`om\o\i
_` ajmh\ ndiojhzod^\+ An dhkjmo\io` m`^jm_\m lp` di^gpnj
pn\i_jh{oj_jn_`_`o`^^d~i_`k\o~b`ijn_`odkjhjg`^pg\m)
`g\b`io``odjg~bd^jnjgjn`m`^jij^``ipi\hdijm|\_`^\njn+
?p\i_jn`^jindbp`)gjn`io`mjqdmpnnjig\^\pn\hznam`^p`i*
o`tm`km`n`io\ipi5-#_`gjn^\njn+Ag`nk`^omj_`k\o~b`ijn
q\m|\n`big\`no\^d~itg\m`bd~ib`jbmzad^\+O`kp`_`kmj_p*
^dmpi^p\_mj^g|id^jk\m`^d_j\pi\h`idibdodn\n{kod^\kjmg\
mjopm\_`pilpdno``kd_`mhjd_`c\^d\`g`nk\^djnp]\m\^ijd*
_`jjg\diomj_p^^d~i_`pidmmdo\io`lp|hd^j%h`idibdodnlp|*
hd^\&+Ai`nojn^\njn)`gH?N`n`no{mdgtn`j]n`mq\pi\kg`j*
^dojndn ^ji i`pom~adgjn t \ph`ioj _` g\ ^ji^`iom\^d~i _`
kmjo`|i\n)\pilp`g\bgp^jn\np`g`n`mijmh\g+

)MEDBBHNMDR RTOTQ@SHU@R @FTC@RENB@KDR


6LKWTE '-"'& -DMHMFHSHR OHuFDM@ 5M@B@O@ FQTDR@CDDWTC@CN RTOTQ@CN

BTAQDDHSQNMBNCDK DMBrE@KNXDKBDQDADKNXDMFQ@R@K@RKDOSNLDMHMFDR 4Nd


L@CNCD'NKCDM *!  ,NTHR$. )L@FDR HM BKHMHB@KLDCHBHMD @BTSD A@BSDQH@K
LDMHMFHSHR .%MFK* -DC  

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

- / 2 & / , / ' m!
%MK@LDMHMFHSHR@FTC@DRDUHCDMSDDKDWTC@CNCDMSQNCDK@RKDOSNLDd
MHMFDR  RNAQDK@RTODQEHBHDCDKBDQDAQNEHF   ,NRU@RNRLDMsMd
FDNRDRSqMHMFTQFHS@CNRXRNMOQNLHMDMSDR ,@CHRSQHATBHuM@M@SuLHd
B@ CDK DWTC@CN U@Qs@ DM K@ LDMHMFHSHR ONQ ( HMEKTDMY@D  RTDKD RDQ
A@R@K  LHDMSQ@RPTDDM K@OQNCTBHC@ONQLDMHMFNBNBNR K@CDMRHC@C
RTDKDRDQLqWHL@DMBHL@CDK@RBNMUDWHC@CDRBDQDAQ@KDR  BDQB@CDK
RDMN R@FHS@K $DRCD K@R qQD@R CD LqWHL@@BTLTK@BHuM  RD OTDCDM
RDFTHQTMNRSQ@XDBSNROTQTKDMSNR@KNK@QFNCDKNRU@RNRR@MFTsMDNR
RNAQDK@RTODQEHBHDCDKBDQDAQN#T@MCNK@LDMHMFHSHRDRETKLHM@MSD K@
HMEK@L@BHuMOTDCDDWSDMCDQRDG@BH@KNRUDMSQsBTKNR OQNCTBHDMCNUDMd
SQHBTKHSHR
%M DK DRSTCHN BNM DK L HBQNRBNOHN  KNR MDTSQuEHKNR KKDM@M SNCN DK
DRO@BHN RTA@Q@BMNHCDN DM qQD@RFQ@UDLDMSD@EDBS@C@R  N OTDCDM
DMBNMSQ@QRD OQDCNL HM@MSDLDMSD QNCD@MCN KNR U@RNR R@MFTsMDNR
KDOSNLDMsMFDNR DM KNR B@RNR L DMNR FQ@UDR %M K@ LDMHMFHSHR MN
SQ@S@C@ K@SHMBHuMCD'Q@LLTDRSQ@TMMvLDQNU@QH@AKDCDA@BSDQH@R
%MK@LDMHMFHSHRETKLHM@MSD  K@RBrKTK@R HMEK@L@SNQH@R HMEHKSQ@M K@R O@d
QDCDRCDK@RUDM@RKDOSNLDMsMFD@RXOTDCDMDWSDMCDQRDENB@KL DMd
SD @ K@RTRS@MBH@CDK BDQDAQN BDQDAQHSHR  ,@EKDAHSHRS@LAHrM OTDCD
OQNUNB@QNBKTRHuMUDMNR@D HME@QSN GDLNQQqFHBNDM DK BDQDAQNRTAd
X@BDMSD
4Q@R TM@LDMHMFHSHR OHuFDM@ OTDCD@O@QDBDQEHAQNRHR KDOSNLDMsM 
FD@ PTDB@TR@GHCQNBDE@KH@ %RODBH@KLDMSDDMDKB@RNCDK@LDMHMFHd
SHRMDTLNBuBHB@ FQ@MCDRB@MSHC@CDRCDONKHR@BqQHCNRB@ORTK@QDRCDK
FDQLDM OQNCTBDM TM DWTC@CN FDK@SHMNRN  KN PTD HMCTBD K@EHAQNRHR
@Q@BMNHCD@  DM TM BT@CQN BNMNBHCN BNL N @ Q@ B M N HC HSHR  @CGDRHU@
BQu M HB @ 

-DMHMFHSHR@RrOSHB@UsQHB@
Ag o{mh dij h `idibdodn \n{kod^\n` podgdu\ `ig\ ^g|id^\ k\m\
di_d^\mpi\`ia`mh`_\_^\m\^o`mdu\_\kjmg\\pn`i^d\_`]\^*
o`md\n `i `g ^pgodqj `i pi k\^d`io` ^ji h \ida`no\^dji`n _`
h `idibdodn)di^gpd_\dmmdo\^d~ih`i|ib`\)ad`]m`t\go`m\^dji`n
_`g\^ji^d`i^d\_`did^djm`g\odq\h`io`\bp_j+H\`ia`mh`_\_
np`g`n`m_``odjgjb|\q|md^\%`i`g5-#_`gjn^\njnkjm`io`mj*

!ARBDRNBDQDAQ@K
Hjn \]n^`njn ^`m`]m\g`n nji pi aj^j gj^\gdu\_j _` o`ed_ j
^`m`]m\g^jidiag\h\^d~i\nj^d\_\)lp`)`ib`i`m\g)n`_`]`i
\pi\dia`^^d~i]\^o`md\i\+Lp`_`i_`]`mn`\ pi\dhkg\io\*
^d~i_dm`^o\ _`hd^mjjmb\idnhjn)\g\`so`ind~igj^\g _`n_`
aj^jn\_t\^`io`n%h\nojd_dodnjndipndodnk\m\i\n\g&j\g\_dn`*
hdi\^d~ic`h\o~b`i\%ijmh\gh`io`)_`n_`pi\gj^\gdu\^d~i
kmdh\md\`i`g^jm\u~i)kpghji`njcp`njn_`g\n`som`hd_\*
_`n)j_`nkp{n_`pi\`som\^^d~i_`io\g&+Aiom`gjnom\nojmijn
km`_dnkji`io`n`nozig\ `i_j^\m_dodn ]\^o`md\i\ \bp_\) lp`
kp`_`kmj_p^dm\]n^`njn^`m`]m\g`nhgodkg`n8g\n^\m_djk\o|\n
^jib{ido\n ^d\i~b`i\n\nj^d\_\n \pi^jmoj^dm^pdoj_`m`^c\*
dulpd`m_\ tk{m_d_\ _`g adgomjkpghji\mk\m\ gjn hd^mjjmb\*
idnhjn8 g\ n`kndnkpghji\m^m~id^\)^jhj n` _`n^md]``i g\n
]mjilpd`^o\nd\n)tg\n`ia`mh`_\_`nndno{hd^\n^jidihpij*
_`km`nd~i+Hjn`nom`koj^j^jnt`no\adgj^j^jnnjigjnb{mh`i`n
m`nkjin\]g`n lp` ^ji hzn am`^p`i^d\ n` d_`iodad^\i `i gjn
k\^d`io`nijdihpij_`kmdhd_jn+

- / 2 & / , / ' )!
,NR@ARBDRNRRNMKDRHNMDRCDKHLHS@C@RBNMMDBQNRHRKHBTDE@BSHU@BDMd
SQ@KQNCD@C@ONQDCDL@BDQDAQ@KEHF  %MDKL@QFDMDWSDQMNCD
K@KDRHuMMDBQuSHB@RDHCDMSHEHB@TMSDIHCNCDFQ@MTK@BHuMDWTADQ@MSDX
MDNU@RBTK@QHY@BHuM@KQDCDCNQCDK@MDBQNRHR ,NRU@RNRMDNENQL@CNR
SHDMDM TM @TLDMSN @MuL@KN CD K@ ODQLD@AHKHC@C  KN PTD DWOKHB@ DK
HLONQS@MSD DCDL@U@RuFDMN DM DKSDIHCNBDQDAQ@K @CX@BDMSD %M K@R
KDRHNMDRAHDMDRS@AKDBHC@R  KNREHAQNAK@RSNRCDQHU@CNRCDK@RO@QDCDR
CD KNRU@RNR OQNCTBDM TM@BqORTK@ BNKqFDM@ %M K@ ODQHEDQH@ CD K@
BqORTK@EHAQNR@RD@OQDBH@TM@YNM@CDFKHNRHRQD@BSHU@  PTDBNMSHDMD
MTLDQNRNR@RSQNBHSNRFDLHRSNBsSHBNR

Hjn\]n^`njnnjig`ndji`n_`nomp^odq\ntgjnk\^d`io`nkm`*
n`io\i\h`ip_j_`a`^ojnaj^\g`nkmjbm`ndqjn8 o\h]d{ikp`*
_`i\k\m`^`mndbijnb`i`m\g`nm`g\^dji\_jn^ji`g\ph`ioj_`
g\km`nd~idiom\^m\i`\g+Agm`^p`ioj_`g`p^j^dojn`i`gH?Nt
g\n^ji^`iom\^dji`n_`kmjo`|i\nnjio|kd^\h`io`\gojn)hd`i*
om\n lp``g^jio`id_j _` bgp^jn\ `n ijmh\g+ H\ap`io` _` g\
dia`^^d~ikp`_`n`m`qd_`io`jkp`_`^jmm`nkji_`m\piaj^j
k`lp`}j t \g`e\_j \ndiojhzod^j+ Ag \ph`ioj _` g\ km`nd~i
diom\^m\i`\g kp`_` kmjqj^\m pi\ c`mid\^d~i hjmo\g+ Kom\n
^jhkgd^\^dji`nnjig\ mjopm\ _`g \]n^`nj ^jiq`iomd^pgdodn j



# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K

- / 2 & / , / ' )!

&HFTQ@  !ARBDRNRBDQDAQ@KDR !TYSQVO`"&

h`idibdodntomjh]jndn_`n`ijnq`ijnjn+H\^dmpb|\tgjn\iod*
]d~od^jn m`_p^`i pi\ o\n\ _` hjmo\gd_\_ `g`q\_\ ndi om\o\*
hd`iojkjm_`]\ej_`g.-#+

%LOHDL@RTACTQ@K
Ag`nk\^djnp]_pm\gkp`_`q`mn`\a`^o\_jkjmdia`^^dji`n]\^*
o`md\i\nj)^jih`ijnam`^p`i^d\)hd^~od^\n)jmdbdi\_\n`igjn
cp`njn_`g^mzi`jjgjnn`ijnk\m\i\n\g`ntlp`_\igpb\m\
pi `hkd`h\ np]_pm\g+ =pilp` gjn `nk\^djn \m\^ijd_`jn t
np]\m\^ijd_`jnnp]t\^`io`nijmh\gh`io`ij`nozi\a`^o\_jn)
pi `hkd`h\ np]_pm\g bm\i_`kp`_` kmj_p^dm pi `a`^oj _`
h\n\jpi\omjh]jag`]dodn_`g\nq`i\n`hdn\md\nlp`\om\qd`*
n\i `g `nk\^dj np]_pm\g) _\i_j gpb\m \ j^gpnd~i q`ijn\ `
dia\moj^`m`]m\g+=_`hzn_`gjnn|iojh\nm`g\^dji\_jn^jig\
ap`io`_`g\dia`^^d~i)g\h\tjm|\_`gjnk\^d`io`nod`i`iad`*
]m`)^`a\g`\tmdbd_`u_`^p`ggj+Agk`madg_`gH?N`nk\m`^d_j
\glp`n``i^p`iom\`igjn\]n^`njn^`m`]m\g`n)kjmlp`\h]jn
njikmj^`njndia`^^djnjnk\m\h`i|ib`jn+Odiom\o\hd`iojkp`*
_`i _`n\mmjgg\mn` ndbijn i`pmjg~bd^jn aj^\g`n lp` jmd`io\i
nj]m``ggpb\m _`g\dia`^^d~i) j]ip]dg\^d~it^jh\+ ?jipi
_d\bi~nod^jtom\o\hd`iojkm`^j^`n) di^gpd_j`g _m`i\e`lpd*
mmbd^j)`nkjnd]g`g\m`njgp^d~itm`^pk`m\^d~i^jhkg`o\)lp`
_`e\^jhjid^jc\gg\ubjm`nd_p\gpi\_pm\`ibmjn\_\+

!ARBDRNRDWSQ@CTQ@KDR
Hjn \]n^`njn `som\_pm\g`n) c\]dop\gh `io` \nj^d\_jn \ pi\
jno`jhd`gdodn)n`np`g`ijmdbdi\m`iaj^jn\_t\^`io`n_`dia`^*
^d~i)^jhjndipndodnjpi\^dmpb|\km`qd\+?p\i_jgjn\]n^`njn
n` kmj_p^`i `i `g `nk\^dj `kd_pm\g _` g\ ^jgphi\) kp`_`i
^\pn\m^jhkm`nd~i_` g\ h{_pg\ `nkdi\g t ^jinodopt`ipi\
pmb`i^d\i`pmjlpdmmbd^\+

-DMHMFNDMBDE@KHSHR A@BSDQH@M@ BQuMHB@


H\ndia`^^dji`n]\^o`md\i\n^m~id^\n_`g\nh`idib`nt`g^`m`*
]mj kp`_`i_`]`mn` \F pZfYXZk\i`ld klY\iZlcfj`j( Mi\gfe\dX
gXcc`[ldt`nk`^d`n_`;fii\c`X*

4TADQBTKNRHR
H\ op]`m^pgjndn _`g OJ? kp`_` n`m k\mo` _` g\ `ia`mh`_\_
\^odq\`ijomjngpb\m`n_`g^p`mkjj\k\m`^`m_`ajmh\\dng\_\
om\n g\ nd`h]m\ \ k\modm _` g`ndji`n ndg`io`n \ jomjn idq`g`n)
nj]m` oj_j gjn kpghji`n+ Lp`_` \a`^o\m\ g\n h`idib`n _`g
^`m`]mj+
< X i X Z k\ ivj k`Z X j Zcve `ZXj* Hjn k\^d`io`n ^ji pi\ h`idibdodn
op]`m^pgjn\ np`g`i o`i`m^`a\g`\)h\g`no\m) ^jiapnd~ih`io\g

%K O@SQuM LqREQDBTDMSDCDK@@EDBS@BHuM STADQBTKNR@DR TM@L DMHM 


F N D MBDE@ KHSHRCHETR@ %KDRO@BHNRTA@Q@BMNHCDNBNMSHDMDTM DWTC@CN
FDK@SHMNRNNEHAQHMNRN PTD@EDBS@CDENQL@B@Q@BSDQsRSHB@@K@A@RDCDK
BDQDAQNXOQNUNB@K@NAKHSDQ@BHuMCDK@RBHRSDQM@RXDK@SQ@O@LHDMSNCD
KNRO@QDRBQ@MD@KDR0TDCDG@ADQqQD@RAK@MB@RCDKHLHS@C@RCDHMEK@L@d
BHuMCHRODQR@RRNAQDK@RKDOSNLDMHMFDR%MDKDRSTCHNBNMDKLHBQNRBNd
OHNRDNARDQU@TMHMEHKSQ@CNHMEK@L@SNQHNLHWSNBNMRSHSTHCNONQKHMENBHSNR 
BrKTK@R OK@RLqSHB@RX L@BQuE@FNR ,NRB@RNR LqREKNQHCNR LTDRSQ@M
FQ@MTKNL@RODQEDBS@LDMSDENQL@CNR @LDMTCNBNMMDBQNRHRB@RDNR@
XBrKTK@RFHF@MSDR ,@R@QSDQH@RPTDCHRBTQQDM@SQ@UrRCDKDRO@BHNRTAd
@Q@BMNHCDNOTDCDMLNRSQ@QDMCN@QSDQHSHRNAKHSDQ@MSDBNMHMEHKSQ@CNRHMEK@d
L@SNQHNRDHLONQS@MSDDMFQNR@LHDMSNCDK@sMSHL@!LDMTCNRDHCDMSHd
EHB@M KNR FrQLDMDR BNM K@R SHMBHNMDR @BHCNQQDRHRSDMSDR %K OQNBDRN
HMEDBBHNRN OTDCD DWSDMCDQRD G@BH@ DK OKDWN BNQNHCDN X K@ RTODQEHBHD
DODMCHL@QH@  CHRDLHMqMCNRD@SQ@UrRCDK ,#2 %M KNRB@RNRCD K@QF@
DUNKTBHuM OTDCD@O@QDBDQTM@@Q@BMNHCHSHREHAQNR@@CGDRHU@CDMR@ LqR
KK@L@SHU@@MHUDKCDK@A@RDCDKBDQDAQN 0TDCD@RNBH@QRD@GHCQNBDE@KH@
,@@EDBS@BHuM CDK 3.#OTDCDS@LAHrM@CNOS@QK@ENQL@CDTM@N
LqRL@R@RHMSQ@O@QDMPTHL@SNR@RAHDMCDKHLHS@C@RSTA DQBT KNL @R 
PTDRD OTDCDM @RNBH@Q@ TM@LDMHMFHSHR 5MSTADQBTKNL@ OTDCD@Kd
B@MY@QU@QHNRBDMSsLDSQNRCDCHqLDSQNXOQNCTBHQTMDEDBSNCDL@R@
RHFMHEHB@SHUN %RS@R KDRHNMDRRTDKDMSDMDQTM qQD@BDMSQ@K CD MDBQNRHR
B@RDNR@QNCD@C@ONQFQ@MTKNL@R OTDCDOQNCTBHQRDB@KBHEHB@BHuMDM
K@RKDRHNMDRHM@BSHU@R

tq~hdojn+AgH?Nhp`nom\o|kd^\h`io`pi\kg`j^dojndn^jin*
odopd_\kjm^{gpg\nhjijip^g`\_\njpi\h`u^g\_`i`pom~ad*
gjnthjijip^g`\m`n+H\^ji^`iom\^d~i_`kmjo`|i\n`noz`g`*
q\_\ %\ h`ip_jgg\h\odq\h`io`& t `g^jio`id_j _`bgp^jn\
c\]dop\gh`io``noz \gbjm`_p^d_jj`nijmh\g+ H\ ^jhkgd^\*
^d~i hzn bm\q`_` g\ h`idibdodn op]`m^pgjn\ ^m~id^\ `n pi\
ad]mjndn`ig\\m\^ijd_`n)lp`kp`_`kmj_p^dmcd_mj^`a\gd\)t
pi\`i_j\mo`mdodnj]gdo`m\io`)lp`j^\ndji\j^gpnd~i\mo`md\g`
dia\moj _`g ^`m`]mj np]t\^`io`+ ?p\i_j`g kmj^`nj \a`^o\\g
`nk\^djnp]\m\^ijd_`j_`g\ h{_pg\`nkdi\g)kp`_`g`ndji\m
o\h]d{ig\nm\|^`ni`mqdjn\n+Hjnop]`m^pgjh\nkmj_p^`in|i*
ojh\nkmjkdjn_`g\ng`ndji`n^`m`]m\g`nj^pk\io`n_``nk\^dj
t_`]`in`m_da`m`i^d\_jn_`gjnophjm`n_`gOJ?+
H\ op]`m^pgjndn _`g OJ? `i k\^d`io`n ^ji n|i_mjh` _`
dihpij_`ad^d`i^d\\_lpdmd_\ %nd_\& `nk\m`^d_\\idq`gk\oj*
g~bd^j)\pilp`g\m`\^^d~i_`g\iadomd~ikp`_`n`mh`ijmlp`
`i gjn di_dqd_pjn dihpij^jhk`o`io`n+ Hjn k\^d`io`n RED*
kjndodqjn o\h]d{i od`i`i md`nbj _` npamdm pi\ dia`^^d~i kjm
FpZfYXZk\i`ld Xm`ld `ekiXZ\cclcXi\( `ib`i`m\g ^p\i_j`sdno`
pi\dia`^^d~i_dn`hdi\_\+Ano\ng`ndji`najmh\io|kd^\h`io`
gzhdi\n^jiagp`io`n _`h\^m~a\bjngg`ijn _` b{mh`i`n) ^ji
kj^jnjidibibm\ipgjh\+

.DTQNRsEHKHR
H\ i`pmjn|adgdn`n pi\ h\ida`no\^d~i _`g`no\_dj o`m^d\mdj _`
g\n|adgdntn`km`n`io\\kmjsdh\_\h`io``i`g.-#_`g\nk`m*
nji\ndia`^o\_\nlp`ijc\im`^d]d_jom\o\hd`ioj+ Hjnkmdi*
^dk\g`n k\omji`n _` \a`^o\^d~i _`g OJ ? nji g\ i`pmjn|adgdn
h`idibjq\n^pg\m) g\ i`pmjn|adgdn k\m{od^\ t g\ o\]`n _jmn\g+
Hjn k\^d`io`n h p`nom\i ^ji am`^p`i^d\ ^p\_mjn h dsojn j
di^jh kg`ojn) nj]m` oj_j ^jh ]di\^dji`n _` o\]`n _jmn\g t
`ia`mh`_\_k\m{od^\%k\mzgdndno\]{od^\&+Hjnk\^d`io`ndia`^*
o\_jnkjm`gREDod`i`ipih\tjmmd`nbj_`km`n`io\mi`pmj*
n|adgdn)`i^ji^m`ojpi\h`idibdodnndadg|od^\\bp_\jpi\`ia`m*
h`_\_ h`idibjq\n^pg\m) kjmg\ \go`m\^d~i _` g\ dihpid_\_
h`_d\_\kjm^{gpg\n+ H\q`gj^d_\__`kmjbm`nd~itg\bm\q`*
_\__`g\`ia`mh`_\_o\h]d{i`nozi\^`g`m\_\nkjm`no`hdn*
hjhjodqj+

)MEDBBHNMDR

- / 2 & / , / ' )!
,@MDTQNRsEHKHROTDCDL@MHEDRS@QRDBNMCHRSHMS@RENQL@RBKsMHB@R
 ,@M D T QN R sEHKHR  L D M HM F N U @ R B T K@ QDRTM@LDMHMFHSHRBQuMHB@PTD
@EDBS@MNQL@KLDMSD@K@A@RDCDKBDQDAQNXCDENQL@LqRU@QH@AKD
@ K@R BNMUDWHC@CDR CDK BDQDAQN X K@R KDOSNLDMHMFDR LDCTK@QDR
!CDLqR  OTDCD@O@QDBDQ@RNBH@C@@TM@DMCN@QSDQHSHRNAKHSDQ@MSD
@QSDQHSHR CD (DTAMDQ  BNM TM@ QD@BBHuM HMEK@L@SNQH@ ODQHU@RBTK@Q
B@Q@BSDQsRSHB@QHB@DMBrKTK@ROK@RLqSHB@RXKHMENBHSNR@ATMC@MSDR
4@LAHrM OTDCDM DMBNMSQ@QRDFNL@RBDQDAQ@KDR KDRHNMDRCDSHON
L@R@QHB@RDMBrKTK@R OK@RLqSHB@R  DM K@RLDMHMFDRXDWSDMCDQRD
G@BH@DK O@QrMPTHL@
 ,@ M D T QN R sEHKHR  O @ Qr SHB @  RD CDAD @ K@ HMU@RHuM CDK BDQDAQN ONQ
4O@KKHCTL XRDL@MHEHDRS@DMBKsMHB@BNL NTM@OrQCHC@OQNFQDRHU@
DHMRHCHNR@CDK@RETMBHNMDRLDMS@KDR@RNBH@C@@@KSDQ@BHNMDRCDK
DRS@CNCDqMHLNHMBKTHCNDKCDKHQHNCDFQ@MCDY@  PTDBTKLHM@MDM
TM@CDLDMBH@FQ@UDO@QDRH@FDMDQ@KCDKNRKNBNR ,@RKDRHNMDR
O@QDMPTHL@SNR@R CD K@ BNQSDY@ BDQDAQ@K RNM DRODBH@KLDMSDEQDd
BTDMSDR DM DK KuATKN EQNMS@K  @TMPTD S@LAHrM OTDCDM @EDBS@QRD
NSQ@RqQD@RCDK@HRNBNQSDY@ ,@RKDRHNMDRRDB@Q@BSDQHY@MONQOrQd
CHC@MDTQNM@K OQNKHEDQ@BHuMHMSDMR@CDK@LHBQNFKH@A@RSNMDR FKHNd
RHRXCDOuRHSNRCDGHDQQN %RSDCDOuRHSNRDONMDCDL@MHEHDRSNBNM
K@SHMBHuM@YTKCD0QTRH@@MHUDKODQHU@RBTK@QX CDKMDTQuOHKNXONRHd
AKDLDMSDRD@RDBTDK@CDODPTDt@RGDLNQQ@FH@RCDQHU@C@RCDKDd
RHNMDRDM K@LHBQNBHQBTK@BHuM %M NB@RHNMDRRDOTDCDM HCDMSHEHB@Q
K@RDROHQNPTDS@RDMKNRBNQSDRCDSDIHCN
 ,@S@ A D R C N QR @ KDRBNMRDBTDMBH@CDKC@tNPTDRTEQDMKNRMDQUHNR
RDMRHSHUNRCDK@RQ@sBDRCNQR@KDR  CDSDQHNQ@MCNDKRDMSHCN ONRSTQ@K
@QSHBTK@QXOQNUNB@MCN@S@WH@@S@WH@KNBNLNSNQ@  ,@OrQCHC@CDK@
RDMR@BHuMCNKNQNR@OQNUNB@C@tNRDMOHDKX@QSHBTK@BHNMDR@QSHBTd
K@BHNMDRCD#G@QBNS  0NQvKSHLN  OTDCDMUDQRDNSQ@R@KSDQ@BHNMDR
RDMRHSHU@R DMO@QSHBTK@QKNRcCNKNQDRETKFTQ@MSDRiB@Q@BSDQsRSHBNR X
@TRDMBH@CDQDEKDINRSDMCHMNRNROQNETMCNR %KDRSTCHNLHBQNRBuOHd
BN LTDRSQ@OrQCHC@S@MSN CD@WNMDRBNL N CD LHDKHM@DM K@R Q@sd
BDRCNQR@KDR BNMK@BNMRHFTHDMSDO@KHCDYX@SQNEH@CDK@RBNKTLM@R
CNQR@KDR CD K@ LrCTK@ DROHM@K %M K@R KDRHNMDR LDCTK@QDR MN RD
HCDMSHEHB@MKNRFrQLDMDR

.DTQNANQQDKHNRHRDMEDQLDC@CCD,XLD
H\`ia`mh`_\__`Hth``n^\pn\_\kjmg\`nkdmjlp`o\;fii\c`X
Yli^[fi]\i`)lp`n`om\inhdo`kjm_dq`mn\n`nk`^d`n_`b\mm\k\*
o\nBof[\j%q+^\k|opgj5&+H\\a`^o\^d~i_`gndno`h\i`mqdjnjn`
gg\h\e\lifYfii\c`fj`j*Hjnndbijntn|iojh\ni`pmjg~bd^jnlp`
kmjqj^\njihptq\md\_jnt^jhkm`i_`ih`idibdodn\n{kod^\)
k\mzgdndn_`gi`mqdja\^d\g)`i^`a\gjk\o|\g`q`tjom\nkjgdi`p*
mjk\o|\n)\_`hzn_``i^`a\gjk\o|\+ Hjnkj^jn^\njn\pojknd\*
_jnhp`nom\ipi\kmjgda`m\^d~iaj^\g_`^{gpg\n_`g\hd^mjbgd\
^`m`]m\gto\h]d{ib{mh`i`n`som\^`gpg\m`n_dnk`mnjn+

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

-DMHMFNDMBDE@KHSHRUsQHB@
H\`i^`a\gdodnq|md^\`npi\dia`^^d~ik\m`ilpdh\ojn\_`g^`m`*
]mjlp`n`\nj^d\kmz^od^\h`io``ioj_jngjn^\njn\diag\h\*
^d~ih`i|ib`\%h`idibj`i^`a\gdodn&t`ij^\ndji`n\pi\\a`^*
o\^d~indhpgozi`\_`g\h{_pg\`nkdi\g%`i^`a\gjhd`gdodn&+
Agndno`h\i`mqdjnj`nk\mod^pg\mh`io`npn^`kod]g`\_`o`m*
hdi\_jn qdmpn+ Ano` omjkdnhji`pm\g \_jko\ q\md\najmh\n8
\gbpijnqdmpndia`^o\iodkjn`nk`^|ad^jn_`^{gpg\n_`iomj_`g
OJ?%k+`e+)jgdbj_`i_mj^dojn&)hd`iom\nlp`jomjn\a`^o\ikm`*
a`m`io`h`io`\m`bdji`nk\mod^pg\m`n _`g^`m`]mj %k+ `e+)uji\
h`_d\g _` gjn g~]pgjn o`hkjm\g`n j `g ndno`h\ g|h]d^j&+ H\
g\o`i^d\`npi\a\n`dhkjmo\io` _`q\md\ndia`^^dji`nq|md^\n
_`gOJ? %k+ `e+) c`mk`n u~no`m) g`p^j`i^`a\gjk\o|\hpgodaj^\g
kmjbm`ndq\&+ H\n dia`^^dji`nq|md^\nndno{hd^\n ndi`qd_`i^d\

_dm`^o\_`k`i`om\^d~ikjmgjnqdmpn_`gOJ?kp`_`in`bpdmn`
_`pi\ `ia`mh`_\_ kjmh`^\idnhjn dihpido\mdjn) ^jhjg\
_`nhd`gdidu\^d~ik`mdq`ijn\%q+Ai^`a\gjhd`gdodn_dn`hdi\_\
\bp_\t`i^`a\gjhd`gdodnc`hjmmzbd^\i`^mjn\io`\bp_\&+H\
dia`^^d~idiom\po`mdi\kjmqdmpnkp`_`_\mgpb\m\h\gajmh\*
^dji`n ^jib{ido\n) ^jhj np^`_` `i g\ mp]{jg\+ O` kp`_`
`i^jiom\m pi n|i_mjh` _` `ia`mh`_\_ _`b`i`m\odq\ g`io\*
h`io`kmjbm`ndq\hp^cjn\}jn_`nkp{n_`pi\dia`^^d~iq|md*
^\8pi`e`hkgj_``no`bmpkj`n`gk\mfdinjidnhjkjno`i^`a\*
g|od^j)lp`\k\m`^d~om\ng\k\i_`hd\_`bmdk`_`.6.5+

%MBDE@KHSHRUsQHB@SQ@MRLHSHC@ONQ@QSQuONCNR
Hjn\m]jqdmpnnjipi\^\pn\dhkjmo\io`_``i^`a\gdodn`kd_{*
hd^\)`nk`^d\gh`io``ig\nm`bdji`n omjkd^\g`n _`ghpi_j)t
kp`_`i^\pn\mpi\hjm]dgd_\_bm\q`tpi\`g`q\_\hjmo\gd*
_\_+Aiom`gjnodkjnhznam`^p`io`n`i`gc`hdna`mdjj^^d_`io\g
n` `i^p`iom\i g\ `i^`a\gdodn `lpdi\ j^^d_`io\g t jmd`io\g) `g
qdmpn_`gJdgjj^^d_`io\gtgjnqdmpnq`i`ujg\ijn)_`O\iHpdn
t H\?mjnn`8`ijom\nm`bdji`n_`ghpi_jo\h]d{i_`no\^\i)
_`iomj_`gjn\m]jqdmpnk\o~b`ijn)gjnqdmpne\kji{n>%Asom`*
hjKmd`io`&)_`gq\gg`Ipmm\t%=pnom\gd\tJp`q\Cpdi`\&t
gjnom\inhdod_jnkjmb\mm\k\o\n%Npnd\tApmjk\jmd`io\g&+
Pj_jn `nojn qdmpn od`i`i \iadomdji`n \idh\g`n ` din`^ojn
q`^ojm`n+ ?g|id^\h`io`) gjn k\^d`io`n _`n\mmjgg\i n|iojh\n
i`pmjg~bd^jn b`i`m\gdu\_jn) ^jhj ^jiqpgndji`n) ^jiapnd~i)
_`gdmdjt`nopkjmj^jh\)\n|^jhjndbijnaj^\g`n)^jhj \nd*
h`om|\m`ag`e\tk\mzgdndn j^pg\m+ H\ \a`^o\^d~i _` g\ h{_pg\
`nkdi\g `ig\ `i^`a\gdodn _`g Jdgj j^^d_`io\g kp`_`j^\ndji\m
pin|i_mjh`k\m`^d_j\g\kjgdj^jik\mzgdndn+AgH?Nijmh\g*
h`io``ndi^jgjmj)k`mj^jipi\k`lp`}\`g`q\^d~i_`g\km`*
nd~itpi\^ji^`iom\^d~i _`kmjo`|i\n`g`q\_\)^jibgp^jn\
ijmh\g+Eid^d\gh`io`)`i`gH?N\k\m`^`pi\kg`j^dojndni`p*
om~adg\lp`n`^jiqd`mo`^jim\kd_`u`igdiaj^dojndn+

- / 2 & / , / ' m!
,@RDMBDE@KHSHRONQ@QANUHQTR OQNCTBDM TMBT@CQNGHRSNO@SNKuFHBNRHd
LHK@Q  PTDRNKNRDCHEDQDMBH@DMK@FQ@UDC@CXDWSDMRHuM4sOHB@LDMSD
RD@OQDBH@TM@LDMHMFNDMBDE@KHSHRB@Q@BSDQHY@C@ONQ K@@BTLTK@BHuM
CD KHMENBHSNR @ MHUDK ODQHU@RBTK@Q DM NB@RHNMDR  BNM MDTSQuEHKNR 
EHF    3DUDM YNM@R LTKSHENB@KDR CD MDBQNRHRDM K@RTRS@MBH@
FQHRX AK@MB@ DM BNMBQDSN  RDNARDQU@M DUHCDMBH@R CD MDBQNRHR CD
MDTQNM@R@HRK@C@RBNME@FNBHSNRHR CD KNRQDRSNR MDTQNM@KDR MDTQN 
MNE@FH@  ,@R BrKTK@R CD K@ LHBQNFKH@ENQL@M ODPTDtNR @FQDF@CNR
@KQDCDCNQCDKNRENBNRCDMDBQNRHR  PTDRDBNMNBDM BNLN M N C T KN R 
CDL HB QN F KH@ EHF 3  %MKNRB@RNRFQ@UDROTDCDG@ADQU@RBTd
KHSHRMDBQNR@MSD BNMGDLNQQ@FH@RENB@KDR@RNBH@C@R!TMPTD@KFTMNR
UHQTRRDOTDCDMHCDMSHEHB@QONQK@ENQL@BHuMCDTMNRBTDQONRCDHMBKTd
RHuM HMSQ@BDKTK@QDR  KN LqR G@AHST@K DR PTD RD HCDMSHEHPTDM ONQ TM@
BNLAHM@BHuM CD L rSNCNR TKSQ@DRSQTBSTQ@KDR  HMLTMNGHRSNPTsLHBNRX
LNKDBTK@QDR

6HQTR CDKGDQODRRHLOKDCDSHON )
H\`i^`a\gdodnkjmqdmpn_`gc`mk`nndhkg`_`odkj. %RDO*.&n`
km`n`io\)nj]m`oj_j)`iid}jnt\_pgojne~q`i`n+=kmjsdh\_\*
h`io``g.-# _`gjndi_dqd_pjn\a`^o\_jnod`i`i\io`^`_`io`n
_`pi\ dia`^^d~ic`mk{od^\ km`qd\+ Hjnn|iojh\n _`km`n`io\*
^d~ic\]dop\g`ndi^gpt`i\go`m\^dji`n`i`g`no\_j_`zidhj)g\
h`hjmd\t`g^jhkjmo\hd`ioj+Hjnh{oj_jn]\n\_jn`ig\m`\^*
^d~i`i ^\_`i\ _` g\ kjgdh`m\n\ %L?N& k\m\ g\ _`o`^^d~i _`
qdmpn `i hp`nom\n _` H?N c\ia\^dgdo\_j `g _d\bi~nod^jt `g
m`^jij^dhd`ioj _``no`^p\_mj`i pi np]bmpkj _`k\^d`io`n
^jipi\ajmh\h`ijnbm\q`_`g\`ia`mh`_\_+ Hjnazmh\^jn
\iodq|md^jnk`mhdo`i`gom\o\hd`ioj`ad^\u`ihp^cjn^\njn)^ji





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K

&HFTQ@  %MSQDKNRG@KK@YFNRB@Q@BSDQsRSHBNRCDK@DMBDE@KHSHRUsQHB@G@XTM@@BTLTK@BHuMODQHU@RBTK@QCDKHMENBHSNR! XMNCTKNRCDLHBQNFKH@" 

pi\ndbidad^\odq\m`_p^^d~i_`g\hjmo\gd_\_+Ai\gbpijndi_d*
qd_pjn)g\`i^`a\gdodnkjmRDO*.od`i`pi\`qjgp^d~inp]\bp_\
^jih\ida`no\^dji`n^g|id^\n %_`]dgd_\_)j]ip]dg\^d~i)\o\sd\)
^jiqpgndji`n&)lp``qjgp^dji\i_pm\io`pik`m|j_j_`od`hkj
hznkmjgjib\_j%1*3n`h\i\n&+N`^d`io`h`io`n`c\`i^jiom\*
_j pi \ph`ioj _` g\ di^d_`i^d\ _` `i^`a\gdodn kjm RDO `i
k\^d`io`n^jig\ndiam`^p`io`nhpo\^dji`nc`m`_do\md\n^jik{m*
_d_\_`api^d~i_`g\q|\_`n`}\gdu\^d~iPHN0)gjlp`\kjt\g\
dhkgd^\^d~i_`g\om\inhdnd~i_`n`}\g`n\om\q{n_`pim`^`kojm
_`odkjn`}p`gj`i`g^jiomjg_`g\ndia`^^dji`nkjmRDO+

- / 2 & / , / ' m!
,@DMBDE@KHSHRGDQOrSHB@BNLHDMY@DMK@RQDFHNMDRHMEDQHNQXLDCH@KCD
KNRKuATKNRSDLONQ@KDRXK@RBHQBTMUNKTBHNMDRNQAHS@QH@RCDKNRKuATKNR
EQNMS@KDR  CNMCDDR LqR HMSDMR@EHF    ,@ HMEDBBHuM DR MDBQN 
R@MSDX  @LDMTCN  GDLNQQqFHB@DM K@R QDFHNMDR LqR@EDBS@C@R %R
MNQL@KDMBNMSQ@QHMEHKSQ@CNRHMEK@L@SNQHNRODQHU@RBTK@QDRXBTDQONRCD
HMBKTRHuMUsQHBNRHMSQ@MTBKD@QDR#NVCQXCDSHON! DMK@RMDTQNM@RXK@R
BrKTK@RCDK@FKs@ %M KNRO@BHDMSDRBNM TM@DMBDE@KHSHR ONQ6(3  CD
KDMS@DUNKTBHuMK@@EDBS@BHuMBDQDAQ@KDRLqRCHETR@

6HQTRCDKGDQODRRHLOKDCDSHON
Agqdmpn_`g c`mk`nndhkg` _` odkj/ %RDO*/& o\h]d{ikp`_`
dia`^o\m`gndno`h\i`mqdjnj+Aigjn\_pgojnkmj_p^`h`idibd*
odn)k`mjc\no\`g2-# _`gjni`ji\ojni\^d_jnkjmk\mojq\bd*
i\g_`hpe`m`n^jidia`^^dji`nb`ido\g`nkmdh\md\n\^odq\nkjm
RDO \_lpd`m`ig\ dia`^^d~i _pm\io``gk\njkjm`g ^\i\g _`g
k\mojt _`n\mmjgg\i pi\ `i^`a\gdodnbm\q`+ Aigjn di_dqd_pjn
^jipi\dia`^^d~ikjmRED\^odq\)`gRDO*/kp`_`kmj_p^dm
pi\`i^`a\gdodnc`hjmmzbd^\ti`^mjn\io`\bp_\+

6HQTRCDK@U@QHBDK@ YuRSDQGDQODRYuRSDQ
H\dia`^^d~ikmdh\md\kjmg\q\md^`g\kmj_p^`pij_`gjn`s\i*
o`h\ndia\iodg`n%q\md^`g\&)lp``ib`i`m\gijn`\nj^d\\h\id*
a`no\^dji`n i`pmjg~bd^\n+ Pm\n g\ dia`^^d~i ^pozi`\) `g qdmpn
`no\]g`^`pi\ dia`^^d~ig\o`io``ig\ni`pmji\n n`indodq\n _`
gjnb\ibgdjn_`g\m\|u_jmn\gj_`gomdb{hdij+H\m`\^odq\^d~i
_` g\ dia`^^d~i`igjn\_pgojn n` h\idad`no\ ^jhj pi\ `mpk*
^d~iq`nd^pgjn\ _jgjmjn\`ig\kd`g `i`g o`mmdojmdj _` pij j
hzn_`mh\ojh\n$Zlc\Yi`ccXj%*H\m`\^odq\^d~i_`gc`mk`nu~n*
o`m`n o|kd^\h`io`pikmj^`nj\pojgdhdo\_j)k`mjkp`_`\nj*
^d\mn`\pin|i_mjh`_`i`pm\gbd\kjnoc`mk{od^\ %nj]m`oj_j
`i k\^d`io`n h\tjm`n _` 3- \}jn& ^\m\^o`mdu\_j kjm _jgjm

&HFTQ@  !%MBDE@KHSHRGDQOrSHB@PTDLTDRSQ@K@CDRSQTBBHuMDWSDMR@CDKNRKuATKNREQNMS@KHMEDQHNQXSDLONQ@K@MSDQHNQ!TYSQVO`"XK@BHQBTMUNKTBHuMCDKBsMFT 


KN!O`aS_W`Q\`"& "5MOQNBDRNHMEK@L@SNQHNMDBQNR@MSDB@Q@BSDQHY@K@DMBDE@KHSHRGDQOrSHB@@FTC@! ONQBNQSDRs@CDK$Q473LHSG  5MHUDQRHSXNE-@RR@BGTRDSSR
-DCHB@K3BGNNK 7NQBDRSDQ  -@RR

)MEDBBHNMDR
k`mndno`io`)lp``ij^\ndji`n`n di_p^d_jkjm`no|hpgjnlp`
ijnji_jgjmjnjnijmh\gh`io`+
H\\a`^o\^d~iam\i^\_`gOJ?kjmc`mk`nu~no`m`nhp^cj
h`ijnam`^p`io`)k`mjkp`_`n`mbm\q`+Agc`mk`nu~no`mo\h*
]d{ikp`_`^\pn\mpi\\mo`mdodnbm\ipgjh\ojn\+Aigjnk\^d`i*
o`ndihpij_`kmdhd_jnkp`_`kmj_p^dmn`pi\`i^`a\gdodn\bp*
_\ ^\m\^o`mdu\_\ kjm iph`mjn\n g`ndji`n _`nhd`gdidu\io`n
]d`i_`gdhdo\_\n)lp`kjno`mdjmh`io`n`i`^mjn\i+

#HSNLDF@KNUHQTR
Ag?IRdia`^o\`gndno`h\i`mqdjnj`ia`ojntk`mnji\ndihp*
ij_`kmdhd_\n+ H\ dia`^^d~idiom\po`mdi\^\pn\pi\i`^mjndn
k`mdq`iomd^pg\m)lp`kmj_p^`pi\dhkjmo\io`_`nomp^^d~i_`g
^`m`]mj) n`bpd_\ hzn o\m_` kjm hd^mj^`a\gd\ t ^\g^dad^\^d~i
k`mdq`iomd^pg\m+ Ag ?IR `n pi k\o~b`ij q|md^j jkjmopidno\
c\]dop\g`igjnk\^d`io`n ^ji nd_\)t`i`nojn^\njn o\h]d{i
\a`^o\\gOJ?+

- / 2 & / , / ' m!
%MKNRHMCHUHCTNRHMLTMNCDOQHLHCNR  DK#-6RTDKDOQNUNB@QTM@DMd
BDE@KHSHRRTA@FTC@ PTDOTDCD@RNBH@QRD@K@OQDRDMBH@CDBrKTK@RBNM
HMBKTRHNMDRCDKUHQTRUEHF  ,@HMEDBBHuMRTDKDKNB@KHY@QRDDMK@R
QDFHNMDRRTADODMCHL@QH@RO@Q@UDMSQHBTK@QDRCDKBDQDAQN CNMCDB@Td
R@TM@UDMSQHBTKNDMBDE@KHSHRMDBQNR@MSDGDLNQQqFHB@@FTC@XTM@OKDd
WHSHRBNQNHCD@ %K UHQTR OTDCDS@LAHrM @S@B@QK@LrCTK@DROHM@K XK@R
Q@sBDRLqRCHRS@KDR XNB@RHNM@QTM@Q@CHBTKNMDTQHSHRCNKNQNR@ 0TDCD
HMEDBS@QRDBT@KPTHDQBrKTK@CDK 3.# MDTQNM@R  FKs@  DOrMCHLN N DMd
CNSDKHN  %REqBHK QDBNMNBDQ K@R BrKTK@R @TLDMS@C@R CDS@L@tN BNM
HMBKTRHNMDR HMSQ@MTBKD@QDRD HMSQ@BHSNOKqRLHB@R KK@L@SHU@R BNM DK LHd
BQNRBNOHNuOSHBN BNMUDMBHNM@K  X K@HMEDBBHuM ONQ#-6RDBNMEHQL@
BNMK@HMLTMNGHRSNPTsLHB@

0NKHNLHDKHSHR
= pilp` g\ kjgdjh d`gdodn k\m\g|od^\ n` c\ `mm\_d^\_j `i
hp^c\nk\mo`n _`g hpi_j bm\^d\n\g\ q\^pi\^d~i) oj_\q|\
lp`_\i pijn kj^jn k\|n`n _ji_` ndbp` m`km`n`io\i_j pi
kmj]g`h \ dh kjmo\io`+ Ai gjn k\^d`io`n ij q\^pi\_jn) g\
dia`^^d~ikjmkjgdjqdmpn^\pn\kmdi^dk\gh`io`b\nomj`io`md*
odnnp]^g|id^\jg`q`)dbp\glp`g\j^\ndji\_\kjmjomjnhd`h*
]mjn_`gbmpkj_`gjnkd^jmi\qdmpn_`iomj_`gjn`io`mjqdmpn+
Odi `h ]\mbj) `i pi\ k`lp`}\ am\^^d~i _` g\ kj]g\^d~i
qpgi`m\]g`)`gqdmpndiq\_`n`^pi_\md\h`io``gndno`h\i`m*
qdjnj+

H?N ^jh k\od]g` ^ji pi\ h `idibdodn \n{kod^\+ H\ `ia`mh `*


_\_kp`_`ij kmjbm`n\mhzn j`qjgp^dji\m c\no\ \a`^o\m \
g\h {_pg\`nkdi\g+?p\i_j`gkmj^`nj\a`^o\\g\nhjoji`p*
mji\n_`g\h{_pg\`nkdi\g)n`kmj_p^`pi\k\mzgdndnagz^d_\
^jik{m_d_\_` h\n\ h pn^pg\m`cdkjmm`ag`sd\`ig\ m`bd~i
^jmkjm\g^jmm`nkji_d`io`*^jinodopt`g\g`nd~im`nd_p\gi`p*
mjg~bd^\k`mh \i`io`_`g\kjgdjh d`gdodn*+H\_`nomp^^d~i_`
g\n h joji`pmji\n dh kgd^\ g\ \k\md^d~i _` pi\ k\m`nd\ j
k\mzgdndn8 g\ \a`^o\^d~i _`g _d\am\bh\ j gjn hn^pgjn dio`m*
^jno\g`n`njmdb`i_`pi^jhkmjhdnjm`nkdm\ojmdjbm\q`lp`
kp`_` ^\pn\m g\ hp`mo` _`g k\^d`io`+ =q`^`n g\ dia`^^d~i
\bp_\ n` ^jhkgd^\ ^jipi\ hdj^\m_dodn+ Ai \gbpijn ^\njn)
_`/2\02\}jn_`nkp{n_`lp`g\dia`^^d~idid^d\gn`m`np`g*
q\)kp`_`\k\m`^`mpijve[ifd\gfjgfc`f* Ano`n`^\m\^o`mdu\
kjm _`]dgd_\_ kmjbm`ndq\ \nj^d\_\ \ g\ _dnh dip^d~i _` g\
h\n\ h pn^pg\m t _jgjm+ Ano` n|i_mjh ` n` c\ \omd]pd_j \
g\ k{m_d_\ i`pmji\g \}\_d_\ kjm `g `iq`e`^dh d`ioj ^ji
h `^\idnh jn diag\h\ojmdjn) k`mj ndi`qd_`i^d\n ^jiqdi^`i*
o`n_`m`\^odq\^d~i_`gqdmpn+

2@AH@
H\m\]d\`npi\`i^`a\gdodnbm\q`lp`n`om\inhdo`\gn`mcph\*
ijkjm g\ hjm_`_pm\ _` pi\idh\g \a`^o\_j) `i b`i`m\g pi
k`mmj j \gbpij _` gjn h\h|a`mjn n\gq\e`n lp` \^o\i ^jhj
m`n`mqjmdjn i\opm\g`n+ H\ `skjnd^d~i \ \gbpi\n `nk`^d`n _`
hpm^d{g\bjn)di^gpnjndindbijn_`hjm_`_pm\)o\h]d{ikp`_`
kmj_p^dmg\m\]d\+

 w  - / 2 & / , / ' m!
,@DWOKNQ@BHuMDWSDQM@CDKBDQDAQNLTDRSQ@HMSDMRNDCDL@X BNMFDRd
SHuMU@RBTK@Q! MHUDK LHBQNRBuOHBN RDNARDQU@TM@DWSDMR@CDFDMDd
Q@BHuMMDTQNM@KBNMTM@QD@BBHuMHMEK@L@SNQH@LqRFQ@UDDMDKSQNMBN
CDKDMBrE@KN4@LAHrMOTDCDM@EDBS@QRDKNRF@MFKHNRA@R@KDR  K@Lrd
CTK@DROHM@KXKNRF@MFKHNRCDK@Q@sYCNQR@K ,NRB T D QO N R CD .DFQH 
PTDRNMDKC@SNLHBQNRBuOHBNO@SNFMNLuMHBN  RNM HMBKTRHNMDRBHSNd
OKqRLHB@R QDCNMCD@C@R@NU@K@C@RXDNRHMuEHK@RPTD OTDCDM KNB@KHd
Y@QRD DM K@R MDTQNM@R OHQ@LHC@KDR CDK GHONB@L ON X K@R BrKTK@R CD
0TQJHMID CDK BDQDADKN  KTF@QDR DM KNRPTD MN RTDKD @RNBH@QRD@ HMEK@d
L @BHuM EHF    %R ONRHAKD CDSDBS@Q DK UHQTR CD K@ Q@AH@ DM KNR
BTDQONRCD.DFQHBNMSrBMHB@RCDHMLTMNGHRSNPTsLHB@XTKSQ@DRSQTB 
STQ@KDR

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

- / 2 & / , / ' m!
,NRB@RNR@FTCNRLTDRSQ@ML@MFTHSNRODQHU@RBTK@QDRCDBrKTK@RLNd
MNMTBKD@QDRX MDTQNMNE@FH@CDK@RL N SN M D T QN M @ R CDK@RS@@ M SD QHN Q
CDK@L rCTK@DROHM@K,@QD@BBHuMHMEK@L@SNQH@RDRTDKDKHLHS@Q@K@RS@
@MSDQHNQ  ODQN OTDCDDWSDMCDQRD@ K@ ONRSDQHNQXDM NB@RHNMDRDR KN
A@RS@MSDFQ@UD BNL N O@Q@ OQNCTBHQB@UHS@BHuM 3D G@ CDSDBS@CNDK
!2. CDK ONKHNUHQTR DM K@R LNSNMDTQNM@R CDK @RS@ @MSDQHNQ !KFTM@R
UDBDRRD@EDBS@MS@LAHrM KNR MvBKDNRCDKNRO@QDRBQ@MD@KDR %KDRd
STCHNO N R SL NQSDL  CDKNRRTODQUHUHDMSDR@K@QFNOK@YNCDTM@ONKHNd
LHDKHSHRRHMSNLqSHB@LTDRSQ@OrQCHC@CDMDTQNM@RXFKHNRHRDMDK@RS@
@MSDQHNQ@EDBS@C@CD K@ LrCTK@DROHM@K  BHDQSN FQ@CN CD HMEK@L@BHuM
QDRHCT@K  @SQNEH@CDK@RQ@sBDRLDCTK@QDR@MSDQHNQDRLNSNQ@R X@SQNEH@
MDTQuFDM@CDKLvRBTKNCDRMDQU@CN

< X i X Z k\ ivj k`Z X j Zcve `ZXj* H\dia`^^d~i_`gOJ?n`h \idad`n*


o\) did^d\gh`io`) ^jidmmdo\^d~i h`i|ib`\tpi^p\_mj`i`g

&HFTQ@  %K G@KK@YFN GHRSNKuFHBNCH@FMuRSHBNDM K@Q@AH@DRDK BTDQONCD


.DFQHDNRHMuEHKN PTDRDNARDQU@@PTsDMTM@BrKTK@CD0TQJHMID EKDBG@R 





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


< X i X Z k\ ivj k`Z X j Zcve `ZXj* Ag qdmpn `iom\ `i `g OJ? kjm q|\
\n^`i_`io`ndbpd`i_jgjni`mqdjnk`mda{md^jn_`n_``ggpb\m_`
g\c`md_\)kjmgjlp``gk`m|j_j_`di^p]\^d~i%lp`np`g`jn^d*
g\m`iom`. t0h`n`n& _`k`i_`_`g\_dno\i^d\`iom`g\c`md_\
t `g^`m`]mj+ H\ `ia`mh`_\_ n`h\idad`no\) did^d\gh`io`)^ji
n|iojh\ndi`nk`^|ad^jn_`h\g`no\m)^`a\g`\tad`]m`)\pilp`g\
\k\md^d~i_`k\m`no`nd\ngj^\g`n\gm`_`_jm _` g\c`md_\epioj
^ji`nojn n|iojh\n `n_d\bi~nod^\+ =h`_d_\ lp` \q\iu\ g\
dia`^^d~i)`gk\^d`io`hp`nom\pi\`s^do\]dgd_\_`som\jm_di\*
md\ _`gOJ?t`g hzn h|idhj ^jio\^oj`n _jgjmjnj)^jim`n*
kp`no\nhjojm\nqdjg`io\n`di^gpnj^jiqpgndji`n+H\^jiom\^*
opm\_`g\hpn^pg\opm\a\m|ib`\\g om\b\mc\^`lp`\k\m`u^\
`nkph\ `i g\ ]j^\) gj lp` b`i`m\ \q`mnd~i \ g\ _`bgp^d~i)
di^gpnj _` \bp\ %cd_mjaj]d\&+ =k\m`^`indbijn _` dmmdo\^d~i
h`i|ib`\t)\gkmjbm`n\mg\`ia`mh`_\_)k\mzgdndnagz^d_\+Hjn
k`m|j_jn\go`mi\io`n_`h\i|\t`nopkjm`qjgp^dji\ic\no\`g
^jh\t)adi\gh`io`)g\hp`mo`kjmdinpad^d`i^d\m`nkdm\ojmd\+

6HQTRCD K@HMLTMNCDEHBHDMBH@GTL@M@
=io`n_`lp`n`_dnkpnd`m\_`om\o\hd`iojn\iodmm`omjq|md^jn
`ad^\^`n) n`d_`iodad^\]\i\go`m\^dji`ni`pmjk\ojg~bd^\n`i`g
`nop_djgfjkdfik\dc\no\ _`g 5-\g 6-# _`gjn^\njn_`nd_\+
Anojn^\h]djn n`_`]`i\gjn`a`^ojn_dm`^ojn _`gqdmpn`i`g
ndno`h\i`mqdjnj)\g\ndia`^^dji`njkjmopidno\nt\gjngdiaj*
h\nkmdh\mdjn_`gOJ?)_`gjnlp`g\h\tjm|\^jmm`nkji_|\i
\gdiajh\n_`\gojbm\_j>kjndodqjnk\m\`gRA>+ H\`ad^\^d\
_`g om\o\hd`ioj \iodmm`omjq|md^j ^ji hgodkg`n azmh\^jn c\
_dnhdipd_j g\ am`^p`i^d\ _` `njn `a`^ojn n`^pi_\mdjn _` g\
dia`^^d~ikjm`gRED+
H\ h`idibdodn \n{kod^\ kjmRED n`km`n`io\ .*/ n`h\i\n
_`nkp{n _` g\ n`mj^jiq`mndji `i `g .-# _` gjn k\^d`io`n
\kmjsdh\_\h`io`+O`kp`_`_`hjnom\mg\km`n`i^d\ _`\iod*
^p`mkjnam`io`\gREDt\dng\m`gqdmpn_`g H?N+ Hjn`nop_djn
i`pmjk\ojg~bd^jn _` g\na\n`n did^d\g t \bp_\ _` g\diq\nd~i
_`g ndno`h\i`mqdjnjkjm`gRED_`hp`nom\ipi\h`idibdodn
gdiaj^|od^\ g`q`)diag\h\^d~ik`mdq\n^pg\mt^d`mo\k{m_d_\ _`
hd`ddi\+ @`iomj _` g\n ^{gpg\n _`g OJ?) njgj g\ hd^mjbgd\
`skm`n\`g^jmm`^`kojm ?@1t gjn m`^`kojm`n _`lpdhdj^di\n
%??N2 j ?T?N1&) i`^`n\md\n `i ^jh]di\^d~i k\m\ lp` g\
dia`^^d~i kjmRED n`\ `ad^d`io`+ @pm\io` g\ a\n` ^m~id^\) `n
am`^p`io` `i^jiom\m pi\ `i^`a\gdodn kjm `g RED nd n` c\^` g\
\pojknd\+
O`c\ _`n^mdoj pi n|i_mjh`diag\h\ojmdjkjmg\ m`^jinod*
op^d~idihpi` %OENE& `igjnk\^d`io`n^jind_\om\n`gom\o\*
hd`ioj`ad^\u8 `no`n|i_mjh`n` m`^jij^`^jhj pi_`o`mdjmj
k\m\_~ed^j om\n `g did^dj _`g om\o\hd`ioj t `npi\ m`nkp`no\
diag\h\ojmd\ m`^jinodopd_\ `sp]`m\io` h d`iom\n m`^d]`i
\iodmm`omjq|md^jn%q+^\k|opgj3&+Ai`gOJ?)`gOENEkmjqj^\pi\

 - / 2 & / , / ' m !
,@DMBDE@KHSHRONQDK6)(DRTM@QD@BBHuMHMEK@L@SNQH@BQuMHB@BNMHMEHKd
SQ@CNR @LOKH@LDMSD CHRDLHM@CNR CD M N C T KN R  CD L HB QN F KH@  PTD
RTDKDMBNMSDMDQBrKTK@RF HF@MSDRL T KSHM T B KD @ C @ R CDQHU@C@RCDKNR
L@BQuE@FNRDMNB@RHNMDRRDHCDMSHEHB@MENBNR@RNBH@CNRCDMDBQNRHR
SHRTK@QXFKHNRHRQD@BSHU@EHF  !KFTMNRCDKNRMNCTKNRCDLHBQNd
FKH@RDDMBTDMSQ@MDMK@BDQB@Ms@CDU@RNRR@MFTsMDNRODPTDtNR PTD
LTDRSQ@MBrKTK@RDMCNSDKH@KDR@MuL@K@LDMSDOQNLHMDMSDRXL@BQuE@d
FNRODQHU@RBTK@QDRDROTLNRNRNB@QF@CNRCD OHFLDMSN %RNRB@L d
AHNRRDOQNCTBDM DRODBH@KLDMSD  DM K@RTRS@MBH@AK@MB@RTABNQSHB@K 
DK CHDMBrE@KNXDKSQNMBN CDK DMBrE@KN %M@KFTMNRB@RNR  S@LAHrM RD
OQNCTBDTMSQ@RSNQMNCDRTRS@MBH@AK@MB@PTDRDB@Q@BSDQHY@ONQqQD@R
LTKSHENB@KDRNCHETR@RCDO@KHCDYCDLHDHHM@BNMSTLDE@BBHuM@WuMHB@
XFKHNRHR@RNBH@C@R %K6)( RD OTDCDCDSDBS@QDM KNR KHMENBHSNR #$ 
LNMNMTBKD@CNR DML@BQuE@FNRLTKSHMTBKD@CNRXDMK@LHBQNFKH@


, * #

'
' * ) i

u # c

j H
   

i

'

adj'

&HFTQ@   %MBDE@KHSHR ONQ DK 6)( /ARrQUDMRD TM MuCTKN CD LHBQNFKH@X
BrKTK@RFHF@MSDRLTKSHMTBKD@C@R

`s\^`m]\^d~i k\m\_~ed^\ _` gjn n|iojh\n n`^pi_\mdjn \ g\n


dia`^^dji`njkjmopidno\n+Hjn`nop_djni`pmjk\ojg~bd^jn^ji*
admh\i pi\ dio`in\ diag\h\^d~i ^ji km`n`i^d\ _` gdiaj^dojn
?@5(+
Hjn^\h]djn^jbidodqjn)\gbpijn g`q`ntjomjngj ]\no\io`
agjmd_jn^jhjk\m\gg\h\mgjn[\d\eZ`XXjfZ`X[XXcOBA(k\m`^`i
k`mndnodm`ig\`m\_`gjnm`b|h`i`no`m\k{pod^jn`ad^\^`nam`i*
o`\g RED+ L\m`^`lp``no` om\nojmij n` m`g\^dji\ hzn^jig\
\^odq\^d~idiag\h\ojmd\ _`g\n ^{gpg\n _`g\ hd^mjbgd\) _` g\n
lp`ijoj_\n`nozidia`^o\_\nkjm`gRED)`igpb\m_`^jmm`g\*
^dji\mn`^jipi\g`nd~ik\ojg~bd^\`nk`^|ad^\+O`c\kmjkp`noj
pi\\hkgd\b\h\_`kjnd]g`nh`^\idnhjnk\m\g\_dnapi^d~i
tg`nd~ii`pmji\g `i`no`^jio`soj) di^gpd_\ng\n\^^dji`n _`
g\n ^doj^di\n diag\h\ojmd\n t pi\ ^\n^\_\ _` `a`^ojn o~sd^jn
_` g\n kmjo`|i\n _`mdq\_\n _`g RED8 ^ji oj_\ kmj]\]dgd_\_)
\h]\n^jiomd]pt`i\g\k\ojb`id\_`g\g`nd~i^`m`]m\g%q+^\k|*
opgj3&+

,DTBNDMBDE@KNO@Ss@LTKSHENB@KOQNFQDRHU@
H\ g`p^j`i^`a\gjk\o|\ hpgodaj^\g kmjbm`ndq\ %HIL& `n pi\
`i^`a\gdodn^\pn\_\kjm`g qdmpn_`gkjgdjh\F?) piqdmpn_`g
kjgdjh\8 _\_j lp` `no` qdmpn dia`^o\ km`a`m`io`h`io` \ gjn
jgdbj_`i_mj^dojn)`gkmdi^dk\g`a`^ojk\ojg~bd^j`ng\_`nhd`*
gdidu\^d~i+ H\ `ia`mh`_\_ \a`^o\ _` ajmh\ ^\nd `s^gpndq\ \
di_dqd_pjn dihpij_`kmdhd_jn`i_dq`mn\nndop\^dji`n^g|id*
^\n)^jhjgjnn|i_mjh`ngdiajkmjgda`m\odqjnjhd`gjkmjgda`m\*
odqjn^m~id^jn)g\lpdhdjo`m\kd\dihpij_`km`njm\)di^gpd_jn
gjn\iod^p`mkjnhjij^gji\g`nam`io`\g\ndio`bmdi\n)g\n`ia`m*
h`_\_`nbm\ipgjh\ojn\nt`gnd_\+
=pilp` g\ h\tjm|\ _` g\n k`mnji\n h p`nom\ `qd_`i^d\
n`mjg~bd^\ _` `skjnd^d~i \g qdmpn \ gjn .1 \}jn) g\ dia`^^d~i
kmdh\md\ `n \ndiojhzod^\+ H\ HIL n` kmj_p^` ^jhj ^jin`*
^p`i^d\_`g\m`\^odq\^d~i_`gqdmpn`ipi\ndop\^d~i_`dihp*
ij_`km`nd~i+ Hjn k\^d`io`n _`n\mmjgg\i ndbijn t n|iojh\n
i`pmjg~bd^jnaj^\g`n`dhkg\^\]g`h`io`kmjbm`ndqjn)t`igjn
`nop_djn_`dh\b`in`hp`nom\ig`ndji`n`so`in\n)\h`ip_j
hpgodaj^\g`n)^jipi\idggjlp`n`m`\gu\`ig\g`ndji`n _`g\
npno\i^d\]g\i^\c`hdna{md^\j^`m`]`gjn\+

 - / 2 & / , / ' )!
,@R KDRHNMDR RNM qQD@R O@QBGD@C@R  HQQDFTK@QDR X L@K CDEHMHC@R CD
CDRSQTBBHuMCDK@RTRS@MBH@AK@MB@ PTD@TLDMS@MCDS@L@tN@LDd
CHC@PTDK@DMEDQLDC@C@U@MY@EHF  -HBQNRBuOHB@LDMSD B@C@

)MEDBBHNMDR
gcXjdXZXgjlcXkld(<fZZ`[`f`[\j`dd`k`jt;cXjkfdpZ\j[\idXk`k`)
[`j( kp`_`i \a`^o\m \g OJ ? om\n pi\ dia`^^d~i ^pozi`\ j
kpgh ji\m kmdh\md\) \pilp` o\h]d{i `nojn cjibjn np`g`i
\k\m`^`mom\npi\dihpij_`km`nd~i+=pilp`g\ h\tjmk\mo`
_`gjncjibjngg`b\i\g^`m`]mjh`_d\io`_dn`hdi\^d~ic`h\*
o~b`i\) o\h]d{i kp`_` `i^jiom\mn` pi\ `so`ind~i _dm`^o\)
nj]m` oj_j _` g\ h p^jmh d^jndn `i k\^d`io`n ^ji _d\]`o`n
h`ggdopn+
H\nom`nq\md\io`nhznam`^p`io`n_`g`nd~i`ig\ndia`^^dj*
i`nkjmcjibjn_`gOJ?njig\h`idibdodn^m~id^\)g\q\n^pgd*
odn t g\ diq\nd~i _`g k\m{ilpdh\+ H\ q\n^pgdodn \k\m`^` ^ji
hznam`^p`i^d\`ig\hp^jmhd^jndntg\\nk`mbdgjndn)_\_jlp`
\h]\ndiq\_`i_dm`^o\h`io`g\nk\m`_`n_`gjnq\njn) k`mj)
`ij^\ndji`n)n`kmj_p^``ijom\ndia`^^dji`n)^jhjg\^\i_d*
_d\ndn+H\omjh]jndnq\n^pg\mm`npgo\io`kmj_p^`dia\mojn)lp`
^jiam`^p`i^d\ njigg\h\odq\h`io`c`hjmmzbd^jntlp`kjn*
o`mdjmh`io`n`qp`gq`in{kod^jnkjm`g^m`^dhd`ioj_`gcjibj
m`nkjin\]g`+
H\ dia`^^d~ik\m`ilpdh\ojn\) lp` np`g`\_jko\mg\ajmh\
_`bm\ipgjh\nj\]n^`njn)kp`_`\k\m`^`m^jig\h\tjm|\_`
gjncjibjnt\ h`ip_j^j`sdno`^ji h`idibdodn+ Hjncjibjn
lp`^jihznam`^p`i^d\diq\_`i`g^`m`]mjnji<Xe[`[Xt<ipg)
kfZfZZlj* H\^\i_d_d\ndn np`g` kmj_p^dmhd^mj\]n^`njn hgod*
kg`n)\nj^d\_jnjij\g\ajmh\^d~i_`bm\ipgjh\n+
H\ d\e`e^`k`j gfi Zi`gkfZfZf( pi jkjmopidno\ am`^p`io` `i
k\^d`io`n^jind_\)kp`_`n`mapghdi\io`thjmo\g`io\injgj
/ n`h\i\n j o`i`m pi ^pmnj di_jg`io`) _` h`n`n \ \}jn _`
`qjgp^d~i+Ai`gH?Nc\thptkj^\n^{gpg\n)\pilp`b`i`m\g*
h`io`od`i`pi\^ji^`iom\^d~i_`kmjo`|i\n\go\+ O`kp`_`i
qdnp\gdu\m g\n g`q\_pm\n `i^\knpg\_\n hp^jd_`n `i `g H?N
^jiodi^dji`n`nk`^d\g`nj_`o`^o\mg\n_`ajmh\di_dm`^o\^ji
kmp`]\nk\m\h`_dmgjn\io|b`ijn_`g^mdkoj^j^j+

&HFTQ@  ,DTBNDMBDE@KNO@Ss@LTKSHENB@KOQNFQDRHU@%RSDBNQSDSDtHCNO@Q@


K@LHDKHM@LTDRSQ@qQD@RHQQDFTK@QDRX ONBN CDKHLHS@C@R CDCDRLHDKHMHY@BHuM
PTDBNMEKTXDMDM@KFTM@RYNM@R2DBT@CQN %KMvBKDN@TLDMS@CNCDS@L@tN
CDTMNKHFNCDMCQNBHSNQDOQDRDMS@DKDEDBSNCDK@HMEDBBHuMUsQHB@

KDRHuMLTDRSQ@TM@YNM@CDCDRLHDKHMHY@BHuM RNAQDSNCNCDKNB@KHY@d
BHuMRTABNQSHB@K DMBTXNBDMSQNRDDMBTDMSQ@ML@BQuE@FNRCHRODQRNR
B@QF@CNRCDKsOHCNRXTM MvLDQNQDCTBHCNCD@WNMDR %MKNRANQCDR
CD K@ KDRHuM RD NARDQU@M MvBKDNR LTX @TLDMS@CNR CD S@L@tN CD
NKHFNCDMCQNBHSNR  PTDBNMSHDMDM HMBKTRHNMDRUsQHB@R @MEuEHK@R CD@Rd
ODBSNUHSQDNUEHF    QDBT@CQN PTDRDOTDCDMBNMEHQL@QBNMK@
HMLTMNGHRSNPTsLHB@ %MDKRDMNCDK@KDRHuMS@LAHrMOTDCDMDMBNMd
SQ@QRD@RSQNBHSNRFHF@MSDRDWSQ@tNRBNMTMNNU@QHNRMvBKDNRGHODQBQNd
LqSHBNRDHQQDFTK@QDR  LDYBK@CNRBNM@RSQNBHSNRSsOHBNRQD@BSHUNR %M
ONBNRB@RNRRDG@CDLNRSQ@CNK@HMEDBBHuMCDK@RMDTQNM@RFQ@MTKNd
R@RCDKBDQDADKN

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

0@MDMBDE@KHSHRDRBKDQNR@MSDRTA@FTC@
H\k\i`i^`a\gdodn`n^g`mjn\io`np]\bp_\ %LAO&`npin|i_mj*
h` ^g|id^j kmjbm`ndqj kj^jam`^p`io`) ^\m\^o`mdu\_j kjmpi
_`o`mdjmj^jbidodqj)`nk\nod^d_\_ _`gjnhd`h]mjnt^jiqpg*
ndji`n+=a`^o\\id}jnj \_pgojne~q`i`n) h`n`n \ \}jn _`n*
kp{n _` pi\ dia`^^d~i \bp_\ did^d\g `i`_\_ o`hkm\i\ kjm
n\m\hkd~i+H\`ia`mh`_\_n`_`]`\pi\dia`^^d~ik`mndno`i*
o`) \pilp`ijkmj_p^odq\) _`gOJ?kjmpiqdmpn _`g n\m\h*
kd~i\go`m\_j8 \gbpijn^\h]djn`iq\mdjn b`i`n_`gqdmpnn`
c\iqdi^pg\_j^ji`no\`ia`mh`_\_+ O`^\m\^o`mdu\ kjm pi\
bgdjndn _dapn\ ^ji _`b`i`m\^d~i_` g\ hd`gdi\8km`n`i^d\ _`
di^gpndji`nq|md^\n)kmdi^dk\gh`io``igjni^g`jn_`gjnjgd*
bj_`i_mj^dojntg\ni`pmji\n8diag\h\^d~iq\md\]g`_`g\npn*
o\i^d\ bmdn t ]g\i^\8 t jqdggjn i`pmjad]mdg\m`n+ Ag `nop_dj
pgom\`nomp^opm\g h p`nom\ lp` g\n di^gpndji`n ^jiod`i`i
ip^g`j^zknd_`n^\m\^o`m|nod^\n _`g n\m\hkd~i)t g\dih pij*
cdnojlp|h d^\ k\m\ `g \io|b`ij _`g qdmpn _`g n\m\h kd~i `n
kjndodq\+H\di^d_`i^d\_``no\`ia`mh`_\_n`c\m`_p^d_j_`
ajmh\ \]mpko\ kjm gjn kmjbm\h \n _` q\^pi\^d~i) \pilp`
k`mndno``ikj]g\^dji`nijq\^pi\_\n+

-DMHMFNDMBDE@KHSHR LHBuSHB@
H\ndia`^^dji`nhd^~od^\n_`gOJ?\a`^o\i)nj]m`oj_j)\k`m*
nji\n dihpij_`kmdhd_\n+ Ag ^`m`]mj n`np`g`\a`^o\mkjm g\
_dn`hdi\^d~i c`h\o~b`i\ b`i`m\gdu\_\ _` gjn cjibjn8 gjn
cjibjnlp`^jihznam`^p`i^d\\k\m`^`inji<Xe[`[XXcY`ZXej(
`nk`^d`n_`FlZfi(:jg\i^`cclj] ld`^Xkljt<ipgkfZfZZlje\f]fi)
dXej* Ai zm`\n `i_{hd^\n) \gbpijn k\o~b`ijn) ^jhj A`jkf)

>

 - / 2 & / , / ' m!
%M K@ HMEDBBHuM ONQBQHOSNBNBNRDDMBTDMSQ@ TM@LDMHMFHSHR BQuMHB@ 
PTD@EDBS@@K@RKDOSNLDMHMFDRA@R@KDR  PTD@O@QDBDMNO@B@RXDMd
FQNR@C@RONQTMSDIHCNBNMITMSHUNQD@BSHUN PTDOTDCDNARSQTHQDKEKTIN
CD,#2@SQ@UrRCDKNR@FTIDQNRCD,TRBGJ@X-@FDMCHD NB@RHNM@Md
CNTM@GHCQNBDE@KH@ ,NRBNQSDRCDKBDQDAQNLTDRSQ@MTML@SDQH@KFDd
K@SHMNRNDM DKDRO@BHNRTA@Q@BMNHCDNXODPTDtNRPTHRSDRCDMSQNCDK
O@QrMPTHL@cATQATI@RCDI@AuMi  PTDRNMDRODBH@KLDMSDKK@L@SHU@R
DMKNRF@MFKHNRA@R@KDRRHFTHDMCNK@CHRSQHATBHuMCDK@R@QSDQH@RKDMSHBT 
KNDRSQH@C@R EHF  !  ,@R KDRHNMDR O@QDMPTHL@SNR@R BNQQDRONMd
CDM@@FQDF@CNRCDLHBQNNQF@MHRLNRBNMDWO@MRHuMCDKNRDRO@BHNR
ODQHU@RBTK@QDR CD6HQBGNV 2NAHM  DHMEK@L@BHuM N FKHNRHR LsMHL@R N
@TRDMSDREHF  "  ,NRHMEHKSQ@CNRLDMsMFDNRBNQQDRONMCDM@Brd
KTK@RHMEK@L@SNQH@RBQuMHB@RXEHAQNAK@RSNRLDYBK@CNRBNMBQHOSNBNBNR

/ SQ@R DMEDQLDC@CDR HMEDBBHNR@R CDK RHRSDL@


MDQUHNRN
H\n`ia`mh`_\_`nkjmkmjojujjn %di^gpd_jn`gk\gp_dnhj)g\
ojsjkg\nhjndn)g\\h`]d\ndntg\omdk\ijnjhd\ndn&)g\ndia`^^dj*
i`nkjm md^f`oond\n %k+ `e+) odapn tad`]m` `s\io`hzod^\ _` g\n
Ijio\}\nNj^jn\n&tg\n`ia`mh`_\_`nkjmh`o\ujjn %nj]m`
oj_j) g\ ^dnod^`m^jndn t g\ `lpdij^j^jndn& kp`_`i \a`^o\m \g
OJ?tn`^jh`io\i`i`g^\k|opgj5+
H\ kfofgcXjdfj`j Z\i\YiXc`npi\dia`^^d~ijkjmopidno\lp`
np`g`\k\m`^`m`ik\^d`io`n^jidihpij_`km`nd~i\nj^d\_\
\gRED+ Hjnn|iojh\n^g|id^jn_`g\dia`^^d~i^`m`]m\gkjm
MfofgcXjdX^fe[``njinp]\bp_jn)`qjgp^dji\i_j\gjg\mbj
_`.*/n`h\i\n)tkp`_`in`mo\iojaj^\g`n^jhj_dapnjn+





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K

&HFTQ@  )MEDBBHuMONQBQHOSNBNBNR !  #NQSDCDTMBDQDAQNBNLOKDSNPTDLTDRSQ@qQD@RMTLDQNR@RCDCDRSQTBBHuMSHRTK@QcONLO@RCDI@AuMi @RNBH@C@R


@K@CHRDLHM@BHuMCDKNRLHBQNNQF@MHRLNRDMKNRDRO@BHNRODQHU@RBTK@QDR " !L@XNQ@TLDMSN DRONRHAKDUDQKNRBQHOSNBNBNRDMK@RKDRHNMDR

H\n dhzb`i`nj]o`id_\nh`_d\io` ojhjbm\a|\^jhkpo\md*


u\_\ t m`nji\i^d\ h\bi{od^\ kp`_`i hjnom\m hgodkg`n
g`ndji`n m`\gu\_\n `i \idggj8 ndi `h]\mbj) `no` \nk`^oj
m\_djg~bd^j`ndi`nk`^|ad^j) _\_jlp``g gdiajh\ _`gOJ?)
g\op]`m^pgjndntg\ndia`^^dji`nhd^~od^\nkmj_p^`ic\gg\u*
bjnndhdg\m`n+ Aigjn\iadomdji`nijdihpij_`kmdhd_jn)g\
kmdi^dk\g m`k`m^pnd~i ^`m`]m\g _` g\ ojsjkg\nh jndn n`
`i^p`iom\^p\i_jg\h\_m`_`n\mmjgg\g\dia`^^d~ikmdh\md\
`ig\na\n`ndid^d\g`n_`g`h]\m\uj+Ano\ndia`^^dji`nnp`g`i
_dn`hdi\mn`\g^`m`]mj_`ga`oj`i_`n\mmjggjtkmjqj^\ipi
_\}jbm\q`)^ji\k\md^d~i_`g`ndji`ni`^mjn\io`nhpgodaj*
^\g`n)lp`kp`_`i^\g^dad^\mn`+

[   - / 2 & / , / ' m !
,@SNWNOK@RLNRHRCDK3.#OQNCTBD@ARBDRNRDMDKBDQDAQN PTD@EDBd
S@M OQHMBHO@KLDMSD@ K@BNQSDY@BDQDAQ@K BDQB@ CD K@ TMHuM DMSQD K@
RTRS@MBH@FQHRX AK@MB@ X @KNRMvBKDNRFQHRDROQNETMCNRXBNMLDMNR
EQDBTDMBH@@KBDQDADKNXSQNMBNCDKDMBrE@KNXRNKNDMQ@Q@RNB@RHNMDR
@ K@ LrCTK@DROHM@K EHF    ,@R KDRHNMDR @FTC@R BNMRHRSDM DM
ENBNR BDMSQ@KDR CD MDBQNRHR BNM GDLNQQ@FH@R ODSDPTH@KDR U@QH@AKDR
QNCD@C@RONQHMEK@L@BHuM@FTC@XBQuMHB@  HMEHKSQ@CNCDL@BQuE@FNRX
OQNKHEDQ@BHuMU@RBTK@Q %MK@ODQHEDQH@CDKNRENBNRCDMDBQNRHROTDCDM
DMBNMSQ@QRD S@MSN S@PTHYNsSNR BNL N AQ@CHYNsSNR DMPTHRS@CNR
UEHF  " !LDMTCN KNRLHBQNNQF@MHRLNRRDOTDCDMQDBNMNBDQ
BNM SHMBHNMDR BNMUDMBHNM@KDR  BNL N GDL@SNWHKHM@ DNRHM@ ( %  N
'HDLR@  ODQNDR LqREqBHK HCDMSHEHB@QKNRBNM LrSNCNRCDHMLTMNGHRd
SNPTsLHB@ ,NRU@RNRRHST@CNRBDQB@CDDRS@RKDRHNMDROTDCDM LNRd
SQ@Q TM@ KK@L@SHU@ OQNKHEDQ@BHuM CD K@ sMSHL@ D HMBKTRN TM@ U@RBTKHSHR
EQ@MB@ BNM MDBQNRHR EHAQHMNHCD X SQNLANRHR 4Q@R DK SQ@S@LHDMSN  K@R
KDRHNMDRBNQQDRONMCDM@qQD@RDWSDMR@RXAHDMCDKHLHS@C@RCDMDBQNd
RHR BN@FTK@SHU@ QNCD@C@R ONQ L@BQuE@FNR B@QF@CNR CD KsOHCNR %R
ONRHAKDS@LAHrM HCDMSHEHB@QPTHRSDRXS@PTHYNsSNR KHAQDR @CX@BDMSDR@
DRS@RKDRHNMDR  ODQNRTMvLDQNRDOTDCDQDCTBHQCDENQL@HLONQS@Md
SD N HMBKTRN CDR@O@QDBDM ONQ BNL OKDSN BT@MCN DK O@BHDMSD QDBHAD
SQ@S@L HDMSN DEHB@Y ,@R KDRHNMDR BQuMHB@R RNM ODPTDtNR DRO@BHNR
PTsRSHBNR  PTDBNMSHDMDM L@BQuE@FNRB@QF@CNRCDKsOHCNRN GDLNRHd
CDQHM@X QNCD@CNR ONQ BDQDAQN BNM FKHNRHR %M DRS@R KDRHNMDR LqR
@MSHFT@RDRCHEsBHKHCDMSHEHB@QKNRLHBQNNQF@MHRLNR

:d\Y`Xj`jZ\i\YiXc* H\n`nk`^d`n _`GX\^c\i`Xkmjqj^\ipi\


`i^`a\gdodni`^mjn\io`mzkd_\h`io`hjmo\g)t:ZXek_Xdf\YX
^\pn\pi\h`idibj`i^`a\gdodnbm\ipgjh\ojn\^m~id^\+Lp`*
_`m`npgo\m_da|^dg _dnodibpdm\idq`g hjmajg~bd^jg\n\h`*
]\n_`gjnh\^m~a\bjn\^odq\_jn %adb+ /5*0-&+ H\nodi^dji`n
_`kg\o\h`o`i\hdi\jL=Onjiodg`nk\m\qdnp\gdu\mgjn
h d^mjjmb\idnh jn) \pilp` g\ d_`iodad^\^d~i _`adidodq\
_`k`i_`) `i godhj o{mhdij) _` gjn `nop_djn _` dihp*
ijagpjm`n^`i^d\)`g^pgodqjtgjnh{oj_jnhjg`^pg\m`n+
IXcl[`jdf Z\i\YiXc* Ag k\gp_dnhj ^`m`]m\g) pi\ `i^`a\gdodn
mzkd_\h`io`kmjbm`ndq\)`ng\^jhkgd^\^d~i_`g\dia`^^d~i
kjmIcXjdf[`ld] XcZ`gXild_`h\tjmhjmo\gd_\_+H\\a`^o\*
^d~i^`m`]m\gkjmk\gp_dnhj)lp`kjnd]g`h`io`n`m`g\^dji\
^jipi\_dnapi^d~iq\n^pg\m)n`\nj^d\\pi\m`_p^^d~i_`g
agpej^`m`]m\gt^pmn\`ig\ a\n`\bp_\ ^ji\o\sd\) ^jiqpg*
ndji`nt^jh\) hd`iom\nlp`c\no\`i`g/-# _`gjnid}jn
^jik\gp_dnhj^`m`]m\gn`kmj_p^`pi\_`ad^d`i^d\^jbid*
odq\\g\mbjkg\uj%q+^\k|opgj5&+

 # / .# %04/ 3 #,!6%
)MEDBBHNMDR
 ,NR LHBQNNQF@MHRLNRO@SuFDMNR  CDRCDUHQTR@ O@QqRHSNR  OTDd
CDMHMEDBS@QDKBDQDAQN#@C@O@SuFDMNTSHKHY@RTOQNOH@Us@O@Q@
KKDF@Q@KBDQDAQNXOQNUNB@QO@SQNMDRCHEDQDMSDRCDDMEDQLDC@C
 ,@RUs@RCD@BBDRNCDKNRLHBQNNQF@MHRLNR@KBDQDAQNHMBKTXDM
RHDLAQ@GDL @SuFDM@O DI ENQL @BHuM CD@ARBDRNRDM OQDRDMd
BH@CDTM@DMCNB@QCHSHR DWSDMRHuM CHQDBS@SQ@RTMSQ@TL @SHRL N
NCDRCD KNRRDMNRDM DK B@RNCD - TBNQ X ONQSQ@MRONQSD QDSQud
FQ@CN@KN K@QFNCDKNRMDQUHNRBNLNDM K@Q@AH@ 
 ,@R HMEDBBHNMDR A@BSDQH@M@R OTDCDM B@TR@Q LDMHMFHSHR  @ARBDd
RNRBDQDAQ@KDR N L DMHMFNDMBDE@KHSHRBQuMHB@ ,@CHRSQHATBHuM CD
KNR O@SuFDMNRUHDMDBNMCHBHNM@C@ONQCHUDQRNRE@BSNQDRCDK@Md
EHSQHuM BNL NK@DC@CNDK MHUDK CDETMBHuM HMLTMD
 ,@RHMEDBBHNMDRUsQHB@ROTDCDM B@TR@QLDMHMFHSHRNL DMHMFNDMd
BDE@KHSHR !KFTMNR UHQTR L TDRSQ@M O@SQNMDR B@Q@BSDQsRSHBNR CD
HMEDBBHuM 6(3  DM KNRKuATKNRSDLONQ@KDR  ONKHNDMDK @RS@@Md
SDQHNQ 

%MEDQLDC@CDR ON Q OQHNMDR

|9
&HFTQ@  !3D@OQDBH@M@ARBDRNRONQF\e\]YO`ZODMDKOTS@LDMXDKSqK@LN",@SHMBHuMHMLTMNGHRSNPTsLHB@CDLTDRSQ@K@OQDRDMBH@CDS@PTHYNsSNRKHAQDR
DSQbOR_\& 3DTCNPTHRSDCD F\e\]YO`ZOBNMAQ@CHYNsSNR  QDR@KS@CNRLDCH@MSDK@SHMBHuMHMLTMNGHRSNPTsLHB@

%K 6)( OTDCDB@TR@QCHQDBS@L DMSDL DMHMFNDMBDE@KHSHRN @EDBS@Q


HMCHQDBS@LDMSD@KBDQDAQN @TL DMS@MCNDK QHDRFNCDHMEDBBHNMDR
NONQSTMHRS@R SNWNOK@RL NRHR  #-6  N KHMENL@ CDK 3.# ONRHSHUN
O@Q@DK6%"

%MEDQLDC@CDR ONQOQHNMDR

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

Hjn kmdji`n nji ajmh\n \i~h\g\n _` pi\ kmjo`|i\ ^`gpg\m)


lp` kmjqj^\i pijn om\nojmijn i`pmj_`b`i`m\odqjn mzkd_\*
h`io` kmjbm`ndqjn lp` kp`_`i n`m `nkjmz_d^jn) a\h dgd\m`n j
om\inhdod_jn+ Ano` bmpkj _` kmj^`njn di^gpt` g\ `ia`mh`_\_ _`
?m`poua`g_o*F\fj]) `g n|i_mjh` _` C`mnoh \ii*Oomzpnng`m*
O^c`dif`m) `g dinjhidj a\hdgd\m g`o\g t `g fpmp `i g\n k`mnji\n8
`g jZiXg`\ `i g\n jq`e\n t ^\]m\n8 g\ `i^`a\gjk\o|\ om\inhdnd]g` `i
g\n ipomd\n8 g\ `ia`mh`_\_ _` _`nb\no` ^m~id^j `i gjn m`ijn t
^d`mqjn8 t g\ `i^`a\gjk\o|\ `nkjibdajmh` ]jqdi\+ Anojn om\nojm*
ijn ^jhk\mo`i pi\ ]\n` `odjg~bd^\ ^jhi) _\_j lp` oj_jn n`
\nj^d\i \ ajmh\n \i~h\g\n _` pi\ kmjo`|i\ `nk`^|ad^\) lp`
n` _`ijhdi\ gifk\veX gi`xe`ZX %LmL&+ Ijmajg~bd^\h`io`) oj_\n

&HFTQ@  -DMHMFNDMBDE@KHSHR@LDAH@M@MDBQNR@MSDPTD@EDBS@@KBDQDADKN


FDQLDML@QB@CNBNMTM@TYSQVO"&

n` ^\m\^o`mdu\i kjm `g ^\h]dj `nkjibdajmh` ^\pn\_j kjm g\


km`n`i^d\ _` q\^pjg\n diom\^`gpg\m`n `i g\n i`pmji\n t g\ bg|\) t
^g|id^\h`io` kmjqj^\i pi\ _`h`i^d\ mzkd_\h`io` kmjbm`ndq\+
I X kf ^ \e `X p ^ \e uk`ZX d fc\Zl cXi* H\n `ia`mh`_\_`n kmd~id^\n
nji dhkjmo\io`n \ idq`g ^ji^`kop\g) kjmlp` nji pi `e`h kgj
_` om\nojmijn _`b`i`m\odqjn ^\pn\_jn kjm g\ _dn`h di\*
^d~i _` pi\n kmjo`|i\n kg`b\_\n _` ajmh\ `mm~i`\) pi a`i~*
h`ij dio`m`n\io`) lp` k`mhdo` \ g\ kmjo`|i\ k\o~b`i\ \_lpd*
mdm hp^c\n _` g\n ^\m\^o`m|nod^\n _` pi \b`io` dia`^^djnj+ H\
LmL ijmh\g `n pi\ kmjo`|i\ ^dojkgznhd^\ _` 0- f@\ km`n`io`
`i g\n i`pmji\n+ H\ `ia`mh`_\_ \k\m`^` ^p\i_j g\ LmL npam`
pi ^\h]dj ^jiajmh\^dji\g _`n_` np dnjajmh\ ijmh\g ^ji pi\
c{gd^` f c %LmL-& \ pi\ ^jiajmh\^d~i \i~h\g\ `i cje\ %0 kg`b\_\)
lp` n` np`g` _`ijhdi\m LmLn^ %n^ _`g dibg{n jZiXg`\% %adb+ /5*0.&+
=nj^d\_j \ `no` ^\h]dj _` ^jiajmh\^d~i) LmL \_lpd`m` m`ndn*
o`i^d\ \ g\ _db`nod~i kjm kmjo`\n\n) ^jhj g\ kmjo`di\n\ G+ L\m`*
^` lp` g\ ^\pn\ _` gjn ^\h]djn k\ojg~bd^jn `i `no\n `ia`mh`*
_\_`n `n g\ \^phpg\^d~i _` LmLZ `i `g o`ed_j i`pm\g) k`mj
oj_\q|\ n` _`n^jij^` ^~hj `no` h\o`md\g di_p^` g\ \k\md^d~i
_` q\^pjg\n ^dojkgznhd^\n t) \g adi\g) g\ hp`mo` _` g\n i`pmji\n+
Ag `nop_dj h `_d\io` dih pijom\ina`m`i^d\ _` S`no`mi _`
`som\^ojn _` o`ed_j om\n np _db`nod~i k\m^d\g ^ji kmjo`di\n\ G
k`mhdo` _`o`^o\m g\ L mL ^) _\oj lp` `n _d\bi~nod^j+
Ag ^\h]dj ^jiajmh\^dji\g lp` gg`q\ \ g\ \k\md^d~i _` LmLn^
n` kp`_` kmj_p^dm _` ajmh\ `nkjiozi`\ \ pi\ q`gj^d_\_ `som`*
h\_\h`io` ]\e\ %gj lp` `skgd^\ gjn ^\njn `nkjmz_d^jn& j \ pi\
q`gj^d_\_ hzn \go\ ^p\i_j `sdno`i _dq`mn\n hpo\^dji`n `i
LmL^) ^jhj j^pmm` `i g\n ajmh\n a\hdgd\m`n _` g\ `ia`mh`_\_
_` ?m`poua`g_o*F\fj] %A?F& t `i `g n|i_mjh` _` C`mnoh\ii*
Oomzpnng`m*O^c`dif`m %COO& t `g dinjhidj a\hdgd\m g`o\g %EBH&+
Ei_`k`i_d`io`h`io` _`g h`_dj kjm `g ^p\g n` jmdbdi\) g\ LmLn^
a\^dgdo\ _` ajmh\ ^jjk`m\odq\ g\ ^jiq`mnd~i _` jom\n hjg{^pg\n
_` LmL^ `i LmLn^+ H\ kmjk\b\^d~i _` LmLn^ `skgd^\ g\ i\opm\g`u\
om\inhdnd]g` _` g\n `ia`mh`_\_`n kmd~id^\n+ Ano\ ^\k\^d_\_
_` pi\ kmjo`|i\ _` ^jiajmh\^d~i \i~h\g\ _` di_p^dm ^\h]djn
`nomp^opm\g`n ndhdg\m`n `i jom\n hjg{^pg\n ^jhj pi kmj^`nj
\pojkmjk\b\]g` n` c\ _`hjnom\_j m`^d`io`h`io` k\m\ hp^c\n
_` g\n kmjo`|i\n \bm`b\io`n lp` n` \nj^d\i \ g\n `ia`mh`_\_`n
i`pmj_`b`i`m\odq\n om\_d^dji\g`n+ H\ ij^d~i _` lp`) \g h`ijn
`i pi di_dqd_pj ^ji^m`oj) kp`_\ kmj_p^dmn` pi\ _dn`hdi\*
^d~i _` pi\ ^{gpg\ \ jom\ _` gjn \bm`b\_jn _` kmjo`|i\n \nj*

  



# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


4HONR@KU@ID

p
).)#)/

02/0!'!#)/.

[] 0Q0B e

0Q0

0Q0R> 

)MNBTK@BHuM
N HMFDRSHuM

>  O Q O RB8 0 Q0RD>  0Q0RB>

2  0Q0>  0Q0 R>


!' 2%'!#)/.

 0Q0R>  0Q0R>  0Q0R> 

3 RTRUGD RL"RUGD

)
4/ 8)# )$ !$  . %52 / . !,
&HFTQ@  0@SNFDMH@CDK@DMEDQLDC@CONQOQHNMDR ,@BNMENQL@BHuMBNM
TM@GrKHBD@CD0Q0BOTDCDB@LAH@QDRONMSqMD@LDMSD@K@BNMENQL@BHuMDM
GNI@ OCD 0Q0RB  TMDOHRNCHNPTDSHDMDKTF@Q@TM QHSLN LTBGN L@XNQDM K@
DMEDQLDC@CE@LHKH@Q@RNBH@C@@K@RLTS@BHNMDR0Q0DMK@KsMD@FDQLHM@K 0Q0
S@LAHrM OTDCD OQNBDCDQCDETDMSDRDWuFDM@R  BNLN@KHLDMSNRBNMS@LHM@d
CNR  HMRSQTLDMS@BHuM LrCHB@NLDCHB@LDMSNR #T@MCN@O@QDBD  0Q0BNMd
UHDQSD@NSQ@RLNKrBTK@RCD0 Q0 DM 0Q0LDCH@MSDTM@HMSDQ@BBHuMEsRHB@  KN
PTD EHM@KLDMSD  KKDU@@K@ENQL@BHuMCD@FQDF@CNRO@SuFDMNRCD0Q0B

^d\_jn\pi\`ia`mh`_\_k`mhdo`qdi^pg\mg\n`ia`mh`_\_`n
kmd~id^\n^jijomjnom\nojmijn)^jhjg\`ia`mh`_\__`=guc`d*
h`mtg\`ia`mh`_\__`L\mfdinji+
Agb`ilp`^j_dad^\g\LmL)gg\h\_jIKGI( hp`nom\pi\goj
bm\_j _`^jin`mq\^d~i`iom`g\n`nk`^d`n+ O`c\_`n^mdojlp`
_dq`mn\n hpo\^dji`n _`IKGIajmh\i g\ ]\n` _`g\najmh\n
a\hdgd\m`n_`g\`ia`mh`_\_kmd~id^\+=_`hzn)pikjgdhjmadn*
hj`i`g^j_~i./6lp`^j_dad^\h`odjidi\%I`o&jq\gdi\%R\g&
diagpt`nj]m``g _`n\mmjggj_`g\ `ia`mh`_\_8 gjn di_dqd_pjn
cjhj^db~od^jnk\m\ I`ojR\g`nozinj]m`mm`km`n`io\_jn`i
gjn ^\njn _` A?F am`io` \ g\ kj]g\^d~i b`i`m\g) gj lp` di_d*
^\lp` g\ c`o`mj^dbjnd_\_ `i`g ^j_~i./6 kmjo`b` am`io`\g
_`n\mmjggj_``no`kmj^`nj+O`j]n`mq\`no`hdnhj`a`^ojkmj*
o`^ojm_`g\c`o`mj^dbjnd_\_`i`g^j_~i./6k\m\g\A?Ft\om~*
b`i\ %nj]m` oj_j^\njnlp`n`kmj_p^`iom\ng\`skjnd^d~i\
cjmhji\ncdkjadn\md\nj]o`id_\n_`ajmh\i\opm\g&+

%MEDQLDC@C CD #QDTSYEDKCS *@JNA %#*


=pilp``ng\ajmh\hznam`^p`io`_``ia`mh`_\_kmd~id^\)g\
A?F`npikmj^`njkj^jam`^p`io`lp`^pmn\^g|id^\h`io`^ji
pi\_`h`i^d\mzkd_\h`io`kmjbm`ndq\+H\di^d_`i^d\\ip\g_`
g\ajmh\`nkjmz_d^\_`g\A?F`n.kjmhdgg~i_`c\]do\io`nt
m`km`n`io\ \kmjsdh\_\h`io``g6-# _`gjn^\njn8 g\najmh\n
a\hdgd\m`nn`_`]`i\hpo\^dji`n`i`gb`iIKGI* H\di^d_`i*
^d\hzsdh\_``no`kmj^`njj^pmm``ig\n{kodh\_{^\_\_`g\
qd_\+O`c\i_`n^mdoj^\njn_`hjnom\_jn_`om\inhdnd~it\om~*
b`i\ \ om\q{n _` om\nkg\io`n _`^~mi`\) om\n g\ dhkg\io\^d~i
kmjapi_\ _` `g`^omj_jn ^jio\hdi\_jn t kjm g\ \_hdidnom\*

^d~i_`km`k\m\_jn_`cjmhji\_`^m`^dhd`ioj_`jmdb`icp*
h\ij+ H\`ia`mh`_\_n`h\idad`no\^jinpodg`n^\h]djn`ig\
h`hjmd\tg\^ji_p^o\)lp`n`ndbp`i_`pi\_`h`i^d\mzkd*
_\h`io`kmjbm`ndq\) lp`\h`ip_jn`\nj^d\\^jiom\^^dji`n
hpn^pg\m`ndiqjgpio\md\n\g\`nodhpg\^d~in]do\ %hdj^gji|\
_` njmkm`n\&+ Qi\ hdijm|\ _`k\^d`io`n \a`^o\_jnkm`n`io\i
ndbijn_`_dnapi^d~i^`m`]`gjn\)lp`np`g`ih\ida`no\mn`^jhj
pi\\o\sd\+H\`ia`mh`_\_`nnd`hkm`hjmo\g+H\npk`mqdq`i*
^d\h`_d\nji4h`n`n_`n_``gdid^dj_`gjnn|iojh\n+=gbpijn
k\^d`io`nc\inj]m`qdqd_jq\mdjn\}jn)t\g\mbjkg\ujhp`n*
om\ipi\\omjad\`so`in\_`g\npno\i^d\bmdn\a`^o\_\+

%MEDQLDC@CCD #QDTSYEDKCS *@JNA U@QH@MSD


=k\modm_`.662`hk`u\mji\\k\m`^`m^\njn_`pi\`ia`mh`*
_\_k\m`^d_\\g\A?F`i`gN`dijQid_j+Ano`om\nojmijip`qj
_da`m|\ _` g\ A?F o|kd^\ `i q\mdjn \nk`^ojn dhkjmo\io`n7 g\
`ia`mh`_\_\a`^o\]\\\_pgojne~q`i`n)gjnom\nojmijn^ji_p^*
op\g`nj^pk\]\ipigpb\mkmjhdi`io``igjn`no\_djndid^d\g`n
_` g\ `ia`mh`_\_ t `g n|i_mjh` i`pmjg~bd^j `qjgp^dji\]\
hzng`io\h`io`lp``ig\n_`hznajmh\n_`A?F+Hjnc\gg\u*
bjn i`pmjk\ojg~bd^jn t g\n ^\m\^o`m|nod^\n h jg`^pg\m`n _`
`nojnip`qjn^\njnn`k\m`^|\i\gjn_`g\A?F)gjlp`npbd`m`
pi\ m`g\^d~i`nom`^c\`iom``no\n_jn`ia`mh`_\_`n)\pilp`
hgodkg`n g|i`\n _` `qd_`i^d\ npbd`m`i lp` g\ ip`q\ajmh\
q\md\io`_`g\A?F n`m`g\^dji\]\^jig\`skjnd^d~i\g\`i^`*
a\gjk\o|\`nkjibdajmh`]jqdi\+@`n_`pikpioj_`qdno\\i\*
ojhjk\ojg~bd^j) g\ A?F q\md\io` %A?Fq& n`^\m\^o`mdu\ kjm g\
km`n`i^d\ _` `so`in\n kg\^\n ^jmod^\g`n mj_`\_\n kjm pi
c\gj_`^\h]dj`nkjibdajmh`+Jjn`_`n^md]`i\go`m\^dji`n
`i`gb`iIKGI(tk\m`^`lp`g\`ia`mh`_\_n`gdhdo\)c\no\
g\ a`^c\) \ k\^d`io`n cjhj^db~od^jn k\m\ ./6 I`o,I`o+ H\
\k\md^d~i_`g\A?Fq n`m`g\^dji\^ji`g^jinphj _`g\b`io`
_`g\`i^`a\gjk\o|\`nkjibdajmh`]jqdi\`i\gdh`iojn^jio\*
hdi\_jn j kjm om\inapndji`n ^jio\hdi\_\n) gj lp` kg\io`\
dhkjmo\io`nkmj]g`h\n_`n\gp_k]gd^\+

- / 2 & / , / ' m!
,@ OQNFQDRHuM CD K@CDLDMBH@DM K@ %#* MNQL@KLDMSDDRS@M QqOHC@
PTD@ODM@RRDDMBTDMSQ@MRHFMNRL@BQNRBuOHBNRCD@SQNEH@BDQDAQ@K
%M DK DRSTCHNBNM DK LHBQNRBNOHN  DK G@KK@YFN O@SNFMNLuMHBNDR TM@
SQ@MRENQL@BHuM D R O N M F HEN QL D CDK@BNQSDY@BDQDAQ@KX  BNMEQDBTDMd
BH@ S@LAHrMCDK@RDRSQTBSTQ@ROQNETMC@RCDK@RTRS@MBH@FQHRB@TC@d
CNXOTS@LDM  DRSDOQNBDRN LTKSHENB@KC@KTF@Q@K@ENQL@BHuM GDSDd
QNFrMD@ CD U@BTNK@R L HBQNRBuOHB@R ODPTDt@R X @O@QDMSDLDMSD
U@Bs@RCDS@L@tNU@QH@AKDCDMSQNCDK MDTQuOHKNX DMNB@RHNMDR DMDK
ODQHB@QHNM CD K@RMDTQNM@REHF   !  %M KNR B@RNR@U@MY@CNRRD
NARDQU@OrQCHC@MDTQNM@KHMSDMR@ FKHNRHRQD@BSHU@X DMNB@RHNMDR DWd
O@MRHuMCDK@RqQD@RU@BTNK@C@RENQL@MCNDRO@BHNR@LNCNCDPTHRd
SDRcDRS@CNDRONMINRNi  $DRS@B@K@@TRDMBH@CDHMEHKSQ@CNHMEK@L@SNd
QHN #NM LHBQNRBNOHNDKDBSQuMHBN RDNARDQU@PTD K@RU@BTNK@RDRSqM
QNCD@C@RONQLDLAQ@M@X RDKNB@KHY@MDMDKBHSNOK@RL@CDK@ROQNKNMd
F@BHNMDRMDTQNM@KDR ,@ROK@ B @ R CDJT QT RNMCDOuRHSNRDWSQ@BDKTK@ 
QDRCDOQNSDsM@@MuL@K@@FQDF@C@RNMONRHSHU@RBNMQNIN#NMFNX0!3
XRTDKDMKNB@KHY@QRDDMDKBDQDADKNEHF  " ODQNRNM@ATMC@MSDR
DMK@BNQSDY@BDQDAQ@KDMKNRB@RNRCD%#*UEHF # %MSNC@RK@R
ENQL@R CD DMEDQLDC@C OQHuMHB@  K@ SHMBHuM HMLTMNGHRSNPTsLHB@ CDd
LTDRSQ@K@OQDRDMBH@CD0Q0QDRHRSDMSD@OQNSDHM@R@+DMKNRSDIHCNR

)MRNLMHNE@L HKH@Q KDS@K )&,


Ag dinjhidj a\hdgd\mg`o\g %EBH&) lp`m`^d]``no`ijh]m`kjm
gjnom\nojmijn_`gnp`}jlp`^\m\^o`mdu\i\gjn`no\_djndid^d\*
g`n)n`_`]`o\h]d{i\pi\hpo\^d~i`nk`^|ad^\_`gb`iIKGI*
Ano\hpo\^d~i)lp`^ji_d^dji\g\npnodop^d~i_`\nk\mo\ojkjm

%MEDQLDC@CDR CDRLHDKHMHY@MSDR






 
  U

$R +$

$$$ $

9A

6  
6# "

$ '


+



"

; $
u d * $



; :

'

\nk\m\bdi\ `i`gm`nd_pj .45 _`LmL^)kmjqj^\`g EBH^p\i_j


j^pmm``ipi\g`gj _` IKGIlp`^j_dad^\ g\h`odjidi\`i`g
^j_~i./6)k`mjkmjqj^\g\A?Fndn`km`n`io\`iozi_`h^ji
pi\ q\gdi\ `i `no\ kjnd^d~i+ Jj n` ^jhkm`i_` ^~hj `nojn
\hdijz^d_jn diagpt`i nj]m` `g a`ijodkj _` g\ `ia`mh`_\_+
@pm\io`g\`qjgp^d~i_`g\`ia`mh`_\_) o|kd^\h`io`dia`mdjm
\0\}jn)gjnk\^d`io`n\a`^o\_jn_`n\mmjgg\ijomjnndbijni`p*

- / 2 & / , / ' m!
!CHEDQDMBH@CD K@R CDLqRDMEDQLDC@CDR OQHuMHB@R  DM DK )&, MN RD
DMBTDMSQ@MB@LAHNRDRONMFHENQLDRDMDKDRSTCHNO@SNKuFHBN,@@KSDd
Q@BHuMLqRKK@L@SHU@DRK@OrQCHC@CDMDTQNM@RXK@FKHNRHRQD@BSHU@DM
KNRMvBKDNRUDMSQ@KDR@MSDQHNQDRXCNQRNLDCH@KDRCDKSqK@LNS@LAHrM
RD NARDQU@ TM@ KK@L@SHU@ OrQCHC@ CD MDTQNM@RDM KNR MvBKDNR CD K@
NKHU@ HMEDQHNQDR 3D OTDCD CDSDBS@Q 0Q0RB QDRHRSDMSD @ OQNSDHM@R@ +
LDCH@MSDHMLTMNSHMBHuMNHMLTMNSQ@MREDQDMBH@CD7DRSDQM

/ : 9 / 1 ; >: = /7-@1
1QJIUP IHEHIVSRUSULRQIV

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

:"

0 435V7;6 X
R

'

$ $ g * | +

 ,@RDMEDQLDC@CDRONQOQHNMDROTDCDMRDQDRONQqCHB@R E@L HKH@d


QDRNSQ@MRL HRHAKDRHMEDBBHNR@R  ,@DMEDQLDC@CRDOQNCTBDONQ
K@BNMUDQRHuMCDTM@OQNSDsM@BDKTK@QMNQL@K0Q0B @TM@BNMENQd
L@BHuM@MuL@K@0Q0RB  KNPTDFDMDQ@TM@RDQHDCDB@Q@BSDQsRSHd
B@R CDEHMHSNQH@R  BNL N K@ QDRHRSDMBH@ QDK@SHU@ @ K@ CHFDRSHuM BNM
OQNSD@R@R  K@@TSNOQNO@F@BHuMX K@B@O@BHC@C CDCHRDLHM@QRD
 ,@RENQL @RE@LHKH@QDRCDDRSNRSQ@RSNQMNRRDQDK@BHNM@MBNMLTd
S@BHNMDRDMDKFDMPTDBNCHEHB@0Q0B!BD@B"& 5MY\ Qb`ONKHL NQEN
CDBD@BDKBNCuM  OTDCDRDQ-DSN6@K CDSDQLHM@DKEDMNd
SHO N CDK@DMEDQLDC@CXK@GNL NBHFNRHC@CDMDRSDY\Qb`@TL DMd
S@DK QHDRFNCDDMEDQLDC@C DRONQqCHB@
 %MSQD KNR EDMNSHONR CD K@ DMEDQL DC@C DRSqM K@ DMEDQL DC@C CD
#QDTSYEDKCS *@JNACDLDMBH@QqOHC@LDMSDOQNFQDRHU@ DKRsMCQNd
LDCD' DQRSL @MM 3SQqTRRKDQ 3BGDHMJDQ@S@WH@BDQDADKNR@OQNd
FQDRHU@ XDK HMRNLMHNE@L HKH@QKDS@K

| ' +

d .

&HFTQ@  %MEDQLDC@CONQOQHNMDR!#@LAHN


DRONMFHENQLD DM K@ BNQSDY@ BDQDAQ@K 2DBT@d
CQN )L@FDM@FQ@M@TLDMSNCDTM@MDTQNM@BNM
U@BTNK@R"#NQSDY@BDQDADKNR@PTDLTDRSQ@OK@d
B@RCDJTQTSHMBHuMBNMqBHCNODQXuCHBNCD3BGHEE 
PTDBNQQDRONMCDMBNM0Q0@FQDF@CN ?+0K@B@R
BNQSHB@KDR QNCD@C@RONQB@LAHNDRONMFHENQLDDM
K@%#*U

mjg~bd^jn)^jhj\o\sd\)om\nojmijn\pojn~hd^jn)`nopkjmt)kjm
godhj)^jh\+O`c\_`n^mdojo\h]d{ipi\ajmh\ijc`m`_do\*
md\_`g\`ia`mh`_\_%dinjhidjg`o\g`nkjmz_d^j&+

%MEDQLDC@CDR CDRLHDKHMHY@MSDR
H\n`ia`mh `_\_`n_`nh d`gdidu\io`n_`gOJ?nji\a`^^dji`n
\_lpdmd_\nlp`n`^\m\^o`mdu\ikjm`g _\}jkm`a`m`io`_`g\
h d`ddi\ ^ji ^jin`mq\^d~im`g\odq\ _` gjn \sji`n+ H\n _`ad*
^d`i^d\n ^g|id^\n n` _`]`i \g `a`^oj lp` od`i` g\ k{m_d_\ _`
hd`ddi\ nj]m` g\ om\inhdnd~i_` gjn dhkpgnjn `g{^omd^jn\ gj
g\mbj_`gjn\sji`n+H\`qjgp^d~ii\opm\g_`g\n`ia`mh`_\_`n
_`nhd`gdidu\io`nqd`i`^ji_d^dji\_\)`ik\mo`)kjmg\gdhdo\_\
^\k\^d_\_ _`gOJ?_`m`b`i`m\mg\hd`ddi\ijmh\g tkjm`g
bm\_j_`_\}jn`^pi_\mdj_`gjn\sji`nlp`\k\m`^`_pm\io`
g\`qjgp^d~i_`gkmj^`nj+
R\mdjnkmj^`njnk\ojg~bd^jnkp`_`ikmj_p^dmpi\k{m_d_\
_`g\hd`ddi\+Aiom``ggjn`nozig\_`nomp^^d~i_`g\hd`ddi\_`
h`^\idnhjdihpi`)^jhjnp^`_``ig\`n^g`mjndnhgodkg`)t
g\ndia`^^dji`n+Aig\ g`p^j`i^`a\gjk\o|\ hpgodaj^\gkmjbm`nd*
q\)g\dia`^^d~ikjm`gqdmpnF?_`gjnjgdbj_`i_mj^dojnkmjqj*
^\pi\k{m_d_\_`hd`ddi\%_`n^mdo\\io`mdjmh`io`&+=_`hzn)
\gbpijnom\nojmijnc`m`_do\mdjnkp`_`i\a`^o\m\g\n|io`ndnj
m`^\h]dj _`gjn^jhkji`io`n_`g\hd`ddi\) `ipibmpkj _`
om\nojmijn gg\h\_jn c\lZf[`jkif]`Xj t lp` n` ^jh`io\i ^ji
gjnom\nojmijnh`o\]~gd^jn+

%RBKDQNRHR LvKSHOKD
H\`n^g`mjndnh godkg`%AI&`npiom\nojmij_`nh d`gdidu\io`
\pojdih pido\mdjlp`n`^\m\^o`mdu\kjm`kdnj_djn]d`i_`gd*
h do\_jnt n`k\m\_jn`i`god`hkj_`_`a`^ojni`pmjg~bd^jn
\omd]pd]g`n\g`ndji`n_`g\npno\i^d\]g\i^\lp``nozin`k\*
m\_\n`i`g`nk\^dj+An`ghznam`^p`io`_`gjnom\nojmijn_`n*
hd`gdidu\io`n) ^ji pi\ km`q\g`i^d\ _` \kmjsdh\_\h`io` .
kjm.+---k`mnji\n`ig\h\tjmk\mo`_`AA+QQ+tApmjk\+H\
`ia`mh `_\_ kp`_` n`m ^g|id^\h `io` `qd_`io` \ ^p\glpd`m
`_\_)nd]d`i`gdid^dj`ig\dia\i^d\j_`nkp{n_`gjn2-\}jn





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


`n m`g\odq\h`io` kj^j am`^p`io`+ =a`^o\ _jnq`^`n hzn\ g\n
hpe`m`nlp`\gjncjh]m`n+Aig\h\tjm|\_`gjnk\^d`io`n^ji
AI)g\`ia`mh`_\_ndbp`pi^pmnj_``kdnj_djn_`_`o`mdjmj
i`pmjg~bd^j m`hdo`io`n t m`^d_dq\io`n _` _pm\^d~iq\md\]g`
%_` n`h\i\n \ h`n`n ` di^gpnj \}jn&) lp` n` ndbp`i _` pi\
m`^pk`m\^d~ibm\_p\gtk\m^d\g _`g\api^d~ii`pmjg~bd^\+ H\
am`^p`i^d\_`g\nm`^\|_\nod`i_`\_dnhdipdm\gj g\mbj_`g\
`qjgp^d~i)k`mj`g_`o`mdjmji`pmjg~bd^jk\pg\odij`n^\m\^o`*
m|nod^j`ig\h\tjm|\_`gjnk\^d`io`n\a`^o\_jn+
I Xkf^ \e `X* H\ng`ndji`n_`g\AIn`_`]`i\pi\m`nkp`no\
\pojdih pido\md\am`io`\^jhkji`io`n_`g\q\di\_`h d`gd*
i\+ Ebp\g lp` np^`_``ijomjnkmj^`njn\pojdihpido\mdjn)g\
k\ojb`id\ _` `no\ `ia`mh `_\_ dhkgd^\ pi\ ^jh]di\^d~i
_`a\^ojm`nb`i{od^jnt\h]d`io\g`n%q+^\k|opgj3 &+Agmd`nbj_`
k\_`^`mg\`ia`mh`_\_`n.2q`^`nh\tjm^p\i_j`nozkm`n`i*
o``ipia\hdgd\m_`kmdh`mbm\_jtc\no\.2-q`^`nh\tjm`i
gjnb`h`gjnhjij^db~od^jn^p\i_jpij`noz\a`^o\_j+=k`n\m
_` pi\ n`md` _` kjo`i^d\ npad^d`io`) njgj n` c\ ^jin`bpd_j
`skgd^\mpi\ k\mo` _` g\ ]\n` b`i{od^\ _`g\ `ia`mh`_\_+ O`
_`n^md]` pikjo`io``a`^oj _`g c\kgjodkj\hkgd\_j _`g ^jh*
kg`ejh\tjm_`cdnoj^jhk\od]dgd_\_@N/8^\_\^jkd\_`g\g`gj
@N>.'.2-.lp`c`m`_\^\_\di_dqd_pjn`\nj^d\\pi\ph`i*
oj\kmjsdh\_\h`io`omdkg`_`gmd`nbj_`_`n\mmjgg\mpi\AI+
Ai`nop_djn_`\nj^d\^d~ik\ib`i~hd^\)did^d\gh`io`n``no\*
]g`^d`mji\nj^d\^dji`n\_d^dji\g`n^jigjnb`i`n_`gjnm`^`k*
ojm`nk\m\EH*/`EH*4)tkjno`mdjmh`io`o\h]d{i^jipi\n`md`
_`b`i`n\_d^dji\g`nlp`^j_dad^\ikmjo`|i\ndhkgd^\_\n`ig\
m`nkp`no\ dihpi`)`iom` gjn lp` n`di^gpt`i^doj^di\nt npn
m`^`kojm`n)g\nhjg{^pg\n^j`nodhpg\_jm\ntg\nhjg{^pg\n_`
om\inhdnd~i _` n`}\g`n ^dojkgznhd^\n+ Ip^cjn _` `nojn cfZ`
`noziqdi^pg\_jn^jijom\n `ia`mh`_\_`n \pojdihpido\md\n+
Anojn`nop_djn b`i{od^jnijc\i`skgd^\_jg\nq\md\^dji`n`i
g\`qjgp^d~i^g|id^\_`gjnk\^d`io`n^jipi\AI+
Hjnh`^\idnhjndihpi`ndhkgd^\_jn`ig\_`nomp^^d~i_`
g\ hd`gdi\ nji`g ^`iomj _`hp^c\ndiq`nodb\^dji`n+ H\n`qd*
_`i^d\n_dnkjid]g`ndi_d^\ilp`g\ `ia`mh`_\_ n`did^d\kjm
gdiaj^dojnPPc.4tPD.)lp`m`\^^dji\iam`io`\ gjn\io|b`ijn
_`hd`gdi\tlp`n`^m`o\i^doj^di\n+Hjngdiaj^dojnPD.n`^m`o\i
EBJ*4 )lp`\^odq\\gjnh\^m~a\bjn)tgjngdiaj^dojnPD.4ajh`i*
o\i`g m`^gpo\hd`ioj_`gjni`pom~adgjn %q+ ^\k|opgj 3 &+ H\_`n*
hd`gdidu\^d~i`nkmj_p^d_\ kjm `nojn g`p^j^dojn \^odq\_jn t
npnkmj_p^ojng`ndqjn+Agdiadgom\_j_`g\nkg\^\nt_`g\nm`bdj*
i`n^dm^pi_\io`n_`g^`m`]mj^jiod`i`igdiaj^dojnP%nj]m`oj_j
?@1(t\gbpijn?@ 5 (&th\^m~a\bjn+Jjn`^jhkm`i_`^~hj
n`did^d\g\m`\^^d~i\pojdihpido\md\8n`c\kmjkp`nojg\k\mod*
^dk\^d~i_`g\dia`^^d~iq|md^\%k+`e+)RA>& `ig\\^odq\^d~i_`
gjngdiaj^dojnP\pojmm`\^odqjn)k`mjn`ndbp`_dn^pod`i_j+
H\ `i^`a\gjh d`gdodn \pojdih pido\md\ `sk`mdh`io\g `n pi
hj_`gj\idh\g_`AI`i`glp`n`kmj_p^`_`nhd`gdidu\^d~i
`diag\h\^d~i_`nkp{n_`g\dihpidu\^d~i_`gjn\idh\g`n^ji
g\n kmjo`|i\n _` g\ hd`gdi\+ Ip^cjn _` ip`nomjn ^ji^`kojn
nj]m` g\ k\ojb`id\ _` g\ AI _`mdq\i _` `nop_djn ^ji `no`
hj_`gj+ Ankjnd]g`om\ina`mdm_`ajmh\k\ndq\`no`om\nojmij
`sk`mdh`io\g \ gjn \idh\g`n ij dihpidu\_jn ^ji gdiaj^dojn
Pc.tPc.4lp`m`^jij^`igjn\io|b`ijn_`g\hd`gdi\+
=k\modm_`gjn^m`^d`io`n^jij^dhd`iojnnj]m`g\k\ojb`id\
_`g\AIn``nozi`hk`u\i_j\_`n\mmjgg\mom\o\hd`iojnlp`
hj_pg\ijdicd]`ig\m`nkp`no\_`gjngdiaj^dojnPt]gjlp`\i
`gm`^gpo\hd`ioj_`gjngdiaj^dojnP\g^`m`]mj+@pm\io`hp^cj
od`hkj n` c\ njnk`^c\_j g\ k\mod^dk\^d~i _` g\ dihpid_\_
cphjm\g) kjm g\ d_`iodad^\^d~i _` ]\i_\n jgdbj^gji\g`n _`
dihpijbgj]pgdi\n`i`gH?N+Ano\d_`\n`q`\kjt\_\kjmg\
_`hjnom\^d~i _`lp``g om\o\hd`ioj^jiazmh\^jnlp`m`_p*
^`i`gih`mj_`gdiaj^dojn>_dnhdipt`g\di^d_`i^d\_`g`ndj*
i`n_`nhd`gdidu\io`n`igjnk\^d`io`n^jiAI+

&HFTQ@  %RBKDQNRHRLvKSHOKD#NQSDCDTMBDQDAQNDMEQDRBNPTDLTDRSQ@


TM@OK@B@@KQDCDCNQCDK@RS@NBBHOHS@KCDKUDMSQsBTKNK@SDQ@K

&HFTQ@  %RBKDQNRHRLvKSHOKD%-  2DFHNMDRCDCDRLHDKHMHY@BHuMOK@B@R


CD %-  RHMSDtHQ@KQDCDCNQ CDK BT@QSN UDMSQsBTKN SHMBHuM CD @YTK QqOHCN CD
,TWNK qBHCNODQXuCHBNCD3BGHEEO@Q@LHDKHM@ 

- / 2 & / , / ' m!
,@ %- DR  OQHMBHO@KLDMSD  TM@DMEDQLDC@C CD K@RTRS@MBH@ AK@MB@ 
PTDRDQDBNMNBDLDINQDMKNRBNQSDRCDKBDQDAQNXK@LrCTK@DROHM@K
%MEQDRBN K@RKDRHNMDRRNMLqREHQLDRPTDK@RTRS@MBH@AK@MB@BHQBTMd
C@MSD DRBKDQNRHR  X @O@QDBDM BNL N OK@B@R O@QCN FQHRqBD@R  CD
ENQL@HQQDFTK@QX@RODBSNUHCQHNRN  AHDMCDKHLHS@C@RXKHFDQ@LDMSDCDd
OQHLHC@REHF  ,@RqQD@RCDCDRLHDKHMHY@BHuMOQDRDMS@MANQCDR
AHDM CDEHMHCNR  Q@RFN PTDRD@OQDBH@ LDINQBNM K@RSHMBHNMDRO@Q@K@
LHDKHM@EHF    %KS@L@tNCDK@RKDRHNMDRDRLTXU@QH@AKD CDRCD
ENBNRODPTDtNRPTDRNKNRDQDBNMNBDMDMDKDRSTCHNLHBQNRBuOHBN@

%MEDQLDC@CDR CDRLHDKLHY@MSDR

&HFTQ@  %RBKDQNRHRLvKSHOKD!#NQSDSDtHCNO@Q@LHDKHM@PTDLTDRSQ@DKKsLHSDMDSNCDTM@OK@B@CDRLHDKHMHY@C@XKNRL@MFTHSNRKHMENBsSHBNRODQHU@RBTK@QDR


",@LHRL@KDRHuMSDtHC@O@Q@KNR@WNMDRLTDRSQ@RTQDK@SHU@BNMRDQU@BHuM

OK@B@RBNMEKTDMSDRPTD@EDBS@MDWSDMR@RqQD@RCDK@RTRS@MBH@AK@MB@
OQNETMC@,@ROK@B@RRDKNB@KHY@MG@AHST@KLDMSDBDQB@CDKNRUDMSQsBTd
KNR K@SDQ@KDR X S@LAHrM RNM EQDBTDMSDR DM KNR MDQUHNR uOSHBNR X DK
PTH@RL@ DKSQNMBNCDKDMBrE@KN SQ@BSNRCDEHAQ@R@RBDMCDMSDRXCDRd
BDMCDMSDR  BDQDADKNX LrCTK@DROHM@K ,@R OK@B@RS@LAHrM OTDCDM
@KB@MY@Q K@ RTRS@MBH@ FQHR  C@CN PTD DM DKK@ S@LAHrM DWHRSDM EHAQ@R
LHDKsMHB@R
-HBQNRBuOHB@LDMSD  DM TM@OK@B@ @ B SHU @ RDNARDQU@MRHFMNRCD
CDFQ@C@BHuMCDK@LHDKHM@DMBTQRN BNML@BQuE@FNR@ATMC@MSDRPTD
BNMSHDMDM RTR QDRSNR QHBNRDM KsOHCNRX ONRHSHUNRBNM 0!3 3D@OQDd
BH@M KHMENBHSNRX LNMNBHSNR  OQDEDQDMSDLDMSDBNL N L@MFTHSNR ODQHd
U@RBTK@QDRX KNB@KHY@CNR DM DK L@QFDM DWSDQMN CD K@ KDRHuM EHF  
  ,@R KDRHNMDR@BSHU@R DRSqM BDMSQ@C@R@ LDMTCN RNAQDUDM@R
ODPTDt@R ,NR@WNMDRDRSqM QDK@SHU@LDMSDBNMRDQU@CNRDM DK RDMN
CD K@ OK@B@EHF   "  XG@X OrQCHC@CDNKHFNCDMCQNBHSNR #NM DK
SHDLON KNR@RSQNBHSNRRTEQDMB@LAHNRQD@BSHUNR#T@MCNK@RKDRHNMDR
ODQL@MDBDMPTHDRBDMSDR  K@RBrKTK@RHMEK@L@SNQH@RCDR@O@QDBDMKDMd
S@LDMSD %M DK RDMN CD K@R O K@ B @ R  HM @ B SHU @ R  RD HCDMSHEHB@ ONB@ N
MHMFTM@ LHDKHM@  XS@LAHrM RD QDCTBDDK MvLDQN CD MvBKDNR CD KNR
NKHFNCDMCQNBHSNR %MRTKTF@Q CDRS@B@TM@KK@L@SHU@OQNKHEDQ@BHuMCD
@RSQNBHSNR BNM FKHNRHR ,NR @WNMDR CD K@R OK@B@R FKHuSHB@R @MSHFT@R
LTDRSQ@M TM@ CDRLHDKHMHY@BHuM HL ONQS@MSD X S@LAHrM TM@ MNS@AKD
QDCTBBHuM CDKMvLDQN
%M @KFTM@R OK@B@R CD %- OK@ B @ R  DM R N L A Q@  MN DWHRSD TM@
CDKHLHS@BHuMMDS@DMSQDK@RTRS@MBH@AK@MB@MNQL@KX @EDBS@C@%MDRSD
SHONCDKDRHuMDRONRHAKDCDLNRSQ@QU@HM@RCDLHDKHM@@MuL@K@LDMSD
@CDKF@Y@C@R  RNAQDSNCNDMKNRLqQFDMDRDWSDQMNR %RSDEDMuLDMN
RD RTDKD HMSDQOQDS@QBNL N DUHCDMBH@CD TM@ QDLHDKHMHY@BHuM O@QBH@K D
HMBNLOKDS@ONQO@QSDCDKNRNKHFNCDMCQNBHSNRRTODQUHUHDMSDR4@LAHrM
RDG@MCDRBQHSNEHAQ@RBNMTM@LHDKHMHY@BHuM@MuL@K@DMKNRLqQFDMDR
CD K@R OK@B@RSsOHB@R !TMPTDDRSNR G@KK@YFNR GHRSNKuFHBNR RTFHDQDM
TM ONSDMBH@K CD QDLHDKHMHY@BHuM KHLHS@CN DM DK 3.#  KNR@WNMDR PTD
ODQRHRSDM DM K@L@XNQO@QSDCD K@R OK@B@RCD %- RHFTDM RHM LHDKHM@
KNRDRSTCHNRPTDSQ@S@MCDENLDMS@QK@QDLHDKHMHY@BHuMRNMTMENBNCD
HMUDRSHF@BHuMHLONQS@MSD

v
+/

< XiX Zk\ivjk`ZX jZcve `ZXj* =pilp`g\ng`ndji`n_`g\AIkp`*


_`i\k\m`^`m`i^p\glpd`mgpb\m_`iomj_`gOJ?`di_p^dm)`i
^jin`^p`i^d\)pi\\hkgd\ b\h\_`h\ida`no\^dji`n^g|id^\n)
\gbpijnk\omji`n_`n|iojh\ntndbijni`pmjg~bd^jnnjihzn
am`^p`io`n+ H\\go`m\^d~iqdnp\gpidg\o`m\gkjm\a`^o\^d~i_`g
i`mqdj~kod^j$e\li`k`jxgk`ZX(e\li`k`ji\kifYlcYXi%`npi\h\id*
a`no\^d~i did^d\g am`^p`io` _` g\ AI+ Odi `h]\mbj) njgj pi\

hdijm|\ _` gjnk\^d`io`n^jipi`kdnj_dj _` i`pmdodn ~kod^\


%`iom` `g .-t `g 2-#) n`bi g\ kj]g\^d~i\i\gdu\_\& \^\]\i
_`n\mmjgg\i_j pi\ AI %k\m\`no\]g`^`m`no`_d\bi~nod^jnji
km`^dnjn `kdnj_djn hgodkg`n&+ H\ \a`^o\^d~i _`g omji^j _`g
`i^{a\gjkmjqj^\ndbijn_`gjnk\m`n^m\i`\g`n)\o\sd\)idno\b*
hjtjao\ghjkg`e|\dio`mip^g`\mkjmdio`mmpk^d~i_`g\nad]m\n
_`ga\n^|^pgjgjibdop_di\gh`_d\g+H\ng`ndji`nh`_pg\m`nkmj*
_p^`i\go`m\^dji`nn`indodq\nthjojm\n`igjnhd`h]mjnt`g
omji^j)^ji`nk\nod^d_\_t_dad^pgo\_`nk\m\`g^jiomjgqjgpi*
o\mdj_`g\api^d~iq`nd^\g+
AgH?N_`gjnk\^d`io`n^jiAIhp`nom\pi\^ji^`iom\^d~i
_`kmjo`|i\ngdb`m\h`io``g`q\_\)t`ipio`m^dj_`gjn^\njn
n`\km`^d\pi\kg`j^dojndnhj_`m\_\+ H\n^ji^`iom\^dji`n_`
EbC `i`g H?Nnji \go\n)t g\ dihpij`g`^omjajm`ndn hp`nom\
]\i_\n jgdbj^gji\g`n _` EbC) gj lp` npbd`m` lp` `sdno` pi
ih`mjk`lp`}j _`^gji`n _` gdiaj^dojn >\^odq\_jn) lp`n`
^jind_`m\i\pojmm`\^odqjn`i`gH?N+ Hjn`nop_djnm\_djg~bd*
^jn^jim`nji\i^d\h\bi{od^\c\i\_lpdmd_jpik\k`gdhkjm*
o\io`k\m\q\gjm\mg\kmjbm`nd~i_`g\`ia`mh`_\_8`nojn`nop*
_djn)^jmm`g\^dji\_jn^jigjn_\ojn_`\pojknd\tgjnc\gg\ubjn
^g|id^jn)di_d^\ilp`\gbpi\nkg\^\nkp`_`in`mndg`io`n^g|id*
^\h`io`)di^gpnj`ik\^d`io`nndiojhzod^jn+

. DTQNL HDKHSHR uOSHB@


H\i`pmjhd`gdodn~kod^\%JIK&`npin|i_mjh`^jipi\i`p*
mdodn~kod^\]dg\o`m\gndi^m~id^\%j^\nd&t_`nhd`gdidu\^d~i_`
g\h{_pg\`nkdi\g+=pilp`\io`nn`^ji^`]|\^jhjpi\ajm*
h\ _`AI)\cjm\`noz^g\mjlp`np`kd_`hdjgjb|\tadndjk\*
ojgjb|\nji_dnodio\n+ H\JIKhp`nom\pi\ o`i_`i^d\ oj_\*
q|\h\tjm\\a`^o\m\g\nhpe`m`nlp`g\AI)n`\nj^d\\pi\
m`^pk`m\^d~ih\g\om\ng\kmdh`m\^mdndntn`^\m\^o`mdu\kjm
g\ km`n`i^d\ _` \iod^p`mkjn am`io` \ g\ \^p\kjmdi\ 1+ Ano\
kmjo`|i\`n`gkmdi^dk\g^\i\gk\m\`g\bp\_`gjn\nomj^dojnt
`ig\nzm`\n_`_`nhd`gdidu\^d~i_`g\JIKn`j]n`mq\k{m*
_d_\ _`g\ \^p\kjmdi\ 1+ Anojn \iod^p`mkjn ^\pn\ig`ndji`n
`igjn\nomj^dojnkjmh`^\idnhjn_`k`i_d`io`n_`g^jh kg`*
h`ioj8ndi`h]\mbj)ijnji^\k\^`n_`om\ina`mdmg\`ia`mh`*
_\_ `i h j_`gjn \idh \g`n+ Ai g\ JIK) gjn g`p^j^dojn nji
am`^p`io`n`i`g H?Nt\ h`ip_jn`\^jhk\}\i_`i`pom~*
adgjn+ Ai g\n zm`\n g`ndji\_\n _` g\ npno\i^d\ ]g\i^\ n`
`i^p`iom\ o|kd^\h `io` i`^mjndn) pi diadgom\_j diag\h\ojmdj
^jii`pom~adgjnt_`k~ndojnq\n^pg\m`n_`dihpijbgj]pgdi\n
t ^jhkg`h`ioj+ Hjn om\o\h d`iojn di^gpt`i h `_d_\n k\m\
m`_p^dmg\^\mb\_`\iod^p`mkjn)]d`ih`_d\io`kg\nh\a{m`ndn





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


o|kd^\h`io` ^ji pi\ _dnomd]p^d~i ]\no\io` ndh{omd^\+ Op`g`
\k\m`^`m\gjn/*3_|\n_`pi\^jmm`^^d~imzkd_\_`pi\cdkj*
i\om`hd\)\pilp`o\h]d{ikp`_`\nj^d\mn`\jomjnom\nojmijn
`g`^omjg|od^jnbm\q`nj_`n`lpdgd]mdjnjnhjg\m`n)hjodqjkjm`g
lp` n` ^jij^` o\h ]d{i ^jhj kiXjkfief gfi [\jd`\c`e`qXZ`xe
fjdxk`ZX* L\m`^`lp`gjn\ph`iojnmzkd_jn_`g\jnhjg\gd_\_
g`ndji\igjn jgdbj_`i_mj^dojn kjm h`^\idnhjn kj^j ^g\mjn+
Ano\ng`ndji`nijkm`n`io\idiag\h\^d~i)tg\ni`pmji\ntgjn
\sji`nn`^jin`mq\i+?jhjg\\k\md^d~i_`g\ng`ndji`n`nndi*
^m~id^\) k\m`^` lp` oj_\n `gg\n n` `i^p`iom\i `i `g hdnhj
`no\_dj_`k{m_d_\_`hd`gdi\tm`\^^d~i_`g\hdnh\+=pilp`
jmdbdi\gh`io`_`n^mdo\`ig\kmjop]`m\i^d\)n`kp`_`i`i^ji*
om\m g`ndji`n ^ji pi \nk`^oj t `odjgjb|\ k\m`^d_jn `i jom\n
k\mo`n_`g^`m`]mj+
=pilp`kp`_`\a`^o\m\g\h\tjmk\mo`_`g\nm`bdji`n_`g
^`m`]mj)g\nm`bdji`nk`mdq`iomd^pg\mtnp]kd\gn`m`nk`o\i)t
`nhptdiam`^p`io`lp``g^p\_mjn``sod`i_\kjm_`]\ej_`
g\pid~ikjioj]pg]\m+H\km`n`io\^d~i^g|id^\_`g\ng`ndji`n
kjiodi\n^jmm`nkji_`\pi\o`om\kg`e|\_``qjgp^d~imzkd_\)
lp`kp`_`n`mhjmo\gjkmj_p^dm_`ad^d`i^d\nbm\q`n\g\mbj
kg\uj) di^gpd_j `g n|i_mjh ` _`g ^\podqj) `i `g lp` `g
k\^d`io` ^jin`mq\ g\ kg`i\ ^ji^d`i^d\) k`mj ij kp`_` m`n*
kji_`m+Anj]gdb\ojmdj^jmm`bdm^jig`iodop_g\cdkji\om`hd\
t c\^`mgj _` ajmh \ ^pd_\_jn\ k\m\ km`q`idm `no\ omzbd^\
^jhkgd^\^d~i+

j m`_p^^d~i _` gjn gdiaj^dojn > ^ji `g \iod^p`mkj am`io`


\?@/-+

%MBDE@KNLHDKHSHR CHRDLHM@C@ @FTC@


XDMBDE@KNLHDKHSHR GDLNQQqFHB@ MDBQNR@MSD @FTC@
H\\eZ\]Xcfd`\c`k`j [`j\d`eX[XX^l[X `n pi\ `ia`mh`_\_ _`n*
hd`gdidu\io` hjijaznd^\ _dapn\)lp`\k\m`^` om\n pi\ dia`^*
^d~iq|md^\j)^jih`ijnam`^p`i^d\)om\npi\q\^pi\^d~i^ji
qdmpn+Hjnn|iojh\nn`_`n\mmjgg\io|kd^\h`io`_`.\/n`h\*
i\n_`nkp{n_`g\dia`^^d~ikm`qd\t`iom``ggjn`nozig\^`a\*
g`\)g\j]ip]dg\^d~it`g^jh\)`igpb\m_`gjnc\gg\ubjnaj^\*
g`n lp` \k\m`^`i`i`gAI+ H\ `qjgp^d~i^g|id^\`nmzkd_\t
c\no\`g/-#_`gjnk\^d`io`n\a`^o\_jna\gg`^`i)hd`iom\nlp`
`gm`nojn`m`^pk`m\ikjm^jhkg`oj+
H\\eZ\]Xcfd`\c`k`j_\dfiit^`ZXe\ZifjXek\X^l[X %_`ijhdi\*
_\ o\h ]d{i c\lZf\eZ\]XcfgXkvX _\dfiit^`ZX X^l[X [\ P \jkfe
Alijk& `n pi n|i_mjh` _` _`nhd`gdidu\^d~i apghdi\io` _`g
OJ?) lp` \a`^o\ o|kd^\h`io` \ \_pgojne~q`i`n t id}jn+ H\
`ia`mh`_\_qd`i`km`^`_d_\_`ajmh\^\nddiq\md\]g`kjmpi
`kdnj_djm`^d`io`_`dia`^^d~im`nkdm\ojmd\\go\)^jiam`^p`i^d\
_` ^\pn\ _`n^jij^d_\+ H\ `ia`mh `_\_ m`npgo\ h jmo\g `i
hp^cjnk\^d`io`ntg\h\tjmk\mo`_`gjnnpk`mqdqd`io`nkm`*
n`io\i_`ad^d`i^d\nndbidad^\odq\n+

- / 2 & / , / ' m!
%M K@DMBDE@KNLHDKHSHR CHRDLHM@C@ @FTC@  K@ RTODQEHBHD CD BNQSD CDK
BDQDAQNLTDRSQ@DWBKTRHU@LDMSDYNM@RCDCDBNKNQ@BHuM FQHRqBD@@Kd
QDCDCNQCD KNRU@RNR CD K@ RTRS@MBH@ AK@MB@ %K DRSTCHN GHRSNKuFHBN
LTDRSQ@TM@OrQCHC@CDLHDKHM@BNMQDK@SHU@BNMRDQU@BHuMCDKNR@WNd
MDR ONQSNC@ K@ RTRS@MBH@ AK@MB@ %M KNR DRS@CHNR OQDBNBDR RD DMd
BTDMSQ@M MDTSQuEHKNRDM K@RKDRHNMDR  ODQN KTDFNOQDCNLHM@M KNR HMEHKd
SQ@CNRCDLNMNMTBKD@QDR ,@CDFQ@C@BHuM CD K@LHDKHM@RD@RNBH@@
K@@BTLTK@BHuMCDL@BQuE@FNRB@QF@CNRCDKsOHCNR! CHEDQDMBH@CDKN
PTDRTBDCDDM K@%-  SNC@R K@R KDRHNMDR O@QDBDM RHLHK@QDR  DM BNMd
BNQC@MBH@BNMK@M@STQ@KDY@LNMNEqRHB@CDKSQ@RSNQMNCDRCDTMOTMSN
CDUHRS@BKsMHBN
,@ DMBDE@KNLHDKHSHR GDL NQQqFHB@ MDBQNR@MSD @FTC@ LTDRSQ@ TM
@RODBSNGHRSNKuFHBNO@QDBHCN@K@DMBDE@KNLHDKHSHRCHRDLHM@C@@FTC@ 
HMBKTHC@K@CHRSQHATBHuMODQHUDMTK@QCDK@CDRLHDKHMHY@BHuMONQSNCNDK
3.#PTD DMNB@RHNMDR  OQNUNB@KDRHNMDRBNMEKTDMSDR 3HMDLA@Qd
FN K@RKDRHNMDRRNMLqRFQ@UDRDHMBKTXDMCDRSQTBBHuMCDKNRU@RNR
R@MFTsMDNRODPTDtNR  MDBQNRHRCHRDLHM@C@CDK@RTRS@MBH@AK@MB@
X  FQHR BNM GDLNQQ@FH@ @FTC@  CDOuRHSNR CD EHAQHM@ X @ATMC@MSDR
MDTSQuEHKNR3DNARDQU@MKHMENBHSNRCHRODQRNRDMKNRENBNRCDCDRLHDd
KHMHY@BHuM

H\n g`ndji`n _` g\ `i^`a\gjh d`gdodn _dn`hdi\_\ \bp_\ n`


k\m`^`i\g\nkmj_p^d_\nh`_d\io`g\q\^pi\^d~i_`gjn\id*
h\g`n^jigjn^jhkji`io`n_`g\hd`gdi\j^jig\nq\^pi\n
\iodbp\n _`g\m\]d\)lp`n`km`k\m\]\i\k\modm_`g^`m`]mj
_` \idh \g`n dia`^o\_jn+ Anoj c\ gg`q\_j \ npb`mdm lp` g\
`i^`a\gjh d`gdodn _dn`hdi\_\ \bp_\`n pi\m`\^^d~i \pojdi*
h pido\md\\bp_\am`io`\g\hd`gdi\tlp`g\`i^`a\gjhd`gdodn
c`hjmmzbd^\i`^mjn\io`\bp_\`npi\q\md\io`cdk`m\bp_\)
\pilp` oj_\q|\ n` od`i`i lp` _`adidm gjn \io|b`ijn lp` g\
di^do\i+

-HDKHMuKHRHR ONMSHM@BDMSQ@K
H\ d`\c`exc`j`jgfek`eX Z\ekiXc `n pi om\nojmij \bp_j) lp` n`
^\m\^o`mdu\kjmk{m_d_\_`hd`gdi\lp`\a`^o\\g\]\n`_`g\
kmjop]`m\i^d\t\gbpi\nk\mo`n_`go`^cj_`g\kmjop]`m\i^d\)

>

 # / . # % 0 4/ 3  #,!6%
%MEDQLDC@CDRCDRLHDKHMHY@MSDR
 $DAHCN @K O@ODK ETMC@L DMS@K PTD CDRDL ODt@ K@ L HDKHM@ DM K@
BNMCTBBHuM MDQUHNR@  K@R DMEDQL DC@CDR CD K@ L HDKHM@ OTDCDM
OQNUNB@QCDEDBSNR MDTQNKuFHBNRCHRDLHM@CNRX FQ@UDR
 ,@R DMEDQL DC@CDR CDRL HDKHMHY@MSDR L TDRSQ@M DUHCDMBH@R CD
CDFQ@C@BHuMX CDRSQTBBHuM CDTM@L HDKHM@ OQDUH@LDMSD MNQL@K 
@ LDMTCN ONQOQNBDRNR HMEK@L@SNQHNR #NM DK SHDL ON @O@QDBDM
S@L AHrMSsOHB@L DMSDKDRHNMDRRDBTMC@QH@RDM KNR@WNMDR
 ,@DRBKDQNRHR LvKSHOKD  TM@DMEDQLDC@C CDRL HDKHMHY@MSD@TSNHMd
LTMHS@QH@ DRDKSQ@RSNQMNLqREQDBTDMSDCDK@LHDKHM@ PTD@EDBd
S@@@CTKSNRIuUDMDR! LDMTCNRHFTD TM@DUNKTBHuM QDLHSDMSD 
QDBHCHU@MSD  BNM CDEDBSNR MDTQNKuFHBNR PTDU@M @BTL TKqMCNRD
OQNFQDRHU@LDMSD
 /SQ@R ENQL @R L DMNREQDBTDMSDR CD CDRL HDKHMHY@BHuM CD L DB@d
MHRLN HMLTMHS@QHN @O@QDBDM CDROTrRCD HMEDBBHNMDRXRNM OQNd
BDRNR LqR@FTCNR

%MEDQLDC@CDR MDTQNCDFDMDQ@SHU@R
H\n`ia`mh`_\_`ni`pmj_`b`i`m\odq\nnjiom\nojmijnlp`n`
^\m\^o`mdu\i kjmpi\ k{m_d_\ kmjbm`ndq\ _` i`pmji\n) lp`
o|kd^\h `io`\a`^o\i\bmpkjni`pmji\g`n^jim`g\^dji`nap i*
^dji\g`n)\pilp`ijn``i^p`iom\i\_t\^`io`n+Ljmo\ioj)g\n
_dnodio\n `ia`mh `_\_`n np`g`i \a`^o\m \ ndno`h\n i`pm\g`n
^ji^m`ojn t) kjm `nj) gjn ndbijn t n|iojh\n _` km`n`io\^d~i
od`i`i pi\ _dnomd]p^d~i m`g\odq\h `io` `no`m`jo|kd^\+ Hjn
m`^d`io`n`nop_djnb`i{od^jnthjg`^pg\m`nc\ik`mhdod_j`g\*
]jm\mg\\^op\g^g\ndad^\^d~i_`g\n`ia`mh`_\_`ni`pmj_`b`*
i`m\odq\n) `i k\mo` m`^jij^d`i_j lp` ^jhk\mo`i hp^c\n
^\m\^o`m|nod^\n+
Ag kmj^`nj k \ojg~bd^j ^jh i \ g\ h \tjm k\mo` _` g\n
`ia`mh `_\_`n i`pmj_`b`i`m\odq\n `n g\ \^ph pg\^d~i _`
\bm`b\_jn_`kmjo`|i\n)lp`kp`_`i`hkg`\mn`^jhj^\m\^*
o`m|nod^\ hjmajg~bd^\ _` g\ `ia`mh `_\_ %kjm `nj \ q`^`n n`

%MEDQLDC@CDR MDTQNCDFDMDQ@SHU@R
_`ijh di\i kmjo`dijk\o|\n&+ Hjn \bm`b\_jn _` kmjo`|i\n
kp`_`i\k\m`^`m kjm hpo\^dji`n lp` h j_dad^\ig\ ^jiajm*
h\^d~i j \go`m\ig\nq|\ndhkgd^\_\n`i`g kmj^`n\hd`ioj j
g\ `gdh di\^d~i _` g\nkmjo`|i\n+ Ai jom\n ndop\^dji`n kp`_`
\k\m`^`mpinpodg_`n`lpdgd]mdj`iom`g\n|io`ndntg\`gdhdi\*
^d~i _`g\nkmjo`|i\n %kjm a\^ojm`n b`i{od^jn) \h]d`io\g`nj
`noj^znod^jn&) lp` k`mh do`i g\ \^ph pg\^d~i bm\_p\g _` g\n
kmjo`|i\n+
Ei_`k`i_d`io`h`io`_`npjmdb`i)gjn\bm`b\_jn_`kmjo`|*
i\n njio|kd^\h`io`m`ndno`io`n \g\ _`bm\_\^d~i) od`i`ipi\
gj^\gdu\^d~i\]`mm\io``ig\ni`pmji\ntb`i`m\ipi\m`nkp`n*
o\_``nom{n`ig\^{gpg\8\_`hzn)^jiam`^p`i^d\m`npgo\i_dm`^*
o\h`io`o~sd^jnk\m\g\ni`pmji\n+=g\bm`b\mn`g\nkmjo`|i\n
\i~h\g\n) \ h`ip_jn`kmj_p^`pi\b\i\i^d\ _`api^d~it
pi\k{m_d_\_`api^d~io~sd^\n)kjmlp`^\_\q`uhznkmj*
o`|i\ n`\^phpg\ `igjn\bm`b\_jnt_`e\ _`m`\gdu\mnp api*
^d~iadndjg~bd^\ijmh\g+N`^d`io`h`io`c\lp`_\_j^g\mjlp`
`nojn\bm`b\_jnkp`_`i^jhkjmo\mn`^jhjgjnkmdji`n)`i`g
n`iod_j_`lp`gjn\bm`b\_jnb`i`m\_jn`ipi\^{gpg\kp`_`i
n`m^\ko\_jnkjmjom\tb`i`m\m\n|hzn\bm`b\_jn+Hjn_\ojn
lp`\kjt\i`no\d_`\_`mdq\i)nj]m`oj_j)_``nop_djn`sk`md*
h`io\g`n^ji\idh\g`n)k`mj\gbpijn^\njn_`k\^d`io`nlp`
a\gg`^d`mjikjmpi\`ia`mh`_\__`=guc`dh`mnpbd`m`ilp`g\
`ia`mh`_\_n`_dn`hdi\ _`pigpb\m _`g^`m`]mj \ jomj+ Odi
`h]\mbj)t\_da`m`i^d\_`gjlp`np^`_``ig\n`ia`mh`_\_`n
kmd~id^\n) ij `sdno`i `qd_`i^d\n _` lp` `no\n `ia`mh `_\*
_`nn`\iom\inhdnd]g`n+
Hjn\bm`b\_jn_`kmjo`|i\nn`m`^jij^`i^jhjdi^gpndji`n
`i`g`nop_djcdnojg~bd^j)lp`^jiam`^p`i^d\njig\^\m\^o`m|n*
od^\_d\bi~nod^\_`g\`ia`mh`_\_+H\]\n`k\m\g\\bm`b\^d~i
`n_dnodio\ `i^\_\`ia`mh`_\_+ Lp`_`m`g\^dji\mn`^jipi\
^\m\^o`m|nod^\diom|in`^\_`g\kmjo`|i\hpo\_\ %k+ `e+)`sk\i*
nd~i_`kjgdbgpo\hdi\nm`k`od_\n`i g\`ia`mh`_\_ _`Dpi*
odiboji&)pi\^\m\^o`m|nod^\diom|in`^\_`pik{kod_j_`mdq\_j
_`pi\kmjo`|i\km`^pmnjm\hznbm\i_`%k+`e+)=%0`ig\`ia`m*
h`_\__`=guc`dh`m&jpi\\go`m\^d~iij`skgd^\_\_`g\kmj*
o`|i\^`gpg\mijmh\g%k+`e+)\*ndip^g`|i\`ig\`ia`mh`_\__`
L\mfdinji`nkjmz_d^\&+

H\n`ia`mh`_\_`ni`pmj_`b`i`m\odq\nn`_dnodibp`i`ig\
gj^\gdu\^d~i\i\o~hd^\ _`g\nzm`\n\a`^o\_\nt`ig\n\go`m\*
^dji`n^`gpg\m`n`nk`^|ad^\n%k+`e+)jqdggjn)kg\^\n)^p`mkjn_`
H`rt&+Ljm`nj)n`kp`_`i^jh`io\mndbpd`i_j_jn\]jm_\e`n7
L`ekfdtk`Zf+XeXkxd`Zf6]\n\_j `i g\nm`bdji`n \i\o~hd^\n
_`gOJ? lp` n` \a`^o\ikmdi^dk\gh`io`t lp` n` om\_p^`
o|kd^\h`io` `i gjn n|iojh\n ^g|id^jn %k+ `e+) g\ \a`^o\^d~i
i`j^jmod^\g_`o`mhdi\\go`m\^dji`n^jbidodq\nt_`h`i^d\&+
IXkfcx^`Zf6]\n\_j`igjnodkjn_`di^gpndji`nj`nomp^opm\n
\i~h\g\nj]n`mq\_\n%k+`e+)`ia`mh`_\_`n^jidi^gpndji`n
lp`^jiod`i`io\pjndip^g`|i\&+
=k`n\m_`oj_j)_`iomj_`g`nk`^omj_`g\n`ia`mh`_\_`n
_`b`i`m\odq\n`sdno`piijo\]g` njg\k\hd`ioj`igjlp`m`n*
k`^o\\g\n_`ad^d`i^d\ni`pmjg~bd^\n^\m\^o`m|nod^\n)g\ _dnomd*
]p^d~i \i\o~hd^\,api^dji\g _` g\n g`ndji`n t g\ k\ojgjb|\
^`gpg\m%o\]g\n/5*0t/5*1&+Ai`no`^\nj)n`bpdm`hjng\^g\ndad*
^\^d~i^gznd^\)]\n\_\`ig\_`n^mdk^d~ijmdbdi\g_`g\n`ia`m*
h`_\_`n+

%MEDQLDC@CCD !KYGDHL DQ
H\`ia`mh `_\__`= guc`dh `m%A=&`ng\^\pn\hznam`^p`i*
o` _` _`h `i^d\ `i g\ k j]g\^d~i \i^d\i\ t g\ di^d_`i^d\
\ph `io\ `i ap i^d~i _` g\ `_\_+ H\ `ia`mh `_\_ n` np`g`
h\ida`no\m^g|id^\h `io`^jipi_`o`mdjmj_`did^djdind_djnj
_`g\ api^d~idio`g`^op\g npk`mdjm+=g kmjbm`n\mg\`ia`mh`*
_\_)\k\m`^`i_`ad^d`i^d\n _`g\h`hjmd\)`ig\jmd`io\^d~i
qdnj`nk\^d\g)`ig\^\k\^d_\__`epd^dj)`ig\k`mnji\gd_\_t
`i `g g`ibp\e`+ Pm\n pi\ `qjgp^d~i o|kd^\ _` 2 \ .- \}jn) `g
k\^d`io`o`mhdi\^ji_dn^\k\^d_\_kmjapi_\)h p_j`dih~*
qdg+ Anm\mj lp` gjnk\^d`io`n_`n\mmjgg`in|iojh\n\io`n_`
gjn2-\}jn_``_\_8g\di^d_`i^d\_`g\`ia`mh`_\_\ph`i*
o\^jig\`_\_tg\km`q\g`i^d\n`_pkgd^\\kmjsdh\_\h`io`
^\_\ 2\}jn) _`n_` piidq`g _`g .# `i g\ kj]g\^d~i_` 3-\
31\}jnc\no\`g1-# jhzn`ig\nk`mnji\n _`52 \56+ Ano`
kmjbm`ndqj\ph`ioj_`g\di^d_`i^d\^jig\`_\_c\b`i`m\*

4@AK@   #@Q@BSDQsRSHB@RCD K@R OQHMBHO@KDRDMEDQLDC@CDRMDTQNCDFDMDQ@SHU@R??????????????????????????????????????????????????????????????????


%MEDQLDC@C

0@SQuM BKsMHBN

)MBKTRHNMDR

#@TR@RFDMrSHB@R

%MEDQLDC@CCD!KYGDHLDQ%! 

$DLDMBH@

!OOK@B@R 

!00 03 03

$DFDMDQ@BHuMCDKKuATKNEQNMSNSDLONQ@K
$,&4

#@LAHNRCDBNMCTBS@ SQ@RSNQMNRCDKKDMFT@ID

4@T

4@T

4$0 

4$0  OQNFQ@MTKHM@ #NQE

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

4@TNUHKKNR

&53

&53

@ RHMTBKDsM@

@ RHMTBKDsM@

%MEDQLDC@CCD0@QJHMRNM %0

4Q@RSNQMNCDKLNUHLHDMSNGHONBHMrSHBN

4@T

,22+

0@QqKHRHRRTOQ@MTBKD@QOQNFQDRHU@030

0@QJHMRNMHRLNBNM@KSDQ@BHNMDRCD KNRLNUHLHDMSNR
NBTK@QDR

4@T

4@T

$DFDMDQ@BHuMBNQSHBNA@R@K $#"

0@QJHMRNMHRLNBNMSQ@RSNQMNR@RHLrSQHBNR
CDKLNUHLHDMSN

4@T

!SQNEH@LTKSHRHRSrLHB@!-3

0@QJHMRNMHRLN @S@WH@BDQDADKNR@ HMRTEHBHDMBH@


@TSuMNL@

@ RHMTBKDsM@

%MEDQLDC@CCD(TMSHMFSNM %(

4Q@RSNQMNCDKLNUHLHDMSNGHODQBHMrSHBN

(TMSHMFSHM@ONKHFKTS@LHM@

(SS

!S@WH@RDROHMNBDQDADKNR@R!%#     
X X!$20,

!S@WH@BDQDADKNR@

$HUDQR@ROQNSDsM@RPTD
BNMSHDMDM ONKHFKTS@LHM@R

-vKSHOKDR Y\QW

%RBKDQNRHRK@SDQ@K@LHNSQuEHB@%,!

$DAHKHC@CBNMRHFMNRCDMDTQNM@LNSNQ@RTODQHNQ
DHMEDQHNQ

3$
4$0 

3$
4$0  #NQE

&53

&53

!SQNEH@LTRBTK@QDROHM@KATKA@Q!-%"

$DAHKHC@CCDMDTQNM@LNSNQ@HMEDQHNQ CHRLHMTBHuM
CDKNR@MCQuFDMNR

2DBDOSNQCD@MCQuFDMNRPTD
BNMSHDMDONKHFKTS@LHM@R

2DBDOSNQCD@MCQuFDMNR





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


4@AK@  2DK@BHuM DMSQDOQNSDsM@RXDMEDQLDC@CDRMDTQNCDFDMDQ@SHU@R
0QNSDsM@

%MEDQLDC@CDRBNM HMBKTRHNMDR

!O

%MEDQLDC@CCD!KYGDHLDQ

4@T

%MEDQLDC@CCD!KYGDHLDQ
$DFDMDQ@BHuMCDK KuATKNEQNMSNSDLONQ@K
%MEDQLDC@CCD0@QJHMRNMBNMLTS@BHNMDR
CD >DD=*"
0@QqKHRHRRTOQ@MTBKD@QOQNFQDRHU@
$DFDMDQ@BHuMBNQSHBNA@R@K

4$0 

$DFDMDQ@BHuMKNA@QEQNMSNSDLONQ@K
%RBKDQNRHRK@SDQ@K@LHNSQuEHB@

&53

$DFDMDQ@BHuMCDKKuATKNEQNMSNSDLONQ@K
%RBKDQNRHRK@SDQ@K@LHNSQuEHB@

@ RHMTBKDsM@

%MEDQLDC@CCD0@QJHMRNM
!SQNEH@LTKSHRHRSrLHB@

!FQDF@CNRCD ONKHFKTS@LHM@
OQNSDsM@RCHRSHMS@R
DMB@C@DMEDQLDC@C

%MEDQLDC@CCD(TMSHMFSNM
!KFTM@RU@QH@MSDRCD@S@WH@DROHMNBDQDADKNR@
!SQNEH@LTRBTK@QDROHM@KATKA@Q

_jpi\`ijmh`km`j^pk\^d~ih{_d^\)nj^d\gt`^ji~hd^\`i
gjnk\|n`n^pt\nkj]g\^dji`n`nozi`iq`e`^d`i_j+=kmjsdh\*
_\h`io``g2\g.-# _`gjn^\njn_`A=njia\hdgd\m`n8`nojn
^\njnc\i\kjmo\_jdiajmh \^d~idhkjmo\io`nj]m`g\k\ojb`*
id\ _` g\ ajmh\ `nkjmz_d^\ _` g\ `ia`mh `_\_) hp^cj hzn
am`^p`io`+=pilp`ndbp`nd`i_jkm`^dnj`g`nop_djcdnojg~bd*
^j_`go`ed_j^`m`]m\gk\m\`no\]g`^`m`g_d\bi~nod^j_`adidod*
qj _` g\ A=) g\ ^jh ]di\^d~i _` g\ `q\gp\^d~i^g|id^\ t gjn
h {oj_jnm\_djg~bd^jnhj_`mijnk`mh do``no\]g`^`mpi_d\b*
i~nod^jkm`^dnjc\no\`i`g5-*6-#_`gjn^\njn)n`bin`^ji*
admh\`ig\\pojknd\+
@ \e uk`ZXd f c\Zl cX ipg X kf ^ \e `X* H\\go`m\^d~iapi_\h `io\g
`i g\ A=`n g\\^ph pg\^d~i _` _jnkmjo`|i\n %=%0 to\p& `i
m`bdji`n `nk`^|ad^\n _`g ^`m`]mj) kjnd]g`h `io` `im`g\^d~i
^jipi\kmj_p^^d~i`s^`ndq\tpi\`gdh di\^d~i _`a`^opjn\
%adb+ /5*03&+ H\n_jn^\m\^o`m|nod^\nk\ojg~bd^\n _`g\A=)lp`
m`npgo\i`nk`^d\gh`io` gg\h\odq\n `i g\na\n`n adi\g`n _` g\
`ia`mh`_\_) njig\ngcXZXjtgjnfm`ccfj* H\nkg\^\nnji_`k~*
ndojn_`k{kod_jn=%0\bm`b\_jn`i`gi`pm~kdgj)hd`iom\nlp`
gjn jqdggjn nji \bm`b\_jn _` g\ kmjo`|i\ om\inkjmo\_\ t _`
hd^mjo]pgjn o\p) lp`\k\m`^`i\ idq`g diom\^`gpg\mt gp`bj
k`mndno`i`som\^`gpg\mh`io`om\ng\ hp`mo`i`pmji\g+ L\m`^`
lp`g\nkg\^\ntgjnjqdggjn^jiomd]pt`i\g\_dnapi^d~ii`pm\g
tg\dio`m\^^d~i`iom`gjnkmj^`njnlp`^pghdi\i`ig\\^php*
g\^d~i_``nojn\bm`b\_jn\i~h\gjn`npi\nk`^oj^jidhkjm*
o\i^d\^m|od^\`ig\ k\ojb`id\ _`g\A=)lp`oj_\q|\ _`]` n`m
_`nq`g\_\+
R\md\ng|i`\n _``qd_`i^d\\kjt\i^jiap`mu\ pihj_`gj
`i`glp`g\b`i`m\^d~i _` =%0 `n `g\^jio`^dh d`iojdi d^d\*
_jm ^g\q` k\m\ `g _`n\mmjggj _` pi\ A=+ Ai kmdh `m gpb\m)
`sdno`i`ia`mh `_\_`n`ig\nlp`\k\m`^`i_`k~ndojn_`o\p)
^jhjg\_`b`i`m\^d~i_`gg~]pgjamjiojo`hkjm\g)g\k\mzgdndn
npkm\ip^g`\mkmjbm`ndq\ tg\ _`b`i`m\^d~i^jmod^j]\n\g %n`
^jh`io\ihzn\_`g\io`&) k`mjij `sdno`i _`k~ndojn _`=v0+
Anoj npbd`m` lp` g\ km`n`i^d\ _` _`k~ndojn \i~h\gjn `n _`
o\p `i `g ^`m`]mj ij `n pi `no|h pgj npad^d`io` ^jhj k\m\
di_p^dm`g_`k~ndoj_`=%0+=_`hzn)hgodkg`ng|i`\n_``qd*
_`i^d\ b`i{od^\ di_d^\i g\ kjnd]g`dhkjmo\i^d\ _` pi\ \go`*
m\^d~i`i`gh `o\]jgdnhj_`=%08g\nh po\^dji`n`ig\kmjo`|*
i\_`g\lp`_`mdq\=%0 %=LL&kmjqj^\ig\A=a\hdgd\m)dbp\g
lp`gjc\^``g\ph`ioj _`gih`mj _`^jkd\n %kjm_pkgd^\*
^dji`nk`lp`}\njkjmomdnjh|\/.&_`gb`i:II*=_`hzn)g\n
h po\^dji`n kpiop\g`n _` g\n kmjo`|i\n lp` ajmh\i k\mo`
_`gjn^jhkg`ejn_`kmjo`\n\nlp`b`i`m\ig\=a0\k\modm_`

=LLo\h]d{ikmj_p^`ig\A=+Ljm`g^jiom\mdj)g\nhpo\^dj*
i`n_`gb`i_`o\pijj^\ndji\ig\A=)ndijlp`n`\nj^d\i\
_`b`i`m\^dji`n_`g g~]pgjamjiojo`hkjm\g %n`^jh`io\hzn
\_`g\io`&+
Aig\ k\ojb`id\ _`g\ A=ij njgjk\mod^dk\i g\= %0 t o\p)
ndijq\mdjna\^ojm`nb`i{od^jnt_`g\iadomd~i\_d^dji\g`n+
IXg\c[\: ]v*H\kmjo`|i\km`^pmnjm\_`g\hdgjd_`%=LL&`n
pi\kmjo`|i\ _` g\npk`mad^d`^`gpg\m^jipiid^j _jhd*
idj om\inh `h ]m\i\) lp` kp`_` \^op\m ^jhj m`^`kojm)
kjnd]g`h `io` _` g\ kmjo`|i\ kmd~id^\ %LmL^&) `iom` jomjn
gdb\i_jn+ H\kjm^d~i=%0 _`g\kmjo`|i\n``sod`i_`_`n_`
g\ m`bd~i `som\^`gpg\mc\^d\ `g _jh didj om\inh`h]m\i\
%q+ adb+ /5*03&+ Ag kmj^`n\hd`ioj _`=LLn` did^d\ ^ji g\
n`k\m\^d~i_`g_jhdidj`som\^`gpg\m)n`bpd_\_`g\_`bm\*
_\^d~i _`g diom\h`h]m\ijnj+ O` _`n^md]`i _jn kjnd]g`n
q|\n)lp`qd`i`i_`o`mhdi\_\nkjm`g`kdnj_djkmjo`jg|od*
^jdid^d\g+Od`gkmdh`m^jmo`j^pmm``i`gndodj_`g\\*n`^m`*
o\n\ _` g\ n`^p`i^d\=%0)ijn`b`i`m\=%0 %q|\ ij \hdgjd*
_~b`i\&+Ano\q|\n`\^odq\kmdi^dk\gh`io``ig\npk`mad^d`
^`gpg\m) _\_jlp` g\n _dq`mn\nkmjo`\n\n \*n`^m`o\n\ k\m*
od^dk\i`ig\`gdhdi\^d~i_`g\nkmjo`|i\n_`npk`mad^d`+H\
=LL npk`mad^d\g kp`_` o\h ]d{i npamdm `i_j^dojndn t n`m
`n^di_d_\kjmpi\ %0*n`^m`o\n\)lp`^jmo\g\m`bd~iJ o`m*
hdi\g_`g\n`^p`i^d\= %0%q|\\hdgjd_~b`i\&+Pm\ng\mjop*
m\_`g\=LL\^p\glpd`m\_``nojn_jnidq`g`n)`g^jhkg`*
ej 4 *n`^m`o\n\ kmj^`_` \ g\ `n^dnd~i diom\h `h ]m\ijn\+
?p\i_j `g kmdh `m ^jmo` gj kmj_p^` pi\ \*n`^m`o\n\) `g
am\bh`iojb`i`m\_jn`mznjgp]g`)hd`iom\nlp`ndgjc\^`
pi\%0*n`^m`o\n\)n`b`i`m\mz=%0+H\nq\md\^dji`n`ig\gji*
bdop__`gjnk{kod_jn%=%01-am`io`\=%01/&n`_`]`i\\go`*
m\^dji`n `i g\ gj^\gdu\^d~i `s\^o\ _` g\ `n^dnd~i kjm g\
4 *n`^m`o\n\+ Ag^jhkg`ej 4 *n`^m`o\n\*l p `^jiod`i`km`n`*
idgdi\)id^\nomdi\)k`i * / t\kc* . * o\h]d{i`nm`nkjin\]g`
_`g kmj^`n\h d`ioj _` gjn m`^`kojm`n Jjo^c t _` jom\n
hp^c\n kmjo`|i\n _` g\ h`h]m\i\+ Pm\n np b`i`m\^d~i)
=%0h p`nom\pi\bm\io`i_`i^d\\g\\bm`b\^d~i*kmdh `mj
`iajmh\_`k`lp`}jnjgdb~h`mjn%lp`kp`_`in`mg\ajm*
h\ o~sd^\ m`nkjin\]g` _` g\ _dnapi^d~i i`pmji\g& t \g
adi\g`i\bm`b\_jntad]mdgg\nbm\i_`n*+
?jhj n` c\ ^jh `io\_j \io`mdjmh `io`) k\mo` _` gjn
_\ojnlp`\kjt\i`gk\k`g^`iom\g_`g\b`i`m\^d~i_`= %0
^jhjk\nj^m|od^j)\gh`ijnk\m\`gdid^dj_`g\k\ojb`id\
_`g\A=)_`mdq\i_`g\A=a\hdgd\m+Agb`ilp`^j_dad^\g\
=LL)`i`g^mjhjnjh\/.)n``i^p`iom\ndop\_j`ig\m`bd~i
_`g n|i_mjh` _` @jri8 gjn m\nbjn k\ojg~bd^jn _` g\ A=
nji)`ij^\ndji`n)pi\^\m\^o`m|nod^\ _` g\\go`m\^d~i^jb*
idodq\`i`nojndi_dqd_pjn+Hjnc\gg\ubjncdnojg~bd^jn\k\*
m`^`i`ig\n`bpi_\tg\o`m^`m\_{^\_\n_`g\qd_\)t_`n*
kp{n n`kmj_p^` pi _`o`mdjmj i`pmjg~bd^j pijn / - \}jn
_`nkp{n+Qi`a`^oj_`_jndnb{id^\ndhdg\mn`kmj_p^`kjm
_pkgd^\^dji`n gj^\gdu\_\n _`g ^mjhjnjh\ / . lp`\a`^o\i
\gcfZlj:II`i\gbpijnk\^d`io`n^jipi\A=a\hdgd\m+H\n
hpo\^dji`nkpiop\g`n`i=LLnjijom\^\pn\_`A=a\h d*
gd\m+=gbpi\n_``no\nhpo\^dji`nn`gj^\gdu\i^`m^\_`gjn
ndodjn_``n^dnd~i_`g\ %0*n`^m`o\n\tg\ 4 *n`^m`o\n\) hd`i*
om\nlp`jom\nn`gj^\gdu\i`ig\n`^p`i^d\=%0t\ph`io\i
np o`i_`i^d\ \ \bm`b\mn`+Hjn_jncfZ`d_`iodad^\_jn^jhj
^\pn\ _` g\ h \tjm k\mo` _` gjn ^\njn _` A=a\h dgd\m _`
did^djkm`^ju^j_dad^\ig\n_jnkm`n`idgdi\n%LO.`i`g^mj*
hjnjh\.1t LO/`i`g ^mjhjnjh\ .&+ Ano\n hpo\^dji`n
kmjqj^\ipi\b\i\i^d\_`api^d~i) _`ajmh\lp``g^jh*
kg`ej4 *n`^m`o\n\b`i`m\pi\h\tjm^\iod_\__`=v0)nj]m`
oj_j=%01/+
IXg\c[\kXl* Lp`nojlp`gjnjqdggjni`pmjad]mdg\m`n^jiod`*
i`ikmjo`|i\o\p)n`c\b`i`m\_jhp^cjdio`m{n\^`m^\_`

%MEDQLDC@CDR MDTQNCDFDMDQ@SHU@R

&Q@FL DMSNRNKTAKD
%RBHRHuM L DCH@MSD
O RDBQDS@ R@
, TF @QD R
CD D R B HR Hu M 
O@Q@

     

$////

#//(

#/ / (

9REPLORLHbKIQR
! BSHU@ BHuM
C D B HM @R@R

H

$ HRET
MBHuM
TMD
qOSH
RHM q
O SHB @ 

H

- TDQSD
B DKTK@Q

H K K

&Q@FL DMSNRNKTAKD

%RBHRHuM L DCH@MSD
X RDBQD S@R@

&NRENQHK@BHuM
C DS@T

/ KHF u L D QN R !

/ SQ@R
Us@R
CD KD RHuM

0-^: 91?<:9-7

%RBHRHuM L DCH@MSD
@ R D B QD S@ R @

+
- NMuL DQN!

L DCH@MSD
X RDBQD S@R@

$ D RL NM S@ID
CD L HBQNSv ATKN R

! F QD F @ C N R CD!

&HAQHKK@RCD @L HKNHCD

'
#/ / (

! F QD F @ B Hu M ? 
CDS@T

;7-/-=\
:@577:=

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

&HFTQ@  !FQDF@BHuMCDOQNSDsM@RDM H@DMEDQLDC@C CD!KYGDHLDQ ,@DRBHRHuM CDK OQDBTQRNQCDK@OQNSDsM@@LHKNHCD LDCH@MSD@ RDBQDS@R@X X RDBQDS@R@
OQNCTBDTMOrOSHCNRNKTAKDHMNBTN  LHDMSQ@RPTDK@DRBHRHuMCDK@OQNSDsM@OQDBTQRNQ@CDK@LHKNHCDLDCH@MSDK@DMYHL@BNMUDQRNQ@CDK O @LHKNHCD"!#% XK@
 RDBQDS@R@KHADQ@OrOSHCNR!O  PTDENQL@M@FQDF@CNRO@SuFDMNRXBNMSQHATXDM@K@ROK@B@RXKNRNUHKKNRB@Q@BSDQsRSHBNRCDK@DMEDQLDC@CCD!KYGDHLDQ

g\k\mod^dk\^d~i_``no\kmjo`|i\`ig\A=+P\p`npi\kmj*
o`|i\\nj^d\_\\gjnhd^mjo]pgjnkm`n`io``igjn\sji`nt
\nj^d\_\ \ g\ m`_ hd^mjop]pg\m+ ?ji g\ \k\md^d~i _` gjn
jqdggjn`ig\A=)n`_`nkg\u\\pi\_dnomd]p^d~injhzod^\*
_`i_m|od^\)n`cdk`majnajmdg\tkd`m_`np^\k\^d_\__`pidm*
n`\gjnhd^mjo]pgjn+H\ajmh\^d~i_`jqdggjn`npi^jh*
kji`io`dhkjmo\io`_`g\A=)t`g\ph`ioj_`g\^\mb\_`
jqdggjn`i`g ^`m`]mj _pm\io`g\`qjgp^d~i_`g\`ia`mh`*
_\_ k\m`^` qjgq`mn` \g adi\g di_`k`i_d`io` _` g\ =v0+ Ag
h`^\idnhj_`g`nd~ikjmgjnjqdggjn_`g\ni`pmji\nijn`
^jhkm`i_`]d`i)\pilp`n`c\ikjnopg\_j _jnq|\nkjnd*
]g`n+H\kmdh`m\_``gg\n`nlp`gjn\bm`b\_jn_`g\kmjo`|*
i\o\pdi_pu^\ipi\m`nkp`no\_``nom{n)tg\n`bpi_\)lp`
n`kd`m_\g\api^d~i`no\]dgdu\_jm\_`gjnhd^mjo]pgjn_`
g\kmjo`|i\o\p+
Hkifj ]XZkfi\j [\ i`\j^f ^\euk`Zfj*AgcfZljb`i{od^j_`g^mjhj*
njh\ .6) lp`^j_dad^\ g\ \kjgdkjkmjo`|i\ A %=kjA&) od`i`
pi\bm\idiagp`i^d\nj]m``gmd`nbj_`_`n\mmjggj_`g\A=+
Asdno`iom`n\g`gjn %`/)`0t`1& `iapi^d~i_`gjnkjgdhjm*
adnhjn_`_jn\hdijz^d_jn+ H\_jndn_`g\g`gj`1\ph`io\
`g md`nbj _`A=tm`_p^`g\`_\_ _`\k\md^d~i _`g\`ia`m*
h`_\_) _`ajmh\ lp`gjn di_dqd_pjn^ji`g\g`gj `1 `nozi
nj]m`mm`km`n`io\_jn `i g\nkj]g\^dji`n _`k\^d`io`n ^ji
A=+Ano\dnjajmh\_`=kjAajh`io\g\\k\md^d~it`g_`k~*

ndoj_`=k)\pilp`ijn`c\i`no\]g`^d_jgjnh`^\idnhjn+
Ai^jiepioj) n`c\`nodh\_jlp``no`cfZlj`skgd^\\kmjsd*
h\_\h`io`pi/2# _`gmd`nbj_`_`n\mmjggj_`pi\A=_`
\k\md^d~io\m_|\+Hjn`nop_djn_`\nj^d\^d~ik\ib`i~hd^jn
c\id_`iodad^\_jnq\mdjncfZ`hznlp`^jiomd]pt`i\gmd`nbj
_` A=+ Pj_\q|\ `n km`^dnj \i\gdu\m g\ kjnd]g` ^ji`sd~i
`iom``nojncfZ`b`i{od^jntg\k\ojb`id\_`g\A=+
IXg\c [\ cX `e]cXdXZ`xe* P\iojgjn\bm`b\_jnbm\i_`n_`=%0
^jhjgjn_`h`ijmo\h\}jdi_p^`ipi\m`nkp`no\diag\h\*
ojmd\ kjm g\ hd^mjbgd\ t gjn \nomj^dojn+ Ljnd]g`h`io` `no\
m`nkp`no\\tp_`\`gdhdi\m`gk{kod_j\bm`b\_j)k`mjo\h*
]d{ikj_m|\`nodhpg\mg\n`^m`^d~i_`h`_d\_jm`nm`nkji*
n\]g`n_`g\ng`ndji`n+Kom\n^jin`^p`i^d\n_`g\\^odq\^d~i
_``no\n^\n^\_\ndiag\h\ojmd\nkp`_`idi^gpdm\go`m\^dji`n
`ig\ajnajmdg\^d~i_`o\p)\_`hzn_`g`ndji`njsd_\odq\n`i
g\ni`pmji\n+
;Xj\j gXiX \c kiXjkfief Zf^e`k`mf*=pilp``sdno`_`n\^p`m_j
nj]m`^pzg`n `g h `ejm^jmm`g\oj k\m\ g\ _`h`i^d\ `i gjn
di_dqd_pjn^jipi\A=)`noz^g\mjlp`g\km`n`i^d\_`pi\
bm\i^\mb\_`kg\^\ntjqdggjnn`\nj^d\\pi\_dnapi^d~i
^jbidodq\ bm\q`+ Ag ih `mj _` jqdggjni`pmjad]mdg\m`n n`
^jmm`g\^dji\ h `ejm ^ji `g bm\_j _` _`h `i^d\ lp` `g
ih`mj_`kg\^\ni`pm|od^\n+Hjnh\m^\_jm`n]djlp|hd^jn
lp` n` c\i ^jmm`g\^dji\_j ^ji `g bm\_j _` _`h`i^d\





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


di^gpt`i g\ k{m_d_\ _`^jgdi\ \^`odgom\ina`m\n\) g\ kjndod*
qd_\_ dihpijcdnojlp|hd^\ k\m\ ndi\kojadndi\t g\ ^\mb\
_`\hdgjd_`+
;`fd XiZX[fi\j* @ `iomj _` gjn \q\i^`n m`^d`io`n h zn
dh kjmo\io`n`i`g ^jij^dh d`ioj_` g\ A=_`no\^\`g _`n*
^p]mdh d`ioj _` gjn kjnd]g`n ]djh \m^\_jm`n+ Anojn n`
]\n\i `i gjn ^jij^dh d`iojn _` gjn kmj^`njn ]djg~bd^jn
lp` n`c\i^jh `io\_j \io`mdjmh `io`+ =cjm\ `n kjnd]g`
_`hjnom\mgjn_`k~ndojn_`= %0`i`g^`m`]mjh `_d\io`gjn
h {oj_jn_`dh \b`i]\n\_jn`igjn^jhkp`nojnom\inkjm*
o\_jm`n _` \h dgjd_` h \m^\_jn ^ji B.5+ H\ `sk`md`i^d\)
c\no\ `g h jh `ioj) npbd`m` lp` `no` \]jm_\e` k`mh do`
d_`iodad^\m\ gjn k\^d`io`n \ndiojh zod^jn ^ji \goj md`nbj
_`_`n\mmjgg\mpi\A=+H\`qd_`i^d\\_d^dji\g_`g\_`b`*
i`m\^d~i i`pmji\g \nj^d\_\ \ gjn kmj^`njn k\ojg~bd^jn
m`g\^dji\_jn^jig\A=di^gpt`g\km`n`i^d\_`pi\ph`i*
oj _` o\pajnajmdg\_\ t pi\ m`_p^^d~i _` g\ ^\iod_\_ _`
=k `i `g H?N+ Anojn ]djh \m^\_jm`n) `i ^jiepioj) c\i
k`mh dod_jg\d_`iodad^\^d~i_`gjn`no\_djnkm`^g|id^jn_`
g\ A= h p^cj \io`n _` lp` n` _`n\mmjgg` g\ _`h `i^d\ p
jomjn ndbijn t n|iojh \n^g|id^jn+ Ano\^\k\^d_\_ c\ k`m*
h dod_j jmd`io\m gjn `in\tjn a\mh \^jg~bd^jn c\^d\ gjn
di_dqd_pjn `i `no\_djn km`^j^`n _` g\ `ia`mh `_\_) `i
gjnlp`n``nk`m\lp`\gbpi\dio`mq`i^d~i^jindb\m`om\*
n\m jkm`q`idm g\ kmjbm`nd~i _` g\ `ia`mh `_\_ t gdhdo\m
g\ _dn^\k\^d_\_+

`  - / 2 & / , / ' m!
%K DRSTCHN L@BQNRBuOHBN CDK BDQDAQN LTDRSQ@ TM FQ@CNU@QH@AKD CD
@ SQN EH@  B N QSHB @ K  KN PTD OQNUNB@ TM DMR@MBG@LHDMSN CD KNR RTQBNR
BDQDAQ@KDRPTDDRLqROQNMTMBH@CNDMKNRKuATKNREQNMS@K SDLONQ@KX
O@QHDS@K EHF    #T@MCN K@@SQNEH@DRRHFMHEHB@SHU@  RDOQNCTBDTM
@TLDMSNCDS@L@tNBNLODMR@CNQCDKNRUDMSQsBTKNRGHCQNBDE@KH@DW
U@BTN RDBTMC@QHN@K@QDCTBBHuMCDKUNKTLDMBDQDAQ@K,@RDRSQTBSTd
Q@RCDK KuATKNSDLONQ@K LDCH@K  HMBKTHCNDK GHONB@LON  K@BNQSDY@DM 
SNQQHM@K X K@ @LsFC@K@  RD @EDBS@M DM E@RDR OQDBNBDR X DM DRS@CHNR
S@QCsNRRTDKDMLNRSQ@QTM@@SQNEH@FQ@UD#NMDKLHBQNRBNOHN K@ROQHMd
BHO@KDR @KSDQ@BHNMDRDM K@%!RNM K@R OK@B@R M D T QsSHB @ R  RDMHKDR  X
KNRN U HKKN R M D T QN EHA QHK@ QD R 3DDMBTDMSQ@TM@OrQCHC@OQNFQDRHU@CD
MDTQNM@R  PTD@KEHM@K DRHLONQS@MSD  BNM FKHNRHR QD@BSHU@CD K@R LHRd
L@RQDFHNMDRPTDRNONQS@MK@L@XNQB@QF@CDOK@B@RXNUHKKNR
,@ROK@ B @ R  M D T QsSHB @ R RNMBNKDBBHNMDRDRErQHB@RENB@KDRBNMRHRd
SDMSDR DM OQNKNMF@BHNMDR MDTQsSHB@R CHK@S@C@R XSNQSTNR@R @WNMDR
CHRSQuEHBNR  @LDMTCN@KQDCDCNQCDTM MvBKDN@LHKNHCDBDMSQ@K  PTD
OTDCD @O@QDBDQQNCD@CN ONQTM G@KN BK@QN EHF    %K S@L@tN
CD DR@R OK@B@R U@Qs@ CDRCD  G@RS@  OL CD CHqLDSQN DM RT
ODQHEDQH@ RD UDM BrKTK@R CD K@ LHBQNFKH@ X @RSQNBHSNR QD@BSHUNR ,@R
OK@B@ROTDCDMDMBNMSQ@QRDDMDKGHONB@LONX K@@LsFC@K@ @RsBNLN
DMK@MDNBNQSDY@ RHAHDMMNQL@KLDMSDK@RBNQSDY@ROQHL@QH@RLNSNQ@R
X RDMRHSHU@R DRSqM QDK@SHU@LDMSDBNMRDQU@C@R HFT@K RTBDCDBNM KNR
NUHKKNRMDTQNEHAQHK@QDR  %KMvBKDNCD@LHKNHCD  PTDRDOTDCDSDtHQBNM
QNIN#NMFN BNMSHDMDU@QH@ROQNSDsM@R@MuL@K@R %KBNLONMDMSDCNd
LHM@MSD DM DK MvBKDN CD K@ OK@B@ CD @LHKNHCD DR !  TM@ OQNSDsM@
CDQHU@C@CDK@DRBHRHuMOQNSDNKsSHB@CDK@OQNSDsM@OQDBTQRNQ@CDK@LHd
KNHCD!00 EHF  UEHF   ,@RCNRDRODBHDRCD!OOQDCNd
LHM@MSDR  KK@L@C@R! OX!O SHDMDMDKLHRLNDWSQDLN. SDQLHM@K
XRD CHEDQDMBH@M DM K@ KNMFHSTC ONQ CNR@LHMNqBHCNR DM DK DWSQDLN
# SDQLHM@K /SQ@R OQNSDsM@ROQDRDMSDRDM K@ROK@B@RDM LDMNQB@MSHd
C@C HMBKTXDM BNLONMDMSDRCD K@B@RB@C@CDK BNLOKDLDMSN  BHSNBHd
M@ROQNHMEK@L@SNQH@R  @Q@MSHPTHL NSQHORHM@X@ONKHONOQNSDsM@R %M @Kd
FTMNR B@RNR OTDCDM UDQRD CDOuRHSNR CD OrOSHCNR ! O BNM K@R
B@Q@BSDQsRSHB@R SHMSNQH@KDR CDK @LHKNHCD RHM OQNKNMF@BHNMDR MDTQsSHd
B@R BHQBTMC@MSDR DRS@R KDRHNMDR RD CDMNLHM@M O K@ B @ R  C HET R @ R  X

&HFTQ@  %MEDQLDC@CCD!KYGDHLDQBNM@SQNEH@BNQSHB@KLqRDUHCDMSDDM


DK K@CN CDQDBGN  DM DK PTDRD G@M QDSHQ@CN K@R LDMHMFDR 0NQBNQSDRs@CDK
CHETMSN $Q % 0 2HBG@QCRNM  *Q  -@RR@BGTRDSSR'DMDQ@K (NROHS@K  "NRSNM 
-@RR

G@AHST@KLDMSD RD DMBTDMSQ@M DM K@ BNQSDY@ BDQDAQ@K RTODQEHBH@K  KNR


F@MFKHNRCDK@A@RDXK@BNQSDY@CDKBDQDADKN3DBQDDPTDDRS@ROK@B@R
CHETR@RQDOQDRDMS@MTMDRS@CHNHMHBH@K CDKCDR@QQNKKNCDK@ROK@B@RRDd
FvMKNRC@SNRCDDRSTCHNRDMO@BHDMSDRBNMTM@SQHRNLs@!TMPTD
DM K@R OK@B@R MDTQsSHB@R RD HCDMSHEHB@ S@MSN ! O BNL N ! O  DM K@R
CHETR@ROQDCNLHM@!O
,NRN U HKKN R  M D T QN EHA QHK@ QD R RNM G@BDRCDEHK@LDMSNRPTDBNMSHDd
MDMS@TX RDKNB@KHY@M DMDKBHSNOK@RL@CDK@RMDTQNM@R  CNMCDCDRd
OK@Y@M N QNCD@M DK MvBKDN %M K@R MDTQNM@R OHQ@LHC@KDR @ LDMTCN
@CNOS@M TM@ENQL@DKNMF@C@CDcKK@L@Q@C@i DM K@RBrKTK@R LqR QDd
CNMCD@C@R  K@SQ@L@CDEHAQ@RRHST@C@R@KQDCDCNQCDK MvBKDN BNMCHd
BHNM@PTD@CNOSDMTMBNMSNQMNLqRQDCNMCD@CNNUHKKNRcFKNANRNRi 
,NR NUHKKNR MDTQNEHAQHK@QDR RD QDBNMNBDM BNL N DRSQTBSTQ@REHAQHK@QDR
A@RuEHK@RBNM( %UEHF # ODQNRDHCDMSHEHB@MBNMLTBG@L@d
XNQE@BHKHC@CBNMK@RSHMBHNMDRCDOK@S@"HDKRBGNVRJX UEHF   $ 
N BNMSrBMHB@R HMLTMNGHRSNPTsLHB@REQDMSD@S@T U EHF  %  3D
RTDKDM UDQ G@AHST@KLDMSDDM K@R MDTQNM@RBNQSHB@KDR  DRODBH@KLDMSD
DMK@BNQSDY@DMSNQQHM@K XS@LAHrMDMK@RBrKTK@ROHQ@LHC@KDRCDKGHONd
B@LON  K@@LsFC@K@  DKOQNRDMBrE@KNA@R@KXKNRMvBKDNRCDKQ@ED ,NR
NUHKKNRMDTQNEHAQHK@QDRRNMHMRNKTAKDRX O@QDBDMQDRHRSHQK@DKHLHM@BHuMHM 
UHUN  CDENQL@PTDODQL@MDBDMUHRHAKDRDMKNRBNQSDRCDSDIHCNBNLN
NUHKKNR cE@MS@RL@i N cDM KqOHC@i LTBGN CDROTrR CD K@ LTDQSDCD K@
MDTQNM@CDNQHFDM! MHUDKTKSQ@DRSQTBSTQ@K DRSNRNUHKKNRDRSqMBNMRSHd
STHCNROQHMBHO@KLDMSDONQEHK@LDMSNR GDKHBNHC@KDR O@QDRITMSNBNM@Kd
FTMNREHK@LDMSNRQDBSNR BTX@BNLONRHBHuMDRO@QDBHC@3DQDBNMNBD
S@LAHrM S@T @FQDF@C@DM K@R OK@B@R MDTQsSHB@RXDM KNR@WNMDR PTD
@SQ@UHDR@M K@RTRS@MBH@FQHR@EDBS@C@BNL NGDAQ@RCDMDTQuOHKN ,NR
NUHKKNRMNRNMDRODBsEHBNRCDK@%!XRDDMBTDMSQ@MS@LAHrMDMNSQ@R
DMEDQLDC@CDR
!CDLqRCDK@ROK@B@RXNUHKKNRCH@FMuRSHBNR DMK@%!RDQDBNMNd
BDMNSQNRG@KK@YFNRO@SNKuFHBNR@CHBHNM@KDR ,@@ M F HN O @ Ss@ @ L HKN H 
CD@ B D QD A Q@ K DR TM Q@RFN B@RH HMU@QH@AKD DM K@ %! RHM DLA@QFN 
OTDCD @O@QDBDQ DM BDQDAQNR CD O@BHDMSDR RHM DRS@ DMEDQLDC@C
UEHF    %K@LHKNHCDU@RBTK@QDROQHMBHO@KLDMSDCDSHON! O 
HFT@KPTDRTBDCDDM K@@MFHNO@Ss@@LHKNHCD@BDQDAQ@K MN@RNBH@C@@
K@%!

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

%MEDQLDC@CDR MDTQNCDFDMDQ@SHU@R

&HFTQ@   %MEDQLDC@C CD!KYGDHLDQ ! 0K@B@R BNM MDTQHS@R CHRSQuEHB@R


@KQDCDCNQCD TMNR MvBKDNR CD @LHKNHCD EKDBG@R  " .vBKDN CD K@ OK@B@X
MDTQuOHKNBHQBTMC@MSD BNMONRHSHUHC@CHMLTMNGHRSNPTsLHB@O@Q@! # 0QDd
RDMBH@CDTMNUHKKNMDTQNEHAQHK@QDMTM@MDTQNM@XU@QHNRNUHKKNRDWSQ@BDKTK@QDR
EKDBG@R  $4HMBHuM CD OK@S@PTD LTDRSQ@TM NUHKKN MDTQNEHAQHK@QCDMSQNCDK
BHSNOK@RL@CDTM@MDTQNM@%%KNUHKKN@QQHA@@K@HYPTHDQC@ XK@RMDTQHS@RPTD
QNCD@M K@OK@B@ @A@IN@K@CDQDBG@ BNMSHDMDMS@T  PTDRDHCDMSHEHB@BNM HMd
LTMNGHRSNPTsLHB@





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


!TMPTD DK DRS@CHN EHM@K CD K@ %! RD B@Q@BSDQHY@ ONQ MTLDQNRNR
NUHKKNRX OK@B@R  XDM DRSDLNLDMSN DK O@BHDMSDSHDMDTM@CDLDMBH@
BNLOKDS@ DRSqBK@QNPTDDRSNRB@LAHNRGHRSNKuFHBNR@O@QDBDMLTBGN
@MSDRPTDKNRRsMSNL@RBKsMHBNR 0@Q@ONCDQBNQQDK@BHNM@QKNRG@KK@Yd
FNR MDTQNO@SNKuFHBNRXKNR RsMSNL@RBKsMHBNR  K@R QDBNLDMC@BHNMDR
LqREQDBTDMSDRO@Q@K@CDRBQHOBHuMCDDRS@RKDRHNMDRBNMRHCDQ@MBT@Kd
PTHDQCDOuRHSNCD!ODMDK O@QrMPTHL@BDQDAQ@K BNL NTM@ENQL@CD
B@L AHN MDTQNO@SNKuFHBN CD K@ DMEDQLDC@C CD !KYGDHLDQ !  O@QSHQ
CDDRSNRC@SNRRDOTDCDB@KBTK@QTM@OTMST@BHuMGHRSNO@SNKuFHB@PTD
SHDMDDMBNMRHCDQ@BHuM KNRCDOuRHSNRCD!O  K@ROK@B@RXKNRNUHKKNRX
PTDU@KD O@Q@ OQDCDBHQ K@ OQNA@AHKHC@C CDCDSDQHNQN BNFMHSHUN DM TM
HMCHUHCTNRDFvMKNRDRSTCHNRCDONAK@BHuM

< XiXZk\ivjk`ZXjZcve`ZXj* H\kmjbm`nd~i_`g\A=`ng`io\)\pi*


lp` di`sjm\]g`) ^ji pi\ `qjgp^d~i ndiojhzod^\ _` hzn _`
.-\}jn+Aiom`gjnn|iojh\ndid^d\g`nc\tjgqd_jntjomjnom\n*
ojmijn_`g\ h`hjmd\8 \gkmjbm`n\m`g^p\_mj)\k\m`^`ijomjn
n|iojh\n)^jhj`mmjm`n_`g`ibp\e`)k{m_d_\_`g\^\k\^d_\_
h\o`hzod^\ t k{m_d_\ _`g\n ^\k\^d_\_`n hjojm\n\km`i_d*
_\n+ Ai gjn `no\_djn adi\g`n _` g\ A=) gjn k\^d`io`n kp`_`i
km`n`io\mdi^jiodi`i^d\) hpodnhj ` di^\k\^d_\_ k\m\ ^\hd*
i\m+ H\ hp`mo` np`g`j^pmmdm\^\pn\ _``ia`mh`_\_`n dio`m*
^pmm`io`n) \ h`ip_j pi\ i`phji|\+ Hjn `in\tjn ^g|id^jn
\^op\g`nn`^`iom\i`i`gom\o\hd`ioj_`gjnk\^d`io`n`i`no\*
_djnkm`^j^`nkm`^g|id^jn _`g\`ia`mh`_\_)pn\i_j`nom\o`*
bd\nk\m\`gdhdi\m=%0_`g^`m`]mj^ji\]jm_\e`ndihpijg~bd*
^jn)k\m\dio`mmphkdmg\ajmh\^d~i_`=v0^jiazmh\^jnam`io`
\ g\ 4 *n`^m`o\n\j >=?A %v0*n`^m`o\n\.&)to\h]d{i\]jm_\e`n
jmd`io\_jn\km`q`idmg\n\go`m\^dji`n_`o\p+

$DFDMDQ@BHuM CDK KuATKN


EQNMSN SD L ONQ@ K $,&4
H\@ HBP`npi^jiepiojc`o`mjb{i`j _`om\nojmijn\nj^d\*
_jn\ _`b`i`m\^d~iaj^\g_`gjng~]pgjnamjio\gt,jo`h kj*
m\g+O`_da`m`i^d\ _`g\A=kjmlp`g\n\go`m\^dji`n_`g\k`m*
nji\gd_\_) ^ji_p^o\ t g`ibp\e` %\a\nd\n& km`^`_`i \ g\
k{m_d_\_`h`hjmd\+=gkmjbm`n\m`g^p\_mjn`_`n\mmjgg\pi\
_`h`i^d\ bgj]\g+Qinp]bmpkj _`k\^d`io`nkm`n`io\i o\h*
]d{i pi\ k{m_d_\ hjojm\ `som\kdm\h d_\g+ O` c\i _`n^mdoj
q\md\io`n^g|id^\n`iapi^d~i_`lp`km`_jhdi`igjn^\h]djn
_` ^ji_p^o\ j g\n \a\nd\n) \pilp` hp`nom\i m\nbjn njg\k\*
_jn+ H\n @HBP nji pi\ _` g\n ^\pn\n hzn am`^p`io`n _`
_`h`i^d\km`^jut\k\m`^`i^jig\hdnh\am`^p`i^d\lp`g\
`ia`mh`_\__`=guc`dh`m`igjnh`ijm`n_`32\}jn+ @`ij*
hdi\_\nc\]dop\gh`io``i`no`^jio`soj^g|id^j[\d\eZ`X] ife)
kfk\dgfiXc %@BP&) `g o{mhdij \i\ojh jk\ojg~bd^j km`a`md_j
kji` _` m`gd`q` g\ _`b`i`m\^d~igj]\m`i gpb\m_`g n|iojh\
^g|id^j_`h`i^d\+
Ebp\glp`np^`_``ihp^c\n`ia`mh`_\_`ni`pmj_`b`i`*
m\odq\n)g\@HBPn`\nj^d\\di^gpndji`n^`gpg\m`n_`kmjo`|i\n
`nk`^|ad^\n+Hjn_jnk\omji`nhznam`^p`io`nnjig\ndi^gpndj*
i`nlp`^jiod`i`io\p %@HBP*o\p&tg\nlp`^jiod`i`iP@L10
%@HBP*P@L&+@`iomj_`^\_\pij_``nojnbmpkjnn`_`n^md]`i
ajmh\nc`m`_do\md\ntajmh\n`nkjmz_d^\n+Jj`sdno`pi\m`g\*
^d~iade\`iom`gjnnp]odkjn^g|id^jn_`@HBPt`godkj_`di^gp*
ndji`ni`pmji\g`n+

$,&4 S@T
O`om\o\_`q\md\io`n_`@HBP`ig\nlp`g\nm`bdji`n^jmod^\g`n
\a`^o\_\nnpam`ipi\k{m_d_\i`pmji\gkmjbm`ndq\^jibgdjndn
m`\^odq\)\_`hzn_`g\km`n`i^d\_`di^gpndji`nlp`^jiod`i`i
o\p`i`g^dojkg\nh\_`g\ni`pmji\n+=pilp`g\`ia`mh`_\_
_`=guc`dh`mn`^\m\^o`mdu\ kjmg\ ^jh]di\^d~i _`_`k~ndoj

_` =v0 t o\p) `i g\ @HBP*o\p njgj n` m`^jij^` \bm`b\^d~i t


\^phpg\^d~i_` o\p+ Ai\gbpijn ^\njn) g\ndi^gpndji`n _`g\
@HBP*o\pm`^p`m_\i\gjnjqdggjn_`g\`ia`mh`_\__`=guc`d*
h`m)k`mjjom\nq`^`nn`om\o\ _`di^gpndji`n_`^jiojmijgdnj
%^p`mkjn_`Ld^f&+H\ndi^gpndji`n^\m\^o`m|nod^\n)epioj^jig\
\omjad\dio`in\^jipi\m`nomd^^d~igj]\m`no`m`jo|kd^\)njig\n
^\m\^o`m|nod^\n _` g\ \e]\id\[X[[\ I`Zb _`iomj _`g bmpkj _`
@HBP*o\p+
@ \e uk`ZX d f c\Zl cX ip g X kf ^ \e `X* H\@HBP*o\pn`kp`_`\nj*
^d\m\hpo\^dji`nlp`\a`^o\i\o\pjkp`_`\k\m`^`m_`ajm*
h\`nkjmz_d^\`i\pn`i^d\ _` hpo\^dji`n _` o\p+ ?jhjn`
c\ ^jh`io\_j \io`mdjmh`io`) o\p `n pi\ ajnajkmjo`|i\ lp`
dio`m\^^dji\^jigjnhd^mjo]pgjn\om\q{n_`pijn_jhdidjn
_`pid~i`nk`^|ad^jn)t`sdno`pi\m`bpg\^d~inpk`mkp`no\\
om\q{n_`pi\n`md`_`kjnd]g`nndodjn_`ajnajmdg\^d~i+Asdno`
pi\m`g\^d~idiq`mn\`iom``gbm\_j_`ajnajmdg\^d~itg\^\k\*
^d_\__`o\p_`pidmn`\gjnhd^mjo]pgjn+P\pod`i`o`i_`i*
^d\\\bm`b\mn`)nj]m`oj_j^p\i_j`nozajnajmdg\_\+P\p`sdn*
o` o\h ]d{i `i pi\ n`md` ^jh kg`e\ _` dnjajmh \n lp` nji
^j_dad^\_\nkjm_dnodiojnodkjn_``n^dnd~i_`g=NJh+L\m`^`
lp``g`lpdgd]mdj`iom` `no\ndnjajmh\n`n^g\q` k\m\ g\api*
^d~i ijmh\g _` o\p `ig\ni`pmji\n)tg\n \go`m\^dji`n`i`g
^j^d`io``iom``gg\nkp`_`ikmjqj^\mo\h]d{ig\\bm`b\^d~i
_`o\p+
O` _`n^md]`i _jn odkjn _` h po\^dji`n _` o\p+ =gbpi\n
hpo\^dji`nkpiop\g`nndin`iod_jdi_p^`ig\ajnajmdg\^d~i_`
o\p)^\h]d\i_j`g`lpdgd]mdj_`n_`g\najmh\n\^odq\nlp`n`
pi`i\ gjnhd^mjo]pgjn\g\najmh\n lp` n` \bm`b\i+ Kom\n
hpo\^dji`nkpiop\g`n\a`^o\i\g\ `n^dnd~i8hp^c\n _``gg\n
njidiom~id^\nthj_dad^\ig\n`nomp^opm\n\n\*omji^jm`^jij*
^d_\n kjm `g `nkgd^`jnjh \+ Ag ^jindbpd`io` ^\h]dj `i `g
^j^d`io`_`dnjajmh\nk\m`^`kmjqj^\mpi\_dnapi^d~ii`pmj*
i\g) \n| ^jhj ajh `io\m g\ \bm`b\^d~i _` o\p) ^jhj n` c\
^jh`io\_j\io`mdjmh`io`+
Jj `noz^g\mj^~hj g`ndji\ g\ni`pmji\n g\ o\p \i~h\g\)
\pilp`k\m`^`lp``sdno`pi^jhkji`io`_`k{m_d_\_`api*
^d~i)_\_jlp`g\\bm`b\^d~i\bjo\g\ni`pmji\n_`o\p)to\h*
]d{ijomj_`b\i\i^d\_`api^d~ikjmg\km`n`i^d\_`pi\kmj*
o`|i\ \bm`b\_\ cdk`majnajmdg\_\ _` ajmh\ \]`mm\io` `i g\
i`pmji\+

- / 2 & / , / ' m!
3D @OQDBH@ @SQNEH@ CD DWSDMRHuM X FQ@UDC@C U@QH@AKD DM KNR KuATKNR
EQNMS@K XSDLONQ@K ! LDMTCN RDOTDCD OQDCDBHQDK O@SQuM CD@SQNEH@
O@QBH@KLDMSD@O@QSHQCDKNRRsMSNL@RBKsMHBNR ,@RQDFHNMDR@SQuEHB@R
CDK@BNQSDY@RDB@Q@BSDQHY@M ONQOrQCHC@MDTQNM@K  FKHNRHRXOQDRDMd
BH@CDNUHKKNRMDTQNEHAQHK@QDRPTDBNMSHDMDMS@TEHF   %MDRSNR
NUHKKNROTDCDMDMBNMSQ@QRDCHRSHMS@RHRNENQL@RCDS@T4@LAHrMOTDCD
DMBNMSQ@QRDTM@CDFDMDQ@BHuMCDK@RTRS@MBH@MDFQ@ %M@KFTM@RENQd
L@R CD K@DMEDQLDC@C OTDCDM @O@QDBDQS@LAHrM HMBKTRHNMDR DM K@R
BrKTK@RFKH@KDR
%MK@DMEDQLDC@CCD0HBJ  DKBDQDAQNLTDRSQ@RHDLOQDTM@@SQNd
EH@KK@L@SHU@ BNMEQDBTDMBH@@RHLrSQHB@ CDKNRKuATKNREQNMS@KX SDL d
ONQ@K  BNM BNMRDQU@BHuM BNMRS@MSD CD KNR CNR SDQBHNR ONRSDQHNQDR
CD K@ BHQBTMUNKTBHuM SDL ONQ@K RTODQHNQX RNKN DM Q@Q@R NB@RHNMDR
@EDBS@BHuM CD KNR KuATKNR O@QHDS@K T NBBHOHS@K ,@ @SQNEH@ OTDCD RDQ
FQ@UD  CDENQL @PTDK@RBHQBTMUNKTBHNMDRPTDC@M QDCTBHC@R@KFQNd
RNQ CD TM@ NAKD@ cEHKN CD TM BTBGHKKNi  $DRCD TM OTMSN CD UHRS@
L HBQNRBuOHBN  K@ OrQCHC@ MDTQNM@K QDRTKS@ LqR FQ@UD DM K@R SQDR
B@O@RLqRDWSDQM@RCDK@BNQSDY@!KFTM@RCDK@RMDTQNM@RRTODQd
UHUHDMSDRSHDMDM TM@STL DE@BBHuM B@Q@BSDQsRSHB@ B r KT K@ R  CD 0 HBJ 
LHDMSQ@RPTDNSQ@RBNMSHDMDMB T D QO N R CD0 HBJ PTDBNQQDRONMCDM
@HMBKTRHNMDRBHSNOKqRL HB@REHK@LDMSNR@RQDCNMCD@C@R@NU@K@C@R

%MEDQLDC@CDR MDTQNCDFDMDQ@SHU@R

"

# $ . & 1 3
ED 

e
v

4'2 # a n M
> 

  *

&HFTQ@  $DFDMDQ@BHNMDRCDKKuATKNEQNMSNSDLONQ@K$,&4 !$,&4 S@T3DQDBNMNBDTMNUHKKN ITMSNBNMMTLDQNR@RMDTQHS@RPTDBNMSHDMDMS@T"%MEDQd


LDC@C CD 0HBJ ,NRBTDQONRCD0HBJRNM HMBKTRHNMDRBHSNOKqRLHB@R MDTQNM@KDR QDCNMCD@C@RXGNLNFrMD@RPTDRDSHtDM CDENQL@ HMSDMR@BNMSrBMHB@RCD
OK@S@#$,&4 4$03DQDBNMNBDMHMBKTRHNMDRBHSNOKqRLHB@RCD4$0 @RNBH@C@R@K@OrQCHC@CDK@HMLTMNQQD@BSHUHC@CMTBKD@QMNQL@K $$,&4 4$0#T@MCN
DWHRSDMLTS@BHNMDRCDK@OQNFQ@MTKHM@  K@RHMBKTRHNMDRPTDBNMSHDMDM4$0 RTDKDMRDQHMSQ@MTBKD@QDR

PTDRNKNRNMCrAHKL DMSDA@RuEHK@R  ODQNPTDRDSHtDMHMSDMR@LDMSD


BNMSrBMHB@RCDOK@S@XPTDBNMSHDMDMS@T 2 EHF   

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

$,&4 4$0
=gbpijndi_dqd_pjn^ji_d\bi~nod^j^g|id^j_`@HBPt^\h*
]djn h \^mjn^~kd^jn ^jmm`nkji_d`io`n \ pi\ \omjad\ ^jmod^\g
m`g\odq\h`io` gj^\gdu\_\ %g\ _`b`i`m\^d~igj]\m _`g ijh*
]m`& od`i`ipi\ndi^gpndji`nlp`^jiod`i`iP@L*10)pi\kmj*
o`|i\_`pid~i\g=NJ)k`mjij^jiod`i`io\p+ Hjnk\^d`io`n
^ji`no`odkj_`i`pmj_`b`i`m\^d~ikp`_`ikm`n`io\mkmj]g`*
h\n_`^ji_p^o\j_`gg`ibp\e`)dbp\glp`gjnlp`npam`ipi\
@HBP*o\p+
@ \e uk`ZXd f c\Zl cX ipg X kf ^ \e `X* Asdno`iom`nq\md\io`nb`i{*
od^\n]d`i`no\]g`^d_\n_`@HBP*P@L)\_`hzn_`ajmh\n`nkj*
mz_d^\n+ Ai g\n ajmh\n c`m`_do\md\n _` `no` ^p\_mj n` c\i
`i^jiom\_jom`nhpo\^dji`n_dnodio\n+

H\ajmh\b`i{od^\hznam`^p`io`_`@HBPa\hdgd\m`n^ji*
n`^p`i^d\ _` g\ `sk\ind~i _` pi\ m`k`od^d~i _`c`s\ip*
^g`~od_jn`ig\QPN2$_`?6jma4/%pib`ilp`^j_dad^\pi\
kmjo`|i\ ^pt\ api^d~i n` _`n^jij^`&+ Ag `nk`^omj _` g\
`ia`mh`_\_ \nj^d\_\ \ g\ `sk\ind~i _` ?6jma4/ di^gpt`
o\h]d{ig\`n^g`mjndng\o`m\g\hdjom~ad^\%AH=&+@`hjh`i*
oj`npihdno`mdj^~hj`no\`sk\ind~i_`m`k`od^dji`n^ji*
_p^`\g\ajmh\^d~i_`\bm`b\_jn_`P@L*10+
H\n hpo\^dji`n _`g b`i lp` ^j_dad^\ g\ kmjo`|i\ P@L*10
njih`ijnam`^p`io`n`ig\@HBPto\h]d{in``i^p`iom\i
`i\gbpijn^\njna\hdgd\m`n_`AH=+P@L*10`npi\kmjo`|*
i\_`pid~i\g=NJlp`k\mod^dk\`i`gkmj^`n\hd`ioj_`g
=NJto\h]d{i`ig\ajmh\^d~i_`bmzipgjn_``nom{n+P\i*
ojg\k{m_d_\^jhjg\b\i\i^d\_`api^d~i^ji`a`^ojno~sd*
^jn kp`_`i ^jiomd]pdm \g a`ijodkj j]n`mq\_j `i `nojn
k\^d`io`n+
Qi\o`m^`m\ajmh\b`i{od^\_`g\@HBP*P@L`n^jin`^p`i*
^d\_`hpo\^dji`n`i`gb`ilp`^j_dad^\g\kmjbm\ipgdi\+
=_da`m`i^d\_`g\nhpo\^dji`n_`P@L*10t?6jma4/)`no\n
ij n` c\i m`g\^dji\_j ^ji g\ AH=+ H\n hpo\^dji`n _` g\





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


kmjbm\ipgdi\ kmjqj^\ipi\k{m_d_\ _`api^d~i)t n`^m``
lp` gjn h`^\idnhjn _` g\ `ia`mh`_\_ n` m`g\^dji\i^ji
pi\ _`ad^d`io` \^odqd_\_ _` g\ kmjbm\ipgdi\+ Ano\ `n pi\
kmjo`|i\ n`^m`o\_\ `skm`n\_\ `i g\ bg|\ t g\n i`pmji\n t
lp`n``n^di_`\hgodkg`nk{kod_jnk`lp`}jn+ Anojnk{k*
od_jn n` c\im`g\^dji\_j ^ji g\ m`bpg\^d~i _` g\ diag\h\*
^d~i`i`g^`m`]mj)\pilp`oj_\q|\ij`noz^g\m\g\m`g\^d~i
`iom``no\ \^odqd_\_tg\ \^phpg\^d~i_`di^gpndji`nlp`
^jiod`i`iP@L*10`ig\@HBP+

>  - / 2 & / , / ' m!


%K@RODBSNL@BQNRBuOHBNRDO@QDBD@KCDNSQ@RENQL@RCD$,&4 BNM
@SQNEH@CDDWSDMRHuMXFQ@UDC@CU@QH@AKDCDKNR KuATKNREQNMS@KXSDL d
ONQ@K%RS@RD@RNBH@@FQ@CNRU@QH@AKDRCDOrQCHC@MDTQNM@KXFKHNRHR
.NQL@KLDMSD4$0  RDDMBTDMSQ@CHETR@LDMSDDM DK MvBKDN  ODQN
DM K@DMEDQLDC@CRDOQNCTBDOrQCHC@CDDRS@SHMBHuMXENQL@BHuMCD
HMBKTRHNMDREHF #  %RS@ROTDCDM@O@QDBDQDMDKBTDQONCDK@R
BrKTK@R HMBKTRHNMDR BHSNOKqRL HB@R MDTQNM@KDR ;)#.=  DM DK MvBKDN
HMBKTRHNMDRHMSQ@MTBKD@QDRMDTQNM@KDR;)).= NDMKNR@WNMDR%MK@RHMd
BKTRHNMDR 4$0DRSqENRENQHK@C@XTAHBTHSHM@C@ ,@RHMBKTRHNMDRRNM
LqR@ATMC@MSDRDM K@BNQSDY@EQNMS@KXSDLONQ@K  DMDKDRSQH@CNXDM
K@BHQBTMUNKTBHuMCDMS@C@CDK GHONB@LON %WHRSDTM@BNQQDK@BHuMDWd
SQDL@C@LDMSDETDQSDDMSQD K@DWHRSDMBH@CD )). BNM ENQL@@BHBTK@QX
K@RLTS@BHNMDRCDOQNFQ@MTKHM@EHF  $ 

Asdno`i\gbpi\nq\md\io`n_`@HBP`ig\nlp`ijn`d_`iod*
ad^\idi^gpndji`n ^jio\pid^jiP@L+=pilp` njikj^jam`*
^p`io`n)g\n^\pn\n b`i{od^\nhp`nom\injg\k\hd`ioj^jig\n
q|\n d_`iodad^\_\n ^jhj dh kgd^\_\n `i g\ k\ojb`id\ _` g\
@HBP*P@L+ H\n hpo\^dji`n _`g b`i ?NL %apndji\_j `i gjn
n\m^jh\n& kp`_`ikmjqj^\mpi\@HBPjpi\AH=) tBQO`n
jom\kmjo`|i\_`pid~i\g=NJlp`kp`_``no\mdhkgd^\_\`i
g\ajmh\^d~i_`gjnbmzipgjn_``nom{n+

%MEDQLDC@C CD 0@QJHMRNM %0


H\ AL`npi\ `ia`mh `_\_ i`pmj_`b`i`m\odq\ ^\m\^o`mdu\_\
kjm pi gg\h \odqj om\nojmij cdkj^di{od^j _`g h jqdh d`ioj)
^\pn\_jkjmk{m_d_\_`g\ni`pmji\n_jk\hdi{mbd^\n`ig\
npno\i^d\i`bm\+Agn|i_mjh`^g|id^j_`gXib`ejfe`jdf^jh]d*
i\pi\k{m_d_\_`g\`skm`nd~ia\^d\g%lp`)^jiam`^p`i^d\)n`
_`ijhdi\ZXiX [\ dtjZXiX%(^jipi\kjnopm\di^gdi\_\)m`om\nj
_`gjnhjqdhd`iojnqjgpio\mdjn)h\m^c\a`nodi\io`%k\njnlp`
n`\^jmo\i_`ajmh\kmjbm`ndq\t\^`g`m\_jn&)mdbd_`uto`h*
]gjm _` kdg_jm`mj+ Ano` odkj _` \go`m\^d~i hjojm\ kp`_`
q`mn``iq\md\n`ia`mh `_\_`nlp`_\}\i`gndno`h\_jk\hd*
i{mbd^jidbmj`nomd\_j+R\md\n`ia`mh`_\_`ni`pmj_`b`i`m\*
odq\nn`\nj^d\i\ n|iojh\n _`k\mfdinjidnhj+ =_`hzn)`no`
n`kp`_`di_p^dmh`_d\io`azmh\^jn^jhj\io\bjidno\n_jk\*
hdi{mbd^jn j ojsdi\n lp` _\}\i n`g`^odq\h`io` \g ndno`h\
_jk\hdi{mbd^j+ H\ kmdi^dk\g`ia`mh`_\_ _`b`i`m\odq\lp`
\a`^o\ \g ndno`h\ idbmj`nomd\_j`n g\ AL) \pilp` o\h]d{i n`
^jh`io\mzihzn\_`g\io`jom\n`ia`mh`_\_`nh`ijnam`^p`i*
o`nlp`^pmn\i^jik\mfdinjidnhj^jhjk\mo`_`npkm`n`i*
o\^d~i^g|id^\+
Ag_d\bi~nod^j_`njnk`^c\_`ALn`kp`_`]\n\m`ig\km`*
n`i^d\ _`g\ om|\_\^`iom\g _`g k\mfdinjidnhj *o`h]gjm) mdbd*
_`ut ]m\_d^di`nd\*) nd`hkm`lp`ij`sdno\ pio~sd^j pjom\
`odjgjb|\^jij^d_\_`]\n`+Ano\dhkm`nd~in`^jiadmh\^jig\
m`nkp`no\ ndiojhzod^\ \io``g \kjmo`_`H*@KL=+ =pilp``g
_d\bi~nod^j_`g\ALn`]\n\)`ik\mo`)`ig\km`n`i^d\_`n|i*
ojh\n hjojm`n)lp`m`ag`e\ipi\ h`ijmdi`mq\^d~i_jk\hd*
i{mbd^\ _`g `nomd\_j) `sdno`i `qd_`i^d\n ^g\m\n _` lp` `no\

`ia`mh`_\_ijn`gdhdo\\g\ni`pmji\n_jk\hdi{mbd^\njgjn
b\ibgdjn]\n\g`n8`im`\gd_\_)`sdno`i_\ojn_`mdq\_jn_``nop*
_djn\i\ojhjk\ojg~bd^jn_`lp`g\_`b`i`m\^d~i_`g\npno\i*
^d\i`bm\ %lp`kmjqj^\ gjn n|iojh\nhjojm`n& m`km`n`io\ pi
`no\_dj dio`mh `_dj `i pi\ `ia`mh `_\_ kmjbm`ndq\ lp`
^jhd`iu\`ig\k\mo`_dno\g_`gomji^j_`g`i^{a\gjtlp`kp`*
_``qjgp^dji\mc\no\\a`^o\m\g\^jmo`u\^`m`]m\g)^ji`g^ji*
ndbpd`io`om\nojmij^jbidodqj %q+ @`h`i^d\^ji^p`mkjn_`
H`rthzn\_`g\io`&+
H\ni`pmji\n_jk\hdi{mbd^\n_`g\npno\i^d\i`bm\`hdo`i
kmjt`^^dji`nc\^d\`g`nomd\_jtnp_`b`i`m\^d~i`ig\ ALn`
\nj^d\ \ pi\ m`_p^^d~i _`g ^jio`id_j _` _jk\hdi\ `i `g
`nomd\_j+ H\bm\q`_\_ _`gn|i_mjh`hjojm`nkmjkjm^dji\g\
g\ _`ad^d`i^d\_` _jk\hdi\) lp`kp`_`^jmm`bdmn`) \gh`ijn
`ik\mo`)h`_d\io``gom\o\hd`iojnpnodopodqj^jiH*@KL=%`g
km`^pmnjmdih`_d\oj_`g\ _jk\hdi\&+Odi`h]\mbj)`gom\o\*
hd`iojijm`qd`mo`gjn^\h]djnhjmajg~bd^jnid_`od`i`g\kmj*
bm`nd~i_`g\`ia`mh`_\_8\_`hzn)\gkmjbm`n\m)`gom\o\hd`i*
oja\mh\^jg~bd^jkd`m_``ad^\^d\tm`npgo\^\_\q`uhzn_da|^dg
^jiomjg\mgjnn|iojh\n+@pm\io`g\godh\_{^\_\)g\`nodhpg\*
^d~i^`m`]m\gkmjapi_\n`c\^jiq`mod_j`ipiom\o\hd`ioj_`
gjn n|iojh\n hjojm`n _` g\ AL+ =_`hzn) g\n ]d`i^jij^d_\n
_`ad^d`i^d\ni`pm\g`nt]djlp|hd^\n_`g\ALnjig\]\n`k\m\
gjnkmdh`mjn`in\tjno`m\k{pod^jnnj]m``gom\nkg\io`i`pm\g
tg\o`m\kd\b{id^\+
O`kmj_p^`pi n|i_mjh` _` k\mfdinjidnhj \bp_j t_`n*
omp^^d~i_`g\ni`pmji\n`ig\npno\i^d\i`bm\om\ng\`skjnd*
^d~i\ g*h`odg*1*a`idg*g)/)0)3*o`om\cd_mjkdmd_di\ %ILPL&) _`n*
^p]d`moj ^jhj ^jio\hdi\io``igjo`n ndio`odu\_jn _`ajmh\
dg`b\g _`g jkdjd_` h`k`md_di\+ Ano\ ojsdi\ n` c\ `hkg`\_j
k\m\ b`i`m\m h j_`gjn \idh \g`n _` AL) lp` `nozi nd`i_j
`hkg`\_jn k\m\ kmj]\m ip`qjn om\o\hd`iojn+ H\ `qd_`i^d\
`kd_`hdjg~bd^\o\h]d{inpbd`m`lp`g\`skjnd^d~i\k`nod^d_\n
`npia\^ojm _` md`nbj _` g\ AL) hd`iom\n lp` g\ ^\a`|i\t g\
id^jodi\kp`_`in`mkmjo`^ojm\n+
@ \e uk`ZX d f c\ Zl cX i p g X kf ^ \e `X * H\ AL n` \nj^d\ \ g\ \^p*
h pg\^d~it\bm`b\^d~i_`g\nkmjo`|i\n)\go`m\^dji`nh doj*
^ji_md\g`n t k{m_d_\ _` i`pmji\n `i g\ npno\i^d\i`bm\ t
jom\n m`bdji`n _`g ^`m`]mj+ =pilp` g\ AL`n`nkjmz_d^\ `i
g\ h \tjm|\ _` gjn ^\njn) o\h ]d{i n` c\i d_`iodad^\_j pi\
n`md` _` ^\pn\n b`i{od^\n) lp` c\i \mmje\_j gpu nj]m` np
k\ojb`id\7
Agkmdh`mb`id_`iodad^\_j^jhj^\pn\_`g\AL\pojn~hd*
^\ _jhdi\io` ^j_dad^\g\ X)j`elZc\veX( pi\kmjo`|i\ om\in*
kjmo\_jm\ _` g|kd_jn \]pi_\io`) lp` n` \nj^d\`i^ji_d*
^dji`n ijmh \g`n \ g\n ndi\kndn+ O` _`h jnom~ lp` `no\
kmjo`|i\`m\ pi^jhkji`io`api_\h`io\g _`g ^p`mkj _`
H`rt)lp``npim\nbj_d\bi~nod^j_`g\AL+ H\nhpo\^dj*
i`n _` g\ \*ndip^g`|i\ nji kj^j am`^p`io`n t kp`_`i
^jmm`nkji_`m \ hpo\^dji`n kpiop\g`n t \hkgdad^\^dji`n
`ig\m`bd~i_`g^mjhjnjh\1l/._ji_`n`\gje\`gb`i+H\
\k\md^d~i _` `ia`mh `_\_ `i m`g\^d~i ^ji ^\h]djn `i `g
ih`mj_`^jkd\n_`gb`idhkgd^\pi`a`^oj_`_jndnb{id*
^\tnpbd`m`lp`njigjnkjgdhjmadnhjn_`gkmjhjojm_`g\
\*ndip^g`|i\lp`\go`m\inp`skm`nd~igjnlp`kp`_`i^ji*
_d^dji\m`g md`nbj _`npamdm pi\ AL+ Ebp\g lp` np^`_`^ji
=%0`ig\`ia`mh`_\__`=guc`dh`m)n`c\_`hjnom\_jlp`
g\ \*ndip^g`|i\ ajmh\ \bm`b\_jn8 k\m`^` lp`) _`iomj _`
`ggjn)gjnhzno~sd^jnk\m\g\ni`pmji\nnjigjnjgdb~h`mjn
k`lp`}jn+ P\h]d{i`sdno`i`qd_`i^d\n_`lp`gjn\bm`b\*
_jnkp`_`i gd]`m\mn``ipi\ i`pmji\ t n`m^\ko\_jnkjm
jom\) gj lp` npbd`m` pi\ kjnd]g` `sk\ind~i ndh dg\m \ g\
kmd~id^\ _`iomj _`g ^`m`]mj+ Ai ^ji^jm_\i^d\ ^ji `no\
d_`\)gjn\bm`b\_jnlp`^jiod`i`i\*ndip^g`|i\ %`iajmh\

%MEDQLDC@CDR MDTQNCDFDMDQ@SHU@R
_`^p`mkjn _`H`rtt\sji`n_`H`rt& \k\m`^`i)`ikmd*
h`mgpb\m)`i`g]pg]jm\lp|_`jt)kjno`mdjmh`io`)`izm`\n
^jiodbp\n_`g^`m`]mj)\n^`i_d`i_jkjm`gomji^j_`g`i^{*
a\gjt\g^\iu\i_jg\n`nomp^opm\ng|h]d^\nt)kjmgodhj)g\
i`j^jmo`u\+
H\ [`j]leZ`xe d`kfZfe[i`Xcc\ nd_j dhkgd^\_\ ^jhj a\^ojm
lp`^jiomd]pt` \ g\ AL]\nzi_jn``ig\najmh\n \pojn~*
hd^\n m`^`ndq\n _` AL ^\pn\_\n kjm h po\^dji`n `i gjn
b`i`nlp`^j_dad^\ig\nkmjo`|i\n@F*.)LEJG. tk\mfdi\+
@F*. m`\gdu\ h godkg`n api^dji`n ^`gpg\m`n) di^gpd_\ np
k\mod^dk\^d~i^jhjm`bpg\_jm_`g\om\in^mdk^d~i)k`mj)`i
ndop\^dji`n _``nom{n jsd_\odqj)kp`_`m`^jgj^\mn``ig\n
h doj^ji_md\n t o`i`m pi `a`^oj ^dojkmjo`^ojm+ LEJG. `n
pi\^di\n\)lp`n`_`bm\_\`ig\nhdoj^ji_md\n`i^ji_d*
^dji`nijmh\g`n8 ^p\i_j`sdno`pi\ _dnapi^d~ihdoj^ji*
_md\g)m`^gpo\\g\k\mfdi\)lp``npi\A0p]d^pdodi\gdb\n\+
Ai ^ji_d^dji`n ijmh \g`n) g\ ^jh ]di\^d~i _` LEJG. t
k\mfdi\ ^ji_d^dji\ g\ `gdh di\^d~i _` g\n h doj^ji_md\n
_dnapi^dji\g`n h `_d\io` h doja\bd\+ N`npgo\ diomdb\io`
lp` g\n ^ji^`iom\^dji`n _`g ^jhkg`ej hdoj^ji_md\g E) pi
^jhkji`io` _` g\ ^\n^\_\ _` g\ ajnajmdg\^d~i jsd_\odq\)
`no{im`_p^d_\n`igjn^`m`]mjn _`gjn k\^d`io`n ^jipi\
AL`nkjmz_d^\+
H\nhpo\^dji`n`i`gb`ilp`^j_dad^\g\EKKD. %^di\n\/
md^\ `i m`k`od^dji`n _` g`p^di\& nji pi\ ^\pn\ hzn am`*
^p`io`_`AL\pojn~hd^\_jhdi\io`tn``i^p`iom\io\h*
]d{i `i \gbpijn ^\njn `nkjmz_d^jn _` g\ `ia`mh `_\_+
HNNG/ `n pi\ kmjo`|i\ ^di\n\+ R\md\n _` g\n hpo\^dji`n
k\o~b`i\n\ph`io\ig\\^odqd_\_^di\n\_`HNNG/)gjlp`
npbd`m` lp` g\n b\i\i^d\n _` api^d~i _` `no\ h jg{^pg\
*]d`i h`_d\io`cdk`majnajmdg\^d~i_`g\n_d\i\nijmh\g`n
jkjmg\\k\md^d~i_`_d\i\nip`q\n*kp`_`i^jiomd]pdm\
g\\k\md^d~i_`g\AL+

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

- / 2 & / , / ' )!
5M G@KK@YFN B@Q@BSDQsRSHBN DM K@ %0 DR K@ O@ KHC D Y  CD K@ R T R S@ M B H@ 
MDFQ@BNLOqQDMRDK@REHFTQ@R  ! X" XCDKKNBTRBDQTKDTR  PTD
RD CDAD@ K@OrQCHC@CD MDTQNM@R B@SDBNK@LHMrQFHB@R OHFLDMS@C@R
DMDR@RQDFHNMDR %M@KFTM@RCDK@RMDTQNM@RQDRHCT@KDROTDCDMUDQd
RDBTDQONRCD,DVXEHF  # 3DSQ@S@CDHMBKTRHNMDRBHSNOKqRLHd
B@RDNRHMuEHK@R  QDCNMC@R N @K@QF@C@RX@HRK@C@R N LvKSHOKDR  PTD @
LDMTCN LTDRSQ@M TM MvBKDN CDMRN QNCD@CN ONQ TM G@KN OqKHCN %M
DKDRSTCHNTKSQ@DRSQTBSTQ@K KNRBTDQONRCD,DVXDRSqMBNMRSHSTHCNRONQ
EHK@LDMSNREHMNRCDMR@LDMSD@FQDF@CNRDMDKMvBKDN ODQNCHROTDRSNR
CDENQL @ K@W@ DM DK ANQCD  BNL OTDRSNR ONQ@ RHMTBKDsM@ 4@LAHrM
OTDCDM HCDMSHEHB@QRDBTDQONRCD,DVXDM K@RBrKTK@RBNKHMrQFHB@RCDK
MvBKDNA@R@KCD-DXMDQS  PTDLTDRSQ@TM@OrQCHC@CDMDTQNM@RRNd
AQDSNCNDMKNRO@BHDMSDRBNMOrQCHC@CDK@ETMBHuMBNFMHSHU@MNQL@K 
XS@LAHrM DM NSQNR MvBKDNR CDK SQNMBN CDK DMBrE@KN  BNL N DK KNBTR 
BDQTKDTR  X DK MvBKDN LNSNQ CNQR@K CDK U@FN ,@R qQD@R CD OrQCHC@
MDTQNM@KSsOHB@LDMSDOQDRDMS@MS@LAHrMFKHNRHR ,NR@WNMDRCD,DVX
RNM OQNKNMF@BHNMDRCHRSQuEHB@R PTDBNMSHDMDM@FQDF@CNRCD@ RHMTd
BKDsM@

$DLDMBH@BNMBTDQONRCD,DVX
=kmjsdh\_\h`io` `g .-*.2# _` gjn k\^d`io`n ^ji pi\ AL
_`n\mmjgg\ipi\_`h`i^d\)nj]m`oj_j^jig\`_\_+ H\n^\m\^*
o`m|nod^\no|kd^\n_``no`om\nojmijnjipi\`qjgp^d~iagp^op\i*
o`)\gp^di\^dji`ntgg\h\odqjnndbijnamjio\g`n+=pilp`\gbp*
ijnk\^d`io`n\a`^o\_jnhp`nom\i`qd_`i^d\k\ojg~bd^\_`pi\
`ia`mh `_\_ _` =guc`dh `m %j) ^ji h `ijn am`^p`i^d\) _`
jom\n `ia`mh`_\_`n _`b`i`m\odq\n ^ji^\h]djn ^jbidodqjn&
\nj^d\_\\g\AL)`ijomjn)g\g`nd~icdnojg~bd^\hzngg\h\odq\

&HFTQ@  %MEDQLDC@CCD0@QJHMRNM!3TRS@MBH@MDFQ@MNQL@K "3TRd


S@MBH@ MDFQ@ CDROHFLDMS@C@ DM K@ DMEDQLDC@C CD 0@QJHMRNM HCHNOqSHB@
##TDQONCD,DVXDMTM@MDTQNM@CDK@RTRS@MBH@MDFQ@PTDRDSHtDCDQNR@
AQHKK@MSDEKDBG@ 

`ng\`sdno`i^d\_`^p`mkjn_`H`rt_dn`hdi\_jn`ig\ni`p*
mji\n _` g\ ^jmo`u\ t `g omji^j _`g `i^{a\gj+ ?jhj t\ n`
^jh`io~ \io`mdjmh`io`) g\ _`h`i^d\ ^ji ^p`mkjn _` H`rt
kp`_`m`km`n`io\mpi`no\_dj`qjgp^dji\_j_`g\AL`i`glp`
k\m`^`lp`gjn\bm`b\_jn_`kmjo`|i\nn`c\i_dn`hdi\_j)
kjnd]g`h`io`kjmg\kmjk\b\^d~i_`g\nkmjo`|i\nh\gkg`b\*
_\n\g\ni`pmji\n_`g\^jmo`u\^`m`]m\g+
Hjn^p`mkjn_`H`rt^jmod^\g`nnjih`ijngg\h\odqjnlp`
gjn`i^jiom\_jn`i`gomji^j_`g`i^{a\gj)k`mjo\h]d{i`nozi





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


^jh kp`nojn kmdi^dk\gh `io` kjm \*ndip^g`|i\+ H\ odi^d~i
dihpijcdnojlp|hd^\k\m\g\\*ndip^g`|i\m`n\go\g\km`n`i^d\
_`pijn\sji`n\i~h\gjn)lp`^jiod`i`ig\kmjo`|i\\bm`b\_\
*t lp`n`gg\h\iXofe\j[\E\np(\pilp``gkmjkdjH`rtipi*
^\gjnqd`m\*+Ai`no`^jio`soj)gjnc\gg\ubjnk\ojg~bd^jno|kd*
^jn di^gpt`i g\ _`nkdbh `io\^d~i _` g\ npno\i^d\ i`bm\ t
`gcfZljZ\ilc\lj(^jipi\m`g\odq\^jin`mq\^d~i_`g\^jmo`u\)`g
cdkj^\hkjtg\\h|b_\g\+H\^\mb\_`^p`mkjn_`H`rt^jm*
od^\g`nnp`g`n`m`som`h\_\h`io`]\e\tij`noz^g\mjkjmlp{
h`^\idnhjg\`ia`mh`_\_\go`m\g\api^d~i^jbidodq\+Asdno`i
`qd_`i^d\n_`lp`g\^\mb\ _` \*ndip^g`|i\jgdbjh{md^\`ig\
^jmo`u\`nhzndhkjmo\io`lp`gjn^p`mkjn_`H`rt)\pilp`
gjni`pmjk\o~gjbjnpodgd^`i`nojn^jhj^\m\^o`m|nod^\_d\bi~n*
od^\_`g\`ia`mh`_\_+

3sMCQNLDR CD O@QJHMRNMHRLN @SsOHBNR


?jhjn`c\^jh`io\_j\io`mdjmh`io`)`gn|i_mjh`^g|id^j_`
k\mfdinjidnhj)^ji]m\_d^di`nd\tmdbd_`u)m`ag`e\pi\_dnapi*
^d~i_`g^dm^pdoj`som\kdm\hd_\g)nj]m`oj_j_`g\nkmjt`^^dj*
i`n_jk\hdi{mbd^\nidbmj`nomd\_\n+=_`hzn_`g\najmh\n_`
`ia`mh`_\_ _` L\mfdinjit\^jh`io\_\n) `sdno`ipi\ n`md`
_` om\nojmijn lp` di^gpt`i `g k\mfdinjidnhj ^jhj ^jhkj*
i`io`_`gjnn|iojh\n+ Ano\n `ia`mh`_\_`n)`ib`i`m\g) m`n*
kji_`i_` ajmh\ h|idh\\g om\o\hd`ioj^jiH*@KL=8 o\h*
]d{i n` _da`m`i^d\i _` g\ `ia`mh`_\_ _` L\mfdinji kjm g\
`sdno`i^d\_`ndbijntn|iojh\n \_d^dji\g`n+ Ljm`no`hjodqj
n`^jind_`m\in|i_mjh`n_`k\mfdinjidnhj\o|kd^jn) \pi*
lp`jomjn\pojm`n`hkg`\i^jhj\go`mi\odq\`go{mhdij n|i*
_mjh`n_`L\mfdinjikgpn+=_`hzn_`g\k\mzgdndnnpkm\ip*
^g`\m kmjbm`ndq\ t g\ _`b`i`m\^d~i ^jmod^j]\n\g) lp` nji
o\pk\o|\n)`i`no`bmpkj_`om\nojmijnn``i^p`iom\jom\ndip*
^g`dijk\o|\ %\omjad\hpgodndno{hd^\)lp`n`^jh`io\kjmn`k\*
m\_jhzn\_`g\io`&+

0@QqKHRHRRTOQ@MTBKD@QOQNFQDRHU@ 030
H\LOL`npi\o\pk\o|\`ig\^p\ggjnk\^d`io`n\a`^o\_jnnp`*
g`i_`n\mmjgg\mpi\ mdbd_`ukmjbm`ndq\ _`g omji^j) _`n`lpdgd*
]mdj^jiam`^p`io`n^\|_\nt_dad^pgo\_k\m\gjnhjqdhd`iojn
j^pg\m`n qjgpio\mdjn+ Komjn n|iojh\n lp` \k\m`^`i^jiam`*
^p`i^d\njig\_dnoji|\_`g\ip^\)g\k\mzgdndnn`p_j]pg]\mt
pi\ _`h`i^d\ kmjbm`ndq\ g`q`+ H\ \k\md^d~i np`g` j^pmmdm
`iom`g\lpdio\tg\n{kodh\_{^\_\n_`g\qd_\)t`g^p\_mj`n
_jnq`^`nhznam`^p`io``igjncjh]m`nlp``ig\n hpe`m`n+
H\ `ia`mh`_\_ np`g` ^\pn\m g\ hp`mo` \ gjn 2*4\}jn _` g\
\k\md^d~i+
=pilp`g\^\m\^o`m|nod^\k\ojg~bd^\_`g\LOL`ng\km`n`i*
^d\_`di^gpndji`nlp`^jiod`i`io\p`ig\ni`pmji\ntg\bg|\)
g\n h po\^dji`n m`nkjin\]g`n `i `g b`i _` o\p njgj n` c\i
`i^jiom\_j `i pijn kj^jn^\njn+ Odi `h]\mbj) `g md`nbj _`
LOL`nkjmz_d^\n`m`g\^dji\^jikjgdhjmadnhjn_`piip^g`~*
od_jid^j)lp` n`gj^\gdu\^`m^\ _`g cfZlj _`gb`i_` o\p+ O`
c\id_`iodad^\_jjomjn\g`gjn_`md`nbj`igjn`nop_djn_`\nj*
^d\^d~i k\ib`i~hd^jn) k`mj oj_\q|\ ij `noz ^g\mj kjm lp{
h`^\idnhjdiagpt`inj]m``g_`n\mmjggj_`g\LOL+

I KNBKHKC=
3DNARDQU@TM@@LOKH@OrQCHC@MDTQNM@KDMDKFKNANOqKHCN DKMvBKDN
RTAS@KqLHBN  K@RTRS@MBH@ MDFQ@  KNR BNKsBTKNR  K@ RTRS@MBH@ FQHR OD 
QH@BTDCTBS@KXDK MvBKDNCDMS@CNCDK BDQDADKN %M K@R QDFHNMDR@EDBd
S@C@RRDDMBTDMSQ@MNUHKKNREHAQHK@QDRFKNANRNR S@MSNDMK@RMDTQNM@R
BNL NDM K@FKs@ %K@MqKHRHRTKSQ@DRSQTBSTQ@KLTDRSQ@EHK@LDMSNRQDBSNR
CD ML  BNMRSHSTHCNRONQ2S@T

=\^\e\iXZ`xeZfik`ZfYXjXc$=<;%
H\@?>`npi\o\pk\o|\lp`n`^\m\^o`mdu\nj]m`oj_jkjmmdbd*
_`u`som\kdm\hd_\g) \go`m\^dji`n hjojm\n\ndh{omd^\n %hjqd*
hd`iojn `nkznod^jn _` g\n `som`hd_\_`n& t om\nojmijn _` g\
api^d~i^jmod^\gnpk`mdjm %o|kd^\h`io``iajmh\_`\km\sd\n&+
Ebp\g lp` np^`_` `i g\ LOL) kp`_` kmj_p^dmn` pi _`o`mdjmj
^jbidodqj)o|kd^\h`io` `ia\n`no\m_|\n _` g\`ia`mh`_\_+ H\
hdnh\ q\md\io` _` o\p m`g\^dji\_\ ^ji g\ LOL n` \nj^d\ \
g\@?>+Aib`i`m\g)g\@?>tg\LOL^jhk\mo`ihp^c\n^\m\^*
o`m|nod^\n ^g|id^\ntk\ojg~bd^\n8`ig\LOLn`np`g``i^jiom\m
pi\h\tjm^\mb\_`g`ndji`nlp`^jiod`i`io\p`i`gomji^j_`g
`i^{a\gjtg\npno\i^d\bmdnkmjapi_\)hd`iom\nlp``ig\@?>
n`np`g`\a`^o\mhzng\^jmo`u\^`m`]m\g+

I KNBKHKC=
%KBDQDAQNLTDRSQ@@SQNEH@BNQSHB@K RNAQDSNCNDMKNRKuATKNRLNSNQDR 
OQDLNSNQDRXO@QHDS@KDR@MSDQHNQDR%MK@RQDFHNMDRCDK@BNQSDY@@EDBd
S@C@RRDNARDQU@TM@HLONQS@MSDOrQCHC@MDTQNM@K  FKHNRHRX M D T QN d
M@RcA@KNMHY@C@Ri @BQNL@RH@MDTQNM@K 3DG@CDRBQHSNONRHSHUHC@C
HMLTMNGHRSNPTsLHB@O@Q@S@T DM KNR@RSQNBHSNR c@RSQNBHSNRDM ODM@d
BGNi  KNRNKHFNCDMCQNBHSNR cBTDQONRBNKNHCDRi  K@R MDTQNM@RF@Md
FKHNM@QDR A@R@KDRX  CDENQL @U@QH@AKD  K@R MDTQNM@R BNQSHB@KDR ,NR
G@KK@YFNRO@SNKuFHBNRLqRDRODBsEHBNRDMK@$#"RNMKNRBvLTKNRCD
OQNKNMF@BHNMDRONRHSHU@RO@Q@S@T@KQDCDCNQCDKNR@RSQNBHSNRcOK@B@R
@RSQNBsSHB@Ri XK@DWHRSDMBH@CDGDAQ@RONRHSHU@RBNMS@TDMK@RTRS@Md
BH@FQHRXAK@MB@%MK@RTRS@MBH@MDFQ@XDKKNBTRBDQTKDTR RDNARDQU@
OrQCHC@CDMDTQNM@ROHFLDMS@C@R  @BQNL@RH@MDTQNM@KXNUHKKNR

! SQN EH@  LTKSHRHRSrLHB@ !-3


H\=I O`npiom\nojmij`nkjmz_d^jlp`\a`^o\\q\mdjnndno`*
h\napi^dji\g`n_`g^`m`]mjtn`^\m\^o`mdu\kjmdi^gpndji`n
^dojkgznhd^\n_`\*ndip^g`|i\`igjnjgdbj_`i_mj^dojn+=_da`*
m`i^d\_`gjlp`np^`_``ijom\n`ia`mh`_\_`n_`b`i`m\odq\n)
g\^\m\^o`m|nod^\k\ojg~bd^\api_\h`io\g_`g\=IOn`j]n`mq\
`ig\n^{gpg\nbgd\g`ntnp`g`\nj^d\mn`\_`b`i`m\^d~i_`g\nq|\n
_`npno\i^d\]g\i^\+=_`hzn)n`kmj_p^`_`b`i`m\^d~ii`pmj*
i\g)k`mjo|kd^\h`io`ndikm`n`i^d\_`di^gpndji`n+ Ag o{mhdij
hgodkg`_`iomj_`gijh]m`Xkif]`Xdlck`j`jkud`ZX\gp_`\om`n
^dm^pdojn i`pmj\i\o~hd^jn _`adid_jn lp` n` np`g`i \a`^o\m7
`g^dm^pdojidbmj`nomd\_j%lp`kmj_p^`k\mfdinjidnhj&)`g^dm^pd*
ojjgdqjkjioj^`m`]`gjnj%lp`kmj_p^`\o\sd\&t`gndno`h\i`mqdj*
nj\po~ijhj)di^gpd_jnnpn`g`h`iojn^`iom\g`n %lp`kmj_p^`
_dnapi^d~i\po~ijh\) ^jicdkjo`ind~i jmojnozod^\ ^jhj `g`*
h`ioj_`no\^\_j&+ Aipidi_dqd_pj^ji^m`ojkp`_`km`_jhd*
i\mpij_``nojn^jhkji`io`n\g^jhd`iuj_`g\`ia`mh`_\_)
k`mj)\gkmjbm`n\m)`no|kd^\g\\a`^o\^d~i_`gjn_`hznndno`h\n+
I Xkf^ \e `X* Ebp\glp`np^`_``ig\`ia`mh`_\__`L\mfdinji)
g\\*ndip^g`|i\`n`gkmdi^dk\g^jhkji`io`_`g\ndi^gpndji`n+
H\=IO`npi^p\_mj`nkjmz_d^jtijn`c\d_`iodad^\_j^jhj
^\pn\idibpi\hpo\^d~i`i`gb`ilp`^j_dad^\g\\*ndip^g`|i\+
=k`n\m_`oj_j)k\m`^``sdnodmpi^jiepioj_`kjgdhjmadnhjn
^`m^\_``no`b`ilp`\ph`io\i`gmd`nbj+H\m`g\^d~i`iom`g\n
di^gpndji`n ^dojkgznhd^\n bgd\g`n t g\ `ia`mh`_\_ n`api_\*
h`io\`ig\j]n`mq\^d~i_`lp`g\^\mb\_`di^gpndji`n\ph`i*
o\ \g kmjbm`n\m g\ `ia`mh`_\_) \pilp` g\n di^gpndji`n \^\*
]\ikjm_`n\k\m`^`m^p\i_j g\n ^{gpg\n hp`m`i`i`no\_djn
adi\g`n+ L\m`^`lp`kp`_`i`sdnodmdi^gpndji`n^dojkgznhd^\n
bgd\g`nndik{m_d_\i`pmji\g)gjlp`npbd`m`lp``no``n`gkmdi*
^dk\g\^jio`^dhd`iojk\ojg~bd^j8kjm`e`hkgj)n`j]n`mq\i_`
ajmh\ ^jino\io` di^gpndji`n `i `g ^dojkg\nh\ _`g\n ^{gpg\n
bgd\g`n_`g\npno\i^d\]g\i^\lp`n`kmjt`^o\ic\^d\j_`n_`

%MEDQLDC@CDR MDTQNCDFDMDQ@SHU@R
g\^jmo`u\hjojm\+Agjmdb`i_`g\\*ndip^g`|i\`igjnjgdbj_`i*
_mj^dojnndbp`nd`i_jnjmkm`i_`io`)_\_jlp`n`om\o\_`pi\
kmjo`|i\i`pmji\g \nj^d\_\ \g\nq`n|^pg\nndizkod^\n+ R\mdjn
`nop_djnc\i_`hjnom\_jlp`ij`sdno`pi\m`bpg\^d~i\g\gu\
_`g\`skm`nd~i_`\*ndip^g`|i\`ig\npno\i^d\]g\i^\id`igjn
jgdbj_`i_mj^dojn`ig\=IO+O`c\npb`md_jlp`gjnjgdbj_`i*
_mj^dojn kp`_`i \_lpdmdm gjn \bm`b\_jn _` \*ndip^g`|i\ _`
ajmh\n`^pi_\md\\k\modm_`g\ni`pmji\ng`ndji\_\nj\kpi*
oj _` hjmdm+ ?p\i_j gjnjgdbj_`i_mj^dojn^jiod`i`i \*ndip*
^g`|i\) n`qp`gq`ihzn n`ind]g`n \g`nom{njsd_\odqjthp`n*
om\i\go`m\^dji`n`ig\dio`m\^^d~i^jig\h\omdu`som\^`gpg\m+

- / 2 & / , / ' )!
,NRG@KK@YFNRO@SNKuFHBNRDM K@!-3RDBNQQDRONMCDMBNM K@OQDRDMd
S@BHuMBKsMHB@DMB@C@B@RNBNMBQDSN %M K@RU@QH@MSDRBDQDADKNR@RRD
NARDQU@@SQNEH@BDQDADKNR@  CDKNRODCsBTKNRBDQDADKNRNR  K@OQNSTADd
Q@MBH@RNAQDSNCNK@A@RDEHF ! XDKATKANQ@PTsCDNRNAQDSNCN
K@NKHU@HMEDQHNQ  LHDMSQ@R PTDDM K@RENQL@R O@QJHMRNMH@M@R K@@SQNEH@
@EDBS@S@MSN@K@RTRS@MBH@MDFQ@BNLN@KDRSQH@CNRNAQDSNCN@KOTS@d
LDM ,NRRsMSNL@R@TSuMNLNRRDQDK@BHNM@MBNMK@OrQCHC@BDKTK@QDM
KNRMvBKDNRB@SDBNK@LHMrQFHBNRCDKATKANXK@BNKTLM@CDBrKTK@RHMSDQd
LDCHN K@SDQ@KDRCDK@LrCTK@,@RQDFHNMDR@SQuEHB@RCDKBDQDAQNLTDRd
SQ@MDUHCDMBH@RCDOrQCHC@MDTQNM@KXS@LAHrM TM MvLDQNU@QH@AKDCD
HMBKTRHNMDRBHSNOKqRLHB@RXMTBKD@QDRMDTQNM@KDR
/QHFHM@KLDMSDRDCDLNRSQ@QNMK@RHMBKTRHNMDRBHSNOKqRLHB@RFKH@KDR
CH@FMuRSHB@RDM KNR NKHFNCDMCQNBHSNR BNMSrBMHB@RCD HLOQDFM@BHuM
@QFrMSHB@  X DRS@R BNMSHDMDM S@MSN @ RHMTBKDsM@ BNL N TAHBTHSHM@
EHF    ,@R HMBKTRHNMDR RNM CHRSHMS@R CDRCD TM@ ODQRODBSHU@
TKSQ@DRSQTBSTQ@KPTDK@RDMBNMSQ@C@RDMNSQ@RDMEDQLDC@CDRMDTQNCDd
FDMDQ@SHU@RX DRSqMBNMRSHSTHC@ROQHMBHO@KLDMSDONQSvATKNRCD@
 ML 0TDCDM DMBNMSQ@QRD HMBKTRHNMDR O@QDBHC@R DM DK BHSNOK@RL@
CD K@R MDTQNM@R  @UDBDR DM KNR MvBKDNR CD K@R BrKTK@R FKH@KDRX K@R
MDTQNM@RXDMKNR@WNMDR

%MEDQLDC@C CD (TMSHMFSNM


H\`ia`mh`_\__`Dpiodiboji%AD&`npiom\nojmij\pojn~*
hd^j_jhdi\io`^\m\^o`mdu\_jkjm\go`m\^dji`nkmjbm`ndq\n
_`gh jqdh d`iojt_`h`i^d\t^\pn\_jkjmg\_`b`i`m\^d~i
_` g\n i`pmji\n _`g `nomd\_j+ Oji o|kd^jn gjn hjqdhd`iojn
`nkznod^jn)cdk`m^di{od^jnt)`ij^\ndji`n)_dno~id^jn_`oj_\n
g\n k\mo`n _`g ^p`mkj %^jm`\&8 kjno`mdjmh`io`) gjn k\^d`io`n

kp`_`i_`n\mmjgg\m]m\_d^di`nd\tmdbd_`u+ H\`ia`mh`_\_`n
dhkg\^\]g`h`io`kmjbm`ndq\tkmjqj^\g\hp`mo`_`nkp{n_`
pi\`qjgp^d~ih`_d\_`pijn.2\}jn+
@ \e uk`ZXd fc\Zl cXip g Xkf^ \e `X* H\AD`n`gkmjojodkj_`g\n
`ia`mh`_\_`n^\pn\_\nkjm`sk\indji`n_`omdkg`o`n_`kjgd*
bgpo\hdi\n%q+^\k|opgj2&+Agb`i_`g\AD)DPP)n`gj^\gdu\`i
`g^mjhjnjh\1kg3+0t^j_dad^\pi\kmjo`|i\_`015f@\^jij*
^d_\^jhj_lek`e^k`eX*Ai`gkmdh`m`s~i_`gb`in``i^p`iom\
pi\`so`ind~i_`m`k`od^dji`n_`?=C)lp`^j_dad^\pi\m`bd~i
kjgdbgpo\hdi\^`m^\_`g`som`hjJ*o`mhdi\g_`g\kmjo`|i\+Ag
b`iAMMijmh\g ^jiod`i` `iom` 3 t 02 ^jkd\n _`g omdkg`o` t)
^p\i_j`gih`mj_`omdkg`o`nnpk`m\`no`idq`g)n`\nj^d\\g\
`ia`mh`_\_+ Asdno`pi\m`g\^d~idiq`mn\`iom` `g ih`mj _`
omdkg`o`ntg\`_\_ _`\k\md^d~i) _`h\i`m\lp`) ^p\ioj hzn
g\mb\nnjig\nm`k`od^dji`n)hznkmjiojn`h\idad`no\`g^p\_mj+
Odi`h]\mbj)g\h`m\_`o`mhdi\^d~i_`g\gjibdop__`g\nm`k`*
od^dji`nijk`mhdo`km`_`^dm_`ajmh\`s\^o\g\`_\__`\k\md*
^d~i+ H\n`sk\indji`n _`g\nm`k`od^dji`nkp`_`ikmj_p^dmn`
_pm\io`g\`nk`mh\ojb`id\)kjmgjlp`g\om\inhdnd~ik\o`mi\
n`kp`_`\nj^d\m\pidid^djhzno`hkm\ij`ig\ndbpd`io`b`i`*
m\^d~i)pia`i~h`ijlp`n`^jij^`^jhjXek`Z`gXZ`xe*=_da`*
m`i^d\ _`gjlp`np^`_``ihp^c\njom\n`ia`mh`_\_`n_`b`*
i`m\odq\n)ijn`_`n^md]`idibpi\q\md\io``nkjmz_d^\_`g\AD+
Ojim\m\ng\nhpo\^dji`n[\efmf( tk\m`^`lp`g\h\tjm|\ _`
gjn^\njn`i\k\md`i^d\`nkjmz_d^jnn`_`]`i\pi\a\gn\k\o`m*
id_\_)\g\hp`mo`_`pikmjb`idojm\a`^o\_j\io`n_`g\`skm`*
nd~i_`g\`ia`mh`_\_j\lp``gk\_m`ij`noz\a`^o\_j)k`mj
od`i`pi\`sk\ind~ig`q`_`m`k`od^dji`nlp`n`\hkg|\c\no\
\g^\iu\mkmjkjm^dji`nk\o~b`i\n_pm\io`g\`nk`mh\ojb`id\+
Jj n`^jij^`g\ api^d~i]djg~bd^\ _`g\ cpiodibodi\ ijm*
h\g)k`mjk\m`^`lp`g\`sk\ind~i_`g\m`bd~i_`kjgdbgpo\*
hdi\n\kjmo\pi\b\i\i^d\_`api^d~io~sd^\\g\cpiodibodi\+
Ljm`no`hjodqjn``nozidiq`nodb\i_j_dq`mnjn\]jm_\e`nk\m\
`gndg`i^d\hd`ioj_`g\`skm`nd~i_`g\g`gjhpo\io`^jhjkjnd*
]g`nom\o\hd`iojn+Andio`m`n\io`j]n`mq\mlp`)\pilp`g\cpi*
odibodi\n``skm`n\`ioj_jngjno`ed_jn_`g^p`mkj)gjn`a`^ojn
_`g`o{m`jn_`g\ajmh\hpo\io`njgj\a`^o\i\\gbpi\nk\mo`n
n`g`^^dji\_\n_`gndno`h\i`mqdjnj^`iom\g+
=pilp` g\ \bm`b\^d~i _` g\n kmjo`|i\nt`g _`n\mmjggj _`
di^gpndji`ndiom\ip^g`\m`nlp`^jiod`i`icpiodibodi\njig\n
^\m\^o`m|nod^\nk\ojg~bd^\n_`g\AD)ij`noz^g\mjnd`nojnkmj*
^`njn`nozidhkgd^\_jn_dm`^o\h`io``ig\g`nd~i^`gpg\mjndi
njidi^d_`io\g`nk\m\`nojnkmj^`njnk\ojg~bd^jn^g\q`+ ?\_\
q`u `sdno`i hzn `qd_`i^d\n _` lp` g\ cpiodibodi\ \bm`b\*

#.

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

d #

<

"
&HFTQ@  !SQNEH@LTKSHRHRSrLHB@!-3 !!SQNEH@FQ@UDCDK@A@RDCDK@OQNSTADQ@MBH@BNLNDUHCDMBH@CDTM@!-3 # " ,@RHMBKTRHNMDRCDKNRNKHFNCDMd
CQNBHSNRBNMSHDMDM@ RHMTBKDsM@





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


_\kp`_`n`m^\ko\_\kjmg\ni`pmji\n)gjlp`npbd`m`o\h]d{i
g\kjnd]g``so`ind~indhdg\m\g\kmd~id^\_`pi\i`pmji\\jom\+
O`c\dhkgd^\_jg\_`nm`bpg\^d~i_`g\om\in^mdk^d~i`ig\AD)
]\nzi_jn``ig\j]n`mq\^d~i_`lp`g\najmh\nhpo\io`n_`g\
cpiodibodi\n`gdb\i\_dq`mnjnm`bpg\_jm`n_`g\om\in^mdk^d~i+
=gbpijn_`gjna\^ojm`n_`om\in^mdk^d~ilp`njin`^p`nom\_jn
kjmg\cpiodibodi\hp|\io`di^gpt`igjndhkgd^\_jn`ig\]dj*
b`id\_`g\nhdoj^ji_md\ntg\kmjo`^^d~iam`io`\g\ng`ndji`n
jsd_\odq\n)tg\m`_p^^d~i_`np\^odqd_\_kp`_`om\_p^dmn``i
pi\ph`ioj_`g\npn^`kod]dgd_\__`g\n^{gpg\n\a`^o\_\nam`i*
o`\g`nom{njsd_\odqj+ Kom\nq|\ndhkgd^\_\nlp`kp`_`i^ji*
omd]pdm\g\k\ojb`id\_`g\ADdi^gpt`ig\n\go`m\^dji`n`ig\
`skm`nd~i_`ga\^ojm_`^m`^dhd`ioj)gg\h\_ja\^ojmi`pm~omjkj
_`mdq\_j_`g^`m`]mj%>@JB&)tgjn`a`^ojnk`mid^djnjn_`gjn
\bm`b\_jn_`kmjo`|i\n)lp`kp`_`i\go`m\mg\nq|\n_`_`bm\*
_\^d~i_`gjnkmjo`jnjh\nt_`\poja\bd\+

>

 - / 2 & / , / ' m!
%K BDQDAQN DR ODPTDtNX LTDRSQ@ TM@ KK@L@SHU@ @ SQN EH@  CDK M vBKDN
B@TC @CNX DMNB@RHNMDR CDKOTS@LDM @TMPTDLDMNRHLONQS@MSDDM
DRS@CHNR OQDBNBDR EHF    %K FKNAN OqKHCN OTDCDDRS@Q@SQNEH@CN
RDBTMC@QH@LDMSD  X KNR UDMSQsBTKNR K@SDQ@K XSDQBDQN DRSqM CHK@S@CNR
!RHLHRLN DREQDBTDMSDUDQ@SQNEH@DMDKKuATKNEQNMS@K  MNS@MEQDBTDMd
SDLDMSD DM DK KuATKN O@QHDS@K X  DM NB@RHNMDR  DMSNC@ K@BNQSDY@ %K
DRSTCHNBNMDKLHBQNRBNOHNLTDRSQ@K@OrQCHC@HLONQS@MSDCDMDTQNM@R
CDK DRSQH@CN KNRB@LAHNR LqR HLONQS@MSDR RD KNB@KHY@M DM DK MvBKDN
B@TC@CN RNAQDSNCNDMK@BNK@X DMK@RQDFHNMDROQuWHL@R@KUDMSQsBTd
KN,NRB@LAHNRO@SNKuFHBNRRDCDR@QQNKK@MDMCHQDBBHuMLDCH@K@K@SDQ@K
DMDKB@TC@CNXCNQR@K@UDMSQ@KDMDKOTS@LDM %KMvBKDN@BBTL ADMR
DRK@YNM@LDINQBNMRDQU@C@CDKDRSQH@CN3D@EDBS@MS@MSNK@RMDTQNM@R
FQ@MCDRBNLNK@R ODPTDt@R @TMPTD  DMFDMDQ@K  RDOHDQCDMOQHLDQN
K@RODPTDt@R ,@RMDTQNM@RDROHMNR@RCDLDCH@MNS@L@tNPTDDLd
OKD@MDKqBHCN @LHMNATSsQHBN'!"! BNLNMDTQNSQ@MRLHRNQ @CDLqR
CDDMBDE@KHM@ CHMNQEHM@X RTRS@MBH@0 RNMDRODBH@KLDMSDRDMRHAKDR$NR
ONAK@BHNMDR CD MDTQNM@R RDBNMRDQU@M QDK@SHU@LDMSD K@R MDTQNM@R
ONRHSHU@R O@Q@ CH@ENQ@R@  PTDDWOQDR@M K@ uWHCN MsSQHBN RHMS@R@  X K@R
MDTQNM@R ONRHSHU@R O@Q@ BNKHMDRSDQ@R@ CD FQ@M S@L@tN 0@QDBD PTD
@LA@R@BSv@MBNLNHMSDQMDTQNM@RKNB@KDR4@LAHrMRDUDFKHNRHREHAQH 
K@Q PTDDRLqRDWSDMR@PTDDMK@QD@BBHuMG@AHST@K@K@OrQCHC@MDTQNd
M@K %WHRSDTM@BNQQDK@BHuM HLONQS@MSDDMSQDDKFQ@CNCDCDFDMDQ@BHuM
CDKDRSQH@CNXK@FQ@UDC@CCDKNRRsMSNL@RBKsMHBNR%MK@RMDTQNM@RCDK
DRSQH@CNXK@BNQSDY@BDQDAQ@K RDDMBTDMSQ@M@FQDF@CNRCDK@OQNSDsM@
GTMSHMFSHM@UEHF  QDBT@CQN 

&HFTQ@   %MEDQLDC@C CD (TMSHMFSNM (DLHREDQHN MNQL@K @ K@ HYPTHDQC@


BNLO@Q@CNBNMDKGDLHREDQHNBNMDMEDQLDC@CCD(TMSHMFSNM@K@CDQDBG@ PTD
LTDRSQ@@SQNEH@CDKDRSQH@CNXCHK@S@BHuMUDMSQHBTK@Q 2DBT@CQN ,@RHMBKTRHNMDR
HMSQ@MTBKD@QDRDM K@RMDTQNM@RRNM HMSDMR@LDMSDHMLTMNQQD@BSHU@RO@Q@TAH 
BTHSHM@0NQBNQSDRs@CDK$Q* 06NMR@SSDK #NKTLAH@5MHUDQRHSX .DV9NQJ

< XiX Zk\ivjk`ZX jZcve`ZXj* H\k{m_d_\_`g\ni`pmji\n`nkdij*


n\n_`o\h\}jh`_d\ij_`g`nomd\_j^ji_p^`\pi\_`nm`bp*
g\^d~i_`g^dm^pdoj_`gjnb\ibgdjn]\n\g`n)lp`hj_pg\g\api*
^d~i h jojm\+ Ano\n i`pmji\n ijmh \gh `io` ndmq`i k\m\
\hjmodbp\m g\ \^odqd_\_ hjojm\)kjmgjlp`g\ _`b`i`m\^d~i
`i g\ ADn` om\_p^``ipi\ph`ioj _`g\ \^odqd_\_ hjojm\)
lp`n`h\idad`no\^jhjpi\^jm`j\o`ojndn+Hjn^\h]djn^jbid*
odqjn\nj^d\_jn \ g\ `ia`mh`_\_ kjnd]g`h`io`n` m`g\^dji`i
^jig\k{m_d_\_`i`pmji\n_`g\^jmo`u\^`m`]m\g+
H\ `ia`mh`_\_ np`g` h \ida`no\mn` `i g\ ^p\mo\ j lpdio\
_{^\_\_`g\qd_\tn`m`g\^dji\^jig\gjibdop__`g\nm`k`od*
^dji`n_`?=C`i`g b`iAMM* Hjnn|iojh\n hjojm`nnp`g`i
\io`^`_`m\g_`o`mdjmj^jbidodqj+Agom\nojmij_`ghjqdhd`ioj
`i g\ AD `n ^jm`dajmh`) ^ji \ph`ioj _` gjn hjqdhd`iojn
`nkznod^jn diqjgpio\mdjn _` oj_\n g\nk\mo`n _`g ^p`mkj8 nji
o|kd^jngjnhjqdhd`iojn_`ojmnd~i_`g\n`som`hd_\_`n+Aiom`
gjnn|iojh\nkm`^j^`n_` g\_dnapi^d~i^jmod^\gnpk`mdjm_`n*
o\^\ig\ o`i_`i^d\ \g jgqd_jt om\nojmijn _`g k`in\hd`iojt
\a`^odqjn)k`mjo\h]d{ikmjbm`n\\pi\_`h`i^d\bm\q`+=pi*
lp`gjnk\^d`io`n^jipi\ADod`i`ipimd`nbj\ph`io\_j_`
npd^d_dj)g\^\pn\_`hp`mo`i\opm\ghznam`^p`io``ng\dia`^*
^d~idio`m^pmm`io`+@\_\g\^\k\^d_\__`m`\gdu\mpi\_`o`^^d~i
n`g`^odq\_`g\nhpo\^dji`nm`nkjin\]g`n_`g\`ia`mh`_\_)n`
kj_m|\\nphdmlp`g\_`o`^^d~in`g`^odq\b`i{od^\_`gjndi_d*
qd_pjn_`md`nbj`nc\]dop\g+Odi`h]\mbj)n`om\o\_`pi^p\*
_mj `i`g lp`g\ ^\k\^d_\_ _` _`o`^o\m`gmd`nbj _` npamdm g\
`ia`mh`_\_n`c\\iod^dk\_j\^p\glpd`modkj_`om\o\hd`ioj+
Ljm`nj)t_\_jlp`ij`sdno`idibiom\o\hd`ioj`ad^\utlp`
g\`qjgp^d~i_`g\`ia`mh`_\_`n_`q\no\_jm\)ij`noz^g\mj
ndg\_`o`^^d~in`g`^odq\m`npgo\m|\{od^\+

$DFDMDQ@BHNMDR DROHMNBDQDADKNR@R
Ano\n `ia`mh`_\_`n _`b`i`m\odq\n\a`^o\i\g ^`m`]`gj) \_`*
hzn_`\jomjn`g`h`iojn _`gndno`h\i`mqdjnj)nj]m`oj_j\
g\ h{_pg\ `nkdi\g %o\ioj g\n q|\n lp` n` kmjt`^o\i c\^d\ `g
^`m`]`gj^jhjg\n^jgphi\n_jmn\g`n)lp`ijgjc\^`i&t\gjn
i`mqdjnk`mda{md^jn+ @\_\ g\gj^\gdu\^d~i\i\o~hd^\ _``no\n
g`ndji`n)gjnn|iojh\n^g|id^jnnp`g`idi^gpdm\o\sd\n^`m`]`gj*
n\ t n`indodq\) `nk\nod^d_\_ t i`pmjk\o|\ n`indodqjhjojm\
k`mda{md^\+=k`n\m_`gnjg\k\hd`ioj_`g\nm`bdji`n\a`^o\_\n)
n` om\o\ _` pi bmpkj hpt c`o`mjb{i`j _` `ia`mh`_\_`n \
idq`g^g|id^j)b`i{od^jtk\ojg~bd^jtlp`od`i`i_da`m`i^d\n`i
gjnk\omji`n_`c`m`i^d\)`_\__`\k\md^d~itndbijntn|ioj*
h\n+ Qic\gg\ubj^jhi\oj_jn`nojnkmj^`njn`ng\km`n`i*
^d\_`k{m_d_\i`pmji\g)\h`ip_jndijomjn^\h]djno|kd^jn)
n\gqj bgdjndn) `i g\n m`bdji`n \a`^o\_\n+ Ag \izgdndn b`i{od^j
ndbp` hj_dad^\i_j ip`nom\ ^g\ndad^\^d~i _` `nojn ^p\_mjn)
\pilp``nojijc\\kjmo\_j hzndiajmh\^d~inj]m`g\k\oj*
b`id\idc\diagpd_j`ig\\k\md^d~i_`om\o\hd`iojn`ad^\^`n+
Ag o{mhdijXkXo`X \jg`efZ\i\Y\cfjX %=A?& n`np`g`\kgd^\m\
pi\n`md`_`om\nojmijnc`m`_\_jn_`ajmh\\pojn~hd^\_jhd*
i\io`+ P\h]d{i n` q\i \ m`qdn\m _` ajmh\ ]m`q` _jn _` gjn
om\nojmijn\pojn~hd^jnm`^`ndqjnhznam`^p`io`n)^\m\^o`mdu\*
_jnkjmpi\_`b`i`m\^d~i`nkdij^`m`]`gjn\7g\\o\sd\_`Bmd`*
_m`d^ctg\\o\sd\*o`g\ibd`^o\nd\+Ljmgodhj)`sdno`pik`lp`*
}j bmpkj _` om\nojmijn c`m`_do\mdjn ^\m\^o`mdu\_jn kjm
`kdnj_djn_`\o\sd\pjomjnn|iojh\n_`_dnapi^d~i^`m`]`gjn\)
lp` n`np`g`i\nj^d\m)nj]m`oj_j) \hpo\^dji`n`igjn b`i`n
_`g\nnp]pid_\_`n_`gjn^\i\g`nd~id^jn+

!S@WH@RDROHMNBDQDADKNR@R
Ano`bmpkj_`om\nojmijnb`i{od^jnn`km`n`io\i^jindbijnt
n|iojh\nm`g\^dji\_jn^ji`g^`m`]`gj %\o\sd\kmjbm`ndq\&) `g
omji^j_`g`i^{a\gj) g\h{_pg\`nkdi\gtgjni`mqdjnk`mda{md*
^jn) \_`hzn _` jom\n m`bdji`n _`g ^`m`]mj `i gjn _da`m`io`n

%MEDQLDC@CDR MDTQNCDFDMDQ@SHU@R
np]odkjn+ =idq`g k\ojg~bd^j n`^\m\^o`mdu\i kjmk{m_d_\ _`
i`pmji\n `i g\n zm`\n \a`^o\_\n t _`b`i`m\^d~i n`^pi_\md\
_`g\nq|\n_`npno\i^d\]g\i^\+
@ \e uk`ZXd fc\Zl cXi* H\gdno\_`g\n=A?n`c\\hkgd\_jc\no\
di^gpdmhzn_`0-`iod_\_`n_da`m`io`nt`ihzn_`g\hdo\_
_` `gg\n n` ^jij^` `g cfZlj b`i{od^j+ O` c\i m`^jij^d_j om`n
odkjn_dnodiojn_`hpo\^dji`n7
>e]\id\[X[\j gfigfc`^clkXd`eXj qdi^pg\_\n ^ji g\ `sk\i*
nd~i_`piomdkg`o`?=C)dbp\glp`g\AD+ ?\_\pi\_`g\n
nd`o`q\md\io`n_`=A? \nj^d\_\n \`no` h`^\idnhj od`i`
pi\kmjo`|i\_`adid_\`ig\lp`n`kmj_p^`g\`sk\ind~i_`
kjgdbgpo\hdi\nt\k\m`^`idi^gpndji`n`ig\ni`pmji\n)gj
lp` npbd`m`g\dhkgd^\^d~i_` gjnh`^\idnhjnk\o~b`ijn
^jh`io\_jn \io`mdjmh`io` k\m\ g\ `ia`mh`_\_ _` Dpi*
odiboji+ Ag bmpkj _` `ia`mh`_\_`n kjm kjgdbgpo\hdi\n
di^gpt`g\n=A?. ) / ) 0 %_`ijhdi\_\o\h]d{i\e]\id\[X[[\
FXZ_X[f)Cfj\g_%(3 )4 %m`g\odq\h`io``nk`^d\gkjmlp`n`\nj*
^d\\\go`m\^dji`nqdnp\g`n&t.4)tg\\omjad\_`io\_jmmp]m\g
k\gd_jgpdndi\ %=@NLH&+
>ogXej`xe[\ki`gc\k\j\ei\^`fe\jefZf[`]`ZXek\j( k\m`^d_\n\
g\ _dnomjad\ hdjo~id^\+ Ai`no`hjh`iojn`^jij^`i^di^j
ajmh\n_`=A?) `ig\nlp`k\m`^`lp``no``n`gh`^\idn*
hjm`nkjin\]g`_`g\`ia`mh`_\_t^\_\pi\_``gg\n`noz
qdi^pg\_\\picfZljb{id^j_dnodioj+Ano`bmpkj_`kmj^`*
njndi^gpt`g\n=A?5 ). - ). / )0.t03+Jj`noz^g\m\g\m`g\*
^d~i`iom`g\`sk\ind~i_``nojnomdkg`o`ntg\nh\ida`no\*
^dji`n_`g\`ia`mh`_\_+
FlkXZ`fe\jgleklXc\j* Kom\n.-=A?n`\nj^d\i\ hpo\^dj*
i`n `i _dq`mnjn b`i`n) ^pt\ `skm`nd~i ij n` gdhdo\ \ g\n
i`pmji\n t lp` ^j_dad^\i kmjo`|i\n ^pt\n api^dji`n nji
]znd^\h`io`_`n^jij^d_\n+
Ankm`^dnjn`bpdmdiq`nodb\i_jk\m\om\o\m_`^ji`^o\mg\n
ij^dji`nb`i{od^\n^jig\k\ojb`id\_`g\`ia`mh`_\_+

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

!S@WH@CD&QHDCQDHBG
H\\o\sd\ _`Bmd`_m`d^c`npiom\nojmij\pojn~hd^jm`^`ndqj
lp`^pmn\^ji\o\sd\kmjbm`ndq\)`nk\nod^d_\_)_`]dgd_\_)i`p*
mjk\o|\n`indodq\thdj^\m_djk\o|\+O`h\idad`no\)`ib`i`m\g)
`ig\kmdh`m\_{^\_\_`g\qd_\^jipi\\o\sd\k\m\g\h\m^c\)
n`bpd_\_`ojmk`u\^jig\nh\ijnt_dn\momd\+Hjnm`ag`ejno`i*
_dijnjnkmjapi_jn`nozi_`kmdhd_jn ja\go\ikjm ^jhkg`oj)
\pilp``no|kd^\g\km`n`i^d\_`pim`ag`ej`so`injmkg\io\m+O`
\go`m\g\n`in\^d~i_`g\kjnd^d~i\mod^pg\mt_`g\qd]m\^d~it)
\q`^`n)o\h]d{in`kd`m_`g\n`ind]dgd_\__jgjmjn\)o{mhd^\t
\g o\^ojgdb`mj+ H\h\tjm|\ _` gjn^\njn _`n\mmjgg\ikd`^\qj
t^dajn^jgdjndn+H\h\tjmk\mo`_`gjnk\^d`io`nn``i^p`iom\i
gdhdo\_jn \ pi\ ndgg\ _` mp`_\n \ gjn 2 \}jn _`g did^dj) t g\
`nk`m\iu\_`qd_\n`np`g`gdhdo\m\gjn1-j2-\}jn+H\hdj*
^\m_djk\o|\ \nj^d\_\ _`o`mhdi\ pi\ `g`q\_\ di^d_`i^d\ _`
\mmdohd\n`dinpad^d`i^d\^\m_|\^\^jib`nodq\)lp`^jiomd]pt`i
\g\hp`mo`_`g\h\tjm|\_`gjnk\^d`io`n+O`_`n^md]`_d\]`*
o`nndhpgozi`\c\no\`i`g/2# _`gjnk\^d`io`n+
H\\o\sd\_`Bmd`_m`d^cn`_`]`)ijmh\gh`io`)\pi\`sk\i*
nd~i kjm m`k`od^dji`n _`g omdip^g`~od_j C== `i `g kmdh`m
diom~i_`pib`i`i`g^mjhjnjh\6l g0)lp`^j_dad^\g\] iXkXo`)
eX(pi\kmjo`|i\km`n`io``ig\h`h]m\i\dio`mi\_`g\hdoj*
^ji_md\)_ji_`k\mod^dk\`i`g`in\h]g\e`_`g\n`iudh\nlp`
\^phpg\icd`mmjt\upam`_`gjn^jhkg`ejnEtEE+Hjnk\^d`io`n
\a`^o\_jn km`n`io\i pi\n ^ji^`iom\^dji`n `som`h\_\h`io`
]\e\n _` g\ kmjo`|i\ t g\ bm\q`_\_ _` g\ `qjgp^d~i kp`_`
^jmm`g\^dji\mn`hzn^ji`no\^ji^`iom\^d~i_`am\o\sdi\lp`
^ji`gbm\_j_`m`k`od^dji`n_`g omdkg`o`C==+ H\ m`_p^^d~i
_`g\am\o\sdi\hdoj^ji_md\gm`_p^`g\ajnajmdg\^d~ijsd_\odq\

hdoj^ji_md\g%dbp\glp`np^`_``ig\n`i^`a\gjhdjk\o|\nhdoj*
^ji_md\g`n&t\ph`io\g\^ji^`iom\^d~i_`cd`mmjgd]m`8g\km`*
n`i^d\ _`cd`mmj gd]m` `i g\ hdoj^ji_md\ kp`_` ^jiomd]pdm \g
`nom{njsd_\odqj+ ?\ndoj_jngjn^\njn_`\o\sd\_`Bmd`_m`d^c
n`\nj^d\i\ `sk\indji`n _`omdkg`o`nC==`i\h]jn\g`gjn)
k`mjn`j]n`mq\`ghdnhja`ijodkjk\ojg~bd^j^p\i_jpi\g`*
gj km`n`io\ `no\ `sk\ind~i _` omdkg`o`n t `g jomj od`i` pi\
hpo\^d~ikpiop\g+

- / 2 & / , / ' )!
%M K@ LrCTK@DROHM@K RDOHDQCDM @WNMDRX @O@QDBDFKHNRHRDM K@RBNd
KTLM@RONRSDQHNQDR  K@O@QSDCHRS@KCDKNRG@BDRBNQSHBNDROHM@KDRXKNR
G@BDRDROHMNBDQDADKNRNR3DNARDQU@CDFDMDQ@BHuMCDK@RMDTQNM@R
DM K@LrCTK@DROHM@KBNKTLM@CD#K@QJD  DKSQNMBNCDKDMBrE@KNMvd
BKDNRCDKNRO@QDRBQ@MD@KDR6))) 8X8)) DKBDQDADKNMvBKDNCDMS@CN
XBrKTK@RCD0TQJHMIDCDK@O@QSDRTODQHNQCDKUDQLHR X K@RBrKTK@RCD
"DSY CD K@BNQSDY@ LNSNQ@ %K MvLDQN CD MDTQNM@R FQ@MCDR CD KNR
F@MFKHNRCDK@Q@sYCNQR@KS@LAHrMDRSqQDCTBHCNRTRFQ@MCDR@WNMDR
LHDKHMHY@CNR  PTDBHQBTK@MDMK@RQ@sBDRCNQR@KDRXK@RBNKTLM@RCNQd
R@KDR  RTEQDM TM@CDFDMDQ@BHuMRDBTMC@QH@ %KBNQ@YuM DRSq@TLDMd
S@CNCDS@L@tNXOTDCDMDWHRSHQ@CGDQDMBH@RODQHBqQCHB@R3DCDSDBd
S@CDRSQTBBHuMLTKSHENB@KCDK@REHAQ@RCDLHNB@QCHNBNMHMEK@L@BHuMX
EHAQNRHR@OQNWHL@C@LDMSDDMK@LHS@CCDKNR@EDBS@CNRDMKNRPTDRD
QD@KHY@K@@TSNORH@

!S@WH@ SDK@MFHDBS@RH@
H\\o\sd\*o`g\ibd`^o\nd\%q+^\k|opgj4&`npiom\nojmij\pojn~hd*
^jm`^`ndqj^\m\^o`mdu\_jkjmpin|i_mjh`\ozsd^j*_dn^di{od^j
lp`^jhd`iu\`ig\kmdh`m\dia\i^d\)^jikjno`mdjm\k\md^d~i_`
o`g\ibd`^o\nd\n`ig\^jiepiodq\tg\kd`g)\_`hzn_`dihpij_`*
ad^d`i^d\+Agb`ihpo\_j`ig\\o\sd\*o`g\ibd`^o\nd\$:MF%`i`g
^mjhjnjh\Egl//*l/0^j_dad^\pi\^di\n\^jipik\k`g^g\q``i
g\jmb\idu\^d~i_`g\m`nkp`no\^`gpg\mam`io`\g\nmjopm\n`ig\
_j]g`c{gd^`_`g=@J+=_`hzn_``no`k\k`g^g\q`\idq`g^`gp*
g\m)g\kmjo`|i\=PIo\h]d{ik\mod^dk\`ijom\nq|\nkjmg\nlp`
a\^dgdo\g\\kjkojndn) h\iod`i`gjno`g~h`mjntg\cjh`jno\nd\
hdoj^ji_md\g)k\mod^dk\`ig\m`nkp`no\am`io`\g`nom{njsd_\odqj
th\iod`i``gndno`h\_`_`bm\_\^d~i_`g\p]d^pdodi\*kmjo`j*
njh\+Odbp`ndi`no\m^g\mj^pzg_``no\nq|\n^jiomd]pt`\ga`ij*
odkj _`b`i`m\odqjj]n`mq\_j `i gjnk\^d`io`n lp`kd`m_`i g\
kmjo`|i\=PI \ idq`g i`pmji\g+ An njmkm`i_`io`lp` `sdno\i
k\omji`n_`i`pmj_`b`i`m\^d~i^jhk\m\]g`n\nj^d\_jn\jom\n
`ia`mh`_\_`n`im`g\^d~i^jig\\go`m\^d~i_`gjnkmj^`njn_`
m`k\m\^d~i_`mjopm\n`i`g=@Jhjij^\o`i\mdj+

- / 2 & / , / ' )!
,@R@KSDQ@BHNMDRRDKNB@KHY@M OQHMBHO@KLDMSDDMDKBDQDADKN  BNM OrQd
CHC@CDK@RBrKTK@RFQ@MTKNR@RXCD0TQJHMID4@LAHrM CDFDMDQ@M K@R
BNKTLM@RCNQR@KDR  K@RUs@RDROHMNBDQDADKNR@RXK@RBrKTK@RCDK@RS@
@MSDQHNQ X@O@QDBDTM@MDTQNO@Ss@ODQHErQHB@%MDK3.#RDDMBTDMSQ@M
KDRHNMDRSDK@MFHDBSqRHB@R PTDS@LAHrM@EDBS@M@K@BNMITMSHU@XK@OHDK
CD K@ B@Q@  DK BTDKKN X KNR AQ@YNR ,@R BrKTK@R CD L TBGNR uQF@MNR
O DI  BrKTK@R CD 3BGV@MM CD KNR F@MFKHNR CD K@ Q@sY CNQR@K X KNR
MDQUHNR ODQHErQHBNR  K@RBrKTK@RDMCNSDKH@KDRN KNROHSTHBHSNR  LTDRSQ@M
TM KK@L@SHUN @TLDMSN CD S@L@tN MTBKD@Q  PTD @KB@MY@DMSQD CNRX
BHMBNUDBDRDK U@KNQMNQL@K XPTDRD CDMNLHM@M @MEHBHSNR ,NRF@Md
FKHNR DKSHLNXK@RFuM@C@RRNM GHONOKqRHBNR

< XiX Zk\ivjk`ZX j Zcve `ZXj* H\`ia`mh`_\_ kmjbm`n\ _`ajmh\


di`sjm\]g`tgjnk\^d`io`na\gg`^`i_pm\io`g\n`bpi_\_{^\_\
_`g\qd_\+Hjnn|iojh\ndid^d\g`nnjidia`^^dji`nndijkpghj*





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


i\m`n _` m`k`od^d~i ` di`no\]dgd_\_ `i g\ h\m^c\+ Ljno`mdjm*
h`io`\k\m`^`_dn\momd\t\go`m\^dji`n_`ghjqdhd`iojj^pg\m+
I p^cjn di_dqd_pjn \a`^o\_jn _`n\mmjgg\ii`jkg\nd\n gdiajd*
_`n)nj]m`oj_jg`p^`hd\n_`gdiaj^dojnP+

%RBKDQNRHR K@SDQ@K @L HNSQuEHB@ %,!


H\AH=`npi\`ia`mh `_\_kmjbm`ndq\)`ig\lp`n`j]n`mq\
pi\k{m_d_\ _` i`pmji\n hjojm\n npk`mdjm`n `i g\ ^jmo`u\
hjojm\tg\ni`pmji\nhjojm\ndia`mdjm`n`ig\h{_pg\`nkd*
i\g t `g omji^j _`g `i^{a\gj+ H\ k{m_d_\ _` `no\n i`pmji\n
kmjqj^\g\_`ni`mq\^d~i_`gjnhn^pgjn)^jig\^jindbpd`io`
_`]dgd_\_)lp`n`c\^`hptdhkjmo\io`\gkmjbm`n\mg\`ia`m*
h`_\_+ H\di^d_`i^d\bgj]\g _`g\`ia`mh`_\_`n_`\kmjsd*
h\_\h`io`/^\njnkjm.--+---c\]do\io`n)`gkmj^`nj\a`^o\
gdb`m\h`io` hzn \ gjn cjh]m`n lp` \ g\n hpe`m`n t np`g`
h\ida`no\mn``ig\ lpdio\_{^\_\_`g\qd_\jhzn o\m_`+ H\
AH=`nkjmz_d^\`nhznam`^p`io`lp`g\a\hdgd\m%AH=B&)lp`
m`km`n`io\c\no\`g/-# _`gjn^\njn+
@ \e uk`ZXd fc\Zl cXip g Xkf^ \e `X* P\iojgjn^\njn`nkjmz_d^jn
_`AH=^jhjgjna\h dgd\m`nn`\nj^d\i\pi\_`b`i`m\^d~i_`
g\ni`pmji\nhjojm\nnpk`mdjm`n`dia`mdjm`n)\h`ip_j^ji
`qd_`i^d\ _` \^ph pg\^d~i _` pi\ kmjo`|i\ o~sd^\+ O` c\i
d_`iodad^\_j^`m^\_`_jn_j^`i\n_`cfZ`b`i{od^jn^jhj^\pn\
_`g\AH=a\hdgd\m)t^\ndoj_jn`ggjnnji\pojn~hd^jn_jhd*
i\io`n+Qi\ _`g\najmh\nc`m`_do\md\n_`g\`ia`mh`_\_lp`
n`_`n^p]md~hznkmjiojn`\nj^d\\hpo\^dji`n_`gb`i_`g\
npk`m~sd_j_dnhpo\n\_`^j]m`*^di^$LH=-%`i`g^mjhjnjh\
/.8`no`odkj`nm`nkjin\]g`\kmjsdh\_\h`io`_`g/-# _`gjn
^\njn a\hdgd\m`n+ O` c\i m`^jij^d_j hp^c\n hpo\^dji`n _`
n`iod_j `mm~i`j`i oj_j `g b`i+ H\ hpo\^d~i=1R `n g\ hzn
am`^p`io` `iAA+ QQ+ t n` \nj^d\ \ pi\ `qjgp^d~i mzkd_\) t
\a`^o\`ikj^\nj^\ndji`n\g\ni`pmji\nhjojm\nnpk`mdjm`n+
Eid^d\gh`io`) g\ d_`iodad^\^d~i_`g\nhpo\^dji`n`i LH=-
npb`m|\lp`g\ng`ndji`ni`pmji\g`n`ig\AH=kj_m|\im`ag`e\m
piom\nojmij`ig\^\k\^d_\__`_`ojsdad^\mgjnm\_d^\g`ngd]m`n)
\pilp`\^op\gh`io`n`^jind_`m\lp``no\nhpo\^dji`nkmj_p*
^`ipia`ijodkj\_q`mnj^jib\i\i^d\_`api^d~i\nj^d\_j\g\
kmjo`|i\OK@.hpo\io`+L\m`^`lp``no\kmjo`|i\OK@.hpo\*
_\n`kgd`b\h\gtajmh\\bm`b\_jn %lp`kp`_`idi^gpdmkmj*
o`|i\_`odkji\odqj&tkmjqj^\g`ndji`n^`gpg\m`nkjm_dq`mnjn
h`^\idnhjn)di^gpd_\g\\go`m\^d~i_`g\api^d~i_`gjnkmjo`j*
njh\ntg\ \poja\bd\) gjn`a`^ojn_dm`^ojn nj]m``g om\inkjmo`
\s~id^jtg\api^d~ihdoj^ji_md\gj`gn`^p`nomj_`jom\nkmj*
o`|i\n `i gjn \bm`b\_jn+ H\ \^phpg\^d~i _` \bm`b\_jn _`
kmjo`|i\n kp`_` \^\]\m \^odq\i_j pi\ m`nkp`no\ am`io` \
g\nkmjo`|i\nijkg`b\_\n)^jig\^jindbpd`io`\kjkojndn+P\h*
]d{in`c\j]n`mq\_jg\km`n`i^d\_`OK@.\bm`b\_\`ig\AH=
ndi hpo\^dji`n _`g b`i) gj lp` npbd`m`lp``no\ q|\ o\h]d{i
kp`_``no\mdhkgd^\_\`ig\ajmh\`nkjmz_d^\_`g\`ia`mh`*
_\_+Ljm`no`hjodqjn``nozi_`n\mmjgg\i_jh{oj_jnk\m\`gd*
hdi\mg\OK@.h\gkg`b\_\^jhjkjnd]g`n\]jm_\e`no`m\k{p*
od^jn+H\dhkjmo\i^d\bgj]\g_`g\nq|\n_`_`bm\_\^d~i_`g\n
kmjo`|i\n n`^jiadmh\ om\n`g_`n^p]mdhd`ioj_`pi\ n`md`_`
hpo\^dji`ndiam`^p`io`n`igjnb`i`ndhkgd^\_jn`ig\_`bm\*
_\^d~i_`kmjo`|i\ntlp`o\h]d{in`\nj^d\i\g\AH=a\hdgd\m+
H\hpo\^d~ihznam`^p`io`lp`kmj_p^`_`ajmh\ndhpgoz*
i`\ g\ AH=t g\ @HBP`n g\ `sk\ind~i _` pi\ m`k`od^d~i _`
c`s\ip^g`~od_jn`ig\m`bd~i2$ijom\_p^d_\_`piom\in^mdoj
_`api^d~i_`n^jij^d_j ?6jma4/+ O``nodh\lp`g\hpo\^d~i
`ng\]\n`_`c\no\`g1-# _`gjn^\njn_`AH=a\hdgd\m`ntpi
kjm^`io\e`h`ijm_`gjn^\njnlp`n`^jind_`m\i`nkjmz_d^jn
_`g\`ia`mh`_\_+H\km`n`i^d\_``no\nm`k`od^dji`n\hkgd\*
_\nkp`_`_`n`i^\_`i\mpi\om\_p^^d~iijdid^d\_\kjm=QC
%`ig\nom`nk\po\n_`g`^opm\&)t n`c\id_`iodad^\_j_`k~ndojn

i`pmji\g`n_`g\nkmjo`|i\n_`mdq\_\n`ikm`n`i^d\_`hpo\*
^d~i+Jj`noz^g\mjnd`nojnijq`_jnjn\bm`b\_jn_`kmjo`|i\n
^jiomd]pt`i\g\g`nd~i^`gpg\m+
Komjn cfZ`b`i{od^jnlp` kmj_p^`i AH=t @HBP^j_dad^\i
kmjo`|i\n ^ji^\k\^d_\_ _` pidmn` \g =NJ) ^jhj P@L*10t
BQO+Jj`noz^g\m\g\m`g\^d~i`sdno`io``iom`g\nkmjo`|i\nlp`
n`pi`i\g=NJtg\nh\ida`no\^dji`n_`g\`ia`mh`_\__`g\
i`pmji\ hjojm\+ Ljnd]g`h`io` `g \bjo\hd`ioj ip^g`\m _`
P@L*10^ji_d^dji`pikmj^`n\hd`iojdi\_`^p\_j_`\gbpijn
=NJ)hd`iom\nlp`g\\bm`b\^d~i_`g\kmjo`|i\`i`g^dojkg\n*
h\ \^odq\ g\ m`nkp`no\ am`io` \ g\n kmjo`|i\n ij kg`b\_\n
^jhi\hp^c\n_`g\nkmjo`dijk\o|\n+

- / 2 & / , / ' )!
,@R Q@sBDR@MSDQHNQDRCDK@LrCTK@DROHM@KRNM CDKF@C@REHF  ! 
ONQOrQCHC@CDK@REHAQ@RCDK@RMDTQNM@RLNSNQ@RHMEDQHNQDR XK@BHQBTMd
UNKTBHuM OQDBDMSQ@KCDK@BNQSDY@OTDCDS@LAHrMLNRSQ@Q@SQNEH@DM KNR
B@RNRDRODBH@KLDMSDFQ@UDR3DCDLTDRSQ@TM@QDCTBBHuMCDKMvLDQN
CDMDTQNM@RDMDK@RS@@MSDQHNQDMSNC@K@KNMFHSTCCDK@LrCTK@DROHM@K
@RNBH@C@@FKHNRHR QD@BSHU@ 3DNARDQU@M @KSDQ@BHNMDRRHLHK@QDR DM KNR
MvBKDNRCDKNRO@QDRBQ@MD@KDRGHONFKNRN @LAHFTNXLNSNQCDKSQHFrLHd
MN,@RMDTQNM@RQDRHCT@KDR@KADQF@M@LDMTCNHMBKTRHNMDRBHSNOKqRLHd
B@RONRHSHU@RBNM0!3 CDMNLHM@C@RBTDQONRCD"TMHM@ PTDO@QDBDM
QDRSNRCDU@BTNK@R@TSNEqFHB@R ,NR LvRBTKNRDRPTDKrSHBNRHMDQU@CNR
ONQK@RMDTQNM@RLNSNQ@RHMEDQHNQDRCDFDMDQ@C@RLTDRSQ@M@SQNEH@MDT 
QuFDM@ ,@OrQCHC@CDK@RMDTQNM@R LNSNQ@R RTODQHNQDRCDSDQLHM@ K@
CDFDMDQ@BHuMCDK@RUs@RBNQSHBNDROHM@KDR BNMK@BNMRHFTHDMSDOrQCHC@
CDUNKTLDMX@TRDMBH@CDEHAQ@RLHDKHMHY@C@R PTDOTDCDQDRTKS@QDRODd
BH@KLDMSDDUHCDMSDDMKNRMHUDKDRRDFLDMS@QHNRLqRA@INREHF 3 

< X i X Z k\ ivj k`Z X j Zcve `ZXj* Aiom` gjn n|iojh\n km`^j^`n _` g\


AH=`nozig\_`]dgd_\_\ndh{omd^\_`g\nh\ijn)lp`n`om\_p*
^``ig\^\|_\_`gjnj]e`ojnt`i_dad^pgo\_k\m\g\m`\gdu\^d~i
_` o\m`\n h jojm\n adi\n) t o\h ]d{i g\ \k\md^d~i _` ^\g\h *
]m`nt`nk\nod^d_\_ `igjn]m\ujntg\nkd`mi\n+ =g kmjbm`n\m
g\ `ia`mh`_\_) _dnhdipt` g\ kjo`i^d\ t `g qjgph`i _` gjn
hn^pgjn)t\k\m`^`i^jiom\^^dji`ndiqjgpio\md\n_`g\npid*
_\_`n hjojm\ndi_dqd_p\g`n)lp`n`^jij^`i^jhja\n^d^pg\*
^dji`n+Bdi\gh`io`)g\`ia`mh`_\_\a`^o\\gjnhn^pgjnm`n*
kdm\ojmdjn) kmjqj^\i_j ]mjo`n m`k`od_jn _` dia`^^d~i
kpghji\m+=pilp`g\h\tjm|\_`gjnk\^d`io`n\a`^o\_jnod`*
i`ipi\^jh]di\^d~i_`\a`^o\^d~i_`g\ni`pmji\nhjojm\n
npk`mdjm`n`dia`mdjm`nn`bidi_d^\ig\n^\m\^o`m|nod^\n^g|id*
^\ntk\ojg~bd^\n) n`kp`_`ij]n`mq\mjomjnk\omji`n+ Ag o{m*
hdijXkif]`XdljZlcXigif^i\j`mXn``hkg`\k\m\gjndiam`^p`i*
o`n ^\njn `igjnlp` km`_jhdi\ g\ \a`^o\^d~i _` g\ i`pmji\
hjojm\dia`mdjm)hd`iom\nlp`\jZc\ifj`jcXk\iXcgi`dXi`X\gp_`\
gjn^\njn^jikm`_jhdidj api_\h`io\gh`io` _` g\ i`pmji\
hjojm\npk`mdjm+ Ai\gbpijn _`gjnk\^d`io`nkm`_jhdi\ _`
ajmh\ km`^ju g\ _`b`i`m\^d~i _` gjn i^g`jn hjojm`n _` g\
k\mo`_dno\g_`gomji^j_`g`i^{a\gjt`qjgp^dji\^jim\kd_`u)
pik\om~i_``ia`mh`_\_lp`n`^jij^`^jhjgXitc`j`jYlcYXi
gif^i\j`mXj >E: YlcYXi* Ai`nojn di_dqd_pjnkm`_jhdi\ig\n
\ijh\g|\n_`g\_`bgp^d~it`gc\]g\)tg\`qjgp^d~i^g|id^\`n
di`sjm\]g`_pm\io`pik`m|j_j_`.*/\}jn+?p\i_jg\\a`^o\*
^d~i]pg]\m`nh`ijnbm\q`)\kmjsdh\_\h`io`g\hdo\__`gjn
di_dqd_pjnndbp`iqdqjn\gjn/\}jn_`g_d\bi~nod^j+H\ni`p*
mji\nhjojm\nlp`di`mq\igjnhn^pgjn`som\j^pg\m`nnjig\n
h`ijn\a`^o\_\n`ig\ AH=8 \gkmjgjib\mn`g\npk`mqdq`i^d\
_``nojn k\^d`io`n kjm `g njkjmo` q`iodg\ojmdj) gg`b\ di^gpnj
\ a\gg\m `no` odkj _` \^odqd_\_ hjojm\+ Hjn ^\njn a\hdgd\m`n
_`n\mmjgg\in|iojh\n\io`nlp`g\h\tjm|\_`gjn^\njn`nkj*
mz_d^jn)\pilp`g\`qjgp^d~i^g|id^\`n^jhk\m\]g`+

%MEDQLDC@CDR MDTQNCDFDMDQ@SHU@R
i\\a`^o\_\+ H\ng`ndji`n^`gpg\m`n_`k`i_`i_`g\ pid~i_`g
\i_m~b`ij\gm`^`kojm\i~h\gjtg\kjno`mdjmdio`m\^^d~i^ji
`g=@J+ Hjnom\o\hd`iojnjmd`io\_jn\m`_p^dmg\n^ji^`iom\*
^dji`n_`\i_m~b`ijnc\ind_j`ad^\^`n`ihj_`gjn\idh\g`nt
kp`_`ih`ejm\mg\`ia`mh`_\_o\h]d{i`ig\nk`mnji\n+

!SQNEH@LTRBTK@QDROHM@K
H\\omjad\ hpn^pg\m`nkdi\g %=IA& `npibmpkj _`om\nojmijn
b`i{od^jn_`g\dia\i^d\^jipi\h\m^\_\k{m_d_\_`g\ni`pmj*
i\nhjojm\ndia`mdjm`ntlp`j^\ndji\ipi\_`]dgd_\_kmjbm`*
ndq\+H\q\md\io`hznbm\q``ng\_`did^djhznkm`^ju%=IA_`
odkjE)`ia`mh`_\_ _`S`m_idb*Djaah\ii&)lp`n`h\idad`no\
_pm\io``gkmdh`m\}j_`qd_\t\^\]\^jig\qd_\_`gk\^d`io`
o|kd^\h`io``i/\}jn+ Kom\najmh\n_`\k\md^d~ihzn o\m_|\
`qjgp^dji\i_`pihj_jhznbm\_p\g8`ig\=IA_`odkjEEE
%`ia`mh`_\__`Gpb`g]`mb*S`g\i_`m&)g\_dn^\k\^d_\_hjojm\
np`g`\k\m`^`m\gadi\g _`g\dia\i^d\j`ig\\_jg`n^`i^d\+ H\
bm\q`_\_ _`g\ `ia`mh`_\_ _`k`i_` _` g\^ji^`iom\^d~i_`
pi\kmjo`|i\%gg\h\_\OIJ&lp`k\mod^dk\`i`g`in\h]g\e`_`g
`nkgd^`jnjh\+ Ai g\n ^{gpg\n _` gjn di_dqd_pjn \a`^o\_jn n`
j]n`mq\pi\m`_p^^d~i_`gjnkpiojnip^g`\m`nlp`^jiod`i`i
OIJ+ H\ h\tjmk\mo`_` g\kmjo`|i\OIJ kmj^`_`_`om\in*
^mdojn_`=NJh_`mdq\_jn_`gb`iLFG-`i`g^mjhjnjh\2l+
Asdno`pib`iLFG.\_t\^`io`lp`n`_da`m`i^d\`ipijnkj^jn
k\m`n_`]\n`ntlp`di^gpt`^\h]djnlp`m`_p^`ig\`ad^d`i^d\
_`g\di^gpnd~i_`pi`s~i`i`g=NJh+ H\kmjo`|i\OIJlp`
ij^jiod`i``no\m`bd~i`nhp^cjh`ijn`no\]g`lp`g\kmjo`|i\
_`gjibdop_^jhkg`o\+Pj_\ng\nq\md\io`n_`g\=IAn`\nj^d\i
\pi\\go`m\^d~i_`LFG- %c\]dop\gh`io`kjm_`g`^d~i&)tg\n
_da`m`i^d\n`i`g a`ijodkj^g|id^jqd`i`i_`o`mhdi\_\nkjmg\n
q\md\^dji`n `i`g ih`mj _`^jkd\n _`g b`i LFG.* O``nozi
`skgjm\i_jgjnh{oj_jn_`hj_dad^\^d~i_`g^jmo`_`gjnom\in*
^mdojn_`mdq\_jn_`LFG.^jhjijq`_jnjn\]jm_\e`no`m\k{p*
od^jnk\m\`no\n`ia`mh`_\_`n+

&HFTQ@   %RBKDQNRHR K@SDQ@K @LHNSQuEHB@ ! 3DFLDMSN CD LrCTK@DROHM@K


UHRSNCDRCDK@RRTODQEHBHDR@MSDQHNQRTODQHNQ XONRSDQHNQHMEDQHNQ PTDLTDRSQ@
@SDMT@BHuMCDK@RQ@sBDR@MSDQHNQDRLNSNQ@R DMBNLO@Q@BHuMBNMK@RONRSDQHNd
QDRRDMRHSHU@R  " -rCTK@DROHM@KBNMOrQCHC@CDK@REHAQ@RLHDKHMHY@C@RE@KS@
CDSHMBHuM DMK@RUs@RBNQSHBNDROHM@KDRXCDFDMDQ@BHuMCDK@RQ@sBDR@MSDQHNQDR

=pilp`g\AH=n`^jind_`m\pi\`ia`mh`_\_ _`gndno`h\
hjojm)`noz^g\mjlp`pikjm^`io\e`ndbidad^\odqj_`gjnk\^d`i*
o`n\a`^o\_jnkm`n`io\io\h]d{i`qd_`i^d\n_`pi\\a`^o\^d~i
^`m`]m\g ^jmod^\g hzn `so`in\+ H\ km`n`io\^d~i ^g|id^\ _` g\
`ia`mh `_\_ ^`m`]m\g np`g` ^jmm`nkji_`m \ pi\ _`h`i^d\
gj]\mamjiojo`hkjm\g %@HBP&) tgjn c\gg\ubjn k\ojg~bd^jn n`
^jmm`nkji_`i ^ji gjn lp` n` `i^p`iom\i `i g\ @HBP) ^ji
di^gpndji`n_`P@L*10+ H\m`g\^d~ih`^zid^\`iom``nojn_jn
kmj^`njn n`q` ^jiadmh\_\oj_\q|\hzn kjmg\`sdno`i^d\ _`
di^gpndji`nlp`^jiod`i`iP@L*10`ihp^cjn^\njn_`AH=)
to\h]d{ikjmg\km`n`i^d\_`\gbpi\n\go`m\^dji`nb`i{od^\n
^jhpi`n`ig\AH=tg\@HBP+

/ SQ@R DMEDQLDC@CDR CD K@R MDTQNM@R L NSNQ@R

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

!SQNEH@LTRBTK@QDROHM@KXATKA@QDMEDQLDC@CCD+DMMDCX
H\`ia`mh`_\_ kjm`sk\ind~i_` omdkg`o`n _`kjgdbgpo\hdi\
gdb\_\\g^mjhjnjh\Tn`^\m\^o`mdu\kjmg\\hdjomjad\_`gjn
hd`h]mjn_dno\g`ntgjnndbijn]pg]\m`n)^jhjg\\omjad\ta\n*
^d^pg\^dji`n_`g\g`ibp\^ji_dna\bd\)\nj^d\_\n\g\_`b`i`m\*
^d~i_`g\ni`pmji\nhjojm\ndia`mdjm`n_`g\h{_pg\`nkdi\gt
`gomji^j_`g`i^{a\gj+ H\`sk\ind~i_`gjnomdkg`o`nn`gj^\gdu\
`i `g kmdh`m `s~i _`g m`^`kojm _` \i_m~b`ijn) kmjqj^\i_j
din`ind]dgd_\_\`nojn)bdi`^jh\nod\)\omjad\o`nod^pg\mtjgdbjn*
k`mhd\+Jj`noz^g\m\g\]\n`k\m\g\\a`^o\^d~in`g`^odq\_`g\n
i`pmji\nhjojm\n)k`mj)dbp\glp`np^`_``ijom\n`ia`mh`_\*
_`nkjm`sk\ind~i_`kjgdbgpo\hdi\n)^jhjg\`ia`mh`_\__`
Dpiodibojit\gbpi\nq\md\io`n_`\omjad\`nkdij^`m`]`gjn\)n`
`i^p`iom\idi^gpndji`ndiom\ip^g`\m`nlp`^jiod`i`ig\kmjo`|*

>

 # / . # % 0 4/ 3  #,!6%
%MEDQLDC@CDRMDTQNCDFDMDQ@SHU@R
 ,@RDMEDQLDC@CDR MDTQNCDFDMDQ@SHU@RRDB@Q@BSDQHY@M ONQTM@
OrQCHC@ MDTQNM@K OQNFQDRHU@ PTD @EDBS@ @ BHQBTHSNR MDTQNM@KDR
DRODBsEHBNRXQDFHNMDRBDQDAQ@KDRCDSDQLHM@C@R ,@ L@XNQs@CD
DRS@RDMEDQLDC@CDRRD@RNBH@M@K@@BTL TK@BHuMCD@FQDF@CNR
CD OQNSDsM@R @MuL@K@R  PTDSsOHB@L DMSD @CNOS@M K@ ENQL @ CD
HM BKTRHNMDR BDKTK@QDR %K EDMNSHON BKsMHBN QDEKDI@ KNR O@SQNMDR
CD@EDBS@BHuMBDQDAQ@KLqRPTDDKSHO N CDHMBKTRHNMDR
 %RS@RDMEDQLDC@CDRRDOTDCDM@FQTO@Q RDFvMRT OQDRDMS@BHuM
BKsMHB@  DM CDLDMBH@R SQ@RSNQMNRCDK L NUHL HDMSNGHONBHMrSHBNR
HMBKTHCNRKNRSHONRCDO@QJHMRNMHRLN SQ@RSNQMNRCDK LNUHL HDMd
SN GHODQBHMrSHBNR  @S@WH@RBDQDADKNR@RX DMEDQLDC@CDR CD MDTd
QNM@LNSNQ@
 %M DK B@RN CD K@R CDL DMBH@R  K@ LqR EQDBTDMSD DR K@ %! BNM
OK@B@RCD!OXNUHKKNRCDS@T NSQNRBT@CQNRPTDOQNCTBDM OQHMd
BHO@KL DMSD TM@ CDL DMBH@ RNM K@R CHUDQR@RU@QH@MSDR CD $,&4
S@MSN K@R ENQL @R PTD BNMSHDMDM S@T BNL N K@R PTD OQDRDMS@M
NSQNRSHONR CD HMBKTRHNMDR X K@CDL DMBH@BNM BTDQONR CD ,DVX
BNM KDRHNMDRPTDBNMSHDMDM @ RHMTBKDsM@ 
 $DMSQN CD KNRSQ@RSNQMNR CDK L NUHL HDMSN GHONBHMrSHBNR  DK LqR
EQDBTDMSDDRK@DMEDQLDC@CCD0@QJHMRNM PTDS@LAHrMRD@RNBH@
@ HMBKTRHNMDR PTD BNMSHDMDM @ RHMTBKDsM@ NSQ@R DMEDQLDC@CDR
PTDBTQR@MBNMO@QJHMRNMHRL NBNL NO@QSDCDRTRRsMSNL@RRNM
K@ 030XK@$#"@LA@RRNMU@QH@MSDRCDS@TO@Ss@R 
 ,@DRBKDQNRHRK@SDQ@K@L HNSQuEHB@%,! DRK@ENQL @LqREQDBTDMSD
CDDMEDQLDC@CCDK@MDTQNM@L NSNQ@XDWHRSDM CHUDQR@RB@TR@R
FDMrSHB@R  @TMPTDS@LAHrM G@XU@QH@MSDRDRONQqCHB@R





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K

%MEDQLDC@CDR LDS@AuKHB@RFDMrSHB@R
H\\go`m\^d~i_`gjnkmj^`njnh `o\]~gd^jn`ig\ni`pmji\nt
g\bg|\)nj]m`oj_j_`gjndh kgd^\_jn`ig\nq|\n_`_`bm\_\*
^d~ijn|io`ndn`nk`^|ad^\n_`gndno`h\i`mqdjnj)kmjqj^\pi\
n`md`_``ia`mh `_\_`nkmjbm`ndq\nlp`n`h \idad`no\io|k d*
^\h`io``ia\n`nkm`^j^`n_`g\qd_\+=gbpijn_``nojnkmj*
^`njnn`h\idad`no\i`i`gk`m|j_jkjni\o\gdih`_d\oj)hd`i*
om\nlp`jomjngjc\^`i`ia\n`nhzno\m_|\n_`g_`n\mmjggj+Ai
b`i`m\g) g\n ajmh\n _` \k\md^d~i hzn km`^ju _``no\n `ia`m*
h `_\_`n np`g`i o`i`m pi\ `qjgp^d~i ^g|id^\ hzn mzkd_\ t
\bm`ndq\+
Hjnndno`h\n_`^g\ndad^\^d~i\^op\g`nn`]\n\i`ig\^{gpg\
j `g ^jhk\modh`ioj \a`^o\_j %i`pmji\g`n j _` g\ npno\i^d\
]g\i^\&)`i`gjmbzipgjnp]^`gpg\m\a`^o\_j %k+`e+)gdnjnjh\n)
k`mjsdnjh\njhdoj^ji_md\n&j`ig\q|\h`o\]~gd^\dhkgd^\_\
%k+`e+)`nadibjgdkd_jndnjbgp^jb`ijndn&+H\^g\ndad^\^d~ilp`n`
q\\`hkg`\mn`]\n\)nj]m`oj_j)`igjn^jhk\modh`iojn^`gp*
g\m`nlp`n`\a`^o\ikmdi^dk\gh`io`)_\_jlp``nojn`^jmm`g\*
^dji\]d`i^jigjnn|iojh\n^g|id^jntgjn`nop_djn_`dh\b`i+
H\n\e]\id\[X[\jgfi[\gxj`kfe\lifeXc\jnjikmdi^dk\gh`io`
om\nojmijn \pojn~hd^jn m`^`ndqjn^\pn\_jnkjm pi\ _`ad*
^d`i^d\_`pi\`iudh\`nk`^|ad^\dhkgd^\_\`i`g^\o\]jgdn*
hj _`gjn`nadibjg|kd_jn %di^gpd_jn gjnb\ibgd~nd_jn&) gjn
hp^jkjgdn\^zmd_jn j gjn hp^jg|kd_jn+ ?jiam`^p`i^d\ n`
^\m\^o`mdu\ikjmg\\^phpg\^d~i_`gnpnom\oj_`g\`iudh\
_`ad^do\md\_`iomj_`gjngdnjnjh\n_`g\ni`pmji\n)^jig\
^jindbpd`io`hp`mo`i`pmji\g+H\\a`^o\^d~i_`g\ni`pmj*
i\n^jmod^\g`nkmjqj^\pi\k{m_d_\_`g\api^d~i^jbidodq\
to\h]d{ikp`_`j^\ndji\m^jiqpgndji`n+
H\nc\lZf[`jkif]`Xj nji om\nojmijnapi_\h`io\gh`io`\poj*
n~hd^jnm`^`ndqjn^\pn\_jn kjmhpo\^dji`n `igjn b`i`n
lp` ^j_dad^\i g\n `iudh \n dhkgd^\_\n `i g\ n|io`ndn j `g
^\o\]jgdnhj _` g\ hd`gdi\+ =gbpijn _` `nojn om\nojmijn
\a`^o\i\g\n`iudh\ngdnjn~hd^\n)hd`iom\nlp`jomjn\a`^*
o\i\g\n`iudh\n_`gk`mjsdnjh\+P|kd^\h`io`^pmn\i^ji
pi\\a`^o\^d~i_dapn\_`g\npno\i^d\]g\i^\)lp`^ji_p^`
\ pi _`o`mdjmj _` g\n ^\k\^d_\_`nhjojm\n) `nk\nod^d_\_)
cdkjoji|\j\o\sd\+
H\n\eZ\]XcfgXkvXjd`kfZfe[i`Xc\jnjipibmpkj_`om\nojmijn
_`g\ajnajmdg\^d~ijsd_\odq\)lp`np`g`\a`^o\m\hgodkg`n
o`ed_jn) di^gpd_j `g hn^pgj `nlp`g{od^j %q+ ^\k|opgj /4&+
?p\i_j \a`^o\i\g^`m`]mj) g\npno\i^d\bmdn n`\a`^o\hzn
lp`g\]g\i^\) ^jhj ^\]``nk`m\mkjmg\ h\tjm _`h\i_\
h `o\]~gd^\ _` g\n i`pmji\n+ Anojn om\nojmijn kp`_`i
_`]`mn` \ hpo\^dji`n `i gjn b`ijh\n hdoj^ji_md\g`n j
ip^g`\m`n+

%MEDQLDC@CDR O N QCDOuRHSN MDTQNM@K


Anojnom\nojmijnn`^\m\^o`mdu\ikjmg\\^phpg\^d~i_`h \o`*
md\g_`_`k~ndoj_`iomj_`g\ni`pmji\n)o|kd^\h `io`n`bpd_\
_`hp`mo`_``no\n+H\nh\ida`no\^dji`ni`pmjg~bd^\nlp`n`
_`]`i\`no\_dnapi^d~ithp`mo`i`pmji\gnp`g`in`m^jiqpg*
ndji`ntpi\k{m_d_\b`i`m\gdu\_\_`g\api^d~ii`pmjg~bd^\+
=pilp`hp^cjn_``nojnom\nojmijnn`\nj^d\i\_`ad^d`i^d\n
_` `iudh\n `nk`^|ad^\n lp` kmjqj^\i pi\ \^phpg\^d~i _`g
npnom\oj)k\m`^`lp`jomjnn`_`]`i\_`a`^ojn`ig\^dm^pg\^d~i
_`g\nkmjo`|i\njgjng|kd_jn`i`gdio`mdjm_`g\ni`pmji\n+O`
om\o\ _`pi\^g\n`_`om\nojmijn\hkgd\)^jic`o`mjb`i`d_\_
b`i{od^\ di^gpnj `ikmj^`njncjhjb{i`jn^g|id^\h`io`+ Hjn
h{oj_jn\^op\g`n_``nop_djhjg`^pg\mk`mhdo`ig\n`^p`i^d\*
^d~i _` oj_j `g `sjmi\ t `g b`ijh\) gj lp` `noz gg`q\i_j \
hj_dad^\mg\^g\ndad^\^d~i_``nojnom\nojmijn+R\mdjn`e`hkgjn

_``nojn^p\_mjn)^jhjg\`ia`mh`_\__`P\t*O\^cnj_`Jd`*
h\ii*Ld^ftg\nhp^jkjgdn\^\md_jndn)n`_`n^md]`i`i`g^\k|*
opgj2+H\ngdkjapn^dijndn^`mjd_`nnjiom\nojmijn`igjnlp`n`
\^phpg\ikdbh`iojn _`g|kd_jn`ig\ni`pmji\n)t g\^jind*
bpd`io` _dnapi^d~i i`pmji\g kmjqj^\ pi\ ^jh]di\^d~i _`
^`bp`m\)_`o`mdjmjhjojmt^jbidodqjt^jiqpgndji`n+

,DTBNCHRSQNEH@R
Anojnom\nojmijnn` _`]`i \ h po\^dji`n _` gjnb`i`n^ptjn
kmj_p^ojn `nozi dh kgd^\_jn `i g\ b`i`m\^d~i) m`^\h ]dj t
h \io`idh d`ioj _` g\ h d`gdi\+ H\ api^d~i ^`m`]m\g ijmh\g
_`k`i_`o\ioj_`g\n^ji`sdji`n`iom`g\ni`pmji\n^jhj_`
g\dio`bmd_\__`g\nkmjkd\ni`pmji\nt)kjm`nj)g\g`nd~ikmj*
bm`ndq\t\^phpg\odq\_`g\nad]m\nhd`gdidu\_\nj]n`mq\_\`i
g\n g`p^j_dnomjad\n od`i` pi\n ^jin`^p`i^d\n _`q\no\_jm\n+
R\md\n^\m\^o`m|nod^\n^g|id^\n_dnodibp`ig\ng`p^j_dnomjad\n_`
g\n `ia`mh `_\_`n _`nh d`gdidu\io`n7 g\n g`p^j_dnomjad\n n`
h\idad`no\io|kd^\h`io`^jipi\k{m_d_\dind_djn\tkmjbm`*
ndq\_`g\api^d~i^`m`]m\g) \h`ip_j`i`_\_`no`hkm\i\n)
tn`\nj^d\\^\h]djn_dapnjntndh{omd^jn`igjn`nop_djn_`
dh\b`i+ =pilp` h p^c\n _` g\n g`p^j_dnomjad\n n` _`]`i \
_`a`^ojn _`pi\ njg\`iudh\ lp` _`o`mhdi\ipi\ \go`m\^d~i
_`g h`o\]jgdnhj _` gjn g|kd_jn \nj^d\_jn \ g\ hd`gdi\) jom\
n`md`_`\go`m\^dji`nb`i{od^\nkp`_`ikmjqj^\m`ia`mh`_\*
_`n_`g\npno\i^d\]g\i^\+Hjnndbpd`io`n`e`hkgjnnjim`km`*
n`io\odqjn_``no``nk`^omj_`om\nojmijn+
H\`ia`mh `_\__`Gm\]]``npi\g`p^j_dnomjad\\pojn~hd*
^\ m`^`ndq\) \nj^d\_\ \pi\[\]`Z`\eZ`X[\^XcXZkfZ\i\Yixj`[f
,/)^XcXZkfj`[XjX%b\g\^ojndg^`m\hd_\n\&)g\`iudh\i`^`n\md\
k\m\`g^\o\]jgdnhj_`gjnb\g\^oj^`m`]m~nd_jn\^`m\hd_\
t b\g\^ojn\+ ?jhj ^jin`^p`i^d\ _` g\n \go`m\^dji`n `i
`g^\o\]jgdnhj_`gb\g\^oj^`m`]m~nd_j`i`g^`m`]mj)pi\q|\
^\o\]~gd^\\go`mi\odq\_`mdq\`gb\g\^oj^`m`]m~nd_j\b\g\^*
ojndg`nadibjndi\8g\n^ji^`iom\^dji`n\go\n_``no`^jhkp`n*
oj nji ^dojo~sd^\n+ H\ `qjgp^d~i ^g|id^\ `n mzkd_\h`io`
kmjbm`ndq\tgjnn|iojh\n\k\m`^`ic\]dop\gh`io``iom`gjn
0t3h`n`n_``_\_ %^jikm`_jhdidj_`gjnndbijnhjoj*
m`n)^jhjmdbd_`ut_`]dgd_\_&+Anm\mjlp`nj]m`qdq\ihzn
_`/\}jn+ Ag^`m`]mjhp`nom\k{m_d_\ _`hd`gdi\tjgdbj*
_`i_mj^dojn`i`gOJ?) tpikmj^`njk\m`^d_j`igjni`m*
qdjnk`mda{md^jn%adb+/5*11&+H\ni`pmji\ntgjn\sji`n`nozi
m`g\odq\h`io`^jin`mq\_jn+ Qim\nbjid^jt _d\bi~nod^j
_`g\`ia`mh`_\__`Gm\]]``ng\\bm`b\^d~i_`h\^m~a\*
bjndibpmbdo\_jn $ZuclcXj^cfYf`[\j%`i`gk\m{ilpdh\^`m`*
]m\gt\gm`_`_jm_`gjnq\njn %q+adb+/5*11)i\ZlX[if%*O`c\
_`hjnom\_jlp``g om\nkg\io`_`g\n^{gpg\nh\_m`c`h\*
ojkjt{od^\nm`npgo\]`i`ad^djnj)kjmlp`k`mhdo`g\m`kj]g\*
^d~i_`gOJ?kjmhd^mjbgd\^ji^jhk`o`i^d\`iudhzod^\)t
gj`n`nk`^d\gh`io`^p\i_jn`m`\gdu\\io`n_`g\\k\md^d~i
_` _`ad^d`i^d\ni`pmjg~bd^\n %\gbjlp` np^`_` o\h]d{i`i
g\g`p^j_dnomjad\h`o\^mjhzod^\&+
H\g`p^j_dnomjad\h `o\^mjhzod^\`npi\`ia`mh`_\_\poj*
n~hd^\ m`^`ndq\) _`mdq\_\ _` g\ _`ad^d`i^d\ _` g\ \eq`dX
c`jfjxd`ZXXi`cjlc]XkXjX:*Ano\`iudh\)km`n`io``i_dq`mnjn
o`ed_jn) n`k\m\ `g npga\oj _` gjn g|kd_jn lp` gj ^jiod`i`i
%npgazod_jn& ^jhj kmdh`m k\nj k\m\ np _`bm\_\^d~i+ Ljm
`nj)g\_`ad^d`i^d\_``no\`iudh\kmjqj^\g\\^phpg\^d~i
_`npgazod_jn)nj]m`oj_j_`^`m`]m~nd_jnpga\oj+Anojnnpg*
azod_jn m`\gdu\i pi\ \hkgd\ b\h\ _` \^^dji`n ]djg~bd^\n
lp`kp`_`i^jiomd]pdm\g\ng`ndji`n_`g\npno\i^d\]g\i^\)
di^gpd_\g\dicd]d^d~i_`g\_da`m`i^d\^d~i_`gjnjgdbj_`i*
_mj^dojnt g\di_p^^d~i _`pi\m`nkp`no\ kmjdiag\h\ojmd\
kjmk\mo`_`g\hd^mjbgd\tgjn\nomj^dojn+Agc\gg\ubjcdnoj*
g~bd^j hzn gg\h\odqj`n g\ _`nhd`gdidu\^d~i) ^jig\^jind*

%MEDQLDC@CDR LDS@AuKHB@RFDMrSHB@R , 


Asdno`ihp^c\najmh\nhzn_`g`p^j_dnomjad\n)\gbpi\n^ji
_`a`^ojn`i`gh`o\]jgdnhj_`gjng|kd_jn+O`c\id_`iodad^\_j
q\mdjn h`^\idnhjn hzn _` g`nd~i n`g`^odq\ _` g\ npno\i^d\
]g\i^\) di^gpd_\n hpo\^dji`n`igjn b`i`n lp`^j_dad^\ig\n
kmjo`|i\ni`^`n\md\nk\m\g\ajmh\^d~i_`g\hd`ddi\$\e]\id\)
[X[ [\ I\c`qX\lj)F\iqYXZ_\i%j_`g\nkmjo`|i\n_`gjnadg\h`i*
ojn dio`mh`_djn) ^jhjCB=L$\e]\id\[X[ [\ :c\oXe[\i%( tgjn
b`i`nk\m\g\n_dq`mn\nnp]pid_\_`n_`ga\^ojm_`did^dj_`g\
om\_p^^d~i`EB/> $c\lZf\eZ\]XcfgXkvX \mXe\jZ\ek\ [\ cX jljkXeZ`X
YcXeZX%*

%MBDE@KNLHNO@Ss@R L HSNBNMCQH@KDR

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

&HFTQ@  %MEDQLDC@C CD +Q@AAD 'Q@M O@QSDCDK@RTRS@MBH@AK@MB@DR


@L@QHKKDMS@FQHRqBD@ONQK@OrQCHC@CDK@LHDHHM@ 2DBT@CQN ,@RBrKTK@RcFKN 
ANHCDRiRNMB@Q@BSDQsRSHB@RCDK@DMEDQLDC@C

bp|`io`bgdjndn+Hjnh\^m~a\bjn^ji^dojkg\nh\q\^pjg\_j
`nozi_dnk`mnjnkjmoj_\g\npno\i^d\]g\i^\+H\nq\^pjg\n
mj_`\_\nkjmh`h]m\i\^jiod`i`i`nomp^opm\n^mdno\gjd_`n
^jhkg`e\n ^jinodopd_\n kjm npgazod_jn8 ^p\i_j n` pi`i \
^d`mojn^jgjm\io`n)^jhj`g\upg_`ojgpd_di\)gjnnpgazod_jn
_`nkg\u\i `g `nk`^omj _` \]njm]\i^d\ _`g ^jgjm\io`) pi\
kmjkd`_\_ gg\h\_\ d\kXZifdXj`X* An kjnd]g` _`o`^o\m pi
h\o`md\gh`o\^mjhzod^jk\m`^d_j`igjni`mqdjnk`mda{md^jn
tg\jmdi\)nd`i_j`no`godhjpih{oj_jn`ind]g`k\m\`no\*
]g`^`m`g_d\bi~nod^j+
H\\_m`ijg`p^j_dnomjad\`npi\`ia`mh`_\_m`^`ndq\gdb\*
_\\g^mjhjnjh\T\nj^d\_\\hpo\^dji`n`ipi\a\hdgd\
_`om\inkjmo\_jm`n_`g^\n`o`_`pid~i\g=PL_`kmjo`|i\n
%=>?@.&) lp`k\mod^dk\`i`g om\inkjmo` _`g\n hjg{^pg\n
c\^d\`gk`mjsdnjh\+Aig\ajmh\o|kd^\_``no\`ia`mh`_\_)
gjn cjh]m`n e~q`i`n h\idad`no\i ^\h]djn _` ^ji_p^o\ `
dinpad^d`i^d\npkm\mm`i\g+H\`ia`mh`_\_n`^\m\^o`mdu\kjm
g\di^\k\^d_\__`^\o\]jgdu\mgjnz^d_jnbm\njn_`^\_`i\
hpt g\mb\ %=C?IH& _`iomj _` gjn k`mjsdnjh\n) ^ji `g
^jindbpd`io`\ph`ioj _`g\n^ji^`iom\^dji`n _`gjn hdn*
hjn`i`gnp`mj+Hjnn|iojh\nn`_`]`i\pi\k{m_d_\kmj*
bm`ndq\_`hd`ddi\`i`gOJ?tgjni`mqdjnk`mda{md^jn)\_`*
hzn _` \ g\ dinpad^d`i^d\ npkm\mm`i\g+ Ai g\ npno\i^d\
]g\i^\n`kd`m_`g\hd`ddi\^jibgdjndnt`so`in\diadgom\^d~i
gdiaj^|od^\+Asdno`pi\\omjad\_`g\^jmo`u\npkm\mm`i\g)t`i
g\n ^{gpg\n m`nd_p\g`n n` `i^p`iom\ pi\ \^phpg\^d~i _`
=C?IH+ Qiom\nojmij \g{gd^j n` km`n`io\ `igjn \_pgojn
%o\ioj cjh]m`n ^jhj hpe`m`n& ^jhj pi om\nojmij g`io\*
h`io`kmjbm`ndqj_`gjni`mqdjnk`mda{md^jn)lp` n`gg\h\
X[i\efd`\cfe\lifgXkvX7gjnn|iojh\n`ig\nhpe`m`nkjmo\_j*
m\nnp`g`in`mhzng`q`n+ =gbpijn _` gjn om\nojmijn _` g\
]djb`id\_`gjnk`mjsdnjh\nn`h\idad`no\io\h]d{i^jhj
g`p^j_dnomjad\n) nj]m` oj_j om\nojmijn _`g `nk`^omj _`
V`ggr`b`m+

Hjnom\nojmijn_`g\b`i`m\^d~i_``i`mb|\kp`_`ikmjqj^\m
pi\n`md` _``ia`mh `_\_`ni`pmjg~bd^\n)\h`ip_j\nj^d\*
_\n \ \go`m\^dji`n `i jomjn o`ed_jn+ =pilp` hp^cjn _` gjn
om\nojmijnc`m`_do\mdjn_`g\ajnajmdg\^d~ijsd_\odq\hdoj^ji*
_md\gn`km`n`io\i^jhj`ia`mh`_\_`nhpn^pg\m`n%q+^\k|op*
gj/4&)g\ _`k`i_`i^d\^m|od^\_`g\ni`pmji\n _`g\ajnajmdg\*
^d~i jsd_\odq\ k\m\ g\ ajmh \^d~i _` =PL n` om\_p^` `i g\
am`^p`io`\a`^o\^d~i_`gOJ?`i`nojnom\nojmijn+
Agb`ijh\hdoj^ji_md\g)lp`n`c`m`_\kjm^jhkg`oj_`g\
h\_m`) ^j_dad^\ njgj.0kmjo`|i\n)//=NJot _jn=NJm+ H\n
_`hzn kmjo`|i\n dhkgd^\_\n `i g\ api^d~i hdoj^ji_md\g n`
^j_dad^\i`i`gb`ijh\ip^g`\m)di^gpd_\ng\ndhkgd^\_\n`ig\
ajnajmdg\^d~ijsd_\odq\)`g h`o\]jgdnhjt g\`nomp^opm\ hdoj*
^ji_md\g)tg\]djb`id\hdoj^ji_md\g) g\adnd~itg\apnd~itg\
m`kgd^\^d~i_`g=@Jhdoj^ji_md\g+Ljmo\ioj)\gbpijnom\nojm*
ijn h doj^ji_md\g`n h p`nom\i pi\ om\inh dnd~i h \o`mi\)
kjmlp` gjn b`i`n \a`^o\_jn n`gj^\gdu\i`i`g b`ijh\ hdoj*
^ji_md\g)k`mjjomjnij+Asdno`pi\^jhkg`e\ m`g\^d~ib`ijod*
kj*a`ijodkj `i`nojn om\nojmijn8 g\ hdnh\ hpo\^d~i kp`_`
h\ida`no\mn`^ji_dnodiojna`ijodkjnt`ghdnhja`ijodkjkp`*
_`n`m^\pn\_jkjmpi\_`_dnodio\nhpo\^dji`n+
Qi \nk`^oj ^m|od^j k\m\ ^jhkm`i_`m g\n `ia`mh `_\_`n
hdoj^ji_md\g`n`ng\_\k\ifgcXjd`X(lp`_`n^md]`pikmj^`nj`i
`glp`g\n^{gpg\nod`i`ipi\h`u^g\_`hdoj^ji_md\nijmh\g`n
t\i~h\g\n%o|kd^\h`io`\nj^d\_\n\pi\hpo\^d~i_`gb`ij*
h\hdoj^ji_md\g&+ H\`skm`nd~i_` g\ `ia`mh`_\_ kp`_`n`m
_dnodio\_`pi\^{gpg\\jom\n`bi`g^j^d`io`_`^{gpg\nlp`
od`i`i hdoj^ji_md\n ijmh \g`n t hpo\io`n+ Ai b`i`m\g) gjn
om\nojmijnhdoj^ji_md\g`n_`gOJ?od`i`i^jhj_d\i\n`g`^od*
q\g\ni`pmji\ntg\npno\i^d\bmdn8g\n\go`m\^dji`n_`g\b`i`*
m\^d~i _` `i`mb|\ np`g`i om\_p^dmn` `i pi \ph `ioj _` g\n
^ji^`iom\^dji`n _` g\^o\oj odnpg\m) lp` n` kp`_` _`hjnom\m
^jio{^id^\n`nk`^omjn^~kd^\n+=idq`gcdnojg~bd^jkp`_`k`m*
_`mn`g\odi^d~ik\m\g\\^odqd_\_`iudhzod^\_`g\^doj^mjhj?
jsd_\n\+
H\`i^`a\gjh djk\o|\h doj^ji_md\g)^ji\^d_jndngz^od^\t
`kdnj_djn k\m`^d_jn \ d^opn %I AH=O) kjm npn ndbg\n `i
dibg{n&) n`^\m\^o`mdu\ kjm`kdnj_djn m`k`od_jn _` _dnapi*
^d~ii`pmjg~bd^\\bp_\)^\h]djn^jbidodqjnt`qd_`i^d\_`
\a`^o\^d~ihpn^pg\m) ^ji_`]dgd_\_t \^d_jndngz^od^\+ Hjn
`kdnj_djnk\m`^d_jn\d^opnnp`g`i\nj^d\mn`\_`ad^d`i^d\n
m`q`mnd]g`n)lp`ijn`^jmm`nkji_`i^jio`mmdojmdjnq\n^p*
g\m`n`nk`^|ad^jn+=idq`gk\ojg~bd^jn` j]n`mq\izm`\n _`
dia\moj)lp``ij^\ndji`nn`\nj^d\i\kmjgda`m\^d~iq\n^p*
g\mt^\g^dad^\^d~iaj^\g+ Hjn`nop_djnc\i_`hjnom\_jlp`
o\iojg\ni`pmji\n^jhjg\n^{gpg\n_`ghn^pgjgdnjq\n*
^pg\mod`i`i\go`m\^dji`n`ig\`skm`nd~i_`g\^doj^mjhj?
jsd_\n\)gjlp`npbd`m`lp`g\k\ojb`id\_`k`i_`o\ioj_`
^\h]djnh`o\]~gd^jn`ig\ni`pmji\n^jhj_`g\^\k\^d_\_
_`m`nkp`no\_`g\q\n^pg\opm\^`m`]m\g+ H\hpo\^d~ihzn
am`^p`io``ig\IAH=On`gj^\gdu\`i`gb`ilp`^j_dad^\g\
=NJog`p^di\hdoj^ji_md\g%IPPH.&+



# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


Akdg`knd\h dj^g~id^\tad]m\nmje\nm\nb\_\n%I ANNB)kjm
npnndbg\n`idibg{n&`npi\`ia`mh`_\_om\inhdod_\kjmq|\
h \o`mi\) `i g\ lp` gjn di_dqd_pjn \a`^o\_jn _`n\mmjgg\i
hdj^gji|\n)^jiqpgndji`nt`qd_`i^d\_`pi\hdjk\o|\+H\
hdjk\o|\ n` np`g` ^\m\^o`mdu\m kjm g\ km`n`i^d\ _` ad]m\n
mje\nm\nb\_\n`ig\]djknd\hpn^pg\m%q+^\k|opgj/4&+Komj
^jhkji`io`am`^p`io``n g\\o\sd\)\nj^d\_\ \k{m_d_\ _`
i`pmji\n`i`gndno`h\^`m`]`gjnj%di^gpd_\g\jgdq\dia`mdjm
_`g]pg]j) g\ ^jmo`u\ ^`m`]`gjn\t gjni^g`jnkmjapi_jn&+
H\h\tjmk\mo`_`gjn^\njn_`IANNBn`\nj^d\i\hpo\*
^dji`n`igjn=NJo)_dnodio\n_`g\nhpo\^dji`n`nk`^|ad^\n
_`g=NJo\nj^d\_\\IAH=O+
Agn|i_mjh`_`H`dbc`npi\`ia`mh`_\__`gjng\^o\io`n)
^\m\^o`mdu\_\kjm\^d_`hd\gz^od^\)_`o`i^d~i_`g_`n\mmj*
ggjknd^jhjojm)kmj]g`h\nk\m\g\\gdh`io\^d~i)^jiqpgndj*
i`n)k\mzgdndn`som\j^pg\m`nt _`]dgd_\_ ^jicdkjoji|\+ H\
hp`mo`np`g`kmj_p^dmn``igjnkmdh`mjn.*/\}jn+ Ag`nop*
_djcdnojg~bd^j hp`nom\ m`bdji`nhpgodaj^\g`n_`_`nomp^*
^d~i_`go`ed_j^`m`]m\g\nj^d\_\n\pi\nk`^oj`nkjibdajm*
h`tkmjgda`m\^d~i_`gjnq\njn+ An o|kd^\ g\ \a`^o\^d~i_`
gjni^g`jn_`gomji^j_`g`i^{a\gj)`gozg\hjt`gcdkjozg\*
hj)`ib`i`m\g_`ajmh\ndh{omd^\+O`c\id_`iodad^\_jpi\
\hkgd\b\h\_`hpo\^dji`n^jhj^\pn\io`n_`gn|i_mjh`
_` H`dbc) lp` di^gpt`i hpo\^dji`n `i `g=@J hdoj^ji*
_md\gtip^g`\m^ji\a`^o\^d~i_` gjn^jhkji`io`n _`gjn
^jhkg`ejn _`g\ajnajmdg\^d~ijsd_\odq\t _` g\nkmjo`|i\n
dhkgd^\_\n `i `g `in\h]g\e` _` g\ ^\_`i\ _` om\inkjmo`
`g`^om~id^j+

# / . # % 0 4/ 3  #,!6%
%MEDQLDC@CDRL DS@AuKHB@RFDMrSHB@R
 ,@RL TS@BHNMDRPTD@EDBS@M@K@RUs@RRHMSrSHB@RNL DS@AuKHB@R
OTDCDM @EDBS@Q@K RHRSDL @MDQUHNRN %RS@RUs@R OTDCDM @EDBS@Q
@KNR OQNBDRNRBDKTK@QDRFDMDQ@KDRN@@PTDKKNRPTDRNMQDK@SHd
U@L DMSDDRODBsEHBNRCDK RHRSDL @MDQUHNRN
 ,@RDMEDQL DC@CDR CDHM HBHN L qROQDBNYL TDRSQ@MSsOHB@L DMd
SD  TM FQ@CN CD KDRHuM X TM@ UDKNBHC@C CD DUNKTBHuM LqR FQ@d
UDR
 ,@RDMEDQL DC@CDRONQCDO u RHSN MDTQNM@KRTDKDM GDQDC@QRDCD
EN QL @  @T SN R u L HB @  QDBDRHU@ %K G@KK@YFN B@ Q@ B SD QsR SHBN  DR K@
@BTL TK@BHuM CD L @SDQH@KDR CDM SQN CD K@R MDTQNM@R  BNM DUHd
CDMBH@ CD L TDQSD MDTQNM@K ,@R BNMUT KRHN MDRRNM DKDL DMSNR
BKsMHBNREQDBTDMSDR  IT M SN  BNM K@ OrQCHC@ CD K@ETMBHu M B NFM H 
SHU@
 ,@RKDTBNCHRSQNEH@RRNM SsOHB@L DMSD@TSNRuL HB@R QDBDRHU@RBNM
@KSDQ@BHNMDRDM K@RsMSDRHRNDKQDB@L AHNCDKNRBNL ONMDMSDRCD
K@LHDKHM@ ,@CHRETMBHuM L NSNQ@  HMBKTHC@K@DRO@RSHBHC@C  GHODQd
SNMs@N GHONSNMs@X@S@WH@ RNM @RODBSNREQDBTDMSDRDMBKsMHB@
 ,@R DMBDE@KNL HNO@Ss@R L HSNBNMCQH@KDR RNM TM BNMITMSN CD OQNd
BDRNR OKDHNSQuOHBNR PTD @EDBS@M @ K@R MDTQNM@R  @CDLqR CD @
N SQN R SDIHCNR ETDQ@ CDK RHRSDL @ MDQUHNRN 3D OTDCDM @RNBH@Q
@LTS@BHNMDRCDKFDMNL@MTBKD@QXLHSNBNMCQH@K

$DEHBHDMBH@RUHS@LsMHB@R

$DEHBHDMBH@CDSH@LHM@ UHS@LHM@ 
H\\eZ\]XcfgXkvX[\P\ie`Zb\n`_`]`\pi\_`ad^d`i^d\_`od\hd*
i\tn`^\m\^o`mdu\kjmpi^p\_mj _`did^dj\bp_j)lp`^jh*
]di\n|iojh\nknd^~od^jntjao\ghjkg`e|\+Hjnn|iojh\n\bp_jn
njim`q`mnd]g`nndn`om\o\i^jiod\hdi\+Odi`h]\mbj)ndijn`
_d\bijnod^\tom\o\)kp`_`^ji_p^dm\pikmj^`njkmjgjib\_j
t`ibm\ih`_d_\dmm`q`mnd]g`)gg\h\_jjve[ifd\[\DfijXbf]](
^\m\^o`mdu\_jkjm\go`m\^dji`n dhkjmo\io`n _` g\ h`hjmd\ \
^jmojkg\ujt^jia\]pg\^d~i+Ano`n|i_mjh``n`nk`^d\gh`io`
am`^p`io``ikm`n`i^d\_`\g^jcjgdnhj^m~id^j)k`mjo\h]d{i
n` `i^p`iom\ `i k\^d`io`n ^ji pi\ _`ad^d`i^d\ _` od\hdi\
n`^pi_\md\\om\nojmijnbznomd^jn)^jhj^\m^dijh\n)b\nomdodn
^m~id^\jq~hdojnk`mndno`io`n+

- / 2 & / , / ' m!
,@DMBDE@KNO@Ss@CD7DQMHBJDRDB@Q@BSDQHY@ONQENBNRCDGDLNQQ@FH@
X MDBQNRHRDMKNRBTDQONRL@LHK@QDRXDMK@RO@QDCDRCDKSDQBDQXCDK
BT@QSNUDMSQsBTKNR,@RKDRHNMDRHMHBH@KDRLTDRSQ@MB@OHK@QDRCHK@S@CNR
BNMBrKTK@RDMCNSDKH@KDROQNLHMDMSDR%RSNRB@OHK@QDRRDUTDKUDMODQd
LD@AKDRXC@MNQHFDM@YNM@RGDLNQQqFHB@R#NMDKSHDLON@O@QDBD
HMEHKSQ@BHuM ONQ KNR L@BQuE@FNR X RD CDR@QQNKK@ TM DRO@BHN PTsRSHBN
KKDMNCDL@BQuE@FNRB@QF@CNRBNMGDLNRHCDQHM@%RS@RKDRHNMDRBQud
MHB@ROQDCNLHM@MDMKNRO@BHDMSDRBNMDKRsMCQNLDCD+NQR@JNEE,@R
KDRHNMDRCDK MvBKDNCNQRNLDCH@K CDKSqK@LN O@QDBDM BNQQDK@BHNM@QRD
BNMK@R@KSDQ@BHNMDRCDK@LDLNQH@XK@BNME@ATK@BHuM

$DEHBHDMBH@CD UHS@LHM@ 
H\_`ad^d`i^d\_`qdo\hdi\>./kp`_`kmjqj^\mg\[\^\e\iXZ`xe
ZfdY`eX[X jlYX^l[X [\ cX du[lcX \jg`eXc( `i g\ lp`) ^jhj np
ijh]m` di_d^\) n` \a`^o\i gjn om\^ojn`nkdi\g`n o\ioj \n^`i*
_`io`n^jhj_`n^`i_`io`n+H\ng`ndji`nn`_`]`i\pi_`a`^*
oj`ig\ajmh\^d~i_`hd`gdi\)^ptjh`^\idnhjijn`^jij^`+
Hjnn|iojh\nkp`_`i`qjgp^dji\m`in`h\i\n`did^d\gh`io`
^pmn\^ji\_jmh`^dhd`ioj)^jnlpdgg`jt\o\sd\g`q`]dg\o`m\g
tndh{omd^\_`g\n`som`hd_\_`ndia`mdjm`n)lp`kp`_``qjgp*
^dji\m\_`]dgd_\_`nkznod^\+Aij^\ndji`n)n`kmj_p^`di^gp*
njk\m\kg`e|\^jhkg`o\) `i b`i`m\g njgj`ia\n`n o\m_|\n+ Qi
om\o\h d`ioj mzkd_j ^ji m`kjnd^d~i _` qdo\hdi\n kmj_p^`
h `ejm|\^g|id^\)\pilp`g\m`^pk`m\^d~i`nh\g\ndg\k\m\kg`*
e|\ t\ n` c\ _`n\mmjgg\_j+ Ag `nop_dj h d^mjn^~kd^j hp`nom\
oph`a\^^d~i _` g\n ^\k\n _`hd`gdi\)lp`kmj_p^`q\^pjg\n
`ig\nq|\n \a`^o\_\n8 ^ji`g od`hkj o\h]d{i _`b`i`m\igjn
\sji`n+ Ai g\n a\n`n km`^j^`n _`g kmj^`nj n` \a`^o\ `g idq`g
ojmz^d^jh`_djt_`n_`\gg|n``sod`i_``gkmj^`nj`in`iod_j
kmjsdh\gt_dno\g+

3DBTDK@R MDTQNKuFHB@R CD K@R @KSDQ@BHNMDR


LDS@AuKHB@R

(HONFKTBDLH@

4Q@RSNQMNR LDS@AuKHBNR
XSuWHBNR @CPTHQHCNR
H\n`ia`mh`_\_`nh`o\]~gd^\no~sd^\nt\_lpdmd_\nnji^\p*
n\n m`g\odq\h `io` am`^p`io`n _` `ia`mh `_\_`n i`pmjg~bd*
^\n+ Ano\n`ia`mh`_\_`nn`^jh`io\i`i`g^\k|opgj6t\lp|
njgj n`km`n`io\i gjn \nk`^ojn m`g`q\io`n k\m\ g\ k\ojgjb|\
_`gOJ?+

Lp`nojlp``g^`m`]mji`^`ndo\bgp^jn\tjs|b`ij^jhjnpnom\*
ojk\m\g\kmj_p^^d~i_``i`mb|\)gjn`a`^ojn^`gpg\m`n_`g_`n*
^`inj_`g\bgp^jn\n`k\m`^`i)`ib`i`m\g)\gjn_`pi\cdkjsd\
bgj]\g)_`n^mdojn\io`mdjmh`io`+=gbpi\nm`bdji`n_`g^`m`]mj
njihzn n`ind]g`n \g\cdkjbgp^`hd\lp`jom\n+ H\kmdq\^d~i
_` bgp^jn\ kmj_p^` did^d\gh`io` pi\ g`nd~i n`g`^odq\ _` g\n
i`pmji\n kdm\h d_\g`n bm\i_`n _` g\ ^jmo`u\ ^`m`]m\g) lp`)
^p\i_j`nbm\q`)kp`_`j^\ndji\mpi\i`^mjndnn`p_jg\hdi\m
_`g\^jmo`u\)^ji\a`^o\^d~ikm`_jhdi\io`_`g\n^\k\nkmj*

4Q@RSNQMNR LDS@AuKHBNR XSuWHBNR @CPTHQHCNR


api_\n+Agcdkj^\hkjo\h]d{ikp`_`npamdmg`ndji`nkjm\bj*
o\hd`ioj_`g\bgp^jn\tkp`_`hjnom\mpi\dhkjmo\io`k{m*
_d_\ _`i`pmji\nkdm\hd_\g`n`i `g n`^ojm_`Ojhh`m %zm`\
? = E& _`g cdkj^\hkj+ H\n ^{gpg\n _` Lpmfdie` _`g ^`m`]`gj
o\h]d{i njin`ind]g`n \ g\cdkjbgp^`hd\) \pilp` `ih`ijm
h`_d_\ lp`\ g\cdkjsd\+ Lp`_`i\k\m`^`mg`ndji`n`so`in\n
`ihp^c\nm`bdji`n_`g^`m`]mjndg\^ji^`iom\^d~itg\_pm\*
^d~i_`g\cdkjbgp^`hd\njinpad^d`io`h`io`dio`in\n+

(HODQFKTBDLH@
H\ cdk`mbgp^`hd\) nj]m` oj_j `i ^\njn _` _d\]`o`n h`ggdopn
h\g^jiomjg\_\t\nj^d\_\\^`oj\^d_jndnj\^jh\cdk`mjnhj*
g\m) ij j^\ndji\ ^\h]djn hjmajg~bd^jn ndbidad^\odqjn `i `g
^`m`]mj+Hjnk\^d`io`n\a`^o\_jnn`_`ncd_m\o\it_`n\mmjgg\i
^jiapnd~i) `nopkjm t) adi\gh`io`) ^jh\+ Ag \bjo\hd`ioj _`
g|lpd_jn_`]`^jmm`bdmn`bm\_p\gh`io`)t\lp`)ndn`c\^`^ji
m\kd_`u)kp`_`kmjqj^\mpi`_`h\^`m`]m\gdhkjmo\io`+

%MBDE@KNO@Ss@GDOqSHB@
H\`i^`a\gjk\o|\\nj^d\_\\g\\go`m\^d~i_`g\api^d~ic`kz*
od^\n`\nj^d\\ pi\m`nkp`no\bgd\g`i`gOJ?+L\m`^`lp`gjn
h`_d\_jm`ndhkgd^\_jnnjig\n^ji^`iom\^dji`n\go\n_`\hj*
i|\^jtg\n^doj^di\nkmjdiag\h\ojmd\n+Aig\^jmo`u\^`m`]m\gt
gjn b\ibgdjn]\n\g`n)t`ijom\n m`bdji`n _`g\ npno\i^d\bmdn
np]^jmod^\g) \k\m`^`i \nomj^dojn^jii^g`jn\ph`io\_jn _`
o\h\}jth|idhj^dojkg\nh\m`\^odqj)lp`n`^jij^`i^jhj
^{gpg\n_`=guc`dh`m_`odkjEE+

4Q@RSNQMNR SuWHBNR
H\ng`ndji`n^`gpg\m`ntodnpg\m`nn`^pi_\md\n\gjno~sd^jnn`
^jh`io\i`i`g^\k|opgj6+=^jiodip\^d~in`^jh`io\i\gbp*
ijn \nk`^ojn _` q\mdjn om\nojmijn o~sd^jn dhkjmo\io`n) ^ji
pi\dhkjmo\i^d\i`pmjg~bd^\id^\+

-NMuWHCNCDB@QANMN
Ip^c\n_`g\ng`ndji`nk\ojg~bd^\nlp`\k\m`^`iom\ng\`skj*
nd^d~i \bp_\ \g hji~sd_j _` ^\m]jij nji ^jin`^p`i^d\ _`
pi\\go`m\^d~i_`g\^\k\^d_\__`om\inkjmo`_`js|b`ij_`g\
c`hjbgj]di\+ P\h]d{i kp`_`i kmj_p^dmn` `a`^ojn gj^\g`n
_`mdq\_jn_`g\dio`m\^^d~i`iom``g?Kt`gc`hj _`g\^doj*
^mjhj?jsd_\n\)lp`dicd]``gom\inkjmo`_``g`^omji`n`ig\
hdoj^ji_md\+Ano|kd^\g\\k\md^d~i_`g`ndji`nn`g`^odq\n_`g\n
i`pmji\n_`g\n^\k\nEEEtR _`g\^jmo`u\^`m`]m\g)_`gn`^ojm
_` Ojhh`m `i `g cdkj^\hkj t _` g\n ^{gpg\n _` Lpmfdie`+
Lp`_`kmj_p^dmn`pi\i`^mjndn]dg\o`m\g_`gbgj]jkzgd_j)lp`
n`j]n`mq\^jihznam`^p`i^d\`ig\cdkjsd\di_p^d_\kjm`g
hji~sd_j _`^\m]jijlp``ig\ cdkjsd\ _`jom\n^\pn\n+ H\
_`nhd`gdidu\^d~i_`g\n q|\n _`npno\i^d\]g\i^\`npi\^ji*
o`^dhd`iojhzno\m_|j+

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

-DS@MNK
H\ ojsd^d_\_ _`g h`o\ijg\a`^o\ km`a`m`io`h`io`\ g\ m`odi\)
`ig\lp`g\_`b`i`m\^d~i_`g\n^{gpg\n b\ibgdji\m`nkp`_`
kmj_p^dm^`bp`m\+O`kmj_p^`o\h]d{ipi\i`^mjndn]dg\o`m\g
n`g`^odq\_`gkpo\h`iti`^mjndnaj^\g_`g\npno\i^d\]g\i^\
`i^\njn _` `skjnd^d~idhkjmo\io`+ L\m`^`lp``gajmh\ojt
jomjnh`o\]jgdojn_`gh`o\ijg^jiomd]pt`i\g\ojsd^d_\_kjm
\go`m\^d~i_`g\ajnajmdg\^d~ijsd_\odq\to\h]d{ikjmg\hj_d*
ad^\^d~iij`iudhzod^\_`g\nkmjo`|i\n+H\ojsd^d_\__`gh`o\*
ijg \k\m`^` om\n g\ dib`no\ _`gd^jm`n dg`b\g`n ^jio\hdi\_jn
kjmh`o\ijgj^p\i_jn``hkg`\^jhjnpnodopoj_`g`o\ijg+

%S@MNK
H\`sk`md`i^d\ijn_d^`lp`gjn`a`^ojn_`g\diojsd^\^d~i\bp*
_\njim`q`mnd]g`n)k`mjg\dib`nod~i^m~id^\\]pndq\ _`\g^j*

&HFTQ@  $DFDMDQ@BHuM@KBNGuKHB@CDKBDQDADKN ,@O@QSD@MSDQHNQCDKUDQ 


LHR O@QSDRTODQHNQCDK@ EHFTQ@  DR@SQuEHB@  BNMDWO@MRHuM CD KNRDRO@BHNR
DMSQDK@RENKH@R

cjgn`\nj^d\\pi\n`md`_`n`^p`g\ni`pmjg~bd^\n)di^gpd_j`g
n|i_mjh`_`S`mid^f`*Gjmn\fjaakjmg\_`ad^d`i^d\_`od\hdi\
%q+\io`mdjmh`io`&+Hjn`a`^ojno~sd^jn_`g^jinphj^m~id^j_`
\g^jcjgkp`_`in`mo\ioj_dm`^ojn^jhjn`^pi_\mdjn\g\n_`ad*
^d`i^d\nipomd^dji\g`n+O`kmj_p^`pi\_dnapi^d~i^`m`]`gjn\
`i`g.# _`gjn^\njn)^ji\o\sd\omji^\g) h\m^c\di`no\]g`t
idno\bhj+Hjn^\h]djncdnojg~bd^jndi^gpt`i\omjad\tk{m_d_\
_` g\n ^{gpg\n bm\ipgjn\n) nj]m` oj_j `i `g q`mhdn \io`mdjm
%adb+/5*12&+Aigjn^\njn\q\iu\_jnn`j]n`mq\pi\k{m_d_\_`
g\n^{gpg\n_`Lpmfdie`tkmjgda`m\^d~i_`gjn\nomj^dojn\_t\*
^`io`n$^c`fj`j[\;\i^dXee%`iom`g\^\k\_`^{gpg\nbm\ipgjn\n
\bjo\_\tg\^\k\hjg`^pg\m_`g^`m`]`gj+Agn|i_mjh`\g^jc~*
gd^ja`o\gn`^jh`io\`i`g^\k|opgj.-+

2@CH@BHuM
H\`skjnd^d~i_`g^`m`]mj\g\m\_d\^d~ikp`_`n`m\^^d_`io\g
jk\mo`_`gjnm`b|h`i`no`m\k{pod^jnk\m\gjnophjm`n^`m`*
]m\g`n+?jhjn`c\^jh`io\_j`i`g^\k|opgj6)g\`skjnd^d~i
\_jndnhpt`g`q\_\n_`m\_d\^d~i%; .-Ct&kp`_`kmj_p^dm
izpn`\ndiom\o\]g`n) ^jiapnd~i) ^jiqpgndji`n t pi^jh\ _`
dino\pm\^d~i mzkd_\) n`bpd_j _` g\ h p`mo`+ Hjn`a`^ojn o\m*
_|jn_`g\m\_d\^d~io\h]d{ikp`_`ih \ida`no\mn`^jin|ioj*
h\n_`mzkd_\`qjgp^d~i)^jhj^`a\g`\n)izpn`\n)q~hdojnt
`_`h\_`k\kdg\)di^gpnjh`n`nj\}jn_`nkp{n_`g\dmm\_d\*
^d~i+
Hjn c\gg\ubjn k\ojg~bd^jn di^gpt`i `so`in\n zm`\n _`
i`^mjndn ^j\bpg\odq\) nj]m` oj_j `i g\ npno\i^d\ ]g\i^\) t
oj_jn gjn `g`h `iojn odnpg\m`n _` `n\ uji\ npam`i i`^mjndn+
Ano\g`nd~in`\nj^d\\pidio`inj`_`h\_`go`ed_j\_t\^`io`)
^jii`^mjndnad]mdijd_`t)\gadi\g)`n^g`mjndn+ H\^jh]di\^d~i
_` m\_d\^d~it h `ojom`s\oj) lp` n` kp`_`i \_h didnom\m _`
ajmh\ndhpgozi`\jn`^p`i^d\g) kp`_`o`i`mpi`a`^oj ndi{m*
bd^j k\m\ kmj_p^dm g`ndji`n odnpg\m`n+ =pilp` np \nk`^oj
hjmajg~bd^j`nndhdg\m\g^\pn\_jkjmg\m\_d\^d~i)\h`ip_j
`no\n g`ndji`n `nozi \_t\^`io`n \ gjn q`iom|^pgjn g\o`m\g`n)
k`mj n` kp`_`i _dnomd]pdm kjm oj_\ g\ npno\i^d\ ]g\i^\ j `g
omji^j_`g`i^{a\gj+Hjn\sji`ntgjn^p`mkjn^`gpg\m`n^`m^\*
ijn\ g\ng`ndji`nnpam`i pi\ hdi`m\gdu\^d~i _dnom~ad^\)t n`
d_`iodad^\ bgdjndn \_t\^`io`+ H\ m\_d\^d~i o\h ]d{i kp`_`
di_p^dm g\ \k\md^d~i _` ophjm`n) lp` np`g`i _`n\mmjgg\mn`
\}jn_`nkp{n_`g\m\_djo`m\kd\`di^gpt`in\m^jh\n)bgdjh\n
th`idibdjh\n+





>

# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K

 # / . # % 0 4/ 3  #,!6%
> UE VWR UQ R V Wb [ LG R V \ P I WE F b OLG R V E H T X LULH R V
 !KFTM@RCDEHBHDMBH@RUHS@LsMHB@ROQNCTBDMTM@DMEDQLDC@CMDT 
QNKuFHB@ @RsBNL NDMEDQLDC@CDRRHRSrL HB@R XK@RCNRLqREQDd
BTDMSDRRNM K@CDEHBHDMBH@CDSH@L HM@XUHS@L HM@" 
 ,@RMDBDRHC@CDRL DS@AuKHB@RCDK3.#KNG@BDMLTXRTRBDOSHAKD
@RTEQHQKDRHNMDRONQGHONFKTBDL H@X @K@OrQCHC@CDK@B@O@BHC@C
CD K@ GDL NFKNAHM@ O@Q@SQ@MRONQS@QNWsFDMN  BNM SNWHBHC@C ONQ
L NMuWHCNCDB@QANMN
 ,@DWONRHBHuMBQuMHB@@K@KBNGNKOTDCDNB@RHNM@QKDRHNMDRBDQD 
ADKNR@R RNAQDSN C N DM DKUDQLHR@MSDQHNQ
 %KSQ@RSNQMN L DS@AuKHBNOTDCD@KSDQ@QK@ETMBHuMBDQDAQ@K  @LDd
MTCNRHM B@L AHNRL NQENKuFHBNRCDSDBS@AKDR

4TLNQDR
H\ di^d_`i^d\ \ip\g _` ophjm`n `i `g OJ? q\m|\ _` .- \
.4^\njnkjm.--+---k`mnji\nk\m\gjnophjm`ndiom\^m\i`\g`n
t_`.*/^\njnkjm.--+---k`mnji\n`igjnophjm`ndiom\h`*
_pg\m`n+ H\ h\tjm k\mo` _` `ggjn nji kmdh \mdjn t njgj `g
/2*2-# njih`o\noznd^jn+ Hjnophjm`n_`gOJ?npkji`i^\nd
`g/-# _`oj_jngjnophjm`nh\gdbijnk`_dzomd^jn+Ag4-# _`
gjn ophjm`n dia\iodg`n _`g OJ? npmb`i `i g\ ajn\ kjno`mdjm)
hd`iom\nlp``igjn\_pgojnpikjm^`io\e`ndhdg\mgjc\^`i`i
gjnc`hdna`mdjn^`m`]m\g`nkjm`i^dh\_`g\od`i_\+
=pilp`gjnk\o~gjbjnc\i_`n\mmjgg\_jndno`h\n_`^g\nd*
ad^\^d~ilp`_dnodibp`ig`ndji`n]`idbi\nth\gdbi\nn`bi
^mdo`mdjn cdnojg~bd^jn) g\ `qjgp^d~i ^g|id^\ _` gjn k\^d`io`n
^jiophjm`n^`m`]m\g`nqd`i`hpt^ji_d^dji\_\kjmg\gj^\*
gdu\^d~i t `g k\om~i _` ^m`^dh d`ioj+ =n|) \gbpijn ophjm`n
bgd\g`n^ji^\m\^o`m|nod^\ncdnojg~bd^\n _`]\ej bm\_j %kj^\n
h dojndn) pidajmhd_\_ ^`gpg\m t ^m`^dh d`ioj g`ioj& diadgom\i
`so`in\n m`bdji`n _`g^`m`]mjtkmjqj^\ibm\q`n _`o`mdjmjn
^g|id^jn t od`i`i h\g kmji~nod^j+ @\_\ `no\ ^\k\^d_\_ _`
diadgom\m _` ajmh\ _dapn\ g\ npno\i^d\ bmdn t ]g\i^\) kp`_`
lp``gophjmijn`\npn^`kod]g`_`m`n`^^d~ilpdmmbd^\^jh*
kg`o\ ndi^jhkmjh`o`mg\ api^d~ii`pmjg~bd^\+=_`hzn)gjn
ophjm`n _`g OJ?) n`\^p\g n`\ np bm\_j j odkj cdnojg~bd^j)
kp`_`io`i`m^jin`^p`i^d\nhjmo\g`nndn``i^p`iom\igj^\*
gdu\_jn `i pi\ m`bd~i ^m|od^\ _`g ^`m`]mj8 kjm `e`h kgj) pi
h `idibdjh \ ]`idbij kp`_` kmjqj^\m pi\ k\m\_\ ^\m*
_djmm`nkdm\ojmd\ ndn``i^p`iom\ gj^\gdu\_j`ig\ajn\kjno`*
mdjmt^jhkmdh`^`iomjnqdo\g`n_`g]pg]jm\lp|_`j+ Ei^gpnj
gjnhznh\gdbijn_`gjnbgdjh\nijnp`g`ih `o\no\odu\map`*
m\_`gOJ?+ Hjnophjm`nkp`_`i_dn`hdi\mn`kjm`g H?Nnd
diadgom\i`g`nk\^djnp]\m\^ijd_`jt)kjm`nj)kp`_`idhkg\i*
o\mn`ndbpd`i_j`g^`m`]mjtg\h{_pg\`nkdi\gg`ejn_`ggpb\m
jmdbdi\g_`gkmdh\mdj+
H\^g\ndad^\^d~i_``nojnophjm`n`npi\mo`_`g\k\ojgjb|\)
lp`n`]\n\`i`gom\_d^dji\gm`^jij^dhd`ioj_`g\n^\m\^o`m|n*
od^\n cdnojg~bd^\n t ]djg~bd^\n) ^jh]di\_j ^ji gjn \izgdndn
hjg`^pg\m`nhznm`^d`io`n+ Hjnkmjoj^jgjno`m\k{pod^jnt gjn
`in\tjn `sk`mdh `io\g`n ^ji gjn ophjm`n bgd\g`n n` np`g`i
]\n\m `i g\ ^g\ndad^\^d~i _` g\ Kmb\idu\^d~i Ipi_d\g _` g\
O\gp_%KIO&)lp`_dqd_`gjnophjm`n`ipij_`^p\omjbm\_jn
n`bi np ^jhkjmo\hd`ioj ]djg~bd^j t lp` q\ _` bm\_j E \
ER+ ?ji`g\^op\gndno`h\_`^g\ndad^\^d~i)g\ng`ndji`n_`_dn*
odiojbm\_jm`^d]`ind`hkm`piijh]m``nk`^|ad^j+?p\i_jgjn
ophjm`nm`^d_dq\i)np`g`ihjnom\mkmjbm`nd~i\pibm\_jcdn*
ojg~bd^j hzn \goj t m`^d]`i jomj ijh]m`8 `i m`\gd_\_) `noj
m`km`n`io\g\`qjgp^d~i^gji\g_`ghdnhjophjm)ijpi\`ia`m*
h`_\_ ip`q\+ Asdno`bm\idio`m{n`ig\ d_`iodad^\^d~i_`g\n

^{gpg\ndid^d\_jm\n_`gophjm%jk\m`^d_\n\g\n^{gpg\nh\_m`&)
lp` h\iod`i`i `g ^m`^dhd`ioj _`g ophjm t lp` kp`_`i n`m
_d\i\ndhkjmo\io`nk\m\gjnip`qjnom\o\hd`iojn+
Hjnkmdi^dk\g`nodkjn_`ophjm`n^`m`]m\g`nkmdh\mdjnlp`
n`q\i\^jh`io\m\lp|njigjnbgdjh\n)gjnophjm`ni`pmji\*
g`n) gjn ophjm`n kj^j _da`m`i^d\_jnt pibmpkj _` ophjm`n
h`ijnam`^p`io`n+=_`hzn)n`q\i\^jh`io\mgjnophjm`n_`
g\nh`idib`ntgjnn|i_mjh`n_`ophjm`na\hdgd\m`n+

'KHNL@R
Hjnbgdjh\n)lp`nji`gbmpkjhznam`^p`io`_`ophjm`n^`m`*
]m\g`n kmdh\mdjn) di^gpt`iXjkifZ`kfdXj( fc`^f[\e[if^c`fdXj t
\g\e[`dfdXj*Anojnodkjnophjm\g`nkm`n`io\im\nbjncdnojg~*
bd^jnlp`njig\]\n`k\m\g\^g\ndad^\^d~i+U\ijn`kd`in\lp`
`nojnophjm`n_`mdq\i_`gjnodkjn^`gpg\m`nh\_pmjn`nk`^|*
ad^jn %\nomj^dojn) jgdbj_`i_mj^dojn t ^{gpg\n `k`i_dh\md\n&)
ndijlp`gjc\^`i_`pi\^{gpg\kmjb`idojm\lp`n`_da`m`i^d\
km`a`m`io`h `io` ndbpd`i_j pi\ _` g\n g|i`\n ^`gpg\m`n+
Ip^cjn_``nojn ophjm`n n` gj^\gdu\io|kd^\h`io``i_`o`m*
hdi\_\nm`bdji`n\i\o~hd^\n_`g^`m`]mjtod`i`ipi\_dnomd*
]p^d~i_``_\_tpi\`qjgp^d~i^g|id^\^\m\^o`m|nod^\n+

!RSQNBHSNL@
H\n _jn^\o`bjm|\n kmdi^dk\g`n _` oph jm`n \nomj^|od^jn nji
gjn\nomj^dojh\n_dapnjnt gjngj^\gdu\_jn)_`gjnlp``ghzn
am`^p`io``n`g\nomj^dojh\kdgj^|od^j+Hjn\nomj^dojh\nkp`*
_`io`i`mpibm\_j_`g\KIOlp`q\m|\_`n_`E\ER)kp`_`i
\k\m`^`m _`n_` g\ kmdh`m\ _{^\_\ _` g\ qd_\ `i\_`g\io` t
kp`_`igj^\gdu\mn``i^p\glpd`mgpb\m_`gi`pmj`e`_`n_`gjn
c`hdna`mdjn^`m`]m\g`nc\no\g\h{_pg\`nkdi\g+
!RSQNBHSNL @HMEHKSQ@MSD
Hjn \nomj^dojh\n diadgom\io`nm`km`n`io\i \kmjsdh\_\h`io`
`g5-# _`gjnophjm`n^`m`]m\g`nkmdh\mdjn`i`g\_pgoj+Jjm*
h\gh`io` n``i^p`iom\i`igjnc`hdna`mdjn^`m`]m\g`n)\pi*
lp` o\h]d{ikp`_`igj^\gdu\mn``i`g^`m`]`gj) `g omji^j _`g
`i^{a\gjjg\h{_pg\)`nk`^d\gh`io``iom`g\^p\mo\tg\n`so\
_{^\_\n _` g\ qd_\+ Hjn ndbijn t n|iojh\n _` km`n`io\^d~i
hznam`^p`io`nnji^jiqpgndji`n)^`a\g`\nt_`a`^ojni`pmjg~*
bd^jnaj^\g`nm`g\^dji\_jn^jig\gj^\gdu\^d~i\i\o~hd^\_`g\
\a`^o\^d~i+Ip`nom\ipi`nk`^omj_`_da`m`i^d\^d~icdnojg~bd*
^\lp`n`^jmm`g\^dji\^jig\`qjgp^d~i^g|id^\t`gkmji~nod^j+
@`iomj_``no``nk`^omj)gjnophjm`nq\i_`n_``gXjkifZ`kfdX
[`]ljf%bm\_jEE,ER&\gXjkifZ`kfdX XeXgctj`Zf%bm\_jEEE,ER&t`g
^c`fYcXjkfdX%bm\_jER,ER&+Jj`sdno`i\nomj^dojh\ndiadgom\i*
o`n_`bm\_jE_`g\KIO+
@ \e uk`ZX d f c\Zl cX i* Ip^cj \io`n _` gjnm`^d`io`n \q\i^`n
`ig\b`i{od^\n`n\]|\lp``gbgdj]g\nojh\np`g`\k\m`^`m`i
_jnndop\^dji`n^g|id^\n7g\hznam`^p`io`^jhj`ia`mh`_\_
_`ip`q\\k\md^d~i`i\_pgojnh\tjm`n $^c`fYcXjkfdX gi`dX)
i`f%t^jih`ijnam`^p`i^d\`ik\^d`io`ne~q`i`n^jhjkmj*
bm`nd~i _` pi \nomj^dojh \ _` h`ijm bm\_j $^c`fYcXjkfdX
j\Zle[Xi`f%* Hjn _\ojn _`g ?\i^`m C`ijh ` =og\n J`orjmf
]\n\_jn `i g\ n`^p`i^d\^d~i _`g b`ijh \ _` gjn bgdjh \n
h\gdbijnc\id_`iodad^\_jk\omji`n_`\go`m\^d~ih jg`^pg\m
`i `g bgdj ] g\noj h \ lp` k`mh do`i ^g\ndad^\m `nojn oph j*
m`n`i^p\omjnp]odkjnh jg`^pg\m`n7^gznd^j)kmji`pm\g)i`p*
m\gth `n`ilpdh \ojnj+
Ag jlYk`gf Zctj`Zf( lp` m`km`n`io\ g\ h\tjm|\ _` gjn bgdj*
]g\nojh \n kmdh \mdjn) n` ^\m\^o`mdu\ kjm h po\^dji`n _`g
b`inpkm`njm_`ophjm`nIM>G( _`g`^dji`n_`g^mjhjnj*
h\ .- t \h kgdad^\^d~i _`g ji^jb{i >@?K* P\h]d{i nji
am`^p`io`n g\n _`g`^dji`n aj^\g`n _`g ^mjhjnjh\ 6k/.)

4TLNQDR
lp`_`o`mhdi\ipi\_`g`^d~ic`hd^db~od^\_`gb`inpkm`*
njm _` ophjm`n <=DG.:7 ^jhj m`^jm_\mz) `no` k`^pgd\m
cfZlj ^j_dad^\ _jn npkm`njm`n _` ophjm`n) kg3, EJ G 1\ t
kg1= NB)lp`\ph`io\ig\\^odqd_\__`N>tk20) m`nk`^*
odq\h`io`+
Ag k`gf gife\liXc( lp``n`g odkjhznam`^p`io``igjnbgdj*
]g\nojh\n n`^pi_\mdjn) n`^\m\^o`mdu\ kjmhpo\^dji`n _`
MI1/thpo\^dji`nkpiop\g`n_`gjnb`i`n_`g\dnj^dom\oj
_`ncd_mjb`i\n\) B=A- `B=A.* Agbgdj]g\nojh\ kmji`pm\g
np`g` hjnom\mo\h]d{ipi\nj]m``skm`nd~i_`gm`^`kojmX
_`ga\^ojm_`^m`^dhd`ioj_`mdq\_j_`kg\lp`o\n%L@CBN=&+
Hjn bgdjh\n _` ]\ej bm\_j %\nomj^dojh\n bm\_jn EE t EEE&
o\h]d{inp`g`io`i`mhpo\^dji`n_`MI1/t_`gjnb`i`n_`
B=A( pi\^\m\^o`m|nod^\hjg`^pg\mlp`n`h\iod`i`^p\i_j
g\i`jkg\nd\`qjgp^dji\\pibgdj]g\nojh\n`^pi_\mdj _`
h\tjmbm\_j+
Agk`gf e\liXcn`^\m\^o`mdu\kjmidq`g`nhzn\gojn_``skm`*
nd~i_`gjnh\m^\_jm`ni`pmji\g`n)^jhjJABH)C=>N=.)
OUP.tOH?./=2+
Agk`gf d\j\ehl`dXkfjfn`^\m\^o`mdu\kjm_`g`^dji`n_`gb`i
G?-`i`g^mjhjnjh\.4tpi\h`ijm`skm`nd~i_`g\kmj*
o`|i\JB.+Hjnb`i`ndhkgd^\_jn`ig\q|\_`PJBtJB*f>
`nozihpt`skm`n\_jn`i`gbgdj]g\nojh\h`n`ilpdh\ojnj+

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

Ag \nk`^oj^jhi \ `nojn ^\h]djn b`ijo|kd^jn `nlp` g\


h\tjm|\ \a`^o\i\ _jn^\m\^o`m|nod^\n _`g ^zi^`m7 pi\om\in*
h dnd~i_`n`}\g`nkmjgda`m\odq\nh \io`id_\t`q\nd~i_`gjn
npkm`njm`n _`g ^m`^dh d`ioj+ Ljm`e`hkgj) g\ nj]m``skm`nd~i
_`L@CBN=`igjn bgdj]g\nojh\nkmji`pm\g`ntg\hpo\^d~i
t\hkgdad^\^d~i_`gb`i>@?K`igjnbgdj]g\nojh\n^gznd^jnn`
om\_p^`i`ipidi^m`h`ioj_`g\om\inhdnd~i_`n`}\g`n\om\*
q{n_`gjnm`^`kojm`nodmjndi\^di\n\+?jhjm`^jm_\mz_`g^\k|*
opgj4)g\nodmjndi\^di\n\n`nodhpg\ig\om\inhdnd~i_`n`}\g`n
kjmN=OtLE0G,=GP)lp`\^o\i_`ajmh\^jiepio\k\m\lp`
g\n^{gpg\nk\n`i_`g\a\n`Cd\g\O_`g^d^gj^`gpg\mt_`nm`*
bpg\i`gh`o\]jgdnhj^`gpg\m)ajh`io\i_j\n|`g^m`^dhd`ioj+
Komjn\^jio`^dhd`iojndicd]`i_`ajmh\_dm`^o\jdi_dm`^o\g\
api^d~i _` N>tk20+=k\modm_` gjn _\ojn_`n`^p`i^d\^d~i
k\ib`i~hd^\)n``nodh\lp`g\nhpo\^dji`nlp`\^odq\iN=O
tLE*0^di\n\`di\^odq\ik20tN>\k\m`^`i`i`g 5-*6-# _`
gjnbgdj]g\nojh\nkmdh\mdjn+
=_`hzn)_`iomj_`gjn\nomj^dojh\n_`h\tjmbm\_j%bm\*
_jnEEEtER_`g\KIO&)g\km`n`i^d\_`pi\ajmh\hpo\io`_`
B=A-%kmdi^dk\gh`io`g\hpo\^d~iN.0/D&n`\nj^d\\pikmj*
i~nod^jndbidad^\odq\h`io`h`ejmlp``g_`gjnophjm`n^jig\
B=A- _` odkj i\odqj+ N`^p`m_`lp`g\n hpo\^dji`n _`B=A-
^m`\i pi\ \^odqd_\_ `iudh zod^\ i`jh jma\ lp` b`i`m\
/*cd_mjsdbgpo\m\oj) lp` k\m`^` ^jiomd]pdm \ g\ ji^jb`id\
h`_d\io`g\dicd]d^d~i_`g\n`iudh\nlp`m`bpg\ig\h`_d\*
^d~i _`g=@J) pi`e`hkgj _` ji^jb`id\ kjm _`nm`bpg\^d~i
`kdb`i{od^\%q+^\k|opgj4&+

- / 2 & / , / ' m!
,NR@ R SQN B HSN L @ R C HET R N R RNMSTLNQDRFQHRDRHMEHKSQ@MSDRL@KCDEHMHd
CNR PTD DWO@MCDM X CHRSNQRHNM@M DK BDQDAQN  PTD U@M HMEHKSQ@MCN
EHF    %M K@ RTODQEHBHD CD BNQSD  DK STL NQDREHQLDN AK@MCN X
FDK@SHMNRN @UDBDRBNMCDFDMDQ@BHuMPTsRSHB@3HDLOQDRDUDHMEHKSQ@d
BHuM PTD RTODQ@ KNR LqQFDMDR DWSDQMNR  @TMPTD K@ KDRHuM O@QDYB@
AHDMCDKHLHS@C@QDRODBSNCDKSDIHCNBDQDAQ@KBHQBTMC@MSD
-HBQNRBuOHB@LDMSD  KNR@RSQNBHSNL@RCHETRNRSHDMDM TM @TLDMSN
CDK@CDMRHC@CBDKTK@QDMBNLO@Q@BHuM BNM K@RTRS@MBH@AK@MB@MNQd
L@K %MSQD KNR MvBKDNR CD K@R BrKTK@R STLNQ@KDR RD DMBTDMSQ@ TM@
DWSDMR@QDCCDOQNKNMF@BHNMDRCDBrKTK@R@RSQNBsSHB@REHM@RONRHSHU@R
BNM K@'&!0  PTDBNMEHDQDM TM @RODBSNEHAQHK@Q@KENMCN %K FQ@CN CD

&HFTQ@  !RSQNBHSNL@CHETRN ! %KSTLNQEQNMS@K CDQDBGN G@DWO@MCHCN


K@RBHQBTMUNKTBHNMDR BNMDKBNMRHFTHDMSD@OK@M@LHDMSN EKDBG@R  "3DQDBNd
MNBDDWO@MRHuMAHK@SDQ@KCDKRDOSNODKvBHCNONQTMSTLNQFQHRqBDNAQHKK@MSD

OKDNLNQEHRLNMTBKD@QDRU@QH@AKD,@SQ@MRHBHuMDMSQDDKSDIHCNMDNOKqd
RHBNXDKSDIHCNMNQL@KDRHMCHEDQDMBH@C@ XK@RBrKTK@RSTLNQ@KDROTDd
CDMUDQRDHMEHKSQ@MCNDKSDIHCNMNQL@K@CHRS@MBH@CDK@KDRHuMOQHMBHO@K
,NR@ R SQN B HSN L @ R @M@ O Kq RHBN RLTDRSQ@MQDFHNMDRCDBDKTK@QHC@C
LqRCDMR@XL@XNQOKDNLNQEHRLNMTBKD@Q DMK@RPTDRDDMBTDMSQ@M
EHFTQ@R LHSuSHB@RBNMEQDBTDMBH@ %KSrQLHMN @ R SQN B HSN L @  F D L HR SN 
B sSHB N RDDLOKD@O@Q@KNRSTLNQDRDM KNRPTDKNR@RSQNBHSNR MDNOKqd
RHBNROQDCNLHM@MSDR LTDRSQ@M TM BTDQONBDKTK@QDNRHMuEHKN AQHKK@MSD 
CDKBT@KRTQFDM@ATMC@MSDROQNKNMF@BHNMDRFQTDR@R
%MDKF KHN A K@ R SN L @ KK@L@CN@MSDRFKHNAK@RSNL @L TKSHENQL D XPTD
DM NB@RHNMDRRD@AQDUH@BNL N '"-  DRSsOHB@ K@U@QH@BHuM CDK @Rd
ODBSNCDKSTL NQCDTM@QDFHuM@NSQ@EHF  !KFTM@RqQD@RRNM





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K

&HFTQ@  !2DRNM@MBH@L@FMrSHB@BNQNM@KONSDMBH@C@DM4 BNMBNMSQ@RSDPTDLTDRSQ@TM@FQ@ML@R@DMDKKuATKNO@QHDS@KCDQDBGNBNMQD@KBDDMc@MHKKNi


"'KHNAK@RSNL@PTD@O@QDBDBNLNTM@L@R@HMEHKSQ@MSDGDLNQQqFHB@XMDBQuSHB@

AK@MPTDBHM@RXEHQLDR NSQ@RRNMAK@MC@RX@L@QHKKDMS@RONQMDBQNRHR 
XNSQ@R OQDRDMS@M TM@CDFDMDQ@BHuMPTsRSHB@BNM GDLNQQ@FH@ %K@Rd
ODBSN GHRSNKuFHBN CDK FKHNAK@RSNL@ DR O@QDBHCN @K CDK @RSQNBHSNL@
@M@OKqRHBN  ODQNRD@t@CDMCNR Q@RFNRLqR M D B QN R HR X O QN KHED Q@ d
BHu M U @ R B T K@ QC D B r KT K@ R DM C N SD KH@ KD R  ,@MDBQNRHRDMDKFKHNAK@Rd
SNL @RTDKD@CNOS@QTM O@SQuMRDQOHFHMNRNDM qQD@RCDGHODQBDKTK@QH 
C@C ,@R BrKTK@R STLNQ@KDR RD @BTLTK@M DM KNR LqQFDMDR CD K@R
QDFHNMDRMDBQuSHB@RXNQHFHM@M TM O@SQuM GHRSNKuFHBNBNMNBHCNBNLN
R D T C N D L O @ KHY @ C @ EHF  ,@OQNKHEDQ@BHuMCDK@RBrKTK@RU@RBTd
K@QDRFDMDQ@NUHKKNRCDBrKTK@RPTDRD@BTLTK@MXOQNSQTXDM G@BH@K@
KTY DKBQHSDQHN LsMHLN O@Q@DRSD Q@RFNDR K@DWHRSDMBH@CD TM@CNAKD
GHKDQ@CDBrKTK@RDMCNSDKH@KDR#T@MCNK@OQNKHEDQ@BHuMU@RBTK@QDRHL d
ONQS@MSD DKNUHKKNENQL@TM@DRSQTBSTQ@O@QDBHC@@TM@ANK@ DKBTDQON
FKNLDQTKNHCD%K6%'& DK@ANQ@CNONQKNR@RSQNBHSNRL@KHFMNRDMQDRd
OTDRS@@K@GHONWH@ BNMSQHATXD@DRSDB@LAHNU@RBTK@QB@Q@BSDQsRSHBN
$@C@ K@ DWSQDL@ U@QH@AHKHC@C GHRSNKuFHB@ CD TM@ QDFHuM @ NSQ@  K@R

&HFTQ@  'KHNAK@RSNL@ &NBNRCDMDBQNRHRBNMRDTCNDLO@KHY@C@CDKNR


MvBKDNRL@KHFMNRXOQNKHEDQ@BHuMCDBrKTK@RDMCNSDKH@KDR

LTDRSQ@RCDAHNORH@ODPTDt@ROTDCDMMNRDQQDOQDRDMS@SHU@RCDSNCN
DKSTLNQ
,@ F KHN L @ SN R HR  B D QD A Q@ K DRTMFKHNL@CHETRNBNM HMEHKSQ@BHuMDWd
SDMR@CD QDFHNMDR LvKSHOKDR CDK BDQDAQN  HMBKTRN @SNCN DK BDQDAQN
$@C@ DRS@ DWSDMR@ HMEHKSQ@BHuM  DRSD OQNBDRN DUNKTBHNM@ CD ENQL@
@FQDRHU@XRDBNMRHCDQ@TM@KDRHuMCDFQ@CNKKK)6

< X i X Z k\ ivj k`Z X j Zcve `ZXj* Hjn n|iojh\n _` km`n`io\^d~i _`


gjn\nomj^dojh\ndiadgom\io`n_`k`i_`i)`ik\mo`)_`g\gj^\gd*
u\^d~itg\q`gj^d_\_ _`^m`^dhd`ioj_`g ophjm+ Hjn\nomj^d*
ojh\n]d`i_da`m`i^d\_jnkp`_`ih \io`i`mn``no\]g`njkmj*
bm`n\m g`io\h `io` _pm\io` q\mdjn \}jn+ H\ npk`mqdq`i^d\
h`_d\npk`m\gjn2\}jn+Bdi\gh`io`)gjnk\^d`io`nkm`n`io\i
pi_`o`mdjmj^g|id^jmzkd_jlp`n`^jmm`g\^dji\^jig\\k\md*
^d~i_` g\n ^\m\^o`m|nod^\n \i\kgznd^\nt^jipi^m`^dhd`ioj
ophjm\ghznmzkd_j+ Hjn`nop_djnm\_djg~bd^jnhp`nom\ipi
`a`^oj_`h\n\to\h]d{i^\h]djn`i`g^`m`]mj\_t\^`io`\g
ophjm) ^jhj `_`h\+ Hjn\nomj^dojh\n _`\goj bm\_j od`i`i
q\njn \i~h\gjn) lp` nji k`mh`\]g`n) gj lp` ^ji_d^dji\
lp`g\]\mm`m\c`h\oj`i^`azgd^\n`\\i~h\g\h`io`k`mh`\*
]g` o\h ]d{i) t `noj c\^` lp` g\n g`ndji`n n` m`\g^`i ^ji
^jiom\no` `i gjn `nop_djn _` dh\b`i+ Ag kmji~nod^j _` gjn
k\^d`io`n^jipibgdj]g\nojh\`n hpth\gj) \pilp`n`c\i
^jin`bpd_j \gbpijn ]`i`ad^djn ^ji gjn ip`qjn \b`io`n _`
lpdhdjo`m\kd\+ Ag ndg`i^d\h d`ioj `kdb`i{od^j _`g kmjhjojm
_`gb`ilp`^j_dad^\g\`iudh\_`m`k\m\^d~i_`g=@JICIP
km`_d^` g\ m`nkp`no\ \ gjn azmh \^jn \glpdg\io`n _`g =@J
*^j h j ^\]m|\ `nk`m\m) _\_j lp` I CI P `n ^m|od^j k\m\ g\
m`k\m\^d~i_`g\ng`ndji`n_`g=@Jdi_p^d_\nkjmg\lpdhdj*
o`m\kd\*+Agom\o\hd`ioj\^op\g)lp`di^gpt`m`n`^^d~in`bpd_\
_` m\_djo`m\kd\ tlpdhdjo`m\kd\) c\ \ph`io\_j g\ npk`mqd*
q`i^d\h`_d\om\n`g_d\bi~nod^jc\no\.2h`n`n8`g/2#_`gjn
k\^d`io`n nj]m`qdq`i hzn _` / \}jn+ H\ npk`mqdq`i^d\ `n
ijo\]g`h `io` h `ijm `i gjn k\^d`io`n hzn \i^d\ijn t `i
\lp`ggjn ^ji pi k`jm idq`g _` m`i_dhd`ioj j ^ji g`ndji`n
bm\i_`n ij npn^`kod]g`n _` m`n`^^d~i+ H\ h \tjm|\ _` g\n
^\m\^o`m|nod^\nhjg`^pg\m`n_`gjnbgdjh\nijod`i`ipi\ndb*
idad^\^d~ikmjijnod^\`nk`^|ad^\)n\gqjgjn`a`^ojn]`i`ad^djnjn
_`g\km`n`i^d\_`hpo\^dji`n_`B=A-* =k`n\m_` oj_j)g\

4TLNQDR
d_`iodad^\^d~i _` \]`mm\^dji`n h jg`^pg\m`n kp`_` \kjmo\m
_d\i\nk\m\gjnom\o\hd`iojn+
!RSQNBHSNL @OHKNBsSHBN
Hjn \nomj^dojh \nkdgj^|od^jn %bm\_j .,ER& n` _dnodibp`i _`
gjn_`hznodkjnkjmnp\nk`^ojh \^mjn^~kd^jth d^mjn^~kd*
^j)tkjmnp^jh kjmo\h d`iojm`g\odq\h `io`]`idbij+=a`^*
o\ic\]dop\gh `io` \id}jnt\_pgojne~q`i`n)t n` gj^\gdu\i
^jih\tjmam`^p`i^d\ `i`g^`m`]`gj) k`mj o\h ]d{ikp`_`i
\a`^o\m g\n k\m`_`nt`g o`^cj _`g o`m^`mq`iom|^pgj) gjni`m*
qdjn ~kod^jn t) `i j^\ndji`n) gjn c`h dna`mdjn^`m`]m\g`n+ H\
_da`m`i^d\cdnojg~bd^\`iom``nojn ophjm`ntjomjn\nomj^doj*
h\nqd`i`\kjt\_\kjmg\kj^\am`^p`i^d\_`g\nhpo\^dji`n
_`MI1/j_`gjnm\nbjnhjg`^pg\m`n_`gjn\nomj^dojh\ndiadg*
om\io`n+Hjn\nomj^dojh\nkdgj^|od^jnlp`\a`^o\i\gjnk\^d`i*
o`n^ji pi\ i`pmjad]mjh\ojndn _` odkj . hp`nom\ipi\ k{m*
_d_\api^dji\g_`g\i`pmjad]mjhdi\8`no\\go`m\^d~ib`i{od^\
ijn`j]n`mq\`ig\najmh\n`nkjmz_d^\n+O`c\i_`n^mdoj_jn
odkjn_`\go`m\^dji`n_`g\nq|\n_`om\inhdnd~i_`n`}\g`n_`
>N=B `i `g \nomj^dojh\ kdgj^|od^j8 g\n om\ingj^\^dji`n lp`
ndmq`ik\m\ n`k\m\m`g _jh didj ^di\n\ _`g dicd]d_jm t pi\
h po\^d~i kpiop\g \^odq\_jm\ %R3--A&) lp` o\h ]d{i n`
`i^p`iom\ `i pi ih `mj ^\_\ q`u h \tjm _` jomjn odkjn
ophjm\g`n%q+^\k|opgj4&+Anojnc\gg\ubjnnpbd`m`ilp``gom\*
o\hd`ioj_dmdbd_j^jidicd]d_jm`n_`>N=Bkp`_`o`i`mpi
k\k`g`i`gom\o\hd`ioj_`gjn\nomj^dojh\nkdgj^|od^jn)nj]m`
oj_j`ig`ndji`n gj^\gdu\_\n `i m`bdji`nijnpn^`kod]g`n _`
m`n`^^d~i+

- / 2 & / , / ' )!

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

%K@RSQNBHSNL@OHKNBsSHBNDRPTsRSHBN@LDMTCNEHF   3HDRRuKHd
CN OTDCDDRS@QAHDMCDKHLHS@CNN BNMLDMNREQDBTDMBH@ RDQHMEHKSQ@Md
SD %K STLNQDRSqENQL@CN ONQBrKTK@R AHONK@QDRBNM OQNKNMF@BHNMDR
cOHKNR@RiK@QF@RXEHM@RPTDRNMONRHSHU@RO@Q@'&!0XPTDENQL@MTM@
CDMR@SQ@L@EHAQHK@Q%REQDBTDMSDDMBNMSQ@QEHAQ@RCD2NRDMSG@KXBTDQd
ONRFQ@MTK@QDRDNRHMuEHHNR ,NRSTLNQDRRNMBNMEQDBTDMBH@AHEqRHBNR
XLTDRSQ@MS@MSNqQD@R K@W@R cLHBQNPTsRSHB@Ri BNL NqQD@REHAQHK@QDR
3DNARDQU@TM@TLDMSNCDKMvLDQNCDU@RNR @LDMTCNBNMO@QDCDR
DMFQNR@C@RXOQNKHEDQ@BHuMCDBrKTK@RU@RBTK@QDR ODQNMNRD@RNBH@@
TM OQNMuRSHBN CDRE@UNQ@AKD ,@ MDBQNRHRX K@R LHSNRHR RNM ONBNEQDd
BTDMSDR ! CHEDQDMBH@CD KNR @RSQNBHSNL@REHAQHK@QDRCHETRNRCDBT@Kd
PTHDQFQ@CN KNR@RSQNBHSNL@ROHKNBsSHBNRLTDRSQ@MTM@HMEHKSQ@BHuMKHLHd
S@C@CDKBDQDAQNBHQBTMC@MSD

Anojnophjm`n^m`^`ihptg`io\h`io`tkp`_`in`mom\o\*
_jnlpdmmbd^\h`io`)`nk`^d\gh`io``i`g^`m`]`gj+H\m`^d_d*
q\ndiojhzod^\_`g\ng`ndji`nm`n`^\_\n_`ajmh\di^jhkg`o\
n`np`g`\nj^d\m\pi\ph`ioj_`go\h\}j_`glpdno`hznlp`
\g ^m`^dhd`ioj _`g ^jhkji`io` n~gd_j+ Hjn ophjm`n lp` n`
`sod`i_`ic\^d\g\m`bd~icdkjo\gzhd^\_`gom\^oj~kod^jkp`*
_`io`i`mpi^jhkjmo\hd`ioj^g|id^jjhdijnjkjmnpgj^\gd*
u\^d~i+
8@MSN@RSQNBHSNL @OKDNL NQEN
Ano` ophjm `n hzn am`^p`io` `i `g g~]pgj o`hkjm\g _` gjn
id}jnt\_pgojne~q`i`n)`ib`i`m\g^ji\io`^`_`io`n_`^ji*
qpgndji`n+ Anoz ^jinodopd_j kjm \nomj^dojn i`jkgznd^jn) `i
j^\ndji`n kg`jhjmajn) lp` \ q`^`n \k\m`^`i gg`ijn _` g|kd*
_jn8`no\n^{gpg\nkp`_`i`skm`n\mh\m^\_jm`ni`pmji\g`nt
bgd\g`n+Agbm\_j_`\odkd\ip^g`\mkp`_`n`m`som`hjtnpb`*
mdm pi \nomj^dojh\ _` \goj bm\_j) k`mj g\ km`n`i^d\ _` pi\
\]pi_\io` om\h\ _` m`od^pgdi\) g\ m`g\odq\ _`gdhdo\^d~it g\
diag\h \^d~i ^m~id^\) ep ioj ^ji g\ \pn`i^d\ _` i`^mjndn t

&HFTQ@  !RSQNBHSNL@OHKNBsSHBNDMDKBDQDADKNBNMTMMuCTKNSTLNQ@KDM


TMPTHRSD

h dojndn) k`mh do`i _da`m`i^d\m `no` oph jm _` gjn odkjn hzn


h\gdbijn+Ags\ioj\nomj^dojh\kg`jhjmajnp`g`n`mpiophjm
_`]\ejbm\_j%bm\_jEE,ER_`g\KIO&)^jipi\npk`mqdq`i*
^d\ \ gjn2 \}jn _`g 5-#+ H\ km`n`i^d\ _`i`^mjndnt hdojndn
di_d^\ pi ophjm _` h \tjm bm\_j t km`_d^` pi ^jh kjmo\*
hd`iojhzn\bm`ndqj+
'KHNL@CDKSQN M B N CDK DMBrE@KN
Hjnbgdjh\n_`g omji^j_`g`i^{a\gjnjipinp]bmpkj^g|id^j
_`\nomj^dojh\n)lp`np`g`i\k\m`^`m_pm\io`g\n_jnkmdh`m\n
_{^\_\n_`g\qd_\tm`km`n`io\i`g.-*/-#_`oj_jngjnophj*
m`n^`m`]m\g`n`i`no`bmpkj _``_\_+ O`c\i _`adid_jq\mdjn
k\omji`n \i\o~hd^jn `i `g bmpkj _` k\^d`io`n k`_dzomd^jn)
^\_\ pij^ji_da`m`i^d\n`ig\`qjgp^d~i^g|id^\7 gjnbgdjh\n
kjiodijn diom|in`^jn %gjn hznam`^p`io`n& od`i`ipi^jhkjm*
o\hd`ioj\bm`ndqj^jinpk`mqdq`i^d\^jmo\8gjnophjm`n_`g\
pid~i^`mqd^jh`_pg\m) lp`\ h`ip_j nji`sja|od^jn) od`i`i
pi\`qjgp^d~ih`ijn\bm`ndq\8tgjnbgdjh\n`sja|od^jn_jmn\*
g`nod`i`ipi^jhkjmo\hd`iojoj_\q|\hzn]`idbijtkp`_`i
jmdbdi\mn``i`g o`^cj _`gh`n`i^{a\gj)g\kmjop]`m\i^d\j`g
]pg]jm\lp|_`j+Aiom`gjnbgdjh\n_`gomji^j_`g`i^{a\gjlp`
\a`^o\i\\_pgojntnjih`ijnam`^p`io`n)g\h\tjm|\njibgdj*
h\nkjiodijndiom|in`^jn+Anojnophjm`nn`kp`_`in`k\m\m`i
\nomj^dojh\nad]mdg\m`n_dapnjn_`]\ejbm\_jtbgdj]g\nojh\n)
^ji g\n _da`m`i^d\n `nk`m\]g`n `i g\ `qjgp^d~i ^g|id^\ t g\
npk`mqdq`i^d\+
H\d_`\_`lp``no`bgdjh\`npiodkj_da`m`io`n`q`\kj*
t\_\kjmg\n`^p`i^d\^d~i_`gjnb`ijh\n_`gjnbgdjh\nkji*
odijn dia\iodg`n+ @` ajmh\ njmkm`i_`io`) `nojn `nop_djn c\i
_`hjnom\_jlp`g\h\tjm|\_`gjnophjm`n_``no`odkjod`i`i
pi\ hpo\^d~i _` gdndi\ kjm h `odjidi\ `i g\ kjnd^d~i /4
%G/4I& `ig\cdnoji\D0+. jD0+0+ An_`no\^\]g`lp`g\kjnd*
^d~iG0G/4`nnpe`oj_`\^`odg\^d~ith`odg\^d~i)lp`m`bpg\i
g\ `nomp^opm\ _` g\ ^mjh\odi\ t g\ `skm`nd~i b{id^\) gj lp`
npkji`jomj`e`hkgj_`hpo\^dji`nji^jb{id^\nlp`diagpt`i
_dm`^o\h`io`nj]m``g`kdb`ijh\+

/KHFNCDMCQNFKHNL@
O` om\o\ _` bgdjh \n diadgom\io`n ^jinodopd_jn kjm ^{gpg\n
ndh dg\m`n\gjnjgdbj_`i_mj^dojn+Anojnophjm`nm`km`n`io\i
`iom``g2t`g.2#_`gjnbgdjh\ntn`_`o`^o\ihzn\h`ip_j
c\^d\g\^p\mo\jlpdio\_{^\_\_`g\qd_\+Hjnk\^d`io`nkp`*
_`im`a`mdm\io`^`_`io`n_`hjg`nod\ni`pmjg~bd^\n)\h`ip_j
^ji^jiqpgndji`n) _`q\mdjn \}jn _``qjgp^d~i+ H\n g`ndji`n
n``i^p`iom\i)kmdi^dk\gh`io`)`igjnc`hdna`mdjn^`m`]m\g`n)
nj]m`oj_j`ig\npno\i^d\]g\i^\+
@ \e uk`ZXd fc\Zl cXi* H\n\go`m\^dji`nhjg`^pg\m`nt`g\nk`^*
oj cdnojg~bd^j _dnodibp`i gjn jgdbj_`i_mjbgdjh \n _` gjn





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


ophjm`n\nomj^|od^jn+ H\n\go`m\^dji`nb`i{od^\nhznam`^p`i*
o`n`i`no\ng`ndji`nnjihpo\^dji`n_`gjnb`i`n_`g\dnj^d*
om\oj_`ncd_mjb`i\n\%B=A-`B=A.&)lp`n``i^p`iom\ic\no\
`i`g6-# _`gjnjgdbj_`i_mjbgdjh\ntlp`di_d^\ipih`ejm
kmji~nod^j)dbp\glp`np^`_``igjnophjm`n\nomj^|od^jn+ H\n
_`g`^dji`n_`k\mo`_`gjn^mjhjnjh\ngk t.6l) lp`o|kd^\*
h`io` \k\m`^`iepio\n ^jhj pi\ ^j_`g`^d~i) n` _`n^md]`i
c\no\`i`g5-# _`gjn^\njn+O`j]n`mq\i\go`m\^dji`nb`i{od*
^\n \_d^dji\g`n ^ji g\ kmjbm`nd~i \ jgdbj_`i_mjbgdjh \
\i\kgznd^j+H\nhznam`^p`io`nnjig\k{m_d_\_`6k)g\k{m_d*
_\ _` gKltg\n hpo\^dji`n _` <=DG.:* =_da`m`i^d\ _`gj
lp` np^`_``igjn ophjm`n \nomj^|od^jn _`\goj bm\_j) ij n`
d_`iodad^\g\\hkgdad^\^d~i_`gb`i>@?K( \pilp`pikjm^`i*
o\e`ndbidad^\odqj_``no\ng`ndji`nod`i`ipi\ph`ioj _`g\n
^ji^`iom\^dji`n_`g\kmjo`|i\ACBN+
=_`hzn_`g\ndhkgd^\^dji`nk\m\g\]djgjb|\_`gjnophj*
m`n) g\n\go`m\^dji`nhjg`^pg\m`n _` gjn jgdbj_`i_mjbgdjh\n
\i\kgznd^jnod`i`idhkjmo\i^d\\g\cjm\_``g`bdmg\njk^dji`n
o`m\k{pod^\n+ Hjnophjm`n^jipi\^j_`g`^d~igk, .6lhp`n*
om\im`nkp`no\n^jino\io`nt_`g\mb\_pm\^d~i^jilpdhdjo`*
m\kd\tm\_djo`m\kd\) hd`iom\nlp`gjnlp`ij od`i`ik{m_d_\
_`gk j.6lk\m`^`im`ndno`io`n\gjnm`b|h`i`n_`lpdhdjo`*
m\kd\+

I KNBKHKC=
,NRNKHFNCDMCQNFKHNL@R RNMSTLNQDR AHDM CDKHLHS@CNR  PTDENQL@M
L@R@RFQHRDRFDK@SHMNR@RXPTD @LDMTCN OTDCDMBNMSDMDQPTHRSDR 
GDLNQQ@FH@RENB@KDRXB@KBHEHB@BHuM %KSTLNQDRSqBNL OTDRSNONQKqd
LHM@R CDBrKTK@R GNLNFrMD@RBNM MvBKDNRDRErQHBNRPTDBNMSHDMDM
BQNL@SHM@CD@RODBSNEHM@LDMSDFQ@MTK@QO@QDBHCNR@KNRPTDRDNAd
RDQU@MDMKNRNKHFNCDMCQNBHSNRMNQL@KDR QNCD@CNRONQTMG@KNBK@QN
CDBHSNOK@RL@U@BTNK@CN EHF    %KSTLNQBNMSHDMDSsOHB@LDMSD
TM@QDCEHM@CDB@OHK@QDRPTDENQL@M@M@RSNLNRHRDMSQDRs,@B@KBHEHd
B@BHuM SHDMD KTF@Q G@RS@DM DK   CDDRSNRSTLNQDRXU@Qs@CDRCD
ENBNRLHBQNRBuOHBNR@CDOuRHSNRL@RHUNR ,@RBrKTK@RSTLNQ@KDRPTD
HMEHKSQ@MK@BNQSDY@BDQDAQ@KRTDKDM@BTLTK@QRD@KQDCDCNQCDK@RMDTQNd
M@R R@SDKHSNRHR ODQHM DTQNM@K  ,@ @BSHUHC@C L HSuSHB@ DR LsMHL@ N
@TRDMSD X KNRsMCHBDROQNKHEDQ@SHUNRRNMA@INR,NRNKHFNCDMCQNFKHNL@R
RDBNMRHCDQ@M KDRHNMDRCDFQ@CNKK)6CDK@/-3
,NR N KHF N C D M C QN F KHN L @ R  @ M @ O Kq R HB N R  FQ@CN KKK)6CD K@/-3 
RD B@Q@BSDQHY@M ONQ TM@ L@XNQCDMRHC@C BDKTK@Q  @M@OK@RH@ MTBKD@Q 
@BSHUHC@C LHSuSHB@CDSDBS@AKDX MDBQNRHR %RSNR B@LAHNRRD OTDCDM
DMBNMSQ@QBNM EQDBTDMBH@DM MNCTKNRDM DK RDMNCDTMNKHFNCDMCQNd
FKHNL@CDFQ@CN))SsOHBN!KFTMNRCDDRSNRSTLNQDRNKHFNCDMCQNFKH@KDR
CD@KSNFQ@CNLTDRSQ@M O@SQNMDRHMCHRSHMFTHAKDRCDTM FKHNAK@RSNL@
6@QHNR DRSTCHNR G@M CDL NRSQ@CN PTD DRSD @RODBSN RD BNQQDK@BHNM@
BNM TM ODNQBNLONQS@LHDMSN  ONQKNPTDDRSNRSTLNQDRRD@FQTO@M
CDMSQNCDKFKHNAK@RSNL@

< X iX Z k\ivjk`Z X j Zcve `ZXj* Ag kmji~nod^j _` gjn k\^d`io`n ^ji


jgdbj_`i_mjbgdjh\n`n`ib`i`m\gh`ejmlp``i^\nj_`\nomj*
^dojh\n_`bm\_jndhdg\m+Agom\o\hd`ioj\^op\gh`_d\io`^dmp*
b|\)lpdhdjo`m\kd\tm\_djo`m\kd\^jindbp`pi\npk`mqdq`i^d\
h`_d\_`2*.-\}jn+Hjndi_dqd_pjn^jipijgdbj_`i_mjbgdj*
h\\i\kgznd^jhp`nom\ipik`jmkmji~nod^jbgj]\g+O`kmj_p*
^`g\kmjbm`nd~i_`g`ndji`n_`]\ejbm\_j\jom\n_`hzn\goj
bm\_j)o|kd^\h`io``ipijn3\}jn+

%ODMCHLNL@XKDRHNMDRCDSHONLNRNO@Q@UDMSQHBTK@QDR
QDK@BHNM@C@R
Hjn`k`i_dhjh\nnjiophjm`n lp`np`g`ijmdbdi\mn`^`m^\
_`gndno`h\q`iomd^pg\mm`^p]d`mojkjm`k{i_dhj)di^gpd_j`g
^\i\g^`iom\g)\h`ip_jj]gdo`m\_j)_`g\h{_pg\`nkdi\g+Ai

&HFTQ@   /KHFNCDMCQNFKHNL@ ,NR MvBKDNRSTLNQ@KDRRNM QDCNMCD@CNR 


BNMTMBHSNOK@RL@BK@QNPTDENQL@cG@KNRi XK@U@RBTK@STQ@DRSqBNMRSHSTHC@
ONQB@OHK@QDRCDO@QDCCDKF@C@

gjnkmdh`mjn/-\}jn_`qd_\n`km`n`io\ic\]dop\gh`io`^`m^\
_`g^p\mojq`iom|^pgjt^jinodopt`i`iom``g2t`g .-# _`gjn
ophjm`n kmdh \mdjn _`g ^`m`]mj `i `n` bmpkj _` `_\_+ Ai
gjn\_pgojn)g\h{_pg\`nkdi\g`ng\gj^\gdu\^d~ihznam`^p`io`+
Hjn ophjm`n lp` n` p]d^\i`i `gg\ njik\mod^pg\mh`io` am`*
^p`io`n`i`gh\m^j_`g\i`pmjad]mjh\ojndn_`odkj/%JB/&+
@ \e uk`ZX d fc\Zl cXi* @\_\g\\nj^d\^d~i`iom`gjn`k`i_dhj*
h\nh`_pg\m`ntg\JB/)ijm`npgo\njmkm`i_`io`lp``sdno\i
^jiam`^p`i^d\hpo\^dji`n _`gb`iG?. `i`g^mjhjnjh\//
`igjn`k`i_dhjh\n_`g\h{_pg\)\pilp`ij_`jom\ngj^\gd*
u\^dji`n+ Hjn `k`i_dhjh\n ij ^jhk\mo`i g\n \go`m\^dji`n
b`i{od^\nkm`n`io`n`igjnbgdjh\ndiadgom\io`n)^jhjg\nhpo\*
^dji`n_`MI1/*L\m`^`i`sdnodm\gh`ijn_jnnp]odkjn_dnodi*
ojn)pijlp``skm`n\pia`ijodkjh`n`ilpdh\ojnj)o|kd^j_`
k\^d`io`ne~q`i`nt^ji o`i_`i^d\ \j^\ndji\mh`ozno\ndn)t
jomj^ji\]`mm\^dji`n`i`so`in\nm`bdji`n_`gjn^mjhjnjh\n
j`i^mjhjnjh\n^jhkg`ojn)lp`np`g`io`i`mpikmji~nod^j
bgj]\gh`ejm+
I KNBKHKC=
%M DK BT@QSNUDMSQsBTKN  KNRDODMCHLNL@RRD OQDRDMS@MSsOHB@LDMSD
BNL N L@R@R RuKHC@R N O@OHK@QDR PTD RD DWSHDMCDM CDRCD DK RTDKN
UDMSQHBTK@QEHF  !TMPTDKNRDODMCHLNL@RDRSqMLNCDQ@C@d
LDMSD AHDM CDKHLHS@CNR QDRODBSN CDK BDQDAQN @CX@BDMSD  K@ OQNWHLHd
C@CCDKNRMvBKDNRONMSHMNRXATKA@QDRUHS@KDRRTDKDHLODCHQRTDWSHQd
O@BHuMBNLOKDS@%MKNRSTLNQDRHMSQ@LDCTK@QDR K@ATDM@CDKHLHS@BHuM
ONRHAHKHS@ DMNB@RHNMDR K@DWSHQO@BHuMSNS@K,NRSTLNQDRDRSqMENQL@d
CNRONQBrKTK@RBNM MvBKDNRQDFTK@QDRQDCNMCNRTNUNHCDRXBQNL@ 
SHM@FQ@MTK@Q@ATMC@MSD %MSQDKNRMvBKDNRRDNARDQU@TMENMCNEHAQH 
K@Q CD CDMRHC@C U@QH@AKD ,@R BrKTK@R STLNQ@KDR OTDCDM ENQL @Q
DRSQTBSTQ@RQDCNMCD@C@RN@K@QF@C@RQNRDS@R  B@M@KDR  PTDRD O@d
QDBDM@KB@M@KDODMCHL@QHNDLAQHNKuFHBNBNMOQNKNMF@BHNMDRK@QF@RX
SDMTDRPTDRDDWSHDMCDMG@BH@K@KTYEHF  " #NML@XNQEQDBTDMd
BH@ENQL@MRD T C N QQN R D S@ R O D QHU@ RBTK@QDRUEHF  DMK@RPTD
K@RBrKTK@RSTLNQ@KDR RDNQF@MHY@M @KQDCDCNQCD KNRU@RNR  BNM TM@
YNM@ HMSDQOTDRS@ PTD BNMSHDMD OQNKNMF@BHNMDR EHM@R CDK DOrMCHL N
CHQHFHC@R G@BH@ K@ O@QDC U@RBTK@Q ,@ L@XNQs@ CD KNR DODMCHLNL@R
LTDRSQ@MDWOQDRHuMCD'&!0 X@TMPTDRNMSTLNQDRAHDMCHEDQDMBH@d
CNR X RD BNL ONQS@M BNL N KDRHNMDR CD FQ@CN KK)6 CD K@ /-3  KNR

4TLNQDR

&HFTQ@  %ODMCHLNL@ !4TLNQPTDBQDBDDMDK BT@QSNUDMSQsBTKN  CHRSNQRHNM@MCN  BNLOQHLHDMCND HMEHKSQ@MCNK@RDRSQTBSTQ@RBHQBTMC@MSDR "!RODBSN


LHBQNRBuOHBNCDKDODMCHLNL@

@M@OKqRHBNR LTDRSQ@M TM@ CDMRHC@C BDKTK@Q @KS@  sMCHBDR LHSuSHBNR


DKDU@CNR  MDBQNRHRXCHEDQDMBH@BHuMDODMCHL@QH@MNS@MDUHCDMSD
,NRD O D MCHL NL @RL HWNO@ OHK@QD RRNMKDRHNMDRCHRSHMS@R @TMPTD
QDK@BHNM@C@R  KNB@KHY@C@R DM DK EHKTL  SDQL sM@KD  CD K@ LrCTK@X PTD
BNMSHDMDM DKDLDMSNR O@OHK@QDRRNAQD TMENMCN LHWNHCD  LDYBK@CNR
BNM BrKTK@R O@QDBHC@R@ K@RDODMCHL@QH@R 5M@R BrKTK@R BTANHCD@R 
PTDDMNB@RHNMDRSHDMDMBHSNOK@RL@BK@QN  RDCHRONMDM@KQDCDCNQCD
TMNR DIDR O@OHK@QDR  PTD BNMSHDMDM SDIHCN BNMITMSHUN X U@RNR ,@R
qQD@RLHWNHCDRBNMSHDMDMLTBNONKHR@BqQHCNRMDTSQNRXqBHCNR%KOQNd
MuRSHBNCDODMCDCD K@@CDBT@BHuM CDK@DWSHQO@BHuMPTHQvQFHB@ 3HK@
KDRHuMRDG@DWSDMCHCNONQDKDRO@BHNRTA@Q@BMNHCDNXQNCD@K@RQ@sd
BDRCDK@BNK@CDB@A@KKN  K@RQDB@sC@RRDQqMOQNA@AKDR

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

< XiX Zk\ivjk`ZX jZcve `ZXj* Hjn`k`i_dhjh\n_`g\ajn\kjno`*


mdjmnp`g`i^pmn\m^jicd_mj^`a\gd\n`^pi_\md\\pi\j]nomp^*
^d~ikmjbm`ndq\_`g^p\omjq`iom|^pgj+ @\_\g\m`g\^d~i`iom`
gjn`k`i_dhjh\nt`gndno`h\q`iomd^pg\m)`nam`^p`io`g\_dn`*
hdi\^d~i \ om\q{n _`g H?N) lp` di_d^\ h\g kmji~nod^j+ H\n
g`ndji`n_`ajn\kjno`mdjmhp`nom\i`gk`jmkmji~nod^jbgj]\g)
nj]m`oj_j`iid}jnk`lp`}jn)`igjnlp`g\npk`mqdq`i^d\\
gjn2\}jn\k`i\n\g^\iu\pi2-#+Agkmji~nod^j^g|id^j_`gjn
`k`i_dhjh\n npkm\o`iojmd\g`nth`_pg\m`n `sodmk\_jn kjm
^jhkg`oj`nh`ejm+
Komjnophjm`nhznn`gj^\gdu\idih`_d\o\h`io`kjm_`]\*
ej _`g m`q`nodhd`ioj`k`i_dh\mdj_`gq`iom|^pgj j\nj^d\_jn
\gkg`sj^jmjd_`j)lp``noz`i^jiodipd_\_^ji`g`k{i_dhj+
O`om\o\_`g`ndji`n]`idbi\n)^jig\m\m\`s^`k^d~i_`g^\m^d*
ijh\ _`kg`sj^jmjd_`j8ndi`h]\mbj)npgj^\gdu\^d~ikp`_`
j^\ndji\mkmj]g`h\n^g|id^jn+
Hjn jlY\g\e[`dfdXj nji ij_pgjn _` ^m`^dhd`ioj g`ioj) `i
j^\ndji`n^\g^dad^\_jntn~gd_jn)pid_jn\gm`q`nodhd`iojq`i*
omd^pg\mtlp`kmjompt`ic\^d\`gq`iom|^pgj+Op`g`in`m\ndi*
ojhzod^jntnjic\gg\ubjndi^d_`io\g`n`ig\\pojknd\j^ji
g\no{^id^\n_`dh\b`i8^p\i_jnjinpad^d`io`h`io`bm\i_`n
j`nozigj^\gdu\_jn_`ajmh\`nom\o{bd^\)kp`_`ij^\ndji\m
pi\cd_mj^`a\gd\+Op`g`igj^\gdu\mn``igjnq`iom|^pgjng\o`m\*
g`nt^p\moj)thp`nom\ipi\nk`^ojhd^mjn^~kd^j^\m\^o`m|n*
od^j)^ji^hpgjn_`i^g`jn_`\nk`^oj`k`i_dh\mdj_dnk`m*
njnnj]m`piaji_jad]mdg\m_`injtadij_`odkjbgd\g+
HjngXg`cfdXj[\cgc\ofZfif`[\fkp`_`ijmdbdi\mn``i^p\g*
lpd`mgpb\m_`gkg`sj^jmjd_`jtnjihznam`^p`io``igjn
id}jn)`igjnlp`np`g`i`i^jiom\mn``igjnq`iom|^pgjng\o`*

m\g`n+ Ai\_pgojnnp`g`i\a`^o\m`g^p\mojq`iom|^pgj+ Ano\n


kmjgda`m\^dji`nk\kdg\m`nm`^\kdopg\i_`ajmh\^\nd`s\^o\
g\`nomp^opm\_`gkg`sj^jmjd_`jijmh\g+H\nk\kdg\nod`i`i
pijn o\ggjn _` o`ed_j ^jiepiodqj m`q`nod_jn kjm `kdo`gdj
^]d^j j ^dgdi_md^j+ =idq`g ^g|id^j) `no\n g`ndji`n np`g`i
h\ida`no\mn`^jipi\cd_mj^`a\gd\n`^pi_\md\\g\j]nomp^*
^d~i_`gndno`h\q`iomd^pg\mkjm`gophjmj\pi\kmj_p^^d~i
`s^`ndq\_`H?N+ Aghp^cjh`ijnam`^p`io`ZXiZ`efdX[\c
gc\ofZfif`[\fkp`_`k\m`^`mn`\pi\_`ij^\m^dijh\+Anojn
ophjm`nnp`g`i\a`^o\m\id}jn8`igjn\_pgojnc\tlp`_da`*
m`i^d\mgjn_`gjn^\m^dijh\nh`o\noznd^jn)hp^cjhznam`*
^p`io`nlp`gjn^\m^dijh\nkmdh\mdjn_`gkg`sj^jmjd_`j+
Aghl`jk\Zfcf`[\[\ck\iZ\im\ekivZlcf`npilpdno`iji`jkgznd*
^j)lp`\ph`io\_`o\h\}jtnp`g`\a`^o\m\\_pgojne~q`i`n+
Ag lpdno``noz pid_j \g o`^cj _`g o`m^`m q`iom|^pgj) _ji_`
kp`_`j]nompdmpijjgjn_jn\bpe`mjn_`Ijimjtkmjqj^\m
\n|pi\cd_mj^`a\gd\ij^jhpid^\io`)lp`kp`_`^\pn\mg\
hp`mo` ^ji m\kd_`u+ Qi dhkjmo\io` n|iojh\ ^g|id^j `n
g\^`a\g`\)lp`\q`^`n`nkjnd^dji\g+Aglpdno`od`i`pi\^zk*
npg\ad]mjn\_`gb\_\tpim`q`nodhd`iojkjm`kdo`gdj]\ej\
^]d^jkg\ij8^jiod`i`pih\o`md\gb`g\odijnjkmjo`diz^`j+

4TLNQDR MDTQNM@KDR
Ip^cjh`ijnam`^p`io`nlp`gjnophjm`nbgd\g`nnji\lp`ggjn
lp` h p`nom\i _da`m`i^d\^d~i i`pmji\g+ Ai b`i`m\g) `nojn
ophjm`n \a`^o\i \ \_pgojn hzne~q`i`n t ^ji am`^p`i^d\ n`
h\idad`no\i^ji^jiqpgndji`n+
Hjn^Xe^c`f^c`fdXjnjiophjm`nlp`^jiod`i`ipi\h`u^g\_`
i`pmji\n_`\nk`^ojh\_pmjtbg|\+Ojio|kd^\h`io`g`ndji`n
npk`mad^d\g`nlp`n`h\idad`no\i)\h`ip_j)^ji^jiqpgndj*
i`n+ O`om\o\_`gjnophjm`ni`pmji\g`nhznam`^p`io`n_`g
OJ?+Ainph\tjm|\)n`om\o\_`ophjm`n_`^m`^dhd`iojg`i*
oj)k`mj`g^jhkji`io`bgd\gn`ojh\am\i^\h`io`\i\kgznd^j
`i j^\ndji`n) `qjgp^dji\i_j _`nkp{n g\ `ia`mh`_\_ ^ji
m\kd_`u+?p\i_jgjnb\ibgdjbgdjh\nn`h\idad`no\i^ji^ji*
qpgndji`n)g\`sodmk\^d~ilpdmmbd^\_`gophjmnp`g`^jiomj*
g\mg\n _` ajmh\ `ad^\u+ =kmjsdh\_\h`io` `g /-# _``nojn
ophjm`n od`i`i pi\ hpo\^d~i \^odq\_jm\ _`g b`i ;K:?
%R3--A& t n`\nj^d\i\ pi\ npk`mqdq`i^d\ gd]m` _`m`^\|_\
hzn^jmo\+
Hjnb\ibgdjbgdjh\nnp`g`igj^\gdu\mn``i`gg~]pgjo`h*
kjm\gthjnom\mpi^jhkji`io`lp|nod^j+H\n^{gpg\nb\i*





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


bgdji\m`ni`jkgznd^\nn`_dnkji`i`i^hpgjndmm`bpg\m`n
thp`nom\ipi\jmd`io\^d~i_`g\ni`pmdo\n\k\m`io`h`io`
\g\u\m+O``i^p`iom\iajmh\n]dip^g`\_\n+Ag^jhkji`io`
bgd\g_``no\ng`ndji`nn`k\m`^`)`ib`i`m\g)\pi\nomj^doj*
h\_`]\ejbm\_jtijod`i`hdojndnidi`^mjndn+
Ag kldfi e\lif\g`k\c`Xc [`j\dYi`fgctj`Zf `n pi diam`^p`io`
ophjm_`]\ejbm\_j%bm\_jE_`g\KIO&_`g\dia\i^d\)lp`
\ h`ip_j n` h\idad`no\ ^jhj pi om\nojmij ^jiqpgndqj+
Ip`nom\pikmji~nod^jm`g\odq\h`io`]p`ij om\nnpm`n`^*
^d~i) ^ji pi\ am`^p`i^d\ ]\e\ _` m`^d_dq\n t pi ^jiomjg
a\qjm\]g` _` g\n ^jiqpgndji`n+ An o|kd^j `i^jiom\m `no\n
g`ndji`n`i`gg~]pgjo`hkjm\gnpk`mad^d\g)\pilp`kp`_`i
\a`^o\m \ jomjn gpb\m`n _` g\ ^jmo`u\+ An am`^p`io`lp` n`
\_`gb\^` `g ^mzi`j lp` gj m`^p]m`) gj lp` npbd`m` lp` g\
g`nd~igg`q\^d`mojod`hkj_``qjgp^d~i+
Ano\n g`ndji`n ajmh\i o|kd^\h `io` hgodkg`n ij_pgjn
k`lp`}jndiom\^jmod^\g`n_`^{gpg\ni`pmji\g`nk`lp`}\n
t m`_ji_\n jmb\idu\_\n `i ^jgph i\n \gm`_ `_ jm _`
i^g`jn^`iom\g`n_`kmjgjib\^dji`n)^jipiaji_jhdsjd*
_`+ P\h]d{i n` \km`^d\i i`pmji\n agjo\io`n ]d`i _da`*
m`i^d\_\n _`iomj _`gjn_`k~ndojn_`pig|lpd_jhdsjd_`
md^j `i h p^jkjgdn\^zmd_jn _` aji_j+ H\n i`pmji\n _`
h \tjm o\h\}jt g\n ^{gpg\n k`lp`}\n m`_ji_\n _`g `g`*
h`ioj`nk`^|ad^j`skm`n\ih\m^\_jm`ni`pmji\g`n+=gm`*
_`_jm_`gjnij_pgjnkp`_`\k\m`^`mpi\_dnkg\nd\^jmod*
^\g aj^\g8 n` _d^` lp` g\n g`ndji`n lp` ^jh km`i_`i pi
`g`h`ioj`nk`^|ad^jtpi^jhkji`io`bgd\gnji^jhkg`e\n+
Age\lifZ`kfdXZ\ekiXc`npi\i`jkg\nd\_`]\ejbm\_j%bm\_j
EE _` g\ KIO&) lp` n``i^p`iom\ _`iomj _`g ndno`h\ q`i*
omd^pg\m %kmdi^dk\gh`io``igjnq`iom|^pgjn g\o`m\g j o`m^`*
mj&) lp` n`^\m\^o`mdu\ kjmi^g`jnm`_ji_jnt pidajmh`n
_dnomd]pd_jn\dio`mq\gjnm`bpg\m`nt)\h`ip_j)dngjo`n_`
i`pm~kdgjn+ =pilp` `g k\om~i t g\ ajmh\ _` g\n ^{gpg\n
m`^p`m_\ \ gjn jgdbj_`i_mjbgdjh\n) gjn`nop_djn dihpij*
cdnojlp|hd^jntpgom\`nomp^opm\g`ndi_d^\i`gjmdb`ii`pmj*
i\g_`g\n^{gpg\nophjm\g`n+

.DNOK@RH@R ONBN CHEDQDMBH@C@R


=gbpijn ophjm`n`skm`n\ikj^jn jidibih\m^\_jm_`g\n
^{gpg\ni`pm\g`nh\_pm\n\k`n\m_`npjmdb`ii`pmj`^oj_{m*
hd^jtn`_`n^md]`i^jhjkj^j_da`m`i^d\_jnj`h]mdji\mdjn)
gjlp`di_d^\lp`^jin`mq\ig\n^\m\^o`m|nod^\n^`gpg\m`n_`g\n
^{gpg\n di_da`m`i^d\_\n kmdh dodq\n+ Ag hzn am`^p`io` `n `g
d\[lcfYcXjkfdX(m`nkjin\]g`_`g/-#_`gjnophjm`n^`m`]m\g`n
`ik\^d`io`nk`_dzomd^jn+

-DCTKNAK@RSNL@
Ano`ophjm`h]mdji\mdjh\gdbij\k\m`^`km`_jhdi\io`h`i*
o``iid}jnt`s^gpndq\h`io` `i`g^`m`]`gj %kjm_`adid^d~i&+
Lp`_` `skm`n\m h \m^\_jm`n i`pmji\g`n t bgd\g`n) k`mj `g
ophjm np`g` n`m di_da`m`i^d\_j t n` ^jmm`nkji_` ^ji pi\
g`nd~i_`bm\_jER_`g\KIO+
@ \e uk`ZX d fc\Zl cXi* Hjn`nop_djn b`i~hd^jn c\ik`mhdod_j
d_`iodad^\m np]odkjn hjg`^pg\m`n _` h`_pgj]g\nojh \) lp`
hp`nom\i\go`m\^dji`n`ig\n q|\n _`om\inhdnd~i_`n`}\g`n
dhkgd^\_\n`i`g _`n\mmjggjijmh\g_`g^`m`]`gj)^jhjg\q|\
Ojid^D`_b`cjb%ODD&)lp`k\mod^dk\`i`g^jiomjg_`g\kmj*
gda`m\^d~iijmh\g _`g\n^{gpg\n bm\ipgjn\n_`g^`m`]`gj)tg\
q|\ _` om\inhdnd~i _` n`}\g`n S JP,%0*^\o`idi\+ O`bi g\n
\go`m\^dji`nhjg`^pg\m`n)n`kp`_`_dqd_dm`no`ophjm`i^p\*
omjnp]bmpkjn7
Ag k`gf P GM n` ^\m\^o`mdu\ kjm h po\^dji`n _` g\ q|\ _`
om\inhdnd~i _` n`}\g`n SJP) np`g` \a`^o\m \ id}jn hzn

h\tjm`n)hp`nom\pi\cdnojgjb|\^gznd^\_`h`_pgj]g\noj*
h\ tkm`n`io\hjijnjh|\ _`g^mjhjnjh\ 3t `skm`nd~i
ip^g`\m_` k*^\o`idi\+ Agkmji~nod^j`n`gh`ejmtpi6-#
_`gjnk\^d`io`nndbp`iqdqjn\gjn2\}jn+
Ag k`gf LAA) ^\m\^o`mdu\_jkjmg\nhpo\^dji`n_`g\q|\_`
om\inhdnd~i_`n`}\g`nD`_b`cjb)np`g`\a`^o\m\g\^o\io`nj
\_pgojne~q`i`n)km`n`io\pi\cdnojgjb|\_`nhjkgznd^\ij_p*
g\mtkp`_`o`i`mg\\hkgdad^\^d~i_`FR<G*Agkmji~nod^j`n
dio`mh`_dj`iom``gnp]odkjSJPtgjnbmpkjn0t1+
Ag d\[lcfYcXjkfdX [\c ^ilgf 0) lp` np`g` km`n`io\m pi\
\hkgdad^\^d~i_`IU?tpidnj^mjhjnjh\.4%dg4l&)\a`^o\
kmdi^dk\gh`io`\ gjn g\^o\io`ntgjn id}jnthp`nom\pi\
cdnojgjb|\^gznd^\ j _`^{gpg\n bm\i_`nt n` \nj^d\ \ k`jm
kmji~nod^j+
Ag^ilgf 0n`^\m\^o`mdu\kjm\go`m\^dji`n^dojb`i{od^\ndg4l)
pi\ cdnojgjb|\ ^gznd^\ j _`^{gpg\n bm\i_`n)ndi\hkgdad^\*
^d~i_`IU?)\pilp``ij^\ndji`nkm`n`io\i\hkgdad^\^d~i
_`FR<G* Ag kmji~nod^j _``no`bmpkj`ndio`mh`_dj+ Ai
b`i`m\g)`gdnj^mjhjnjh\.4ldi_d^\pih\gkmji~nod^jt
n`gdhdo\\gjnbmpkjn0t1+

- / 2 & / , / ' m!
%M KNR MHtNR  KNR LDCTKNAK@RSNL@RRDKNB@KHY@MDM K@KsMD@LDCH@CDK
BDQDADKN %M DK @CTKSN  RNM LqREQDBTDMSDR KNRSTLNQDR K@SDQ@KDR %K
BQDBHLHDMSNQqOHCNOTDCDNBKTHQDKEKTINCDK,#2XOQNCTBHQTM@GHCQNBDd
E@KH@3DSQ@S@ @LDMTCN CDSTLNQDRAHDMCDKHLHS@CNR FQHRDRXEQH@AKDR 
X OTDCDM UDQRD KKDF@MCN G@RS@ K@ RTODQEHBHD CD K@ENKH@ BDQDADKNR@X
@EDBS@MCN@K@R KDOSNLDMHMFDREHF   !  %KDRSTCHNGHRSNKuFHBNCD
KNR LDCTKNAK@RSNL@RLTDRSQ@TM@CDMRHC@CBDKTK@QLTXHLONQS@MSD 
BNMKqLHM@RCDBrKTK@R@M@OKqRHB@REHF  " ,@RBrKTK@RSTLNQ@KDR
RNMODPTDt@R BNMBHSNOK@RL@DRB@RNXMvBKDNRGHODQBQNLqSHBNR PTD
BNMEQDBTDMBH@@CNOS@MLNQENKNFs@DKNMF@C@NCDRDLHKTM@ ,@RLHSN 
RHR RNM @ATMC@MSDRX KNR L@QB@CNQDR CD OQNKHEDQ@BHuM BDKTK@Q  BNLN
+H   RDCDSDBS@M DM TMDKDU@CN ONQBDMS@IDCD K@RBrKTK@R %KSTLNQ
OTDCDDWOQDR@QFQqMTKNRMDTQNM@KDRCDMDTQNRDBQDBHuM ENQL@QQNRDd
S@R CD (NLDQ 7QHFGS BNLN RTBDCDDM DK MDTQNAK@RSNL@ U B@OsSTd
KN  X DWOQDR@QL@QB@CNQDRFKH@KDR O DI  '&!0  ,@U@QH@ M SD CD Rd
L N OKq RHB@ MNC T K@ QRDB@Q@BSDQHY@ONQqQD@RCD QDROTDRS@DRSQNL@K 
L@QB@C@RONQDKCDOuRHSNCDBNKqFDMNXQDSHBTKHM@XMNCTKNRCDBrKTK@R
PTDENQL@McHRKNSDROqKHCNRi PTDBNMSHDMDMLqRMDTQuOHKNXLTDRSQ@M
TM@L@XNQDWOQDRHuMCDL@QB@CNQDRMDTQNM@KDR ,@U@QH@M SDCDB r d
KTK@RFQ@MCDRRDB@Q@BSDQHY@ONQMvBKDNRUDRHBTKNRNRFQ@MCDRDHQQDd
FTK@QDR  TMKK@L@SHUNMTBKrNKNXEQDBTDMSDRLHSNRHRX@ONOSNRHR
%M KNRLqQFDMDRCDK@L@R@STLNQ@K OQHMBHO@K  K@RBrKTK@RCDKLDd
CTKNAK@RSNL@LTDRSQ@MSDMCDMBH@@ENQL@QB@CDM@RKHMD@KDRCDBrKTd
K@R PTDHMEHKSQ@MK@BNQSDY@BDQDADKNR@XODMDSQ@MDMK@Os@ CHRDLHMqMd
CNRDONQDKDRO@BHNRTA@Q@BMNHCDN,@CHRDLHM@BHuM@SQ@UrRCDK,#2
DRTM@BNLOKHB@BHuMEQDBTDMSD PTDFDMDQ@L@R@RMNCTK@QDR@BHDQS@
CHRS@MBH@CDKSTLNQOQHL@QHNO DI  HMBKTRNG@RS@K@BNK@CDB@A@KKN 
DRS@RRDCDMNLHM@M  @UDBDR  cLDSqRS@RHRR@KS@SNQH@Ri

< XiX Zk\ivjk`ZX j Zcve`ZXj* Anpiophjmhpth\gdbijt`gkmj*


i~nod^j _` gjn ^\njn ij om\o\_jn `ni`a\noj+ Jj j]no\io`) n`
om\o\_`piophjm`som`h\_\h`io`m\_djn`ind]g`+ H\o\n\_`
npk`mqdq`i^d\ \ gjn2 \}jn kp`_`gg`b\m c\no\`g 42# om\n g\
`sodmk\^d~i ojo\g ^ji m\_djo`m\kd\+ O` `noz diq`nodb\i_j _`
ajmh\\^odq\^~hjm`nkji_`igjn_dnodiojnnp]odkjnhjg`^p*
g\m`n_`h`_pgj]g\nojh\\gom\o\hd`ioj8\gbpijn`in\tjn^g|*
id^jn`ia\n`did^d\g npbd`m`ilp`\gbpijnh`_pgj]g\nojh\n
kp`_`im`nkji_`m\ gjndicd]d_jm`n _`g\q|\ _` om\inhdnd~i
_`n`}\g`nD`_b`cjb+
O`kp`_`i`i^jiom\mophjm`n^jipi\cdnojgjb|\dbp\g _`
di_da`m`i^d\_\) lp`m`^p`m_\i\gjn h`_pgj]g\nojh\n`igjn

4TLNQDR

&HFTQ@  -DCTKNAH@RSNL@!#NQSDR@FHS@KCDKBDQDAQNPTDLTDRSQ@TMLDCTKNAK@RSNL@BNMCDRSQTBBHuMCDK@O@QSDRTODQHNQCDKBDQDADKNDMK@KsMD@LDCH@


"!RODBSNLHBQNRBuOHBNCDKLDCTKNAK@RSNL@

c`hdna`mdjn^`m`]m\g`n+Ano\ng`ndji`nn`_`ijhdi\iophjm`n
i`pmj`^oj_{mh d^jn kmdh dodqjn npkm\o`iojmd\g`n _`g OJ?
%LJAP_`gOJ?&+ Ano`o{mhdijkp`_`gg`q\m\^jiapnd~i^ji
g\ng`ndji`nk`mda{md^\n %ophjmi`pmj`^oj_{mhd^jk`mda{md^j&)
lp` ^jhk\mo`ig\ hdnh\\go`m\^d~ib`i{od^\_`gn\m^jh\_`
Ardib+Ai`gOJ?)`gLJAP`n_da`m`io`_`gh`_pgj]g\nojh\
t_`gophjmk`mda{md^j+

< XiX Zk\ivjk`ZX j Zcve`ZXj* O` om\o\ _` ophjm`nhpt\bm`ndqjn


_` k\^d`io`n hpte~q`i`n+ ?\nd oj_jn j^pmm`i \io`n _` gjn
2\}jntg\h\tjm|\_`gjnk\^d`io`nqdq`ih`ijn_`.\}jom\n
`g_d\bi~nod^j+

4TLNQSDQ@SNHCDQ@ACNHCD@SsOHBN

,HMENL@OQHL@QHNCDK3.#

Ano`ophjmhpth\gdbij_`gjnid}jnk`lp`}jn`npi\g`nd~i
_`bm\_jER_`g\KIO)lp`n`gj^\gdu\`ig\ajn\kjno`mdjmt
gjn^jhk\modh`iojnnpkm\o`iojmd\g`n^jipi\am`^p`i^d\k\m`*
^d_\+O`^\m\^o`mdu\kjmg\_da`m`i^d\^d~i_dq`mb`io`^ji^jh*
kji`io`nbgd\g`n)i`pmji\g`n)h`n`ilpdh\ojnjnt`kdo`gd\g`n)
t) \h`ip_j)km`n`i^d\ _`^{gpg\nm\]_jd_`n)k\m`^d_\n \g\n
_`gm\]_jhdjn\m^jh\+

Ag gdiajh\ kmdh\mdj _`g OJ? `n m`nkjin\]g` _`g /# _` gjn


gdiajh\n`som\b\ibgdji\m`nt_`g.#_`gjnophjm`ndiom\^m\*
i`\g`n+Ang\i`jkg\nd\hznam`^p`io``i`gOJ?`ik\^d`io`n
dihpij_`kmdhd_jn)di^gpd_jngjnlp`od`i`ind_\tgjndihp*
ij_`kmdh d_jn om\n pi om\nkg\io`+ Ai g\n kj]g\^dji`n ij
dih pij_`kmdh d_\n) `g `nk`^omj _` `_\_ `n m`g\odq\h `io`
\hkgdj)\ph`io\i_jnpdi^d_`i^d\_`nkp{n_`gjn3-\}jn_`
`_\_+
Ago{mhdijgi`dXi`fom\o\_`m`n\go\mg\_da`m`i^d\`iom``no\n
g`ndji`nt g\ \a`^o\^d~in`^pi_\md\ _`gOJ?kjmpi gdiajh\
jmdbdi\_j`ijomjgpb\m_`gjmb\idnhj %q+^\k|opgj.0&+ Aggdi*
ajh\kmdh\mdjnp`g`n`mhpgodaj^\g`i`gk\m{ilpdh\^`m`]m\g)
k`mjg\\a`^o\^d~iap`m\_`gOJ?_`gjnb\ibgdjnjg\h{_pg\
`npi\^jhkgd^\^d~io\m_|\tkj^jam`^p`io`+Ljm`g^jiom\mdj)
gjn gdiajh\n jmdbdi\_jn ap`m\ _`g OJ? ij np`g`i \a`^o\m \g
k\m{ilpdh\^`m`]m\g8 g\\a`^o\^d~i_`g ndno`h\i`mqdjnjkjm
pigdiajh\ndno{hd^jnp`g`j^pmmdm`ik\^d`io`n^jipi\^\mb\
ndbidad^\odq\_``ia`mh`_\_ap`m\_`gOJ?+Ai`nojn^\njn)g\
\a`^o\^d~in`^pi_\md\_`gOJ?n`np`g`h\ida`no\mkjmg\km`*
n`i^d\_`^{gpg\nh\gdbi\n`i`gH?Nt\gm`_`_jm_`g\nm\|^`n
i`mqdjn\ndiom\_pm\g`nt`ij^\ndji`nkjmg\diadgom\^d~i_`g\n
zm`\n npk`mad^d\g`n _`g ^`m`]mj j g\ h{_pg\ kjm ^{gpg\n
h\gdbi\n+
H\ h\tjm|\ _` gjn gdiajh\nkmdh \mdjn ^`m`]m\g`n nji _`
odkj >+ C`i`m\gh `io`) `g gdiajh\ kmdh \mdj _`g OJ?`n pi\
`ia`mh`_\_ \bm`ndq\t km`n`io\ pi\`qjgp^d~ik`jmlp` g\
_` gjn ophjm`n _` cdnojgjb|\ ndh dg\m jmdbdi\_jn ap`m\ _`g
OJ?+ Aikm`n`i^d\ _`dihpij_`km`nd~i) g\n^{gpg\n_`^\nd
oj_jngjngdiajh\n^`m`]m\g`nkmdh\mdjnhp`nom\ipi\dia`^*
^d~ig\o`io`kjmqdmpn_`Akno`di*>\mmt)`igjnk\^d`io`nlp`
c\ind_jnjh`od_jn\piom\nkg\io`_`~mb\ijn)kp`_`i\nj*
^d\mn`\g n|i_mjh` gdiajkmjgda`m\odqj kjnom\nkg\io`ndno{hd*
^j+?p\i_jijn`\nj^d\i\dihpij_`km`nd~i)`nojngdiajh\n
od`i`ipia`ijodkjo|kd^j>_`_da`m`i^d\^d~ikjn^`iomjb`m*
hdi\g+

@ \e uk`ZXd fc\Zl cXi* H\n\go`m\^dji`nb`i{od^\n^jino\io`n`i


`g^mjhjnjh\//%; 6-# _`gjn^\njn& njipi\ ^\m\^o`m|nod^\
_`gophjmm\]_jd_`+Agb`im`g`q\io``n_LG?1+BGBc(lp`^j_d*
ad^\ pi\ kmjo`|i\ lp` ajmh\ k\mo` _` pi bm\i ^jhkg`ej _`
m`hj_`g\^d~i_`g\^mjh\odi\8`ig\h\tjm|\_``nojnophjm`n
n``i^p`iom\i_`g`^dji`n_`gcfZljtk{m_d_\_`odi^d~iip^g`\m
_`g\kmjo`|i\EJE.+

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

- / 2 & / , / ' m!
,NRSTLNQDRSDQ@SNHCDRQ@ACNHCDR@SsOHBNRRTDKDMRDQFQ@MCDRXAK@Md
CNRX RDDWSHDMCDMONQK@RTODQEHBHDCDKBDQDAQN,@RBrKTK@RQ@ACNHCDR
SHDMDM TM BHSNOK@RL@ DNRHMuEHKN  KsLHSDR MDSNR X MvBKDN DWBrMSQHBN
#T@MCNDRS@RBrKTK@RRNMLqRODPTDt@R DKBHSNOK@RL@OTDCD@CNOd
S@QTM@LNQENKNFs@DKNMF@C@ PTDQDBTDQC@@K@RBrKTK@RCDKQ@ACNLHNd
R@QBNL@ %KBHSNOK@RL@CDK@RBrKTK@RQ@ACNHCDRBNMSHDMDEHK@LDMSNR
HMSDQLDCHNRXRDSHtDBNMDK@MSsFDMNDOHSDKH@KCDLDLAQ@M@XUHLDM 
SHM@ /SQNR L@QB@CNQDR PTD OTDCDM RDQ ONRHSHUNR RNM K@ @BSHM@ CD
LvRBTKN KHRNX K@R PTDQ@SHM@R .N RDDMBTDMSQ@ DWOQDRHuM CD NSQNR
L@QB@CNQDRLTRBTK@QDR BNL NCDRLHM@NLHNFKNAHM@.NDREQDBTDMd
SDPTDK@RBrKTK@RQ@ACNHCDRRD@M TMBNLONMDMSDHLONQS@MSDCDMSQN
CDKSTLNQK@L@XNQs@CDK@RUDBDRKNRHRKNSDRCDSTLNQBNMDRSDO@SQuM
CDCHEDQDMBH@BHuMRDLDYBK@MBNMTMBNLONMDMSDCDBrKTK@ODPTDt@
XBNM NSQNR O@SQNMDR GHRSNKuFHBNRHMBKTHC@CHEDQDMBH@BHuM LDRDMPTHd
L@SNR@ DOHSDKH@KXMDTQNFKH@K ,@@BSHUHC@CLHSuSHB@DRDWSQDL@C@LDMd
SDHLONQS@MSD

/ SQN R STL NQDR O@QDMPTHL@SNRNR





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


I K NBK HK C=
,@R KDRHNMDR RNM BNMEQDBTDMBH@LvKSHOKDRX@EDBS@M @LDMTCN@ K@R
DRSQTBSTQ@R FQHRDR OQNETMC@R  @RsBNL N@ K@RTRS@MBH@AK@MB@X@ K@
BNQSDY@ ,@ CHRDLHM@BHuM ODQHUDMSQHBTK@QDR EQDBTDMSD ,NRSTLNQDR
DRSqMQDK@SHU@LDMSDAHDMCDEHMHCNRDMBNLO@Q@BHuMBNMK@RMDNOK@RH@R
CDK@FKs@  ODQN MNRNMS@M CDKHLHS@CNRBNL N K@RLDSqRS@RHRX@LDd
MTCNLTDRSQ@MDWSDMR@RqQD@RCDMDBQNRHRBDMSQ@K %KFQTONGHRSNKud
FHBNLqREQDBTDMSDRNMKNRKHMENL@RCDBrKTK@RFQ@MCDR"CHETRNR%M
DKRDMNCDKSTLNQ  K@RBrKTK@RL@KHFM@RRD@BTLTK@M@KQDCDCNQCDKNR
U@RNRR@MFTsMDNRDHMEHKSQ@MDK O@QrMPTHL@BDQDAQ@KBHQBTMC@MSD ,@R
SHMBHNMDRBNMQDSHBTKHM@LTDRSQ@MPTDK@RBrKTK@RHMEHKSQ@MSDRRDRDO@d
Q@M DMSQDDKK@R ONQTM L@SDQH@K PTD RDSHtDBNM OK@S@ DRSD O@SQuM DR
B@Q@BSDQsRSHBNCDK KHMENL@BDQDAQ@K OQHL@QHN %KSTL NQDWOQDR@L@QB@d
CNQDR "  BNL N #$  X RTDKDSDMDQ TM@DKDU@C@EQ@BBHuM CDBQDBHd
LHDMSN%MKNRSTLNQDRNQHFHM@CNRDMOQDRDMBH@CDHMLTMNCDOQDRHuM 
RTDKDMHCDMSHEHB@QRDCHUDQRNRL@QB@CNQDRCDKUHQTRCD%ORSDHM "@QQDM
K@RBrKTK@RSTLNQ@KDR DKUHQTRRDRTDKDCDSDBS@QLDCH@MSDSrBMHB@CD
GHAQHC@BHuMHMRHST O@Q@%"%2  TMNRODPTDtNR!2. MTBKD@QDRBNCHEHd
B@CNRONQDKFDMNL@UsQHBN

Ag c`e]fdX `ekiXmXjZlcXi( pi gdiajh\ _` ^{gpg\n bm\i_`n


diam`^p`io` lp` ^m`^` _`iomj _` k`lp`}jn q\njn) np`g` \a`^o\m
\g ^`m`]mj) \_`hzn _` jom\n m`bdji`n ^jmkjm\g`n+ Ai gpb\m _`
kmj_p^dm pi\ g`nd~i _` odkj h\n\) g\ j^gpnd~i _` gjn q\njn kjm
g\n ^{gpg\n h\gdbi\n kp`_` kmj_p^dm dia\mojn hd^mjn^~kd^jn
_dn`hdi\_jn+ Hjn k\^d`io`n \a`^o\_jn np`g`i km`n`io\m n|ioj*
h\n i`pmjg~bd^jn ndi m\nbjn gj^\gdu\_jm`n) t `i `g _d\bi~nod^j
_da`m`i^d\g n` di^gpt`i kmj^`njn ^jhj g\ q\n^pgdodn j di^gpnj
g\ _`h`i^d\+

4TLNQDRCDBrKTK@RFDQLHM@KDR
Hjn kldfi\j[\ZuclcXj^\id`eXc\jZ\i\YiXc\jgi`dXi`fj n` km`n`i*
o\i ndbpd`i_j g\ g|i`\ h`_d\) kmdi^dk\gh`io` `i g\n m`bdji`n
kdi`\g t npkm\n`g\m+ Oji m`nkjin\]g`n _`g -)/ \g .# _` gjn
ophjm`n ^`m`]m\g`n `i k`mnji\n _` \n^`i_`i^d\ `pmjk`\) k`mj
kp`_`i npkji`m c\no\ `g .-# `i F\k~i+ O` om\o\ _` ophjm`n
lp` \a`^o\i \ e~q`i`n) km`n`iozi_jn` c\no\ `i `g 6-# _` gjn
^\njn _pm\io` gjn kmdh`mjn /- \}jn _` qd_\+ Hjn ophjm`n _`
^{gpg\n b`mhdi\g`n) nj]m` oj_j gjn o`m\ojh\n) nji pij _` gjn
ophjm`n ^jib{idojn hzn am`^p`io`n+ Hjn ophjm`n _` ^{gpg\n
b`mhdi\g`n _` g\ m`bd~i kdi`\g hp`nom\i pi km`_jhdidj hpt
dhkjmo\io` `i cjh]m`n) k`mj `no\ _da`m`i^d\ `iom` n`sjn ij n`
`i^p`iom\ `i g\n g`ndji`n npkm\n`g\m`n+
Jj `noz ^g\mj `g jmdb`i _` g\n ^{gpg\n b`mhdi\g`n `i `g OJ?8
kp`_`i n`m m`nojn lp` lp`_\i `i `g OJ ? j lpduz lp`
h dbm\i \gg| _`n_` jomjn gpb\m`n `i a\n`n kjno`mdjm`n _`g
_`n\mmjggj+ Hjn oph jm`n _` ^{gpg\n b`mh di\g`n h p`nom\i
h p^c\n ^\m\^o`m|nod^\n ndhdg\m`n \ npn `lpdq\g`io`n `i g\n
b~i\_\n t `g h`_d\nodij+ Odi `h]\mbj) \ _da`m`i^d\ _` gj lp`
np^`_` `i gjn gdiajh\n) g\n h`ozno\ndn _` gjn ophjm`n _` ^{gp*
g\n b`mh di\g`n bji\_\g`n \g OJ? nji am`^p`io`n8 kjm `nj)
nd`hkm` n` _`]` _`n^\mo\m pi ophjm kmdh\mdj ap`m\ _`g OJ?
\io`n _` `no\]g`^`m `g _d\bi~nod^j _` ophjm _` ^{gpg\n b`mhd*
i\g`n kmdh\mdj _`g OJ?+ H\ ^g\ndad^\^d~i cdnojg~bd^\ _` gjn
oph jm`n _` ^{gpg\n b`mh di\g`n ^`m`]m\g`n n` k\m`^` \ g\
`hkg`\_\ `i `g o`no|^pgj %q+ ^\k|opgj /.&) k`mj `g ophjm cdnoj*
g~bd^\h`io` k\m`^d_j \g n`hdijh\ o`nod^pg\m n` gg\h\ [`j^\i)
d`efdX `i `g OJ?+ H\n m`nkp`no\n \ g\ m\_djo`m\kd\ t g\ lpd*
h djo`m\kd\ nji k\m`^d_\n \ g\n _` jomjn ophjm`n _` ^{gpg\n
b`mhdi\g`n _` jomjn jm|b`i`n+ Ebp\g lp` np^`_` `i g\ k`mda`*
md\) g\n ^ji^`iom\^dji`n `i `g H?N _` h\m^\_jm`n ophjm\g`n)
di^gpd_\n g\ \*a`ojkmjo`|i\ t g\ 0*bji\_jomjkdi\ ^jmd~id^\
cph\i\) kp`_`i n`m odg`n k\m\ `g _d\bi~nod^j t `g n`bpd*
hd`ioj _` g\ m`nkp`no\ \g om\o\hd`ioj+

Mldfi\j gXi\ehl`dXkfjfj g`e\Xc\j


Ano\n g`ndji`n n` jmdbdi\i \ k\modm _` ^{gpg\n `nk`^d\gdu\_\n _`
g\ bgzi_pg\ kdi`\g %kdi`j^dojn&) ^ji ^\m\^o`m|nod^\n _` _da`m`i^d\*
^d~i i`pmji\g+ Hjn ophjm`n q\i _`n_` g`ndji`n ]d`i _da`m`i*
^d\_\n $g`e\fZ`kfdXj%( ^ji zm`\n _` i`pm~kdgj) ^{gpg\n _` i^g`jn
m`_ji_`\_jn t k`lp`}jn) t \pn`i^d\ _` hdojndn j i`^mjndn) \
ophjm`n _` \goj bm\_j $g`e\fYcXjkfdXj%( ^ji `n^\n\ `qd_`i^d\ _`
_da`m`i^d\^d~i i`pmji\g) ^{gpg\n k`lp`}\n _dnkp`no\n _`in\*
h`io` ^ji i`^mjndn t am`^p`io`n hdojndn+ O` m`^jij^` o\h]d{i
pi\ ajmh\ dio`mh`_d\ `iom` `nojn _jn `som`hjn+ Hjn ophjm`n
kdi`\g`n _` \goj bm\_j np`g`i \a`^o\m \ id}jn) hd`iom\n lp` g\n
g`ndji`n _` h`ijm bm\_j nji hzn am`^p`io`n `i \_pgojn+ Ag
kdi`j]g\nojh\ hpt \bm`ndqj n` _dn`hdi\ c\]dop\gh`io` kjm `g
`nk\^dj _`g H?N+ Op am`^p`i^d\ \ph`io\ `i gjn di_dqd_pjn ^ji
hpo\^dji`n `i g|i`\ b`mhdi\g _` K;* Hjn bgdjh\n \k\m`^`i o\h*
]d{i `i g\ m`bd~i kdi`\g) _ji_` n` jmdbdi\i \ k\modm _`g `nomjh\
bgd\g _` g\ bgzi_pg\+ =pilp` nji _` ]\ej bm\_j) `nojn bgdjh\n
kp`_`i `so`i_`mn` c\^d\ g\ k\mo` kjno`mdjm _`g o`m^`m q`iom|^pgj+

-DMHMFHNL@R
Hjn d \e `e ^ `fd Xj njioph jm`n km`_jh di\io`h `io` ]`idb*
ijn _` \_pgojn) lp` np`g`i `no\mpid_jn \ g\ _pm\h\_m` t
lp`npmb`i`ig\n^{gpg\nh `idibjo`gd\g`n_`g\\m\^ijd_`n+
Hjnh`idibdjh\nkp`_`i`i^jiom\mn`ndbpd`i_jg\nnpk`mad*
^d`n`so`mi\n_`g^`m`]mjto\h]d{i_`iomj_`gndno`h\q`iomd*
^pg\m) _ji_`npmb`i_`n_`g\n^{gpg\n`nomjh\g`n _` g\\m\^*
ijd_`n _`g kg`sj^jmjd_`j+ Hjn\io`^`_`io`n_`m\_djo`m\kd\
`i g\ ^\]`u\ t `g ^p`ggj) o|kd^\h`io` _{^\_\n \io`n) njipi
a\^ojm _` md`nbj k\m\ `g _`n\mmjggj _` h`idibdjh\n+ Komjn
ophjm`n) ^jhj g\n h`ozno\ndn) `g ophjm ad]mjnj njgdo\mdj t
\gbpijnn\m^jh\nkj^j_da`m`i^d\_jn)kp`_`io\h]d{i^m`^`m
^jhjh\n\ndhkg\io\_\n`ig\_pm\h\_m`+
@ \e uk`ZX d fc\Zl cXi* H\\go`m\^d~i^dojb`i{od^\hznam`^p`i*
o` `ng\ k{m_d_\ _`g ^mjhjnjh\ //) nj]m` oj_j _` np ]m\uj
g\mbj %//l&+ H\n_`g`^dji`ndi^gpt`ig\m`bd~i_`//l g/`ig\
lp`n`gj^\gdu\`g b`iG?.( lp`^j_dad^\g\kmjo`|i\ h`mgdi\8
^jhj^\]m|\npkji`m)gjnh`idibdjh\nnjiam`^p`io`n`ikm`*
n`i^d\_`pi\JB/%q+hzn\_`g\io`&+Ag2-*3-#_`gjnh`idi*
bdjh\n`nkjmz_d^jn od`i`ihpo\^dji`n_`g b`iG?.7 n`^m``
lp`g\h\tjmk\mo`_``no\nhpo\^dji`n^ji_d^dji\ig\a\go\
_`pi\kmjo`|i\h`mgdi\api^dji\g+Aigjnh`idibdjh\nlp`
ij\g]`mb\ihpo\^dji`n_`G?.(g\nhpo\^dji`nhznam`^p`i*
o`n\a`^o\i\g a\^ojm4\nj^d\_j\g m`^`kojm_`PJB %PN=B4&)
`d_`iodad^\ipinp]bmpkj hjg`^pg\m_`adid_j _`h`idibdj*
h\n lp` np`g`i o`i`m pi h`ijm bm\_j cdnojg~bd^j t pi\
h\tjm`no\]dgd_\_^mjhjn~hd^\+Ljm`g^jiom\mdj)gjnh`idi*
bdjh\n_`\gojbm\_jn`np`g`i\nj^d\m\hpo\^dji`n_`G?.(
k{m_d_\ _`g^mjhjnjh\//t`qd_`i^d\_`di`no\]dgd_\_^mj*
h jn~hd^\ %k+ `e+) km`n`i^d\ _` \]`mm\^dji`n ^mjhjn~hd^\n
\_d^dji\g`n&+

I KNBKHKC=
,NRL D M HM F HN L @ R RTDKDMRDQL@R@RQDCNMCD@C@RBNMTM@A@RDDM
K@CTQ@AHDMCDEHMHC@ PTDBNLOQHLDMDKBDQDAQN ODQNRDRDO@Q@MBNM
E@BHKHC@CCDDRSDEHF  !  0TDCDMDWSDMCDQRD@KGTDRNRTOQ@X@ 
BDMSD ,@RTODQEHBHDCDK@L@R@RTDKDDRS@QDMB@ORTK@C@ONQTMSDIHCN
EHAQNRNCDKF@CNXOTDCD@CNOS@QTM@RODBSNONKHONHCDNN@ANKKNM@CN
4@LAHrM OTDCDMBQDBDQDMEN QL @  CD OK@B@  CDENQL@PTDDKSTLNQ
RD DWSHDMCD @ L NCN CD KqLHM@ RNAQD K@ RTODQEHBHD CD K@CTQ@ %RS@
KDRHuMRDRTDKD@RNBH@Q@B@LAHNRQD@BSHUNRGHODQNRSuSHBNRDMDKGTDd
RN@CX@BDMSD ,@RKDRHNMDROTDCDMRDQEHQLDRXEHAQNR@RNEHM@LDMSD

4TLNQDR

&HFTQ@  !-DMHMFHNL@LTKSHKNATK@QO@Q@R@FHS@KTMHCN@K@CTQ@BNMBNLOQDRHuMCDKBDQDAQNRTAX@BDMSD"-DMHMFHNL@BNMBQDBHLHDMSNBDKTK@QBNMO@SQuM


DMDROHQ@KXBTDQONRCDOR@LNL@

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

FQ@MTK@QDR NOTDCDMBNMSDMDQMTLDQNRNRBTDQONRCDOR@LNL@B@Kd
BHEHB@CNR.NDWHRSDMMDBQNRHRMHGDLNQQ@FH@DWSDMR@DUHCDMSDR@MHUDK
L@BQNRBuOHBN
,@L@XNQO@QSDCDKNRLDMHMFHNL@RSHDMDMTMQHDRFNCDQDBHCHU@N
BQDBHLHDMSN@FQDRHUN QDK@SHU@LDMSDA@INXRDBNMRHCDQ@MPTDRNMCD
FQ@CNK)6CDK@/-33DNARDQU@MCHUDQRNRO@SQNMDRGHRSNKuFHBNRRHM
HLONQS@MBH@OQNMNRSHB@ %MSQDKNRO@SQNMDRGHRSNKuFHBNR RDCDEHMDMDK
O@SQuMR HM B HSH@ KcLDMHMFNSDKH@Ki PTDQDBHADRTMNLAQDCDKNRBvL Td
KNR DM DROHQ@K CD BrKTK@R RHM LDLAQ@M@R BDKTK@QDR UHRHAKDR PTD RD
@RHDMS@M DM FQTONR CDMRNR DK EHA QN A Kq R SHB N  BNMBrKTK@R@K@QF@C@R
XCDOuRHSNR@ATMC@MSDRCDBNKqFDMNDMSQDDKK@RDKSQ@ M R HB HN M @ K PTD
BNL O@QSD K@R B@Q@BSDQsRSHB@R CD KNRSHONR RHMBHSH@K XEHAQNAKqRSHBN DK
OR@ L N L @ SN RN BNMMTLDQNRNRBTDQONRCDOR@LNL@ PTD@O@QDMd
SDLDMSDRDENQL@M ONQK@B@KBHEHB@BHuMCDKNRMHCNRRHMBHSH@KDRCDBrd
KTK@RLDMHMFNSDKH@KDREHF  DKRDBQDSNQ BNMFNSsBTK@RDNRHMu 
EHK@R 0!3 ONRHSHU@R HMSQ@BHSNOKqRL HB@R X  KTBDR HMSQ@BDKTK@QDR DM DK
DRSTCHN BNM LHBQNRBNOHN DKDBSQuMHBN X DK L HB QN P T sR SHB N  BNM TM
@RODBSNDRONMINRNK@WN 0@QDBDPTDRNKNDKRTASHONRDBQDSNQRD@RNd
BH@@TMFDMNSHONDRODBsEHBNDMK@ROTAKHB@BHNMDRHMHBH@KDR SNCNRDKKNR
SDMs@M LTS@BHNMDRCDKNRFDMDR 42!&X+,& %REQDBTDMSDDMBNMd
SQ@Q CDFDMDQ@BHuM W@MSNL@SNR@  LDS@OK@RH@ @ LDMTCN uRD@  X TM
OKDNLNQEHRLNMTBKD@QLNCDQ@CNDMKNRLDMHMFHNL@R%MDRS@RKDRHNd
MDR RD G@CDLNRSQ@CN PTDDK sMCHBD OQNKHEDQ@SHUNDR TM OQDCHBSNQCDK
BNLONQS@LHDMSNAHNKuFHBN
,NRL D M HM F HN L @ R  @ SsO HB N R FQ@CN KK)6CDK@/-3 RNMSTLNQDR
BNM TM BQDBHLHDMSN KNB@K LqR @FQDRHUNX TM@S@R@CD QDBHCHU@R LqR
@KS@  X OTDCDM QDPTDQHQNSQNRSQ@S@LHDMSNR  @CDLqR CD K@BHQTFs@ 3D
CHRSHMFTDMCDKNR LDMHMFHNL@RCDLDMNQFQ@CN ONQK@DWHRSDMBH@CD
BT@SQNNLqRLHSNRHRONQB@LONRCDFQ@M@TLDMSNXK@DWHRSDMBH@
CD@K LDMNRSQDR Q@RFNR@SsOHBNR@TLDMSNCDK@BDKTK@QHC@C  BrKTK@R
ODPTDt@RBNM @TLDMSN CD K@QDK@BHuM MvBKDNBHSNOK@RL@  MTBKrNKNR
OQNLHMDMSDR BQDBHLHDMSNRHMTMO@SQuMBNMBQDSNNMDBQNRHR !KFTMNR
O@SQNMDRGHRSNKuFHBNRBrKTK@RB K@ Q@ R XBNQCNHCD RNMBNMRHCDQ@CNR
S@LAHrMCDFQ@CNKK)6ONQRTBNLONQS@LHDMSNLqR@FQDRHUN
,NR L D M HM F HN L @ R  @ M @ O Kq R HB N R  L @KHFM NR  FQ@CN KKK)6 CD K@
/-3  RNMSTLNQDR LTX@FQDRHUNR PTDRDOTDCDM O@QDBDQ@TM R@Qd
BNL @ CD @KSN FQ@CN  @TMPTD MNQL@KLDMSD G@X RHFMNR GHRSNKuFHBNR
PTDCDLTDRSQ@M RT NQHFDM DM K@RBrKTK@R LDMHMFNSDKH@KDR -TDRSQ@M
MTLDQNR@RLHSNRHR  LHSNRHRONQ B@LONRCDFQ@M@TLDMSN 
%KLDMHMFHNL@O @ O HK@ QBNMBrKTK@ROKDNLNQE@RCHROTDRS@R@KQDCDCNQ
CDDIDREHAQNU@RBTK@QDR XDKLDMHMFHNL@Q@ A C N HC D KqLHM@RCDBrKTK@R
STLNQ@KDRBNM BHSNOK@RL@GH@KHMN DNRHMuEHKN PTDBNMSHDMDEHK@LDMSNR
HMSDQLDCHNR  LTDRSQ@M TM@HLONQS@MSDSDMCDMBH@@K@QDB@sC@  ONQKN
PTDRDBNMRHCDQ@MSTLNQDRCDFQ@CN KKK)6CDK@/-3

!TMPTD K@ L@XNQs@ CD KNR LDMHMFHNL@R RD OTDCDM RDO@Q@Q BNM
E@BHKHC@C CDK BDQDAQN RTAX@BDMSD  @KFTMNR HMEHKSQ@M DK BDQDAQN  DM TM
EQDMSD@LOKHN  BNLOQDRHUN N BNL N BrKTK@R RTDKS@R ,@ OQDRDMBH@CD
HMU@RHuMCDKBDQDAQNRD@RNBH@@K@TLDMSNCDKQHDRFNCDQDBHCHU@ ODQN
MNLNCHEHB@DKFQ@CNGHRSNKuFHBNCDK@KDRHuM,NRLDMHMFHNL@RRTDKDM
DWOQDR@Q@MSsFDMNDOHSDKH@KCDLDLAQ@M@ @CHEDQDMBH@CDNSQNRSTL Nd
QDRNQHFHM@CNRDMDRS@QDFHuM ,@PTDQ@SHM@RNKNK@DWOQDR@MK@RKDRHNd
MDRCDO@SQuM RDBQDSNQ  XDRSNRSTLNQDRS@LAHrM DWOQDR@M@MSsFDMN
B@QBHMNDLAQHNM@QHN

< XiXZk\ivjk`ZXjZcve`ZXj* Hjnh`idibdjh\nb`i`m\gh`io`^m`*


^`i_`ajmh\g`io\+ Hjnk\^d`io`nnp`g`i^jinpgo\mkjmn|ioj*
h\n _dapnjnijgj^\gdu\_jnjkjmndbijn aj^\g`n_`]d_jn\g\
^jhkm`nd~i_`g^`m`]mj \_t\^`io`+ H\n uji\n lp`n`np`g`i
\a`^o\mnjig\npk`mad^d`k\m\n\bdo\g_`g\^jiq`sd_\_^`m`]m\g)
g\_pm\h\_m``ig\^jiq`sd_\_g\o`m\g)`g\g\_`g`na`ijd_`n)
`g npm^j jga\ojmdj) g\ ndgg\ opm^\ t `g \bpe`mj m\lp|_`j+ Oji
diam`^p`io`n`igjnid}jntnp`g`ihjnom\mpihj_`m\_jkm`*
_jhdidj`ig\nhpe`m`n %07/&)\pilp`g\m`g\^d~i\g^\iu\.-7.
k\m\gjnh`idibdjh\nh`_pg\m`n)lp`^jiam`^p`i^d\njikn\*
hjh\ojnjn+ H\n g`ndji`n np`g`in`m njgdo\md\n) k`mj ^p\i_j
\k\m`^`ih`idibdjh\nhgodkg`n)`nk`^d\gh`io`\nj^d\_jn\
i`pmjh\n_`g\^nod^jj\ophjm`n_`g\bg|\)n`_`]`^jind_`*
m\m`g_d\bi~nod^j_`i`pmjad]mjh\ojndn_`odkj/+Hjn`nop_djn
b`i{od^jndi_d^\ilp`g\ng`ndji`nhgodkg`nm`km`n`io\i^ji
hp^c\h\tjmam`^p`i^d\pi\_dn`hdi\^d~i_`pinjgjophjm
lp` ophjm`n _da`m`io`n \ idq`g ^gji\g+ Hjn h `idibdjh \n
`skm`n\i^jiam`^p`i^d\m`^`kojm`n_`kmjb`no`mji\t^m`^`i
^jihznm\kd_`u_pm\io``g`h]\m\uj+

4TLNQDR LDS@RSqRHBNR
H\ng`ndji`nh`o\noznd^\n)`inph\tjm|\^\m^dijh\n)njim`n*
kjin\]g`n_`g\^p\mo\k\mo`jg\hdo\__`gjnophjm`ndiom\*
^m\i`\g`n+H\ngj^\gdu\^dji`nkmdh\md\nhznam`^p`io`nnji`g
kpgh~i) g\ h\h\) g\ kd`g %h`g\ijh\&) `g md}~it`g \k\m\oj
_db`nodqj)lp`epiojn npkji`i`g 5-# _`gjn^\njn+ =gbpijn
ophjm`n kj^j am`^p`io`n %k+ `e+) ^jmdj^\m^dijh\& od`i`i pi\
\go\kmj]\]dgd_\__`kmj_p^dmh`ozno\ndn^`m`]m\g`n)hd`iom\n
lp`jomjnophjm`nam`^p`io`n%k+`e+)\_`ij^\m^dijh\_`km~n*
o\o\&^\ndipi^\gjc\^`i+H\nh`ozno\ndn\a`^o\i^jiam`^p`i^d\
\ g\n h`idib`n+ Hjn ophjm`nh`o\noznd^jnn` did^d\i^g|id^\*
h`io`^jhjh\n\nt)`ij^\ndji`n)njig\kmdh`m\h\ida`no\*





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


^d~i _`g^zi^`m+ Aib`i`m\g) `g om\o\hd`ioj gj^\gdu\_j _` g\n
h`ozno\ndn^`m`]m\g`nnjgdo\md\nh`ejm\`ik\mo`g\^\gd_\__`
qd_\_`gk\^d`io`+H\nh`ozno\ndn`i`g`nk\^dj`kd_pm\gjnp]*
_pm\g kp`_`i kmj_p^dm pi\ ^jhkm`nd~i h`_pg\m) lp` _`]`
n`mom\o\_\_`pmb`i^d\+

- / 2 & / , / ' m!
,@RLDSqRS@RHRHMSQ@O@QDMPTHL@SNR@RENQL@ML@R@RAHDMCDKHLHS@C@R 
PTD @LDMTCN RD KNB@KHY@M DM K@ TMHuM FQHR AK@MB@X RD QNCD@M  DM
FDMDQ@K  CDDCDL@ %K KsLHSDDMSQDDKSTLNQXDK O@QrMPTHL@BDQDAQ@K
RDNARDQU@AHDMCDKHLHS@CN@K LHBQNRBNOHN DK LDK@MNL@MNRHDLOQD
BTLOKDDRS@MNQL@ X K@RBrKTK@RHMCHUHCT@KDROTDCDMHMEHKSQ@QDKBDQDd
AQN ,NRMNCTKNRCDSTLNQ @LDMTCNBNMqQD@RCDMDBQNRHRBDMSQ@K 
RDQNCD@MONQFKHNRHRQD@BSHU@,@B@QBHMNL@SNRHRLDMsMFD@ DMK@PTD
DWHRSDM MNCTKNRCDSTLNQCHRDLHM@CNRONQK@RTODQEHBHDCDKBDQDAQN 
K@LrCTK@DROHM@KXK@RQ@sBDRMDQUHNR@RHMSQ@CTQ@KDR RD@RNBH@ RNAQD
SNCN  @KNRB@QBHMNL@RCDOTKLuMXL@L@

3sMCQNLDR O@Q@MDNOKqRHBNR
=_`hzn_``a`^ojn_dm`^ojntgj^\gdu\_jnkmj_p^d_jnkjmg\n
h`ozno\ndn)gjnk\^d`io`n^ji_dnodiojnophjm`n_`n\mmjgg\ijve)
[ifd\jgXiXe\fgctj`Zfj( lp`kp`_`i\a`^o\m\ gjnndno`h\ni`m*
qdjnjnk`mda{md^jt^`iom\g)km`^`_d`i_jdi^gpnj)`ij^\ndji`n)
\gm`^jij^dhd`ioj^g|id^j_`g\i`jkg\nd\h\gdbi\+O`c\i_`n*
^mdoj_dq`mnjnn|i_mjh`nk\m\i`jkgznd^jn\idq`g^g|id^j+L\m`*
^`lp`pij_`gjnh`^\idnhjnnp]t\^`io`n`ng\\k\md^d~i_`
pi\m`nkp`no\dihpi`am`io`\\io|b`ijn_`gophjm)lp`m`\^*
^dji\_`ajmh\^mpu\_\^ji\io|b`ijn`igjnndno`h\ni`mqdj*
njn^`iom\gjk`mda{md^j+=gbpijnophjm`nh\gdbijnn`\nj^d\i
o|kd^\h`io` \ pi n|i_mjh` ^g|id^j ^ji^m`oj+ Ai \gbpijn _`
`nojnn|i_mjh`n^g|id^jnn``nozi_`adid`i_j \^op\gh`io`gjn
\iod^p`mkjn^dm^pg\io`ntgjn\io|b`ijn_d\i\+=^jiodip\^d~i
n`_`n^md]`i`e`hkgjnm`km`n`io\odqjn7
=\^\e\iXZ`xeZ\i\Y\cfjXjlYX^l[X(lp`n`\nj^d\\g\_`nomp^*
^d~i_`g\n^{gpg\n_`Lpmfdie`)bgdjndn`diadgom\_jdiag\h\*
ojmdj^m~id^jgdb`mj+ Qibmpkj_``nojnk\^d`io`n od`i`pi
\iod^p`mkj L?=*. ^dm^pg\io` %\iod*Uj& lp` m`^jij^`\ g\n
^{gpg\n_`Lpmfdie`_`g^`m`]`gj8`no`\iod^p`mkjn`_`n^md*
]`)kmdi^dk\gh`io`)`ig\nhpe`m`n^ji^\m^dijh\n_`jq\*
mdj)o`mjjh\h\+
>eZ\]Xc`k`jcvdY`ZX(^\m\^o`mdu\_\kjmpi\_`h`i^d\np]\bp*
_\)t`ig\lp`n`m`^jij^`ih\ibpdojndiag\h\ojmdjnk`md*
q\n^pg\m`n)ij_pgjn_`hd^mjbgd\)^d`mo\k{m_d_\i`pmji\g
tbgdjndn)oj_jn`ggjn^`iom\_jn`ig\uji\\io`mdjmth`_d\g
_`gg~]pgjo`hkjm\g+Ag\nk`^ojhd^mjn^~kd^jm`^p`m_\\pi
kmj^`njdia`^^djnj+O`kp`_``i^jiom\mpikmj^`nj^jhk\*
m\]g`lp`\a`^o\\g omji^j _`g`i^{a\gj) _`ajmh\\dng\_\j
\nj^d\_\ \ g\ \a`^o\^d~i _`g ndno`h\ g|h]d^j+ =gbpijn _`
`nojnk\^d`io`n od`i`i pi\iod^p`mkj=JJ=*. ^dm^pg\io`
%\iod*Dp&)lp`m`^jij^`gjni^g`jni`pmji\g`n_`gndno`h\
i`mqdjnj^`iom\gt k`mda{md^j8 gjn=JJ=*. n` \nj^d\i^ji
hzn am`^p`i^d\ \g ^\m^dijh\ hd^mj^|od^j kpghji\m+ Komj
bmpkj_``nojnk\^d`io`nod`i`pi\iod^p`mkj^dm^pg\io`lp`
m`^jij^``gm`^`kojmJI@=thp`nom\pi\m`\^odqd_\_^mp*
u\_\^jig\ni`pmji\n_`gcdkj^\hkj+ @`n^mdojnjmdbdi\g*
h `io` `i hpe`m`n ^ji o`m\ojh\n _` jq\mdj) `no` hdnhj
n|i_mjh`^g|id^jn`m`^jij^`\cjm\`ipik`lp`}jkjm^`i*
o\e`_`gjnk\^d`io`n^ji`i^`a\gdodn `nkjmz_d^\+ Qio`m^`m
bmpkj _` k\^d`io`n od`i` pi \iod^p`mkj ^jhkg`ejRCG?
^dm^pg\io`)lp`m`^jij^``g^\i\g _`kjo\ndj m`bpg\_jkjm
qjgo\e`8 g\ km`n`i^d\ _` `no` \iod^p`mkj kp`_` \nj^d\mn`
o\h]d{i\pi\i`pmjk\o|\k`mda{md^\+Andhkjmo\io`_`no\*

^\mlp`)`ihp^cjn^\njn_``i^`a\gdodng|h]d^\)`no`n|i_mj*
h` \k\m`^` \io`n _` lp` n` njnk`^c` idibi kmj^`nj
h\gdbijt)kjm`nj)npkm`n`i^d\j]gdb\\_`n^\mo\mophjm`n
`ijom\ngj^\gdu\^dji`n_`gjmb\idnhj+
MiXjkfiefj [\c dfm`d`\ekffZlcXi( kmdi^dk\gh`io` jknj^gj*
id\)lp`n`np`g`\nj^d\m\`qd_`i^d\n_`_dnapi^d~i^`m`]`*
gjn\ t _`g omji^j _`g `i^{a\gj+ Ai gjn id}jn) n` np`g`i
`i^jiom\m`igjni`pmj]g\nojh\nt\ h`ip_j\^jhk\}\*
_jn_`hdj^gji|\n+
P\h]d{in`kp`_`\a`^o\m`gndno`h\i`mqdjnjk`mda{md^j7
G\lifgXkvXj\ej`k`mXjlYX^l[X( lp`kp`_`\nj^d\mn`\ `i^`*
a\gdodn g|h]d^\j \k\m`^`m\dng\_\h`io`+ O`^\m\^o`mdu\kjm
g\k{m_d_\_`i`pmji\nn`indodq\n_`gjnb\ibgdjn_`g\m\|u
_jmn\g)\_`hzn_`diag\h\^d~igdiaj^|od^\+
Lve[ifd\d`Xjkue`Zf[\>Xkfe)EXdY\ik(^\pn\_jkjm\iod^p`m*
kjnam`io`\g^\i\g_`^\g^djm`bpg\_jkjmqjgo\e``igjn`g`*
h`iojnkm`ndizkod^jn_`g\pid~ii`pmjhpn^pg\m+Ano`^p\*
_mjkp`_`\k\m`^`mndi\nj^d\^d~i\idibiophjmh\gdbij+
Ai\gbpijnn|i_mjh`nk\m\i`jkgznd^jn`sdno``qd_`i^d\_`
lp`g\ dihpijo`m\kd\ %`gdhdi\^d~i_`gjn \iod^p`mkjn^dm^p*
g\io`n`dihpij_`km`nd~i&tg\`sodmk\^d~i_`gophjmh`ejm\i
g\ ^g|id^\+ Ai b`i`m\g)`nojn n|i_mjh`n^g|id^jn^ji\iod^p`m*
kjnlp`m`\^^dji\iam`io` \ g\ h`h]m\i\ kg\nhzod^\ %k+ `e+)
RCG?tJI@=N&m`nkji_`i\g\dihpijo`m\kd\h`ejmlp`
gjn lp` gj c\^`i am`io` \ \io|b`ijn diom\^`gpg\m`n %k+ `e+)
=JJ=*.tL?=*.&+

3sMCQNLDRSTL NQ@KDRE@LHKH@QDR
@dnodio\n`ia`mh`_\_`nc`m`_do\md\nn`\nj^d\i\g\\k\md^d~i
_`ophjm`n%q+^\k|opgj4&+Ai\gbpi\n_``gg\n)gjnophjm`n_`g
ndno`h\i`mqdjnjnjipi`g`h`iojdhkjmo\io`_`g\`ia`mh`*
_\_tn`^jh`io\i\^jiodip\^d~i+Komjnn|i_mjh`ndi^gpt`i
ophjm`n_`gOJ?^jhjk\mo`_`g`nk`^omj)k`mjg\h\tjm^\m*
b\_`g\`ia`mh`_\_n`gj^\gdu\`ijomjngpb\m`n+
Lve[ifd\[\<fn[\e6b\ibgdj^dojh\_dnkgznd^j_`g^`m`]`gj
%`ia`mh`_\__`Hc`mhdoo`*@p^gjn&)^\pn\_jkjmhpo\^dj*
i`n `i IM>G( ^ji g\ ^jindbpd`io` \^odqd_\_ _` g\ q|\ _`
om\inhdnd~i_`n`}\g`nLE0G,=GP%q+^\k|opgj4&+
Lve[ifd\[\ E`)?iXld\e`6 h`_pgj]g\nojh\n ^\pn\_jn kjm
hpo\^dji`n_`MI1/ %q+^\k|opgj4&+
Lve[ifd\[\ MliZfk6h`_pgj]g\nojh\jbgdj]g\nojh\^\pn\*
_jnkjmhpo\^dji`n`i:I<j`igjnb`i`n_`m`k\m\^d~i_`
`mmjm`n%^jhj`i`g^zi^`m_`^jgjia\hdgd\m8q+^\k|opgj.4&+
Lve[ifd\[\@fic`e6h`_pgj]g\nojh\^\pn\_jkjmhpo\^dji`n
`i`gb`iIM<A( ^jig\^jindbpd`io`m`bpg\^d~i\g\gu\_`g\
q|\_`om\inhdnd~i_`n`}\g`nD`_b`cjb%q+^\k|opgj/2&+

#NLOKDINCDK@DRBKDQNRHRSTADQNR@
H\`n^g`mjndnop]`mjn\`npin|i_mjh`\pojn~hd^j_jhdi\io`)
^pt\am`^p`i^d\\kmjsdh\_\`n_`.kjm3+---k\mojn+O`^\m\^*
o`mdu\kjm`g_`n\mmjggj_`c\h\mojh\nti`jkg\nd\n]`idbi\n
lp` \a`^o\i\g^`m`]mjt \jomjno`ed_jn+ H\n h\ida`no\^dji`n
^g|id^\n hzn am`^p`io`n di^gpt`i ^jiqpgndji`n) \podnhj t
m`om\njh`io\g+Hjnc\h\mojh\n_`gOJ?\_jko\ig\ajmh\_`
op]{m^pgjn^jmod^\g`ntij_pgjnnp]`k`i_dh\mdjn8gjn\nomj^d*
ojh\nnp]`k`i_dh\mdjn_`^{gpg\nbdb\io`nnjii`jkg\nd\n_`
]\ej bm\_j) lp` k\m`^`i _`n\mmjgg\mn` \ k\modm _` ij_pgjn
c\h\mojh\ojnjn ndop\_jn `i `g hdnhj gpb\m+ Hjn op]{m^p*
gjn^jmod^\g`nkmjqj^\i^jiqpgndji`n^jiam`^p`i^d\tg\`sodm*
k\^d~ilpdmmbd^\kp`_`m`npgo\m]`i`ad^djn\^p\i_jam\^\n\
`g om\o\h d`ioj ^ji azmh \^jn \iod`kdg{kod^jn+ H\n g`ndji`n

4TLNQDR
om\in^mdk^d~idhkgd^\_j`ig\ m`bpg\^d~i_` g\`skm`nd~i_`g
a\^ojm_`^m`^dhd`ioj`i_jo`gd\gq\n^pg\m)g\`mdomjkjt`odi\t
jomjna\^ojm`n_`^m`^dhd`ioj+H\_`nm`bpg\^d~i_`g\`mdomjkj*
t`odi\`nm`nkjin\]g`_`g\kjgd^do`hd\j]n`mq\_\`im`g\^d~i
^jigjnc`h\ibdj]g\nojh\n`i\kmjsdh\_\h`io``g.-# _`
gjn^\njn+ DEBo\h]d{im`bpg\g\`skm`nd~i_`b`i`ndhkgd^\*
_jn `i `g ^jiomjg _`g h `o\]jgdnhj ^`gpg\m t `g ^m`^dhd`ioj
^`gpg\m) \^odqd_\_`nlp`)kjnd]g`h`io`)^jiomd]pt\i\ g\ajm*
h\^d~i_`ophjm`n+Odi`h]\mbj)ijn`n\]`oj_\q|\kjmlp{
piodkj_`^{gpg\^ji^m`o\m`npgo\`nk`^d\gh`io`npn^`kod]g`\
g\om\inajmh\^d~ikjmg\cdk`m\^odqd_\__`DEB+

`som\^`m`]m\g`n^jindno`i`i\ibdjhdjgdkjh\nm`i\g`n)c\h\m*
ojh\n_`g\bg|\`ig\m`odi\)gdia\ibdjhdjh\ojndnkpghji\mt
m\]_jhdjh\n^\m_|\^jn)lp`\k\m`^`i_pm\io`g\dia\i^d\jg\
\_jg`n^`i^d\+Hjnlpdno`nkp`_`i`i^jiom\mn``iq\md\ngj^\*
gdu\^dji`n)di^gpd_jn`gc|b\_j)gjnmd}ji`nt`gkzi^m`\n+ H\n
g`ndji`n^pozi`\n^jindno`i`i\ibdjad]mjh\n)`ibmjn\hd`i*
ojn^jmm`jnjn`ik\m^c`ngj^\gdu\_jn %k\m^c`n`ikd`g_`gde\&)
zm`\ncdkjkdbh`io\_\n%k\m^c`n`icje\_`am`nij&tad]mjh\n
np]pibp`\g`n+
Qij_`gjncfZ`_`g\`n^g`mjndnop]`mjn\$ML<-%n`gj^\gdu\`i
`g^mjhjnjh\ 6l01t^j_dad^\ pi\kmjo`|i\ gg\h\_\c\h\mod*
i\8`gcfZljhpo\_j^jihznam`^p`i^d\`ig\`n^g`mjndnop]`mjn\
$ML<.%n``i^p`iom\`i.3kg0+0t^j_dad^\g\op]`mdi\+Ano\n_jn
kmjo`|i\najmh\ipi^jhkg`ejlp`dicd]`g\^di\n\hPKN)lp`
`npim`bpg\_jm^g\q`_`g\n|io`ndn_`kmjo`|i\ntjomjn\nk`^*
ojn_`g\i\]jgdnhj^`gpg\m+Andio`m`n\io`lp`hPKN^jiomjg\
`go\h\}j^`gpg\m)tgjnophjm`n\nj^d\_jn\g\`n^g`mjndnop]`*
mjn\n`^\m\^o`mdu\ikjmo`i`mpibm\iqjgph`i_`^dojkg\nh\)
nj]m`oj_j`i`g^\nj_`gjn\nomj^dojh\n_`^{gpg\nbdb\io`n_`g
OJ?tgjnm\]_jhdjh\n^\m_|\^jn+Hjnop]{m^pgjn^jmod^\g`nt
np]`k`i_dh\mdjn n` \nj^d\i \ pi\ ^jkd\ dio\^o\ _`g \g`gj _`
odkjn\gq\e`)hd`iom\nlp``igjn\nomj^dojh\n_`^{gpg\nbdb\i*
o`nnp]`k`i_dh\mdjnn`j]n`mq\pi\k{m_d_\]d\g{gd^\+Agom\o\*
hd`ioj`nndiojhzod^j`di^gpt`azmh\^jn\iod`kdg{kod^jnk\m\
^jiomjg\mg\n^jiqpgndji`n+Agom\o\hd`ioj_`gjnk\^d`io`n^ji
dicd]d_jm`n_`hPKNc\^jin`bpd_jh`ejm|\n^g|id^\n+

- / 2 & / , / ' m!
,NRGDL@MFHNAK@RSNL@RRNMMDNOK@RH@RLTXU@RBTK@QDRPTD@O@QDBDM
BNLNTMMNCTKNLTQ@K@RNBH@CN@TMFQ@MPTHRSDQDKKDMNCDKsPTHCN ,@
KDRHuMDRSqBNMRSHSTHC@ONQONQBDMS@IDRU@QH@AKDRCDU@RNRCDS@L@tN
B@OHK@Q N@KFNLqRFQ@MCDR  CDO@QDCCDKF@C@BNMBrKTK@RDRSQNL@KDR
HMSDQOTDRS@R  CD GHRSNFDMH@CDRBNMNBHC@  B@Q@BSDQHY@C@R ONQTM BHSNd
OK@RL@U@BTNK@CNXKHFDQ@LDMSD0!3ONRHSHUNQHBNDMKsOHCNR,@RBrKTK@R
DRSQNL@KDRRNMCDNQHFDMHMBHDQSN ODQNK@RSrBMHB@RCDHMLTMNGHRSNPTsd
LHB@ G@M QDUDK@CN PTDDWOQDR@M HMGHAHM@ %RS@R RNM K@R BrKTK@R PTD
LTDRSQ@MDKcRDFTMCNFNKODiDMDK@KDKNCD6(, OQDUH@LDMSDMNQL@KX 
ONQDRN RDBNMRHCDQ@MDKDKDLDMSNMDNOKqRHBNCDKGDL@MFHNAK@RSNL@

Agom\o\hd`iojn`_dmdb`\g\ni`jkg\nd\nndiojhzod^\n)^ji
m`n`^^d~ilpdmmbd^\_`gjnc`h\ibdj]g\nojh\n^`m`]`gjnjnt
\]g\^d~i^jigzn`m_`gjnophjm`n_`g\m`odi\+

- / 2 & / , / ' m!
,NRG@L@QSNL@RBNQSHB@KDRCDK@DRBKDQNRHRSTADQNR@RNMLqREHQLDR
PTD K@BNQSDY@ MNQL@K X RD G@M BNL O@Q@CN ONQDK BNMSQ@RSD BNM K@
BNQSDY@@CX@BDMSDLqRAK@MC@BNM K@RO@S@S@R  CD@KKsRTCDMNLHM@d
BHuMCDcSTArQBTKNRi %RSqMENQL@CNRONQMDTQNM@RCDRNQF@MHY@C@R 
PTDB@QDBDM CD K@DRSQTBSTQ@K@LHM@QMNQL@K CD K@MDNBNQSDY@!CDd
LqR @KFTM@RBrKTK@RFQ@MCDROTDCDMLNRSQ@QTM@RODBSNHMSDQLDCHN
DMSQDK@RBrKTK@RFKH@KDRXMDTQNM@KDRMvBKDNRUDRHBTK@QDRFQ@MCDRBNM
MTBKrNKNR  PTD QDBTDQC@M @ K@R MDTQNM@R  X@ATMC@MSD BHSNOK@RL@
DNRHMuEHKN  BNL NKNR@RSQNBHSNRFDLHRSNBsSHBNR X@LDMTCNDWOQDR@M
EHK@LDMSNR HMSDQLDCHNR CD NQHFDM MDTQNM@K MDTQNEHK@LDMSNR  X FKH@K
'&!0  %MBNMBNQC@MBH@BNMK@BNMRDQU@BHuMCDK@KDKNCDSHONR@KU@d
ID  DRS@R BrKTK@R RD RTDKDM SDtHQBNM G@L@QSHM@XSTADQHM@@K LHRLN
SHDLON(@XQ@RFNRG@L@QSNL@SNRNRO@QDBHCNRDMKNRMNCTKNRRTADd
ODMCHL@QHNR DMKNRPTDK@RBrKTK@RFQ@MCDRO@QDBHC@R@@RSQNBHSNRRD
@BTLTK@M ONQ CDA@IN CD K@ RTODQEHBHD CDK UDMSQsBTKN %RS@R L@R@R
LvKSHOKDR@LNCNCDFNS@RXPTDOQNSQTXDMG@BH@DKRHRSDL@UDMSQHBTd
K@QCHDQNMKTF@Q@KBNMBDOSNBDQ@CDUDK@ %MK@RqQD@RRTADODMCHL@ 
QH@RRDDMBTDMSQ@TMSTL NQvMHBNCDK@DRBKDQNRHRSTADQNR@  DK@RSQN 
BHSNL@CDBrKTK@RFHF@MSDRRTADODMCHL@QHN  B@Q@BSDQHY@CN ONQSDMDQ
FQ@MCDRB@MSHC@CDRCDBHSNOK@RL@DNRHMuEHKN

%KRDUHDQ &NSNBNOH@Q RHM @TSNQHY@BHuM DR TM CDKHSN

%MEDQLDC@CCD VNM (HOODK ,HMC@T


Ai`no`om\nojmij\pojn~hd^j_jhdi\io`)gjnk\^d`io`n_`n\mmj*
gg\ic`h\ibdj]g\nojh\n_`gOJ?tlpdno`nlp`\a`^o\i\gkzi*
^m`\n) c|b\_j t md}ji`n) t od`i`i pi\ h\tjm kmjk`ind~i \
_`n\mmjgg\m^\m^dijh\n_`^{gpg\nm`i\g`nta`j^mjhj^dojh\n+
H\n gj^\gdu\^dji`n hzn am`^p`io`n _` gjn c`h \ibdj]g\noj*
h\nnji`g^`m`]`gjtg\m`odi\)\pilp`o\h]d{ikp`_`ijmdbd*
i\mn` `i jom\n gj^\gdu\^dji`n _`g OJ?+ H\ am`^p`i^d\ _` g\
`ia`mh`_\_`n_`.kjm0-+---*1-+---k`mnji\n+
Ag b`i \nj^d\_j \ g\ `ia`mh`_\_ _` qji Ddkk`g*Hdi_\p
$OAE%(pib`inpkm`njmophjm\g)n`gj^\gdu\`i`g^mjhjnjh\
0k/2+0t^j_dad^\pi\kmjo`|i\%RDH&lp`)`iom`jom\napi^dj*
i`n)ajmh\k\mo`_`pi^jhkg`ejp]d^pdodi\*gdb\n\)lp`m`bpg\
\g\]\e\`ga\^ojm.di_p^d]g`kjmg\cdkjsd\%DEB&)pia\^ojm_`

.DTQNEHAQNL@SNRHR
@jnn|i_mjh`n_`ophjm`na\hdgd\m`n\pojn~hd^jn_jhdi\i*
o`n)JB.tJB/)n`^\m\^o`mdu\ikjmophjm`n_`gOJLt`gOJ?+
H\JB.`ng\hznam`^p`io`)^jipi\am`^p`i^d\_`.kjm^\_\
0+--- c\]do\io`n) t n` ^\m\^o`mdu\kjm i`pmjad]mjh\n _` gjn
i`mqdjnk`mda{md^jn) bgdjh\n _`g i`mqdj~kod^j) ij_pgjnkdb*
h `io\_jn `i `g dmdn $ef[lcfj [\ E`jZ_% t hz^pg\n ^pozi`\n
cdk`mkdbh`io\_\n $dXeZ_Xj ZX]u Zfe c\Z_\%* H\ JB/ n` np`g`
^\m\^o`mdu\mkjmn^cr\iijh\n]dg\o`m\g`n_`gjni`mqdjnq`n*
od]pgj^j^g`\m`n %k\m^m\i`\g REEE&th`idibdjh\n hgodkg`n+
Anojnk\^d`io`no\h]d{ikp`_`i_`n\mmjgg\mbgdjh\n)lp`o|kd*
^\h`io`nji`k`i_dhjh\n_`g\h{_pg\`nkdi\g+Ano`om\nojm*
ij`nhp^cjh`ijnam`^p`io`lp`g\JB. tnpam`^p`i^d\`n
_`. kjm1-+---*2-+---k`mnji\n+ Anojn _jnodkjn _`i`pmjad*
]mjh\ojndnn`^jh`io\i`i_`o\gg``i`g^\k|opgj/4+

>

 # / . # % 0 4/ 3  #,!6%
4TLNQDR
 ,NRSTLNQDRCDK3.#OTDCDMRTQFHQCDK@RBrKTK@RCDK@RBTAHDQd
S@R LDMHMFHNL@R  CDK BDQDAQN FKHNL@R  STL NQDR MDTQNM@KDR 
STLNQDR CDK OKDWN BNQNHCDN  N CD NSQ@R ONAK@BHNMDR CD BrKTK@R
CDK3.#KHMENL@OQHL@QHNCDK3.# STL NQDRCDBrKTK@RFDQL HM@d
KDR  N OTDCDM NQHFHM@QRD DM NSQNR KTF@QDR CDK BTDQON LDSqRd
S@RHR 
 )MBKTRNKNRSTL NQDRCDA@INFQ@CNNADMHFMNROTDCDMSDMDQTM@
DUNKTBHuMBKsMHB@@CUDQR@ CDODMCHDMCNCDRT KNB@KHY@BHuMDMDK
BDQDAQN
 (@XCHRSHMSNRSHONRCDSTL NQDRPTD@EDBS@M @QDFHNMDRDRODBsEHd
B@R CDK BDQDAQN O DI  DK BDQDADKN DM DK L DCTKNAK@RSNL @  TM@
KNB@KHY@BHuM HMSQ@UDMSQHBTK@QO@Q@DK MDTQNBHSNL@BDMSQ@K X@ONd
AK@BHNMDRCDDC@CDRBNMBQDS@RLDCTKNAK@RSNL @X @RSQNBHSNL@R
OHKNBsSHBNR DM KNR FQTONR CD DC@C ODCHqSQHB@  X FKHNAK@RSNL @ X
KHMENL@DM O@BHDMSDRL@XNQDR 





# ! 0 ) 4 5 , /   3HRSDL@ MDQUHNRN BDMSQ@K


 ,NRSTLNQDRCDK@FKs@RDBK@RHEHB@M DMSrQL HMNRFDMDQ@KDR BNL N
@RSQNBHSNL@R NKHFNCDMCQNFKHNL @RXDODMCHLNL@R!L@XNQL@d
KHFMHC@C  DK ST L N Q RD @RNBH@ @ L @XNQ @M@OK@RH@ BHSNKuFHB@ 
@TL DMSN CD K@ CDMRHC@C BDKTK@Q  MDBQNRHR X @BSHUHC@C L HSuSHB@
%WHRSDM @RNBH@BHNMDR BK@Q@R DMSQD K@RBNL AHM@BHNMDRCD@KSDQ@d
BHNMDRFDMrSHB@RDM KNRSTL NQDRXDK@RODBSNL NQENKuFHBN @KFTd
M@RCDDKK@RSHDMDMBNMMNS@BHuM OQNMNRSHB@
 ,@ CHRDL HM@BHuM L DS@RSqRHB@ CD KNRSTL NQDR BDQDAQ@KDR G@BH@
NSQ@RQDFHNMDRCDKBTDQONDRONBNEQDBTDMSD  ODQNDKBDQDAQNMN
DRSqOQNSDFHCNCDHFT@KENQL @EQDMSD@K@CHRDLHM@BHuMCDKNRST d
L NQDR @ CHRS@MBH@ ,NR B@QBHMNL @R RNM DK SHO N  CNL HM@MSD CD
STL NQDRRHRSrL HBNRPTDLDS@RS@SHY@M G@BH@DKRHRSDL @MDQUHNRN

,%#452!3 2%#/- %.$!$!3


/ DL DP@J
Aib`i`m\g)hp^c\nzm`\n_`g\i`pmjk\ojgjb|\t _`g\n`ia`mh `_\_`n
i`pmjg~bd^\n `nozi]d`i^p]d`mo\n`igjnndbpd`io`no`sojn `nozi_\m7
>pmb`mL?)O^c`doc\p`m>S7Mldfijf ] k _\<\ekiXcG\imfljLpjk\d*: ?BI
:kcXjf ] M ld fiIXk_fcf^p6L\i`\j0*  S\ncdiboji)@?)/--4)=h`md^\i
N`bdnomtjaL\ocjgjbt+
Aggdnji@)Hjq`O)?cdh`ggdHI ?)`o\g7G\lifgXk_fcf^p6: K\]\i\eZ\M\ok
f ]< G L IXk_fcf^p) `_0) Hji_ji) /-.0) Agn`qd`mIjn]t+
Hjpdn @J) Bmjn^cIL) I `i\ D) `o\g) `_dojmn7 Gfe)G \fgcXjk`Z=`j\Xj\j
f ] k_\ <\ekiXc G \imflj Lpjk\d* : ?BI :kcXj f ] G fekld fi IXk_fcf^p6
L\i`\j -* S \ncdiboji)@?)/--6)= h `md^\iN`bdnomt jaL\ocjgjbt+
Hjpdn@J)Kcb\fdD)S d`nog`mK@ )`o\g)`_dojmn7 P AH<cXjj`]`ZXk`fef ]
Mldflijf ] k_\ <\ekiXcG\imflj Lpjk\d $:K<%(  `_1)C`i`q\) /--4)
Sjmg_D `\gocKmb\idu\odji+
Hjq` O) Hjpdn @J) Aggdnji @S) `_dojmn7 @i\\e]`\c[#j G\lifgXk_fcf^p(
`_5)Ksajm_)/--5)Ksajm_Qidq`mndot Lm`nn+

4 @JEMPK @BHMLDQ W RP@ QRM PL M Q CDJ CDQ@PPMJJM


@ th`io @=) O\r t`mOH) ?c\m_jiFS) `o \g7 N`^`io \_q\i^`n di oc`
b`i`od^ `odjgjbt j a]m\dih\gajmh\odjin+ <liiG\lifc G\lifjZ` K\g
.0%5&7031) /-.0+
O\oo\m O) Cg``nji FC 7 Pc` ^dgdjk\ocd`n di i`pmji\g _`q`gjkh`io7 \
^gdid^\g\kkmj\^cojdiq`nodb\odjijaFjp]`monti_mjh `\i_Fjp]`mo
nti_mjh`*m`g\o`_ _dnjm_`mn+ =\m F \[ <_`c[ G\lifc  20%6&7460*5)
/-.. +
S \ggdibajm_F>)Jdnr \i_`mH=)Oc\r C I )`o\g7 Pc`^jiodipdib^c\g*
g`ib` ja pi_`mno\i_dib) km`q`iodib) \i_ om`\odib i`pm\g op]`
_`a`^on+ LZ`\eZ\  006%3./0&7.///--/) /-.0+

3DQHM LDQ BD PD A P@ JD Q N DPHL @R@JDQ

Ocdf\id DF) Bm``h\i >@) Hdn\iod IL)`o\g7 ?`m`]m\gh\g\md\7 r `c\q`


^jh `\ gjibr\t+ :d V IXk_fc  .5.7.151*6/)/-./+

-LEDPK DC@C NMP NPHMLDQ


?jggdib` F) ?g\mf` =N7 = b`i`m\g h j_`g ja kmdji nom\din \i_ oc`dm
k\ocjb`id^dot+ LZ`\eZ\  0.5%252/&7 60-*3) /--4+
C\h ]`ood L) ?\gdE) Jjo\mdO)`o\g7I jg`^pg\m]djgjbt\i_k\ocjgjbtja
kmdji nom\din di nkjm\_d^ cph\i kmdji _dn`\n`n+ :ZkX G\lifgXk_fc
. / . %g&746*6-)/-..+
Lpjod C) >duud =) Bjmgjid C) `o \g7 Okjm\_d^ cph \i kmdji _dn`\n`n7
hjg`^pg\m dindbcon \i_ _d\bijndn+ EXeZ\k G \lifc  gg%4 &73 . 5 */ 5 )
/-./ 
S\_nrjmoc F@) ?jggdib` F7 I jg`^pg\m k\ocjgjbt ja cph\i kmdji
_dn`\n`+:ZkXG\lifgXk_fc  ./.%.&736*4 4 )/-..+

-LEDPK DC@CDQ CDQK HDJHL HX@L RDQ


C jmdn=) L\pr `gnE)@p]jdn>7 Lmjbm`nn dih pgodkg`n^g`mjndnb`i`od^n+
<lii@\efd`Zj  .0%5&7313*30)/-./+
Gj^c IS) I`ou HI) Gjq\g^cpf K7 Akdb`i`od^ ^c\ib`n di k\od`ion
r doch pgodkg`n^g`mjndn+G XkK\mG\lifc  6 %g&70 2 *1 0 ) /-.0+
I don_j`maa`m I) Gp^cmjj R) Gjmi P7 Ehhpijgjbt ja i`pmjht`gdodn
jkod^\7 \ P ^`gg*> ^`gg^jgg\]jm\odji+ :ee G R: ZX[LZ`  ./50724*33)
/-.0+

-LEDPK DC@CDQ L DSPMC DF DLDP@RHT@Q


>mjri NDFm)Nj]]`m`^coS7=htjomjkcd^g\o`m\gn^g`mjndn7k\ocjb`i*
`ndn+ L\d`e G\lifc  /.%/&7.0.*6) /--.+
D\= @)BpibRO7D piodiboji$n_dn`\n`+ <liiHg`eG\lifc  /2%1&716.*5)
/-./ +
D\ggd_\t C) >dbdj AD) ?\dmin JF) `o \g7 I `^c\idnhn ja _dn`\n` di
amjiojo`hkjm\g gj]\m_`b`i`m\odji7b\di jaapi^odjiq`mnpngjnnja
api^odji`aa`^on+:ZkX G\lifgXk_fc  ./1%0&7040*5/)/-./+
F`ggdib`mG=)H\iojnLH7L\kk*H\iojndi^gpndjin\i_oc`k\ocjb`i`ndn
ja h pgodkg` ntno`h \omjkct7 \i pk_\o`+ :ZkX G\lifgXk_fc  ..6%3&7
324*34)/-.-+
HdibO?)Ljgth`id_jpI)?g`q`g\i_@S7?jiq`mbdibh`^c\idnh ndi
= HO\i_BP@7_dnmpko`_NJ=\i_kmjo`dicjh`jno\ndn+G\life  46
%0&71.3*05)/-.0+
I\^f`iud`EN)J`ph \iiI )>dbdjAD) `o\g7Jjh `i^g\opm`ajmi`pmj*
k\ocjgjbd^np]otk`njaamjiojo`hkjm\ggj]\m_`b`i`m\odji7^jin`i*
npnm`^jhh`i_\odjin+ :ZkXG\lifgXk_fc  ..4%.&7.2*.5)/--6+
I\^f`iud`EN)J`ph \iiI)>dbdjAD)`o\g7Jjh `i^g\opm`\i_ijnjg*
jbtajmi`pmjk\ocjgjbd^ np]otk`n jaamjiojo`hkjm\g gj]\m_`b`i*
`m\odji7 \i pk_\o`+:ZkX G\lifgXk_fc  ..6%.&7g * 1 )/-.-+
I jiodi`PF) Lc`gkn?D) >`\^cPC) `o \g8J\odji\g Einodopo`ji=bdib8
= guc`dh `m$n=nnj^d\odji7J\odji\gEinodopo`ji= bdib*=guc`dh `m$n
=nnj^d\odji bpd_`gdi`n ajm oc` i`pmjk\ocjgjbd^ \nn`nnh `io ja
= guc`dh `m$n_dn`\n`7\km\^od^\g\kkmj\^c+:ZkXG\lifgXk_fc  ./0%.&7

. .. /-./

Rjgk`FF)Gdii`tD?)F`in`iBA)`o\g7Pc`_`q`gjkdibjgdbj_`i_mj^to`7
f`t ^`ggpg\m o\mb`o di ]m\di diepmt di oc` km`h\opm` dia\io+
BekV =\mG \lifjZ`  /6%1&71/0*1-) /-..+

O`d_`gG)Odnr \iojO)>mpioAN)`o\g7>m\dik\ocjgjbtjankdij^`m`]`g*
g\m\o\sd\n+ : ZkXG\lifgXk_fc  ./1%.&7.*/.) /-./+

;P@ S K @ RHQK M Q

>\`mogdibB) Nj_`i]pmbNF) O^c\k`mF) `o\g7 =bpd_` oj _d\bijndn \i_


om`\oh`iojaH`dbcnti_mjh`+C G \lifcG \lifjli^IjpZ_`Xkip  /-.0+
R\a\d O>) Ijjoc\ RG7 Idoj^cji_md\g _dnjm_`mn \n r di_jr n dioj \i
\i^d`iojmb\i`gg`+ G Xkli\  16.%41/1&7041*50) /-./+

I ^G``=?) Oo`diP@) Jjr dinfd ?F)`o\g7 Pc` nk`^omphja_dn`\n`di


^cmjid^om\ph\od^`i^`kc\gjk\oct+ ;iX`e  .03%Log&71 0 *3 1 )/-.0+

- LEDPK DC@C BD PDA PM T@QBS J@P


Ndi^jiB)Smdbco?>7R\n^pg\m^jbidodq`dhk\dmh`io+<liiHg`eG\lifc
/ 3 %g&7/ 6 *0 3 ) /-.0+
O\^^j NH) Npi_`f P7 ?`m`]mjq\n^pg\m _dn`\n`+ <lii Hg`e G\lifc
/ 2 %g&7g*1 ) /-./+

1LEDBBHMLDQ
>\mooN7=^po`]\^o`md\g\i_qdm\gh`idibdodn+<fek`elld .57./22*4-)/-./+
>`mb`m FN) = fn\hdo =F) ?gdaajm_ @>) `o \g7 LI H _d\bijnod^ ^mdo`md\7
^jin`inpn no\o`h`io amjh oc` ==J i`pmjdia`^odjpn _dn`\n`
n`^odji+G\lifc  5-7.10-*5)/-.0+
NpnoNO7D ph \i\m]jqdm\g`i^`kc\gdodn+L\d`eI\[`XkiG \lifc .67.0-*2.)
/-./
O\]\c I) I pg^\ct F) V`h \i =7 D `mk`n ndhkg`s `i^`kc\gdodn+ ;F C
0117`0.33) /-./+

-LEDPK DC@CDQ K DR@A ]JHB@Q FDLZRHB@Q

; S K M PD Q
?g\mfRA)Amnji*Kh \tAV)O`mdi=)`o\g7C`ijhd^\i\gtndnjaiji*JB/
h `idibdjh\nm`q`\gnhpo\odjindiPN=B4)GHB1)=GP.)\i_OIK+
LZ`\eZ\  006%3./0&7.-44*5-)/-.0+
I ^G`ji=)Ldooj^fOF7L\m\i`jkg\nod^`i^`kc\gjh t`gjk\ocd`n7k\ocjg*
jbt\i_ h`^c\idnhn+: ZkXG\lifgXk_fc  .//705.*1--)/-..+
Jjmoc^jooL=)Gjmncpijq=)Ladno`mOI )`o\g7Pc`^gdid^\gdhkgd^\odjin
jah`_pggj]g\nojh\np]bmjpkn+ G XkK\mG\lifc  5701-*2.) /-./+
R`mc\\f NCS) D j\_g`t G=) Lpm_jh A) `o \g7 Eio`bm\o`_ b`ijhd^
\i\gtndn d_`iodad`n ^gdid^\ggt m`g`q\io np]otk`n j a bgdj]g\nojh\
^c\m\^o`mdu`_ ]t \]ijmh\gdod`n di L@CBN=) E@D.) ACBN) \i_
JB.+ <XeZ\i<\cc  .4765*..-) /-.-+
U\iD) L\mnjin S) Fdi C) I ^H`i_jiN) `o\g7 E@D. \i_ E@D /hpo\*
odjin di bgdjh\n+ G\n >e^C F \[  03-7432*40) /--6+

Das könnte Ihnen auch gefallen