*VULJ[HTVZ�H�WLYZVUHZ�X\L�ZVSPJP[HU�WYtZ[HTVZ�JVU�PU]LYZVYLZ�
.\xH�KL�0U]LYZVYLZ�
)PLU]LUPKV�H�(Å\LU[H:VZ�\UV�KL�SVZ�JPLU[VZ�KL�PU]LYZVYLZ�X\L�`H�OHU�LSLNPKV�(Å\LU[H�WHYH�OHJLY�YLUKPY�TLQVY�Z\�KPULYV��;\�J\LU[H�`H�LZ[m�HJ[P]H�`�X\LYLTVZ�H`\KHY[L�H�JVTLUaHY�H�PU]LY[PY�
�������)PLU]LUPKH��
���������JVZHZ�X\L�KLItZ�ZHILY�
�������;\�U\L]H�J\LU[H�¸4P�(Å\LU[H¹�
�������4LU��KL�ZLJJPVULZ�
�������*}TV�PU]LY[PY���0U]LYZPVU�4HU\HS�
�������*}TV�PU]LY[PY���0U]LYZP}U�(\[VTm[PJH�
������¦*}TV�L]HS\HTVZ�SHZ�ZVSPJP[\KLZ&�
������(Å\LU[H�.LZ[PVUH
������9LJ\WLYV�(U[PJPWHKV�KL�-VUKVZ
������*VZ[VZ�`�*VTPZPVULZ�
������,Z[YH[LNPHZ�KL�0U]LYZP}U
������([LUJP}U�KLS�*SPLU[L
������(ZWLJ[VZ�SLNHSLZ�
9,*69+�*\HSX\PLY�JVUZ\S[H�X\L�KLZLLZ�YLHSPaHY��KPZWVUtZ�KL�\U�JOH[�L_JS\ZP]V�V�WVKtZ�JVT\UPJHY[L�WVY�[LStMVUV�HS���������� ������KL�S\ULZ�H�]PLYULZ�KL� �H���OZ��
,:;(�.<Ð(�;,�7,940;09Í�*656*,9�*Ô46�05=,9;09�4,169��,3�-<5*065(40,5;6�+,�;<�*<,5;(�@�4<*/6�4Í:�
:P�UV�KPZWVUtZ�KL�T\JOV�[PLTWV�WHYH�VJ\WHY[L�KL�
[\Z�PU]LYZPVULZ��[LULTVZ�HSN\UHZ�M\UJPVUHSPKHKLZ�X\L�
H`\KHYmU�H�X\L�[\�KPULYV�[YHIHQL�WVY�]VZ�`�YPUKH�TmZ�
:P�ZVZ�SH�JSHZL�KL�PU]LYZVY�X\L�SL�N\Z[H�JVUVJLY�JVU�
WYLJPZP}U�J}TV�LZ[m�PU]LY[PKV�Z\�KPULYV��LZ[HTVZ�ZLN\YVZ�
X\L�]HZ�H�KPZMY\[HY�\[PSPaHY�U\LZ[YH�WSH[HMVYTH�
,U�LZ[H�N\xH�[L�VMYLJLTVZ�SH�ZPN\PLU[L�PUMVYTHJP}U!
7mN�
�
��JVZHZ�X\L�KLItZ�ZHILY�HU[LZ�KL�JVTLUaHY�H�PU]LY[PY,U�LZ[H�N\xH�[L�]HTVZ�H�JVU[HY�[VKVZ�SVZ�HZWLJ[VZ�KLS�WYVJLZV�KL�PU]LY[PY�LU�WYtZ[HTVZ�WHYH�WLYZVUHZ��WLYV�HU[LZ�KL�JVTLUaHY�OH`���W\U[VZ�M\UKHTLU[HSLZ�X\L�KLItZ�ZHILY!�
*HKH�WYtZ[HTV�ZL�MVUKLH�H�[YH]tZ�KL�\U�WYVJLZV�KL�Z\IHZ[H
*HKH�ZVSPJP[\K�KL�WYtZ[HTV�ZL�
MVUKLH�H�[YH]tZ�KL�\UH�Z\IHZ[H�
VUSPUL��WVY�SV�X\L�[VKVZ�SVZ�
PU]LYZVYLZ�W\LKLU�WYLZ[HY��
*VTV�PU]LYZVY��WVKtZ�WHY[PJPWHY�
TLKPHU[L�\UH�¸VMLY[H¹��3H�TPZTH�UV�
LZ�TmZ�X\L�SH�JHU[PKHK�KL�KPULYV�
X\L�KLZLmZ�VMYLJLY�`�SH�[HZH�KL�
PU[LYtZ�X\L�LS�ZVSPJP[HU[L�WHNHYm�HS�
VI[LULY�LS�WYtZ[HTV��
(S�PN\HS�X\L�LU�J\HSX\PLY�Z\IHZ[H��
SH�W\QH�UV�W\LKL�ZLY�YL[PYHKH��WLYV�
W\LKL�ZLY�TLQVYHKH�WVY�]VZ�TPZTV�
V�W\LKL�ZLY�KLZWSHaHKH�WVY�V[YVZ�
PU]LYZVYLZ�X\L�VMYLJLU�[HZHZ�TmZ�
IHQHZ��:P�tZ[V�Z\JLKL��WVKtZ�OHJLY�
\UH�U\L]H�VMLY[H�IHQV�U\L]HZ�
JVUKPJPVULZ�`�]VS]LY�H�WHY[PJPWHY�
3VZ�PU]LYZVYLZ�[PLULU�WHY[LZ�KL�T\JOVZ�WYtZ[HTVZ (S�ÄUHS�KL�SH�Z\IHZ[H��\UH�]La�
MVUKLHKV�LS������KLS�WYtZ[HTV�
`�ZP�LS�ZVSPJP[HU[L�HJLW[H�LS�TPZTV��
[VKHZ�SHZ�VMLY[HZ�NHUHKVYHZ�ZL�
JVU]PLY[LU�LU�WLX\L|HZ�WHY[LZ�V�
¸WHY[PJPWHJPVULZ¹�KL�\U�WYtZ[HTV��
*HKH�\UV�KL�SVZ�PU]LYZVYLZ�[LUKYm�
\UH�WHY[L�KLS�WYtZ[HTV��7VY�
LQLTWSV!�LU�\U�WYtZ[HTV�KL�
���������ÄUHUJPHKV�WVY�JPLU[VZ�KL�
PU]LYZVYLZ��JHKH�PU]LYZVY��JVTV�]VZ��
WVKYm�ZLY�[P[\SHY�KL���?�WHY[PJPWHJP}U�
KLS�WYtZ[HTV��KL�������H�\UH�
[HZH�KL������;\Z�WHY[PJPWHJPVULZ�
YLNYLZHU�KL�MVYTH�TLUZ\HS�H�
TLKPKH�X\L�LS�ZVSPJP[HU[L�HIVUH�Z\Z�
J\V[HZ��WHYH�X\L�W\LKHZ�YL[PYHYSV�V�
ZLN\PY�YLPU]PY[PLUKV�LZVZ�WHNVZ�`�HZx�
TH_PTPaHY�[\�YL[VYUV�
3HZ�WHY[LZ�KL�SVZ�WYtZ[HTVZ�W\LKLU�ZLY�JVTWYHKVZ�`�]LUKPKVZ�
*VTV�PU]LYZVY�]VZ�[HTIPtU�
WVKYmZ�JVTWYHY�`�]LUKLY�WHY[LZ�
KL�WYtZ[HTVZ��=VZ�WVKYmZ�
YLJ\WLYHY�[\�KPULYV�J\HUKV
SV�ULJLZP[LZ��PUJS\ZV�HU[LZ�
KL�SH�[V[HS�KL]VS\JP}U�KL�SVZ�
WYtZ[HTVZ��JVUZ[Y\`LUKV�
\U�WVY[HMVSPV�JVU�[\Z�WHY[PJPWHJPVULZ�
KL�WYtZ[HTVZ�`�Z\IHZ[HYSV�H�V[YVZ�
PU]LYZVYLZ�`�HZx�YLJ\WLYHY�[\�
Å\QV�KL�MVUKVZ�HU[PJPWHKHTLU[L��
;HTIPtU�WVKYmZ�HKX\PYPY�
WHY[PJPWHJPVULZ�KL�V[YVZ�PU]LYZVYLZ�
�� �� ��
�
;\�U\L]H�J\LU[H�¸4P�(Å\LU[H¹9LZ\TLU�KL�J\LU[H�
7VKYmZ�OHJLY�\U�ZLN\PTPLU[V�KL[HSSHKV�KL�K}UKL�LZ[m�[\�KPULYV��SVZ�PU[LYLZLZ�KL]LUNHKVZ�OHZ[H�SH�MLJOH��]LY�LU�SVZ�WYtZ[HTVZ�LU�SVZ�X\L�OHZ�VMLY[HKV�`�LZ[mZ�WHY[PJPWHUKV�`�T\JOV�TmZ�LU�[\�YLZ\TLU�KL�J\LU[H��
2 �=HSVY�WYVTLKPV�VYPNPUHS�KL�SH�WHY[PJPWHJP}U�LU�JHKH�WYtZ[HTV�
1 �4VU[V�KLS�JHWP[HS�X\L�H�U�JVU[PU�H�PU]LY[PKV�LU�WHY[PJPWHJPVULZ�KL�WYtZ[HTVZ�
3 �;V[HS�KL�SHZ�WHY[PJPWHJPVULZ�KL�WYtZ[HTVZ�KVUKL�LZ[m�PU]LY[PKV�[\�KPULYV�
11�,Z�LS�KL[HSSL�KLS�YLZ\S[HKV�KLS�0U[LYJHTIPV�KL�WVY[HMVSPVZ��HIPLY[V�LU�YLZ\S[HKVZ�UL[V��JVTPZPVULZ�`�YLZLY]HZ�
5 �,Z�LS�[V[HS�KL�MVUKVZ�JVTWYLUKPKV�LU�SVZ�ZPN\PLU[LZ�LZ[HKVZ!�PU]LY[PKV��LU�Z\IHZ[H��WLUKPLU[L�KL�[YHUZMLYLUJPH��KPZWVUPISL�WHYH�PU]LY[PY��YL[VYUHKV�UV�YLPU]LY[PKV�L�PU[LYJHTIPV�
6 �,Z�LS�[V[HS�KL�KPULYV�PUNYLZHKV�HS�-PKLPJVTPZV�WHYH�PU]LY[PY�
8 �,Z�LS�KL[HSSL�KLS�KPULYV�PU]LY[PKV�LU�Z\IHZ[H��WLUKPLU[L�KL�[YHUZMLY�LUJPH�L�PU[LYJHTIPV��LU�NYmÄJV�
7 �,Z�LS�KPULYV�X\L�OHZ�L_[YHxKV�KL�[\�J\LU[H�KLS�-PKLPJVTPZV�OHJPH�[\�J\LU[H�IHUJHYPH�
9 �,Z�LS�KL[HSSL�KLS�KPULYV�PU]LY[PKV�LU�Z\IHZ[H��WLUKPLU[L�KL�[YHUZMLY�LUJPH�L�PU[LYJHTIPV�
(��,_JLSLU[L�7LYZVUHZ�JVU�Z}SPKV�J\TWSPTPLU[V�KL�VISPNHJPVULZ�KL�JYtKP[V��ZPU�TVYH�LU�SVZ��S[PTVZ����TLZLZ�`�:JVYL�=LYHa�LU[YL�����`� �
)��:\WLYPVY�7LYZVUHZ�JVU�T\`�I\LU�J\T�WSPTPLU[V�KL�VISPNHJPVULZ�ÄUHU�JPLYHZ��ZPU�TVYH�LU�SVZ��S[PTVZ����TLZLZ�`�:JVYL�=LYa�LU[YL�����`��� �
*��T\`�)\LUV�7LYZVUHZ�JVU�I\LU�J\TWSPTPLU[V��KL�VISPNHJPVULZ�ÄUHUJPLYHZ��ZPU�TVYH�ZL]LYH�LU�SVZ��S[PTVZ����TLZLZ�JVU�ZJVYL�=LYHa�LU[YL�����`�����
+��)\LUV�7LYZVUHZ�JVU�JVYYLJ[V�J\TWSPTPLU[V�KL�VISPNHJPVULZ�ÄUHUJPLYHZ�ZPU�TVYH�ZL]LYH�LU�SVZ��S[PTVZ����TLZLZ�JVU�ZJVYL�=LYHa�LU[YL�����`�����
,��(KLJ\HKV�7LYZVUHZ�JVU�J\TWSPTPLU[V�KL�VISP�NHJPVULZ�ÄUHUJPLYHZ�ZPU�ZVIYLZHS[VZ��ZPU�TVYH�ZL]LYH�LU�SVZ��S[PTVZ����TLZLZ�JVU�:JVYL�=LYHa�����`��� �
(X\x�[L�TVZ[YHTVZ�\U�NSVZHYPV�JVTWSL[V�KL�[VKHZ�SHZ�ZLJJPVULZ�`�SH�M\UJP}U�KL�JHKH�\UH!
7LYÄSLZ
1 2
3
4
5 6 7
8 9
11
10�,Z�LS�KPULYV�VI[LUPKV�JVTV�YLU[HIPSPKHK�WVY�LS�JHWP[HS�PU]LY[PKV�LU�SVZ�WYtZ[HTVZ��HIPLY[V�LU�YL[VYUV�KL�PU[LYLZLZ��W\UP[VYPVZ��NHZ[VZ�L�PTW\LZ[VZ�`�JVTPZPVULZ�
10
4
�
4LU��KL�ZLJJPVULZ
+LU[YV�KL�[\�J\LU[H��H�SH�PaX\PLYKH�]LYmZ���ZLJJPVULZ�H�[YH]tZ�KL�SHZ�J\HSLZ�HJJLKLYmZ�H�[VKV�LS�KL[HSSL�KL�[\�J\LU[H�
=PZ\HSPaHJP}U�YLZ\TPKH�KL�[VKH�[\�J\LU[H�KL�(Å\LU[H�
5V[PÄJHJPVULZ�ZVIYL�[\Z�VWLYHJPVULZ��HSLY[HZ�`�JVUÄYTHJPVULZ�LU[YL�V[YVZ�
;VKVZ�[\Z�KH[VZ�`�SVZ�KL�[\�J\LU[H�LU�\U�Z}SV�S\NHY��
=PZ\HSPaHJP}U�KL�SVZ�KVJ\TLU[VZ�YLSHJPVUHKVZ�H�[\�J\LU[H��
-}YT\SH�KLS�JmSJ\SV�KL�SH�YLU[HIPSPKHK�KLS�ZPZ[LTH�
9LZ\TLU�KL�ZVSPJP[\KLZ�KPZWVUPISLZ�LU�Z\IHZ[HZ�WHYH�VMLY[HY�
:\IHZ[HZ�LU�SHZ�J\HSLZ�LZ[mZ�WHY[PJPWHUKV�X\L�H�U�UV�JLYYHYVU�
*VUÄN\YHJP}U�KL�SVZ�ZPZ[LTHZ�H\[VTm[PJV�`�THU\HS�KL�PU]LYZP}U�
:LN\PTPLU[V�KL�ZVSPJP[\KLZ�LU�SHZ�J\HSLZ�OHZ�PU]LY[PKV�
:LN\PTPLU[V�KL�ZVSPJP[\KLZ�WHYH�JVUVJLY�Z\�LZ[HKV�KL�JVIYHUaH�
+H[VZ�LZ[HKmZ[PJVZ�ZVIYL�[\�WVY[HMVSPV�KL�JYtKP[VZ�
7YV`LJJP}U�KLS�Å\QV�KL�MVUKVZ�H�YLJPIPY�TLUZ\HSTLU[L��
-VUKVZ�X\L�LMLJ[P]HTLU[L�OHZ�YLJPIPKV�TLZ�H�TLZ�
4V]PTPLU[VZ�KL�KPULYV�YLHSPaHKVZ�LU�[\�J\LU[H�KL�(Å\LU[H�
/LYYHTPLU[H�WHYH�TV]LY�SVZ�MVUKVZ�LU[YL�SHZ�KPMLYLU[LZ�VWJPVULZ�
/LYYHTPLU[H�WHYH�L_[YHLY�LS�KPULYV�KL�[\�J\LU[H��
0UPJPV�KLS�WYVJLZV�KL�0U[LYJHTIPV�
3PZ[HKV�KL�WHY[PJPWHJPVULZ�HJ[P]HZ�LU�Z\IHZ[H�
3PZ[HKV�KL�[\Z�WHY[PJPWHJPVULZ�HJ[P]HZ�LU�Z\IHZ[H�
3PZ[HKV�KL�[\Z�WVY[HMVSPVZ�JYLHKVZ��LU�Z\IHZ[H�V�JLYYHKVZ�
�
0U]LY[x�KL�MVYTH�THU\HS�LU�SHZ�ZVSPJP[\KLZ��LSPNPLUKV�LU[YL�]HYPHISLZ�JVTV!
*}TV�PU]LY[PY05=,9:0Ô5�4(5<(3
*VTV�PU]LYZVY�KL�(Å\LU[H��WVKtZ�LSLNPY�OHJLY�[YHIHQHY�[\�KPULYV�KL�MVYTH�THU\HS�V�H\[VTm[PJH��,SLNx�SH�VWJP}U�X\L�TmZ�ZL�HKHW[L�H�[\Z�ULJLZPKHKLZ!
ͻ�;HZH
��
��7LYÄS�KL�JSPLU[LZ��(��)��*��+��,�
ͻ�7SHaV�����������������`����
ͻ�4VU[V
7HZV�H�WHZV�WHYH�PU]LY[PY�KL�MVYTH�THU\HS!
,]HS\m�SHZ�ZVSPJP[\KLZ�LU�Z\IHZ[H,U�¸3PZ[HKV�KL�Z\IHZ[HZ¹�WVKYmZ�]LY�[VKHZ�SHZ�Z\IHZ[HZ�X\L�ZL�LUJ\LU[YHU�HJ[P]HZ�`�LU�SHZ�J\HSLZ�WVKtZ�PU]LY[PY�
,SLNx�SH�V�SHZ�ZVSPJP[\KLZ�`�VMLY[m<UH�]La�X\L�KLJPKHZ�[\�JYP[LYPV�WHYH�L]HS\HY�LU�X\t�ZVSPJP[\KLZ�PU]LY[PY��LU�JHKH�IV_�PUNYLZm�LS�TVU[V�`�SH�[HZH�H�SH�J\HS�VMLY[HY�
=LYmZ�LS�TVU[V�TxUPTV�X\L�WVKYmZ�VMLY[HZ�`�LS�Tm_PTV��HZVJPHKV�H�[\Z�MVUKVZ�KPZWVUPISLZ��
,U�JHZV�KL�X\LYLY�TLQVYHY�[\�VMLY[H��TPLU[YHZ�SH�Z\IHZ[H�ZL�LUJ\LU[YL�HIPLY[H��WVKYmZ�OHJLYSV�KLZKL�LS�IV[}U�¸TLQVYHY�VMLY[H¹�
,U�JHKH�ZVSPJP[\K�]LYmZ�LS�KL[HSSL�KL�[VKH�SH�PUMVYTHJP}U�YLSHJPVUHKH�HS�ZVSPJP[HU[L!
`�LS�SPZ[HKV�KL�J\mU[VZ�PU]LYZVYLZ�`H�LZ[mU�WHY[PJPWHUKV��LS�TVU[V��SH�[HZH��SH�MLJOH�`�OVYH�KL�JHKH�VMLY[H�
��
���PUMVYTHJP}U�NLULYHS���PUMVYTHJP}U�WLYZVUHS
���L]HS\HJP}U�JYLKP[PJPH���VJ\WHJP}U�L�PUNYLZVZ
�
6MLY[HZ�T�S[PWSLZ
,U�JHZV�KL�X\L�X\PLYHZ�YLHSPaHY�\UH�VMLY[H�LU�TmZ�KL�\UH�ZVSPJP[\K�H�SH�]La��WVKtZ�OHJLYSV�LU�Z}SV���WHZVZ!
,]HS\m�JHKH�ZVSPJP[\K�WYLZPVUHUKV�SH�S\WH�`�ZLSLJJPVUm�HX\LSSH�LU�SH�X\L�KLZLLZ�PU]LY[PY�THYJHUKV�LU�LS�IV_�YLZWLJ[P]V�
3\LNV�PUNYLZm�LS�TVU[V�`�SH�[HZH�KL�PU[LYtZ�X\L�KLZLLZ�`�YLWL[x�LZ[H�VWLYHJP}U�LU�[VKHZ�HX\LSSHZ�ZVSPJP[\KLZ�X\L�YLZ\S[LU�KL�[\�PU[LYtZ�
<UH�]La�X\L�OH`HZ�LSLNPKV��WYLZPVUm�LS�IV[}U�¸9LHSPaHY�VMLY[HZ¹��@�SPZ[V��`H�PU]LY[PZ[L�
��
��
��
�
05=,9:0Ô5�(<;64Í;0*(
:P�UV�KPZWVUtZ�KL�T\JOV�[PLTWV�WHYH�PU]LY[PY��(Å\LU[H�7SHUPÄJV�LZ�WHYH�]VZ�,SLNxZ�SVZ�WHYmTL[YVZ�`�LS�ZPZ[LTH�OHJL�[YHIHQHY�[\�KPULYV�WVY�]VZ�
7HYH�HJ[P]HY�LZ[L�ZPZ[LTH��PUNYLZm�H�SH�ZLJJP}U�
¸:PZ[LTHZ�KL�PU]LYZP}U¹�KL�[\�J\LU[H�`�ZLSLJJPVUm!
��7SHaVZ!���������������������;VKVZ��9LJVTLUKHKV!�����
���WLYTP[L�KP]LYZPÄJHY�[\Z�PU]LYZPVULZ�
��;HZH�KL�YLUKPTPLU[V�LZWLYHKV
��7LYÄSLZ�KL�JSPLU[LZ
��4VU[VZ�KL�Z\IHZ[HZ���TxUPTV�
���`�Tm_PTV�H�PU]LY[PY�LU�JHKH�Z\IHZ[H
��7VYJLU[HQL�KL�YL�PU]LYZP}U!�8\t�WHY[L�KLS��� ����
���KPULYV�X\L�YL[VYUH�X\LYtZ�YL�PU]LY[PY��3HZ�������
���JVUKPJPVULZ�ZLYmU�SHZ�TPZTHZ�X\L�SHZ�LSLNPKHZ����
���LU�SH�PU]LYZP}U�H\[VTm[PJH�
.\HYKmZ�SH�JVUÄN\YHJP}U�`�SPZ[V��;\�KPULYV�`H�JVTPLUaH�H�[YHIHQHY�
9L[PYV�KL�MVUKVZ
<UH�]La�X\L�JVTLUamZ�H�YLJPIPY�[\�YL[VYUV��WVKYmZ�YL[PYHYSV�LU�J\HSX\PLY�TVTLU[V��
:P�[LUtZ�MVUKVZ�KPZWVUPISLZ��WVKtZ�ZVSPJP[HY�SH�[YHUZMLYLUJPH�KL�SVZ�TPZTVZ�H�[\�J\LU[H�IHUJHYPH��
,Z[H�VWLYHJP}U�WVKtZ�OHJLYSH�KL�¸4V]PTPLU[V�KL�MVUKVZ���,_[YHLY�MVUKVZ¹���,S�TxUPTV�H�L_[YHLY�LZ�KL�������
�
3VZ�LSLTLU[VZ�X\L�L]HS\HTVZ�ZVU�SVZ�ZPN\PLU[LZ!
¦*}TV�L]HS\HTVZ�SHZ�ZVSPJP[\KLZ&(Å\LU[H�YLJVSLJ[H�PUMVYTHJP}U�W�ISPJH�`�WYP]HKH�WHYH�JVUVJLY�SH�ZVS]LUJPH�KL�SVZ�ZVSPJP[HU[LZ�`�L]HS�H�Z\Z�ÄUHUaHZ�`�Z\�OPZ[VYPHS�KL�WHNVZ�
*HSPÄJHJP}U�KLS�7LYÄS�KL�*SPLU[LZ,Z�LS�PUKPJHKVY�X\L�HNY\WH�H�SVZ�ZVSPJP[HU[LZ�ZLN�U�SH�L]HS\HJP}U�JYLKP[PJPH�YLHSPaHKH��3VZ�TPZTVZ�ZVU!
:JVYL�,X\PMH_�=LYHa,Z�\U�PUKPJHKVY�LZ[HKxZ[PJV�X\L�L]HS�H�LS�JVTWVY[HTPLU[V�KL�WHNV�M\[\YV�KL�
\UH�WLYZVUH��=HYxH�LU[YL���`� ��3VZ�YHUNVZ�HS[VZ�LZ[mU�HZVJPHKVZ�H�\UH�IHQH�
WYVIHIPSPKHK�KL�TVYH�TPLU[YHZ�X\L�SVZ�U�TLYVZ�IHQVZ�PUKPJHU�\UH�WYVIHIPSPKHK�
TmZ�LSL]HKH��
:P[\HJP}U�)*9(,Z�LS�HUmSPZPZ�KLS�Å\QV�KL�MVUKVZ�KL�\UH�WLYZVUH�YLHSPaHKV�WVY�LS�)HUJV�*LU[YHS�KL�SH�9LW�ISPJH�
(YNLU[PUH�X\L�PUKPJH�Z\�JHWHJPKHK�KL�J\TWSPY�JVU�Z\Z�JVTWYVTPZVZ�ÄUHUJPLYVZ��,Z[H�LU[PKHK�YLHSPaH�\UH�
JH[LNVYPaHJP}U�KL���ZP[\HJPVULZ!
�(��,_JLSLU[L��7LYZVUHZ�JVU�Z}SPKV�
J\TWSPTPLU[V�KL�VISPNHJPVULZ�KL�JYtKP[V��
ZPU�TVYH�LU�SVZ��S[PTVZ����TLZLZ�`�:JVYL�
=LYHa�LU[YL�����`� �
�)��:\WLYPVY��7LYZVUHZ�JVU�T\`�
I\LU�J\TWSPTPLU[V�KL�VISPNHJPVULZ�
ÄUHUJPLYHZ��ZPU�TVYH�LU�SVZ��S[PTVZ����
TLZLZ�`�:JVYL�=LYHa�LU[YL�����`��� �
�*��4\`�I\LUV��7LYZVUHZ�JVU�I\LU�J\TWSPTPLU[V�KL�VISPNHJPVULZ�ÄUHUJPLYHZ��
ZPU�TVYH�ZL]LYH�LU�SVZ��S[PTVZ����TLZLZ�
JVU�:JVYL�=LYHa�LU[YL�����`�����
+��)\LUV��7LYZVUHZ�JVU�JVYYLJ[V�J\TWSPTPLU[V�KL�VISPNHJPVULZ�ÄUHUJPLYHZ��
ZPU�TVYH�ZL]LYH�LU�SVZ��S[PTVZ����TLZLZ�
JVU�:JVYL�=LYHa�LU[YL�����`�����
�,��(KLJ\HKV��7LYZVUHZ��
JVU�J\TWSPTPLU[V�KL�VISPNHJPVULZ��
ÄUHUJPLYHZ�ZPU�ZVIYLZHS[VZ��
ZPU�TVYH�ZL]LYH�LU�SVZ��S[PTVZ�
���TLZLZ�JVU�:JVYL�=LYHa�
LU[YL�����`��� �
:0;<(*0Ô5��
5VYTHS�*\TWSPTPLU[V�
UVYTHS�
OHZ[H�� �KxHZ�
:0;<(*0Ô5���
*\TWSPTPLU[V�PUHKLJ\HKV�([YHZV�LU[YL�
���`�� �KxHZ�
:0;<(*0Ô5���
*\TWSPTPLU[V�KLÄJPLU[L�([YHZV�LU[YL�
���`��� �KxHZ�
:0;<(*0Ô5���
+L�KPMxJPS�YLJ\WLYHJP}U([YHZV�LU[YL�
����`��� �KxHZ�
:0;<(*0Ô5��
0YYLJ\WLYHISL�([YHZV�TmZ�
KL�����KxHZ�
:0;<(*0Ô5���
0YYLJ\WLYHISL�WVY�KPZWVZPJP}U�[tJUPJH([YHZV�TmZ�
KL�����KxHZ�
9LZWHSKV�KL�SVZ�*YtKP[VZ�¶�7HNHYt�7LYZVUHS3VZ�JYtKP[VZ�LZ[mU�YLZWHSKHKVZ�WVY�WHNHYtZ�WLYZVUHSLZ�KL�SVZ�WYVWPVZ�ZVSPJP[HU[LZ��
H�MH]VY�KLS�ÄKLPJVTPZV�X\L�LZ�X\PLU�V[VYNH�SVZ�JYtKP[VZ�H�PUZ[HUJPHZ�KL�SVZ�
PU]LYZVYLZ���
,U�JHZV�KL�PUJVIYHIPSPKHK�SVZ�TPZTVZ�ZL�LQLJ\[HYmU�Q\KPJPHSTLU[L�`�LS�WYVK\JPKV��KL�LSSV�KPZ[YPI\PKVZ�LU[YL�SVZ�PU]LYZVYLZ�PU]VS\JYHKVZ�LU�KPJOVZ�JYtKP[VZ�
,Z[HIPSPKHK�3HIVYHS9LHSPaHTVZ�LS�HUmSPZPZ�KL�SH�HJ[P]PKHK�SHIVYHS�KL�SVZ�JSPLU[LZ�WHYH�JVUVJLY�SH�LZ[HIPSPKHK�KL�Z\Z�PUNYLZVZ�
WVY�SH�J\HS�SVZ�ZVSPJP[HU[LZ�NLULYHU�Z\Z�PUNYLZVZ��3VZ�JSHZPÄJHTVZ�KL�SH�ZPN\PLU[L�THULYH!
0UNYLZVZ�4\`�,Z[HISLZ�7YVK\J[V�KL�HJ[P]PKHKLZ�KL���H|VZ�KL�
HU[PN�LKHK�V�TmZ�JVTV�LTWSLHKV�
LU�YLSHJP}U�KL�KLWLUKLUJPH�`�V�WVY�
HJ[P]PKHKLZ�WYVMLZPVUHSLZ�V�JVTLYJPHSLZ�
JVTV�¸(\[}UVTV¹�`�V�¸4VUV[YPI\[PZ[H¹�
LU�JH[LNVYxH�¸,¹�V�Z\WLYPVY��3VZ�
1\IPSHKVZ�JVU�PUNYLZVZ�Z\WLYPVYLZ�H�SVZ�
YLX\LYPKVZ�LZ[mU�PUJS\PKVZ�HX\x�
0UNYLZVZ�,Z[HISLZ7YVK\J[V�KL�HJ[P]PKHKLZ�JVU�TmZ��
KL���H|VZ�KL�HU[PN�LKHK�`�TLUVZ��
KL���H|VZ�JVTV�LTWSLHKV�LU�YLSHJP}U�
KL�KLWLUKLUJPH�`�V�WVY�HJ[P]PKHKLZ�
WYVMLZPVUHSLZ�V�JVTLYJPHSLZ�JVTV�
¸(\[}UVTV¹�`�V�¸4VUV[YPI\[PZ[H¹�
PUZJYPW[VZ�LU�JH[LNVYxH�¸,¹�V�Z\WLYPVY�
0UNYLZVZ�(KLJ\HKVZ.LULYHKVZ�WVY�LS�KLZLTWL|V�WVY�
TmZ�KL� �TLZLZ�`�OHZ[H���H|VZ�
KL�HU[PN�LKHK�JVTV�LTWSLHKV�
LU�YLSHJP}U�KL�KLWLUKLUJPH�`�V�
YLHSPaHUKV�HJ[P]PKHKLZ�WYVMLZPVUHSLZ�
V�JVTLYJPHSLZ�JVTV�¸(\[}UVTV¹�
`�V�¸4VUV[YPI\[PZ[H¹�PUZJYPW[VZ�LU�
JH[LNVYxH�¸,¹�V�Z\WLYPVY�
:LN\YV�LU�*HZV�KL�4\LY[L�V�0UJHWHJPKHK�;V[HS�7LYTHULU[L*HKH�ZVSPJP[HU[L�J\LU[H�JVU�\U�ZLN\YV�KL�]PKH�L�PUJHWHJPKHK�[V[HS�WLYTHULU[L�
WVY�LS�ZHSKV�KL\KVY��,S�ZLN\YV�J\IYL�LS������KLS�ZHSKV�HKL\KHKV�HS�TVTLU[V�
KLS�KLJLZV�\�VJ\YYLUJPH�KL�SH�PUJHWHJPKHK�[V[HS�`�WLYTHULU[L�
��
(Å\LU[H�.LZ[PVUH(Å\LU[H�OH�KPZL|HKV�\U�ZLY]PJPV�WHYH�ZH[PZMHJLY�SHZ�ULJLZPKHKLZ�KL�PUMVYTHJP}U�KL�SVZ�PU]LYZVYLZ�X\L�KLZLHU�TVUP[VYLHY�KL�JLYJH�Z\Z�PU]LYZPVULZ�
(Å\LU[H�.LZ[PVUH�WLYTP[L��YLHSPaHY�LS�ZLN\PTPLU[V�
KLS�JVTWVY[HTPLU[V�KL�WHNV�KL�[VKVZ�HX\LSSVZ�
WYtZ[HTVZ�LU�SVZ�X\L�OHZ�PU]LY[PKV�
,Z[H�M\UJPVUHSPKHK�PUJS\`L�PUMVYTHJP}U�KL[HSSHKH�KL�
JHKH�\UV�KL�SVZ�WHNVZ�HJYLKP[HKVZ�`�\UH�JYVUVSVNxH�
L�SH�PUMVYTHJP}U�KL�NLZ[P}U�YLJVSLJ[HKH�LU�LS�WYVJLZV�
KL�HKTPUPZ[YHY�SVZ�WYtZ[HTVZ�
7VKtZ�]LY�SVZ�KL[HSSLZ�KL�JHKH�WYtZ[HTV�LU�SH�
ZLJJP}U�¸*YLKP[VZ�6[VYNHKVZ¹��KVUKL�SH�S\WH�
KLS�L_[YLTV�KLYLJOV�KL�JHKH�JYtKP[V�YL]LSH�SH�
PUMVYTHJP}U�TLUJPVUHKH�
;HTIPtU�WVKYmZ�¸ZLN\PY¹�JHKH�WYtZ[HTV�PUKPJmUKVSV�
LU�LS�mUN\SV�Z\WLYPVY�KLYLJOV�`�S\LNV�]LYSVZ�
\UPÄJHKVZ�LU�¸*YtKP[VZ�LU�:LN\PTPLU[V¹�
��
9LJ\WLYV�HU[PJPWHKV�KL�MVUKVZ��0U[LYJHTIPV05;,9*(4)06�+,�769;(-6306:
;L�WLYTP[L�YLJ\WLYHY�HU[PJPWHKHTLU[L�WHY[L�V�LS�[V[HS�KL�[\�Å\QV�KL�MVUKVZ��7HYH�JYLHY�[\�WVY[HMVSPV�KL�WHY[PJPWHJPVULZ�KLILYmZ!
��(YTHY�[\�WVY[HMVSPV�KL�JYtKP[VZ!�
*VU�HS�TLUVZ���WHY[PJPWHJPVULZ�LU�
JYtKP[VZ��ZP�[LUtZ���V���WYtZ[HTVZ�LU�
JHY[LYH�SVZ�SxTP[LZ�WHZHU�H�ZLY���`���
WYtZ[HTVZ�YLZWLJ[P]HTLU[L���
JVU�J\V[HZ�WVY�]LUJLY��JVU�HS�TLUVZ�
��J\V[HZ�WHNHZ��HS�KxH�V�JVU�\U�YL[YHZV�
UV�TH`VY�H���KxHZ�
��,Z[HISLJLY�\U�]HSVY�WHYH�Z\IHZ[HY
��:VSPJP[HY�SH�W\ISPJHJP}U�LU�Z\IHZ[HZ!
[\�WVY[HMVSPV�ZL�YL]PZH�`�LU���OZ��
`�[L�YLZWVUKLTVZ�WHYH�PUPJPHY�SH�Z\IHZ[H��
��9LJPIxZ�VMLY[HZ!�K\YHU[L���KxHZ�SVZ�
PU]LYZVYLZ�PU[LYLZHKVZ�WVKYmU�VMLY[HY�
`�X\PLU�YLHSPJL�SH�TLQVY�VMLY[H�ZLYm�LS�
NHUHKVY�
��9LJPIxZ�SVZ�MVUKVZ�LU�[\�J\LU[H!�
WVKtZ�YL[PYHYSV�V�YLPU]LY[PYSV�
LU�U\L]VZ�JYtKP[VZ�
(KLTmZ��LS�0U[LYJHTIPV�LZ�\UH�VWVY[\UPKHK�KL�PU]LYZP}U!�ZP�[LUtZ�\U�TVU[V�NYHUKL�H�PU]LY[PY��[L�WLYTP[L�PU]LY[PY�LU�JYtKP[VZ�`H�NLULYHKVZ��LU�SVZ�J\HSLZ�`H�JVUVJtZ�LS�OPZ[VYPHS�KL�WHNVZ��7HYH�WVKLY�VMLY[HY�LU�\U�WVY[HMVSPV�LU�Z\IHZ[H�KLILYmZ!
,S�:LY]PJPV�KL�0U[LYJHTIPV�[PLUL�\U�JVZ[V�KL�����\UV�WVY�JPLU[V��KLS�WYLJPV�KL�Z\IHZ[H�KLS�WVY[HMVSPV��WHYH�HTIHZ�WHY[LZ�
��+PZWVULY�KL�MVUKVZ�LU�LS�ÄKLPJVTPZV�
��9LHSPaHY�\UH�VMLY[H�WVY�\U�WVY[HMVSPV!�(�JHTIPV�KL�VI[LULY�SVZ�KLYLJOVZ�KL�JVIYV�KLS�WVY[HMVSPV�
:P�ZVZ�LS�NHUHKVY�KL�SH�VMLY[H�ZL�OHYm�\UH�YLZLY]H�WVY�LS����KLS�TVU[V�KLS�WVY[HMVSPV�
��:P�NHUmZ�SH�Z\IHZ[H�KLU[YV�KLS�WSHaV�KL���KxHZ�OmIPSLZ��VI[LUtZ�SH�YLU[H��,U�JHZV�KL�UV�JVUJYL[HY�SVZ�MVUKVZ�
SH�VMLY[H�YLZ\S[HYm�JHUJLSHKH�`�SH�YLZLY]H�ZLYm�KLZ[PUHKH�HS�WHNV�KL�SH�T\S[H�WVY�UV�J\TWSPTPLU[V�KL�VMLY[H�
��7VKtZ�YL[PYHY�V�YLPU]LY[PY�SVZ�MVUKVZ�KL�SH�U\L]H�YLU[H�
��
��.HZ[VZ�WVY�.LZ[P}U
,U�SH�VI[LUJP}U�KL�SH�KVJ\TLU[HJP}U�KL�SH�ZVSPJP[\K�KL�HKOLZP}U�HS�ÄKLPJVTPZV�
��0TW\LZ[V�H�SVZ�+tIP[VZ�`�*YtKP[VZ!�
7VY�WHNV�KL�PTW\LZ[V�ZLN�U�3L`���������
=HSVY!������ZVIYL�LS�TVU[V�KLS�JYtKP[V�V�KtIP[V��
��*VTPZP}U�WVY�HKTPUPZ[YHJP}U�KL�JHY[LYH�
7VY�LS�THULQV�KL�SHZ�PU]LYZPVULZ��NLZ[P}U�KL�JVIYHUaH�`�KPZ[YPI\JP}U�KL�SVZ�MVUKVZ�HKTPUPZ[YHKVZ��
:L�JHSJ\SH�ZVIYL�SVZ�TVU[VZ�JVIYHKVZ�LU�JVUJLW[V�KL�J\V[HZ�KL�WYtZ[HTVZ�VYPNPUHKVZ��
=HSVY!����
��*VTPZP}U�KL�0U[LYJHTIPV�KL�7VY[HMVSPVZ�
7VY�YLJ\WLYHY�HU[PJPWHKHTLU[L�SVZ�MVUKVZ�KL�WHY[PJPWHJPVULZ�KL�WYtZ[HTVZ��
=HSVY!����KL�SVZ�MVUKVZ�PU[LYJHTIPHKVZ�
��.HZ[VZ�JVT\ULZ!�
7HYH�ZVS]LU[HY�SVZ�NHZ[VZ�KL�VWLYHJP}U�JVTV�H\KP[VYxH��HZLZVYLZ�SLNHSLZ��JVU[HISLZ�L�PTWVZP[P]VZ��
SVZ�J\HSLZ�ZLYmU�KLK\JPKVZ�KL�Z\Z�J\LU[HZ�KL�MVYTH�WYVWVYJPVUHS��
=HSVY�LZ[PTHKV!�����TLZ�WVY�ÄK\JPHU[L�
*\HSX\PLY�JVUZ\S[H�X\L�KLZLLZ�YLHSPaHY�JVT\UPJH[L�]xH�JOH[�V�[LSLM}UPJHTLU[L�HS���� ������
*VZ[VZ�`�JVTPZPVULZ
��
,Z[YH[LNPHZ�KL�0U]LYZP}U
(�JVU[PU\HJP}U�[L�KLQHTVZ�HSN\UHZ�YLJVTLUKHJPVULZ�WHYH�LS�THULQV�KL�[\�KPULYV!
��0UNYLZm�MVUKVZ�YLN\SHYTLU[L<UH�]La�X\L�[L�OH`HZ�MHTPSPHYPaHKV�JVU�LS�ZPZ[LTH��
WVKYmZ�PUNYLZHY�MVUKVZ�HKPJPVUHSLZ�H�[\�J\LU[H��
(Zx��NHUHYmZ�JVUÄHUaH�`�HWYV]LJOHYmZ�SHZ�U\L]HZ�
ZVSPJP[\KLZ�X\L�PUNYLZHU�ZLTHUHSTLU[L�
��,Z[HISLJt�[\�VIQL[P]V�KL�YL[VYUV
;L�H`\KHYm�H�LSLNPY�LU�X\t�ZVSPJP[\KLZ�PU]LY[PY��,Z[L�
LZ�\U�TLYJHKV�KL�VMLY[H�`�KLTHUKH��(KLJ\m�[\�
L_WLJ[H[P]H�H�SV�X\L�Z\JLKH�LU�SHZ�Z\IHZ[HZ�
��+P]LYZPÄJm�[\�PU]LYZP}U
0U]LY[x�WLX\L|VZ�TVU[VZ�LU�T\JOHZ�ZVSPJP[\KLZ���
,S�TxUPTV�LZ�������`�LS�Tm_PTV�LZ�LS����KLS�[V[HS�KLS�
JYtKP[V��(Zx�[\�YLUKPTPLU[V�ZLYm�TmZ�LZ[HISL�
��*VTIPUm�SVZ�ZPZ[LTHZ�KL�PU]LYZP}U
:P�[\�WLYÄS�KL�PU]LYZVY�LZ�JVUZLY]HKVY�WVKtZ�LSLNPY�
\UH�LZ[YH[LNPH�JVTIPUHKH�KL�PU]LYZP}U!�LU�SVZ�WSHaVZ�
JVY[VZ�`�WLYÄSLZ�(��)�`�*�WVKtZ�PU]LY[PY�KL�MVYTH�
H\[VTm[PJH�`�LU�LS�YLZ[V�KL�SVZ�WSHaVZ�`�WLYÄSLZ�
HUHSPaHY�SHZ�ZVSPJP[\KLZ�L�PU]LY[PY�KL�MVYTH�THU\HS�
��+L[LYTPUm�J}TV�Z\IHZ[HY
/H`�T\JOVZ�PU]LYZVYLZ�X\L�JVTWP[LU�WVY�PU]LY[PY��
,Z[HISLJt�[\�LZ[YH[LNPH�WHYH�UV�WLYKLY�YLU[HIPSPKHK�V�
WHYH�UV�X\LKHY�M\LYH�KL�SHZ�Z\IHZ[HZ���
7VY�LQLTWSV��PU]LY[PY�J\HUKV�SH�ZVSJP[\K�LZ[t�WVY�
JLYYHY�JVU�\UH�[HZH�HS�TLUVZ�������TLUVY�H�SHZ�
TLQVYLZ�`�HZx�UV�ZLYmZ�KLZWSHaHKV�
��*VUZPKLYm�H\[VTH[PaHY�LS�THULQV�KL�[\Z�MVUKVZ
:P�[LUtZ�T\JOVZ�JYtKP[VZ�`�X\LYtZ�THULQHY�SHZ�
]HYPHISLZ�KL�PU]LYZP}U�H\[VTH[PaHKHTLU[L�HOVYYHYmZ�
[PLTWV�`�LS�ZPZ[LTH�PU]LY[PYm�WVY�]VZ�
��(TWSPm�SVZ�YHUNVZ�KL�WLYÄSLZ�`�WSHaVZ
+P]LYZPÄJm�[\�PU]LYZP}U�LSPNPLUKV�[VKVZ�SVZ�WLYÄSLZ�
`�WSHaVZ�KPZWVUPISLZ��YLZ\S[HUKV�LU����JVTIPUHJPVULZ�
WVZPISLZ�WHYH�KPZ[YPI\PY�[\�PU]LYZP}U��
��9LPU]LY[x�[\Z�YL[VYUVZ
/HJt�JYLJLY�[\�JHWP[HS��*\HUKV�SVZ�ZVSPJP[HU[LZ�
WHNHU�Z\Z�J\V[HZ��[\�YL[VYUV�ZL�PYm�PUJYLTLU[HUKV��
9LPU]LY[PSV��,S�KPULYV�NLULYH�PU[LYLZLZ�
`�SVZ�PU[LYLZLZ�TmZ�YL[VYUVZ�
��
/LTVZ�KLZHYYVSSHKV�]HYPVZ�JHUHSLZ�WHYH�X\L�U\LZ[YVZ�
JSPLU[LZ�W\LKHU�JVU[HJ[HYZL�JVU�UVZV[YVZ�WHYH�YLHSPaHY�
JVUZ\S[HZ�V�ZLN\PTPLU[VZ�KL�Z\Z�JYtKP[VZ�L�PU]LYZPVULZ�
,U�SH�WHY[L�Z\WLYPVY�KLYLJOH�KL�SH�WmNPUH�ZL�W\LKL�
]PZ\HSPaHY�U\LZ[YV�[LStMVUV�KL�JVU[HJ[V�JVTV�HZx�
[HTIPtU�SVZ�KPMLYLU[LZ�JHUHSLZ�KL�JVU[HJ[V�
7YLZPVUHUKV�J\HSX\PLYH�KL�SVZ�HJJLZVZ��ZL�KLZWSPLNH�
\UH�WLX\L|H�]LU[HUH�X\L�KL[HSSH�SHZ�]xHZ�KL�
JVT\UPJHJP}U�KPZWVUPISL�JVU�U\LZ[YVZ�HZLZVYLZ�
KL�JYtKP[VZ�L�PU]LYZP}U�
;HTIPtU��KLZKL�LZL�TPZTV�LZWHJPV��ZL�HJJLKL�
KL�MVYTH�KPYLJ[H�HS�*LU[YV�KL�(`\KH��KVUKL�ZL�
LUJ\LU[YHU�SHZ�WYLN\U[HZ�TmZ�MYLJ\LU[LZ�HJLYJH�KL�
(Å\LU[H��SVZ�JYtKP[VZ��SHZ�PU]LYZPVULZ��SHZ�Z\IHZ[HZ�`�\U�
JVTWSL[V�NSVZHYPV�JVU�SVZ�[tYTPUVZ�TmZ�\[PSPaHKVZ�
5\LZ[YVZ�ZLY]PJPVZ�WYV]PLULU�KL�LZJ\JOHY�JVU�H[LUJP}U�
SHZ�ULJLZPKHKLZ�KL�U\LZ[YVZ�JSPLU[LZ���
WVY�SV�J\HS�ZP�OH`�HSNV�X\L�WVKLTVZ�OHJLY�TLQVY��
Z}SV�LU]PHSV�WVY�THPS�V�SSHTHUVZ�WVY�[LStMVUV��
`�JVU�N\Z[V�[VTHYLTVZ�[\�Z\NLYLUJPH�LU�J\LU[H�
([LUJP}U�KLS�*SPLU[L*VT\UPJH[L�JVU�UVZV[YVZ
��
(Å\LU[H�ZL�LUJ\LU[YH�PUZJYPW[H�LU�LS�9LNPZ[YV�KL�
-PK\JPHYPVZ�6YKPUHYPVZ�7�ISPJVZ�KL�SH�*VTPZP}U�
5HJPVUHS�KL�=HSVYLZ��*5=��IHQV�LS�5¢������
:L�OHJL�ZHILY�HS�W�ISPJV�PU]LYZVY�X\L�KPJOV�YLNPZ[YV�
UV�PTWSPJH�X\L�SVZ�ÄKLPJVTPZVZ�X\L�\U�ÄK\JPHYPV�
YLNPZ[YHKV�NLZ[PVUL�LZ[tU�[HTIPtU�Z\QL[VZ�HS�JVU[YHSVY�
KL�SH�*5=�
,S�ZPZ[LTH�VWLYH�H�[YH]tZ�KL�\U�ÄKLPJVTPZV�KL�
HKTPUPZ[YHJP}U�YLN\SHKV�WVY�SH�3L`���������KVUKL�
(Å\LU[H�LZ�LS�ÄK\JPHYPV��3VZ�WYtZ[HTVZ�ZVU�
V[VYNHKVZ�WVY�LS�ÄKLPJVTPZV�JVU�YLJ\YZVZ�KL�SVZ�
PU]LYZVYLZ�`�JVUMVYTL�H�PUZ[Y\JJPVULZ�KL�tZ[VZ�
(Å\LU[H�LZ�\U�UV]LKVZV�ZLY]PJPV�KL�HKTPUPZ[YHJP}U�
KL�WYtZ[HTVZ�LU[YL�WLYZVUHZ��[HTIPtU�SSHTHKH�
¸ÄUHUaHZ�JVSHIVYH[P]HZ¹�`�LZ�WHY[L�KL�SVZ�ULNVJPVZ�
LUTHYJHKVZ�
LU�SH�SSHTHKH�¸LJVUVTxH�KLS�JVTWHY[PY¹��5V�LZ�UP�
PTWSPJH�PU[LYTLKPHJP}U�IHUJHYPH�V�ÄUHUJPLYH��
3H�¸PU[LYTLKPHJP}U�IHUJHYPH�V�ÄUHUJPLYH¹�ZL�
LUJ\LU[YH�KLZJYPW[H�LU�SH�3L`�KL�,U[PKHKLZ�
-PUHUJPLYHZ��5¢���������L�PKLU[PÄJH�H�LZ[H�HJ[P]PKHK�
JVU�SH�YLHSPaHJP}U�KL�KVZ�[HYLHZ�IPLU�KPMLYLUJPHKHZ�
L�PUZLWHYHISLZ�LU�LS�M\UJPVUHTPLU[V�KL�SVZ�IHUJVZ��
7VY�\U�SHKV�YLJPILU�KLW}ZP[VZ�KLS�W�ISPJV�HZ\TPLUKV�
LS�YPLZNV�KL�YLZ[P[\PY�SVZ�MVUKVZ�LU�SHZ�JVUKPJPVULZ�
WHJ[HKHZ��KLW}ZP[VZ�LU�JHQH�KL�HOVYYV��J\LU[H�
JVYYPLU[L�V�WSHaV�ÄQV��TPLU[YHZ�X\L�WVY�V[YV�SHKV�
HZ\TLU�LS�YPLZNV�KL�PUJVIYHIPSPKHK�KL�SVZ�WYtZ[HTVZ�
X\L�V[VYNHU�\[PSPaHUKV�KPJOVZ�YLJ\YZVZ��3H�JVUL_P}U�
KL�HTIHZ�HJ[P]PKHKLZ�`�SVZ�YPLZNVZ�HZVJPHKVZ��[PLULU�
\UH�JSHYH�JVUUV[HJP}U�Q\YxKPJH�X\L�LZ�PUZLWHYHISL�
KLS�ULNVJPV�IHUJHYPV��3VZ�IHUJVZ�[VTHU�YPLZNV�`�
VI[PLULU�\UH�YLJVTWLUZH�WVY�LSSV�
(Å\LU[H��LU�JHTIPV��UV�PU[LYTLKPH�JVU�UP�HMYVU[H�
[HSLZ�YPLZNVZ��5V�HZ\TL�LS�YPLZNV�KL�YLZ[P[\PY�SVZ�
MVUKVZ�UP�[HTWVJV�LS�YPLZNV�KL�PUJVIYHIPSPKHK�KL�
SVZ�WYtZ[HTVZ�V[VYNHKVZ��`H�X\L�SVZ�PU]LYZVYLZ�ZVU�
X\PLULZ�PU]PLY[LU�Z\�KPULYV�H�YPLZNV�JVU�LS�VIQL[V�KL�
V[VYNHY�WYtZ[HTVZ�H�V[YHZ�WLYZVUHZ��:P�IPLU�(Å\LU[H�
OH�KLZHYYVSSHKV�\U�ZPZ[LTH�PU[LSPNLU[L�KL�L]HS\HJP}U�
JYLKP[PJPH�WHYH�HKTP[PY�ZVSPJP[\KLZ�ZVSV�KL�WLYZVUHZ�
ZVS]LU[LZ��X\PLULZ�KLJPKLU�LS�KLZ[PUV��TVU[V�`�
VWVY[\UPKHK�KL�SVZ�WYtZ[HTVZ�ZVU�SVZ�PU]LYZVYLZ�
LZWLYHUKV�VI[LULY�\U�YLUKPTPLU[V�Z\WLYPVY�HS�KL�
V[YHZ�HS[LYUH[P]HZ�KL�PU]LYZP}U�KPZWVUPISLZ��(Å\LU[H�
JVIYH�\UH�JVTPZP}U�H�SHZ�WHY[LZ�PU]VS\JYHKHZ�WVY�SVZ�
KP]LYZVZ�ZLY]PJPVZ�WYLZ[HKVZ�
7HYH�LZ[Y\J[\YHY�LS�ULNVJPV��(Å\LU[H�JVUZ[P[\`}�\U�
ÄKLPJVTPZV�VYKPUHYPV�KL�HKTPUPZ[YHJP}U�KVUKL�SVZ�
PU]LYZVYLZ�ZVU�ÄK\JPHU[LZ�`�H�SH�]La�ILULÄJPHYPVZ�
KLS�YLZ\S[HKV�KL�SH�HJ[P]PKHK�TPLU[YHZ�X\L�(Å\LU[H�
(ZWLJ[VZ�SLNHSLZ(ZWLJ[VZ�3LNHSLZ�ZVIYL�(Å\LU[H�`�SH�HKTPUPZ[YHJP}U�KL�WYtZ[HTVZ�LU[YL�WLYZVUHZ�
(Å\LU[H�UV�YLHSPaH�PU[LYTLKPHJP}U�ÄUHUJPLYH
��
LZ�HKTPUPZ[YHKVY�`�HNLU[L�ÄK\JPHYPV��(Zx��SVZ�
WYtZ[HTVZ�V[VYNHKVZ�WVY�LS�ÄKLPJVTPZV�ZL�OHJLU�JVU�
YLJ\YZVZ�HWVY[HKVZ�WVY�SVZ�PU]LYZVYLZ�`�ZPN\PLUKV�
L_WYLZHZ�PUZ[Y\JJPVULZ�KL�LZ[VZ��,S�ÄKLPJVTPZV�LZ�
\UH�ÄN\YH�SLNHS�YLN\SHKH�WVY�SH�3L`�5¢��������X\L�
JVUZ[P[\`L�\U�WH[YPTVUPV�ZLWHYHKV�KL�SVZ�ÄK\JPHU[LZ�
`�ÄK\JPHYPV�KVUKL�ZL�HNY\WHU�SVZ�HWVY[LZ�KL�SVZ�
PU]LYZVYLZ�HMLJ[mUKVSVZ�HS�J\TWSPTPLU[V�KLS�VIQL[V�
KLS�ÄKLPJVTPZV�ZPU�X\L�W\LKHU�ZLY�H[HJHKVZ�WVY�
[LYJLYVZ��,Z�ZLN\YV�`�WYmJ[PJV�WHYH�LS�THULQV�
VWLYH[P]V�L�PTWVZP[P]V�KL�SH�HJ[P]PKHK��
7VY�SV�TLUJPVUHKV��(Å\LU[H�UV�JHW[H�YLJ\YZVZ�JVU�
SH�VISPNHJP}U�KL�Z\�YLZ[P[\JP}U�JVTV�SV�OHJLU�SVZ�
IHUJVZ��WVYX\L�UV�LZ�KLWVZP[HYPV!�SVZ�ÄK\JPHU[LZ�
ZVU�PU]LYZVYLZ��UV�ZVU�KLWVZP[HU[LZ�UP�HJYLLKVYLZ��
X\L�PU]PLY[LU�Z\�KPULYV�LU[LUKPLUKV�LS�YPLZNV�X\L�
HZ\TLU�LZWLYHUKV�YLJPIPY�\UH�YLU[H�JVTV�YLZ\S[HKV�
KL�SH�HJ[P]PKHK�KLS�ÄKLPJVTPZV��(Zx�JVUJLIPKH��LZ[H�
HJ[P]PKHK�PUUV]HKVYH�UV�X\LKH�LUJ\HKYHKH�KLU[YV�
KL�SH�3L`�KL�,U[PKHKLZ�-PUHUJPLYHZ�HS�UV�JHW[HY�
UP�JVSVJHY�YLJ\YZVZ�LU[YL�LS�W�ISPJV�LU�LS�ZLU[PKV�
KLÄUPKV�LU�KPJOH�SL �̀�X\L�PUKPJH�X\L�HJ[\HY�WVY�
J\LU[H�`�YPLZNV�WYVWPVZ�ZVU�LSLTLU[VZ�ULJLZHYPVZ�
WHYH�SVNYHY�`�NLULYHY�SH�PU[LYTLKPHJP}U�IHUJHYPH�
-PUHSTLU[L��(Å\LU[H�OH�JVTWSL[HKV�SVZ�
WYVJLKPTPLU[VZ�LZ[HISLJPKVZ�LU�LS�HY[xJ\SV���KL�SH�3L`�
KL�-PKLPJVTPZVZ�WHYH�VWLYHY�JVTV�HNLU[L�ÄK\JPHYPV�
KL�\U�ÄKLPJVTPZV�VYKPUHYPV�`�ZL�OH�PUZJYPW[V�LU�LS�
YLNPZ[YV�KL�ÄK\JPHYPVZ�VYKPUHYPVZ�KL�SH�*VTPZP}U�
5HJPVUHS�KL�=HSVYLZ�IHQV�LS�U¢�����SV�X\L�SL�WLYTP[L�
VMYLJLY�Z\Z�ZLY]PJPVZ�ÄK\JPHYPVZ�HS�W�ISPJV�LU�NLULYHS�
WHYH�VWLYHY�LS�ÄKLPJVTPZV�LU�J\LZ[P}U�
��
*VT\UPJH[L�JVU�UVZV[YVZ
;LStMVUV!���������� �����*OH[!�S\ULZ�H�]PLYULZ�KL� �H���OZ�,THPS!�PU]LYZVYLZ'HÅ\LU[H�JVT+PYLJJP}U!�+VYYLNV���� ���[V��WPZV��VM������������*()(�