Emarketing Textbook - Greene Internet Class
May 27, 2016 | Author: sarahyocham | Category: N/A
Short Description
Download Emarketing Textbook - Greene Internet Class...
Description
^^
^
WZlWdY[gkej[i VWdjiZBVg`Zi^c\/
j^[[ii[dj_Wb]k_Z[jeedb_d[cWha[j_d]
ÆFj^g`Éh ZBVg`Zi^c\ ]VcYWdd` XdkZgh Vaa i]Z bdhi ^bedgiVci XdcXZeih l]^X] VgZ cZXZhhVgn [dg ZBVg`Zi^c\ ZmXZaaZcXZ idYVn# > ldjaY ]^\]an gZXdbbZcY ^i Vh Wdi] V hijYn\j^YZVcYVegVXi^i^dcZgÉhgZ[ZgZcXZbVcjVa#8dc\gVijaVi^dchidi]ZFj^g`HiVgh dcVaai]Zi]dj\]i!gZhZVgX]VcYldg`i]Vi]VhdWk^djhan\dcZ^cidi]^h#Ç
9VkZ 9jVgiZ! [djcYZg VcY Y^gZXidg d[ CdbVY^X BVg`Zi^c\! J8I i^hVc^che^gVi^dcidhZZhjX]VlZaalg^iiZcVcYigjanZhhZci^Va\j^YZiddca^cZ bVg`Zi^c\WZ^c\lg^iiZcWnHdji]6[g^XVchZBVg`Zi^c\/I]Z:hhZci^Vahigdc\anhjeedgi#GZVY i]^hWdd`#Ç
HXdiiciZgVXi^kZBVg`Zi^c\!7BLHdji]6[g^XV
^^
^^^
[CWha[j_d]0J^[;ii[dj_Wb=k_Z[jeEdb_d[CWha[j_d] 7nGdWHid`Zh 8dbe^aZYWnHVgV]7aV`Z ;^ghiejWa^h]ZY'%%-WnFj^g`ZBVg`Zi^c\EinAiY# 8deng^\]i'%%-Fj^g`ZBVg`Zi^c\EinAiY# I]^h Wdd` ^h ejWa^h]ZY jcYZg i]Z 8gZVi^kZ 8dbbdch 6iig^Wji^dc"CdcXdbbZgX^Va"Cd 9Zg^kVi^kZLdg`h(#%JcedgiZYA^XZchZ#I]^hbZVchi]VindjXVch]VgZVcYY^hig^WjiZi]^h ldg`VcYndjXVcZkZcbdY^[n^i!Vhadc\VhndjYdcdijhZ^i[dgXdbbZgX^Va\V^c!ndjh]VgZ VaabdY^ÒXVi^dchVcYndjXgZY^iFj^g`ZBVg`Zi^c\EinAiY#;dgbdgZ^c[dgbVi^dc!ndjXVc k^h^illl#XgZVi^kZXdbbdch#dg\dglll#fj^g`#W^o$ZbVg`Zi^c\iZmiWdd`# >H7C/.,-"%"+'%")&&(*"+ 7dd`YZh^\cVcYineZhZii^c\WnHdakZ^\7dhX]#8dkZg^aajhigVi^dc^che^gZYWn8gV^\GVlVcY YZh^\cVcY^aajhigVi^dcWnEZiZgAZ]id#
[CWha[j_d]0J^[;ii[dj_Wb=k_Z[jeEdb_d[CWha[j_d] WnGdWHid`Zh
LZÉkZjhZYi]Z[dci9>C^ci]^hWdd`VcY^i^heg^ciZY^cHdji]6[g^XVdcgZXnXaZYeVeZgWn H]jbVc^Eg^ciZghlll#h]jbVc^eg^ciZgh#Xdb#
Xdbe^aZYWnHVgV]7aV`Z
JhWZ[cWhai 6aaiZgbhdgcVbZhjhZY^ci]^hWdd`i]ViVgZ`cdlcidWZigVYZbVg`hdghZgk^XZbVg`h]VkZ WZZcVeegdeg^ViZanXVe^iVa^hZY#Fj^g`ZBVg`Zi^c\EinAiYXVccdiViiZhiidi]ZVXXjgVXnd[ i]^h^c[dgbVi^dc#JhZd[ViZgb^ci]^hWdd`h]djaYcdiWZgZ\VgYZYVhV[[ZXi^c\i]ZkVa^Y^ind[ VcnigVYZbVg`dghZgk^XZbVg`# LZ ]VkZ Vahd bVYZ ZkZgn Z[[dgi id dWiV^c eZgb^hh^dc [dg VcY id VX`cdlaZY\Z Xdeng^\]i bViZg^Va#H]djaYVcn^c[g^c\ZbZcid[Xdeng^\]i]VkZdXXjggZY!eaZVhZXdciVXijhVcYZkZgn Z[[dgil^aaWZbVYZidgZXi^[ndb^hh^dchdgZggdgh^ci]ZZkZcid[VgZeg^cidgcZlZY^i^dc#Ndj XVcXdciVXijhdciZmiWdd`5fj^g`#W^o# MWhd_d]WdZ:_iYbW_c[h :kZgn Z[[dgi ]Vh WZZc bVYZ id bV`Z i]^h Wdd` Vh XdbeaZiZ VcY VXXjgViZ Vh edhh^WaZ! Wji cd lVggVci^Zh gZ\VgY^c\ ^ih XdciZcih! l]Zi]Zg [VXi! heZXjaVi^dc dg de^c^dc! VgZ bVYZ cdg ^hÒicZhh[dgVcnjhZ^bea^ZY#I]Z^c[dgbVi^dcegdk^YZY^hdcVcÆVh^hÇWVh^h#I]ZVji]dg! Xdbe^aZgVcYFj^g`ZBVg`Zi^c\EinAiYh]Vaa]VkZcZ^i]Zga^VW^a^incdggZhedch^W^a^inidVcn eZghdcdgZci^inl^i]gZheZXiidVcnadhhdgYVbV\ZhVg^h^c\[gdbi]Z^c[dgbVi^dcXdciV^cZY ^ci]^hWdd`# ;jaaYZiV^ahd[Fj^g`ZBVg`Zi^c\EinAiYbVnWZdWiV^cZYk^V^ihlZWh^iZlll#fj^g`#W^odg bVnWZgZfjZhiZYY^gZXianViiZmiWdd`5fj^g`#W^o#
^k
k
fh[[VXZ L]Zc > hiVgiZY Fj^g` Vabdhi &% nZVgh V\d! ^i lVh nZi Vcdi]Zg dcZ d[ bn XgVon
H^cXZFj^g`Éh^cXZei^dc!lZ]VkZWZZchiZVY^anWj^aY^c\V]j\ZVbdjcid[^c[dgbVi^kZ
ZcigZegZcZjg^Va VYkZcijgZh# > ]VY a^iiaZ ^YZV WVX` i]Zc d[ l]Vi Fj^g` ldjaY \gdl
XdciZci VgdjcY i]Z kVg^djh ZaZbZcih d[ dca^cZ bVg`Zi^c\# I]^h ijgcZY ^cid djg
^cididYVn#
ZBVg`Zi^c\&%&hZg^Zh!VabdhiVb^c^kZgh^dcd[i]^hWdd`#L]Zc>gZVYVWdjii]ZDeZc
:YjXVi^dc9ZXaVgVi^dc^cHZeiZbWZg'%%,!>`cZlZmVXianl]ViFj^g`h]djaYYd#LZ
I]ZgZVgZ`ZnbdbZcihi]VihiVcYdji[dgbZVh]Vk^c\h]VeZYFj^g`#>XdjaYXdjci
cZZYZYidiV`ZVaadjg`cdlaZY\Z!ZmeZg^ZcXZVcYZYjXVi^dcVaXdciZciVcYXgZViZV
i]Z_d^c^c\d[8gV^\GVlVcY?Vc^cZ8VgeZciZgVcYi]ZZmeZg^ZcXZhaZVgcZY^cWj^aY^c\
iZmiWdd`i]VilZXdjaYh]VgZl^i]i]ZldgaYWna^XZch^c\^ijcYZg8gZVi^kZ8dbbdch#
djgÒghiZbV^aVeea^XVi^dc^ci]ZZVganYVnhd[Fj^g`Vhildd[i]Zb#7jii]ZgZ^hdcZ
I]ZDeZc:YjXVi^dc9ZXaVgVi^dclVhh^\cZY^c8VeZIdlcVcY^iV^bhidVXXZaZgViZ
^cX^YZcii]VihiVgiZYV_djgcZn[dgbZeZghdcVaan0^c'%%&V[VciVhi^XbVccVbZY8da^c
Z[[dgih id egdbdiZ deZc ZYjXVi^dcVa gZhdjgXZh! iZX]cdad\n VcY iZVX]^c\ egVXi^XZh#
EVabZg^ck^iZYbZid\^kZViVa`dcZbV^abVg`Zi^c\ViV9^gZXiBVg`Zi^c\6hhdX^Vi^dc
Fj^g` ]Vh ValVnh WZZc Vc V\ZcXn l]^X] ^h [VcVi^XVa VWdji DeZc HdjgXZ iZX]cdad\n!
WgZV`[Vhi#>ilVhbnÒghigZVaejWa^XheZV`^c\ZmeZg^ZcXZVcY>lVhhXVgZYl^iaZhh!Wji
VcYi]^hhZZbZYVeZg[ZXiÒi#>iÉhVabdhiVXjab^cVi^dcd[ZkZgni]^c\lZhiVcY[dgVh
>]VYVadid[[jc#
Vcdg\Vc^hVi^dc#
7ji^ilVh8da^cÉhcZmi^ck^iVi^dcl]Zci]ZZYjXVi^dcWj\gZVaanW^ibZ#=Z^ck^iZYbZ
Hd]ZgZlZVgZl^i]VWdd`i]Vi>ÉbiZgg^WanegdjYd[#>iÉhWZZcbjX]]VgYZgi]VclZ
idaZXijgZid]^hi]^gYnZVg7jh^cZhhHX^ZcXZBVg`Zi^c\hijYZcihVii]ZJc^kZgh^ind[
i]dj\]iideji^iid\Zi]Zgl^i]bVcnaViZc^\]ihVcYb^hhZYYZVYa^cZh!WjiZkZgnb^cjiZ
8VeZIdlc#>]VYWZZc^ci]VikZgnXaVhhdcanildnZVghWZ[dgZ!hd>WZ\Vci]ZaZXijgZ
]VhWZZcldgi]^i#>ceVgi^XjaVg>h]djaYed^cidjii]Zi^gZaZhhldg`d[i]ZadkZanHVgV]
l^i]Vb^mijgZd[cZgkZhVcYZmX^iZbZci#Ildi]^c\h]VeeZcZYVii]ZZcYd[i]ZaZXijgZ
7aV`Z#L^i]dji]Zgi]^hWdd`XdjaYcdi]VkZXdbZid\Zi]Zga^`Z^i]Vh#CdidcanY^Yh]Z
i]ViX]Vc\ZYbZ#I]ZÒghilVhi]ZfjZhi^dch[gdbi]ZhijYZcih#HdbZlZgZZVhn!Wji
lg^iZV]j\ZVbdjcid[^i!Wjih]Z]VhWZZc^chigjbZciVa^cZchjg^c\i]VilZXVcbV`Z
hdbZgZVaanX]VaaZc\ZYbZVcY>[djcYbnhZa[]Vk^c\idi]^c`^clVnh>Y^YcÉiZmeZXi#
i]^hXdcig^Wji^dcidZYjXVi^dcl^i]i]ZXdcÒYZcXZi]VilZVgZYd^c\hdbZi]^c\d[i]Z
I]ZhZXdcYlVhVhijYZcil]dXVbZjeidbZVcYi]Vc`ZYbZ[dgi]ZaZXijgZ!VcYidaY
]^\]ZhifjVa^in#
bZh]Z]VYaZVgcZYhdbZi]^c\kVajVWaZ#I]Vi^hhi^aadcZd[i]Z\gZViZhiZmeZg^ZcXZh
>]VkZZkZg]VY#
;gdbi]ZWdiidbd[bn]ZVgi>lVciidi]Vc`bniZVbVcYZkZgndcZl]d]Vh]ZaeZYid
bV`Zi]^h^YZVVgZVa^in#>ÉkZWZZc^ckdakZYl^i]bVcnZmX^i^c\Xa^ZcihVcYegd_ZXihdkZg
HVYan!8da^ceVhhZYVlVnV[ZlnZVghaViZg!Wji>aZVgcZYV]j\ZVbdjci[gdb]^b^c
i]Za^[Zi^bZd[Fj^g`!Wji>XVc]dcZhianhVni]^h^hi]Zegd_ZXi>VbbdhiegdjYd[#I]^h
i]Zi^bZi]Vi>`cZl]^bVcY[dgi]Vi>VbkZgn\gViZ[ja#=Zh]dlZYbZ]dlgZlVgY^c\
Wdd`^hVY^hi^aaVi^dcd[Vaad[Fj^g`Éh`cdlaZY\ZVcYidWZVWaZidd[[Zg^iidVaal^i]dji
^i^hid\^kZhdbZdcZ`cdlaZY\Z0^ilVhZca^\]iZc^c\#I]Vc`ndj!8da^c#
WdjcYVg^ZhVcYa^b^iVi^dch^hVeg^k^aZ\Z#>XVcdcan]deZi]Vidi]Zgh[daadlVXgdhhVaa
he]ZgZhd[ZYjXVi^dcVcYjcYZghiVcY^c\#>WZa^ZkZZYjXVi^dc^hi]ZdcZi]^c\i]ViXVc
;gdbi]ViYVndc>lVh]dd`ZY#>VbeVhh^dcViZVWdjidca^cZbVg`Zi^c\VcY>lVciZY
X]Vc\Zi]ZldgaYVcY^ceVgi^XjaVgbnHdji]6[g^XV#>iÉhjeidi]dhZl^i]`cdlaZY\Zid
idiZaai]ZldgaYVcY]VkZi]Zbh]VgZbneVhh^dc#I]^h]VhaZYbZidVaabVccZgd[
Ydl]Vii]ZnXVcideji^i^ci]Z]VcYhd[di]Zgh#
iZVX]^c\ZmeZg^ZcXZh![gdbVlZhdbZedhi\gVYjViZbVg`Zi^c\hX]ddaha^`ZGZYVcY
NZaadl^c8VeZIdlc!idXdc[ZgZcXZhdci]Zdi]Zgh^YZd[i]ZeaVcZi#
EaZVhZZc_dndjgWdd`VcYh]VgZ^il^i]di]Zgh½
DkZg i]Z nZVgh! Fj^g` ]Vh WZXdbZ V Wjhn V\ZcXn VcY jc[dgijcViZan bn i^bZ ]Vh
HeXIjea[i
WZXdbZbdgZVcYbdgZhXVgXZ#I]^h]VhbZVci>ÉkZWZZcVWaZidZbWgVXZ[ZlZgd[ i]ZiZVX]^c\VcYheZV`^c\deedgijc^i^Zhi]Vc>ldjaY]VkZlVciZY#I]Vc`[jaan>hZZb id]VkZ^c[ZXiZYbVcnd[i]ZFj^g`HiVghidXVggni]ZidgX]l^i]djibZVcYFj^g`]Vh WZXdbZVXdbeVcnl]ZgZlZVgZVaaeVhh^dcViZVWdjih]Vg^c\djg`cdlaZY\Z#
k^
k^^
7Xekjj^[Ef[d;ZkYWj_ed:[YbWhWj_edVcYi]Z8gZVi^kZ8dbbdch k^^^
I]Z8VeZIdlcDeZc:YjXVi^dc9ZXaVgVi^dc^hi]ZegdYjXid[VbZZi^c\ ^c 8VeZ Idlc d[ V XdVa^i^dc d[ ZYjXVidgh! [djcYVi^dch! VcY >ciZgcZi e^dcZZgh^cHZeiZbWZg'%%,#I]ZbZZi^c\lVhdg\Vc^hZYWni]ZDeZc HdX^Zin>chi^ijiZVcYi]ZH]jiiaZldgi];djcYVi^dc#A^cjmZcigZegZcZjg BVg`H]jiiaZldgi]hV^Y!ÆDeZchdjgX^c\ZYjXVi^dcYdZhcÉi_jhibV`Z aZVgc^c\bdgZVXXZhh^WaZ!^ibV`Zh^ibdgZXdaaVWdgVi^kZ!ÓZm^WaZVcY adXVaangZaZkVci#ÇI]Z9ZXaVgVi^dcÉheg^cX^eaZhd[deZccZhh^cZYjXVi^dc VcYi]Zh]Vg^c\d[`cdlaZY\ZgZhdcViZhigdc\anl^i]jh# Id h]dl djg Xdbb^ibZci id i]Z DeZc :YjXVi^dc 9ZXaVgVi^dc! Vaa d[ i]Z XdciZcih d[ i]^h iZmiWdd` VgZ [gZZan VkV^aVWaZ! Vh VgZ hjeedgi^c\ bViZg^Vah [dg aZXijgZgh VcY [dg hijYZcih# LZ `cdl ]dl fj^X`an i]^c\h X]Vc\Z l]Zc ^i XdbZh id i]Z >ciZgcZi! hd lZ VgZ Xdbb^iiZY id gZ\jaVg jeYViZh d[ i]^h gZhdjgXZ# 6 [gZZ YdlcadVY d[ i]Z iZmiWdd` VcY [jgi]Zg bViZg^Vah VcY gZhdjgXZh VgZ VkV^aVWaZ Vi lll#fj^g`#W^o$ZbVg`Zi^c\iZmiWdd`# ;dgbdgZ^c[dgbVi^dcdci]ZDeZc:YjXVi^dc9ZXaVgVi^dc!VcYidVYY ndjgcVbZidi]Za^hid[^cY^k^YjVahXdbb^iiZYidi]^hXVjhZ!ndjXVc\d idlll#XVeZidlcYZXaVgVi^dc#dg\# 8gZVi^kZ8dbbdchgZXd\c^hZhi]ViXdciZciXVcWZ[gZZanh]VgZYVcY Y^hig^WjiZYl^i]djicZ\Vi^c\i]Zg^\]ihd[i]ZVji]dgd[i]Zldg`#>iÉh Vc ZmX^i^c\ X]Vg^iVWaZ dg\Vc^hVi^dc i]Vi ^h ]Zae^c\ XgZVidgh VgdjcY i]Z ldgaY id h]VgZ i]Z^g ldg` l]^aZ hi^aa WZ^c\ gZXd\c^hZY [dg i]Z^g Vji]dgh]^e#LZ]VkZX]dhZcV8gZVi^kZ8dbbdcha^XZcXZ[dgi]^hldg` i]VibZVchi]Vii]ZXdciZcihbVnWZ[gZZanh]VgZYVhlZaaVhbdY^ÒZY VcYh]VgZYVhadc\i]ZhdjgXZbViZg^Va^hVX`cdlaZY\ZYVcY^i^hcdi jhZY[dgXdbbZgX^Va\V^c# ;dgbdgZ^c[dgbVi^dcdci]Z8gZVi^kZ8dbbdch!eaZVhZk^h^i lll#XgZVi^kZXdbbdch#dg\#
^m
^cigdYjXi^dcidZBVg`Zi^c\################# &
*#hZVgX]Zc\^cZbVg`Zi^c\#################### +*
XVhZhijYn################################### &)(
egdhVcYXdch############################## '&)
gZ[ZgZcXZh################################### +
`ZniZgbhVcYXdcXZeih############## +-
gZ[ZgZcXZh################################### &)*
hjbbVgn##################################### '&)
[jgi]ZggZVY^c\########################### +
i]Z^bedgiVcXZd[hZVgX]########### +-
[jgi]ZggZVY^c\########################### &)+
i]ZW^\\Zge^XijgZ####################### '&* XVhZhijYn################################### '&+
gZ[ZgZcXZh################################### ,' '#ZbV^abVg`Zi^c\################################# ,
YediZcih
gZ[ZgZcXZh################################### '&[jgi]ZggZVY^c\########################### '&-
^cigdYjXi^dc################################# -
+#hZVgX]Zc\^cZdei^b^hVi^dc################ ,(
^cigdYjXi^dc################################# &)-
]^hidgn######################################### -
^cigdYjXi^dc################################# ,)
]^hidgn######################################### &)-
`ZniZgbhVcYXdcXZeih############## .
]^hidgn######################################### ,)
`ZniZgbhVcYXdcXZeih############## &).
&(#dca^cZXdenlg^i^c\############################ '&.
]dl^ildg`h################################ &%
`ZniZgbhVcYXdcXZeih############## ,*
]dl^ildg`h################################ &).
^cigdYjXi^dc################################# ''%
iddahd[i]ZigVYZ######################### &.
]dl^ildg`h################################ ,+
hjbbVgn##################################### &*+
`ZniZgbhVcYXdcXZeih############## ''%
egdhVcYXdch############################## &.
iddahd[i]ZigVYZ######################### -+
i]ZW^\\Zge^XijgZ####################### &*,
]dl^ildg`h################################ ''&
hjbbVgn##################################### '%
egdhVcYXdch############################## -,
XVhZhijYn################################### &*-
cZdad\^hbhVcYWjooldgYh####### '(%
XVhZhijYn################################### '%
i]ZW^\\Zge^XijgZ####################### --
gZ[ZgZcXZh################################### &*.
hjbbVgn##################################### '(%
gZ[ZgZcXZh################################### ''
XVhZhijYn################################### -.
[jgi]ZggZVY^c\########################### &+%
X]VeiZgfjZhi^dch####################### '('
[jgi]ZggZVY^c\########################### '(
gZ[ZgZcXZh################################### .% [jgi]ZggZVY^c\########################### .&
(#dca^cZVYkZgi^h^c\############################### '*
gZ[ZgZcXZh################################### '(' &%#dca^cZgZejiVi^dcbVcV\ZbZci######## &+&
[jgi]ZggZVY^c\########################### '('
^cigdYjXi^dc################################# &+'
^cigdYjXi^dc################################# '+
,#EE8VYkZgi^h^c\################################## .(
`ZniZgbhVcYXdcXZeih############## &+)
&)#lZWVcVani^XhVcYXdckZgh^dc
]^hidgn######################################### '+
^cigdYjXi^dc################################# .)
YZaa]Zaa####################################### &+)
dei^b^hVi^dc########################################### '((
`ZniZgbhVcYXdcXZeih############## ',
`ZniZgbhVcYXdcXZeih############## .*
]dl^ildg`h################################ &++
^cigdYjXi^dc################################# '()
]dl^ildg`h################################ '-
]^hidgn######################################### .+
&%gjaZhidgZXdkZg###################### &,(
]^hidgn######################################### '()
ejii^c\^iVaaid\Zi]Zg################## (*
]dl^ildg`h################################ .+
hjbbVgn##################################### &,)
`ZniZgbhVcYXdcXZeih############## '(*
ZbZg\^c\iZX]cdad\^Zh############### (+
dca^cZXdbeVg^hdcZc\^cZh######## &%,
XVhZhijYn################################### &,*
]dl^ildg`h################################ '(*
i]Z\ddYVcYi]ZWVY################## (,
iddahd[i]ZigVYZ######################### &%.
gZ[ZgZcXZh################################### &,,
iddahd[i]ZigVYZ######################### '),
hjbbVgn##################################### (.
egdhVcYXdch############################## &&%
[jgi]ZggZVY^c\########################### &,,
hZii^c\jeVXVbeV^\c################ ')-
i]ZW^\\Zge^XijgZ####################### )%
hjbbVgn##################################### &&&
XVhZhijYn################################### )&
i]ZW^\\Zge^XijgZ####################### &&'
&lZWEG############################################### &,.
hjbbVgn##################################### ')-
gZ[ZgZcXZh################################### )'
XVhZhijYn################################### &&(
^cigdYjXi^dc################################# &-%
i]ZW^\\Zge^XijgZ####################### ').
[jgi]ZggZVY^c\########################### )(
gZ[ZgZcXZh################################### &&*
]^hidgn######################################### &-%
XVhZhijYn################################### ').
[jgi]ZggZVY^c\########################### &&*
`ZniZgbhVcYXdcXZeih############## &-&
gZ[ZgZcXZh################################### '*&
]dl^ildg`h################################ &-'
[jgi]ZggZVY^c\########################### '*'
)#V[Òa^ViZbVg`Zi^c\############################## )* ^cigdYjXi^dc################################# )+
IgZhZVgX]eVeZgd[EVX`ZiHl^iX]^c\I]Zdgn#
'/,'#,/
Dc\d^c\gZhZVgX]^cid^ciZg"XdbejiZgXdbbjc^XVi^dchVcYcZildg`h#
'/,/
6GE6C:I!Xdbb^hh^dcZYWnJH9Z[ZchZ9ZeVgibZci!\dZha^kZ#
JHjc^kZgh^i^ZhXdccZXijecZildg`[VX^a^i^Zh[dgi]ZÒghii^bZ#
'/-'
GVnIdba^chdcXgZViZhÒghicZildg`ZbV^aVeea^XVi^dc#
'/-)
9ZkZadebZcid[egdidXdahidZcVWaZbjai^"cZildg`>ciZgcZideedgijc^i^Zh#
;^ghi^ciZgcVi^dcVa6GE6C:IXdccZXi^dchbVYZ#
'/-,
=BFjZZc:a^oVWZi]>>hZcYhVcZbV^a#
'/-.
'//-
BE(#Xdb^h[djcYZY#
I]ZiZgbÆhZVgX]Zc\^cZdei^b^hVi^dcÇ^hjhZY[dgi]ZÒghii^bZ^cV[dgjb#
'//.
MBA^hgZaZVhZYidZcVWaZXdbeVi^W^a^inWZilZZcY^[[ZgZciXdbejiZghnhiZbh#
ciZgcZi EgdidXda>E!XdbbdcangZ[ZggZYidVhI8>E$>E#
IZX]cdgVi^cdiZhi]ViVWad\^hXgZViZYZkZgnhZXdcYd[ZkZgnYVn#
'/.*
?d^ci6XVYZb^XCZildg`?6C:I^hZhiVWa^h]ZY!a^c`^c\]^\]ZgZYjXVi^dc^chi^iji^dch#
I^bZBV\Vo^cZcVbZhÆNdjÇVheZghdcd[i]ZnZVg!YjZiddca^cZVXi^k^in#
9dbV^cCVbZHnhiZb9CH^h^cigdYjXZY#
(&&.
;^gZ[dm(#%aVjcX]Zhl^i]dkZg-b^aa^dcYdlcadVYh^c')]djgh#
'/.+
6XdbeVcncVbZYHnbWda^XhWZXdbZhi]ZÒghigZ\^hiZgZYYdi#XdbYdbV^c#
>ciZgcZijhV\Zideh&!)%,!,')!.'%ldgaYl^YZ#
'/.-
CVi^dcVaHX^ZcXZ;djcYVi^dcJH^hi]ZXViVanhi[dgi]Zhjg\Z^c[jcYZYldg`^cidi]Z>ciZgcZi#
CjbWZgd[>ciZgcZi]dhih^cXgZVhZhh^\c^ÒXVcian^ci]^heZg^dY#
L]^aZi]Z>ciZgcZilVhYZkZadeZY^cdgYZg[dgVXVYZb^XVcYb^a^iVgn^chi^iji^dchidh]VgZYViV!^i]VhWZXdbZV
'/..#/&
'-Xdjcig^Zhh^\cjeid]dd`jeidi]ZCH;C:I!gZ^c[dgX^c\^ciZgcVi^dcVa>ciZgcZiediZci^Va#
h]Vg^c\idda[dgVcndcZl^i]Vc>ciZgcZiXdccZXi^dci]ZldgaYdkZg#
hdjgXZ/cZbV^abVg`Zi^c\!i]ZYViVWVhZ^hi]Za^hid[egdheZXihidl]dbZbV^ahVgZhZci#>iVahd XdciV^chVYY^i^dcVa^c[dgbVi^dceZgi^cZciidi]ZegdheZXih#
:DI:ecW_dDWc[Ioij[c9CHXdckZgihVYdbV^ccVbZ^cidVc>EVYYgZhh# :ecW_dA[oi6cZbV^aVji]Zci^XVi^dchnhiZbYZh^\cZYidkZg^[ni]Z9CHYdbV^cd[VcZbV^ahZcYZg VcYi]ZbZhhV\Z^ciZ\g^in#
:ekXb[efj#_dI]ZVXid[\Zii^c\hjWhXg^WZghidXdcÒgbi]Z^g^c^i^VahjWhXg^ei^dck^VV[daadljeZbV^a Vh`^c\i]ZbidkVa^YViZi]Z^gVYYgZhhVcY]ZcXZdei"^cV\V^c#
>WhZXekdY[I]Z[V^aZYYZa^kZgnd[ZbV^aXdbbjc^XVi^dcYjZidVcjcYZk^Vi^c\gZVhdca^`ZVcdc" Zm^hiZciVYYgZhh#
>eki[b_ij6cZbV^aYViVWVhZi]ViVXdbeVcn\ZcZgViZh^ihZa[l^i]djiejgX]Vh^c\dggZci^c\cVbZh# >JCB=neZgIZmiBVg`jeAVc\jV\Z#=IBAZbV^ahjhjVaanXdciV^c\gVe]^XhVcYXVcWZ^ciZgVXi^kZ#
:bV^a^hegdWVWanjW^fj^idjhidndj!Wjii]ZgZlVhVi^bZl]Zci]ZgZlVhcdZbV^a :bV^aVXijVaanegZYViZhi]Z>ciZgcZi!VcYlVhÒghijhZYVhVlVn[dgjhZghd[i]ZhVbZ XdbejiZgidaZVkZbZhhV\Zh[dgZVX]di]ZgVaai]ZlVnWVX`^c&.+GVnIdba^chdc ^hXgZY^iZYl^i]XgZVi^c\i]ZÒghicZildg`ZbV^aVeea^XVi^dc^c&.,=Z^c^i^ViZYi]Z jhZd[i]Z5h^\cVcYi]ZVYYgZhhhigjXijgZi]VilZjhZidYVnjhZgcVbZ5]dhicVbZ 8gdX`Zg#:bV^alVhjhZYidhZcYbZhhV\ZhidXdbejiZghdci]ZhVbZcZildg`!VcY ^hhi^aajhZY[dgi]^hejgedhZidYVn# >ilVhdcan^c&..(i]ViaVg\ZcZildg`hZgk^XZegdk^YZgh!hjX]Vh6bZg^XVDca^cZVcY
?F7ZZh[iiI]Z>ciZgcZiEgdidXda>EVYYgZhh^hVZmXajh^kZcjbWZg!l]^X]^hjhZYidgZegZhZciZkZgn h^c\aZXdbejiZg^cVcZildg`#
?IF>ciZgcZiHZgk^XZEgdk^YZgÄi]^h^hi]ZXdbeVcni]Vi^hegdk^Y^c\ndjl^i]VXXZhhidi]Z>ciZgcZiZ#\# BL:7!6DA!NV]ddZiX#
Ef[dhWj[I]ZeZgXZcid[ZbV^ahYZiZgb^cZYVhdeZcZYdjid[i]ZidiVacjbWZgd[ZbV^ahhZci# Efj#_dA
I]ZÒghiZbV^aheVbYViZhWVX`id&.,-#HeVb^hYZÒcZYVhjchda^X^iZYXdbbZgX^Vadg Wja`ZbV^a!VcYidYVn^hhV^YidVXXdjci[dg-%id-*d[VaaZbV^aLViZgh'%%- 9^gZXi bVg`Zi^c\ ]Vh adc\ eaVnZY Vc ^ciZ\gVa eVgi ^c bVg`Zi^c\ XVbeV^\ch! Wji i]Z ]^\]XdhibZVcii]VidcanaVg\ZXdbeVc^ZhlZgZVWaZidejghjZi]^h#=dlZkZg!l^i]i]Z \gdli]d[i]Z>ciZgcZi!VcYi]ZjhZd[ZbV^aidbVg`ZiY^gZXianidXdchjbZgh!bVg`ZiZgh
IFHE!VhjWhXg^WZgdgdi]ZgZbV^ahZgk^XZegdk^YZg VaadlhidYZa^kZgbZhhV\ZhgZ\VgYaZhhd[heVbÒaiZghZii^c\h#
]VkZ[djcYi]ZhZXdhihYgdee^c\!VcYi]ZZ[[ZXi^kZcZhh^cXgZVh^c\# -
.
ZbV^abVg`Zi^c\Ñ^em_jmehai
ZbV^abVg`Zi^c\Ñ]dl^ildg`hÑ/ij[fije[n[Ykj_d]Wd[cW_bYWcfW_]d
^em_jldg`h >[ ndj Xdch^YZg bVg`Zi^c\ Vh Xdbbjc^XVi^c\ l^i] XjggZci VcY ediZci^Va XjhidbZgh! ndjl^aahZZi]ViZkZgnZbV^ai]Vi^hhZci[gdbndjgdg\Vc^hVi^dch]djaYWZXdch^YZgZY VheVgid[ndjgZbV^abVg`Zi^c\eaVc# 9dZhi]VihdjcYVa^iiaZXdbea^XViZY48dch^YZgVcdca^cZgZiV^aZg!lll#oVeedh#Xdb# OVeedh^hVcdca^cZh]dZgZiV^aZg#L]ViVgZi]ZlVnhi]Vi!VhVXjhidbZg!ndjb^\]i gZXZ^kZZbV^ah[gdbOVeedh4
IgVchVXi^dcZbV^ah/l]ZcndjeaVXZVcdgYZg!i]ZgZl^aaWZVcjbWZgd[ZbV^ah i]VindjgZXZ^kZ![gdbXdcÒgbVi^dcd[ndjgdgYZg!idcdi^XZd[h]^ee^c\#H]djaY ndj cZZY id gZijgc Vc ^iZb! ndj l^aa cd YdjWi Xdbbjc^XViZ l^i] OVeedh k^V ZbV^a#
'#
CZlhaZiiZgh/i]ZhZVgZZbV^ahl]^X]VgZhZciidegdk^YZ^c[dgbVi^dcVcY`ZZe XjhidbZgh ^c[dgbZY# I]Zn Yd cdi cZXZhhVg^an XVggn Vc dkZgi egdbdi^dc! Wji ^chiZVYZchjgZi]ViVXjhidbZg^h^cgZ\jaVgXdciVXil^i]i]ZWgVcY#
(#
Egdbdi^dcZbV^ah/h]djaYOVeedh]VkZVhjbbZghVaZ!i]Znl^aahZcYVcZbV^a gZaVi^c\Y^gZXianidi]Viegdbdi^dc#
I]ZgZVgZdi]ZgZbV^ahhZciWnOVeedh![dgZmVbeaZ/
:bV^ahidhjeea^Zgh
'#
8dbbjc^XVi^dcl^i]V[Òa^ViZh
6aa d[ i]Z Xdbbjc^XVi^dc hZci dji XVc WZ jhZY id XdckZn ndjg bVg`Zi^c\ bZhhV\Z#
/ij[fije[n[Ykj_d]Wd[cW_bYWcfW_]d
:kZgn idjX]ed^ci l^aa bVg`Zi i]Z dg\Vc^hVi^dc# =dlZkZg! ]ZgZ lZ l^aa [dXjh dc XdbbZgX^VaZbV^ah# J^[h[Wh[jmejof[ie\Yecc[hY_Wb[cW_bi0 Fhecej_edWb[cW_bi0i]ZhZVgZbdgZY^gZXiVcYVgZ\ZVgZYViZci^X^c\i]ZjhZgidiV`Z
/ij[fije[n[Ykj_d]Wd[cW_bYWcfW_]d
Vc^bbZY^ViZVXi^dc#
'$ijhWj[]_YfbWdd_d]
H[j[dj_ed XWi[Z [cW_bi0 Vahd gZ[ZggZY id Vh cZlhaZiiZgh! i]ZhZ bVn ^cXajYZ
I]ZÒghieVgid[VcnZbV^aXVbeV^\ch]djaY^ckdakZeaVcc^c\VgdjcYi]Z\dVahndjl^aa
egdbdi^dcVabZhhV\ZhWjih]djaYWZ[dXjhhZYdcegdk^Y^c\^c[dgbVi^dcd[kVajZidi]Z
cZZYidVX]^ZkZ#I]ZhZl^aaegdWVWanWZ^ca^cZl^i]i]Z\dVahd[ndjglZWh^iZ!l^i]
jhZg!\ZVgZYViWj^aY^c\Vadc\iZgbgZaVi^dch]^el^i]i]ZjhZg#
ZbV^abVg`Zi^c\WZ^c\jhZYVhViddaid]ZaendjVX]^ZkZi]dhZ\dVah#
6h l^i] Vaa ZBVg`Zi^c\ VXi^k^i^Zh! XVgZ[ja eaVcc^c\ ^h XVaaZY [dg! Vh ^h XVgZ[ja iZhi^c\
6hY^hXjhhZY^ci]ZX]VeiZgdcVcVani^XhVcYXdckZgh^dcdei^b^hVi^dc!ndjl^aaYZX^YZ
VcYZkVajVi^c\!hdVhiddei^b^hZndjggZkZcjZ#:bV^abVg`Zi^c\bVnWZ]^\]anXdhi
dci]Z`ZneZg[dgbVcXZ^cY^XVidgh@E>h[dgndjgXVbeV^\cVhlZaa#
Z[[ZXi^kZ!Wjii]ZXdhid[\Zii^c\^ilgdc\XVcWZkZgn]^\]^cYZZY# Egdbdi^dcVaZbV^ahl^aajhjVaan]VkZVc^bbZY^ViZ\dVa/
&%
JhZghbV`ZVejgX]VhZ
JhZghYdlcadVYVl]^iZeVeZg
JhZghgZfjZhi[jgi]Zg^c[dgbVi^dc &&
ZbV^abVg`Zi^c\Ñ]dl^ildg`hÑ/ij[fije[n[Ykj_d]Wd[cW_bYWcfW_]d
ZbV^abVg`Zi^c\Ñ]dl^ildg`hÑ/ij[fije[n[Ykj_d]Wd[cW_bYWcfW_]d
CZlhaZiiZgh iZcY id [dXjh dc adc\Zg iZgb \dVah! VcY hd ndjg @E>h WZXdbZ bdgZ
I]ZgZVgZVbng^VYd[lVnhidViigVXiegdheZXihiddei^cidVYViVWVhZ#@Zn^hVcZbV^a
^bedgiVci]ZgZ#
h^\c"je[dgbdcVXdbeVcnlZWh^iZ#K^h^idghidVlZWh^iZ]VkZVagZVYnZmegZhhZYVc ^ciZgZhi^cVXdbeVcnWnXa^X`^c\i]gdj\]idi]ZlZWh^iZÄi]^h^hVcdeedgijc^inid
dej[ HE?YWdX[W]eWbe\j^[ YWcfW_]d"WdZ_jYWdX[ ki[ZWiWAF?$
@E>h^cXajYZ/
YZkZadei]Vi^ciZgZhi[jgi]Zg#
DeZcgViZ
8a^X`"i]gdj\]gViZ
CjbWZgd[ZbV^ah[dglVgYZY
Ejii]Zh^\c"je[dgbl]ZgZ^iXVcWZhZZcÄVWdkZi]Z[daYVcYdcZkZgneV\Z#
GD>
HiViZ ndjg Vci^"heVb hiVcXZ Zmea^X^ian! VcY WZ XaZVg VWdji ]dl ndj kVajZ
H^\c"je[dgbhWZhiegVXi^XZ/
hjWhXg^WZghÉeg^kVXn# 6 hjXXZhh[ja ZbV^a XVbeV^\c ^h bdhi a^`Zan id WZ i]Z dcZ \ZVgZY Vi gZiV^c^c\ VcY
JhZVXaZVgXVaaidVXi^dc#
XgZVi^c\Vadc\iZgbgZaVi^dch]^el^i]i]ZgZVYZg#
IZaa hjWhXg^WZgh l]Vi i]Zn l^aa \Zi! VcY ]dl d[iZc i]Zn l^aa \Zi ^i# >cXajYZ V
@cdlndjgVjY^ZcXZI]Znl^aaY^XiViZi]Z^ciZgVXi^dch#
:chjgZi]ZZbV^aVYYgZhh^hXdggZXiWnX]ZX`^c\i]ZhnciVm#
IZhiidhZZl]Vildg`hWZhi
WZcZÒihiViZbZci#
($Z[Ód[b_ij Gjcc^c\VhjXXZhh[jaZbV^aXVbeV^\cgZfj^gZhi]ViVWjh^cZhh]VhV\Zcj^cZdei"^c YViVWVhZ#I]^hYViVWVhZ!i]Za^hid[hjWhXg^WZghl]d]VkZV\gZZYidVaadlVXdbeVcn
:kZgn^ciZgVXi^dcXVcWZjhZYidVh`eZgb^hh^dcidhZcYZbV^ah#
idhZcYi]ZbZbV^ahl^i]bVg`Zi^c\bZhhV\Zh!^hi]ZbdhikVajVWaZVhhZid[VcZbV^a XVbeV^\c#
D[[Zg hdbZi]^c\ kVajVWaZ [dg [gZZ! VcY Vh` ^[ i]Zn ldjaY h^\c je id ndjg cZlhaZiiZgVii]ZhVbZi^bZZ#\#l]^iZeVeZg!\^[ikdjX]Zg!bjh^XigVX`#
'#
6YYVhjWhXg^WZWdmidi]ZX]ZX`djiegdXZhhd[ndjggZiV^ah^iZ#
(#
JhZ^ciZgVXi^dchViigVYZh]dlhidVh`[dgZbV^aVYYgZhhZh#
dej[ Efj#_dWdZZekXb[ efj#_d0j^[_dj[]h_joe\ j^[ZWjWXWi[YWdX[ iW\[]kWhZ[Zm_j^WZekXb[ efj_dfheY[ii$7d[cW_b_i i[djjej^[[cW_bWZZh[ii ikffb_[Z"WdZj^[ki[h^Wi jeYb_YaedWb_dam_j^_d j^Wj[cW_bjeYedÓhcj^[_h ikXiYh_fj_ed$J^_ic[Wdi j^WjZkZ[cW_bWZZh[ii[i Wh[a[fjekje\j^[ ZWjWXWi["WdZYedÓhci j^Wjj^[ki[h^Wi]hWdj[Z [nfb_Y_jf[hc_ii_ed$
EZgb^hh^dcbjhiWZZmea^X^ian\^kZcWnVaaeZdeaZidl]dbZbV^ahVgZhZci#8dbeVc^Zh i]ViVWjhZi]^hXVcejii]Z^ggZejiVi^dc^c_ZdeVgYn!VcY^chdbZXdjcig^Zh!aZ\VaVXi^dc
)$Yh[Wj_l[[n[Ykj_ed
XVcWZiV`ZcV\V^chiXdbeVc^Zhi]VihZcYjchda^X^iZYWja`ZbV^aÄheVb#
:bV^ahXVcWZXgZViZYVcYk^ZlZYVh=IBAdgVhiZmiZbV^ah#7ZVg^cb^cY!i]dj\]! i]VihdbZi^bZh=IBAZbV^ahVgZgZcYZgZYVhiZmiZbV^ah#
[ ndj ]VkZ V I]Z YViVWVhZ cZZYh dcan ]VkZ dcZ Zcign Ä i]Z egdheZXiÉh ZbV^a Ä Wji i]Z [daadl^c\
L^cYdlhXdbejiZg!VcYndjdeZcjecdiZeVYVcYineZi]ZgZ!ndjl^aaWZXgZVi^c\V
h]djaYVahdWZXdch^YZgZY/
iZmiÒaZ#I]ZhZZbV^ahVgZhbVaaZg!VcYeaV^cZg#6hi]ZhZVgZiZmidcan!i]ZXdengZVaan
;^ghicVbZ!hjgcVbZVcYi^iaZ
Xdjcih]ZgZ#
9ViZeZgb^hh^dc\gVciZY
HdjgXZd[eZgb^hh^dc
=IBAZbV^ahVgZi]ZZbV^ahl^i]Vaai]ZWZaahVcYl]^hiaZh#I]ZhZZbV^ahXVcXdciV^c
iÉhegdWVWanl]VindjÉkZ]VY^cb^cYi]gdj\]dji
8djcign
i]^hX]VeiZgl]ZclZ]VkZgZ[ZggZYidZbV^abVg`Zi^c\#
IZaZe]dcZcjbWZg
9ViZd[W^gi]
fWhjie\Wd[cW_b ^[WZ[h
dej[ F[ff[hWdZHe][hih[\[h je]Wj^[h_d]_d\ehcWj_ed el[hWf[h_eZe\j_c[Wi ÇZh_f_hh_]Wj_edÈ"i_dY[_j d[l[hel[hm^[bcideh fWhY^[ij^[fheif[Yj$ &'
;^ZaYh hjX] Vh cVbZ! hjgcVbZ VcY i^iaZ h]djaY WZ hZeVgViZY ^c ndjg YViVWVhZ# Ndj
I]^h ]Vh i]Z ÆidÇ! Æ[gdbÇ VcY ÆgZean idÇ ÒZaYh# I]ZhZ VgZ Vahd deedgijc^i^Zh id
h]djaY Vahd \Vi]Zg YViZ d[ W^gi] Vh deedhZY id V egdheZXiÉh V\Z Ä ^i ZchjgZh ndjg
Wj^aY V gZaVi^dch]^e i]gdj\] XgZVi^c\ V eZgXZei^dc d[ [Vb^a^Vg^in# >c di]Zg ldgYh!
YViVWVhZXVchiVnjeidYViZ
i]Z gZVYZg cZZYh id eZgXZ^kZ i]Vi i]Z cZlhaZiiZg ^h hdbZl]Vi jc^fjZ [dg i]Zb VcY hZcieZghdcVaanWni]ZejWa^h]Zg#Jh^c\VeZghdcVa^hZYXdbeVcnZbV^aVYYgZhhZ#\#
=dlZkZg! YdcÉi WZ iZbeiZY id Vh` [dg bdgZ ^c[dgbVi^dc i]Vc ^h gZfj^gZY# I]Z bdgZ
igZkdg5XdbeVcncVbZ#Xdb [dg i]Z ÆgZeanÇ ÒZaY XgZViZh [Vb^a^Vg^in VcY Wj^aYh igjhi
^c[dgbVi^dc V bVg`ZiZg XVc \Vi]Zg! i]Z WZiiZg h]Z XVc Xjhidb^hZ ]Zg bVg`Zi^c\
l^i]i]ZgZVYZg#I]ZÆ[gdbÇVYYgZhhh]djaYVahd^cXajYZi]Zdg\Vc^hVi^dcÉhcVbZ#6
bZhhV\Zh#=dlZkZg!i]ZbdgZ^c[dgbVi^dcVegdheZXi^hgZfj^gZYid\^kZ!i]ZaZhha^`Zan
bZVc^c\aZhhÆ[gdbÇVYYgZhhl]^X]i]ZgZVYZgXVccdi^YZci^[ndcanhZgkZhidXdc[jhZ
]Z^hidh^\cje#;jgi]Zg^c[dgbVi^dcXVcWZgZfjZhiZYdkZgVeZg^dYd[i^bZ#
i]Zdg^\^cd[i]ZcZlhaZiiZg# &(
ZbV^abVg`Zi^c\Ñ]dl^ildg`hÑ/ij[fije[n[Ykj_d]Wd[cW_bYWcfW_]d
ZbV^abVg`Zi^c\Ñ]dl^ildg`hÑ/ij[fije[n[Ykj_d]Wd[cW_bYWcfW_]d
ikX`[Yjb_d[ I]ZhjW_ZXia^cZXdjaYWZi]Zbdhi^bedgiVcieVgid[VcZbV^aHjW_ZXia^cZhV^Yi]Z gZVYZg^c^YZci^[n^c\i]ZZbV^a!VcYVahdZci^XZi]ZgZVYZgiddeZc^i#I]ZhjW_ZXia^cZ^h VahdhXgji^c^hZYWnheVbÒaiZgh!VcYhdh]djaYVkd^YldgYha^`ZÆ[gZZÇ!Æl^cÇVcYÆWjn cdlÇ# 8dch^hiZci hjW_ZXi a^cZh! jh^c\ i]Z cVbZ d[ i]Z XdbeVcn VcY i]Z cZlhaZiiZg ZY^i^dc!XVcWj^aY[Vb^a^Vg^inVcY]ZaegZVYZghidhdgii]Z^g^cWdm#6hl^i]ZkZgni]^c\ dca^cZ! iZhi^c\ Y^[[ZgZci hjW_ZXi a^cZh l^aa aZVY bVg`ZiZgh id i]Z [dgbjaV i]Vi ldg`h [dgi]Zb#
f[hiedWb_i[Z]h[[j_d] L^i]VYViVWVhZi]Vi]VhZcig^Zh[dggZVYZghÉcVbZh!^i^hedhh^WaZideZghdcVa^hZi]Z \gZZi^c\ d[ i]Z ZbV^a# Æ=^ @^b Bdg\VcÇ XVc Za^X^i [Vg WZiiZg gZhedchZh i]Vc Æ9ZVg KVajZY 8jhidbZgÇ! Wji ^i ^h edhh^WaZ id XgZViZ V \gZZi^c\ l^i] eZghdcVa^in l^i]dji eZghdcVa^h^c\ ^i# DXXVh^dcVaan! i]Z hjW_ZXi a^cZ XVc WZ eZghdcVa^hZY Vh lZaa id Wddhi gZhedchZh#
XeZo I]^h^hl]ZgZi]ZXdciZcid[i]ZZbV^a\dZh#9dcÉiWZiZbeiZYidjhZiddbVcn^bV\Zh/ ^i XVc ^cXgZVhZ i]Z h^oZ d[ i]Z ZbV^a! VcY ^i XVc dWhXjgZ iZmi l]Zc ^bV\Zh Yd cdi adVY#7ZhjgZi]ViiZmi^hcdidci]Z^bV\Z!WjigVi]ZgXVcWZgZVYl^i]djiVc^bV\Z WZ^c\adVYZY#
\eej[h 6 hiVcYVgY [ddiZg [dg ZbV^ah ]Zaeh id Wj^aY Xdch^hiZcXn! VcY ^h i]Z XjhidbVgn eaVXZ id `ZZe i]Z XdciVXi YZiV^ah d[ i]Z XdbeVcn hZcY^c\ i]Z ZbV^a# 6i i]Z kZgn aZVhi! i]^hh]djaY^cXajYZi]ZcVbZVcYXdciVXiZbV^ad[i]ZXdbeVcn#>iXVcVahd^cXajYZ i]Z eg^kVXn eda^Xn d[ i]Z hZcYZg# DcZ lVn id \gdl i]Z ZbV^a a^hi ^h VYY V Æ[dglVgY id V [g^ZcYÇ a^c` ^c i]Z [ddiZg# I]Z bdhi ^bedgiVci eVgi d[ i]Z [ddiZg ^h V XaZVg jchjWhXg^WZa^c`#
kdikXiYh_X[b_da >i^hbVcYVidgnid]VkZVcjchjWhXg^WZa^c`dcVaaXdbbZgX^VaZbV^ah# >ciZgVXi^kZZbV^ahVgZWZhiXdchigjXiZYl^i]a^\]ilZ^\]i=IBAXVeVW^a^inVaadl^c\i]Z ZbV^aiddeZcfj^X`an#I]^h]ZaehidXVeijgZi]ZjhZgÉhViiZci^dcWZ[dgZ]Z$h]ZbdkZh dc#I]ZhigjXijgZbjhiVaadlgZVYZghidhXVcVcYcVk^\ViZi]ZZbV^aZVh^an#I]ZaZc\i] d[eVgV\gVe]h!Zbe]Vh^hi]gdj\]WdaY^c\VcYXdadjghVhlZaaVhhZXi^dc^c\^c[dgbVi^dc l^i]WjaaZihVcYWdgYZghVaaXdcig^WjiZidVlZaa"higjXijgZYZbV^a#
Yh[Wj[Yedj[dj :bV^aXdciZcii]Vi^hgZaZkVciVcYhdbZi]^c\i]VigZVYZghl^aakVajZ!^hk^iVaidZchjg^c\ i]Z hjXXZhh d[ Vc ZbV^a bVg`Zi^c\ XVbeV^\c# KVajVWaZ XdciZci ^h ^c[dgbVi^kZ VcY h]djaYVYYgZhhi]ZegdWaZbhVcYcZZYhd[gZVYZgh#>i^h^bedgiVciidgZVa^hZi]Vii]Z gZVYZgYZiZgb^cZhi]ZkVajZd[i]ZXdciZci!cdii]ZejWa^h]Zg# &)
>JCB[cW_bm_j^c[dj_ed[Z[b[c[djii^emd
&*
ZbV^abVg`Zi^c\Ñ]dl^ildg`hÑ/ij[fije[n[Ykj_d]Wd[cW_bYWcfW_]d
HjXXZhh[jaZbV^aXVbeV^\chegdk^YZkVajZidi]Z^ggZVYZgh#I]^hkVajZXVckVgn[gdb
,$Z[fbeoc[dj
XVbeV^\cidXVbeV^\c#CZlhaZiiZghXVcd[[Zg/
7nXgZVi^c\kVajVWaZXdciZci!ZhiVWa^h]^c\i]ZXdggZXi[gZfjZcXn!VcYiZhi^c\VcZbV^a
=jbdjg
[dgY^heaVnVcYYZa^kZgVW^a^in!VcZbV^abVg`ZiZgh]djaYWZVWaZidZchjgZVcZmXZaaZci
GZhZVgX]
YZa^kZgn gViZ# 8dch^hiZcXn ^c YZeadn^c\ cZlhaZiiZgh Vahd V^Yh ^c [dhiZg^c\ igjhi VcY
>c[dgbVi^dc
[jaÒaa^c\ZmeZXiVi^dc#:bV^ahh]djaYWZYZa^kZgZYViXdch^hiZcii^bZh!Wjii]ZWZhii^bZ
Egdbdi^dch
[dgWZhigZhjaihh]djaYWZiZhiZY#
=dlZkZg!Vkd^YWZ^c\bVg`ZYVhheVbWnhiVn^c\VlVn[gdbldgYha^`ZÆ[gZZÇ!ÆWjn cdlÇVcYÆY^hXdjciÇ#
j[ij\ehZ_ifbWoWdZZ[b_l[hWX_b_jo dej[ 7d[cW_bYb_[dj_ij^[ ie\jmWh[ehfhe]hWcc[ j^WjWf[hiedki[ije WYY[iij^[_h[cW_b$Iec[ e\j^[i[Wh[m[X#XWi[Z" b_a[=ee]b[CW_bWdZ >ejcW_b"WdZj^[h[Wh[ Wbiefb[djoe\ie\jmWh[ Yb_[dji$7im[bbWicWdo l[hi_edie\Ekjbeea"j^[h[ _iWbieJ^kdZ[hX_hZ" ;kZehW"Bejkijec[dj_ed `kijW\[m$7dZo[i"oekh [cW_bYekbZbeeaZ_\\[h[dj ed[WY^ed[e\j^ei[$
I]ZZbV^ah]djaYWZhXdgZYidhZZi]Vi^il^aaeVhhheVbÒaiZgh!VcYi]ZYZh^\ch]djaY WZiZhiZYidZchjgZi]Vi^igZcYZghXaZVgan^cVhbVcnXa^ZcihVhedhh^WaZ#BV`ZhjgZ i]Vi^bV\Zha^cZje!i]ViXden^hXaZVgVcYi]ViVaai]Za^c`hldg`# :bV^ahXVcWZiZhiZY[dgeaVi[dgbXdbeVi^W^a^inVilll#h^iZk^hiV#Xdb$ZbV^a#Vhe# 6cZbV^aÉhheVbhXdgZXVcWZX]ZX`ZYViheVbVhhVhh^c#VeVX]Z#dg\#
*$_dj[]hWj[YWcfW_]dm_j^ej^[hY^Wdd[bi L]^ahiZbV^abVg`Zi^c\XVcdeZgViZVhVhiVcYVadcZbVg`Zi^c\XVbeV^\c!^ciZ\gVi^c\ ^il^i]di]ZgX]VccZah!Wdi]dca^cZVcYd[Ó^cZ!l^aahZgkZidWdi]gZ^c[dgXZVWgVcYÉh bZhhV\ZVcY^cXgZVhZgZhedchZh# I]ZgZh]djaYcZkZgWZVY^heVg^inWZilZZci]ZXdciZci!idcZdgYZh^\cd[VcZbV^al]Zc XdbeVgZYidi]ZgZhid[VXdbeVcnÉhd[[Zg^c\h#>c"hidgZegdbdi^dchXVcWZgZ^c[dgXZY VcY egdbdiZY id Vc ZbV^a YViVWVhZ! dg lZW h^iZ ^c[dgbVi^dc XVc WZ hjbbVg^hZY [dgZbV^a# 8jhidb aVcY^c\ eV\Zh! Vh gZfj^gZY! h]djaY WZ XgZViZY [dg Vcn egdbdi^dch WZ^c\ Xdbbjc^XViZY^cVcZbV^aXdbbjc^XVi^dc#
+$f[hiedWb_i[j^[c[iiW][ I]ZiZX]cdad\nd[ZbV^abVg`Zi^c\Vaadlh[dgbVhhXjhidb^hVi^dcÄ^i^hdcZiddcZ bVg`Zi^c\dcVbVXgdhXVaZ#:kZch^beaZeZghdcVa^hVi^dcXVchZZ^begdkZYgZhjaih# 8jhidb^hVi^dchiVgihVijh^c\i]ZgZX^e^ZciÉhcVbZVcYhZcY^c\Z^i]Zg=IBAdgiZmi ZbV^ahWVhZYdcegZ[ZgZcXZ!idhde]^hi^XViZYbZVhjgZbZcid[VgZX^e^ZciÉhegZ[ZgZcXZh VcYiV^adg^c\XdciZciidhj^ii]Zb# HZ\bZci^c\VYViVWVhZXVcVaadl[dgXjhidb^hVi^dcVXgdhhYZbd\gVe]^XhdgejgX]VhZ ]^hidgn#7Z^c\VWaZidgZXdcX^aZWgdlh^c\VXi^k^inidVcZbV^agZX^e^ZciXVc\^kZ[jgi]Zg deedgijc^i^Zh[dgXjhidb^hVi^dc#
&+
ZbV^abVg`Zi^c\Ñ]dl^ildg`hÑ/ij[fije[n[Ykj_d]Wd[cW_bYWcfW_]d
;cW_b h[fkjWj_ed! l]^X] XVc YZiZgb^cZ l]Zi]Zg dg cdi ndjg bZhhV\Z ^h gZ\VgYZY Vh heVb! ^h i]Z \ZcZgVa de^c^dc d[ i]Z >HEh! i]Z Vci^"heVb Xdbbjc^in! VcY i]Zc hjWhXg^WZghidlVgYhVhZcYZgÉh>EVYYgZhh!hZcY^c\YdbV^c!dgWdi]#I]^hde^c^dc^hV gZejiVi^dchXdgZXgZViZYWnVc>HEdgVi]^gYeVginegdk^YZg#>[i]ZhZcYZgÉhhXdgZ[Vaah l^i]^ci]Z>HEÉhi]gZh]daYh!VhZcYZgÉhbZhhV\Zhl^aaWZYZa^kZgZYidi]Z^cWdm#>[cdi! i]ZhZcYZgÉhZbV^ahbVnVgg^kZ^ci]ZWja`[daYZg!WZfjVgVci^cZY!dgWZWdjcXZYWVX` idi]ZhZcYZg# 7ZXdb^c\VcZ[[ZXi^kZZbV^abVg`ZiZggZfj^gZhXdchiVcia^hiXaZVch^c\VcY]n\^ZcZ#>c [VXi!bdhia^hihh]g^c`Wn(%ZVX]nZVgYjZidhjWhXg^WZghX]Vc\^c\ZbV^aVYYgZhhZh# BV`ZhjgZndjVgZY^a^\ZciVWdjibV^ciV^c^c\VXjggZcidei"^ca^hiidVX]^ZkZbVm^bjb YZa^kZgVW^a^ink^VgZejiVi^dc# I^ehid]ZaegZejiVi^dchXdgZ/
>HEhd[[ZgkVg^djhhZcYZgÉhVji]Zci^XVi^dchiVcYVgYhhjX]VhHZcYZg>9!HE;! VcY9dbV^c@Znh#JhZi]ZhZ#
Djil^i]i]ZdaY!^cl^i]i]ZcZlÄ`ZZendjgYViVWVhZXaZVc#
GZbdkZ]VgYWdjcXZhV[iZg(YZa^kZg^Zh>HEhYdcÉia^`ZZ"bV^aWgdVYXVhiZgh l]d]VkZV]^\]WdjcXZgViZ#
GZbZbWZgi]ViV]j\ZWji^cVXXjgViZVcYdjiYViZYYViVWVhZ^h[VgaZhhjhZid VcZbV^abVg`ZiZgi]VcVi^\]ian"bV^ciV^cZY!hbVaaZgYViVWVhZ#Hig^kZidWddhi ndjgYViVWVhZ!WjiYdcÉi[dg\ZiidXaZVcWZ]^cYndjVhndj\d#
:chjgZZbV^aWgdVYXVhigViZhVgZcdiidd]^\]#
GZhedcYidXdbeaV^cihVcYjchjWhXg^WZgZfjZhihÄ^[hdbZdcZgZfjZhihidWZ jchjWhXg^WZY!Ydhd#
dej[ 7d[cW_bm^_j[b_ij_iWb_ij e\YedjWYjij^Wjj^[ki[h Z[[ciWh[WYY[fjWXb[je h[Y[_l[[cW_b\hecWdZ i^ekbZdejX[i[djjej^[ jhWi^\ebZ[h
:YjXViZjhZghVWdjil]^iZa^hih#
M^[djei[dZcW_bi0 8dbbdchZchZiZaahndjcdidcBdcYVnbdgc^c\dg;g^YVnV[iZgcddc!Wji^ikVg^ZhWn VjY^ZcXZ#IZhi^c\l^aa\j^YZndj# >[i]ZgZX^e^Zci]Vh\^kZceZgb^hh^dcidWZhZcibVg`Zi^c\bZhhV\ZhWnZbV^a!i]Zc^i ^hcdiheVb#JhZgh\^kZeZgb^hh^dcl]Zci]Zni^X`VWdmi]VihVnhÆNZh!eaZVhZhZcY bZd[[Zgh[gdbndjgXdbeVcnWnZbV^a#ÇI]ZZbV^aVYYgZhhXVcdcanWZegdk^YZYid Vcdi]ZgXdbeVcn^[i]ZjhZgi^X`hVWdmi]VihVnhÆNZh!eaZVhZhZcYbZd[[Zgh[gdb i]^gYeVgi^ZhhZaZXiZYWnndjWnZbV^a#Ç
dej[ M^[d_i[cW_bWd[cW_b" WdZm^[d_i_jifWc5 IfWc_ikdieb_Y_j[ZXkba [cW_bÅ_jc[Wdij^Wj j^[h[Y_f_[djd[l[h]Wl[ f[hc_ii_edjeX[i[djj^Wj [cW_b$
&,
ZbV^abVg`Zi^c\Ñ]dl^ildg`hÑ/ij[fije[n[Ykj_d]Wd[cW_bYWcfW_]d
ZbV^abVg`Zi^c\ÑfheiWdZYedi
EZgb^hh^dcbjhiWZZmea^X^ian\^kZcidi]ZXdbeVcnidWZVaadlZYidbVg`Ziidi]Vi
Dei^bVacjbWZgd[a^c`h^cVcZbV^a[dgXa^X`i]gdj\]gViZhVcYXdckZgh^dch
jhZg#Ign^c\id\V^cZmea^X^ieZgb^hh^dc^cVhcZV`nlVnl^aadcanVccdnndjgjhZgh!VcY
9^[[ZgZciXdenhinaZhVcYXdenaZc\i]
b^\]igZhjai^cndjgZbV^ahWZ^c\bVg`ZYVhheVb#
I]ZZ[[ZXid[k^YZddcYZa^kZgngViZh!deZcgViZhVcYXdckZgh^dch
-$_dj[hWYj_ed^WdZb_d]
jeebie\i]ZigVYZ
6h lZaa Vh i]Z ZbV^ah higViZ\^XVaan eaVccZY Vh eVgi d[ V XVbeV^\c egdbdi^dcVa ZbV^ahVcYcZlhaZiiZghZkZgn^ciZgVXi^dck^VZbV^ah]djaYWZXdch^YZgZYVheVgid[V XdbeVcnÉhZbV^abVg`Zi^c\egVXi^XZ#
;^ghije!VcZbV^aXVbeV^\ccZZYhVYViVWVhZ#6eaVc[dg\gdl^c\i]^hYViVWVhZcZZYh idWZeji^ceaVXZ#BdhiZbV^ahZgk^XZegdk^YZghl^aaVahdegdk^YZiddah[dgbVcV\^c\
6jidbViZYZbV^ahhjX]VhdgYZgXdcÒgbVi^dchVcYZkZcdjid[d[ÒXZgZea^ZhVgZVaa
i]^hYViVWVhZ#
deedgijc^i^ZhidZc\V\Zl^i]XjhidbZgh#>[VXdbeVcn]VhVeVgi^XjaVgidcZdgXdciZci hinaZ!i]^hXVcWZgZ^c[dgXZY^ci]ZhZ^ciZgVXi^dch#
6aaZbV^ahcZZYidWZiZhiZY[dgZbV^aXa^ZciXdbeVi^W^a^inVhlZaaVh[dgVcnediZci^Va heVbegdWaZbh#
I]ZhZZbV^ahXVcVahdWZVcdeedgijc^inidXgdhh"VYkZgi^hZdi]Zgegdbdi^dchi]ViV XdbeVcn^hd[[Zg^c\#
:bV^aXa^ZciXdbeVi^W^a^inXVcWZgZk^ZlZYVi/ lll#h^iZk^hiV#Xdb$ZbV^a#Vhe
.$][d[hWj[h[fehji :bV^aigVX`^c\hnhiZbhegdYjXZhiVi^hi^Xh^cVjhZg"[g^ZcYanbVccZg#
6cZbV^aÉhheVbhXdgZXVcWZX]ZX`ZYVi/ heVbVhhVhh^c#VeVX]Z#dg\
@ZnbZVhjgVWaZh[dgjcYZghiVcY^c\d[i]ZeZg[dgbVcXZd[ZbV^aXVbeV^\ch/
DcXZVcZbV^a]VhWZZchZci!gZhjaihcZZYidWZVcVanhZYide^ced^ciVgZVh[dg\gdli]
6h l^i] Vaa i]^c\h ZBVg`Zi^c\! igVX`^c\! VcVanh^c\ VcY dei^b^h^c\ ^h `Zn id \gdli]#
CjbWZgd[[cW_biZ[b_l[h[Z#
CjbWZgd[XekdY[iVcYi]^hh]djaYWZhZeVgViZY^cid]VgYWdjcXZhVcYhd[i
[dgi]ZcZmiXVbeV^\c#
WdjcXZh#
CjbWZgd[jc^fjZ[cW_bief[d[Z/VcZbV^aXVcWZYZa^kZgZY!WjicdideZcZY#
KdikXiYh_X[i/h^\c^ÒXVcidgXdch^hiZciadhh^chjWhXg^WZgh^hV`Zn^cY^XVi^dc
Z_iYkii_ed Ef[dhWj[Ze[idej d[Y[iiWh_bo_dZ_YWj[ m^[j^[hehdejWd[cW_b ^WiX[[dh[WZ$>emZe oekj^_daWcWha[j[hYWd Z[j[hc_d[_\[cW_biWh[ X[_d]h[WZ5
fheiWdZXdch
i]VindjVgZcdibZZi^c\i]ZcZZYhd[ndjghjWhXg^WZgh
EZgb^hh^dcWVhZYZbV^abVg`Zi^c\XVc\^kZi]Z]^\]ZhigZijgcdc^ckZhibZcid[Vcn
FWiiedhWj[/]^\]eVhhdcgViZ[dglVgYh^cY^XViZhi]Vindjga^hikVajZhi]Z
bVg`Zi^c\VXi^k^i^Zh#IZX]cdad\nVaadlhbVhhXjhidb^hVi^dc!Vaadl^c\eZghdcVa^hVi^dc
XdciZciZcdj\]idXdchiVcianh]VgZl^i]di]Zgh#Ejii^c\VcZVhnÆ[dglVgYidV
VXgdhhVaVg\Za^hid[hjWhXg^WZgh#
[g^ZcYÇa^c`^cZkZgnZbV^aXVc^cXgZVhZi]^h#6YY^c\Vh^\c"jea^c`id[dglVgYZY
ZbV^ahl^aadg\Vc^XVaan\gdli]Zdei"^ca^hi#
L]Zc jhZY id [dhiZg gZaVi^dch]^eh l^i] V XjhidbZg WVhZ! ZbV^a bVg`Zi^c\ XVc \d V
9b_Ya#j^hek]^ hWj[i WdZ Yedl[hi_ed/ I]^h bZVhjgZh i]Z Z[[ZXi^kZcZhh d[ Vc
adc\lVnid^cXgZVh^c\i]Za^[Zi^bZkVajZd[i]ViXjhidbZg#
ZbV^ak^Vi]Za^c`heaVXZY^ci]ZXdciZci#L]ZcVgZVYZgXa^X`hi]gdj\]idV lZWeV\Z!i]ZhZXVcWZZVh^anbZVhjgZYVhVeZgXZciV\ZV\V^chicjbWZgd[
:bV^abVg`Zi^c\^h]^\]anbZVhjgVWaZ!VcYYViVWVhZhVgZ]^\]anhZ\bZciVWaZ#
YZa^kZgZY!deZcZYdghZciZbV^ah#>igZkZVahl]^X]XdciZcidgegdbdi^dclVh i]ZbdhiZci^X^c\[dgi]ZgZVYZg#
=dlZkZg! l^i] i]Z ^cXgZVh^c\ cjbWZgh d[ XdbeVc^Zh VcY ^cY^k^YjVah jh^c\ ZbV^a bVg`Zi^c\! bVcn XdchjbZgh VgZ ZbV^a [Vi^\jZY# >i gZfj^gZh ^c\Zcj^in! [dXjh VcY
/$WdWboi[h[ikbji
YZY^XVi^dcidbV^ciV^cVcZbV^aYViVWVhZVcYXdch^hiZcianYZa^kZgjhZ[jafjVa^inZbV^ah
DcXZi]ZgZedgih]VkZWZZc\ZcZgViZY!^i^hi^bZidldg`djil]Vii]ZcjbWZghVgZ
i]Vil^aaWZgZVY#
gZkZVa^c\!VcYidjhZi]^h^c[dgbVi^dcid^begdkZi]ZcZmiZbV^ahZcidji# >iYdZhcdiiV`ZbjX][dgZbV^aidWZbVg`ZYVhheVb!VcY^iXVcWZY^[ÒXjaiidgZXdkZg L^i] ZbV^a bVg`Zi^c\! hea^i iZhi^c\ VXgdhh V ]dhi d[ [VXidgh l^aa ZcVWaZ XVbeV^\c
[gdbWZ^c\WgVcYZYVhVheVbbZgWni]Z>HEh#
dei^b^hVi^dc#HdbZ[VXidghidiZhi^cXajYZ/ &-
DeZcgViZhVXgdhhY^[[ZgZcihjW_ZXia^cZhVcYYZa^kZgni^bZh &.
ZbV^abVg`Zi^c\ÑikccWho
ZbV^abVg`Zi^c\ÑYWi[ijkZo
ikcbVgn :bV^a bVg`Zi^c\ ^h V [dgb d[ Y^gZXi bVg`Zi^c\ i]Vi XVc gZcYZg i]Z WZhi GD> d[ Vcn ZBVg`Zi^c\iVXi^X#>i^h/
=^\]aniVg\ZiZYVcYXjhidb^hVWaZ
8dhiZ[[ZXi^kZ
ih
VgZldgi]nd[WZ^c\eVgid[i]Z?d]cc^ZLVa`ZgHig^Y^c\BVcHdX^Zin#I]Zeg^oZlVh^c^ihZa[VÆXVhZÇ&'WdiiaZh
hjXXZhhlVhejgZanYg^kZcWneZdeaZ[dglVgY^c\i]ZZbV^aiddi]Zgh#
d[?d]cc^ZLVa`Zg7aVX`l]^X][jgi]ZggZ^c[dgXZYi]ZXdcXZeid[ÆHiViZVXVhZ[dgndjghZa[Ç#HZcYidV[g^ZcY iZX]cdad\nlVhjhZYhdi]ViegdheZXihXdjaYhiViZVXVhZ[dgi]ZbhZakZhWncdb^cVi^c\ÒkZ[g^ZcYhldgi]nd[
I]ZZbV^aXVbeV^\clVhkZgnhjXXZhh[ja"'+(%cZlhjWhXg^ei^dchlZgZXVeijgZYl^i]^ci]ZÒghilZZ`DkZg
i]ZHig^Y^c\BVcHdX^Zin#EV\ZhheZX^ÒXidi]ZXVbeV^\clZgZXgZViZY[dgXa^X`"i]gdj\]hVcYYViVXVeijg^c\#
'*%%%ZbV^ahlZgZhZciidjc^fjZVYYgZhhZh^ci]ZYjgVi^dcd[i]ZXVbeV^\c!VcY^ihVldkZg'%%\gdli]^c hjWhXg^WZghid?d]cc^ZLVa`ZghÉHig^Y^c\BVcHdX^Zin#I]ZXVbeV^\cVX]^ZkZYVXdckZgh^dcgViZd[VWdji'.
'%
I]Z ZbV^a lVh hZci id V a^hi d[ XVgZ[jaan X]dhZc bZbWZgh d[ i]Z ?d]cc^Z LVa`Zg 7aVX` $ Hig^Y^c\ BVc
"'.d[egdheZXihl]dgZXZ^kZYi]Zk^gVaZbV^a[gdbi]Zdg^\^cVaa^hid[hjWhXg^WZgh!hjWb^iiZYi]Z^gYZiV^ah!
HdX^ZinYViVWVhZl]dÒii]ZgZfj^gZYegdÒaZ#GZb^cYZgZbV^ahlZgZXdcÒ\jgZYid\ddjidcZlZZ`V[iZgi]Z
VcYV\gZZYidWZXdbZeVgid[?d]cc^ZLVa`ZghÉHig^Y^c\BVcHdX^Zin#GZb^cYZgZbV^ahVYYZYV&%^cXgZVhZ^c
ÒghiZbV^a#
jc^fjZXa^X`i]gdj\]VXi^k^inV\V^chii]Zk^gVaZbV^a#
'&
ZbV^abVg`Zi^c\ÑYWi[ijkZo
YWi[ijkZogk[ij_edi
L]nlVhZbV^aVc^YZVabZY^jbidgZVX]i]^hiVg\ZibVg`Zi4
'#
L]nYdZhVWgVcYa^`Z?d]ccnLVa`ZgXdaaZXiZbV^aVYYgZhhZh4
(#
=dl^bedgiVcilVheZghdcVa^hVi^dc^ci]^hXVbeV^\c4
ZbV^abVg`Zi^c\Ñ\khj^[hh[WZ_d]
\khj^[hh[WZ_d] lll#bVg`Zi^c\h]ZgeV#Xdb ÄBVg`Zi^c\H]ZgeVegdk^YZhgZ\jaVgXVhZhijY^Zh!X]VgihVcY]dlidh#:hhZci^VagZVY^c\[dgVcnZBVg`ZiZg# lll#ZbV^a"bVg`Zi^c\"gZedgih#Xdb$Wad\h#]ib "i]^hdcZ"hidegZhdjgXZegdk^YZh\j^YZa^cZh!gZ\jaVgVgi^XaZhVcYa^c`hiddi]ZgZmXZaaZciWad\h^ci]ZZbV^a
Y^Wfj[hgk[ij_edi
bVg`Zi^c\^cYjhign# lll#XVbeV^\cbdc^idg#Xdb$Wad\$
L]Vi^hbZVciWnÆbVhhXjhidb^hVi^dcÇVcYl]n^hi]^hhdWZcZÒX^Va4
" i]^h Wad\ [gdb 8VbeV^\c Bdc^idg! V aZVY^c\ ZbV^a cZlhaZiiZg hd[ilVgZ egdk^YZg! `ZZeh VWgZVhi d[ ^cYjhign
'#
L]ViVgZi]Z`ZnY^[[ZgZcXZhWZilZZcY^gZXibVg`Zi^c\WnZbV^aVcYY^gZXibVg`Zi^c\Wnedhi4
igZcYhVcYWZhiegVXi^XZh#
(#
L]n^h^i^bedgiVci[dgeZgb^hh^dcidWZ\V^cZYWZ[dgZbVg`Zi^c\WnZbV^aidVegdheZXi4
)#
:bV^ah i]Vi VgZ ZmeZXiZY VcY gZXd\c^hZY VgZ bdgZ a^`Zan id WZ gZVY# =dl XVc V bVg`ZiZg jhZ i]^h `cdlaZY\Zid^cXgZVhZi]ZgZVYZgh]^ed[ZbV^ah4
lll#ZbV^a"hiVcYVgYh#dg\ Äi]Z:bV^aHiVcYVgYhegd_ZXi^hV^bZYZchjg^c\i]ViZbV^ahXVcWZgZcYZgZYXdggZXianVXgdhhVaaXa^Zcih#>iVahd gZ\jaVganiZhih]dlZbV^aXa^ZcihVgZeZg[dgb^c\dcXdbeVi^W^a^in#
h[\[h[dY[i 7gdlcadl!B#:bV^aegdbdi^dchkhcZlhaZiiZgh! lll#ZbV^a"bVg`Zi^c\"gZedgih#Xdb$cZlhaZiiZghegdbdi^dch#]ib! ZbV^a"bVg`Zi^c\"gZedgih#Xdb!PVXXZhhZY&-BVgX]'%%-R 8gdX`Zg!9#:bV^a=^hidgn! ]iie/$$lll#a^k^c\^ciZgcZi#Xdb$Z$Z^#]ib! a^k^c\^ciZgcZi#Xdb!PVXXZhhZY&-BVgX]'%%-R @daaVh!H#&-;ZWgjVgn'%%-'ZbV^ahigViZ\^ZhbdhibVg`ZiZgh[dg\Zi! ]iie/$$lll#^bZY^VXdccZXi^dc#Xdb$XdciZci$&-()+#Vhe! ^bZY^VXdccZXi^dc#Xdb!PVXXZhhZY&-BVgX]'%%-R EZeeZggZaa!H#',BVgX]'%%,I]ZHZkZc9ZVYanH^chd[:bV^aBVg`Zi^c\BVcV\ZbZci! lll#Y^\^iVa"lZW#Xdb$Vgi^XaZh$hZkZcTh^chTd[TZbV^aTbVg`Zi^c\! 9^\^iVaLZWBV\Vo^cZ!PVXXZhhZY&-BVgX]'%%-R IZbeaZidc!7#Dg^\^cd[i]ZiZgbÆheVbÇidbZVccZiVWjhZ! ]iie/$$lll#iZbeaZidch#Xdb$WgVY$heVbiZgb#]iba! iZbeaZidc#Xdb!PVXXZhhZY&-BVgX]'%%-R LViZgh!9#(&BVgX]'%%-HeVbWa^\]ihZ"bV^a&*nZVghdc ]iie/$$cZlh#WWX#Xd#j`$'$]^$iZX]cdad\n$,(''+&*#hib! WWX#Xd#j`!PVXXZhhZY&-BVgX]'%%-R
''
'(
)$edb_d[VYkZgi^h^c\ M^WjÊi_di_Z[0LZWZ\^cl^i]Vc_djheZkYj_ediddca^cZVYkZgi^h^c\l^i]V Wg^Z[^_ijehod[WVccZgVYkZgi^h^c\#L]Vi[daadlhVgZi]Za[oj[hciWdZYedY[fji gZfj^gZY!VcYi]ZcVWgZV`Ydlcd[ ^em_jmehai#LZadd`Vi]dlidh]dlndjg bZhhV\Z! VcY d[ XdjghZ ]dl id eVn [dg ^i# I]ZgZ ^h Vc dkZgk^Zl d[ WZ i[hl[hi VcY WZl[hj_i_d]d[jmehaiVcYi]ZbdkZidlVgYh WZ[nY^Wd][i#Ejii^c\^iVaa id\Zi]Zg]ZaehndjidfbWdWYWcfW_]d!VcYlZadd`Vi[c[h]_d]j[Y^debe]_[i l]Zc^iXdbZhidVYkZgi^h^c\dca^cZ# FheiWdZYediVgZdjia^cZY^ci]Z\ddYVcY i]ZWVY![daadlZYWnVikccWhoVcYj^[X_]][hf_Yjkh[$ ')
'*
dca^cZVYkZgi^h^c\Ñ_djheZkYj_ed
_djheYjXi^dc
#i^emWdZi[bb H^bean eji! dca^cZ VYkZgi^h^c\ ^h VYkZgi^h^c\ dc i]Z >ciZgcZi# Dca^cZ VYkZgi^h^c\ ZcXdbeVhhZh VYkZgih dc hZVgX] Zc\^cZ gZhjaih eV\Zh XdkZgZY ^c i]Z X]VeiZg dc EE8 VYkZgi^h^c\!VYkZgiheaVXZY^cZbV^ahVcYdi]ZglVnh^cl]^X]VYkZgi^hZghjhZi]Z>ciZgcZi# =dlZkZg!i]^hX]VeiZg[dXjhZhdcY^heaVnVYkZgi^h^c\dgg^X]bZY^VVYkZgi^h^c\#
dca^cZVYkZgi^h^c\Ña[oj[hciWdZYedY[fji
a[oj[hciWdZYedY[fji
7ZIfWY[I]ZVaadiiZYheVXZdclZWeV\ZhVkV^aVWaZ[dgdca^cZVYkZgi^h^c\# 7d_cWj[Z=?ciZgcZi#
7d[WhboXWdd[h WZ\eh7JJ
BWdZ_d]FW][I]ZeV\ZVjhZggZVX]Zhl]ZcXa^X`^c\dcVeV^Ydgdg\Vc^XhZVgX]Zc\^cZa^hi^c\# I]ZeV\Zhi]Vi]VkZi]ZbdhihjXXZhhVgZi]dhZi]VibViX]jeVhXadhZanVhedhh^WaZl^i]i]ZjhZgh hZVgX]fjZgn# I]^hlVheVgid[VXVbeV^\ci]Vi6IIlVhgjcc^c\idegdbdiZi]Z>ciZgcZiidXdchjbZgh! VcY ^cXajYZY iZaZk^h^dc VcY djiYddg VYkZgi^h^c\# 7Za^ZkZ ^i dg cdi! Wji i]^h lVh Xjii^c\ ZY\ZWVX`^cÉ.) 6hlZWiZX]cdad\n]VhYZkZadeZY!hd]Vhi]ZiZX]cdad\ni]Vi^hjhZYidXgZViZVcYhZgkZ VYkZgi^h^c\dca^cZ#
'+
FefkfJcgZfjZhiZYl^cYdli]VideZchdcided[i]ZXjggZciank^ZlZYl^cYdl# HE?H]dgi[dggZijgcdc^ckZhibZci# JhW\ÓYI]^hgZ[Zghidi]Zk^h^idghi]Vik^h^iVlZWh^iZ#
',
dca^cZVYkZgi^h^c\Ñ^em_jmehai
dca^cZVYkZgi^h^c\Ñ]dl^ildg`hÑ^emjei^emoekhc[iiW][
^em_jldg`h 6YkZgi^h^c\!l]Zi]Zgdca^cZdgd[Ó^cZ!]VhVcjbWZgd[dW_ZXi^kZh/
7j^aY^c\WgVcYVlVgZcZhh
8gZVi^c\XdchjbZgYZbVcY
>c[dgb^c\XdchjbZghd[i]ZVYkZgi^hZgÉhVW^a^inidhVi^h[ni]ViYZbVcY
9g^k^c\gZhedchZVcYhVaZh
Xk_bZ_d]XhWdZWmWh[d[ii
^emjei^emoekhc[iiW][0 jof[ie\Z_ifbWoWZl[hj_i_d] I]ZgZVgZbVcnY^[[ZgZcilVnhidY^heaVnbZhhV\Zhdca^cZ!VcYVhiZX]cdad\nYZkZadeh! hdYdZhdca^cZVYkZgi^h^c\#=ZgZVgZhdbZd[i]ZbdhiXdbbdc#
BV`^c\ eZdeaZ VlVgZ d[ V WgVcY dg egdYjXi ^h Vc ^bedgiVci adc\"iZgb \dVa [dg Vcn
_dj[hij_j_WbXWdd[hi
bVg`ZiZg# DcXZ XjhidbZgh `cdl VWdji i]Z WgVcY! i]Z bVg`ZiZg ]Vh iV`Zc i]Z Òghi
I]ZhZVgZWVccZghi]ViVgZh]dlcWZilZZceV\ZhdcVlZWh^iZ#6hndjXa^X`[gdbdcZ
hiZeidlVgYh\V^c^c\i]ZXjhidbZgÉhigjhiVcYeVigdcV\Z#I]ZWZiiZg`cdlcVWgVcY^h
eV\ZidVcdi]Zg!ndjVgZh]dlci]^hVYkZgiWZ[dgZi]ZcZmieV\Z^hh]dlc#HdbZi^bZh!
i]ZbdgZWjh^cZhhi]ZnXVcYd#6cYi]Zjai^bViZ\dVa^hidYdbdgZWjh^cZhhVcYhZaa
ndjVgZVWaZidXadhZi]ZVYkZgi#
bdgZd[i]ZegdYjXi#
fef#kfiWdZfef#kdZ[hi Dca^cZ!XgZVi^kZVYkZgi^h^c\dgWVccZgVYkZgi^h^c\^haVg\Zank^hjVa!bV`^c\^iVc^YZVa
6hi]ZcVbZhj\\Zhih!i]ZhZVgZVYkZgihi]Viedeje!dgjcYZg!i]ZlZWeV\ZWZ^c\
X]VccZa[dgegdbdi^c\WgVcYXdaaViZgVa#
k^ZlZY#I]ZndeZc^cVcZl!hbVaaZgl^cYdl#Ndjl^aahZZVede"jehigV^\]iVlVn!Wji
Yh[Wj_d]Yedikc[hZ[cWdZ
l^aaegdWVWandcanWZXdbZVlVgZd[Vede"jcYZgV[iZgndjXadhZndjgWgdlhZgl^cYdl#
8dchjbZgh XVcÉi lVci l]Vi i]Zn YdcÉi `cdl VWdji# 6YkZgi^h^c\ cZZYh id Xdck^cXZ
I]ZhZ lZgZ kZgn egdb^cZci ^c i]Z ZVgan YVnh d[ dca^cZ VYkZgi^h^c\! Wji VjY^ZcXZ
XdchjbZghVWdjil]Vii]Znh]djaYlVciVcYl]ni]Znh]djaYlVci^i#BdYZgcdca^cZ
VccdnVcXZ bZVch i]Vi i]ZgZ VgZ cdl Æede"je WadX`ZghÇ Wj^ai ^cid bdhi \ddY lZW
VYkZgi^h^c\egdk^YZhV\gZVilVnidXdbbjc^XViZi]ZJHEhjc^fjZhZaa^c\ed^cihd[V
WgdlhZgh# I]^h XVc WZ egdWaZbVi^X Vh hdbZi^bZh V lZW h^iZ l^aa aZ\^i^bViZan jhZ V
egdYjXi!i]ZgZWn]Zae^c\hi^bjaViZYZbVcY#
ede"jeidY^heaVn^c[dgbVi^dcidi]ZjhZg#
iWj_i\o_d]Yedikc[hZ[cWdZ
cWfWZl[hj
DcXZ i]Z XdchjbZg ^h VlVgZ d[ VcY YZh^gZh V egdYjXi! i]Zn cZZY id ÒcY dji ]dl id
I]^h ^h VYkZgi^h^c\ eaVXZY l^i]^c i]Z dca^cZ bVee^c\ hdaji^dch VkV^aVWaZ! hjX] Vh
hVi^h[ni]ViYZh^gZ#>[WgVcYWj^aY^c\]VhWZZcZ[[ZXi^kZ!i]Znl^aa`cdli]ViVeVgi^XjaVg
ciZgcZi!dca^cZVXi^k^i^ZhVgZ]^\]anigVX`VWaZ VcY bZVhjgVWaZ! l]^X] bV`Zh ^i edhh^WaZ id iVg\Zi VYkZgih VcY id VXXjgViZan igVX` VcY \Vj\Z i]Z Z[[ZXi^kZcZhh d[ i]Z VYkZgi^h^c\# :VX] Y^heaVn VYkZgi XVc WZ igVX`ZY [dghjXXZhh#
'-
=ee]b[CWfi^em_d]WdWZl[hj>eb_ZWo?dd
'.
dca^cZVYkZgi^h^c\Ñ]dl^ildg`hÑ^emjei^emoekhc[iiW][
Z_iYkii_ed M^[dedb_d["WZl[hjiYWd X[_dj[hWYj_l[$>emZeoek j^_daj^_iYWdX[ki[Zje _dYh[Wi[j^[[\\[Yj_l[d[ii e\WZl[hj_i_d]5
dca^cZVYkZgi^h^c\Ñ]dl^ildg`hÑ^emjefWo
ÔeWj_d]WZl[hj
9F?eh9FC
I]^hVYkZgiVeeZVgh^cVaVnZgdkZgi]ZXdciZci!Wji^hcdi^cVhZeVgViZl^cYdl#JhjVaan!
8E> hiVcYh [dg 8dhi EZg >begZhh^dc# I]^h bZVch i]Z VYkZgi^hZg eVnh ZVX] i^bZ i]Z
i]Z jhZg XVc XadhZ i]^h VYkZgi# I]ZhZ VgZ hdbZi^bZh gZ[ZggZY id Vh H]dh]`ZaZh! V
VYkZgi VeeZVgh dc i]Z ejWa^h]ZgÉh eV\Z# I]Z bdhi Xdbbdc lVn d[ gZ[Zgg^c\ id i]^h
egdeg^ZiVgniZX]cdad\n#;adVi^c\VYkZgihVgZXgZViZYl^i]9=IBAdg;aVh]!VcYÓdVi
bdYZa^h8EBdg8dhiEZgI]djhVcY^begZhh^dchi]ZaZiiZgB^hi]ZGdbVccjbZgVa
^c V aVnZg VWdkZ V h^iZÉh XdciZci [dg V [Zl hZXdcYh# D[iZc! i]Z Vc^bVi^dc ZcYh Wn
[dgVi]djhVcY#I]^h^h]dlVXVbeV^\c^hcdgbVaaneg^XZYl]ZcWgVcYVlVgZcZhhdg
Y^hVeeZVg^c\^cidVWVccZgVYdci]ZeV\Z#
ZmedhjgZ^hi]Zeg^bVgn\dVa#
mWbbfWf[hWZl[hj
9F9
I]^hVYkZgiX]Vc\Zhi]ZWVX`\gdjcYd[i]ZlZWeV\ZWZ^c\k^ZlZY#JhjVaan!^i^hcdi
8E8hiVcYh[dg8dhiEZg8a^X`#I]^hbZVchi]Vii]ZVYkZgi^hZgdcaneVnhl]Zci]Z^g
edhh^WaZidXa^X`i]gdj\]i]^hVYkZgi#
VYkZgi^hXa^X`ZYdcWnVc^ciZgZhiZYeVgin#8E8VYkZgi^h^c\^hcdgbVaanVhhdX^ViZYl^i]
XWdd[hWZl[hj 6\gVe]^X^bV\ZdgVc^bVi^dcY^heaVnZYdcVlZWh^iZ[dgVYkZgi^h^c\ejgedhZh#HiVi^X WVccZghVgZ;hdg?E:i^hVahdVeVnbZcibZi]dYhdbZi^bZh jhZY^cV[Òa^ViZbVg`Zi^c\!l]Zci]ZV^b^hidYg^kZigV[ÒXidVcZllZWh^iZ#
k^YZd!?VkVHXg^eiVcYdi]Zg^ciZgVXi^kZiZX]cdad\^Zh#>ciZgVXi^kZiZX]cdad\nVaadlhi]Z
9F7
k^ZlZgid^ciZgVXiVcYigVchVXil^i]^ci]ZWVccZg#7VccZghVgZcdia^b^iZYidi]ZheVXZ
8E6gZ[Zghid8dhiEZg6Xfj^h^i^dc#I]^hbdYZabZVchi]ZVYkZgi^hZgdcaneVnhl]Zc
i]Vii]ZndXXjen0hdbZWVccZghZmeVcYdcbdjhZdkZgdgl]ZcXa^X`ZYdc#
VcVYkZgiYZa^kZghVcVXfj^h^i^dc#9ZÒc^i^dchd[VXfj^h^i^dchkVgn[gdbh^iZidh^iZVcY bVn WZ V jhZg Òaa^c\ ^c V [dgb! YdlcadVY^c\ V ÒaZ dg Wjn^c\ V egdYjXi# 8E6 ^h i]Z WZhilVn[dgVcVYkZgi^hZgideVnWZXVjhZi]ZndcaneVnl]Zci]ZVYkZgi^h^c\]VhbZi ^ih \dVa# ;dg i]^h gZVhdc ^i ^h Vahd i]Z ldghi ineZ [dg i]Z ejWa^h]Zg Vh i]Zn VgZ dcan gZlVgYZY^[i]ZVYkZgi^h^c\^hhjXXZhh[ja#I]ZejWa^h]Zg]VhidgZandci]ZXdckZgh^dc gViZd[i]ZVYkZgi^hZgÉhlZWh^iZ!hdbZi]^c\l]^X]i]ZejWa^h]ZgXVccdiXdcigda#I]Z 8E6bdYZa^hcdiXdbbdcanjhZY[dgWVccZgVYkZgi^h^c\VcY^h\ZcZgVaanVhhdX^ViZY l^i]V[Òa^ViZbVg`Zi^c\#
ÔWjhWj[ HdbZi^bZh! dlcZgh d[ adlZg"igV[ÒX h^iZh X]ddhZ id hZaa WVccZg heVXZ Vi V ÓVi gViZ ^#Z#ViVÒmZYXdhieZgbdci]gZ\VgYaZhhd[i]ZVbdjcid[igV[ÒXdg^begZhh^dch#I]^h
Iec[e\j^[ceijYeccedXWdd[hi"i^emd_dfhefehj_ed$
ijWdZWhZXWdd[hi_p[i I]ZgZ VgZ hiVcYVgY h^oZh bZVhjgZY ^c e^mZah [dg WVccZg VYkZgi^h^c\! l]Zi]Zg i]Z WVccZgWZhiVi^X!Vc^bViZYdgg^X]bZY^V#8gZVi^c\WVccZghidhj^ii]ZhZh^oZhbZVch i]Vii]ZWVccZghl^aahj^ibVcnlZWh^iZhVYkZgi^hZghhZaaheVXZ^ci]ZhZh^oZhVhlZaa# 6cY]ZgZ!h^oZYdZhbViiZg!^ci]VindjXVcZmeZXikVgn^c\gZhjaih^cXa^X`i]gdj\]hVcY XdckZgh^dchVXgdhhi]ZgVc\Zd[h^oZh#>[ndjlVciid`cdll]Vildg`hWZhi[dgndjg WgVcY!iZhi#
ldjaYVeeZVaidVbZY^VWjnZgl]dbVnWZiZhi^c\Vcdca^cZXVbeV^\ci]ViiVg\Zih c^X]ZbVg`Zih#
Yeijf[h[d]W][c[dj I]^h^hVcZbZg\^c\iZX]cdad\n^cl]^X]VYkZgi^hZgheVn[dgi]ZgdaadkZgVYkZgih!eaVXZY ^ck^YZdhdgVeea^XVi^dchhjX]Vh;VXZWdd`Veea^XVi^dch!WVhZYdci]Z^ciZgVXi^dch l^i] i]Vi VYkZgi# Æ:c\V\ZbZciÇ ^h \ZcZgVaan YZÒcZY Vh V jhZg"^c^i^ViZY gdaadkZg! dg bdjhZdkZg! VXi^dc i]Vi gZhjaih ^c V hjhiV^cZY VYkZgi ZmeVch^dc# DcXZ ZmeVcYZY! Vc VYkZgi bVn XdciV^c V k^YZd! \VbZ! dg di]Zg g^X] XdciZci# >i ]VeeZch l^i]dji iV`^c\ Vc>ciZgcZijhZgVlVn[gdb]ZgegZ[ZggZYlZWeV\Z!VcYbVg`ZiZghdcaneVnl]ZcVc
^emjefWo0
fWoc[djceZ[bi\ehZ_ifbWoWZl[hj_i_d]
^cY^k^YjVaXdbeaZiZhVcVXi^dc#
Z_iYkii_ed J^[mehZÇ[d]W][c[djÈ _cfb_[iWb[l[be\ _dj[hWYj_edWdZ_dj[dj \hecj^[ki[h$?\oek m[h[ki_d]j^_ijof[e\ WZl[hj_i_d]"^emmekbZ oekc[Wikh[ikYY[ii5
8EB[Vkdjghi]ZejWa^h]Zg!l]^aZ8E6[Vkdjghi]ZVYkZgi^hZg#HdbZi^bZh!V]nWg^Yd[ i]ZildeVnbZcibdYZah^hejghjZY#
6hlZaaVhVkVg^Zind[bZY^jbh!i]ZgZVgZVahdVcjbWZgd[Y^[[ZgZcieVnbZcibdYZah [dgY^heaVnVYkZgi^h^c\# (%
(&
dca^cZVYkZgi^h^c\Ñ]dl^ildg`hÑ^emjefWo
dca^cZVYkZgi^h^c\Ñ]dl^ildg`hÑWZi[hl[hiWdZWZl[hj_i_d]d[jmehai
Z_iYkii_ed
Ine^XVaan!]^\]igV[ÒX!WgdVYVjY^ZcXZlZWh^iZhl^aad[[Zg8EBVYkZgi^h^c\#:mVbeaZh
6Y hZgkZgh egdk^YZ V Xdch^hiZci Xdjci^c\ bZi]dYdad\n VXgdhh i]Z Zci^gZ XVbeV^\c
>emZeoekj^_daoekh YWcfW_]deX`[Yj_l[i mekbZZ_\\[h_\oekm[h[ WZl[hj_i_d]YWh_dikhWdY[ li$eh]Wd_YYWj\eeZ5M^Wj iehje\m[Xi_j[imekbZ oekjWh][j\eh[WY^5
^cXajYZ lZW edgiVah hjX] Vh lll#nV]dd#Xdb dg cZlh h^iZh a^`Z lll#cZlh')#Xdb#
ZcVWa^c\ i]Z VYkZgi^hZg id \V^c Vc ÆVeeaZh id VeeaZhÇ XdbeVg^hdc d[ eZg[dgbVcXZ
C^X]ZlZWh^iZhl^i]ViVg\ZiZYVjY^ZcXZVgZbdgZa^`Zanidd[[Zg8E6VYkZgi^h^c\id
VXgdhhi]ZZci^gZbZY^VhX]ZYjaZ!l]^X]^cXajYZhbjai^eaZlZWh^iZh#
VYkZgi^hZgh l^i] Vc Veegdeg^ViZ egdYjXi# I]ZhZ XVc Vahd [Vaa jcYZg i]Z jbWgZaaV d[ V[Òa^ViZbVg`Zi^c\#
I]ZVYhZgkZgVahdVaadlhhde]^hi^XViZYiVg\Zi^c\d[Y^heaVnVYkZgi^h^c\#
IneZhd[VYkZgi^h^c\XVcWZhZZcdcVhXVaZ[gdbbdgZ^cigjh^kZVcYi]jhediZci^Vaan
jhWYa_d]
Vccdn^c\idi]ZXdchjbZgidaZhh^cigjh^kZ#>ci]ZhVbZlVn!eVnbZcibdYZahXVcWZ
I]ZigVX`VW^a^ind[dca^cZVYkZgi^h^c\^hl]VibV`Zh^ihdhjeZg^dgideVhi^c\e^XijgZh
hXVaZYidi]dhZi]Vi[Vkdjgi]ZejWa^h]Zgidi]dhZi]Vi[Vkdjgi]ZVYkZgi^hZg#
VgdjcYidlc^cVW^YidWddhindjgWgVcY#CdidcanXVcVcVYkZgi^hZgiZaa]dlbVcn i^bZh Vc VYkZgi lVh hZZc ^begZhh^dch! Wji Vahd ]dl bVcn i^bZh i]Z VYkZgi lVh
L]ZceaVcc^c\VXVbeV^\c!^i^h^bedgiVciid`cdl]dli]ZVYkZgi^h^c\l^aaWZeV^Y[dg
hjXXZhh[ja^chZcY^c\k^h^idghidi]ZVYkZgi^hZYlZWh^iZXa^X`h#6cY!VhY^hXjhhZY^c
VcYl]Vi`^cYhd[VYkZgi^h^c\VgZd[[ZgZYWnejWa^h]Zgh#6adid[i]^hXVcWZhdakZYWn
i]ZX]VeiZgdcXdckZgh^dcdei^b^hVi^dc!i]ZigVX`^c\cZZYhidXdci^cjZdci]ZlZWh^iZ
jh^c\VXdbeVcni]ViheZX^Va^hZh^cVYkZgihZgk^c\!bZY^VeaVcc^c\VcYbZY^VWjn^c\#
idYZiZgb^cZ]dlhjXXZhh[jai]ZVYkZgi]VhWZZc^cXgZVi^c\bdgZgZkZcjZ[dgi]ZlZW h^iZXdckZgh^dch#
WZi[hl[hiWdZWZl[hj_i_d]d[jmehai 6YhZgkZghVgZhZgkZghi]VihidgZVYkZgi^hZbZcihVcYhZgkZi]ZbidlZWeV\Zh#6Y hZgkZghXVcWZadXVa!gjcWnVejWa^h]ZgidhZgkZVYkZgihidlZWh^iZhdci]ZejWa^h]ZgÉh YdbV^c!dgi]ZnXVcWZi]^gY"eVginVYhZgkZghl]^X]hZgkZVYkZgihidlZWeV\Zhdc Vcn YdbV^c# 6Y hZgkZgh [VX^a^iViZ VYkZgi igV[ÒX`^c\ VcY egdk^YZ gZedgih dc VYkZgi eZg[dgbVcXZ# 6c VYkZgi^h^c\ cZildg` ^h V \gdje d[ lZW h^iZh dc l]^X] VYkZgih XVc WZ ejgX]VhZY i]gdj\] V h^c\aZ hVaZh Zci^in# >i XdjaY WZ V XdaaZXi^dc d[ h^iZh dlcZY Wn i]Z hVbZ ejWa^h]ZgZ#\#6DA!8CC!Hedgih>aajhigViZY!ZiX#VgZVaadlcZYWn6DA$I^bZLVgcZg dg^iXdjaYWZVcV[Òa^Vi^dcd[h^iZhi]Vih]VgZVgZegZhZciVi^kZ# I]ZVYkZgi^h^c\cZildg`VXihVhVc^ciZgbZY^VgnWZilZZcVYkZgi^hZghVcYejWa^h]Zgh! VcY egdk^YZh V iZX]cdad\n hdaji^dc id Wdi]# 6h lZaa Vh egdk^Y^c\ V XZcigVa^hZY VY hZgkZgi]ViXVchZgkZVYkZgihidVcjbWZgd[lZWh^iZh!i]ZcZildg`hd[[ZgigVX`^c\ VcYgZedgi^c\!VhlZaaVhiVg\Zi^c\#
6hlZaaVhigVX`^c\VYkZgihWZ^c\hZgkZYVcYXa^X`ZYdc!VYkZgi^h^c\cZildg`hXVcVahd egdk^YZ^c[dgbVi^dcVWdjii]ZeZdeaZl]dhVli]ZVYkZgiVhlZaaVhi]dhZl]dVXiZY dc^i#=ZgZ^hhdbZd[i]Z^c[dgbVi^dci]ViXVcWZegdk^YZY/
8dccZXi^dcineZ
7gdlhZg
DeZgVi^c\HnhiZb
I^bZd[YVn
>HE
BVcnVYhZgkZghl^aahZiVXdd`^Zdc^begZhh^dcd[VcVYkZgi!cdidcandcXa^X`i]gdj\]! hd^i^hedhh^WaZidigVX`aViZciXdckZgh^dchl^i]^ci]ZXdd`^ZeZg^dY# 6cY i]Z WZhi i]^c\4 Jh^c\ i]^h ^c[dgbVi^dc! i]Z VYkZgi^h^c\ cZildg`h XVc iVg\Zi i]Z
dej[
Y^heaVn d[ VYkZgi^h^c\! ]Zae^c\ VYkZgi^hZgh id dei^b^hZ XVbeV^\ch VcY \Zi i]Z bdhi
9eea_[iWh[icWbbj[nj Ób[ij^WjWbbemWm[Xi_j[ jeYWfjkh[_d\ehcWj_ed WXekjWki[h$7Yeea_[ f[h_eZ_ij^[ZkhWj_ed\eh m^_Y^Wm[Xi_j[m_bbijeh[ j^Wj_d\ehcWj_ed$I[[ j^[7\Ób_Wj[CWha[j_d] Y^Wfj[h\ehWZ[iYh_fj_ed e\Yeea_[i$
[gdbi]ZVYkZgi^h^c\heZcY#
jWh][j_d]WdZefj_c_i_d] 6YkZgi^h^c\cZildg`hhZgkZVYkZgihVXgdhhVcjbWZgd[lZWh^iZh!VcYXVcigVX`VjhZg
j^[X[d[Ójie\WZi[hl[hi GVi]Zgi]VcY^hig^WjiZXde^Zhd[ZVX]e^ZXZd[XgZVi^kZVYkZgi^h^c\idZVX]ejWa^h]Zg dgbZY^VWjnZg!ndjXVchZcYdjiVa^cZd[XdYZi]ViXVaahjeVcVYkZgi^hZbZciY^gZXian [gdb i]Z VY hZgkZg ZVX] i^bZ Vc VYkZgi ^h hX]ZYjaZY id gjc# I]Z V\ZcXn adVYh i]Z XgZVi^kZidi]ZhZgkZgdcXZVcYXVcbdY^[ngdiVi^dchdgVYYcZljc^ihdci]ZÓnl^i]dji
I]^hbZVchi]ViVYkZgi^h^c\cZildg`hXVcd[[ZgVYkZgi^hZgh/
I]ZVYhZgkZghegdk^YZVlZVai]d[YViV^cXajY^c\^begZhh^dchhZgkZY!VYkZgihXa^X`ZY!
VXi^dci]ZVYkZgi^hZgbVnlVciidbZVhjgZ#
ciZgcZiVaadlh[dg]^\]aniVg\ZiZYVcY]^\]anigVX`VWaZY^heaVnVYkZgi^h^c\VXgdhh VkVg^Zind[dca^cZbZY^V# HdbZlVnhi]ViVYkZgi^hZghXVcjhZi]Z>ciZgcZiVgZ/
>ciZghi^i^VaWVccZgh
Ede"jehVcYEde"jcYZgh
BVeVYkZgi
;adVi^c\VYkZgi
LVaaeVeZgVYkZgi
7VccZgVYkZgi (.
dca^cZVYkZgi^h^c\ÑikccWho
dca^cZVYkZgi^h^c\ÑYWi[ijkZo
6YkZgi^h^c\XVcWZX]Vg\ZY[dg^cVcjbWZgd[lVnh!^cXajY^c\/
8E>dg8EB
8E8
8E6
;aVigViZ
8dhieZgZc\V\ZbZci
YWi[ijkZo08CMIekj^7\h_YW 7BL Hdji] 6[g^XV ]Vh WZZc ^ccdkVi^kZ ^c ^ih jhZ d[ dca^cZ XVbeV^\ch id XdbeaZbZci i]Z^g d[Ó^cZ VXi^k^i^Zh# L]Zc ^i XVbZ id bVg`Zi^c\ i]Z cZl 7BL & HZg^Zh! 7BL `cZl i]Vi Yg^kZgh d[ 7BL & HZg^Zh VgZ \ZcZgVaan ha^\]ianndjc\ZgVcYViVY^[[ZgZcia^[ZhinaZV\Zidi]ZVkZgV\Z7BLYg^kZg#Hd!7BLadd`ZYVicZlVcY^ccdkVi^kZ lVnhVhlZaaVhigVY^i^dcVaVcYiZhiZYbZi]dYhidgZVX]i]^hiVg\ZibVg`Zi#DkZg?janVcY6j\jhi'%%,!i]ZngVc
6YHZgkZghVcY6YCZildg`hegdk^YZigV[ÒX`^c\!igVX`^c\VcYgZedgi^c\hdaji^dchid Wdi]VYkZgi^hZghVcYejWa^h]Zgh#I]ZnVaadlVYkZgi^hZghidiVg\ZiY^heaVnVYkZgihWVhZY dceVgVbZiZgh!^cXajY^c\/
JhZgegdÒaZadXVi^dc!DH!WgdlhZg!XdccZXi^dcineZ
7Z]Vk^djg
;gZfjZcXnVcYhZfjZcX^c\
:mXajh^k^in
8dciZmid[XdciZci
Vcdca^cZXVbeV^\cV^bZYVigV^h^c\VlVgZcZhhd[i]ZcZl&HZg^Zh7BL!\ZcZgVi^c\iZhiYg^kZWdd`^c\hVcY! jai^bViZan!Yg^k^c\hVaZhaZVYh# I]Z Zci^gZ XVbeV^\c lVh ^ciZ\gViZY! [gdb eg^ci VYkZgih id i]Z >ciZgcZi! VcY V^bZY Vi Yg^k^c\ eZdeaZ id i]Z lZWh^iZWbl#Xd#oV$&l]ZgZi]ZnlZgZZcXdjgV\ZYidZc\V\Zl^i]i]ZXVbeV^\c#=ZgZ!i]ZXVbeV^\clVhVc ^ck^iVi^dc id ^cY^k^YjVah id h]VgZ i]Z^g ^ciZgegZiVi^dc d[ ÆdcZÇ Wn XgZVi^c\ V k^YZd dg e]did# 6h ild Y^[[ZgZci 7BL&HZg^ZhbdYZahlZgZWZ^c\egdbdiZY!V'"YddgVcYV)"Yddg!i]ZeVnd[[a^cZVXgdhhVaaX]VccZahd[i]Z XVbeV^\c]^c\ZYdci]ZY^[ÒXjainid[dXjhdcÆ_jhidcZÇ#
:bZg\^c\ iZX]cdad\n Vaadlh [dg Vc ^cXgZVhZY aZkZa d[ ^ciZgVXi^dc l^i]^c Vc VYkZgi! VcY [dg VYkZgi^h^c\ iV^adgZY id Zc\V\ZbZci bZY^V hjX] Vh dca^cZ k^YZdh VcY hdX^Va
7BLiVg\ZiZY^cY^k^YjVahji^a^h^c\VkVg^Zind[Y^[[ZgZciVY[dgbVih!Wdi]dca^cZVcYdcbdW^aZ#I]ZhZ^cXajYZY hiVcYVgYWVccZghVhlZaaVhZmeVcY^c\WVccZghi]ViZmeVcYZYdkZgXdbeZi^idg^bV\Zh#
cZildg`Veea^XVi^dch#
j^[X_]][h e^XijgZ/
^em_jWbbÓjije][j^[h D[Ó^cZVYkZgi^h^c\VcYbVg`Zi^c\XVbeV^\chXVcWZVYVeiZY[dgVcdca^cZVjY^ZcXZ! hd Vh id ZchjgZ bVm^bjb WgVcY ZmedhjgZ# I]^h XVc WZ kZgn Z[[ZXi^kZ ^c Zc]VcX^c\ d[Ó^cZbVg`Zi^c\VcYVYkZgi^h^c\VXi^k^inVcY^cZchjg^c\Vl^YZggZVX]# 6hbZci^dcZY!dca^cZVYkZgi^h^c\XVcWZjhZYVhVcVXfj^h^i^dcX]VccZa!gZVX]^c\dji idVcZlVjY^ZcXZ#>iXVcWZjhZYid^c^i^ViZVWjn^c\XnXaZVcYXjhidbZggZaVi^dch]^e! l]^X]i]ZceaVnhdjiVXgdhhdi]Zgdca^cZX]VccZah#6YYgZhh^c\VYkZgi^h^c\VcYdi]Zg X]VccZahidXdbeaZbZciZVX]di]Zgl^aagZhjai^cVXdch^hiZcibZhhV\Z!VcYdei^bjb gZhjaih# Dca^cZ VYkZgi^h^c\ XVc WZ jhZY id gZVX] V aVg\Z VjY^ZcXZ! VcY i]Zc di]Zg ZBVg`Zi^c\iVXi^XhXVcWZjhZYid[jgi]ZggZÒcZi]^hVjY^ZcXZ# 9^heaVn VYkZgi^h^c\ VcY V[Òa^ViZ bVg`Zi^c\ \d ]VcY ^c ]VcY# 6[Òa^ViZ cZildg`h Vahd VXi Vh VYkZgi^h^c\ cZildg`h! Vaadl^c\ [dg VYkZgi^h^c\ id WZ ejgX]VhZY dc V eZg[dgbVcXZWVh^h# L]ZchZZY^c\cZlegdYjXihVcYk^gVaXVbeV^\ch!Y^heaVnVYkZgi^h^c\XVcWZjhZYid gZVX]Vl^YZVjY^ZcXZViVadlXdhi#>iXVcZmedhZVXVbeV^\cidbVcncZljhZgh!VcY ^cXgZVhZi]ZX]VcXZi]Vii]dhZl]dVgZbdhia^`ZanideVhhdcVbZhhV\ZgZXZ^kZ^i^c i]ZÒghieaVXZ#
)%
)&
dca^cZVYkZgi^h^c\ÑYWi[ijkZo
I]Z iVg\Zi bVg`Zi lVh gZVX]ZY i]gdj\] bdidg^c\ VcY a^[ZhinaZ VhhdX^Vi^dch VcY VYkZgih lZgZ eaVXZY ^c
dca^cZVYkZgi^h^c\Ñ\khj^[hh[WZ_d]
HZi]676Y;dgjb!8a^X`oCZildg`!VXXZhhZY%&$%*$'%%- DE6:jgdeZ+?jcZ'%%,!Dca^cZEjWa^h]Zgh6hhdX^Vi^dcjckZ^ahdca^cZk^YZdVYkZgi^h^c\Z[[ZXi^kZcZhhhijYn! ]iie/$$lll#deV"ZjgdeZ#dg\$Vgi^XaZ#e]e(4^YTVgi^XaZ2'%,! DE6:jgdeZPVXXZhhZY%&$%*$'%%-R GdY\Zgh!O#;ZWgjVgn&.'%%-K^YZd:\\D[[ZghÈEZg:c\V\ZbZciÉEg^X^c\!
Y^Wfj[hgk[ij_edi0
Dca^cZWVccZgVYkZgi^h^c\VcYdjiYddgY^heaVnVYkZgi^h^c\Wdi]jhZ^bV\Zhidignid^cXgZVhZhVaZh# >ceaVcc^c\!Wdi]cZZYidXdch^YZgeaVXZbZcihdVhidWZhZZcWni]Z^gbdhia^`ZanVjY^ZcXZ#L]Vi VgZi]Z`ZnY^[[ZgZcXZh4
'#
L]n^hY^heaVnVYkZgi^h^c\VcZ[[ZXi^kZVXfj^h^i^dcX]VccZa4
(#
)B9:nB_NmDI>mL_#]iba! dca^cZ#lh_#Xdb!VXXZhhZY%&$%*$'%%- ZBVg`ZiZg,CdkZbWZg'%%,Dca^cZ6YHeZcYid=^i)'7^aa^dcWn'%&&! ]iie/$$lll#ZbVg`ZiZg#Xdb$6gi^XaZ#Vhem4^Y2&%%**.%! EgZhhGZaZVhZ!ZBVg`ZiZg#Xdb!VXXZhhZY%&$%*$'%%-
\khj^[hh[WZ_d] lll#VYgVcih#XdbÄ8dbbZciVgndcdca^cZVYkZgi^h^c\XVbeV^\ch#JH[dXjhZY# lll#Xa^X`o#XdbÄ>cYjhignaZVYZghlg^iZgZ\jaVgVgi^XaZh# lll#cbV#Xd#j`ÄJ@^cYjhign[dXjhZYVYkZgi^h^c\Vgi^XaZh#
i^hXgjX^Vai]ViVcnd[i]ZhZX]Vc\ZhVgZiZhiZYÒghil^i]i]ZigVX`^c\
ejgX]VhZi]Vii]ZXjhidbZgbV`Zhl^aaZVgci]ZV[Òa^ViZXdbb^hh^dc#
hd[ilVgZ! id bV`Z hjgZ i]Vi ^i YdZh cdi XgZViZ Vcn XdcÓ^Xi# >i ^h \ZcZgVaan VXXZeiZY *(
V[Òa^ViZbVg`Zi^c\Ñ]dl^ildg`hÑjhWYa_d]
V[Òa^ViZbVg`Zi^c\Ñ]dl^ildg`hÑ^emZeW\Ób_Wj[ifhecej[c[hY^Wdji5
egVXi^XZi]ViZkZc^[^i^hVbZgX]VciÉhbVg`Zi^c\Z[[dgii]Vi^hgZhedch^WaZ[dgi]ZÒcVa
HZVhdcVa^in^hVahdV`Zni^bZ[dgXdciZcih^iZh#LZWh^iZhXVcWZXgZViZYheZX^ÒXVaan
hVaZ!i]ZV[Òa^ViZhi^aa\Zihi]ZXdbb^hh^dc^[^i^hl^i]^ci]ZV[Òa^ViZÉhXdd`^ZeZg^dY#
[dg8]g^hibVh!Bdi]ZgÉh9VnVcYbVcnbdgZ`ZngZiV^ahZVhdch#
FbWY_d]WdehZ[hXoWdej^[hc[j^eZ
HdbZV[Òa^ViZhgjcaVg\Zdei"^cZbV^aa^hih!VcYi]ZnbVg`ZieVgi^XjaVgbZgX]Vcid[[Zgh
>[i]ZXjhidbZgXdbeaZiZhi]ZVXi^dc!WjiYdZhcdiYdhddca^cZ!i]ZV[Òa^ViZl^aacdi
i]gdj\]i]Z^gZbV^acZlhaZiiZgh#HdbZgZcZ\VYZV[Òa^ViZhldjaYjhZheVbZbV^aid
gZXZ^kZXdbb^hh^dc#Hd!^[VXjhidbZgk^h^ihVcdca^cZgZiV^aZgi]gdj\]VcV[Òa^ViZa^c`!
egdbdiZ bZgX]Vci d[[Zgh! Wji Vh V[Òa^ViZ bVg`Zi^c\ ]Vh bVijgZY! i]ZgZ VgZ jhjVaan
WjieaVXZhVcdgYZgdkZgi]Ze]dcZ!i]ZV[Òa^ViZl^aab^hhdjidcXdbb^hh^dc#
iZgbhVcYXdcY^i^dchidegZkZcihjX]egdbdi^dc#
^emZeW\Ób_Wj[ifhecej[c[hY^Wdji5
6hV[Òa^ViZhZVgcVeZgXZciV\Zd[VhVaZ!hdbZV[Òa^ViZhÆhea^iÇi]^hl^i]i]ZXjhidbZg VcYXgZViZXVh]WVX`dged^cihWVhZYh]dee^c\h^iZh#I]ZgZVgZVahdhdbZi]ViYdcViZ VeZgXZciV\Zd[i]ZXdbb^hh^dcidVX]Vg^in#
6[Òa^ViZh VgZ dca^cZ bVg`ZiZgh l]d VgZ eV^Y dc V eZg[dgbVcXZ WVh^h# :kZgn ineZ d[ bVg`Zi^c\higViZ\nl^aaWZ[djcY^ci]ZV[Òa^ViZldgaY!VcYV[Òa^ViZhXVcd[iZcWZhZZc Vii]Z[dgZ[gdcid[WgZV`^c\iZX]cdad\nVcYVeean^c\^iidbVg`Zi^c\higViZ\^Zh# I]ZWVh^XV^bd[VcV[Òa^ViZ^hidhZcYiVg\ZiZYigV[ÒXi]VibZVchXjhidbZghl]dVgZ kZgna^`ZanideZg[dgbi]ZYZh^gZYVXi^dcidVeVgi^XjaVgbZgX]VciÉhlZWh^iZ#6[Òa^ViZh bVnegdbdiZVhbVcnbZgX]Vcih^cVhbVcn^cYjhig^Zhl^i]VhbVcniVXi^XhVhi]Zn l^h]!WjijhjVaanV[Òa^ViZhl^aahiVgiidheZX^Va^hZ# Bdhid[i]ZiVXi^Xhl^aaWZi]ZhVbZVhi]dhZi]Vii]ZbZgX]VciZbeadnh!Wjil^aagZVX] VY^[[ZgZcieVgid[i]Z>ciZgcZiedejaVi^dc#:[[ZXi^kZigVX`^c\iV`ZhXVgZd[VcndkZgaVe! VcYl^aa]ZaeVbZgX]VciidVY_jhii]Z^gheZcY^c\[dgVbdhiZ[[ZXi^kZGD># I]ZbV^cineZhd[V[Òa^ViZhXVcWZWgd`ZcjeVh/
EZghdcValZWh^iZh
8dciZciVcYc^X]Zh^iZh
:bV^aa^hih
AdnVainh^iZhed^cihdgXVh]WVX`dgX]Vg^iVWaZYdcVi^dch
8djedcVcYegdbdi^dchh^iZh
8dbeVg^hdch]dee^c\hZZVahdEE8VYkZgi^h^c\
HZVgX]V[Òa^ViZhhZVgX]VgW^igV\Z
=h[WioFWbc$Ye$ka_iWYWi^XWYai_j[j^Wj_iWdW\Ób_Wj[$ HdbZ d[ i]Z bdhi hjXXZhh[ja V[Òa^ViZ bVg`ZiZgh VgZ i]dhZ l]d egdbdiZ kVg^djh
6[Òa^ViZbVg`Zi^c\XVbZidi]Z[dgZVhVlVn[dgeZghdcValZWh^iZhidbV`ZbdcZn!
bZgX]Vcihi]gdj\]eV^YhZVgX]/EE8VYkZgi^h^c\dchZVgX]Zc\^cZh#6hi]ZhZV[Òa^ViZh
i]dj\]i]^hcdl[dgbhVhbVaaeVgid[i]ZbVg`Zi^c\b^m#6[Òa^ViZbVg`Zi^c\YdZhhi^aa
hZZ`idÒcYi]Z]^\]Zhi:Vgc^c\hEZg8a^X`:E8[dgi]ZadlZhi8dhiEZg8a^X`8E8!
egdk^YZhdbZ^cXdbZ[dgi]ZhZlZWh^iZh#=dlZkZg!lZl^aa[dXjhdci]dhZZcYZVkdjgh
i]^h^hVahdgZ[ZggZYidVhhZVgX]VgW^igV\Z#
l]^X]VgZXgZViZYejgZan[dgV[Òa^ViZbVg`Zi^c\# 6[Òa^ViZh l^aa ÒcY Vcn bZVch edhh^WaZ id egdbdiZ d[[Zgh# 6h cZl egdYjXih VcY 8dciZci VcY c^X]Z h^iZh VgZ lZW h^iZh XgZViZY heZX^ÒXVaan VgdjcY V ide^X! VcY Vcn
eaVi[dgbhWZXdbZVkV^aVWaZ!bVg`ZiZghVcYV[Òa^ViZbVg`ZiZghÒcYcZllVnhidbV`Z
egdYjXihegdbdiZYl^aaXVggnV[Òa^ViZigVX`^c\#;dgZmVbeaZ!VcV[Òa^ViZb^\]iXgZViZ
i]Zbldg`#HdbZdi]ZgZmVbeaZhd[V[Òa^ViZhegdbdi^c\bZgX]Vcih^cXajYZ/
Vh^iZYZY^XViZYidY^\^iVaXVbZgVh!l^i]i^ehVcYYdlcadVYhid]Zaendj\Zii]Zbdhi
*)
djid[ndjgXVbZgV#>iXdjaYgZk^ZlVcjbWZgd[Y^[[ZgZciXVbZgVh!VcYd[[Zga^c`hid
IddaWVghVcYdi]ZgWgdlhZgZmiZch^dch
ejgX]VhZi]dhZXVbZgVhdca^cZ#6aad[i]dhZa^c`hl^aaWZV[Òa^ViZa^c`h#
HdX^VacZildg`Veea^XVi^dch
dej[ 7hX_jhW][_ij^[fhWYj_Y[ e\jWa_d]WZlWdjW][e\W fh_Y[Z_\\[h[dj_WbX[jm[[d jmeehceh[cWha[ji$ ?jÊiWj[hcj^Wj_ikikWbbo ki[Z_dÓdWdY_WbjhWZ_d]$ Iec[c_]^jiWoj^Wj i[WhY^W\Ób_Wj[ijhWZ[ _dFF9WZl[hji#j^[_h h[l[dk[_ij^[;F9#9F9$
**
V[Òa^ViZbVg`Zi^c\Ñ]dl^ildg`hÑ^emZeW\Ób_Wj[ifhecej[c[hY^Wdji5
V[Òa^ViZbVg`Zi^c\Ñjeebie\j^[jhWZ[
i]Z aZkZa d[ hjeedgi d[[ZgZY id i]Z bZgX]Vci# 6[Òa^ViZ cZildg`h jhjVaan X]Vg\Z i]Z bZgX]VciVeZgXZciV\Zd[i]ZXdbb^hh^dcZVgcZYWni]ZV[Òa^ViZXVaaZYVXdbb^hh^dc dkZgg^YZ!hdi]Vii]ZgZVgZ^cXZci^kZh[dgi]ZcZildg`h^[i]ZneZg[dgblZaa#6hVgdj\] \j^YZ!i]^h^hine^XVaan(%d[i]ZXdbb^hh^dcgZlVgYZYidi]ZV[Òa^ViZ#
=eeZI[WhY^$Yece\\[hiWjeebXWh$FheY[[Zi\hecW\Ób_Wj[b_daiWh[i^Wh[Zm_j^Y^Wh_j_[i$ 6aai]Vi^hgZfj^gZY^hi]Vii]ZXa^X`"i]gdj\]idi]ZbZgX]VciÉhlZWh^iZ^higVX`ZY#
W\Ób_Wj[d[jmehai
HdbZaZVY^c\V[Òa^ViZcZildg`hVgZ/
8dbb^hh^dc?jcXi^dcÄlll#X_#Xdb
A^c`H]VgZ"lll#a^c`h]VgZ#Xdb
6[Òa^ViZL^cYdlÄlll#V[Òa^ViZl^cYdl#Xdb
IgVYZ9djWaZg"lll#igVYZYdjWaZg#Xdb
jeebie\i]ZigVYZ
6hlZaaVhi]ZV[Òa^ViZVcYi]ZbZgX]Vci!i]ZgZ^hV\ZcZgVaanVkZgn^bedgiVcii]^gY eVgin^ci]ZV[Òa^ViZbVg`Zi^c\b^mÄi]ZV[Òa^ViZcZildg`# L]^aZ hdbZ hbVaa V[Òa^ViZ egd\gVbbZh VcY hdbZ kZgn aVg\Z V[Òa^ViZ egd\gVbbZh
6[Òa^ViZbVg`Zi^c\idYVn[dgbhV[jcYVbZciVaeVgid[bdhiZ"gZiV^aZghÉhigViZ\^Zh#Hd!
hjX] Vh 6bVodc 6hhdX^ViZh VgZ gjc Wn i]Z bZgX]Vci! bdhi bZgX]Vcih dei id
l]ViiddahYdZhVbZgX]VcicZZYid]VkZVhjXXZhh[jaegd\gVbbZ4
jhZ Vc V[Òa^ViZ cZildg` id egdk^YZ bdhi d[ i]Z iZX]c^XVa hdaji^dch gZfj^gZY [dg Vc V[Òa^ViZegd\gVbbZ#
6cngZiV^aZgh]djaY]VkZVfheZkYj\[[Z!Z^i]ZgMBAdg8HK#6egdYjXi[ZZYWVh^XVaan ^hVlVnd[egdk^Y^c\^c[dgbVi^dcVWdjii]ZegdYjXihdcVbZgX]VciÉhlZWh^iZ^cVlVn
6[Òa^ViZcZildg`hegdk^YZigVX`^c\hdaji^dch!gZedgi^c\dcegd\gVbbZhidWdi]V[Òa^ViZh
i]ViWgZV`hjei]Z^c[dgbVi^dcZVh^an!VcY^hhiVcYVgY^hZY#6egdYjXi[ZZYl^aaegdWVWan
VcYbZgX]Vcih!]dhi^c\d[XgZVi^kZWVccZgh!Xdbb^hh^dceVnbZcidei^dchVcYhjeedgi
XdciV^ci]Z[daadl^c\^c[dgbVi^dc[dgZVX]egdYjXi/
id Wdi] V[Òa^ViZh VcY bZgX]Vcih# 6[Òa^ViZ cZildg`h ]VkZ bVcn V[Òa^ViZh! VcY bVcn bZgX]Vcih!h^\cZYjeidi]Zb!hdi]ZnVgZVc^YZVahdjgXZ[dggZXgj^i^c\V[Òa^ViZh^[
EgdYjXicVbZ
ndjVgZVbZgX]Vci!dg[dgÒcY^c\bZgX]VcihidegdbdiZ^[ndjVgZVcV[Òa^ViZ#Idi]Z
EgdYjXiJGA
bZgX]Vcih!i]Znegdk^YZVdcZ"eVnbZcihdaji^dc!Vhi]ZbZgX]Vcil^aaWZ^ckd^XZY[dg
EgdYjXie^XijgZ
Vaai]ZXdbb^hh^dcXdaaZXi^kZandlZY!l]^X]^hi]ZcY^heZghZYidi]ZV[Òa^ViZh#
EgdYjXieg^XZ
9ZhXg^ei^dc
H]^ee^c\eg^XZ
HidX`hiVijh/^chidX`$djid[hidX`
6[Òa^ViZh!eVgi^XjaVganhZVgX]V[Òa^ViZh!XVcjhZi]^hidegdbdiZ^cY^k^YjVaegdYjXih# 6 egdYjXi [ZZY ^h bVYZ VkV^aVWaZ dc V h^beaZ JGA! VcY Y^heaVnh XdciZci i]Vi V[Òa^ViZh XVc jhZ ^c i]Z^g XVbeV^\ch# Ndj XVc k^Zl V egdYjXi [ZZY Wn k^h^i^c\ lll#egZoonWdm#Xdb$V[Òa^ViZ$9ViV$Vl^c#Vhem BZgX]VcihcZZYidXgZViZVhZid[XWdd[hiWdZXkjjedii]ViXVcWZeaVXZYdcV[Òa^ViZ lZWh^iZh#6iVb^c^bjb!i]Z[daadl^c\h^oZhh]djaYWZVkV^aVWaZ/
7\Ób_Wj[d[jmehaiWYjWiW]Wj[mWoX[jm[[dc[hY^WdjiWdZW\Ób_Wj[i$
*+
)+-m+%WVccZg
6[Òa^ViZ cZildg`h jhjVaan X]Vg\Z i]Z V[Òa^ViZh cdi]^c\ id _d^c# I]Zn XVc X]Vg\Z V
&'*m&'*hfjVgZ
bZgX]VciVhZi"je[ZZ!l]^X]l^aaXdkZgi]ZXdhibV`^c\hjgZi]Vii]ZigVX`^c\hdaji^dc
&'%m+%Wjiidc
^hhjXXZhh[jaan^ciZ\gViZY!VcYXVcX]Vg\ZVbdci]anbVcV\ZbZci[ZZ!YZeZcY^c\dc
&'%m+%%h`nhXgVeZg *,
V[Òa^ViZbVg`Zi^c\Ñjeebie\j^[jhWZ[
V[Òa^ViZbVg`Zi^c\Ñi[jj_d]kfWYWcfW_]d
=Vk^c\ ^ciZgVXi^kZ WVccZgh! hjX] Vh \^[i l^oVgYh dg egdYjXi hZVgX]Zh! bZVc i]Vi
WZVWaZid\^kZV[Òa^ViZhXdbeZaa^c\gZVhdchl]nndjgegd\gVbbZ^hWZiiZg#
ediZci^VaXjhidbZghXVc^ciZgVXil^i]i]ZWgVcYWZ[dgZi]ZnZkZcXdbZi]gdj\]idi]Z bZgX]VciÉhlZWh^iZ
L^i]i]^h^cb^cY!ndjcZZYidYZiZgb^cZi]Z\dVad[ndjgV[Òa^ViZbVg`Zi^c\#>[ndjVgZ VcZlWjh^cZhh!ndjb^\]i_jhilVciidWj^aYigV[ÒXVcYWgVcYVlVgZcZhh#9ZeZcY^c\
>[ i]Z bZgX]Vci dg i]Z V[Òa^ViZ cZildg` ]dhih i]Z WVccZgh! i]ZhZ XVc WZ jeYViZY
dc l]Vi ^cYjhign ndj VgZ ^c! ndjg \dVa XdjaY WZ cZl XjhidbZg aZVYh! dg ^i XdjaY WZ
l^i]djii]ZV[Òa^ViZh]Vk^c\idYdVcni]^c\#I]^hbZVchi]Vii]ZbZhhV\ZXVcWZ`Zei
^cXgZVhZYgZiV^ahVaZh#BV`ZhjgZndjVgZXaZVgdcl]VindjlVci!VcYi]VindjglZW
XjggZciVXgdhhVaad[i]ZbZgX]VciXVbeV^\ch#
h^iZgZÓZXihi]^h#
BZgX]Vcih cZZY id Xdch^YZg l]d l^aa WZ a[[f_d] jWXi WdZ Zh_l_d] j^[ ikYY[ii d[
I]Zc! ndj cZZY id YZX^YZ l]Zi]Zg ndj VgZ \d^c\ id gjc ndjg dlc egd\gVbbZ! [gdb
i]Z V[Òa^ViZ XVbeV^\c# BZgX]Vcih b^\]i WZ VWaZ id gjc i]Z egd\gVbbZ ^c"]djhZ
V[Òa^ViZgZXgj^ibZciidigVX`^c\VcYeVn^c\!dgl]Zi]ZgndjVgZ\d^c\idjhZVcV[Òa^ViZ
l^i]XjggZcihiV[Òc\gZhdjgXZh!dgXVc]^gZVcV[Òa^ViZbVcV\Zg#>i^hVahdedhh^WaZid
cZildg`#>[ndjVgZjh^c\VcV[Òa^ViZcZildg`!ndjÉaacZZYidYdndjg]dbZldg`dci]Z
djihdjgXZi]ZbVcV\ZbZcid[i]ZV[Òa^ViZegd\gVbbZidVcV\ZcXni]ViheZX^Va^hZh
WZhicZildg`dgcZildg`hid_d^c#Add`Vi/
^cV[Òa^ViZbVg`Zi^c\#
L]ZgZndjgXdbeZi^idghVgZ
L]d]Vhi]Z`^cYd[V[Òa^ViZhndjlVci
AVhian! bZgX]Vcih cZZY id a[[f _d jekY^ l^i] i]Z^g V[Òa^ViZh/ i]Z cZildg`h ]VkZ
L]Vii]Z_d^c^c\[ZZhVcYbdci]an[ZZhVgZ
X]VccZah[dgXdbbjc^XVi^c\l^i]VaVg\ZcjbWZgd[V[Òa^ViZh!Wji^i^hVahdldgi]l]^aZ
=dlbjX]hjeedgii]ZnXVcd[[Zgndj
id^ciZgVXidchdbZd[i]ZV[Òa^ViZbVg`Zi^c\[dgjbh^cdgYZgid`ZZe^c[dgbZY#
L]ViXdjcig^Zhi]ZcZildg`^h^c
M^WjjeebiZe[iWdW\Ób_Wj[d[[Z5
NdjÉaa Vahd cZZY id YZX^YZ l]Zi]Zg ndj l^aa ]^gZ Vc V[Òa^ViZ bVcV\Zg id gjc ndjg egd\gVbbZ!l]Zi]Zgndjb^\]idjihdjgXZndjgegd\gVbbZbVcV\ZbZci!dgl]Zi]Zg
6[Òa^ViZhcZZYid\Ziid\g^ehl^i]j^[if[Yjhkce\[CWha[j_d]jWYj_Yi!VcYX]ddhZl]Vi
ndjVagZVYn]VkZi]ZgZhdjgXZhidgjci]Zegd\gVbbZndjghZa[#
ldg`hWZhi[dgi]Zb#EV^YhZVgX]V[Òa^ViZhl^aa[dXjhdcEE8iVXi^Xh!l]^aZV[Òa^ViZh gjcc^c\WZhed`ZlZWh^iZhl^aaegdWVWanejiVadid[ZcZg\n^cidH:D#>iYZeZcYhdc
Ndj cZZY id Yd V [jaa XdbeZi^idg VcVanh^h! [dXjhh^c\ dc ndjg XdbeZi^idghÉ V[Òa^ViZ
l]ZgZi]Z^giVaZcia^Zh!VcYl]ZgZi]ZnhZZV\Ve^ci]ZbVg`Zi#
egd\gVbbZh#Add`Vi/
8dbb^hh^dci^Zgh
;dgV[Òa^ViZh!`ZZe^c\jeidYViZl^i]bZgX]Vcih!di]ZgV[Òa^ViZhVcYi]Z^cYjhign^h
8dd`^ZeZg^dYh
egdWVWani]Z`Znid\gdli]#I]Vi!VcYÒcY^c\i]Zi^bZideji^iVaa^cidegVXi^XZ@e_d_d]
8gZVi^kZd[[Zg^c\h
\ehkciVcY`ZZe^c\iVWhl^i]^cYjhignaZVYZghl^aa]ZaeidYd_jhii]Vi#
L]^X]V[Òa^ViZhi]Znldg`l^i]
CZildg`h
>cXZci^kZhd[[ZgZYidV[Òa^ViZh
HdbZcdiVWaZV[Òa^ViZbVg`Zi^c\[dgjbh/
LZWbVhiZgldgaY/lll#lZWbVhiZgldgaY#Xdb
6[Òa^ViZh)J[dgjb/lll#V[Òa^ViZh)j#Xdb
i[jj_d]kfVXVbeV^\c
EgZeVgZi]ZWVh^Xhi]VindjÉaacZZYidhiVgiVegd\gVbbZ/
EgdYjXi[ZZY
7VccZghVcYdi]ZgXgZVi^kZd[[Zg^c\h
Jh^c\ ndjg XdbeZi^idg gZhZVgX]! YZX^YZ dc Xdbb^hh^dc! Xdbb^hh^dc i^Zgh! Xdd`^Z eZg^dYVcY^cXZci^kZh#
6[Òa^ViZbVg`Zi^c\^h[dgb^c\hjX]Vc^ciZ\gVaeVgid[ZBVg`Zi^c\Ä]dlldjaYndj\d VWdjihZii^c\jeVcYaVjcX]^c\VcZlXVbeV^\c46[Òa^ViZbVg`Zi^c\h]djaY\gdlndjg
IZhii]ZigVX`^c\hd[ilVgZdcndjgh^iZ!VcYbV`ZhjgZi]Vi^iYdZhcdiXdcÓ^Xil^i]Vcn
Wjh^cZhh!VcY\gdll^i]ndjgWjh^cZhh!hd^iÉh^bedgiVciideaVcVcYegZeVgZ[dgadc\
di]ZgigVX`^c\ndjVgZjh^c\#
aVhi^c\hjXXZhh# GZXgj^iV[Òa^ViZh/jhZndjgXdbeZi^idgVcVanh^hidXdciVXiediZci^VaV[Òa^ViZh0egdbdiZ
*-
;^ghije!ndjcZZYVXaZVg^YZVd[ndjgWjh^cZhhÉh^YZci^in!\dVahVcYJc^fjZHZaa^c\
ndjgegd\gVbbZi]gdj\]V[Òa^ViZ[dgjbh0jhZndjgV[Òa^ViZcZildg`XdciVXiX]VccZah
Ed^cih#CdYdjWindjl^aa]VkZXdbeZi^idghi]ViV[Òa^ViZhVagZVYnegdbdiZ0ndjcZZYid
idVeegdVX]V[Òa^ViZh0VeegdVX]h^iZhi]Vindji]^c`ÒindjgjhZgYZbd\gVe]^X# *.
V[Òa^ViZbVg`Zi^c\Ñi[jj_d]kfWYWcfW_]d
6cY^iYdZhcÉiVaahidedcXZndjÉkZaVjcX]ZYI]Z`ZnidhjXXZhh[jaV[Òa^ViZbVg`Zi^c\
V[Òa^ViZbVg`Zi^c\Ñj^[X_]][hf_Yjkh[
I]ZgZVgZY^[[ZgZciineZhd[Xdbb^hh^dc!WVhZYdci]ZbZgX]VciÉh^cYjhign/
^hdc\d^c\Xdbbjc^XVi^dcl^i]VcYbVg`Zi^c\idndjgV[Òa^ViZh#NdjcZZYidbV`ZhjgZ
8EA
ndjVgZdcided[kVa^YVi^c\hVaZh!hdi]Zn\Zii]Z^gXdbb^hh^dc#NdjcZZYidZchjgZ
8E6
i]VindjhiVnXdbeZi^i^kZl^i]ndjgXdbb^hh^dcd[[Zg^c\#6cY!ndjcZZYid`ZZendjg
GZkZcjZH]VgZ
V[Òa^ViZhjeidYViZl^i]Vcn^c[dgbVi^dci]ViXdjaYbV`Zi]ZbhZcYbdgZXjhidbZgh
8E8
ndjglVnÄbdgZgZkZcjZ[dgndjVcYi]jhbdgZXVh][dgi]Zb I]ZbdhiZhhZci^VaZaZbZciidV[Òa^ViZbVg`Zi^c\^higVX`^c\#IgVX`^c\hd[ilVgZeaVXZh
fheiWdZXdch
V Xdd`^Z dc V jhZgÉh WgdlhZg l]Zc i]Vi jhZg Xa^X`h dc Vc V[Òa^ViZ a^c`# I]Z Xdd`^Z eZg^dY^hYZiZgb^cZYWni]ZbZgX]Vci#>[i]ZjhZgeZg[dgbhi]ZYZh^gZYVXi^dcl^i]^c i]ZXdd`^ZeZg^dY!i]ZV[Òa^ViZ^hVlVgYZYXdbb^hh^dc#
L]^aZV[Òa^ViZbVg`Zi^c\XZgiV^canYZhZgkZh^cXgZVh^c\gZXd\c^i^dc[dg^ih`ZngdaZ^c \gdli]!^i^hhi^aaVndjc\^cYjhignl^i]Vaai]Z\gdl^c\eV^chi]Vii]Vi^ckdakZh#
6[Òa^ViZcZildg`hVgZd[iZcjhZYVhVc^ciZgbZY^VgnWZilZZcV[Òa^ViZhVcYbZgX]Vcih# 6[Òa^ViZcZildg`hegdk^YZigVX`^c\hdaji^dch!gZedgi^c\VcYhjeedgiidWdi]V[Òa^ViZh
M^Wj_i^ebZ_d]f[efb[XWYa5
I]ZgZ VgZ hZaYdb XdcigVXih ^c eaVXZ WZilZZc V[Òa^ViZh VcY bZgX]Vcih# ;dg
VcYbZgX]Vcih# 6[Òa^ViZhjhZVcjbWZgd[bZVchidegdbdiZbZgX]Vcih#I]ZhZ^cXajYZ/
VbZgX]Vci!i]^hbZVchi]ViVcV[Òa^ViZXdjaYYZX^YZidhideegdbdi^c\ndjg
EZghdcValZWh^iZh
egd\gVbbZ! l^i] cd cdi^XZ \^kZc# I]^h XdjaY aZVY id V hjYYZc igV[ÒX VcY
8dciZciVcYc^X]Zh^iZh
hVaZhYgde!YZeZcY^c\dc]dlgZa^Vcii]ZbZgX]Vci]VYWZZcdci]ViV[Òa^ViZ#
:bV^aa^hih
H^b^aVgan!bZgX]VcihbVnYZX^YZidiZgb^cViZVegd\gVbbZ!bZVc^c\Vadhh
AdnVainh^iZhed^cihdgXVh]WVX`dgX]Vg^iVWaZYdcVi^dch
d[ gZkZcjZ [dg V[Òa^ViZh# EVgi^XjaVgan ^[ a^iiaZ cdi^XZ ^h \^kZc! V[Òa^ViZh b^\]i
8djedcVcYegdbdi^dchh^iZh
]VkZheZcii^bZVcYbdcZnhZii^c\jeegdbdi^dch!dcanid]VkZi]ZXVbeV^\c
8dbeVg^hdch]dee^c\hZZVahdEE8VYkZgi^h^c\
ejaaZYdji[gdbjcYZgcZVi]#Bdhi^c[Vbdjhan!6HDH#XdbY^Yi]^hVXdjeaZd[
8ZVgX]V[Òa^ViZhhZVgX]VgW^igV\Z
nZVghV\d# '#
I]ZgZ^hhi^aaa^iiaZidcd^cYjhigngZ\jaVi^dc!i]dj\]i]ZbV_dg^ind[i]Z^cYjhign
DcZd[i]Z`ZnhidhjXXZhh[jaV[Òa^ViZbVg`Zi^c\^hdc\d^c\Xdbbjc^XVi^dcWZilZZc
YdZh hig^kZ id WZhi egVXi^XZh# L]^aZ hdbZ V[Òa^ViZh ]VkZ gZhdgiZY id h]VYn
bZgX]Vcih VcY V[Òa^ViZh# I]^h XVc WZ i]dj\]i d[ i]Z bZgX]Vci bVg`Zi^c\ i]Z
egVXi^XZh^ci]ZeVhil^i]VYlVgZVcYZbV^aheVb!i]ZbV_dg^in]VkZWVcYZY
V[Òa^ViZegd\gVbbZidV[Òa^ViZh!hdi]Vii]ZV[Òa^ViZh^cijgcl^aabVg`Zii]ZbZgX]VciÉh
id\Zi]ZgidWaVX`a^hii]^h`^cYd[WZ]Vk^djg#I]ZheZXigZhi^aagZbV^chi]dj\]#
d[[Zg^c\#
(#
HdbZbZgX]Vcih[ZVgVadhhd[WgVcYXdcigda#
)#
6[Òa^ViZegd\gVbbZhVgZcdiZVh^anhXVaVWaZ#
7ji!d[XdjghZ!i]ZgZVgZhdbVcnWZcZÒihidV[Òa^ViZbVg`Zi^c\/
^em_jWbbÓjije][j^[h
j^[X_]][h e^XijgZ
>iÉheVn[dgeZg[dgbVcXZbVg`Zi^c\!hdbZgX]VcihVgZdcaneVn^c\[dg\gdli]#
6hV[Òa^ViZhVgZbVg`Zi^c\^cVcdca^cZZck^gdcbZci!ZkZgndcZd[i]ZiVXi^Xh^ci]^h
'#
I]ZbZgX]VcihVaZh[dgXZ_jhi\diW^\\Zg!VhlZaaVh^ihWgVcY^c\ediZci^Va#
Wdd` l^aa WZ ZbeadnZY Wn V[Òa^ViZh# HdbZ V[Òa^ViZh ZkZc gjc V[Òa^ViZ bVg`Zi^c\
(#
I]ZgZ^hVkZgnadlWVgg^ZgidZcign[dgWdi]V[Òa^ViZhVcYbZgX]Vcih#
XVbeV^\ch[dgi]Z^gdlclZWh^iZh
ikcbVgn
7jiVhVbZgX]Vci!]dlYdZhV[Òa^ViZbVg`Zi^c\Òi^cidi]ZdkZgVaabVg`Zi^c\b^m4 ;dg hiVgiZgh! V[Òa^ViZ bVg`Zi^c\ XVc Vaadl bZgX]Vcih id VYY ZaZbZcih id i]Z^g
6[Òa^ViZbVg`Zi^c\^hV`Znidda[dgVcnlZWh^iZhZZ`^c\\gdli]#>ci]^heZg[dgbVcXZ
ZBVg`Zi^c\l^i]VÒmZY8E6#6hVcZmVbeaZ!VbZgX]Vcib^\]ilVciidegdbdiZi]Z^g
WVhZYbVg`Zi^c\!bZgX]VcihgZlVgYV[Òa^ViZhXdbb^hh^dc[dghjXXZhh[jagZ[ZggVah#
egdYjXihi]gdj\]EE8VYkZgi^h^c\!WjiaVX`hi]ZZmeZgi^hZidgjcVXVbeV^\c#>chiZVY d[eVn^c\VcV\ZcXn!i]ZbZgX]VciXVcgZXgj^ihZVgX]V[Òa^ViZhidgjcEE8VYkZgi^h^c\! VcYi]ZbZgX]Vcil^aadcanZkZgeVn[dgeZg[dgbVcXZ#
+%
+&
V[Òa^ViZbVg`Zi^c\Ñj^[X_]][hf_Yjkh[
V[Òa^ViZbVg`Zi^c\ÑYWi[ijkZo
Ldg`^c\ XadhZan l^i] V[Òa^ViZh! bZgX]Vcih XVc \Zi bVcn bdgZ XVhZ hijY^Zh [dg VcVanh^c\VcYdei^b^h^c\i]Z^glZWh^iZh!eVgi^XjaVganl]Zc^iXdbZhidXdckZgh^dc#6h V[Òa^ViZhVgZeV^Y[dgeZg[dgbVcXZ!i]Znl^aaWZbdgZi]Vcl^aa^c\idVYk^hZdclVnhid ^begdkZXdckZgh^dcgViZh# 6[Òa^ViZ bVg`Zi^c\ XVc WZ jhZY id XdbeaZbZci di]Zg XVbeV^\ch! l]Zi]Zg i]Zn WZ d[Ó^cZdgdca^cZ#BV`^c\hjgZi]Vii]ZgZVgZWVccZghidhjeedgii]ZhZXVbeV^\ch!i]Z bZgX]VciXVcZchjgZVl^YZgVjY^ZcXZ[dgi]Z^gdi]ZgbVg`Zi^c\Z[[dgih# 6[Òa^ViZbVg`Zi^c\Vaadlh[dgiVg\ZiZYigV[ÒX[gdbc^X]ZlZWh^iZh#L]^aZi]ZbZgX]Vci XVc[dXjhdcVWgdVYheZXigjbd[lZWh^iZh!V[Òa^ViZbVg`Zi^c\Vaadlh[dgi]ZiVg\Zi^c\ d[c^X]ZigV[ÒXhdjgXZh#
>c'%%,!EgZoonWdm#XdbaVjcX]ZYVWgVcYcZlXdciZci^iZb[dg^ihV[Òa^ViZh/K^Y^Wdm#I]ZhZVgZk^YZdXdciZci jc^ihÄWVccZghl]^X]XdciV^cVegdYjXik^YZdVcYVa^c`idi]ViegdYjXidci]ZEgZoonWdm#XdblZWh^iZ#I]ZhZ k^YZdXdciZcijc^ihlZgZkZgnhjXXZhh[jaWZXVjhZi]ZXdciZcilVhjc^fjZ^ci]ZV[Òa^ViZVgZcVVcYhd]VYVaVg\Z iV`ZjeVbdc\hiV[Òa^ViZh#7Z^c\VbdgZ^ciZgZhi^c\lVnd[Y^heaVn^c\XdciZci!i]ZK^Y^WdmZhViigVXiZYV]^\]Zg Xa^X`"i]gdj\]gViZ!l]^X]V\V^cbVYZi]ZbbdgZVeeZVa^c\idV[Òa^ViZh#
YWi[ijkZo0Fh[ppoXen$Yec EgZoonWdm#XdbÉhXdbb^ibZciidVc^ccdkVi^kZVcYhjXXZhh[jaV[Òa^ViZegd\gVbbZ]VhhZZci]ZbZVgc^bbZchZ EgZoonWdm#Xdb^hVJ@dca^cZgZiV^aZg^cVkZgnXdbeZi^i^kZbVg`Zi/\^[ihVcY\VY\Zih#L^i]bVcndi]ZgeaVnZgh
gZheZXi^ci]ZV[Òa^ViZVgZcV!l]^X]^higVchaVi^c\iddc\d^c\]ZVai]nhVaZh\gdli]#>c[VXi!EgZoonWdm#Xdb]Vh
^ci]ZbVg`ZiXdbeZi^c\[dgi]ZhVbZXjhidbZgh!EgZoonWdm#XdbgjchVhjXXZhh[jaV[Òa^ViZegd\gVbbZi]Vi
dji\gdlc^ihd[ÒXZhil^XZ^ch^mnZVgh!VcYadd`hhZiidbV^ciV^ci]^hhjXXZhh[jaigVX`gZXdgY#
hZZhi]ZbaZVY^c\i]ZlVn^ceZg[dgbVcXZbVg`Zi^c\# 6[Òa^ViZbVg`Zi^c\]VheaVnZYVh^oZVWaZgdaZ^ci]Z\gdli]d[EgZoonWdm#XdbVcYcdlVXXdjcih[dgVWdji(* d[hVaZh#6[Òa^ViZbVg`Zi^c\]VhXdcig^WjiZYdcildaZkZah!cVbZanWgVcY\gdli]VcYhVaZh\ZcZgVi^dc#>c[VXi!
YWi[ijkZogk[ij_edi
EgZoonWdm#Xdb]VhldchZkZgVa^cYjhignVlVgYh[dg^ihV[Òa^ViZegd\gVbbZ#>c'%%-!i]ZhZVlVgYh^cXajYZY È7ZhiJhZd[8gZVi^kZÉVcYÈ7ZhiBZgX]Vci>ccdkVi^dcÉ#
EVgid[V[Òa^ViZbVg`Zi^c\^ckdakZhbVg`Zi^c\VXdbeVcnidV[Òa^ViZh#=dl]VhEgZoonWdm#Xdb
6hjWhiVci^VaZaZbZcid[V[Òa^ViZbVg`Zi^c\^hbVcV\^c\gZaVi^dch]^ehl^i]V[Òa^ViZh#I]ZEgZoonWdm#XdbV[Òa^ViZ
'#
L]nYdZhEgZoonWdm#XdbXdbbjc^XViZY^[[ZgZcianid^ihhjeZgV[Òa^ViZh4
egd\gVbbZVcY^ihV[Òa^ViZbVcV\Zgh]VkZWZZckdiZYWZhiWnV[Òa^ViZh!VcY^ihV[Òa^ViZbVcV\ZghVgZgZ\jaVgan
(#
L]VibVYZi]ZK^Y^WdmZhZci^X^c\idV[Òa^ViZh4
^ck^iZYidheZV`Vi^cYjhignZkZcihVcYXdc[ZgZcXZh#=dl]VkZi]ZnVX]^ZkZYi]^h4
)#
>cVXdbeZi^i^kZbVg`Zi!]dlYdZhV[Òa^ViZbVg`Zi^c\]ZaeWj^aYVXdbeVcnÉhhjXXZhh46gZi]ZgZVcn
VX]^ZkZYi]^h!VcYl]ViVgZi]ZZ[[ZXihd[i]^h4
VYY^i^dcVaXdch^YZgVi^dchl]ZcVbVg`Zi^hXdbeZi^i^kZ4 EgZoonWdm#Xdb]VhVl^YZV[Òa^ViZWVhZ!VcYXdchiVciangZXgj^ihcZlV[Òa^ViZhk^VV[Òa^ViZ\Zi"id\Zi]Zgh!V[Òa^ViZ [dgjbhVcYWad\hVcYi]gdj\]`ZnldgYhZVgX]ZhdcihhjeZgV[Òa^ViZh!i]dhZV[Òa^ViZhi]ViYg^kZi]Z bV_dg^ind[V[Òa^ViZhVaZh!VXXdjci[dgVWdji&d[VaaV[Òa^ViZh#OV`:YlVgYh!BVcV\^c\9^gZXidgd[EgZoonWdm# Xdb!hVnh!ÆLZiZcYidd[[ZgVaaV[Òa^ViZhi]ZhVbZdeedgijc^i^Zh[dgegdbdi^dc!WjidWk^djhan[dXjhVadid[djg ViiZci^dcdcdjghjeZgV[Òa^ViZh#Ç HjeZgV[Òa^ViZhXVcWZ\^kZcZmigVXdbb^hh^dcVhVc^cXZci^kZ!VcYi]ZV[Òa^ViZbVcV\ZghZchjgZi]Vii]ZhZ
Y^Wfj[hgk[ij_edi
eaVcc^c\VcV[Òa^ViZXVbeV^\c4=dlYdi]ZhZY^[[Zg[dggZkZcjZh]Vg^c\XVbeV^\chVcY
V[Òa^ViZhVgZjeidYViZl^i]Vaad[i]ZaViZhid[[Zgh!cZlegdYjXihVcYegdbdi^dch#EgZoonWdm#XdbXdbbjc^XViZh
8E6XVbeV^\ch4
i]ZhZYZiV^ahidVaai]Z^gV[Òa^ViZhVhlZaa#=dlZkZg!i]ZnjhZbVhhXdbbjc^XVi^dc[dgVaai]Z^gV[Òa^ViZhVcYdcZ dcdcZXdbbjc^XVi^dc!hjX]Vhe]dcZXVaahdg^chiVcibZhhZc\Zg!l^i]i]Z^ghjeZgV[Òa^ViZh#DcZd[i]Z[ZVijgZh
'#
+'
L]Vi^hi]ZY^[[ZgZcXZWZilZZcVa^[Zi^bZXdd`^ZVcYVadX`"^cXdd`^Z4=dlYdndji]^c`adX`"^c Xdd`^ZhV[[ZXii]ZXdbb^hh^dcaZkZahd[[ZgZYWnbZgX]Vcih4
d[i]ZV[Òa^ViZegd\gVbbZ^hVcV[Òa^ViZgZhdjgXZXZcigZ!l]^X]]VhZmiZch^kZhjeedgi^c[dgbVi^dc[dgV[Òa^ViZh hjX]VhgZVai^bZegdYjXiWZhihZaaZggZedgih#
L]Vi[VXidghh]djaYWZXdch^YZgZYl]ZcYZiZgb^c^c\l]ViXdbb^hh^dchh]djaYWZl]ZcndjVgZ
(#
L]nYdndji]^c`hdbZV[Òa^ViZhgjcV[Òa^ViZegd\gVbbZh[dgi]Z^gdlclZWh^iZh4
)#
=dlXVcVbZgX]VciignidZchjgZi]Vii]Z^gdlcbVg`Zi^c\Z[[dgihYdcdidkZgaVel^i]V[Òa^ViZhÉ4L]n ldjaYVbZgX]VcilVciidgZYjXZdkZgaVe4 +(
V[Òa^ViZbVg`Zi^c\Ñ\khj^[hh[WZ_d]
h[\[h[dY[i 8daa^ch!HCdkZbWZg&%!'%%%=^hidgnd[6[Òa^ViZBVg`Zi^c\! ]iie/$$lll#Xa^X`o#Xdb$h]dlEV\Z#]iba4eV\Z2-('&(&! 8a^X`OCZildg`PVXXZhhZY'9ZXZbWZg'%%,R Z"8dchjaiVcXnDXidWZg'%%+6[Òa^ViZBVg`Zi^c\CZildg`h7jnZgÉh92(&*,! BVg`Zi^c\H]ZgeVPVXXZhhZY'9ZXZbWZg'%%,R BnIjgc`Zn7jh^cZhh! lll#bnijgc`ZnWjh^cZhh#Xdb PVXXZhhZY,6eg^a'%%-R DahZc!HDXidWZg&%!'%%(KVajZ8a^X`WjnhbVg`ZiZg8dbb^hh^dc?jcXi^dc! ]iie/$$lll#cZlh#Xdb$'&%%"&%')"*%.%%&)#]iba! 8C:ICZlh#XdbPVXXZhhZY'9ZXZbWZg'%%,R
\khj^[hh[WZ_d] lll#6[Òa^ViZEgd\gVb6Yk^XZ#Xdb ÄV[Òa^ViZVYk^XZ[gdbViZVb]ZVYZYWn?ZhhAji]^l]d]VhWZZc^ci]ZV[Òa^ViZbVg`Zi^c\^cYjhignh^cXZ^ih hiVgi^ci]ZJ@# Wad\#V[Òa^ViZi^e#Xdb ÄVWad\[gdbH]Vlc8daa^ch!VcV[Òa^ViZh^cXZ&..,VcY[djcYZgd[6[Òa^ViZHjbb^i!i]ZaZVY^c\^cYjhign
+$i[WhY^[d]_d[bVg`Zi^c\
Z"8dchjaiVcXn#Xdb]iie/$$lll#Z"XdchjaiVcXn#Xdb$ejWa^XVi^dch$V[Òa^ViZ"bVg`Zi^c\"cZildg`h"WjnZgh"\j^YZ$!
Xdc[ZgZcXZ#
M^WjÊi _di_Z[0 6 add` Vi i]Z ^cYjhign `cdlc Vh hZVgX] VcY i]Z Y^[[ZgZci ineZh d[ hZVgX] gZhjaih/ dg\Vc^X gZhjaih VcY eV^Y gZhjaih# LZ aVn i]Z [djcYVi^dc l^i] `Zn iZgbh VcY XdcXZeih WZ[dgZ add`^c\ Vi j^[_cfehjWdY[e\i[WhY^ id V bVg`ZiZg# I]Z i]gZZ"lVn h[bWj_edi^_f X[jm[[d i[WhY^ [d]_d[i! ki[hi VcY
m[XcWij[hi[daadlh!VcYi]ZcVadd`Vi^emi[WhY^[d]_d[imeha#I]^haZVYh idhZVgX]Zc\^cZbVg`Zi^c\!bVYZjed[H:DVcYEE8!VcYa[omehZi# +)
+*
i[WhY^[d]_d[cWha[j_d]
i[WhY^[d]_d[cWha[j_d]
:kZgnYVn!VaaVgdjcYi]ZldgaY!b^aa^dchd[eZdeaZjhZhZVgX]Zc\^cZhidÒcYXdciZci
eV\ZhH:GEh#I]ZnVgZcdi^cÓjZcXZYWnÒcVcX^VaeVnbZciVcYVgZi]ZgZ[dgZVahd
dci]Z>ciZgcZi#HZVgX]Zc\^cZhVgZlZW"WVhZYegd\gVbbZhi]Vi^cYZmi]ZlZWVcY
XVaaZYcVijgVahZVgX]gZhjaih#Dg\Vc^XhZVgX]gZhjaihcZZYidWZXdch^hiZciangZa^VWaZ
VaadleZdeaZidÒcYl]Vii]ZnVgZadd`^c\[dg#ÆHZVgX]ÇdgÆhZVgX]bVg`Zi^c\Ç^hd[iZc
id ViigVXi VcY `ZZe jhZgh# ciZgVXi^kZBZY^V
+-(
&
AnXdh!>cX#
))&
&
=beXWbi[WhY^cWha[ji^Wh[$IekhY[0YecIYeh[(&&-$ L]ZclZiVa`ÆhZVgX]Ç!lZgZ[ZgidildY^[[ZgZci`^cYhd[gZhjaih/
eh]Wd_Yi[WhY^h[ikbji Dg\Vc^X hZVgX] gZhjaih VgZ i]Z eg^bVgn egdYjXi d[ V hZVgX] Zc\^cZ# I]ZhZ gZhjaih VgZ i]Z a^hi^c\h \ZcZgVaan [djcY dc i]Z aZ[i ]VcY h^YZ dc i]Z hZVgX] Zc\^cZ gZhjaih ++
+,
hZVgX]Zc\^cZbVg`Zi^c\Ña[oj[hciWdZYedY[fji
hZVgX]Zc\^cZbVg`Zi^c\Ñi]Z^bedgiVcXZd[hZVgX]idVbVg`ZiZgÑWj^h[[#mWoh[bWj_edi^_f
a[oj[hciWdZYedY[fji 7Xel[j^[\ebZI]ZXdciZcii]ViXVcWZhZZcdcVhXgZZcl^i]dji]Vk^c\idhXgdaaYdlc# 7b]eh_j^cL]Zc^iXdbZhidhZVgX]!VhZVgX]Zc\^cZÉhVa\dg^i]b^h^ihhZid[gjaZh[dg Xdbeji^c\gVc`^c\#
8hemi[h6cVeea^XVi^dcjhZYidVXXZhhi]Z>ciZgcZi#EdejaVgWgdlhZgh^cXajYZ;^gZ[dm!>ciZgcZi :meadgZgVcYHV[Vg^#
?dZ[nI]ZYViVWVhZh[dg`ZnldgYhXgZViZYWni]ZhZVgX]Zc\^cZh# A[omehZ6ldgYdgldgYhjhZYWnVhZVgX]ZgdcVhZVgX]Zc\^cZ#>cH:D!`ZnldgYhVgZi]ZldgYh i]ViVlZWh^iZ^hdei^b^hZYidgVc`[dg!VcY^cEE8!`ZnldgYhVgZW^YdcWnVYkZgi^hZgh#
A[omehZf^hWi[BdgZi]VcdcZ`ZnldgYXVcWZgZ[ZggZYidVhV`ZnldgYe]gVhZ#
cZZYeg^bVg^ank^VhZVgX]#HZVgX]Yg^kZhiVg\ZiZYigV[ÒXVcYi]ZgZ[dgZhVaZhidlZW h^iZh#6lZWhZVgX]^hVh^\cVad[^ciZci[gdbVlZWjhZg#
I[WhY^[d]_d[iWh[j^[ZeehmWojej^[?dj[hd[j$ 6XXdgY^c\idXdbHXdgZ!.*d[i]Z\adWVa>ciZgcZiedejaVi^dck^h^iZYVhZVgX]Zc\^cZ ^c6j\jhi'%%,#
J^[i[WhY^_dZkijho_i8?=$ I]ZYV^anhZVgX]kdajbZcjbWZghVgZ^ci]Z]jcYgZYb^aa^dch#6XXdgY^c\id8dbHXdgZ Ò\jgZh!i]ZgZlZgZbdgZi]Vc&%W^aa^dchZVgX]Zh^ci]ZJHVadcZYjg^c\?VcjVgn'%%- I]ViÉhVgdjcY(''b^aa^dceZgYVn#
Eh]Wd_Yi[WhY^h[ikbjiI]Za^hi^c\hdcVH:GEgZhjai^c\[gdbi]ZhZVgX]Zc\^cZÉhVa\dg^i]b# I]ZhZVgZcdieV^Y[dg#
JeX[\ekdZoekckijX[l_i_Xb[$
FW_Zi[WhY^h[ikbjiI]Za^hi^c\hdcVH:GEi]ViVgZeV^Y[dg#
>[ndjlVcindjglZWh^iZid\ZcZgViZVh^\c^ÒXVciVbdjcid[igV[ÒX!^icZZYhidWZa^hiZY
FF9EVnEZg8a^X`^hVYkZgi^h^c\dchZVgX]Zc\^cZhl]ZgZi]ZVYkZgi^hZgeVnhdcan[dgZVX]Xa^X`dc i]Z^gVYkZgi#
HWda_d]>chZVgX]!gVc`^c\^hjhZYidYZhXg^WZi]ZgZaVi^kZedh^i^dcd[VlZWeV\Z^ci]ZH:GEh# I[WhY^[d]_d[6idda[dghZVgX]^c\i]Z>ciZgcZi#JhZghd[hZVgX]Zc\^cZhZciZg`ZnldgYhgZaZkVci
jhZghVgZcdia^`Zanidk^Zla^hi^c\hWZndcYi]ZÒghi(%gZhjaih!l^i]i]Zide+VWdkZi]Z [daYa^hi^c\hZc_dn^c\i]Za^dcÉhh]VgZd[Xa^X`h:nZiddah#
Jefe\i[WhY^[gkWj[ijejefe\c_dZWmWh[d[ii$
idi]Z^ghZVgX]!VcYi]ZhZVgX]Zc\^cZgZijgchgZhjaih[gdb^ihYViVWVhZh#
7ZndcY igV[ÒX! V ]^\] gVc`^c\ lZW h^iZ ^h kVajVWaZ [dg WgVcY eZgXZei^dc# LZW jhZgh
I;CHZVgX]:c\^cZBVg`Zi^c\gZ[ZghidbVg`Zi^c\i]Vi^hgZaViZYidhZVgX]#
d[iZc eZgXZ^kZ hZVgX] Zc\^cZ gZhjaih Vh Vc ^cY^XVi^dc d[ Vji]dg^in# HZVgX] k^h^W^a^in
I;EHZVgX]:c\^cZDei^b^hVi^dc^hi]ZegVXi^XZi]ViV^bhid^begdkZVlZWh^iZÉhgVc`^c\^ci]Z hZVgX]Zc\^cZh[dgheZX^ÒX`ZnldgYh#
I;HFHZVgX]:c\^cZGZhjaihEV\Z"i]ZeV\Zi]Vih]dlhi]ZgZhjaih[dgVhZVgX]dcV
egdbdiZhWgVcYgZXd\c^i^dcVcYgZhZVgX]]Vhh]dlci]VihZVgX]Zc\^cZa^hi^c\hXVc hi^bjaViZWgVcYgZXVaaWn''%:cfj^gd!'%%,#
F[efb[jhkijeh]Wd_Yi[WhY^$
hZVgX]Zc\^cZ#
GZhZVgX]]Vhh]dlci]ZeZdeaZÒcYdg\Vc^XgZhjaihbdgZgZaZkVciVcYbdgZigjhiZY
If_Z[h6cVjidbViZYegd\gVbi]VihXVchdgXgVlahlZWeV\Zhid\Vi]Zg^c[dgbVi^dc[dg
hZVgX]Zc\^cZh#
Ifedieh[Zb_daiI]ZeV^YhZVgX]gZhjaihdcVH:GE# KHBJc^kZghVaGZhdjgXZAdXVidg"i]ZVYYgZhhd[VlZWeV\Zdci]Z>ciZgcZi#
j^[_cfehjWdY[d[hZVgX] jeWcWha[j[h
i]VceV^YhZVgX]gZhjaih:cfj^gd!'%%)
9WjY^fej[dj_WbYkijec[hiWj[l[hof^Wi[e\j^[Xko_d]YoYb[$ BdhiejgX]VhZhVgZhjW_ZXiidVWjn^c\XnXaZ#6iY^[[ZgZcied^cih^ci]ViXnXaZ!egdheZXih VgZhZVgX]^c\l^i]Y^[[ZgZci`Zne]gVhZh#cVYY^i^dc!i]ZnÉaaWZgZVYnidWjn bdgZfj^X`anWZXVjhZ^c[dgbVi^dc^hi]ZWZhilVnidh]dgiZci]ZWjn^c\XnXaZ#
CWdof[efb[^Wl[Wi[WhY^[d]_d[Wij^[_hXhemi[h^ec[fW][$ D[iZc!i]Z]dbZeV\Zd[VWgdlhZg^hhZiidVhZVgX]Zc\^cZ#BVcnjhZghZciZgJGAh ^cidi]ZhZVgX]Zc\^cZ^chiZVYd[i]ZVYYgZhhWVgd[i]ZWgdlhZgÄbZVc^c\i]ViZkZc
6hhZVgX]Zc\^cZh]VkZWZXdbZZhhZci^VaidVlZWjhZgÉh>ciZgcZiZmeZg^ZcXZhd]Vh
^[i]Zn`cdli]ZJGAd[VlZWh^iZ!i]ZnVgZÒcY^c\^ii]gdj\]hZVgX]#
hZVgX]WZXdbZZhhZci^VaidVbVg`ZiZg#HZVgX]^h^bedgiVci[dgVcjbWZgd[gZVhdch/
Wj^h[[#mWoh[bWj_edi^_f
I[WhY^_i]eWbeh_[dj[Z0f[efb[ki[i[WhY^jeÓdZj^[j^_d]ij^[omWdj WdZd[[Z$
+-
dci]ZbV_dghZVgX]Zc\^cZhVcYa^hiZY]^\]jeZcdj\]idWZhZZc#HiVi^hi^Xhh]dli]Vi
#i[WhY^[d]_d[i"m[XcWij[hiWdZki[hi
I]Z >ciZgcZi ^h V ]^\]an XdbeZi^i^kZ Zck^gdcbZci! l^i] a^iZgVaan W^aa^dch d[ eV\Zh ^c
HZVgX]Zc\^cZh!>ciZgcZijhZghVcYlZWh^iZdlcZghVgZ^ckdakZY^cVhnbW^di^Xi]gZZ"
Zm^hiZcXZ#Hd]dlYdZhVcndcZÒcYi]ZeV\Zi]ZnÉgZV[iZg4LZWjhZghÒcYl]Vii]Zn
lVngZaVi^dch]^e#:VX]eVginYZeZcYhdci]Zdi]Zgildid\Zil]Vii]ZncZZY# +.
hZVgX]Zc\^cZbVg`Zi^c\Ñi]Z^bedgiVcXZd[hZVgX]idVbVg`ZiZgÑWj^h[[#mWoh[bWj_edi^_f
Ki[himWdjjeÓdZm^Wjj^[oWh[beea_d]\ehedj^[?dj[hd[j$ I]ZnjhZhZVgX]Zc\^cZhidaZVYi]ZbidlZWh^iZh!VcYi]Zn[VkdjghZVgX]Zc\^cZhi]Vi YZa^kZgi]ZbdhigZaZkVciVcYjhZ[jagZhjaih#
I[WhY^[d]_d[imWdjjecWa[ced[o\heci[bb_d]WZl[hj_i_d]$
hZVgX]Zc\^cZbVg`Zi^c\Ñi]Z^bedgiVcXZd[hZVgX]idVbVg`ZiZgÑa[omehZi#cWa_d]i[di[e\_jWbb
i[WhY^[d]_d[cWha[j_d] HZVgX]Zc\^cZbVg`Zi^c\H:B]VhildVgbh/hZVgX]Zc\^cZdei^b^hVi^dcH:DVcY eVneZgXa^X`EE8VYkZgi^h^c\#I]ZhZXdggZhedcYidi]ZildineZhd[hZVgX]gZhjaih#
I]ZbdgZjhZghi]Zn]VkZ!i]ZbdgZVYkZgi^h^c\hZVgX]Zc\^cZhXVchZaa#I]ZgZ[dgZ!
I;E!FF93I;C
hZVgX]Zc\^cZhbjhia^hii]Z^ggZhjaihVXXdgY^c\idgZaZkVcXZVcY^bedgiVcXZ^cdgYZg idViigVXiVcY`ZZejhZgh#>cijgc!hZVgX]Zc\^cZh[Vkdjgh^iZhi]ViVgZgZaZkVciVcY
I;C i[WhY^[d]_d[cWha[j_d]
jhZ[jaidjhZgh#
M[X i_j[ emd[hi" m[XcWij[hi WdZ edb_d[ cWha[j[hi mWdj i[WhY^ [d]_d[ijei[dZjhW\ÓYjej^[_hi_j[$ I]ZgZ[dgZ!i]ZncZZYidbV`ZhjgZi]Vii]Z^gh^iZhVgZgZaZkVciVcY^bedgiVci^cWdi] i]ZZnZhd[i]ZhZVgX]Zc\^cZhVcYi]ZjhZgh# EV\Z VcY 7g^c hjb ^i je ^c i]Z^g egZ"
"fj^X`adlXdhihZije
"]^\]kdajbZ
"]^\]anbZVhjgVWaZVcYigVX`VWaZ
"bdgZZmedhjgZ!WgVcY^c\VcYVlVgZcZhh
"b^c^bVaYZkZadebZcii^bZgZfj^gZY!^[ViVaa
9EDI
9EDI
"idj\]idfjVci^[n
"XVcWZbdgZZmeZch^kZ
"adihd[dc\d^c\ldg`
"8E8^hXa^bW^c\
"gZhjaihXVciV`ZVl]^aZidWZhZZc
"XdchiVcibdc^idg^c\gZfj^gZY
H:D V^bh Vi ^begdk^c\ V lZW h^iZÉh gVc`^c\ ^c i]Z cVijgVa hZVgX] gZhjaih# EE8 VYkZgi^h^c\ ^ckdakZh W^YY^c\ [dg eaVXZbZci ^c i]Z eV^Y hZVgX] gZhjaih hZXi^dc d[ i]Z H:GE# 7di] H:D VcY EE8 VYkZgi^h^c\ VgZ WVhZY VgdjcY i]Z hVbZ [jcYVbZciVa XdcXZei/ a[omehZi$
a[omehZiÅcWa_d]i[di[e\_jWbb @ZnldgYh!dg`Zne]gVhZh!VgZl]ViVjhZgZciZgh^cidVhZVgX]Zc\^cZfjZgnidÒcY lZW h^iZh# 7di] H:D VcY EE8 VYkZgi^h^c\ ^ckdakZ hZaZXi^c\ i]Z `ZnldgYh i]Vi VgZ gZaZkVciidVXdbeVcnÉhlZWh^iZVcYVgZjhZYWnediZci^VaXjhidbZgh#H:DV^bhid ]VkZVlZWh^iZgVc`^ci]ZcVijgVagZhjaih[dg^ihiVg\Zi`ZnldgYh#>cEE8VYkZgi^h^c\! i]ZVYkZgi^hZgW^YhdcYZh^gZY`ZnldgYhidVX]^ZkZgVc`^c\h^ci]ZeV^YgZhjaih# I]Z[daadl^c\ildX]VeiZghYZVal^i]i]ZildVgbhd[hZVgX]Zc\^cZbVg`Zi^c\/hZVgX] Zc\^cZdei^b^hVi^dcVcYeVneZgXa^X`VYkZgi^h^c\#
gZaZkVciVcY^bedgiVciidaZVhigZaZkVciVcYjc^bedgiVci#
I]ZI;HFhZVgX]Zc\^cZgZhjaiheV\Z^hi]ZdgYZgZYa^hi^c\d[gZhjaih[dgi]Z jhZgÉhfjZgn#6H:GEXdciV^chVYZhXg^ei^dcVcYa^c`idi]ZgZhjai#
,%
,&
hZVgX]Zc\^cZbVg`Zi^c\Ñh[\[h[dY[i
h[\[h[dY[i 7g^c!H#VcYEV\Z!A#I]Z6cVidbnd[VAVg\Z"HXVaZ=neZgiZmijVaLZWHZVgX]:c\^cZ! ]iie/$$^c[daVW#hiVc[dgY#ZYj$sWVX`gjW$\dd\aZ#]iba! PVXXZhhZY(6eg^a'%%-R
]iie/$$lll#XdbhXdgZ#Xdb$egZhh$gZaZVhZ#Vhe4egZhh2'%+-! 8dbhXdgZEgZhh8ZciZg!PVXXZhhZY(6eg^a'%%-R XdbHXdgZ,BVn'%%-XdbHXdgZGZaZVhZhBVgX]'%%-:jgdeZVcHZVgX]GVc`^c\h! lll#XdbhXdgZ#Xdb$egZhh$gZaZVhZ#Vhe4egZhh2''%- XdbHXdgZ!>cXPVXXZhhZY&?jcZ'%%-R XdbHXdgZ&%DXidWZg'%%,+&7^aa^dcHZVgX]Zh8dcYjXiZYLdgaYl^YZ^c6j\jhi! lll#XdbhXdgZ#Xdb$egZhh$gZaZVhZ#Vhe4egZhh2&-%'! XdbHXdgZ!>cXPVXXZhhZY.?jcZ'%%-R :cfj^gdHZVgX]Hdaji^dch9ZXZbWZg'%%,I]Z7gVcYA^[id[HZVgX]! :cfj^gdHZVgX]Hdaji^dch!>cX :cfj^gdHZVgX]Hdaji^dchBVgX]'%%)>cidi]ZB^cYd[i]ZHZVgX]Zg! :cfj^gdHZVgX]Hdaji^dch>cX :nZiddah!>cX#:nZiddah!:cfj^gd!VcY9^Y"^ijcXdkZgHZVgX]ÉhcXPVXXZhhZY(6eg^a'%%-R ;^h]`^c!GVcY'*;ZWgjVgn'%%+7Z\^ccZgÉh[WZ_d]JW]i=ZVY^c\iV\h=&!='!=(ZiXVgZhiVcYVgYZaZbZcihjhZYidYZÒcZ]ZVY^c\hVcY
H:DXVcWZhea^i^cidildY^hi^cXiXVbeh/l]^iZ]ViH:DVcYWaVX`]ViH:Dl^i]!d[ XdjghZ!hdbZ\gZn]Vi"lZVgZgh^cWZilZZc#7aVX`]ViH:DgZ[Zghidign^c\id\VbZi]Z hZVgX]Zc\^cZh#I]ZhZH:DhjhZYjW^djhbZVchidVX]^ZkZ]^\]gVc`^c\h!VcYi]Z^g lZWh^iZhVgZdXXVh^dcVaanWaVX`"a^hiZYWni]ZhZVgX]Zc\^cZh#L]^iZ]ViH:D!dci]Z di]Zg]VcY!gZ[Zghidldg`^c\l^i]^ci]ZeVgVbZiZghhZiWnhZVgX]Zc\^cZhiddei^b^hZ VlZWh^iZ[dgWZiiZgjhZgZmeZg^ZcXZ#HZVgX]Zc\^cZhlVciidhZcYjhZghidi]ZlZW h^iZi]Vi^hbdhihj^iZYidi]Z^gcZZYh!hdl]^iZ]ViH:Dh]djaYZchjgZi]VijhZghXVc ÒcYl]Vii]ZnVgZadd`^c\[dg#
hjW]ZVY^c\hdcVlZWeV\Z#I]ZcjbWZg^cY^XViZhi]Z^bedgiVcXZ!hd=&iV\hVgZk^ZlZYWni]Zhe^YZgh VhWZ^c\bdgZ^bedgiVcii]Vii]Z=(iV\h#Jh^c\iVg\Zi`Zne]gVhZh^cndjg=iV\h^hZhhZci^Va[dg Z[[ZXi^kZH:D#
>ec[FW][I]ZÒghieV\Zd[VcnlZWh^iZ#I]Z]dbZeV\Z\^kZhjhZghV\a^behZ^cidl]Vindjgh^iZ^h VWdjiÄkZgnbjX]a^`Zi]Z^cYZm^cVWdd`!dgVbV\Vo^cZ#
>JCBI]ZVWWgZk^Vi^dc[dg=neZgIZmiBVg`jeAVc\jV\Z!gZVYWnlZWWgdlhZgh#8ZgiV^c=IBAiV\hVgZ jhZYidhigjXijgZi]Z^c[dgbVi^dcVcY[ZVijgZhl^i]^cVlZWeV\Z#
>of[hb_da6a^c`^cVYdXjbZciZaZXigdc^Xi]ViVaadlhndj!dcXZndjXa^X`dc^i!id[daadli]Za^c`id i]ZgZaZkVcilZWeV\Z#
?F7ZZh[iiI]Z>ciZgcZiEgdidXda>EVYYgZhh^hVZmXajh^kZcjbWZg!l]^X]^hjhZYidgZegZhZciZkZgn
^_iidgn
h^c\aZXdbejiZg^cVcZildg`#
A[omehZi^hjhjVaanWZiiZgiddei^b^hZ[dgVe]gVhZgVi]Zgi]VcVh^c\aZldgY#
>c^i^Vaan! Vaa V lZWbVhiZg cZZYZY id Yd lVh hjWb^i i]Z JGA d[ V lZW eV\Z [dg ^i id
A[omehZHWda_d]iI]^hiZgbgZ[Zghidl]ZgZi]Z`ZnldgYh$e]gVhZhiVg\ZiZYWnH:DgVc`Vbdc\hi
WZ ^cYZmZY# HZVgX] Zc\^cZh gZa^ZY dc i]Z bZiV YViV! ^c[dgbVi^dc i]Vi lZWbVhiZgh
i]ZhZVgX]Zc\^cZh"^[ndjgiVg\ZiZYiZgbhYdcdiVeeZVgdci]ZÒghi(eV\Zh!hiVgildggn^c\#
^chZgiZY^ci]ZXdYZd[VlZWeV\Z!idYZiZgb^cZl]ViVlZWeV\ZlVhVWdjiVcYid
BWdZ_d]FW][I]ZeV\ZVjhZggZVX]Zhl]ZcXa^X`^c\dcVeV^Ydgdg\Vc^XhZVgX]Zc\^cZa^hi^c\#I]Z
^cYZm^iVeegdeg^ViZan#
eV\Zhi]Vi]VkZi]ZbdhihjXXZhhVgZi]dhZi]VibViX]jeVhXadhZanVhedhh^WaZl^i]i]ZjhZgÉhhZVgX] fjZgn#
>cYjhign VcVanhi 9Vccn Hjaa^kVc gZXdgYh i]Vi i]Z ZVga^Zhi `cdlc jhZ d[ i]Z iZgb
B_da6a^c`^hVJGA^bWZYYZYdcVlZWeV\Z#>[ndjXa^X`dci]Za^c`ndjl^aaWZiV`Zcidi]VieV\Z#
ÆhZVgX]Zc\^cZdei^b^oVi^dcÇlVhVheVbbZhhV\ZedhiZYdcJhZcZi!Vcdca^cZ[dgjb
B_da8W_j6iZX]c^fjZ[dgegdk^Y^c\XdciZcii]ViViigVXiha^c`h[gdbdi]ZglZWeV\Zh#
dgbZhhV\ZWdVgY!dc?jan'+!&..,#
C[jWJW]iBZiViV\hVgZi]ZgZidiZaai]Zhe^YZghZmVXianl]Vii]ZlZWeV\ZhVgZVWdji#>iÉh^bedgiVci
GZVa^h^c\i]Z^bedgiVcXZd[WZ^c\gVc`ZY]^\]an^chZVgX]gZhjaih!lZWbVhiZghWZ\Vc
i]VindjgBZiViV\hVgZdei^b^hZY[dgi]ZiVg\ZiZY`Zne]gVhZh#BZiViV\hVgZbVYZjed[bZiVi^iaZh! YZhXg^ei^dchVcY`ZnldgYh#
jh^c\i]ZhZVgX]Zc\^cZÉhgZa^VcXZdcbZiVYViVidbVc^ejaViZi]ZgVc`^c\[dgi]Z^glZW
H[\[hh[hL]ZcVjhZgXa^X`hdcVa^c`[gdbdcZh^iZidVcdi]Zgh^iZi]ZjhZgaZ[i^hi]ZgZ[ZggZg#Bdhi
h^iZh#IdXdbWVii]^h!hZVgX]Zc\^cZh^cijgc]VkZYZkZadeZYbdgZXdbeaZmVa\dg^i]bh ^cXajY^c\VcjbWZgd[di]ZggVc`^c\[VXidgh#
WgdlhZghad\i]ZgZ[ZggZgÉhJGA^cgZ[ZggZghig^c\h#I]^h^c[dgbVi^dc^hk^iVaidYZiZgb^c^c\l]^X]fjZg^Zh VgZWZ^c\jhZYidÒcYheZX^ÒXh^iZh#
HeXej$jnj6ÒaZlg^iiZcVcYhidgZY^ci]ZgddiY^gZXidgnd[VlZWh^iZi]VigZhig^Xihi]ZhZVgX]Zc\^cZ L]^aZViHiVc[dgYJc^kZgh^in!AVggnEV\ZVcYHZg\Zn7g^cYZkZadeZYVhZVgX]Zc\^cZ!
he^YZgh[gdb^cYZm^c\XZgiV^ceV\Zhd[i]ZlZWh^iZ#
XVaaZY 7VX`gjW! i]Vi gZa^ZY dc V bVi]ZbVi^XVa Va\dg^i]b id gVc` lZW eV\Zh# I]Zn
KHBJc^[dgbdgJc^kZghVaGZhdjgXZAdXVidg#I]^h^hVlZWeV\ZÉhVYYgZhhZ#\#]iie/$$lll#\diiVfj^g`#Xdb#
[djcYZYi^hVXdci^cjdjh
hd[dgi]#HZVgX]Zc\^cZh]VkZVahdWj^aije`cdlaZY\ZVgdjcYXdbbdcb^hheZaa^c\h
egdXZhhVcYVlVnd[i]^c`^c\VWdji]dlhZVgX]Zc\^cZhhZZndjglZWh^iZVcY]dl
VcYhncdcnbhVcYXdbbdcgZaViZYhZVgX]Zh!hdVhidignidgZijgci]ZWZhigZhjaih
jhZghjhZhZVgX]Zc\^cZhidÒcYndjglZWh^iZ#>iÉhhZVgX]ehnX]dad\n#
[dgVjhZg# ,,
hZVgX]Zc\^cZdei^b^hVi^dcÑ]dl^ildg`hÑm[bbh[i[WhY^[Za[of^hWi[i
7ZXVjhZd[i]^h!^i^hXgjX^Vai]VilZWh^iZhXdciV^cXdciZcii]Vi^beaZbZcih`ZnldgYh i]ViVgZa^`ZanidWZjhZYWni]Z^giVg\ZiVjY^ZcXZ#LZWh^iZhcZZYidVeeZVgl]Zci]Z^g ediZci^VaXjhidbZghVgZhZVgX]^c\[dgi]Zb# 6hVlZWh^iZdlcZg!dgi]ZbVg`ZiZg[dgVlZWh^iZ!lZcZZYidWj^aYVa^hid[hdbZd[ i]ZiZgbhdjgediZci^VaXjhidbZghVgZa^`ZanidjhZidÒcYi]Zi]^c\hlZVgZd[[Zg^c\#6 W^\eVgid[`ZnldgYgZhZVgX]^hjcYZghiVcY^c\hZVgX]ehnX]dad\n#L]ZclZWj^aYdjg `Zne]gVhZdg`ZnldgYa^hi!lZVgZiVee^c\^cidi]ZbZciVaegdXZhhd[hZVgX]ZghVcY ejii^c\id\Zi]Zgi]Zg^\]ib^md[`ZnldgYhidiVg\Zi# I]ZgZVgZ[djgi]^c\hidXdch^YZgl]ZcX]ddh^c\V`ZnldgY/
I[WhY^lebkc[ =dlbVcnhZVgX]ZghVgZjh^c\i]Vie]gVhZidÒcYl]Vii]ZnlVci4;dgZmVbeaZ!i]ZgZ ^hVcZhi^bViZYbdci]anhZVgX]kdajbZd[dkZg'b^aa^dc[dgi]Z`ZnldgYÆ]diZaÇ!WjiVc Zhi^bViZY(-*hZVgX]Zh[dgbdci][dgV`ZnldgYa^`ZÆ8VeZIdlclViZg[gdci]diZaÇ#
9ecf[j_j_ed =dl bVcn di]Zg lZW h^iZh dji i]ZgZ VgZ iVg\Zi^c\ i]Vi hVbZ e]gVhZ4 ;dg ZmVbeaZ! [ndjVgZhZaa^c\gddbhViV]diZaVii]ZK6LViZg[gdci!l]^X]d[i]Z ildiZgbhÆ]diZaÇVcYÆ8VeZIdlcLViZg[gdci]diZaÇYdndji]^c`l^aaaZVYidbdgZ XdckZgh^dch4
LWbk[f[hb[WZ L]Vi^hi]ZVkZgV\ZkVajZeZgegdheZXiViigVXiZYWni]Z`ZnldgY49ZeZcY^c\dci]Z cVijgZd[ndjglZWh^iZ!i]ZVkZgV\ZkVajZeZgaZVYkVg^Zh#Jh^c\i]Z]diZaZmVbeaZ V\V^c!Xdch^YZgi]ZhZildiZgbh/ Æajmjgn8VeZIdlc]diZaÇVcYÆWjY\Zi8VeZIdlc]diZaÇ 7di]VgZiZgbhjhZYWnhdbZdcZadd`^c\idWdd`V]diZa^c8VeZIdlc!Wji^i^ha^`Zan i]VihdbZdcZadd`^c\[dgVajmjgn]diZa^h^ciZcY^c\idheZcYbdgZ#I]VibZVchi]Vi eVgi^XjaVgaZVY]VhV]^\]ZgkVajZ!eVgi^XjaVgan^[ndj]VkZV]diZaWdd`^c\lZWh^iZi]Vi d[[ZghVgVc\Zd[VXXdbbdYVi^dc#
,-
hZVgX]Zc\^cZdei^b^hVi^dcÑ]dl^ildg`hÑm[bbh[i[WhY^[Za[of^hWi[i
a[omehZh[i[WhY^ =dl Yd ndj `cdl l]ZgZ id hiVgi dc Wj^aY^c\ ndjg `ZnldgY a^hi4 >i gZfj^gZh V a^iiaZ i]dj\]i!VcYV[V^gVbdjcid[gZhZVgX]jh^c\iddahl]^X]VgZgZVY^anVkV^aVWaZid]Zae ndjWdi]\gdlVcYgZÒcZndjga^hid[`ZnldgYh#
8hW_dijehc I]^c` VWdji i]Z ldgYh ndj ldjaY jhZ id YZhXg^WZ ndjg Wjh^cZhh! VcY VWdji i]Z fjZhi^dchdgcZZYhd[ndjgXjhidbZghi]Vi^i[jaÒah#=dlldjaYhdbZdcZVh`[dgl]Vi ndjVgZd[[Zg^c\48dch^YZghncdcnbhVcYb^hheZaa^c\hVhlZaa# 7ZVg^cb^cYi]VieZdeaZb^\]icdiVh`[dgndjghZgk^XZh^ci]ZhVbZlVnndjYZhXg^WZ
dej[
i]Zb#Ndjb^\]ihZaaÆ]ZgWVa^c[jh^dchÇl]ZgZVhbdhieZdeaZldjaYVh`[dgÆ]ZgWVa
C_iif[bb_d]iWh[ _cfehjWdj"Xkjm^[doek Wh[i[bb_d]iec[j^_d]" Yedi_Z[hm^Wjj^[ c_iif[bb_d]j[bbioek WXekjj^[jhW\ÓYoekWh[ ][jj_d]$M_j^[l[hoj^_d]" WdWboi[oekhjhW\ÓYje Wii[ii\ehgkWb_jo$
iZVhÇ!Vai]dj\]hdbZb^\]igZfjZhiVÆi^hVcZÇ# >[ndjVgZhZaa^c\IVbV\diX]^h!gZbZbWZgi]Vii]ZheZaa^c\XVcWZidj\]idgZXVaa!VcY ndjb^\]icZZYidXdch^YZgXdbbdcb^hheZaa^c\ha^`ZÆijbV\dX]^ÇdgÆiVbV\dX]^Ç#
Ikhl[oYkijec[hiWdZbeeaWjoekhm[Xi_j[h[\[hhWbbe]i Add`idhZZl]ViiZgbhXjhidbZghVgZVagZVYnjh^c\idÒcYndj!VcYVYYi]dhZidndjg a^hi#>[i]ZnVgZVagZVYnhZcY^c\ndjhdbZigV[ÒX!^i^hldgi]hZZ^c\^[ndjXVc^cXgZVhZ i]ViigV[ÒX#
Ki[a[omehZh[i[WhY^jeebi I]ZgZVgZhZkZgVaiddahVkV^aVWaZ[dg`ZnldgYY^hXdkZgn!VcYhdbZd[i]ZbVgZ[gZZ HdbZ iddah l^aa hXVc ndjg lZW h^iZ VcY hj\\Zhi `ZnldgYh WVhZY dc ndjg XjggZci XdciZci#Bdhil^aaaZindjZciZg`ZnldgYh!VcYl^aai]ZcgZijgchj\\Zhi^dchWVhZYdc eVhigZhZVgX]YViVl^i]/
H^b^aVg`ZnldgYh
8dbbdc`ZnldgYhjhZYl^i]i]Vi`ZnldgY
8dbbdcb^hheZaa^c\h
;gZfjZcXnd[i]Z`ZnldgYh^chZVgX]fjZg^Zh
>cYjhigngZaViZY`ZnldgYh
@ZnldgYhi]ViVgZhZcY^c\igV[ÒXidndjgXdbeZi^idgh
=dlbVcnh^iZhVgZiVg\Zi^c\ndjg`ZnldgYh
HZZJeebie\j^[JhWZ[[dghdbZiddahi]VindjXVcjhZ# 7ZVg^c\^cb^cYi]Z[VXidghi]VibV`ZV\ddY`ZnldgY!ndjcZZYidV^b[dgi]Zg^\]i b^md[`ZnldgYh#AdlkdajbZiZgbh!l^i]adlaZkZahd[XdbeZi^i^dcbVnWZV\ddYlVn id\ZiigV[ÒX^ci]Zh]dgiiZgb!WjiYdcÉiWZhXVgZYd[[Wn]^\]"aZkZahd[XdbeZi^i^dc^c i]Z]^\]"kVajZ!]^\]"kdajbZVgZVh#>ib^\]iiV`Zadc\Zgid\Zii]ZgZ!WjidcXZi]ZgZ! i]ZgZkZcjZXVcbV`Z^iVaaldgi]l]^aZ#
,.
hZVgX]Zc\^cZdei^b^hVi^dcÑ]dl^ildg`hÑm[bbh[i[WhY^[Za[of^hWi[i
hZVgX]Zc\^cZdei^b^hVi^dcÑ]dl^ildg`hÑefj_c_i_d]Yedj[dj\eha[of^hWi[i
>i^hV\ddY^YZVidXgZViZVhegZVYh]ZZid[i]Za^hid[`ZnldgYh!l]ZgZndjXVcVahd
*$
8ebZ0jhZiV\hVgdjcYi]Z`ZnldgYViaZVhidcXZ#
hidgZ^c[dgbVi^dcgZaZkVciidi]Vi`ZnldgY#
+$
7bjjW]\ehWd_cW][0jhZ^iViaZVhidcXZidYZhXg^WZVc^bV\Zdci]ZeV\Z#
,$
KHB0jhZVJGAgZlg^iZhdi]Vi^iVeeZVgh^ci]ZJGAd[i]ZeV\Z#
-$
C[jWZ[iYh_fj_ed0jhZ^iViaZVhidcXZ^ci]ZbZiVYZhXg^ei^dcd[i]ZeV\Z#>i
A[omehZ ehf^hWi[
I[WhY^ lebkc[
9ecf[j_j_ed
>ej[b
)".-&
/&
(
'.
)*+
.&
)+
)+
Bknkho^ej[bi
Fhef[di_joje 9edl[hj
LWbk[e\ B[WZ
h]djaYZci^XZjhZghidXa^X`i]gdj\]idndjgh^iZ[gdbi]ZH:GE# .$
C[jWjW]i0jhZi]Z`ZnldgYh^ci]ZbZiViV\hidegdk^YZXdciZmiidi]ZhZVgX] Zc\^cZh#
/$
B_daWdY^ehj[njidVcdi]ZgeV\Z/YdcÉijhZ^il]Zca^c`^c\idVcdi]ZgeV\Z dcndjgh^iZ#I]ZVcX]dgiZmiYZhXg^WZhi]ZeV\ZWZ^c\a^c`ZYid!VcYhdXdjaY
I]^hl^aa]ZaendjidX]ddhZi]Zg^\]i`ZnldgYhidiVg\Zi#I]ZhZa^hihh]djaYWZXgZViZY [dg i]Z l]daZ lZW h^iZ! VcY i]Zc XVc WZ Wgd`Zc Ydlc [dg ZVX] eV\Z ndj lVci id
Y^ajiZi]ZgZaZkVcXZd[i]ZeV\ZndjVgZa^c`^c\[gdb# '&$ :ecW_ddWc[0^[edhh^WaZ!jhZi]Z`Zne]gVhZ^cndjgYdbV^ccVbZ#
dei^b^hZ#
efj_c_i_d]_cW][i
)$efj_c_i_d]Yedj[dj\eha[of^hWi[i
>bV\Zhh]djaYVahdWZdei^b^hZYl^i]i]ZgZaZkVci`ZnldgYh#HZVgX]Zc\^cZhXVccdi hZZ^bV\Zh!hdgZandci]ZlVni]ViVc^bV\Z^hYZhXg^WZYidYZiZgb^cZl]Vii]Z^bV\Z ^hVWdji#HXgZZcgZVYZghVahdgZVYdjii]Z^bV\ZYZhXg^ei^dch!l]^X]XVc]Zaek^hjVaan
DcXZ `ZnldgYh VcY e]gVhZh VgZ hZaZXiZY! lZ cZZY id ZchjgZ i]Vi i]Z h^iZ XdciV^ch
^beV^gZY gZVYZgh id bV`Z hZchZ d[ V lZW h^iZ# AVhian! ^bV\Zh VgZ hdbZi^bZh Vahd
XdciZci id iVg\Zi i]dhZ `Zn e]gVhZh# LZ bjhi ZchjgZ i]Vi i]Z XdciZci ^h egdeZgan
h]dlc dc i]Z H:GEh! VcY d[ XdjghZ dcZ XVc Vahd hZVgX] ^bV\Zh jh^c\ bdhi d[ i]Z
higjXijgZYVcYi]Vi^ihZcYhh^\cVahd[gZaZkVcXZ#8dciZci^hi]Zbdhi^bedgiVcieVgi
bV_dghZVgX]Zc\^cZh#
d[ ndjg lZW h^iZ# LZ bjhi XgZViZ gZaZkVci! iVg\ZiZY XdciZci V^b^c\ Vi djg hZaZXiZY `Zne]gVhZh#
?jhiVhVc^bV\ZXVc]ZaeZbe]Vh^hZi]ZXdciZcidcVeV\ZidVk^h^idgidi]VieV\Z!i]Zn XVcVahd]ZaehZVgX]Zc\^cZh^cgVc`^c\eV\Zh!egdk^YZYi]ZnVgZaVWZaaZYXdggZXian#
8dciZciVagZVYn]VhhZkZgVagdaZhideaVndcndjgh^iZ/
>iegdk^YZh^c[dgbVi^dcidk^h^idgh#
>ibjhiZc\V\Zl^i]i]Zb#
>ibjhiXdck^cXZi]ZbidYdl]VindjlVci#
Cdl ^i bjhi Vahd hZcY h^\cVah d[ gZaZkVcXZ id hZVgX] Zc\^cZh# Ndj cZZY id jhZ i]Z `ZnldgYh dc i]Z XdciZci eV\Z ^c V lVn i]Vi hZVgX] Zc\^cZh l^aa e^X` je! VcY jhZgh l^aajcYZghiVcY# :VX] lZW eV\Z h]djaY WZ dei^b^hZY [dg ild id i]gZZ `Zn e]gVhZh/ i]Z eg^bVgn `Zn e]gVhZ! i]Z hZXdcYVgn VcY i]Z iZgi^Vgn# 6 eV\Z XVc WZ dei^b^hZY [dg je id ÒkZ `Zn e]gVhZh!Wji^i^hWZiiZgid]VkZbdgZc^X]ZeV\Zhi]Vc[ZlZgjc[dXjhZYeV\Zh# =ZgZVgZhdbZ\j^YZa^cZh/ '$
J_jb[ jW]0 jhZ i]Z `Zn e]gVhZ ^c i]Z i^iaZ! VcY Vh XadhZ id i]Z WZ\^cc^c\ Vh edhh^WaZ#
($
>'^[WZ[hjW]0jhZi]Z`Zne]gVhZ^ci]Z]ZVYZgiV\!VcYVhbjX]Vhedhh^WaZ ^ci]Zdi]Zg=iV\h#
)$
8eZoYedj[dj0jhZi]Z`Zne]gVhZViaZVhii]gZZi^bZh!bdgZ^[i]ZgZ^hVadid[ XdciZciVcY^ibV`ZhhZchZid#Ndjh]djaYV^b[dgVWdji(*%ldgYhd[XdciZci# 7jiYdcÉidkZgYd^iI]ViXdjaYadd`a^`ZheVbidi]ZhZVgX]Zc\^cZh#
-%
FW][jWh][j_d]j^[f^hWi[Ç^WdZcWZ[XW]iÈ$ -&
hZVgX]Zc\^cZdei^b^hVi^dcÑ]dl^ildg`hÑb_dafefkbWh_jo
=ZgZVgZhdbZlVnhiddei^b^hZ^bV\Zhl^i]`Zne]gVhZh[dgH:D/
hZVgX]Zc\^cZdei^b^hVi^dcÑ]dl^ildg`hÑb_dafefkbWh_jo
h^iZ^hgZaZkVciidi]ZiZgbÈ8VeZIdlc]diZaÉ#Ç>[i]ZYZhi^cVi^dclZWeV\Z]VhVagZVYn
JhZYZhXg^ei^kZÒaZcVbZh#
JhZheZX^ÒX6AIiV\hVcYI^iaZViig^WjiZh[dgi]Z^bV\Zh#
BZiV^c[dgbVi^dcXVcWZhjeea^ZY^ci]Z^bV\ZÒaZ#BV`ZhjgZi]^h^c[dgbVi^dc
m^WjZe[iWb_dabeeab_a[5
^hgZaZkVci#
=ZgZ^hi]Z=IBAXdYZ[dgVa^c`/
JhZYZhXg^ei^kZXVei^dch!VcY`ZZegZaZkVciXdenXadhZidi]ZgZaZkVci^bV\Z#
BV`ZhjgZi]Z]ZVYZgiV\hVcY^bV\ZhVgZgZaZkVciidZVX]di]Zg#
jhZYXdciZciidhZcYVh^\cVad[gZaZkVcXZ!i]Za^c`h^beankVa^YViZhi]Vih^\cVa#
7dY^ehJ[ni
H:D^hWdi]VhX^ZcXZVcYVcVgi#;dXjhh^c\dclg^i^c\fjVa^inXdciZcil]^aZhi^X`^c\
]iie/$$lll#iVg\Zijga#Xdb$iVg\ZieV\Z#]ib^hi]ZeV\Zi]Vii]Za^c`aZVYhid#
idV[Zl\j^YZa^cZhl]Zc^iXdbZhidiV\hVcYJGAh^hi]ZWZhilVnidZchjgZgZhjaih#
7dY^ehJ[nj^hi]ZiZmii]Vi[dgbhi]Za^c`#
GZbZbWZg!ndjlVcihZVgX]Zc\^cZhidgVc`ndj]^\]an[dgndjgXdciZci!WjindjVahd lVciidZchjgZi]Vii]ZXdciZci^hVeaZVhjgZidgZVY#
I]Za^c`hZcYhVh^\cVai]Vii]ZiVg\ZiJGA^h^bedgiVci[dgi]ZhjW_ZXijhZY^ci]Z
Z_iYkii_ed
VcX]dgiZmi#
M^oc_]^jWi_j[mWdjje j[bbj^[i[WhY^[d]_d[dej je\ebbemWb_da5
6YY^c\ [gZh] XdciZci l]^X] XVgg^Zh WgVcY kVajZh gZ\jaVgan id ndjg h^iZ l^aa Vahd ZcXdjgV\Zi]ZhZVgX]Zc\^cZhidXgVlandjgh^iZbdgZ[gZfjZcian#
I]ZgZ^hVadibdgZ^c[dgbVi^dci]ViXVcWZ^cXajYZY^ci]^hVcVidbn!hjX]Vh^chigjXi^dch iZaa^c\i]ZhZVgX]Zc\^cZcdiid[daadli]Za^c`!dg^chigjXi^dchidi]ZWgdlhZgVhid
JhZndjglZWh^iZVcY^iheV\ZhidZhiVWa^h]VcYgZ^c[dgXZi]ZbZh#>c[dgbVi^dcXVc
l]Zi]Zgi]Za^c`h]djaYdeZc^cVcZll^cYdldgcdi#
ValVnhWZVggVc\ZY^chdbZ`^cYd[]^ZgVgX]^XVahigjXijgZ#?jhiVhVh^c\aZeV\ZXVc ]VkZV]ZVY^c\VcYi]Zc\ZiWgd`ZcYdlc^cidhjW"]ZVY^c\h!VaVg\ZlZWh^iZXVc]VkZ
6cX]dgIZmi
bV^ci]ZbZhi]Vi\ZiWgd`ZcYdlc^cidhjW"i]ZbZh#HZVgX]Zc\^cZhl^aahZZi]ZhZ i]ZbZhVcYgZXd\c^hZndjVhVlZWh^iZl^i]g^X]XdciZci#
h[b3Ède\ebbemÈXVcWZ^cXajYZY^ca^c`hl]ZcndjYdcÉilVciidkdjX][dgi]ZiVg\ZiJGA# HZVgX]Zc\^cZhYdcdiXdjcicd[daadla^c`h[dggVc`^c\ejgedhZh#>ilVh^cigdYjXZYWn
*$b_dafefkbWh_jo
ciZgcZildg`h#I]ZejgedhZd[Va^c`^hidVaadlVjhZg
D[XdjghZ!cdiVaaa^c`hVgZZfjVa#HdbZh^iZhVgZbdgZigjhiZYi]Vcdi]Zgh#Hd^[i]Zn
id \d [gdb dcZ lZW eV\Z id Vcdi]Zg# HZVgX] Zc\^cZh! Yd^c\ i]Z^g WZhi id b^b^X i]Z
VgZbdgZigjhiZY!i]Zca^c`h[gdbi]dhZh^iZhVgZldgi]bdgZ#A^`Zl^hZ!hdbZh^iZhVgZ
WZ]Vk^djgd[]jbVch!Vahd[daadla^c`h#
bdgZgZaZkVcii]Vcdi]ZghidheZX^ÒXiZgbh#I]ZbdgZgZaZkVciVh^iZ!i]ZbdgZkVajZ
DejWbbb_daiWh[Yh[Wj[Z[gkWb
^higVch[ZggZYWni]Za^c`#LZaa`cdlcVcYZhiVWa^h]ZYcZlhh^iZh!\dkZgcbZcih^iZh 7Zh^YZh Vaadl^c\ hZVgX] Zc\^cZ he^YZgh id ÒcY lZW h^iZh! a^c`h VgZ Vahd V lVn d[
#\dkVcYjc^kZgh^inYdbV^ch#VXVgZZmVbeaZhd[h^iZh[gdbl]^X]a^c`hXVcXVggn
kVa^YVi^c\gZaZkVcXZVcY^cY^XVi^c\^bedgiVcXZ#L]ZcdcZeV\Za^c`hidVcdi]Zg!^i^h
bdgZlZ^\]i^c\#
Vh^[i]VieV\Z^hkdi^c\dgkdjX]^c\[dgi]ZYZhi^cVi^dceV\Z#`cdl]^blZaa#Ndj
-'
XVcigjhi]^bÇ#>i^hi]ZhVbZl^i]a^c`hVcYhZVgX]Zc\^cZh#IgjhiZYh^iZhXVcigVch[Zg
I]ZhZVgX]Zc\^cZVa\dg^i]bl^aaVahdYZiZgb^cZi]ZgZaZkVcXnd[i]ZgZ[Zgg^c\lZWh^iZ
igjhiidjc`cdlch^iZhk^Va^c`h#
idi]Zh^iZWZ^c\a^c`ZYid#I]ZbdgZgZaZkVcii]Zh^iZhVgZidZVX]di]Zg!i]ZWZiiZg#
B_dai^[bfjelWb_ZWj[h[b[lWdY[$IZmia^c`h!Wni]Z^gkZgncVijgZ!XdciV^ciZmii]Vc`
^emZe[iWm[Xi_j[][jceh[b_dai5
ndj!8VeiV^cDWk^djh#I]ZiZmii]VibV`Zhjei]Za^c`XVc]ZaekVa^YViZgZaZkVcXZ#6
L^i]a^c`heaVn^c\hjX]Vk^iVagdaZ^chZVgX]Zc\^cZgVc`^c\hVcYigV[ÒX[dgVlZWh^iZ!
a^c`a^`ZÆ8VeZIdlc]diZaÇhZcYhi]ZbZhhV\Zi]Vi!ÆNdjXVcigjhii]Vii]ZYZhi^cVi^dc
ZkZgndcZlVcihbdgZd[i]Zb#I]ZbdgZgZaZkVcii]ZgZ[Zgg^c\lZWh^iZidndjglZW -(
hZVgX]Zc\^cZdei^b^hVi^dcÑ]dl^ildg`hÑb_dafefkbWh_jo
hZVgX]Zc\^cZdei^b^hVi^dcÑ]dl^ildg`hÑkiW][ZWjW
h^iZ!i]ZWZiiZgi]Za^c`#I]ZgZVgZXZgiV^canYjW^djhbZVchid\ZcZgVi^c\a^c`h!bdhi
A^c`YdbV^c/jga#XdbldgY
d[l]^X]XVcVXijVaangZhjai^cWZ^c\eZcVa^hZYWni]ZhZVgX]Zc\^cZh#=dlZkZg!]ZgZ
A^c`YdbV^c/jga#XdbÄiZgb
VgZhdbZlVnhi]ViZi]^XVaVcY]dcZhilZWh^iZdlcZghVcYbVg`ZiZghVcYi]ViÉhl]Vi
A^c`YdbV^c/jga#Xdb"h^iZ/jga#Xdb
ndjVgZ\dVWdji^cXgZVh^c\a^c`hidi]Z^glZWh^iZh/ L^i] Vaa a^c` Wj^aY^c\ iVXi^Xh! bV`Z hjgZ i]Vi ndj jhZ ndjg `Zn e]gVhZh l]Zc
Mh_j_d][nY[bb[dj"lWbkWXb[Yedj[djj^Wjej^[himWdjjeh[WZ
Xdbbjc^XVi^c\#Ndjl^aaWZiZaa^c\eZdeaZ]dlida^c`idndj!VcYZchjg^c\i]VihZVgX]
>[eZdeaZÒcYndjgh^iZjhZ[ja!i]ZnVgZbdgZa^`Zanida^c`id^i#>i^hcdicZXZhhVgn!cdg
Zc\^cZhcdi^XZndjgVji]dg^in#
edhh^WaZ!idignidlg^iZXdciZcii]Vil^aaVeeZVaidi]Zl]daZ>ciZgcZiedejaVi^dc#;dXjh dcWZ^c\i]ZWZhi^ci]Z^cYjhignndjVgZ^c!VcY^cegdk^Y^c\kVajZidi]ZbZbWZghd[ i]ViXdbbjc^in#BV`ZhjgZi]VikVajZXdciZci^hi]ZbZYVgdjcYndjg`Zne]gVhZh#
+$kiW][ZWjW
9h[Wj[jeebiWdZZeYkc[djij^Wjej^[himWdjjeki[
HZVgX]Zc\^cZhlVcii]Z^ggZhjaihidWZ]^\]angZaZkVciidlZWjhZghidbV`ZhjgZi]Vi
>ciZgk^ZlZmeZgih^cndjgÒZaY!VcY]dhii]dhZ^ciZgk^ZlhdcndjglZWh^iZ#I]^c`djih^YZ
lZWjhZgh`ZZegZijgc^c\idi]ZhZVgX]Zc\^cZ[dg[jijgZhZVgX]Zh#6cYi]ZWZhilVn
i]ZWdm[dgfj^g`n!gZaZkVci^iZbhi]VieZdeaZl^aaa^c`id#8VaXjaVidghVgZedejaVgiddah!
idZhiVWa^h]gZaZkVcXZidjhZghÄ]dli]ZnjhZlZWh^iZh!d[XdjghZ
VcYlZYdcÉi_jhibZVci]ZdcZhi]ViVYYildVcYildid\Zi]Zg#>[ndj]VkZVlZWh^iZ hZaa^c\Y^ZiWdd`h![dgZmVbeaZ!XgZViZViddai]Vi]ZaehjhZghXVaXjaViZi]Z^g7B>VcY
JhV\ZYViV^hi]ZbdhiZ[[ZXi^kZlVnd[_jY\^c\i]ZigjZgZaZkVcXnVcYkVajZd[VlZW
iVg\ZilZ^\]i#
h^iZ#;dgZmVbeaZ!^[jhZghVgg^kZdcVlZWh^iZVcYaZVkZ^bbZY^ViZan!X]VcXZhVgZ^i lVhcÉi gZaZkVci id i]Z^g fjZgn ^c i]Z Òghi eaVXZ# =dlZkZg! ^[ V jhZg gZeZViZYan k^h^ih
=Wc[i
VlZWh^iZVcYheZcYhVadc\i^bZdci]Zh^iZ!X]VcXZhVgZ^i^hZmigZbZangZaZkVci#
8gZVi^c\V\VbZi]VieZdeaZlVciideaVn^hV\gZVilVnid\ZcZgViZa^c`h#BV`ZhjgZ
L]Zc^iXdbZhidhZVgX]Zc\^cZh!gZaZkVcikVajVWaZh^iZh\ZiegdbdiZY!^ggZaZkVcih^iZh
i]Vii]Zi]ZbZd[i]Z\VbZ^hWVhZYdci]Z`Zne]gVhZh[dgndjglZWh^iZ!hdi]Vil]Zc
\ZiYZbdiZY#
di]ZghiVa`VWdjiVcYa^c`idi]Z\VbZ!i]ZnVgZjh^c\ndjg`Zne]gVhZh
Ie\jmWh[WdZm_Z][ji
^emZei[WhY^[d]_d[iWYY[iij^_iZWjW5 HZVgX]Zc\^cZhjhZXdd`^ZhidbV^ciV^cV]^hidgnd[VjhZgÉhhZVgX]VXi^k^in#I]^hl^aa
L^Y\Zih! WgdlhZg ZmiZch^dch VcY di]Zg jhZ[ja hd[ilVgZ i]Vi jhZgh adkZ id jhZ Vaa
^cXajYZ`ZnldgYhjhZY!VcYlZWh^iZhk^h^iZY[gdbi]ZhZVgX]Zc\^cZ#HZVgX]Zc\^cZh
]Zaeid\ZcZgViZa^c`h[dgVlZWh^iZ#Fj^g`!VHdji]6[g^XVcZBVg`Zi^c\V\ZcXn!]Vh
\Vi]ZgYViVdci]ZXa^X`i]gdj\]gViZd[gZhjaih!VcYdcWdjcXZgViZh#
gZaZVhZYV;^gZ[dmZmiZch^dcXVaaZYHZVgX]HiVijhi]Vi^hZmXZei^dcVaanjhZ[jaidi]ZH:D Xdbbjc^in VcY ^h YdlcadVYZY i]djhVcYh d[ i^bZ ZVX] bdci]# :VX] i^bZ hdbZdcZ
BdhihZVgX]Zc\^cZhVahdegdk^YZdi]ZghZgk^XZh!Vaad[l]^X]XVcWZjhZYid\Vi]Zg
bZci^dchi]^hH:Didda!i]Zna^c`idFj^g`#
YViVgZaZkVciidhZVgX]#;dg
View more...
Comments