Sunteți pe pagina 1din 320

=JG :JGPQOGPQP QH 6KHG

=QYCTF C :JKNQUQRJKECN -KQNQI[


4-9< 6:9-<

@ 4 = 3 , 1 9 ; 0 @ 9 ; / -A 6 , @ ; 0 8 . 0 ? 9 2 0 6
=41 ; 4 1 9 : 8 1 9 : 9 :2 7521
8QTVJYGUVGTP >PKXGTUKV[
<VWFKGU KP :JGPQOGPQNQI[
CPF
0ZKUVGPVKCN :JKNQUQRJ[
1QWPFKPI 0FKVQT 5COG< 7" 0FKG

2GPGTCN 0FKVQTU 5QJP 7E.WODGT


/CXKF 7KEJCGN 6GXKP

.QPUWNVKPI 0FKVQTU

;QDGTV -GTPCUEQPK 5" 8" 7QJCPV[


5WFKVJ :" -WVNGT \B7CWTKEG 8CVCPUQP
/CXKF .CTT 2TCGOG 8KEJQNUQP
0FYCTF <" .CUG[ 1TGFGTKEM 9NCHUQP
<VCPNG[ .CXGNN :CWN ;KEQGWT
;QFGTKEM 7" .JKUJQNO =QO ;QEMOQTG
3WDGTV 6" /TG[HWU 2GQTIG <EJTCFGT
6GUVGT 0" 0ODTGG .CNXKP #" <EJTCI
/CIHKPP 1QNNGUFCN =JQOCU <JGGJCP
?GTQPKSWG 1(VK 3WIJ 5" <KNXGTOCP
4TGPG 3CTXG[ ;QDGTV <QMQNQYUMK
/KGVGT 3GPTKEJ V3GTDGTV <RKGIGNDGTI
/QP 4JFG .JCTNGU =C[NQT
\B0OOCPWGN 6GXKPCU <COWGN 5" =QFGU
,NRJQPUQ 6KPIKU -TWEG @" @KNUJKTG
@KNNKCO 7E-TKFG /CXKF @QQF
=30
: 3 0 8 9 7 0 8 9 8
91 6410

=QY CTF C
:JKNQUQRJKECN -KQNQI[

3CPU 5QPCU
@ KVJ C HQTGYQTF D[ 6CYTGPEG ?QIGN

8QTVJYGUVGTP >PKXGTUKV[ :TGUU


0XCPUVQP! 4NNKPQKU
.QPVGPVU

1QTGYQTF ZK

:TGHCEG ZZKKK

4PVTQFWEVKQP" 9P VJG <WDLGEVU QH C :JKNQUQRJ[ QH 6KHG $

7GDC 0C?QF ?KB QFC .LBV GK QFC =FCLOV LD .CGKE (

,RRGPFKZ $" .CWUCNKV[ CPF :GTEGRVKQP %(

,RRGPFKZ %" 8QVG QP ,PVJTQRQOQTRJKUO &&

;FGILPLMFGA?I -PMCAQP LD 0?OTGKGPJ $)

,RRGPFKZ" =JG 7GCPKPI QH .CTVGUKCPKUO HQT VJG =JGQT[ QH 6KHG '*

5P 3LB ? 8?QFCJ?QGAG?K, =FC 8C?KGKE '%


LD 8CQ?@LIGPJ

,RRGPFKZ $" 8QVG QP VJG 2TGGM >UG QH 7CVJGOCVKEU KP VJG +%


4PVGTRTGVCVKQP QH 8CVWTG

,RRGPFKZ %" 8QVG QP @JKVGJGCF U :JKNQUQRJ[ QH 9TICPKUO +'

,RRGPFKZ &" 8QVG QP VJG 8QPRCTVKEKRCVKQP QH /8, +)


KP 7GVCDQNKUO

=L 8LSC ?KB QL 2CCI+ :K QFC -KGJ?I <LRI **

/V@COKCQGAP ?KB ;ROMLPC+ - /OGQGNRC "!)

,RRGPFKZ" 7CVGTKCNKUO! /GVGTOKPKUO! CPF VJG 7KPF $%)


=FC 9L@GIGQV LD <GEFQ+ - <QRBV GK QFC "$&
;FCKLJCKLILEV LD QFC <CKPCP

,RRGPFKZ" <KIJV CPF 7QXGOGPV $'%

5J?EC J?HGKE ?KB QFC 2OCCBLJ LD 8?K "&(

,RRGPFKZ" 9P VJG 9TKIKPU QH VJG 0ZRGTKGPEG QH =TWVJ $)'

2OLJ ;FGILPLMFV LD QFC :OE?KGPJ QL QFC ")$


;FGILPLMFV LD 8?K

=FC ;O?AQGA?I >PCP LD =FCLOV "))

3KLPQGAGPJ 1UGPQCKQG?IGPJ ?KB 9GFGIGPJ #""

4CGBCEECO ?KB =FCLILEV #$&

5JJLOQ?IGQV ?KB QFC 8LBCOK =CJMCO #'#

9?QROC ?KB 1QFGAP #)#

4PFGZ #)&
,124.4

31*60'5.(24

1.-./ *14

"&

&-* "1245.( %*/.,.21

&-* "1245.( %*/.,.21

!*.1, '1) &.0*

&-* $-*120*121 2 + #.+*


9 < E F G 8FF4L

?WTS# 7SObV# O\R bVS 5]Rg


W\ bVS GVS]`g ]T 5SW\U

<
JVS\ [O\ TW`ab PSUO\ b] W\bS`^`Sb bVS \Obc`S ]T bVW\Uai O\R bVWa VS
RWR eVS\ VS PSUO\ b] PS [O\i ZWTS eOa b] VW[ SdS`geVS`S# O\R PSW\U
bVS aO[S Oa PSW\U OZWdS% 4\W[Wa[ eOa bVS eWRSa^`SOR Sf^`SaaW]\ ]T
bVWa abOUS# jVgZ]h]Wa[k ]\S ]T Wba ZObS`# Q]\QS^bcOZ T]`[a% F]cZ
TZ]]RSR bVS eV]ZS ]T SfWabS\QS O\R S\Q]c\bS`SR WbaSZT W\ OZZ bVW\Ua%
5O`S [ObbS`# bVOb Wa# b`cZg W\O\W[ObS# jRSORk [ObbS`# eOa gSb b] PS
RWaQ]dS`SRi Oa W\RSSR Wba Q]\QS^b# a] TO[WZWO` b] ca# Wa O\gbVW\U Pcb
]PdW]ca% GVOb bVS e]`ZR Wa OZWdS Wa `SOZZg bVS []ab \Obc`OZ dWSe# O\R
ZO`USZg ac^^]`bSR Pg ^`W[O$TOQWS SdWRS\QS% B\ bVS bS``Sab`WOZ aQS\S# W\
eVWQV Sf^S`WS\QS Wa `SO`SR O\R Q]\bOW\SR# ZWTS OP]c\Ra O\R ]QQc^WSa
bVS eV]ZS T]`SU`]c\R Sf^]aSR b] [O\la W[[SRWObS dWSe% GVS ^`]^]`$
bW]\ ]T [O\WTSabZg ZWTSZSaa [ ObbS` S\Q]c\bS`SR W\ bVWa ^`W[]`RWOZ TWSZR
Wa a[OZZ# aW\QS []ab ]T eVOb eS \]e Y\]e b] PS W\O\W[ObS Wa a]
W\bW[ObSZg W\bS`beW\SR eWbV bVS Rg\O[WQa ]T ZWTS bVOb Wb aSS[a b] aVO`S
Wba \Obc`S% 8O`bV# eW\R# O\R eObS`i PSUSbbW\U# bSS[W\U# \c`bc`W\U#
RSab`]gW\Ui O`S O\gbVW\U Pcb []RSZa ]T j[S`S [ ObbS`%k GVca ^`W[W$
bWdS ^O\^agQVWa[# W\ ORRWbW]\ b] O\aeS`W\U ^]eS`TcZ \SSRa ]T bVS
a]cZ# eOa XcabWTWSR Pg `cZSa ]T W\TS`S\QS O\R dS`WTWQObW]\ eWbVW\ bVS
OdOWZOPZS `O\US ]T Sf^S`WS\QS# Q]\bW\cOZZg Q]\TW`[SR Oa Wb eOa Pg bVS
OQbcOZ ^`S^]\RS`O\QS ]T ZWTS W\ bVS V]`Wh]\ ]T Wba SO`bVZg V][S% <\$
M- N
. N G ;8 C ;8AB@8ABA B9 ?<98
RSSR \]b PST]`S bVS 6]^S`\WQO\ `Sd]ZcbW]\ eWRS\SR bVWa V]`Wh]\ W\b]
bVS dOab\Saa ]T Q]a[WQ a^OQS eOa bVS ^`]^]`bW]\OZ ^ZOQS ]T ZWTS W\ bVS
aQVS[S ]T bVW\Ua acTTWQWS\bZg ReO`TSR a] bVOb Wb PSQO[S ^]aaWPZS b]
RWa`SUO`R Wb T]` []ab ]T eVOb VS\QST]`bV eOa b] PS bVS Q]\bS\b ]T bVS
bS`[ j\Obc`S%k 5cb b] SO`Zg [O\# abO\RW\U ]\ VWa SO`bV O`QVSR Pg bVS
R][S ]T Wba aYg# Wb Q]cZR \SdS` ]QQc` bVOb ZWTS [WUVb PS O aWRS WaacS W\
bVS c\WdS`aS# O\R \]b Wba ^S`dORW\U `cZS% ;Wa ^O\dWbOZWa[ eOa O ^S`$
a^SQbWdS b`cbV eVWQV ]\Zg O QVO\US ]T ^S`a^SQbWdS Q]cZR SdS\bcOZZg
RWa^ZOQS% H\_cSabW]\SR O\R Q]\dW\QW\U Ob bVS PSUW\\W\U abO\Ra bVS
Sf^S`WS\QS ]T bVS ][\W^`SaS\QS ]T ZWTS%
<\ acQV O e]`ZR$dWSe# bVS `WRRZS Q]\T`]\bW\U [O\ Wa /0,=3# Wb Wa bVS
Q]\b`ORWQbW]\ b] bVS ]\S W\bSZZWUWPZS# aSZT$Sf^ZOW\W\U# j\Obc`OZk Q]\RW$
bW]\ eVWQV Wa bVS US\S`OZ ZWTS% G] bVS SfbS\b bVOb ZWTS Wa OQQS^bSR Oa bVS
^`W[O`g abObS ]T bVW\Ua# RSObV Z]][a Oa bVS RWabc`PW\U [gabS`g% ;S\QS
bVS 9;8-506 ]T RSObV Wa ^`]POPZg bVS TW`ab b] RSaS`dS bVWa \O[S W\ bVS
VWab]`g ]T bV]cUVb% <ba S[S`US\QS Oa O\ Sf^`Saa ^`]PZS[ aWU\WTWSa bVS
OeOYS\W\U ]T bVS _cSabW]\W\U [W\R Z]\U PST]`S O Q]\QS^bcOZ ZSdSZ ]T
bVS]`g Wa ObbOW\SR% GVS \Obc`OZ `SQ]WZ T`][ RSObV bOYSa Q]c`OUS T`][
bVS jZ]UWQOZk ]cb`OUS eVWQV bVS TOQb ]T []`bOZWbg W\TZWQba ]\ ^O\dWbOZ$
WabWQ Q]\dWQbW]\% C`W[SdOZ `STZSQbW]\ bVca U`O^^ZSa eWbV bVS `WRRZS ]T
RSObV# O\R W\ [gbV# QcZb# O\R `SZWUW]ca PSZWST S\RSOd]`a b] TW\R O
a]ZcbW]\ b] Wb%
GVOb RSObV# \]b ZWTS# QOZZa T]` O\ Sf^ZO\ObW]\ W\ bVS TW`ab ^ZOQS#
`STZSQba O bVS]`SbWQOZ aWbcObW]\ eVWQV ZOabSR Z]\U W\ bVS VWab]`g ]T bVS
`OQS% 5ST]`S bVS`S eOa e]\RS` Ob bVS [W`OQZS ]T ZWTS# bVS`S eOa e]\$
RS` OP]cb RSObV O\R eVOb Wb [WUVb [SO\% <T ZWTS Wa bVS \Obc`OZ O\R
Q][^`SVS\aWPZS bVW\U# RSObVi Wba O^^O`S\b \SUObW]\i Wa O bVW\U c\$
\Obc`OZ O\R QO\\]b PS b`cZg `SOZ% GVS Sf^ZO\ObW]\ Wb QOZZSR T]` VOR b]
PS W\ bS`[a ]T ZWTS Oa bVS ]\Zg c\RS`abO\ROPZS bVW\U0 RSObV VOR a][S$
V]e b] PS OaaW[WZObSR b] ZWTS% GVS _cSabW]\ Wb W\a^W`SR TOQSa POQYeO`R
O\R T]`eO`R0 V]e O\R eVg RWR RSObV Q][S W\b] bVS e]`ZR eV]aS
SaaS\QS Wb Q]\b`ORWQba3 4\R eVS`Sb] Wa Wb bVS b`O\aWbW]\# aW\QS eVOb$
SdS` Wb [Og ZSOR b] [cab abWZZ PSZ]\U b] bVS b]bOZ Q]\bSfb ]T ZWTS3 8O`Zg
[SbO^VgaWQa ObbS[^ba b] O\aeS` bVSaS _cSabW]\a1 ]`# RSa^OW`W\U ]T O\
O\aeS`# `S[]\ab`ObSa eWbV bVS W\Q][^`SVS\aWPZS ZOe% <b Wa bVS _cSa$
bW]\ ]T :WZUO[SaVi bVS O\aeS` ]T bVS Tc\S`OZ QcZb% 4a SO`Zg [O\la
^`OQbWQS Wa S[P]RWSR W\ VWa b]]Za# a] VWa bV]cUVb Wa S[P]RWSR W\ VWa
b][Pa eVWQV OQY\]eZSRUS O\R \SUObS RSObV Ob bVS aO[S bW[S% Bcb ]T
? <98 # 7 84G;# 4A7 G;8 5B7L <A G;8 G ;8BEL B9 58<A: M/
bVS b][Pa O`]aS ^`WabW\S [SbO^VgaWQa W\ bVS aVO^S ]T [gbV O\R `SZW$
UW]\% GVOb OZZ Wa ZWTS O\R bVOb OZZ ZWTS Wa []`bOZ Wa bVS POaWQ Q]\b`ORWQ$
bW]\ Wb ab`WdSa b] `Sa]ZdS% <b [SSba bVS ^`]T]c\R QVOZZS\US1 O\R b] aOdS
bVS ac[ ]T bVW\Ua# RSObV VOR a][SV]e b] PS RS\WSR%
4\g ^`]PZS[ Wa SaaS\bWOZZg bVS Q]ZZWaW]\ PSbeSS\ O Q][^`SVS\aWdS
dWSe !PS Wb Vg^]bVSaWa ]` PSZWST" O\R O ^O`bWQcZO` TOQb eVWQV eWZZ \]b
TWb W\b] Wb% C`W[WbWdS ^O\dWbOZWa[ eOa bVS Q][^`SVS\aWdS dWSe1 SdS`$
`SQc``W\U RSObV# bVS ^O`bWQcZO` TOQb0 aW\QS Wb aSS[SR b] RS\g bVS POaWQ
b`cbV# Wb VOR b] PS RS\WSR WbaSZT% G] aSSY T]` Wba [SO\W\U eOa b]
OQY\]eZSRUS Wba ab`O\US\Saa W\ bVS e]`ZR1 b] c\RS`abO\R Wb eOai W\
bVWa QZW[ObS ]T O c\WdS`aOZ ]\b]Z]Ug ]T ZWTSi b] \SUObS Wb Pg [OYW\U Wb
O b`O\a[cbObW]\ ]T ZWTS WbaSZT% FcQV O \SUObW]\ Wa bVS PSZWST W\ O ac`$
dWdOZ OTbS` RSObV eVWQV ^`W[SdOZ Pc`WOZ Qcab][a Sf^`Saa% GVS QcZb ]T
bVS RSOR O\R bVS PSZWST W\ W[[]`bOZWbg ]T eVObSdS` aVO^S# O\R bVS
a^SQcZObW]\a W\b] eVWQV bVSg Sd]ZdS# O`S bVS `c\\W\U O`Uc[S\b ]T bVS
ZWTS$Q`SSR eWbV RSObVi O\ O`Uc[S\b eVWQV Q]cZR OZa] `SQ]WZ ]\ bVS
S[PObbZSR ^]aWbW]\ O\R SdS\bcOZZg ZSOR b] Wba P`SOYW\U$c^% 4b TW`ab#
O\g aSbbZW\U ]T bVS Q]\b`ORWQbW]\# O\g a]ZcbW]\ ]T bVS `WRRZS# Q]cZR
]\Zg PS W\ TOd]` ]T ZWTS1 ]` bVS `WRRZS `S[OW\SR# O\ ]cbQ`g eWbV]cb
O\aeS`1 ]` bVS ]`WUW\OZ ^]aWbW]\ eOa OPO\R]\SR O\R O \Se abOUS ]T
bV]cUVb caVS`SR W\% 5]bV bVS TW`ab be] OZbS`\ObWdSa ObbSab bVS ]`WUW\OZ
]\b]Z]UWQOZ R][W\O\QS ]T ZWTS% GVWa Wa bVS ^O`OR]f0 ^`SQWaSZg bVS W[$
^]`bO\QS ]T bVS b][Pa W\ bVS PSUW\\W\Ua ]T [O\YW\R# bVS ^]eS` ]T bVS
RSObV []bWT W\ bVS PSUW\\W\Ua ]T Vc[O\ bV]cUVb# bSabWTg b] bVS U`SObS`
^]eS` ]T bVS c\WdS`aOZ ZWTS []bWT Oa bVSW` acabOW\W\U U`]c\R0 PSW\U eOa
W\bSZZWUWPZS ]\Zg Oa ZWdW\U1 O\R bVS RWdW\SR Q]\abO\Qg ]T PSW\U Q]cZR PS
c\RS`ab]]R ]\Zg Oa bVS Q]\abO\Qg ]T ZWTS# SdS\ PSg]\R RSObV O\R W\
RSTWO\QS ]T Wba O^^O`S\b dS`RWQb%

<<

@ ]RS[ bV]cUVb eVWQV PSUO\ eWbV bVS ES\OWaaO\QS Wa ^ZOQSR W\ Sf$


OQbZg bVS ]^^]aWbS bVS]`SbWQ aWbcObW]\% 7SObV Wa bVS \Obc`OZ bVW\U# ZWTS
bVS ^`]PZS[% 9`][ bVS ^VgaWQOZ aQWS\QSa bVS`S a^`SOR ]dS` bVS Q]\$
QS^bW]\ ]T OZZ SfWabS\QS O\ ]\b]Z]Ug eV]aS []RSZ S\bWbg Wa ^c`S [Ob$
bS`# ab`W^^SR ]T OZZ TSObc`Sa ]T ZWTS% JVOb Ob bVS O\W[WabWQ abOUS eOa \]b
SdS\ RWaQ]dS`SR VOa W\ bVS [SO\bW[S Q]\_cS`SR bVS dWaW]\ ]T `SOZWbg#
S\bW`SZg ]cabW\U Wba Q]c\bS`^O`b% GVS b`S[S\R]caZg S\ZO`USR c\WdS`aS
'& G ;8 C ;8AB@8ABA B9 ?<98
]T []RS`\ Q]a[]Z]Ug Wa Q]\QSWdSR Oa O TWSZR ]T W\O\W[ObS [OaaSa O\R
T]`QSa eVWQV ]^S`ObS OQQ]`RW\U b] bVS ZOea ]T W\S`bWO O\R ]T _cO\bWbO$
bWdS RWab`WPcbW]\ W\ a^OQS% GVWa RS\cRSR acPab`Obc[ ]T OZZ `SOZWbg
Q]cZR ]\Zg PS O``WdSR Ob bV`]cUV O ^`]U`SaaWdS Sf^c`UObW]\ ]T dWbOZ
TSObc`Sa T`][ bVS ^VgaWQOZ `SQ]`R O\R bV`]cUV ab`WQb OPabS\bW]\ T`][
^`]XSQbW\U W\b] Wba W[OUS ]c` ]e\ TSZb OZWdS\Saa% <\ bVS ^`]QSaa bVS PO\
]\ O\bV`]^][]`^VWa[ eOa SfbS\RSR b] h]][]`^VWa[ W\ US\S`OZ%
J VOb `S[OW\SR Wa bVS `SaWRcS ]T bVS `SRcQbW]\ b]eO`R bVS ^`]^S`bWSa
]T [S`S SfbS\aW]\ eVWQV acP[Wb b] [SOac`S[S\b O\R VS\QS b] [ ObV$
S[ObWQa% GVSaS ^`]^S`bWSa OZ]\S aObWaTg bVS `S_cW`S[S\ba ]T eVOb Wa
\]e QOZZSR SfOQb Y\]eZSRUS0 O\R `S^`SaS\bW\U bVS ]\Zg Y\]eOPZS
Oa^SQb ]T \Obc`S bVSg# Pg O bS[^bW\U acPabWbcbW]\# QO[S b] PS `SUO`RSR
Oa Wba SaaS\bWOZ Oa^SQb b]]0 O\R WT bVWa# bVS\ Oa bVS ]\Zg `SOZ W\ `SOZWbg%
GVWa [SO\a bVOb bVS ZWTSZSaa VOa PSQ][S bVS Y\]eOPZS ^O` SfQSZZS\QS
O\R Wa T]` bVOb `SOa]\ OZa] Q]\aWRS`SR bVS b`cS O\R ]\Zg T]c\RObW]\ ]T
`SOZWbg% <b Wa bVS j\Obc`OZk Oa eSZZ Oa bVS ]`WUW\OZ abObS ]T bVW\Ua% A]b
]\Zg W\ bS`[a ]T `SZObWdS _cO\bWbg Pcb OZa] W\ bS`[a ]T ]\b]Z]UWQOZ
US\cW\S\Saa# \]\ZWTS Wa bVS `cZS# ZWTS bVS ^chhZW\U SfQS^bW]\ W\ ^VgaWQOZ
SfWabS\QS%
4QQ]`RW\UZg# Wb Wa bVS SfWabS\QS ]T ZWTS eWbVW\ O [SQVO\WQOZ c\WdS`aS
eVWQV \]e QOZZa T]` O\ Sf^ZO\ObW]\# O\R Sf^ZO\ObW]\ VOa b] PS W\
bS`[a ]T bVS ZWTSZSaa% ?STb ]dS` Oa O P]`RS`ZW\S QOaS W\ bVS V][]US$
\S]ca ^VgaWQOZ e]`ZR$dWSe# ZWTS VOa b] PS OQQ]c\bSR T]` Pg bVS bS`[a ]T
bVOb dWSe% DcO\bWbObWdSZg W\TW\WbSaW[OZ W\ bVS W[[S\aWbg ]T Q]a[WQ
[ObbS`# _cOZWbObWdSZg O\ SfQS^bW]\ T`][ bVS `cZS ]T Wba ^`]^S`bWSa#
Q]U\WbWdSZg bVS c\Sf^ZOW\SR W\ bVS US\S`OZ ^ZOW\\Saa ]T ^VgaWQOZ
bVW\Ua# Wb VOa PSQ][S bVS abc[PZW\U PZ]QY ]T bVS]`g% GVOb bVS`S Wa ZWTS
Ob OZZ# O\R V]e acQV O bVW\U Wa ^]aaWPZS W\ O e]`ZR ]T [S`S [ ObbS`# Wa
\]e bVS ^`]PZS[ ^]aSR b] bV]cUVb% GVS dS`g TOQb bVOb eS VOdS \]eO$
ROga b] RSOZ eWbV bVS bVS]`SbWQOZ ^`]PZS[ ]T ZWTS# W\abSOR ]T bVS ^`]P$
ZS[ ]T RSObV# bSabWTWSa b] bVS abObca ]T RSObV Oa bVS \Obc`OZ O\R W\bSZ$
ZWUWPZS Q]\RWbW]\%
;S`S OUOW\# bVS ^`]PZS[ Q]\aWaba W\ bVS Q]ZZWaW]\ PSbeSS\ O Q][$
^`SVS\aWdS dWSe O\R O ^O`bWQcZO` TOQb0 Oa T]`[S`Zg ^O\dWbOZWa[# a]
\]e ^O\[SQVO\Wa[ Wa bVS Q][^`SVS\aWdS Vg^]bVSaWa1 O\R bVS `O`S
QOaS ]T ZWTS# `SOZWhSR c\RS` bVS SfQS^bW]\OZ# ^S`VO^a c\W_cS Q]\RWbW]\a
]T ]c` ^ZO\Sb# Wa bVS W[^`]POPZS ^O`bWQcZO` bVOb aSS[a b] SZcRS bVS
POaWQ ZOe O\R bVS`ST]`S [cab PS RS\WSR Wba Ocb]\][gi bVOb Wa# [cab PS
? <98 # 7 84G;# 4A7 G;8 5B7L <A G;8 G ;8BEL B9 58<A: M ''
W\bSU`ObSR W\b] bVS US\S`OZ ZOe% G] bOYS ZWTS Oa O ^`]PZS[ Wa VS`S b]
OQY\]eZSRUS Wba ab`O\US\Saa W\ bVS [SQVO\WQOZ e]`ZR eVWQV Wa =30
e]`ZR1 b] Sf^ZOW\ Wb Wai W\ bVWa QZW[ObS ]T O c\WdS`aOZ ]\b]Z]Ug ]T
RSObVi b] \SUObS Wb Pg [OYW\U Wb ]\S ]T bVS ^]aaWPZS dO`WO\ba ]T bVS
ZWTSZSaa% FcQV O \SUObW]\ Wa bVS [SQVO\WabWQ bVS]`g ]T bVS ]`UO\Wa[# Oa
bVS Tc\S`OZ `WbSa ]T ^`SVWab]`g eS`S O \SUObW]\ ]T RSObV% ' E38660
6,.3470 aWU\WTWSa W\ bVS []RS`\ aQVS[S eVOb Q]\dS`aSZg VgZ]h]Wa[
aWU\WTWSR W\ bVS O\QWS\b aQVS[S0 bVS cac`^ObW]\ ]T ]\S# RWaaS[PZSR
`SOZ[ Pg bVS ]bVS` eVWQV S\X]ga O\ ]\b]Z]UWQOZ []\]^]Zg% IWbOZWabWQ
[]\Wa[ Wa `S^ZOQSR Pg [SQVO\WabWQ []\Wa[# W\ eV]aS `cZSa ]T SdW$
RS\QS bVS abO\RO`R ]T ZWTS Wa SfQVO\USR T]` bVOb ]T RSObV%
<\ bVS \Se []\Wa[# b]]# ]\S TOQS ]T bVS _cSabW]\ Wa bc`\SR POQY$
eO`R0 \] Z]\US`# V]e RWR RSObV# Pcb V]e RWR ZWTS Q][S W\b] bVS e]`ZR#
bVS ZWTSZSaa ]\S3 ?WTSla ^ZOQS W\ bVWa e]`ZR VOa aV`c\Y b] bVOb ]T bVS
]`UO\Wa[# O ^`]PZS[ObWQOZ a^SQWOZbg W\ bVS Q]\TWUc`ObW]\a ]T SfbS\RSR
acPabO\QS% <\ Wb OZ]\S R] jSfbS\RSRk O\R jbVW\YW\Uk PSW\U [SSb#
OTbS` bVSg VOR TW`ab PSS\ ac\RS`SR W\b] be] ]\b]Z]UWQOZ a^VS`Sa ]T
eVWQV ]\Zg bVS TW`ab Wa je]`ZR#k O\R bVS aSQ]\R \]b SdS\ PSZ]\Ua b]
bVS e]`ZR% GVSW` [SSbW\U W\ bVS ]`UO\Wa[ bVS\ PSQ][Sa O\ W\a]ZcPZS
`WRRZS% 5cb aW\QS bVS ]`UO\Wa[# Oa O Q]`^]`SOZ bVW\U# Wa O QOaS ]T bVS
SfbS\RSR# bVca O ^WSQS ]T je]`ZR#k V]eSdS` ^O`bWQcZO` O Q]\TWUc`ObW]\
]T Wba ^O`ba# Wb QO\\]b PS SaaS\bWOZZg RWTTS`S\b T`][ bVS `Sab ]T bVS
e]`ZR# W%S%# T`][ bVS US\S`OZ PSW\U ]T bVS e]`ZR%
<\ WbaSZT bVWa O`Uc[S\b# ]T Q]c`aS# Qcba P]bV eOga0 <T bVS`S Wa b]
PS V][]US\SWbg# bVS\ SWbVS` bVS US\S`OZ QO\ PS aSS\ W\ bVS W[OUS ]T
bVS ^O`bWQcZO` !eVWQV Wa TW`ab O\R \SO`Sab W\ Sf^S`WS\QS"# ]` bVS ^O`$
bWQcZO` W\ bVS W[OUS ]T bVS US\S`OZi W%S%# SWbVS` e]`ZR$\Obc`S W\ bVS
W[OUS ]T bVS ]`UO\Wa[# ]` bVS ]`UO\Wa[ W\ bVS W[OUS ]T e]`ZR$\Obc`S%
5cb eVOb bVS US\S`OZ \Obc`S ]T bVS e]`ZR Wa# VOa PSS\ RSQWRSR W\
ORdO\QS0 [S`S [ ObbS` W\ a^OQS% GVS`ST]`S# aW\QS ]`UO\Wa[ `S^`SaS\ba
jZWTSk W\ bVS e]`ZR# bVS _cSabW]\ `SUO`RW\U ZWTS \]e ^]aSa WbaSZT bVca0
;]e R]Sa bVS ]`UO\Wa[ abO\R W\ bVS b]bOZ Q]\bSfb OZ`SORg RSTW\SR#
V]e Wa bVWa a^SQWOZ ]`RS` ]` Tc\QbW]\ ]T Wb `SRcQWPZS b] Wba US\S`OZ
ZOeai V]e# W\ aV]`b# Wa ZWTS `SRcQWPZS b] \]\ZWTS3 G] `SRcQS ZWTS b] bVS
ZWTSZSaa Wa \]bVW\U SZaS bVO\ b] `Sa]ZdS bVS ^O`bWQcZO` W\b] bVS US\S`OZ#
bVS Q][^ZSf W\b] bVS aW[^ZS# O\R bVS O^^O`S\b SfQS^bW]\ W\b] bVS
OQQS^bSR `cZS% C`SQWaSZg bVWa Wa bVS bOaY aSb b] []RS`\ PW]Z]UWQOZ aQW$
S\QS Pg bVS U]OZ ]T jaQWS\QSk Oa acQV% GVS RSU`SS ]T O^^`]fW[ObW]\
'( G ;8 C ;8AB@8ABA B9 ?<98
b] bVWa U]OZ Wa bVS [SOac`S ]T Wba acQQSaa1 O\R bVS c\`Sa]ZdSR `S$
[OW\RS` ZSTb Ob O\g bW[S RS\]bSa Wba ^`]dWaW]\OZ ZW[Wb# b] PS ORdO\QSR
W\ bVS \Sfb []dS%
GVS SO`ZWS` U]OZ# eS VOdS aSS\# eOa b] W\bS`^`Sb bVS O^^O`S\bZg
ZWTSZSaa W\ bVS W[OUS ]T ZWTS O\R b] SfbS\R ZWTS W\b] O^^O`S\b RSObV%
GVS\# Wb eOa bVS Q]`^aS# bVWa ^`W[OZ SfVWPWbW]\ ]T jRSORk [ObbS`#
eVWQV eOa bVS ZW[Wb ]T OZZ c\RS`abO\RW\U O\R bVS`ST]`S bVS TW`ab bVW\U
\]b b] PS OQQS^bSR Ob Wba TOQS$dOZcS% G]ROg bVS ZWdW\U# TSSZW\U# ab`WdW\U
]`UO\Wa[ VOa bOYS\ ]dS` bVWa `]ZS O\R Wa PSW\U c\[OaYSR Oa O
5>/4-;4>6 6,=0;4,0 O acPbZS V]Of ]T [ObbS`% B\Zg eVS\ O Q]`^aS Wa
bVS P]Rg ^ZOW\Zg W\bSZZWUWPZS0 bVS\ Wb `Sbc`\a T`][ Wba ^chhZW\U O\R
c\]`bV]R]f PSVOdW]` ]T OZWdS\Saa b] bVS c\O[PWUc]ca# jTO[WZWO`k
abObS ]T O P]Rg eWbVW\ bVS e]`ZR ]T P]RWSa# eV]aS US\S`OZ ZOea ^`]$
dWRS bVS QO\]\ ]T OZZ Q][^`SVS\aWPWZWbg% G] O^^`]fW[ObS bVS ZOea ]T
bVS ]`UO\WQ P]Rg b] bVWa QO\]\# W%S%# b] STTOQS W\ =34< aS\aS bVS P]c\RO$
`WSa PSbeSS\ ZWTS O\R RSObV# Wa bVS RW`SQbW]\ ]T []RS[ bV]cUVb ]\ ZWTS
Oa O ^VgaWQOZ TOQb% Bc` bVW\YW\U b]ROg Wa c\RS` bVS ]\b]Z]UWQOZ R][W$
\O\QS ]T RSObV%
B\S [Og ]PXSQb VS`S bVOb eS a^SOY ]T jRSObVk eVS\ eS [SO\ bVS
[S`S W\RWTTS`S\QS ]T [ObbS`# eVWQV Wa O \Scb`OZ QVO`OQbS` eVS`SOa
jRSORk VOa O\ O\bWbVSbWQOZ [SO\W\U O^^ZgW\U ]\Zg b] eVOb Wa !]` Q]cZR
PS# ]` ]\QS eOa" OZWdS% 5cb W\ TOQb# bV]cUV bVWa Wa T]`U]bbS\# bVS
Q]a[]a ]\QS @,< OZWdS Oa ^S`QSWdSR Pg [O\# O\R Wba []`S `SQS\b
ZWTSZSaa W[OUS eOa PcWZb c^# ]` ZSTb ]dS`# W\ O Q]\bW\c]ca ^`]QSaa ]T
Q`WbWQOZ acPb`OQbW]\ T`][ Wba TcZZS` ]`WUW\OZ Q]\bS\b0 Ob ZSOab W\ bVWa
VWab]`WQOZ aS\aS bVS [SQVO\WabWQ Q]\QS^bW]\ ]T bVS c\WdS`aS R]Sa Q]\$
bOW\ O\ O\bWbVSbWQ SZS[S\b O\R Wa \]b aW[^Zg \Scb`OZ% @]`S]dS`# bVOb
jacPb`OQbW]\k eOa aSb W\ []bW]\ O\R T]` Z]\U acabOW\SR# \]b Pg bVS
Q`WbWQOZ c\RS`abO\RW\U# Pcb Pg RcOZWabWQ [SbO^VgaWQa eVWQV VOa
RS[]\ab`OPZS `]]ba W\ bVS Sf^S`WS\QS ]T []`bOZWbg% &>,54<6 Wa bVS ZW\Y
bVOb VWab]`WQOZZg [SRWObSR PSbeSS\ bVS be] Sfb`S[Sa eVWQV a] TO` eS
VOdS ]^^]aSR b] SOQV ]bVS` c\VWab]`WQOZZg0 Wb eOa W\RSSR bVS dSVWQZS
]T bVS []dS[S\b eVWQV QO``WSR bVS [W\R ]T [O\ T`][ bVS dWbOZWabWQ
[]\Wa[ ]T SO`Zg bW[Sa b] bVS [ObS`WOZWabWQ []\Wa[ ]T ]c` ]e\ Oa b]
Wba c\^`S[SRWbObSR# SdS\ ^O`OR]fWQOZ `SacZb1 O\R Wb Wa RWTTWQcZb b]
W[OUW\S V]e bVS ]\S Q]cZR VOdS PSS\ `SOQVSR T`][ bVS ]bVS` eWbV]cb
bVWa UWUO\bWQ jRSb]c`%k
? <98 # 7 84G;# 4A7 G;8 5B7L <A G;8 G ;8BEL B9 58<A: M ')

<<<

<\ []`S eOga bVO\ ]\S# bVS `WaS O\R Z]\U OaQS\RO\Qg ]T RcOZWa[ O`S
O[]\U bVS []ab RSQWaWdS SdS\ba W\ bVS [S\bOZ VWab]`g ]T bVS `OQS%
J VOb [ObbS`a T]` ]c` Q]\bSfb Wa bVOb# eVWZS Wb VSZR aeOg# O\R W\ O\
]bVS`eWaS dO`WSR QO`SS`# RcOZWa[ Q]\bW\cSR b] R`OW\ bVS a^W`WbcOZ SZS$
[S\ba ]TT bVS ^VgaWQOZ `SOZ[i c\bWZ# eVS\ Wba bWRS Ob ZOab `SQSRSR# Wb
ZSTb W\ Wba eOYS O e]`ZR ab`O\USZg RS\cRSR ]T acQV O``SabW\U Obb`WPcbSa%
B\S QZSO`Zg `SQ]U\WhOPZS Q][^]\S\b !bVS`S O`S ]bVS`a" W\ Wba ]`WUW\
O\R []bWdObW]\OZ VWab]`g Wa bVS RSObV bVS[S% GVS jc\b] Rcab aVOZb
bV]c `Sbc`\k eVWQV SdS`g Q]`^aS QOZZa ]cb b] bVS ZWdW\U# bVS TW\OZWbg ]T
bVS abObS eVWQV Wba RSQOg ]^^]aSa b] bVS b`O\aWS\QS ]T ZWTS# [cab VOdS
TW`ab O\R SdS` OUOW\ T]`QSR j[ ObbS`k Oa PO`S O\R ZWTSZSaa W\b] bVS
`SZcQbO\b Vc[O\ dWSe# O\R Wb \SdS` QSOaSR b] `S\Se bVS QVOZZS\US
eVWQV ^O\dWbOZWabWQ Q`SSR# W\ bVS Tc\S`OZ QcZb# Q]cZR O^^SOaS Pcb \]b
aWZS\QS% JVSbVS` O\R eVS\ bVWa Q]\b`ORWQbW]\ QO[S b] O Q`WaWa RS$
^S\RSR ]\ VWab]`WQOZ QW`Qc[abO\QSa eWbV eVWQV bVS jRSObVk []bWT VOR
b] OZZg WbaSZT a] bVOb Ob a][S bW[S Wb Q]cZR ]dS`eVSZ[ bVS jZWTS []bWT%k
5cb eVS\ bVWa VO^^S\SR# bVS \OWdS []\Wa[ P`]YS c^ W\b] O RcOZWa[#
eWbV eV]aS U`]ebV bVS b`OWba ]T bVS PSeWZRS`W\U aWUVb T`][ eVWQV Wb
VOR abO`bSRi bVS aWUVb ]T bVS Q]`^aSi Q]cZR ^`]U`SaaWdSZg a^`SOR ]dS`
bVS TOQS ]T bVS ^VgaWQOZ 4ZZ% 7SObV W\ TOQb Q]\_cS`SR SfbS`\OZ `SOZWbg%
+86,i <06, bVS P]Rgi O b][P0 bVWa B`^VWQ T]`[cZO Sf^`SaaSR
bVS TW`ab RcOZWabWQ O\aeS` b] bVS ^`]PZS[ ]T RSObVi \]e Q]\QSWdSR !Oa
bVOb ]T ZWTS# eVWQV ]\Zg \]e PSQO[S O ^`]PZS[ b]]" W\ bS`[a ]T bVS
W\bS``SZObW]\ ]T be] RWTTS`S\b S\bWbWSa# P]Rg O\R a]cZ% GVS P]Rg Oa
acQV Wa bVS U`OdS ]T bVS a]cZ# O\R P]RWZg RSObV Wa bVS ZObbS`la `Sac``SQ$
bW]\% ?WTS ReSZZa ZWYS O ab`O\US` W\ bVS TZSaV eVWQV Pg Wba ]e\ \Obc`Si
bVS \Obc`S ]T bVS Q]`^]`SOZi Wa \]bVW\U Pcb Q]`^aS# aSS[W\UZg OZWdS Pg
TOd]` ]T bVS a]cZla ^OaaW\U ^`SaS\QS W\ Wb% B\Zg W\ RSObV# `SZW\_cWaVSR
Pg Wba OZWS\ dWaWb]`# R]Sa bVS P]Rg `Sbc`\ b] Wba ]`WUW\OZ b`cbV# O\R a]cZ
b] VS`a%
GVS RWaQ]dS`g ]T bVS jaSZT#k [ORS TW`ab W\ SO`\Sab !T]` bVS JSab" W\
bVS B`^VWQ `SZWUW]\ O\R QcZ[W\ObW\U W\ bVS 6V`WabWO\ O\R U\]abWQ Q]\$
QS^bW]\ ]T O\ S\bW`SZg \]\[c\RO\S W\eO`R\Saa W\ [O\# VOR O Qc`W$
]caZg ^]ZO`WhW\U STTSQb ]\ bVS US\S`OZ ^WQbc`S ]T `SOZWbg0 bVS dS`g
^]aaWPWZWbg ]T bVS \]bW]\ ]T O\ jW\O\W[ObS c\WdS`aSk S[S`USR Oa bVS
Q]c\bS`^O`b b] bVS W\Q`SOaW\UZg SfQZcaWdS ab`Saa ZOWR ]\ bVS 3>6,7
'* G ;8 C ;8AB@8ABA B9 ?<98
a]cZ# ]\ Wba W\\S` ZWTS O\R Wba W\Q][[S\ac`OPWZWbg eWbV O\gbVW\U W\
\Obc`S%' GVS TObSTcZ RWd]`QS# ab`SbQVSR b] bVS ^]W\b ]T O Q][^ZSbS
T]`SWU\\Saa eVWQV ZSTb \]bVW\U W\ Q][[]\ PSbeSS\ bVS ^O`bSR [S[$
PS`a# VS\QST]`bV _cOZWTWSR bVS[ P]bV Pg bVWa [cbcOZ SfQZcaW]\% 4a bVS
`Sb`SObW\U a]cZ R`Se OP]cb WbaSZT OZZ a^W`WbcOZ aWU\WTWQO\QS O\R [ SbO$
^VgaWQOZ RWU\Wbg# Q]\b`OQbW\U bVS[ O\R WbaSZT OZWYS eWbVW\ Wba W\\S`[]ab
PSW\U# Wb ZSTb bVS e]`ZR RWdSabSR ]T OZZ acQV QZOW[a O\R# bV]cUV Ob TW`ab
RSQWRSRZg RS[]\WQ# W\ bVS S\R W\RWTTS`S\b b] bVS dS`g _cSabW]\ ]T dOZcS
SWbVS` eOg%
4 b bVS ^SOY ]T bVS RcOZWabWQ RSdSZ]^[S\b# W\ :\]abWQWa[# bVS <86,!
<06, aW[WZS# W\ Wba ]`WUW\ ^c`SZg Vc[O\# VOR Q][S b] SfbS\R b] bVS
^VgaWQOZ c\WdS`aS% GVS eV]ZS e]`ZR Wa b][P !^`Wa]\ V]caS# ^ZOQS ]T
SfWZS# SbQ%" b] bVS a]cZ ]` a^W`Wb# bVOb OZWS\ W\XSQbW]\ W\ eVOb Wa ]bVS`$
eWaS c\`SZObSR b] ZWTS% GVS`S# ]\S [WUVb PS bS[^bSR b] aOg# bVS [ ObbS`
`Saba b] bVWa ROgi eWbV bVS RWTTS`S\QS bVOb bVS b][P VOa [SO\eVWZS
PSQ][S S[^bg% JWbV bVS Q`WbWQOZ SdO^]`ObW]\ ]T bVS Vg^]abOaWhSR a^W`$
WbcOZ S\bWbg# ]T bVS ja][SbVW\Uk eVWQV Q]cZR PS bV]cUVb ]T Oa S\QZ]aSR
W\ bVOb U`OdS ]` ^`Wa]\# ]\Zg bVS eOZZa `S[OW\SR# Pcb bVSaS SfQSSRW\UZg
a]ZWR% GVWa Wa# [SbO^V]`WQOZZg a^SOYW\U# bVS ^]aWbW]\ ]T []RS[ [ ObS$
`WOZWa[# eVWQV W\VS`WbSR bVS SabObS ]T O RSTc\Qb RcOZWa[# ]` eVOb eOa
ZSTb ]T Wb% GVca bVS a^ZWbbW\U ]T `SOZWbg W\b] aSZT O\R e]`ZR# W\\S` O\R
]cbS` SfWabS\QS# [W\R O\R \Obc`S# Z]\U aO\QbW]\SR Pg `SZWUW]ca R]Q$
b`W\S# ^`S^O`SR bVS U`]c\R T]` bVS ^]abRcOZWabWQ acQQSaa]`a%'

'% <ZZc[W\ObW\U W\ bVWa Q]\\SQbW]\ O`S a][S ]T bVS QVO`USa eVWQV W\ bVS
aWfbV QS\bc`g 4%7% FW[^ZWQWca# ]\S ]T bVS ZOab ]T bVS CZOb]\Waba# ZSdSZSR
OUOW\ab VWa 6V`WabWO\ Q]\bS[^]`O`g =]VO\\Sa CVWZ]^]\ca% ;S OQQcaSa
VW[ ]T PZOa^VS[g T]` ZWYS\W\U bVS ZWUVb ]T bVS VSOdS\a b] ]`RW\O`g TW`S
O\R b] UZ]ee]`[a# Wba Q]Z]` b] bVOb ]T TWaVaQOZSa 47 $;4<=" /0 .,058 ^% ..#
(. TT% ;SWPS`U1 VS OZa] bOYSa VW[ b] bOaY T]` RS\gW\U# OUOW\ab 4`Wab]bZS# bVS
SbS`\Wbg ]T bVS e]`ZR# 4-4/" ^% ,,# '&"% <b eOa O UOZZO\b ^`]bSab ]T bVS
R]][SR Q]a[]a$^WSbg OUOW\ab bVS W\RWU\Wbg R]\S b] \Obc`S c\RS` bVS RWa$
^S\aObW]\ ]T b`O\aQS\RS\bOZ `SZWUW]\0 bVS acP[S`aW]\ ]T Wba VWS`O`QVg W\
bVS Q][[]\ abObca ]T [S`S Q`SObSR bVW\Ua% 4Z[]ab ]\S bV]caO\R gSO`a
SO`ZWS` 4\OfOU]`Oa VOR PSS\ QVO`USR Pg bVS 4bVS\WO\a eWbV PZOa^VS[g
T]` RSQZO`W\U bVS ac\ b] PS O [Oaa ]T VSObSR [SbOZ ]` ab]\S% 5SbeSS\ bVS
be] SdS\ba ZWS bVS `WaS O\R TOZZ ]T Q]a[]Z]UWQOZ `SZWUW]\% GVS RcOZWabWQ
QVOZZS\US eOa []`S `ORWQOZ bVO\ bVS \Obc`OZWabWQ ]\S ]T bVS <]\WO\a eV]
eS`S ^]bS\bWOZZg j^O\bVSWaba%k 4 \Obc`OZWa[# Q][W\U OTbS` RcOZWa[ VOR
R]\S Wba e]`Y# eOa OQQ]`RW\UZg P]c\R b] PS []`S bV]`]cUVU]W\U% !6][$
^O`S bVS AW\bV 8aaOg# j:\]abWQWa[# 8fWabS\bWOZWa[# O\R AWVWZWa[k"%
?<98 # 7 84G;# 4A7 G;8 5B7L <A G;8 G ;8BEL B9 58<A: M '+
<T RcOZWa[ eOa bVS TW`ab U`SOb Q]``SQbW]\ ]T bVS O\W[WabWQ$[]\WabWQ
]\S$aWRS\Saa# [ObS`WOZWab []\Wa[ eVWQV `S[OW\SR Oa Wba `SaWRcS Wa
bVS\ bVS \] ZSaa ]\S$aWRSR# b]bOZ b`Wc[^V ]T bVS RSObV Sf^S`WS\QS ]dS`
bVS ZWTS Sf^S`WS\QS% <\ bVWa aS\aS# bVS bVS]`SbWQOZ aV]QY bVOb ]\QS
WaacSR T`][ bVS Q]`^aS VOa bc`\SR W\b] O Q]\abWbcbWdS ^`W\QW^ZS# O\R W\
O c\WdS`aS T]`[SR OTbS` bVS W[OUS ]T bVS Q]`^aS bVS aW\UZS# OQbcOZ
Q]`^aS VOa Z]ab Wba [gabS`g% 4ZZ bVS []`S R]Sa bVS ]\S c\`Sa]ZdSR
`S[OW\RS` QZOaV eWbV bVS c\WdS`aOZ \]`[0 bVS ZWdW\U ]`UO\Wa[# eVWQV
aSS[a b] `SaWab bVS RcOZWabWQ OZbS`\ObWdS Oa [cQV Oa bVS OZbS`\ObWdS
RcOZWa[$[]\Wa[ WbaSZT% GVS _cSab T]` Wba O\OZgaWa ]\ bVS bS`[a ]T
US\S`OZ ^VgaWQOZ ZOe Wa bVS `c\\W\U O`Uc[S\b eWbV bVS `ST`OQb]`g T`][
bVS ^]aWbW]\ ]T bVS ]\b]Z]Ug ]T RSObVi O\ O`Uc[S\b# bVWa b]]# eVWQV
[Og gSb bc`\ POQY ]\ bVS ^]aWbW]\ WbaSZT O\R QOcaS Wba SfQZcaWdS QZOW[
b] PS `SO^^`OWaSR% <\ Wba VSgROg# eVS\ bVS \Se ]\b]Z]Ug `cZSR c\QVOZ$
ZS\USR# O\g aSbbZW\U ]T bVS Q]\b`ORWQbW]\# O\g a]ZcbW]\ ]T bVS `WRRZS#
Q]cZR ]\Zg PS W\ TOd]` ]T RSObV1 ]` bVS `WRRZS `S[OW\SR# O\ O\\]gW\U
RcOZWabWQ `Sab0 SWbVS` QOaS bSabWTWSa b] bVS ]\b]Z]UWQOZ R][W\O\QS ]T
RSObV% GVWa R][W\O\QS Wa bVS W\dS`bSR []\Wa[ eWbV eVWQV [O\YW\R
S[S`USR Ob bVS TO` aV]`S T`][ bVS eObS`a ]T RcOZWa[ eVWQV Z]\U OU] Wb
VOR S\bS`SR eWbV bVS O`QVOWQ []\Wa[ ]T bVS a]cZ%
5cb ^`SQWaSZg bVS \OYSR\Saa ]T bVS \Se []\Wa[ T`][ eVWQV bVS
US\S`OZ ZWTS VOR PSS\ PO\WaVSR O\R eVWQV \] b`O\aQS\RS\b ^]ZS Q][$
^ZS[S\bSR O\g[]`S# Sf^]aSR b] dWSe bVS ^O`bWQcZO`# TW\WbS ZWTS W\ Wba
[SbO^VgaWQOZZg Sf^Ob`WObSR WRS\bWbgi O\R ZSTb Wb b] PS O^^`OWaSR W\ Wba
j]e\k bS`[a OTbS` Wb VOR a] Z]\U PSS\ [SOac`SR Pg ]bVS` ]\Sa% <ba
a]ZSZg `S[OW\W\U VS`S$O\R$\]e# aca^S\RSR PSbeSS\ PSUW\\W\U O\R
S\R# OQ_cW`Sa O ^`][W\S\QS eVWQV P]bV ^`SQSRW\U dWSea VOR RS\WSR b]
Wb% GVS ObbS\bW]\ b] Wba ^SQcZWO` \Obc`S# PSZ]\UW\U b] \]bVW\U SZaS# VOa
W\Q`SOaSR W\ ^`]^]`bW]\ Oa# W\ `Sb`SOb T`][ P]bV bVS RWTTcaW]\ ]T
O\W[Wa[ O\R bVS eWRbV ]T RcOZWabWQ bS\aW]\# Wb VOa PSQ][S \O``]eS`i
W\ ^`]^]`bW]\# bVOb Wa# Oa bVS Z]Qca ]T ZWTS eWbVW\ PSW\U VOa aV`c\Y b]
bVS a^SQWOZ QOaS ]T bVS ]`UO\Wa[ W\ Wba Q]\RWbW]\W\U SO`bVZg S\dW`]\$
[S\b% GVS Q]\RWbW]\W\U# ZWTS$S\OPZW\U QVO`OQbS` ]T bVOb S\dW`]\[S\b Wa
W\ bc`\ O\ W[^`]POPZS OQQWRS\b ]T O c\WdS`aS OZWS\ b] ZWTS O\R W\RWTTS`$
S\b W\ Wba [ObS`WOZ ZOea% 4ZZ []RS[ bVS]`WSa ]T ZWTS O`S b] PS c\RS`$
ab]]R OUOW\ab bVWa POQYR`]^ ]T O\ ]\b]Z]Ug ]T RSObV# T`][ eVWQV SOQV
aW\UZS ZWTS [cab Q]Of ]` PcZZg Wba ZSOaS# ]\Zg b] PS aeOZZ]eSR c^ Pg Wb
W\ bVS S\R%
', G ;8 C;8AB@8ABA B9 ? <98
GVS `]OR bV`]cUV RcOZWa[ VS`S P`WSTZg W\RWQObSR [O`Ya bVS W``S$
dS`aWPZS bW[S$]`RS` ]T bVS be] ^]aWbW]\a# O\R RcOZWa[ WbaSZT `S^`SaS\ba
a] TO` bVS []ab [][S\b]ca ^VOaS W\ bVS VWab]`g ]T bV]cUVb# eV]aS
OQVWSdS[S\b# V]eSdS` ]dS`bOYS\# QO\ \SdS` PS c\R]\S% GVS RWa$
Q]dS`g ]T bVS aS^O`ObS a^VS`Sa ]T a^W`Wb O\R [ObbS`# eVWQV a^ZWb
^`W[SdOZ []\Wa[ Oac\RS`# Q`SObSR T]`SdS` O \Se bVS]`SbWQOZ aWbcObW]\%
9`][ bVS VO`R$e]\ ]PaS`dObW]\ bVOb bVS`S QO\ PS [ ObbS` eWbV]cb
a^W`Wb# RcOZWa[ W\TS``SR bVS c\]PaS`dSR `SdS`aS bVOb a^W`Wb QO\ OZa] PS
eWbV]cb [ObbS`% <``Sa^SQbWdS ]T bVS bS\OPWZWbg ]T bVS ]\b]Z]UWQOZ bVSaWa#
bVS SaaS\bWOZ RWTTS`S\QS ]T bVS be] VOR \]e Q][S W\b] dWSe# O\R bVSW`
RcOZWabWQ aS^O`ObW]\ W\a^W`SR bVS `Sa]ZcbS a^SZZW\U$]cb ]T P]bV bVSW`
\Obc`Sa W\ bVSW` abO`Y ]bVS`\Saa# eVWQV eOa \SdS` b] PS Q]\T]c\RSR
OUOW\% 8dS`g Q]\QS^bW]\ ]T PSW\U bVOb QO\ Q][S bVS`SOTbS` Wa W\ Sa$
aS\QS# \]b [S`SZg W\ bW[S# ^]abRcOZWabWQ# Oa bVS ^`SQSRW\U ]\S eOa
SaaS\bWOZZg ^`SRcOZWabWQ% 4a W\ bVS ZObbS` bVS a^SQWTWQ\Saa O\R RWTTS`S\QS
]T bVS be] Tc\RO[S\bOZ RW[S\aW]\a eOa \]b gSb RWaQ]dS`SR !a] bVOb
Wba []\Wa[ eOa \OWdSZg c\^`]PZS[ObWQ# RWabc`PSR ]\Zg Pg bVS Sf^S`W$
S\QS ]T RSObV O\R U`ORcOZZg S`]RSR Pg bSQV\]Z]Ugi c\bWZ W\bSZZSQbc$
OZZg aSZT$Q]\aQW]ca RcOZWa[ a^SZZSR bVS S\R ]T bVWa O\R OZZ \OWdSbS"# a]
VOa O\g ^]abRcOZWabWQ bVS]`g ]T PSW\U W\SaQO^OPZg b] RSOZ eWbV bVS be]
^WSQSa eVWQV RcOZWa[ ZSTb PSVW\R O\R Q]\QS`\W\U eVWQV Wb QO\ PS
[]\WabWQ ]\Zg Ob bVS ^`WQS ]T QV]]aW\U PSbeSS\ bVS[# W%S%# ]T ]^bW\U
T]` ]\S ]T bVS[0 Ob ZSOab a] Z]\U Oa bVS RcOZWabWQ VS`WbOUS abWZZ S\T]`QSa
bVS `SQ]U\WbW]\ ]T Wba OZbS`\ObWdS% JWbV bVWa OZbS`\ObWdS Ob Wba ^]W\b ]T
RS^O`bc`S# O\g ^]abRcOZWabWQ []\Wa[ W\QZcRSa O RSQWaW]\ eVWQV Wb VOa
[ORS T]` ]\S ]` bVS ]bVS` aWRS1 bVOb Wa b] aOg# Wb Wa WbaSZT ]T O\
OZbS`\ObWdS O\R bVca ^O`bWOZ \Obc`S# VOdW\U Wba ]^^]aWbS Oa bVS Sf$
QZcRSR ^]aaWPWZWbg eWbV Wb%
<b T]ZZ]ea bVOb W\ bVS ^]abRcOZWabWQ aWbcObW]\ bVS`S O`S# ]\ ^`W\QW^ZS#
\]b ]\S Pcb be] ^]aaWPWZWbWSa ]T []\Wa[# `S^`SaS\bSR Pg [ ]RS[ [O$
bS`WOZWa[ O\R []RS[ WRSOZWa[ `Sa^SQbWdSZg0 bVSg P]bV ^`Sac^^]aS bVS
]\b]Z]UWQOZ ^]ZO`WhObW]\ eVWQV RcOZWa[ VOR US\S`ObSR# O\R SWbVS`
bOYSa Wba abO\R W\ ]\S ]T bVS be] ^]ZSa# b] Q][^`SVS\R T`][ bVWa
dO\bOUS ^]W\b bVS eV]ZS ]T `SOZWbg% GVSg O`S bVca W\ bVSW` ]`WUW\#
bV]cUV QS`bOW\Zg \]b W\ bVSW` W\bS\bW]\# ^O`bWOZ []\Wa[a# c\ZWYS bVS
W\bSU`OZ []\Wa[ ]T ^`SVWab]`g W\ eVWQV bVS be] aWRSa eS`S abWZZ TcaSR
c\RWTTS`S\bWObSR% GVS`S Wa \] `Sbc`\W\U b] bVWa0 RcOZWa[ VOR \]b PSS\
O\ O`PWb`O`g W\dS\bW]\# T]` bVS be]$\Saa eVWQV Wb OaaS`ba Wa U`]c\RSR W\
? <98 # 7 84G;# 4A7 G;8 5B7L <A G;8 G ;8BEL B9 58<A: M '-
`SOZWbg WbaSZT% 4 \Se# W\bSU`OZ# W%S%# ^VWZ]a]^VWQOZ []\Wa[ QO\\]b c\R]
bVS ^]ZO`Wbg0 Wb [cab OPa]`P Wb W\b] O VWUVS` c\Wbg ]T SfWabS\QS T`][
eVWQV bVS ]^^]aWbSa WaacS Oa TOQSa ]T Wba PSW\U ]` ^VOaSa ]T Wba PSQ][$
W\U% <b [cab bOYS c^ bVS ^`]PZS[ eVWQV ]`WUW\OZZg UOdS `WaS b] RcOZ$
Wa[%

<I

GVS ^`]PZS[ Wa abWZZ bVS aO[S0 bVS SfWabS\QS ]T TSSZW\U ZWTS W\ O\


c\TSSZW\U e]`ZR ]T [ ObbS` eVWQV W\ RSObV b`Wc[^Va ]dS` Wb% <T Wba
RcOZWabWQ a]ZcbW]\ Wa bVS]`SbWQOZZg c\aObWaTOQb]`g# bVS be] ^O`bWOZ
[]\Wa[ai [ObS`WOZWa[ O\R WRSOZWa[i Ob P]bb][ SdORS Wb# SOQV W\ Wba
]e\ [O\\S` ]T ]\S$aWRSR\Saa% GVSW` [SO\a ]T c\WTWQObW]\# W%S%# ]T
`SRcQbW]\ b] bVS QV]aS\ RS\][W\Ob]`# Wa bVS RWabW\QbW]\ ]T ^`W[O`g
O\R aSQ]\RO`g `SOZWbg0 ]T acPabO\QS O\R Tc\QbW]\ !]` jS^W^VS\][S$
\]\k " W\ bVS QOaS ]T [ObS`WOZWa[# ]T Q]\aQW]ca\Saa O\R O^^SO`O\QS W\
bVS QOaS ]T WRSOZWa[% 4a O\ ]\b]Z]UWQOZ ^]aWbW]\# W%S%# Oa aS`W]ca
[]\Wa[# SWbVS` abO\R^]W\b QZOW[a b]bOZWbg T]` WbaSZT O\R bVca SfQZcRSa
bVS ]bVS`% 5cb aW\QS bVS ^]W\b ]T RS^O`bc`S W\ SWbVS` QOaS Wa ^O`bWOZ
eWbV `Sa^SQb b] W\bSU`OZ `SOZWbg# bVSg aSdS`OZZg S[P]Rg bVS W\bS`\OZ
Q]\b`ORWQbW]\ ]T O ^O`bWOZ []\Wa[i O Q]\b`ORWQbW]\ eVWQV PSb`Oga
WbaSZT W\ bVS TOWZc`S ]T bVSW` `SRcQbW]\ ]T ]\S SZS[S\b b] bVS ]bVS`% <\
bVS QOaS ]T [ObS`WOZWa[# bVWa TOWZc`S VO^^S\a W\ `SZObW]\ b] Q]\aQW]ca$
\Saa# W\ bVOb ]T WRSOZWa[i W\ `SZObW]\ b] bVS bVW\U$W\$WbaSZT%
5]bV abO\R^]W\ba# Wb Wa b`cS# QO\ RWaaS[PZS bVSW` []\WabWQ# W%S%#
]\b]Z]UWQOZ QVO`OQbS` O\R# `ObVS` bVO\ T]` b]bOZ dWSea ]T PSW\U# b`g b]
^Oaa T]` O RWdWaW]\ ]T ZOP]` W\ bVS QcZbWdObW]\ ]T be] aS^O`ObS TWSZRa ]T
`SOZWbgi bVSW` ]e\ aS^O`ObS\Saa bVca `SabW\U TW`ab ]\ bVS RWTTS`S\QS ]T
bVSW` acPXSQba# eVWQV \Obc`OZZg OZa] RS[O\Ra RWTTS`S\b [SbV]Ra% JS
bVS\ e]cZR VOdS O ^VS\][S\]Z]Ug ]T Q]\aQW]ca\Saa O\R O ^VgaWQa ]T
SfbS\aW]\# O\R bVS [SbV]R ]T ]\S RWaQW^ZW\S e]cZR PS Oa \SQSaaO`WZg
WRSOZWabWQ Oa bVOb ]T bVS ]bVS` [ObS`WOZWabWQ% GVSW` aS^O`ObW]\ e]cZR
bVS\ PS \]b ]\b]Z]UWQOZ# OQQ]`RW\U b] OZbS`\ObWdS Q]\QS^ba ]T PSW\U#
Pcb j]\bWQ#k OQQ]`RW\U b] acPXSQb [ObbS`% ;S`S bVS [cbcOZ `SZObW]\ ]T
bVS be] aSS[a b] PS bVOb# \]b ]T OZbS`\ObWdS# Pcb ]T Q][^ZS[S\bObW]\0
jaQWS\QSa ]T \Obc`Si aQWS\QSa ]T [W\R%k 5cb bVWa ^SOQSTcZ Q]SfWabS\QS
^`Sac^^]aSa bVOb bVS be] jTWSZRak O`S W\ TOQb aS^O`ObS# O\R QO\ PS
Wa]ZObSR T`][ SOQV ]bVS`% C`SQWaSZg bVWa Wa \]b bVS QOaS% GVS TOQb ]T
'. G ;8 C ;8AB@8ABA B9 ?<98
ZWTS# Oa bVS ^agQV]^VgaWQOZ c\Wbg eVWQV bVS ]`UO\Wa[ SfVWPWba# `S\RS`a
bVS aS^O`ObW]\ WZZca]`g% GVS OQbcOZ Q]W\QWRS\QS ]T W\eO`R\Saa O\R
]cbeO`R\Saa W\ bVS -8/B Q][^SZa bVS be] eOga ]T Y\]eZSRUS b]
RSTW\S bVSW` `SZObW]\ ]bVS`eWaS bVO\ Pg aS^O`ObS acPXSQba% BbVS`eWaS
OZa] bVO\ Oa Q][^ZS[S\bO`g RSaQ`W^bW]\a ]T bVS aO[S acPXSQb T`][
RWTTS`S\b jaWRSak eVWQV QO\ SaQVSe bVS _cSabW]\ ]T V]e bV]aS OPab`OQb
Oa^SQba Q]\Q`SbSZg Q]VS`S W\ PSW\U% 9]` acQV O RSaQ`W^bWdS OPabS\bW]\#
eVWQV Wa b] W\ac`S [SbO^VgaWQOZ \Scb`OZWbg# Q]cZR PS [OW\bOW\SR ]\Zg
]\ Q]\RWbW]\ bVOb bVS be] TWSZRa ]T ^VS\][S\O O`S QZ]aSR W\ bVS[ $
aSZdSa Ob ZSOab :>, ^VS\][S\O O\R R] \]b b`O\aQS\R bVS[aSZdSa Pg
bVSW` ]e\ Q]\bS\ba0 bVOb SWbVS` ]\S# bVca# QO\ PS RSaQ`WPSR S\bW`S
eWbV]cb R`OeW\U W\ bVS ]bVS`% LSb ^`SQWaSZg ]c` ZWdW\U P]Rg Q]\abWbcbSa
bVOb dS`g aSZT$b`O\aQS\RS\QS W\ SWbVS` RW`SQbW]\ O\R bVS`SPg [OYSa bVS
[SbV]R]Z]UWQOZ 098.30 T]c\RS` ]\ Wba `]QY% <b [cab PS RSaQ`WPSR Oa
SfbS\RSR O\R W\S`b# Pcb S_cOZZg Oa TSSZW\U O\R eWZZW\Ui O\R \SWbVS` ]T
bVS be] RSaQ`W^bW]\a QO\ PS QO``WSR b] Wba S\R eWbV]cb b`Sa^Oaa W\b] bVS
a^VS`S ]T bVS ]bVS` O\R eWbV]cb ^`SXcRUW\U Wb% GVS ^VgaWQOZ$]cbeO`R
RSaQ`W^bW]\ QO\\]b PS QO``WSR b] Wba S\R eWbV]cb Q][^`][WaW\U bVS
T`SSR][ O\R bVca bVS US\cW\S `SOZWbg ]T bVS [W\R1 bVS dWbOZWabWQ$W\eO`R
RSaQ`W^bW]\ \]b eWbV]cb Q][^`][WaW\U bVS b]bOZ RSbS`[W\ObW]\ O\R
OcbO`Yg ]T bVS jSfbS\RSRk `SOZ[%
7cOZWa[# eVS\ Wba e]`Y eOa R]\S# VOR ZSTb PSVW\R bVS jSfbS\RSRk
Oa bVS ZWTSZSaa O\R c\TSSZW\U# O\R bVS P]Rg c\RS\WOPZg Wa O ^O`b ]T bVWa
SfbS\RSR0 SWbVS`# bVS\# Wb Wa SaaS\bWOZZg bVS aO[S Oa bVS SfbS\RSR W\
US\S`OZi bVS\ Wba PSW\U OZWdS Wa \]b c\RS`ab]]R1 ]` Wb Wa <>4 2070;4<i
bVS\ bVS SfQS^bW]\ QZOW[SR T]` Wb Wa \]b b] PS c\RS`ab]]R O\R QOZZa
W\b] _cSabW]\ bVS eV]ZS `cZS# W%S%# bVS [ObS`WOZWab W\bS`^`SbObW]\ ]T
acPabO\QS Oa acQV OZ]\U bVS ^c`S ^`]^S`bWSa ]T W\RWTTS`S\b SfbS\aW]\%
GVS aO[S U]Sa# 6>=,=4< 6>=,7/4< T]` bVS ]bVS` aWRS# bVOb ]T WRSOZWab
Q]\aQW]ca\Saa% 7cOZWa[ VOR ZSTb Wb PSVW\R Oa bVS c\Q]`^]`SOZ OPa]$
ZcbSZg# bVS c\SfbS\RSR O\R ^c`SZg W\eO`R 90; <0 O\R bVS jP]Rgk Oa
bVS aS\aWPZS TWSZR ]T TSSZW\U O\R d]ZWbW]\ PSZ]\Ua b] bVWa W\eO`R\Saa
WbaSZT0 SWbVS`# bVS\# Oa ^O`b ]T bVS b]bOZ ^VS\][S\OZ SfbS\aW]\ Wb Wa Pcb
]\S O[]\U bVS jSfbS`\OZ WRSOak ! jQ]UWbObW]\ak " ]T Q]\aQW]ca\Saai
bVS\ Wba PSW\U bVS P]Rg 81 bVWa Q]\aQW]ca\Saa# Wba PSW\U 6B P]Rg# [g
SfbS\RSR < O\R [g aVO`S W\ bVS e]`ZR ]T SfbS\aW]\# Wa \]b c\RS`ab]]R1
]` ZWTS O\R W\eO`R\Saa O`S `SOZZg SfbS\RSR bV`]cUV Wb ! jb] bVS bW^a ]T
[g TW\US`ak "# Wb `SOZZg Wa j< ki bVS\ Wb Wa# SdS\ bV]cUV ^VS\][S\OZZg
?<98 # 7 84G;# 4A7 G;8 5B7L <A G;8 G ;8BEL B9 58<A: M '/
SfbS\RSR# \]b O\ 4/0, ]T Q]\aQW]ca\Saa Pcb bVS OQbcOZ ]cbeO`R SfbS\b
]T Wba ]e\ W\\S` a^ObWOZWbg eVWQV WbaSZT ]QQc^WSa a^OQS W\ bVS e]`ZR0
O\R bVS`SeWbV Wb QOZZa W\b] _cSabW]\ bVS eV]ZS WRSOZWab W\bS`^`SbObW]\ ]T
Q]\aQW]ca\Saa Oa ]^^]aSR b] bVS S\bW`S e]`ZR ]T SfbS\aW]\%
GVca bVS ]`UO\WQ P]Rg aWU\WTWSa bVS ZObS\b Q`WaWa ]T SdS`g Y\]e\
]\b]Z]Ug O\R bVS Q`WbS`W]\ ]T jO\g Tcbc`S ]\S eVWQV eWZZ PS OPZS b]
Q][S T]`eO`R Oa O aQWS\QS%k 4a Wb eOa TW`ab bVS P]Rg ]\ eVWQV# W\ bVS
TOQb ]T /0,=3 bVOb O\bWbVSaWa ]T ZWTS O\R \]\ZWTS PSQO[S [O\WTSab
eV]aS `SZS\bZSaa ^`Saac`S ]\ bV]cUVb RSab`]gSR ^`W[WbWdS ^O\dWbOZWa[
O\R QOcaSR bVS W[OUS ]T PSW\U b] a^ZWb# a] Wb Wa Q]\dS`aSZg bVS Q]\Q`SbS
c\Wbg [O\WTSab W\ Wba 5410 ]\ eVWQV W\ bc`\ bVS RcOZWa[ ]T bVS be]
acPabO\QSa T]c\RS`a# O\R OUOW\ bVWa PW$c\Wbg eVWQV OZa] P`W\Ua b] U`WST
P]bV OZbS`\ObWdSa P`O\QVW\U ]TT T`][ RcOZWa[# eVS\SdS` bVSgi Oa bVSg
QO\\]b VSZ^ R]W\Ui S\ZO`US bVS[aSZdSa W\b] b]bOZ ]\b]Z]UWSa% <\RSSR#
Wb Wa bVWa dS`g PW$c\Wbg eVWQV Q][^SZa bVS[ bVca b] S\ZO`US bVS[aSZdSa#
W%S%# b] b`O\aU`Saa bVSW` P]c\RO`WSa# O\R ^`SdS\ba bVS[ T`][ aVSZbS`W\U
W\ bVS aSS[W\U \Scb`OZWbg ]T [S`S ^O`b O`SOa ]` ^O`b Oa^SQba% GVS
ZWdW\U P]Rg bVOb QO\ RWS# bVOb VOa e]`ZR O\R WbaSZT PSZ]\Ua b] bVS
e]`ZR# bVOb TSSZa O\R WbaSZT QO\ PS TSZb# eV]aS ]cbeO`R T]`[ Wa ]`UO$
\Wa[ O\R QOcaOZWbg# O\R eV]aS W\eO`R T]`[ Wa aSZTV]]R O\R TW\OZWbg0
bVWa P]Rg Wa bVS [S[S\b] ]T bVS abWZZ c\a]ZdSR _cSabW]\ ]T ]\b]Z]Ug#
jJ VOb Wa PSW\U3k O\R [cab PS bVS QO\]\ ]T Q][W\U ObbS[^ba b] a]ZdS
Wb% GVSaS ObbS[^ba [cab []dS PSg]\R bVS ^O`bWOZ OPab`OQbW]\a ! jP]Rg
O\R a]cZ#k jSfbS\aW]\ O\R bV]cUVb#k O\R bVS ZWYS" b]eO`R bVS VWRRS\
U`]c\R ]T bVSW` c\Wbg O\R bVca ab`WdS T]` O\ W\bSU`OZ []\Wa[ ]\ O
^ZO\S OP]dS bVS a]ZWRWTWSR OZbS`\ObWdSa%I

GVS ^`]PZS[ ]T ZWTS# QS\bS`SR W\ bVS ^`]PZS[ ]T bVS P]Rg# Wa bVca


O QO`RW\OZ bVS[S T]` ]\b]Z]Ug O\R bVS Q]\abO\b RWabc`PO\QS ]T Wba
ZObbS`$ROg O\bWbVSbWQOZ ^]aWbW]\a W\ [ObS`WOZWa[ O\R WRSOZWa[ OZWYS% <b
Wa QVO`OQbS`WabWQ ]T bVS ^]abRcOZWabWQ aWbcObW]\ bVOb bVS ^`]PZS[ ^]aSa
WbaSZT b]ROg Oa bVOb ]T ZWTS O\R \]b ]T RSObV0 bVWa W\dS`aW]\ Wa bVS S\R
`SacZb ]T bVOb Q]\b`OQbW]\ ]T ZWTS T`][ bVS eV]ZS ]T \Obc`S W\b] Wba
RWabW\Qb aW\UcZO`Wbg eVWQV PSUO\ eWbV bVS TW`ab ROe\ ]T RcOZWabWQ ZWUVb$
S\W\U ]T bVS W\RWabW\Qb\Saa% 4UOW\ab bVS S\]`[]ca P]c\RO`g b`O\aU`Sa$
aW]\ ]T ^`W[]`RWOZ []\Wa[ eVWQV [ORS ZWTS Q]SfbS\aWdS eWbV PSW\U#
(& G ;8 C ;8AB@8ABA B9 ? <98
RWaQ`W[W\ObW]\ Q]cZR ]\Zg [SO\# TW`ab# RWaQ]dS`g ]T ZWTSZSaa [ ObbS` Oa
acQV# O\R bVS\# SdS`$W\Q`SOaW\U Sf^O\aW]\ ]T bVS SfbS\b ]T bVS ZWTSZSaa
i c\bWZ bVWa W\ bc`\ PSQO[S Q]SfbS\aWdS eWbV PSW\U% A]e ]PdW]caZg# Oa
Sf^`SaaW]\ ]T bVWa ^]abRcOZWabWQ bVS]`SbWQOZ aWbcObW]\# [ObS`WOZWa[ Wa
bVS []`S W\bS`SabW\U O\R []`S aS`W]ca dO`WO\b ]T []RS`\ ]\b]Z]Ug
bVO\ WRSOZWa[% 9]` O[]\U bVS b]bOZWbg ]T Wba ]PXSQbai P]RWSa W\ US\$
S`OZi [ObS`WOZWa[ ZSba WbaSZT W\ SO`\Sab OZa] S\Q]c\bS` bVS ZWdW\U P]Rg1
O\R aW\QS Wb Wa P]c\R b] acPXSQb Wb# b]]# b] Wba ^`W\QW^ZSa Wb Sf^]aSa
WbaSZT b] bVS `SOZ ]\b]Z]UWQOZ bSab O\R eWbV Wb b] bVS `WaY ]T TOWZc`S0 Wb
UWdSa WbaSZT bVS ]^^]`bc\Wbg ]T Y\]QYW\U OUOW\ab Wba ZW[Wbi O\R bVS`S
OUOW\ab bVS ]\b]Z]UWQOZ ^`]PZS[% <RSOZWa[ Wa OPZS b] SdORS Wb0 Wb QO\
OZeOga T`][ bVS aSQc`S abO\R^]W\b ]T ^c`S Q]\aQW]ca\Saa# O`bWTWQWOZ Oa
Wb Wa# W\bS`^`Sb jbVS P]Rg#k ZWYS OZZ ]bVS` P]RWSa# Oa SfbS`\OZ jWRSOk ]`
j^VS\][S\]\k W\ Wba W\bS\bW]\OZ V]`Wh]\ O\R QO\ bVca RWa]e\ bVS
Q]`^]`SOZWbg ]T bVS aSZT0 Pg bVWa [SO\a Wb aOdSa WbaSZT bVS ^`]PZS[ ]T
ZWTS Oa eSZZ Oa ]T RSObV% GVWa eOa bVS `SOa]\ eVg Ob bVS ]cbaSb eS VOdS
QV]aS\ [ObS`WOZWa[ Oa bVS `S^`SaS\bObWdS ]T ^]abRcOZWabWQ ]\b]Z]Ug
!bVS j]\b]Z]Ug ]T RSObVk " O\R Oa bVS b`cS Q]c\bS`^O`b b] bVS ^`S$
RcOZWabWQ ]\b]Z]Ug ]T ^O\dWbOZWa[% @ObS`WOZWa[ Wa bVS `SOZ ]\b]Z]Ug ]T
]c` e]`ZR aW\QS bVS ES\OWaaO\QS# bVS `SOZ VSW` b] RcOZWa[# W%S%# b] Wba
`SaWRcOZ SabObS# O\R eWbV Wb [cab PS ]c` RWaQ]c`aS% B\Zg eWbV O j`SOZ$
Wabk abO\R^]W\b QO\ bVS`S PS T`cWbTcZ RWaQ]c`aS O\geOg# eVS`SOa O\
WRSOZWabWQ ]\S QO\ aZW^ bV`]cUV Wba TW\US`a%
@]`S]dS`# Wb QO\ PS aV]e\ bVOb bVS WRSOZWa[ ]T bVS ^VWZ]a]^Vg ]T
Q]\aQW]ca\Saa Wa WbaSZT Pcb O Q][^ZS[S\bO`Wbg# O\ S^W^VS\][S\]\ Oa Wb
eS`S# ]T [ObS`WOZWa[ O\R bVca W\ bVS ab`WQb aS\aS OZa] ]\S TOQS ]T bVS
]\b]Z]Ug ]T RSObV% GVWa aVOZZ VS`S PS W\RWQObSR W\ Xcab ]\S `Sa^SQb%
B\Zg O e]`ZR ]PXSQbWTWSR b] ^c`S SfbS\aWdS ]cbeO`R\Saa# Oa [ ObS`WOZ$
Wa[ Q]\QSWdSR Wb# ZSOdSa ]^^]aWbS WbaSZT O ^c`S Q]\aQW]ca\Saa eVWQV
VOa \] aVO`S W\ Wb# W\ Wba RW[S\aW]\ O\R Wba Tc\QbW]\i eVWQV \] Z]\US`
OQba Pcb [S`SZg PSV]ZRa% 4\R dWQS dS`aO# Wb Wa bVWa P]RgZSaa# [S`SZg
PSV]ZRW\U Q]\aQW]ca\Saa T]` eVWQV `SOZWbg [cab bc`\ W\b] aS`WSa ]T
^]W\ba XcfbO^]aSR W\ a^OQS O\R acQQSSRW\U W\ bW[S0 ^]W\ba ]T SfbS\aWbg
\SQSaaO`WZg Oa SfbS`\OZ b] ]\S O\]bVS` Oa bVSg OZZ b]USbVS` O`S b]
Q]\aQW]ca\Saa# O\R bVS`ST]`S ]TTS`W\U \] ]bVS` `cZSa ]T ]`RS` bVO\
bV]aS ]T Sfb`O\S]ca Q]ZZ]QObW]\ O\R aS_cS\QS% <\RSSR# eWbV]cb bVS
P]Rg Pg eVWQV eS O`S ]c`aSZdSa O\ OQbcOZ ^O`b ]T bVS e]`ZR O\R
Sf^S`WS\QS bVS \Obc`S ]T T]`QS O\R OQbW]\ W\ aSZT$^S`T]`[O\QS# ]c`
Y\]eZSRUSi O [S`SZg j^S`QS^bWdS#k PSV]ZRW\U Y\]eZSRUSi ]T bVS
?<98 # 7 84G;# 4A7 G;8 5B7L <A G;8 G ;8BEL B9 58<A: M ('
e]`ZR !W\ bVOb QOaS b`cZg jSfbS`\OZ e]`ZRk eWbV \] `SOZ b`O\aWbW]\
T`][ [gaSZT b] Wb" e]cZR `SOZZg PS `SRcQSR b] ;c[ Sla []RSZ# dWh%# b]
aS_cS\QSa ]T Q]\bS\ba SfbS`\OZ O\R W\RWTTS`S\b b] ]\S O\]bVS`# `SUO`R$
W\U eVWQV bVS`S Q]cZR \]b SdS\ O`WaS bVS aca^WQW]\ ]T O\ W\\S` Q]\\SQ$
bW]\# ]T O\g `SZObW]\ ]bVS` bVO\ bVS a^ObW]$bS[^]`OZ ]\Sa# \]` bVS ZSOab
XcabWTWQObW]\ T]` ^]abcZObW\U Wb% 6OcaOZWbg VS`S PSQ][Sa O TWQbW]\i ]\ O
^agQV]Z]UWQOZ POaWa ZSTb U`]c\RZSaa WbaSZT%
4 b bVWa OU\]abWQ `SaWU\ObW]\ []RS`\ ^VgaWQa VOa O``WdSR T`][ Wba
]e\ S\R# W%S%# T`][ Wba [ObS`WOZWab ^`S[WaSa eVWQV Pg bVS `]OR ]T
OPa]ZcbS SfbS`\OZWhObW]\ [cab ZSOR b] bVS aO[S aYS^bWQOZ T`O[W\U ]T
bVS Q]\QS^b ]T QOcaOZWbg Oa bVS bVS]`g ]T Q]\aQW]ca\Saa [cab Pg Wba
`]OR ]T OPa]ZcbS W\bS`\OZWhObW]\% ASWbVS` QO\ R] ]bVS`eWaS# O\R P]bV
T`][ bVS aO[S QOcaS0 ^c`S Q]\aQW]ca\Saa Wa Oa ZWbbZS OZWdS Oa bVS ^c`S
[ObbS` Q]\T`]\bW\U Wb% 4QQ]`RW\UZg# bVS ]\S QO\ Oa ZWbbZS US\S`ObS bVS
OZWdS\Saa ]T OQbWdS Q]\\SQbW]\ W\ Wba c\RS`abO\RW\U Oa bVS ]bVS` QO\
^`SaS\b Wb b] ^S`QS^bW]\% 5]bV O`S TWaaW]\ ^`]RcQba ]T bVS ]\b]Z]Ug ]T
RSObV b] eVWQV bVS RcOZWabWQ O\Ob][g ]T PSW\U VOR ZSR% A]bS bVOb bVWa
`S\RS`a bVS[ VSZ^ZSaa# \]b Xcab W\ RSOZW\U eWbV ZWTS# Pcb OZ`SORg ]\ bVS
acPXSQb ]T US\S`OZ QOcaOZWbg% <\ bVS ZObbS` TWSZR# bVOb ]T [SQVO\WQOZ ZOe#
b`O\aQS\RS\bOZ O\R [ObS`WOZWab bVS]`g OZWYS VOR QZOW[SR bVSW` ^`W\QW$
^OZ b`Wc[^V# T]` eVWQV b] T]`U] bVS Y\]eZSRUS ]T ]`UO\WQ bSZS]Z]Ug
aSS[SR \]b b]] VWUV O ^`WQS b] ^Og% ;]eSdS`# Wb aSS[a bVOb W\ bVS Z]\U
`c\ \] ^O`b ]T O eV]ZS QO\ ^`]TWb T`][ eVOb bVOb eV]ZS Z]aSa W\
O\]bVS` ^O`b# O\R W\ bVS S\R SdS\ US\S`OZ QOcaOZWbg Z]aSa W\ W\bSZZWUW$
PWZWbg eVOb bVS SZW[W\ObW]\ ]T ZWTS eOa [SO\b b] aSQc`S T]` Wb W\ bS`[a
]T aQWS\bWTWQ Y\]eZSRUS% GVS TObS ]T bVS QOcaOZWbg ^`]PZS[ W\ WRSOZWab
S^WabS[]Z]Ug ]\ bVS ]\S VO\R O\R W\ [ObS`WOZWab ^VgaWQa ]\ bVS ]bVS`
PSa^SOYa bVS TOQb bVOb P]bV ^]aWbW]\a# Q]\aWRS`SR ]\b]Z]UWQOZZg# O`S
T`OU[S\bO`g# `SaWRcOZ ^`]RcQba ]T RcOZWa[# O\R P]bV O`S [S`SZg Q]\$
aWabS\b eVS\ bVSg# SOQV Pg Wba ]e\ YW\R ]T aYS^aWa# OQY\]eZSRUS bVS
W\SdWbOPZS ]cbQ][S ]T bVSW` Wa]ZObW]\# b] eWb0 bVS W\Sf^ZWQOPWZWbg ]T
bVOb eVWQV bV`]cUV bVS ac\RS`W\U VOa PSQ][S W\Sf^ZWQOPZS% GVS O`bWTW$
QWOZ ac\RS`W\U ]T ;0< .824=,7< O\R ;0< 0A=07<, W\ bVS VS`WbOUS ]T RcOZ$
Wa[# eWbV bVS Sfb`caW]\ PSbeSS\ bVS[ ]T jZWTSk 0 bVWa R]cPZS$TOQSR
]\b]Z]Ug ]T RSObV Q`SObSa ^`]PZS[a eVWQV Wb VOa `S\RS`SR c\a]ZdOPZS
T`][ bVS abO`b%
5cb Wa bVS`S \]b VS`S O Q]\b`ORWQbW]\3 ;Oa \]b bVS RWaQ`W[W\ObW]\ ]T
bVS ZWTSZSaa O\R bVS ZWdW\U TW`ab [ORS ^]aaWPZS bVS RWabW\Qb O`bWQcZObW]\
]T eVOb Wa ^SQcZWO` b] ZWTS3 4\R VOa bVWa \]b PS\STWbSR bVS ja^W`Wb#k
(( N G ;8 C ;8AB@8ABA B9 ?<98
eVWQV Oa Wb eS`S R`Se b] WbaSZT eVOb bVS`S eOa ]T ZWTS W\ bVS c\WdS`aS
O\R Q]\QS\b`ObSR Wb eWbVW\ WbaSZT Oa jQ]\aQW]ca\Saak3 <T [ ObbS` eOa
ZSTb RSOR ]\ ]\S aWRS# bVS\ ac`SZg Q]\aQW]ca\Saa# P`]cUVb W\b] `SZWST
OUOW\ab Wb ]\ bVS ]bVS` aWRS O\R PSQ][W\U VSW` b] OZZ O\W[WabWQ dWbOZWbg#
aV]cZR PS bVS `S^]aWb]`g# SdS\ bVS RWabWZZObS ]T ZWTS3 5cb ZWTS R]Sa \]b
PSO` RWabWZZObW]\1 Wb Wa a][SeVS`S PSbeSS\ bVS ^c`WTWSR Oa^SQbai W\
bVSW` Q]\Q`SbW]\% GVS OPab`OQbW]\a bVS[aSZdSa R] \]b ZWdS% <\ b`cbV# eS
`S^SOb# bVS ^c`S Q]\aQW]ca\Saa Wa Oa ZWbbZS OZWdS Oa bVS ^c`S [ ObbS`
abO\RW\U ]dS` OUOW\ab Wbi O\R# Pg bVS aO[S b]YS\# Oa ZWbbZS# []`bOZ% <b
ZWdSa Oa RS^O`bSR a^W`Wba ZWdS O\R QO\\]b c\RS`abO\R bVS e]`ZR O\g$
[]`S% G] Wb bVS e]`ZR Wa RSOR Oa Wb Wa RSOR b] bVS e]`ZR% GVS RcOZWabWQ
O\bWbVSaWa ZSORa \]b b] O VSWUVbS\W\U ]T bVS TSObc`Sa ]T ZWTS bV`]cUV
bVSW` Q]\QS\b`ObW]\ ]\ ]\S aWRS# Pcb b] O RSORS\W\U ]T P]bV aWRSa
bV`]cUV bVSW` aS^O`ObW]\ T`][ bVS ZWdW\U [WRRZS% GVWa RSORS\W\U Sf$
OQba Wba `SdS\US W\ bVS TOQb bVObi \]b b] a^SOY ]T bVS `WRRZS ]T ZWTSi
SdS\ T]` bVS W\bS`^`SbObW]\ ]T bVS SfbS`\OZ `SUcZO`Wbg W\ bVS []dS[S\ba
]T [ObbS`# bVS W[OUS ]T O QOcaOZWbg Pg OQbWdS T]`QS \] Z]\US` TW\Ra
ZSUWbW[ObW]\ W\ O\g OR[WbbSR TW`abVO\R UWdS\\Saa%I <

I<

;S`S eS `SQOZZ >O\bla O\aeS` b] ;c[ Sla aYS^bWQOZ QVOZZS\US eVWQV


QZOW[SR b] ac^^Zg Xcab bVOb ZSUWbW[ObW]\# \]b W\RSSR W\ O jUWdS\#k Pcb
W\ O\ O ^`W]`W ab`cQbc`S ]T bVS [W\R% ;]eSdS`# bVS b`O\aQS\RS\bOZ
a]ZcbW]\ ]T bVS ^`]PZS[ eVWQV VS`]WQOZZg c\RS`bOYSa b] U`]c\R QOcaOZ$
Wbg O\R Wba ]PXSQbWdS [SO\W\U W\ bVS ^c`S Q]\aQW]ca\Saa OZ]\S# R]Sa
\]b SaQO^S bVS b`cbV bVOb g]c QO\\]b RS`WdS bVS Q]\Q`SbS\Saa T`][ ]\S
]T Wba OPab`OQbW]\a% GVS acQQSaa ]T >O\bla ObbS[^bSR a]ZcbW]\ RS^S\Ra#
47=0; ,54, SaaS\bWOZZg ]\ bVS ^`]]T bVOb jQOcaObW]\k Wa W\RSSR O Q]\$
QS^b ]T bVS ^c`S c\RS`abO\RW\U !OTbS` bVOb# ]\ aV]eW\U eVg Wb aV]cZR
PS dOZWR ]PXSQbWdSZg"% 5cb O\ c\^`SXcRWQSR SfO[W\ObW]\ eWZZ TW\R bVOb
\]b bVS ^c`S c\RS`abO\RW\U Pcb ]\Zg bVS Q]\Q`SbS P]RWZg ZWTS# W\ bVS
OQbcOZ W\bS`^ZOg ]T Wba aSZT$TSSZW\U ^]eS`a eWbV bVS e]`ZR# QO\ PS bVS
a]c`QS ]T bVS jWRSOk ]T T]`QS O\R bVca ]T QOcaS% GVS c\RS`abO\RW\U Oa
acQV Y\]ea [S`SZg ]T `SOa]\ O\R Q]\aS_cS\QS# \]b ]T QOcaS O\R
STTSQb0 bVS ZObbS` RS\]bS O Q]\\SQbW]\ ]T `SOZWbg# Pg [SO\a ]T T]`QS#
\]b ]T WRSOZWbg# Pg [SO\a ]T T]`[% GVS Sf^S`WS\QS ]T ZWdW\U T]`QS#
]\Sla ]e\ \O[SZg# W\ bVS OQbW\U ]T bVS P]Rg# Wa bVS Sf^S`WS\bWOZ POaWa
T]` bVS OPab`OQbW]\a ]T bVS US\S`OZ Q]\QS^ba ]T OQbW]\ O\R QOcaObW]\1
?<98 # 7 84G;# 4A7 G;8 5B7L <A G;8 G ;8BEL B9 58<A: M ()
O\R bVS jaQVS[ObWa[k ]T RW`SQbSR P]RWZg 68?0607= \]b ]T \Scb`OZZg
`SQS^bWdS W\bcWbW]\# [SRWObSa PSbeSS\ bVS T]`[OZWbg ]T bVS c\RS`abO\R$
W\U O\R bVS Rg\O[WQa ]T bVS `SOZ%
6OcaOZWbg Wa bVca \]b O\ O ^`W]`W POaWa ]T Sf^S`WS\QS# Pcb WbaSZT O
POaWQ Sf^S`WS\QS% GVOb Sf^S`WS\QS VOa Wba aSOb W\ bVS 0118;= < [cab
[OYS b] ]dS`Q][S bVS `SaWabO\QS ]T e]`ZRZg [ ObbS` W\ [g OQbW\U O\R
b] `SaWab bVS W[^OQb ]T e]`ZRZg [ObbS` c^]\ [gaSZT% GVWa VO^^S\a
bV`]cUV O\R eWbV [g P]Rg# eWbV Wba SfbS\aWdS ]cbeO`R\Saa O\R Wba
W\bS\aWdS W\eO`R\Saa Ob ]\QS# eVWQV P]bV O`S US\cW\S Oa^SQba ]T [g$
aSZT% 4\R ORdO\QW\U T`][ [g P]Rg# \Og# [gaSZT ORdO\QW\U P]RWZg# <
PcWZR c^ W\ bVS W[OUS ]T Wba POaWQ Sf^S`WS\QS bVS Rg\O[WQ W[OUS ]T bVS
e]`ZRi O e]`ZR ]T T]`QS O\R `SaWabO\QS# OQbW]\ O\R W\S`bWO# QOcaS O\R
STTSQb% GVca QOcaOZWbg Wa \]b bVS O ^`W]`W ]T Sf^S`WS\QS W\ bVS c\RS`$
abO\RW\U Pcb bVS c\WdS`aOZ Sfb`O^]ZObW]\ T`][ ^`]^`W]P]RWZg ^`W[S
Sf^S`WS\QS W\b] bVS eV]ZS ]T `SOZWbg% <b Wa `]]bSR W\ Xcab bVS ^]W\b ]T
OQbcOZ# ZWdS jb`O\aQS\RS\QSk ]T bVS aSZT# bVS ^]W\b eVS`S W\eO`R\Saa
OQbWdSZg b`O\aQS\Ra WbaSZT W\b] bVS ]cbeO`R O\R Q]\bW\cSa WbaSZT W\b] Wb
eWbV Wba OQbW]\a% GVWa ^]W\b Wa bVS W\bS\aWdS$SfbS\aWdS P]Rg W\ eVWQV
bVS aSZT SfWaba# Ob ]\QS# T]` WbaSZT !W\bS\aWdS" O\R W\ bVS [WRab ]T bVS
e]`ZR !SfbS\aWdS"%
6OcaOZWbg Wa ^`W[O`WZg O TW\RW\U ]T bVS ^`OQbWQOZ# \]b ]T bVS bVS]`SbW$
QOZ# aSZT# ]T Wba OQbWdWbg# \]b ]T Wba ^S`QS^bW]\i O\ Sf^S`WS\QS ]T bVS
]\S# \]b O ZOe ]T bVS ]bVS`% !ESUO`RW\U bVS ^`]PZS[ ]T QOcaOZWbg W\
bVWa Q]\bSfb# aSS 4^^S\RWf ' b] bVWa 8aaOg%"
4R[WbbSRZg# eVSbVS` bVS c\WdS`aOZ Sfb`O^]ZObW]\ eVWQV W\ TOQb# O\R
W``SaWabWPZg# eS R] [OYS T`][ ^`]^`W]P]RWZg Sf^S`WS\QS Wa OZa] `ObW]\$
OZZg XcabWTWSR# Wa O _cSabW]\ ]T ^VWZ]a]^VWQOZ Q`WbW_cS eVWQV eS [cab
VS`S ZSOdS ]^S\% <b Wa# V]eSdS`# W\ bVS TW`ab ^ZOQS O\ ]\b]Z]UWQOZ O\R
\]b O\ S^WabS[]Z]UWQOZ _cSabW]\% <\b] ]\b]Z]Ug OZa] PSZ]\Ua bVS ^`]P$
ZS[ ]T O\bV`]^][]`^VWa[ W\ bVS eWRSab aS\aS eVWQV Ob bVWa ^]W\b
`OWaSa Wba VSOR% GVS O\ObVS[O ]\ O\g YW\R ]T O\bV`]^][]`^VWa[#
SdS\ ]T h]][]`^VWa[# W\ Q]\\SQbW]\ eWbV \Obc`Si bVWa W\ Wba OPa]$
ZcbS\Saa a^SQWTWQOZZg RcOZWabWQ O\R ^]abRcOZWabWQ ^`]VWPWbW]\# [Og eSZZ
bc`\ ]cb b] PS# W\ bVWa Sfb`S[S T]`[# O ^`SXcRWQS% !FSS 4^^S\RWf ( b]
bVWa 8aaOg%" CS`VO^a# `WUVbZg c\RS`ab]]R# [O\ 4< OTbS` OZZ bVS [SOac`S
]T OZZ bVW\Uai \]b W\RSSR bV`]cUV bVS ZSUWaZObW]\ ]T VWa `SOa]\ Pcb
bV`]cUV bVS SfS[^ZO` ]T VWa ^agQV]^VgaWQOZ b]bOZWbg eVWQV `S^`SaS\ba
bVS [OfW[c[ ]T Q]\Q`SbS ]\b]Z]UWQOZ Q][^ZSbS\Saa Y\]e\ b] ca0 O
Q][^ZSbS\Saa 1;86 @34.3 `SRcQbWdSZg# bVS a^SQWSa ]T PSW\U [Og VOdS
(* G ;8 C ;8AB@8ABA B9 ? <98
b] PS RSbS`[W\SR Pg eOg ]T ^`]U`SaaWdS ]\b]Z]UWQOZ acPb`OQbW]\ R]e\
b] bVS [W\W[c[ ]T PO`S SZS[S\bO`g [ ObbS` !W\abSOR ]T bVS Q][^ZSbS
PSW\U Q]\ab`cQbSR T`][ bVWa POaWa Pg Qc[cZObWdS ORRWbW]\"% GVS _cSa$
bW]\ Wa abWZZ ]^S\ eVSbVS` ZWTS Wa O _cO\bWbObWdS Q][^ZSfWTWQObW]\ W\ bVS
O``O\US[S\b ]T [ObbS`# O\R Wba T`SSR][ O\R ^c`^]aWdS\Saa \]bVW\U
Pcb O\ O^^O`S\b PZc``W\U ]T Wba aW[^ZS# c\O[PWUc]ca RSbS`[W\OQg
bV`]cUV bVS [OaaSR Q][^ZSfWbg Oa acQV !O TOQb ]T ]c` POTTZS[S\b
`ObVS` bVO\ ]T Wba ]e\ \ Obc `S"i ]` eVSbVS`# Q]\b`O`WeWaS# jRSORk
[ObbS`# Oa ]\S Sfb`S[S ]T O a^SQb`c[# `S^`SaS\ba O ZW[WbW\U []RS ]T
bVS ^`]^S`bWSa `SdSOZSR Pg TSSZW\U ZWTS# bVSW` ^`WdObWdS `SRcQbW]\ b] bVS
\SO`$ReW\RZW\U ^]W\b ]T W\QV]ObS\Saa0 W\ eVWQV QOaS Wba PO`S# W\S`bWOZ
RSbS`[W\ObW]\ e]cZR PS R]`[O\b# Oa gSb c\OeOYS\SR T`SSR][% GVS
]\b]Z]UWQOZ XcabWTWQObW]\ T]` bVWa _cSabW]\ ZWSa W\ bVS TOQb bVOb bVS ZWdW\U
P]Rg Wa bVS O`QVSbg^S ]T bVS Q]\Q`SbS# O\R PSW\U 6B P]Rg Wb Wa# W\ Wba
W[[SRWOQg ]T W\eO`R\Saa O\R ]cbeO`R\Saa W\ ]\S# bVS 875B TcZZg
UWdS\ Q]\Q`SbS ]T Sf^S`WS\QS W\ US\S`OZ% <ba OQbcOZ# Q]\Q`SbS TcZZ\Saa
bSOQVSa ca bVOb [ ObbS` W\ a^OQS# ]bVS`eWaS Sf^S`WS\QSR ]\Zg T`][
eWbV]cb# [Og VOdS O\ W\\S` V]`Wh]\ b]] O\R bVOb# bVS`ST]`S# Wba Sf$
bS\RSR PSW\U \SSR \]b PS Wba eV]ZS PSW\U% FSS\ T`][ bVS ]\Zg b`cS Q]\$
Q`SbS\Saa Tc`\WaVSR b] ca# P]bV ^c`S jSfbS\aW]\k O\R ^c`S jbV]cUVbk
[Og eSZZ O^^SO` b] PS [S`S OPab`OQbW]\a%
<\RS^S\RS\bZg# V]eSdS`# ]T bVWa [SbO^VgaWQOZ _cSabW]\ ]T O c\Wbg ]T
PSW\U O\R bVS ^`]^]aWbW]\a RS`WdOPZS T`][ Wb WT U`O\bSR# W\RS^S\RS\bZg
OZa]# bVS`ST]`S# ]T bVS _cSabW]\ Q]\QS`\W\U bVS ;423= ]T bVS RS TOQb]
Sfb`O^]ZObW]\ T`][ ]c` Q]`^]`SOZWbg# bVS`S Wa bVS ^ZOW\ TOQb bVOb @4=3!
8>= bVS P]Rg O\R Wba SZS[S\bO`g aSZT$Sf^S`WS\QS# eWbV]cb bVWa
jeVS\QSk ]T ]c` []ab US\S`OZ# OZZ$S\Q][^OaaW\U Sfb`O^]ZObW]\ W\b]
bVS eV]ZS ]T `SOZWbg# bVS`S Q]cZR PS \] WRSO eVObSdS` ]T T]`QS O\R
OQbW]\ W\ bVS e]`ZR O\R bVca ]T O Rg\O[WQ Q]\\SQbW]\ ]T OZZ bVW\Ua0 \]
WRSO# W\ aV]`b# ]T O\g j\Obc`Sk Ob OZZ% <RSOZWa[i W\ bVOb `Sa^SQb bVS
TOWbVTcZ [W``]` W[OUS ]T [ObS`WOZWa[i Pg `O\UW\U bVS P]Rg S\bW`SZg
O[]\U bVS SfbS`\OZ ]PXSQba# bVca c\RS`abO\RW\U Wb Oa O\ ]PXSQb ]T
Sf^S`WS\QS O\R \]b Wba a]c`QS# Oa RObc[ T]` bVS acPXSQb O\R \]b Oa
OQbWdS$^OaaWdS `SOZWbg ]T bVS acPXSQb# VOa RS^`WdSR WbaSZT ]T bVS ^]aaWPWZ$
Wbg b] U] PSg]\R O `cZS ]T SfbS`\OZ ]`RS`a ]T aS_cS\QSa O\R U`Oa^ O
`SOZ Q]\\SQbW]\ ]T bVW\Ua `]]bSR W\ bVSW` ]e\ \Obc`Si PS Wb W\ bVS
T]`[ ]T STTWQWS\b# PS Wb ]T TW\OZ QOcaObW]\ !]\ bVWa# bVS b`O\aQS\RS\bOZ
abO\R^]W\b VOa \] aOg O\geOg# eVObSdS` Wba VWab]`WQOZ ^`STS`S\QS"%
? <98 # 7 84G;# 4A7 G;8 5B7L <A G;8 G ;8BEL B9 58<A: M (+
5cb eVWQVSdS` QOcaOZWbg Wb PS# ]\ bVWa ^]W\b ;c[ Sla Q`WbW_cS eOa `WUVb
bVOb Wb Wa \]b [Sb eWbV W\ O\g ^S`QS^bW]\# O\R bVOb bVS \Sfca PSbeSS\
bVS RObO Wa \]b O RObc[ WbaSZTi \]b O ^S`QSWdSR Q]\bS\b% 9]`QS W\RSSR
Wa \]b O RObc[# Pcb O\ jOQbc[k Vc[O\Zg ^`SaS\b W\ STT]`b% 4\R STT]`b
Wa ac`SZg \]b O ^S`QS^b# SdS\ ZSaa O T]`[ ]T bVS ag\bVSaWa ]T ^S`QS^ba%
5cb ]PXSQbWTgW\U bV]cUVb Wa eSRRSR b] ^S`QS^bW]\ ! jW\bcWbW]\k 2 j^`S$
aS\bObW]\OZ W[[SRWOQgk " O\R bVca QO\\]b S\Q]c\bS` eVOb Wa \]b Q]\$
bOW\SR bVS`SW\%

I <<
GVca Wb O^^SO`a bVOb eOWdW\U bVS W\bSZZWUWPWZWbg ]T ZWTSi bVS ^`WQS
eVWQV []RS`\ Y\]eZSRUS eOa eWZZW\U b] ^Og T]` Wba bWbZS b] bVS U`SObS`
^O`b ]T `SOZWbgi `S\RS`a bVS e]`ZR c\W\bSZZWUWPZS Oa eSZZ% 4 \R bVS
`SRcQbW]\ ]T bSZS]Z]UWQOZ b] [SQVO\WQOZ QOcaOZWbg# U`SOb Oa Wba ORdO\$
bOUSa O`S T]` O\OZgbWQOZ RSaQ`W^bW]\# VOa UOW\SR \]bVW\U W\ bVS [ ObbS`
]T Q][^`SVS\RW\U bVS \Sfca WbaSZT0 bVS ]\S Wa \] ZSaa [gabS`W]ca bVO\
bVS ]bVS`%
Bc` `STZSQbW]\a eS`S W\bS\RSR b] aV]e W\ eVOb aS\aS bVS ^`]PZS[ ]T
ZWTS# O\R eWbV Wb bVOb ]T bVS P]Rg# ]cUVb b] abO\R W\ bVS QS\bS` ]T
]\b]Z]Ug O\R# b] a][S SfbS\b# OZa] ]T S^WabS[]Z]Ug% ?WTS [SO\a [ObS$
`WOZ ZWTS# W%S%# ZWdW\U P]Rg# W%S%# ]`UO\WQ PSW\U% <\ bVS P]Rg# bVS Y\]b ]T
PSW\U Wa bWSR eVWQV RcOZWa[ R]Sa \]b c\`OdSZ Pcb Qcb% @ObS`WOZWa[ O\R
WRSOZWa[# SOQV T`][ Wba S\R# b`g b] a[]]bV Wb ]cb Pcb USb QOcUVb W\ Wb%
GVS QS\b`OZ ^]aWbW]\ ]T bVS ^`]PZS[ ]T ZWTS [SO\a \]b ]\Zg bVOb Wb
[cab PS OQQ]`RSR O RSQWaWdS d]WQS W\ XcRUW\U O\g UWdS\ ]\b]Z]Ug Pcb
OZa] bVOb O\g b`SOb[S\b ]T WbaSZT [cab ac[[]\ bVS eV]ZS ]T ]\b]Z]Ug%
G] bVWa eV]ZS PSZ]\U bVS VWbVS`b]# W\ Wba VWab]`g# `SOZWhSR ^]aaWPWZWbWSa
]T ]\b]Z]Ug# SdS\ WT bVSg VO^^S\ b] bSOQV []`S ]\ ^]aW\U bVO\ ]\
a]ZdW\U bVS ^`]PZS[% Bc` Q]\aWRS`ObW]\a VOdS aV]e\ bVOb \]b SdS\
jO\W[Wa[#k W%S%# bVS ^O\dWbOZWa[ ]T bVS ROe\# Wa b] PS SfQZcRSR T`][
bVS ]\b]Z]UWQOZ SdWRS\QS bVOb VOa b] PS eSWUVSR0 bVS ^`W\QW^ZS ]T bVS
W\bS`^`SbObW]\ ]T PSW\U eVWQV Wb# V]eSdS` ^`SQ]\QS^bcOZZg# `S^`SaS\ba
Wa \]b `SOZZg R]\S eWbV SdS\ T`][ bVS ^S`a^SQbWdS ]T []RS[ Y\]eZ$
SRUS%( LSb bVS RSQWaWdS ^VOaS W\ bVS c\T]ZRW\U ]T bVS ^`]PZS[# a] eS

(% JS [Og `STS` b] bVS ^O\^agQVWa[ ]T O GSWZVO`R RS 6VO`RW\# ]` !]\


O Q]\aWRS`OPZg VWUVS` ^VWZ]a]^VWQOZ ^ZO\S" ]T JVWbSVSORla bVS]`g ]T OZZ
OQbcOZWbg Oa jTSSZW\U%k
(, G ;8 C ;8AB@8ABA B9 ? <98
T]c\R# eOa RcOZWa[# eVWQV OZa] W\ ]bVS` `Sa^SQba `S^`SaS\ba bVS []ab
^`SU\O\b QVO^bS` W\ bVS VWab]`g ]T [O\la W\bS`^`SbObW]\ ]T PSW\U O\R
VW[aSZT% 4 b Wba VO\Ra# bVS ^O`OR]f ]T ZWTS `SQSWdSR Wba []ab ^]W\bSR
O\bWbVSbWQOZ O`bWQcZObW]\ O\R# ]\ Wba Sf^W`ObW]\# eOa ZSTb PSVW\R W\ Wba
[]ab W``SQ]\QWZOPZS T]`[% ?OabZg# eS T]c\R bVOb ]T bVS ^]abRcOZWabWQ
^]aWbW]\a eVWQV RWdWRSR bVS RcOZWabWQ ZSUOQg PSbeSS\ bVS[# [ObS`WOZ$
Wa[ VOa O\ ORdO\bOUS ]dS` WRSOZWa[ Oa O [SSbW\U U`]c\R eWbV bVS
^`]PZS[ ]T ZWTS# aW\QS Wb QO\ PS ZSaa SOaWZg SdORSR bVS`S% B\S aWU\ ]T
bVWa Wa bVOb [ObS`WOZWa[# VS`SW\ []`S TOWbVTcZ b] bVS RcOZWabWQ PS_cSab#
Y\]ea ]T RSObV eVS`SOa WRSOZWa[ VOa T]`U]bbS\ Wb% 4Za]# bVS bVW\YS`
VW[aSZT Wa VS`S ZSaa SOaWZg P`WPSR% <\ [ObS`WOZWa[# VS Z]]Ya VWa ]e\
\SUObW]\ W\ bVS SgS1 Pcb aW\QS VS Ob bVS aO[S bW[S# W\ eVOb VS R]Sa Pg
bVW\YW\U# SfS[^ZWTWSa bVS dS`g QOaS b] eVWQV VWa bV]cUVb RS\WSa O
^ZOQS# VS Wa VS`S ZSaa W\ RO\US` b] T]`USb ]\S aWRS ]T bVS _cSabW]\ bVO\
Wa bVS T]ZZ]eS` ]T WRSOZWa[# eVWQV eWbV bVS ^`W[OQg ]T bV]cUVb# a]
TZObbS`W\U b] bVS bVW\YS`# VOa W\ ORdO\QS bOYS\ VWa aWRS%

4 CC8A7<K ' !^% ()"


%,><,54=B ,7/ *0;.09=487
;c[S VOa aV]e\ bVOb jQOcaObW]\k Wa \]b T]c\R O[]\U bVS Q]\bS\ba ]T
aS\aS ^S`QS^bW]\% GVWa Wa W\Q]\b`]dS`bWPZS a] Z]\U Oa j^S`QS^bW]\k Wa c\RS`$
ab]]R# eWbV ;c[S# Oa [S`S ;0.09=4?4=B bVOb `SUWabS`a bVS W\Q][W\U RObO ]T
aS\aObW]\% GVWa OZa] Wa V]e >O\b c\RS`ab]]R Wb eVS\ VS OQQS^bSR ;c[Sla
\SUObWdS TW\RW\U% 4\R WT# OUOW\# acQV ^OaaWdS ^S`QS^bW]\ Wa VSZR# eWbV P]bV
;c[S O\R >O\b# b] PS bVS 875B []RS W\ eVWQV bVS ]cbS` e]`ZR Wa ]`WUW$
\OZZg jUWdS\kia] bVOb SdS\ ]T ]c` ]e\ P]RWZg OQbWdWbg eS ]\Zg Y\]e Pg
]c` `SQS^bWdWbg# eV]aS aS_cS\bWOZ RObO VOdS bVS\ b] PS 47=0;9;0=0/ W\ bS`[a
]T OQbW]\ibVS\ W\RSSR QOcaOZWbg [cab PS a][S 607=,5 ,//4=487 b] bVS `Oe
[ObS`WOZ ]T ^`W[S UWdS\\Saa1 O\R bVS RWTTS`S\QS ]T R]Qb`W\S Q]\QS`\a ]\Zg
bVS a]c`QS O\R \Obc`S ]T bVOb ORRWbW]\% ;c[S aOe Wb W\ bVS VOPWb ]T
Oaa]QWObW]\ !WbaSZT ^OaaWdS ]\ bVS ^O`b ]T bVS acPXSQb"# >O\b W\ bVS ab`cQbc`$
W\U Pg bVS c\RS`abO\RW\U !jOQbWdSk b] PS ac`S# Pcb W\ ab`WQb [S\bOZ W[$
[O\S\QS"%
A]e# P]bV bVSaS ^]aWbWdS R]Qb`W\Sa TOWZ b] ac^^Zg bVS RSTWQWS\Qg eVWQV
bVS acQQSaa ]T bVS \SUObWdS O`Uc[S\b VOa Q`SObSR% H\QVOZZS\USR Oa
;c[Sla Q]\bS\bW]\ abO\Ra bVOb QOcaObW]\ Wa \]b O jUWdS\k W\ ^S`QS^bW]\#
W%S%# O\ O^^SO`O\QS O[]\U O^^SO`O\QSa bVOb O`S \]\b`O\aWbWdS Pg RSTW\W$
bW]\# VWa OQQ]c\b ]T Wba POabO`R PW`bV T`][ bVS c\ac^S`dWaSR ZWOWa]\a
![cbcOZ Obb`OQbW]\a" PSbeSS\ ]c` WRSOa# eVWQV W\ bVSW` ]e\ W\bS``SZObW]\a
6 4HF4?<GL 4A7 C 8E68CG<BA M (-
O`S OZZ]eSR bVS dS`g Rg\O[WQa bVSg RS\g b] bVS bVW\Ua W\ bVSW` ^]`b`OgOZ ]T
bVS[# R]Sa \]b abO\R aQ`cbW\g%' ASWbVS` R]Sa >O\bla OZbS`\ObWdS# `S^ZOQW\U
^agQV]Z]UWQOZ eWbV jb`O\aQS\RS\bOZk ]`WUW\# aW\QS `SOa]\ Pg WbaSZT \] []`S
gWSZRa bVS \]bW]\ ]T OQbW]\ O\R W\TZcS\QS bVO\ R]Sa bVS aS\aS ^S`QS^bW]\ ]T
;c[Sla RSaQ`W^bW]\0 SdS\ WT Wb gWSZRaiO RWTTS`S\b [ObbS` OZb]USbVS`ibVS
T]`[OZ \]bW]\ ]T j\SQSaaO`g `cZSk eVS`S bVS Oaa]QWObWdS [SQVO\Wa[
gWSZRSR bVS Q]\Q`SbS TSSZW\U ]T Q]\ab`OW\b ]\ bVS W[OUW\ObW]\%'(
5cb eVSbVS` TSZb Q]\ab`OW\b ]\ W[OUW\ObW]\ ]` Q]\QSWdSR \SQSaaWbg T]`
bV]cUVb# eVSbVS` ^agQV]Z]UWQOZ ]` `ObW]\OZ `cZSi\SWbVS` VOa [cQV b] R]
eWbV bVS Q][^SZZW\U bV`cab ]T bVW\Ua# W\ eVWQV eS VOdS O aVO`S ]cbaWRS bVS
aO\QbcO`g ]T ]c` [W\Ra% 5]bV R]Qb`W\Sa eWaV b] acPabWbcbS W\bS`\OZ T]`
SfbS`\OZ Rg\O[WQa# a^c`W]ca T]` US\cW\S ]`WUW\0 P]bV ]\ bVS Oaac[^bW]\#
P]`\ ]T bVS aWZS\QS ]T j^S`QS^bW]\k c\RS` bVS aSQZcaW]\ ]T bVS Q]U\WbWdS
[]\]^]Zg bV`cab c^]\ Wb# bVOb bVS`S Wa \] TW`abVO\R Y\]eZSRUS ]T T]`QS#

'% 4 98<= 38. Q][^O\g$T]`[ObW]\ O[]\U bVS WRSOa# eVObSdS` Wba STTSQb
]bVS`eWaS# QO\\]b `Sab]`S b] bVS Ob][WQ O\R W\b`W\aWQOZZg abObWQ `SQ]`R bVS
QVO`OQbS` bVSW` `S^`SaS\bObW]\ eWbVVSZR T`][ Wb b] PSUW\ eWbV% 4\R OZ$
bV]cUV ^agQV]Z]UWQOZ Q][^cZaW]\ ]` acUUSabW]\# acQV Oa bVSW` Ocb][ObWa[
[Og S\US\RS`# QO\ W\RSSR [WaZSOR bV]cUVb W\b] [OYW\U e`]\U Q]\\SQ$
bW]\a# Oa eSZZ Oa OQQWRS\bOZZg ^`][^b bVS `WUVb ]\Sa# bVS j]`WUW\OZk ]T acQV
Q]\\SQbW]\ [cab PS OdOWZOPZS T`][ Wba ]e\ a]c`QS -018;0 SWbVS` ^`]^S` ]`
W[^`]^S` caS QO\ PS [ORS ]T Wb c\RS` O\g ^`][^bW\U% B\Zg ]\ bVWa
Q]\RWbW]\ Wa bVS [Wa`SORW\U ]T [S\bOZ T]` ^VgaWQOZ Rg\O[WQa Ob ZSOab
^agQV]Z]UWQOZZg ^ZOcaWPZSidWh%# Oa O <0.87/,;B TOQb# bVS ^`W[O`g PSW\U bVS
OQ_cOW\bO\QS eWbV ^VgaWQOZ Rg\O[WQa Oa acQV0 bVS\ bVS Q]\T]c\RW\U ]T
]\S eWbV bVS ]bVS` PSQ][Sa ^]aaWPZS% 4Za] eS QO\ RWabW\UcWaV# Oa PSZ]\U$
W\U b] RWTTS`S\b a^VS`Sa# PSbeSS\ SdS\ bVS ab`]\USab R`WTb ]T W[OUW\ObW]\
O\R bVS TOW\bSab bSabW[]\g ]T bVW\Ua# O\R Q]``SQb bVS T]`[S` W\ bVS ZWUVb ]T
bVS ZObbS`0 dWdWR\Saa ]T [S\bOZ W[^`Saa VOa \] aOg W\ bVS [ObbS`i\] []`S
bVO\ `VSb]`WQ VOa W\ O\ O`Uc[S\b# bVS STTWQOQg ]T SWbVS` \]beWbVabO\RW\U%
9W\OZZg# bVS jT]`QS ]T VOPWbk OQbW\U W\ bVS Oaa]QWObW]\ ]T WRSOa [Og eSZZ#
T]` Wba ]e\ Sf^ZO\ObW]\# `S_cW`S b] QOZZ ]\ ^VgaWQOZ QOcaSa !S%U%# P`OW\
[SQVO\Wa[a"# bVOb Wa# ]\ bVS dS`g `SOZWbg ]T bVOb eVWQV Wb [S`SZg aSS[SR
b] TOYS%
(% 4 \SQSaaO`g# US\S`OZ `cZS ]T Q]\\SQbW]\ `S_cW`Sa bVOb ]T eVWQV Wb Wa
b] PS bVS `cZS O\R eVWQV Wb QO\\]b ^`]dWRS WbaSZT Pcb [cab TW\R ]`WUW\OZZg
SfS[^ZWTWSR W\ bV]aS OQbcOZ W\abO\QSa ]T RSbS`[W\ObWdS Q]\\SQbW]\ eVS`S
bVS j\SQSaaWbObW\Uk 18;.0 ]T bVS b`O\aWbW]\ T`][ 4 b] 5 VOa PSS\ ^`OQbW$
QOZZg !W%S%# eWbV 6B<051 ]\S ]T bVS `SZObO" Sf^S`WS\QSRieVWQV Wa a][S$
bVW\U S\bW`SZg RWTTS`S\b T`][ bVS j\SQSaaWbgk ]T bVS ;>50 b] eVWQV acQV
W\abO\QSa j[cabk ! O ^`W]`WiSZaS0 O`S T]c\R b]" c\WdS`aOZZg Q]\T]`[% GVS
`cZS [S`SZg aOga bVOb <860 \SQSaaWbObW\U ZW\Y ]` ]bVS` !Wba ]`WUW\OZ
^O`ORWU[ W\ RW`SQb Sf^S`WS\QS PSW\U ]\Zg ]\S YW\R" ]^S`ObSa W\ 0?0;B
(. G ;8 C ;8AB@8ABA B9 ?<98
b`O\aWbWdWbg# O\R bVS Rg\O[WQ P]\Ra ]T bVW\Ua% 5]bV Pc`RS\ bVSW` QV]WQS
eWbV O\ W[^]aaWPZS bOaY% 5]bV# W\ aV]`b# T]`USb bVS P]Rg%
A]e# ^S`VO^a bVS `SOZ ^`]PZS[ ZWSa W\ bVS dS`g TOQb eVWQV ;c[S O\R
>O\b OQQS^bSR Oa cZbW[ObS0 bVS QOcaOZ [cbS\Saa ]T ^S`QS^ba% <T bVWa WbaSZT Wa
bOYS\ Oa O [ObbS` T]` e]\RS` O\R Sf^ZO\ObW]\# Oa Wb aV]cZR# O\ W\bS`SabW\U
W\dS`aW]\ ]T ;c[Sla ^`]PZS[ acUUSaba WbaSZT0 6]\aWRS`W\U eVOb Wa Y\]e\
OP]cb bVS QOcaOZWbg W\d]ZdSR W\ bVS US\SaWa ]T aS\aS ^S`QS^bW]\ WbaSZT# Wba
W\RSSR RSQOcaOZWhSR Q]\bS\b ^`SaS\ba Wba ]e\ `WRRZS eVWQV aVO`^S\a
;c[Sla []`S US\S`OZ `WRRZS W\b] bVS 9,;,/8A bVOb O <90.414. .,><,5 \Sfca
iOTTSQbW]\ ]T bVS aS\aSaiaV]cZR bS`[W\ObS W\ Wba ]e\ ^`SaS\bObW]\OZ <>9!
9;0<<487 Oa ^O`b ]T Wba a^SQWTWQ ^S`T]`[O\QS% GVWa RWa]e\W\U ]T Wba US\SaWa
Pg bVS ^S`QS^bcOZ []RS# W%S%# bVS bS`[W\OZ ]PZWbS`ObW]\ ]T Wba ]e\ QOcaOZ
QVO`OQbS`# T]`[a O\ SaaS\bWOZ TSObc`S ]T eVOb JVWbSVSOR QOZZa j^`SaS\bO$
bW]\OZ W[[SRWOQg#k O\R Wa bVS Q]\RWbW]\ ]T Wba ]PXSQbWdS Tc\QbW]\ eVWQV Wa
bVca P]cUVb Ob O ^`WQS%
GVS W\dS`aW]\ ]T bVS ^`]PZS[ VS`S ^`]^]aSR W[^ZWSa O\ W\RS^S\RS\b O\R

QVO\US# SdS\ eVS`S \]b Sf^S`WS\QSR Pg SWbVS` OUS\b ]` ^S`QW^WS\b1 bVOb


bVS`S Wa O c\WT]`[ [SOac`S T]` OZZ QVO\USa# ]`# OZZ W\RWdWRcOZ \SQSaaWbWSa
O`S ^O`b ]T O US\S`OZ \SQSaaWbg1 O\R bVOb =34< 47 =>;7 4< C70.0<<,;B D Pcb W\
O \Se aS\aS0 \]b T`][ bVS \Obc`S ]T \SQSaaWbObW]\ WbaSZT !ZSb OZ]\S bVS YW\R
Sf^S`WS\bWOZZg W\d]ZdW\U [gaSZT"# Pcb T`][ bVS \Obc`S ]T \Obc`S jOa O
eV]ZS#k dWh%# WT Wb Wa b] PS O\ W\bSZZWUWPZS c\Wbgi]T PSW\U ]` ]T jSf^S`W$
S\QS%k GVS RWTTS`S\QS Wa ]PdW]ca% LSb bVWa b`O\a^O`S\b S_cWd]QObW]\ ]T bVS
bS`[ j\SQSaaWbgk PSRSdWZa [cQV ]T >O\bla O`Uc[S\b0 eVS\ < bSZZ ]T VOdW\U
PSS\ aeS^b OeOg# W\ O RSa^S`ObS ab`cUUZS# Pg O b]``S\b b]] ab`]\U T]` [S b]
`SaWab# < ]PdW]caZg a^SOY ]T j\SQSaaWbgk ]T O RWTTS`S\b# c\QObSU]`WOZ YW\R
T`][ bVS QObSU]`WOZ j\SQSaaWbgk < ^`SRWQObS ]T bVS V]ZRW\U ]T O c\WdS`aOZ
5,@ ]T QOcaOZWbg% <\ bVS aSQ]\R QOaS < a^SOY ]T O \SQSaaWbg ]T \SQSaaWbgi
O\ OPab`OQb \SQSaaWbg ]T Q]\Q`SbS \SQSaaWbWSa# W%S%# ]T bVS`S ]PbOW\W\U a][S
\SQSaaWbg2 \SQSaaWbObW]\ !b`O\aWbWdS" W\ SdS`g QOaS# O\R ]T OZZ bVSaS \SQSaaW$
bObW]\a b]USbVS` T]`[W\U ]\S V][]US\S]ca agabS[% >O\bla O`Uc[S\b Q]\$
QS`\a SfQZcaWdSZg bVWa aSQ]\R$ZSdSZ !\]\b`O\aWbWdS" \SQSaaWbg O\R VOa \]
PSO`W\U eVOba]SdS`# \]b SdS\ Pg W[^ZWQObW]\# ]\ bVS _cSabW]\ ]T ]c`
OcbVS\bWQ Sf^S`WS\QS ]T QOcaObW]\ Oa acQV% ;Wa RS\WOZ ]T bVS ZObbS`
O\bSQSRSa VWa O`Uc[S\b ]\ ;c[SO\ ^`S[WaSa# W%S%# ]\ bVS b`ORWbW]\OZ !cZbW$
[ObSZg 6O`bSaWO\" dWSe ]T ^S`QS^bW]\ Oa O ^`]QSaaW]\ ]T \Scb`OZ jWRSOak2
`S^`SaS\bObW]\a2W[OUSa% 5cb < R]\lb bVW\Y bVOb bVWa !S``]\S]ca" ^`Sac^$
^]aWbW]\ Wa dWbOZ b] bVS SaaS\QS ]T bVS >O\bWO\ O`Uc[S\b% <ba SaaS\QS# < bOYS
Wb# Wa b] U`]c\R# \]b bVS TOQbcOZWbg O\R Q]\bW\US\b !aW\UZS" Sf^S`WS\QS ]T
QOcaObW]\# Pcb bVS dOZWRWbg ]T O c\WdS`aOZ 5,@ ]T QOcaOZWbg T]` Sf^S`WS\QS Oa
acQV0 eVOb [cab PS SfO[W\SR bVS\ !Pcb Wa \]\S ]T ]c` Q]\QS`\ VS`S" Wa
eVSbVS` Wb R]Sa =34< dOZWRZg% JVObSdS` bVS O\aeS`# O ZOe 81 Sf^S`WS\QS QO\
\SdS` acPabWbcbS T]` bVS ^`W[O`g Sf^S`WS\QS WbaSZT%
6 4HF4?<GL 4A7 C 8E68CG<BA M (/
ZSUWbW[ObS a]c`QS ]T QOcaOZ Y\]eZSRUS eV]aS RSZWdS`O\QS Wa \]b OTTSQbSR Pg
bVS \SUObWdS TW\RW\Ua ]T ^S`QS^bW]\1 ]\ bVS Q]\b`O`g# Wb VOa b] PS R`Oe\
c^]\ T]` bVS Sf^ZO\ObW]\ ]T ^S`QS^bW]\ WbaSZT \] ZSaa bVO\ T]` bVS ac^^ZS$
[S\bObW]\ ]T Wba TW\RW\Ua%
JVWbSVSORla RWabW\QbW]\ ]T jQOcaOZ STTWQOQgk O\R j^`SaS\bObW]\OZ W[$
[SRWOQgk Oa PSZ]\UW\U b] be] []RSa ]T ^S`QS^bW]\ ]TTS`a O\ W[^]`bO\b
QZcS eWbV `Sa^SQb b] ;c[Sla ^`]PZS[# Pcb PSg]\R Wba abObS[S\b \] acTTW$
QWS\b Sf^ZO\ObW]\ ]T WbaSZT !W\ TOQb# bVS bS`[ jW[[SRWOQgk Wa O^b b] [Wa$
ZSOR"% 9]ZZ]eW\U c^ bVWa QZcS# eS ^`]^]aS b] aV]e0 !O" V]e Wb Wa bVOb bVS
aSdS`OZ aS\aSa# W\ RWTTS`W\U RSU`SSa# SZW[W\ObS bVS W[^`W\b ]T bVSW` ]e\
QOcaOZ Q]\abWbcbW]\ T`][ bVS W\bSU`ObW]\ ]T bVSW` W[OUS`g1 !P" eVg bVS
aOQ`WTWQS ]T bVS QOcaOZ SZS[S\b SfbS\Ra T`][ bVS aSZT$^`SaS\bObW]\ ]T bVS
OQbcOZ ^S`QSWdW\U []RS b] Wba US\S`OZ ]PXSQb ^WQbc`S# Q]W\QWRW\U eWbV bVS
`O\US ]T j]PXSQbWdWbgk Oa acQV# eVWQV Wa bVca `SOZWbg RS\Obc`SR !RSOQbW$
dObSR" Pcb e]cZR \]b PS ^]aaWPZS ]bVS`eWaS1 !Q" eVg bVS ]PXSQbWTgW\U
[]RSa a] Q]\abWbcbSR VOdS ]T \SQSaaWbg Q][S b] []\]^]ZWhS bVS Q]\QS^b ]T
Y\]eZSRUS# O\R bVSW` ]PXSQb bg^S bVOb ]T `SOZWbg# bVS`SPg Q`SObW\U ^`]PZS[a
^SQcZWO` b] bVWa aSZT$Qc`bOWZ[S\b 47=0; ,54, bVS ^`]PZS[ ]T j\SQSaaO`g
Q]\\SQbW]\k"%
!O" ;]e R] bVS aS\aSa Q][S b] RSZWdS` O RSQOcaOZWhSR Q]\bS\b3 4
Q][^ZSbS O\aeS` W\d]ZdSa O\ O\OZgaWa ]T bVS aS\aSa Ob ]\QS US\SbWQ O\R
^VS\][S\]Z]UWQOZ0 b] Q]\TW\S ]\SaSZT b] bVS ZObbS` OZ]\S e]cZR PS b]
Q][[Wb ]\SaSZT T`][ bVS ]cbaSb b] bVS TOQS dOZcS ]T ^S`QS^bW]\OZ bSabW$
[]\g O\R bVca \]b b] SaQO^S T`][ bVS [OUWQ QW`QZS ]T ;c[Sla O`Uc[S\b%
4a bVWa Wa \]b bVS bW[S T]` O RSbOWZSR O\OZgaWa#) O TSe `S[O`Ya aVOZZ VS`S
W\RWQObS bVS ZW\S ]T `SOa]\W\U%
GVS a[OZZ\Saa !W\ RW[S\aW]\# bW[S `ObS# O\R S\S`Ug" ]T bVS c\Wb$OQbW]\a
O\R `SOQbW]\a W\d]ZdSR W\ OTTSQbW]\ ]T bVS aS\aSa# W%S%# bVSW` [W\cbS aQOZS
`SZObWdS b] bVS ]`UO\Wa[# ^S`[Wba bVSW` [Oaa$W\bSU`ObW]\ W\b] ]\S Q]\bW\c$
]ca O\R V][]US\S]ca STTSQb !W[^`SaaW]\" W\ eVWQV \]b ]\Zg bVS aW\UZS
W[^cZaSa O`S OPa]`PSR# Pcb bVS QVO`OQbS` ]T W[^cZaS Oa acQV Wa ZO`USZg
QO\QSZSR O\R `S^ZOQSR Pg bVOb ]T RSbOQVSR W[OUS% JVS`S _cOZWbWSa O`S
^S`QSWdSR# bVS `Oe [ObS`WOZ Wa OQbW]\0 W[^OQba# VcabZW\Ua# QZOaVSa ]\ O
[]ZSQcZO` aQOZS% B`UO\Wa[a \]b TO` SfQSSRW\U bVOb aQOZS QO\ bVS`ST]`S
VOdS \] ^S`QS^bW]\# Pcb bVS Q]ZZWaW]\ Sf^S`WS\QS ]\Zg% GVSW`a e]cZR PS O
e]`ZR \]b ]T ^`SaS\QSa Pcb ]T W\QWRS\QSa# ]`# \]b ]T SfWabS\QSa Pcb ]T
T]`QSa% G] bVS ZO`US$aQOZS ]`UO\Wa[# ]\ bVS ]bVS` VO\R# eVS\ Wb R]Sa VOdS
bVS T]`QS$Sf^S`WS\QS W\ W\bS`OQbW]\ ]\ Wba ]e\ aQOZS# bVWa OZeOga Q][Sa
OZ`SORg ac^S`W[^]aSR ]\ bVS PSQOZ[SR Q]\bW\cc[ [ORS c^ ]T bVS ^S`$
)% FSS# T]` ^O`ba ]T acQV O\ O\OZgaWa# FWfbV 8aaOg O\R FSdS\bV 8aaOg#
aSQb% <<<%
)& G ;8 C ;8AB@8ABA B9 ?<98
QS^bcOZ b`O\aQ`W^ba ]T bVS a[OZZ$aQOZS W\TZcS\QSa bVOb OZZ OZ]\U S\UOUS
aS\aWbWdWbg Pcb W\ bVS b`O\aQ`W^bW]\ Z]]aS bVS QVO`OQbS` ]T W\TZcS\QS0 Oa
Q]\bW\cOZ O\R STT]`bZSaa ^`SaS\QS ]T RSOQbWdObSR Q]\bS\b# bVSg aSS[ b]
]TTS` bVOb \Scb`OZ acPab`Obc[ ]T PSW\U b] eVWQV bVS T]`QS$Sf^S`WS\QS bVS\
VO^^S\a b] PS ORRSR ]\ ^O`bWQcZO` ]QQOaW]\a# O\R T`][ eVWQV W\RSSR Wb
abO\Ra ]cb Oa O ^O`bWQcZO` ^VS\][S\]\% GVWa `SacZb0 bVS O^^O`S\b ^`W]`Wbg
]T S\Rc`W\U S\bWbg ]dS` ]QQOaW]\OZ OQbWdWbgibVS Q]U\WbWdS QVWZR ]T ^S`$
QS^bW]\iWa O\ W\dS`aW]\ ]T bVS ]`WUW\ObWdS ]\b]Z]UWQOZ ]`RS`# O\R bVS
`]]b ]T O bVS]`SbWQOZ ^`]PZS[ ]T QOcaOZWbg ZObS` ]\%
GVS RSU`SS b] eVWQV bVS Rg\O[WQOZ `SZObW]\aVW^ Wa# ]` Wa \]b# ^S`QS^bWPZS
O\R `S^`SaS\bSR W\ bVS ^S`QS^bW]\ WbaSZT# O\R bVS RSU`SS b] eVWQV aS_cS\QS
]T VO^^S\W\U Wa b`O\aZObSR W\b] aW[cZbO\SWbg ]T O abObWQOZ ^`SaS\QS# QO\
aS`dS b] QZOaaWTg bVS aS\aSa eWbV `Sa^SQb b] bVSW` ]PXSQbWTgW\U Tc\QbW]\%*
9`][ O Q][^O`ObWdS O\OZgaWa# aWUVb S[S`USa Oa bVS aS\aS eWbV bVS []ab
Q][^ZSbS \Scb`OZWhW\U ]T Rg\O[WQ Q]\bS\b O\R bVS []ab c\O[PWUc]ca
RWabO\QW\U ]T Wba ]PXSQb T`][ bVS ^S`QS^bWdS Tc\QbW]\% <\ RSU`SSa# bVS aSZT$
STTOQS[S\b ]T QOcaOZ STTWQOQg bOYSa ^ZOQS W\ OZZ aS\aS ^S`QS^bW]\0 eVS`S
dW]ZS\QS ]T bVS abW[cZca T]`QSa bVS bV`SaV]ZR O\R QOcaOZWbg TZ]]Ra aS\aO$
bW]\# bVS`S aS\aS ^S`QS^bW]\ Wa ]cabSR Pg bVS Sf^S`WS\QS ]T W[^OQb ]` Pg
^OW\# W%S%# Wb QSOaSa b] PS ^S`QS^bW]\ ^`]^S`% 8a^SQWOZZg W\ b]cQV# bVS
b`O\aWbW]\ T`][ O^^`SVS\aW]\ ]T _cOZWbg b] Sf^S`WS\QS ]T ^`Saac`S O\R
bVS\QS b] SfS`QWaS ]T ^]eS` Wa O [ObbS` ]T b`OQSOPZS RSU`SSa% B` b] Sf$
S[^ZWTg T`][ O\]bVS` aS\aS0 W\ bVS QOaS ]T O RSb]\ObW]\ \SO`Pg# bVS T]`QS
OQbW\U ]\ ]c` `SQS^b]` [Og SfQSSR bVS OQ]cabWQ ZW[Wba# O\R W\abSOR ]T
Xcab VSO`W\U O a]c\R ]T ^O`bWQcZO` _cOZWbg O\R W\bS\aWbg eS TSSZ OaaOcZbSR
Pg ^]eS`# b] PS S\Rc`SR O\R `SaWabSR Pg ^]eS`% 4\R Oa \]WaS QO\ RSOTS\#
a] ZWUVb QO\ PZW\R eVS\ Wb SfQSSRa bVS ZW[Wba ]T aS\ac]ca OaaW[WZObW]\%
GVca bVS e]`ZR# W\abSOR ]T ^`SaS\bW\U WbaSZT# QO\ W\b`cRS Rg\O[WQOZZg W\b]
Wba bSabW[]\g# Wba QOcaOZWbg ]dS`eVSZ[W\U ^S`QS^bW]\% GVS ZObbS` Wa bVS`S$
T]`S Q]\abWbcbW]\OZZg P]c\R b] bVS T]`[S`la SfQZcaW]\ T`][ bVS `SQ]`RiOb
ZSOab W\ `SZObW]\ b] WbaSZTiO\R TcZTWZZa Wba a^SQWTWQ bOaY Pg ^S`T]`[W\U Xcab
bVWa TSOb% <\ bVS QOaS ]T dWaW]\# bVS TSOb Wa [ORS ^]aaWPZS b] ^S`TSQbW]\ Pg
bVS Rg\O[WQOZ ^`]^S`bWSa ]T ZWUVb O\R bVS `SZObWdS ]`RS`a ]T [OU\WbcRS
W\d]ZdSR% GVS aSS[W\U W\OQbWdWbg O\R aSZT$Q]\bOW\SR\Saa ]T bVS aSS\ ]PXSQb
Q]``Sa^]\R b] bVS aSS[W\U W\OQbWdWbg O\R aSZT$Q]\bOW\SR\Saa ]T bVS a^SQbO$
b]`1 gSb P]bV QVO`OQbS`a O`S bVS ^c`WTWSR `SacZb ]T O ^O`bWQcZO` aSb ]T
Q]\\SQbW\U OQbWdWbg% <ba b]bOZ SZW[W\ObW]\ T`][ bVS ^`SaS\bObW]\OZ `SacZb#
eVWQV UOW\a Pg Z]aW\U Pcb Z]aSa \SdS`bVSZSaa# W\b`]RcQSa O\ SZS[S\b ]T
OPab`OQbW]\ibVS OPab`OQbW]\ ]T W[OUSiW\b] bVS dS`g Q]\abWbcbW]\ ]T aS\aS
^S`QS^bW]\# VS\QS W\b] ]PXSQb Y\]eZSRUS Oa acQV%
!P" GVS ac^^`SaaW]\ ]T ]PXSQb$acPXSQb QOcaOZWbg W\ ^S`QS^bW]\ S\bOWZa
*% FSS FWfbV 8aaOg ]\ jGVS A]PWZWbg ]T FWUVb%k
6 4HF4?<GL 4A7 C 8E68CG<BA M )'
bVOb ]T ]PXSQb$]PXSQb QOcaOZWbg bVS`S Oa eSZZi]` bVOb ]T QOcaOZWbg ^c`S O\R
aW[^ZS eWbVW\ bVS jbVS]`SbWQOZk R][OW\ eVS\ bVWa Wa TOaVW]\SR W\ bVS
^S`QS^bW]\OZ O\OZ]Ug OZ]\S% 9]` bVS\ Wb R]Sa \]b OR[Wb W\b] Wba SdWRS\QS
bVS bSabW[]\g ]T bVS ,.=472 acPXSQbibVOb aSS[W\UZg W\OZWS\OPZS# jW\aWRSk
Y\]eZSRUS ]T acPXSQb$]PXSQb QOcaOZWbg ]T eVWQV [O\ :>, OUS\b Wa ^]a$
aSaaSR W\ VWa ^`OQbWQOZ W\bS`Q]c`aS eWbV bVW\Ua0 ]\Zg OTbS` VOdW\U WbaSZT
PSS\ acPXSQbSR b] ^S`QS^bcOZ ]PXSQbWTWQObW]\# Wba Q]\bS\ba b`O\aT]`[SR W\b]
aS`WOZ RObOiW%S%# OTbS` bVS OQbWdS _cOZWbg VOa PSS\ ZSOQVSR T`][ WbiWa Wba
bSabW[]\g OR[WbbSR W\b] bVS]`g% 5g bVS `SXSQbW]\ ]T bVWa SdWRS\QS W\ Wba
^`WabW\S bS`[a !O `SXSQbW]\ eWbV O Z]\U VWab]`g W\ bVS U`]ebV ]T bVS bVS]`Sb$
WQOZ WRSOZ"# c\RS`abO\RW\U RS^`WdSa WbaSZT ]T bVS ]\S \]\^S`QS^bcOZ a]c`QS#
bVS T]`QS$Sf^S`WS\QS ]T [g ]e\ P]Rg W\ OQbW]\# eVWQV Q]cZR Pg O\OZ]Ug
abWZZ ac^^Zg bVS Rg\O[WQOZ ZW\Ya W\ bVS aS_cS\QS ]T ]PaS`dSR SdS\ba0 bVSaS#
VOdW\U PSQ][S ]PXSQba Pg RWaQ]\\SQbW]\ T`][ bVS `SOZWbg ]T bVS ]PaS`dS`#
abO\R bVS`SPg ab`W^^SR ]T bVOb QVO`OQbS` eVWQV e]cZR Sf^ZOW\ OZa] bVSW`
Q]\\SQbSR\Saa O[]\U bVS[aSZdSa% GVS RSbOQV[S\b ]T ]PXSQbWTWQObW]\ ZSTb
bVS[ RSbOQVSR T`][ ]\S O\]bVS` Oa eSZZ% GVS QVO`OQbS` US\S`OZZg ac^$
^`SaaSR Wa 18;.0 eVWQV# PSW\U \]b O jRObc[k Pcb O\ jOQbc[#k QO\\]b PS
jaSS\#k W%S%# ]PXSQbWTWSR# Pcb ]\Zg Sf^S`WS\QSR T`][ eWbVW\ eVS\ SfS`bSR ]`
acTTS`SR% GVS ^`W[O`g \Scb`OZWhObW]\ ]T bVWa QVO`OQbS` Pg ^S`QS^bW]\#
eVWQV QVO\USa OQbcOZWbWSa W\b] RObO# Wa PS_cSObVSR b] bVS Q]\QS^ba ]T bVS
c\RS`abO\RW\U# eVWQV `WaSa T`][ bVWa dS`g POaWa ]T ]PXSQbWTWQObW]\% H\RS`$
abO\RW\U Pg WbaSZT# eVS\ ZSTb b] RSOZ eWbV bVS ab`W^^SR ^S`QS^ba OZ]\S#
QO\\]b `Sab]`S bVOb QVO`OQbS`# \]` Q][^S\aObS T]` Wb Pg Wba ]e\ [SO\a ]T
Q]\\SQbW]\ !VS`S ;c[S eOa `WUVbiO\R >O\b e`]\U"% 5cb S\X]gW\U bVS
ORdO\bOUSa ]T RWaQ]\\SQbW]\ W\ bVS acPXSQb$]PXSQb `SZObW]\# \O[SZg# bVS
T`SSR][ ]T bVS]`g# Wb VOa b] OQQS^b Wba RWaORdO\bOUSa Oa `SUO`Ra ]PXSQb$
]PXSQb `SZObW]\%
!Q" 4PaQ]\RS\QS ]T QOcaOZ STTWQOQg Wa bVS ^`WQS Pg eVWQV ^`SaS\bObW]\
]T PSW\U W\ WbaSZT# O\R Q]\aS_cS\bZg ]PXSQbWdWbg# O`S UOW\SR% B\ bVS Q`SRWb
aWRS# STTOQS[S\b ]T QOcaOZWbg [SO\a RWaS\UOUS[S\b T`][ Wb% CS`QS^bW]\
Oa acQV# O\R dWaW]\ ^O`bWQcZO`Zg# aSQc`S bVOb abO\RW\U POQY T`][ QOcaOZ
W\d]ZdS[S\b eVWQV T`SSa bVS Sf^S`WS\b T]` ]PaS`dObW]\ O\R ]^S\a O V]`W$
h]\ T]` SZSQbWdS ObbS\bW]\% GVS ]PXSQb# abOgW\U W\ Wba P]c\Ra# TOQSa bVS
acPXSQb OQ`]aa bVS UO^ eVWQV bVS SdO\SaQS\QS ]T bVS T]`QS Q]\bSfb VOa
Q`SObSR% 9`][ bVS ]\`caV O\R W[^OQb ]T `SOZWbg# ]cb ]T bVS W\aWabS\b
QZO[]` ]T Wba ^`]fW[Wbg# bVS RWabO\QS ]T O^^SO`O\QS !9307860787" Wa
e]\0 W[OUS# W\ bVS ^ZOQS ]T STTSQb# QO\ PS Z]]YSR Ob O\R Q][^O`SR# W\
[S[]`g `SbOW\SR O\R `SQOZZSR# W\ W[OUW\ObW]\ dO`WSR O\R T`SSZg Q][^]aSR%
GVWa aS^O`ObW]\ ]T Q]\bOW\SR O^^SO`O\QS T`][ W\b`caWdS `SOZWbg# bVS ]`WUW$
\OZ TSOb ]T ^S`QS^bW]\# UWdSa `WaS b] bVS aS^O`OPZS\Saa ]T SaaS\QS T`][
SfWabS\QS bVOb c\RS`ZWSa bVS VWUVS` T`SSR][a ]T bVS]`g% <b Wa Pcb bVS POaWQ
)( G ;8 C;8AB@8ABA B9 ?<98
T`SSR][ ]T dWaW]\# O\R bVS SZS[S\b ]T OPab`OQbW]\ W\VS`S\b W\ W[OUS#
eVWQV O`S QO``WSR Tc`bVS` W\ Q]\QS^bcOZ bV]cUVb1 O\R T`][ ^S`QS^bW]\#
Q]\QS^b O\R WRSO W\VS`Wb bVOb ]\b]Z]UWQOZ ^ObbS`\ ]T ]PXSQbWdWbg Wb VOa
^`W[O`WZg Q`SObSR% GVS abWZZ\Saa ]T ]PXSQb# OZ]]T T`][ bVS bc`[]WZ ]T T]`QSa#
`SQc`a S\VO\QSR W\ bVS abOPZS\Saa O\R ^S`[O\S\b OdOWZOPWZWbg ]T jWRSOk 0 Wb
Wa W\ bVS ZOab O\OZgaWa Ob bVS P]bb][ ]T jbVS]`gk Oa acQV%
<b T]ZZ]ea bVOb bVS R][W\O\QS# W\ S^WabS[]Z]Ug# ]T bVS Q]U\WbWdS []RSa
RS`WdSR T`][ ^S`QS^bW]\iO R][W\O\QS ^caVSR VWab]`WQOZZg b] bVS ^]W\b ]T
SfQZcRW\U ]bVS` []RSa ]T OQ_cOW\bO\QS eWbV `SOZWbgiWa W\bW[ObSZg P]c\R
c^ eWbV bVS ^]aaWPWZWbg ]T Y\]eZSRUS Oa acQV0 a] Wa bVS Q]``Sa^]\RW\U
R][W\O\QS W\ ]\b]Z]Ug ]T bVSW` ]PXSQb ^ObbS`\% GVS SfQZcaWdS\Saa# V]e$
SdS`# VOa Wba ^S\OZbg%
B\ bVS RSPWb aWRS# bVS aO[S UO^ PSbeSS\ acPXSQb O\R ]PXSQb eVWQV
^`]dWRSa bVS RW[S\aW]\ ]T T`SSR][ T]` bVS]`g# O\R eVWQV Wa T]c\R Rc^ZW$
QObSR W\ bVS UO^ PSbeSS\ ]PXSQb O\R ]PXSQb# ^`]dWRSa W\ P]bV `Sa^SQba OZa]
bVS P`SSRW\U U`]c\R T]` O QZOaa ]T ^`]PZS[a bVOb PSaSb bVS VWab]`g ]T
Y\]eZSRUSic\Od]WROPZS PSQOcaS `]]bSR W\ Wba dS`g Q]\RWbW]\a# O\R Pg bVS
aO[S b]YS\ W\a]ZdOPZS eWbVW\ bV]aS Q]\RWbW]\a% 4a `SUO`Ra ]PXSQb$]PXSQb
`SZObW]\# O\ S^WabS[]Z]UWQOZ QOaS W\ ^]W\b Wa ;c[Sla ^`]PZS[ ]T \SQSaaO`g
Q]\\SQbW]\ Oa O ^OZS acPabWbcbS T]` `SOZ QOcaOZWbg !O\R W\ bVWa RSdWbOZWhSR
T]`[ bOYS\ ]dS` Pg >O\b"% <\ Wba ]\b]Z]UWQOZ dS`aW]\# bVS ^`]PZS[ ]T
;05,=487 `Sd]ZdSa O`]c\R bVS QZOaaWQOZ Q]\QS^b ]T aSZT$Q]\bOW\SR# W\OQbWdS
acPabO\QSi bVOb eVWQV `S_cW`Sa \]bVW\U Pcb WbaSZT W\ ]`RS` b] SfWabk
!7SaQO`bSa"ieVWQV Wa Pg \] [SO\a O\ VWab]`WQOZ T`SOY# Pcb bVS Q]\QS^$
bcOZ T`O[W\U ]T ^S`QS^bcOZ b`cbV0 jacPabO\QSk Q]\QSWdSR ]\ bVOb []RSZ
OR[Wba ]T SfbS`\OZ `SZObW]\a ]\Zg O\R Pg RSTW\WbW]\ SfQZcRSa OZZ aSZT$b`O\aW$
bWdS\Saa% G] `SZSOaS jPSW\Uk T`][ bVWa W[^`Wa]\[S\b W\ jacPabO\QSk Wa
O[]\U bVS [OX]` ^`S]QQc^ObW]\a ]T Q]\bS[^]`O`g ]\b]Z]Ug% 9c`bVS`# bVS
V][SZSaa\Saa ]T jT]`QSk W\ bVS agabS[ !Xcab ]\S Oa^SQb ]T bVOb W[^`Wa]\$
[S\b" `OWaSa bVS WaacS ]T jO\bV`]^][]`^VWa[#k eV]aS PO\WaV[S\b T`][
SfbS`W]` Y\]eZSRUS Wa TO` b]] [cQV bOYS\ T]` U`O\bSR Oa bVS ^`]^S` bVW\U
W\ aQWS\bWTWQ S^WabS[]Z]Ug !aSS 4^^S\RWf ("%
4a `SUO`Ra acPXSQb$]PXSQb `SZObW]\# bVS UcZT ]^S\SR Pg ^S`QS^bcOZ ]P$
XSQbWTWQObW]\ W\ a]ZS Q][[O\R Wa ^O`bZg `Sa^]\aWPZS T]` bV]aS ^chhZSa ]T
bVS Q]\aQW]ca\Saa$SfbS`\OZ e]`R RcOZWa[ eVWQV ^O`OZZSZWa[# ]QQOaW]\OZWa[#
WRSOZWa[# VOdS W\ dOW\ ObbS[^bSR b] a]ZdS% 9]` eWbV]cb bVS aSZT$b`O\aQS\$
RS\QS ]T bVS SU] W\ ,.=487 W%S%# W\ Wba ^VgaWQOZ RSOZW\Ua eWbV bVS S\dW`]\$
[S\b O\R W\ bVS ObbS\RO\b dcZ\S`OPWZWbg ]T Wba PSW\U# bVS QZ]ac`S ]T bVS
[S\bOZ ]`RS` Wa Z]UWQOZZg c\OaaOWZOPZS# O\R a]ZW^aWa[ QO\ O^^SO` Oa `ObW]\OZ
RWaQ`SbW]\ W\abSOR ]T Oa [OR\Saa%+ <\ TOQb ]\S QO\ aOg# eWbV cbbS` P`SdWbg#

+% A]b bVOb O\g]\S Pcb O [OR[O\ VOa SdS` bOYS\ a]ZW^aWa[ <0;48><5B#
O`UcW\U T]` Wb# SfQS^b W\ a]ZWZ]_cg# Wa b] OQY\]eZSRUS bVS j]bVS`k eV]aS
A BG8 BA 4AG;EBCB@BEC;<F@ M) )
bVOb RS\WOZ ]T QOcaOZWbg ZSORa ab`OWUVb b] a]ZW^aWa[iO\R Wa Q]\aS_cS\bZg
\SdS` [ORS W\ Q][^ZSbS SO`\Sab%
GVWa Wa Pcb O PO`S QObOZ]UcS ]T bVS ^`]PZS[a ]`WUW\ObW\U W\ bVS ^S`QS^$
bWdS aWbcObW]\ O\R [ORS ]dS` b] bVS `STZSQbW]\ ]T bVS]`g% <\ OZZ ]T bVS[# O\
]`WUW\OZ T`SSR][ ]T O\W[OZ ZWTS# ^S`QS^bW]\iWbaSZT O\ ]TTaV]]b ]T bVS []`S
POaWQ T`SSR][ ]T ]`UO\WQ PSW\U Oa acQVi^`SaS\ba bVS PWZZ T]` Wba ^`WdWZSUSa
b] bVS gSb VWUVS` T`SSR][ ]T bV]cUVb%
%87.5><487<" ESdS`bW\U b] ;c[Sla WaacS eS TW\R0 bVOb VWa `SacZb# bVS
\]\UWdS\\Saa ]T QOcaObW]\ O[]\U ^S`QS^ba# Wa ]\Zg eVOb Wa b] PS Sf^SQbSR
T`][ bVS \Obc`S O\R [SO\W\U ]T ^S`QS^bW]\ WbaSZT1 bVOb bVS `SacZb# W\ PSW\U
Q]\TW`[SR# Wa Ob bVS aO[S bW[S ZW[WbSR b] Wba ^`]^S` TWSZR O\R bVS`SPg
RWdSabSR ]T Wba aYS^bWQOZ W[^ZWQObW]\a1 bVOb eVOb QOZZa T]` Sf^ZO\ObW]\ W\ bVS
TW`ab ^ZOQS Wa \]b V]e# T`][ bVS QOcaOZ dOQcc[ ]T ^S`QS^bW]\# eS abWZZ
Q][S b] bVS WRSO ]T QOcaObW]\# Pcb V]e Wb Wa bVOb ^S`QS^bW]\# O\R Xcab
^S`QS^bW]\# R]Sa 78= SfVWPWb Wb# W%S%# Q]\b`WdSa b] Q]\QSOZ WbiWba OPaS\QS
bVS`S O\R \]b Wba ^`SaS\QS O[]\U ]c` WRSOa PSW\U bVS ^chhZW\U TOQb1 bVOb
bVS ^`W[O`g Oa^SQb ]T QOcaOZWbg Wa \]b `SUcZO` Q]\\SQbW]\# \]b SdS\ \SQSa$
aO`g Q]\\SQbW]\# Pcb T]`QS O\R W\TZcS\QS1 bVOb bVSaS O`S bVS[aSZdSa ]`WUW$
\OZ Q]\bS\ba ]T Sf^S`WS\QS O\R \]b W\bS`^]ZObW]\a PSbeSS\ Q]\bS\ba ]T
Sf^S`WS\QS ! 2 ^S`QS^ba" Pg O ag\bVSbWQ Tc\QbW]\# PS Wb Oaa]QWObW]\ ]`
`SOa]\1 bVOb bVS a]c`QS ]T bVWa Sf^S`WS\QS Wa# W\RSSR# \]b aS\aS ^S`QS^bW]\#
Pcb ]c` P]Rg SfS`bW\U WbaSZT W\ OQbW]\ibVS a]c`QS eVWQV ;c[S ac[[O`WZg
RWa[WaaSa c\RS` bVS VSOR ]T jO\W[OZ \Wacak1 bVOb# ZOabZg# bVS `WUVb ]T
Sfb`O^]ZObW]\ T`][ bVWa a]c`QS PSg]\R Wba W[[SRWObS `O\US ]T RSZWdS`O\QS
Wa O _cSabW]\ b] PS abcRWSR# eWbV]cb TSO` ]T bVS PZO[S ]T O\bV`]^][]`^V$
Wa[# Pg O\ ]`UO\WQ ^VWZ]a]^Vg%

4 CC8A7<K ( !^% ()"


(8=0 87 $7=3;89868;934<6
<\ O\g OQQ]c\b ]T eVOb bVS aQWS\bWTWQ ObbWbcRS# Oa acQV# ^]abcZObSa W\# O\R
eVOb Wb SfQZcRSa T`][# Wba ]PXSQba# T]`S[]ab O[]\U bVS SfQZcaW]\a eWZZ
abO\R bVOb ]T bSZS]Z]Ug# W%S%# ]T TW\OZ QOcaSa% B\ bVWa ^]W\b bVS a^]YSa[S\
]T aQWS\QS T`][ Wba W\QS^bW]\ W\ bVS aSdS\bSS\bV QS\bc`g VOdS PSS\ ^O`bWQc$
ZO`Zg S[^VObWQ# O\R a] [cQV VOa Wb PSQ][S O\ c\_cSabW]\SR O`bWQZS ]T bVS
aQWS\bWTWQ Q`SSR bVOb bVS PZc\b _cSabW]\ jJVg [cab TW\OZ QOcaSa PS Sf$
QZcRSR3k eWZZ \]eOROga TW\R [O\g aQWS\bWaba c\^`S^O`SR eWbV O aObWaTOQ$
b]`g O\aeS`% 4 `SabObS[S\b ]T bVS `SOa]\a eWZZ R] OeOg eWbV bVS OW` ]T

Q]\aS\aca Wa a]cUVb% GVS O`Uc[S\b Wa bVS\ T`Wd]Z]ca# :>, RWOZ]UcS# eVWZS


bVS OPa]ZcbS []\]Z]UcS Wa bVS [OR[O\la ^`WdWZSUS% ASWbVS` QO\ QZOW[ bVS
dW`bcS ]T Q`WbWQOZ OcabS`Wbg eWbV eVWQV a]ZW^aWa[ ^ZSORa Wba QOcaS%
)* G ;8 C ;8AB@8ABA B9 ?<98
]PdW]ca\Saa eVWQV bVS [OfW[ VOa OQ_cW`SR bV`]cUV aVSS` c\RWa^cbSR
^]aaSaaW]\ O\R `STS` Wb b] bVS Q]\RWbW]\a eVWQV _cOZWTg Wba dOZWRWbg%
9W`ab# bVS [OfW[ Q]\QS`\a bSZS]Z]Ug Oa O QOcaOZ []RS ]T \Obc`S WbSZT#
]` W[[O\S\b bSZS]Z]Ug# O\R \]b b`O\aQS\RS\b bSZS]Z]Ug acQV Oa [WUVb VOdS
PSS\ SfS`QWaSR Pg bVS Q`SOb]` ]T bVS SfWabW\U agabS[ ]T \Obc`S W\ ]\QS
Q`SObW\U Wb Oa Wb Wa0 O\g RSaWU\ ]\ VWa ^O`b W\ bVS W\WbWOZ O``O\US[S\b ]T
c\WdS`aOZ [ObbS` e]cZR PS eSZZ Q][^ObWPZS eWbV bVS ab`WQbZg [SQVO\WQOZ
]^S`ObW]\ ]T bVOb [ObbS`# eVWQV e]cZR W\ bVWa dS`g eOg TcZTWZZ bVS RSaWU\%'
<T ]\Zg a^]YS\ ]T Oa c\Y\]e\ O\R ]\ ^`W\QW^ZS c\Y\]eOPZS# O\R bVS`S$
T]`S \]b O\ ]PXSQb T]` aQWS\bWTWQ W\_cW`g# bVS US\S`OZ OR[WaaW]\ ]T acQV O
RSaWU\ Wa W\]TTS\aWdS b] bVS aQWS\bWTWQ e]`ZR$Q]\QS^b% <\a]TO` Oa bVS `WaW\U
aQWS\QS RSOZb Ob OZZ eWbV bVWa Oa^SQb ]T bSZS]Z]Ug# Wb eOa b] `SXSQb Wba Q`cRSZg
O\bV`]^]QS\b`WQ dS`aW]\ ]T O \Obc`S RSdWaSR T]` bVS PS\STWb ]T [O\% 4^O`b
T`][ bVOb# bVS Q]\QS^bW]\ ]T O RWdW\S S\UW\SS` !]T ac^`S[S aYWZZ Pcb
W\aQ`cbOPZS S\Ra" eOa OQbcOZZg O `S_cWaWbS T]` bVS [SQVO\WabWQ e]`ZR$
Q]\QS^b WbaSZT Rc`W\U Wba []ab dWU]`]ca ^VOaS ]T U`]ebV%
GVS `SOZ ^`]PZS[ eOa eWbV TW\OZ QOcaSa Oa 68/4 890;,7/4 ]T O\R W\
\Obc`S WbaSZT% ;Wab]`WQOZZg bVSW` `SXSQbW]\ eOa ^O`b ]T bVS U`SOb ab`cUUZS eWbV
4`Wab]bSZWO\Wa[ eVWQV [O`YSR bVS PW`bV ]T []RS`\ aQWS\QS# O\R W\ bVWa
aSbbW\U Wb eOa QZ]aSZg Q]\\SQbSR eWbV bVS ObbOQY ]\ jacPabO\bWOZ T]`[a%k
ESUO`RW\U TW\OZ QOcaSa# eS [cab ]PaS`dS bVOb bVSW` `SXSQbW]\ Wa O [SbV]R]$
Z]UWQOZ ^`W\QW^ZS UcWRW\U W\_cW`g `ObVS` bVO\ O abObS[S\b ]T OaQS`bOW\SR
TOQb WaacW\U T`][ W\_cW`g% GVS`S Wa \]b TW`ab O `SQ]`R ]T ^S`aWabS\b TOWZc`S b]
RSbSQb bVS[ W\ \Obc`SieVWQV e]cZR O\geOg \]b eO``O\b bVS ,A486 bVOb
bVSg QO\ ]\ ^`W\QW^ZS \]b PS Sf^SQbSR bVS`S O\R [cab W\RSSR ]\ \]
OQQ]c\b PS a]cUVb T]`% GVS [S`S aSO`QV T]` bVS[ eOa _cWbS acRRS\Zg# eWbV
bVS W\OcUc`ObW]\ ]T []RS[ aQWS\QS# VSZR b] PS Ob dO`WO\QS eWbV bVS
aQWS\bWTWQ ObbWbcRS# RSTZSQbW\U bVS aSO`QVS` T`][ bVS _cSab T]` b`cS QOcaSa% <b
Wa ]\Zg bVS\# W\ bVS SfS`QWaS ]T bVOb ObbWbcRS# bVOb bVS \SUObWdS `SQ]`R Wa
OQQc[cZObSR# dWh%# Pg bVS acQQSaa ]T R]W\U eWbV]cb TW\OZ QOcaSa% G] `S^SOb#
bVS SfQZcaW]\ ]T bSZS]Z]Ug Wa \]b O\ W\RcQbWdS `SacZb Pcb O\ O ^`W]`W ^`]VW$
PWbW]\ ]T []RS`\ aQWS\QS% GVWa Wb QO\ ]\Zg PS WT bSZS]Z]Ug Q]\b`ORWQba bVS
dS`g bg^S ]T PSW\U ^`Sac^^]aSR W\ ^]aaWPZS ]PXSQba ]T \Obc`OZ aQWS\QS O\R
bVca OZa] bVS Q]\QS^b ]T QOcaS ^`]^S` b] acQV ]PXSQba%
LSb Wb VOa \SdS` PSS\ O`UcSR bVOb TW\OZ QOcaS Wa O TO`$TSbQVSR ]` OPab`caS

'% GVS ^O`OZZSZ Wa bVS bSZS]Z]Ug ]T O [O\$[ORS [OQVW\S0 W\ Wba RSaWU\ Wb


S[P]RWSa O TW\OZ QOcaS eVWQV UcWRSR Wba Q]\ab`cQb]`# O\R Wba e]`YW\U Wa Pg
STTWQWS\b QOcaSa OZ]\S eV]aS []RS ]T STTWQOQg eOa T]`SaSS\ W\ bVS RSaWU\%
<\ ]bVS` e]`Ra# TW\OZWa[ Wa b`O\a[WbbSR b] bVS [OQVW\S \]b Oa acQV# Pcb
b`O\aZObSR W\b] STTWQWS\b QOcaObW]\ b] eVWQV bVS OQVWSdS[S\b ]T bVS S\R Wa
VS\QS S\b`cabSR%
A BG8 BA 4 AG;EBCB@BEC;<F@ M) +
]` SdS\ jc\\Obc`OZk Q]\QS^bi ]\ bVS Q]\b`O`g# \]bVW\U Wa []`S Q]U\ObS b]
bVS Vc[O\ [W\R O\R []`S TO[WZWO` b] bVS POaWQ Sf^S`WS\QS ]T [O\0 O\R
bVWa eOa ^`SQWaSZg eVOb W\ bVS \Se aQWS\bWTWQ ObbWbcRS Q]c\bSR OUOW\ab Wb%
Bc` dS`g ^`]\S\Saa b] TW\OZ Sf^ZO\ObW]\ [OYSa Wb aca^SQb% 5OQ]\ ZWaba Wb
O[]\U bVS jWR]Za ]T bVS b`WPS#k bVS ^`SXcRWQSa W\\ObS W\ Vc[O\ \Obc`S%
j4\R bVS\ Wb Wa bVOb W\ ab`cUUZW\U b]eO`Ra bVOb eVWQV Wa Tc`bVS` ]TT# MVc$
[O\ c\RS`abO\RW\UN TOZZa POQY c^]\ bVOb eVWQV Wa []`S \WUV Ob VO\Ri
\O[SZg ]\ TW\OZ QOcaSa# eVWQV VOdS `SZObW]\ QZSO`Zg b] bVS \Obc`S ]T [O\
`ObVS` bVO\ b] bVS \Obc`S ]T bVS c\WdS`aS# O\R T`][ bVWa a]c`QS VOdS
ab`O\USZg RSTWZSR ^VWZ]a]^Vg%k( 8dS\ Ob bVWa SO`Zg RObS bVS WaacS WbaSZTi
bVS W\V]a^WbOZWbg ]T \Obc`S b] TW\OZ QOcaSaiWa bOYS\ Oa aSbbZSR O\R W\ \]
\SSR ]T O`Uc[S\b% 5cb Wb Wa aWU\WTWQO\b bVOb bVS ]\S `S[W\RS` RSS[SR
acTTWQWS\b b] Q][^`][WaS bSZS]Z]Ug T]` bVS W\bSZZWUS\b `SORS` Wa bVOb TW\OZ
QOcaSa VOdS `SZObW]\ b] bVS \Obc`S ]T [O\ `ObVS` bVO\ b] bVS \Obc`S ]T bVS
c\WdS`aSiW[^ZgW\U bVOb \] W\TS`S\QS [cab PS R`Oe\ T`][ bVS T]`[S` b]
bVS ZObbS`# eVWQV OUOW\ W[^ZWSa O POaWQ RWTTS`S\QS ]T PSW\U PSbeSS\ bVS
be]% GVWa Wa O Tc\RO[S\bOZ Oaac[^bW]\# \]b a] [cQV ]T []RS`\ aQWS\QS
WbaSZT Oa ]T []RS[ [SbO^VgaWQa W\ bVS W\bS`Sab ]T aQWS\QS% <\ bVS US\S`O$
bW]\ T]ZZ]eW\U 5OQ]\la bVS Oaac[^bW]\ eOa `OWaSR Pg 7SaQO`bSa b] bVS `O\Y
]T O agabS[ObWQ ^`W\QW^ZS% 8fbS`W]` `SOZWbg# c\RS` bVS bWbZS ]T ;0< 0A=07<,
S\bW`SZg RSbOQVSR T`][ bVS W\bS`W]` `SOZWbg ]T bV]cUVb# VS\QST]`bV Q]\abW$
bcbSR O aSZT$Q]\bOW\SR TWSZR T]` bVS c\WdS`aOZ O^^ZWQObW]\ ]T [ObVS[ObWQOZ
O\R [SQVO\WQOZ O\OZgaWa0 bVS dS`g WRSO ]T j]PXSQbk eOa b`O\aT]`[SR Pg
bVS RcOZWabWQ Sf^c`UObW]\% <\bW[ObSZg Q]\\SQbSR eWbV bVWa ^`]QSaa Wa bVS
S^WabS[]Z]UWQOZ []\]^]Zg OQQ]`RSR b] bVS ^S`QS^bW]\OZ []RS ]T Q]U\W$
bW]\# W%S%# b] ]cbaWRS Y\]eZSRUS [OW\Zg ]\ bVS dWacOZ []RSZ# W\ Q]\aS$
_cS\QS ]T eVWQV j]PXSQbWdWbgk PSQ][Sa SaaS\bWOZZg bVS SZOP]`ObW]\ ]T
SfbS`W]` aS\aS$RObO ]\ bVS ZW\Sa ]T bVSW` SfbS\aW]\OZ ^`]^S`bWSa% !FSS
4^^S\RWf '%" BbVS` ^]aaWPZS []RSa ]T `SZObW]\ b] `SOZWbg# acQV Oa bVS
Q][[c\WQObW]\ PSbeSS\ ZWTS O\R ZWTS# ]` bVS Sf^S`WS\QS ]T bVS W[^OQb O\R
`SaWabO\QS ]T bVW\Ua W\ P]RWZg STT]`b# TSZZ aV]`b ]T bVS WRSOZ ]T SfOQb Y\]eZ$
SRUS O\R QSOaSR b] Q]c\b% GVWa R][W\O\QS ]T jRWabO\QW\Uk O\R ]PXSQbWTg$
W\U ^S`QS^bW]\ Q]\Qc``SR eWbV bVS RcOZWabWQ `WTb PSbeSS\ acPXSQb O\R
]PXSQb# Q]\aWRS`SR Oa be] VSbS`]US\S]ca R][OW\a# W\ ^cbbW\U O aSdS`S PO\
]\ O\g b`O\aTS`S\QS ]T TSObc`Sa ]T W\bS`\OZ Sf^S`WS\QS W\b] bVS W\bS`^`SbO$
bW]\ ]T bVS SfbS`\OZ e]`ZR !bV]cUV ZObS` bVS `SdS`aS S\Q`]OQV[S\b W\
[ObS`WOZWabWQ ^agQV]Z]Ug ^`]dSR b] PS [cQV ZSaa bOP]]"% 4\bV`]^][]`^V$
Wa[ Ob OZZ SdS\ba# O\R SdS\ h]][]`^VWa[ W\ US\S`OZ# PSQO[S aQWS\bWTWQ VWUV
b`SOa]\% <\ bVWa RcOZWabWQ aSbbW\U eS [SSb bVS j\Obc`S ]T [O\k Oa O a]c`QS

(% 9`O\QWa 5OQ]\# (8?>6 );2,7>6 <# *.%


), N G ;8 C ;8AB@8ABA B9 ?<98
]T RSTWZS[S\b T]` j^VWZ]a]^Vgk !\Obc`OZ aQWS\QS"# O\R bVS ]PXSQbW]\ b]
jTW\OZk Sf^ZO\ObW]\ Wa bVOb Wb Wa O\bV`]^][]`^VWQ%
GVca bVS ab`cUUZS OUOW\ab bSZS]Z]Ug Wa O abOUS W\ bVS ab`cUUZS OUOW\ab
O\bV`]^][]`^VWa[ eVWQV Pg WbaSZT Wa Oa ]ZR Oa JSabS`\ aQWS\QS% GVS
Q`WbWQWa[ bVOb abO`bSR eWbV bVS <]\WO\ `SXSQbW]\ ]T [gbV]Z]UWQOZ ^S`a]\WTW$
QObW]\ VOR \]e Q][S# c\RS` bVS \Se abW[cZca ]T aQWS\bWTWQ RcOZWa[# b]
RWaQ]dS` bVS bOW\b W\ bVS [cQV acPbZS` T]`[ ]T 4`Wab]bSZWO\ TW\OZWa[% 5cb
bVS O`Uc[S\b ]\QS c\RS` eOg RWR \]b ab]^ bVS`S0 Wb ]dS`b]]Y SdS\ bVS
STTWQWS\b QOcaObW]\ W\ eV]aS TOd]` TW\OZ QOcaSa VOR PSS\ ]cabSR% 4QQ]`RW\U
b] ;c[S# bVS WRSO ]T T]`QS O\R \SQSaaO`g Q]\\SQbW]\# OZWS\ b] bVS `SQ]`R
]T bVW\Ua# O`WaSa T`][ QS`bOW\ W\bS`\OZ W[^`SaaW]\a ]T bVS [W\R `SUO`RW\U
Wba ]e\ e]`YW\U0 `SORW\U bVS[ W\b] bVS `SQ]`R ]T bVW\Ua Wa bVS`ST]`S
O\]bVS` QOaS ]T bVOb b`O\aTS`S\QS ]T b`OWba T`][ Vc[O\ aSZT$Sf^S`WS\QS
W\b] \Obc`S eVWQV VOR PSQ][S O\ObVS[O b] ]PXSQbWdS aQWS\QS% 8dS\ WT
;c[Sla ^O`bWQcZO` OQQ]c\b ]T bVS ]`WUW\ ]T bVSaS WRSOa Wa \]b OQQS^bSR# Wb Wa
QS`bOW\Zg b`cS bVOb bVS Q]\QS^ba ]T T]`QS O\R QOcaS a^`W\U T`][ O bg^S ]T
Sf^S`WS\QS eVWQV W\d]ZdSa jW[^`SaaW]\a ]T `STZSQbW]\k W\ ORRWbW]\ b] bV]aS
]T jaS\aObW]\k1 W%S%# bVSg W\d]ZdS bVS acPXSQbla OeO`S\Saa ]T VWa ]e\ W\eO`R
[]RS ]T OTTSQbSR\Saa !acQV Oa bVS ^`]^`W]QS^bWdS OeO`S\Saa ]T [caQcZO`
STT]`b" Oa O\ W\bSU`OZ ^O`b$Q]\bS\b ]T bVS ]PXSQb$Sf^S`WS\QS WbaSZT% GVWa
jacPXSQbWdSk SZS[S\b Wa acTTWQWS\b b] P`W\U bVS W\aW\cObW]\ ]T bV]aS Q]\QS^ba
W\b] bVS `SOZ[ ]T [S`S ]PXSQba c\RS` bVS US\S`OZ dS`RWQb ]T O\bV`]^]$
[]`^VWa[%
FQWS\QS T]ZZ]eSR bVS aYS^bWQOZ ZSOR ]T ^VWZ]a]^Vg% 7WaQO`RW\U bVS Sf$
^ZO\Ob]`g Q]\QS^b ]T T]`QS Oa O\bV`]^][]`^VWQ# O\R Oa c\dS`WTWOPZS Pg O
[S`S [SOac`W\U OQQ]c\b ]T SfbS\aWbg# aQWS\QS `Sab`WQbSR Wba QZOW[ b] bVOb ]T
`SUWabS`W\U aS_cS\QSa ]T ^]aWbW]\a W\ O a^OQS$bW[S agabS[ ]T Q]]`RW\ObSa
O\R ]T T]`[cZObW\U _cO\bWbObWdS `SUcZO`WbWSa W\ acQV aS_cS\QSa Oa jbVS ZOea
]T \Obc`S%k 8f^ZO\ObW]\ VOa bVca PSS\ T]`aOYS\ T]` [S`S RSaQ`W^bW]\#
eVWQV# Pg ObbOQVW\U _cO\bWbObWdS dOZcSa b] bVS ^]aWbW]\a O\R ^]aWbW]\OZ
QVO\USa W\ SfbS\aWbg O\R ZSbbW\U bVSaS dOZcSa abO\R T]` bVS S\bWbWSa bVS[$
aSZdSa# PSQ][Sa ^c`S [ObVS[ObWQOZ RSaQ`W^bW]\% GVS aSO`QV T]` []bWdS
a^`W\Ua VOa PSS\ Oa Q][^ZSbSZg OPO\R]\SR Oa bVOb T]` acPabO\bWOZ T]`[a#
bVOb Wa# QOcaOZ Sf^ZO\ObW]\ VOa T]ZZ]eSR TW\OZ Sf^ZO\ObW]\ W\b] ZW[P]1 O\R
W\RSSR bVS dS`g WRSO ]T Sf^ZO\ObW]\ VOa SdO^]`ObSR eWbV bVS Q][^ZSbW]\ ]T
bVS O\bW$O\bV`]^][]`^VWQ []dS[S\b W\ S^WabS[]Z]Ug% 4 ^`]T]c\R RWOZSQ$
bWQ# bVS`ST]`S# Wa `SdSOZSR W\ bVWa []dS[S\b% @gbVWQOZ ^S`a]\WTWQObW]\# O\R
ZObS` W[^S`a]\OZ bSZS]Z]Ug# eS`S RWaQO`RSR b] QZSO` bVS U`]c\R T]` O jb`cS
Sf^ZO\ObW]\k ]T SfbS`\OZ \Obc`S0 bVWa Sf^ZO\ObW]\# W\ bS`[a ]T STTWQWS\b
QOcaS# WbaSZT abWZZ RS^S\RSR ]\ ]\S `S[\O\b ]T RSa^WaSR O\W[Wa[# \O[SZg#
]\ bVS c\WdS`aOZ W\bS`^]ZObW]\ ]T bVS W[OUSa ]T T]`QS O\R QOcaObW]\ W\b]
A BG8 BA 4AG;EBCB@BEC;<F@ M )-
bVS ^WQbc`S ]T bVS e]`ZR# O\ W\bS`^]ZObW]\ eVS`SPg bVSaS SZS[S\ba ]T bVS
^S`a]\OZ STT]`b$[]bW]\ Sf^S`WS\QS PSQO[S OdOWZOPZS Oa bVS Q]\\SQbWdS
bWaacS PSbeSS\ ^S`QSWdSR \Obc`OZ SdS\ba% JWbV bVS Q][^ZSbS SZW[W\ObW]\ ]T
jO\W[Wa[#k aQWS\QS Qcb ]cb T`][ c\RS` Wba TSSb bVOb aO[S U`]c\R Wb VOR
SO`ZWS`# Pg O 9,;=4,5 ac^^`SaaW]\ ]T O\W[Wa[# e`SabSR T`][ Wb T]` `ObW]\OZ
Sf^ZO\ObW]\% GVS Z]\U `]OR T`][ ^`WabW\S ^O\^agQVWa[ dWO RcOZWa[ b]
^]abRcOZWabWQ [ObS`WOZWa[ S\Ra W\ O\ OU\]abWQ `S\c\QWObW]\ ]T bVS WRSO ]T
Y\]eZSRUS Oa O\ c\RS`abO\RW\U ]T Wba ]PXSQba% <`]\WQOZZg# bVWa VO^^S\SR
eVS\ eWbV bVS OPRWQObW]\ ]T RcOZWa[ bVS 60=,93B<4.,5 \SQSaaWbg T]` O
ab`WQbZg RSdWbOZWhSR []RSZ ]T \Obc`S VOR QSOaSR b] SfWab%
GVS W[^]`bO\QS ]T bVS ZOab `S[O`Y T]` bVS _cSabW]\ ]T bSZS]Z]Ug Wa bVWa%
4a eWbV ]bVS` jO\bV`]^][]`^VWQk TSObc`Sa# Wb Wa SdWRS\b bVOb bVS XcabWTWQO$
bW]\ T]` bVS O ^`W]`W SfQZcaW]\ ]T TW\OZ QOcaSa T`][ SfbS`\OZ `SOZWbg ZOg W\ O
RcOZWabWQ [SbO^VgaWQa eVWQV# W\ bVS OQb ]T SfQZcaW]\# OZa] aOdSR bVS b`cbV
]T bVS SfQZcRSR b`OWb W\ Wba ]e\ \ObWdS `SOZ[% 9W\OZWa[ [cab VOdS Wba
ZSUWbW[ObS aSOb a][SeVS`S eVS\QS bVS WRSO ]T Wb Q]cZR PS RS`WdSR# O\R W\
bVS RcOZWabWQ RWdWaW]\ bVS SaaS\QS ]T [O\ ]` ]T ZWTS eVWQV ^`]dWRSa bVWa aSOb
Wa \]b gSb RWa]e\SR1 Wb Wa ]\Zg RWaa]QWObSR T`][ bVOb ]T bVS ;0< 0A=07<," 5cb
RcOZWa[ ^`]dSR c\bS\OPZS W\ bVS TOQS ]T ]`UO\WQ Sf^S`WS\QS% BQQOaW]\OZ$
Wa[ O\R ^agQV]^VgaWQOZ ^O`OZZSZWa[ eS`S RSa^S`ObS ObbS[^ba b] aOdS bVS
Q]\aWabS\Qg ]T bVS \Se ]\b]Z]Ug ]T aQWS\QS% JWbV bVSW` TOWZc`S# aQWS\bWTWQ
[ObS`WOZWa[ eOa ZSTb W\ a]ZS Pcb c\SOag ^]aaSaaW]\# \] Z]\US` aVSZbS`SR Pg
bVS RcOZWabWQ OZWPW# O\R Pc`RS\SR eWbV O bOaY T`][ eVWQV bVS T]`[S`
RWdWaW]\ ]T ZOP]` VOR YS^b Wb T`SS% 9]` eVS\ RcOZWa[ RS^O`ba O\R bVS ;0<
.824=,7< W\ Wba ]`UO\WQ T]c\RObW]\ PSQ][Sa WbaSZT ^O`b O\R ^`]RcQb ]T
c\WbO`g \Obc`S# 5OQ]\la `STS`S\QS ]T TW\OZ QOcaSa b] bVS j\Obc`S ]T [O\k
QSOaSa b] VOdS bVS Sfb`caWdS STTSQb Wb VOR W\ bVS RcOZWabWQ aSbbW\U1 O\R
TW\OZZg bVS R]Qb`W\S ]T Sd]ZcbW]\# \]e W\aS^O`OPZS T`][ []RS`\ []\Wa[#
]PZWbS`ObSa O\g dSabWUS ]T bVS RWdWRW\U ZW\S ]\ eVWQV bVS eV]ZS O`Uc[S\b
]T Q]\b`OabW\U j\Obc`Sk O\R j[O\k `Saba%
GVca W\ O []\WabWQ ]\b]Z]Ug bVS QOaS OUOW\ab O\bV`]^][]`^VWa[ W\ Wba
Sfb`S[S T]`[ PSQ][Sa ^`]PZS[ObWQOZ O\R Wa ]\ ^`W\QW^ZS `S]^S\SR% <b bVS\
aSS[a b] WaacS W\ bVWa QV]WQS ]T []\WabWQ OZbS`\ObWdSa0 SWbVS` b] bOYS bVS
^`SaS\QS ]T ^c`^]aWdS W\eO`R\Saa W\ ]\S ^O`b ]T bVS ^VgaWQOZ ]`RS`# dWh%#
W\ [O\# Oa O dOZWR bSabW[]\g b] bVS \Obc`S ]T bVOb eWRS` `SOZWbg bVOb ZSba Wb
S[S`US# O\R b] OQQS^b eVOb Wb `SdSOZa W\ WbaSZT Oa ^O`b ]T bVS US\S`OZ
SdWRS\QS1 ]` b] SfbS\R bVS ^`S`]UObWdSa ]T [SQVO\WQOZ [ObbS` b] bVS dS`g
VSO`b ]T bVS aSS[W\UZg VSbS`]US\S]ca QZOaa ]T ^VS\][S\O O\R ]cab bSZS]Z$
]Ug SdS\ T`][ bVS j\Obc`S ]T [O\#k eVS\QS Wb VOR bOW\bSR bVS j\Obc`S ]T
bVS c\WdS`aSkibVOb Wa# b] OZWS\ObS [O\ T`][ VW[aSZT O\R RS\g US\cW\S$
\Saa b] bVS aSZT$Sf^S`WS\QS ]T ZWTS%
E75A@6 7EE3K

BUVY\`\]UVPNY 3`]RPa` \S 6N_dV[V`Z

FUR ZRPUN[V`aVP Z\QRY \S [Nab_R dUVPU aUR `RcR[aRR[aU PR[ab_f


O_\bTUa S\_aU P\[PR_[RQ Va`RYS Na SV_`a dVaU ReV`aV[T `a_bPab_R`! OR Va
`\YN_ `f`aRZ \_ N[VZNY \_TN[V`Z`! dVaU\ba P\ZZVaaV[T aUR aUV[XR_ \[
aUR ^bR`aV\[ \S aURV_ TR[R`V`# 7NPU `a_bPab_R N` S\b[Q dN` P\[PRVcRQ
N` N Sb[PaV\[V[T ZRPUN[V`Z dU\`R N[NYf`V` V[a\ RYRZR[aN_f P\Z]\"
[R[a` \S Z NaaR_ N[Q Z\aV\[ dN` a\ Re]YNV[ Va` NPabNY Sb[PaV\[V[T Of N
b[VS\_Z `aN[QN_Q/ U\d Va UNQ P\ZR a\ OR V[ N ]N`a UV`a\_f \S [Nab_R
dN` [\ ]N_a N` fRa \S aUR `PVR[aVSVP NTR[QN! VS `\ZRaVZR` aUR `bOWRPa
S\_ `bZZN_f `]RPbYNaV\[# FUV` aRZ]\_N_f Nc\VQN[PR \S N ^bR`aV\[
S_NbTUa dVaU aUR\Y\TVPNY QN[TR_` ]_\aRPaRQ aUR V[SN[Pf \S Z\QRZ
`PVR[PR# 8 \_ N PR[ab_f \_ `\ Va` S\b[QR_` dR_R `]N_RQ aUR ]_\OYRZ \S
\_VTV[` Of aURV_ aURV`aVP ORYVRS`# 7cR[ dUR[ aUR V[SN[a UNQ T_\d[ V[
`a_R[TaU! RVTUaRR[aU"PR[ab_f QRV`Z `aVYY `b]]YVRQ aUR aR[b\b` aUR\Y\TV"
PNY `RaaV[T S\_ aUR [Rd `PVR[aVSVP P\`Z\Y\Tf# 3TNV[`a aUR VQRN \S aUR
5\`Z\` N` N YVcV[T `RYS"P_RNaRQ dU\YR a\ dUVPU ]N[aURV`a` PYb[T! QRV`Z
NPPR]aRQ aUR VQRN \S N cN`a ZNPUV[R dUVPU! \[PR `Ra b]! S\YY\d` Va`
P\b_`R Nba\ZNaVPNYYf# 4ba Va UNQ a\ OR `Ra b] V[ aUR SV_`a ]YNPR/ aUR P\["
aV[bNY P_RNa\_ ORPNZR aUR P\[`a_bPa\_ aUR iPY\PXZNXR_j NPaVcR Oba
\[PR0 N[Q aUR ]YNPR \S aUR b[Z\cRQ Z\cR_ dU\ Q_Nd` aUR d\_YQ V[a\
UV` RaR_[NY ]_R`R[a dN` aNXR[ Of aUR V[VaVNY Z\cR_ dU\ UNQ VZ]N_aRQ N
SVeRQ Z\ZR[abZ V[ aUR ]N`a# 4f N Pb_V\b` V_\[f \S SNaR! aUR 4VOYVPNY
P\[PR]a \S N[ Rea_NZb[QN[R 5_RNa\_! N[Q \S P_RNaV\[ N` N PV_PbZ"
L (- M
B :;>AEAB:;53> 3 EB75FE A8 6 3DI;@;E? L (.
`P_VORQ NPa V[ aUR ORTV[[V[T! UNQ URY]RQ a\ ]_R]N_R aUR T_\b[Q S\_ aUV`
WRWb[R ]VPab_R# O56F J6E :>A ,BGG! 9:E AHE IBA 6HFF:A FG>:FF:&P ]_\"
aR`aRQ 9\RaUR# :\dRcR_! aUR VQRN \S aUR _RNQf"ZNQR ZRPUN[V`Z dN`
S\_ aUR `PVR[aVSVP ZV[Q Va`RYS N aRZ]\_N_f Re]RQVR[a \[Yf# FUR SV_`a
aUV[T` V[ Re]YN[NaV\[ Zb`a V[RcVaNOYf NY`\ ORP\ZR aUR SV_`a aUV[T` V[
aVZR! N[Q aUR ]_R`R[a P\[SVTb_NaV\[ Zb`a ORP\ZR aUR YNaR`a ZRZOR_ \S
N aVZR"`R_VR` P\[[RPaV[T Va dVaU aU\`R SV_`a aUV[T`# ;S aUR`R N_R aUR
baaR_Yf ]_VZVaVcR \[R` \S ZNaaR_ N[Q Z\aV\[ b[]YN[[RQ! N[Q aUR `R_VR`
YRNQV[T a\ aUR ]_R`R[a P\[QVaV\[ PN[ OR P\[`a_bPaRQ S_\Z aURV_
]_RZV`R` NY\[R! P_RNaV\[ ORP\ZR` `b]R_R_\TNa\_f#
CbR`aV\[` \S \_VTV[ UNcR ORR[ V[UR_R[a V[ N[f P\Z]_RUR[`VcR V["
^bV_f V[a\ aUR [Nab_R \S aUV[T` `V[PR aUR ORTV[[V[T` \S UbZN[ `]RPbYN"
aV\[! N[Q ZRPUN[V`aVP ]UVY\`\]Uf V` [\ RePR]aV\[# ;a` ]_V[PV]YR` V[VaV"
NaRQ \S aURZ`RYcR` ad\ a_NV[` \S V[cR`aVTNaV\[ dVaU _RTN_Q a\ RcR_f
]Uf`VPNY R[aVaf! \S dUVPU aUR `RP\[Q dN` aNXR[ b] N` `\\[ N` aUR
ZNab_NaV\[ \S aUR SV_`a NYY\dRQ `PVR[PR a\ RZR_TR S_\Z aUR `URYaR_ \S
QRV`Z# FUR SV_`a! N` dR `NVQ! dN` aUR N[NYf`V` \S TVcR[ ]Uf`VPNY `f`"
aRZ`! aUNa V`! aUR Re]YN[NaV\[ \S aURV_ \O`R_cRQ Sb[PaV\[V[T V[ aR_Z` \S
aUR TR[R_NY ]_V[PV]YR` \S ZRPUN[VP`0 aUR `RP\[Q dN` aUR _RP\[`a_bP"
aV\[ \S aUR ]\``VOYR TR[R_NaV\[ \S `bPU `f`aRZ` S_\Z N[aRPRQR[a `aNaR`
N[Q bYaVZNaRYf S_\Z `\ZR ]_VZ\_QVNY `aNaR \S Z NaaR_ dUVPU! Of aUR
\]R_NaV\[ \S aUR `NZR TR[R_NY ]_V[PV]YR` \S ZRPUN[VP` N[Q dVaU\ba
aUR V[aR_cR[aV\[ \S N[ V[aRYYVTR[a QR`VT[! d\bYQ V[ QbR P\b_`R a_N[`"
S\_Z Va`RYS V[a\ aUR `aNOYR `f`aRZ b[QR_ P\[`VQR_NaV\[ N` `VZ]Yf N
[RPR``N_f `aNTR V[ Va` PNb`NY UV`a\_f# FUR ad\ `VQR` N_R ReRZ]YVSVRQ \[
aUR \[R UN[Q Of @Rda\[k` aUR\_f \S aUR `\YN_ `f`aRZ N` N[ ReV`aV[T
ZRPUN[V`Z! \[ aUR \aUR_! Of aUR =N[a">N]YNPR [RObYN_ Uf]\aUR`V` \S
aUR \_VTV[NaV\[ \S aUV` `f`aRZ#& FUR ]\V[a V[ Z\QR_[ ]Uf`VP` V` aUNa
aUR N[`dR_ a\ O\aU aUR`R ^bR`aV\[` Zb`a RZ]Y\f aUR `NZR ]_V[PV]YR`!
aUNa V` a\ `Nf! aUNa \_VTV[ N[Q _R`bYaV[T ReV`aR[PR Q\ [\a QVSSR_ RePR]a
V[ aUR `R[`R \S N[aRPRQR[a N[Q `bO`R^bR[a `aNaR` \S N[ VQR[aVPNY
`bO`a_NabZ/ aUR ]_\QbPV[T _RNYVaf V` \S aUR `NZR \_QR_ N` aUR ]_\QbPa!
ORV[T ZR_RYf QVSSR_R[aYf Y\PNaRQ V[ aUR V[SV[VaR aVZR"`R_VR` \S PNb`R N[Q

&# 4\aU `VQR` dR_R NY_RNQf N_aVPbYNaRQ V[ :\OOR`k TR[RaVP QR_VcNaV\[


N[Q Sb[PaV\[NY N[NYf`V` \S aUR iO\Qf ]\YVaVPj / aUR `NZR ]_VZVaVcR Qf[NZVP!
SRN_ \S cV\YR[a QRNaU! QRaR_ZV[R` aUR b[\_QR_RQ i`aNaR \S [Nab_R!j aUR
a_N[`VaV\[ S_\Z aUV` a\ aUR P\ZZ\[dRNYaU! N[Q aUR ZRPUN[VP` \S aUR
YNaaR_#
)% M F :7 B :7@A?7@A@ A8 >;87
RSSRPa# FUV` VZ]YVR` aUNa N[f TVcR[ R[aVaf PN[ OR a_RNaRQ Na aUR `NZR
aVZR N` N ]_\QbPa N[Q N` Va`RYS ]_\QbPaVcR \S aUR Sbab_R `aNaR dUVPU
dVYY _R`bYa S_\Z Va#' FUR \[Yf ^bNYVaNaVcR QVSSR_R[PR NQZVaaRQ ORadRR[
\_VTV[` V[ TR[R_NY N[Q aURV_ YNaR P\[`R^bR[PR` VS aUR S\_ZR_ N_R a\ OR
Z\_R `RYS"Re]YNV[V[T aUN[ aUR YNaaR_ N[Q aUb` `bVaNOYR N` N _RYNaVcR
`aN_aV[T"]\V[a S\_ Re]YN[NaV\[ V` aUNa aUR \_VTV[` Zb`a! V[ aUR NO`R[PR
\S N[ V[aRYYVTR[a QR`VT[ Na aUR ORTV[[V[T \S aUV[T`! _R]_R`R[a N `VZ]YR_
`aNaR \S ZNaaR_ `bPU N` PN[ ]YNb`VOYf OR N``bZRQ \[ _N[Q\Z P\[QV"
aV\[`# IVaU aUV` `\YR QVSSR_R[PR! RN_YVR`a \_VTV[` N[Q YNaR`a _R`bYa` N_R
\S aUR `NZR [Nab_R# 3[Q `V[PR Va V` [\aUV[T Oba QV`R^bVYVO_VbZ aUNa
]_\cVQR` aUR Qf[NZVP` \S PUN[TR! N[f `aNaR \S \_TN[VgNaV\[ NaaNV[RQ V`
N ZRN`b_R \S R^bVYVO_VbZ _R`bYaV[T S_\Z aUR V[`aNOVYVaf \S N[ RN_YVR_
QV`a_VObaV\[# FUb` aUR ]YNPR \S a_N[`PR[QV[T! P\[`a_bPaVcR P_RNaV\[ V`
aNXR[ Of aUR a\aNY `R_VR` V[ Va` V[SV[VaR P\[aV[bNaV\[ Va`RYS# FUR ZRaN"
]Uf`VPNY `RP_Ra \S aUV` [Rd N]]_\NPU YVR` V[ aUR _NQVPNYYf aRZ]\_NY
P\[PR]aV\[ \S ORV[T! \_ V[ Va` VQR[aVSVPNaV\[ dVaU NPaV\[ N[Q ]_\PR``#
FUR PR[a_NY ]\`VaV\[ dUVPU Z\aV\[ N``bZR` V[ aUR \[a\Y\TVPNY `PURZR!
V[ _R]YNPRZR[a \S N[f :AF E:6?>FF>@H@ R[cV`NTRQ V[ S\_ZR_ `]RPbYN"
aV\[! QR[\aR` aUV` `UVSa#
;[ aUV` [Rd ZRN[V[T \S i\_VTV[`j dR \O`R_cR N P\Z]YRaR _RcR_`NY \S
aUR \YQR_ P\[PR]aV\[ P\[PR_[V[T aUR `b]R_V\_Vaf \S aUR \_VTV[NaV[T
]_V[PV]YR \cR_ Va` RSSRPa`# ;a UNQ Z\`aYf ORR[ N``bZRQ aUNa aUR_R Zb`a
OR [\a \[Yf Z\_R ]\dR_ Oba NY`\ Z\_R ]R_SRPaV\[ V[ aUR PNb`R aUN[ V[
aUR RSSRPa# FUR \_VTV[NaV[T NTR[Pf Zb`a ]\``R`` Z\_R _RNYVaf aUN[ aUR
aUV[T` \_VTV[NaRQ Of Va# ;a Zb`a NY`\ OR `b]R_V\_ V[ S\_ZNY
R``R[PR! a\ NPP\b[a S\_ aUR QRT_RR \S S\_Z aUNa aUR QR_VcNaVcR aUV[T`

'# FUR cVRd V` VYYb`a_NaRQ Of >N]YNPRk` Uf]\aURaVPNY iQVcV[R 5NYPbYNa\_!j


a\ dU\`R N[NYf`V` aUR ]_R`R[a `aNaR \S aUR b[VcR_`R! V[`aRNQ \S _R]_R`R[aV[T
N YN`aV[T ZNPUV[R \[PR P\[`a_bPaRQ! V` Oba N ]N``V[T P\[SVTb_NaV\[ \S ZNa"
aR_ V[ aUR P\[aV[bNY `UVSa \S P\[SVTb_NaV\[` dUVPU P\Z]\`R aUR d\_YQk`
ReV`aR[PR V[ YVZVaYR`` aVZR# '?? G=:F: 8BA;><HE6G>BAF 6E: :DH>I6?:AG N` aRZ"
]\_NY `RPaV\[` aU_\bTU N P\[`aN[a ^bN[aVaf \S ZNaaR_ N[Q Z\aV\[# FUb`
N[f PU\VPR \S N ]\V[a S\_ aUR ORTV[[V[T V` N` N_OVa_N_f N` aUNa \S \[R S\_
N[ R[QV[T! N[Q V[QRRQ N` aUR PU\VPR \S aUR ReV`aV[T `aNaR S\_ _R]_R`R[aV[T
aUR QR`VT[ \S aUR P_RNa\_# 7NPU V[`aN[a \S aVZR V` NYVXR ^bNYVSVRQ a\ ]_\cVQR
V[ Va` QNaN \S O\QVR`! ]\`VaV\[`! N[Q S\_PR` aUR ON`V` S_\Z dUVPU a\ P\["
`a_bPa ONPXdN_Q N[Q S\_dN_Q aUR `aNaR` Na RNPU N[Q N[f \aUR_ V[`aN[a \S
aVZR# F\ aUR YVZVaYR`` N[NYfaVPNY V[aRYYRPa! \[R V[`aN[a P\[aNV[` aUR dU\YR
UV`a\_f \S aUR d\_YQ V[ ]N`a N[Q Sbab_R# FUR d\_YQ V` P\[PRVcRQ N` aUR
=>FGBEL B; @6GG:E _NaUR_ aUN[ N` N ]N_aVPbYN_ \_QR_ \S ZNaaR_#
B :;>AEAB:;53> 3 EB75FE A8 6 3DI;@;E? L )&
ZNf R[W\f# 3 a aUR cR_f YRN`a aUR PNb`R Zb`a ]\``R`` \S aUR`R aUV[T`
iN` ZbPU N`!j i[\a YR`` aUN[!j aUR aUV[T` `]_V[TV[T S_\Z Va#( AOcV"
\b`Yf aUV` ]NaaR_[ V` P\Z]YRaRYf _RcR_`RQ V[ aUR XV[Q \S TR[RaVP QRQbP"
aV\[ dUVPU Z\QR_[ aUR\_f V[NbTb_NaRQ# ;S aUR Z\`a RYRZR[aN_f `VabN"
aV\[` PN[ \S aURZ`RYcR` TVcR _V`R a\ NYY QVcR_`VSVPNaV\[ N[Q \_QR_! N[Q VS
aUR YNaaR_ N_R Re]YNV[RQ Of aUR Qf[NZVP` \S aUR S\_ZR_! aUR[! ]N_N"
Q\eVPNYYf `]RNXV[T! aUR N[aRPRQR[a PNb`R V` UR_R V[SR_V\_ a\ aUR RSSRPa!
V[ aR_Z` \S `a_bPab_NY N_aVPbYNaV\[ aU\bTU [\a V[ aR_Z` \S ^bN[aVaf!
dUVPU V` P\[`aN[a# FUb` TR[RaVPNYYf N` dRYY N` Sb[PaV\[NYYf! aUR ]_VZV"
aVcR V` PNYYRQ b]\[ a\ NPP\b[a S\_ aUR Z\_R N_aVPbYNaRQ! aUR b[`aNOYR
S\_ aUR `aNOYR! QV`\_QR_ S\_ \_QR_! ORP\ZV[T S\_ ORV[T#

;;

AS NYY ]_\cV[PR` \S _RNYVaf aUR YVcV[T XV[TQ\Z Y\[TR`a QRSVRQ aUR


N]]YVPNaV\[ \S aUV` VQRN \S \_VTV[`! N[Q Va dN` \[Yf V[ aUR [V[RaRR[aU
PR[ab_f aUNa aUR aUR\_f \S :IB?HG>BA `bPPRRQRQ V[ `bOWbTNaV[T Va V[ aUV`
_R`]RPa a\ aUR TR[R_NY `PURZR# IUNa dR_R aUR ]N_aVPbYN_ QVSSVPbYaVR`2
F\ 6R`PN_aR`! N[VZNY O\QVR` dR_R ZNPUV[R` P\[`a_bPaRQ a\ Sb[PaV\[
N` aURf Q\! N[Q aU\bTU aUR_R V` [RVaUR_ V[aRYYVTR[PR [\_ ]b_]\`VcR[R``
V[ aURV_ Sb[PaV\[V[T Va`RYS! aUV` ORV[T Nba\ZNaVP! aURV_ P\[`a_bPaV\[
GBJ6E9! `bPU Sb[PaV\[V[T `RRZRQ a\ PNYY S\_ ]_RPV`RYf aU\`R ^bNYVaVR`#
;S aUR[ aUR P\[`a_bPaVcR aN`X N``bZRQYf QRc\YcR` b]\[ Z NaaR_ Va`RYS!
aUR cR_f `bPPR`` \S aUR `PVR[aVSVP N[NYf`V` \S \_TN[V`Z`h b[YVXR aUNa \S
aUR ZNWR`aVPNYYf P_bQR P\`ZVP `a_bPab_Rh `aN[Q` V[ aUR dNf \S ZNXV[T
aUR N``bZ]aV\[ T\\Q V[ G=:>E PN`R# 8\_ aUR Z\_R NQZV_NOYf aURf
_RcRNYRQ aURZ`RYcR` a\ OR P\[`a_bPaRQ! aUR YR`` ]\``VOYR Va `RRZRQ a\
P\[PRVcR \S aUR TR[R`V` \S `bPU ]NaaR_[` \aUR_ aUN[ Of QR`VT[! N[Q Na

(# ;a dN` PUN_NPaR_V`aVP \S aUR PYN``VPNY NaaVabQR a\ b[QR_`aN[Q aUR


Y\dR_! V#R#! Z\_R RYRZR[aN_f! V[ aUR YVTUa \S Va` ORV[T N iYR``j \S aUR UVTUR_!
a\ aUNa ReaR[a N` YNPXV[T V[ _RNYVaf! N[Q N` `bO`R_cVR[a a\ aUR UVTUR_
_RNYVgNaV\[# 3` aUR SV_`a ]_V[PV]YR \S Re]YN[NaV\[ dN` aNXR[ S_\Z aUR UVTU"
R`a XV[Q \S ORV[T! dUVPU V` NY`\ \[a\Y\TVPNYYf iSV_`a!j Re]YN[NaV\[ dN`
af]VPNYYf S_\Z aUR a\] \S aUR `PNYR Q\d[dN_Q! aUR Y\dR_ \_QR_` ORV[T
QR_VcRQ S_\Z aUR UVTUR_ Of dNf \S ]_VcNaV\[# FUR _RNYZ \S ]N``V\[! S\_
ReNZ]YR! V` PUN_NPaR_VgRQ Of aUR NO`R[PR \S _RN`\[! Oba V[ \_QR_ a\ ReV`a Va
Zb`a `aVYY ]N_aVPV]NaR V[ aUR ]_V[PV]YR \S ORV[T! aU\bTU Va Q\R` `\ a\ N YR``R_
QRT_RR aUN[ Q\R` _RN`\[# BY\aV[b` Sb_[V`UR` aUR Rea_RZR ReNZ]YR \S aUV`
QV_RPaV\[ \S Re]YN[NaV\[ S_\Z UVTUR_ a\ Y\dR_! dUR_R aUR O\aa\Z \S aUR
`PNYR V` aUR YN`a a\ OR NPP\b[aRQ S\_#
)' F :7 B :7@A?7@A@ A8 > ;87
aUNa Of N QR`VT[ N` SN_ `b]R_V\_ a\ aUR QR`VT[ \S UbZN[ V[TR[bVaf N`
aUR [Nab_NY ZNPUV[R` ]_\cRQ `b]R_V\_ V[ P\[`a_bPaV\[ a\ ZN["ZNQR
\[R`# ;S QR`VT[ \_ aRYR\Y\TVPNY QV_RPaV\[ dR_R _bYRQ \ba! aUR \QQ`
NTNV[`a N ZR_R PUN[PR ]_\QbPaV\[ d\bYQ `RRZ [\ YR`` \cR_dURYZV[T
aUN[ aU\`R NTNV[`a aUR SNZ\b` Z\[XRf`k _N[Q\ZYf UNZZR_V[T \ba
d\_YQ YVaR_Nab_R \[ aURV_ af]Rd_VaR_` V[ aUR NR\[` Na aURV_ QV`]\`NY#
FUR P\Z]N_V`\[ U\YQ` `\ Y\[T N` aUR SVeVaf \S `]RPVR`! N[Q P\[`R"
^bR[aYf `R]N_NaR \_VTV[NaV\[ \S RNPU! V` N``bZRQ#
FUR ]_\OYRZ V` P\Z]YVPNaRQ Of aUR SNPa aUNa V[ aUR PN`R \S aUR`R
ZRPUN[VPNY `a_bPab_R`! V#R#! \_TN[V`Z`! b[YVXR aUR Z\_R R[Qb_V[T
P\`ZVP \[R`! dR P\[`aN[aYf dVa[R`` aURV_ P\ZV[T"a\"OR V[ aUR V[QVcVQ"
bNY V[`aN[PR`# ;S N[fdUR_R! aUR[ UR_R TR[R`V` Q\R` ORY\[T a\ aUR P\Z"
]YRaR ]VPab_R \S aUR R[aVaf Va`RYS0 Oba aUR TR[R`V` V[ ^bR`aV\[ ]\V[a`
QV`aV[PaYf NdNf S_\Z aUR ZRPUN[V`aVP ]NaaR_[# 8\_ V[ aUR RcR_"_R]RNaRQ
\_VTV[NaV\[ \S UVTUYf \_TN[VgRQ V[QVcVQbNY` S_\Z N[ V[SV[VaR`VZNY
TR_Z! aUR d\_XV[T"\ba \S N ]_RN__N[TRQ C?6A \S T_\daU N[Q QRcRY\]"
ZR[a `RRZ` \OcV\b`# FUb` aUR cR_f VQRN \S iQRcRY\]ZR[aj dUVPU aUR
SNPa` \S E:CEB9H8G>BA `bTTR`aRQ `a\\Q V[ aUR dNf \S N]]YfV[T a\ aUR
YVcV[T XV[TQ\Z aUR `NZR PNaRT\_VR` \S TR[R`V` aUNa dR_R N]]YVRQ \[
ZRPUN[V`aVP ]_V[PV]YR` a\ _RNYVaf Na YN_TR# ;[QRRQ! aUR aR_Z iRc\Yb"
aV\[j QR[\aRQ \_VTV[NYYf Wb`a aUV` ]UR[\ZR[\[ \S V[QVcVQbNY TR[R`V`!
N[Q Of [\ ZRN[` aUR TR[R`V` \S `]RPVR`# A[ aUR P\[a_N_f! iRc\YbaV\[j
V[ Va` YVaR_NY `R[`R ]_R`b]]\`R` aUR ReV`aR[PR \S aUR `]RPVR`! ORPNb`R Va
V` ]_RPV`RYf aUV` dUVPU! V[ aUR ]R_`\[` \S aUR ]N_R[a V[QVcVQbNY`! ]_\"
cVQR` aUR ]_RN__N[TRQ ]YN[ a\ OR iRc\YcRQj V[ RcR_f TVcR[ PN`R \S
TR[R_NaV\[# I UNa Rc\YcR` V` [\a aUR Z\QRY Va`RYS Oba Va` _R"RZO\QV"
ZR[a V[ RNPU TR[R_NaV\[ S_\Z TR_Z a\ ZNab_Vaf/ dUNa Rc\YcR` dN`
V[c\YcRQ V[ aUR TR_Z! Va` ]\aR[Pf aUR_R QR_VcRQ S_\Z Va` NPa V[ aUR
]_\TR[Va\_# ;[ aR_Z` \S PNb`R"RSSRPa _RYNaV\[! aUR[! aUR ]N_R[a NPP\b[a`
[\a \[Yf S\_ Va` \SS`]_V[Tk` ReV`aR[PR Oba NY`\ S\_ Va` \SS`]_V[Tk` ;BE@
Of Va` \d[ ]\``R``V\[ \S aUV` `RYS`NZR S\_Z# FUV` V` N ]NaaR_[ cR_f
QVSSR_R[a S_\Z aUR ZRPUN[V`aVP PUNV[ \S PNb`R N[Q RSSRPa N[Q `a_\[TYf
`bTTR`a` aUR \]R_NaV\[ \S N 86HF6 ;BE@6?>F V[ NQQVaV\[ a\ N 86HF6 :;;>"
8>:AF! \_ aUR ReV`aR[PR \S `bO`aN[aVNY S\_Z`! dUVPU dR_R \aUR_dV`R
ON[[RQ S_\Z aUR dU\YR `f`aRZ \S [Nab_NY Re]YN[NaV\[# ;[ `U\_a! aUR
cR_f P\[PR]a \S 9:I:?BC:@:AG dN` \]]\`RQ a\ aUNa \S ZRPUN[VP` N[Q
`aVYY VZ]YVRQ `\ZR cR_`V\[ \_ \aUR_ \S PYN``VPNY \[a\Y\Tf#
IUR[! aUR_RS\_R! aUR ^bR`aV\[ \S \_VTV[ dN` Na YN`a ReaR[QRQ a\
B :;>AEAB:;53> 3 EB75FE A8 6 3DI;@;E? L) (
aU\`R ]R_ZN[R[aYf `RYS"_R]RNaV[T ]YN[` \S T_\daU aURZ`RYcR`! N cR["
ab_R \S ]_VZR \[a\Y\TVPNY VZ]\_aN[PR dN` V[VaVNaRQ! dU\`R `bPPR`` \[
aUR aR_Z` \S [Nab_NY `PVR[PR dN` O\b[Q a\ P\Z]YRaR aUR N[aV"BYNa\[VP
Z\cRZR[a \S aUR Z\QR_[ ZV[Q# A[ aUR ]_RZV`R \S aUR [\[RaR_[Vaf \S
\b_ RN_aU! dUVPU S\YY\dRQ S_\Z aUR `PVR[aVSVP P\`Z\Y\Tf! SV_`a _R]_R"
`R[aNaVcR` V[ aUR PUNV[` \S TR[R_NaV\[ dR_R `aVYY PNYYRQ S\_ N` aURf
dR_R V[ aUR Q\Pa_V[R \S P_RNaV\[ ! Oba aURf [\ Y\[TR_ d\bYQ UNcR a\ OR
_R]_R`R[aNaVcR` \S aUR ReV`aV[T ]NaaR_[`! VS aUR`R N_R _RTN_QRQ N` aUR
aRZ]\_NY \baP\ZR _NaUR_ aUN[ N` aUR aVZRYR`` QRaR_ZV[N[a` \S aUR YVSR"
]_\PR``# FUR ]_\ONOVYVaf"]_\OYRZ V[QVPNaRQ Of aUR ReNZ]YR \S aUR
Z\[XRf` d\bYQ aUR[ OR `]YVa b] V[a\ ad\ QVcV`V\[`! aUNa \S aUR `]\["
aN[R\b` TR[R_NaV\[ \S aUR SV_`a S\_Z` N[Q aUNa \S aUR QR`PR[a S_\Z
aURZ \S aUR ]_R`R[a \[R`! N[Q aUV` `]YVaaV[T"b] URYQ aUR `RP_Ra \S
`bPPR`` V[ aUNa Va \cR_PNZR aUR Z\[`a_\b` VZ]_\ONOVYVaf RZO\QVRQ V[
aUNa ReNZ]YR#
i7c\YbaV\[j V[ aUR Z\QR_[ `R[`R ZNQR Va ]\``VOYR a\ P_RQVa b[NVQRQ
ZNaaR_ Z\_R ]YNb`VOYf dVaU aUR ]_\QbPaV\[ \S aUR YVcV[T XV[TQ\Z! N[Q
aUb` a\ NQcN[PR aUR ZNaR_VNYV`aVP Z\[V`Z \S `PVR[PR Of N QRPV`VcR
`aR]# ;a QVQ `\ Of 676A9BA>A< aUR \_VTV[NY ZRN[V[T \S aUR aR_Z iRc\Yb"
aV\[!j QR_VcRQ S_\Z aUR T_\daU ]_\PR`` \S V[QVcVQbNY \_TN[V`Z`/ aUR
VQRN \S ]_RS\_ZNaV\[ N[Q b[S\YQV[T dN` NON[Q\[RQ N[Q _R]YNPRQ Of
aUR ^bN`V"ZRPUN[VPNY ]VPab_R \S N[ b[]YN[[RQ! b[QV_RPaRQ! fRa ]_\"
T_R``VcR `R^bR[PR dU\`R ORTV[[V[T`! b[YVXR aUR TR_Z! NQbZO_NaR
[\aUV[T \S aUR \baP\ZR \_ \S aUR `bPPR``VcR `aR]`# ;S aUR YVcV[T S\_Z`
N_R QR`PR[QRQ S_\Z \[R N[\aUR_ N[Q UNcR [\a RNPU N_V`R[ V[QR]R["
QR[aYf! aUR `abZOYV[T OY\PX \S `]\[aN[R\b` TR[R_NaV\[ V` ]b`URQ ONPX
a\ aUR cR_f SV_`a V[`aN[PR \S YVSR N` `bPU! dUR_R Va` ZNT[VabQR N[Q
aUR_RS\_R Va` aUR\_RaVPNY V[P\[cR[VR[PR N_R _RQbPRQ V[ ]_\]\_aV\[ a\
aUR ZV[VZbZ \S \_TN[VgNaV\[ N``bZRQ V[ aUR`R SV_`a ORTV[[V[T`# ;Z "
ZRN`b_NOYf P\[`R^bR[aVNY N` dN` aUR SV_`a `aR]! aUR a_N[`VaV\[ S_\Z
V[\_TN[VP a\ \_TN[VP! Va PN[ Uf]\aURaVPNYYf OR ZNQR `ZNYY R[\bTU [\a
a\ \cR_`a_NV[ aUR ]_\ONOVYVaVR` \S PUN[PR P\ZOV[NaV\[# 3YY Sb_aUR_
cN_VRTNaV\[ V` aUR[ YRSa a\ aUR Qf[NZVP` \S aUV` V[VaVNY `\ZRaUV[T! N[Q
S\_ aUR dU\YR Q\Pa_V[R a\ OR N `PVR[aVSVP \[R Va V` R``R[aVNY aUNa aUR
Qf[NZVP` V[c\XRQ Q\ [\a P\[aNV[ N[f RYRZR[a \S aRYR\Y\Tf! \S ]_R"
S\_ZNaVcR QV`]\`VaV\[ \_ N`]V_NaV\[ a\dN_Q aUR UVTUR_ S\_Z` a\ P\ZR!
Oba aUNa aURf iRc\YcRj aU\`R UVTUR_ S\_Z` dVaU\ba aURV_ ORV[T V[ N[f
`R[`R iV[c\YcRQj V[ aUR V[VaVNY `aNTR# 7cR_faUV[T aUR_RS\_R QR]R[Q` \[
)) F :7 B :7@A?7@A@ A8 > ;87
N P\[PR]aV\[ \S aUR`R Qf[NZVP` dUVPU O\aU V` PNb`NYYf `NaV`SNPa\_f
N[Q Q\R` [\a Ob_QR[ aUR ]_VZVaVcR dVaU N[f Zf`aR_V\b` P\[aR[a
N[aVPV]Na\_f \S aUR Z\_R NQcN[PRQ/ aUR \]R_NaVcR PNb`NYVaf! dUVYR
NPP\b[aV[T S\_ aUR RZR_TR[PR \S aUR NQcN[PRQ V[ `bPPR``V\[ S_\Z aUR
]_VZVaVcR! Zb`a YRa aUR YNaaR_ OR N` b[NZOVTb\b`Yf ]_VZVaVcR N` Va V`#
FUR[! dUVYR RNPU aU_\d \S aUR QVPR V` `aVYY OYV[Q! aUR ]_\ONOVYVaf"
`VabNaV\[ V` fRa QRPV`VcRYf PUN[TRQ/ aUR SV_`a N[Q `VZ]YR`a S\_Z \S YVSR
\[PR TVcR[! NYY Sb_aUR_ `UNXV[T \S aUR QVPR \PPb_` V[ P\[SV[RQ QVPR"
O\eR` dVaU `RYRPaRQ QVPR N[Q QRSV[RQ dNf` S\_ aURZ a\ OR PN`a! `\
aUNa aUR TNZR \S PUN[PR V` cN`aYf [N__\dRQ Q\d[# 3Y`\ RNPU iaU_\dj
V` O\b[Q Of aUR `bZ \S aUR ]_RcV\b` \[R`! NQQV[T a\ aURV_ _R`bYa N[Q
[\a `aN_aV[T \cR_ NTNV[# ;[ \aUR_ d\_Q`! YVSR! \[PR ReV`aV[T! ]_\T_R`"
`VcRYf `Ra` Va` \d[ P\[QVaV\[` S\_ aUR ZRPUN[VPNY ]YNf \S cN_VNaV\[`0
N[Q aUR ]_\ONOVYVaVR` Q\ Y\\X ORaaR_ aUN[ S\_ aUR Z\[XRf`! dU\ Na
RNPU Z\ZR[a `aN_a N[Rd! aURV_ NPaV\[ b[QRaR_ZV[RQ Of aURV_ ]N`a
]R_S\_ZN[PR#
FUb` =:E:9>GL! dUVPU Na SV_`a `RRZRQ aUR `a_\[TR`a N_TbZR[a S\_ aUR
Q\Pa_V[R \S VZZbaNOYR `]RPVR`! ORP\ZR` N[ V[`a_bZR[a S\_ aURV_ cR_f
QR_VcNaV\[ Of dNf \S PUN[TR/ a_N[`ZVaaRQ V[ _R]_\QbPaV\[! aUR RSSRPa`
\S ZbaNaV\[ PN[ NPPbZbYNaR dVaUV[ \[R `a_NV[! `b]R_NQQRQ \[R b]\[
aUR \aUR_! N[Q aUR `ZNYY `aR]` \S PUN[PR N_R NYY\dRQ a\ T_\d V[a\ cN`a
N[Q P\Z]YRe ]NaaR_[`# ;[ NQQVaV\[ a\ aUV` PbZbYNaVcR Sb[PaV\[V[T \S
ZbaNaV\[ aU_\bTU UR_RQVaf! aUR d\_XV[T \S A6GHE6? F:?:8G>BA \[ Va`
_R`bYa` `RRZ` a\ SVYY NQZV_NOYf aUR ]YNPR \S N QV_RPaV[T ]_V[PV]YR
cNPNaRQ Of aRYR\Y\Tf# ;[QRRQ Va dN` aUR 6N_dV[VN[ aUR\_f \S Rc\Yb"
aV\[! dVaU Va` P\ZOV[NaV\[ \S PUN[PR cN_VNaV\[ N[Q [Nab_NY `RYRPaV\[!
dUVPU P\Z]YRaRQ aUR Rea_b`V\[ \S aRYR\Y\Tf S_\Z [Nab_R# :NcV[T OR"
P\ZR _RQb[QN[a RcR[ V[ aUR `a\_f \S YVSR! ]b_]\`R _RaV_RQ dU\YYf V[a\
`bOWRPaVcVaf#
>VXR RcR_f ZNW\_ aUR\_f! aUR P\[aRZ]\_N_f aUR\_f \S Rc\YbaV\[ N[Q
TR[RaVP` V` N[ V[a_VPNaR P\ZOV[NaV\[ \S SNPa! Uf]\aUR`V`! N[Q QRQbP"
aV\[# ;[ aUR PNaRT\_f \S R`aNOYV`URQ SNPa ORY\[T` Rc\YbaV\[ N` `bPU/
aUNa `]RPVR` Q\ PUN[TR! UNcR RZR_TRQ V[ `R_VR` \S PUN[TR` S_\Z N["
PR`a_NY S\_Z`! N[Q V[ aURV_ R[aV_Raf S\_Z N O_N[PUV[T SNZVYf `f`aRZ \S
P\ZZ\[ QR`PR[a V[ dUVPU aUR `VZ]YR ]_RPRQR` aUR P\Z]YRe! N[Q
a_N[`VaV\[` N_R T_NQbNY# 3Y`\ N[ N`PR_aNV[RQ SNPa V` aUR \PPb__R[PR \S
ZbaNaV\[`0 Oba [\a aURV_ [Nab_R \_ PNb`R# @Nab_NY `RYRPaV\[ V` N Y\TVPNY
QRQbPaV\[ S_\Z aUR ad\ ]_RZV`R` \S P\Z]RaVaV\[ N[Q \S QVSSR_R[PR` V[
B :;>AEAB:;53> 3 EB75FE A8 6 3DI;@;E? L) *
aUR P\Z]RaVa\_`! dUVPU aURZ`RYcR` N_R SNPa`# FUR PUN[PR"PUN_NPaR_ \S
ZbaNaV\[` V` N Uf]\aUR`V`/ aUR V[QbPRZR[a \S `\ZR \S aURZ Of Re"
aR_[NY S\_PR`! `bPU N` _NQVNaV\[! V` N SNPa \S YNO\_Na\_f Re]R_VR[PR! Oba
aUR PYNVZ aUNa aUR`R N_R _R]_R`R[aNaVcR S\_ NYY \S aURZ N[Q S\_ aURV_
b[QR_YfV[T Qf[NZVP` V` N ZR_R a_VNY dVaU APPNZk` _Ng\_0 N[Q aUR
`bSSVPVR[Pf \S aUV` XV[Q \S cN_VNOVYVaf S\_ aUR RZR_TR[PR \S aUR ZNW\_
]YN[` \S \_TN[VgNaV\[ V`! `\ SN_! Z\_R N ZRaN]Uf`VPNY P\[aR[aV\[ \_!
Z\_R `\OR_Yf! N ZRaU\Q\Y\TVPNY ]\`abYNaR aUN[ N `PVR[aVSVP Uf]\aU"
R`V`h VS iUf]\aUR`V`j VZ]YVR` aUR P\[`a_bPaV\[ \S Na YRN`a N ZR[aNYYf
d\_XNOYR Z\QRY# 3YY aUR`R N`]RPa` _NV`R ]UVY\`\]UVPNY V``bR`! `\ZR \S
dUVPU dR `UNYY V[QVPNaR#

;YY

FUR ZR_R SNPabNY QV`P\cR_f \S Rc\YbaV\[ UNQ N ]_\S\b[Q `VT[VSV"


PN[PR S\_ aUR cR_f P\[PR]a \S YVSR! ^bVaR N]N_a S_\Z aUR `]RPVNY V``bR \S
aUR QR`PR[a \S ZN[# ;[ 6R`PN_aR`k P\[PR]aV\[ \S N[VZNY [Nab_R! aUR
]\V[a \S QR]N_ab_R V` `\ZR QRSV[VaR ZRPUN[VPNY `a_bPab_Rh N TVcR[
af]R \S \_TN[V`Zh N[Q aUR YVSR \S aUR N[VZNY V[ ^bR`aV\[ V` aUR Sb[P"
aV\[ \S aUNa `a_bPab_R! aUR ]R_S\_ZN[PR \S aUR ZNPUV[R# :R_R `a_bPab_R
b[VYNaR_NYYf QRaR_ZV[R` Sb[PaV\[ N[Q Re]YNV[` Va0 Va` N[NYf`V` aUR_RS\_R
N[`dR_` NYY aUR ^bR`aV\[` dUVPU PN[ _RN`\[NOYf OR N`XRQ dVaU _R`]RPa
a\ N YVcV[T aUV[T# 7c\YbaV\[V`Z! U\dRcR_! _RTN_Q` aUV` TVcR[ af]R \S
`a_bPab_R! aUR P\[QVaV\[ S\_ N `]RPVSVP ]R_S\_ZN[PR \S YVSR! N` Va`RYS N
]_\QbPa \S YVSR! aUR \baP\ZR N[Q aRZ]\_N_f `a\]]V[T"]YNPR \S N P\["
aV[b\b` Qf[NZV`Z dUVPU Va`RYS Zb`a OR aR_ZRQ iYVSR#j FUb` YVSR N]"
]RN_` V[ Va` cR_f ZRN[`! aUNa V`! V[ Va` `a_bPab_NY R^bV]ZR[a S\_ YVcV[T!
N` Va` \d[ NPUVRcRZR[a! \_ Na YRN`a _R`bYa! V[`aRNQ \S ORV[T `VZ]Yf
R[Q\dRQ dVaU Va` ZRN[` N[Q SNPbYaVR`# FUV` V` \[R \S aUR Z\`a SN_"
_RNPUV[T QV`P\cR_VR` RcR_ ZNQR dVaU _RTN_Q a\ aUR [Nab_R \S YVSR#
3Z\[T \aUR_ aUV[T`! Va P\Z]YRaR` aUR YV^bVQNaV\[ \S VZZbaNOYR R`"
`R[PR`! N[Q aUb` `VT[VSVR` aUR SV[NY cVPa\_f \S [\ZV[NYV`Z \cR_ _RNYV`Z!
dUVPU UNQ UNQ Va` YN`a ObYdN_X V[ aUR VQRN \S [Nab_NY `]RPVR`# FUV` V` N
ZNW\_ ]UVY\`\]UVPNY RcR[a V[ aUNa Va ]\dR_SbYYf P\[SV_Z` aUR N[aV"
BYNa\[V`Z \S aUR Z\QRZ ZV[Q# ;S dR NQQ a\ aUV` aUR NO`R[PR \S N[f
aRYR\Y\TVPNY QV_RPaRQ[R``! aUR Rc\YbaV\[N_f ]_\PR`` ]_R`R[a` Va`RYS N` N
`URR_ NQcR[ab_R dVaU N[ R[aV_RYf b[S\_R`RRNOYR P\b_`R# FUV` `]RPVSV"
PNYYf Z\QR_[ VQRN \S aUR b[]YN[[RQ! \]R["R[QRQ NQcR[ab_\b`[R`` \S
)+ F :7 B:7@A?7@A@ A8 >;87
YVSR! aUR P\_\YYN_f a\ aUR NO`R[PR \S VZZbaNOYR R``R[PR! V` NTNV[ N
ZNW\_ ]UVY\`\]UVPNY P\[`R^bR[PR \S aUR `PVR[aVSVP Q\Pa_V[R \S Rc\Yb"
aV\[#
3` \[ aUR ]Uf`VPNY `PR[R Na YN_TR! `\ V[ aUR UV`a\_f \S YVSR 8BA9>"
G>BAF aNXR aUR ]YNPR \S R``R[PR N` aUR \_VTV[NaV[T ]_V[PV]YR# ;[ aUR
`UN]R \S iR[cV_\[ZR[a!j P\[QVaV\[ ORP\ZR` `\ ZbPU N [RPR``N_f
P\__RYNaVcR a\ aUR P\[PR]a \S \_TN[V`Z aUNa Va R[aR_` V[a\ aUR cR_f
QR_VcNaV\[ \S Va` ORV[T# FUR P\[`aVabaVcR Sb[PaV\[ \S R[cV_\[ZR[a V`
P\ZZ\[ a\ >NZN_PXV`Z N[Q 6N_dV[V`Z# A_TN[V`Z V` `RR[ N` ]_V"
ZN_VYf QRaR_ZV[RQ Of aUR P\[QVaV\[` \S Va` ReV`aR[PR! N[Q YVSR V` b[QR_"
`a\\Q V[ aR_Z` \S aUR \_TN[V`Z"R[cV_\[ZR[a `VabNaV\[ _NaUR_ aUN[ V[
aR_Z` \S aUR ReR_PV`R \S N[ Nba\[\Z\b` [Nab_R#
A_TN[V`Z N[Q R[cV_\[ZR[a a\TRaUR_ S\_Z N `f`aRZ! N[Q aUV` UR[PR"
S\_aU QRaR_ZV[R` aUR ON`VP P\[PR]a \S YVSR# >VcV[T! aUR[! V` aUR OR"
UNcV\_ V[QbPRQ Of aUV` OV]\YN_ `f`aRZ V[ \[R \S Va` ]\YR`0 N[Q aUR
af]VPNY ]NaaR_[` \S YVcV[T! aUR _RYNaVcR `aNOVYVaf N[Q `]RPVSVP[R`` \S
ORUNcV\_ V[ N[f TVcR[ `]RPVR`! _R]_R`R[a aUR R^bVYVO_VbZ NPUVRcRQ
ORadRR[ aUR ad\ SNPa\_` aUNa ZNXR b] aUR `VabNaV\[# 4ba `\ Q\R`
\_TN[VP `a_bPab_R Va`RYS/ aUV` a\\! [\a \[Yf Va` Pb__R[a ORUNcV\_! _R]_R"
`R[a` N[ R^bVYVO_VbZ _RYNaVcR a\ aUR Y\[T"aR_Z TR[R_VP `VabNaV\[! ORV[T
aUR \baP\ZR \S aUR ]_RcV\b` d\_XV[T \S aUNa `VabNaV\[ \[ aUR `bO"
`a_NabZ \S YVSR# ;[ \aUR_ d\_Q`! aUR [\[SVeVaf \S `]RPVR`! NQQRQ a\ aUR
]_V[PV]YR \S R[cV_\[ZR[a! QVcR`a` aUR `bOWRPa \S YVSR a\ N[ b[]_RPR"
QR[aRQ QRT_RR \S \_VTV[NY N[Q V[UR_R[a QRaR_ZV[NaV\[`# ;[ aUR
b[]YN[[RQ a_N[`NPaV\[` \S aUR OV\Y\TVPNY `VabNaV\[! N[Q dVaU aUR S\_ZN"
aVcR _\YR \S R[cV_\[ZR[a dU\`R RSSRPa` NPPbZbYNaR \cR_ aUR TR[R_N"
aV\[`! YVSRk` \d[ P_RNaRQ N[Q VZZbaNOYR R``R[PR P\[a_NPa` a\dN_Q N
ZV[VZbZ! dUVYR aUR VZ]\_a \S aUR a\aNY `VabNaV\[! dVaU Va` QRZN[Q`
N[Q `RYRPaVcR P_VaR_VN! V[P_RN`R` a\dN_Q N ZNeVZbZ# FUR ZV[VZbZ
YRSa a\ aUR \_VTV[NY R``R[PR \S YVSR V` Wb`a `RYS"]_R`R_cNaV\[! dUVPU V`
N[NY\T\b` a\ aUR V[R_aVNY YNd` _bYV[T aUR P\[QbPa \S N ]N_aVPYR# FUR
ZNeVZbZ a_N[`SR__RQ a\ aUR `VabNaV\[ V` aUR `bZ a\aNY \S NYY aU\`R
V[SYbR[PR` RYVPVaV[T S_\Z ZR_R `RYS"]_R`R_cNaV\[ Of dNf \S V[PVQR["
aNYYf NQN]aVcR cN_VNOVYVaf aUNa dRNYaU \S `b]R_`a_bPab_R N[Q `b]R_"
V[QbPRQ ORUNcV\_ Of dUVPU YVSR N` Va dR_R! R[aV_RYf V[[\PR[a \S N[f
S\_R`UNQ\dV[T QV`]\`VaV\[ a\dN_Q aURZ! `b_]_V`R` Va`RYSh N[Q Va` 5_R"
Na\_ VS aUR_R V` \[R# ?V[Q dN` [\a S\_R`RR[ V[ aUR NZ\RON! [\_ dN`
aUR cR_aRO_NaR `a_bPab_R! `PVR[PR [\ Z\_R aUN[ aUR \]]\`NOYR aUbZO/
B :;>AEAB:;53> 3 EB75FE A8 6 3DI;@;E? L ),
\[R N[Q aUR \aUR_ dR_R RYVPVaRQ V[ QbRh Oba b[S\_R`RRNOYRh P\b_`R V[
aUR R[\_Z\b` `]N[ \S aUR PUN[TV[T cVaNY `VabNaV\[# FUR cN_VNOVYVaf V`
R``R[aVNYYf V[`aNOVYVaf! dUVPU Va`RYS aR`aVSVR` a\ aUR NO`R[PR \S N ]_RQR"
aR_ZV[RQ `bO`aN[aVNY S\_Z#
FUV` _RQbPaV\[ \S aUR S\_ZNY R``R[PR \S YVSR a\ aUR cN[V`UV[T"]\V[a
\S N ZR_R cVaNY Z\ZR[abZ dVaU\ba `]RPVSVP \_VTV[NY P\[aR[a! N[Q P\_"
_R`]\[QV[TYf aUR aU_\dV[T \]R[ \S aUR V[QRSV[VaR U\_Vg\[ \S `VabNaV\[
S\_ aUR Rc\XV[T \S ]\``VOVYVaVR` dUVPU dR_R [\a ]_R"ReV`aV[T ]\aR[aVNYV"
aVR`! UNcR N SNZVYVN_ _V[T a\ aU\`R P\[cR_`N[a dVaU P\[aRZ]\_N_f
]UVY\`\]UVR` \S ?N[# ;[QRRQ [V[RaRR[aU"PR[ab_f Rc\YbaV\[V`Z! dUVPU
P\Z]YRaRQ aUR 5\]R_[VPN[ _Rc\YbaV\[ V[ \[a\Y\Tf! V` N[ N]\P_f]UNY
N[PR`a\_ NY\[T dVaU aUR Z\_R \SSVPVNY \[R` \S ]_R`R[a"QNf ReV`aR["
aVNYV`Z# FUR YNaaR_k` R[P\b[aR_ dVaU i[\aUV[T[R``j `]_V[T` S_\Z aUR
QR[VNY \S iR``R[PRj dUVPU OY\PXRQ aUR _RP\b_`R a\ N[ VQRNY i[Nab_Rj
\S ZN[! \[PR \SSR_RQ V[ UV` PYN``VPNY QRSV[VaV\[ Of _RN`\[ =B@B
6A>@6? E6G>BA6?: ! \_ V[ aUR 4VOYVPNY \[R Of P_RNaV\[ V[ aUR VZNTR \S
9\Q# FUR iVZNTR!j V[ aUR NO`R[PR \S P_RNaV\[! UNQ cN[V`URQ dVaU aUR
\_VTV[NY0 N[Q _RN`\[ UNQ ORR[ _RQbPRQ a\ N ZRN[` NZ\[T ZRN[`! a\
OR WbQTRQ Of aUR RSSVPVR[Pf \S Va` V[`a_bZR[aNY _\YR) V[ aUR `b_cVcNY
V``bR/ N` N ZR_RYf S\_ZNY `XVYYh aUR ReaR[`V\[ \S N[VZNY Pb[[V[Th Va
Q\R` [\a `Ra Oba `R_cR NVZ`! V` [\a Va`RYS `aN[QN_Q Oba ZRN`b_RQ Of
`aN[QN_Q` \ba`VQR Va` Wb_V`QVPaV\[# ;S aUR_R V` N iYVSR \S _RN`\[j S\_
ZN[ N` QV`aV[Pa S_\Z aUR ZR_R b`R \S _RN`\[ ! Va PN[ OR PU\`R[ \[Yf
[\[_NaV\[NYYf! N` NYY R[Q` Zb`a OR PU\`R[ [\[_NaV\[NYYf VS aURf PN[
OR PU\`R[ Na NYY # FUb` _RN`\[ UN` [\ Wb_V`QVPaV\[ RcR[ \cR_ aUR
PU\VPR \S Va`RYS N` Z\_R aUN[ N ZRN[`#* 4ba b`R \S _RN`\[! N` N
ZRN[`! V` P\Z]NaVOYR dVaU N[f R[Q! [\ ZNaaR_ U\d V__NaV\[NY# FUV` V`
aUR [VUVYV`aVP VZ]YVPNaV\[ V[ Z N[k` Y\`V[T N iORV[Tj a_N[`PR[QV[T aUR
SYbe \S ORP\ZV[T# @VRag`PURk` [VUVYV`Z N[Q UV` NaaRZ]a a\ \cR_P\ZR Va
N_R QRZ\[`a_NOYf P\[[RPaRQ dVaU aUR VZ]NPa \S 6N_dV[V`Z# FUR dVYY
a\ ]\dR_ `RRZRQ aUR \[Yf NYaR_[NaVcR YRSa VS aUR \_VTV[NY R``R[PR \S
ZN[ UNQ RcN]\_NaRQ V[ aUR a_N[`Va\_V[R`` N[Q dUVZ`VPNYVaf \S aUR
Rc\YbaV\[N_f ]_\PR``# FUV` V` a\ `Nf! [\a aUNa 6N_dV[V`Z V` G=: ]_\"

)# 4ba a\ UNcR N[ V[`a_bZR[aNY _\YR! _RN`\[hV#R#! ZV[QhZb`a UNcR


PNb`NaVcR S\_PR! N[Q aUV`! N` Va PUNYYR[TR` aUR `RYS"`bSSVPVR[Pf \S ZNaR_V"
NYV`Z! NY`\ _NV`R` aUR dU\YR V``bR \S QRaR_ZV[V`Z P\[[RPaRQ dVaU Va/ `RR
3]]R[QVe a\ 8VSaU 7``Nf#
*# 5S# 7VTUaU 7``Nf! R`]RPVNYYf `RPa# ;;;#
)- F :7 B :7@A?7@A@ A8 >;87
TR[Va\_ \S ReV`aR[aVNYV`Z! Oba aUNa Va P\[S\_Z` N[Q P\[a_VObaR` a\ NYY
aUR \aUR_ ZR[aNY SNPa\_` \ba \S dU\`R a\aNY `RaaV[T ReV`aR[aVNYV`Z
Y\TVPNYYf T_Rd# IR ZR[aV\[RQ aUR Z NW\_ _\YR dUVPU Rc\YbaV\[V`Z
dVaU aUR YV^bVQNaV\[ \S VZZbaNOYR `]RPVR` ]YNfRQ V[ aUR N[aV"BYNa\[VP
a_R[Q \S Z\QRZ `PVR[PR/ ReV`aR[aVNYV`Z V` aUR Z\`a _NQVPNY P\[PYb`V\[
Q_Nd[ `\ SN_ S_\Z aUR b[_R`R_cRQYf NPPR]aRQ cVPa\_f \S [\ZV[NYV`Z
\cR_ _RNYV`Z#

;H

;[ _RYNaV[T Rc\YbaV\[V`Z a\ aUR 5\]RZVPN[ _Rc\YbaV\[! dR UNcR R`]R"


PVNYYf V[ ZV[Q aUR SNPa aUNa Va ReaR[Q` a\ aUR _RNYZ \S ?>;: aUNa P\Z"
OV[NaV\[ \S [Nab_NY [RPR``Vaf dVaU _NQVPNY P\[aV[TR[Pf dUVPU aUR
@Rda\[VN[">N]YNPRN[ P\`Z\Y\Tf _R`bYaV[T S_\Z aUNa _Rc\YbaV\[ UNQ
b[VcR_`NYYf ]_\PYNVZRQ# FUR P\ZOV[NaV\[ \S [RPR``Vaf N[Q P\[aV["
TR[Pf `RRZ` ]N_NQ\eVPNY# FUR SV_`a \OcV\b` N`]RPa \S aUR b[VcR_`R V[
aUR Z \QRZ `PVR[aVSVP `PURZR dN` V[QRRQ aUR `a_VPa _bYR \S PNb`NY YNd!
V[ aUR Sb[PaV\[ N[Q P\[`R^bR[aYf NY`\ V[ aUR TR[R`V` \S aUV[T`! N[Q aUV`
`RRZ` _NaUR_ a\ RePYbQR N[f XV[Q \S P\[aV[TR[Pf S_\Z [Nab_R# ;a
PR_aNV[Yf Q\R` RePYbQR P\[aV[TR[Pf V[ aUR `R[`R \S NPPVQR[a` \ba`VQR
aUR YNd# ;[ N[\aUR_ `R[`R! U\dRcR_! aUR Z\QRZ PNb`NY `PURZR V` aUR
cR_f ]_V[PV]YR \S N[ \cR_NYY P\[aV[TR[Pf \S ReV`aR[PR N` `bPU! V[`\SN_
N` aUR [RPR``Vaf UR_R \]R_NaV[T V` ReaR_[NY S\_ N[f TVcR[ R[aVaf dVaUV[
Va` ]Yb_NYV`aVP `RaaV[T N[Q Q\R` [\a ]_\PRRQ N` N[ Nba\[\Z\b` YNd \S
ORP\ZV[T S_\Z Va` V[a_V[`VP [Nab_R# @ \_ Q\R` Va ]_\PRRQ S_\Z N
a_N[`PR[QR[a ]YN[! V[ aUR P\Z]_RUR[`VcR QR`VT[ \S dUVPU aUR ]N_aVPb"
YN_ aUV[T` N[Q aURV_ QR`aV[VR` N_R V[aRT_NaRQ# DNaUR_ V` aUR [RPR``Vaf
aUNa \S aUR `bZ a\aNY Va`RYS V[ aUR V[aR_NPaV\[ \S Va` ]N_a`! RNPU \S
dUVPU P\[a_VObaR` Va` ^bN[aVaf N[Q V` Va`RYS QRaR_ZV[RQ Of aUR QV`a_VOb"
aV\[ \S ^bN[aVaVR` N_\b[Q Va# FU\bTU RcR_faUV[T V[ aUV` V[aR_NPaV\[ V`
T\cR_[RQ Of PNb`NY YNd! aUR _R`bYaV[T S\_ZNaV\[` N_R ZRaN]Uf`VPNYYf
P\[aV[TR[a/ [\[R SbYSVYY` N ]N_aVPbYN_ R[Q \S _RNYVaf! aUR_R ORV[T [\
V[a_V[`VP ]_RSR_R[PR V[ _RNYVaf S\_ aUV` _NaUR_ aUN[ N[\aUR_ \baP\ZR \S
aUR N_VaUZRaVP \S V[aR__RYNaRQ ^bN[aVaVR`# 7eaR_[NY [RPR``Vaf \S aUR
`bZZNaVcR af]R V` aUR_RS\_R aUR P\_\YYN_f a\ aUR Z\`a _NQVPNY P\[aV["
TR[Pf \S RcR_f ]N_aVPbYN_ ReV`aR[PR# E\ZR V[VaVNY P\[QVaV\[` ORV[T
QVSSR_R[a! aUR `\YN_ `f`aRZ d\bYQ [\a ReV`a \_ d\bYQ OR \aUR_dV`R aUN[
Va V`! N[Q aUR P\Z]YRaR[R`` \S [Nab_R N` N[ R^bVYVO_VbZ"`f`aRZ d\bYQ
B :;>AEAB:;53> 3 EB75FE A8 6 3DI;@;E? L ).
OR [\[R aUR d\_`R S\_ Va# i@RPR``Vaf ]Yb` P\[aV[TR[Pfj PN[ OR Z\`a
`VZ]Yf Re]_R``RQ UR_R Of `NfV[T aUNa aUR_R V` aUR P\Z]YRaR P\[P\b_`R
\S 86HF:F Oba [\ E:6FBA S\_ aUR `f`aRZ N` Va UN]]R[` a\ ReV`a#
FUR `NZR Y\TVP N]]YVR` a\ YVSR b[QR_ aUR PNaRT\_VR` \S Rc\YbaV\[V`Z#
FUR P\ZOV[NaV\[ \S [RPR``Vaf N[Q P\[aV[TR[Pf N]]RN_` V[ NYY aUR SRN"
ab_R` dUVPU dR UNcR QV`Pb``RQ#
&# A[R `bPU SRNab_R dN` aUR _RcR_`NY \S aUR \YQR_ ORYVRS V[ aUR
`b]R_V\_ `aNab` \S \_VTV[`# EV[PR ]R_SRPaV\[ V` [\a N `aN[QN_Q V[a_V[`VP
V[ [Nab_R Va`RYS! aUR `\"PNYYRQ iUVTUR_j `a_bPab_R ZNf dRYY RZR_TR
S_\Z Z\_R ]_VZVaVcR \[R` 688>9:AG6??L! V#R#! Of aUR NTR[Pf \S R[aV_RYf
]_VZVaVcR S\_PR`# ;S UVTUR_ YRcRY` UN]]R[ a\ RZR_TR V[ aUR Qf[NZVP` \S
aUR ]_VZVaVcR! aURV_ ^bNYVaf N` YRcRY` V` dU\YYf P\[aV[TR[a! aU\bTU aURV_
SNPabNYVaf V` [RPR``N_f# FUR VZ]\_aN[PR \S aUV` VQRN \S QR`PR[a S\_ aUR
`RYS"b[QR_`aN[QV[T \S YVSR V` \OcV\b`#
'# 3[\aUR_ SRNab_R dN` aUR _RcR_`NY \S aUR a_NQVaV\[NY _RYNaV\[ N`"
`bZRQ ORadRR[ ]_R"ReV`aV[T `a_bPab_R N[Q Sb[PaV\[! N[Q UR_R a\\ dR
ZRRa aUR PUN_NPaR_ \S P\[aV[TR[Pf# A_TN[VP `a_bPab_R! aU\bTU V[ RNPU
TVcR[ PN`R aUR P\[QVaV\[ S\_ `]RPVSVP Sb[PaV\[! V` Va`RYS aUR Sb[PaV\[ \S
N cVaNY Qf[NZVP V[ aUR `R^bR[PR \S TR[R_NaV\[` dUVPU V` P\[PR_[RQ [\a
Na NYY dVaU aUR NPUVRcRZR[a \S N ]N_aVPbYN_ `a_bPab_R Oba dVaU aUR
Ob`V[R`` \S YVcV[T N[Q aUR P\[aV[bN[PR \S YVSR N` `bPU# IR `UNYY
]_R`R[aYf `RR aUNa iP\[PR_[RQj V` N ZRaN]U\_VPNY Re]_R``V\[ \[Yf#
E]RPVR`! N _RYNaVcRYf `aNOYR! aRZ]\_N_VYf `RYS"]R_]RabNaV[T `a_bPab_R! V`
N[ V[PVQR[aNY _R`bYa \S YVSRk` UV`a\_f dVaU [\ aR_ZV[NY `aNab` V[ P_RNaV\[
N[Q [\ V[QVPNaV\[ dUR_R Va ZNf YRNQ [Rea# FUR SYbe \S Qf[NZV`Z
_R]YNPR` R``R[PR N[Q ^bNYVSVR` dUNa N]]RN_` N` `bPU dVaU N _NQVPNY
P\[aV[TR[Pf#
(# ;[ aUR RZ]UN`V` \[ R[cV_\[ZR[a dR UNcR N aUV_Q SRNab_R ]\V[a"
V[T b] aUR _bYR \S i[RPR``Vaf N[Q P\[aV[TR[Pf#j IUR[ dR `NVQ ORS\_R
aUNa V[ aUR Rc\YbaV\[N_f P\[PR]aV\[ aUR ]NaaR_[` \S \_TN[VP `a_bPab_R
N]]RN_ N` aURZ`RYcR` ]_\QbPa` \S YVSR! aUR ZRN[V[T dN` [\a aUNa aUR
RZR_TR[a S\_Z V` P\[`VQR_RQ N[ Nba\[\Z\b` NPUVRcRZR[a \S aUR YVc"
V[T `bO`aN[PR dUVPU d\bYQ b[S\YQ V[ aUV` `R_VR` \S RZR_TR[PR Va`
\_VTV[NY ]\aR[aVNYVaVR`# FUR Re]YN[Na\_f NPPR[a YVR` _NaUR_! V[ NPP\_Q"
N[PR dVaU aUR ]Uf`VPNY \[a\Y\Tf dR UNcR ORR[ QV`Pb``V[T! \[ aUR
ReaR_[NY P\[QVaV\[` N` aUR PUVRS NTR[Pf V[ Rc\YbaV\[# A[Yf dUR[ aUR
aR_Z iYVSRj P\Z]_V`R` aUR V[aR_]YNf \S \_TN[V`Z N[Q R[cV_\[ZR[a V` Va
P\__RPa a\ `Nf aUNa iYVSR ]_\QbPR` `]RPVR`#j 7cR[ aUR `NfV[T aUNa aUR
*% F :7 B :7@A?7@A@ A8 >;87
RZR_TR[a S\_Z` N_R iNQN]aNaV\[`j a\ P\[QVaV\[`! P_RQVa`! Of 6N_dV["
VN[ `aN[QN_Q`! a\\ ZbPU a\ aUR ORN_R_ \S YVSR VS NQN]aNaV\[ `bTTR`a` N
]R_S\_ZN[PR \[ Va` ]N_a# FUR NQN]aNaV\[` _NaUR_ _R]_R`R[a N Qf[NZVP
R^bVYVO_VbZ! d\_XV[T Va`RYS \ba ORadRR[ aUR P\[QVaV\[` \S aUR R[cV"
_\[ZR[a N[Q aUR UN]UNgN_Q ]\``VOVYVaVR` \SSR_RQ Of \_TN[VP V[`aNOVYVaf#
FUb` dR \O`R_cR aUR `NZR `UVSa S_\Z `bO`aN[PR N[Q Va` V[a_V[`VP ]_\]"
R_aVR` a\ aUR Sb[PaV\[ \S N ]Yb_NY `f`aRZ \S _RYNaV\[` dUVPU PUN_NPaR_"
VgR` aUR ]Uf`VPNY d\_YQ"P\[PR]a V[ TR[R_NY N[Q YRNQ` a\ aUR P\ZOV[N"
aV\[ \S [RPR``Vaf N[Q P\[aV[TR[Pf UR_R QV`Pb``RQ#+
DRTN_QV[T aUR QV`a_VObaV\[ \S PNb`NYVaf ORadRR[ \_TN[V`Z N[Q R[cV"
_\[ZR[a N` aUR SNPa\_` \S aUR Rc\YbaV\[N_f `VabNaV\[! dR UNcR a\ ZNXR
N SV[NY \O`R_cNaV\[# 3PP\_QV[T a\ 6N_dV[V`Z aUR QV`a_VObaV\[ V`/
PUN[PR"cN_VNaV\[ \_ Z baNaV\[ \[ aUR ]N_a \S aUR \_TN[V`Z! [Nab_NY
`RYRPaV\[ \[ aUR ]N_a \S aUR R[cV_\[ZR[a# FUR SV_`a \S aUR`R _R`a`
bYaVZNaRYf \[ aUR SNPa aUNa [\aUV[T V[ [Nab_R V` P\Z]YRaRYf `aNOYR0
aUR `RP\[Q! \[ aUR SNPa aUNa YVSR V` P\[aV[bNYYf ]ba a\ aUR aR`a b[QR_
aUR NYaR_[NaVcR \S ORV[T N[Q [\a"ORV[T V[UR_R[a V[ Va# IUNa! aUR[! V` aUR
_R`]RPaVcR `UN_R \S RVaUR_ \S aUR`R ad\ PNb`R`2 FUR\_RaVPNYYf! aUR
ZRPUN[VP` \S `RYRPaV\[! V[ dUVPU [\ ]b_]\`R V[aR_cR[R`! V` a\ aNXR
aUR ]YNPR \S aRYR\Y\Tf V[ aUNa Va QRPVQR` \[ aUR ZR_Va` \S aUR _N[Q\Z
ZNaR_VNY \SSR_RQ Va! N[Q Va Q\R` `\ Of P_VaR_VN dUVPU! ZRPUN[VPNY N`

+# ;a ZNf OR ]R_aV[R[a a\ ]\V[a \ba aUR ORN_V[T \S NYY aUV` \[ aUR


PYN``VPNY VQRN \S i]R_SRPaV\[#j 3` Y\[T N` V[ aUR 3_V`a\aRYVN[ \_ RcR[
5N_aR`VN[ `R[`R aUR_R dN` `bPU N aUV[T N` aUR QRSV[VaVcR ]NaaR_[ \S N TVcR[
`]RPVR`! Va dN` ]\``VOYR a\ `]RNX \S N Z\_R \_ YR`` ]R_SRPa _RNYVgNaV\[ \S N[
R``R[PR V[ aUR YVcR` \S V[QVcVQbNY`# A[R P\bYQ N_TbR aUNa N[ V[QVcVQbNY V` V[
N T_RNaR_ \_ YR``R_ QRT_RR dUNa Va V` QR`aV[RQ a\ OR! cVg#! N _R]_R`R[aNaVcR \S
Va` `]RPVR`# iBR_SRPaV\[j UR_R ZRN[` aUR P\Z]YRaR[R`` dVaU dUVPU aUR
]NaaR_[ \S aUR a_RR \_ Q\T \_ \S ZN[ P\ZR` a\ NPabNYVgNaV\[ V[ aUR V[QV"
cVQbNY QRcRY\]ZR[a \S N `]RPVZR[ \S aUR `]RPVR`# 3TNV[! S\_ aUR P\Z]N_V"
`\[ \S `]RPVR` dVaU \[R N[\aUR_ N[Q S\_ aURV_ \_QR_V[T V[ N `PNYR \[R P\bYQ
]\`abYNaR PR_aNV[ `aN[QN_Q` \S ]R_SRPaV\[# 4ba aUR ]VPab_R V` PUN[TRQ dUR[
Va V` NQZVaaRQ aUNa `]RPVR` V` \[Yf _RYNaVcRYf `aNOYR! N[Q aUNa aUV` `aNOVYVaf
_R]_R`R[a` \[Yf aUR aRZ]\_N_f R^bVYVO_VbZ NZ\[T aUR S\_PR` dUVPU TR["
R_NYYf QRaR_ZV[R aUR `a_bPab_R N` `bPPR``SbY# ;[ aUV` cVRd! RNPU TVcR[
`a_bPab_R _R]_R`R[a` N a_fV[T"\ba V[ aUR Q_NZN \S NQN]aNaV\[ N[Q V` \[
]_V[PV]YR \]R[ a\ b[S\_R`RRNOYR _RcV`V\[` dUVPU! VS ]b`URQ SN_ R[\bTU!
ZNf _R`bYa V[ `\ZRaUV[T dUVPU PN[ [\ Y\[TR_ OR _RTN_QRQ N` aUR Z\_R
]R_SRPa _RNYVgNaV\[ \S N[ \_VTV[NY ]NaaR_[! Oba Zb`a OR aR_ZRQ N [Rd
`]RPVR`#
B :;>AEAB:;53> 3 EB75FE A8 6 3DI;@;E? L *&
aURf N_R! SNc\_ i]_\T_R``j V[ PR_aNV[ QV_RPaV\[`# ;a V` a\ OR [\aRQ!
U\dRcR_! aUNa aURf iSNc\_j Of RYVZV[NaV\[# FUV` V` R``R[aVNYYf N [RTN"
aVcR `bO`aVabaR S\_ aRYR\Y\Tf/ Va NPP\b[a` S\_ aUR QV`N]]RN_N[PR \[Yf
N[Q [\a S\_ aUR RZR_TR[PR \S S\_Z`h Va `b]]_R``R` N[Q Q\R` [\a
P_RNaR# FUb` Va _R]YNPR` aRYR\Y\Tf N` N QV_RPaV[T ]_V[PV]YR \[Yf \[
P\[QVaV\[ aUNa Va V` \SSR_RQ aUR `bVaNOYR ZNaR_VNY a\ `RYRPa S_\Z# FUV`
ZRN[` aUNa aUR ]\`VaVcR _\YR! aUR RZR_TR[PR \S S\_Z`! SNYY` dU\YYf a\
aUR _N[Q\Z ]YNf \S NOR__NaV\[` S_\Z ]NaaR_[! dUVPU N` NOR__NaV\[`
N_R Of aURZ`RYcR` V[QVSSR_R[aYf iS_RNX`!j N[Q \[ dUVPU aUR QV`aV[PaV\[
ORadRR[ QRS\_ZVaf N[Q VZ]_\cRZR[a V` `b]R_VZ]\`RQ Of R[aV_RYf
Rea_N[R\b` P_VaR_VN# Ea_NV[RQ aU_\bTU aURV_ `VRcR! aUR S\_abVa\b` V` URYQ
a\ ab_[ P\[`a_bPaVcRh N[Q dVaU [\ iPb[[V[T \S _RN`\[j aUR_R _R`bYa`
aUR ]N_NQ\e \S NQcN[PR aU_\bTU ZV`PUN[PR! \S N`PR[a Of NPPVQR[a# ;a
UN` `aVYY a\ OR `U\d[ aUNa aUR V[SV[VaRYf P\Z]YRe N[Q d\[QR_SbYYf
NQWb`aRQ \_TN[VP iZNPUV[R`j N[Q aURV_ N`PR[QV[T `R_VR` PN[ _RNYYf OR
NPP\b[aRQ S\_ \[ aUR`R aR_Z`#
;a V` [\a S\_ b` a\ QRPVQR \[ ^bR`aV\[` \S SNPa! Oba dR PN[ ZNXR
Re]YVPVa dUNa aUR Uf]\aUR`V` VZ]YVR`# BYN`aVPVaf V` UR_R V[`aNOVYVaf! N[Q
dR N_R YRSa dVaU aUR _VQQYR \S aUR YNaaR_k` SRVT[V[T P_RNaVcVaf# 8\_ VS aUR
TR[R `f`aRZ V` aUR a_N[`ZVaa\_ \S UR_RQVaf! `aNOVYVafh aUR P\[QVaV\[ \S
SNVaUSbY a_N[`ZV``V\[h V` Va` R``R[aVNY cV_abR# 3 ZbaNaV\[! aUR[! V` N
QV`ab_ON[PR \S aUV` `aNOVYVaf! _R`bYaV[T V[ SNVYb_R a\ a_N[`ZVa SNVaUSbYYf#
B_R`bZNOYf aUR QV`ab_ON[PR V` QbR a\ `\ZR ReaR_[NY V[SYbR[PR R#T#!
_NQVNaV\[ dUVPU UN` ZN[NTRQ a\ O_RNX aU_\bTU aUR `aNOVYVgV[T ON_"
_VR_` \S aUR `f`aRZ! N[Q dU\`R NPaV\[! S_\Z aUR ]\V[a \S cVRd \S aUR
`f`aRZ Va`RYS! V` [\aUV[T Oba N ZRPUN[VPNY ZV`UN]# EV[PR Va V` N ZV`UN]
a\ aUR `aRR_V[T"`f`aRZ \S N Sbab_R \_TN[V`Z! Va dVYY _R`bYa V[ `\ZRaUV[T
dUVPU S_\Z aUR ]\V[a \S cVRd \S aUR \_VTV[NY ]NaaR_[ PN[ \[Yf OR
aR_ZRQ N QRS\_ZVaf# :\dRcR_ ib`RSbYj Va UN]]R[` a\ OR! N` N QRcVN"
aV\[ S_\Z aUR [\_Z Va V` i]NaU\Y\TVPNY#j 3` `VZVYN_ ZV`UN]` P\[aV[bR
a\ ORSNYY aUR `NZR TR[R `f`aRZ V[ `bPPRRQV[T TR[R_NaV\[`! N[ NPPbZb"
YNaV\[ \S `bPU QRS\_ZVaVR` b[QR_ aUR ]_RZVbZ `f`aRZ \S `RYRPaV\[ ZNf
_R`bYa V[ N aU\_\bTUYf [\cRY N[Q R[_VPURQ ]NaaR_[/ Oba aUR iR[_VPU"
ZR[aj d\bYQ `aVYY OR N[ ReP_R`PR[PR \[ aUR \_VTV[NY `VZ]YVPVaf! N
`YV]]V[T \S aUR QV`PV]YV[R \S S\_Z ZbYaV]YVRQ \cR_ N[Q \cR_ NTNV[
b[QR_ aUR YVPR[`V[T \S `RYRPaV\[0 N[Q aUb` aUR UVTU \_TN[VgNaV\[ \S N[f
N[VZNY \_ \S ZN[ d\bYQ N]]RN_ N TVTN[aVP Z\[`a_\`Vaf V[a\ dUVPU aUR
\_VTV[NY NZ\RON UN` T_\d[ aU_\bTU N Y\[T UV`a\_f \S QV`RN`R# FR[QR["
*' F :7 B :7@A?7@A@ A8 >;87
aV\b` N` Va `\b[Q`! aUV` Zb`a OR aUR ]VPab_R `\ Y\[T N` Z baNaV\[ V`
P\[PRVcRQ N` [\aUV[T Z\_R aUN[ N S_RNX NPPVQR[a dU\`R QRYRaR_V\b` \_
OR[RSVPVNY ^bNYVaf N[Q QRYRaR_V\b` V` \cR_dURYZV[TYf aUR _bYR V` QR"
PVQRQ \[Yf CBFG =B8 V[ aUR Y\aaR_f \S [Nab_NY `RYRPaV\[! V#R#! Of aUR
ReaR_[NY ;>6G \S R[cV_\[ZR[a RePR]a dUR_R V[a_V[`VP cVNOVYVaf V`
NSSRPaRQ Of aUR PUN[TR # A[ aUV` Z\QRY! dUVPU _RSYRPa` aUR ]_R`R[a
P\[PR]abNY `aNaR \S TR[RaVP`! N[f iUVTUR_j S\_Z V` V[QRRQ [\aUV[T Oba
N `]\_a! Of Va`RYS V[QV`aV[TbV`UNOYR S_\Z QRTR[R_NaV\[! \S N iY\dR_j
S\_Z! Oba N `]\_a dUVPU UN` ab_[RQ \ba a\ UNcR N QVSSR_R[aVNY `b_cVcNY"
cNYbR# FUV` Rea_RZR P\[`R^bR[PR \S 6N_dV[V`Z `^bN_RYf ]\`R` aUR
^bR`aV\[ dURaUR_ N ZRPUN[V`aVP OV\Y\Tf PN[ Q\ Wb`aVPR a\ aUR ]UR"
[\ZR[N \S YVSR#
>Ra b` `UN_]R[ aUR ^bR`aV\[ Of aUR S\YY\dV[T P\[`VQR_NaV\[# ;[ aUR
P\ZOV[NaV\[ \S 6N_dV[V`Z dVaU Z\QRZ TR[RaVPV`Z dUVPU P\[`aVabaR`
aUR _NaV\[NY P\_R \S ]_R`R[a aUR\_f! N A:J 9H6?>F@ \S Z\QRY"P\[PR]"
aV\[ `b]R_`RQR` N[f ]_RcV\b` \[R V[ aUR V[aR_]_RaNaV\[ \S YVSR# ;a V` [\a!
N` ZVTUa N]]RN_ Na SV_`a TYN[PR! aUR QbNYV`Z \S \_TN[V`Z N[Q R[cV_\["
ZR[ah aUV` ]NV_ _NaUR_ S\_Z` \[R V[aR_NPaVcR `f`aRZh Oba aUR QbNYV`Z
<:E@$ FB@6! V[ dUVPU aUR `\ZN aUR NPabNY \_TN[V`Z V` Va`RYS ]N_a \S
aUR iR[cV_\[ZR[a!j [NZRYf! aUR VZZRQVNaR R[cV_\[ZR[a S\_ aUR TR_Z
]YN`Z N[Q aUR ZRQVNa\_ \S aUR RSSRPa` \[ aUR YNaaR_k` ReV`aR[PR \S aUR
dVQR_ R[cV_\[ZR[a# FUR`R RSSRPa`! U\dRcR_! N` SN_ N` P\[QbPaRQ
aU_\bTU aUR ?>;: =>FGBEL \S aUR `\ZN! N_R ZR_RYf V[ aUR RVaUR_"\_ aR_Z`
\S NQZV``V\[ \_ [\[NQZV``V\[ \S aUR TR_Z a\ _R]_\QbPaV\[ V#R#! a\ Va`
P\[aV[bNaV\[ DH6 TR_Z N[Q V[ [\ dNf V[PYbQR N[f _RSYRe \S aUR
\_TN[V`Zk` Re]R_VR[PR N[Q NPUVRcRZR[a` V[ Va` YVSRY\[T QRNYV[T` dVaU
aUR R[cV_\[ZR[a# FUR [\[a_N[`ZV``V\[ \S NP^bV_RQ PUN_NPaR_` ]_R"
PYbQR` aUR YNaaR_ ]\``VOVYVaf# FUb` aUR_R N_V`R` dVaUV[ aUR ZNaR_VNYV`a
_RNYZ Va`RYS N `a_N[TR ]N_\Qf \S aUR 5N_aR`VN[ Z\QRY \S ad\ [\[P\Z"
Zb[VPNaV[T `bO`aN[PR`# I RV`ZN[[k` aUR\_f \S aUR P\[aV[bVaf \S aUR
TR_Z ]YN`Z V` aUR PYRN_R`a Re]_R``V\[ \S aUV` [Rd OV\Y\TVPNY QbNYV`Z#
FUR_R V` \[ aUR \[R UN[Q aUR OYV[Q Nba\ZNaV`Z \S N TR_Z UV`a\_f
R[NPaRQ V[ aUR `bOaR__N[RN[ QN_X[R`` dUVPU [\ YVTUa S_\Z aUR b]]R_
d\_YQ ]R[Ra_NaR`0 N[Q \[ aUR \aUR_ UN[Q aUR b]]R_ d\_YQ \S aUR `\ZN
ZRRaV[T aUR d\_YQ V[ aR_Z` \S YVSR! ]b_`bV[T Va` QR`aV[f! SVTUaV[T Va`
ONaaYR`! aNXV[T aUR VZ]_R`` \S Va` cVPa\_VR` N[Q QRSRNa`h N[Q NYY aUV`
ORV[T \S [\ \aUR_ P\[`R^bR[PR S\_ aUR UVQQR[ PUN_TR aUN[ aUNa \S Va`
ORV[T RVaUR_ P\[aV[bRQ \_ RYVZV[NaRQ# FUR cVPV``VabQR` \S aUR <:E@QF
B :;>AEAB:;53> 3 EB75FE A8 6 3DI;@;E? L *(
UV`a\_f! N` Re]_R``RQ V[ ZbaNaV\[`! N_R R[aV_RYf `R]N_NaR S_\Z aUR
cVPV``VabQR` \S aUR `\ZNk` UV`a\_f! b[V[SYbR[PRQ Of aUR dU\YR Q_NZN
\S YVSR R[NPaRQ V[ aUR YVTUa! aU\bTU QRaR_ZV[V[T aUR YNaaR_ aU_\bTU aUR
[Rea RZO\QVZR[a# A[ aUR`R aR_Z`! aUR `U\_a"YVcRQ ZNP_\`P\]VP V[QV"
cVQbNY N]]RN_` N` `\ZRaUV[T YVXR N _R]RaVaV\b` \SS`U\\a \S aUR R[Qb_"
V[T TR_Z ]YN`Z! `R[a b] V[ `bPPR``V\[ a\ ]_\cVQR Va` [\b_V`UV[T N[Q
]_\aRPaV[T iR[cV_\[ZR[aj / NYY P\Z]YReVaf \S aUR aRZ]\_N_f PN__VR_`
dVaU Va` NaaR[QN[a R[W\fZR[a N[Q `bSSR_V[T V` aUR RcR_ Z\_R Re]R["
`VcR RYNO\_NaV\[ \S aUV` aURV_ `bO`R_cVR[a Sb[PaV\[# FUb` aUR BYNa\[VP"
3_V`a\aRYVN[ VZZ\_aNYVaf \S aUR `]RPVR` V` UR_R _R]YNPRQ Of aUR VZ"
Z\_aNYVaf \S aUR TR_Z ]YN`Z N` N P\[aV[b\b` ReV`aR[PR V[ Va`RYS0 N[Q V[
N _RcR_`NY \S aUR PYN``VPNY S\_ZbYN! \[R d\bYQ UNcR a\ `Nf aUNa aUR
QRcRY\]RQ V` S\_ aUR `NXR \S aUR b[QRcRY\]RQ! aUR a_RR S\_ aUR `NXR \S
aUR `RRQ#

;[ \[R _R`]RPa! aUR a_VbZ]U dUVPU ZNaR_VNYV`Z NPUVRcRQ V[ 6N_dV["


V`Z P\[aNV[` aUR TR_Z \S Va` \d[ \cR_P\ZV[T# FUR ZRaN]Uf`VPNY VZ"
]\_aN[PR \S 6N_dV[V`Z YNf V[ aUR P\Z]N_NaVcR `bPPR`` \S Va` NaaRZ]a
h VZ]\`RQ Of aUR `PVR[aVSVP P\ZZVaZR[a N` `bPUh a\ P_RQVa aUR
Nba\ZNaV`Z \S ZNaR_VNY [Nab_R dVaU aUR TR[R_NaV\[ \S aUR O_N[PUV[T
N[Q N`PR[QV[T YVSR S\_Z`# 4ba Of aUb` QV`]R[`V[T dVaU aUR QbNYV`aVP
[RPR``Vaf S\_ N P_RNaVcR ]_V[PV]YR QVSSR_R[a S_\Z aUR P_RNaRQ! aUR _R`bYa"
V[T Z\[V`Z NY`\ Q_Rd b]\[ QR`R_aRQ ZNaaR_ aUR SbYY dRVTUa \S N
Ob_QR[ S_\Z dUVPU QbNYV`Z UNQ XR]a Va S_RR/ aUNa \S UNcV[T a\ NP"
P\b[a S\_ aUR \_VTV[ \S @>A9! V[ NQQVaV\[ a\ aUR ]Uf`VPNY \_TN[VgNaV\[`
aURZ`RYcR`# 8\_ aUR ZR[aNY Naa_VObaR` N_R NZ\[T aUR i`]\_a`j aU_\d[
b] V[ aUR ZRPUN[VP` \S \_TN[VP ZbaNaV\[! N[Q aUV` TR[RaVP Q\Pa_V[R
VZ]YVR` N Z\_R Sb[QNZR[aNY cVRd \S aUR _RYNaV\[ \S ZV[Q N[Q O\Qf#
AS aUV` _RYNaV\[ aUR RN_Yf ]UVY\`\]UR_` \S Z\QR_[ `PVR[PR aU\bTU dVaU
VZ]\_aN[a RePR]aV\[` `bPU N` :\OOR` N[Q 9N``R[QV UNQ aNXR[ N
P\[cR[VR[aYf QbNYV`aVP cVRd! N[Q \[Yf NSaR_ `PVR[PR UNQ _RN]RQ a\ aUR
SbYY aUR NQcN[aNTR` \S aUV` cVRd QVQ Va RePUN[TR Va S\_ N ZNaR_VNYV`aVP
Z\[V`Z V[ aUR Q\Pa_V[R \S b[VcR_`NY Rc\YbaV\[#
>Ra b` _RPNYY dUNa ZNQR `PVR[PR SN`aR[ b]\[ N PR_aNV[ S\_Z \S
QbNYV`Z N` aUR \[a\Y\TVPNY `RaaV[T Z\`a `bVaNOYR S\_ Va` ]b_]\`R! R["
a_R[PU Va`RYS V[ Va` ]\_aV\[ \S aUR ]Na_VZ\[f! N[Q SV[NYYf QV`PN_Q aUR
*) F :7 B :7@A?7@A@ A8 >;87
\aUR_ UNYS N` _RQb[QN[a# 3TNV[ dR ZNXR _RSR_R[PR a\ 6R`PN_aR`# FUR
`PVR[aVSVP NQcN[aNTR \S QbNYV`Z dN`! Na Va` O_VRSR`a! aUNa aUR [Rd Z NaU"
RZNaVPNY VQRNY \S [Nab_NY X[\dYRQTR dN` OR`a `R_cRQ Of! N[Q V[QRRQ
_R^bV_RQ! aUR PYRN_"Pba QVcV`V\[ ORadRR[ ad\ _RNYZ` dUVPU YRSa `PVR[PR
a\ QRNY dVaU N ]b_R E:F :KG:AF6! b[aNV[aRQ dVaU aUR [\[ZNaURZNaVPNY
PUN_NPaR_` \S ORV[T# FUNa _RNYVaf >A GBGB dN` [\a \S aUV` \[R QR`V_NOYR
XV[Q UNQ ORR[ _RNYVgRQ Of 9NYVYR\! dU\`R Q\Pa_V[R \S aUR ZR_R `bO"
WRPaVcVaf \S aUR i`RP\[QN_f ^bNYVaVR`j aUR Re]_R``V\[ V` >\PXRk` V[V"
aVNaRQ aUR Rea_b`V\[ \S aUR b[QR`V_NOYR SRNab_R` S_\Z ]Uf`VPNY _RNYVaf#
4ba `bOWRPa` aURZ`RYcR` N_R \OWRPaVcR R[aVaVR` dVaUV[ _RNYVaf! N[Q aUR
Rea_b`V\[ \S SRNab_R` _RZNV[RQ V[P\Z]YRaR `\ Y\[T N` aURV_ QbZ]V[T"
T_\b[Q Va`RYS dN` N ]N_a \S aUR d\_YQ a\ OR QR`P_VORQ Of [Nab_NY
`PVR[PR# @\d 5N_aR`VN[ QbNYV`Z `RRZRQ aUR ]R_SRPa N[`dR_ a\ aUV`
QVSSVPbYaf# :R_R dN` \[R `bO`aN[PR dU\`R \[R R``R[aVNY Naa_VObaR V`
ReaR[`V\[! dU\`R X[\dYRQTR aUR_RS\_R V` R``R[aVNYYf V[ aUR Z\QR \S
ZRN`b_RZR[a N[Q ZNaURZNaVPNY QR`P_V]aV\[0 N[Q N[\aUR_ `bO`aN[PR
R[aV_RYf `R]N_NaR N[Q V[QR]R[QR[a! dU\`R \[R R``R[aVNY Naa_VObaR V`
NdN_R[R`` 8B<>G6G>B ! N[Q aUR N]]_\]_VNaR Z\QR \S dU\`R X[\dY"
RQTR N[Q QR`P_V]aV\[ dN` V[QRRQ ZbPU YR`` PYRN_Yf `aNaRQ! Oba NY`\ \S
ZbPU YR`` P\[PR_[/, dUNa ZNaaR_RQ dN` Va` >FB?6G>BA S_\Z aUR \aUR_#
FUR V`\YNaV\[ \S aUR E:F 8B<>G6AF dN` aUR Z\`a RSSRPaVcR dNf \S `RPb_"
V[T aUR P\Z]YRaR \[a\Y\TVPNY QRaNPUZR[a \S ReaR_[NY _RNYVaf S_\Z dUNa
dN` [\a ReaR[QRQ N[Q ZRN`b_NOYR# FUb`! OR`VQR` P\[`aVabaV[T aUV`
_RNYVaf N` N `RYS"P\[aNV[RQ SVRYQ S\_ aUR b[VcR_`NY N]]YVPNaV\[ \S Z NaU"
RZNaVPNY N[NYf`V`! aUR QVcV`V\[ ]_\cVQRQ aUR ZRaN]Uf`VPNY Wb`aVSVPNaV\[
S\_ aUR NYY"\ba ZRPUN[VPNY ZNaR_VNYV`Z \S Z\QR_[ `PVR[PR#- ;a Zb`a OR

,# ;[ UV`a\_VR` \S ]UVY\`\]Uf 6R`PN_aR` SVTb_R` ZNV[Yf N` aUR QV`P\cR_R_


\S aUR :<B 8B<>GB! V#R#! aUR S\b[QR_ \S aUR ]UVY\`\]Uf \S P\[`PV\b`[R``
dUVPU aR_ZV[NaRQ V[ VQRNYV`Z# IUR[ dR aNXR V[a\ NPP\b[a! U\dRcR_! UV`
]_R\PPb]NaV\[ dVaU aUR ZRaN]Uf`VPNY N[Q ZRaU\Q\Y\TVPNY S\b[QNaV\[ \S N
`PVR[PR \S [Nab_R! dR ZNf `b`]RPa aUNa aUR V`\YNaV\[ \S aUR E:F 8B<>G6AF
dN` ZNQR ]R_UN]` Z\_R S\_ aUR `NXR \S aUR E:F :KG:AF6 aUN[ S\_ Va` \d[#
-# FUR SNPa aUNa O\aU VQRNYV`Z N[Q ZNaR_VNYV`Z P\bYQ V``bR S_\Z 5N_aR"
`VN[V`Z V` `VT[VSVPN[a S\_ aUR ad\ ]\`VaV\[` aURZ`RYcR`# ;a `VT[VSVR` N` aUR
8V_`a 7``Nf UN` `U\d[ aUNa aURf O\aU N_R Of aURV_ [Nab_R! [\a \[Yf V[
aVZR! ]\`aQbNYV`aVP ]\`VaV\[`hV[ SNPa! QV`V[aRT_NaV\[ ]_\QbPa` \S aUR SV[NY
`aNTR \S QbNYV`Z! N[Q dVaU aUR `UNQ\d \S aURV_ \_VTV[ NYdNf` OR`VQR aURZ#
3[PVR[a! ]_RQbNYV`aVP ZNaR_VNYV`Z V` N[ VZ]R_SRPa ]N_NYYRY a\ Z\QR_[
ZNaR_VNYV`Z/ Va UN` aUR V[[\PR[PR ORS\_R aUR SNYY! N` Va \_VTV[NaRQ ORS\_R
B :;>AEAB:;53> 3 EB75FE A8 6 3DI;@;E? L **
`a_R``RQ aUNa aUV` Wb`aVSVPNaV\[ YNf V[ N``VT[V[T aUR RePYbQRQ! [\[Re"
aR[QRQ N[Q aUR_RS\_R [\[ZRPUN[VPNY! PUN_NPaR_` N `R]N_NaR N[Q SbYYf
NPX[\dYRQTRQ Q\ZNV[ \S aURV_ \d[! [\a V[ QR[fV[T aURZ _RNYVaf0 V[
\aUR_ d\_Q`! Va YNf V[ QbNYV`Z! [\a V[ Z\[V`Z! N[Q Va Nba\ZNaVPNYYf
YN]`RQ dVaU aUR `bO`R^bR[a NON[Q\[ZR[a \S aUR `]V_VabNY P\Z]YR"
ZR[a/ NY\[R dVaU Va`RYS! ZNaR_VNYV`Z ORPNZR N[ NO`b_QVaf#
KRa aUV` NON[Q\[ZR[a dN` V[RcVaNOYR ORPNb`R \S aUR dRYY"X[\d[
aUR\_RaVPNY QVSSVPbYaVR` V[UR_R[a V[ 5N_aR`VN[ QbNYV`Z# ;a` S\_aR S_\Z
aUR ]\V[a \S cVRd \S P\_]\_RNY `PVR[PR! aUR ZbabNY PNb`NY b[_RYNaRQ"
[R`` \S aUR ad\ \_QR_` \S ORV[T! dN` NY`\ Va` Z\_aNY dRNX[R`` \S
dUVPU i\PPN`V\[NYV`Zj dN` aUR PYRN_ P\[SR``V\[ # ;[ P\[`R^bR[PR!
5N_aR`VN[ QbNYV`Z O_\XR b] V[a\ ad\ NYaR_[NaVcR`0 N[Q! dUVYR 4R_XR"
YRfN[ VQRNYV`Z N[Q >RVO[VgVN[ Z\[NQ\Y\Tf O\YQYf a_VRQ aUR `VQR \S aUR
E:F 8B<>G6AF! [Nab_NY `PVR[PR UNQ [\ \]aV\[ V[ Va` PU\VPR \S iZNaaR_#j
?bPU N` `PVR[PR d\bYQ YVXR a\ UNcR Va` PU\VPR b[QR_`a\\Q V[ aR_Z` \S
ZRaU\Q \[Yf N[Q a\ OR `]N_RQ N 8BA;:FF>B ;>9:>! aUR_R N_R aU\`R NZ\[T
Va` \d[ ]_\]R_ \OWRPa` aUNa S\_PR Va a\ SNPR aUR V``bR \S ZNaR_VNYV`Z \[
aUR \[a\Y\TVPNY YRcRY# FUR`R \OWRPa` N_R YVcV[T \_TN[V`Z`! aUR Zf`aR_V"
\b` ZRRaV[T"]YNPR \S 6R`PN_aR`k ad\ `bO`aN[PR`! aU\bTU UR UVZ`RYS
NPX[\dYRQTRQ `bPU N iZRRaV[Tj V[ \[Yf \[R PN`R#
:R_R dR Zb`a ZR[aV\[ aUR Z\`a Rea_RZR N`]RPa \S 6R`PN_aR`k
ZRPUN[V`aVP aUR\_f \S aUR N[VZNY O\Qf! N[ N`]RPa UR P\bYQ NSS\_Q
]_RPV`RYf b[QR_ aUR ]_\aRPaV\[ \S UV` QbNYV`Z# FUR N[VZNY Nba\ZNaN!
aU\bTU R[aV_RYf QRaR_ZV[RQ Of aUR _bYR` \S ZNaaR_! N_R fRa `\ P\["
`a_bPaRQ aUNa aURV_ Sb[PaV\[V[T `bTTR`a` a\ aUR UbZN[ \[Y\\XR_ N[
V[dN_Q[R`` N[NY\T\b` a\ UV` \d[ J>G=BHG G=:>E CBFF:FF>A< 6AL FH8=
>AJ6E9A:FF# 3YY `VT[` \S ]YRN`b_R N[Q ]NV[ V[ N[VZNY` N_R QRPR]aVcR
N]]RN_N[PR! V#R#! aNXR[ S\_ `bPU `VT[` \[Yf Of N[ b[Wb`aVSVRQ V[SR_R[PR
S_\Z aUR UNOVabNY P\[[RPaV\[ aUNa V[ \b_ PN`R \OaNV[` ORadRR[ aURZ
N[Q PR_aNV[ SRRYV[T`# IR VZ]baR aUR YNaaR_ dUR[ dR \O`R_cR aUR
S\_ZR_! Oba aUR VZ]baNaV\[ V` T_NabVa\b`# 3[VZNY`! V[ \aUR_ d\_Q`! N_R
[\aUV[T Oba O\QVR`#. FUR TNV[ \S aUV` GBHE 9: ;BE8: YNf V[ Va` P\[SV[V[T

aUR QV`P\cR_f \S aUR QV`aV[Pa P\[PR]a \S ZV[Q! dUVPU dN` aUR SRNa \S
QbNYV`Z! UNQ YRSa Va` V[QRYVOYR ZN_X \[ aUR \[a\Y\TVPNY YN[Q`PN]R#
.# 5S# 6R`PN_aR`! *>F8BHEF: BA 0:G=B9! BN_a H0 NY`\ 4E:6G>F: BA 06A!
N[Q [bZR_\b` ]N``NTR` V[ UV` /:GG:EF# 8_\Z aUR YN`a! R#T#/ iIR N_R `\
NPPb`a\ZRQ a\ ]R_`bNQR \b_`RYcR` aUNa aUR O_baR ORN`a` SRRY N` dR Q\ LN
UNOVa \S aU\bTUa R[TR[QR_RQ Of iaUR _R`RZOYN[PR ReV`aV[T ORadRR[ Z\`a
*+ F :7 B :7@A?7@A@ A8 >;87
aUR Y\Pb` \S V[dN_Q[R`` V[ [Nab_R a\ aUR `\YVaN_f PN`R \S ZN[# BbggYV[T
N` Va dN` aUR_R! Va dN` N[ RePR]aV\[ a\ N[ \aUR_dV`R b[VcR_`NY _bYR N[Q
YRSa aUR _R`a \S YVcV[T [Nab_R S_RR S\_ ]b_RYf ZRPUN[VPNY N[NYf`V`# : Nc"
V[T _VQ iO\Qfj V[ TR[R_NY \S N[f _RYNaV\[ a\ ZV[Q! N[Q aUR `PVR[PR \S
O\Qf \S N[f \OYVTNaV\[ a\ QRNY dVaU aUR ]UR[\ZR[N \S ZV[Q! 6R`"
PN_aR` N[Q aUR 5N_aR`VN[` P\bYQ SRRY `NSR V[ a_RNaV[T aUR \_TN[V`Z N`
Wb`a N[\aUR_ V[`aN[PR \S aUR E:F :KG:AF6#
FUb`! Na aUR P\`a \S Wb`a \[R b[ZN[NTRNOYR ZRaN]Uf`VPNY ]_\OYRZ!
aUR Re]b_TNaV\[ \S aUR d\_YQ \S Z NaaR_ S_\Z aUR NQZVeab_R` \S ZV[Q
dN` ZNQR QRSR[`VOYR! `V[PR aUR PYNVZ` \S ZV[Q \_ V[dN_Q[R`` dR_R
`aVYY U\[\_RQ Of aURV_ NYY\PNaV\[ a\ N `R]N_NaR `bO`aN[PR! dVaU Va`
V[QR]R[QR[a `Ra \S ]UR[\ZR[N b[QR_ aURV_ \d[ YNd`! RcR[ VS Va` Q\"
ZNV[ UNQ a\ OR P\[a_NPaRQ a\ aUR `]UR_R \S =H@6A P\[`PV\b`[R``/
_R`\YbaR QbNYV`Z V[ \[R V[`aN[PR ]_\cVQRQ aUR T\\Q P\[`PVR[PR S\_
ZNaR_VNYV`Z V[ NYY \aUR_ V[`aN[PR`! N[Q aUR b[`\YcRQ R[VTZN \S ZN[
]_\aRPaRQ aUR [\[R[VTZNaVP! VS ZRaN]Uf`VPNYYf ZRN[V[TYR``! [Nab_R \S
aUR R[aV_R Rea_NUbZN[ OV\Y\TVPNY _RNYZ# ERR 3]]R[QVe a\ aUV`
7``Nf#
@\d Va V` RN`f a\ `RR aUNa aUR cR_f FH88:FF \S aUR Z\[V`aVP cR[ab_R!
dUVPU aUV` P\Z]_\ZV`R dVaU QbNYV`Z UNQ `aN_aRQ \[ Va` P\b_`R! RcR["

\S aUR NPaV\[` \S aUR ORN`a` N[Q \b_ \d[j / /:GG:E GB& \S ?N_PU &+(-M aUNa
Va V` QVSSVPbYa S\_ b` a\ _VQ \b_`RYcR` \S aUV` \]V[V\[# 4ba VS dR dR_R N`
NPPb`a\ZRQ a\ `RRV[T Nba\ZNaN dUVPU VZVaNaR ]R_SRPaYf NYY aU\`R \S \b_
NPaV\[` dUVPU aURf PN[ VZVaNaR! N[Q a\ aNXV[T aURZ S\_ Nba\ZNaN \[Yf! dR
`U\bYQ UNcR [\ Q\bOa Na NYY aUNa aUR V__NaV\[NY N[VZNY` N_R Nba\ZNaN a\\j
/:GG:E GB 0:EF:AA: \S <bYf &(! &+)%# 3Y_RNQf V[ N ]_RcV\b` YRaaR_! \S
<b[R &&! &+)%! 6R`PN_aR` UNQ QRPYN_RQ a\ aUR ]bggYRQ 8NaUR_/ i; Q\ [\a
Re]YNV[ aUR SRRYV[T \S ]NV[ dVaU\ba _RP\b_`R a\ aUR `\bY # # # Oba ; Q\ `\
Re]YNV[ NYY aUR ReaR_[NY Z\aV\[` dUVPU V[ b` NPP\Z]N[f aUNa SRRYV[T/ aUR`R
NY\[R N_R S\b[Q V[ aUR ORN`a`! N[Q [\a ]NV[ ]_\]R_Yf `]RNXV[T#j FUR
O_NgR[[R`` \S aUR YN`a N``R_aV\[ UN` `\ZRaUV[T QV`N_ZV[T# A[R PN[[\a URY]
d\[QR_V[T dURaUR_ 6R`PN_aR` UVZ`RYS ORYVRcRQ V[ aUR QRP_RR \S UV` _RN`\["
V[T \ba`VQR aUR PUN_ZRQ PV_PYR \S aUR\_f! R#T#! dUR[ NPabNYYf QRNYV[T dVaU
N[VZNY`# 4ba aUR Q\Pa_V[R PR_aNV[Yf `aNfRQ dVaU UVZ a\ aUR R[QhdVa[R``
26FF>BAF B; G=: 3BH?! BN_a ;! N_a# *% ]bOYV`URQ V[ &+*%! aU_RR Z\[aU`
ORS\_R UV` QRNaU0 `RR NY`\ aUR QRaNVYRQ `aNaRZR[a V[ aUR /:GG:E GB G=:
06EDH>F B; 1:J86FG?: \S @\cRZOR_ &+)+# FUR ZNaR_VNY V` ORNbaVSbYYf
ZN_`UNYYRQ V[ >R\[\_N 5\UR[ D\`R[SVRYQ! +EB@ (:6FG"068=>A: GB 06A"
068=>A:$ 'A>@6? 3BH? >A +E:A8= /:GG:EF ;EB@ *:F86EG:F GB /60:GGE>:
@Rd K\_X/ AeS\_Q G[VcR_`Vaf B_R``! &.)&#
B :;>AEAB:;53> 3 EB75FE A8 6 3DI;@;E? L *,
abNYYf dVaUQ_Rd S_\Z Va aUR `NcV[T T_NPR dUVPU aUR YNaaR_ S\_ N aVZR
P\bYQ ReaR[Q a\ Va# 8\_ aUNa `bPPR`` dN` NPUVRcRQ aU_\bTU aUR aUR\_f
\S Rc\YbaV\[! N[Q Rc\YbaV\[ ]_RPV`RYf NO\YV`URQ aUR `]RPVNY ]\`VaV\[ \S
ZN[ dUVPU UNQ dN__N[aRQ aUR 5N_aR`VN[ a_RNaZR[a \S NYY aUR _RZNV["
QR_# FUR 8BAG>AH>GL \S QR`PR[a [\d R`aNOYV`URQ ORadRR[ ZN[ N[Q aUR
N[VZNY d\_YQ ZNQR Va VZ]\``VOYR N[f Y\[TR_ a\ _RTN_Q UV` ZV[Q! N[Q
ZR[aNY ]UR[\ZR[N N` `bPU! N` aUR NO_b]a V[T_R``V\[ \S N[ \[a\Y\TV"
PNYYf S\_RVT[ ]_V[PV]YR Na Wb`a aUV` ]\V[a \S aUR a\aNY SY\d# IVaU aUR YN`a
PVaNQRY \S QbNYV`Z aUR_R NY`\ SRYY aUR V`\YNaV\[ \S ZN[! N[Q UV` \d[
RcVQR[PR ORPNZR NcNVYNOYR NTNV[ S\_ aUR V[aR_]_RaNaV\[ \S aUNa a\
dUVPU UR ORY\[T`# 8\_ VS Va dN` [\ Y\[TR_ ]\``VOYR a\ _RTN_Q UV` ZV[Q
N` QV`P\[aV[b\b` dVaU ]_RUbZN[ OV\Y\TVPNY UV`a\_f! aUR[ Of aUR `NZR
a\XR[ [\ RePb`R dN` YRSa S\_ QR[fV[T ZV[Q! V[ ]_\]\_aV\[NaR QRT_RR`!
a\ aUR PY\`R_ \_ _RZ\aR_ N[PR`a_NY S\_Z`! N[Q UR[PR a\ N[f YRcRY \S
N[VZNYVaf/ P\ZZ\["`R[`R RcVQR[PR dN` _RV[`aNaRQ aU_\bTU aUR `\]UV`"
aVPNaV\[ \S aUR\_fh NTNV[`a Va` \d[ `]V_Va! a\ OR `b_R#
FUb` Rc\YbaV\[V`Z b[QVQ 6R`PN_aR`k d\_X Z\_R RSSRPaVcRYf aUN[ N[f
ZRaN]Uf`VPNY P_VaV^bR UNQ ZN[NTRQ a\ Q\# ;[ aUR UbR N[Q P_f \cR_ aUR
V[QVT[Vaf Q\[R a\ ZN[k` ZRaN]Uf`VPNY `aNab` V[ aUR Q\Pa_V[R \S UV`
N[VZNY QR`PR[a! Va dN` \cR_Y\\XRQ aUNa Of aUR `NZR a\XR[ `\ZR QVT"
[Vaf UNQ ORR[ _R`a\_RQ a\ aUR _RNYZ \S YVSR N` N dU\YR# ;S ZN[ dN` aUR
_RYNaVcR \S N[VZNY`! aUR[ N[VZNY` dR_R aUR _RYNaVcR` \S ZN[ N[Q V[
QRT_RR` ORN_R_` \S aUNa V[dN_Q[R`` \S dUVPU ZN[! aUR Z\`a NQcN[PRQ
\S aURV_ XV[! V` P\[`PV\b` V[ UVZ`RYS# FUb` NSaR_ aUR P\[a_NPaV\[
O_\bTUa NO\ba Of 5U_V`aVN[ a_N[`PR[QR[aNYV`Z N[Q 5N_aR`VN[ QbNYV`Z!
aUR ]_\cV[PR \S i`\bY!j dVaU SRRYV[T! `a_VcV[T! `bSSR_V[T! R[W\fZR[a!
ReaR[QRQ NTNV[! Of aUR ]_V[PV]YR \S P\[aV[b\b` T_NQNaV\[! S_\Z ZN[
\cR_ aUR XV[TQ\Z \S YVSR# I UNa O\aU E]V[\gN&% N[Q >RVO[Vg UNQ
R[b[PVNaRQ N` N[ \[a\Y\TVPNY ]\`abYNaR! aUR ]_V[PV]YR \S ^bNYVaNaVcR
P\[aV[bVaf! NYY\dV[T S\_ V[SV[VaR T_NQNaV\[` V[ \O`Pb_Vaf N[Q PYN_Vaf \S
i]R_PR]aV\[!j UN` aU_\bTU Rc\YbaV\[V`Z ORP\ZR N Y\TVPNY P\Z]YRZR[a
a\ aUR `PVR[aVSVP TR[RNY\Tf \S YVSR#&& FUR UVTUR`a P\bYQ UNcR ORR[
_RNPURQ S_\Z aUR Y\dR`a \[Yf aU_\bTU NYY V[aR_ZRQVN_f `aNTR`! dURaUR_

&%# ERR Zf N_aVPYR iE]V[\gN N[Q aUR FUR\_f \S A_TN[V`Z!j .BHEA6? B;


G=: ->FGBEL B; 2=>?BFBC=L ($& &.+* ! )("*,#
&&# 7cR[ aUR 3_V`a\aRYVN[ OV\Y\TVPNY UVR_N_PUf \S i`\bY`j V` V[ N dNf
_R`a\_RQ b[QR_ aUR S\_Z \S TR[RNY\TVPNY `R^bR[PR/ aUR Rc\YbaV\[N_f iYNaR_j
YN_TRYf P\V[PVQR` dVaU aUR 3_V`a\aRYVN[ iUVTUR_#j
*- F :7 B :7@A?7@A@ A8 >;87
aUR`R dR_R ZR_RYf a_N[`VaV\[NY \_ YRSa V[ ORV[T N` ]R_ZN[R[a _R]_R"
`R[aNaVcR`# IUR_R! aUR[! aU_\bTU\ba aUR R[\_Z\b` ReaR[a \S aUV` `R_VR`
PN[ dR Q_Nd dVaU _RN`\[ N YV[R dVaU aUR i[\aUV[Tj \S V[dN_Q[R`` \[
Va` SN_ `VQR N[Q aUR V[PV]VR[a i\[Rj \S Va \[ aUR [RN_ `VQR2 IUR_R RY`R
aUN[ Na aUR ORTV[[V[T \S YVSR PN[ aUR ORTV[[V[T \S V[dN_Q[R`` OR
]YNPRQ2 4ba VS V[dN_Q[R`` V` P\ReaR[`VcR dVaU YVSR! N ]b_RYf ZRPUN"
[V`aVP NPP\b[a \S YVSR! V#R#! \[R V[ \badN_Q aR_Z` NY\[R! PN[[\a OR
`bSSVPVR[a# FUR `bOWRPaVcR ]UR[\ZR[N QRSf ^bN[aVSVPNaV\[ N[Q NPP\_Q"
V[TYf PN[[\a RcR[ UNcR \badN_Q iR^bVcNYR[a`j `bO`aVabaRQ S\_ aURZ#
3]]RaVaV\[! S\_ V[`aN[PR! N` NPabNaV[T ORUNcV\_! PN[[\a OR _R]YNPRQ Of
]Uf`VPNY Z\ZR[abZ! aUR Q_VcR S\_ `RYS"]_R`R_cNaV\[ Of V[R_aVN! N[Q
ZRN`b_RQ V[ aR_Z` \S NZ\b[a` \S aUR`R# FUR SRN_ \S QRNaU V` N[
NO`\YbaR dUVPU PN[ OR Z\_R \_ YR`` NPbaRYf SRYa NPP\_QV[T a\ aUR
TR[R_NY YRcRY \S SRRYV[T ! Oba V` V[ aUR`R QVSSR_R[a PN`R` [\a ]_R`R[a V[
T_RNaR_ \_ `ZNYYR_ NZ\b[a` \S N ZRN`b_NOYR ^bN[aVaf! RcR[ VS aUR
]\dR_` a\ NPa dUVPU Va P\ZZN[Q` N_R ZRN`b_NOYf T_RNaR_ \_ `ZNYYR_#
E\ Va UN]]R[RQ aUNa V[ aUR U\b_ \S aUR SV[NY a_VbZ]U \S ZNaR_VNYV`Z!
aUR cR_f V[`a_bZR[a \S Va! iRc\YbaV\[!j VZ]YVPVaYf a_N[`PR[QRQ aUR
aR_Z` \S ZNaR_VNYV`Z N[Q ]\`RQ aUR \[a\Y\TVPNY ^bR`aV\[ N[Rdh dUR[
Va Wb`a `RRZRQ `RaaYRQ# 3[Q 6N_dV[V`Z! Z\_R aUN[ N[f \aUR_ Q\Pa_V[R
_R`]\[`VOYR S\_ aUR [\d Q\ZV[N[a Rc\YbaV\[N_f cV`V\[ \S NYY _RNYVaf!
ab_[` \ba a\ UNcR ORR[ N aU\_\bTUYf QVNYRPaVPNY RcR[a# FUV` ORP\ZR`
V[P_RN`V[TYf cV`VOYR N` Va` aRNPUV[T` N_R ]UVY\`\]UVPNYYf N``VZVYNaRQ#
I UNaRcR_ aURV_ `bPPR`` `\ SN_! NYY P\[aRZ]\_N_f _RcV`V\[` \S a_NQV"
aV\[NY \[a\Y\Tf V[QRRQ `aN_a! NYZ\`a NeV\ZNaVPNYYf! S_\Z aUR P\[PR]"
aV\[ \S ORV[T N` 7:8B@>A<! N[Q V[ aUR ]UR[\ZR[\[ \S P\`ZVP
Rc\YbaV\[ Y\\X S\_ aUR XRf a\ N ]\``VOYR `aN[Q ORf\[Q aUR \YQ
NYaR_[NaVcR`#

3 BB7@6;J ]# *+
4=: 0:6A>A< B; )6EG:F>6A>F@ ;BE G=: 4=:BEL B; />;:
5N_aR`VN[ QbNYV`Z YN[QRQ `]RPbYNaV\[ \[ aUR [Nab_R \S YVSR V[ N[
VZ]N``R/ V[aRYYVTVOYR N`! \[ ]_V[PV]YR` \S ZRPUN[VP`! aUR P\__RYNaV\[ \S
`a_bPab_R N[Q Sb[PaV\[ ORPNZR dVaUV[ aUR E:F :KG:AF6! aUNa \S `a_bPab_R"
]Yb`"Sb[PaV\[ dVaU SRRYV[T \_ Re]R_VR[PR Z\QR` \S aUR E:F 8B<>G6AF dN`
Y\`a V[ aUR OVSb_PNaV\[! N[Q aUR_ROf aUR SNPa \S YVSR Va`RYS ORPNZR b[V[aRYYV"
TVOYR Na aUR `NZR aVZR aUNa aUR Re]YN[NaV\[ \S Va` O\QVYf ]R_S\_ZN[PR
?73@;@9 A8 53DF7E;3@;E? 8AD F:7 F :7ADK A8 >;87 L *.
`RRZRQ a\ OR N``b_RQ# FUR VZ]N``R ORPNZR ZN[VSR`a V[ APPN`V\[NYV`Z/ Va`
GBHE 9: ;BE8: \S N[ Rea_N[R\b`! QVcV[R i`f[PU_\[VgNaV\[j \S aUR \baR_ N[Q
aUR V[[R_ d\_YQ aUR YNaaR_ QR[VRQ a\ N[VZNY` [\a \[Yf `bSSR_RQ S_\Z Va`
Rea_RZR N_aVSVPVNYVaf! aUR P\ZZ\[ SNVYV[T \S `bPU 69 =B8 P\[`a_bPaV\[`! Oba
RcR[ Na `\ UVTU N P\`a SNVYRQ a\ NPP\Z]YV`U Va` aUR\_RaVPNY ]b_]\`R Of Va`
\d[ aR_Z`# 8\_ aUR N[VZNY ZNPUV[R! YVXR N[f ZNPUV[R! _NV`R` ORf\[Q aUR
^bR`aV\[ \S aUR iU\dj aUNa \S aUR idUNa S\_j \S Va` Sb[PaV\[V[Th\S aUR
]b_]\`R S\_ dUVPU Va UNQ aUb` ORR[ P\[`a_bPaRQ Of Va` ZNXR_#& ;a` ]R_"
S\_ZN[PR! U\dRcR_ QRc\VQ \S VZZN[R[a aRYR\Y\Tf! Zb`a `R_cR N[ R[Q! N[Q
aUNa R[Q Zb`a OR `\ZR\[Rk` R[Q# FUV` R[Q ZNf QV_RPaYf OR Va`RYS! N`
V[QRRQ 6R`PN_aR` UNQ VZ]YVRQ dUR[ QRPYN_V[T `RYS"]_R`R_cNaV\[ a\ OR aUR
:;;:8G \S aUR Sb[PaV\[V[T \S aUR \_TN[VP Nba\ZNa\[# ;[ aUNa PN`R aUR
ReV`aR[PR N` `bPU \S aUR ZNPUV[R d\bYQ OR Va` R[QhRVaUR_ aR_ZV[NYYf! \_
V[ ab_[ a\ OR[RSVa `\ZRaUV[T RY`R# ;[ aUR S\_ZR_ PN`R! aUR ZNPUV[R d\bYQ
UNcR a\ OR Z\_R aUN[ N ZNPUV[R! S\_ N ZR_R ZNPUV[R PN[[\a R[W\f Va`
ReV`aR[PR# 4ba `V[PR! Of aUR _VT\_\b` P\[PR]aV\[ \S aUR E:F :KG:AF6! Va
PN[[\a OR Z\_R aUN[ N ZNPUV[R! Va` Sb[PaV\[ N[Q"\_ ReV`aR[PR Zb`a `R_cR
`\ZRaUV[T \aUR_ aUN[ Va`RYS# 3ba\ZNaN V[ 6R`PN_aR`k aVZR dR_R ZNV[Yf S\_
R[aR_aNV[ZR[a _NaUR_ aUN[ d\_X # 4ba aUR E6>FBA 9Q:GE: \S aUR YVcV[T
XV[TQ\Z P\bYQ [\a dRYY OR `RR[ V[ 9\Qk` V[QbYTV[T UV` ZRPUN[VPNY NOVYV"
aVR` \_ V[ aUR NZb`RZR[a \S PRYR`aVNY `]RPaNa\_`hR`]RPVNYYf `V[PR ZR_R
P\Z]YReVaf \S N__N[TRZR[a Q\R` [\a P_RNaR [Rd ^bNYVaf N[Q aUb` NQQ
`\ZRaUV[T a\ aUR b[_RYVRcRQ `NZR[R`` \S aUR `VZ]YR `bO`a_NabZ aUNa ZVTUa
R[_VPU aUR `]RPa_bZ \S ORV[T# 8\_ ^bNYVaf! ORf\[Q aUR ]_VZVaVcR QRaR_ZV"
[NaV\[` \S aUR ReaR[QRQ C:E F:! V` aUR `bOWRPaVcR P_RNab_R \S `R[`NaV\[! aUR
P\[Sb`RQ _R]_R`R[aNaV\[ \S ^bN[aVaf V[ N ZV[Q0 N[Q aUb` \_TN[V`Z` PN[[\a
UN_O\_ Va ORPNb`R N` ZR_R ZNPUV[R` aURf YNPX ZR[aNYVaf! N[Q ]b_R `]V_Va`
PN[[\a ORPNb`R aURf YNPX `R[`bNYVaf! \_ aUR ]_VcVYRTR \S P\[Sb`V\[ N[Q
aUR_ROf \S VYYb`V\[ dVaU Va` ]\``VOYR R[W\fZR[a# 3[Q N` a\ aURV_ V[aRYYRPabNY
R[W\fZR[a! RcR[ aUNa! QR]_VcRQ \S aUR aU_VYY \S QV`P\cR_f Of aUR `NZR
a\XR[! d\bYQ ]NYR V[ aUR P\[aRZ]YNaV\[ \S dUNa a\ `bSSVPVR[aYf YN_TR V[aRY"
YRPa` V` [\aUV[T Oba aUR RcR_"_R]RNaRQ ReRZ]YVSVPNaV\[ \S aUR `NZR SRd!
RYRZR[aN_f N[Q bYaVZNaRYf a_VcVNY a_baU`#
FUR_R _RZNV[RQ! aUR[! aUR aVZR"U\[\_RQhEa\VP N` dRYY N` 5U_V`aVN[h
VQRN aUNa ]YN[a` N[Q N[VZNY` N_R S\_ aUR OR[RSVa \S ?N[# ;[QRRQ! `V[PR aUR
ReV`aR[PR \S N YVcV[T d\_YQ V` aUR [RPR``N_f P\[QVaV\[ S\_ aUR ReV`aR[PR \S
N[f \S Va` ZRZOR_`! aUR `RYS"Wb`aVSfV[T [Nab_R \S Na YRN`a \[R `bPU ZRZOR_

&# FUR P\[PR]a \S iZNPUV[R!j NQ\]aRQ S\_ Va` `a_VPa P\[SV[RZR[a a\


RSSVPVR[a PNb`R! V` `aVYY N SV[NYV`aVP P\[PR]a! RcR[ aU\bTU aUR SV[NY PNb`R V` [\
Y\[TR_ V[aR_[NY a\ aUR R[aVaf! N` N Z\QR \S Va` \d[ \]R_NaV\[! Oba ReaR_[NY
a\ Va N` N[aRPRQR[a QR`VT[#
+% F :7 B :7@A?7@A@ A8 >;87
1`]RPVR` d\bYQ Wb`aVSf aUR ReV`aR[PR \S aUR dU\YR# ;[ Ea\VPV`Z! ?N[
]_\cVQRQ aUV` R[Q Of UV` ]\``R``V\[ \S _RN`\[! dUVPU ZNXR` UVZ aUR
PbYZV[NaV\[ \S N aR__R`a_VNY `PNYR \S ORV[T aUNa V` NY`\ `RYS"Wb`aVSfV[T
aU_\bTU\ba NYY Va` T_NQR` aUR R[Q N` aUR OR`a \S ZN[f aUNa N_R T\\Q V[
QRT_RR` 0 V[ 5U_V`aVN[Vaf! Of UV` ]\``R``V\[ \S N[ VZZ\_aNY `\bY! dUVPU
ZNXR` UVZ aUR `\YR >@6<B *:> V[ P_RNaV\[ aUR R[Q N` aUR `\YR V``bR Na
`aNXR 0 N[Q 5N_aR`VN[ QbNYV`Z _NQVPNYVgRQ aUV` YNaaR_ ]\`VaV\[ Of ZNXV[T
ZN[ RcR[ aUR `\YR ]\``R``\_ \S V[dN_Q[R`` \_ i`\bYj \S 6AL XV[Q! aUb` aUR
\[Yf \[R \S dU\Z iR[Qj PN[ ZRN[V[TSbYYf OR ]_RQVPNaRQ N` UR NY\[R PN[
R[aR_aNV[ R[Q`# 3YY \aUR_ YVSR aUR[! aUR ]_\QbPa \S ]Uf`VPNY [RPR``Vaf! PN[
OR P\[`VQR_RQ UV` ZRN[`#
:\dRcR_! aUV` a_NQVaV\[NY VQRN! V[ Va` N[aU_\]\PR[a_VP cN[Vaf [RcR_ N
T\\Q \[R RcR[ dUR_R Va ZNQR `R[`R! [\ Y\[TR_ QVQ ZNXR `R[`R V[ aUR [Rd
QbNYV`aVP N[Q \PPN`V\[NYV`a `RaaV[T# 8\_ ZN[! aUR `b]]\`RQ OR[RSVPVN_f \S
YVcV[T P_RNaV\[! V#R#! \S NYY aUR \aUR_ \_TN[VP ZRPUN[V`Z`! dN` [\d UVZ`RYS
N[ V[Re]YVPNOYR! Rea_N[R\b` P\ZOV[NaV\[ \S ZV[Q N[Q O\QfhN P\ZOV[N"
aV\[ dVaU [\ V[aRYYVTVOYR _RYRcN[PR \S aUR O\Qf S\_ aUR ReV`aR[PR N[Q V[[R_
YVSR \S aUR ZV[Q N` NY`\! \S P\b_`R! cVPR cR_`N # FUR_RS\_R! RcR[ VS Va dN`
`U\d[ aUNa aUR ReV`aR[PR \S aUR \_TN[VP d\_YQ dN` [RPR``N_f S\_ aUR
ReV`aR[PR \S UbZN[ O\QVR`! N` V[QRRQ Va V`! Va P\bYQ [\a OR `U\d[ aUNa aUR
ReV`aR[PR \S aUV` cR_f O\Qf dN` [RPR``N_f S\_ aUR ReV`aR[PR \S iZN[j
P\[`VQR_RQ N` aUR aUV[XV[T RT\#' 8b_aUR_Z\_R! aUR cR_f QV`aV[PaV\[ \S
ZN[k` O\Qf dVaUV[ aUR N[VZNY XV[TQ\Z! cVg#! a\ OR Na YRN`a ]N_aVNYYf N[
\_TN[ \S ZV[QhaUNa QV`aV[PaV\[ S\_ aUR `NXR \S dUVPU 6R`PN_aR` UNQ ORR[
dVYYV[T a\ O_NcR aUR P\[a\_aV\[` \S aUR ]V[RNY TYN[Q Q\Pa_V[RhdN` NY`\
[bYYVSVRQ Of aUR \PPN`V\[NYV`a SVPaV\[! V[ dUVPU aUR UbZN[ O\Qf ORPNZR [\
YR`` P\Z]YRaRYf N[ Nba\ZNa\[ aUN[ NYY \aUR_ \_TN[V`Z`# FUb`! aUR ReV`"
aR[PR \S aUR R[aV_R YVcV[T XV[TQ\Z ORPNZR baaR_Yf b[V[aRYYVTVOYR N` a\ ]b_"
]\`R N[Q ZRN[V[T N` dRYY N` a\ \_VTV[ N[Q ]_\P_RNaVcR PNb`R# 3 cN`a
`PURZR \S QRYb`\_f iN` VS`j `b]R_`RQRQ NYY ^bR`aV\[ \S _RNY V``bR V[ aUR
d\_XV[T \S aUV[T`#(

'# 4R_XRYRf! V[ QbR P\b_`R! Q_Rd aUR P\[PYb`V\[ S_\Z aUV` aUR\_RaVPNY
_RQb[QN[Pf/ O\QVR` N_R [\aUV[T Oba ZR[aNY _R]_R`R[aNaV\[` i]R_PR]"
aV\[`j #
(# ;a V` d\_aU a\ [\aR aUR ]_\S\b[Q PUN[TR dUVPU aUR P\[PR]a \S i`\bYj
b[QR_dR[a/ S_\Z N ]_V[PV]YR \S YVSR N[Q aUb` \S NPaV\[ Va ORPNZR N ]_V["
PV]YR \S ]b_R `bOWRPaVcVafhN QVZR[`V\[ _NaUR_ aUN[ N ]_V[PV]YRh N[Q N`
`bPU R``R[aVNYYf ]\dR_YR``# FUV` Zb`a OR O\_[R V[ ZV[Q dUR[ P\[`VQR_V[T
aUR ad\ P\[[RPaRQ 5N_aR`VN[ VQRN` aUNa iYVSRj V` N SNPa \S ]Uf`VP` NY\[R!
N[Q aUNa i`\bYj V` N SNPa \S ZN[ NY\[R/ NPP\_QV[T a\ aUR SV_`a! YVSR V` N
]N_aVPbYN_ P\_]\_RNY 7:=6I>BE S\YY\dV[T S_\Z N ]N_aVPbYN_ P\_]\_RNY `a_bP"
? 73@;@9 A8 5 3DF7E;3@;E? 8AD F:7 F :7ADK A8 > ;87 L +&
3YY aUV` NZ\b[a` a\ `NfV[T aUNa aUR ZNV[ SNbYa! RcR[ NO`b_QVaf! \S aUR
Q\Pa_V[R YNf V[ QR[fV[T \_TN[VP _RNYVaf Va` ]_V[PV]NY N[Q Z\`a \OcV\b`
PUN_NPaR_V`aVP! [NZRYf! aUNa Va ReUVOVa` V[ RNPU V[QVcVQbNY V[`aN[PR N `a_Vc"
V[T \S Va` \d[ S\_ ReV`aR[PR N[Q SbYSVYYZR[a! \_ aUR SNPa \S YVSRk` dVYYV[T
Va`RYS# ;[ \aUR_ d\_Q`! aUR ON[V`UZR[a \S aUR \YQ P\[PR]a \S N]]RaVaV\[
S_\Z aUR P\[PR]abNY `PURZR \S aUR [Rd ]Uf`VP`! W\V[RQ a\ aUR _NaV\[NYV`aVP
`]V_VabNYV`Z \S aUR [Rd aUR\_f \S P\[`PV\b`[R``! QR]_VcRQ aUR _RNYZ \S YVSR
\S Va` `aNab` V[ aUR `PURZR \S aUV[T`# ;a V` N ZRN`b_R \S aUR P\Z]RYYV[T
Z\aVcR` ORUV[Q aUV` P\[PR]aV\[! SN_SRaPURQ N` Va dN`! aUNa Va P\bYQ U\YQ Va`
T_\b[Q NTNV[`a aUR V__R]_R``VOYR c\VPR \S \b_ ]`fPU\]Uf`VPNY Re]R_VR[PR!
RcR_f \[R \S dU\`R NPa` RY\^bR[aYf P\[a_NQVPa` aUR QbNYV`aVP QVcV`V\[#
5N_aR`VN[ QbNYV`Z P_RNaRQ aUR _VQQYR \S U\d N[ NPa \S dVYY PN[ Z\cR N
YVZO! `V[PR aUR YVZO N` ]N_a \S aUR ReaR[QRQ d\_YQ PN[ \[Yf OR Z\cRQ Of
N[\aUR_ O\Qfk` VZ]N_aV[T Va` N[aRPRQR[a Z\aV\[ a\ Va#) KRa NSaR_ YRN_[V[T

ab_R dUVPU QV`aV[TbV`UR` N PYN`` \S \OWRPa` V[ [Nab_R! cVg#! aUR [Nab_NY


Nba\ZNaN0 NPP\_QV[T a\ aUR `RP\[Q! i`\bY!j R^bNaRQ dVaU P\[`PV\b`[R`` \S
N[f XV[Q! OR Va SRRYV[T! QR`V_V[T! ]R_PRVcV[T! aU\bTUa 6A>@6%@:AFN
8B<>G6G>B ! N` `bPU [\a _R^bV_RQ S\_ ]Uf`VPNY Sb[PaV\[ \S N[f XV[Q 6A9
G=HF ABG ;BE ?>;:! V` NO`R[a V[ N[VZNY` N[Q ]_R`R[a V[ ZN[! Oba V` [RVaUR_ V[
=>F PN`R N ]_V[PV]YR \S iYVSR!j dUVPU _RZNV[` N ]b_RYf `a_bPab_NY"ORUNcV\_NY
]UR[\ZR[\[ V[ NYY PN`R`# 5S# 6R`PN_aR`k YRaaR_ \S ?Nf! &+)&! a\ DRTVb`
3QNZ"FN[[R_f ;;;! (,% SS# ! dUR_R UR Re]YVPVaYf _RWRPa` aUR a_NQVaV\[NY
VQRN \S FC:8>:F \S `\bY`hcRTRaNaVcR! `R[`VaVcR! _NaV\[NYhN_TbV[T aUNa aUR
SV_`a ad\! aUR ]\dR_` a\ T_\d N[Q a\ Z\cR! dUVPU ZN[ `UN_R` dVaU aUR
O_baR`! iN_R GBGB <:A:E: QVSSR_R[a S_\Z ZV[Qj N[Q i[\aUV[T RY`R aUN[ N
PR_aNV[ QV`]\`VaV\[ \S aUR ]N_a` \S UV` O\Qf#j
)# FUR P\b[aR_Re]R_VR[aVNY ]_V[PV]YR dUVPU ORPNZR NeV\ZNaVP S\_
aUR\_f dN` Z\`a `bPPV[PaYf `aNaRQ Of E]V[\gN/ iFUR O\Qf PN[[\a QRaR_"
ZV[R aUR ZV[Q a\ aU\bTUa! [RVaUR_ PN[ aUR ZV[Q QRaR_ZV[R aUR O\Qf a\
Z\aV\[ [\_ _R`a! [\_ a\ N[faUV[T RY`R! VS aUR_R OR N[faUV[T RY`Rj 7aUVP`
;;;! ]_\]# ' # IVaU E]V[\gN aUV` dN`! \`aR[`VOYf! N ]_\]\`VaV\[ `bOWRPa a\
QRZ\[`a_NaV\[ QbYf `b]]YVRQ S_\Z SV_`a a_baU`# 4ba V[ _RNYVaf Va dN`
]\`abYNaVcR! N[Q aUR iSV_`a a_baU`j dR_R P\[PRVcRQ dVaU N cVRd a\ VahZ\_R
]N_aVPbYN_Yf! dVaU N cVRd a\ aUR `RP\[Q UNYS \S aUR ]_\]\`VaV\[ dUVPU NY\[R
`R_V\b`Yf ZNaaR_RQ# FUR _RNY N_TbZR[a `U\bYQ UNcR _RNQ aUb`/ ;S aUR_R
dR_R V[aR_NPaV\[ \S O\Qf N[Q ZV[Q! aUR_R P\bYQ OR [\ `PVR[PR \S [Nab_R0
Oba aUR_R Zb`a OR N `PVR[PR \S [Nab_R/ R_T\! aUR_R PN[[\a OR V[aR_NPaV\[ \S
O\Qf N[Q ZV[Q#hFUR ]\`VaVcR P\Z]YRZR[a a\ aUR [RTNaVcR _bYR `U\d`
dUR_R Va` _RNY N]]YVPNaV\[ YVR`/ i3 O\Qf V[ Z\aV\[ \_ Na _R`a Zb`a OR
QRaR_ZV[RQ a\ Z\aV\[ \_ _R`a Of N[\aUR_ O\Qf! dUVPU dN` NY`\ QRaR_ZV[RQ
a\ Z\aV\[ \_ _R`a Of N[\aUR_! N[Q `\ \[ NQ V[SV[VabZj M>7>9#! YRZZN (
NSaR_ ]_\]# &( # 3a YRN`a V[ aUV` N]]YVPNaV\[ a\ aUR 8BECBE:6? _RNYZ! aUR
\[a\Y\TVPNY _VT\_ \S aUR _bYR NQZVa` [\ RePR]aV\[0 N[Q dR ZNf NQQ aUNa
+' F :7 B :7@A?7@A@ A8 >;87
S_\Z aUR\_f aUNa Va PN[[\a OR! dR `aVYY T\ \[ SRRYV[T aUNa dR Q\ Z\cR \b_
N_Z` iNa dVYY#j FUR\_f! dUVYR V[cNYVQNaV[T aUV` ]_VZN_f PR_aNV[af! UNQ fRa
a\ Re]YNV[ Va# FUR icV\YR[PRj \S ZRaN]Uf`VPNY `]RPbYNaV\[ NSaR_ 6R`PN_aR`!
dUVPU QN_RQ P\ZZ\[ `R[`R Z\_R aUN[ N[f ]_RcV\b` \[R N[Q [RRQRQ
NPP\_QV[TYf T_RNaR_ V[TR[bVaf a\ PN__f Va \SS! V` V[ ]N_a Re]YNV[RQ Of aUR
R[\_ZVaf \S dUNa Va UNQ a\ P\]R dVaU#* FUR i]`fPU\]Uf`VPNY ]_\OYRZjh
aUR P\`a S\_ aUR `PVR[aVSVP _Rc\YbaV\[hY\\ZRQ ORUV[Q NYY Va` ReR_aV\[`#
@RcR_ UNQ aUR _VSa ORadRR[ _RN`\[ N[Q VZZRQVNaR X[\dYRQTR ORR[ `\
T_RNa#
4R`VQR` aUR _VQQYR \S \b_ ]_NPaVPNY Re]R_VR[PR! aUR_R dN` aUR _VQQYR \S
QRT_RR` \S \_TN[VgNaV\[ dUVPU aUR N[VZNY XV[TQ\Z `\ ZN[VSR`aYf QV`]YNf`!
Oba dUVPU [\ Y\[TR_ P\bYQ OR _RYNaRQ a\ QRT_RR` \S `RYS"_RdN_QV[T NdN_R"
[R``# FUR [Rd Q\Pa_V[R QR[VRQ aUR ZRN[` S\_ P\[[RPaV[T aUR ]R_SRPaV\[ \S
N ]Uf`VPNY \_TN[VgNaV\[ dVaU aUR DH6?>GL \S aUR YVSR `b]]\_aRQ Of Va/ NYY Va
]_\cVQRQ S\_ dN` aUR P\[[RPaV\[ ORadRR[ \_TN[VgNaV\[ N[Q \O`R_cNOYR
ORUNcV\_! V#R#! \_TN[VP Sb[PaV\[# FUR dRNYaU \S T_NQNaV\[ V[ aUR N[VZNY
d\_YQ S_\Z aUR Z\`a ]_VZVaVcR V#R#! `VZ]YR a\ aUR Z\`a `bOaYR V#R#!
P\Z]YRe `a_bPab_R P\bYQ [\a OR \cR_Y\\XRQ! Oba UNQ a\ _RZNV[ ZRN[V[T"

[\[R \S aUR YRNQV[T aUV[XR_` \S aUR ]R_V\Q Q\d[ a\! N[Q V[PYbQV[T! =N[a
RcR_ PUNYYR[TRQ aUR cNYVQVaf \S Va# FUR Z\aVcR` S\_ aUb` _bYV[T \ba \S P\b_a
aUR Z\`a V[`V`aR[a RcVQR[PR \S P\ZZ\[ Re]R_VR[PRhaUNa SRN_ \_ Y\cR \_
QRYVOR_NaV\[ PN[ QRaR_ZV[R NPaV\[ N[Q aUb` OR PNb`R` \S O\QVYf Z\aV\[h
UNcR ORR[ QV`Pb``RQ V[ aUR 7``Nf/ dUNaRcR_ aURV_ aUR\_RaVPNY ZR_Va! aURf
P\ZZN[QRQ \cR_dURYZV[T P\[`R[`b` N[Q `aVYY Re]_R`` aUR P_RRQ \S aUR
`PVR[aV`a#
*# ;[QRRQ! aUR_R V` YVaaYR iV[TR[bVafj \_ V[cR[aVcR[R`` V[ S\_ZR_ `]RPbYN"
aV\[! N[Q ]R_UN]` Va `U\bYQ UNcR [\ ]YNPR V[ ]UVY\`\]Uf# ;a ZNXR` Va`
N]]RN_N[PR \[Yf dUR_R aUR\_f UN` a\ b]U\YQ ]_V\_ P\ZZVaZR[a`! N` R#T# V[
aUR PN`R \S PR_aNV[ ]_\OYRZ` ]\`RQ a\ aUR EPU\\YZR[ Of aUR P\Z]RaV[T
NbaU\_VaVR` \S _RcRYNaV\[ N[Q _RN`\[ \_! EP_V]ab_R N[Q 3_V`a\aYR ! dUVPU
=69 a\ OR _RP\[PVYRQ# 4ba aUR Q\Pa_V[R \S 9\Q! P_RNaV\[! N[Q `NYcNaV\[!
aU\bTU \ba`VQR Re]R_VR[PR! `b_RYf Q\R` [\a P\[a_NQVPa Re]R_VR[PR# 5N_aR"
`VN[V`Z dN` aUR SV_`a a\ P_RNaR N `VabNaV\[ V[ dUVPU aUR\_f `RYS"P\[SVQR[aYf
8?6F=:F dVaU Re]R_VR[PR/ aUV` `VabNaV\[! N` Va QRZN[QRQ \S aUR\_f N [Rd
XV[Q \S V[TR[bVaf a\ RSSRPa N i_RP\[PVYNaV\[!j NY`\ NYY\dRQ Va N [Rd! QR`"
]\aVP _baUYR``[R`` V[ QVPaNaV[T aUR aR_Z` \S Va N P\ZOV[NaV\[ PUN_NPaR_"
V`aVP \S aUR aU\bTUa \S E]V[\gN N[Q >RVO[Vg / aUR\_f P\bYQ V[QbYTR V[ N
_NQVPNYV`Z b[X[\d[ a\ Va ORS\_R# FUNa aUV` _baUYR``[R`` dR[a Of aUR [NZR
\S i_NaV\[NYV`Zj V` N UV`a\_VPNY PV_PbZ`aN[PR dUVPU cRVY` aUR VZ]R_V\b`Yf
dVYYSbY RYRZR[a V[ aUR `VabNaV\[# BUVY\`\]Uf UN` _RN`\[ a\ QV`a_b`a aUR
ZN`aR_SbY ZN[[R_ V[ aUR\_VgV[T! N[Q S\_ Z\_R aUN[ aUR :bZRN[ \_
=N[aVN[ _RN`\[`/ aUR ^bR`aV\[ V` dURaUR_ aUR V[aRYYRPa P\[S\_Z` \_ ]_R"
`P_VOR` a\ _RNYVaf#
? 73@;@9 A8 53DF7E;3@;E? 8AD F:7 F :7ADK A8 >;87 L +(
YR``# EV[PR [\ \aUR_ XV[Q \S `\bY aUN[ aUR _NaV\[NY dN` _RP\T[VgRQ! NYY aUR
ZRPUN[VPNY ]R_SRPaV\[ QV`]YNfRQ V[ N[VZNY \_TN[V`Z` NZ\b[aRQ Wb`a a\ N
TVTN[aVP U\Ne! N` [\ UVTUR_ af]R \S Re]R_VR[a YVSR P\__R`]\[QRQ a\ T_RNaR_
RePRYYR[PR \S ZRPUN[VPNY ]R_S\_ZN[PR# FUb` aUR cR_f ]R_SRPaV\[ V[ aR_Z`
\S ReaR_[NY P\[`a_bPaV\[ N[Q Sb[PaV\[ Z\PX` NYY Wb`aVSVPNaV\[ V[ aR_Z` \S
YVcR`#
AOcV\b`Yf! dVaU _RTN_Q a\ O\aU _VQQYR`! aUR\_f P\bYQ [\a _R`a dVaU aUR
cR_QVPa \S `URR_ b[_RYNaRQ[R``! [\_ dVaU Va` QR`]R_NaR _R]_VRcR Of aUR
P\[aV[b\b` ZV_NPYR \S QVcV[R P\\_QV[NaV\[/ E]V[\gNk` N[Q >RVO[Vgk T_N[Q
NaaRZ]a` a\ VZ]_\cR b]\[ aUR 5N_aR`VN[ ]\`VaV\[ \SSR_RQ V[TR[V\b` `\Yb"
aV\[` a\ O\aU N`]RPa` \S aUR ]`fPU\]Uf`VPNY ]_\OYRZ# KRa aURf dR_R `\Yb"
aV\[` a\ aUR ]_\OYRZ 6F F:G Of 6R`PN_aR`! `UN_V[T aUR Z\aVcR` N[Q aUR
O_\NQ aR_Z` \S UV` OVSb_PNaV\[ a\ dUVPU V[QRRQ NYY aUV[XR_` aVYY NSaR_ =N[a
_RZNV[RQ P\ZZVaaRQ # FURV_ cR_f V[TR[bVaf! N` _RZN_XRQ ORS\_RhN af]V"
PNYYf V[cR[aVcR V[TR[bVaf PNYYRQ S\_aU V[ _R`]\[`R a\ N QVSSVPbYaf [RcR_
SNPRQ ORS\_R N[Q Va`RYS N[ V[cR[aV\[ \S aUR\_fhZNXR` b` NQZV_R aUR
aUV[XR_` Oba `b`]RPa aURV_ ]_\OYRZ# Ab_ NQZV_NaV\[ V` V[ ]N_a aUNa S\_ N
SRNa NPP\Z]YV`URQ dVaU aUR ]R_S\_ZR_k` UN[Q` aVRQ ORUV[Q UV` ONPX#
G < = E 8 9FF5L

=b ;^S P APcWT\PcXRXP]4
GWT ATP]X]V ^U ATcPQ^[Xb\

N(EB@ G<9 =AGE=AF=7 9I=89A79 B: <=F 7E95G=BA! G<9 )E95G &E7<=G97G B:


G<9 2A=I9EF9 ABJ 69;=AF GB 5CC95E 5F 5 CHE9 @5G<9@5G=7=5A O GWdb
FXa >P\Tb >TP]b( bd\\TS d_ cWT X]bXVWcb ^U R^]cT\_^aPah R^b\^[$
^Vh# d]PfPaT !Pb cWT k]^fl bdVVTbcb" cWPc WT fPb TRW^X]V P RP[[ cWPc
WPb QTT] b^d]STS cWa^dVW cWT PVTb% 5 _a^_^bXcX^] ^U cWPc \PV]XcdST
P]S [X]TPVT# ^]RT cWT _WX[^b^_WTabn Q^b^\$RWX[S# ST\P]Sb _WX[^b^_W$
XRP[ R^\\T]c fWT] Xc Xb dccTaTS P]Tf Qh P] Pbca^]^\Ta$_WhbXRXbc ^] P
]Tf cWT^aTcXRP[ bcPVT%() Gf^ `dTbcX^]b \dbc QT PbZTS ^U Xc1 fWPc S^Tb
Xc bPh4 P]S Xb Xc cadT4
GWT UXabc `dTbcX^]# cWPc ^U \TP]X]V# cda]b ]TRTbbPaX[h WXbc^aXRP[#
bX]RT cWT caPSXcX^] QTWX]S cWT bPhX]V QT[^]Vb c^ cWT \TP]X]V XcbT[U%
JWPc SXS k\PcWT\PcXRb#l kRaTPcX^]#l kd]XeTabTl \TP] fWT] Xc fPb
UXabc _a^]^d]RTS4 JWPc S^ cWTh ]^ [^]VTa \TP]4 fWPc S^ cWTh !P]S
cWdb cWT _a^_^bXcX^] Pb P fW^[T" \TP] ]^f4 GWT k]^ [^]VTal X] cWT
k]^fl QTR^\Tb _Pac ^U cWT X]cTa_aTcPcX^] ^U cWT ]^f% Cda UXabc cPbZ#
cWT]# Xb c^ aTcaPRT cWT caP]bU^a\PcX^]b ^U cWT aTPb^]X]V ^] fWXRW cWT
_a^_^bXcX^] WPb [XeTS Ua^\ Xcb ;aTTZ ^aXVX] c^ bRXT]cXUXR \^STa]Xch#

(% >% <% >TP]b# 1<9 ,LFG9E=BHF 2A=I9EF9 !7P\QaXSVT1 H]XeTabXch DaTbb#


(0**"# _% ())%
)% =] P SXaTRcX^] SXUUTaT]c Ua^\ cWPc c^ QT _dabdTS WTaT# X]RXbXeT _WX[^$
b^_WXRP[ R^\\T]c fPb \PST Qh cWT [PcT FdiP] FcTQQX]V X] WTa aTUaTbWX]V
Q^^Z# /<=?BFBC<L 5A8 G<9 /<LF=7=FGF#
4 -+ O
=b ; C8 5 A 5G<9A5G=7=5B 4 N -,
P]S cWTaTQh b_T[[ ^dc cWT \TP]X]V Xc \dbc WPeT fWT] _a^]^d]RTS X]
cWT R^]cTgc ^U c^SPh%
GWT bTR^]S `dTbcX^]# cWPc ^U cadcW# \dbc aTb^ac c^ cWT TeXST]RT
fWXRW cWT _a^_^bXcX^] XcbT[U X]e^ZTb1 cWPc ^U kRaTPcX^]%l FX]RT cWT
fW^[T ^U cWXb TeXST]RT Xb ]TeTa QTU^aT db# Qdc fWPc Xb cadT ^U cWT
fW^[T \dbc QT cadT ^U P]h _Pac# = WPeT RW^bT] c^ cTbc cWT _a^_^bXcX^]
PVPX]bc ^]T _PacXRd[Pa \^ST ^U TgXbcT]RT fXcWX] cWT d]XeTabT# cWPc ^U
[XeX]V ^aVP]Xb\b% >TP]bnb PbbTacX^] aPXbTb cWT `dTbcX^] fWTcWTa cWT
\PcWT\PcXRXP] cWPc Xb cWT VaTPc PaRWXcTRc ^U cWT d]XeTabT Xb P[b^ cWT
PaRWXcTRc# VaTPc ^a [Xcc[T# ^U cWT P\^TQP% <T \dbc QT Q^cW# ^a WT Xb
]TXcWTa% :^a cWT P\^TQP Xb _Pac ^U cWT d]XeTabT P]S \dbc QT PRR^d]c$
PQ[T U^a Qh Xcb RaTPcXeT _aX]RX_[T% =cb \X]dcT]Tbb Xb ]^ SXbPQX[Xch X]
^]c^[^VXRP[ aT[TeP]RT% =cb X]caX]bXR TeXST]RT# Pb ^]T RaTPcX^]# U^a\b
_Pac ^U cWT VT]TaP[ TeXST]RT P]S \dbc QT WTPaS P[[ cWT \^aT Pb X] cWXb
X]bcP]RT kX]caX]bXRl WPb P Ud[[Ta \TP]X]V cWP] P__[XTb c^ P]h ^cWTa
R[Pbb ^U R^b\XR QTX]Vb1 Xc X]R[dSTb cWT UPRc ^U Xcb ^f]# UT[c X]fPaS]Tbb%
GWXb VXeTb Xc P _aTUTaT]cXP[ bcPcdb X] ^]c^[^VXRP[ TeXST]RT cWPc ^dc$
fTXVWb Xcb `dP]cXcPcXeT [X\XcPcX^]b% =] ^cWTa f^aSb# XU ?=:9 Xb ]^c fXcWX]
cWT R^\_TcT]RT ^U P] P[[TVTS R^b\XR _aX]RX_[T# cW^dVW Xc Xb X] TeTah
bT]bT fXcWX] cWT R^b\^b# cWT] cWPc _aX]RX_[T Xb X]PST`dPcT U^a cWT
R^b\^b Pb fT[[% GWT P[cTa]PcXeT f^d[S QT P \TcP_WhbXRP[ caP]bRT]$
ST]RT ^U [XUT fWXRW# cW^dVW _TaWP_b R^]RTSTS c^ cWT R^]bRX^db QTX]V ^U
\P]# fX[[ WPaS[h QT PRR^aSTS c^ cWT P\^TQP% GWPc Xb c^ bPh# cWT
aT\TSh ^U SdP[Xb\ Xb X]^_TaPQ[T X] cWT Tg_[P]PcX^] ^U ^aVP]Xb\% GWdb
\PcTaXP[ [XUT !fT PaT ]^c hTc b_TPZX]V ^U \X]S P]S R^]bRX^db]Tbb"
RP] bTaeT Pb P c^dRWbc^]T U^a X]cTa_aTcPcX^]b ^U \PccTa ^a f^a[S$bcdUU#
P]S RP] aTRcXUh P R^]RT_cX^] ^U ;^S QdX[c ^] bdRW X]cTa_aTcPcX^]b% =]
cWXb bT]bT# cWT \TcP_WhbXRP[ bcPcT\T]c k;^S Xb P \PcWT\PcXRXP]l RP]
QT aTSdRTS c^ P STUX]XcT ^]c^[^VXRP[ eXTf P]S RWTRZTS PVPX]bc Z]^f[$
TSVT ^U _[PX] UPRcb1 cWT fW^[T _a^_^bXcX^] Xb Qa^dVWc S^f] Ua^\ cWT
SXiih WTXVWcb ^U bcPab P]S b_PRTb c^ ^da X\\TSXPcT P]S \^bc X]cX\PcT
Tg_TaXT]RT2 Qdc Xc bcX[[ aTcPX]b Xcb Ud[[ P__[XRPcX^] c^ R^b\^[^Vh# P]S
WT]RT c^ cWT b_TRd[PcXeT `dTbcX^] ^U fWPc ;^S \Ph QTj XU X]STTS cWT
f^a[S WPb P]hcWX]V c^ bPh PQ^dc WX\% >TP]bnb bcPcT\T]c X\_[XTb cWXb
Qh PRRT_cX]V cWT f^a[Snb aTR^V]XiPQ[T QTX]V Pb kTeXST]RT U^a%l =]
cPZX]V WX\ Pc WXb f^aS# fT S^ ]^c ]TRTbbPaX[h bWPaT WXb R^]UXST]RT%
6dc TeT] XU cWT TeXST]RT Xb ]^c PRR^aSTS P _^bXcXeT QTPaX]V ^] fWPc
;^S Xb ![Tc P[^]T ^] fWTcWTa WT Xb"# P ]TVPcXeT QTPaX]Vj aTVPaSX]V
-- O G <9 D < 9BCA 9BCB C: @ =: 9
fWPc ;^S Xb ]^c# ^a Xb ]^c TgR[dbXeT[hj f^d[S QT X\_[XRXc X] Xcb \TaT
TgRTbb ^eTa fWPc f^d[S QT PccaXQdcPQ[T c^ P 7aTPc^a ^U cWXb ^a cWPc
Wh_^cWTcXRP[ ]PcdaT% FX]RT cWPc ]PcdaT WPb QTT] STaXeTS X] cWT UXabc
_[PRT Ua^\ P RTacPX] aTPSX]V ^U cWT TeXST]RT ^U RaTPcX^]# Xc Xb PRcdP[[h
cWXb aTPSX]V cWPc Xb cTbcTS fWT] fT cah ^dc cWT X]UTaaTS R^]RT_c ^U
;^S ^] cWT Tg_TaXT]cXP[ QPbXb c^ fWXRW Xc \PZTb UX]P[ P__TP[% GWT
R^]RT_c ^U P \PcWT\PcXRP[ ;^S# fWT] P__[XTS c^ aTP[Xch X] TPa]Tbc#
T[XRXcb cWT dccTa _^bbXQX[XcXTbj \TaXcb ^a UPd[cbj X]WTaT]c X] cWT d]STa$
[hX]V ^]c^[^VXRP[ ^a T_XbcT\^[^VXRP[ ^dc[^^Z% =U cWXb bW^d[S aTbd[c X] P
aTSdRcX^ PS PQbdaSd\# cWT X\_^bbXQ[T R^]RT_c WPb bcX[[# cWa^dVW Xcb
bT[U$STUTPc# bTaeTS P dbTUd[ _da_^bT%

==
>TP]bnb SXRcd\ R^\Tb [PcT X] P [^]V P]S eT]TaPQ[T caPSXcX^] cWPc Xb
P[\^bc R^TgcT]bXeT fXcW cWT WXbc^ah ^U JTbcTa] b_TRd[PcX^]% :a^\ cWT
ST\XdaVT ^U D[Pc^nb 1=@59HF cWTaT Xb P SXaTRc [X]T ^U STbRT]c c^
@TXQ]Xin ;^S fW^ RaTPcTb cWT \PgX\d\ ^U cWT \PcWT\PcXRP[[h R^a]$
_^bbXQ[T1 kGWdb Xc Xb f^]STaUd[[h \PST Z]^f] c^ db W^f X] cWT eTah
^aXVX]PcX^] ^U cWX]Vb P RTacPX] 8XeX]T \PcWT\PcXRb ^a \TcP_WhbXRP[
\TRWP]XRb Xb T\_[^hTS P]S cWT STcTa\X]PcX^] ^U cWT VaTPcTbc `dP]cXch
cPZTb _[PRT%l* kJWT] ;^S RP[Rd[PcTb P]S T\_[^hb cW^dVWc# cWT f^a[S
Xb \PST%l+ ?T_[Ta QTU^aT WX\# STT_[h X\QdTS fXcW cWT DhcWPV^aTP]
UPXcW X] cWT \PcWT\PcXRP[ TbbT]RT ^U cWX]Vb P]S cWT R^]bT`dT]c WPa$
\^]h ^U cWT f^a[S# bPXS cWPc ;^S# kc^^ ZX]S c^ aT\PX] XS[T# QTVP] c^
_[Ph cWT VP\T ^U bXV]PcdaTb# bXV]X]V WXb [XZT]Tbb X]c^ cWT f^a[S#l fXcW
cWT aTbd[c cWPc kP[[ ]PcdaT P]S cWT VaPRTUd[ bZh PaT bh\Q^[XiTS X] cWT
Pac ^U VT^\Tcah%l, GWXb SXeX]T VT^\Tcah WT bPf SXb_[PhTS X] cWT [Pfb
^U _[P]TcPah \^cX^] Pb WT SXbR^eTaTS cWT\j Xcb _aTbd__^bXcX^] WPe$
X]V X]b_XaTS cWT bTPaRW U^a cWT\ X] cWT UXabc _[PRT% =] cWT bP\T eTX] Xb
;P[X[T^nb RaTS^ cWPc cWT VaTPc Q^^Z ^U cWT d]XeTabT Xb faXccT] X] \PcW$

*% @TXQ]Xi# kC] cWT H[cX\PcT CaXVX]PcX^] ^U GWX]Vbl !(-0."# 1<9


,BA58B?B;L 5A8 .G<9E /<=?BFBC<=75? 3E=G=A;F! caP]b% E^QTac @PccP !Cg$
U^aS1 7[PaT]S^] DaTbb# (/0/"# _% *+)%
+% *6=8#! _% *+)# ]% (/# RXcX]V '9 7BAA9K=BA9 =AG9E E9F 9G I9E65 !(-.."%
,% >% ?T_[Ta X] 19EG=H@ ?AG9EI9A=9AF! `d^cTS X] 5% ?^Tbc[Ta# 1<9 0?99C"
J5?>9EF# !ETUTaT]RT bd__[XTS Qh Da^U% :% >% 8hb^]jRU% WXb PacXR[T kAPcW$
T\PcXRb X] cWT DWhbXRP[ FRXT]RTb#l 1<9 07=9AG=:=7 &@9E=75A! FT_c%# (0-+# _%
()0"%
=b ; C8 5 A 5G<9A5G=7=5B 4 N -.
T\PcXRP[ [P]VdPVT# cWT bh\Q^[b ^U fWXRW PaT caXP]V[Tb# RXaR[Tb# P]S
^cWTa VT^\TcaXRP[ UXVdaTb%-
=] cWXb VaP]S _a^YTRcX^]# R^]RT_c ^U QTX]V P]S XSTP[ ^U Z]^f[TSVT
bd__^ac TPRW ^cWTa \dcdP[[h% ?T_[Ta fPb _a^QPQ[h cWT UXabc ^U cWT
\^STa]b c^ STR[PaT `dP]cXch !^a \PV]XcdST" c^ QT cWT# Pc ^]RT# TbbT]$
cXP[ P]S cad[h Z]^fPQ[T Pb_TRc ^U aTP[Xch1 R^V]XcX^] PRR^aSX]V[h R^]$
bXbcb c^ WX\ X] \TPbdaT\T]c P]S R^\_PaXb^] ^U \TPbdaT\T]cb% 6dc
\TPbdaT\T]c ^U fWPc4 =b cWT k\PcWT\PcXRP[ ]PcdaTl PX\TS Pc bcX[[ cWT
bP\T Pb cWT R[PbbXRP[$;aTTZ ^]T4 =b cWT \PcWT\PcXRb bcX[[ cWT bP\T4
GWT ^bcT]bXQ[T aTcda] c^ cWT DhcWPV^aTP]$D[Pc^]XR kVT^\TcaXiPcX^]l
^U cWT f^a[S Pc cWT QTVX]]X]Vb ^U \^STa] bRXT]RT b^\TW^f \PbZTS P
]^eT[ P__a^PRW# fWXRW ^][h cWT kP[VTQaPXiPcX^]l ^U _WhbXRP[ STbRaX_$
cX^] X]RaTPbX]V[h aTeTP[TS% 5[VTQaP P__[XTS c^ VT^\Tcah# aPcWTa cWP]
R[PbbXRP[ VT^\Tcah XcbT[U# QTRP\T cWT \PcWT\PcXRb ^U cWT ]Tf _WhbXRb%
GWXb P[^]T f^d[S bdVVTbc cWPc Xc ]^ [^]VTa STP[c fXcW cWT X]cdXcXeT
^QYTRcb ^U ;aTTZ ^]c^[^VXRP[ b_TRd[PcX^]% !FTT 5__T]SXg ( c^ cWXb
9bbPh%" JT \Ph dbT cWXb ^QbTaePcX^] Pb P [TPS c^ d]R^eTa cWT \^aT
_a^U^d]S SXUUTaT]RTb bT_PaPcX]V cWT \^STa] Ua^\ cWT R[PbbXRP[ R^]$
RT_c ^U P k\PcWT\PcXRP[ ]PcdaT#l P]S cWdb c^ STcTa\X]T cWT _aTRXbT
\TP]X]V cWPc \dbc PccPRW c^ >TP]bnb XSTP ^U P \PcWT\PcXRP[ 8TXch
fXcWX] cWT R^]cTgc ^U \^STa] bRXT]RT%
=c fPb cWT _PaP\^d]c X]cTaTbc X] @BG=BA! Pb PVPX]bc cWT bPcXbUPRcX^]
fXcW _PccTa]# fWXRW _a^\_cTS cWT PbRT]SP]RT ^U P[VTQaPXR \TcW^S X]
_WhbXRb1 \^cX^] X]bcTPS ^U UXgTS b_PcXP[ _a^_^acX^]b QTRP\T cWT \PX]
^QYTRc ^U \TPbdaT\T]c% GWXb \PaZb P aPSXRP[[h ]^eT[ PccXcdST% =] cWT
TPa[h bcPVTb ^U \^ST\ bRXT]RT# P]P[hbXb ^U QTR^\X]V bd__[P]cb R^]$
cT\_[PcX^] ^U QTX]V% GWT a^[T ^U kcl X] _WhbXRP[ U^a\d[PT X]SXRPcTb cWT
]Tf PccXcdST% GWT kU^a\bl WTaT T]eXbPVTS PaT ]^ [^]VTa cW^bT ^U cWT
cTa\X]P[ _a^SdRcb# Qdc cW^bT ^U cWT R^]cX]d^db _a^RTbbTb ^U ]PcdaT%
Da^RTbb# Pb bdRW# Xb STUX]TS b^[T[h Qh Xcb ^f] U^a\# cWT [Pf ^U cWT

-% kDWX[^b^_Wh Xb faXccT] X] cWPc VaTPc Q^^Z fWXRW TeTa [XTb QTU^aT ^da
ThTbj= \TP] cWT d]XeTabTjQdc fT RP]]^c d]STabcP]S Xc XU fT S^ ]^c UXabc
[TPa] cWT [P]VdPVT P]S VaPb_ cWT bh\Q^[b X] fWXRW Xc Xb faXccT]% GWXb Q^^Z
Xb faXccT] X] cWT \PcWT\PcXRP[ [P]VdPVT# P]S cWT bh\Q^[b PaT caXP]V[Tb#
RXaR[Tb# P]S ^cWTa VT^\TcaXRP[ UXVdaTb# fXcW^dc fW^bT WT[_ Xc Xb X\_^bbXQ[T
c^ R^\_aTWT]S P bX]V[T f^aS ^U Xc# fXcW^dc fWXRW ^]T fP]STab X] ePX]
cWa^dVW P SPaZ [PQhaX]cW#l ** 05;;=5GBE9 !E^\T# (-)*"% FTT kGWT 5b$
bPhTal X] '=F7BI9E=9F 5A8 .C=A=BAF B: )5?=?9B! caP]b% FcX[[\P] 8aPZT
!BTf L^aZ1 8^dQ[TSPh 7^\_P]h# =]R%# (0,."# __% )*.$*/%
-/ O G <9 D <9BCA 9BCB C: @ =:9
bTaXTb# P]S X] ]^ fPh Qh Xcb T]S !^U fWXRW cWTaT Xb ]^]T" ^a P]h
cT\_^aPah U^a\PcX^]b T] a^dcT% ;aTTZ VT^\Tcah WPS R^]bXSTaTS cWT
aT[PcX^]b ^U d]RWP]VX]V UXVdaTb P]S Q^SXTbj X]cdXcXeT d[cX\PcTb1 cWT
PQbcaPRc P[VTQaP ^U P]P[hcXRP[ VT^\Tcah P]S ^U cWT X]UX]XcTbX\P[
RP[Rd[db \PST Xc _^bbXQ[T c^ aT_aTbT]c cWT VT^\TcaXRP[ U^a\ XcbT[U Pb P
Ud]RcX^] ^U ePaXPQ[Tb# cWPc Xb# Pb P _WPbT X] cWTXa R^]cX]d^db Va^fcW#
P]S b^ c^ U^a\d[PcT cWT [Pfb ^U Xcb kVT]TaPcX^]%l GWTbT VT]TaPcXeT#
STcTa\X]X]V [Pfb QTRP\T cWT cadT ^QYTRcb ^U \PcWT\PcXRP[ R^V]XcX^]#
X]bcTPS ^U cWT STbRaX_cXeT# STcTa\X]PcT U^a\b# fWXRW WPS [^bc cWTXa
X]ST_T]ST]c bcPcdb U^a cWPc ^U caP]bXcX^]P[ [X\Xcb%
GWXb# Qh XcbT[U P] X]caP\PcWT\PcXRP[ STeT[^_\T]c# WPS _WhbXRP[ P_$
_[XRPcX^]b% =]STTS# P SXUUTaT]c k]PcdaTl R^d[S QT X]cTaa^VPcTS Qh P
SXUUTaT]c \PcWT\PcXRb% :^a fWPc X] cWT _daT[h \PcWT\PcXRP[ UXT[S P_$
_TPaTS Pb cWT Ud]RcX^]P[ R^]bXSTaPcX^] bd__[P]cX]V cWT bcPcXR ^]T ^U
X]cdXcXeT T]cXcXTb# P\^d]cb X] cWT UXT[S ^U _WhbXRP[ STbRaX_cX^] c^ cWT
SXbb^[eX]V ^U cWT kbdQbcP]cXP[ U^a\bl ^U R[PbbXRP[ ^]c^[^Vh X]c^ cWT
T[T\T]cPah \^cX^]b P]S U^aRTb Qh fWXRW cWTh RP] QT cW^dVWc !P]S X]
Tg_TaX\T]c bW^f]" c^ QT VT]TaPcTS% =] cWXb P__[XRPcX^]# cWT Ud]R$
cX^]P[ VT]TaPcX^] ^U P \PcWT\PcXRP[ RdaeT QTR^\Tb cWT \TRWP]XRP[
VT]TaPcX^] ^U cWT _PcW ^U P Q^Sh% <TaT cWT _a^SdRc# ]P\T[h# cWT U^a\
^U cWT _PcW# Xb ]^c P R^\_[TcT# bX\d[cP]T^db[h _aTbT]c T]cXch# Qdc P
bT`dT]RT# cWPc Xb# P bTaXTb ^U X]bcP]cb# TPRW ^U cWT\ STcTa\X]TS P]Tf
Qh cWT R^\_^]T]c UPRc^ab ^_TaPcXeT Pc cWPc eTah X]bcP]c% =c WPb ]^
caP]bRT]SX]V aTP[Xch ^U Xcb ^f]% 5]h aPcX^]P[ _a^_TacXTb fWXRW bdRW P
bTaXTb !T%V%# P _[P]TcPah ^aQXc" \Ph TgWXQXc fWT] eXTfTS Pb P] XSTP[#
VT^\TcaXRP[ fW^[T# PaT cWT] SdT ]^ [^]VTa c^ X]caX]bXR aTPb^] ^a P]
Pb_XaPcX^] c^fPaS kWPa\^]hl X] cWT \^eX]V _aX]RX_[T# Pb ?T_[Ta
aTeTaT]c[h QT[XTeTS# Qdcj Pb BTfc^] [PcTa bW^fTS X] WXb \TRWP]XRb ^U
cW^bT \^cX^]bj c^ cWT \TaT d]XU^a\Xch ^a R^]bcP]Rh ^U cWT T[T\T]$
cPah UPRc^ab X]e^[eTS% 9PRW ^U cWTbT !T%V%# VaPeXcPcX^] P]S X]TacXP"
f^d[S Qh XcbT[U _a^SdRT aTRcX[X]TPa \^cX^] ^][h# cWT bX\_[Tbc P]S [TPbc
kU^a\TSl ^U P[[ \^cX^]b1 hTc cWTXa \TaT PSSXcX^] c^ TPRW ^cWTa RP]]^c
Qdc aTbd[c# ^] cWT b^[T R^]SXcX^] ^U cWTXa bcPhX]V R^]bcP]c#. P]S fXcW$
^dc P]h Pb_XaPcX^] c^fPaS bdRW P aTbd[c# X] cWT WXVW[h aPcX^]P[ U^a\b
.% Ca# XU cWTh fTaT ePaXPQ[T# cWT R^]SXcX^] f^d[S QT cWPc cWT ePaXPcX^]
X] cda] QT bdQYTRc c^ R^]bcP]cb1 cWT TbbT]cXP[ _aT\XbT U^a cWT _^bbXQX[Xch ^U
[Pfb ^U ]PcdaT Xb cWT _aTePX[X]V ^U P]h R^]bcP]cb fWPcb^TeTa# _a^eXSTS cWPc
QTcfTT] cWT\ cWTh kSXbcaXQdcTl cWT fW^[T aP]VT ^U ]PcdaP[ _WT]^\T]P%
=b ;^S P A PcW T\ PcXRXP] 4 N -0
^U RT[TbcXP[ VT^\Tcah% GWXb Xb cWT b^[T aT\PX]X]V bT]bT ^U bPhX]V cWPc
cWT R^dabTb ^QTh P ad[T !RP_PQ[T ^U \PcWT\PcXRP[ Tg_aTbbX^]"1 Xc Xb
cWT bdUUXRXT]c aTPb^] ^U ^aSTa P]S [Pf X] ]PcdaT% GWdb aPcX^]P[Xch ^U
^aSTa S^Tb ]^c cTbcXUh c^ P aPcX^]P[ RPdbT# X]cT[[XVXQ[T U^a\ ]^ [^]VTa
aT_aTbT]cb _TaUTRcX^] ^U QTX]V# ^QcPX]X]V aTP[Xch U^a cWPc eTah aTPb^]
X] _aTUTaT]RT c^ [TbbTa U^a\b ^a c^ SXb^aSTa# Qdc \dbc XcbT[U QT Tg$
_[PX]TS Qh aTUTaT]RT c^ cWT [^fTbc# cWPc Xb# \^bc T[T\T]cPah ch_Tb ^U
TeT]c1 P]S cWT [PccTa# UPa Ua^\ QTX]V caP]bU^a\TS ^a TeT] PUUTRcTS Qh
cWTXa T]caP]RT X]c^ cWT \^aT PacXRd[PcTS ^aSTa# R^]bcXcdcT cWXb Qh \TaT
_TabXbcT]RT X] cWTXa ^f]# d]PacXRd[PcTS `dP]cXch% GWTXa bX]V[T]Tbb
P[^]T Xb cWT QPbXRP[[h aTP[# P]S cWT kfW^[T]Tbbl ^U cWTXa R^]Y^X]c
aTbd[c Xb P] P__TPaP]RT fXcW ]^ VT]dX]T ^]c^[^VXRP[ bcPcdb% GWXb Xb cWT
X\_^ac ^U cWT \^ST\ P]P[hbXb# fWXRW caP]bU^a\TS cWT RT[TbcXP[ \PcW$
T\PcXRb ^U cWT P]RXT]cb X]c^ cWT eTah SXUUTaT]c cWX]V cWPc Xb RT[TbcXP[
\TRWP]XRb# cWPc Xb# P RPbT ^U \TRWP]XRb X] VT]TaP[%/ GWT DhcWPV^$
aTP] WPa\^]h WPb QTR^\T cWT QP[P]RT ^U d]R^]RTa]TS U^aRTb# RP[$
Rd[PQ[T Ua^\ cWT R^]SXcX^]b ^U cWTXa \TTcX]V% GWT k\TPbdaTl P]S cWT
k\TP]l ]^ [^]VTa QX]S cWT ^__^bXcTb# Qdc PaT cWTXa X]TeXcPQ[T bd\%
GWdb cWT aT[PcX^] ^U WXVWTa P]S [^fTa# ^U \^aT ^a [Tbb aPcX^]P[
!\^aT ^a [Tbb U^a\"# Xb aT_[PRTS Qh cWPc ^U R^\_[Tg P]S bX\_[T# P]S
cWT ^[S ^aSTa ^U X]cT[[XVXQX[Xch Xb aTeTabTS% JXcW cWT fW^[T ]^f c^ QT
Tg_[PX]TS Qh cWT _Pacb# X]cT[[XVXQX[Xch \TP]b aTSdRXQX[Xch c^ cWPc fWXRW#
Pb T[T\T]cP[# Xb X] cWT ^[STa bT]bT [TPbc X]cT[[XVXQ[T# QTRPdbT Xc [TPbc
X]e^[eTb X]cT[[XVT]RT U^a Xcb ^f] _TaU^a\P]RT% =] P f^aS# cWT]# U^a cWT
\^STa] XSTP ^U d]STabcP]SX]V ]PcdaT# cWT [TPbc X]cT[[XVT]c WPb QTR^\T
cWT \^bc X]cT[[XVXQ[T# cWT [TPbc aTPb^]PQ[T cWT \^bc aPcX^]P[% 5c cWT
Q^cc^\ ^U P[[ aPcX^]P[Xch ^a k\PcWT\PcXRbl X] ]PcdaTnb ^aSTa [XTb cWT
\TaT UPRc ^U cWTaT QTX]V `dP]cXcPcXeT R^]bcP]cb X] cWT QTWPeX^a ^U

/% ;P[X[T^ bcX[[ Tg_aTbbTS WX\bT[U kcaPSXcX^]P[[hl fWT] WT bPXS cWPc cWT


bh\Q^[b ^U ]PcdaTnb \PcWT\PcXRP[ [P]VdPVT fTaT caXP]V[Tb# RXaR[Tb# P]S cWT
[XZT% GW^dVW caXP]V[Tb \Ph ^RRda Pb PdgX[XPah R^]bcadRcX^]b X] Sh]P\XR
P]P[hbXb# P]S R^]XR bTRcX^]b S^ PRcdP[[h aTbd[c Ua^\ cWT Sh]P\XRb ^U
]PcdaT# Xc f^d[S WPeT QTT] \^aT PST`dPcT c^ cWT fW^[T bRXT]cXUXR caT]S
fWXRW ;P[X[T^ WX\bT[U X]PdVdaPcTS XU WT R^d[S P[aTPSh WPeT bPXS cWPc cWT
bh\Q^[b fTaT R^]bcP]cb P]S ePaXPQ[Tb# Ud]RcX^]b P]S T`dPcX^]b1 X] QaXTU#
cWT [P]VdPVT ^U P[VTQaP% =] UPRc# ^][h 8TbRPacTb# BTfc^]# P]S @TXQ]Xi
TeT]cdP[[h bd__[XTS cWT \PcWT\PcXRb U^a cWT ]Tf bRXT]RT ^U ]PcdaT% =cb
\TP]b ^U Tg_aTbbX^] Xb cWT SXUUTaT]cXP[ T`dPcX^] aPcWTa cWP] 9dR[XSnb _a^_$
^bXcX^]b%
.' O G <9 D <9BCA 9BCB C: @ =: 9
\PccTa# ^a cWT _aX]RX_[T ^U d]XU^a\Xch Pb bdRW# fWXRW U^d]S Xcb UXabc
bcPcT\T]c X] cWT [Pf ^U X]TacXPj bdaT[h ]^ \PaZ ^U X\\P]T]c aTP$
b^]%

=[[
=c Xb ^QeX^db cWPc cWT SXUUTaT]c bT]bT X] fWXRW ]PcdaT RP] QT b_^ZT]
^U Pb k\PcWT\PcXRP[l \dbc ]TRTbbPaX[h PUUTRc cWT XSTP ^U P \PcWT\PcX$
RP[ 7aTPc^a% :a^\ fWPc WPb QTT] bW^f]# >TP]bnb k;aTPc 5aRWXcTRc#l
U^a P[[ WXb QTX]V P k_daT \PcWT\PcXRXP]#l RP]]^c Qdc QT _a^U^d]S[h
SXUUTaT]c Ua^\ D[Pc^nb 8T\XdaVT% =c \Ph QT cPZT] U^a VaP]cTS cWPc P
\TcP_WhbXRP[ _^X]c ^U eXTf Xb ]^c ^][h cWT TUUTRc Qdc P[b^ cWT RPdbT ^U
P bRXT]cXUXR STeT[^_\T]c% 5] TeT]c [XZT cWT bd__aTbbX^] ^U cT[T^[^Vh
P]S ^U bdQbcP]cXP[ U^a\b RP]]^c QT bX\_[h PbRaXQTS c^ P]h _PacXRd[Pa
SXbR^eTah ^a bTc ^U SXbR^eTaXTb \PST X] cWT X]eTbcXVPcX^] ^U ]PcdaT#
]^a TeT] c^ cWT X]eT]cX^] ^U P ]Tf \TcW^S1 aPcWTa WPb cWT aTe^[dcX^]
X] \TcW^S# fWXRW cWT bdSST] ^Qb^[TbRT]RT ^U cWTbT eT]TaPQ[T R^]$
RT_cb bXV]P[XiTb# XcbT[U c^ QT PRR^d]cTS U^a% =]STTS# RTacPX] \TcP_WhbX$
RP[ R^]SXcX^]b fTaT aT`dXaTS TeT] c^ \PZT _^bbXQ[T cWT ]Tf P__a^PRW
^U _^bc$ET]PXbbP]RT bRXT]RT c^ ]PcdaT2 P]S bX]RT fT PaT STP[X]V fXcW
cWT bdQYTRc ^U RaTPcX^]# fT \Ph T[dRXSPcT cW^bT R^]SXcX^]b Ua^\ cWXb
_PacXRd[Pa P]V[T%
GWT ;^S ^U cWT 1=@59HF RaTPcTS cWT f^a[S Pb cWT _TaUTRc kP]X\P[l
^a eXbXQ[T V^S# T]b^d[TS P]S X]cT[[XVT]c% @^^ZX]V c^ cWT X]cT[[XVXQ[T
_PccTa] WT U^a\TS cWT RWP]VTPQ[T X] Xcb [XZT]Tbb# P]S cWdb Pb UPa Pb
_^bbXQ[T X] WXb ^f]% :^a cWT X]cT[[XVXQ[T P]S cWT X]cT[[XVT]c PaT cWT
bP\T% DPbbXeT k\PccTal P[^]T R^d[S RTacPX][h ]^c QT T]cadbcTS fXcW
_aTbTaeX]V cWa^dVW^dc RWP]VT cWT U^a\b P]S _a^_^acX^]b X\_aX]cTS ^]
Xc# ]^a fXcW _a^eXSX]V cWT U^aRT U^a cWPc \^cX^] ^U RWP]VT XcbT[U Qh
fWXRW cWT UPXa R^_h \dbc X\XcPcT TcTa]Xch X] cX\T% GWdb FBH? Xb aT$
`dXaTS Pb cWT R^]cX]dP[[h b_^]cP]T^db RPdbT ^U \^cX^]# P]S =AG9??="
;9A79 Pb cWT RPdbT ^U E5G=BA5? \^cX^]# cWPc Xb# ^]T cWPc TgWXQXcb [Pf% =c
Xb cWXb S^dQ[T Pb_TRc ^U kb^d[lj cWPc Xc Xb cWT RPdbT ^U \^cX^] P]S cWT
RPdbT ^U ^aSTaj fWXRW \PZTb Xc P d]XeTabP[ _WhbXRP[ _aX]RX_[T% F^d[
_TaePSTb cWT R^b\^b X] STVaTTb ^U SXeX]Xch# cWPc Xb# ^U X]cT[[XVT]RT%
GWT \^aT R^]bXbcT]c[h aPcX^]P[ P \^cX^]# cWT WXVWTa \dbc QT cWT
X]cT[[XVT]RT ^U cWT \^eX]V b^d[% <T]RT cWT bd_TaX^a X]cT[[XVT]RT ^U cWT
RT[TbcXP[ Q^SXTb# Pb R^\_PaTS c^ cWPc ^U cTaaTbcaXP[ QTX]Vb# X]R[dSX]V
=b ;^S P A PcW T\ PcXRXP] 4 N.(
\P]1 WT]RT cWT aT[XVX^db eT]TaPQX[Xch ^U cWT 7^b\^b Pb P fW^[Tj ]^c
U^a Xcb \PV]XcdST# Qdc U^a cWT R^X]RXST]RT ^U X]cT[[XVXQX[Xch P]S X]cT[$
[XVT]RT cWPc d]STa[XTb Xcb eXbXQ[T QTPdch%
7^\_PaT fXcW cWXb cWT >dSPT^$7WaXbcXP] R^]RT_cX^] cWPc c^^Z Xcb
_[PRT% GWT RaTPcTS f^a[S ^U ;T]TbXb Xb ]^c P V^S P]S Xb ]^c c^ QT
f^abWX_TS X]bcTPS ^U ;^S% B^a WPb Xc P b^d[ ^U Xcb ^f] cWPc f^d[S
PRR^d]c U^a Xcb PRcXeXch P]S Xcb ^aSTa[X]Tbb% =c Xb \TaT[h \PST P]S X]
]^ bT]bT \PZTa% >TfXbW \^]^cWTXb\ WPS PQ^[XbWTS cWT STXcXTb ^U
]PcdaT P]S P[[ X]cTa\TSXPah _^fTab# [TPeX]V ;^S P]S f^a[S X] R[TP]$
Rdc SXeXbX^]% GWT 7WaXbcXP] WXTaPaRWh ^U P]VT[b P]S bPX]cb SXS ]^c
QaXSVT cWT Vd[U QTcfTT] ;^S P]S cWT f^a[S# Qdc cWPc QTcfTT] ;^S
P]S cWT Wd\P] b^d[ fWXRW# ]^c QTX]V ^U cWT ]PcdaP[ ^aSTa XcbT[U#
bWPaTb cWTXa _aTcTa]PcdaP[ bcPcdb% =]STTS \P]nb b^d[ Xb cWT ^][h T]cXch
X] cWT f^a[Sj Qdc ]^c ^U cWT f^a[SjfWXRW Xb RaTPcTS X] cWT X\PVT ^U
;^S# TeT] ^dc ^U ;^S# P]S Xb cWdb X] P bT]bT SXeX]T# fWX[T WTPeT]b
P]S TPacW P]S P[[ cWTXa W^bc PaT ^][h ;^Snb WP]SXf^aZ P]S ]^c WXb
X\PVT%0 GWT TbbT]cXP[ SXeXbX^] QTcfTT] ;^S P]S f^a[S Xb cWdb aT$
_TPcTS ^a \Xaa^aTS X] cWT TbbT]cXP[ SXeXbX^] QTcfTT] \X]S P]S ]PcdaT%
BPcdaT# RaTPcTS ^dc ^U ]^cWX]V# WPb ]^ \X]S ^U WTa ^f]# Qdc \dcT[h
_TaU^a\b ;^Snb fX[[ Qh fWXRW P[^]T bWT TgXbcb% GWdb cWT XSTP ^U P
\X]S[Tbb ^a kQ[X]Sl ]PcdaT# fWXRW hTc QTWPeTb [PfUd[[hj cWPc Xb#
fWXRW ZTT_b P] X]cT[[XVXQ[T ^aSTa fXcW^dc QTX]V X]cT[[XVT]cjWPS QT$
R^\T \TcP_WhbXRP[[h _^bbXQ[T%
GWT _^bbXQX[Xch Ydbc X]SXRPcTS ST_T]STS ^] cWT R^]SXcX^] cWPc
kb^d[l fPb QP]XbWTS Ua^\ cWT R^]cTgc ^U ]PcdaT# P]S cWXb PVPX] fPb
_^bbXQ[T ^][h X]b^UPa Pb X] cWT Tg_[P]PcX^] ^U ]PcdaT X] VT]TaP[ b^d[
fPb ]^c ]TTSTS Pb cWT 75HF9 B: @BG=BA# =] UPRc# X] P ]PcdaT fXcW^dc
\X]S# kb^d[l Pb P Sh]P\XR _aX]RX_[T f^d[S QT P b^daRT ^U XaaPcX^]P[Xch
P]S _a^\^cT SXb^aSTa aPcWTa cWP] [Pf% B^f caP]bRT]ST]cP[ \^]^cWT$
Xb\# Qh PQ^[XbWX]V ]PcdaT$V^Sb P]S SXeX]T _^fTab fXcWX] cWT f^a[S#
T]cXaT[h UPe^aTS cWXb T[X\X]PcX^] ^U b^d[ Ua^\ cWT bhbcT\ ^U ]PcdaP[
_aX]RX_[Tb2 P]S cWT bP\T \^]^cWTXb\# \^aT^eTa# f^aZTS c^fPaS cWT
[TeT[X]V ^U P]h X]]Ta$R^b\XR WXTaPaRWh ^U QTX]V Qh aTSdRX]V P[[ ]PcdaT
c^ cWT T`dP[ bcPcdb ^U kRaTPcX^]lj T`dP[ QTU^aT ;^S1 bcPab P]S Sdbc#

0% GWPc cWXb aT[XVX^db SXbcX]RcX^] fPb aTP[XiTS X] P bT]bT R^]SdRXeT c^


]PcdaP[ bRXT]RT ^U cWT \^STa] ZX]S Xb bW^f] X] cWT _PbbPVT Ua^\ 6PR^]
`d^cTS X] ]^cT * c^ 9XVWcW 9bbPh%
.) O G <9 D < 9B C A 9B C B C: @ =:9
RT[TbcXP[ P]S cTaaTbcaXP[ ]PcdaT P[XZT% :X]P[[h# ^]RT \^cX^] RP\T c^ QT
R^]RTXeTS Pb P] X]XcXP[ P]S bT[U$R^]bTaeX]V T]S^f\T]c ^U RaTPcX^]
cWPc aT`dXaTb ]^ UdacWTa b_^]cP]TXch ^] Xcb ^f] _Pac# cWTaT R^d[S PaXbT
cWT R^]RT_cX^] ^U P ]PcdaT ]^c ^][h \X]S[Tbb Qdc P[b^ X]P]X\PcT# cWPc
Xb# ^U P ]PcdaT ]^c ^][h X]cT[[XVXQ[T fXcW^dc QTX]V X]cT[[XVT]c# Qdc P[b^
\^eX]V fXcW^dc QTX]V P[XeT%

=I
GWT \TcP_WhbXRb ^U \^ST\ bRXT]RT bTXiTS ^] _aTRXbT[h cWXb _^bbX$
QX[Xch# ^UUTaTS Qh >dSPT^$7WaXbcXP] caP]bRT]ST]cP[Xb\ P]S WT[S U^a b^
[^]V X] PQThP]RT Qh cWT \TSXTeP[ P[[XP]RT ^U RWdaRW S^RcaX]T fXcW
5aXbc^cT[XP]Xb\% =c Xb cadT cWPc cWT ET]PXbbP]RT _WX[^b^_Wh ^U ]PcdaT
j cWT \^bc k_PVP]l X]cTa[dST X] JTbcTa] cW^dVWcj PccT\_cTS c^
R^\QX]T cWT ]Tf eXbcP ^U cWT d]XeTabT fXcW P _P]cWTXbcXR P]X\Xb\ X]
cWT cadT R[PbbXRP[ bch[T1 Qdc cWT bTeT]cTT]cW RT]cdah# X] Xcb \^aT b^QTa
P]S \dRW \^aT k7WaXbcXP]l \^^SjcW^dVW RTacPX][h ]^c Ua^\ T]$
cXaT[h 7WaXbcXP] \^cXeTbj aTeTacTS c^ cWT aXV^ab ^U >dSPT^$7WaXbcXP]
caP]bRT]ST]cP[Xb\# c^ TgcaPRc Ua^\ Xc cWT XSTP ^U P ]PcdaT ]^c b_^]$
cP]T^db Qdc bcaXRc[h bdQYTRc c^ [Pf% =] cWdb aTP_X]V cWT UadXcb ^U SdP[$
Xb\# fWXRW cWa^dVW^dc Xcb [^]V P]S ePaXTS RPaTTa WPS cT]STS c^ SaPX]
]PcdaT ^U WTa b_XaXcdP[ P]S eXcP[ PccaXQdcTb# cWT ]Tf \TcP_WhbXR ^U
bRXT]RT XcbT[U PSSTS cWT [Pbc RWP_cTa c^ cWXb RPaTTa Qh _a^SdRX]V Xcb
^f] eTabX^] ^U SdP[Xb\% =cb R[PbbXRP[ aT_aTbT]cPcXeT Xb 8TbRPacTbn SXeX$
bX^] ^U bdQbcP]RT X]c^ E9F 7B;=G5AF P]S E9F 9KG9AF5$ bX]RT k]PcdaTl Xb
T]cXaT[h P]S TgR[dbXeT[h cWT [PccTa# X%T% TgcTa]P[# fWX[T cWT U^a\Ta Xb X]
]^ bT]bT k]PcdaT#l cWPc SXeXbX^] _a^eXSTS cWT \TcP_WhbXRP[ RWPacTa U^a
P _daT[h \TRWP]XbcXR P]S `dP]cXcPcXeT _XRcdaT ^U cWT ]PcdaP[ f^a[S#
fXcW Xcb R^a^[[Pah ^U \PcWT\PcXRP[ \TcW^S X] _WhbXRb% <TaT cWT RWPa$
PRcTa ^U SdP[Xb\# P]S fXcW Xc cWT bcPcdb ^U \PcWT\PcXRb# WPS aPSXRP[[h
RWP]VTS% :^a cWT R[PbbXRP[ _^[PaXch ^U U^a\ P]S \PccTa# PRcXeT b^d[
P]S _PbbXeT Q^Sh# X]cT[[XVXQ[T P]S bT]bXQ[T !fWTaT cWT bTR^]S cTa\ ^U
cWT d]T`dP[[h \PcRWTS _PXab# STUXRXT]c X] XcbT[U# aT`dXaTb cWT UXabc U^a
Xcb bWPaT X] kQTX]Vl "# P ]Tf ch_T ^U _^[PaXch fPb bdQbcXcdcTS# X]SX$
RPcTS Qh bdRW _PXab Pb1 bdQYTRc$^QYTRc# \X]S$]PcdaT# R^]bRX^db]Tbb$
b_PcXP[Xch# X]fPaS]Tbb$^dcfPaS]Tbb# fWTaT cWT bTR^]S cTa\ T]Y^hb
X]ST_T]ST]cj P]S UX]P[[h TeT] P]cTaX^aj aTP[Xch% GWT [TPSX]V cTa\ U^a
=b ;^S P A PcW T\ PcXRXP] 4 N .*
cWT b_XaXcdP[ Xb ]^ [^]VTa cWT caP]bRT]ST]c P]S bT[TRcXeT ^]T ^U
k\X]S#l Qdc cWPc ^U kTV^l ^a kbT[Ul bX\_[h# R^\_aXbX]V fWPcTeTa Xb
R^]bRX^db2 Xcb R^aaT[PcXeT cWT] Xb ]^ [^]VTa kU^a\#l Qdc P[[ k]^c$=l Pb
bdRW% =] cWXb bfTT_X]V aT_dSXPcX^] ^U D[Pc^]Xb\# ^eTa[PXS Pb Xc fPb Pc
UXabc Qh cWT aPcX^]P[Xbc UTae^a ^U cWT 7PacTbXP] bRW^^[# cWT UPcT ^U
JTbcTa] cW^dVWc fPb STRXSTS1 cWT D[Pc^]XR d]X^] ^U X]cT[[TRc fXcW cWT
X]cT[[XVXQ[T# P]S ^U cWT X]cT[[XVXQ[T fXcW cWT aTP[# fPb SXbb^[eTS# P]S
k]PcdaTl R^d[S ]^f QT XST]cXUXTS fXcW k\PccTa#l cWPc Xb# fXcW P \PccTa
cWPc `dXcT bT[U$bdUUXRXT]c[h TgXbcb ^] Xcb ^f]% GWXb aT_TPcb cWT _^bXcX^]
^U P]RXT]c Pc^\Xb\# Qdc PVPX]bc P SdP[XbcXR QPRZVa^d]S fWXRW Xb P[XT]
c^ cWT R[PbbXRP[ _aTRTST]c% JXcW 8TbRPacTb# SdP[Xb\ T]cTaTS Xcb [Pbc
P]S [TcWP[ \TcP\^a_W^bXb# bW^ac[h c^ SXbX]cTVaPcT X]c^ cWT T`dP[[h
QPaaT] P[cTa]PcXeTb ^U XSTP[Xb\ P]S \PcTaXP[Xb\1 U^a cWT UXabc cX\T X]
Xcb [^]V WXbc^ah# TeTah ZX]S ^U PfPaT]Tbb# W^fTeTa bT]bdP[ ^a T\^$
cX^]P[j X] bW^ac# XaaPcX^]P[j Xb Va^d_TS J=G< aTPb^] ^] ^]T bXST P]S
bTc ^eTa PVPX]bc TeTah ZX]S ^U b_PcXP[ QTX]V# X]R[dSX]V Xcb \PcWT\PcX$
RP[# cWPc Xb# aPcX^]P[# U^a\# ^] cWT ^cWTa bXST% kA PccTal X] UPRc# X] cWT
bT]bT ^U kQ^Sh#l QTR^\Tb \^aT aPcX^]P[ cWP] kb_XaXc%l
GWdb fT WPeT aTPRWTS Ua^\ cWT \TcP_WhbXRP[ T]S cWT bP\T aTbd[c
c^ fWXRW fT fTaT _aTeX^db[h [TS Qh cWT P]P[hbXb ^U \TcW^S1 ]P\T[h#
cWPc cWT [TPbc X]cT[[XVT]c WPb QTR^\T cWT \^bc# ]Ph cWT ^][h# X]cT[[XVX$
Q[T% :^a cW^dVW 8TbRPacTb _a^UTbbTb c^ WPeT bW^f] cWT \X]S c^ QT
kQTccTa N^a k\^aT TPbX[hlO Z]^f] cWP] cWT Q^Sh#l('( (WXb ^f] bRXT]$
cXUXR \TcW^S QT[XTb cWT R[PX\ fWTaT Z]^f[TSVT Pb P ST\^]bcaPcXeT
bhbcT\ Xb R^]RTa]TS% GWT TPbT ^U Z]^f[TSVT X] cWT RPbT ^U cWT \X]S
\TP]b \TaT[h X\\TSXPRh ^U bT[U$QTW^[SX]V fWXRW# Pc cWT bP\T cX\T#
[TPeTb cWT QTWT[S T]cXaT[h d]aT[PcTS c^ cWT c^cP[ UXT[S ^U cWPc Z]^fPQ[T
X] fWXRW P[^]T cWT \TcW^S f^aZb# ]P\T[h# cWT E9F 9KG9AF5%] FX]RT
\X]S WPb aTcPX]TS ]^ bcP]SX]V Pc P[[ X] cWT bhbcT\ ^U cW^bT aPcX^]P[
^QYTRcb fWXRW R^]bcXcdcT 8TbRPacTbn BPcdaT# cWT cWT\T ^U WXb bRXT]RT#
cWTaT T]bdTb cWT _PaPS^g cWPc aTPb^] XcbT[U WPb QTR^\T P] XaaPcX^]P[
T]cXch# X]cT[[XVT]RT T]cXaT[h d]X]cT[[XVXQ[T fXcWX] cWT X]cT[[TRcdP[

('% 099 <=F 097BA8 ,98=G5G=BA#


((% k5[[ cWX]Vb fWXRW# b_TPZX]V VT]TaP[[h# PaT R^\_aTWT]STS X] cWT
^QYTRc ^U _daT \PcWT\PcXRb PaT cad[h c^ QT aTR^V]XiTS Pb TgcTa]P[ ^QYTRcbl
!FXgcW ATSXcPcX^]"% CQbTaeT cWT aT[PcX^] WTaT bcX_d[PcTS QTcfTT] k\PcW$
T\PcXRP[l P]S kTgcTa]P[l
.+ O G <9 D <9BCA 9BCB C: @ =:9
bRWT\T ^U cWT bRXT]cXUXRP[[h Z]^fPQ[T1 X] ^cWTa f^aSb# cWT Z]^fTa
WX\bT[U Xb P\^]V WXb ^QYTRcb# cWPc Xb# cWT f^a[S# cWT d]Z]^fPQ[T _Pa
TgRT[[T]RT%
6dc fT WPeT bTT] cWPc ]^c ^][h \X]S Qdc P[b^ b^d[ P]S cWTaTU^aT
[XUT QTRP\T aTSd]SP]c X] cWT Tg_[P]PcX^] ^U ]PcdaT% A^cX^] fXcW^dc
b^d[ X]e^[eTb U^aRT fXcW^dc P__TcXcX^]# Ua^\ fWXRW U^a\b aTbd[c fXcW$
^dc QTX]V T]Sb% GWT kU^aRTl Xb X] TeTah RPbT X]TacXP[# cWPc Xb# P `dP]cX$
cPcXeT R^]bcP]c RPaaXTS ^eTa Ua^\ X]bcP]c c^ X]bcP]c X] P] T]S[Tbb
bTaXTb% B^f# bX]RT [XUT \TP]b b_^]cP]T^db P]S cT[T^[^VXRP[ \^cX^]#
fWX[T d]STabcP]SX]V Xb X] cTa\b ^U X]TacXP[ \^cX^] P[^]T# cWTaT U^[[^fb
cWT UdacWTa _PaPS^g cWPc ]^c ^][h cWT \X]S[Tbb Qdc P[b^ cWT [XUT[Tbb WPb
QTR^\T cWT X]cT[[XVXQ[T Pb bdRW# P]S kSTPS \PccTal cWT bcP]SPaS ^U
X]cT[[XVXQX[Xch% 6dc X]Pb\dRW Pb k[XUTl Xb T]R^d]cTaTS Pb P UPRc fXcWX]
cWT c^cP[Xch ^U _WhbXRP[ UPRcb# Xcb d]STabcP]SX]V \dbc \TP] _aTRXbT[h
Xcb aTSdRcX^] c^ cWXb bcP]SPaS# cWPc Xb# Xcb Tg_[P]PcX^] X] cTa\b ^U cWT
[XUT[Tbb% 8TbRPacTbn \TRWP]XbcXR cWT^ah ^U cWT ^aVP]Xb\# cWT P]X\P[
Pdc^\Pc^] !cWT TgT\_cX^] ^U \P] fPb P \TaT X]R^]bXbcT]Rh"# Xb
cWTaTU^aT P [^VXRP[ P]S d]Pe^XSPQ[T R^]bT`dT]RT Ua^\ WXb fW^[T
\TcP_WhbXRP[ P]S T_XbcT\^[^VXRP[ _aX]RX_[T fWXRW bTc cWT bcPVT U^a
\^STa] bRXT]RT QTh^]S Xcb ^f] QaXTU WXbc^aXRP[ W^da% @P ATccaXTnb
+ P<B@@9 @57<=A9 !]^ [Tbb cWP] \^STa] QTWPeX^aXb\" Xb bcX[[ WTXa c^
7PacTbXP] SdP[Xb\ bcaX__TS ^U Xcb b_XaXcdP[ WP[U% 5]S bX]RT \^STa]
bRXT]RT# Pb `dP]cXcPcXeT P]S \TPbdaX]V# R^]cX]dTb c^ QT T]PRcTS ^]
cWT bcPVT ^] fWXRW Xc fPb dbWTaTS X]# cWT bcPVT ^U P ]PcdaT TbbT]cXP[[h
d]STabc^^S Pb E9F 9KG9AF5 ^a kTgcTa]P[ aTP[Xch#l ]^ ^cWTa R^V]XcX^] ^U
cWT ^aVP]XR Xb PePX[PQ[T c^ Xc cWP] ^]T X] cTa\b ^U cWT \X]S[Tbb P]S cWT
[XUT[Tbb2 P]S cWXb \dbc QT aT_aTbT]cTS Pb P bhbcT\ ^U \X]X\d\ `dP]$
cXcXTb X] b_PRT P]S cX\T# cWT aTb^[dcX^] X]c^ fWXRW R^]bcXcdcTb cWT
d]STabcP]SX]V ^U P]h VXeT] T]cXch%I

= WPeT caXTS c^ bW^f fWPc cWT XSTP ^U P \PcWT\PcXRP[ ]PcdaT \TP]b


X] cWT \^ST\ R^]cTgc# P]S fWPc Xb cWTaTU^aT PbbTacTS# cW^dVW _a^Q$
PQ[h ]^c c^ WXb ^f] Z]^f[TSVT# X] >TP]bnb bcPcT\T]c cWPc cWT PaRWXcTRc
^U cWT d]XeTabT Xb P _daT \PcWT\PcXRXP]% JT PaT ]^f bdUUXRXT]c[h
_aT_PaTS c^ PbZ1 *F ;^S P _daT \PcWT\PcXRXP]4j cWPc Xb# X] cWT ^][h
bT]bT fWXRW cWT PbbTacX^] RP] WPeT X] cWT VXeT] bRXT]cXUXR bXcdPcX^]% G^
=b ;^S P A PcW T\ PcXRXP]4 N .,
P]bfTa cWXb `dTbcX^] fT bWP[[ cah c^ [^^Z Pc RaTPcX^] cWa^dVW cWT ThTb
^U cWT \PcWT\PcXRP[ ;^S P]S UX]S ^dc fWPc ^QYTRcb WT f^d[S# P]S
fWPc WT f^d[S ]^c# P__aTWT]S1 fWPc ^QYTRcb# cWTaTU^aT !bX]RT WXb
cW^dVWc Xb bPXS c^ QT cWT RPdbT ^U cWX]Vb"# WT R^d[S WPeT# P]S fWPc
^QYTRcb WT R^d[S ]^c WPeT# RaTPcTS%()
JWPc cWT ^QYTRc f^a[S ^U cWT SXeX]T \PcWT\PcXRXP] \XVWc QT [XZT
fT \Ph VPcWTa# XU ]^c Ua^\ cWT ^[STa _XRcdaT SaPf] Qh @P_[PRT# Ua^\
cWT faXcX]Vb ^U cWT \PcWT\PcXRP[ _WhbXRXbc FXa 5acWda 9SSX]Vc^]% <Xb
eXeXS STbRaX_cX^]b ^U cWT bWPS^f f^a[S ^U \PcWT\PcXRP[ eP[dTb# X]c^
fWXRW cWT b^[XS ^QYTRcb ^U ^da Tg_TaXT]RT SXbb^[eT !^a bX\X[Pa _^_d$
[PaXiPcX^]b ^U cWT bRXT]cXUXR PQbcaPRc ^U QPbXR aTP[Xch"# fT Pbbd\T Pb
bdUUXRXT]c[h Z]^f] ]^c c^ aT`dXaT T[PQ^aPcX^]% 5]S U^a PaVd\T]cnb
bPZT [Tc db VaP]c cWT _^bbXQX[Xch cWPc cWXb ^QYTRc _XRcdaT# aT_[PRX]V
UP\X[XPa cWX]Vb fXcW bhbcT\b ^U `dP]cXcPcXeT aT[PcX^]b QTcfTT] fXST[h
b_PRTS ]^SP[ _^X]cb ^U aTP[Xch# \Ph fXcW P[[ Xcb [PRZ ^U R^[^a P]S
R^]RaTcT]Tbb QT cWT kcadTal ^]T% 6dc bd__^bT Xc Xb P [XeX]V Q^Sh# P]
^aVP]Xb\# ^] fWXRW cWT VPiT ^U cWT SXeX]T \PcWT\PcXRXP] WP__T]b c^
aTbc% =c \Ph QT d]XRT[[d[Pa ^a \d[cXRT[[d[Pa% JWPc f^d[S cWT ;^S ^U
cWT _WhbXRXbcb kbTTl4
5b P _WhbXRP[ Q^Sh cWT ^aVP]Xb\ fX[[ TgWXQXc cWT bP\T VT]TaP[
UTPcdaTb Pb S^ ^cWTa PVVaTVPcTb1 P e^XS \^bc[h# RaXbbRa^bbTS Qh cWT
VT^\Tcah ^U U^aRTb cWPc T\P]PcT Ua^\ cWT X]bd[Pa U^RX ^U [^RP[XiTS T[T$
\T]cPah QTX]V% 6dc b_TRXP[ V^X]Vb$^] fX[[ QT SXbRTa]XQ[T# Q^cW X]bXST
P]S ^dcbXST Xcb b^$RP[[TS Q^d]SPah# fWXRW fX[[ aT]STa Xcb _WT]^\T]P[
d]Xch bcX[[ \^aT _a^Q[T\PcXRP[ cWP] cWPc ^U ^aSX]Pah Q^SXTb# P]S fX[[
TUUPRT P[\^bc T]cXaT[h Xcb \PcTaXP[ XST]cXch cWa^dVW cX\T% = aTUTa c^ Xcb
@9G56B?=F@! Xcb TgRWP]VT ^U \PccTa fXcW cWT bdaa^d]SX]Vb% =] cWXb
aT\PaZPQ[T \^ST ^U QTX]V# cWT \PcTaXP[ _Pacb ^U fWXRW cWT ^aVP]Xb\
R^]bXbcb Pc P VXeT] X]bcP]c PaT c^ cWT _T]TcaPcX]V ^QbTaeTa ^][h cT\$

()% =] _TaU^a\X]V cWXb cTbcjXc \XVWc QT ^QYTRcTSjfT PaT Q^d]S c^ cWT


R^]cT\_^aPah bcPcT ^U bRXT]RT# fW^bT [X\XcPcX^]b f^d[S ]^c QX]S cWT R^V$
]XcXeT _^fTab ^U ;^S% 6dc cWT _a^Q[T\ [XTb ]^c fWTaT bRXT]RT UP[[b bW^ac
^U Xcb _a^VaP\# Qdc aPcWTa X] cWT P]cXRX_PcTS Ud[UX[[\T]c ^U cWPc _a^VaP\%
GWPc Xb# ]^c P]h kSPcTSl X]R^\_[TcT]Tbb ^U Xcb aTbd[cb Qdc cWTXa XSTP[[h
X\PVX]TS R^\_[TcT]Tbb fXcWX] cWT R^]RT_cdP[ UaP\Tf^aZ ^U bRXT]RT Pb
bdRW WPb c^ QT R^]Ua^]cTS fXcW cWT ^]c^[^VXRP[ UPRcb ^U ^aVP]XR TgXbcT]RT%
5]S cWXb RP] QT S^]T Qh TgcaP_^[PcX^] Ua^\ cWT _aTbT]c bcPcT X] cWT
SXaTRcX^] X]SXRPcTS Qh Xc%
.- O G <9 D <9BCA 9BCB C: @ =: 9
_^aPah# _PbbX]V R^]cT]cb fW^bT Y^X]c \PcTaXP[ XST]cXch S^Tb ]^c R^X]$
RXST fXcW cWT XST]cXch ^U cWT fW^[T fWXRW cWTh T]cTa P]S [TPeT# P]S
fWXRW bdbcPX]b Xcb ^f] XST]cXch Qh cWT eTah PRc ^U U^aTXV] \PccTa
_PbbX]V cWa^dVW Xcb b_PcXP[ bhbcT\# cWT [XeX]V :BE@# =c Xb ]TeTa cWT
bP\T \PcTaXP[[h P]S hTc _TabXbcb Pb Xcb bP\T bT[U# 6L ]^c aT\PX]X]V cWT
bP\T \PccTa% C]RT Xc aTP[[h QTR^\Tb cWT bP\T fXcW cWT bP\T]Tbb ^U
Xcb \PcTaXP[ R^]cT]cbj XU P]h cf^ kcX\T b[XRTbl ^U Xc QTR^\T# Pb c^
cWTXa X]SXeXSdP[ R^]cT]cb# XST]cXRP[ fXcW TPRW ^cWTa P]S fXcW cWT b[XRTb
QTcfTT] cWT\jXc RTPbTb c^ [XeT2 Xc SXTb !^a QTR^\Tb S^a\P]c Pb S^
RTacPX] bTTSb P]S b_^aTb fW^bT [XUT _a^RTbb bc^_b# c^ QT aTbd\TS
d]STa P__a^_aXPcT R^]SXcX^]b%"(*

(*% JT WPeT c^ aTP[XiT cWT P[[$_TaePbXeT]Tbb ^U \TcPQ^[Xb\ fXcWX] cWT


[XeX]V bhbcT\% GWT TgRWP]VT ^U \PccTa fXcW cWT T]eXa^]\T]c Xb ]^c P
_TaX_WTaP[ PRcXeXch T]VPVTS X] Qh P _TabXbcT]c R^aT1 Xc Xb cWT c^cP[ \^ST ^U
R^]cX]dXch !bT[U$R^]cX]dPcX^]" ^U cWT bdQYTRc ^U [XUT XcbT[U% GWT \TcP_W^a
^U kX]U[^f P]S ^dcU[^fl S^Tb ]^c aT]STa cWT aPSXRP[ ]PcdaT ^U cWT UPRc% =]
P] T]VX]T fT WPeT X]U[^f ^U UdT[ P]S ^dcU[^f ^U fPbcT _a^SdRcb# Qdc cWT
\PRWX]T _Pacb cWT\bT[eTb cWPc VXeT _PbbPVT c^ cWXb U[^f S^ ]^c _PacXRX_PcT
X] Xc1 cWTXa bdQbcP]RT Xb ]^c X]e^[eTS X] cWT caP]bU^a\PcX^]b fWXRW cWT UdT[
d]STaV^Tb X] Xcb _PbbPVT cWa^dVW cWT\2 cWTXa _WhbXRP[ XST]cXch Xb R[TPa[h P
\PccTa P_Pac# PUUTRcTS ]TXcWTa Qh cW^bT X]cTaRWP]VTb ]^a Qh cWTXa ^f]
T]bdX]V PRcX^]% GWdb cWT \PRWX]T _TabXbcb Pb P bT[U$XST]cXRP[ X]Tac bhbcT\
^eTa PVPX]bc cWT RWP]VX]V XST]cXch ^U cWT \PccTa fXcW fWXRW Xc Xb kUTSl2
P]S# fT \Ph PSS# Xc TgXbcb Pb Ydbc cWT bP\T fWT] cWTaT Xb ]^ UTTSX]V Pc P[[1
Xc Xb cWT] cWT bP\T \PRWX]T Pc P bcP]SbcX[[% C] cWT ^cWTa WP]S# fWT] fT
RP[[ P [XeX]V Q^Sh P k\TcPQ^[XiX]V bhbcT\#l fT \dbc X]R[dST X] cWT cTa\
cWPc cWT bhbcT\ XcbT[U Xb fW^[[h P]S R^]cX]d^db[h P aTbd[c ^U Xcb \TcPQ^[Xi$
X]V PRcXeXch# P]S UdacWTa cWPc ]^]T ^U cWT kaTbd[cl RTPbTb c^ QT P] ^QYTRc ^U
\TcPQ^[Xb\ fWX[T Xc Xb P[b^ P] PVT]c ^U Xc% :^a cWXb aTPb^] P[^]T# Xc Xb
X]P__a^_aXPcT c^ [XZT] cWT ^aVP]Xb\ c^ P \PRWX]T% GWT UXabc c^ S^ b^ fPb
8TbRPacTb# P]S WXb \^ST[ !STbXV]TS Ua^\ cWT ^dcbTc U^a P]X\P[b ^][h
P]S ]^c U^a _[P]cb" P[aTPSh _a^eXSTS# QTbXSTb cWT FGEH7GHE9 ^U \^ePQ[T
_Pacb# U^a P b^daRT ^U CBJ9E c^ \PZT cWT\ \^eT1 cWT WTPc VT]TaPcTS Qh
cWT kQda]X]Vl ^U cWT U^^S% GWdb cWT R^\QdbcX^] cWT^ah ^U \TcPQ^[Xb\
R^\_[T\T]cb cWT \PRWX]T cWT^ah ^U P]Pc^\XRP[ bcadRcdaT% 6dc \TcPQ^[Xb\
Xb \^aT cWP] P \TcW^S ^U _^fTa VT]TaPcX^]# ^a# U^^S Xb \^aT cWP] UdT[1 X]
PSSXcX^] c^# P]S \^aT QPbXR cWP]# _a^eXSX]V ZX]TcXR T]TaVh U^a cWT ad]]X]V
^U cWT \PRWX]T !P RPbT P]hfPh ]^c P__[hX]V c^ _[P]cb"# Xcb a^[T Xb c^ QdX[S
d_ ^aXVX]P[[h P]S aT_[PRT R^]cX]dP[[h cWT eTah _Pacb ^U cWT \PRWX]T%
ATcPQ^[Xb\ cWdb Xb cWT R^]bcP]c QTR^\X]V ^U cWT \PRWX]T XcbT[UjP]S cWXb
QTR^\X]V XcbT[U Xb P _TaU^a\P]RT ^U cWT \PRWX]T1 Qdc U^a bdRW _TaU^a\$
P]RT cWTaT Xb ]^ P]P[^VdT X] cWT f^a[S ^U \PRWX]Tb%
=b ;^S P A PcWT\ PcXRXP]4 N ..
5c UXabc V[P]RT# cWXb Xb bdVVTbcXeT ^U P ch_T ^U ^QYTRc fXcW fWXRW
_WhbXRb Xb UP\X[XPa% APcWT\PcXRP[ STbRaX_cX^] S^Tb STP[ fXcW Sh]P\XR
J<B?9F T]Y^hX]V P] kXST]cXchl ^U cWTXa ^f] X] cX\T SXUUTaT]c Ua^\ cWPc
^U cWTXa RWP]VX]V R^]bcXcdT]cb% = QT[XTeT cWT fPeT !X] P \PcTaXP[
\TSXd\ [XZT fPcTa ^a PXa" _a^eXSTS cWT UXabc \^ST[ U^a bdRW STbRaX_$
cXeT T]cXcXTb ^U P \TSXPcT ^aSTa% GWT ^bRX[[PcX]V d]Xcb ^U fWXRW Xc
bdRRTbbXeT[h R^]bXbcb X] Xcb _a^VaTbb _TaU^a\ cWTXa \^eT\T]cb bX]V[h#
TPRW _PacXRX_PcX]V ^][h \^\T]cPaX[h X] cWT R^]bcXcdcX^] ^U cWT X]SX$
eXSdP[ kfPeTl 2 hTc cWXb Pb cWT R^\_aTWT]bXeT U^a\ ^U cWT _a^_PVPcTS
SXbcdaQP]RT WPb Xcb ^f] SXbcX]Rc d]Xch# Xcb ^f] WXbc^ah# P]S Xcb ^f]
[Pfb# P]S cWTbT RP] QTR^\T X]ST_T]ST]c ^QYTRcb ^U \PcWT\PcXRP[
P]P[hbXb# X] PQbcaPRcX^] Ua^\ cWT \^aT X\\TSXPcT XST]cXcXTb ^U cWT
bdQbcaPcd\% A^STa] _WhbXRb STP[b [PaVT[h fXcW bdRW fW^[T$bcadRcdaTb
^U WP__T]X]V# P]S b_TRXP[ \PcWT\PcXRP[ cTRW]X`dTb PaT T\_[^hTS X]
cWTXa STbRaX_cX^]% <TaT# cWT]# U^a\ aT$T]cTab cWT _WhbXRP[ bRT]T fXcW P
R^V]XcXeT bXV]XUXRP]RT ^U Xcb ^f]% 5]S cWXb caP]bRT]SX]V U^a\# P]
TeT]c$bcadRcdaT# Xb ^U P SXUUTaT]c ^aSTa Ua^\ cWPc ^U P RahbcP[$bcadRcdaT#
fWTaT cWT U^a\ Xb X]bT_PaPQ[h P[[XTS c^ cWT _TabXbcT]RT ^U cWT \PcT$
aXP[%
LTc Xc \dbc QT ]^cTS# fXcW P eXTf c^ cWT U^[[^fX]V SXbRdbbX^]# cWPc
c^ cWTbT X]cTVaPcTS TeT]c$bcadRcdaTb ]^ b_TRXP[ aTP[Xch Xb PRR^aSTS cWPc
Xb ]^c R^]cPX]TS X]# P]S STSdRXQ[T Ua^\# cWT R^]Y^X]c aTP[Xch ^U cWT
_PacXRX_PcX]V# \^aT T[T\T]cPah TeT]cb1 Wh_^cWTcXRP[[h cWT [PccTa \dbc
R^\_[TcT[h PRR^d]c U^a TeTah RWPaPRcTa ^U cWT U^a\Ta# ^a cWTaT \dbc
QT bcaXRc T`dXeP[T]RT Tg_aTbbXQ[T X] P] T`dPcX^]1 fWXRW \TP]b cWPc
cWTaT Xb ]^ ]^eT[ch X] cWT fW^[T Pb bdRW2 P]S c^ P] X]UX]XcT X]cT[[XVT]RT
cWT bX\d[cP]T^db# SXbRaTcT ]^cX^] ^U P[[ cWT X]SXeXSdP[ R^\_^]T]cb
f^d[S bcX[[ QT cWT _TaUTRc Z]^f[TSVT%
B^f cWT bP\T !cW^dVW X\\T]bT[h \^aT b^_WXbcXRPcTS" f^d[S
bTT\ c^ P__[h c^ cWT kU^a\P[l _a^_PVPcX^] cWa^dVW cX\T ^U cWT \P]X$
U^[S J9 Z]^f Pb k^aVP]Xb\%l GWTaT c^^# cWT R^\_[TcT P]P[hbXb ^U cWT
;aTPc APcWT\PcXRXP]# d]R[^dSTS Qh cWT UdbX]V bd\\PcX^]b ^U bT]bT#
fX[[ d[cX\PcT[h UPbcT] ^] cWT bX]V[T caP]bXT]c T[T\T]cb !kcaP]bXT]cl X]
aT[PcX^] c^ cWT fW^[T"# fWXRW P[^]T _a^eXST cWT X\\TSXPcT XST]cXcXTb
U^a cWT \TRWP]XRP[ R^]bcadRcX^] ^U cWT R^\_^d]S P]S P[^]T aT\PX]
Pb cWT aTbXSdT ^U Xcb P]P[hbXb% GWT [XUT _a^RTbb fX[[ cWT] _aTbT]c XcbT[U
Pb P bTaXTb# ^a P fTQ ^U \P]h bTaXTb# ^U R^]bTRdcXeT TeT]cb R^]RTa]X]V
cWTbT bX]V[T# _TabXbcX]V d]Xcb ^U VT]TaP[ bdQbcP]RT1 cWTh PaT cWT aTP[
./ O G <9 D < 9BCA 9BCB C: @ =:9
_TaU^a\Tab# \^eX]V X] P]S ^dc ^U R^]UXVdaPcX^]b# TPRW U^a RPdbP[
aTPb^]b ^U Xcb ^f]% GWT _PacXRd[Pa R^]UXVdaPcX^] d]STa eXTf# fWXRW fT
RP[[ ^aVP]Xb\# \PZTb ]^ SXUUTaT]RT c^ cWTXa bX]V[T XST]cXch ]^a c^ cWTXa
\^ST ^U Ud]RcX^] !STUX]TS X] Xcb _^cT]cXP[ aT_Tac^XaT" P]S Xb X] _aX]$
RX_[T [XZT P]h ^cWTa R^]UXVdaPcX^] fWXRW cWTh \Ph T]cTa P]S cT\_^$
aPaX[h WT[_ c^ R^]bcXcdcT% B^ ^cWTa ch_T ^U RPdbP[Xch ^QcPX]b X]bXST
cWP] ^dcbXST Xc# P]S cWT caP]bXT]c _PacXR[T R^]cX]dTb X] Xcb _a^_Ta
R^]RPcT]PcX^] ^U RPdbT P]S TUUTRc fWT] T]cTaX]V# fWT] X]bXST# P]S
fWT] [TPeX]V Xc% GWPc Xcb _[PRT Xb cPZT] Qh P bdRRTbb^a Xb P ]Tf UPRc
fW^bT aT_TcXcX^] PSSb d_ c^ P R^]cX]dXch ^U PVVaTVPcT U^a\# Qdc
S^Tb ]^c PUUTRc cWT bX]V[T]Tbb ^U TPRW WP__T]X]V% GWdb cWTaT Xb ]^
aTPb^] c^ _^bXc P b_TRXP[ T]cXch U^a cWPc _PacXRd[Pa U^a\ ^U c^VTcWTa$
]Tbb fXcW Xcb ]^a\P[ bTc ^U X]cTaPRcX^]b% 5VPX]bc cWT U[^f ^U cWT
\^\T]cPah R^]bcXcdT]c _Pacb# cWT R^]UXVdaPcXeT _Ta\P]T]RT Qh aT$
_[PRT\T]cj P]S cWdb cWT R^]cX]dXch ^U cWT kfW^[Tlj Xb P] PQbcaPR$
cX^]% G^ X[[dbcaPcT ^]RT \^aT Qh cWT TgP\_[T ^U cWT fPeT1 bcaXRc[h
b_TPZX]V# ]^c Xcb _a^VaTbb Pb P \^eX]V U^a\ RPdbTb cWT bdRRTbbXeT
T]cTaX]V ^U ]Tf d]Xcb X]c^ cWT R^[[TRcXeT \^cX^] ^U fWXRW Xc R^]bXbcb#
Qdc cWT caP]b\XbbX^] ^U X]SXeXSdP[ \^cX^] P\^]V PSY^X]X]V T[T\T]$
cPah d]Xcb PSSb d_ c^ cWT bTT\X]V fW^[T$U^a\ fWXRW _a^VaTbbTb ^]
cWTXa PRR^d]c% =] cWT bP\T [XVWc cWT ^aVP]Xb\ \dbc P__TPa Pb P Ud]R$
cX^] ^U \TcPQ^[Xb\ aPcWTa cWP] \TcPQ^[Xb\ Pb P Ud]RcX^] ^U cWT ^aVP$
]Xb\% 9eTah WP__T]X]V X]e^[eTS# P]S R^]bT`dT]c[h cWTXa bd\ c^cP[ Pc
TPRW X]bcP]c# RP] P]S cWdb \dbc QT PRRdaPcT[h PRR^d]cTS U^a ^] cWT
[X]Tb ^U cWT VT]TaP[ bRWT\T d]STa[hX]V cWT \PcWT\PcXRP[$\TRWP]XRP[
f^a[S$_XRcdaT1 ^] cWT [X]Tb ^U cT[T^[^VXRP[ X]SXUUTaT]RT# TUUXRXT]c RPdbT#
X]TacXP[ d]XU^a\Xch# b\P[[Tbc _PacXR[T# `dP]cXcPcXeT TgcT]bXch# P]S b^
^]% =] P] XSTP[ P]P[hbXb ^U cWXb ZX]S# cWT P__PaT]c bP\T]Tbb P]S
X]SXeXSdP[Xch ^U cWT ^aVP]XR fW^[T fX[[ aTb^[eT XcbT[Uj TeT] \^aT cW^a$
^dVW[h cWP] cWPc ^U ^aSX]Pah Q^SXTbj Pb P] X]RXST]cP[ aTbd[c X]c^ cWT
]Tcf^aZ ^U P[[ _WhbXRP[ [X]Tb fWXRW R^]eTaVT WTaT P]S ]^f Ua^\ cWT
d]XeTabT# P]S X] fW^bT X]cTafTPeX]Vb Xcb _PccTa] U[TTcX]V[h P__TPab2
P]S P[[ cWT UTPcdaTb ^U P bT[U$aT[PcTS Pdc^]^\^db T]cXch f^d[S# X] cWT
T]S# P__TPa Pb _daT[h _WT]^\T]P[# cWPc Xb# UXRcXcX^db%
=b ; C8 5 A 5G<9A5G=7=5B 4 N .0

I=
<TaT PVPX] fT bW^d[S bPh cWPc cWT ^QYTRc$eXTf ^U cWT SXeX]T \PcW$
T\PcXRXP] Xb [Tbb R^]RaTcT P]S R^[^aUd[ cWP] ^dabj Qdc f^d[S fT P[b^
VaP]c Xc# Pb QTU^aT# cWT _^bbXQX[Xch ^U QTX]V cadTa4 9\_WPcXRP[[h ]^c X]
cWXb RPbT# P]S WTaT fT \^eT ^] UXa\ Va^d]S# QTRPdbT WTaT# QTX]V
[XeX]V Q^SXTb ^dabT[eTb# fT WP__T] c^ WPeT X]bXST Z]^f[TSVT% C] cWT
bcaT]VcW ^U cWT X\\TSXPcT cTbcX\^]h ^U ^da Q^SXTb J9 PaT PQ[T c^ bPh
fWPc ]^ SXbT\Q^SXTS ^][^^ZTa f^d[S WPeT P RPdbT U^a bPhX]V1 cWPc
cWT \PcWT\PcXRP[ ;^S X] WXb W^\^VT]T^db P]P[hcXRP[ eXTf \XbbTb cWT
STRXbXeT _^X]cj cWT _^X]c ^U [XUT XcbT[U1 Xcb QTX]V bT[U$RT]cTaTS X]SXeXS$
dP[Xch# QTX]V U^a XcbT[U P]S X] R^]caP_^bXcX^] c^ P[[ cWT aTbc ^U cWT
f^a[S# fXcW P] TbbT]cXP[ Q^d]SPah SXeXSX]V kX]bXSTl P]S k^dcbXSTlj
]^cfXcWbcP]SX]V# ]Ph# ^] cWT eTah QPbXb ^U cWT PRcdP[ TgRWP]VT% =c \Ph
QT cWT RPbT U^a TeTah ^cWTa U^a\ ^U PVVaTVPcT cWPc Xcb SXbcX]Rc d]Xch Pb
P fW^[T Xb ]^cWX]V Qdc cWT _a^SdRc ^U ^da bT]bd^db _TaRT_cX^]# cWdb
]^c ^]c^[^VXRP[ Qdc \TaT[h _WT]^\T]P[% =cb XST]cXch# cWT]# Pb kcWXbl
j cWXb bc^]T# cWXb Sa^_ ^U fPcTajaTbcb ^] cWT aT[PcXeT _TabTeTaP]RT ^U
cWT PVVaTVPcX^] P]S Xb X] cWT [Pbc aTb^ac aTSdRXQ[T c^ cWT X\\TSXPcT
XST]cXcXTb ^U cWT R^\_^]T]c _Pacb1 P Q^aa^fTS P]S \TSXPcT XST]cXch#
fWXRW eP]XbWTb fXcW cWTXa bTVaTVPcX^]# fWX[T cWPc ^U cWT d[cX\PcT _Pacb
Xb _aTbd\PQ[h X]P[XT]PQ[T% 6dc cWT]# X] [XeX]V cWX]Vb# ]PcdaT b_aX]Vb P]
^]c^[^VXRP[ bda_aXbT X] fWXRW cWT f^a[S$PRRXST]c ^U cTaaTbcaXP[ R^]SX$
cX^]b QaX]Vb c^ [XVWc P] T]cXaT[h ]Tf _^bbXQX[Xch ^U QTX]V1 bhbcT\b ^U
\PccTa cWPc PaT d]XcXTb ^U P \P]XU^[S# ]^c X] eXacdT ^U P bh]cWTbXiX]V
_TaRT_cX^] fW^bT ^QYTRc cWTh WP__T] c^ QT# ]^a Qh cWT \TaT R^]Rda$
aT]RT ^U cWT U^aRTb cWPc QX]S cWTXa _Pacb c^VTcWTa# Qdc X] eXacdT ^U
cWT\bT[eTb# U^a cWT bPZT ^U cWT\bT[eTb# P]S R^]cX]dP[[h bdbcPX]TS Qh
cWT\bT[eTb% <TaT fW^[T]Tbb Xb bT[U$X]cTVaPcX]V X] PRcXeT _TaU^a\P]RT#
P]S U^a\ U^a ^]RT Xb cWT RPdbT aPcWTa cWP] cWT aTbd[c ^U cWT \PcTaXP[
R^[[TRcX^]b X] fWXRW Xc bdRRTbbXeT[h bdQbXbcb% H]Xch WTaT Xb bT[U$d]XUh$
X]V# Qh \TP]b ^U RWP]VX]V \d[cX_[XRXch% FP\T]Tbb# fWX[T Xc [Pbcb !P]S
Xc S^Tb ]^c [Pbc X]TacXP[[h# X] cWT \P]]Ta ^U bcPcXR XST]cXch ^a ^U ^]$
\^eX]V R^]cX]dXch"# Xb _Ta_TcdP[ bT[U$aT]TfP[ cWa^dVW _a^RTbb# Q^a]T
^] cWT bWXUc ^U ^cWTa]Tbb% GWXb PRcXeT bT[U$X]cTVaPcX^] ^U [XUT P[^]T
VXeTb bdQbcP]RT c^ cWT cTa\ kX]SXeXSdP[l 1 Xc P[^]T hXT[Sb cWT ^]c^[^VX$
RP[ R^]RT_c ^U P] X]SXeXSdP[ Pb PVPX]bc P \TaT[h _WT]^\T]^[^VXRP[
/' G <9 D <9BCA 9BCB C: @ =:9
GWXb ^]c^[^VXRP[ X]SXeXSdP[# Xcb eTah TgXbcT]RT Pc P]h \^\T]c# Xcb
SdaPcX^] P]S Xcb XST]cXch X] SdaPcX^] Xb# cWT]# TbbT]cXP[[h Xcb ^f] Ud]R$
cX^]# Xcb ^f] R^]RTa]# Xcb ^f] R^]cX]d^db PRWXTeT\T]c% =] cWXb _a^RTbb
^U bT[U$bdbcPX]TS QTX]V# cWT aT[PcX^] ^U cWT ^aVP]Xb\ c^ Xcb \PcTaXP[
bdQbcP]RT Xb ^U P S^dQ[T ]PcdaT1 cWT \PcTaXP[b PaT TbbT]cXP[ c^ Xc
b_TRXUXRP[[h# PRRXST]cP[ X]SXeXSdP[[h2 Xc R^X]RXSTb fXcW cWTXa PRcdP[ R^[$
[TRcX^] Pc cWT X]bcP]c# Qdc Xb ]^c Q^d]S c^ P]h ^]T R^[[TRcX^] X] cWT
bdRRTbbX^] ^U X]bcP]cb# kaXSX]Vl cWTXa RWP]VT [XZT cWT RaTbc ^U P fPeT
P]S Q^d]S ^][h c^ cWTXa U^a\ ^U R^[[TRcX^] fWXRW T]SdaTb Pb Xcb ^f]
UTPc% 8T_T]ST]c ^] cWTXa PePX[PQX[Xch Pb \PcTaXP[b# Xc Xb X]ST_T]ST]c ^U
cWTXa bP\T]Tbb Pb cWTbT2 Xcb ^f]# Ud]RcX^]P[ XST]cXch# _PbbX]V[h X]R^a$
_^aPcX]V cWTXab# Xb ^U P SXUUTaT]c ^aSTa% =] P f^aS# cWT ^aVP]XR U^a\
bcP]Sb X] P SXP[TRcXRP[ aT[PcX^] ^U A998:H? :E998B@ c^ \PccTa%

I ==
@Tc db R^]bXSTa UdacWTa cWXb ]Tf T[T\T]c ^U :E998B@ cWPc P__TPab X]
^aVP]Xb\# fXcW b_TRXP[ aTUTaT]RT c^ :BE@# :^a\# fT WPeT bTT]# Xb P]
TbbT]cXP[ P]S P aTP[# cWPc Xb# TUUXRPRX^db# RWPaPRcTaXbcXR ^U [XUT% =c Xb
^][h fXcW [XUT cWPc cWT SXUUTaT]RT ^U \PccTa P]S U^a\# X] aTb_TRc c^
[XUT[Tbb cWX]Vb P] PQbcaPRc SXbcX]RcX^]# T\TaVTb Pb P R^]RaTcT aTP[Xch%
5]S cWT ^]c^[^VXRP[ aT[PcX^]bWX_ Xb aTeTabTS1 U^a\ QTR^\Tb cWT Tb$
bT]RT# \PccTa cWT PRRXST]c% =] cWT aTP[\ ^U cWT [XUT[Tbb# U^a\ Xb ]^
\^aT cWP] P RWP]VX]V R^\_^bXcT bcPcT# P] PRRXST]c# ^U T]SdaX]V \Pc$
cTa% 5]S eXTfTS Ua^\ cWT UXgTS XST]cXcXTb ^U cWT RWP]VX]V \PcTaXP[
R^]cT]cb# Pb cWT X]eT]c^ah ^U TPRW \^\T]c f^d[S aTR^aS cWT\# cWT
[XeX]V U^a\ c^^ Xb ^][h P aTVX^] ^U [^RP[ P]S cT\_^aP[ caP]bXc X] cWTXa
^f] \^eT\T]cb# Xcb P__PaT]c d]Xch P _PbbX]V# R^]UXVdaPcXeT bcPcT ^U
cWTXa \d[cX_[XRXch% 6dc eXTfTS Ua^\ cWT Sh]P\XR XST]cXch ^U cWT [XeX]V
U^a\# cWT aTeTabT W^[Sb1 cWT RWP]VX]V \PcTaXP[ R^]cT]cb PaT bcPcTb ^U
Xcb T]SdaX]V XST]cXch# cWTXa \d[cX_[XRXch \PaZX]V cWT aP]VT ^U Xcb TUUTR$
cXeT d]Xch% =] UPRc# X]bcTPS ^U bPhX]V cWPc cWT [XeX]V U^a\ Xb P aTVX^] ^U
caP]bXc U^a \PccTa# Xc f^d[S QT cadTa c^ bPh cWPc cWT \PcTaXP[ R^]cT]cb
X] cWTXa bdRRTbbX^] PaT _WPbTb ^U caP]bXc U^a cWT bT[U$R^]cX]dPcX^] ^U
cWT U^a\% LTc# Xc fX[[ QT PbZTS# fWPc RP] Xc \TP] cWPc ^]T eXTf Xb
kcadTal cWP] cWT ^cWTa XU Q^cW PaT _^bbXQ[T# cWPc Xb# T`dXeP[T]c Pb
STbRaX_cX^]b ^U cWT UPRc Ua^\ SXUUTaT]c Pb_TRcb4 5]S XU cWTh PaT# fWh
bW^d[S cWT _WhbXRP[ f^a[S$_XRcdaT# bPcXbUXTS X] cWT ^]T eXTf# QT SXb$
=b ; C8 5 A 5G<9A5G=7=5B 4 N /(
cdaQTS ^a `dTbcX^]TS Qh cWT ^cWTa4 JT bWP[[ cPZT d_ cWXb `dTbcX^]
[PcTa%
GWT QPbXR UaTTS^\ ^U ^aVP]Xb\ fPb U^d]S c^ R^]bXbc X] P RTacPX]
X]ST_T]ST]RT ^U U^a\ fXcW aTb_TRc c^ Xcb ^f] \PccTa% 5RR^aSX]V c^ P
bcaXRc[h \PcTaXP[ f^a[S$PRR^d]c bdRW X]ST_T]ST]RT Xb TXcWTa P] PQ$
bdaSXch ^a P STRT_cXeT P__TPaP]RT% =cb T\TaVT]RT fXcW T\TaVX]V [XUT
X]STTS \PaZb P] ^]c^[^VXRP[ aTe^[dcX^] X] cWT WXbc^ah ^U k\PccTal 2
P]S cWT STeT[^_\T]c P]S T]WP]RT\T]c ^U cWPc X]ST_T]ST]RT# ^a UaTT$
S^\# Xb cWT _aX]RX_[T ^U _a^VaTbb X] cWT Te^[dcX^] ^U [XUT# fWXRW X] Xcb
R^dabT _a^SdRTb ]Tf aTe^[dcX^]bj TPRW P] PSSXcX^]P[ bcT_ X] cWT X]X$
cXP[ SXaTRcX^]# cWPc Xb# cWT ^_T]X]V ^U P ]Tf W^aXi^] ^U UaTTS^\% GWT
UXabc bcT_ fPb cWT T\P]RX_PcX^] ^U U^a\# Qh \TP]b ^U \TcPQ^[Xb\#
Ua^\ cWT X\\TSXPcT XST]cXch fXcW \PccTa% GWXb P[b^ \TP]b T\P]RX_P$
cX^] Ua^\ cWT ch_T ^U UXgTS bT[U$XST]cXch cWPc Xb \PccTanb# c^ VXeT bR^_T
c^ P SXUUTaT]c# eXi%# \TSXPcT P]S Ud]RcX^]P[# ZX]S ^U XST]cXch% JWPc Xb
cWT ]PcdaT ^U cWXb XST]cXch4
GWT \PcTaXP[ _PacXR[T# XST]cXUXPQ[T X] Xcb b_PRT$cX\T _^bXcX^]# Xb bX\$
_[h fWPc Xc Xb# X\\TSXPcT[h XST]cXRP[ fXcW XcbT[U fXcW^dc ]TTS c^ \PX]$
cPX] cWPc bT[U$XST]cXch Pb P] PRc ^U Xcb TgXbcT]RT% GWT XST]cXch ^U Xcb B^f
Xb cWT T\_ch [^VXRP[ ^]T ^U 5 3 52 Xcb SdaPcX^] Xb \TaT aT\PX]X]V# ]^c
aTPUUXa\PcX^]2 P]S X] aT\PX]X]V Xc Xb bdRRTbbXeT[h kXST]cXRP[l Qh ]^
^cWTa _aX]RX_[T cWP] cWPc ^U cWT R^]cX]dXch ^U cWT SX\T]bX^]bjb_PRT
P]S cX\TjX] fWXRW kXcbl bcPcTb cPZT _[PRT% =c Xb cWXb ^]T P]S ]^c cWPc
^]T# QTRPdbT cWXb Xb ]^f WTaT P]S cWPc ]^f cWTaT2 Xc kaT\PX]bl cWXb#
cWPc Xb c^ bPh# Xb kcWT bP\Tl Pc P SXUUTaT]c ![PcTa" _^X]c ^U b_PRT$cX\T#
QTRPdbT Ua^\ Xcb _aTbT]c c^ Xcb ]Tf _^bXcX^] cWTaT [TPSb cWT R^]cX]d^db
bT`dT]RT ^U P[[ X]cTa\TSXPcT _^bXcX^]b fWXRW Pb Xc fTaT WP]S Xc ^]
Ua^\ ^]T c^ cWT ]Tgc# fXcW^dc TeTa [TccX]V Xc ^dcbXST cWTXa Q^]S% FdRW
bT`dT]RT R^]bcXcdcTb cWT k_PcWl ^U cWT d]Xc# P]S XU Xc fTaT SXbR^]$
cX]d^dbj XU cWTaT fTaT VP_bjfT bW^d[S WPeT ]^ fPh c^ XST]cXUh
bdRRTTSX]V _aTbT]RTb# ]^ fPaaP]c TeT] U^a P__[hX]V cWT R^]RT_c ^U
XST]cXch Pc P[[2 P]S cWTaT f^d[S QT ]^]Tj d][Tbb fT T]S^f !Pb
JWXcTWTPS SXS" cWT T[T\T]cP[ fXcW P] X]fPaS]Tbb fWXRW Qh P ZX]S ^U
\T\^ah f^d[S QaXSVT cWT SXbR^]cX]dXch ^U PRcdP[ TeT]c% 6dc cWXb Xb P
caP]bUTaT]RT Ua^\ [XUT# P]S UaP]Z[h b_TRd[PcXeT% =] _daT[h _WhbXRP[
STbRaX_cX^]# ]^ \^aT cWP] R^]cX]d^db _aTbT]RT X] cWT R^]cPX]X]V R^]$
cX]dd\ Xb Pbbd\TS !Qdc ]^ [Tbb RP] QT Pbbd\TS" U^a cWT kbP\T]Tbbl
^U P] T]cXch2 P]S cWdb# ^] _WhbXRP[ cTa\b P[^]T# cWTaT Xb ^][h cWXb
/) O G <9 D <9BCA 9BCB C: @ =: 9
TgcTa]P[ XST]cXch R^]UTaaTS ^] SXbRaTcT d]Xcb !_PacXR[Tb ^a UXT[Sb" Qh
cWT CE=A7=C=5 =A8=I=8H5G=BA=F !b_PRT P]S cX\T"# ^a# T`dXeP[T]c[h# Qh
cWT c^cP[Xch ^U cWT _WhbXRP[ d]XeTabT STUX]X]V cWTXa _[PRT1 X] TXcWTa RPbT
P \PccTa ^U 9KG9EA5? E9:9E9A79# CU P] X]cTa]P[ _aX]RX_[T ^U XST]cXch X]
_WhbXRP[ _PacXR[Tb fT S^ ]^c Z]^f# TeT] XU cWTaT QT ^]T%(+ !FTT
5__T]SXg ) c^ cWXb 9bbPh%"
CaVP]XR XST]cXch# W^fTeTa# \dbc QT ^U P SXUUTaT]c ]PcdaT P[c^VTcWTa%
=] cWT _aTRPaX^db \TcPQ^[XR R^]cX]dXch ^U ^aVP]XR U^a\# fXcW Xcb _Ta$
_TcdP[ cda]^eTa ^U R^]bcXcdT]cb# ]^ X]Tac bdQbcaPcd\# ]^ bX]V[T k_PcWl
P]S ]^ kQd]S[Tl ^U _PaP[[T[ _PcWb ^U R^cT\_^aP]T^db \T\QTab# Xb
PePX[PQ[T Pb aTUTaT]c U^a TgcTa]P[ XST]cXch% !FTT 5__T]SXg * c^ cWXb
9bbPh%" =]cTa]P[ XST]cXch ^U cWT fW^[T# caP]bRT]SX]V cWT R^[[TRcXeT ^]T
^U cWT _aTbT]c P]S eP]XbWX]V bdQbcaPcd\# \dbc b_P] cWT bWXUcX]V bdR$
RTbbX^]% FdRW X]cTa]P[ XST]cXch Xb X\_[XRXc X] cWT PSeT]cdaT ^U U^a\ P]S
Xb b_^]cP]T^db[h Pbbd\TS ^] Xcb TgcTa]P[# \^a_W^[^VXRP[ TeXST]RT
fWXRW P[^]T Xb ^_T] c^ X]b_TRcX^]% 6dc fWPc ZX]S ^U X]UTaT]RT Xb cWXb4
5]S Qh fW^\4 <^f RP] cWT d]_aT_PaTS ^QbTaeTa X]UTa fWPc ]^ \TaT
P]P[hbXb ^U cWT _WhbXRP[ aTR^aS fX[[ TeTa hXT[S4 GWT d]_aT_PaTS ^Q$
bTaeTa X]STTS RP]]^c1 X]STTS cWT ^QbTaeTa \dbc QT _aT_PaTS# Pb cWT
Wh_^cWTcXRP[ k_daT APcWT\PcXRXP]l Xb ]^c% GWT ^QbTaeTa ^U [XUT \dbc
QT _aT_PaTS Qh [XUT% =] ^cWTa f^aSb# ^aVP]XR TgXbcT]RT fXcW Xcb ^f]
Tg_TaXT]RT Xb aT`dXaTS ^U WX\bT[U U^a WXb QTX]V PQ[T c^ \PZT cWPc
X]UTaT]RT# fWXRW WT S^Tb \PZT P[[ cWT cX\T# P]S cWXb Xb cWT PSeP]cPVT
j _TaT]]XP[[h SXb^f]TS ^a b[P]STaTS X] cWT WXbc^ah ^U T_XbcT\^[^Vhj
^U ^da kWPeX]V#l cWPc Xb# QTX]V# Q^SXTb% GWdb fT 5E9 _aT_PaTS Qh fWPc
fT PaT% =c Xb Qh cWXb X]cTa_^[PcX^] ^U P] X]cTa]P[ XST]cXch P[^]T cWPc cWT
\TaT \^a_W^[^VXRP[ !P]S Pb bdRW \TP]X]V[Tbb" :57G ^U \TcPQ^[XR
R^]cX]dXch Xb R^\_aTWT]STS Pb P] X]RTbbP]c 57G% cWPc Xb# R^]cX]dXch Xb
R^\_aTWT]STS Pb bT[U$R^]cX]dPcX^]%
GWT X]ca^SdRcX^] ^U cWT cTa\ kbT[U#l d]Pe^XSPQ[T X] P]h STbRaX_cX^]
^U cWT \^bc T[T\T]cPah X]bcP]RT ^U [XUT# X]SXRPcTb cWT T\TaVT]RT# fXcW

(+% 7^]RTa]X]V cWT bX]V[T _PacXR[T# cWT]# cWT caPRTPQ[T bcTPSh _aTbT]RT
X] cWT R^]cX]dd\ Xb cWT b^[T ^_TaPcX^]P[ \TP]X]V ^U kXST]cXch#l P]S cWT
caPRTS k_PcWl Xb Xcb R^\_[TcT eTaXUXRPcX^]1 ]^ ^QeX^db R[PX\ c^ P] X]cTa]P[
_aX]RX_[T ^U XST]cXch# bdRW Pb aTcT]cXeT WXbc^aXRXch ^a _a^cT]cXeT daVT U^a
kbT[UUn$_Ta_TcdPcX^]# XbbdTb Ua^\ Xcb \P]]Ta ^U X]Tac _Ta\P]T]RT% 5]S
[PRZX]V P]h bdVVTbcX^] ^U P G<E95G c^ Xcb TgXbcX]V# cWT X\_dcPcX^] ^U R^]P$
cXeT X]fPaS]Tbb c^ Xcb T]SdaX]V bTT\b VaPcdXc^db%
=b ;^S P A PcWT\ PcXRXP]4 N /*
[XUT Pb bdRW# ^U X]cTa]P[ XST]cXchj P]S b^# Pb ^]T fXcW cWPc T\TaVT]RT#
Xcb bT[U$Xb^[PcX^] c^^ Ua^\ P[[ cWT aTbc ^U aTP[Xch% Da^U^d]S bX]V[T]Tbb
P]S WTcTa^VT]T^db]Tbb fXcWX] P d]XeTabT ^U W^\^VT]T^db[h X]cTaaT$
[PcTS TgXbcT]RT \PaZ cWT bT[UW^^S ^U ^aVP]Xb\% 5] XST]cXch fWXRW
Ua^\ \^\T]c c^ \^\T]c aTPbbTacb XcbT[U# PRWXTeTb XcbT[U# P]S STUXTb
cWT T`dP[XiX]V U^aRTb ^U _WhbXRP[ bP\T]Tbb P[[ Pa^d]S# Xb cad[h _XccTS
PVPX]bc cWT aTbc ^U cWX]Vb% =] cWT WPiPaS^db _^[PaXiPcX^] cWdb eT]cdaTS
d_^] Qh T\TaVX]V [XUT# cWPc fWXRW Xb ]^c XcbT[U P]S Q^aSTab ^] cWT
aTP[\ ^U X]cTa]P[ XST]cXch Ua^\ fXcW^dc Pbbd\Tb Pc ^]RT cWT RWPaPRcTa
^U PQb^[dcT ^cWTa]Tbb% GWT RWP[[T]VT ^U bT[UW^^S `dP[XUXTb P[[ cWXb
QTh^]S cWT Q^d]SPaXTb ^U cWT ^aVP]Xb\ Pb U^aTXV] P]S b^\TW^f ^_$
_^bXcT1 Pb kf^a[S#l X] fWXRW# Qh fWXRW# P]S PVPX]bc fWXRW Xc Xb R^\$
\XccTS c^ \PX]cPX] XcbT[U% JXcW^dc cWXb d]XeTabP[ R^d]cTa_Pac ^U ^cWTa$
]Tbb# cWTaT f^d[S QT ]^ kbT[U%l 5]S X] cWXb _^[PaXch ^U bT[U P]S f^a[S#
^U X]cTa]P[ P]S TgcTa]P[# R^\_[T\T]cX]V cWPc ^U U^a\ P]S \PccTa# cWT
QPbXR bXcdPcX^] ^U UaTTS^\ fXcW P[[ Xcb SPaX]V P]S SXbcaTbb Xb _^cT]$
cXP[[h R^\_[TcT%I=

I===
=c Xb cWT cPbZ ^U P _WX[^b^_WXRP[ QX^[^Vh c^ U^[[^f cWT d]U^[SX]V ^U cWXb
VTa\X]P[ UaTTS^\ X] cWT PbRT]SX]V [TeT[b ^U ^aVP]XR Te^[dcX^]% :^a
^da _aTbT]c _da_^bT# P UTf aT\PaZb \dbc bdUUXRT c^ X]SXRPcT b^\T ^U
cWT PccaXQdcTb fWXRW P[aTPSh cWT _aX\Pah [TeT[# STUX]TS Qh \TcPQ^[Xb\
Pb bdRW# SXb_[Phb P]S ^UUTab c^ Te^[dcX^] U^a UdacWTa T[PQ^aPcX^]%
GWTbT f^d[S QT bdRW cWPc QT[^]V c^ cWT TbbT]RT ^U [XUT%
Cda UXabc aT\PaZ R^]RTa]b fWPc fT \Ph RP[[ cWT cW^a^dVW[h kSXP$
[TRcXRP[l ]PcdaT ^U ^aVP]XR UaTTS^\# ]P\T[h# cWPc Xc Xb QP[P]RTS Qh P
R^aaT[PcXeT ]TRTbbXch# fWXRW QT[^]Vb c^ Xc Pb Xcb ^f] bWPS^f P]S Pb
bdRW aTRdab X]cT]bXUXTS Pc TPRW bcT_ c^ WXVWTa X]ST_T]ST]RT Pb cWT
kbWPS^fl _TRd[XPa c^ cWPc [TeT[% C] cWT QPbXR [TeT[# cWPc STUX]TS Qh
\TcPQ^[Xb\# cWXb S^dQ[T Pb_TRc bW^fb X] cWT cTa\b ^U \TcPQ^[Xb\
XcbT[U1 ST]^cX]V# ^] cWT bXST ^U UaTTS^\# P RP_PRXch ^U ^aVP]XR U^a\#
]P\T[h c^ RWP]VT Xcb \PccTa# \TcPQ^[Xb\ ST]^cTb T`dP[[h cWT XaaT\Xb$
bXQ[T ]TRTbbXch U^a Xc c^ S^ b^% =cb kRP]l Xb P k\dbc#l bX]RT Xcb TgTRd$
cX^] Xb XST]cXRP[ fXcW Xcb QTX]V% =c RP]# Qdc Xc RP]]^c RTPbT c^ S^ fWPc Xc
RP] fXcW^dc RTPbX]V c^ QT% GWdb cWT b^eTaTXV]ch ^U U^a\ fXcW aTb_TRc
c^ Xcb \PccTa Xb P[b^ Xcb bdQYTRcX^] c^ cWT ]TTS ^U Xc# Qh cWT X\_^bbXQX[$
/+ O G <9 D <9BCA 9BCB C: @ =: 9
Xch ^U Xcb aTbcX]V fXcW P]h R^]RaTcX^] PccPX]TS# cWPc Xb# fXcW P]h bX\d[$
cP]T^db bd\ ^U bcdUU fXcW fWXRW Xc WP__T]b c^ R^X]RXST X] P] X]bcP]c ^U
cX\T% GWXb X]SXVT]RT# b^ U^aTXV] c^ cWT bT[U$bdUUXRXT]Rh ^U \TaT \PccTa#
Xb ]^ [Tbb d]X`dT P SXbcX]RcX^] ^U [XUT cWP] Xb Xcb _^fTa# ^U fWXRW Xc Xb
Qdc cWT ^cWTa bXST1 Xcb [XQTach XcbT[U Xb Xcb _TRd[XPa ]TRTbbXch% GWXb Xb cWT
P]cX]^\h ^U UaTTS^\ Pc cWT a^^cb ^U [XUT P]S X] Xcb \^bc T[T\T]cPah
U^a\# cWPc ^U \TcPQ^[Xb\%
5 bTR^]S ^QbTaePcX^] X\\TSXPcT[h U^[[^fb1 X] ^aSTa c^ RWP]VT
\PccTa# cWT [XeX]V U^a\ \dbc WPeT \PccTa Pc Xcb SXb_^bP[# P]S Xc UX]Sb Xc
^dcbXST XcbT[U# X] cWT U^aTXV] kf^a[S%l GWTaTQh [XUT Xb cda]TS ^dcfPaS
P]S c^fPaS cWT f^a[S X] P _TRd[XPa aT[PcTS]Tbb ^U ST_T]ST]RT P]S
_^bbXQX[Xch% =cb fP]c V^Tb ^dc c^ fWTaT Xcb \TP]b ^U bPcXbUPRcX^] [XT1 Xcb
bT[U$R^]RTa]# PRcXeT X] cWT PR`dXbXcX^] ^U ]Tf \PccTa# Xb TbbT]cXP[
^_T]]Tbb U^a cWT T]R^d]cTa ^U ^dcTa QTX]V% GWdb kf^a[Sl Xb cWTaT
Ua^\ cWT TPa[XTbc QTVX]]X]V# cWT QPbXR bTccX]V U^a Tg_TaXT]RTj P W^aX$
i^] ^U R^$aTP[Xch cWa^f] ^_T] Qh cWT \TaT caP]bRT]ST]RT ^U fP]c
fWXRW fXST]b cWT bTR[dbX^] ^U X]cTa]P[ XST]cXch X]c^ P R^aaT[PcXeT RXa$
Rd\UTaT]RT ^U eXcP[ aT[PcX^]bWX_% =c Xb X\_^acP]c c^ bTT cWPc cWXb
kb_PcXP[l bT[U$caP]bRT]ST]RT# ^_T]X]V X]c^ P] T]eXa^]\T]c# Xb
Va^d]STS X] cWT Ud]SP\T]cP[ caP]bRT]ST]RT ^U ^aVP]XR U^a\ aT[PcXeT
c^ Xcb \PccTa# U^a Xc Xb cWXb fWXRW R^]bcXcdcX^]P[[h aTUTab Xc QTh^]S Xcb
VXeT] \PcTaXP[ R^\_^bXcX^] c^ U^aTXV] \PccTa Pb ]TTSTS P]S _^cT]$
cXP[[h Xcb ^f]% =] ^cWTa f^aSb# cWT bT[U$caP]bRT]ST]RT ^U [XUT X] WPeX]V
P f^a[S# fXcW P[[ Xcb _a^\XbT ^U WXVWTa P]S \^aT R^\_aTWT]bXeT
bcPVTb# b_aX]Vb Ua^\ cWT _aX\Pah P]cX]^\h ^U UaTTS^\ P]S ]TRTbbXch
X]WTaT]c X] ^aVP]Xb\ Pb bdRW%
GWXaS# cWTaT Xb X]fPaS]Tbb ^a bdQYTRcXeXch X]e^[eTS X] cWXb
caP]bRT]ST]RT# X\QdX]V P[[ cWT T]R^d]cTab ^RRPbX^]TS X] Xcb W^aXi^]
fXcW cWT `dP[Xch ^U UT[c bT[UW^^S# W^fTeTa UPX]c Xcb e^XRT% =c \dbc QT
cWTaT U^a bPcXbUPRcX^] ^a UadbcaPcX^] c^ \PZT P SXUUTaT]RT% JWTcWTa fT
RP[[ cWXb X]fPaS]Tbb UTT[X]V# bT]bXcXeXch P]S aTb_^]bT c^ bcX\d[db# P_$
_TcXcX^] ^a ]Xbdbj X] b^\T !TeT] XU X]UX]XcTbX\P[" STVaTT ^U kPfPaT$
]Tbbl Xc WPaQ^ab cWT bd_aT\T R^]RTa] ^U ^aVP]Xb\ fXcW Xcb ^f] QTX]V
P]S R^]cX]dPcX^] X] QTX]Vj cWPc Xb# Xc Xb bT[U$RT]cTaTSj P]S Pc cWT
bP\T cX\T QaXSVTb cWT `dP[XcPcXeT Vd[U c^ cWT aTbc ^U cWX]Vb Qh bT[TRcXeT
\^STb ^U E9?5G=BA fWXRW# fXcW cWTXa b_TRXUXR]Tbb P]S daVT]Rh# aT_[PRT
U^a cWT ^aVP]Xb\ cWT VT]TaP[ X]cTVaPcX^] ^U \PcTaXP[ ^QYTRcb X] cWTXa
_WhbXRP[ R^]cTgc% GWXb aTbcPcTb X] _Pac fWPc fPb bPXS QTU^aT PQ^dc cWT
bT[U$caP]bRT]ST]RT ^U [XUT% 6dc cWT ^_T] W^aXi^] \TP]b PUUTRcXeXch Pb
=b ;^S P A PcW T\ PcXRXP] 4 N /,
fT[[ Pb b_^]cP]TXch# ^dcfPaS Tg_^bdaT Pb fT[[ Pb ^dcfPaS aTPRW1 ^][h
Qh QTX]V bT]bXcXeT RP] [XUT QT PRcXeT% =] PUUTRcX^] Qh P U^aTXV] PVT]c#
cWT PUUTRcTS UTT[b XcbT[U# Xcb bT[UW^^S TgRXcTS# ^a X[[d\X]PcTS Pb Xc fTaT#
PVPX]bc cWT ^cWTa]Tbb fXcW^dc P]S cWdb bTc ^UU X] Xcb Xb^[PcX^]% 5c cWT
bP\T cX\T# QTh^]S P]S kcWa^dVWl cWXb X]]Ta bcPcT ^U TgRXcPcX^]# cWT
PUUTRcX]V _aTbT]RT Xb UT[c# Xcb \TbbPVT ^U ^cWTa]Tbb# W^fTeTa ^QbRdaT[h#
X]R^a_^aPcTS fXcWX]% 5b UT[c# cWT PUUTRcX]V PVT]c ^QcPX]b P _aTbT]RT ^U
b^acb kfXcWX]l cWT PUUTRcTS bdQYTRc% JXcW cWT UXabc SPf] ^U bdQYTRcXeT
aTU[Tg# cWT \^bc VTa\X]P[ kTg_TaXT]RTl ^U c^dRWX]V# P RaPRZ Pb Xc fTaT
^_T]b X] cWT ^_PRXch ^U SXeXSTS QTX]V# d][^RZX]V P SX\T]bX^] fWTaT
cWX]Vb \Ph TgXbc ^]RT \^aT X] cWT \^ST ^U ^QYTRc1 Xc Xb cWT SX\T]bX^]
^U X]fPaS]Tbb% 5b cWT ]TTS$X]b_XaTS X]cTaTbc bTTZb cWT ^cWTa# b^ cWT
d]X]eXcTS _aTbT]RT ^U cWT ^cWTa bd\\^]b cWT X]cTaTbc% 6dc TeT] XU
d]X]eXcTS# cWT aTPSX]Tbb U^a _aTbT]RT Pb bdRW Xb X] cWT ^aVP]Xb\2 P]S
TeT] aTYTRcX^] Qh PRc _aTbd__^bTb P__a^_aXPcX^] !X%T%# X]cTaX^aXiPcX^]"
Qh bT]bT% GWT _aX\Pah b^[XRXcPcX^] ^U caP]bRT]ST]RT X]STTS XbbdTb
Ua^\ cWT ^aVP]XR fP]c P]S Xb cWdb ^]T fXcW cWT R^\\Xc\T]c c^ PRcXe$
Xch1 Xc Xb ^dcV^X]V2 Qdc aTRT_cXeXch ^U bT]bT U^a cWT X]R^\X]V# cWXb
_PbbXeT bXST ^U cWT bP\T caP]bRT]ST]RT# T]PQ[Tb [XUT c^ QT bT[TRcXeT
P]S kX]U^a\TSl X]bcTPS ^U P Q[X]S Sh]P\Xb\% GWdb# X] UPRX]V ^dc$
fPaS# X]cTa]P[ XST]cXch QTR^\Tb cWT bdQYTRc$_^[T ^U P R^\\d]XRPcX^]
fXcW cWX]Vb \^aT X]cX\PcT cWP] cWPc QTcfTT] \TaT _WhbXRP[ d]Xcb# P]S
b^ cWT eTah ^__^bXcT ^U Xb^[PcX^] T\TaVTb Ua^\ cWT Xb^[PcX^] ^U cWT
^aVP]XR bT[U% <TaT PVPX] fT \TTc cWT SXP[TRcXRP[ bcadRcdaT _TaePSX]V
P[[ ^]c^[^VXRP[ RWPaPRcTab ^U [XUT# fWXRW RP] QT VaPb_TS ^][h Pb P
_PaPS^g ^U \PcTaXP[ TgXbcT]RT%
C]T [Pbc aT\PaZ% 6h cWT kcaP]bRT]ST]RTl ^U [XUT fT \TP] Xcb T]cTa$
cPX]X]V P W^aXi^]# ^a W^aXi^]b# QTh^]S Xcb _^X]c$XST]cXch% F^ UPa fT
WPeT R^]bXSTaTS cWT W^aXi^] ^U T]eXa^]\T]c fXcW cWT _aTbT]RT ^U
cWX]Vb# ^a# cWT TgcT]bX^] ^U aT[PcTS]Tbb X]c^ bX\d[cP]T^db b_PRT% 6dc
bT[U$R^]RTa]# PRcdPcTS Qh fP]c# cWa^fb ^_T] Pb fT[[ P W^aXi^] ^U cX\T
cWPc T\QaPRTb# ]^c ^dcTa _aTbT]RT# Qdc X]]Ta X\\X]T]RT1 cWT X\\X$
]T]RT ^U cWPc UdcdaT X]c^ fWXRW ^aVP]XR R^]cX]dXch Xb TPRW \^\T]c
PQ^dc c^ TgcT]S Qh cWT bPcXbUPRcX^] ^U cWPc \^\T]cnb fP]c% GWdb [XUT
Xb UPRX]V U^afPaS Pb fT[[ Pb ^dcfPaS P]S TgcT]Sb kQTh^]Sl Xcb ^f]
X\\TSXPRh X] Q^cW SXaTRcX^]b Pc ^]RT% =] UPRc# Xc UPRTb ^dcfPaS ^][h
QTRPdbT# Qh cWT ]TRTbbXch ^U Xcb UaTTS^\# Xc UPRTb U^afPaS1 b^ cWPc
b_PcXP[ _aTbT]RT Xb [XVWcTS d_ Pb Xc fTaT Qh cT\_^aP[ X\\X]T]RT P]S
Q^cW \TaVT X]c^ _Pbc Ud[UX[[\T]c !^a Xcb ]TVPcXeT# SXbP__^X]c\T]c%"
/- G <9 D < 9BCA 9BCB C: @ =: 9
GWdb cWT T[T\T]c ^U caP]bRT]ST]RT fT SXbRTa]TS X] cWT eTah ]PcdaT ^U
\TcPQ^[XiX]V TgXbcT]RT WPb U^d]S Xcb Ud[[Ta PacXRd[PcX^]1 Q^cW W^aXi^]b
X]c^ fWXRW [XUT R^]cX]dP[[h caP]bRT]Sb XcbT[U RP] QT caPRTS c^ cWT
caP]bXc^ah aT[PcX^] ^U ^aVP]XR U^a\ c^ Xcb ^f] \PccTa% GWT X]cTa]P[
SXaTRcX^] c^fPaS cWT ]Tgc X\_T]SX]V _WPbT ^U P QTX]V cWPc WPb c^
R^]cX]dT =GF9?: R^]bcXcdcTb QX^[^VXRP[ cX\T2 cWT TgcTa]P[ SXaTRcX^] c^$
fPaS cWT R^$_aTbT]c ]^c$XcbT[U fWXRW W^[Sb cWT bcdUU aT[TeP]c c^ Xcb
R^]cX]dPcX^] R^]bcXcdcTb QX^[^VXRP[ b_PRT% 5b cWT WTaT Tg_P]Sb X]c^
cWT cWTaT# b^ cWT ]^f Tg_P]Sb X]c^ cWT UdcdaT%
=c U^[[^fb cWPc# X] cWT X]cTa]P[ W^aXi^] TgcT]STS Qh cWT bT[U$caP]$
bRT]ST]RT ^U cWT ^aVP]XR k]^fl X]c^ cWT _a^RTbb ^U Xcb R^]cX]dXch# cWT
P]cXRX_PcX^] XU X\\X]T]c UdcdaT X] P__TcXcX^] Xb \^aT Ud]SP\T]cP[
cWP] cWT aTcT]cX^] ^U _Pbc X] \T\^ah% F^\T \TPbdaT ^U cWT [PccTa
\dbc X]STTS QT Pbbd\TS X] P[[ [XUT Pb cWT bdQYTRcXeT U^a\ ^U Xcb XST]$
cXch X] SdaPcX^]% :^a PQb^a_cX^] ^U cWT _Pbc X]c^ TPRW T\TaVX]V
_aTbT]c# cWPc Xb# kWXbc^aXRXchl Pb bdRW# TeT] ^U cWT QaXTUTbc b_P]# Xb cWT
_aTaT`dXbXcT ^U SdaPcX^]% 6dc UdcdaT Xb cWT S^\X]P]c cX\T$W^aXi^]
^_T]X]V QTU^aT cWT cWadbc ^U [XUT# XU 7BA79EA Xb Xcb _aX\Pah _aX]RX_[T ^U
X]fPaS]Tbb%
=c cWT] P[b^ U^[[^fb cWPc fXcW aTb_TRc c^ cWT ^aVP]XR b_WTaT# cWT
TgcTa]P[ [X]TPa cX\T$_PccTa] ^U P]cTRTST]c P]S bT`dT]c# X]e^[eX]V cWT
RPdbP[ S^\X]P]RT ^U cWT _Pbc# Xb X]PST`dPcT1 fWX[T \TaT TgcTa]P[Xch
Xb# Pc [TPbc RP] QT _aTbT]cTS Pb# fW^[[h STcTa\X]TS Qh fWPc Xc fPb# [XUT
Xb TbbT]cXP[[h P[b^ fWPc Xc Xb V^X]V c^ QT P]S Ydbc QTR^\X]V1 X] Xcb RPbT#
cWT TgcT]bXeT ^aSTa ^U _Pbc P]S UdcdaT Xb X]cT]bXeT[h aTeTabTS% GWXb Xb
cWT a^^c ^U cWT cT[T^[^VXRP[ ^a UX]P[XbcXR ]PcdaT ^U [XUT1 UX]P[Xb\ Xb X] cWT
UXabc _[PRT P Sh]P\XR RWPaPRcTa ^U P RTacPX] \^ST ^U TgXbcT]RT# R^X]RX$
ST]c fXcW cWT UaTTS^\ P]S XST]cXch ^U U^a\ X] aT[PcX^] c^ \PccTa# P]S
^][h X] cWT bTR^]S _[PRT P UPRc ^U bcadRcdaT ^a _WhbXRP[ ^aVP]XiPcX^]#
Pb TgT\_[XUXTS X] cWT aT[PcX^] ^U ^aVP]XR _Pacb c^ cWT fW^[T P]S X] cWT
Ud]RcX^]P[ UXc]Tbb ^U ^aVP]Xb\ VT]TaP[[h% JXcW cWXb 5aXbc^cT[XP] aT$
\X]STa fT \Ph aTcda] Ua^\ P]P[hbXb c^ SXbRdbbX^]%=K

=K
B^]T ^U cWT UTPcdaTb Ydbc bZTcRWTS WPb P _[PRT X] \PcWT\PcXRP[
STbRaX_cX^] ^U _WhbXRP[ T]cXcXTb2 P]S cWT ^aVP]Xb\ d]ST]XPQ[h Xb P
_WhbXRP[ T]cXch P]S Pb bdRW bdQYTRc c^ cWT d]XU^a\ STbRaX_cX^] X]
=b ;^S P A PcW T\ PcXRXP] 4 N /.
TgcT]bXeT# b_PcX^cT\_^aP[ cTa\b% 9gcTa]P[[h Xcb ^aVP]XiPcX^] _aTbT]cb
XcbT[U Pb P _PccTa] =A 9KG9AFB! P]S Xcb Ud]RcX^]X]V Pb cWT TgRTTSX]V[h
bdQc[T \TRWP]XRb ^U cWXb _PccTa]1 cWT _WhbXR^RWT\XRP[ P]P[hbXb ^U [XUT
PX\b Pc cWT R^\_[TcT d]aPeT[X]V ^U Q^cW# fWXRW \dbc P\^d]c c^ cWTXa
R^\_[TcT bdQbd\_cX^] Pb P b_TRXP[ RPbT d]STa cWT VT]TaP[ [Pfb ^U
_WhbXRP[ _PccTa]b% GWXb Xb QTRPdbT kd]aPeT[X]Vl \TP]b aTSdRcX^] c^
cWT T[T\T]cPah# fWXRW Xb kX]^aVP]XR#l cWPc Xb# [XUT[Tbb# P]S VT]TaP[#
cWPc Xb XST]cXRP[ cWa^dVW^dc ]PcdaTj b^ cWPc cWT bRXT]cXUXR d]STabcP]S$
X]V ^U [XUT R^\Tb c^ \TP] Xcb R^]RT_cdP[ PbbX\X[PcX^] c^ cWPc fWXRW Xb
]^c [XUT% =] cWT Ud[[]Tbb ^U bdRRTbb cWXb f^d[S aTbd[c X] cWT SXbP__TPa$
P]RT ^U [XUT Pb bdRW# R^X]RXST]c fXcW cWT Tg_[P]PcX^] ^U P[[ Xcb ^dcfPaS
_WT]^\T]Pj TgRT_c U^a cWT UPRc cWPc cWT bRXT]cXUXR d]STacPZX]V XcbT[U
Xb P] PRc ^U [XUT# P]S cWT bRXT]cXbc Xb P [XeX]V QTX]V P]S cWdb Qh ^aXVX]P[
Tg_TaXT]RT ^U [XUT bPeTS Ua^\ U^aVTccX]V cWPc cWTaT Xb kb^\TcWX]V T[bTl
c^ Xc% 6dc XU fT RaTSXc cWT \PcWT\PcXRP[ ;^S fXcW cWT Ud[[]Tbb ^U cWPc
fWXRW Wd\P] bRXT]RT PX\b Pc Qh aTSdRcX^]Xbc cTa\bj cWT d[cX\PcT
kP]P[hbXbljfWX[T ST]hX]V WX\ Pb P _daT X]R^a_^aTP[ X]cT[[TRc cWT
QT]TUXc ^U ^aVP]XR Tg_TaXT]RT# cWT] c^ WX\# fXcW cWT TgcT]bXeT _PccTa]
Uda]XbWX]V P[[ cWT SPcP U^a Xcb ^f] Tg_[P]PcX^]# [XUT XcbT[U f^d[S ]^c
TeT] QTR^\T eXbXQ[T# ]^a hTc P Q[P]Z X] Xcb _[PRT% 9hT f^d[S ]^c QT
aTR^V]XiTS Pb ThT# UTT[Ta ]^c Pb UTT[Ta# ^aVP]Xb\ ]^c Pb ^aVP]Xb\% :^a#
cPZT] Qh cWT\bT[eTb !Pb _^X]cTS ^dc QTU^aT"# cWT \PcTaXP[ T[T\T]cb
bPcXbUh# X] cWXb _aTRXbT[h Pb X] P]h ^cWTa R^]UXVdaPcX^]# P[[ cWT aT`dXaT$
\T]cb ^U cWT \TRWP]XbcXR bRWT\T P]S ^U Xcb \^STb ^U Tg_[P]PcX^] ^a
STbRaX_cX^]1 _PacXR[Tb PaT SaPf] X]c^ P]S _Pbb cWa^dVW RTacPX] R^]UXV$
daPcX^]b# T]cTa RTacPX] R^\QX]PcX^]b# PaT T]VPVTS X] RTacPX] T]TaVh
caP]bPRcX^]bj _Pbb ^dc PVPX] X]c^ ^cWTa UXT[Sb ^U aT[PcX^]% G^ cWT ^dc$
bXST# ^a TgcT]bXeT# eXTf cWTaT Xb ]^cWX]V T[bT c^ Xc% GWT VaTPcTa R^\$
_[TgXch ^U bdRW P bhbcT\ Xb ]^ TbbT]cXP[[h ]Tf UTPcdaT% GadT# Xc Xb P
_WhbXRP[[h X\_a^QPQ[T bhbcT\# Qdc cWT X\_a^QPQ[T# fWT] Xc WP__T]b#
Xb Ydbc Pb ]TRTbbPah Pb cWT \^bc _a^QPQ[T RPbT% 5]S fXcW cWT SXeX]T
\PcWT\PcXRXP]# U^a fW^\ cWT fW^[T SXUUTaT]RT ^U _a^QPQX[Xch P]S
X\_a^QPQX[Xch Xb aTb^[eTS X]c^ cWT ^]T d]XeTabP[ ]TRTbbXch# cWT d]XcPah
STbRaX_cX^] X] cTa\b ^U cWPc ]TRTbbXch f^d[S QT XSTP[[h R^\_[TcT# P]S
c^ cWT bP\T STVaTT TgR[dbXeT1 ]^c ^][h f^d[S Xc R^eTa P[[ cWT UPRcb# Pb
UPRcb V^ U^a cWXb ^QYTRc$_PccTa]# Xc f^d[S P[b^ X] Xcb R[^bT]Tbb [TPeT ]^
a^^\ U^a b[X__X]V X] P] PSSXcX^]P[# WTcTa^VT]T^db _aX]RX_[T% =] ^cWTa
f^aSb1 cWT SXeX]T \PcWT\PcXRXP]# QTX]V cWT XSTP[ _WhbXRXbc X] R^\$
// O G <9 D <9BCA 9BCB C: @ =: 9
_[TcT _^bbTbbX^] ^U cWT SPcP P]S fXcW _TaUTRc _^fTa ^U P]P[hbXb# f^d[S
PRR^d]c ^] WXb [X]Tb Pb TgWPdbcXeT[h U^a cWXb _WT]^\T]^] Pb U^a P]h
^cWTa X] cWT _WhbXRP[ d]XeTabT2 WT f^d[S QT ]TXcWTa X] ]TTS ]^a X]
R^\\P]S ^U P]h ^cWTa Pb_TRc1 cWTaT f^d[S QT ]^cWX]V [PRZX]V fXcWX]
cWPc R^]cTgc P]S WT f^d[S \Xbb ]^cWX]V%
LTc# fT Z]^f cWPc cWXb Xb ]^c cWT fW^[T cadcW QTRPdbT ^U fWPc
bRXT]RT [XZTb c^ RP[[ kbdQYTRcXeTl TeXST]RT% GWXb RP] QT SXb\XbbTS Pb
XaaT[TeP]c U^a cWT Tg_^bXcX^] ^U _WhbXRP[ ^QYTRcXeXch ^] TXcWTa ^U cWT
U^[[^fX]V cf^ R^d]cb1 TXcWTa cWPc cWT _WT]^\T]P ^U kbdQYTRcXeXchl
R^]bcXcdcT P] T]cXaT[h bT_PaPcT UXT[S fWXRW# fWPcTeTa Xcb \TcP_WhbXRP[
bcP]SX]V# S^Tb ]^c aTPRW QTh^]S XcbT[U !]^c# U^a X]bcP]RT# Qh X]cTaPR$
cX^]" P]S Xb cWdb Pb XU Xc fTaT ]^]TgXbcT]c X] cWT bhbcT\ ^U ]PcdaP[
RPdbTb P]S TUUTRcb2 ^a cWPc cWTh bcP]S X] P aT[PcX^] ^U d]X[PcTaP[ ST$
_T]ST]RT c^ cWXb bhbcT\ P]S RP] cWTaTU^aT Pc QTbc [Ph R[PX\ c^ P
STaXePcXeT P]S bTR^]SPah aTP[Xch# c^ QT Tg_[PX]TS Qh cWT _aX\Pah ^]T#
Qdc XcbT[U aTSd]SP]c X] P]h X\\P]T]c PRR^d]c ^U cWT [PccTa% GWT UXabc
^U cWTbT P[cTa]PcXeTb aT_aTbT]cb SdP[Xb\ ^U cWT 7PacTbXP] ZX]S# cWT
bTR^]S kT_X_WT]^\T]P[Xb\#l cWPc Xb# cWT \PcTaXP[Xbc PbbTacX^] cWPc
\X]S# ^a PfPaT]Tbb VT]TaP[[h# Xb ^][h P _^fTa[Tbb kT_X_WT]^\T]^]l
^a Qh_[Ph ^U _WhbXRP[ WP__T]X]Vb fWXRW U^[[^f cWTXa ^f] ad[Tb T]$
cXaT[h% CU cWTbT cf^# cWT \PcTaXP[XbcXR P[cTa]PcXeT Xb TPbX[h SXb_^bTS ^U
bX]RT# ST]hX]V cWT Pdc^]^\h ^U cWX]ZX]V# Xc X]eP[XSPcTb cW^dVWc P]S
cWdb SXb`dP[XUXTb XcbT[U Pb P aPcX^]P[ R^]cTgc ^U cW^dVWc# cWPc Xb# P]
PaVd\T]c R[PX\X]V cadcW ^] cWT \TaXcb ^U Xcb aTPb^]b P]S ]^c ^] cWT
\TaXc ^U Xcb UPRcdP[ WP__T]X]V% !FTT 5__T]SXg c^ :XUcW 9bbPh%" GWT
SdP[XbcXR P[cTa]PcXeT# W^fTeTa# QTX]V [^VXRP[[h R^]bXbcT]c X] XcbT[U# \dbc
QT YdSVTS Qh aTR^dabT c^ cWT UPRcb# ^U fWXRW k^aVP]Xb\l Xb P RadRXP[
^]T% JT cWTaTU^aT aTRPbc >TP]bnb ;^S ]^f X]c^ P eTabX^] ^U 8TbRPacTbn
;^S fW^ RaTPcTS Q^SXTb 5A8 \X]Sb1 WXb QTX]V P \PcWT\PcXRXP] cWT]
aT[PcTb c^ cWT UXabc ST_Pac\T]c# fWX[T WXb Z]^f[TSVT# ^U R^dabT# \dbc
R^\_aXbT Q^cW% JT T]S^f WX\ cWdb fXcW P Z]^f[TSVT# ^] cWT ^]T
WP]S# ^U cWT R^\_[TcT b_PRT$cX\T SPcP ^U cWT TgcT]bXeT \P]XU^[S# P]S
5ABG<9E Z]^f[TSVT ^U P[[ cWT X]bcP]RTb ^U kX]fPaS]Tbbl bRPccTaTS
cWa^dVW Xc fXcW^dc QTX]V _Pac ^U Xc%(, JWPc# cWT]# f^d[S bdRW P ;^S

(,% JT \dbc# ^U R^dabT# PS^_c P bcaXRc[h ]^]X]cTaPRcXeT eTabX^] ^U SdP[$


Xb\# bdRW Pb fPb STbXV]TS# X] cWT SXeTabT U^a\b ^U _bhRW^_WhbXRP[ _PaP[$
[T[Xb\# fXcW cWT b_TRXUXR _da_^bT ^U bPUTVdPaSX]V U^a bRXT]RT cWT W^\^$
=b ;^S P A PcW T\ PcXRXP] 4 N /0
QTW^[S fWT] b^\TcX\Tb bdaeThX]V WXb RaTPcX^]4
;^S X] WXb RaTPcXeT Z]^f[TSVT f^d[S QTW^[S# QTbXSTb cWT STPS
f^a[S ^U TgcT]STS ^QYTRcXeXch# P \d[cX_[T W^bc ^U X]SXeXSdP[XiTS bdQ$
YTRcXeXch# ^U \P]h bWPSTb ^U ^QbRdaXch P]S R[PaXchj TPRW fXcW P R^a$
aTb_^]SX]V[h bWPSTS _WT]^\T]P[ !_TaRTXeTS# bT]bTS# UT[c" k^QYTR$
cXeXch#l fWXRW ePaXTb Qdc P[fPhb R^X]RXSTb fXcW b^\T bTV\T]c ^a ^cWTa
^U aTP[ TgcT]bXch# _aTbT]cX]V Xc X] P _PacXRd[Pa# ^RRPbX^]P[[h bWXUcX]V
k_Tab_TRcXeTl Ua^\ fXcWX] cWT TgcT]STS \P]XU^[S2 P]S TPRW fXcW ^]T
_aTUTaaTS# d]ePahX]V aTVX^] Pc cWT RT]cTa ^U cWT ePaXPQ[T _Tab_TRcXeT#
SXbcX]VdXbWTS Pb kQT[^]VX]Vl c^ XcbT[U Pb Xcb kQ^Shl 1 P]S QTW^[S# cWXb
_WT]^\T]P[ aTVX^] WP__T]b X] TPRW RPbT c^ R^X]RXST fXcW b^\T PRcdP[
\PcTaXP[ bhbcT\ ^U C97H?=5E 5EE5A;9@9AG fXcWX] aTP[ TgcT]bXch GWTbT
bhbcT\b PaT fWPc fT RP[[ ^aVP]Xb\b P]S [XeX]V !Qdc cWTh PaT _Pac ^U
cWT STPS"# P]S fT \Ph RP[[ cWT\ cWPc TXcWTa Qh aTPb^] ^U cWTXa _T$
Rd[XPa _WhbXRP[ PaaP]VT\T]c P]S QTWPeX^a# ^a !cWT RW^XRT Xb ^dab" Qh
aTPb^] ^U cWTXa R^X]RXST]RT fXcW cWT _WT]^\T]P[ k\X]Tl$aTVX^] ^U P
bdQYTRcXeXch fWXRW cWdb# cW^dVW XcbT[U ]^]b_PcXP[# bTT\b [^RP[XiTS X]
cWT\% 9XcWTa$^a# R^X]RXST]RT# P]S WP__T]X]V PaT P[[ cWPc cWT _aT\XbTb
fPaaP]c c^ bPh# P]S cWXb [TPeTb ^_T]# X] cWTbT _PacXRd[Pa RPbTb# cf^
_PaP[[T[ P]S R^\_[T\T]cPah fPhb ^U STbRaXQX]V fWPc Xb [^RP[[h cWT
bP\T TeT]c1 TXcWTa X] cTa\b ^U ^dcfPaS]Tbb ^a X] cTa\b ^U X]fPaS]Tbb#
]TXcWTa STbRaX_cX^] X]cTaUTaX]V fXcW cWT ^cWTa P]S ]TXcWTa aT`dXbXcT U^a
cWT X]cTa]P[ R^\_[TcT]Tbb ^U cWT ^cWTa2 cWPc Xb# \^aT b_TRXUXRP[[h U^a
^da RPbT# ]^ cTa\b ^U cWT X]fPaS STbRaX_cX^] PaT aT`dXbXcT U^a cWT
R^\_[TcT]Tbb ^U cWT ^dcfPaS STbRaX_cX^]%
B^f XU cWXb R^]bcadRcX^]# W^fTeTa PacXUXRXP[# _a^eTb cT]PQ[T X] cWT
UPRT ^U cWT UPRcb# fT fX[[ VaP]c >TP]bnb R^]cT]cX^] fXcW cWT b^[T `dP[XUX$
RPcX^]# \T]cX^]TS PQ^eT# cWPc Xc Xb cWT kPaRWXcTRc ^U cWT @5G9E=5?
d]XeTabTl cWPc P__TPab Pb P _daT \PcWT\PcXRXP]% 6dc Xc Xb Ydbc X] cWT
UPRT ^U ^aVP]Xb\ cWPc cWT SdP[XbcXR R^]bcadRcX^] S^Tb QaTPZ S^f]% :Pa
Ua^\ cWTaT QTX]V Ydbc P R^X]RXST]RT ^U X]fPaS]Tbb fXcW b^\T X]SXUUTa$
T]c _Pacb ^U TgcT]bXch cWPc bX\_[h WP__T] c^ bTaeT Pb cWT RT]cTa$
aTVX^]b ^U P _WT]^\T]P[ ^dcfPaS]Tbb# cWTbT _PacXRd[Pa _Pacbj

VT]TXch P]S R[^bdaT ^U cWT \PcTaXP[ aTP[\% C] cWT ^cWTa WP]S# fT cPZT cWT
k\T]cP[l aTP[\ c^ R^\_aXbT 5?? U^a\b P]S VaPSTb ^U bdQYTRcXeT QTX]V#
S^f] c^ cWT SX\\Tbc kUTT[X]Vl ^U cWT P\^TQP# fWXRW Xb cWdb X]R[dSTS X]
cWT _bhRW^_WhbXRP[ SXRW^c^\h%
0' O G <9 D <9BCA 9BCB C: @ =:9
^aVP]Xb\bj PaT ^QeX^db[h BE;5A=M98 :BE X]fPaS]Tbb# U^a X]cTa]P[
XST]cXch# U^a X]SXeXSdP[Xchj P]S [Tbb ^QeX^db[h _TaWP_b Ua^\ cWT\ Pb
fT[[% GadT# cWXb Xb ^QeX^db ^][h c^ P \X]S T]Y^hX]V ^aVP]XR TgXbcT]RT
WX\bT[U# ^a c^ P R^a_^aTP[ bdQYTRc# P]S Xb T]cXaT[h ^dcbXST cWT VaPb_ ^U
Q^Sh[Tbb X]cT[[TRc fWT] R^]Ua^]cTS fXcW P E9F 9KG9AF5 fWXRW !^] cWT
SdP[XbcXR _aT\XbT" Xb ]^cWX]V T[bT% 6dc XU# ^] cWT _aT\XbTb ^U cWT
Tg_TaX\T]c# cWT TgcTa]P[ UPRcb ^U ^aVP]Xb\ X]STTS PaT PQb^aQTS fXcW
]^ aT\PX]STa X] cWT c^cP[ PRR^d]c ^U SXeX]T \PcWT\PcXRb# Pc cWT R^bc
^U cWTXa ]^c QTX]V aTR^V]XiPQ[T 5F UPRcb _TacPX]X]V c^ ^aVP]Xb\# cWXb
_TaUTRc b^[dcX^] ^U cWT R^\_dcX]V cPbZ f^d[S ]^c QTc^ZT] cWT bT[U$
bdUUXRXT]Rh ^U cWT b_PcXP[ R^]bXSTaTS Pb cWXb P]S ]^cWX]V T[bT# Qdc cWT
STUXRXT]Rh ^U P \TaT[h TgcT]bXeT STbRaX_cX^] ^U cWPc fWXRW TgWXQXcb cWXb
Pb_TRc% :^a !fXcW P_^[^VXTb U^a cWT cadXb\" ThTb S^ WPeT X] cWTXa
_WhbXRP[ \PZT$d_ P aTUTaT]RT c^ bTTX]V# P]S TPab c^ WTPaX]V# P]S
^aVP]b VT]TaP[[h c^ cWTXa _TaU^a\P]RTj P]S# \^aT VT]TaP[[h bcX[[#
^aVP]Xb\b c^ [XeX]V% GWXb Xb ]^c Ydbc P] PSSXcX^]P[ Pb_TRc ^U cWT\# ^a
P] ^_cX^]P[ \^ST ^U X]cTa_aTcPcX^]1 Xc Xb cWTXa ^f] cT[T^[^VXRP[ ]PcdaT%
<^fTeTa R^\_[TcT cWT _WhbXR^RWT\XRP[ P]P[hbXb ^U cWT R^\_^bXcX^]
^U cWT ThT P]S ^U cWT _a^RTbbTb PccT]SX]V Xcb bcX\d[PcX^] \Ph QT# ]^
PRR^d]c ^U Xcb R^]bcadRcX^] P]S Ud]RcX^]X]V Xb \TP]X]VUd[ fXcW^dc
aT[PcX]V Xc c^ bTTX]V% 5]S fWPc Xb _[PX] X] b^ WXVW[h b_TRXP[XiTS P RPbT
Xb cadT X] _aX]RX_[T U^a cWT fW^[T R[Pbb ^U \PcTaXP[ cWX]Vb fT RP[[
^aVP]Xb\b# cW^dVW Xc QTR^\Tb TPbXTa c^ SXbaTVPaS# U^a _da_^bTb ^U
_WhbXRP[ STbRaX_cX^]# cWT \^aT fT STbRT]S c^ cWT [^fTa ad]Vb ^U cWT
[PSSTa ^U [XUT$U^a\b# cWPc Xb# fXcW STRaTPbT X] R^\_[TgXch ^U ^aVP]XiP$
cX^] P]S X] SXUUTaT]cXPcX^] ^U Ud]RcX^] !P]S# _aTbd\PQ[h# R^aaTb_^]S$
X]V STRaTPbT ^U PfPaT]Tbb"% 6dc cWTaT Xb P[fPhb cWT _da_^bXeT]Tbb ^U
^aVP]Xb\ Pb bdRW P]S Xcb R^]RTa] X] [XeX]V1 TUUTRcXeT P[aTPSh X] P[[
eTVTcPcXeT cT]ST]Rh# PfPZT]X]V c^ _aX\^aSXP[ PfPaT]Tbb X] cWT SX\
aTU[TgTb# cWT aTb_^]SX]V XaaXcPQX[Xch ^U [^f[h ^aVP]Xb\b2 \^aT b^ X]
daVT P]S TUU^ac P]S P]VdXbW ^U P]X\P[ [XUT T]S^fTS fXcW \^cX[Xch P]S
bT]bT$^aVP]b2 aTPRWX]V bT[U$caP]b_PaT]Rh X] R^]bRX^db]Tbb# fX[[ P]S
cW^dVWc ^U \P]1 P[[ cWTbT QTX]V X]fPaS Pb_TRcb ^U cWT cT[T^[^VXRP[ bXST
X] cWT ]PcdaT ^U k\PccTa%l <^f cWXb UX]P[Xb\ cP[[XTb# X] cWT bP\T
f^a[S# fXcW \TRWP]XRP[ RPdbP[Xch fW^bT aTP[Xch RP]]^c QT ST]XTS
TXcWTa Xb P _a^Q[T\ ]^c c^ QT kb^[eTSl Qh bPRaXUXRX]V P] TeXST]RT
!_da_^bXeT]Tbb" c^ P cWT^aT\ !TgR[dbXeT]Tbb ^U 75HF5 9::=7=9AF
fWXRW fPb STaXeTS Qh VT]TaP[XiPcX^] Ua^\ P]^cWTa TeXST]RT2 Qdc# XU
b^[ePQ[T Pc P[[# ^][h Qh caTPcX]V Xc Pb cWT _a^U^d]S[h RWP[[T]VX]V P]S
=b ;^S P A PcW T\ PcXRXP] 4 N 0(
Pb hTc R^\_[TcT[h d]bTcc[TS _a^Q[T\ Xc Xb% 5c P[[ TeT]cb# cWT cT[T^[^VX$
RP[ bcadRcdaT P]S QTWPeX^a ^U ^aVP]Xb\ Xb ]^c Ydbc P] P[cTa]PcXeT
RW^XRT ^U STbRaX_cX^]1 Xc Xb# ^] cWT TeXST]RT ^U TPRW ^]Tnb ^f] ^aVP]XR
PfPaT]Tbb# cWT TgcTa]P[ \P]XUTbcPcX^] ^U cWT X]fPaS]Tbb ^U bdQbcP]RT%
G^ PSS cWT X\_[XRPcX^]b1 cWTaT Xb ]^ ^aVP]Xb\ fXcW^dc cT[T^[^Vh2
cWTaT Xb ]^ cT[T^[^Vh fXcW^dc X]fPaS]Tbb2 P]S1 [XUT RP] QT Z]^f] ^][h
Qh [XUT%

K
GWXb Xb cWT PSeP]cPVT fT _^^a \^acP[b WPeT ^eTa >TP]bnb \PcWT\PcX$
RP[ ;^S1 WP__T]X]V c^ QT [XeX]V \PcTaXP[ cWX]Vb ^dabT[eTb# fT WPeT X]
^da bT[U$Tg_TaXT]RT# Pb Xc fTaT# _TT_W^[Tb X]c^ cWT X]fPaS]Tbb ^U bdQ$
bcP]RT# cWTaTQh WPeX]V P] XSTP !^a cWT _^bbXQX[Xch ^U WPeX]V P] XSTP"
]^c ^][h ^U W^f aTP[Xch Xb b_aTPS P]S X]cTaPRcb X] TgcT]bXch# Qdc ^U
W^f Xc =F c^ 69 aTP[ P]S c^ PRc P]S c^ QT PRcTS d_^]% 5]S fT RP] bcX[[
R^]caXeT# Qh RTacPX] PRcb ^U PQbcaPRcX^]# c^ QT 5?FB \PcWT\PcXRXP]b
P]S \PcWT\PcXRP[ _WhbXRXbcb1 kP[b^lj c^ QT k]^cWX]V Qdcl P \PcWT$
\PcXRP[ _WhbXRXbc Xb _[PX] PQbdaSXch%
GWT TeXST]RT fT UX]S X] ^dabT[eTb Xb P] X]cTVaP[ _Pac ^U cWT TeX$
ST]RT R^]RTa]X]V [XUT fWXRW Tg_TaXT]RT _dcb Pc ^da SXb_^bP[% GWPc Xc
\dbc QT dbTS RaXcXRP[[h c^ Pe^XS cWT _XcUP[[b ^U P]cWa^_^\^a_WXb\
V^Tb fXcW^dc bPhX]V% 6dc dbTS Xc \dbc QTj P]S Pb P \PccTa ^U UPRc#
\^bc ^U cWT cX\T Xc Xb# W^fTeTa \dRW QX^[^VXbcb P]S QTWPeX^aXbcb \Ph
PbbdaT db P]S cWT\bT[eTb ^U cWT R^]caPah% 9[bT cWTh f^d[S P[c^VTcWTa
\Xbb cWT TgXbcT]RT ^U [XUT Pa^d]S cWT\ P]S cWdb WPeT ]^ ^QYTRc U^a
X]`dXahj cWT R^]RaTcT :EB@ fWXRW c^ \PZT cWTXa PQbcaPRcX^]bjc^
QTVX] fXcW% GWTh f^d[S cWT] bWPaT X] cWT SXeX]T _^eTach ^U cWT k]^cW$
X]V Qdcl != cPZT cWXb c^ QT cWT \TP]X]V ^U k_daTl " \PcWT\PcXRXP]$
RaTPc^a1 ]^c cWT \^bc R^\_[TcT P]P[hcXRP[ aTR^aS# S^f] c^ cWT \X]$
dcTbc STcPX[# ^U cWT b_PRT$cX\T SPcP ^U P] ThT$U$^_cXR ]TaeT$Y$eXbdP[
R^acTg# TcR%# XU bdRW SPcP QT WXb BA?L cTa\b# f^d[S T]PQ[T <=@ c^ X]UTa
cWPc X] P VXeT] RPbT P] PRc ^U eXbX^] ^RRdabj]^c Z]^fX]V X] cWT UXabc
_[PRT fWPc kbTTX]Vl R^d[S _^bbXQ[h \TP]% 6dc fWTaT WXb SXbT\Q^SXTS
VT^\TcaXRP[ X]cT[[XVT]RT UPX[b# fT k^U cWT TPacW# TPacWh#l P]S WPeX]V
ThTb ^dabT[eTb# S^ Z]^f !P]S ]^c \TaT[h X]UTa" cWPc cWT ^aVP]XR
X]SXeXSdP[ T]S^fTS fXcW cW^bT bcadRcdaTb bTTb fXcW cWT\# fWPcTeTa
cWT _WhbXRb X]e^[eTS%
JT QTVX] c^ bdb_TRc cWPc cWT k\PcTaXP[l fWXRW cWT ;aTPc APcWT$
0) O G <9 D < 9BCA 9BCB C: @ =: 9
\PcXRXP] WPS c^ dbT U^a T\Q^ShX]V WXb XSTPb WPS P] X]caX]bXR ]PcdaT ^U
Xcb ^f]# d]Z]^f] c^ WX\ P]S d]_a^eXSTS U^a X] WXb bRWT\Tj _a^_Ta$
cXTb fWXRW U^d]S cWTXa ^__^acd]Xch P[^]V cWT R^dabT ^U \TRWP]XRP[
Te^[dcX^] c^ aTP[XiT# X] cWT bTT\X]V Pdc^\PcXb\ ^U RPdbP[ bT`dT]RT#
b^\T ^U cWT WXSST] _^cT]cXP[XcXTb ^U ^aXVX]P[ bdQbcP]RT1 ^U fWXRW
aTP[XiPcX^] fT PaT X]bcP]RTb% GWdb QTcaPhTS X]c^ R^]bcadRcX]V P \P]X$
U^[S fXcW P cT]ST]Rh ^U Xcb ^f]# fWPc cWT \PcWT\PcXRXP] RaTPcTb WT
Z]^fTcW ]^c% :^a WX\ ThTb S^ ]^c bTT# P]S TPab S^ ]^c WTPa% <T
aTbT\Q[Tb \dRW \^aT cWT 8T\XdaVT ^U cWT ;]^bcXRb# fW^ RaTPcTb cWT
f^a[S X] XV]^aP]RT ^U fWPc WT [Tcb WX\bT[U X] U^a# cWP] cWT 8T\XdaVT
^U D[Pc^ fW^ RaTPcTb cWT f^a[S ^dc ^U Z]^f[TSVT%
GWT T]S ^U ^da X]`dXah Xb ^][h cWT cWaTbW^[S ^U \dRW [PaVTa cPbZb#
fWXRW# = QT[XTeT# PaT \^aT cWP] TeTa X\_^bTS ^] _WX[^b^_Wh% GWTh
PaT1 P _WX[^b^_WXRP[ QX^[^Vh fXcW^dc fWXRW cWTaT RP]]^c QT P _WX[^b^$
_Wh ^U \P] ^] cWT ^]T WP]S P]S P _WX[^b^_Wh ^U ]PcdaT ^] cWT ^cWTa2
P]S P ]Tf TgP\X]PcX^] ^U 75HF5 fXcW^dc fWXRW cWTbT cWaTT RP]]^c QT
Qa^dVWc X]c^ [X]T% 6dc fXcW aTVPaS c^ cWT X\\TSXPcT XbbdT ^U cWXb TbbPh
= cadbc cWPc cWT U^aTV^X]V bdUUXRTb c^ bW^f fWh = R^]R[dST kUa^\ cWT
X]caX]bXR TeXST]RT ^U WXb RaTPcX^]l cWPc Xcb 7aTPc^a \dbc QT SXUUTaT]c
Ua^\ fWPc cWT \TcP_WhbXRXP] >TP]b cWX]Zb WX\ c^ QTj c^ cWT bP\T
TgcT]c cWPc RaTPcX^]# cWPc Xb# QTX]V# Xb SXUUTaT]c Ua^\ fWPc cWT \PcWT$
\PcXRP[ _WhbXRXbc >TP]b R^]RTXeTb Xc c^ QT% GWTaTU^aT# ^da UX]P[ P]bfTa
c^ cWT `dTbcX^]# k=b ;^S P APcWT\PcXRXP]4lj \TP]X]V TbbT]cXP[[h
P]S _daT[h P \PcWT\PcXRXP]# TeT] fXcW aTb_TRc c^ cWT @5G9E=5? d]X$
eTabT P[^]TjXb P SXbcX]Rc kB^%l

5 DD9B8=K ( !_% -."


-BG9 BA G<9 )E99> 2F9 B: ,5G<9@5G=7F =A
G<9 *AG9ECE9G5G=BA B: -5GHE9
G^ P__[h \PcWT\PcXRb c^ ]PcdaP[ _WT]^\T]P# ^a c^ R[PX\ P \PcWT\PcX$
RP[ RWPaPRcTa U^a bdRW _WT]^\T]P# RP] \TP] SXUUTaT]c cWX]Vb ST_T]SX]V
^] fWTcWTa Xc aTUTab c^ cWT bcadRcdaTb ^a c^ cWT Sh]P\XRb ^U ]PcdaT# c^ Xcb
U^a\b ^U ^aSTa ^a c^ cWT RWP]VTb X] cWT R^dabT ^U fWXRW cWTh T\TaVT% GWT
;aTTZ P__a^PRW aT_aTbT]cb cWT UXabc P[cTa]PcXeT% :^a cWT DhcWPV^aTP]b# cWT
\PcWT\PcXRP[ X]cTa_aTcPcX^] ^U aTP[Xch R^]bXbcTS X] STUX]X]V P bcadRcdaP[
fW^[T Qh cWT ]d\TaXRP[ _a^_^acX^]b# _aX\PaX[h ^U b_PcXP[ SX\T]bX^]b# cWPc
W^[S P\^]V Xcb _aX]RX_P[ _Pacb ^a QTcfTT] XcbT[U P]S aT[PcTS bcadRcdaTb%
GWXb \PcaXg ^U _a^_^acX^]b X] fWXRW P \P]XU^[S fPb U^d]S c^ QT X]cTaaT$
G <9 ; E99? H F9 C: A 5G<9A5G=7F N 0*
[PcTS _a^eXSTS cWT SXbcX]RcXeT# ^aSTaX]V UTPcdaT ^U Xc P]S fPb cWTaTU^aT
aTVPaSTS Pb cWT aPcX^]P[T ^U Xcb fW^[T]Tbb% GWT kaPcX^l Xb cWT ?B;BFO ^U P
cWX]V# cWPc fWXRW R^]bcXcdcTb Xc cWT cWX]V Xc Xb% :^a TgP\_[T# cWT ^RcPeT WPb
cWT aPcX^ cf^ c^ ^]T1 cWXb cWT] Xb Xcb ?B;BF! cWT _aX]RX_[T ^U Xcb QTX]V# fWXRW
P]cTRTSTb P]S ^dc[Pbcb P]h _PacXRd[Pa ^RRdaaT]RT ^U Xc% FX]RT ^]T P]S cWT
bP\T PQbcaPRc aPcX^ f^d[S aTRda X] SXUUTaT]c T]cXcXTb P]S ^] ePbc[h SXUUTaT]c
bRP[Tb X] cWT ^aSTa ^U cWX]Vb# P]P[^VXTb ^a T`dPcX^]b R^d[S QT TbcPQ[XbWTS
cWa^dVW^dc cWT d]XeTabT2 P]S cWT SXbR^eTah ^U cWXb _^bbXQX[Xch X] P UTf
bcaXZX]V X]bcP]RTb _a^\_cTS cWT bfTT_X]V R^]RT_cX^] ^U ^]T P[[$R^\_aT$
WT]bXeT +B;BF Pb cWT _aX]RX_[T ^U k_a^_^acX^] X] XcbT[U#l _TaePSX]V cWT
fW^[T d]XeTabT# fWXRW Qh cWXb UPRc Pbbd\Tb cWT RWPaPRcTa ^U ^]T R^b\^b%
=c U^[[^fb cWPc ?B;BF Pb P__[XTS c^ aTP[Xch Xb P bT[TRcXeT bcP]SPaS fWXRW
b^\T _WT]^\T]P R^\T d_ c^ P]S ^cWTab S^ ]^c% :^a ^][h cWPc Xb P cadT
kaPcX^l fWXRW RP] QT Tg_aTbbTS X] kaPcX^]P[l ]d\QTab# fWX[T X]R^\\T]$
bdaPcT _a^_^acX^]b PaT kXaaPcX^]P[l1 cWT X]UX]Xch X]e^[eTS X] cWT\ Xb P
STUXRXT]Rh c^ cWT ;aTTZ \X]S# fWXRW RWTaXbWTS UX]XcT]Tbb Pb cWT \PaZ ^U
cadT QTX]V P]S cWT _aTaT`dXbXcT U^a Xcb QTX]V Z]^f]% GWT [PccTa Xb aTP[[h cWT
aTPb^] U^a cWT U^a\TajcWT UXabc X]bcP]RT X] WXbc^ah ^U cWXb aTRdaaT]c DH=8
CEB DHB# GWT X]cT[[TRcdP[ bPcXbUPRcX^] X] cWTbT STcTa\X]PcT aT[PcX^]b#
VT^\TcaXRP[ P]S ]d\TaXRP[# P]S X] cWTXa X]caX]bXR aPcX^]P[Xch# caP]b_^bTS
XcbT[U SXaTRc[h X]c^ cWT QT[XTU cWPc WTaT Xb cadT QTX]V P]S _TaUTRcX^]% GWT
c^]Tb ^U P WPa\^]h R^\T P]S V^# P]S Xc \Ph QT X\_daT1 cWT ?B;BF fWXRW
\PZTb cWT\ P WPa\^]h Xb X\_TaXbWPQ[T# P]S cWT bP\T TPRW cX\T cWT
X\_TaUTRc \PcTaXP[ WPa\^]h ^RRdab% 5b Xcb TcTa]P[ cadcW# cWT ?B;BF Xb cWT
\TPbdaT ^U# P]S Pc cWT bP\T cX\T cWT aTPb^] U^a# TPRW X]bcP]RT ^U cT\$
_^aP[ WPa\^]h% GWdb \TPbdaTb P]S _a^_^acX^]b# d[cX\PcT[h Tg_aTbbXQ[T X]
]d\QTab# PaT cWT TbbT]RT ^U cWX]Vb%
=U fT XV]^aT cWT \TcP_WhbXRP[ Pb_TRc P]S [^^Z ^][h Pc cWT fPh X] fWXRW
\PcWT\PcXRb Xb WTaT P__[XTS c^ _WT]^\T]P# fT UX]S cWPc cWXb P__[XRPcX^] Xb
\^a_W^[^VXRP[# P]S STbRaX_cXeT ]^c ^U cWT X]cTa_[Ph ^U R^\_^]T]c UPRc^ab
Qdc ^U cWT U^a\ ^U bT[TRcTS R^\_^d]S fW^[Tb% =cb ^QYTRcb PaT bdRW T]Sda$
X]V bcadRcdaTb ^U U^a\ Pb \Ph QT TgcaPRcTS Ua^\ cWT U[dg ^U cWX]Vb Qdc PaT
]^c ^U cWT U[dg# P]S RP] QT STbRaXQTS X] cTa\b ^U bcPQ[T ]d\TaXRP[ aT[P$
cX^]b% GWTXa Tg_aTbbX^] U^a\b P bcPcT\T]c ^U kcWPcl P]S ]^c P] Tg_[P]P$
cX^] ^U kW^fl P]S kfWh%l GWT cWT^ah ^U cWT WTPeT]b# QTX]V kcWT^ahl X]
cWT ^aXVX]P[ bT]bT ^U R^]cT\_[PcX^]# VXeTb ]^c cWT \TRWP]XRb ^U cWT WTPe$
T]b# Qdc P bh]cWTbXb ^U Xcb kaTbd[cP]cl !Pb J9 bW^d[S bPh" _WhbX^V]^\h ^U
VT^\TcaXRP[ P]S PaXcW\TcXRP[ UTPcdaTb% 5b STbRaX_cXeT \^a_W^[^Vh# cWXb
7<5E57G9E=FG=75 @5G<9@5G=75 ^U aTP[Xch Xb TbbT]cXP[[h bcPcXR# VPcWTaX]V Xcb
SPcP X]c^ cWT k_aTbT]cl ^U cWT `dXTbRT]c U^a\% 9eT] fWTaT \^cX^] Xb
X]e^[eTS P\^]V cWT d]RWP]VX]V caPXcb X] cWT _XRcdaT# Pb fXcW cWT bcPab X]
0+ O G <9 D < 9BCA 9BCB C: @ =: 9
cWTXa R^dabTb# cWT bdRRTbbXeT _WPbTb PaT aTVXbcTaTS Pb Xc fTaT X] XSTP[
YdgcP_^bXcX^]# Pb \TaT \^\T]cb X] cWT bT[U$R^\_[TcX^] ^U cWT c^cP[ U^a\%
GWT aT[PcXeT SdaPcX^]b PaT cWT\bT[eTb T]SdaX]V \^a_W^[^VXRP[ UTPcdaTb X]
cWT TgWXQXcTS fW^[T# c^VTcWTa fXcW cWT VT^\TcaXRP[ _a^_TacXTb ^U cWT b_PcXP[
R^dabTb STbRaXQTS cWa^dVW cWTXa bT`dT]RT% =] UPRc cWTaT Xb cWT T]R^\_Pbb$
X]V _aTbT]c ^U TcTa]P[[h aTRdaaX]V bT[U$_TaU^a\P]RT# fWTaT P[[ _WPbTb PaT
^] P] T`dP[ U^^cX]V Pb X]cTVaP[ _Pacb ^U cWT ^]T P]S XST]cXRP[ fW^[T% =]
TeXST]RT ^U cWXb# cWT WTPeT][h Q^SXTb fTaT R^]RTXeTS ]^c Pb _^X]cb fXcWX]
P e^XS# fWXRW f^d[S WPeT ]^ aTUTaT]RT c^ P _PcW X] _Pbc P]S UdcdaT# Qdc Pb
UXgTS TPRW X] P R^\_[TcT b_WTaT# cWT k^aQ#l fWXRW R^]cPX]b Xcb bdRRTbbXeT
_PcW# cWT k^aQXc#l X] cWT bX\d[cP]TXch ^U P] TeTa$_aTbT]c U^a\%
GWT DhcWPV^aTP]b QT[XTeTS cWTbT WTPeT][h ^aQb c^ QT PaaP]VTS X]
]d\TaXRP[ aPcX^b ^U SXbcP]RTb T`dP[X]V cW^bT ^U cWT R^]R^aSP]c X]cTaeP[b X]
cWT \dbXRP[ bRP[T P]S b^ R^]RTXeTS cWT \PV]XUXRT]c XSTP ^U cWT WPa\^]h
^U cWT b_WTaTb% GWXb \Ph bTT\ c^ QT P] PTbcWTcXR aPcWTa cWP] P bRXT]cXUXR ^a
aPcX^]P[ R^]RT_cX^]# Qdc Xc \dbc QT aT\T\QTaTS cWPc cWT R^aaT[PcX^] ^U cWT
R^b\XR fXcW cWT \dbXRP[ WPa\^]h fPb QPbTS ^] bcaXRc[h \PcWT\PcXRP[
!cW^dVW Pbca^]^\XRP[[h Taa^]T^db" Va^d]Sb# P]S cWT X]PdSXQ[T R^b\XR
\dbXR fPb X]UTaaTS Ua^\ cWT\%
=STPb ^U QTPdch ^a _TaUTRcX^] PaT Pb P[XT] c^ \^STa] _WhbXRb Pb cWTh
fTaT X]WTaT]c X] ;aTTZ R^b\^[^Vh ^U cWT S^\X]P]c ch_T !cWT 5c^\Xbcb
P[fPhb TgRT_cTS"% 5aXbc^cT[XP] R^b\^[^Vh _a^eXSTb P]^cWTa TgP\_[T% GWT
_TaUTRcX^] ^U cWT RT[TbcXP[ \^cX^]# cWT] R^]RTXeTS Pb b_WTaXRP[# aTbXSTb X]
cWT \PcWT\PcXRP[ eXacdTb ^U cWT RXaR[T# cWT \^bc _TaUTRc ^U UXVdaTb2 P]S cWXb
TgRT[[T]RT# T]cPX[X]V Pb Xc SXS _Ta\P]T]c R^\_[TcT]Tbb P]S X\\dcPQX[Xch#
\PST cWT bcT[[Pa f^a[S cWT _daTbc T\Q^SX\T]c ^U cWT SXeX]T !X%T%# aPcX^]P["
]PcdaT ^U cWT d]XeTabT# cWT R[^bTbc cT\_^aP[ P__a^gX\PcX^] c^ cWT cX\T[Tbb
bT[U$R^]cPX]TS]Tbb ^U cWT H]\^eTS A^eTa fW^ ZTT_b cWT d]XeTabT V^X]V
Pb Xcb UX]P[ RPdbT% C]RT PVPX] cWT R^\QX]PcX^] ^U P VT^\TcaXRP[ XSTP[ fXcW
P cT[T^[^VXRP[ _PccTa] ^U RPdbP[Xch Xb P] XSTP U^a fWXRW \^STa] bRXT]RT WPb
]^ a^^\% 6h cWT cX\T ^U cWT VaTPc 5[TgP]SaXP] Pbca^]^\Tab# c^ QT bdaT#
bRXT]cXUXR aXV^a WPS bd__aTbbTS \dRW ^U cWT b_TRd[PcXeT UP]Rh ^U TPa[XTa
cX\Tb% LTc cWT \^a_W^[^VXRP[ P__a^PRW aT\PX]TS2 TeT] P Dc^[T\PTdb SXS
]^c SaTP\ ^U eX^[PcX]V cWT X]cTVaXch ^U cWT RT[TbcXP[ \^cX^]b Qh P]h
aTSdRcX^] c^ ed[VPa# bdQ[d]Pa \TRWP]XRb2 P]S cWT _TaUTRcX^] ^U cWT RXaR[T
bcX[[ WPd]cTS 7^_Ta]XRdb Pb P] PgX^\ ^U Pbca^]^\h%
GWdb cWT P__[XRPcX^] ^U \PcWT\PcXRb c^ ]PcdaT R^]U^a\TS c^ cWT fW^[T
b_XaXc ^U ;aTTZ ]PcdaP[ _WX[^b^_Wh fWXRW SfT[c ^] R^\_[TcT bcadRcdaTb ^U
U^a\# fXcW P] Pdc^]^\^db bcPcdb c^ cWTXa fW^[T]Tbb# P]S _PccTa]TS
R^b\^[^Vh PRR^aSX]V[h% GWT bhbcT\ ^U cWT f^a[S fPb ^]T ^U fW^[Tb fXcWX]
fW^[Tb ^U TeTa$fXST]X]V R^\_aTWT]bXeT]Tbb# Rd[\X]PcX]V X] cWT 7^b\^b
B CG9 CB J <=G9<958 nF D <=@CFCD<L C: C E;5B=FA N 0,
WX\bT[U# cWT d[cX\PcT P[[$T\QaPRX]V fW^[T# cWT bd_aT\T kC]T X] AP]hl ^U
WXb ^f] T]S# X] cWT [XZT]Tbb ^U P [XeX]V Q^Sh% G^ cWT bP\T _PccTa] R^aaT$
b_^]Sb TeTah T]cXch X] ]PcdaT# XU X] [TbbTa STVaTTb ^U R^\_[TcT]Tbb P]S bT[U$
bdUUXRXT]Rh% 9PRW Xb _Pac ^U P VaTPcTa fW^[T# P] T]S X] XcbT[U P]S P fW^[T
U^a Xcb _Pacb% GWdb cWT X]cTVaP[ fW^[T# aT_aTbT]cTS Qh U^a\ Pb bdRW P]S
aTP[XiTS X] cWT d]XeTabT Pb cWT c^cP[ U^a\# fPb cWT d[cX\PcT cTa\ X] cWXb
^]c^[^Vh# Ydbc Pb R^]eTabT[h cWT b\P[[Tbc _Pacj^U \PccTa ^a T]TaVhjXb cWT
d[cX\PcT cTa\ X] cWT \^STa] ^]c^[^Vh% =] Q^cW RPbTb fWPc Xb WTaT RP[[TS
kd[cX\PcT cTa\l bTaeTb Pb cWT [Pbc aTb^ac ^U X]cT[[XVXQX[Xch P]S cWTaTU^aT ^U
Tg_[P]PcX^]% G^ cWT ^]Tnb STSdRcX^] ^U cWT _Pacb# P]S ^U cWTXa Ud]RcX^]#
Ua^\ cWT X]ST_T]ST]c ]PcdaT ^U cWT fW^[T# Pb T]eXbPVTS X] ^aXVX]P[ bh]cWT$
bXb# R^aaTb_^]Sb cWT ^cWTanb R^]bcadRcX^] ^U cWT R^\_[Tg fW^[T ^dc ^U cWT
X]cTaPRcX^] ^U X]ST_T]ST]c _Pacb# Pb Xb^[PcTS X] P]cTRTST]c P]P[hbXb%

5 DD9B8=K ) !_% /)"


-BG9 BA 3<=G9<958PF /<=?BFBC<L B: .E;5A=F@
JWXcTWTPS# fW^ bXV]XUXRP]c[h RP[[TS WXb VT]TaP[ cWT^ah ^U QTX]V P k_WX$
[^b^_Wh ^U ^aVP]Xb\#l X] TUUTRc cda]TS cWT SXUUTaT]RT QTcfTT] [XUT P]S
]^][XUT Ua^\ ^]T ^U TbbT]RT X]c^ ^]T ^U STVaTT% =] cWXb Pb X] b^\T ^cWTa
aTb_TRcb WT U^[[^fTS @TXQ]Xi# P]S [XZT WX\ WT WPb ]^ aTP[ _[PRT U^a STPcW
X] cWT R^]RT_cdP[ PRR^d]c ^U [XUT% 7^]RTa]X]V cWT bdQYTRc ^U kXST]cXchl
fXcW fWXRW cWT 9bbPh WPb QTT] STP[X]V !bTT PQ^eT# __% /( U%"# JWXcT$
WTPSnb ^]c^[^Vh b^[eTb cWT _a^Q[T\ ^U C<LF=75? XST]cXch !X] ^da TgP\_[T1
cWPc ^U _PacXR[Tb" Qh TgcT]SX]V c^ Xc P _aX]RX_[T ^U BE;5A=7 !QX^[^VXRP["
XST]cXchjcWTaTQh X]RXST]cP[[h ST_aXeX]V cWT [PccTa ^U cWT b_TRXUXR RWP[[T]VT
Xc _^bTb Qh ]^a\P[ _WhbXRP[ bcP]SPaSb1 Xc WPb QTT] R^]eTacTS X]c^ P RPbT ^U
fWPc d]XeTabP[[h W^[Sb% GWXb T]S# cWT ^eTaR^\X]V ^U P] P]]^hX]V SdP[Xb\#
Xb PRWXTeTS Qh P] X]VT]X^db R^]RT_cdP[ bRWT\T bcaPSS[X]V Q^cW bXSTb ^U
cWT UT]RT%
FX\_[T [^RPcX^] Xb aT_[PRTS Qh VaPSTS ^\]X_aTbT]RT# _Ta\P]T]c bdQ$
bcP]RT Qh PRcdP[ ^RRPbX^]b ^U UTT[X]V# T]SdaP]RT ^U TgXbcT]RT Qh cWT
caP]b\XbbX^] ^U RWPaPRcTab Ua^\ ^RRPbX^] c^ bdRRTTSX]V ^RRPbX^]1 cWT
[PccTa X]WTaXcb P _Pbc Qh P__a^_aXPcX]V cWT hXT[S ^U cWT P]cTRTST]c X]c^ Xcb
X]fPaS]Tbb# P]S X]XcXPcTb P UdcdaT Qh QTR^\X]V X]WTaXcPQ[T XcbT[U fWT] Xcb
^f] PRcdP[XiPcX^] Xb R^\_[TcTS% =] QTcfTT] [XTb fWPc Xb Xcb ^f] R^]caXQd$
cX^] c^ cWT WTaXcPVT1 cWT [PhX]V W^[S ^U# P]S X]R^a_^aPcX]V ^U# b^\T
kTcTa]P[ ^QYTRcb%l GWdb# fWPc ^] cWT ^dcbXST [^^Zb [XZT R^]cX]dXch ^U
TgXbcT]RT Xb X] UPRc P bT`dT]RT ^U Pc^\XR TeT]cb# U^a\X]V P ]Tgdb X] eXacdT
^U cWT Rd\d[PcXeT X]R[dbX^] ^U cWT _Pbc X] TPRW ]Tf _aTbT]c% <TaTfXcW
kXST]cXch#l X] cWT ^][h bT]bT R^]U^a\PQ[T c^ cWT bhbcT\# Xb Qa^dVWc PQ^dc%
0- O G <9 D <9BCA 9BCB C: @ =: 9
GWXb Xb P S^RcaX]T ^U _Ta\P]T]c RaTPcX^]# ^U fWXRW cWT R^]bTaePcX^] [Pfb
PaT cWT \TaT _WT]^\T]P[ bd\\X]V$d_% 6dc Xc Xb P] X\\P]T]c RaTPcX^]
!bT[U$RaTPcX^] ^U ]PcdaT"2 P]S ^]T fXcW P] X]UX]XcT ]d\QTa ^U R^]RdaaT]c
X]SXeXSdP[ bcaP]Sb2 P]S X] TPRW ^U cWTbT _a^RTTSX]V Qh Pc^\XR bcT_b1 X] P[[
cWaTT aTb_TRcb SXUUTaT]c Ua^\ cWT _Ta\P]T]c RaTPcX^] _^bcd[PcTS Qh
8TbRPacTb# fW^ WT[S \PccTa TPRW \^\T]c c^ QT aT]TfTS X] TgXbcT]RT Qh Xcb
caP]bRT]ST]c RaTPc^a2 P]S WXb :=5G c^ QT bd\\PaX[h ^]T U^a P[[ \PccTa TPRW
cX\T2 P]S c^ V^ ^] R^]cX]d^db[h cWa^dVW^dc cX\T1 P] PRc ^U aTR^]UXa\P$
cX^] aPcWTa cWP] RaTPcX^]% =c Xb cWT SXUUTaT]RT QTcfTT] cWT cWTXbcXR eXTf
fWXRW ST]XTb RaTPcXeXch c^ cWT RaTPcTSjX]STTS cWT \TRWP]XbcXR ]PcdaT
R^]RTXeTS ^] cWXb QPbXb Xb T\_WPcXRP[[h ]^]RaTPcXeTjP]S cWT \^STa]#
X\\P]T]cXbc eXTf fWXRW caP]bUTab cWT PccaXQdcT ^U RaTPcXeXch c^ ]PcdaT
XcbT[U% GWXb Xb cWT ^][h aPcX^]P[ P[cTa]PcXeT ^_T] c^ ]PcdaP[Xb\ PUcTa cWT [^bb
^U cWT caP]bRT]ST]cP[ R^d]cTa_^[T _a^eXSTS Qh SdP[XbcXR \TcP_WhbXRb# X]
fW^bT bWT[cTa P[^]T P] d]PSd[cTaPcTS k\PcTaXP[Xb\l X] _WhbXRb fPb aPcX^]$
P[[h _^bbXQ[T%
= RP]]^c WTaT SXbRdbb cWXb Q^[S _a^_^bXcX^] ^U QPbXR ^]c^[^Vh# fW^bT
X]cT[[TRcdP[ U^aRT P]S _WX[^b^_WXRP[ X\_^acP]RT PaT d]T`dP[TS X] ^da cX\T%
=cb QTPaX]V ^] ^da _PacXRd[Pa _a^Q[T\ Xb cWPc# Pb kX]WTaXcP]RT#l ]Ph# WXb$
c^aXRXch# Xb \PST cWT d]XeTabP[ _aX]RX_[T ^U XST]cXch# QX^[^VXRP[ XST]cXch
RTPbTb c^ QT cWT _dii[T fWXRW Qh ]^a\P[ _WhbXRP[ cTa\b Xc Xb% = f^]STa
fWTcWTa cWXb Xb P VPX]% GWT Q[daaX]V ^U cWT SXUUTaT]RT QTcfTT] X]P]X\PcT
P]S P]X\PcT ]PcdaT# fWXRW cWT b_aTPS ^U X]fPaS]Tbb S^f] c^ cWT _WhbXRP[
U^d]SPcX^]b T]cPX[b# bTT\b P WXVW _aXRT c^ _Ph U^a cWT R[PX\TS Pc^\XRXch ^U
kPRcdP[ ^RRPbX^]bl fWXRW aT`dXaTb cWXb d]XeTabP[ X]fPaS]Tbb c^ ^QeXPcT
cWTXa ^cWTafXbT X]TeXcPQ[T \^]PSXR Xb^[PcX^]1 cWT aTbd[c Xb P bdQ\TabX^] ^U
SXbR^]cX]dXch fWTaT Xc \PccTabjQTcfTT] [XUT P]S ]^][XUTjPVPX]bc Xcb X]$
YTRcX^] fWTaT Xc Xb Wh_^cWTcXRP[jQTcfTT] _WPbTb ^U _WhbXRP[ SdaPcX^]%
C]T UdacWTa R^\\T]c1 fWX[T cWT _^[PaXch ^U bT[U P]S f^a[S# Pb P[b^ cWPc
^U UaTTS^\ P]S ]TRTbbXch# Xb cPZT] RPaT ^U X] JWXcTWTPSnb bhbcT\# cWPc ^U
QTX]V P]S ]^c$QTX]V Xb STUX]XcT[h ]^cjP]S cWTaTU^aT ]^c cWT _WT]^\T]^]
^U STPcW !]^a# X]RXST]cP[[h# cWPc ^U TeX["1 Qdc fWPc d]STabcP]SX]V ^U [XUT
RP] cWTaT QT fXcW^dc P] d]STabcP]SX]V ^U STPcW4 GWT STT_ P]gXTch ^U
QX^[^VXRP[ TgXbcT]RT WPb ]^ _[PRT X] cWT \PV]XUXRT]c bRWT\T% JWXcTWTPS#
X] cWXb aTb_TRc [XZT <TVT[# WPb faXccT] X] WXb \TcP_WhbXRb P bc^ah ^U
X]caX]bXRP[[h bTRdaTS bdRRTbb1 P[[ QTR^\X]V Xb bT[U$aTP[XiPcX^]# TPRW TeT]c Xb
X] XcbT[U R^\_[TcT !^a Xc f^d[S ]^c QT PRcdP["# TPRW _TaXbWX]V Xb P bTP[ ^]
cWT UPRc ^U R^\_[TcX^] PRWXTeTS% k8TPcW# fWTaT Xb cWh bcX]V4l
B CBD5EG=7=D5G=CB C: 8B5 =B A 9G56C@=FA N 0.

5 DD9B8=K * !_% /)"


-BG9 BA G<9 -BAC5EG=7=C5G=BA B: '-& =A ,9G56B?=F@
GWT bcPcT\T]c ^] _PVT /) cWPc X] cWT \TcPQ^[XiX]V ^aVP]Xb\# kfXcW Xcb
_Ta_TcdP[ cda]^eTa ^U R^]bcXcdT]cb# ]^ X]Tac bdQbcaPcd\# ]^ bX]V[T m_PcWn
P]S ]^ mQd]S[Tn ^U _PaP[[T[ _PcWb ^U R^cT\_^aP]T^db \T\QTab Xb PePX[PQ[T
Pb aTUTaT]c U^a TgcTa]P[ XST]cXchl X] Xcb b_PRT$cX\T RPaTTa# \dbc QT `dP[XUXTS
X] ^]T aTb_TRc1 ^]T bdRW kQd]S[Tl S^Tb bTT\ c^ TbRP_T cWT VT]TaP[
\TcPQ^[XR bWXUc% ETRT]c UX]SX]Vb ^U \XRa^QX^[^Vh X]SXRPcT cWPc cWT bTc ^U
RWa^\^b^\P[ 8B5 \^[TRd[Tb fWXRW X] TPRW RT[[ aT_aTbT]cb cWT VT]TcXR
R^ST# fWX[T R^]ca^[[X]V cWT \TcPQ^[Xb\ ^U cWT aTbc ^U cWT RT[[# Xb XcbT[U
TgT\_c Ua^\ \TcPQ^[Xb\# X%T%# ]^c bdQYTRc c^ TgRWP]VT% =c cWdb bcPhb
_WhbXRP[[h cWT bP\T# ]^c \TaT[h X] ]d\QTa# ZX]S P]S ^aSTa ^U R^\_^$
]T]cb# Qdc fXcW cWTbT bT[UbP\T R^\_^]T]c$X]SXeXSdP[b cWa^dVW^dc cWT [XUT$
cX\T ^U cWT RT[[1 cWT \^[TRd[Tb R^]RTa]TS PaT cWTaT ^]RT U^a P[[# ]^c
bWPaX]V X] cWT VT]TaP[ U[dg ^U cWT [XeX]V bdQbcP]RT fWXRW cWTh ^] cWTXa _Pac
R^]ca^[% GWT _TabXbcT]RT WTaT# cWT]# Xb ]^c cWPc ^U _PccTa] ^][h Qdc ^U cWT
bdQbcaPcd\ XcbT[U% JWX[T P[[ cWT aTbc ^U cWT RT[[ \PcTaXP[jXcb ^eTafWT[\X]V
Qd[ZjXb X]e^[eTS X] cWT \TcPQ^[XR cda]^eTa P]S X] Xcb R^dabT Xb VaPSdP[[h
aT_[PRTS# cWXb bcTTaX]V R^aT f^d[S QT U^d]S Pc cWT T]S bcX[[ c^ R^]bXbc ^U
cWT bP\T \PcTaXP[ d]Xcb _aTbT]c cWTaT Pc cWT QTVX]]X]V XU cWTh R^d[S WPeT
QTT] k[PQT[TSl Pc cWPc cX\T U^a [PcTa XST]cXUXRPcX^]%(
=] cWT RPbT ^U cWT \TcPi^XR !\d[cXRT[[d[Pa" ^aVP]Xb\ cWT bXcdPcX^] Xb
b^\TfWPc \^aT R^\_[XRPcTS% :^a cWTaT# aT_[PRT\T]c cPZTb _[PRT ]^c ^][h
^] cWT \^[TRd[Pa [TeT[ Pb X] cWT RT[[# Qdc ^] cWT RT[[d[Pa [TeT[ Pb
fT[[1 RT[[b X] cda] PaT QTX]V aT_[PRTS% GWdb# fWX[T TPRW RT[[ U^a XcbT[U \Ph
QT bPXS c^ _^bbTbb X] cWT UXgTS bhbcT\ ^U ]dR[TPa 8B5 \^[TRd[Tb P \P$
cTaXP[ R^aT ^U kXST]cXchl Pb [^]V Pb Xc [XeTb# P] P]P[^V^db R^aT U^a cWT
\TcPi^XR R^\_[Tg f^d[S X] cda] aT`dXaT P UXgTS bhbcT\ ^U 79??F fWXRW PaT
]^]aTVT]TaPcXeT# ]TeTa aT_[PRTS# R^TeP[ fXcW cWT ^aVP]Xb\ !^]RT U^a\TS"
Ua^\ QTVX]]X]V c^ T]S2 P]S fWXRW# \^aT^eTa# X] cWTXa T]cXaTch !Pb P kbhb$
cT\l" TgTaRXbT R^]ca^[[X]V Ud]RcX^]b aT[PcXeT c^ cWT fW^[T P]P[^V^db c^
cW^bT fWXRW cWT ]dR[Tdb TgTaRXbTb aT[PcXeT c^ cWT bX]V[T RT[[% B^f cWTaT PaT
X]STTS bdRW RT[[b P]S bdRW P bhbcT\ ^U cWT\1 cWT ]TdaP[ RT[[b# P]S cWT

(% 5RRTbbX^] ^U ]Tf \PcTaXP[ c^ cWXb RWa^\^b^\P[ bhbcT\ ![TPeX]V


PbXST cWT PQ]^a\P[ X]RXST]c ^U \dcPcX^]" cPZTb _[PRT ^][h Pc Xcb aT_[XRP$
cX^] X] RT[[ SXeXbX^]# X%T%# X] cWT ^aXVX]P[ QdX[SX]V d_ ^U bdRW P bhbcT\ Ua^\
P] TgXbcX]V ^]T% 5_Pac Ua^\ cWXb aT_a^SdRcXeT TeT]c# fWXRW \PaZb aTb_TR$
cXeT[h Xcb QTVX]]X]V P]S T]S Pb cWXb ^]T# Xc Xb kR[^bTS#l P]S Xcb X]cTaPRcX^]
fXcW cWT aTbc ^U cWT ^aVP]Xb\ Xb \TaT[h kRPcP[hcXR#l [TPeX]V XcbT[U d]$
PUUTRcTS%
0/ O G <9 D <9B C A 9B C B C: @ =:9
]Tae^db bhbcT\ cWTh U^a\% GWXb PRR^aSX]V[h f^d[S QT cWT bcPQ[T RPaaXTa
^U kXST]cXchl X] \PcTaXP[ Pb fT[[ Pb Ud]RcX^]P[ cTa\b% 6dc bX]RT cWT R^]$
bcP]Rh ^U ]TdaP[ RT[[b Xb PVPX] aTSdRXQ[T c^ cWPc ^U cWTXa ]dR[TPa R^aTb#
fWX[T cWT Qd[Z ^U cWTXa \PcTaXP[ Xb !_aTbd\PQ[h" Pb bdQYTRc c^ \TcPQ^[Xb\
Pb cWPc ^U RT[[b X] VT]TaP[# Xc Xb UX]P[[h cWT E9C9G=G=BHF A9GJBE> B: A9HE5?
7<EB@BFB@9F bcad]V cWa^dVW^dc cWT Q^Sh fWXRW aT_aTbT]cb cWT cadT
k_WhbXRP[l X]ePaXP]c X] cWT VT]TaP[ \^[TRd[Pa bWXUc ^U cWT ^aVP]XR fW^[T%
GWdb cWT Wh_^cWTcXRP[ kc^cP[ aTb^[dcX^]l ^U cWT SXeX]T b_TRcPc^a fWXRW =
caXTS c^ aTR^]bcadRc# f^d[S TgWXQXc !T%V%" cWT Wd\P] Q^Sh b^\TfWPc [XZT
cWXb1 P _Ta\P]T]c# UX]T caPRTah ^U \^[TRd[Pa Va^d_X]Vb aTXcTaPcX]V ^]T
_PccTa] ^eTa P]S ^eTa PVPX] !3cWT 8B5 ]dR[TX ^U cWT ]Tae^db bhbcT\"#
bdaa^d]STS Qh P] X\\T]bT[h [PaVTa# X\_Ta\P]T]c \d[cXcdST ^U ePaX^db[h
Va^d_TS T[T\T]cb X] R^]bcP]c R^\X]V P]S V^X]V !Qdc P\^]V fWXRW cWT
bP\T \^[TRd[Pa Va^d_X]V P[b^ aTRdab ^eTa P]S ^eTa PVPX]# eXi%# X] TPRW
]^]]TdaP[ RT[["1 cWPc bcPQ[T caPRTah _a^eXSTb Pb Xc fTaT P kbZT[Tc^]l ^U
PQXSX]V XST]cXch U^a cWT ^cWTafXbT TeTa RWP]VX]V R^\_^bXcX^] ^U cWT
fW^[T% 5RR^aSX]V c^ cWXb aTUX]TS _XRcdaT cWTaT f^d[S QT PUcTa P[[ P
bcaXRc[h _WhbXRP[# TgcTa]P[# XU eTah aTbXSdP[# TeXST]RT X] cTa\b ^U _daT
b_PRT$cX\T aTPSX]Vb U^a cWT T]SdaX]V bP\T]Tbb ^U cWT ^aVP]Xb\ X] cWT
UPRT ^U Xcb R^]cX]dP[ \TcPQ^[XR cda]^eTa1 cWT [PccTa f^d[S ]^c QT bcaXRc[h
P&M$T]Vd[UX]V%
= S^ ]^c cWX]Z cWPc cWXb bTaX^db[h RWP]VTb cWT ^eTaP[[ _XRcdaT = WPeT
SaPf] b^ Pb c^ PUUTRc cWT PaVd\T]c QPbTS ^] Xc# eXi%# cWPc eXcP[ XST]cXch Xb
SXUUTaT]c Ua^\ _WhbXRP[ XST]cXch% :^a ^]T# R^]bXSTaX]V cWT Sh]P\XR R^]ca^[
TgTaRXbTS Qh cWXb kbZT[Tc^]l !d][XZT cWT X]Tac bZT[Tc^] ^U bd__^ac fWXRW P]
^aVP]Xb\ \Ph [Ph S^f] Ua^\ _a^SdRcb ^U Xcb [XeX]V PRcXeXch"# Xc Xb bcX[[ cWT
Ud]RcX^]P[ Pb_TRc P]S ]^c cWPc ^U \TaT \PcTaXP[ _TabXbcT]RT cWPc \PccTab X]
^aVP]XR XST]cXch% :dacWTa\^aT# Xc Xb cWT aT_[XRPQ[T _PccTa] P]S ]^c cWT
X]SXeXSdP[Xch ^U Xcb QdX[SX]V Q[^RZb cWPc \PccTab1 TPRW ^U cWTbT 7BH?8 QT
aT_[PRTS Qh P [XZT Pc^\ ^a \^[TRd[T fXcW^dc R^]bT`dT]RT c^ cWT Ud]RcX^]
P]S cWdb c^ cWT c^cP[ XST]cXch% <TaT# c^^# cWT _aX]RX_[T Xb R^]cX]dXch ^U
U^a\ P]S ]^c ^U \PccTa# TeT] fWTaT \PcTaXP[ R^]cX]dXch WP__T]b c^ ^Q$
cPX]% :X]P[[h# cWT kXST]cXchl ^U cWT ^aVP]Xb\ Xb cWPc ^U cWT fW^[T [XeX]V
X]SXeXSdP[ P]S ]^c cWPc ^U cWT _WhbXRP[ STeXRT Qh fWXRW Xc Xb ^_TaPcX^]P[[h
bTRdaTS1 P]S G<5G XST]cXch Xb cWT _PaPS^gXRP[ ^]T ^U R^]bcP]c aT]TfP[
cWa^dVW \TcPQ^[XR TgRWP]VT%
5 < A > @ 7 4??0D

@U :U\K GTJ ZU 5KKR-


<T ZNK 0TOSGR ?U[R

@NXKK INGXGIZKXOYZOIY JOYZOTM[OYN GTOSGR LXUS VRGTZ ROLK- SUZOROZ_! VKX"


IKVZOUT! KSUZOUT# @NK TKIKYYGX_ IUTTKIZOUT UL RUIUSUZOUT ]OZN VKX"
IKVZOUT OY UH\OU[Y GTJ NGY HKKT TUZKJ GRXKGJ_ H_ 0XOYZUZRK. ZNGZ ]OZN
KSUZOUT IGRRY LUX IRUYKX YIX[ZOT_! ]NOIN ]ORR YNU] ZNGZ GRR ZNXKK SGTO"
LKYZ G IUSSUT VXOTIOVRK#
@NK KSKXMKTIK UL VKXIKVZOUT GTJ SUZOROZ_ UVKTY G SGPUX INGVZKX OT
ZNK NOYZUX_ UL LXKKJUS ZNGZ HKMGT ]OZN UXMGTOI HKOTM GY Y[IN GTJ ]GY
GJ[SHXGZKJ OT ZNK VXOSK\GR XKYZRKYYTKYY UL SKZGHURO`OTM Y[HYZGTIK#
@NKOX VXUMXKYYO\K KRGHUXGZOUT OT K\UR[ZOUT SKGTY OTIXKGYOTM JOYIRU"
Y[XK UL ]UXRJ GTJ OTIXKGYOTM OTJO\OJ[GZOUT UL YKRL# <VKTTKYY ZU]GXJ
ZNK ]UXRJ OY HGYOI ZU ROLK# 8ZY KRKSKTZGX_ K\OJKTIK OY ZNK SKXK OXXOZG"
HOROZ_! ZNK YKTYOZO\KTKYY ZU YZOS[RO! ]NOIN ZNK YOSVRK IKRR JOYVRG_Y GY GT
OTZKMXGR GYVKIZ UL OZY GRO\KTKYY# 8XXOZGHOROZ_ OY ZNK MKXS! GTJ GY OZ ]KXK
ZNK GZUS! UL NG\OTM G ]UXRJ! P[YZ GY ZNK IKRR OZYKRL OY ZNK MKXS GTJ ZNK
GZUS UL ZNK RGXMKX UXMGTOYS# @NGZ MKXS UL YKTYOTM [TLURJY ZU JOYZOTIZ
]UXRJ"XKRGZOUTYNOV! P[YZ GY ZNK IKRRY MXU] OTZU ZNK JOLLKXKTZOGZKJ! IUS"
VUYOZK UXMGTOYS# 8T HUZN IGYKY! ZNK SUXK IUSVRK^ OY GRYU ZNK SUXK
OTJO\OJ[GRO`KJ- OT HUZN IGYKY! ZNK KRKSKTZGX_ YZGXZOTM"LUXS IKRR OT
OZYKRL! OXXOZGHOROZ_ OT OZYKRL IUTZOT[KY ZU HK ]NGZ OZ OY! H[Z GIZY GY GT
GZUSOI IUTYZOZ[KTZ OT ZNK Y_TZNKYOY UL ZNK NOMNKX UXJKX#
E ,, F
%$$ @ 74 = 74;<: 4;<; <5 9 85 4
0 XKGR ]UXRJ"XKRGZOUT KSKXMKY UTR_ ]OZN ZNK JK\KRUVSKTZ UL YVK"
IOLOI YKTYKY! JKLOTKJ SUZUX YZX[IZ[XKY! GTJ G IKTZXGR TKX\U[Y Y_YZKS#
@NK JOLLKXKTZOGZOUT UL YKTZOKTIK! ]OZN ZNK IKTZXGR OTZKMXGZOUT UL OZY
JO\KXYOLOKJ JGZG! L[XTOYNKY ZNK HKMOTTOTMY UL G ZX[K ]UXRJ UL UHPKIZY.
ZNK GIZO\K IUSSKXIK ]OZN ZNOY ]UXRJ ZNXU[MN ZNK K^KXIOYK UL SUZOROZ_
OT Z[XT OSVR_OTM IKTZXGRO`GZOUT! \O`#! UL IUTZXUR Y[HPKIZY OZ ZU ZNK YKRL"
GYYKXZOUT UL LXKKJUS! ]NOIN ZN[Y GTY]KXY UT G NOMNKX VRGTK ZU ZNK
HGYOI TKIKYYOZ_ UL ZNK UXMGTOYS#
@NK LGI[RZOKY NKXK SGTOLKYZKJ S[YZ HK [TJKXYZUUJ GY JK\KRUVSKTZY
UL ZNK KRKSKTZ UL bZXGTYIKTJKTIKc ]NOIN GY ZNK VXKIKJOTM 4YYG_ NGY
YNU]T OY OTNKXKTZ OT SKZGHURO`OTM K^OYZKTIK# @NK ZXGTYOZUX_ XKRGZOUT
UL UXMGTOI LUXS ZU OZY SGZZKX JOYZKTJY LXUS ZNK HKMOTTOTM Z]U bNUXO"
`UTYc bOTZUc ]NOIN ROLK IUTZOT[GRR_ ZXGTYIKTJY OZYKRL- OTZKXTGRR_ ZNGZ
UL ZOSK GY ZNK TK^Z OSVKTJOTM VNGYK UL OZY U]T HKOTM ZU]GXJ ]NOIN OZ
SU\KY. K^ZKXTGRR_ ZNGZ UL YVGIK! GY ZNK RUI[Y UL ZNK IU"VXKYKTZ bUZNKXc
UT ]NOIN OZ JKVKTJY LUX ZNOY \KX_ IUTZOT[GZOUT# 9OLK H_ OZY TGZ[XK
LGIKY LUX]GXJ GTJ U[Z]GXJ GZ UTIK# ;U] OZ OY ZNK SGOT INGXGIZKXOYZOI
UL !*')!( K\UR[ZOUT GY JOYZOTIZ LXUS VRGTZ ROLK ZNGZ .,!"$ GY ZNK
JOSKTYOUT UL JKVKTJKTIK! OY VXUMXKYYO\KR_ ZXGTYLUXSKJ OTZU G JOSKT"
YOUT UL LXKKJUS H_ ZNK VGXGRRKR K\UR[ZOUT UL ZNKYK Z]U VU]KXY- ZU
SU\K GHU[Z! GTJ ZU VKXIKO\K GZ G JOYZGTIK# 8T LGIZ! UTR_ H_ ZNKYK
VU]KXY OY YVGIK XKGRR_ JOYIRUYKJ ZU ROLK! ]NORK ZNK OTOZOGR YOZ[GZOUT UL
OXXOZGHOROZ_ GTJ OXXOZGTZ IUTLOTKY ZNK K^VKXOKTIK UL ZNK OTYOJK"U[ZYOJK
JOLLKXKTZOGR ZU ZNGZ UL SKXK IUTZOM[OZ_ ]NOIN GRRU]Y ZNK U[Z]GXJ TU
ZX[K JOSKTYOUT H[Z RKZY OZ JOLL[YKR_ IUOTIOJK ]OZN ZNK YKTYOZO\K Y[XLGIK
UL ZNK UXMGTOYS OZYKRL#
CNGZ OY RKYY UH\OU[Y GTJ YNGRR HK GXM[KJ UT ZNK LURRU]OTM VGMKY! OY
ZNGZ ZNK UZNKX JOSKTYOUT UL bZXGTYIKTJKTIK!c /')$ IUSKY OT G ROQK
SGTTKX ZU HK JOYIRUYKJ H_ ZNK YOS[RZGTKU[Y K\UR[ZOUT UL _KZ GTUZNKX
VU]KX! ZNGZ UL KSUZOUT! GTJ UT ZNK YGSK VXOTIOVRK! ZNGZ UL bJOYZGTIKc
HKZ]KKT ZNK YKRL GTJ OZY UHPKIZa OT ZNOY IGYK ZKSVUXGR JOYZGTIK# @NOY
OY RKYY UH\OU[Y! '*/$- !('! HKIG[YK [TROQK YKTZOKTIK GTJ SUZOROZ_! KSU"
ZOUT NGY TU K^ZKXTGR UXMGTY H_ ]NOIN ZU HK OJKTZOLOKJ GTJ ZU LUXIK OZY
]G_ OTZU G VN_YOIGR GIIU[TZ! GTJ ZNOY OT\OYOHOROZ_ UX IUSVRKZK OT]GXJ"
TKYY GT_ U[Z]GXJ K^VXKYYOUTY HKOTM LKGZY UL SUZOROZ_ YKKSY ZU SGQK
OZ JOYVKTYGHRK OT G YIOKTZOLOI JKYIXOVZOUT UL UXMGTOI HKNG\OUX! GY RUTM
GMU 3KYIGXZKY GTJ SUYZ XKIKTZR_ 2_HKXTKZOIY NG\K ORR[YZXGZKJ# CK
YNGRR ZX_ ZU YNU] ZNK OTYUR[HRK OTZKXIUTTKIZOUT UL ZNK ZNXKK GTOSGR
@U : <B4 0;3 @< 5 4 4 9 - <T @7 4 0 ;8: 09 ?<A9 E %$%
VU]KXY! OT VGXZOI[RGX ZNK ROTQGMK HKZ]KKT SUZOROZ_ GTJ KSUZOUT! GTJ
ZU OTZKXVXKZ OZY SKGTOTM OT ZNK MXKGZKX LXGSK]UXQ UL G MKTKXGR ZNKUX_
UL ROLK#

88

9UIUSUZOUT OY ZU]GXJ UX G]G_ LXUS GT UHPKIZ! O#K#! V[XY[OZ UX LROMNZ#


0 VXUZXGIZKJ V[XY[OZ! OT ]NOIN ZNK GTOSGR SGZINKY OZY VU]KXY UL
SU\KSKTZ GMGOTYZ ZNUYK UL ZNK OTZKTJKJ VXK_! HKYVKGQY TUZ UTR_ JK"
\KRUVKJ SUZUX GTJ YKTYUX LGI[RZOKY H[Z GRYU JOYZOTIZ VU]KXY UL KSU"
ZOUT# 8Z OY YGLK ZU GYY[SK ZNGZ ZNK T[SHKX UL OTZKXSKJOGZK YZKVY U\KX
]NOIN ZNK V[XVUYK IGT K^ZKTJ OZYKRL OY G SKGY[XK UL ZNK YZGMK UL
KSUZOUTGR JK\KRUVSKTZ# @NK \KX_ YVGT HKZ]KKT YZGXZ GTJ GZZGOTSKTZ
]NOIN Y[IN G YKXOKY XKVXKYKTZY S[YZ HK HXOJMKJ H_ IUTZOT[U[Y KSU"
ZOUTGR OTZKTZ# @NK GVVKGXGTIK UL JOXKIZKJ RUTM"XGTMK SUZOROZ_ GY K^"
NOHOZKJ H_ ZNK \KXZKHXGZKY ZN[Y YOMTOLOKY ZNK KSKXMKTIK UL KSUZOUTGR
ROLK# 6XKKJ OY GZ ZNK HUZZUS UL ZNK INGYK! LKGX GZ ZNK HUZZUS UL LROMNZ#
8L GVVKZOZOUT OY ZNK HGYOI IUTJOZOUT UL SUZOROZ_! V[XY[OZ OY ZNK VXOSGX_
SUZOUT# 0VVKZOZOUT GRYU YZGTJY TKGXKYZ ZU ZNK VXKGTOSGR [XMK UL RO\OTM
ZNOTMY OT MKTKXGR! O#K#! ZU ZNK HGYOI IUTIKXT UL ROLK OT IUTZOT[OTM OZYKRL
H_ ZNK IKGYKRKYY IGXX_OTM UT UL OZY SKZGHUROI VXUIKYY# 7U]K\KX!
ZNU[MN JOYZOTIZ GVVKZOZK OY ZNK ZXGTYRGZOUT UL ZNOY HGYOI ROLK"ZNX[YZ OTZU
GTOSGR ZKXSY! ZNKYK ZKXSY GXK XKGRR_ JOLLKXKTZ LXUS ZNK \KMKZGZO\K
UTKY! GTJ OZ OY SUZOROZ_ ]NOIN SGQKY ZNK JOLLKXKTIK \OYOHRK- OZ IUTYOYZY
OT ZNK OTZKXVUYOZOUT UL #'./!*"$ HKZ]KKT [XMK GTJ GZZGOTSKTZ! O#K#! OT
ZNK VUYYOHOROZ_ UL G JOYZGTZ MUGR# 8ZY GVVXKNKTYOUT XKW[OXKY JOYZGTZ
VKXIKVZOUT- ZN[Y JK\KRUVSKTZ UL YKTZOKTIK OY OT\UR\KJ# 8ZY GZZGOTSKTZ
XKW[OXKY IUTZXURRKJ RUIUSUZOUT- ZN[Y JK\KRUVSKTZ UL SUZOROZ_ OY OT"
\UR\KJ# 1[Z ZU K^VKXOKTIK ZNK JOYZGTZR_ VKXIKO\KJ !. G MUGR GTJ ZU
QKKV OZY MUGR W[GROZ_ GRO\K! YU GY ZU IGXX_ ZNK SUZOUT U\KX ZNK TKIKY"
YGX_ YVGT UL KLLUXZ GTJ ZOSK! JKYOXK OY XKW[OXKJ# 5[RLORRSKTZ TUZ _KZ GZ
NGTJ OY ZNK KYYKTZOGR IUTJOZOUT UL JKYOXK! GTJ JKLKXXKJ L[RLORRSKTZ OY
]NGZ JKYOXK OT Z[XT SGQKY VUYYOHRK# @N[Y JKYOXK XKVXKYKTZY ZNK ZOSK"
GYVKIZ UL ZNK YGSK YOZ[GZOUT UL ]NOIN VKXIKVZOUT XKVXKYKTZY ZNK YVGIK"
GYVKIZ# 3OYZGTIK OT HUZN XKYVKIZY OY JOYIRUYKJ GTJ HXOJMKJ- VKXIKVZOUT
VXKYKTZY ZNK UHPKIZ bTUZ NKXK H[Z U\KX ZNKXKc. JKYOXK VXKYKTZY ZNK MUGR
bTUZ _KZ H[Z ZU IUSKc - SUZOROZ_ M[OJKJ H_ VKXIKVZOUT GTJ JXO\KT H_
JKYOXK Z[XTY /&$-$ OTZU &$-$ GTJ *+/ 1$/ OTZU *+0 COZNU[Z ZNK ZKTYOUT
%$& F @ 74 = 7 4;<: 4;<; <5 9 85 4
UL JOYZGTIK GTJ ZNK JKLKXSKTZ TKIKYYOZGZKJ H_ OZ ZNKXK ]U[RJ HK TU
UIIGYOUT LUX JKYOXK UX KSUZOUT MKTKXGRR_# @NK MXKGZ YKIXKZ UL GTOSGR
ROLK ROKY VXKIOYKR_ OT ZNK MGV ]NOIN OZ OY GHRK ZU SGOTZGOT HKZ]KKT
OSSKJOGZK IUTIKXT GTJ SKJOGZK YGZOYLGIZOUT! O#K#! OT ZNK RUYY UL OS"
SKJOGI_ IUXXKYVUTJOTM ZU ZNK MGOT OT YIUVK#
<L ZNOY ,-'*"',($ +% )$#'!"1 YKTZOKTIK! KSUZOUT! GTJ SUZOROZ_ GXK
JOLLKXKTZ SGTOLKYZGZOUTY# 8L KSUZOUT OSVROKY JOYZGTIK HKZ]KKT TKKJ
GTJ YGZOYLGIZOUT! ZNKT OZ OY MXU[TJKJ OT ZNK HGYOI YKVGXGZOUT HKZ]KKT
Y[HPKIZ GTJ UHPKIZ GTJ ZNKXKH_ IUOTIOJKTZ ]OZN ZNK YOZ[GZOUT UL YKT"
ZOKTIK GTJ SUZOROZ_! ]NOIN KW[GRR_ OTIR[JK ZNK KRKSKTZ UL JOYZGTIK#
b3OYZGTIKc OT GRR ZNKYK XKYVKIZY OT\UR\KY ZNK Y[HPKIZ"UHPKIZ YVROZ# @NOY
OY GZ ZNK HUZZUS UL ZNK ]NURK VNKTUSKTUT UL GTOSGROZ_ GTJ UL OZY
JKVGXZ[XK LXUS ZNK \KMKZGZO\K SUJK UL ROLK# <[X IUTIKXT OY ZU [TJKX"
YZGTJ ZNK TGZ[XK UL ZNOY JKVGXZ[XK#

8RR

0SUTM ZNK L[TJGSKTZGRY ]NOIN IUTYZOZ[ZK ZNK K^OYZKTIK UL Y[IN G


ZNOTM GY GT UXMGTOYS OY ZNK OTYOJK"U[ZYOJK XKRGZOUT! IUSSUTR_ K^"
VXKYYKJ H_ ZNK IUTIKVZ"VGOX bUXMGTOYS"KT\OXUTSKTZ#c 5XUS ZNOY UXOM"
OTGR LGIZ UL ROLKdY NG\OTM IUSSKXIK ]OZN GT KT\OXUTSKTZ ]K YNU[RJ
K^IR[JK GRR VXKSGZ[XK Y[MMKYZOUT UL ZNK J[GROZ_ UL Y[HPKIZ GTJ UHPKIZ#
@NK UXOMOTGR IUTJOZOUT OY GT KT\OXUTSKTZ IUTZOM[U[Y ]OZN ZNK UXMG"
TOYS- OT ZNOY YZGMK KT\OXUTSKTZ OY TUZNOTM H[Z ZNK OSSKJOGZK Y[X"
XU[TJOTMY ]OZN ]NOIN ZNK INKSOIGR OTZKXINGTMKY UL SKZGHUROYS ZGQK
VRGIK# @NOY YOZ[GZOUT UL SGZKXOGR IUTZOM[OZ_ SKGTY GRYU IUTZOT[OZ_ OT
ZNK VXUIKYY UL K^INGTMK GTJ ZN[Y OSSKJOGI_ UL YGZOYLGIZOUT IUTI[X"
XKTZ ]OZN ZNK VKXSGTKTZ UXMGTOI TKKJ# 8T ZNOY IUTJOZOUT UL IUTZOT[U[Y
LKKJOTM ZNKXK OY TU XUUS LUX JKYOXK# ;KKJ VGYYKY UL OZYKRL U\KX OTZU
YGZOYLGIZOUT H_ ZNK YZKGJ_ UVKXGZOUT UL ZNK SKZGHUROI J_TGSOIY# 8Z YZORR
XKSGOTY ZX[K ZNGZ ZNOY J_TGSOYS OZYKRL! ZNK \KX_ IUTJOZOUT LUX ZNKXK
HKOTM G TKKJ! SGTOLKYZY ZNK HGYOI IUTIKXT UL ROLK ]OZN OZY U]T IUTZOT["
GZOUT! ]NOIN IGT HK YKI[XKJ UTR_ H_ IUTYZGTZ YKRL"XKTK]GR# 1[Z ZNK
IUTZOT[U[Y G\GORGHOROZ_ UL ZNK SGZZKX TKKJKJ LUX ZNK XKTK]GR UL LUXS
MO\KY TU UIIGYOUT LUX ZNK IUTIKXT OT Y[IN XKTK]GR ZU Z[XT OTZU GVVK"
ZOZK# 4T\OXUTSKTZ GTJ YKRL YZORR LUXS UTK IUTZK^Z L[TIZOUTOTM UL OZYKRL!
GTJ TUZ [TZOR YUSK YUXZ UL YKVGXGZOUT HKZ]KKT ZNK Z]U ZGQKY VRGIK IGT
GVVKZOZK GTJ LKGX IUSK OTZU VRG_# 8Z OY ROLK OZYKRL ]NOIN HXOTMY GHU[Z
@U : <B4 0;3 @< 5 449- <; @7 4 0 ;8: 09 ?<A9 E %$'
ZNOY YKVGXGZOUT- G VGXZOI[RGX HXGTIN UL OZ K\UR\KY ZNK IGVGIOZ_ GTJ ZNK
TKIKYYOZ_ UL XKRGZOTM OZYKRL ZU GT KT\OXUTSKTZ TU RUTMKX IUTZOM[U[Y
]OZN OZYKRL GTJ OSSKJOGZKR_ G\GORGHRK ZU OZY SKZGHUROI TKKJY#
@NK JO\OYOUT HKZ]KKT OSSKJOGZK GTJ SKJOGZK KT\OXUTSKTZ"XKRGZOUT
IUOTIOJKY ]OZN ZNGZ HKZ]KKT VRGTZY GTJ GTOSGRY GTJ S[YZ ZN[Y HK
XKRGZKJ ZU ZNK HGYOI JOLLKXKTIK OT ZNKOX SUJKY UL SKZGHUROYS# 1_ OZY
GHOROZ_ ZU Y_TZNKYO`K OTUXMGTOI SGZZKX JOXKIZR_ OTZU UXMGTOI IUSVU[TJY
ZNK VRGTZ OY KTGHRKJ ZU JXG] OZY Y[YZKTGTIK LXUS ZNK K\KX"XKGJ_
SOTKXGR Y[VVR_ UL ZNK YUOR! ]NORK ZNK GTOSGR NGY ZU JKVKTJ UT ZNK
[TGYY[XKJ VXKYKTIK UL NOMNR_ YVKIOLOI GTJ TUTVKXSGTKTZ UXMGTOI
HUJOKY# 5[XZNKXSUXK! ZNK OTZGQK UL YUROJ LUUJ ]NOIN ZNK GTOSGR SUJK
UL T[ZXOZOUT XKW[OXKY GY GMGOTYZ ZNK SKXK UYSUZOI GHYUXVZOUT UL JOY"
YUR\KJ T[ZXOSKTZ H_ VRGTZY! OT\UR\KY ZNK OTZKXVUYOZOUT UL GT G[^OROGX_!
bSKINGTOIGRc YZGMK UL IUT\K_OTM! YNXKJJOTM! KZI# HKLUXK ZNK JOXKIZ!
INKSOIGR YZGMK UL SKZGHUROI GVVXUVXOGZOUT# <T ZNKYK IU[TZY ZNK VRGTZ
YNU]Y G Y[VKXOUXOZ_ XGZNKX ZNGT G JKLOIOKTI_ OT IUSVGXOYUT ]OZN GTO"
SGRY# 1[Z ZNK VUYYKYYOUT UL ZNOY UTK VU]KX UL JOXKIZ Y_TZNKYOY! GTJ ZNK
Y[LLOIOKTI_ ]NOIN OZ GLLUXJY! GXK ZNK \KX_ XKGYUT LUX ZNK GHYKTIK UL GRR
ZNUYK UZNKX LKGZ[XKY ]NOIN ZNK GTOSGRY ]KXK IUTYZXGOTKJ ZU K\UR\K UT
ZNK HGYOY UL ZNKOX SUXK VXKIGXOU[Y SUJK UL SKZGHUROYS# CK TUZK NKXK
ZNGZ OTJKVKTJKTIK GY Y[IN IGTTUZ HK ZNK [RZOSGZK MUUJ UL ROLK! YOTIK
ROLK OY P[YZ ZNGZ SUJK UL SGZKXOGR K^OYZKTIK OT ]NOIN HKOTM NGY K^VUYKJ
OZYKRL ZU JKVKTJKTIK UL ]NOIN SKZGHUROYS OZYKRL OY ZNK VXOSK LUXS OT
K^INGTMK LUX G LXKKJUS IRUYKJ ZU ZNK OTJKVKTJKTIK UL YZGHRK SGZZKX#
@NK GZZGOTSKTZ UL G NOMNR_ YGZOYLGIZUX_ OTJKVKTJKTIK ]OZNOT ZNK
YVNKXK UL SKZGHUROYS SG_ ZN[Y IRUYK G\KT[KY UL K\UR[ZOUT OTZU ]NOIN
ZNGZ LXKKJUS ]U[RJ UZNKX]OYK! GZ ZNK VXOIK UL OTIXKGYKJ JKVKTJKTIK!
SU\K#
8T XUUZY! VRGTZY bOT\KTZKJc ZNK SUYZ KLLOIOKTZ SKGTY UL K^VRUOZOTM
ZNK OTNKXKTZ GJ\GTZGMKY UL G VNUZUY_TZNKYO`OTM UXMGTOYS# =UYYKYYOTM
ZNKS! ZNK VRGTZ OY XKROK\KJ UL ZNK TKIKYYOZ_ GY OZ OY GRYU JKVXO\KJ UL
ZNK VUYYOHOROZ_ UL SU\KSKTZ# @NXU[MN ZNKOX IUTZOT[U[Y IUTZGIZ ]OZN
ZNK YU[XIK UL Y[VVR_! ZNK UXMGTOYS"KT\OXUTSKTZ XKRGZOUT L[TIZOUTY
G[ZUSGZOIGRR_ GTJ TU L[XZNKX GVVGXGZ[Y LUX GJGVZGZOUT ZU YNUXZ"ZKXS
INGTMKY OY TKIKYYGX_# 7KXK ]K NG\K OSSKJOGI_ M[GXGTZKKJ H_ IUT"
YZGTZ IUTZOM[OZ_ HKZ]KKT ZNK UXMGTY UL OTZGQK GTJ ZNK K^ZKXTGR Y[VVR_#
8T ZNK [TOTZKXX[VZKJ K^INGTMK ZNK I[XXKTZ TKKJ! ZNU[MN K\KX XKTK]KJ!
IGTTUZ ZGQK UT ZNK QKKT KJMK UL ]GTZ# 0Y YGZOYLGIZOUT OY IUTZKSVUXG"
%$( F @ 74 = 7 4;<: 4;<; <5 9 85 4
TKU[Y ]OZN ZNK \OZGR GIZO\OZ_! ZNKXK OY TU MGV GIXUYY ]NOIN TKKJ IU[RJ
HKIUSK LKRZ H_ OZYKRL GTJ GIZO\OZ_ ]U[RJ NG\K ZU HK VKXLUXSKJ H_
OZYKRL! [TJKX ZNK YV[X UL GVVKZOZOUT#

8B

8L ]K IUTYOJKX ZNK YOZ[GZOUT ]K JOYIU\KX ZNXKK GYVKIZY UL ]NGZ G bMGVc


UX OZY GHYKTIK NKXK SKGTY# @NKXK OY LOXYZ ZNK SGZKXOGR IUTZOM[OZ_ HK"
Z]KKT ZNK VRGTZ GTJ ZNK KT\OXUTSKTZ TU[XOYNOTM OZ- LUX ZNK GTOSGR ZNK
XKRK\GTZ OZKSY UL OZY KT\OXUTSKTZ GXK GR]G_Y GZ G JOYZGTIK# 4T\OXUT"
SKTZ ZNKXKLUXK SKGTY OT ZNK IGYK UL ZNK VRGTZ YUSKZNOTM L[TJGSKT"
ZGRR_ JOLLKXKTZ LXUS ]NGZ OZ SKGTY OT ZNK IGYK UL ZNK GTOSGR# COZN OZY
GJPGIKTZ Y[XXU[TJOTMY ZNK VRGTZ LUXSY UTK VKXSGTKTZ IUTZK^Z OTZU
]NOIN OZ OY L[RR_ OTZKMXGZKJ! GY ZNK GTOSGR IGT TK\KX HK OT OZY KT\OXUT"
SKTZ# ?KIUTJ! ZNKXK OY ZNK ZKSVUXGR IUTZOT[OZ_ UX JOYIUTZOT[OZ_ HK"
Z]KKT TKKJ GTJ YGZOYLGIZOUT# 7KXK GMGOT ZNK GTOSGR NGY ZU YVGT G MGV
]NOIN XKVXKYKTZY OT ZOSK ]NGZ ZNK MGV HKZ]KKT OZYKRL GTJ ZNK XKRK\GTZ
UHPKIZY XKVXKYKTZY OT YVGIK# 0Y ZNK RGZZKX MGV OY VXU\OYOUTGRR_ YVGTTKJ
H_ VKXIKVZOUT! YU ZNK LUXSKX OY H_ KSUZOUT# 1UZN SUJKY K^VXKYY ZNK
SKJOGI_ UL GTOSGR K^OYZKTIK UX ZNK YVROZ HKZ]KKT YKRL GTJ ]UXRJ- ZNK
OSSKJOGI_ UL VRGTZ ROLK QTU]Y UL TU Y[IN YVROZ GTJ ZNKXKLUXK ULLKXY TU
XUUS LUX ZNUYK SUJKY# @NK bXUUS!c OT ZNK IGYK UL GTOSGR ROLK! OY
VXU\OJKJ H_ ZNK MGV ]OZN ]NOIN OZ NGY Y[XXU[TJKJ OZYKRL OT VRGIK UL ZNK
IUTZOT[U[Y Y[XXU[TJOTMY UL ZNK VRGTZ#
9GYZ! ZNKXK OY! OT IUTYKW[KTIK UL ZNKYK MGVY OT YVGIK GTJ ZOSK! ZNK
YKVGXGZKTKYY UL GIZOUT LXUS OZY V[XVUYK! UX ZNK VNKTUSKTUT UL OTZKX"
SKJOGZK GIZO\OZ_! OT GTOSGRY# @NK Z_VOIGR VRGTZ GIZO\OZ_ OY VGXZ UL ZNK
SKZGHUROI VXUIKYY# 8T ZNK SUZOUTY UL GTOSGRY! UT ZNK UZNKX NGTJ! ]K
NG\K GIZO\OZ_ SGJK VUYYOHRK H_ ZNK Y[XVR[Y LXUS VXK\OU[Y SKZGHUROYS
GTJ JOXKIZKJ ZU]GXJ YGLKM[GXJOTM OZY L[Z[XK! H[Z OZYKRL G LXKK K^"
VKTJOZ[XK JOYYUIOGZKJ LXUS ZNK IUTZOT[OTM \KMKZGZO\K GIZO\OZ_! GTJ ZN[Y
GIZOUT OT G XGJOIGRR_ TK] YKTYK# 8Z OY K^ZKXTGR GIZOUT Y[VKXOSVUYKJ UT
ZNK OTZKXTGR GIZOUT UL ZNK \KMKZGZO\K Y_YZKS GTJ VGXGYOZOI UT OZ- UTR_
OZY XKY[RZY GXK JKYZOTKJ ZU HKTKLOZ ZNUYK L[TIZOUTY# @NOY SKJOGI_ UL
\OZGR GIZOUT H_ K^ZKXTGR SUZOUT OY ZNK JOYZOTM[OYNOTM SGXQ UL GTO"
SGROZ_# @NK GXI UL OZY JKZU[X OY ZNK RUI[Y UL ZNK LXKKJUS GTJ XOYQ UL
GTOSGR ROLK# @NK U[Z]GXJ SUZOUT OY GT K^VKTJOZ[XK ZU HK XKJKKSKJ
UTR_ H_ ZNK K\KTZ[GR Y[IIKYY# 1[Z ZNOY Y[IIKYY OY TUZ GYY[XKJ# @NK
@ U : <B4 0;3 @< 5 449- <; @7 4 0 ;8: 09 ?<A9 E %$)
K^ZKXTGR GIZOUT! OT UXJKX ZU HK G VUYYOHR_ Y[IIKYYL[R UTK! S[YZ HK Y[IN
ZNGZ OZ GRYU IGT MU ]XUTM# 8Z S[YZ! OT UZNKX ]UXJY! HK GT GIZO\OZ_
]NOIN JOYVUYKY LXKKR_ UL ZNK XKYU[XIKY UL ZNK T[ZXOZO\K Y_YZKSa LXKKR_!
O#K#! LUX HKZZKX UX LUX ]UXYK# @NK VUYYOHOROZ_ UL KXXUX UX LGOR[XK OY
IUXXKRGZO\K ZU ZNGZ UL Y[IIKYY [TJKX ZNK IUTJOZOUTY UL SKJOGZK GIZOUT#
@NK XKYU[XIKY LUX ZNK RGZZKX GXK SGJK G\GORGHRK H_ ZNK TGZ[XK UL
GTOSGR SKZGHUROYS! ]NOIN! H_ HXKGQOTM JU]T ZNK XKY[RZY UL \KMKZGHRK
Y_TZNKYOY! OY GY G ]NURK VGXGYOZOI UT VRGTZ ROLK# <TR_ H_ ZNOY K^VRUOZG"
ZOUT OY ZNK KTKXM_"Y[XVR[Y UHZGOTKJ ]NOIN IGT ZNKT HK K^VKTJKJ OT
TUT\KMKZGZO\K GIOZO\OZ_# @N[Y GTOSGR SKZGHUROYS SGQKY SKJOGZK GI"
ZOUT VUYYOHRK. H[Z OZ GRYU SGQKY OZ TKIKYYGX_# @NK GTOSGR! LKKJOTM UT
K^OYZOTM ROLK! IUTZOT[GRR_ JKYZXU_Y OZY SUXZGR Y[VVR_ GTJ NGY ZU YKKQ
KRYK]NKXK LUX SUXK# 8T ZNK IGYK UL LRKYN"KGZKXY! ]NUYK LUUJ OY OZYKRL
SUZORK! ZNOY TKKJ OY OTIXKGYKJ OT VXUVUXZOUT GTJ LUXIKY ZNK S[Z[GR
JK\KRUVSKTZ UL ZNGZ GMOROZ_ OT ]NOIN YU SGT_ UZNKX LGI[RZOKY UL ZNK
GTOSGR S[YZ VGXZOIOVGZK#
@NK SKJOGI_ UL GTOSGR K^OYZKTIK OY GZ ZNK XUUZ UL SUZOROZ_! VKXIKV"
ZOUT! GTJ KSUZOUT# 8Z IXKGZKY ZNK OYURGZKJ OTJO\OJ[GR VOZZKJ GMGOTYZ ZNK
]UXRJ# @NOY ]UXRJ OY GZ UTIK OT\OZOTM GTJ ZNXKGZKTOTM# 8Z NURJY ZNK
ZNOTMY TKKJKJ H_ ZNK YUROZGX_ GTOSGR! ]NOIN NGY ZU MU U[Z GTJ YKKQ
ZNKS# 8Z GRYU NURJY ZNK UHPKIZY UL LKGX! GTJ YOTIK ZNK GTOSGR IGT LRKK! OZ
S[YZ LRKK ZNKS# <L ZNOY ]UXRJ ZNK GTOSGR OY TU YZGHRK VGXZ# ?[X\O\GR
HKIUSKY G SGZZKX UL IUTJ[IZ OT YOTMRK GIZOUTY! OTYZKGJ UL HKOTM GY"
Y[XKJ H_ ]KRR"GJGVZKJ UXMGTOI L[TIZOUTOTM OT OZYKRL# @NOY VXKIGXOU[Y
GTJ K^VUYKJ SUJK UL RO\OTM IUSSOZY ZU ]GQKL[RTKYY GTJ KLLUXZ!
]NKXKGY VRGTZ ROLK IGT HK JUXSGTZ# >KYVUTJOTM ZU ZNK R[XK UL ZNK
VXK_! UL ]NOIN VKXIKVZOUT NGY MO\KT TUZOIK! GRKXZTKYY Z[XTY OTZU ZNK
YZXGOT UL V[XY[OZ GTJ OTZU ZNK MXGZOLOIGZOUT UL L[RLORRSKTZ- H[Z OZ GRYU
QTU]Y ZNK VGTM UL N[TMKX! ZNK GMUT_ UL LKGX! ZNK GTM[OYNKJ YZXGOT UL
LROMNZ# =[XY[OZ OZYKRL SG_ KTJ OT ZNK JOYGVVUOTZSKTZ UL LGOR[XK# 8T
YNUXZ! ZNK OTJOXKIZTKYY UL GTOSGR K^OYZKTIK NURJY OT OZY ]GQKL[RTKYY ZNK
Z]OT VUYYOHOROZOKY UL KTPU_SKTZ GTJ Y[LLKXOTM! HUZN ]KJJKJ ZU KLLUXZ#
@NK Z]U K\UR\K ZUMKZNKX! GTJ ZNK ROGHOROZ_ ZU Y[LLKXOTM OY TUZ G YNUXZ"
IUSOTM ]NOIN JKZXGIZY LXUS ZNK LGI[RZ_ UL KTPU_SKTZ! H[Z OZY TKIKY"
YGX_ IUSVRKSKTZ# @NK Y[LLKXOTM OTZXOTYOI OT GTOSGR K^OYZKTIK OY ZN[Y
VXOSGXOR_ TUZ ZNGZ UL VGOT ]NOIN OY UIIGYOUTGR GTJ G IUTIUSOZGTZ
H[Z ZNGZ UL ]GTZ GTJ LKGX! O#K#! GT GYVKIZ UL GVVKZOZO\K TGZ[XK GY Y[IN#
0VVKZOZOUT OY ZNK LUXS ]NOIN ZNK HGYOI YKRL"IUTIKXT UL GRR ROLK GYY[SKY
%$* @ 74 = 74; < : 4; < ; <5 9 85 4
[TJKX ZNK IUTJOZOUTY UL GTOSGR SKJOGI_! ]NKXK OZ KSGTIOVGZKY OZYKRL
LXUS OZY OSSKXYOUT OT HROTJ UXMGTOI L[TIZOUT GTJ ZGQKY U\KX GT ULLOIK
UL OZY U]T- OZY L[TIZOUTY GXK ZNK KSUZOUTY# 0TOSGR HKOTM OY ZN[Y
KYYKTZOGRR_ VGYYOUTGZK HKOTM#

B
8T ZKXSY UL SKXK HOURUMOIGR YGLKZ_! ZNK GJ\GTZGMKY UL GTOSGR U\KX
VRGTZ ROLK GXK NOMNR_ W[KYZOUTGHRK! GTJ OT GT_ IGYK ZNK_ GXK HU[MNZ GZ G
NKG\_ VXOIK# @NK GHOROZ_ ZU MU U[Z OT YKGXIN UL LUUJ SKXKR_ GTY]KXY ZU
ZNK TKIKYYOZ_ ]NOIN OZY SUJK UL SKZGHUROYS OSVUYKY [VUT ZNK GTOSGR
GTJ LXUS ]NOIN ZNK VRGTZ OY LXKK# :UZORK K^OYZKTIK OY LOZL[R GTJ GT^"
OU[Y- VRGTZ ROLK OY TUZNOTM UL ZNK QOTJ# 1[Z JU[HZL[R GY GXK ZNK MGOTY UL
SUZOROZ_ OT G HGRGTIK UL SKXK Y[X\O\GR \GR[KY! ZNK Y[X\O\GR YZGTJGXJ
OZYKRL OY OTGJKW[GZK LUX ZNK K\GR[GZOUT UL ROLK# 8L SKXK GYY[XGTIK UL
VKXSGTKTIK ]KXK ZNK VUOTZ ZNGZ SGZZKXKJ! ROLK YNU[RJ TUZ NG\K YZGXZKJ
U[Z OT ZNK LOXYZ VRGIK# 8Z OY KYYKTZOGRR_ VXKIGXOU[Y GTJ IUXX[VZOHRK HKOTM!
GT GJ\KTZ[XK OT SUXZGROZ_! GTJ OT TU VUYYOHRK LUXS GY GYY[XKJ UL
KTJ[XOTM GY GT OTUXMGTOI HUJ_ IGT HK# ;UZ J[XGZOUT GY Y[IN! H[Z
bJ[XGZOUT UL ]NGZ/c OY ZNK W[KYZOUT# @NOY OY ZU YG_ ZNGZ Y[IN bSKGTYc
UL Y[X\O\GR GY VKXIKVZOUT GTJ KSUZOUT GXK TK\KX ZU HK P[JMKJ GY
SKGTY SKXKR_! H[Z GRYU GY W[GROZOKY UL ZNK ROLK ZU HK VXKYKX\KJ GTJ
ZNKXKLUXK GY GYVKIZY UL ZNK KTJ# 8Z OY UTK UL ZNK VGXGJU^KY UL ROLK ZNGZ
OZ KSVRU_Y SKGTY ]NOIN SUJOL_ ZNK KTJ GTJ ZNKSYKR\KY HKIUSK VGXZ
UL OZ# @NK LKKROTM GTOSGR YZXO\KY ZU VXKYKX\K OZYKRL GY G LKKROTM! TUZ P[YZ
G SKZGHURO`OTM KTZOZ_! O#K#! OZ YZXO\KY ZU IUTZOT[K ZNK \KX_ GIZO\OZ_ UL
LKKROTM- ZNK VKXIKO\OTM GTOSGR YZXO\KY ZU VXKYKX\K OZYKRL GY G VKXIKO\OTM
KTZOZ_a GTJ YU UT# COZNU[Z ZNKYK LGI[RZOKY ZNKXK ]U[RJ HK S[IN RKYY
ZU VXKYKX\K! GTJ ZNOY ($.. UL ]NGZ OY ZU HK VXKYKX\KJ OY ZNK YGSK GY ZNK
($.. ]NKXK]OZN OZ OY VXKYKX\KJ#
ARZOSGZKR_ OZ OY ZNK LGIZ UL OTJO\OJ[GZOUT ]NOIN JKIOJKY ZNK OYY[K
HKZ]KKT GTOSGR GTJ VRGTZ# @NK UXOMOTGR IUTJOZOUT UL UXMGTOYS! K\KT
UT ZNK [TOIKRR[RGX RK\KR! K^NOHOZY OTJO\OJ[GROZ_ GY ZNK \KTZ[XK UL LXKK"
JUS H_ ]NOIN G LUXS SGOTZGOTY OZY OJKTZOZ_ ZNXU[MN ZNK INGTMK UL OZY
SGZZKX# @NK LXKKJUS OY JOGRKIZOIGRR_ HGRGTIKJ H_ TKIKYYOZ_! ZNK G[ZUT"
US_ H_ JKVKTJKTIK# @NK YKRLNUUJ NKXK GJ[SHXGZKJ NGY LXUS ZNK
HKMOTTOTM OZY IU[TZKXVGXZ OT ZNK UZNKXTKYY UL ZNK ]UXRJ# @NK L[XZNKX
GIIKTZ[GZOUT UL ZNOY J[GROYS ]OZN GRR OZY OTNKXKTZ H[XJKT OY TUZNOTM
@U : <B4 0;3 @< 5 449- <; @7 4 0 ;8: 09 ?<A9 E %$+
H[Z ZNK GIIKTZ[GZOUT UL ROLK OZYKRL# 8ZY JOGRKIZOI IGTTUZ H[Z SGQK KGIN
SUXK JK\KRUVKJ YZGZK UL OZ SUXK JU[HRK"KJMKJ# 5XUS ZNOY VUOTZ UL
\OK] ]K YKK ]NKXKOT ZNK XKGR GJ\GTIK UL JK\KRUVKJ GTOSGROZ_ ROKY# 8ZY
SKJOGI_ UL ]UXRJ"XKRGZOUT OY GT OTIXKGYK UL ZNK SKJOGI_ ]NOIN OY
GRXKGJ_ VKI[ROGX ZU UXMGTOI K^OYZKTIK UT ZNK LOXYZ SKZGHURO`OTM RK\KR!
GY IUSVGXKJ ZU ZNK OSSKJOGZK YKRL"OJKTZOZ_ UL OTUXMGTOI SGZZKX# @NOY
OTIXKGYKJ SKJOGI_ H[_Y MXKGZKX YIUVK! OTZKXTGR GTJ K^ZKXTGR! GZ ZNK
VXOIK UL MXKGZKX NG`GXJ! OTZKXTGR GTJ K^ZKXTGR# 0 SUXK VXUTU[TIKJ
YKRL OY YKZ U\KX GMGOTYZ G SUXK VXUTU[TIKJ ]UXRJ# @NK VXUMXKYYO\K
TKX\U[Y IKTZXGRO`GZOUT UL ZNK GTOSGR UXMGTOYS KSVNGYO`KY ZNK LUXSKX!
]NORK IUXXKYVUTJOTMR_ ZNK KT\OXUTSKTZ HKIUSKY UVKT YVGIK OT ]NOIN
ZNK LXKK"SU\OTM YKTZOKTZ NGY ZU LKTJ LUX OZYKRL# 8T OZY MXKGZKX K^VUY[XK
GTJ ZNK VOZIN UL G]GXKTKYY ZNGZ MUKY ]OZN OZ! OZY U]T VUYYOHRK GTTONORG"
ZOUTY HKIUSKY GT UHPKIZ UL JXKGJ P[YZ GY OZY VUYYOHRK YGZOYLGIZOUTY
HKIUSK UHPKIZY UL JKYOXK# 8ZY KTPU_SKTZ NGY Y[LLKXOTM GY OZY YNGJU]
YOJK! OZY RUTKROTKYY ZNK IUSVKTYGZOUT UL IUSS[TOIGZOUT- ZNK MGOT ROKY
TUZ UT KOZNKX YOJK UL ZNK HGRGTIK YNKKZ H[Z OT ZNK ZUMKZNKXTKYY UL HUZN!
O#K#! OT ZNK KTNGTIKSKTZ UL ZNGZ YKRLNUUJ ]OZN ]NOIN bUXMGTOYSc UXOM"
OTGRR_ JGXKJ OTJOLLKXKTZ TGZ[XK# 8ZY VXOIK LXUS ZNK HKMOTTOTM ]GY SUX"
ZGROZ_! GTJ KGIN L[XZNKX YZGMK UL YKVGXGZOUT VG_Y OT OZY U]T IUOTaZNK
YGSK OT ]NOIN OZ GRYU GIW[OXKY OZY L[RLORRSKTZ# @NK QOTJ UL IUOT JKZKX"
SOTKY ZNK \GR[K UL ZNK KTZKXVXOYK# @NK XOLZ HKZ]KKT Y[HPKIZ GTJ UHPKIZ!
]NOIN RUTM"XGTMK VKXIKVZOUT GTJ SUZOROZ_ UVKTKJ GTJ ]NOIN ZNK
QKKTTKYY UL GVVKZOZK GTJ LKGX! UL YGZOYLGIZOUT GTJ JOYGVVUOTZSKTZ! UL
VRKGY[XK GTJ VGOT! XKLRKIZ! ]GY TK\KX ZU HK IRUYKJ GMGOT# 1[Z OT OZY
]OJKTOTM K^VGTYK ZNK LXKKJUS UL ROLK LU[TJ XUUS LUX GRR ZNUYK SUJKY
UL XKRGZOUTa VKXIKVZO\K! GIZO\K! GTJ KSUZOUTGRa ]NOIN OT YVGTTOTM
ZNK XOLZ P[YZOL_ OZ GTJ H_ OTJOXKIZOUT XKJKKS ZNK RUYZ [TOZ_#
! " 7EE3K

5fOR_[RaVP` N[Q Bb_]\`R0 3 5_VaV^bR

!
;[ '-.( <NZR` INaa ]NaR[aRQ aUR SYfONYY T\cR_[\_ S\_ UV` `aRNZ R[#
TV[R$ ;a P\[`V`a` \S ad\ ONYY` YV[XRQ a\ N cR_aVPNY `]V[QYR dUVPU V`
_\aNaRQ Of aUR R[TV[R1 aURV_ dRVTUa" aR[QV[T a\ XRR] aURZ Q\d[ N[Q
PY\`R a\ aUR `]V[QYR" V` P\b[aR_NPaRQ Of aUR PR[a_VSbTNY S\_PR \S aUR
_\aNaV\[$ IVaU N[ V[P_RN`R V[ `]RRQ aUV` S\_PR PNb`R` aUR ONYY` a\ SYf
\ba N[Q b]" dUVYR N QRP_RN`R ZNXR` aURZ SNYY$ ;[ aUb` Z\cV[T" aURf
\]R_NaR N YRcR_ `\ P\[[RPaRQ dVaU aUR aU_\aaYR#cNYcR ORadRR[ aUR
O\VYR_ N[Q aUR R[TV[R N` a\ PY\`R Va dUR[ aUR `]RRQ RePRRQ` N [\_ZNY
cNYbR N[Q a\ \]R[ Va dUR[ aUR `]RRQ SNYY` `U\_a \S aUNa cNYbR$ FUR
ORNbaf \S aUV` `RYS#_RTbYNaV\[ V` V[ aUR SNPa aUNa aUR ZNPUV[R ]R_S\_Z`
Va N` ]N_a \S aUR \ba]ba a\ OR P\[a_\YYRQ" N[Q aU_\bTU aUR cR_f NPa`
\S RePR`` \_ QRSVPVR[Pf dUVPU N_R aUR \OWRPa` \S aUR P\__RPaVcR NPaV\[$
@\aR UR_R aUR ad\ VZ]\_aN[a N`]RPa` \S aUV` P\[a_\Y ZRPUN[V`Z$
8V_`a" N ]N_a \S aUR \ba]ba R[R_Tf" aU\bTU \S V[`VT[VSVPN[a ZNT[VabQR"
V` _RQV_RPaRQ a\ aUR P\[a_\YYV[T N]]N_Nab` SN_aUR_ ONPX V[ aUR PNb`NY
\_QR_ \S aUR `f`aRZ1 aUV` SRNab_R V` PNYYRQ kSRRQONPX$l ERP\[Q" aUV`
SRRQONPX V` `bPU N` a\ P\b[aR_NPa aUR NPaV\[ \S aUR ZNPUV[R" aUNa V`" Va
V` P\__RPaVcR" [\a _RV[S\_PV[T1 aUV` V` PNYYRQ k[RTNaVcR SRRQONPX$l
IUR[ ]_\]R_Yf Sb[PaV\[V[T Va dVYY XRR] aUR ]R_S\_ZN[PR N_\b[Q N
ZRN[ cNYbR Of _RNPaV[T NYaR_[NaRYf a\ aUR k]Yb`l \_ kZV[b`l QR]N_#
ab_R` S_\Z Va$
?\_R aUN[ RVTUaf fRN_` YNaR_" V[ '.,." 5YN_X ?NedRYY" V[ N ]N]R_
L '&. M
5K47D@7F;5E 3@6 B GDBAE7 0 3 5 D;F;CG7 L '&/
kA[ 9\cR_[\_`"l _RNQ ORS\_R aUR D\fNY E\PVRaf" TNcR aUR SV_`a aUR\#
_RaVPNY NPP\b[a \S aUV` af]R \S ZRPUN[V`Z$ 3[Q NTNV[ RVTUaf fRN_`
YNaR_" V[ '/*." @\_OR_a IVR[R_ \S aUR ?N``NPUb`Raa` ;[`aVabaR \S
FRPU[\Y\Tf YVSaRQ S_\Z aUR S\[a N [Rd `PVR[PR dUVPU UR PU_V`aR[RQ
PfOR_[RaVP`" aNXV[T aUR [NZR S_\Z aUR 9_RRX d\_Q ;I36B>6D6Cj
URYZ`ZN[" ]VY\aj \S dUVPU \b_ kT\cR_[\_l V` N QR_VcNaVcR$
>VaaYR QVQ INaa Q_RNZ \S aUR`R P\[`R^bR[PR`$ :V` T\cR_[\_ dN` N[
NbeVYVN_f QRcVPR S\_ UV` `aRNZ R[TV[R" aUR ]b_]\`R \S dUVPU dN` aUR
]_\QbPaV\[ \S ZRPUN[VPNY ]\dR_ S\_ V[Qb`a_f$ 8_\Z aUR ]YR[aVSbY
NcNVYNOVYVaf \S `bPU ]\dR_ `aRZZRQ aUR V[Qb`a_VNY _Rc\YbaV\[" \_ dUNa
IVR[R_ ]_RSR_` a\ PNYY aUR SV_`a V[Qb`a_VNY _Rc\YbaV\[$ ;a` Q\ZV[N[a
aRPU[\Y\TVPNY N`]RPa dN` ]\dR_ R[TV[RR_V[T$ FUR ]VY\a Sb[PaV\[ \S aUR
T\cR_[\_ dN` P\[SV[RQ a\ N``b_V[T aUR `aRNQf _b[[V[T \S aUR ]\dR_
R[TV[R" N[Q N[faUV[T aUNa INaa N[Q UV` P\[aRZ]\_N_VR` ZNf UNcR
ORR[ NOYR a\ S\_R`RR \S UV` V[cR[aV\[m` RSSRPa` dN` `b_RYf V[ aR_Z` \S
aUR Z\cV[T S\_PR TR[R_NaRQ Of aUR [Rd ZNPUV[R` N[Q \S Va` VZ]NPa \[
RP\[\ZfjaUNa V`" V[ aR_Z` \S aUR SV_`a V[Qb`a_VNY _Rc\YbaV\[$
>NaRYf" U\dRcR_" Nba\ZNaVP ]VY\a QRcVPR` UNcR P\ZR V[a\ aURV_ \d[
dVaU N QVSSR_R[PR$ ?\QR_[ aRPU[\Y\Tf" T\V[T ORf\[Q aUR ZR_R ]_\QbP#
aV\[ N[Q N]]YVPNaV\[ \S ]\dR_" aR[Q` V[P_RN`V[TYf a\ P\b]YR aUR ]\dR_
R[TV[R dVaU _\O\a ZRPUN[V`Z`jZRPUN[V`Z` aUNa _R]YNPR ZN[m` ]R_#
PR]aV\[ N[Q WbQTZR[a V[ aUR `R_cV[T \S aUR ZNPUV[R" Wb`a N` aUR ]\dR_
R[TV[R` _R]YNPRQ ZN[m` N_Z` V[ `b]]YfV[T aUR Z\cV[T S\_PR$ FUR
QVSSR_R[PR YVR` [\a \[Yf V[ aUR Sb[PaV\[ Oba NY`\ V[ aUR aRPU[\Y\Tf1
Nba\ZNaVP P\[a_\Y V` N O_N[PU \S P\ZZb[VPNaV\[ R[TV[RR_V[T" N` QV`#
aV[Pa S_\Z ]\dR_ R[TV[RR_V[T$ ;a V` aUR _V`R \S aUR`R `R_c\ZRPUN[V`Z`"
N[Q aUR SNPa aUNa aURf `b]R_`RQR UbZN[ Sb[PaV\[` cR_f QVSSR_R[a S_\Z
aU\`R `b]R_`RQRQ Of aUR ZR_R ]\dR_ R[TV[Rj TR[R_NYYf `]RNXV[T"
kUVTUR_l Sb[PaV\[`jdUVPU PNb`R` IVR[R_ N[Q \aUR_` a\ `]RNX \S N
`RP\[Q V[Qb`a_VNY _Rc\YbaV\[$ 8NZVYVN_ ReNZ]YR` \S `R_c\ZRPUN[V`Z`
N_R aUR aUR_Z\`aNa" `RYS#P\__RPaV[T `aRR_V[T R[TV[R` V[ `UV]`" Nba\ZNaVP
SV_R P\[a_\Y V[ N[aVNV_P_NSa N_aVYYR_f" aN_TRa#`RRXV[T a\_]RQ\`" RYRPa_\[VP
P\Z]baR_`" Nba\ZNaVP aRYR]U\[R RePUN[TR`$ ;[ NYY \S aURZ" SRRQONPX
]YNf` N[ VZ]\_aN[a ]N_a$
FUNa aUR P\ZZ\[ ]_V[PV]YR` V[c\YcRQ V[ aUR`R QVSSR_R[a QRcVPR` N[Q
aUR ]_\OYRZ` ]\`RQ Of aURZ _R^bV_R N b[VSVRQ aUR\_f" N[Q aUNa
aUV` aUR\_f V` \S `bSSVPVR[a Nba\[\Zf N[Q _N[TR a\ QR`R_cR aUR [NZR \S
N [Rd `PVR[PR" dN` N ZNaaR_ S\_ aUR d\_XR_` V[ aUR SVRYQ a\ QRPVQR" N[Q
''& $ F :7 B :7@A?7@A@ A8 >;87
[\ ^bN__RY PN[ N_V`R dVaU aURV_ ]_NPaVPNY QRPV`V\[$ ;S aUV` dR_R NYY aUR
`aNab` PYNVZRQ Of PfOR_[RaVP`" aUR ]UVY\`\]UR_ d\bYQ [\a UNcR a\
R[TNTR V[ N P_VaV^bR \S Va$
4ba PfOR_[RaVP` V` [\a N` V[[\PR[a N` aUNa$ FUR_R V` N `a_\[T N[Q" Va
`RRZ`" NYZ\`a V__R`V`aVOYR aR[QR[Pf V[ aUR UbZN[ ZV[Q a\ V[aR_]_Ra
UbZN[ Sb[PaV\[` V[ aR_Z` \S aUR N_aVSNPa` aUNa aNXR aURV_ ]YNPR" N[Q
N_aVSNPa` V[ aR_Z` \S aUR _R]YNPRQ UbZN[ Sb[PaV\[`$ FUR ]\dR_ R[TV[R"
dVaU Va` YRcR_` N[Q W\V[a` N[Q Va` c\_NPV\b` SbRY P\[`bZ]aV\[" dN` N
`YNcV[T TVN[a" N[Q" P\__R`]\[QV[TYf" aUR UbZN[ \_ N[VZNY O\Qf dN` N
SbRY#Ob_[V[T ]\dR_ ZNPUV[R$ FUR Z\QR_[ `R_c\ZRPUN[V`Z V` QR#
`P_VORQ N` ]R_PR]aVcR" _R`]\[`VcR" NQN]aVcR" ]b_]\`VcR" _RaR[aVcR"
YRN_[V[T" QRPV`V\[#ZNXV[T" V[aRYYVTR[a" N[Q `\ZRaVZR` RcR[ RZ\aV\[NY
Oba aUV` YN`a \[Yf VS `\ZRaUV[T T\R` d_\[T " N[Q" P\__R`]\[QV[TYf"
ZR[ N[Q UbZN[ `\PVRaVR` N_R ORV[T P\[PRVcRQ \S N[Q Re]YNV[RQ N`
SRRQONPX ZRPUN[V`Z`" P\ZZb[VPNaV\[ `f`aRZ`" N[Q P\Z]baV[T ZN#
PUV[R`$ FUR b`R \S N[ V[aR[aV\[NYYf NZOVTb\b` N[Q ZRaN]U\_VPNY aR_#
ZV[\Y\Tf SNPVYVaNaR` aUV` a_N[`SR_ ONPX N[Q S\_aU ORadRR[ aUR N_aVSNPa
N[Q Va` ZNXR_$ ;[ S\_ZR_ QNf`" QRNYV[T V[ `bPU N[NY\TVR` dN` YRSa
ZNV[Yf a\ aUR VZNTV[NaVcR d_VaR_" N[Q PR_aNV[Yf UNQ [\ ]N_a V[ aUR
aR_Z` \S _RSR_R[PR \S aUR `PVR[aV`a N` `bPU1 Oba aUV` `\_a \S a_N[`SR_#
R[PR V` ]_RPV`RYf dUNa PfOR_[RaVP` V` P\[PR_[RQ dVaU" N[Q \[ aUV`
NPP\b[a Va V` `bOWRPa a\ ]UVY\`\]UVPNY P_VaVPV`Z$ FUR YVaR_Nab_R" dUVPU
UN` ORR[ T_\dV[T _N]VQYf `V[PR aUR ]bOYVPNaV\[ \S 'I36B>6D:4C Of
@\_OR_a IVR[R_ V[ '/*." NO\b[Q` dVaU PfOR_[RaVPNY Re]YN[NaV\[` \S
UbZN[ ORUNcV\_" ]_\PR``R` \S aU\bTUa" N[Q `\PV\PbYab_NY \_TN[V`Z`$
FUV` V` `\ZRaUV[T [Rd$ FUR PYN``VPNY ZRPUN[V`a" QRNYV[T dVaU ZNa#
aR_ N[Q Z\aV\[" dN` P\[aR[a a\ `]RNX \S aUR kZNPUV[R \S aUR O\Qfl
N[Q" V[ ZRaU\Q VS [\a V[ ZRaN]Uf`VP`" a\ S\YY\d 6R`PN_aR`" \_VTV[Na\_
\S aUR [\aV\[ \S aUR kN[VZNY Nba\ZNa\["l dU\ UNQ _RZ\cRQ ZV[Q
S_\Z aUR cR_f aR_Z` \S ]Uf`VPNY `PVR[PR$ >NaR_ ZNaR_VNYV`a` _R]bQVNaRQ
aUR 5N_aR`VN[ QbNYV`Z V[ [NZR \[Yf$ FUNa ZV[Q V` N[ R]V]UR[\ZR[\[
\S ZNaR_VNY ]_\PR``R` V[ aUR O_NV[" N` aURf URYQ" _RZNV[RQ N `bZZN_f
N``R_aV\[ [\a YRNQV[T a\ `bPU NPabNY P\__RYNaV\[` N[Q a_N[`S\_ZNaV\[`
N` d\bYQ V[cNQR aUR SVRYQ \S ZV[Q Va`RYS dVaU aUR `fZO\YV`Z \S ]Uf`V#
PNY `PVR[PR$ @\d V` \SSR_RQ" S\_ aUR SV_`a aVZR" N ZRPUN[V`aVP Z\QRY
dUVPU" Va V` PYNVZRQ" N]]YVR` a\ ZNaR_VNY N[Q ZR[aNY ]UR[\ZR[N Na
\[PR" [\a \[Yf R^bVcNYR[aYf Oba VQR[aVPNYYfj aUNa V`" dVaU\ba V[c\YcV[T
]N``NTR S_\Z SVRYQ a\ SVRYQ$
5K47D@7F;5E 3@6 B GDBAE7 0 3 5 D;F;CG7 L :;
FUV` d\bYQ V[QRRQ ZRN[ N[ \cR_P\ZV[T \S aUR QbNYV`Z dUVPU PYN`#
`VPNY ZNaR_VNYV`Z UNQ YRSa V[ ]\``R``V\[ Of QRSNbYa0 S\_ aUR SV_`a aVZR
`V[PR 3_V`a\aRYVN[V`Z dR d\bYQ UNcR N b[VSVRQ Q\Pa_V[R" \_ Na YRN`a N
b[VSVRQ P\[PR]abNY `PURZR" S\_ aUR _R]_R`R[aNaV\[ \S _RNYVaf$ @RRQYR``
a\ `Nf" aUV` d\bYQ OR \S aUR baZ\`a ]UVY\`\]UVPNY VZ]\_aN[PRj N[Q
aUR `]\XR`ZR[ \S PfOR_[RaVP` N_R [\a _R`a_NV[RQ Of N[f aVZVQVaf S_\Z
]\V[aV[T \ba aUR`R VZ]YVPNaV\[` V[ cR_f Re]YVPVa `aNaRZR[a`$ ;a V` dVaU
aUV` N`]RPa \S aUR [Rd QV`PV]YV[R" [\a dVaU aUR ZNaURZNaVP` N[Q aRPU#
[\Y\Tf \S P\ZZb[VPNaV\[ R[TV[RR_V[T N[Q Nba\ZNaVP P\[a_\Y" aUNa aUV`
R``Nf ]_\]\`R` a\ QRNY$
FUR_R N_R aU_RR ZNW\_ a\]VP` SNPV[T `bPU N `P_baV[f" V[QVPNaRQ Of
aUR aR_Z` kaRYR\Y\Tf"l kV[S\_ZNaV\["l N[Q kZV[Q$l ; UNcR PU\`R[ S\_
N[NYf`V` UR_R aUR SV_`a \S aURZ0 aUR PfOR_[RaVPNY P\[PR]a \S ]b_]\`R
N[Q aRYR\Y\Tf$ FUV` V` ON`VP a\ aUR dU\YR `PURZR" N[Q ; T_N[a Na aUR
\ba`Ra aUNa VS PfOR_[RaVP` ZNXR` T\\Q Va` PYNVZ dVaU _RTN_Q a\ aUR`R
aR_Z`j aUNa aURf PN[ OR Rc\YcRQ S_\Z ZRPUN[VPNY ]_RZV`R` NY\[Rj Va
UN` PN__VRQ Va` ZNV[ ]\V[a N[Q _R`\YcRQ N[ NTR#\YQ QbNYV`Z$ ; ]_\]\`R
a\ `U\d aUNa aUR _R`\YbaV\[ PYNVZRQ V` `]b_V\b` N[Q ZNV[Yf cR_ONY$

;;
4RS\_R R[aR_V[T V[a\ QRaNVYRQ QV`Pb``V\[" YRa ZR `U\d Of N `a\PX Re#
NZ]YR S_\Z PfOR_[RaVPNY YVaR_Nab_R dUNa XV[Q \S N[NY\TVR` dR N_R
NO\ba a\ QRNY dVaU V[ aUV` SVRYQ$' FUR N[NY\Tf V[ ^bR`aV\[ V` ORadRR[ N
`R_c\ZRPUN[VPNY N[Q N [Rb_\Y\TVPNY QV`ab_ON[PR$ FUV` V` aUR ZRPUN[V#
PNY `VQR0 N SRRQONPX ZNf OR V[NQR^bNaRYf kQNZ]RQl N[Q _R`bYa V[
\cR_P\__RPaV\[`" aUR_ROf V[ RSSRPa ORP\ZV[T ]\`VaVcR V[`aRNQ \S [RTN#
aVcR1 V[ `bPU N PN`R N ZNPUV[R" `Nf \[R aUNa V` QR`VT[RQ a\ UVa N
Z\cV[T aN_TRa" dVYY k\cR_`U\\al V[ NYaR_[NaR QV_RPaV\[` V[ N `R_VR` \S
RcR_#YN_TR_ \`PVYYNaV\[`" N[Q aUb` kZV`` aUR T\NY$l 3[Q [\d aUR
[Rb_\Y\TVPNY N[NY\TbR0 VS N PR_RORYYN_ ]NaVR[a kV` N`XRQ a\ PN__f N
TYN`` \S dNaR_ S_\Z N aNOYR a\ UV` Z\baU $ $ $ aUR UN[Q PN__fV[T aUR
TYN`` dVYY ReRPbaR N `R_VR` \S \`PVYYNa\_f Z\aV\[` \S V[P_RN`V[T NZ]YV#
abQR N` aUR TYN`` N]]_\NPUR` UV` Z\baU" `\ aUNa aUR dNaR_ dVYY `]VYY'
'$ FUR ReNZ]YR" N[Q aUR ^b\aNaV\[` V[ aUV` `RPaV\[" N_R aNXR[ S_\Z N
W\V[a ]N]R_ Of 3$ D\`R[OYbRaU" @$ IVR[R_" N[Q <$ 4VTRY\d" k4RUNcV\_"
Bb_]\`R N[Q FRYR\Y\Tf"l V[ /9:<?C?@9I ?7 14:6>46! H\Y$ '&%' <N[bN_f"
'/*) " ]]$ '.#(*$
''( $ F :7 B :7@A?7@A@ A8 >;87
N[Q aUR ]b_]\`R dVYY [\a OR SbYSVYYRQ$l FUR P\[QVaV\[ QR`P_VORQ V`
PNYYRQ k]b_]\`R a_RZ\_$l
;a V` P\[aR[QRQ aUNa aUR ad\ PN`R` N_R k`a_VXV[TYf `VZVYN_$l :\dRcR_
aUNa ZNf OR" \[R ]\V[a Na YRN`a `U\bYQ OR PYRN_ S_\Z aUR \ba`Ra0 aUR
]NaVR[a UVZ`RYS G:<<C a\ O_V[T aUR TYN`` a\ UV` Z\baU" aUNa V`" UR dN[a`
Va aUR_R$ FUV` 6>5! Z\aVcNaV[T aUR NPaV\[ S_\Z aUR `aN_a" V` V[a_V[`VP V[
NYY aUR ]N_a#Z\aV\[`" ]_\cVQV[T aUR _RSR_R[PR Of dUVPU aURf N_R V[
aURZ`RYcR` SNVYb_R` N[Q ZNXR aUR dU\YR b[QR_aNXV[T N SNVYb_R$ B_R#
`bZNOYf aUR ]NaVR[a SV[Q` UV` V[NOVYVaf a\ ]R_S\_Z QV`a_R``V[T$ 4ba aUR
ZNPUV[R" S\_ NYY dR X[\d" ZNf Wb`a N` dRYY OR `NVQ" V[`aRNQ \S ORV[T
QV`a_R``RQ" a\ NON[Q\[ Va`RYS dVaU _RYV`U a\ Va` dVYQ \`PVYYNaV\[`" N[Q
V[`aRNQ \S `bSSR_V[T aUR S_b`a_NaV\[ \S SNVYb_R" a\ R[W\f aUR b[PURPXRQ
SbYSVYYZR[a \S Va` VZ]bY`R`$
k<b`a N` dRYYl NZ\b[a` \S P\b_`R a\ k[RVaUR_$l ?N[VSR`aYf [RVaUR_
kQV`a_R``l [\_ kR[W\fZR[al SVa` aUR =?5EC ?@6B2>5: \S N ZNPUV[Rj
[\a RcR[ N` N[ \]R_NaV\[NY N[NY\Tf" `V[PR aUR ZNPUV[R V` R^bNYYf
k`NaV`SVRQl V[ RNPU N[Q N[f `V[TYR `aR] \S ORUNcV\_ N` Va \PPb_`" aUR
\PPb__R[PR N` `bPU ORV[T Va` \d[ `\YR N[Q `bSSVPVR[a cV[QVPNaV\[$ ;[
aUR PN`R \S aUR ZNPUV[R kZV``V[T aUR T\NYl ZRN[`" \S P\b_`R" ZV``V[T
?EB T\NY" aUR T\NY S\_ dUVPU Va UN` ORR[ QR`VT[RQ" [NZRYf Of b`" Va
kUNcV[Tl [\[R Va`RYS1 dUR_RN` aUR b[S\_ab[NaR ]NaVR[a a_bYf ZV``R` UV`
T\NY" dUVPU V` UV` [\a ORPNb`R UR UN` ORR[ QR`VT[RQ S\_ Va Oba ORPNb`R
UR UN` S\_ZRQ N[Q R[aR_aNV[RQ aUR QR`VT[$ FUR`R RYRZR[aN_f QV`aV[P#
aV\[`" S\_ dU\`R ]_\ONOYf ReN`]R_NaV[T \OcV\b`[R`` ; N]\Y\TVgR" UNcR
a\ OR XR]a SV_ZYf V[ ZV[Q Qb_V[T aUR S\YY\dV[T QRYVOR_NaV\[`$ FUR Re#
NZ]YR Va`RYS" U\dRcR_" ORY\[T` a\ N YNaR_ `aNTR V[ aUR Y\TVPNY QRcRY\]#
ZR[a" a\ dUVPU ; [\d ab_[$
;[ aUR PfOR_[RaVPNY `abQf _RSR__RQ a\" aUR P\[PR]a \S ]b_]\`R
RZR_TR` V[ N ]_\PR`` \S QVPU\a\Zf a\ dUVPU aUR ON`VP P\[PR]a \S
kORUNcV\_l V` `bOWRPaRQ$ EV[PR kOf ORUNcV\_ V` ZRN[a N[f PUN[TR \S
N[ R[aVaf G:D9 B6C@64D D? :DC CEBB?E>5:>8C!L aUR dU\YR `R^bR[PR _R#
ZNV[` dVaUV[ aUR aR_Z` \S ReaR_[NY _RYNaV\[`UV]`$ Bb_]\`RSbY ORUNcV\_
N]]RN_` N` N `bOQVcV`V\[ \S NPaVcR ORUNcV\_" N[Q kaUR aR_Z ]b_]\`RSbY
V` ZRN[a a\ QR[\aR aUNa aUR NPa \_ ORUNcV\_ ZNf OR V[aR_]_RaRQ N`
QV_RPaRQ a\ aUR NaaNV[ZR[a \S N T\NYj V$R$" a\ N 7:>2< 4?>5:D:?> V[
dUVPU aUR ORUNcV[T \OWRPa _RNPUR` N 567:>:D6 4?BB6<2D:?> V[ aVZR \_ V[
`]NPR dVaU _R`]RPa a\ N[\aUR_ \OWRPa \_ RcR[al VaNYVP` ZV[R $
AOcV\b`Yf aUR dU\YR QRSV[VaV\[ ab_[` \[ aUR ZRN[V[T N[Q _RYRcN[PR
5K47D@7F;5E 3@6 B GDBAE70 3 5 D;F;CG7 L '')
\S aUR aR_Z kSV[NY P\[QVaV\[$l @\d dUNa P\[QVaV\[ V` a\ OR _RTN_QRQ
N` SV[NY2 IR N_R [\a ]R_ZVaaRQ a\ N[`dR_ kaUR \[R V[ dUVPU aUR T\NY V`
_RNPURQ"l `V[PR Va V` aUR SV[NYVaf \S aUR P\[QVaV\[ dUVPU NY\[R TVcR`
ZRN[V[T a\ aUR aR_Z kT\NYl1 aUV` ZRN[V[T V` [\a QR_VcRQ" S\_ ReNZ]YR"
S_\Z aUR N[aVPV]Na\_f ]_R`R[PR \S `bPU N P\[QVaV\[ V[ aUR V[VaVNaV\[
N[Q aU_\bTU\ba aUR `bPPR``VcR `aNTR` \S aUR Z\aV\[$ @\aUV[T _RZNV[`
Oba a\ b[QR_`aN[Q N` kSV[NYl aUR P\[QVaV\[ V[ dUVPU aUR NPaV\[ R[Q`"
aUNa V`" N P\[QVaV\[ \S _R`a" V[ aUR O_\NQ _RYNaVcV`aVP `R[`R V[QVPNaRQ Of
aUR ]U_N`R kV[ dUVPU aUR ORUNcV[T \OWRPa _RNPUR` N QRSV[VaR P\__RYN#
aV\[ $ $ $ dVaU _R`]RPa a\ N[\aUR_ \OWRPa$l FUV` `\b[Q` NYZ\`a 3_V`a\aR#
YVN[" RePR]a aUNa a\ 3_V`a\aYR N O\Qf P\ZR` a\ _R`a V[ Va` [Nab_NY ]YNPR
ORPNb`R aUV` :C aUR NVZ \S Va` Z\aV\[" dUVYR a\ \b_ NbaU\_` aUR Z\aV\[
kZNf OR V[aR_]_RaRQl N` UNcV[T UNQ aUNa NVZ ORPNb`R Va R[Q` dUR_R Va
Q\R`$
FUR QVSSR_R[PR V` [\a N ZV[\_ \[R$ 3_V`a\aYR P\bYQ QV`aV[TbV`U OR#
adRR[ aUR ZR_R R[QV[T N[Q aUR V[a_V[`VP kR[Ql \S N Z\aV\[" N QV`aV[P#
aV\[ dVaU\ba dUVPU" N` UR ]\V[a` \ba" QRNaU d\bYQ UNcR a\ OR P\[`VQ#
R_RQ aUR NVZ \S UbZN[ YVSR$ 4ba a\ \b_ NbaU\_`" VS aURf `aVPX a\ aURV_
QRSV[VaV\[" QRNaUj aUR Z\`a QRSV[VaR P\__RYNaV\[ a\ aUR R[cV_\[ZR[a
_RNPUNOYR" N[Q V[RcVaNOYf _RNPURQ" Of N[ \_TN[V`Zj V[QRRQ :C aUR
T\NY \S aUR a\aNY Z\aV\[ \S YVSR N` \[R `R^bR[PR \S kNPaVcR ORUNcV\_"l
N[Q ; `RR [\ dNf S\_ aURZ a\ R`PN]R aUV` P\[PYb`V\[$ F\ TR[R_NYVgR
aUV`" dR ZNf `Nf aUNa k_b[[V[T Q\d["l aUNa V`" V[P_RN`R \S R[a_\]f"
QRSV[R` aUR QV_RPaV\[ \S NYY [Nab_NY ]_\PR``R`" N[Q aUR_RS\_R ZNeVZbZ
R[a_\]f V` aUR T\NY a\ dU\`R NaaNV[ZR[a NYY ORUNcV\_ ZNf OR V[aR_#
]_RaRQ N` ORV[T QV_RPaRQ$ ;[ aUV` `R[`R NYY ORUNcV\_ V` ]b_]\`RSbYj Of
aUR aR_Z` \S aUR QRSV[VaV\[$
FUV` P_VaVPV`Z ZNf `RRZ b[SNV_" `V[PR Va Q\R` [\a P\[`VQR_ aUR XV[Q
\S ZRPUN[V`Z a\ dUVPU aUR NbaU\_` V[aR[Q aURV_ QRSV[VaV\[ a\ N]]Yf"
N[Q dUVPU" Of Va` `aNaNOYR QVSSR_R[PR S_\Z \aUR_" k[\[]b_]\`RSbYl
XV[Q`" ReRZ]YVSVR` aUR a_bR ZRN[V[T \S aUR QRSV[VaV\[$ ;[QRRQ" dR N_R
[\a P\[PR_[RQ dVaU cR_ONY `U\_aP\ZV[T`$ >Ra b` aUR_RS\_R Y\\X Na
`\ZR \S aUR ReNZ]YR` TVcR[ a\ VYYb`a_NaR aUR ZRN[V[TjSV_`a Na N
[\[]b_]\`RSbY ZRPUN[V`Z$
k8V_`a ZNf OR ZR[aV\[RQ ZRPUN[VPNY QRcVPR` `bPU N` N _\bYRaaR"
QR`VT[RQ ]_RPV`RYf S\_ ]b_]\`RYR``[R``$l IUNa N ZRPUN[V`Z V` QR#
`VT[RQ S\_" Of Va` ZNXR_" V` \S P\b_`R R[aV_RYf V__RYRcN[a" ORPNb`R
Rea_N[R\b`" a\ aUR QR`P_V]aV\[ \S Va` d\_XV[T$ FUR ZR[aV\[ \S aUR
''* M F :7 B :7@A?7@A@ A8 >;87
]b_]\`R \S aUR UbZN[ QR`VT[R_ V[ aUV` P\[aRea N_\b`R` \b_ `b`]VPV\[
aUNa NY`\ V[ aUR TR[R_NY aUR\_f aUR UbZN[j aUNa V`" aUR SNZVYVN_" aUR
[\[PfOR_[RaVPNYj ZRN[V[T \S k]b_]\`Rl V` V[`V[bNaRQ V[a\ N QR`P_V]#
aV\[ dUVPU ]b_]\_a` a\ QRNY V[ aR_Z` \S ReaR_[NY ORUNcV\_ NY\[R$ IR
`UNYY SV[Q aUV` `b`]VPV\[ NZ]Yf P\[SV_ZRQ N` dR T\ \[$ 3` _RTN_Q` aUR
_\bYRaaR Va`RYS" Va NaaNV[` V[ RNPU _b[ \[R SV[NY P\[QVaV\[" aU\bTU \[R
aUNa V` b[]_RQVPaNOYR Of Va` QR`VT[R_ \_ b`R_" N[Q V` aUb` Of Va`RYS
k]b_]\`RSbY$l ;a ZNf OR N_TbRQ aUNa Va Q\R` [\a P\ZR b[QR_ N QRSV[V#
aV\[ Of dUVPU k]b_]\`RSbYl V` N `bOQVcV`V\[ \S kNPaVcRl ORUNcV\_"
`V[PR aUR dU\YR NPaV\[ \S aUR _\bYRaaR PN[ OR a_NPRQ a\ aUR VZZRQVNaR
V[]ba \S R[R_Tf" aUR ]b`U Of N UN[Q$ 4ba V[`aRNQ \S Y\`V[T aVZR dVaU
`U\dV[T aUNa aUR QV`aV[PaV\[ ORadRR[ NPaVcR N[Q ]N``VcR ORUNcV\_ V`
V__RYRcN[a a\ aUR V``bR" YRa b` T\ \[ a\ aUR [Rea ReNZ]YR" dUVPU V` [\a
\]R[ a\ aUV` \OWRPaV\[$
kFUR[ ZNf OR P\[`VQR_RQ QRcVPR` `bPU N` N PY\PX" QR`VT[RQ" Va V`
a_bR" dVaU N ]b_]\`R" Oba UNcV[T N ]R_S\_ZN[PR dUVPU" NYaU\bTU \_#
QR_Yf" V` [\a ]b_]\`RSbYjV$R$" aUR_R V` [\ `]RPVSVP SV[NY P\[QVaV\[ a\#
dN_Q dUVPU aUR Z\cRZR[a \S aUR PY\PX `a_VcR`$l FUV` V` N TYN_V[T
ReNZ]YR \S VYYVPVa ZVeV[T \S ]\V[a` \S cVRd$ FUR `aNaRZR[a aUNa aUR_R V`
[\ `]RPVSVP SV[NY P\[QVaV\[ a\dN_Q dUVPU aUR Z\cRZR[a \S aUR PY\PX
`a_VcR` V` a_bR \[Yf N` N[ Re]_R``V\[ \S QR`V_NOVYVaf S_\Z aUR ]\V[a \S
cVRd \S aUR UbZN[ b`R_" dU\ V[aR_cR[R`j Of ]R_V\QVPNY _RdV[QV[T" S\_
ReNZ]YRj a\ `RPb_R aUV` QR`V_NOYR `aNaR$ >RSa a\ Va`RYS" a\ Va` \d[
k`a_VcV[T"l aUR PY\PX dVYY _b[ Q\d[0 aUR `]_V[T dVYY ReaR[Q a\ Va`
ZNeVZbZ" aUR gR_\ ]\V[a \S aR[`V\[" \_ aUR dRVTUa dVYY P\ZR a\ _R`a"
Na aUR YNaR`a \[ _RNPUV[T aUR PR[aR_ \S T_NcVaNaV\[" N[Q aUR SV[NY P\[QV#
aV\[ \S aUR PY\PX Va`RYS dVYY OR aUNa `aN[Q`aVYY dUVPU ZN_X` aUR NaaNV[#
ZR[a \S P\Z]YRaR R^bVYVO_VbZ \_ ZNeVZbZ R[a_\]f$ ; PN[[\a `RR N[f
\aUR_ `a_VcV[T V[ aUR PY\PX N` N ]VRPR \S ]Uf`VPNY ZRPUN[V`Z" aU\bTU ;
PN[ `RR N `a_VcV[T \S N cR_f QVSSR_R[a [Nab_R V[ aUR EC6B \S aUR PY\PX a\
P\b[aR_NPa aUR PY\PXm` \d[ k]b_]\`R$l
A[ aUR \aUR_ UN[Q" Va `RRZ` N_OVa_N_f a\ RePYbQR aUR _RTbYN_ ]R_#
S\_ZN[PR N` N dU\YR S_\Z aUR P\[QVaV\[` kV[ dUVPU aUR ORUNcV[T
\OWRPa _RNPUR` N QRSV[VaR P\__RYNaV\[ V[ aVZR \_ V[ `]NPR dVaU _R`]RPa
a\ N[\aUR_ \OWRPa \_ RcR[a"l N[Q aUb` a\ QV`^bNYVSf Va S_\Z _R]_R`R[a#
V[T aUR T\NY \S aUR ]_\PR``$ FUR kQRSV[VaR P\__RYNaV\[l ZNf dRYY OR N
`R_VR`" dUVPU Va V` V[ aUR PN`R \S N P\[aV[b\b`Yf R[R_TVgRQ PY\PX N[Q"
\[ aUR UbZN[ YRcRY" V[ aUR PN`R \S NYY aU\`R NPaVcVaVR` aUNa UNcR aURV_
5K47D@7F;5E 3@6 B GDBAE7 0 3 5 D;F;CG7 L ''+
R[Q V[ aURZ`RYcR` 1 N[Q aUb` V[ aUV` _R`]RPa a\\ aUR ReNZ]YR SNVY` a\
VYYb`a_NaR [\[]b_]\`VcR N` \]]\`RQ a\ ]b_]\`VcR ORUNcV\_ V[ N ZRPUN#
[V`Z$ ;a `RRZ` aUNa \[PR dR UNcR NON[Q\[RQ aUR \_VTV[NY ZRN[V[T \S
k]b_]\`Rl N` aUR @B?@?C:DE=! aUNa dUVPU `\ZR\[R `Ra` 367?B6 UVZ`RYS
N` aUR dUR_Ra\ \S UV` NPaV\[" dR N_R _RQbPRQ a\ aUR [RPR``Vaf \S
T_N[aV[T ]b_]\`R a\ 2<< NPaV\[j aUR_ROf QR]_VcV[T aUR QRSV[VaV\[ \S NYY
QRSV[V[T S\_PR$
>Ra b` [\d Y\\X Na \b_ NbaU\_m` P\b[aR_ReNZ]YR`$ kE\ZR ZN#
PUV[R`" \[ aUR \aUR_ UN[Q" N_R V[a_V[`VPNYYf ]b_]\`RSbY$ 3 a\_]RQ\ dVaU
N aN_TRa#`RRXV[T ZRPUN[V`Z V` N[ ReNZ]YR$ FUR aR_Z `R_c\ZRPUN#
[V`Z` UN` ORR[ P\V[RQ ]_RPV`RYf a\ QR`VT[NaR ZNPUV[R` dVaU V[a_V[`VP
]b_]\`RSbY ORUNcV\_$l IUf V` N aN_TRa#`RRXV[T \_ `RYS#`aRR_V[T a\_]RQ\
V[a_V[`VPNYYf ]b_]\`RSbY2 IR Zb`a \S P\b_`R ORdN_R \S `bPPbZOV[T a\
aUR `bTTR`aVcR[R`` \S `bPU d\_Q` N` k`RRXV[Tl N[Q k`RYS$l ;[ \O`R_c#
V[T aUR ORUNcV\_ \S aUR a\_]RQ\" Va` kPUN[TR dVaU _R`]RPa a\ Va` `b_#
_\b[QV[T`"l dR [\aVPR aUNa Va Q\R` [\a `VZ]Yf S\YY\d Va` V[VaVNY P\b_`R"
Oba NYaR_` Va \PPN`V\[NYYf" dVaU aUR TR[R_NY RSSRPa \S XRR]V[T \[ aUR
aN_TRa" dUVPU ZNf OR N Z\cV[T \[R$ IR `RR aUR`R PUN[TR` \PPb_ V[
_R`]\[`R a\ PUN[TR` V[ aUR _RYNaVcR ]\`VaV\[` \S aUR ad\ R[aVaVR`" N[Q
ZNf aUR[ `]RNX \S kP\Z]R[`Na\_f NPaV\[l \[ aUR ]N_a \S aUR a\_]RQ\$
IR Q\ aUV` ]_\cVQRQ aUR PUN[TR` \S ORUNcV\_ N_R QbR [\a QV_RPaYf" V[
aR_Z` \S S\_PR" Oba \[Yf V[QV_RPaYf" V[ N `R[`R a\ OR `]RPVSVRQ" a\ aUR
V[SYbR[PR \S aUR \aUR_ R[aVaf$ AaUR_dV`R N[f ZNT[RaVP ]N_aVPYR PUN[T#
V[T Va` ]NaU dVaU aUR QV`]YNPRZR[a \S N ZNT[RaVP ]\YR" \_ N T_NcVaNaV[T
O\Qf PUN[TV[T Va dVaU aUR _RYNaVcR QV`]YNPRZR[a \S aUR `\b_PR \S T_NcV#
aNaV\[" d\bYQ UNcR a\ OR _RTN_QRQ N` P\ZV[T b[QR_ aUR `NZR PNaR#
T\_f$
FUR YNaaR_ ReNZ]YR V` V[`a_bPaVcR$ 3 ]YN[Ra ZNf OR `NVQ a\ _R`]\[Q
P\[aV[b\b`Yf a\ aUR _RYNaVcRYf PUN[TV[T ]\`VaV\[ \S aUR `b[" N[Q aUR
Pb_cNab_R \S Va` NPabNY ]NaU ZNf OR `NVQ a\ OR N P\Z]_\ZV`R ORadRR[
ad\ P\[SYVPaV[T k`a_VcV[T`"l \[R a\ P\[aV[bR V[ N `a_NVTUa YV[R Of Va`
Z\ZR[abZ" aUR \aUR_ a\ SNYY a\dN_Q aUR `b[ Of Va` T_NcVaf$ 7NPU
SNPa\_ RZO\QVR` Va` \d[ k]b_]\`R"l N[Q VS aUR SV_`a `U\bYQ T_\d
`aRNQVYf `ZNYYR_ aUR _Rc\YbaV\[ \S aUR ]YN[Ra dVYY ORP\ZR N QRP_RN`V[T
`]V_NY V[ dUVPU aUR ZN_TV[ \S kR__\_l dVaU _RTN_Q a\ aUR `RP\[Q k]b_#
]\`Rl dVYY OR ]_\T_R``VcRYf QVZV[V`URQ$ KRa dR d\bYQ [\a `Nf aUNa aUR
]YN[Ra kP\__RPa`l \_ kNQWb`a`l Va` P\b_`R$ FUR _RN`\[ V` aUNa UR_R aUR
PUN[TR` N_R N QV_RPa Sb[PaV\[ \S aUR S\_PR` V[c\YcRQ1 R`]RPVNYYf" aUR
'', $ F :7 B :7@A?7@A@ A8 >;87
R[R_Tf aUNa ]_\cVQR` aUR k`aVZbYb`l aUR k]bYYl \S aUR `b[ V` aUR
`NZR N` aUNa dUVPU RSSRPa` aUR k_R`]\[`R$l ;[ \aUR_ d\_Q`" dR PN[[\a
UR_R RcR[ ZNXR aUR QV`aV[PaV\[" `V[PR NPaV\[ N[Q _RNPaV\[ N_R \[R N[Q
aUR `NZR RcR[a$
3[ N[NY\T\b` `VabNaV\[ d\bYQ \OaNV[ VS aUR a\_]RQ\ NYaR_RQ Va`
P\b_`R Of QV_RPa ZNT[RaVP Naa_NPaV\[ ORadRR[ Va`RYS N[Q aUR aN_TRa$
FUV` d\bYQ PR_aNV[Yf OR k]b_]\`VcRl ORUNcV\_ NPP\_QV[T a\ N[f _RN#
`\[NOYR V[aR_]_RaNaV\[ \S aUR ]_RcV\b` QRSV[VaV\[" dUVPU UN` ORR[
`U\d[ a\ OR d\_aUYR`` V[ N[f PN`R" Oba Va d\bYQ [\a OR kaRYR\Y\TVPNYl
ORUNcV\_ NPP\_QV[T a\ aUR QRSV[VaV\[ dR N_R `\\[ a\ QRNY dVaU$ IUNa
P\[`aVabaR` aUR QVSSR_R[PR V[ aUR ad\ PN`R`" N``bZV[T aUNa ZNT[RaVP
]_V[PV]YR` \]R_NaR V[ O\aU" V` aUNa V[ aUR `RYS#`aRR_V[T a\_]RQ\ aUR
ZNT[RaVP SNPa\_ Q\R` [\a Va`RYS ]_\cVQR aUR @?G6B S\_ aUR NPPRYR_NaV\[
\S aUR R[aVaf dU\`R `aRR_V[T N__N[TRZR[a Va NSSRPa`" N[Q aUR RSSRPa \[
aUR YNaaR_ V` [\a N Sb[PaV\[ \S aUR AE2>D:DI \S aUR ZNT[RaVP S\_PR NPaV[T
\[ Va$ 9VcR[ `bSSVPVR[a `R[`VaVcVaf" aUV` S\_PR ZNf OR N` `ZNYY N` f\b
]YRN`R" N[Q TVcR[ RSSVPVR[a P\b]YV[T N[Q `bSSVPVR[a Z\a\_ _R`\b_PR`" aUR
RSSRPa V[ aR_Z` \S ]\dR_ ZNf OR N` YN_TR N` f\b ]YRN`R$ FUR a\_]RQ\ V`
[\a Naa_NPaRQ Oba V` `aRR_RQ a\dN_Q aUR aN_TRaj V[ _R`]\[`R" a\ OR `b_R"
a\ N[ V[SYbR[PR RZN[NaV[T S_\Z Va" Oba aUV` V[SYbR[PR V` \S aUR \_QR_ \S
kZR``NTRl N[Q [\a \S NPPRYR_NaV\[$ FUb` Va V` aUR QVSSR_R[PR ORadRR[
_RPR]a\_ N[Q RSSRPa\_ RYRZR[a`" N[Q aUR `aRR_V[T \S aUR YNaaR_m` \ba]ba
Of aUR S\_ZR_m` V[]ba" dUVPU PUN_NPaR_VgR aUV` af]R \S NQN]aVcR OR#
UNcV\_$ A[ aUR UbZN[ YRcRY aUV` V` aN[aNZ\b[a a\ `NfV[T aUNa ]b_#
]\`VcR ORUNcV\_ V[c\YcR` ]R_PR]aV\[$
AOcV\b`Yf aUR QVcV`V\[" N[Q Na aUR `NZR aVZR P\[[RPaV\[" ORadRR[
_RPR]a\_ N[Q RSSRPa\_ \_TN[` V` \[R \S aUR R``R[aVNY P\[QVaV\[` \S aUR
S_RRQ\Z \S N[VZNY NPaV\[0 Va ZNXR` @?CC:3<6 NPaV\[ T\cR_[RQ Of ]b_#
]\`R` S\_ aUR T\NY#\OWRPa Zb`a OR ]R_PRVcRQ" N[Q Z\cRZR[a TbVQRQ
Of `bPU ]R_PR]aV\[ OR ]R_S\_ZRQ j ]_\cVQRQ aUR R[aVaf V[ ^bR`aV\[ V`
\[R aUNa PN[ UNcR ]b_]\`R`$ FUV` V[`a_bZR[aNY 4?>5:D:?> S\_ T\NY#
QV_RPaRQ NPaV\[" cVg$ V[ aUR N[VZNY N[NY\Tf " kZ\aVYVaf N[Q `R[#
aVR[PR"l dUVPU V` [\ \aUR_ aUN[ aUR kSRRQONPXl \S aUR P\[a_\Y R[TV#
[RR_`" ]_\cVQR` aUR PfOR_[RaVPVN[ dVaU UV` QRSV[VaV\[ \S kaRYR\Y\TVPNY
ORUNcV\_l Va`RYS0 ORUNcV\_ P\[a_\YYRQ Of [RTNaVcR SRRQONPX$ FUb` Va V`
N `bOQVcV`V\[ \S k]b_]\`VcR ORUNcV\_"l N[Q Va R`PN]R` aUR ZRN[V[T#
YR``[R`` \S aUR TR[R_VP aR_Z aU_\bTU ORV[T aUb` `]RPVSVRQ Of N QRSV[VaR
aRPU[VPNY ]NaaR_[$
5 K47D@7F;5E 3@6 B GDBAE7 0 3 5 D;F;CG7 L ''-
IVaU [RTNaVcR SRRQONPX N[ R[aVafm` Sb[PaV\[ V` P\[a_\YYRQ Of aUR
NZ\b[a \S QV`P_R]N[Pf dUVPU Va `U\d` S_\Z Z\ZR[a a\ Z\ZR[a dVaU
_RSR_R[PR a\ `\ZR QRSV[RQ `aNaR" aUR NZ\b[a ORV[T P\[aV[bNYYf P\Z#
]R[`NaRQ$ FUR ]_\PR`` aUb` N]]RN_` a\ OR T\NY#QV_RPaRQ$ 5N[ Va aUR_R#
S\_R OR PNYYRQ kaRYR\Y\TVPNYl V[ N[f Z\_R _RYRcN[a `R[`R aUN[ aUNa \S N
cR_ONY QRSV[VaV\[j V[ N `R[`R aUNa d\bYQ Wb`aVSf aUR PU\VPR \S aUR [NZR
S_\Z aUR P\[[\aNaV\[` Va UN` ]_V\_ a\ aUR QRSV[VaV\[2 FUR ^bR`aV\[ V`
aN[aNZ\b[a a\ N`XV[T dURaUR_ aUR QVSSR_R[aVN \S kSRRQONPXl PN[ `b]#
]Yf aUR P\[PR]a \S @EB@?C6 dUVPU aUR Y\TVPNY TR[b` SNVYRQ a\ fVRYQ1 aUV`
NTNV[ NZ\b[a` a\ aUR ^bR`aV\[ dURaUR_ aUR aRPU[VPNY 4?>5:D:?> S\_
]b_]\`VcR NPaV\[ PN[ Va`RYS P\[`aVabaR ]b_]\`R1 N[Q aUV`" SV[NYYf" V[#
c\YcR` aUR ^bR`aV\[ dURaUR_ RSSRPa\_ N[Q _RPR]a\_ R^bV]ZR[aj aUNa V`"
Z\aVYVaf N[Q ]R_PR]aV\[ NY\[Rj V` `bSSVPVR[a a\ ZNXR b] Z\aVcNaRQ
N[VZNY ORUNcV\_$

;YY
IVaU aUR`R ^bR`aV\[` V[ ZV[Q YRa b` Y\\X NTNV[ Na aUR aN_TRa#`RRXV[T
a\_]RQ\$ ;a` D6<?C d\bYQ OR `NVQ a\ OR aUR UVaaV[T \S aUR aN_TRa" ORPNb`R
aUV` dVYY OR aUR _R`bYa \S Va` ORUNcV\_ VS `bPPR``SbY" N[Q aUR ORUNcV\_ V`
`NVQ a\ OR ]b_]\`RSbY N[Q aRYR\Y\TVPNY ORPNb`R Va V` `RYS#NQN]aVcR dVaU
_RTN_Q a\ aUV` _R`bYa$ @\aR aUNa V[ aUR aR_Z k`bPPR``SbYl dR UNcR
V[a_\QbPRQ N[ RYRZR[a \S UbZN[ RcNYbNaV\[ V[a\ aUR QR`P_V]aV\[" N[Q
aUNa V[ `NfV[T kNQN]aVcR dVaU _RTN_Q a\ aUR _R`bYal dR UNcR NYY\dRQ
\b_`RYcR` N[\aUR_ N[aU_\]\Z\_]UVP YNaVabQR" `V[PR aUR_R V` [\aUV[T V[
aUR `V[TYR \]R_NaV\[` \S NQN]aNaV\[ aUNa _RYNaR` QV_RPaYf a\ aUR \ba#
P\ZR \S aUR NPaV\[ N` N dU\YR" RcR[ aU\bTU _Ra_\`]RPaVcRYf dR PN[
NQWbQTR aUR `V[TYR NQN]aNaV\[` a\ UNcR P\[a_VObaRQ a\ Va$ 7NPU \S aUR
NQN]aNaV\[` V[ Va`RYS \[Yf _R`a\_R` aUR R^bVYVO_VbZ \S aUR Z\ZR[a"
dUVVU \[ Va` \d[ aR_Z` V` N `RYS#`bSSVPVR[a `VabNaV\[$ ; dVYY [\a ]_R``
aUR`R ]\V[a` UR_R" Oba _NaUR_ N`X dUNa @2BD \S aUR ZRPUN[V`Z RZ#
O\QVR` aUR ]b_]\`VcR[R``$
;a PN[[\a OR aUR ]_\]bY`V\[ R[TV[R" ORPNb`R aUV`j dURaUR_ Va V` N
ONaaR_f#SRQ RYRPa_\Z\a\_" N WRa \_ V[aR_[NY#P\ZOb`aV\[ R[TV[R" \_
dUNaRcR_j `VZ]Yf d\_X` a\dN_Q aUR R^bNYVgNaV\[ \S R[R_Tf YRcRY`"
aUNa V`" Va V` T\cR_[RQ Of aUR YNd \S R[a_\]f$ 4ba `\ a\\ V` aUR `R[`VaVcR
_RPR]a\_" dU\`R NPaV\[ S_\Z Z\ZR[a a\ Z\ZR[a P\[`V`a` V[ aUR
YRcRYV[T#\ba \S N ZNT[RaVP \_ RYRPa_VP ]\aR[aVNY \_ `\ZR \aUR_ V[aR_[NY
''. $ F :7 B :7@A?7@A@ A8 >;87
QV`R^bVYVO_VbZ1 N[Q aUR `NZR V` a_bR S\_ aUR a_N[`ZV``V\[ \S Va` kZR`#
`NTRl aU_\bTU dUNaRcR_ PUN[[RY" N[Q S\_ Va` NZ]YVSVPNaV\[" N[Q S\_ aUR
_RYNf NPaV\[` V[c\YcRQ" N[Q `\ \[" ONPX a\ aUR \]R_NaV\[ \S aUR `aRR_#
V[T QRcVPR N` `bPU$ 7NPU \S aUR`R NPaV\[` _b[` Va` P\b_`R R[aV_RYf V[
aUR a_NPX` \S Va` \d[ ZRPUN[VPNY [RPR``Vafj kOYV[QYf"l N` aUR Re]_R`#
`V\[ V`j N[Q V` N` b[_RYNaRQ a\ aUR ]_RcV\b` N[Q S\YY\dV[T `aR]` V[ Va`
\d[ `R_VR` N` a\ aUR NPaV\[` \S aUR \aUR_ RYRZR[a` V[ aUR `f`aRZ$ @\[R
\S aURZ V` N` `bPU R[TNTRQ V[ aUR NaaNV[ZR[a \S aUR kT\NY"l aUR `\YR
kP\[PR_[l \S RNPU ORV[T aUR NaaNV[ZR[a \S Va` \d[ k]b_]\`Rl V[ aR_Z`
\S R[a_\]f$
FUb` aUR \cR_NYY ]b_]\`R" `V[PR Va Q\R` [\a _R`VQR V[ N[f ]N_a" Zb`a
_R`VQR V[ aUR dU\YR" V[ aUR _RPR]a\_ ]Yb` aUR RSSRPa\_ ]Yb` aUR P\b]YV[T"
N[Q V[ aUR S\_Z \S \_TN[VgNaV\[ \S aUR ZbYaV]YR `f`aRZ$ FUV` V[QRRQ V`
aUR PfORZRaVPNY P\[aR[aV\[" N[Q aUR_RS\_R aUR ^bR`aV\[ ORP\ZR` aUNa
\S dURaUR_ aUR ZRPUN[V`Z :C N kdU\YR"l UNcV[T N[ VQR[aVaf \_ `RYS[R``
aUNa PN[ OR `NVQ a\ OR aUR ORN_R_ \S ]b_]\`R" aUR `bOWRPa \S NPaV\[" N[Q
aUR ZNXR_ \S QRPV`V\[`$
FUNa Va V` [\a PN[ OR `U\d[ Of N `VZ]YR ZR[aNY Re]R_VZR[a$ ;ZNT#
V[R aUR a\_]RQ\" [\a SbYYf ZRPUN[VgRQ" a\ OR ZN[[RQ Of N UbZN[
]VY\aj N[Q \S P\b_`R f\b ZNf VZZRQVNaRYf `bO`aVabaR S\_ aUV` VZNTR
aUR RcR_fQNf ReNZ]YR \S aUR Q_VcR_ V[ UV` PN_$ A[R d\bYQ [\ Z\_R
_RTN_Q aUR a\_]RQ\ ]Yb` aUR `NVY\_" \_ aUR PN_ ]Yb` aUR Q_VcR_" N` N
`V[TYR ]b_]\`VcR R[aVaf aUN[ \[R d\bYQ QRPYN_R aUR Ne a\ ]N_aVPV]NaR V[
aUR ]b_]\`VcR[R`` N[Q aUR aRYR\Y\TVPNY ORUNcV\_ \S aUR YbZOR_WNPX
dU\ `dV[T` Va$ 3[f `N[R ]R_`\[ d\bYQ `Nf aUNa aUR `NVY\_" aUR Q_VcR_"
aUR YbZOR_WNPX" V` aUR ORN_R_ N[Q NTR[a \S ]b_]\`R V[ aUR P\ZOV[N#
aV\[" N[Q b`R` Va` \aUR_ RYRZR[a` a\ UV` ]b_]\`R$ 3[Q aUV` `VabNaV\[ V`
[\a NYaR_RQ Na NYY VS aUR ]VY\a" S\_ ReNZ]YR" UN` [\ SV_`aUN[Q ]R_PR]aV\[
\S aUR T\NY Oba Q\R` UV` `aRR_V[T Of aUR QNaN \S ZRPUN[VPNY _RPR]a\_
QRcVPR` `bPU N` _NQN_$ ;[ aUV` PN`R dR `U\bYQ UNcR ZRPUN[VPNY SRRQ#
ONPX V[]ba N[Q ZRPUN[VPNY R[R_Tf \ba]ba P\b]YRQ Of N UbZN[ YV[X Na
aUR P\[a_\Y ]\V[a" Oba aUV` `aVYY d\bYQ [\a O_V[T aUR ZNPUV[R N W\a
[RN_R_ a\ ZR_TV[T dVaU aUR UbZN[ NTR[a V[a\ \[R ]b_]\`VcR dU\YR$
FUR ZN[ PN[ `aR] \ba \S aUR P\[a_VcN[PR N[Q dNYX NdNf N[Q aNXR aUR
k]b_]\`Rl dVaU UVZ" P\Z]YRaR N[Q b[NO_VQTRQ$
;[ PR_aNV[ PN`R`" aUR_RS\_R" dR 42>! dVaUV[ N[ \cR_dURYZV[TYf
ZRPUN[VPNY `f`aRZ \S V[aR_Y\PXV[T Sb[PaV\[`" V[PYbQV[T RcR[ `R_c\#
5K47D@7F;5E 3@6 B GDBAE7 0 3 5 D;F;CG7 L ''/
ZRPUN[V`Z`" <?42<:J6 @EB@?C6 V[ \[R `V[TYR P\[a_\YYV[T ]N_aj
]_\cVQRQ aUV` ]N_a \_ YV[X V` `bPU N[ R[aVaf N` S\_ Va`RYS 92C ]b_]\`R
N[Q 24DC ?> ]b_]\`R$ 3YY aUR _R`a \S aUR ZNPUV[R_f V` aUR[ `VZ]Yf UV`
a\\Y$ IUf" aUR[" VS dR [\d _R]YNPR aUV` \[R NTR[a Of N ZRPUN[VPNY
YV[X" dUVPU aNXR[ Of Va`RYS UN` [\ ]b_]\`R" `U\bYQ aUR ^bNYVaf \S
]b_]\`VcR[R`` `UVSa S_\Z aUV` Y\Pb` V[ aUR P\[SVTb_NaV\[ N[Q `bQQR[Yf
Re]N[Q \cR_ aUR dU\YR \S aUR `f`aRZ" N[Q aUR S\_ZR_ a\\Y` N``bZR"
a\TRaUR_ dVaU aUR _R]YNPV[T RYRZR[a" aUR PUN_NPaR_V`aVP` \S V[a_V[`VP
]b_]\`RSbY ORUNcV\_2 FUR VQRN V` NO`b_Q$ IR ZNf `Nf" \S P\b_`R" aUNa
aUR dU\YR P\[a_VcN[PR" WbQTRQ S_\Z dVaU\ba" ORUNcR` kN` VSl Va dR_R
]b_]\`RSbY1 \[Yf dR Zb`a VZZRQVNaRYf NQQ kOba dR X[\d ORaaR_$l
IUf Q\ dR X[\d ORaaR_2 F\ N[`dR_ aUV` ^bR`aV\[ YRa b` P\[PR[#
a_NaR S\_ N Z\ZR[a \[ aUR Uf]\aURaVPNY UbZN[ ]VY\a \S aUR aN_TRa#
`RRXV[T a\_]RQ\$ :R PN__VR` \ba PR_aNV[ NPaV\[`" V$R$" UV` YVZO` ]R_S\_Z
PR_aNV[ Z\aV\[`j aU\`R aUNa d\bYQ OR PN__VRQ \ba V[ aUR NYaR_[NaVcR
PN`R Of aUR V[aR_]\YNaRQ ZRPUN[VPNY QRcVPR$ IUf Q\R` UR ]R_S\_Z
aU\`R Z\aV\[` N` N[Q dUR[ UR Q\R`2 FUR PfORZRaVPNY N[`dR_ d\bYQ
OR aUNa UR Q\R` `\ V[ _R`]\[`R a\ PR_aNV[ V[S\_ZNaV\[ S_\Z UV` _RPR]#
a\_`" \_" UR NPa` N` QRaR_ZV[RQ Of aUR YNaaR_j V[ \aUR_ d\_Q`" UR
Sb[PaV\[` N` N SRRQONPX ZRPUN[V`Z UVZ`RYS$
4ba aUV` V` ]NaR[aYf b[a_bR$ 7cR_f\[R V[ UV` _VTUa `R[`R` dVYY `Nf
aUNa aUR ]VY\a \]R_NaR` N PR_aNV[ `dVaPU [\a ORPNb`R UR UN` _RPRVcRQ N
PR_aNV[ `R[`R#ZR``NTR Oba ORPNb`R UR dV`UR` a\ XRR] aUR a\_]RQ\ \[
aUR aN_TRa" N[Q :> D96 <:89D ?7 D9:C @EB@?C6 UR aNXR` aUR \PPb__R[PR \S
PR_aNV[ ]R_PR]aV\[` N` aUR \PPN`V\[ S\_ ]R_S\_ZV[T PR_aNV[ NPaV\[`
P\[QbPVcR a\ aUR R[Q V[ cVRd$ ;a V` aUR ]_V\_ N[Q P\ReaR[`VcR ]b_]\`R
dUVPU ^bNYVSVR` aUR V[P\ZV[T QNaN N` ZR``NTR` VS aURf N_R _RYRcN[a a\
aUR ]b_]\`R$ ;a V` ; dU\ YRa PR_aNV[ kZR``NTR`l P\b[a N` kV[S\_ZN#
aV\["l N[Q N` `bPU ZNXR aURZ V[SYbR[PR Zf NPaV\[$ FUR ZR_R SRRQ#
ONPX S_\Z `R[`R#\_TN[` Q\R` [\a Z\aVcNaR ORUNcV\_1 V[ \aUR_ d\_Q`"
`R[aVR[PR N[Q Z\aVYVaf NY\[R N_R [\a R[\bTU S\_ ]b_]\`VcR NPaV\[j
[\a RcR[ S\_ aUR \_VTV[NY P\[QVaV\[V[T \S _RSYReR` dUVPU" \[PR `Ra b]"
ZNf aUR[ `bO`aVabaR S\_ ]b_]\`VcR NPaV\[$ FUR _RSYRe N_P RZO\QVR` V[
Va` ZRPUN[VgRQ ]NaaR_[ aUR cVaNY ]b_]\`VcR[R`` \_ P\[PR_[ aUNa dR[a
V[a\ aUR ZNXV[T \S Va$ FUR SRRQONPX P\ZOV[NaV\[ \S N _RPR]a\_#RSSRP#
a\_ `f`aRZ dUVPU N[ \_TN[V`Z V[QRRQ V` NZ\[T \aUR_ aUV[T` YR[Q`
Va`RYS a\ ]b_]\`VcR NPaV\[ ]_RPV`RYf VS N[Q dUR[ Va V` >?D N ZR_R SRRQ#
'(& M F :7 B :7@A?7@A@ A8 > ;87
ONPX =6492>:C=j aUNa V`" VS aUR ad\ RYRZR[a` N_R [\a P\b]YRQ QV#
_RPaYf" Oba VS V[aR_]\`RQ ORadRR[ aURZ aUR_R V` dVYY \_ V[aR_R`a \_
P\[PR_[$
FUV` NZ\b[a` ]_RPV`RYf a\ `NfV[T aUNa ]b_]\`VcR ORUNcV\_ _R^bV_R`
aUR ]_R`R[PR \S ]b_]\`R$ FUNa `aNaRZR[a V` [\ ZR_R aNba\Y\Tf" S\_
PfOR_[RaVP` V` N[ NaaRZ]a a\ NPP\b[a S\_ ]b_]\`VcR ORUNcV\_ dVaU\ba
]b_]\`R" Wb`a N` ORUNcV\_V`Z V` N[ NaaRZ]a Na N ]`fPU\Y\Tf dVaU\ba
aUR k]`fPUR"l N[Q ZRPUN[V`aVP OV\Y\Tf N QR`P_V]aV\[ \S \_TN[VP ]_\#
PR``R` dVaU\ba kYVSR$l
;S aUR[ RcR_faUV[T ab_[` \[ ]b_]\`R Va`RYS" YRa b` RfR Z\_R PY\`RYf
aUR ]b_]\`R \S \b_ a\_]RQ\ ]VY\a$ IR `NVQ UR NPa` `\ N[Q `\ ORPNb`R
UR dV`UR` a\ XRR] aUR a\_]RQ\ \[ N PR_aNV[ P\b_`R$ 4ba aUR ZNaaR_
Q\R` [\a R[Q UR_R$ FUV` ORV[T \[Yf aUR Z\`a ]_\eVZNaR ]b_]\`R" dR
VZZRQVNaRYf UNcR a\ N`X dUf UR dV`UR` aUR a\_]RQ\ a\ S\YY\d aUV`
P\b_`R$
A[R N[`dR_ ZVTUa OR aUNa UR dV`UR` aUR a\_]RQ\ SV[NYYf a\ UVa N[Q
`V[X aUR R[RZf P_bV`R_$ 3[Q dUf `U\bYQ UR dV`U aUNa2 FUV` V` NYY aUR
Z\_R _RYRcN[a a\ N`X N` aUR QR`V_RQ `bPPR`` ZNf R[aNVY UV` \d[ QR#
`a_bPaV\[" N[Q dR ZNf P_RQVa aUR NTR[a dVaU N P\[Pb__R[a QR`V_R a\
YVcR$ FUR N[`dR_ ZNf OR aUNa UR dV`UR` Va \ba \S ]Na_V\aVP SR_c\_" \_
S\_ U\[\_ N[Q TY\_f" \_ \ba \S UNaR \_ _RcR[TR" \_ a\ dV[ N ORa" \_ a\
P\ZZVa N `]RPaNPbYN_ `bVPVQR$ 4ba V[ RNPU \S aUR`R PN`R`" \_ V[ N
P\ZOV[NaV\[ \S aURZ" dR NTNV[ UNcR a\ N`X dUf" N[Q aUb` YNb[PU V[a\
N P\[`VQR_NaV\[ \S dUNa aUR dRYSN_R \S UV` [NaV\[" \_ U\[\_ \_ TY\_f \_
_RcR[TR \_ dUNaRcR_" ZRN[` V[ aUR a\aNY aRYR\Y\TVPNY RP\[\Zf \S UV`
]R_`\[$ FUV` V[cR`aVTNaV\[ dVYY YRNQ a\ UV` bYaVZNaR P\[PR_[`" aUR R[Q`
Of dUVPU UR YVcR`" Na YRN`a Na aUR ]_R`R[a Wb[Pab_R$
4ba aUR SV_`a N[`dR_ ZVTUa UNcR ORR[ [\a kORPNb`R UR dV`UR` a\
`V[X aUR P_bV`R_"l Oba kORPNb`R UR UN` ORR[ \_QR_RQ a\ `aRR_ aUR
a\_]RQ\ a\ aUNa RSSRPa"l N[Q aUR[ aUR [Rea ^bR`aV\[ d\bYQ OR kdUf
Q\R` UR ZNXR \ORQVR[PR a\ \_QR_` UV` ]b_]\`R V[ aUV` `R^bR[PR \S
NPaV\[2l :R_R aUR N[`dR_` ZVTUa OR aUNa UR Q\R` `\ \ba \S N `R[`R \S
Qbaf" \_ \ba \S SRN_ \S UV` `b]R_V\_`" \_ a\ dV[ aURV_ N]]_\cNY" \_
ORPNb`R UR dN[a` a\ RN_[ UV` ]Nf" \_ a\ P\[S\_Z a\ N `\PVNY ]NaaR_[$
7NPU \S aUR`R N[`dR_` YRNQ` NTNV[ V[a\ N[ N`PR[QV[T N[Q Re]N[QV[T
`R_VR` \S ZRQVNaR ]b_]\`R` \_ P\[PR_[`" N[Q dUR[ S\YY\dRQ aU_\bTU
dVYY R[Q b] V[ N ]VPab_R \S aUR a\aNY ]b_]\`VcR[R`` \S aUR ZN[$
FUR ]\V[a V` aUNa" U\dRcR_ YVZVaRQ N[Q ]\``VOYf URaR_\[\Z\b` aUR
5 K47D@7F;5E 3@6 B GDBAE7 0 3 5 D;F;CG7 # '('

VZZRQVNaR Z\aVcNaV\[ ZNf OR" Va PN[ ORP\ZR N Z\aVcNaV\[ \[Yf \[


aUR ON`V` \S aUR P\[PRZRQ[R`` \S NYY YVSR dVaU Va`RYS" Va` ]R_S\_ZN[PR"
Va` P\[aR[a$ A[Yf \[ aUV` ON`V` PN[ aUR kSRRQONPXl \]R_NaR V[ aUR
P\[a_\Y \S ]b_]\`VcR NPaV\[$ 7cR[ aUR N]]RNY a\ \ORQVR[PR N[Q aUR
dVQR`a b`R \S UNOVa Zb`a bYaVZNaRYf Q_Nd \[ aUV` Sb[Q \S `]\[aN[RVaf
N[Q V[aR_R`a$
4ba \b_ `RP\[Q `Ra \S Uf]\aURaVPNY N[`dR_` V` V[`a_bPaVcR V[ N Sb_aUR_
_R`]RPa$ IR N``bZRQ aUNa aUR ]b_]\`R \[PR _RZ\cRQ S_\Z aUR VZZR#
QVNaR ]b_]\`R \S kXRR]V[T \[ aUR aN_TRal dN` kPN__fV[T \ba \_QR_`$l
3YaU\bTU aUV`" N` dR UNcR `RR[" dVYY Va`RYS SNYY V[a\ aUR ]NaaR_[ \S aUR
NTR[am` \d[ \cR_NYY ]b_]\`VcR[R``" Va ]\V[a` NY`\ a\ `\ZRO\Qf RY`Rm`
]b_]\`R" dUVPU aUR NTR[a PN[ OR `NVQ a\ OR PN__fV[T \ba dVaU UV`
NPaV\[$ FUV` [RRQ [\a ZRN[ aUNa UR UN` ZNQR aUR P\ZZN[QR_m` ]b_#
]\`R UV` \d[" Oba UR PR_aNV[Yf UN` ZNQR Va` ReRPbaV\[" N` SN_ N`
R[a_b`aRQ a\ UVZ" UV` ]_R`R[a ]b_]\`R" N[Q aUV` S\_ ]b_]\`R` \S UV`
\d[" N` dR \O`R_cRQ ORS\_R$
8_\Z aUR ]\V[a \S cVRd \S aUR P\ZZN[QR_" U\dRcR_" aUR`R ]b_#
]\`R` \S aUR ]VY\a Q\ [\a ZNaaR_ Na NYY$ 3YY UR V` V[aR_R`aRQ V[ V` aUNa UR
PN[ _RN`\[NOYf _RYf \[ aUR NTR[a a\ ReRPbaR UV` \_QR_`" S\_ dUNaRcR_
_RN`\[`" `\ aUNa V[ UV` \d[ ]_NTZNaVP NPP\b[a UR PN[ `bO`aVabaR S\_
aU\`R _RN`\[` UV` \d[ \_QR_` N` aUR `\YR RSSRPaVcR QRaR_ZV[NaV\[ \S aUR
\aUR_m` ORUNcV\_$ :R PN[ Q\ `\" \S P\b_`R" \[Yf VS UR X[\d` aUNa aUR
NTR[am` \d[ ]b_]\`VcR[R`` V[PYbQR` aUR NPPR]aV[T \S \_QR_` S_\Z UVZ
j N[Q \S `bPU \_QR_` N` aUR \[R TVcR[$ 4ba \[PR aUV` P\[QVaV\[ V`
\O`R_cRQ" N` Va dVYY OR Of N[f V[aRYYVTR[a P\ZZN[QR_" UR ZNf V[QRRQ
S\_TRa NO\ba aUR \aUR_m` Z\aVcR`$ :R aUR[ PN[ dVaU `\ZR _VTUa P\[#
`VQR_ UV` `bO\_QV[NaR S\_ aUR Qb_NaV\[ \S aUR NPaV\[ a\ UNcR NOQVPNaRQ
UV` k]R_`\[l" dVaU aUR `]\[aN[RVaf \S Va` \d[ ]b_]\`VcR[R``j N[Q a\
aUNa ReaR[a a\ UNcR" V[ RSSRPa" 364?=6 =6492>:J65 \[R \S aUR NVZ` \S
ZVYVaN_f a_NV[V[T" NSaR_ NYY $ ;[ \aUR_ d\_Q`" aUR P\ZZN[QR_ PN[ _R#
TN_Q aUR ]VY\a Qb_V[T UV` ZV``V\[ N` UV` _\O\a" UV` a\\Y$
ERR[ V[ aUV` dNf aUR ]VY\a V[QRRQ ZR_TR` dVaU aUR a\_]RQ\ V[a\ \[R
V[`a_bZR[aNY R[aVaf" N[Q aUR dU\YR _R]_R`R[a` N `R_c\ZRPUN[V`Z$ 4ba
aUV` ZRN[` Wb`a aUNa aUR P\ZOV[NaV\[ `\ P\[`VQR_RQ V` 56F?:5j V[ SNPa"
92C 366> F?:565j \S :>DB:>C:4 ]b_]\`RSbY[R`` N[Q ZR_RYf PN__VR` aUR
]b_]\`R \S Va` b`R_ \S dUVPU RcR[ aUR UbZN[ P\#NTR[a UN` ORP\ZR N
ZR_R ReRPbaVcR$ 3[Q aUV` V` aUR cR_f PN`R \S aUR ]VY\aYR``" k`RYS#`aRR_#
V[Tl a\_]RQ\$ FUR UbZN[ ]VY\a 42> OR _R]YNPRQ Of N ZRPUN[VPNY
'(( $ F :7 B :7@A?7@A@ A8 >;87
QRcVPR ]_RPV`RYf ORPNb`R UV` \d[ V[a_V[`VP ]b_]\`VcR[R`` UN` ORR[
c\VQRQ N[fdNf N[Q Q\R` ]_NPaVPNYYf [\a P\b[a V[ aUV` P\[aRea1 dUNa
P\b[a` V` \[Yf aUR ]b_]\`R \S aUR P\ZZN[QR_ dU\" Of aUR k_RZ\aR
P\[a_\Yl \S UV` \_QR_`" \_ Of aUR V[`a_bPaV\[` kSRQ V[l Na aUR \ba`Ra"
\]R_NaR` aUR kZNPUV[Rlj ]_\]bY`V\[ R[TV[R" ]VY\a" N[Q NYY$
FUb` aUR_R V` V[QRRQ N `R[`R V[ dUVPU dR PN[ `Nf aUNa N ]b_]\`VcR
NPaV\[ V` ORV[T ]R_S\_ZRQ Of aUR dU\YR P\Z]YRe" dURaUR_ dVaU \_
dVaU\ba N UbZN[ ]VY\a V[ Va` P\ZOV[NaV\[$ IR `aVYY _RZNV[ V[ NT_RR#
ZR[a dVaU aUR `aNaRQ NeV\Z aUNa ]b_]\`VcR ORUNcV\_ _R^bV_R` aUR ]_R`#
R[PR \S ]b_]\`R" VS aUR ]b_]\`R UR_R ]_R`R[a V` b[QR_`a\\Q a\ OR aUNa
\S aUR P\ZZN[QR_" aUNa V`" N ]b_]\`R 6HDB:>C:4 a\ aUR `f`aRZ$ ;[ aUR
NO`R[PR \S aUNa" aUR ZRPUN[V`Z" RcR[ dVaU VQR[aVPNY NPaV\[" ORP\ZR`
]b_]\`RYR`` \[ aUV` YRcRY \S P\[`VQR_NaV\[j aU\bTU Of ORV[T NPaVcR Va
V[RcVaNOYf ]R_S\_Z` aUR k]b_]\`Rl V[a_V[`VP a\ NYY ZRPUN[VPNY NPaV\["
aUR NaaNV[ZR[a \S R[a_\]f1 \_" VS Va V[PYbQR` N UbZN[ RYRZR[a" aUV` dVYY
N``R_a Va` \d[ ]b_]\`VcR[R`` N[Q ]R_UN]` `aRR_ aUR ZNPUV[R N[Q
Va`RYS a\ `NSRaf$;H

;H
FUR V_\[f aUNa `PVR[aV`a`" S\_ `\ Y\[T aUR cR_f NOWb_\_` \S N[aU_\#
]\Z\_]UV`Z N` aUR `V[ \S `V[`" N_R [\d aUR Z\`a YVOR_NY V[ R[Q\dV[T
ZNPUV[R` dVaU ZN[YVXR SRNab_R`" V` \[Yf QVZZRQ Of aUR SNPa aUNa aUR
_RNY V[aR[a \S aUR YVOR_NYVaf V` a\ N]]_\]_VNaR aUR Q\[\_" ZN[" NYY aUR
Z\_R `RPb_RYf a\ aUR _RNYZ \S aUR ZNPUV[R$ FUR ZV__\_V[T#ONPX aNXR`
]YNPR b[QR_ aUR P\cR_ \S [NZR`$ ;[ aR_Z` \S ZR_R `RZN[aVP` dR ZNf
`Nf aUNa aUR dU\YR PfORZRaVPNY Q\Pa_V[R \S aRYR\Y\TVPNY ORUNcV\_ V`
_RQbPVOYR a\ N P\[Sb`V\[ \S k`R_cV[T N ]b_]\`Rl dVaU kUNcV[T ]b_#
]\`Rl 1 N[Q Z\_R `]RPVSVPNYYf a\ aUR P\[Sb`V\[ \S kPN__fV[T \ba N
]b_]\`Rl dVaU UNcV[T ]b_]\`R$ A[R [Nab_NYYf aR[Q` a\ `Nf aUNa a\
PN__f \ba N ]b_]\`R \[R Zb`a UNcR Va1 N[Q aUR[" aUNa \[R Zb`a UNcR Va
G9:<6 PN__fV[T Va \ba1 N[Q aUR[" aUNa \[R Zb`a XRR] Va ORS\_R UVZ`RYS
V[ aUR PN__fV[T#\ba$ FUV` PN[ OR Oba [RRQ [\a OR aUR PN`R" RcR[ dUR[ ;
NZ Zf \d[ ReRPbaVcR NTR[a$ :NcV[T \[PR S\_ZRQ Zf ]b_]\`R N[Q
NQ\]aRQ N `aN[QN_Q P\b_`R \S NPaV\[ N]]_\]_VNaR a\ Va" ; PN[ ab_[
Zf`RYS V[a\ N XV[Q \S Nba\ZNa\[ N[Q T\ aU_\bTU aUR _R^bV_RQ `aR]`
_\baV[RYf N[Q V[`\SN_ kOYV[QYflj [\a dVaU _R`]RPa a\ aURV_ VZZRQVNaR
\OWRPa` Oba dVaU _R`]RPa a\ aURV_ \cR_NYY T\NY1 \_ ; ZNf YRNcR aUR
5 K47D@7F;5E 3@6 B GDBAE7 0 3 5 D;F;CG7 L '()
ReRPbaV\[" dU\YR \_ ]N_PRYRQ \ba" a\ \aUR_` dU\ ZNf OR R[aV_RYf
VT[\_N[a \S aUR ]b_]\`R aU\bTU RNPU X[\dV[T UV` N``VT[RQ \OWRPa
N[Q ]R_UN]`" Oba [\a [RPR``N_VYf dUVYR Q\V[T Va" UV` \d[ ]b_]\`R V[
Q\V[T kN` a\YQl 0 aURf N_R RcR[ Z\_R kT\NY#OYV[Q"l N[Q `b_RYf aURV_
T\NY` N_R V__RYRcN[a a\ ZV[R N` ZV[R V` a\ aURV_`1 \_ ; PN[ RcR[ _RQbPR
aUR `aR]` a\ `bPU ]_VZVaVcR RYRZR[a` aUNa ; PN[ QV`]R[`R dVaU UbZN[
NTR[a` NYa\TRaUR_$ ;a V` ]_RPV`RYf aUV` QV``\PVNOVYVaf \S ]b_]\`R N[Q
ReRPbaV\[ dUVPU ]R_ZVa` b` a\ QRYRTNaR aUR YNaaR_ `\ ReaR[`VcRYf N[Q
QV`a_VObaVcRYf a\ \aUR_`" a\ dU\YR PUNV[` \S `bONTR[a`" N[Q RcR[ a\
ZNPUV[R`$ FUR ZN[VSR`a \_TN[VgNaV\[ \S `bPU N[ NPaV\[ P\[aRea S\_ N
]b_]\`R" N[Q Va` NPabNYYf _RNYVgV[T Va V[ Va` \baP\ZR" UNcR [\aUV[T a\
`Nf NO\ba aUR ]_R`R[PR \_ NO`R[PR \S ]b_]\`R NZ\[T Va` ZRZOR_` \_
V[ aUR `f`aRZ N` N dU\YR" U\dRcR_ ]R_`bN`VcR aUR ORUNcV\_NY N[NY\Tf
ZNf OR S\_ ZVeV[T aR_Z` N[Q ZNXV[T aUR VZ]baNaV\[$ 3[Q `\ N[
V[QbOVaNOYR P\[aRea \S kT\NY#QV_RPaRQl NPaV\[ [RRQ [\a V[ aUR YRN`a
ZRN[ aUNa aUR NTR[Pf Va`RYS \_ N[f ]N_a \S Va UN` aU\`R T\NY` \_ N[f
T\NY` Na NYY$ FUR RcVQR[PR S\_ D9:C V` [\a aUR ZR_R ]R_S\_ZN[PR" N[Q
RcR[ YR`` aUR S\_ZNY N]]YVPNOVYVaf \S [NZR`$j EVZVYN_ P\[`VQR_NaV\[`
d\bYQ N]]Yf" =ED2D:C =ED2>5:C! a\ aUR PfOR_[RaVP P\[PR]a` \S kV[S\_#
ZNaV\[l N[Q k_RN`\[V[T"l dUR_R `VZVYN_ VZ]baNaV\[` \PPb_ b[QR_ aUR
`]RYY \S S\_ZNYVgRQ aR_Z`$ 4ba `RZN[aVP P\[Sb`V\[ Q\R` [\a Re]YNV[
aUR ]UR[\ZR[\[1 Va `R_cR` \[Yf a\ QVNT[\`R Va$
IR P\ZR [RN_R_ a\ N[ b[QR_`aN[QV[T VS dR _RNYVgR aUNa aUR PfOR_#
[RaVPVN[ Y\\X` Na UV` \OWRPa` V[ N aUR\_RaVPNY `VabNaV\[ `\ZRdUNa YVXR
aUR ]_NPaVPNY `VabNaV\[ V[ dUVPU \b_ P\ZZN[QR_ Y\\X` Na UV` `bO\_#
QV[NaRj aUNa V`" N `VabNaV\[ V[ dUVPU V[QRRQ aUR QV`aV[PaV\[ ORadRR[
ZN[ N[Q ZNPUV[R V` V__RYRcN[a N[Q aUR ad\ ORP\ZR V[aR_PUN[TRNOYR$
4ba aUR P\ZZN[QR_" NYaU\bTU V[ UV` UN[QYV[T \S aUR `VabNaV\[ UR aNXR`
aUR `bO\_QV[NaR N` N _\O\a" Q\R` [\a aNXR UVZ`RYS a\ OR \[Rj N[Q aUV`
V[ `]VaR \S UV` ORV[T dRYY NdN_R aUNa V[ aUR NPaV\[ P\[aRea \S UV`
`b]R_V\_` UR V[ ab_[ V` a\ aURZ N _\O\a" V[`a_bZR[aNY a\ aURV_ ]b_]\`R`
j N[Q `\ \[$ :V` X[\dYRQTR aUNa UR V` aUb` cVRdRQ S_\Z dVaU\ba" N[Q
aUNa UR V` NYdNf` PN]NOYR \S ORV[T aUb` cVRdRQ" Q\R` [\a PN`a Q\bOa \[
aUR X[\dYRQTR UR UN` \S UVZ`RYS S_\Z dVaUV[$ DRSYRPaV[T \[ aUV`" VS UR
UN` aUR aVZR" UR dVYY N]]Yf aUR `NZR P\[`VQR_NaV\[ a\ UV` `bO\_QV[NaR
N[Q T_N[a UVZ aUNa UR V`" \S P\b_`R" [\a _RNYYf N _\O\a$
;a V` aUV` _RSYRPaV\[ dUVPU aUR PfOR_[RaVPVN[ SNVY` a\ ]R_S\_Z$ :R
UVZ`RYS Q\R` [\a P\ZR b[QR_ aUR aR_Z` \S UV` Q\Pa_V[R$ :R P\[`VQR_`
'(* M F :7 B :7@A?7@A@ A8 >;87
ORUNcV\_" RePR]a UV` \d[1 ]b_]\`VcR[R``" RePR]a UV` \d[1 aUV[XV[T"
RePR]a UV` \d[$ :R cVRd` S_\Z dVaU\ba" dVaUU\YQV[T S_\Z UV` \OWRPa`
aUR ]_VcVYRTR` \S UV` \d[ _RSYRPaVcR ]\`VaV\[$ ;S N`XRQ dUf UR RZO_NPR`
PfOR_[RaVP`" UR d\bYQ S\_ \[PR N[`dR_ [\a V[ PfOR_[RaVPNY aR_Z` \S
SRRQONPX" PV_PbYN_ Y\\]`" N[Q Nba\ZNaVP P\[a_\Y" Oba V[ aR_Z` YVXR
aUR`R0 kORPNb`R ; aUV[X Va a\ OR a_bR" N[Q ; NZ V[aR_R`aRQ V[ a_baUl 1 \_
kORPNb`R ; aUV[X Va a\ OR b`RSbY S\_ `bPU N[Q `bPU R[Q`" N[Q ; NZ
V[aR_R`aRQ V[ aU\`R R[Q`l 1 \_ kORPNb`R Va V` aUR _V`V[T SN`UV\[" N[Q ;
YVXR a\ XRR] b] dVaU aUR aVZR`l 1 \_ dUNaRcR_ RY`R ZNf OR a_baUSbYYf \_
b[a_baUSbYYf N[`dR_RQ V[ `bPU PN`R`$
4ba VS N`XRQ dUf N T_\b] \S ]R_`\[` \aUR_ aUN[ UVZ`RYS \_TN[VgR N
P\[SR_R[PR \[ PfOR_[RaVP`" UR ZVTUa N[`dR_ aUNa aUR_R N_R kZN[f
_RTR[R_NaVcR Y\\]`l V[ aUR `V[TYR [R_c\b` `f`aRZ` dUVPU" V[ aURV_ PV_#
PbYN_ ]NaU`" ]R_]RabNaR `VT[NY` N` kb[VcR_`NY`"l N[Q aUNa kOf W\V[V[T
aUR`R Y\\]` b[VcR_`NY` PN[ OR _RYNaRQl N[Q kaUR_ROf aUR ]\`abYNaR` \S
N[f $ $ $ aUR\_f $ $ $ P\[`a_bPaRQl1 N[Q aUNa VS `bPU N k_RYNaRQ `f`aRZ \S
VZ]bY`R` V[ _RcR_OR_NaV[T PV_PbVa` $ $ $ TRa` V[a\ N [R_c\b` `f`aRZ `\ N`
a\ QRSV[R aUR S\_Z \S Va` NPaVcVaf LVa ZNfM QRaR_ZV[R aUR ]NaaR_[ \S
SV_V[T \S Z\a\_ [Rb_\[`" N[Q `\ YVaR_NYYf" PNb`NYYf N[Q [Rb_\Y\TVPNYYf
QRaR_ZV[R N[ \cR_a" \OWRPaVcR" `\PVNY N[Q V[`aVabaV\[NY SNPa$l( @\aUV[T
P\bYQ OR Z\_R QRcN`aNaV[T S\_ aUV` NPP\b[a \S aUR\_f#S\_ZV[T aUN[ a\
OR S\b[Q `RYS#VYYb`a_NaVcR$ B_\SR``\_ @\_aU_\] d\bYQ OR Wb`aYf V[QVT#
[N[a dR_R ; a\ `bTTR`a aUNa aUV` aUR\_f \S UV` UN` [\ \aUR_ Y\TVPNY
`aNab` aUN[ aUNa QR_VcNOYR S_\Z aUR XV[Q \S TR[R`V` Va QR`P_VOR`1 N[Q
dR_R ;" V[ UV` \d[ PN`R" a\ `bO`aVabaR aUR ]_\PR`` aUR_R ]_\]\b[QRQ
S\_ UV` `RRXV[T NSaR_ N[Q P\[S\_ZV[T a\ a_baU$
IR N_R UR_R" N` V[ `\ ZN[f \aUR_ PN`R`" V[ aUR ]_R`R[PR \S dUNa ;
d\bYQ PNYY `]YVa#]R_`\[NYVaf aUR\_VgV[Tj N ]UR[\ZR[\[ b[Nc\VQNOYR"
N[Q a\ aUNa ReaR[a RePb`NOYR" V[ `\ZR \S aUR `]RPVNY `PVR[PR`" Oba
V[NQZV``VOYR N[Q SNaNY V[ ]UVY\`\]Uf" N[Q UN_QYf YR`` `\ V[ aU\`R
`PVR[PR` aUNa V[PYbQR ZN[ NZ\[T aURV_ \OWRPa`$ +> 23CDB24D? aUR OR#
UNcV\_V`a Zb`a P\b[a UVZ`RYS NZ\[T aUR \OWRPa` \S UV` ZRaU\Q$ 4ba :>

($ F\ ^b\aR 8$ E$ 5$ @\_aU_\]" kFUR @Rb_\Y\TVPNY N[Q 4RUNcV\_V`aVP


B`fPU\Y\TVPNY 4N`V` \S aUR A_QR_V[T \S E\PVRaf Of ?RN[` \S ;QRN`"l V[
14:6>46! H\Y$ '&- 3]_VY ()" '/*. " ]]$ *'' SS$ ;a V` NTNV[`a ]UVY\`\]UVPNY
a_N[`SR_R[PR` \S aUV` XV[Q \S dUVPU aUV` V` ZR_RYf \[R ReNZ]YR " ZbPU
Z\_R aUN[ NTNV[`a aUR `]RPVNYV`aVP d\_X \S aUR PfOR_[RaVPVN[` ]_\]R_" aUNa
aUR ]_R`R[a P_VaVPV`Z V` QV_RPaRQ$
5K47D@7F;5E 3@6 B GDBAE70 3 5 D;F;CG7 L '(+
4?>4B6D? UR Zb`a ZNXR aUR VZ]YVPVa _R`R_cNaV\[ \S `RYS#ReRZ]aV\[" Na
YRN`a dVaU _RTN_Q a\ UV` _RN`\[V[T V[ `b]]\_a \S aUR ORUNcV\_V`aVP
aUR`V`" S\_ aUR `NXR \S Va` PYNVZ a\ cNYVQVaf$ 8b_aUR_Z\_R" Re]RPaV[T UV`
N_TbZR[a a\ OR RcNYbNaRQ \[ Va` ZR_Va`" UR Zb`a NY`\ ReRZ]a aU\`R a\
dU\`R WbQTZR[a Va V` NQQ_R``RQ V[ `PVR[aVSVP QV`P\b_`R" dUVYR Na aUR
`NZR aVZR P\[`VQR_V[T aURZ N` V[`aN[PR` \S aU\`R k\aUR_ aUN[ Zf`RYSl
a\ dU\Z aUR ZRaU\Q `U\bYQ N]]Yf$ 3[Q UR UVZ`RYS V` ORV[T P\[`VQ#
R_RQ Of aURZ dVaU aUR `NZR Qb]YVPVafj V[`VQR N[Q \ba`VQR aUR QV`#
P\b_`R$ ;S UR _RSYRPa` `bSSVPVR[aYf UR ZNf RcR[ OR NdN_R \S NYY aUV`$ FUR
`NZR [RPR``N_f Qb]YVPVaf \OaNV[` V[ aUR PN`R \S aUR ZNaR_VNYV`aVP OV\Y#
\TV`a" aUR `NZR V[ aUR PN`R \S aUR PfOR_[RaVPVN[$ ERR 3]]R[QVe a\ aUV`
7``Nf$
FUR`R PN`R` [RRQ [\a a\\ ZbPU QV`ab_O b`" `V[PR aUR `]RPVNY `PV#
R[PR`" NSaR_ NYY" N_R P\[PR_[RQ [\a dVaU aUR dU\YR Oba dVaU V`\YNaRQ
N`]RPa` dUVPU aURf aNPXYR V[ aURV_ aR_Z` Na aUR QRPYN_RQ P\`a \S b[Vaf$
4ba dUNa N_R dR a\ `Nf \S ]UVY\`\]UR_` dU\" aNXV[T aURV_ PbR S_\Z
\[R \_ N[\aUR_ \S aUR `]RPVNY `PVR[PR`" PN`a aURZ`RYcR` dVaU aUR NON[#
Q\[ \S `RYS#NO[RTNaV\[ V[a\ aUR QV`Nc\dNY \S aUR 68? 4?8:D2>C%
FUV` V` N `bOWRPa a\\ dVQR a\ O_\NPU UR_R" `NQYf N` Va [RRQ` O_\NPU#
V[T$ 4ba V[ aUR ]_R`R[a PN`R PfOR_[RaVP` PN[[\a OR R[aV_RYf NO`\YcRQ
S_\Z TbVYa$ ;a V` [\a aUR V[[\PR[a `]RPVNY `PVR[PR dUVPU `RQbPR` `b`#
PR]aVOYR ]UVY\`\]Uf Of Va` ]N``VcR ORNbaf0 S_\Z Va` V[PR]aV\[ Va UN`
ORR[ \ba a\ PN]ab_R UR_$ 8_\Z Va` V[PR]aV\[ Va UN` ]_RaR[QRQ a\ aUR
`aNab` \S N b[VSVRQ aUR\_f \S ZRPUN[V`Z" \_TN[V`Z" aUR [R_c\b` `f`#
aRZ" `\PVRaf" PbYab_R" N[Q ZV[Q1 N[Q Of Va` `bTTR`aVcR RZ]Y\fZR[a \S
aUR aR_Z` ORUNcV\_" ]b_]\`R" T\NY" V[S\_ZNaV\[" ZRZ\_f" QRPV`V\["
YRN_[V[T" V[VaVNaVcR" cNYbR" N[Q aU\bTUa Va UN` `\ V[SYNaRQ Va` V[VaVNYYf
Z\QR`a QRSV[VaV\[` aUNa aURV_ _R`bYaV[T b`R NZ\b[a` a\ UN_QYf Z\_R
aUN[ cR_ONY a_VPXR_f$H

;[ P\[PYb`V\[" N[Q S\_ N[ \O`R_cNaV\[ a_N[`PR[QV[T aUR ZR_R [RTN#


aVcR P_VaVPV`Z dVaU dUVPU aUV` R``Nf UN` UNQ a\ OR SVYYRQ" YRa ZR `V[TYR
\ba \[R YRcRYj aUR OV\Y\TVPNYjS_\Z NYY aUR YRcRY` \S _RNYVaf a\ dUVPU
PfOR_[RaVP` N]]YVR` Va`RYS$ G[aVY P\__RPaRQ \[ aUV` ]\V[a Of Z\_R P\Z#
]RaR[a Re]R_a`" aUV` YNfZN[ V` _RNQf a\ P\[PRQR aUNa aUR `R[`\_#
RSSRPa\_ P\ZOV[NaV\[ V[ N[VZNY` Q\R` V[ PR_aNV[ _R`]RPa` _R]_R`R[a N
'(, $ F :7 B :7@A?7@A@ A8 >;87
SRRQONPX ]NaaR_[ N[Q" a\ aUR ReaR[a aUNa Va Q\R`" P\[S\_Z` a\ aUR
Z\QRY Rc\YcRQ Of PfOR_[RaVP`$ IUR_R" aUR[" Q\R` aUNa Z\QRY SNYY
`U\_a2
FUR N[`dR_ PN[ OR P\Z]_R``RQ V[a\ \[R `aNaRZR[a0 YVcV[T aUV[T`
N_R P_RNab_R` \S [RRQ$ A[Yf YVcV[T aUV[T` UNcR [RRQ` N[Q NPa \[ [RRQ`$
@RRQ V` ON`RQ O\aU \[ aUR [RPR``Vaf S\_ aUR P\[aV[b\b` `RYS#_R[RdNY \S
aUR \_TN[V`Z Of aUR ZRaNO\YVP ]_\PR``" N[Q \[ aUR \_TN[V`Zm` RYR#
ZR[aNY b_TR aUb` ]_RPN_V\b`Yf a\ P\[aV[bR Va`RYS$ FUV` ON`VP `RYS#
P\[PR_[ \S NYY YVSR" V[ dUVPU [RPR``Vaf N[Q dVYY N_R O\b[Q a\TRaUR_"
ZN[VSR`a` Va`RYS \[ aUR YRcRY \S N[VZNYVaf N` N]]RaVaR" SRN_" N[Q NYY aUR
_R`a \S aUR RZ\aV\[`$ FUR ]N[T \S Ub[TR_" aUR ]N``V\[ \S aUR PUN`R"
aUR Sb_f \S P\ZONa" aUR N[TbV`U \S SYVTUa" aUR Yb_R \S Y\cRj aUR`R"
N[Q [\a aUR QNaN a_N[`ZVaaRQ Of aUR _RPR]a\_`" VZObR \OWRPa` dVaU aUR
PUN_NPaR_ \S T\NY`" [RTNaVcR \_ ]\`VaVcR" N[Q ZNXR ORUNcV\_ ]b_#
]\`VcR$ FUR ZR_R RYRZR[a \S RSS\_a YVSa` O\QVYf NPaVcVaf \ba \S aUR PYN``
\S ZRPUN[VPNY ]R_S\_ZN[PR" N[Q aUR SNPa aUNa Z\cRZR[a _R^bV_R`
RSS\_a ZRN[` aUNa N[ N[VZNY dVYY Z\cR \[Yf b[QR_ aUR V[PR[aVcR \S N[
V[aR_R`a$
FUR PfOR_[RaVPNY Z\QRY _RQbPR` N[VZNY [Nab_R a\ aUR ad\ aR_Z` \S
`R[aVR[PR N[Q Z\aVYVaf" dUVYR V[ SNPa Va V` P\[`aVabaRQ Of aUR a_VNQ \S
]R_PR]aV\[" Z\aVYVaf" N[Q RZ\aV\[$ 7Z\aV\[" Z\_R ON`VP aUN[ aUR ad\
Va OV[Q` a\TRaUR_" V` aUR N[VZNY a_N[`YNaV\[ \S aUR Sb[QNZR[aNY Q_VcR
dUVPU" RcR[ \[ aUR b[QVSSR_R[aVNaRQ ]_RN[VZNY YRcRY" \]R_NaR` V[ aUR
PRN`RYR`` PN__fV[T#\[ \S aUR ZRaNO\YV`Z$ 3 SRRQONPX ZRPUN[V`Z ZNf
OR T\V[T" \_ ZNf OR Na _R`a0 V[ RVaUR_ `aNaR aUR ZNPUV[R ReV`a`$ FUR
\_TN[V`Z UN` a\ XRR] T\V[T" ORPNb`R a\ OR T\V[T V` Va` cR_f ReV`aR[PR
jdUVPU V` _Rc\PNOYRj N[Q" aU_RNaR[RQ dVaU ReaV[PaV\[" Va V` P\[#
PR_[RQ V[ ReV`aV[T$ FUR_R V` [\ N[NY\TbR V[ aUR ZNPUV[R a\ aUR V[`aV[Pa
\S `RYS#]_R`R_cNaV\[j \[Yf a\ aUR YNaaR_m` N[aVaUR`V`" aUR SV[NY R[a_\]f
\S QRNaU$
3PP\_QV[T a\ PfOR_[RaVP`" `\PVRaf V` N P\ZZb[VPNaV\[ [Rad\_X S\_
aUR a_N[`ZVaaV[T" RePUN[TV[T" N[Q ]\\YV[T \S V[S\_ZNaV\[" N[Q Va V`
aUV` aUNa U\YQ` Va a\TRaUR_$ @\ RZ]aVR_ [\aV\[ \S `\PVRaf UN` RcR_ ORR[
]_\]\b[QRQ$ @\aUV[T V` `NVQ \[ dUNa aUR V[S\_ZNaV\[ V` NO\ba" N[Q
dUf Va `U\bYQ OR _RYRcN[a a\ UNcR Va$ FUR `PURZR NYY\d` [\ _\\Z S\_
`bPU N ^bR`aV\[ RcR[ a\ OR _NV`RQ$ 3[f aUR\_f \S ZN[m` `\PVNOVYVaf"
U\dRcR_ P_bQR \_ QV`a\_aRQ" aUNa aNXR` V[a\ NPP\b[a UV` ORV[T N P_RN#
ab_R \S [RRQ N[Q QR`V_R" N[Q aUNa Y\\X` S\_ aUR cVaNY P\[PR_[` dUVPU
5 K47D@7F;5E 3@6 B GDBAE7 0 3 5 D;F;CG7 L '(-
O_V[T ZR[ a\TRaUR_" V` Z\_R a\ aUR ]\V[a$ 9_VZ \YQ :\OOR` `U\dRQ
UVZ`RYS V[SV[VaRYf ORaaR_ V[S\_ZRQ aUN[ aUR V[S\_ZNaV\[ `]RPVNYV`a`
dUR[ UR P\[aR[QRQ aUNa SRN_ \S cV\YR[a QRNaU N[Q aUR [RRQ S\_ ]RNPR
O_\bTUa ZR[ V[a\ aUR P\cR[N[a \S P\ZZ\[dRNYaU N[Q P\[aV[bR a\
U\YQ aUR O\Qf ]\YVaVP a\TRaUR_$ A[R#`VQRQ N` UV` Q\Pa_V[R ZNf OR" Va
V` cNYVQ V[ aUNa Va N`P_VOR` ZN[m` NPaV\[ a\ N `a_VcV[T NSaR_ `\ZR T\\Q"
RcR[ VS aUV` OR aUR ZR_R ]_R`R_cNaV\[ \S YVSRj [Nf" RcR[ VS Va OR aUR
ZR_R Nc\VQN[PR \S `b]_RZR RcVY$ IVaU\ba aUR P\[PR]a \S T\\Q" \[R
PN[[\a RcR[ ORTV[ a\ N]]_\NPU aUR `bOWRPa \S ORUNcV\_$ IURaUR_ V[QV#
cVQbNY \_ `\PVNY" V[aR[aV\[NY NPaV\[ V` QV_RPaRQ a\dN_Q N T\\Q$ 3PP\_Q#
V[T a\ `\ZR" aUR `PNYR \S YR``R_ N[Q T_RNaR_ T\\Q` aUNa PN[ ORP\ZR aUR
\OWRPa` \S QR`V_R" N[Q aUb` Z\aVcNaR ORUNcV\_" PbYZV[NaR` V[ N UVTUR`a
T\\Q" aUR CE==E= 3?>E=# ;[ aUR PN`R \S ZN[ aUV` ZNf dRYY OR" V[ N
`R[`R cR_f QVSSR_R[a S_\Z aUNa \S PfOR_[RaVP`" :>"7?B=2D:?>#

3 BB7@6;J ]$ '(+
,2D6B:2<:C=! (6D6B=:>:C=! 2>5 D96 ,:>5
6N_dV[V`a`" ORUNcV\_V`a`" PfOR_[RaVPVN[`" NQ\]a V[ RSSRPa aUR 5N_aR`VN[
]\`VaV\[ dVaU\ba Va` ZRaN]UfPVNY PN_T\$ ?R[aNY Naa_VObaR` N_R [\a QR[VRQ V[
aURZ`RYcR`" ZR_RYf XR]a \ba \S aUR ]Uf`VPNY _RP\_Q$ ;[ aUR 6N_dV[VN[
cVRd" R$T$" `bPU Naa_VObaR` ZNf OR NZ\[T aUR k`]\_a`l aU_\d[ b] V[ aUR
ZRPUN[VP` \S \_TN[VP ZbaNaV\[" Oba \[Yf aURV_ ORUNcV\_NY N`]RPa P\b[a` V[
aUR ZRPUN[VP` \S `RYRPaV\[" cVg$" Of Va` QVSSR_R[aVNY `b_cVcNY cNYbR" N[Q aUV`
N`]RPa NY\[R V[ Va` TVcR[ \badN_Q[R`` V` a_RNaRQ Of `PVR[PR$ F\ `aNaR aUR
cVRd Z\_R TR[R_NYYf0 PR_aNV[ N[VZNY NPaV\[` ZNf OR" N[Q ]_\ONOYf N_R"
NPP\Z]N[VRQ Of `aNaR` \S NdN_R[R``" Oba aUR`R N_R `PVR[aVSVPNYYf V__RYRcN[a
b[QR_ aUR NeV\Z aUNa ReaR_[NY NPaV\[` PN[ OR Re]YNV[RQ \[ ReaR_[NY" V$R$"
]Uf`VPNY aR_Z` NY\[R$ ;S aUR PUNV[ \S `R[`\_f RePVaNaV\[" NSSR_R[a [R_cR#
P\[QbPaV\[" PR[a_NY `f[N]`R`" RSSR_R[a P\[QbPaV\[" Zb`PbYN_ RePVaNaV\["
PN[ OR P\[`a_bPaRQ V[ Va` b[O_\XR[ `R^bR[PR" aUR_R V` [RVaUR_ [RRQ [\_
_\\Z S\_ aUR V[aR_]\YNaV\[ \S aUR ZR[aNY N[fdUR_R N` N <:>; V[ aUR PUNV["
NYaU\bTU Va` `RP\[QN_f \PPb__R[PR `\ZRUdR_R kNY\[Tl aUR PUNV[ V`
T_N[aRQ$ DRQb[QN[a V[ aUR Qf[NZVP NPP\b[a N[Q [\a RcR[ N[ \O`R_cNaV\[NY
QNabZ" Va Q\R` [\a R[aR_ aUR b[VcR_`R \S `PVR[aVSVP QR`P_V]aV\[$ 4f aUV`
RP\[\Zf ORUNcV\_V`Z P\[a_VcR` a\ R[W\f aUR NQcN[aNTR` \S aUR 5N_aR`VN[
]\`VaV\[ dVaU\ba V[Pb__V[T aUR QV`NQcN[aNTR` \S Va` QbNYV`Z$ KRa aUR VZ#
]YVRQ Q\Pa_V[R \S aUR PNb`NY _RQb[QN[Pf \S ZV[Q V` Va`RYS N =6D2@9IC:42<
@?C:D:?> dUVPU ORUNcV\_V`Z PN[[\a QV`\d[$
FUR ZRaN]Uf`VPNY ]\`VaV\[ V` aUNa \S ZNaR_VNYV`Z" dUVPU N` N TR[R_NY
'(. M F :7 B :7@A?7@A@ A8 >;87
Q\Pa_V[R \S ORV[T UN` a\ SNPR aUR ZRaN]Uf`VPNY V``bR V[c\YcRQ V[ P\[`PV\b`
YVSR$ ;a Q\R` `\ dVaU aUR TR[R_NY S\_ZbYN aUNa dUNa N]]RN_` N` kZV[Ql V` N
Sb[PaV\[ \S O\Qf" N[Q dU\YYf b[VYNaR_NYYf `\" V$R$" dVaU [\ _RPV]_\PVaf$
7cVQR[aYf aUR S\_ZbYN V` [\a N PNb`NY \[R Of aUR `aN[QN_Q` \S ZNaR_VNYV`Z
Va`RYSjV[ SNPa Va Q\R` [\a SVa Na NYY V[a\ aUR TR[R_NY `PURZR \S ^bN[aVaNaVcR
P\__RYNaV\[ \S PNb`R N[Q RSSRPa$ ;a V` 25 9?4 QR`VT[RQ a\ `bVa aUR V[aR_R`a` \S
`PVR[PR" [NZRYf" a\ _RaNV[ S\_ `PVR[PR aUR ZRaU\Q\Y\TVPNY OR[RSVa` dUVPU
aUR ]_RPRQV[T QbNYV`aVP QVcV`V\[ UNQ `RPb_RQ dVaU aUR PNb`NY PY\`b_R \S aUR
ZNaR_VNY _RNYZ" N[Q Na aUR `NZR aVZR a\ ZNXR aUR ZV[Q#TR[R_NaV[T _\YR
[\d N``VT[RQ a\ ZNaaR_ `\ ]R_V]UR_NY S\_ ZNaaR_ Va`RYS aUNa Va` S\_ZR_
P\[PR]a V` YRSa ]_NPaVPNYYf b[VZ]NV_RQ$ FUV` aRPU[VPNY ]b_]\`R V` `R_cRQ Of
aUR aUR\_f \S ZV[Q N` N[ kR]V]UR[\ZR[\["l V$R$" Va` ORV[T N Of]YNf \S
]N_aVPbYN_ ZNaR_VNY ]_\PR``R` V[ ]N_aVPbYN_ ZNaR_VNY `f`aRZ` O_NV[` "
dUVPU `f`aRZ` ORUNcR V[ aU\`R ]_\PR``R` R[aV_RYf V[ NPP\_QN[PR dVaU aUR
QRaR_ZV[V`aVP YNd` \S ZNaaR_$
FUR _RYRcN[a N`]RPa \S kR]V]UR[\ZR[NYV`Zl YVR` V[ Va` VZ]YVRQ [RTNaVcR
`aNaRZR[a`$ ;a` \cR_a" NSSV_ZNaVcR aUR`V`" aUNa ZNaaR_ V` _R`]\[`VOYR S\_
ZV[Q" V` ]_\SSR_RQ dVaU\ba N[f NaaRZ]a a\ `U\d U\d `bPU N ]R_S\_ZN[PR
PN[ OR _RYNaRQ a\ aUR X[\d[ ]_\]R_aVR` \S ZNaaR_$' ;a V` [\aUV[T Z\_R aUN[
N[ N``R_aV\[ \S aUR \PPbYa$ 4ba [RTNaVcRYf aUR P\[PR]a \S aUR R]V]UR[\ZR#
[\[ Q\R` `Nf `\ZRaUV[T Z\_R$ ;a V` ZRN[a a\ QR[\aR N[ RSSRPa dUVPU"
b[YVXR NYY \aUR_ RSSRPa` V[ [Nab_R" Q\R` [\a P\[`bZR aUR R[R_Tf \S Va`
PNb`R1 Va V` [\a N a_N[`S\_ZNaV\[ N[Q P\[aV[bNaV\[ \S `bPU R[R_Tf" N[Q
aUR_RS\_R" NTNV[ b[YVXR NYY \aUR_ RSSRPa`" Va PN[[\a ORP\ZR N PNb`R Va`RYS$ ;a
V` ]\dR_YR`` V[ aUR NO`\YbaR `R[`R" N QRNQ#R[Q NYYRf \SS aUR UVTUdNf \S
PNb`NYVaf" ]N`a dUVPU aUR a_NSSVP \S PNb`R N[Q RSSRPa _\YY` N` VS Va dR_R [\a
aUR_R Na NYY$ 7cR[ a\ PNYY ZV[Q N[ kV_VQR`PR[PRl \[ aUR ZNaR_VNY `bO`a_NabZ
d\bYQ OR a\\ ZbPU" `V[PR V[ RePUN[TR S\_ aUR N]]RN_N[PR \S N[ V_VQR`#
PR[PR V[ aUR ]Uf`VPNY `R[`R `\ZR ^bN[aVaf ]_R`R[a V[ aUR ]_RPRQV[T ]Uf`V#
PNY a_N[`NPaV\[ dVYY UNcR QV`N]]RN_RQ" N[Q NTNV[ N[\aUR_ dVYY _R]YNPR Va \[
Va` QV`N]]RN_V[T V[ ab_[ N[Q aUR`R `bPPR``VcR _R]YNPRZR[a` dVYY OR S\b[Q
a\ OR ^bN[aVaNaVcRYf R^bVcNYR[a " dUR_RN` [\ R^bVcNYR[a V` QRRZRQ ZV``V[T
S_\Z aUR ZNaR_VNY NPP\b[a dVaU aUR N]]RN_N[PR \S aUR R]V]UR[\ZR[\[$
FUb` aUR PY\`RQ `f`aRZ \S ZNaR_VNY PNb`NYVaf V` `NSRTbN_QRQ N` RSSRPaVcRYf
N` V[ 5N_aR`VN[ QbNYV`Z" N[Q fRa ZV[Q UN` ORR[ ZNQR" Of aUR `a_NaRTRZ \S
b[VYNaR_NY QR]R[QR[PR" N ]N_a \S aUNa [Nab_R dUVPU PN[[\a a\YR_NaR Va`
V[aR_SR_R[PR$ 4ba R]V]UR[\ZR[NYV`Z Va`RYS" N]N_a S_\Z aUR T_N[QV\`R ]\V[a#
'$ 7$ 6b 4\V`#DRfZ\[Q V[PYbQRQ aUV` ]_\OYRZ NZ\[T aU\`R \[ dUVPU
UR ]_\[\b[PRQ UV` SNZ\b` K:8>?B23:=ECL .36B 5:6 *B6>J6> 56B
-2DEB6B;6>>D>:C! '.-( $ 3YaU\bTU Na aUR aVZR Va ]_\c\XRQ cV\YR[a ]_\#
aR`a`" Z\`a aU\bTUaSbY `PVR[aV`a` a\QNf dVYY ]_\ONOYf `UN_R UV` cVRd$
? 3F7D;3>;E?" 6 7F7D?;@;E? " 3@6 F:7 ? ;@6 L '(/
YR``[R`` V[ dUVPU [Nab_R d\bYQ UNcR V[QbYTRQ dVaU aUR Ybeb_f \S P\[#
`PV\b`[R``" V[c\YcR` QVSSVPbYaVR` N[Q RcR[ NO`b_QVaVR` dUVPU `RRZ a\\ URNcf
N ]_VPR S\_ aUR `PVR[aVSVP P\[cR[VR[PR S\_ dU\`R `NXR Va dN` QRcV`RQ$
A[R ]\V[a RN`VYf \cR_Y\\XRQ V` aUNa N kZNaaR_l PNYYRQ b]\[ a\ NPP\b[a
S\_ `]V_Va V` [\ Y\[TR_ aUR `NZR ZNaaR_ aUNa `PVR[PR a\\X \cR_ V[ aUR
QbNYV`aVP Re]b_TNaV\[$ ?NaR_VNYV`Z V[UR_VaRQ aUR R`aNaR \S QbNYV`Z dVaU\ba
ORV[T SbYYf NdN_R aUNa aUR YRSa#\cR_ a\ dUVPU Va `bPPRRQRQ PN__VRQ N[
\OYVTNaV\[ dUVPU Va P\bYQ [RcR_ U\]R a\ QV`PUN_TR S_\Z Va` \d[ _R`\b_PR`0
aUR \OYVTNaV\[ a\ `b]]\_a aUR\_RaVPNYYf aU\`R ]UR[\ZR[N a\\ aUNa UNQ
S\_ZR_Yf ORR[ aNXR[ PN_R \S Of aUR cN[V`URQ UNYS \S QbNYV`Zm` R`aNaR$ FUV`
aN`X UNQ V[R`PN]NOYf QRc\YcRQ b]\[ ZNaR_VNYV`Z \[PR Va R`aNOYV`URQ Va`RYS"
\[ Va` ]N_a#Q\ZNV[" N` N `RYS#`bSSVPVR[a Z\[V`Z$ ;a` OR^bR`a dN` aUR `RP_Ra
_RcR[TR S\_ \[R \S aUR T_RNaR`a b`b_]NaV\[` V[ aUR UV`a\_f \S aU\bTUa$
3PabNYYf" ZNaR_VNYV`Z PN[[\a" Of aUR YNd \S Va` OV_aU" RcR_ NaaNV[ a\ aUR
YRTVaVZNaR `aNab` \S Z\[V`Z$ 8\_ Va _R]_R`R[a` Oba \[R `VQR" aNXR[ V[
V`\YNaV\[" \S N QbNYV`Z dUVPU UNQ SV_`a a\_[ N`b[QR_ N[ RN_YVR_ b[Vaf$
?NaR_VNYV`Z P\[aV[bR` <?8:42<<I a\ ]_R`b]]\`R a_N[`PR[QR[aNY QbNYV`Z" S\_
\[Yf Of UNcV[T b[Nc\dRQYf V[ aUR ONPXT_\b[Q aUR k\aUR_ d\_YQl \S QbNY#
V`Z PN[ ZNaR_VNYV`Z :> :DC ?G> 7:6<5 NSS\_Q a\ QV`_RTN_Q aUR `]V_VabNY
RcVQR[PR N[Q a\ V[aR_]_Ra _RNYVaf" N` SN_ N` Va QRNY` dVaU Va" V[ aR_Z` \S ]b_R
ZNaaR_$ BYNV[ ZNaR_VNYV`Z" aUR_RS\_R" YVcRQ Of aUV` VZ]YVRQ PN__f#\cR_ S_\Z
QbNYV`Z" N[Q Va` YRN`R \[ YVSR Re]V_RQ dVaU aUR _R[\b[PV[T \S aUR `]V_VabNY
P\Z]YRZR[a0 QR]_VcRQ \S aUR QbNYV`aVP `URYaR_" Y\[R`\ZR kZNaaR_l Zb`a
[\d NPP\b[a S\_ ZV[Q N[Q aUR_ROf Y\`R` aUR b[NZOVT\b` [Nab_R \S kZR_R
ZNaaR_l N` \[PR P\[PRVcRQ$ ;[ \aUR_ d\_Q`" Va` P\[PR]a V`" Of aUV` cR_f
QRZN[Q b]\[ Va" NY_RNQf _RNO`\_ORQ V[a\ N P\[PR]a \S `bO`aN[PR aUNa
a_N[`PR[Q` aUR N`]RPa dUVPU ZNaR_VNYV`Z V`\YNaRQ b[QR_ aUR [NZR \S ZNa#
aR_1 N[Q aUV` V[ RSSRPa _R\]R[` aUR V``bR \S \[a\Y\Tf dUVPU ZNaR_VNYV`Z
PYNVZ` a\ UNcR `RaaYRQ$ FUR TYVO S\_ZbYN \S R]V]UR[\ZR[NYV`Z ORa_Nf` aUV`
cR_f SNPa Of a_fV[T a\ UVQR Va$
3]N_a S_\Z aUR \[a\Y\TVPNY QVSSVPbYaf" aUR_R V` N Y\TVPNY NO`b_QVaf V[#
c\YcRQ V[ R]V]UR[\ZR[NYV`Z V[ aUNa Va QR[VR` Va`RYS aUR `aNab` \S N[ N_Tb#
ZR[a Of QR]_VcV[T N[f N_TbZR[a \S aUNa `aNab`$ FUR ]_R`R[a N_TbZR[a" [\
YR`` aUN[ aUNa NTNV[`a dUVPU Va N_TbR`" V` Of aUV` cVRd aUR R]V]UR[\ZR[\[
\S ]Uf`VPNY \PPb__R[PR` QRaR_ZV[RQ Of [RPR``VaVR` \S `R^bR[PR R[aV_RYf
S\_RVT[ a\ kZRN[V[Tl N[Q ka_baU$l FUR \[Yf ]\``VOYR _RSR_R[PR dUVPU aUR
R]V]UR[\ZR[\[ ZNf UNcR a\ a_baU V` aUR NPPVQR[aNY NT_RRZR[a \S Va`
`fZO\Y` dVaU SNPa` \aUR_ aUN[ aUR PR_RO_NY SNPa` PN__fV[T Va" Oba aUR_R V` [\
dNf \[ aUR ]N_a \S aU\`R R[TNTRQ V[ aUR N_TbZR[a" ZN_V\[RaaR` N` aURf N_R
a\ aU\`R [RPR``VaVR`" a\ RcNYbNaR aUR V``bR \[ Va` ZR_Va`" N[Q aUR_ROf a\
QRPVQR ORadRR[ ad\ NYaR_[NaVcR`" R^bNY N` aURf N_R V[ aUR SNPabNYVaf \S aURV_
')& M F :7 B :7@A?7@A@ A8 >;87
]Uf`VPNY \PPb__R[PR$ FUb` ZNaR_VNYV`a Z\[V`Z" dUVYR R[`b_V[T a\ aUR B6C
6HD6>C2 aUR ZRaU\Q\Y\TVPNY SVa[R`` S\_ `PVR[PR Va UNQ NP^bV_RQ V[ 5N_aR`VN[
QbNYV`Z" Nc\VQ` aUR YNaaR_m` ]`fPU\]Uf`VPNY VZ]N``R \[Yf Na aUR ]_VPR \S
QR`a_\fV[T N[f ]\``VOYR b[QR_`aN[QV[T \S ZV[Q" RcR[ Of QR`a_\fV[T aUR
cR_f VQRN \S ZV[Q1 N[Q Na aUR `NZR aVZR" N` dR UNcR `RR[" Va NQbYaR_NaR`
aUR PYRN[ P\[PR]a \S ZNaaR_ Of PUN_TV[T Va dVaU N[ \PPbYa SNPbYaf" aUNa \S
TR[R_NaV[T aUR kR]V]UR[\ZR[\[$l
4ba YRa b` P\[PRQR Na YRN`a \[R cV_abR \S kR]V]UR[\ZR[NYV`Zl0 Va Q\R`
NdNf dVaU aUR ]_R]\`aR_\b` P\[PR]a \S V[a_N#ZR[aNY QRaR_ZV[V`Z N[Q ]ba`
QRaR_ZV[V`Z ONPX dUR_R Va ORY\[T`" V$R$" dUR_R NY\[R Va ZNXR` `R[`RjV[
aUR _RNYZ \S ZNaaR_$ 8\_ aUR PNb`NY ]_V[PV]YR b[QR_YfV[T `PVR[aVSVP QRaR_#
ZV[V`Z V` Of [\ ZRN[` `NaV`SVRQ dVaU aUR a_VaR ]_\]\`VaV\[ aUNa RcR_f RcR[a
UN` Va` PNb`R N[Q V[ ab_[ PNb`R` `\ZRaUV[T RY`R dUVPU `VZ]Yf ZRN[` aUNa
aUR ReV`aR[PR \_ UN]]R[V[T \S N[faUV[T ZNXR` N QVSSR_R[PR a\ dUNa P\ZR`
[Rea" \_0 aUNa ]_R`R[PR N[Q NO`R[PR \S R[aVaVR` N_R P\[`R^bR[aVNY S\_ aUR
]_\T_R`` \S RcR[a " Oba V[ NQQVaV\[ a\ aUR ]_V[PV]YR \S k`bSSVPVR[a _RN`\[l Va
_R^bV_R` aUR ]_V[PV]YR \S k^bN[aVaNaVcR R^bVcNYR[PRl ORadRR[ PNb`R N[Q
RSSRPa" dUVPU V[ ab_[ _R^bV_R` N``VT[NOVYVaf \S ^bN[aVaf a\ QRSV[RQ VaRZ`"
dUVPU V[ ab_[ _R^bV_R` ZRN`b_NOVYVafjN[Q aUV` _R^bV_R` N dU\YR `Ra \S
Sb_aUR_ P\[QVaV\[`0 aUNa aUR VaRZ` N_R `RcR_NYYf VQR[aVSVNOYR" dVaU N `R]N#
_NaR VQR[aVaf a\ RNPU aU_\bTU aVZR1 dUVPU _R^bV_R` aUNa aURf N_R V`\YNOYR
N[Q RNPU QV`aV[TbV`UNOYR S_\Z Va` P\[aRZ]\_N_VR`1 dUVPU _R^bV_R` aUNa
aURf N_R ReaR_[NY a\ RNPU \aUR_jN[Q aUV` aURf PN[ OR \[Yf VS QV`a_VObaRQ V[
N[ ReaR[QRQ P\[aV[bbZ dVaU `VZbYaN[R\b` QVZR[`V\[` aUNa ]_\cVQR S\_
QV`P_RaR Y\PNaV\[ ZbYaV]YR P\#]_R`R[PR N` dRYY N` S\_ ZNT[VabQR a\ OR
ZRN`b_RQ1 N[Q aUR ReaR[`V\[ Zb`a OR U\Z\TR[R\b` S\_ ZRN`b_RZR[a a\
OR b[VS\_Z" N[Q a_N[`SR_ \S Y\PNaV\[ Zb`a ]R_ZVa a_NPRNOYR V[aR_`RPaV\[` \S
]NaU`$ ;[ `U\_a0 C@246! dUVPU NY\[R SbYSVYY` aUR`R _R^bV_RZR[a`" V` aUR
V[QV`]R[`NOYR P\[QVaV\[ S\_ cR_VSVNOYR" V$R$" P\Z]baNaV\[NY" PNb`NY YNd
dU\`R aR`a V` ]_RQVPaV\[ 1 N[Q N]N_a S_\Z aUV` P\[QVaV\[" aUR ]_V[PV]YR \S
k`bSSVPVR[a _RN`\[l UN` N QVSSR_R[a ZRN[V[T NYa\TRaUR_ dUVPU \SSR_` [\ U\YQ
S\_ aUR P\[`a_bPaV\[ \S N QRaR_ZV[V`aVP `PURZR N[Q [\ RcVQR[aVNY QNaN S\_
Va` cR_VSVPNaV\[$ 3 [\[P\ZZVaaNY OYN[X S\_Z \S QRaR_ZV[V`Z PN[" \S
P\b_`R" NYdNf` OR URYQ Of dNf \S ZRaN]Uf`VPNY P\[cVPaV\[" \_ _RYVTV\b`
SNVaU" \_ TR[R_NY Z\\Q" \_ ]YNV[ `b]R_`aVaV\[$
KRa aUR dVYY#\m#aUR#dV`] \S N C4:6>46 \S V[a_NZR[aNY QRaR_ZV[V`Z UN`
ORR[ PUN`RQ RcR_ `V[PR aUR `PVR[aVSVP VQRN \S PNb`NY _bYR ORTN[ a\ OR`a_VQR
aUR `aNTR \S X[\dYRQTR$ 8_\Z aUR ORTV[[V[T Va dN` [Nab_NY S\_ aUR =2D9"
6=2D:42< VQRNY \S X[\dYRQTR" \[PR 6R`PN_aR` UNQ ]_\Z\aRQ Va a\ N b[VcR_#
`NY [\_Z" a\ b_TR Va` \d[ N]]YVPNaV\[ a\ RcR_f SVRYQ \S \OWRPa`" aUR_RS\_R
NY`\ a\ \OWRPa` \S aUR V[aR_[NY `R[`RjaU\bTU Of _VTUa` aUR QbNYV`aVP QVcV#
? NaR_VNYV`Z " 6RaR_Z V[V`Z " N[Q aU R ?V[Q L')'
`V\[ d\bYQ ReRZ]a aUR ZNaURZNaVPVN[ UVZ`RYS" N` N ZV[Q N[Q aUb` [\a N
B6C 6HD6>C2! S_\Z aUR PYNVZ \S UV` ZRaU\Q$ 4ba 5N_aR`VN[ QbNYV`Z" b[YVXR
N[f ]_RcV\b` QbNYV`Z" V[a_V[`VPNYYf aR[QRQ a\ SVa N[Q a\ `R_cR aUR PNb`R \S
aUR B6C 6HD6>C2 Z\_R aUN[ aUNa \S aUR B6C 4?8:D2>C! N[Q aUR_R dN` [\
]N_aVPbYN_ _R`V`aN[PR NTNV[`a aUR S\_ZR_m` V[cNQV[T aUR YNaaR_ dVaU Va`
`aN[QN_Q` \S X[\dYRQTR VS aUR `bPPR`` \S ZNaURZNaVPNY ZRaU\Q ]_\ZV`RQ
a\ _R]RNa Va`RYS aUR_R$ 6R`PN_aR` UNQ URYQ \ba aUNa ]_\ZV`R" Oba `\ZR
V[`aV[Pa \_ ]_bQR[PR _R`a_NV[RQ UVZ S_\Z ]baaV[T Va a\ aUR aR`a$ :V`
/2CC:?>C 56 +M5=6 V` N[faUV[T Oba N ZNaURZNaVP` \S aUR `\bY$ E]V[\gNm`
dN` aUR \[Yf _NQVPNY NaaRZ]a V[ aUNa QV_RPaV\[" N[Q UR_R aUR \OcV\b`
V[P\[T_bVaf \S aUR =?B6 86?=6DB:4? ZRaU\Q dN` R[\bTU a\ _RSR_ ZNaUR#
ZNaVP` ONPX a\ Va` P\T[NaR SVRYQ \S \OWRPa`0 aUR NaaRZ]a dN` [\a _R]RNaRQ$
4ba VS [\a ZNaURZNaVP`" Na YRN`a aUR 42EC2< ]_V[PV]YR `RRZRQ a\ N]]Yf a\
]`fPU\Y\TVPNY [\ YR`` aUN[ a\ ]Uf`VPNY `R^bR[PR`" S\_ aUR PNb`R#RSSRPa
_RYNaV\[ T\V[T Of aUR ZR_R QRSV[VaV\[ \S aUR P\[PR]a` `RRZ` ]_VZN SNPVR
\[Yf a\ QR`P_VOR N aVZR `R^bR[PR N[Q [\a Of Va`RYS a\ V[c\YcR `]NPR$ IUf"
aUR[" `U\bYQ [\a aUR aVZR `R^bR[PR` \S aUR V[[R_ d\_YQ" ]_\cVQRQ aURf
UNcR aURV_ ?G> Qf[NZVP` N[Q Q\ [\a `VZ]Yf _RSYRPa aU\`R \S N[\aUR_ SVRYQ"
NY`\ P\[S\_Z a\ aUR b[VcR_`NY _bYR2 3[Q QRaR_ZV[NaV\[ V[ SNPa" \S P\b_`R"
_R[QR_` Va` `bOWRPa QRaR_ZV[NOYR V[ X[\dYRQTR$ FUb` aUR_R `U\bYQ OR ]\`#
`VOYR N[ kN[NYfaVP`l SNPa\_ N[NYf`V` \S V[[R_ ]UR[\ZR[N N[NY\T\b` a\
aUNa \S O\QVR`" N[Q RcR[abNYYf N TR[R_NY Qf[NZVP` \S aUR ZR[aNY SVRYQ
fVRYQV[T N ]_RQVPaVcR PNYPbYb`jV[ Va` ]NaaR_[ \S N[aRPRQR[a N[Q P\[`R^bR[a
[\ YR`` RePYb`VcR \S kSV[NY PNb`R`l aUN[ aUNa \OaNV[V[T V[ aUR aVZR QVZR[#
`V\[ \S ReaR_[NY V[abVaV\[$
;a V` N aR`aVZ\[f a\ aUR V__NaV\[NY S\_PR \S _NaV\[NY SNVaU aUNa [\ NZ\b[a
\S SNVYb_R a\ ReRPbaR aUV` ]_\T_NZ UN` RcR_ QV`P\b_NTRQ Va` QRc\aRR`$ IUNa
V` aURV_ PYNVZ2 E\ZRaUV[T YVXR aUV`$ 9VcR[ R$T$ N [bZOR_ \S kZ\aVcR`l 3"
4" 5 $ $ $ Na aVZR a " aUR k`a_\[TR`al dVYY QRPVQR dUNa aUR ]R_`\[ dVYY QRPVQR
Na a($ ;a V` N ^bR`aV\[ \S QRaNVY dURaUR_ kaUR `a_\[TR`al ?>6! Of N[ RVaUR_#
\_ _bYR" RZR_TR` N` aUR `\YR QRaR_ZV[N[a" \_ dURaUR_ 2<< \S aURZ P\[a_VObaR
N` kP\Z]\[R[a`l a\ aUR R[`bV[T k_R`bYaN[al NPP\_QV[T a\ aURV_ _RYNaVcR
`a_R[TaU`" \_ dURaUR_j`\ZRdUR_R V[#ORadRR[jN ]_R]\[QR_N[a N[Q Sb`V#
OYR P\ZOV[NaV\[ PN__VR` aUR QNf$ k?\aVcRl P\Z]_V`R` dUNaRcR_ V` N SNPa\_
V[ aUR `VabNaV\[0 VZZRQVNaR RZ\aV\[NY Q_VcR`" `U\_a N[Q Y\[T aR_Z Re]RPaN#
aV\[`" _NaV\[NY RcNYbNaV\[`" ORYVRS`" `\PVNY V[Q\Pa_V[NaV\[" QV`]\`VaV\[`"
UNOVa`" ZRZ\_VR`" Z\\Q` $ $ $ @\d U\d Q\ ; ZRN`b_R" VaRZ Of VaRZ" aUR
NO`\YbaR N[Q _RYNaVcR kS\_PRl \S aUR`R2 3[`dR_0 Of aUR \baP\ZR$ 1:>46
`bPU N[Q `bPU V` aUR ZR[aNY `aNaR [\d" Z\aVcR 3 \_ P\ZOV[NaV\[ 3#h#4
$ $ $ =ECD 92F6 366> aUR `a_\[TR`a" S\_ G9I 6<C6 `U\bYQ `VabNaV\[ ai UNcR
_R`\YcRQ Va`RYS N` S\b[Q Na a(2 FUV` PV_PbYN_ N_TbZR[a" dUVPU NSS\_Q`
')( M F :7 B :7@A?7@A@ A8 >;87
a_VbZ]UN[a F2D:4:>:2 6H 6F6>DE! V` V[ aUR YN`a N[NYf`V` aUR dU\YR Y\TVPNY
N_`R[NY \S ]`fPU\Y\TVPNY QRaR_ZV[V`Z" dUVPU N``VT[` ^bN[aVaNaVcR cNYbR` V[
_Ra_\`]RPa$ 3 Z\aVcR V` k\cR_dURYZV[T"l [\a ORPNb`R Va ]_RQVPaNOYf G:<<
\cR_dURYZ Va` _VcNY` Of N ZRN`b_NOYR RePR`` \S S\_PR" Oba ORPNb`R Va PN[
OR QR]VPaRQ" V[ aUR YVTUa \S N `bO`R^bR[a `aNaR" N` 92F:>8 \cR_dURYZRQ
aURZ0 ; _RNYYf `]RNX \S aUV` YNaR_ `aNaR dUR[ ; R[Q\d dUNa ]_RcNVY` aUR_R
dVaU N ZNT[VabQR V[ kVa`l ]N`a aUNa d\bYQ NPP\b[a S\_ Va` ]_RcNVYV[T
[\dj N ]`RbQ\#Re]YN[NaV\[ VS RcR_ aUR_R dN` \[R$ 8\_ aUR_R V` [\ _RcR_`NY
\S aUR dNf" cVg$" V[QR]R[QR[a N[Q `R]N_NaR ZRN`b_RZR[a SV_`a" P\[SV_ZN#
aV\[ \S aUR ]_RQVPaVcR PNYPbYb` YNaR_$ FUb` aUR Z\QRY \S S\_PR` N[Q _RYNaVcR
ZNT[VabQR` V` UR_R [\a N d\_XV[T a\\Y Oba N ]V\b` \_ ]_R`aVTV\b` \_[N#
ZR[a$
;[ NYY aUR`R RSS\_a`" b[QR_aNXR[ b[QR_ aUR Uf][\aV`Z \S [Nab_NY `PVR[PR"
Va dN` `a_N[TRYf \cR_Y\\XRQ aUNa N` V[QVPNaRQ ORS\_R aUR `PVR[aVSVP P\[#
PR]a \S PNb`NYVaf V` V[`R]N_NOYf O\b[Q b] dVaU `]NaVNYVaf0 V[ `]NPR" R[aVaVR`
N_R V`\YNOYR1 Of _RSR_R[PR a\ Va` P\\_QV[NaR` aURf PN[ OR ZRN`b_RQ N[Q
]\`VaV\[NYYf VQR[aVSVRQ1 Of ZRN[` \S aUV` _RSR_R[PR" cRY\PVaf N[Q NPPRYR_N#
aV\[ PN[ OR QRaR_ZV[RQ" N[Q V[ aUV` dNf kRSSRPal PN[ OR AE2>D:D2D:F6<I
P\__RYNaRQ dVaU kPNb`R$l 3 TR\ZRa_VPNY VYYb`a_NaV\[ V` aUR ]N_NYYRY\T_NZ \S
S\_PR`" dU\`R P\[`a_bPaV\[ _R^bV_R` N ZV[VZbZ [bZOR_ \S QVZR[`V\[`j
[\ YR`` aUN[ ad\" OR`VQR` aVZR$ FUb` dUR[ aUR PNb`NY `PURZR V` a_N[`#
SR__RQ a\ aUR kV[[R_ d\_YQ"l aUR `VZ]YR SNPa V` \cR_Y\\XRQ aUNa aUR VQRN \S
RSSVPVR[a PNb`NaV\[ V[ Va` ^bN[aVaNaVcR N`]RPa dUVPU V` aUR QRPV`VcR \[R
_RSR_` a\ P\[QVaV\[` \S _R]_R`R[aNaV\[ N[Q cR_VSVPNaV\[ aUNa \OaNV[ V[ aUR
B6C 6HD6>C2 \[Yf" N[Q V` aUR_RS\_R [\a _RNYYf QV``\PVNOYR S_\Z aUR ]\``V#
OVYVaf \S ZNaURZNaVPNY N[NYf`V`$ ;a ZNXR` `R[`R \[Yf dUR_R Z\aV\[ V[
`]NPR V` V[c\YcRQ$( kFVZRl NY\[R" aUR S\_Z \S \_QR_ \S aUR V[aR_[NY ZN[V#
($ 3 PUN_NPaR_V`aVP SNPa V` aUR dNcR_V[T \S =N[a V[ aUV` ZNaaR_$ A[ aUR
\[R UN[Q" UR dN` NdN_R" V[QRRQ RZ]UN`VgRQ" aUNa a\ N]]Yf aUR PNaRT\_VR`
NZ\[T aURZ kPNb`R#RSSRPal a\ \OWRPa` kdR [RRQ ?ED6B V[abVaV\[`l 2EC#
C6B6 &>C492EE>86> " V$R$" `]NPR0 'B:D:AE6 ?7 /EB6 062C?>! ([Q RQ$" ]]$
(/' SS$ KRa V[ aUR FUV_Q 3[aV[\Zf N[Q Va` `\YbaV\[" aUR _bYR \S PNb`NYVaf
PYRN_Yf ReaR[Q` a\ aUR RcR[a` \S V[dN_Q[R`` 2C @96>?=6>2! V$R$ a\ ]`fPU\Y#
\Tf0 :3:5#! ]]$ +,& SS$ FUR dNcR_V[T V` QbR a\ N[ NZOVTbVaf V[ =N[am`
N_TbZR[a0 N` kP\[QVaV\[` \S ]\``VOYR Re]R_VR[PR"l aUR PNaRT\_VR` Zb`a SVa
6F6BI \OWRPa AE2 ]UR[\ZR[\[" S\_ a\ OR aUV` V` a\ OR `\ P\[`aVabaRQ Of aUR
a_N[`PR[QR[aNY b[Vaf \S N]]R_PR]aV\[ N` a\ OR SVa 7?B aUR PNaRT\_VR`$ 4ba V[
aUR P\[P_RaR QRcRY\]ZR[a \S aUR N_TbZR[a Va ORP\ZR` PYRN_ aUNa Va U\YQ`
T\\Q \[Yf dUR_R aUR kS\_Z \S ReaR_[NY V[abVaV\["l V$R$" `]NPR" V` V[c\YcRQ
N[Q [\a S\_ \OWRPa` \S aUR V[aR_[NY `R[`R$ 3[Q `\ =N[a Zb`a N``R_a ]`f#
PU\Y\TVPNY QRaR_ZV[V`Z N[Q aUR[ NTNV[" Of VZ]YVPNaV\[" QR[f Va$ FUR _RN#
`\[ S\_ aUR NZOVTbVaf PN[ OR a_NPRQ a\ =N[am` V[`V`aR[PR \[ a_RNaV[T aUR
? NaR_VNYV`Z " 6RaR_Z V[V`Z " N[Q aU R ?V[Q L '))
S\YQ" V` [\a N QVZR[`V\[ V[ dUVPU a\ P\[`a_bPa PNb`NY `R^bR[PR`0 aUR_R V`
Z\_R aUN[ \[R P\\_QV[NaR _R^bV_RQ S\_ `bPU P\[`a_bPaV\[$ 5\[`R^bR[aYf"
aUR [NVcR a_N[`SR_ \S kPNb`Rl S_\Z Va` [NaVcR a\ N S\_RVT[ SVRYQ _R`bYaRQ V[ N
YbQVP_\b` P\[PR]a \S ]`fPU\Y\TVPNY QRaR_ZV[V`Z V[ dUVPU kZ\aVcR`l dR_R
a_RNaRQ" [\a N` RYRZR[a` \S ZRN[V[T V[ N P\[aRea \S ZRN[V[T" Oba YVXR
PNb`R` \S N`PR_aNV[NOYR `VgR N[Q cRPa\_ ZNT[VabQR V[ N[ ReaR[QRQ P\[#
aV[bbZ" N[Q aUR NTR#\YQ ]_\OYRZ \S S_RR dVYY QRTR[R_NaRQ V[a\ N `\__f
\[a\Y\TVPNY ZV`b[QR_`aN[QV[T$
4ba SV[NYYf" dVaU aUR _V`R \S ZNaR_VNYV`a Z\[V`Z" aUR dU\YR ]_\OYRZ \S
]`fPU\Y\TVPNY QRaR_ZV[V`Z P\bYQ `NSRYf OR Q_\]]RQ V[a\ aUR YN] \S \Z[V#
]\aR[a ZNaaR_" dUR_R Va PRN`RQ a\ OR ]`fPU\Y\TVPNY$ ;a V` aUR \[R ZR_Va \S
kR]V]UR[\ZR[NYV`Zl a\ QRSR_ a\ aUR a_baU aUNa QRaR_ZV[V`Z V[ Va` `PVR[aVSVP
`R[`R PN[ \[Yf ZRN[ N QR`P_V]aV\[ \S ZNaaR_ N[Q UN` [\ ]\``VOYR N]]YVPN#
aV\[ \ba`VQR Va$ FUb` :7 aUR_R V` a\ OR a\aNY QRaR_ZV[NaV\[ Oba [\O\Qf" \S
P\b_`R" UN` RcR_ `U\d[ aUNa aUR_R V` " aUR[ YRa aUR_R OR a\aNY ZNaR_VNYV`Z
dUVPU V[QRRQ `\ZRU\d Y\\Z` ORUV[Q E]V[\gNm` QRaR_ZV[V`aVP k]N_NY#
YRYV`Zl 0 aUR[ kZV[Ql 42> OR \[Yf N[ R]V]UR[\ZR[\[ \S ZNaaR_" dVaU [\
PNb`NYVaf \S Va` \d[j[RVaUR_ ReaR_[NY [\_ RcR[ V[aR_[NY$ 3a Va` \d[ URNcf
]_VPR" aUR_RS\_R" aUR kR]V]UR[\ZR[NYV`al Re]YN[NaV\[ _RYVRcR` Va` ]_\]\#
[R[a` S_\Z aUR VZ]\``VOYR aN`X `Ra Of V[a_NZR[aNY QRaR_ZV[V`Z" cVg$" a\
SN`UV\[ aUR SY\d \S P\[`PV\b`[R`` V[a\ N PNb`NY `f`aRZjORPNb`R Va [\
Y\[TR_ ZNaaR_`0 N` N `]RPV\b` Of]YNf \S dUNa V` PR_aNV[Yf QRaR_ZV[RQ Of
ZRPUN[VPNY PNb`R NY\[R" ]b_]\`R ORP\ZR` V[ N[f PN`R N ZR_R VYYb`V\[$ KRa
Va` baaR_ _RQb[QN[Pf S\_ aUR PUNV[ \S RcR[a` _R[QR_` Va` T_NabVa\b` ]_R`R[PR
N ]bggYR Z\_R cReV[T aUN[ N[f ]\`RQ Of QbNYV`Z" N[Q V[PVQR[aNYYf NSS\_Q`
N _NaUR_ ?R]UV`a\]URYVN[ P\ZZR[aN_f \[ aUR NQNTR aUNa [Nab_R Q\R`
[\aUV[T V[ cNV[$ ;[ SNPa" aUR P\[PR``V\[ \S aUV` _RQb[QN[Pf" dUVPU V`
[\aUV[T YR`` aUN[ N PUN_TR \S S_NbQ" `R_R[RYf PN`a` [Nab_R V[ aUR _\YR \S
aUNa kQRPRVcV[T QRZ\[l S_\Z dU\`R b[`RaaYV[T VQRN 6R`PN_aR` `\bTUa
`N[PabN_f V[ aUR cR_NPVaf \S N OR[Rc\YR[a 9\Q$
?RPUN[V`aVP ZNaaR_ _NV`RQ a\ Z\[V`aVP \Z[V]\aR[PR :C aUR QRPRVcV[T
QRZ\[ dU\Z 6R`PN_aR` aUR RN_Yf PUNZ]V\[ \S aUNa ZNaaR_ `a_\cR a\
Nc\VQ$!) FUR `PVR[PR \S YVSR ]Nf` U\ZNTR a\ UV` _bYR$ 3` ]N_a \S aUR UV`a\_f

V[[R_ d\_YQ N` \[R \S `R[`b\b` k]UR[\ZR[Nl N]]RN_N[PR` \[ N ]N_


dVaU aU\`R \S aUR \baR_ d\_YQ" QR[fV[T `RYS#P\[`PV\b`[R`` N ]_VcVYRTRQ
`aNab`0 aUV` NTNV[ PN[ OR a_NPRQ a\ UV` a_RNaV[T D:=6 N` N ZR_R kS\_Z \S
V[abVaV\[l \[ N ]N_ dVaU `]NPR" V[`aRNQ \S N` N[ bYaVZNaR _RNYVaf$
)$ 6R`PN_aR` UVZ`RYS `Nf` `\ V[ aUR ):BCD ,65:D2D:?>$ kFUR_R ZNf OR
aU\`R dU\ d\bYQ QR[f aUR ReV`aR[PR \S N[f `bPU ]\dR_SbY T\Q _NaUR_ aUN[
ORYVRcR NYY \aUR_ aUV[T` a\ OR b[PR_aNV[$ IR [RRQ [\a ^bN__RY dVaU aURZ
N[Q ZNf T_N[a aUNa NYY aUV` NO\ba N T\Q LdVaU aUR ]\dR_ a\ QRPRVcRM V` N
')* $ F :7 B :7@A?7@A@ A8 >;87
\S YVSRm` ^bR`a a\ X[\d Va`RYS" ZNaR_VNYV`aVP OV\Y\Tf" Va` N_`R[NY [RdYf
`a_R[TaUR[RQ Of PfOR_[RaVP`" V` N[ NaaRZ]a a\ N]]_RUR[Q YVSR Of RYVZV[Na#
V[T aUNa dUVPU NSS\_Q` aUR ]\``VOVYVaf \S aUR NaaRZ]a Va`RYSjaUR NbaUR[aVP
[Nab_R \S NdN_R[R`` N[Q ]b_]\`R$ FUR NaaRZ]a" aUR_RS\_R" V[ QV`\d[V[T
Va`RYS N` RcVQR[PR \S Va` `bOWRPa ZNaaR_" P\[a_NQVPa` Va`RYS dVaU aUR XV[Q \S
b[QR_`aN[QV[T Va NPUVRcR` \S Va` `bOWRPa ZNaaR_$ ;[ RYVZV[NaV[T Va`RYS S_\Z
aUR NPP\b[a" Va ZNXR` aUR NPP\b[a V[P\Z]YRaR" fRa Q\R` [\a a\YR_NaR N
P\Z]YRaV\[ aUNa d\bYQ a_N[`PR[Q aUR `RYS#`bSSVPVR[Pf \S Va` ]_V[PV]YR" V[
cV_abR \S dUVPU aUR NPP\b[a V` PY\`RQ V[ Va`RYS$ FUb` aUR NaaRZ]a [\a \[Yf
YRNcR` Va`RYS b[NPP\b[aRQ S\_" N[Q b[V[aRYYVTVOYR Of Va` \d[ aR_Z`0 RcR[
Z\_R" dVaU aUR R]V]UR[\ZR[NYV`a QR]_RPVNaV\[ \S V[dN_Q[R``" Va V[cNYVQNaR`
Va` \d[ SV[QV[T Of QR[fV[T a\ aUV[XV[T N ON`V` \S ]\``VOYR cNYVQVaf V[ N[
R[aVaf NY_RNQf P\Z]YRaRYf QRaR_ZV[RQ V[ aR_Z` \S aUR aU\bTUaYR``$ ;a V` aUR
5_RaN[ QRPYN_V[T NYY 5_RaN[` a\ OR YVN_`$

SVPaV\[0 VS" V[`aRNQ" Va V` Of SNaR" \_ PUN[PR" \_ aUR P\[aV[b\b` `R_VR` \S


N[aRPRQR[a`" \_ V[ dUNaRcR_ \aUR_ dNf" aUNa aURf `b]]\`R ZR a\ UNcR
ORP\ZR dUNa ; NZjVa d\bYQ U\YQ aUNa" `V[PR a\ R__ N[Q QRPRVcR \[R`RYS V`
N QRSRPa" aUR ]_\ONOVYVaf \S Zf ORV[T `\ VZ]R_SRPa N` a\ QRPRVcR Zf`RYS
NYdNf` dVYY OR aUR T_RNaR_" aUR YR`` ]\dR_SbY aUR PNb`R \S Zf ORV[T V`
N``bZRQ a\ OR$l ;[ \aUR_ d\_Q`0 OYV[Q [Nab_R PN[ ]R_SRPaYf SVYY aUR ]YNPR \S
aUR QVcV[R N_PU QRPRVcR_$
D ; I E : 7DD3J

EUR @\OVYVaf \S DVTUa0


3 DabQf V[ aUR BUR[\ZR[\Y\Tf
\S aUR DR[`R`

DV[PR aUR QNf` \S 9_RRX ]UVY\`\]Uf `VTUa UN` ORR[ UNVYRQ N` aUR
Z\`a RePRYYR[a \S aUR `R[`R`$ EUR [\OYR`a NPaVcVaf \S aUR ZV[Q" C96>A:2
V` QR`P_VORQ V[ ZRaN]U\_` Z\`aYf aNXR[ S_\Z aUR cV`bNY `]UR_R$ BYNa\"
N[Q HR`aR_[ ]UVY\`\]Uf NSaR_ UVZ" `]RNX` \S aUR iRfR \S aUR `\bYj
N[Q \S aUR iYVTUa \S _RN`\[$j 3_V`a\aYR" V[ aUR SV_`a YV[R` \S aUR *6C2!
?9HB:4B _RYNaR` aUR QR`V_R S\_ X[\dYRQTR V[UR_R[a V[ aUR [Nab_R \S NYY
ZR[ a\ aUR P\ZZ\[ QRYVTUa V[ ]R_PR]aV\[" Z\`a \S NYY V[ cV`V\[$ JRa
[RVaUR_ UR [\_ N[f \aUR_ \S aUR 9_RRX aUV[XR_`" V[ aUR O_VRS a_RNaZR[a`
\S `VTUa Va`RYS dUVPU dR UNcR" `RRZ` a\ UNcR _RNYYf Re]YNV[RQ Of dUNa
]_\]R_aVR` `VTUa ^bNYVSVR` S\_ aUR`R `b]_RZR ]UVY\`\]UVPNY U\[\_`$'
@\_ UNcR aUR QVSSR_R[a cV_abR` \S aUR `RcR_NY `R[`R` ORR[ ]_\]R_Yf
P\Z]N_RQ N[Q N``R``RQ$ DVTUa" V[ NQQVaV\[ a\ Sb_[V`UV[T aUR N[NY\TbR`
S\_ aUR V[aRYYRPabNY b]]R_`a_bPab_R" UN` aR[QRQ a\ `R_cR N` aUR Z\QRY
\S ]R_PR]aV\[ V[ TR[R_NY N[Q aUb` N` aUR ZRN`b_R \S aUR \aUR_ `R[`R`$
4ba Va V` V[ SNPa N cR_f `]RPVNY `R[`R$ ;a V` V[P\Z]YRaR Of Va`RYS1 Va
_R^bV_R` aUR P\Z]YRZR[a \S \aUR_ `R[`R` N[Q Sb[PaV\[` S\_ Va` P\T[V#
'$ 3_V`a\aYR V[ aUR `NZR ]N``NTR `bZ` b] aUR cV_abR` \S cV`V\[ Of `aNaV[T
aUNa Va V` aUR `R[`R fVRYQV[T aUR Z\`a X[\dYRQTR N[Q RePRYYV[T V[ QVSSR_R[aV#
NaV\[ *6C"$ /.& N (+!1 N[Q UR RZ]UN`VgR` aUNa dR R[W\f cV`V\[ S\_ Va`
\d[ `NXR" N]N_a S_\Z Va` baVYVaf$ EUV` RcNYbNaV\[ ZR_RYf UV[a` Na aUR
^bNYVaVR` dUVPU RYRcNaR `VTUa \cR_ aUR \aUR_ `R[`R`$
L ')+ M
'), E :7 B :7@A?7@A@ A8 >;87
aVcR \SSVPR1 Va` UVTUR`a cV_abR` N_R NY`\ Va` R``R[aVNY V[`bSSVPVR[PVR`$ ;a`
cR_f [\OVYVaf PNYY` S\_ aUR `b]]\_a \S Z\_R cbYTN_ Z\QR` \S P\Z#
ZR_PR dVaU aUR VZ]\_ab[Vaf \S aUV[T`$ ;[ aUV` `R[`R" V[ dUVPU NYY
RZV[R[PR ]Nf` S\_ Va`RYS aUR ]_VPR \S V[P_RN`RQ QR]R[QR[PR" aUR i[\#
OVYVaf \S `VTUaj dVYY OR P\[`VQR_RQ V[ aUR S\YY\dV[T QV`Pb``V\[$ 3` \[R
\S Va` _R`bYa`" dR `UNYY SV[Q aUR N[PVR[a PYNVZ` S\_ `VTUa `bO`aN[aVNaRQ
N[Q Na aUR `NZR aVZR ^bNYVSVRQ$
EUR b[V^bR QV`aV[PaV\[ \S `VTUa P\[`V`a` V[ dUNa dR ZNf ]_\cV`V\[#
NYYf PNYY aUR %dNTR#]R_S\_ZN[PR" dUR_R iVZNTRj VZ]YVR` aUR`R aU_RR
PUN_NPaR_V`aVP`0 '! B:<D;C2=6:CH V[ aUR ]_R`R[aNaV\[ \S N ZN[VS\YQ"
(! =6DCA2;:I2C:>= \S aUR PNb`NYVaf \S `R[`R#NSSRPaV\[" )! 5:BC2=46 V[
aUR `]NaVNY N[Q ZR[aNY `R[`R`$ ;[ P\[`VQR_V[T aUR`R aU_RR PUN_NPaR_#
V`aVP` dR ZNf U\]R a\ P\[a_VObaR [\a \[Yf a\ aUR ]UR[\ZR[\Y\Tf \S
aUR `R[`R` Of aURZ`RYcR` Oba NY`\ a\ aUR RcNYbNaV\[ \S aURV_ _\YR V[
aUR UVTUR_ ZR[aNY ]R_S\_ZN[PR` ON`RQ b]\[ aURZ V[ aUR PN`R \S
ZN[$

'$ E :7 D;?F>E3@7;EJ A8 ; ?397 AC E:7 E ;?7 #3 DB75E A8 D77;@9

DVTUa V` ?2A 6G46;;6=46 aUR `R[`R \S aUR `VZbYaN[R\b` \_ aUR P\\_QV#


[NaRQ" N[Q aUR_ROf \S aUR ReaR[`VcR$ 3 cVRd P\Z]_RUR[Q` ZN[f aUV[T`
WbeaN]\`RQ" N` P\#ReV`aR[a ]N_a` \S \[R SVRYQ \S cV`V\[$ ;a Q\R` `\ V[ N[
V[`aN[a0 N` V[ N SYN`U \[R TYN[PR" N[ \]R[V[T \S aUR RfR`" QV`PY\`R` N
d\_YQ \S P\#]_R`R[a ^bNYVaVR` `]_RNQ \ba V[ `]NPR" _N[TRQ V[ QR]aU"
P\[aV[bV[T V[a\ V[QRSV[VaR QV`aN[PR" `bTTR`aV[T" VS N[f QV_RPaV\[ V[ aURV_
`aNaVP \_QR_" aUR[ Of aURV_ ]R_`]RPaVcR N QV_RPaV\[ NdNf S_\Z aUR
`bOWRPa _NaUR_ aUN[ a\dN_Q Va$ EUR aURZR \S QR]aU dVYY R[TNTR b` YNaR_
b[QR_ aUR URNQ \S iQV`aN[PR$j DVTUa V` b[V^bR NY_RNQf V[ ORU\YQV[T N
P\#aRZ]\_N[R\b` ZN[VS\YQ N` `bPU" dUVPU ZNf OR Na _R`a$ 3YY \aUR_
`R[`R` P\[`a_bPa aURV_ ]R_PR]abNY ib[VaVR` \S N ZN[VS\YQj \ba \S N
aRZ]\_NY `R^bR[PR \S `R[`NaV\[` dUVPU N_R V[ aURZ`RYcR` aVZR#O\b[Q
N[Q [\[`]NaVNY$ EURV_ `f[aUR`V` aUR_RS\_R" RcR_ b[SV[V`URQ N[Q QR]R[Q#
V[T \[ ZRZ\_f" Zb`a Z\cR NY\[T dVaU aUR NPabNY ]_\T_R`` \S aUR
`R[`NaV\[`" RNPU \S dUVPU SVYY` aUR [\d \S aUR `R[`R S_\Z Z\ZR[a a\
Z\ZR[a dVaU Va` \d[ SbTVaVcR ^bNYVaf$ 3[f ]_R`R[a ^bNYVaf V` Wb`a N
]\V[a \S ]N``NTR V[ aUR a_N[`VaV\[ S_\Z aUR ]_RPRQV[T a\ aUR `bO`R#
^bR[a \[R" [\[R V` PY\`RQ V[ Va`RYS" N[Q \[Yf \[R V` aUR_R Na N aVZR$
EUb` aUR P\[aR[a V` [RcR_ `VZbYaN[R\b`Yf ]_R`R[a N` N dU\YR" Oba
NYdNf` V[ aUR ZNXV[T" NYdNf` ]N_aVNY N[Q V[P\Z]YRaR$ EUR`R Z\_R
E :7 @ A4;>;EJ A8 D;9:E L ')-
aRZ]\_NY `R[`R` aUR_RS\_R [RcR_ NPUVRcR S\_ aURV_ \OWRPa aUNa QRaNPU#
ZR[a \S Va` <>5DB 6BB6=5: S_\Z aURV_ \d[" R$T$" \S ]R_`V`aR[a ReV`aR[PR
S_\Z aUR a_N[`Va\_f RcR[a \S `R[`R#NSSRPaV\[" dUVPU `VTUa Na N[f
Z\ZR[a \SSR_` V[ aUR ]_R`R[aNaV\[ \S N P\Z]YRaR cV`bNY SVRYQ$ HR ZNf
VYYb`a_NaR aUR QVSSR_R[PR Of aUR PN`R` \S URN_V[T N[Q a\bPU" aUR ad\
`R[`R` dUVPU V[ PR_aNV[ _R`]RPa` QR`R_cR ]N_aVPbYN_ P\Z]N_V`\[ dVaU
`VTUa$

2" )62A:=8
EUR PN`R \S URN_V[T V` \OcV\b`0 NPP\_QV[T a\ aUR [Nab_R \S `\b[Q N`
`bPU Va PN[ iTVcRj \[Yf Qf[NZVP N[Q [RcR_ `aNaVP _RNYVaf$ EUR dU\YR`
dUVPU Va NPUVRcR` Of aUR `f[aUR`V` \S Va` ZN[VS\YQ N_R `a_VPaYf aRZ]\_NY
\[R`" N[Q aURV_ \OWRPaVcR aVZR#ZRN`b_R V` VQR[aVPNY dVaU aUR aVZR \S
aUR `R[`R#NPaVcNaV\[ Va`RYS0 aUR Qb_NaV\[ \S aUR `\b[Q URN_Q V` Wb`a aUR
Qb_NaV\[ \S URN_V[T Va$ 7eaR[`V\[ \S \OWRPa N[Q ReaR[`V\[ \S Va` ]R_#
PR]aV\[ aUb` P\V[PVQR$ HUNa aUR `\b[Q VZZRQVNaRYf QV`PY\`R` V` [\a N[
\OWRPa Oba N Qf[NZVPNY RcR[a Na aUR Y\Pb` \S aUR \OWRPa" N[Q aUR_ROf
ZRQVNaRYf aUR `aNaR aUR \OWRPa V` V[ Na aUR Z\ZR[a \S aUNa \PPb__R[PR$
EUR _b`aYV[T \S N[ N[VZNY V[ aUR YRNcR`" aUR S\\a`aR]` \S ZR[" aUR
[\V`R \S N ]N``V[T PN_" ORa_Nf aUR ]_R`R[PR \S aU\`R aUV[T` Of `\ZR#
aUV[T aURf Q\$ EUR VZZRQVNaR \OWRPa \S URN_V[T V` aUR `\b[Q` aURZ#
`RYcR`" N[Q aUR[ aUR`R V[QVPNaR `\ZRaUV[T RY`R" cVg$" aUR NPaV\[` ]_\#
QbPV[T aU\`R `\b[Q`1 N[Q \[Yf V[ aUR aUV_Q ]YNPR Q\R` aUR Re]R_VR[PR
\S URN_V[T _RcRNY aUR NTR[a N` N[ R[aVaf dU\`R ReV`aR[PR V` V[QR]R[Q#
R[a \S aUR [\V`R Va ZNXR`$ ; PN[ `Nf aUNa ; URN_ N Q\T" Oba dUNa ; URN_
V` UV` ON_X" N `\b[Q _RP\T[VgRQ N` aUR ON_X \S N Q\T" N[Q aUR_ROf ;
URN_ aUR Q\T ON_XV[T" N[Q aUR_ROf ; ]R_PRVcR aUR Q\T UVZ`RYS V[ N
PR_aNV[ dNf$ 4ba aUV` dNf \S ]R_PRVcV[T UVZ N_V`R` N[Q PRN`R` dVaU UV`
NPa \S ON_XV[T$ 4f Va`RYS Va Q\R` [\a _RcRNY N[faUV[T ORf\[Q Va" N[Q
aUNa aUR_R V` N[ NTR[a ]_RPRQV[T N[Q \baYN`aV[T aUR NP\b`aVP NPa ; X[\d
S_\Z V[S\_ZNaV\[ \aUR_ aUN[ aUR NP\b`aVP \[R$ EUR \OWRPa#_RSR_R[PR \S
`\b[Q` V` [\a ]_\cVQRQ Of aUR `\b[Q` N` `bPU" N[Q Va a_N[`PR[Q` aUR
]R_S\_ZN[PR \S ZR_R URN_V[T$ 3YY V[QVPNaV\[` \S ReV`aR[a`" \S R[Qb_V[T
aUV[T` ORf\[Q aUR `\b[Q#RcR[a` aURZ`RYcR`" N_R Rea_N[R\b` a\ aURV_
\d[ [Nab_R$
A[ aUR \aUR_ UN[Q" ]_RPV`RYf ORPNb`R \S aUV` Y\\`R[R`` \S ReaR_[NY
\OWRPa _RSR_R[PR N[Q aUb` \S _R]_R`R[aNaVcR Sb[PaV\[" `\b[Q V` RZV#
[R[aYf `bVaRQ a\ P\[`aVabaR Va` \d[" VZZN[R[a i\OWRPaVcVafj \S NP\b`aVP
'). M E :7 B :7@A?7@A@ A8 > ;87
cNYbR` N` `bPUh N[Q aUb`" S_RR S_\Z \aUR_#_R]_R`R[aNaVcR Qbaf" a\
_R]_R`R[a Wb`a Va`RYS$ ;[ URN_V[T Zb`VP" \b_ `f[aUR`V` \S N ZN[VS\YQ a\ N
b[Vaf \S ]R_PR]aV\[ _RSR_` [\a a\ N[ \OWRPa \aUR_ aUN[ aUR `R[`\_f
P\[aR[a` Oba a\ aURV_ \d[ \_QR_ N[Q V[aR_P\[[RPaV\[$ DV[PR aUV` `f[#
aUR`V` QRNY` dVaU `bPPRRQV[T QNaN N[Q V` `]_RNQ \cR_ aUR YR[TaU \S
aURV_ ]_\PR``V\[" `\ aUNa Na aUR ]_R`R[PR \S N[f \[R RYRZR[a \S aUR
`R_VR` NYY aUR \aUR_` N_R RVaUR_ [\ Z\_R \_ [\a fRa" N[Q aUR ]_R`R[a \[R
Zb`a QV`N]]RN_ S\_ aUR [Rea \[R a\ N]]RN_" aUR `f[aUR`V` Va`RYS V` N
aRZ]\_NY ]_\PR`` NPUVRcRQ dVaU aUR URY] \S ZRZ\_f$ EU_\bTU Va N[Q
PR_aNV[ N[aVPV]NaV\[`" aUR dU\YR `R^bR[PR" aU\bTU Na RNPU Z\ZR[a
\[Yf Na\ZVPNYYf _RNYVgRQ V[ \[R \S Va` RYRZR[a`" V` O\b[Q a\TRaUR_
V[a\ \[R P\Z]_RUR[`VcR b[Vaf \S Re]R_VR[PR$ EUR NP\b`aVP i\OWRPaj
aUb` P_RNaRQ V` N aVZR#\OWRPa aUNa YN`a` Wb`a N` Y\[T N` aUR NPa \S Va`
`f[aUR`V` YN`a`" aUNa V`" N` aUR `R^bR[PR \S URN_V[T Va`RYS Q\R` \_ Va`
_RP_RNaV\[ V[ SN[aN`f!" dVaU dU\`R ]_\T_R`` aUR i\OWRPaj ]N_a S\_ ]N_a
P\V[PVQR`$ ;a UN` [\ \aUR_ QVZR[`V\[ aUN[ aUNa \S aVZR$
;a V` a_bR aUNa URN_V[T" aU\bTU dU\YYf T\cR_[RQ Of `bPPR``V\["
X[\d` NY`\ WbeaN]\`VaV\[ \S `VZbYaN[R\b` NP\b`aVP P\[aR[ahdVa[R``
]\Yf]U\[f V[ Zb`VP" \_ aUR `R]N_NOYR c\VPR `a_N[Q` V[ aUR c\PNY ONORY
\S N P\PXaNVY ]N_af$ A[R ZNf RcR[ `]RNX \S N XV[Q \S V[[R_#NP\b`aVP
i`]NPRj V[ dUVPU N ZN[VS\YQ PN[ P\ReV`a$ 4ba aUV` V` N ZRaN]U\_$ EUR
iP\ReV`aR[PRj V` NYdNf` \[R \S P\ZZ\[ ]_\PR``V\[ V[ aVZR" V$R$" \S
`a_N[Q` \S Z\cRZR[a N[Q PUN[TR1 N[Q aURV_ QV`aV[PaV\[ _R^bV_R` ^bNYV#
aNaVcR QVSSR_R[PR V[ ]VaPU" aVZO_R" RaP$! dU\`R P\[aV[bNaV\[ V[ aUR
`R^bR[PR YRa` i`a_N[Q`j OR VQR[aVSVRQ0 ad\ [\aR` \S VQR[aVPNY ^bNYVaf
`\b[QRQ a\TRaUR_ `VZ]Yf _RV[S\_PR RNPU \aUR_ N[Q ZNXR \[R RePR]a
S\_ aUR i`aR_R\j RSSRPa S_\Z aUR `]NPV[T \S aURV_ `\b_PR`!" dUR_RN` _RNY
`]NPR V` N ]_V[PV]YR \S P\#aRZ]\_N[R\b`" QV`P_RaR ]Yb_NYVaf V__R`]RPaVcR
\S ^bNYVaNaVcR QVSSR_R[PR$ 3Y`\ aUR iVQR[aVafj \S aUR `V[TYR `a_N[Q` V[ N
]\Yf]U\[f" N[Q aUb` aUR P\[`R_cNaV\[ \S QV`P_RaR `VZbYaN[RVaf aU_\bTU
aVZR" V` N Sb[PaV\[ \S PR_aNV[ SVTb_NY P\UR_R[PR` `bPU" R$T$" N` ZNXR N
ab[R! dUVPU P\ZR b[QR_ aUR i9R`aNYaj ]_V[PV]YR N[Q aUb` ZNXR aUR
WbeaN]\`VaV\[ \S ]Yb_NYVaf [\a N ]_VZN_f QNabZ \S aUR =>F Oba N SRNa
\S \[T\V[T \_TN[VgNaV\[h V$R$" N ]_\QbPa Va`RYS \S ]_\PR``$ 7cR[ `\ aUR
YVZVa` S\_ N `VZbYaN[R\b` ZN[VS\YQ NYY\dV[T V[aRT_Vaf a\ Va` ZRZOR_`
N_R [N__\d V[ aUR d\_YQ \S `\b[Q`0 N `a_\[T `\b[Q Q_\d[` Va` dRNXR_
P\[aRZ]\_N_VR`1 a\ _RYNaR Z\_R aUN[ N SRd Na N aVZR a\ QVSSR_R[a
`\b_PR#Y\PV V[ `]NPR ORP\ZR` QVSSVPbYa" N[Q ORf\[Q N YVZVaRQ [bZOR_
E :7 @ A4;>;EJ A8 D;9:E L ')/
N[f ZbYaV]YVPVaf \S `\b[Q` ZR_TR` V[a\ N P\Z]\b[Q [\V`R$ EUR_R V` [\
iXRR]V[T a\ \[Rl` ]YNPRj V[ aUR P\ZZb[Vaf \S NP\b`aVP V[QVcVQbNY`$
EUR `VZ]YR SNPa V` aUNa `\b[Q` N_R Qf[NZVP RcR[a`" [\a Wb`a `aNaVP
^bNYVaVR`" N[Q aUb` a_R`]N``R_` Of [Nab_R$
EUV` O_V[T` b` a\ dUNa V` ]R_UN]` aUR Z\`a VZ]\_aN[a SRNab_R a\ OR
P\[`VQR_RQ V[ \b_ P\Z]N_V`\[ \S URN_V[T dVaU `RRV[T0 `\b[Q" Va`RYS N
Qf[NZVP SNPa" V[a_bQR` b]\[ N ]N``VcR `bOWRPa$ 8\_ aUR `R[`NaV\[ \S
URN_V[T a\ P\ZR NO\ba aUR ]R_PV]VR[a V` R[aV_RYf QR]R[QR[a \[ `\ZR#
aUV[T UN]]R[V[T \ba`VQR UV` P\[a_\Y" N[Q V[ URN_V[T UR V` Re]\`RQ a\
Va` UN]]R[V[T$ 3YY UR PN[ P\[a_VObaR a\ aUR `VabNaV\[ V` N `aNaR \S
NaaR[aVcR _RNQV[R`` S\_ `\b[Q` a\ \PPb_ RePR]a dUR_R UR ]_\QbPR`
aURZ UVZ`RYS!$ :R PN[[\a YRa UV` RN_` dN[QR_" N` UV` RfR` Q\" \cR_ N
SVRYQ \S ]\``VOYR ]R_PR]a`" NY_RNQf ]_R`R[a N` N ZNaR_VNY S\_ UV` NaaR[#
aV\[" N[Q S\Pb` aURZ \[ aUR \OWRPa PU\`R[" Oba UR UN` `VZ]Yf a\ dNVa
S\_ N `\b[Q a\ `a_VXR aURZ0 UR UN` [\ PU\VPR V[ aUR ZNaaR_$ ;[ URN_V[T"
aUR ]R_PV]VR[a V` Na aUR ZR_Pf \S R[cV_\[ZR[aNY NPaV\[" dUVPU V[#
a_bQR` b]\[ UV` `R[`VOVYVaf dVaU\ba UV` N`XV[T N[Q Of ZR_R V[aR[`Vaf
QRPVQR` S\_ UVZ dUVPU \S `RcR_NY ^bNYVaVR` QV`aV[TbV`UNOYR Na aUR
Z\ZR[a V` a\ OR aUR Q\ZV[N[a VZ]_R``V\[$ EUR `a_\[TR`a `\b[Q ZNf
[\a OR aUR cVaNYYf Z\`a VZ]\_aN[a \[R V[ N `VabNaV\[" Oba Va `VZ]Yf
`RVgR` aUR NaaR[aV\[ S_\Z NZ\[T aUR P\Z]RaV[T \[R`$ 3TNV[`a aUV` aUR
S_RRQ\Z \S `RYRPaVcR NaaR[aV\[ V` Rea_RZRYf YVZVaRQ$
;[ cVRd \S aUR`R PUN_NPaR_V`aVP` dR b[QR_`aN[Q dUf S\_ \b_ RN_` dR
UNcR [\aUV[T P\__R`]\[QV[T a\ aUR YVQ` \S \b_ RfR`$ A[R Q\R` [\a
X[\d dUR[ N `\b[Q ZNf \PPb_0 dUR[ Va \PPb_` Va TVcR` [\aVPR \S N[
RcR[a V[ aUR R[cV_\[ZR[a N[Q [\a ZR_RYf \S Va` ]R_ZN[R[a ReV`aR[PR0
N[Q `V[PR N[ RcR[a" V$R$" N PUN[TR V[ aUR R[cV_\[ZR[a" ZNf NYdNf` OR
\S cVaNY VZ]\_a" RN_` UNcR a\ OR \]R[ NYdNf` S\_ aUV` P\[aV[TR[Pf$
E\ UNcR aURZ PY\`RQ P\bYQ OR SNaNY" Wb`a N` Va d\bYQ OR b`RYR`` a\
\]R[ aURZ Na N_OVa_N_VYf PU\`R[ Z\ZR[a`$ HVaU NYY aUR V[VaVNaVcR YRSa
a\ aUR \baR_ d\_YQ" aUR P\[aV[TR[Pf N`]RPa \S URN_V[T V` R[aV_RYf \[R#
`VQRQ N[Q _R^bV_R` aUR_RS\_R P\[aV[bNY _RNQV[R`` S\_ ]R_PR]aV\[$ EUR
QRR]R`a _RN`\[ S\_ aUV` ON`VP P\[aV[TR[Pf V[ aUR `R[`R \S URN_V[T V` aUR
SNPa aUNa Va V` _RYNaRQ a\ RcR[a N[Q [\a a\ ReV`aR[PR" a\ ORP\ZV[T N[Q
[\a a\ ORV[T$ EUb` URN_V[T" O\b[Q a\ `bPPR``V\[ N[Q [\a ]_R`R[aV[T N
`VZbYaN[R\b` P\\_QV[NaRQ ZN[VS\YQ \S \OWRPa`" SNYY` `U\_a \S `VTUa V[
_R`]RPa \S aUR S_RRQ\Z dUVPU Va P\[SR_` b]\[ Va` ]\``R``\_$
'*& M E :7 B :7@A?7@A@ A8 >;87

3" />D49

EUR PN`R V` QVSSR_R[a dVaU a\bPU" aU\bTU Va `UN_R` dVaU URN_V[T aUR
`bPPR``VcR[R`` \S N]]_RUR[`V\[" dUVYR Va `UN_R` dVaU cV`V\[ aUR `f[aUR#
`V` \S Va` QNaN V[a\ N `aNaVP ]_R`R[PR \S \OWRPa`$ 3 ]_\]R_ N[NYf`V` \S
a\bPU V` ]_\ONOYf aUR Z\`a QVSSVPbYa V[ aUR ]UR[\ZR[\Y\Tf \S `R[`R#
]R_PR]aV\[" ORPNb`R Va V` aUR YRN`a `]RPVNYVgRQ N[Q V[ Va` ]Uf`V\Y\Tf
N[Q NPUVRcRZR[a` aUR Z\`a P\Z]\b[Q \S aUR `R[`R`$ ;[ SNPa" ia\bPUj
`R_cR` N` N OYN[XRa YNORY S\_ N cR_f P\Z]YRe `Ra \S Sb[PaV\[`$ EUR
Z\`a RYRZR[aN_f YRcRY V[ aUV` P\Z]YReVaf V` aUR P\[aNPa#`R[`NaV\[ V[
dUVPU aUR ]_R`R[PR \S N P\[aVTb\b` O\Qf V` SRYa Na aUR ]\V[a \S V[PV#
QR[PR$ ; YRNcR S\_ YNaR_ P\[`VQR_NaV\[ aUR VZ]\_aN[a SNPa aUNa aUR
P\[aNPa#`VabNaV\[ NYdNf` V[c\YcR` ]_R``b_R N[Q aUR_RS\_R N Z\QVPbZ
\S S\_PR N` ]N_a \S aUR Re]R_VR[PR$ :R_R dR QRNY N` SN_ N` ]\``VOYR
dVaU aUR ZR_R ^bNYVaVR` `R[`RQ$ EUR SV_`a \O`R_cNaV\[ a\ OR ZNQR aUR[
V` aUNa B92?6 V` [\a N[ \_VTV[NY QNabZ \S a\bPU" Oba N P\[`a_bPa dUVPU
RZR_TR` NQQVaVcRYf S_\Z N `R_VNY ZbYaV]YVPVaf \S `V[TYR \_ P\[aV[b\b`Yf
OYR[QV[T a\bPU `R[`NaV\[`" N[Q aUV` V[ P\[Wb[PaV\[ \[Yf dVaU ]_\]_V\#
PR]aVcR Z\a\_ `R[`NaV\[`$ EUR `V[TYR a\bPU#`R[`NaV\[ P\[SV[RQ a\ aUR
]\V[a \S P\[aNPa N[Q dVaU\ba P\__RYNaV\[ a\ Z\_R \S Va` \d[ XV[Q V`
_NaUR_ ON__R[ \S V[S\_ZNaV\[$ 3Y_RNQf aUR `VZ]YR aNPaVYR ^bNYVaVR`" `bPU
N` `\Sa N[Q UN_Q" N[Q RcR[ Z\_R `\ _\bTU N[Q `Z\\aU" N_R [\a _RNYYf
N[ V[`aN[aN[R\b` Re]R_VR[PR Oba _R^bV_R N `R_VR` \S PUN[TV[T `R[`N#
aV\[` \OaNV[RQ Of ]_R``b_R N[Q Of S_VPaV\[" V$R$" TR[R_NYYf `]RNXV[T Of
Z\cRZR[a$ EUb` V[ aURV_ cR_f P\[`aVabaV\[" N `f[aUR`V` \[ aUR ]N_a \S
aUR ]R_PV]VR[a V` V[c\YcRQ" ReaR[QV[T \cR_ aUR aVZR#`]N[ \S aUR `R_VR`
N[Q" Of N `U\_a#aR_Z _RaR[aV\[" b[VSfV[T Va` RYRZR[a` V[a\ \[R VZ]_R`#
`V\[$ E\bPU N[Q URN_V[T NT_RR V[ aUV` _R`]RPa0 aUNa aURV_ ]_VZN_f
\OWRPa`" aUR ^bNYVaVR` `R[`RQ" UNcR ]_\PR`` PUN_NPaR_ N[Q N_R aUb`
R``R[aVNYYf aVZR#R[aVaVR`$ EUV` \O`R_cNaV\[" V[PVQR[aNYYf" QV`]\`R` \S
aUR _NaUR_ `aR_VYR ^bR`aV\[ dURaUR_ NYY `R[aVR[a YVSR V` R[Q\dRQ dVaU
ZRZ\_f$ ;[ aUR S\_Z \S VZZRQVNaR `U\_a#aR_Z _RaR[aV\[" ZRZ\_f
R[aR_` V[a\ aUR cR_f P\[`VabaV\[ \S `R[`VOVYVaf" N[Q V` aUb` P\RcNY dVaU
Va$! 4ba V[ URN_V[T" aUR ]_\PR`` V` ]b_RYf ]N``VcR" dUVYR V[ a\bPUV[T Va
V[c\YcR` O\QVYf NPaVcVaf$
8\_ aUR aNPaVYR `VabNaV\[ Z\cR` a\ N UVTUR_ YRcRY dUR[ aUR `R[aVR[a
O\Qf Va`RYS ORP\ZR` aUR c\Yb[aN_f NTR[a \S aUNa Z\cRZR[a dUVPU V`
_R^bV_RQ S\_ aUR NP^bV`VaV\[ \S aUV` `R_VNY `R^bR[PR \S VZ]_R``V\[`$
E :7 @ A4;>;EJ A8 D;9:E L '*'
EUR[ a\bPU ]N``R` \cR_ S_\Z `bSSR_V[T a\ NPaV[T0 Va` ]_\T_R`` P\ZR`
b[QR_ aUR P\[a_\Y \S aUR ]R_PV]VR[a" N[Q Va ZNf OR P\[aV[bRQ N[Q
cN_VRQ dVaU N cVRd a\ SbYYR_ V[S\_ZNaV\[$ EUb` ZR_R a\bPU#VZ]_R``V\[
PUN[TR` V[a\ aUR NPa \S SRRYV[T$ EUR_R V` N ON`VP QVSSR_R[PR ORadRR[
`VZ]Yf UNcV[T N aNPaVYR R[P\b[aR_ N[Q 766;:=8 N[\aUR_ 3>5H" EUR
S\_ZR_ ZNf OR `NVQ a\ OR aUR Na\ZVP RYRZR[a V[ aUR Z\_R P\Z]YRe
a\aNYVaf \S aUR YNaaR_" Oba aUV` a\aNYVaf V` Z\_R aUN[ aUR ZR_R NQQVaVcR
_R`bYa \S `bPU Na\ZVP a\bPU#`R[`NaV\[`$ EUR <>C>A RYRZR[a V[a_\QbPR`
N[ R``R[aVNYYf [Rd ^bNYVaf V[a\ aUR ]VPab_R0 Va` NPaVcR RZ]Y\fZR[a
QV`PY\`R` `]NaVNY PUN_NPaR_V`aVP` V[ aUR a\bPU#\OWRPa dUVPU dR_R [\
V[UR_R[a ]N_a \S aUR RYRZR[aN_f aNPaVYR ^bNYVaVR`$ EU_\bTU aUR XV[R`#
aURaVP NPP\Z]N[VZR[a \S c\Yb[aN_f Z\aV\[ aUR dU\YR ]R_PR]aV\[ V`
_NV`RQ a\ N UVTUR_ \_QR_0 aUR a\bPU#^bNYVaVR` ORP\ZR N__N[TRQ V[ N
`]NaVNY `PURZR" aURf SNYY V[a\ aUR ]NaaR_[ \S BDA7246 N[Q ORP\ZR
RYRZR[a` \S 7>A<" EUV` V` N `f[aUR`V` \S N UVTUR_ \_QR_" `b]R_VZ]\`RQ
\[ aUNa NY_RNQf \]R_NaVcR V[ aUR P\[`aVabaV\[ \S aUR `VZ]YR `R[`R#
^bNYVaVR`" dUVPU V[aRT_NaR aURV_ \d[ aVZR#`R_VR` \S Na\ZVP P\[aNPa#
`R[`NaV\[` Oba [\d R[aR_ N` ZNaR_VNY V[a\ aUR YN_TR_ b[Va \S `]NaVNY
\_QR_$ ;[ aUV` \_QR_ aUR ZN[VS\YQ P\[P_R`PR` V[a\ N `UN]R$ EUR UVTUR_
\_QR_ \S `f[aUR`V` ZRN[` NY`\ N YN_TR_ aVZR#`]N[ S\_ Va` ]R_S\_ZN[PR"
N[Q aUb` V[c\YcR` Z\_R \S aUR ZRZ\_f V[UR_R[a V[ NYY ]R_PR]aV\[$ 4ba
dUNa V[ URN_V[T _R`bYa` V[ N aVZR#\OWRPa" V[ a\bPU _R`bYa` V[ aUR P\]_R`#
R[PR \S N `]NPR#\OWRPa0 aUR QNaN `bPPR``VcRYf _RTV`aR_RQ N_R R[aR_RQ
V[a\ N ZNa_Ve \S `aNaVP `VZbYaN[RVaf$
3[ \_TN[ S\_ _RNY `UN]R#SRRYV[T ReV`a` ]_\ONOYf \[Yf V[ aUR UbZN[
UN[Q" N[Q aUR_R V` Z\_R aUN[ ZR_R P\V[PVQR[PR V[ aUR SNPa aUNa V[ UV`
UN[Q ZN[ ]\``R``R` N aNPaVYR \_TN[ dUVPU PN[ aNXR \cR_ `\ZR \S aUR
QV`aV[PaVcR NPUVRcRZR[a` \S UV` RfR$ EUR_R V` N ZR[aNY `VQR a\ aUR
UVTUR`a ]R_S\_ZN[PR \S aUR aNPaVYR `R[`R" \_ _NaUR_ a\ aUR b`R dUVPU V`
ZNQR \S Va` V[S\_ZNaV\[" aUNa a_N[`PR[Q` NYY ZR_R `R[aVR[PR" N[Q Va V`
aUV` ZR[aNY b`R dUVPU O_V[T` a\bPU dVaUV[ aUR QVZR[`V\[ \S aUR
NPUVRcRZR[a` \S `VTUa$ 4_VRSYf" Va V` aUR VZNTR#SNPbYaf" V[ PYN``VPNY
aR_Z`0 :<28:=2C:> ?92=C2B:2 dUVPU ZNXR` aUNa b`R \S aUR QNaN \S
a\bPU$ A[Yf N P_RNab_R aUNa UN` aUR cV`bNY SNPbYaf PUN_NPaR_V`aVP \S
ZN[ PN[ NY`\ cVPN_V\b`Yf i`RRj Of a\bPU$ EUR YRcRY \S S\_Z#]R_PR]#
aV\[ Na aUR P\ZZN[Q \S N P_RNab_R dVYY OR R``R[aVNYYf aUR `NZR S\_
O\aU `R[`R`" V[P\ZZR[`b_NOYR N` aURf N_R V[ aR_Z` \S aURV_ ]_\]R_
`R[`VOYR ^bNYVaVR`$ 4YV[Q ZR[ PN[ i`RRj Of ZRN[` \S aURV_ UN[Q`" [\a
'*( E :7 B :7@A?7@A@ A8 >;87
ORPNb`R aURf N_R QRc\VQ \S RfR` Oba ORPNb`R aURf N_R ORV[T` R[Q\dRQ
dVaU aUR TR[R_NY SNPbYaf \S icV`V\[j N[Q \[Yf UN]]R[ a\ OR QR]_VcRQ
\S aUR ]_VZN_f \_TN[ \S `VTUa$

4" &><?2A:B>= F:C9 B:89C


HR N_R R[TNTRQ V[ `U\dV[T aUR b[V^bR ]\`VaV\[ \S `VTUa dVaU _R#
`]RPa a\ `VZbYaN[RVaf \S ]_R`R[aNaV\[" aUR aUR`V` ORV[T aUNa NYY aUR
\aUR_ `R[`R` \]R_NaR \[ aUR ON`V` \S aVZR#`R_VR` V[ aUR ]_R`R[aNaV\[ \S
aURV_ ^bNYVaVR`$ :RN_V[T" `\ dR S\b[Q" `aNf` R[aV_RYf dVaUV[ aUV` QVZR[#
`V\[ V[ aUNa aUR _R`bYa` \S Va` `f[aUR`V`" aUR ReaR[`VcR NP\b`aVP \OWRPa`
`bPU N` N ab[R!" _RaNV[ aUR `bPPR``VcR[R`` \S RYRZR[a` dUVPU aUR
`bPPR``V\[ \S Re]R_VR[PR Va`RYS \_VTV[NYYf ]\``R``RQ$ ?RY\Qf [\a \[Yf
V` TR[R_NaRQ Of `R^bR[PR" Va :B N `R^bR[PR$ EUR aVZR#ZRN`b_R V` N[
R``R[aVNY N`]RPa V[ aUR P\[aR[a \S aUR `\b[Q#Re]R_VR[PR$ 3 cV`bNY
cNYbR" aUR ]_R`R[PR \S N P\Y\_" ZNf UNcR N Y\[T \_ `U\_a Qb_NaV\[0 aUV`
ZNf ZNXR N QVSSR_R[PR a\ aUR ]R_PV]VR[a S\_ _RN`\[` \S UV` \d[" Oba Va
Q\R` [\a ZNXR N[f QVSSR_R[PR a\ aUR Re]R_VR[PR#P\[aR[a Va`RYS$ EUV`
P\Y\_#^bNYVaf UN` [\ V[a_V[`VP _RSR_R[PR a\ aVZR$ HVaU a\bPU dR S\b[Q
aUNa NY_RNQf aUR `V[TYR iNa\ZVPj `R[`NaV\[ V[PYbQR` N aVZR#RYRZR[a N`
]N_a \S aUR `R[`R#P\[aR[a Va`RYS" aUR aVZR dVaU\ba dUVPU `bPU N ^bNYVaf
N` _\bTU PN[[\a OR iTR[R_NaRQj S\_ Re]R_VR[PR N[Q V[ dUVPU NY\[R Va
]_R`R[a` Va`RYS1 N[Q Z\_R\cR_ dR S\b[Q aUR P\Z]\`VaR aNPaVYR \OWRP#
aVcVaf a\ RZR_TR S_\Z N `bPPR``VcR `f[aUR`V` \S `bPU `R[`NaV\[`$ 4ba
aUR _R`bYa \S aUR `f[aUR`V` Va`RYS" V[ aUR PN`R \S `b_SNPR# N[Q `UN]R#
]R_PR]aV\[" _R]_R`R[a` N `]NaVNY N[Q [\a N aRZ]\_NY R[aVaf" N[Q dR
UNcR UR_R ]_R`R[aNaV\[ \S `VZbYaN[RVaf aU_\bTU `bPPR``VcR[R``$
;[ aUV` ]_R`R[aNaV\[ aUR \_VTV[NY aVZR#\_QR_ \S aUR Na\ZVP `R[`NaV\[`
ORP\ZR` V__RYRcN[a N[Q UN` [\ c\VPR V[ aUR `f[aUR`VgRQ P\[aR[a [\d
i]_R`R[a$j ;a dN` ZR_RYf aUR NPPVQR[aNY \_QR_ \S aUR NP^bV`VaV\[ \S
QNaN" dUVPU P\bYQ OR 25 ;:3:CD< PUN[TRQ N[Q `aVYY ]_\Pb_R aUR `NZR
_R`bYa" dUR_RN` V[ URN_V[T aUR \_QR_ \S aUR NP^bV`VaV\[ \S QNaN V` aUR
\_QR_ \S aUR \OWRPa Va`RYS$
EUb` Va d\bYQ `RRZ aUNa aUR aU_RR PN`R` PN[ OR QV`aV[TbV`URQ V[ aUV`
S\_ZbYN0 :RN_V[Th]_R`R[aNaV\[ \S `R^bR[PR aU_\bTU `R^bR[PR1 a\bPU
h ]_R`R[aNaV\[ \S `VZbYaN[RVaf aU_\bTU `R^bR[PR1 `VTUah ]_R`R[aNaV\[
\S `VZbYaN[RVaf aU_\bTU `VZbYaN[RVaf$
3PP\_QV[T a\ aUV` S\_ZbYN `VTUa _RaNV[` Va` b[V^bR ]\`VaV\[ RcR[ V[
_RYNaV\[ a\ aUR Z\`a QRcRY\]RQ PN`R \S aNPaVYR ]R_S\_ZN[PR$ HR ZNf
E :7 @ A4;>;EJ A8 D;9:E L '*)
aNXR Va aUNa aUR NPUVRcRZR[a V` Na Va` OR`a V[ aUR PN`R \S OYV[Q ]R\]YR
dU\ UNcR YRN_[RQ a\ TYRN[ SbYY V[S\_ZNaV\[ NO\ba `UN]R N[Q `]NaVNY
`VabNaV\[ \S \OWRPa` S_\Z aUR aNPaVYR QNaN dUVPU aURf P\YYRPa aU_\bTU
aURV_ \d[ NPaVcVaf$ JRa RcR[ aUR QR[`R`a QV`a_VObaV\[ \S aUR ]\V[a#
QRaR_ZV[N[a` P\YYRPaRQ N[Q P\__RYNaRQ V[ aUR P\b_`R \S ReaR[`VcR `PN[#
[V[T Of a\bPU `aVYY YRNcR` N_RN` a\ OR `b]]YVRQ Of VZNTV[NaV\[$ =[\dY#
RQTR \S aUR P\Z]YRaR S\_Z RZR_TR` ]_\T_R``VcRYf V[ aUV` `R_VR` \S
]N_aVNY QRYVZVaNaV\[`" N[Q S_\Z N PR_aNV[ `aNTR \[dN_Q Va V` S\_ NYY
]_NPaVPNY ]b_]\`R` iP\Z]YRaR$j :\d P\Z]YRaR Va PN[ OR V` aR`aVSVRQ Of
aUR d\_X \S OYV[Q ]\_a_NVa `PbY]a\_`$ 4ba aUV` P\Z]YRaR[R`` V` aUR
]_\QbPa \S N[ RYNO\_NaR `f[aUR`V` \S ZN[f `V[TYR ]R_PR]aV\[`" V[aR#
T_NaRQ V[a\ aUR \[R `VZbYaN[R\b` S\_Z V[ dU\`R ]_R`R[a[R`` a\ aUR
VZNTV[NaV\[ aUR aVZR `R^bR[PR \S Va` ObVYQV[T#b] V` S\_T\aaR[$( EUb`
dR UNcR UR_R a\ QV`aV[TbV`U dUNa V[ aUR PN`R \S `VTUa V` VQR[aVPNY"
[NZRYf" aUR SRNa \S aUR `R[`R Va`RYS N[Q aUR SRNa \S aUR VZNTR#]_R`R[aN#
aV\[ >= C96 32B:B \S aUV` `R[`R#]R_S\_ZN[PR$ EUR `RP\[Q V` `a_VPaYf
`]RNXV[T [\ Y\[TR_ N ZNaaR_ \S a\bPU Oba N XV[Q \S `RRV[T Of ZRN[` \S
aUR URaR_\TR[R\b` ZNaR_VNY \S a\bPU$ 4ba U\dRcR_ ZN[f QNaN ZNf OR
_RTV`aR_RQ V[ `bPPR``V\[ N[Q R[aR_RQ V[a\ aUR ]YN[R \S `VZbYaN[R\b`
]_R`R[aNaV\[" aURf PN[ [RcR_ SVYY N U\_Vg\[ `bPU N` V` QV`PY\`RQ a\ \[R
TYN[PR \S aUR RfR`$ EUR_R N_R O\b[Q a\ _RZNV[ OYN[X `]NPR` V[ OR#
adRR[ N[Q N[ b[_RNYVgRQ U\_Vg\[ V[ QR]aU ORf\[Q aUR ]_\eVZVaf \S aUR
NPabNYYf P\[aNPaRQ _R`V`aN[a \OWRPa`$

5" .66:=8 2=5 C:<6


HVaU `VTUa" NYY ; UNcR a\ Q\ V` \]R[ Zf RfR`" N[Q aUR d\_YQ V` aUR_R"
N` Va dN` NYY aUR aVZR$ HR UNcR `U\d[ aUNa aUR PN`R V` QVSSR_R[a dVaU
URN_V[T1 N[Q a\bPU UN` a\ T\ \ba N[Q `RRX aUR \OWRPa` V[ O\QVYf
Z\aV\[ N[Q aU_\bTU O\QVYf P\[aNPa" N[Q aUV` [N__\d` Q\d[ aUR NPabNY
\OWRPa#_RYNaV\[ a\ \[R ]N_aVPbYN_ V[`aN[PR0 aUR _RNYVgRQ _RYNaV\[ V` P\Z#
ZVaaRQ Of aUR ]_RcV\b` PU\VPR V[ dUVPU Va \_VTV[NaRQ" dUR_RN` V[ `VTUa
`RYRPaV\[ Of S\Pb`V[T ]_\PRRQ` [\[P\ZZVaaNYYf dVaUV[ aUR SVRYQ dUVPU
aUR a\aNY cV`V\[ ]_R`R[a` N[Q V[ dUVPU NYY aUR RYRZR[a` N_R `VZbYaN#
[R\b`Yf NcNVYNOYR$ EUR ]N_aVPbYN_ S\Pb` VZ]NV_` [\aUV[T \S aUV` `VZbYaN#
[R\b` ]_R`R[a[R``$ ;a UN` [\a P\ZZVaaRQ S_RRQ\Z a\ aUV` \[R PU\VPR Na

($ 5S$ aUR RePRYYR[a N[NYf`V`" Of BVR__R GVYYRf" N OYV[Q NbaU\_" V[ /96


1>A;5 >7 C96 %;:=5# $ ,BH49>;>8:42; .CD5H a_N[`$ Of 3Yf` :NYYN_Q
>\[Q\[0 6bPXd\_aU" '/)&!" ]]$ '.- S$
'** M E :7 B :7@A?7@A@ A8 >;87
aUR Re]R[`R \S NYY aUR \aUR_ ]\``VOYR \[R`" dUVPU _RZNV[ Na Va` V[`aN[aN#
[R\b` QV`]\`NY dVaU\ba V[c\YcV[T aUR XV[Q \S NPaV\[ aUNa d\bYQ PUN[TR
aUR `VabNaV\[ \OaNV[V[T ORadRR[ aUR `bOWRPa N[Q Va` cV`#N#cV`" aUR R[cV#
_\[ZR[a$ A[Yf aUR `VZbYaN[RVaf \S VZNTR NYY\d` aUR ORU\YQR_ a\ P\Z#
]N_R N[Q V[aR__RYNaR0 Va [\a \[Yf \SSR_` ZN[f aUV[T` Na \[PR" Oba \SSR_`
aURZ V[ aURV_ ZbabNY ]_\]\_aV\[" N[Q aUb` \OWRPaVcVaf RZR_TR` ]_R#
RZV[R[aYf S_\Z `VTUa$
3` _RTN_Q` aUR aVZR#N`]RPa N` `bPU" aUR `VZbYaN[RVaf \S `VTUa V` [\a
\[Yf \S ]_NPaVPNY NQcN[aNTR" V[ aUNa Va `NcR` aUR aVZR [RRQRQ a\ P\YYRPa
aUR ZN[VS\YQ QNaN `bPPR``VcRYf" Oba Va V[a_\QbPR` aUR ORU\YQR_ a\ N
dU\YR aVZR#QVZR[`V\[ \aUR_dV`R [\a QV`PY\`RQ a\ UVZ" [NZRYf" aUR
?A6B6=C N` `\ZRaUV[T Z\_R aUN[ aUR ]\V[a#Re]R_VR[PR \S aUR ]N``V[T
=>F" ;[ aUR PN`R \S RcR_f \aUR_ `R[`R" [\ V[`aN[a V` PY\`RQ V[ Va`RYS"
N[Q [\ V[`aN[aN[R\b` QNabZ aRYY` Va` `a\_f$ DR[`NaV\[ UN` a\ T\ \[" a\
S\YY\d b] aUR ORTV[[V[T` ZNQR V[ aUR RcN[R`PV[T N[aRPRQR[a" QNabZ
UN` a\ S\YY\d b]\[ QNabZ a\ YRa aUR YN_TR_ b[Va` \S Re]R_VR[PR V[
]_\PR`` RZR_TR$ D\b[Q ReV`a` V[ `R^bR[PR" RcR_f =>F \S Va cN[V`UV[T
V[a\ aUR ]N`a dUVYR Va T\R` \[0 a\ N__R`a aUV` SY\d N[Q icVRdj N
Z\ZR[aN_f i`YVPRj \S Va d\bYQ ZRN[ a\ UNcR [\a N `[N]`U\a Oba N[
Na\ZVP S_NTZR[a \S Va" N[Q `a_VPaYf `]RNXV[T [\aUV[T Na NYY$ E_N[`V#
R[PR V` aUb` \S aUR cR_f R``R[PR \S aUR =>F \S URN_V[T" N[Q i]_R`R[aj
V` UR_R N ZR_R S\YY\dV[T V[ aUR `a_RNZ \S \[Z\cV[T ]_\PR``$ EUR
`VabNaV\[ V` `VZVYN_ dVaU a\bPU" \[Yf aUNa UR_R aUR `R^bR[PR V` \[R
Z\_R \S NPaVcR ]R_S\_ZN[PR aUN[ \S ZR_R V[P\ZV[T QNaN$ ;[ [RVaUR_
PN`R V` aUR_R N `aNaVP# ]_R`R[a1 a\ ]ba Va V[ BYNa\[VP aR_Z`" aURf N_R
`R[`R` [\a \S ORV[T Oba \S ORP\ZV[T$ A[Yf aUR `VZbYaN[R\b` _R]_R`R[#
aNaV\[ \S aUR cV`bNY SVRYQ TVcR` b` P\#ReV`aR[PR N` `bPU" V$R$" aUR P\#
]_R`R[PR \S aUV[T` V[ \[R ORV[T dUVPU RZO_NPR` aURZ NYY N` aURV_
P\ZZ\[ ]_R`R[a$ EUR ]_R`R[a" V[`aRNQ \S ORV[T N ]\V[aYVXR Re]R_V#
R[PR" ORP\ZR` N 5:<6=B:>= dVaUV[ dUVPU aUV[T` PN[ OR ORURYQ Na \[PR
N[Q PN[ OR _RYNaRQ a\ RNPU \aUR_ Of aUR dN[QR_V[T TYN[PR \S NaaR[aV\[$
EUV` `PN[[V[T" aU\bTU ]_\PRRQV[T := aVZR" N_aVPbYNaR` \[Yf dUNa dN`
]_R`R[a a\ aUR SV_`a TYN[PR N[Q dUNa `aNf` b[PUN[TRQ dUVYR ORV[T
`PN[[RQ$ EUR aVZR aUb` aNXR[ V[ aNXV[T#V[ aUR cVRd V` [\a Re]R_VR[PRQ
N` aUR ]N``V[T NdNf \S P\[aR[a` ORS\_R [Rd \[R` V[ aUR SYbe \S RcR[a"
Oba N` N YN`aV[T \S aUR `NZR" N[ VQR[aVaf dUVPU V` aUR ReaR[`V\[ \S aUR
V[`aN[aN[R\b` =>F N[Q aUR_RS\_R b[Z\cRQ" P\[aV[bRQ ]_R`R[ah `\
Y\[T N` [\ PUN[TR \PPb_` V[ aUR \OWRPa` aURZ`RYcR`$ HUR[ Va Q\R`"
aUR[ aVZR `aN_a` _\YYV[T cV`bNYYf$ ;[QRRQ \[Yf aUR `VZbYaN[RVaf \S `VTUa"
E :7 @ A4;>;EJ A8 D;9:E L '*+
dVaU Va` ReaR[QRQ i]_R`R[aj \S R[Qb_V[T \OWRPa`" NYY\d` aUR QV`aV[PaV\[
ORadRR[ PUN[TR N[Q aUR b[PUN[TV[T N[Q aUR_RS\_R ORadRR[ ORP\ZV[T
N[Q ORV[T$ 3YY aUR \aUR_ `R[`R` \]R_NaR Of _RTV`aR_V[T PUN[TR N[Q
PN[[\a ZNXR aUNa QV`aV[PaV\[$ A[Yf `VTUa aUR_RS\_R ]_\cVQR` aUR `R[#
`bNY ON`V` \[ dUVPU aUR ZV[Q ZNf P\[PRVcR aUR VQRN \S aUR RaR_[NY"
aUNa dUVPU [RcR_ PUN[TR` N[Q V` NYdNf` ]_R`R[a$ EUR cR_f P\[a_N`a
ORadRR[ RaR_[Vaf N[Q aRZ]\_NYVaf _R`a` b]\[ N[ VQRNYVgNaV\[ \S
i]_R`R[aj Re]R_VR[PRQ cV`bNYYf N` aUR U\YQR_ \S `aNOYR P\[aR[a` N`
NTNV[`a aUR SYRRaV[T `bPPR``V\[ \S [\[cV`bNY `R[`NaV\[$ ;[ aUR cV`bNY
]_R`R[PR \S \OWRPa` aUR ORU\YQR_ ZNf P\ZR a\ _R`a N[Q ]\``R`` N[
ReaR[QRQ =>F"
AcR_ aUR`R dVQR_ V``bR` dR Zb`a [\a S\_TRa aUR VZZR[`R NQcN[aNTR
dUVPU N[ V[`aN[aN[R\b` `b_cRf \S aUR dU\YR SVRYQ \S ]\``VOYR R[P\b[#
aR_` _R]_R`R[a` V[ aUR OV\Y\TVPNY `VabNaV\[$ ;[ aUR `VZbYaN[R\b` SVRYQ \S
cV`V\[ N P\\_QV[NaRQ ZN[VS\YQ" N` fRa \ba`VQR NPaVcR P\ZZb[VPNaV\[
dVaU ZR" \SSR_` Va`RYS a\ Zf `RYRPaV\[ S\_ ?>BB:3;6 NPaV\[$ ;[ aUV`
P\[[RPaV\[ `VZbYaN[RVaf ZRN[` `RYRPaVcVaf" N[Q V` aUb` N ZNW\_ SNPa\_
V[ aUR UVTUR_ S_RRQ\Z \S aUR `RYS#Z\cV[T N[VZNY$

($ 6 J@3?;5 @ 7FEC3>;K3E;A@

EUR S_RRQ\Z \S PU\VPR Wb`a ZR[aV\[RQ V` QR]R[QR[a [\a \[Yf \[ aUR


`VZbYaN[RVaf \S ]_R`R[PR Oba Na aUR `NZR aVZR \[ aUR SNPa aUNa V[
`RRV[T ; NZ [\a fRa R[TNTRQ Of aUR `RR[ \OWRPa$ ; ZNf PU\\`R a\ R[aR_
V[a\ V[aR_P\b_`R dVaU Va" Oba Va PN[ N]]RN_ dVaU\ba aUR SNPa \S Va`
N]]RN_N[PR NY_RNQf V[c\YcV[T V[aR_P\b_`R$ 4f Zf `RRV[T Va" [\ V``bR \S
Zf ]\``VOYR _RYNaV\[` dVaU Va V` ]_RWbQTRQ$ @RVaUR_ ; [\_ aUR \OWRPa UN`
`\ SN_ Q\[R N[faUV[T a\ QRaR_ZV[R aUR ZbabNY `VabNaV\[$ ;a YRa` ZR OR
N` ; YRa Va OR$ ;[ aUV` _R`]RPa `VTUa QVSSR_` QRPV`VcRYf S_\Z a\bPU N[Q
URN_V[T$ EUR \OaNV[V[T \S aUR a\bPU#Re]R_VR[PR Va`RYS V` [\aUV[T Oba
aUR R[aR_V[T V[a\ NPabNY V[aR_P\b_`R dVaU aUR \OWRPa0 V$R$" aUR cR_f
P\ZV[T V[a\ ]YNf \S aUV` `R[`R NY_RNQf PUN[TR` aUR `VabNaV\[ \OaNV[V[T
ORadRR[ ZR N[Q aUR \OWRPa$ 3 SbYYR_ V[S\_ZNaV\[ aUR[ V[c\YcR` Sb_aUR_
`bPU PUN[TR`" RNPU \S dUVPU NSSRPa` aUR \OWRPa N[Q Zf O\Qf Na \[PR
N[Q `\ V` Va`RYS NY_RNQf N ]UN`R V[ Zf ]_NPaVPNY P\ZZR_PR dVaU aUR
\OWRPa" S\_ dUVPU \[ aUR \aUR_ UN[Q Zf `R[`R#V[S\_ZNaV\[ V` ZRN[a a\
]_R]N_R ZR$ HR aUR_RS\_R Q\ [\a UNcR V[ a\bPU aUNa PYRN_ `R]N_NaV\[
ORadRR[ aUR aUR\_RaVPNY Sb[PaV\[ \S V[S\_ZNaV\[ N[Q aUR ]_NPaVPNY
P\[QbPa" S_RRYf ON`RQ \[ Va" aUNa dR UNcR V[ cV`V\[$ :R_R NTNV[ dR
'*, E :7 B :7@A?7@A@ A8 >;87
UNcR V[ aUR cR_f P\[`aVabaV\[ \S N `R[`R N[Q Va` ]Uf`VPNY P\[QVaV\[` aUR
\_TN[VP _\\a \S N UVTUYf `]V_VabNY QV`aV[PaV\[ \[ aUR UbZN[ YRcRY0 aUNa
ORadRR[ aUR\_f N[Q ]_NPaVPR$ HUVYR V[ a\bPU `bOWRPa N[Q \OWRPa N_R
NY_RNQf Q\V[T `\ZRaUV[T a\ RNPU \aUR_ V[ aUR cR_f NPa V[ dUVPU aUR
\OWRPa ORP\ZR` N ]UR[\ZR[NY ]_R`R[PR" aUR ]_R`R[PR \S aUR cV`bNY
ZN[VS\YQ YRNcR` ZR `aVYY R[aV_RYf S_RR N` a\ NPabNY P\ZZR_PR" N` ; `RR
dVaU\ba Q\V[T N[Q dVaU\ba aUR \OWRPal` Q\V[T N[faUV[T$
;[ URN_V[T" Va V` a_bR" aUR_R V` NY`\ [\ Q\V[T \[ Zf ]N_a" Oba NYY aUR
Z\_R \[ aUR ]N_a \S aUR \OWRPa$ EUV[T` N_R [\a Of aURV_ \d[ [Nab_R
NbQVOYR N` aURf N_R cV`VOYR1 Va Q\R` [\a ORY\[T a\ aURV_ ZR_R ORV[T a\
RZVa `\b[Q N` Va ORY\[T` a\ aURZ a\ _RSYRPa YVTUa$ ; PN[ aUR_RS\_R [\a
PU\\`R a\ URN_ `\ZRaUV[T" Oba UNcR a\ dNVa aVYY `\ZRaUV[T UN]]R[` a\
N ]N_a \S Zf R[cV_\[ZR[a a\ ZNXR Va `\b[Q" N[Q aUV` `\b[Q dVYY `a_VXR
ZR dURaUR_ ; PU\\`R \_ [\a$ 3[Q `V[PR Va V` N[ RcR[a \S dUVPU `\b[Q
V[S\_Z` ZR N[Q [\a ZR_RYf aUR ReV`aR[PR \S aUV[T` V[ aURV_ a\aNY
P\[SVTb_NaV\[" Zf PU\VPR \S NPaV\[ V` QRaR_ZV[RQ S\_ ZR Of aUR
NP\b`aVP V[S\_ZNaV\[$ D\ZRaUV[T V` T\V[T \[ V[ Zf `b__\b[QV[T`" `\
URN_V[T V[S\_Z` ZR" N[Q ; UNcR a\ _R`]\[Q a\ aUNa PUN[TR" dUVPU
NSSRPa` ZR N` N[ V[aR_R`aRQ ]N_af [\a S_RR a\ P\[aRZ]YNaR0 ; UNcR a\
`a_NV[ Zf`RYS a\dN_Q dUNa ZNf P\ZR [Rea S_\Z aUNa ^bN_aR_" a\ dUVPU
; NZ [\d O\b[Q V[ N Qf[NZVPNY `VabNaV\[$)
@\d" Va V` aUR P\Z]YRaR NO`R[PR \S `bPU N Qf[NZVPNY `VabNaV\[" \S
N[f V[a_b`V\[ \S PNb`NYVaf V[a\ aUR _RYNaV\[" dUVPU QV`aV[TbV`UR` `VTUa$
; UNcR a\ Q\ [\aUV[T Oba a\ Y\\X" N[Q aUR \OWRPa V` [\a NSSRPaRQ Of
aUNa0 N[Q \[PR aUR_R V` YVTUa" aUR \OWRPa UN` \[Yf a\ OR aUR_R a\ OR
cV`VOYR" N[Q ; NZ [\a NSSRPaRQ Of aUNa0 N[Q fRa Va V` N]]_RUR[QRQ V[ Va`
`RYS#P\[aNV[ZR[a S_\Z \ba \S Zf \d[ `RYS#P\[aNV[ZR[a" Va V` ]_R`R[a
a\ ZR dVaU\ba Q_NdV[T ZR V[a\ Va` ]_R`R[PR$ HUNaRcR_ Qf[NZVP P\Z#
ZR_PR aUR_R V` V[ ]Uf`VPNY SNPa ORadRR[ `\b_PR \S YVTUa" VYYbZV[NaRQ
\OWRPa" N[Q ]R_PRVcV[T RfR" aUV` P\[aRea S\_Z` [\ ]N_a \S aUR ]UR[\Z#
R[NY _R`bYa$ EUV` P\Z]YRaR [Rba_NYVgNaV\[ \S Qf[NZVP P\[aR[a V[ aUR
cV`bNY \OWRPa" aUR Re]b_TNaV\[ \S NYY a_NPR` \S PNb`NY NPaVcVaf S_\Z Va`
]_R`R[aNaV\[" V` \[R \S aUR ZNW\_ NPP\Z]YV`UZR[a` \S dUNa dR PNYY aUR

)$ EUV` V` [\a RcR[ P\[`VQR_V[T aUR SNPa aUNa `\b[Q ZNf OR `]RPVSVPNYYf
255A6BB65 a\ ZRhaUNa Va` baaR_V[T" V[ \baP_f" T_\dY" \_ `]RRPU" V` ZRN[a
S\_ Zf URRQV[T0 V[ aUV` PN`R" P\ZZb[VPNaVcR V[aR[a _RV[S\_PR` aUR Qf#
[NZVPNY PYNVZ ]RPbYVN_ a\ aUR NP\b`aVP `VabNaV\[ N` `bPU$ GV`bNY `VT[` UNcR
[\a aUV` V[a_V[`VP" \_ [Nab_NY" ]\dR_ a\ R[S\_PR NaaR[aV\[" Oba \[Yf NP^bV_R
`\ZR \S Va aU_\bTU `fZO\YVP P\[cR[aV\[$!
E :7 @ A4;>;EJ A8 D;9:E L '*-
VZNTR#Sb[PaV\[ \S `VTUa" N[Q Va _R`bYa` V[ N `bOaYR ONYN[PR \S TNV[ N[Q
Y\`` V[ aUR P\T[VaVcR RP\[\Zf \S ZN[" aUR ]_R#RZV[R[aYf `RRV[T P_RN#
ab_R$
EUR TNV[ V` aUR P\[PR]a \S \OWRPaVcVaf" \S aUR aUV[T N` Va V` V[ Va`RYS
N` QV`aV[Pa S_\Z aUR aUV[T N` Va NSSRPa` ZR" N[Q S_\Z aUV` QV`aV[PaV\[
N_V`R` aUR dU\YR VQRN \S C96>A:2 N[Q aUR\_RaVPNY a_baU$ 8b_aUR_Z\_R"
aUR VZNTR V` UN[QRQ \cR_ a\ VZNTV[NaV\[" dUVPU PN[ QRNY dVaU Va V[
P\Z]YRaR QRaNPUZR[a S_\Z aUR NPabNY ]_R`R[PR \S aUR \_VTV[NY \OWRPa0
aUV` QRaNPUNOVYVaf \S aUR VZNTR" V$R$" \S iS\_Zj S_\Z Va` iZNaaR_"j \S
iR``R[PRj S_\Z iReV`aR[PR"j V` Na aUR O\aa\Z \S NO`a_NPaV\[ N[Q aUR_R#
S\_R \S NYY S_RR aU\bTUa$ ;[ VZNTV[NaV\[ aUR VZNTR PN[ OR cN_VRQ Na
dVYY$ EUV` V` NY`\ aUR PN`R dVaU `\b[Q" Va V` a_bR" \S dUVPU iVZNTV[N#
aV\[j PN[ P\Z]\`R N S_RRYf P_RNaRQ d\_YQ \S Va` \d[0 Oba aUV` UN` [\
_RSR_R[PR a\ aUR d\_YQ \S aUV[T` N[Q aUR_RS\_R [\ P\T[VaVcR Sb[PaV\["
dUR_RN` RcR[ aUR S_RR`a ReR_PV`R \S cV`bNY VZNTV[NaV\[ _RaNV[` aUV`
_RSR_R[PR N[Q ZNf _RcRNY ]_\]R_aVR` \_ ]\``VOVYVaVR` \S aUR ReaR_[NY
d\_YQ" N` aUR PN`R \S TR\ZRa_f `U\d`$ A[Yf aUR ]RPbYVN_ PNb`NY iV[#
QVSSR_R[PRj \S cV`bNY ]_R`R[PR ]_\cVQR` aUR ZNaR_VNY N[Q R[TR[QR_` aUR
NaaVabQR S\_ aUR`R ZR[aNY SRNa`$
EUR Y\``" \[ aUR \aUR_ UN[Q" P\[`V`a` V[ aUR cR_f SRNab_R dUVPU
ZNXR` aUR`R UVTUR_ QRcRY\]ZR[a` ]\``VOYR" [NZRYf" aUR RYVZV[NaV\[ \S
aUR PNb`NY P\[[RPaV\[ S_\Z aUR cV`bNY NPP\b[a$ EUR ]b_R S\_Z#]_R`R[#
aNaV\[ dUVPU cV`V\[ NSS\_Q` Q\R` [\a ORa_Nf Va` \d[ PNb`NY TR[R`V`"
N[Q Va `b]]_R``R` dVaU Va RcR_f PNb`NY N`]RPa V[ Va` \OWRPa`" `V[PR aURV_
`RYS#P\[aNV[RQ[R`` cV`#N#cV` aUR \O`R_cR_ ORP\ZR` Na aUR `NZR aVZR N
ZbabNY `RYS#P\[aNV[RQ[R`` NZ\[T aURZ`RYcR`$ @\ S\_PR#Re]R_VR[PR"
[\ PUN_NPaR_ \S VZ]bY`R N[Q a_N[`VaVcR PNb`NYVaf" R[aR_` V[a\ aUR [Nab_R
\S VZNTR" N[Q aUb` N[f RQVSVPR \S P\[PR]a` ObVYa \[ aUNa RcVQR[PR
NY\[R Zb`a `U\d aUR TN] V[ aUR V[aR_P\[[RPaV\[ \S \OWRPa` dUVPU
:bZR UN` [\aRQ$ EUV` ZRN[` \[Yf aUNa dR UNcR a\ V[aRT_NaR aUR
RcVQR[PR \S `VTUa dVaU RcVQR[PR \S N[\aUR_ XV[Q dUVPU V[ aUR RePYb#
`VcR[R`` \S JC96>A:2K V` NYY a\\ \SaR[ S\_T\aaR[$
>Ra b` P\[`VQR_ Z\_R PY\`RYf aUV` PNb`NY QRaNPUZR[a Of dUVPU `VTUa
V` aUR S_RR`a N[Q Na aUR `NZR aVZR aUR YRN`a i_RNYV`aVPj \S aUR `R[`R`$
CRNYVaf V` ]_VZN_VYf RcVQR[PRQ V[ _R`V`aN[PR dUVPU V` N[ V[T_RQVR[a V[
a\bPU#Re]R_VR[PR$ 8\_ ]Uf`VPNY P\[aNPa V` Z\_R aUN[ TR\ZRa_VPNY
P\[aVTbVaf0 Va V[c\YcR` VZ]NPa$ ;[ \aUR_ d\_Q`" a\bPU V` aUR `R[`R" N[Q
aUR \[Yf `R[`R" V[ dUVPU aUR ]R_PR]aV\[ \S ^bNYVaf V` [\_ZNYYf OYR[QRQ
dVaU aUR Re]R_VR[PR \S S\_PR" dUVPU ORV[T _RPV]_\PNY Q\R` [\a YRa aUR
'*. E :7 B :7@A?7@A@ A8 > ;87
`bOWRPa OR ]N``VcR1 aUb` a\bPU V` aUR `R[`R V[ dUVPU aUR \_VTV[NY R[#
P\b[aR_ dVaU _RNYVaf N` _RNYVaf aNXR` ]YNPR$ E\bPU O_V[T` aUR _RNYVaf \S
Va` \OWRPa dVaUV[ aUR Re]R_VR[PR \S `R[`R V[ cV_abR \S aUNa Of dUVPU Va
RePRRQ` ZR_R `R[`R" cVg$" aUR S\_PR#P\Z]\[R[a V[ Va` \_VTV[NY ZNXR#b]$
EUR ]R_PV]VR[a \[ UV` ]N_a PN[ ZNT[VSf aUV` P\Z]\[R[a Of UV` c\Yb[#
aN_f P\b[aR_NPaV\[ NTNV[`a aUR NSSRPaV[T \OWRPa$ 8\_ aUV` _RN`\[ a\bPU
V` aUR a_bR aR`a \S _RNYVaf0 ; PN[ QV`]RY RcR_f `b`]VPV\[ \S VYYb`V\[ Of
T_N`]V[T aUR Q\bOaSbY \OWRPa N[Q a_fV[T Va` _RNYVaf V[ aR_Z` \S aUR
_R`V`aN[PR Va \SSR_` a\ Zf RSS\_a` a\ QV`]YNPR Va$ 6VSSR_R[aYf Re]_R``RQ"
ReaR_[NY _RNYVaf V` QV`PY\`RQ V[ aUR `NZR NPa N[Q N` \[R dVaU aUR
QV`PY\`b_R \S Zf \d[ _RNYVafh dUVPU \PPb_` V[ `RYS#NPaV\[0 V[ SRRYV[T
Zf \d[ _RNYVaf Of `\ZR `\_a \S 677>AC ; ZNXR" ; SRRY aUR _RNYVaf \S aUR
d\_YQ$ 3[Q ; ZNXR N[ RSS\_a V[ aUR R[P\b[aR_ dVaU `\ZRaUV[T \aUR_
aUN[ Zf`RYS$
EUR RSS\_aYR``[R`` \S `VTUa V` N ]_VcVYRTR dUVPU" dVaU aUR a\VY" S\_R#
T\R` NY`\ aUR _RdN_Q \S aUR Y\dR_ `R[`R$ DRRV[T _R^bV_R` [\ ]R_PR]aV#
OYR NPaVcVaf RVaUR_ \[ aUR ]N_a \S aUR \OWRPa \_ \[ aUNa \S aUR `bOWRPa$
@RVaUR_ V[cNQR` aUR `]UR_R \S aUR \aUR_0 aURf YRa RNPU \aUR_ OR dUNa
aURf N_R N[Q N` aURf N_R" N[Q aUb` RZR_TR aUR `RYS#P\[aNV[RQ \OWRPa
N[Q aUR `RYS#P\[aNV[RQ `bOWRPa$ EUR [\[NPaVcVaf \S aUR `RR[ \OWRPa V[
_RYNaV\[ a\ aUR `RRV[T `bOWRPa V` [\a VZ]NV_RQ Of aUR SNPa aUNa" ]Uf`V#
PNYYf `]RNXV[T" NPaV\[ \[ Va` ]N_a RZV``V\[ \S YVTUa! V` V[c\YcRQ N` N
P\[QVaV\[ \S Va` ORV[T `RR[$ EUR `V[TbYN_ ]_\]R_aVR` \S YVTUa* ]R_ZVa
aUR dU\YR Qf[NZVP TR[R`V` a\ QV`N]]RN_ V[ aUR ]R_PR]abNY _R`bYa" `\
aUNa V[ `RRV[T" aUR ]R_PV]VR[a _RZNV[` R[aV_RYf S_RR S_\Z PNb`NY V[#
c\YcRZR[a V[ aUR aUV[T` a\ OR ]R_PRVcRQ$ EUb` cV`V\[ `RPb_R` aUNa
`aN[QV[T ONPX S_\Z aUR NTT_R``VcR[R`` \S aUR d\_YQ dUVPU S_RR` S\_
\O`R_cNaV\[ N[Q \]R[` N U\_Vg\[ S\_ RYRPaVcR NaaR[aV\[$ 4ba Va Q\R` `\
Na aUR ]_VPR \S \SSR_V[T N ORPNYZRQ NO`a_NPa \S _RNYVaf QR[bQRQ \S Va`
_Nd ]\dR_$ E\ ^b\aR S_\Z \b_ \d[ RN_YVR_ NPP\b[a `RR NO\cR ]$
) '!0 EUR \OWRPa" `aNfV[T V[ Va` O\b[Q`" SNPR` aUR `bOWRPa NP_\`` aUR
TN] dUVPU aUR RcN[R`PR[PR \S aUR S\_PR P\[aRea UN` P_RNaRQ$ 6V`aN[PR

*$ EUR `ZNYY[R`` \S aUR QV`ab_ON[PR` V[ dUVPU YVTUa P\[`V`a` NSS\_Q` NYY


aUR ZNW\_ NQcN[aNTR` \S `VTUa \cR_ aUR \aUR_ `R[`R`0 aUR QV`aN[PR \S _RNPU"
aUR QRaNPUZR[a S_\Z aUR PNb`R#RSSRPa `VabNaV\[" Va` _R]YNPRZR[a Of N
^bVR`PR[a VZNTR" aUR `VZbYaN[R\b` _R]_R`R[aNaV\[ \S N ZN[VS\YQ" N[Q aUR
Rea_RZR ZV[baR[R`` N[Q ]_RPV`V\[ \S ]\V[a#a\#]\V[a iZN]]V[Tj V[ aUV`
_R]_R`R[aNaV\[$
E :7 @ A4;>;EJ A8 D;9:E L '*/
\S N]]RN_N[PR fVRYQ` [Rba_NY iVZNTRj dUVPU" b[YVXR iRSSRPa"j PN[ OR
Y\\XRQ Na N[Q P\Z]N_RQ" V[ ZRZ\_f _RaNV[RQ N[Q _RPNYYRQ" V[ VZNTV#
[NaV\[ cN_VRQ N[Q S_RRYf P\Z]\`RQ$ EUb` ORP\ZR` R``R[PR `R]N_NOYR
S_\Z ReV`aR[PR N[Q aUR_RdVaU aUR\_f ]\``VOYR$ ;a V` Oba aUR ON`VP
S_RRQ\Z \S cV`V\[" N[Q aUR RYRZR[a \S NO`a_NPaV\[ V[UR_R[a V[ Va" dUVPU
N_R PN__VRQ Sb_aUR_ V[ P\[PR]abNY aU\bTUa1 N[Q S_\Z cV`bNY ]R_PR]aV\["
P\[PR]a N[Q VQRN V[UR_Va aUNa \[a\Y\TVPNY ]NaaR_[ \S \OWRPaVcVaf dUVPU
cV`V\[ UN` SV_`a P_RNaRQ$
EUb` V[ `]RNXV[T \S aUR NQcN[aNTR \S aUR PNb`NY QRaNPUZR[a \S
`VTUa" Va Zb`a OR O\_[R V[ ZV[Q aUNa aUV` _R`bYa` NY`\ V[ aUR PNb`NY
ZbaR[R`` \S Va` \OWRPa`$ DVTUa" Z\_R aUN[ N[f \aUR_ `R[`R" V[QRRQ
dVaUU\YQ` aUR Re]R_VR[PR \S PNb`NYVaf0 PNb`NYVaf V` [\a N cV`bNY QNabZ$
3[Q N` Y\[T N` ]R_PR]a` iVZ]_R``V\[`j N[Q iVQRN`j ! N_R aNXR[ N`
Wb`a Z\_R \_ YR`` ]R_SRPa V[`aN[PR` \S aUR Z\QRY PN`R \S cV`bNY VZNTR`"
:bZRl` QR[VNY \S PNb`NY V[S\_ZNaV\[ a\ aURZ Zb`a `aN[Q$ GV`V\["
U\dRcR_" V` [\a aUR ]_VZN_f Oba aUR Z\`a `bOYVZR PN`R \S `R[`R ]R_#
PR]aV\[ N[Q _R`a` \[ aUR b[QR_`a_bPab_R \S Z\_R RYRZR[aN_f Sb[PaV\[`
V[ dUVPU aUR P\ZZR_PR dVaU aUR d\_YQ V` ZNV[aNV[RQ \[ SN_ Z\_R
RYRZR[aN_f aR_Z`$ 3 XV[T dVaU [\ `bOWRPa` a\ _bYR \cR_ PRN`R` a\ OR N
XV[T$ EUR RcVQR[PR \S `VTUa Q\R` [\a SNY`VSf _RNYVaf dUR[ `b]]YR#
ZR[aRQ Of aUNa \S aUR b[QR_YfV[T `a_NaN \S Re]R_VR[PR" [\aNOYf \S
Z\aVYVaf N[Q a\bPU0 dUR[ N__\TN[aYf _RWRPaV[T Va `VTUa ORP\ZR` ON__R[
\S a_baU$ 8\_ N Z\_R QRaNVYRQ QV`Pb``V\[" P\Z]N_R aUR dU\YR
3]]R[QVe i5Nb`NYVaf N[Q BR_PR]aV\[j a\ aUR 8V_`a 7``Nf$!

)$ DB3E;3> 6 ;DE3@57

@RVaUR_ `VZbYaN[RVaf \S ]_R`R[aNaV\[ [\_ Qf[NZVP [Rba_NYVaf d\bYQ


OR ]\``VOYR dVaU\ba aUR RYRZR[a \S QV`aN[PR$ 3 ZN[VS\YQ PN[ OR ]_R#
`R[aRQ `VZbYaN[R\b`Yf \[Yf VS Va Q\R` [\a P_\dQ Zf VZZRQVNaR ]_\e#
VZVaf dUR_R RNPU VaRZ \O`R_cRQ d\bYQ OY\PX \ba aUR _R`a$ 3[Q
PNb`NYVaf P\bYQ [\a OR [Rba_NYVgRQ VS aUR \OWRPa V[cNQRQ Zf ]_VcNaR
O\Qf`]UR_R \_ Va` PY\`R`a cVPV[Vaf$ @\d `VTUa V` aUR VQRNY QV`aN[PR#
`R[`R$ >VTUa a_NcRY` SN_aUR_ aUN[ `\b[Q N[Q `ZRYY N[Q Q\R` [\a `bSSR_
QV`a\_aV\[ \[ Va` dNf \cR_ N[f QV`aN[PR$ ;[QRRQ" `VTUa V` aUR \[Yf `R[`R
V[ dUVPU aUR NQcN[aNTR YVR` [\a V[ ]_\eVZVaf Oba V[ QV`aN[PR0 aUR OR`a
cVRd V` Of [\ ZRN[` aUR PY\`R`a cVRd1 a\ TRa aUR ]_\]R_ cVRd dR aNXR
aUR ]_\]R_ QV`aN[PR" dUVPU ZNf cN_f S\_ QVSSR_R[a \OWRPa` N[Q QVSSR_R[a
'+& M E :7 B :7@A?7@A@ A8 >;87
]b_]\`R`" Oba dUVPU V` NYdNf` _RNYVgRQ N` N ]\`VaVcR N[Q [\a N QRSRP#
aVcR SRNab_R V[ aUR ]UR[\ZR[NY ]_R`R[PR \S aUR \OWRPa$ 4f QV`aN[PR b]
a\ N ]\V[a `VTUa TNV[` V[ QV`aV[Pa[R`` \S QRaNVY" N[Q ORf\[Q aUNa ]\V[a
V[ P\Z]_RUR[`VcR[R`` \S `b_cRf" V[ NPPb_NPf \S ]_\]\_aV\[`h TR[R_#
NYYf `]RNXV[T" V[ V[aRT_NaV\[$ HR P\[`PV\b`Yf `aN[Q ONPX N[Q P_RNaR
QV`aN[PR V[ \_QR_ a\ Y\\X Na aUR d\_YQ" V$R$" Na \OWRPa` N` ]N_a` \S aUR
d\_YQ0 N[Q NY`\ V[ \_QR_ a\ OR b[RZON__N``RQ Of aUR PY\`R[R`` \S aUNa
dUVPU dR dV`U >=;H a\ `RR1 a\ UNcR aUR SbYY YVOR_af \S \b_ `PN[[V[T
NaaR[aV\[$ ;a V` QVSSR_R[a dVaU aUR \aUR_ ad\ QV`aN[PR `R[`R`" URN_V[T
N[Q `ZRYY$ DZRYY [RcR_ TNV[`" NYdNf` Y\`R` Of QV`aN[PR$ 3[Q N` a\
URN_V[T" aU\bTU dVaUV[ N [N__\d _N[TR \S Y\PNY cVPV[Vaf Va NY`\ ZNf
UNcR \]aVZNY QV`aN[PR N[Q `bSSR_ Of \cR_PY\`R[R`` R$T$" dVaU YN_TR
c\YbZR` \S `\b[Q `\b_PR` `bPU N` N[ \_PUR`a_N!" Sb_aUR_ dVaUQ_NdNY
dVYY [\a QV`PY\`R [Rd icV`aN`j a\ Va" N` a\ `VTUa" dUVPU d\bYQ P\Z]R[#
`NaR Va S\_ aUR Y\`` \S QV`aV[Pa[R``$ ;a` PN`R aUR[ ORP\ZR` `VZVYN_ a\
aUNa \S `ZRYY$ 4\aU ZNf O_VQTR QV`aN[PR RSSRPaVcRYf" V$R$" \cR_P\ZR
dUNa V` V[ Va`RYS N QV`NQcN[aNTR" Oba PN[ \[Yf Y\`R S_\Z Va` V[P_RN`R
N[Q dVYY NYdNf` aR[Q a\ TNV[ ORaaR_ V[S\_ZNaV\[ Of PY\`V[T aUR _N[TR$
4R`VQR` aUV` ^bN[aVaNaVcR N`]RPa" aUR Z\`a aRYYV[T PUN_NPaR_V`aVP V`
aUR <2==6A V[ dUVPU QV`aN[PR V` Re]R_VR[PRQ V[ cV`V\[$ D\b[Q \_ `ZRYY
ZNf _R]\_a N[ \OWRPa N` ZR_RYf QV`aN[a" dVaU\ba _R]\_aV[T aUR `aNaR
\S aUR V[aR_cR[V[T `]NPR0 V[ `VTUa aUR \OWRPa 7246B ZR 24A>BB aUR
V[aR_cR[V[T QV`aN[PR" dUVPU V[ NYY Va` ]\aR[aVNY i`aR]`j V` V[PYbQRQ V[
aUR ]R_PR]aV\[$ ;[ cVRdV[T N[ \OWRPa aUR_R V` aUR `VabNaV\[ \S N icV`#N#
cV`"j dUVPU QV`PY\`R` aUR \OWRPa N` aUR aR_ZV[NY \S N QVZR[`V\[ YRNQV[T
S_\Z ZR a\dN_Q Va" N[Q aUV` QVZR[`V\[ YVR` \]R[ ORS\_R ZR$ EUR
SNPV[T NP_\`` N QV`aN[PR aUb` QV`PY\`R` aUR QV`aN[PR Va`RYS N` `\ZRaUV[T
; NZ S_RR a\ a_NcR_`R1 Va V` N[ V[cVaNaV\[ a\ S\_dN_Q Z\aV\[" ]baaV[T aUR
V[aR_cR[V[T `]NPR Na Zf QV`]\`NY$ EUR Qf[NZVP` \S ]R_`]RPaVcR QR]aU
P\[[RPa` ZR dVaU aUR ]_\WRPaRQ aR_ZV[b`$
EUV` aR_ZV[b` Va`RYS V` N_OVa_N_f V[ RNPU TVcR[ PN`R" N[Q Zf TYN[PR
RcR[ VS S\Pb`RQ \[ Va V[PYbQR` N` N ONPXT_\b[Q aUR \]R[ SVRYQ \S \aUR_
]_R`R[PR` ORUV[Q Va" Wb`a N` Va V[PYbQR`" N` N P\_\[N SNQV[T a\dN_Q aUR
RQTR`" aUR ZN[VS\YQ P\#]_R`R[a V[ aUR ]YN[R$ EUV` V[QRSV[VaR iN[Q `\
\[j dVaU dUVPU aUR cV`bNY ]R_PR]aV\[ V` VZObRQ" N[ RcR_#_RNQf ]\aR[#
aVNY S\_ _RNYVgNaV\[" N[Q R`]RPVNYYf aUR iN[Q `\ \[j V[ QR]aU" V` aUR
OV_aU]YNPR \S aUR VQRN \S :=7:=:CH a\ dUVPU [\ \aUR_ `R[`R P\bYQ `b]]Yf
aUR Re]R_VR[aVNY ON`V`$ E\bPU P\[W\V[RQ dVaU Y\P\Z\aV\[ PR_aNV[Yf
E :7 @ A4;>;EJ A8 D;9:E L '+'
NY`\ V[PYbQR` NdN_R[R`` \S aUR ]\aR[aVNYVaf \S T\V[T \[ a\ aUR [Rea
]\V[a" N[Q aUR[PR a\ aUR [Rea" N[Q `\ \[$ 4ba a\bPU Q\R` [\a NY_RNQf
NQbZO_NaR aUR`R VZZV[R[a _RNYVgNaV\[` V[ Va` ]R_PR]abNY P\[aR[a" N` N
ZN_TV[NY ]N_a V[a\ dUVPU aUR P\_R P\[aV[b\b`Yf OYR[Q`$ ;[ aUR cV`bNY
SVRYQ Va V` aUV` P\[aV[b\b` OYR[QV[T \S aUR S\Pb`RQ N_RN V[a\ Z\_R N[Q
Z\_R QV`aN[a ONPXT_\b[Q#]YN[R`" N[Q Va` `UNQV[T \SS a\dN_Q aUR
S_V[TR`" dUVPU ZNXR aUR iN[Q `\ \[j Z\_R aUN[ N[ RZ]af ]\aR[aV#
NYVaf0 aUR_R V` aUR P\#_R]_R`R[aRQ _RNQV[R`` \S aUR SVRYQ a\ OR ]R[R#
a_NaRQ" N ]\`VaVcR ]bYY dUVPU Q_Nd` aUR TYN[PR \[ N` aUR TVcR[ P\[aR[a
]N``R` N` Va dR_R \S Va`RYS \cR_ V[a\ Sb_aUR_ P\[aR[a`$ @\ `bPU OYR[QV[T
\S NPabNY N[Q ]\aR[aVNY P\[aR[a V` TVcR[ V[ a\bPU1 aUR_R V` ZR_RYf aUR
NO`a_NPa ]\``VOVYVaf \S _R]YNPV[T aUR ]_R`R[a Of N `bO`R^bR[a P\[aR[a"
N[Q aUR dU\YR _R`bYa` \[Yf S_\Z aUR ]_\T_R``VcR NQQVaV\[ \S QV`P_RaR
]N_a`$ DVTUa V[PYbQR` Na N[f TVcR[ V[`aN[a N[ :=7:=:C6 ZN[VS\YQ Na \[PR"
N[Q Va` \d[ ^bNYVaNaVcR P\[QVaV\[` \]R[ aUR dNf V[a\ dUNa YVR` OR#
f\[Q$ EUR b[S\YQV[T \S `]NPR ORS\_R aUR RfR" b[QR_ aUR ZNTVP \S YVTUa"
ORN_` V[ Va`RYS aUR TR_Z \S V[SV[Vafh N` N ]R_PR]abNY N`]RPa$ ;a` P\[#
PR]abNY S_NZV[T V[ aUR VQRN \S V[SV[Vaf V` N `aR] ORf\[Q ]R_PR]aV\[" Oba
\[R aUNa dN` aNXR[ S_\Z aUV` ON`R$ EUR SNPa aUNa dR PN[ Y\\X V[a\
aUR b[O\b[QRQ QR]aU \S aUR b[VcR_`R UN` `b_RYf ORR[ \S VZZR[`R
VZ]\_aN[PR V[ aUR S\_ZNaV\[ \S \b_ VQRN`$
E\ _RcR_a a\ aUR `a_NVTUa ]UR[\ZR[\[ \S QV`aN[PR" Va T\R` dVaU\ba
`NfV[T aUNa `VTUa Of aUV` ZR_R dVQR[V[T \S aUR U\_Vg\[ \S V[S\_ZNaV\[
P\[SR_` N a_RZR[Q\b` OV\Y\TVPNY NQcN[aNTR$ =[\dYRQTR Na N QV`aN[PR
V` aN[aNZ\b[a a\ S\_RX[\dYRQTR$ EUR b[P\ZZVaaRQ _RNPU V[a\ `]NPR V`
TNV[ \S aVZR S\_ NQN]aVcR ORUNcV\_0 ; X[\d V[ T\\Q aVZR dUNa ; UNcR
a\ _RPX\[ dVaU$ EUR N]]_RUR[`V\[ \S QV`aN[a \OWRPa` aUR_RS\_R ZRN[`
N[ VZZRQVNaR V[P_RN`R V[ S_RRQ\Z Of aUR ZR_R V[P_RN`R dUVPU _R#
Z\aR[R`` NYY\d` V[ aUR aVZR#ZN_TV[ S\_ NPaV\[1 Wb`a N` dR S\b[Q `V#
ZbYaN[RVaf \S ]_R`R[aNaV\[ a\ ZRN[ N[ V[P_RN`R V[ S_RRQ\Z Of aUR
\]]\_ab[Vaf \S PU\VPR Va \SSR_` V[ aUR ]_R`R[aRQ ZN[VS\YQ$ ;a UN` ORR[
`NVQ ORS\_R aUNa aUR`R ad\ N`]RPa` \S aUR S_RRQ\Z \S `VTUa N_R PY\`RYf
V[aR__RYNaRQ$ EURV_ b[V\[ V[ \[R ]R_S\_ZN[PR V` aUR P_\d[V[T NPUVRcR#
ZR[a \S S_RRQ\Z V[ aUR `]UR_R \S `R[aVR[PR$
;a d\bYQ [\a OR P\__RPa a\ `Nf aUNa V[ `VTUa aUR QV`aN[a V` O_\bTUa
[RN_$ CNaUR_ Va V` YRSa V[ Va` QV`aN[PR" N[Q VS aUV` V` T_RNa R[\bTU Va PN[
]ba aUR \O`R_cRQ \OWRPa \ba`VQR aUR `]UR_R \S ]\``VOYR V[aR_P\b_`R N[Q
\S R[cV_\[ZR[aNY _RYRcN[PR$ ;[ aUNa PN`R" ]R_PR]abNY QV`aN[PR ZNf
'+( M E :7 B :7@A?7@A@ A8 > ;87
ab_[ V[a\ ZR[aNY QV`aN[PR" N[Q aUR ]UR[\ZR[\[ \S QV`V[aR_R`aRQ OR#
U\YQV[T ZNf RZR_TR" aUV` R``R[aVNY V[T_RQVR[a V[ dUNa dR PNYY i\OWRP#
aVcVaf"j \S dUVPU dR UNcR S\b[Q N[\aUR_ P\[QVaV\[ V[ PNb`NY [Rba_NYVaf$
HR ab_[ ONPX a\ aUR ORTV[[V[T" aUR ]N_aVNYVaf \S PYN``VPNY ]UVY\`\#
]Uf S\_ \[R \S aUR O\QVYf `R[`R`$ Ab_ V[cR`aVTNaV\[ UN` `U\d[ `\ZR
T_\b[Q` S\_ aUV` ]N_aVNYVaf V[ aUR cV_abR` V[UR_R[a V[ `VTUa$ HR RcR[
S\b[Q" V[ RNPU \S aUR aU_RR N`]RPa` b[QR_ dUVPU dR a_RNaRQ cV`V\[" aUR
T_\b[Q S\_ `\ZR ON`VP P\[PR]a \S ]UVY\`\]Uf$ .:<D;C2=6:CH >7 ?A6B6=!
C2C:>= Sb_[V`UR` aUR VQRN \S R[Qb_V[T ]_R`R[a" aUR P\[a_N`a ORadRR[
PUN[TR N[Q aUR b[PUN[TV[T" ORadRR[ aVZR N[Q RaR_[Vaf$ 'H=2<:4
=6DCA2;:I2C:>= Sb_[V`UR` S\_Z N` QV`aV[Pa S_\Z ZNaaR_" R``R[PR N` QV`#
aV[Pa S_\Z ReV`aR[PR" N[Q aUR QVSSR_R[PR \S aUR\_f N[Q ]_NPaVPR$ ':B!
C2=46 Sb_[V`UR` aUR VQRN \S V[SV[Vaf$
EUb` aUR ZV[Q UN` T\[R dUR_R cV`V\[ ]\V[aRQ$

3 BB7@6;I
.:89C 2=5 * >E6<6=C
EUR i@\OVYVaf \S DVTUaj UN` QdRYa \[ aUR [\[Qf[NZVP ^bNYVaf \S aUR cV`bNY
d\_YQ N[Q aUR i^bVRaVcRj a_N[`ZbaNaV\[ Of dUVPU aUV` QV`aVYYNaR \S _RNYVaf V`
\OaNV[RQ1 N[Q _RSR_R[PR dN` ZNQR a\ Va` [RRQ S\_ P\T[VaVcR P\Z]YRZR[aN#
aV\[ S_\Z \aUR_ `R[`R` N[Q S_\Z aUR `]UR_R \S NPaV\[$ HR Zb`a NQQ aUNa
aUR YNaaR_" \_ aUR <>C:;:CH >7 >DA 3>5H TR[R_NYYf" V` [\a PNYYRQ V[ ?>BC 9>4
\[Yf Oba V` NY_RNQf N SNPa\_ V[ aUR cR_f P\[`aVabaV\[ \S `RRV[T N[Q aUR `RR[
d\_YQ aURZ`RYcR`" ZbPU N` aUV` TR[R`V` V` S\_T\aaR[ V[ aUR P\[`PV\b` _R`bYa$
>R`a \b_ ]_R\PPb]NaV\[ dVaU aUR SV[V`URQ ]_\QbPa V[ Va` P\[aRZ]YNaVcR
i[\OVYVafj OR aNXR[ N` N `VZVYN_ S\_TRaaV[T \[ \b_ ]N_a" `\ZR _RZN_X` \[
aUR _\YR \S <>E6<6=C V[ aUR ]_\QbPaV\[ \S Va N_R V[ \_QR_$ EURf [Nab_NYYf
V[c\YcR aUR Z\_R TR[R_NY ^bR`aV\[ \S aUR `UN_R \S ?A2G:B V[ aUR O_V[TV[T
NO\ba \S `\ `RRZV[TYf iaUR\_RaVPNYj N aUV[T N` aUR ]R_PRVcRQ d\_YQ" \_
Z\_R TR[R_NYYf `aVYY" aUR ^bR`aV\[ \S \b_ NPaVcR ]N_a V[ aUR \_TN[VgNaV\[ \S
\b_ `R[`N$ Ab_ ]N_aVPbYN_ P\[PR_[ UR_R V` dVaU aUR cV`bNY ]_\cV[PR1 Oba
aU\bTU dR Q\ =>C _RTN_Q cV`V\[ N` N <>56; \S aUR \aUR_ `R[`R`" Va` Rea_RZR
\S NY\\S[R`` PUNYYR[TR` aUR aUR`V` \S N ]_NPaVPNY QR]R[QR[PR \S ]R_PR]aV\[
Z\_R aUN[ N[f \aUR_ `R[`R" N[Q `\ dUNa V` S\b[Q \S `bPU QR]R[QR[PR a\
V[UR_R RcR[ aUR_R `U\bYQ U\YQ 2 7>AC:>A: S\_ aUR YR`` ]_VcVYRTRQ _R`a$
=N[a ]\`RQ aUR ^bR`aV\[ \S aUR P\T[VaVcR \_TN[VgNaV\[ \S \b_ ]R_PR]a`
N` aUR ^bR`aV\[ \S aUR _RYNaVcR `UN_R` \S i_RPR]aVcVafj N[Q i`]\[aN[RVaf"j
\S aUR ]N``VcR N[Q NPaVcR P\Z]\[R[a` \S \b_ ORV[T$ 4ba Of iNPaVcVafj V[
aUV` P\[aRea UR b[QR_`a\\Q ZR[aNY NPaVcVaf NY\[R aUR S\_ZNY N_aVPbYNaV\[
\S aUR `R[`R ZNaR_VNY aU_\bTU aUR PNaRT\_VR` \S aUR b[QR_`aN[QV[T!" [\a
D;9:E 3@6 ?AG7?7@E L '+)
O\QVYf NPaV\[ \S aUR ]`fPU\]Uf`VPNY ]R_`\[ V[ UV` ]_NPaVPNY QRNYV[T` dVaU
aUR d\_YQ$ ;a V` `a_N[TR U\d YVaaYR aUR P\ZZN[Q \S \b_ YVZO` R[aR_RQ V[a\
aUR Y\[T UV`a\_f \S aUR ]_\OYRZ$ E\ =N[a" aUR iaUR\_RaVPNYj `bOWRPa V` `RYS#
`bSSVPVR[a S\_ aUR P\T[VaVcR aN`X \S P\[`a_bPaV[T S_\Z ]_VZVaVcR QNaN N
ZRN[V[TSbY ]R_PR]abNY dU\YR PNYYRQ id\_YQ1j N[Q aUR i]_NPaVPNYj `bOWRPah
ORP\ZV[T aUV` b[QR_ aUR `]b_ \S [RRQ \_ aUR Z\_NY dVYYhNPa` V[ N[Q \[ N
d\_YQ NY_RNQf P\[`aVabaRQ Of aUR aUR\_RaVPNY SNPbYaVR` \S `R[`R N[Q _RN`\[$
=N[a \[Yf ReRZ]YVSVR` N Y\[T#Q\ZV[N[a a_R[Q0 aUR VQRN \S aUR aUR\_RaVPNY
`bOWRPa `R]N_NOYR S_\Z ?A2G:B N[Q Z\_R ]N_aVPbYN_Yf \S aUR ]N``VcR \_
_RPR]aVcR [Nab_R \S iZR_Rj `R[`R N[Q `R[`R X[\dYRQTR" V` QRR]Yf V[T_NV[RQ
V[ aUR ]UVY\`\]UVPNY a_NQVaV\[ N[Q UN` QRPV`VcRYf QRaR_ZV[RQ aUR P\b_`R \S
R]V`aRZ\Y\Tf$ EUR P\__RPaVcR _RNPaV\[` a\ aUV` ]N_aV`N[`UV] aURf `aN_aRQ
dVaU :RTRYl` ,96=><6=>;>8H >7 C96 .?:A:C N[Q V[PYbQR B_NTZNaV`Z N` N
QRaR_ZV[RQ N[Q c\PNY PNb`R! N_R V[ aUR [Nab_NY QN[TR_ \S ORV[T ]_\c\XRQ
V[a\ \]]\`VaR ]N_aV`N[`UV]$ EUR S\YY\dV[T YVZVaRQ \O`R_cNaV\[` aNXR iNP#
aV\[j V[ Va` ]_VZN_f `R[`R \S Z\cV[T" V$R$" Z\cV[T \[Rl` O\Qf N[Q aU_\bTU
Va \aUR_ aUV[T`1 N[Q `V[PR aUR i]N``VcRj V[ aUV` P\[aRea V` _R]_R`R[aRQ Of
`R[`R#NSSRPaV\[" aURf PN[ NY`\ OR `NVQ a\ QRNY dVaU aUR V[aR__RYNaV\[ \S
`R[aVR[PR N[Q Z\aVYVaf$
DV[PR 4R_XRYRfl` PYN``VPNY (BB2H C>F2A5B 2 +6F /96>AH >7 0:B:>=
'-&/! Va UN` ORP\ZR NYZ\`a N P\ZZ\[]YNPR V[ aUR aUR\_f \S ]R_PR]aV\[
aUNa cV`bNY QNaN NP^bV_R aURV_ `]NaVNY aU_RR#QVZR[`V\[NY! ZRN[V[T \[Yf Of
P\__RYNaV\[ dVaU ]N_NYYRY aNPabNY QNaN1 \_ Z\_R TR[R_NYYf" aUNa \b_ \OWRPa#
]R_PR]aV\[ N[Q Va` `]NaVNY S_NZRd\_X N_R aUR _R`bYa \S N ZR[aNY V[aRT_N#
aV\[ \S aUR QRYVcR_N[PR \S aUR`R ad\ `R[`R`0 `VTUa N[Q a\bPU$ EUR NPP\b[a
V` V[P\Z]YRaR" U\dRcR_" `\ Y\[T N` ia\bPUj V[ aUV` P\ZOV[NaV\[ V` aNXR[ N`
Wb`a N[\aUR_ B6=B6 \[Yf ^bNYVaNaVcRYf QVSSR_R[a S_\Z `VTUa" URN_V[T" N[Q
`ZRYY$ @\ ZR_R `b]R_VZ]\`VaV\[ \S \[R `Ra \S ^bNYVaVR` \cR_ N[\aUR_" [\
P\__RYNaV\[ \S aURZ N` `bPU" P\bYQ P\[PRVcNOYf fVRYQ aUR [Rd ]_\]R_af \S
`]NPR#V[#QR]aU$ 4ba dUR[ dR V[PYbQR V[ ia\bPUj aUR SNPa \S Va` ORV[T N[
NPaVcVaf V[c\YcV[T <>C:>= aUR[ dR T\ ORf\[Q iZR_R `R[`NaV\[j N[ NO#
`a_NPaV\[ \S N[NYf`V`! N[Q NQQ a\ Va` i_RPR]aVcVafj aUNa P\Z]YRZR[a \S
NPaV\[ dVaU\ba dUVPU Va d\bYQ OR ON__R[ \S V[S\_ZNaV\[$ @\aR aUNa aUR
Z\aV\[" a\ UNcR aUV` RSSRPa" Zb`a OR Zf ]R_S\_ZN[PR" V$R$" iV[aR[aV\[NYj \_
iQV_RPaRQj Z\aV\[0 \[Yf N` ]b_]\`VcR NPa Q\R` Z\cRZR[a cVaNYYf P\[#
a_VObaR a\ aUR \_TN[VgNaV\[ \S aUR ]R_PR]abNY d\_YQ$ DRYS#Z\cRZR[a V[QRRQ
ZNf OR PNYYRQ aUR `]NaVNY \_TN[VgR_ V[ RNPU `R[`R#`]RPVR`" N[Q aUR `f[aUR#
`VgR_ \S aUR `RcR_NY `R[`R` a\dN_Q \[R P\ZZ\[ \OWRPaVcVaf$
8\_ aUR PN`R \S a\bPU" aUR ]\V[a UN` ORR[ ZNQR V[ aUR 7``Nf0 U\d" V[
Re]Y\_V[T N[ \OWRPa Of SRRYV[T NY\[R R$T$" V[ QN_X[R``!" Va V` aUR QV_RPaV\[
\S Zf \d[ c\Yb[aN_f Z\cRZR[a` \S YVZO" dVaU Zf O\Qf N` _RSR_R[PR#
`f`aRZ" aUNa Sb_[V`UR` aUR S_NZRd\_X \S QVZR[`V\[NY P\\_QV[NaR` V[a\
'+* E :7 B :7@A?7@A@ A8 >;87
dUVPU aUR `bPPR``VcR P\[aNPa `R[`NaV\[` N_R V[aRT_NaRQ$ HR UR_R ZR_RYf
_R]RNa aUNa dVaU\ba aUV` XV[R`aURaVP `VQR \S aUR P\Z]YRe ]_\PR`` [\ b[VSVPN#
aV\[ \S aUR V[QVcVQbNY Y\PNY QNaN V[a\ N P\UR_R[a `R_VR`" N[Q RcR[abNYYf [\
P\[P_R`PR[PR \S aURZ V[a\ N a\aNY `VZbYaN[R\b` S\_Z" d\bYQ P\ZR NO\ba
V[ a\bPU$
4ba dUNa V` \OcV\b` V[ aUR PN`R \S a\bPU" `RRZ` Na SV_`a V[N]]YVPNOYR a\
aUR PN`R \S `VTUa0 aUNa Va` P\T[VaVcR SRNa `U\bYQ QR]R[Q \[ Z\cRZR[a$ 8\_
dN` [\a aUR ]\V[a \S \b_ 7``Nf ]_RPV`RYf aUNa `VTUa V` aUR `R[`R \S aUR
]N``VcR \O`R_cR_ ]N_ RePRYYR[PR2 EUNa a\ Y\\X Na aUV[T`" Na aUR d\_YQ Na
YN_TR" V` P\Z]NaVOYR dVaU N `aNaR \S P\Z]YRaR _R`a" dUVPU RcR[ `RRZ` aUR
\]aVZNY P\[QVaV\[ S\_ cV`bNY NaaR[aV\[ N[Q P\[aRZ]YNaV\[2 HN` [\a RcR[
aUR dU\YR \]]\`VaV\[ \S iaUR\_f cR_`b` ]_NPaVPR"j N[Q UR[PR \S aUR E:C2
4>=C6<?;2C:E2 cR_`b` aUR E:C2 24C:E2 QR_VcRQ S_\Z aUV` cR_f N`]RPa \S
cV`V\[2 EUV` `aVYY `aN[Q`$ JRa dR `U\bYQ [\a OR NOYR a\ i`RRj VS dR UNQ [\a
]_RcV\b`Yf Z\cRQ$ HR `U\bYQ" R$T$" [\a `RR aUR d\_YQ N__N[TRQ V[ QR]aU"
`a_RaPUV[T NdNf S_\Z b` V[QRSV[VaRYf" VS dR dR_R [\a Z\_R aUN[ `RRV[T
P_RNab_R`0 VS dR dR_R [\a P_RNab_R` aUNa NY`\ PN[ Z\cR V[a\ `]NPR N[Q
UNcR Q\[R `\ V[ aUR ]N`a$
EUR ON`VP SNPa" \S P\b_`R" V` aUNa cV`V\[ V` aUR ]N_a#Sb[PaV\[ \S N dU\YR
O\Qf dUVPU Re]R_VR[PR` Va` Qf[NZVP V[c\YcRZR[a dVaU aUR R[cV_\[ZR[a V[
aUR SRRYV[T \S Va` ]\`VaV\[ N[Q PUN[TR` \S ]\`VaV\[$ EUR i]\``R``V\[j \S N
O\Qf \S dUVPU aUR RfR` N_R N ]N_a V` V[QRRQ aUR ]_VZNY SNPa \S \b_ i`]NaV#
NYVafj0 aUR O\Qf [\a ZR_RYf N` \PPb]fV[T N c\YbZR \S `]NPR TR\ZRa_VPNYYf"
Oba N` NYdNf` V[aR_NPaV[T dVaU aUR d\_YQ ]Uf`VPNYYf" RcR[ dUR[ Na _R`a
R$T$" Of ZR_R T_NcVaf!$ HVaU\ba aUV` ONPXT_\b[Q \S [\[cV`bNY" P\_]\_RNY
SRRYV[T N[Q aUR NPPbZbYNaRQ Re]R_VR[PR \S ]R_S\_ZRQ Z\aV\[" aUR RfR`
NY\[R d\bYQ [\a `b]]Yf aUR X[\dYRQTR \S `]NPR" [\adVaU`aN[QV[T aUR
VZZN[R[a ReaR[`V\[ \S aUR cV`bNY SVRYQ$
EUV` ]_\]\`VaV\[ PN[ OR N_TbRQ \[ ZN[f YRcRY`$ A[R ZVTUa `U\d aUNa
aUR _RNPUV[T S\_ N[Q ZN[V]bYNaV[T \S aUV[T` Of aUR V[SN[a ]_\cVQR` aUR
RYRZR[aN_f Re]R_VR[PR \S aUR P\_]\_RNYVaf \S `RR[ \OWRPa` N[Q \S N[ \_QR_
\S QV`aN[PR` P\__RYNaRQ a\ aUR `R[`NaV\[` \S `VTUa$ A_ \[R ZVTUa RYNO\_NaR
\[ aUR ZN[f [Rb_\Zb`PbYN_ NQWb`aZR[a` ]N_aVPV]NaV[T V[ aUR \]aVPNY NPa N`
`bPU ab_[V[T \S RfRONYY`" S\Pb`V[T \S YR[`" RaP$hV[c\Yb[aN_f `ZNYY#`PNYR
Z\a\_ NPaVcNaV\[`!" dUVPU URY] a\ VZObR aUR \]aVPNY `R[`NaV\[ dVaU \OWRP#
aVcR _RSR_R[PR$ A_ \[R ZVTUa ]\V[a a\ aUR ObVYa#V[ `]NaVNY \_VR[aNaV\[ dUVPU
aUR ]Uf`VPNY iQV_RPaV\[`j \S aUR O\Qf ]_\cVQR dVaU aUR \_TN[VP `R[`R \S
_VTUa N[Q YRSa"' S_\[a N[Q ONPX"( b] N[Q Q\d[hN `R[`R NYdNf` NPabNYVgRQ

'$ 5S$ =N[al` `U\_a R``Nf iAS aUR SV_`a ]_V[PV]YR \S aUR QVSSR_R[PR \S
QV_RPaV\[` V[ `]NPRj Sb_aUR_ RYNO\_NaRQ V[ iHUNa V` ka\ \_VR[a \[R`RYS V[
aU\bTUal2j!" dUR_R UR ]\V[a` \ba aUNa aUR QV`aV[PaV\[ \S VQR[aVSVNOYR QV_RP#
D;9:E 3@6 ? AG7?7@E L '++
V[ `\ZR _bQVZR[a \S Z\aV\[$ EUR ]\V[a ; dV`U a\ P\ZZR[a b]\[ V` N
Sb_aUR_ \[R0 aUR QR]R[QR[PR \S \]aVPNY ?6AB?64C:E6 \[ ;>4><>C:>="
;a dVYY OR NT_RRQ aUNa aUR X[\dYRQTR \S ]R_`]RPaVcR V[PYbQR` N[ NdN_R#
[R`` \S aUR ]\aR[aVNY cV`bNY QV`]YNPRZR[a` NaaR[QN[a b]\[ N `UVSa \S aUR
\O`R_cR_l` ]\`VaV\[" V$R$" b]\[ UV` Z\cV[T$ EUR NOVYVaf a\ ]_R`R_cR aUR
VQR[aVaf \S \OWRPa QV`a_VObaV\[ aU_\bTU\ba N `R^bR[PR \S `bPU N]]N_R[a
QV`]YNPRZR[a` V` N [RPR``N_f ]_RZV`R S\_ aUR b[QR_`aN[QV[T \S ]R_`]RPaVcR
QV`a\_aV\[$ ;a ZVTUa `RRZ" aUR_RS\_R" aUNa dUNa V` _R^bV_RQ V` aUR _RZRZ#
OR_RQ Re]R_VR[PR \S `bPU QV`]YNPRZR[a ]NaaR_[` V[ P\[[RPaV\[ dVaU Z\#
aV\[" V$R$" N ]N`a \S cN_V\b`Yf UNcV[T Z\cRQ V[ `]NPR$ 4ba aUV` V` [\a aUR
dU\YR `a\_f$ 8\_ U\d QVQ Z\aV\[ Va`RYS P\ZR a\ OR Re]R_VR[PRQ N` Z\aV\["
VS Va` RcVQR[PR dR_R Wb`a cV`bNY QV`]YNPRZR[a2 EUR R]V`aRZ\Y\TVPNY PV_PYR
V` \OcV\b`$ ;a V` UR_R dUR_R Z\cRZR[a @D2 ?6A7>A<2=46 ORP\ZR` P_bPVNY$
3 dV[TRQ `RRQ `NVYV[T \[ aUR dV[Q" VS Va dR_R R[Q\dRQ dVaU RfR`" d\bYQ Na
Z\`a ]R_PRVcR N aVZR `R^bR[PR \S ad\#QVZR[`V\[NY cV`bNY ZN[VS\YQ` P\[#
aV[b\b`Yf OYR[QV[T V[a\ aURV_ `bPPR``\_`" `UN]R` V[P_RN`V[T N[Q QRP_RN`V[T
V[ `VgR" PUN[TV[T V[ \baYV[R" \]R[V[T N[Q PY\`V[T aURV_ _N[X`" \cR_YN]]V[T
N[Q `R]N_NaV[ThN XNYRVQ\`P\]VP PUN[TR dVaU N QRSV[VaR Oba ZRN[V[TYR``
]NaaR_[" YNPXV[T _RSR_R[PR a\ ]\`VaV\[ N[Q a\ QVZR[`V\[` QRSV[RQ aUR_ROf$
EUb` NYY Va` a_NcRY` d\bYQ [\a URY] Va a\ TNV[ N ]R_PR]aV\[ \S `]NPR N[Q a\
_RYNaR aUR ]N``NTR \S VZNTR` a\ N `]NPR a_NcR_`RQ$ EUR QVSSR_R[PR ORadRR[
aUV` VZNTV[N_f PN`R N[Q aUR _RNY \[R \S aUR `RYS#Z\cV[T N[VZNY V` aUNa aUR
YNaaR_ PUN[TR` Va` ]YNPR Of N[ RePUN[TR \S ZRPUN[VPNY NPaV\[ dVaU aUR
_R`V`aV[T ZRQVbZ" aU_\bTU \_ b]\[ dUVPU Va Z\cR`$ EUR Zb`PbYN_ RSS\_a
_R^bV_RQ ZRN[` aUNa aUR _RYNaVcR Z\aV\[ V` Z\_R aUN[ N `UVSa \S ZbabNY
TR\ZRa_VPNY ]\`VaV\[0 aU_\bTU aUR V[aR_]YNf \S S\_PR aUR TR\ZRa_VPNY OR#
P\ZR` N Qf[NZVPNY `VabNaV\[ dUVPU Of aUV` cR_f PUN_NPaR_ QV`PY\`R` aUR
TR\ZRa_VPNY N`]RPa N` dRYY$ EUR ]_\]_V\PR]aV\[ \S Z\a\_ NPaVcVaf ORP\ZR`
N TbVQR S\_ aUR \_TN[V`Z V[ aUR `bPPR``VcR P\[`a_bPaV\[ \S `]NaVNY QV`aN[PR
N[Q QV_RPaV\[ \ba \S aUR ]UN`R` \S aUR Z\aV\[ Va NPabNYYf ]R_S\_Z`$
A[PR V[ ]\``R``V\[ \S aUR X[\dYRQTR OR^bRNaURQ Of aUR`R Z\aV\[#(

aV\[` V[ cV`bNY `]NPR V` QbR a\ \b_ SRRYV[T \S N ^bNYVaNaVcR QVSSR_R[PR


ORadRR[ aUR _VTUa N[Q YRSa `VQR` \S \b_ O\QVR`0 VS 9\Q ORadRR[ \[R [VTUa
N[Q aUR [Rea PUN[TRQ aUR dU\YR N`]RPa \S aUR `aN__f `Xf V[a\ Va` ZV__\_
VZNTR" dR `U\bYQ UNcR [\ dNf \S aRYYV[T aUR QVSSR_R[PR dVaU\ba _RP\b_`R a\
aU\`R ^bNYVaNaVcR O\Qf SRRYV[T`haUR ]b_RYf TR\ZRa_VPNY RcVQR[PR ReUVOVa#
V[T [\ PUN[TR$
($ DVT[VSVPN[aYf" Z\`a S_RR#Z\cV[T N[VZNY` NYY cR_aRO_NaR`! UNcR N[
NeVNY QV_RPaV\[ \S aURV_ O\Qf `a_bPab_R1 V[ Z\`a PN`R` aUV` P\V[PVQR` dVaU
aUR ZNV[" V$R$" S\_dN_Q QV_RPaV\[ \S aURV_ Y\P\Z\aV\[$ 8_\Z aUR YNaaR_ _bYR"
ZN[l` b]_VTUa ]\`ab_R V` aUR `VT[VSVPN[a RePR]aV\[ S\_ Va` ]_\S\b[Q ZRN[#
V[T PS$ aUR RePRYYR[a R``Nf Of 7_dV[ Da_Nb`" iEUR F]_VTUa B\`ab_R"ll /96
,BH49:2CA:4 -D2AC6A;H (, '/+(!" +(/#,'!$
'+, E :7 B :7@A?7@A@ A8 > ;87
Re]R_VR[PR`" ; PN[ V[QRRQ cVRd aUR d\_YQ S_\Z Zf SVeRQ `aN[Q]\V[a N[Q
N]]_RUR[Q Va V[ QR]aU" V[ ]R_`]RPaVcR" N[Q V[ aUR \_QR_ \S Va` QVSSR_R[aYf
ReaR[QV[T QV_RPaV\[`$ ; ZNf aUR[ OR aUR `aNaV\[N_f N[Q V[NPaVcR \O`R_cR_
dU\ YRa` aUR `]RPaNPYR \S aUR d\_YQ ]N`` Of UV` RfR` N` \[ N `P_RR[$ 4ba V[
aUV` P\[aRZ]YNaVcR `VabNaV\[ Zf S\_ZR_ NPaVcVaf \S NPabNYYf Z\cV[T
aU_\bTU `]NPR" \S QV_RPaV[T Zf`RYS a\dN_Q `\ZR T\NY" \S PUN[TV[T Zf
QV_RPaV\[" \S P\__RYNaV[T aVZR b`RQ a\ QV`aN[PR P\cR_RQ" \S ZRN`b_V[T ReR_#
aV\[ NTNV[`a aUR cV`bNY _R`bYa` \S PUN[TR" NYY aUR`R N[Q aUR NYdNf` ]_R`R[a
]\``VOVYVaf \S ]R_S\_ZV[T aUR `NZR NPa` NTNV[" b[QR_YVR N[Q VZ]_RT[NaR
aUNa `RRZV[TYf `aNaVP ]_R`R[PR \S `]NPR dUVPU cV`V\[ R[W\f`$ HR ZNf
aUR_RS\_R `Nf aUNa aUR ]\``R``V\[ \S N O\Qf V[ `]NPR" Va`RYS ]N_a \S aUR
`]NPR a\ OR N]]_RUR[QRQ" N[Q aUNa O\Qf PN]NOYR \S `RYS#Z\aV\[ V[ P\b[#
aR_]YNf dVaU \aUR_ O\QVR`" V` aUR ]_RP\[QVaV\[ S\_ N cV`V\[ \S aUR d\_YQ$
HR UNcR aUb` aUR ]N_NQ\e aUNa Va V` `\ZRaUV[T Qf[NZVP" N ]_\PR``" Of
dUVPU aUR S_NZRd\_X \S `aNaVP Re]R_VR[PR V` P\[`aVabaRQ" cVg$" N `f`aRZ \S
`]NaVNY P\\_QV[NaR` QV_RPaV\[`! dVaU Zf \d[ O\Qf Na aUR i\_VTV[$j 3[Q
aUR ReNZ]YR \S aUR `R[`R `RRZV[Tf _RZ\aR`a S_\Z `bPU V[c\YcRZR[a
`U\d` aUNa Z\aVYVaf" dUVPU Va`RYS _R^bV_R` `R[aVR[PR S\_ Va` \]R_NaV\[" V[
ab_[ R[aR_` V[a\ aUR cR_f P\[`aVabaV\[ \S `R[`R dUR_R aUV` V` a\ OR Z\_R
aUN[ aUR ZR_R _RTV`aR_V[T \S V__VaNaV\[` S_\Z dVaU\ba0 V[ \aUR_ d\_Q`"
dUR_R `R[`NaV\[ V` a\ _V`R a\ ]R_PR]aV\[$)
)$ ;a S\YY\d`" V[PVQR[aNYYf" aUNa aUR >RVO[VgVN[ Z\[NQ" iZV__\_V[Tj aUR
b[VcR_`R iV[ ]R_`]RPaVcRj S_\Z Va` icVRd]\V[aj [\aR aUR cV`bNY Z\QRY !
F:C9>DC 5>:=8 B><6C9:=8 a\ aUV` b[VcR_`R V[ aUR dNf \S V[aR_NPaV\[" V` N
`RYS#P\[a_NQVPa\_f P\[PR]a0 aUR ]R_PV]VR[a" Of aUR cR_f [Nab_R \S ]R_PR]#
aV\[" <DBC OR NY`\ 286=C$hEUR YN`a Re]_R``V\[ ]_\Z]a` N _RSR_R[PR a\
B_\S$ <\U[ ?NPZb__Nfl` NQZV_NOYR 9VSS\_Q >RPab_R` \S '/+) ]bOYV`URQ
V[ '/+-! \[ /96 .6;7 2B $86=C dU\`R ZN[f `a_VXV[T NT_RRZR[a` V[
cVRd]\V[a N[Q P\[PYb`V\[` dVaU ]\_aV\[` \S aUR ]_R`R[a c\YbZR PNZR N` N
]YRN`N[a `b_]_V`R a\ ZR dUR[ Zf NaaR[aV\[ dN` _RPR[aYf Q_Nd[ a\ Va$
7`]RPVNYYf UV` QV`Pb``V\[ \S aUR _RYNaVcR PYNVZ` \S `VTUa N[Q a\bPU" >?" 4:C"
]]$ '&* SS$" SV[Q` PY\`R ]N_NYYRY` V[ iEUR @\OVYVaf \S DVTUaj SV_`a ]bOYV`URQ
'/+*!$ ;a V` N P\V[PVQR[PR \S V[QR]R[QR[a V[`VTUa" dUVPU Zb`a OR T_NaVSf#
V[T a\ RVaUR_ `VQR$ EUR ]bOYVPNaV\[ \S Zf P\__R`]\[QV[T cVRd` SNYY` V[a\
NO\ba aUR `NZR ]R_V\Q \_ `YVTUaYf ORS\_R0 i5Nb`NYVaf N[Q BR_PR]aV\["j
'/+&1 i;` 9\Q N ?NaURZNaVPVN[2j" '/+'1 i?\aVYVaf N[Q 7Z\aV\[j [\d
iE\ ?\cR N[Q a\ 8RRYj!" '/+)1 i3 5_VaV^bR \S 5fOR_[RaVP`j [\d
i5fOR_[RaVP` N[Q Bb_]\`Rj!" '/+)1 iEUR @\OVYVaf \S DVTUa"j '/+*$ EUR
8V_`a 7``Nf \S aUR ]_R`R[a P\YYRPaV\[ P\[aNV[` aUR \]R[V[T \S Zf YRPab_R
P\b_`R \[ iEUR B_\OYRZ \S >VSR V[ aUR EUR\_f \S 4RV[T"j TVcR[ Na aUR
:RO_Rd F[VcR_`Vaf V[ <R_b`NYRZ V[ '/*,%*-!$ B_\S$ ?NPZb__Nf dN` \O#
cV\b`Yf N` b[NdN_R \S aUR`R ]VRPR` N` ; _RT_RaaNOYf _RZNV[RQ S\_ fRN_`
NSaR_dN_Q \S UV` d\_X$
C 7 F 7 ? D : 7CC3I

;XLRP#XLVTYR
LYO _SP 8]PPOZX ZQ >LY

DSP QZWWZbTYR T^ LY P^^Ld TY [STWZ^Z[STNLW LY_S]Z[ZWZRd NZYNP]YPO


bT_S OP_P]XTYTYR XLYi^ g^[PNTQTN OTQQP]PYNPh TY _SP LYTXLW VTYROZX$
8Z] SP`]T^_TN [`][Z^P^ ; SLaP L^^`XPO _SP ^T_`L_TZY ZQ Pc[WZ]P]^ ZY
LYZ_SP] [WLYP_ bSZ bT^S _Z L^NP]_LTY _SP []P^PYNP ZQ gXPYh LXZYR
_SP WTaTYR N]PL_`]P^ _SP]P$ DSP ^T_`L_TZY T^ SP`]T^_TNLWWd TOPLW MPNL`^P
T_ T^ TOPLWWd ]TRZ]Z`^" OPYdTYR LWW ^`[[Z]_ ZQ XZ][SZWZRTNLW QLXTWTL]T_d
LYO bT_S T_ _SP _PX[_L_TZY _Z _LVP LNNTOPY_LW^ ZQ MZOTWd _d[P QZ]
P^^PY_TLW^ ZQ L ^[PNTP^ ZQ WTQP$ 6P_LNSPO Q]ZX LYd [L]_TN`WL] eZZWZRd
LYO Q]ZX VTY^ST[ ]PWL_TZY^" _SP _P]X gXLYh NLY ]PQP] ZYWd _Z LY
LYLWZRd#ZQ#P^^PYNP _SL_ bZ`WO U`^_TQd L^^TRYTYR _SP YLXP TY _SP QLNP
ZQ `__P] [Sd^TNLW OT^^TXTWL]T_d$ GSL_ VTYO ZQ XTYTX`X PaTOPYNP bZ`WO
MP NZYNW`^TaP" LYO bSL_ PcLN_Wd bZ`WO T_ MP NZYNW`^TaP QZ]2
3XZYR _SP [Z^^TMWP Pc_P]YLW NW`P^ _SL_ ZQQP] _SPX^PWaP^ L^ N]T_P]TL"
_SL_ ZYP SL^ [STWZ^Z[STNLW []PQP]PYNP bSTNS" TY LOOT_TZY _Z MPTYR L_
ZYNP `YP\`TaZNLW LYO []TXT_TaP" dTPWO^ XZ^_ QZ] L OPQTYT_TZY ZQ XLYi^
YL_`]P bSPY TY_P][]P_PO TY T_^ TY_P]YLW TX[WTNL_TZY^$ DSP L]R`XPY_
[]P^PY_PO SP]P Z`RS_ _Z MP []PNPOPO Md L OT^N`^^TZY ZQ _SP ]PWL_TaP
XP]T_^ ZQ aL]TZ`^ ^`NS NW`P^f WTVP _ZZW^" SPL]_S^" _ZXM^$ ; ^_L]_" SZb#
PaP]" bSP]P ^`NS L OT^N`^^TZY SL^ WPO XP" QZ]PRZTYR _SP ^`[[Z]_ ZQ
[]P[L]L_Z]d TYaPY_Z]d LYO ]PL^ZYPO ^PWPN_TZY$ DSP NSZTNP ZQ TXLRP#
XLVTYR L^ [L]_TN`WL]Wd ]PaPLWTYR T^ MP^_ U`^_TQTPO Md T_^ ]P^`W_^$ ?PPO#
WP^^ _Z ^Ld" YZ NWLTX _Z PcNW`^TaP aLWTOT_d T^ TX[WTPO TY _SP NSZTNP$ 3
'+-
'+. K D :7 A :7?@>7?@? @8 =;87
NP]_LTY SP]XPYP`_TN LOaLY_LRP" Q]ZX bSTNS ; bT^S _Z []ZQT_" WTP^ TY _SP
]PWL_TaP ^TX[WTNT_d ZQ _SP [SPYZXPYZY L^ NZX[L]PO" QZ] PcLX[WP" bT_S
^[PPNS$ DSP WL__P]" _SZ`RS T_ T^ PaPY XZ]P NPY_]LW _Z _SP YL_`]P ZQ XLY
L^ T_ T^ NP]_LTYWd XZ]P NZX[]PSPY^TaP TY MPL]TYR!" T^ LW^Z X`NS XZ]P
NZX[WPc TY T_^ NZY^_T_`_TZY" T_^ PaTOPYNP LNNZ]OTYRWd XZ]P OTQQTN`W_ _Z
L^^P^^1 MP^TOP^" TY _SP L^^`XPO ^T_`L_TZY" _SP \`P^_TZY ZQ T_^ TOPY_TQTNL#
_TZY Md Z`_^TOP]^f_SL_ T^" _SP [Sd^TNLW TYOTQQP]PYNP ZQ ^dXMZWTN `_#
_P]LYNP L^ ^`NS" bSTNS T^ YZ_ T_^ ZbY PaTOPYNPfbZ`WO LOO L []ZMWPX
ZQ ]PNZRYT_TZY YZ_ RP]XLYP _Z _SP T^^`P T_^PWQ1 LYO QTYLWWd" WTVP g]PL#
^ZYh LYO g_STYVTYR"h _SP NZYNP[_ ZQ gWLYR`LRPh SL^ MPNZXP _ZZ NZY#
_]ZaP]^TLW LYO `YNP]_LTY TY NZY_PX[Z]L]d [STWZ^Z[Sd _Z ^P]aP _SP
PWPXPY_L]d PY_P][]T^P SP]P TY XTYO$ DSP]P T^ MP__P] SZ[P QZ] []TZ]
LR]PPXPY_ ZY bSL_ L [TN_`]P T^ _SLY ZY bSL_ L bZ]O T^$ ;Y QLN_" LY
`YOP]^_LYOTYR ZQ _SP TXLRP QLN`W_d XLd NZY_]TM`_P ^ZXP_STYR _Z _SP
`YOP]^_LYOTYR ZQ _SP XZ]P PW`^TaP [SPYZXPYZY ZQ ^[PPNS$
@`] Pc[WZ]P]^ PY_P] L NLaP" LYO ZY T_^ bLWW^ _SPd OT^NP]Y WTYP^ Z]
Z_SP] NZYQTR`]L_TZY^ _SL_ X`^_ SLaP MPPY []ZO`NPO L]_TQTNTLWWd" _SL_
SLaP YZ ^_]`N_`]LW Q`YN_TZY" LYO _SL_ ^`RRP^_ L WTVPYP^^ _Z ZYP Z]
LYZ_SP] ZQ _SP WTaTYR QZ]X^ PYNZ`Y_P]PO Z`_^TOP$ DSP N]d RZP^ `[$0
g:P]P T^ PaTOPYNP ZQ XLY h GSd2 DSP PaTOPYNP OZP^ YZ_ ]P\`T]P _SP
[P]QPN_TZY ZQ _SP 3W_LXT]L [LTY_TYR^$ DSP N]`OP^_ LYO XZ^_ NSTWOT^S
O]LbTYR bZ`WO MP U`^_ L^ NZYNW`^TaP L^ _SP Q]P^NZP^ ZQ >TNSPWLYRPWZ$
5ZYNW`^TaP QZ] bSL_2 8Z] _SP XZ]P#_SLY#LYTXLW YL_`]P ZQ T_^ N]PL_Z]1
LYO QZ] ST^ MPTYR [Z_PY_TLWWd L ^[PLVTYR" _STYVTYR" TYaPY_TYR" TY ^SZ]_
g^dXMZWTNLWh MPTYR$ 3YO ^TYNP T_ T^ YZ_ L XL__P] ZQ OPR]PP" L^ T^
_PNSYZWZRd" _SP PaTOPYNP X`^_ ]PaPLW bSL_ T_ SL^ _Z ]PaPLW Md T_^
QZ]XLW \`LWT_d LWZYP$
GSL_ QLN`W_TP^ LYO L__T_`OP^ L]P TYaZWaPO TY TXLRP#XLVTYR2 8Z]
Z`] TYT_TLW NZYaTN_TZY _SL_ YZ XP]P LYTXLW bZ`WO Z] NZ`WO []ZO`NP LY
TXLRP bP XLd L_ _ST^ ^_LRP U`^_ LOO`NP _SP MTZWZRTNLW `^PWP^^YP^^ ZQ
LYd XP]P ]P[]P^PY_L_TZY$ DSP L]_TQLN_^ ZQ LYTXLW^ SLaP L OT]PN_ [Sd^T#
NLW `^P TY _SP []ZXZ_TZY ZQ aT_LW PYO^" ^`NS L^ Y`_]T_TZY" ]P[]ZO`N_TZY"
STMP]YL_TZY$ 3 ]P[]P^PY_L_TZY" SZbPaP]" NSLYRP^ YPT_SP] _SP PYaT]ZY#
XPY_ YZ] _SP NZYOT_TZY ZQ _SP Z]RLYT^X T_^PWQ$ 3Y TXLRP#XLVTYR N]PL#
_`]P" _SP]PQZ]P" T^ ZYP _SL_ TYO`WRP^ TY _SP XLVTYR ZQ `^PWP^^ ZMUPN_^"
Z] SL^ PYO^ TY LOOT_TZY _Z _SP MTZWZRTNLW ZYP^" Z] NLY ^P]aP _SP WL__P]
TY bLd^ ]PXZ_P Q]ZX _SP OT]PN_ `^PQ`WYP^^ ZQ TY^_]`XPY_LW _STYR^$
GSTNSPaP] T_ T^ LYO T_ XLd MP LWW _S]PP!" TY _SP [TN_Z]TLW ]P[]P^PY_L#
; >397#>3<;?9 3?6 D:7 8 B776@> @8 > 3? J '+/
_TZY _SP ZMUPN_ T^ L[[]Z[]TL_PO TY L YPb" YZY[]LN_TNLW bLd" LYO _SP
aP]d QLN_ _SL_ _SP TY_P]P^_ TY T_ NLY ^STQ_ _Z T_^ .2-8< ^TRYTQTP^ L YPb
ZMUPN_ ]PWL_TZY$

4PQZ]P bP []ZNPPO LYd Q`]_SP] bP X`^_ OP_P]XTYP bSL_ LY TXLRP T^"


Z] Md bSL_ []Z[P]_TP^ LY ZMUPN_ NZXP^ _Z MP _SP TXLRP ZQ LYZ_SP]
ZMUPN_$
'$ DSP XZ^_ ZMaTZ`^ []Z[P]_d T^ _SL_ ZQ gWTVPYP^^$h 3Y TXLRP T^ LY
ZMUPN_ _SL_ MPL]^ L [WLTYWd ]PNZRYTeLMWP" Z] L_ bTWW OT^NP]YTMWP" WTVPYP^^
_Z LYZ_SP] ZMUPN_$
($ DSP WTVPYP^^ T^ []ZO`NPO bT_S TY_PY_0 _SP ZMUPN_ MPL]TYR T_ T^ TY
]P^[PN_ _Z _SL_ []Z[P]_d LY L]_TQLN_$ 3 YL_`]LW ]P^PXMWLYNP MP_bPPY
_bZ ZMUPN_^ OZP^ YZ_ NZY^_T_`_P _SP ZYP LY TXLRP ZQ _SP Z_SP]$' DSP
L]_TQTNTLWT_d LYO _SP]PbT_S TY_PYOPOYP^^! ZQ _SP WTVPYP^^ TY ZYP ZQ _SP
_bZ LWTVP _STYR^ X`^_ MP L^ ]PNZRYTeLMWP L^ _SP WTVPYP^^ T_^PWQ$ DSP
Pc_P]YLW TY_PY_TZY ZQ _SP XLVP] WTaP^ ZY L^ TY_]TY^TN gTY_PY_TZYLWT_dh TY
_SP []ZO`N_f _SP TY_PY_TZYLWT_d ZQ ]P[]P^PY_L_TZY" bSTNS NZXX`YT#
NL_P^ T_^PWQ _Z _SP MPSZWOP]$ DS`^" bSTWP WTVPYP^^ T_^PWQ T^ X`_`LW" _SP
TXLRP ]PWL_TZY `^TYR T_ T^ ZYP#^TOPO0 _SP L]_TQTNTLW _STYR T^ LY TXLRP ZQ
_SP YL_`]LW" YZ_ LW^Z _SP YL_`]LW LY TXLRP ZQ _SP L]_TQTNTLW$
)$ DSP WTVPYP^^ T^ YZ_ NZX[WP_P$ 3 O`[WTNL_TZY ZQ LWW _SP []Z[P]_TP^
ZQ _SP Z]TRTYLW bZ`WO ]P^`W_ TY _SP O`[WTNL_TZY ZQ _SP ZMUPN_ T_^PWQf TY
LYZ_SP] TY^_LYNP ZQ _SP ^LXP VTYO ZQ ZMUPN_" YZ_ TY LY TXLRP$ ;Q ; NZ[d
L SLXXP] TY PaP]d ]P^[PN_" ; SLaP LYZ_SP] SLXXP] LYO YZ_ LY TXLRP
ZQ L SLXXP]$
DSP TYNZX[WP_PYP^^ ZQ _SP WTVPYP^^ X`^_ MP [P]NP[_TMWP" ^Z L^ _Z
\`LWTQd _SP WTVPYP^^ L^ gXP]P WTVPYP^^$h 7W^P _SP MPSZWOP] bZ`WO ^`[#
[Z^P STX^PWQ _Z MP TY _SP []P^PYNP ZQ _SP ZMUPN_ LYO YZ_ ZQ T_^ TXLRP'

'$ DST^ ^_L_PXPY_ SL^ _Z MP \`LWTQTPO bT_S ]P^[PN_ _Z XT]]Z] TXLRP^"


^SLOZb^" LYO _SP WTVP$ 3 ]PQWPN_TZY TY bL_P] T^ L YL_`]LW" _SL_ T^" YZYL]_TQT#
NTLW" ]P^PXMWLYNP" LYO T_ T^ LY TXLRP ZQ _SP ZMUPN_ _SL_ T^ ]PQWPN_PO" bSTWP
_SP WL__P] bT_S LWW T_^ WTVPYP^^ NLYYZ_ MP ^LTO _Z MP LY TXLRP ZQ _SP QZ]XP]$
4`_ SP]P _SP TXLRP T^ LY LNNZX[LYTXPY_ ZQ _SP ZMUPN_ LYO YZ_ LY ZMUPN_
Md T_^PWQ1 LYO PaPY TQ T_ T^ OP_LNSLMWP" WTVP _SP TX[]TY_ ZQ LY LYTXLW QZ]X
L [Z_PY_TLW gTXLRPh QZ] _SP WL_P] [LWPZY_ZWZRT^_!" _SP WTVPYP^^ T^ _SP
XPXMP] ZQ L NL`^P#PQQPN_ ]PWL_TZY ]L_SP] _SLY L ]P[]P^PY_L_TZY$
',& D :7 A :7?@>7?@? @8 =;87
ZYWd$ C`NS OPNP[_TZY" L ^PWQ#OT^^TX`WL_TZY ZQ _SP TXLRP" OPQPL_^ T_^
_]`P XPLYTYR bSTNS T^ _Z ]P[]P^PY_" YZ_ _Z ^TX`WL_P" _SP ZMUPN_$ DST^ T^
_SP OTQQP]PYNP MP_bPPY TXLRP LYO TXT_L_TZY$ 3 WTVPYP^^ XLd TYOPPO
OPNPTaP XP TY_Z _LVTYR T_ QZ] _SP Z]TRTYLW$ DSL_ T_ T^ ZYWd [L]_TLW XLd
YZ_ MP ZMaTZ`^ _Z _SP ^PY^P _Z bSTNS T_ T^ LOO]P^^POf aT^TZYf MPNL`^P
TY _P]X^ ZQ _SL_ ^PY^P LWZYP T_ T^ OPNP[_TaPWd NZX[WP_P$ CZ WZYR L^ ;
SLaP YZ_ WTQ_PO _SP bLc Q]`T_ Q]ZX _SP MZbW" T_ T^ QZ] XP YZ_ _SP
WTVPYP^^ ZQ LY L[[WP M`_ LY L[[WP$ DSPY _SP ]PNZRYT_TZY" LQQZ]OPO Md
_Z`NS LYO ^XPWW" _SL_ _SP WTVPYP^^ T^ LQ_P] LWW ZYWd [L]_TLW" LYO NZY#
_]TaPO L_ _SL_" _]LY^[Z^P^ _SP ZMUPN_ Q]ZX ZYP NL_PRZ]d _Z LYZ_SP]0 YZ_
TY _ST^ NL^P" SZbPaP]" _Z _SL_ ZQ TXLRP M`_ _Z _SL_ ZQ QLVP$
8Z] TY _ST^ NL^P _SP OPNP[_TZY bL^ TY_PYOPO$ ;Y _SP TXLRP T_ T^ YZ_0
T_^ WTVPYP^^ T^ LaZbPOWd g^`[P]QTNTLW"h TY _SL_ T_ ]P[]ZO`NP^ _SP ^`]QLNP
L[[PL]LYNP ^_]TN_Wd L^ ^`NS LYO YZ_ L^ L []P_PY^P _Z L WTVPYP^^ LW^Z ZQ
_SP ^`M^_LYNP TY bSTNS T_ T^ PXMZOTPO$ gEY^`M^_LY_TLWh TY T_^PWQ" _SP
WTVPYP^^ NZYNPOP^ _Z _SP XPLY^ ZQ T_^ PXMZOTXPY_ _SPT] ZbY ^`M^_LY#
_TLWT_d$ DST^ NZYQTYPXPY_ ZQ _SP ]P[]P^PY_L_TaP TY_PY_TZY _Z _SP L[[PL]#
TYR ^`]QLNP T^ _SP XZ^_ ML^TN ^PY^P TY bSTNS LWW TXLRP#WTVPYP^^ T^
TYNZX[WP_P" QZ] T_ T^ NZY^_T_`_TaP QZ] _SP RPY`^ gTXLRPh L^ ^`NS$( DST^
TYNZX[WP_PYP^^" _SPY" bSTNS bP XLd _P]X _SP ZY_ZWZRTNLW ZYP" T^
[]POPNTOPO bT_S _SP TXLRP TY_PY_TZY TY RPYP]LW" LYO YZ WZYRP] L XL_#
_P] ZQ NSZTNP TY _SP [L]_TN`WL] NL^P$
*$ 4PdZYO _ST^ ML^TN NZYOT_TZY" _SP gTYNZX[WP_PYP^^h L^^`XP^
OPR]PP^ ZQ Q]PPOZX$ GT_STY _SP OTXPY^TZY NZY^_T_`_PO Md _SP gZY_Z#
WZRTNLW TYNZX[WP_PYP^^"h _SP TXLRP T^ LRLTY PWWT[_TN0 X`NS PaPY ZQ _SP
^`]QLNP L[[PL]LYNP T^ ZXT__PO$ @XT^^TZY TX[WTP^ ^PWPN_TZY$ ;Y T_^ [Z^T#
_TaP L^[PN_" _SPY" _SP TYNZX[WP_PYP^^ ZQ TXLRP#WTVPYP^^ XPLY^ _SP
^PWPN_TZY ZQ g]P[]P^PY_L_TaPh Z] g]PWPaLY_h Z] g^TRYTQTNLY_h QPL_`]P^ ZQ
_SP ZMUPN_" _SL_ T^" ZQ T_^ L[[PL]LYNP _Z _SP ^PY^P _Z bSTNS _SP TXLRP T^
LOO]P^^PO$ DSP ]P^_]TN_TZY _Z _ST^ ZYP ^PY^P LWZYP L^ _SP [P]NP[_`LW
XPOT`X ZQ ]P[]P^PY_L_TZY T^ T_^PWQ _SP QT]^_ g^PWPN_TZYh Z[P]L_TaP TY
TXLRP#XLVTYR" LYO _ST^ T^ RPYP]TNLWWd []POP_P]XTYPO Md _SP OZXT#
YLYNP ZQ aT^TZY0 XLYi^ YL_`]P SL^ OPNTOPO TY LOaLYNP QZ] _SP aT^`LW
L^[PN_ L^ ]P[]P^PY_L_TaP ZQ _STYR^$ 5ZYQTYPXPY_ _Z _bZ OTXPY^TZY^

($ BL_SP] _SLY MPTYR NZYNPLWPO" _ST^ VTYO ZQ TYNZX[WP_PYP^^ XLd MP


PX[SL^TePO TY _SP Pc_PY_ _Z bSTNS _SP XL_P]TLWi^ ZbY \`LWT_d T^ [P]XT__PO
_Z NZOP_P]XTYP _SP L[[PL]LYNP ZQ _SP TXLRP$
; >397#>3<;?9 3?6 D:7 8 B776@> @8 > 3? J ','
TY_]ZO`NP^ L Q`]_SP] LYO XZ]P ^[PNTQTN WPaPW ZQ TYNZX[WP_PYP^^ bSTNS
XLVP^ T_^ ZbY ^PWPN_TaP OPXLYO^$ 4`_ bT_STY _SP ^PWPN_TaP WPaPW^ _S`^
OP_P]XTYPO RPYP]TNLWWd aT^`LW ]P[]P^PY_L_TZY TY _SP ^ZWTO" TY _SP QWL_!"
_SP]P _LVP^ [WLNP L XZ]P L]MT_]L]d LYO [L]_TN`WL] ^PWPN_TZY ZQ ]P[]P#
^PY_L_TaP QPL_`]P^" LYO _SP Q]PPOZX SP]P TYN]PL^P^ bT_S _SP OPR]PP ZQ
TYNZX[WP_PYP^^ OPQTYTYR _SP RPYP]TN WPaPW^ L^ ^`NS0 TY _SP QWL_ T_ T^
R]PL_P] _SLY TY _SP ^ZWTO" _SP ZYP SLaTYR TYSP]PY_Wd XZ]P ZQ gLM^_]LN#
_TZYh TY T_ _SLY _SP Z_SP]$
3_ _SP XZXPY_ T_ ^`QQTNP^ _Z OPQTYP L^ g]P[]P^PY_L_TaPh ^`NS PWP#
XPY_^ L^ NZYQP] ]PNZRYTeLMTWT_d TY _SP LM^PYNP ZQ NZX[WP_PYP^^$ DSP
XZ]P ^`NNP^^Q`W _SP ^PWPN_TZY TY _ST^ ]P^[PN_" _SP R]PL_P] _SP TYNZX#
[WP_PYP^^ _SL_ _SP ]P[]P^PY_L_TZY NLY LQQZ]O$ DSP LOaLY_LRP T^ ZYP YZ_
ZYWd ZQ PNZYZXd ^TX[WTQdTYR _SP _L^V ZQ ]P[]P^PY_L_TZY! M`_ LW^Z ZQ
Pc[]P^^TaPYP^^" PX[SL^TeTYR L^ T_ OZP^ _SP _STYR^ _SL_ XL__P]$ DS`^ L
gWP^^h ZQ NZX[WP_PYP^^ NLY XPLY L gXZ]Ph ZQ P^^PY_TLW WTVPYP^^$ DST^
L^[PN_ ZQ TYNZX[WP_PYP^^ [ZTY_^ _Z TOPLWTeL_TZY" bSTNS YPPO Md YZ
XPLY^ RZ TY _SP OT]PN_TZY ZQ MPL`_d LWZYP$ 7NZYZXd LYO TOPLWTeL_TZY
LW^Z [`_ _SP TXLRP NSL]LN_P] L^ ^`NS MPdZYO OZ`M_0 bP ^SLWW SL]OWd
XT^_LVP _SP ]PLW ZMUPN_ QZ] LY TXLRP ZQ T_^PWQ" QZ] TY T_^ LM`YOLYNP ZQ
_SP LNNTOPY_LW T_ WLNV^ _SP ^dXMZWTN NZYNPY_]L_TZY ZY _SP P^^PY_TLW$
+$ GT_S _SP^P WL^_ ]PXL]V^ bP SLaP [L^^PO MPdZYO _SP OTXPY^TZY
ZQ gTYNZX[WP_PYP^^h _Z _SL_ ZQ [Z^T_TaP OTQQP]PYNP$ 3OOPO _Z OT^^TXT#
WL]T_d L^ L ]P^`W_ ZQ ZXT__TYR LYO ^PWPN_TYR" _SP]P T^ LW_P]L_TZY ZQ _SP
^PWPN_PO QPL_`]P^ _SPX^PWaP^" L^ L XPLY^ ZQ SPTRS_PYTYR _SP ^dXMZWTN
^TXTWT_`OP" Z] TY Z]OP] _Z ^L_T^Qd aT^`LW TY_P]P^_^ Z_SP] _SLY ]P[]P^PY_L#
_TZY" Z] U`^_ L^ _SP ]P^`W_ ZQ TYLOP\`L_P LMTWT_d$ DSP OT^^TXTWL]T_d XLd
]LYRP LWW _SP bLd Q]ZX ^WTRS_ OT^[WLNPXPY_^ Md bLd ZQ PX[SL^T^ _Z _SP
XZ^_ PcLRRP]L_PO NL]TNL_`]P" LYO Q]ZX `YZM_]`^TaP SL]XZYTeTYR _Z
NZX[WP_P L^^TXTWL_TZY ZQ _SP gRTaPYh _Z L NLYZY ZQ ^_dWP$ CZXP ^`NS
OP[L]_`]P Q]ZX _SP RTaPY T^ TY^P[L]LMWP Q]ZX _SP []ZNP^^ ZQ T_^ g_]LY^#
WL_TZY"h TY aTPb ZQ _SP S`XLY LRPYNd TYaZWaPO1 LYO _SP _ZWP]LYNP
LWWZbPO TY _ST^ ]P^[PN_ Md _SP TXLRP NL_PRZ]d L^ ^`NS T^ TYOPQTYT_P$
5SZTNP Z] NZX[`W^TZY" XL^_P]d Z] _SP WLNV ZQ T_" PLNS LYO LWW XLd
SLaP [WLd bT_STY _ST^ _ZWP]LYNP$ DSP TYaZW`Y_L]d ZaP]^TX[WTQTNL_TZY^
LYO OT^_Z]_TZY^ ZQ NSTWO]PYi^ O]LbTYR^" YZ WP^^ _SLY _SP ^ZaP]PTRY
PcP]NT^P ZQ L]_T^_TN TY_PY_TZY" XLd WPLaP ZYWd QLTY_ _]LNP^ ZQ WTVPYP^^ _Z
_SP OP[TN_PO ZMUPN_$ IP_ _Z L]_T^_ LYO ^[PN_L_Z] LWTVP" PaPY ^`NS
^_]LTYPO LYO TX[P]QPN_ WTVPYP^^P^ L]P ]P[]P^PY_L_TZY^ ZQ _SP ZMUPN_ TY
',( D :7 A :7?@>7?@? @8 = ;87
\`P^_TZY$ DSP]P T^ LWXZ^_ YZ WTXT_ _Z _SP ^_]P_NS ZQ TXLRTYL_TZY _SL_
_SP NL[LNT_d QZ] ^dXMZWTN `YOP]^_LYOTYR XLd NZXXLYO$
5L]]TPO Md _ST^ NL[LNT_d MPdZYO _SP TYT_TLW _P]X^ ZQ TXLRP" _SP
]P[]P^PY_L_TZYLW Q`YN_TZY XLd ]P^_ []ZR]P^^TaPWd WP^^ TY ]PLW ^TXTWT_`OP
_SLY TY _SP XP]P ]PNZRYTeLMTWT_d ZQ _SP TY_PY_TZY$ 3_ QT]^_ LY ZMaTZ`^
OPR]PP ZQ WTVPYP^^ T^ YPNP^^L]d _Z XLVP _SP TY_PY_TZY ]PNZRYTeLMWP"
LYO _ST^ T^ _SP []ZaTYNP ZQ TXLRP []Z[P]1 M`_ bT_S _SP ]T^P ZQ L
^dXMZWTN NZYaPY_TZY LY TYN]PL^TYR ]LYRP ZQ ^`M^_T_`_TZY^ LYO R]L[ST#
NLW LMM]PaTL_TZY^ MPNZXP^ LaLTWLMWP" bT_S TYN]PL^TYR PXLYNT[L_TZY
Q]ZX gWT_P]LWYP^^$h @YP [Z^^TMWP Q]`T_ ZQ _ST^ OPaPWZ[XPY_ T^ TOPZ#
R]L[STN ^N]T[_$! 8]ZX _SP MPRTYYTYR" SZbPaP]" LM^_]LN_TZY LYO ^_dWT#
eL_TZY L]P []P^PY_ TY _SP [TN_Z]TLW []ZNP^^ L^ ^`NS" L^ _SP OPXLYO^ ZQ
PNZYZXd L]P XP_ Md _SP Q]PPOZX ZQ _]LY^N]T[_TZY$ 3YO T_ T^ TY _SP
PcP]NT^P ZQ _ST^ Q]PPOZX _SL_ _SP YZ]X ZQ _SP RTaPY ZMUPN_ NLY MP
LMLYOZYPO PY_T]PWd QZ] _SP N]PL_TZY ZQ ^SL[P^ YPaP] ^PPY0 _SP [TN#
_Z]TLW QLN`W_d Z[PY^ _SP ]ZLO _Z TYaPY_TZY$
,$ DSP ZMUPN_ ZQ ]P[]P^PY_L_TZY T^ aT^`LW ^SL[P$ FT^TZY R]LY_^ _SP
R]PL_P^_ Q]PPOZX _Z _SP XPOTLNd ZQ ]P[]P^PY_L_TZY" YZ_ ZYWd Md _SP
bPLW_S ZQ OL_L Q]ZX bSTNS _SP WL__P] NLY NSZZ^P M`_ LW^Z Md _SP
Y`XMP] ZQ aL]TLMWP^ ZQ bSTNS aT^`LW TOPY_T_TP^ LOXT_$ DSP]P L]P XLYd"
P\`LWWd ]PNZRYTeLMWP" aT^`LW ^SL[P^ _Z _SP ^LXP ZMUPN_" L^ L ]P^`W_ ZQ
]PWL_TaP [Z^T_TZY LYO [P]^[PN_TaP0 T_^ gL^[PN_^h 1 PLNS ZQ _SP^P PYUZd^
LY TYOP[PYOPYNP Q]ZX _SP aL]TL_TZY ZQ ^TeP O`P _Z OT^_LYNP1 LY TYOP#
[PYOPYNP Q]ZX aL]TL_TZY^ ZQ NZWZ] LYO M]TRS_YP^^ O`P _Z NZYOT_TZY^ ZQ
WTRS_1 LY TYOP[PYOPYNP Q]ZX _SP NZX[WP_PYP^^ ZQ OP_LTW" bSTNS NLY
XP]RP LYO OT^L[[PL] TY _SP ^TX`W_LYPZ`^ bSZWPYP^^ ZQ LY ZMUPN_i^
aTPb$ DS]Z`RS LWW _SP^P aL]TL_TZY^ ZQ ^PY^P _SP QZ]X ]PXLTY^ TOPY_TQT#
LMWP LYO NZY_TY`Z`^Wd ]P[]P^PY_^ _SP ^LXP _STYR$
GT_S ^`NS [SPYZXPYZWZRTNLW _]LT_^" _Z bSTNS YZ Z_SP] ^PY^P ZQQP]^
L Q`WW LYLWZRd" aT^TZY T_^PWQ ^`RRP^_^ _SP TOPL ZQ ]P[]P^PY_L_TZY LYO" L^
T_^ XPLY^" LY TOPL ZQ gQZ]Xh bSZ^P TOPY_T_d ]P^_^ PY_T]PWd TY _SP
[]Z[Z]_TZY ZQ T_^ [L]_^$ ;Y aT^`LW TXLRP]d" _SP]PQZ]P" _SP WL]RP NLY MP
]P[]P^PY_PO Md _SP ^XLWW" _SP ^XLWW Md _SP WL]RP" _SP ^ZWTO Md _SP
[WLYP" _SP NZWZ]PO Md MWLNV LYO bST_P" _SP NZY_TY`Z`^ Md _SP OT^N]P_P
LYO aTNP aP]^L" _SP Q`WW Md _SP XP]P Z`_WTYP" _SP XLYTQZWO Md _SP
^TX[WP$ CTRS_ T^ _SP XLTY [P]NP[_`LW XPOT`X ZQ ]P[]P^PY_L_TZY MP#
NL`^P T_ T^ YZ_ ZYWd _SP NSTPQ ZMUPN_#^PY^P M`_ LW^Z _SP SZXP R]Z`YO ZQ
LM^_]LN_TZY$
-$ DSP TXLRP T^ TYLN_TaP LYO L_ ]P^_" _SZ`RS T_ XLd OP[TN_ XZaP#
; >397#>3<;?9 3?6 D:7 8 B776@> @8 > 3? J ',)
XPY_ LYO LN_TZY$ DSP^P T_ NLY NZYU`]P TY_Z L ^_L_TN []P^PYNP MPNL`^P
_SP ]P[]P^PY_PO" _SP ]P[]P^PY_L_TZY" LYO _SP aPSTNWP ZQ ]P[]P^PY_L_TZY
_SP TXLRTYR _STYR" Z] [Sd^TNLW NL]]TP] ZQ _SP TXLRP! L]P OTQQP]PY_
^_]L_L TY _SP ZY_ZWZRTNLW NZY^_T_`_TZY ZQ _SP TXLRP$ ;Y ^[T_P ZQ T_^
PXMZOTXPY_" _SP WTVPYP^^ T^ `Y^`M^_LY_TLW" WTVP L ^SLOZb Z] L XT]]Z]
TXLRP$ ;_ NLY ]P[]P^PY_ _SP OLYRP]Z`^ bT_SZ`_ PYOLYRP]TYR" _SP SL]X#
Q`W bT_SZ`_ SL]XTYR" _SP OP^T]LMWP bT_SZ`_ ^L_TL_TYR$ GSL_ T^ ]P[]P#
^PY_PO TY _SP XZOP ZQ TXLRP T^" TY _SP TXLRP" ]PXZaPO Q]ZX _SP NL`^LW
NZXXP]NP ZQ _STYR^ LYO _]LY^[Z^PO _Z L YZYOdYLXTN PcT^_PYNP _SL_ T^
_SP TXLRP PcT^_PYNP []Z[P]f L XZOP ZQ PcT^_PYNP _Z MP NZYQZ`YOPO
YPT_SP] bT_S _SL_ ZQ _SP TXLRTYR _STYR YZ] bT_S _SL_ ZQ _SP TXLRPO
]PLWT_d$ DSP WL^_ _bZ MZ_S ]PXLTY TYaZWaPO TY _SP XZaPXPY_ ZQ MPNZX#
TYR$ 3^ _SP TXLRPO ]PLWT_d RZP^ ZY TY T_^ NZ`]^P" _SP MZOd ZQ _SP TXLRP#
_STYR" ^_L]_TYR ZY T_^ ZbY ST^_Z]d" NZY_TY`P^ _Z MP [L]_ ZQ _SP NL`^LW
Z]OP] TY bSZ^P _]LY^LN_TZY^ T_ L^^`XPO T_^ []P^PY_ NZYOT_TZY1 M`_
NZY^TOP]PO TY T_^ TXLRTYR Q`YN_TZY T_ NPL^P^ _Z NZ`Y_ TY T_^ ZbY ]TRS_$
;_^ ^`M^_LY_TLWT_d bSZ^P ^ZWP ]P\`T^T_P T^ _Z MP ^_LMWP" ^Z L^ _Z
[]P^P]aP _SP TXLRP! T^ ^`MXP]RPO TY T_^ ^dXMZWTN L^[PN_" LYO _SP]P#
bT_S T^ ^`MXP]RPO T_^ NL`^LW MLNVR]Z`YOf YZ_ ZYWd _SL_ ZQ T_^ YL_`]LW
[]PST^_Z]d T_^ [L^_ L^ L _]PP" L ]ZNV! M`_ LW^Z _SL_ ZQ MPNZXTYR"
`YOP] _SP L]_T^_i^ SLYO^" T_^ []P^PY_ ^PWQ$ DSP LN_TaT_d _SL_ bPY_ TY_Z T_^
XLVTYR T^ L XL__P] ZQ _SP [L^_" ZQ bSTNS _SP TXLRP#[]P^PY_ VPP[^ YZ
]PNZ]O$ DSL_ []P^PY_ SL^" L^ T_ bP]P" ]PYZ`YNPO _SP ^_L_`^ ZQ PQQPN_"
bSTNS ^_TWW TX[WTP^ T_^ NL`^P0 OT^^PXMWTYR LYd [L^_" T_ LW^Z []P^LRP^ YZ
Q`_`]Pf LYO Z`_ ZQ _ST^ YZY_]LY^TPY_ LYO _TXPWP^^ []P^PY_ _SP TXLRP
XPP_^ _SP _TXP#MZ`YO MPSZWOP] TY L []P^PYNP _SL_ T^ L^ X`NS OP_LNSPO
Q]ZX _SP []ZNP^^ ZQ T_^ ZbY RPYP^T^ L^ Q]ZX _SL_ ZQ _SP MPSZWOP]i^
WTQP$)
3 QZZ_[]TY_ T^ L ^TRY ZQ _SP QZZ_ _SL_ XLOP T_" LYO L^ PQQPN_ _PWW^ _SP

)$ DST^ OT^_TYR`T^SP^ TXLRP Q]ZX [LY_ZXTXP LYO _SP ^dXMZWT^X ZQ


OLYNP$ DSP OTQQP]PYNP T^ ^TXTWL] _Z _SL_ MP_bPPY b]T_TYR LYO ^[PPNS$ ;Y
XTXTYR ]P[]P^PY_L_TZY L^ TY ^[PPNS!" _SP [P]QZ]XP]i^ ZbY MZOd TY LN_TZY
T^ _SP NL]]TP] ZQ _SP ^dXMZWT^X" bSTNS ]PXLTY^ MZ`YO _Z _SP _]LY^TPY_ LN_
T_^PWQ$ DS`^ _SP TXLRP]d" PYLN_PO TY _SP ^[LNP LYO _TXP _SL_ LN_Z] LYO
^[PN_L_Z] ^SL]P" ]PXLTY^ XP]RPO bT_S _SP NZXXZY NL`^LW Z]OP] TY bSTNS
_STYR^ SL[[PY" TY_P]LN_" LYO [L^^$ 3^ L ]PLW PaPY_ T_ SL^ T_^ LWWZ__PO ^[LY
bT_STY _SP NZXXZY _TXP" LYO T^ YZ XZ]P$ ;_ T^ TYOPPO ]P[PL_LMWP" LYO Md
_ST^ _ZVPY T_^ PTOP_TN TOPY_T_d OPQTP^ _SP `YT\`PYP^^ ZQ ]PLW PaPY_1 M`_ T_ SL^
_Z MP ]P[PL_PO TY Z]OP] _Z MP []P^PY_" LYO T_ gT^h ZYWd bSTWP MPTYR []Z#
O`NPO L^ T^ _SP NL^P bT_S XZaTYR [TN_`]P^!$
',* K D :7 A :7?@>7?@? @8 = ;87
^_Z]d ZQ T_^ NL`^L_TZY$ 3 [TN_`]P" L[[]PSPYOPO L^ [TN_`]P" T^ L ^TRY YZ_
ZQ _SP [LTY_P]i^ XZ_TZY^ M`_ ZQ _SP ZMUPN_ OP[TN_PO$ ;Y _SP TXLRP _SP
NL`^LW YPc`^ T^ N`_$ 8]PP _Z OP[TN_ LYd NL`^LW ^T_`L_TZY" TYNW`OTYR _SL_
ZQ [LTY_TYR L [TN_`]P" _SP TXLRP OZP^ YZ_ ]P[]P^PY_ _SP NL`^LWT_d ZQ T_^
ZbY MPNZXTYR$*
.$ DSP OTQQP]PYNP MP_bPPY TXLRP LYO TXLRTYR _STYR" bT_S _SP WL_#
_P]i^ ^PWQ#PQQLNPXPY_ TY _SP QZ]XP]" T^ XL_NSPO Md _SP OTQQP]PYNP MP#
_bPPY TXLRP LYO TXLRPO ZMUPN_$ DSP NZX[WP_P L]_TN`WL_TZY T^ _S]PP#
QZWO$ DSP ^`M^_]L_`X NLY MP ]PRL]OPO Md T_^PWQ" _SP TXLRP Md T_^PWQ" _SP
ZMUPN_ ZQ _SP TXLRP Md T_^PWQ0 _SP TXLRP Z] WTVPYP^^ SZaP]^ L^ L _ST]O"
TOPLW PY_T_d MP_bPPY _SP QT]^_ LYO _SP WL^_" MZ_S ]PLW PY_T_TP^" NZYYPN_#
TYR _SPX TY _SP `YT\`P bLd ZQ ]P[]P^PY_L_TZY$ ;_ T^ _ST^ OZ`MWP OT^_TYN#
_TZY" Z] _SP _S]PPQZWO ^_]L_TQTNL_TZY" bSTNS XLVP^ T_ [Z^^TMWP QZ] _SP
TXLRP _Z PYUZd _SP OP^N]TMPO XZOP ZQ L YZYNL`^LW []P^PYNP" PcPX[_
Q]ZX _SP LNNTOPY_^ ZQ ]PLW PaPY_$
;Y [L]_TN`WL]" _SP OTQQP]PYNP MP_bPPY TXLRP LYO T_^ [Sd^TNLW NL]]TP]
`YOP]WTP^ _SP _PNSYTNLW [Z^^TMTWT_d ZQ NZ[dTYR Z] ]P[]ZO`NTYR TY L]_$ ;Q
L [LTY_TYR Z] L ^_L_`P T^ LNN`]L_PWd NZ[TPO" bP SLaP TY _SP NZ[d YZ_ LY
TXLRP ZQ LY TXLRP M`_ L O`[WTNL_TZY ZQ ZYP LYO _SP ^LXP TXLRP$ DSP
XLYd []TY_^ ZQ L ^YL[^SZ_" Z] ZQ L [WL_P _S]Z`RSZ`_ ZYP MZZV POT_TZY"
L]P YZ_ ^Z XLYd LOOT_TZYLW TXLRP^ M`_ ZYP TXLRP" ZYP ]P[]P^PY_L_TZY
^Z LYO ^Z XLYd _TXP^ []P^PY_PO" OP^[T_P _SP OTQQP]PYNP^ TY _SP TYOT#
aTO`LW [TPNP^ ZQ [L[P]" OdP NSPXTNLW^" LYO Z_SP] XL__P] `^PO _Z
PXMZOd _SP WTVPYP^^$
@Y _SP Z_SP] SLYO" _SP OTQQP]PYNP MP_bPPY TXLRP LYO TXLRPO ZMUPN_

*$ ;_ XLd" _SZ`RS" +.=;*B _ST^ NL`^LWT_d TY T_^ aT^TMWP _PNSYT\`P _SP


^_]ZVP ZQ _SP M]`^S" _SP XL]V^ ZQ _SP NST^PW!" L^ L SLYOb]T_TYR XLd MP_]Ld
_SP XZ_Z] [P]QZ]XLYNP ZQ _SP b]T_P]1 LYO TY MZ_S NL^P^ _ST^ PQQPN_ NLY
MPNZXP TY_PY_TZYLW" _SL_ T^" NZ#TY_PYOPO bT_S _SP ]P[]P^PY_L_TZYLW TY_PY#
_TZY$ ;Y _SL_ NL^P _SP TXLRP T^ NSL]RPO bT_S LY Pc[]P^^TaP Q`YN_TZY ^`[P]#
TX[Z^PO ZY _SP ]P[]P^PY_L_TZYLW ZYP0 bSTNS T^ _Z ^Ld _SL_ T_ T^ XZ]P _SLY
TXLRP$ DSP TXLRP Q`YN_TZY Md T_^PWQ T^ ^_]TN_Wd gZMUPN_TaPh" LYO L^ WZYR L^
T_ T^ VP[_ [`]P" _SP ^PWQ#Pc[]P^^TZY ZQ _SP XLVP]" bSTNS TYPaT_LMWd QTYO^ T_^
bLd TY_Z T_" ]PXLTY^ `YTY_PY_TZYLW LYO NZY^P\`PY_Wd `YZM_]`^TaPfYZ_TNP#
LMWP" TQ L_ LWW" _Z _]LTYPO L__PY_TZY ZYWd$ ;Y ^`MUPN_TaT^_ ^_LRP^ ZQ NTaTWTeL_TZY
_SP XLVP]i^ ^PWQ#Pc[]P^^TZY XLd MPNZXP L RZLW LYO NZY^[TN`Z`^ Md NSZTNP
L^ TY _SP M]`^SbZ]V ZQ ML]Z\`P [LTY_P]^ Z] ZQ FLY 9ZRS!" LYO bT_S _ST^
^STQ_ Q]ZX _SP ]P[]P^PY_L_TZYLW _Z _SP Pc[]P^^TaP _SP aP]d ]ZWP ZQ TXLRP
NSLYRP^$
; >397#>3<;?9 3?6 D:7 8 B776@> @8 > 3? J ',+
`YOP]WTP^ _SP [Z^^TMTWT_d ZQ _SP]P MPTYR XLYd OTQQP]PY_ WTVPYP^^P^" LYO
_S`^ TXLRP^" ZQ _SP ^LXP ZMUPN_0 L^ XLYd L^ T_^ L^[PN_^ LNNZ]OTYR _Z
LWW _SP aL]TLMWP^ ZQ aT^`LW L[[PL]LYNP L^ ^`NS ^PP YZ$ ," LMZaP!" LYO
LRLTY" L^ XLYd L^ _SP [Z^^TMWP _]LY^N]T[_TZY^ ZQ _SP^P L^[PN_^ LNNZ]O#
TYR _Z _SP aL]TLMWP^ ZQ TYOTaTO`LW ^PWPN_TZY YZ$ *! LYO LW_P]L_TZY YZ$
+!$ DS`^" _LVTYR ZYWd ZYP OTXPY^TZY Z`_ ZQ XLYd" _SL_ ZQ gLYRWP"h bP
NLY ZY []TYNT[WP SLaP LY TYOPQTYT_P Y`XMP] ZQ OTQQP]PY_ ^SZ_^ ZQ ZYP
[P]^ZYf ZQ PLNS ZQ bSTNS bP NLY SLaP LY TYOPQTYT_P Y`XMP] ZQ
[]TY_^$
3 _ST]O [Z^^TMTWT_d LRLTY OP]TaP^ Q]ZX _SP ZY_ZWZRTNLW OTQQP]PYNP TY
\`P^_TZY$ ?Z_ ZYWd NLY ZYP ZMUPN_ MP ]P[]P^PY_PO TY LY TYOPQTYT_P
Y`XMP] ZQ TXLRP^" M`_ LW^Z" LYO XZ]P _d[TNLWWd" ZYP TXLRP NLY ]P[]P#
^PY_ LY TYOPQTYT_P Y`XMP] ZQ ZMUPN_^$ 3 QTR`]P ZQ &27>< <B5?.<=;2< TY L
bZ]V ZY MZ_LYd T^ L ]P[]P^PY_L_TZY YZ_ ZQ _ST^ Z] _SL_ TYOTaTO`LW QT]
_]PP M`_ ZQ LYd QT] _]PP ZQ _SL_ ^[PNTP^$ DSP LY_PWZ[P ZQ _SP M`^SXLY
O]LbTYR T^ PaP]d LY_PWZ[P ]PXPXMP]PO" LY_TNT[L_PO" TOPY_TQTLMWP L^ *7
LY_PWZ[P1 _SP QTR`]P^ ZQ _SP S`Y_P]^ L]P PaP]d S`Y_TYR [L]_d ZQ M`^S#
XPY TY _SP [L^_" []P^PY_" Z] Q`_`]P$ DSP ]P[]P^PY_L_TZY" ^TYNP T_ T^
_S]Z`RS QZ]X" T^ P^^PY_TLWWd RPYP]LW$ ;XLRP ^PY^TMWd ^dXMZWTeP^ RPY#
P]LWT_d [ZT^PO MP_bPPY _SP TYOTaTO`LWT_d ZQ _SP TXLRTYR _STYR LYO _SL_
ZQ _SP TXLRPO ZMUPN_^$;;

;;
;Q _SP^P" _SPY" L]P _SP []Z[P]_TP^ ZQ TXLRP" bSL_ []Z[P]_TP^ L]P ]P#
\`T]PO TY L ^`MUPN_ QZ] _SP XLVTYR Z] MPSZWOTYR ZQ TXLRP^2 DSP _bZ"
XLVTYR LYO MPSZWOTYR" OZ YZ_ OTQQP] TY _SP ML^TN NZYOT_TZY ZQ _SPT]
[Z^^TMTWT_d$ >LVTYR LY TXLRP TYaZWaP^ _SP LMTWT_d _Z MPSZWO ^ZXP_STYR
L^ LY TXLRP1 LYO _Z MPSZWO ^ZXP_STYR L^ LY TXLRP LYO YZ_ XP]PWd L^
LY ZMUPN_ XPLY^ LW^Z _Z MP LMWP _Z []ZO`NP ZYP$ DST^ T^ L ^_L_PXPY_ ZQ
P^^PYNP$ ;_ OZP^ YZ_ XPLY _SL_ SP bSZ L[[]PNTL_P^ L [LTY_TYR Md
BPXM]LYO_ T^ _SP]PQZ]P LMWP _Z []ZO`NP T_^ WTVP$ 4`_ T_ OZP^ XPLY _SL_
bSZPaP] NLY [P]NPTaP L [TN_Z]TLW ]P[]P^PY_L_TZY L^ ^`NS T^ _SP VTYO ZQ
MPTYR _Z bSZ^P YL_`]P _SP ]P[]P^PY_L_TZYLW QLN`W_d MPWZYR^" ]PRL]OWP^^
ZQ ^[PNTLW RTQ_^" LN_`LW PcP]NT^P" LYO OPR]PP^ ZQ []ZQTNTPYNd L__LTYPO$
GSL_ VTYO ZQ MPTYR T^ _ST^2
DSP QT]^_ ]P\`T]PXPY_ ^PPX^ _Z MP _SP LMTWT_d _Z [P]NPTaP WTVPYP^^$
4`_ bP X`^_ LOO QZ]_SbT_S0 _Z [P]NPTaP T_ TY L NP]_LTY bLd$ 4Z_S XLY
',, D :7 A :7?@>7?@? @8 =;87
LYO MT]O [P]NPTaP TY _SP ^NL]PN]Zb L^^`XTYR T_^ PQQPN_ _Z ]P^_ ZY
^TX`WL_TYR ^ZXP_STYR OPQTYT_P! L WTVPYP^^ _Z" ^Ld" L S`XLY QTR`]P$ 8Z]
_SP MT]O" SZbPaP]" _ST^ XPLY^ XT^_LVTYR _SP ^NL]PN]Zb QZ] L XLY$
7T_SP] T_ T^ ^Z OPNPTaPO Z] _SP]P T^ YZ ]PWL_TZY L_ LWW0 TY MP_bPPY _SP]P
NLY MP ZYWd L ^_L_P ZQ TYOPNT^TZY _SL_ X`^_ MP ]P^ZWaPO ZYP bLd Z] _SP
Z_SP]$ 8Z] _SP MT]O" _ST^ T^ L XP]P XL__P] ZQ ^PY^Z]d OT^N]TXTYL_TZY$
?Z_ ^Z bT_S XLY$ ;_ T^ YZ_ VPPYP] aT^`LW OT^N]TXTYL_TZY _SL_ []Z_PN_^
XLY Q]ZX NZYQZ`YOTYR _SP WTVPY^^ bT_S _SP Z]TRTYLW" Z] [ZZ]P] OT^#
N]TXTYL_TZY _SL_ WP_^ STX ^_TWW LNNP[_ L^ L WTVPYP^^ bSL_ _SP MT]O bTWW
OT^XT^^ LW_ZRP_SP]$+ ;Y QLN_" [P]NP[_TaPYP^^ Z] aT^`LW OT^N]TXTYL_TZY
SL^ YZ_STYR _Z OZ bT_S _SP XL__P]$ ;YN]PL^P ZQ WTVPYP^^ bZ`WO YZ_" _Z
S`XLY U`ORXPY_" XLVP _SP ^NL]PN]Zb LYd_STYR M`_ L MP__P] PQQTRd1
OPN]PL^P bZ`WO YZ_" _Z _SP MT]O" XLVP T_ [L^^ TY_Z gXP]P PQQTRd$h
GSPY _SP OPNP[_TZY M]PLV^ OZbY" ZYWd ^_]Lb" ^_TNV^" LYO ]LR^ ]PXLTY$
8Z] _SP LYTXLW XP]P ^TXTWT_`OP OZP^ YZ_ PcT^_$ GSP]P bP [P]NPTaP T_"
_SP LYTXLW [P]NPTaP^ PT_SP] ^LXPYP^^ Z] Z_SP]YP^^" M`_ YZ_ +8=1 27
87. L^ bP OZ TY _SP L[[]PSPY^TZY ZQ ^TXTWT_`OP$
=TVPYP^^" _SPY" X`^_ MP [P]NPTaPO L^ gXP]P WTVPYP^^"h LYO _ST^
TYaZWaP^ XZ]P _SLY [P]NP[_TZY$ ;YOPPO" gTXLRPh T^ YZ_ L Q`YN_TZY ZQ
[P]NP[_`LW OPR]PP ZQ WTVPYP^^" M`_ L NZYNP[_`LW OTXPY^TZY ZQ T_^ ZbY
bT_STY bSTNS LWW OPR]PP^ ZQ WTVPYP^^ NLY ZNN`]$ DSP R]PL_P^_ OPR]PP
^_TWW WPLaP^ _SP TXLRP LY gTXLRP ZYWdh 1 _SP ^XLWWP^_ NLY ^_TWW NZY^_T_`_P
T_ LY TXLRP ZQ _SP ZMUPN_ TY \`P^_TZY ^Z WZYR L^ _SP TY_PYOPO ]PQP]PYNP
T^ ]PNZRYTeLMWP$ ;Y LWW _SP^P OPR]PP^ _SP TXLRP T^" _S]Z`RS _SP WTVPYP^^
]PWL_TZY" _SP TXLRP 8/ ^ZXP_STYR" ZQ _SP TXLRPO ZMUPN_" bT_S bSTNS
PaPY _SP MP^_ WTVPYP^^ YPaP] XP]RP^$, DSP [P]NP[_`LW P\`L_TZY _SL_
`YOP]WTP^ _SP Pc[P]TPYNP ZQ WTVPYP^^ X`^_ _SP]PQZ]P MP \`LWTQTPO Md L
OT^_TYN_TZY _SL_ T^ YZY[P]NP[_`LW$

+$ @]" TY _SP WL__P] NL^P" ^SZ`WO bP SLaP ^LTO" YZ_ _SL_ XLY T^ XZ]P
PL^TWd ^L_T^QTPO bT_S ]P^[PN_ _Z WTVPYP^^" M`_ _SL_ SP T^ XZ]P [P]NP[_TaP QZ]
T_ PaPY TY QLTY_ _]LNP^2 4`_ _SPY T_ bZ`WO SLaP _Z MP _SP MT]O _SL_ T^ _SP
XZ]P [P]NP[_TaP TY _SP QT]^_ NL^Pf[P]NP[_TaP QZ] WTVPYP^^" YZ_ QZ] OTQQP]#
PYNP$
,$ >LY NLY" ZQ NZ`]^P" MP OPNPTaPO ZNNL^TZYLWWd LYO NZYQZ`YO LY
TXLRP bT_S _SP ]PLW _STYR1 M`_ _ST^ XP]PWd XPLY^ _SL_ QZ] _SP XZXPY_ SP
OZP^ YZ_ L[[Wd _SP TXLRP NL_PRZ]d L_ LWW" YZ_ _SL_ _Z STX T_ SL^ WZ^_ T_^
XPLYTYR$ 5ZY_]L]TbT^P" T_ XLd ZNN`] _SL_ SP QLTW^ _Z [P]NPTaP L WTVPYP^^
LYO _SP aP]d TY_PY_TZY ZQ L WTVPYP^^" LYO _S`^ QLTW^ _Z ]PNZRYTeP _SP
[P]NP[_`LW ZMUPN_ L^ LY TXLRP1 SP]P LRLTY _SP TXLRP NL_PRZ]d ^TX[Wd OZP^
; >397#>3<;?9 3?6 D:7 8 B776@> @8 >3? J ',-
DSL_ OT^_TYN_TZY" L^ bP SLaP QZ`YO" T^ _bZQZWO0 _SP TXLRP X`^_ MP
OT^_TYR`T^SPO Q]ZX T_^ [Sd^TNLW NL]]TP]1 LYO _SP TXLRPO ZMUPN_ X`^_ MP
OT^_TYR`T^SPO Q]ZX MZ_S$ GT_S _SP^P OT^_TYN_TZY^ WTVPYP^^ NLY MP [P]#
NPTaPO L^ gWTVPYP^^ ZYWd$h DS]Z`RS WTVPYP^^ L^ _SP TY_P]XPOTL]d _SP
OT]PN_Wd [P]NPTaPO ZMUPN_ T^ L[[]PSPYOPO YZ_ L^ T_^PWQ M`_ L^ ^_LYOTYR
QZ] LYZ_SP] ZMUPN_$ ;_ T^ _SP]P ZYWd _Z ]P[]P^PY_ _SP Z_SP] PY_T_d" LYO
_ST^ T^ ZYWd ]P[]P^PY_PO1 _S`^" [L]LOZcTNLWWd" _SP TOPLW WTYV" _SP ^TXTWT#
_`OP Z] .2-8< L^ ^`NS" MPNZXP^ _SP ]PLW ZMUPN_ ZQ L[[]PSPY^TZY$
DSP []TYNT[WP SP]P TYaZWaPO ZY _SP [L]_ ZQ _SP ^`MUPN_ T^ _SP XPY_LW
^P[L]L_TZY ZQ QZ]X Q]ZX XL__P]$ ;_ T^ _ST^ _SL_ XLVP^ [Z^^TMWP _SP
aTNL]TZ`^ []P^PYNP ZQ _SP [Sd^TNLWWd LM^PY_ L_ ZYNP bT_S _SP ^PWQ#
PQQLNPXPY_ ZQ _SP [Sd^TNLWWd []P^PY_$ :P]P bP SLaP L ^[PNTQTNLWWd
S`XLY QLN_" LYO _SP ]PL^ZY bSd bP Pc[PN_ YPT_SP] XLVTYR YZ] `YOP]#
^_LYOTYR ZQ TXLRP^ Q]ZX LYTXLW^$ DSP LYTXLW OPLW^ bT_S _SP []P^PY_
ZMUPN_ T_^PWQ$ ;Q T_ T^ ^`QQTNTPY_Wd WTVP LYZ_SP] ZMUPN_" T_ T^ LY ZMUPN_ ZQ
_SP ^LXP VTYO$ DSP WTVPYP^^ LTO^ _SP ]PNZRYT_TZY ZQ _SP ZMUPN_#VTYO"
M`_ T^ YZ_ T_^PWQ _SP ZMUPN_ ZQ ]PNZRYT_TZY$ BPNZRYTePO T^ _SP []P^PY_
ZMUPN_ LWZYP L^ gZYP ^`NS"h _SL_ T^" L^ QLXTWTL] TY NP]_LTY []Z[P]_TP^$
DSP^P" ^[Z_WTRS_PO Md LN_TaL_TZY ZQ XPXZ]d _]LNP^" NLWW `[ TY _`]Y
_SPT] QZ]XP] L^^ZNTL_P^" bSTNS PY_P] L^ Pc[PN_L_TZY^ TY_Z _SP [P]#
NP[_`LW [TN_`]P LYO" ZYNP ]PNZRYT_TZY SL^ _LVPY [WLNP" QZ]X [L]_ ZQ
_SP g[]P^PYNPh ZQ _SP ZMUPN_$ ?Z_STYR M`_ _ST^ T^ []P^PY_" ^_LYOTYR
PY_T]PWd QZ] T_^PWQ" _SZ`RS TXM`PO bT_S [L^_ Pc[P]TPYNP$ @YWd ]PLWT_d
NZ`Y_^" LYO ]PLWT_d VYZb^ ZQ YZ ]P[]P^PY_L_TZY$ ;Y Z`] ^PL]NS" _SP]P#
QZ]P" QZ] _SP NZYOT_TZY^ ZQ TXLRP#XLVTYR bP L]P ]PQP]]PO Q]ZX _SP
QLN`W_d ZQ [P]NPTaTYR WTVPYP^^ _Z _SP XZ]P Q`YOLXPY_LW ZYP ZQ ^P[L#
]L_TYR .2-8< Q]ZX NZYN]P_P ]PLWT_d" Z] QZ]X Q]ZX XL__P]$

;WW
DZ `YOP]^_LYO _ST^ QLN`W_d bP SLaP QT]^_ _Z NZY^TOP] _SP RTaPYYP^^
ZQ ]PLWT_d T_^PWQ" _SL_ T^" bP SLaP _Z ^_L]_ Q]ZX ^PY^P [P]NP[_TZY$ $2-8<
gL[[PL]LYNP"h T^ LY ZMUPN_ ZQ ^PY^P" M`_ YZ_ T_^ bSZWP ZMUPN_$ ;Y

YZ_ NZXP TY_Z [WLd" _ST^ _TXP QZ] WLNV ZQ WTVPYP^^" LYO _SP ZMUPN_ T^ U`^_
_LVPY QZ] T_^PWQ$ DST^ LW^Z OZP^ YZ_ XPLY _SL_ _SP OTQQP]PYNP MP_bPPY _SP
aPSTNWP ZQ ]P[]P^PY_L_TZY LYO _SP Q`YN_TZY ZQ ]P[]P^PY_L_TZY SL^ MPNZXP
TYaLWTO QZ] _SP ZM^P]aP]$
',. D :7 A :7?@>7?@? @8 =;87
[P]NP[_TZY Pc_P]YLW ZMUPN_^ L]P L[[]PSPYOPO YZ_ XP]PWd L^ g^`NS"h
M`_ LW^Z L^ g_SP]P$h DSP \`LWT_L_TaP OL_L ]P[]P^PY_TYR _SPX gQZ]X^h
_Z 3]T^_Z_WP! L]P QPW_ _Z MP _S]`^_ `[ZY _SP [P]NT[TPY_" LYO TY _ST^
_S]`^_ _SPd NZYaPd _SP LQQPN_TaP []P^PYNP ZQ _SP ZMUPN_^ _SPX^PWaP^$
AP]NP[_TZY T^ TY_]TY^TNLWWd LbL]PYP^^ ZQ ^`NS L ^PWQ#RTaTYR []P^PYNPf
_SP Pc[P]TPYNP ZQ _SP ]PLWT_d ZQ _SP ZMUPN_ L^ NZ#PcT^_TYR bT_S XP SP]P
LYO YZb LYO ZY T_^ ZbY OP_P]XTYTYR Xd ^PY^Z]d NZYOT_TZY$ DST^
PWPXPY_ ZQ PYNZ`Y_P]f_SP ^PWQ#NZXX`YTNL_TZY ZQ _SP ZMUPN_ _Z Xd
]PNP[_TaT_d LYO T_^ TY^T^_PYNP ZY T_^PWQ PaPY bSTWP TY Xd [P]NP[_TaP
SZWOf T^ [L]_ ZQ _SP TY_P]YLW PaTOPYNP ZaP] LYO LMZaP _SP PTOP_TN
NZY_PY_ ZQ [P]NP[_TZY" bSPY _SP WL__P] T^ _Z MP Pc[P]TPYNP ZQ ]PLW
_STYR^$
4`_ _SP]P T^ _ST^ [L]LOZc _Z ^PY^P [P]NP[_TZY0 _SP QPW_ LQQPN_TaPYP^^
ZQ T_^ OL_L" bSTNS T^ YPNP^^L]d QZ] _SP Pc[P]TPYNP ZQ _SP g]PLWT_dh ZQ _SP
]PLW" L^ _ST^ T^ L__P^_PO TY _SP ]PLWT_d ZQ Xd LQQPN_POYP^^" X`^_ TY [L]_
MP NLYNPWPO Z`_ LRLTY TY Z]OP] _Z [P]XT_ _SP L[[]PSPY^TZY ZQ T_^
gZMUPN_TaT_d$h DSP PWPXPY_ ZQ PYNZ`Y_P] T^ MLWLYNPO Md ZYP ZQ LM#
^_]LN_TZY" bT_SZ`_ bSTNS ^PY^L_TZY bZ`WO YZ_ ]T^P _Z [P]NP[_TZY$ 8T]^_"
TY L ^ZXPbSL_ ^_]P_NSPO ^PY^P ZQ _SP _P]X" _SP]P T^ gLM^_]LN_TZYh
Q]ZX _SP ^_L_P ZQ ^PY^Z]d ^_TX`WL_TZY T_^PWQ TY _SP aP]d QLN_ ZQ ZYPi^
[P]NPTaTYR _SP ZMUPN_ TY^_PLO ZQ ST^ ZbY Z]RLYTN LQQPN_TZY$ CZXP ^Z]_
ZQ OT^PYRLRPXPY_ Q]ZX _SP NL`^LWT_d ZQ _SP PYNZ`Y_P] []ZaTOP^ _SP
YP`_]LW Q]PPOZX QZ] WP__TYR _SP gZ_SP]h L[[PL] QZ] T_^PWQ$ DSP Z]RLYT#
eL_TZY ZQ Z`] ^PY^P^ L^^`]P^ _ST^ OT^PYRLRPXPY_ TY LOaLYNP$! ;Y _SL_
L[[PL]LYNP _SP LQQPN_TaP ML^T^ g^_TX`WL_TZY"h gT]]T_L_TZYh ! T^ NLY#
NPWPO" T_^ ]PNZ]O YP`_]LWTePO$ CPNZYO" LYO TY L XZ]P LNNP[_PO ^PY^P"
[P]NP[_TZY NZY_TY`Z`^Wd gLM^_]LN_^h Q]ZX _SP TXXPOTL_P ^PY^Z]d NZY#
_PY_ ZQ LQQPN_TZY TY LWWZbTYR _SP ZMUPN_ T_^ TOPY_T_d MPdZYO _SP NSLYRP
ZQ T_^ aTPb^$ GP ^PP YZ_ ZYNP _ST^" ZYNP _SL_" NZX[WPc ZQ OL_L" M`_
_S]Z`RS MZ_S _SP ^LXP _STYR" gLM^_]LN_TYRh L^ T_ bP]P Q]ZX _SP OTQQP]#
PYNP^ ZQ ^`NNP^^TaP ^PY^L_TZY^" Z] Q]ZX _SP ^PY^P gXL_P]TLW$h DST^
aT^`LW LM^_]LN_TZY XLVP^ [Z^^TMWP bSL_ <LY_ SL^ NLWWPO _SP ^dY_SP^T^
ZQ ]PNZRYT_TZY$
FT^TZY" ZQ LWW ^PY^P^" XZ^_ NZY^[TN`Z`^Wd ]PLWTeP^ TY T_^ YZ]XLW
[P]QZ]XLYNP _ST^ OZ`MWP QPL_ ZQ gLM^_]LN_TZYh 0 ^P__TYR ZQQ _SP ^PWQ#
NZY_LTYPO ZMUPN_ Q]ZX _SP LQQPN_TaP NZYOT_TZY ZQ ^PY^TYR" LYO `[SZWO#
TYR T_^ TOPY_T_d LYO `YT_d LN]Z^^ _SP bSZWP ]LYRP ZQ T_^ [Z^^TMWP _]LY^#
QZ]XL_TZY^ ZQ L[[PL]LYNP" PLNS ZQ bSTNS T^ TY T_^PWQ LW]PLOd LY TY_P#
; >397#>3<;?9 3?6 D:7 8 B776@> @8 > 3? J ',/
R]L_PO ^TX`W_LYPZ`^ XLYTQZWO$ BPNZRYT_TZY ZQ _SP ZMUPN_ L^ ZYP
[]PaTZ`^Wd VYZbY" Z] L^ WTVP []PaTZ`^Wd VYZbY ZYP^" OZP^ YZ_" _SP]P#
QZ]P" ]P\`T]P [L^_ ^PY^L_TZY^ _Z MP O`[WTNL_PO TY []P^PY_ ZYP^" ]PNLWWPO
bSPY ^Z O`[WTNL_PO LYO QZ`YO NZYR]`PY_ bT_S _SP []P^PY_0 TY _SL_
NL^P _SP ^LXP NZX[WPc ZQ ^TX`W_LYPZ`^ aT^`LW OL_L" LYO _SP ^LXP
^`NNP^^TZY ZQ ^`NS NZX[Z`YO gL^[PN_^"h bZ`WO SLaP _Z MP ]P[PL_PO TY
Z]OP] _Z dTPWO ]PNZRYT_TZY ZQ _SP ^LXP Z] _SP WTVP" LYO _ST^ NZYOT_TZY
bZ`WO ]L]PWd MP Q`WQTWWPO$ GSL_ T^ P\`L_PO TY ^`NS LN_^ ZQ ]PNZRYT_TZY
T^ YZ_ ^TXTWL] ^PY^P#OL_`X NZYRWZXP]L_P^ M`_ aL]TLY_ [SL^P^ TY _SP
NZY_TY`Z`^ _]LY^QZ]XL_TZY#^P]TP^ ZQ L [L__P]Y Z] NZYQTR`]L_TZY$ DSP
[SL^P ^PY^TMWd LaLTWLMWP YZb XLd SL[[PY _Z MP TOPY_TNLW bT_S ZYP
QZ]XP]Wd Pc[P]TPYNPO" M`_ _ST^ bZ`WO MP _SP PcNP[_TZY ]L_SP] _SLY _SP
]`WP0 _SP TOPY_T_d ZQ _SP NZYQTR`]L_TZY L^ ^`NS T^ [P]NPTaPO LN]Z^^ _SP
bSZWP ^NLWP ZQ T_^ 98<<2+5. aT^`LW _]LY^QZ]XL_TZY^f LYO _SL_ X`W_T#
OTXPY^TZYLW ^NLWP" RZaP]YPO Md T_^ ^_]`N_`]LW LYO \`LWT_L_TaP WLb^"
T_^PWQ QZ]X^ L [L__P]Y ZQ L STRSP] Z]OP]$- DSP ^PaP]LW ^P]TLW aL]TLMTWT#
_TP^ NZY^_T_`_TYR _ST^ [L__P]Y L]P NZY_TY`Z`^" M`_ ]PNZRYT_TZY LWZYR
PLNS ZYPi^ ^_]P_NS" RTaPY ^`QQTNTPY_ QLXTWTL]T_d bT_S T_^ WLb" NLY _LVP
[WLNP OT^NZY_TY`Z`^Wd1 _SL_ T^" _SP TY_P]XPOTL_P ^P\`PYNP YPPO YZ_ MP
]`Y _S]Z`RS TY LN_`LW Pc[P]TPYNP$
3Y TX[Z]_LY_ ZM^P]aL_TZY QZWWZb^$ GT_STY _ST^ NZX[]PSPY^TaP
_]LY^QZ]XL_TZY [L__P]Y _SP ^TYRWP L^[PN_^ [SL^P^! OZ YZ_ ^_LYO QZ]
_SPX^PWaP^" M`_ PLNS LN_^ L^ L VTYO ZQ gTXLRPhf ZYP ZQ _SP [Z^^TMWP
TXLRP^f ZQ _SP ZMUPN_$ ;Y _ST^ \`LWT_d _SPd LWWZb ]PNZRYT_TZY ZQ _SP
^LXP ZMUPN_" Z] VTYO ZQ ZMUPN_1 _SL_ T^" _SPd LWWZb T_ _S]Z`RS L WTVPYP^^
_SL_ NZX[]PSPYO^ `YWTVPYP^^$ 8Z] YZ_ ZYWd L]P _SPd WTVP#`YWTVP ZYP
LYZ_SP]" M`_ bT_S YZYP ZQ _SPX" YZ] bT_S _SPT] ^P]TLW _Z_LWT_d" OZP^ _SP
L[[]PSPYOPO QZ]X ZQ _SP ZMUPN_ T_^PWQ NZTYNTOP$ DS`^ PLNS aTPb LWTVP
]P[]P^PY_^ _SP ZMUPN_ g^dXMZWTNLWWdh _SZ`RS *< L ^dXMZW" ZYP aTPb
XLd MP ^`[P]TZ] _Z Z_SP]^ LYO NZXP _Z ]P[]P^PY_ _SP ZMUPN_ []PQP]PY#
_TLWWdf QZ] PcLX[WP" Md MPTYR XZ]P QLXTWTL]" Z] XZ]P TYQZ]XL_TaP"
_SLY Z_SP]^!$
4`_ OTO bP YZ_ PYNZ`Y_P] _SP^P ^PWQ^LXP QPL_`]P^ MPQZ]P" bSPY bP

-$ 3^ TYOTNL_PO MPQZ]P" _SP [L__P]Y T^ TY QLN_ L X`W_T[WP ^P_ ZQ _]LY^QZ]#


XL_TZY [L__P]Y^" bSTNS NLY Z[P]L_P ^TYRWd" NZYN`]]PY_Wd" LYO TY_P]OP[PY#
OPY_Wd0 aL]TL_TZY bT_S ]P^[PN_ _Z ^TeP" _Z ^TOP" _Z [P]^[PN_TaP OT^_Z]_TZY" _Z
TWW`XTYL_TZY" LYO ^Z ZY" QZ]X^ PLNS T_^ ZbY NZY_TY`Z`^ ^P]TP^ L^ ZYP ZQ _SP
L__]TM`_P^ ZQ _SP NZX[WP_P aT^`LW ^NSPXL$
'-& D :7 A :7?@>7?@? @8 =;87
LYLWdePO _SP ZY_ZWZRd ZQ TXLRP2 DS`^ T_ _`]Y^ Z`_ _SL_ LM^_]LN_TZY"
]P[]P^PY_L_TZY" ^dXMZWT^XD <86.=1270 ZQ _SP TXLRP Q`YN_TZYf
LW]PLOd TYSP]P^ TY _SP [P]QZ]XLYNP ZQ ^PPTYR" L^ _SP XZ^_ TY_PR]L_TaP
ZQ _SP ^PY^P^$ DST^" TY OPR]PP^" X`^_ _SPY MP N]POT_PO PaPY _Z ^ZXP
STRSP] LYTXLW^$

;F
GSL_ ^_P[ _SPY OZP^ _SP TXLRP QLN`W_d _LVP TY XLY bSPY SP []Z#
NPPO^ _Z _]LY^WL_P L aT^`LW L^[PN_ TY_Z L XL_P]TLW WTVPYP^^2 GP ^PP L_
ZYNP _SL_ TY _ST^ ^_P[ L YPb WPaPW ZQ XPOTLNd T^ L__LTYPO" MPdZYO _SL_
bSTNS MPWZYR^ _Z aT^`LW ]PNZRYT_TZY ZQ ZMUPN_^ L^ ^`NS$ DSP TXLRP
MPNZXP^ OP_LNSPO Q]ZX _SP ZMUPN_" _SL_ T^" _SP []P^PYNP ZQ _SP .2-8< T^
XLOP TYOP[PYOPY_ ZQ _SL_ ZQ _SP _STYR$ FT^TZY TYaZWaPO L ^_P[[TYR
MLNV Q]ZX _SP TX[Z]_`YT_d ZQ PYaT]ZYXPY_ LYO []ZN`]PO _SP Q]PPOZX
ZQ OP_LNSPO ^`]aPd$. 3 ^_P[[TYR MLNV ZQ _SP ^PNZYO Z]OP] _LVP^ [WLNP
bSPY L[[PL]LYNP T^ NZX[]PSPYOPO :>* L[[PL]LYNP" OT^_TYR`T^SPO
Q]ZX ]PLWT_d" LYO" bT_S T_^ []P^PYNP Q]PPWd NZXXLYOPO" T^ TY_P][Z^PO
MP_bPPY _SP ^PWQ LYO _SP ]PLW bSZ^P []P^PYNP T^ MPdZYO NZXXLYO$
DST^ Q]PP [Z^^P^^TZY T^ QT]^_ LNSTPaPO TY _SP TY_P]YLW PcP]NT^P ZQ
TXLRTYL_TZY" Md bSTNS" _Z _SP MP^_ ZQ Z`] VYZbWPORP" S`XLY 6.68;B
T^ OT^_TYR`T^SPO Q]ZX LYTXLW ]PNZWWPN_TZY$ DSP WL__P] T^ UZTYPO _Z
LN_`LW ^PY^L_TZY$ ;_ XLd Q`YN_TZY ZY _SP ZNNL^TZY ZQ L []P^PY_ [P]NP[#
_TZY TY bSTNS L []PaTZ`^ ZYP T^ ]PNZRYTePO Md bLd ZQ _SP \`LWT_d
gQLXTWTL]h Z] gVYZbYh bT_S bSTNS _SP []P^PY_ Pc[P]TPYNP T^ TXM`PO$
@]" TY^_PLO ZQ LNNZX[LYdTYR ]P[P_T_TaP [P]NP[_TZY L^ T_ ZNN`]^" ]PNLWW
XLd MP PaZVPO Md L[[P_T_P LYO []ZUPN_TaPWd R`TOP LYTXLW LN_TZY _Z#
bL]O L OP^T]PO ]P[P_T_TZY g]PXPXMP]TYRh _SP bLd _Z dP^_P]OLdi^
QPPOTYR [WLNP!" bT_S g]PNLWW Md QLXTWTL]T_dh XL]VTYR _SP ^`NNP^^Q`W
[]ZR]P^^ ZQ _SP LN_TZY$ 4`_ _SP]P T^ YZ_STYR _Z ^SZb _SL_ _ST^ VTYO ZQ
]PXPXMP]TYR PYUZd^ LY TXLRTYL]d []P^PYNP ZQ T_^ ZMUPN_^" LYO PaP]d#
_STYR _Z L]R`P LRLTY^_ _SP L^^`X[_TZY _SL_" TQ T_ OZP^" _ST^ []P^PYNP T^
L_ _SP ^`MUPN_i^ NZXXLYO" _Z MP ^`XXZYPO LYO OT^XT^^PO L_ bTWW$
3[[P_T_TaP YPPO Z] LN_`LW [P]NP[_TZY RZaP]Y^ _SP ]PLN_TaL_TZY ZQ [L^_
Pc[P]TPYNP$ GSP_SP] _ST^ T^ ]PNLWWPO *< g[L^_h LYO T^ YZ_ XP]PWd

.$ 8Z] L XZ]P OP_LTWPO LYO NZX[]PSPY^TaP LYLWd^T^ ZQ aT^TZY LYO _SP


gTXLRPh QLN`W_d TYSP]PY_ TY T_" ^PP CTc_S 7^^Ld" LMZaP$
; >397#>3<;?9 3?6 D:7 8 B776@> @8 > 3? J '-'
^`[P]TX[Z^PO ZY _SP []P^PY_ L^ L gVYZbWPORPh ZQ bSL_ _Z Pc[PN_ Z]
_Z OZ YZb" _SP]P T^ YZ bLd ZQ _PWWTYR bT_S NP]_LTY_d$ 3_ LYd ]L_P" _SP
g]PNLWWTYRh T^ OZYP YZ_ Md _SP ^`MUPN_ M`_ Md NT]N`X^_LYNP^ QZ] _SP
^`MUPN_$
:`XLY XPXZ]d PcNPPO^ XP]P ]PNZWWPN_TZY ZQ _ST^ VTYO Md _SP
Q]PPWd ]P[]ZO`N_TaP QLN`W_d ZQ TXLRTYL_TZY" bSTNS SL^ _SP TXLRP^ ZQ
_STYR^ L_ T_^ NLWW$ DSL_ T_ NLY LW^Z LW_P] _SPX QZWWZb^ LWXZ^_ YPNP^#
^L]TWd Q]ZX SLaTYR _SPX TY OP_LNSXPY_ Q]ZX _SP LN_`LWT_d ZQ ^PY^L_TZY
LYO _SP]PMd Q]ZX _SP ^_`MMZ]Y QLN_`LWT_d ZQ _SP ZMUPN_i^ ZbY MPTYR$
;XLRTYL_TZY ^P[L]L_P^ _SP ]PXPXMP]PO .2-8< Q]ZX _SP ZNN`]]PYNP ZQ
_SP TYOTaTO`LW PYNZ`Y_P] bT_S T_" Q]PPTYR T_^ [Z^^P^^TZY Q]ZX _SP LNNT#
OPY_^ ZQ ^[LNP LYO _TXP$ DSP Q]PPOZX ^Z RLTYPOf _Z [ZYOP] _STYR^ TY
TXLRTYL_TZYf T^ ZYP ZQ OT^_LYNP LYO NZY_]ZW L_ ZYNP$
DSP ]PXPXMP]PO QZ]X NLY _SPY MP _]LY^WL_PO Q]ZX TY_P]YLW TXLRT#
YL_TZY TY_Z LY Pc_P]YLW TXLRP" bSTNS T^ LRLTY LY ZMUPN_ ZQ [P]NP[_TZY
f L [P]NP[_TZY" SZbPaP]" YZ_ ZQ _SP Z]TRTYLW ZMUPN_ M`_ ZQ T_^ ]P[]P#
^PY_L_TZY$ ;_ T^ Pc_P]YLWTePO XPXZ]d" LYO YZ_ L ]P[P_T_TZY ZQ Pc[P]T#
PYNP T_^PWQ$ DZ ^ZXP Pc_PY_ T_ XLVP^ LN_`LW Pc[P]TPYNP ^`[P]QW`Z`^ Md
XLVTYR ^ZXP ZQ T_^ P^^PY_TLW NZY_PY_ LaLTWLMWP bT_SZ`_ T_$ ;Q _SP TXLRP
T^ XLOP OT]PN_Wd gQ]ZX YL_`]Ph []ZMLMWd L WL_P] OPaPWZ[XPY_ TY
[TN_Z]TLW ST^_Z]d!" XPXZ]d T^ L^ T_ bP]P LY_TNT[L_PO LYO RTaPY TY
LOaLYNP L [P]XLYPY_ XZOPW QZ] _SP ]P[P_T_TZ`^ ]PYPbLW ZQ T_^ TXLRP$
DS`^ Pc_P]YLWTePO" _SP TXLRP OPQTP^ _TXP XZ]P PQQPN_TaPWd _SLY TY T_^
[]PNL]TZ`^ TY_P]YLW NZY^P]aL_TZY$ DSP]P" bSL_ SLO MPPY ^LaPO Q]ZX
_SP QW`c ZQ _STYR^ bL^ PY_]`^_PO _Z _SP QW`c ZQ ^PWQ$ 7c_P]YLWTePO LRLTY"
T_ LMTOP^ TY T_^PWQ" T_^ []P^PYNP TYOP[PYOPY_ ZQ _SP XZZO^ LYO ^_TX`WL#
_TZY^ _SL_ ]`WP ZaP] _SP bZ]VTYR ZQ XPXZ]d" LYO PaPY Z`_WL^_TYR _SP
^SZ]_YP^^ ZQ T_^ XLVP]i^ WTQP$
;Y _SP Pc_P]YLW ]P[]P^PY_L_TZY _SP TXLRP T^ LW^Z XLOP ^SL]LMWP" _SP
NZXXZY []Z[P]_d ZQ LWW bSZ WZZV L_ T_$ ;_ T^ LY ZMUPN_TQTNL_TZY ZQ
TYOTaTO`LW [P]NP[_TZY NZX[L]LMWP _Z _SL_ bSTNS T^ LNSTPaPO TY aP]MLW
OP^N]T[_TZY1 WTVP _SP WL__P]" T_ ^P]aP^ NZXX`YTNL_TZY LYO" L_ _SP ^LXP
_TXP" MPYPQT_^ [P]NP[_TZY T_^PWQ" Z] 478@5.-0." 8Z] TY _SP []ZNP^^ ZQ
OP[TN_TYR _SP ^TX`W_LYPZ`^ L[[PL]LYNP [L]_ QZ] [L]_" L^ TY _SP []Z#
NP^^ ZQ OP^N]TMTYR T_" aT^TZY T^ QZ]NPO _Z OT^NP]Y LYO NZ]]PWL_P bSL_ T_
QT]^_ SLO LWW TY ZYP$ DSP L]_T^_ ^PP^ XZ]P _SLY _SP YZYL]_T^_" YZ_
MPNL`^P SP SL^ L MP__P] aT^TZY" M`_ MPNL`^P SP OZP^ _SP L]_T^_i^ bZ]V"
YLXPWd" ]PXLVTYR _SP _STYR^ SP ^PP^0 LYO bSL_ ZYP XLVP^ SP VYZb^$
'-( D :7 A :7?@>7?@? @8 = ;87
3^ _SP ]PXLVP] ZQ _STYR^ gTY _SPT] WTVPYP^^"h [TN_Z]TLW XLY ^`MXT_^ _Z
_SP ^_LYOL]O ZQ _]`_S$ 3Y TXLRP XLd MP XZ]P Z] WP^^ _]`P _Z _SP
ZMUPN_$ DSP TY_PY_TZY _Z OP[TN_ _STYR^ LNVYZbWPORP^ _SPX L^ _SPd L]P
LYO LNNP[_^ _SP aP]OTN_ ZQ _SPT] MPTYR ZY _SP LOP\`LNd ZQ _SP [TN_Z]TLW
SZXLRP$ DSP *-*.:>*=28 26*0272< *- ;.6 []PNPOTYR _SP *-*.:>*=28
27=.55.,=>< *- ;.6 T^ _SP QT]^_ QZ]X ZQ _SPZ]P_TNLW _]`_Sf _SP []PN`]^Z]
ZQ aP]MLWWd OP^N]T[_TaP _]`_S" bSTNS T^ _SP []PN`]^Z] ZQ ^NTPY_TQTN _]`_S$
CPP 3[[PYOTc _Z _ST^ 7^^Ld$!
4`_ _SP ]PXLVP] ZQ _STYR^ T^ [Z_PY_TLWWd LW^Z _SP XLVP] ZQ YPb
_STYR^" LYO _SP ZYP [ZbP] T^ YZ_ OTQQP]PY_ Q]ZX _SP Z_SP]$ DSP Q]PP#
OZX _SL_ NSZZ^P^ _Z ]PYOP] L WTVPYP^^ XLd L^ bPWW NSZZ^P _Z OP[L]_
Q]ZX T_$ DSP QT]^_ TY_PY_TZYLWWd O]LbY WTYP `YWZNV^ _SL_ OTXPY^TZY ZQ
Q]PPOZX TY bSTNS QLT_SQ`WYP^^ _Z _SP Z]TRTYLW" Z] _Z LYd XZOPW" T^ ZYWd
ZYP OPNT^TZY0 _]LY^NPYOTYR LN_`LW ]PLWT_d L^ L bSZWP" T_ ZQQP]^ T_^ ]LYRP
ZQ TYQTYT_P aL]TL_TZY L^ L ]PLWX ZQ _SP 98<<2+5. _Z MP XLOP _]`P Md
XLY L_ ST^ NSZTNP$ DSP ^LXP QLN`W_d T^ ]PLNS QZ] _SP _]`P LYO [ZbP]
QZ] _SP YPb$
3YO ^_TWW LYZ_SP] [ZbP] T^ TX[WTPO TY _SP [TN_Z]TLW QLN`W_d$ ;XLRP^
LQ_P] LWW SLaP _Z MP XLOP" YZ_ XP]PWd NZYNPTaPO$ DS`^ _SPT] Pc_P]YLW
PcT^_PYNP L^ L ]P^`W_ ZQ S`XLY LN_TaT_d ]PaPLW^ LW^Z L [Sd^TNLW L^[PN_
ZQ _SP [ZbP] _SL_ _SP TXLRP QLN`W_d bTPWO^0 _SP VTYO ZQ NZXXLYO
_SL_ XLY SL^ ZaP] ST^ MZOd$ DST^ NZXXLYO" bSP_SP] T_ _P]XTYL_P^ TY
_SP []ZO`N_TZY ZQ LY TXLRP" ZQ L _STYR" Z] ZQ LYd Z_SP] [Sd^TNLW
LN_TZY" T^ T_^PWQ RZaP]YPO Md gTXLRP$h ;YOPPO" _ST^ T^ M`_ _SP MZOTWd
^TOP ZQ _SP aP]d TXLRP QLN`W_d T_^PWQ" ZQ bSTNS bP SLaP OT^N`^^PO ^Z QL]
_SP XPY_LW ^TOP LWZYP$ DSP PYaT^LRPO QZ]X T^ YZ_ PXMZOTPO Md _SP
bT^S" LYO _SP TYYP] NZXXLYO ZQ _SP .2-8< bT_S LWW T_^ Q]PPOZX ZQ
XPY_LW O]LQ_TYR" bZ`WO ]PXLTY TYPQQPN_TaP SLO T_ YZ_ LW^Z _SP [ZbP] _Z
R`TOP _SP ^`MUPN_i^ MZOd TY PcPN`_TZY$ @Q _ST^ _]LY^WL_TZY ZQ LY PTOP_TN
[L__P]Y TY_Z XZaPXPY_ ZQ WTXM" b]T_TYR T^ _SP XZ^_ QLXTWTL] PcLX[WP1
OLYNP Md OP^TRYPO NSZ]PZR]L[Sd! T^ LYZ_SP]1 LYO _SP `^P ZQ Z`]
SLYO _S]Z`RSZ`_ PcSTMT_^ _ST^ XZ_Z] _]LY^WL_TZY ZQ QZ]X TY T_^ bTOP^_
[]LN_TNLW ]LYRP L^ _SP NZYOT_TZY ZQ LWW _PNSYZWZRd$ GSL_ bP SP]P SLaP
T^ L _]LY^#LYTXLW" `YT\`PWd S`XLY QLN_0 PTOP_TN NZY_]ZW ZQ XZ_TWT_d"
_SL_ T^" X`^N`WL] LN_TZY RZaP]YPO YZ_ Md ^P_ ^_TX`W`^#]P^[ZY^P [L__P]Y
M`_ Md Q]PPWd NSZ^PY" TY_P]YLWWd ]P[]P^PY_PO LYO [`][Z^PWd []ZUPN_PO
/8;6" DSP PTOP_TN NZY_]ZW ZQ XZ_TWT_d" bT_S T_^ Q]PPOZX ZQ Pc_P]YLW
PcPN`_TZY" NZX[WPXPY_^ _SP PTOP_TN NZY_]ZW ZQ TXLRTYL_TZY" bT_S T_^
; >397#>3<;?9 3?6 D:7 8 B776@> @8 > 3? J '-)
Q]PPOZX ZQ TY_P]YLW O]LQ_TYR$ GT_SZ`_ _SP WL__P]" _SP]P bZ`WO MP YZ
]L_TZYLW QLN`W_d" M`_ bT_SZ`_ _SP QZ]XP]" T_^ [Z^^P^^TZY bZ`WO MP
Q`_TWP$ 4Z_S _ZRP_SP] XLVP [Z^^TMWP _SP Q]PPOZX ZQ XLY$ 7c[]P^^TYR
MZ_S TY ZYP TYOTaT^TMWP PaTOPYNP" 1868 92,=8; ]P[]P^PY_^ _SP [ZTY_ TY
bSTNS 1868 /*+.; LYO 1868 <*92.7< L]P NZYUZTYPOf L]P TYOPPO
^SZbY _Z MP ZYP LYO _SP ^LXP$
; ]P_`]Y ZYNP XZ]P _Z _SP XPY_LW ^TOP$ DSP 4TMWP _PWW^ `^ 9PYP^T^
(0'/! _SL_ 9ZO N]PL_PO _SP MPL^_^ ZQ _SP QTPWO LYO _SP QZbW^ ZQ _SP
LT]" M`_ WPQ_ T_ _Z 3OLX _Z YLXP _SPX$ 3 :LRRLOL _Z _ST^ [L^^LRP
9PYP^T^ BLMML HF;;$+! ^_L_P^ _SL_ 9ZO []LT^PO _SP bT^OZX ZQ
3OLX MPQZ]P _SP LYRPW^" ^LdTYR _SL_ TY RTaTYR YLXP^ _Z LWW N]PL_`]P^"
_Z STX^PWQ" LYO PaPY _Z 9ZO" 3OLX SLO OZYP bSL_ _SP LYRPW^ NZ`WO
YZ_ OZ$ DSP RTaTYR ZQ YLXP^ _Z ZMUPN_^ T^ SP]P ]PRL]OPO L^ _SP QT]^_
QPL_ ZQ YPbWd N]PL_PO XLY LYO L^ _SP QT]^_ OT^_TYN_TaPWd S`XLY LN_$ ;_
bL^ L ^_P[ MPdZYO N]PL_TZY$ :P bSZ OTO T_ OPXZY^_]L_PO Md T_ ST^
^`[P]TZ]T_d ZaP] ST^ QPWWZb N]PL_`]P^ LYO QZ]P^SLOZbPO ST^ NZXTYR
XL^_P]d ZaP] YL_`]P$ ;Y RTaTYR YLXP^ _Z gPaP]d WTaTYR N]PL_`]Ph N]P#
L_PO Md 9ZO" XLY N]PL_PO ^[PNTP^ YLXP^ QZ] _SP [W`]LWT_d TY_Z bSTNS
PLNS bZ`WO X`W_T[Wd$ DSP YLXP" MPNZXTYR RPYP]LW" bZ`WO []P^P]aP
_SP L]NSP_d[LW Z]OP] ZQ N]PL_TZY TY _SP QLNP ZQ TYOTaTO`LW X`W_T[WTNT_d$
;_^ `^P TY PLNS TYOTaTO`LW NL^P bZ`WO ]PYPb _SP Z]TRTYLW LN_ ZQ N]PL#
_TZY TY T_^ QZ]XLW L^[PN_$ DS`^ _SP ^dXMZWTN O`[WTNL_TZY ZQ YL_`]P Md
YLXP^ T^ L_ _SP ^LXP _TXP LY Z]OP]TYR ZQ YL_`]P LNNZ]OTYR _Z T_^
RPYP]TN [L__P]Y^$ 7LNS SZ]^P T^ _SP Z]TRTYLW SZ]^P" PLNS OZR _SP Z]TR#
TYLW OZR$
DSP RPYP]LWT_d ZQ _SP YLXP T^ _SP RPYP]LWT_d ZQ _SP TXLRP$ DSP PL]Wd
S`Y_P] O]Pb YZ_ _ST^ Z] _SL_ MT^ZY M`_ =1. MT^ZYf PaP]d [Z^^TMWP
MT^ZY bL^ NZYU`]PO" LY_TNT[L_PO" ]PXPXMP]PO _SP]PMd$ DSP O]LbTYR ZQ
_SP TXLRP T^ LYLWZRZ`^ _Z _SP LN_ ZQ NLWWTYR Md YLXP" Z] ]L_SP] T^ _SP
`YLM]TORPO aP]^TZY ZQ _ST^ LN_" MPNL`^P T_ ^[PWW^ Z`_ TY L ^PY^TMWP
[]P^PYNP _SL_ TYYP] TXLRP ZQ bSTNS _SP [SZYP_TN ^TRY T^ LY LMM]PaTL#
_TZY LYO _S]Z`RS bSZ^P RPYP]LWT_d LWZYP _SP ^TRY NLY ]PWL_P _Z _SP
XLYd TYOTaTO`LW^$ ;XLRP#XLVTYR PLNS _TXP ]P#PYLN_^ _SP N]PL_TaP LN_
_SL_ T^ STOOPY TY _SP ]P^TO`LW YLXP0 _SP ^dXMZWTN XLVTYR#ZaP]#LRLTY
ZQ _SP bZ]WO$ ;_ PcSTMT_^ bSL_ _SP `^P ZQ YLXP^ _LVP^ QZ] R]LY_PO0 _SP
LaLTWLMTWT_d ZQ _SP .2-8< L^ LY TOPY_T_d ZaP] LYO LMZaP _SP [L]_TN`WL]^"
QZ] S`XLY L[[]PSPY^TZY" TXLRTYL_TZY" LYO OT^NZ`]^P$
'-* D :7 A :7?@>7?@? @8 =;87

DS`^ Z`] Pc[WZ]P]^" NSLYNTYR `[ZY [TN_Z]TLW ]P[]P^PY_L_TZY"


bSP_SP] LNNZX[WT^SPO Z] [ZZ]" NLY MP ^`]P ZQ XZ]P _SLY SLaTYR
OT^NZaP]PO N]PL_`]P^ bT_S L NP]_LTY [PN`WTL]T_d ZQ MPSLaTZ] g^[PNTP^ C
bT_S SLMT_^ L" M" N $ $ $ " LXZYR bSTNS T^ [TN_`]P#XLVTYRh !$ DSPd NLY
MP ^`]P ZQ SLaTYR OT^NZaP]PO" TY _SP XLVP]^ ZQ _SZ^P WTVPYP^^P^" N]PL#
_`]P^ bSZ PYUZd _SP XPY_LW LYO NZ][Z]PLW Q]PPOZX bP _P]X S`XLY1
bSZ LW^Z RTaP YLXP^ _Z _STYR^" _SL_ T^" SLaP WLYR`LRP$ DSPd NLY MP
^`]P ZQ _SP [Z^^TMTWT_d ZQ NZXX`YTNL_TYR bT_S _SPX$ 3YO L^ L [Z^^TMTW#
T_d" _SPd NLY LY_TNT[L_P _SL_ _SP LM^_]LN_TZY ^SZbY TY _SZ^P WTVPYP^^P^
bTWW WPLO TY _TXP _Z _SP LM^_]LN_TZY ZQ RPZXP_]TNLW QZ]X LYO ]L_TZYLW
NZYNP[_1 LYO _SL_ _SP XZ_TWP NZY_]ZW TX[WTPO TY _SPT] XLVTYR bTWW" TY
NZYU`YN_TZY bT_S _SL_ LM^_]LN_TZY" WPLO TY _TXP _Z _PNSYZWZRd$ DSP
LN_`LWT_d ZQ ^`NS OPaPWZ[XPY_^ T^ `YQZ]P^PPLMWP" OP[PYOPY_ L^ _SPd
L]P ZY _SP LNNTOPY_^ ZQ ST^_Z]d" M`_ _SPT] [Z_PY_TLWT_d T^ RTaPY bT_S _SL_
VTYO ZQ MPTYR ZQ bSTNS _SP [TN_Z]TLW LN_TaT_d T^ _SP QT]^_ aT^TMWP LYO
`YXT^_LVLMWP ^TRY$
DSP PYNZ`Y_P]TYR ZQ L]_TQTNTLW WTVPYP^^P^" _SPY" T^ _SP SP`]T^_TN Pc[P#
]TPYNP bP SLaP MPPY WZZVTYR QZ]" LYO TY T_^ TYYP] TX[WTNL_TZY^ _ST^
Pc_P]YLW N]T_P]TZY [ZTY_^ _Z _SP OTQQP]PY_TL ZQ XLY$ GP YZ_P _SL_ _SP
N]T_P]TZY OZP^ YZ_ OPXLYO ]PL^ZY M`_ T^ NZY_PY_ bT_S [Z_PY_TLW ]PL^ZY
L^ bT_S [Z_PY_TLW RPZXP_]d LYO _SP WTVP!$ DSP [Z_PY_TLWT_d ]P^TOP^ TY
^ZXP_STYR _SL_ T^ YZ_ T_^PWQ ]PL^ZY LYO ^Z ZY!" LYO XLd YPaP] SL[#
[PY _Z LOaLYNP _Z T_$ 4`_ TQ T_ OZP^ T_ bTWW MP LY LOaLYNP bT_STY _SP
WPaPW NZY^_T_`_PO Md _SL_ ML^TN g^ZXP_STYRh _SL_ Z[P]L_P^ TY _SP PL]WT#
P^_ L__PX[_^ L_ ]P[]P^PY_L_TZY$ DSP WPaPW ZQ XLY T^ _SP WPaPW ZQ _SP
[Z^^TMTWT_TP^ _SL_ L]P TYOTNL_PO YZ_ OPQTYPO" LYO NP]_LTYWd YZ_ L^#
^`]PO! Md _SP [TN_Z]TLW QLN`W_d0 _SP WPaPW ZQ L YZYLYTXLW XPOTLNd TY
_SP ]PWL_TZY _Z ZMUPN_^" LYO ZQ L OT^_LYNP Q]ZX ]PLWT_d PY_P]_LTYPO LYO
M]TORPO Md _SL_ XPOTLNd L_ _SP ^LXP _TXP$ DSP PcT^_PYNP ZQ TXLRP^"
bSTNS ^SZb^ QZ]X b]P^_PO Q]ZX QLN_" T^ L bT_YP^^ _Z _ST^ XPOTLNd" LYO
TY T_^ Z[PY []ZXT^P LWZYP ^`QQTNP^ L^ PaTOPYNP ZQ S`XLY Q]PPOZX$
8Z]XP] ^[PN`WL_TZY OPXLYOPO XZ]P NZYNP]YTYR bSL_ ^SZ`WO MP
]PRL]OPO L^ NZYNW`^TaP PaTOPYNP QZ] :ZXZ ^L[TPY^0 L_ ^ZXP _TXP"
YZ_STYR WP^^ _SLY QTR`]P^ PcPX[WTQdTYR RPZXP_]TNLW []Z[Z^T_TZY^ bZ`WO
^`QQTNP$ DST^ ^`]PWd T^ LY `YQLTWTYR" M`_ LW^Z LY ZaP]PcLN_TYR N]T_P]TZY$
GSP]P bZ`WO T_ WPLaP _SP M`^SXLY2 DSP N]T_P]TZY ZQ L__PX[_PO ^PY^T#
@B;9;?C @8 D:7 7HA7B;7?57 @8 D BED: J '-+
MWP WTVPYP^^ T^ XZ]P XZOP^_" M`_ LW^Z XZ]P ML^TN LYO NZX[]PSPY^TaP$
;_ T^ Q`WW PaTOPYNP QZ] _SP _]LY^LYTXLW Q]PPOZX ZQ _SP XLVP]^$ DST^
Q]PPOZX" TY MZ_S _SPZ]P_TN LYO []LN_TNLW ]P^[PN_^" ZQ bSTNS ]PL^ZY T^ L
XZ]P ^[PNTQTN OPaPWZ[XPY_" T^ OT^_TYN_TaP ZQ XLY$ DZ ^PP _SP OTQQP]#
PY_TL Q`WQTWWPO TY _SP N]`OP^_ WTVPYP^^ ZQ LY LY_PWZ[P L^ X`NS L^ TY _SP
QTR`]P ZQ _SP Ad_SLRZ]PLY _SPZ]PX T^ YZ_ _Z ^NLWP OZbY _SP ^_L_`]P ZQ
XLY$ 8Z] _SP RL[ MP_bPPY LYTXLW bZ]WO#]PWL_TZY LYO _SP N]`OP^_
L__PX[_ L_ ]P[]P^PY_L_TZY T^ TYQTYT_PWd bTOP] _SLY _SL_ MP_bPPY _SP
WL__P] LYO LYd RPZXP_]TNLW NZY^_]`N_TZY$ ;_ T^ L XP_L[Sd^TNLW RL["
NZX[L]PO bT_S bSTNS _SP Z_SP] T^ ZYP ZYWd ZQ OPR]PP$

3 AA7?6;H [$ '-(!
%7 =1. %;2027< 8/ =1. $A9.;2.7,. 8/ (;>=1
;Y _SP 7^^Ld" [TN_Z]TLW ]P[]P^PY_L_TZY SL^ MPPY ]PWL_PO _Z _]`_S1 TXLRP#
XLVTYR T^ _S`^ [WLNPO TY _SP WL]RP] NWL^^ ZQ XLYi^ PQQZ]_^ QZ] _]`_S$ ;_ T^
TYOPPO LXZYR _SP QT]^_ QZ]X^ TY bSTNS _ST^ PQQZ]_ MPNZXP^ _SPXL_TN" M`_ T_
T^ YZ_ _SP Z]TRTYLW WZN`^ QZ] _SP Pc[P]TPYNP ZQ _]`_S T_^PWQ$ DST^ WTP^ ZY L
XZ]P []TXT_TaP" WP^^ Q]PPWd NSZ^PY WPaPW$ DZ ^`[[WPXPY_ _SP _]PL_XPY_ ZQ
_SP [TN_Z]TLW ^[SP]P" ^ZXP_STYR ^SZ`WO MP ^LTO ZQ _SL_ Z]TRTYLW WZN`^ LYO
_SP ]PWL_TZY TY bSTNS _SP [TN_Z]TLW _]`_S PQQZ]_ ^_LYO^ _Z T_$
'$ DSP ^PY^P TY bSTNS ZYP NLY ^[PLV ZQ LY Pc[P]TPYNP ZQ _]`_S XLd MP
TWW`^_]L_PO Md _SP ^T_`L_TZY TY bSTNS ZYP QPPW^ XZaPO _Z PcNWLTX gCZ _ST^ T^
bSL_ T_ ;.*55B T^ iif^`NS PcNWLXL_TZY NZY_LTYTYR L ^`MXP]RPO" TQ YZ_
Pc[WTNT_" gLYO 78= _ST^ h DSP TWW`^_]L_TZY T^ _Z NZYaPd _SP L_ ZYNP PX[SL_TN
LYO LY_T_SP_TNLW NSL]LN_P] ZQ _SP _]`_S#Pc[P]TPYNP" T$P$" _SL_ T_ ^_LYO^ Z`_
Q]ZX _SP YZ]XLW QWZb ZQ LNNP[_LYNP ZQ [SPYZXPYL LYO *0*27<= _SP MLNV#
R]Z`YO ZQ P]]Z] LYO QLW^PSZZO0 _ST^ MLNVR]Z`YO MPTYR T_^PWQ LY gPc[P]T#
PYNPh ZYWd ]PLWTePO TY _SP LN_ ZQ ^`[P]^PO`]P Md T_^ Z[[Z^T_P$ ;Y ^SZ]_" bP
bT^S _Z TYOTNL_P _SL_ _SP Pc[P]TPYNP ZQ _]`_S" L^ ^TX`W_LYPZ`^ Pc[Z^`]P ZQ
`Y_]`_S" TYNW`OP^ LY PWPXPY_ ZQ 7.0*=287" :PYNP QZWWZb^" L^ L QT]^_ []Z[Z#
^T_TZY" _SL_ _SP NL[LNT_d QZ] _]`_S []P^`[[Z^P^ _SP NL[LNT_d _Z YPRL_P" LYO
_SL_ _SP]PQZ]P ZYWd L MPTYR _SL_ NLY PY_P]_LTY YPRL_TaT_d" _SL_ NLY ^Ld
gYZ"h NLY PY_P]_LTY _]`_S$ 3YO ^TYNP _SP [ZbP] ZQ YPRL_TZY T^ L [L]_ ZQ
Q]PPOZX" TYOPPO L OPQTYTYR TYR]POTPY_ ZQ T_" _SP []Z[Z^T_TZY T^ _SL_ Q]PPOZX
T^ L []P]P\`T^T_P ZQ _]`_S" LYO _SL_ _SP Pc[P]TPYNP ZQ _]`_S T_^PWQ T^ _SP
PaTOPYNP LYO PcP]NT^P ZQ L NP]_LTY VTYO ZQ Q]PPOZX$
($ 8LW^PSZZO TY T_^ ^TX[WP^_ QZ]X T^ PYNZ`Y_P]PO TY _bZ _d[P^ ZQ ZNNL#
^TZY0 TY P]]Z]^ ZQ [P]NP[_TZY LYO TY _SP WdTYR ZQ XPY ; ZXT_" L^ L YZ
WZYRP] g^TX[WPh ^Z`]NP" XT^_LVP ZQ ]PL^ZYTYR!$ ;Y MZ_S NL^P^ bP L]P
'-, D :7 A :7?@>7?@? @8 = ;87
XT^WPOf TY _SP ZYP Md _SP L[[PL]LYNP ZQ _STYR^" TY _SP Z_SP] Md bZ]O^
LMZ`_ _STYR^$ ;Y PT_SP] NL^P" _SPY" _SP NSL]LN_P] ZQ QLW^PSZZO T^ _SL_ ZQ
-.,.9=287 bT_S _SP TX[Z]_LY_ OTQQP]PYNP MP_bPPY YL_`]LW OPNP[_TaPYP^^
LYO NZY_]TaPO OPNPTaTYR0 _SP ZYP []ZNPPOTYR Q]ZX _SP ZMUPN_^ ZQ OPNP[_TZY
_SPX^PWaP^" _SP Z_SP] Q]ZX LY TY_P]XPOTL]d MP_bPPY _SP ZMUPN_^ LYO Xd#
^PWQ1 _SP ZYP Q]ZX _SPT] []P^PYNP" _SP Z_SP] TY _SPT] LM^PYNP$ 4`_ TY MZ_S
NL^P^ _SP OPNP[_TZY OZP^ []ZNPPO Q]ZX ^ZXP_STYR Z_SP] _SLY Xd^PWQ LYO
L^ T_ bP]P bLdWLd^ XP0 ; LX _SP aTN_TX LYO YZ_ _SP LRPY_ ZQ T_" WPO TY_Z
P]]Z] ]L_SP] _SLY NZXXT__TYR P]]Z]$
:PYNP QZWWZb^ L ^PNZYO []Z[Z^T_TZY" aTe$" _SL_ _SP YPRL_TZY QT]^_ Z[P]L#
_TaP TY _SP Pc[P]TPYNP ZQ _]`_S T^ OPQPY^TaP ]L_SP] _SLY ZQQPY^TaP0 T_ T^
NZYNP]YPO _Z [L]]d L _S]`^_ ZQ _SP bZ]WO" YZ_ _Z SL]]d T_^ ]P^P]aPfL
]PLN_TZY _Z [Z^T_TaP QPTRYTYR" YZ_ _Z XP]P bT_SSZWOTYR" _Z _SP ZNNL^TZYLW
WdTYR ]L_SP] _SLY _SP SLMT_`LW STOTYR ZY _SP [L]_ ZQ _STYR^$ ;Q ^Z" _SP _]`_S#
PaPY_ SL^ L_ QT]^_ _SP NSL]LN_P] ZQ `Y#OPNPTaTYR ZYP^PWQ!" LYO ZYWd X`NS
WL_P] LW^Z _SL_ ZQ g`Y#NZYNPLWTYRh Z] g`YaPTWTYRh _SP aPTWPO _STYR^0 _SP
WL__P] T^ :PTOPRRP]i^ QZ]X`WL QZ] _SP TYT_TLW XPLYTYR ZQ _]`_S!$ CTX`WL_TZY"
YZ_ Z[L\`PYP^^" T^ _SP TYT_TLW ^_`XMWTYR MWZNV1 OPW`^TZY" YZ_ TRYZ]LYNP" _SP
QT]^_ ZMUPN_ ZQ _SP g?Zh TY OT^NZaP]d$ 6PNP[_TZY T^ L [L]_TN`WL] LYO [Z^T#
_TaP LN_$ ?Z_ ]P_TNPYNP M`_ _LWVTYR XLVP^ _SP WTL]0 XZ]P _SLY SZWOTYR MLNV
_SP _]`_S" SP [`_^ ^ZXP_STYR PW^P TY T_^ [WLNP _Z [L^^ QZ] T_" LYO SP OZP^ T_
N]POTMWd$ CTXTWL]Wd T_ T^ _SP ^`RRP^_TaPYP^^" _SP [P]^`L^TaP WTVPYP^^P^" _SP
XLYTQZWO XLVP#MPWTPaP ZQ _STYR^ *< 9.;,.2?.- _SL_ bP L]P []Pd _Z" WZYR
MPQZ]P bP L]P [WLR`PO Md _SPT] ^PN]P_TaPYP^^ LYO Z`] N`]TZ^T_d0 _SPd _ZZ
g_LWVh _Z `^ TY XLYd _ZYR`P^" LYO _TXP LYO LRLTY L]P QZ`YO Z`_ _Z SLaP
gWTPOh Md g[]P_PYOTYRh _Z MP bSL_ _SPd L]P YZ_$
DSPT] g]P_TNPYNP"h TY LY LW_ZRP_SP] OTQQP]PY_ ]P^[PN_" L^ L RPYP]LW NZYOT#
_TZYf_SP ]PNZYOT_PYP^^ XL^VPO TY *55 _SPT] L[[PL]TYR L^ ^`NS" g_]`Ph YZ
WP^^ _SLY gQLW^PhfT^ OT^NZaP]PO ZY L STRSP] [WLYP ZQ bZYOP] LYO N`]T#
Z^T_d" bSP]P L[[PL]LYNP" LW]PLOd ^PN`]PO ZY T_^ ZbY [WLYP LNNZ]OTYR _Z
_SP OT^_TYN_TZY ZQ ^[`]TZ`^ LYO RPY`TYP" TYaT_P^ YZ WZYRP] ]PN_TQTNL_TZY :>*
L[[PL]LYNP M`_ [PYP_]L_TZY gMPSTYOh L[[PL]LYNPf_Z L _]`_S OTQQP]PY_
Q]ZX T_ TY VTYO$ DSPY _]`_S L^ +B 7*=>;. STOOPY NZYQ]ZY_^ L[[PL]LYNP _SL_
Md YL_`]P STOP^ T_$ DZ _ST^ WL_P]" `YTaP]^LW OT^_TYN_TZY _SP PL]WTP]" XZ]P
YLTaP ZYP _]LY^XT_^ T_^ ^_dWP ZQ ^_]LTRS_ YPRL_TZY YL_TaP _Z _SP []TXT_TaP
^SZNV#Pc[P]TPYNP ZQ _]`_S" M`_ YZ_ YPNP^^L]TWd QT__TYR _SP YPb QTPWO$
)$ @Q _SP _bZ ZNNL^TZY^ QZ] _SP []TXT_TaP _]`_S#PYNZ`Y_P]fOPNP[_TaP
L[[PL]TYR _Z _SP ^PY^P^" TY_PY_TZYLW OPNPTaTYR Md _SP `^P ZQ ^dXMZW^f_SP
QT]^_" MPTYR L QLN_ ZQ OT]PN_ g^PPTYR"h T^ ZMaTZ`^Wd XZ]P PWPXPY_L]d LYO
g[]TZ]h _Z _SP Z_SP]" XPOTL_PO ZYP$ :PYNP QZWWZb^ _SP Q`]_SP] []Z[Z^T_TZY
_SL_ _SP Z]TRTYLW WZN`^ ZQ QLW^PSZZO LYO _]`_S T^ 9.;,.9=287 LYO _SL_
@B;9;?C @8 D:7 7 HA7B;7?57 @8 D BED: J '--
_SP]PQZ]P" TQ _SP [ZbP] _Z YPRL_P T^ L NZYOT_TZY QZ] _SP Pc[P]TPYNP ZQ _]`_S
[]Z[$ '!" T_ X`^_ MP L [L]_TN`WL] _]LT_ ZQ 1>6*7 [P]NP[_TZY" PXMZOdTYR
_SL_ Q]PPOZX" bSTNS QT_^ T_ QZ] _SP Pc[P]TPYNP ZQ QLW^PSZZO LYO _]`_S$ DS`^
_SP YL_`]P ZQ S`XLY [P]NP[_TZY" LYO bSL_ OT^_TYR`T^SP^ T_ Q]ZX _SP
XP]PWd LYTXLW VTYO" MPNZXP^ LY TY_PR]LW [L]_ ZQ LYd TYaP^_TRL_TZY TY_Z _SP
Z]TRTY ZQ _SP _]`_S Pc[P]TPYNP$'
*$ @YNP ]PL]PO TY _SP TYaZW`Y_L]d PYNZ`Y_P]^ ZQ [P]NP[_TZY" _SP gPc[P#
]TPYNP ZQ _]`_Sh NLY Q]PP T_^PWQ Q]ZX _SP NZY_TYRPYNTP^ QZ] NZ]]PN_TaP ]PLN#
_TZY LYO" ]L_SP] _SLY MP []ZaZVPO Md QLW^P WTVPYP^^" []ZaTOP T_^ ZbY ZMUPN_
TY [`][Z^PWd []ZO`NPO _]`P WTVPYP^^" TY bSTNS _SP NSZ^PY NZY_PY_ ZQ
[P]NP[_TZY T^ PY^S]TYPO QZ] NZY_TY`Z`^ LQQT]XL_TaP ]PNZRYT_TZY$ DST^ SL[#
[PY^ TY [TN_Z]TLW ]P[]P^PY_L_TZY" _SP ^`MUPN_ ZQ Z`] 7^^Ld" bSP]P _SP [Z^T#
_TaP NZX[ZYPY_ TY _SP _]`_S#Pc[P]TPYNP NZXP^ _Z _SP QZ]P$ DSL_ ZQ N]T_TNLW
YPRL_TZY ^_TWW ^`]aTaP^ TY _SP ^PWPN_TZY^ LYO ]PUPN_TZY^ bSTNS XL]V _SP
[]ZNP^^ ZQ PcPN`_TZY" M`_ _SL_ ZQ LQQT]XL_TZY LYO PYSLYNPO L[[]Z[]TL_TZY
XZ_TaL_P^ _SP []ZNP^^ Q]ZX _SP Z`_^P_" TY^T^_TYR ZY T_^ ZbY ^L_T^QLN_TZY$
:PYNP QZWWZb^ L QZ`]_S []Z[Z^T_TZY" aTe$" _SL_ _SP 26*0.!6*4270 ZQ PL]Wd
XLY ]P[]P^PY_^ L []T^_TYP QZ]X ZQ LN_TaP _]`_S#PQQZ]_" TY T_^ NWZ^PYP^^ _Z _SP
[P]NP[_`LW ^ZTW []PNPOTYR _SL_ ZQ _SZ`RS_ TY g_SPZ]dh1 LYO _SL_ _SP [ZbP]
T_ PX[WZd^f_Z NZY_PX[WL_P TXLRP^ QZ]X^! LM^_]LN_PO Q]ZX LN_`LW []P^#
PYNPfQT]^_ PcPX[WTQTP^ _SP [Z^T_TaP Q]PPOZX bSTNS X`^_ NZX[WPXPY_ _SL_
ZQ YPRL_TZY QZ] _SP Pc[P]TPYNP ZQ _]`_S _Z NZXP Q`WWd TY_Z T_^ ZbY$
+$ 8TYLWWd" TY^_PLO ZQ ^_LdTYR bT_S [P]NP[_TZY T$P$" _SP gRTaPYh! LYO
LMTOTYR Md T_^ aP]OTN_" MZ_S TXLRP#QLN`W_d LYO QLN`W_d ZQ YPRL_TZY NLY MP
RPL]PO _Z bTWW Z] OP^T]P" bT_S _SP ]P^`W_ PT_SP] ZQ ^`[[WLY_TYR _SP PaTOPYNP
ZQ [P]NP[_TZY Md bSL_ ZYP bZ`WO SLaP T_ _Z MP bT^SQ`W _STYVTYR!" Z] ZQ
Z[[Z^TYR T_ Md bSL_ ZYP bZ`WO XLVP T_ _Z MP []ZUPN_TaP _STYVTYR!$ DS`^
_SP [ZbP] _Z YPRL_P LYO _Z [TN_`]P T^ LW^Z PX[WZdPO TY _SP ^P]aTNP ZQ
QLW^PSZZO" bSP]P ZYWd L ^PNZYO YPRL_TZY bTWW ]P^_Z]P _]`_S1 Z] TY _SP
^P]aTNP ZQ TYYZaL_TZY" bSP]P LN_TZY T^ NLWWPO TY _Z _]LY^QZ]X [Z_PY_TLW TY_Z
LN_`LW _]`_S$ 3W_SZ`RS _SP^P aZW`Y_L]T^_TN PcP]NT^P^ ZQ _SP YPRL_TaP#[Z^T#

'$ ;_ ^SZ`WO MP XLOP NWPL] _SL_ bP L]P OPLWTYR bT_S _SP Z]TRTY^ ZQ _SP
Pc[P]TPYNP ZQ =;>=1 YZ_ bT_S _SZ^P ZQ _SP Pc[P]TPYNP ZQ 478@270# _SP
WL__P] T^ _SP bTOP] [SPYZXPYZY" QZ] YZ_ LWW VYZbWPORP T^ NZYNP]YPO bT_S
_]`_S" _SZ`RS LWW _]`_S T^ NZY_LTYPO TY VYZbTYR$ 8Z] TY^_LYNP" RP__TYR _Z
VYZb SZb _STYR^ L]P OZYP" P$R$" L [Z_ XLOP" L QT]P VTYOWPO" L SZ`^P
M`TW_fT$P$" WPL]YTYR SZb _Z OZ T_f T^ YZ_ _SP ^LXP L^ QTYOTYR Z`_ bSL_
_STYR^ L]P$ 5Q$ LW^Z0 VYZbTYR SZb _Z MPSLaP LYO _Z NZYO`N_ ZYP^PWQ$!
DSP]P L]P TY_P]P^_TYR ]PWL_TZY^ MP_bPPY _SP _bZ VTYO^ ZQ VYZbTYR" _SL_
NZYNP]YPO bT_S OZTYR LYO _SL_ NZYNP]YPO bT_S _]`_S0 ^ZXP ZQ _SPX L]P
OPLW_ bT_S TY _SP 7TRS_S 7^^Ld$
'-. D :7 A :7?@>7?@? @8 = ;87
_TaP Q]PPOZX bP L]P NZY^TOP]TYR TY _SP NZY_Pc_ ZQ _SP _]`_S#Pc[P]TPYNP L]P
ZQ ^`[]PXP TX[Z]_LYNP TY _SP LQQLT]^ ZQ XLYf_SP ^Z`]NP MZ_S ZQ TWW`^Z]d
MPWTPQ LYO ZQ N]PL_TaP `_Z[TLf_SPd L]P SP]P XP]PWd XPY_TZYPO _Z TYOTNL_P
_SP WL]RP] SZ]TeZY^ MPSTYO Z`] XZ]P WTXT_PO _SPXP$ ;Y bSL_ QZWWZb^" bP
^SLWW ^ZXPbSL_ PWLMZ]L_P _SP gZ]TRTYLW WZN`^h bP SLaP TYOTNL_PO$ ;_^ N]T_T#
NLW [SPYZXPYZY T^ P]]Z] Z] QLW^PSZZO Pc[Z^PO$
DSP [Z^^TMTWT_d ZQ P]]Z] L]T^P^ bT_S STRSP] ^PY^P#[P]NP[_TZY L^ ^`NS T$P$"
[]TZ] _Z XLY! LYO bT_S T_ LW^Z [Z^^TMWP ]PN_TQTNL_TZY ZQ P]]Z]$ 3Y LYTXLW
XLd 62<=*4. ZYP ZMUPN_ QZ] LYZ_SP] LYO _SPY QTYO Z`_ LMZ`_ T_^ XT^_LVP$ ;_
XLd LW^Z MP `YNP]_LTY LMZ`_ _SP _]`P YL_`]P ZQ L [P]NPTaPO c _SL_ ^`RRP^_^
^PaP]LW _STYR^ L^ [Z^^TMTWT_TP^" LYO QTYLWWd MPNZXP ^`]P bSL_ T_ ]PLWWd T^$ 4`_
YPT_SP] ZQ _SP^P NL^P^ ]LT^P^ QZ] _SP LYTXLW _SP T^^`P ZQ _]`_S Z] QLW^PSZZO$
DSP]P T^ TYOPNT^TZY ZQ ]P^[ZY^P" Z] ]P[WLNPXPY_ ZQ ZYP ]P^[ZY^P Md LY#
Z_SP] bSTNS T^ YZb QZ`YO _Z MP _SP ^`T_LMWP ZYP" L^ ZYP [P]NP[_TZY SL^
MPPY ]P[WLNPO Md LYZ_SP] bSTNS YZb ]`WP^ _SP ^T_`L_TZY$ DSP OT^_TYN_TZY
MP_bPPY _]`_S LYO QLW^PSZZO" LYO _SP]PQZ]P _SP TOPL ZQ VYZbWPORP" L]T^P^
ZYWd bSP]P _SP gb]ZYRh [P]NP[_TZY T^ YZ_ ^TX[Wd ^`[[WLY_PO Md _SP
g]TRS_h ZYP M`_ <>;?2?.< _Z MP NZYQ]ZY_PO *< /*5<2/2.- bT_S _SP ]TRS_ ZYP1 Z]
XZ]P RPYP]LWWd" bSP]P _bZ _P]X^ L]P LaLTWLMWP QZ] NZX[L]T^ZY" LYO ZYP ZQ
_SPX T^ LNNP[_PO L^ _SP ^_LYOL]O Md bSTNS _SP Z_SP] T^ U`ORPO$ GSL_ ; U`^_
NLWWPO ]PN_TQTNL_TZY ZQ P]]Z] TY LYTXLW^" _SP ]PaT^TZY ZQ L ^PY^L_TZY TY _SP
WTRS_ ZQ ^`M^P\`PY_ ^PY^L_TZY" XP]PWd ]PWTY\`T^SP^ _SP QZ]XP] TX[]P^^TZY
M`_ OZP^ YZ_ SZWO T_ `[ LRLTY^_ _SP YPb ZYP _Z P^_LMWT^S TY bSL_ T_ QPWW
^SZ]_ ZQ _]`_S$ 8Z] _ST^ _Z SL[[PY" _SP [L^_ X`^_ ^_Ld LaLTWLMWP TY _SP
^_]LYRPWd YZYNZXXT__LW bLd bSTNS YZ_ XPXZ]d L^ ^`NS" M`_ ZYWd _SP
OP_LNSXPY_ ZQ L[[PL]LYNP Q]ZX ]PLWT_d TY NZYU`YN_TZY bT_S XPXZ]d []Z#
aTOP^0 bP _SPY NLY NZX[L]P bT_SZ`_ MPTYR LW_P]YL_PWd NL[_TaP^ _Z _SP
[SPYZXPYLW []P^PYNP^ L^ _SPd UZ^_WP PLNS Z_SP] TY Z`] XPY_LW MPSZWOTYR$
DSP TXLRP ^T_`L_TZY T^ L NL^P TY [ZTY_$ GSP]P WTVPYP^^ T^ NZY^TOP]PO" _SP
\`P^_TZY ZQ LR]PPXPY_ LYO OT^LR]PPXPY_ NLY MP L^VPO LYO NLY WPLO _Z _SP
\`P^_TZY0 ;^ _ST^ L =;>. WTVPYP^^" LYO TY bSL_ ]P^[PN_ T^ T_ YZ_2 CPaP]LW
NZYOT_TZY^ X`^_ MP Q`WQTWWPO QZ] _SP L^VTYR LYO LY^bP]TYR ZQ _ST^ \`P^_TZY$
3YO _SP QT]^_ NZYOT_TZY" YPNP^^L]d _Z L]X `^ LRLTY^_ _SP TYSP]PY_ NZX[`W#
^TZY ZQ _SP XP]PWd RTaPY" T^ _SP OT^_TYN_TZY MP_bPPY []P_PY^TZY LYO L`_SPY#
_TNT_d$ DST^ OT^_TYN_TZY T^ _S]`^_ `[ZY `^ TY _SP Pc[P]TPYNP ZQ QLW^PSZZO$
;_ T^ ZMaTZ`^ _SL_ [P]NP[_TZY" P^[PNTLWWd ^TRS_" ZQQP]^ _SL_ Pc[P]TPYNP$ 3
[P]NP[_`LW L^[PN_ T^ _LVPY _Z MP _SL_ ZQ L NP]_LTY ZMUPN_" _SL_ T^" ^ZXP_STYR
T^ _LVPY /8; ^ZXP_STYR$ DSL_ bSTNS T^ _S`^ _LVPY T^ MPQZ]P XP0 _SL_ QZ]
bSTNS T_ T^ _LVPY T^ TY XP Q]ZX []PaTZ`^ LN\`LTY_LYNP$ ;_ XLd MP L]R`PO
_SL_ _SP]P T^ L ^`MXP]RPO 3>-06.7= TY _ST^ [P]NP[_`LW ]PNZRYT_TZY ZQ
^ZXP_STYR L^ ^ZXP_STYR" LYO TYOPPO _ST^ bL^ 6P^NL]_P^i aTPb1 M`_ _ST^
@ B;9;?C @8 D:7 7HA7B;7?57 @8 D BED: J '-/
TX[WTP^ LY L_ZXTN aTPb ZQ [P]NP[_TZY L^ QT]^_ NZY^T^_TYR ZQ ^TYRWP" YP`_]LW
gTOPL^h ZQ ^PY^P" _Z bSTNS LQQT]XL_TZY" YPRL_TZY" LYO ]PWL_TZY L]P ^`[P]#
LOOPO TY ^PNZYOL]d LN_^$ ;Y _ST^ aTPb" _SP]P NLY MP [P]NP[_TZY @2=18>=
TY_PR]L_TZY ZQ _SP OL_L TY_Z bSZWP^" bT_SZ`_ NZX[WP_TZY ZQ _SP RTaPY Md
_SP YZ_#RTaPY" LYO bT_SZ`_ _SP NZWWLMZ]L_TZY ZQ XPXZ]d$ ;Q _ST^ bP]P ^Z"
_SPY PaPY _Z _LVP _SP ^PY^`LWWd gRTaPYh QZ] LY 8+3.,= L_ LWW bZ`WO MP LY
Pc_]LYPZ`^ LOOT_TZY _Z _SP []TXL]TWd ^PY^PO LYO NZ`WO MP NLWWPO" Md ^ZXP
^_]P_NS ZQ _P]XTYZWZRd" LY TX[WTNT_ U`ORXPY_$ ;Y _SL_ NL^P" ZQ NZ`]^P" bP
^SZ`WO SLaP _Z ^Ld _SL_ LYTXLW^ [P]QZ]X U`ORXPY_^ NZY_TY`LWWd _S]Z`RS#
Z`_ _SPT] [P]NP[_`LW WTaP^ LYO _SL_ ZYWd aP]MLW Pc[WTNT_YP^^ OT^_TYR`T^SP^
S`XLY Q]ZX LYTXLW gU`ORXPY_$h 4`_ L[L]_ Q]ZX _SP ^PXLY_TN OT^LOaLY#
_LRP ZQ _S`^ L__PY`L_TYR _SP XPLYTYR ZQ L _P]X" _SP TOPL ZQ L [P]NPTaTYR
bSTNS OZP^ 78= TY _SP aP]d LN_ ]PWL_P _SP []P^PY_ NZY_PY_ _Z L bTOP] ]LYRP
ZQ Pc[P]TPYNP" T^ L XP]P LM^_]LN_TZY$ DZ [P]NPTaP 2< _Z LOXT_ _SP ^PY^P#
NZY_PY_ TY_Z L _Z_LW ZQ Pc[P]TPYNP TY bSTNS T_ PcSTMT_ ^`NS NZRYT_TaP
\`LWT_TP^ L^ VYZbY" QLXTWTL]" aLR`PWd QLXTWTL]" [`eeWTYR" ^_L]_WTYR$ 7aPY
_SP Pc[P]TPYNP ZQ LM^ZW`_P YZaPW_d bSTNS WPLaP^ _SP [P]NT[TPY_ PY_T]PWd L_ L
WZ^^ L^ _Z bSL_ SP T^ [P]NPTaTYR T^ [Z^^TMWP ZYWd bT_S ]PQP]PYNP _Z _SP
LNN`^_ZXPO bSP]PTY SP T^ [P]NP[_`LWWd L_ SZXP$ DS`^ [P]NP[_TZY L^ ^`NS"
L^ T_ NZY^_T_`_P^ T_^PWQ TY PLNS TY^_LYNP ZY _SP MLNVR]Z`YO ZQ [L^_ Pc[P]T#
PYNP" LW^Z [ZTY_^ QZ]bL]O _Z Q`_`]P aLWTOL_TZY Z] TYaLWTOL_TZY0 _SP YPc_
[P]NP[_TZY XLd NZYQT]X" LX[WTQd" NZ]]PN_" Z] NLYNPW T_ _SZ`RS T_ NLYYZ_
ZQ NZ`]^P NLYNPW _SP []PaTZ`^ ^PY^L_TZY TY T_^PWQ!$ DSP P^^PY_TLWWd Q]LR#
XPY_L]d YL_`]P ZQ LYd [L]_TN`WL] gaTPb"h bSTNS NLYYZ_ [Z^^TMWd ^_LYO ZY
T_^PWQ" NLWW^ QZ] NZY_TY`Z`^ TY_PR]L_TZY TY _SP PcP]NT^P ZQ _SP aT^`LW QLN`W_d
T_^PWQ" LYO _ST^ TY_PR]L_TZY T^ OZYP TY _SP WTRS_ ZQ [L^_ Pc[P]TPYNP LYO
_S]Z`RS ^`NS TY_PR]L_TaP XPLY^ L^ 9P^_LW_ [^dNSZWZRd SL^ ^SZbY _Z Z[P]#
L_P TY ^PY^L_TZY T_^PWQ$ DZ NLWW LWW _ST^ Md _SP YLXP ZQ gU`ORXPY_h ^P]aP^
ZYWd _Z NZYQ`^P _SP T^^`P$ 4`_ T_ OZP^ TYaZWaP _SP [Z^^TMTWT_TP^ ZQ NZYQT]XL#
_TZY LYO OT^L[[ZTY_XPY_ LYO _S`^ SL^ L ]PQP]PYNP _Z _SP \`P^_TZY ZQ _]`_S
LYO QLW^PSZZO$
@Q _SP LW_P]YL_TaP U`^_ XPY_TZYPO" OT^L[[ZTY_XPY_ T^ _SP XZ]P N]T_TNLW
QZ] _SP PXP]RPYNP ZQ _SP []ZMWPX ZQ _]`_S$ 5ZYQT]XL_TZY" L^ L ]`WP" [L^^P^
`YYZ_TNPO L^ L XL__P] ZQ NZ`]^P LYO T^ ^[PNTQTNLWWd Pc[P]TPYNPO ZYWd LQ_P]
OZ`M_" T$P$" bSP]P _SP QT]^_ [P]NP[_TZY WPQ_ _SP ^`MUPN_ `YNP]_LTY" _SZ`RS
TYNWTYPO TY _SP ]TRS_ OT]PN_TZY$ DSP OT^L[[ZTY_XPY_ ZQ L b]ZYR LY_TNT[L#
_TZY T^ Md QL] _SP XZ]P QZ]NPQ`W LYO P[T^_PXZWZRTNLWWd ]PWPaLY_ Pc[P]TPYNP$
DSP N]Z`NSTYR LYTXLW ZaP] _SP]P _`]Y^ Z`_ _Z MP L M`^S$ ;^ L U`ORXPY_
SP]P NZ]]PN_PO Md L U`ORXPY_2 DST^ bZ`WO MP _SP NL^P ZYWd TQ _SP _LVTYR
QZ] LY LYTXLW SLO MPPY L XL__P] ZQ NZY^NTZ`^Wd R`P^^TYR ZY TY^`QQTNTPY_
PaTOPYNP$ 4`_ TQ T_ bL^ _S]`^_ `[ZY XP bT_S _SP TXXPOTL_P [P]NP[_TZY"
'.& K D :7 A :7?@>7?@? @8 =;87
TYOT^_TYR`T^SLMWP Q]ZX _SP [P]NPTaTYR T_^PWQ" bP ^SZ`WO ^[PLV ZQ OPNP[_TaP
L[[PL]LYNP" YZ_ ZQ P]]Z] ZQ U`ORXPY_0 YZ_ _SL_ ; NZXXT__PO ^ZXP_STYR
M`_ _SL_ _SP ZMUPN_ WTPO _Z XP$ DSP QLN_ _SL_ _SP bZ]WO NLY [WLd QLW^P _Z `^"
T$P$" _Z Z`] ^PY^P^ LYO _Z _SP LN\`T]PO ^_LYOL]O^ ZQ Z`] [P]NP[_`LW Pc[P#
]TPYNP" T^ _SP []P#WZRTNLW" []P#WTYR`T^_TN" []P#^dXMZWTNLW ML^T^ QZ] _SP [SP#
YZXPYZY ZQ _]`_S$ g;_ bL^ YZ_ _]`Wd LY LYTXLW" TY _]`_S _SP]P T^ L M`^S
_SP]Ph0 T_ T^ ZYWd TY _ST^ Z[[Z^T_TZY _Z Pc[Z^PO QLW^PSZZO _SL_ _SP TOPL ZQ
_]`_S NLY L]T^P" LYO bSPY T_ OZP^" g_]`_Sh T^ L_ QT]^_ L NSL]LN_P] YZ_ ZQ
Xd^PWQ L^ T_ bZ`WO MP L^ _SP _]`_S ZQ U`ORXPY_! M`_ ZQ _SP bZ]WO
NZYQ]ZY_TYR XP$ DSP bZ]WO bL^ `Y_]`_SQ`W bSPY _SP _ST]^_d bLYOP]P]
OT^NZaP]^ _SP ^[]TYR SP SL^ ^TRS_PO _Z MP ^LW_d" bSPY ^PPXTYRWd ^ZWTO
R]Z`YO MPNZXP^ \`LRXT]P MPYPL_S _SP QPP_" bSPY RZWO _`]Y^ Z`_ _Z MP
QZZWi^ RZWO$ ;Y LWW _SP^P NL^P^ _STYR^ _SPX^PWaP^ WZZVPO WTVP _STYR^ _SPd
bP]P YZ_" bP]P [P]NPTaPO L^ _SP^P" _Z `YXL^V _SPX^PWaP^ LQ_P]bL]O$ DZ MP
_]`P" _SPY" XPLY^ QT]^_ ZQ LWW _Z MP RPY`TYP LYO ]PWTLMWP LYO `YOT^R`T^PO$
DSP g_]`Ph bPWW T^ _SL_ bSTNS OZP^ YZ_ OT^L[[ZTY_$ 4`_ RPY`TYPYP^^ T_^PWQ
NZXP^ _Z MP OT^NZaP]PO ZYWd bT_S _SP Pc[P]TPYNP ZQ T_^ Z[[Z^T_P" bSTNS
Q`]_SP]XZ]P X`^_ MP ]P_LTYPO TY _SP XTYO QZ] NZX[L]T^ZY LYO NZY_]L^_0
_SP XP]P gPc[WZ^TZYh ZQ LY TX[]P^^TZY Md L ^`M^P\`PY_ NZ]]PN_TaP TX[]P^#
^TZY T^ YZ_ PYZ`RS$
;Q bP [`_ _SP Pc[P]TPYNP^ bP OP^N]TMPO TY_Z []Z[Z^T_TZYLW QZ]X bP
^SZ`WO SLaP ^_L_PXPY_^ WTVP _SP^P0 g3Y LYTXLW T^ N]Z`NSTYR ZaP] _SP]Ph1
g;_ T^ YZ_ LY LYTXLW" T_ T^ L M`^S$h DSP ^PNZYO ^_L_PXPY_ ;.=*27< _SP QT]^_ TY
_SP 7.0*=2?. XZOP" L^ [L]_ ZQ T_^ ZbY NZX[WP_P NZY_PY_$ ;_^ XPLYTYR T^ YZ_
Q`WQTWWPO Md YZb MPSZWOTYR U`^_ _SP M`^S$ DSP [L^_ _LVTYRfYZb OT^NZaP]PO
_Z MP L XT^#_LVTYRfZQ _SP L[[PL]LYNP QZ] LY LYTXLW \`LWTQTP^ _SP YPb
]PNZRYT_TZY L^ L _]`P ]PNZRYT_TZY bSTNS ^_LYO^ Z`_ Q]ZX _SP YZ]XLW LN#
NP[_LYNP ZQ [SPYZXPYL$ 4`_ _ST^ YPb \`LWT_d NLY MP L[[]PSPYOPO L^ ^`NS
ZYWd TQ ]PQP]PYNP T^ XLOP _Z _SP QLW^TQTPO [SPYZXPYZY" LYO _ST^ NLY MP
OZYP ZYWd TQ T_ T^ ^_TWW LaLTWLMWP TY XPXZ]d$
DST^ WPLO^ `^ MLNV _Z _SP NZY^TOP]L_TZY ZQ _SP TXLRP#Q`YN_TZY$ C`[[Z^P
_SP T^^`P T^ YZ_ MP_bPPY L N]Z`NSTYR LYTXLW LYO L M`^S" bSP]P _SP
gPc[WZ^TZYh ZQ _SP QZ]XP] TX[]P^^TZY _S]Z`RS _SP WL_P] T^ NZX[WP_P LYO
]P^`W_^ TY _Z_LW ]PaT^TZY$ C`[[Z^P _SP T^^`P _Z MP MP_bPPY _bZ QLT]Wd ^TXTWL]
^[PNTP^ ZQ LYTXLW^$ DSP ^NZ`_ ZQ L S`Y_TYR _]TMP SL^ NZXP MLNV bT_S _SP
XP^^LRP _SL_ SP SL^ ^[Z__PO L SP]O ZQ LY_PWZ[P1 XPXMP]^ ZQ _SP S`Y_TYR
N]Pb" `[ZY L[[]ZLNSTYR _SP ^NPYP" NZY_PYO _SL_ _SP^P L]P M`QQLWZP^$ ;Q _ST^
_`]Y^ Z`_ _Z MP _SP NL^P" Z] TQ LY L]R`XPY_ OPaPWZ[^ LMZ`_ T_" _SP ^NZ`_
XLd Pc[WLTY ST^ Z]TRTYLW TX[]P^^TZY Md [ZTY_TYR Z`_ _SL_ ^`NS LYO ^`NS
QPL_`]P^ OT^NP]YPO Md STX WPO STX _Z ST^ aP]^TZY ZQ bSL_ SP ^Lb" LYO
Z_SP]^ bTWW [ZTY_ Z`_ _SL_ TQ SP SLO ]PXPXMP]PO NP]_LTY Z_SP] QPL_`]P^ ZQ
@B;9;?C @8 D:7 7 HA7B;7?57 @8 D BED: J '.'
LY_PWZ[P^" SP bZ`WO SLaP QZ`YO _SL_ _SP^P L]P YZ_ LY_PWZ[P^1 LYO TQ TY
LOOT_TZY SP SLO ]PXPXMP]PO NP]_LTY QPL_`]P^ ZQ M`QQLWZ" SP bZ`WO SLaP
]PNZRYTePO _SP N]PL_`]P^ QZ] bSL_ _SPd bP]P$ ;Y Z_SP] bZ]O^" /8;6< L]P
NZX[L]PO" TY _ST^ NL^P ZQ RPYP]LW TXLRP^ ]L_SP] _SLY ZQ NZYN]P_P TYOTaTO#
`LW^" LYO ZYWd TY ^`NS L NZX[L]T^ZY T^ _SP bSZWPYP^^ ZQ ZaP]LWW [P]NP[_TZY
LYLWdePO TY_Z OT^_TYN_ QPL_`]P^ ZQ NZX[ZYPY_ OP_LTW LYO ZQ []Z[Z]_TZY _SL_
NLY MP T^ZWL_PO QZ] X`_`LW NZYQ]ZY_L_TZY$
:P]PbT_S bP SLaP ]P_`]YPO _Z _SP ^`MUPN_ ZQ _SP 7^^Ld$ 8Z] bSL_ TY Z`]
PcLX[WP bL^ OZYP Md aP]MLW OT^NZ`]^P bT_S PT_SP] OT]PN_ [ZTY_TYR _Z _SP
ZMUPN_^ Z] ]PNZ`]^P _Z XPXZ]d!" T^ TY P^^PYNP LW^Z LNSTPaPO Md _SP O]Lb#
TYR" ]PNZRYT_TZY" LNNP[_LYNP Z] ]PUPN_TZY ZQ L ]P[]P^PY_L_TaP WTVPYP^^1 LYO
_ST^ RZP^ _Z ^SZb _SL_ _SP aP]MLW ^[SP]P T^ YZ_ _SP PcNW`^TaP LYO YPNP^^L]d
WZN`^ ZQ _SP [SPYZXPYZY ZQ _]`_S LYO VYZbWPORP$ ATN_Z]TLW ]P[]P^PY_L#
_TZY" NWZ^P] _Z _SP [P]NP[_`LW _P]X^ _SLY _SP LM^_]LN_ ^dXMZWT^X ZQ WLY#
R`LRP" LYO WP^^ NZYNP]YPO bT_S _SP []LN_TNLW PYO^ ZQ NZXX`YTNL_TZY" T^ L
Q`YOLXPY_LW PcP]NT^P ZQ XLYi^ _]`_S#PQQZ]_ TY ]PWL_TZY _Z _SP aT^TMWP bZ]WO$
7aP]d [Z]_]LdLW ZQ _STYR^ NZY^P]aP^ L VYZbWPORP ZQ _SPX LYO T_^PWQ NZXP^
`YOP] _SP N]T_P]TL ZQ VYZbWPORP$ 3Y TXLRP T^ PT_SP] _]`P Z] [L]_TLWWd _]`P
Z] QLW^P$ ;_ SL^" L^ WZYR L^ T_ T^ YZ_ NZY^TOP]PO LP^_SP_TNLWWd" YZ Z_SP]
;*2<87 -E.=;. _SLY _SP _]`_S#]PQP]PYNP" T$P$" _SP ]PQP]PYNP ZQ LOP\`L_PYP^^"
_Z _SP ZMUPN_ ]P[]P^PY_PO$ 3^ bP [`_ T_ TY _SP 7^^Ld0 bSL_ _SP ^NSZZWXPY
Pc[]P^^PO" TY _SP OPQTYT_TZY ZQ _]`_S" L^ *-*.:>*=28 27=.55.,=>< *- ;.6
L[[PL]^ SP]P TY _SP XZ]P PWPXPY_L]d QZ]X ZQ *-*.:>*=28 26*0272< *-
;.6"
3WW _ST^ ]PQP]^ _Z _SP NZYNP[_ ZQ =1.8;.=2,*5 _]`_S LYO T_^ Z]TRTY^ TY
Pc[P]TPYNP$ 3 OTQQP]PY_ XL__P] LW_ZRP_SP] T^ XZ]LW _]`_S bSTNS XPLY^
_]`_SQ`W OPLWTYR bT_S ZYPi^ QPWWZb XPY$ DST^" LYO YZ_ bSL_ _SP :PTOPRRP]
^NSZZW ^Ld^" bL^ _SP QT]^_ XPLYTYR ZQ *!5.=1.< LYO *!5.=1.>.27# YZ_ _Z QPTRY
LYO OT^^TX`WL_P ZYPi^ OP^TRY^" P$R$" TY _SP N]LQ_d aP]MLW OPLWTYR^ ZQ 9]PPV
NZXX`YLW WTQP0 _Z ^[PLV ZYPi^ XTYO LYO YZ_ _Z STOP T_0 _Z MP Q]LYV LYO
Z[PYf[]POTNL_PO ZQ [P]^ZY^ L^ ]PWL_TYR _Z [P]^ZY^" YZ_ ZQ _STYR^ ]PWL_PO
_Z [P]^ZY^" LYO WPL^_ ZQ [P]^ZY^ ]PWL_PO _Z _STYR^$ 3YO L^ L XL__P] ZQ
WTYR`T^_TN QLN_" _SP aP]M *5.=1.>.27 YPaP] XPLY_" _]LY^T_TaPWd" _Z g`Y#
OPNPTaPh Z] g`Y#NZYNPLWh1 TY T_^ []P_SPZ]P_TNLW `^P T_ LWbLd^ XPLY_" TY#
_]LY^T_TaPWd" _Z LM^_LTY Q]ZX NZYNPLWTYR LYO OPNPTaTYR" MPNZXTYR _]LY^T_TaP
ZYWd TY _SP ^PY^P ZQ gXLVTYR _]`Ph ZYPi^ []ZXT^P Z] ^ZXPZYPi^ SZ[P" Z]
[]POTN_TYR _]`Wd bSL_ bL^ _Z SL[[PY$(fDSP L[[]Z[]TL_TZY ZQ _ST^ XZ]LWWd

($ 7aPY TY T_^ WL_P]" _SPZ]P_TNLW `^P _SP _]LY^T_TaP [ZbP] ZQ _SP aP]M
*5.=1.>.27 bL^ NZYQTYPO _Z _SP TY_P]YLW ZMUPN_ g^_L_PXPY_h gXLVTYR _]`P
OT^NZ`]^Ph!" bT_S _SP LOOT_TZY ZQ gLMZ`_ $ $ $h Z] gTY ]P^[PN_ ZQ $ $ $h 4*=*
=278<!0 T_ ^_TWW XPLY_ g^[PLVTYR _]`_SQ`WWd"h bT_S _SP OTQQP]PYNP _SL_ _SP
'.( D :7 A :7?@>7?@? @8 = ;87
bPTRS_PO _P]X TY_Z _SP _SPZ]P_TNLW ^[SP]P bL^ TYOPPO ZQ ^`[]PXP TX[Z]#
_LYNP" M`_ T_ bL^ L ^PNZYOL]d OPaPWZ[XPY_ M]Z`RS_ LMZ`_ TY _SP [STWZ#
^Z[STNLW ^NSZZW^$ ;_ T^ L XZZ_ \`P^_TZY SZb X`NS ZQ _SP PL]WTP] L^^ZNTL#
_TZY^ ZQ YZ_#OT^^PXMWTYR" P_N$! ^`]aTaPO TY _SP YPb ^P__TYR$

^[PPNS T^ YZb XPLY_ _Z MP g_]`P"h YZ_ _Z _SP ^[PLVP]i^ _SZ`RS_^" M`_ _Z _SP
_STYR^ _SZ`RS_ LYO ^[ZVPY LMZ`_1 LYO" ZQ NZ`]^P" _SP]P MPTYR YZ ]PL^ZY"
TY _SPZ]P_TNLW OT^NZ`]^P" QZ] bT^STYR _Z STOP _SP WL__P] bSTWP _SP]P XLd MP
RZZO ]PL^ZY^" TY []LN_TNLW OT^NZ`]^P" QZ] STOTYR _SP QZ]XP]!" _SP gYZ_
STOTYRh L^[PN_ ZQ P_dXZWZRTNLW dZ]P SLO WZ^_ T_^ [Z^^TMWP L[[WTNL_TZY" \`T_P
L[L]_ Q]ZX []ZMLMWd MPTYR WZYR QZ]RZ__PY Md _SL_ _TXP LYdbLd$ 4`_ L^ _Z
gb%T#STOTYR"h _SP [P_ TY_P][]P_L_TZY ZQ _SP CNSZZW0 YPaP] OTO R]LXXL]
[P]XT_ _SP 9]PPV^ _Z *5.=1.>.27 _SP _STYR^ _SPX^PWaP^ =* 9;*06*=* L^
OT]PN_ ZMUPN_!" T$P$" _Z gM]TYR _SPX Z`_ ZQ _SPT] STOTYR TY_Z _SP WTRS_ ZQ
_]`_S$h DSPd YPPO YZ ^LaTYR" M`_ _SP _STYVP] OZP^0 _SP 5808< *5.=1.<
]P^ZWaP^ LY *98;2* T$P$" L OTQQTN`W_d _SL_ SL^ L]T^PY TY OT^NZ`]^P T_^PWQ$!
>`NS [STWZWZRTNLW YZY^PY^P SL^ MPPY b]T__PY ZY _SL_ ^NZ]P _Z `YOP][TY
[STWZ^Z[STNLW []ZQ`YOT_d$
DB3?C;D;@?

8]ZX ASTWZ^Z[Sd ZQ _SP @]RLYT^X


_Z _SP ASTWZ^Z[Sd ZQ >LY

CTYNP bT_S _SP WL^_ 7^^Ld bP SLaP [L^^PO _SP MZ]OP]WTYP MP_bPPY _SP
[Sd^TNLW LYO _SP XPY_LW ^[SP]P LYO bTWW SPYNPQZ]_S XZaP TY _SP WL__P]
LWZYP" T_ XLd MP L[[]Z[]TL_P _Z ]PNL[T_`WL_P _SP ^_LRP^ Md bSTNS _ST^
_S]P^SZWO bL^ ]PLNSPO Q]ZX XP_LMZWT^X `[bL]O$
DSP ^P[L]L_TZY ZQ .2-8< Q]ZX ]PLWT_d bT_S bSTNS bP XP_ TY _SP
[SPYZXPYL ZQ gTXLRPh LYO g_]`_Sh ^TRYTQTP^ _SP [L^^LRP _Z L YPb"
N]T_TNLW WPaPW ZQ XPOTLNd TY _SP ]PWL_TZY ZQ Z]RLYT^X _Z PYaT]ZYXPY_$
DSP R]Zb_S ZQ ^`NS XPOTLNd NLY MP ZM^P]aPO _S]Z`RSZ`_ Z]RLYTN
PaZW`_TZY$ >P_LMZWT^X T_^PWQ" LYO _SP]PQZ]P [WLY_ WTQP LW]PLOd" T^ XPOT#
L_PO TOPY_T_d LYO NZY_TY`T_d DST]O 7^^Ld!$ @Y _SP LYTXLW WPaPW"
]P[]P^PY_TYR L OPNT^TaP ^_P[ MPdZYO _SP ]PWL_TaP TXXPOTLNd ZQ aPRP#
_L_TaP PcT^_PYNP" XPOTLNd SL^ _SP _S]PP L^[PN_^ ZQ XZ_TWT_d" [P]NP[_TZY"
PXZ_TZY 8Z`]_S LYO 8TQ_S 7^^Ld^!$ 3WW _S]PP TX[Wd -2<=*7,.# LN]Z^^
T_" LYO =1;8>01 _SP XZOP^ ZQ [P]NPTaTYR" ^_]TaTYR" LN_TYR" gbZ]WOh T^
NZY^_T_`_PO LYO ]P[WLNP^ _SP XP]P PYaT]ZYXPY_ ZQ _SP [WLY_$ gGZ]WOh
NZYQ]ZY_^ _SP ^`MUPN_ bT_S OT^N]P_P" ^PWQ#NZY_LTYPO ZMUPN_^" bSP]PL^
_SP [WLY_#PYaT]ZYXPY_ NZY^T^_^ ZQ LOULNPY_ XL__P] LYO TX[TYRTYR
QZ]NP^$ 6T]PN_ NSPXTNLW NZXXP]NP bT_S _SP PYaT]ZYXPY_ T^ _SP aPRP#
_L_TaP XZOP ZQ Z`_bL]OYP^^" LYO T_ ]PXLTY^ _SP ML^T^ QZ] LWW Z]RLYTN
PcT^_PYNP$ 4`_ TY LYTXLW WTQP _ST^ aPRP_L_TaP WPaPW T^ ^P]aPO OPaTZ`^Wd
_S]Z`RS _SP Z]RLYT^Xi^ ]PWL_TZY^ _Z ZMUPN_^ Z`_ TY ^[LNP bSTNS L]P
[P]NPTaPO" OP^T]PO" ]PLNSPO" LYO LN_PO `[ZY Pc_P]YLWWd MPQZ]P PY_P]TYR
'.)
'.* K D :7 A :7?@>7?@? @8 = ;87
TY_Z _SP Z]RLYTN NZXXP]NP ZQ _SP XP_LMZWTeTYR ^d^_PX$ DS`^ _SP Q]PP#
OZX ZQ _SP LYTXLW WPaPW T^ _SL_ ZQ Pc_P]YLW LOU`^_XPY_^ XLOP TY
LN_TZY^ OT^_TYN_ Q]ZX _SP PYO _Z MP LNSTPaPO LYO _SP]PQZ]P NZXTYR
`YOP] _SP LW_P]YL_TaP ZQ NZ]]PN_#TYNZ]]PN_" ZQ ^`NNP^^ LYO QLTW`]P$ 4d
_SP aP]d OTLWPN_TN ZQ WTQP" _ST^ ^`[P]TX[Z^PO WPaPW ZQ XPOTLNd" TY ^[T_P
ZQ T_^ TY^_]`XPY_LW ]ZWP QZ] XP]P Z]RLYTN ^`]aTaLW" NZY^_T_`_P^ T_^ ZbY
^NLWP ZQ NZYNP]Y^ bSTNS ]PaP]^P _SP ]PWL_TZY ZQ PYO^ LYO XPLY^ L^
MP_bPPY aPRP_L_TaP LYO LYTXLW Q`YN_TZY$ DSP QPPWTYR^ ZQ [WPL^`]P LYO
[LTY _SL_ LNNZX[LYd LYTXLW Pc[P]TPYNP L^ TY_]TY^TN ]PbL]O^ LYO
[`YT^SXPY_^ ZQ NZYO`N_" _Z bSTNS X`^_ MP LOOPO _SP PcNT_PXPY_ ZQ
LN_TZY T_^PWQ" L]P NWPL] TYOTNL_TZY^ ZQ _SP PYOZbXPY_ ZQ LYTXLW Q`YN#
_TZY^ bT_S aLW`P^ LYO PYO^ ZQ _SPT] ZbY$ GSL_ ^PPX^ YZ_ _Z MP QZ`YO
dP_ TY LYTXLW^ T^ _SL_ 9.;,.9=287 Md T_^PWQ MPNZXP^ TXM`PO bT_S [WPL#
^`]P LYO L^^`XP^ _SP ^_L_`^ ZQ LY Pc[P]TPYNP ^Z`RS_ QZ] T_^ ZbY
^LVP$
;Y _SP ^[SP]P ZQ [P]NP[_TZY bP YZ_P TY [L]_TN`WL] _SP NZY_]TM`_TZY
ZQ _SP OT^_LYNP ^PY^P^ _Z _SP [L__P]Y ZQ XPOTLNd$ 3XZYR _SP^P" ^TRS_
]P[]P^PY_^ TY _SP [`]P^_ XLYYP] _SP ^P__TYR L[L]_ ZQ Z]RLYT^X LYO
bZ]WO" LYO _SPT] ]PNZXMTYL_TZY TY L ^PNZYOL]d ]PWL_TZY CTc_S 7^^Ld!$
DSP ZMUPN_ ^PPY T^ TY_P][Z^PO MP_bPPY _SP Z]RLYT^X LYO T_^ OT]PN_
Z]RLYTN OPLWTYR^ bT_S _SP PYaT]ZYXPY_$ DSP^P OPLWTYR^ L]P SPYNPQZ]_S
TYT_TL_PO" OT]PN_PO" LYO NZY_]ZWWPO Md _SP TYQZ]XL_TZY NZYNP]YTYR
_STYR^ _SL_ L]P OT^_LY_" T$P$" Z`_^TOP _SP Z]RLYTN ]LYRP T_^PWQ$ DSP L]N ZQ
_ST^ OP_Z`] ZQ ^L_T^QLN_TZY T^ _SP WZN`^ QZ] _SP Q]PPOZX LYO ]T^V ZQ
LYTXLW WTQP$ ;Y _SP ^[LY MP_bPPY _SP ^PWQ LYO _SP OT^_LY_ ZMUPN_ L^ dP_
`YPYRLRPO!" bSTNS WZYR#]LYRP aT^TZY ^P_^ `[" PXZ_TZY NLY XLVP T_^
NSZTNP LYO WZYR#]LYRP WZNZXZ_TZY NLY _LVP T_^ NZ`]^P$ 4`_ ^TRS_" L^
_SP CTc_S 7^^Ld SL^ ^SZbY" NZY_LTY^ _]LY^#LYTXLW [Z_PY_TLWT_TP^ ZQ
MPSZWOTYR LYO L__T_`OP bSTNS L STRSP] XPY_LW QLN`W_d NLY LN_`LWTeP$
;Y _SP TXLRP#QLN`W_d ZQ XLY L Q`]_SP] OPR]PP ZQ XPOTLNd T^ ]PLNSPO"
LYO _SP OT^_LYNP MP_bPPY Z]RLYT^X LYO PYaT]ZYXPY_ bTOPYPO Md L
Q`]_SP] ^_P[ CPaPY_S 7^^Ld!$ DST^ YPb OPR]PP WTP^ TY _SP TOPL_TaP
Pc_PY^TZY ZQ 9.;,.9=287 LYO L_ QT]^_ SL]OWd LQQPN_^ _SP S`XLY aP]^TZY^
ZQ LYTXLW PXZ_TZY LYO XZ_TWT_d _SZ`RS T_ OZP^ ^Z WL_P] ZY!$ DSP YPb
XPOTLNd NZY^T^_^ TY _SP TY_P][Z^T_TZY ZQ _SP LM^_]LN_PO LYO XPY_LWWd
XLYT[`WLMWP .2-8< MP_bPPY ^PY^P LYO LN_`LW ZMUPN_" U`^_ L^ ZY _SP
WPaPW ZQ LYTXLW XPOTLNd _SP [P]NP[_TZY ZQ ZMUPN_^ bL^ TY_P][Z^PO
MP_bPPY _SP Z]RLYT^X LYO T_^ []TXL]d PYaT]ZYXPY_#]PWL_TZY$ ;XLRTYR
D B3?C;D;@? J '.+
LYO ^[PLVTYR XLY NPL^P^ _Z ^PP _STYR^ OT]PN_Wd0 SP ^PP^ _SPX _S]Z`RS
_SP ^N]PPY ZQ ]P[]P^PY_L_TZY^ ZQ bSTNS SP SL^ MPNZXP [Z^^P^^PO Md
ST^ ZbY []PaTZ`^ OPLWTYR^ bT_S ZMUPN_^" LYO bSTNS L]P PaZVPO Md _SP
[]P^PY_ [P]NP[_`LW NZY_PY_" TX[]PRYL_TYR T_ bT_S _SPT] <B6+852,
NSL]RP" LYO LOOPO _Z Md _SP YPb Pc[P]TPYNP T_^PWQ$ DSPT] R]PL_P^_ ]ZWP"
SZbPaP]" WTP^ TY MP_bPPY Pc[P]TPYNP^" bSPY _SP LN_`LW ZMUPN_ T^ YZ_
[]P^PY_ QZ] OT]PN_ [P]NP[_TZY0 _SPY _SP LM^_]LN_PO TXLRP^ _SL_ L]P L_
_SP NZXXLYO ZQ _SP ^`MUPN_ []ZaTOP TY _SPX^PWaP^ _SP XL_P]TLW QZ] LY
gPc[P]TPYNPh L_ L ]PXZaPf ^dXMZWTN Pc[P]TPYNP" TY bSTNS _SP bZ]WO
T^ _LVPY SZWO ZQ bT_SZ`_ TX[Z^TYR T_^ []P^PYNP$ DSP aP]d [SPYZXPYZY
ZQ _]`_S" L^ _SL_ ZQ QLW^PSZZO" T^ WZNL_PO TY _ST^ XPOTLNd ZQ _SP _ST]O
OPR]PP$
IP_ PaPY _ST^ T^ _SP _S]P^SZWO _Z L Q`]_SP] XPOTL_TZY$ DSP QL_PQ`W
Q]PPOZX ZQ ZMUPN_TQTNL_TZY" bSTNS NZYQ]ZY_^ _SP ^PWQ bT_S _SP [Z_PY_TLW
^`X _Z_LW ZQ _SP gZ_SP]"h _SP gbZ]WO"h L^ LY TYOPQTYT_P ]PLWX QZ]
[Z^^TMWP `YOP]^_LYOTYR LYO LN_TZY" NLY LYO PaPY_`LWWd X`^_ _`]Y
MLNV" bT_S T_^ M`]OPY ZQ XPOTLNd" `[ZY _SP ^`MUPN_ T_^PWQ LYO XLVP 2=
TY _`]Y _SP ZMUPN_ ZQ L ]PWL_TZY bSTNS LRLTY _LVP^ _SP OP_Z`] aTL _SP
.2-8<" DSP gQZ]Xh SP]P TYaZWaPO T^ OTQQP]PY_ TY VTYO Q]ZX _SZ^P ZQ _SP
bSZWP ]PLWX ZQ Z`_bL]OYP^^" QZ] T_ NZYNP]Y^ _SP ^PWQi^ ;.5*=287 _Z LWW
Z`_bL]OYP^^$ DSP YPb OTXPY^TZY ZQ ;./5.,=287 `YQZWO^" bSP]P _SP <>+!
3.,= ZQ LWW ZMUPN_TQTNL_TZY L[[PL]^ *< <>,1 _Z T_^PWQ LYO MPNZXP^ ZMUPN_T#
QTPO QZ] L YPb LYO PaP] XZ]P ^PWQ#XPOTL_TYR VTYO ZQ ]PWL_TZY$ GT_S _SP
QT]^_ L^VTYR ZQ _SP \`P^_TZY" GSL_ T^ XLYi^" bSL_ T^ Xd [WLNP LYO [L]_
TY _SP ^NSPXP ZQ _STYR^2" _SP ^PWQ MPNZXP^ PYR`WQPO TY _SP OT^_LY_YP^^
TY bSTNS LWW _STYR^ L]P VP[_ Md XLY LYO Q]ZX bSTNS _SPd SLaP _Z MP
]P_]TPaPO TY LN_^ ZQ PTOP_TN TY_PY_TZYLWT_d$ 3W_SZ`RS _ST^ T^ LYZ_SP]
PcP]NT^P ZQ _SP PTOP_TN QLN`W_d" T_ T^ Md YZ XPLY^ L`_ZXL_TNLWWd RTaPY
bT_S T_^ Z`_bL]O PcP]NT^P PcPX[WTQTPO Md [TN_Z]TLW ]P[]P^PY_L_TZY$
D]`P XLY PXP]RP^ bSPY _SP [LTY_P] ZQ _SP M`WW LYO PaPY ZQ T_^ S`Y_P]
_`]Y^ _Z NZYNP]YTYR STX^PWQ bT_S _SP `Y[LTY_LMWP TXLRP ZQ ST^ ZbY
NZYO`N_ LYO _SP ^_L_P ZQ ST^ ^PWQ$ @aP] _SP OT^_LYNP ZQ _ST^ bZYOP]TYR"
^PL]NSTYR" LYO NZX[L]TYR [P]NP[_TZY _SP]P T^ NZY^_T_`_PO _SP YPb
PY_T_d" g;$h DST^ T^ ZQ LWW _SP R]PL_P^_ aPY_`]P TY XPOTLNd LYO ZMUPN_TQT#
NL_TZY$ GP `^P _SP _P]X gTXLRPh OPWTMP]L_PWd$ >LY XZOPW^" Pc[P]T#
PYNP^" LYO U`ORP^ ST^ ZbY TYYP] ^_L_P LYO Z`_bL]O NZYO`N_ LQ_P] _SP
TXLRP ZQ bSL_ T^ XLYi^$ GTWWTYRWd Z] YZ_ SP WTaP^ _SP TOPL ZQ XLYf TY
LR]PPXPY_ Z] TY NZYQWTN_" TY LNNP[_LYNP Z] TY OPQTLYNP" TY NZX[WTLYNP
'., D :7 A :7?@>7?@? @8 =;87
Z] TY ]P[`OTL_TZY" bT_S RZZO Z] bT_S MLO NZY^NTPYNP$ DSP TXLRP ZQ
XLY YPaP] WPLaP^ STX" SZbPaP] X`NS SP XLd bT^S L_ _TXP^ _Z ]PaP]_
_Z _SP MWT^^ ZQ LYTXLWT_d$ DZ MP N]PL_PO TY _SP TXLRP ZQ 9ZO XPLY^ _Z
SLaP _Z WTaP bT_S _SP TXLRP ZQ XLY$ DSL_ TXLRP T^ bZ]VPO Z`_ LYO
PY_P]_LTYPO TY _SP aP]MLW TY_P]NZXX`YTNL_TZY ZQ ^ZNTP_d" LYO _S`^ _SP
TYOTaTO`LW QTYO^ T_ ]PLOd#XLOP LYO _S]`^_ `[ZY STX$ 3^ SP WPL]Y^ Q]ZX
Z_SP]^ _Z ^PP _STYR^ LYO _Z ^[PLV LMZ`_ _SPX" ^Z SP WPL]Y^ Q]ZX _SPX
_Z ^PP STX^PWQ LYO _Z Pc[]P^^ bSL_ SP ^PP^ _SP]P gTY _SP TXLRP LYO
WTVPYP^^h ZQ _SP P^_LMWT^SPO [L__P]Y$ 4`_ WPL]YTYR _ST^" WPL]YTYR _Z ^Ld
g;"h SP [Z_PY_TLWWd OT^NZaP]^ ST^ ZbY TOPY_T_d TY T_^ ^ZWT_L]d `YT\`P#
YP^^$ 3 []TaL_P ZMUPN_TaT_d ZQ _SP ^PWQ T^ _S`^ TY NZY^_LY_ ]L[[Z]_ bT_S
_SP [`MWTN TXLRP ZQ XLY LYO _S]Z`RS T_^ ZbY Pc_P]TZ]TeL_TZY NZY#
_]TM`_P^ _Z _SP NZY_TY`Z`^ ]PXLVTYR ZQ _SP WL__P]f_SP LYZYdXZ`^
^SL]P ZQ PLNS ^PWQ TY _SP ST^_Z]d ZQ LWW$ ;Y NZX[WP_P LNNZXXZOL_TZY T_
XLd WP_ T_^PWQ MP LM^Z]MPO TY_Z _SP RPYP]LW XZOPW1 TY OPQPL_PO YZY#
NZYQZ]XT_d T_ XLd bT_SO]Lb TY_Z T_^ ZbY ^ZWT_`OP1 TY ]L]P NL^P^ T_ XLd
L^^P]_ T_^PWQ _Z _SP [ZTY_ ZQ ^P__TYR T_^PWQ `[ L^ L YPb TXLRP ZQ XLY LYO
TX[Z^P T_ ZY ^ZNTP_d" _Z ]P[WLNP _SP []PaLTWTYR TXLRP$
;Y ]PQWPN_TZY `[ZY ^PWQ _SP ^`MUPN_#ZMUPN_ ^[WT_ bSTNS MPRLY _Z L[#
[PL] TY LYTXLW PaZW`_TZY ]PLNSP^ T_^ Pc_]PXP QZ]X$ ;_ SL^ Pc_PYOPO
TY_Z _SP NPY_P] ZQ QPPWTYR WTQP" bSTNS T^ YZb OTaTOPO LRLTY^_ T_^PWQ$ @YWd
ZaP] _SP TXXPL^`]LMWP OT^_LYNP ZQ MPTYR ST^ ZbY ZMUPN_ NLY XLY
gSLaPh STX^PWQ$ 4`_ SP OZP^ SLaP STX^PWQ bSTWP YZ LYTXLW OZP^$ DSP
aT_LW NZYNP]Y ZQ QPPWTYR bSTNS T^ L_ _SP MZ__ZX ZQ WTQPi^ aPY_`]P LYO
_ZTW" LYO bSTNS T^ LWbLd^ QZ] _SP PYUZdXPY_ ZQ ^PWQYP^^ TY _SP XPP_TYR
bT_S Z_SP]YP^^" SL^ SP]P Md L OL]TYR OP_Z`] QZ`YO T_^ _]`P LYO" TY L
bLd" Z]TRTYLW ZMUPN_$ 3^ TY LWW LNSTPaPXPY_^ ZQ WTQP" _SP []TNP T^ STRS$
3^ S`XLY ^L_T^QLN_TZY T^ OTQQP]PY_ Q]ZX LYTXLW LYO QL] ^`][L^^TYR T_^
^NZ[P" ^Z T^ S`XLY ^`QQP]TYR" _SZ`RS XLY LW^Z ^SL]P^ TY _SP LYTXLW
]LYRP ZQ QPPWTYR^$ 4`_ ZYWd XLY NLY MP SL[[d LYO `YSL[[d" _SLYV^ _Z
_SP XPL^`]TYR ZQ ST^ MPTYR LRLTY^_ _P]X^ _SL_ _]LY^NPYO _SP TXXPOTL_P
^T_`L_TZY$ C`[]PXPWd NZYNP]YPO bT_S bSL_ SP T^" SZb SP WTaP^" bSL_ SP
XLVP^ Z`_ ZQ STX^PWQ" LYO aTPbTYR STX^PWQ Q]ZX _SP OT^_LYNP ZQ ST^
bT^SP^" L^[T]L_TZY^" LYO L[[]ZaLW^" XLY LYO XLY LWZYP T^ Z[PY _Z
OP^[LT]$ DSP 9P]XLY bZ]O ).;C@.2/5260 ^ZXPSZb ]PYOP]^ _SP NZY#
YPN_TZY ZQ OP^[LT] bT_S _SP _bZQZWOYP^^" _SP OTaT^TZY ZQ _SP ^PWQ" _SL_
SL^ NZXP LMZ`_ bT_S _SP _]LY^QP] ZQ _SP ^`MUPN_#ZMUPN_ ^[WT_ _Z _SP
]PLWX ZQ _SP ^`MUPN_ T_^PWQ" XLVTYR T_ _SP \`TaP]TYR []ZO`N_ ZQ PaP]#
D B3?C;D;@? J '.-
XPOTL_TYR ]PWL_TZY TY^_PLO ZQ LY TXXPOTL_P [Z^^P^^TZY$ C`TNTOP" _ST^
`YT\`P []TaTWPRP ZQ XLY" ^SZb^ _SP `W_TXL_P XLYYP] TY bSTNS XLY
NLY MPNZXP _SP ZMUPN_ ZQ STX^PWQ$
;_ T^ TY _SP R`WQ Z[PYPO Md _ST^ NZYQ]ZY_L_TZY ZQ ZYP^PWQ bT_S ZYP#
^PWQ" LYO TY _SP PcP]NT^P ZQ _SP ]PWL_TZY bSTNS TY ^ZXP bLd Z] Z_SP]
LWbLd^ SL^ _Z ^[LY _SP R`WQ" _SL_ _SP STRSP^_ PWL_TZY^ LYO OPP[P^_
OPUPN_TZY^ ZQ S`XLY Pc[P]TPYNP SLaP _SPT] [WLNP$ 3^ L]P _SP OL_L ZQ
ST^ Pc_P]YLW ^PY^P^" ^Z L]P _SP QTYOTYR^ ZQ ST^ ]PQWPN_TZY _SP XP]P
XL_P]TLW QZ] NZY_TY`Z`^ ^dY_SP^T^ LYO TY_PR]L_TZY TY_Z L _Z_LW TXLRP$
DST^ bZ]V RZP^ ZY L^ WZYR L^ XLY T^ LWTaP L^ XLY$ '>*.<=28 6212
/*,=>< <>6 gL \`P^_TZY SLaP ; MPNZXP `Y_Z XPh 0 ]PWTRTZY" P_STN^"
LYO XP_L[Sd^TN^ L]P L__PX[_^" YPaP] NZX[WP_PO" _Z XPP_ LYO LY^bP]
_SP \`P^_TZY bT_STY LY TY_P][]P_L_TZY ZQ _Z_LW ]PLWT_d$
GT_S _SP PXP]RPYNP ZQ _ST^ [Z^^TMTWT_d" ST^_Z]d ^`NNPPO^ _Z PaZW`#
_TZY" LYO MTZWZRd NPOP^ _SP QTPWO _Z L [STWZ^Z[Sd ZQ XLY$
8 <: ; F ; 8EE4K

FVS C`OQbWQOZ GaSa ]T FVS]`g

<\ VWa Q][[S\bO`g b] 4`Wab]bZSma /D J>; 2EKB FV][Oa 4_cW\Oa e`]bS


Oa T]ZZ]ea0

k4ZZ Y\]eZSRUS Wa ]PdW]caZg U]]R PSQOcaS bVS U]]R ]T O\g bVW\U Wa bVOb
eVWQV PSZ]\Ua b] bVS TcZ\Saa ]T PSW\U eVWQV OZZ bVW\Ua aSSY OTbS` O\R
RSaW`S1 O\R [O\ Oa [O\ `SOQVSa TcZ\Saa ]T PSW\U bV`]cUV Y\]eZSRUS$ A]e
]T U]]R bVW\Ua a][S O`S Xcab dOZcOPZS" \O[SZg" bV]aS eVWQV O`S caSTcZ W\
dWSe ]T a][S S\RjOa eS dOZcS O U]]R V]`aS PSQOcaS Wb `c\a eSZZ1 eVWZab
]bVS` U]]R bVW\Ua O`S OZa] V]\]c`OPZS0 \O[SZg" bV]aS bVOb SfWab T]` bVSW`
]e\ aOYS" T]` eS UWdS V]\]c` b] S\Ra" \]b b] [SO\a$ BT bVS aQWS\QSa a][S
O`S ^`OQbWQOZ" ]bVS`a a^SQcZObWdS1 bVS RWTTS`S\QS PSW\U bVOb bVS T]`[S` O`S
T]` bVS aOYS ]T a][S e]`Y b] PS R]\S" eVWZS bVS ZObbS` O`S T]` bVSW` ]e\
aOYS$ FVS a^SQcZObWdS aQWS\QSa O`S bVS`ST]`S V]\]c`OPZS Oa eSZZ Oa U]]R"
Pcb bVS ^`OQbWQOZ O`S ]\Zg dOZcOPZS$l'

4P]cb bV`SS O\R O VOZT QS\bc`WSa ZObS`" 9`O\QWa 5OQ]\ e`]bS W\ 3>;
)H;7J +DIJ7KH7J?ED Oa T]ZZ]ea0

'$ 4$ @$ CW`]bbO" SR$" 27D9J? 3>EC7; %GK?D7J?I ?D %H?IJEJ;B?I ,?8HKC


:; %D?C7 &ECC;DJ7H?KC ,;9J?E <" )$ FVS OP]dS 8\UZWaV _c]bObW]\ Wa
T`][ bVS b`O\aZObW]\ Pg >$ 9]abS` O\R E$ ;c[^V`WSa" %H?IJEJB;RI ';
%D?C7 ?D J>; 4;HI?ED E< 5?BB?7C E< -E;H8;A; 7D: J>; &ECC;DJ7HN E<
2J! 3>EC7I %GK?D7I ^$ *+$
L '.. M
F ;8 C D46F<64? G E8E B9 F ;8BDK L './
k< e]cZR ORR`Saa ]\S US\S`OZ OR[]\WbW]\ b] OZZ0 bVOb bVSg Q]\aWRS`
eVOb O`S bVS b`cS S\Ra ]T Y\]eZSRUS" O\R bVOb bVSg aSSY Wb \]b SWbVS` T]`
^ZSOac`S ]T bVS [W\R" ]` T]` Q]\bS\bW]\" ]` T]` ac^S`W]`Wbg b] ]bVS`a $ $ $
Pcb T]` bVS PS\STWb O\R caS ]T ZWTS" O\R bVOb bVSg ^S`TSQb O\R U]dS`\ Wb W\
QVO`Wbg$ $ $ $ L9`][ bVS [O``WOUS ]T bVS @W\R O\R bVS G\WdS`aSM bVS`S
[Og a^`W\U VSZ^a b] [O\" O\R O ZW\S O\R `OQS ]T W\dS\bW]\a bVOb [Og W\
a][S RSU`SS acPRcS O\R ]dS`Q][S bVS \SQSaaWbWSa O\R [WaS`WSa ]T Vc[O\#
Wbg$ $ $ $ 9]` bVS [ObbS` W\ VO\R Wa \] [S`S TSZWQWbg ]T a^SQcZObW]\" Pcb bVS
`SOZ PcaW\Saa O\R T]`bc\Sa ]T bVS Vc[O\ `OQS" O\R OZZ ^]eS` ]T ]^S`ObW]\$
$ $ $ 4\R a] bV]aS beW\ ]PXSQba" >KC7D ADEMB;:=; O\R >KC7D FEM;H R]
`SOZZg [SSb W\ ]\S$l(

;S`S O`S be] ]^^]aW\U abObS[S\ba ]T bVS OW[ O\R dS`g [SO\W\U ]T
Y\]eZSRUS O\R" Q]\aS_cS\bZg" ]T Wba `SZObW]\ b] ^]aaWPZS caS" ]` b]
ke]`Ya$l B\ bVWa ]ZR bVS[S bVS ^`SaS\b RWaQ]c`aS ObbS[^ba b] ]TTS`
a][S Q][[S\ba c\OdOWZOPZS b] bVS ]`WUW\OZ Q]\bSabO\ba Pcb OdOWZOPZS
b] ca W\ bVS ZWUVb ]T bVS \Se k\SQSaaWbWSa O\R [WaS`WSa ]T Vc[O\Wbg"l
eVWQV O`S PSaSbbW\U ca" a] Wb aSS[a" ^`SQWaSZg Oa O Q]\Q][WbO\b ]T bVOb
caS ]T Y\]eZSRUS eVWQV 5OQ]\ S\dWaOUSR Oa bVS `S[SRg T]` Vc[O\#
Wbgma ]ZR \SQSaaWbWSa O\R [WaS`WSa$
4_cW\Oa O\R 5OQ]\ ]PdW]caZg a^SOY ]T be] RWTTS`S\b bVW\Ua$ <\
OaaWU\W\U RWTTS`S\b S\Ra b] Y\]eZSRUS" bVSg a^SOY W\ TOQb ]T RWTTS`S\b
YW\Ra ]T Y\]eZSRUS" VOdW\U OZa] RWTTS`S\b YW\Ra ]T bVW\Ua T]` bVSW`
acPXSQb$ FOYW\U 4_cW\Oa TW`ab" eV] ]T Q]c`aS a^SOYa T]` 4`Wab]bZS" bVS
ka^SQcZObWdSl bVOb Wa" bVS]`SbWQOZ! aQWS\QSa ]T VWa abObS[S\b O`S
OP]cb bVW\Ua c\QVO\USOPZS O\R SbS`\OZj bVS TW`ab QOcaSa O\R W\bSZZWUW#
PZS T]`[a ]T 5SW\Uj eVWQV" PSW\U c\QVO\USOPZS" 97D PS Q]\bS[^ZObSR
]\Zg" \]b W\d]ZdSR W\ OQbW]\0 bVSW`a Wa J>;EH?7 W\ bVS ab`WQb 4`Wab]bSZWO\
aS\aS$ FVS k^`OQbWQOZ aQWS\QSa"l ]\ bVS ]bVS` VO\R" O`S kO`ba"l \]b
kbVS]`glj O Y\]eZSRUS Q]\QS`\W\U bVS ^ZO\\SR QVO\UW\U ]T bVS
QVO\USOPZS$ EcQV Y\]eZSRUS a^`W\Ua T`][ Sf^S`WS\QS" \]b T`][
bVS]`g ]` a^SQcZObWdS `SOa]\$ FVS UcWRO\QS bVOb bVS]`g 97D ^`]dWRS
($ 9`][ bVS C`STOQS ]T 9`O\QWa 5OQ]\ b] 3>; )H;7J +DIJ7KH7J?ED! FVS
T]c` aS\bS\QSa ]T bVS _c]bObW]\ ]QQc` W\ bVS bSfb W\ bVOb ]`RS`" Pcb eWRSZg
aQObbS`SR$ 4\ ORRWbW]\OZ _c]bObW]\ T`][ bVS C`STOQS [Og W\abO\QS 5OQ]\ma
RW`SQb Q`WbWQWa[ ]T QZOaaWQOZ bVS]`g0 k4\R T]` Wba dOZcS O\R cbWZWbg Wb [cab
PS ^ZOW\Zg Od]eSR bVOb bVOb eWaR][ eVWQV eS VOdS RS`WdSR ^`W\QW^OZZg
T`][ bVS :`SSYa Wa Pcb bVS P]gV]]R ]T Y\]eZSRUS" O\R VOa bVS QVO`OQbS`#
WabWQ ^`]^S`bg ]T P]ga0 Wb QO\ bOZY" Pcb Wb QO\\]b US\S`ObS1 T]` Wb Wa T`cWbTcZ
]T Q]\b`]dS`aWSa Pcb PO``S\ ]T e]`Ya$l
'/& M F ;8 C ;8AB@ 8ABA B9 ? <9 8
eWbV `SUO`R b] bVS O`ba Q]\aWaba \]b W\ ^`][]bW\U bVSW` W\dS\bW]\ O\R
W\T]`[W\U bVSW` ^`]QSRc`Sa" Pcb W\ W\T]`[W\U bVSW` caS` WT VS ^O`bOYSa
W\ bVS bVS]`SbWQOZ ZWTS! eWbV bVS eWaR][ b] caS bV]aS O`ba" ZWYS OZZ
bVW\Ua" eWaSZg" bVOb Wa" W\ ^`]^S` [SOac`S O\R T]` ^`]^S` S\Ra$ FVWa
[Og PS QOZZSR O ^`OQbWQOZ PS\STWb ]T bVS]`g bV`]cUV bVS S\ZWUVbS\W\U
STTSQb eVWQV Wb VOa ]\ bVS eV]ZS ^S`a]\ ]T Wba d]bO`WSa PSg]\R Wba
W[[SRWObS OQbcOZWbg$ 5cb bVWa PS\STWb Wa \]b W\ bVS \Obc`S ]T O kcaSl
[ORS ]T bVS]`g Oa O [SO\a" O\R Wa O\geOg O aSQ]\R PSab W\ `Sa^]\aS
b] bVS \SQSaaWbWSa ]T [O\0 bVS PSab Wa bVS acabOW\SR OQbWdWbg ]T ^c`S
bV]cUVb WbaSZT" eVS`S [O\ Wa []ab T`SS$
E] TO` 4`Wab]bZS O\R 4_cW\Oa$ <b Wa bVS k\SQSaaWbWSa ]T Vc[O\Wbgl
eVWQV Oaac[S TW`ab ^ZOQS W\ 5OQ]\ma aQVS[S0 O\R aW\QS O`b Wa [O\ma
eOg ]T [SSbW\U O\R Q]\_cS`W\U \SQSaaWbg" Pcb VOa \]b VWbVS`b] S\#
X]gSR bVS PS\STWb ]T a^SQcZObWdS `SOa]\ [OW\Zg Pg bVS ZObbS`ma TOcZb!"
5OQ]\ c`USa bVOb bVS be] PS P`]cUVb W\b] O \Se `SZObW]\aVW^ W\ eVWQV
bVSW` T]`[S` aS^O`ObW]\ Wa ]dS`Q][S$ FVWa W\d]ZdSa O `SdWaW]\ ]T P]bV"
Pcb TW`ab" W\ QOcaOZ ]`RS`" ]T a^SQcZObWdS aQWS\QS" eVWQV VOa a] Z]\U
PSS\ kPO``S\ ]T e]`Ya$l FVS]`g [cab PS a] `SdWaSR bVOb Wb gWSZRa
kRSaWU\ObW]\a O\R RW`SQbW]\a T]` e]`Ya"l SdS\ VOa kbVS W\dS\bW]\ ]T
O`bal T]` Wba dS`g S\R" O\R bVca PSQ][Sa WbaSZT O\ O`b ]T W\dS\bW]\$
FVS]`g Wb Wa \]\SbVSZSaa" Oa Wb Wa RWaQ]dS`g O\R `ObW]\OZ OQQ]c\b ]T TW`ab
QOcaSa O\R c\WdS`aOZ ZOea T]`[a!$ <b bVca OU`SSa eWbV QZOaaWQOZ
bVS]`g W\ bVOb Wb VOa bVS \Obc`S ]T bVW\Ua O\R bVS b]bOZWbg ]T \Obc`S T]`
Wba ]PXSQb1 Pcb Wb Wa acQV O aQWS\QS ]T QOcaSa O\R ZOea" ]` O aQWS\QS ]T
acQV QOcaSa O\R ZOea" Oa bVS\ [OYSa Wb ^]aaWPZS kb] Q][[O\R \Obc`S
W\ OQbW]\$l <b [OYSa bVWa ^]aaWPZS PSQOcaS T`][ bVS ]cbaSb Wb Z]]Ya Ob
\Obc`S GK7 OQbW\U" O\R OQVWSdSa Y\]eZSRUS ]T \Obc`Sma ZOea ]T OQbW]\
Pg WbaSZT S\UOUW\U \Obc`S W\ OQbW]\jbVOb Wa" W\ Sf^S`W[S\b" O\R bVS`S#
T]`S ]\ bS`[a aSb Pg [O\ VW[aSZT$ <b gWSZRa RW`SQbW]\a T]` e]`Ya
PSQOcaS Wb TW`ab QObQVSa \Obc`S kOb e]`Y$l
4 aQWS\QS ]T k\Obc`S Ob e]`Yl Wa O [SQVO\WQa" ]` Rg\O[WQa" ]T
\Obc`S$ 9]` acQV O aQWS\QS :OZWZS] O\R 7SaQO`bSa ^`]dWRSR bVS a^SQc#
ZObWdS ^`S[WaSa O\R bVS [SbV]R ]T O\OZgaWa O\R ag\bVSaWa$ :WdW\U PW`bV
b] O bVS]`g eWbV W\VS`S\bZg bSQV\]Z]UWQOZ ^]bS\bWOZ" bVSg aSb ]\ Wba
OQbcOZ Q]c`aS bVOb TcaW]\ ]T bVS]`g O\R ^`OQbWQS eVWQV 5OQ]\ eOa
R`SO[W\U ]T$ 5ST]`S < aOg a][SbVW\U []`S ]T bVOb YW\R ]T bVS]`g
eVWQV ZS\Ra WbaSZT b] bSQV\WQOZ O^^ZWQObW]\" O\R W\RSSR VOa W\b`W\aWQ
`STS`S\QS b] bVWa YW\R ]T caS" < [cab aOg a][SbVW\U OP]cb caS Oa
acQV$
F ;8 C D46F<64? G E8E B9 F ;8BDK

IVOb Wa caS T]`3 FVS cZbW[ObS S\R ]T OZZ caS Wa bVS aO[S Oa bVS S\R ]T
OZZ OQbWdWbg" O\R bVWa Wa be]T]ZR0 ^`SaS`dObW]\ ]T ZWTS" O\R PSbbS`[S\b ]T
ZWTS" bVOb Wa" ^`][]bW]\ ]T bVS U]]R ZWTS$ Ccb \SUObWdSZg" Oa acUUSabSR
Pg 5OQ]\ma ^OW` k\SQSaaWbWSa O\R [WaS`WSa"l bVS be]T]ZR S\R Wa b] eO`R
]TT SfbW\QbW]\ O\R b] ]dS`Q][S [WaS`g$ IS \]bS bVS S[S`US\Qg Oa^SQb
bVOb 5OQ]\ UWdSa b] Vc[O\ S\RSOd]`" O\R bVca b] Y\]eZSRUS Oa ^O`b
]T bVOb S\RSOd]`$ ;S a^SOYa ]T ZWTbW\U ]` ZSaaS\W\U O\ ORdS`aS O\R
^`SaaW\U Q]\RWbW]\" eVS`SOa FV][Oa" eWbV 4`Wab]bZS" a^SOYa ^]aWbWdSZg
]T ObbOW\W\U kTcZ\Saa ]T PSW\U"l ]` ^S`TSQbW]\$ 5OQ]\ma \SUObWdS S[#
^VOaWa W\dSaba bVS bOaY ]T Y\]eZSRUS eWbV O YW\R ]T ^VgaWQOZ O\R
[]`OZ c`US\Qg OZb]USbVS` ab`O\US O\R \]dSZ W\ bVS VWab]`g ]T bVS]`g"
Pcb W\Q`SOaW\UZg TO[WZWO` aW\QS VWa bW[S$
FVS RWTTS`S\QS W\ S[^VOaWa OR[Wba" V]eSdS`" ]T Q][[]\ U`]c\R0
Oaac[W\U [S`S ^`SaS`dObW]\ eVWQV bOYSa ^`SQSRS\QS W\ P]bV QOaSa!
b] PS Oaac`SR W\ Wba POaWQ Q]\RWbW]\a" [WaS`g [SO\a RS\WOZ ]T O U]]R
ZWTS1 Wba `S[]dOZ bVS\ [SO\a PSbbS`[S\b" O\R bVS`ST]`S Pg P]bV OQ#
Q]c\ba" bVOb ]T 4`Wab]bZS O\R bVOb ]T 5OQ]\" bVS cZbW[ObS OW[ ]T OZZ
R]W\U PSg]\R bVOb [W\W[c[ \SQSaaO`g T]` ac`dWdOZ Wa bVS U]]R ZWTS ]`
Vc[O\ VO^^W\Saa$ ?SOdW\U bVS bS`[ kVO^^W\Saal W\ OZZ bVS O[PWUcWbg
Wb [cab VOdS c\bWZ eS RSbS`[W\S eVOb VO^^W\Saa [Og Q]\aWab W\" eS
[Og bVca abObS Oa bVS U`]c\R Q][[]\ b] 5OQ]\ O\R 4`Wab]bZS bVOb bVS
keVOb T]`l ]T OZZ caS" W\QZcRW\U bVOb ]T Y\]eZSRUS" Wa VO^^W\Saa$
IV]aS VO^^W\Saa3 <T" Oa 5OQ]\ V]ZRa" Y\]eZSRUS Wa b] R] OeOg
eWbV bVS [WaS`WSa ]T [O\YW\R" Wb Wa bVS VO^^W\Saa ]T [O\YW\R eVWQV
bVS ^c`acWb ]T Y\]eZSRUS VOa T]` Wba OW[$ <T" Oa 4`Wab]bZS V]ZRa" [O\ Oa
[O\ `SOQVSa TcZZ\Saa ]T PSW\U bV`]cUV" ]` `ObVS` W\" Y\]eZSRUS" Wb Wa
bVS VO^^W\Saa ]T bVS Y\]eS` eVWQV bVS ^c`acWb ]T ^c`S Y\]eZSRUS
OQVWSdSa$ <\ P]bV QOaSa bVS`S Wa" bVS\" O ac^`S[S kcaSl b] bVS]`SbWQOZ
Y\]eZSRUS$ F] 4`Wab]bZS Wb Q]\aWaba W\ bVS U]]R bVOb Y\]eZSRUS e]`Ya
W\ bVS a]cZ ]T bVS Y\]eS`" bVOb Wa" W\ bVS Q]\RWbW]\ ]T Y\]eW\U WbaSZT Oa
bVS ^S`TSQbW]\ ]T bVS Y\]eS`ma PSW\U$
A]e" b] QZOW[ bVWa S\\]PZW\U STTSQb T]` Y\]eZSRUS [OYSa aS\aS
]\Zg eVS\ bVS]`g Wa Y\]eZSRUS ]T bVS \]PZSab" bVOb Wa" []ab ^S`TSQb"
]PXSQba$ FVS`S PSW\U acQV ]PXSQba Wa W\RSSR bVS Q]\RWbW]\ ]T bVS`S
PSW\U kbVS]`gl W\ bVS QZOaaWQOZ aS\aS ]T bVS e]`R1 O\R Q]\dS`aSZg"
TOWZW\U acQV ]PXSQba bVS Q]\bS[^ZObWdS WRSOZ ]T QZOaaWQOZ ^VWZ]a]^Vg
PSQ][Sa ^]W\bZSaa$ 4aac[W\U bVS Q]\RWbW]\ Oa UWdS\" bVS\ bVS]`g" Oa
'/( M F ;8 C ; 8AB@ 8ABA B9 ? <9 8
W\bSZZSQbcOZ Q][[c\W]\ eWbV bV]aS ]PXSQbaj O\R bV`]cUV acQV Q][#
[c\W]\ []RWTgW\U bVS acPXSQbma ]e\ Q]\RWbW]\j R]Sa \]b [S`SZg
^`][]bS Pcb W\ Wba OQbcOZWbg Q]\abWbcbS VO^^W\Saa0 O VO^^W\Saa bS`[SR
kRWdW\S"l O\R bVS`ST]`S Pcb P`WSTZg ]PbOW\OPZS W\ bVS ZWdSa ]T []`bOZa$
;S\QS W\ bVWa QOaS ^]aaSaaW]\ O\R caS ]T bVS]`g O`S bVS aO[S$ <T bVS`S
Wa O Tc`bVS` kcaSl ]T Wb PSg]\R Wba ]e\ OQbWdWbgj O\R bVS`ST]`S O
Q]\b`WPcbW]\ b] VO^^W\Saa ]T O []`S kVc[O\l Oa RWabW\Qb T`][
kRWdW\Sl ! YW\Rj Wb Q]\aWaba" Oa eS VOdS aSS\" W\ bVS eWaR][ Wb Q]\TS`a
]\ bVS ^S`a]\ T]` bVS Q]\RcQb ]T VWa ZWTS W\ US\S`OZ" O\R W\ bVS Q][#
^`SVS\aW]\ eVWQV" T`][ bVS ac[[Wb ]T a^SQcZObW]\" b`O\aTcaSa VWa
c\RS`abO\RW\U ]T OZZ bVW\Ua" W\QZcRW\U Q][[]\ bVW\Ua$ 5cb OZbV]cUV
bVS]`g bV`]cUV eWaR][ [Og RSZWdS` Wba ^]aaSaa]` T`][ bVS a^SZZ ]T
Q][[]\ bVW\Ua" O\R bVS`SPg W\Q`SOaS VWa []`OZ T`SSR][ T`][ bVSW`
\SQSaaWbg" Wb R]Sa \]b W\Q`SOaS VWa ^VgaWQOZ Q]\b`]Z ]dS` O\R caS ]T
bVS[ `ObVS` bS\Ra b] ZW[Wb bVS ZObbS`!" O\R ZSOdSa bVS `SOZ[ ]T \SQSa#
aWbg WbaSZT c\OTTSQbSR$
EW\QS 5OQ]\ma bW[S Wb VOa PSS\ bVS ]bVS` OZbS`\ObWdS bVOb [ObbS`a$
F] VW[ O\R bV]aS OTbS` VW[" bVS caS ]T Y\]eZSRUS Q]\aWaba W\ bVS
kT`cWbal Wb PSO`a W\ ]c` RSOZW\U eWbV bVS Q][[]\ bVW\Ua$ F] PSO` bVOb
T`cWb bVS Y\]eZSRUS WbaSZT [cab PS Y\]eZSRUS ]T Q][[]\ bVW\Uaj \]b
RS`WdObWdSZg a]" Oa eOa QZOaaWQOZ bVS]`g" Pcb ^`W[O`WZg O\R SdS\ PST]`S
PSQ][W\U ^`OQbWQOZ$ FVWa Wa W\RSSR bVS QOaS0 bVS bVS]`g bVOb Wa bVca b]
PS T`cWbTcZ Wa Y\]eZSRUS ]T O c\WdS`aS eVWQV" W\ bVS OPaS\QS ]T O
VWS`O`QVg ]T PSW\U" Q]\aWaba ]T Q][[]\ bVW\Ua S\bW`SZg$ EW\QS T`SSR][
QO\ bVS\ \] Z]\US` PS Z]QObSR W\ O Q]U\WbWdS `SZObW]\ b] bVS k\]PZSab
]PXSQba"l Y\]eZSRUS [cab RSZWdS` [O\ T`][ bVS g]YS ]T \SQSaaWbg Pg
[SSbW\U \SQSaaWbg ]\ Wba ]e\ U`]c\R" O\R OQVWSdSa T`SSR][ T]` VW[
Pg RSZWdS`W\U bVS bVW\Ua W\b] VWa ^]eS`$ 4 \Se dWaW]\ ]T \Obc`S" \]b
]\Zg ]T Y\]eZSRUS" Wa W[^ZWSR W\ 5OQ]\ma W\aWabS\QS bVOb kbVS [W\R
[Og SfS`QWaS ]dS` bVS \Obc`S ]T bVW\Ua bVS OcbV]`Wbg eVWQV ^`]^S`Zg
PSZ]\Ua b] Wb$l FVS \Obc`S ]T bVW\Ua Wa ZSTb eWbV \] RWU\Wbg ]T Wba ]e\$.)

)$ k9]` Oa OZZ e]`Ya R] aV]e T]`bV bVS ^]eS` O\R aYWZZ ]T bVS e]`Y#
[O\" O\R \]b VWa W[OUS1 a] Wb Wa ]T bVS e]`Ya ]T :]R" eVWQV R] aV]e bVS
][\W^]bS\Qg O\R eWaR][ ]T bVS [OYS`" Pcb \]b VWa W[OUS0 O\R bVS`ST]`S
bVS`SW\ bVS VSObVS\ ]^W\W]\ RWTTS`SbV T`][ bVS aOQ`SR b`cbV1 T]` bVSg
ac^^]aSR bVS e]`ZR b] PS bVS W[OUS ]T :]R" O\R [O\ b] PS O\ Sfb`OQb ]`
Q][^S\RW]ca W[OUS ]T bVS e]`ZR1 Pcb bVS EQ`W^bc`Sa \SdS` d]cQVaOTS b]
Obb`WPcbS b] bVS e]`ZR bVOb V]\]c`" Oa b] PS bVS W[OUS ]T :]R" Pcb ]\Zg J>;
F ;8 C D46F<64? G E8E B9 F ;8BDK L '/)
4ZZ RWU\Wbg PSZ]\Ua b] [O\0 eVOb Q][[O\Ra \] `SdS`S\QS QO\ PS
Q][[O\RSR" O\R OZZ bVW\Ua O`S T]` caS$ F] PS bVS [OabS` ]T \Obc`S Wa
bVS `WUVb ]T [O\ Oa bVS a]ZS ^]aaSaa]` ]T [W\R" O\R Y\]eZSRUS" Pg
TWbbW\U VW[ b] SfS`QWaS bVWa `WUVb" eWZZ Ob ZOab P`W\U [O\ W\b] VWa ]e\$
;Wa ]e\ Wa kbVS YW\UR][ ]T [O\"l O\R Wb Q]\aWaba W\ VWa a]dS`SWU\ caS
]T bVW\Ua$ E]dS`SWU\ caS [SO\a []`S caSj \]b [S`SZg ^]bS\bWOZ Pcb
OQbcOZ O\R" ab`O\US b] aOg" SdS\ \SQSaaO`g caS$ 6]\b`]Z" Pg [OYW\U
SdS` []`S bVW\Ua OdOWZOPZS T]` []`S YW\Ra ]T caSa" S\[SaVSa bVS
caS`ma ZWTS W\ SdS` []`S RS^S\RS\QWSa ]\ SfbS`\OZ ]PXSQba$ FVS`S Wa \]
]bVS` eOg ]T SfS`QWaW\U bVS ^]eS` bVO\ Pg [OYW\U ]\SaSZT OdOWZOPZS b]
bVS caS ]T bVS bVW\Ua Oa bVSg PSQ][S OdOWZOPZS$ IVS`S caS Wa T]`U]\S
bVS ^]eS` [cab ZO^aS" Pcb bVS`S Wa \] ZW[Wb b] bVS SfbS\aW]\ ]T SWbVS`$
4\R a] ]\S [OabS` Wa SfQVO\USR T]` O\]bVS`$
8dS\ bVS ZOgW\U V]ZR ]T ^]eS` W\ bVS TW`ab ^ZOQS Wa \]b _cWbS a] T`SS
Oa bVS O^^SOZ b] [O\ma ZSUWbW[ObS OcbV]`Wbg acUUSaba$ 9]` \]b ]\Zg Wa
[O\ma `SZObW]\ b] \Obc`S ]\S ]T ^]eS`" Pcb \Obc`S VS`aSZT Wa Q]\QSWdSR
W\ bS`[a ]T ^]eS`$ FVca Wb Wa O _cSabW]\ ]T SWbVS` `cZW\U ]` PSW\U
`cZSR1 O\R b] PS `cZSR Pg O \Obc`S \]b \]PZS ]` YW\R`SR ]` eWaS [SO\a
aZOdS`g O\R VS\QS [WaS`g$ FVS SfS`QWaS ]T [O\ma W\VS`S\b `WUVb Wa
bVS`ST]`S OZa] bVS `Sa^]\aS b] O POaWQ O\R Q]\bW\c]ca S[S`US\Qg0 bVS
S[S`US\Qg ]T O Q]\bSab RSQ`SSR Pg [O\ma Q]\RWbW]\$ FVS ObbOQY ]T
Y\]eZSRUS" PSW\U O RSTS\aS OUOW\ab \SQSaaWbg" Wa WbaSZT O Tc\QbW]\ ]T
\SQSaaWbg O\R `SbOW\a bVWa Oa^SQb bV`]cUV]cb Wba QO`SS`" eVWQV Wa O
Q]\bW\c]ca `Sa^]\aS b] bVS \Se \SQSaaWbWSa Q`SObSR Pg Wba dS`g
^`]U`Saa$

<ZZ
9]` Y\]eZSRUS b] PS PS\STWQWOZ b] [O\ma SabObS Wb [cab PS k^S`TSQbSR
O\R U]dS`\SR W\ QVO`Wbg$l FVWa Wa b] aOg bVOb eV]SdS` OR[W\WabS`a bVS
Q]c`aS O\R bVS caS ]T bVS]`g [cab bOYS bVS \SQSaaWbWSa O\R [WaS`WSa ]T

MEHA E< >?I >7D:I# \SWbVS` R] bVSg a^SOY ]T O\g ]bVS` W[OUS ]T :]R" Pcb
[O\l 5OQ]\" 3>; %:L7D9;C;DJ E< ,;7HD?D= 5]]Y <<0 5EHAI SR$ =$
E^SRRW\U O\R D$ ?$ 8ZZWa" <<<" ^^$ )*/ T$ 6$3>; 0>?BEIEF>?97B 5EHAI SR$
=$ @$ D]PS`ba]\" ^$ /'M!$ ?S] Eb`Ocaa ORRcQSa bVWa ^OaaOUS W\ ac^^]`b ]T
bVS abObS[S\b0 kFVS RWdWaW]\ ]T ^VWZ]a]^Vg W\b] \Obc`OZ O\R Vc[O\ ^VW#
Z]a]^Vg Wa POaSR ]\ bVS agabS[ObWQ RWabW\QbW]\ PSbeSS\ [O\ O\R e]`ZR"
eVWQV 5OQ]\ [OYSa W\ Sf^`Saa Q]\b`]dS`ag OUOW\ab O\QWS\b ^VWZ]a]^Vgl
P3>; 0EB?J?97B 0>?BEIEF>N E< *E88;I ^$ /'" \$ '!$
'/* M F ;8 C ;8AB@ 8ABA B9 ? <9 8
Vc[O\Wbg b] VSO`b$ FVS PZSaaW\Ua ]T Y\]eZSRUS O`S \]b W\ bVS TW`ab
^ZOQS T]` bVS Y\]eS` Pcb T]` VWa \]b#Y\]eW\U TSZZ]e [S\j O\R T]`
VW[aSZT ]\Zg W\a]TO` Oa VS Wa ]\S ]T bVS[$ G\ZWYS bVS [OUWQWO\" bVS
aQWS\bWab R]Sa \]b OQ_cW`S W\ VWa ]e\ ^S`a]\ bVS ^]eS` bVOb a^`W\Ua
T`][ VWa O`b$ ;S VO`RZg SdS\ OQ_cW`Sa" O\R QS`bOW\Zg R]Sa \]b ]e\" bVS
Y\]eZSRUS WbaSZT W\ VWa ]e\ ^S`a]\0 aW\QS bVWa Y\]eZSRUS Wa O Q]ZZSQ#
bWdS S\bS`^`WaS" VWa T`OQbW]\OZ Q]\b`WPcbW]\ U]Sa W\b] bVS Q][[]\
ab]QY" ]T eVWQV bVS aQWS\bWTWQ Q][[c\Wbg Wa bVS RS^]aWb]`g O\R a]QWSbg
Oa O eV]ZS aV]cZR PS bVS PS\STWQWO`g$ 4[]\U bVS PS\STWba bVOb Y\]eZ#
SRUS U`O\ba bV`]cUV ^]eS` ]dS` bVW\Ua Wa `SZWST T`][ b]WZ0 ZSWac`S bVS\"
Pcb \]b bVS aQWS\bWabma ]e\" Wa VS`S O T`cWb ]T Y\]eZSRUS$ FVS QZOaaWQOZ
^ObbS`\ eOa bVS ]^^]aWbS0 ZSWac`S eOa O Q]\RWbW]\ ]T bVS]`g" O\bSQS#
RS\bZg Oaac`SR b] [OYS bVS]`g ^]aaWPZS" \]b a][SbVW\U b] PS OQVWSdSR
Pg Wba SfS`bW]\a$ @]RS`\ bVS]`SbWQOZ OQbWdWbg" TO` T`][ PSW\U caS ]T
ZSWac`S" Wa WbaSZT O b]WZ O\R ^O`b ]T bVS Q][[]\ b]WZ ]T Vc[O\Wbg"
V]eSdS` U`ObWTgW\U b] bVS b]WZS`$ FVWa OZ]\S aV]ea bVOb []RS`\ bVS]`g
R]Sa \]b" W\ Vc[O\ bS`[a" bOYS bVS ^ZOQS ]T QZOaaWQOZ bVS]`g$
9c`bVS`[]`S" bVS \SSR T]` QVO`Wbg ]` PS\Sd]ZS\QS W\ bVS caS ]T
bVS]`g abS[a T`][ bVS TOQb bVOb ^]eS` QO\ PS T]` SdWZ Oa eSZZ Oa T]`
U]]R$ A]e" QVO`Wbg Wa \]b WbaSZT O[]\U bVS T`cWba ]T bVS]`g W\ bVS
[]RS[ aS\aS$ 4a O _cOZWTgW\U Q]\RWbW]\ ]T Wba caSjeVWQV caS bVS]`g
WbaSZT R]Sa \]b a^SQWTg" ZSb OZ]\S Oaac`Sj Wb [cab a^`W\U T`][ O a]c`QS
b`O\aQS\RS\b b] bVS Y\]eZSRUS bVOb bVS bVS]`g ac^^ZWSa$
;S`S O Q][^O`Wa]\ eWbV bVS QZOaaWQOZ QOaS Wa W\ab`cQbWdS$ FV]cUV
CZOb] R]Sa \]b QOZZ Wb Pg bVOb \O[S" bVS `Sa^]\aWPWZWbg bVOb Q][^SZa bVS
^VWZ]a]^VS` b] `Sbc`\ b] bVS kQOdSl O\R VSZ^ VWa TSZZ]e [S\ W[^`Wa#
]\SR bVS`S Wa O\ O\OZ]UcS b] 5OQ]\ma QVO`Wbg ]` ^Wbg$ 5cb OZa] V]e
RWTTS`S\b <\ bVS TW`ab ^ZOQS" aW\QS ]T bVS]`g W\ bVS CZOb]\WQ aS\aS bVS
OQbWdWbg Oa eSZZ Oa bVS ]PXSQb Wa \]PZS" Wb eWZZ WbaSZT PS bVS a]c`QS ]T
PS\Sd]ZS\QS W\ Wba ORS^ba T]` eVObSdS` ^O`b bVSg [Og bOYS W\ bVS
OQbWdS ZWTS$ A]\PS\Sd]ZS\b OQbW]\ e]cZR PS W\Q]\aWabS\b eWbV bVS ZWUVb
bVSg ^O`bOYS ]T bV`]cUV bVS VWUVSab Y\]eZSRUS$ A] acQV Q]\b`ORWQbW]\
]PbOW\a PSbeSS\ bVS W\aWUVba ]T aQWS\QS O\R bVSW` ^]bS\bWOZ \]\PS\Sd]#
ZS\b caS$ ESQ]\R" bV]cUV W\ CZOb]ma aQVS[S bVS kRSaQS\bl W\b] bVS
OQbWdS ZWTS Wa \]b Pg W\QZW\ObW]\ Pcb Pg Rcbg" O\R bVWa Rcbg Wa ^`]fW#
[ObSZg S\T]`QSR Pg bVS abObS" Wba cZbW[ObS aO\QbW]\ S[O\ObSa T`][
bVS ]PXSQb ]T Q]\bS[^ZObW]\ WbaSZT" \O[SZg" kbVS U]]R"l eVWQV Wa \]b
S\dW]ca O\R W[^SZa Wba ]e\ Q][[c\WQObW]\1 bVca \] ORRWbW]\OZ O\R
F ;8 C D46F<64? G E8E B9 F ;8BDK L '/+
VSbS`]US\WQ ^`W\QW^ZS Wa `S_cW`SR b] ^`]dWRS bVS U`]c\R ]T `Sa^]\aW#
PWZWbg$ 9W\OZZg" bVS `Sbc`\W\U ^VWZ]a]^VS`ma OQbW]\ W\ bVS QOdS Wa Q]\#
QS`\SR" \]b eWbV bVS [O\OUW\U ]T bVW\Ua" Pcb eWbV bVS ]`RS`W\U ]T ZWdSa1
W\ ]bVS` e]`Ra" Wb Wa \]b bSQV\WQOZ Pcb ^]ZWbWQOZ" W\T]`[SR Pg bVS dWaW]\
]T ]`RS` W\ bVS W\bSZZWUWPZS e]`ZR$ FVca Wb Wa O\ kO^^ZWQObW]\l bVOb
RS`WdSa Wba []bWdS" Wba []RSZ" O\R Wba abO\RO`R ]T eVOb Wa PS\STWQWOZ
T`][ bVS ]\S O\R aSZT#acTTWQWS\b bVS]`g$ EcQV kO^^ZWQObW]\l QO\ PS
SfS`QWaSR ]\Zg W\ ^S`a]\ Pg bVS OcbVS\bWQ ORS^ba ]T bVS]`g1 Wb QO\\]b
PS RSZSUObSR" Oa QO\ O\R [cab PS bVS O^^ZWQObW]\ ]T bVS kY\]e#V]el
]T bSQV\WQOZ aQWS\QS$
5g Q]\b`Oab" []RS[ bVS]`g Wa \]b aSZT#acTTWQWS\bZg bVS a]c`QS ]T bVS
Vc[O\ _cOZWbg bVOb [OYSa Wb PS\STWQWOZ$ FVOb Wba `SacZba O`S RSbOQVOPZS
T`][ Wb O\R VO\RSR ]dS` T]` caS b] bV]aS eV] VOR \] ^O`b W\ bVS
bVS]`SbWQOZ ^`]QSaa Wa ]\Zg ]\S Oa^SQb ]T bVS [ObbS`$ FVS aQWS\bWab
VW[aSZT Wa Pg VWa aQWS\QS \] []`S _cOZWTWSR bVO\ ]bVS`a b] RWaQS`\" \]`
SdS\ Wa VS []`S RWa^]aSR b] QO`S T]`" bVS U]]R ]T [O\YW\R$ 5S\Sd]#
ZS\QS [cab PS QOZZSR W\ T`][ bVS ]cbaWRS b] ac^^ZS[S\b bVS Y\]eZSRUS
OQ_cW`SR bV`]cUV bVS]`g0 Wb R]Sa \]b TZ]e T`][ bVS]`g WbaSZT$
IVg Wa bVWa a]3 B\S O\aeS` Wa Q][[]\Zg Sf^`SaaSR W\ bVS abObS#
[S\b bVOb aQWS\QS Wa kdOZcS#T`SSl M;HJ<H;?!" eWbV bVS Q]`]ZZO`g bVOb
dOZcSa O`S \]b ]PXSQba ]T Y\]eZSRUS" ]` Ob O\g `ObS ]T aQWS\bWTWQ
Y\]eZSRUS$ 5cb eVg Wa aQWS\QS RWd]`QSR T`][ dOZcS" O\R dOZcS Q]\#
aWRS`SR \]\`ObW]\OZ3 6O\ Wb PS PSQOcaS bVS dOZWRObW]\ ]T dOZcS `S#
_cW`Sa O b`O\aQS\RS\QS eVS\QS b] RS`WdS Wb3 DSZObW]\ b] O\ ]PXSQbWdS
b`O\aQS\RS\QS ZWSa b]ROg ]cbaWRS bVS]`g Pg Wba `cZSa ]T SdWRS\QS"
eVS`SOa T]`[S`Zg Wb eOa bVS dS`g ZWTS ]T bVS]`g$
kF`O\aQS\RS\QSl eVObSdS` SZaS bVS bS`[ Q][^`WaSa! W[^ZWSa ]P#
XSQba VWUVS` bVO\ [O\" O\R OP]cb acQV eOa QZOaaWQOZ bVS]`g$ @]RS[
bVS]`g Wa OP]cb ]PXSQba Z]eS` bVO\ [O\0 SdS\ abO`a" PSW\U Q][[]\
bVW\Ua" O`S Z]eS` bVO\ [O\$ A] UcWRO\QS Oa b] S\Ra QO\ PS RS`WdSR
T`][ bVS[$ FVS ^V`OaS kZ]eS` bVO\ [O\"l W[^ZgW\U O dOZcObW]\"
aSS[a b] Q]\b`ORWQb bVS OaaS`bSR kdOZcS#T`SSR][l ]T aQWS\QS$ 5cb bVWa
dOZcS#T`SSR][ [SO\a O \Scb`OZWbg Oa [cQV ]T bVS ]PXSQba Oa ]T bVS
aQWS\QS0 ]T bVS ]PXSQba" bVSW` \Scb`OZWbg W\RWTTS`S\QS! b]eO`R eVOb#
SdS` dOZcS [Og PS kUWdS\l bVS[$ 4\R bVOb eVWQV ZOQYa W\b`W\aWQ dOZcS
]T Wba ]e\ Wa Z]eS` bVO\ bVOb Pg `STS`S\QS b] eVWQV OZ]\S Wb [Og
`SQSWdS dOZcS" \O[SZg" [O\ O\R Vc[O\ ZWTS" bVS ]\Zg `S[OW\W\U a]c`QS
O\R `STS`S\b ]T dOZcS$
'/, M F ;8 C ;8AB@ 8ABA B9 ? <9 8
IVOb bVS\ OP]cb bVS aQWS\QSa ]T [O\" ZWYS ^agQV]Z]Ug ]` a]QW]Z#
]Ug3 Ec`SZg Wb QO\\]b PS aOWR ]T bVS[ bVOb bVS ]PXSQba ]T aQWS\QS O`S
Z]eS` bVO\ [O\3 FVSW` ]PXSQb ?I [O\$ <a Wb \]b b`cS bVOb eWbV bVS[
dOZcS `S#S\bS`a bVS c\WdS`aS ]T aQWS\QS3 4\R QO\ bVS`S \]b a^`W\U T`][
bVS[" Oa RSOZW\U eWbV a]c`QS O\R `STS`S\QS ]T OZZ dOZcS" O dOZWR bVS]`g
]T dOZcS3 5cb VS`S eS VOdS b] RWabW\UcWaV0 HOZcObW]\ Oa O TOQb ]T
Vc[O\ PSVOdW]` W\RSSR PSQ][Sa Y\]e\ W\ bVS Vc[O\ aQWS\QSaj Pcb
\]b dOZcS WbaSZT$ 4\R TOQSbW]ca Oa Wb [Og a]c\R0 W\a]TO` Oa bVSg O`S
I9?;D9;I bVSW` ]PXSQb b]] Wa kZ]eS` bVO\ [O\$l ;]e a]3 9]` O aQWS\#
bWTWQ bVS]`g ]T VW[ b] PS ^]aaWPZS" [O\" W\QZcRW\U VWa VOPWba ]T dOZcO#
bW]\" VOa b] PS bOYS\ Oa RSbS`[W\SR Pg QOcaOZ ZOea" Oa O\ W\abO\QS O\R
^O`b ]T \Obc`S$ FVS aQWS\bWab R]Sa bOYS VW[ a]j Pcb \]b VW[aSZT eVWZS
VS Oaac[Sa O\R SfS`QWaSa VWa T`SSR][ ]T W\_cW`g O\R VWa ]^S\\Saa b]
`SOa]\" SdWRS\QS" O\R b`cbV$ FVca [O\#bVS#Y\]eS` O^^`SVS\Ra [O\#
N;bT#Z]eS`#bVO\#VW[aSZT O\R W\ R]W\U a] OQVWSdSa Y\]eZSRUS ]T [O\#
2-iO#Z]eS`#bVO\#[O\" aW\QS OZZ aQWS\bWTWQ bVS]`g Wa ]T bVW\Ua Z]eS` bVO\
[O\ bVS Y\]eS`$ <b Wa ]\ bVOb Q]\RWbW]\ bVOb bVSg QO\ PS acPXSQbSR b]
kbVS]`g"l VS\QS b] Q]\b`]Z" VS\QS b] caS$ FVS\ [O\#Z]eS`#bVO\#[O\
Sf^ZOW\SR Pg bVS Vc[O\ aQWS\QSaj[O\ `SWTWSRj QO\ Pg bVS W\ab`cQ#
bW]\a ]T bVSaS aQWS\QSa PS Q]\b`]ZZSR SdS\ kS\UW\SS`SRl ! O\R bVca
caSR$
6VO`Wbg bVS\" ]` SdS\ Z]dS Oa Z]dS ]T [O\YW\R `ObVS` bVO\ ^S`#
a]\!" W\ b`gW\U b] [OYS acQV caS O QVO`WbOPZS ]` PS\STWQS\b ]\S" R]Sa
\]b Q]``SQb Pcb `ObVS` Q]\TW`[ bVS Z]eS` abObca$ 4\R Oa bVS caS ]T
eVOb Wa Z]eS`#bVO\#[O\ QO\ ]\Zg PS T]` eVOb Wa Z]eS` O\R \]b T]`
eVOb Wa VWUVS` W\ bVS caS` VW[aSZT" bVS Y\]eS` O\R caS` PSQ][Sa W\
acQV caS" WT [ORS OZZ#W\QZcaWdS" VW[aSZT Z]eS` bVO\ [O\$ 4\R OZZ#
W\QZcaWdS Wb PSQ][Sa eVS\ Wb SfbS\Ra ]dS` bVS PSW\U ]T ]\Sma TSZZ]e
[S\ O\R aeOZZ]ea c^ bVS WaZO\R#YW\UR][ ]T bVS ^S`a]\$ <\SdWbOPZg
bVS [O\W^cZOb]` Q][Sa b] aSS VW[aSZT W\ bVS aO[S ZWUVb Oa bV]aS VWa
bVS]`g VOa [ORS [O\W^cZOPZS1 O\R W\ bVS aSZT#W\QZcaWdS a]ZWRO`Wbg eWbV
bVS US\S`OZ Vc[O\ Z]eZW\Saa O[WRab bVS a^ZS\R]` ]T Vc[O\ ^]eS` VWa
QVO`Wbg Wa Pcb aSZT#Q][^OaaW]\ O\R bVOb b]ZS`O\QS eVWQV a^`W\Ua T`][
aSZT#Q]\bS[^b0 eS O`S OZZ ^]]` ^c^^Sba O\R QO\\]b VSZ^ PSW\U eVOb
eS O`S$ 5S\Sd]ZS\QS bVS\ RSUS\S`ObSa b] Q]\R]\W\U O\R Q]\\WdW\U$
8dS\ eVS\ ]T O ^c`S` O\R ZSaa O[PWUc]ca YW\R" PS\Sd]ZS\QS OZ]\S
Wa W\acTTWQWS\b b] W\ac`S PS\STWQWOZ caS ]T aQWS\QS$ 4a O RWa^]aWbW]\ b]
`ST`OW\ T`][ VO`[W\U" Wb Wa ]T Q]c`aS Oa W\RWa^S\aOPZS W\ bVWa Q]\bSfb
F ; 8 C D46F<64? G E8E B9 F ;8BDK L '/-
Oa Wb Wa W\ bVS TSZZ]eaVW^ ]T [S\ W\ US\S`OZ$ 5cb W\ Wba ^]aWbWdS Oa^SQb
U]]R eWZZ Wa <EH bVS U]]R O\R [cab bVS`ST]`S PS W\T]`[SR Pg O Q]\QS^#
bW]\ ]T eVOb Wa bVS U]]R$ IVS\QS acQV O Q]\QS^bW]\ QO\ RS`WdS O\R
eVSbVS` Wb QO\ PS `OWaSR b] bVS `O\Y ]T kY\]eZSRUSl [cab VS`S PS ZSTb
c\RSQWRSR$ <T bVS`S Wa O Y\]eZSRUS ]T Wb" \]b aQWS\QS QO\ ac^^Zg Wb$
@S`S PS\Sd]ZS\QS QO\\]b `S^ZOQS Wbj \]` SdS\ Z]dS" WT Z]dS eWbV]cb
`SdS`S\QS1 O\R eVS\QS QO\ `SdS`S\QS Q][S SfQS^b T`][ O Y\]eZSRUS
]T eVOb Wa b] PS `SdS`SR3 5cb SdS\ WT O UcWRW\U Y\]eZSRUS ]T bVS U]]R"
bVOb Wa" b`cS ^VWZ]a]^Vg eS`S OdOWZOPZS" Wb [WUVb eSZZ TW\R Wba Q]c\aSZ
b] PS ]T \] OdOWZ OUOW\ab bVS aSZT#US\S`ObSR Rg\O[WQa ]T aQWS\QS W\
caS$ F] bVWa bVS[S < aVOZZ `Sbc`\ Ob bVS S\R$ A]e < [cab aOg a][S#
bVW\U []`S OP]cb bVS a^SQWTWQOZZg []RS`\ ^`OQbWQS#bVS]`g `SZObW]\ Wb#
aSZT O\R bVS eOga Wb e]`Ya" `ObVS` bVO\ eVOb Wb e]`Ya T]`$

<H
IS a^SOY ]T KI?D= eVS\ eS O^^Zg a][SbVW\U Oa O [SO\a b]eO`R O\
S\R$ 4a bVS S\R Wa RWabW\Qb T`][ bVS [SO\a" a] \]`[OZZg Wa bVS [SO\a
RWabW\Qb T`][ Wba O^^ZWQObW]\$ FVOb Wa b] aOg" bVS [SO\a VOa O ^`W]`
SfWabS\QS ]T Wba ]e\ O\R e]cZR Q]\bW\cS b] PS eVOb Wb Wa SdS\ WT \SdS`
a] O^^ZWSR Ob OZZ$ IVSbVS` bVWa V]ZRa TcZZg T]` bVS]`g b]]" ]` T]` SdS`g
bVS]`g" eS VOdS `SOa]\ b] R]cPb$ 5cb W\ a^SOYW\U ]T caSa ]T bVS]`g
bVOb [cQV Wa Q]\QSRSR bVOb bVS]`g" V]eSdS` caSR" Wa OZa] a][SbVW\U
Pg WbaSZT$
5SW\U a][SbVW\U Pg WbaSZT Wa \]b \SQSaaO`WZg b] PS \Scb`OZ b] ^]aaW#
PZS caS$ GaS [Og PS SaaS\bWOZ" ]` Wb [Og PS OQQWRS\bOZ" b] bVOb eVWQV
QO\ aS`dS Oa O [SO\a$ E][S bVW\Ua" bV]cUV VOdW\U O acPabO\bWdS PSW\U
]T bVSW` ]e\ ]\QS bVSg SfWab" R] a] 7I [SO\a T`][ bVS ]cbaSb$ 4 b]]Z"
T]` SfO[^ZS" ]eSa Wba dS`g PSW\U b] bVS ^c`^]aS PSg]\R WbaSZT T]`
eVWQV Wb eOa RSaWU\SR$ <T \]b ^cb b] acQV aS`dWQS Wb [WaaSa Wba H7?IED
:R;JH;! F] ]bVS` bVW\Ua caS Q][Sa Oa Wb eS`S Oa O\ OTbS`bV]cUVb ]\ bVS
^O`b ]T O caS`0 T]` bVS[" PSW\U caSR Wa OQQWRS\bOZ" Sfb`O\S]ca b] bVS
PSW\U bVSg VOdS W\ bVSW` ]e\ W\RS^S\RS\b `WUVb$ <\ bVS TW`ab QObSU]`g
O`S [OW\Zg [O\#[ORS bVW\Ua" ZWYS VO[[S`a ]` QVOW`a" W\ bVS aSQ]\R
[OW\Zg \Obc`OZ ]\Sa" ZWYS V]`aSa ]` `WdS`a$ FVS]`g Wa QS`bOW\Zg [O\#
[ORS" O\R Wb VOa caSa1 Pcb eVSbVS` caS Wa SaaS\bWOZ ]` OQQWRS\bOZ b] Wb
[Og eSZZ RS^S\R ]\ bVS YW\R ]T bVS]`g ]\S Q]\aWRS`a" Oa OZa] ]\ bVS
YW\R ]T caS$ @ObVS[ObWQa" T]` SfO[^ZS" RWTTS`a W\ bVWa `Sa^SQb T`][
'/. M F ;8 C ;8AB@ 8ABA B9 ? <98
^VgaWQa$ @g bVSaWa Wa bVOb b] []RS[ bVS]`g W\ US\S`OZ" ^`OQbWQOZ caS Wa
\] OQQWRS\b Pcb Wa W\bSU`OZ b] Wb" ]` bVOb kaQWS\QSl Wa bSQV\]Z]UWQOZ Pg
Wba \Obc`S$
C`OQbWQOZ Wa O caS eVWQV W\d]ZdSa SfbS`\OZ OQbW]\" `SacZbW\U W\ O
QVO\US W\ bVS S\dW`]\[S\b ]` ^`SdS\bW\U O QVO\US!$ 8fbS`\OZ OQbW]\
`S_cW`Sa bVS caS ]T SfbS`\OZ" ^VgaWQOZ [SO\a" O\R []`S]dS` a][S
RSU`SS ]T W\T]`[ObW]\" eVWQV Wa O\ W\bS`\OZ" \]\^VgaWQOZ bVW\U$ 5cb
OZZ OQbW]\ eVWQV Wa \]b ab`WQbZg `]cbW\S" O\R \]b ^c`SZg W\bcWbWdS" `S#
_cW`Sa []`S bVO\ bVOb" \O[SZg" RSZWPS`ObW]\" O\R bVWa QO\ PS Oa b]
S\Ra O\R Oa b] [SO\a0 Oa b] S\Raj T]` SfO[^ZS" eVSbVS` RSaW`OPZS"
O\R eVSbVS` US\S`OZZg ^]aaWPZS1 Oa b] [SO\ajT]` SfO[^ZS" eVWQV Oa
acQV acWbOPZS" O\R eVWQV VS`S O\R \]e OdOWZOPZS$ <\ OZZ bVSaS `Sa^SQba"
ADEMB;:=; WT \]b \SQSaaO`WZg bVS]`g! S\bS`a W\b] bVS Q]\RWbW]\a O\R
Q]\RcQb ]T OQbW]\ O\R Wa [ORS caS ]T$
BPdW]caZg Wb Wa O RWTTS`S\b YW\R ]T Y\]eZSRUS bVOb VOa b] R] eWbV
bVS RSaW`OPWZWbg ]T S\Ra" O\R O RWTTS`S\b YW\R bVOb VOa b] R] eWbV
TSOaWPWZWbg" [SO\a" O\R SfSQcbW]\$ 4UOW\" eWbVW\ bVS ZObbS` YW\R" bVS
Y\]eZSRUS eVWQV ^`]\]c\QSa ]\ ^]aaWPWZWbg W\ ^`W\QW^ZS Wa RWTTS`S\b
T`][ bVS ]\S eVWQV [O^a" abWZZ W\ bVS OPab`OQb" ^]aaWPZS eOga ]T
`SOZWhObW]\" O\R bVWa T`][ bVS RWaQS`\[S\b ]T bVS Q]c`aS ]T OQbW]\
[]ab ^`OQbWQOPZS W\ bVS UWdS\ QW`Qc[abO\QSa$ IS VOdS VS`S O aQOZS
RSaQS\RW\U T`][ bVS US\S`OZ b] bVS ^O`bWQcZO`" T`][ bVS aW[^ZS b] bVS
Q][^ZSf" O\R Ob bVS aO[S bW[S T`][ bVS]`g b] ^`OQbWQS" eVWQV Wa
Q][^ZSfWbg WbaSZT$ FVS Y\]eZSRUS ]T ^]aaWPWZWbg `Saba ]\ bVS c\WdS`aOZ
^`W\QW^ZSa ]T bVS TWSZR" Wba Q]\abWbcbWdS ZOea bVS bS`[W\OZ ^]W\ba ]T
eVOb :OZWZS] QOZZSR bVS k`Sa]ZcbWdS [SbV]Rl !1 bVOb ]T bg^WQOZ eOga ]T
Q][W\U#b]#PS ]\ []`S Q][^ZSf O\R []`S a^SQWTWQ QOcaOZ ^ObbS`\a"
S[P]RgW\U bVS TW`ab ^`W\QW^ZSa O\R ^`]dWRW\U []RSZa T]` `cZSa ]T
OQbW]\ kQ][^]aWbWdS [SbV]Rl !1 bVS Y\]eZSRUS" TW\OZZg" ]T eVOb b] R]
\]e Wa S\bW`SZg ^O`bWQcZO`" ^ZOQW\U bVS bOaY eWbVW\ bVS Q]\bSfb ]T bVS
eV]ZS" Q]\Q`SbS aWbcObW]\$ FVS TW`ab be] abS^a O`S P]bV eWbVW\ bVS]`g"
]` `ObVS`" bVSg SOQV 97D VOdS bVSW` RSdSZ]^SR bVS]`g$ FVS bVS]`g W\
bVS TW`ab QOaS eS [Og QOZZ aQWS\QS ^`]^S`" acQV Oa bVS]`SbWQOZ ^VgaWQa1
bVS bVS]`g W\ bVS aSQ]\R QOaS" RS`WdObWdS T`][ Wb W\ Z]UWQ" WT \]b OZeOga
W\ TOQb" eS [Og QOZZ bSQV\]Z]UWQOZ ]` O^^ZWSR aQWS\QSjeVWQV" Wb [cab
PS `S[S[PS`SR" Wa abWZZ kbVS]`gl W\ `Sa^SQb b] OQbW]\ WbaSZT" Oa Wb ]TTS`a
bVS a^SQWTWQ `cZSa ]T OQbW]\ Oa ^O`ba ]T O `SOa]\SR eV]ZS O\R eWbV]cb
[OYW\U O RSQWaW]\$ FVS ^O`bWQcZO` SfSQcbW]\ WbaSZT VOa \] bVS]`g ]T Wba
F ;8 C D46F<64? G E8E B9 F ;8BDK L '//
]e\ O\R QO\ VOdS \]\S$ FV]cUV O^^ZgW\U bVS bVS]`g" Wb Wa \]b aW[^Zg
RS`WdObWdS ]T Wb Pcb W\d]ZdSa RSQWaW]\ POaSR ]\ @K:=C;DJ# O\R bVS`S Wa
\] aQWS\QS ]T XcRU[S\b Oa ZWbbZS Oa bVS`S Wa ]\S ]T RSQWaW]\!j bVOb Wa"
XcRU[S\b QO\\]b PS `S^ZOQSR Pg" ]` b`O\aT]`[SR W\b]" aQWS\QS" [cQV
Oa Wb QO\ OdOWZ WbaSZT ]T bVS TW\RW\Ua O\R SdS\ ]T bVS W\bSZZSQbcOZ RWaQW#
^ZW\S ]T aQWS\QS O\R Wa WbaSZT O YW\R ]T Y\]eZSRUS" O Q]U\WbWdS TOQcZbg$
=cRU[S\b" aOga >O\b" Wa bVS TOQcZbg ]T acPac[W\U bVS ^O`bWQcZO` c\RS`
bVS c\WdS`aOZ1 O\R aW\QS `SOa]\ Wa bVS TOQcZbg ]T bVS c\WdS`aOZ" O\R
aQWS\QS bVS ]^S`ObW]\ ]T bVOb TOQcZbg" XcRU[S\b Oa Q]\QS`\SR eWbV
^O`bWQcZO`a Wa \SQSaaO`WZg ]cbaWRS aQWS\QS O\R ab`WQbZg bVS P`WRUS PS#
beSS\ bVS OPab`OQbW]\a ]T bVS c\RS`abO\RW\U O\R bVS Q]\Q`SbS\Saa ]T
ZWTS$
<\ bVS TW`ab abOUS" bVOb ]T ^c`S aQWS\QS" bVS T]`[ ]T ^`]^]aWbW]\a Wa
QObSU]`WQOZ0 4 Wa C" 5 Wa C" $ $ $ <\ bVS O^^ZWSR abOUS" bVS T]`[ Wa
Vg^]bVSbWQOZ0 WT C Wa b] PS" bVS\ SWbVS` 4 ]` 5 $ $ $ [cab PS ^`]dWRSR$
<\ bVS RSZWPS`ObW]\a ]T ^`OQbWQOZ XcRU[S\b" bVS ^`]^]aWbW]\OZ T]`[ Wa
^`]PZS[ObWQOZ0 ^O`bWQcZO`a T" U" $ $ $ OdOWZOPZS W\ bVS aWbcObW]\" R]
^S`VO^a \]b" ^O`bWOZZg! TWb bVS RS[O\Ra ]T c\WdS`aOZ 4" ]` 5" $ $ $ 1
[Og bVS`ST]`S PS \]b" []`S" ZSaa! acWbOPZS T]` P`W\UW\U OP]cb C$
<\dS\bW]\ Wa bg^WQOZZg acQV O Q][PW\ObW]\ ]T Q]\Q`SbS XcRU[S\b eWbV
OPab`OQb aQWS\QS$
<b Wa W\ bVWa `SOZ[ ]T Q]\Q`SbS XcRU[S\b O\R QV]WQS bVOb bVS ^`OQbW#
QOZ caS ]T bVS]`g Q][Sa OP]cb$ IVS\QS Wb T]ZZ]ea bVOb bVS caS ]T
bVS]`g R]Sa \]b WbaSZT ^S`[Wb ]T O bVS]`g0 WT Wb Wa S\ZWUVbS\SR caS" Wb
`SQSWdSa Wba ZWUVb T`][ RSZWPS`ObW]\" eVWQV [Og ]` [Og \]b S\X]g bVS
PS\STWba ]T U]]R aS\aS$ 5cb bVWa Y\]eZSRUS ]T caS Wa RWTTS`S\b \]b ]\Zg
T`][ bVS Y\]eZSRUS ]T bVS bVS]`g caSR W\ bVS QOaS Pcb T`][ bVOb ]T
O\g bVS]`g eVOba]SdS`" O\R Wb Wa OQ_cW`SR ]` ZSO`\SR W\ eOga RWTTS`S\b
T`][ bV]aS ]T bVS]`g$ FVWa Wa bVS `SOa]\ eVg 4`Wab]bZS RS\WSR bVS`S
PSW\U O aQWS\QS ]T ^]ZWbWQa O\R ^`OQbWQOZ SbVWQa1 bVS M>;H; M>;D JE
M>EC $ $ $ QO\\]b PS `SRcQSR b] US\S`OZ ^`W\QW^ZSa$ FVca bVS`S Wa
bVS]`g O\R caS ]T bVS]`g" Pcb \] bVS]`g ]T bVS caS ]T bVS]`g$
4b bVS ]^^]aWbS S\R ]T bVS aQOZS Wa bVS Y\]eZSRUS Q]\QS`\W\U S\Ra
`S^SObSRZg OZZcRSR b]j ]T eVWQV b]ROg eS R] \]b Y\]e eVSbVS` Wb
OR[Wba ]T bVS]`g" Oa ]\QS Wb eOa VSZR S[W\S\bZg b] R]$ FVWa Y\]eZSRUS
OZ]\S e]cZR ^S`[Wb bVS dOZWR RWaQ`W[W\ObW]\ ]T e]`bVg O\R c\e]`bVg"
RSaW`OPZS O\R c\RSaW`OPZS caSa ]T aQWS\QS" eVS`SOa aQWS\QS WbaSZT ]\Zg
^S`[Wba RWaQ`W[W\ObW]\ ]T Wba Q]``SQb ]` W\Q]``SQb" ORS_cObS ]` W\ORS#
(&& M F ;8 C ;8A B @ 8A B A B9 ? <9 8
_cObS" STTSQbcOZ ]` W\STTSQbcOZ caS$ 5cb Wb Wa eWbV bVWa dS`g aQWS\QS
eVWQV Wa \]b W\ R]cPb bVOb eS [cab \]e Q]\QS`\ ]c`aSZdSa" OaYW\U
eVOb TSObc`Sa W\b`W\aWQOZZg TWb bVWa bg^S ]T bVS]`g T]` caS W\ bVS e]`ZR
]T bVW\Ua$

BT bVS]`g T]`[ObW]\ ]\S ]T Wba \W\SbSS\bV#QS\bc`g [OabS`a" ;SW\`WQV


;S`bh" VOR bVWa b] aOg0 kIS T]`[ W[OUSa ]` ag[P]Za ]T bVS SfbS`\OZ
]PXSQba1 bVS [O\\S` W\ eVWQV eS T]`[ bVS[ Wa acQV bVOb bVS BE=?97BBN
\SQSaaO`g Q]\aS_cS\QSa ]T bVS W[OUSa O`S W\dO`WOPZg bVS W[OUSa ]T bVS
C7J;H?7BBN \SQSaaO`g Q]\aS_cS\QSa ]T bVS Q]``Sa^]\RW\U ]PXSQba$l*
FVWa Wa O\ SZZW^bWQ abObS[S\b$ 9]` bVS kW[OUSa ]` ag[P]Zal T]`[SR
O\R caSR O`S \]b ]T bVS W[[SRWObS SfbS`\OZ ]PXSQba acQV Oa `]QYa O\R
b`SSa" ]` SdS\ ]T eV]ZS QZOaaSa ]` US\S`OZ bg^Sa ]T acQV" Pcb ag[P]Za
T]` bVS `SaWRcOZ ^`]RcQba ]T O a^SQcZObWdS O\OZgaWa ]T bVS UWdS\ ]PXSQba
O\R bVSW` abObSa O\R `SZObW]\aj `SaWRcSa eVWQV OR[Wb ]T \]\S Pcb
ag[P]ZWQ `S^`SaS\bObW]\" gSb Pg Vg^]bVSaWa O`S ^`Sac[SR b] c\RS`ZWS
bVS ]PXSQba O\R O`S bVca b`SObSR Oa kSfbS`\OZ ]PXSQbal bVS[aSZdSa W\
acPabWbcbW]\ T]` bVS ]`WUW\OZ ]PXSQba$
FVS YSg bS`[ VS`S Wa kO\OZgaWa$l 4\OZgaWa VOa PSS\ bVS RWabW\QbWdS
TSObc`S ]T ^VgaWQOZ W\_cW`g aW\QS bVS aSdS\bSS\bV QS\bc`g0 O\OZgaWa ]T
MEHA?D= \Obc`S W\b] Wba aW[^ZSab Rg\O[WQ TOQb]`a$ FVSaS TOQb]`a O`S
T`O[SR W\ acQV WRS\bWQOZ _cO\bWbObWdS bS`[a Oa QO\ PS S\bS`SR" Q][#
PW\SR" O\R b`O\aT]`[SR W\ S_cObW]\a$ FVS O\OZgbWQOZ [SbV]R bVca W[#
^ZWSa O ^`W[O`g EDJEBE=?97B H;:K9J?ED ]T \Obc`S" O\R bVWa ^`SQSRSa
[ObVS[ObWQa ]` ]bVS` ag[P]ZWa[ W\ Wba O^^ZWQObW]\ b] \Obc`S$ B\QS
ZSTb b] RSOZ eWbV bVS `SaWRcOZ ^`]RcQba ]T bVWa `SRcQbW]\" ]` `ObVS`"
eWbV bVSW` [SOac`SR dOZcSa" [ObVS[ObWQa ^`]QSSRa b] `SQ]\ab`cQb
T`][ bVS[ bVS Q][^ZSfWbg ]T ^VS\][S\O W\ O eOg eVWQV QO\ ZSOR
PSg]\R bVS RObO ]T bVS W\WbWOZ Sf^S`WS\QS b] TOQba c\]PaS`dSR" ]` abWZZ
b] Q][S" ]` b] PS P`]cUVb OP]cb$ FVOb \Obc`S ZS\Ra WbaSZT b] bVWa YW\R
]T `SRcQbW]\ eOa bVS Tc\RO[S\bOZ RWaQ]dS`g" OQbcOZZg bVS Tc\RO[S\bOZ
O\bWQW^ObW]\" Ob bVS ]cbaSb ]T [SQVO\WQOZ ^VgaWQa$
IWbV bVWa `SRcQbW]\" kacPabO\bWOZ T]`[a"l bVOb Wa" eV]ZS\Saa Oa O\

*$ ;$ ;S`bh" 0H?DO?F?;D :;H -;9>7D?A ^$ '" bOYS\ T`][ ;$ ISgZ"


0>?BEIEF>N E< -7J>;C7J?9I 7D: .7JKH7B 29?;D9; ^$ ',($
F ;8 C D46F<64? G E8E B9 F ;8BDK L (&'

Ocb]\][]ca QOcaS eWbV `Sa^SQb b] Wba Q][^]\S\b ^O`ba" O\R bVS`ST]`S


bVS U`]c\R ]T Wba ]e\ PSQ][W\U" aVO`SR bVS TObS ]T TW\OZ QOcaSa$ <\
ASeb]\WO\ ^VgaWQa bVS W\bSU`OZ eV]ZS\Saa ]T T]`[" ]\ eVWQV QZOaaWQOZ
O\R [SRWSdOZ ]\b]Z]Ug eOa POaSR" Wa P`]YS\ c^ W\b] SZS[S\bO`g TOQ#
b]`a T]` eVWQV bVS ^O`OZZSZ]U`O[ ]T T]`QSa Wa O TWbbW\U U`O^VWQ ag[P]Z$
FVS ^`SaS\QS ]T bVS Tcbc`S" T]`[S`Zg Q]\QSWdSR Oa ^]bS\bWOZWbg ]T
PSQ][W\U" Q]\aWaba \]e W\ bVS QOZQcZOPWZWbg ]T bVS ]^S`ObW]\ ]T bVS
T]`QSa RWaQS`\WPZS W\ O UWdS\ Q]\TWUc`ObW]\$ A] Z]\US` a][SbVW\U ]`WU#
W\OZ W\ Wba ]e\ `WUVb" T]`[ Wa bVS Qc``S\b Q][^`][WaS O[]\U bVS POaWQ
OQbW]\a ]T OUU`SUObS [ObbS`$ FVS TOZZW\U O^^ZS Wa \]b a] [cQV SZSdObSR
b] bVS `O\Y ]T Q]a[WQ []bW]\ Oa bVS ZObbS` Wa P`]cUVb R]e\ b] bVS ZSdSZ
]T bVS TOZZW\U O^^ZS$ FVWa SabOPZWaVSa O \Se c\Wbg ]T bVS c\WdS`aS" Pcb
]T O RWTTS`S\b Q][^ZSfW]\ T`][ bVS :`SSY ]\S0 bVS O`Wab]Q`OQg ]T
T]`[ Wa `S^ZOQSR Pg bVS RS[]Q`OQg ]T [ObbS`$
<T" OQQ]`RW\U b] bVWa kRS[]Q`OQg"l eV]ZSa O`S [S`S ac[a" bVS\
bVSW` aSS[W\UZg US\cW\S _cOZWbWSa O`S RcS b] bVS _cO\bWbObWdSZg []`S ]`
ZSaa W\d]ZdSR Q][PW\ObW]\ ]T a][S aW[^ZS acPab`ObO O\R bVSW`
Rg\O[WQa$ :S\S`OZZg Q][^ZSfWbg O\R RSU`SSa ]T Q][^ZSfWbg ac^^ZO\b
OZZ ]bVS` ]\b]Z]UWQOZ RWabW\QbW]\a$ FVca T]` ^c`^]aSa ]T Sf^ZO\ObW]\
bVS ^O`ba O`S QOZZSR c^]\ b] OQQ]c\b T]` bVS eV]ZS" O\R bVOb [SO\a
bVOb bVS ^`W[WbWdS VOa b] OQQ]c\b T]` bVS []`S O`bWQcZObSR" ]`" W\ ]ZRS`
^O`ZO\QS" J>; BEM;H <EH J>; >?=>;H!
IWbV \] VWS`O`QVg ]T PSW\U Pcb ]\Zg RWab`WPcbW]\a ]T O c\WT]`[
acPab`Obc[" OZZ Sf^ZO\ObW]\ VOa b] abO`b T`][ bVS P]bb][ O\R W\ TOQb
\SdS` ZSOdSa Wb$ FVS VWUVS` Wa bVS Z]eS` W\ RWaUcWaS" eVS`S bVS RWaUcWaS
Wa ^`]dWRSR Pg Q][^ZSfWbg0 eWbV bVS ZObbS`ma O\OZgaWa" bVS RWaUcWaS
RWaa]ZdSa" O\R bVS O^^SO`O\QS ]T bVS VWUVS` Wa `SRcQSR b] bVS `SOZWbg ]T
bVS SZS[S\bOZ$ 9`][ ^VgaWQa bVWa aQVS[O ]T Sf^ZO\ObW]\ VOa ^S\S#
b`ObSR OZZ ^`]dW\QSa ]T Y\]eZSRUS" O\R Wb Wa \]e Oa [cQV Ob V][S W\
^agQV]Z]Ug O\R a]QW]Z]Ug Oa W\ bVS \Obc`OZ aQWS\QSa eVS`S Wb ]`WUW#
\ObSR$ A] Z]\US` Wa bVS `SOZ[ ]T ^OaaW]\ QVO`OQbS`WhSR Pg bVS OPaS\QS
]T `SOa]\" Pcb `SOa]\ Wa QVO`OQbS`WhSR Oa O RWaUcWaS O\R aS`dO\b ]T
^OaaW]\$ FVS b`O\aQS\RS\bOZ ^VWZ]a]^Vg ]T O a]QWSbg Wa Pcb bVS WRS]#
Z]UWQOZ ac^S`ab`cQbc`S b] O\R bVca O RWaUcWaS ]T! Wba dWbOZ W\bS`Saba"
eVWQV `STZSQb ]`UO\WQ \SSRa" eVWQV RS^S\R ]\ ^VgaWQOZ Q]\abWbcbW]\$
FVS `Ob W\ bVS [OhS bSZZa ca eVOb eS O`S$ 4ZeOga bVS Z]eS` Sf^ZOW\a
bVS VWUVS` O\R W\ bVS Q]c`aS ]T O\OZgaWa S[S`USa Oa Wba b`cbV$
A]e bVWa ]\b]Z]UWQOZ O\OZgaWa VOa F;H I; bSQV\]Z]UWQOZ W[^ZWQObW]\
(&( F ;8 C ;8AB@ 8ABA B9 ? <9 8
^`W]` b] O\g O^^ZWQObW]\ W\ TOQb$ FVS ZObbS` Wa ^]aaWPZS ]\Zg PSQOcaS ]T
bVS [O\W^cZObWdS Oa^SQb W\VS`S\b W\ bVS bVS]`SbWQ Q]\abWbcbW]\ ]T
[]RS[ aQWS\QS Oa acQV$ <T Wb Wa aV]e\ V]e bVW\Ua O`S [ORS c^ ]T
bVSW` SZS[S\ba" Wb Wa OZa] aV]e\" ]\ ^`W\QW^ZS" V]e bVSg QO\ PS [ORS
c^ ]cb ]T acQV SZS[S\ba$ @OYW\U" Oa RWabW\Qb T`][ US\S`ObW\U" Wa Sa#
aS\bWOZZg ^cbbW\U b]USbVS` ^`S#SfWabW\U [ObS`WOZa ]` `SO``O\UW\U ^`S#
SfWabW\U ^O`ba$ EW[WZO`Zg" aQWS\bWTWQ Q]U\WbW]\ Wa SaaS\bWOZZg O\OZgaWa ]T
RWab`WPcbW]\" bVOb Wa" ]T bVS Q]\RWbW]\a W\ eVWQV SZS[S\ba O`S W\bS`#
`SZObSR" O\R Wa \]b Pc`RS\SR eWbV bVS bOaY ]T Q][^`SVS\RW\U bVS
SaaS\QS ]T bV]aS SZS[S\ba bVS[aSZdSa$ A]b eVOb bVSg O`S Pcb V]e bVSg
Tc\QbW]\ c\RS` acQV a^SQWTWSR Q]\RWbW]\a" bVOb Wa" W\ acQV Q][PW#
\Ob]`WOZ `SZObW]\a" Wa bVS bVS[S bVOb aQWS\QS QO\ O\R R]Sa ^c`acS$ FVWa
`Sab`WQbW]\ Wa POaWQ b] bVS []RS`\ Q]\QS^bW]\ ]T Y\]eZSRUS1 T]`" c\#
ZWYS acPabO\bWOZ \Obc`Sa" RWab`WPcbW]\a ]T Q]\RWbW]\a QO\ PS `SQ]\#
ab`cQbSR" SdS\ T`SSZg Q]\ab`cQbSR" W\ [S\bOZ []RSZa O\R a] OZZ]e ]T
c\RS`abO\RW\U$ 4UOW\" c\ZWYS k\Obc`Sa"l bVSg [Og PS OQbcOZZg `S#
^SObSR ]` []RWTWSR W\ Vc[O\ W[WbObW]\ ]T \Obc`S" bVOb Wa W\ bSQV\W_cS"
O\R a] OZZ]e ]T [O\W^cZObW]\$ 5]bV c\RS`abO\RW\U O\R [OYW\U O`S
VS`S Q]\QS`\SR eWbV `SZObW]\a O\R \]b eWbV SaaS\QSa$ <\ TOQb" c\RS`#
abO\RW\U ]T bVWa a]`b Wa WbaSZT O YW\R ]T W[OUW\O`g [OYW\U ]` `S[OYW\U
]T Wba ]PXSQba" O\R bVWa Wa bVS RSS^Sab QOcaS T]` bVS bSQV\]Z]UWQOZ
O^^ZWQOPWZWbg ]T []RS`\ aQWS\QS$
8O`Zg W\ bVS SWUVbSS\bV QS\bc`g" HWQ] S\c\QWObSR bVS ^`W\QW^ZS bVOb
[O\ QO\ c\RS`abO\R ]\Zg eVOb VS VOa [ORS VW[aSZT$ 9`][ bVWa VS
`SOa]\SR bVOb \]b \Obc`S" eVWQV Oa [ORS Pg :]R abO\Ra ]dS` OUOW\ab
[O\" Pcb VWab]`g" eVWQV Wa ]T [O\ma ]e\ [OYW\U" QO\ PS c\RS`ab]]R
Pg [O\$ B\Zg O @9?9JKCjeVOb VOa PSS\ [ORSj QO\ PS O L;HKC! 5cb
W\ ]^^]aW\U bVWa ^`W\QW^ZS b] 6O`bSaWO\ \Obc`OZ aQWS\QS" HWQ] ]dS`#
Z]]YSR bVS TOQb bVOb" WT ]\Zg kVOa PSS\ [ORSl Wa eWRS\SR b] kQO\ PS
[ORS"l bVS ^`W\QW^ZS O^^ZWSa b] \Obc`S SdS\ PSbbS` bVO\ b] VWab]`g
eVS`S W\ TOQb Wba dOZWRWbg Wa R]cPbTcZ!$ 9]` OQQ]`RW\U b] bVS [SQVO#
\WabWQ aQVS[S bVS Y\]eZSRUS ]T O \Obc`OZ SdS\b RSOZa" Oa eS VOdS
aSS\" \]b eWbV bVS :]R#Q`SObSR ^O`b ]T bVS aWbcObW]\jbVS W\b`W\aWQ
\Obc`S ]T bVS acPabO\QSa W\d]ZdSRjPcb eWbV bVS dO`WOPZS Q]\RWbW]\a
eVWQV" UWdS\ bV]aS acPabO\QSa" RSbS`[W\S bVS SdS\b$ 5g `S#S\OQbW\U
bV]aS Q]\RWbW]\a" W\ bV]cUVb ]` W\ OQbcOZ [O\W^cZObW]\" ]\S QO\ `S#
^`]RcQS bVS SdS\b eWbV]cb ^`]RcQW\U bVS acPab`Obc[$ F] c\RS`abO\R
bVS acPab`Obc[ WbaSZT Wa Oa [cQV PSg]\R [O\ma ^]eS`a Oa b] ^`]RcQS
F ;8 C D46F<64? G E8E B9 F ;8BDK L (&)
Wb$ 5cb bVS ZObbS` Wa PSg]\R bVS ^]eS`a SdS\ ]T \Obc`S" eVWQV" ]\QS
Q`SObSR W\ Wba acPabO\bWOZ S\bWbWSa" U]Sa ]\ kQ`SObW\Ul ]\Zg Pg [O\W^c#
ZObW\U bVS[" bVOb Wa" Pg bVS aVWTb ]T `SZObW]\a$ 6]\RWbW]\a O\R `SZObW]\a
O`S bVS dSVWQZS T]` Q`SObSR \Obc`Sma \]\Q`SObWdS ^`]RcQbW]\a" Xcab Oa
bVSg O`S bVS dSVWQZS T]` Q`SObSR [O\ma Q]U\WbW]\ ]T \Obc`S O\R OZa] T]`
VWa bSQV\WQOZ W[WbObW]\ ]T \Obc`Sma eOga ]T ^`]RcQbW]\$ FVWa eOa bVS
[SO\W\U ]T 5OQ]\ma TO[]ca [OfW[ bVOb \Obc`S QO\ PS Q][[O\RSR
]\Zg Pg PSW\U ]PSgSR$ AObc`Sma _cOaW#bSQV\WQOZ []RSa ]T [OYW\Uj ]`
\Obc`S Oa Wba ]e\ O`bWTWQS` O\R O`bWTOQbj Wa bVS Ob ]\QS Y\]eOPZS O\R
W[WbOPZS Oa^SQb ]T Wb" eVS`SOa SaaS\QSa W\ bVS[aSZdSa O`S c\Y\]eOPZS
PSQOcaS c\[OYSOPZS$ FVS [SbO^V]` ]T k\Obc`Sma e]`YaV]^"l W\b]
eVWQV aQWS\QS Wa b] ^`g W\ ]`RS` b] ZSO`\ VS` ^`]QSRc`Sa" ^]^cZO`Zg
Sf^`SaaSa bVS ^]W\b bVOb bVS RWabW\QbW]\ PSbeSS\ \Obc`OZ O\R O`bWTWQWOZ"
a] POaWQ b] QZOaaWQOZ ^VWZ]a]^Vg" VOa Z]ab Wba [SO\W\U$ k< R] \]b"l
e`]bS 7SaQO`bSa" k`SQ]U\WhS O\g RWTTS`S\QS PSbeSS\ bVS [OQVW\Sa
[ORS Pg Q`OTba[S\ O\R bVS RWdS`aS P]RWSa ^cb b]USbVS` Pg \Obc`S
OZ]\S $ $ $ OZZ bVS `cZSa ]T [SQVO\WQa PSZ]\U b] ^VgaWQa" a] bVOb OZZ
bVW\Ua eVWQV O`S O`bWTWQWOZ O`S bVS`SPg \Obc`OZl 0H?D9?FB;I <H" O`b$
(&)!$+ <\ bVS aO[S dSW\" 7SaQO`bSa Q]cZR aOg k:WdS [S [ObbS` O\R
[]bW]\" O\R < aVOZZ [OYS bVS e]`ZR ]\QS []`Slj O aOgW\U W[^]aaWPZS
W\ bVS []cbV ]T O ^`S[]RS[ bVW\YS`$ F] Y\]e O bVW\U [SO\a b]

+$ 5cb R] kOZZ bVS `cZSa ]T [SQVO\WQal S_cOZ Q7BB bVS `cZSa ]T ^VgaWQal3
FVS `SORWZg Q]\QSRSR b`cbV bVOb bVS T]`[S` kPSZ]\U b]l ^VgaWQa [Og aS`dS
b] Q]dS` bVS dS`g RWTTS`S\b acP`S^bW]\ bVOb bVSg SfVOcab bVS P]]Y ]T `cZSa
]T ^VgaWQa W$S$" ]T \Obc`S!$ FVS Q][^ZSbS ^OaaOUS W\ bVS 0H?D9?FB;I T`][
eVWQV bVS OP]dS _c]bObW]\ Wa bOYS\" Wa ]T QO^WbOZ W[^]`bO\QS Oa bVS S\c\#
QWObW]\ ]T O `SOZZg \Se ^`W\QW^ZS" eVWQV VOa aW\QS R][W\ObSR \Obc`OZ
aQWS\QS O\R \Obc`OZ ^VWZ]a]^Vg$ <ba bSQV\]Z]UWQOZ W[^ZWQObW]\a O`S ]PdW]ca$
FVS \Se R]Qb`W\S ]T O c\WT]`[ \Obc`S" VS`S S[S`UW\U T`][ bVS `cW\a ]T
bVS [SRWSdOZ SRWTWQS" \OWdSZg Oaac[Sa O\ WRS\bWbg ]T [OQ`]# O\R [WQ`]#
[]RSa ]T ]^S`ObW]\" eVWQV []`S `SQS\b ^VgaWQa VOa T]c\R eO\bW\U$ 5cb
SdS\ O^O`b T`][ O\g ZObS` RWaQ]dS`WSa" ]\S Q]cZR VOdS ]PXSQbSR Ob bVS
]cbaSb ]\ Z]UWQOZ U`]c\Ra bVOb T`][ bVS TOQb ]T [OQVW\Sa e]`YW\U Pg
\Obc`OZ ^`W\QW^ZSa S\bW`SZg Wb R]Sa \]b T]ZZ]e bVOb bVSg e]`Y Pg bVS S\bW`S
\Obc`OZ ^`W\QW^ZSa" ]`" bVOb \Obc`S VOa \] ]bVS` []RSa ]T ]^S`ObW]\ bVO\
bV]aS eVWQV [O\ QO\ cbWZWhS W\ VWa Q]\ab`cQbW]\a$ 5cb bVWa dS`g dWSe ]T
\Obc`S \]b bVS W\\]QS\b ]\S ]T Vc[O\ [SQVO\WQa! eOa 7SaQO`bSam b`cS
Q]\dWQbW]\0 Wba a^W`Wb OZ]\S" U]W\U TO` PSg]\R O [S`S Sf^S`W[S\b eWbV
BQQO[ma `Oh]`" OQQ]c\ba T]` bVS ac^`S[S Q]\TWRS\QS ]T bVS \Sfb abObS[S\b
_c]bSR W\ bVS bSfb$
(&* F ;8 C ; 8AB@ 8ABA B9 ? <98
Y\]e V]e Wb Wa ]` QO\ PS [ORS O\R bVS`ST]`S [SO\a PSW\U OPZS b]
`S^SOb ]` dO`g ]` O\bWQW^ObS bVS ^`]QSaa ]T [OYW\U$ <b R]Sa \]b [ObbS`
eVSbVS` [O\ QO\ OZeOga OQbcOZZg" eWbV bVS T]`QSa Ob VWa Q][[O\R"
^`]dWRS bVS TOQb]`a [OYW\U c^ bVS `S_cW`SR Q]\RWbW]\a O\R" bVS`ST]`S"
VW[aSZT ^`]RcQS bVSW` `SacZb$ @O\ QO\\]b `S^`]RcQS O Q]a[WQ \SPcZO"
Pcb Oaac[W\U VS Y\]ea V]e Wb Wa ^`]RcQSR W\ \Obc`S" VS e]cZR ]\
^`W\QW^ZS PS OPZS b] ^`]RcQS ]\S b]] WT VS eS`S acTTWQWS\bZg ZO`US"
^]eS`TcZ" O\R a] ]\" O\R bVWa Wa eVOb b] Y\]e O \SPcZO [SO\a$ F] ^cb
Wb W\ bVS T]`[ ]T O aZ]UO\" bVS []RS[ Y\]eZSRUS ]T \Obc`S" dS`g
c\ZWYS bVS QZOaaWQOZ ]\S" Wa O kY\]e#V]el O\R \]b O kY\]e#eVOW"l
O\R ]\ bVWa POaWa Wb [OYSa U]]R 5OQ]\ma Q]\bS\bW]\ bVOb Y\]eZSRUS Wa
^]eS`$
FVWa" V]eSdS`" Wa \]b bVS eV]ZS ab]`g ]T bVS bSQV\]Z]UWQOZ Oa^SQb
W\VS`S\b W\ aQWS\bWTWQ bVS]`g$ FVS]`g Wa O\ W\bS`\OZ TOQb O\R W\bS`\OZ
OQbW]\$ 5cb Wba `SZObW]\ b] SfbS`\OZ OQbW]\ [Og PS \]b ]\Zg bVOb ]T
[SO\a b] S\R Pg eOg ]T O^^ZWQObW]\" Pcb OZa] bVS `SdS`aS0 bVOb Wa"
OQbW]\ [Og PS S[^Z]gSR W\ bVS aS`dWQS ]T bVS]`g Oa bVS]`g [Og PS S[#
^Z]gSR W\ bVS aS`dWQS ]T OQbW]\$ E][S Q][^ZS[S\bO`Wbg ]T bVSaS be]
Oa^SQba acUUSaba WbaSZT T`][ bVS ]cbaSb0 Wb [Og PS bVOb ]\Zg bVOb bVS]`g
eVWQV VOa U`]e\ ]cb ]T OQbWdS Sf^S`WS\QS QO\ PS bc`\SR b] bVS OQbWdS
QVO\UW\U ]T Sf^S`WS\QS1 ]` ]\Zg bVOb bVS]`g QO\ PSQ][S O [SO\a b]
^`OQbWQS eVWQV VOa ^`OQbWQS O[]\U Wba ]e\ [SO\a$ FVOb bVWa Wa bVS
QOaS PSQ][Sa ]PdW]ca eVS\ eS Q]\aWRS` bVS `]ZS ]T Sf^S`W[S\b W\ bVS
aQWS\bWTWQ ^`]QSaa$
FVS OZZWO\QS Q]\bS[^ZObSR Pg 5OQ]\ PSbeSS\ Y\]eW\U O\R QVO\U#
W\U bVS e]`ZR Wa W\RSSR [cQV []`S W\bW[ObS bVO\ bVS [S`S RSZSUObW]\
]T bVS]`SbWQOZ `SacZba b] ^`OQbWQOZ caS" bVOb Wa" bVS FEIJ <79JKC O^^ZWQO#
bW]\ ]T aQWS\QS" e]cZR [OYS Wb$ FVS ^`]QSRc`S ]T aQWS\QS WbaSZT" WT Wb Wa
b] gWSZR ^`OQbWQOZZg `SZSdO\b `SacZba" VOa b] PS ^`OQbWQOZ" \O[SZg" Sf#
^S`W[S\bOZ$ IS [cab kQZ]aS eWbV \Obc`Sl O\R R] a][SbVW\U b] Wb W\
]`RS` b] [OYS Wb gWSZR Wba aSQ`Sba bV`]cUV bVS `Sa^]\aS eS VOdS
SZWQWbSR" kaSSW\U"l Oa 5OQ]\ aOga" kbVOb bVS \Obc`S ]T bVW\Ua PSb`Oga
WbaSZT []`S `SORWZg c\RS` bVS dSfObW]\a ]T O`b bVO\ W\ Wba \Obc`OZ
T`SSR][$l FVca W\ be] RWTTS`S\b `Sa^SQba []RS[ aQWS\QS Wa S\UOUSR W\
bVS OQbWdS QVO\UW\U ]T bVW\Ua0 ]\ bVS a[OZZ aQOZS ]T bVS Sf^S`W[S\b Wb
STTSQba QVO\US Oa O \SQSaaO`g [SO\a ]T Y\]eW\U \Obc`S" bVOb Wa" Wb
S[^Z]ga ^`OQbWQS T]` bVS aOYS ]T bVS]`g1 bVS YW\R ]T bVS]`g UOW\SR W\
bVWa eOg ZS\Ra WbaSZT b]" O\R bVca W\dWbSa" bVS ZO`US#aQOZS QVO\USa ]T Wba
F ;8 C D46F<64? G E8E B9 F ;8BDK L (&+
bSQV\WQOZ O^^ZWQObW]\$ FVS ZObbS`" W\ bc`\" PSQ][Sa O a]c`QS ]T bVS]#
`SbWQOZ W\aWUVba \]b b] PS UOW\SR ]\ bVS ZOP]`Ob]`g aQOZSj W\ ORRWbW]\
b] Tc`\WaVW\U bVS b]]Za T]` []`S STTSQbWdS ZOP]`Ob]`g e]`Y WbaSZT" eVWQV
OUOW\ W\ bc`\ gWSZRa \Se W\Q`S[S\ba ]T Y\]eZSRUS" O\R a] ]\ W\ O
Q]\bW\c]ca QgQZS$ <\ bVWa eOg bVS TcaW]\ ]T bVS]`g O\R ^`OQbWQS PS#
Q][Sa W\aS^O`OPZS W\ O eOg eVWQV bVS [S`S bS`[a k^c`Sl O\R kO^#
^ZWSRl aQWS\QS TOWZ b] Q]\dSg$ 8TTSQbW\U QVO\USa W\ \Obc`S Oa O [SO\a
O\R Oa O `SacZb ]T Y\]eW\U Wb O`S W\Sfb`WQOPZg W\bS`Z]QYSR" O\R ]\QS
bVWa Q][PW\ObW]\ Wa Ob e]`Y Wb \] Z]\US` [ObbS`a eVSbVS` bVS ^`OU#
[ObWQ RSabW\ObW]\ ]T bVS]`g Wa Sf^`SaaZg OQQS^bSR T]` SfO[^ZS Pg bVS
k^c`Sl aQWS\bWab VW[aSZT! ]` \]b$ FVS dS`g ^`]QSaa ]T ObbOW\W\U Y\]eZ#
SRUS ZSORa bV`]cUV [O\W^cZObW]\ ]T bVS bVW\Ua b] PS Y\]e\" O\R bVWa
]`WUW\ TWba ]T WbaSZT bVS bVS]`SbWQOZ `SacZba T]` O\ O^^ZWQObW]\ eV]aS
^]aaWPWZWbg Wa W``SaWabWPZSj SdS\ b] bVS bVS]`SbWQOZ W\bS`Sab" ZSb OZ]\S bVS
^`OQbWQOZ" eVSbVS` ]` \]b Wb eOa Q]\bS[^ZObSR W\ bVS TW`ab ^ZOQS$

H<
4b bVS aO[S bW[S bVS _cSabW]\ Oa b] eVOb Wa bVS b`cS Vc[O\ S\R" b`cbV
]` caS" Wa S\bW`SZg ZSTb ]^S\ Pg bVS TOQb ]T bVS c\W]\ Oa acQV O\R Wa W\
SaaS\QS \]b OTTSQbSR Pg bVS Q]\a^WQc]ca ^`S^]\RS`O\QS ]T bVS ^`OQbW#
QOZ SZS[S\b$ FVS O\aeS` Wa RSbS`[W\SR Pg bVS W[OUS ]T [O\" ]T eVWQV
eS O`S c\QS`bOW\$ 6S`bOW\ Wb Wa T`][ eVOb eS VOdS ZSO`\SR bVOb WT
kb`cbVl PS bVS S\R Wb QO\\]b PS bVS b`cbV ]T ^c`S Q]\bS[^ZObW]\$ FVS
[]RS`\ RWaQ]dS`g bVOb Y\]eW\U \Obc`S `S_cW`Sa Q][W\U b] U`W^a eWbV
\Obc`Sj O RWaQ]dS`g PSO`W\U PSg]\R bVS TWSZR ]T \Obc`OZ aQWS\QSj VOa
^S`[O\S\bZg Q]``SQbSR 4`Wab]bZSma kQ]\bS[^ZObWdSl dWSe ]T bVS]`g$
@]`S" ]T Q]c`aS" eOa W\d]ZdSR W\ bVS WRSOZ ]T bVS Q]\bS[^ZObWdS ZWTS
bVO\ O Q]\QS^bW]\ [S`SZg ]T bVS]`SbWQOZ [SbV]R0 []`S bVO\ bVS ZOb#
bS`ma Q]``SQbW]\ [cab OZa] PS W\d]ZdSR W\ O ZSUWbW[ObS TO`SeSZZ b] bVS
WRSOZj O TO`SeSZZ bVS []`S PWRRS\ eWbV O VSOdg VSO`b bVS []`S c\#
RS`ab]]R W\ Wba \SQSaaWbg$
<b eOa 4`Wab]bZSma Q]\bS\bW]\ bVOb eS OQb W\ ]`RS` b] W\bcWb O\R \]b
W\bcWb W\ ]`RS` b] OQbj ]\ eVWQV bVS TOd]`WbS []RS[ Q][[S\b Wa bVOb
Wb `STZSQba \]bVW\U Pcb bVS ObbWbcRS ]T O ZSWac`S QZOaa W\ O aZOdS a]QWSbg$
DO`SZg W\ ]c` ^`OU[ObWQ QZW[ObS Wa bVS b`]cPZS bOYS\ b] OaY eVSbVS`
4`Wab]bZS" a]QWOZZg PWOaSR ]` \]b" [WUVb \]b PS `WUVb$ ;S eOa" OTbS` OZZ"
\]b RSOT b] bVS RS[O\Ra ]T k`SOZWbg$l FVOb bVS \SQSaaWbWSa ]T ZWTS VOdS
(&, M F ;8 C ;8AB@ 8ABA B9 ? <9 8
b] PS bOYS\ QO`S ]T TW`ab VS Sf^ZWQWbZg abObSa" bVWa PSW\U bVS bOaY OZZ]bbSR
b] QWdWZWhObW]\1 ]\Zg VS Q]\aWRS`SR bVWa bOaY b] PS TW\WbS" \]b W\TW\WbS" ]`
W\bS`[W\OPZS" Oa Wb Wa ZWYSZg b] O^^SO` b] []RS`\ bV]cUVb ]\ bVS POaWa
]T RWTTS`S\b ObbWbcRSa O\R Sf^S`WS\QSa$ 8dS\ eWbV bVSaS Wb Wa eSZZ b]
Q]\aWRS` bVS :`SSY `SOa]\W\U W\ bVS [ObbS`" a] Oa b] ^cb bVS Q]\bS[#
^]`O`g Rg\O[Wa[ ]T bVS OQbWdS ZWTS W\ Wba ^`]^S` ^S`a^SQbWdS$ E][S
aW[^ZS Q]\aWRS`ObW]\a eWZZ abWZZ PS T]c\R ^S`bW\S\b$ FVca 4`Wab]bZSma
`SOa]\W\U bVOb eS [OYS eO` W\ ]`RS` b] VOdS ^SOQS Wa c\O\aeS`OPZS"
O\R bVS US\S`OZWhObW]\ bVOb eS b]WZ W\ ]`RS` b] TW\R `Sab Wa Ob ZSOab
S[W\S\bZg `SOa]\OPZS$& 6ZSO`Zg" bVS\" bVS `Sab b] PS T]c\R [cab \]b
Q]\aWab W\ aca^S\aW]\ ]T OQbWdWbg Pcb [cab WbaSZT PS O YW\R ]T ZWTS" bVOb
Wa" VOdS Wba Q]\bS\b W\ O\ OQbWdWbg ]T Wba ]e\j eVWQV b] 4`Wab]bZS eOa
kbV]cUVb$l A]e" eVS\ TcZZ RcS Wa UWdS\ b] bVS aO\Wbg O\R O^^SOZ ]T
bVWa QZOaaWQOZ abO\QS" Wb [cab PS aOWR bVOb Wb W[^ZWSa dWSea P]bV ]T
QWdWZWhObW]\ O\R ]T bV]cUVb eVWQV" `ObW]\OZ Oa bVSg O`S" VOdS W\ bVS
ZWUVb ]T []RS[ Sf^S`WS\QS PSQ][S _cSabW]\OPZS Q]\QS`\W\U QWdWZWhO#
bW]\" O\R c\bS\OPZS Q]\QS`\W\U bV]cUVb$
4a b] QWdWZWhObW]\" 4`Wab]bZS bOYSa T]` U`O\bSR bVOb ]\QS Wb VOa
`SOQVSR O e]`YW\U S_cWZWP`Wc[ PSbeSS\ ZSUWbW[ObS eO\ba O\R [SO\a
T]` bVSW` aObWaTOQbW]\ Wb QO\ RSd]bS Wba ac`^Zca b] [OYW\U ^]aaWPZS bVS
^VWZ]a]^VWQOZ ZWTS" bVS ZWTS ]T bV]cUVb" bVS b`cS U]OZ ]T [O\$ F]ROg eS
VOdS U]]R `SOa]\ T]` RWaPSZWST W\ bVS dS`g ObbOW\[S\b ]T acQV O\
S_cWZWP`Wc[$ IS bVS`ST]`S aSS \] PSbbS` caS W\ TOQb" \] QV]WQS! T]`
bVS kac`^Zcal bVO\ b] PS TSR POQY W\b] bVS OQbWdS ^`]QSaa T]` bVOb
ORXcab[S\b ]T Wba Q]\abO\bZg US\S`ObSR RWaS_cWZWP`Wc[ eVWQV `SacZba W\
^`]U`Saaj O aSZT#TSSRW\U Ocb][ObWa[ W\ eVWQV SdS\ bVS]`g Wa ]T \SQSa#
aWbg W\d]ZdSR Oa TOQb]` O\R Tc\QbW]\ Ob ]\QS" O\R b] eVWQV eS QO\\]b
aSS ZSb OZ]\S aSb! O ZW[Wb$ 5cb" WT W\TW\WbS" bVS\ bVS ^`]QSaa ]T QWdWZWhO#
bW]\ QOZZa T]` bVS Q]\abO\b QO`S ]T bVS PSab [W\Raj bVOb Wa0 T]` bVSW`
Q]\abO\b S[^Z]g[S\b W\ bVS kQOdS$l
4\R Oa T]` kbV]cUVbl WbaSZT" bVS []RS[ ORdS\bc`S ]T Y\]eZSRUS
VOa Q]``SQbSR bVS :`SSY dWSe ]T Wb W\ gSb O\]bVS` `Sa^SQb bVO\ bVOb ]T
Wba ^]aaWPZS RSbOQV[S\b T`][ ^`OQbWQS" O\R T]` OZZ eS Y\]e Oa RSTW#
\WbWdSZg$ F] bVS :`SSYa" PS Wb CZOb] ]` 4`Wab]bZS" bVS \c[PS` ]T bVS
b`cZg Y\]eOPZS bVW\Ua Wa TW\WbS" O\R bVS O^^`SVS\aW]\ ]T TW`ab ^`W\QW^ZSa"
eVS\SdS` ]PbOW\SR" Wa RSTW\WbWdSj acPXSQb b] W\bS`[WbbS\b `S\SeOZ Pcb,

,$ .?9EC79>;7D (J>?9I J" -" ''-- P * T$


F ;8 C D46F<64? G E8E B9 F ;8BDK L (&-
\]b b] ]Pa]ZSaQS\QS bV`]cUV \Se RWaQ]dS`g O\R PSbbS` O^^`]fW[ObW]\$
F] bVS []RS`\ Sf^S`WS\QS ]T Y\]eZSRUS Wb Wa W\Q]\QSWdOPZS bVOb O\g
abObS ]T bVS]`g" W\QZcRW\U bVS Q]\QS^bcOZ agabS[ ]T TW`ab ^`W\QW^ZSa
U]dS`\W\U Wb" aV]cZR PS []`S bVO\ O bS[^]`O`g Q]\ab`cQb b] PS ac^S`#
aSRSR Pg bVS \Sfb dWabO b] eVWQV Wb ]^S\a WbaSZT bVS eOg eVS\ OZZ Wba
W[^ZWQObW]\a O`S [ObQVSR OUOW\ab OZZ bVS TOQba$ <\ ]bVS` e]`Ra" bVS
>NFEJ>;J?97B QVO`OQbS` ]T []RS`\ aQWS\QS ?FIE <79JE _cOZWTWSa SOQV ]T
Wba Sf^ZO\Ob]`g O\R W\bSU`ObW\U ObbOW\[S\ba Oa aSbbW\U O \Se ^`]PZS[
`ObVS` bVO\ U`O\bW\U bVS ]PXSQb T]` cZbW[ObS PSV]ZRW\U$
4b bVS `]]b ]T bVWa RWTTS`S\QS Wa" ]T Q]c`aS" bVS RWTTS`S\QS PSbeSS\
[]RS[ \][W\OZWa[" eWbV Wba c\RS`abO\RW\U ]T bVS bS\bObWdS \Obc`S ]T
ag[P]ZWa[" Oa OUOW\ab QZOaaWQOZ `SOZWa[$ F] bVS ZObbS`" Q]\QS^ba `STZSQb
O\R [ObQV bVS aSZT#SfWabW\U T]`[a ]T PSW\U" O\R bVSaS R] \]b QVO\US1
b] bVS T]`[S`" bVSg O`S ^`]RcQba ]T bVS Vc[O\ [W\R" bVS S\RSOd]` ]T
O bS[^]`OZ S\bWbg O\R bVS`ST]`S acPXSQb b] QVO\US$ FVS SZS[S\b ]T
W\TW\Wbg W\ :`SSY J>;EH?7 Q]\QS`\SR bVS ^]bS\bWOZ W\TW\Wbg ]T aObWaTOQ#
bW]\ W\ PSV]ZRW\U bVS SbS`\OZ" bVOb eVWQV \SdS` QVO\USa1 bVS SZS[S\b
]T W\TW\Wbg W\ []RS[ bVS]`g Q]\QS`\a bVS W\bS`[W\OPZS\Saa ]T bVS
^`]QSaa Pg eVWQV Wba bS\bObWdS Vg^]bVSaSa O`S `SdWaSR O\R OPa]`PSR
W\b] VWUVS` ag[P]ZWQOZ W\bSU`ObW]\a$ FVca bVS WRSO ]T ^]bS\bWOZZg W\TW#
\WbS ^`]U`Saa ^S`[SObSa bVS []RS[ WRSOZ ]T Y\]eZSRUS eWbV bVS aO[S
\SQSaaWbg Oa Wb ^S`[SObSa bVS []RS[ WRSOZ ]T bSQV\WQOZ QWdWZWhObW]\1-
O\R a]" SdS\ O^O`b T`][ bVS [cbcOZ W\d]ZdS[S\b ]T bVS be]" bVS
Q]\bS[^ZObWdS WRSOZ VOa PSQ][S W\dOZWR" \Og" WZZ]UWQOZ" bV`]cUV bVS
aVSS` ZOQY ]T bV]aS ^`Sac[SR cZbW[ObSa" bVS OPWRW\U k\]PZSab ]PXSQba"l
W\ eV]aS O^^`SVS\aW]\ Y\]eZSRUS e]cZR Q][S b] `Sab O\R bc`\ T`][
aSO`QV W\b] Q]\bS[^ZObW]\$

H <<
<b aSS[a" bVS\" bVOb ^`OQbWQS O\R bVS]`g Q]\a^W`S b] Q][[Wb ca b]
c\QSOaW\U Rg\O[Wa[" O\R eWbV \] OPWRW\U ^`SaS\b ]c` ZWTS Wa SdS`
W\b] bVS Tcbc`S$ IVOb AWSbhaQVS VOa QOZZSR ka]dS`SWU\ PSQ][W\Ul Wa
c^]\ ca" O\R bVS]`g" TO` T`][ VOdW\U eVS`S b] abO\R PSg]\R Wb" Wa

-$ 4\R Oa Wb ^S`[SObSa bVS []RS`\ WRSO ]T \Obc`S ]` `SOZWbg WbaSZT0 bVS


dS`g R]Qb`W\S ]T PSW\U" \]b [S`SZg bVOb ]T Y\]eZSRUS O\R ]T [O\" VOa
PSQ][S S\UcZTSR W\ bVS ag[P]ZWa[ ]T ^`]QSaa O\R QVO\US$
(&. F ;8 C ;8A B @ 8A B A B9 ? <9 8
QVOW\SR b] Wba QVO`W]b" W\ VO`\Saa PST]`S Wb ]` R`OUUSR W\ Wba b`OQYaj
eVWQV" Wb Wa VO`R b] bSZZ W\ bVS Rcab ]T bVS `OQS" O\R ac`S Wb Wa ]\Zg bVOb
\]b bVS]`g Wa bVS QVO`W]bSS`$
FVS`S O`S bV]aS eV] QVSS` bVS ac`US bVOb aeSS^a bVS[ OZ]\U O\R
RWaROW\ b] _cSabW]\ keVWbVS`3l 1 eV] VOWZ QVO\US T]` Wba ]e\ aOYS" bVS
S\RZSaa T]`eO`R bV`cab ]T ZWTS W\b] bVS SdS` \Se" c\Y\]e\" bVS
Rg\O[Wa[ Oa acQV$ KSb" ac`SZg" T]` QVO\US b] PS dOZcOPZS Wb Wa `SZSdO\b
M>7J S\bWbg QVO\USa WT \]b b]eO`R eVOb!" O\R bVWa c\RS`ZgW\U eVOb#
\Saa [cab W\ a][S eOg PS RSTW\OPZS Oa bVOb \Obc`S ]T k[O\ Oa [O\l
eVWQV _cOZWTWSa bVS S\RZSaa Q]\ac[[ObW]\ ]T Wba ^]aaWPWZWbWSa W\ QVO\US
Oa O e]`bVeVWZS S\bS`^`WaS$ E][S W[OUS bVS\ Wa W[^ZWSR W\ bVS OTTW`[O#
bW]\ ]T QVO\US WbaSZT$ 5cb" WT O\ W[OUS" bVS\ O \]`[" O\R WT O \]`["
bVS\ OZa] bVS T`SSR][ ]T \SUObW]\" \]b ]\Zg bVS ac``S\RS` ]T OTTW`[O#
bW]\1 O\R bVWa T`SSR][ WbaSZT b`O\aQS\Ra bVS TZcf O\R ^]W\ba b] O\]bVS`
a]`b ]T bVS]`g$
FVOb bVS]`g e]cZR VOdS b] bOYS c^ bVS _cSabW]\ ]T S\Ra eVWQV bVS
`ORWQOZ dOUcS\Saa ]T bVS bS`[ kVO^^W\Saal ZSOdSa ]^S\" O\R ]\ eVWQV
aQWS\QS" Q][[WbbSR b] ^`]dWRS bVS [SO\a T]` VO^^W\Saa" QO\\]b ^`]#
\]c\QS$ FVS W\Xc\QbW]\ b] caS Wb W\ bVS W\bS`Sab ]T [O\" O\R b] bVS PSab
]T VWa W\bS`Sab" `S[OW\a S[^bg Oa Z]\U Oa Wb Wa \]b Y\]e\ eVOb bVS PSab
W\bS`Sab ]T [O\ Wa$
9OQSR eWbV bVS bV`SOb ]T QObOab`]^VS eS [Og TSSZ SfQcaSR T`][
W\_cW`W\U W\b] S\Ra" aW\QS OdS`bW\U QObOab`]^VS Wa O \]\RSPObOPZS TW`ab
S\R" aca^S\RW\U OZZ RWaQcaaW]\ ]T cZbW[ObS S\Ra$ CS`VO^a eS O`S RSa#
bW\SR b] ZWdS T]` Z]\U eWbV acQV ^`SaaW\U S[S`US\QWSa ]T ]c` ]e\
[OYW\U bVOb eVOb eS QO\ R] Wa aV]`W\U#c^ O\R aV]`b#bS`[ `S[SRg" \]b
^ZO\\W\U T]` bVS U]]R ZWTS$ FVS T]`[S` ac`SZg \SSRa \] ^VWZ]a]^Vg1 b]
[SSb bVS `SQc``S\b S[S`US\Qg bVOb YW\R ]T Y\]eZSRUS e]cZR aSS[
Q][^SbS\b eVWQV VOa VSZ^SR b] Q`SObS Wbj bSQV\]Z]UWQOZ aQWS\QS" T]` Wb
RWR VSZ^ Q`SObS Wb W\ SOQV W\abO\QS Pg acQQSaaTcZZg [SSbW\U Wba ^`SRS#
QSaa]`$
5cb WT SdS` eS S\b`cab ]` `SaWU\ ]c`aSZdSa eV]ZZg b] bVS aSZT#Q]``SQ#
bWdS [SQVO\WQa ]T bVS W\bS`^ZOg ]T aQWS\QS O\R bSQV\]Z]Ug" eS aVOZZ
VOdS Z]ab bVS PObbZS T]` [O\$ 9]` aQWS\QS" eWbV Wba O^^ZWQObW]\ U]d#
S`\SR a]ZSZg Pg Wba ]e\ Z]UWQ" R]Sa \]b `SOZZg ZSOdS bVS [SO\W\U ]T
VO^^W\Saa ]^S\0 Wb VOa ^`SXcRUSR bVS WaacS" W\ a^WbS ]T Wba ]e\ dOZcS#
T`SSR][$ FVS Ocb][ObWa[ ]T Wba caSj W\a]TO` Oa bVWa caS QO``WSa PS#
g]\R bVS `SQc``S\b [SSbW\U ]T bVS `SQc``S\b S[S`US\Qg Q`SObSR Pg
F ;8 C D46F<64? G E8E B9 F ;8BDK L (&/
WbaSZTjVOa aSb bVS U]OZ ]T VO^^W\Saa W\ ^`W\QW^ZS0 W\RcZUS\QS W\ bVS
caS ]T bVW\Ua$ 5SbeSS\ bVS be] ^]ZSa ]T S[S`US\Qg O\R W\RcZUS\QS" ]T
`Sa]c`QSTcZ\Saa O\R VSR]\Wa[" aSb c^ Pg bVS SdS`#Sf^O\RW\U ^]eS`
]dS` bVW\Ua" bVS RW`SQbW]\ ]T OZZ STT]`b O\R bVS`SPg bVS WaacS ]T bVS
U]]R bS\Ra b] PS ^`SRSQWRSR$ 5cb eS [cab \]b ZSb bVOb WaacS PS RS#
QWRSR Pg RSTOcZb$
FVca SdS\ eWbV bVS ^`Saac`S ]T S[S`US\QWSa c^]\ ca eS \SSR O
dWSe PSg]\R bVS[ b] [SSb bVS[ ]\ []`S bVO\ bVSW` ]e\ bS`[a$ FVSW`
dS`g RWOU\]aWa eVS`SdS` Wb Wa \]b O QOaS ]T Sfb`S[Wbg! W[^ZWSa Ob ZSOab
O\ WRSO ]T eVOb e]cZR \]b PS O\ S[S`US\Qg" Oa bVOb ]T aWQY\Saa
W[^ZWSa bVS WRSO ]T VSOZbV1 O\R bVS O\bWQW^ObW]\ ]T acQQSaa W\VS`S\b W\
OZZ ab`cUUZS OUOW\ab RO\US`" [WaS`g" O\R W\XcabWQS [cab TOQS bVS _cSa#
bW]\ ]T eVOb ZWTS PSTWba [O\ eVS\ bVS S[S`US\Qg dW`bcSa ]T Q]c`OUS"
QVO`Wbg" O\R XcabWQS VOdS R]\S bVSW` e]`Y$

H<<<
IVObSdS` bVS W\aWUVba ]T bVOb k]bVS`l bVS]`g QOZZSR ^VWZ]a]^Vg" O\R
eVObSdS` Wba Q]c\aSZa" bVS`S Wa \] ab]^^W\U bVS caS ]T aQWS\bWTWQ bVS]`g
eVWQV ^`]^SZa ca W\b] bVS TZcf" T]` ab]^^W\U Wba caS [SO\a ab]^^W\U
bVS]`g WbaSZT1 O\R bVS Q]c`aS ]T Y\]eZSRUS [cab \]b PS ab]^^SRjWT
\]b T]` Wba UOW\a" bVS\ W\ a^WbS ]T Wba Q]aba$
A]` Wa O `Sbc`\ b] bVS QZOaaWQOZ ^]aWbW]\ ]^S\ b] V]\Sabg O\R Z]UWQ$
FVS]`g WbaSZT VOa PSQ][S O ^`]QSaa" O\R ]\S" Oa eS VOdS aSS\" eVWQV
Q]\bW\c]caZg W\d]ZdSa Wba ]e\ caS1 O\R Wb QO\\]b PS k^]aaSaaSRl ]bV#
S`eWaS$ EQWS\QS Wa" bVS`ST]`S" bVS]`g O\R O`b Ob ]\QS$ 5cb eVS`SOa W\
]bVS` O`ba VOdW\U bVS aYWZZ O\R caW\U Wb O`S RWTTS`S\b" a] bVOb Wba ^]aaSa#
a]` Wa T`SS b] caS Wb ]` \]b" O\R b] RSQWRS eVS\" bVS aYWZZ ]T aQWS\QS Oa
O Q]ZZSQbWdS ^`]^S`bg PSUSba Wba caS Pg Wba ]e\ [][S\bc[" O\R a] bVS
VWObca PSbeSS\ be] abOUSa" eVS`S XcRU[S\b" eWaR][" T`SSR][ QO\
VOdS bVSW` ^ZOg" Wa VS`S RO\US`]caZg aV`W\YW\U0 bVS aYWZZ ^]aaSaaSa Wba
^]aaSaa]`$
FVS]`g WbaSZT VOa PSQ][S O Tc\QbW]\ ]T caS Oa [cQV Oa caS O
Tc\QbW]\ ]T bVS]`g$ FOaYa T]` bVS]`g O`S aSb Pg bVS ^`OQbWQOZ `SacZba ]T
Wba ^`SQSRW\U caS" bVSW` a]ZcbW]\a b] PS bc`\SR OUOW\ b] caS" O\R a] ]\$
FVca bVS]`g Wa bV]`]cUVZg W[[S`aSR W\ ^`OQbWQS$
IWbV bVWa [cbcOZ TSSRPOQY [SQVO\Wa[ bVS]`g VOa aSb c^ O \Se
`SOZ[ ]T \SQSaaWbg" ]` eVOb [Og PS QOZZSR O aSQ]\R \Obc`S W\ ^ZOQS ]T
('& M F ;8 C ; 8AB@ 8ABA B9 ? <98
bVS TW`ab \Obc`S T`][ eV]aS \SQSaaWbg bVS]`g eOa b] ZWPS`ObS [O\$ F]
bVWa aSQ]\R \Obc`S" \] ZSaa RSbS`[W\ObWdS T]` PSW\U O`bWTWQWOZ" [O\ Wa Oa
acPXSQb Oa VS eOa b] ]`WUW\OZ \Obc`S" O\R bVS]`g WbaSZT Wa c\RS` Wb eVWZS
Q]\abO\bZg S\UOUSR W\ Wba Tc`bVS` [OYW\U$
<T eS S_cObS bVS `SOZ[ ]T \SQSaaWbg eWbV CZOb]ma kQOdS"l bVS\ aQWS\#
bWTWQ bVS]`g ZSORa \]b ]cb ]T bVS QOdS1 \]` Wa Wba ^`OQbWQOZ O^^ZWQObW]\ O
`Sbc`\ b] bVS QOdS0 Wb \SdS` ZSTb Wb W\ bVS TW`ab ^ZOQS$ <b Wa S\bW`SZg ]T bVS
QOdS O\R bVS`ST]`S \]b kbVS]`gl Ob OZZ W\ bVS CZOb]\WQ aS\aS$
KSb Wba dS`g ^]aaWPWZWbg W[^ZWSa" O\R Wba OQbcOZWbg bSabWTWSa b]" O
kb`O\aQS\RS\QSl W\ [O\ VW[aSZT Oa bVS Q]\RWbW]\ T]` Wb$ 4 T`SSR][
PSg]\R bVS \SQSaaWbWSa ]T bVS QOdS Wa [O\WTSab W\ bVS `SZObW]\ b] b`cbV"
eWbV]cb eVWQV aQWS\QS Q]cZR \]b PS$ FVWa `SZObW]\j O QO^OQWbg" O
Q][[Wb[S\b" O _cSab" W\ aV]`b" bVOb eVWQV [OYSa aQWS\QS Vc[O\Zg
^]aaWPZSj Wa WbaSZT O\ Sfb`OaQWS\bWTWQ TOQb$ 4a [cQV" bVS`ST]`S" Oa aQW#
S\QS Wa ]T bVS QOdS Pg Wba ]PXSQba O\R Wba caSa" Pg Wba ]`WUW\ObW\U QOcaS
kW\ bVS a]cZl Wb Wa \]b$ FVS`S Wa abWZZ k^c`S bVS]`gl Oa RSRWQObW]\ b] bVS
RWaQ]dS`g ]T b`cbV O\R Oa RSd]bW]\ b] 5SW\U" bVS Q]\bS\b ]T b`cbV0 ]T
bVOb RSRWQObW]\ aQWS\QS Wa bVS []RS[ T]`[$
F] ^VWZ]a]^Vg Oa b`O\aaQWS\bWTWQ bVS]`g bVS Vc[O\ TOQb ]T aQWS\QS
QO\ ^`]dWRS O QZcS T]` O bVS]`g ]T [O\" a] bVOb eS [Og Y\]e OUOW\
OP]cb bVS SaaS\QS ]T [O\j O\R bV`]cUV Wb" ^S`VO^a" SdS\ a][SbVW\U
]T bVS SaaS\QS ]T 5SW\U$ IVS\SdS` acQV Y\]eZSRUS eWZZ OUOW\ PS eWbV
ca" Wb QO\ ^`]dWRS O POaWa T]` bVS ac^`S[SZg caSTcZ O\R [cQV#\SSRSR
Y\]eZSRUS ]T S\Ra$ CS\RW\U bVOb SdS\b" c\T]`aSSOPZS b]ROg Oa b]
eVS\ O\R WT" eS VOdS b] ZWdS eWbV ]c` ^]dS`bgj Q][T]`bSR ^S`VO^a Pg
bVS `SQ]ZZSQbW]\ bVOb ]\QS PST]`S bVS k< Y\]e bVOb < Y\]e \]bl VOa
^`]dSR Oa O PSUW\\W\U ]T ^VWZ]a]^Vg$.

.$ FV`SS Q][[S\ba" Pg ^`]TSaa]`a E]Z][]\ 8$ 4aQV" 8`WQV ;cZO" O\R


4R]Z^V ?]eS" T]ZZ]eSR bVS RSZWdS`g ]T bVWa ^O^S` Ob bVS beS\bg#TWTbV
O\\WdS`aO`g QSZSP`ObW]\ ]T bVS :`ORcObS 9OQcZbg" ASe EQV]]Z T]` E]QWOZ
DSaSO`QV" W\ 4^`WZ" '/+/$ FVS Q][[S\ba eS`S ^cPZWaVSR eWbV bVS ^O^S` W\
2E9?7B 1;I;7H9> (,%( '/+/!" ^^$ '+'#',," O\R `S^`W\bSR W\ @$ AObO\#
a]\" 0>?BEIEF>N E< J>; 2E9?7B 29?;D9;I" % 1;7:;H ASe K]`Y0 DO\R][
;]caS" '/,)!" ^^$ '*(#'+-$
A < A F ; 8EE4K

:\]abWQWa[# 8fWabS\bWOZWa[#
O\R AWVWZWa[

<\ bVWa SaaOg < ^`]^]aS# W\ O\ Sf^S`W[S\bOZ dSW\# b] R`Oe O Q][$


^O`Wa]\ PSbeSS\ be] []dS[S\ba# ]` ^]aWbW]\a# ]` agabS[a ]T bV]cUVb
eWRSZg aS^O`ObSR W\ bW[S O\R a^OQS# O\R aSS[W\UZg W\Q][[S\ac`OPZS
Ob TW`ab UZO\QS0 ]\S ]T ]c` ]e\ ROg# Q]\QS^bcOZ# a]^VWabWQObSR# O\R
S[W\S\bZg l[]RS[m W\ []`S bVO\ bVS QV`]\]Z]UWQOZ aS\aS1 bVS ]bVS`
T`][ O [Wabg ^Oab# [gbV]Z]UWQOZ# Q`cRSk a][SbVW\U ]T O T`SOY SdS\ W\
Wba ]e\ bW[S# O\R \SdS` OR[WbbSR b] bVS `Sa^SQbOPZS Q][^O\g ]T ]c`
^VWZ]a]^VWQ b`ORWbW]\% @g Q]\bS\bW]\ Wa bVOb bVS be] VOdS a][SbVW\U
W\ Q][[]\# O\R bVOb bVWa la][SbVW\Um Wa acQV bVOb Wba SZOP]`ObW]\#
eWbV O dWSe b] aW[WZO`Wbg O\R RWTTS`S\QS OZWYS# [Og `SacZb W\ O `SQW^$
`]QOZ WZZc[W\ObW]\ ]T P]bV%
<\ aOgW\U l`SQW^`]QOZ#m < OR[Wb b] O QS`bOW\ QW`QcZO`Wbg ]T ^`]QS$
Rc`S% @g ]e\ Sf^S`WS\QS [Og WZZcab`ObS eVOb < [SO\% IVS\# [O\g
gSO`a OU]# < bc`\SR b] bVS abcRg ]T :\]abWQWa[# < T]c\R bVOb bVS
dWSe^]W\ba# bVS ]^bWQa Oa Wb eS`S# eVWQV < VOR OQ_cW`SR W\ bVS aQV]]Z
]T ;SWRSUUS`# S\OPZSR [S b] aSS Oa^SQba ]T U\]abWQ bV]cUVb bVOb
VOR PSS\ [WaaSR PST]`S% 4\R < eOa W\Q`SOaW\UZg ab`cQY Pg bVS TO[WZW$
O`Wbg ]T bVS aSS[W\UZg cbbS`Zg ab`O\US% <\ `Sb`]a^SQb# < O[ W\QZW\SR b]
PSZWSdS bVOb Wb eOa bVS bV`WZZ ]T bVWa RW[Zg TSZb OTTW\Wbg eVWQV VOR Zc`SR
(''
('( F ;8 C ;8AB@8ABA B9 ? <98
[S W\b] bVS U\]abWQ ZOPg`W\bV W\ bVS TW`ab ^ZOQS% FVS\# OTbS` Z]\U
a]X]c`\ W\ bV]aS RWabO\b ZO\Ra `Sbc`\W\U b] [g ]e\# bVS Q]\bS[^]`O`g
^VWZ]a]^VWQ aQS\S# < T]c\R bVOb eVOb < VOR ZSO`\SR ]cb bVS`S [ORS [S
\]e PSbbS` c\RS`abO\R bVS aV]`S T`][ eVWQV < VOR aSb ]cb% FVS Sf$
bS\RSR RWaQ]c`aS eWbV O\QWS\b \WVWZWa[ ^`]dSRk b] [S Ob ZSOabk O
VSZ^ W\ RWaQS`\W\U O\R ^ZOQW\U bVS [SO\W\U ]T []RS`\ \WVWZWa[0 Xcab
Oa bVS ZObbS` VOR W\WbWOZZg S_cW^^SR [S T]` a^]bbW\U Wba ]PaQc`S Q]caW\
W\ bVS ^Oab% IVOb VOR VO^^S\SR eOa bVOb 8fWabS\bWOZWa[# eVWQV VOR
^`]dWRSR bVS [SO\a ]T O VWab]`WQOZ O\OZgaWa# PSQO[S WbaSZT W\d]ZdSR W\
bVS `SacZba ]T Wb% FVS TWb\Saa ]T Wba QObSU]`WSa b] bVS ^O`bWQcZO` [ObbS`
eOa a][SbVW\U b] ^]\RS` OP]cb% FVSg TWbbSR Oa WT [ORS b] [SOac`S0
K:F: bVSg# ^S`VO^a# [ORS b] [SOac`S3 4b bVS ]cbaSb# < VOR bOYS\ bVOb
TWb\Saa Oa aW[^Zg O QOaS ]T bVSW` ^`Sac[SR US\S`OZ dOZWRWbg# eVWQV
e]cZR Oaac`S bVSW` cbWZWbg T]` bVS W\bS`^`SbObW]\ ]T O\g Vc[O\ lSfWab$
S\QSm eVOba]SdS`% 5cb bVS\ Wb ROe\SR ]\ [S bVOb bVS O^^ZWQOPWZWbg ]T
QObSU]`WSa W\ bVS UWdS\ W\abO\QS [WUVb `ObVS` PS RcS b] bVS dS`g YW\R
]T lSfWabS\QSm ]\ SWbVS` aWRSk bVOb eVWQV VOR ^`]dWRSR bVS QObS$
U]`WSa O\R bVOb eVWQV a] eSZZ `Sa^]\RSR b] bVS[%
<b eOa bVS QOaS ]T O\ ORS^b eV] PSZWSdSR VW[aSZT W\ ^]aaSaaW]\ ]T O
YSg bVOb e]cZR c\Z]QY SdS`g R]]`0 < QO[S b] bVWa ^O`bWQcZO` R]]`# <
b`WSR bVS YSg# O\R Z] Wb TWbbSR bVS Z]QY# O\R bVS R]]` ]^S\SR eWRS% E]
bVS YSg VOR ^`]dSR Wba e]`bV% B\Zg ZObS`# OTbS` < VOR ]cbU`]e\ bVS
PSZWST W\ O c\WdS`aOZ YSg# RWR < PSUW\ b] e]\RS` K=M bVWa ]\S VOR W\
TOQb e]`YSR a] eSZZ W\ bVWa QOaS% ;OR < VO^^S\SR eWbV Xcab bVS `WUVb
YW\R ]T YSg c^]\ bVS `WUVb YW\R ]T Z]QY3 <T a]# K=6H eOa bVS`S PS$
beSS\ 8fWabS\bWOZWa[ O\R :\]abWQWa[ eVWQV [ORS bVS ZObbS` ]^S\ c^
Ob bVS b]cQV ]T bVS T]`[S`3 IWbV bVWa bc`\OP]cb ]T O^^`]OQV# bVS
a]ZcbW]\a W\ bVS ]\S PSQO[S _cSabW]\a b] bVS ]bVS`# eVS`S Ob TW`ab bVSg
VOR Xcab aSS[SR Q]\TW`[ObW]\a ]T Wba US\S`OZ ^]eS`%
FVca bVS [SSbW\U ]T bVS be]# abO`bSR Oa bVS [SSbW\U ]T O [SbV]R
eWbV O [ObbS`# S\RSR eWbV P`W\UW\U V][S b] [S bVOb 8fWabS\bWOZWa[#
eVWQV QZOW[a b] PS bVS Sf^ZWQObW]\ ]T bVS Tc\RO[S\bOZa ]T Vc[O\
SfWabS\QS Oa acQV# Wa bVS ^VWZ]a]^Vg ]T O ^O`bWQcZO`# VWab]`WQOZZg TObSR
aWbcObW]\ ]T Vc[O\ SfWabS\QS0 O\R O\ O\OZ]U]ca !bV]cUV W\ ]bVS`
`Sa^SQba dS`g RWTTS`S\b" aWbcObW]\ VOR UWdS\ `WaS b] O\ O\OZ]U]ca `S$
a^]\aS W\ bVS ^Oab% FVS ]PXSQb bc`\SR ]PXSQb$ZSaa]\# RS[]\ab`ObW\U
P]bV Q]\bW\US\Qg O\R \SQSaaWbg W\ bVS \WVWZWabWQ Sf^S`WS\QS% FVS WaacS
^]aSR Pg 8fWabS\bWOZWa[ R]Sa \]b bVS`SPg Z]aS W\ aS`W]ca\Saa1 Pcb O
: ABEF<6<E@# 8J<EF8AF<4?<E@# 4A7 A <;<?<E@ M (')
^`]^S` ^S`a^SQbWdS Wa UOW\SR Pg `SOZWhW\U bVS aWbcObW]\ eVWQV Wb `STZSQba
O\R b] eVWQV bVS dOZWRWbg ]T a][S ]T Wba W\aWUVba Wa Q]\TW\SR%
<\ ]bVS` e]`Ra# bVS VS`[S\ScbWQ Tc\QbW]\a PSQ][S `SdS`aSR O\R
`SQW^`]QOZk Z]QY bc`\a W\b] YSg# O\R YSg W\b] Z]QY0 bVS lSfWabS\bWOZ$
Wabm `SORW\U ]T :\]abWQWa[# a] eSZZ dW\RWQObSR Pg Wba VS`[S\ScbWQ
acQQSaa# W\dWbSa Oa Wba \Obc`OZ Q][^ZS[S\b bVS b`WOZ ]T O lU\]abWQm
`SORW\U ]T 8fWabS\bWOZWa[%

@]`S bVO\ be] US\S`ObW]\a OU]# AWSbhaQVS aOWR bVOb \WVWZWa[# lbVWa
eSW`RSab ]T OZZ UcSaba# % % % abO\Ra PST]`S bVS R]]`%m' @SO\eVWZS# bVS
UcSab VOa S\bS`SR O\R Wa \] Z]\US` O UcSab# O\R# Oa TO` Oa ^VWZ]a]^Vg Wa
Q]\QS`\SR# SfWabS\bWOZWa[ Wa b`gW\U b] ZWdS eWbV VW[% ?WdW\U W\ acQV
Q][^O\g Wa ZWdW\U W\ O Q`WaWa% FVS PSUW\\W\Ua ]T bVS Q`WaWa `SOQV POQY
W\b] bVS aSdS\bSS\bV QS\bc`g# eVS`S bVS a^W`WbcOZ aWbcObW]\ ]T []RS[
[O\ bOYSa aVO^S%
4[]\U bVS TSObc`Sa RSbS`[W\W\U bVWa aWbcObW]\ Wa ]\S eVWQV COaQOZ
eOa bVS TW`ab b] TOQS W\ Wba T`WUVbS\W\U W[^ZWQObW]\a O\R b] Sf^]c\R
eWbV bVS TcZZ T]`QS ]T VWa SZ]_cS\QS0 [O\oa Z]\SZW\Saa W\ bVS ^VgaWQOZ
c\WdS`aS ]T []RS`\ Q]a[]Z]Ug% l6Oab W\b] bVS W\TW\WbS W[[S\aWbg ]T
a^OQSa ]T eVWQV < O[ WU\]`O\b# O\R eVWQV Y\]e [S \]b# < O[ T`WUVb$
S\SR%m( lIVWQV Y\]e [S \]bm 0 []`S bVO\ bVS ]dS`OeW\U W\TW\Wbg ]T
Q]a[WQ a^OQSa O\R bW[Sa# []`S bVO\ bVS _cO\bWbObWdS RWa^`]^]`bW]\#
bVS W\aWU\WTWQO\QS ]T [O\ Oa O [OU\WbcRS W\ bVWa dOab\Saa# Wa Wb bVS
laWZS\QS#m bVOb Wa# bVS W\RWTTS`S\QS ]T bVWa c\WdS`aS b] Vc[O\ Oa^W`O$
bW]\ak bVS \]b$Y\]eW\U ]T bVW\Ua Vc[O\ ]\ bVS ^O`b ]T bVOb eWbVW\
eVWQV OZZ bVW\Ua Vc[O\ VOdS ^`S^]abS`]caZg b] PS S\OQbSRkeVWQV
Q]\abWbcbSa bVS cbbS` Z]\SZW\Saa ]T [O\ W\ bVS ac[ ]T bVW\Ua%
4a O ^O`b ]T bVWa ac[# Oa O\ W\abO\QS ]T \Obc`S# [O\ Wa ]\Zg O `SSR#
ZWOPZS b] PS Q`caVSR Ob O\g [][S\b Pg bVS T]`QSa ]T O\ W[[S\aS O\R
PZW\R c\WdS`aS W\ eVWQV VWa SfWabS\QS Wa Pcb O ^O`bWQcZO` PZW\R OQQW$
RS\b# \] ZSaa PZW\R bVO\ e]cZR PS bVS OQQWRS\b ]T VWa RSab`cQbW]\% 4a O
bVW\YW\U `SSR# V]eSdS`# VS Wa \] ^O`b ]T bVS ac[# \]b PSZ]\UW\U b] Wb#
Pcb `ORWQOZZg RWTTS`S\b# W\Q][[S\ac`OPZS0 T]` bVS F:G :LH:CG6 R]Sa \]b

'% ':F 4>AA: NIF -68=H! !'..-"# j'%


(% /:CG::G! SR% 5`c\aQVdWQU# T`% (&+%
('* F ;8 C ;8AB@8ABA B9 ? <98
bVW\Y# a] 7SaQO`bSa VOR bOcUVb# O\R \Obc`S Wa \]bVW\U Pcb F:G :LH:CG6
k P]Rg# [ObbS`# SfbS`\OZ [OU\WbcRS% <T \Obc`S Q`caVSa bVS `SSR# Wb
R]Sa a] c\bVW\YW\UZg# eVS`SOa bVS `SSRk [O\k SdS\ eVWZS Q`caVSR# Wa
OeO`S ]T PSW\U Q`caVSR%) ;S OZ]\S W\ bVS e]`ZR bVW\Ya# \]b PSQOcaS
Pcb W\ a^WbS ]T VWa PSW\U ^O`b ]T \Obc`S% 4a VS aVO`Sa \] Z]\US` W\ O
[SO\W\U ]T \Obc`S# Pcb [S`SZg# bV`]cUV VWa P]Rg# W\ Wba [SQVO\WQOZ
RSbS`[W\ObW]\# a] \Obc`S \] Z]\US` aVO`Sa W\ VWa W\\S` Q]\QS`\a% FVca
bVOb Pg eVWQV [O\ Wa ac^S`W]` b] OZZ \Obc`S# VWa c\W_cS RWabW\QbW]\#
[W\R# \] Z]\US` `SacZba W\ O VWUVS` W\bSU`ObW]\ ]T VWa PSW\U W\b] bVS
b]bOZWbg ]T PSW\U# Pcb ]\ bVS Q]\b`O`g [O`Ya bVS c\P`WRUSOPZS UcZT
PSbeSS\ VW[aSZT O\R bVS `Sab ]T SfWabS\QS% 8ab`O\USR T`][ bVS Q][$
[c\Wbg ]T PSW\U W\ ]\S eV]ZS# VWa Q]\aQW]ca\Saa ]\Zg [OYSa VW[ O
T]`SWU\S` W\ bVS e]`ZR# O\R W\ SdS`g OQb ]T b`cS `STZSQbW]\ bSZZa ]T bVWa
abO`Y T]`SWU\\Saa%
FVWa Wa bVS Vc[O\ Q]\RWbW]\% :]\S Wa bVS 8DGBDG eWbV eV]aS
W[[O\S\b AD<DG [g ]e\ QO\ TSSZ YW\aVW^# U]\S bVS ]`RS` ]T bVS eV]ZS
W\ eVWQV [O\ VOa VWa ^ZOQS% FVOb ^ZOQS O^^SO`a \]e Oa O aVSS` O\R
P`cbS OQQWRS\b% l< O[ T`WUVbS\SR O\R O[OhSR#m Q]\bW\cSa COaQOZ# lOb
TW\RW\U [gaSZT VS`S `ObVS` bVO\ bVS`S1 T]` bVS`S Wa \] `SOa]\ eVObSdS`
eVg VS`S `ObVS` bVO\ bVS`S# eVg \]e `ObVS` bVO\ bVS\%m FVS`S VOR
OZeOga PSS\ O `SOa]\ T]` bVS lVS`S#m a] Z]\U Oa bVS Q]a[]a VOR PSS\
`SUO`RSR Oa [O\oa \Obc`OZ V][S# bVOb Wa# a] Z]\U Oa bVS e]`ZR VOR
PSS\ c\RS`ab]]R Oa lQ]a[]a%m 5cb COaQOZ a^SOYa ]T lbVWa `S[]bS
Q]`\S` ]T \Obc`Sm W\ eVWQV [O\ aV]cZR l`SUO`R VW[aSZT Oa Z]ab#m ]T
lbVS ZWbbZS ^`Wa]\$QSZZ W\ eVWQV VS TW\Ra VW[aSZT Z]RUSR# < [SO\ bVS
!dWaWPZS" c\WdS`aS%m* FVS cbbS` Q]\bW\US\Qg ]T ]c` SfWabS\QS W\ bVS
aQVS[S RS^`WdSa bVOb aQVS[S ]T O\g Vc[O\ aS\aS Oa O ^]aaWPZS T`O[S
]T `STS`S\QS T]` bVS c\RS`abO\RW\U ]T ]c`aSZdSa%
5cb bVS`S Wa []`S b] bVWa aWbcObW]\ bVO\ bVS [S`S []]R ]T V][S$
ZSaa\Saa# T]`Z]`\\Saa# O\R R`SOR% FVS W\RWTTS`S\QS ]T \Obc`S OZa]
[SO\a bVOb \Obc`S VOa \] `STS`S\QS b] S\Ra% IWbV bVS SXSQbW]\ ]T bSZS]Z$
]Ug T`][ bVS agabS[ ]T \Obc`OZ QOcaSa# \Obc`S# WbaSZT ^c`^]aSZSaa#

)% .E# 8>H#! T`% )*- l4 `SSR ]\Zg Wa [O\# bVS T`OWZSab W\ bVS e]`ZR# Pcb O
`SSR bVOb bVW\Ya% G\\SQSaaO`g bVOb bVS c\WdS`aS O`[ WbaSZT b] RSab`]g VW[0
O P`SObV ]T OW`# O R`]^ ]T eObS` O`S S\]cUV b] YWZZ VW[% KSb# WT bVS 4ZZ
aV]cZR Q`caV VW[# [O\ e]cZR abWZZ PS \]PZS` bVO\ bVOb eVWQV RSab`]ga
VW[0 T]` VS Y\]ea bVOb VS RWSa# O\R VS Y\]ea bVOb bVS c\WdS`aS Wa ab`]\US`
bVO\ VS1 Pcb bVS c\WdS`aS Y\]ea \]bVW\U ]T Wb%m
*% .E# 8>H#! T`% -(%
:\]abWQWa[# 8 fWabS\bWOZWa[ # O\R AWVWZWa[ M ('+
QSOaSR b] ^`]dWRS O\g aO\QbW]\ b] ^]aaWPZS Vc[O\ ^c`^]aSa% 4 c\W$
dS`aS eWbV]cb O\ W\b`W\aWQ VWS`O`QVg ]T PSW\U# Oa bVS 6]^S[WQO\ c\W$
dS`aS Wa# ZSOdSa dOZcSa ]\b]Z]UWQOZZg c\ac^^]`bSR# O\R bVS aSZT Wa
bV`]e\ POQY S\bW`SZg c^]\ WbaSZT W\ Wba _cSab T]` [SO\W\U O\R dOZcS%
@SO\W\U Wa \] Z]\US` T]c\R Pcb Wa lQ]\TS``SR%m HOZcSa O`S \] Z]\US`
PSVSZR W\ bVS dWaW]\ ]T ]PXSQbWdS `SOZWbg# Pcb O`S ^]aWbSR Oa TSOba ]T
dOZcObW]\% 4a Tc\QbW]\a ]T bVS eWZZ# S\Ra O`S a]ZSZg [g ]e\ Q`SObW]\%
IWZZ `S^ZOQSa dWaW]\1 bS[^]`OZWbg ]T bVS OQb ]caba bVS SbS`\Wbg ]T bVS
lU]]R W\ WbaSZT%m FVWa Wa bVS AWSbhaQVSO\ ^VOaS ]T bVS aWbcObW]\ W\
eVWQV 8c`]^SO\ \WVWZWa[ P`SOYa bVS ac`TOQS% A]e [O\ Wa OZ]\S eWbV
VW[aSZT%
FVS e]`ZRoa O UObS
F] RSaS`ba ab`SbQVW\U [cbS O\R QVWZZ%
IV] ]\QS VOa Z]ab
IVOb bV]c VOab Z]ab abO\Ra \]eVS`S abWZZ%

FVca a^]YS AWSbhaQVS !W\ 3:F:>CG6BH ! QZ]aW\U bVS ^]S[ eWbV bVS
ZW\S# lI]S c\b] VW[ eV] VOa \] V][S m+
COaQOZoa c\WdS`aS# Wb Wa b`cS# eOa abWZZ ]\S Q`SObSR Pg :]R# O\R
a]ZWbO`g [O\# PS`STb ]T OZZ [c\RO\S ^`]^a# Q]cZR abWZZ ab`SbQV VWa VSO`b
]cb b]eO`R bVS b`O\a[c\RO\S :]R% 5cb bVWa :]R Wa SaaS\bWOZZg O\
c\Y\]e\ :]R# O\ 6<CDGHDG H=:DG! O\R Wa \]b RWaQS`\WPZS W\ bVS SdW$
RS\QS ]T VWa Q`SObW]\% FVS c\WdS`aS R]Sa \]b `SdSOZ bVS Q`SOb]`oa
^c`^]aS Pg bVS ^ObbS`\ ]T Wba ]`RS`# \]` VWa U]]R\Saa Pg bVS OPc\R$
O\QS ]T Q`SObSR bVW\Ua# \]` VWa eWaR][ Pg bVSW` TWb\Saa# \]` VWa ^S`TSQ$
bW]\ Pg bVS PSOcbg ]T bVS eV]ZSk Pcb `SdSOZa a]ZSZg VWa ^]eS` Pg Wba
[OU\WbcRS# Wba a^ObWOZ O\R bS[^]`OZ W[[S\aWbg% 9]` SfbS\aW]\# ]` bVS
_cO\bWbObWdS# Wa bVS ]\S SaaS\bWOZ Obb`WPcbS ZSTb b] bVS e]`ZR# O\R bVS`S$
T]`S# WT bVS e]`ZR VOa O\gbVW\U Ob OZZ b] bSZZ ]T bVS RWdW\S# Wb R]Sa a]
bV`]cUV bVWa ^`]^S`bg0 O\R eVOb [OU\WbcRS QO\ bSZZ ]T Wa ^]eS`%, 5cb

+% 7WS ISZbkSW\ F]`


Lc bOcaS\R IWWabS\ abc[[ c\R YOZb
IS` ROa dS`Z]`#
IOa Rc dS`Z]`ab# [OQVb \W`US\Ra ;OZb%
!FVS b`O\aZObW]\ ]TTS`SR W\ bVS bSfb eOa ac^^ZWSR Pg O T`WS\R eV] eWaVSa
b] PS O\]\g[]ca%"
,% 6T% COaQOZ# AD8# 8>H# l<\ aV]`b# Wb Wa bVS U`SObSab aS\aWPZS aWU\ ]T :]Roa
][\W^]bS\QS bVOb ]c` W[OUW\ObW]\ Z]aSa WbaSZT W\ bVWa bV]cUVb G8# ]T bVS
W[[S\aWbg ]T Q]a[WQ a^OQS"%m
(', F ;8 C ;8AB@8ABA B9 ? <98
O e]`ZR `SRcQSR b] O [S`S [O\WTSabObW]\ ]T ^]eS` OZa] OR[Wba b]eO`R
WbaSZTk ]\QS bVS b`O\aQS\RS\b `STS`S\QS VOa TOZZS\ OeOg O\R [O\ Wa
ZSTb eWbV Wb O\R VW[aSZT OZ]\Sk \]bVW\U Pcb bVS `SZObW]\ ]T ^]eS`# bVOb
Wa# ]T [OabS`g% FVS Q]\bW\US\Qg ]T [O\# ]T VWa SfWabW\U VS`S O\R \]e#
Wa eWbV COaQOZ abWZZ O Q]\bW\US\Qg c^]\ :]Roa eWZZ1 Pcb bVOb eWZZ# eVWQV
VOa QOab [S W\b] Xcab lbVWa `S[]bS Q]`\S` ]T \Obc`S#m Wa W\aQ`cbOPZS#
O\R bVS lIVg3m ]T [g SfWabS\QS Wa VS`S Xcab Oa c\O\aeS`OPZS Oa bVS
[]ab ObVSWabWQ SfWabS\bWOZWa[ QO\ [OYS Wb ]cb b] PS% FVS 9:IG
67G8DC9>HIG! ]T eV][ \]bVW\U Pcb eWZZ O\R ^]eS` QO\ PS ^`SRWQObSR#
ZSOdSa PSVW\R Oa VWa ZSUOQg# c^]\ RS^O`bW\U bVS aQS\S# bVS =DBD
67G8DC9>HIG! O Q]\QS^b ]T [O\ QVO`OQbS`WhSR a]ZSZg Pg eWZZ O\R
^]eS`k bVS eWZZ T]` ^]eS`# bVS eWZZ b] eWZZ% 9]` acQV O eWZZ SdS\
W\RWTTS`S\b \Obc`S Wa []`S O\ ]QQOaW]\ T]` Wba SfS`QWaS bVO\ O b`cS
]PXSQb%-
FVS ^]W\b bVOb ^O`bWQcZO`Zg [ObbS`a T]` bVS ^c`^]aS ]T bVWa RWaQca$
aW]\ Wa bVOb O QVO\US W\ bVS dWaW]\ ]T \Obc`S# bVOb Wa# ]T bVS Q]a[WQ
S\dW`]\[S\b ]T [O\# Wa Ob bVS P]bb][ ]T bVOb [SbO^VgaWQOZ aWbcObW]\
eVWQV VOa UWdS\ `WaS b] []RS[ SfWabS\bWOZWa[ O\R b] Wba \WVWZWabWQ
W[^ZWQObW]\a% 5cb WT bVWa Wa a]# WT bVS SaaS\QS ]T SfWabS\bWOZWa[ Wa O
QS`bOW\ RcOZWa[# O\ Sab`O\US[S\b PSbeSS\ [O\ O\R bVS e]`ZR# eWbV
bVS Z]aa ]T bVS WRSO ]T O YW\R`SR 8DGBDGkW\ aV]`b# O\ O\bV`]^]Z]UWQOZ
OQ]a[Wa[kbVS\ Wb Wa \]b \SQSaaO`WZg []RS[ ^VgaWQOZ aQWS\QS OZ]\S
eVWQV QO\ Q`SObS acQV O Q]\RWbW]\% 4 Q]a[WQ \WVWZWa[ Oa acQV# PSU]b$
bS\ Pg eVObSdS` VWab]`WQOZ QW`Qc[abO\QSa# e]cZR PS bVS Q]\RWbW]\ W\
eVWQV a][S ]T bVS QVO`OQbS`WabWQ b`OWba ]T SfWabS\bWOZWa[ [WUVb Sd]ZdS%
4\R bVS SfbS\b b] eVWQV bVWa Wa T]c\R b] PS OQbcOZZg bVS QOaS e]cZR PS
O bSab T]` bVS `SZSdO\QS eVWQV eS Obb`WPcbS b] bVS RSaQ`WPSR SZS[S\b W\
bVS SfWabS\bWOZWab ^]aWbW]\%
FVS`S Wa ]\S aWbcObW]\# O\R ]\S ]\Zg bVOb < Y\]e ]T W\ bVS VWab]`g
]T ISabS`\ [O\# eVS`Sk ]\ O ZSdSZ c\b]cQVSR Pg O\gbVW\U `SaS[$
PZW\U []RS[ aQWS\bWTWQ bV]cUVbk bVOb Q]\RWbW]\ VOa PSS\ `SOZWhSR O\R
ZWdSR ]cb eWbV OZZ bVS dSVS[S\QS ]T O QObOQZga[WQ SdS\b% FVOb Wa bVS
U\]abWQ []dS[S\b# ]` bVS []`S `ORWQOZ ]\Sa O[]\U bVS dO`W]ca

-% FVS `]ZS ]T COaQOZ Oa bVS TW`ab SfWabS\bWOZWab# eVWQV < VOdS VS`S dS`g
`]cUVZg aYSbQVSR Oa O abO`bW\U ^]W\b# VOa PSS\ []`S TcZZg Sf^]c\RSR Pg
>O`Z ?]eWbV W\ VWa O`bWQZS ]\ l@O\ 5SbeSS\ <\TW\WbWSa#m W\ -:6GIF:! %
&F>H>86A +DIFC6A !6VWQOU]"# H]Z% ' !'/+&"# (/-$)'&%
:\]abWQWa[# 8 fWabS\bWOZWa[ # O\R AWVWZWa[ M ('-
U\]abWQ []dS[S\ba O\R bSOQVW\Ua# eVWQV bVS RSS^Zg OUWbObSR TW`ab
bV`SS QS\bc`WSa ]T bVS 6V`WabWO\ S`O ^`]ZWTS`ObSR W\ bVS ;SZZS\WabWQ
^O`ba ]T bVS D][O\ 8[^W`S O\R PSg]\R Wba SOabS`\ P]c\RO`WSa% 9`][
bVS[# bVS`ST]`S# eS [Og V]^S b] ZSO`\ a][SbVW\U T]` O\ c\RS`abO\R$
]T bVOb RWabc`PW\U acPXSQb# \WVWZWa[# O\R < eWaV b] ^cb bVS SdWRS\QS
PST]`S bVS `SORS` Oa TO` Oa bVWa QO\ PS R]\S W\ bVS a^OQS ]T O P`WST
QVO^bS`# O\R eWbV OZZ bVS `SaS`dObW]\a eVWQV bVS Sf^S`W[S\b ]T acQV O
Q][^O`Wa]\ QOZZa T]`%

<<
FVS SfWabS\QS ]T O\ OTTW\Wbg ]` O\OZ]Ug OQ`]aa bVS OUSa# acQV Oa Wa VS`S
OZZSUSR# Wa \]b a] ac`^`WaW\U WT eS `S[S[PS` bVOb W\ []`S bVO\ ]\S
`Sa^SQb bVS QcZbc`OZ aWbcObW]\ W\ bVS :`SQ]$D][O\ e]`ZR ]T bVS TW`ab
6V`WabWO\ QS\bc`WSa aV]ea P`]OR ^O`OZZSZa eWbV bVS []RS[ aWbcObW]\%
E^S\UZS` eS\b a] TO` Oa b] RSQZO`S bVS be] OUSa lQ]\bS[^]`O\S]ca#m
W\ bVS aS\aS ]T PSW\U WRS\bWQOZ ^VOaSa W\ bVS ZWTS QgQZS ]T bVSW` `Sa^SQ$
bWdS QcZbc`Sa% <\ bVWa O\OZ]UWQOZ aS\aS eS e]cZR \]e PS ZWdW\U W\ bVS
^S`W]R ]T bVS SO`Zg 6OSaO`a% ;]eSdS` bVOb [Og PS# bVS`S Wa QS`bOW\Zg
[]`S bVO\ [S`S Q]W\QWRS\QS W\ bVS TOQb bVOb eS `SQ]U\WhS ]c`aSZdSa W\
a] [O\g TOQSba ]T ZObS` ^]ab$QZOaaWQOZ O\bW_cWbg# TO` []`S a]# Ob O\g
`ObS# bVO\ W\ QZOaaWQOZ O\bW_cWbg% :\]abWQWa[ Wa ]\S ]T bV]aS TOQSba# O\R
VS`S `SQ]U\WbW]\# RWTTWQcZb Oa Wb Wa `S\RS`SR Pg bVS ab`O\US\Saa ]T bVS
ag[P]Za# Q][Sa eWbV bVS aV]QY ]T bVS c\Sf^SQbSR# Sa^SQWOZZg T]` VW[
eV] R]Sa Y\]e a][SbVW\U ]T :\]abWQWa[# aW\QS bVS Sf^O\aWdS\Saa ]T
Wba [SbO^VgaWQOZ TO\Qg aSS[a WZZ b] OU`SS eWbV bVS OcabS`S RWaWZZcaW]\$
[S\b ]T SfWabS\bWOZWa[# Oa Wba `SZWUW]ca QVO`OQbS` W\ US\S`OZ eWbV bVS
ObVSWabWQ# Tc\RO[S\bOZZg l^]ab$6V`WabWO\m SaaS\QS Pg eVWQV AWSbhaQVS
WRS\bWTWSR []RS[ \WVWZWa[% ;]eSdS`# O Q][^O`Wa]\ [Og gWSZR a][S
W\bS`SabW\U `SacZba%
FVS U\]abWQ []dS[S\bk acQV eS [cab QOZZ WbkeOa O eWRSa^`SOR
^VS\][S\]\ W\ bVS Q`WbWQOZ QS\bc`WSa W\RWQObSR# TSSRW\U ZWYS 6V`Wa$
bWO\Wbg ]\ bVS W[^cZaSa ]T O eWRSZg ^`SdOZS\b Vc[O\ aWbcObW]\# O\R
bVS`ST]`S S`c^bW\U W\ [O\g ^ZOQSa# [O\g T]`[a# O\R [O\g ZO\$
UcOUSa%. 9W`ab O[]\U bVS TSObc`Sa b] PS S[^VOaWhSR VS`S Wa bVS `ORW$

.% 9]` O Q][^ZSbS b`SOb[S\b ]T :\]abWQWa[ aSS [g :S`[O\ e]`Y


)CDG>G 6C9 GE6H6CH>@:F ):>GH !:]bbW\US\# '/+* O\R '/,*" O\R bVS aV]`bS`
('. F ;8 C ;8AB@8ABA B9 ? <98
QOZZg RcOZWabWQ []]R eVWQV c\RS`ZWSa bVS U\]abWQ ObbWbcRS Oa O eV]ZS
O\R c\WTWSa Wba eWRSZg RWdS`aWTWSR# []`S ]` ZSaa agabS[ObWQ Sf^`SaaW]\a%
<b Wa ]\ bVWa ^`W[O`g Vc[O\ T]c\RObW]\ ]T O ^OaaW]\ObSZg TSZb Sf^S`W$
S\QS ]T aSZT O\R e]`ZR# bVOb bVS T]`[cZObSR RcOZWabWQ R]Qb`W\Sa `Sab%
FVS RcOZWa[ Wa PSbeSS\ [O\ O\R bVS e]`ZR# O\R Q]\Qc``S\bZg PSbeSS\
bVS e]`ZR O\R :]R% <b Wa O RcOZWbg \]b ]T ac^^ZS[S\bO`g Pcb ]T Q]\$
b`O`g bS`[a1 O\R Wb Wa ]\S0 T]` bVOb PSbeSS\ [O\ O\R e]`ZR [W``]`a ]\
bVS ^ZO\S ]T Sf^S`WS\QS bVOb PSbeSS\ e]`ZR O\R :]R# O\R RS`WdSa
T`][ Wb Oa T`][ Wba Z]UWQOZ U`]c\Rkc\ZSaa ]\S e]cZR `ObVS` V]ZR
Q]\dS`aSZg bVOb bVS b`O\aQS\RS\b R]Qb`W\S ]T O e]`ZR$:]R RcOZWa[
a^`W\Ua T`][ bVS W[[O\S\b Sf^S`WS\QS ]T O RWac\W]\ ]T [O\ O\R
e]`ZR Oa T`][ Wba ^agQV]Z]UWQOZ U`]c\R% <\ bVWa bV`SS$bS`[ Q]\TWUc`O$
bW]\k [O\# e]`ZR# :]Rk [O\ O\R :]R PSZ]\U b]USbVS` W\ Q]\b`O^]$
aWbW]\ b] bVS e]`ZR# Pcb O`S# W\ a^WbS ]T bVWa SaaS\bWOZ PSZ]\UW\U$
b]USbVS`# W\ TOQb aS^O`ObSR ^`SQWaSZg Pg bVS e]`ZR% F] bVS :\]abWQ# bVWa
TOQb Wa bVS acPXSQb ]T `SdSOZSR Y\]eZSRUS# O\R Wb RSbS`[W\Sa U\]abWQ
SaQVOb]Z]Ug0 K: [Og aSS W\ Wb bVS ^`]XSQbW]\ ]T VWa POaWQ Sf^S`WS\QS#
eVWQV bVca Q`SObSR T]` WbaSZT Wba ]e\ `SdSZOb]`g b`cbV% C`W[O`g e]cZR
bVS\ PS bVS TSSZW\U ]T O\ OPa]ZcbS `WTb PSbeSS\ [O\ O\R bVOb W\ eVWQV
VS TW\Ra VW[aSZT Z]RUSRk bVS e]`ZR% <b Wa bVWa TSSZW\U eVWQV Sf^ZWQObSa
WbaSZT W\ bVS T]`[a ]T ]PXSQbWdS R]Qb`W\S% <\ Wba bVS]Z]UWQOZ Oa^SQb bVWa
R]Qb`W\S abObSa bVOb bVS 7WdW\S Wa OZWS\ b] bVS e]`ZR O\R VOa \SWbVS`
^O`b \]` Q]\QS`\ W\ bVS ^VgaWQOZ c\WdS`aS1 bVOb bVS b`cS :]R# ab`WQbZg
b`O\a[c\RO\S# Wa \]b `SdSOZSR ]` SdS\ W\RWQObSR Pg bVS e]`ZR# O\R Wa
bVS`ST]`S bVS G\Y\]e\# bVS b]bOZZg BbVS`# c\Y\]eOPZS W\ bS`[a ]T
O\g e]`ZRZg O\OZ]UWSa% 6]``Sa^]\RW\UZg# W\ Wba Q]a[]Z]UWQOZ Oa^SQb Wb
abObSa bVOb bVS e]`ZR Wa bVS Q`SObW]\ \]b ]T :]R Pcb ]T a][S W\TS`W]`
^`W\QW^ZS eV]aS ZOe Wb SfSQcbSa1 O\R# W\ Wba O\bV`]^]Z]UWQOZ Oa^SQb#
bVOb [O\oa W\\S` aSZT# bVS EC:IB6 ! la^W`Wbm W\ Q]\b`Oab b] la]cZm 2
EGM8=:" Wa \]b ^O`b ]T bVS e]`ZR# ]T \Obc`Soa Q`SObW]\ O\R R][OW\# Pcb
Wa# eWbVW\ bVOb e]`ZR# Oa b]bOZZg b`O\aQS\RS\b O\R Oa c\Y\]e\ Pg OZZ
e]`ZRZg QObSU]`WSa Oa Wa Wba b`O\a[c\RO\S Q]c\bS`^O`b# bVS c\Y\]e\
:]R eWbV]cb%
FVOb bVS e]`ZR Wa Q`SObSR Pg a][S ^S`a]\OZ OUS\Qg Wa US\S`OZZg
bOYS\ T]` U`O\bSR W\ bVS [gbV]Z]UWQOZ agabS[a# bV]cUV W\ a][S O\

8\UZWaV dS`aW]\ 2=: )CDGH>8 0:A><>DC !5]ab]\0 5SOQ]\ C`Saa# (\R SR%
'/,)"%
: ABEF<6<E@# 8J<EF8AF<4?<E@# 4A7 A <;<?<E@ M ('/
OZ[]ab W[^S`a]\OZ \SQSaaWbg ]T RO`Y W[^cZaS aSS[a Ob e]`Y W\ Wba
US\SaWa% 5cb eV]SdS` VOa Q`SObSR bVS e]`ZR# [O\ R]Sa \]b ]eS VW[
OZZSUWO\QS# \]` `Sa^SQb b] VWa e]`Y% ;Wa e]`Y# bV]cUV W\Q][^`S$
VS\aWPZg S\Q][^OaaW\U [O\# R]Sa \]b ]TTS` bVS abO`a Pg eVWQV VS QO\
aSb VWa Q]c`aS# O\R \SWbVS` R]Sa VWa ^`]QZOW[SR eWaV O\R eWZZ% EW\QS
\]b bVS b`cS :]R QO\ PS bVS Q`SOb]` ]T bVOb b] eVWQV aSZTV]]R TSSZa a]
cbbS`Zg O ab`O\US`# \Obc`S [S`SZg [O\WTSaba Wba Z]eZg RS[Wc`US0 Oa O
^]eS` RSS^ PS\SObV bVS Ec^`S[S :]R# c^]\ eVWQV SdS\ [O\ QO\
Z]]Y R]e\ T`][ bVS VSWUVb ]T VWa U]R$YW\R`SR a^W`Wb# bVWa ^S`dS`aW]\ ]T
bVS 7WdW\S VOa `SbOW\SR ]T Wb ]\Zg bVS ^]eS` b] OQb# Pcb b] OQb PZW\RZg#
eWbV]cb Y\]eZSRUS O\R PS\Sd]ZS\QS% FVca RWR bVS RS[Wc`US Q`SObS
bVS e]`ZR ]cb ]T WU\]`O\QS O\R ^OaaW]\%
FVS e]`ZR# bVS\# Wa bVS ^`]RcQb# O\R SdS\ bVS S[P]RW[S\b# ]T bVS
\SUObWdS ]T @CDKA:9<:# IVOb Wb `SdSOZa Wa c\S\ZWUVbS\SR O\R bVS`ST]`S
[OZWU\O\b T]`QS# ^`]QSSRW\U T`][ bVS a^W`Wb ]T aSZT$OaaS`bWdS ^]eS`#
T`][ bVS eWZZ b] `cZS O\R Q]S`QS% FVS [W\RZSaa\Saa ]T bVWa eWZZ Wa bVS
a^W`Wb ]T bVS e]`ZR# eVWQV PSO`a \] `SZObW]\ b] c\RS`abO\RW\U O\R Z]dS%
FVS ZOea ]T bVS c\WdS`aS O`S bVS ZOea ]T bVWa `cZS# O\R \]b ]T RWdW\S
eWaR][% /DK:F bVca PSQ][Sa bVS QVWST Oa^SQb ]T bVS Q]a[]a# O\R Wba
W\\S` SaaS\QS Wa WU\]`O\QS O6<CDG>6 # F] bVWa# bVS ^]aWbWdS Q][^ZS$
[S\b Wa bVOb bVS SaaS\QS ]T [O\ Wa Y\]eZSRUSk Y\]eZSRUS ]T aSZT O\R
]T :]R0 bVWa RSbS`[W\Sa VWa aWbcObW]\ Oa bVOb ]T bVS ^]bS\bWOZZg Y\]e$
W\U W\ bVS [WRab ]T bVS c\Y\]eW\U# ]T ZWUVb W\ bVS [WRab ]T RO`Y\Saa#
O\R bVWa `SZObW]\ Wa Ob bVS P]bb][ ]T VWa PSW\U OZWS\# eWbV]cb Q][^O\$
W]\aVW^ W\ bVS RO`Y dOab\Saa ]T bVS c\WdS`aS%
FVOb c\WdS`aS VOa \]\S ]T bVS dS\S`OPWZWbg ]T bVS :`SSY 8DGBDG#
6]\bS[^bc]ca S^WbVSba O`S O^^ZWSR b] Wb0 lbVSaS [WaS`OPZS SZS[S\bao
OE6IE:FH>FB =6:8 :A:B :CH6 ! lbVWa ^c\g QSZZ ]T bVS Q`SOb]`m ! =6:8
8:AAIA6 8F:6HDF>G "%i KSb Wb Wa abWZZ 8DGBDG! O\ ]`RS`k Pcb ]`RS` eWbV O
dS\USO\QS# OZWS\ b] [O\oa Oa^W`ObW]\a% <ba `SQ]U\WbW]\ Wa Q][^]c\RSR
]T TSO` O\R RWa`Sa^SQb# ]T b`S[PZW\U O\R RSTWO\QS% FVS PZS[WaV ]T
\Obc`S ZWSa \]b W\ O\g RSTWQWS\Qg ]T ]`RS`# Pcb W\ bVS OZZ b]] ^S`dORW\U
Q][^ZSbS\Saa ]T Wb% 9O` T`][ PSW\U QVO]a# bVS Q`SObW]\ ]T bVS
RS[Wc`US# c\S\ZWUVbS\SR Oa Wb Wa# Wa abWZZ O agabS[ ]T ZOe% 5cb Q]a[WQ
ZOe# ]\QS e]`aVW^SR Oa bVS Sf^`SaaW]\ ]T O `SOa]\ eWbV eVWQV [O\oa
`SOa]\ QO\ Q][[c\WQObS W\ bVS OQb ]T Q]U\WbW]\# Wa \]e aSS\ ]\Zg W\/

/% @O`QW]\0 FS`bcZZWO\# &DCHF6 -6F8>DC:B! <% '*%


((& F ;8 C ;8AB@8ABA B9 ?<98
Wba Oa^SQb ]T Q][^cZaW]\ eVWQV bVeO`ba [O\oa T`SSR][% FVS Q]a[WQ
AD<DG ]T bVS Eb]WQa# eVWQV eOa WRS\bWTWSR eWbV ^`]dWRS\QS# Wa `S^ZOQSR
Pg =:>B6FB:C:! ]^^`SaaWdS Q]a[WQ TObS%
FVWa ;6HIB Wa RWa^S\aSR Pg bVS ^ZO\Sba# ]` bVS abO`a W\ US\S`OZ# bVS
^S`a]\WTWSR Sf^]\S\ba ]T bVS `WUWR O\R V]abWZS ZOe ]T bVS c\WdS`aS% FVS
QVO\US W\ bVS S[]bW]\OZ Q]\bS\b ]T bVS bS`[ 8DGBDG Wa \]eVS`S PSbbS`
ag[P]ZWhSR bVO\ W\ bVWa RS^`SQWObW]\ ]T bVS T]`[S`Zg []ab RWdW\S ^O`b
]T bVS dWaWPZS e]`ZR# bVS QSZSabWOZ a^VS`Sa% FVS abO``g aYgk b] bVS
:`SSYa aW\QS CgbVOU]`Oa bVS ^c`Sab S[P]RW[S\b ]T `SOa]\ W\ bVS
aS\aWPZS c\WdS`aS# O\R bVS UcO`O\b]` ]T Wba VO`[]\gk \]e abO`SR [O\
W\ bVS TOQS eWbV bVS TWfSR UZO`S ]T OZWS\ ^]eS` O\R \SQSaaWbg% A]
Z]\US` VWa YW\R`SR# gSb ^]eS`TcZ Oa PST]`S# bVS abO`a VOdS PSQ][S
bg`O\bak TSO`SR Pcb Ob bVS aO[S bW[S RSa^WaSR# PSQOcaS bVSg O`S Z]eS`
bVO\ [O\% lFVSg !aOga CZ]bW\ca W\RWU\O\bZg ]T bVS :\]abWQa"# eV]
RSS[ SdS\ bVS POaSab ]T [S\ e]`bVg b] PS QOZZSR P`]bVS`a Pg bVS[#
W\aO\SZg RS\g bVWa bWbZS b] bVS ac\# bVS abO`a W\ bVS VSOdS\a# \Og# b] bVS
e]`ZR$a]cZ# ]c` aWabS`# VS`aSZT m O(CC# <<%/%'."% IV] Wa []`S l[]R$
S`\#m eS [Og OaYk CZ]bW\ca ]` bVS :\]abWQa3 lFVSg ]cUVb b] RSaWab
!VS aOga SZaSeVS`S" T`][ bVSW` V]``]`$bOZSa OP]cb bVS Q]a[WQ a^VS`Sa%
% % % <T [O\ Wa ac^S`W]` b] bVS ]bVS` O\W[ObS PSW\Ua# V]e [cQV []`S a]
O`S bVS a^VS`Sa# eVWQV \]b T]` bg`O\\g O`S W\ bVS 4ZZ# Pcb b] Q]\TS`
c^]\ Wb ]`RS` O\R ZOem O>7>9#! ')"% IS VOdS VSO`R V]e bVS :\]abWQa
TSZb OP]cb bVWa ZOe% BT ^`]dWRS\QS Wb VOa \]bVW\U# O\R b] [O\oa T`SS$
R][ Wb Wa W\W[WQOZ% G\RS` bVWa ^WbWZSaa aYg# eVWQV \] Z]\US` W\a^W`Sa
e]`aVW^TcZ Q]\TWRS\QS# [O\ PSQ][Sa Q]\aQW]ca ]T VWa cbbS` T]`Z]`\$
\Saa% 8\Q][^OaaSR Pg Wb# acPXSQb b] Wba ^]eS`# gSb ac^S`W]` b] Wb Pg bVS
\]PWZWbg ]T VWa a]cZ# VS Y\]ea VW[aSZT \]b a] [cQV O ^O`b ]T# Pcb
c\OQQ]c\bOPZg ^ZOQSR W\ O\R Sf^]aSR b]# bVS S\dSZ]^W\U agabS[%
4\R# ZWYS COaQOZ# VS Wa T`WUVbS\SR% ;Wa a]ZWbO`g ]bVS`\Saa# RWaQ]d$
S`W\U WbaSZT W\ bVWa T]`Z][\Saa# S`c^ba W\ bVS TSSZW\U ]T R`SOR% 7`SOR Oa
bVS a]cZoa `Sa^]\aS b] Wba PSW\U$W\$bVS$e]`ZR Wa O `SQc``S\b bVS[S W\
U\]abWQ ZWbS`Obc`S% <b Wa bVS aSZToa `SOQbW]\ b] bVS RWaQ]dS`g ]T Wba
aWbcObW]\# OQbcOZZg WbaSZT O\ SZS[S\b W\ bVOb RWaQ]dS`g0 Wb [O`Ya bVS
OeOYS\W\U ]T bVS W\\S` aSZT T`][ bVS aZc[PS` ]` W\b]fWQObW]\ ]T bVS
e]`ZR% 9]` bVS ^]eS` ]T bVS abO` a^W`Wba# ]` ]T bVS Q]a[]a W\ US\S`OZ#
Wa \]b [S`SZg bVS SfbS`\OZ ]\S ]T ^VgaWQOZ Q][^cZaW]\# Pcb SdS\ []`S
bVS W\bS`\OZ ]\S ]T OZWS\ObW]\ ]` aSZT$Sab`O\US[S\b% 5SQ][W\U OeO`S
]T WbaSZT# bVS aSZT OZa] RWaQ]dS`a bVOb Wb Wa \]b `SOZZg Wba ]e\# Pcb Wa
:\]abWQWa[# 8 fWabS\bWOZWa[ # O\R AWVWZWa[ M (('
`ObVS` bVS W\d]Zc\bO`g SfSQcb]` ]T Q]a[WQ RSaWU\a% >\]eZSRUS# <CDG>G!
[Og ZWPS`ObS [O\ T`][ bVWa aS`dWbcRS1 Pcb aW\QS bVS 8DGBDG Wa Q]\$
b`O`g b] ZWTS O\R b] a^W`Wb# bVS aOdW\U Y\]eZSRUS QO\\]b OW[ Ob W\bS$
U`ObW]\ W\b] bVS Q]a[WQ eV]ZS O\R Ob Q][^ZWO\QS eWbV Wba ZOea# Oa RWR
Eb]WQ eWaR][# eVWQV a]cUVb T`SSR][ W\ bVS Y\]eW\U Q]\aS\b b] bVS
[SO\W\UTcZ \SQSaaWbg ]T bVS eV]ZS% 9]` bVS :\]abWQa# ]\ bVS Q]\b`O`g#
[O\oa OZWS\ObW]\ T`][ bVS e]`ZR Wa b] PS RSS^S\SR O\R P`]cUVb b] O
VSOR# T]` bVS Sfb`WQObW]\ ]T bVS W\\S` aSZT eVWQV ]\Zg bVca QO\ UOW\
WbaSZT% FVS e]`ZR !\]b bVS OZWS\ObW]\ T`][ Wb" [cab PS ]dS`Q][S1 O\R
O e]`ZR RSU`ORSR b] O ^]eS` agabS[ QO\ ]\Zg PS ]dS`Q][S bV`]cUV
^]eS`% FVS ]dS`^]eS`W\U VS`S W\ _cSabW]\ Wa# ]T Q]c`aS# O\gbVW\U Pcb
bSQV\]Z]UWQOZ [OabS`g% FVS ^]eS` ]T bVS e]`ZR Wa ]dS`Q][S# ]\ bVS
]\S VO\R# Pg bVS ^]eS` ]T bVS EOdW]` eV] P`SOYa W\b] Wba QZ]aSR
agabS[ T`][ eWbV]cb# O\R# ]\ bVS ]bVS` VO\R# bV`]cUV bVS ^]eS` ]T
bVS lY\]eZSRUSm P`]cUVb Pg VW[# eVWQV Oa O [OUWQOZ eSO^]\ RSTSOba
bVS T]`QS ]T bVS ^ZO\Sba O\R ]^S\a b] bVS a]cZ O ^ObV bV`]cUV bVSW`
W[^SRW\U ]`RS`a% 7WTTS`S\b Oa bVWa Wa T`][ []RS`\ [O\oa ^]eS` `SZO$
bW]\ b] e]`ZR$QOcaOZWbg# O\ ]\b]Z]UWQOZ aW[WZO`Wbg ZWSa W\ bVS T]`[OZ
TOQb bVOb bVS Q]c\bS`W\U ]T ^]eS` eWbV ^]eS` Wa bVS a]ZS `SZObW]\ b] bVS
b]bOZWbg ]T \Obc`S ZSTb T]` [O\ W\ P]bV QOaSa%

<ZZ
5ST]`S U]W\U O\g Tc`bVS`# ZSb ca ab]^ b] OaY eVOb VOa VS`S VO^^S\SR
b] bVS ]ZR WRSO ]T bVS 8DGBDG Oa O RWdW\SZg ]`RS`SR eV]ZS% 6S`bOW\Zg
\]bVW\U `S[]bSZg Q][^O`OPZS b] []RS[ ^VgaWQOZ aQWS\QS eOa W\$
d]ZdSR W\ bVWa QObOab`]^VWQ RSdOZcObW]\ ]` a^W`WbcOZ RS\cRObW]\ ]T bVS
c\WdS`aS% IS \SSR ]\Zg ]PaS`dS bVOb bVWa c\WdS`aS PSQO[S bV]`]cUVZg
RS[]\WhSR W\ bVS U\]abWQ ^S`W]R% KSb bVWa# b]USbVS` eWbV bVS b`O\$
aQS\RS\QS ]T bVS OQ]a[WQ aSZT# `SacZbSR W\ Qc`W]ca O\OZ]UWSa b] a][S
^VS\][S\O eVWQV SfWabS\bWOZWa[ SfVWPWba W\ bVS dOabZg RWTTS`S\b
[]RS[ aSbbW\U% <T \]b aQWS\QS O\R bSQV\]Z]Ug# eVOb QOcaSR# T]` bVS
Vc[O\ U`]c^a W\d]ZdSR# bVS Q]ZZO^aS ]T bVS Q]a[]a ^WSbg ]T QZOaaWQOZ
QWdWZWhObW]\# ]\ eVWQV a] [cQV ]T Wba SbVWQa eOa PcWZb3
FVS O\aeS` Wa QS`bOW\Zg Q][^ZSf# Pcb Ob ZSOab ]\S O\UZS ]T Wb [Og PS
P`WSTZg W\RWQObSR% IVOb eS VOdS PST]`S ca Wa bVS `S^cRWObW]\ ]T bVS
QZOaaWQOZ R]Qb`W\S ]T leV]ZS O\R ^O`ba#m O\R a][S ]T bVS `SOa]\a T]`
bVWa `S^cRWObW]\ [cab PS a]cUVb W\ bVS a]QWOZ O\R ^]ZWbWQOZ a^VS`S% FVS
((( F ;8 C ;8AB@8ABA B9 ? <98
R]Qb`W\S ]T QZOaaWQOZ ]\b]Z]Ug OQQ]`RW\U b] eVWQV bVS eV]ZS Wa ^`W]` b]
bVS ^O`ba# Wa PSbbS` bVO\ bVS ^O`ba# O\R Wa bVOb T]` bVS aOYS ]T eVWQV bVS
^O`ba O`S# O\R eVS`SW\ bVSg TW\R bVS [SO\W\U ]T bVSW` SfWabS\QSk bVWa
bW[S$V]\]`SR OfW][ VOR Z]ab bVS a]QWOZ POaWa ]T Wba dOZWRWbg% FVS ZWdW\U
SfO[^ZS ]T acQV O eV]ZS VOR PSS\ bVS QZOaaWQOZ EDA>G! bVS QWbg$abObS#
eV]aS QWbWhS\a VOR O aVO`S W\ bVS eV]ZS O\R Q]cZR OTTW`[ Wba ac^S`W]`
abObca W\ bVS Y\]eZSRUS bVOb bVSg# bVS ^O`ba# V]eSdS` ^OaaW\U O\R
SfQVO\USOPZS# \]b ]\Zg eS`S 9:E:C9:CH ]\ bVS eV]ZS ;DF bVSW` PSW\U
Pcb OZa] B6>CH6>C:9 bVOb eV]ZS K>H= bVSW` PSW\U0 Xcab Oa bVS Q]\RWbW]\
]T bVS eV]ZS [ORS O RWTTS`S\QS b] bVS PSW\U O\R ^]aaWPZS ^S`TSQbW]\ ]T
bVS ^O`ba# a] bVSW` Q]\RcQb [ORS O RWTTS`S\QS b] bVS PSW\U O\R ^S`TSQ$
bW]\ ]T bVS eV]ZS% FVca bVWa eV]ZS# [OYW\U ^]aaWPZS TW`ab bVS dS`g ZWTS
O\R bVS\ bVS U]]R ZWTS ]T bVS W\RWdWRcOZ# eOa Ob bVS aO[S bW[S Q][$
[WbbSR b] bVS W\RWdWRcOZoa QO`S# O\R W\ ac`^OaaW\U O\R ]cbZOabW\U VW[
eOa OZa] VWa ac^`S[S dW\RWQObW]\%
A]e bVWa XcabWTgW\U Q][^ZS[S\b ]T bVS ^`W[OQg ]T bVS eV]ZS W\
a]QW]^]ZWbWQOZ bS`[akbVS ^O`boa dWbOZ O\R aSZT$TcZTWZZW\U Tc\QbW]\ W\ bVS
eV]ZSk VOR ZO^aSR W\ bVS Q]\RWbW]\a ]T ZObS` O\bW_cWbg% FVS OPa]`^$
bW]\ ]T bVS QWbg$abObSa W\b] bVS []\O`QVWSa ]T bVS 7WOR]QVW O\R TW\OZZg
W\b] bVS D][O\ 8[^W`S RS^`WdSR bVS EDA>G W\bSZZWUS\baWO ]T Wba Q]\$
ab`cQbWdS Tc\QbW]\% 5cb bVS ]\b]Z]UWQOZ ^`W\QW^ZS ac`dWdSR bVS Q]\RW$
bW]\a ]T Wba Q]\Q`SbS dOZWRObW]\% Eb]WQ ^O\bVSWa[# O\R US\S`OZZg bVS
^VgaWQ]bVS]Z]Ug ]T ^]ab$4`Wab]bSZWO\ bV]cUVb# acPabWbcbSR T]` bVS `SZO$
bW]\ PSbeSS\ QWbWhS\ O\R QWbg bVOb PSbeSS\ bVS W\RWdWRcOZ O\R bVS
Q]a[]a# bVS ZO`US` ZWdW\U eV]ZS% 5g bVWa aVWTb ]T `STS`S\QS bVS QZOaaWQOZ
R]Qb`W\S ]T eV]ZS O\R ^O`ba eOa YS^b W\ T]`QS SdS\ bV]cUV Wb \]
Z]\US` `STZSQbSR bVS ^`OQbWQOZ aWbcObW]\ ]T [O\% A]e Wb eOa bVS 8DGBDG
bVOb eOa RSQZO`SR b] PS bVS U`SOb lQWbg ]T U]Ra O\R [S\#m'& O\R b] PS
O QWbWhS\ ]T bVS c\WdS`aS# O 8DGBDEDA>H:G! eOa \]e Q]\aWRS`SR b] PS bVS
U]OZ Pg eVWQV ]bVS`eWaS Wa]ZObSR [O\ Q]cZR aSb VWa Q]c`aS% ;S eOa
OaYSR# Oa Wb eS`S# b] OR]^b bVS QOcaS ]T bVS c\WdS`aS Oa VWa ]e\# bVOb
Wa# b] WRS\bWTg VW[aSZT eWbV bVOb QOcaS RW`SQbZg# OQ`]aa OZZ W\bS`[SRW$

'&% <b Wa QVO`OQbS`WabWQ# V]eSdS`# bVOb bVS b`SObWaS lB\ bVS 6]a[]a#m W\
SZOP]`ObW\U bVS Q][^O`Wa]\ PSbeSS\ bVS c\WdS`aS O\R O Q][[]\eSOZbV#
caSa bVS []RSZ ]T []\O`QVg `ObVS` bVO\ ]T `S^cPZWQ1 aSS W\ QV% , bVS
QW`Qc[abO\bWOZ b`SOb[S\b ]T bVS `cZS ]T bVS CS`aWO\ :`SOb >W\U O\R Wba
^O`OZZSZ W\ bVS RWdW\S `cZS ]T bVS c\WdS`aS%
:\]abWQWa[# 8 fWabS\bWOZWa[ # O\R AWVWZWa[ M (()
O`WSa# O\R b] `SZObS VWa W\\S` aSZT# VWa AD<DG! b] bVS AD<DG ]T bVS
eV]ZS%
FVS ^`OQbWQOZ aWRS ]T bVWa WRS\bWTWQObW]\ Q]\aWabSR W\ VWa OTTW`[W\U
O\R TOWbVTcZZg ^S`T]`[W\U bVS FDA: OZZ]bbSR b] VW[ Pg bVS eV]ZS# W\ Xcab
bVOb ^ZOQS O\R abObW]\ W\ eVWQV Q]a[WQ RSabW\g VOR aSb VW[% IWaR][
Q]\TS``SR W\\S` T`SSR][ W\ aV]cZRS`W\U bVS bOaYa# Q][^]ac`S W\ TOQ$
W\U bVS eVW[a ]T T]`bc\S PSaSbbW\U bVSW` SfSQcbW]\# Pcb RWR \]b aSb ]`
`SdWaS bVS bOaYa bVS[aSZdSa% lF] ^ZOg ]\Soa ^O`bmk bVOb TWUc`S ]T
a^SSQV ]\ eVWQV Eb]WQ SbVWQa ReSZZa a] [cQVkc\eWbbW\UZg `SdSOZa bVS
TWQbWbW]ca SZS[S\b W\ bVS Q]\ab`cQbW]\% 4 `]ZS ^ZOgSR Wa acPabWbcbSR T]`
O `SOZ Tc\QbW]\ ^S`T]`[SR% FVS OQb]`a ]\ bVS abOUS PSVOdS lOa WTm bVSg
OQbSR bVSW` QV]WQS# O\R lOa W T o bVSW` OQbW]\a [ObbS`SR% IVOb OQbcOZZg
[ObbS`a Wa ]\Zg b] ^ZOg eSZZ `ObVS` bVO\ PORZg# eWbV \] US\cW\S `SZS$
dO\QS b] bVS ]cbQ][S% FVS OQb]`a# P`OdSZg ^ZOgW\U# O`S bVSW` ]e\
OcRWS\QS%
<\ bVS ^V`OaS ]T ^ZOgW\U ]\Soa ^O`b bVS`S Wa O P`OdOR] bVOb VWRSa O
RSS^S`# WT ^`]cR# `SaWU\ObW]\# O\R ]\Zg O aVWTb W\ ObbWbcRS Wa \SSRSR b]
dWSe bVS U`SOb a^SQbOQZS _cWbS RWTTS`S\bZg% 7]Sa bVS eV]ZS `SOZZg QO`S#
R]Sa Wb Q]\QS`\ WbaSZT W\ bVS ^O`b bVOb Wa <3 FVS Eb]WQa OdS``SR bVOb Wb
R]Sa Pg S_cObW\U =:>B6FB:C: eWbV EFDCD>6! Q]a[WQ TObS eWbV ^`]dW$
RS\QS% 4\R R]Sa [g ^O`b# V]eSdS` < ^ZOg Wb# `SOZZg Q]\b`WPcbS# R]Sa Wb
[OYS O RWTTS`S\QS b] bVS eV]ZS3 FVS Eb]WQa OdS``SR bVOb Wb R]Sa Pg
bVSW` O\OZ]Ug PSbeSS\ bVS Q]a[]a O\R bVS QWbg% 5cb bVS dS`g Q][^O`W$
a]\ P`W\Ua ]cb bVS bS\c]ca\Saa ]T bVS O`Uc[S\b# T]`k W\ Q]\b`Oab b]
eVOb Wa b`cS W\ bVS EDA>Gk\] QOaS QO\ PS [ORS ]cb T]` [g `SZSdO\QS
W\ bVS Q]a[WQ aQVS[S# eVWQV Wa S\bW`SZg ]cbaWRS [g Q]\b`]Z O\R W\
eVWQV [g ^O`b Wa bVca `SRcQSR b] O ^OaaWdWbg eVWQV W\ bVS EDA>G Wb RWR
\]b VOdS%
F] PS ac`S# bVS ab`OW\SR TS`d]` Pg eVWQV [O\oa W\bSU`ObW]\ W\ bVS
eV]ZS eOa [OW\bOW\SR# bV`]cUV VWa OZZSUSR OTTW\Wbg b] Wb# eOa bVS
[SO\a ]T ^`SaS`dW\U bVS RWU\Wbg ]T [O\ O\R bVS`SPg ]T aOdW\U O
aO\QbW]\ T]` O ^]aWbWdS []`OZWbg% FVWa TS`d]`# acQQSSRW\U bVOb eVWQV
VOR T]`[S`Zg PSS\ W\a^W`SR Pg bVS WRSOZ ]T QWdWQ dW`bcS# `S^`SaS\bSR O
VS`]WQ ObbS[^b ]\ bVS ^O`b ]T bVS W\bSZZSQbcOZa b] QO``g ]dS` bVS ZWTS$
acabOW\W\U T]`QS ]T bVOb WRSOZ W\b] Tc\RO[S\bOZZg QVO\USR Q]\RWbW]\a%
5cb bVS \Se Ob][WhSR [OaaSa ]T bVS 8[^W`S# eV] VOR \SdS` aVO`SR W\
bVOb \]PZS b`ORWbW]\ ]T 6F:H:! [WUVb `SOQb dS`g RWTTS`S\bZg b] O aWbcObW]\
((* N F ;8 C ;8AB@8ABA B9 ? <98
W\ eVWQV bVSg T]c\R bVS[aSZdSa ^OaaWdSZg W\d]ZdSR0 O aWbcObW]\ W\
eVWQV bVS ^O`b eOa W\aWU\WTWQO\b b] bVS eV]ZS# O\R bVS eV]ZS OZWS\ b]
bVS ^O`ba% FVS Oa^W`ObW]\ ]T bVS U\]abWQ W\RWdWRcOZ eOa \]b b] lOQb O
^O`bm W\ bVWa eV]ZS# Pcbk W\ SfWabS\bWOZWab ^O`ZO\QSk b] lSfWab OcbVS\$
bWQOZZg%m FVS ZOe ]T S[^W`S# c\RS` eVWQV VS T]c\R VW[aSZT# eOa O
RWa^S\aObW]\ ]T SfbS`\OZ# W\OQQSaaWPZS T]`QS1 O\R T]` VW[ bVS ZOe ]T
bVS c\WdS`aS# Q]a[WQ RSabW\g# ]T eVWQV bVS e]`ZR abObS eOa bVS bS`$
`Sab`WOZ SfSQcb]`# Oaac[SR bVS aO[S QVO`OQbS`% FVS dS`g Q]\QS^b ]T
ZOe eOa OTTSQbSR bVS`SPg W\ OZZ Wba Oa^SQbak Oa \Obc`OZ ZOe# ^]ZWbWQOZ
ZOe# O\R []`OZ ZOe%
FVWa P`W\Ua ca POQY b] ]c` Q][^O`Wa]\%

<H
FVS acPdS`aW]\ ]T bVS WRSO ]T ZOe# ]T CDBDG! ZSORa b] SbVWQOZ Q]\aS$
_cS\QSa W\ eVWQV bVS \WVWZWabWQ W[^ZWQObW]\ ]T bVS U\]abWQ OQ]a[Wa[#
O\R Ob bVS aO[S bW[S bVS O\OZ]Ug b] QS`bOW\ []RS`\ `SOa]\W\Ua# PS$
Q][S SdS\ []`S ]PdW]ca bVO\ W\ bVS Q]a[]Z]UWQOZ Oa^SQb% < O[ bVW\Y$
W\U ]T U\]abWQ O\bW\][WO\Wa[% <b Wa b] PS Q]\QSRSR Ob bVS ]cbaSb bVOb
bVS RS\WOZ ]T SdS`g ]PXSQbWdS \]`[ ]T Q]\RcQb Wa O`UcSR ]\ dOabZg
RWTTS`S\b bVS]`SbWQOZ ZSdSZa W\ :\]aWa O\R 8fWabS\bWOZWa[# O\R bVOb
O\bW\][WO\ :\]aWa O^^SO`a Q`cRS O\R \OWdS W\ Q][^O`Wa]\ eWbV bVS
Q]\QS^bcOZ acPbZSbg O\R VWab]`WQOZ `STZSQbW]\ ]T Wba []RS`\ Q]c\bS`$
^O`b% IVOb eOa PSW\U ZW_cWRObSR# W\ bVS ]\S QOaS# eOa bVS []`OZ
VS`WbOUS ]T O [WZZS\\Wc[ ]T O\QWS\b QWdWZWhObW]\1 ORRSR b] bVWa# W\ bVS
]bVS`# O`S be] bV]caO\R gSO`a ]T BQQWRS\bOZ 6V`WabWO\ [SbO^VgaWQa Oa
POQYU`]c\R b] bVS WRSO ]T O []`OZ ZOe%
AWSbhaQVS W\RWQObSR bVS `]]b ]T bVS \WVWZWabWQ aWbcObW]\ W\ bVS ^V`OaS
l:]R Wa RSOR#m [SO\W\U ^`W[O`WZg bVS 6V`WabWO\ :]R% FVS :\]abWQa# WT
OaYSR b] ac[[O`WhS aW[WZO`Zg bVS [SbO^VgaWQOZ POaWa ]T bVSW` ]e\
\WVWZWa[# Q]cZR VOdS aOWR ]\Zg lbVS :]R ]T bVS Q]a[]a Wa RSORmk Wa
RSOR# bVOb Wa# Oa O U]R# VOa QSOaSR b] PS RWdW\S T]` ca O\R bVS`ST]`S b]
OTT]`R bVS Z]RSabO` T]` ]c` ZWdSa% 4R[WbbSRZg bVS QObOab`]^VS W\ bVWa
QOaS Wa ZSaa Q][^`SVS\aWdS O\R bVca ZSaa W``S[SRWOPZS# Pcb bVS dOQcc[
bVOb eOa ZSTb# SdS\ WT \]b a] P]bb][ZSaa# eOa TSZb \] ZSaa YSS\Zg% F]
AWSbhaQVS bVS [SO\W\U ]T \WVWZWa[ Wa bVOb lbVS VWUVSab dOZcSa PSQ][S
RSdOZcObSRm !]` lW\dOZWRObSRm "# O\R bVS QOcaS ]T bVWa RSdOZcObW]\ Wa
lbVS >CG><=H bVOb eS VOdS \]b bVS aZWUVbSab XcabWTWQObW]\ T]` ^]aWbW\U O
:\]abWQWa[# 8 fWabS\bWOZWa[ # O\R AWVWZWa[ M ((+
PSg]\R# ]` O\ nW\ WbaSZTo ]T bVW\Ua# eVWQV Wa nRWdW\S#o eVWQV Wa []`OZWbg
W\ ^S`a]\%m'' FVWa abObS[S\b# bOYS\ eWbV bVOb OP]cb bVS RSObV ]T :]R#
PSO`a ]cb ;SWRSUUS`oa Q]\bS\bW]\ bVOb lbVS \O[Sa :]R O\R 6V`WabWO\
:]R O`S W\ AWSbhaQVSoa bV]cUVb caSR b] RS\]bS bVS b`O\aQS\RS\bOZ
!ac^`O$aS\aWPZS" e]`ZR W\ US\S`OZ% :]R Wa bVS \O[S T]` bVS `SOZ[ ]T
WRSOa O\R WRSOZam !*DANK:<:! ^% '//"% EW\QS Wb Wa T`][ bVWa `SOZ[
OZ]\S bVOb O\g aO\QbW]\ T]` dOZcSa QO\ RS`WdS# Wba dO\WaVW\U# bVOb Wa#
bVS lRSObV ]T :]R#m [SO\a \]b ]\Zg bVS OQbcOZ RSdOZcObW]\ ]T VWUVSab
dOZcSa# Pcb bVS Z]aa ]T bVS dS`g ^]aaWPWZWbg ]T ]PZWUOb]`g dOZcSa Oa
acQV% F] _c]bS ]\QS []`S ;SWRSUUS`oa W\bS`^`SbObW]\ ]T AWSbhaQVS#
lFVS ^V`OaS n:]R Wa RSORo [SO\a bVOb bVS ac^`O$aS\aWPZS e]`ZR Wa
eWbV]cb STTSQbWdS T]`QSm O>7>9#! ^% (&&"%
<\ O []RWTWSR# `ObVS` ^O`OR]fWQOZ eOg bVWa abObS[S\b O^^ZWSa OZa]
b] bVS U\]abWQ ^]aWbW]\% <b Wa b`cS# ]T Q]c`aS# bVOb Wba Sfb`S[S RcOZWa[
Wa ]T WbaSZT bVS dS`g ]^^]aWbS ]T O\ OPO\R]\[S\b ]T b`O\aQS\RS\QS%
FVS b`O\a[c\RO\S :]R `S^`SaS\ba Wb W\ bVS []ab `ORWQOZ T]`[% <\ VW[
bVS OPa]ZcbS PSg]\R PSQY]\a OQ`]aa bVS S\QZ]aW\U Q]a[WQ aVSZZa% 5cb
bVWa b`O\aQS\RS\QS# c\ZWYS bVS lW\bSZZWUWPZS e]`ZRm ]T CZOb]\Wa[ ]` bVS
e]`ZR Z]`R ]T =cROWa[# R]Sa \]b abO\R W\ O\g ^]aWbWdS `SZObW]\ b] bVS
aS\aWPZS e]`ZR% <b Wa \]b bVS SaaS\QS ]` bVS QOcaS ]T Wb# Pcb Wba \SUObW]\
O\R QO\QSZZObW]\% FVS U\]abWQ :]R# Oa RWabW\Qb T`][ bVS RS[Wc`US# Wa
bVS b]bOZZg RWTTS`S\b# bVS ]bVS`# bVS c\Y\]e\% ?WYS VWa W\\S`$Vc[O\
Q]c\bS`^O`b# bVS OQ]a[WQ aSZT ]` EC:IB6! eV]aS VWRRS\ \Obc`S OZa]
`SdSOZa WbaSZT ]\Zg W\ bVS \SUObWdS Sf^S`WS\QS ]T ]bVS`\Saa# ]T \]\WRS\$
bWTWQObW]\ O\R ]T ^`]bSabSR W\RSTW\OPZS T`SSR][# bVWa :]R VOa []`S ]T
bVS C>=>A bVO\ bVS :CG W\ VWa Q]\QS^b% 4 b`O\aQS\RS\QS eWbVR`Oe\
T`][ O\g \]`[ObWdS `SZObW]\ b] bVS e]`ZR Wa S_cOZ b] O b`O\aQS\RS\QS
eVWQV VOa Z]ab Wba STTSQbWdS T]`QS% <\ ]bVS` e]`Ra# T]` OZZ ^c`^]aSa ]T
[O\oa `SZObW]\ b] bVS `SOZWbg bVOb ac``]c\Ra VW[ bVWa VWRRS\ :]R Wa O
\WVWZWabWQ Q]\QS^bW]\0 \] CDBDG S[O\ObSa T`][ VW[# \] ZOe T]` \O$
bc`S O\R bVca \]\S T]` Vc[O\ OQbW]\ Oa O ^O`b ]T bVS \Obc`OZ ]`RS`%
B\ bVWa POaWa bVS O\bW\][WO\ O`Uc[S\b ]T bVS :\]abWQa Wa Oa aW[^ZS
Oa# T]` W\abO\QS# bVOb ]T EO`b`S% EW\QS bVS b`O\aQS\RS\b Wa aWZS\b# EO`b`S
O`UcSa# aW\QS lbVS`S Wa \] aWU\ W\ bVS e]`ZR#m [O\# bVS lOPO\R]\SRm
O\R ZSTb$b]$VW[aSZT# `SQZOW[a VWa T`SSR][# ]` `ObVS`# QO\\]b VSZ^ bOY$
W\U Wb c^]\ VW[aSZT0 VS lWam bVOb T`SSR][# [O\ PSW\U l\]bVW\U Pcb VWa

''% 4>AA: NIF -68=H! jj ($)%


((, N F ;8 C ;8AB@8ABA B9 ?<98
]e\ ^`]XSQb#m O\R lOZZ Wa ^S`[WbbSR b] VW[%m'( FVOb bVWa T`SSR][ Wa ]T
O RSa^S`ObS YW\R# O\R# Oa O Q][^OaaZSaa bOaY# W\a^W`Sa R`SOR `ObVS`
bVO\ SfcZbObW]\# Wa O RWTTS`S\b [ObbS`%
<\ bVWa Q]\\SQbW]\ eS a][SbW[Sa [SSb W\ U\]abWQ `SOa]\W\U bVS
GI7?:8H>J>GH O`Uc[S\b ]T b`ORWbW]\OZ []`OZ aYS^bWQWa[0 \]bVW\U Wa
\Obc`OZZg U]]R ]` POR# bVW\Ua W\ bVS[aSZdSa O`S W\RWTTS`S\b# O\R l]\Zg
Pg Vc[O\ ]^W\W]\ O`S OQbW]\a U]]R ]` POR%m E^W`WbcOZ [O\ W\ bVS
T`SSR][ ]T VWa Y\]eZSRUS VOa bVS W\RWTTS`S\b caS ]T bVS[ OZZ !<`S\%
69J# =6:F# '%(+%*$+"% IVWZS bVWa `S[W\Ra ]\S ]T \]bVW\U []`S bVO\ bVS
`SOa]\W\U ]T QS`bOW\ QZOaaWQOZ E]^VWaba# O RSS^S` U\]abWQ `STZSQbW]\
c^]\ bVS GDIF8: ]T acQV lVc[O\ ]^W\W]\am b`O\aT]`[a bVS O`Uc[S\b
T`][ O aYS^bWQOZ b] O [SbO^VgaWQOZ ]\S# O\R bc`\a W\RWTTS`S\QS W\b]
]^^]aWbW]\0 bVS cZbW[ObS a]c`QS Wa T]c\R b] PS \]b Vc[O\ Pcb RS[W$
c`UWQOZ# O\R bVca Q][[]\ eWbV bVOb ]T bVS ]`RS` ]T \Obc`S% 5g `SOa]\
]T bVWa a]c`QS bVS ZOe Wa \]b `SOZZg W\RWTTS`S\b Pcb Wa ^O`b ]T bVS U`SOb
RSaWU\ c^]\ ]c` T`SSR][% 5SW\U ZOe# bVS []`OZ Q]RS Wa Pcb bVS
^agQVWQOZ Q][^ZS[S\b b] bVS ^VgaWQOZ ZOe# O\R Oa acQV bVS W\bS`\OZ
Oa^SQb ]T bVS OZZ$^S`dORW\U Q]a[WQ `cZS% 5]bV S[O\ObS T`][ bVS Z]`R
]T bVS e]`ZR Oa OUS\QWSa ]T VWa ^]eS`# c\WTWSR W\ bVS R]cPZS Oa^SQb ]T
bVS =SeWaV :]R Oa Q`SOb]` O\R ZSUWaZOb]`% =cab Oa bVS ZOe ]T bVS
^VgaWQOZ e]`ZR# bVS =:>B6FB:C:! W\bSU`ObSa bVS W\RWdWRcOZ P]RWSa W\b]
bVS US\S`OZ agabS[# a] bVS []`OZ ZOe R]Sa eWbV bVS a]cZa# O\R bVca
[OYSa bVS[ acPaS`dWS\b b] bVS RS[Wc`UWQOZ aQVS[S%
9]` eVOb Wa bVS ZOek SWbVS` Oa `SdSOZSR bV`]cUV @]aSa O\R bVS
^`]^VSba ]` Oa ]^S`ObW\U W\ bVS OQbcOZ VOPWba O\R ]^W\W]\a ]T [S\k
Pcb bVS [SO\a ]T `SUcZO`WhW\U O\R bVca abOPWZWhW\U bVS W[^ZWQObW]\ ]T
[O\ W\ bVS PcaW\Saa ]T bVS e]`ZR O\R e]`ZRZg Q]\QS`\a1 ]T aSbbW\U Pg
Wba `cZSa bVS aSOZ ]T aS`W]ca\Saa# ]T ^`OWaS O\R PZO[S# `SeO`R O\R
^c\WaV[S\b# ]\ VWa cbbS` W\d]ZdS[S\b1 ]T [OYW\U VWa dS`g eWZZ O Q][$
^ZWO\b ^O`bg b] bVS Q][^cZa]`g agabS[# eVWQV bVS`SPg eWZZ Tc\QbW]\ OZZ
bVS []`S a[]]bVZg O\R W\Sfb`WQOPZg3 <\a]TO` Oa bVS ^`W\QW^ZS ]T bVWa
[]`OZ ZOe Wa XcabWQS# Wb VOa bVS aO[S QVO`OQbS` ]T Q]\ab`OW\b ]\ bVS
^agQVWQOZ aWRS bVOb Q]a[WQ TObS VOa ]\ bVS ^VgaWQOZ aWRS% lFVS O\USZa
bVOb Q`SObSR bVS e]`ZR SabOPZWaVSR nXcab OQbW]\ao b] ZSOR [S\ Pg acQV
^`SQS^ba W\b] aS`dWbcRSm DE# 8>H#! '%()%($)"% <\ bVS \]`[ObWdS ZOe
[O\oa eWZZ Wa bOYS\ QO`S ]T Pg bVS aO[S ^]eS`a bVOb Q]\b`]Z VWa P]Rg%

'(% =% C% EO`b`S# , P:L>GH:CH>6A>GB: :GH IC =IB6C>GB:! ^^% )) T%


:\]abWQWa[# 8 fWabS\bWOZWa[ # O\R AWVWZWa[ M ((-
;S eV] ]PSga Wb VOa OPRWQObSR bVS OcbV]`Wbg ]T VWa aSZT% ;S`S eS VOdS#
PSg]\R bVS [S`S W\RWTTS`S\QS ]T bVS lacPXSQbWdWabm O`Uc[S\b O\R PS$
g]\R bVS [S`SZg ^S`[WaaWdS ^`WdWZSUS ]T T`SSR][# O ^]aWbWdS [SbO^Vga$
WQOZ W\bS`Sab W\ `S^cRWObW\U OZZSUWO\QS b] OZZ ]PXSQbWdS \]`[a O\R bVca O
[]bWdS T]` bVSW` ]cb`WUVb dW]ZObW]\% <b Wa bVS R]cPZS W\bS`Sab W\ OaaS`b$
W\U bVS OcbVS\bWQ T`SSR][ ]T bVS aSZT Pg RO`W\U bVS 4`QV]\a O\R W\
W\Xc`W\U bVSW` US\S`OZ QOcaS Pg W\RWdWRcOZZg bVeO`bW\U bVSW` RSaWU\%
4a b] bVS OaaS`bW]\ ]T bVS OcbVS\bWQ T`SSR][ ]T bVS aSZT# Wb Wa b] PS
\]bSR bVOb bVWa T`SSR][ Wa O [ObbS` \]b ]T bVS la]cZm EGM8=: ! eVWQV
Wa Oa ORS_cObSZg RSbS`[W\SR Pg bVS []`OZ ZOe Oa bVS P]Rg Wa Pg bVS
^VgaWQOZ ZOe# Pcb eV]ZZg O [ObbS` ]T bVS la^W`Wbm !EC:IBD"# bVS W\$
RSTW\OPZS a^W`WbcOZ Q]`S ]T SfWabS\QS# bVS T]`SWU\ a^O`Y% FVS a]cZ Wa
^O`b ]T bVS \Obc`OZ ]`RS`# Q`SObSR Pg bVS RS[Wc`US b] S\dSZ]^ bVS
T]`SWU\ a^W`Wb# O\R W\ bVS \]`[ObWdS ZOe bVS Q`SOb]` SfS`QWaSa Q]\b`]Z
]dS` eVOb Wa ZSUWbW[ObSZg VWa ]e\% CagQVWQOZ [O\# RSTW\OPZS W\ VWa
\Obc`OZ SaaS\QS# T]` W\abO\QS Oa `ObW]\OZ O\W[OZ# Wa abWZZ \Obc`OZ [O\#
O\R bVWa l\Obc`Sm QO\ \] []`S RSbS`[W\S bVS ^\Sc[ObWQ aSZT bVO\ W\
bVS SfWabS\bWOZWab dWSe O\g RSbS`[W\ObWdS SaaS\QS Wa ^S`[WbbSR b] ^`S$
XcRWQS bVS T`SSZg aSZT$^`]XSQbW\U SfWabS\QS%
;S`S Wb Wa ^S`bW\S\b b] Q][^O`S O\ O`Uc[S\b ]T ;SWRSUUS`oa% <\ VWa
,:HH:F DC *IB6C>GB! ;SWRSUUS` O`UcSa# OUOW\ab bVS QZOaaWQOZ RSTW\W$
bW]\ ]T @O\ Oa lbVS `ObW]\OZ O\W[OZ#m bVOb bVWa RSTW\WbW]\ ^ZOQSa [O\
eWbVW\ O\W[OZWbg# a^SQWTWSR ]\Zg Pg O 9>;;:F:CH>6 eVWQV TOZZa eWbVW\ bVS
US\ca lO\W[OZm Oa O ^O`bWQcZO` _cOZWbg% FVWa# ;SWRSUUS` Q]\bS\Ra# Wa
^ZOQW\U [O\ b]] Z]e%') < eWZZ \]b ^`Saa bVS ^]W\b eVSbVS` bVS`S Wa \]b
O dS`POZ a]^VWa[ W\d]ZdSR W\ bVca O`UcW\U T`][ bVS bS`[ lO\W[OZm Oa
caSR W\ bVS QZOaaWQOZ RSTW\WbW]\%'* IVOb Wa W[^]`bO\b T]` ca Wa bVS

')% ;SWRSUUS`# '7:F 9:C *IB6C>GBIG !9`O\YTc`b# '/*/"# ^% ')%


'*% l4\W[OZm W\ bVS :`SSY aS\aS [SO\a \]b lPSOabm ]` lP`cbS#m Pcb O\g
lO\W[ObSR PSW\U#m W\QZcRW\U RS[]\a# U]Ra# bVS S\a]cZSR abO`akSdS\ bVS
S\a]cZSR c\WdS`aS Oa O eV]ZS !QT% CZOb]# FW[OSca )& Q " 0 \] lZ]eS`W\Um ]T
[O\ Wa W[^ZWSR W\ ^ZOQW\U VW[ eWbVW\ bVWa aQOZS# O\R bVS P]Ug ]T lO\W$
[OZWbgm W\ Wba []RS`\ Q]\\]bObW]\a Wa aZW^^SR W\ ac``S^bWbW]caZg% <\ `SOZWbg#
bVS Z]eS`W\U b] ;SWRSUUS` Q]\aWaba W\ ^ZOQW\U l[O\m W\ 6CM aQOZS# bVOb Wa#
W\ O Q]\bSfb ]T C6HIF: Oa acQV% FVS 6V`WabWO\ RSdOZcObW]\ ]T lO\W[OZm b]
lPSOab#m eVWQV W\RSSR [OYSa bVS bS`[ caOPZS ]\Zg W\ Q]\b`Oab b] l[O\#m
[S`SZg `STZSQba bVS ZO`US` P`SOY eWbV bVS QZOaaWQOZ ^]aWbW]\kbVOb P`SOY Pg
eVWQV @O\# Oa bVS c\W_cS ^]aaSaa]` ]T O\ W[[]`bOZ a]cZ# Q][Sa b] abO\R
]cbaWRS l\Obc`Sm S\bW`SZg% FVS SfWabS\bWOZWab O`Uc[S\b bOYSa ]TT T`][ bVWa
((. N F ;8 C ;8AB@8ABA B9 ? <98
`SXSQbW]\ ]T O\g RSTW\OPZS l\Obc`Sm ]T [O\ eVWQV e]cZR acPXSQb VWa
a]dS`SWU\ SfWabS\QS b] O ^`SRSbS`[W\SR SaaS\QS O\R bVca [OYS VW[
^O`b ]T O\ ]PXSQbWdS ]`RS` ]T SaaS\QSa W\ bVS b]bOZWbg ]T \Obc`S% <\ bVWa
Q]\QS^bW]\ ]T O b`O\aSaaS\bWOZ# T`SSZg laSZT$^`]XSQbW\Um SfWabS\QS < aSS
a][SbVW\U Q][^O`OPZS b] bVS U\]abWQ Q]\QS^b ]T bVS b`O\a^agQVWQOZ
\SUObWdWbg ]T bVS EC:IB6# FVOb eVWQV VOa \] \Obc`S VOa \] \]`[%
B\Zg bVOb eVWQV PSZ]\Ua b] O\ ]`RS` ]T \Obc`SakPS Wb O\ ]`RS` ]T
Q`SObW]\# ]` ]T W\bSZZWUWPZS T]`[ak QO\ VOdS O \Obc`S% B\Zg eVS`S
bVS`S Wa O eV]ZS Wa bVS`S O ZOe% <\ bVS RS^`SQObW\U dWSe ]T bVS
:\]abWQa bVWa V]ZRa T]` bVS EGM8=:! eVWQV PSZ]\Ua b] bVS Q]a[WQ
eV]ZS% CagQVWQOZ [O\ QO\ R] \] PSbbS` bVO\ OPWRS Pg O Q]RS ]T ZOe
O\R ab`WdS b] PS Xcab# bVOb Wa# ^`]^S`Zg lORXcabSRm b] bVS SabOPZWaVSR
]`RS`# O\R bVca ^ZOg VWa OZZ]bbSR ^O`b W\ bVS Q]a[WQ aQVS[S% 5cb bVS
EC:IB6H>8DG! la^W`WbcOZm [O\# eV] R]Sa \]b PSZ]\U b] O\g ]PXSQbWdS
aQVS[S# Wa OP]dS bVS ZOe# PSg]\R U]]R O\R SdWZ# O\R O ZOe c\b]
VW[aSZT W\ bVS ^]eS` ]T VWa lY\]eZSRUS%m

H
5cb eVOb Wa bVWa Y\]eZSRUS OP]cb# bVWa Q]U\WbW]\ eVWQV Wa \]b ]T bVS
a]cZ Pcb ]T bVS a^W`Wb# O\R W\ eVWQV bVS a^W`WbcOZ aSZT TW\Ra Wba aOZdObW]\
T`][ Q]a[WQ aS`dWbcRS3 4 TO[]ca T]`[cZO ]T bVS HOZS\bW\WO\ aQV]]Z
bVca S^Wb][WhSa bVS Q]\bS\b ]T <CDG>G$ lIVOb [OYSa ca T`SS Wa bVS
Y\]eZSRUS eV] eS eS`S# eVOb eS VOdS PSQ][S1 eVS`S eS eS`S#
eVS`SW\ eS VOdS PSS\ bV`]e\1 eVS`Sb] eS a^SSR# eVS`ST`][ eS O`S
`SRSS[SR1 eVOb Wa PW`bV O\R eVOb `SPW`bV%m'+ 4 `SOZ SfSUSaWa ]T bVWa
^`]U`O[[ObWQ T]`[cZO e]cZR VOdS b] c\T]ZR bVS Q][^ZSbS U\]abWQ
[gbV% ;S`S < eWaV b] [OYS ]\Zg O TSe T]`[OZ ]PaS`dObW]\a%
9W`ab eS \]bS bVS RcOZWabWQ U`]c^W\U ]T bVS bS`[a W\ O\bWbVSbWQOZ
^OW`a# O\R bVS SaQVOb]Z]UWQOZ bS\aW]\ PSbeSS\ bVS[# eWbV Wba W``SdS`aW$
PZS RW`SQbW]\ T`][ ^Oab b] Tcbc`S% IS Tc`bVS` ]PaS`dS bVOb bVS bS`[a
bV`]cUV]cb O`S Q]\QS^ba \]b ]T PSW\U Pcb ]T VO^^S\W\U# ]T []dS[S\b%

\Se POaWa0 bVS ^ZOg ]\ bVS aS[O\bWQ O[PWUcWbg ]T lO\W[OZ#m eVWZS aQ]`W\U
O\ SOag ^]W\b# Q]\QSOZa bVWa aVWTb ]T POaWa ]T eVWQV bVOb O[PWUcWbg Wa O
Tc\QbW]\# O\R TOWZa b] [SSb bVS QZOaaWQOZ ^]aWbW]\ eWbV eVWQV Wb ]abS\aWPZg
O`UcSa%
'+% 6ZS[S\a 4ZSf%# (L8# :L 2=:D9#! -.%(%
:\]abWQWa[ # 8 fWabS\bWOZWa[ # O\R AWVWZWa[ M ((/
FVS Y\]eZSRUS Wa ]T O VWab]`g# W\ eVWQV Wb Wa WbaSZT O Q`WbWQOZ SdS\b%
4[]\U bVSaS bS`[a ]T []bW]\# bVS ]\S ]T VOdW\U lPSS\ bV`]e\m W\b]
a][SbVW\U ab`WYSa ]c` ObbS\bW]\# PSQOcaS eS VOdS PSS\ [ORS TO[WZWO`
eWbV Wb W\ SfWabS\bWOZWab ZWbS`Obc`S% IS O`S `S[W\RSR ]T COaQOZoa l6Oab
W\b] bVS W\TW\WbS W[[S\aWbg ]T a^OQSa#m ]T ;SWRSUUS`oa ):KDF;:C=:>H!
lVOdW\U PSS\ bV`]e\#m eVWQV b] VW[ Wa O Tc\RO[S\bOZ QVO`OQbS` ]T
bVS '6G:>C! ]T bVS aSZT$Sf^S`WS\QS ]T SfWabS\QS% FVS bS`[# Oa TO` Oa <
QO\ aSS# Wa ]`WUW\OZZg U\]abWQ% <\ @O\ROSO\ ZWbS`Obc`S Wb Wa O abO\RW\U
^V`OaS0 ZWTS VOa PSS\ bV`]e\ W\b] bVS e]`ZR# ZWUVb W\b] RO`Y\Saa# bVS
a]cZ W\b] bVS P]Rg% <b Sf^`SaaSa bVS ]`WUW\OZ dW]ZS\QS R]\S b] [S W\
[OYW\U [S PS eVS`S < O[ O\R eVOb < O[# bVS ^OaaWdWbg ]T [g QV]WQS$
ZSaa S[S`US\QS W\b] O\ SfWabW\U e]`ZR eVWQV < RWR \]b [OYS O\R eV]aS
ZOe Wa \]b [W\S% 5cb bVS W[OUS ]T bVS bV`]e OZa] W[^O`ba O Rg\O[WQ
QVO`OQbS` b] bVS eV]ZS ]T bVS SfWabS\QS bVca W\WbWObSR% <\ ]c` T]`[cZO
bVWa Wa bOYS\ c^ Pg bVS W[OUS ]T a^SSRW\U b]eO`R a][S S\R% 8XSQbSR
W\b] bVS e]`ZR# ZWTS Wa O YW\R ]T b`OXSQb]`g ^`]XSQbW\U WbaSZT T]`eO`R W\b]
bVS Tcbc`S%
FVWa P`W\Ua ca b] bVS TW\OZ ]PaS`dObW]\ < eWaV b] [OYS O^`]^]a ]T
bVS HOZS\bW\WO\ T]`[cZO0 bVOb W\ Wba bS[^]`OZ bS`[a Wb [OYSa \] ^`]$
dWaW]\ T]` O EF:G:CH ]\ eV]aS Q]\bS\b Y\]eZSRUS [Og ReSZZ O\R# W\
PSV]ZRW\U# abOg bVS T]`eO`R bV`cab% FVS`S Wa ^Oab O\R Tcbc`S# eVS`S eS
Q][S T`][ O\R eVS`S eS a^SSR b]# O\R bVS ^`SaS\b Wa ]\Zg bVS []$
[S\b ]T <CDG>G WbaSZT# bVS ^S`W^Sbg T`][ bVS ]\S b] bVS ]bVS` W\ O
ac^`S[S Q`WaWa ]T bVS SaQVOb]Z]UWQOZ CDK# FVS`S Wa bVWa b] `S[O`Y#
V]eSdS`# W\ RWabW\QbW]\ b] OZZ []RS[ ^O`OZZSZa0 W\ bVS U\]abWQ T]`[cZO
Wb Wa c\RS`ab]]R bVOb# bV]cUV bV`]e\ W\b] bS[^]`OZWbg# eS VOR O\
]`WUW\ W\ SbS`\Wbg# O\R a] OZa] VOdS O\ OW[ W\ SbS`\Wbg% FVWa ^ZOQSa bVS
W\\S`Q]a[WQ \WVWZWa[ ]T bVS :\]aWa OUOW\ab O [SbO^VgaWQOZ POQY$
U`]c\R eVWQV Wa S\bW`SZg OPaS\b T`][ Wba []RS`\ Q]c\bS`^O`b%
F] bc`\ ]\QS []`S b] bVS []RS[ Q]c\bS`^O`b# ZSb ca ^]\RS` O\
]PaS`dObW]\ eVWQV [cab ab`WYS bVS QZ]aS abcRS\b ]T ;SWRSUUS`oa 1:>C
IC9 5:>H! bVOb []ab ^`]T]c\R O\R abWZZ []ab W[^]`bO\b [O\WTSab] ]T
SfWabS\bWOZWab ^VWZ]a]^Vg% ;SWRSUUS` bVS`S RSdSZ]^a O lTc\RO[S\bOZ
]\b]Z]Ugm OQQ]`RW\U b] bVS []RSa W\ eVWQV bVS aSZT lSfWaba#m bVOb Wa#
Q]\abWbcbSa Wba ]e\ PSW\U W\ bVS OQb ]T SfWabW\U# O\R eWbV Wb ]`WUW\ObSa#
Oa bVS ]PXSQbWdS Q]``SZObSa bVS`S]T# bVS aSdS`OZ [SO\W\Ua ]T 5SW\U W\
US\S`OZ% FVSaS []RSa O`S Sf^ZWQObSR W\ O \c[PS` ]T Tc\RO[S\bOZ
QObSU]`WSa eVWQV ;SWRSUUS` ^`STS`a b] QOZZ lSfWabS\bWOZa%m G\ZWYS bVS
()& F ;8 C ;8AB@8ABA B9 ?<98
]PXSQbWdS lQObSU]`WSam ]T >O\b# bVSg O`bWQcZObS ^`W[O`WZg ab`cQbc`Sa
\]b ]T `SOZWbg Pcb ]T `SOZWhObW]\# bVOb Wa# \]b Q]U\WbWdS ab`cQbc`Sa ]T O
e]`ZR ]T ]PXSQba UWdS\# Pcb Tc\QbW]\OZ ab`cQbc`Sa ]T bVS OQbWdS []dS$
[S\b ]T W\\S` bW[S Pg eVWQV O le]`ZRm Wa S\bS`bOW\SR O\R bVS aSZT
]`WUW\ObSR Oa O Q]\bW\c]ca SdS\b% FVS lSfWabS\bWOZam VOdS# bVS`ST]`S#
SOQV O\R OZZ# O ^`]T]c\RZg bS[^]`OZ [SO\W\U% FVSg O`S QObSU]`WSa ]T
W\bS`\OZ ]` [S\bOZ bW[S# bVS b`cS RW[S\aW]\ ]T SfWabS\QS# O\R bVSg
O`bWQcZObS bVOb RW[S\aW]\ W\ Wba bS\aSa% FVWa PSW\U bVS QOaS# bVSg [cab
SfVWPWb# O\R RWab`WPcbS PSbeSS\ bVS[# bVS bV`SS V]`Wh]\a ]T bW[Sk
^Oab# ^`SaS\b# O\R Tcbc`S%
A]e WT eS b`g b] O``O\US bVSaS lSfWabS\bWOZa#m ;SWRSUUS`oa QObS$
U]`WSa ]T SfWabS\QS# c\RS` bV]aS bV`SS VSORa# Oa Wb Wa ^]aaWPZS b] R]# eS
[OYS O ab`WYW\U RWaQ]dS`gk Ob O\g `ObS ]\S bVOb ab`cQY [S dS`g [cQV
eVS\# Ob bVS bW[S bVS P]]Y O^^SO`SR# < b`WSR b] R`Oe c^ O RWOU`O[# W\
bVS QZOaaWQOZ [O\\S` ]T O lbOPZS ]T QObSU]`WSa%m <b Wa bVS RWaQ]dS`g bVOb
bVS Q]Zc[\ c\RS` bVS VSOR ]T l^`SaS\bm `S[OW\a ^`OQbWQOZZg S[^bgk
Ob ZSOab W\a]TO` Oa []RSa ]T lUS\cW\Sm ]` lOcbVS\bWQm SfWabS\QS O`S
Q]\QS`\SR% < VOabS\ b] ORR bVOb bVWa Wa O\ Sfb`S[SZg OP`WRUSR abObS$
[S\b% 4QbcOZZg O U`SOb RSOZ Wa aOWR OP]cb bVS SfWabS\bWOZ l^`SaS\b#m Pcb
\]b Oa O\ W\RS^S\RS\b RW[S\aW]\ W\ Wba ]e\ `WUVb% 9]` bVS SfWabS\bWOZZg
lUS\cW\Sm ^`SaS\b Wa bVS ^`SaS\b ]T bVS laWbcObW]\#m eVWQV Wa eV]ZZg
RSTW\SR W\ bS`[a ]T bVS aSZToa F:A6H>DC b] Wba lTcbc`Sm O\R l^Oab%m <b
TZOaVSa c^# Oa Wb eS`S# W\ bVS ZWUVb ]T RSQWaW]\# eVS\ bVS ^`]XSQbSR
lTcbc`Sm `SOQba c^]\ bVS UWdS\ l^Oabm ! ):KDF;:C=:>H" O\R W\ bVWa
[SSbW\U Q]\abWbcbSa eVOb ;SWRSUUS` QOZZa bVS l[][S\bm !%I<:C$
7A>8@"0 [][S\b# \]b Rc`ObW]\# Wa bVS bS[^]`OZ []RS ]T H=>G l^`SaS\bm
k O Q`SObc`S ]T bVS ]bVS` be] V]`Wh]\a ]T bW[S# O Tc\QbW]\ ]T bVSW`
QSOaSZSaa Rg\O[WQa# O\R \] W\RS^S\RS\b RW[S\aW]\ b] ReSZZ W\% 7S$
bOQVSR# V]eSdS`# T`][ bVWa Q]\bSfb ]T W\\S` []dS[S\b# Pg WbaSZT# [S`S
l^`SaS\bm RS\]bSa ^`SQWaSZg bVS `S\]c\QS[S\b ]T US\cW\S Tcbc`S$^Oab
`SZObW]\ W\ bVS lOPO\R]\[S\bm ]` lac``S\RS`m b] bOZY# Qc`W]aWbg# O\R
bVS O\]\g[Wbg ]T lSdS`g[O\m ! 3:F?6AA:C=:>H"0 O TOWZc`S ]T bVS bS\$
aW]\ ]T b`cS SfWabS\QS# O YW\R ]T aZOQY\Saa ]T PSW\U% <\RSSR# 3:F;6A"
A:C=:>H! O \SUObWdS bS`[ eVWQV OZa] W\QZcRSa bVS [SO\W\U ]T RSUS\S`O$
bW]\ O\R RSQZW\S# Wa H=: lSfWabS\bWOZm ^`]^S` b] l^`SaS\bm Oa acQV#
aV]eW\U Wb b] PS O RS`WdObWdS O\R lRSTWQWS\bm []RS ]T SfWabS\QS%
FVca ]c` ]`WUW\OZ abObS[S\b abO\Ra bVOb OZZ bVS `SZSdO\b QObSU]`WSa
]T SfWabS\QS# bV]aS VOdW\U b] R] eWbV bVS ^]aaWPZS OcbVS\bWQWbg ]T
aSZTV]]R# TOZZ W\ Q]``SZObS ^OW`a c\RS` bVS VSORa ]T SWbVS` ^Oab ]`
:\]abWQWa[# 8 fWabS\bWOZWa[ # O\R AWVWZWa[ M ()'
Tcbc`S0 lTOQbWQWbg#m \SQSaaWbg# VOdW\U PSQ][S# VOdW\U PSS\ bV`]e\#
UcWZb# O`S SfWabS\bWOZ []RSa ]T bVS ^Oab1 lSfWabS\QS#m PSW\U OVSOR ]T
]\Soa ^`SaS\b# O\bWQW^ObW]\ ]T RSObV# QO`S# O\R `Sa]ZdS# O`S SfWabS\bWOZ
[]RSa ]T bVS Tcbc`S% A] ^`SaS\b `S[OW\a T]` US\cW\S SfWabS\QS b]
`S^]aS W\% ?SO^W\U ]TT# Oa Wb eS`S# T`][ Wba ^Oab# SfWabS\QS ^`]XSQba
WbaSZT W\b] Wba Tcbc`S1 TOQSa Wba cZbW[ObS ZW[Wb# RSObV1 `Sbc`\a T`][ bVWa
SaQVOb]Z]UWQOZ UZW[^aS ]T \]bVW\U\Saa b] Wba aVSS` TOQb\Saa# bVS c\$
OZbS`OPZS RObc[ ]T Wba OZ`SORg VOdW\U PSQ][S bVWa# bVS`S O\R bVS\1 O\R
QO``WSa bVWa T]`eO`R eWbV Wba RSObV$PSU]bbS\ `Sa]ZdS# W\b] eVWQV bVS
^Oab VOa \]e PSS\ UObVS`SR c^% < `S^SOb# bVS`S Wa \] ^`SaS\b b] ReSZZ
W\# ]\Zg bVS Q`WaWa PSbeSS\ ^Oab O\R Tcbc`S# bVS ^]W\bSR [][S\b PS$
beSS\# POZO\QSR ]\ bVS `Oh]`oa SRUS ]T RSQWaW]\ eVWQV bV`caba OVSOR%
FVWa P`SObVZSaa Rg\O[Wa[ VSZR O b`S[S\R]ca O^^SOZ T]` bVS Q]\$
bS[^]`O`g [W\R# O\R [g US\S`ObW]\ W\ bVS :S`[O\ FeS\bWSa O\R
SO`Zg FVW`bWSa acQQc[PSR b] Wb eV]ZSaOZS% 5cb bVS`S Wa O ^chhZS W\ bVWa
SdO\SaQS\QS ]T bVS ^`SaS\b Oa bVS V]ZRS` ]T US\cW\S Q]\bS\b# W\ Wba
`SRcQbW]\ b] bVS W\V]a^WbOPZS hS`] ^]W\b ]T [S`S T]`[OZ `Sa]ZcbW]\%
IVOb [SbO^VgaWQOZ aWbcObW]\ abO\Ra PSVW\R Wb3
;S`S O\ ORRWbW]\OZ ]PaS`dObW]\ Wa `SZSdO\b% FVS`S Wa# OTbS` OZZ# PS$
aWRSa bVS SfWabS\bWOZ l^`SaS\bm ]T bVS [][S\b# bVS ^`SaS\QS ]T bVW\Ua%
7]Sa \]b bVS Q]$^`SaS\QS eWbV bVS[ OTT]`R O l^`SaS\bm ]T O RWTTS`S\b
YW\R3 5cb eS O`S b]ZR Pg ;SWRSUUS` bVOb bVW\Ua O`S ^`W[O`WZg
NI=6C9:C! bVOb Wa# caSOPZS !]T eVWQV SdS\ lcaSZSaam Wa O []RS"# O\R
bVS`ST]`S `SZObSR b] bVS l^`]XSQbm ]T SfWabS\QS O\R Wba lQO`Sm !1DF<:"#
bVS`ST]`S W\QZcRSR W\ bVS Tcbc`S$^Oab Rg\O[WQa% KSb bVSg QO\ OZa]
PSQ][S \Scb`OZWhSR b] PSW\U [S`SZg JDF=6C9:C ! labO\RW\U PST]`S
[Sm "# bVOb Wa# W\RWTTS`S\b ]PXSQba# O\R bVS []RS ]T 3DF=8>C9:C=:>H Wa
O\ ]PXSQbWdS Q]c\bS`^O`b b] eVOb ]\ bVS SfWabS\bWOZ aWRS Wa 3:F;6A"
A:F>=:>H! TOZaS ^`SaS\b% 3DF=6C9:C Wa eVOb Wa [S`SZg O\R W\RWTTS`S\bZg
lSfbO\b#m bVS lbVS`Sm ]T PO`S \Obc`S# bVS`S b] PS Z]]YSR Ob ]cbaWRS bVS
`SZSdO\QS ]T bVS SfWabS\bWOZ aWbcObW]\ O\R ]T ^`OQbWQOZ lQ]\QS`\%m <b Wa
PSW\U# Oa Wb eS`S# ab`W^^SR O\R OZWS\ObSR b] bVS []RS ]T [cbS bVW\U$
V]]R% FVWa Wa bVS abObca ZSTb b] l\Obc`Sm T]` bVS `SZObW]\ ]T bVS]`gk O
RSTWQWS\b []RS ]T PSW\Uk O\R bVS `SZObW]\ W\ eVWQV Wb Wa a] ]PXSQbWTWSR
Wa O RSTWQWS\b []RS ]T SfWabS\QS# Wba RSTSQbW]\ T`][ bVS Tcbc`Wbg ]T QO`S
W\b] bVS a^c`W]ca ^`SaS\b ]T [S`S ]\Z]]YW\U Qc`W]aWbg%',

',% < O[ a^SOYW\U VS`S bV`]cUV]cb ]T 1:>C IC9 5:>H! \]b ]T bVS ZObS`
;SWRSUUS`# eV] Wa QS`bOW\Zg \] l8fWabS\bWOZWab%m
()( N F ;8 C ;8AB@8ABA B9 ?<98
FVWa SfWabS\bWOZWab RS^`SQWObW]\ ]T bVS Q]\QS^b ]T \Obc`S ]PdW]caZg
`STZSQba Wba a^W`WbcOZ RS\cRObW]\ Ob bVS VO\Ra ]T ^VgaWQOZ aQWS\QS# O\R Wb
VOa a][SbVW\U W\ Q][[]\ eWbV bVS U\]abWQ Q]\bS[^b T]` \Obc`S% A]
^VWZ]a]^Vg VOa SdS` PSS\ ZSaa Q]\QS`\SR OP]cb \Obc`S bVO\ 8fWabS\$
bWOZWa[# T]` eVWQV Wb VOa \] RWU\Wbg ZSTb0 bVWa c\Q]\QS`\ Wa \]b b] PS
Q]\T]c\RSR eWbV E]Q`ObSao `ST`OW\W\U T`][ ^VgaWQOZ W\_cW`g Oa PSW\U
OP]dS [O\oa c\RS`abO\RW\U%
F] Z]]Y Ob eVOb Wa bVS`S# Ob \Obc`S Oa Wb Wa W\ WbaSZT# Ob 5SW\U# bVS
O\QWS\ba QOZZSR Pg bVS \O[S ]T Q]\bS[^ZObW]\# H=:DF>6# 5cb bVS ^]W\b
VS`S Wa bVOb# WT Q]\bS[^ZObW]\ Wa ZSTb eWbV ]\Zg bVS W``SZSdO\bZg SfbO\b#
bVS\ Wb Z]aSa bVS \]PZS abObca Wb ]\QS VORk Oa R]Sa bVS `S^]aS W\ bVS
^`SaS\b b] eVWQV Wb V]ZRa bVS PSV]ZRS` Pg bVS ^`SaS\QS $]T Wba ]PXSQba%
2=:DF>6 VOR bVOb RWU\Wbg PSQOcaS ]T Wba CZOb]\WQ W[^ZWQObW]\ak
PSQOcaS Wb PSVSZR SbS`\OZ ]PXSQba W\ bVS T]`[a ]T bVW\Ua# O b`O\aQS\R$
S\QS ]T W[[cbOPZS PSW\U aVW\W\U bV`]cUV bVS b`O\a^O`S\Qg ]T PSQ][$
W\U% <[[cbOPZS PSW\U Wa SdS`ZOabW\U ^`SaS\b# W\ eVWQV Q]\bS[^ZObW]\
QO\ aVO`S W\ bVS P`WST Rc`ObW]\a ]T bVS bS[^]`OZ ^`SaS\b%
FVca Wb Wa SbS`\Wbg# \]b bW[S# bVOb U`O\ba O ^`SaS\b O\R UWdSa Wb O
abObca ]T Wba ]e\ W\ bVS TZcf ]T bW[S1 O\R Wb Wa bVS Z]aa ]T SbS`\Wbg eVWQV
OQQ]c\ba T]` bVS Z]aa ]T O US\cW\S ^`SaS\b% EcQV O Z]aa ]T SbS`\Wbg Wa
bVS RWaO^^SO`O\QS ]T bVS e]`ZR ]T WRSOa O\R WRSOZa W\ eVWQV ;SWRSUUS`
aSSa bVS b`cS [SO\W\U ]T AWSbhaQVSoa l:]R Wa RSORm 0 W\ ]bVS` e]`Ra#
bVS OPa]ZcbS dWQb]`g ]T \][W\OZWa[ ]dS` `SOZWa[% FVS`ST]`S bVS aO[S
QOcaS eVWQV Wa Ob bVS `]]b ]T \WVWZWa[ Wa OZa] Ob bVS `]]b ]T bVS
`ORWQOZ bS[^]`OZWbg ]T ;SWRSUUS`oa aQVS[S ]T SfWabS\QS# W\ eVWQV bVS
^`SaS\b Wa \]bVW\U Pcb bVS [][S\b ]T Q`WaWa PSbeSS\ ^Oab O\R Tcbc`S%
<T dOZcSa O`S \]b PSVSZR W\ dWaW]\ Oa PSW\U !ZWYS bVS :]]R O\R bVS
5SOcbWTcZ ]T CZOb]"# Pcb O`S ^]aWbSR Pg bVS eWZZ Oa ^`]XSQba# bVS\
W\RSSR SfWabS\QS Wa Q][[WbbSR b] Q]\abO\b Tcbc`Wbg# eWbV RSObV Oa bVS
U]OZ1 O\R O [S`SZg T]`[OZ `Sa]ZcbW]\ b] PS# eWbV]cb O CDBDG T]` bVOb
`Sa]ZcbW]\# PSQ][Sa O ^`]XSQb T`][ \]bVW\U\Saa W\b] \]bVW\U\Saa% <\
bVS e]`Ra ]T AWSbhaQVS _c]bSR PST]`S# lIV] ]\QS VOa Z]ab eVOb bV]c
VOab Z]ab abO\Ra \]eVS`S abWZZ%m

H<
B\QS []`S ]c` W\dSabWUObW]\ ZSORa POQY b] bVS RcOZWa[ PSbeSS\ [O\
O\R E=MG>G Oa bVS [SbO^VgaWQOZ POQYU`]c\R ]T bVS \WVWZWabWQ aWbcObW]\%
:\]abWQWa[# 8 fWabS\bWOZWa[ # O\R AWVWZWa[ M ())
FVS`S Wa \] ]dS`Z]]YW\U ]\S QO`RW\OZ RWTTS`S\QS PSbeSS\ bVS U\]abWQ
O\R bVS SfWabS\bWOZWab RcOZWa[0 :\]abWQ [O\ Wa bV`]e\ W\b] O\ O\bOU]$
\WabWQ# O\bWRWdW\S# O\R bVS`ST]`S O\bWVc[O\ \Obc`S# []RS[ [O\ W\b]
O\ W\RWTTS`S\b ]\S% B\Zg bVS ZObbS` QOaS `S^`SaS\ba bVS OPa]ZcbS
dOQcc[# bVS `SOZZg P]bb][ZSaa ^Wb% <\ bVS U\]abWQ Q]\QS^bW]\ bVS V]a$
bWZS# bVS RS[]\WQ# Wa abWZZ O\bV`]^][]`^VWQ# TO[WZWO` SdS\ W\ Wba T]`$
SWU\\Saa# O\R bVS Q]\b`Oab WbaSZT UWdSa RW`SQbW]\ b] SfWabS\QSk O \SUO$
bWdS RW`SQbW]\# b] PS ac`S# Pcb ]\S bVOb VOa PSVW\R Wb bVS aO\QbW]\ ]T
bVS \SUObWdS b`O\aQS\RS\QS b] eVWQV bVS ^]aWbWdWbg ]T bVS e]`ZR Wa bVS
_cOZWbObWdS Q]c\bS`^O`b% A]b SdS\ bVWa O\bOU]\WabWQ _cOZWbg Wa U`O\bSR
b] bVS W\RWTTS`S\b \Obc`S ]T []RS[ aQWS\QS# O\R T`][ bVOb \Obc`S \]
RW`SQbW]\ Ob OZZ QO\ PS SZWQWbSR%
FVWa [OYSa []RS[ \WVWZWa[ W\TW\WbSZg []`S `ORWQOZ O\R []`S RSa$
^S`ObS bVO\ U\]abWQ \WVWZWa[ SdS` Q]cZR PS T]` OZZ Wba ^O\WQ bS``]` ]T
bVS e]`ZR O\R Wba RSTWO\b Q]\bS[^b ]T Wba ZOea% FVOb \Obc`S R]Sa \]b
QO`S# ]\S eOg ]` bVS ]bVS`# Wa bVS b`cS OPgaa% FVOb ]\Zg [O\ QO`Sa# W\
VWa TW\WbcRS TOQW\U \]bVW\U Pcb RSObV# OZ]\S eWbV VWa Q]\bW\US\Qg O\R
bVS ]PXSQbWdS [SO\W\UZSaa\Saa ]T VWa ^`]XSQbW\U [SO\W\Ua# Wa O b`cZg
c\^`SQSRS\bSR aWbcObW]\%
5cb bVWa dS`g RWTTS`S\QS# eVWQV `SdSOZa bVS U`SObS` RS^bV ]T []RS[
\WVWZWa[# OZa] QVOZZS\USa Wba aSZT$Q]\aWabS\Qg% :\]abWQ RcOZWa[# TO\$
bOabWQ Oa Wb eOa# eOa Ob ZSOab aSZT$Q]\aWabS\b% FVS WRSO ]T O RS[]\WQ
\Obc`S OUOW\ab eVWQV bVS aSZT Wa ^WbbSR# [OYSa aS\aS% 5cb eVOb OP]cb
O\ W\RWTTS`S\b \Obc`S eVWQV \SdS`bVSZSaa Q]\bOW\a W\ Wba [WRab bVOb b]
eVWQV Wba ]e\ PSW\U R]Sa [OYS O RWTTS`S\QS3 FVS ^V`OaS ]T VOdW\U
PSS\ TZc\U W\b] W\RWTTS`S\b \Obc`S Wa O `S[\O\b T`][ O RcOZWabWQ [SbO$
^VgaWQa# b] eV]aS caS bVS \]\[SbO^VgaWQOZ abO\R^]W\b VOa \] `WUVb%
IVOb Wa bVS bV`]e eWbV]cb bVS bV`]eS`# O\R eWbV]cb O PSg]\R eVS\QS
Wb abO`bSR3 DObVS` aV]cZR bVS SfWabS\bWOZWab aOg bVOb ZWTSk Q]\aQW]ca#
QO`W\U# Y\]eW\U aSZTk VOa PSS\ lbV`]e\ c^m 7M \Obc`S% <T PZW\RZg#
bVS\ bVS aSSW\U Wa O ^`]RcQb ]T bVS PZW\R# bVS QO`W\U O ^`]RcQb ]T bVS
c\QO`W\U# O bSZS]Z]UWQOZ \Obc`S PSU]bbS\ c\bSZS]Z]UWQOZZg%
7]Sa \]b bVWa ^O`OR]f QOab R]cPb ]\ bVS dS`g Q]\QS^b ]T O\ W\$
RWTTS`S\b \Obc`S# bVOb OPab`OQbW]\ ]T ^VgaWQOZ aQWS\QS3 E] `ORWQOZZg VOa
O\bV`]^][]`^VWa[ PSS\ PO\\SR T`][ bVS Q]\QS^b ]T \Obc`S bVOb SdS\
[O\ [cab QSOaS b] PS Q]\QSWdSR O\bV`]^][]`^VWQOZZg WT VS Wa Xcab O\
OQQWRS\b ]T bVOb \Obc`S% 4a bVS ^`]RcQb ]T bVS W\RWTTS`S\b# VWa PSW\U#
b]]# [cab PS W\RWTTS`S\b% FVS\ bVS TOQW\U ]T VWa []`bOZWbg e]cZR aW[$
()* N F ;8 C;8AB@8ABA B9 ?<98
^Zg eO``O\b bVS `SOQbW]\ l?Sb ca SOb O\R R`W\Y T]` b][]``]e eS RWS%m
FVS`S Wa \] ^]W\b W\ QO`W\U T]` eVOb VOa \] aO\QbW]\ PSVW\R Wb W\ O\g
Q`SObWdS W\bS\bW]\% 5cb WT bVS RSS^S` W\aWUVb ]T ;SWRSUUS` Wa `WUVbk
bVOb# TOQW\U ]c` TW\WbcRS# eS TW\R bVOb eS QO`S# \]b ]\Zg eVSbVS` eS
SfWab Pcb V]e eS SfWabk bVS\ bVS [S`S TOQb ]T bVS`S PSW\U acQV O
ac^`S[S QO`S# O\geVS`S eWbVW\ bVS e]`ZR# [cab OZa] _cOZWTg bVS b]bOZ$
Wbg eVWQV VO`P]`a bVOb TOQb# O\R SdS\ []`S a] WT lWbm OZ]\S eOa bVS
^`]RcQbWdS QOcaS ]T bVOb TOQb# Pg ZSbbW\U Wba acPXSQb ^VgaWQOZZg O`WaS W\
Wba [WRab%
FVS RWa`c^bW]\ PSbeSS\ [O\ O\R b]bOZ `SOZWbg Wa Ob bVS P]bb][ ]T
\WVWZWa[% FVS WZZ]UWQOZWbg ]T bVS `c^bc`S# bVOb Wa# ]T O RcOZWa[ eWbV]cb
[SbO^VgaWQa# [OYSa Wba TOQb \] ZSaa `SOZ# \]` Wba aSS[W\U OZbS`\ObWdS
O\g []`S OQQS^bOPZS0 bVS abO`S Ob Wa]ZObSR aSZTV]]R# b] eVWQV Wb Q]\$
RS[\a [O\# [Og eWaV b] SfQVO\US WbaSZT T]` O []\WabWQ \Obc`OZWa[
eVWQV# OZ]\U eWbV bVS `c^bc`S# e]cZR OP]ZWaV OZa] bVS WRSO ]T [O\ Oa
[O\% 5SbeSS\ bVOb EQgZZO O\R bVWa VS` beW\ 6VO`gPRWa# bVS []RS[
[W\R V]dS`a% IVSbVS` O bVW`R `]OR Wa ]^S\ b] Wbk ]\S Pg eVWQV bVS
RcOZWabWQ `WTb QO\ PS Od]WRSR O\R gSb S\]cUV ]T bVS RcOZWabWQ W\aWUVb
aOdSR b] c^V]ZR bVS Vc[O\Wbg ]T [O\k ^VWZ]a]^Vg [cab TW\R ]cb%
F 8 @ F ; 8EE4J

;RVQRTTR_ N[Q FUR\Y\Tf

<VIJEXSV] :SXI$ FUV` R``Nf dN` QRYVcR_RQ# V[ `YVTUaYf NO_VQTRQ S\_Z#


a\ N P\[SR_R[PR \S aUR\Y\TVN[` P\[PR_[RQ dVaU aUR `bOWRPa \S i@\[$
AOWRPaVSfV[T FUV[XV[T N[Q E]RNXV[T V[ 6\[aRZ]\_N_f FUR\Y\Tf%j(
F\ aUR P\[SR_RR` aUNa aVaYR UNQ \[R P\[P_RaR N[Q a\]VPNY ZRN[V[T1 aUR
b`R \S aUR YNaR_ aU\bTUa \S ?N_aV[ ;RVQRTTR_ S\_ B_\aR`aN[a aUR\Y\Tf%
<[ cVRd \S aUR PV_PbZ`aN[PR` \S Va` P\[PR]aV\[ N[Q QRYVcR_f# N[Q aUR
RPU\ Va UN` ]_\c\XRQ aUR[ N[Q NSaR_dN_Q#( ) < aU\bTUa aUNa < `U\bYQ

(% ?IGSRH /SRWYPXEXMSR SR 4IVQIRIYXMGW" P\[cR[RQ Of aUR :_NQbNaR


EPU\\Y \S 7_Rd G[VcR_`Vaf# 4]_VY 0$((# (0-+% FUR ]N]R_ dN` aUR \]R[V[T
NQQ_R``# ]_RPRQRQ Of aUR _RNQV[T \S N [bZOR_ \S iaUR`R`j dUVPU ?N_aV[
;RVQRTTR_ UNQ `R[a a\ `R_cR N` N ON`V` S\_ aUR P\[`bYaNaV\[%
)% FUR S\YY\dV[T ]bOYV`URQ P\ZZR[a` UNcR P\ZR a\ Zf [\aVPR1 D\OR_a
I% 9b[X# i>\TVP N[Q aUR >\T\`#j @LI /LVMWXMER /IRXYV] !ER]a% )*#
(0-+"# ((.,$((..2 MH$" i6\YY\^bVbZ \[ ;R_ZR[RbaVP`#j @LISPSK] @SHE]
!APa%# (0-+"# )/.$*'- !O\aU N_aVPYR` _R]\_a \[ aUR 6\[`bYaNaV\[ N` N
dU\YR"2 8bTR[R 5% 5\_\dVag# i5\[U\RSSR_l` I\_YQ P\ZR` \S 4TR#j 6YHE#
MWQ* - =YEVXIVP] 6SYVREP (+&( !IV[aR_# (0-,"# /($/. !QRNY` dVaU aUR
7_Rd 6\[`bYaNaV\[ N[Q aUV` ]N]R_ \[ ]]% /( S%"2 IVYYVNZ =% DVPUN_Q`\[#
E%=%# i;RVQRTTR_ N[Q :\QhN[Q B_\SR``\_ =\[N`#j @LSYKLX* 2SVHLEQ
ARMZIVWMX] =YEVXIVP] +'&(,- !E]_V[T# (0-,"# (*$+'% FUR YN`a$[NZRQ# Re$
aR[`VcR P_VaV^bR Of aUR NbaU\_ \S 4IMHIKKIV* @LVSYKL <LIRSQIRSPSK] XS
@LSYKLX !FUR ;NTbR# (0-*"# N[Q N ]N_aVPV]N[a Na aUR 7_Rd 6\[`bYaNaV\[#
dN` SV_`a ]_\]\b[QRQ N` aUR N[[bNY EbN_Rg >RPab_R QRYVcR_RQ Na 9\_QUNZ
G[VcR_`Vaf# 4]_VY ).# (0-+# N SRd dRRX` NSaR_ aUR \PPN`V\[ dUVPU ]_\$
L )*, M
)*- M F ;8 B ;8@A?8@A@ A9 ><98
YRNcR aUR R``Nf Va` \_VTV[NY PUN_NPaR_ \S N `]RRPU aUNa NQQ_R``R` N[
NbQVR[PR%

#
FUR ]_\OYRZ \S \OWRPaVSVPNaV\[# N[Q dVaU Va aUNa \S _RcR_`V[T \_ ]N_$
aVNYYf b[ZNXV[T Va# dN` OR^bRNaURQ a\ IR`aR_[ aUR\Y\Tf S_\Z Va`
\_VTV[ V[ aUR ZNaV[T \S aUR 5VOYVPNY d\_Q dVaU aUR :_RRX PSKSW$ <a V`
aUb` N` \YQ N` 6U_V`aVN[ aUR\Y\Tf Va`RYS# N[Q RcR[ `YVTUaYf \YQR_% IUVPU
`VQR \S aUR Q\bOYR ]N_R[aNTR d\bYQ OR Q\ZV[N[a N[Q dUVPU _RPR``VcR
V[ aUR \SS`]_V[T dN` QRZ\[`a_NaRQ V[ aUR cR_f SV_`a R[P\b[aR_ \S aUR
ad\ V[ BUVY\ =bQNRb`% 4 aRYYV[T `fZO\Y \S dUNa UN]]R[RQ a\ aUR
5VOYVPNY d\_Q aU_\bTU UVZ N[Q UV` `bPPR``\_` V` b[dVaaV[TYf `b]]YVRQ
Of N[ NYYRT\_f dUVPU UR Rc\YcR` S_\Z N[ RafZ\Y\Tf \S aUR [NZR
i<`_NRY%j FUR [NZR V` aNXR[ a\ ZRN[ i;R dU\ `RR` :\Q#j N[Q
=NP\Ol` NP^bV_V[T aUV` [NZR V` `NVQ a\ _R]_R`R[a aUR :\Q$`RRXR_l`
]_\T_R`` S_\Z aUR `aNTR \S URN_V[T a\ aUNa \S `RRV[T# ZNQR ]\``VOYR Of
aUR ZV_NPbY\b` P\[cR_`V\[ \S RN_` V[a\ RfR`% FUR NYYRT\_f SNYY` V[a\
aUR TR[R_NY ]NaaR_[ \S BUVY\l` cVRd` \[ iX[\dV[T :\Q%j FUR`R _R`a \[
aUR BYNa\[VP `b]]\`VaV\[ aUNa aUR a_bR`a _RYNaV\[ a\ ORV[T V` V[abVaV\[#
ORU\YQV[T% FUV` RZV[R[PR \S `VTUa# dUR[ ReaR[QRQ V[a\ aUR _RYVTV\b`
`]UR_R# QRaR_ZV[R` NY`\ aUR UVTUR`a N[Q Z\`a NbaUR[aVP _RYNaV\[ a\
:\Qh N[Q dVaU Va NY`\ a\ aUR [SVH \S :\Q%* F\ aUV` BUVY\ V[QRRQ

c\XRQ Va% 4 _RW\V[QR_ a\ aUV` NOYR P\b[aR_P_VaV^bR Of N QRc\aRQ N[Q aU\_$


\bTUYf V[S\_ZRQ `abQR[a \S ;RVQRTTR_l` aU\bTUa Zb`a OR YRSa S\_ N[\aUR_
\PPN`V\[%h ?f ]N]R_ dN` ]bOYV`URQ V[ @LI >IZMI[ SJ 9IXETL]WMGW (/&)
!7RP%# (0-+"# )'.$))*# N[Q V` UR_R _R]_V[aRQ dVaU N SRd ZV[\_ PUN[TR` V[
NT_RRZR[a dVaU aUR :R_ZN[ cR_`V\[# i;RVQRTTR_ b[Q QVR FUR\Y\TVR#j
1ZERKIPMWGLI @LISPSKMI )+&() !7RP%# (0-+"# -)($-+)%
*% iERRV[T dVaU aUR RfR` V` aUR SNV_R`a \S NYY aUR `R[`R` % % % Oba `RRV[T
dVaU aUR _bYV[T ]_V[PV]YR \S aUR `\bY RePRY` NYY \aUR_ SNPbYaVR`1 aUV` V` aUR
V[`VTUa !TLVSRIWMW"# aUR cV`V\[ \S aUR ZV[Q% ;R dU\ UN` `bPPRRQRQ [\a
\[Yf a\ TNV[ `PVR[PR \S NYY aUNa ReV`a` V[ [Nab_R Oba NY`\ a\ ORU\YQ aUR
9NaUR_ N[Q 6_RNa\_ \S aUR 4YY# UN` NaaNV[RQ a\ aUR `bZZVa \S OYR``RQ[R``#
S\_ UVTUR_ aUN[ :\Q aUR_R V` [\aUV[T2 N[Q dU\RcR_ UN` _RNPURQ ;VZ aUb`
dVaU aUR V[aR[QV[T RfR \S UV` `\bY ZNf ]_Nf S\_ aUV` `aNTR a\ ]R_`V`a N[Q
YN`aj 0I -FVELEQS" ,. S%"% !DRSR_R[PR` a\ BUVY\ =bQNRb` N_R NPP\_QV[T
a\ aUR ]N_NT_N]U [bZOR_V[T V[ aUR `aN[QN_Q :_RRX RQVaV\[ Of >% 6\U[
N[Q B% IR[QYN[Q# dUVPU aUR >\RO 6YN``VPNY >VO_N_f _R]_\QbPR`2 a_N[`YN$
aV\[` N_R ZV[R%" @\aR U\d :\Q V` UR_R _N[XRQ# N` aUR UVTUR`a ORV[T# V[ aUR
; 8<78::8D 4@7 F ;8A>A:J & )*.
N``VT[` N [Nab_R dUVPU ZNXR` cV`V\[# V%R%# V[aRYYRPabNY P\[aRZ]YNaV\[#
N[Q [\a NbQVaV\[# Va` TR[bV[R P_VaR_V\[% DRSR__V[T a\ aUR ]U_N`R V[
8e\Qb`# i4YY aUR ]R\]YR `Nd aUR c\VPRj !)'1(/"# UR P\ZZR[a`1

_N[X \_QR_ \S NYY ORV[T2 N[Q aUV` V[PYb`V\[# RcR[ VS Of dNf \S PbYZV[NaV\[#
V` ]_RPV`RYf aUR \[a\Y\TVPNY P\__RYNaR a\ aUR cV`bNY N]]_\NPU% G[QR_ aUR
aR_Z` `Ra Of aUV` N]]_\NPU aUR `aNaRZR[a aUNa :\Q V` iaUR ORV[T \[Rj
N``bZR` N QRSV[VaR ZRN[V[T dUVPU PN[[\a Oba PYN`U dVaU aUR R^bNYYf
RZ]UN`VgRQ PYNVZ aUNa UR a_N[`PR[Q` NYY \[a\Y\TVPNY QRaR_ZV[NaV\[% FUV`
ZRN[V[T \S :\Ql` iORV[Tj ORP\ZR` ZN[VSR`a V[ BUVY\l` PNYYV[T UVZ iaUR
Z\`a ]R_SRPa T\\Qj ! XIPIMSXEXSR EKEXLSR" R%T%# V[ 0I /SRJYWMSRI 8MR#
KYEVYQ" (/'"% BYNa\[VPNYYf b[QR_`a\\Q# aUR T\\Q !\_ iaUR T\\Q Va`RYSj" V`
aUR UVTUR`a PNaRT\_f \S ORV[T Uf]\`aN`VgRQ V[a\ N _R]_R`R[aNaV\[ \S aUR
ORV[T[R`` \S NYY ORV[T` N` `bPU% 4YaU\bTU iORf\[Q R``R[PRj !S\_ R``R[PR
]R_aNV[` a\ `]RPVSVP ORV[T"# Va V` fRa aUR R``R[PR \S NYY R``R[PR# \_ aUR S\_Z
\S S\_Z`hN[Q N` `bPU aUR aR_ZV[NY SFNIGX \S aUR V[abVaV[T R_\` dUVPU V[ Va
_RNPUR` Va` T\NY1 N[ VZ]R_`\[NY# V[QRRQ `a_bPab_NY \[a\Y\TVPNY ]_V[PV]YR#
YVSaRQ \ba \S aUR RcVQR[PR \S ORV[T N` N dU\YR V[ ZRaN]Uf`VPNY cV`V\[# Va V`
Of Va` cR_f [Nab_R aUR P\__RYNaR \S XLISVME N[Q [\dUR_R a\ OR S\b[Q Oba V[
]b_R aUR\_f% E\ BYNa\% @\d dUR[ <LMPS QRPYN_R` UV` 3SH a\ OR iaUR Z\`a
]R_SRPa T\\Qj !dUVPU BYNa\ QVQ [\a" N[Q aUb` ZNXR` LMQ aUR PbYZV[NaV\[
\S aUR UVR_N_PUf \S NYY ORV[T# UR `aNf` V[ YV[R dVaU aUR \_VTV[NY :_RRX#
icV`bNYj N]]_\NPU N[Q dVaU aUR \[a\Y\Tf QRaR_ZV[RQ Of Va% 5ba dUNa Q\R`
aUNa ZRN[ S\_ ZN[l` _RYNaV\[ a\ :\Q# V%R%# S\_ aUR YVSR \S ]VRaf3 FUR ]R_SRPa
T\\Q V` aUR R[Q$T\\Q# aUR SV[NY T\NY \S N QR`V_R S\_ ]\``R``V\[% IR ZNf
cR[ab_R aUR `aNaRZR[a aUNa dUR_RcR_ :\Q V` QRSV[RQ N` aUR WYQQYQ
FSRYQ !R%T%# Of 4bTb`aV[R"# aUR[ UR V` NY`\ b[QR_`a\\Q N` aUR SV[NY \OWRPa
\S N[ N]]RaVaV\[# V%R%# N` aUR ]\aR[aVNY bYaVZNaR `NaV`SNPaV\[ \S N QR`V_R S\_ N
]_R`R[PR1 N[Q aUR[ aUR Z\`a cNYVQ _RYNaV\[ \S ]VRaf Zb`a OR cV`V\[# dUVPU
T_N[a` aUR ]b_R`a Z\QR \S aUR \OWRPal` ]_R`R[PR% 4PP\_QV[TYf# BUVY\ P\[$
PRVcR` aUR dNf \S ]VRaf# ORV[T aUR dNf a\dN_Q :\Q# N` N ]_\T_R`` \S
]R_SRPaV\[# V[ dUVPU aUR ]N``NTR S_\Z URN_V[T a\ `RRV[T ZN_X` N QRPV`VcR
]\V[a% Ff]\Y\TVPNYYf# <`UZNRY# aUR UN[QZNVQl` `\[# aUR iZR_RYf URN_V[Tj
af]R# V` P\[a_N`aRQ dVaU <`_NRY# aUR a_bR$O\_[# N` aUR `RRV[T af]R% !6S% 0I
2YKE IX 5RZIRXMSRI" )'/%" 4[Q aUR RYRcNaV\[ \S =NP\O UVZ`RYS a\ aUR T_NQR
\S <`_NRY V` N PUN[TR$\cR_ S_\Z aUR P\[QVaV\[ \S URN_V[T a\ aUNa \S `RRV[T1
i=NP\O V` aUR [NZR S\_ YRN_[V[T N[Q ]_\T_R``V[T# V%R%# S\_ aUR ]\dR_` aUNa
QR]R[Q \[ URN_V[T2 Oba <`_NRY V` aUR [NZR S\_ ]R_SRPaV\[# S\_ Va ZRN[`
k`RRV[T :\QlhN[Q dUNa P\bYQ OR Z\_R ]R_SRPa V[ aUR _RNYZ \S a_baU aUN[
a\ `RR aUR a_bYf ReV`aR[a \[R3j 0I 1FVMIXEXI" /)2 PS% NY`\ 0I 9MKVEXMSRI
-FVELEQM" +. SS%"% FUR a_N[`VaV\[ aNXR` ]YNPR aU_\bTU aUR P\[cR_`V\[ \S
RN_` V[a\ RfR`1 i5f N QVcV[R O_RNaU aUR >\T\` P\[cR_a` aUR RN_` \S =NP\O
!aUR iN`PRaVPj dU\ d_R`aYR` dVaU aUR N[TRY" V[a\ RfR`# aUR_ROf a_N[`S\_Z$
V[T UVZ V[a\ N [Rd af]R PNYYRQ <`_NRY# aUR `RRV[T \[Rj 0I ?SQRMMW" <#
()0"%
)*/ M F ;8 B ;8@A?8@A@ A9 ><98
i;VTUYf `VT[VSVPN[a# S\_ UbZN[ c\VPR V` a\ OR URN_Q#Oba :\Ql` c\VPR V`
V[ a_baU a\ OR `RR[% IUf3 5RPNb`R aUNa dUVPU :\Q `]RNX` V` [\a
d\_Q` Oba d\_X`# dUVPU aUR RfR QV`P_VZV[NaR` ORaaR_ aUN[ aUR RN_j
0I 0IGEPSKS" +."%+ iI\_X`#j SV[V`URQ _RNYVaVR`# N_R dUNa :\Q
i`]RNX`#j V%R%# dUNa UR# RVaUR_ Of UV` ORV[T \_ Of UV` NPaV[T# ]ba`
ORS\_R \b_ RfR`% 4[Q aUR SV[V`URQ \_ ]R_SRPaRQ V` \OWRPaVcRYf ]_R`R[a
N[Q PN[ \[Yf OR Y\\XRQ Na2 Va ]_R`R[a` Va`RYS V[ Va` IMHSW$ 5ba 5VOYVPNYYf
b[QR_`a\\Q# aUR d\_Q \S :\Q V` ]_VZN_VYf PNYY N[Q P\ZZN[Q# N[Q
P\ZZN[Q` N_R [\a Y\\XRQ Na Oba URN_Qh N[Q \ORfRQ \_ QV`\ORfRQ%
@\d Va V` \OcV\b` aUNa aUV` V` [\a aUR N[aVaUR`V` BUVY\ UN` V[ ZV[Q% FUR
Y\T\` LI P\[a_N`a` dVaU aUR `RR[ \[R N` iZR_RYfj URN_Q V` aUR
N]\]UN[aVP ![\a aUR VZ]R_NaVcR" Y\T\` dUVPU ]_\[\b[PR` \[ \OWRPa`#
V%R%# \[ icV`VOYR`j V[ aUR dVQR`a `R[`R# N[Q aUb` PNYY` V[QRRQ S\_ N
`RRV[T a\ SbYSVYY N[Q _RQRRZ Va` `fZO\YVP V[aR[aV\[% EbPU Y\T\` NO\ba N
`aNaR \S aUV[T`# dUVPU `bO`aVabaR` S\_ NbaUR[aVP ]_R`R[PR Of
ZRN[V[TSbY `VT[`# V` _RPRVcRQ Of N ]_\cV`V\[NY iZR_R URN_V[Tj dUVPU
Of Va` \d[ `R[`R `a_NV[` a\dN_Q Va` P\Z]YRaV\[ V[ aUR `RRV[T \S aUR
`VT[VSVRQ P\[aR[a% 4 Z\_R ]R_SRPa# N_PURaf]NY Y\T\`# ReRZ]a S_\Z aUR
UbZN[ QbNYVaf \S `VT[ N[Q aUV[T N[Q aUR_RS\_R [\a O\b[Q a\ aUR S\_Z`
\S `]RRPU# d\bYQ [\a _R^bV_R aUR ZRQVNaV\[ \S URN_V[T Oba V` VZZRQV$
NaRYf ORURYQ Of aUR ZV[Q N` aUR a_baU \S aUV[T`% <[ \aUR_ d\_Q`# aUR
N[aVaUR`V` \S `RRV[T N[Q URN_V[T N_TbRQ Of BUVY\ YVR` N` N dU\YR dVaUV[
aUR _RNYZ \S i`RRV[TjhaUNa V` a\ `Nf# Va V` [\ _RNY N[aVaUR`V` Oba N QVS$
SR_R[PR \S QRT_RR _RYNaVcR a\ aUR VQRNY \S VZZRQVNaR# V[abVaVcR ]_R`R[PR
\S aUR \OWRPa% <a V` dVaU N cVRd a\ aUV` VQRNY aUNa aUR iURN_V[Tj UR_R
\]]\`RQ a\ i`RRV[Tj V` P\[PRVcRQ# [NZRYf# N` Va` QR]baVgV[T# ]_\cV$
`V\[NY Z\QR# N[Q [\a N` `\ZRaUV[T NbaUR[aVP# ON`VPNYYf \aUR_ aUN[
`RRV[T% 4PP\_QV[TYf# aUR ab_[ S_\Z URN_V[T a\ `RRV[T UR_R R[cV`NTRQ V`
ZR_RYf N ]_\T_R`` S_\Z N YVZVaRQ a\ N[ NQR^bNaR X[\dYRQTR \S aUR
`NZR N[Q dVaUV[ aUR `NZR ]_\WRPa \S X[\dYRQTR% 5ba dR UNcR aUR+

+% 6S% 0I 9MKVEXMSRI -FVELEQM" -' SS% iEP_V]ab_R aRNPUR` aUNa# dUR_RN`


aUR c\VPR \S Z\_aNY P_RNab_R` UN` S\_ Va` P_VaR_V\[ aUR `R[`R \S URN_V[T# aUR
d\_Q` !`aNaRZR[a`# PSKSM" \S :\Q N_R `RR[ V[ aUR ZN[[R_ \S YVTUa2 S\_ Va
`Nf` kNYY aUR ]R\]YR `Nd aUR c\VPR% % % %l 9\_ aUR `]RRPU QVcVQRQ V[a\ [\b[
N[Q cR_O N[Q NYY aUR ZRZOR_` \S aUR `R[aR[PR V` NbQVOYR % % % Oba aUR c\VPR
\S :\Q dUVPU V` ORURYQ Of aUR RfR \S aUR `\bY V` cV`VOYR% % % % FUR_RS\_R
:\Ql` `aNaRZR[a` UNcR aUR `\bYl` `R[`R \S `VTUa S\_ aURV_ P_VaR_V\[% FUR
QVcV[R P\ZZb[VPNaV\[ V` \S ]b_R# b[ZVeRQ PSKSW dUVPU N ]b_R `\bY OR$
U\YQ` Of NPbaR[R`` \S `VTUa%j
; 8<78::8D 4@7 F ;8A>A:J L )*0
_VTUa a\ aNXR BUVY\l` ]N_NOYR \S ]R_SRPaV\[ aU_\bTU aUR P\[cR_`V\[ \S
RN_` V[a\ RfR` \[ \b_ ]N_a N` N ]N_NOYR S\_ aUNa ab_[ S_\Z URN_V[T a\
`RRV[T dUVPU UR UVZ`RYS N[Q NSaR_ UVZ 6U_V`aVN[ aUR\Y\Tf ![\a a\
`]RNX \S :[\`aVPV`Z" b[QR_dR[a V[ aURV_ ]_VZN_f P\[`aVabaV\[haUR
ab_[ S_\Z aUR \_VTV[NY URN_V[T \S aUR PNYY \S aUR YVcV[T# [\[d\_YQYf
:\Q V` a\ aUR aUR\_RaVPNY dVYY S\_ cV`V\[ \S aUR `b]R_[Nab_NY# QVcV[R
a_baU`% <[ aUV` `R[`R aUR iP\[cR_`V\[ \S RN_` V[a\ RfR`j PN[ OR P\[$
`VQR_RQ N `fZO\Y \S aUR SV_`a _N[X%
FNXV[T N PbR S_\Z BUVY\ dR ZNf N`X1 <S aUR NQ\]aV\[ \S aUR
i`RRV[Tj N]]_\NPU S_\Z :_RRX ]UVY\`\]Uf dN` N ZV`S\_ab[R S\_ aUR$
\Y\Tf# Q\R` aUR _R]bQVNaV\[ \_ \cR_P\ZV[T \S aUNa N]]_\NPU V[ N
P\[aRZ]\_N_f ]UVY\`\]Uf ]_\cVQR N P\[PR]abNY ZRN[` S\_ aUR\Y\Tf a\
_RS\_Z Va`RYS# a\ ORP\ZR Z\_R NQR^bNaR a\ Va` aN`X3 6N[ Va aUb` YRNQ a\
N [Rd NYYVN[PR ORadRR[ aUR\Y\Tf N[Q ]UVY\`\]Uf NSaR_# R%T%# aUR
ZRQVRcNY \[R dVaU 4_V`a\aRYVN[V`Z UN` O_\XR[ Q\d[3 FUR ^bR`aV\[
N``bZR` aUNa `\ZR b`R \S ]UVY\`\]Uf# V%R%# \S aUR RYbPVQNaV\[ \S aUR
[Nab_R \S _RNYVaf Of `RPbYN_ aU\bTUa# N[Q \S aUR [Nab_R \S aUV[XV[T
NO\ba _RNYVaf V[ `RPbYN_ aU\bTUa# V` QR`V_NOYR N[Q RcR[ [RPR``N_f S\_
aUR\Y\Tf% FUV` N``bZ]aV\[ Zb`a OR T_N[aRQ# `V[PR aUR\Y\Tf# N` aUR
Y\T\` NO\ba aUV[T` QVcV[R# V` Of QRSV[VaV\[ aUR QV`Pb_`VcR# V[ `\ZR
`R[`R `PVR[aVSVP# RYbPVQNaV\[ \S aUR P\[aR[a` \S SNVaU ![\a# \S P\b_`R# \S
aUR V[aR_[NY WXVYGXYVI \S SNVaU# dUVPU d\bYQ OR ]UR[\ZR[\Y\Tf" N[Q
aUb`# S\_ \[R aUV[T# P\ZR` b[QR_ aUR _bYR` N[Q [\_Z` \S RYbPVQNaV\[
N[Q QV`P\b_`R N` `bPU2 N[Q `V[PR aUR P\[aR[a` \S SNVaU P\Z]_V`R aUR
QRNYV[T` \S :\Q dVaU aUR d\_YQ N[Q dVaU ZN[# aUR RYbPVQNaV\[ \S aUR
Zb[QN[R N[Q UbZN[ `VQR \S aUV` ]\YN_Vaf Zb`a OR V[S\_ZRQ Of N
X[\dYRQTR \S dUNa d\_YQ N[Q ZN[ N_R# N[Q ]UVY\`\]Uf V` `b]]\`RQ a\
]_\cVQR `bPU X[\dYRQTR% <a d\bYQ aUR[ S\YY\d aUNa aUNa ]UVY\`\]Uf V`
Z\`a NQR^bNaR a\ aUR\Y\Tf dUVPU V` Z\`a NQR^bNaR a\ ORV[T# V%R%#
dUVPU V` Z\`a [RN_Yf a_bRh Of aUR P_VaR_VN \S ]UVY\`\]Uf Va`RYS# V%R%# Of
aUR P_VaR_VN \S `RPbYN_ _RN`\[% 5ba `V[PR S\_ N QRPV`V\[ \[ aUV` aUR
aUR\Y\TVN[` PN[[\a dNVa S\_ aUR P\[`R[`b` \S ]UVY\`\]UR_`# [\_ RcR[
[RPR``N_VYf a_b`a Va` NbaU\_Vaf# aURf ZNf OR TbVQRQ V[ aURV_ PU\VPR Of
aUR N]]RNY \S NSSV[Vaf# aUR YR``\[` \S ]N`a Re]R_VR[PR dVaU ]UVY\`\]UV$
PNY YVNV`\[`# aUR ]_R`R[a [RRQ` \S aURV_ QV`PV]YV[R# N[Q Of N]]_NV`V[T
dUVPU ]UVY\`\]Uf V` Z\`a URY]SbY a\ aUR QV`PUN_TR \S aUR\Y\Tfl` aN`X#
\_ YRN`a QN[TR_\b` a\ Va` \d[ a_b`a# a\ Va` \d[ TR[bV[R[R``# YRN`a
`RQbPaVcR# YRN`a NYVR[NaV[ThOf N[f \_ NYY \S aUR`R P\[`VQR_NaV\[`# Oba
)+' M F ;8 B ;8@A?8@A@ A9 > <98
N` YVaaYR N` ]\``VOYR Of SN`UV\[% A[ NYY aUR`R P\b[a` aUR aUR\Y\TVN[
d\bYQ Q\ dRYY a\ ReR_PV`R N T_RNa QRNY \S PNbaV\[ N[Q ZV`a_b`a% 4[Q
R`]RPVNYYf V[ aUR SNPR \S aRZ]aV[T `VZVYN_Vaf1 dUNa aUR\Y\Tf [RRQ` V[
aUV` _RYNaV\[`UV] V` aUR \aUR_[R`` \S ]UVY\`\]Uf# [\a Va` `VZVYN_Vaf%
;\dRcR_# aUR Re]R_VZR[a \S _RYNaV\[`UV] Va`RYS V` V[R`PN]NOYR# N[Q aUR
\[R PU\VPR PY\`RQ V` NO`aR[aV\[% FUb`# aUR \]R[[R`` a\ P\[aRZ]\_N_f
aU\bTUa `U\d[ Of aUR\Y\Tf V[ aUR ]_R`R[a Re]R_VZR[ah N` Va dN`
`U\d[ Na NYY aVZR`h V` a\ OR dRYP\ZRQ%

<<

9V_`a# aUR[# \[ aUR P\b[a \S NSSV[Vaf# aUR N]]RNY \S ;RVQRTTR_l`


aU\bTUa# Na YRN`a \S UV` YN[TbNTR# a\ aUR 6U_V`aVN[ aUR\Y\TVN[ PN[[\a
OR QR[VRQ% ;R O_V[T` a\ aUR S\_R ]_RPV`RYf dUNa aUR ]UVY\`\]UVPNY
a_NQVaV\[ UNQ VT[\_RQ \_ dVaUURYQh aUR Z\ZR[a \S PNYY \cR_ NTNV[`a
aUNa \S S\_Z# \S ZV``V\[ \cR_ NTNV[`a ]_R`R[PR# \S ORV[T T_N`]RQ \cR_
NTNV[`a `b_cRfV[T# \S RcR[a \cR_ NTNV[`a \OWRPa# \S _R`]\[`R \cR_
NTNV[`a P\[PR]a# RcR[ aUR UbZVYVaf \S _RPR]aV\[ \cR_ NTNV[`a aUR ]_VQR
\S Nba\[\Z\b` _RN`\[# N[Q TR[R_NYYf aUR `aN[PR \S ]VRaf \cR_ NTNV[`a
aUR `RYS$N``R_aV\[ \S aUR `bOWRPa% 4a YN`a# a\ _R`bZR aUR BUVY\[VP PbR#
aUR `b]]_R``RQ `VQR \S iURN_V[Tj TRa` N URN_V[T NSaR_ aUR Y\[T
N`PR[QN[Pf \S i`RRV[Tj N[Q aUR `]RYY \S \OWRPaVSVPNaV\[ dUVPU Va PN`a
b]\[ aU\bTUa2 N[Q 6U_V`aVN[ aU\bTUa ZNf ab_[ Va` RfR`# [\ Y\[TR_
OYV[QRQ Of aUR ZRaN]Uf`VPNY cV`V\[# a\ aUV` ^bN_aR_ a\ UNcR aURZ
_RP\[cR_aRQ V[a\ RN_` N[Q `\ a\ URN_# N[Q ]R_UN]` ZNXR URN_Q# Va`
\d[ ZR``NTR N[Rd%
A_ `\ Va `RRZ` a\ `\ZR% 4[Q \[ aUR TVMQE JEGMI RcVQR[PR Va Zb`a OR
T_N[aRQ aUNa RcN[TRYVPNY aUR\Y\Tf URN_` aUR_R SNZVYVN_ `\b[Q` N[Q PN[
SRRY Z\_R Na U\ZR dVaU aUV` aUN[ dVaU `\ZR \aUR_ cN_VRaVR` \S Z\QRZ
\_ a_NQVaV\[NY aU\bTUa% 5ba V`[la Va ]R_UN]` a\\ ZbPU Na U\ZR aUR_R3
4_R aUR SNZVYVN_ `\b[Q` YRTVaVZNaR aUR_R3 <` aUR\Y\Tf ]R_UN]` Yb_RQ Of
aURZ \[a\ NYVR[ T_\b[Q ZNQR NYY aUR Z\_R QN[TR_\b` Of aUR Zf`aR_V$
\b` ZN`XV[T# aUR V[`]V_NaV\[NY a\[R# dUVPU ZNXR Va` ]NTN[V`Z `\
ZbPU Z\_R QVSSVPbYa a\ QV`PR_[ aUN[ aUNa \S `a_NVTUaS\_dN_Q# VQR[aVSVN$
OYf `RPbYN_ ]UVY\`\]Uf3
>Ra b` N`X dUNa aUR TVMQE JEGMI NSSV[Vaf UR_R _RNYYf ZRN[`% F\ aNXR
N dRYY$X[\d[ ReNZ]YR# ;RVQRTTR_ U\YQ` aUNa iaUV[XV[Tj V` N iaUN[X$
V[Tj S\_ aUR SNc\_ \S ORV[T% ;R N``R_a` aUV` \S i]_VZNYj !ERJERKPMGL"
; 8<78::8D 4@7 F ;8A>A:J L )+(
\_ iR``R[aVNYj aUV[XV[T# dUVPU UR \]]\`R` a\ aUR i`RP\[QN_f#j QR_VcN$
aVcR !EFOMMRJXMK! aUV[XV[T \S ZRaN]Uf`VP` N[Q `PVR[PR% IUR_RN` aUR
YN[TbNTR \S aUR YN`a ad\ V` aUNa \S \OWRPaVSfV[T QV`P\b_`R# aUR YN[TbNTR
\S R``R[aVNY aUV[XV[T UN` aUR ^bNYVaf \S aUN[X`TVcV[T% FUR 5VOYVPNY \_
TR[R_NYYf _RYVTV\b` _V[T \S aUR`R `aNaRZR[a` V` b[ZV`aNXNOYR% 5ba Q\R`
aUV` P\[`\[N[PR \[ aUR ]UVY\`\]UR_l` ]N_a N_V`R S_\Z V[QR]R[QR[a
]UVY\`\]UVPNY _RSYRPaV\[# \_ dN` aUR 5VOYVPNY Z\QRY Va`RYS N SNPa\_ V[
aUR _RSYRPaV\[3 < aUV[X aUR_R PN[ OR [\ Q\bOa aUNa aUR YNaaR_ V` aUR PN`R%
IR N_R `VZ]Yf V[ aUR ]_R`R[PR \S aUR dRYY$X[\d[ N[Q NYdNf` X[\d[
SNPa aUNa aUR_R V` ZbPU `RPbYN_VgRQ 6U_V`aVN[Vaf V[ ;RVQRTTR_l`
aU\bTUa% FUV` dN` RcVQR[a S_\Z aUR ORTV[[V[T# S_\Z ?IMR YRH DIMX \[2
N[Q [\adVaU`aN[QV[T aUR `a_R[b\b` N``R_aV\[ Of ;RVQRTTR_ N[Q Of
\aUR_` \[ UV` ORUNYS aUNa `bPU P\[PR]a` N` TbVYa# PN_R# N[eVRaf# PNYY \S
P\[`PVR[PR# _R`\YbaV\[# BIVJEPPIRLIMX" NbaUR[aVPVaf$b[NbaUR[aVPVaf#
UNcR N ]b_RYf \[a\Y\TVPNY ZRN[V[T dVaU [\ \[aVP !R%T%# ]`fPU\Y\TVPNY"
P\[[\aNaV\[# N[Q YRN`a \S NYY N_R ZRN[a Z\_NYYf# aUR _RN`\[NOYR \O$
`R_cR_# dVaU\ba R[aR_V[T V[a\ aUR ^bR`aV\[ \S `bOWRPaVcR U\[R`af# dVYY
[\a YRa `bPU QV`PYNVZR_` XRR] UVZ S_\Z TVcV[T a_NQVaV\[ Va` QbR% ;R
dVYY aUR[ NPX[\dYRQTR# a\ _R]RNa# aUNa ;RVQRTTR_l` `RPbYN_ aUV[XV[T
Q\R` RZO\Qf RYRZR[a` S_\Z 6U_V`aVN[ aU\bTUa% 5ba Q\R` aUNa Wb`aVSf
`NfV[T aUNa aUR_R V` N[ Nba\[\Z\b` ]N_NYYRY ORadRR[ aUR ad\3 N P\__R$
`]\[QR[PR \_ P\__RYNaV\[3 aUNa aUR_RS\_R aUR \[R PN[ \SSR_ NVQ N[Q
P\ZS\_a a\ aUR \aUR_# aUR `VQR \S X[\dYRQTR a\ aUNa \S SNVaU3 <[ aUR
PN`R \S ?\`R` N[Q BYNa\h aUR PN`R \S BUVY\h aUR_R GSYPH UNcR ORR[
N[ V[QR]R[QR[a N[Q aUR_RS\_R _RYRcN[a P\__RYNaV\[# \_ P\Z]YRZR[aN$
aV\[# \_ ZbabNY P\[SV_ZNaV\[2 Oba V[ aUR PN`R \S QR]R[QR[PR dVaU
dUVPU dR QRNY UR_R aUR `VabNaV\[ V` Y\TVPNYYf QVSSR_R[a# N[Q aUR V[c\PN$
aV\[ \S P\[P\_QN[PR V` `]b_V\b`# RcR[ SNY`VSfV[T% EbPU V[c\PNaV\[
`RRZ` a\ OR N aRZ]aNaV\[ S\_ `\ZR aUR\Y\TVN[`% 9\_ aUR\Y\Tf# a\\# [\a
a\ OR \baQ\[R# [\d dV`UR` a\ OR i]_VZNYj aUV[XV[T#, aU\bTU Of Va`
cR_f [Nab_R# ORV[T QR_VcNaVcR S_\Z N _RcRYNaV\[# Va \bTUa [\a RcR[ a\
R[aR_aNV[ `bPU N dV`U% 5ba `V[PR ;RVQRTTR_# a\\# `]RNX` \S _RcRYNaV\[#

,% 6S% ;RV[_VPU Aaa# 0IROIR YRH ?IMR* 0IV CIK 9EVXMR 4IMHIKKIVW
YRH HIV CIK HIV @LISPSKMI !Kb_VPU# (0,0"# ]% (.(1 iIR `aN_a S_\Z aUR
]_RZV`R aUNa aUR\Y\Tf V` `b_RYf N aUV[XV[T V[ aUR V[VaVNY N[Q R``R[aVNY `R[`R#
UYE aUV[XV[T b[`b_]N``NOYR# [\a a\ OR RePRRQRQ Of N[f \aUR_ XV[Q \S
aU\bTUa% % % % <a aUb` S\YY\d` aUNa aUR\Y\Tf Va`RYS V` aUR ]_VZNY N[Q R``R[aVNY
aUV[XV[T%j
)+) M F ;8 B ;8@A?8@A@ A9 > <98
\_ dUNa `\b[Q` `b`]VPV\b`Yf YVXR Va# cVg%# aUR `RYS$b[cRVYV[T \S ORV[T
1RXFIVKYRK" # aUR`R ad\h _RcRYNaV\[$QR]R[QR[a N[Q i]_VZNYj aUV[X$
V[Th `RRZ a\ OR P\Z]NaVOYR# RcR[ VQR[aVPNY% 7\R` [\a# N` \[R aUR\Y\$
TVN[ N_TbR` V[ `b]]\_a \S `bPU P\[P\_QN[PR#- 4[`RYZ \S 6N[aR_Ob_f
]_Nf N` S\YY\d`1 iFRNPU ZR a\ `RRX aURR N[Q WLS[ XL]WIPJ a\ ZR N` <
`RRX2 S\_ < NZ [\a NOYR a\ `RRX aURR b[YR`` aU\b aRNPUR`a# [\_ a\ SV[Q
aURR b[YR`` aU\b `U\dR`a aUf`RYSj !<VSWPSKMSR# 6UN]% <"3 7\R` [\a
aUR\Y\Tfl` _RYNaV\[ a\ :\Q N` UR_R QR`P_VORQ Of 4[`RYZ ]_RPV`RYf
P\__R`]\[Q a\ aUV[XV[Tl` _RYNaV\[ a\ ORV[T N` `RR[ Of ;RVQRTTR_3 <`
[\a aUR iSNaR$YNQR[j !KIWGLMGOPMGL" PUN_NPaR_ \S aUV[XV[T# N` _R`]\[`R
a\ aUR b[cRVYV[T \S ORV[T aUNa V` TVcR[ a\ Va a\ aUV[X# UR_R NQR^bNaRYf
`aNaRQ V[ aUR N[NY\T\b` aR_Z` \S aUR\Y\TVPNY aUV[XV[T.h N `]RPVNY N[Q
N]]YVRQ PN`R N` Va dR_R \S dUNa UN` [\d ]UVY\`\]UVPNYYf ORR[ `U\d[
a\ OR aUR TR[R_NY [Nab_R \S iR``R[aVNY aU\bTUaj3 F\ `]RNX aUb` V` aUR
aRZ]aNaV\[ V[QVPNaRQ# a\ dUVPU `\ZR aUR\Y\TVN[` `bPPbZO% 5ba V`[la
aUV` ]baaV[T aUV[T` b]`VQR Q\d[3 EU\bYQ[la \[R `Nf Na OR`a aUNa aUV[X$
V[Tl` _RYNaV\[ a\ ORV[T N` `RR[ Of ;RVQRTTR_ P\__R`]\[Q` a\ aUR\Y\Tfl`
_RYNaV\[ a\ :\Q3 4[Q aUNa PUN_NPaR_V`aVP` \S aUR YNaaR_ P\bYQ [\a OR
a_N[`]\`RQ V[a\ ]UVY\`\]UVPNY# V%R%# b[ORYVRcV[T aR_Z` ORaaR_ aUN[ dN`
Q\[R V[ ;RVQRTTR_l` Q\Pa_V[R \S aUR SNaR$YNQR[ PUN_NPaR_ \S aUV[XV[T % % %
_R`]\[`R % % % b[cRVYV[T \S ORV[T3 IURaUR_ RcR[ aUV` d\bYQ OR N a_bR
`aNaRZR[a _RZNV[` a\ OR `RR[% 5ba aUR ab_[V[T N_\b[Q \S aUR _RYNaV\[$
`UV] N` `bPU V` Of [\ ZRN[` N ZNaaR_ \S V[QVSSR_R[PR !N` \[R ZVTUa
`Nf iP\__R`]\[QR[PR V` P\__R`]\[QR[PR S_\Z dUNaRcR_ R[Q < `aN_aj "#
S\_ Va _RcR_`R` aUR dU\YR Y\Pb` \S aUR `aN[QN_Q \S NQR^bNPfh \S dUNa
UN` a\ OR ZRN`b_RQ Of dUNa% 9\_ \[PR# b] a\ XLMW ]\V[a# aUR `VabNaV\[
V` [\a# N` `\ \SaR[# aUR\Y\Tfl` a_fV[T a\ N]]_\]_VNaR S_\Z aUR Q\ZNV[
\S ]UVY\`\]Uf N[Q V[ aUR ]_\PR`` ORV[T N]]_\]_VNaRQ Of Va# Oba ]UVY\`$

-% ;% Aaa# iFUR\Y\TVR NY` :RORa b[Q IV``R[`PUNSa#j @LISPSKMWGLI DIMX#


WGLVMJX (+ !(0,/"# ()' SS%
.% FUb` Aaal` P\Z]YVZR[a a\ 4[`RYZ N` _R]_\QbPRQ Of =NZR` ?%
D\OV[`\[ V[ UV` V[`a_bPaVcR _R]\_a iFUR :R_ZN[ 7V`Pb``V\[ \S aUR YNaR_
;RVQRTTR_j V[ :I[ 2VSRXMIVW MR @LISPSK]* 0MWGYWWMSR EQSRK 3IVQER
ERH -QIVMGER @LISPSKMERW" RQ% =% ?% D\OV[`\[ N[Q =% 5% 6\OO# H\Y% <1
@LI 8EXIV 4IMHIKKIV ERH @LISPSK] !@Rd J\_X1 ;N_]R_ D\d# (0-*"#
]% +.% FUV` c\YbZR# N[ RePRYYR[a _RP\_Q \S aUR :R_ZN[$4ZR_VPN[ QV`Pb`$
`V\[ \[ aUR `bOWRPa# dN` S_R^bR[aYf _RSR__RQ a\ V[ aUR NQQ_R`` ORPNb`R Va
dN` dRYY X[\d[ a\ aUR ]N_aVPV]N[a` \S aUR 7_Rd 6\[`bYaNaV\[% <a V` UR[PR$
S\_aU ^b\aRQ N` >SFMRWSR#/SFF$
; 8<78::8D 4@7 F ;8A>A:J L )+*
\]Ufl` N]]_\]_VNaV[T S_\Z aUR Q\ZNV[ \S aUR\Y\Tf N[Q P\ZV[T V[a\ Va`
QROahdUNaRcR_ XLEX ZNf Q\ a\ ]UVY\`\]Uf% FUV` V` aUR ]UVY\`\]UR_l`
P\[PR_[ N[Q [RRQ [\a a_\bOYR aUR aUR\Y\TVN[% 5ba [RVaUR_ Zb`a UR
Y\`R `VTUa \S aUR a_bR V[aR_QR]R[QR[PR \S aUV[T`% < NZ `\__f# N` N ZR_R
PUVYQ \S aUR d\_YQ# a\ UNcR a\ `Nf aUV` a\ aUR\Y\TVN[`1 V[`aRNQ \S
aUR\Y\Tfl` SV[QV[T cNYVQNaV\[ \_ P\__\O\_NaV\[ S\_ Va`RYS V[ dUNa UN`
ORR[ O\__\dRQ S_\Z Va`RYS# aUR _RNY PN`R V` aUNa ]UVY\`\]Uf Zb`a
ReNZV[R aUR ]UVY\`\]UVPNY cNYVQVaf \S ;RVQRTTR_l` O\__\dV[T S_\Z
aUR\Y\Tf% FUV` V` [\a \b_ ]_R`R[a aN`X# N[Q NYaU\bTU Va` _R`bYa ZNf
P\[`VQR_NOYf YR``R[ aUR aUR\_RaVPNY ]_R`aVTR \S aU\`R RYRZR[a` dUVPU
aUR aUR\Y\TVN[ dV`UR` a\ _RN]]_\]_VNaR# Va ZNf `aVYY YRNcR aURZ aUR
b`RSbY[R`` \S aUR P\[PR]abNY N_aVPbYNaV\[ dUVPU aURf UNcR _RPRVcRQ
b[QR_ ]UVY\`\]UVPNY a_RNaZR[a% 5ba aUR aUR\Y\TVN[ Zb`a N`X# ORS\_R UR
_RVZ]\_a` UV` \d[ \_VTV[NY ]_\QbPa1 dUNa UNcR f\b Q\[R dVaU Zf
YVaaYR \[R`3 V[ dUNa P\Z]N[f QVQ f\b O_V[T aURZ b]3 N_R aURf `aVYY Zf
b[P\__b]aRQ PUVYQ_R[3 PN[ < aNXR aURZ ONPX S_\Z f\b3 N[Q dUNa# MJ <
aNXR aURZ# dVYY < aNXR [MXL aURZ3 @\d# aU\bTU aUR P_bPVNY ^bR`aV\[
i6N[ < aNXR aURZ ONPX S_\Z f\b3j V` N ^bR`aV\[ \S QRPV`V\[# aUR \aUR_
^bR`aV\[`# R`]RPVNYYf aUR YN`a1 iIUNa# VS f\b QRPVQR a\ aNXR aURZ# dVYY
f\b UNcR a\ aNXR dVaU aURZ3j V` N ^bR`aV\[ \S SNPa N[Q Y\TVPNY [RPR`$
`Vaf# N[Q PN[ OR P\[`VQR_RQ N[Q N[`dR_RQ Of aUR ]UVY\`\]UR_ dU\ UN`
N X[\dYRQTR# NYORVa N ZR_RYf \OWRPaVcR \[R# \S O\aU `VQR`% 4[Q UR_R <
ZNf ]_\cV`V\[NYYf ]\V[a a\ Na YRN`a \[R Z\QR`a cV_abR \S \OWRPaVSfV[T
`]RRPU# cVg%# aUNa Va dVYY O_V[T a\ YVTUa V[P\Z]NaVOVYVaVR` N[Q aUb` R[$
NOYR aUR\Y\Tf a\ `]RNX \S UR_R`f%
@\d# VS dR SV_`a N`X U\d ;RVQRTTR_ PNZR a\ NQ\]a aUR =bQNR\$
6U_V`aVN[ c\PNObYN_f V[ aUR SV_`a ]YNPR# aUR c\PNObYN_f \S TbVYa N[Q
P\[`PVR[PR N[Q PNYY N[Q c\VPR N[Q URN_V[T N[Q _R`]\[`R N[Q ZV``V\[
N[Q `UR]UR_Q N[Q _RcRYNaV\[ N[Q aUN[X`TVcV[T# dR P\bYQ \S P\b_`R [\a
aNXR `R_V\b`Yf aUR PYNVZhVS Va dR_R ZNQRh aUNa Va dN` `VZ]Yf `bT$
TR`aRQ Of aUR ]UR[\ZR[N aURZ`RYcR` N[Q _R]_R`R[a` aUR _R`bYa \S aURV_
b[]_RWbQVPRQ N[NYf`V`% @\ ZR_R N[NYf`V` dVYY RcR_ fVRYQ aU\`R P\[PR]a`
N[Q aUNa YN[TbNTR !N[Q dR `UNYY QRNY YNaR_ dVaU aUR SNPa aUNa [\a RcR[
;RVQRTTR_l` NPP\b[a \S aUV[XV[T UNVY` S_\Z N[ iN[NYf`V`j \S aUV[XV[T
N` Va V` `\ \SaR[ PNYYRQ V[ aUR 4ZR_VPN[ QV`Pb``V\["% 4a N[f _NaR aUR
5VOYVPNY _V[T V` [\ ZR_R P\V[PVQR[PR P\Z]RYYRQ Of aUR V[QR]R[QR[a
YV[TbV`aVP QRZN[Q` \S aUR `bOWRPa ZNaaR_ N[Q Na OR`a P\b[aV[T V[ SNc\_
\S aUR N[PVR[a ]_RQRPR``\_% 5ba aUV` N[`dR_ d\bYQ V[ N[f PN`R [\a OR
)++ M F ;8 B ;8@A?8@A@ A9 > <98
;RVQRTTR_l` \d[ N[Q d\bYQ [\a SVa V[ dVaU UV` cR_f P\[PR]aV\[ \S
aUV[XV[T% <[ NPP\_Q dVaU aUR SNaR$YNQR[ PUN_NPaR_ \S aUV[XV[T N` aUR
`RYS$b[cRVYV[T UV`a\_f \S ORV[T Va`RYS# LI ZVTUa _NaUR_ `Nf aUNa aUR
6U_V`aVN[ `]RRPU# N[Q aUR QV`PY\`b_R \S ORV[T YNVQ Q\d[ V[ Va# N_R cVN
\b_ a_NQVaV\[ N[ V[aRT_NY ]N_a \S aUR SNaR a\ dUVPU \b_ aUV[XV[T Zb`a
_R`]\[Q# N[Q aUNa aUR_RS\_R aUR YN[TbNTR V` TR[bV[R N` LMW aUV[XV[T
_R`]\[`R a\ aUR aN`X N` GSRHMXMSRIH Of UV`a\_f% E\ZR `bPU N[`dR_
]_\ONOYf P\ZR` PY\`R a\ aUR a_baU \S aUR ZNaaR_# RcR[ aU\bTU Va b[$
QR_]YNf` aUR _\YR \S S_RR PU\VPR2 N[Q a\ `\ZR ReaR[a ]UVY\`\]Uf UN`
TNV[RQ S_\Z aUV` \]R[V[T \S Va` b[VcR_`R a\ SRNab_R` dUVPU Va UN` NYY
a\\ Y\[T VT[\_RQ% 5ba aUR aUR\Y\TVN[ UN` [\ PNb`R a\ _RW\VPR V[ aUV`
R[Q\_`RZR[a \S UV` PUR_V`URQ URV_Y\\Z` Of N[ V[SYbR[aVNY aUV[XR_% 4` <
b[QR_`aN[Q Vah N[Q \S P\b_`R Va V` `\ZRdUNa NdXdN_Q S\_ ZR a\ NPa
N` `]\XR`ZN[ S\_# \_ QRSR[QR_ \S# aUR PNb`R \S 6U_V`aVN[ aUR\Y\Tfh
aUR aUR\Y\TVN[ `U\bYQ _R`V`a aUR NaaRZ]a a\ a_RNa UV` ZR``NTR N` N
ZNaaR_ \S UV`a\_VP SNaR# N[Q aUb` N` ]N_a \S N P\Z]_RUR[`VcR ORP\Z$
V[T# N[Q aUb` N` \[R RYRZR[a NZ\[T \aUR_` V[ N a_NQVaV\[# N[Q N` Va`RYS
`\ZRaUV[T QVcV`VOYR# N``VZVYNOYR V[ ]N_a N[Q YRSa V[ ]N_a# _RNQf S\_ aUR
]VPXV[T` \S aUR b[ORYVRcR_% ;R Zb`a N`X dURaUR_ \[R PN[ aNXR UNYS \S
UV` `a\_f dVaU\ba SNY`VSfV[T aUR dU\YRh N` UR dVYY V[ aVZR UNcR a\ N`X
P\[cR_`RYf dURaUR_ ;RVQRTTR_l` ]UVY\`\]Uf PN[ OR N``VZVYNaRQ V[ ]N_a
dVaU\ba aNXV[T V[ aUR dU\YR% 5ba Z\`a \S NYY UR Zb`a _R`V`a aUR VQRN \S
SNaR Va`RYS% 4[Q UR_RdVaU < P\ZR a\ ;RVQRTTR_l` Q\Pa_V[R%

<YY
>Ra b` `aN_a dVaU aUR VQRN \S SNaR%/ <a Y\\Z` YN_TR V[ ;RVQRTTR_l`
aUV[XV[T# N[Q V[ UV` VQRN \S aUV[XV[T% FUV[XV[Tl` Y\a V` PN`a Of ORV[T%
5RV[T `]RNX` a\ aU\bTUa# N[Q dUNa Va `]RNX` V` aU\bTUal` Y\a% 5ba
dUNa# U\d# N[Q dUR[ Va `]RNX` V` QRP_RRQ Of aUR LMWXSV] \S ORV[T N[Q
MW aUV` UV`a\_f N` aUR UV`a\_f \S Va` \d[ b[cRVYV[T \_ P\[PRNYV[T% 4[Q
N` aUV` V` [\a Na aUR aUV[XR_l` P\ZZN[Q# aUV[XV[T NO\ba ORV[Th dUVPU
N` KIRMXMZYW WYFNIGXMZYW V` Na aUR `NZR aVZR NY`\ aUR aUV[XV[T \S ORV[T

/% ;RVQRTTR_l` :R_ZN[ aR_Z V` 3IWGLMGO V[ ]_RSR_R[PR a\ aUR Z\_R


P\ZZ\[ ?GLMGOWEP* Of aUV` QR_VcNaVcR S\_Z S_\Z aUR _\\a$d\_Q WGLMGOIR"
UR dV`UR` a\ _R`PbR aUR RYRZR[a \S i`R[QV[Tj S_\Z aUNa \S ZR_R iQRP_RRj
\_ O_baR S\_PR# dUVPU ]_RQ\ZV[NaR` V[ aUR NcR_NTR b`NTR \S aUR Z\_R
P\ZZ\[ aR_Z%
; 8<78::8D 4@7 F ;8A>A:J L )+,
Va`RYS# [NZRYf Va` `RYS$PYRN_V[T aNXV[T ]YNPR V[ ZN[hUN` N SNaRYVXR
PUN_NPaR_ !\_# V` iSNaR$YNQR[j 1 KIWGLMGOPMGL" % FUR SNaRSbY [Nab_R \S
aU\bTUa V` Va` QR]R[QR[PR b]\[ dUNa V` `R[a a\ Va# N[Q aUR `R[QV[T
V``bR` S_\Z aUR UV`a\_f \S ORV[T% @\d \[ aUV` aUR `RPbYN_ ]UVY\`\]UR_
!N _RQb[QN[a Re]_R``V\[" dVYY P\ZZR[a aUNa aUV[XV[T V` ]_RPV`RYf N[
RSS\_a [\a a\ OR Na aUR ZR_Pf \S SNaR# N[ RSS\_a a\ `NcR \_ NPUVRcR aUR
S_RRQ\Z \S V[`VTUa !\[PR PNYYRQ i_RN`\[j " V[ aUR SNPR \S aUR ]_R``b_R
\S ORV[T N[Q \S \b_ \d[ P\[QVaV\[h N[ RSS\_a R[W\fV[T aUR PUN[PR
\S Na YRN`a ]N_aVNY `bPPR``% ;RVQRTTR_ UVZ`RYS# [\a ^bVaR P\[`V`aR[a# Na
aVZR` `RRZ` a\ N]]RNY a\ ]_RPV`RYf aUV` N`]RPa \S aUR ]\dR_# [\OVYVaf#
N[Q `RYS$_R`]\[`VOVYVaf \S aU\bTUah N` dUR[ UR U\YQ` aUNa TR[bV[R
]UVY\`\]Uf Zb`a N_V`R V[ N [Rd \]R[[R`` a\ ORV[T !YVXR aUNa \S aUR ]_R$
E\P_NaVP` "# N[ \]R[[R`` dR PN[ \[Yf NPUVRcR N` dR JVII SYVWIPZIW
S_\Z aUR QV`a\_aV[T P\[PR]abNYVgNaV\[` VZ]\`RQ \[ \b_ cV`V\[ Of \b_
SNaRSbY UV`a\_f%0 4YaU\bTU P\[a_NQVPaV\[` P\b[a S\_ YVaaYR V[ aUR `URYaR_
\S ]_VZNY aUV[XV[T# aU\`R P\ZZVaaRQ a\ aUR b[P\ZS\_aNOYR ReNPaV\[`
\S \OWRPaVcR aU\bTUa Zb`a _NV`R UR_R N [bZOR_ \S ^bR`aV\[`% <` aUV`
iS_RRV[T \b_`RYcR`#j dUVPU ]_R`bZNOYf V` aNXV[T ]YNPR# R%T%# V[
;RVQRTTR_l` \d[ aU\bTUa# N[ NPaV\[ aUNa Va`RYS V` S_RR S_\Z SNaR N[Q
[\a Va`RYS SJ SNaR3 <` SNaR \cR_P\ZR# a_N[`PR[QRQ# NO\YV`URQ V[ aUR `WIPJ#
S_RRV[Tj S_\Z aUR VZ]\`VaV\[` \S ]N`a SNaR3 A_ V` Va Va`RYS N TVSa \S
SNaRh N[Q aUR[ a\ \b_ PU\`R[ TR[R_NaV\[# ORPNb`R aUR aVZR dN` SbY$
SVYYRQ3 ORPNb`R aUR PUN[PR` dVaUURYQ S_\Z NYY TR[R_NaV\[` `V[PR aUR SNYY
S_\Z ]_V`aV[R :_RRX T_NPR N_R SNaRSbYYf T_N[aRQ a\ b`3 ORPNb`R RZR_T$
V[T Na YN`a S_\Z aUR Y\[T S\_TRaSbY[R`` \S ORV[T QRP_RRQ Of aUR `RYS$
P\[PRNYV[T \S ORV[T# dUVPU NTNV[ V` Va` \d[ SNaR# dR N_R Na YN`a SNc\_RQ
dVaU Va` b[cRVYV[Th N[ RcR[a NTNV[ [\a SJ ORV[T \[Yf Oba NY`\ UN]]R[$
V[T XS ORV[T N` ZbPU N` a\ b`3 FUR YNaR`a ab_[ V[ Va` SNaR3 <[ aUV` PN`R
dRhdR \S NYY ]R\]YR h d\bYQ OR V[ N `aNaR \S T_NPR# dU\`R NQcR[a V[
aUR RZR_TR[PR \S ]_VZNY aUV[XV[T b`UR_` V[ N [Rd N]\`a\YVP NTR% A_ V`
aUV` ]\``VOVYVaf \S YNfV[T U\YQ \S aUR a_baUh `\ZR aV[f P\_[R_ \S Vah
\]R[ a\ RcR_f TR[R_NaV\[ N[Q NaaRZ]aRQ V[ RNPU# dVaU PUN[TV[T `bP$
PR``3 N[Q aUR RYRZR[a \S SNaR V` \[Yf U\d URY]SbY \_ UV[QR_V[T aUR
UV`a\_VPNY `VabNaV\[ V`h N[Q \S P\b_`R aUR V[PNYPbYNOYR PUN[PR \S aUR_R
N_V`V[T N T_RNa aUV[XR_1 aUV[T` SbaVYR a\ ZRQVaNaR \[ V[`aRNQ \S aNPXYV[T
aUR aN`X N` OR`a \[R PN[3 <[ aUNa cVRd dR N_R V[ ]_V[PV]YR [\ ORaaR_ \SS

0% 6S% 6\OOl` P\ZZR[a` V[ >SFMRWSR#/SFF" ]% (//%


)+- M F ;8 B ;8@A?8@A@ A9 > <98
aUN[ \aUR_ NTR` [\_ d\_`R1 Va V` b] a\ b` N` Va dN` b] a\ aURZ% 4[Q dR
N_R UN_QYf aUR ]_\]R_ WbQTR` N` a\ dURaUR_ dR UNcR `bPPRRQRQ ORaaR_%
< [\aVPR < UNcR `YV]]RQ V[a\ N YN[TbNTR dUVPU X[\d` \S [\ UV`a\_f \S
ORV[T Oba \[Yf \S N UV`a\_f \S SV[VaR UbZN[ NaaRZ]a` a\ TRa Na ORV[Th
N X[\dYRQTR NYdNf` ]_\cV`V\[NY# _Rc\PNOYR# VZ]R_SRPa% ;\dRcR_# `\
SN_ < Zb`a [\a Z\cR \ba`VQR aUR ;RVQRTTR_VN[ S_NZR \S _RSR_R[PR VS <
NZ a\ `aNf V[ QV`P\b_`R dVaU Va` aUR\Y\TVPNY QRc\aRR`% <S# aUR[# Va V` a\
OR SNaR# N_R dRh N` N YN`a cN_VRafha\ QRVSf UV`a\_f N` d\_XV[T \ba Va`
\d[ QR`aV[f# b`V[T UbZN[ ZV[Q` N` Va` \_TN[`h VS [\a V[ aUR ;RTRYVN[
`R[`R# dUR_R \b_ ]_R`R[a `aNaR \S T_NPR d\bYQ R^bNY aUR ]UN`R \S aUR
4O`\YbaR E]V_Va# aUR[ Of `\ZR \aUR_ Y\TVP \_ VYY\TVP \S QRaR_ZV[NaV\[3
4YY aUR`R N_R ^bR`aV\[` S\_ aUR ]UVY\`\]UR_% 5ba N` _RTN_Q` aUR
aUR\Y\TVN[h\_ `U\bYQ < _NaUR_ `Nf aUR ORYVRcR_h ZNf < S\_ N Z\ZR[a
`]RNX \[ UV` ORUNYS3 FUR[ Va `RRZ` a\ ZR aUNa aUR 6U_V`aVN[# N[Q
aUR_RS\_R aUR 6U_V`aVN[ aUR\Y\TVN[# Zb`a _RWRPa N[f `bPU VQRN \S SNaR
N[Q UV`a\_f N` ReaR[QV[T a\ aUR `aNab` \S UV` \d[ ZN[QNaR% 9\_ \[R
aUV[T aUR 6U_V`aVN[ V` `NVQ a\ OR `NcRQ S_\Z aUR ]\dR_ \S SNaR% E\ <
_RZRZOR_ _RNQV[T V[ aUR RN_Yf O\\X`% ERP\[Q N[Q Z\_R `\# aUNa dUVPU
`NcRQ UVZ dN`# Of aUR b[QR_`aN[QV[T \S SNVaU N` QV`aV[Pa S_\Z aUR
b[QR_`aN[QV[T \S aUR d\_YQ# [\a N[ RcR[a \S aUR d\_YQ N[Q aUb` [\a N[
RcR[a \S SNaR# [\_ QR`aV[RQ RcR_ a\ ORP\ZR SNaR \_ ]N_a \S SNaR Va`RYS#
Oba N[ RcR[a V[cNYVQNaV[T NYY QVPaN \S SNaR N[Q \cR__bYV[T aUR d\_Q`
dUVPU SNaR `]RNX` a\ ZN[# MRGPYHMRK XLI [SVHW SJ WIPJ#YRZIMPMRK FIMRK$
@\_ V` Va# aUV_Q# Va`RYS N ZR_R b[cRVYV[T \_ `U\dV[T$Va`RYS1 aUR P_bPV$
SVeV\[# < `U\bYQ `Nf# dN` [\a V[ aUR SV_`a ]YNPR N[ RcR[a \S YN[TbNTR%
?b`a < `Nf aUV` a\ 6U_V`aVN[ aUR\Y\TVN[`3 <a `RRZ` `\% 9\_ < _RNQ1
iLFUR d\_Q`M# N` N[`dR_ a\ aUR d\_Q \S ORV[T# N_R V[ N SNaR$YVXR
ZN[[R_ QRaR_ZV[RQ \[ aUR ]N_a \S ORV[T% <a V ` % % % SNaR aUNa aURf `]RNX
N` aURf Q\% FUV` V` a_bR \S aUR\Y\Tf N` dRYY% % % % Ab_ N[`dR_ a\ aUR PNYY
\S _RcRYNaV\[ V` YV[TbV`aVP% % % % 8eV`aR[PR Va`RYS LV`M R``R[aVNYYf YV[$
TbV`aVP% % % % FUR `]RRPU \S \b_ SNVaU % % % V` \b_ R``R[aVNY N[`dR_ a\ aUR
PNYY \S :\Ql` _RcRYNaV\[# [\a ZR_RYf aUR V[NQR^bNaR I\TVIWWMSR \S \b_
N[`dR_%j(' 4[Q `V[PR aUR PNYY# Va`RYS `]RRPUYR``# TNV[` `]RRPU \[Yf V[
\b_ N[`dR_# aUR_R R[`bR` aUR ]N_NYYRY1 i=b`a N` \[R R[P\b[aR_` ORV[T
V[ aUV` \_ aUNa UV`a\_VP SNaR$YNQR[ P\[PR]abNYVgNaV\[# Wb`a `\ 6U_V`aVN[
YN[TbNTR V` % % % aUR UV`a\_VP# SNaR$YNQR[ ZRQVbZ V[ dUVPU :\Ql` d\_Q

('% ;% Aaa# 0IROIR YRH ?IMR" ]]% (0' S%


; 8<78::8D 4@7 F ;8A>A:J L )+.
`]RNX` a\ b`% % % % 8eV`aR[PR V` Va`RYS R``R[aVNYYf YV[TbV`aVP N[Q SNVaU
aNXR` ]YNPR dVaUV[ \b_ YN[TbNTR# dUVPU V` \b_ N[`dR_ a\ :\Qj
>SFMRWSR#/SFF" ]% ,,"% 4PP\_QV[TYf# N[Q ^bVaR P\[`V`aR[aYf# aUR
5VOYR Va`RYS V` aNXR[ N` \[R YV[TbV`aVP _RP\_Q \S `bPU ERW[IV" iaUR 5VOYV$
PNY N[`dR_ a\ aUR d\_Q \S :\Qj MFMH$" ]% ,+"% 5ba SbYY N` aUR 5VOYR
ZNf OR \S Vah V` Va aUR WTIEOMRK N[`dR_ \S ZN[ aUNa aUR _RcRYNaV\[ V`
_RNYYf NSaR_3 4[Q N[`dR_ a\ dUNa3 < URN_ UYIWXMSRW a\ ZN[ N` aUR Q\R_
\S QRRQ`# [\a aUR `]RNXR_ \S d\_Q`1 i4QNZ# dUR_R N_R f\b3j !:R[%
* 10 "2 i6NV[# dUR_R V` 4ORY f\b_ O_\aUR_3 !:R[% + 10 "1 aUV` V` [\a aUR
c\VPR \S ORV[T2 N[Q aUR iPYRN_V[Tj V[ dUVPU Va ]YNPR` aUR NQQ_R``RQ
\[R V` aUNa \S UV` TbVYa2 N[Q aUR _RZV[QR_ PNYY` aUR ZRZ\_f \S UV`
UN_QR[RQ dVYY# [\a \S UV` S\_TRaSbY aU\bTUa1 i;R UN` a\YQ f\b# A ZN[#
dUNa V` T\\Q N[Q dUNa aUR >\_Q _R^bV_R` \S f\b1 dUNa RY`R Oba a\ Q\
Wb`aVPR# N[Q a\ Y\cR ZR_Pf# N[Q a\ dNYX UbZOYf dVaU f\b_ :\Q3j
!?VP% -1/ "% FUV` _R^bV_R` Z\_R aUN[ N YV[TbV`aVP N[`dR_%
5ba N` a\ ;RVQRTTR_l` ORV[T# Va V` N[ \PPb__R[PR \S b[cRVYV[T# N SNaR$
YNQR[ UN]]R[V[T b]\[ aU\bTUa1 `\ dN` aUR 9VVU_R_ N[Q aUR PNYY \S
:R_ZN[ QR`aV[f b[QR_ UVZ1 N[ b[cRVYV[T \S `\ZRaUV[T V[QRRQ# N PNYY
\S ORV[T NYY _VTUa# SNaR$YNQR[ V[ RcR_f `R[`R1 [RVaUR_ aUR[ [\_ [\d QVQ
;RVQRTTR_l` aU\bTUa ]_\cVQR N [\_Z Of dUVPU a\ QRPVQR U\d a\ N[$
`dR_ `bPU PNYY`h YV[TbV`aVPNYYf \_ \aUR_dV`R1 [\ [\_Z RePR]a QR]aU#
_R`\YbaV\[# N[Q aUR `URR_ S\_PR \S ORV[T aUNa V``bR` aUR PNYY% 5ba a\
aUR ORYVRcR_# RcR_ `b`]VPV\b` \S aUV` d\_YQ# QR]aU ZNf ZRN[ aUR NOf``#
N[Q S\_PR# aUR ]_V[PR \S aUV` d\_YQ% 4` VS aUR QRcVY dR_R [\a ]N_a \S aUR
c\VPR \S ORV[T ;RVQRTTR_l` \d[ N[`dR_ V`# a\ aUR `UNZR \S ]UVY\`\$
]Uf# \[ _RP\_Q N[Q# < U\]R# [\a S\_T\aaR[%(( 5ba ^bVaR N]N_a S_\Z aUV`
]R_`\[NY SNPa !dU\`R ]UVY\`\]UVPNY `VT[VSVPN[PR# U\dRcR_# V` VZ$
ZR[`R"# aUR aUR\Y\TVN[ PN[[\a# VS UR XRR]` SNVaU dVaU UVZ`RYS# NPPR]a
ER] `f`aRZ \S UV`a\_VPNY SNaR \_ _RN`\[ \_ R`PUNa\Y\Tf N` N S_NZR a\((

((% FUR _RP\_Q V` P\YYRPaRQ V[ :bVQ\ EPU[RROR_TR_# :EGLPIWI ^Y 4IM#


HIKKIV* 0SOYQIRXI ^Y WIMRIQ 8IFIR YRH 0IROIR !5R_[# (0-)"% FUR
S\YY\dV[T ^b\aNaV\[ S_\Z N ]_\PYNZNaV\[ Of ;RVQRTTR_ !aUR[ DRPa\_" a\
aUR `abQR[a` \S aUR G[VcR_`Vaf \S 9_RVOb_T V[ @\cRZOR_# (0**# `R_cR` N`
N[ ReNZ]YR1 i@\a Q\Pa_V[R` N[Q kVQRN`l OR aUR _bYR` \S f\b_ ORV[T% FUR
9VVU_R_ UVZ`RYS N[Q NY\[R V` aUR ]_R`R[a N[Q Sbab_R :R_ZN[ _RNYVaf N[Q Va`
YNd% >RN_[ RcR_ QRR]R_ a\ X[\d1 aUNa S_\Z [\d \[ RNPU N[Q RcR_f aUV[T
QRZN[Q` QRPV`V\[# N[Q RcR_f NPaV\[# _R`]\[`VOVYVaf% ;RVY ;VaYR_ j ST$ GMX$"
]]% (*, S%"%
)+/ ' F ;8 B ;8@A?8@A@ A9 > <98
V[aRT_NaR UV` a_b`a V[a\h OR Va ;RTRYl` \_ 6\ZaRl` \_ ?N_el` \_ E]R[T$
YR_l` \_ ;RVQRTTR_l`h S\_ aUR `VZ]YR _RN`\[ aUNa Va V` NO\ba iaUV` d\_YQ#j
" 7 ; E %6 $& ) %$% ! N[Q Va` a_baU Na OR`a aUR a_baU \S aUV` d\_YQ1 N[Q \S

aUV` d\_YQ aUR 6U_V`aVN[ UN` YRN_[RQ aUNa Va PR_aNV[Yf Q\R` UNcR Va` YNd
!OR Va _RN`\[ \_ SNaR" N[Q Va` ORV[T N[Q Va` ]\dR_ N[Q Va` c\VPR# \_
c\VPR` _NaUR_# N` aUR ]Yb_NY iaUR N_PU\[` \S aUV` d\_YQj `bTTR`a`2 N[Q
`\ UR PN[ V[QRRQ YRN_[ S_\Z aU\`R Q\Pa_V[R`# N[Q aUR Z\_R `\ aUR
a_bR_ aURf N_R# dUNa UR UN` a\ P\[aR[Q dVaUh aUR [Nab_R \S aUR ]_V[PV$
]NYVaVR` N[Q ]\dR_`h N[Q dUNa UR UVZ`RYS V` `bOWRPa a\# V[`\SN_ N` UR
a\\ V` N P_RNab_R N[Q PVaVgR[ \S aUV` d\_YQ% 5ba NQ\]a aURV_ cV`aN S\_
aUR b[QR_`aN[QV[T \S UV` `bOWRPa ZNaaR_3 @\% FUV` Zb`a OR aUR _NQV$
PNYYf \aUR_ a\ Va% <a Zb`a OR PYRN_Yf N[Q b[NZOVTb\b`Yf b[QR_`a\\Q
aUNa aUR iORV[Tj \S ;RVQRTTR_ V`# [MXL aUR i\[a\Y\TVPNY QVSSR_R[PR#j
V[`VQR aUR O_NPXRa dVaU dUVPU aUR\Y\Tf Zb`a O_NPXRa V[ aUR a\aNYVaf \S
aUR P_RNaRQ d\_YQ% FUR ORV[T dU\`R SNaR ;RVQRTTR_ ]\[QR_` V` aUR
^bV[aR``R[PR \S aUV` d\_YQ# Va V` WEIGYPYQ$ 4TNV[`a aUV`# aUR\Y\Tf
`U\bYQ TbN_Q aUR _NQVPNY a_N[`PR[QR[PR \S Va` :\Q# dU\`R c\VPR P\ZR`
[\a \ba \S ORV[T Oba O_RNX` V[a\ aUR XV[TQ\Z \S ORV[T S_\Z dVaU$
\ba%
?f aUR\Y\TVPNY S_VR[Q`# Zf 6U_V`aVN[ S_VR[Q`h Q\[la f\b `RR dUNa
f\b N_R QRNYV[T dVaU3 7\[la f\b `R[`R# VS [\a `RR# aUR ]_\S\b[QYf
]NTN[ PUN_NPaR_ \S ;RVQRTTR_l` aU\bTUa3 DVTUaYf ]NTN[# V[`\SN_ N` Va
V` ]UVY\`\]Uf# aU\bTU [\a RcR_f ]UVY\`\]Uf Zb`a OR `\ QRc\VQ \S
\OWRPaVcR [\_Z`2 Oba Z\_R ]NTN[ aUN[ \aUR_` S_\Z f\b_ ]\V[a \S cVRd#
[\a V[ `]VaR Oba ORPNb`R \S Va`# NY`\# `]RNXV[T \S PNYY N[Q `RYS$_RcRNYV[T
N[Q RcR[ \S aUR `UR]UR_Q% 6\[`VQR_ aUR`R ad\ `aNaRZR[a` dUR_R \O$
WRPaVSVPNaV\[ URY]` a\ `U\d b] dUNa V` V__RP\[PVYNOYR% iFUR d\_YQ V`
:\Ql` UN[QVd\_Xj 2 iORV[T _RcRNY` Va`RYS%j ;\dRcR_ \OWRPaVSfV[T# N[Q
aUR_RS\_R [\a a\ OR aNXR[ YVaR_NYYf# aUR SV_`a `aNaRZR[a ZNf ORh V[ RcR[
aUR Z\`a QRZfaU\Y\TVgRQ `R[`R Va Z\`a PR_aNV[Yf RePYbQR` aUR !R^bNYYf
\OWRPaVSfV[T" `aNaRZR[a aUNa 5RV[Th V%R%# aUR 5RV[T \S aUR ORV[T`h
VIZIEPW MXWIPJ" Of MXW MRMXMEXMZI" V[ Re]R_VR[PR# V[ aUR R[P\b[aR_ \S
ORV[T` !UbZN[" dVaU ORV[T` !aUV[T`"2 V%R%# aUNa _RcRYNaV\[ V` VZ$
ZN[R[a V[ aUR d\_YQ# [Nf# ORY\[T` a\ Va` [Nab_R2 V%R%# aUNa aUR d\_YQ V`
QVcV[R% CbVaR P\[`V`aR[aYf Q\ aUR T\Q` N]]RN_ NTNV[ V[ ;RVQRTTR_l`
]UVY\`\]Uf% 5ba dUR_R aUR T\Q` N_R# :\Q PN[[\a OR% FUNa aUR\Y\Tf
`U\bYQ NQZVa aUV` S\Rh [\ ZRN[ S\R# N[Q \[R S_\Z dU\Z Va P\bYQ
YRN_[ `\ ZbPU NO\ba aUR TbYS aUNa `R]N_NaR` `RPbYN_ aUV[XV[T N[Q
; 8<78::8D 4@7 F ;8A>A:J L )+0
SNVaUhV[a\ Va` V[[R_ `N[PabZ# NZNgR` ZR% A_# a\ Re]_R`` Zf`RYS
_RcR_R[aYf1 Va ]N``R` Zf b[QR_`aN[QV[T%

<H

<[ \_QR_ a\ `U\d aUNa < UNcR [\a \cR_`aNaRQ aUR R``R[aVNY VZZN[R[a$
V`Z \S ;RVQRTTR_l` aU\bTUa# YRa b` UNcR \[R O_VRS Y\\X Na UV` \d[
Re]\`VaV\[ \S aUR T_\b[Qd\_X S\_ N [Nab_NY aUR\Y\Tf% <a \PPb_` V[ UV`
8IXXIV SR 4YQERMWQ N[Q ORY\[T` a\ aU\`R Y\PV S_\Z dUVPU aUR S_VR[Q`
\S _RYVTV\[ PN[ ]_\cR aUNa ;RVQRTTR_ V` [\a N[ NaURV`a% Eb_RYf UR V`
[\ahdR UNcR URN_Q \S aUR _Rab_[ \S aUR T\Q` V[ UV` d\_YQ$cVRd% 5ba
aUR[ aUR _RNY \]]\`VaR a\ aUR 6U_V`aVN[ N[Q =RdV`U cVRd V` [\a NaURV`Z#
dUVPU P\[aRZ]YNaR` N [Rba_NY d\_YQ N[Q aUb` Q\R` [\a ]_R$RZ]a
QVcV[Vaf S\_ dUNa V` [\a QVcV[R# Oba ]NTN[V`Z dUVPU QRVSVR` aUR d\_YQ%
FUV` V` dUNa ;RVQRTTR_ `Nf`1 iA[Yf S_\Z aUR a_baU \S FIMRK PN[ aUR
R``R[PR \S aUR LSP] OR aU\bTUa% A[Yf S_\Z aUR R``R[PR \S aUR U\Yf V`
aUR R``R[PR \S HIMX] a\ OR aU\bTUa% A[Yf V[ aUR YVTUa \S aUR R``R[PR \S
QRVaf PN[ aUNa OR aU\bTUa N[Q `NVQ dUVPU aUR d\_Q k:\Ql `U\bYQ
[NZR%j() % % aUR U\Yf# dUVPU N` fRa V` Oba aUR `]NPR S\_ aUR R``R[PR
\S QRVaf# dUVPU Va`RYS V[ ab_[ \[Yf ]_\cVQR` aUR QVZR[`V\[ S\_ aUR T\Q`
N[Q aUR :\Q% % % %j(* @\d aUV` V` NO`\YbaRYf V[ aUR ]UVY\`\]UVPNY \_
ZRaN]Uf`VPNY a_NQVaV\[# aU\bTU `b_RYf [\a V[ Va` YN[TbNTR% A[R [RRQ
\[Yf _RZRZOR_ E\P_NaR`l QV`Pb``V\[ \S aUR U\Yf N[Q Va` _RYNaV\[ a\ aUR
T\Q` V[ aUR 1YXL]TLVS$ FUR N`PR[a \S aU\bTUa S_\Z ORV[T a\ :\Q1 aUR
N[NYf`V` \S ORV[T fVRYQV[T aUR U\Yf N[Q aUR QVcV[R# aUR U\Yf N[Q aUR
QVcV[R ORY\[TV[T a\ aUR `a_bPab_R \S _RNYVaf N` `bPU# aUR QVcV[R NSS\_Q$
V[T aUR \[a\Y\TVPNY QVZR[`V\[ S\_ T\Q` N[Q :\Q a\ ReV`a \_ [\a a\
ReV`ah < [RRQ [\a RYNO\_NaR% <S aUV` V` [\a N Q_NSa S\_ aUR \[a\Y\TVPNY
]_\PRQb_R \S N [Nab_NY aUR\Y\Tf# dU\`R _RZ\aR N[PR`a\_` N_R BYNa\
N[Q 4_V`a\aYR# < Q\ [\a X[\d dUNa V`% <# N` N[ \YQ S_VR[Q \S ZRaN$
]Uf`VP`# UNcR [\ ^bN__RY dVaU aUNa% 5ba `U\bYQ[la aUR aUR\Y\TVN[3
>R`a aUV` _RZNV[ N ZR_RYf _URa\_VPNY ^bR`aV\[# YRa b` [\d ReNZV[R
dUNa _RNYYf UN]]R[` V[ N ZRRaV[T \S ;RVQRTTR_VN[ aU\bTUa N[Q aUR\Y$
\Tf% 4` N ]\V[a \S QR]N_ab_R < aNXR N `aNaRZR[a Of Aaa% iFUR FIMRK SJ
3SH `VT[VSVR`# NPP\_QV[T a\ aUR dNf dR UNcR b[QR_`a\\Q kORV[Tl aUb`
()% ?N_aV[ ;RVQRTTR_# <PEXSRW 8ILVI ZSR HIV CELVLIMX$ 9 MX IMRIQ
.VMIJ MMFIV HIR `4YQERMWQYWa !5R_[# (0+."# ]% (') !VaNYVP` NQQRQ"%
(*% ?% ;RVQRTTR_# ST$ GMX$ ]]% /, S%
),' ' F ;8 B ;8@A?8@A@ A9 > <98
SN_# N[ IZIRX SJ YRZIMPMRK !b[$UVQV[T1 1RXFIVKYRK"1 aUNa :\Q b[cRVY`
UVZ`RYS a\ aUV[XV[T N` ;R dU\ ;R V`2 aUNa ;R UVZ`RYS ORSNYY` aU\bTUa
N` N SNaR N[Q VZ]\`R` UVZ`RYS \[ Va N` `bOWRPa$a\$OR$aU\bTUaj !Aaa#
ST$ GMX$" ]% (+/"% IR N`X1 V` Va iORV[Tj aUNa b[cRVY` Va`RYS# \_ ORV[T`3 <S
aUR S\_ZR_# dUVPU V` ;RVQRTTR_l` `aN[PR# aUR[ :\Q# dU\ V` E ORV[T
!NTNV[ ;RVQRTTR_l` `aN[PR"# Q\R` [\a ib[cRVY UVZ`RYSj !aU\bTU# V[
5VOYVPNY aR_Z`# UR ZNf i_RcRNYj UVZ`RYS"# Oba 5RV[T b[cRVY` Va`RYS
aU_\bTU UVZ# N[Q UV` VZ]R_V\b` `RYS$_RcRNYV[T ZNf RcR[ `aN[Q V[ aUR
dNf \S aUR b[cRVYV[T \S 5RV[Th UR ZNf# `\ a\ `]RNX# OY\PX aUR cVRd
\S ORV[T% A_ cVPR cR_`N# QR]R[QV[T \[ dUR_R f\b aNXR f\b_ `aN[Q% <
Zb`a [\d R[W\V[ f\b a\ T\ dVaU ZR \[ N `a_RaPU \S _VT\_\b` QVNYRPaVP`%
FUR S\YY\dV[T RZR_TR` S_\Z aUV[XV[T aU_\bTU ;RVQRTTR_l` ]\`VaV\[
dVaU N cVRd a\ aUR `bOWRPa ZNaaR_ \S aUR\Y\Tf%
5RV[T` N_R \PPN`V\[` S\_ aUR Re]R_VR[PV[T \S ORV[T2 :\Q V` N ORV[T1
aUb` :\Q# dUR[ R[P\b[aR_RQ# V` N[ \PPN`V\[ S\_ aUR Re]R_VR[PV[T \S
ORV[T% 5RV[T V` Re]R_VR[PRQ V[ ORV[T` N` NZNgRZR[a Na aURV_ ORV[T
!ReV`aV[T"# V%R%# NZNgRZR[a aUNa aURf N_R Na NYY1 aUb` aUR Re]R_VR[PR \S
ORV[T V[ :\Q V` NZNgRZR[a Na UV` ReV`aV[T Na NYY% 4ZNgRZR[a Na
`\ZRaUV[T ORV[T Na NYY V` a\ aUV[X dVaU Va` ORV[T Va` [\a$ORV[T \_ Va`
P\[aV[TR[Pf1 aUb` aUR Re]R_VR[PV[T \S ORV[T V[ aUR R[P\b[aR_ dVaU
:\Q V` aUR aUV[XV[T \S aUR [\a$ORV[T N[Q aUR P\[aV[TR[Pf \S :\Q%(+
EV[PR ORV[T V` [\a aUR ORV[T \S aUV` \_ aUNa ORV[T# Oba UYE ORV[T$Va`RYS
a_N[`PR[Q` NYY ]N_aVPbYN_ ORV[T# aUR aUV[XV[T \S ORV[T V[ N[f ]N_aVPbYN_
ORV[T V` N aUV[XV[T NdNf S_\Z aUNa ]N_aVPbYN_ ORV[Tha\dN_Q ORV[T N`
`bPU N[Q a\dN_Q NYY \aUR_ ORV[T`1 aUb` aUR ]_VZNY aUV[XV[T \S :\Q V` N
aUV[XV[T NdNf S_\Z :\Q \_ N aUV[XV[T ORf\[Q :\Q% 9V[NYYf# `V[PR N
aUV[T# RNPU aUV[T# V` N ZRRaV[T \_ N``RZOYV[T \S aUR S\b_ `VQR` \S aUR
\[aVP i`^bN_Rj !3IZMIVX"# RN_aU# URNcR[# aUR QVcV[R# aUR Z\_aNY`# RNPU
aUV[T ]_\]R_Yf R[P\b[aR_RQ ]_\cVQR` N P\Z]YRaR _RcRYNaV\[ \S aUR

(+% FUV` ]\V[a UN` ORR[ ZNQR V[ N QVSSR_R[a S\_Z Of =NZR` D\OV[`\[ N`
S\YY\d`1 i<S NZNgRZR[a Na aUR ORV[T \S ORV[T` P\__R`]\[Q` a\ [bZV[\b`
NdN_R[R`` aUNa aURV_ ORV[T V` :\Ql` P_RNaV\[ LN` `bTTR`aRQ Of AaaM# aUR[
NdN_R[R`` \S :\Q d\bYQ `RRZ a\ OR YNaR[a V[ NdN_R[R`` \S N ORV[Tl` ORV[T%
IUR[ aUV` P\__RYNaV\[ V` N]]YVRQ a\ :\Q N` UVZ`RYS N ORV[T % % % P\[Sb`V\[
RZR_TR`% <S NdR$V[`]V_RQ NdN_R[R`` \S N ORV[Tl` ORV[T P\__R`]\[Q` a\
`R[`V[T N ORV[T N` N P_RNab_R# V` aUR[ :\Q N P_RNab_R3 <S `bPU NdR Na N
ORV[Tl` ORV[T V` bYaVZNaRYf _RcR_R[PR S\_ N ORV[Tl` 6_RNa\_# Q\R` :\Q# N` N
ORV[T# UNcR N 6_RNa\_3j >SFMRWSR#/SFF" ]% +)%
; 8<78::8D 4@7 F ;8A>A:J L ),(
`a_bPab_R \S ORV[T V[ NYY Va` QVZR[`V\[`h N Z\_R P\Z]YRaR \[R aUN[
:\Q dU\ ]_R`bZNOYf _R]_R`R[a` \[Yf aUR QVcV[R% 4[ RcN[TRYVPNY aUR$
\Y\TVN[ PN[ dRYP\ZR aUV` aUb`1 i<[ ;RVQRTTR_l` V[aR_]_RaNaV\[ \S aUR
kaUV[Tl aUR SNaNY VQRN \S N PY\`RQ VZZN[R[PR V` [\ Y\[TR_ SRYa1 aUR _RNY#
P\[P_RaR d\_YQ V` `a_bPab_NYYf \]R[RQ a\dN_Q` ]\``VOYR a_N[`PR[QR[PR%
% % % FUR _RYNaV\[ a\ aUR kQVcV[R \[R`l N` aUR P\b[aR_]N_a !cV`$N$cV`1
3IKIRMMFIV" \S ZR[ ORY\[T` a\ aUR R``R[aVNY `a_bPab_R \S aUR kaUV[Tl N`
`bPUj !Aaa# ST$ GMX$" ]% ))+"% FUV`# Va V` a_bR# !N` aUR NbaU\_ V` PN_RSbY
a\ NQQ" Q\R` [\a VZ]Yf N[ N ]_V\_V _RcRNYRQ[R`` \S aUR YVcV[T :\Q1 Oba
\[ N ]_V\_V _RcRNYRQ[R`` \S iaUR QVcV[Rj V[ NYY aUV[T` ZNXR` aUR _RcRYN$
aV\[ \S N YVcV[T :\Q N _RQb[QN[Pf% 4a aUV` ]\V[a < ab_[ _NaUR_ a\ KR[
dUR_R < SV[Q aUR Q\Pa_V[R \S aUR _RcRYNa\_f N[Q `NcV[T Sb[PaV\[ \S RNPU
N[Q RcR_f aUV[T Na SV_`a UN[Q N[Q \[ [NaVcR T_\b[Q% < `R[`R N PR_aNV[
_RPNYPVa_N[PR V[ aUR 6U_V`aVN[ `bO`aN[PR a\ aUV` XV[Q \S aUV[T% 5ba <
ZNf \S P\b_`R OR d_\[T%
;\dRcR_ aUNa ZNf OR# aUR dU\YR ]_RPRQV[T N_TbZR[a dN` ON`RQ \[
aUR `b]]\`VaV\[ aUNa i5RV[Tj V` b[QR_`a\\Q N` `a_VPaYf \[a\Y\TVPNY N[Q
[\a \[aVP# [\a N` `\ZRaUV[T Va`RYS ORV[T !dUVPU# NZ\[T \aUR_ aUV[T`#
d\bYQ V[c\YcR N[ V[SV[VaR _RT_R``"% <[ \aUR_ d\_Q`# < UNcR NOVQRQ Of
aUR V[Wb[PaV\[ aUNa ORV[T [\a OR Uf]\`aN`VgRQ# dUVYR :\Q# \S P\b_`R#
Zb`a OR N ORV[T% G[QR_ aUV` QV`]R[`NaV\[ aUR_R PN[[\a \OaNV[ N[
EREPSK] ORadRR[ aUR ORV[T \S ;RVQRTTR_l` ]UVY\`\]Uf N[Q aUR :\Q \S
6U_V`aVN[ aUR\Y\Tf# Oba V[`aRNQ aUR_R Zb`a S\YY\d NYY aUR P\[`R^bR[PR`
\S aUR \[a\Y\TVPNY QVSSR_R[PR dUVPU < UNcR Wb`a QRcRY\]RQ% ;\dRcR_#
Aaa# N]]N_R[aYf dVaU aUR ONPXV[T \S ;RVQRTTR_# Q\R` ]_RPV`RYf PYNVZ
aUR N[NY\Tf dUVPU aUR i\[a\Y\TVPNY QVSSR_R[PRj ]_RPYbQR`1 i4` ]UVY\$
`\]UVPNY aUV[XV[T V` _RYNaRQ a\ ORV[T# dUR[ ORV[T `]RNX` a\ aUV[XV[T#
`\ SNVaUl` aUV[XV[T V` _RYNaRQ a\ :\Q# dUR[ :\Q V` _RcRNYRQ V[ UV`
d\_Qj !>SFMRWSR#/SFF" ]% +*"% A_# V[ ;RVQRTTR_l` \d[ `bPPV[Pa
S\_ZbYNaV\[ i]UVY\`\]UVPNY aUV[XV[T V` a\ ORV[T N` aUR\Y\TVPNY aUV[XV[T
V` a\ aUR `RYS$_RcRNYV[T :\Q%j FUV` V` \_NY a_NQVaV\[%(, <S P\__RPa# aUR[#
< Zb`a `Nf# Va YRa` aUR PNa \ba \S aUR ONT N[Q `U\d` aUNa dR Zb`a [\a
aNXR ;RVQRTTR_ a\\ `a_VPaYf Na UV` \d[ d\_Q% 9\_ aUR PYNVZ a\ N[NY\Tf#

(,% 5\aU `aNaRZR[a` N_R _R]\_aRQ# N` ZNQR Na aUR (0-' ?RRaV[T \S iAYQ
?N_Ob_TR_`#j V[ >SFMRWSR#/SFF" ]]% +* N[Q (0'% < dN` a\YQ V[ :R_ZN[f
Of ]N_aVPV]N[a` \S aUNa ZRRaV[T aUNa Na YRN`a ;RVQRTTR_l` `UN_R V[ aUR
S\_ZbYNaV\[ dN` Uf]\aURaVPNY N[Q S\_ N_TbZR[al` `NXR# _NaUR_ aUN[ N` N
`aNaRZR[a \S UV` \d[ ]\`VaV\[%
),) M F ;8 B ;8@A?8@A@ A9 > <98
`V[PR aUR_R Wb`a GERRSX OR \[R ORadRR[ aUR \[a\Y\TVPNY N[Q aUR \[aVP#
ZNXR` Va PYRN_ aUNa ;RVQRTTR_l` `aNaRZR[a` NO\ba ORV[T N_R _RNYYf# Na
YRN`a V[ ]N_a# \[aVP# [\a \[a\Y\TVPNY# dUNaRcR_ UV` ]_\aR`aNaV\[`h N[Q
aUNa V` a\ `Nf# aUNa aURf N_R ZRaN]Uf`VPNY% FUV` V` V[ Zf O\\X [\a N
ONQ d\_Q# N[Q `\ [\ V[`bYa V` V[aR[QRQ% 5ba Va PYN_VSVR` ZNaaR_` P\[`VQ$
R_NOYf% <[QRRQ# dUNa < UNcR Wb`a ZR_RYf ]\`abYNaRQ S_\Z aUR N``R_aRQ
N[NY\Tf V` SbYYf O\_[R \ba Of aUR RcVQR[PR \S aUR RZV[R[aYf \[aVP#
\OWRPaVSfV[T# N[Q aUb` ZRaN]Uf`VPNY# YN[TbNTR \S ;RVQRTTR_l` `aNaR$
ZR[a` aURZ`RYcR`% 9\_ `b_RYf# N iORV[Tj aUNa NPa` Zb`a OR2 aUNa dUVPU
aNXR` aUR V[VaVNaVcR Zb`a ReV`a2 dUNa b[cRVY` Va`RYS UNQ N ORS\_R dUR[ Va
XR]a UVQQR[# N[Q aUb` UN` N ORV[T ORf\[Q aUR NPa \S _RcRNYV[T2 dUNa
PN[ TVcR Va`RYS QVSSR_` S_\Z aUNa a\ dUVPUh N[Q QVSSR_` [\a Of dNf \S
aUR \[a\Y\TVPNY QVSSR_R[PR# Oba \[aVPNYYf# N` UR_R N[Q aUR_R# N` cV`$N$
cV`% <[QRRQ U\d PN[ \[R `]RNX \S ORV[Tl` NPaVcVaf N[Q ZN[l` _RPR]$
aVcVaf# \S aUR S\_ZR_l` UNcV[T N[Q ORV[T N SNaR# ORV[T RcR[a# [\a \[Yf
ZNXV[T ]\``VOYR aU\bTUa Oba TVcV[T aU\bTUa# PYRN_V[T \_ \O`Pb_V[T
Va`RYS V[ `bPU aU\bTUa# UNcV[T c\VPR# PNYYV[T a\ ZN[# UN]]R[V[T b]\[
ZN[# `R[QV[T ZN[# R[a_b`aV[T Va`RYS a\ ZN[l` PN_R# N]]_\]_VNaV[T UVZ
V[a\ Va` \d[ PN_R# SNc\_V[T UVZ# R[YV`aV[T UV` Y\fNYaf# `bZZ\[V[T UV`
T_NaVabQR# Oba NY`\ [RRQV[T UVZhU\d PN[ \[R Naa_VObaR NYY aUV` a\ Va
b[YR`` \[R b[QR_`aN[Q` Va N` N[ NTR[Pf N[Q N ]\dR_# N` `\ZR `\_a \S
`bOWRPa3 6R_aNV[Yf aUR YN[TbNTR \S aUR YNaR_ ;RVQRTTR_# V[ P\[a_N`a a\
aUR _VT\_\b`Yf \[a\Y\TVPNY \[R \S ?IMR YRH DIMX" UN` ORP\ZR V[P_RN`$
V[TYf N[Q \Oa_b`VcRYf \[aVP# N[Q U\dRcR_ SVTb_NaVcR \_ ]\RaVPNY `bPU
YN[TbNTR V` ZRN[a a\ OR !N[Q ]\RaVP Va V`# RcR[ VS ONQ ]\Ra_f"# Va`
\[aVP ZRN[V[T V` V[NYVR[NOYR S_\Z Va \[ ]NV[ \S Va` ORP\ZV[T RZ]af
`\b[Q% >Ra b` aUR[ [\a OR V[aVZVQNaRQ Of aUR S_\d[ \S aUR i\[a\Y\T$
PNY QVSSR_R[PRj N[Q NPX[\dYRQTR aUNa# \S P\b_`R# iORV[Tj V` Uf]\`$
aN`VgRQ V[ ;RVQRTTR_# N` dN` iaUR T\\Qj V[ BYNa\ N[Q aUR `GEYWE WYMa
V[ E]V[\gN# \[Yf# a\ OR `b_R# [\a V[ aUR PNaRT\_f \S `bO`aN[PR% FUNa
aUR_R EVI NYaR_[NaVcR` a\ aUR ORV[T \S `bO`aN[PR XLMW `VQR \S aUR \[a\$
Y\TVPNY QVSSR_R[PR# IUVaRURNQ UN` VZ]_R``VcRYf `U\d[%(- 5ba VS dR

(-% 4 `abQf \S IUVaRURNQ V` b_TR[aYf _RP\ZZR[QRQ a\ ;RVQRTTR_VN[`%


5RXIV EPME" Va ZNf V[WRPa N Z\QVPbZ \S ^bNYVSVPNaV\[ V[a\ aUR b[^bR`aV\[$
V[TYf NPPR]aRQ aUR`V` \S aUR iR[Q \S ZRaN]Uf`VP`%j A[ aUR \aUR_ UN[Q# aURf
d\bYQ SV[Q aUR_R# V[ aUR _VT\_ \S P\[PR]a# ZbPU \S dUNa aURf dRYP\ZR V[
;RVQRTTR_l` V[[\cNaV\[`1 aUR O_RNX dVaU i`bO`aN[PR#j aUR RcR[a$PUN_NPaR_
\S ORV[T# aUR _RQbPaV\[ \S R[aVaf a\ NPabNY \PPN`V\[# aUR V[dN_Q[R`` \S
; 8<78::8D 4@7 F ;8A>A:J L ),*
T_N[a aUR \[aVP \_ ZRaN]Uf`VPNY ZRN[V[T \S 5RV[T V[ aU\`R N`]RPa` dR
UNcR [\aRQh YRaaV[T V[SV[VaR _RT_R`` aNXR PN_R \S Va`RYSh aUR[ dR PN[
NY`\ T_N[a aUR N[NY\Tf QV`]baRQ ORS\_R% FUb`# \[ aUR [Rd Uf]\aUR`V`#
dR PN[ `P_N] aUR ]_RcV\b` N_TbZR[a aUNa YN[QRQ aUR\Y\Tf V[ KR[# N[Q
dR N_R S_RR a\ N]]_NV`R aUR _RV[`aNaRQ N[NY\Tf# cVg%# iN` ]UVY\`\]UVPNY
aUV[XV[T V` a\ ORV[T `\ aUR\Y\TVPNY aUV[XV[T V` a\ aUR `RYS$_RcRNYV[T
:\Q%j >Ra b` `RR dUR_R aUNa YRNcR` aUR aUR\Y\TVN[% @\a ORaaR_ \SS# <
NZ NS_NVQ%
AS P\b_`R# YR`a aUR N[NY\Tf `aNaR N ZR_R a_bV`Z# dR Zb`a _R]U_N`R Va
aUb`1 i4` ]UVY\`\]UVPNY aUV[XV[T EGGSVHMRK XS 4IMHIKKIV V` a\ `RYS$
b[cRVYV[T ORV[T# `\ aUR\Y\TVPNY aUV[XV[T `U\bYQ OR a\ aUR `RYS$_RcRNYV[T
:\Q%j 5ba `V[PR NPP\_QV[T a\ ;RVQRTTR_ dUNa ZNaaR_` V` [\a `\ ZbPU
]UVY\`\]UVPNY Oba ]_VZNY aUV[XV[T \S ORV[T# \S dUVPU ]UVY\`\]Uf V`
\[Yf \[R Z\QR N[Q ]\Ra_f N[\aUR_# dR Zb`a \[PR Z\_R _R]U_N`R N[Q
`Nf i4` TVMQEP aUV[XV[T V` a\ ORV[T# `\ aUR\Y\TVPNY aUV[XV[T `U\bYQ OR
a\ :\Qj !UR_R < PN[ \ZVa ib[cRVYV[Tj N[Q i_RcRNYV[Tj ORPNb`R Va V`
V[PYbQRQ V[ i]_VZNYj "2 \_1 XLISPSK] WLSYPH FI TVMQEP XLMROMRK GSR#
GIVRMRK 3SH$ 5ba `V[PR# NTNV[# aUR cR_f P\[PR]aV\[ \S i]_VZNY aUV[X$
V[Tj V` NY_RNQf N Sb[PaV\[ \S aUR ]N_aVPbYN_ P\[PR]a \S aUNa dUVPU Va V`
a\ aUV[X NO\ba# cVg%# \S `FIMRK !YRa ZR VT[\_R aUR PV_PYR" N[Q V[c\YcR`
Va N[Q UN` [\ ZRN[V[T dVaU\ba Va# aUR N[NY\Tfh [\d aUNa aUR\Y\Tf
Va`RYS V` a\ OR ]_VZNY aUV[XV[Th P\ZR` Q\d[ a\ aUR ]_\]\`VaV\[1
;RVQRTTR_l` aUV[XV[T NO\ba ORV[T# V[ aUR ad\S\YQ `R[`R \S LS[ N[Q
[LEX UR aUV[X` NO\ba Va# `U\bYQ OR aUR Z\QRY S\_ aUR\Y\Tfl` aUV[XV[T
NO\ba :\Q2 N[Q aUb`# VS aUR Z\QRY S\_ aUR P\[PR]aV\[ \S UVZ# aUR[
NY`\ aUR Z\QRY S\_ aUR P\[PR]aV\[ \S UV` `RYS$_RcRNYV[T% 4[Q `aVYY \[R
YN`a `aR] _RZNV[` a\ OR aNXR[1 `V[PR aUV[XV[T# [NZRYf# ]_VZNY aUV[XV[T
V[ _R`]\[`R a\ aUR PNYY \S ORV[T# V` ZN[l` Z\`a NQR^bNaR _RYNaV\[ a\
ORV[T# N[Q aUb` aUR UVTUR`a \_ a_bR`a Z\QR \S ZN[l` ReV`aR[PR !S\_$
ZNYYf aUR NeV\Z \S ]UVY\`\]Uf `V[PR BN_ZR[VQR` "# aUR S\_ZR_
N[NY\Tf SV[NYYf ORP\ZR` aUV`1 ;RVQRTTR_l` cVRd \S aUV[XV[T N` ZN[l`
a_bR Nc\PNaV\[ N[Q N` UV` NQR^bNaR _R`]\[`R a\ aUR PNYY \S ORV[Th [\a#
R%T%# NPaV\[# O_\aUR_Yf Y\cR# _R`V`aN[PR a\ RcVY# ]_\Z\aV\[ \S aUR T\\Q
h< `Nf# XLMROMRK N` `RR[ Of ;RVQRTTR_ `U\bYQ OR aUR Z\QRY S\_

\PPN`V\[ N` Re]R_VR[PR# aUR P\[aRea \S \PPN`V\[` N` ]_RUR[`V\[`# N[Q `\


\[% 5ba V[ IUVaRURNQ# NYY aUV` V` \[ aUR \OWRPaVSfV[T# \[aVP YRcRY% <VSGIWW
ERH >IEPMX] V` i4[ 8``Nf V[ 6\`Z\Y\Tf%j @\ ]UVY\`\]Uf \S [Nab_R PN[
V``bR S_\Z ;RVQRTTR_l` aU\bTUa%
),+ M F ;8 B ;8@A?8@A@ A9 > <98
aUR\Y\Tfl` P\[PR]aV\[ \S ZN[l` ]R_SRPaV\[ b[QR_ :\Q V[ NQR^bNaR
_R`]\[`R a\ aUR PNYY \S :\Q# N[Q aUR_RS\_R S\_ Va` P\[PR]aV\[ \S aUR
P\[aR[a \S aUV` PNYY Va`RYS%

< NZ SbYYf NdN_R aUNa [\O\Qf dV`UR` a\ T\ aUNa SN_ N[Q aUNa B_\SR``\_
Aaal` V[aR[aV\[` `a\] `\ZRdUR_R NY\[T aUR YV[R < UNcR a_NPRQ% < ORYVRcR
aUNa aUV` PN[[\a OR Q\[R# aUNa f\b Zb`a aNXR \_ YRNcR aUR dU\YR# N[Q
aUNa Of ObfV[T N ]N_a f\b UNcR dVYYf$[VYYf O\bTUa aUR dU\YR% 5ba N`
aUR_R V` [\ aVZR S\_ ZR a\ `U\d aUV` [\d# < dVYY S\_ N_TbZR[al` `NXR
T\ dVaU aUR RPYRPaVP N]]_\NPU N[Q a_RNa `V[TYR aURZR` N` VS aURf dR_R
V`\YNOYR S_\Z aUR _R`a%
(% 9V_`a# aUR[# aUR cR_f YRN`a f\b Obf V` N Q\Pa_V[R \S TIVQERIRX
VIZIPEXMSR$ 9\_ Va V` _RNYYf V[`R]N_NOYR S_\Z aUR N[NY\Tf \S aUR b[cRVY$
V[T \S ORV[T N` ORV[Tl` \d[ UV`a\_f# RaP%# aUNa Va` _RYVTV\b` N[NY\TbR
a\\ V` N[ RcR_$_R[RdRQ RcR[a# V[ UN]]R[V[T N[Q P\[aR[a QRaR_ZV[RQ
Of SNaR% 7\Pa_V[NYYf aUV` ZVTUa OR Re]_R``RQ# R%T%# V[ N[ 4QNZVaVP
]_\]URa\Y\Tf \S aUR XV[Q dR UNcR V[ PR_aNV[ :[\`aVP `]RPbYNaV\[`# \_
V[ aUR VQRN \S N P\[`aN[a _RcRYNa\_f NPaVcVaf \S aUR ;\Yf :U\`a% BR_$
UN]` aUV` dVYY [\a S_VTUaR[ aUR aUR\Y\TVN[ dU\ `]RNX` `\ P\[SVQR[aYf \S
aUR GSQQYRMS WERGXSVYQ$ 9b_aUR_ VZ]YVPNaV\[` aUR a_NV[RQ aUR\Y\TVN[
PN[ RN`VYf d\_X \ba S\_ UVZ`RYS# N[Q Va V` S\_ UVZ a\ QRPVQR dURaUR_ UR
dN[a` dUNa UR SV[Q`hVZ]YVPNaV\[` `bPU N` aUR`R1 aUNa aUR _RcRYNaV\[
V` b[SV[V`URQ N[Q UN` N[ R[aV_RYf \]R[ U\_Vg\[ S\_ Sbab_R NQcR[a` \S
aUR d\_Q2 aUNa Sbab_R _RcRYNaV\[` N_R [\a ]_RWbQTRQ Of ]N`a _RcRYN$
aV\[`# N[Q [\ \[R _RcRYNaV\[ `b]]YVR` N[ NbaU\_VaNaVcR P_VaR_V\[ Of
dUVPU \aUR_` N_R a\ OR WbQTRQ% FUV` Q\R` NdNf dVaU aUR ]\``VOVYVaf \S#
Oba R^bNYYf dVaU aUR [RRQ S\_# QV`aV[TbV`UV[T ORadRR[ a_bR Q\Pa_V[R
N[Q UR_R`fh aUR cR_f VQRN \S N a_bR Q\Pa_V[R QV`N]]RN_`% 5ba Va NY`\# <
NZ NS_NVQ# ZNXR` Va VZ]\``VOYR a\ QV`aV[TbV`U ORadRR[ aUR V[`]V_NaV\[`
\S aUR ;\Yf :U\`a N[Q aUR QRZ\[` !< U\]R f\b NT_RR dVaU ZR aUNa
aUR_R N_R QRZ\[`"% 4[\aUR_ P\[`R^bR[PR V` aUNa aUR dU\YR 5VOYVPNY
_RcRYNaV\[ V[PYbQV[T aUR 6U_V`a RcR[a V` \[Yf N ]UN`R V[ aUR \[T\V[T
]_\PR`` \S QVcV[R `RYS$_RcRNYV[T aU_\bTU RcR[a` \S YN[TbNTR% 4[Q \[
aU\`R aR_Z` f\b PN[ V[QRRQ [\a UNcR N aUR\Y\Tf \S `NcV[T SNPa`# Oba
\[Yf N aUR\Y\Tf \S RcR[a` \S YN[TbNTR !`a_N[TRYf R[\bTU Va`RYS N[
RcR[a \S YN[TbNTR"# N[Q Va` P_VaR_V\[ V` [\a aUR a_baU \S :\Ql` NPaV\[`#
; 8<78::8D 4@7 F ;8A>A:J L ),,
V%R%# aUR P\__RPa ZRN[V[T \S aU\`R `NcV[T SNPa`# Oba aUR NbaUR[aVPVaf \S
`]RRPU NO\ba aU\`R NPaV\[`%
)% FUV` O_V[T` ZR a\ aUR `RP\[Q VaRZ f\b N_R ObfV[T S_\Z ;RVQRT$
TR_# N[Q Na aUR `NZR aVZR ONPX a\ \b_ aURZR# aUR ]_\OYRZ \S [\[\O$
WRPaVSfV[T `]RRPU1 aUR VaRZ# [NZRYf# aUNa aUR\Y\Tf Zb`a OR ][RbZNaVP
aUR\Y\Tf \_ N` f\b ZVTUa `Nf# TY\``\YNYf ! i`]RNXV[T V[ a\[TbR`j "%
FUV` P\[`R^bR[PR V` VZ]YVPVa V[ aUR PYNVZ aUNa aUR\Y\Tf V`# \_ `U\bYQ
OR# N `]RPVR` \S ]_VZNY aUV[XV[T% ;R_R Va V` [\a < aUNa aRYY aUR\Y\TVN[`
dUNa aUR\Y\Tf ZVTUa b[dVaaV[TYf P\[a_NPa S_\Z N[ NYYVN[PR dVaU
;RVQRTTR_# Oba aUV` ]\V[a V` aUR QRPYN_RQ PU\VPR \S N aUR\Y\TVN[ N[Q
aUR UbO \S UV` dU\YR R[aR_]_V`R1 cVg%# a\ a_N[`SR_ ;RVQRTTR_l` P\[PR]a
\S i]_VZNYj \_ iR``R[aVNYj aUV[XV[T a\ aUR\Y\Tf2 N[Q a\ `Ra Va` aUV[X$
V[T# N` Va`RYS ]_VZNY N[Q R``R[aVNY V[ P\ZZ\[ dVaU aUNa \S ]\Ra_f#
N]N_a S_\Z aUR `RP\[QN_f# `bOWRPaVcV`a$\OWRPaVSfV[T aU\bTUa \S ZRaN$
]Uf`VP` N[Q `PVR[PR !PS% Aaa# ST$ GMX$" ]% +,"% IUR[ d\_Q _RNPURQ ZR
aUNa aUR\Y\Tf V` UR[PRS\_aU a\ OR ]_VZNY aUV[XV[T# Zf SV_`a aU\bTUa
dN`1 :\Q S\_OVQ h N[Q Zf `RP\[Q1 ]\\_ aUR\Y\TVN[` h V[ `U\_a# aUR
PYN``VPNY _RNPaV\[ a\ a_NTRQfh SRN_ N[Q ]Vaf% 9\_ ]_VZNY aUV[XV[T# N`
dR UNcR YRN_[RQ# V` [\a Na aUR aUV[XR_l` P\ZZN[Q# Oba UN]]R[` a\ UVZ
Of aUR T_NPR \S ORV[T% 4[Q `\ aUR aUR\Y\TVN[ V` N ZN[ ]_\SR``V\[NYYf
P\ZZVaaRQ a\ ORV[T P\[aV[bNYYf T_N[aRQ aUNa UN]]R[V[T S\_ aUR Q\V[T
\S UV` QNfl` d\_X2 \_ N ZN[ dU\ PYNVZ` a\ QdRYY ]R_ZN[R[aYf aUNa
PY\`R a\ aUR `\b_PR1 N YVSRl` PNYYV[T < d\bYQ [\a PN_R a\ PU\\`R% <[
SNV_[R`` a\ ;RVQRTTR_ Va Zb`a OR `NVQ aUNa dUNa V` UR_R N`XRQ \S
aUR\Y\Tf Q\R` [\a S\YY\d S_\Z UV` ]UVY\`\]Uf N[Q UV` Q\Pa_V[R \S
aUV[XV[T N` `bPU% A[ aUR P\[a_N_f# UV` b[]bOYV`URQ YRPab_R \S (0)/ \[
iFUR\Y\Tf N[Q BUVY\`\]Uf#j dUVPU < _RPR[aYf UNQ \PPN`V\[ a\
_RNQ# Re]_R``Yf aR_Z` aUR\Y\Tf N ]\`VaVcR `PVR[PR# `V[PR Va QRNY` dVaU N
TSWMXYQ" :\Q_ E ORV[T# aUR_RS\_R N[ \[aVP QV`PV]YV[R# N` QV`aV[Pa S_\Z
]UVY\`\]Uf# dUVPU V` [\[]\`VaVcR# \[a\Y\TVPNY# QRNYV[T dVaU ORV[T
]b_RYf% 4[Q N` N `PVR[PR aUNa aUV[X` NO\ba Va` \OWRPa# aUR\Y\Tf V` \S
P\b_`R `RP\[QN_f N[Q [\a ]_VZN_f aUV[XV[T% FUV` dN` ORS\_R aUR
SNZ\b` iab_[#j dUR[ ;RVQRTTR_ dN` `aVYY N _NaV\[NY aUV[XR_ !_RN`\[
N[Q ]_\Sb[QVaf Q\ [\a [RPR``N_VYf RePYbQR RNPU \aUR_"% 5ba RcR[ V[
aR_Z` \S UV` YNaR_ aU\bTUa Va V` [\a Na NYY ]YNb`VOYR# YRa NY\[R [RPR``N_f#
aUNa aUR\Y\Tf Zb`a OR \_ RcR[ PN[ OR ]_VZNY aUV[XV[T% <a `RRZ` aUNa
\[Yf N` N[ NSaR_aU\bTUa# URRQV[T aUR ]YRN \S aUR\Y\TVN[` dU\ dV`URQ
aURV_ QV`PV]YV[R S_RRQ S_\Z aUR \Q\_ \S `PVR[PR# NSaR_ `PVR[PR UNQ ORR[
),- ' F ;8 B ;8@A?8@A@ A9 ><98
S\b[Q \ba a\ OR S\_TRaSbY[R`` \S ORV[T#(. QVQ ;RVQRTTR_ !Na YRN`a
\_NYYf" ]R_ZVa aUR\Y\Tf a\ OR NQQRQ a\ ]\Ra_f N[Q ]UVY\`\]Uf N`
]\``VOYR Z\QR` \S ]_VZNY aUV[XV[T% FUR \[a\Y\TVPNY UNc\P aUNa _R`bYa`
S_\Z aUR N[NY\Tf aUb` R`aNOYV`URQ UN` Wb`a ORR[ P\[`VQR_RQ1 aUR YV[$
TbV`aVP V` [\a YR``% FUNa aUR\Y\Tf Zb`a ORP\ZR ][RbZNaVP N[Q Va`
`]RRPU TY\``\YNYf# S\YY\d` S_\Z aUR QR`V_RQ N[NY\Tf a\ ;RVQRTTR_l`
aUV[XV[T NO\ba ORV[T# dUVPU Zb`a V[PYbQR UV` ZN[[R_ \S `]RNXV[T
NO\ba ORV[Th aUR ad\ aUV[T` N_R V[`R]N_NOYR% IUR_R YN[TbNTR P\V[$
PVQR` dVaU aUR `RYS$b[cRVYV[T \S ORV[T# YN[TbNTR _NaUR_ aUN[ ZN[ OR$
P\ZR` aUR `]RNXR_1 iYN[TbNTR `]RNX`%j(/ IUNa XV[Q \S YN[TbNTR V`
aUV`3 D\OV[`\[ ST$ GMX$" ]% )+" `]RNX` \S aUR iUNb[aV[TYf `bTTR`aVcR
_NaUR_ aUN[ P\[PR]abNYYf Re]YVPVa `afYR \S aUR YNaR_ ;RVQRTTR_%j ?Nf <#
N ZR_R [\[`NcRQ# Oba `fZ]NaURaVPNYYf PN_V[T PUVYQ \S aUR d\_YQ# OR
]R_ZVaaRQ a\ ]_Nf1 :\Q ]_\aRPa aUR\Y\Tf S_\Z aUR aRZ]aNaV\[ \S _R$
`\_aV[T a\ UNb[aV[T YN[TbNTR <a V` [\a ZR_RYf aUNa < SV[Q ZN[f \S aUR
YV[TbV`aVP \SSR_V[T` \S aUR ]_\a\af]R RePRRQV[TYf OMXWGLMK !< PN[[\a
a_N[`YNaR aUNa" _NaUR_ aUN[ UNb[aV[T1 N[Q aUNa < `UbQQR_ a\ aUV[X \S
dUNa ZVTUa UN]]R[ dUR[ ]R\]YR ORTV[ a\ QRPVQR a\ OR ]\Ra`% ?\_R
VZ]\_aN[a aUN[ `bPU P\[`VQR_NaV\[` \S aN`aR V` aUR `]RPaR_ \S N_OVa_N_V$
[R`` N[Q N[N_PUf aUNa aUb` N]]RN_`% J\b PN[ [\ Y\[TR_ ]_\cR N[f$
aUV[T aUR_Rh aUV` f\b ZNf QV`QNV[ N[fdNfh Oba [RVaUR_ PN[ f\b
_RSbaR# [Nf RcR[ _RWRPa N[faUV[T aUR_R1 N` V[QRRQ aUR `]RNXV[T V[
^bR`aV\[ PN[[\a `Nf i@\j a\ aUR c\VPR \S ORV[T a\ dUVPU Va _R`]\[Q`%
FUR \[Yf P_VaR_V\[ aUNa _RZNV[` V` NbaUR[aVPVaf \S YN[TbNTR% 5ba \S
NbaUR[aVPVaf# < ORYVRcR# \[R `U\bYQ [\a `]RNX% 8NPU \[R S\_ UVZ`RYS
`U\bYQ b[_RZVaaV[TYf `a_VcR S\_ Va V[ UV` \d[ d\_X# Oba [\a TVcR ZN_X`
\[ Va` `P\_R a\ aUR d\_X \S \aUR_`% IUNa fN_Q`aVPX d\bYQ f\b UNcR
N[fdNf3
5ba Q\ < _RNYYf [RRQ a\ QdRYY \[ aUV`3 FUR QN[TR_` \S PUN_V`ZNaVP
`]RRPU N_R SNZVYVN_ a\ aUR aUR\Y\TVN[ cR_`RQ V[ aUR UV`a\_f \S UV`
P_RRQ% 5ba \[ N[\aUR_ N[TYR \S aUV` V``bR < Zb`a `]RNX# ORPNb`R Va
YRNQ` b` a\ aUR URN_a \S \b_ ]_\OYRZ% 4]N_a S_\Z aUR QbOV\b`[R`` \S
aUR ]\aR[aVNY ]_\QbPa` \S aUR YV[TbV`aVP `aN[PR < UNcR _RZN_XRQ \[#
dUNa ]_R`bZ]aV\[# dUNa N__\TN[PR# V[ aUR `aN[PR Va`RYS 4` dUNa Q\ <

(.% iEPVR[PR Q\R` [\a aUV[X#j PS% ;RVQRTTR_# CEW LIMWWX 0IROIR, !Fb$
OV[TR[# (0-("# ]% + N[Q TEWWMQ$
(/% ?% ;RVQRTTR_# ARXIV[IKW ^YV ?TVEGLI !BSbYYV[TR[# (0,0"# TEWWMQ$
; 8<78::8D 4@7 F ;8A>A:J L ),.
`Ra Zf`RYS N[Q Zf `]RNXV[T b] aUR_R3 5ba# Va dVYY OR \OWRPaRQ# V`[la
]_VZNY aUV[XV[T N[Q `]RNXV[T Wb`a aUR \]]\`VaR \S `RYS$N``R_aV\[ N[Q
aUb` \S N__\TN[PR3 >RNcV[T aUR V[VaVNaVcR a\ ORV[T# YV`aR[V[T a\ dUNa
ORV[T `]RNX`# _R`]\[QV[T a\ Va` PNYY# YRaaV[T \[R`RYS OR T_N`]RQ Of Va`
]\dR_# Z\`a \S NYY1 TVcV[T b] aUR dU\YR NaaVabQR \S `bOWRPaVaf N[Q \S
\cR_ZN`aR_V[T aUR \OWRPa Of Zf P\[PR]abNYVgV[ThV`[la aUNa _RcR_$
R[PR3 V`[la aUNa UbZVYVaf3 ;R_R < Zb`a `Nf `\ZRaUV[T NO\ba aUR `RRZ$
V[T# SNY`R UbZVYVaf \S ;RVQRTTR_l` `UVSaV[T aUR V[VaVNaVcR a\ 5RV[T# `\ `R$
QbPaVcR a\ 6U_V`aVN[ aUR\Y\TVN[`# Oba V[ SNPa aUR Z\`a R[\_Z\b` UfO_V`
V[ aUR dU\YR UV`a\_f \S aU\bTUa% 9\_ Va V` [\aUV[T YR`` aUN[ aUR aUV[XR_l`
PYNVZV[T aUNa aU_\bTU UVZ `]RNX` aUR R``R[PR \S aUV[T` Va`RYS# N[Q aUb`
aUR PYNVZ a\ N[ NbaU\_Vaf dUVPU [\ aUV[XR_ `U\bYQ RcR_ PYNVZ% 4[Q
Z\_R\cR_ Va V` aUR PYNVZ aUNa V[ ]_V[PV]YR aUR ON`VP UbZN[ P\[QVaV\[#
aUNa \S ORV[T Na N QV`aN[PR a\ aUV[T` dUVPU dR Zb`a O_VQTR Of aUR
_RNPUV[T$\ba \S \b_ ZV[Q# aUR `\$PNYYRQ `bOWRPa$\OWRPa `]YVa# PN[ OR
_RZVaaRQ# Nc\VQRQ# \cR_P\ZR% FUR PYNVZ# aUNa V`# a\ N ]\``VOYR VZ$
ZRQVNPf aUNa ]R_UN]` UN` N ]YNPR V[ aUR ]R_`\[$a\$]R_`\[ _RYNaV\[# Oba
[\a V[ aUR _RYNaV\[ a\ VZ]R_`\[NY ORV[T N[Q aUV[T` N[Q aUR d\_YQ%
FUR_R V` _RNYYf [\ ]_RPRQR[a S\_ aUV` V[ aUR dU\YR \S IR`aR_[ ]UVY\`\$
]Uf% 6Y\`R`a a\ Va P\ZR`# V[ \[R _R`]RPah EPU\]R[UNbR_1 N ]N_NYYRY
UN_QYf dRYP\ZR a\ ;RVQRTTR_# dUVPU S\_ YNPX \S aVZR < PN[[\a ]b_`bR
UR_R V[a_VTbV[T N` Va V`#(0 RePR]a S\_ \[R ]\V[aR_1 a\ EPU\]R[UNbR_
Zb`VP# aUR \[Yf [\[\OWRPaVcR N_a# V` aUR QV_RPa c\VPR \S aUR aUV[T$V[$
Va`RYS# \S aUR b[VcR_`NY IVYY% FUV`# V[ @VRag`PURl` ]U_N`R# ZNQR aUR
Zb`VPVN[ aUR cR[a_VY\^bV`a \S aUR 4O`\YbaR% <[ aUR `]V_Va \S @VRag`PURl`
dVaaVPV`Z !Va V` dRYY a\ _RZRZOR_ aUNa @VRag`PUR UNQ dVa" ;RVQRTTR_l`
]_VZNY aUV[XR_ d\bYQ OR aUR cR[a_VY\^bV`a \S ORV[T# cR[a_VY\^bf aUR[

(0% 6\[`VQR_# S\_ ReNZ]YR# aUR S\YY\dV[T ]\V[a`% FUR d\_YQ V` aUR \O$
WRPaVSVPNaV\[ \S aUR b[VcR_`NY IVYY% IVYY V` aUR aUV[T$V[$Va`RYS# aUR V[QVcVQbNY
S\_Z` N_R Va` N]]RN_N[PR% FURV_ O\b[QRQ[R`` N[Q `aNaVP[R`` UVQR aUR PRN`R$
YR`` Q_VcV[T \S aUR IVYY% FURf PN[ OR `RR[ N[Q QRSV[RQ V[ P\[PR]a`1 aUV` V`
aUR d\_YQ N` BSVWXIPPYRK* _R]_R`R[aNaV\[% FUR IVYY V` Re]R_VR[PRQ dVaUV[%
5ba Va PN[ NY`\ OR ZNQR a\ N]]RN_ha\ URN_V[T2 [\a U\dRcR_ N` PNYY# Oba N`
Zb`VP% ?b`VP V` aUR N_a S\_Z V[ dUVPU aUR c\VPR \S aUR IVYY `]RNX`
QV_RPaYf# ORPNb`R Va V` [\[\OWRPaVcR# [\[`]NaVNY# N[Q ]b_R Z\cRZR[a \S
aVZR% 4YY \aUR_ N_a`# N[Q YN[TbNTR# N[Q aUR\_f# N_R dRQQRQ a\ N]]RN_N[PR#
a\ _R]_R`R[aNaV\[# a\ \OWRPaVcVaf% @VRag`PUR P\[aV[bRQ aUR aURZR V[ N [Rd
QV_RPaV\[ dVaU UV` QV`aV[PaV\[ \S aUR 7V\[f`VN[ N[Q aUR 4]\YYV[VN[%
;RVQRTTR_ _R]_R`R[a` aUR bYaVZNaR _R]bQVNaV\[ \S aUR 4]\YYV[VN[%
),/ M F ;8 B ;8@A?8@A@ A9 ><98
QR[\aV[T aUR `RPbYN_ R^bVcNYR[a \S TY\``\YNYf% EPU\]R[UNbR_l` SN[aN`f
dN` V[[\PR[a# S\_ Zb`VP V` [\[_R`]\[`VOYR N[Q PN[[\a `bSSR_ S_\Z aUR
ZV`P\[PR]aV\[ \S N Qbaf Va Q\R` [\a UNcR% 5ba aUV[XV[T V` [\a V[QVSSR_$
R[a a\ aUR P\[PR]aV\[ \S Va` aN`X N[Q [Nab_R% 4` _R`]\[`VOYR# Va P_b$
PVNYYf QR]R[Q` \[ aUR P\[PR]aV\[ \S Va` _R`]\[`VOVYVaf% ;R_R aUR N]$
]N_R[a UbZVYVaf N[Q NPabNY ]_VQR \S aUR P\[PR]aV\[ \S ]_VZNY aUV[XV[T
ZNf NYa\TRaUR_ _bV[ aU\bTUa% ?N[l` aU\bTUa1 aUR RcR[a \S aUR `RYS$
PYRN_V[T \S ORV[T# [\a UV` \d[ R__V[T OVQ S\_ a_baU ?N[1 aUR `UR]$
UR_Q \S ORV[Th [\a# ZV[Q f\b# \S ORV[T` 4]N_a S_\Z aUR OYN`$
]URZ\b` _V[T dUVPU aUV` b`R \S aUR UNYY\dRQ aVaYR Zb`a UNcR a\ =RdV`U
N[Q 6U_V`aVN[ RN_`1 Va V` UN_Q a\ URN_ ZN[ UNVYRQ N` aUR `UR]UR_Q \S
ORV[T dUR[ UR UN` Wb`a `\ QV`ZNYYf SNVYRQ a\ OR UV` O_\aUR_l` XRR]R_%
FUR YNaaR_ UR V` ZRN[a a\ OR V[ aUR 5VOYR% 5ba aUR aR__VOYR N[\[fZVaf
\S ;RVQRTTR_l` iORV[T#j VYYVPVaYf QRPXRQ \ba dVaU ]R_`\[NY PUN_NPaR_`#
OY\PX` \ba aUR ]R_`\[NY PNYY% @\a Of aUR ORV[T \S N[\aUR_ ]R_`\[ NZ <
T_N`]RQ# Oba Wb`a Of iORV[Tj 4[Q Zf _R`]\[`VcR aU\bTUa V` ORV[Tl`
\d[ RcR[a% 5ba PNYYRQ N` ]R_`\[ Of ]R_`\[hSRYY\d ORV[T` \_ :\Qh
Zf _R`]\[`R dVYY [\a ]_VZN_VYf OR aUV[XV[T Oba NPaV\[ !aU\bTU aUV`
V[c\YcR` aUV[XV[T"# N[Q aUR NPaV\[ ZNf OR \[R \S Y\cR# _R`]\[`VOVYVaf#
]Vaf2 NY`\ \S d_NaU# V[QVT[NaV\[# UNaR# RcR[ SVTUa a\ aUR QRNaU1 Va V` UVZ
\_ ZR% % % % <[ aUV` `R[`R V[QRRQ NY`\ ;VaYR_ dN` N PNYY% ?YGL GEPPW EVI
HVS[RIH MR XLI ZSMGI SJ FIMRK XS [LMGL SRI GERRSX WE] :S+ N` V` NY`\#
dR N_R a\YQ# aUR `R]N_NaV\[ \S `bOWRPa S_\Z \OWRPa%
FUV` V` aUR SV[NY PYNVZ \S ]_VQR# N[Q aUR ORa_NfNY \S ZN[l` aN`X
T_\dV[T S_\Z aUR NPPR]aN[PR \S UV` Y\a% 9\_ YRa aUV` OR `NVQ [\d1 aUR
`bOWRPa$\OWRPa VIPEXMSR" dUVPU ]_R`b]]\`R`# U\YQ` \]R[# N[Q `aN[Q`
aU_\bTU aUR QbNYVaf# V` [\a N YN]`R Oba aUR ]_VcVYRTR# Ob_QR[# N[Q Qbaf
\S ZN[% @\a BYNa\ V` _R`]\[`VOYR S\_ Va Oba aUR UbZN[ P\[QVaV\[# Va`
YVZVa` N[Q [\OVYVaf b[QR_ aUR \_QR_ \S P_RNaV\[% 9\_ SN_ S_\Z ORV[T N
QRcVNaV\[ S_\Z 5VOYVPNY a_baU# aUV` `RaaV[T \S ZN[ \cR_ NTNV[`a aUR `bZ
a\aNY \S aUV[T`# UV` `bOWRPa$`aNab` N[Q aUR \OWRPa$`aNab` N[Q ZbabNY
ReaR_[NYVaf \S aUV[T` aURZ`RYcR`# N_R ]\`VaRQ V[ aUR cR_f VQRN \S P_RN$
aV\[ N[Q \S ZN[l` ]\`VaV\[ cV`$N$cV` [Nab_R QRaR_ZV[RQ Of Va1 Va V` aUR
P\[QVaV\[ \S ZN[ QIERX V[ aUR 5VOYR# VZ]\`RQ Of UV` P_RNaRQ[R``# a\
OR NPPR]aRQ# NPaRQ aU_\bTUh N[Q a_N[`PR[QRQ \[Yf V[ PR_aNV[ R[P\b[$
aR_` dVaU SRYY\d ORV[T` N[Q :\Q# V%R%# V[ ReV`aR[aVNY _RYNaV\[` \S N cR_f
`]RPVNY XV[Q% FUR ]UVY\`\]UR_l` _R`]RPa S\_ aUR 5VOYVPNY a_NQVaV\[ _R`a`
]_RPV`RYf \[ aUR NPX[\dYRQTZR[a \S aUR _\YR Va UN` ]YNfRQ V[ VZ]_R``$
; 8<78::8D 4@7 F ;8A>A:J L ),0
ZT aUV` \[a\Y\TVPNY `PURZR dVaU Va` T_RNa N[Q ReNPaV[T aR[`V\[ b]\[
aUR IR`aR_[ ZV[QhZ\_R `\# ]R_UN]`# ORPNb`R Z\_R b[NZOVTb\b`Yf#
aUN[ RcR[ aUR :_RRX a_NQVaV\[% FUR \_VTV[ \S aUR _VSa# dURaUR_ QR]Y\_RQ
\_ UNVYRQ# V` V[ ?\`R` [\ YR`` aUN[ V[ BYNa\% 4[Q VS f\b Zb`a YNf
aRPU[\Y\Tf Na `\ZRO\Qfl` Q\\_# Q\[la S\_TRa# \cR_ aUR `PN]RT\Na \S
ZRaN]Uf`VP`# aUR =bQNR\$6U_V`aVN[ a_NQVaV\[%

H<

IUR_R Q\R` NYY aUV` YRNcR aUR YV[TbV`aVP ]_\OYRZ \S aUR\Y\Tf3 FUNa
aUR_R V` N ]_\OYRZ# aUNa aUR V``bR a_\bOYV[T aUR aUR\Y\TVN[ V` N TR[bV[R
\[R# UN` ORR[ T_N[aRQ Na aUR cR_f \]R[V[T \S aUV` NQQ_R``% FUNa aUR
P\[PR]abNYVgNaV\[ N[Q \OWRPaVcR YN[TbNTR \S aUR\_f Q\ [\a Q\ Wb`aVPR#
a\ `\ZR ReaR[a Q\ cV\YR[PR# a\ aUR ]_VZN_f P\[aR[a P\ZZVaaRQ a\
aUR\Y\Tfl` PN_R# \[ aUV` aUR_R V` NT_RRZR[a% 4Y`\ \[ aUV`1 aUNa aUR_R MW
[\[\OWRPaVSfV[T aU\bTUa N[Q `]RRPU% IR SV[Q Va V[ aUR ]_\]URa` N[Q
aUR ]`NYZV`a`# V[ aUR YN[TbNTR \S ]_NfR_ N[Q P\[SR``V\[ N[Q ]_RNPU$
V[T# NY`\ V[ Yf_VPNY ]\Ra_f2 N[Q V[ aUR YVSR \S aUR QVNY\TbR1 ZbPU \S
dUNa 5bOR_ UN` `NVQ NO\ba aUR i<$aU\bj _RYNaV\[ N[Q Va` YN[TbNTR# N`
QV`aV[Pa S_\Z aUV_Q ]R_`\[ i<$Vaj _RYNaV\[ N[Q Va` YN[TbNTR# SNYY`
`^bN_RYf V[a\ aUR N_RN \S \b_ ]_\OYRZ% 5ba aUR aUR\Y\TVN[# [LIR UR
NaaR[Q` a\ aUR\Y\Tf !dUVPU UR Q\R` [\a Q\ NYY aUR aVZR"# V` [RVaUR_
]_\]URa [\_ ]`NYZV`a [\_ ]_RNPUR_ [\_ ]\Ra# [\_ V[ aUR <$aU\b `VabN$
aV\[# Oba b[QR_ aUR f\XR \S aUR\_RaVPNY QV`P\b_`R N[Q aUR_RS\_R OR$
U\YQR[ a\ \OWRPaVcR aU\bTUa N[Q YN[TbNTR% FUV` Ob_QR[ aUR\Y\Tf UN`
a\ `U\bYQR_# N[Q [\a RcR[ aUR YNaR_ ;RVQRTTR_ \SSR_` YRTVaVZNaR _RYRN`R
S_\Z Va% @\_ `U\bYQ `bPU _RYRN`R OR `\bTUa% A[ aUV` ]\V[a < NT_RR
P\Z]YRaRYf dVaU DbQ\YS 5bYaZN[[ N[Q dVaU dUNa UN` ORR[ `NVQ V[ UV`
cRV[ V[ aUR 4ZR_VPN[ QV`Pb``V\[# [\aNOYf V[ aUR RePRYYR[a R``Nf` \S
6\ZR N[Q ATQR[%)' @RcR_aURYR``# N[Q aUV` V` ]_RPV`RYf aUR 5bYaZN[$
[VN[ ]\`VaV\[# aUR_R PN[ OR N Z\_R \_ YR`` NQR^bNaR `afYR \S P\[$
PR]abNYVaf N[Q YN[TbNTR V[ aUR\Y\Tf# \_1 N YR`` \_ Z\_R V[NQR^bNaR
\[R# `V[PR V[NQR^bNPf dVYY `aVYY OR \b_ Y\a% <[ `U\_a# aUR_R N_R QRT_RR`
\S \OWRPaVSVPNaV\[% 4[Q V[QRRQha\ TVcR [\d Na aUR R[Q Zf \d[ aR[aN$
aVcR cVRd \[ aUR ZNaaR_# dUVPU b] a\ N ]\V[a P\V[PVQR` dVaU 5bYa$
ZN[[l`# Oba ORf\[Q aUNa ]\V[a QVcR_TR` S_\Z UV`haUR ^bR`aV\[ V` [\a

)'% >SFMRWSR#/SFF" @\`% * N[Q ,%


)-' ' F ;8 B ;8@A?8@A@ A9 ><98
U\d a\ QRcV`R N[ NQR^bNaR YN[TbNTR S\_ aUR\Y\Tf# Oba U\d a\ XRR] Va`
[RPR``N_f V[NQR^bNPf XVERWTEVIRX S\_ dUNa V` a\ OR V[QVPNaRQ Of Va1 Va`
YR``R_ \_ T_RNaR_ \]N^bR[R`` V` N ZNaaR_ NO\ba dUVPU `\ZRaUV[T PN[
OR Q\[R%
?f \d[ RN_Yf T_N]]YV[T` dVaU aUR ]_\OYRZ \S \OWRPaVSVPNaV\[ N[Q Va`
UR_ZR[RbaVPNY N`]RPa` ZNQR ZR `abZOYR \[ aUR P\[PR]a \S iQRZf$
aU\Y\TVgV[T%j)( < P\[PRVcRQ aUV` N` \[R Z\cR V[ aUR ]_\PR`` \S QR$
\OWRPaVSfV[T S\_ dUVPU aUR V[aR_]_RaNaV\[ \S PR_aNV[ N[PVR[a aRea`
`RRZRQ a\ PNYY% FUR a_N[`YNaV\[h N _Ra_N[`YNaV\[ N` Va dR_Rh \S
ZfaUVPNY aR_Z` V[a\ P\[PR]a` \S ReV`aR[aVNY ]UVY\`\]Uf d\bYQ _Rab_[
aUR PSKSW V[a\ PY\`R_ ]_\eVZVaf a\ aUR `bO`aN[PR S_\Z dUVPU Va UNQ
\_VTV[NaRQ# a\ dVa# aUR Qf[NZVP` N[Q `RYS$Re]R_VR[PR \S UbZN[ ReV`$
aR[PR% FUb` aUR QRZfaU\Y\TVgV[T ZRN[a aUR _Ra_VRcV[T \S aUV` `bO`aN[PR
S_\Z aUR Z\`a P\Z]NPa# Z\`a b[fVRYQV[T# Z\`a Rea_RZR S\_Z \S \O$
WRPaVSVPNaV\[ V[ dUVPU Va dN` Y\PXRQ b]# N[Q UR_R V[QRRQ aUR PNaRT\_VR`
Rc\YcRQ V[ ;RVQRTTR_l` N[NYf`V` \S ReV`aR[PR V[ ?IMR YRH DIMX \SSR_RQ N
`b]R_V\_ ZRN[` \S O_V[TV[T a\ YVTUa aUR T_\b[Q S_\Z dUVPU aUR ]_\WRP$
aV\[` \S Q\Pa_V[R UNQ _V`R[ N[Q dUVPU P\[aNV[` aURV_ a_baU%)) 4[Q aUR
QVNYRPaVPNY PUN_NPaR_ \S aUR P\[PR]a` NSS\_Q` `\ZR ]_\aRPaV\[ NTNV[`a
aUR XV[Q \S \OWRPaVcR SVeNaV\[ a\ dUVPU aUR P\[PR]a` \S aUR ]UVY\`\]Uf
\S `bO`aN[PR N_R ]_\[R% FUb` aURf N_R YR`` \]N^bR# Z\_R a_N[`]N_R[a#
Z\_R ETTVSTVMEXI a\ aUR i`bOWRPa ZNaaR_ \S aUR\Y\Tf%j
E\ SN_# < aUV[X# < NZ V[ P\Z]YRaR NT_RRZR[a dVaU Zf S_VR[Q N[Q
aRNPUR_ 5bYaZN[[% 4 ]\``VOYR QVSSR_R[PR Yb_X` V[ aUR ^bR`aV\[1 ;\d
SN_ PN[ aUR ia_N[`YNaV\[j YRTVaVZNaRYf ReaR[Q3 G] a\ dUNa `]UR_R V[
aUR b[VcR_`R \S _RYVTV\b` QV`P\b_`R3 FUR QN[TR_ \S iN]]_\]_VNaR[R``j
\S N P\[PR]abNY `PURZR V` aUNa Va ZNf OYb[a aUR `R[`R \S ]N_NQ\e N[Q
P_RNaR N SNZVYVN_Vaf dUR_R [\[R V` ]R_ZVaaRQ% FUR QVcVQV[T YV[R# aUR
YV[R dU\`R P_\``V[T Of aUR QRZfaU\Y\TVgRQ P\[PR]a d\bYQ UNcR aUNa

)(% <[ N `abQf \[ aUR UR_ZR[RbaVP` \S 6Ub_PU Q\TZN# N]]R[QRQ a\ Zf


-YKYWXMR YRH HEW TEYPMRMWGLI 2VIMLIMXWTVSFPIQ* 1MRI TLMPSWSTLMWGLI
?XYHMI ^YQ TIPEKMERMWGLIR ?XVIMX 2SVWGLYRKIR ^YV >IPMKMSR YRH 8MXIVEXYV
HIW -PXIR YRH :IYIR @IWXEQIRXW (( L@% 9% ).M !:\aaV[TR[# (0*'2
)[Q RQ%# _RcV`RQ N[Q R[YN_TRQ# (0-,"# -RLERK 5* BFIV HMI LIVQIRIYXMWGLI
?XVYOXYV HIW 0SKQEW+ PS% aUR <[a_\QbPaV\[ Of =NZR` ?% D\OV[`\[ a\ aUR
`RP\[Q RQVaV\[%
))% A[ aUR UR_ZR[RbaVPNY `aNab` \S ;RVQRTTR_l` PNaRT\_VR` \S ReV`aR[PR
P\Z]N_R aUR ORTV[[V[T \S aUR @V[aU 8``Nf%
; 8<78::8D 4@7 F ;8A>A:J L )-(

RSSRPa# PN[ OR PYRN_Yf V[QVPNaRQ% <S Va V` `NVQ# \[ 5bYaZN[[l` ORUNYS#


aUNa iaUR P\[PR]a` \S ;RVQRTTR_l` ReV`aR[aVNYV`a N[NYf`V` N_R ORaaR_
NQN]aRQ a\ Re]YVPNaV[T aUR 6U_V`aVN[ b[QR_`aN[QV[T \S ZN[ aUN[ aUR
ZfaU\Y\TVPNY P\[PR]a` RZ]Y\fRQ Of aUR d_VaR_` \S aUR @Rd FR`aN$
ZR[aj ! >SFMRWSR#/SFF " ]% (-."# dR NQQ1 fR`h ]_RPV`RYf dVaU
_R`]RPa a\ ZN[1 [\h dVaU _R`]RPa a\ :\Q \_ aUR QVcV[R% FUR_R# `fZ$
O\YVP `]RRPU Zb`a ORTV[% A[ ]NV[ \S VZZN[R[aV`Z \_ ZR_R N[aU_\$
]\Y\TV`Z# aUR b[QR_`aN[QV[T \S :\Q V` [\a a\ OR _RQbPRQ a\ aUR `RYS$
b[QR_`aN[QV[T \S ZN[% FUR Q\ZNV[ \S aUR ReV`aR[aVNY P\[PR]a ReaR[Q`
N` SN_ N` ]UR[\ZR[\Y\Tf# aUR `]UR_R \S Va` cR_VSVPNaV\[# ReaR[Q`1 \cR_
aUR `RYS$Re]R_VR[PR \S ZN[ i FIJSVI a :\Q# GSVEQ HIS" [\a MR :\Q2 \_1
LSQS WYF PIKI" [\a LSQS WYF KVEXME$ IUR_R aUR QVcV[R Va`RYS V` `NVQ a\
R[aR_# aUR \ba]\b_V[T \S aUR `]V_Va# i:\Ql` Y\cR % % % ]\b_RQ V[a\ \b_
URN_a` aU_\bTU aUR ;\Yf E]V_Vaj !D\Z% , 1, "# iaUR URNYV[T \S aUR `\bY
S_\Z aUR OYRZV`U \S `V[j !4bTb`aV[R"# ]UR[\ZR[\Y\Tf PRN`R` a\ UNcR
N `Nf2 N[Q dVaU Va aUR cR_VSVNOYR P\[PR]a` \S ReV`aR[aVNYV`a X[\dYRQTR2
N[Q aUb`1 QRZfaU\Y\TVgV[T 4[Q NYY aUR Z\_R S\_ aUR `]UR_R \S QVcV[$
Vaf Va`RYS% FUR SV[NY ]N_NQ\e V` ORaaR_ ]_\aRPaRQ Of aUR `fZO\Y` \S ZfaU
aUN[ Of aUR P\[PR]a` \S aU\bTUa% IUR_R aUR Zf`aR_f V` _VTUaSbYYf Na
U\ZR# idR `RR V[ N TYN`` QN_XYf%j IUNa Q\R` iV[ N TYN`` QN_XYfj
ZRN[3 <[ aUR `UN]R` \S ZfaU% F\ XRR] aUR QERMJIWX STEUYIRIWW \S
ZfaU a_N[`]N_R[a S\_ aUR V[RSSNOYR V` V[ N dNf RN`VR_ aUN[ a\ XRR] aUR
`RRZV[T a_N[`]N_R[Pf \S aUR P\[PR]a a_N[`]N_R[a S\_ aUNa a\ dUVPU Va
V` V[ SNPa N` \]N^bR N` N[f YN[TbNTR Zb`a OR%
?faU aNXR[ PMXIVEPP] V` P_bQR`a \OWRPaVSVPNaV\[%
?faU aNXR[ EPPIKSVMGEPP] V` `\]UV`aVPNaRQ \OWRPaVSVPNaV\[%
?faU aNXR[ W]QFSPMGEPP] V` aUR TYN`` aU_\bTU dUVPU dR QN_XYf
`RR%
7 > 7 G 7 @ E : 7DD3J

;[[]`bOZWbg O\R bVS ?]RS`\ ES[^S`


8]` :$ 3$

;\ bVS T]ZZ]eW\U `STZSQbW]\a' ; aVOZZ abO`b T`][ eVOb ; Q]\aWRS` O\


c\RS\WOPZS TOQb" \O[SZg" bVOb bVS []RS`\ bS[^S` Wa c\Q]\US\WOZ b]
bVS WRSO ]T W[[]`bOZWbg$ ;b Wa bVOb ]dS` O\R OP]dS bVS ]PXSQbW]\a eVWQV
bVS []RS`\ W\bSZZSQb S\bS`bOW\a OUOW\ab Wb ]\ bVS]`SbWQOZ U`]c\Ra$
EVSaSi eVWQV T]` P`SdWbg ; eWZZ aW[^Zg U`O\b 8@ 5>A6i O`S Pg bVS[#
aSZdSa W\RSQWaWdS$ 3a b`O\aQS\RS\bOZ" bVS ]PXSQb ]T bVS WRSOi W[[]`#

'$ A`WUW\OZZg RSZWdS`SR Oa bVS ;\US`a]ZZ >SQbc`S ]T '/,' Ob :O`dO`R


F\WdS`aWbg O\R acPaS_cS\bZg ^cPZWaVSR W\ bVS *4CG4C7 2;8A>A:<64> 08
G<8H ++ '/,(!" '#(&" bVWa SaaOg VOa PSS\ bVS acPXSQb ]T ^S\Sb`ObW\U
RWaQcaaW]\ W\ bVS O`bWQZS j6SObV" 6gW\U" O\R ;[[]`bOZWbgk Pg BVWZW^
?S`ZO\" O\R W\ bVS Q]c\bS`bVSaWa jEVS 6WOZSQbWQ ]T 6SObV O\R ;[[]`#
bOZWbgk Pg ?Oc`WQS @ObO\a]\" W\ bVS /46<9<6 /;<>ADAB;I (ACF? )" '
'/,*!" ^^$ )#*+ O\R -&#-/ `Sa^SQbWdSZg$ E] bVSaS ^cPZWQ d]WQSa [cab PS
ORRSR SfbS\aWdS Q][[S\b W\ \c[S`]ca ^`WdObS Q][[c\WQObW]\a$ 3[]\U
bVS ZObbS` eS`S bVS aSO`QVW\U Q][[S\ba Pg CcR]ZT 4cZb[O\\ eVWQV VOdS
PSS\ W\QZcRSR" b]USbVS` eWbV [g `S^Zg" Oa O\ 3^^S\RWf W\ bVS 9S`[O\
^cPZWQObW]\ ]T bVS SaaOg W\0 :$ <]\Oa" 3H<D6;8@ .<6;ED F@7 'H<:=8<E
9]bbW\US\" '/,)!" ,)#-($iEVS dW`bcOZZg c\QVO\USR `S^`W\bW\U ]T bVS
SaaOg VS`S R]Sa \]b [SO\ bVOb ; VOdS QZ]aSR [g [W\R b] bVS W[^]`bO\b
WaacSa `OWaSR" Pcb [S`SZg bVOb ; VOdS \SWbVS` acQQSSRSR gSb" eWbV bVSW`
VSZ^" b] ORdO\QS PSg]\R Wba OR[WbbSRZg bS\bObWdS ^]aWbW]\" \]` TSZb Q]\#
ab`OW\SR" c\RS` bVSW` ^`Saac`S" b] `Sb`SOb T`][ Wb$
" (,( #
; ??ACE3>;EJ 3@6 E:7 ?A67C@ E 7?B7C L (,)
bOZWbg WbaSZTiWa PSg]\R ^`]]T ]` RWa^`]]T0 Wb Wa \]b O\ ]PXSQb ]T
Y\]eZSRUS$ 4cb bVS WRSO ]T Wb Wa$ EVS`ST]`S" bVS W\b`W\aWQ [S`Wba ]T Wba
[SO\W\U PSQ][S bVS a]ZS [SOac`S ]T Wba Q`SRWPWZWbg" O\R bVS O^^SOZ ]T
bVOb [SO\W\U `S[OW\a Oa bVS a]ZS U`]c\R ]T ^]aaWPZS PSZWSTi Oa QS`#
bOW\Zg bVS ZOQY ]T acQV O\ O^^SOZ Wa acTTWQWS\b U`]c\R T]` OQbcOZ RWa#
PSZWST$ 4cb aW\QS eVOb Wa [SO\W\UTcZ RS^S\Ra" PSg]\R bVS [S`S Q]\RW#
bW]\ ]T Z]UWQOZ Q]\aWabS\Qg" ZO`USZg ]\ bVS RWa^]aWbW]\a O\R W\aWUVba ]T
bVS [W\R bVOb XcRUSa Wb" eS [cab W\bS``]UObS bVSaS T]` bVSW` ^`SdOZS\b
c\`Sa^]\aWdS\Saa Oa eSZZ Oa T]` O\g ^]aaWPZS V]ZR eVWQV bVS WRSO"
SdS\ W\ Wba ^`SaS\b SQZW^aS" [Og abWZZ VOdS" ]` `SQZOW[" ]\ ]c` aSQcZO`#
WhSR SabObS$ EVca O\ SfO[W\ObW]\ ]T bVS ^`]PZS[ Ob bVWa V]c` eWZZ PS
Oa [cQV O\ SfO[W\ObW]\ ]T ]c`aSZdSa Oa O\ SfO[W\ObW]\ ]T bVS WaacS
]T W[[]`bOZWbg1 O\R SdS\ WT Wb aV]cZR bV`]e \] \Se ZWUVb ]\ bVS ZObbS`"
]\ eVWQV W\ []`S bVO\ be] bV]caO\R gSO`a ^`]POPZg SdS`gbVW\U VOa
PSS\ aOWR bVS`S Wa b] aOg" Wb [Og gSb bV`]e a][S ZWUVb ]\ bVS ^`SaS\b
abObS ]T ]c` []`bOZ Q]\RWbW]\$

!
A\ bVS W\V]a^WbOPZS\Saa ]T bVS Q]\bS[^]`O`g [W\R b] bVS WRSO ]T
W[[]`bOZWbg ; QO\" W\RSSR [cab" PS dS`g P`WST" aW\QS [cQV VOa PSS\
aOWR OP]cb Wb W\ ]c` QS\bc`g" O\R bVS O`SO ]T OU`SS[S\b Wa P`]OR" O\R
ZWbbZS RWa^cbSR1 eVS`SOa ]\ bVS ZSaa \]bWQSR" O\R ZSaa ]PdW]ca" ]^S\W\U
eVWQV bVS []RS[ [W\R R]Sa ]TTS` b] bVS WRSO W\ ]\S ]T Wba ^]aaWPZS
[SO\W\Ua" O\R R]Sa a] ^`SQWaSZg Pg Wba j[]RS[k bc`\" ; aVOZZ VOdS b]
ReSZZ Ob a][S ZS\UbV$ EVWa j]^S\W\U"k V]eSdS`" abO\Ra T]`bV SaaS\#
bWOZZg T`][ bVS \SUObWdS POQYU`]c\R eWbV]cb eVWQV bVS []RS[
bS[^S` e]cZR \]b PS eVOb Wb Wa$
8W`ab" bVS\" O Z]]Y Ob bVS \SUObWdS aWRS$ >Sb [S abO`b eWbV bVS ]ZRSab
O\R []ab S[^W`WQOZ Q]\QS^b ]T W[[]`bOZWbg0 ac`dWdOZ Pg W[[]`bOZ
TO[S$ EVWa eOa []ab ^`WhSR W\ O\bW_cWbg O\R Q]\aWRS`SR \]b ]\Zg bVS
Xcab `SeO`R ]T \]PZS RSSRa Pcb O ^`W[S W\QS\bWdS b] bVS[$( EVS RSSRa

($ EV`]cUV]cb 9`SSY ZSbbS`a" T`][ :][S` b] BZOb]" eV] [O`Ya bVS


^VWZ]a]^VWQ ]dS`Q][W\U ]T bVS WRSOZ Pcb UWdSa Wb SZ]_cS\b Sf^`SaaW]\ W\ bVS
e]`Ra ]T 6W]bW[O0 jEVW\Y ]\Zg ]T bVS O[PWbW]\ ]T [S\" O\R g]c eWZZ
e]\RS` Ob bVS aS\aSZSaa\Saa ]T bVSW` eOga" c\ZSaa g]c Q]\aWRS` V]e bVSg
O`S abW``SR Pg bVS Z]dS ]T O\ W[[]`bOZWbg ]T TO[S$ EVSg O`S `SORg b] `c\
OZZ `WaYa U`SObS` TO` bVO\ bVSg e]cZR VOdS `c\ T]` bVSW` QVWZR`S\" O\R b]
(,* M E :7 B :7@A?7@A@ A8 >;87
[cab PS dWaWPZS" bVOb Wa" ^cPZWQ" b] PS \]bSR O\R `S[S[PS`SR Oa U`SOb$
EVS RW[S\aW]\ ]T bVWa ZWdW\U#]\ Wa bVS RW[S\aW]\ WbaSZT W\ eVWQV Wb Wa
SO`\SR0 bVS P]Rg ^]ZWbWQ$ ;[[]`bOZ TO[S Wa bVca ^cPZWQ V]\]` W\
^S`^SbcWbg" Oa bVS P]Rg ^]ZWbWQ Wa Vc[O\ ZWTS W\ ^S`^SbcWbg$ @]e" OZ#
`SORg 3`Wab]bZS ^]W\bSR ]cb bVOb V]\]` Wa e]`bV Xcab Oa [cQV Oa bVS
XcRU[S\b ]T bV]aS eV] PSab]e Wb$) 4cb bVS\" bVS RSaW`S T]` Wb" O\R 4
9ACE<AC< bVS RSaW`S T]` Wba SfbS\aW]\ W\b] ^]abVc[]ca TO[S" O\R cZbW#
[ObSZg bVS SabW[ObW]\ ]T bVWa T]`[ ]T W[[]`bOZWbg W\ ^`W\QW^ZS" O`S
XcabWTWSR ]\Zg Pg bVS b`cab eS QO\ `SOa]\OPZg ^ZOQS W\ bVS W\bSU`Wbg ]T

a^S\R []\Sg O\R c\RS`U] O\g a]`b ]T b]WZ" O\R SdS\ b] RWS" T]` bVS aOYS ]T
ZSOdW\U PSVW\R bVS[ O \O[S eVWQV aVOZZ PS SbS`\OZ$ 6] g]c W[OUW\S bVOb
3ZQSabWa e]cZR VOdS RWSR b] aOdS 3R[Sbca" ]` 3QVWZZSa b] OdS\US BOb#
`]QZca" ]` g]c` ]e\ 5]R`ca W\ ]`RS` b] ^`SaS`dS bVS YW\UR][ T]` VWa a]\a"
WT bVSg VOR \]b W[OUW\SR bVOb bVS [S[]`g ]T bVSW` dW`bcSa" eVWQV abWZZ
ac`dWdSa O[]\U ca" e]cZR PS W[[]`bOZ2 @Og" ; O[ ^S`acORSR bVOb OZZ [S\
R] OZZ bVW\Ua" O\R bVS PSbbS` bVSg O`S bVS []`S bVSg R] bVS[" W\ V]^S ]T
bVS UZ]`W]ca TO[S ]T W[[]`bOZ dW`bcS1 T]` bVSg RSaW`S bVS W[[]`bOZk
Dg[^]aWc[ (&. Q#R1 b`$ 4$ <]eSbb!$ BS`VO^a bVS Z]TbWSab abObS[S\b ]T bVS
WRSOZ ]QQc`a W\ BS`WQZSal 8c\S`OZ A`ObW]\ ]\ bVS 3bVS\WO\ RSOR W\ bVS TW`ab
gSO` ]T bVS BSZ]^]\\SaWO\ eO`0 jEVSg `SQSWdSR" SOQV T]` VWa ]e\
[S[]`g" ^`OWaS bVOb eWZZ \SdS` RWS" O\R eWbV Wb bVS U`O\RSab ]T OZZ aS^cZ#
QV`Sa" \]b bVOb W\ eVWQV bVSW` []`bOZ P]\Sa O`S ZOWR" Pcb O V][S W\ bVS
[W\Ra ]T [S\" eVS`S bVSW` UZ]`g `S[OW\a T`SaV b] abW` b] a^SSQV ]` OQbW]\
Oa bVS ]QQOaW]\ Q][Sa Pg$ 8]` bVS eV]ZS SO`bV Wa bVS aS^cZQV`S ]T TO[]ca
[S\" O\R bVSW` ab]`g Wa \]b U`OdS\ ]\Zg W\ ab]\S ]dS` bVSW` \ObWdS SO`bV"
Pcb ZWdSa TO` OeOg" eWbV]cb dWaWPZS ag[P]Z" e]dS\ W\b] bVS abcTT ]T ]bVS`
[S\la ZWdSak EVcQgRWRSa" ;; *)1 b`$ 3$ KW[[S`\" 2;8 )C88= %A??A@
H84>E; ^$ (&-!$i@]b Z]\U OU]" ; S\Q]c\bS`SR bVS O\QWS\b aS\bW[S\b
c\OZZ]gSR W\ ]T OZZ ^ZOQSa! bSZSdWaW]\ eVS\ ]\S ]T ]c` Oab`]\Ocba#W\#
b`OW\W\U" OaYSR eVOb VOR [ORS VW[ d]Zc\bSS` T]` bVS bOaY" O\aeS`SR"
j8`O\YZg" bVS QVO\QS ]T W[[]`bOZWbg1 T]` bVWa" ; e]cZR eWZZW\UZg UWdS [g
ZWTS$k 9WdS\ eWbV S\UOUW\U aW[^ZWQWbg" bVS`S eOa \] R]cPbW\U bVS QO\R]` ]T
bVS `S^Zg$ 7dS\ba W\ bVS [SO\bW[S [Og VOdS QOcaSR a][S `STZSQbW]\a ]\
V]e [cQV" PSaWRSa bVS [S`Wba ]T RSRWQObW]\ O\R OPWZWbg" OZa] ]^^]`bc\Wbg
O\R ZcQYi O\R \]b ]\Zg ]c` ]e\" Pcb bVOb ]T c\Y\]e\ ]bVS`ai`cZS ]dS`
bVWa YW\R ]T W[[]`bOZWbg$
)$ ;\ RWaQcaaW\U eVg V]\]` QO\\]b PS jbVS U]]Rk0 Wb `Saba W\ bV]aS eV]
PSab]e Wb `ObVS` bVO\ W\ VW[ eV] `SQSWdSa Wb" eVS`SOa bVS U]]R [cab PS
]\Sla W\OZWS\OPZS ]e\1 Tc`bVS`" eS aSSY Wb" W$S$" bVS `S^cbObW]\ ]T PSW\U
U]]R" Oa O Q]\TW`[ObW]\ ]T ]c` PSW\U U]]R" bVS`ST]`S T`][ ^S]^ZS eV]
VOdS U]]R XcRU[S\b" O\R ORS_cObS Y\]eZSRUS ]T ca" O\R eV] OQQ]`R
V]\]` b] dW`bcSieVWQV ]\ bVWa OR[WaaW]\ abO\Ra Oa bVS ^`W[O`g U]]R0
'E;! .<6! '&/+ P ((#)&$
; ??ACE3>;EJ 3@6 E:7 ?A67C@ E 7?B7C L (,+
Wba b`cabSS O\R [OabS`" \O[SZg" ^cPZWQ ]^W\W]\0 W\ Wba S\ZWUVbS\[S\b
\]e" Wba TOWbVTcZ\Saa W\ bVS Tcbc`Si O\R" ]T Q]c`aS" W\ Wba ]e\ c\QSOa#
W\U Q]\bW\cWbg" bVOb Wa bVS W\RSTW\WbS ac`dWdOZ ]T bVS Q][[]\eSOZbV$
@]e ]\ OZZ bVSaS Q]c\ba bVS []RS`\ bS[^S` QO\\]b ^S`[Wb WbaSZT bVS
W\\]QS\b Q]\TWRS\QS ]T bVS 9`SSYa$ EVS aSZSQbWdS\Saa Oa acQV ]T bVWa
jW[[]`bOZWbgk 0 bVOb Wb OR[Wba TSe O\R SfQZcRSa []ab" eS [WUVb OQQS^b
WT ]\Zg eS Q]cZR PSZWSdS W\ bVS XcabWQS ]T bVS aSZSQbW]\$ 4cb T]` bVOb eS
Y\]e b]] [cQV ]T V]e `S^cbObW]\a O`S [ORS" V]e TO[S Wa TOP`WQObSR"
^cPZWQ ]^W\W]\ S\UW\SS`SR" bVS `SQ]`R ]T VWab]`g `S[ORS" O\R SdS\
^`S[ORS" b] bVS ]`RS` ]T W\bS`Sab O\R ^]eS`$ ;\ bVS OUS ]T bVS ^O`bg
ZW\Sa" O\R" T]` bVOb [ObbS`" ]T ?ORWa]\ 3dS\cS" W\ bVS OUS ]T bVS
c\WdS`aOZ Q]``c^bW]\ ]T bVS e]`R" eS O`S aORZg OeO`S bVOb a^SSQV" bVS
dSVWQZS ]T bVWa W[[]`bOZWbg" Wa bVS [SRWc[ ]T ZWSa Oa eSZZ Oa ]T b`cbV"
O\R []`S ]TbS\ bVS T]`[S` bVO\ bVS ZObbS` W\ bVS ^cPZWQ a^VS`Si eWbV
O PcaWZg T]abS`SR U`]ebV PSbeSS\ bVS[ ]T c\[SO\W\U\Saa" \]b SdS\ TWb
T]` SWbVS`" SObW\U OeOg W\b] P]bV1 O\R bVS ]ZRS` aca^WQW]\ eVSbVS` eS
O`S \]b RSOZW\U eWbV O bOZS b]ZR Pg O\ WRW]b Wa ]dS`aVOR]eSR Pg bVS
e]`aS bVOb Wb [WUVb PS O bOZS Q]\Q]QbSR Pg Y\OdSa$
HS VOdS OZa] ZSO`\SR bVOb SdS\ ac^S`Vc[O\ VS`]Wa[ QO\ PS a]
STTSQbWdSZg aVcb ]TT T`][ OZZ ^cPZWQ Y\]eZSRUS O\R bSabW[]\g bVOb W\
[c\RO\S bS`[a Wb Wa Oa WT Wb VOR \SdS` PSS\$ 8c`bVS`" WT US\S`OZZg bVS
^`S[Wc[ ^cb ]\ bVS a^SQbOQcZO` Ob bVS Sf^S\aS ]T bVS VWRRS\ ^`]#
d]YSa ]c` RWaROW\" bVS U`SOb SdWZR]S`a eS []RS`\a VOdS VOR bVS T]`#
bc\S b] Y\]e TOQS ca eWbV bVS eV]ZZg `S^cU\O\b ^S`a^SQbWdS bVOb bVS
TO[]ca O\R bVS W\TO[]ca Q][S b] abO\R ]\ O ^O`0 T]` ZSb \] ]\S
RSQSWdS VW[aSZT ]\ bVS TOQb bVOb b] bVS ^S`dS`aWbg ]T bV]aS OUS\ba" O\R
b] bVOb ]T O ^]abS`Wbg `Sa^]\RW\U b] bVSW`a" bVSW` SdWZ TO[S Wa O\
OQVWSdS[S\b O\R \]b O ^S\OZbg0 O\R a] bVS :WbZS`a O\R DbOZW\a ]T ]c`
S`O e]cZR VOdS acQQSSRSR b] Sfb`OQb W[[]`bOZWbg T`][ bVS SfbW\QbW]\
]T bVSW` \O[SZSaa dWQbW[a$
DVOZZ eS ORR bVOb ]\Zg bVS dOW\ Q`OdSa W[[]`bOZWbg ]T \O[S" eVWZS
bVS b`cZg ^`]cR O\R U]]R QO\ R] eWbV O\]\g[]ca ac`dWdOZ ]T VWa
e]`Y2 EVWa ZSORa b] O\]bVS` dS`aW]\ ]T bVS S[^W`WQOZ Q]\QS^b0 W[[]`#
bOZWbg ]T W\TZcS\QSi b] a][S SfbS\b bVS V]^S ]T SdS`g SO`\Sab STT]`b W\
bVS aS`dWQS ]T VWUVS` ^c`^]aS$ 4cb" OZOa" bVS`S OUOW\ eS O`S b]]
e]`ZRZg eWaS b] b`cab W\ bVS e]`ZRZg QOcaOZWbg ]T bVW\Ua Oa O TOWbVTcZ
`S^]aWb]`g ]T OQba" aW\QS eS QO\ Q`SRWb Wb \SWbVS` eWbV ORS_cObS RWa#
Q`W[W\ObW]\ ]T e]`bV \]` eWbV Wba Q]\aS`dObW]\ W\ bVS aVWTba ]T bW[S$
M E :7 B :7@A?7@A@ A8 >;87
EVWa [cQV" a]PS` XcRU[S\b Q]cZR OZeOga VOdS Y\]e\$ 4cb eS Y\]e
a][SbVW\U []`S O\R \SdS` Y\]e\ PST]`S0 bVOb bVS `S^]aWb]`g WbaSZT"
\O[SZg Vc[O\ QWdWZWhObW]\" Wa ^S`WaVOPZS$ EVWa \Se Y\]eZSRUS W\#
dOZWRObSa P]bV Q]\QS^ba" W[[]`bOZWbg ]T \O[S O\R ]T W\TZcS\QSi SdS\
bVOb ]T U`SOb e]`Ya ]T O`b O\R bV]cUVb" eVWQV []ab ]T OZZ `SaWab
]PZWbS`ObW]\ Pg bW[S0 T]` eVOb Wa WbaSZT []`bOZ QO\\]b eSZZ PS bVS
dSVWQZS ]T W[[]`bOZWbg$ HWbV bVS R`O[ObWQ aVO`^S\W\U eVWQV bVS US\#
S`OZZg []RS`\ OeO`S\Saa ]T bVS ^OaaW\U \Obc`S ]T QcZbc`Sa O\R a]QW#
SbWSa VOa c\RS`U]\S []`S `SQS\bZgi b] bVS ^]W\b eVS`S bVS ac`dWdOZ ]T
bVS Vc[O\ `OQS WbaSZT aSS[a W\ XS]^O`Rgi ]c` ^`Sac[^bWdS W[[]`#
bOZWbg" Oa bVOb ]T OZZ bVS W[[]`bOZa PST]`S ca" O^^SO`a acRRS\Zg Ob bVS
[S`Qg ]T O [][S\bla [WaQOZQcZObW]\" TOWZc`S" ]` T]ZZg Pg O VO\RTcZ ]T
TOZZWPZS [S\$

;;
>Sb ca" bVS\" bc`\ b] bVS \]\#S[^W`WQOZ O\R `SOZZg acPabO\bWdS Q]\QS^b
]T W[[]`bOZWbg0 ac`dWdOZ ]T bVS ^S`a]\ W\ O\ VS`SOTbS`$ EVWa TW\Ra WbaSZT
Ob SdS\ U`SObS` ]RRa eWbV bVS []RS[ bS[^S`$ ; R] \]b Q]\QS`\ [gaSZT
eWbV bVS ^S`acOaWdS W\TS`S\QS T`][ bVS W\RcPWbOPZS ]`UO\WQ POaWa ]T
j^S`a]\k b] Wba SaaS\bWOZ \]\#aS^O`OPZS\Saa bVS`ST`][$ 4cb" R] Ob ZSOab
bVS \]\#S[^W`WQOZ `SOa]\W\Ua PSVW\R bVS BADEF>4E8 abWZZ VOdS ]c` SO`2
EVS aS`W]ca ]\Sa" WT eS RWa[Waa bVS [S`S Q`SObc`SZg `SQ]WZ T`][ RSObV"
TOZZ `]cUVZg c\RS` be] VSORa0 XcabWQS" O\R bVS RWabW\QbW]\ PSbeSS\
O^^SO`O\QS O\R `SOZWbg" ]T eVWQV bVS WRSO ]T bVS [S`S ^VS\][S\OZWbg
]T bW[S Wa O QOaS$ 4]bV VOdS bVWa W\ Q][[]\ bVOb bVSg OQQ]`R b] [O\
bVS [SbO^VgaWQOZ abObca ]T []`OZ acPXSQb O\R" Oa acQV" ]T PSZ]\UW\U b]
O []`OZ ]` jW\bSZZWUWPZSk ]`RS` PSaWRSa bVS aS\aWPZS ]\S$ EVWa aV]cZR
\]b PS ZWUVbZg RWa[WaaSR$ 4cb bVS ^`W\QW^ZS ]T XcabWQS" PS Wb `Sb`WPcbWdS
]` Q][^S\aOb]`g XcabWQS" R]Sa Pg Wba ]e\ Q`WbS`W]\ \]b ac^^]`b bVS
QZOW[ b] W[[]`bOZWbg$ 8]` bS[^]`OZ [S`Wb ]` UcWZb QOZZa T]` bS[^]`OZ"
\]b SbS`\OZ `Sb`WPcbW]\" O\R XcabWQS bVca `S_cW`Sa Ob []ab O TW\WbS OTbS`#
ZWTS T]` aSbbZW\U OQQ]c\ba" \]b O\ W\TW\Wbg ]T SfWabS\QS$ 3\R Oa b]
Q][^S\aObW]\ T]` c\RSaS`dSR acTTS`W\U" ]` RS\WSR QVO\QSa" ]` [WaaSR
VO^^W\Saa VS`S" bVS`S O^^ZWSa bVS ORRWbW]\OZ Q]\aWRS`ObW]\ bVOb O 6>4<?
b] VO^^W\Saa Oa acQV V]e [cQV ]T Wb2! Wa _cSabW]\OPZS b] PSUW\ eWbV1
O\R bVOb [WaaSR 9F>9<>>?8@E Q]cZR ]\Zg PS [ORS c^ T]` <@ <ED AC<:<@4>
E8C?D bVOb Wa" W\ bVS bS`[a ]T STT]`b O\R ]PabOQZSa O\R c\QS`bOW\bg O\R
; ??ACE3>;EJ 3@6 E:7 ? A67C@ E 7?B7C L (,-
TOZZWPWZWbg O\R c\W_cS ]QQOaW]\ O\R ZW[WbSR bW[Si W\ aV]`b0 W\ bS`[a ]T
\]\#UcO`O\bSSR ObbOW\[S\b O\R ^]aaWPZS [Waa$ EVSaS O`S bVS dS`g
bS`[a ]T N%%#TcZTWZZ[S\b" O\R bVSg O`S ^`SQWaSZg bVS bS`[a ]T bVS e]`ZR$
E] b`g W\ bVS[ ]c` PSW\U" O\R b] Sf^S`WS\QS bVS dWQWaaWbcRSa ]T ]c`
b`g" \]b Y\]eW\U bVS ]cbQ][S W\ ORdO\QSibVWa Wa ]c` US\cW\S QZOW[$
HWbV]cb bV]aS bS`[a" eWbV]cb bVS O\fW]ca\Saa ]T QVO\QS O\R bVS hSab
]T QVOZZS\US O\R bVS aeSSb\Saa ]T OQVWSdS[S\b c\RS` acQV bS`[a" \]
PZWaa U`ObcWb]caZg U`O\bSR QO\ PS O\gbVW\U Pcb O Q]c\bS`TSWb Q]W\ T]`
eVOb VOa PSS\ [WaaSR$ ;b OZa] e]cZR ZOQY OZZ []`OZ e]`bV$ ;\RSSR bVS
VS`S QO\\]b PS b`ORSR T]` O bVS`Si acQV Wa ]c` ^`SaS\b abO\QS$
EVWa OZa] Q]\bOW\a bVS []RS`\ bS[^S`la `Sa^]\aS b] bVS RWabW\QbW]\
]T O^^SO`O\QS O\R `SOZWbg$ ; VOdS OZeOga TSZb bVOb bVS WRSOZWabWQ ^VW#
Z]a]^VS`a eV] ^`]TSaa Wb [Og VOdS PSS\ b]] aVSZbS`SR T`][ bVS aV]QY
]T bVS SfbS`\OZ" a] bVOb bVSg Q]cZR `SUO`R Wb Oa O a^SQbOQZS" O `S^`SaS\#
bObW]\ ]\ O abOUS$ EVSg QS`bOW\Zg R] ZSaa bVO\ V]\]` b] eVOb bVSg
RS[]bS b] [S`S O^^SO`O\QS$ HS VO`R#^`SaaSR QVWZR`S\ ]T bVS \]e
W\aWab ]\ bOYW\U Wb aS`W]caZg$ HVS`S eS TW\R Wb RSQS^bWdS eS bOYS O
VO`RS` Z]]Y Ob Wb b] [OYS Wba b`cbV []`S b`cZg O^^SO`$ EVS abO`Y\Saa ]T
O PO``S\ []c\bOW\aWRS" bVS PSOcbg ]T O\ O\W[ObSR TOQS" O`S bVS RW`SQb
ZO\UcOUS ]T `SOZWbg$ 3\R eVS\ W\ V]``]` eS Z]]Y Ob bVS ^WQbc`Sa T`][
4cQVS\eOZR" Ob bVS eOabSR P]RWSa O\R RWab]`bSR TOQSa" Ob bVS cbbS`
RSTWZS[S\b ]T Vc[O\Wbg W\ bVS TZSaVieS `SXSQb bVS Q]\a]ZObW]\ bVOb
bVWa Wa O^^SO`O\QS O\R bVS b`cbV Wa a][SbVW\U SZaS0 eS TOQS bVS bS``WPZS
b`cbV bVOb bVS O^^SO`O\QS <D bVS `SOZWbg" O\R bVOb bVS`S Wa \]bVW\U []`S
`SOZ bVO\ eVOb VS`S O^^SO`a$
?]ab c\ag[^ObVSbWQ" ^S`VO^a" Wa []RS[ ^VWZ]a]^Vg b] bVS dWSe
bVOb E<?8 Wa \]b cZbW[ObSZg `SOZ Pcb ]\Zg bVS ^VS\][S\OZ T]`[ c\RS`
eVWQV O bW[SZSaa" \]c[S\OZ `SOZWbg O^^SO`a b] O acPXSQb eVWQV jW\
WbaSZTk Wa ]T bVOb \]c[S\OZ e]`ZR$ EVWa eOa bVS bS\c]ca bVS]`SbWQOZ
ZW\Y b] ^]aaWPZS ^S`a]\OZ W[[]`bOZWbg ZSTb Pg =O\bla Q`WbWQOZ WRSOZWa["
O\R Wb VOa eWbVS`SR OeOg W\ bVS QZW[ObS ]T bVS []RS[ [W\R$ 8`][
bVS RWaQ]dS`g ]T ?O\la POaWQ VWab]`WQWbg b] bVS ]\b]Z]UWQOZ SZOP]`ObW]\
]T bVS W\\S`[]ab bS[^]`OZWbg ]T VWa PSW\U" Wb VOa PSS\ P]`\S W\ c^]\
ca bVOb bW[S" TO` T`][ PSW\U O [S`S T]`[ ]T ^VS\][S\O" Wa ]T bVS
SaaS\QS ]T acQV bVW\Ua Oa aSZdSa" O\R bVOb Wba TW\WbcRS T]` SOQV Wa
W\bSU`OZ b] bVS dS`g OcbVS\bWQWbg ]T VWa SfWabW\U$ CObVS` bVO\ RWa#
aS[PZS" eS QZOW[ ]c` ^S`WaVOPWZWbg0 eS R] \]b eWaV b] T]`SU] bVS ^O\U
O\R ^]WU\O\Qg ]T TW\WbcRS0 eS W\aWab ]\ TOQW\U \]bVW\U\Saa O\R ]\
(,. # E :7 B :7@A?7@A@ A8 >;87
VOdW\U bVS ab`S\UbV b] ZWdS eWbV Wb$ EVca" eWbV]cb O aSQ`Sb ZWTS#ZW\S T]`
`SOaac`O\QS" SfWabS\bWOZWa[" bVWa Sfb`S[S ]TTa^`W\U ]T bVS []RS`\
bS[^S` ]` RWabS[^S`" bV`]ea WbaSZT W\b] bVS eObS`a ]T []`bOZWbg$ 3\R
eS" eVSbVS` ]T Wba R]Qb`W\S ]` \]b" aVO`S S\]cUV ]T Wba a^W`Wb b] VOdS
bOYS\ ]c` Z]\SZg abO\R W\ bW[S PSbeSS\ bVS be]T]ZR \]bVW\U ]T PST]`S
O\R OTbS`$

;ZZ
3\R gSbi eS TSSZ" bS[^]`OZWbg QO\\]b PS bVS eV]ZS ab]`g" PSQOcaS W\
[O\ Wb VOa O\ W\VS`S\bZg aSZT#ac`^OaaW\U _cOZWbg" ]T eVWQV bVS dS`g
TOQb O\R Tc[PZW\U ]T ]c` WRSO ]T SbS`\Wbg Wa O Q`g^bWQ aWU\OZ$ ;T SdS`#
ZOabW\U\Saa Wa O e`]\U Q]\QS^b" jSbS`\Wbgk [Og VOdS ]bVS` [SO\W\Ua
i O\R O `STS`S\QS b] bVS bS[^]`OZ ]T eVWQV ]c` []`bOZ Sf^S`WS\QS"
b`O\aQS\RW\U Wba [S`S b`O\aWS\QS W\ bVS ab`SO[ ]T SdS\ba" [Og a][S#
bW[Sa PSO` eWb\Saa$ EVS ]^O_cS\Saa ]T bVS VS`S O\R \]e QZSO`a Ob
bW[Sa Oa WT Pg acRRS\ ^`SQW^WbObW]\ Ob bVS Q`WbWQOZ ^]W\b0 WT bVS`S Wa O\g
acQV b`O\a^O`S\Qg ]T bVS bS[^]`OZ T]` bVS SbS`\OZ" V]eSdS` `O`S O\R
P`WST" bVS\ bVS [][S\ba O\R []RSa W\ eVWQV Wb Q][Sa b] ^Oaa QO\ UWdS
ca O QZcS Oa b] eVOb ]T ]c` PSW\U" WT \]b bVS acPabO\QS ]T ]c` aSZdSa"
[Og PS aOWR b] `SOQV W\b] bVS RSObVZSaa O\R" bVS`ST]`S" b] PS ]c` abOYS
W\ W[[]`bOZWbg$ ;\ eVOb aWbcObW]\a O\R W\ eVOb T]`[a R] eS S\Q]c\bS`
bVS SbS`\OZ2 HVS\ R] eS TSSZ bVS eW\Ua ]T bW[SZSaa\Saa b]cQV ]c`
VSO`b O\R W[[]`bOZWhS bVS \]e2 ;\ eVOb [O\\S` R]Sa bVS OPa]ZcbS
S\bS` bVS `SZObWdWbWSa ]T ]c` SdS`gROg SfWabS\QS2
; aVOZZ \]b W\d]YS bVS bSabW[]\g ]T [gabWQOZ Sf^S`WS\QSa bVOb O`S
\]b [W\S O\R" WT bVSg eS`S" e]cZR TW\R bVSW` QZOW[ Q][S c\RS` bVS
W\dW\QWPZS aca^WQW]\ ]T bVS ^agQV]Z]UWhW\U []RS[ [W\R$ @]` aV]cZR
bVS c\a]ZWQWbOPZS S\Q]c\bS`a ]T Z]dS ]` ]T PSOcbg" eVWQV eS [WUVb
U`O\b b] PS TZOaVSa ]T SbS`\Wbg" PS ac[[]\SR Oa SdWRS\QS W\ RWaQ]c`aS
Oa WT bVSg eS`S Ob ]c` QOZZ" b] bVS Q][^ZOQS\QS ]T VW[ eV] QO\ QZOW[
bVS[" O\R bVS RWaQ][TWbc`S ]T VW[ eV] QO\\]b$ CObVS`" W\ YSS^W\U
eWbV bVS []RS[ bS[^S`" ; bc`\ b] bVS ]\S YW\R ]T SdWRS\QS bVOb
RS^S\Ra ]\ ]c`aSZdSa PSQOcaS eS O`S OQbWdS bVS`S" \]b `SQS^bWdS"
eV]ZZg acPXSQb O\R W\ \] eOg ]PXSQb$
;\ [][S\ba ]T RSQWaW]\" eVS\ ]c` eV]ZS PSW\U Wa W\d]ZdSR" eS TSSZ
Oa WT OQbW\U c\RS` bVS SgSa ]T SbS`\Wbg$ HVOb QO\ eS [SO\ Pg Wbi \Og"
Pg ]c` eWZZW\U bVOb Wb PS a]2 HS [Og Sf^`Saa ]c` TSSZW\U W\ RWTTS`S\b
; ??ACE3>;EJ 3@6 E:7 ?A67C@ E 7?B7C L (,/
ag[P]Za OQQ]`RW\U b] O`bWQcZObS PSZWSTa eVWQV eS V]ZR ]` b] bVS
W[OUSa eS QVS`WaV$ HS [Og aOg" T]` W\abO\QS" bVOb eVOb eS R] \]e
eWZZ [OYS O\ W\RSZWPZS S\b`g W\ bVS j4]]Y ]T >WTS"k ]` ZSOdS O\
W\RSZWPZS [O`Y W\ O b`O\aQS\RS\b ]`RS`1 bVOb Wb eWZZ OTTSQb bVOb ]`RS`" WT
\]b ]c` ]e\ RSabW\g" T]` U]]R ]` T]` SdWZ1 bVOb eS aVOZZ PS OQQ]c\bOPZS
T]` Wb PST]`S O bW[SZSaa aSOb ]T XcabWQS" ]`i WT eS O`S \]b bVS`S T]` bVS
OQQ]c\bW\U" PSQOcaS eS VOdS TZ]eSR R]e\ bVS `WdS` ]T bW[Si bVOb ]c`
SbS`\OZ W[OUS Wa RSbS`[W\SR Pg ]c` ^`SaS\b RSSR" O\R bVOb bV`]cUV
eVOb eS R] b] bVOb W[OUS ]T ]c`a VS`S O\R \]e" eS O`S `Sa^]\aWPZS
T]` bVS a^W`WbcOZ b]bOZWbg ]T W[OUSa bVOb SdS`U`]eW\UZg ac[a c^ bVS
`SQ]`R ]T PSW\U O\R eWZZ PS RWTTS`S\b T]` ]c` RSSR$ A`" ZSaa [SbO^VgaW#
QOZZg" eS [Og aOg bVOb eS eWaV b] OQb a] bVOb" eVObSdS` bVS ]cbQ][S
VS`S W\ bVS W\QOZQcZOPZS Q]c`aS ]T [c\RO\S QOcaOZWbgi eVSbVS` acQ#
QSaa ]` [WaQO``WOUSieS QO\ ZWdS eWbV bVS a^W`Wb ]T ]c` OQb bV`]cUV O\
SbS`\Wbg b] Q][S" ]` RWS eWbV Wb bVS W\abO\b OTbS` bVWa$ A`" bVOb eS O`S
`SORg b] aSS ]c`aSZdSa" W\ O\ SbS`\OZ `SQc``S\QS ]T OZZ bVW\Ua" eVS\ ]c`
bc`\ Q][Sa `]c\R" O\R OUOW\ eS abO\R ^]WaSR Oa \]e" PZW\R Oa \]e"
c\OWRSR Oa \]ei b] aSS ]c`aSZdSa [OYW\U bVS aO[S RSQWaW]\ OUOW\"
O\R SdS` OUOW\" OZeOga ^OaaW\U bVS aO[S W[OUW\O`g bSab" S\RZSaaZg
`SOTTW`[W\U eVOb Wa gSb SOQV bW[S ]\Zg ]\QS$ A`" TOWZW\U bVOb QS`bOW\bg
]T OTTW`[ObW]\" bVOb Ob ZSOab bVS OU]\g ]T W\TW\WbS `WaY [Og PS `WUVbTcZZg
]c`a$ 3\R W\ bVWa" SbS`\Wbg O\R \]bVW\U\Saa [SSb W\ ]\S0 bVOb bVS
j\]ek XcabWTWSa Wba OPa]ZcbS abObca Pg Sf^]aW\U WbaSZT b] bVS Q`WbS`W]\ ]T
PSW\U bVS ZOab [][S\b U`O\bSR ]T bW[S$ E] OQb Oa WT W\ bVS TOQS ]T bVS
S\R Wa b] OQb Oa WT W\ bVS TOQS ]T SbS`\Wbg" WT SWbVS` Wa bOYS\ Oa O
ac[[]\a b] c\VSRUW\U b`cbV ]T aSZTV]]R$ 4cb b] c\RS`abO\R bVS S\R
W\ bVWa eOg Wa `SOZZg b] c\RS`abO\R Wb W\ O ZWUVb T`][ PSg]\R bW[S$

;G
HVOb aVOZZ eS [OYS ]T bVSaS TSSZW\Ua O\R [SbO^V]`a" O\R eVOb" WT
O\gbVW\U" R] bVSg Q]\b`WPcbS" eVOb VW\ba R] bVSg Tc`\WaV b]eO`Ra bVS
WaacS ]T W[[]`bOZWbg2 ;b eWZZ PS \]bSR bVOb bVS ag[P]Za `STS``SR b]
a^SOY" \]b ]T W[[]`bOZWbg" Pcb ]T SbS`\WbgieVWQV" b] PS ac`S" Wa
RSObVZSaa\Saa Pcb \]b \SQSaaO`WZg [W\S" gSb [cab VOdS acQV O `SZObW]\
b] [g []`bOZWbg bVOb eWbV a][SbVW\U W\ ]` ]T [g PSW\U ; QO\" SdS\
[cab" aVO`S W\ Wb$ HVOb QO\ bVOb PS2 >Sb ca Tc`bVS` \]bS bVOb W\ OZZ
bV]aS ag[P]Za Wb eOa \]b bVS `SOZ[ ]T TSSZW\U Pcb bVOb ]T OQbW\U" \]b
(-& M E :7 B :7@A?7@A@ A8 > ;87
bVS [ObbS` ]T PZWaa O\R ^OW\ Pcb bVS a^W`Wb ]T RSQWaW]\ O\R RSSR" W\
aV]`b" \]b ]c` ^OaaWdS Pcb ]c` OQbWdS \Obc`S" eVWQV QO[S b] abO\R W\ O
`SZObW]\ b] SbS`\Wbg$ >Sb ca bOYS bVOb VW\b$ ;b aSS[a O ^O`OR]f Ob TW`ab$
8]` Wa Wb \]b TSSZW\U eVWQV VOa Rc`ObW]\" eVWQV a^`SORa ]dS` bW[S O\R"
Oa O bW[S#TWZZW\U Q]\bS\b" QO\ Ob ZSOab PS bV]cUVb a^`SOR ]cb W\RSTW#
\WbSZg2 eVS`SOa RSQWaW]\ Wa ]T OZZ bVS []ab b`O\aWS\b ]QQc^O\b ]T bW[S"
O\ W\TW\WbSaW[OZ [OU\WbcRS W\ SfbS\aW]\" S\bW`SZg Z]RUSR W\ bVS []#
[S\b O\R W``Sb`WSdOPZg QO``WSR ]TT eWbV Wba TZSSbW\U \]e2 3\R Wa Wb \]b
TSSZW\U eVWQV Q`OdSa W[[]`bOZWbg" eVWQV eWaVSa b] ZOab" eVWQV bSZZa b]
bVS [][S\b jA ab]^ O\R abOg kieVWZS bVS OQb ^`SaaSa ]\" aSZT#
ZW_cWRObW\U" Z]]YW\U PSg]\R WbaSZT" \]b SdS\ eWaVW\U b] abOg" \Og" eWaV#
W\U b] S\R2 EVS ^O`OR]f Wa bVOb W\ eVOb Wa aSZT#\SUObW\U" \]b W\ eVOb Wa
aSZT#OTTW`[W\U eWbV `Sa^SQb b] ZOabW\U\Saa" eS aV]cZR Z]]Y T]` bVS `SZO#
bW]\i Oa gSb c\RSTW\SRib] SbS`\Wbg$ 4cb ^S`VO^a bVS ^O`OR]f Q]\#
bOW\a Wba ]e\ VW\b$ 8]` bVOb eVWQV VOa SfbS\aW]\ [Og VOdS []`S ]`
ZSaa ]T Wb" Pcb [cab VOdS O\ S\R0 Rc`ObW]\ TSSRa ]\ bVS P]]\ ]T
_cO\bWbg" Pcb Wa OZa] S\QZ]aSR W\ Wba ZW[Wba0 Wba PS\STWb T`][ bVS ZO`USaa
]T O aS\aWPZS Q]\bW\cc[ Wa Ob bVS aO[S bW[S Wba Q]\TW\S[S\bi bVS
Q]\TW\S[S\b b] Wba ]e\ W[[O\S\QS$ >OabW\U Oa Z]\U Oa Wb R]Sa" Wb
QO\\]b ]cbZOab WbaSZT$ A\ bVS ]bVS` VO\R" bVS Q`WbWQOZ RWdWRS ]T bVS
SfWabS\bWOZ \]e" W\ eVWQV T`SS OQbW]\ Wa P]`\" VOa RW[S\aW]\ ]\Zg Pg
OQQWRS\b O\R Wa \]b [SOac`SR Pg Wb$ EVS SdO\SaQS\QS Oa [cQV Oa bVS
^`]b`OQbW]\ ]T Wba aS\aWPZS a^O\ Wa RSTWSR Pg O b`O\aQS\RS\QS ]T [SO\#
W\U eVWQV Wa W\RWTTS`S\b b] bVS Z]\U ]` bVS aV]`b ]T Rc`ObW]\$ EVca Wb
[Og eSZZ PS bVOb bVS ^]W\b ]T bVS [][S\b" \]b bVS Sf^O\aS ]T bVS TZcf"
Wa ]c` ZW\Y b] SbS`\Wbg0 O\R bVS j[][S\bk \]b Oa bVS @F@6 DE4@D bVS
jabO\RW\U \]e"k W\ eVWQV bVS [gabWQ bOabSa `SZSOaS T`][ bVS []dS#
[S\b ]T bW[S" Pcb [][S\b Oa bVS [][S\bc[#UWdW\U []b]` ]T bVOb
dS`g []dS[S\b$ A\ bVS bV`SaV]ZR ]T RSSR V]ZRW\U bW[S W\ aca^S\aS"
Pcb \]b O `Sa^WbS T`][ bW[S" Wb Sf^]aSa ]c` PSW\U b] bVS bW[SZSaa O\R
eWbV bVS bc`\ ]T RSQWaW]\ a^SSRa ca W\b] OQbW]\ O\R bW[S$ DeWTbZg
`SQZOW[SR Pg bVS []dS[S\b Wb OQbcObSa" Wb [O`Ya [O\la ]^S\\Saa b]
b`O\aQS\RS\QS W\ bVS dS`g OQb ]T Q][[WbbW\U VW[ b] bVS b`O\aWS\QS ]T
aWbcObW]\" O\R W\ bVWa R]cPZS Sf^]ac`S" eVWQV Q][^]c\Ra bVS \Obc`S
]T b]bOZ Q]\QS`\" bVS j[][S\bk ^ZOQSa bVS `Sa^]\aWPZS OUS\b PSbeSS\
bW[S O\R SbS`\Wbg$ 8`][ bVWa ^ZOQS#PSbeSS\ a^`W\Ua SdS` \Se bVS
QVO\QS ]T \Se PSUW\\W\U" eVWQV SdS` [SO\a bVS ^Zc\US W\b] bVS VS`S
O\R \]e$
; ??ACE3>;EJ 3@6 E:7 ?A67C@ E 7?B7C L (-'
EVca" b] aOg Wb OUOW\" \]b eVOb ZOaba Z]\USab W\ ]c` Sf^S`WS\QS" Pcb
eVOb ZOaba aV]`bSab O\R Wa W\b`W\aWQOZZg []ab ORdS`aS b] ZOabW\U\Saa"
[Og bc`\ ]cb b] PS bVOb eVWQV PW\Ra bVS []`bOZ b] bVS W[[]`bOZ$ 8`][
Wba bSabW[]\g" bVS\" eS QO\ ^S`VO^a Sfb`OQb O PSbbS` [SO\W\U ]T eVOb"
W\ORS_cObSZg" Wa QOZZSR bVS jW[[]`bOZWbg ]T [O\"k bVO\ bVS ZWbS`OZ ]\Sa
eS VOdS T]c\R eO\bW\U$ >Sb ca Ob ZSOab ^`]QSSR ]\ bVOb Sf^SQbObW]\
O\R Pg bVOb VW\b$
E] Z]]Y W\ bVWa RW`SQbW]\ T]` O bS\OPZS Q]\QS^b ]T W[[]`bOZWbg Wa
W\ YSS^W\U eWbV bVS []RS`\ bS[^S` eVWQV eS T]c\R a] YSS\Zg Q]\#
aQW]ca ]T bVS SaaS\bWOZ bS[^]`OZWbg ]T ]c` PSW\U" ]T Wba W\b`W\aWQ `STS`#
S\QS b] TW\WbS aWbcObW]\" O\R a] aca^WQW]ca ]T bVS ^]aaWPWZWbg O\R bVS
dS`g aS\aS ]T S\RZSaa aSZT#^S`aWabS\QS$ 3\R Wb Wa OZa] W\ YSS^W\U eWbV
bVS []ab [SO\W\UTcZ" WT [WaO^^ZWSR" Oa^SQba W\ b`ORWbW]\OZ WRSOa ]T
W[[]`bOZWbg$ ;b eOa bVS [SbS]`WQ TZOaV ]T RSSR O\R RO`W\U eVWQV eOa
b] PS W[[]`bOZWhSR Pg e]`ZRZg TO[S1 bVS ZWTS#ac[ ]T ^c`^]aS" OQba"
O\R TOWZc`S b] OQb" ]\ eVWQV `Sb`WPcbW]\ W\ O\ OTbS`ZWTS eOa b] PS
dWaWbSR1 ]c` []`OZ PSW\U" T`][ eVWQV OZ]\S =O\b VSZR W[[]`bOZWbg ]T
bVS ^S`a]\ b] PS O`UcOPZSi Oa O ^]abcZObS ]T j^`OQbWQOZk \]b O\
W\TS`S\QS ]T bVS]`SbWQOZ! `SOa]\$ 6cPW]ca Oa bVS dSVWQZS ]T TO[S VOa
PSS\ T]c\R" TOcZbg Oa bVS Q]``SZObW]\ ]T bS[^]`OZ [S`Wb eWbV SbS`\OZ
`SeO`R ]` ^c\WaV[S\b1 O\R W\dOZWR Oa bVS O`Uc[S\b ]T W\TW\WbS ^S`#
TSQbWPWZWbg O\R bVS ac^^]aSR `WUVb bVS`Sb] WaibVS Oa^SQb ]T XcabWQS Oa
acQV W\ bVSaS WRSOa ]T W[[]`bOZWbg" Oa OUOW\ab bVS eV]ZZg c\bS\OPZS
O`Uc[S\b T`][ W\RSab`cQbWPZS acPabO\QS" abWZZ Q][[O\Ra W\ ca O abW`#
`W\U ]T OQY\]eZSRU[S\b Pg bVS b`O\aQS\RS\b RWU\Wbg Wb Q]\TS`a ]\ bVS
`SOZ[ ]T RSQWaW]\ O\R RSSR$ >Sb ca bVS\ T]ZZ]e bVS W\bW[ObW]\a ]T ]c`
OQbW\U Sf^S`WS\QS" ]T ]c` T`SSR][ O\R `Sa^]\aWPWZWbg" O\R bOYS bVS
bS\bObWdS bS`[ ]T O\ jW[[]`bOZWbg ]T RSSRak T]` ]c` ZSOR W\ W\bS`#
`]UObW\U a][S ]T bVS _c]bSR [SbO^V]`a eVWQV [cab bVS[aSZdSa VOdS
a^`c\U T`][ W\bW[ObW]\a ]T Xcab bVOb YW\R$ ; eWaV b] QV]]aS be] ]T
bV]aS eS S\Q]c\bS`SR0 bVS j4]]Y ]T >WTS"k O\R bVS b`O\aQS\RS\b
j;[OUS$k

HVOb QO\ bVS ag[P]Z ]T bVS 4]]Y ]T >WTS bSZZ ca2 ;\ <SeWaV b`ORWbW]\
Wb [SO\a O YW\R ]T VSOdS\Zg ZSRUS` eVS`SW\ ]c` j\O[Sak aVOZZ PS
W\aQ`WPSR OQQ]`RW\U b] ]c` RSaS`ba0 eS aVOZZ _cOZWTg Pg ]c` RSSRa b]
(-( M E :7 B :7@A?7@A@ A8 >;87
PS W\aQ`WPSR jT]` ZWTS"k \O[SZg ]c`a$ 3\R bVWa" ]T Q]c`aS" W[^ZWSa
W\RWdWRcOZ W[[]`bOZWbg$ 4cb W\abSOR ]T aSSW\U RSSRa W\ bVS ZWUVb ]T
RSaS`ba" b] PS OQQ]c\bSR b] bVS OUS\b" eS QO\ QV]]aS b] aSS bVS[ Oa
Q]c\bW\U W\ bVS[aSZdSai O\R bVS\ OR]^b O RWTTS`S\b Q]\QS^b ]T bVS
4]]Y eVS`SPg Wb TWZZa eWbV RSSRa `ObVS` bVO\ \O[Sa$ HS O`S" W\ ]bVS`
e]`Ra" a^SOYW\U ]T bVS ^]aaWPWZWbg bVOb RSSRa W\aQ`WPS E;8?D8>G8D W\ O\
SbS`\OZ [S[]W` ]T bW[S1 bVOb eVObSdS` Wa VS`S S\OQbSR a][SV]e `SUWa#
bS`ai PSg]\R Wba `SUWabS`W\U O\R SdS\bcOZ RWaaW^ObW\U W\ bVS QOcaOZ
^ObbS`\a ]T bW[Si W\ O b`O\aQS\RS\b `SOZ[ Pg `cZSa ]T STTSQb _cWbS
RWTTS`S\b T`][ bV]aS ]T bVS e]`ZR" SdS` aeSZZW\U bVS c\TW\WaVSR `SQ]`R
]T PSW\U O\R T]`SdS` aVWTbW\U bVS O\fW]ca POZO\QS ]T Wba `SQY]\W\U$
?WUVb Wb \]b SdS\ PS" b] dS\bc`S gSb O abS^ Tc`bVS`" bVOb eVOb eS bVca
ORR b] bVS `SQ]`R Wa ]T ac`^OaaW\U W[^]`bi \]b W\RSSR T]` O Tcbc`S
RSabW\g ]T ]c`a" Pcb T]` bVS Q]\QS`\ ]T bVOb a^W`WbcOZ OQQ]c\b WbaSZT
YS^b Pg bVS c\WTWSR [S[]`g ]T bVW\Ua2 O\R bVOb" OZbV]cUV eS []`bOZ
OUS\ba VOdS \] Tc`bVS` abOYS W\ bVS W[[]`bOZWbg eVWQV ]c` OQba U] b]
X]W\" bVSaS OQba ]T ]c`a" O\R eVOb bV`]cUV bVS[ eS [OYS ]T ]c` ZWdSa"
[Og Xcab PS bVS abOYS eVWQV O\ c\RSbS`[W\SR O\R dcZ\S`OPZS SbS`\Wbg
VOa W\ ca2 3\R eWbV ]c` T`SSR][" eVOb O ^`SQO`W]ca abOYS i3`S eS"
bVS\" ^S`VO^a O\ Sf^S`W[S\b ]T SbS`\Wbg2 ]c` dS`g []`bOZWbgi O dS\#
bc`S ]T bVS W[[]`bOZ U`]c\R eWbV WbaSZT2 ]c` T`SSR][i bVS ac[[Wb ]T
bVS dS\bc`Sla QVO\QS O\R `WaY2
HS bc`\ T]` Tc`bVS` ORdWQS b] O\]bVS` aW[WZS" bVOb ]T bVS b`O\aQS\#
RS\b j;[OUSk TWZZSR W\" TSObc`S Pg TSObc`S" Pg ]c` bS[^]`OZ RSSRa$ HS
S\Q]c\bS` Wb W\ U\]abWQ ZWbS`Obc`S" Sa^SQWOZZg ]T bVS ;`O\WO\ P`O\QV" W\
aSdS`OZ dS`aW]\a$
A\S Wa bVS Q]\QS^bW]\ ]T O QSZSabWOZ R]cPZS ]T bVS bS``Sab`WOZ aSZT"
eVWQV bVS RS^O`bW\U a]cZ eWZZ [SSb OTbS` RSObV0 j; U] b] [SSb [g
W[OUS O\R [g W[OUS Q][Sa b] [SSb [S0 Wb QO`SaaSa O\R S[P`OQSa [S
Oa WT ; eS`S `Sbc`\W\U T`][ QO^bWdWbgki bVca O ?O\ROSO\ a]c`QS$*
3\R W\ bVS PSOcbWTcZ :g[\ ]T bVS BSO`Z" bVWa jR]cPZSk TW`ab RSaQ`WPSR
Oa O j`OW[S\bk !" eVS\ [SSbW\U bVS `Sbc`\W\U j^`W\QS"k Wa `SQ]U\WhSR

*$ 9W\hO" ZSTb" )' S\R!0 ?$ >WRhPO`aYW b`$!" )<@J4! &8C 16;4EJ A78C
&4D )CADD8 $F6= 78C -4@748C 9]bbW\US\" '/(+!" ^$ ++/" (/#)($ ;\ O\
3dSabWQ a]c`QS" bVWa W[OUS ORR`SaaSa bVS a]cZ bVca0 j; O[" A g]cbV ]T
U]]R bV]cUVba" U]]R e]`Ra" U]]R RSSRa" U]]R Q]\aQWS\QS" \]\S ]bVS` bVO\
bVW\S ]e\ ^S`a]\OZ Q]\aQWS\QS $ $ $ EV]c VOab Z]dSR [S $ $ $ W\ bVWa
acPZW[Wbg" U]]R\Saa" PSOcbg $ $ $ W\ eVWQV ; \]e O^^SO` c\b] bVSSk
:OR]YVb @OaY ($/ TT$!$
; ??ACE3>;EJ 3@6 E:7 ?A67C@ E 7?B7C L (-)
Pg VW[ Oa bVS W[OUS ]T VWa ]e\ aSZT" O\R W\ bc`\ OQY\]eZSRUSa VW[ Oa
bVS ]\S jT]` eV][ ; eOa `SO`SR W\ [g 8ObVS`la V]caS" O\R ; ^S`#
QSWdSR W\ [gaSZT V]e [g abObc`S U`Se W\ OQQ]`RO\QS eWbV VWa
ZOP]`a$k+ 3QQ]`RW\U b] bVWa dS`aW]\" bVS\" SdS`g]\S aSS[a b] VOdS VWa
OZbS` SU]" jYS^b aOTSk W\ bVS c^^S` e]`ZR eVWZS VS ZOP]`a R]e\ PSZ]e"
gSb Oa b] Wba abObS cZbW[ObSZg S\b`cabSR b] VWa `Sa^]\aWPWZWbg0 ag[P]ZWh#
W\U bVS SbS`\OZ aSZT ]T bVS ^S`a]\" Wb U`]ea eWbV VWa b`WOZa O\R RSSRa"
O\R Wba T]`[ Wa ^S`TSQbSR Pg VWa b]WZai ^S`TSQbSR ]` SZaS" eS [cab ORR"
`S[S[PS`W\U 2;8 /<6EFC8 A9 &AC<4@ )C4I a^]WZSR O\R RSTWZSR Pg
bVS[$ ;\ bVS aOZdObW]\OZ bc`\ ]T ]c` bSfba bVWa aW\WabS` Pcb Z]UWQOZZg
\SQSaaO`g OZbS`\ObWdS Wa `SUcZO`Zg ][WbbSR$ EVS`S" bVS S\Q]c\bS` Oa
acQV [O`Ya bVS acQQSaaTcZ Q]\QZcaW]\ ]T bVS a]cZla SO`bVZg X]c`\Sg O\R
`SacZba W\ O Q]\ac[[ObW\U TcaW]\ ]T bVS be]" O [cbcOZ OPa]`^bW]\" O
`Sc\WbW\U ]T eVOb eOa bS[^]`O`WZg ^O`bSR$ 3UOW\" bVWa ag[P]ZWa[ Sf#
^`SaaSa W[[]`bOZWbg ]T bVS W\RWdWRcOZ aSZT$
:]eSdS`" PSaWRS bVWa W\RWdWRcOZWhSR bVS`S Wa O Q]ZZSQbWdS dS`aW]\ ]T
bVS W[OUS ag[P]ZWa[" eVWQV Q]\\SQba ]c` RSSRa \]b eWbV O ^S`^SbcWbg
]T ]c` aS^O`ObS aSZdSa Pcb eWbV bVS Q]\ac[[ObW]\ ]T bVS RWdW\S aSZT$ ;
_c]bS T`][ ]\S ]T ?O\Wla e`WbW\Ua" RWaQ]dS`SR OP]cb '/)& W\ O 5]^bWQ
b`O\aZObW]\ W\ 7Ug^b$ j3b bVS S\R" eVS\ bVS Q]a[]a Wa PSW\U RWa#
a]ZdSR" bVS EV]cUVb ]T >WTS aVOZZ UObVS` VW[aSZT W\ O\R aVOZZ T]`[ VWa
DSZT W\ bVS aVO^S ]T bVS >Oab ;[OUS$, $ $ $ HWbV VWa >WdW\U D^W`Wb VS
aVOZZ QObQV bVS >WUVb O\R bVS >WTS bVOb Wa W\ OZZ bVW\Ua" O\R PcWZR Wb
]\b] VWa P]Rg$k $ $ $ j:S UObVS`a W\ VWa ]e\ D]cZ c\b] VW[aSZT O\R
T]`[a VW[aSZT W\ bVS aVO^S ]T bVWa >Oab ;[OUS$ 3\R bV]c aVOZb TW\R
VW[ Oa VS aeSS^a ]cb ]T VW[aSZT O\R QOaba ]cb bVS W[^c`Wbg eVWQV Wa
OZWS\ b] VW[" Pcb UObVS`a W\ b] VW[aSZT bVS >WTS O\R bVS >WUVb bVOb Wa W\
OZZ bVW\Ua O\R PcWZRa Wb ]\b] VWa P]Rg$ EVS\" eVS\ bVWa >Oab ;[OUS Wa
^S`TSQbSR W\ OZZ Wba [S[PS`a" bVS\ Wb aVOZZ$ $ $ PS ZWTbSR ]cb ]T bVS U`SOb
ab`cUUZS bV`]cUV bVS >WdW\U D^W`Wb $ $ $ eV] Q][Sa O\R $ $ $ TSbQVSa bVS
[S[PS`a ]cb ] T $ $ $ bVS RWaa]ZcbW]\ O\R bVS S\R ]T OZZ bVW\Ua$k-

+$ EVS :g[\ ]T bVS BSO`Z ]` :g[\ ]T bVS D]cZ! Wa O U\]abWQ ^]S[


W\QZcRSR W\ bVS O^]Q`g^VOZ 3Qba ]T bVS 3^]abZS EV][Oa0 ]\ bSfb O\R
W\bS`^`SbObW]\ QT$ :$ <]\Oa" 2;8 )@ADE<6 08><:<A@! 4]ab]\0 4SOQ]\ B`Saa"
'/+." QV$ +" ^^$ ''(#'(/1 T]` PWPZW]U`O^Vg QT$ <5<7! ^$ (/,$
,$ A`0 bVS >Oab DbObcS0 bVS 5]^bWQ caSa ]T 9`SSY e]`Y 4@7C<4D!
-$ =S^VOZOWO G$ (/" '#,1 IG;$ +*" '*#(*0 -4@<6;4<D6;8 *4@7D6;C<9E8@
78C 1E44E><6;8@ -FD88@ $8C><@ $7! +" ,8B;4>4<4 '$ *4>9E8 DbcbbUO`b"
'/*&!$
(-* M E :7 B :7@A?7@A@ A8 >;87
;b e]cZR bOYS ca TO` PSg]\R ]c` ^`SaS\b ^c`^]aS b] Sf^]c\R bVS
^`SQWaS R]U[ObWQ [SO\W\U ]T bVWa ag[P]ZWa[$ ;b [cab acTTWQS b] aOg
bVOb eVOb Wa VS`S QOZZSR jbVS ZOab W[OUS"k S[S`UW\U Ob bVS S\R ]T bW[S"
Wa OQQ]`RW\U b] ?O\WQVOSO\ R]Qb`W\S PcWZb c^ ^`]U`SaaWdSZg ]dS` O\R
bV`]cUV bVS e]`ZR ^`]QSaa Oa O eV]ZS0 OZZ VWab]`g" ]T ZWTS W\ US\S`OZ
O\R ]T [O\ W\ ^O`bWQcZO`" W\QSaaO\bZg e]`Ya Ob Wb O\R" W\ bVS jTW\OZ
W[OUS"k `Sab]`Sa b] Wba ^`WabW\S TcZZ\Saa bVOb W[[]`bOZ Pcb ^OaaWPZS
RSWbg" O\ S[O\ObW]\ T`][ bVS 8W`ab 9]R QOZZSR jB`W[OZ ?O\k !"
eV]aS W\WbWOZ aSZT#ac``S\RS` b] bVS RO`Y\Saa O\R RO\US` ]T PSQ][W\U
[ORS bVS [ObS`WOZ c\WdS`aS ^]aaWPZSi O\R \SQSaaO`g Ob bVS aO[S bW[S$
i @]e" \SWbVS` bVS `SOa]\a eVWQV ?O\W UWdSa T]` bVWa W\WbWOZ RWdW\S
ac``S\RS`" \]` bVSW` []`S a]^VWabWQObSR OZbS`\ObWdSa W\ ]bVS` U\]abWQ
a^SQcZObW]\a" \]`" W\ US\S`OZ" bVS RS\WU`ObW]\ ]T Q]`^]`SOZ \Obc`S Oa
acQV Q][[]\ b] OZZ bVSaS dS`aW]\a" eWZZ PS OQQS^bOPZS b] bVS []RS[
[W\R W\ Wba `Sa]ZcbSZg O\bWRcOZWabWQ bS[^S`$ @]` eWZZ bVS TW\WbS
SaQVOb]Z]Ug" ^]aWbW\U O RSbS`[W\ObS U]OZ O\R S\R ]T bW[S" acWb ]c`
Q]\dWQbW]\ ]T W\RSTW\WbS Q]\bW\cObW]\ ]T Q]a[WQ QVO\US O\R ]c` ^`]#
T]c\R RWaPSZWST bVOb bVS [SQVO\WQa ]T Wb e]cZR ^`]dWRS T]` O\g S\RW\U
eWbVW\ ]` ]T Wb b] Q]W\QWRS eWbV Q]\ac[[ObW]\$ JSb bVS []bWT ]T bVS
b]bOZ jW[OUSk QO\ a^SOY b] ca OQ`]aa bVSaS PO``WS`a ]T R]Qb`W\S O\R
[]]R$ >Sb ca \]bS eVOb W\ Wb Wa ^]bS\bWOZZg aWU\WTWQO\b T]` ca$
; T]` ]\S e]cZR \]bS bVSaS TSObc`Sa$ ;\ bVS bS[^]`OZ b`O\aOQbW]\a ]T
bVS e]`ZR" eV]aS TZSSbW\U \]e Wa SdS` aeOZZ]eSR Pg bVS ^Oab" O\
SbS`\OZ ^`SaS\QS U`]ea" Wba Q]c\bS\O\QS aZ]eZg RSTW\W\U WbaSZT Oa Wb Wa
b`OQSR eWbV bVS X]ga O\R acTTS`W\Ua" bVS b`Wc[^Va O\R RSTSOba ]T RWdW\#
Wbg W\ bVS Sf^S`WS\QSa ]T bW[S" eVWQV bVca W[[]`bOZZg ac`dWdS$ @]b bVS
OUS\ba" eVWQV [cab SdS` ^Oaa" Pcb bVSW` OQba S\bS` W\b] bVS PSQ][W\U
U]RVSOR O\R W\RSZWPZg T]`[ VWa \SdS` RSQWRSR W[OUS$ 9]Rla ]e\
RSabW\g" VWa R]W\U ]` c\R]W\U" Wa Ob abOYS W\ bVWa c\WdS`aS b] eV]aS
c\Y\]eW\U RSOZW\Ua VS Q][[WbbSR VWa acPabO\QS" O\R [O\ VOa PS#
Q][S bVS S[W\S\b `S^]aWb]`g ]T bVWa ac^`S[S O\R SdS`g PSb`OgOPZS
b`cab$ ;\ O aS\aS" VS V]ZRa bVS TObS ]T RSWbg W\ VWa VO\Ra$
EVWa" ; Q]\bS\R" [OYSa aS\aS O\R Oa O Vg^]bVSbWQOZ POQYU`]c\R ]T
[SbO^VgaWQOZ TOQb QO\ dOZWRObS bV]aS acPXSQbWdS TSSZW\Ua OP]cb O\ SbS`#
\OZ WaacS eVWQV eS Sf^S`WS\QS W\ bVS QOZZ ]T Q]\aQWS\QS" W\ bVS []#
[S\ba ]T ac^`S[S RSQWaW]\" W\ bVS b]bOZ Q][[Wb[S\b ]T RSSR" O\R
SdS\ W\ bVS OU]\g ]T `S[]`aSi O\R bVSaS [Og eSZZ PS bVS ]\Zg
S[^W`WQOZ aWU\a ]T O\ W[[]`bOZ aWRS b] ]c` PSW\U eVWQV ]c` ^`SaS\b
Q`WbWQOZ Q]\aQW]ca\Saa eWZZ abWZZ PS `SORg b] Q]\aWRS` W\ SdWRS\QS$
; ??ACE3>;EJ 3@6 E:7 ?A67C@ E 7?B7C L (-+

G;
4cb W\b] eVOb Q][^ZSbS [SbO^VgaWQa e]cZR acQV O Vg^]bVSbWQOZ T`OU#
[S\b TWb2
;T" Oa ]\S a][SbW[Sa QO\\]b `SaWab R]W\U" ; ^S`[Wb [gaSZT bVS
ZWQS\aS ]T WU\]`O\QS" eVWQV W\ bVSaS [ObbS`a Wa ]c` Z]b" O\R bVS dSVWQZS
]T [gbV ]` ZWYSZg W[OUW\ObW]\" eVWQV BZOb] OZZ]eSR T]` Wb" ; O[
bS[^bSR b] bV]cUVba ZWYS bVSaS$
;\ bVS PSUW\\W\U" T]` c\Y\]eOPZS `SOa]\a" bVS U`]c\R ]T PSW\U" ]`
bVS 6WdW\S" QV]aS b] UWdS WbaSZT ]dS` b] bVS QVO\QS O\R `WaY O\R S\RZSaa
dO`WSbg ]T PSQ][W\U$ 3\R eV]ZZg a]0 S\bS`W\U W\b] bVS ORdS\bc`S ]T
a^OQS O\R bW[S" bVS RSWbg VSZR POQY \]bVW\U ]T WbaSZT0 \] c\Q][[WbbSR
]` c\W[^OW`SR ^O`b `S[OW\SR b] RW`SQb" Q]``SQb" O\R cZbW[ObSZg UcO`#
O\bSS bVS RSdW]ca e]`YW\U#]cb ]T Wba RSabW\g W\ Q`SObW]\$ A\ bVWa
c\Q]\RWbW]\OZ W[[O\S\QS bVS []RS`\ bS[^S` W\aWaba$ ;b Wa Wba Q]c`OUS
]` RSa^OW`" W\ O\g QOaS Wba PWbbS` V]\Sabg" b] bOYS ]c` PSW\U#W\#bVS#
e]`ZR aS`W]caZg0 b] dWSe bVS e]`ZR Oa ZSTb b] WbaSZT" Wba ZOea Oa P`]]Y#
W\U \] W\bS`TS`S\QS" O\R bVS `WU]` ]T ]c` PSZ]\UW\U b] Wb Oa \]b a]Tb#
S\SR Pg Sfb`O[c\RO\S ^`]dWRS\QS$ EVS aO[S ]c` [gbV ^]abcZObSa T]`
9]Rla PSW\U W\ bVS e]`ZR$ @]b" V]eSdS`" W\ bVS aS\aS ]T ^O\bVSWabWQ
W[[O\S\QS0 WT e]`ZR O\R 9]R O`S aW[^Zg bVS aO[S" bVS e]`ZR Ob SOQV
[][S\b O\R W\ SOQV abObS `S^`SaS\ba VWa TcZZ\Saa" O\R 9]R QO\ \SWbVS`
Z]aS \]` UOW\$ CObVS`" W\ ]`RS` bVOb bVS e]`ZR [WUVb PS" O\R PS T]`
WbaSZT" 9]R `S\]c\QSR VWa ]e\ PSW\U" RWdSabW\U VW[aSZT ]T VWa RSWbgi
b] `SQSWdS Wb POQY T`][ bVS ARgaaSg ]T bW[S eSWUVbSR eWbV bVS QVO\QS
VO`dSab ]T c\T]`SaSSOPZS bS[^]`OZ Sf^S`WS\QS0 b`O\aTWUc`SR ]` ^]a#
aWPZg SdS\ RWaTWUc`SR Pg Wb$ ;\ acQV aSZT#T]`TSWbc`S ]T RWdW\S W\bSU`Wbg
T]` bVS aOYS ]T c\^`SXcRWQSR PSQ][W\U" \] ]bVS` T]`SY\]eZSRUS QO\
PS OR[WbbSR bVO\ bVOb ]T BADD<5<><E<8D eVWQV Q]a[WQ PSW\U ]TTS`a W\ Wba
]e\ bS`[a0 b] bVSaS" 9]R Q][[WbbSR VWa QOcaS W\ STTOQW\U VW[aSZT
T]` bVS e]`ZR$
3\R T]` OS]\a VWa QOcaS Wa aOTS W\ bVS aZ]e VO\Ra ]T Q]a[WQ QVO\QS
O\R ^`]POPWZWbgieVWZS OZZ bVS bW[S eS [Og ac`[WaS O ^ObWS\b [S[]`g
]T bVS Ug`ObW]\a ]T [ObbS` b] OQQc[cZObS W\b] O\ SdS` []`S Sf^SQbO\b
OQQ][^O\W[S\b ]T SbS`\Wbg b] bVS ZOP]`a ]T bW[Si O VSaWbO\b S[S`#
US\QS ]T b`O\aQS\RS\QS T`][ bVS ]^O_cS\Saa ]T W[[O\S\QS$
3\R bVS\ bVS TW`ab abW``W\U ]T ZWTSi O \Se ZO\UcOUS ]T bVS e]`ZR0
O\R eWbV Wb O b`S[S\R]ca _cWQYS\W\U ]T Q]\QS`\ W\ bVS SbS`\OZ `SOZ[
O\R O acRRS\ ZSO^ W\ Wba U`]ebV b]eO`R `SQ]dS`g ]T Wba ^ZS\WbcRS$ ;b Wa
(-, M E :7 B :7@A?7@A@ A8 >;87
bVS e]`ZR#OQQWRS\b T]` eVWQV PSQ][W\U RSWbg VOR eOWbSR O\R eWbV
eVWQV Wba ^`]RWUOZ abOYS PSUW\a b] aV]e aWU\a ]T PSW\U `SRSS[SR$
8`][ bVS W\TW\WbS aeSZZ ]T TSSZW\U" aS\aW\U" ab`WdW\U" O\R OQbW\U" eVWQV
SdS` []`S dO`WSR O\R W\bS\aS `WaSa OP]dS bVS [cbS SRRgW\Ua ]T [ObbS`"
SbS`\Wbg UOW\a ab`S\UbV" TWZZW\U eWbV Q]\bS\b OTbS` Q]\bS\b ]T aSZT#
OTTW`[ObW]\" O\R bVS OeOYS\W\U 9]R QO\ TW`ab ^`]\]c\QS Q`SObW]\ b]
PS U]]R$
4cb \]bS bVOb eWbV ZWTS b]USbVS` QO[S RSObV" O\R bVOb []`bOZWbg Wa
bVS ^`WQS eVWQV bVS \Se ^]aaWPWZWbg ]T PSW\U QOZZSR jZWTSk VOR b] ^Og
T]` WbaSZT$ ;T ^S`[O\S\QS eS`S bVS ^]W\b" ZWTS aV]cZR \]b VOdS abO`bSR
]cb W\ bVS TW`ab ^ZOQS" T]` W\ \] ^]aaWPZS T]`[ QO\ Wb [ObQV bVS Rc`O#
PWZWbg ]T W\]`UO\WQ P]RWSa$ ;b Wa SaaS\bWOZZg ^`SQO`W]ca O\R Q]``c^bWPZS
PSW\U" O\ ORdS\bc`S W\ []`bOZWbg" ]PbOW\W\U T`][ Z]\U#ZOabW\U [ObbS`
]\ Wba bS`[ai bVS aV]`b bS`[a ]T [SbOP]ZWhW\U ]`UO\Wa[i bVS P]`#
`]eSR" TW\WbS QO`SS`a ]T W\RWdWRcOZ aSZdSa$ JSb Wb Wa ^`SQWaSZg bV`]cUV
bVS P`WSTZg a\ObQVSR aSZT#TSSZW\U" R]W\U" O\R acTTS`W\U ]T 9<@<E8 W\RW#
dWRcOZa" eWbV bVS ^WbQV ]T OeO`S\Saa VSWUVbS\SR Pg bVS dS`g ^`Saa ]T
TW\WbcRS" bVOb bVS RWdW\S ZO\RaQO^S Pc`aba W\b] Q]Z]` O\R bVS RSWbg
Q][Sa b] Sf^S`WS\QS WbaSZT$ ;T" bVS\" []`bOZWbg Wa bVS dS`g Q]\RWbW]\ ]T
bVS aS^O`ObS aSZTV]]R eVWQV W\ bVS W\abW\Qb ]T aSZT#^`SaS`dObW]\ aV]ea
WbaSZT a] VWUVZg ^`WhSR bV`]cUV]cb bVS ]`UO\WQ e]`ZR" O\R WT bVS gWSZR
]T bVWa []`bOZWbg Wa bVS T]]R ]T SbS`\Wbg" Wb Wa c\`SOa]\OPZS b] RS[O\R
T]` Wba O^^]W\bSR SfSQcbO\ba" bVS aSZT#OTTW`[W\U aSZdSai W[[]`bOZWbg$
EVS W\abW\Qb ]T aSZT#^`SaS`dObW]\ W\RSSR OQY\]eZSRUSa bVWa" T]` Wb W[#
^ZWSa bVS ^`S[WaS ]T SfbW\QbW]\ W\ Wba ab`OW\W\U SOQV bW[S b] eO`R Wb ]TT
T]` bVS \]\QS$
@]bS OZa] bVWa bVOb eWbV ZWTSla W\\]QS\QS PST]`S bVS ORdS\b ]T
Y\]eZSRUS 9]Rla QOcaS QO\\]b U] e`]\U$ HVObSdS` dO`WSbg Sd]ZcbW]\
P`W\Ua T]`bV ORRa b] bVS ^]aaWPWZWbWSa ]T TSSZW\U O\R OQbW\U" O\R bVca
S\`WQVSa bVS aSZT#Sf^S`WS\QW\U ]T bVS U`]c\R ]T PSW\U$ 7dS`g \Se
RW[S\aW]\ ]T e]`ZR#`Sa^]\aS ]^S\SR c^ W\ Wba Q]c`aS [SO\a O\]bVS`
[]ROZWbg T]` 9]Rla b`gW\U ]cb VWa VWRRS\ SaaS\QS O\R RWaQ]dS`W\U
VW[aSZT bV`]cUV bVS ac`^`WaSa ]T bVS e]`ZR#ORdS\bc`S$ 3\R OZZ Wba
VO`dSab ]T O\fW]ca b]WZ" eVSbVS` P`WUVb ]` RO`Y" aeSZZa bVS b`O\aQS\#
RS\b b`SOac`S ]T bS[^]`OZZg ZWdSR SbS`\Wbg$ ;T bVWa Wa b`cS T]` bVS P`]OR#
S\W\U a^SQb`c[ ]T RWdS`aWbg Oa acQV" Wb Wa SdS\ b`cS` T]` bVS VSWUVbS\#
W\U ^WbQV O\R ^OaaW]\ ]T ZWTS bVOb U] eWbV bVS beW\ `WaS ]T ^S`QS^bW]\
O\R []bWZWbg W\ O\W[OZa$ EVS SdS` []`S aVO`^S\SR YSS\\Saa ]T O^#
; ??ACE3>;EJ 3@6 E:7 ?A67C@ E 7?B7C L (--
^SbWbS O\R TSO`" ^ZSOac`S O\R ^OW\" b`Wc[^V O\R O\UcWaV" Z]dS O\R
SdS\ Q`cSZbgi bVSW` dS`g SRUS Wa bVS RSWbgla UOW\$ EVSW` Q]c\bZSaa" gSb
\SdS` PZc\bSR W\QWRS\QSiVS\QS bVS \SQSaaWbg ]T RSObV O\R \Se PW`bV
i ac^^ZWSa bVS bS[^S`SR SaaS\QS T`][ eVWQV bVS 9]RVSOR `SQ]\abW#
bcbSa WbaSZT$ 3ZZ bVWa" Sd]ZcbW]\ ^`]dWRSa W\ bVS [S`S ZOdWaV\Saa ]T Wba
^ZOg O\R bVS abS`\\Saa ]T Wba a^c`$ ;ba Q`SObc`Sa" Pg [S`SZg TcZTWZZW\U
bVS[aSZdSa W\ ^c`acWb ]T bVSW` ZWdSa" dW\RWQObS bVS RWdW\S dS\bc`S$ 7dS\
bVSW` acTTS`W\U RSS^S\a bVS TcZZ\Saa ]T bVS ag[^V]\g$ EVca" bVWa aWRS
]T U]]R O\R SdWZ" 9]R QO\\]b Z]aS W\ bVS U`SOb Sd]ZcbW]\O`g UO[S$
@]` gSb QO\ VS TcZZg eW\ W\ bVS aVSZbS` ]T Wba W\\]QS\QS" O\R O \Se
Sf^SQbO\Qg U`]ea W\ VW[ W\ O\aeS` b] bVS RW`SQbW]\ eVWQV bVS c\Q]\#
aQW]ca R`WTb ]T W[[O\S\QS U`ORcOZZg bOYSa$
3\R bVS\ VS b`S[PZSa Oa bVS bV`cab ]T Sd]ZcbW]\" QO``WSR Pg Wba ]e\
[][S\bc[" ^OaaSa bVS bV`SaV]ZR eVS`S W\\]QS\QS QSOaSa O\R O\ S\#
bW`SZg \Se Q`WbS`W]\ ]T acQQSaa O\R TOWZc`S bOYSa V]ZR ]T bVS RWdW\S
abOYS$ EVS ORdS\b ]T [O\ [SO\a bVS ORdS\b ]T Y\]eZSRUS O\R T`SS#
R][" O\R eWbV bVWa ac^`S[SZg R]cPZS#SRUSR UWTb bVS W\\]QS\QS ]T bVS
[S`S acPXSQb ]T aSZT#TcZTWZZW\U ZWTS VOa UWdS\ eOg b] bVS QVO`US ]T
`Sa^]\aWPWZWbg c\RS` bVS RWaXc\QbW]\ ]T U]]R O\R SdWZ$ E] bVS ^`][WaS
O\R `WaY ]T bVWa OUS\Qg bVS RWdW\S QOcaS" `SdSOZSR Ob ZOab" VS\QST]`bV
TW\Ra WbaSZT Q][[WbbSR1 O\R Wba WaacS b`S[PZSa W\ bVS POZO\QS$ EVS
W[OUS ]T 9]R" VOZbW\UZg PSUc\ Pg bVS c\WdS`aS" T]` a] Z]\U e]`YSR
c^]\i O\R ZSTb c\RSQWRSRi W\ bVS eWRS O\R bVS\ \O``]eW\U a^W`OZa ]T
^`S#Vc[O\ ZWTS" ^OaaSa eWbV bVWa ZOab beWab" O\R eWbV O R`O[ObWQ _cWQY#
S\W\U ]T bVS []dS[S\b" W\b] [O\la ^`SQO`W]ca b`cab" b] PS Q][^ZSbSR"
aOdSR" ]` a^]WZSR Pg eVOb VS eWZZ R] b] VW[aSZT O\R bVS e]`ZR$ 3\R W\
bVWa OeSa][S W[^OQb ]T VWa RSSRa ]\ 9]Rla RSabW\g" ]\ bVS dS`g
Q][^ZSfW]\ ]T SbS`\OZ PSW\U" ZWSa bVS W[[]`bOZWbg ]T [O\$
HWbV bVS O^^SO`O\QS ]T [O\" b`O\aQS\RS\QS OeOYS\SR b] WbaSZT O\R
VS\QST]`bV OQQ][^O\WSa VWa R]W\Ua eWbV bVS PObSR P`SObV ]T aca^S\aS"
V]^W\U O\R PSQY]\W\U" `SX]WQW\U O\R U`WSdW\U" O^^`]dW\U O\R
T`]e\W\Ui O\R" ; RO`SaOg" [OYW\U WbaSZT TSZb b] VW[ SdS\ eVWZS \]b
W\bS`dS\W\U W\ bVS Rg\O[WQa ]T VWa e]`ZRZg aQS\S0 T]` QO\ Wb \]b PS
bVOb Pg bVS `STZSQbW]\ ]T Wba ]e\ abObS Oa Wb eOdS`a eWbV bVS `SQ]`R ]T
[O\" bVS b`O\aQS\RS\b QOaba ZWUVb O\R aVOR]e ]dS` bVS Vc[O\ ZO\R#
aQO^S2
(-. # E :7 B :7@A?7@A@ A8 > ;87

G ;;
DcQV Wa bVS bS\bObWdS [gbV eVWQV ; e]cZR ZWYS b] PSZWSdS jb`cSki W\
bVS aS\aS W\ eVWQV [gbV [Og VO^^S\ b] ORc[P`ObS O b`cbV eVWQV ]T
\SQSaaWbg Wa c\Y\]eOPZS O\R SdS\" W\ RW`SQb Q]\QS^ba" W\STTOPZS" gSb
eVWQV" Pg W\bW[ObW]\a b] ]c` RSS^Sab Sf^S`WS\QS" ZOga QZOW[ c^]\ ]c`
^]eS`a ]T UWdW\U W\RW`SQb OQQ]c\b ]T Wb W\ `Sd]QOPZS" O\bV`]^][]`^VWQ
W[OUSa$ ;\ bVS U`SOb ^OcaS ]T [SbO^VgaWQa W\ eVWQV eS O`S" O\R PST]`S
Wb VOa T]c\R Wba ]e\ a^SSQV OUOW\" eS [cab S\b`cab ]c`aSZdSa b] bVWa"
OR[WbbSRZg b`SOQVS`]ca" [SRWc[ Ob ]c` `WaY$ EVS [gbV" WT ]\Zg Wb Wa
Q]\aQW]ca ]T Wba Sf^S`W[S\bOZ O\R ^`]dWaW]\OZ \Obc`S O\R R]Sa \]b
^]aS Oa R]Qb`W\S" QO\ T`][ bVS \SQSaaWbg ]T bVOb ^OcaS P`WRUS bVS
dOQcc[ eWbV Wba TZSSbW\U a^O\$ ; Ob O\g `ObS TSZb R`WdS\ b] Wb T]` ]\QS
c\RS` bVS Q]\ab`OW\b ]T O bOaY eVWQV ^VWZ]a]^Vg SdS\ W\ Wba VSZ^ZSaa#
\Saa [cab \]b RS\g$
E] Q]\bW\cS" bVS\" W\ bVS aO[S a^SQcZObWdS dSW\" bVS`S T]ZZ]e QS`#
bOW\ SbVWQOZ Q]\QZcaW]\a T`][ bVS [SbO^VgaWQa eVWQV [g [gbV VOa
ORc[P`ObSR$ EVS TW`ab Wa bVS b`O\aQS\RS\b W[^]`bO\QS ]T ]c` RSSRa" ]T
V]e eS ZWdS ]c` ZWdSa$ ;T [O\" Oa ]c` bOZS VOa Wb" eOa Q`SObSR jT]`k bVS
W[OUS ]T 9]R" `ObVS` bVO\ jW\k VWa W[OUSi WT ]c` ZWdSa PSQ][S ZW\Sa
W\ bVS RWdW\S Q]c\bS\O\QS0 bVS\ ]c` `Sa^]\aWPWZWbg Wa \]b RSTW\SR W\
[c\RO\S bS`[a OZ]\S" Pg eVWQV ]TbS\ Wb Wa W\Q]\aS_cS\bWOZ S\]cUV"
Pcb `SUWabS`a W\ O RW[S\aW]\ eVS`S STTWQOQg T]ZZ]ea b`O\aQOcaOZ \]`[a
]T W\\S` SaaS\QS$ 8c`bVS`" Oa b`O\aQS\RS\QS U`]ea eWbV bVS bS``WPZg
O[PWUc]ca VO`dSab ]T RSSRa" ]c` W[^OQb ]\ SbS`\Wbg Wa T]` U]]R 4@7
T]` SdWZ0 eS QO\ PcWZR O\R eS QO\ RSab`]g" eS QO\ VSOZ O\R eS QO\
Vc`b" eS QO\ \]c`WaV O\R eS QO\ abO`dS RWdW\Wbg" eS QO\ ^S`TSQb O\R
eS QO\ RWaTWUc`S Wba W[OUS0 O\R bVS aQO`a ]T ]\S O`S Oa S\Rc`W\U Oa bVS
Zcab`S ]T bVS ]bVS`$ EVca bVS W[[]`bOZWbg ]T ]c` RSSRa Wa \] QOcaS T]`
dOW\ `SX]WQW\UieVOb []ab ]TbS\ ]cUVb b] PS eWaVSR T]` Wa `ObVS` bVSW`
ZSOdW\U \] b`OQS$ 4cb bVWa Wa \]b U`O\bSR0 bVSg VOdS b`OQSR bVSW` ZW\S$
@]b" V]eSdS`" Oa bVS W\RWdWRcOZla RSabW\g$ EVS W\RWdWRcOZ Wa Pg \Obc`S
bS[^]`OZ" \]b SbS`\OZ1 O\R bVS ^S`a]\ W\ ^O`bWQcZO`" []`bOZ b`cabSS ]T
O\ W[[]`bOZ QOcaS" VOa bVS S\X]g[S\b ]T aSZTV]]R T]` bVS [][S\b ]T
bW[S Oa bVS [SO\a Pg eVWQV SbS`\Wbg ZOga WbaSZT ]^S\ b] bVS RSQWaW]\a
]T bW[S$ # D S\OQbSR W\ bVS [SRWc[ ]T PSQ][W\U" bVOb Wa" Oa b`O\aWS\b"
O`S ^S`a]\OZ aSZdSa SbS`\Wbgla abOYS$ EVca Wb Wa bVOb W\ bVS W``S^SObOPZS
]QQOaW]\a ]T TW\WbS ZWdSa bVS WaacS [cab PS RSQWRSR bW[S O\R OUOW\0
; ??ACE3>;EJ 3@6 E:7 ? A67C@ E 7?B7C L (-/
W\TW\WbS Rc`ObW]\ e]cZR PZc\b bVS ^]W\b ]T bVS WaacS O\R `]P ]QQOaW]\
]T Wba c`US\b QOZZ$
@]`" O^O`b T`][ bVWa ]\b]Z]UWQOZ Q]\aWRS`ObW]\" R]Sa [O\ VOdS O
[]`OZ QZOW[ b] bVS UWTb ]T W[[]`bOZWbg$ 3dOWZW\U VW[aSZT ]T bVS S\X]g#
[S\b ]T aSZTV]]R" VS VOa S\R]`aSR bVS bS`[a ]\ eVWQV Wb Wa ]TTS`SR"
O\R `ObVS` bVO\ VOdW\U Wb Wa O bWbZS T]` []`S VS ]eSa bVO\Ya T]` bVS
U`O\b ]T SfWabS\QS Oa acQVi O\R T]` bVOb eVWQV [ORS Wb ^]aaWPZS$ 8]`
E;8C8 <D @A @868DD<EI A9 E;8C8 58<@: 4 HAC>7 4E 4>>! HVg bVS`S Wa
a][SbVW\U `ObVS` bVO\ \]bVW\UibVWa c\O\aeS`OPZS _cSabW]\ ]T [SbO#
^VgaWQa aV]cZR ^`]bSQb ca T`][ bOYW\U SfWabS\QS T]` O\ OfW][" O\R Wba
TW\WbS\Saa T]` O PZS[WaV ]\ Wb ]` O Qc`bOWZ[S\b ]T Wba `WUVb$ CObVS` Wa
bVS TOQb ]T SfWabS\QS bVS [gabS`g ]T [gabS`WSaieVWQV ]c` [gbV VOa
b`WSR b] `STZSQb W\ O ag[P]Z$ 4g T]`SU]W\U Wba ]e\ W\dW]ZObS\Saa bVS
SbS`\OZ U`]c\R OZZ]eSR bVS e]`ZR b] PS$ E] bVWa aSZT#RS\WOZ OZZ Q`SO#
bc`S ]eSa Wba SfWabS\QS" O\R eWbV Wb VOa `SQSWdSR OZZ bVS`S Wa b] `SQSWdS
T`][ PSg]\R$ :OdW\U UWdS\ VW[aSZT eV]ZS b] bVS PSQ][W\U e]`ZR"
9]R VOa \] []`S b] UWdS0 Wb Wa [O\la \]e b] UWdS b] VW[$ 3\R VS [Og
UWdS Pg aSSW\U b] Wb W\ bVS eOga ]T VWa ZWTS bVOb Wb R]Sa \]b VO^^S\" ]`
\]b VO^^S\ b]] ]TbS\" O\R \]b ]\ VWa OQQ]c\b" bVOb jWb `S^S\bSR bVS
>]`Rk. b] VOdS [ORS bVS e]`ZR$ EVWa [Og eSZZ PS bVS aSQ`Sb ]T bVS
jbVW`bg#aWf `WUVbS]ca ]\Sak eV][" OQQ]`RW\U b] <SeWaV b`ORWbW]\" bVS
e]`ZR aVOZZ \SdS` ZOQY/0 bVOb eWbV bVS ac^S`W]` dOZS\Qg ]T U]]R ]dS`
SdWZ" eVWQV" eS V]^S" ]PbOW\a W\ bVS \]\#QOcaOZ Z]UWQ ]T bVW\Ua bVS`S"
bVSW` VWRRS\ V]ZW\Saa QO\ ]cbeSWUV Q]c\bZSaa UcWZb" `SR`Saa bVS POZO\QS
]T O US\S`ObW]\ O\R aSQc`S bVS aS`S\Wbg ]T bVS W\dWaWPZS `SOZ[$
4cb R]Sa bVOb aS`S\Wbg" ]` Wba Q]\b`O`g" [ObbS` b] ]c` ZWTS ]\ SO`bV2
6]Sa Wb b]cQV Wb2 >Sb [S X]W\ bVWa _cSabW]\ eWbV O\]bVS` ]\S" W\
Q]\QZcaW]\ ]T [g U`]^W\U X]c`\Sg$ HVOb OP]cb bV]aS eV] \SdS` Q]cZR
W\aQ`WPS bVS[aSZdSa W\ bVS 4]]Y ]T >WTS eWbV RSSRa SWbVS` U]]R ]` SdWZ"
U`SOb ]` a[OZZ" PSQOcaS bVSW` ZWdSa eS`S Qcb ]TT PST]`S bVSg VOR bVSW`
QVO\QS" ]` bVSW` Vc[O\Wbg eOa RSab`]gSR W\ RSU`ORObW]\a []ab Q`cSZ
O\R []ab bV]`]cUV acQV Oa \] Vc[O\Wbg QO\ ac`dWdS2 ; O[ bVW\YW\U ]T
bVS UOaaSR O\R Pc`\b QVWZR`S\ ]T 3caQVeWbh" ]T bVS RSTOQSR" RSVc#
[O\WhSR ^VO\b][a ]T bVS QO[^a" O\R ]T OZZ bVS ]bVS`" \c[PS`ZSaa
dWQbW[a ]T bVS ]bVS` [O\#[ORS V]Z]QOcaba ]T ]c` bW[S$ 3[]\U [S\"

.$ 9S\$ ,0,#-$
/$ DO\VSR`W\ /- P1 DcYYOV *+ P$
(.& # E :7 B :7@A?7@A@ A8 > ;87
bVSW` acTTS`W\Ua eWZZ a]]\ PS T]`U]bbS\" O\R bVSW` \O[Sa SdS\ a]]\S`$
3\]bVS` QVO\QS Wa \]b UWdS\ bVS[" O\R SbS`\Wbg VOa \] Q][^S\aObW]\
T]` eVOb VOa PSS\ [WaaSR W\ bW[S$ 3`S bVSg" bVS\" RSPO``SR T`][ O\
W[[]`bOZWbg eVWQV SdS\ bVSW` b]`[S\b]`a O\R [c`RS`S`a ]PbOW\ PS#
QOcaS bVSg Q]cZR 46Ei OP][W\OPZg" gSb OQQ]c\bOPZg" bVca ZSOdW\U
bVSW` aW\WabS` [O`Y ]\ SbS`\Wbgla TOQS2 EVWa ; `STcaS b] PSZWSdS$ 3\R
bVWa ; ZWYS b] PSZWSdS0 bVOb bVS`S eOa eSS^W\U W\ bVS VSWUVba Ob bVS
eOabS O\R RSa^]WZ[S\b ]T Vc[O\Wbg1 bVOb O U`]O\ O\aeS`SR bVS `WaW\U
aV]cb ]T WU\]PZS acTTS`W\U" O\R e`ObVi bVS bS``WPZS e`]\U R]\S b]
bVS `SOZWbg O\R ^]aaWPWZWbg ]T SOQV ZWTS bVca eO\b]\Zg dWQbW[WhSR" SOQV
]\S O bVeO`bSR ObbS[^b ]T 9]R$ jEVS d]WQS ]T bVg P`]bVS`la PZ]]R
Q`WSa c\b] [S T`][ bVS U`]c\Rk 0 aV]cZR eS \]b PSZWSdS bVOb bVS
W[[S\aS QV]`ca ]T acQV Q`WSa bVOb VOa `WaS\ c^ W\ ]c` ZWTSbW[S \]e
VO\Ua ]dS` ]c` e]`ZR Oa O RO`Y O\R OQQcaW\U QZ]cR2 bVOb SbS`\Wbg
Z]]Ya R]e\ c^]\ ca eWbV O T`]e\" e]c\RSR WbaSZT O\R ^S`bc`PSR W\ Wba
RS^bVa2
3\R [WUVb eS \]b SdS\ TSSZ Wb2 ; bVW\Y Wb ^]aaWPZS" W\ a^WbS ]T eVOb ;
VOdS aOWR OP]cb bVS QZ]aSR W[[O\S\QS ]T bVS e]`ZRZg `SOZ[$ 8]` bVS
aSQ`Sb ag[^ObVg bVOb Q]\\SQba ]c` PSW\U eWbV bVS b`O\aQS\RS\b Q]\RW#
bW]\ O\R [OYSa bVS ZObbS` RS^S\R ]\ ]c` RSSRa" [cab a][SV]e e]`Y
P]bV eOgai ]` SZaS bVS`S e]cZR \]b SdS\ PS bVOb W\eO`R bSabW[]\g T]`
ca b] W\d]YS ]\ eVWQV ]c` eV]ZS QOaS T]` bVS SbS`\OZ eOa U`]c\RSR$ ;T
a]" bVS abObS ]T b`O\aQS\RS\QS" Oa H8 VOdS ZSb Wb PSQ][S" eWZZ W\ bc`\
VOdS O `Sa]\O\QS W\ ]c`ai a][SbW[Sa TSZb" bV]cUV []abZg \]b" O\R
^`SaS\bZg TSZb" ^S`VO^a" W\ O US\S`OZ [OZOWaS" W\ bVS ^`]T]c\R RWa#
bS[^S` ]T bVS Q]\bS[^]`O`g [W\R$ EVW\Ua Vc[O\ R] \]b ^`]a^S`
c\RS` ]c` VO\Ra$ :O^^W\Saa SZcRSa ]c` ^c`acWb" O\R [SO\W\U []QYa
]c` RSa^S`ObS \SSR$ 5]cZR Wb PS bVOb" ac^S`W\RcQSR c^]\ bVS [O\g#
ZOgS`SR" Pcb \SdS` Q][^ZSbSZg Sf^ZOW\W\U QOcaSa T`][ eWbVW\ ]c` VWa#
b]`WQOZ SfWabS\QS" OZa] bVS RWabc`PO\QS ]T bVS b`O\aQS\RS\b ]`RS` eVWQV
eS VOdS QOcaSR Pg bVS []\ab`]ca Q`W[Sa ]T ]c` bW[S" bVca `SOQba ]\
bVS a^W`WbcOZ []]R ]T [S\i O\R bVca bVS []RS[ bS[^S` ^O`OR]fW#
QOZZg [WUVb WbaSZT `STZSQb bVS W[[]`bOZWbg eVWQV Wb RWa]e\a2 ;b e]cZR PS
TWbbW\Ui []`S ; RO`S \]b aOgi WT bVS aZOcUVbS`SR VOR bVOb aVO`S W\
W[[]`bOZWbg" O\R ]\ bVSW` OQQ]c\b O U`SOb STT]`b eS`S OaYSR ]T bV]aS
OZWdS b] ZWTb bVS aVOR]e T`][ ]c` P`]e O\R UOW\ T]` bV]aS OTbS` ca O
\Se QVO\QS ]T aS`S\Wbg Pg `Sab]`W\U Wb b] bVS W\dWaWPZS e]`ZR$
4cb SdS\ WT \]b bVSW` aVOR]e" QS`bOW\Zg bVS aVOR]e ]T bVS 4][P Wa
; ??ACE3>;EJ 3@6 E:7 ?A67C@ E 7?B7C L (.'
bVS`S b] `S[W\R ca bVOb bVS W[OUS ]T 9]R Wa W\ RO\US` Oa \SdS` PST]`S"
O\R ]\ []ab c\S_cWd]QOZ" bS``Sab`WOZ bS`[a$ EVOb W\ bVSaS bS`[a O\
SbS`\OZ WaacS Wa Ob abOYS b]USbVS` eWbV bVS bS[^]`OZ ]\Si bVWa Oa^SQb
]T ]c` `Sa^]\aWPWZWbg QO\ PS ]c` UcO`R OUOW\ab bVS bS[^bObW]\ ]T TObOZ#
WabWQ OQ_cWSaQS\QS ]` bVS e]`aS b`SOa]\ ]T 4BC8D @AFD >8 78>F:8! HS
ZWbS`OZZg V]ZR W\ ]c` TOZbS`W\U VO\Ra bVS Tcbc`S ]T bVS RWdW\S ORdS\bc`S
O\R [cab \]b TOWZ :W[" SdS\ WT eS e]cZR TOWZ ]c`aSZdSa$
EVca W\ bVS RW[ ZWUVb Ob bVS S\R ]T ]c` eO\RS`W\U eS [Og RWaQS`\ O
be]T]ZR `Sa^]\aWPWZWbg ]T [O\0 ]\S W\ bS`[a ]T e]`ZRZg QOcaOZWbg" Pg
eVWQV bVS STTSQb ]T VWa RSSR SfbS\Ra T]` a][S U`SObS` ]` aV]`bS` ZS\UbV
W\b] O Tcbc`S eVS`S Wb SdS\bcOZZg RWaaW^ObSa1 O\R O aW[cZbO\S]ca ]\S W\
bS`[a ]T Wba W[^OQb ]\ bVS SbS`\OZ `SOZ[" eVS`S Wb \SdS` RWaaW^ObSa$
EVS ]\S" eWbV ]c` ZW[WbSR T]`SaWUVb O\R bVS Q][^ZSfWbg ]T e]`ZRZg
bVW\Ua" Wa [cQV Ob bVS [S`Qg ]T ZcQY O\R QVO\QS1 bVS ]bVS` U]Sa Pg
Y\]eOPZS \]`[a eVWQV" W\ bVS 4WPZSla e]`Ra"'& O`S \]b TO` T`][ ]c`
VSO`ba$ EVS`S [WUVb SdS\ PS" Oa ; W\RWQObSR" O bVW`R RW[S\aW]\ b] ]c`
`Sa^]\aWPWZWbg W\ bS`[a ]T bVS W[^OZ^OPZg `SQW^`]QOZ eOg W\ eVWQV
7bS`\Wbg" eWbV]cb W\bS`dS\W\U W\ bVS ^VgaWQOZ Q]c`aS ]T bVW\Ua" eWZZ
Q][[c\WQObS Wba a^W`WbcOZ abObS Oa O ^S`dORW\U []]R b] O US\S`ObW]\
eVWQV eWZZ VOdS b] ZWdS eWbV Wb$
4cb bVS TW`ab be] O`S []`S bVO\ S\]cUV b] ac[[]\ ca b] ]c` bOaY$
3ZbV]cUV bVS VS`SOTbS` Wa \]b ]c`a" \]` SbS`\OZ `SQc``S\QS ]T bVS VS`S"
eS QO\ VOdS W[[]`bOZWbg Ob VSO`b eVS\ W\ ]c` P`WST a^O\ eS aS`dS ]c`
bV`SObS\SR []`bOZ OTTOW`a O\R VSZ^ bVS acTTS`W\U W[[]`bOZ 9]R$

'&$ 6Scb$ )&0'*$


.LEHKCQA
5=PQNA =J@ .PDE?O

:A KLAJA@ PDEO RKHQIA SEPD PDA LNKLKOEPEKJ PD=P PDA LDEHKOKLDU KB


HEBA ?KILNEOAO PDA LDEHKOKLDU KB KNC=JEOI =J@ PDA LDEHKOKLDU KB
IEJ@# +P EPO AJ@! =J@ EJ PDA HECDP KB SD=P SA D=RA HA=NJA@! SA I=U
=@@ = BQNPDAN LNKLKOEPEKJ! EILHEA@ EJ PD=P BENOP KJA >QP OAPPEJC = JAS
P=OG( = LDEHKOKLDU KB IEJ@ ?KILNEOAO APDE?OW =J@ PDNKQCD PDA ?KJ"
PEJQEPU KB IEJ@ SEPD KNC=JEOI =J@ KB KNC=JEOI SEPD J=PQNA! APDE?O
>A?KIAO L=NP KB PDA LDEHKOKLDU KB J=PQNA# 8DEO =C=EJ EO KQP KB PQJA
SEPD IK@ANJ >AHEAB# 2O JKP I=J =HKJA* -KAO JKP PDA OAAIEJC ?=HH PK
KQN IKN=H >AEJC KNECEJ=PA EJ KQNOAHRAO =J@ IANAHU ?KIA >=?G PK QO
BNKI PDA LQP=PERA O?DAIA KB PDEJCO =O KQN NABHA?PA@ RKE?A* 1=O JKP
PD=P O?DAIA >AAJ AJ@KSA@ >U QO SEPD SD=PARAN IA=JEJC EP I=U D=RA
BKN QO* /KN I=J =HKJA! OK SA D=RA >AAJ P=QCDP BKN OKIA ?AJPQNEAO
JKS! EO PDA OKQN?A KB =HH @AI=J@! ?KII=J@! =J@ ?=HH SEPD SDE?D DA
BEJ@O DEIOAHB =@@NAOOA@! =J@ PDAEN EILQP=PEKJ PK = J=PQNA >=NNAJ KB
IEJ@ EO JK IKNA PD=J =J =JPDNKLKIKNLDE? HE>ANPU# :A IENNKN >AEJC!
>QP EJ @KEJC OK SA IENNKN KQNOAHRAO EJ EP! =J@ NA?KCJEVEJC KQN EI=CA
PDANA =P H=OP BKN SD=P EP EO SA BEJ@ LNE@A EJ KQN ?KOIE? OKHEPQ@A#
:D=PARAN IKN=H MQ=HEPU AJPANO PDA NAH=PEKJ KB OAHB =J@ SKNH@ ?=J D=RA
EPO KNECEJ JKSDANA >QP EJ PDA OAHB#
; $'$ <
. 723609. $'%
1ANA! PSK @EBBANAJP LNKLKOEPEKJO =NA IETA@ EJPK = @Q>EKQO D=HB"
PNQPD# 8NQA EP EO PD=P K>HEC=PEKJ ?=JJKP >A SEPDKQP PDA E@A= KB K>HEC="
PEKJ! =J@ PNQA PD=P SEPDEJ PDA GJKSJ SKNH@ PDA ?=L=?EPU BKN PD=P KN
=JU E@A= =LLA=NO EJ I=J =HKJA( >QP EP @KAO JKP BKHHKS PD=P PDA E@A=
IQOP PDANABKNA >A =J EJRAJPEKJ! =J@ ?=JJKP >A = @EO?KRANU# 5KN @KAO
EP BKHHKS PD=P PDA NAOP KB ATEOPAJ?A EO EJ@EBBANAJP PK PD=P @EO?KRANU( EP
I=U D=RA = OP=GA EJ EP! =J@ EJ RENPQA KB PD=P OP=GA I=U ARAJ >A PDA
CNKQJ@ KB PDA K>HEC=PEKJ SDE?D I=J =?GJKSHA@CAO BKN DEIOAHB# 1A
SKQH@ PDAJ >A PDA ATA?QPKN KB = PNQOP SDE?D KJHU DA ?=J OAA! >QP @E@
JKP ?NA=PA# +P =JU N=PA! PDA ?KJPAJPEKJW =HIKOP =TEKI=PE? EJ PDA
IK@ANJ ?HEI=PA KB PDKQCDPW PD=P OKIAPDEJC HEGA =J XKQCDPY ?=J EOOQA
KJHU BNKI I=J =J@ EO =HEAJ PK ARANUPDEJC KQPOE@A DEI! EO IKNA PD=J =
@AO?NELPERA OP=PAIAJP( EP EO L=NP KB = IAP=LDUOE?=H LKOEPEKJ! SDE?D D=O
JARAN CERAJ BQHH =??KQJP KB EPOAHB# 8K =OG BKN OQ?D =??KQJP EO PK NAKLAJ
PDA KJPKHKCE?=H MQAOPEKJ KB DQI=J SEPDEJ PKP=H ATEOPAJ?A# 6JPKHKCU
I=U UAP NAHK?=PA PDA BKQJ@=PEKJ KB XKQCDPY BNKI PDA ACK KB I=J! PK
SDE?D EP D=O >AAJ NAHAC=PA@! PK PDA J=PQNA KB >AEJC EJ CAJAN=H# 2P I=U
D=RA >AAJ LNAI=PQNA @AOL=EN SDE?D @AJEA@ PDA @K?PNEJA KB >AEJC PDA
LKSAN PK UEAH@ = CNKQJ@ KB K>HEC=PEKJW BKN >AEJCO! KB ?KQNOA! PD=P =NA
LANREKQO PK K>HEC=PEKJ! =J@ SDK IQOP >A PDANA OK PD=P K>HEC=PEKJ ?=J
BEJ@ EPO NAOLKJ@AJP#
6JPKHKCU =O PDA CNKQJ@ KB APDE?O S=O PDA KNECEJ=H PAJAP KB LDEHKOK"
LDU# 8DAEN @ERKN?A! SDE?D EO PDA @ERKN?A KB PDA XK>FA?PERAY =J@ XOQ>"
FA?PERAY NA=HIO! EO PDA IK@ANJ @AOPEJU# 8DAEN NAQJEKJ ?=J >A ABBA?PA@!
EB =P =HH! KJHU BNKI PDA XK>FA?PERAY AJ@! PD=P EO PK O=U! PDNKQCD =
NAREOEKJ KB PDA E@A= KB J=PQNA# +J@ EP EO >A?KIEJC N=PDAN PD=J =>E@EJC
J=PQNA SDE?D SKQH@ DKH@ KQP =JU OQ?D LNKIEOA# /NKI PDA EII=JAJP
@ENA?PEKJ KB EPO PKP=H ARKHQPEKJ PDANA I=U >A AHE?EPA@ = @AOPEJ=PEKJ KB
I=J >U SDKOA PANIO PDA LANOKJ! EJ PDA =?P KB BQHBEHHEJC DEIOAHB! SKQH@
=P PDA O=IA PEIA NA=HEVA = ?KJ?ANJ KB QJERANO=H OQ>OP=J?A# 1AJ?A
SKQH@ NAOQHP = LNEJ?ELHA KB APDE?O SDE?D EO QHPEI=PAHU CNKQJ@A@ JAEPDAN
EJ PDA =QPKJKIU KB PDA OAHB JKN EJ PDA JAA@O KB PDA ?KIIQJEPU! >QP EJ
=J K>FA?PERA =OOECJIAJP >U PDA J=PQNA KB PDEJCO SD=P PDAKHKCU QOA@
PK ?=HH PDA %&!% &" (#%$#' W OQ?D =O ?KQH@ OPEHH >A GALP B=EPD SEPD >U
PDA H=OP KB = @UEJC I=JGEJ@ EJ DEO BEJ=H OKHEPQ@A# 8DA B=?P PD=P >U
?KOIE? O?=HAO I=J EO >QP =J =PKI EO = MQ=JPEP=PERA ENNAHAR=J?U( DEO
EJJAN SE@PD ?=J I=GA DEI =J ARAJP KB ?KOIE? EILKNP=J?A# 8DA NABHA?"
PEKJ KB >AEJC EJ GJKSHA@CA I=U >A IKNA PD=J = DQI=J ARAJP( EP I=U
$'& < 8 1. 7 1.564 .565 6/ 3 2/.
>A =J ARAJP BKN >AEJC EPOAHB =J@ =BBA?P EPO IAP=LDUOE?=H ?KJ@EPEKJ# 2J
1ACAHE=J H=JCQ=CA( = X?KIEJC PK EPOAHBY KB KNECEJ=H OQ>OP=J?A#
1KSARAN PD=P I=U >A =J@ PDA E@A= EO BN=JGHU OLA?QH=PERA ! KJHU =J
APDE?O SDE?D EO CNKQJ@A@ EJ PDA >NA=@PD KB >AEJC! JKP IANAHU EJ PDA
OEJCQH=NEPU KN K@@JAOO KB I=J! ?=J D=RA OECJEBE?=J?A EJ PDA O?DAIA KB
PDEJCO# 2P D=O EP! EB I=J D=O OQ?D OECJEBE?=J?A) =J@ SDAPDAN DA D=O EP
SA IQOP HA=NJ BNKI =J EJPANLNAP=PEKJ KB NA=HEPU =O = SDKHA! =P HA=OP
BNKI =J EJPANLNAP=PEKJ KB HEBA =O = SDKHA# ,QP ARAJ SEPDKQP =JU OQ?D
?H=EI KB PN=JODQI=J OECJEBE?=J?A BKN DQI=J ?KJ@Q?P! =J APDE?O JK
HKJCAN BKQJ@A@ KJ @EREJA =QPDKNEPU IQOP >A BKQJ@A@ KJ = LNEJ?ELHA
@EO?KRAN=>HA EJ PDA J=PQNA KB PDEJCO! HAOP EP B=HH RE?PEI PK OQ>FA?PEREOI
KN KPDAN BKNIO KB NAH=PEREPU# 1KSARAN B=N! PDANABKNA! PDA KJPKHKCE?=H
MQAOP I=U D=RA ?=NNEA@ QO KQPOE@A I=J! EJPK PDA CAJAN=H PDAKNU KB
>AEJC =J@ KB HEBA! EP @E@ JKP NA=HHU IKRA =S=U BNKI APDE?O! >QP
OA=N?DA@ BKN EPO LKOOE>HA BKQJ@=PEKJ#
7UKL_

HIZVS\[L &)+! &*, HNLU[ &+ U#&! '%! +* U#! %($! %)* U#!
HIZ[YHJ[ %(,! %-- &+&! &+(
HIZ[YHJ[PVU &(! '$! '&! -%! %(+! HNNYLNH[L +)! +,! +-! &$%
%(-! %*&! %*,! %+$! %+(! %,( HNPSP[` %$)
HJJLSLYH[PVU %%*! %'& 1";5C85B! 1";5C85D59= %,%
HJJPKLU[ HS (,! (-! )%! )&! ,$! HSNLIYH *+! *,! *- U#
&%'! &%(! &'' HSPLU &%,! &%-! &&$! &&(
HJVZTPJ! HJVZTPZT &%*! &&%! &&(! HSPLUH[LK &'%
&&) HSPLUH[PVU &&$! &&%
HJV\Z[PJ '$! %'+! %',! %'-! %(&! HTVLIH (*! )%! *)
%(* HUHSVN` % % % !& ) % !& ) & !& ) ' !& ) *
HJ[ ,&! -%! &*-! &+$! &+%! &+&! HUHS`ZPZ ')! ($ U#! )(! )*! *+! *-!
&+(! &,$ *- U#! ++! +,! ,+! ,,! -$! -)! %'&!
HJ[PVU! HJ[PUN & M#! &$! &&! &'! &(! &$$! &$&
&)! &*! &+! &-! '%! '&! ''! ($! /UH_HNVYHZ %( U#
*$ U#'! *& U#(! %$(! %$)! %%*! %%-! HUPTHS (+! )%! ))! )+! )-! *$! *'!
%&&! %&+! %'+! %(%! %(*! %(,! %)%! +$! +(! +* U#! -$! ,,"$#*! %%*!
%)'! %))! %,'! %,(! %-$! %-,! &$(! %&)! %&*! %&+! %()! %))! %),! %**!
&*-! &+* %*+! %+)! %++! %+,! %+-! %,'! %,(!
HJ[P]L! HJ[P]P[` &&! &'! &(! &*! '$! %,*! &&+! &+*
'%! +* U#! ,&! ,)! %$(! %$)! %%&! SPML ''
%%(! %($! %('! %((! %()! %)'! %))! UPZ\Z ''
%)*! %-%! &$(! &$*! &*,! &+$ A1C9>=1;5 (+
SPML %-(! &$* HUPTHSP[` )+! %$&! %$(! %$+! %&*!
1415@D1C9> %+&! %,% %,)! &&+
/KHT %+'! &(+ HUPTH[L P_! (! -*
HKHW[H[PVU! HKHW[P]L (*! )$! %$'! HUPTPZT! HUPTPZ[PJ +! -! %)! &&!
%%*! %%+ &)! '* M#! +&
HK]LU[\YL! "V\Z ()! %$*! &+)! &+*! /UZLST VM 1HU[LYI\Y` &(&
&,% HUZ^LY &(*! &(+
HMMLJ[PVU! HMMLJ[P]L! HMMLJ[P]P[` &-! HU[OYVWVJLU[YPJ P_! '(! *$
,(! ,)! %*, HU[OYVWVTVYWOPZT! "PJ %$! &'! &&"
HMMPYTH[PVU %++! %+-! &$, &*! -%! %%+! %&&! &''! &+,! &,&
F &,) G
&,* G 7 <23D
HU[PJPWH[PVU ,*! %+- H\[VTH[PJ HS ! H\[VTH[PZT '!
HU[PKP]PUL &'' &+ U #S! (%! )&! )'! -&! %$'! %$-!
HU[PUVTPHU PZT &&(! &&) %&(! &$*
HU[PUVT` ,( H\[VTH[VU ))! )) U#! )-! *$! +(!
HU[P">SH[VUPJ! HU[P">SH[VUPZT ('! %%$ %&&
()! (, H\[VUVT`! H\[VUVTV\Z (*! (,! (-!
HU_PL[` -* +,! %$*
/WVSSPUPHU &)+ U# HUK KLWLUKLUJL P_
HWWLHYHUJL %+! &*! '%! %'' U#&! /]LZ[H &+& U#
%()! %(-! %*$! %*)!%*+! %*,! %+$! H^HYLULZZ )(! *&! +'! ,(! ,,! -$!
%+*! %+,! %,$! &)+U# -%! %$+! %'(! &+*
HUK YLHSP[` &**! &*+ H^HRLUPUN &&$
HWWLYJLW[PVU %'&
HWWL[P[L! HWWL[P[PVU ),! *%! +(! ,(! IHJRNYV\UK %)$! %)%
,*! %$%! %$&! %$(! %$)! %$+! %&*! 0HJVU! 4YHUJPZ ')! '+! %,,! %,-!
%+$! &'+ U#! &+* %-$! %-%! %-&! %-(! &$'! &$(
HWWSPJH[PVU %-)! %-+! %--! &$&! ILHZ[ )) U#! &&+ U#
&$(! &$)! &%$ ILH\[` +$! -(! &*,
H WYPVYP &&! &'! &+ U#&! '( ILJVTPUN (%! (+! ),! *+! ,*! %'-!
/X\PUHZ! AOVTHZ %,,! %,-! %-$! %*'! &$%! &$+! &'&! &+(! &+)! &+*!
%-% &+,! &,'
HYJOVU &&+! &(, HUK ILPUN %((! %()
1A5C5 &&' ILOH]PVY (*! ),! *$ U#'! *&! ,-!
/YPZ[V[LSPHU PZT '(! '*! )$ U#! )'! %$$! %%$! %%&! %%'! %%(! %%+! %&$!
)+ U #SS! +&! ,*! -(! %%%! &'- %&%! %&(! %&*! %&+! %+(
/YPZ[V[SL &! %( U#! *& U#! --! %%'! ILOH]PVYPZT +(! %&$
%')! %,,! %,-! %-$! %-%! %--! &$)! ILOH]PVYPZ[ PJ -%! %&(! %&)! %&+
&$*! &(-! &*( ILOVSKPUN &$! %)&! &$+! &&-
HYYHUNLTLU[ )-! ,- ILPUN (%! (+! ),! *+! +&! -'! %'-!
HY[ P_! %,-! %-$! &$- &$+! &%$! &&-! &'&! &'*! &(&! &((!
HY[PZ[ %*'! %+% &()! &(*! &(+! &(,! &(-! &)$! &)&!
HY[PMHJ[ %%$! %),! %)-! &$' &)'! &)(! &)+! &),! &,'! &,(
HY[PMPJPHS &$' HUK UV["ILPUN ( M#! )$! -*
HZJLU[! HZJLUKPUN )%! )'! ,' ILUL]VSLUJL %-(! %-)! %-*! %-+
/ZJO! @# 3# &%$ U# 0LYRLSL`! 5LVYNL ))! *$ U#&! %)'
HZWLJ[ %*&! %*)! %*- 0PISL! 0PISPJHS ',! %+'! &'*! &'+!
HZZVJPH[PVU VM PKLHZ &*! &+! '' &(%! &('! &(+! &)(! &),! &,%
HZ[YVUVT` -( IPM\YJH[PVU ),! *'
H[OLPZT! H[OLPZ[PJ &%*! &%+! &(- 0PNLSV^! A# %%% U#
H[VTPJ &+ U#S! -)! -*! %(&
IPVSVNPZ[ -%! %&)
H[VTPZT +'
/[VTPZ[Z -( IPVSVN`! IPVSVNPJHS ZJPLUJL P_ M#!
H[[LU[PVU '%! %'-! %((! %(,! %)$! %%! )&! )*! ,'! -&! -*! %&$! %'(
%)( ISPUK %(%! %('! &%'! &%-! &''
H[[YPI\[L )( IVKPS` ')! ),! %('! %)'
/\N\Z[PUL &'+ U#! &*% IVK` P_! %&! %'! %,! %-! &$! &'! &)!
/\ZJO^P[a &+- &,! '%! ''! )'! ))! )*! *$! *% U#!
H\[OLU[PJ HS &&(! &&+! &'$ +&! +'! +)! +-! ,&! ,-! %%$! %&,!
H\[OLU[PJP[` %+,! &(%! &))! &)*! %'%! %(%! %()! %)&! %)'! %)(! %)*!
&*+ %*' U#! %+&! &%(! &&*! &&+
7 <23D &,+
0VVR VM :PML & * - !& + % !& +&!&+- 1OYPZ[PHU P[` 3>=C9=D54
0VYV^P[a! 3# 0# &') U#& &'-! &($! &(%! &((! &(*! &(,! &(-!
IV\UKHY` +)! +-! ,' &)%! &)+! &),! &*%
IYHPU &+ U #S! %%$! %&, JOYVTVZVTL! JOYVTVZVTHS -+! -,
0\ILY! ;# &)- JP[` "Z[H[L ! JP[PaLU &&& M#
0\JOLU^HSK &*+ JP]PSPaH[PVU &$*! &$+! &**
0\S[THUU! ?# &)-! &*$! &*%! &*& U# JSHYP[` )+! ,-
JSHZZPJHS (% U#! (&! )$ U#! )'! *,!
JHSJ\S\Z *, +&! +'! %)&! %,- U#! %-$! %-%! %-&!
JHSS &'+! &($! &('! &(*! &(+! &(,! %-(! %-)! &$%! &$'! &$(! &$*! &$+!
&)'! &)(! &)+! &),! &+(! &+-! &,& &$-! &%+! &&%! &&&! &&+! &&+ U#
JHYL &'%! &''! &'(! &(%! &)& JSHZZPJHS"5YLLR *+
JHY[LZPHU PZT &+ U#&! )$ U#! )&! JSVJR %%(
)(! )) M#! )+! ),! *$! *%! *& U#! *'! 1VII! 8# 0# &() U#
+'! +(! ,,! %%$! %&+! %&,! %'$! 3>79C>! 3>79C1C9> )(! *$ U#'
%'%! &$& JVNUP[P]L '&! %(+! %)&! %)'
JH[HZ[YVWOL &$, 1VOLU ?VZLUMPLSK! :# )) U#
JH[LNVY` &%&! &'$ JVTI\Z[PVU +* U#
JH\ZHS 1VTL! /YUVSK 0# &)-
LMMPJHJ` &-! '$! '%! &+, JVTTHUK %+&
PU]VS]LTLU[ '%! %(, JVTTP[TLU[ &+(
SH^ (,! %'$ JVTTVU^LHS[O %&+! &&& U#
WYPUJPWSL %&,! %'$! %'%! %''! JVTT\UPJH[PVU ,)! %$+! %$-! %&*!
%(+! %*'! %*(! %-,! &+& %+%! %+(! %,%
JH\ZHSP[`! JH\ZH[PVU &! %-! &%"&)! JVTWHYPZVU %+,! %,$! %,%
%)"&&! +,! -$! -(! %&,! %'&! %'*! JVTWL[P[PVU ((
%(*! %(-! %*,! &*)! &*-! &,% JVTWSL_ P[` %%! &(! ((! )'! )-!
JH\ZL &&! '(! '*! (%! (-! *-! -&! *&! *-! ,+! -$! --! %-,! &$%
%&,! %'$! %'%! %'&! %*'! %-$! &%( JVTWVULU[ *,! ++! +-! -'! -+! %'%
JH\ZL"LMMLJ[ &&! &'! ($! (&! +,! JVTWVZP[P]L %-,
,,! %&,! %'&! %(, U#! %)- U#! JVTW\[LY %$-
LMMPJPLU[ 31DB1 5669395=B &(! 1VT[L! /\N\Z[L &(,
'( U#! '*! (&! )- U#! +,! -$! %'& JVUJLHSPUN %,%! &((
MPUHS 31DB1 69=1;9B %-! &(!''! JVUJLW[ '%! '&! %(-! %+(
'(! ')! '*! '+! )- U#! -(! %'%! &$% JVUJLW[\HS '&
MVYTHS 31DB1 6>A<1;9B (& JVUJLYU (! ,$! ,(! ,*! %$%! %$&!
bJH]Lc %-(! %-)! &$*! &%$ %%-! %&$! %,(! &%(! &'%! &+$! &+)!
JLSLZ[PHS +$! +&! -(! &+& &,'
JLSS -+! -- JVUJYL[L &(! %--
JLU[YHSPaH[PVU %$$! %$+ JVUKP[PVU (*! (-! &$&! &$'
JOHUJL (&! ('! ()! )$! %'(! &**! JVUK\J[ %,)! &&(! &,(
&*+! &+&! &+)! &,$! &,% JVUMPN\YH[PVU ($ U#! +,! ,+! %*-
JOHUNL +$! -&! %'-! %((! %()! %(*! JVUMPYTH[PVU %+-
%)&! &$(! &$+! &$, JVUULJ[PVU &(! &+ U#S! U#&! '%
JOHUNLHISL %,- ULJLZZHY` &-! '&!''! '*
JOHYP[` %,-! %-&! %-(! %-*! &$- YLN\SHY ''
JOLTPJHS %$&! %$' JVUZJPLUJL &(%! &('! &+(
JOVPJL %()! %)% JVUZJPV\Z ULZZ %+! %,! %-! &$! &%!
1OYPZ[PHU P[` %'! )+! )-! *$! +%! &&! )( U#+! )+! *$ U#'! *%! *)! +&!
+&! &%+! &&(! &&)! &&+ U#! &'*! +'! -$! %&,! %&-! %''! &%(
&,, G 7 <23D
JVUZ[HUJ`! JVUZ[HU[ *,! *, U#! +( KHUJL %*' U#! %+&
JVUZ[P[\LU[ ++! +, 2HY^PUPHU! 2HY^PUPZT ((! (*! (+!
JVUZ[Y\J[PVU (%! (&! *'! ++! -) )$! )&! )'! ),! %&+
JVUZ\TTH[PVU &+( 41B59= &&-
JVU[HJ[ )! %$'! %($! %(%! %('! %(+! KH[\T &(! &)! &*! '%! %',! %($!
%)( %(%! %(&! %('! %((! %(-! %)'!%)(!
JVU[LTWSH[PVU! JVU[LTWSH[P]L &! %*,! %*-! %+-
*+! -'! %)&! %)(! %)*! %-%! %-(! KLHJ[P]H[LK &-! '$
&$)! &$+! &'&! &'+ KLH[O )! , M#! %&! %'! %)! %+! %-!
JVU[LU[ +*! ,$ &$! &%! &*! ),! -)! -*! %%'! %&*!
JVU[PN\P[`! JVU[PN\V\Z %$$! %$&! %&+! &'%! &'&! &''! &+&! &+*! &++
%$'! %(+ KLH[O VM 5VK &&( M#! &'&
JVU[PUNLUJ` (,! (-! )$! %'-! &%(! KLJH\ZHSPaLK &,! &-
&%*! &''! &)$ KLJLP]L! KLJLP]PUN %''! %'( U#! %,%
JVU[PU\P[`! "H[PVU )+! +* U#! +,! +-! KLJLW[PVU! KLJLW[P]L %*$! %**! %+*!
,%! ,&! ,(! ,)! ,*! -)! -,! %$$! %,$
%$&! %$(! %,' KLJPZPVU %%,! %--! &'$! &'%! &*,!
JVU[PU\V\Z *,! %$&! %''! %)%! %*- &*-! &+$! &+%! &+(! &+,
JVU[PU\\T ,%! ,& U#! %'$ KLK\J[PVU ((! -)
JVU[YVS! JVU[YVSSPUN -+! -,! %$$! KLLK &*-! &+$! &+%! &+&! &+'! &+(!
%$,! %$-! %%,! %&&! %&(! %+%! %+&! &++! &+,! &+-!&,$! &,%
%+(! %-'! %-* KLMPJPLUJ` %$,
JVVYKPUH[LZ '*! %'&! %''! %)'! %)* KLMVYTP[` )%
1VWLYUPJHU &%) KLPZT ',! '-
YL]VS\[PVU ,! (+! (, KLP[` *+! &(-
1VWLYUPJ\Z! <# -( KLSPILYH[PVU *% U#! %-,! %--
JV"WYLZLU[ %)$ KLT`[OVSVNPaL K &(,! &*$! &*%
JVW` %*( KLTP\YNL +$! -&!&%-! &&)! &&+
JVYWVYLHS P[` %%! %'! &$! &(! ))! KLTP\YNPJHS &&*
*$ U#'! *% U#! -$! %)( KLTVU PJ %(! %''! &''! &)(
JVYWZL %&! %'! %) KLTVUPaLK &&%
JVYY\W[PISL %$*! &+* KLWLUKLUJL ,(! %$$! %$'!%$*! %&,!
JVZTVSVN`! "PJHS%( U#! ',! ('! (,! %'*
*(! *)! -(! &%'! &%,! &&( KLW[O %'*! %)$! %)%! %)'! %)(! %)*!
JVZTVZ! JVZTPJ %&! ',! (%! ),! *)! &(+
+$! +%! -'! -(! &%(! &%*! &%-! 2LZJHY[LZ! ?# P_! '&! ')! (%! ()!
&&$! &&%! &&&! &&(! &+'! &+)! &,' )(! )) M#! )+! )-! *$! *&! *'! *- U#!
JVZTPJ ^OVSL &&,
+&! +'! +(! +* U#! ,,! -*! %$$!
JV[LTWVYHULV\Z ,&! -+! %'*! %',
%%$! %'$! %'%! %''! %+,! %-$! &$'!
JV\YHNL &$-
JYLH[P]P[` -* &$' U#! &%(
JYLH[PVU '-! ($! ('! (*! )'! *& U#! KLZJLU[ ('! )+
*(! *)! **! +$! +%! +&! +)! ,-! KLZJYPW[PVU '*! )(! ,-! -$! -%! %+%
-*! %+'! &%)! &%,! &)$ U#! &),! KLZPNU LK '(! '-! ($! (%! (&! (,!
&+)! &+* )- U#! %%&! %%'
JYLH[VY '(! ',! ($ U#! **! +$! -%! KLZPYL! "PUN P_! *$ U#'! %$%! %$&!
-&! -*! &%-! &&*! &&+! &)$ U# %$+! %&*
JYPZPZ &%'! &'%! &'& KLZWHPY %,*
J\YPVZP[` %+*! &'% KLZ[PU` &&'! &&(! &(*! &+&! &+(!
1`ILYUL[PJZ %$$! $#+"$%*! %'( &+)! &++! &+,
7 <23D F &,-
KL[HJOTLU[! KL[HJOLK '%! %(, U#! K\HSPZT! K\HSPZ[PJ 3>=C9=D54
%(-! %+$! %+% '&! ')! '*! '+! )&! )(! )) M#! )+!
KL[LYTPUHUJ` &( ),! *$! *%! *)! +&! +'! +(! ,,! ,-!
KL[LYTPUHU[ %'% -$! -)! -*! %$*! %%$! %%%! %&+!
KL[LYTPUPZT!"H[PVU (+ U#! %'$! %&,! %&-! %'$! %'%! %''! &%*! &%,!
%'&! %''! %-*! &%( &&)! &&,! &'&! &''! &'(
KL[LYTPUPZ[PJ %&, 2\ 0VPZ"?L`TVUK! 3# %&,
KL[V\Y %$(! %,(! %,* K\YH[PVU ,$! ,%! ,*! -*! %'+! %(&!
45DB 12B3>=49CDB &%* &'$! &+$! &+-
KL]HS\H[PVU &&%! &&(! &&)!&&+ U# K`UHTPJ HS &'! &(! &+! &,! '$!
KL]LSVWTLU[ (&! )$ U# '%! ($! ('! ((! (-! )$! *- U#! ++!
KL]PH[PVU )% ,$! ,*! -&! -,! %$&! %'%! %'+!
KL]P[HSPaLK '&! '+ %',! %'-! %(*! %(,! %(-! %)&! %))!
KPHSLJ[PJ HS ),! ,$! ,'! ,)! %$*! %)*! %-$! &'$! &'%
%$+! &*$ K`UHTPZT ,)! &$*! &$+! &$,
KPMMLYLU[PH[PVU %') U# 2`ZVU! 4# 8# ** U#)
KPNUP[` &&'! &'&! &+%
KPTLUZPVU ,%! %$$! %'&! %''! %',! LHY -$! -&! %'-! &($
%((! %)$! %))! &'$! &+$ LHYZ"L`LZ &'*! &'+! &', U#'
2PVU`ZPHU &)+ U# 3KKPUN[VU! /Y[O\Y +)
2PV[PTH &*' U# LMMLJ[ B55 1;B> JH\ZL HUK LMMLJ[
KPYLJ[PVU %'*! %)) U#! %)* '%! ($! (%! %&,! %'$! %'&! %(-!
KPZHWWVPU[TLU[ %$)! %$+! %+- %*'! &,%
KPZJVUULJ[PVU '% LMMLJ[VY %%*! %%+! %%,
KPZJVU[PU\P[` ,%! -*! %$( LMMVY[ &'! &)! ')! '*! '+! -$! %$%!
KPZJYPTPUH[PVU %** %$)! %&*! %(,! %))! &**
KPZLUNHNLTLU[ '%! %*, LNV '&! )( U#+! *$! +'! &,'
KPZLX\PSPIYP\T ($! %%,! &$* LPKL[PJ %*' U#! %*,! %+&! %,)
KPZVYKLY (%! *-! +% 594>B %)-! %*+! %+$! %+%! %+&! %+'!
KPZWSHJLTLU[ %)) %,'! %,(! %,)! &'+
KPZ[HUJL %$$! %$%! %$&! %$(! %'*! LSLTLU[ ++! ,+! &$&. &%-
%(,! %(-! %)$! %)%! %)&! %)(! %))! LSLTLU[HY` (%! )-! *,! *-!++! ,+!
%+%! %+(! %,'! %,(! %,)! %,*! &)+ &$%
KPZ[HUJPUN '$! ') LTLYNL! LTLYNLUJL (-! )%! ,%! %-%
KPZ[PUJ[ULZZ %)$ LTLYNLUJ` %-'! &$,! &$-
KPZ[VY[PVU %*% LTV[PVU *! --! %$$! %$%! %$&! %$(!
KPZ[YLZZ %%& %$)! %$*! %&*! %,'! %,(
KPZ[YPI\[PVU &$& LUJV\U[LY %(,! %*,! %+%
KP]PUL *'! **! +%! -$! -(! %-&! &%)! LUK (+! (,! )-! *$! *,! +(! -)! %$*!
&%,! &%-! &&%! &&(! &&)! &'-! &(,! %%&! %%'! %%-! %&$! %,,! %,-! %-%!
&(-! &)%! &+)! &,( %-)! %-+! %-,! %--! &$(! &$,! &%$!
JHSJ\SH[VY ($ &%(! &&-! &+(
LUNPULLY '( LUKZ"TLHUZ %,(
ZLSM &+' LUK\YPUN %$*! %()
2</ -+! -, LUNPUL +* U#! %%$
KVYTHU[ %$) LUNPULLYPUN %$-
KV\I[ %+- LUQV`TLU[ )+! )-! %$)!%$+! %%&
KYLHK %$+! &&$! &&* LU[P[` '$! ,%
K\HSPZT! K\HSPZ[PJ %&! %'! %(! %)! LU[YVW` %%'! %%(! %%+! %%,! %&&!
%*! %,! %-! &$! &%! &&! &'! &)! &*! %&*
&-$ G 7 <23D
LU]PYVUTLU[ %)! (*! (-! )$! )&! L_WLYPLUJL &'! ''! '*! )&! ),! *%!
)'! +* U#! ,(! ,)! %$&! %$'! %$(! *& U#! *)! ,&! ,(! ,)! ,+! %'&!
%$+! %'-! %(*! %,'! %,( %',! %((! %+%! %+-
LWPWOLUVTLUVU! "HSPZT %+! ,,! L_WLYPTLU[ %-$! &$(
%%$! %&,! %&-! %'$! %''! %'( L_WSHUH[PVU '*! '-! ($! +(! ,+! -)!
LWPZ[LTVSVN`! "PJHS &%! &'! &)! '&! &$%
'*! **! +(! ,&! %)' L_WVZLK! L_WVZ\YL ,)! %$)! %$+
LX\H[PVU &$$ L_WYLZZP]L %*( U#
LX\PSPIYP\T ($! (*! )$! %%(! %%+! L_[LUKLK ULZZ ! L_[LUZPVU! L_[LUZP[`
&$* %$! %%! %,! %-! &$! &(! '*! )(! )-!
LYVZ &'+ U# ,-! -%! %'$! %''! %((! %()! %)(!
LYY! LYYVY %$)! %'( U#! %+)! %+*! &%)! &+$
%+,! %,$ B55 1;B> A5B 5GC5=B1
LZJOH[VSVN`! "PJHS &%,! &&,! &&-! L_[LUZP]L &$! &'! +,! ,*! ,+! ,,!
&'%! &(+! &+( %'*! %'+
LZZLUJL '%! (*! (+! (-! )$ U#! &$&! L_[LYPVYPaH[PVU %,*
&$'! &&+! &&,! &'+ U#! &+, L_[LYUHS &(! (,! )(! )) U#! *'! +&!
PTT\[HISL () M# +' U#S %! +(! ,&! -$! -%! %$(! %$)!
LZZLUJL"L_PZ[LUJL %(+! %(-! %)& %%&! %%(! %&+! %'$! %'%! %'&
LZ[YHUNLTLU[ &%*! &&$ YLSH[PVU '&
L[LYUHS! "P[` +$! -'! -(! %()! %)&! ^VYSK '&
%,-! &$+! &%)! &&-! &'&! &*,! L_[PUJ[PVU %&*! &+*
&*-! &+$! &+&! &+)! &+*! &+,! &,$! L_[YHWVSH[PVU &'! &(! ''! +) U#
&,% L`L ,+! -$! -&! %'*! %'-! %('! %(*!
PTHNL &*- &($
VIQLJ[ -) B55 1;B> OLHYPUN"ZLLPUN. LHYZ"L`LZ
YLJ\YYLUJL &*-! &,% bL`L VM [OL ZV\Sc &'* U#'! &', U#(
ZLSM &+'
L[OPJZ _! &! %--! &,& MHJ[VY *,! &$$! &$%
L[OPJHS &&(! &+, MHJ\S[` ()! %$$! %'$
3\JSPK *- U# MHPS\YL %$)! %%&! %,'
L]LU[ -)! %'+! %',! %'-! %((! %(*! MHP[O &'-! &(*! &(+! &)%
&($! &)& MHSSPIPSP[` &*+
L]LU["Z[Y\J[\YL ++ MHSZLOVVK %+)! %+*! %++! %+,! %+-!
L]PS -*! %-( %,$! %,)
L]VS\[PVU '+! (%! (&! ('! ((! ()! MHTL &*'! &*(! &*)! &+%
(*! (-! )+! ),! ,%! ,'! -&! --! MHTPSPHY %*+! %+$! %+-
MH[L %'( U#! &&$! &&'! &&*! &(&!
%,'! &+*! &++! &,'
&((! &()! &(*! &(+! &(,! &)$! &)&!
L]VS\[PVUPZT ()! (+! (,! (-! )'! &)(
)+ MH[HSPZ[PJ &,%
L]VS]L (&! (' MLHY *% U#! %$%! %$&! %$)! %$+! %&*!
L_JOHUNL TL[HIVSPJ +)! +* U#! %&+! &++
+-! -+! %$& MLLKIHJR %$,! %$-! %%%! %%*! %%+!
L_JP[H[PVU ,) %%,! %&%! %&(! %&*
L_PZ[LUJL '%! *%! ,%! ,*! %'-! %(*! MLLKIHJR TLJOHUPZT %%$!%%-!&$-
&%&! &&+! &&,! &&-! &'$! &'%! &(*! MLLKPUN +* U#
&(+! &*$! &+- MLLS PUN %,! %-! &) U#! ))! )+! ),!
L_PZ[LU[PHS PZT ! "PZ[ P_! (+! (,! *$ U#'! ,(! ,)! -)! %$*! %(%! %)'!
%$$"%&'! &),! &*,! &+$ %)(! %,*! &*-! &+$! &+*
7 <23D &-%
MJPNU PUN %+*! %,% M\[\YP[` &'&
MPLSK %'*! %'+! %('! %()! %)$
MPUHSP[`! B55 JH\ZL! MPUHS 5HSPSLV! 5# )(! **! *- U#! %-$
MPUHSPZ[PJ ,* NHW '%! '&! ,%! %$&! %$(! %(,
MPUP[L ULZZ ! MPUP[\KL -'! &''! &'(! 5HZZLUKP! ># )'
&*+! &+%! &+*! &+, NLUL Z`Z[LT )%
MPYZ[ JH\ZL %,- NLULHSVN` )+
MPYZ[ WYPUJPWSL &$*! &$+ NLULYHS P[` %*)! %+'! %-,
MSPNO[ %$%! %$)! %&* NLULYH[PVU (&! ('! (-! )%! *,
MSV^! MS\_ +* U#! +,! -'! -+! %((! NLULYH[PUN &$&
&$,! &$-! &'&! &+$ NLULZPZ ',! (%! (&! (,! %(+! %(,!
MVJ\Z! MVJ\ZLK %('! %)$! %)% %)&! &%-
MVVK +* U#! %$* NLUL[PJ &-! (%! )'! -+
MVYJL &$! &&! &'! &(! &)! &+! '%! NLUL[PJZ ((! )&
'&! ''! '*! *,! *-! +(! %%)! %($! NLU\PUL %,$! &'$
%(+! %(,! %))! &$% NLVTL[Y`! "PJHS **! *+! *+ U#! *,!
MVYJL"L_WLYPLUJL &-! '$! '% -'! -(! %(+! %))! %)) U#! %+(
MVYLPNU ,' JLSLZ[PHS NLVTL[Y` *-
MVYNL[M\SULZZ &()! &)* NLYT (&! ('! )&! )'
MVYT &&! ($! (&! *+"*-! +&"+(! +*" 5LZ[HS[ %',! %+-
,$! ,&! ,(! ,*! -'"-)! -,! %$$! .5F>A65=859C &&-! &'$
%$*! %'' U#&! %(%! %('! %)(! %*&! NSVZZVSHS` &))! &)*! &),
%*)! %+%! %+&! %+(! %++! %,%! %,)! NUVZPZ &&%! &&,! &&-
%,-! &$%! &$+! &'&! &($ NUVZ[PJ PZT %'! %(! -&! %$$"%&'!
MVYT"TH[[LY ( M#! ,$! ,'! %(+! %)&! &'-! &)(! &+&! &+' U#! &+(
%*+ NVHS %$%! %%&! %%'! %%(! %%,! %&'!
MVYTHS JH\ZL! B55 JH\ZL! MVYTHS %&*! %)*
MVY^HYK ,)! %$$ NVHS"KPYLJ[LK %%+
MYLHR )%! )& 5VK )-! *& U#! *)! **! +$! +%! +)!
MYLLKVT P_M#! &"(! %,! &(! '%"''! ,+! ,,! ,-! -%! %''! %)) U#! %+'!
,$! ,%! ,'",*! --! %$$! %$'! %$(! %-& U#! &$&! &%)! &%*! &%,! &%-!
%$*! %$+! %'-! %('! %()! %(-! %)%! &&)! &'*! &'-! &(&! &(+! &(,! &(-!
%*$! %*&! %*,! %+$"%+)! %++! %+,! &)%! &)'! &)(! &))! &*%! &+)! &+*!
%,'"%,)! %-&! %-*! &$,! &%$! &&$! &++! &+-
&&%! &&'! &&)"&&+! &()! &+%! &+&! OPKKLU 5VK &&)
&++ b5VK PZ KLHK!c B55 KLH[O VM 5VK
HUK ULJLZZP[` P_! ( M#! -* 5VL[OL! 8# C# '-
MYLL ^PSS %'' NVVK! [OL %&+! %,,! %-%! %-(! %-+!
MYVU["IHJR %)( &$-! &%)! &&*! &'&! &'+ U#! &)&!
MY\Z[YH[PVU ,(! %%& &*( U#'
M\LS +* U# NVVK HUK L]PS &&,! &++! &+,! &+-
M\SMPSSTLU[ *%! ,)! %$%! %$)! %$+! NV]LYUVY %$,! %$-
%%&! &** NYHKH[PVU )+! *&
M\UJ[PVU PUN ',! '-! ()! (-! ))! NYH[PMPJH[PVU %$)
),! )-! *$ U#'! *&! *'! *,! ,$! ,+! NYH]P[H[PVU *,! %%)
-$! &$&! &&' 5YLJV"?VTHU &%+
M\UJ[PVUHS -, NYLLK %$%
4\UR! ?# C# &') U#& 5YLLR *(! *+! *,! -&! -'! -(! %')!
M\[\YL ,)! ,*! -)! %*'! &$+! &&-! %,- U#! &$%! &$*! &&$! &&+ U#! &'-!
&'$! &'%! &'& &()! &)-! &*' U#! &*)
&-& G 7 <23D
NYV\WPUN -, O\THU )*! *$! +$! %%$! %%(! %+'!
NYV^PUN! NYV^[O (&! ('! *$ U#'! *, %+(! %++! %+-! %,*! %-&! &$)! &%)
N\PS[ &(%! &('! &(+! &+- JVUKP[PVU &%(
O\THUP[` %,-! %-(! &+-! &,$
OHIP[ &+ U#S! )) U#! %&% 6\TL! 2H]PK &%! &&! &)! &*! &+!
OHUK %(%! %+& &,! &-! '%! '&! ''! '*! *& U#! %(+!
OHWWLUPUN ++! +, %(-
OHWWPULZZ %-%! %-&! &$,! &$-! &**! O\TPSP[` &($! &)+! &),
&,$ O\UNLY %$)! %&*
OHYTVU` **! *,! *-! -'! -(! &&$ O`IYPZ &)+
OHaHYK %$+ O`SVaVPZT +! %%
OLHYPUN '$! -$! %'+! %',! %'-! %($! 6`TU VM [OL >LHYS &+&! &+' U#
%(&! %()! %(*! %)$ O`WV[OLZPZ (( M#
OLHYPUN"ZLLPUN &'*! &'+! &',! &'-! O`WV[OL[PJHS &$+! &+(! &+)
&($
OLH]LUZ -' PKLH %-! &$! &&! &+ U#&! '&! %(-!
OLKVUPZT &$- %+-
6LNLS! 5# C# 4# -*! %)'! &(, PKLHS %*(
6LNLSPHU &(*! &,( PKLHSPaH[PVU %*%
6LPKLNNLY! ;HY[PU _! %+*! %,%! PKLHSPZT! PKLHSPZ[PJ P_! %*! %+! %,!
&%%! &&)! &&+! &&-! &'$! &'%! &'&! %-! &$! &(! &)! &*! '&! )(U#+",!
&'(! &')! %'#"%(, ))! +'! &*+
OLYLKP[` ((! )% PKLU[P[` ( M#! +)! +*! +* U#! ++",&!
OLYL"HUK"UV^ %) ,& U#! ,'! ,*! -$! -)"-,! %$*! %%,!
OLYLHM[LY &**! &,% %'$! %((! %))! %*,! %,'
OLYLZ` &('! &)( PU[LYUHS ,(
OLYTLUL\[PJ %),! &%' PNUVYHUJL &%-
OLYVPZT &*) PSS\ZPVU %(,
6LY[a! 6LPUYPJO &$$ PTHNL &+ U#&! &-! '$! '%! '&! %'*!
OPKKLU &+* %(%! %('! %((! %(+! %(-! $(*"$*'!
OPLYHYJO` ) + U #SS! +$! %-&! &$%! %++! %+,! %,%! %,'! %,)! %,+!
&%) %-& U#! &$$! &$,! &+&! &+'! &+(!
OPNOLY (% U#! ('! (-! )&! )+! *-! &+,
%$-! %-)! &$% VM 5VK (+! +%! %,)! %-& U#! &++!
OPZ[VY` ', VM UH[\YL ! '-! ($ U# &+,! &,%
VM T H[[LY ! )&! )'! )+! ++! ,%! VM THU %,*! &$)
&$&! &((! &()! &(*! &+( MHJ\S[` %),! %+$! %+&! %++! %,(
OPZ[VYPJP[` ,& U#! ,*! -*! &*+ M\UJ[PVU %*( U#! %+$! %,$
THRPUN %),! %*+! %++
6P[SLY! /# &(+ U#! &),! &*)
SHZ[ &+'! &+(
6VIILZ! AOVTHZ '- U#! )'! %&+ 9<179=1C9> %(%
OVS`! OVSPULZZ &(-! &+- PTHNPUH[PVU! PTHNPUPUN P_! *! &+!
6VS` 5OVZ[ &)( '%! %('! %(+! %(-! %+$! %+%! %+&!
6VTLY &*' U# &+)
8><>- ":125A! ?93C>A! B1?95=B %+' M# PTP[H[PVU %*$! &$&! &$'
OVTVNLULV\Z! OVTVNLULP[` %%! PTTHULUJL! PTTHULU[ &*! '(! )-!
&+ U#&! &-! +-! %'$ ,)! -*! &%,! &(,! &)%! &+$! &+)!
OVUVY &*( &+*! &,$
OVYPaVU ,%! ,(! ,)! ,*! %$$! %)% PTTHULU[PZT &(-! &*%
6\SH! 3YPJO &%$U# PTTLKPHJ`! "[L %$&! %$'! %$(! &)+
7 <23D F &-'
PTTLUZP[` &%'! &%) PUZ[Y\TLU[ HS (+! %%*! %&%! %&'!
PTTVY[HS P[` -! )'! *$! %)%"%+$ %,'
PTT\[HISL -(! &'& PU[LNYH[PVU (! &-! %$$! %)$! %+-!
PTWHJ[ &'! &-! '$! '%! ')! %(+ &&'
PTWYLZZPVU &- PU[LSSLJ[ \HS )-! *& U#! +'! ,+! -$!
VM YLMSLJ[PVU '* %')
VM ZLUZH[PVU '* PU[LSSPNLUJL!"[ (%! *-! +$! +%! +&!
PTWLYH[P]L &', +'! -%
PTWYLZZPVU %'-!%($!%(- PU[LSSPNPISL! "PSP[` *-! +$! +%! +&! +'!
PTWYVIHIPSP[` ,+ -)! &**
PTW\SZL &-! %&(! %(+ PU[LUZP]L &'! ,*
PUHJ[P]L %*& PU[LU[PVU %*&
PUHJ[P]P[` '$ PU[LU[PVUHS %)'
PUHUPTH[L P_! (! +! %$! %'! +&! -* PU[LU[PVUHSP[` %)-
PUJVYWVYLHS %,! ,+ PU[LYHJ[PVU! "HJ[PUN &-! (,! *% U#!
PUKLJPZPVU %**! %+, +,! ,,! -)! %)(! %)* U#
PUKLWLUKLUJL (! ,%! %$' PU[LYLZ[ ,)! %&$! %&%! %&*! &$,
PUKPMMLYLUJL! "[ %&! %(! %)! &%! +,! PU[LYTLKPH[L %$(
%$+! %(+! %-)! &%'! &%(! &%*! &&*! PU[LYUHS ,&! ,& U#! ,'! %$(! %'$!
&&+ &'%! &'' %'&
PUKPNLUJL ,( PU[LYUHS"L_[LYUHS &+! )- U#! ,'
PUKP]PK\HS )$ U#! +-! ,$! %$)! &&&! PU[YPUZPJ (,
&+*! &+, PU[LYWVSH[PVU '* M#! ,&
PUKP]PK\HSP[` +,! +-! -$! %$*! %*) PU[\P[PVU &'! &)! %'&! &'*
PUKP]PK\HSPaLK -- PU[YHTLU[HS %'$
PUKP]PK\H[PVU %$* PU]LU[PVU %*&! %,-! %-$! %--
PUK\Z[YPHS YL]VS\[PVU %$- PU]VS]L (&! ('
PULMMHISL &+, PU^HYK ULZZ %'! %,! &'! &(! '+!
PULY[ PH "PHS %$! %,! &'! ),! *,! )) M#! )+! ),! *$! *)! +&! ,%! ,(!
+$! +(! +* U#! +,! +-! ,& U# ,)! ,*! ,,! ,-! -$! -%! -)! -*!
PUMHU[ %)( %$$! %'(! &)& U#
PUMPUP[L!"` -'! %)$! %)%! %)&! &$+! 7VUPHU %( U#! '*
&%'! &+- 7YHUPHU &+&
PUMSV^ +* U# PYYH[PVUHS P[` (+! )) U#! +%! +'! -'
PUMS\LUJL &+! '$! ''! (*! )%! %%)! PYYP[HIPSP[` -$! --
%%*! &*)! &** PYYP[H[PVU %*,
PUMVYTH[PVU %%%! %%-! %&*! %&+! PZVSH[PVU )(! )+! ,)! -*
%($! %(%! %('! %()! %(*! %)%! %,(!
7ZYHLS &'*
%-,
PUNLU\P[` *& U#! *'
PUULY"V\[LY %(! (-! %'' U#& 8LHUZ! 8HTLZ *(! *)! **! *+! +$! ,,!
PUUVJLUJL &+*! &++ ,-! -%! -&
PUUV]H[PVU %++ 8L^PZO +%!&&*!&(-!&),!&+%!&+-
PUVYNHUPJ %$' 8\KHPZT &&)
PUW\[ %%*! %%, 8VOU >OPSVWVU\Z %( U#
PUZPKL"V\[ZPKL +-! %$$! %$& 8\KHLV"1OYPZ[PHU +%! +&! &('! &)-
PUZ[HU[ ($ U#! *,! +(! +)! +,! ,$! Q\KNTLU[ %+,! %+-! %,$! %--
,(! %'*! %(( Q\Z[PJL &$-!&&*!&*)!&**!&*-!&+%
PUZ[HU[HULV\Z %($! %((! %() Q\_[HWVZLK %'*
PUZ[HIPSP[` (+! )$! )% Q\_[HWVZP[PVU %',
&-( ! 7 <23D
9HU[! 7TTHU\LS & & !& * !& + !& , !' % ! ;>7>B -'! &%(! &&$! &&'! &'*! &'+!
'&! '-! *% U#! *& U#! *'! %'& Ue &',
%)&! %)'! %)( U#! %*,! %--! &'$! SVULSPULZZ &%'
&*+! &+% SV]L *% U#! %&*! %-*! %-+! &*,
RPUL[PJ LULYN` +* U# :V^L! /KVSWO &%$ U#
RPULZ[OL[PJ %(%! %)( SV^LY (% U#! )&! )+! *-! %-)! &$%
RPUNKVT VM THU %-' S`PUN %+)
bRUV^"OV^c %-)!&$(
RUV^SLKNL! RUV^HISL &-! '$! '&! ;HJT\YYH`! 8VOU %)* U#
)(! *+! +'! +(! ++! ,,! ,-! %')! THJOPUL '( U#! ',! ($ U#! (&! )%!
%+%! %++ U#! %+,! %,%! $++"%$#! )-! +* Ue %$,! %%$! %%%! %%,! %&&!
&%-! &&%! &&*! &&,! &&-! &',! &'-! %&*! &$'
&(*! &+*! &++! &,' THNUP[\KL *+! %'$! &%)
L_HJ[ ') THRPUN &$&! &$(
PUZPKL '%!+- THU P_M#! *! %'! &'! '%! '(! ')! '+!
V\[ZPKL ') ()! (+! )%! )*! )-! *$ U#'! *)! +%!
RUV^LY +(! %-%! %-(! %-* +(! -&! %&&! %&(! %'*! %(%! %)+!
9LWSLY! 8# **!*+! *, %),! %+$! %+'! %+(! %+)! %,(! %,)!
%,,! %-& U#! %-'! %-*! &$&! &$,!
:HTHYJRPZT (* &%$! &%'! &%,! &%-! &&$! &&+ U#!
:HTL[[YPL )) U#! +( &&,! &''! &'-! &*%! &+(! &++! &+,!
SHUN\HNL %),! %+(! &(*! &(+! &)(! &+-! &,&! &,'! &,(
&)*! &)-! &*$! &*% TVKLYU &%'
:HWSHJL! ># @# '-! ($ U#! (,! +) UH[\YHS &&+
SH^ +$! +%! +&! %-$! &&$! &&(! &&)! THURPUK %-%! %-)! %-*
&&, ;HUKHLHU &&-! &+&
VM UH[\YL &+ U#&! '*! *+! *,! ;HUP JOHLHU &+'! &+(
*, U#! *- THUPMVSK ++! +-! -&! %'*! %'+! %',!
TVYHS &&(! &&*! &&+ %'-! %(%! %()! %(*! %(, U#! %(-!
WO`ZPJHS &&*! &&+ %)%! %*-
:LPIUPa! 5# C# ))! )+! *& U#! *'! THUPW\SH[L! "PVU %)(! &$&! &$'! &$)
**! *- U#! -)! %)* U# ;HY_! 9# &(,
SLPZ\YL %-( TH[LYPHS +)! +*! ++! ,$! ,+! ,-!
SL]LS (-! )+! ,'! %,' %%$! %&,
/J8><<5 <1389=5 %%!+( TH[LYPHSPZT! TH[LYPHSPZ[ PJ P_! %(!
SPML ?1BB9< %)! %*! %+! %,! %-! &$! &%! &(! &)!
HM[LYSPML &**! &+% &*! ')! '+! (+ U#! )&! )'! )(! )) M#!
JVU[LTWSH[P]L SPML &$) ),! +'! ,,! -*! %%$! %%%! %&)! %&+!
NVVK SPML &&& %&-! %'$! %''! %'(
TH[OLTH[PJPHU ,,! ,-! -%! %'%
SPMLSLZZ %% M#! %'! %,! &$! &%! +(! ,$!
TH[OLTH[PJZ! TH[OLTH[PJHS %$! ')!
,+
'*! )(! *(! **! *+! *+ U#! *,! *- U#!
SPNO[ '$! %(*! %(,! %(-! %)% +&! +' U#%%!+(! +)! ++! +,! ,*! -$!
SPRLULZZ %),"%*+!%*- M#! %+&!%+( M#! -&! -'! -(! %'$! %'%! %'&! %-+!
%++! %+,! %,% &$$
SPTI *%! %+& TH[[LY +! -! %%! %'! %*! %+! &$! &%!
SPUN\PZ[PJ &(*! &(+! &)- &&! &(! '(! '+! '-! (%! )'! ))! )*!
SVJH[PVU -) *)! +$! +&! +'! +)! +*! +* U#! +-!
SVJVTV[PVU --! %$%! %)$! %)) U#! ,$! ,%! ,'! ,(! ,*!-$! -,! %$$! %$*!
%,( %&,! %&-! %'$! %''! &$%! &%(
7<23D &-)
TH[[LY 3>=C9=D54 TL[HaVPJ -+
bKLHKc +! +( TL[OVK ))! +$! +&! +'! %%$! %'%
SPMLSLZZ %' TL[OVKVSVN`! "PJHS ()! )( U#+
HUK TV[PVU ',! '-! ($ U#! %%$! TPUK P_! %! '! *! %,! &&! (*! (+ U#!
&$' )'! )( U#,! )*! )+! )-! *$! *% U#!
TH[[LY"MVYT! B55 MVYT"TH[[LY *)! +%! +&! +'! +(! ,,! %%$! %%%!
;H_^LSS! 1SHYR %$, %&,! %&-! %'$! %''! %')! %,-! %-&!
TLHUPUN %&-! %''! &%) %-'! &%(! &,&
TLHUZ (+! *$! %$*! %,,! %-+! %-,! HUK UH[\YL %(! +&
&$( TPUKSLZZ +%! +&! +(
TLHZ\YHISL ), TPZLY` %,-! %-%! %-'! &$-
TLHZ\YL *-! -' TPZ[HRL %+,
TLHZ\YLTLU[! TLHZ\YPUN %$! '*! TVKLS ',! (&! )&! %%$! %&*! %,*!
)(! *+! +(! %'$! %'& &$&
TLJOHUPJHS &%! &)! '(! '+! (&! ((! TVKLT %-(!%-)! %-,! &$(! &$*!
()! )$! )%! )(! )*! )-! *'! ++! +,! &%&! &*'! &+)! &,&! &,'
-$! %$'! %%%! %&*! &$$! &%( TVSLJ\SL! TVSLJ\SHY &-! -+! -,
TLJOHUPJZ '-! )'! ),! **! *,! ,+! TVTLU[ HY` +,! &&-! &'$! &+$!
-'! %-$! &$' &+(
JLSLZ[PHS *- TVTLU[\T ',! (+! ),
TLJOHUPZT',! '-! %%+! %%,! %&$ TVUHK VSVN` ))! ** U#'! %)* U#
TLJOHUPZ[PJ %%! %&! '(! ')! ',! '-! TVUHKPJ -*
(&! )&! ))! ),! +&! +(! ,+! -*! TVUPZT %'! %-! '+! )'! ))! %&-!
%%$! %''! &$& %'$! %''
TLKPHJ`!"[L %$&! %$'! %$(! %$)! TH[LYPHSPZ[PJ %&! %)! ('
%$*! %$+! %+$! %+(! %,'! %,(! %,) TLJOHUPZ[PJ %%
TLKPL]HS &$%! &$' U# ]P[HSPZ[PJ 7SM#
TLSVK` %(& TVUPZ[PJ %)! )*! &'(
TLTVY` '%! ,%! ,*! %'*! %',! %($! TVUV[OLPZT +%
%(%! %(-! %*+! %+$! %+%! %+,! %+-! TVYHS P[` &&'!&&)! &(%! &+%!
%,$! &+&! &+) &+-! &,&
TLU[HS &+ U #S! )+! )-! *$ U#&! %%$! TVYHS ZRLW[PJPZT &&*
%&+! %'*! %(%! %)%! %)&! %,' <>A5 75><5CA93> %'%
;LYSHU! >OPSPW &*& U# TVYWOVSVNPJHS ,&! -'! -(
;LYZLUUL! ;# )) U#- TVY[HS P[` )! &&!%$*! %$+! %-&!
TLZZHNL %%,! %%- &''! &**! &*,! &*-!&+%! &+&! &+*!
TL[HIVSPZT! TL[HIVSPJ P_! '! (! *! &+,
;VZLZ &&*! &(%! &)-
+)! +* U#! +,! ,%! ,&! ,'! ,(! -+! TV[PSP[` *! -$! ,,"$#*! %%*! %%+!
-,! %$%! %$&! %$'! %$(! %$)! %$*! %%-! %&*! %(-! %)&! %)'! %)*! %+&!
%&*! %,' %,'! &+*
TL[HIVSPaPUN ,*! -+! --! %$$! %$*! TV[PVU ($! )) U#! *%! *+! *,! +$!
%$+! &+* +%! +&! +(! +,! -'! %$(! %%'! %'&!
TL[HWO`ZPJZ! TL[HWO`ZPJHS -! %&! %('! %)'
')! '+! (,! )'! )(! )*! )+! *&! *)! TV[VY
**! + $ !+%!+&! +'!+(! ,,! -'! %%$! HJ[P]P[` %))
%&+! %&,! %'$! %+)! &%*! &&(! &&*! LSLTLU[ %(%
&''! &'(! &($! &(%! &(-! &)&! &)'! ZLUZH[PVU %($
&))! &**! &+(! &+)! &+,! &+-! &,'! TV[P]H[L!"PVU %%+! %%-! %&%
&,( TV[P]L %&%! %'%! %'&! %''
&-* G 7 <23D
TV]LTLU[! TV]PUN P_! &'! *$ U#'! UVUYH[PVUHS %-)
*&! +&! %$'! %&*! %',! %($! %)&! UVU[YHUZP[P]L &*! &+ U#&
%)'! %)(! %))! %)*! &+$ UVYT %'$! &$,! &&(! &&+! &&,! &(+!
T\S[PJLSS\SHY +)! -+ &(,! &,%
T\S[PWSPJP[` +-! ,$ UV["ILPUN ( M#! &)$
T\ZPJ -(! %',! &)+! &), UV[OPUN ULZZ (+! &'%! &'&! &*+!
T\[H[PVU ((! ()! )%! )&! )'! %&+ &*-
T`[O VSVN`!"PJHS - !' * !& % , !& * % ! <VY[OYVW! 4# @# 1# %&(
&+)! &+,! &+- UV\TLUHS &*+
T`Z[LY` &*% UV]LS[` ++
T`Z[PJ HS &*,! &+$ UV^ ,*! %',! %((! %()! &&-! &*-!
&+$! &+(
UHTL %+'! %+(! &*)! &** U\JSL\Z -+! -,
<H[HUZVU! ;# &*& U# U\TLYPJHS -'
UH[\YHS +%! &$' =D=3 BC1=B &+$
VYKLY &&+ U\[YP[PVU! "P[P]L %$'! %$)
UH[\YHSPZT -*! &'(
UH[\YL ,! %(! &(! &+ U#&! '(! '+! **! VIQLJ[ &(! &-! '$! '%! '&! ')! '*!
*+! *,! *-! +$! +%! +&! +'! +(! -&! +&! +)! ,)! %$$! %$%! %$&! %'&!
-*! %-$! %-&! %-'! %-*! &$&! &$'! %',! %(&! %(*! %(,! %*(! %*)! %**!
&%$!&%'!&%(!&%*!&%,!&%-! &&%! %*+! %*,! %*-! %+%! %+-! %,'! %,(!
&&)! &&+ U#! &&,! &'%! &'&! &''! &$$! &($
&)' U#! &,&! &,' VIQLJ[P]L &,! %*( U#! &()! &)-
ULJLZZP[H[PVU &+ U#& VIQLJ[P]L"Z\IQLJ[P]L &,'
ULJLZZP[` P_!( M#!&+ U#&! (,! (-! VIQLJ[P]P[` &-! '%! '&! ')! ,,! ,-!
)$! *$! ,'! ,(!,)!,+! %$$! %$*! %'+! %((! %(+! %(-! %)&! %)'! %*,!
%&*! %,-! %-$! %-&! %-'! &$)! &$-! &)+ U#
&%$! &&$! &&%! &'% VIQLJ[PMPJH[PVU! VIQLJ[PM`PUN &! &)!
ULLK ( M#! ,'! %$&! %$'! %$(! %&*! &-! '$! '%! '&! ')! %+%! %,)! &'%!
%)' &'*! &($! &(%! &('! &(,! &)' U#!
ULNH[PVU %+)! %+*! %++! %+-! &$, &)+ U#! &*$! &*%
ULNH[P]L %,$ VISPNH[PVU &,'
ULY]V\Z Z`Z[LT -,! %$$! %&( VIZJ\YL! "P[` )+! ,-
UL\YHS! UL\YVSVNPJHS -+! -,!%%% VIZLY]H[PVU! VIZLY]LY '%! ,&! %(,!
UL\[YHS P[` '$! %(-! %)&! %-) %)(! %))
UL\[YHSPaL!"H[PVU '$! '%! %'*! %(*! =JJHTdZ YHaVY ()! &$' U#
%*,! &'% VJJHZPVU -)! -*! &)& U#! &*+! &+,!
<L^[VU! 7ZHHJ! <L^[VUPHU '-! (,! &+-
*,! *- U#! &$% VJJHZPVUHSPZT '&! '+! ))! )-! *$
<L^ ALZ[HTLU[ &*% =NKLU! @JO\ILY[ &)-
UL_\Z &)! &,! -) VU[PJ %+! &)%! &)&! &)'! &))
<PL[aZJOL! 4YPLKYPJO (+! &$+! &%'! VU[VSVN`!"PJHS %+! %-! &$! &)! '&!
&%)! &%+! &&(! &&)! &'&! &)+ (&! (+! )'! )(! ))! )+! ),! *)! **!
UPOPSPZT! UPOPSPZ[PJ (+! %$%"%&' *+! *,! *-! +) U#! +-! ,$! ,%! ,)!
UPZ\Z ,( -)! -*! %&-! %''! %*$! &$$! &$%!
UVPZL '$! %'- &&&! &&-! &'+ U#! &(%! &(-! &)%!
UVTPUHSPZT ()! (,! &$+! &'& &)&! &))! &,'! &,(
UVUK`UHTPJ %)& VU[VSVNPJHS KPMMLYLUJL &(,!&)%!&)&
UVUMP_P[` (* VWLUULZZ ,(! --! &()! &+$
UVUWLYJLW[\HS '% VYIP[ *,! -(
7 <23D F &-+
VYKLY (%! *-! +$! +%! -&! %-)! &%-! WHZZP]L"HJ[P]L &+$
&&$! &&, WHZ[ ,*! -)! %*'! &&-! &'$! &'%!
VYNHUPJ %&! &)! (-! *$! *%! *&! &'&
+) U#! ,&! ,+! -$! -%! -)! %$'! %,( WH[O *,! ,&! ,& U#! -*! %%)
VYNHUPZT %! %%! %)! %,! %-! &-! ',! WH[[LYU *+! +$! +,! ,%! ,+! -+! -,!
(%! (&! ()! (*! (-! )$! )&! ))! )*! %))! %*-
)-! *'! *)! +(! +)! ++! +,! ,$! ,%! WLYJLP]PUN! WLYJLW[PVU! WLYJLW[\HS P_!
,'! ,(! ,)! ,*! ,,! ,-! -$! -,! --! & M#! *! &%! &'! &)! &*"''! ')! )+!
%$&! %$*! %&*! %,'! &+*! &,& *$ U#'! --! %$%! %$("%$+! %%* M#!
VYNHUPaH[PVU ($! ('! )%! ,*! -$! %%-! %&*! %')! %'+ M#! %($ M#! %(+!
%%,! %', %)%! %)& M#! %)*! %**! %*,! %+%!
KLNYLLZ VM *& %+)"%++! %+-! %,' M#! &+*
VYPNPU '-! ($! (%! (-! )'! *( B55 1;B> ZLUZL WLYJLW[PVU
=YWOPJ %' WLYJLW[ &)! &,! %'-! %(-
VZJPSSH[PUN!"PVU ++! %%%! %%& WLYJPWPLU[ &+ U#&! %'-! %($! %)* U
V[OLY ULZZ '! +-! ,'! ,)! %$$! WLYMLJ[PVU (-! )$ U#! *&! *'! *-! -'!
%$*! %*,! %,)! &%,! &&$! &&) -(! %-%! &&&! &'+ U#! &)(
=[[! 6LPUYPJO &(% U#! &(& U#! &(-! WLYMVYTHUJL &$! ()! )$! ),! )-!
&)%! &)( *'! +* U#! +-! -$! %$,! %%(! %&'!
V\[MSV^ +* U# %)'! %))
V\[W\[ %$,! %%*! %%, >LYPJSLZ &*( U#
V\[^HYK ULZZ %,! %-! &$! &'! &(! WLYTHULUJL ,& U#! %$*! &+*
),! +&! ,(! ,)! ,+! ,-! %$$! %&+! WLYZPZ[LUJL -+! -,! &+%
%,'! %,) WLYZVU %-*! &+%! &+'! &+,! &,'
V]LYJVYYLJ[PVU %%% WLYZVUPMPJH[PVU '*
WLYZWLJ[P]L ,! ,-! %'*! %)$! %))!
WHNHU PZT +&! &($! &(,! &(- %)* U#! %*&! %*- U#
WHPU '$! ))! %$)! %$+ WOLUVTLUHS %,! +)! +,! +-! ,-! -*!
WHPU[LY %*( &*+
WHUTLJOHUPZT %$ WOLUVTLUVSVN`! "PJHS %+! &-! +-!
WHUWZ`JOPZT +! &) U#! '+ %($! &'-! &*%
WHU[OLPZT! WHU[OLPZ[ PJ %( U#! ',! WOLUVTLUVU %,! &$! '%! %'%! %'&
+&! &&&! &+) >OPSV 8\KHL\Z &'*! &'+! &',! &'-!
WHU]P[HSPZT , M#! %$! %'! %-! &$! &) &(%
WHU[VTPTL %*' U# >OPSVUPJ &($
WHYHKV_ PJHS &*! &,! +'! +(! ,)! WOPSVZVWOLY %-(! %-)
-,! %$*! &*$! &*% WOPSVZVWO`! "PJHS '(! '*! *&U#! *+U#!
WHYHSSLSPZT '&! '+ WZ`JOVWO`ZP" -&! %&(! %&)! %')! %)&! %-+! &$%!
JHS ! %'' &$'! &$,! &$-! &%$! &%&! &%'! &'-!
&($! &(&! &('! &((! &(,! &)%! &)*!
>HYTLUPKLZ &)'
&+,! &,'! &,(
WHY[ *-! +)! +,! +-! -)! %%,! &&&! WOPSVZVWOPJHS SPML &$*
&&'! &&( WOPSVZVWO` VM SPML &,&
WHY["^OVSL ,*! &$%! &&% WOPSVZVWO` VM VYNHUPZT &,&
WHY[PJSL +,! ,%! ,& U#! ,+! -) WOPSVZVWO` VM TPUK &,&
WHY[PJ\SHY %-,! %-- WOPSVZVWO` VM UH[\YL &,&
>HZJHS! 0# &%'! &%(! &%)! &%*! WOV[VZ`U[OLZPZ %$'
&%* U#! &&$! &&- WO`ZPJZ! WO`ZPJHS ZJPLUJL _! -! %+!
WHZZPVU (% U#! %&*! &$%!&%-! &+* &%! '-! *$ U#'! *%! *+! +&! +(! ++!
WHZZP]L! WHZZP]P[` &*! +$! ,)! %'-! ,,! %%$! %-,! &$$"&$'! &%*! &&%!
%($! %(,! %)&! %)'! %)( &'&
&-, ! 7<23D
WO`ZPJHS %,! &+ U #S! *$! *&! *,! ,%! WYH_PZ %)&! %)'
,+! -$! -) M#! -,! %&+! %&-"%'% WYLJHYPV\Z %$'! %$)! %$*! %&*! &+*
LU[P[` ,* WYLKPJ[P]L %'&
ZJPLUJL! B55 WO`ZPJZ WYLK\HSPZ[PJ %*! &$! )( U#,
WO`ZPJPZ[ +)! ,+! -% M# WYLMVYTH[PVU ('
WPJ[VYPHS %*&! %*)! %+)! %++! %,% WYLO\THU )+
MHJ\S[` %+&! %+( WYLZLUJL '$! ,%! ,& U#! ,)! %'*!
WPJ[\YL %),! %*( %',! %($! %(*! %(+! %*'! %*(! %*+!
WPL[` &'+ U#! &($ %*,! %+$! %+%! %+,! &'%! &'+ U#!
WPSV[ %$-!%%,!%%-!%&$ &+(
WSHU (&! ('! ()! (, WYLZLU[ ,*! -'! -(! -)! %',! %(&!
WSHUL[ HY` **! %%)! &&$ M# %((! %()! %)&! %*'! &&-! &'$! &'%!
WSHU[ )-! +* U#! --! %$$! %$'! %$(! &'&
%$)! %$*! %,' WYLZLU[H[PVU HS &,! '$! '%! %'*!
WSHZ[PJP[` )% %(&! %('! %(*! %(-! %)&
>SH[V _! **! +$! -&! %')! %-(! &$*! WYLZLU[H[PVUHS PTTLKPHJ` &)! &,!
&%$! &(%! &(-! &)&! &),! &)-! &-
&*' U#! &+) WYLZLY]H[PVU %-%
>SH[VUPJ )'! *+! %((! &'&! &'* WYL"@VJYH[PJZ &(*
>SH[VUPZ[ %( U# WYLZZ\YL '$! %($
>SH[VUPZT +'! &&) WYL[LUZPVU %+,
WSLHZ\YL ))! %$+ WYL[LYUH[\YHS +%
WSLHZ\YL"WHPU %,(! &++ WYL` %$)
>SV[PU\Z (% U#! &&$ WYPTP[P]L (%! ((! (-! *&
WUL\TH [PJ &%,! &&)! &&+ M#! &)) M# WYPTVYKPHS '-
WVL[Y` &)'! &))! &)*! &)- ?A9=39?91 9=49E94D1C9>=9B ,&
WVSHYP[`! WVSHYPaH[PVU ( M#! %* M#! +&! WYVIHIPSP[` ('! ((! ,+! &+)
,'! -* WYVJLZZ ($! *+! +-! %',! %($! %((!
?>;;B &&&! &&' &$-
WVSP[PJHS! WVSP[PJZ %-)! %-- WYVNYLZZ )%! ,%! &$*! &$+
IVK` WVSP[PJ &*( WYVQLJ[ &&*! &'%! &'&
WVS`WOVU` %', WYVQLJ[PUN &''
WVZP[PVU '*! ,%! %)(! %)) WYVWVY[PVU *+! +$! -&! -'! %((! %*&
WVZZPISL! "PSP[` (+! )$! ,(! %+&! &+) WYVWYPVJLW[PVU! "P]L '*! %($! %))
WVZ["/YPZ[V[LSPHU &&& WYV]PKLUJL &&$! &&'! &+)
WVZ["JSHZZPJHS &%+ WYV_PTP[` '%! %('! %(-
WVZ["1OYPZ[PHU &%+ ?BH385 &%,! &&+! &&,
WVZ[K\HSPZ[PJ %(! %*! %-! &$! &'! &*! WZ`JOVSVN`!"PJHS &+! ')! %&$! %'%!
'+! )( U#, %'&! %''! %-)! &$%
WV[LUJ`! WV[LU[PHSP[` (+! (-! -&! WZ`JOVWO`ZPJHS %,! &'! *%! *&! *'!
&$% %'$! %)'
WV^LY '$! +* U#! ,(! %$-! %%$! %%*! >[VSLTHL\Z -(
%(,! %,-! %-&"%-(! &$(! &$-! &%)! W\ISPJ &*( M#
&%*! &%-! &&% W\YWVZL! W\YWVZP]L ULZZ &(! '+!
WYHJ[PJHS &+ U#&! '%! *&! %()! %)&! (%! )$! )-! -$! %$%! %$(! %%%! %%&!
%)'! %,,! %-,! &$( %%(! %%)! %%+! %%,! %%-! %&$! %&%!
WYHJ[PJHS"[OLVYL[PJHS &' %&&! %&'! %&*! %''! %'(! %)'! %-+!
WYHJ[PJL %(*! %)&! %)(! %-$! %-,! &%)! &+%
&$(! &$)! &$*! &$- W\YWVZLM\S %%'
>YHNTH[PZT %)' W\YWVZLSLZZ &%(
7 <23D F &--
W\YZ\P[ %$%! %$) YLTVYZL &+(
>`[OHNVYHZ! "LHU **! *+! *-! -&! ?LUHPZZHUJL -! &$! +&
-(! &&$ YLUL^HS -,
YLWL[P[PVU %+$! %+%
X\HSP[`!"H[P]L &-! '$! )-! *&! %',! YLWSHJLTLU[ -+
%($"%(&! %(+! %)'! %)) U#! &$% YLWVZL &'&
ZLJVUKHY` )( YLWYLZLU[H[PVU &+ U #S! U#&! )-! *$ U#
X\HU[PMPJH[PVU ), &! %((! %(, U#! %),! %)-! %*%! %*&!
X\HU[P[`! "H[P]L &(! '*! ($ U#! (%! %*'! %*(! %*)! %*+! %+$! %+%! %+(!
(,! ),! )-! **! *+! *-! +&! +(! +)! %+)! %++! %,%! %,(! &)+ U#! &*+
+,! %&,! %'&! &$$! &$%! &+$ YLWYLZLU[H[P]L %'+! %*$! %*%
X\HU[P[H[P]L LX\P]HSLUJL %'$ YLWYVK\J[PVU (&! ((! )&
A5B 3>79C1=B &%! '+! )( U#+! ))! ),!
YHKPH[PVU ()! )% +&!%'%
YHKPJHSPZT *& U# A5B 5GC5=B1 &%! ')! '+!)(! )*! ),!
YHUKVT ($! (&! )$! )% )-! +&! +'! +(! -$! %'$! %'%! %'&!
YH[PV -'! -( &%'! &%(
YH[PVUHS &+! *$ U#'! *'! *,! *-! +$! YLZPNUH[PVU &&'
-'! -(! %+' YLZPZ[HUJL &'! ')! %(+! %(,! %))
HUPTHS &&+ YLZVS\[PVU! YLZVS]L -,! &'%! &'&!
YH[PVUHSPZT!"PZ[ PJ *%! *& U#! +' &(%! &(+
YLHJ[PVU %%* YLZVS\[P]L %-,
YLHKPULZZ ,)! %'- YLZWVUZPIPSP[` &),! &+%! &+'! &++!
YLHSPZT ()! (,! &$+! &'& &+,! &,%
YLHSP[` '%! ($! )(! *& U#! -%! %(+! YLZWVUZL %%*!%+,!&)'
%(,! %*+! %*,! %+$! %+,! %,' YLZ[ *% U#! %%'! %'*! %)(! %*&! &$*!
YLHSPaH[PVU &'$ &$+
YLHZVU &'! &+! ''! (% U#! (+! (-! YLZ\S[HU[ %'%
*$! *&! *,! +$! +'! %)'! %+(! %+)! YL[LU[PVU %($
%--! &$%! &%-! &&$! &'-! &($ YL]LHS PUN &(,! &)$! &)& M#
HUK JVUZLX\LUJL && YL]LSH[PVU *& U#! &(%! &('! &(*!
YLJHSS %+$ &(,! &)%! &)(
YLJLW[P]L!"P[` &'! &*! ,)! %)&! %)'! YL]LYLUJL %-+
%*,! &)&! &*, YL]VS\[PVU ,%
YLJLW[VY '$! %%*! %%+! %%,! %%-! ?PJOHYKZVU! C# 8# &') U#&!
%&* YPNO["SLM[ %)(
YLJVNUP[PVU %*+! %*,! %*-! %+$! YPZR %$(!%,(! &*-! &+&! &+)! &++!
%+,! %,$ &+,
YLJ[PMPJH[PVU %+, ?VIPUZVU! 8# ;# &(& U#! &)$ U#! &)*!
YLJ[PSPULHY *, &*$ U#S
YLK\J[PVU %+! +(! ,+! &$$ YVIV[ %$-! %&%! %&'
YLMSLJ[PVU%,)! %,*! %,+ YVSL &&'
YLMSL_ -$! %%- ?VTHU 3TWPYL &%+! &&& M#
YLN\SHYP[` &&! '* YVV[ %$'
YLSH[PVU ( M#! '&! )$! +)! ,(! -'! ?VZLUIS\L[O! /# %%% U#
%$&! %$+! %+-!%,(! %,)!%,*! &$&! Y\SL &+ U#&! *-
&$' ULJLZZHY` &+
HUK PZVSH[PVU P_
L_[LYUHS '& ZHS]H[PVU *& U#! &&,
YLSPNPVU!"V\Z -! %(! +%! &(%! &*$ ZHTLULZZ +*! +,! +-! ,$! ,%! ,'
'$$ G 7 <23D
@HY[YL! 8# ># &&) ZLSM"YLHSPaH[PVU -*
ZH[PZMHJ[PVU ,(! ,)! %$&! %$'! %$(! ZLSM"YLN\SH[PVU %$,
%$+! &$* ZLSM"YLUL^HS +-! %$&! %&*
ZH]PVY &&% ZLSM"Z[LLYPUN %%)! %%*
ZJHUUPUN %((! %)$ ZLSM"Z\MMPJPLUJ` ,(! -)
@JOULLILYNLY! 5# &(+ U# ZLSM"[YHUZJLUKLUJL %,! '&! ,(! ,*
ZJPLUJL! ZJPLU[PMPJ '(! '* M#! ', M#! ZLUZH[PVU! ZLUZPUN P_! &! &*! '$! )-!
)'")*! *+! +&"+)! -(! %&+"%'$! %'*! %($! %(&! %((! %*, M#! %+,!
%-$! %-("&$$! &$'! &$,"&%$! &(%! &+*
&)) ZLUZL Z &-! '$! ++! ,)! -$! %$$!
TVKLYU &$&! &$+! &'' %')! %($! %(,! %)'
UH[\YHS P_! %+! '*! ('! ))! *% U#! HMMLJ[PVU %'* M#
*- U#! +% U#! %'&! &$%! &$' U# KH[H ')
W\YL! HWWSPLK %-,! &$) WLYJLW[PVU &*"&,! '$! ''! %*+!
[LJOUVSVNPJHS &$, %+,
ZJPLU[PZ[ %-(! %-)! %-*! &$) ZLUZPISL! "PSP[` +&! %($
@JYPW[\YL *& U# ZLUZP[P]L! "P[` '$! *$ U#'! ,(! ,)! --
ZLJ\SHY PaLK &'-! &(% ZLU[PLUJL! ZLU[PLU[ *! %$$"%$&! %$+!
ZLLPUN! ZPNO[ '$! -$! -%! $&("$()! %%*! %%-! %&*! %($! %)'! %)*
%*&! %+,! %,(! &'*! &', ZLUZVY"LMMLJ[VY %&)
B55 1;B> OLHYPUN"ZLLPUN. ]PZPVU ZLX\LUJL &(! '$! '%! '*! ('! *,!
ZLNYLNH[PVU ( ,%! -)! %&+! %'%! %'*! %',! %($!
ZLSLJ[PVU UH[\YHS ((! )$! )%! )&! %(&! %('! %((! %))
%&+ ZLYPLZ! ZLYPHS '%! ($! *,! +(! ++!
ZLSM! ZLSMOVVK )! %'! %-! &$! &'! +'! %%(! %%,! %',! %($! %('! %)(! %*-
+*! ,&! ,'! ,(! ,)! --! %$$! %$&! ZLY]P[\KL &&*! &&,
%$*! %$+! %+$! %,)! %,*! &%(! &%)! ZLY]VTLJOHUPZT %$-! %%)! %&%
&%,! &&$! &&%! &&'! &&)! &&+! &&,! ZOHWL %($! %(%! %('! %*&
&&-! &'$! &''! &'(! &+&! &+'! &+*! ZOLWOLYK &),
&+,! &+-! &,' @JOVWLUOH\LY! /# &)+! &),
HUK ^VYSK P_! (! %(! ,'! -*! %$(! ZRLWZPZ! ZRLW[PJHS &%! ''! '*
&,& ZPNU %+'
ZLSM"HMMPYTH[PVU &+* ZPNUHS %&(
ZLSM"HZZLY[PVU &($!&)+ ZPTWSL %%! ((! *&! *-! %-,
ZLSM"JLU[LYLK +-! ,( ZPTWSPJP\Z %( U#
ZLSM"JVUJLYU ,(! %$)! %&* ZPT\SH[PVU %+*
ZLSM"JVUZJPV\ZULZZ %'' U#& ZPT\S[HULV\Z! ZPT\S[HULP[` '$! ,(!
ZLSM"JVU[HPULK ULZZ '$! )(! -(! ,)! %'$! %'*! %',! %'-! %(%! %(&!
%(*! %(+! %(,! %*,! %,' %('! %((! %(, U#! %(-! %)&! %)(
ZLSM"JVU[PU\H[PVU +* U#! ,& ZPUNSLULZZ ,'
ZLSM"MLLSPUN &&! &+* ZP[\H[PVU (*! (+! )$! %((! %()! %-,!
ZLSM"L_WLYPLUJL &(! '*! '+! -% &%&! &%'! &'$! &+$! &+%
ZLSM"PKLU[P[` ,% ZTLSS %(-! %)$
ZLSM"PU[LNYH[PVU +- ZVJPL[` %&*! %,)! %,*! %-(! &$%
ZLSM"PU[LYWYL[H[PVU * ZVJPVSVN` %-*! &$%
ZLSM"PZVSH[PVU ,' @VJYH[LZ &'&!&(-
ZLSM"TV]LTLU[ %)'! %))! %)* ZVSPWZPZT '& M#
ZLSM"WYLZLY]H[PVU (*! ),! )-! %&*! ZVSP[\KL %,*! &,&! &,'
&+* ZVTH )& M#
ZLSM"WYVQLJ[PUN &&+! &&, B><1"B5<1 %' M#
7 <23D '$%
ZVWOPZ[ &&* Z[YP]PUN )+! *%! %%(! %%)! %&+! &+*
ZV\S +! %'! %(! %-! )) U#! )+! *$! Z[Y\J[\YL ',! ()! (*! (-! )$ U#! ),!
*$ U#'! *'! +$! +%! +&! +(! %'%! *$ U#'! *&! +* U#! ,*! -&! -'! -(
%-%! &%,! &&%! &&+! &&+ U#! &&,! Z\IQLJ[ &(! '%! '&! '*! )(! +&! ,)!
&+&! &+' -$! %$&! %(*! %(,! %)'! %,'! %,)!
ZV\UK d '$! $&*"$&,! %((! %(*! %(+! &*,
%(- VIQLJ[ ')! +&! %$+! %,*! &)+! &),
ZWHJL %-! +(! ,%! ,&! ,)! %$$! %$(! TVYHS &**
%$+! %'$! %'&! %''! %',! %(%! %)$! Z\IQLJ[P]L! "P[` '*! ((! )(! ),! )-!
%)%! %)(! %))! %)*! %,'! &%'! &+) *$ U#'! ,(! ,)! ,,! ,-! %*( U#
"[PTL '*! ,%! ,,! -%! -+! -, Z\IQLJ[P]PZT! "PZ[ %*( U#! &&* M#! &,(
IPVSVNPJHS ,* Z\IZ[HUJL %,! %-! '&! )$! )(! ))!
ZWH[PHS P[` %-! *+! +&! +'! +*! ,(! )*! +&! -%! -&! -)! %&-! &$&!
-$! %'&! %'*! %(%! %(&! %('! %)'! &)& U#! &*$! &+%! &,'! &,(
%)( Z\IZ[HU[PHS MVYTZ '(! '*! (&! (+!
ZWH[PV[LTWVYHS %%! ,+ *,! +$! &$$
ZWLJPLZ (&! ((! ()! (-! )$ U#! )' Z\IZ[YH[\T )-! ++! ,&! -+! &$&
PTT\[HISL (, Z\JJLZZ M\S )$ U#! -*! %$(! %$)!
ZWLJ[H[VY '$ %%+! %&$! %,'
ZWLJ\SH[PVU!"P]L %,,"%-$! %-&!&+,! HUK MHPS\YL &++
&,( Z\JJLZZPVU!"P]L %',! %'-! %(&! %('!
ZWLLJO %',! %),! %*' U#! &(*! &*) %()! %)(
@WLUNSLY! =# &%+! &(, Z\MMLYPUN )+! %$)! %$+! %(%! %,*!
ZWOLYL Z -(! &&$ &**! &+*! &++! &,$! &,%
@WPUVaH! 0# )+! *% U#! *& U#! *'! Z\MMPJPLU[ YLHZVU %'$
%'% %'' &)& Z\PJPKL %,*
ZWPYP[ d %(! %*! )-! +'! %&-! &%,! &%-! BD<<D< 2>=D< %&+! &'+ U#
&&+! &&, Z\WYH"ZLUZPISL &&)
HUK TH[[LY %*! &% Z\YYV\UKPUNZ %$(! %%&
ZWPYP[\HS +&! +'! &&*! &&,! &,% Z\Y]P]HS -! )&! %$)! %$*! %&+! %-%
ZWVU[HULP[`!"LV\Z +&! +(! ,)! %&%! Z`TIVS PJ %),! %*%"%*'! %*-! %+'!
%)& %+*! %,(! %,)! &$$! &*%! &*-! &+-
ZWVY[ )&! )'! %&+ Z`TIVSPZT %+$! &$+! &+'! &+(
Z[HISL!"PSP[` (%! (*! (-")%! -'! -,! Z`U[OLZPZ &)! -)! %'*! %'+! %',!
%() %($! %(%! %(&! %('
Z[HYZ -'! &&$ Z`U[OL[PJ ''
Z[H[PJ &+ U #S! *,! +-! -'! %'*! %'+! Z`Z[LT &+ U#&! '-! (*! )&! +'! +*!
%'-! %(%! %((! %)*! %*' +* U#! +-! ,-! %%,
Z[LHT LUNPUL %$, M# ZVSHY ',! '-! (,
@[LIIPUN! @# *( U#&
Z[LLYPUN )%! %%*! %%, [HJ[PSL! "\HS %($! %(%! %(&! %('!
Z[PT\S\Z! "H[PVU '$! ,(! -$! --! %%*! %)'
%*, [HYNL[ %%%! %%)! %%*! %%+
YLZWVUZL %+& [HYNL["ZLLRPUN %$-! %%)! %%+! %%-
Z[VPJ PZT )-! *$! &&$! &&%! &&&! [LJOUPX\L! [LJOUPJHS %*( U#! &$&!
&&' &$'! &$)
Z[YH[PMPJH[PVU & [LJOUVSVN`!"PJHS %*! %$-! %+&! %+(!
@[YH\Z! 3Y^PU %)) U# %-$! %-,! &$%! &$(! &)-
@[YH\ZZ! :LV %-' U# ALPSOHYK KL 1OHYKPU _! &) U#
'$& G 7 <23D
[LSLVSVN`!"PJHS &%! &)! ''! '(! ')! [V\JO! "PUN '$! ,)! $'#"$'+! %)$ M#!
'*! '+! (&! ('! ((! ()! )$! )%! )-! %)' M#
+$! +(! +,! ,*! -$! -%! -(! %%%! [YHKP[PVU &(%! &((! &(-
%%*! %%+! %%,! %&$! %&&! &%(! &'' [YHUZHUPTHS %+)! %,(
[LSVZ %%+ [YHUZJLUKLUJL! [YHUZJLUKLU[! "PUN
[LTWVYHS!"P[` )! ($! -'! %'*! %'+! P_! )! %)! &'! '(! *)! ,(! ,)! ,*!
%(&! %()! &$+! &%)! &&-! &'$! &'&! -*! %$$! %-)! &%$! &%,! &&%! &&)!
&**! &*+! &*,! &+%! &+*! &+,! &,% &'&! &''! &(,! &)%! &*,! &*-! &+$!
[LYYLZ[YPHS +$! +&!+-! &+&! &,% &+&! &+)! &++! &+,! &,$
[OLPZT! [OLPZ[PJ ',! -* [YHUZJLUKLU[HS %( U#! &&! &(! &+!
[OLVSVN`! "PJHS! [OLVSVNPHU &%,!%&(" )+! %&-! &&)
%)$! &,' [YHUZJLUKLU[HSPZT +&
UH[\YHS &(- [YHUZJYPW[PVU '$
[OLVYL[PJHS '%!%()! %)&! %)'! %+&! [YHUZMVYTH[PVU %*,! %*-
%,&! %,- [YHUZPLUJL! "[ %'! ++! +,! &*,! &+$!
WYHJ[PJHS &' &+,
[OLVY`! C85>A91 '%! '&! ''! *% U#! [YHUZP[P]L ULZZ &,! '&! %(+
*&! *'! -'! %&(! %')! %()! %(+! [YHUZT\UKHUL &%)! &%,! &&)
%(-! %)&! %)(! %++! %,-! %-$! %-%! [Y\[O %&-! %(+! %+&! $*("$+%! %,'!
%-&! %-'! %-(! %-)! %-+! %-,! %--! %,)! %-*! &$)! &%$! &()! &+,
&$$! &$(! &$)! &$*! &$+! &$,! &$-! LMMVY[ %+)! %++! %,%
&%$! &'&! &'+ U# L_WLYPLUJL %+)"%+,
MVYTH[PVU &$$ TVYHS %,%
WYHJ[PJL %)& [OLVYL[PJHS %,%
[OPUN &)$! &)% [\YUV]LY ,&! -+! -,
[OPUN"PU"P[ZLSM %+! %(+! &)+
[OPURPUN! [OV\NO[ %%! %-! &(! &+! \UJOHUNPUN! "JHISL %()! %)&! %,-
'&! ''! ')! *$! *% U#! ,,! -$! %%$! \U"JVUJLHS %+*! %,%
%(+! %-$! &$*! &%(! &'-! &($! &(&! \U"KLJLP]L %+*! %,%
&('! &((! &()! &)$! &)%! &)&! &)'! \UKLYZ[HUKPUN &%! &&! &'! &*! '%!
&))! &), +(! %)&! &$&
WYPTHS &($! &(%! &(&! &()! &)$! \UL_[LUKLK %,
&)'! &))! &)*! &)+! &), \URUV^HISL +(! &$'! &+,
[OYV^ U &&-! &'' \URUV^U &%,! &&)
AO\J`KPKLZ &*( U# \UPJLSS\SHY +)! %$*
APTHL\Z **! +$ \UPMVYT! "P[` &+ U#&! *,! +$! +,! ,*!
[PTL IB55 1;B> ZWHJL"[PTL '-!($ U#! &$' U#
+$! +(! +)! ++! ,%! ,&! ,(! ,)! %$$! \UP[` +)! ++! +-! ,$! %',! %*,
%$%! %$(! %'$! %'&! %'+! %',! %($! \UP]LYZL %'! ')! '+! ($ U#! *(! *)!
%(%! %(&! %('! %((! %)%! %)&! **! *+ U#! +&! +(! ,&! -'! -(! -)!
%*' U#! &'$! &'&! &)+ U#! &**! &*+! %)%! %,-! &$%! &%'"&%)! &%-"&&&!
&*-! &+$! &+&! &+(! &+)! &,$ &&(! &+(! &++
IPVSVNPJHS ,* LUZV\SLK &&+ U#
ZLYPLZ %(%! %(& \UP]LYZHS %&(! %--
ZSPJL +* \UTV]LK TV]LY ',! -(
[PTLSLZZ %*'! &*+! &*-! &+$ \UZ[HISL (%
[VPS %-(! &$* \U]LPSPUN &(&! &((!&()! &(+! &)$!
[VTI -! %'! %( &)&! &)'! &)(! &)*
[VVS %-+ \W"KV^U %)(
[VYWLKV %%) \WYPNO[ WVZ[\YL %)) U#
7 <23D F '$'
\YNL %$%! %&* ]VS\U[HY` %(%! %(,! %)'
\ZL (+! %,-! %-$! %-%! %-&! %-'! ]VS\U[HYPZ[PJ %++
%-(! %-*! %-+! %-,! %--! &$$! &$(! E>A81=45= &'%
&$- ]\SULYHIPSP[` '&
\ZLM\S )%! %,,
\[PSP[` %') U#! %,- U# ^HU[ ,)! %$'! %$)! &$*
CH[[! 8# %$,! %$-
BHSLU[PUPHU &&,! &&- ^H]L ++! +,
]HSPKH[PVU %+- CLPZTHUU! /\N\Z[ )&
]HS\H[PVU %-*! &%) COP[LOLHK! /# <# &! &) U#! &,! &-!
]HS\L %-)! %-*! &%)! &&(! &&)! &'& ,%! -)! -*! &)&
MYLL %-)! &$, ^OVSL *-! +*! +,! +-! ,&! -&! -(!
]HYPHISL! "PSP[` ()! (*! (+! *, -)! -,! %%,! %'+! %+-! &&%! &&&!
]HYPH[PVU ((! )$! %*- U# &&'! &&(
]LNL[HISL! "H[P]L *$ U#'! -$! %$% M#! Z[Y\J[\YL ++
%$( M#! %,' M# ^OVSLULZZ *-! +-! -'! &$$! &$%
]LU[\YL &++ CPLULY! <# %$-! %%$! %%% U#
05A61;;5=859C &'$! &'%! &(% ^PSS PUN '! %,! *%! *&! -$! %%&!
]LY[LIYH[L (*! %$%! %)) U# %&$! %&*! %)'! %++! &%)! &%*! &'&!
]PL^ %((! %(-! %*-! %+- &)+
BPJV! 5# 0# &$& ^PSS [V WV^LY (+! &%*
BPSSL`! ># %(' U# ^PZKVT %,- U#! %-$! %-&! &&'
]PY[\L &&'! &*( U# ^VYK %+*! &'*! &(*! &)(
]PZ"H"]PZ %)$ VM 5VK &'+! &(+! &)%
]PZPVU '$! '%! '&! -%! %')! %($! ^VYR %,,! %,-! %-$! &'+! &*)! &**
%(&! %)&! %)'! %)*! %*$! %*&! %*,! ^VYSK %-! &'! '+! )&! *)! +%! ,'!
%+$! %+%! &%)! &'&! &'+! &'+ U#! ,(! --! %$)! %$*! %$+! %('! %(+!
&'- %(,! %)$! %)'! %+*! %,'! %,(! %,)!
B55 1;B> ZLLPUN! ZPNO[ %-& U#! &%(! &%,! &&*! &'-! &(*!
]PZ\HS ')! %))! %*)! %**! %*-! &)%! &*+! &+)! &+-
%+-! &'+ U# PU[LSSPNPISL %-)! &&)
MPLSK %((! %)%! %)( ZLUZPISL &&)
ZWHJL %)) U# b[OPZ ^VYSKc &(,
]P[HS +&! -, ^VYSK"YLSH[PVU %$$! %$+
]P[HSPZ[PJ %%! %&! %, ^YP[PUN %*' U#
]VPJL &'+! &('! &)&
VM ILPUN &(+! &)*! &), ELU &)%! &)'
]VSP[PVU %, aVVTVYWOPZT %$! &'! ')

S-ar putea să vă placă și