Dituria islame 219
-
Upload
bashkesia-islame-ekosoves -
Category
Documents
-
view
280 -
download
8
description
Transcript of Dituria islame 219
8VYTM�>KNIHLSV�M�&EWLOÏWMWÏ�-WPEQIXÏ�/SWSZÏW�VMKNSHLM
1V��2EMQ�8ÏVREZÏR�1]JXMXÏ�/SWSZÏW�IHLI�TÏV�RNÏ�QERHEX
TIWÏZNIËEV�
/SWSZE�OE�RIZSNÏ�TÏV�TEUI�I�NSTÏV�PYJXÏVE�XÏ�VINE
��
0MKNÏVEXE�I�/YVFER�&ENVEQMX��
(MWTSMXEX�I�/YVFERMX��
(SQIXLÏRME�I�JVEÏWq%PPELY�ME�TEWXÏ�JEPÏ�MQERMRr
��
8VEOXEXM�M�,YHINFMNIW��
2NSLNE��RIZSNE�HLI�JVMOE�RHEN�>SXMX���
1IHMIX�XSRE�KNMXLRNÏI�QÏ�XÏ�HLYRWLQI�HLI
QÏ�XÏ�JVMOWLQI�TÏV�WLSUÏVMRÏ��
7EJELEXIXZITÏV�QI�ZPIVE�OYPXYVSVI�LMWXSVMOI
��
%OXYEPI��
HMXYVME�MWPEQI������ �
(-896-%�-70%1 )6IZMWX�QYNSVI��JIXEVI��OYPXYVSVI�I�WLOIRGSVI
&SXSR
/V]IWME�I�&EWLOÏWMWÏ�-WPEQI�XÏ�/SWSZÏW
4VMWLXMRÏ
/V]IVIHEOXSV
&ELVM�7MQRMGE
6IHEOWME�
%KMQ�,]WIRM��&YVLER�,S\LE�
.EOYT�«YREOY��1MJXEV�%NHMRM�
1YLEVVIQ�8ÏVREZE��6I\LIT�0YWLXE�
7EFVM�&ENKSVE��>EMQ�&EJXMY
+EIXEV�R�VIHEOWM�
6EQEHER�7LOSHVE
0IOXSV
-WE�&ENËMRGE
/SVVIOXSV
7OIRHIV�6EWLMXM
/STIVXMRE�6IH��XIORMO
=QVMHMR�8VMREOY
3TIVEXSV�OSQTNYXIVMO
2YLM�7MQRMGE
%HVIWE�
q(MXYVME�-WPEQIr�6V��q&ENVEQ�/IPQIRHMr��RV�����
������4VMWLXMRÏ8IP��*E\�������������
)�QEMP��
4EVETEKMQM�
)ZVST���������%QIVMO����97%��
7LX]TM�
��4VMWLXMRÏ
(SVÏWLOVMQIX�HLI�JSXSX�RYO�OXLILIR�
4EW�TÏVJYRHMQMX�XÏ�TVSGIWMX�KNIHLSV�TÏV�SVKERIX�QÏ�XÏ�PEVXE�XÏ�&EWLOÏWMWÏ
-WPEQI�XÏ�/SWSZÏW��QI�ËtVEWX�TÏVTSW��VM �KNIHLNIW�WÏ�1]JXMYX��OSRWXMXYMQMX�XÏ
/YZIRHMX�XÏ�VM��KNIHLNIW�WÏ�OV]IXEVMX�I�RÏROV]IXEVMX�XÏ�/YZIRHMX�XÏ�&-��KNI�
HLNIW�WÏ�/SQMWMSRIZI�XÏ�/YZIRHMX�HLI�QMVEXMQMX�XÏ�ERÏXEVÏZI�XÏ�/V]IWMWÏ�WÏ
&-�XÏ�/SWSZÏW��QÏ����XIXSV������RÏ�EQFMIRXIX�I�\LEQMWÏ��q7YPPXER�1YVEXr
RÏ�4VMWLXMRÏ�Y�SVKERMYE�TÏVYVMQM�1]JXMYX�XÏ�VMKNIHLYV��XÏ�GMPMX�TEVE�LSQS�
PSKÏZI�XÏ�XMN�RKE�ZIRHIX�I�VENSRMX�WM�HLI�WLYQI�XÏ�JXYEVZI�XÏ�XNIVÏ�HLI�TEVE
ERÏXEVÏZI�XÏ�8VYTMX�>KNIHLSV�XÏ�&-��OV]IXEVM�M�/YZIRHMX�XÏ�&-�XÏ�/SWSZÏW�ME
HSVÏSM�WSPIQRMWLX�1IRWLYVÏR��
/]�EOX�WSPIQR�RYO�ÏWLXÏ�M�TERNSLYV�TÏV�YHLÏLUÏWMX�I�MRWXMXYGMSRIZI�JIXEVI
RÏ�ZIRHIX�XÏ�RHV]WLQI�XÏ�FSXÏW�MWPEQI��QEHNI�IHLI�RÏ�ZIRHIX�TÏV�VVIXL�RIWL�
2NÏ�SVKERMMQ�M�XMPPÏ�QÏ�LIVÏX�ÏWLXÏ�FÏVÏ�RÏ�OYEHÏV�XÏ�MWL���6MEWIXMX�XÏ�MWL�
.YKSWPPEZMWÏ�OY�IHLI�/SWSZE�OMWLXI�TÏVJEUÏWYIWMX�I�WEN��
1IKNMXLÏUÏ�&EWLOÏWME�-WPEQI�I�/SWSZÏW�UÏ�RKE�TEZEVÏWMQM�M�WEN�OE�FÏVÏ
KNIHLNIX�WMTEW�RSVQEZI�OYWLXIXYIW�XÏ�&-��TÏV�WLOEO��XÏ�KNIRHNIW�RÏTÏV�XÏ
GMPÏR�OE�OEPYEV�TEVE�ZMXMX������RÏ�RNÏVÏR�ERÏ��I�RÏ�ERÏR�XNIXÏV�TÏV�WLOEO�XÏ
QYRKIWÏ�WÏ�XVEHMXÏW��RNÏ�GIVIQSRM�I�XMPPÏ�RYO�ÏWLXÏ�SVKERMYEV�HIVM�QÏ�XEWL�
%RHEN�ZIX�RMWQE�I�RN�SVKERMMQM�X�RN�GIVIQSRMI�X�XMPP�TEVEUIX�RN�WYO�
WIW�I�RN�JMPPMQ�X�QFEV�X�RN�XVEHMXI�U�M�OE�QYRKYEV�MRWXMXYGMSRMX�X�&EWLO�
WMW�-WPEQI��
7tOE�H]WLMQ�WI�RNÏ�SVKERMQMR�M�XMPPÏ�OE�VÏRHÏWM�XÏ�H]JMWLXÏ��I�TEVE�WITWI
RNÏ�QERMJIWXMQ�M�XMPPÏ�TÏV�TVSQSZMQMR�I�XÏ�TEVMX�XÏ�Q]WPMQERIZI�QI�RNÏ�GIVI�
QSRM�QSHIWXI�FÏLIX�TÏV�XÏ�TEXÏR�LIVÏ�XIO�RI�TEVE�TYFPMOYX�VIWTIOXMZMWLX�TEVE
\LIQEXMX�HLI�WÏ�H]XM�FÏLIX�RÏ�/SWSZÏR�I�TEZEVYV�I�XÏ�TVERYEV�RHÏVOSQXEVM�
WLX�
2Ï�OÏXÏ�RYQÏV�TSW�XÏ�XNIVEWL
6EQEHER�7LOSHVE
/YZIRHM�M�&-�WÏ�XÏ�/SWSZÏW�RÏ�QFPIHLNIR�OSRWXMXYXMZI�
KNSHLM�OV]IXEV�X�/YZIRHMX�(V��<LEFMV�,EQMXMR�
8VYTM�>KNIHLSV�M�&EWLOÏWMWÏ�-WPEQI�XÏ�/SWSZÏW��RÏQFPIHLNIR�I�QFENXYV�QÏ����XIXSV������VMKNSHLM�1]JXM�XÏ/SWSZÏW�IHLI�TÏV�RNÏ�QERHEX�TIWÏZNIËEV�1V��2EMQ�8ÏV�REZÏR��1]JXMY�2EMQ�8ÏVREZE�RKE�XVYTM�KNIHLSV�M�&EWLOÏWMWÏ
-WPEQI�XÏ�/SWSZÏW��XÏ�GMPMR�I�TÏVFÏNRÏ����ERÏXEVÏ����ERÏXEVÏX�I�/YZIRHMX�XÏ�&-�XÏ�/SWSZÏW�����OV]IXEVÏX�I�OÏ�WLMPPEZI�ZIRHSVÏ�XÏ�&-�WÏ��(IOERM�M�*7-�WÏ�HLI�HVINXSVM�M1IHVIWIWÏ �QSVM�WLYQMGÏR�EFWSPYXI�XÏ�ZSXEZI������WEOSLÏ�UÏ�OYRHÏVOERHMHEXM���(V��6I\LIT�&SNE��(IOERM�M�*E�OYPXIXMX�XÏ�7XYHMQIZI�-WPEQI�XÏ�4VMWLXMRÏW��QSVM����ZSXE��
(V��<LEFMV�,EQMXM��OV]IXEV�M�/YZIRHMX�XÏ�&-�XÏ�/SWSZÏW
4S�QÏ����XIXSV��TEVE�QFPIHLNIW�WÏ�8VYTMX�>KNIHLSV�YQFENX�QFPIHLNE�OSRWXMXYMZI�I�/YZIRHMX�XÏ�&-�XÏ�/SWSZÏW�4EW�ZIVMJMOMQMX�XÏ�QERHEXIZI�XÏ�OYZIRHEVÏZI�XÏ�VMRN��Y
FÏ�IHLI�KNIHLNE�I�OV]IXEVMX�HLI�RÏROV]IXEVMX�XÏ�/YZIRHMXXÏ�&EWLOÏWMWÏ�-WPEQI�XÏ�/SWSZÏW��/V]IXEV�M�/YZIRHMX�XÏ�&-�WÏ�XÏ�/SWSZÏW�Y�KNSHL�HIPI�
KEXM�RKE�*EOYPXIXM�M�7XYHMQIZI�-WPEQI�XÏ�4VMWLXMRÏW��(V�<LEFMV�,EQMXM��OYVWI�RÏROV]IXEV���HIPIKEXM�RKE�QIHVIWI�NE�I�QIWQI�q%PEYHHMRr�I�4VMWLXMRÏW��*EHMP�,EWERM��
� HMXYVME�MWPEQI������
%OXYEPI
1]JXMY�M�/SWSZÏW��1V��2EMQ�8ÏVREZE
8VYTM�>KNIHLSV�M�&EWLOÏWMWÏ�-WPEQI�XÏ�/SWSZÏW�VMKNSHLM
1V��2EMQ�8ÏVREZÏR�1]JXM�XÏ�/SWSZÏWIHLI�TÏV�RNÏ�QERHEX�TIWÏZNIËEV
��& MSKVEJM��1V��2EMQ�8ÏVREZE�
1]JXM�HLI�/V]IXEV�M�/V]IWMWÏWÏ�&EWLOÏWMWÏ�-WPEQI�XÏ�/SWSZÏW
2EMQ�8ÏVREZE�OE�PMRHYV�QÏ���NEREV�������RÏ�JWLEXMR0MWQMV�XÏ�OSQYRÏW�WÏ�*YWLÏ�/SWSZÏW�7LOSPPÏR�JMPPSVI�I�OVIY�RÏ�ZIRHPMRHNI�HLI�QÏ�TEWXEN
QIHIVIWIRÏ�I�QIWQI�q%PEYHHMRr�XÏ�4VMWLXMRÏW��:ELHSMWXYHMQIX�RÏ�9RMZIVWMXIXMR�q%P�%tLEVr�XÏ�/ENVSW��HIKE�I%TSPSKNIXMOÏW�-WPEQI��XÏ�GMPEX�M�TÏVJYRHSM�QI�WYOWIW�RÏZMXMR������1IRNÏLIVÏ�TEW�TÏVJYRHMQMX�XÏ�WXYHMQIZI��IQÏVSLIX
MQEQ�R�JWLEXMR�0MWQMV��2�ZMXMR�WLOSPPSV���������Y�IQ�
VYE�TVSJIWSV�M�PÏRHÏZI�%OEMHM�HLI�*MPSSJME�MWPEQI�RÏQIHVIWIRÏ�I�QIWQI�q%PEYHHMRr�XÏ�4VMWLXMRÏW�2EMQ�8ÏVREZE��KNEXÏ�OÏX]VI�ZMXIZI�XÏ�ERKELMQMX�XÏ�XMN�
RÏ�SVKERIX�I�&EWLOÏWMWÏ�-WPEQI�XÏ�/SWSZÏW��OVIY�WLY�QÏ�HIX]VE�HLI�JYROWMSRI�QI�VÏRHÏWM�RÏ�OYEHÏV�XÏ�-RWXM�XYGMSRIZI�XÏ�&EWLOÏWMWÏ�-WPEQI�XÏ�/SWSZÏW�-WLXI�ERÏXEV�M�VIHEOWMWÏ�WÏ�VIZMWXÏW�q(MXYVME�-WPEQIr��XVM
QERHEXI ��TEWXEN�ERÏXEV�M�/V]IWMWÏ�WÏ�&EWLOÏWMWÏ�-WPE�QI��H]�QERHEXI �RKE�ZMXM�����������7M�PMKNÏVYIW�M�%OEMHMX�HLI�*MPSSJMWÏ�MWPEQI�RÏ�*EOYPXI�
XMR�I�7XYHMQIZI�-WPEQI�XÏ�4VMWLXMRÏW�JMPPSM�TYRÏR�RÏ�ZMXMREOEHIQMO���������HLI�EX]�EOXYEPMWLX�PMKNÏVSR�PÏRHÏR�I*MPSSJMWÏ�MWPEQI�/E�QEKNMWXVYEV�QÏ������RÏ�9RMZIVWMXIXMR�I�,ETYV
%QIVMOER�XÏ�/ENVSW���%QIVMGER�3TIR�9RMZIVWMX]��'EMVS �2Ï�ZMXMR������ÏWLXÏ�KNIHLYV�HVINXSV�M�QIHVIWIWÏ
q%PEYHHMRr�TÏV�H]�QERHEXI����������� �+NEXÏ�PYJXÏW�RÏ�/SWSZÏ��QÏ���QEVW�������/V]IWME�I
&EWLOÏWMWÏ�-WPEQI�JSVQSM�/ÏWLMPPMR�I�)QIVKNIRGÏW��XÏTEVMR�I�OÏXMN�PPSNM�RÏ�/SWSZÏ��HLI�RÏ�OV]I�XÏ�OÏXMN�OÏWLMPPMIQÏVSM�2EMQ�8ÏVREZÏR��/]�OÏWLMPP�TEW�PYJXÏW�Y�XVERWJSV�QYE�RÏ�WLSUEXÏR�LYQERMXEVI�q&IVIUIXMr�4EW�PYJXÏW�RÏ�/SWSZÏ��RÏ�ZMXMR������Y�KNSHL�OV]IXEV�M
/YZIRHMX�XÏ�&EWLOÏWMWÏ�-WPEQI�XÏ�/SWSZÏW�+NEXÏ�OÏWEN�OSLI�2EMQ�8ÏVREZE�OE�LZMPPYEV�WLYQÏ
XEOMQI�]VXEVI�RÏ�RMZIPI�RHÏVOSQFÏXEVI��OYHS�RÏ�FSXÏ�KNMXLRNÏ�RÏ�MRXIVIW�XÏ�ËÏWLXNIW�WÏ�/SWSZÏW�
8VYTM�KNIHLSV�M�&-�WÏ�QMVEXSMERÏXEVÏX�I�/V]IWMWÏ�WÏ�&-/�WÏ
XÏ�TVSTSYEV�RKE�1]JXMY�8ÏVREZE1Ï����XIXSV�RÏ�4VMWLXMRÏ��TEVE�XVYTMX�KNIHLSV�XÏ�&-�WÏ
XÏ�/SWSZÏW��1]JXMY�1V��2EMQ�8ÏVREZE�TEVEUMXM�TÏV�QMVE�XMQ�PMWXÏR�I�ERÏXEVÏZI�XÏ�/V]IWMWÏ�WÏ�&-�WÏ�XÏ�/SWSZÏWTÏV�QERHEXMR�I�EVHLWLÏQ�TIWÏZNIËEV�1FPIHLNE�I�WSXQI�I�XVYTMX�KNIHLSV�XÏ�&-�WÏ�XÏ�/SWS�
ZÏW�MWLXI�ZELHMQ�M�QFPIHLNIW�WÏ�QFENXYV�QÏ����XIXSV�4EW�TEVEUMXNIW�WÏ�TVSTSMQMX��XVYTM�KNIHLSV�M�&-/�WÏ�QM�VEXSM�OERHMHEXÏX�I�TVSTSYEV�RKE�ERE�I�1]JXMYX�TÏV�ERÏ�XEVÏ�XÏ�/V]IWMWÏ�/V]IWME�I�&-/�WÏ�OE���ERÏXEVÏ��TVSTSYEV�RKE�1]JXMY�
RKE���VENSRI��TVIN�XÏ�GMPEZI���VENSRI�NERÏ�RÏ�XIVVMXSVMR�EH�QMRMWXVEXMZ�XÏ�/SWSZÏW�HLI�RNÏ�VENSR�EM�M�4VIWLIZÏW�%RÏXEVÏX�I�KNIHLYV�XÏ�/V]IWMWÏ�WÏ�&-�WÏ�XÏ�/SWSZÏW
NERÏ�)OVIQ�7MQRMGE���4VMWLXMRÏ�2I\LQM�1EOWYXM���1MXVSZMGÏ2I\LQIHMR�,S\LE���4INÏ7LERM�7]POE���+NEOSZÏ6IWLEX�1I\LMHM���4VMVIR-WE�8ÏVWLERM���*IVMEN*ELVYWL�6I\LITM���+NMPER6EKQM�(IWXERM���4VIWLIZÏ
4EW�QMVEXMQM�XÏ�ERÏXEVÏZI�XÏ�/V]IWMWÏ�WÏ�&-/�WÏ��1]�JXMY�M�/SWSZÏW��M�WLSUÏVYEV�RKE�ERÏXEVÏX�I�TSVWEKNIHLYVXÏ�/V]IWMWÏ��HLERÏ�FIXMQMR�TEVE�XVYTMX�KNIHLSV�XÏ�&-/�WÏ�2KE�XIXÏ�ERÏXEVÏX�I�KNIHLYV�WSX��TIWÏ�NERÏ�XÏ�VMRN��OY�
VWI�XVI�OERÏ�UIRÏ�ERÏXEVÏ�IHLI�RÏ�QERHEXMR�I�WLOYEV�1I�KNIHLNIR�I�ERÏXEVÏZI�XÏ�OV]IWMWÏ�WÏ�&-�WÏ�XÏ�/S�
WSZÏW�Y�VVYQFYPPEOYE�TVSGIWM�M�KNIHLNIZI�RÏ�SVKERIXUIRHVSVI�XÏ�&EWLOÏWMWÏ�-WPEQI�XÏ�/SWSZÏW�
HMXYVME�MWPEQI������ �
2EMQ�8ÏVREZE��KNEXÏ�KNMXLÏ�OÏX]VI�ZMXIZI��RÏ�QÏR]VÏXÏ�ZELHYIWLQI�Y�QSV�IHLI�QI�TYFPMGMWXMOÏ���FSXSM�WLXE�XÏ�PMFVE��HMWE�HLNIXÏVE�EVXMOYN��WM�RÏ�VIZMWXE��KEIXE�ZIRH�SVI�HLI�XÏ�LYENE�1Ï�HEXÏR����XIXSV������Y�KNSHL�OV]IXEV�HLI�1]JXM�M
&EWLOÏWMWÏ�-WPEQI�XÏ�/SWSZÏW��2HÏVWE�QÏ����XIXSV�����Y�VMKNSHL�IHLI�RNÏ�QERHEX�RÏ�OV]I�XÏ�&-�XÏ�/SWS�ZÏW�.IXSR�I�ZITVSR�RÏ�4VMWLXMRÏ�HLI�ÏWLXÏ�FEFE�M�OEXÏV
JÏQMNÏZI�
��& MSKVEJM��(V��<LEFMV�,EQMXM�
�OV]IXEVM�M�/YZIRHMX�XÏ�&-�XÏ�/SWSZÏW �
<LEFMV�,EQMXM�OE�PMRHYV�RÏ�1EPÏWMRÏ�I�+SPPEOYX�RÏJWLEXMR�&PPEXÏ�XÏ�4SHNIZÏW��7LOSPPÏR�JMPPSVI�I�OE�QFEVYEV�RÏ�JWLEXMR�3VPPER��OYVWI
XÏ�QIWQIR���QIHVIWIRÏ�q%PEYHHMRr�XÏ�4VMWLXMRÏW��*EOYP�XIXMR�I�7XYHMQIZI�-WPEQI�I�OE�TÏVJYRHYEV�RÏ�9RMZIVWMXI�XMR�-WPEQMO�RÏ�1IHMRÏ��7XYHMQIX�I�PEVXE�TÏV�1EWXIV�M�OEQFEVYEV�RÏ�0MFER��OYVWI�KVEHÏR�WLOIRGSVI�XÏ�(SOXSVE�XÏW�RÏ�JYWLÏR�I�WXYHMQIZI�MWPEQII�OE�QEVVÏ�RÏ�9RM�ZIVWMXIXMR�I�7EVENIZÏW��������
/E�UIRÏ�ERÏXEV�RHIVM�RÏ�/ÏWLMPPMR�TÏV�1FVSNXNIR�I�XÏ(VINXEZI�HLI�0MVMZI�XÏ�2NIVMYX�RÏ�/SWSZÏ�RKE�ZMXM�����������4IVWSR�OSRXEOXYIW�M�RKNEVNIZI�RÏ�/SWSZÏW�TÏV�6EHMS
&&'�RÏ�RÏ�KNYLÏR�EVEFI�QI�WIPM�RÏ�0SRHÏV��KNEXÏ�ZMXIZI����������WM�HLI�TÏV�8:�%P�.IIIVE�RKE�ZMXM������HIVMQÏ�WSX��
WLXÏ�PMKNÏVYIW�RÏ�*EOYPXIXMR�I�7XYHMQIZI�-WPEQI�XÏ4VMWLXMRÏW�RKE�ZMXM������WM�HLI�RÏ�ZMXIX�����������OE�PM�KNÏVYEV�PÏRHÏR�I�+NYLÏW�EVEFI�RÏ�*EOYPXIXMR�I�*MPSPSKNM�WÏ�XÏ�9RMZIVWMXIXMX�XÏ�4VMWLXMRÏW�/E�QEVVÏ�TNIWÏ�RÏ�WLYQÏ�WIQMREVI�HLI�JSVYQI�WLOI�
RGSVI�XÏ�RMZIPMX�RHÏVOSQFÏXEV��RÏ�3\JSVH�9/��1EWWE�GLYWWIXXW��97%��'EY\��>ZMGÏV��+VEREHE�7TEMR��&IVPMR�8IP�%ZMZ�IXN��(M�KNYLÏX�ERKPMWLX��KNIVQERMWLX��EVEFMWLX�HLIFSWLRNEOMWLX��WLXÏ�EYXSV�M�H]�PMFVEZI�HLI�TÏVOXL]IW�MHMWE�XÏ�XNIVÏZI�WM�HLI�EYXSV�M�WLYQÏ�EVXMOYNZI�TYFPMGMWXMORÏ�KEIXE�HLI�VIZMWXE�PSOEPI�I�RHÏVOSQFÏXEVI��
(V��<LEFMV�,EQMXM
%RÏXEVÏX�I�/YZIRHMX�XÏ�&-�XÏ�/SWSZÏW��TÏV�QERHEXMR�TIWÏZNIËEV���������� �
%KMQ�,]WIRM���+NMPER%VXER�>IOE���4INÏ%WPPER�*EPMY���1MXVSZMGÏ&EWVM�>IOSPPM���:YWLXVVM&IHVM�7]PE���7OÏRHIVEN&IWMQ�0PEPPSWLM���4SHNIZÏ(EYX�0IM���4VMVIR)RIW�/SWLM���+NEOSZÏ)WIX�&ENVEOXEVM���(VIREW*EHMP�,EWERM���1IHVIWI*EMO�4EPPSWLM���/EËERMO*ILMQ�%FEM���:MXM*MOVIX�0MQERM���4VIWLIZÏ*MXMQ�&SNE���/PMRÏ,EOM�,S\LE��7YLEVIOÏ,YWEQIHMR�%FEM���4VMWLXMRÏ.YWYJ�/VEWRMUM���6ELSZIG1YLEQIH�(ÏVQEOY���/EQIRMGÏ2I\LQIHMR�(ÏVRNERM��,ERM�M�)PIMX6EKQM�(IWXERM���&YNERSG6EWMQ�%HIQM���*IVMEN6IJMO�1YVEXM���(IËER6I\LIT�>]QFIVM��-WXSK7IPMQ�4EËEVMM���1EPMWLIZÏ<LEFMV�,EQMXM���*7-<LEJIV�*INMY���7LEVV<LEZMX�5IVMQM���0MTNER
8IOWXMR�I�1IRWLYVÏW�HS�XE�FSXSNQÏ�XÏ�TPSXÏ�-�WLSUÏVYEV�RKE�XIOFMVIX�I�XÏ�TVERMWLQÏZI��1IRWLY�
VÏR�1]JXMYX�XÏ�VMKNIHLYV�1V��2EMQ�8ÏVREZE��ME�HSVÏSMWSPIQRMWLX�OV]IXEVM�M�/YZIRHMX�XÏ�&EWLOÏWMWÏ�-WPEQI�XÏ/SWSZÏW��(V��<LEFMV�,EQMXM��1Ï�TEWXEN�XÏ�TVERMWLQÏZIRKE�L]XFINE�I�\LEQMWÏ�q7YPPXER�1YVEXr��QI�RNÏ�JNEPÏ�VEWXM�MY�HVINXYE�1]JXMY�M�/SWSZÏW�1V��2EMQ�8ÏVREZE��M�GMPM��RHÏVXÏ�XNIVE��XLE�q7SX�I�TVERSZE�IHLI�RNÏ�LIVÏ�RNÏ�TÏVKNIKNÏWM�WLYQÏ
XÏ�QEHLI��TÏVKNIKNÏWM�ONS�I�GMPE�QÏ�SFPMKSR�IHLI�QÏWLYQÏ��9RÏ�IHLI�KNEXÏ�QERHEXMX�XMQ�XÏ�OEPYEV�NEQ�TÏV�TNIOYV�HLI�NEQ�ERKELYEV�TÏV�XÏ�QMVÏR�I�-WPEQMX�HLI�Q]�WPMQERÏZI�HLI�QFEVÏ�WLSUÏVMWÏ�RÏ�TÏVKNMXLÏWM��2Ï�XÏZÏVXIXÏ��TSMXÏR�I�1]JXMYX�I�OEQ�OYTXYEV�HLI�ZELHSN�XEOYTXSN�NS�WM�TVMZMPIKN��TSV�OVINXÏWMWLX�WM�SFPMKMQ�HLI�TÏV�KNIKNÏWM��TÏVKNIKNÏWM�RÏ�VEHLÏ�XÏ�TEVÏ�TEVE�%PPELYX�TÏVKNIKNÏWM�TEVE�KNIHLÏWZI�HLI�TEVE�ZÏPPIÏVZI�XÏ�QMFIWMQXEVÏr�)HLI�JNEPÏR�I�1]JXMYX�HS�XE�FSXSNQÏ�XÏ�TPSXÏ�4EW�QERMJIWXMQMX��TÏV�XÏ�TVERMWLQMX�HLI�XÏ�JXYEVMX�I�XNI�
VÏ��1]JXMY�2EMQ�8ÏVREZE�WLXVSM�RNÏ�HVIOÏ�WSPIQRI��RÏ�XÏGMPÏR�QSVÏR�TNIWÏ�IHLI�TÏVJEUÏWYIW�XÏ�MRWXMXYGMSRIZI�XÏZIRHMX��TÏVJEUÏWYIW�HMTPSQEXMOÏ�XÏ�EOVIHMXYEV�RÏ�/SWSZÏHLI�YHLÏLIUÏW�XÏ�TEVXMZI�TSPMXMOI�
� HMXYVME�MWPEQI������
2Ï�\LEQMRÏ�q7YPPXER�1YVEXr�XÏ�4VMWLXMRÏW
1]JXMYX�2EMQ�8ÏVREZEMY�HSVÏYE�WSPIQRMWLX�1IRWLYVE�
1Ï����XIXSV�������RNÏ�NEZÏ�TEWM�Y�VMKNSHL�RÏOV]I�XÏ�&EWLOÏWMWÏ�-WPEQI�XÏ�/SWSZÏW��RÏRNÏ�QERMJIWXMQ�XÏ�SVKERMYEV�IROEW�TÏV�HSVÏ�MQMR�I�1IRWLYVÏW��RÏ�\LEQMRÏ�q7YPPXER�1Y�
VEXr��TEVE�REQEMX�XÏ�HVIOÏW��Y�FÏ�TÏVYVMQM�TYFPMO�M1]JXMYX�XÏ�VMKNIHLYV�1V��2EMQ�8ÏVREZE�2Ï�OÏXÏ�QERMJIWXMQ��M�GMPM�M�XMPPÏ�QFELIX�TÏV�XÏ�TEVÏR
LIVÏ�RÏ�/SWSZÏ��TÏVZIË�ERÏXEVÏZI�XÏ�8VYTMX�>KNIHLSV�XÏ&EWLOÏWMWÏ�-WPEQI�XÏ�/SWSZÏW��MQEQÏZI��EPMQÏZI��]V�XEVÏZI�XÏ�OÏWLMPPEZI�ZIRHSVÏ�HLI�Q]WEJMVÏZI�XÏ�WLYQXÏRKE�XÏ�KNMXLE�ZMWIX�I�/SWSZÏW��UIRÏ�XÏ�TVERMWLÏQ�IHLI6IMWM�M�&EWLOÏWMWÏ�*IXEVI�XÏ�6ITYFPMOÏW�WÏ�1EUIHSRMWÏ�7YPINQER�6I\LITM��6IMWM�M�1EPMX�XÏ�>M��6MJEX�IJ��*INMË��1]�JXMY�M�7EVENIZÏW��HLI�,YWINMR�IJ��7QEMË��M�HÏVKYEV�M�6IMWMXXÏ�&SWRNÏW��1YWXEJE�'IVMË�2HÏVOEU��/V]IXEVM�M�/SQYRMXIXMX�1]WPMQER�XÏ�7LUMTÏVM�
WÏ��7IPMQ�IJ��1YËE��M�GMPM�TÏV�WLOEUI�JEQMPNEVI�RYO�IVHLMRÏ�4VMWLXMRÏ��OE�HÏVKYEV�RNÏ�XIPIKVEQ�YVMQM��M�GMPM�Y�PI\YETEVE�XÏ�TVERMWLQÏZI�*MPPMQMWLX�XÏ�TVERMWLQÏZI��QI�RNÏ�JNEPÏ�TÏVWLÏRHIXÏWI
RÏ�IQÏV�XÏ�/V]IWMWÏ�HLI�/SQMWMSRMX�TÏV�HLÏRMIR�I�1I�RWLYVÏW��MY�HVINXYE�,��6IWYP�6I\LITM���WIOVIXEV�M�/V]IWM�WÏ�WÏ�&EWLOÏWMWÏ�-WPEQI�XÏ�/SWSZÏW�1Ï�TEW�XIOWXMR�I�1IRWLYVÏW��TEVE�1]JXMYX�HLI�XÏ�TVE�
RMWLQÏZI��I�PI\YER�&ELVM�IJ��7MQRMGE�RÏ�KNYLÏR�EVEFI�HLI�7EFVM�IJ��&ENKSVE�RÏ�KNYLÏR�WLUMTI�2Ï�XIOWXMR�I�1IRWLYVÏW��RHÏV�XÏ�XNIVE��XLYLIX��q(YOI�Y�RMWYV�RKE�JEOXM�WI�/VMNYIWM�]RÏ�RE�HEPPSM�RKE
WLYQÏ�OVMNIWE�HLI�RE�FÏVM�=QQIXMR�QÏ�XÏ�QMVÏ�I�QÏ�XÏKNIHLYV�TÏV�RNIVÏMQMR��2I�NYE�FIWSNQÏ�7LOÏPUIWMWÏWYEN�
1V��2%-1��4ENEMX �8 62%:%�OÏXÏ�1IRWLYV���&IWE�XMQ��QI�JNEPÏR�I�9RMXIXMX��I�GMPE�VÏRHSR�QFM�WYTIX�8YENE�WM�RNÏ�TÏVKNIKNÏWM�HLI�FEVVÏ�I�VÏRHÏ��TÏV�XtY�OYNHIWYV�TÏVËÏWLXNIX�I�Q]WPMQERÏZI�RÏ�6ITYFPMOÏR�I�/SWSZÏW��XÏTEZEVYV�I�WSZVERI��HYOI�NY�TSVSWMXYV�UÏ���8Ï�NIRM�XÏ�OYNHIWWLÏQ�RÏ�QFVSNXNIR�I�MRXIVIWEZI�XÏ�Q]�WPMQERÏZI�HLI�UÏ�ZELHMQMWLX�XÏ�NIRM�RÏ�WLÏVFMQ�XÏX]VI�
��8Ï�NITRM�QEOWMQYQMR�RÏ�JSVGMQMR�HLI�PEVXÏWMQMR�I�TE�VMQIZI�XÏ�*IWÏ�WÏ�RHVMXWLQI�-WPEQI��
��8Ï�NIRM�8LMVVÏW�RÏ�VVYKÏR�I�%PPELYX�XÏ�1EHLÏVMWLÏQ�QIYVXÏWM�I�OÏWLMPPÏ�XÏ�QMVÏ�
2I�KNMXLEWLXY�NY�FÏNQÏ�XLMVVNI�UÏ�XÏ�QSW�OYVWIRM�QYR�HMR��OSLÏR�HLI�EW�TEWYVMRÏ�TÏV�XtM�TPSXÏWYEV�TÏVKNIKNÏWM�XÏ�8YENE�XÏ�QÏHLE��OYVWI�SFPMKMQM�=RÏ�ÏWLXÏ�XÏ�KN]OSNQÏQI�HVINXÏWM�TÏV�.Y�2I�OIQM�SFPMKMQ�XÏ�RKVIQÏ�TEVE�.YWL�ËÏWLXNIX�I�MQE�
QÏZI��OÏWLMPPYIWZI�HLI�EX]VI�UÏ�OÏVOSNRÏ�HMXYVM��RÏ�QÏ�R]VÏ�UÏ�XÏ�TYRSNQÏ�FEWLOÏ�TÏV�RKVMXNIR�EVWMQSVI�XÏ�X]VIHYOI�M�TENMWYV�EXE�QI�RNSLYVM�JIXEVI��RÏ�QÏR]VÏ�UÏ�XÏ�NI�RÏ�YHLÏYIW�RÏ�VVYKÏR�I�HVINXÏ�MWPEQIr�
8IOWXM�M�1IRWLYVÏW1IRWLYVE�I�%YXSVMMQMX�XÏ�/V]IXEVMX�XÏ�&EWLOÏWMWÏ
-WPEQI�HLI�1]JXMYX�XÏ�6ITYFPMOÏW�WÏ�/SWSZÏW
*EPÏRHIVMQIX�HLI�PEZHÏVMQIX�USJWLMR�TÏV�%PPELYR�I1EHLÏVMWLÏQ��OYVWI�WEPEZEXIX�HLI�WIPEQIX�USJWLMR�QFMOVMNIWÏR�QÏ�JMWRMOI��1YLEQIHMR�E�W���XÏ�HÏVKYEVMR�QÏWLM�VÏ�TÏV�FSXÏVEX�%PPELY�\L�WL��RÏ�/YVtERMR�JEQÏPEVXÏ�XLSXÏ�q2I�ZÏVXIX�RHIVYEQ�TEWEVHLÏWMX�I�%HIQMX��RNIVÏ�
MX ��Y�QYRHÏWYEQ�XÏ�YHLÏXSNRÏ�LMTYV�RÏ�XSOÏ�I�RÏ
HIX��M�FIKEXYEQ�QI�YWLUMQI�XÏ�QMVE��M�ZPIVÏWYEQ�EXE
�M�PEVXÏWYEQ RHEN�WLYQMGÏW�WÏ�OVMNIWEZI�UÏ�2I�M�OVM�
NYEQ�r�)P�-WVEt����
(LI�q.Y�NIRM�TSTYPPM�QÏ�M�HSFMWLÏQ��M�EVHLYV�TÏV�XÏ�QM�
VÏR�I�RNIVÏZI��XÏ�YVHLÏVSRM�TÏV�QMVÏ��XÏ�RHEPSRM�RKE
ZITVEX�I�OÏUMNE�HLI�XÏ�FIWSRM�RÏ�%PPELYR���r��%PM
-QVER�����
(YOI�Y�RMWYV�RKE�JEOXM�WI�/VMNYIWM�]RÏ�RE�HEPPSM�RKEWLYQÏ�OVMNIWE�HLI�RE�FÏVM�=QQIX�QÏ�XÏ�QMVÏ�I�QÏ�XÏKNIHLYV�TÏV�RNIVÏMQMR��2I�.YE�FIWSNQÏ�7LOÏPUIWMWÏWYEN�
1V��2%-1��4ENEMX �8 62%:%OÏXÏ�1IRWLYV���&IWEXMQ��QI�JNEPÏR�I�9RMXIXMX��I�GMPE
VÏRHSR�QFM�WYTIX�8YENE��WM�RNÏ�TÏVKNIKNÏWM�HLI�FEVVÏ�XÏVÏRHÏ��TÏV�XtY�OYNHIWYV�TÏV�ËÏWLXNIX�I�Q]WPMQERÏZI�RÏ6ITYFPMOÏR�I�/SWSZÏW��XÏ�TEZEVYV�I�WSZVERI��HYOI�NYTSVSWMXYV�UÏ���8Ï�NIRM�XÏ�OYNHIWWLÏQ�RÏ�QFVSNXNIR�I�MRXIVIWEZI�XÏ�Q]�WPMQERÏZI�HLI�UÏ�ZELHMQMWLX�XÏ�NIRM�RÏ�WLÏVFMQ�XÏX]VI�
��8Ï�NITRM�QEOWMQYQMR�RÏ�JSVGMQMR�HLI�PEVXÏWMQMR�I�TE�VMQIZI�XÏ�*IWÏ�WÏ�RHVMXWLQI�-WPEQI��
��8Ï�NIRM�8LMVVÏW�RÏ�VVYKÏR�I�%PPELYX�XÏ�1EHLÏVMWLÏQ�QIYVXÏWM�I�OÏWLMPPÏ�XÏ�QMVÏ�
2)�KNMXLEWLXY�NY�FÏNQÏ�XLMVVNI�UÏ�XÏ�QSW�OYVWIRM�QYRH�OSLÏ�I�EW�TEWYVM�TÏV�XtM�TPSXÏWYEV�TÏVKNIKNÏWMXÏ�8YENE�XÏQÏHLE��OYVWI�SFPMKMQM�=RÏ�ÏWLXÏ�XÏ�KN]OSNQÏ�TÏV�.Y�QIHVINXÏWM�
2I�OIQM�SFPMKMQ�XÏ�RKVMWMQ�TEVE�.YWL�ËÏWLXNIX�I�MQE�QÏZI��OÏWLMPPYIWZI�HLI�EX]VI�UÏ�OÏVOSNRÏ�HMXYVM��RÏ�QÏ�R]VÏ�UÏ�XÏ�TYRSNQÏ�FEWLOÏVMWLX�TÏV�RKVMXNIR�EVWMQSVI�XÏX]VI�HYOI�M�TENMWYV�EXE�QI�RNSLYVM�JIXEVI��RÏ�QÏR]VÏ�UÏ�XÏNIRÏ�YHLÏYIW�RÏ�VVYKÏR�I�HVINXÏ�MWPEQI�
7LOÏPUIWME�.YEN���-�RHIVYEVM�1]JXM
3FPMKMQM�.YEN�RHEN�2IWL�ÏWLXÏ�&IWEXMQ��XÏ�GMPMR�HYLIXXE�TPSXÏWSWL�EWLXY�WMË�IHLI�I�OÏVOSR�&IWEXMQM�MWPEQ��OY�VWI�SFPMKMQM�=RÏ�RHEN�.YWL�ÏWLXÏ�OÏWLMPPE�QÏ�I�WMRUIVXÏ�JNEPE�QÏ�I�HVINXÏ��HYOI�UIRÏ�KNMXLQSRÏ�RÏ�RHMLQÏR�8YENTÏV�FEVXNIR�I�OÏWEN�TÏVKNIKNÏWMI�XÏ�QEHLI��RÏ�QÏR]VÏRQÏ�XÏ�QMVÏ�XÏ�QYRHYV�4S�EWLXY�3FPMKMQ�=RM�ÏWLXÏ�UÏ�XtNY�OXLINQÏ�XIO�I�ZÏVXI�
XE�RÏWI�.Y�M�WLQERKIRM�EWEN��2YO�FÏNQÏ�QMVÏ�RÏWI�RIRYO�I�XLIQM�LETXEM�EXÏ��TSV�KNMXLEWLXY�RYO�ÏWLXÏ�QMVÏTVIN�.YWL��RÏWI�RYO�I�HÏKNSRM�JNEPÏR�XSRÏ�1I�ZIXÏHMNI�XÏ�TPSXÏ��HYOI�VIWTIOXYEV�ZYPPRIXMR�I�KNI�
HLÏWZI�XÏ�RHIVYEV��NYE�HSVÏSNQÏ�7LOÏPUIWMWÏ�7YEN�OÏXÏ1IRWLYVHLI�WSPIQRMWLX�I�WLTEPPMQ�KNIHLNIR�8YEN�TÏV/V]IXEV�XÏ�/V]IWMWÏ�WÏ�&EWLOÏWMWÏ�-WPEQI�HLI�1]JXM�XÏ6ITYFPMOÏW�WÏ�/SWSZÏW��HYOI�)�PYXYV�%PPELYR�I�+NMXLÏJY�UMWLÏQ��UÏ�8tM�FIOSNÏ�TÏVTNIONIX�I�8YE��UÏ�8tNY�NETÏ�WLÏ�RHIX�I�NIXÏ�XÏ�KNEXÏ��RÏ�QÏR]VÏ�UÏ�QMWMSRMR�8YEN�XÏ�WLIR�NXÏ��XE�OYVSVÏSRM�QI�WYOWIW�-�1EHLÏVMWLÏQ�HLI�M�>LZIWLYV�RKE�ËHS�I�QIXÏ�ÏWLXÏ
ZIXÏQ�%PPELY��M�'MPM�HÏKNSR��ÏWLXÏ�EJÏV�PYXNIZI�XÏ�PYXÏWMXHLI�Y�TÏVKNMKNIX�PYXNIZI�XSRE�
�����
/SQMWMSRM�TÏV�HSVÏMQMR�I�1IRWLYVÏW�
(V��<LEFMV�,EQMXM�� �/V]IXEV�M�/YZIRHMX�XÏ�&-/�WÏ 4VSJ��6IWYP�6I\LITM���7IOVIXEV�M�TÏVKNMXLWLÏQ�M�&-/�WÏ 4VSJ��7EFVM�&ENKSVE�� �/V]IMQEQ�M�&-/�WÏ 1V��5IQENP�1SVMRE�� �4VSHIOER�M�*7-�WÏ 4VSJ��&ELVM�7MQRMGE�� �(VINXSV�M�QIHVIWIWÏ�q%PEYHHMRr
XÏ�4VMWLXMRÏW 4VMWLXMRÏ�����7LIZZEP������������XIXSV�����
HMXYVME�MWPEQI������ �
*NEPE�I�1]JXMYX�XÏ�/SWSZÏW1V��2EMQ�8ÏVREZE��QI�VEWXMR
I�QEVVNIW�WÏ�1IRWLYVÏW1]WEJMV�XÏ�RHIVYEV��ZÏPPIÏV�XÏ�HEWLYV�
*EPÏRHIVSN�%PPELYR�I�+NMXLÏQÏWLMVWLÏQ���/VMNYIWMR�IKNMXLÏWMWÏ��M�'MPM�I�OVMNSM�RNIVMYR�RÏ�JSVQÏR�QÏ�XÏ�FYOYVHLI�ME�QÏWSM�EXÏ�UÏ�EM�RYO�HMRXI�7IPEQIX�HLI�TÏVWLÏRHIXNIX�XSRE�ME�HÏVKSNQÏ�1YLE�
QIH�1YWXEJEWÏ��4INKEQFIVMX�XÏ�QÏWLMVÏW�HLI�ZYPÏW�WÏTINKEQFIVMWÏ�
8Ï�RHIVYEV�ZÏPPIÏV�7SX�I�TVERSZE�IHLI�RNÏ�LIVÏ�RNÏ�TÏVKNIKNÏWM�WLYQÏ�XÏ
QEHLI��TÏVKNIKNÏWM�ONS�I�GMPE�QÏ�SFPMKSR�IHLI�QÏ�WLY�QÏ��9RÏ�IHLI�KNEXÏ�QERHEXMX�XMQ�XÏ�OEPYEV�NEQ�TÏVTNIOYVHLI�NEQ�ERKELYEV�TÏV�XÏ�QMVÏR�I�-WPEQMX�HLI�Q]WPMQE�RÏZI�HLI�QFEVÏ�WLSUÏVMWÏ�RÏ�TÏVKNMXLÏWM��2Ï�XÏ�ZÏVXIXÏ�TSMXÏR�I�1]JXMYX�I�OEQ�OYTXYEV�HLI�ZELHSN�XE�OYTXSN�NSWM�TVMZMPIKN��TSV�OVINXÏWMWLX�WM�SFPMKMQ�HLI�TÏVKNIKNÏWM��TÏV�KNIKNÏWM�RÏ�VEHLÏ�XÏ�TEVÏ�TEVE�%PPELYX��TÏVKNIKNÏWM�TEVEKNIHLÏWZI�HLI�TEVE�ZÏPPIÏVZI�XÏ�QM�FIWMQXEVÏ�-�QEHLM�>SX�RE�OE�RHIVYEV�QI�HVMXÏR�MWPEQI��HVMXÏ�ONS
I�GMPE�WLRHVMX�HLI�FIKEXSR�NIXÏR�I�FIWMQXEVÏZI�HLI�XÏRNIVÏMQMX�RÏ�TÏVKNMXLÏWM��/NS�HVMXÏ�I�%PPELYX�IHLI�KNEXÏWLIOYNZI�ÏWLXÏ�HVINXOYTXYEV�WM�EQERIX��OSRJSVQ�ENIXMX�XÏ/YVERMX�
q2I�YE�EJVYEQ�EQERIXMR��TÏVKNIKNÏWMRÏ�UMINZI��8S�
OÏW�HLI�QEPIZI��TSV�EXS�RYO�TVERYER�XE�QEVVMR�TÏV�
WMTÏV�HLI�Y�JVMOÏWYER�XE�TVERSRMR�EXÏ��OYVWI�RNIVMY�I
TVERSM���r�������� �
4VERHEN��HYOI�UIRÏ�M�ZIXÏHMNWLÏQ�TÏV�TIWLÏR�I�TÏV�KNIKNÏWMWÏ��WSX�TEVE�NYWL�SXSLIQ�WI�EQERIXMR�UÏ�QEOIRM�FIWYEV�IHLI�TÏV�RNÏ�QERHEX��HS�XÏ�ERKELSLIQQEOWMQEPMWLX�XE�OV]IN�QI�RHÏVKNIKNI��QI�FIWRMOÏVM�HLIQI�WMRUIVMXIX��4ÏV�QÏ�XITÏV��I�RHMIN�ZIXIR�IHLI�QÏ�WLY�QÏ�XÏ�SFPMKYEV�XERM�RÏ�VVIXLERE�XÏ�VINE��RÏ�WLXIXMR�XSRÏ�XÏPMVÏ��WSZVER�I�HIQSOVEXMO��RÏ�6ITYFPMOÏR�I�/SWSZÏW��TÏVXÏ�GMPÏR�ÏWLXÏ�HIVHLYV�EU�WLYQÏ�KNEO�HLI�NERÏ�FÏVÏ�EUWLYQÏ�WEOVMJMGE�&SXE�RÏ�XÏ�GMPÏR�WSX�NIXSNQÏ��TEVE�RIWL�WLXVSR�RNÏ�ZEVK
ËÏWLXNIWL�XÏ�VÏRHÏWMWLQI��XÏ�GMPEX�TÏV�RI�TEVEUIWMR�WJMHEXÏ�QÏHLE��9RÏ��WMË�NEQ�M�FMRHYV�RÏ�%PPELYR��TS�EWLXY�NEQM�FMRHYV�WI�QI�RHMLQÏR�I�%PPELYX�RÏ�VEHLÏ�XÏ�TEVÏ��HLIQI�TÏVOVELNIR�XYEN��QI�TÏVOVELNIR�I�OÏXMN�=QIXM�RÏ�EXHL�IYR�XSRÏ�XÏ�WLXVIRNXÏ��QI�WYOWIW�HS�NE�HEPMQ�HLI�HS�XtMWJMHSNQÏ�TVSZSOMQIX�I�OSLÏW��)�VMXLIOWSN�WI�RHMLQE�HLITÏVOVELNE�NYEN�TÏV�QYE�NERÏ�TE�EPXIVREXMZÏ��2Ï�JEOX��O]ÏWLXÏ�YVHLÏV�M�%PPELYX��ÏWLXÏ�HMWTSMXÏ�OYVERSVI��
q2HMLQSLYRM�RÏ�QMVÏWM�HLI�HIZSXWLQÏVM�I�OYVVWIWM�NS
RÏ�XÏ�OIUI�I�EVQMUÏWM��HLI�OMRM�JVMOÏ�%PPELYR���r�
:ÏPPIÏV�XÏ�RHIVYEV�
1]WEJMV�X�VIWTIOXYEV�
&EWLOÏWME�-WPEQI�I�/SWSZÏW��QI�KNMXLÏ�ZÏWLXMVÏWMXÏRÏTÏV�XÏ�GMPEX�OE�OEPYEV��ÏWLXÏ�ERKELYEV�ZELHMQMWLXTÏV�XÏ�VYENXYV�YRMXIXMR�FVIRHE�VEHLÏZI�XÏ�WEN��HLI��JEPÏ>SXMX��OÏXÏ�OE�EVVMXYV�XE�VIEPMSNÏ��9RÏ�KNEXÏ�QERHEXMX�XMQ�HS�XÏ�ERKELSLIQ�QEOWMQEPM�
WLX�UÏ�OÏXÏ�XÏ�EVVMXYV��XE�OYPXMZSN�IHLI�QÏ�WLYQÏ��WITWINEQ�WLYQÏ�M�ZIXÏHMNWLÏQ�WI�ZIXÏQ�QI�YRMXIX��ZIXÏQ�QIJNEPÏ�HLI�TYRÏ�XÏ�TÏVFEWLOÏX��HS�XÏ�NIQM�IHLI�QÏ�XÏ�JYUM�WLÏQ
8Ï�RHIVYEV�ERÏXEVÏ�XÏ�8VYTMX�KNIHLSV��XÏ�RHIVYEV�XÏ
TVERMWLÏQ��
(YOI�NY�JEPÏRHIVYEV�IHLI�RNÏ�LIVÏ�TÏV�FIWMQMR�I�HLÏ�RÏ��PYW�%PPELYR�I�+NMXLÏQÏWLMVWLÏQ�XÏ�RE�RHMLQSNÏ�RÏRKVMXNIR�PEVX�XÏ�*NEPÏW�WÏ�%PPELYX��XÏ�RE�RHMLQSNÏ�RÏ�TVEO�XMOMQMR�I�XVEHMXÏW�TINKEQFIVMOI�
:IW�7IPEQY�EPINOYQ�4VMWLXR�����XIXSV�����
1]JXMY�M�/SWSZÏW 1V��2EMQ�8ÏVREZE��
� HMXYVME�MWPEQI������
HMXYVME�MWPEQI������ �
1I�VEWXMR�I�VMKNIHLNIW�IHLI�TÏV�RNÏ�QERHEX�RÏ�TSWXMR�I�Q]JXMYX�XÏ/SWSZÏW��1V��2EMQ�8ÏVREZE�OE�QEVVÏ�XIPIKVEQI�I�YVMQI�XÏ�WLYQ�XE�RKE�TIVWSREPMXIXI�XÏ�RHV]WLQI�RKE�NIXE�TSPMXMOI��OYPXYVSVI��JIXEVIHLI�RKE�EWSGMEGMSRI�XÏ�RHV]WLQI��
1]JXMYR�8ÏVREZE�TÏVQIW�XIPIKVEQMX�I�OERÏ�YVYEV�TVIWMHIRXM�M�ZIRHMX�HV�*EXQMV�7INHMY��OV]IQMRMWXVM�,EWLMQ�8LEËM�4ÏVQIW�XIPIJSRMX�1]JXMY�8ÏVREZE�OE�QEVV�YVMQI�RKE�LSQSPSKÏX�I�XMN�RKE
VENSRM�RKE�6IMWM�M�1EUIHSRMWÏ���7YPINQER�6I\LITM��6IMWM�M�1EPMX�XÏ�>M���6MJEX�IJ�*INMU��RKE�7ER\LEOY�OE�QEVV�YVMQI�RKE�1YEQIV�>YOYVPMU�HLI�%HIQ�>MPOMU��4S�EWLXY�1]JXMY�TÏVQIW�XIPIJSRMX�OE�QEVV�YVMQI�IHLI�RKE�RÏROV]IXEVM�M
(-.%2)8�MX�1ILQIX�+]VQI�HLI�RÏROV]IXEVM�M�/17,�7ENQMV�6]WLIOY��8IPIKVEQI�1]JXMY�8ÏVREZE�OE�QEVV�IHLI�RKE�WLSUEXE��EWSGMEGMSRI�I�MRHM�
ZMHÏ�XÏ�RHV]WLÏQ�RKE�ZIRHM�I�HMEWTSVE��
8IPIKVEQ�YVMQM�M�4VIWMHIRXMX�7INHMY�TÏV�/V]IXEVMR�I�&EWLOÏWMWÏ�-WPEQI�XÏ�/SWSZÏW�4VIWMHIRXM�M�6ITYFPMOÏW�WÏ�/SWSZÏW��HV��*EXQMV�7INHMY�M�OE�HÏV�
KYEV�RNÏ�XIPIKVEQ�YVMQM���2EMQ�8ÏVREZE��QI�VEWXMR�I�VMKNIHLNIW/V]IXEV�M�&EWLOÏWMWÏ�-WPEQI�XÏ�/SWSZÏW��1Ï�TSWLXÏ�TS�I�NETMQ�XIO�WXMR�I�OÏXMN�XIPIKVEQM��-�RHIVYEVM���2EMQ�8ÏVREZE��/V]IXEV�M�&EWLOÏWMWÏ�-WPEQI�XÏ�/SWSZÏW1Ï�PINSRM�UÏ�RÏ�IQVMR�XMQ�HLI�XÏ�TSTYPPMX�XÏ�6ITYFPMOÏW�WÏ�/SWS�
ZÏW�XtNY�WLTVIL�YVMQIX�QÏ�XÏ�TÏVIQÏVXE�QI�VEWXMR�I�VMKNIHLNIWWYEN�/V]IXEV�M�&EWLOÏWMWÏ�-WPEQI�XÏ�/SWSZÏW(YOI�MY�HÏWLMVYEV�WLÏRHIX��TYRÏ�XÏ�QFEVÏ�HLI�WYOWIWI�XÏ�QÏXI�
NWLQI�RÏ�QMWMSRMR�8YEN��YRÏ�VMXLIOWSN�TÏVOYWLXMQMR�XMQ�XÏ�TPSXÏ�UÏWM�4VIWMHIRX�M�ZIRHMX�XÏ�ZELHSN�FEWLOÏTYRMQMR�I�QMVÏ�QI�MRWXMXY�GMSRMR�XYEN�HLI�QI�NY�TIVWSREPMWLX�.EQ�M�FMRHYV�WI��IHLI�RÏ�OÏXÏ�QERHEX��RYO�HS�XÏ�QYRKSNÏ
ERKELMQM�.YEN�TÏV�XLIPPMQMR�I�OYPXYVÏW�WÏ�PEVXÏ�XÏ�OSQYRMOMQMX�HLIXÏ�XSPIVERGÏW�RHÏVJIXEVI��UÏ�TE�H]WLMQ�ÏWLXÏ�RNÏ�RKE�WLX]PPEX�I�JYUMWLQI�XÏ�MHIRXMXIXMX�XÏ�6ITYFPMOÏW�WÏ�/SWSZÏW�HLIXÏ�U]XIXEVÏZI�XÏ�WEN�9VMQI�HLI�QI�JEX�1I�VIWTIOX��(V��*EXQMV�7INHMY�4VIWMHIRX�M�6ITYFPMOÏW�WÏ�/SWSZÏW�
/V]IQMRMWXVM�M�5IZIVMWÏ�WÏ�/SWSZÏW�,EWLMQ�8LEËM�TÏVKÏSR�QV��2EMQ�8ÏVREZÏR
QI�VEWXMR�I�VMKNIHLNIW�1]JXM�M�/SWSZÏW�4VMWLXMRÏ�����XIXSV������
2Ï�XIPIKVEQMR�I�YVMQMX�XLYLIX��-�RHIVYEVM���8ÏVREZE��2Ï�IQÏV�XÏ�5IZIVMWÏ�WÏ�/SWSZÏW�HLI�RÏ�IQVMR�XMQ .Y�WLTVIL�YVMQIX�QÏ
XÏ�QMVE�QI�VEWXMR�I�VMKNIHLNIW�RÏ�TSWXMR�I�1]JXMYX�XÏ�/SWSZÏW��&EWLOÏWME�-WPEQI�I�/SWSZÏW�OE�PYENXYV�VSP�XÏ�VÏRHÏWMWLÏQ�RÏ�XÏ�KNMXLE
TIVMYHLEX�I�LMWXSVMWÏ�WSRÏ�XÏ�VI��RÏ�WENI�XÏ�HVINXYIWZI�XÏ�WEN��5IZIVME�I�/SWSZÏW�HS�XE�QFÏWLXIW�TYRÏR�8YEN�HLI�HS�XÏ�NIXÏ�I�LETYV
TÏV�FEWLOÏTYRMQ�RÏ�ËHS�OSLÏ��(YOI�NY�YVYEV�WLÏRHIX�HLI�TYRÏ�XÏ�QFEVÏ�.Y�HLI�/V]IWMWÏ�WÏ�&EWLOÏ�
WMWÏ�-WPEQI�XÏ�/SWSZÏW�Y�WLTVIL�TÏVKÏMQI�XÏ�WMRUIVXE��,EWLMQ�8LEËM�/V]IQMRMWXÏV�
8IPIKVEQI�XÏ�WLYQXETÏV�1]JXMYR�8ÏVREZE�
�� HMXYVME�MWPEQI������
%QFEWEHSVM�M�&VMXERMWÏ�WÏ�1EHLI�RÏ�4VMWLXMRÏ��%RHMW�7TEVOIW�YVSR�1]JXMYR�8ÏVREZE�%QFEWEHSVM�M�&VMXERMWÏ�WÏ�1EHLI�RÏ�4VMWLXMRÏ��%RHMW�7TEVOIW��TÏVKÏSR
QV��2EMQ�8ÏVREZÏR�QI�VEWXMR�I�VMKNIHLNIW�1]JXM�M�/SWSZÏW2Ï�XIPIKVEQMR�I�YVMQMX�XLYLIX��>��2EMQ�8ÏVREZE�1YJXMY�M�/SWSZÏW�-�RHIVYEVM���8ÏVREZE��2Ï�IQÏV�XÏ�5IZIVMWÏ�WÏ�1FVIXÏVMWÏ�WÏ�&EWLOYEV��HLI�RÏ�IQVMR�XMQ�TIVWSR�
EP��NY�WLTVIL�TÏVKÏMQIX�QÏ�XÏ�WMRUIVXE�QI�VEWXMR�I�VMKNIHLNIW�WÏ�NYEN�RÏ�TSWXMRI�1]JXMYX�XÏ�/SWSZÏW��7M�KNMXLQSRÏ��RI�I�QFÏWLXIWMQ�TYRÏR�XYEN�HLI�XÏ�&EWLOÏWMWÏ�-WPEQI�XÏ�/S�
WSZÏW��*YUMQMWLX�FIWSNQÏ�WI�FEWLOÏTYRMQM�]RÏ�HS�XÏ�XLIPPSLIX�IHLI�RÏ�XÏ�EV�HLQIR��9VMQI�HLI�TYRÏ�XÏ�QFEVÏ�NYZI�HLI�/V]IWMWÏ�WÏ�&EWLOÏWMWÏ�-WPEQI�XÏ
/SWSZÏW��
1I�VIWTIOX��
%RH]�7TEVOIW�
7LIJM�M�>]VÏW�+VIOI�RÏ�4VMWLXMRÏ��%QFEWEHSV�(MQMXVMW�1SWGLSTSYPSWYVSR�1]JXMYR�8ÏVREZE�
7LIJM�M�>]VÏW�+VIOI�RÏ�4VMWLXMRÏ��%QFEWEHSV�(MQMXVMW1SWGLSTSYPSW��TÏVKÏSR�QV��2EMQ�8ÏVREZÏR
QI�VEWXMR�I�VMKNIHLNIW�1]JXM�M�/SWSZÏW�2Ï�XIPIKVEQMR�I�YVMQMX�XLYLIX��.Y�PYXIQ�UÏ�XtM�TVERSRM�YVMQIX�QÏ�XÏ�RKVSLXE�TÏV�VMKNIHLNIR�XYEN�WM�/V]IXEV�M
&EWLOÏWMWÏ�-WPEQI�RÏ�/SWSZÏ��/SRXVMFYXM�HLI�OVIEXMZMXIXM�NYEN�M�HIVMXERMWLÏQ�RÏ�OÏXÏ�TSMXÏ�OE�XVIKYEV�RNÏ
WYOWIW�XÏ�ZIËERXÏ��NS�ZIXÏQ�TÏV�7LSUÏVMRÏ�-WPEQI�TSV�TÏV�XÏ�KNMXLÏ�U]XIXEVÏX�IOÏXMN�ZIRHM��.EQ�M�WMKYVX�UÏ�REX]VE�I�TYRÏW�WYEN�HS�XÏ�FEWLOSNÏ�FIWMQXEVÏ�XÏ�RHV]WLÏQ�
UÏ�XÏ�TYRSNRÏ�RÏ�JEZSV�XÏ�TEUIW�HLI�PYQXYVMWÏ�RÏ�OÏXÏ�VENSR��1FIWMQ�QI�WLTVIWÏ�TÏV�RNÏ�FEWLOÏTYRMQ�KNMXLRNÏ�QÏ�XÏ�EJÏVX��
1I�RHIVMQI�
%QFEWEHSV�(MQMXVMW�1SWGLSTSYPSW��7LIJM�M�>]VÏW�2HÏVPMHLÏWI�XÏ�+VIUMWÏ�
5IQENP�1SVMRE
(IOPEVEXE�I�JYRHMX�I�1MXVS�
TSPMXMX�%QJMPSLMNI��M�GMPM
TÏVZIË�TSWXMX�XÏ�1MXVSTSPMXMX
XÏ�1EPMX�XÏ�>M��XEWL�ÏWLXÏ
YWLXVYIW�M�HIX]VÏW�WÏ�RNIVMYX�XÏ�TEVÏ�XÏ
/MWLÏW�3VXSHSOWI�7IVFI��RÏ�ZIRH�XÏ�TE�
XVMEVOYX�XÏ�WÏQYVÏ�4EZPI��%M��RÏ�RNÏ�MRXIV�
ZMWXÏ�UÏ�HLE�TÏV�EKNIRGMRÏ�6IYXIVW�
HIOPEVSM�WI�PYJXE�ÏWLXÏ�I�TEIZMXYIWLQI
TÏVWÏVM�RÏ�&EPPOER�TÏV�WLOEO�XÏ�WLTEPPNIW
WÏ�4EZEVÏWMWÏ�WÏ�/SWSZÏW�
q2Ï�RNÏ�TEHVINXÏWM�XÏ�XMPPÏ�EXNI�RYO
QYRH�XÏ�OIXÏ�TEUI��/NS�KNIRHNI�HS�XÏ�NIXÏ
FYVMQ�M�OSRJPMOXMX�XÏ�EVHLWLÏQ��M�GMPM
ÏWLXÏ�M�UEVXÏ�WM�HVMXEr�XLIOWSM�EM�
1MXVSTSPMXM�TSLSM�WI�HÏWLMVSR�XÏ�QFM�
SXÏVSNÏ�TEUNE��TSV�RNÏ�KNÏ�I�XMPPÏ�ÏWLXÏ
NSVIEPMWXI�
q(S�X�OIX�RN�TIVMYHL�TEUINI��TSV
HS�XÏ�NIXÏ�OSLÏ�TÏVKEXMXNIWL�TÏV�OSRJPMOX
XÏ�VM��PYJXÏ�XÏ�VI��FIXINÏ�XÏ�VIr��OE�XLÏRÏ�EM�
2NÏ�TEVEWLMOMQ�M�XMPPÏ��SKYVM��TÏV�RNÏ
PYJX�X�VI�R�&EPPOER��HS�X�MWLXI�JEXOI�
UÏWM�I�QEHLI��TS�XÏ�HMPXI�RKE�KSNE�I�OYNX�
HS�USJX��%U�Q�OIU��OYV�ONS�HIP�RKE
KSNE�I�RNÏ�TVMNÏWM�JIXEV��WMË�ÏWLXÏ�1MXVS�
TSPMXM�%QJMPSLMNI��2Ï�QÏR]VÏ�XÏ�ZIËERXÏ�
WITWI�O]�TVMNÏW�JIXEV�ÏWLXÏ�RÏ�OV]I�XÏ
LMIVEVOMW�OMWLXEVI�SVXSHSOWI�WIVFI�WM
HLI�OE�KNEWE�VIEPI�U��R�KNIHLNIX�I�EV�
HLWLQI��UÏ�HS�XÏ�QFELIR�QÏ����RÏRXSV�
XÏ�JMXSNÏ�FIWMQMR�I�7MRSHMX�XÏ�7LIRNXÏ��TÏV
XE�ÏZIRHÏWYEV�TEXVMEVOYR�4EZPI�RÏ�OV]I
XÏ�/MWLÏW�3VXSHSOWI�7IVFI�
4VMNÏWMX�JIXEVÏ��OYWLHS�USJWLMR�EXE�
HLI�GMPMXHS�FIWMQ�XtM�TÏVOMXWLMR��NERÏ�XÏ
SFPMKYEV�UÏ�RÏ�PYXNIX�HLI�QIWLEX�I�X]VI�XÏ
PYXIR�TÏV�TEUI��QMVÏUIRMI�XÏ�TÏVKNMXLWL�
QI�TÏV�XÏ�KNMXLÏ�RNIVÏMX�TE�HEPPMQ�IXRMI�
VEGI�ETS�JINI��7ITWI�TÏV�OÏXÏ�EXE�M�SFPMK�
SNRÏ�TEVMQIX�I�PMFVEZI�XÏ�X]VI�XÏ�WLIRNXÏ
HLI�IXMOE�QSVEPI�I�FIWMQIZI�U�EXE�TVI�
HMOSNR�
/NS�HIOPEVEX�I�1MXVSTSPMXMX�%QJMPS�
LMNI��NS�ZIXÏQ�UÏ�RYO�TÏVJMPP�OÏXS�RSVQE�
TSV�ENS�FMI�RHIWL�RÏ�XÏVÏWM�QI�HSOXVMRÏR
I�OVMWLXIVÏ��I�GMPE�ÏWLXÏ�I�WIRHÏVXYEV�QFM
HEWLYVMRÏ��VIWTIOXMR�KNMXLRNIVÏSV�HLI
ZPIVÏWMQMR�I�NIXÏW�WÏ�RNIVMYX�WM�HLYRXME
Q�I�QEHLI�I�>SXMX�
1IKNMXLEXÏ��RNÏ�HIOPEVEXÏ�I�OÏXMPPÏ�I
1MXVSTSPMXMX�%QJMPSLMNI�RYO�HYLIX�X�RE
LEFMWÏ��7ITWI�EM�M�TÏVOIX�OVELYX�QÏ�VE�
HMOEP�XÏ�TVMJXÏVMRNZI�XÏ�/MWLÏW�3VXSHSOWI
7IVFI��X�RNSLYV�WM�qKVYTM�M�XVM�%�ZIr�
%QJMPSLMNI�6EHSZM��1MXVSTSPMX�M�1EPMX
XÏ�>M��%VXIQMI��4IWLOSTM�M�HMSUIÏW�6E�
WLO��4VMVIR��HLI�%XEREWMI��HMOYV�TIWL�
OST�M�,IVGIKSZMRÏW�I�WSX�M�TIRWMSRYEV�
5Ï�XÏ�XVI�OÏXE�TVMNÏW�JIXEVÏ�WIVFÏ�OSRWMH�
IVSLIR�RKE�ZIX�OPIVM�WIVF�WM�TVSFPIQE�
XMOÏ��XÏ�GMPÏX�RÏ�ZIRH�XÏ�TEUIW�FÏNRÏ
TVSTEKERHÏ�TÏV�PYJXÏVE�XÏ�VINE�RÏ�&EPP�
OER��/ÏXE�XVI�TVMJXÏVMRN�SVXSHSOWÏ�WIVFÏ�
RÏ�TMVEQMHÏR�I�LMIVEVOMWÏ�JIXEVI�XÏ�/MWL�
ÏW�7IVFI��NS�ZIXÏQ�UÏ�OMWLMR�R\MXYV�TS�
TYPPMR�WIVF�TÏV�PYJXÏVE��TSV�IHLI�ZIXÏ
OMWLMR�UIRÏ�TNIWÏQEVVÏW�RÏ�XS��HYOI�FI�
OYEV�\LIPEXÏX�WIVFÏ�TÏV�XÏ�FÏVÏ�OVMQI
RHEN�TSTYNZI�XÏ�XNIVÏ���OVSEXÏZI��FSWLR�
NEOÏZI�I�WLUMTXEVÏZI��%KVIWMSRMR�YWLXE�
VEO�WIVF��OYRHÏV�TSTYNZI�XÏ�XNIVÏ��OÏXE
TVMNÏW�JIXEVÏ�ZELHMQMWLX�I�OSRWMHIVYER
WM�RNÏ�QMWMSR�TÏV�IPMQMRMQMR�I�TSTYNZI
X�FIWMQIZI�HLI�IXRMZI�X�XNIVE�RKE�LET�
WMVEX�I�&EPPOERMX��4STYPPM�WIVF��NS�ZIXÏQ
WMTEW�XÏ�TEVÏZI�XÏ�JIWÏ��TS�IHLI�WMTEW
WLOVMQXEVÏZI�HLI�TSPMXMOERÏZI�XÏ�RNSLYV�
MWLXI�R�RN�qQMWMSR�LMWXSVMOr�R�QFVSNX�
NI�XÏ�/VMWLXIVMQMX�RKE�TSTYN�XÏ�XNIVÏ��UÏ
FIWSRMR�>SXMR�RHV]WLI�RKE�EXE��%RHEN
PYJXE�I�ZMXMX�������RÏ�QIW�WIVFÏZI�I�WLUM�
TXEVÏZI��HLI�MRXIVZIRMQM�M�TEOXMX�2%83
TÏV�XtM�HLÏRÏ�JYRH�EKVIWMSRMX�WIVF�RÏ�/S�
WSZ��XLIY�WLYQ�XEFY��%NS�U�TS
RHSHLXI�EXS�HMX��TS�XL]IRXI�WLYQ�TEVE�
KN]OMQI�R�QNEJX�EWTIOXI��*SVGEX�I
2%83�W�TS�FSQFEVHSRMR�TE�QÏWLMVÏ�GE�
UIX�I�RN�WLXIXM��U�WLXMVIN�OMRWI�TS�QFVS�
RXI�/VMWLXIVMQMR��TÏV�XÏ�WLTÏXYEV�RNÏ
TSTYPP�XÏ�TEQFVSNXYV��QI�TÏVOEXÏWM�JIXEVI
OV]IWMWLX�MWPEQI��%XÏFSXÏ��XÏ�OSXE�MWLMR
ETIPIX�HLI�TVSXIWXEX�I�/MWLÏW�3VXSHSOWI
7IVFI�WI�FSQFEX�I�2%83�W�TS�LMHLIWLMR
QFM�qZÏPPIÏVMX�I�X]VI�XÏ�OVMWLXIVÏr��%W�
HMXYVME�MWPEQI������
2Ï�WLÏRNIWXÏV
6VIXL�HIOPEVEXÏW�WÏ�1MXVSTSPMXMX�%QJMPSLMNI
/SWSZE�OE�RIZSNÏ�TÏV�TEUII�NS�TÏV�PYJXÏVE�XÏ�VINE
1MXVSTSPMXM�%QJMPSLMNI
OYNX�RYO�M�FÏRMR�TÏVWLX]TNI�XLMVVNIX�HLI
OPMXLNIX�I�EYXSVMX�X�VSQERMX�q&ENSRIXEr�
OV]IXEV�M�4EVXMW�REGMSREPMWXI�WIVFI�q6M�
QÏOÏQFÏNEr��EWSOSLI�QMRMWXÏV�M�4YRÏZI
X�.EWLXQI�M�7IVFMW�HLI�1EPMX�X�>M�
HVINXYEV�QIHMEZI�TIVÏRHMQSVI��q2I�NIQM
XÏ�OVMWLXIVÏ��)ZVSTE�ÏWLXÏ�I�OVMWLXIVÏ��)
OYTXSRM�O�TS�FSQFEVHSRM#�4S�M�FSQFE�
VHSRM�ZÏPPIÏVMX�XYEN�XÏ�OVMWLXIVÏ�I�TS�M
QIVVRM�R�QFVSNXNI�FMNX�I�&MR�0EHI�
RMX#�r
4ÏVKNMKNE�I�QIVMXYEV�ZMRXI�RKE�MWL�
4VIWMHIRXM�EQIVMOER��&MPP�/PMRXSR��M�GMPM
MWLXI�RÏ�OV]I�XÏ�JSVGÏW�UÏ�QFERXI�FEVVÏR
QÏ�XÏ�QEHLI�XÏ�VIMWXIRGÏW�OYRHÏV�EKVI�
WMSRMX�WIVF�RÏ�/SWSZÏ��q2I�QSVÏQ�RÏ
QFVSNXNI�RN�TSTYPP��M�GMPM�MWLXI�ZMOXMQ�I
RNÏ�EKVIWMSRM�XÏ�TEWOVYTYPPX�ZIXÏQ�TWI
FIWSRXI�>SXMR�RÏ�RNÏ�QÏR]VÏ�XNIXÏVr�
)HLI�TWI�RKE�PYJXE�I�ZMXM������OERÏ
OEPYEV�QÏ�WLYQÏ�WI�RÏRXÏ�ZNIX��TÏV�JEX�XÏ
OIU��RKE�&ISKVEHM�ZMNRÏ�IRHI�XLMVVNI�TÏV
PYJXÏVE�HLI�FIXINE�XÏ�VINE��/ÏWEN�VEHLI
RKE�OVIY�M�/MWLÏW�3VXSHSOWI�7IVFI��1M�
XVSTSPMXM�%QJMPSLMNI�
1I�OÏXÏ�VEWX�HYE�XtM�OYNXSN�1MXVSTSPM�
XMX�%QJMPSLMNI��WI�R�/SWSZ�HLI�&EPPOER
OE�TEWYV�QNEJX�PYJXÏVE��ÏWLXÏ�HIVHLYV
WLYQ�KNEO��NER�ZVEV�I�QEWEOVYEV�TE
QEWÏ�RNIVÏ�XÏ�TEJENWLÏQ��NERÏ�HIVHLYV
QNEJX�PSX��NERÏ�WLOEOXYEV�QNEJX�WLOEXÏV�
VMQI�I�HLIQFNI��%RHEN��RYO�RE�HYLIR
OSRJPMOXI��FIXINE�HLI�PYJXÏVE�XÏ�VINE��8EWL
ÏWLXÏ�OSLE�TÏV�XtM�WLÏVYEV�I�JWLMVÏ�TPEKÏX
I�ZNIXVE�RKE�OYNXIWE�I�TSTYNZI�XER��/NS
FEVV��TEVE�W�KNMXLEWL��FMI�QFM�WYTIX�I
TVMNÏWZI�JIXEVÏ��XÏ�XÏ�KNMXLE�FIWMQIZI�UÏ
NIXSNRÏ�HLI�ZITVSNRÏ�RÏ�OÏXÏ�RÏRUMIPP�XÏ
&EPPOERMX�
8LMVVNIX�TÏV�OSRJPMOXI��FIXINE�HLI�PYJ�
XÏVE�XÏ�VINE��RYO�M�FÏNRÏ�RHIV�EWOYNX��M
RHIVYEVM�1MXVSTSPMX�%QJMPSLMNI����HS�XtM
XLSWLMQ��RÏ�ZIËERXM�NS�TVMNÏWZI�XÏ�JIWÏ�
WLXÏ�SFPMKMQ�JIXEV�HLI�RNIVÏSV�XÏ�KNIRM
OYVENÏ�HLI�KY\MQ��M�GMPM�TÏV�JEX�XÏ�OIU�TS
NY�QYRKSR��UÏ�XtY�OÏVOSRM�JEPNI�XÏ�EJÏV�
QZI�XÏ�ZMOXMQEZI�TÏV�EXÏ�UÏ�OE�RHSHLYV
RÏ�XÏ�OEPYEVÏR�HLI�TWI�NY�RYO�FÏXÏ�EXÏ�UÏ
HYLIN�XE�FÏRMX���TÏV�XÏ�RHEPYEV�HLYRÏR�
ZVEWNIX��KNIRSGMHMR��HLYRMQIX�HLI�WLYQÏ
XÏ�OÏUMNE�XÏ�XNIVE�UÏ�RHSHLÏR�RÏ�OÏXÏ�RÏR�
UMIPP�X�XVEYEV�X�&EPPOERMX�
/NS�EW�U�QYRH�X�TVMXIN�TVIN�NYWL�
WITWI��RÏ�ZIRH�UÏ�XÏ�HÏRSRM�ZITVMQIX�I
OVMQMRIPÏZI�XÏ�PYJXÏW��NY�R\MXSRM�HLI�XEO�
SLIRM�QI�OVMQMRIPMR�6EHSZER�/EVE\LM�
M�EVVIWXYEV�TEO�QYEN�QÏ�TEVÏ�TÏV�OVMQIX
HLI�KNIRSGMHMR�I�YWLXVYEV�RHEN�TSTYPPE�
XÏW�GMZMPI�Q]WPMQERI�XÏ�&SWRNÏW��TÏV�QÏ
WLYQÏ�WI�XVI�ZNIX�QI�VEHLÏ��1NEJXSR�UÏ
QFM�WYTIX�I�XMN�VÏRHSR�KNIRSGMHM�HLI�QE�
WEOVE�I�YWLXVYEV�RHEN�Q�WLYQ�WI
�������KVEWL��FYVVEWL��TPIUWL�HLI�JÏQM�
NÏWL�XÏ�7VIFVIRMGÏW�
1MVÏTS��WM�HYOIX��NY�IRHI�NIRM�XÏ�IX�
WLÏQ�TÏV�KNEO��TÏV�ZMOXMQE�XÏ�VINE�HLI
WLOEXÏVVMQI��4EW�XÏVÏ�EWEN�UÏ�TÏVNIXYEQ�
TEVE�Q�TEO�WI�HLNIX�ZNIX��X�TEVEWLM�
OSWL�PYJXÏVE�XÏ�VINE�HLI�OÏXS�TEVEWLMOMQI
XÏ�ZMNRÏ�RKE�RNÏ�TVMNÏW�JIXEV��WMË�NIRM�NY���
ONS�RYO�QYRH�X�OYTXSLIX�
.Y��M�RHIVYEVM�1MXVSTSPMX�%QJMPSLMNI�
OIRM�QEVV�TNIW�TIVWSREPMWLX�R�/SRJI�
VIRGÏR�TÏV�OSIOMWXIRGÏR�TEUÏWSVI�HLI
HMEPSK��QFENXYV�QÏ���I���QEN������RÏ
4EXVMOERÏR�I�4INÏW��WM�TÏVJEUÏWYIW�M�4E�
XVMEVOYX�4EZPI��OY�ÏWLXÏ�FMWIHYEV�KNIVÏ�I
KNEXÏ�TÏV�XVEKNIHMXÏ�I�PYJXÏW�WÏ�JYRHMX�RÏ
/SWSZÏ��%X]�ÏWLXÏ�XLÏRÏ�WI�M�XÏVÏ�U]XIXM�M
4INÏW�MWLXI�HNIKYV��8Ï�KNMXLE�\LEQMXÏ
MWLMR�WLOEXÏVVYEV��2Ï�(IOPEVEXÏR�I�TÏVF�
EWLOÏX��XÏ�RÏRWLOVYEV�IHLI�RKE�ZIXÏ�HSVE
NYEN��RÏ�TVERMRÏ�I�TÏVJEUÏWYIWZI�RHÏVOS�
QFÏXEVÏ��XIOWXYEPMWLX�XLYLIX�
q2I�PMHIVÏX�JIXEVÏ��FIWSNQÏ�WI�YVVINXNE
HLI�PYJXE�TEVEUIWMR�LYQFNI�HLI�XVEKNIHM
TÏV�XÏ�KNMXLÏ�RI��OYVWI�TENXMQM�HLI�JEPNE
RE�WLTMIR�RÏ�PMVM�RI�XÏ�KNMXLÏ��4IVWSRM�UÏ
YVVIR��EWRNÏLIVÏ�RYO�ÏWLXÏ�M�PMVÏ��0MVME�I
ZÏVXIXÏ�ÏWLXÏ�RÏ�WLÏVFMQ�XÏ�>SXMX��HYOI
UIRÏ�RÏ�XÏ�RNÏNXÏR�OSLÏ�RÏ�WLÏVFMQ�XÏ
ËHS�OVMNIWI�RNIVÏSVI��TE�QEVVÏ�TEVEW]WL
JIRÏ��OSQFMR�ETS�ËJEVÏHS�TÏVOEXÏWMI�XNI�
XÏVr�
.Y�I�HMRM��M�RHIVYEVM�%QJMPSLMNI��WI�RI
FEWLOÏVMWLX�NIQM�SXYEV�UÏ��TÏV�LMV�XÏ�XIN�
OEPMQMX�X�KNIRHNIW�W�RHIV�RKE�TEWSNEX
I�WÏ�OEPYEVÏW��XEOMQIX�XSRE�XÏ�FÏLIWLMR
WE�QÏ�WLTIWL��.IQM�SXYEV�UÏ�&EWLOÏWME
-WPEQI�XÏ�NIXÏ�RMOSUMVI�I�OSRJIVIRGÏW�WÏ
EVHLWLQI�KNEX�ZMXM�������TSV�EM�XEOMQ
RYO�Y�VIEPMYE�IHLI�WSX�I�OÏWEN�HMXI��TÏV
EVW]I�WI�/MWLE�3VXSHSOWI�7IVFI�RYO
WLJEUM�KEXMWLQÏVMRÏ�TÏV�RNÏ�XEOMQ�XÏ
XMPP�
1IKNMXLÏOÏXÏ��JXIWE�I�NSRÏ�ÏWLXÏ�I�LE�
TYV�TÏV�HMEPSK�XÏ�WMRUIVXÏ�RHÏVJIXEV��TÏV
TVSWTIVMXIX�HLI�TEUI�TÏV�XÏ�KNMXLÏ�TSTYNX
UÏ�NIXSNRÏ�RÏ�/SWSZÏ��7M�TÏV�TEOMGEX�
EWLXY�IHLI�TÏV�WLYQMGÏR��WM�TÏV�WLUMT�
XEVÏX�EWLXY�IHLI�TÏV�WIVFÏX��4ÏV�XÏ�JMPPYEV
RN�JEUI�X�VI�R�LMWXSVMR�XSR�Q�X�VI�
4SV��EWWIWM�TÏV�OSRJPMOXI��FIXINE�I�PYJXÏVE
XÏ�VINE��/NS�QÏR]VÏ�XÏ�QIRHYEVM�HYLIX�XtM
XEOSNÏ�WÏ�OEPYEVÏW��(LEWLXÏ�>SXM�I�QSW�Y
TÏVWÏVMXXÏ�OYVVÏ�QÏ�NS�ZIXÏQ�RÏ�/SWSZÏ
I�&EPPOER��TS�RÏ�EWRNÏ�ZIRH�XÏ�FSXÏW�
HMXYVME�MWPEQI������
4EXVMEVOY�4EZPI
(V�.YWYJ)P�/EVHEZM
:ÏPPIÏV�Q]WPMQERÏ��ONS�ÏWLXÏ
HMXE�I�&ENVEQMX��HMXE�I�XIOFMV�
MX��q%PPELY�IOFIV��%PPELY
IOFIV�PE�MPELI�MP�PEPP�PPEL��LY�
ZEPP�PPELY�IOFIV�%PPELY�IOFIV�ZI�PMP�PELM�
PLEQHr�
2I�Q]WPMQERÏX�QI�XIOFMVI�M�FYOYVS�
NQ�JIWXEX��QI�XIOFMV�I�JMPPSNQ�REQEMR�
QI�XIOFMV�I�JMPPSNQ�IERMR��QI�XIOFMV�I
JMPPSNQÏ�MOEQIXMR��QI�XIOFMV�M�JMPPSNQÏ
PYJXÏVEX��QI�XIOFMV�I�JMPPSNQÏ�NIXÏR��OYV�XÏ
PMRHÏ�RHSRNÏ�JÏQMNÏ�]RM��ME�PI\SNQÏ
IERMR�R�ZIWLMR�I�XMN ��OYV�X�XLIVMQ�OYV�
FER�XLIQM��&MWQMP�PELM�%PPELY�)OFIV��2I
Q]WPMQERÏX�NIQM�QÏWYEV�UÏ�QSXSNE�NSRÏ
XÏ�NIXÏ��q%PPELY�)OFIV�%PPELY�ÏWLXÏ�QÏ�M
1EHLMr�
q%PPELY�)OFIVr�RYO�ÏWLXÏ�ZIXÏQ�JNEPÏ
UÏ�XLYLIX��RYO�ÏWLXÏ�ZIXÏQ�QSXS�UÏ�RKVM�
LIX��ZIËWI�OYTXMQM�M�JNEPÏW�q%PPELY
)OFIVr�ÏWLXÏ��5Ï�I�XÏVÏ�ONS�FSXÏ�RÏ�W]VMR
XÏRH�XÏ�NIXÏ�I�ZSKÏP�RÏ�OVELEWMQ�QI
%PPELYR�\L�WL���RÏWI�XÏ�NITIX�RHSRNÏ�TE�
WYVM�ETS�TSMXÏ��SWI�XÏ�NITIX�I�XÏVÏ�FSXE���
UÏ�XÏ�LIUÏWL�HSVÏ�RKE�JINE�NSXI��XÏ�OETIWL
TÏV�JIRÏ�XÏRHI�HLI�XLYE��q%PPELY�)OFIV�
%PPELY�ÏWLXÏ�QÏ�M�1EHLMr��%PPELY�ÏWLXÏ
QÏ�M�1EHL�WI�TEWYVME�HLI�FSPPÏOY�
%PPELY�ÏWLXÏ�QÏ�M�1EHL�WI�TSMXE�
%PPELY�ÏWLXÏ�QÏ�M�1EHL�WI�OÏREUÏWMXÏ
HLI�ITWLIX�
3�NY�ZÏPPIÏV�Q]WPMQERÏ��NIQM�RÏ�JIW�
XÏR�I�/YVFER�&ENVEQMX��I�RI�Q]WPMQERÏX
M�OIQM�H]�JIWXE��q/YV�4INKEQFIVM�E�W�
IVHLM�RÏ�1IHMRÏ��FERSVÏX�I�1IHMRÏW�M
OMWLMR�H]�JIWXE��U�M�JIWXSRMR�HLI�PYERMR
KNEXÏ�X]VI��4INKEQFIVM�E�W��Y�XLE��«tNERÏ
OÏXS�H]�HMXÏ#�8LERÏ��-�JIWXSRMQ�EXS�RÏ
OSLÏR�I�MRNSVERGÏW��4INKEQFIVM�E�W��Y
XLE��%PPELY�\L�WL��NYE�OE�RHÏVVYEV�EXS�QI
H]�JIWXE�X�XNIVE��U�NER�Q�X�QMVE�WI�XS�
/YVFER�&ENVEQMR�HLI�*MXÏV�&ENVEQMRr��
%PPELY�\L�WL��OE�HÏWLMVYEV�TÏV�RI�Q]�
WPMQERÏX�UÏ�JIWXEX�XSRE�XÏ�NIRÏ�TEW�SFPMKM�
QIZI�HLI�EHLYVMQIZI�XÏ�QÏHLE��*MXÏV
&ENVEQM�ZNIR�TEW�EHLYVMQMX�XÏ�EKNÏVMQMX�
TEWM�XÏ�YVMXIR�FEVUIX�HLI�XÏ�IXIR�FYÏX�TÏV
%PPELYR�\L�WL���RNIVMY�I�PI�YWLUMQMR�
TMNIR��ITWLMR�HLI�KVYER�I�XMN�TÏV�LMV�XÏ
%PPELYX�\L�WL���M�ZNIR�FENVEQM�WM�WLTÏV�
FPMQ�RKE�%PPELY�\L�WL���TEW�OÏXMN�QYRHM
TÏV�RÏ�VVYKÏR�I�%PPELYX��q%KNÏVYIWM�M�OE
H]�KÏMQI�UÏ�I�KÏSNRÏ�EXÏ��/YV�XÏ�FÏNÏ
MJXEV��KÏSLIX�QI�MJXEVMR�I�XMN��HLI�OYV�XE
XEOSNÏ�>SXMR�I�XMN��KÏSLIX�TÏV�EKNÏVMQMR
I�XMNr��
2HÏVWE�/YVFER�&ENVEQM�ZNIR�TEW�,E�
\LMX��TEWM�UÏ�LE\LMPIVÏX�XÏ�UÏRHVSNRÏ�RÏ
%VEJEX��XÏ�LZIWLYV�TÏV�%PPELYR�RKE�WXS�
PMXÏ�I�OÏWEN�FSXI��XÏ�ZIWLYV�QI�VVSFE�XÏ
FEVHLE�U�NER�X�RKNEWLQI�QI�UIJMRMR�I
X�ZHIOYVZI��X�KNMXL�NER�X�FEVEYEV��M
QEHLM�I�M�ZSKPM��YHLÏLIUÏWM�I�VSNXEVM��M
TEWYVM�I�M�ZEVJVM��X�KNMXL�NER�X�FEVEY�
EV�TEVE�%PPELYX�\L�WL���M�NERÏ�TÏVKNMKNYV
XLMVVNIW�W�%PPELYX��RN�JI�OER��RN�>SX
OERÏ��RNÏ�4INKEQFIV�OERÏ��RNÏ�PMFÏV�OE�
R��X�KNMXL�FVSLSVMXMR��q0IFFINOI
%PPELYQQI�PIFFINO��0IFFINOI�PE�WLIVMOI
PIOI�PIFFINO��-RRIP�LEQHI��ZIRRMtQIXI
PIOI�ZIP�QYPO��0E�WLIVMOI�PIOIr��8Ï�TÏV�
KNMKNIQ��S�>SX��8]��>SXM�MQ��8Ï�TÏVKNMKN�
IQ��8Ï�TÏVKNMKNIQ�8]��UÏ�RYO�OI�WLSO�
8Ï�TÏVKNMKNIQ�8]��4ÏV�8]�ÏWLXÏ�ËHS�PÏZ�
HEXÏ�I�JEPÏRHIVMQ��HLYRXM�I�TYWLXIX��8M
RYO�OI�WLSO �
%PPELY�\L�WL��EXNI�Y�WLJEUIX�VSFÏVZI�XÏ
8MN��%M�QFYVVIX�TEVE�FERSVÏZI�XÏ�UMIPPMX
QI�FERSVÏX�I�8SOÏW��I�Y�XLSXÏ�IRKNÏNZI�
q7LMOSRM�VSFÏVMX�I�QM��OERÏ�EVHLYV�JPSOÏ�
WLTVMWLYV��X�TPYLYVSWYV��X�TEQFVSNXYV
RKE�R\ILXÏWME�I�HMIPPMX��RKE�ËHS�ERÏ�I�FS�
XÏW��I�NY�HÏWLQSN�NYZI�WI�M�OEQ�JEPYV
EXE���r��
4EW�,E\LMX�ZNIR�/YVFER�&ENVEQM��HLI
TEW�EKNÏVMQMX�ZNIR�*MXÏV�&ENVEQM��*IWXEX
XSRE�ZMNR�TEW�EHLYVMQIZI�HLI�SFPMKMQ�
IZI��HLI�NERÏ�VMXI�UÏ�FÏLIR�TÏV�%PPELYR
I�1EHLÏVYEV�
%RHEN��JIWXEX�XSRE��Q]WPMQERI �OERÏ
OEVEOXIVMWXMOE�
*IWXEX�XSRE�NER�JIWXE�L]NRSVI��(MXE�I
&ENVEQMX�XIO�RI�RYO�ÏWLXÏ�HMXÏ�I�KSXEZI
HLI�TNEXEZI��EW�HMXÏ�TÏV�XtY�HLÏRÏ�TEW
ITWLIZI�HLI�OÏREUÏWMZI��JIWXEX�XSRE�JMPP�
SNR�QI�XIOFMVI��JMPPSNR�QI�q%PPELY
)OFIV���%PPELY�ÏWLXÏ�QÏ�M�1EHLMr��JMPPSN�
R�QI�REQE��*IWXEX�XSRE�NER�JIWXE�L]N�
RSVI��JIWXE�X�PMHLYVE�QI�%PPELYR�\L�WL��
%XS�TS�EWLXY�NERÏ�JIWXE�RNIVÏSVI�
7ITWI�OSRGITXIX�RNIVÏSVI�WLJEUIR�RÏ
QÏR]VÏ�QEHLÏWLXSVI��-WPEQM�RYO�OÏVOSR
RKE�Q]WPMQERM�UÏ�ZIXÏQ�EM�XÏ�KÏSLIX
TÏV�JIWXÏR��RYO�ÏWLXÏ�RKE�VEHLÏX�XSRE�EM
UÏ�LE�ZIXÏQ��RYO�ÏWLXÏ�RKE�VEHLÏX�XSRE
EM�UÏ�NIXSR�TÏV�ZIXZIXIR�
2Ï�*MXÏV�&ENVEQ��-WPEQM�I�OE�PMKNÏWYEV
WEHEOEXYP�JMXVMR�
q4INKEQFIVM�E�W��I�OE�SFPMKYEV�WEHE�
OEXYP�JMXVMR�WM�TEWXVMQ�TÏV�EKNÏVYIWMR�TÏV
JNEPÏX�I�OÏUMNE�HLI�FEREPI�WM�HLI�JYVRMMQ
TÏV�RIZSNXEVÏX��ERHEN�OYWL�I�NIT�EXÏ�TEVE
REQEMX��X�&ENVEQMX ��ENS�M�OSRWMHIVSLIX
WEHEOE�I�TVERYEV��I�OYWL�I�NIT�TEW�RE�
QEMX��XÏ�&ENVEQMX ��M�OSRWMHIVSLIX�WM�RNÏ
TVIN�PÏQSWLEZIr���q4INKEQFIVM�E�W��I�OE
SFPMKYEV�WEHEOEXYP�JMXVMR�RN�WEtE�LYVQI
ETS�RNÏ�WEtE�IPF��TÏV�VSFMR��XÏ�PMVMR�
QEWLOYPPMR��JIQVÏR��XÏ�ZSKPMR�HLI�XÏ�QE�
HLMR�TVIN�Q]WPMQERÏZIr���4S�EWLXY�OE
XLÏRÏ��q&ÏNYRM�XÏ�QYRHWLÏQ�UÏ�XÏ�QSW
IRHIR��QSW�XÏ�P]TMR �RÏ�OÏXÏ�HMXÏr���2Ï
ZIRH�WI�XÏ�IRHIX�M�ZEVJÏVM�HLI�XÏ�OÏVOSN
RKE�M�TEWYVM��HYLIX�UÏ�M�TEWYVM�XE�OÏVOSNÏ
EXÏ��XÏ�T]IX�HLI�XÏ�IRHIX��XÏ�WLOSNÏ�RÏ
WLXÏTMRÏ�I�XMN�TÏV�XtME�HLÏRÏ�WEHEOEXYP�JM�
XVMR��EWLXY�UÏ�KÏMQM�XtM�TÏVJWLMNÏ�XÏ�KNM�
XL�
HMXYVME�MWPEQI������
2�ZMKNMPMI�X�/YVFER�&ENVEQMX
0MKNÏVEXE�I�/YVFER�&ENVEQMX
4S�EWLXY�R�/YVFER�&ENVEQ��-WPEQM�I
OE�PMKNÏWYEV�OYVFERMR���UÏ�XtY�WLTÏVRHE�
LIX�JEQMPNIW��XÏ�HEWLYVZI��JUMRNÏZI�HLI�XÏ
ZEVJÏVZI��/YVFERM��TVERHEN��HYLIX�XÏ
WLTÏVRHELIX�RÏ�XVM�TNIWÏ��RNÏ�TNIWÏ�TÏV
ZIXI�HLI�JEQMPNIR��RN�TNIW�I�XMN�Y�HLYVS�
LIX�JUMRNÏZI�I�WLSOÏZI��HLI�RNÏ�TNIWÏ
XNIXÏV�XÏ�ZEVJÏVZI��(S�XÏ�MWLXI�QÏ�QMVÏ
RÏWI�Y�WLTÏVRHELIX�XÏ�ZEVJÏVZI�QÏ�WLY�
Q�WI�RN�I�XVIXE�
7LTÏVRHEVNE�RYO�HYLIX�XÏ�FÏLIX�ZIXÏQ
TÏV�XÏ�ZEVJVMX�Q]WPMQERÏ��QEHNI�XSPI�
VERGE�HLI�FYNEVME�MWPEQI�M�OE�TÏVJWLMVÏ
Q]WPMQERÏX�HLI�NSQ]WPMQERÏX��8VERW�
QIXSLIX�RKE�)FY�(EZYHM�HLI�8MVQMHLMY
WI�RÏ�JEQMPNIR�I�%FHYPPEL�MFR�%QÏV�MFR
%WMX�MWLXI�TVIV�RN�HIPI��/YV�IVHLM�%F�
HYPPELY��XLE��%�M�OIRM�HLYVYEV�JUMRNMX
XSRÏ�ËMJYX#�)�OEQ�HÏKNYEV�XÏ�(ÏVKYEVMR�I
%PPELYX�E�W��HYOI�XLÏRÏ��q<LMFVMPM�ZEL�
HSRXI�XÏ�QÏ�OÏWLMPPSRXI�TÏV�JUMRNMR��WEUÏ
QIRHSZE�WI�HS�XÏ�QE�FÏNÏ�XVEWLÏKMQ�
XEVr���4VE�XÏ�XVEWLÏKSNÏ�JUMRNM�RKE�JUMRNM�
EWLXY�WMË�XVEWLÏKSR�M�EJÏVQM�RKE�M�EJÏVQM�
3�NY�ZÏPPIÏV��O]�ÏWLXÏ�-WPEQM��2YO
ÏWLXÏ�RKE�-WPEQM�UÏ�XÏ�LEWL�ZIXÏQ��UÏ�RÏ
XV]IÏR�XÏRHI�XtM�KVYQFYPPSWL�YWLUMQIX
HLI�TMNIX�QÏ�XÏ�OÏRHWLQI��HLI�XtM�ZIWL�
ÏWL�VVSFEX�QÏ�XÏ�QMVE��RHÏVWE�TVERÏ�XINI
XÏ�OIWL�RHSRNÏ�ZÏPPE��XÏ�EJÏVQ�ETS�JUMRN�
M�GMPM�RYO�KNIR�QI�WI�XE�WLYEN�IXNIR��V�
ROSR�RKE�YVME��/]�RYO�ÏWLXÏ�-WPEQM��4IN�
KEQFIVM�E�W��XLSX��q2YO�Q�OE�FIWYEV
QYE��RÏ�RNÏ�XVERWQIXMQ��RYO�ÏWLXÏ�FIW�
MQXEV �EM�U�JPI�M�RKSTYV��I�JUMRNM�TVER�XMN
ÏWLXÏ�M�YVMXYV��I�EM�I�HMR�OÏXÏr���TVE�RYO
ÏWLXÏ�FIWMQXEV�EM�UÏ�NIXSR�TÏV�ZIXZIXIR�I
RYO�NIXSR�IHLI�TÏV�ZÏPPIÏVMX�I�XMN��RYO
NIXSR�TÏV�WLSUÏVMRÏ�I�XMN��O]�ÏWLXÏ�-WPEQM
TEVE�WI�RNIVÏMX�XÏ�RNMLIWLMR�QI�HSOXVMREX
I�MQTSVXYEVE�
:ÏPPIÏV��ËOE�HÏWLQSR�O]�KVYQFYPP�
MQ�M�FIWMQXEVÏZI#�.EQ�HYOI�WLMOYEV
PEVK��QMVÏTS�RYO�ZÏVIN�WI�O]�KVYQFYPPMQ
OE�JYRH��4ÏV�WI�HÏWLQSR�O]�KVYQFYPPMQ
XÏ�GMPMR�I�XLMVVÏR�HMWE�HNIPQSWLE�XÏ�VMRN�UÏ
OMWLMR�FIWYEV�>SXMR�I�X]VI��I�%M�YE�WLXSM
IHLI�Q�WLYQ�FMRHNIR�I�X]VI#�/NS�H�
WLQSR�VIEPMXIXMR�I�FIWMQXEVÏZI��/YWL
HÏWLMVSR�XE�RNSLÏ�ZIRHMR�XSRÏ��PI�XE�RNS�
LÏ�TVIN�OÏXY��2YO�NERÏ�TÏVJEUÏWYIW�XÏ
ZIRHIZI�XSRE�EXE�UÏ�YPIR�RÏTÏV�OEJIRI�
FEVI�I�ZIRHI�EVKÏXMQM�
/NS�ÏWLXÏ�JINE��PÏZMÏWI�I�XYVQEZI�XÏ
RNIVÏZI��IOWTSVXYIWI�I�JSVGÏW��=QIXM
Q]WPMQER�EWRNÏLIVÏ�RYO�MWLXI�QYRHYV
OYV�QFÏWLXIXIN�RÏ�-WPEQMR�
*INE�RYO�ÏWLXÏ�STMYQ��JINE�RYO�ÏWLXÏ
HVSKÏ��RÏWI�ONS�ÏWLXÏ�I�ZÏVXIXÏ�TÏV�RHSR�
NÏ�JI�XNIXÏV��TÏV�-WPEQMR�RYO�ÏWLXÏ�I�ZÏVXI�
X�
-WPEQM�ÏWLXÏ�JI�I�JSVGÏW��FYVMQ�M�OVI�
REVMWÏ�HLI�JSVGÏW��FYVMQ�M�PÏZMNIW�WÏ
OÏXMN�=QIXM�
/ÏXÏ�=QIX�EWKNÏ�RYO�I�XVESR�WM�-WPE�
QM��RYO�I�XVESR�TEXVMSXMQM��EXHLIXEVME�
ZIËWI�RÏ�PÏZMNI�I�ZÏ�JNEPE��q0E�MPELI�MP�
PEPP�PPEL��1YLEQQIHYR�6IWYPYPP�PPEL��
2YO�OE�>SX�XNIXÏV�ZIË�%PPELYX��1YLEQ�
QIHM�ÏWLXÏ�M�(ÏVKYEV�M�%PPELYXr�
/SQYRMWXÏX�HÏWLMVSNRÏ�UÏ�ZIRHIX
XSRE�XtM�FÏNRÏ�OSQYRMWXI��QMVÏTS�OÏXS
NERÏ�ZIXÏQ�MPYMSRI�HLI�KEFMQI�XÏ�X]VI�
1EXIVMEPMWXÏX�XLSRÏ�WI�>SXM�RYO�I�OE
OVMNYEV�RNIVMYR��TSV�RNIVMY�ÏWLXÏ�EM�UÏ�I
OE�OVMNYEV�>SXMR��ERHEN�EXE�NER�X�TEJI�
HLI�TÏV�EXE�RYO�OE�ZIRH�RÏ�XVSNIX�XSRE
Q]WPMQERI��FIWMQXEVI�
)OMWXSR�IHLI�RNÏ�WIOX�XNIXÏV��M�GMPM
ÏWLXÏ�I�OYRHÏVXE�I�EX]VI�UÏ�M�TÏVQIRHÏQ�
ÏWLXÏ�WIOX�UÏ�I�OERÏ�LEVVYEV�VIEPMXIXMR�I
OÏXMN�=QIXM��.ERÏ�QEWLXVYEV�RKE�HYOYVMXÏ
RIKEXMZI�UÏ�WLSLMR�RÏTÏV�VVYKÏ��HLI�RÏ
QIHMIX�UÏ�XVERWQIXSNRÏ�ËVVIKYPPMQIX�
NERÏ�QEWLXVYEV�RKE�OÏXS�I�OERÏ�XLÏRÏ�WI
O]�TSTYPP�I�OE�PÏRÏ�-WPEQMR�HLI�NERÏ�FÏVÏ
TEFIWMQXEV��%XE�OER�KEFYEV�
/]�=QIX�RYO�I�OE�QSLYEV�>SXMR�I�XMN�
EW�/YVERMR�I�EW�4INKEQFIVMR�I�XMN��/]
TSTYPP�ÏWLXÏ�Q]WPMQER��RHSHL�UÏ�RHSR�
NÏLIVÏ�XÏ�KVYQFYPPSLIX�TPYLYVM�M�QÏOEX�
IZI��RHSHL�UÏ�RHSRNÏLIVÏ�XÏ�RHV]WLOIX
RKE�YHLÏMQIX�QEWLXVYIWI�XÏ�WLYQXE
RKE�OÏXY�I�EX]��1MVÏTS��OYV�LMUIX�TPYLY�
VM��OYV�JWLMLIX�RHV]WLOY��EXÏLIVÏ�QMRIV�
EPM�HYOIX�UEVX��HYOIX�SVMKNMREPM��1MRIVEPM
M�OÏXMN�=QIXM�ÏWLXÏ�-WPEQM��ERHEN�PI�XE
HMRÏ�OÏXÏ�IOWXVIQMWXÏX�
/E�HLI�RNÏ�OEXIKSVM�XNIXÏV��EXE�NERÏ
PEMOÏX��XÏ�GMPÏX�HÏWLMVSNRÏ�XÏ�FÏNRÏ�RHEV�
NIR�I�FIWMQMX�RKE�7LIVMEXM��SWI�RHEVNIR
RHÏVQNIX�JIWÏ�HLI�WLXIXMX��XÏ�GMPÏX�HÏWLM�
VSNR�RN�WLXIX�U�RYO�OE�JI��SWI�RN�JI�I
GMPE�RYO�OE�WLXIX��.S��OIRM�KEFYEV��S�NY
PEMOÏ��O]�=QIX�HÏWLMVSR�XÏ�UIZIVMWÏ
WMTEW�FIWMQMX�X�XMN�
(YLIX�XÏ�QÏRNERSLIX�O]�OSRJPMOX�HLI
O]�OYRHÏVWLXMQ�UÏ�I�RHMIR�Q]WPMQERM�RÏ
NIXÏR�I�XMN��1]WPMQERM�RHMIR�RÏ�FVIRHÏW�
MR�I�XMN�WI�EM�FIWSR�%PPELYR��-WPEQMR�
/YVERMR��I�OE�TVERYEV�%PPELYR�TÏV�>SX�
-WPEQMR�TÏV�JI��1YLEQQIHMR�E�W��TÏV�XÏ
HÏVKYEV�HLI�/YVERMR�TÏV�TVSKVEQ�NIXI
HLI�YHLÏLIUÏW�
1]WPMQERM�RHMIR�WI�RÏ�WLYQMGÏR�I
TVSGIWIZI��PMKNIZI�HLI�XVEHMXEZI�EM�UIZ�
IVMWIX�NS�RKE�-WPEQM�HLI�NS�RKE�7LIVMEXM
-WPEQ��4ÏV�OÏXÏ�EVW]I�RÏ�ËHS�ZIRH�HYLIX
XÏ�RKVMLIR�ÏVE��UÏ�XLÏVVEWMR�TÏV�7LIVME�
XMR�-WPEQ��UÏ�XLÏVVEWMR�TÏV�KN]OMQMR�WMTEW
/YVERMX��/NS�HYLIX�XÏ�FÏLIX�RÏ�ËHS�ZIRH�
/ÏXY�HÏWLMVSN�XÏ�XLIQ�HMËOE��«JEVÏ
HÏWLMVSNQÏ�QI�7LIVMEXMR�-WPEQ#�(MWE
RNIV�QIRHSNR�WI�7LIVMEXM�-WPEQ�RKVM�
LIX�ZIXÏQ�QI�RHV]WLMQMR�I�PMKNIZI��HLI
RNÏ�WLSUÏVM�MWPEQI�I�=QIXM�MWPEQ�RKVMLIX
ZIXÏQ�QI�FEXMQMR�I�HMWTSMXEZI�
.S��-WPEQM��S�NY�ZÏPPIÏV��ÏWLXÏ�JMPSSJM
NIXI�HLI�TVSKVEQ�NIXI��4VSKVEQ�U�I
WLSUÏVSR�RNIVMYR�TVIN�QSQIRXMX�XÏ�PMRH�
NIW�HIVM�R�QSQIRXMR�I�ZHIONIW��QEHNI
RHSWLXE�I�WLSUÏVSR�IHLI�TEVE�PMRHNIW�I
TEW�ZHIONIW�
-WPEQM�OE�HMWTSMXE�UÏ�RHÏVPMHLIR�QI
JÏQMNÏR�TVIN�OYV�EM�ÏWLXÏ�IQFVMSR�RÏ�FE�
VOYR�I�RÏRÏW�WÏ�XMN��HLI�HMWTSMXE�UÏ�RHÏ�
VPMHLIR�QI�X�ZHIOYVMR�TEW�ZHIONIW��PEVNE
I�XMN��ZIWLNE�QI�UIJMR��JEPNE�I�REQEMX�XÏ
XMN��ZEVVMQM�M�XMN�HLI�RHEVNE�I�XVEWLÏKMQMWÏ
IXN�
-WPEQM�I�WLSUÏVSR�RNIVMYR�RÏ�YHLÏXM�
QMR�KNEXÏ�XÏVÏ�NIXÏW�WÏ�XMN��EWLXY�WMË�I�WLS�
UÏVSR�RÏ�XÏ�KNMXLE�WJIVEX�I�NIXÏW�WÏ�XMN��RÏ
\LEQM��RÏ�WLXÏTM��RÏ�JYWLÏ��RÏ�JEFVMOÏ�
R�WLOSPP��R�KN]OEX��R�VVYK�IXN��%M�M
TÏVKEXMX�RNIVMYX�RNÏ�NIXÏ�OSQTPIX�-WPEQI�
UÏ�I�YHLÏSR�FIWMQM��I�VVIKYPPSNRÏ�ZPIV�
EX�HLI�I�KN]OSR�7LIVMEXM�RÏ�ËHS�EWTIOX�
4VIN�OV]IVNIW�WÏ�RIZSNÏW�HIVM�RÏ�WMWXIQMR
I�UIZIVMWNIW��TVIN�WNIPPNIW�RÏ�WSJÏV�HIVM�RÏ
RHÏVXMQMR�I�WLXIXMX��XÏ�QÏWSR�WM�XÏ�LEWL
HLI�WM�X�TMWL��7M�XLSX�4INKEQFIVM�E�W��
q4ÏVQIRHI�%PPELYR��LE�QI�HSVÏR�I�HNE�
XLXÏ��HLI�LE�TEVE�XINIr����q1SW�TMRM�RÏ
IR�RKE�EVM�HLI�EVKNIRHMXr����I�EW��X�LERM
QI�PYK�TVIN�EVM�SWI�EVKNIRHM��HLI�X�XNI�
VE��%WLXY�WMË�XÏ�QÏWSR�WM�XÏ�UIZIVMWÏWL�
q�8E�FVMXÏQ �5Ï�IHLI�XM�XÏ�KN]OSWL
QI�EX�U�X�FVMXM�%PPELY��I�QSW�RHMU
HÏWLMVEX�I�X]VI�HLI�VYENY�VVIMOYX�XÏ�X]VI�
U�X�X�QSW�WLQERKMR�RKE�RN�TNIW�I
EWEN�U�XE�FVMXM�%PPELYr���
q4S�RÏWI�KN]OSR�QMHMW�X]VI��KN]OS
HVINX��%PPELY�M�HS�XÏ�HVINXÏXr���
2ÏWI�HÏWLMVSNQÏ�XÏ�KN]OSNQÏ�WMTEW
-WPEQMX��WLSUÏVME�NSRÏ�HYLIX�XÏ�RHV]WLS�
LIX�TEXNIXÏV�XÏVÏWMWLX�RÏ�-WPEQ��8Ï�RHV]�
WLSLIR�QIRHMQIX�I�MHIX��X�RHV]WLSLIR
ZPIVEX�HLI�QSVEPM��X�RHV]WLSLIR�XVEHMXEX
HLI�EOSRIX��X�RHV]WLSLIR�RHNIRNEX�HLI
IQSGMSRIX��X�RHV]WLSLIR�WMWXIQIX�HLI
PMKNIX��X�RHV]WLSLIR�OYPXYVE�HLI�QIHMIX�
X�RHV]WLSLIX�IHYOMQM�HLI�EVWMQM��(�
WLMVSNQ�WXEXYW�-WPEQ��IHYOEX�-WPEQI�
QIHMI�-WPEQI��OYPXYVÏ�-WPEQI��HÏWLMVSN�
QÏ�YHLÏLIUNI�-WPEQI�RÏ�ËHS�ZIRH��OÏXÏ
I�HÏWLMVSNQÏ�RÏWI�HÏWLMVSNQÏ�UÏ�XÏ�KN]�
OSNQÏ�WMTEW�-WPEQMX��HLI�XÏ�RHÏVXSNQÏ
RNÏ�WLSUÏVM�Q]WPMQERI�XÏ�ZÏVXIXÏ�
:ÏPPIÏV�XÏ�RHIVYEV��-WPEQM�ÏWLXÏ�JI
QEHLÏWLXSVI��%PPELY�RE�OE�RHIVYEV�QI
OÏXÏ�JI��I�GMPE�ÏWLXÏ�JINE�QÏ�I�QMVÏ��%M�RE
HMXYVME�MWPEQI������
OE�RHIVYEV�QI�XÏ�(ÏVKYEVMR�QÏ�JMWRMO�UÏ
ÏWLXÏ�HÏVKYEV��HLI�QI�PMFVMR�QÏ�QEH�
LÏWLXSV�UÏ�RE�OE�FVMXYV��RE�OE�RHIVYEV
QI�/YVERMR�HLI�QI�1YLEQQIHMR�E�W��
q7SX�TÏVWSWE�TÏV�NY�JIRÏ�XYEN��TPSXÏWS�
ZE�RHEN�NYWL�HLYRXMRÏ�8MQI��KNSHLE�TÏV
NY�-WPEQMR�JIr���
q%M��%PPELY �ÏWLXÏ�UÏ�I�HÏVKSM�XÏ�HÏV�
KYEVMR�I�8MN�QI�YHLÏMQ�XÏ�HVINXÏ�I�JI�XÏ
ZÏVXIXÏ��I�TÏV�XE�FÏVÏ�UÏ�XÏ�HSQMRSNÏ�QFM
XÏ�KNMXLE�JIXÏ��IHLI�TWI�I�YVVINXÏR�MHLYN�
XEVÏXr���
1MVÏTS��E�QFMSXÏVSR�HLI�E�RKEHLÏR�
NIR�-WPEQM�ZIXÏQ#�%�XVMYQJSR�-WPEQM�HLI
E�QFMSXÏVSR�QFM�XÏ�KNMXLE�JIXÏ�I�XNIVE
QI�NSQ]WPMQERÏ#�%�JSVGSLIX�-WPEQM�TE
FYVVE#�.S��-WPEQM�OE�RIZSNÏ�TÏV�FYVVE�UÏ
M�HEPMR�SX�HLI�I�RHMLQSNRÏ�EXÏ��I�TÏVLE�
TMR�EXÏ��HLI�FÏLIR�WLÏQFÏPPX]VÏ�I�XMN�RÏ
XSOÏ��WLÏQFÏPPX]VÏ�TVEOXMOI�UÏ�M�WLSLMR
RNIVÏMX�HLI�XIO�XE�I�WLSLMR�-WPEQMR��/YV
RHSRNÏVM�TVIN�X]VI�IGÏR��XLSRÏ��7LMLRM�
O]�ÏWLXÏ�-WPEQM�M�TIVWSRMJMOYEV��O]�ÏWLXÏ
/YVER�UÏ�IGÏR�QI�H]�OÏQFÏ��EWLXY�WMË
MWLXI�4INKEQFIVM�E�W��HLI�WM�MWLMR�WLS�
OÏX�I�XMN��%PPELY�USJXÏ�M�OÏREUYV�QI�XE �
-WPEQM�ÏWLXÏ�QEHLÏWLXSV��QMVÏTS�EM�OE
RIZSNÏ�TÏV�Q]WPMQERÏ�QEHLÏWLXSVÏ��XÏ
GMPÏX�QFVSNRÏ�QEHLÏWLXMRÏ�I�XMN��%PPELY
\L�WL��M�XLSXÏ�XÏ�(ÏVKYEVMX�XÏ�8MN�
q%M�ÏWLXÏ�UÏ�XÏ�JYUMSM�X]�QI�RHMLQÏR
I�:IX�HLI�QI�FIWMQXEVÏXr����TEXNIXÏV
HYLIX�X�OIX�FIWMQXEV�
2NÏ�M�LYEN�I�QÏWSM�-WPEQMR�HLI�Y�ËYHMX
WLYQÏ��Y�QVIOYPPYE�RKE�QÏWMQIX�I�XMN�
TEWXEN�I�XLE�RNÏ�JNEPÏ�UÏ�HYLIX�XE�QFENQÏ
R�QIRH�HLI�XE�XVERWQIXSNQ��8LE��q7E
JI�QEHLÏWLXSVI�UÏ�ÏWLXÏ�-WPEQM��WMOYV�XÏ
OMWLXI�FYVVE��*I�QEHLÏWLXSVI��QMVÏTS�OE
RIZSNÏ�TÏV�FYVVE�XÏ�ZÏVXIXÏ��JI�I�JSVXÏ�
QMVÏTS�OE�RIZSNÏ�TÏV�FYVVE�XÏ�JSVXÏr�
7E�ËYHM��2YQVM�M�Q]WPMQERÏZI�RÏ�FS�
XÏ�ÏWLXÏ�QFM�RNÏ�QMPMEVH��QMVÏTS�EXE�UÏ
NERÏ�XÏ�MHIRXMJMOYEV�RÏ�-WPEQ��UÏ�NERÏ�XÏ
PPSKEVMXYV�RÏ�XÏ��RYO�I�TÏVJEUÏWSNRÏ�-WPE�
QMR�EWLXY�WM�HYLIX��%XE��EWLXY�WM�OE�XL�
R�4INKEQFIVM�E�W���NER�q7LOYQ�WM
WLOYQE�I�HIXMXr���
(ÏWLMVSNQÏ�TEOMGÏ�FIWMQXEVI�I�NS
WLYQMGÏ�HIQFIPI��)�HÏWLMVSNQÏ�GMPÏWMRÏ
QÏ�WLYQÏ�WI�WEWMRÏ��RYO�HÏWLMVSNQÏ
WLYQMGÏ�WM�WLOYQE��EWLXY�WMË�OE�XLÏRÏ
TSIXM�RÏ�XÏ�OEPYEVÏR�
q9RÏ�HS�XtM�LET�W]XÏ��HLI�OYV�XtM�LET�W]XÏ
TEVE�WLYQMGÏW��TS�RYO�WLSL�EWOÏRH�r
2YO�HÏWLMVSNQÏ�RNIVÏ�XÏ�OÏXMN�PPSNM�
HÏWLMVSNQÏ�Q]WPMQERÏ��Q]WPMQERÏ�XÏ
ZÏVXIXÏ��RNÏ�TVIN�X]VI�ÏWLXÏ�M�FEVEFEVXÏ�QI
RN�QMN�X�XNIV�
%PPELY�\L�WL��XLSX�
q7E�I�WE�KVYTI�XÏ�ZSKPE�QI�HÏWLMVÏR�I
%PPELYX�OERÏ�XVMYQJYEV�RHEN�KVYTIZI�XÏ
QÏHLEr���
3�NY�ZÏPPIÏV��O]�KVYQFYPPMQ�RE�RNIL
QI�VIEPMXIXMR�I�ZIXNIZI�XSRE��RYO�HÏWLMVS�
NQ�X�WLOSNQ�TEW�ITWLIZI�HLI�PSN�
VEZI��ZIËWI�HÏWLMVSNQÏ�XÏ�TVIQXSNQÏ�TÏV
JMXSVIR�I�-WPEQMX��XÏ�IHYOSNQÏ�ZIXIR�XSRÏ
WMTEW�-WPEQMX��XtM�IHYOSNQ�HNIQX�HLI
FMNEX�XSRE�WMTEW�-WPEQMX��XtM�IHYOSNQ�JE�
QMPNIX�HLI�FEWLOÏWLSVXIX�XSRE�WMTEW
-WPEQMX�
-WPEQM�ÏWLXÏ�FEÏ�I�OVIREVMWÏ�WSRÏ�RÏ
OÏXÏ�FSXÏ��HLI�FEÏ�I�PYQXYVMWÏ�WSRÏ�RÏ
FSXÏR�XNIXÏV��2ÏWI�HÏWLMVSNQÏ�OVIREVM�RÏ
OÏXÏ�FSXÏ��TÏV�>SXMR��RYO�OE�OVIREVM
TÏVZIËWI�QI�-WPEQMR�
9QIV�-FR�,EXXEFM�V�E��MWLXI�RÏ�VVYKÏ
TÏV�RÏ�7LEQ��1I�XÏ�MWLXI�IHLI�)FY
9FINHINE�V�E���HLI�TEVE�X]VI�RHSHLIN�RNÏ
PYQ�QFM�X�GMPMR�RYO�OMWLXI�YV�HLI�Y
HIWL�XE�OEPSRMR�PYQMR�RÏ�OÏQFÏ��/ÏWLXY
9QIVM�V�E��M�FEXLM�OÏTYGÏX�I�XMN�HLI�M
QFERXI�R�HSV�WM�RHSRN�RNIVM�M�XLNIWLX�
/YV�I�TE�)FY�9FINHINE�V�E��OÏXÏ�ZITVMQ�
Y�WLUIXÏWYE�HLI�M�XLE��3�TVMNÏW�M�FIWMQ�
XEVÏZI��WMOYV�XÏ�QSW�OMWLI�ZITVYEV�OÏWL�
XY��WITWI�RNIVÏMX�XÏ�WLSLMR��I�XM�NI�TVMNÏW
HLI�YHLÏLIUÏW�M�FIWMQXEVÏZI��«tXLE
9QIVM�# ��3�)FY�9FINHI��WMOYV�HMOYWL
XNIXÏV�XE�OMWLXI�XLÏRÏ�OÏXÏ�JNEPÏ�HLI�NS�XM�
OIQM�UIR�TSTYPPM�Q�M�HIKNIRIVYEV��I
%PPELY�RE�RKVMXM�HLI�RE�FÏVM�OVIREV�TÏV
JIRÏ�MWPEQI��/YV�HS�XÏ�OÏVOSNQÏ�OVIREV�
MRÏ�HLI�EYXSVMXIXMR�QI�HMËOE�XNIXÏV�NEWLXÏ
-WPEQMX��HS�XÏ�RE�TSWLXÏVSNÏ�%PPELY�I�HS
X�NIQM�X�QTSWLXYV�
3�NY�ZÏPPIÏV��RYO�OE�OVIREVM�TÏVZIËWI
QI�-WPEQMR�
q/YVWI�I�XÏVÏ�OVIREVME�-�XEOSR
%PPELYX��XÏ�HÏVKYEVMX�XÏ�8MN�HLI�FIWMQ�
XEVÏZI��TS�LMTSOVMXÏX�OÏXÏ�RYO�I�HMRÏr���
2ÏWI�HÏWLMVSNQÏ�JMXSVI�OYRHÏV�EVQM�
OYX�XSRÏ��RYO�OE�JMXSVI�TÏVZIËWI�QI�-WPE�
QMR��*MXSVNE�RYO�ZNIR�QI�TEFIWMQ��I�EW
FIWMQM�TE�VMOXLMQ�R�-WPEQ�
-QERM�ÏWLXÏ�EM�UÏ�TVSHLSR�LIVSMÏQ�I
QVIOYPPM��RYO�ZPINRÏ�ZIXÏQ�EVQÏX��EVQE
RYO�PYJXSR�ZIXÏ��ZIËWI�ENS�PYJXSR�QI
RNIVMYR�M�GMPM�I�TÏVHSV�EXÏ�
1I�FIWMQ�QYRH�XÏ�TVSHLSNQÏ�RNIVÏ
U�HS�M�QEVVMR�X�HVINXEX�I�X]VI�R�HYEVX�I
ZIXE�
2ÏWI�HÏWLMVSNQÏ�OVIREVM��EXÏLIVÏ�XE
HMQÏ�WI�RYO�OE�OVIREVM�TÏVZIËWI�QI�-WPE�
QMR��RÏWI�HÏWLMVSNQÏ�FEWLOMQ�I�LEVQS�
RM��RYO�OE�FEWLOMQ�TÏVZIËWI�QI�-WPEQMR�
-WPEQM�ÏWLXÏ�JI�I�=QIXMX��HLI�EM�ÏWLXÏ
U�M�FEWLOSR�X�KNMXL��9E�FEWLOSR�OM�
FPIR�I�X]VI��YE�FEWLOSR�RHNIRNEX�I�X]VI�
YE�FEWLOSR�UÏPPMQIX�I�X]VI��YE�FEWLOSR
TVSKVEQMR�I�X]VI��%PPELY�\L�WL��XLSX�
q(LI�WI�ONS�ÏWLXÏ�VVYKE��JINE �-QI�I
HVINXÏ��UÏ�GEOXSZE�TÏV�NY ��TVE�TÏVQFENY�
RM�OÏWEN��I�QSW�RHMURM�VVYKÏ�XÏ�XNIVE�I�XtNY
RHENR�RKE�VVYKE�I�8MNr���
-FR�1IWtYHM�V�E��XLSX��q4INKEQFIVM
E�W��RE�ZMEXSM�RNÏ�ZMÏ��QFM�VÏVÏ��HYOI�I
ZMEXYEV�RÏ�QÏR]VÏ�XÏ�UEVXÏ ��TEWXEN�XLE�
HMXYVME�MWPEQI������
q/NS�ÏWLXÏ�VVYKE�I�%PPELYXr��1Ï�TEWXEN
ZMEXSM�HMWE�ZME�R�X�HNEXLX�I�R�X�QE�
NXÏ��I�XLE��q/ÏXS�NERÏ�VVYKÏ��RÏ�ËHS�VVYKÏ
IOMWXSR�RKE�RNÏ�HNEPP�UÏ�XLÏVVIX�XIO�EM�
TEWXEN�I�PI\SM�ENIXMR��q(LI�WI�ONS�ÏWLXÏ
VVYKE��JINE �-QI�I�HVINX��U�I�GEOXSZE
TÏV�NY ��TVE�XtM�TÏVQFELIRM�OÏWEN���r�
3�NY�ZÏPPIÏV��RÏ�OÏXÏ�HMXÏ��RÏ�OÏXÏ
JIWXÏ�XÏ�QEHLI�-WPEQI��RÏ�OÏXÏ�HMXÏ�L]N�
RSVI��RÏ�OÏXÏ�WLIWL�OY�XEOSLIR�QI�HLNI�
XÏVE��UMRHVE�I�QMNÏVE�RNIVÏ��RÏ�OÏXÏ
WLIWL�HYLIX�X�RNSLMQ�ZIXIR�XSR��HYLIX
XÏ�FYPSNQÏ�ZIXIR�XSRÏ��RI�Q]WPMQERÏX
TEVE�ËHS�KNÏNI��WEHS�UÏ�XÏ�HEPMR�OYRHÏV�
WLXMQI��HYLIX�X�HMQ�WI�RI�NIQM�Q]WPM�
QER��HLI�WI�RYO�OIQM�NIX�TE�-WPEQ�
%RHEN��WMTEW�OÏWEN��-WPEQMR�HYLIX�XE�TVE�
OXMOSNQÏ�RÏ�ZIXIR�XSRÏ��TEWXEN�TÏV�XÏ�XE
XLÏVVEWMQ�FSXÏR��HLI�I�XÏVÏ�FSXE�ÏWLXÏ�I
RIZSNWLQI�TÏV�-WPEQMR��2NIVÏMWÏ�WÏ�XSV�
XYVYEV�RÏTÏV�FSXÏ��RYO�M�FÏR�HSFM�EW�OET�
MXEPMQM�I�EW�OSQYRMQM��HLI�EXE�RYO�HS
XÏ�KNINRÏ�RHSRNÏ�JI�UÏ�HS�XtM�WLTÏXSNÏ�RKE
MRNSVERGE�FEWLOÏOSLSVI��RYO�I�KNINRÏ
ZIËWI��RÏ�-WPEQ�
/EQ�UIR�R�)ZVST�I�R�%QIVMO�
HLI�OEQ�TEV�RNIV�U�TVERSRMR�-WPEQMR
TÏV�ËHS�HMXÏ��ERHEN�-WPEQM�QYRH�XÏ
TÏVLETIN�WLYQÏ�I�QÏ�WLYQÏ�TS�XÏ�QSW
MWLXI�KNIRHNE�I�OIUI�I�Q]WPMQERÏZI�
%XE�I�WLMOSNRÏ�-WPEQMR�TÏVQIW�Q]WPM�
QERÏZI��I�XLSRÏ��2ÏWI�-WPEQM�XLÏVVIX�TÏV
HMXYVM��ËtÏWLXÏ�KNIRHNE�I�Q]WPMQERÏZI�MR�
NSVERXÏ#�2ÏWI�XLÏVVIX�TÏV�TÏVTEVMQ�
ËtÏWLXÏ�KNIRHNE�I�Q]WPMQERÏZI�XÏ�TEL�
ZMPPYEV�I�XÏ�TVETEQFIXYV#�2ÏWI�XLÏVVIX
TÏV�VIRH��ËtÏWLXÏ�O]�OESW�RÏ�NIXÏR�I�Q]W�
PMQERÏZI#�2ÏWI�XLÏVVIX�TÏV�TEWXÏVXM�
ËtÏWLXÏ�KNIRHNE�I�ZIRHIZI�Q]WPMQERI�UÏ
NERÏ�ZIRHIX�QÏ�XÏ�RH]VE�XÏ�FSXÏW#�2ÏWI
XLÏVVIX�TÏV�FEWLOMQ��ËtÏWLXÏ�KNIRHNE�I
Q]WPMQERÏZI�XÏ�RHEVÏ#
(S�X�GIO�RN�RKNEVNI�U�Q�OYNXSLIX�
2N�IZVSTMER�Y�F�Q]WPMQER��I�OMWLXI
TVERYEV�-WPEQMR�RKE�PMXIVEXYVE�U�PI\SRXI
TÏV�-WPEQMR��MWLXI�LEFMXYV�RKE�ENS��TVER�
HEN�I�TVERSM�%PPELYR�TÏV�>SX��-WPEQMR�TÏV
JI��HLI�1YLEQQIHMR�E�W��TÏV�XÏ�HÏVKYEV�
QMVÏTS��TEW�HMWE�ZNIXÏWL��EM�HÏWLMVSM�XE
JSVGSRXI�FMRHNIR�HLI�JIRÏ�I�XMN��OÏWLXY�UÏ
ZIRHSWM�X�OV]IRXI�,E\LMR��7LOSM�R�:I�
RHIX�I�WLIRNXE�RÏ�OSLÏR�I�,E\LMX��HLI
EXNI�TE�KNIRHNIR�I�OIUI�XÏ�FIWMQXEVÏZI�
OESWMR��ËVVIKYPPMQIX��WNIPPNIX�NS�XÏ�QMVE��I
XÏ�XNIVE��TÏV�XÏ�GMPEX�OMWLXI�PI\YEV�XÏ�OY�
RHÏVXÏR�I�X]VI�RÏ�PMXIVEXYVÏR�-WPEQI��HLI
ËJEVÏ�XLE�EM#�)�XLE�OÏXÏ�JNEPM��q*EPÏRHIVM�
QM�-�USJX�%PPELYX�U�Q�RNSLY�QI�-W�
PEQMR�TEVE�WI�XtM�RNMLNE�Q]WPMQERÏXr�
2I�I�TÏVJEUÏWSNQÏ�-WPEQMR�WLYQÏ
OIU��4WI��S�Q]WPMQERÏ#�4WI�RYO�OXLILI�
QM�RÏ�JIRÏ�XSRÏ#�4WI�RYO�FÏLIQM�FIWMQ�
XEVÏ�XÏ�ZÏVXIXÏ#�8Ï�TYRSNQÏ�QI�-WPEQ��XÏ
TYRSNQÏ�TÏV�-WPEQMR��4WI�RYO�TÏVOYWL�
XSNQÏ�NIXÏR�XSRÏ�HLI�TÏVTNIONIX�XSRE�TÏV
RKEHLÏRNMQMR�I�OÏWEN�JINI#
«HS�VIPMKNMSR�HLI�FMRHNI�RÏ�XSOÏ�OE
XLMVVÏW�UÏ�FÏNRÏ�XLMVVNI�TÏV�XÏ�HLI�TYRS�
NRÏ�TÏV�XÏ��/SQYRMQM�M�OE�RHMLQÏXEVÏX
I�XMN��QEWSRIVMQM�M�OE�FYVVEX�I�XMN��NILY�
HMQM�I�FÏVM�WLXIXMR�I�ZIX�RÏ�QIWMR�I�ZI�
RHIZI�Q]WPMQERI��/VMWLXIVMQM�OE�QI
HLNIXÏVE�I�QMNÏVE�QMWMSREVÏ�HLI�QMWMSR�
EVI�RÏ�VVYYPPMR�XSOÏWSV��«HS�HVINXMQ�OE
TNIWÏXEVÏX��RKEHLÏRNMQXEVÏX�HLI�FYVVEX�I
ZIX��%XÏLIVÏ��OY�NERÏ�RHMLQÏXEVÏX�I�-WPE�
QMX#�/Y�NER�FYVVEX�I�-WPEQMX#
&ÏLYRM�FYVVE�XÏ�-WPEQMX��FÏLYRM�RHML�
QÏXEVÏ�XÏ�-WPEQMX�
q3�NY�UÏ�FIWYEX��FÏLYRM�RHMLQÏXEVÏ�XÏ
%PPELYX��WM�-WEM��FMVM�M�1IVNIQIW��U�Y�TEX
XLÏRÏ�LEZEVMNNYRÏZI��FIWMQXEVÏZI�XÏ�ZIX
XÏ�WMRUIVXÏ ��/YWL�ÏWLXÏ�RHMLQÏXEV�MQM
TÏV�RÏ�VVYKÏR�I�%PPELYX#�,EZEVMNNYRÏX�M
XLERÏ��2I�NIQM�RHMLQÏXEVÏ�XÏ�VVYKÏW�WÏ
%PPELYX�r���
3�NY�ZÏPPIÏV��HÏWLMVSN�XE�TÏVQF]PP
JNEPMQMR�XMQ�QI�RNÏ�JNEPÏ��8LMVVNE�NSRÏ
TÏV�RÏ�-WPEQ�RYO�TÏVQFER�EVQMUÏWM�OY�
RHÏV�HMOYNX��TS�EWLXY�RYO�TÏVQFER�JERE�
XMÏQ�OYRHÏV�HMOYNX��/YV�XÏ�FÏNQÏ�XLMVVNI
TÏV�RÏ�-WPEQ��OYV�XÏ�FÏNQÏ�XLMVVNI�TÏV�RÏ
MHIEPIX�I�TÏVWSWYVE��XÏ�FÏNQÏ�XLMVVNI�TÏV
RÏ�ZPIVEX�I�PEVXE�QI�XÏ�GMPEX�IVHLÏR�TINKE�
QFIVÏX��HLI�TÏV�XS�FÏRÏ�XLMVVNI�XÏ�KNMXLE
WLTEPPNIX��:PIVEX�HLI�MHIEPIX�TÏV�XÏ�GMPEX
FÏRÏ�XLMVVNI�1YWEM�I�-WEM�E�W���QÏ�TEW��TEW
X]VI�TS�TÏV�XS�FÏVM�XLMVVNI�IHLI�M�HÏVKYEVM
M�JYRHMX��1YLEQQIHM�E�W��
%RHEN��XÏ�TÏVOYNHIWIQM�XÏ�KNMXLÏ�TÏV
-WPEQMR��X�NIXSNQ�QI�-WPEQMR��X�ZHIW�
MQ�TÏV�-WPEQMR��HLI�QSXSNE�NSRÏ�PI�XÏ
NIX�
q8LYEN��2EQEM�MQ��OYVFERM�MQ��NIXE
MQI�HLI�ZHIONE�MQI�NERÏ�XLNIWLX�TÏV
%PPELYR��>SXMR�I�FSXÏZI��%M�RYO�OE�WLSO
�RYO�EHLYVSN�XNIXÏV ��4ÏV�OÏXÏ��XLNIWLXÏWM
XÏ�EHLYVMQMX�ZIXÏQ�TÏV�>SXMR �NEQ�M�YVH�
LÏVYEV�HLI�NEQ�M�TEVM�M�Q]WPMQERÏZI��M
TEVM�U�TVERSN�HLI�FMRHIQ �r���
�4ÏVOXLMQM�HLI�TÏVWLXEXNE�I�OÏXMN�EVXMOYPPM
ÏWLXÏ�FÏVÏ�RKE�PMFVM�q0MKNÏVEXEX�I�7LINL�)P
/EVHEZMXr��TÏVKEXMXYV�RKE�,EPMH�)WWEtH��QI�
OXIFIXY�ZILFIL��/ENVS�������ZÏPPMQM�-��JEUI�
������� �
4ÏVOXLIY�
1V��*EVYO�9OEPPS
CCCCCCCCCCCCCCCCCCCC*YWRSXEX�
���,EHMXLMR�I�XVERWQIXSNR��)FY�(EZYHM��%LQIHM
HLI�2IWEMY�RKE�)RIWM�V�E��
���,EHMXLMR�I�XVERWQIXSNR��&YLEVMY�HLI�1YWPMQM
RKE�)FY�,YVINVINE�V�E��
���,EHMXLMR�I�XVERWQIXSNRÏ��)FY�.EtPE��-FÏR�,Y�
INQI��-FÏR�,MFFERM�HLI�&INLIOMY�RKE�<LEFMVM
V�E���I�XIOWXM�M�TPSXÏ�M�LEHMXLMX�ÏWLXÏ�O]��q/YV�XÏ
ZMN�HMXE�I�%VEJEXMX��%PPELY�QFYVVIX�QI�XE
�LE\LMPIVÏX �TEVE�IRKNÏNZI�HLI�XLSXÏ��7LMOSRM�VS�
FÏVMX�I�QM��OERÏ�EVHLYV�JPSOÏWLTVMWLYV��XÏ�TPY�
LYVSWYV��XÏ�TEQFVSNXYV�RKE�R\ILXÏWME�I�HMIPPMX�
RKE�ËHS�ERÏ�I�FSXÏW��I�NY�HÏWLQSN�NYZI�WI�M�OEQ
JEPYV�EXE��)RKNÏNX�XLSRÏ��2Ï�QIWMR�I�X]VI�ÏWLXÏ
JMPERM�M�PSHLYV��UÏ�FÏR�QÏOEXI �HLI�JMPERM��/E
XLÏRÏ��%PPELY�\L�WL��XLSXÏ��-�OEQ�JEPYV�EXEr�
���,EHMXLMR�I�XVERWQIXSNRÏ��)FY�(EZYHM�HLI�-FÏR
1E\LINE�RKE�-FÏR�%FFEWM�V�E��
���,EHMXLMR�I�XVERWQIXSNRÏ�XÏ�KNMXLÏ�TÏVZIË�-FÏR
1E\LIW�RKE�-FÏR�3QIVM�V�E��
���,EHMXLMR�I�XVERWQIXSNRÏ��-FÏR�%HMNNY�HLI�)H�
(EVY�/YXRMY�RKE�-FÏR�3QIVM�V�E��
���%VKYQIRX�TÏV�PMKNÏWMQMR�I�OYVFERMX�NERÏ�/YVERM�
7]RIXM�HLI�M\LQEM��2Ï�/YVER�I�KNINQÏ�*NEPÏR�I
%PPELYX�\L�WL���q%RHEN�JEPY�HLI�TVMX�OYVFER�TÏV
LMV�XÏ�>SXMX�XÏRH�r��)P�/IZXLIV��� ��(MWE�RKE
OSQIRXEXSVÏX�I�/YVERMX�XLSRÏ�WI�UÏPPMQM�ÏWLXÏ
OYVFERM�TEW�REQEMX�XÏ�&ENVEQMX��2HÏVWE�RKE
7]RIXM�OIQM�LEHMXLI��WM�LEHMXLMR�I�)RIWMX�V�E���q-
(ÏVKYEVM�M�%PPELYX�E�W��OMWLXI�WLTVILM�XÏ�TVMWXI
H]�HIWL�QI�FVMV��X�GMPEX�MWLMR�X�FEVHLE�QI�TMOE
XÏ�IE��M�FÏRXI�/YVFER�QI�HYEVX�I�XMN��I�XLSWLXI�
&MWQMP�PELM�ZEPP�PPELY�IOFIVr���,EHMXLMR�I�XVERW�
QIXSNR��&YLEVMY�HLI�1YWPMQM �
���,EHMXLMR�I�XVERWQIXSNR��&YLEVMY��8MVQMHLMY
HLI�)FY�(EZYHM�
���,EHMXLMR�I�XVERWQIXSNR��8EFIVERMY��&I EVM�HLI
1YRHLMVMY��8IOWXM�M�XVERWQIXMQMX�XNIXÏV�UÏ�Y�TÏV�
QIRH��q2YO�ÏWLXÏ�FIWMQXEV�EM�UÏ�RKSTIX�RHÏVWE
JUMRNM�M�XMN�ÏWLXÏ�M�YVMXYVr��I�XVERWQIXSNRÏ��8EFI�
VERMY�HLI�)FY�.EtPE��(LI�RNÏ�XVERWQIXMQ�XNIXÏV
RKE�%MWLINE�V�E���q2YO�ÏWLXÏ�FIWMQXEV�EM�UÏ�JPI�M
RKSTYV��RHÏVWE�JUMRNM�TVERÏ�XMN�ÏWLXÏ�M�YVMXYVr��I
XVERWQIXSR�,EOMQM�
����,EHMXLMR�I�XVERWQIXSNR��&YLEVMY�HLI�1YWPMQM
RKE�9QIV�-FÏR�)FM�7IPIQI�V�E��
����,EHMXLMR�I�XVERWQIXSNR��&YLEVMY�HLI�1YWPMQM
RKE�,YHLINJINE�V�E��
����)P�1EMHI������4ÏVOXLMQMR�I�ENIXIZI�/YVtERSVI
RKE�KN�EVEFI�RÏ�KN�WLUMTI�I�LYESZE�TVIN�TÏVO�
XLMQMX�X�/YVtERMX�RKE�,�7LIVMJ�%LQIXM��4VMWL�
XMR�������
����)P�1EMHI�����
����)P�1EMHI����
����)X�8IZFI������)W�7EJJ����
����)P�)RJEP�����
����,EHMXLMR�I�XVERWQIXSNR��)FY�(EZYHM�HLI
%LQIHM�RKE�8LIZFERM�V�E��
����)P�&IOEVI������
����)P�1YREJMOYR����
����)P�)RtEQ������
����)W�7EJJ�����
����)P�)RtEQ����������
HMXYVME�MWPEQI������
4]IXNI��
��'MPE�ÏWLXÏ�RSVQE�I�/YVFERMX�TÏV
TIVWSRMR�UÏ�RYO�ÏWLXÏ�LE\LM#�
��%�OE�OYWLXI�XÏ�ZIËERXE�UÏ�HYLIR
FEXYEV�QI�VEWXMR�I�ZIRHSWNIW��RMN�
IXMX �TÏV�/YVFER#�T�WL��E�RIZSNMXIX
MLVEQM�IXN��
4ÏVKNMKNI� *EPÏRHIVMQM�-�USJXÏ%PPELYX��OYVWI�WEPEZEXM�HLI�TÏVWLÏRHIXNIXUSJWLMR�TÏV�XÏ�(ÏVKYEVMR�I�8MN�
/YVFERM�ÏWLXÏ�7]RIX��XVEHMXÏ�I�4INKE�QFIVMX�E�W� �M�ZÏVXIXÏ��M�OSRJMVQYEV�QYIOOIHI �RKE�4INKEQFIVM�E�W��HLIEFWSPYXMWLX�RYO�OE�OYVVJEVÏ�PMHLNINIQMHMW�/YVFERMX�HLI�MLVEQMX�TÏV�TIVWSRMRUÏ�RYO�ÏWLXÏ�LE\LM��/YVWI�ZIRHSWNE��RMN�NIXM �HYLIX�XÏ�FÏLIX�RÏ�IQÏV�XÏ�%PPELYX�XÏ1EHLÏVMWLÏQ�TÏV�ZIXIR�HLI�TÏV�JEQMPNIRXÏRHI�
4EWXEN��ZELHSR�QÏ�XYXNI�(V��/EVEHE�ZM��/YVFERM�ÏWLXÏ�7]RIX�M�ZÏVXIXÏ��M�OSR�JMVQYEV�RKE�4INKEQFIVM�E�W���M�GMPM�OMWLXITVIVÏ�H]�HIWL�XÏ�FYOYV��QI�FVMVÏ��TÏVZIXI�HLI�TÏV�JEQMPNIR�I�XMN��%M�QI�EXÏ�VEWXOMWLXI�XLÏRÏ��q3�>SXM�MQ��ONS�ÏWLXÏ�TÏV1YLEQIHMR�HLI�JEQMPNIR�I�XMNr��%PINLM�WIPEQM�OMWLXI�TVIVÏ�/YVFER�IHLI�TÏV�EXEUÏ�RYO�OMWLMR�QYRHÏWM�RKE�=QIXM�M�XMN�
-QEQ�)FY�,ERMJI�XLSXÏ��q/YVFERMÏWLXÏ�ZE\LMFr��:E\LMFM��WMTEW�XMN��ÏWLXÏQFM�7]RIXMR��TSV�RÏR�RMZIPMR�I�JEVMX��%MI�OSRWMHIVSR�/YVFERMR�ZE\LMF�TÏV�TIV�WSREX�UÏ�OERÏ�OYWLXI�HLI�QYRHÏWM��%MOÏXÏ�UÏRHVMQ�I�QFÏWLXIX�RÏ�LEHMXLMR�I4INKEQFIVMX�E�W���RÏ�XÏ�GMPMR�XLYLIX�q/YWL�OE�QYRHÏWM�HLI�RYO�TVIX�/YVFER�XÏ�QSW�M�EJVSLIX�JEPXSVIW�WSRÏr��2Ï�FEÏXÏ�OÏWEN��EM�XLSXÏ�WI�/YVFERM�ÏWLXÏ�ZE\L�MF��)�RÏWI�RYO�ZÏVXIXSLIX�WI�ÏWLXÏ�ZE\L�MF��EM�KNMXLWIWM�ÏWLXÏ�7]RIX�M�OSRJMVQYEVHLI�OE�ZPIVE�WLYQÏ�XÏ�QÏHLE�
/SLE�I�XMN�JMPPSR�UÏ�TEW�REQEMX�XÏ&ENVEQMX��RKE�REQEM�QÏ�M�TEVÏ�RÏ�U]XIX�TEW�XMN�PIKNMXMQSLIX�/YVFERM��OYVWI�TEVEOÏWEN�OSLI�RYO�OE�/YVFER��-�(ÏVKYEVM�M%PPELYX�OE�YVHLÏVYEV�UÏ�EM�M�GMPM�OE�TVIVÏ/YVFER�TEVE�REQEMX�XÏ�&ENVEQMX��EXÏHIPI�PI�XE�OSRWMHIVSNÏ�HIPI�TÏV�QMWL�I�NSHIPI�TÏV�EHLYVMQ��WITWI�ENS�RYO�ÏWLXÏ/YVFER�TÏV�MFEHIX��1EHNI��IHLI�RÏ�USJXÏWI�OVINX�EXÏ�WEWM�QMWLM�I�NIT�WEHEOE��EM�HSXÏ�JMXSNÏ�ZIXÏQ�WLTÏVFPMQMR�I�WEHEOEWÏ�TSV�NS�WLTÏVFPMQMR�I�/YVFERMX��WITWI/YVFERM�ÏWLXÏ�MFEHIX��4ÏV�MFEHIXIX��0MKN�ZÏRÏWM�OE�TEVETEVÏ�VVIKYPPE��I�OE�GEOXYEVOSLÏR�UÏ�RYO�PINSLIX�EW�XÏ�WLTINXSLIX
HLI�EW�XÏ�XINOEPSLIX��WMOYV�ÏWLXÏ�REQEM��E�PINSLIX�XÏ�JEPÏWL�HVIOÏR�TEVE�OSLÏW�WÏWEN#�2YO�PINSLIXg�4S�EWLXY�IHLI�/YV�FERM�OE�OSLÏR�I�ZIX�XÏ�TEVETEVÏ��)OMWXS�NRÏ�HMWE�RNIVÏ��RÏ�HMWE�ZIRHI��UÏ/YVFERMR�I�TVIWMR�REXÏR�I�&ENVEQMX��KNÏUÏ�ÏWLXÏ�KEFMQ��/NS�ÏWLXÏ�LYQFNI�I7]RIXMX�HLI�LYQFNI�I�WLTÏVFPMQMX�TÏV/YVFER��2ÏWI�EM�I�OYTXSR�OÏXÏ��HYLIX�XETÏVWÏVMWÏ�/YVFERMR��WMHSQSW�RÏWI�ÏWLXÏ/YVFER�M�SXMQMX��EXÏ�HYLIX�XE�TÏVWÏVMWÏHIX]VMQMWLX�gHYOI�JMPPYEV�TVIN�OSLÏW�UÏTEW�REQEMX�XÏ�&ENVEQMX��4VIVNE�I�/YV�FERMX�ÏWLXÏ�I�PINYEV�XÏ�FÏLIX�RÏ�HMXÏR�ITEVÏ��RÏ�HMXÏR�I�H]XÏ�HLI�RÏ�HMXÏR�I�XVIXÏXÏ�&ENVEQMX���&MPI��IOMWXSR�RNÏ�XLÏRMI�WITVIVNE�QYRH�XÏ�FÏLIX�IHLI�RÏ�HMXÏR�IOEXÏVX��TVE�HMXÏR�I�JYRHMX�XÏ�&ENVEQMX�HLIXÏ�XIOFMVIZI��1Ï�I�TÏPU]IWLQNE�ÏWLXÏ�UÏONS�XÏ�RHSHLÏ�HIVM�RÏ�QIWHMXÏ��IZEP �OÏWLXY�UÏ��RÏWI�ZNIR�HVIOE�HLI�/YVFERMIRHI�RYO�ÏWLXÏ�TVIVÏ��PI�XÏ�WLX]LIX�TÏVHMXÏR�XNIXÏV��1MVÏTS��HMWE�MQEQÏ�XLSRÏ�WIIHLI�TEW�OÏWEN�OSLI�PINSLIX�TVIVNE��USJXÏREXÏR��USJXÏ�HMXÏR��%RHEN��YRÏ�QIRHSN�WIRYO�ÏWLXÏ�I�HSQSWHSWLQI�UÏ�XÏ�KNMXLÏRNIVÏMX�XE�OV]INRÏ�TVIVNIR�RÏ�HMXÏR�ITEVÏ�XÏ�&ENVEQMX��HLI�OÏWLXY�XÏ�OVMNSLIRXSPPSZM�KNEXÏ�TVIVNIW��ZIËWI�HMWE�RNIVÏQYRH�XE�WLX]NRÏ�TVIVNIR�TÏV�HMXÏR�I�H]XÏSWI�XÏ�XVIXÏ�XÏ�&ENVEQMX��1YRH�XÏ�RHSHLÏUÏ�HMWE�RNIVÏ�XÏ�OIRÏ�RIZSNÏ�TÏV�QMWL�OÏWLXY�UÏ�QYRH�XtY�FÏLIX�WLTÏVRHEVNE�IQMWLMX�RÏ�HMXÏR�I�H]XÏ�SWI�XÏ�XVIXÏ�TÏV�EXERNIVÏ�UÏ�RHSWLXE�OÏXS�HMXÏ�OERÏ�QÏWLYQÏ�RIZSNÏ�TÏV�QMWL�WIWE�HMXÏR�I�TEVÏ�
/NS��TVE��ÏWLXÏ�TÏV�WE�M�TÏVOIX�OSLÏWWÏ�TVIVNIW�WÏ�/YVFERMX�
4ÏV�/YVFER�PINSLIR��HIZINE��PSTE�HLIHIPNEg��WITWI�OÏXS�NERÏ�FEKÏXM��OEJWLÏWLXÏTMEOI g�ERHEN�QYRH�XÏ�TVMXIX�/YV�
FER�GMPMHS�TVIN�X]VI��(IPNE�TVMXIX�/YVFERTÏV�RNÏ��1I�RYQVMR�RNÏ�OÏXY�RÏROYTXS�NQÏ�RNÏ�RNIVM�FEWLOÏ�QI�JEQMPNIR�I�XMN�7MË�OE�XLÏRÏ�4INKEQFIVM�E�W���q/]��OYV�FER �ÏWLXÏ�TÏV�1YLEQIHMR�HLI�JEQMPNIRI�XMNr�
/E�XLÏRÏ�)FY�)NNYFM��2Ï�OSLÏR�I�4IN�KEQFIVMX�E�W��WIGMPM�RNIVM��TÏV�ZIXI�HLITÏV�JEQMPNIR�I�XMN��TÏV�/YVFER�TVMWXI�RNÏHIPI��(LI�OÏWLXY�ZELHSM�ONS�ËÏWLXNI�HI�VMWE�Y�FÏ�I�RNSLYV�RÏ�QIWMR�RNIVÏZI�WM�OYV�I�WLSLMQ�WSX�
/NS�ÏWLXÏ�7]RIX�2HÏVOEU��TÏV�WE�Y�TÏVOIX�PSTÏZI�SWI
HIZIZI��TÏV�RNÏ�TIVWSR�QNEJXSR������RNÏI�WLXEXE �TNIWÏ�I�PSTÏW�SWI�HIZIWÏ��4VE�QYRH�XÏ�FEWLOSLIR�WLXEXÏ�TIVWSRE�HLIXÏ�FÏNRÏ�/YVFER�RNÏ�PSTÏ�SWI�RNÏ�HIZI�WLXÏ�OYWLX�UÏ�PSTE�XÏ�QSW�NIXÏ�QÏ�I�VI
WI�H]�ZNIË��OYVWI�HIZINE�NS�QÏ�TEO�WITIWÏ�ZNIË��(LMXÏ�RYO�FÏR�XÏ�NIRÏ�QÏ�TEOWI�RNÏ�ZNIË��OYVWI�HLIRXÏ�QÏ�TEO�WI�KNE�WLXÏ�QYEN��(EWLMR�I�WLÏRHSWLÏ�I�OE�PINY�EV�4INKEQFIVM�E�W��TÏV�/YVFER��IHLI�RÏWIOE�KNEWLXÏ�QYEN��/ÏXY�)FY�,ERMJI�OEOYWLXÏYEV�UÏ�XÏ�NIXÏ�M�QENQÏ��WI�TÏVRH�V]WLI�HYLIX�XÏ�OIXÏ�QFYWLYV�QSXQSXMR�
/NS�ÏWLXÏ�TÏV�EXÏ�WI�ËJEVÏ�PINSLIX�TÏV/YVFER�
7E�QÏ�M�QENQÏ�HLI�QÏ�M�FYOYV�UÏ�XÏNIXÏ�OYVFERM��TÏV�EU�ÏWLXÏ�QÏ�M�ZPIJWLÏQ�WITWI�EM�ÏWLXÏ�HLYVEXÏ�TÏV�%PPELYR\L�WL���TVERHEN�Q]WPMQERM�TÏV�%PPELYRHYLIX�XÏ�HLYVSNÏ�QÏ�XÏ�ZPIJWLQIR�UÏ�OE�HLI�OYVVWIWM�XÏ�QSW�NIXÏ�ONS�HMËOE�UÏ�IYVVIR�EM�UÏ�I�TVIX��4ÏV�OÏXÏ�EVW]I��RYOPINSLIX�XÏ�FÏLIX�/YVFER�HIPNE�UÏ�ÏWLXÏWLYQÏ�I�PMKWLXÏ��EW�ENS�UÏ�ÏWLXÏ�I�ZIVFÏV�QI�RNÏ�W] �ETS�I�ËEPÏ��EW�ENS�UÏ�RYO�I�OETNIWÏR�QÏ�XÏ�QEHLI�XÏ�FVMVMX�SWI�UÏ�I�OEXÏ�HÏQXYEV�ZIWLMR��ETS�UÏ�OE�ËJEVÏHS�XÏ
HMXYVME�MWPEQI������
(MWTSMXEX�I�/YVFERMX
QIXI�XNIXÏV����.S��7EOVMJMGE�I�Q]WPMQERMXHYLIX�XÏ�NIXÏ�I�TEWXÏV��WITWI�ENS�ÏWLXÏ�iWMË�HIOPEVSZE�i�HLYVEXÏ�TÏV�%PPELYR�I1EHLÏVMWLÏQ��4VERHEN�PI�XÏ�KNIHLÏ�WIËJEVÏ�HS�XÏ�HLYVSNÏ�TÏV�/VMNYIWMR�I�XMN�QI�WLMNI�XÏ�WLÏRHSWLÏ��WITWI�XIO�%PPELYRYO�EVVMR�QMWLM�HLI�EW�KNEOY�M�/YVFERMX�XIO�%M�EVVMR�HIZSXWLQÏVME�NYEN�
%�FÏR�XÏ�NITIX�PÏQSWLÏ�ZPIVE�I�/YV�
FERMX�R�ZIRH�U�X�TVMXIX#
3WI�GMPE�OE�QÏ�WLYQÏ�TÏVTEVÏWM��HLÏ�
RME�PÏQSWLÏ�I�ZPIVÏW�WÏ�/YVFERMX
ETS�TVIVNE�I�XMN�#
4ÏV�WE�M�TÏVOIX�TIVWSRMX�XÏ�KNEPPÏ��XLIV�NE�I�/YVFERMX�OE�TÏVTEVÏWM���ÏWLXÏ�QÏ�IQMVÏ ��WITWI�XLIVNE�ÏWLXÏ�VMXYEP��JIXEV HLI�EJVMQ�XIO�%PPELY�\L�WL���q%RHEN��XMJEPY�HLI�TVI�OYVFER�TÏV�LMV�XÏ�>SXMX�XÏRHr/IZXLIV��� ��HLI�RI�TVIWMQ�/YVFER�HYOIRHNIOYV�WLIQFYPPMR�I�FEFEMX�XSRÏ��-FVELM�QMX�E�W���HYOI�TÏVOYNXYEV�EXÏ�RKNEVNIQEHLÏWLXSVI��RKNEVNIR�I�/YVFERMX��-FVE�LMQMX�E�W���OYV�M�IVHLM�WLTEPPNE�RÏ�ÏRHÏVV�TÏV�XÏ�TVIVÏ�HNEPMR�I�XMN��-WQEMPMR��HLI�EMMY�TÏVKNMKN�OÏWEN�WLTEPPNINI��EM�WLOSM�XIOHNEPM�M�XMN�HLI�TNIWE�I�IQVÏW�WÏ�XMN��-WQE�MPM��JÏQMNE�M�XMN�M�TEVÏ�HLI�M�ZIXÏQ��M�GMPM�MOMWLXI�PMRHYV�RÏ�TPIUÏVM��M�TÏVQEPPYEV�HLIRÏ�QÏVKMQ��HLI�TEW�XÏ�KNMXLE�OÏX]VI��HLITEWM�I�JYVRMSM�%PPELY��I�TÏVKÏSM�QI�RNÏHNEPÏ�XÏ�FYXÏ��HLI�EVVMXM�XÏ�WLOSRXI�QI�XÏ�TÏV�TYRÏ ��HLI�JMPPSM�XÏ�WLTVIWSRXI�RÏ�XÏ���M�IVHLM�WLTEPPNE�TÏVQIW�ÏRHVVÏW�UÏ�XETVMWXI��-WLXI�ONS�RNÏ�WTVSZÏ��7TVSZÏ�I�ZÏ�WLXMVÏ�g�TÏV�RNÏ�FEFE�RÏ�EXÏ�QSWLÏ�XÏQEHLI��RÏ�RNÏ�KNIRHNI�XÏ�XMPPÏ��TÏV�RNÏ�JÏ�QMNÏ�QEWLOYPP��XÏ�WLUYEV�I�XÏ�QVIOYPPY�IWLÏQ��HLI�TEWM�Y�FÏ�UÏ�XÏ�WLOSRMR�QI�XÏ�TÏV�TYRÏ ��RÏ�QSWLÏR�OYV�WLTVIWSLIXTVIN�XMN��XÏ�KNMXLE�OÏXS��M�IVHLM�9VHLVM�L]N�RSV��4VMXI�EXÏ��%PPELY�HÏWLMVSR�XE�WTVSZ�SNÏ�g�IQVÏR�I�QMOYX�XÏ�8MN��-FVELMQMX##%�ÏWLXÏ�IRHI�I�TEWXÏV�TÏV�%PPELYR�I�0EV�XÏWYEV#�%TS�ÏWLXÏ�FÏVÏ�I�TVISOYTYEV�RKEO]�JÏQMNÏ#�/NS�ÏWLXÏ�RNÏ�WTVSZÏ�I�UEVXÏ�RNÏ�TVSZMQ�HIPMOEX�HLI�M�ZÏWLXMVÏ��1MVÏ�TS��-FVELMQM�E�W��I�OEPSM�TVSZMQMR��WLOSMXIO�HNEPM�M�XMN��HYOI�QSW�HEWLYV�XE�KEFS�RXI�ETS�QEWLXVSRXI��ME�WLJEUM�ËÏWLXNIRLETYV�HYOI�M�XLÏRÏ��qg3�HNEPM�MQ��YRÏOEQ�TEVÏ��NEQ�YVHLÏVYEV �RÏ�ÏRHÏVV�XÏ�XÏTVIW�X]��7LMOS��TVE��ËOE�QIRHSR�XM#r��IW�7EJJEX����� ��2Ï�QEHLÏWLXMRÏ�I�UÏRHVMQ�MX�XÏ�TVMRHMX�MWLXI�QEHLÏWLXME�I�UÏRHVMQ�MX�XÏ�HNEPMX��M�GMPM�RYO�Y�LEQIRH�EWTEO��TSVQI�FMRHNI�TVIN�FIWMQXEVM�HLI�QI�FIWMQXÏ�TEXL]IWLÏQ��HIOPEVSM��qg3�FEFEM�MQ�TYRSNI�EXÏ�UÏ�YVHLÏVSLIWL��I�XM�HS�XÏ�QÏKNIWL�QYE��RÏWI�HS�%PPELY��TVIN�XÏ�HY�VYIWLQÏZI�r��IW�7EJJEX����� ��*NEPÏ�TVINXÏ�GMPEZI�FYVSNRÏ�FIWMQM��JSVGE�HLI�QS�HIWXME�I�QFÏWLXIXNE�RÏ�%PPELYR�\L�WL��2YO�I�FÏVM�EXÏ�TÏV�LIVSMÏQ�EW�TÏV�XVMQÏ�VM��TSV�I�PMHLM�TÏV�OEHIVMR�i�TÏVGEOXMQMR
�qQYE�HS�XÏ�QÏ�KNIWL��RÏWI�HS�%PPELY�TVIN�XÏ�HYVYIWLQÏZIr �I�OXLIR�ËÏWLXNIRXIO�%PPELY�HLI�-�QFÏWLXIXIX�0EVXQEHLÏ�VMWÏ�WÏ�8MN��WITWI�%M�M�HLYVSR�RNIVMYX�FIW�MQMR��M�HLYVSR�HYVMQMR��I�TENMW�QI�JYUMRIVZSVI��q)�OYV�EXE�XÏ�H]�MY�HSVÏYER�YV�HLVMX�XÏ�>SXMX�HLI�TÏVQF]WM�EXÏ�RÏ�J]X]VÏ�RÏ�FEPPÏ r���IW�7EJJEX����� ��I�HSVÏSMFEFEM�JÏQMNÏR�I�XMN��HLI�I�HSVÏSM�HNEPMUEJÏR�I�XMN��qTÏVQF]WM�EXÏ�RÏ�J]X]VÏ��RÏFEPPÏ r�HLI�HÏWLMVSM�XÏ�FEXSRXI�YVHLVMRQI�XÏ�GMPMR�I�OMWLXI�YVHLÏVYEV�/VMNYIWM��MZNIR�EXMN�TÏVKÏMQM��q2I�I�XLMVVÏQ�EXÏ�q3�-FVELMQ��8M�XEWLQÏ�I�FEXSZI�ÏRHV�VÏR��2I�OÏWLXY�M�WLTÏVFPINQÏ�XÏ�QMVÏX�:ÏVXIX��ONS�MWLXI�WTVSZÏ�I�UEVXÏ��2I�IWLTEKYEQ�EXÏ�QI�RNÏ�XÏ�XLIVYV��OYVFER XÏ�VÏRHÏWMWLÏQr��IW�7EJJEX��������� ��-IVHLM�EXMN�<LMFVMPM�QI�RNÏ�HEWL�HLI�M�XLE�q4VMXI�OÏXÏ�RÏ�ZIRH�XÏ�HNEPMX�XÏRH�r�(LIOÏWLXY�EXÏ�HMXÏ�Y�FÏ�7]RIX��2I�TVIWMQ/YVFER�RÏ�WLIRNÏ�TÏVOYNXMQM�XÏ�OÏWENRKNEVNINI�
4STYNX�KNMXLQSRÏ�TÏVTMUIR�UÏ�RKNEV�NIX�I�X]VI�XtM�FÏNRÏ�XÏ�TELEVVYIWLQI��MTÏVOYNXSNRÏ�HYOI�M�WLÏRYEV�HLI�HYOI�SV�KERMYEV�GIVIQSRM�RÏ�TÏVZNIXSVMR�IX]VIg�HMXÏR�I�TEZEVÏWMWÏ��HMXÏR�I�IZEOYM�QMX��HMXÏR�I�JMXSVIW��IXN���%RHEN��ONS�HMXÏÏWLXÏ�TVIN�HMXÏZI�XÏ�%PPELYX��TVIN�HMXÏZIXÏ�RNIVÏMQMX��TVIN�HMXÏZI�XÏ�FIWMQMX��ONSÏWLXÏ�HMXE�I�LIVSMQMX�XÏ�TELEVVYIWLÏQ�)�OE�FÏVÏ�XÏ�TELEVVYIWLQI�%PPELY�QIVMXYEPMR�I�/YVFERMX��4VERHEN�Q]WPMQERMTVIX�/YVFER�RÏ�OÏXÏ�HMXÏ��/NS�ÏWLXÏ�7]�RIX�HLI�ONS�ÏWLXÏ�QÏ�I�ZPIJWLQI�WIWE�XÏNITIX�PÏQSWLÏ��WEHEOE �ZPIVE�I�XMN��/NSTÏV�EVW]I�WI��WMOYV�XÏ�KNMXLÏ�RNIVÏMX�XE�NI�TRMR�WM�PÏQSWLÏ�ZPIVÏR�I�OYVFERIZI�XÏX]VI��ONS�HS�XÏ�XLSWLXI�WI�O]�VMXYEP�HS�XÏZHMWXI��OYVWI�-WPEQM�HS�XE�VMRKNEPPÏ�EXÏ�TVERHEN�WtOE�H]WLMQ�UÏ�TVIVNE�ÏWLXÏ�QÏI�ZPIJWLQI��1MVÏTS�ONS�ÏWLXÏ�ZIXÏQ�TÏVWE�M�TÏVOIX�TIVWSRMX�XÏ�KNEPPÏ��EXMN�UÏ�/Y�VFERMR�I�TVIX�TÏV�ZIXI�HLI�TÏV�JEQMPNIR�IXMN��
1MVÏTS��RÏWI�/YVFERM�M�HIHMOSLIXRNIVMYX�XÏ�ZHIOYV��HLI�HÏWLMVSLIX�UÏWLTÏVFPMQM��XLEZEFM �XtM�HLYVSLIX�EXMN��WMXÏ�ZITVSLIX�QI�OÏXÏ�VEWX#�%�XÏ�TVMXIX�/YV�FERM�ETS�XÏ�RHELIX�PÏQSWLÏ�ZPIVE�I�XMN#
5ÏRHVMQM�MQ��XÏ�GMPMR�I�TVIJIVSN�HLI�MGMPM�QÏ�UIXÏWSR��ÏWLXÏ�O]��RÏ�ZIRHMR�OYXLIVIR�OYVFERI�QI�WLYQMGÏ�HLI�OY�RNI�VÏMX�OERÏ�QMWL�QI�FSPPÏO�HLI�RYO�RHM�INRÏ�RIZSNÏ�TÏV�QMWL��RÏ�XÏ�XMPPE�VEWXIHLÏRME�WM�PÏQSWLÏ�I��I�ZPIVÏW�WÏ �/YVFE�RMX�TÏV�XÏ�ZHIOYVMR��ÏWLXÏ�QÏ�QMVÏgWITWI�XÏ�KNMXLÏ�RNIVÏMX�OERÏ�QMWL�HLI�XÏKNMXLÏ�RNIVÏMX�NERÏ�XÏ�JYVRMYEV�QI�QMWL�WM�RÏ�HMXÏR�I�TEVÏ��EWLXY�IHLI�RÏ�H]�HMXÏXZMNYIWI�XÏ�&ENVEQMX��2KE�ERE�XNIXÏV��RHS�WLXE�RNÏ�TNIWÏ�I�QEHLI�I�X]VI�OERÏ�RIZS�NÏ�TÏV�TEVE��XÏ�LSPPE ��QI�XÏ�GMPEX�HS�XÏFPMRMR�J�Z��ZIWLQFEXLNI�TÏV�FMNÏR�SWI�PS�
HVE�TÏV�FMVMR��ETS�ÏQFÏPWMVE�TÏV�JÏQMNÏXSWI�TÏV�HMOÏ�XNIXÏV��%XE�OERÏ�RIZSNÏ�TÏVHMOÏ�UÏ�HS�XtM�RHMLQSRXI�RÏ�OÏXS�HMXÏ�XÏFIOYEVE��HMXÏX�I�&ENVEQMX��HMXÏX�I�QEHLÏ�VMQMX�XÏ�%PPELYX��4ÏV�OÏXÏ�EVW]I�PÏQSWLE�WEHEOENE �TÏV�XÏ�ZHIOYVMR�ÏWLXÏ�QÏ�ITEVETÏPU]IWLQI�WI�WE�/YVFERM�RÏ�EXSZIRHI�
2HÏVOEU��RÏ�ZIRHIX�OY�QMWLM�ÏWLXÏQI�TEOMGÏ��HLI�RNIVÏMX�OERÏ�RIZSNÏ�TÏVXÏ��RÏ�XÏ�XMPPE�VEWXI��RÏWI�RNIVMY�TVIX�/YV�FER�TÏV�XÏ�ZHIOYVMR�HLI�QMWLMR�I�/YV�FERMX�I�WLTÏVRHER�RÏ�IQÏV�XÏ�EXMN�XÏZHIOYVM��ONS�ÏWLXÏ�QÏ�QMVÏ��
/NS�ÏWLXÏ�ENS�UÏ�KNIHL�YRÏ�TÏV�OÏXÏËÏWLXNI�
)OMWXSR�IHLI�RNÏ�ËÏWLXNI�XNIXÏV��ENSÏWLXÏ�WI��WMTEW�7LIVMEXMX��TÏV�XÏ�ZHIOYVMRTEVEWLMLIX�PÏQSWLE�QI�OSRWIRWYW�XÏQ]WPMQERÏZI��HLI�OÏXÏ�RYO�I�OE�OYRHÏV�WLXYEV�EWOYWL��/ÏXY�NERÏ�H]�ËÏWLXNI�UÏRYO�M�OE�OYRHÏVWLXYEV�EWRNÏ�QIHLLIF�EWRNÏ�WLOSPPÏ�NYVMHMOI �����0ÏQSWLE��WE�HEOENE �TÏV�XÏ�ZHIOYVMR�HLI����0YXNE��HY�ENE �I�OÏVOMQJEPNE��MWXMKJEVM �TÏV�XÏ�2HÏVOEU��TÏV�WE�Y�TÏVOIX�XÏ�XNIVEZI��WM�PI\MQM�M�/YVERMX�TÏV�XÏ�ZHIOYVMR��TVIVNE�I�/YVFERMX �TÏV�XÏ��IXN���NERÏ�TVIN�ËÏWLX�NIZI�TÏV�XÏ�GMPEX�OE�QSWTENXMQI��
7Ï�OÏRHINQM��ËÏWLXNE�I�TEOSRXIWXYI�WLQI�ÏWLXÏ�QÏ�I�ZPIJWLQI�WI�ENS�UÏ�OSR�XIWXSLIX��
4VERHEN�QYRH�XÏ�OSRWXEXSNQÏ��4ÏV�WE�M�TÏVOIX�XÏ�KNEPPMX��QÏ�QMVÏ
ÏWLXÏ�UÏ�EM�XÏ�TVIWÏ�/YVFER�TÏV�ZIXIR�HLITÏV�JEQMPNIR�I�XMN�
2HÏVOEU��TÏV�WE�M�TÏVOIX�XÏ�ZHIOYVMX�RÏWI�ZIRHM�OE�RIZSNÏ�TÏV�QMWL��HS�XÏTVMXIX�RÏ�IQÏV�XÏ�XÏ�ZHIOYVMX�HLI�HS�XÏWLTÏVRHELIX��/YVWI�RÏWI�ZIRHM�RYO�OERIZSNÏ�TÏV�QMWL��QÏ�TÏVTEVÏWM�OE�UÏ�ZPI�VE�I�/YVFERMX�XÏ�WLTÏVRHELIX�WM�PÏQSWLÏ�
(LI��REX]VMWLX��RKE�EWTIOXM�M�RHEVNIWWÏ�/YVFERMX��ÏWLXÏ�I�HMXYV�WI�RHEVNE�QÏ�IOÏWLMPPYIWLQI�I�XMN�ÏWLXÏ�RÏWI�FÏLIX�RÏXVM�TNIWÏ��RNÏ�XÏ�XVIXÏR�I�RHEP�TÏV�ZIXI�TVIN�XÏ�GMPÏW�LE�ZIXÏ�TIVWSRM�HLI�JEQMPNEI�XMN��qgHLI�LERM�TVIN�XMNgr ��RNÏ�XÏ�XVI�XÏR�TÏV�JUMRNÏX�TÏVVIXL��WMHSQSW�RÏWINERÏ�TVIN�EX]VI�RÏ�KNIRHNI�NS�XÏ�QMVÏ�JMRE�RGMEVI�ETS�UÏ�RYO�NERÏ�XÏ�TEWYV��HLI�RNÏI�XVIXE�I�JYRHMX�TÏV�XÏ�ZEVJÏVg�2ÏWIRHSHL�UÏ�XE�NETÏ�XÏVÏ�WEWMRÏ�I�/YVFERMX�ONS�HS�XÏ�MWLXI�IHLI�QÏ�QMVÏ�HLI�QÏ�QITÏVTEVÏWM��QI�OYWLX�UÏ�TVIN�XMN�XÏ�QEVVÏZIXÏQ�TEO��TÏV�ZIXI �RÏ�IQÏV�XÏ�7]RIXMXHLI�FIVIUIXMX��WM�T�WL��XÏ�LENÏ�RNÏ�TNIWÏ�XÏQÏPËMWÏ�ETS�HMËOE�XNIXÏV��UÏ�XÏ�HÏWLQS�LIX�TÏV�XÏ�WI�EM�OE�RKVÏRÏ�TVIN�XMN��WMËOMWLXI�ZITVYEV�IHLI�ZIXÏ�4INKEQFIVME�W���I�TS�OÏWLXY�OMWLMR�ZITVYEV�IHLIWLSOÏX��EWLEFÏX �I�XMN��%PPELY�\L�WL��I�HMQÏ�WÏ�QMVM�
4ÏVOXLIY�RKE�KNYLE�EVEFI�1MJXEV�%NHMRM
HMXYVME�MWPEQI������
,EWIR�1IOOMNN�
*SRHEGMSRM�MWPEQMO�TÏV�RHMLQE��q)P�MKEXLIXYP�MWPEQMN�
NILr �ETIPSR�XIO�Q]WPMQERÏX�UÏ�XtM�FEWLOSLIR�TVSNIO�
XMX�UÏ�W]RSR�XtM�XYFSNÏ�q�����OYVFERIr�TÏV�XÏ�KSHMXYVMX
HLI�XÏ�HÏQXYEVMX�RKE�XIVQIXM�OEXEWXVSJMO�EMEXMO�RÏ
-RHSRIM�HLI�7LVM�0ERO�
*SRHEGMSRM�OE�GEOXYEV�IHLI�ZPIVÏR�I�ËQMQMX�TÏV�RNÏ�OYVFER
UÏ�QYRH�XE�TEKYENRÏ�Q]WPMQERÏX�RÏ�OYEHÏV�XÏ�OÏXMN�TVSNIOXM��UÏ
ÏWLXÏ������HSPPEVÏ�EQIVMOERÏ �SWI������ETS������JYRXE
ERKPII �
2KE�EVW]IWLQÏVME�JIXEVI�TÏV�OÏXÏ�EOWMSR��OV]IXEVM�M�WIOWMSR�
MX�JIXEV�X�VVNIXMX�qMWPEQSRPMRI�RIXr�1YLEQIH�>INHER��HIOPEVSR�
q(LYVMQM�M�ZPIVÏW�WÏ�OYVFERMX�RYO�PINSLIX��WMË�RYO�PINSLIX
ÏZIRHÏWMQM�M�OYVFERMX�QI�PÏQSWLÏ��WEHEOE ��1MVÏTS�PINSLIX
UÏ�Q]WPMQERM�XtME�HLYVSNÏ�ZPIVÏR�I�OYVFERMX�RHSRNÏ�MRWXMXYGMSRM
LYQERMXEV��WM�WLSUEX�E�JSRHEGMSR��U�X�NIX�M�EYXSVMYEVM�M�XMN
TÏV�XLIVNIR�I�OYVFERMX�RÏ�GMPMRHS�ZIRH�r
/]��OÏXÏ�UÏRHVMQ�JIXEV��XÏ�7LIVMEXMX �I�WUEVSR�QI�OÏXS�JNEPÏ�
q(LYVMQM�M�ZPIVÏW�WÏ�OYVFERMX�RYO�PINSLIX��WITWI�QI�HIX]VMQMR
I�XLIVNIW�WÏ�OYVFERMX�TÏV�FENVEQ��TÏV�LE\L��ETS�EOMOE��TÏV�PMRH�
NIR�I�JÏQMNÏW �OÏVOSLIX�HIVHLNE�I�KNEOYX��%PPELY�\L�WL��XLSXÏ�
q8IO�%PP�PPELY�RYO�EVVMR�EW�QMWLM�I�EW�KNEOY�M�X]VI��TSV�XIO
%M�EVVMR�FMRHNE�NYEN��%M�EWLXY�YE�RÏRWLXVSM�EXS�NYZI�UÏ�XE�QEH�
LÏVSRM�%PP�PPELYR�TÏV�YHLÏMQIX�UÏ�NY�FÏVM�r��)P�,E\L\L���� �
7Ï�OÏRHINQM��OYVFERM�ÏWLXÏ�RNÏ�VMXYEP�M�%PPELYX�HLI�7]RIX�M
TÏVJSVGYEV��QYIOOIHI �TVIN�7]RIXIZI�XÏ�XÏ�(ÏVKYEVMX�XÏ
%PPELYX�W�E�Z�W�r
4EWXEN�>INHERM�TSLSR�WI�WLYQMGE�I�NYVMWXÏZI�MWPEQÏ
�\LYQLYVYP�JYOELE �OER�QEVV�ZIRHMQ��JIXZE �WI�RYO�PINSLIX
ÏZIRHÏWMQM�M�OYVFERMX�QI�PÏQSWLÏ��WEHEOE ��RHSRÏWI�IOMW�
XSR�RNÏ�XVERWQIXMQ�M�HSFÏX�RÏ�QIHLLIFMR�QEPMOMN��M�GMPM�PINSR
RNÏ�KNÏ�XÏ�XMPPÏ��1MVÏTS��NYVMWXÏX�MWPEQÏ��\LYQLYVYP�JYOELE
QIRHSNRÏ�WI�EM�XVERWQIXMQ�ÏWLXÏ�M�HSFÏX��4VE��QIRHMQM�QÏ�M
WEOXÏ�M�NYVMWXÏZI�MWPEQÏ�ÏWLXÏ�WI�RYO�PINSLIX�HLYVMQM�M�ZPIVÏW�WÏ
OYVFERMX�RÏ�XÏ�LSPPE�TÏV�XÏ�ZEVJÏV�RÏ�ZIRH�XÏ�XLIVNIW��WITWI�ONS
HS�XÏ�WLTMRXI�RÏ�RHÏVTVIVNIR��LHYONIR �I�OÏXMN�VMXYEPM��4ÏV�OÏXÏ
EVW]I��RÏWI�HMOYWL�HLYVSR�ZPIVÏR�I�OYVFERMX�RÏ�XÏ�LSPPE�RÏ
JSVQÏ�PÏQSWLI��WEHEOE �RÏ�GMPMRHS�ZIRH�USJXÏ��WM�T�WL��TÏV�ZMO�
XMQEX�I�qXYJERMXr��XIVQIXMX�OEXEWXVSJMO �R�%M��ONS�HS�X�MWLXI
RN�WEHEOE�I�EOSRWLQI��TSV�RYO�HS�X�PPSKEVMXIN�WM�OYVFER��I
EW�ZITVMQM�M�XMPPÏ�RYO�RYQÏVSLIX�WM�XLIVNI�I�OYVFERMX�r
1MVÏTS��EM��QI�OÏXÏ�VEWX�VMOYNXSR�HYOI�XLÏRÏ��q2ÏWI�RNÏ
Q]WPMQER�ZPIVÏR�I�OYVFERMX�RÏ�XÏ�LSPPE��ME�HSVÏSR�RHSRNÏ
MRWXMXYGMSRM�LYQERMXEV��WM�WLSUEX�E�JSRHEGMSR��U�X�NIX�M
EYXSVMYEVM�M�XMN�TÏV�XLIVNIR�I�OYVFERMX��USJXÏ�RÏ�ZIRHMR�I�XMN�ETS
RÏ�GMPMRHS�ZIRH�JEXOIU��ZIXÏQ�RÏ�OÏXÏ�VEWX�HLI�QI�RMNNIX�XÏ�OYV�
FERMX��OÏXMN�TIVWSRM�M�PPSKEVMXIX�XLIVNE�I�OYVFERMX��QEHNI�IHLI
RÏWI�RYO�TVIERXSR�RÏ�XLIVNIR�I�EXMN�OYVFERM��WITWI�EYXSVMMQM
TÏV�ZITVE�XÏ�QMVE�ÏWLXÏ�M�PINYEV�r
2KE�KNYLE�EVEFI�TÏVOXLIY�
1MJXEV�%NHMRM
CCCCCCCCCCCCCCCCCCCC��-WPEQSRPMRI�RIX�
HMXYVME�MWPEQI������
4ÏV�XLIVNIR�I�OYVFERMXPINSLIX�XÏ�EYXSVMSLIX�MRWXMXYXM�LYQERMXEV
4S�IGNE�RÏ�ZIRHMR�UÏ�ÏWLXÏ�M�QFÏWLXNIPPÏ�QI�PYQXYVM(LI�Ët�QtY�WLXMV�WLINXERM�QI�W]VIXMR�RNIVM�
7LYQÏ�I�TEWLÏ�XÏ�PSHLYV�HLI�MWLt�FÏVÏ�TIVMWLER1I�W]�XÏ�TÏVPSXYV�HLI�RNÏ�LMNI�XÏ�VÏRHÏ�
(LI��WM�KNMXLLIVÏ�QI�RNIVM�HS�Xt�M�RHÏVVSWL�H]�JNEPÏ4S�I�T]IWNE���4WI�HYOIWL�OÏWLXY��OI�RHSRNÏ�LEPP#
1Ï�KNIKNM�WLYQÏ�EWLTÏV�HLI�QI�HVMXLQE�RÏ�J]X]VÏ/ÏXÏ�QE�FÏRÏ�OÏXE�RNIVÏ��UÏ�QSVÏR�OÏXÏ�YHLÏ�XÏ�QMVÏ�
4S�I�WLSL�WI�OÏXÏ�TYRÏ�I�FÏNRÏ�ZIË�TÏV�XÏ�:IXQMR�%PPEL%�TÏV�OÏXÏ�XÏ�UIWLIQ��I�PÏWLSM�HLI�RNÏ�%,���
)�TÏV�XtQE�FÏVÏ�UINJMR�QYE�KNMXLÏ�OÏXE�FIWMQXEVÏ0I�XÏ�OXLILIR�WLYQÏ�QELYR�EXNI�RKE�OERÏ��EVHLt�
1Ï�TEW�M�XLEWLÏ�WI�IHLI�XVYTMR�I�TEWOÏWLI�VVÏRYEV�VÏRHÏ/ÏXÏ�I�OEQ�RKE�TSXOSRNXÏ��I�OYENZI�UÏ�WLOÏPUINRÏ�WM�LÏRÏ�
4S�XÏ�MWLMR�RÏ�L]QIXMR�XMQ��HS�XÏ�MWLXI�RNÏ�QMVÏWM+NMXLLIVÏ�NEQ�TVERÏ�X]VI�HLI�EWRNÏ�EJÏV�RYO�QÏ�VVM�
4S�PPEJSWXI�WLYQÏ�UIXÏ�RNIVMY�QI�OÏXÏ�XÏ�QEPPOYEV(LI�WE�IGXI�FMWIHE��HYOIN�IHLI�QÏ�M�TSWLXÏVYEV�
.E�TS�XE�WLSL�IHLI�J]X]VÏR�UÏ�WtI�OI�WM�RNÏ�RNIVM(LI�XEWL�HS�XÏ�QÏVVSPIN�WLINXERM�QI�ZIXYPPE�I�W]�
,SUM�IHLI�RNÏ�SJWLEQÏ�XÏ�XLIPPÏ�HLI�IKÏVWMWLX�QÏ�XLE�.E�WM�M�NETMR�OVEL�RNÏVM�XNIXVMX�HLI�WtFÏNRÏ�EWRNÏ�KN]REL�
4S�XÏ�RKEXÏVVSLIWLMR�OIU�QI�JMXRI�HLI�TPSX�JIWEX(S�XÏ�QÏ�VVMXIN�]QVM�QY�OÏXY�RÏ�%VIJEX�
(LI�OVINX�RÏ�JYRH�YPPYQUEVM�ZSPPM�IHLI��RNÏ�JNEPÏ�7E�QÏ�OE�TSWLXÏVYEV�PYXNE�I�X]VI��QMVÏ�UÏ�NEQ�KNEPPÏ�
2KE�KSNÏ�I�X]VI�TE�OÏTYXt�TS�HÏKNSN�ZIË�RNÏ�(9%2E��I�QF]PP�OÏXÏ�NIXÏ�QI�MQER��S�M�1EHLM�%PP�PPEL�
/ÏWLXY�I�WSWM�FMWIHÏR�RNIVMY�QI�WLINXERMR���OÏXY�RÏ�%VIJEX1Y�RÏ�ZIRHMR�OY�OE�ZIË�JEPNI�HLI�RNÏ�HIX�QI�7):%4�
%PM�:IEN
2N�RHSHLM�R�%VIJEX
4ÏVQFENXNE�
���%VKYQIRXIX�I�7LIVMEXMX�QFM�JEPNIR�IREQEMX�X�&ENVEQMX
���/YWL�ÏWLXÏ�M�SFPMKYEV�XE�JEPÏ�REQEMRI�&ENVEQMX
���:ITVMQIX�UÏ�NERÏ�W]RIX�SWI�XÏ�PEZHÏVY�EVE�TEVE�JEPNIW�WÏ�REQEMX�XÏ�&ENVEQMX
���/SLE�HLI�QÏR]VE�I�JEPNIW�WÏ�REQEMXXÏ�&ENVEQMX
���8IOFMVM�XIWLVMO�Y���7M�XtM�OEPSNQÏ�HMXÏX�I�FIOYEVE�XÏ�&EN�
VEQMX���:PIVE�I�HLNIXÏ�HMXÏZI�XÏ�TEVE�XÏ�QYENMX
HLYP�LM\L\LI���:PIVE�I�HMXÏW�WÏ�%VIJEXMX���(YENE���PYXNE�RÏ�HMXÏR�I�%VIJEXMX����0MXIVEXYVE
������%VKYQIRXIX�I�7LIVMEXMXQFM�JEPNIR�I�REQEMX�XÏ
&ENVEQMX
/YVERM�JEQÏPEVXÏ����2Ï�WYVIR�IP�/IZXLIV�����q%RHEN�XM
JEPY�HLI�TVMX�OYVFER�TÏV�LMV�XÏ�>SXMXXÏRH�r��
��2Ï�WYVIR�IP�)tEPE���������q/E�WLTÏ�XYEV�EM�UÏ�ÏWLXÏ�TEWXVYEV��5Ï�I�TÏVOYNXSRQEHLÏVMRÏ�I�>SXMX�XÏ�ZIX�HLI�JEPIXr��2ÏOSQIRXIX�I�/YVERMX�XLIOWSLIX�WI�JNEPEqJEPYr�HLI�qJEPIXr��RÏ�ENIXIX�I�XLIOWYEVE�OE�XÏ�FÏNÏ�QI�JEPNIR�I�REQEMX�XÏ�&ENVE�QMX�
7]RIXM�M�XÏ�(ÏVKYEVMX�W�E�Z�W����2Ï�LEHMXLI�EYXIRXMOI�ÏWLXÏ�OSRJMV�
QYEV�WI�M�(ÏVKYEVM�W�E�Z�W��JEPXI�VVIKYPP�MWLX��REQEMR�I�&ENVEQMX��
������/YWL�ÏWLXÏ�M�SFPMKYEV
XE�JEP�REQEMR�I�&ENVEQMX
*EPNIR�I�REQEMX�XÏ�&ENVEQMX�I�OE�SF�PMKMQ�TIVWSRM�UÏ�I�OE�SFPMKMQ�IHLI�RE�QEMR�I�\LYQEWÏ��%VKYQIRX�M�SFPMKYI�WLQÏVMWÏ�WÏ�JEPNIW�WÏ�REQEMX�XÏ�&ENVEQMXÏWLXÏ�TVEOXMOE�I�VVIKYPPX�I�4INKEQFIVMXW�E�Z�W��
���
���:ITVMQIX�UÏ�NERÏ�W]RIXSWI�XÏ�PEZHÏVYEVE�TEVE
JEPNIW�W�REQEMX�X�&ENVEQMX
/EPMQM�M�REXÏW�RÏ�TVEK�XÏ�&ENVEQMX�QIMFEHIX�HYOI�OYNXYEV�%PPELYR�\L�WL��QIREQE�ZYPPRIXEV��REJMPI ��QI�PI\MQ�XÏ/YVERMX��QI�QEHLÏVMQ�XÏ�%PPELYX�\L�WL��XIOFMV ��QI�PEVXÏWMQ�XÏ�%PPELYX�\L�WL��XIWFML ��QI�OÏVOMQ�XÏ�JEPNIW�TÏV�QÏOEXIXI�FÏVE��MWXMKJEV �HLI�QI�PYXNI��1YLEQ�QIHM�W�E�Z�W��RÏ�RNÏ�LEHMXL�XLSXÏ��q/YWL�IOEPSR�REXÏR�RÏ�TVEK�XÏ�JEPNIW�WÏ�REQEMXXÏ�&ENVEQMX��RÏ�MFEHIX �HYOI�OÏVOYEVWLTÏVFPMQ�RKE�%PPELY�\L�WL���IQVE�I�XMNRYO�HS�XÏ�ZHIWÏ�EXÏ�HMXÏ��HMXÏR�I�/MEQI�XMX �OYV�HS�XÏ�ZHIWMR�IQVEX�I�RNIVÏZI�XÏXNIVÏ�r��8EFIVERM��(EVIOYXRM �
&INLIOMY�XVERWQIXSR�WI�-FRM�3QIVMOE�XLÏRÏ��q2Ï�TIWÏ�RIX�RYO�VIJYSLIX�HY�ENE��2Ï�REXÏR�TEVE�WÏ�TVIQXIW��RÏ�REXÏR�ITEVÏ�XÏ�VI\LIFMX��PINPIXY�V�VIKEMF ��RÏ�RE�XÏR�I����XÏ�WLEFERMX��PINPIXY�P�FIVEX ��REX�ÏR�TEVE�H]�FENVEQEZIr��&INLIOMY�WLÏRSRWI�7LEJMY�OE�HÏKNYEV�RKE�-FVELMQ�MFR1YLEQQIHM�HYOI�XLÏRÏ��q-�OEQ�TEVÏFERSVÏX�QÏ�XÏ�QMVÏ�XÏ�1IHMRÏW�WI�WM�ZM�RMR�RÏ�\LEQMRÏ�I�XÏ�(ÏVKYEVMX�W�E�Z�W���RÏTVEK�XÏ�H]�FENVEQEZI��TEWXEN�FÏRMR�HYEHLI�)�TÏVQIRHRMR�%PPELYR�HIVM�REXÏRZSRÏ�r�
0EVNE�I�XVYTMX��TEVJYQSWNE�HLI�ZIWLNEI�VVSFEZI�XÏ�FYOYVE��2KE�RMTM�M�1YLEQ�QIHMX�W�E�Z�W���L��,EWERM��XVERWQIXSLIX�XÏOIXÏ�XLÏRÏ��q2E�OE�YVHLÏVYEV�M�(ÏVKYEVMM�%PPELYX�W�E�Z�W���UÏ�TÏV�&ENVEQ�XtM�ZIWL�MQ�VVSFEX�QÏ�XÏ�FYOYVE��XÏ�TEVJYQSWIQMQI�TEVJYQMR�QÏ�XÏ�QMVÏ�HLI�XÏ�XLIVMQTÏV�OYVFER�QÏ�XÏ�ZPIJWLQIR�UÏ�OIQM�r�)P�,EOMQ
WLXÏ�W]RIX�TÏV�XÏ�RKVÏRÏ�LYVQE���RY�QÏV�XIO��JVYXE�SWI�ÏQFÏPWMVE �TEVE�HEPNIWRÏ�&ENVEQMR�I�6EQEERMX��OYVWI�TÏV�&EN�VEQMR�I�/YVFERMX��TEW�JEPNIW�WÏ�REQEMXXÏ�&ENVEQMX��XÏ�LELIX�HMËOE�RKE�OYVFERM�OY�QIVV�TNIWÏ�QFEVÏ�JEQMPNE ��&YVINHIOE�XLÏRÏ��q-�HÏVKYEVM�W�E�Z�W���RYO�HMPXI�RÏ&ENVEQ�XÏ�6EQEERMX�TEVE�WI�XÏ�LERXI�HM�ËOE��OYVWI�RÏ�&ENVEQMR�I�/YVFERMX�RYOLERXI�EWKNÏ�HIVMWE�XÏ�OXLILIN�RKE�REQE�M�r��8MVQMHLMY��-FRM�1E\LI�HLI�%LQI�HM
������/SLE�HLI�QÏR]VE�I�JEPNIW
W�REQEMX�X�&ENVEQMX
/SLE�I�REQEMX�XÏ�&ENVEQMX�JMPPSR�OYVHMIPPM�XÏ�RKVMLIX�RNÏ�ETS�H]�WLXME��HS�XÏXLSXÏ�TÏVEJÏVWMWLX�VVIXL����QMRYXE�TEWPMRHNIW�WÏ�HMIPPMX��HLI�KNEX�HIVM�RÏ�IZEP�<LIRHYFM�XVERWQIXSR��q-�HÏVKYEVMW�E�Z�W��RE�I�JEPXI�&ENVEQMR�I�6EQEERMX�OYV�HMIPPM�RKVMLIN�WE�H]�WLXME��OYVWI&ENVEQMR�I�/YVFERMX�OYV�RKVMLIN�TÏV�RNÏWLXMÏr���%LQIHM
-FR�/YHEQI�OÏXÏ�I�WLTNIKSR�OÏWLXY�qWLXÏ�W]RIX�UÏ�REQEM�M�&ENVEQMX�XÏOYVFERMX�XÏ�OV]LIX�TEO�QÏ�LIVÏX��RÏQÏR]VÏ�UÏ�XÏ�QFIXIX�QÏ�WLYQÏ�OSLÏ�TÏVXLIVNIR�I�/YVFERMX��RHÏVWE�REQEM�M&ENVEQMX�XÏ�6EQEERMX�ÏWLXÏ�W]RIX�XÏJEPIX�TEO�QÏ�ZSRÏ��RÏ�QÏR]VÏ�UÏ�XÏQFIXIX�QÏ�WLYQÏ�OSLÏ�TÏV�HLÏRMIR�IWEHIOEXY�P�JMXVMX�r�
2EQEM�M�&ENVEQMX��RÏ�TENXMQ�QI�LE�HMXLIX�I�XÏ�(ÏVKYEVMX�W�E�Z�W���JEPIX�TE�OÏ�RHMQ�XÏ�IERMX�HLI�MOEQIXMX��*EPIR�H]VIOEXI�TEVE�QFENXNIW�WÏ�LYXFIW��2Ï�VIOE�
HMXYVME�MWPEQI������
2�ZMKNMPMI�X�/YVFER�&ENVEQMX
&ENVEQ M��HMXÏ�KÏMQM�I�LEVINI��
XMR�I�TEVÏ�XVI�XIOFMVI�HYOI�M�RKVMXYV�HYEVXQIVVIR�TEVE�OMVEIXMX��TEVE�PI\MQMX�XÏ�*E�XMLE�W�HLI�WYVIW ��OYVWI�RÏ�VIOEXMR�I�H]XÏTEW�OMVEIXMX�
������8IOFMVM�XIWLVMO�Y
/]�XIOFMV�ÏWLXÏ�ZE\LMF�TVIN�WEFELYX�XÏHMXÏW�WÏ�%VIJEXMX��RNÏ�HMXÏ�TEVE�&ENVEQMXXÏ�/YVFERMX �HIVM�RÏ�MOMRHMRÏ�I�HMXÏW�WÏOEXÏVX�XÏ�&ENVEQMX��QIRNÏLIVÏ�TEW�JEVMX�2Ï�USJXÏ�WI�LEVVSLIX��ÏWLXÏ�HIX]VÏ�XÏ�PI�\SLIX�QIRNÏLIVÏ��WETS�XÏ�RE�OYNXSLIX�8IOFMVM�XIWLVMOY�XLIOWSLIX�OÏWLXY�%00%,9�)/&)6��%00%,9�)/&)6�0%�-0%,)�-0�0)00%,�,9:%00%�,9�)/&)6��%00%,9�)/&)6��:)0-0�0%,-�0�,%1(��%PPELY�ÏWLXÏ�QÏ�M1EHLM��%PPELY�ÏWLXÏ�QÏ�M�1EHLM��2YOOE�XNIXÏV�SX�TÏVZIË�%PPELYX��%PPELYÏWLXÏ�QÏ�M�1EHLM��%PPELY�ÏWLXÏ�QÏ�M1EHLM��%PPELYX�-�TÏVOIX�ËHS�JEPÏRHIVMQ �
������7M�XtM�OEPSNQÏ�HMXÏX�IFIOYEVE�XÏ�&ENVEQMX
WLXÏ�I�RHEPYEV�UÏ�RÏ�OÏXS�HMXÏ�XÏEKNÏVSLIX��WITWI�OÏXS�NERÏ�HMXÏ�XÏ�RKVÏRM�IW�I�XÏ�TMVNIW��-�HÏVKYEVM�W�E�Z�W��XLSXÏ�q(MXÏX�I�&ENVEQMX�XÏ�/YVFERMX�NERÏ�HMXÏ�XÏRKVÏRMIW��XÏ�TMVNIW�HLI�XÏ�OYNXMQMX�XÏ%PPELYX�\L�WL�r��%LQIHM�HLI�1]WPMQM ��
WLXÏ�QMVÏ�XÏ�YVSLIX�&ENVEQM��2KE<LYFINV�MFR�2YJINVM�XVERWQIXSLIX�XÏ�OIXÏXLÏRÏ��q%WLEFÏX�I�4INKEQFIVMX�W�E�Z�W��OYV�XEOSLIWLMR�RÏ�HMXÏR�I�&ENVEQMX��YVS�RMR�RNÏVM�XNIXVMR�QI�JNEPÏX�q8)/%&&)�0%00%,9�1-22%�:)�1-2/)r�%PPELY�I�TVERSJXÏ�RKE�RI�HLI�RKE�NY ��)P�%WOEPERM ��WLXÏ�I�PINYEV�UÏ�IHLI�RÏRHSRNÏ�QÏR]VÏ�XNIXÏV�XÏ�YVSLIX�&ENVEQM�WM�TWL��q&%.6%1�7,)6-*�19&%6)/30792r��1I�JEX�NY�USJXÏ�&ENVEQM �WLXÏ�QMVÏ�UÏ�RÏ�HMXÏX�I�&ENVEQMX�XÏ�KÏ�SLIX�JEQMPNE��HYOI�HLÏRÏ�HLYVEXE��HYOIXVIKYEV�QÏ�WLYQÏ�OYNHIWg �QÏ�XITÏVWIWE�RÏ�HMXÏ�XÏ�XNIVE�
+NEXÏ�HMXÏZI�XÏ�&ENVEQMX�HYLIX�XÏWLJEUIWL�M�KÏYEV�RÏ�XEOMQIX�QI�JEVIJM�WMR�HLI�QMUXÏ��HYOI�XVIKYEV�QÏ�XITÏV�OY�NHIW�HLI�HEWLYVM�RHEN�X]VI��(YLIR�FÏVÏTÏVTNIONI�UÏ�XÏ�ZMMXSLIR�WE�QÏ�WLYQÏ�XÏEJÏVQ�I�QMU��
&ENVEQEX�NERÏ�HMXÏ�XÏ�PSNÏW��KÏMQMXHLI�OÏRHMQMX�XÏ�OÏRKÏZI�JIXEVI��8ÏKNMXLE�OÏXS�HYLIX�XÏ�NIRÏ�RÏ�TENXMQ�QIHMWTSMXEX�I�7LIVMEXMX��HYOI�QSW�M�EREWL�OEPYEV�HIX]VEX�MWPEQI��&YLEVMY�WLÏRSRXVERWQIXMQMR�ZMNYIW��%MWLINE�V�E��OE�XLÏ�RÏ��q,]VM�6IWYPYPPELY�W�E�Z�W��XIO�YRÏ�OYV�XIO�YRÏ�MWLMR�H]�WLÏVFÏXSVI�XÏ�GMPEX
OÏRHSRMR�&YEXLMR���.IZQY�P�&YEXL�OEUIRÏ�HMXÏ�I�RNSLYV�XIO�EVEFÏX��RÏ�XÏ�GMPÏROMWLXI�RHSHLYV�PYJXE�RÏ�QIW�)ZWMX�HLI,EVI\LMX ��4INKEQFIVM�W�E�Z�W��Y�WLXVM�RÏWLXVEX�HYOI�OXL]IV�J]X]VÏR�I�XMN��4EWXENL]VM�)FY�&IOVM��M�GMPM��HYOI�QÏ�USVXYEV�XLE��q*]IPPM�M�WLINXERMX�XIO�M�(ÏVKYEVMW�E�Z�W���E#�r�4INKEQFIVM�W�E�Z�W��Y�OXL]IOEL�)FY�&IOVM�HYOI�XLÏRÏ��q0ÏVM�EXSr�/YV�I�LIXSZE�WI�M�(ÏVKYEVM�W�E�Z�W��RYO�MZYVM�VI��Y�FÏVE�QI�WLIRNÏ�UÏ�EXS�XÏ�HMPRMR�+NMXLEWLXY�EFIWMREWMX�RÏ�HMXÏX�I�&ENVEQMXPYERMR�HLI�EVKÏXSLIWLMR�QI�WLXME�HLIQFYVSNE��ERHEN�M�(ÏVKYEVM�W�E�Z�W��QÏT]IXM��q%�HS�XÏ�WLMOSWL#r�9�TÏVKNMKNE�q4S��HYEr��%XÏLIVÏ�QÏ�ZIRHSWM�TEW�XMN�OYVWI�YRÏ�I�QFÏWLXIXE�J]X]VÏR�XMQI�TÏVXÏ��TEWXEN�XLE��q:ELHSRM��S�&IRY�)VJI�HIr��/YV�Y�FÏ�QNEJX��4INKEQFIVM�QÏ�T]�IXM��q%�Y�FÏ�QNEJX��S�%MWLI#r�-�XLEWLÏ�q4Sr��1Ï�XLE��q%XÏLIVÏ��WLOS�r
������:PIVE�I�HLNIXÏ�HMXÏZI�XÏTEVE�XÏ�QYENMX�HLYP�LM\L\LI
%PPELY�M�1EHLÏVMWLÏQ�RÏ�WYVIR�IP�*I\LV����� ��XLSXÏ��q4EWLE�EKMQMR��4E�WLE�HLNIXÏ�RIXÏX��4EWLE�ËMJXMR�HLI�TEWLEXIOYRr��-FRM�%FFEWM�HYOI�M�OSQIRXYEVOÏXS�ENIXI��XLSXÏ��q2IXÏX�TÏV�XÏ�GMPEX�FIXS�LIX�%PPELY�M�1EHLÏVMWLÏQ��NERÏ�HLNIXÏRIXÏX�I�TEVE�XÏ�QYENMX�HLYP�LM\L\LIr�«MJX���WLIJt��ÏWLXÏ�HMXE�I�TEVÏ�I�&ENVEQMXXÏ�/YVFERMX��OYVWI�XIO�ZIXV��ÏWLXÏ�HMXE�I%VIJEXMXr�
%PPELY�M�1EHLÏVMWLÏQ�RÏ�WYVIR�IP�,E\L\L���� ��XLSXÏ��qgHLI�UÏ�XE�TÏVQI�RHMR�%PPELYR�RÏ�EXS�HMXÏ�XÏ�GEOXYEVEgr�8I�WLYQMGE�I�HMNIXEVÏZI�HMXÏX�I�GEOXYEVE�INNEQYR�QEtPYQEX �NERÏ�HLNIXÏ�HMXÏX�ITEVE�XÏ�QYENMX�HLYP�LM\L\LI��2KE�LEHMXLMUÏ�XVERWQIXSR�&YLEVMY��QÏWSNQÏ�WI�OÏXSNERÏ�HMXÏX�QÏ�XÏ�HEWLYVE�XÏ�%PPELYX\L�WL���RÏ�XÏ�GMPEX�OV]LIR�ZITVE�XÏ�QMVE�%RHEN�OÏXS�HMXÏ�HYLIX�XtM�OEPSNQÏ�
2Ï�HLMOÏV���TÏVQIRHNI�XÏ�%PPELYX\L�WL��-QEQ�%LQIHM�RÏ�1YWRIHMR�I�XMNI�XLIOWSR�LEHMXLMR��q2YO�OE�EWRNÏ�HMXÏRÏ�XÏ�GMPÏR�ZITVEX�NERÏ�XÏ�QÏHLE�HLI�XÏHEWLYVE�XIO�%PPELY��WMOYV�OÏXS�HLNIXÏHMXÏ��%RHEN�RÏ�XS�FÏRM�WE�QÏ�WLYQÏ�XILPMP�XLSRM��PE�MPELI�MP�PEPPEL ��XIOFMV��%PPELYIOFIV �HLI�XELQMH��IP�LEQHY�PMP�PEL �r
2Ï�EKNÏVMQ��,EVIXM�,EJWE�OE�XLÏRÏ�q-�(ÏVKYEVM�W�E�Z�W��M�EKNÏVSRXI�RÏRXÏ�HM�XÏX�I�TEVE�XÏ�HLYP�LM\L\LIW��HMXÏR�I�%WL�YVIW�HLI�RKE�XVM�HMXÏ�XÏ�WIGMPMX�QYEN�r
������:PIVE�I�HMXÏW�WÏ�%VIJEXMX
2Ï�WYVIR�IP�&YVY\L����� ��%PPELY\L�WL��XLSXÏ��q4EWLE�UMIPPMR�QI�TPSX�]NI�4EWLE�HMXÏR�I�TVIQXYEV��4EWLE�EXÏ�UÏHÏWLQSR�HLI�EXÏ�UÏ�HÏWLQSLIX�r�6IWY�PYPPELY�W�E�Z�W��OE�XLÏRÏ��q(MXE�QÏ�I�ZPIJ�WLQI�XIO�%PPELY�ÏWLXÏ�I�TVIQXNE��ENSÏWLXÏ�WLELMH�HÏWLQMXEVM�UÏ�HS�XÏ�HÏWL�QSNÏ��OYVWI�QIWLYH��QI�EXÏ�UÏ�HÏWL�QSLIX��ÏWLXÏ�HMXE�I�%VIJEXMX��I�IP�NIZQMP�QIZtYH���HMXE�I�TVIQXYEV��ÏWLXÏ�HMXE�I/MEQIXMX�r�
7LTÏVFPMQM�TÏV�EKNÏVMQ�RÏ�HMXÏR�I%WLYVIW�ÏWLXÏ�WLP]IVNE�I�QÏOEXIZI�TÏVZMXMR�I�OEPYEV��OYVWI�TÏV�EKNÏVMQ�RÏ�HMXÏRI�%VIJEXMX���TÏV�ZMXMR�I�OEPYEV�HLI�TÏVZMXMR�I�EVHLWLÏQ��4INKEQFIVM�W�E�Z�W��OEXLÏRÏ��q7LTVIWSN�WI�EKNÏVMQM�M�HMXÏW�WÏ%WLYVIW�XIO�%PPELY�HS�XtM�WLP]INÏ�QÏ�OEXIX�TÏV�ZMXMR�I�OEPYEVr��/YVWI�RÏ�RNÏXNIXÏV�LEHMXL�XLSXÏ��q%KNÏVMQM�RÏ�HMXÏR�I%VIJEXMX�ÏWLXÏ�OIJEVIX�TÏV�ZMXMR�I�OEPYEVHLI�TÏV�ZMXMR�I�EVHLWLÏQ��OYVWI�EKNÏVMQMRÏ�HMXÏR�I�%WLYVIW�ÏWLXÏ�OIJEVIX�TÏV�ZMXMRI�WLOYEVr��(MNIXEVÏX�MWPEQÏ�OÏXÏ�I�WLTNI�KSNRÏ�QI�JEOXMR�WI�HMXE�I�%WLYVIW�ÏWLXÏI�PMHLYV�QI�1YWEMR�E�W���OYVWI�%VIJEXMQI�1YLEQIHMR�E�W���ERHEN�%PPELY�\L�WL�M�OE�HLÏRÏ�RHIV�XÏ�QEHL�
������(YENE���PYXNE
RÏ�HMXÏR�I�%VIJEXMX
1YLEQIHM�W�E�Z�W���RÏ�HMXÏR�I�%VIJEXMXQÏ�WÏ�WLYQXM�I�FÏRXI�OÏXÏ�HYE�PYXNI�0%�-0%,)�-0�0)00%,9�RYO�OE�SXTÏVZIË�%PPELYX
:%,(),9�0%�7,)6-/)�0),9
�%M�ÏWLXÏ�2NÏ��RYO�OE�WLSO�VMZEP 0),9�0�190/9�:)�0),9�0�,%�
1(9�%XMN�-�XEOSR�M�XÏVÏ�TYWLXIXM��HLI%M�ÏWLXÏ�M�HIRNÏ�TÏV�ËHS�JEPÏRHIVMQ
&-.)(-,-�0�,%.69�2Ï�TYWLXIXMR�I8MN�ÏWLXÏ�ËHS�I�QMVÏ
:)�,9:)�%0%�/90-�7,).t-2�/%�
(-6��HLI�%M�QYRHIX�KNMXLËOE ���
����0MXIVEXYVE
���(V�:ILFIX�I�>YLENPM�)P�JMOLY�P�MW�PEQMNN�ZI�IHMP�PIXYLY�
���)W�7INNMH�7EFMO�*MOLYtW�WYRRIL����1YLEQQIH�7��7IVHEVIZMU�*MOLYP�MFE�
HEX����)P�&INLIOM�7LYtEFY�P�MQER����-FR�6I\LIF�)P�,ERFIPM�0IXEMJY�P�QIt�
EVMJ�
4ÏVOXLMQ�HLI�TÏVWLXEXNI�RKE�
1MJXEV�%NHMRM
CCCCCCCCCCCCCCCCCC*YWRSXE����&YVMQM�
LXXT���REGM�GSQ�QYFEVIO�FENVEQM�EVX���C��LXQP
HMXYVME�MWPEQI������
3VLER�&MWPMQEN
,]VNI
-HIRXMXIXM�MWPEQ��XEWLQÏ�ÏWLXÏ�ËÏWLXNII�HMXYV��ÏWLXÏ�RNÏVM�RHÏV�JSVQYIWMX�OV]IW�SVÏ�XÏ�MHIRXMXIXMX�XÏ�TÏVKNMXLWLÏQ�OSQFÏ�XEV�WLUMTXEV�XÏ�WLUMTXEVÏZI�RÏ�TÏVKNMXLÏWM�7M�VIJPIOWMSR�M�OÏWEN��Q]WPMQERÏX�I�LETÏ�WMVEZI�QFEVÏOSQFÏXEVI��RÏ�FMWIHEX�IX]VI�XÏ�VÏRHSQXE��TÏVHSVMR�JVEE�HLI�MHM�SQE�UÏ�VIJIVSNRÏ�XÏ�ZÏVXIXE�RKE�WTIOXVM�MMHIRXMXIXMX�MWPEQ��(MWE�TVIN�OÏX]VI�JVEEZIOERÏ�OEVEOXIV�XÏ�TÏVKNMXLWLÏQ��UÏ�TÏV�HSVIR�IHLI�RKE�Q]WPMQERÏX�IHLI�RKENSQ]WPMQERÏX��WMOYVWI�NERÏ�T�WL��ZEPPELM��TEWLE�>SXMR��TEWXEN�sMRWLEPPELt���RÏWIHS�%PPELY��IXN���JVEE�OÏXS�UÏ�WLTIWL�M�HÏ�KNSNQÏ�XÏ�TÏVHSVIR�IHLI�RKE�TNIWÏXEVÏX�IOSRJIWMSRIZI�XÏ�XNIVE��I�HMWE�TVIN�X]VI��UÏNERÏ�QNEJX�WLYQÏ��NERÏ�OEVEOXIVMWXMOÏZIXÏQ�TÏV�Q]WPMQERÏX��2NÏVE�TVIN�OÏX]VIJVEEZI��XÏ�GMPÏR�HS�XE�WLTNIKSNQÏ�RÏ�OÏ�XÏ�TYRMQ��ÏWLXÏ�WLTVILNE���s%PPELY�ME�TE�WXÏ�JEPÏ�MQERMRt��UÏ�TÏVHSVIX�TÏVRKYWLÏPPMQI�QI�VEWXMR�I�ZHIONIZI�
*SOYWMQM�M�ËÏWLXNIW
4VIN�HIX]VMQIZI�UÏ�OE�Q]WPMQERM�RHENZÏPPEMX�XÏ�XMN�Q]WPMQER��WE�QSVEPI�EUSFPMKEXMZI��ÏWLXÏ�WSPMHEVMMQM�QI�XÏ�WM�RÏVEWXI�KÏMQM��HYOI�Y�KÏYEV�TÏV�KÏMQMRI�XMN��WM�RÏ�VEWXI�LMHLÏVMQM��HYOI�FEWLOÏ�RHMIV�TÏV�LMHLÏVMQMR�I�XMN��2Ï�EQFMIRXIXXSRE�XÏ�TVSZIRMIRGÏW�MWPEQI��RÏ�OÏXÏ�EW�TIOX�IOMWXSR�RNÏ�WSPMHEVMMQ�QEHLÏWL�XSV�HLI�OYPXYVÏ�I�ZIËERXÏ��:IËERÏVMWLX�QI�VEWXI�ZHIONIWL��OYV�JEQMPNEVÏX�HLI�XÏEJÏVQMX�I�XÏ�RHNIVMX��TVERSNRÏ�ZMMXE�HLIRKYWLÏPPMQI�XÏ�WMRUIVXE�RKE�QMUXÏ��XÏEJÏVQMX�HLI�HEWLEQMVÏX�I�WLYQXÏ����FÏLIXL]VNI���HEPNI�I�QEHLI��)HLI�ONS�I�OE�XÏQMVÏR�I�ZIX��QEHNI�WLYQÏ�XÏ�QEHLI�2NIVÏMX�I�QÏW]NRÏ�JEQMPNIR�I�sVELQI�
XPMWÏt��UÏ�ÏWLXÏ�KSHMXYV�RKE�LYQFNE�I�RNÏERÏXEVM�XÏ�JEQMPNIW��(]�XVI�ETS�TIWÏ�QMR�YXE��NERÏ�EXS�UÏ�WIGMPM�RKE�ZMMXSVÏX��QIOÏREUÏWM�HLI�WMRUIVMXIX��M�WLTVIL�RKYWLÏ�PPMQIX�I�ZIXE�RHEN�JEQMPNEVÏZI�HLI�XÏ�TVE�RMWLQÏZI��HYOI�Y�XLÏRÏ��q%PPELY�NYPEWLXÏ�WLÏRHSWLÏ��FÏRM�WEFÏV��QSW�Y�QÏ�VMXRM�r��TÏV�XÏ�ZELHYEV�QI�RNÏ�YVEXÏ�PYXNI �TÏV�XÏ�ZHIOYVMR�QI�JNEPÏX��q%PPELYME�TEWXÏ�JEPÏ�MQERMR�r�*NEPÏ�I�QEHLI�ONS�ETS�NS#
9VEXÏ�QÏ�XÏ�QEHLI�TÏV�XÏ�ZHIOYVMR�QI�VEWXMR�I�RKYWLÏPPMQIZI��WI�JNEPÏX�s%PPELY�ME�TEWXÏ�JEPÏ�MQERMRt��RYO�OE�7ITWI�MQERM�ÏWLXÏ�OYPQM�M�WÏ�QMVÏW��IYVEXE�TÏV�XÏ�ÏWLXÏ�YVEXE�QÏ�QI�ZPIVÏ�1MVÏTS��WLXVSLIX�T]IXNE��TÏVWI�FÏLIX
ONS�HYE��TÏV�WE�OSLÏ�UÏ�XÏ�ZHIOYVMR�TÏVXÏ�GMPMR�WLTVILMQ�RKYWLÏPPMQI��I�OSRWM�HIVSNQÏ�FIWMQXEV��TVE�TVIN�FIWMQXEVÏZI#
WLXÏ�I�ZÏVXIXÏ�WI�RI�I�RNSLMQ�XÏ�XMPPÏ�TSV�TEWM�EM�OE�ZHIOYV�I�ËÏWLXNE�I�MQERMXÏWLXÏ�RNÏ�PMHLNI�QMWXIVMSI�RHÏVQNIX�VS�FMX�HLI�%PPELYX��HLI�RYO�HMLIX�WI�WM�I�OETÏVJYRHYEV�NIXÏR�I�XMN��QI�MQER�ETS�TE�XÏ�EXÏLIVÏ�FÏLIX�ONS�HYE�HYOI�W]RYEV�EXÏ�UÏÏWLXÏ�QÏ�I�QMVE�TÏV�VSFMR��I�EM�ÏWLXÏMQERM���FIWMQM��2Ï�FEÏ�XÏ�OÏXMN�OSRWXEXM�QM��VIYPXSR�WI�HYENE��s%PPELY�ME�TEWXÏJEPÏ�MQERMRr�MQTPMOSR�RÏ�TÏVQFENXNIR�IZIX�H]�XÏ�ZÏVXIXE�FIWMQM��XÏ�GMPEX�I�OEVEO�XIVMSNRÏ�NIXÏR�I�RNIVMYX�RÏ�OÏXÏ�FSXÏ��HLIXÏ�EVHLQIR�I�XMN�RÏ�FSXÏR�XNIXÏV����)�TEVE��OE�XÏ�FÏNÏ�QI�TEVMQMR�I�FIWMQ�MX��WMTEW�XÏ�GMPMX�RNIVMY�RÏ�OÏXÏ�FSXÏ�ITSWIHSR�PMVMRÏ�I�KNIHLNIW��ZIRHSW�NIW �HLI�QYRH�XÏ�FÏLIX�FIWMQXEV��TEWMOE�UIRÏ�QÏ�TEVÏ�TEFIWMQXEV��HLI�EREWNIPPXEW��XÏ�FÏLIX�TEFIWMQXEV��TEWMOE�UIRÏ�FIWMQXEV��*EXM�M�FIWMQMX�XÏRNIVMYX�RYO�HMLIX�HIVM�RÏ�ZHIONI��HLI
���)�H]XE��OE�XÏ�FÏNÏ�QI�EXÏ�WI�ZPIVE�IMQERMX�ÏWLXÏ�I�EVVMXYVE�QÏ�I�QEHLITÏV�RNIVMYR�RÏ�OÏXÏ�FSXÏ�HLI�KEVERXYI�WM�M�ZIXÏQ�TÏV�WLTÏXMQ�RKE�HÏRMQM�MTÏVNIXWLÏQ�RÏ�<LILIRIQ��RÏ�FSXÏRXNIXÏV�
���*EXM�M�FIWMQMX�X�RNIVMYX�RYO�HMLIX
HIVM�R�ZHIONI
*EXM�M�FIWMQMX�XÏ�RNIVMYX�ÏWLXÏ�ËÏWLXNI�IOSQTIXIRGÏW�WÏ�%PPELYX�XÏ�1EHLÏVYEV�%WOYWL�RYO�I�HM�WI�WM�HS�XÏ�QFEVSNÏ�NIXEI�XMN��TÏVZIË�%PPELYX�XÏ�1EHLÏVYEV��*EOXMWI�%PPELY�ME�OE�PÏRÏ�RÏ�HSVÏ�RNIVMYX�KNI�HLNIR�TÏV�FIWMQ���HSQIXLÏRÏ�WI�I�OEPÏRÏ�XÏ�LETYV�TSVXÏR�I�QYRHÏWMWÏ�WÏRHV]WLMQMX�XÏ�RNIVMYX��VIWTIOXMZMWLX�OE�PMQMR�I�XMN�TVIN�RNÏ�KNIRHNI�XÏ�TEFIWMQMXRÏ�EXÏ�XÏ�FIWMQMX�HLI�EREWNIPPXEW��%PPELYRYO�ME�MQTSRSR�EWOYNX�MQERMR��IHLI�TWIRYO�ÏWLXÏ�M�OÏREUYV�QI�OYJVMR�I�VSFÏVZIXÏ�8MN��
%PPELY�ÏWLXÏ�M�OÏREUYV�QI�RNIVMYR�FI�WMQXEV��RHÏVWE�ÏWLXÏ�M�TEOÏREUYV�QI�RNI�VMYR�TEFIWMQXEV��1EHNI�ÏWLXÏ�M�LMHLÏVYEVQI�XÏ��TÏV�WLOEO�XÏ�QSLMQMX�XÏ�XMN��7MZEVÏWM�I�OÏXMN�VVIKYPPM�L]NRSV��RNIVÏMX�TÏVRKE�GMPÏWMQM�X]VI�RÏ�XÏ�EVHLQIR��RÏ�FS�XÏR�XNIXÏV ��RHELIR�RÏ�H]�KVYTI�OV]IWSVI����RNIVMY�M�PYQXYV��IW�WIMHY �HLI����RNIVMYsM�TEPYQXYVt��IWL�WLIOMNNY ��4VE�RÏ�(MXÏRI�/MEQIXMX�OERÏ�TÏV�XÏ�IOMWXYEV�ZIXÏQH]�OEXIKSVM�RNIVÏMWL����qXÏ�PYQXYVMXr��RNÏ�ITMXIX�TÏV�FIWMQXEVÏXUÏ�ZHIWMR�QI�MQER�HLI�NIXÏR�I�X]VI�IQFEVSNRÏ�HYOI�UIRÏ�FIWMQXEVÏ��
��sXÏ�TEPYQXYVMXr��RNÏ�ITMXIX�TÏV�EXE�UÏRYO�ZHIWMR�QI�MQER�HLI�NIXÏR�I�X]VI�IQFEVSNRÏ�HYOI�UIRÏ�TEFIWMQXEVÏ��
&IWMQXEVM�ÏWLXÏ�sM�PYQXYVt�HIVMWEÏWLXÏ�FIWMQXEV�RÏ�OÏXÏ�FSXÏ��RHÏVWE�RÏWIOEPSR�RÏ�QSWFIWMQ�HLI�ZHIW�RÏ�OÏXÏKNIRHNI��OEPSR�RÏ�KVYTMR�sM�TEPYQXYVt�TEWM�OE�UIRÏ�M�PYQXYV��2HÏVWE�TEFIWMQXE�VM�ÏWLXÏ�sM�TEPYQXYVt�HIVMWE�ÏWLXÏ�TEFIWM�
HMXYVME�MWPEQI������
%OEMH
(SQIXLÏRME�I�JVEÏWq%PPELY�ME�TEWXÏ�JEPÏ�MQERMRr
QXEV�RÏ�OÏXÏ�FSXÏ��I�OYV�XÏ�OEPSNÏ�RÏFIWMQ�HLI�ZHIW�RÏ�OÏXÏ�KNIRHNI��FÏLIX�sMPYQXYVt��TEWM�OE�UIRÏ�sM�TEPYQXYVt��WMTEWENIXMX�XÏ�/YVERMX���q8LYENY�EX]VI�UÏ�RYOFIWYER��RÏWI�LIUMR�HSVÏ��RKE�VVYKE�IX]VI�I�KEFYEV�HLI�FIWSNRÏ ��HS�XtY�JEPIX�IOEPYEVEgr��/YVERM��)P�)RJEP���� �(YOI�Y�QFÏWLXIXYV�RÏ�JEOXMR�WI�RÏ
WLYQÏ�LEHMXLI�XÏ�4INKEQFIVMX�E�W��ZÏVXI�XSLIX�WI�JYRHM�M�NIXÏW�WÏ�RNIVMYX�PPSKEVMXIXWMTEW�EWEN�WI�WM�I�TÏVJYRHSR�NIXÏR�I�XMN�QI�MQER�ETS�TE�XÏ��PYXNE�TÏV�XÏ�ZHIOYVMRs%PPELY�ME�TEWXÏ�JEPÏ�MQERMRr���TÏVFÏRRNÏ�VÏRHÏWM�XÏ�QEHLI��2Ï�RNÏ�LEHMXL�UÏ�XVERWQIXSR�&YLEVMY
RKE�7ILIP�FMR�7IEH�V�E���XVERWQIXSLIX�WI4INKEQFIVM�W�E�Z�W���TÏV�RNÏ�RNIVM�UÏ�OSR�WMHIVSLIN�RHÏV�QÏ�XÏ�TEWYVMX�I�Q]WPMQE�RÏZI�HLI��QIKNMXLÏWI�OMWLXI�PYJXYEVFEWLOÏ�QI�XÏ��QI�RNÏ�VEWX�6IWYPYPPELMW�E�Z�W��I�OMWLXI�GMPÏWYEV�WM�RNÏ�RNIVM�QI�XM�TEVI�XÏ�FERSVÏZI�XÏ�<LILIRIQMX��HYOIXLÏRÏ��sOYWL�HÏWLMVSR�UÏ�XE�WLSLÏ�RNÏRNIVM�TVIN�FERSVÏZI�XÏ�<LILIRIQMX��PI�XEWLMOSNÏ�OÏXÏt��«tI�HS�UÏ��RNIVMY�RÏ�JNEPÏ�TEW�RNÏ�TPEKSWNINI�RÏ�FIXINÏ��OMWLXI�QF]�XYV�ZIXZIXIR�QI�WLTEXÏR�I�ZIX��/ÏXÏ�RHS�HLM��4INKEQFIVMX�E�W��ME�VVÏJIY�RNÏ�HÏWL�QMXEV��M�GMPM�IVHLM�XI�4INKEQFIVM�E�W��HLIM�XLE��(ÏWLQSN�WI�NI�M�(ÏVKYEV�M�%PPELYX�4INKEQFIVM�E�W��M�XLE��«tOE�RHSHLYV#2NIVMY�M�XLE��q/I�XLÏRÏ�TÏV�JMPERMR�WIOYWL�HÏWLMVSR�UÏ�XE�WLSLÏ�RNÏ�RNIVM�TVINFERSVÏZI�XÏ�<LILIRIQMX��PI�XE�WLMOSNÏOÏXÏr��I�EM�MWLXI�TVIN�QÏ�XÏ�TEWYVZI�RKERI��4EWM�Y�TPEKSW��YRÏ�I�HMNE�WI�RYOOMWLXI�ZHIOYV��EM�I�WLTINXSM�ZHIONIR�I�ZIXHYOI�QF]XYV�ZIXIR��4INKEQFIVM�W�E�Z�W��QI�EXÏ�VEWX��XLE�q2HSHL�UÏ�RNIVMY�XÏ�ZITVSNÏ�RNÏ�ZIT�
ÏV��UÏ�Y�TÏVOIX�FERSVÏZI�XÏ�<LILIRIQMX�RHÏVWE�EM�XÏ�NIXÏ�TVIN�FERSVÏZI�XÏ�<LI�RIXMX��HLI�RHSHL�UÏ�XÏ�ZITVSNÏ�ZITÏV�XÏFERSVÏZI�XÏ�<LIRIXMX��I�EM�XÏ�NIXÏ�TVIN�FE�RSVÏZI�XÏ�<LILIRIQMX��1I�XÏ�ZÏVXIXÏZITVEX�ZPIVÏWSLIR�WMTEW�EWEN�WI�WM�TÏVJYR�HSNRÏ�r�
/]�LEHMXL�ÏWLXÏ�EVKYQIRX�WI�I�EVHLQ�NE�I�PYQXYV�I�RNIVMYX�RÏ�FSXÏR�XNIXÏV��ZEVIXHVINXTÏVHVINX�RKE�VVIXLEREX�I�ZHIONIW�/ÏXÏ�I�OERÏ�ZÏVXIXYEV�IHLI�HMNIXEVÏX�I=QIXMX�(MNIXEVM�M�QEHL��1YLEQIH�)P�+ERI�
ZMN�)P�,ERIJMN��Z������L ��RÏ�PMHLNI�QIOÏXÏ��XLSXÏ��q/YWL�ZHIW�QI�MQER��EM�OEEVVMXYV�PYQXYVMRÏ�I�TÏVNIXWLQI��IW�WIEHI�XYP�IFIHMNNIXY ��I�OYWL�TÏVJYRHSR�QI�QS�WFIWMQ��%PPELY�RE�VYENXXÏ� ��I�OE�JMXYEVNSPYQXYVMRÏ�I�TÏVLIVWLQI��IWL�WLIOE�ZIXYP�IFIHMNNIXY ��
4VE��q0YQXYVMEr�HLI�q.SPYQXYVMEr�ZE�VIR�TVIN�TÏVJYRHMQMX�XÏ�NIXÏW�WÏ�RNIVMYX�RHÏVWE�JYRHM�M�NIXÏW�WÏ�RNIVMYX�ÏWLXÏ�M�GEO�XYEV�RÏ�GEOXMQMR�IIPMN�XÏ�%PPELYX�XÏ�1E�HLÏVYEV�-�PYQXYVM��IW�WIMHY �ÏWLXÏ�EM�UÏ�ÏWLXÏ
GEOXYEV�TÏV�XÏ�UIRÏ�M�XMPPÏ�QI�OEHIVMR��GE�OXMQMR�I�TEVEUIRÏ �HLI�OEHERÏ��VIEPMM�QMR�I�ZITVÏW�WMTEW�GEOXMQMX�XÏ�TEVEUIRÏ XÏ�%PPELYX�\L��WL���OYVWI�M�TEPYQXYVM�IWL�WLIOMNNY �ÏWLXÏ�EM�UÏ�ÏWLXÏ�GEOXYEVTÏV�XÏ�UIRÏ�M�XMPPÏ�QI�sOEHIVMRt�HLI�sOE�HERÏt�I�%PPELYX��%PPELY�M�1EHLÏVYEV�M�HM�XÏ�KNMXLE�KNI�
RHNIX�HLI�PÏZMNIX�I�RNIVÏZI��TEVE�WI�EXSXÏ�RHSHLMR�ETS�XtM�OVMNSNÏ��%PPELY�ÏWLXÏ�MKNMXLÏHMNWLÏQ�TÏV�ËHS�KNÏ�RÏ�QÏR]VÏRQÏ�XÏ�HIXENMYEV��%M�M�HM�UÏRHVMQIX�I�RNI�VÏZI��WM�OYV�ÏWLXÏ�JNEPE�TÏV�FIWMQMR�HLIEHLYVMQMR�RHEN�8MN��WM�OYV�ÏWLXÏ�JNEPE�TÏVQSWFIWMQMR�HLI�QSWEHLYVMQMR��%PPELYI�HM�RÏWI�RNIVMY�HS�XÏ�NIXÏ�M�PYQXYV�ETS�HSXÏ�NIXÏ�M�TEPYQXYV�RÏ�FSXÏR�XNIXÏV��4VE��EHS�XÏ�NIXÏ�TVIN�FERSVÏZI�XÏ�<LIRIXMX�ETSTVIN�FERSVÏZI�XÏ�<LILIRIQMX��2Ï�PMHLNIQI�OÏXÏ�NERÏ�XVERWQIXYEV�WLYQÏ�LEHMXLI�4VIN�X]VI�ÏWLXÏ�LEHMXLM�M�ZÏVXIXÏ��XÏ�GMPMR�IXVERWQIXSR�&YLEVMY�RKE�%PM�MFR�)FY�8E�PMFM�V�E���WI�6IWYPYPPELM�W�E�Z�W��OE�XLÏRÏ�q2YO�OE�RNIVM�RKE�NY�UÏ�XÏ�QSW�ME�OM�
WLXI�WLOVYEV�%PPELY�ZIRHMR�I�XMN�RÏ�<LI�RIX�SWI�RÏ�NEVV��2NÏ�RNIVM�M�XLE��3�M(ÏVKYEVM�M�%PPELYX��EXÏLIVÏ�TÏVWI�XÏ�QSWUÏRHVSNQÏ�HYOI�Y�QFÏWLXIXYV�RÏ�EXÏ�UÏRE�ÏWLXÏ�WLOVYEV�I�XÏ�QSW�ZITVSNQÏ�EW�KNÏ#�1YLEQIHM�W�E�Z�W��XLE��:ITVSRM��WI�TWI�WIGMPMX�M�ÏWLXÏ�PILXÏWYEV�UÏ�XÏ�ZITVSNÏTÏV�EXÏ�UÏ�ÏWLXÏ�OVMNYEV��XÏ�PYQXYVZI�\LIRIXPMRNZI �Y�PILXÏWSLIX�UÏ�XÏ�ZITVSN�RÏ�ZITVEX�I�XÏ�PYQXYVZI��\LIRIXPMRNZI �RHÏVWE�NS�XÏ�PYQXYVZI��\LILIRIQPMRNZI Y�PILXÏWSLIX�UÏ�XÏ�ZITVSNRÏ�ZITVEX�I�NS�XÏPYQXYVZI��\LILIRIQPMRNZI gr�
4ÏVQFENXNE�I�OÏXMN�LEHMXLM�RE�UEVXÏWSRH]�ËÏWLXNI�)�TEVE��WI�KNMXLÏHMXYVME�I�%PPELY�TÏVJ�
WLMR�ËHS�KNÏ�UÏ�OE�RHSHLYV��UÏ�RHSHLHLI�UÏ�HS�XÏ�RHSHLÏ�RÏ�XÏ�EVHLQIR�RÏTEJYRHÏWM��OVELEW�EWEN�WI�ONS�KNMXLÏHMXYVMRYO�OE�OEVEOXIV�XÏ�MQTSRMQMR�HLI�EW�XÏRHMOMQMX�RÏ�ZITVMQIX�I�RNIVMYX��TSV�OEOEVEOXIV�TEWU]VYIW�HLI�NSMQTSRYIW��HLI�)�H]XE�ENS�UÏ�RE�FÏR�XÏ�QIRHSNQÏ�WI
RNIVMY�QYRH�XÏ�NIXÏ�TNIWÏXEV�M�FIWMQMX�MW�PEQ��TSV�RÏWI�ÏWLXÏ�WLOVYEV�RÏ�GEOXMQMRI�%PPELYX�XÏ�1EHLÏVYEV��UÏ�EM�XÏ�NIXÏ�TVINXÏ�TEPYQXYVZI��EXÏLIVÏ�JYRHM�M�XMN�HS�XÏZMNÏ�RÏ�OÏXÏ�TÏVJYRHMQ��(LI�I�OYRHÏVXE�RNIVMY�QYRH�XÏ�QSW�NIXÏ�TNIWÏXEV�M�FIWMQ�MX�MWPEQ��TSV�RÏWI�ÏWLXÏ�WLOVYEV�UÏ�EM�XÏNIXÏ�TVIN�XÏ�PYQXYVZI��JYRHM�M�XMN�HS�XÏQFEVSNÏ�RÏ�OÏXÏ�TÏVJYRHMQ�
4MOÏVMWLX�ONS�QYRHÏWM�I�RHÏVVMQMX�XÏKNIRHNIW��ÏWLXÏ�ENS�UÏ�RNIVMYR�FIWMQXEV�IFÏR�XÏ�TEWMKYVX�RÏ�FIWMQMR�I�ZIX��HYOI�ITVSZSOYEV�TÏV�OYNHIW�XÏ�WLXYEV�VVIXL�FI�WMQMX�XÏ�XMN��2Ï�XÏ�ZÏVXIXÏ��ONS�TÏV�FIWMQ�XEVMR�TEVEUIX�RNÏ�MRHMOEGMSR�FIWMQM��UÏ�EMXÏ�PYXIX�XIO�%PPELY�M�1EHLÏVYEV�UÏ�JYRH�MR�I�NIXÏW�WÏ�XMN��XtME�QFEVSNÏ�QI�MQER�(IVMWE�ONS�ÏWLXÏ�OÏWLXY��EXÏLIVÏ�IHLI�PY�XNE�RHEN�XÏ�ZHIOYVMX�TÏV�RNÏ�TÏVJYRHMQ�XÏOÏXMPPÏ��ÏWLXÏ�RNÏ�YVEXÏ�I�VÏRHÏWMWLQI�QEHNI�QÏ�I�VÏRHÏWMWLQNE��2Ï�OÏXÏ�OSRXIOWX��NERÏ�QÏ�WI�XÏ�RNS�
LYVE�PYXNIX��HYEXÏ �I�4INKEQFIVMX�W�E�Z�W��UÏ�OERÏ�XÏ�FÏNRÏ�TS�QI�OÏXÏ�ËÏWLXNI��8VE�RWQIXSR�7LILVY�FMR�,EZWLIF��M�GMPM�M�OM�WLXI�FÏVÏ�RNÏ�T]IXNI�9QM�7IPIQIWÏ��RNÏVERKE�KVEXÏ�I�4INKEQFIVMX�E�W���'MPE�OE�UI�RÏ�HYENE�QÏ�I�WLTIWLXÏ�I�4INKEQFIVMXE�W��OYV�MWLXI�XIO�XM#��%NS�XLSXÏ��(YENE�QÏI�WLTIWLXÏ�I�4INKEQFIVMX�E�W���OYV�MWLXIXIO�YRÏ��OE�UIRÏ��q3�8M�5Ï�M�VVSXYPPSR�I�QVEX�I�RNIVÏZI��TÏVJSVGS�IQVÏR�XMQIRÏ�JIRÏ�8ÏRHIr��)FY�7YPIQI�ZELHSR��MXLEWLÏ��3�(ÏVKYEVM�M�%PPELYX��TÏVWI�HYE�NE�QÏ�I�WLTIWLXÏ�NSXNE�ÏWLXÏ�q3�8M�5Ï�MVVSXYPPSR�IQVEX�I�RNIVÏZI��TÏVJSVGS�I�QVÏR�XMQI�RÏ�JIRÏ�8ÏRHIr#�%M�XLE��39QM�7IPIQI��ENS��VVSXYPPMQM�M�IQVEZI RYO�ÏWLXÏ�RÏ�HSVÏ�XÏ�RNIVMYX��%NS�ÏWLXÏ�RÏHSVÏ�XÏ�%PPELYX��EXÏ�UÏ�HS��I�HVINXSR�HLIEXÏ�UÏ�HS��I�HIZMNSRr�
0YXNI�XÏ�OÏXMPPE�XVERWQIXSLIR�IHLITVIN�EWLEFÏZI�V�E����WLSOÏZI�XÏ�4INKEQ�FIVMX�W�E�Z�W��1Ï�I�HVINXTÏVHVINXÏ�RKE�OÏXSÏWLXÏ�ENS�UÏ�XVERWQIXSLIX�RKE�3QIVM�V�E��M�GMPM��HYOI�FÏVÏ�XEZEJ�VVIXL�5EFIWÏ��PI\�SRXI�OÏXÏ�HYE��q3�%PPELY�MQ��RÏWI�I�OI�WLOVYEV�UÏ
YRÏ�XÏ�NIQ�TVIN�RNIVÏZI�XÏ�PYQXYV��FIW�MQXEVÏZI ��QÏ�TÏVJSVGS�RÏ�OÏXÏ��I�RÏWI�IOI�WLOVYEV�UÏ�XÏ�NIQ�TVIN�XÏ�TEPYQXYVZI�TEFIWMQXEVÏZI ��QÏ�XVERWJIVS��QÏ�JEP HLI�QÏ�TÏVJSVGS�RÏ�PYQXYVMr��
���-QERM�ÏWLXÏ�KEVERXYIWM�M�ZIXÏQ�TÏV
WLTÏXMQ�RÏ�FSXÏR�XNIXÏV
0YXNE�q%PPELY�ME�TEWXÏ�JEPÏ�MQERMRr�TÏV�WLOEO�XÏ�VÏRHÏWMWÏ�UÏ�OE�MQERM�TÏVRNIVMYR�RÏ�FSXÏR�XNIXÏV��TEVEUIX�RNÏ�YVXÏWMXÏ�XLIPPÏ��QI�RNÏ�OYTXMQ�QNEJX�HSQIXLÏ�RÏW�2Ï�OSRGITXMR�MWPEQ��ZPIVE�I�NIXÏW�WÏ
RNIVMYX�ÏWLXÏ�I�OYWLXÏYEV�RKE�TVERMQMSWI�QSWTVERMQM�M�FIWMQMX�MWPEQ�HLI�MJIWÏ�MWPEQI�RÏ�XÏVÏWM��/YVERM��)P�%tVEJ���� ��2NIVMY�UÏ�RYO�I�OE�TÏVZIXÏWYEV�OÏ�XÏ�GMPÏWM��OE�LYQFYV�VEWXMR�WYFPMQ�HLI�IOE�HIZMNYEV�UÏPPMQMR�I�EVHLNIW�WÏ�XMN�RÏOÏXÏ�FSXÏ��.IXE�I�OE�OYTXMQMR�I�ZIX���ZI�XÏQ�QI�MQERMR��HLI�EWWIWM�RHV]WLI��/Y�
HMXYVME�MWPEQI������
VERM��)HL�(LEVMNEX���� ��1SWFIWMQMÏWLXÏ�EOXM�QÏ�M�WLÏQXYEV�UÏ�QYRH�XÏ�FÏNÏRNIVMY�RÏ�OÏXÏ�FSXÏ��VIWTIOXMZMWLX�ÏWLXÏEOXM�UÏ�VVÏRSR�OSRGITXMR�I�QMVÏJMPPXÏ�XÏRNIVÏMWÏ�WÏ�RNIVMYX��«HS�ZITÏV�I�OIUI�TE�QEVVÏ�TEVEW]WL�HÏQMR�I�WEN��QYRH�XÏXLIQM�WI�OE�RNÏ�HIVÏ�XÏ�WMKYVX��UÏ�I�QFERXÏ�KNEPPÏ�WLTVIWÏR�TÏV�WLTÏXMQ��TÏVZIËOYJVMX��QSWFIWMQMX ��M�GMPM�RYO�TVERSROYVVJEVÏ�XSPIVMQM�HLI�EW�NYWXMJMOMQM��4ÏV�ZIË�OÏWEN��TVE��VVÏRMQMX�XÏ�ZMVX]XMX�XÏ�QM�VÏJMPPXÏ�RNIVÏSV��OYJVM�I�OE�TEWSNÏR�XNIXÏVXÏ�VÏRHÏ��EXÏ�XÏ�RHÏWLOMQMX�RÏ�FSXÏRXNIXÏV��4ÏV�TEFIWMQXEVÏX��%PPELY�OE�HÏWL�QYEV�WI�EXE�HS�XÏ�NIRÏ�TÏVKNMXLQSRÏ�RÏHÏRMQMR�QÏ�XÏ�VÏRHÏ�XÏ�FSXÏW�XNIXÏV��4ÏVEXE�UÏ�ZHIWMR�WM�TEFIWMQXEVÏ��RYO�OE�EWJEPNI�HLI�EW�WLTÏXMQ��%PPELY�RÏ�/YVERXLSXÏ��q%PPELY�M�OE�QEPPOYEV�NSFIWMQXE�VÏX�HLI�TÏV�XE�OE�TÏVKEXMXYV�NEVV�XÏ�RHI�YV�JSVX��%X]�HS�XÏ�QFIWMR�TÏVKNMXLQSRÏHLI�RYO�HS�XÏ�KNINRÏ�EWOÏRH�XtM�QFVSNÏETS�XtM�RHMLQSNÏr���/YVERM��)P�%LEF������ �(YOI�PPSKEVMXYV�WI�ËJEVÏ�TEWSNEWL�WNIPP
OYJVM��TVE�HÏRMQMR�I�VÏRHÏ�HLI�XÏ�TÏVNIX�WLÏQ�RÏ�FSXÏR�XNIXÏV��HYOI�QFENXYV�TEVE�W]WL�EXÏ�UÏ�ÏWLXÏ�XLÏRÏ�QÏ�PEVX�WI�RNIVMYHIVM�RÏ�JYRH�XÏ�NIXÏW�WÏ�XMN��RYO�I�OE�XÏKEVERXYEV�JYRHMR�I�NIXÏW�WÏ�ZIX�RÏWI�HS�XÏZHIWÏ�QI�MQER�ETS�NS��TEWXEN�HYOI�TEWYVTEVEW]WL�EXÏ�UÏ�OE�XLÏRÏ�4INKEQFIVMW�E�Z�W���WI�qZITVEX�ZPIVÏWSLIR�WMTEW�EWENWI�WM�TÏVJYRHSNRÏr��VIYPXSR�WI�PYXNE��q%PPELY�ME�TEWXÏ�JEPÏ�MQERMRr��TVE��UÏ�RÏFSXÏR�XNIXÏV�XÏ�WLOSNÏ�QI�MQER��FÏLIXEOSQE�QÏ�I�HSFMWLQI�HLI�MRXIVIWERXI�4ÏVWI�I�XLIQM�OÏXÏ#/ÏXÏ�I�XLIQM��WITWI�RNIVMY�UÏ�QFEVSR
NIXÏR�I�XMN�QI�MQER��I�FÏLIX�JNEPÏ�TÏV�MQE�RMR�RÏ�OYTXMQMR�I�QMVÏJMPPXÏ�HLI�NS�MQE�RMR�JSVQEP��TVE�UÏ�I�HIOPEVSR�FIWMQMRMWPEQ�HLI�EXÏ�RYO�I�OYRHÏVWLXSR�QI�EW�RNÏ�JSVQÏ�PPSNI�XÏ�QSLMQMX��WMOYVWI�ÏWLXÏQSLMQM�M�RHSRNÏ�ËÏWLXNINI�UÏ�OSRWMHIVS�LIX�TVIN�HSQSWHSWLQÏVMZI�XÏ�EWEN�QI�WIOE�EVHLÏ�6IWYPYPPELM�W�E�Z�W���ETS�PINMQM�MRHSRNÏ�QÏOEXM���USJXÏ�M�ZSKÏP�ETS�M�QEHL�QI�OYWLX�UÏ�XÏ�UIRÏX�I�EXMN�QÏOEXM�XÏ�ZÏV�XIXSLIX�QI�EVKYQIRX�XÏ�TVIVÏ�RKE�FEEX�IJIWÏ��TE�QEVVÏ�TEVEW]WL�XÏ�FÏVEX�I�XMN�XÏOÏUMNE��QÏOEXIX ����TSMXE�I�XMN�RÏ�FSXÏRXNIXÏV�ÏWLXÏ�I�KEVERXYEV�TÏV�WLTÏXMQ��4ÏVWE�Y�TÏVOIX�QÏOEXIZI��ËÏWLXNE�I�RNIVMYX�MRÏRWLXVSLIX�HÏWLMVÏW�WÏ�%PPELYX��RÏWI�HSI�JEP��I�RÏWI�HS��I�HÏRSR�EU�WE�ÏWLXÏ�ZPIVEI�QÏOEXMX��1MVÏTS�JYRHM�M�XMN�HS�XÏ�NIXÏ�RÏ<LIRIX��TÏV�LMV�XÏ�MQERMX�QI�XÏ�GMPMR�OEHEPÏ�RKE�ONS�FSXÏ��(MNIXEVÏX��OYV�JPEWMRTÏV�TIWLÏR�I�MQERMX�RÏ�VETSVX�QI�XÏ�OÏUM�NEX�I�FIWMQXEVMX��FÏNRÏ�RNÏ�OVELEWMQ��%XE
XLSRÏ�WMOYV�XÏ�KNMXLE�XÏ�OÏUMNEX�UÏ�QYRHXtM�FÏNÏ�FIWMQXEVM�XÏ�LMHLIR�RÏ�RNÏVÏR�ERÏXÏ�TIWLSNÏW��I�MQERM�RÏ�ERÏR�XNIXÏV��TEH]WLMQ�UÏ�MQERM�HS�XÏ�TIWLSNÏ�QÏ�VÏRHÏWI�XÏ�KNMXLE�EXS��4INKEQFIVM�W�E�Z�W���RÏRNÏ�LEHMXL�UÏ�XVERWQIXSR�-QEQ�,EOMQMRKE�1YEHL�FMR�<LIFIPM��XLSXÏ�q/YWL�I�XLSXÏ�JNEPÏR�I�JYRHMX��OYWL
ZHIW�QI �0E�MPELI�MP�PEPP�PPEL�i�2YO�OESX�XNIXÏV�TÏVZIË�%PPELYX��L]R�RÏ�<LI�RIXr��(IOPEVMQM�M�MQERMX�HLI�QSWOYRHÏVWL�
XMQM�M�XMN��ÏWLXÏ�EOXM�QEHLSV�UÏ�M�QYRHÏ�WSR�RNIVMYX�WLTÏXMQ�RÏ�FSXÏR�XNIXÏV��IHLIRÏWI�OE�HEPÏ�RKE�ONS�FSXÏ�TE�FEXYEV�EW�RNÏ�RKE�SFPMKMQIX�QI�XÏ�GMPEX�%PPELY�REOE�RKEVOYEV��7ITWI�HMNIXEVÏX�OERÏ�XLÏRÏUÏ�ZPIVE�I�MQERMX�ÏWLXÏ�EU�I�QEHLI��WEUÏRYO�QYRH�XÏ�WLTEKYLIX�QI�EWRNÏ�OY�RHÏVZPIVÏ��/NS�RYO�HS�XÏ�XLSXÏ�WI�XÏ�OÏUMNEX�I�XMN
RYO�HS�XE�VÏRHSNRÏ�EXÏ��.S��QMVÏTS��ONSÏWLXÏ�RÏ�HÏWLMVÏR�I�%PPELYX��-QEQ%HLEQ�)FY�,ERMJI�V�L��XLSXÏ�r2YO�XLIQM�WI�FIWMQXEVMX�RYO�HS�XtM
FÏNRÏ�HÏQ�QÏOEXIX�I�XMN��I�EW�WI�EM�HS�XÏL]NÏ�RÏ�<LILIRIQ��(LI�EW�RYO�XLIQM�WIEM�HS�XÏ�UÏRHVSNÏ�TÏVKNMXLQSRÏ�RÏ�NEVV�USJXÏ�EM�IHLI�QÏOEXEV��ZIXÏQ�RÏWI�RKEONS�FSXÏ�HIP��ZHIW �WM�FIWMQXEV��QIMQER �r��
/]�OSRWXEXMQ�FESLIX�RÏ�WLYQÏ�LE�HMXLI�XÏ�4INKEQFIVMX��XÏ�GMPEX�GMXSNRÏ�UEV�XEM�HEPNIR�RKE�NEVVM�M�<LILIRIQMX�HLIL]VNIR�RÏ�<LIRIX�TÏVKNMXLQSRÏ�XÏ�EXMN�UÏI�HIOPEVSR�FIWMQMR�HLI�UÏRHVSR�M�TEPY�LEXYV�RÏ�XÏ��0I�XtM�GMXSNQÏ�HMWE�TVIN�OÏX]�VI�LEHMXLIZI����q/YWL�ZHIW�HYOI�I�HMXYV��FIWYEV �WIRYO�OE�SX�XNIXÏV�TÏVZIË�%PPELYX��HS�XÏL]NÏ�RÏ�<LIRIX���
���q1Ï�IVHLM�<LMFVMPM�HLI�QÏ�WSPPM�RNÏPENQ�XÏ�KÏYEV��HYOI�XLÏRÏ�WI�OYWLZHIW�TVIN�=QIXMX�XÏRH�HYOI�QSW�-�FÏ�VÏ�%PPELYX�VMZEP���WLSO��HS�XÏ�L]NÏ�RÏ<LIRIXr��)�YRÏ�M�XLEWLÏ��q%�IHLI�RÏ�WI�OE�FÏVÏ�TVSWXMXYGMSR��MRE �HLI�RÏ�WI�OE�ZNIHLYVr#�%M�XLE��q)HLI�RÏWI�OEFÏVÏ�TVSWXMXYGMSR�HLI�RÏWI�OE�ZNIHL�YVr�
���q(S�XÏ�HEPÏ�TVIN�NEVVMX�EM�UÏ�RÏ�IQ�VÏR�I�XMN�OE�MQER���FIWMQ�WE�KVMQGE�IEXSQMXr��
���(ÏWLQSN�WI�RYO�OE�SX�XNIXÏV�TÏVZIË%PPELYX�HLI�WI�YRÏ�NEQ�M�(ÏVKYEVM�M%PPELYX��NERÏ�OÏXS�XÏ�H]NE�UÏ�VSFM��RÏ�WI�RYO�H]WLSR�RÏ�XS�HLI�QI�XS�)�XE�OSR�%PPELYR��HS�XÏ�L]NÏ�RÏ�<LIRIX�r��
(LI�LEHMXLI�XÏ�XNIVE�4VERHEN��VÏRHÏWME�UÏ�OE�MQERM�TÏV
TSMXÏR�I�RNIVMYX�RÏ�FSXÏR�XNIXÏV��%LMVIX �ÏWLXÏ�TE�H]WLMQ�ENS�UÏ�VIOSQERHSR�PYX�NIR�XSRÏ�RHEN�XÏ�ZHIOYVMX�QI�VEWXMR�IRKYWLÏPPMQIZI�QI�JNEPÏX��q%PPELY�M�TEWXÏJEPÏ�MQERMRr��)��WMTEW�RNÏ�TÏVOXLMQM�QÏXÏ�TÏVKNMXLWLÏQ��ONS�HS�XÏ�XLSXÏ��q%PPELYI�HÏVKSJXÏ�RÏ�<LIRIXr�
CCCCCCCCCCCCCCCCCC*YWRSXEX�
���%PPELY�M�1EHLÏVYEV�RÏ�/YVtER�XLSXÏ��rg�)�OYWLXÏ�HSNÏ��PI�XÏ�FIWSNÏ��I�OYWL�XÏ�HSNÏ�PI�XÏ�QSLS�NÏgr��/YVtERM��)P�/ILJ��� �
���%PPELY�M�1EHLÏVYEV�RÏ�/YVtER�XLSXÏ��q%PPELYRYO�ÏWLXÏ�M�OÏREUYV�QI�QSWFIWMQMR�I�VSFÏVZI�XÏ:IXr��/YVtERM��)�>YQIV��
���<LIQEPYH�HMR�%LQIH�FMR�1YLEQIH�)P�+E�RIZMNN�)P�,ERIJMNN��q/MXEFY�YWYPMH�HMRMr��XELOMOIH�HYOXYV�3QIV�:IJMO�(EtYO��FSXSR��HEVYP�FI�WLEMVMtP�MWPEQMNNIL��FSXMQM�M�TEV�������������JU�����
���7ELMLYP�&YLEVM��/MXEFY��)P�/EHIV��FEFY�IP�EQI�PY�FMP�LEZEXMMQ ��LEHMXLM�RV��������TVIN�'(�WÏ
���)P�,ERIJMNN��q/MXEFY�YWYPMH�HMRMr�ST�GMX��JU���������7ELMLYP�&YLEVM��/MXEFY�XIJWMVYP�/YVtERM��FEFY�JIWIRYNIW�WMVYLY�PMP�NYWVE �RV���������WMTEW�'(�WÏ ��4ÏVOXLMQM�M�LEHMXLMX�WMTEW��(V��1YWXEJE�)P�&YKE�HLI�1YNMHMR�1MWXY��q/SQIRXM�M�H]IXLEHMXLIZI�XÏ�MQEQ�2IZIZMYXr��7,&�q*YVOER-71r��7LOYT�������������JU�����
���7YRIRYX�8IVQMHLMN��/MXEFY��IH�HEtZEXY�ER�VIWY�PMPELM��FEFY��QMRLY �LEHMXLM�RV�������
���)P�,ERIJMNN��q/MXEFY�YWYPMH�HMRMr�ST�GMX��JU���������1YWXIHVIOYtP�,EOMQM��/MXEFYtP�<LIREMM�RV�������7IRIHM�M�LEHMXLMX�ÏWLXÏ�WELML��TSVWI�&Y�LEVMY�HLI�1YWPMQM�RYO�I�OERÏ�XVERWQIXYEV�
����)P�/EVM��)P�1YP�PE�%PMN�FMR�7YPPXER�1YLEQ�QIH��q7LIVLYP�JMOLMP�IOFIV�PM�)FM�,ERMJIXI�)R�2YtQERr��XELOMO�1IVZER�1YLEQIH�)WL�7LEt�EV��sHEVYtR�RIJEMW��FSXMQM�M�TEV�i�����������&INVYX�0MFSR��JU����
����,EHMXL�7ELML��7ELMLYtP�1YWPMQ�FMtWLIVLMtR�i2IZIZMNr��FSXMQM�M�TEV������L@�����Q��FSXMQM�M/ENVSW��/ENVS��TNIWE�I�TEV�HLI�I�H]X��������
����q7ELMLYtP�1YWPMQr�FSXMQM�M�/ENVSW��ST�GMX���������
����7YRIRM�M�8MVQMHLMNYX��q/MXEFYW�WMJIXM�\LILIR�RIQM��FEFY��QMRLYr��RV�������
����q7ELMLYtP�1YWPMQr�FSXMQM�M�/ENVSW��ST�GMX���������
HMXYVME�MWPEQI������
%FHYPPEL�/PMREOY�
2NSLNE�I�NIXÏW�WÏ�1YLEQQIHMX
E�W��HLI�ZITVMQIZI�XÏ�XMN�UÏ
FÏVM�KNEXÏ����ZNIXZI��ZIËE�
RÏVMWLX�KNEXÏ����ZNIXZI�XÏ�TIN�
KEQFIVMWÏ��NERÏ�XÏ�HSQSWHSWLQI�TÏV
EVVMXNIR�I�FEWLOMQMX�XÏ�Q]WPMQERÏZI�HLI
KEVERXMQMR�I�TEUIW�FSXÏVSVI��2NSLNE�HLI
OYTXMQM�M�HVINX�M�ZITVMQIZI�X�4INKEQF�
IVMX�E�W���Q]WPMQERÏZI�HS�XtY�RHMLQSNÏ
TÏV�XÏ�QFVSNXYV�JIRÏ�I�X]VI�EWLXY�WM�HYLIX
HLI�QI�ËJEVÏ�QIOERMQEWL�HYLIX��2I�NI�
QM�OVIREV�QI�JIR�XSR�HLI�4INKEQFI�
VMR�XSR��HLI�NEQ�M�FMRHYV�WI�WMOYV�RI
Q]WPMQERÏX��XtYE�TVIERXSRMQ�HVINX�HLI
QMVÏ�NIXÏR�HLI�QIWELMR�I�1YLEQQIHMX
E�W���M�XÏVÏ�RNIVÏMQM�HS�XÏ�MWLXI�OVIREV
TÏV�XÏ��TÏVZIË�OV]IRIËÏZI��
2NÏ�WIKQIRX�M�VÏRHÏWMWLÏQ�M�NIXÏW�WÏ
1YLEQQIHMX�E�W��HÏWLQSR�WI�OE�UIRÏ
ZELHMQMWLX�R�JEZSV�X�TEUIW�HLI�VIWTI�
OXMX�RHÏVRNIVÏSV��HLI�ONS�I�OE�TÏVWLOYEV
XÏVÏ�NIXÏR�I�XMN�HLI�ZITVMQIX�I�ZIËERXE�UÏ
OE�FÏVÏ�EM�KNEXÏ�KNMXLÏ�NIXÏW��2NÏ�RHÏV�OÏ�
XS�ZITVMQI�ÏWLXÏ�IHLI�QEVVÏZIWLNE��
8VEOXEXM�M�,YHINFMNIW��
*MPPMQMWLX�XÏ�WLSLMQ�OÏXÏ�8VEOXEX�RKE
EWTIOXM�XISVMO�M�WÏ�HVINXÏW�RHÏVOSQFÏXEVI
QSHIVRI��6ÏRHÏWME�I�OÏXMN�8VEOXEXM�RKE
O]�EWTIOX�ÏWLXÏ�WI�I�FÏR�QÏ�XÏ�TEWYV�LMW�
XSVMOYR�I�WÏ�HVINXÏW�RHÏVOSQFÏXEVI��HLI
O]�8VEOXEX�HYLIX�XÏ�TÏVQIRHIX�RÏ�PMFVEX
HLI�TYRMQIX�WLOIRGSVI�XÏ�OÏWEN�JYWLI�
1EVVÏZIWLNE�I�TEUIW�I�,YHINFMNIW��IW�
WYPLY ��WLMOYEV�RKE�EWTIOXM�XISVMO�M�WÏ
HVINXÏW�RHÏVOSQFÏXEVI��HYLIX�XÏ�UYLIX
XVEOXEX�HLI�NS�QEVVÏZIWLNI��1EVVÏZIWLNE
EOSRMWLX�ÏWLXÏ�TENXMQ�M�ZYPPRIXWLÏQ�TÏV
PMHLNIR�I�OSRXVEXÏW��OYV�OIQM�XÏ�FÏNQÏ
QI�TIVWSRE�JMMOÏ�ETS�NYVMHMOÏ��TSV�UÏ
RYO�NERÏ�WYFNIOXI�RHÏVOSQFÏXEVI �SWI
XVEOXEXMX��OYV�OIQM�XÏ�FÏNQÏ�QI�WLXIXI
HLI�SVKERMEXE�RHÏVOSQFÏXEVI�UÏ�OERÏ
WXEXYWMR�I�WYFNIOXMX�RHÏVOSQFÏXEV ��2HÏ�
VOEU�XVEOXEX�RHÏVOSQFÏXEV�OSRWMHIVSLIX
ËHS�TENXMQ�M�ZYPPRIXWLÏQ�QMHMW�WLXIXIZI
QI�UÏPPMQ�XÏ�OVMNMQMX��RHV]WLMQMX�SWI
RHÏVTVIVNIW�WÏ�RHSRNÏ�VETSVXM�NYVMHMO�
8VEOXEXIX�EOSRMWLX�NERÏ�HSOYQIRXI�UÏ
EPYHSNRÏ�ËÏWLXNI�XÏ�VÏRHÏWMWLQI��WM�T�WL�
XVEOXEXIX�I�TEUIW��>INRYPPEL�+VYHE��)
(VINXE�2HÏVOSQFÏXEVI�4YFPMOI��JU������
�������4VMWLXMRÏ ��
8VEOXEXM�M�,YHINFMNIW�MWLXI�PMHLYV�RÏ
QIW�H]�TÏVJEUÏWYIWZI�XÏ�H]�KVYTIZI�WS�
GMEPI�XÏ�RHV]WLQI��UÏ�TÏVJEUÏWSRMR�H]
U]XIXI�WLXIXI��RNÏVM�1IHMRE��QI�1YLEQ�
QIHMR�E�W��RÏ�OV]I��WM�U]XIX�WLXIX�M�TÏVFÏ�
VÏ�RKE�WLYQMGE�HÏVVQYIWI�I�FERSVÏZI
Q]WPMQER��1IHMRE�OMWLXI�VVIKYPPMQMR�I
ZIX�NYVMHMOS�TSPMXMO�HLI�XIVVMXSVMEP ��HLI
XNIXVM�1IOE��RN�U]XIX�WLXIX�U�OMWLXI�FE�
RSVÏX�I�WEN��WLYQMGE�HÏVVQYIWI��QI�TÏV�
NEWLXMQI�MRHMZMHYEPI �TSPMXIMWX��HLI
OMWLXI�RN�VVIKYPPMQ�NYVMHMOS�TSPMXMO�XINIX
TVMQMXMZ��UÏ�RHÏVXSLIN�QFM�XÏ�HVINXÏR�E�
OSRSVI��
2Ï�OÏXÏ�XVEOXEX�TÏVJEUÏWYIW�M�1IOÏW
MWLXI�7YLINP�F��%QVM��4VERHEN�ONS�QEVV�
ZIWLNI�RÏ�ËHS�TÏVOXLMQ�RÏ�KNYLÏR�WLUMTI
HLI�WXYHMQ�HYLIX�X�UYLIX�8VEOXEXM�M
4EUIW�M�,YHINFMNIW��4ÏVJYRHMQMWLX��RÏ
PMHLNI�QI�OÏXÏ�QYRH�XÏ�XLIQM�WI�1EVVÏ�
ZIWLNE�I�,YHINFMNIW�ÏWLXÏ�q8VEOXEX�RHÏV�
HMXYVME�MWPEQI������
,MWXSVM�MWPEQI
8VEOXEXM�M�,YHINFMNIW
OSQFÏXEVr�M�PMHLYV�RÏ�QIW�H]�WLXIXIZI�
RNÏVM�M�TÏVJEUÏWYEV�RKE�OV]IXEVM��UÏ�MWLXI
1IHMRE�QI�1YLEQQIHMR�E�W��R�OV]I�
HLI�XNIXVM��UÏ�MWLXI�1IOE��M�TÏVJEUÏWYEV
RKE�M�EYXSVMYEVM�M�QIOEWZI��7YLINP�F�
%QVM��QI�UÏPPMQ�XÏ�EVVMXNIW�WÏ�TEUIW�RÏ
QIW�OÏX]VI�H]�ZIRHIZI��TÏV�RNÏ�EJEX�TVIN
���ZNIXÏWL�
6VIXLEREX�LMWXSVMOI�
8VEOXEXM�M�TEUIW�M�,YHINFMNIW�RHSHLM
R�JYRH�X�ZMXMX�X���,M\LVM��IW�WMVIXYR�
RIFIYNNI��0M�MFRM�,MWLEQ ��,YHINFMNI
ÏWLXÏ�IQVM�M�RNÏ�ZIRHM�������OQ�PEVK�1I�
OÏW��1Ï�TEVÏ�OMWLXI�UIRÏ�IQVM�M�RNÏ�SEI
UÏ�RHSHLIN�RÏ�EXÏ�ZIRH��TEWXEN�OÏXÏ�IQÏV
I�OMWLXI�QEVVÏ�IHLI�JWLEXM�EJÏV��,YHINFM�
NE�IVHLM�TÏV�WLOEO�XÏ�YQVIW��(IVMWE�4IN�
KEQFIVM�E�W��MWLXI�RÏ�1IHMRÏ��OMWLXI�TEVÏ
ÏRHÏVV�WI�WM�I�OMWLXI�QEVVÏ�ËIPÏWMR�I�5E�
FIWÏ�HLI�OMWLXI�FÏVÏ�XEZEJMR�HLI�YQVIR�
8Ï�RIWÏVQIR�4INKEQFIVM�E�W��M�PENQÏVSM
WLSOÏX�I�XMN�TÏV�ÏRHVVÏR�HLI�JMPPYER�TÏV�
KEXMXNIX�TÏV�XtY�RMWYV��4INKEQFIVM�E�W��RKE
1IHMRE�TÏV�1IOÏ�Y�RMW�QI����������
TIVWSRE�XÏ�TEEVQEXSWYV��ZIXÏQ�QI�WLTE�
XE�RÏ�OÏPPÏJ���4ÏV�VVIXLEREX�HLI�OVSRSPS�
KNMRÏ�LMWXSVMOI�XÏ�OÏWEN�RKNEVNINI�WLML�QÏ
KNIVÏWMWLX�PMFVEX�I�7MVIW�NIXÏWLOVMQMX�XÏ
1YLEQQIHMX�E�W� �
1EVVÏZIWLNE�TÏV�PMHLNIR�I8VEOXEXMX�HLI�TÏVQFENXNE�I�XMN�
1]WPMQERÏX�I�FMRHYV�TÏV�XÏ�OV]IV�YQ�
VIR�OMWLMR�XÏ�ZIRHSWYV�XE�VIEPMSRMR�EXÏ
TE�QEVVÏ�TEVEW]WL�VVIMUIX��HLI�RYO�TÏV�
NEWLXSRMR�EW�PYJXÏR��2KE�ERE�XNIXÏV��TSPM�
XIMWXÏX�OYVINWLMXÏ�MWLMR�XÏ�ZIRHSWYV�XÏ
QSW�PINSRMR�L]VNIR�I�Q]WPMQERÏZI�RÏ
1IOÏ��/NS�ZIRHSWQÏVM�I�H]ERWLQI
WLTMRXI�R�RN�PYJX�X�XQIVVWLQI�R�QIW
X]VI��(YOI�XIRXYEV�XtM�WLQERKIN�OÏWEN
RKEXÏVVIWI��4INKEQFIVM�E�W��HLI�OYVINWLM�
XÏX�WLOÏQFIRMR�XÏ�HIPIKYEVMX�I�X]VI�TÏV
EVVMXNIR�I�RNÏ�QEVVÏZIWLNINI�XÏ�QYRHWL�
QI��4EW�WLOÏQFMQMX�XÏ�HMWE�XÏ�HIPIKYE�
VZI�RKE�1IOE��VEHLE�M�EVVMXM�IHLI�7YLINP
F��%QVMX��4INKEQFIVM�E�W���TSWE�I�TE�7Y�
LINP�F��%QVMR��XLE��q/]�HS�X�RE�I�PIL�
XÏWSNÏ�WMXYEXÏR��OYVINWLMXÏX�QI�WMKYVM
HÏWLMVSNRÏ�EVQÏTYWLMQ��QIUÏ�I�OERÏ
HÏVKYEV�OÏXÏr��
4EW�RN�HMWOYXMQM�X�KNEX�R�QIW�1Y�
LEQQIHMX�W�E�Z�W��HLI�7YLINP�F��%QVMX�
EVVMXÏR�QEVVÏZIWLNIR�TÏV�RÏRWLOVMQMR�I
RN�XVEOXEXM�TEUINI��4INKEQFIVM�W�E�Z�W��I
YVHLÏVSM�%PMYR�V�E�XÏ�WLOVYERXI�EXÏ�UÏ�M
HMOXSM��4INKEQFIVM�W�E�Z�W�XLE��q�&MWQMP�
PELMV�VVELQERMV�VVELMQr��OYVWI�7YLINPM
RHÏVL]VM�I�XLE��q/YWL�ÏWLXÏ�O]�)V�VEL�
QER��RI�RYO�I�RNSLMQ�OÏXÏ�>SX��TVERHEN
WLOVYENI�&MWQMOE�%PPELYQQIr��4INKE�
QFIVM�W�E�Z�W��I�TVERSM�OÏXÏ�OYWLX�HLI
EXÏLIVÏ�YVHLÏVSM�%PMYR�V�E��XÏ�ZITVSRXI
EWLXY��
:ELHSM�4INKEQFIVM�W�E�Z�W���q/]
ÏWLXÏ�XVEOXEX�RÏ�QIW�1YLEQQIHMX
W�E�Z�W���M�HÏVKYEV�M�%PPELYX��HLI�7YLINP
&��%QVMX���r��OYVWI�7YLINPM�RHÏVL]VM�TVE�
T�HLI�XLE��q2HEP��WMOYV�X�X�OMWLMQ�TVE�
RYEV�TÏV�XÏ�HÏVKYEV�XÏ�%PPELYX��RI�RYO�HS
X�RHEPSRMQ�L]VNIR�XYEN�R�5EFI�HLI�EW
UÏ�HS�XÏ�PYJXSRMQ�OYRHÏV�XINI��TSV�WLOVY�
EN�OÏWLXY��s/]�ÏWLXÏ�8VEOXEX�RÏ�QIW�1Y�
LEQQIHMX��X�FMVMX�X�%FHYPPELYX�HLI���r�
4INKEQFIVM�W�E�Z�W��XLE��q1IKNMXLEXÏ��YRÏ
NEQ�TINKEQFIV�I�M�HÏVKYEV�M�%PPELYX�
IHLI�TWI�NY�RYO�Q�FIWSRMr��4INKEQFIVM
W�E�Z�W�YVHLÏVSM�%PMYR�V�E��UÏ�XÏ�ZITVSRXI
EWLXY�WMË�OÏVOSM�7YLINPM��7MKYVMWLX�UÏ�EXE
U�PYJXYER�QI�4INKEQFIVMR�W�E�Z�W��X�GM�
PÏX�I�HSRMR�HLI�I�FIWSRMR�WM�XÏ�HÏVKYEV�XÏ
%PPELYX��RYO�HÏWLMVSRMR�XÏ�ZITVSRMR�EW�
KN�U�HS�X�GIRSRXI�RHIVMR�HLI�MQELMR
I�1YLEQQIHMX�W�E�Z�W��-�OÏXMPPÏ�MWLXI
IHLI�%PMY�V�E���M�GMPM�RKYVVSM�HLI�RYO�QY�
RHM�XÏ�JWLMRXI�JNEPÏX�qM�HÏVKYEV�M�%PPELYXr�
/YV�I�TE�4INKEQFIVM�W�E�Z�W��ZIRHSWQ�
VMRÏ�I�XMN��EXÏLIVÏ�I�JWLMY�ZIXÏ��
/]�8VEOXEX�RÏ�JSVQÏR�I�XMN�TÏVJYRHM�
QXEVI�HS�XÏ�HYOIN�OÏWLXY��
2Ï�IQVMR�8ÏRH��S�%PPEL��
/]�8VEOXEX�M�TEUIW��IW�WYPLY �ÏWLXÏ
QEVVÏZIWLNI�RÏ�QIW�1YLEQQIHMX��XÏ�FM�
VMX�XÏ�%FHYPPELYX��HLI�7YLINP�F��%QVMX��XÏ
GMPÏX�TENXSLIR �
RIRM���
1YLEQQIHM�XÏ�OXLILIX�RÏ�1IHMRÏ
HLI�RÏ�OÏXÏ�ZMX�XÏ�QSW�L]NÏ�RÏ�1IOÏ��RHÏ�
VWE�RÏ�ZMXMR�I�EVHLWLÏQ�XÏ�ZMMXSNÏ�5EFI�
RÏ�RÏ�EJEX�TVIN�XVM�HMXÏWL�HYOI�TE�TEWYV
QI�ZIXI�EVQÏ��TÏVZIË�WLTEXEZI�RÏ�OÏPPÏJ�
+NEXÏ�OÏWEN�OSLI�OYVINWLMXÏX�RYO�PINSLIR
XtY�FÏNRÏ�OYVVJEVÏ�TIRKIWEWL�
RIRM��
2HÏVTVIVNE�I�EVQMUÏWMZI�RÏ�QIW�X]VI
RÏ�EJEX�TVIN����ZNIXÏWL��+NEXÏ�OÏWEN�TIVM�
YHLI��WE�KNEX�O]�EVQÏTYWLMQ��RNIVÏMX
HS�X�UEVOYPPSNR�PMVMWLX�HLI�HS�X�QFVS�
NRÏ�RNÏVM�XNIXVMR��
RIRM��
/YWL�HÏWLMVSR�XtM�FEWLOSLIX�1YLEQ�
QIHMX��OÏXÏ�QYRH�XE�FÏNÏ��QI�OYWLX�UÏ�XE
VIWTIOXSNÏ�OÏXÏ�XVEOXEX��I�OYWL�HÏWLMVSR
XtY�FEWLOSLIX�OYVINWLMXÏZI��PI�XÏ�ZITVSNÏ
EWLXY��«HS�JMW�M�XMPPÏ�OSRWMHIVSLIX�TNIWÏ�I
EXMN�TSTYPPM��«HS�EVQMUÏWM�RHEN�EPIEXÏZI�
HS�XÏ�OSRWMHIVSLIX�WM�EVQMUÏWM�RHEN�TE�
PÏW�UÏ�M�XEOSR�
RIRM��
%XE�U�MOMR�XIO�1YLEQQIHM�RKE�JMWM
OYVINWL�TE�PINIR�I�SXÏVMWÏ�WÏ�XMN��EXE�HS
XtM�OXLINRÏ�RÏ�1IOÏ��/YVWI�EXE�UÏ�ZMNRÏ
RKE�Q]WPMQERÏX�XI�OYVINWLMXÏX��TÏVOEXÏ�
WMWLX�RÏWI�HMOYWL�TVIN�X]VI�MOÏR�XI�OÏXE��XÏ
QSW�Y�OXLILIR�Q]WPMQERÏZI�
)JIOXI�TWMOSPSKNMOIXÏ�OÏXMN�XVEOXEXM�XI�Q]WPMQERÏX�
9QIVM�V�E��ÏWLXÏ�WLIQFYPPM�QÏ�M�QMVÏ
WI�ËJEVÏ�IJIOXM�TWMOSPSKNMO�OMWLXI�O]�XVE�
OXEX�XIO�WLYQMGE�I�Q]WPMQERÏZI��/YV
HÏKNSM�9QIVM�V�E��TÏV�OÏXS�OYWLXI��RYO
QYRHM�XE�TÏVQFERXI�ZIXIR�HLI�WLOSM�XIO
4INKEQFIVM�W�E�Z�W���UÏ�XÏ�WLMLXI�WI�ËJEVÏ
OMWLXI�RKNEVÏ�QI�OÏXÏ�XVEOXEX��-�XLE��q3
TINKEQFIV�M�%PPELYX��E�ÏWLXÏ�I�ZÏVXIXE�RÏ
ERÏR�XSRÏr#�4INKEQFIVM�W�E�Z�W��M�XLE�
q4Sr��9QIVM�V�E���q%�HS�XÏ�L]NRÏ�XÏ�ZVEVÏX
XERÏ�RÏ�<LIRRIX��I�XÏ�ZVEVÏX�I�X]VI�RÏ
<LILIRIQr#�4INKEQFIVM�W�E�Z�W��M�XLE�
q4S��HS�XÏ�L]NRÏr��9QIVM�V�E��EXÏLIVÏ�XLE�
q4ÏVWI�XÏ�XYVTÏVSNQÏ�JIRÏ�XSRÏ�I�XÏ�OXLI�
LIQM��I�XÏ�QSW�I�PÏQÏ�UÏ�%PPELY�XÏ�KN]�
OSN�R�QIW�RIWL�HLI�EX]VIr#�
4INKEQFIVM�W�E�Z�W���M�XLE��q3�FMVM�M
,EXEFMX��YR�NEQ�TINKEQFIV�M�%PPELYX
HLI�RYO�OEQ�HEWLYV�XÏ�NIQ�M�TEHÏKNY�
IWLÏQ�RHEN�8MN��%M�HS�XÏ�QÏ�RHMLQSNÏ
HLI�OYVVÏ�RYO�HS�XÏ�QÏ�FVEOXMWÏr��9QIVM
V�E��M�XLE��q4S�XM�E�RYO�RE�OI�XLÏRÏ�WI�HS
XE�FÏNQÏ�YQVIRr#�4INKEQFIVM�W�E�Z�W��M
XLE�WI�Y�OMWLXI�XLÏRÏ�TSV�NS�TÏV�EXÏ�ZMX��
9�PEVKYE�9QIVM�V�E��TÏV�XIO�)FY�&I�
OVM��M�TMOÏPPYEV�TÏV�OÏXÏ�EVQÏTYWLMQ��HLI
KNIRHNE�I�XMN�WLTMVXÏVSVI��UÏ�ZPSRXI�TÏV�XÏ
L]VÏ�RÏ�WLXÏTMRÏ�I�%PPELYX��RYO�Y�UIXÏ�
WYE�HIVMWE�FVMXM�WYVIXY�P�JIXtL�HLI�Y�FMRH
WI�ENS�MWLXI�JMXSVI��8LSX�9QIVM�V�E��q/M�
WLE�HÏWLMVÏ�XÏ�PELIWLE��ERHEN�IHLI�WSX�NET
HMXYVME�MWPEQI������
WEHEOE��JEP�REQE�REJMPI��EKNÏVSN�HLI�PM�
VSN�VSFÏV��ZIXÏQ�QI�UÏPPMQ�UÏ�XE�PILXÏWSN
RHÏVKNIKNIR�XMQI�TÏV�WLOEO�XÏ�EX]VI�JNE�
PÏZI�UÏ�TEXE�XLÏRÏ��)�OEQ�PYXYV�%PPELYR
UÏ�ONS�TYRÏ�XÏ�QIVVXI�JYRH�QMVÏr��
%WLEFÏX�I�4INKEQFIVMX�W�E�Z�W��RYO�Y
UIXÏWYER�HIVMWE�FVMXM�WYVINE�*IXtL��I�GMPE
JMPPSR��q2I�X�HLEQ�X]�JMXSVIR�I�UEVX���r�
)JIOXIX�NYVMHMOS�TSPMXMOIXÏ�OÏXMN�XVEOXEXM�
)JIOXIX�NYVMHMOI�XÏ�OÏXMN�XVEOXEXM�M�R\NI�
VVMQ�RKE���RIRIX�I�WLÏRYEVE��OÏXS�MWLMR��
���1]WPMQERÏX�I�OMWLMR�TÏV�HIX]VÏ�XÏ
OXLILIWLMR�TE�I�OV]IV�YQVIR�EX�ZMX��
���1]WPMQERÏX�OMWLMR�XÏ�HVINXÏ�XÏ�ZMRMR
HLI�XE�ZMMXSRMR�5EFIÏ�ZMXMR�XNIXÏV��RÏ
EJEX�TVIN���HMXÏWL��HLI�XÏ�TEEVQEXSWYV��
���/YVINWLÏX�I�OMWLMR�TÏV�HIX]VÏ�UÏ�ZM�
MXÏR�I�5EFIWÏ��RKE�Q]WPMQERÏX�ZMXMR�I
EVHLWLÏQ��XE�HYVSRMR�HLI�XÏ�TÏVQFE�
LIWLMR�RKE�ËHS�TVSZSOMQ��
���/NS�QEVVÏHLÏRMI�I�VI�NYVMHMOI��TEUNE
HLI�EVQÏTYWLMQM ��UÏ�FYVSR�RKE�O]
XVEOXEX��HS�X�KNEWXI�R�RN�OSL�TVIN
���ZNIXÏWL��
���5EVOYPPMQM�M�PMVÏ�M�RNIVÏZI�RÏTÏV�LE�
TÏWMVEX�I�X]VI�HLI�QFVSNXNE�I�RNÏVM�
XNIXVMX���
���)�HVINXE�I�JMWIZI�XÏ�XNIVE�TÏV�XtMY�FEWL�
OYEV�1YLEQQIHMX�W�E�Z�W���HLI�I�HVIN�
XE�I�X]VI�TÏV�XtMY�FEWLOYEV�OYVINWLÏZI�
QI�HIX]VMQMR�U�XE�VIWTIOXSRMR�8VE�
OXEXMR��
���%VQMOY�M�EPIEXMX�MWLXI�IHLI�EVQMO�M
TEPÏW�WÏ�GMPÏW�M�XEOSRXI�EM�EPIEX��
���1YLEQQIHM�W�E�Z�W��HIX]VSLIN�U�Q]�
WPMQERÏX�RKE�OYVINWLÏX�UÏ�ZMRMR�RÏ
1IHMR��XtM�OXLIRXI�TVET�R�1IO��
/ÏXS�MWLMR�XÏ�HVINXEX�HLI�HIX]VMQIX�UÏ
FYVSRMR�TÏV�TEPÏX�RKE�O]�XVEOXEX��
2HÏVOEU��RKE�IJIOXIX�TSPMXMOI��QYRH
XÏ�ZIËSNQÏ��
���7YOWIWM�M�QEHL�RÏ�OÏXÏ�8VEOXEX�MWLXI
WI�OYVINWLÏX�I�OMWLMR�TVERYEV�WM�TEPÏ
1YLEQQIHMR�W�E�Z�W���RÏ�JYWLÏR�I�WÏ
HVINXÏW�RHÏVOSQFÏXEVI�ONS�RNMLIX�WM
RNSLNI�I�WLXIXMX�XÏ�VM�RÏ�QÏR]VÏ�XÏ�LIW�
LXYV ��
���/YVINWLÏX�I�OMWLMR�OYTXYEV�WI�RHEPMQM
M�1YLEQQIHMX�W�E�Z�W�TÏV�XÏ�L]VÏ�RÏ
1IOÏ�MWLXI�M�TEQYRHYV��TVERHEN�OÏV�
OYER�ZIXÏQ�XÏ�WLX]LIN�TÏV�RNÏ�ZMX��UÏ
X�QSW�HMPRMR�TEVE�JMWIZI�X�XNIVE�EVEFI
WM�LYQFÏW�JEXEPÏ ��
���/YVINWLÏZI�QÏ�RYO�Y�MRXIVIWSRXI�WI
OYWL�HLI�WE�ZIXE�HS�XÏ�L]RMR�RÏR�JPE�
QYVMR�I�1YLEQQIHMX�W�E�Z�W���RIRM
� ��TS�Y�MRXIVIWSRXI�ZIXÏQ�IOMWXIRGE
I�X]VI�WM�TEP�QI�qVSP�R�JMWIX�EVEFIr��
/ÏXS���TMOE�FÏNRÏ�XÏ�QÏWSNQÏ�TÏV�JEP�
MQIRXMQMR�I�TEWLQERKWLÏQ�XÏ�OYVINWLM�
XÏZI�HLI�WYOWIWMR�I�TEWLQERKWLÏQ�XÏ
1YLEQQIHMX�W�E�Z�W��
)JIOXIX�I�8VEOXEXMXRÏ�JYWLÏR�I�(EZIW�MWPEQI�
4ÏVJMXMQM�M�HEZIW�MWPEQI�KNEXÏ�OÏWEN
OSLI�XÏ�EVQÏTYWLMQMX�QI�OYVINWLÏX��RHM�
OSM�HLI�WLMLIX�R�H]�HVINXMQI��
���2Ï�TVERMQMR�I�-WPEQMX�RKE�JMKYVE�XÏ
JYUMWLQI�QIOEWI��+NEXÏ�OÏWEN�TIVMY�
HLI�X�TEUIW��JXSLNE�I�KNEUIZI�HLI
HLÏRME�TÏVTEVÏWM�VEGMSREPMMQMX�TEVE
IQSGMSREPMXIXMX��RHMOSM�JYUMWLÏQ�RÏ
TVERMQMR�I�-WPEQMX�RKE�RNIVÏMX��2HÏV
RNIVÏMX�I�QÏHLIRN�UÏ�TVERYER�-WPE�
QMR��MWLMR��,EPMH�F��9IPMH�V�E���%QV�F�
%WM�V�E��HLI�9XLQER�F��8EPLE�V�E��/YV
M�TE�4INKEQFIVM�W�E�Z�W��WI�EXE�RNIVÏ
TVERYER�-WPEQMR��XLE��q2E�HLYVSM
1IOE�GSTÏ�RKE�QÏPËME�I�WENr��
���7LXVMVNE�HLI�TVIERXMQM�M�-WPEQMX�XIO
JMWI�EVEFI��QFVIXÏV�HLI�TIVERHSVÏ�XÏ
OSLÏW��
+NEX�EWEN�OSLI�4INKEQFIVM�W�E�Z�W�
EOXMZMSM�EQFEWEHSVÏX�I�ZIX�HLI�HMTPSQ�
EGMR�R�WLYQ�ZIRHI�EVEFI��TIVWI�I�FM�
ERXMRI��%XE�EQFEWEHSVÏ�M�HÏVKSRXI�TÏV
XtM�TÏVGNIPPÏ�EQERIXMR�XÏ�KNMXLÏ�RNIVÏM�
QMX��QI�X�GMPMR�I�OMWLXI�RKEVOYEV�%PPELY
\L�WL���4EVE�HÏVKMQMX�XÏ�X]VI��4INKEQFIVM
W�E�Z�W��TÏVKEXMXM�IHLI�ZYPÏR�I�XMN��RÏ�XÏ
GMPÏR�WLOVYERXI��q%PPEL��6EWYP��1YLEQ�
QIHr��TSV�U�WLOVYLIN�HLI�PI\SLIN�RKE
TSWLX�PEVX���H�Q�XL��JMPPSRXI�QI�1YLEQ�
QIH�W�E�Z�W��HLI�TÏVJYRHSRXI�QI�%PPEL
TSV�PI\SLIN�HYOI�JMPPYEV�RKE�%PPEL�TEWXEN
6EWYP�HLI�1YLEQQIH��TÏV�VIWTIOX�RHEN
%PPELYX�\L�WL� ��
1IWELM�MWPEQ�Y�TVIERXYE�XI�OÏXE�WY�
RHMQXEVÏ�TÏVQIW�OÏX]VI�XÏ�HIPIKYEVZI�
EQFEWEHSV��
���2IKYWMX���1FVIXMX�XÏ�%FMWMRMWÏ�TÏVQIW
%QV�F��9QINNI�IH�(EQIVMR�V�E��/]
QFVIX�I�TVERSM�-WPEQMR�TEVE�<LEJIV�F�
)FM�8EPMFMX��4INKEQFIVM�W�E�Z�W��Y�MR�
JSVQYE�RKE�%PPELY�\L�WL��TÏV�ZHIONIR
I�2EKYWMX�HLI�ME�JEPM�REQEMR�I�<LI�
REIW�RÏ�QYRKIWÏ ��
���1IWELM�MY�HÏVKYE�1YOEYOMWMX�1FVIX
M�)KNMTXMX�TÏVQIW�,EXMF�F��&IPXERMX�
/]�WYRHMQXEV�RYO�I�TVERSM�-WPEQMR
TSV�WLTVILY�EHQMVMQ�HLI�VIWTIOX�XÏ
QEHL�RHEN�4INKEQFIVMX�W�E�Z�W��HYOI�M
HÏVKYEV�HLYVEXE��H]�VSFÏVIWLE�HLI�RNÏ
QYWLO��
���1IWELM�HÏVKYEV�/MWVEW��TIVERHSVMX�XÏ
4IVWMWÏ�TÏVQIW�%FHYPPEL�F��,YHLE�
JIR��M�GMPM�ME�HSVÏSM�QIWELMR�QEKRE�
XMX�XÏ�&ELVINRMX�TÏV�XE�TÏVGNIPPÏ�XIO�O]
TIVERHSV��/]�TIVERHSV�RYO�I�TVERSM
-WPEQMR��TÏVOYRHVEM�Y�WSPP�WLYQÏ
OIU�HLI�KVMWM�WLOVIWÏR�I�1YLEQQI�
HMX�W�E�Z�W��/YV�HÏKNSM�4INKEQFIVM
W�E�Z�W��TÏV�OÏXÏ��XLE��q9�KVMWXÏ�TYWL�
XIXM�M�XMNr��
(LI�ZÏVXIX�RHSHLM�TEW�TEO�OSLI��RNÏ
REX�TEPPEXM�M�XMN�Y�L]X�R�XVEMVE�HLI�M
FMVM�M�XMN��7LMVIZELM��I�ZVEY�EX�HLI�ME
VVÏQFIY�TYWLXIXMR��
���1IWELM�HÏVKYEV�'IEVMX��/ENWIV�TI�
VERHSVMX�XÏ�&MERXMX�TÏVQIW�(MLNIXY�F�
,YPINJI��/]�TIVERHSV�MWLXI�M�FMRHYV
RÏ�TVSJIXÏWMRÏ�I�1YLEQQIHMX�W�E�Z�W��
TS�RYO�I�TVERSM�-WPEQMR��4S�1YLEQ�
QIHMX�W�E�Z�W��M�HÏVKSM�WLYQÏ�HLYVEXE��
���1IWELM�HÏVKYEV�IP�1YRHLMV�F�7EZMX�
TÏVQIW�)P�EPE�F��)P�,YHVEQMNNYX��/]
MWLXI�WYRHMQXEV�M�&ELVINRMX��M�GMPM�I
TVERSM�-WPEQMR�WM�HLI�WLYQMGE�I�TS�
TYPPMX�X�XMN��
HMXYVME�MWPEQI������
���1IWELM�HÏVKYEV�,EYHLIXI�F��%PMYX�
WYRHYIWMX�XÏ�.IQIRMX��MY�HÏVKYE�TÏV�
QIW�7YPINL�F��%QVM�IP�%QMVMNN��/]
WYRHMQXEV�M�OMWLXI�XLÏRÏ�1YLEQQI�
HMX�W�E�Z�W���q7E�I�QMVÏ�ENS�TÏV�WI�TS
QÏ�XLÏVVIX�XM��%VEFÏX�QÏ�RHNIOMR�RKE
O]�ZIRHM�MQ��I�XM�QE�QYRHÏWS�XÏ�OIQ
IHLI�YR�LMWI�W�FEWLOY�QI�X]��HLI
YR�HS�X�X�TEWSN�X]r��/]�WYRHMQXEV�M
HÏVKSM�1YLEQQIHMX�W�E�Z�W��WLYQÏ
HLYVEXE��
���1IWELM�HÏVKYEV�,EVMXL�)FM�7LIQIV
IP�+EWWERMX�WYRHYIW�M�7LEQMX�TÏVQIW
7Y\LE�F��:ILFMX��/]�WYRHMQXEV�RYO�I
TVERSM�-WPEQMR��
���1IWELM�HÏVKYEV�WYRHYIWMX�XÏ�%QQE�
RMX�TÏVQIW�%QV�F��%WMX��/]�I�TVERSM
-WPEQMR�FEWLOÏ�QI�ZÏPPERÏ�I�XMN��
/ÏXS�MWLMR�OSQYRMOMQIX�HMTPSQEXMOI
XÏ�1YLEQQIHMX�W�E�Z�W��QI�TIVERHSVÏX
HLI�QFVIXÏVMX�I�OSLÏW��XÏ�GMPÏZI�YE�TÏV�
GSPPM�QIWELMR�I�%PPELYX�\L�WL��(MWE�TVIN
X]VI�I�TVERYER�I�HMWE�NS��TSV�MWLXI�M�V�
RHÏWMWLÏQ�JEOXM�M�TVIERXMQMX�XÏ�-WPEQMX
R�FSX��
-WLXI�QI�VÏRHÏWM�JEOXM�WI�4INKEQFIVM
W�E�Z�W��KNEXÏ�EVQÏTYWLMQMX�QI�OYVINWLÏX�
LZMPPSM�HMWE�PYJXÏVE�QI�JMWI�XÏ�XNIVE�UÏ
VVIMOSRMR�HLI�OÏVGÏRSRMR�WLXIXMR�MWPEQ��
>KNHLNE�I�TVSFPIQMXXÏ�FIWMQXEVÏZI�QIOEW�
2�RIRMR����WM�XLEQ��TEVEWLMLIN
OXLMQM�M�FIWMQXEVÏZI�Q]WPMQERÏ�UÏ�ZM�
RMR�RKE�1IOE�XI�1YLEQQIHM�W�E�Z�W��TÏV
RÏ�1IOÏ�TÏVWÏVM��4EW�PMHLNIW�WÏ�QEVVÏZI�
WLNIW�IVHLÏR�HMWE�KVE�UÏ�OMWLMR�TVERYEV
-WPEQMR��HLI�TEW�X]VI�IHLI�SXÏVMRNXÏ�I
X]VI�TÏV�XtM�OÏVOYEV�RKE�4INKEQFIVM
W�E�Z�W��UÏ�XtYE�OXLIRXI�TVETÏ��/NS�OÏVOI�
W�I�X]VI�Y�VIJYYE�RKE�4INKEQFIVM
W�E�Z�W��HYOI�Y�XLÏRÏ�WI�EX]�RYO�RÏROYT�
XSLIWLMR�KVEXÏ��WITWI�EXS�EW�UÏ�MWLMR�TÏV�
QIRHYV��
>KNMHLNE�I�TVSFPIQMX�XÏFYVVEZI�FIWMQXEVÏ�RKE�1IOE�
/YV�EVVMXM�4INKEQFIVM�W�E�Z�W��R�1I�
HMR��TEW�XMN�EVVMXM�RN�M�EVVEXMWYV�RKE�1I�
OE��U�UYLIN�)FY�&IWMV��RKE�JMWM�8LIOEJI�
4EWM�EVVMXM�RÏ�1IHMRÏ��TEW�XMN�IVHLÏR�H]
FYVVE��RNÏVM�TVIN�XÏ�GMPÏZI�SXÏVME�M�XMN��TÏV
XE�OXL]IV�)FY�&IWMVMR�R�1IO��/]�Q]W�
PMQER�M�RHIVYEV��)FY�&IWMVM��RYO�QYRH�XE
MQEKNMRSRXI�XtY�OXLILIN�XSVXYVEZI�U�M
WLOEOXSRMR�QIOEWMX��-Y�EROYE�Q]WPMQER�
ÏZI�HLI�4INKEQFIVMX�W�E�Z�W��UÏ�HS�XE
OXLIRMR�TÏVWÏVM�RÏ�HYEV�XÏ�X]VI��4INKEQ�
FIVM�W�E�Z�W���M�HEWLYVM�M�IFY�&IWMVMX�HLI�M
HEWLYVM�]RÏ�W�E�Z�W���RYO�I�XLIY�FIWÏR�I
HLÏRÏ��TSV�I�HMRXI�UEVXÏ�WI�%PPELY�RYO
HS�XÏ�LKÏRNIRXI�EW�EXÏ�HLI�EW�FIWMQXEVÏX
U�NER�QI�X���1YLEQQIHM�W�E�Z�W��M�XLE�
q3�)FY�&IWMV��OIQM�PMHLYV�QEVVÏZIWLNI
QI�XE��I�ENS�RE�SFPMKSR�UÏ�XÏ�XÏ�HSVÏSN�
QÏ�XIO�XE��4SV�%PPELY�HS�XtNY�FÏNÏ�KNMHL�
NI�XÏ�WLTINXÏr��
(YOI�Y�OXL]IV�TÏV�1IOÏ��KNEXÏ�RNÏ
TYWLMQM��)FY�&IWMVM�I�QEWLXVSM�TÏVGNI�
PPÏWMR�I�SXÏVMWÏ�WÏ�XMN��ME�QSVM�WLTEXÏR
HLI�I�ZVEY��4ÏVWÏVM�MOY�TÏV�1IHMRÏ�HLI
TEW�XMN�IVHLM�WÏVMWL�SXÏVME�M�XMN��/YV�I�TE
4INKEQFIVM�W�E�Z�W��SXÏVMRÏ�I�)FY�&IWM�
VMX��XLSXÏ�WI�O]�TEWOE�TEVÏ�JERXEQÏR�
TEWOE�JVMO�X�QEHLI��)FY�&IWMVM�M�XLE�
q3�4INKEQFIV�M�%PPELYX��I�QFENXI�FIWÏR
XÏRHI�I�QÏ�HSVÏSZI��TSV�%PPELY�QÏ
WLTÏXSM�TVIN�X]VIr��)FY�&IWMVM�I�TE�UEVXÏ
WI�4INKEQFIVM�W�E�Z�W��RYO�HS�XE�XL]IRXI
FIWÏR��TVERHEN�MOY�RÏ�JWLEXMR�7INJY�P�FE�
LV��%XNI�MY�FEWLOYER�WLYQ�WLTINX�IHLI
<LIRHIP�F��7YLINPM�HLI�WLYQÏ�XÏ�XNIVÏ
RKE�1IOE�UÏ�TVERYER�-WPEQMR��2Ï�OÏXÏ
ZIRH�Y�FÏ�KVYTM�M�QYLE\LMVÏZI�XÏ�)FY
&IWMVMX�HLI��QIUIRÏWI�MWLXI�TMOÏ�YHLÏXM�
QM�TÏV�XVIKXMRÏ�I�OYVINWLÏZI��EXE�ZELHM�
QMWLX�VVIMOSRMR�OEVZERIX�I�X]VI��4EW�RNÏ
OSLI�OYVINWLÏX�MWLMR�EXE�UÏ�WLOYER�HLI�I
PYXÏR�4INKEQFIVMR�W�E�Z�W��UÏ�XÏ�KNMXLÏ
Q]WPMQERÏX�RKE�1IOE�UÏ�TVERSRMR
-WPEQMR��X�PINSLIWLMR�R�1IHMR��
1I�PINIR�I�%PPELY�\L�WL��TÏVJYRHSM
IHLI�ONS�TMOÏ�I�OÏXMN�XVEOXEXM�RÏ�XÏ�QMVÏ�XÏ
Q]WPMQERÏZI��HLI�WtOMWLXI�WM�XÏ�QSW
TÏVJYRHSRXI�RÏ�XÏ�QMVÏ�XÏ�X]VI�WE�OSLÏ�UÏ
TEW�1YLEQQIHMX�W�E�Z�W��MWLXI�%PPELY
\L�WL�
8L]IVNE�I�8VEOXEXMXRKE�/YVINWLMXÏX�
4INKEQFIVM�M�%PPELYX�W�E�Z�W��HLI�EXE
U�NER�QI�X��NER�X�HVINX��X�QEXYV�HLI
OYVVÏ�RYO�I�XL]INRÏ�FIWÏR��RYO�QEWLXVSN�
RÏ�I�EW�KÏRNINRÏ��%XÏ�QEVVÏZIWLNI�Q]WPM�
QERÏX�I�TVIERXYER�TÏV�LEMV�HLI�HSFM�XÏ
TÏVKNMXLWLQI��)�WLJV]XÏYER�TÏV�XE�TÏV�
LETYV�TEUIR�IHLI�R�JMWI�I�VENSRI�X�XNI�
VE��1YLEQQIHM�W�E�Z�W��I�VIWTIOXSM�HLI�I
VYENXM�8VEOXEXMR�HIVM�R�QSQIRXMR�OYV�I
XL]IR�XVEHLXEVÏX�I�VEHLÏZI�XÏ�OYVINWLÏZI��
/]�8VEOXEX��WM�I�TEQ��RIRMR���TEVE�
WLMLXI�QYRHÏWMRÏ�I�L]VNIW�WÏ�JMWIZI�XÏ
RHV]WLQI�RÏ�VEHLÏX�I�TEPÏZI�UÏ�I�OMWLMR
PMHLYV��*MWM�&IRY�&IOÏV�L]VM�QI�/YVIN�
WLMXÏX��OYVWI�JMWM�,YE�L]VM�RÏ�VEHLÏX�I
1YLEQQIHMX�W�E�Z�W��
+NEX�RN�REXI��HIVMWE�RN�KVYT�QIWL�
OYNWL�RKE�JMWM�,YE�UÏRHVSRMR�XI�FYVMQM
)P�:IXMV�RÏ�WLTEXMR�I�1IOÏW��RNÏ�KVYT
RKE�JMWM�&IRY�&IOÏV�M�WYPQYER�EXE�XÏ�RHM�
LQYEV�RKE�/YVINWLÏX�QI�EVQÏ�I�RNIVÏ�
HLI�M�ZVER�EXE��/NS�RHSHLM�R�ZMXMR���LM�
\LVM�RÏ�QYENMR�7LEFER��/ÏXY�UI�JYRHM�M
OÏXMN�8VEOXEXM��TVIN�XÏ�GMPMX�Q]WPMQERÏX�I
1YLEQQIHMX�W�E�Z�W��OMWLMR�TEWYV�WLYQÏ
HSFM��HYOI�TÏVGNIPPÏ�-WPEQMR��HYOI�OV]IV
YQVIR��HYOI�Y�WLXYEV�HLI�HYOI�Y�SVKERM�
YEV�TÏV�XE�EVVMXYV�JMXSVIR�I�1EHLI��«PMV�
MQMR�I�1IOÏW��
*EPÏRHIVMQM�-�XEOSR�%PPELYX�
4EUNE�HLI�QÏWLMVE�I�%PPELYX�USJWLMR
TÏV�1YLEQQIHMR�W�E�Z�W���TÏV�JEQMPNIR�I
XMN�HLI�TEWYIWMX�I�XMN�HIVM�RÏ�(MXÏR�I�+N]�
OMQMX�
HMXYVME�MWPEQI������
2N�TVIN�OYWLXIZI�JSRHEQI�
RXEPI�U�RNIVMY�HYLIX�X�EVVM�
NÏ�RÏ�OÏXÏ�NIXÏ��TE�H]WLMQ
ÏWLXÏ�RNSLNE�I�>SXMX���/VMNY�
IWMX��7YRHYIWMX��1FMOÏU]VÏWMX��5IRMIW
%FWSPYXI��M�'MPM�ÏWLXÏ�M�4ÏVLIVWLÏQ��M
4EJMPPMQ�HLI�M�4EQFEVMQ��
4EVE�WI�RNIVMY�Xt-E�OIXÏ�JVMOÏR�>SXMX�
HYLIX�XE�OIXÏ�XÏ�UEVXÏ�ZEVÏWMRÏ�UÏ�I�OE
RKE�%M��RIZSNÏR�TÏV�8Ï ��RHÏVWE��TEVE�WI
XE�OYTXSNÏ�ZEVÏWMRÏ�RKE�%M��HYLIX�XE�RNS�
L�%X��
2NSLNE�I�>SXMX�ÏWLXÏ�I�PILXÏ�TÏV�XtY
EVVMXYV��2�ZIX�UIRMIR�I�RNIVMYX�OE�EVKY�
QIRX�TÏV�IOMWXIRGÏR�I�RNÏ�JYUMI�XÏ�TÏV�
OV]IV�QFMREX]VSVI��EFWSPYXI��2�UMIN�I
RÏ�8SOÏ��RÏ�WLMYR��ENVMR��RHÏVVMQMR�I�WXM�
RÏZI��OVMNMQMR�I�XÏ�KNMXLE�KNEPPIWEZI�RÏ
ËMJXI��TÏVWSWQÏVMRÏ�I�OVMNMQMX��LEVQSRM�
MQMR�I�PÏZMNIW�WÏ�TPERIXÏZI���OE�EVKYQI�
RXI�TÏV��IOMWXIRGÏR�I�>SXMX��7tOE�H]WLMQ
WI�RYO�HS�X�IOMWXSRXI�EW�IHLI�OVMNMQM
QÏ�M�ZSKÏP��TS�XÏ�QSW�MWLXI�HÏWLMVE�I
/VMNYIWMX��U�EM�OVMNMQ�M�GEOXYEV�X�IOMW�
XSRXI��%�HS�X�OMWLXI�RHSRN�TMOXYV�TE
TMOXSVMR��ETS�OEVMOEXYV�TE�OEVMOEXYV�
MWXMR�#�.S�EWWIWM�
2NSLNE�I�>SXMX�EVVMLIX�WÏ�TEOY�RÏTÏV�
QNIX�H]�QÏR]VEZI��QIRHNIW�HLI�ZÏWLXVM�
QMX�X�OVMNMQMX�
1IRHNE�RE�FÏR�UIRMI�XÏ�ZIËERXE��XÏ
EVW]IWLQI��%NS�ÏWLXÏ�OVMNMQM�QÏ�M�HEWL�
YV�M�>SXMX��TMOÏVMWLX�WITWI�RÏTÏVQNIX�WEN
RNIVMY�EVVMR�XE�RNSLÏ�%XÏ��4SV��ÏWLXÏ�I
ZÏVXIXÏ�WI�ZIXÏQ�QI�QIRHNI��RNIVMY�RYO
QYRH�XÏ�EVVMNÏ�ËHS�KNÏ��1I�QIRHNI�QYRH
XÏ�EVVMNQÏ�WLYQÏËOE��TSV�NS�IHLI�KNMXLË�
OE��1I�QIRHNI�EVVMNQ�XE�RNSLMQ�>SXMR�
TSV�QI�QIRHNI�RYO�QYRH�XE�TIVGITXS�
NQÏ�UIRMIR�HLI�TÏVLIVWLQÏVMRÏ�I�IOMW�
XIRGÏW�WÏ�>SXMX��4SV��QIKNMXLEXÏ��IHLI�QÏ
XIN�QIRHNE�QFIXIX�I�VÏRHÏWMWLQI��WITWI
TVETÏ��RÏTÏVQNIX�WEN�TS�OYTXSNQÏ�WI�QI
EXÏ�RYO�QYRH�XÏ�EVVMNQÏ�ËHS�KNÏ��(YOI�Y
FEYEV�RÏ�OÏXÏ�JEOX��OSRWXEXSNQÏ�WI�QI�
RHNE�ÏWLXÏ�WLOEO�HLI�JEOXSV�M�ZIXÏQ��UÏ
EVW]IXSR�TETIVGITXYIWLQÏVMRÏ�I�UIRMIW
WÏ�>SXMX�HLI�TÏVNIXÏWMWÏ�WÏ�8MN�
7LOIRGE�OE�EVHLYV�RÏ�TÏVJYRHMQ�WI
RÏ�FSXÏ�ËHS�KNÏ�TÏWSR�RHV]WLMQ��ËHS�KNÏ
UÏ�TÏWSR�RHV]WLMQ��OE�UIRÏ�I�OVMNYEV��UÏ
XVIKSR�WI�OE�TEWYV�RNÏ�JMPPMQ��HLI�ÏWLXÏ
ZÏVXIXYEV�WI�ËHS�JMPPMQ�I�OE�IHLI�JYRHMR�
OYVWI�ËHS�KNÏ�UÏ�OE�JMPPMQ�HLI�JYRH��RYO
OE�H]WLMQ�WI�OE�TEWYV�RN�OVMNMQ�X�OY�
PPYEV��HLI�WÏ�JYRHM�ËHS�KNÏ�UÏ�ÏWLXÏ�OVM�
NYEV��OE�/VMNYIWMR�I�WEN��M�'MPM�ÏWLXÏ�2NÏ
HLI�M�:IXQM��I�%M�ÏWLXÏ�>SXM�M�1EHLÏVYEV�
M�4ÏVLIVWLQM��M�4EZHIOWLQM��M�4ÏVOV]IVM�
M�+NMXLÏJYUMWLQM�
4WMOSPSKY�M�TIVWSREPMXIXMX��'EVP�+YW�
XEZ�.YRK��T]IXNIW�JSRHEQIRXEPI���%�I�FI�
WSRM�>SXMR#����M�ÏWLXÏ�TÏVKNMKNYV��q9RÏ
RYO�FIWSN��TSV�YR�I�HM�U�%M�IOMWXSRr�
4VE�FIWMQM�ETS�QSWFIWMQM�RÏ�>SXMR�E�HMË
XNIXÏV��RYO�PYER�EWRNÏ�VSP�XÏ�ZIXÏQ�TÏV�WE
M�TÏVOIX�XÏ�ZÏVXIXÏW�IOMWXIRGMEPI��2ÏWI
RNÏ�TIVWSR�UÏRHVSR�RÏ�RNÏ�KVIQMRÏ��HLI
QSLSR�WI�NEWLX�EXMN�ZIRHM�OE�HVMX��RYO
HS�XÏ�XLSXÏ�WI�QSLMQM�M�XMN�OE�RHMOYEV�RÏ
QSWIOMWXMQMR�I�HVMXÏW��TSV�XLNIWLX�TIV�
WSRM�R�JNEP�RYO�HS�U�X�FIWSN��0MRH
T]IXNE���E�I�OE�RHV]WLYEV�HVMXÏR�FIWMQM�M
XMN#�.S��.S��WITWI�HVMXE�TVET�OE�QFIXYV
HVMX��TSV�EM�TIVWSR�I�OE�QSLYEV�HYOI
QSW�Y�QFÏWLXIXYV�RÏ�EVW]IR�I�WLÏRHS�
WL��
2IZSNE�NSRÏ�TÏV�>SXMR�ÏWLXÏ�RIZSNÏ
UIRÏWSVI��I�TERHEWLQI��NS�RIZSNÏ�I�JE�
ÏW��%WRNÏLIVÏ�RNIVMY�RYO�QYRH�XÏ�RHML�
IX�M�TEZEVYV�RKE�RIZSNE�TÏV�>SXMR��.IXE�I
RNIVMYX�ZEVIX�RKE�WLYQÏ�JYUM�UÏ�M�OE�TÏV�
GEOXYEV�>SXM��2NIVMY�RYO�QYRH�XÏ�NIXSNÏ
TE�ENVMR��YNMR��HMIPPMR��JPSVÏR�I�JEYRÏR�
:EVÏWME�I�RNIVMYX�TÏV�>SXMR�RYO�RHMOS�
LIX�RKE�VVIXLEREX�I�GEOXYEVE��TSV�ÏWLXÏ
RIZSNÏ�UÏ�HS�XE�WLSUÏVSNÏ�KNEXÏ�KNMXLÏ
NIXÏW�
2HÏVWE�>SXM�UIRÏWMWLX�ÏWLXÏ�M�TEZEVYV
RKE�ËHS�WIRH��TMOÏVMWLX�WITWI�ÏWLXÏ�/VM�
NYIW�HLI�QSRMXSVYIW�M�ËHS�KNÏNI��TVERHEN
X�IOMWXYEVMX�I�8MN�RYO�ZEVIX�RKE�EWKN�
4ÏV�XÏ�IOMWXYEV�HLI�TÏV�XÏ�NIXYEV��RÏR�
WLXVMQM�]RÏ�RHEN�ZYPPRIXMX�XÏ�>SXMX�RÏ
PMKNI�REX]VSVI���JMMOI�ÏWLXÏ�M�HSQSWHS�
WLÏQ��RHÏVWE�RÏRWLXVMQMR�I�RNIVMYX�TÏV
RHIVMQMR��VIWTIOXMQMR�HLI�JEPÏRHIVMQMR
UÏ�%M�QIVMXSR��>SXM�M�1EHLÏVYEV�I�OE�PÏ�
RÏ�RÏ�HSVÏR�I�RNIVMYX��TVE�TÏV�OÏXÏ�I�OE
PÏRÏ�TPSXÏWMWLX�XÏ�PMVÏ��HYOI�HÏWLMVYEV�UÏ
FIWMQM�M�RNIVMYX�X�FYVSN�RKE�ZIX�ZYPP�
RIXM�XMN�I�NS�WM�VIYPXEX�M�HLYRÏW�
1IKNMXLEX��>SXM�I�OE�RNSJXYEV�RNIVMYR
TÏV�RHÏWLOMQIX�I�QYRHWLQI�UÏ�QYRH�XÏ
TEWSNRÏ�WM�VIYPXEX�M�QSWVIWTIOXMQMX�XÏ
JNEPÏW�WÏ�8MN��
%�XLYE�ËJEVÏ�HS�XÏ�RHSHLXI�WMOYV�>SXM
XÏ�OÏVOSRXI�RKE�RI�TÏVKNIKNÏWM�RÏ�QÏR]�
VÏ�VMKSVSI�TÏV�ZITVMQIX�XSRE��HLI�WM
VIYPXEX�XÏ�QSWRÏRWLXVMQMX�XÏ�RE�I�WLUM�
TXSRXI�HÏRMQMR�#�/NS�QFEWI�RYO�ÏWLXÏ
ZÏWLXMVÏ�XÏ�OYTXSLIX����RYO�HS�XÏ�QFIXIN
EWRNÏ�RNIVM�RÏ�XSOÏ��4SV��QÏWLMVE�I�>SXMX
XINOEPSR�LMHLÏVMQMR�I�8MN�
HMXYVME�MWPEQI������
2NSLNE��RIZSNE�HLI�JVMOE�RHEN�>SXMX�
5IRME�RNIVÏSVI�TÏVFÏLIX�RKE�XVYTM
HLI�WLTMVXM��OYVWI�QIRHNE�EXÏ�I�FÏR�UIRMI
XÏ�ZIËERXÏ��WLXÏ�PMKN�REX]VSV�M�TÏVGEOXY�
EV�RKE�>SXM��UÏ�TÏV�XÏ�NIXYEV�RNÏ�RNIVM��HY�
LIX�XÏ�LENÏ�I�XÏ�TMNÏ��1IRHNIR�I�YWLUINQÏ
QI�QIHMXMQ�I�PI\MQ��XVYTMR�QI�YWLUMQ�
HLI�ZMNQÏ�RÏ�TÏVJYRHMQMR�WI�IHLI�WLTMV�
XM�UÏ�ÏWLXÏ�TNIWÏ�I�XVYTMX��HYLIX�YWLU]IV
TEXNIXÏV��9WLUMQM�M�WLTMVXMX�ÏWLXÏ�FIWMQM
RÏ�IOMWXIRGÏR�I�>SXMX��HYOI�Y�TÏVTNIOYV
TÏV�XÏ�HIQSRWXVYEV�I�FEXYEV�RÏ�TVEOXMOÏ
JNEPÏR�I�8MN��2HÏVOEU�EHLYVMQM�]RÏ�RHEN
>SXMX�HLI�VIWTIOXMQM�M�*NEPÏW�WÏ�8MN��RYO
-�FÏR�HSFM�%XMN��TSV�ZIXZIXIW�WSRÏ�HLI
WLSUÏVMWÏ�RÏ�TÏVKNMXLÏWM�
4ÏVKNMXLÏWMWLX��JIXÏ�GMPÏWSLIR�TEHVIN�
XÏWMWLX�WM�JI�UÏ�UÏRHVSNRÏ�TEW�JVMOÏW��/]
KN]OMQ�RYO�ÏWLXÏ�EWTEO�M�ZÏVXIXÏ��WITWI
RNIVMY�M�RÏRWLXVSLIX�PMKNMX�XÏ�>SXMX�NS�ZI�
XÏQ�RKE�JVMOE��TSV�RKE�JVMOE�VIWTIOXM�
TMOÏ�WÏ�TEVM�HYOI�)�JEPÏRHIVYEV�%XÏ��UÏ�I
OE�OVMNYEV�WM�UIRMIR�QÏ�XÏ�TÏVWSWYV��HE�
WLYVMRÏ�I�RIZSNÏR�UÏ�RHMIR�TÏV�8Ï��WM�HLI
TÏV�FIKEXMXÏ�I�HLYVYEVE�
4ÏV�QÏ�XITÏV��JVMOE�RHEN�>SXMX�OE�HEPPM�
QI�HMEQIXVEPMWLX�XÏ�OYRHÏVXE�RKE�JVMOE
TVIN�RN�TIVWSRM��OEJWLI��TYWLXIXM�ETS
ËJEVÏHS�USJXÏ�HLI�OYWLHS�USJXÏ�
7�TEVM�HYLIX�XE�OIQM�X�UEVX�WI�JVMOE
RHEN�>SXMX�RE�EJVSR�QI�8��
4SV�ENS�UÏ�ZPIR�XÏ�XLIOWSLIX��UÏRHVSR
R�JEOXMR�WI�OE�W�TEOY�XVM�HEPPMQI�XLI�
QIPSVI�HLI�XLIPFÏWSVI�UÏ�I�ZIËSNRÏ�JVM�
OÏR�RHEN�>SXMX�RÏ�OVELEWMQ�QI�JVMOÏR
RHEN�OVMNIWEZI�X�8MN�
>SXM�ÏWLXÏ�/VMNYIW��RI�NIQM�OVMNIWE�
>SXM�ÏWLXÏ�M�TEZHIOWLÏQ��M�TÏVNIXWLÏQ�
OYVWI�RI�HLI�ËHS�KNÏ�XNIXÏV��NIQM�XÏ�ZHIO�
WLÏQ�XÏ�EJEXÏYEV��>SXM�ÏWLXÏ�M�TEHYOWL�
ÏQ��RI�NIQM�XÏ�HYOWLÏQ�
���>SXM�ÏWLXÏ�%M�UÏ�OVMNSR��RHÏVWE�RI�ZI�
XÏQ�TÏVHSVMQ�ETS�QSHMJMOSNQÏ�HMËOE
UÏ�IOMWXSR��UÏ�ÏWLXÏ�OVMNYEV�RKE�%M�
%NS�ËJEVÏ�FÏR�RNIVMY��ÏWLXÏ�ZIXÏQ�RNÏ
VIJPIOXMQ�M�EWEN�UÏ�XEWLQÏ�ÏWLXÏ�OVMNY�
EV�RKE�>SXM�
���>SXM�ÏWLXÏ�M�TEZHIOWLÏQ��M�TÏVLIVWL�
ÏQ��5Ï�RYO�OE�QFEVMQ��RYO�ÏWLXÏ�M
EJEXÏYEV�EW�RÏ�OSLÏ�EW�RÏ�LETÏWMVÏ�
%M�ÏWLXÏ�UÏ�M�OE�TEVETVMVÏ�LMWXSVMWÏ�
RHÏVWE�RI�RNÏ�HMXÏ�HS�XÏ�ZHIWMQ��HS�XÏ
FÏLIQM�YWLUMQ�TÏV�KNEPPIWEX�I�XSOÏW�
HLI�TVET�HS�X�VMOXLILIQM�XIO�%M��
���/VMNYIWM�ÏWLXÏ�M�TEHYOWLÏQ�HLI�M�HYO�
WLÏQ��I�TEHYOWLQI�ÏWLXÏ�ZIXÏQ�UI�
RME�I�8MN��RHÏVWE�IOMWXIRGE�I�8MN�ÏWLXÏ
I�HYOWLQI�R�EX�U�WLSLMQ�HLI�RHM�
INQ�
2N�RNIVM�M�GMPM�I�FIWSR�WMRUIVMWLX�HLI
I�OYTXSR�IOMWXIRGÏR�I�RNÏ�JYUMI�QFMRE�
X]VSVI��XÏ�TEZHIOWLQI�HLI�XÏ�TÏVLIVWL�
QI��RHMIR�HLI�ZITVSR�RHV]WLI�R�HEPPMQ
RKE�RNÏ�XNIXÏV�UÏ�RYO�ÏWLXÏ�TENMWYV�QI
OÏXS�RNSLYVM�I�XMTEVI�
2NIVMY�HYLIX�XÏ�OIXÏ�PMHLNI�XÏ�HVINXTÏV�
HVINXE�QI�>SXMR��WITWI�RÏ�TÏVKNMXLÏWM�QÏ�
OEXM�FÏLIX�OYV�>SXM�LEVVSLIX�
4ETIVGITXYIWLQÏVME�TÏV�TÏVLIVWLQÏ�
VME�I�/VMNYIWMX�RYO�ÏWLXÏ�EVKYQIRX�TÏV
QSWFIWMQ�RÏ�IOMWXIRGÏR�I�/VMNYIWMX�
2NÏ�RNIVM�UÏ�OE�NIXYEV�RNÏ�OSLÏ�XÏ�KNEXÏ
ZIXÏQ��RÏ�WLOVIXÏXMVÏ��W]XÏ�I�XÏ�GMPMX�RYO
OER�TEV�EW�IHLI�XIORSPSKNMR�Q�IPI�
QIRXEVI��TEWM�X�OIX�FEVOYEV�R�RN�U]�
XIX�QI�XIORSPSKNM�QSHIVRI��RYO�OE�XÏ
HVINX�X�QSLSN�WI�EX�XIORSPSKNM�X�GEO�
XYEV�I�OE�RHÏVXYEV�RNIVMY��4ÏV�WLOEO�WI�EM
RYO�OE�UIRÏ�M�TVERMWLÏQ�RÏ�OSLÏR�I�RHÏ�
VXMQMX�HLI�RYO�QYRH�XE�QEVV�QI�QIRH
WI�I�OE�RHÏVXYEV�RNIVMY��ONS�RYO�HS�XÏ
XLSXÏ�WI�I�OE�XÏ�HVINXÏR�HLI�EVW]IR�XE�QS�
LSNÏ�WI�EM�I�OE�RHÏVXYEV�HLI�EU�QÏ�TEO�XÏ
WYTSSNÏ�WI�ENS�OE�EVHLYV�RÏ�IOMWXIRGÏ
VEWXÏWMWLX��O]�WYTSMQ�RKNER�ZIXÏQ�XIO
EXE�TIVWSRE�U�FIWSNR�WI�RN�I�LIHLYV
WLOVSRNEWL�JSVQSR�TSIMRÏ��XÏ�GMPÏX�QI
ETS�TE�ZIXÏHMNI��M�HLYRSNRÏ�XÏ�KNMXLE�TE�
VMQIX�OV]IWSVI�X�VEGMSREPIW�
/YV�RNIVMY�RYO�QYRH�XÏ�HMNÏ�TÏV�ERE�
JMPPÏR�I�RNÏ�OVMNIWI�XÏ�HYOWLQI�HLI�QNEJX
XÏ�HSFÏX����ZIÏW�TYPÏW ��XÏ�/VMNYIWMX��WM
QYRH�X�TVIXIRHSN�X�EVVMN�X�TIVGITXS�
NÏ�TÏVLIVWLQÏVMRÏ�I�IOMWXIRGÏW�WÏ�/VM�
NYIWMX��M�'MPM�ÏWLXÏ�M�TEHYOWLÏQ�#
2N�KN�HYLIX�XE�OIQM�Q�WI�X�UEVX�
WI�JVMOE�RHEN�>SXMX�RYO�HS�X�OMWLXI�IJIO�
XMZMXIX�RÏWI�RYO�HS�XtME�WLSUÏVSRMQ�IHLI
FIWMQMR�I�WMRUIVX�
1YLEQIX�/VEWRMUM�
7XYHIRX�M�(ITEVXEQIRXMX
X�7SGMSPSKNMW���94
HMXYVME�MWPEQI������
7LYENF�%VREYXM�Y�PMRH�RÏ�(EQEWORÏ�ZMXMR�������ÏWLXÏ�FMVM�M�1Y�LEVVIQMX���6VNIHL�RKE�JEQMPNE�I&YWLEXPMRNZI�XÏ�7LOSHVÏW��2Ï
EXÏ�OSLÏ�7LOSHVE�MWLXI�OV]IU]XIX�M�7LUM�TÏVMWÏ��*EQMPNE�I�7LYENFMX��1YLEVVIQM�RKE�7LOSHVE�WLTÏVRKYPIX�HLI�ZIRHSWIXRÏ�(EQEWO�XÏ�7MVMWÏ��
WLXÏ�QI�MRXIVIW�XÏ�TÏVQIRHIX�XLÏRMEI�7LYENF�%VREYXMX�WI��OYV�RHSRNÏVM�OV]I�RXI�SFPMKMQMR�JIXEV��HYOI�EHLYVYEV�TIVÏ�RHMRÏ�HLI�I�LIXSRMR�SVKERIX�I�TYWLXIXMXPSOEP��EXÏ�TÏVRNÏLIVÏ�I�JYXRMR�RÏ�FYVKHLI�EWOYWL�RYO�HMRXI�WI�OY�RHSHLIN�EMRNIVM�TÏV�RNÏ�TIVMYHLÏ�XÏ�KNEXÏ�OSLSVITVIN�HLNIXÏ�ZNIXÏWL��
1Ï�RÏ�JYRH��FEFEM�M�7LYENFMX�ZIRHSWMXÏ�WLTÏVRKYPIN�RÏ�(EQEWO��WITWI��WMË�OM�WLXI�HÏKNYEV�RKE�HMWE�RNIVÏ��O]�ZIRH�RÏOVELEWMQ�QI�7LUMTÏVMRÏ�MWLXI�QÏ�M�UIXÏHLI�QÏ�M�GMZMPMYEV��HLI�WI�EXNI�OMWLXI�QÏWLYQÏ�PMVM��UÏ�HS�XÏ�XLSXÏ�WI�SFPMKMQIXJIXEVI�QYRH�XÏ�OV]LIWLMR�QÏ�PMVMWLX�HLITE�OYVVJEVÏ�TIRKIWI�RKE�EWOYWL��/]�MWL�XI�WLOEOY�OV]IWSV�TÏV�WLTÏVRKYPNIR�I�XMNRÏ�ZMXMR�������/ÏXÏ�ZIRHMQ�I�OMWLMR�QE�VVÏ��XLIOWSR�7LYENFM��JEQMPNIX�I�2YLÏ2I\LEXMX�HLI�XÏ�7]PINQER�+EZSËMX��2Ï7MVM�XÏ�TEVEX�IVHLÏR�JEQMPNIX�I�7LYENFMXHLI�2YLÏ�2I\LEXMX��RHÏVWE�JEQMPNE�I�7]�PINQER�+EZSËMX�WLOSM�EXNI�HLNIXÏ�ZNIX�QÏZSRÏ��
4ÏV�YHLÏXMQMR�I�JEQMPNIZI�WLOSHVERI�7LYENFMX�M�OMWLXI�XVIKYEV�FEFEM�M�XMN��2KE7LOSHVE�EXE�WÏ�TEVM�OMWLMR�WLOYEV�RÏ(YVVÏW��2Ï�(YVVÏW�OMWLMR�LMTYV�RÏ�ERMNIHLI�OMWLMR�HEPÏ�RÏ�-XEPM��2KE�-XEPME��TVETÏQI�ERMNI��OMWLMR�YHLÏXYEV�RÏ�0MFER��TVINRKE�QI�EYXSFYW�OMWLMR�EVVMXYV�RÏ�7MVM�q%RMNIX�QI�XÏ�GMPEX�PYRHVYEQ��MWLMR�XÏ
ZNIXVE��RHÏVWE�YHLÏXMQM�OMWLXI�KNEXYV�����HMXÏ��4ÏV�WE�Y�TÏVOIX�ZÏWLXMVÏWMZI�UÏOMWLMQ�TEWYV�KNEXÏ�YHLÏXMQMX��TVMRHMROYVVÏ�RYO�I�OEQ�HÏKNYEV�UÏ�XÏ�MWLXI�ER�OYEV��1I�EVHLNIR�XSRÏ�RÏ�(EQEWO��WLY�QMGE�I�JÏQMNÏZI�UIRÏ�WÏQYVYV�HLI�TEXÏRZHIOYV��:HIONE�I�X]VI�MWLXI�TEWSNÏ�I�RHÏ�VVMQMX�XÏ�OPMQÏW�HLI�YHLÏXMQMX�XÏ�KNEXÏ�2KE�JÏQMNÏX�I�WLYQXÏ�XÏ�1YLEVVIQMX��OI�QM�QFIXYV�ZIXÏQ�YRÏ��ZÏPPEM�HLI�RNÏ�QS�XÏV��UÏ�IRHI�NIQM�KNEPPÏ��1SXVE�ÏWLXÏ�QÏI�QEHLNE�HLI�XERM�OE�EJVS����ZNIXr��
&EFEM�M�7LYENFMX�RYO�WLMLXI�QMVÏ��%M�MHSRXI�WLYQÏ�HMNIXEVÏX��M�RHIVSRXI�HLIRHMUXI�XÏ�KNMXLE�XYFMQIX�I�HMNIXEVÏZI��TE
QEVVÏ�TEVEW]WL�WI�OY�QFELIWLMR��-WLXI�MEJÏVX�QI�XÏ�KNMXLÏ�HLI�WLSUÏVSLIN�WLYQÏQI�XE��(ÏWLMVÏ�I�JPEOXÏ�I�XMN�MWLXI�XÏ�MRJSV�QSLIN�WE�QÏ�WLYQÏ�TÏV�JIRÏ�MWPEQI�HLIKNMXLQSRÏ�OMWLXI�ÏRHÏVVYEV�UÏ�RHSRNÏVMRKE�JÏQMNÏX�I�XMN�XÏ�FÏLIN�HMNIXEV��+NMXLÏTEWYVMRÏ�I�XSOÏR�UÏ�OMWLXI�TEWYV�RÏ7LUMTÏVM��I�OMWLXI�WLMXYV�HLI�QI�XÏ�LSPPEXUÏ�OMWLXI�QEVVÏ��I�QFERXI�JEQMPNIR��&PM�RXI�HVY�EVVI��M�TÏVKEXMWXI�HLI�M�HÏVKSRXIRÏTÏV�JEFVMOE�TÏV�TÏVTYRMQMR�I�HVYVMX�1I�OÏXÏ�TVSJIWMSR�Y�QSV�HIVM�RÏ�ËEWXIX�IJYRHMX�XÏ�NIXÏW���
2HSRÏWI�RÏ�JMPPMQ�NIXÏR�RÏ�ZIRH�XÏLYEN�I�TÏVNIXSM�VÏRHÏ��EM�HEPÏRKEHEPÏ�YWXEFMPMYE�HLI�Y�EHETXYE�RÏ�OYWLXIX�IVINE�XÏ�NIXIWÏW��*MPPSM�RNÏ�NIXÏ�OVINXÏWMWLXXÏ�VI��TSV�TE�M�LEVVYEV�HSOIX�HLI�XVEHMXEXWLUMTXEVI�1ÏWMQIX�I�TEVE�7LYENFM�M�QSVM�RKE�M
EXM��/MWLXI�QÏWYEV�HMËOE�TÏV�-WPEQMR�RKE/YVERM��2KE�O]�PMFÏV�M�WLIRNXÏ�QÏWSM�HMWEOETXMRE��/MWLXI�EJXÏWM�XÏ�NEWLXÏEOSRWL�QI�TÏV�XtM�QÏWYEV�HMWE�JVEKQIRXI�XÏ�XMN�7LOEOY�OV]IWSV�TÏV�XtY�QEVVÏ�QI�QÏWM�QMR�I�/YVERMX��TÏV�7LYENFMR�MWLXI�WXYHM�QM�M�KNYLÏW�EVEFI��/NS�HEWLYVM�I�JSVXÏHLI�I�WMRUIVXÏ�RHEN�OÏXMN�WXYHMQM��M�PMRHMRÏ�QSWLÏR�WLXEXÏQFÏHLNIXÏZNIËEVI���
+NYLÏR�EVEFI�EM�I�QÏWSM�TÏV�EJVS�HLNIXÏZNIX��HYOI�WLOYEV�RÏTÏV�\LEQMXÏ�I�(EQ�EWOYX�HLI�WLOSPPEX�I�ZNIXVE�XÏ�EWEN�OSLI�5ÏPPMQ�OV]IWSV�OMWLXI�RNSLNIR�WE�QÏ�QM�VÏ�XÏ�KNYLÏW�EVEFI��KVEQEXMOÏR�HLI�PIXÏ�VWMRÏ�I�WEN���7XYHMSM�XI�HMWE�TVSJIWSVÏ�XÏWLUYEV�XÏ�EWEN�OSLI�RÏ�(EQEWO��0I\SM�PM�XIVEXYVÏR�QÏ�XÏ�RNSLYV�XÏ�KNYLÏW�HLI�XÏPIXÏVWMWÏ�EVEFI��TSV�WXYHMSM�7LIVL�MFRM
%OMPMR��7LTNIKMQIX�I�MFRM�%OMPMX �/EJMNIMFR�IP�,E\LMF�HLI�IP�1YJEWEP��2HEVNIX �XÏ�)P�>IQELWLIVMWÏ��PMFÏV�WLYQÏ�M�RNSL�YV��EXÏ�XÏ�-FRM�,MWLEQ�)P�)RWEVMX�QI�XMX�YPP�7LYHLYV�IP�(LILIF��%VM�M�TEWXÏV �)WVEV�IP�&IPEKE��*WLILXÏWME�KVEQEXMOS�VI �WM�HLI�PMFVMR�I�%FHYP�IP�/ELMV�IP�<LEV\LERM�QI�XMXYPPMR�q(IPEMP�IP�)E\L�Er��%VKYQIRXIX�I�H]�KNMRMZI �IXN���
7LYENF�%VREYXM�OE�UIRÏ�R\ÏRÏW�M�HMWETVSJIWSVÏZI�XÏ�WLUYEV�XÏ�(EQEWOYX��WM�M1YLEQIH�7EPML�IP�*EVJYV��M�GMPM�OE�UIRÏRNÏVM�RHÏV�TVSJIWSVÏX�I�VVEPPÏ�HLI�QÏ�M�OÏ�VOYEVM�RÏ�WLOIRGÏR�I�LEHMXLMX��/E�NIXYEVRÏ�RNÏ�PEKNI�XÏ�ZNIXÏV�XÏ�7LEQMX��7MVMERÏXM�XLSWLMR�)P�(MNEVYP�7LEQMNI�RÏ�OSLÏR�I1YLEQIH�FMR�.YWYJMX��M�RNSLYV�QI�IQVMR&IHVYHMR�IP�,EWIRM��M�GMPM�OE�RNÏ�PMFÏV��OYJPMXIX�TÏV�WLOIRGÏR�HLI�NIXÏR�I�XMN�TIVWSR�EPI���
2HÏV�HMNIXEVÏ�XÏ�XNIVÏ��7LYENFM�TEXMIHLI�TVSJIWSVMR�I�WLUYEV�%VMJ�IP�(YZI�\LM��M�GMPM�MWLXI�M�SVMIRXYEV�RÏ�PÏQMR�I�KNY�LÏW�EVEFI���
/E�QÏWYEV�IHLI�XI�WLOSHVERM�7]PINQ�ER�+EZSËM��M�GMPM�XÏVÏ�NIXÏR�I�OEPSM�RÏ�(E�QEWO��/]�Y�OE�PMKNÏVYEV�WXYHIRXÏZI�RKEPMFVE�XÏ�RHV]WLÏQ��UÏ�WXYHMSLIWLMR�RÏWLXIXIX�SWQERI�XÏ�EWEN�OSLI��WMË�MWLXI�EMq)P�%ZEQMP�0MP�&IVKIZMr��:ITVEX�I�&IV�KIZMWÏ ��QERHIN�q)P�-HLÏLEVr��(YOWL�QÏVME M�)XELPMYX��IXN���(LI��QÏ�RÏ�JYRH�O]�ME�EVVMXM�UÏPPMQMX�UÏ�OMWLXI�ÏRHÏVVYEVQÏ�TEVÏ��*MPPSM�XtM�OYTXSRXI�KNÏVEX��OMWLXIQFPIHLYV�RNÏ�QSVM�EVKYQIRXIWL��MWLXIMRXIPMKNIRX��OMWLXI�RNÏ�OETEGMXIX�XÏ�XÏQFENXYVMX�QIRH�7LYENFM�I�TE�XÏ�YHLÏW�UÏ�XÏ�QIVVIN�QI
WXYHMQMR�I�PMFVEZI�XÏ�JYWLÏW�WÏ�FEEZI�XÏPIKNMWPEGMSRMX�MWPEQ��UÏ�RÏ�EXÏ�OSLÏ�OÏVO�SLIN�WLYQÏ��HLI�JMPPSM�XÏ�PI\SRXI�PMXIVE�XYVÏ�TÏVOEXÏWI��WMTEW�QIHLLIFMX�LERIJM���
7LYENFM�OMWLXI�PI\YEV�IHLI�PMXIVEXYVÏRq1IVEOMPJIPELMXr�XÏ�7LYVMR�&MPEPMX��4SEWLXY�OE�PI\YEV�IHLI�PMFVMR�I�IP�-LXMNEV�8Ï�KNIHLYVE XÏ�)P�1IZWMPMX�HLI�PMFVMRI�)P�,EWER�IP�/EHYVMX��IXN���
/ÏXÏ�JYWLÏ�XÏ�FEEZI�XÏ�PIKNMWPEGMSRMXMWPEQ��7LYENFM�I�OE�WXYHMYEV�VVÏRNÏWMWLXHLI�QI�RNÏ�WIVMSMXIX�XÏ�ZIËERXÏ��1Ï�ZS�RÏ�JMPPSM�XÏ�QIVVIN�IHLI�QI�WXYHMQMR�HLIQI�OSQIRXMQMR�I�/YVERMX�HLI�QI�WLOI�RGÏR�I�,EHMXLMX��4ÏVZIË�OÏWEN��Y�QSVIHLI�QI�TSIM�I�OYPXYVÏ��8Ï�KNMXLE�OÏXS�MEVVMXM�RÏ�QSWLÏR����ZNIËEVI���9�TÏVGEO�XYE�RÏ�ZIËERXM�TÏV�WLOIRGÏR�I�,EHMXLMX�OY�IHLI�JMPPSM�XÏ�QIVVIN�QI�OSVVMKNMQMR�IPMFVEZI��2KE�ONS�JYWLÏ�TÏV�LIVÏ�XÏ�TEVÏ
HMXYVME�MWPEQI������
7LYENF�%VREYXM,YPYQXYIW�M�RNSLYV�M�PMFVEZI�XÏ�OYPXYVÏW�HLI�XÏ�EVWMQMX�
7LYENF�%VREYXM
JMPPSM�XtM�OSVVMKNSRXI�PMFVEX�I�)P�7YRI��)XMQSPSKNMOI�HLI�8IVQMRSPSKNMOI��TVEZITVEX�HLI�TSVSWMXÏ�I�1YLEQIHMX��4YRÏRI�OV]IRXI�QI�OYNHIW�HLI�ZÏQIRHNI�XÏTPSXÏ��RKEWI�HÏWLMVSRXI�UÏ�XÏ�KNMXLE�OÏXSXÏ�HMPRMR�RÏ�HVMXÏ�HLI�XÏ�OMWLMR�RNÏ�OYT�XMQ�XÏ�HVINXÏ�I�XÏ�MWLMR�RÏ�WLÏVFMQ�XÏ�ËHSLYPYQXYIWM�XNIXÏV���2Ï�ZMXMR������RÏ�RNÏWLOSPPÏ�XÏ�QIWQI�XÏ�(EQEWOYX��Y�FÏ�QÏ�WMQHLÏRÏW�M�KNYLÏW�EVEFI�HLI�M�OYPXYVÏWMWPEQI��1Ï������JMPPSM�TYRÏR�RÏ�&MFPM�SXIOÏR�-WPEQI�XÏ�(EQEWOYX��FMFPMSXIOÏONS�UÏ�MWLXI�QÏ�I�RNSLYVE�RÏ�7MVM��%X]�YIQÏVYE�OV]IXEV�M�KVYTMX�OSVVMKNYIW�HLITÏVQMVÏWMQMX�XÏ�KEFMQIZI��HÏWLMVÏ�ONS�XÏGMPÏR�I�OMWLXI�ÏRHÏVVYEV�UÏQSXM��TÏV�XtYFÏVÏ�OSVVMKNYIW�M�PMFVEZI�HLI�M�TYRMQIZIWLOIRGSVI����%M�ZIXÏ�KNMHLXI�PMFVMR�UÏ�I�OSVVMKNS�
RXI�QI�KVYTMR�I�XMN��0MFVEX�M�OSVVMKNSRXIQI�ZÏQIRHNI�I�XÏ�VMRNXÏ�M�OÏWLMPPSRXI�HLIM�QÏWSRXI�WM�HYLIN���0MFVEX�UÏ�M�OSVVMKNS�RXI�7LYENFM�RÏ�OÏXÏ�FMFPMSXIOÏ��MWLMR�XÏPÏQIRNZI�XÏ�RHV]WLÏQ��WM�PIKNMWPEGMSRMMWPEQ��TSIM��OSQIRXMQI�RKE�/YVERM��PI�XÏVWM�I�KNYLÏ��JMPSSJM��IXN��2Ï�OÏXÏ�FMFPM�SXIOÏ�7LYENFM�TYRSM�QFM����ZNIX�HLIOSVVMKNSM�QFM����PMFVE�XÏ�RHEVÏ�RÏ�ZÏPPM�QI�WMTEW�PÏQIRNZI��WM�7LIVL�IP�7YRIr�7LTNIKMQIX�I�ZITVEZI�XÏ�1YLEQIHMX
E�W� XÏ�&IVKIZMWÏ��PMFÏV�O]�UÏ�OMWLXI���ZÏPPMQI��q>EH�IP�1IWMV�JM�MPQYP�8IJWMVÏr�6VYKE�I�WLOIRGÏW�WÏ�OSQIRXMQMX�XÏ�/Y�
VERMX M�-FRM�<LIZMWÏ�RÏ���ZÏPPMQI��q6I�ZHEXYP�8EPMFMRr��/STWLXM�M�XÏ�OÏVOYEVZI M�2IZIZMWÏ�M�RHEVÏ�RÏ����ZÏPPMQI��q1EF�HEI�JM�WLIVL�IP�1YOEREr��*MPPMQIX�RÏWLTNIKMQMR�I�XÏ�TVERYEVZI �-FRM�1IJPELIP�,ERFIPM�RÏ����ZÏPPMQI��EM�M�q1IHLLIFIP�)KERM�M�MFRM�1IRHLYVMXr�RÏ����ZÏP�PMQI��IXN���
2Ï�7MVM��RÏ�ZMXMR������JMPPSM�RNÏ�JYWLE�XÏ�OYRHÏV�-WPEQMX�HLI�Q]WPMQERÏZI��2ÏOÏXÏ�OSLÏ�WLYQÏ�TIVWSRE�Y�FYVKSWÏR�QEHNI�TEXM�IHLI�XÏ�ZVEVÏ��9�FYVKSWÏRIHLI�XÏ�KNMXLÏ�WLSOÏX�I�7LYENFMX��q2Ï�OÏ�XÏ�KNIRHNI�OEU�XQIVVYIWI��>SXM�I�HM�WI�WMWLTÏXSZE����XLSXÏ�7LYENFM����5Ï�RKE�ONSOSLÏ�WLYQÏ�I�PMKÏ�QÏ�OYVVÏ�RYO�Y�OXLI�ZE�RÏ�7MVMr���
4EW�KNMXLÏ�OÏWEN�JYWLEXI�UÏ�RÏ�7MVM�YRHÏVQSV�OYRHÏV�Q]WPMQERÏZI��7LYENFMRÏ�QSWLÏR����ZNIËEVI��Y�PEVKYE�HLIWLOSM�RÏ�%QER�XÏ�.SVHERMWÏ��OY�M�FYÏ�UIWLM�JEXM�HLI�KNIXM�TYRÏ�RÏ�TVSJIWMSRMRUÏ�OMWLXI�YWLXVYEV�RÏ�(EQEWO��/ÏXYZELHSM�TYRÏR�WM�OV]IXEV�M�(IKÏW�WÏ�/Y�PXYVÏW�7LSUÏVSVI�RÏ�7LSUEXÏR�I�7LOVM�QXEVÏZI�RÏ�%QER��2Ï�JYWLÏR�I�OSVVMKNMQMX��7LYENFM�OM�
WLXI�JMXYEV�RNÏ�TÏVZSNÏ�XÏ�KNEXÏ�HLI�XÏQVIOYPPYIWLQI��8EWLQÏ�EM�ZIXÏ�I�LEVXS�RXI�TPERMR�I�TYRÏW��2NÏLIVÏWL�M�YWLXVSRXIIHLI�RÏTYRÏWMX�I�XNIVÏ�XÏ�HIKÏW�UÏ�TY�
RSRMR�EX]��8Ï�KNMXLÏ�OÏXE�M�TÏVGMPPXI�QIZÏQIRHNI�KNEXÏ�TYRÏW�WÏ�OSVVMKNMQMX���
4YRE�HLI�ZITVE�I�FÏRÏ�7LYENFMR�QÏ�XÏOÏVOYEVMR�HLI�QÏ�XÏ�TNIOYVMR�RÏ�WLOI�RGÏ��1I�TPSX�KSNÏR�QYRH�XÏ�XLIQM�WITÏVTEVMQM�HLI�RNSLNE�I�XMN�RÏ�JYWLÏR�IOSVVMKNMQMX�IHLI�RÏ�OÏXÏ�WLSUEXÏ��MWLXIRÏ�RMZIP�XÏ�HYLYV��4YRE�I�XMN�FÏVM�UÏ�EMKNEXÏ�KNMXLÏ�OVMNMQXEVMWÏ�WÏ�XMN�WLOIRGSVI�XÏ�OMWLXI�WLYQÏ�WMQTEXMERXÏ��RHÏV�XÏGMPÏX�IHLI�MRXIPIOXYEPÏ�XÏ�WLUYEV��4S�TÏV�QIRHMQ�ZIXÏQ�HMWE�TYRMQI�XÏ�XMN�WLOIR�GSVI�XÏ�OSVVMKNYEVE�RÏ�OÏXÏ�WLSUEXÏ�/SVVMKNMQM�M�PMFVMX�q7MVI�IEPEQ�IP�2Y�
FIPEr��,MWXSVME�I�XÏ�TEVÏZI�XÏ�HEPPYEV XÏ(LILIFMWÏ�RÏ����ZÏPPMQI��q)P�%ZEWMQZIP�/EZEWMQr��2HEPIWEX�HLI�XL]IVNIX�I�WÏZÏVXIXÏW �XÏ�-FRM�IP�:IMVMX�RÏ���ZÏPPMQI�q>EHI�IP�1IEHr��8EOMQIX�I�XITÏVXE �XÏ-FRM�/MNEQ�IP�<LIZIMWÏ�RÏ���ZÏPPMQI��IPMFVE�XÏ�XNIVÏ���
2Ï�TEVEXLÏRMIR�I�PMFVMX�q7MVI�IEPEQ�IP�2YFIPEr��,MWXSVME�I�XÏ�TEVÏZI�XÏ�HEPPY�EV XÏ�HV��&IWLEV�%ZEH�1EVYJ�RKE9RMZIVWMXIXM�M�&EKHEHMX��XÏ�GMPMR�I�OMWLXIOSVVMKNYEV�7LYENFM��HV��&IWLEV�7LYENFMRI�GMPÏWSR�WM�RNÏVMR�RHÏV�HMNIXEVÏX�QÏ�XÏWLUYEV�XÏ�OSLÏW�HLI�M�YVSR�WYOWIWI�HIKÏWHLI�WLSUEXÏW�RÏ�XÏ�GMPÏR�TYRSRXI�7LYEN�FM����8Ï�KNMXLE�WLTIRMQIX�UÏ�M�FÏVM�KNEXÏFSXMQMX�XÏ�PMFVEZI��QEXIVMEPMR�WLTIRYIW�PIXVÏR��QEOMRÏR�I�WLX]TMX�HLI�XÏ�XNIVE�MQSVM�TÏVWMTÏV�TVSJ��6MHZER�(EYFYP�/SLÏR�QÏ�XÏ�QEHLI��UÏ�RKE�QÏRKNIWM
HIVM�RÏ�QFVÏQNI�ZSRÏ��7LYENFM�I�OEPSRXIRÏ�]VÏ�HYOI�OSVVMKNYEV��+NMXLLIVÏ�QY�RHSLIN�UÏ�ËHS�JNEPÏ�XE�ZMRXI�RÏ�ZIRHMR�IZIX��RÏ�QÏR]VÏ�UÏ�TYRMQM�XE�OMWLXI�QÏ�XÏUEVXÏ�OYTXMQMR�IHLI�TÏV�PI\YIWMX���2NÏRYQÏV�NS�M�ZSKÏP�M�WXYHIRXÏZI�XÏ�JYWLÏWWÏ�OSVVMKNMQMX�OEPYER�RÏTÏV�HYEVX�I�7LY�ENFMX�HLI�WSX�I�OÏWEN�HMXI�TYRSNRÏ�XÏ�TE�ZEVYV��FSXSNRÏ�HLI�OSVVMKNSNRÏ��2HÏV�XETS�TÏVQIRHMQ��TVSJ��1YLEQIH�2IMQ�IP�%VOEWYWM��TVSJ��-FVELMQ�IP�>INFIO��TVSJ�
%HMP�1YVWLMH��TVSJ��3QIV�,EWER�IP�/M�
NEQ�HLI�TVSJ��%LQIH�%FHYPPEL��IXN���
4EW�TÏVTNIONIZI�XÏ�WLYQXE�UÏ�OMWLXIFÏVÏ��7LYENFM�RHMOSM�XIO�EXE�TÏV�XÏ�QMVÏRÏ�JYWLÏR�I�OSVVMKNMQMX��HLI�ZPIVÏWSM�WIEXE�ZÏVXIX�OMWLMR�EVVMXYV�RNÏ�WLOEPPÏ�XÏ�PE�VXÏ�XÏ�HMNIW�HLI�XÏ�TNIOYVMWÏ�TÏV�XtY�QEVVÏQI�OÏXÏ�ZITVMQXEVM�XINIX�MRXIVIWERXI�HLIXÏ�HSFMWLQI�RÏ�WLSUÏVM�I�RÏ�OYPXYVÏ���
/YV�M�ZPIVÏWSRXI�TYRMQIX�I�WXYHIRXÏZI�EXE�I�JEPÏRHIVSRMR�RÏ�TEVEXLÏRMIX�I�PMFVE�ZI�XÏ�X]VI�4VSJ��2IMQ�%VOEWYWM��RÏ�TEVEXLÏRMIR
I�OSVVMKNMQMX�XÏ�PMFVMX�8IZHML�IP�1IWLXIF�ILXÏ�MFR�2EWIV�(MRMX��I�JEPÏRHIVSR�7LY�ENFMR�UÏ�M�RHMLQSM�RÏ�ËHS�EWTIOX�HLI�RHÏV�XÏ�XNIVE��XLSXÏ�WI��TS�XÏ�QSW�MWLXI�EM�qYRÏ�EW�UÏ�HS�XÏ�MWLE�RÏ�OÏXÏ�TSWX�UÏ�XERMNEQ�HYOI�I�OV]IVr���
4VSJ��-FVELMQ�IP�>INFIO��RÏ�TEVEXLÏ�RMIR�I�OSVVMKNMQMX�XÏ�PMFVM�q8EFIOEX�YPI�QE�IP�,EHMXLr��:PIVÏWMQIX�I�HMNIXEVÏZIXÏ�LEHMXLMX XÏ�-FRM�%FHIP�,EHMX��T]IX�WIE�ÏWLXÏ�I�QNEJXYIWLQI�UÏ�TVSJIWSVMX�XÏ�XMN7LYENFMX�XtM�NIXÏ�ZIXÏQ�QMVÏRNSLÏW�HLI�XEJEPÏRHIVSNÏ�QI�JNEPÏ��WE�OSLÏ�UÏ�ME�OMWLXILETYV�WLXMKNIX�I�VVYKÏW�WÏ�HMXYVMWÏ���4SEWLXY��TVSJ��3QIV�,EWER�IP�/MNEQ��RNÏVMRHÏV�OSVVMKNYIWMX�NSVHERIÏ��XLIOWSR�WIRKE�7LYENFM�OMWLXI�TÏVJMXYEV�WLYQÏ�7LYENFMR�I�ZPIVÏWSR�WM�RNÏVMR�RHÏV�HMNI�XEVÏX�I�WLUYEV�XÏ�OSLÏW��q/ÏXÏ�QÏ�WÏ�QMVMI�HÏWLQSR�ZIRHM�MQ�RÏ�JYWLÏR�I�OSVVM�KNMQMX�RÏ�%QER�XÏ�.SVHERMWÏr����OMWLXIXLÏRÏ�EM���
&EWLOÏTYRMQ�HLI�QEVVÏHLÏRMI�XÏ�QM�VE�WLSUÏVSVI�I�QMUÏWSVI�TEXM�IHLI�QIWXYHIRXÏX�I�ZIX��1I�XE�MWLXI�WLYQÏ�M�EJÏVX�M�OYNHIWWLÏQ�HLI�M�HSFMWLÏQ��-�QÏWSRXIXÏ�QIRHSRMR�KNEXÏ�I�QMVÏ��&ÏRXI�IHLITSPIQMOE�XÏ�RHV]WLQI�KNEXÏ�TYRÏW�QIWXYHIRXÏ��2Ï�WLYQÏ�VEWXI�FÏRXI�PÏWLMQIXÏ�UÏPPMQWLQI��RÏ�QÏR]VÏ�UÏ�WXYHIRXÏX�XÏQSW�I�RHMIRMR�ZIXIR�XÏ�SJIRHYEV�2Ï�PMFVMR�q1IWRIH�IP�-QEQ�%LQIH
FMR�,ERFIPr��XÏ�GMPMR�I�OMWLXI�OSVVMKNYEVQI�H]�R\ÏRÏWMX�I�XMN���2IMQ�IP�%VOEWYWMRHLI�-FVELMQ�IP�>INFIO��7LYENFM��RHÏV�XÏXNIVE��XLIOWSR�WI�KNEXÏ�OSVVMKNMQMX��OMWLXIFÏVÏ�QI�UÏPPMQ�RNÏ�KEFMQ��TÏV�XtM�XIWXYEVWXYHIRXÏX�RÏWI�HS�XE�ZÏVIRMR��1MVÏTS�R\ÏRÏWMX�I�ZÏVINXÏR�QIRNÏLIVÏ�HLI�EX]TÏV�EX]�MRXIVZIRYER�UÏ�KEFMQMR�I�PÏWLYEVXE�TÏVQMVÏWSRXI�QIRNÏLIVÏ���2\ÏRÏWM�M7LYENFMX��TVSJ��%HMP�1YVWLMHM��TSLSR�TÏVRNÏ�OYRHÏVWLXMQ�XÏ�JSVXÏ�UÏ�M�OMWLXI�FÏVÏRNÏ�HMNIXEVM�XÏ�RNSLYV�HLI�XÏ�WLUYEV�XÏ�OS�LÏW��HYOI�ME�XÏVLIUYV�ZÏVINXNIR�UÏ�XÏ�QSWI�TEVEUMWXI�RÏ�STMRMSR��/YV�QIVVXI�RHSR�NÏ�ZIRHMQ��EM�RYO�XÏVLMUIN�EWRNÏLIVÏ��WI�TWI�ZIRHMQIX�I�XMN�MWLMR�XÏ�HVINXE�HLI�XÏZÏVXIXE���
2Ï�]VÏR�I�XMN�RÏ�%QER�WLTIWLLIVÏZMRMR�TVSJIWSVÏ�RKE�YRMZIVWMXIXI�XÏ�RHV]�WLQI�TÏV�OSVVMKNMQI��HLI�M�FÏRMR�T]IXNIXÏ�RHV]WLQI��%M�Y�TÏVKNMKNIN�XÏ�KNMXLE�T]�IXNIZI�HLI��RÏ�QÏ�XÏ�WLYQXÏR�I�VEWXIZI�YNITXI�ZÏVINXNI�HLI�M�YHLÏSRXI�TÏV�XÏ�QM�VÏ���
8Ï�KNMXLÏ�HMNIXEVÏX�UÏ�PI\YER�PMFVEX�IOSVVMKNYEV�RKE�7LYENFM��ZPIVÏWYER�WLYQÏPEVX�TYRÏR�I�FÏVÏ��HYOI�XLIOWYEV�WI�ZÏVXIXOMWLXI�TEWYV�RNÏ�OYNHIW�XÏ�ZIËERXÏ��/YVOV]IRXI�OSVVMKNMQMR�I�RHSRNÏ�PMFVM��7LYE�NFM��TEVE�WI�XE�HÏVKSRXI�TÏV�FSXMQ��XEOS�LIN�HLI�OSRXEOXSRXI�QI�HMNIXEVÏ�XÏRHV]WLÏQ��QI�UÏPPMQ�UÏ�PMFVM�XÏ�OSRXVSPP�SLIN�IHLI�RNÏ�LIVÏ�RÏ�QSW�M�MWLXI�TÏVZNI�HLYV�RHSRNÏ�KEFMQ�M�TEZÏVINXYV��� 2ÏTEVEXLÏRMIR�I�PMFVMX�q8ILHLMF�IP�/IQEPJM�IWQEIP�6M\LEPr�XÏ�1IMWÏ��XÏ�OSVVMKNY�EV�RKE�7LYENFM��(V��&IWLEVM��RHÏV�XÏ�XNIVE�HÏWLMVSM�UÏ�PMFVM�XÏ�HMPXI�WE�QÏ�TEVÏ�RÏ
HMXYVME�MWPEQI������
HVMXÏ��RKEWI�MWLXI�XITÏV�M�RIZSNWLÏQ�HLIQI�EXÏ�VEWX�JEPÏRHIVSM�7LYENFMR���
+NEXÏ�OSVVMKNMQMX��7LYENFM�HEPPSLINRKE�XÏ�XNIVÏX��QIUÏ�OMWLXI�RNÏ�TPER�HLIQIXSHÏ�XÏ�ZIËERXÏ�RÏ�PMFVEX�QI�XIQEXMOÏJMPSSJMOI�HLI�JIXEVI���
4ÏV�XÏ�TÏVQFPIHLYV�I�WLOVYEV�QMVÏ�IQÏ�QMVÏ�RHSRNÏ�JNEPM��O]�RHEPIN�HLI�TY�RSRXI�RÏ�XÏ�TÏV�SVÏ�XÏ�XÏVE���7LYQÏ�LIVÏM�OYRHÏVWLXSRXI�HMWE�HMNIXEVÏ�XÏ�QÏHLIRNOSVVMKNYIW�TEVE�XMN��QEHNI�QÏ�XÏ�ZNIXÏV��WM)P�,EJMHL�MFR�,E\LIV��HLI�XÏ�VMRN�XÏ�RNS�LYV��WM�%LQIH�1YLEQIH�7LEOMV��� 2ÏTEVEXLÏRMIR�I�PMFVMX�XÏ�q1IWRIH�IP�-QEQ%LQIHr��4ÏVJSVGMQIX�I�%LQIHMX ��PMFÏVXÏ�GMPMR�I�OMWLXI�OSVVMKNYEV�7LYENFM��RHÏVXÏ�XNIVE�XLIOWSRXI�WI�WÏ�WLTINXM�PI\YIWMXHS�XtM�WLSLMR�OYRHÏVWLXMQIX�HVINXYEV�MFR,E\LIVMX��M�GMPM�XERM�RYO�ÏWLXÏ�KNEPPÏ��HLITS�XÏ�MWLXI�KNEPPÏ�O]��QI�WMKYVM�HS�XÏ�TIR�HSLIN�TÏV�KEFMQIX�I�XMN�XÏ�FÏVE���
0MFVEX�UÏ�OE�OSVVMKNYEV�7LYENFM�RÏ�PÏ�QIRN�XÏ�RHV]WLÏQ�HIVM�QÏ�WSX��EVVMNRÏHIVM�RÏ�����ZÏPPMQI�HLI�RHELIR�RÏ�/Y�XYF�IP�7YRI��0MFVE�XIVQMRSPSKNMOÏ�SWIZITVE�HLI�TSVSWM�XÏ�1YLEQIHMX��E�W� �1YWXEPIL�IP�*MOL��&EEX�I�PIKNMWPEGMSRI�ZI�MWPEQI ��8IJWMV�IP�/YVtER��/SQIRXMQIRKE�/YVERM ��TSIM�HLI�OYPXYVÏ�WLSUÏVS�VI��IP�%OMHI��%TSPSKNIXMOÏ �1YWXEPIL�IP�,EHMXL��7LOIRGEX�I�LEHMXLIZI�RÏ�TÏVKNM�XLÏWM OY�IHLI�TÏVGEOXSLIX�QÏ�WÏ�WLYQXMHLI�IP�)HIF��0IXÏVWM�HLI�JMPSSJM �IXN���
0MFVEX�QÏ�XÏ�RNSLYV�UÏ�M�OE�OSVVMKNYEVHLI�M�OE�FSXYEV�7LYENFM�RÏ�&MFPSXIOÏR-WPEQI�XÏ�(EQEWOYX�KNEXÏ�TIVMYHLÏW�����HIVM�RÏ�ZMXMR�������NERÏ���)P�&IVKIZM�7LIVL�IP�7YRI��7LTNIKMQIXXIVQMRSPSKNMOI�MWPEQI �RÏ����ZÏPPM�QI�
��)P�2IZIZM���6IZHEXYP�8EPMFMR��/STWLXMM�XÏ�OÏVOYEVZI RÏ�FEWLOÏTYRMQ�QI%FHYPOEHÏV�%VREYXMR��RÏ����ZÏPPMQI�
��-FR�1IRHLYV���1ILHLIF�IP�)KERM��RÏ���ZÏPPMQI�
��-FR�1IJPEL���IP�1IFHE�JM�7LIVL�IP�1Y�OERE��*MPPMQM�RÏ�WLTNIKMQIX�I�HÏWLM�VYEVE �RÏ����ZÏPPMQI�
��-FR�IP�<LI[M���>EHI�IP�1IWMV�JM�MPQYP8IJWMV��6VYKE�I�KNEXÏ�RÏ�OSQIRXMQMR�I/YVERMX RÏ�FEWLOÏTYRMQ�QÏ�%FHYP�OEHÏV�%VREYXMR��RÏ���ZÏPPMQI�
��)P�6ILMNFERM���1EXEPMF�IZPM�2ILE�7LIVL+ENIXYP�1YRXILE��/ÏVOMQIX�I�TEVE�RÏWLTNIKMQIX�I�OSLÏZI�XÏ�JYRHMX RÏ�FE�WLOÏTYRMQ�QI�%FHYPOEHÏV�%VREYXMR�RÏ���ZÏPPMQI�
��-FR�/EHEQI�IP�1EOHEWM���IP�/EJM�JM�JM�OL�IP�-QEQ�IP�1IF\LIP�%LQIH�FMR,ERFIP��0IKNMWPEGMSRIX�I�QNEJXYEVE�XÏ,ERFIPMX RÏ�FEWLOÏTYRMQ�QI�%FHY�POEHÏV�%VREYXMR��RÏ���ZÏPPMQI�
��-FR�(EZNER���1IREV�IP�7IFMP�JM�WLIVLIH�HIPMP��*V]XIX�I�HSFMWLQI�RÏ�WLTNI�KMQIX�I�EVKYQIRXIZI �RÏ���ZÏPPMQI�
��9WEQI�FMR�1YROMHL���IP�1IREMP�ZIP(INEV��0EKNIX�HLI�WLXÏTMXÏ �RÏ���ZÏ�PPMQI�
��)P�1IVIZM���1IWRIH�IFM�&IOV��0EVX�QEHLÏVME�I�IFY�&IOVMX �RÏ���ZÏPPMQI�
0MFVEX��UÏ�M�OE�OSVVMKNYEV�UÏ�RKE�ZMXM�����I�HIVM�QÏ�WSX�RÏ�7LSUEXÏR�I�7LOVM�QXEVÏZI�RÏ�%QER�NERÏ���)P�(LILIFM���7MVI�IEPEQ�IP�2YFIPE�,MWXSVME�I�XÏ�TEVÏZI�XÏ�HEPPYEV �RÏ���ZÏPPMQI��
��-FR�,EFER�IP�-LWER�JM�XIOVMF�7ELML�MFR,EFER��8Ï�QMVEX�RÏ�EJÏVWMRÏ�I�WÏ�ZÏV�XIXÏW�XÏ�MFRM�,EFERMX �RÏ����ZÏPPMQI�
��)P�8ELEZM���7LIVL�1YWLIOIP�IP�%XLEV�7LTNIKMQI�X�RHV]WLQI�EVOISPSKNM�
OI �RÏ����ZÏPPMQI���1YLEQIH�FMR�-FVELMQ�IP�:IMV���)P�%ZEWMQ�ZIP�/EZEWMQ��2HEPIWEX�HLIXL]IVNIX�I�WÏ�ZÏVXIXÏW �RÏ���ZÏPPMQI�
��-FR�/ENMQ�IP�<LIZMNI���>EHI�IP�1IEHJM�LIHNM�,ENVMP�MFEH��8EOMQIX�I�TVMXYVERÏ�EHLYVMQIX�I�WMRUIVXE RÏ�FEWLOÏ�TYRMQ�QÏ�%FHYP�/EHÏV�%VREYXMR��RÏ��ZÏPPMQI�
��)P�(LILIFM���8EVML�IP�-WPEQ��,MWXSVME-WPEQI RÏ�FEWLOÏTYRMQ�QI�HV��&I�WLEV�%ZEH�1EYVYJ��RÏ���ZÏPPMQI�
��)P�(LILIFM���8EFIOEX�IP�/YVE��7LXVIWEXI�JWLEXVEZI RÏ�FEWLOÏTYRMQ�QI�HV�&IWLEV�%ZEH�1EYVYJ��RÏ���ZÏPPMQI�
��-FR�IFM�IP�-���7LIVL�IP�%OMHI�IP�8ELE�ZMNI��7LTNIKMQI�ETSPSKNIXMOI�XÏ�8ELE�ZMNÏW �RÏ���ZÏPPMQI�
��)FM�(EZYH���)P�1YVEWMP��/ÏQFMQM�M�PI�XVEZI �RÏ���ZÏPPMQI�
��)P�2IZIZM���6MNEH�IP�7EPMLMR��/STWLXM�MXÏ�QMVEZI� �RÏ���ZÏPPMQI�
��%LQIH�FMR�,ERFIP���1IWRIH�IP�-QEQ%LQIH�FMR�,ERFIP��4ÏVJSVGMQM�MMQEQ�%LQIH�FMR�,ERFIPMX ��(IVM�QÏ
HMXYVME�MWPEQI������
WSX�O]�PMFÏV�EVVMR�RÏ����ZÏPPMQI��4VI�WMQ�UÏ�O]�PMFÏV�XÏ�EVVMNÏ�RÏ����ZÏPPMQI�EWLXY�WMË�TVIQXSR�7LSUEXE�I�7LOVMQ�XEVÏZI��RÏ�XÏ�GMPÏR�YHLÏLIUÏW�OSVVMKNM�QM�ÏWLXÏ�7LYENFM��/ÏXÏ�PMFÏV�QYRH�XEUYENQÏ�)RGMOPSTIHM�I�1EHLI�I�7LOI�RGEZI�XÏ�,EHMXLMX��WITWI�RÏ�XÏ�FÏLIXJNEPÏ�TÏV�OEXÏV�QIHLLIFIX�I�JIWÏ�MWPE�QI���
��-FR�1EJPEL�IP�,ERFIPM���)P�%HEF�IP�7LIVMMNI��6VIKYPPSVNE�I�PMKNIZI RÏFEWLOÏTYRMQ�QI�3QIV�,EWER�IP�/M�NEQ��RÏ���ZÏPPMQI�
��-FR�,E\LIV�IP�%WOEPERM���8ILVMV�IP�8I�OVMF��7LOVMQIX�I�EJÏVXE �RÏ�FEWLOÏ�TYRMQ�QI�HV��&IWLEV�%ZEH�1EYVYJ�RÏ���ZÏPPMQI�
/ÏXS�ZITVE�XÏ�7LYENFMX�NERÏ�QÏ�WI�XÏRIZSNWLQI�HLI�XÏ�QMVÏWIEVHLYVE�RÏ�TST�YPP�HLI�RNÏLIVÏWL�ÏRÏ�RNÏ�ZIRH�XÏ�PEVXÏRÏ�OYPXYVÏR�EVEFI�8Ï�VVEPPÏ�NERÏ�EXE�RNIVÏ��UÏ�OERÏ�RNÏ
PSKNMOÏ�QI�RNÏ�OETEGMXIX�XÏ�QEHL�QIRHM�QM�WM�RÏ�JMPSSJM��RÏ�LMWXSVM�HLI�RÏ�OYP�XYVÏR�EVEFI���
-FVELMQ�1YLEQIH�IP�/YJILM��RÏ�KE�IXÏR�HMXSVI�NSVHERII�)P�6ENM��OE�FSXYEVRNÏ�TSIM�OYWLXYEV�7LYENFMX��2ÏTÏVQNIXOÏWEN�TSIMI�EYXSVM�RKVI�PEVX�MHIEPMR�I�XMN�ZITVMQXEVMRÏ�I�QEHLI��ZYPPRIXMR�TÏV�HM�XYVM��WM�HMNIXEVMR�I�WLUYEV�HLI�RNÏVMR�RHÏVQÏ�XÏ�VVEPPÏX�HLI�QÏ�EYXSVMXEVÏX�RÏ�JYWL�ÏR�I�OSVVMKNMQMX���
8Ï�XLIQM�IHLI�TEO�JNEPÏ�TÏV�JEQMPNIRI�XMN�XÏ�RKYWLXÏ�&EWLOÏWLSVXNE�I�7LYENFMX�ÏWLXÏ�QI
TVINEVHLNI�EVEFI�RKE�7MVME��/E�HLNIXÏ�JÏ�QMNÏ��TVIN�X]VI�KNEWLXÏ�ZENE�HLI�OEXÏVHNIQ��4ÏV�XÏ�KNMXLE�OÏXS�7LYENFM�ÏWLXÏ�QÏWI�M�OÏREUYV��WMHSQSW�WITWI�JÏQMNÏX�I�XMNZIXIR�I�RHMINRÏ�WI�NERÏ�WLUMTXEVÏ�HLI�QITVINEVHLNI�RKE�7LOSHVE���
2NÏVM�TVIN�HNIQZI�XÏ�XMN�QI�TVSJIWMSRÏWLXÏ�HVYOXLXEV��TYRSR�RÏ�(EQEWO�HLIOE�H]UERMR�I�ZIX��(]�HNIQXÏ�I�XNIVÏ�NERÏXÏ�HMTPSQYEV�RÏ�9RMZIVWMXIXMR�I�(EQE�WOYX��RNÏVM�RÏ�PIXÏVWM�HLI�KNYLÏ�EVEFI��OY�VWI�XNIXVM�RÏ�OSQTNYXIVMWXMOÏ ��5Ï�XÏ�H]TYRSNRÏ�RÏ�)QMVEXIX�I�&EWLOYEVE�%VEFIXÏ�,EPM\LMX��-�FMVM�M�OEXÏVX�XEWL�TÏV�XEWLKNIRHIX�RÏ�7TERNÏ��OY�TYRSR�QI�RNÏ�MR�\LMRMIV�RÏ�TVSJIWMSRMR�I�IPIOXVMOÏW�q.EQ�WLYQÏ�M�OÏREUYV�UÏ�JÏQMNÏX�I�QM
KNIRHIR�RÏ�RNÏ�VVYKÏ�XÏ�HVINXÏ�HLI�RÏWLÏVFMQ�XÏ�TSTYPPMXr��OE�XLÏRÏ�7LYENFM���
)HLI�TWI�RÏ�ZIRH�XÏ�LYEN�HLI�M�TÏVFEPPYVQI�ZÏWLXMVÏWM�I�QYRHMQI�XÏ�QÏHLE��EMRYO�I�RHEPM�TYRÏR�OYVVÏ��HYOI�M�TPSXÏWYEVHÏWLMVÏR�FEFEMX�XÏ�XMN��1YLEVVIQMX��%VVMXMXÏ�QIVVXI�XMXYPP�XÏ�PEVXÏ�RÏ�WLOIRGÏ�HLI�RÏJYWLÏR�I�OSVVMKNMQMX�OY�Y�FÏ�M�RNSLYV�RÏ&SXÏR�%VEFI�RÏ�TÏVKNMXLÏWM��2IZI��WM�FE�WLOÏOSQFÏW�XÏ�XMN��RE�QFIXIX�XÏ�QFYVVI�QM�QI�XÏ�
/YV�RÏ�MRXIVZMWXÏR�QI�XÏ��I�PYXÏQ�XÏ�REM�XLSXÏ�HMWE�JNEPÏ�TÏV�WLUMTXEVÏX�I�7LUMTÏ�VMWÏ��XÏ�/SWSZÏW�HLI�TÏV�EXE�RÏ�(MEWTSVÏRÏ�KNYLÏR�WLUMTI��EM��RHSRÏWI�M�WLX]VÏ�RÏQSWLÏ��QI�ZYPPRIX�I�HEWLYVM�XÏ�QEHLITÏV�EXHLIYR��XLE��q4EVE�XVI�ZNIXÏWL�OEQUIRÏ�RÏ�7LUMTÏVM�HLI�Y�LEFMXE�WLYQÏ�TÏVKNIRHNIR�UÏ�TEWLÏ��2Ï�RNÏ�XEOMQ�UÏ�TEXEQI�TVSJIWSVÏX�WLUMTXEVÏ��XLEWLÏ�WI�WLUMT�XEVÏX�OERÏ�UIRÏ�SJMGIVÏ��UIZIVMXEVÏ��OV]�IQMRMWXVE��IXN��4�WL��LMWXSVME�NSRÏ�OSQFÏ�XEVI�RNIL����OV]IQMRMWXVE��2Ï�OSLÏR�OYVYRÏ�HS�XÏ�ZMNE�RÏ�7LUMTÏVM��MWLE�JXYEV�RKEOSRWYPPM�XYVO�RÏ�8YVUM��HLI�EM�QÏ�XLE�WI\LE\LEM�M�XMN�OE�UIRÏ�KN]OEXÏW�HLI�WI�XÏXMPPÏ�OE�TEWYV�IHLI�RÏ�.IQIR��1Ï�ZNIROIU�UÏ�WSX�WLUMTXEVÏX�TYRSNRÏ�RÏ�TYRÏXQÏ�XÏ�VÏRHSQXE�OYHS�RÏTÏV�FSXÏ��TÏV�XÏWMKYVYEV�OEJWLEXÏR�I�KSNÏW��7LUMTXEVM�HY�LIX�XÏ�WXYHMSNÏ�I�XÏ�TYRSNÏ�TÏV�ZIRHMR�IXMN��:IXÏQ�QI�TYRÏ�7LUMTÏVME�HLI�WLUMT�XEVÏX�RÏ�/SWSZÏ�HLI�RÏ�(MEWTSVÏ�HS�XÏOIRÏ�TÏVWÏVM�RNÏ�ZIRH�XÏ�VIWTIOXYEV�RÏ&EPPOER��4EVE�WÏ�KNMXLEWL��WLUMTXEVÏZI�HSXtY�XLSWLE��/YHS�USJWLM��FEWLOSLYRMq���
2KE�OÏXS�JNEPÏ�XÏ�7LYENFMX�OYTXSNQÏWI��TEZEVÏWMWLX�RKE�JEOXM�WI�NIXSNRÏ�NEWLXÏEXHLIYX��WLUMTXEVÏX�RYO�I�LEVVSNRÏ�EXHLI�YR�HLI�KNMXLQSRÏ�WLTVIWSNRÏ�WI�RYO�HSXE�LEVVSNRÏ�EW�OSQFMR�I�ZIX�HLI�WI�HS�XÏZMNÏ�RNÏ�HMXÏ�OYV�XÏ�KNMXLÏ�WLUMTXEVÏX��OY�HS�UÏ�NERÏ��HS�XÏ�NIRÏ�XÏ�PMVÏ�+NEXÏ�RNÏ�MRXIVZMWXI�QI�XÏ�RÏ�%QER�RÏ
ZMXMR�������7YEHE�«IVOIM�M�TEXM�WLXVYEV7LYENFMX�OÏXÏ�T]IXNI��q)�RHMIRM�ZIXÏRWLUMTXEV��ETS�WMVMERr#�7LYENFM�MY�TÏVKNMKNHYOI�M�XLÏRÏ�WI�ÏWLXÏ�I�VÏRHÏWMWLQI�UÏYRÏ�NEQ�Q]WPMQER�HLI�OYHS�UÏ�XÏ�NIXSN�RÏ�ZIRHIX�Q]WPMQERI �ZIXIR�I�RHMINWLXIXEW�XÏ�EXMN�ZIRHM��TE�QEVVÏ�TEVEW]WLWI�E�NEQ�RÏ�.SVHER�ETS�RÏ�8YVUM��4SV�HYEXÏ�XLIQ�WI�KNEOY�QÏ�PÏZM�RHV]WLI�OYVXLIQ�WI�NEQ�WLUMTXEV��:IXÏ�IQVM�HLI�TWI�YHSRMQM�MQ�HÏWLQSNRÏ�WI�NEQ�WLUMTXEVr�(LI��RÏ�JYRH�7LYENFM�GMXSM�RNÏ�XLÏRMI�XÏTVSJIXMX��/ÏVOSRM�HMXYVM�UÏ�RKE�HNITM�IKNIV�RÏ�ZEVV�
CCCCCCCCCCCCCCCCCCC*YWRSXEX�
���-RIXVZMWX�QI�7LYENF�%VREYXMR��%QER������������������������
���-FVELMQ�1YLEQIH�IP�/YJILM��7LYENF�%VREYXM��>IVOE���.SVHERM ��������J����
���4S�EX]����-RXIVZMWX�QI�7LYENF�%VREYXMR��%QER������������������������
���q)P�-�FMR�%FHYWIPEQ��8IVKMF�)LPYP�-WPEQ�JM�WY�ORE�IP�7LEQ��(ÏWLMVEX�I�Q]WPMQERÏZI�UÏ�XÏ�NI�
XSNR�R�(EQEWO ��>IVOE�i�.SVHERM��FSX�-�������J����
���-RXIVZMWX�QI�7LYENFMR��%QER�����������������������
���-RXIVZMWX�QI�7LYENFMR��%QER�����������������������
���4S�EX]����-FVELMQ�1YLEQIH�IP�/YJILM��7LYENF�%VREYX�>IVOE�i�.SVHERM��������J���
����4S�EX]�����-RXIVZMWX�QI�7LYENFMR��%QER�����������������������
����3QIV�,EWER�IP�/MNEQ��)P�>ILVE��0YPIX �:ÏPP�--��QEN�������J����
����4S�EX]�����1YLEQIH�7EPML�IP�*EVJYV��/IQE�EVIJXILY�7MOYV�I�OI�HMXYV ��(EQEWO��FSX�-��������J�������
����)P�/YJILM��7LYENF�%VREYX��J�������-RXIVZMWX�QI�7LYENFMR��%QER�����������������������
����)P�/YJILM��J�������4S�EX]����-RXIVZMWXÏ�����(V��%FHYPPEL�8YVOM��4EVEXLÏRME�I�XMN�6MNEH�������J�������
���)P�/YJILM��J�������-RXIVZMWXÏ�����3QIV�,EWER�IP�/MNEQ��)P�>ILVE��0YPIX �ZÏPP�--��QEN�������J�������
����7YEHE�«IVOIM��MRXIVZMWXE�MQI�QI�7LYENFMR�2V�����(MXYVME�-WPEQI��VIZMWXÏ�QYNSVI ��4VMWLXM�RÏ��������J����
����4S�EX]��ZIT��I�GMXYEV��J���������)P�/MNEQ��J������������)P�/YJILM��J�������)P�(LILIFM��7MVI�IEPEQ�IP�2YFIPE��,MWXSVME�IXÏ�TEVÏZI�XÏ�HEPPYEV ��&INVYX��������ZÏPP�-��J���������
����-RXIVZMWXÏ�����)P�/YJILM��J��������-FR�2EWMV�IP�(MR�IP�(MQIWLOM��8IZHML�IP�1I�WLXIFIL��&INVYX��������ZÏPP�-��J�����
����6IZMWX�EVEFI��I�GMPE�FSXSLIX�R�*VERG�)P�&I�WEMV�7LMOMQM ��RV�����J������
����-FR�6I\LIT�IP�,ERFIPM��7LIVL�,EHMXL��%PPELY�QI�FM�PQMOI�IP�+ENF��7LTNIKMQM�M�,EHMXLMX��3
>SX�X�JWLILYVEX�NER�XI�XM ��%QQER��FSX�-�������J�����
����%LQIH�FMR�,ERFIP��1IWRIH�IP�-QEQ�%LQIHFMR�,ERFIP�4ÏVJSVGMQIX�I�%LQIH�,ERFIPMX �&INVYX��FSX�-��������ZÏPP�--��J���������
����)P�/YJILM��J��������&MR�,ERFIP��1IWRIH��J�������������-RXIVZMWX�Q�7LYENFMR��%QER�����������������������
����)P�1IM��8ILHLMF�IP�/IQEP�JM�)WQEIP�6M\LEP�:PIVÏWMQIX�I�TPSXE�RÏ�IQVEX�I�FYVVEZI�i�HMNIXE�
VÏZI ��&INVYX��FSX�-��ZÏPP�-��������J��������-FR�,EFER�IP�&YWXM��)P�-LWER�JM�XILVMF�7ELMLMFR�,EFER��8Ï�ZÏVXIXEX�I�EJÏVXE�XÏ�MFRM�,EFERMX �FSX�-��ZÏPP�-��&INVYX��������J�������
����1YLEQIH�FMR�-FVELMQ�IP�:IMV��)P�%ZEWMQ�ZIP�/EZEWMQ��2HEPIWEX�HLI�XL]IVNIX�I�WÏ�ZÏVXIXÏW �FSX�-��ZÏPP�-��%QER��������J�����
����-FR�/ENMQ�IP�<LIZMNI��>EH�IP�1IEH�JM�LEHMLENVMP�MFEH�8EOMQIX�I�KNEXYVE�RÏ�EVHLQÏVMRÏ�I
QMVÏ ��FSX�-��&INVYX��������J��������%LQIH�FMR�,ERFIP��1IWRIH�MQEQ�%LQIH�FMR,ERFIP�4ÏVJSVGMQIX�I�%LQIH�FMR�,ERFIPMX �FSX�-��ZÏPP�-��&INVYX��������J����������
����)P�/YJILM��7LYENF��J��������2Ï�OSVVMKNMQMR�I�OÏWEN�)RGMOPSTIHMI�RHÏV�QÏ�XÏWLUYEVMX�UÏ�TYRYER�NERÏ��4VSJ��1YLEQIH�2IMQIP�%VOEWYW��TVSJ��-FVELMQ�IP�>INFIO�HLI�TVSJ�
%HMP�1YVWLMH�R�OV]I�QI�7LYENFMR�����)P�/YJILM��7LYENF��J��������4S�EX]�����)P�6ENM��6IZMWX�HMXSVI�NSVHERII��%QER�������J�����
����-RXIVZMWX�QI�7LYENFMR�����4S�EX]��
HMXYVME�MWPEQI������
1V�6I\LIT�7YQE
1IHME��WM�RNÏ�RHÏV�JEOXSVÏXQI�VÏRHÏWM�XÏ�ZIËERXÏ�RÏWLSUÏVM��ÏWLXÏ�WLRHÏVVYEVRÏ�RNÏ�ËÏWLXNI�WLYQÏ�XÏ
HMWOYXYIWLQI�NS�ZIXÏQ�RÏ�UEVUIXMRXIPIOXYEPI�XÏ�ZIRHMX��TSV�IHLI�RÏEXS�RHÏVOSQFÏXEVI��8IO�RI�RÏ�/SWS�ZÏ�IRHI�RYO�ÏWLXÏ�FÏVÏ�EWRNÏ�WXYHMQM�QMVÏJMPPXÏ�RÏ�PMHLNI�QI�RHMOMQMR�ITÏVQFENXNIZI�QIHMEPI�UÏ�TEVEUIWMREOXI�XÏ�HLYRÏW��)VE�I�KPSFEPMMQMX�OETVIOYV�HLI�OE�HITÏVXYEV�XLIPPÏ�IHLIRÏ�WLSUÏVMRÏ�OSWSZEVI��I�GMPE��WM�IXMPPÏ��TS�VIJPIOXSR�RÏ�OYPXYVÏR�XSRÏ�4SEWLXY�RHV]WLMQM�M�QIXSHEZI�HLI�QNI�XIZI�XÏ�OSQYRMOMQMX�QIHMEP�WSX�OEFÏVÏ�UÏ�IHLI�QIWELM�M�QIHMIZI�XÏNIXÏ�OVINX�RHV]WLI�RKE�ËtOE�UIRÏ�RÏXÏ�OEPYEVÏR�7E�QÏ�WLYQÏ�ÏWLXÏ�VVMX�YV�JIRSQIRM�HLYRÏ�RÏ�QIHMI��EU�QÏWLYQÏ�ÏWLXÏ�VVMXYV�IHLI�ZEVKY�M�OVM�XMOEZI�XÏ�WXYHMYIWZI�XÏ�RHV]WLÏQ�RÏOÏXÏ�JYWLÏ�
1IHMIX��USJWLMR�IPIOXVSRMOI�ETS�XÏWLX]TYVE��JEXOIUÏWMWLX�TS�OSRXVMFYS�NRÏ�RÏ�IOWTSMQMR�I�HLYRÏW��KNÏ�UÏWLOEOXSR�RNÏ�TEWMKYVM�HLI�WNIPPNI�NS�XÏQMVÏ�XIO�KNIRIVEXEX�I�VINE��I�WMHSQSWXIO�JÏQMNÏX��4WMOSPSKNME�I�QEWEZIQÏWSR��OYVWI�TVEOXMOE�TSLSR�WI�TÏV�WÏVMXNIX�QI�RKYPQ�QYRH�XtM�FMRHMR�RNI�VÏMX�TÏV�QMXIX�UÏ�WtOERÏ�PMHLNI�QIVIEPMXIXMR�
4WMOSPSKNME�I�QNIXIZI�XÏ�OSQYRMOM�QMX�QEWMZ��ZIËERÏVMWLX�MRXIVRIXM��SVM�IRXSLIX�TÏV�XÏ�RÏRWLXVYEV�NS�ZIXÏQTNIWÏR�I�ZIXÏHMNWLQI�XÏ�RNIVMYX��TSVIHLI�EXÏ�XÏ�MRWXMROXIZI�IQSXMZI�HLITÏV�XÏ�OVMNYEV�RHNIRNÏR�E�WLTVILMRÏUÏ�KNIHLNE�I�MQTSRYEV�XÏ�OSRWMHI�VSLIX�WM�I�ZIXE��1NIXIX�I�MRJSVQMQMXQEWMZ�TVIERXSNRÏ�EOXI�XÏ�HLYRÏW�RÏEXÏ�QEWÏ��WEUÏ�RÏ�ZIXÏHMNIR�I�RNIVM�YX�QEVVMR�XVENXMQ�XÏ�XMPPÏ�WM�XÏ�MWLXI�JNEPETÏV�HYOYVM�XÏ�EOSRWLQI��HLI�MRXI�VIWMQM�TÏV�HLYRÏR�ÏWLXÏ�WLRHÏVVYEVRÏ�RNÏ�YWLUMQ�HMXSV��TE�XÏ�GMPMR�RNIVMYQSHIVR�RYO�QYRHIX�UÏ�XÏ�NIXSNÏ�
2Ï�XÏ�WLYQXÏR�I�VEWXIZI��JÏQMNÏXFMIR�ZMOXMQÏ��WM�TEWSNÏ�I�WLJEUNIW�WÏHLYRÏW�RÏ�IQMWMSRIX�XIPIZMMZI��RÏ
JEUI�KEIXEWL��JSXS��JEUI�X�MRXIVRIXMXIXN�
2Ï�RNÏVÏR�ERÏ�RÏ�/SWSZÏ�OE�RYQ�ÏV�XÏ�QEHL�HLI�XÏ�PPSNPPSNWLÏQ�XÏ�QI�HMIZI��TEZEVÏWMWLX�RKE�RHV]WLMQIWLSUÏVSVI�QI�RNÏ�HIQSOVEGM�IRHI�XÏTEOSRWSPMHYEV�QMVÏ�7XYHMQIX�I�RHV]�WLQI�RÏ�OÏXÏ�JYWLÏ�OERÏ�ZÏVXIXYEVWI�JÏQMNÏX�ETS�QSWLEX�I�VINE�UÏ�YIOWTSSLIR�QÏ�WÏ�WLYQXM�TVSKVE�QIZI�UÏ�TÏVQFENRÏ�HLYRÏ��NERÏ�XÏTVMVYV�UÏ�XÏ�WLJEUMR�EKVIWMZMXIX�RÏVVIXLMR�OY�NIXSNRÏ��4S�EWLXY�RNIVÏMXUÏ�RHNIOMR�HLYRÏR�XIPIZMMZI��OERÏRNÏ�HSÏ�XÏ�QEHLI�XÏ�FIWMQMX�WI�FSXEUÏ�M�VVIXLSR�EXE��TÏVFÏLIX�RKE�RNÏVVIMOWLQÏVM�QÏ�I�PEVXÏ�WIWE�ÏWLXÏRÏ�VIEPMXIX�
1Ï�M�OVMXMOYEVM�RKE�QNIXIX�I�OSQY�RMOMQMX�QEWMZ�RÏ�OÏXÏ�HVINXMQ��QFIXIX8:��M�GMPM�WMTEW�WLYQÏ�XISVMGMIRÏZI�XÏOSQYRMOMQMX�QEWMZ��PPSKEVMXIX�IHLIQNIXM�qQÏ�M�VVIMOWLÏQr�UÏ�OE�TEWYVRHSRNÏLIVÏ�RNIVÏMQM��%�OE�HLYRÏ�RÏTÏVQFENXNIR�I�PENQIZI��IQMWMSRIZIHLI�MRJSVQMQMX#�%�OE�TEVEPIPI�RÏQIW�HLYRÏW�QIHMEPI�HLI�NIXÏW�VIEPIEKVIWMZI�RÏ�WLSUÏVM�#�7E�OERÏ�OSRX�VSPP�XVM�TYWLXIXIX�OPEWMOI��KN]UÏWSVM�IOIOYXMZM�HLI�PIKNMWPEXMZM �RÏ�TYWLXI�XMR�I�OEXÏVX��QIHMEP ��8ISVMGMIRÏX�IKEIXEVMWÏ��WM�3t7EPMZIR��0SVMQIVM�(IRMW�1IOYIMP�IXN���TS�IHLI�XÏ�WLOI�RGEZI�XÏ�XNIVE��OERÏ�HEPÏ�QI�VIYPXE�
XI�OSROVIXI�WI�QIHMEX�WLJEUMR�HLYRÏXÏ�XITVYEV�HLI��WM�TEWSNÏ�I�OÏWEN�QÏR]VEX�I�IOWTSMQMX�XÏ�HLYRÏW�RÏJMPQE��QYMOÏ��XIPIZMMSR��WLX]T�HLIZMHIS�PSNÏVE�NERÏ�FÏVÏ�HYOYVM�I�EOS�RWLQI�
«ÏWLXNE�I�QERMJIWXMQMX�XÏ�HLYRÏWRÏ�XIPIZMMSR�HLI�IJIOXIX�I�WEN�RÏ�EY�HMIRGÏ��ÏWLXÏ�RNÏ�WLIQFYPP�WUEVYIW�MOSQTPIOWMXIXMX�XÏ�PMHLNIZI�RÏ�QIWQIHMIZI�HLI�OYPXYVÏW��(LYRE�XIPI�ZMMZI�ÏWLXÏ�HYOI�Y�FÏVÏ�RNÏ�TVSFPIQWIVMS�TÏV�WLSUÏVMRÏ�XSRÏ�WLUMTXEVIRÏ�TÏVKNMXLÏWM��TEWM�XÏ�KNMXLÏ�XVIKYIWMXHÏWLQSNRÏ�WI�QIHMIX�NERÏ�RKE�JEO�XSVÏX�OV]IWSVÏ�UÏ�RHMOSNRÏ�RÏ�OVMNMQMRETS�QSWOVMNMQMR�I�RNÏ�EQFMIRXM�HLY�RI��1IHME��WMTEW�JNEPSVMX�XÏ�+NYLÏW7LUMTI��FSXYEV�RKE�%OEHIQME�I7LOIRGEZI�I�7LUMTÏVMWÏ��8MVERÏ������1IHM�I���E�J��XÏVÏWME�I�QNIXIZIXÏ�MRJSVQMQMX�QEWMZ��VEHMS�XIPIZMMSRIXN� ��VVNIXM�M�PENQIZI�RÏTÏVQNIX�OÏX]VIQNIXIZI��QEWQIHMI���
(LYR�Ï���E�J��YWLXVMQM�M�JSVGÏW�EWLXVÏRKMQM�QI�QNIXI�I�QI�QÏR]VE�XÏZVELHE�RHEN�HMOYNX��HIX]VMQ�E�WLX]T�NI�QI�ERÏ�XÏ�JSVGÏW�����JMK�WLRHÏVVMQ�TSWLXÏVMQ�E�XYVT�M�QEHL�UÏ�M�FÏLIXHMOYNX���FMWIH��I�OIUI��HÏQ��FÏVM�QMVÏKNIXM�HLYRÏ�
)OMWXMQM�M�RNÏ�RYQVM�XÏ�QEHL�XÏQNIXIZI�XÏ�OSQYRMOMQMX�TYFPMO�HLIQNIXIZI�XÏ�MRJSVQEGMSRMX��UÏ�RÏ�OÏXÏ
HMXYVME�MWPEQI������ ��
:ÏWLXVMQ
1IHMIX�XSRE�KNMXLRNÏI�QÏ�XÏ�HLYRWLQI
HLI�QÏ�XÏ�JVMOWLQI�TÏV�WLSUÏVMRÏ
JMPPMQWLIOYPP�XÏ�VM�OE�EVVMXYV�OYPQMR��OELETYV�QYRHÏWM�TÏV�OVMNMQMR�I�LZMPPM�QIZI�XÏ�QÏHLE�RÏ�RHÏVXMQMR�IOSQYRMOMQIZI�QIW�RNIVÏZI�
)OWTIVXÏX�I�QEW�QIHMIZI��WSGMS�PSKÏ�HLI�MRXIPIOXYEPÏ�XÏ�XNIVÏ��I�OERÏGMPÏWYEV�WM�WLYQÏ�XÏ�VÏRHÏWMWLÏQOÏXÏ�JIRSQIR�TÏV�NIXÏR�I�RNIVÏZI�OYVWI�HMWE�XÏ�XNIVÏ�MRJSVQEGMSRMR�HLIXIORSPSKNMRÏ�M�OSRWMHIVSNRÏ�WM�QNIXIXOV]IWSVI�XÏ�TYWLXIXMX�RÏ�FSXÏ�
8ISVMGMIRÏX�I�KEIXEVMWÏ�OERÏHLÏRÏ�TÏVOYJMMQI�XÏ�RHV]WLQI�VVIXLEWEN�WI�ËOE�OSRWMHIVSLIX�QIHMI��7EZMSPIRX�QYRH�XÏ�NIXÏ�XIPIZMMSRM#«JEVÏ�RHMOMQM�QYRH�XÏ�OIXÏ�XIO�ERÏ�XEVÏX�I�JEQMPNIW#�%�TS�I�WLRHÏVVSRXIPIZMMSRM�WLSUÏVMRÏ�RÏ�XÏ�WÏQYVÏ#
2Ï�ËtWLOEPPÏ�ÏWLXÏ�PMHLWLQÏVME�RÏQIW�JMPQMX�QI�HLYRÏ�HLI�WNIPPNIW�EK�VIWMZI�XÏ�XÏ�VMRNZI#�7M�ÏWLXÏ�QFVSNXNEHLI�OYNHIWM�WLTMVXÏVSV�M�WLSUÏVMWÏ#�%WXMQYPSLIR�WNIPPNI�OVMQMREPI�TVIN�WOI�REZI�OVMQMREPI#�%�M�MRXIVTVIXSR�EYHM�IRGE�TEQNIX�XIPIZMMZI�RÏ�QÏR]VÏR�IHVINXTÏVHVINXÏ�ETS�M�TÏVWLXEXMR�QÏR]�VÏR�HLI�WXMPMR�I�X]VI#�%�NETMR�MHI�QI�HMIX�WI�WM�XÏ�WLJEUÏ�HLYRÏ�EYHMIRGE#IXN�
1MVÏTS��HYLIX�WUEVYEV�JEOXM�WIQEW�QIHMIX�NS�KNMXLQSRÏ�NERÏ�TVS�QSZYIWI�XÏ�HLYRÏW��ETS�TVSHLYIWIXÏ�ZIXÏ�HLYRÏW��WITWI�TVIN�WEN�RYOZEVIX�ËHS�KNÏ��TSV�EXS�M�RÏRWLXVSLIRTSPMXMOÏW�HMVIOXI�XÏ�UEVUIZI�USJXÏ�TS�PMXMOI�E�XÏ�TYWLXIXEVÏZI��HLI��VVEPPÏ�LIVÏ��QIHMIX�OERÏ�HEPÏ�JMXMQXEVI�TEVETVIWMSRIZI�UÏ�OERÏ�VIYPXYEV�RÏ�HS�FM�XÏ�EXMN�UÏ�FÏR�TVIWMSR��2ÏWI�RHEPI�QM�HLI�EREPMSNQÏ�RÏ�IWIRGÏ�WI�RKEFYVSR�HLYRE��ENS�JEVI�PILXÏ�QYRH�XÏOYTXSLIX�WI�FYVSR�RKE�OSRXIOWXM�LMW�XSVMO�HLI�OYPXYVSV��(LYRE��IHLI�ZIXÏTIVÏRHMQSVÏX�I�XLSRÏ��UÏ�VVÏRNÏX�HLIEREJMPPÏR�M�OE�RÏ�U]XIXÏVMQMR�I�PEWL�XÏ�XÏ�OSRXMRIRXMX�HLI�RNÏLIVÏWL�ÏWLXÏTNIWÏ�TÏVFÏVÏWI�I�MHIRXMXIXMX�OYPXYVSV�/NS�OE�TVSZSOYEV�TSMXMZMWLX�WLOI�RGÏXEVÏX�HLI�MRXIPIOXYEPÏX�UÏ�XÏSVKERMSRMR�OSRJIVIRGE��XV]IE�HLIXYFMQI�XÏ�RHV]WLQI�QI�OEVEOXIVWLOIRGSV�TÏV�OÏXÏ�ËÏWLXNI��6EWXM�QÏXMTMO�ÏWLXÏ�RÏ�+NIVQERM��7LSUEXE+NIVQERI�I�4WMOEREPMÏW��4WMOSWS�QEXMOÏW�HLI�4WMOSPSKNMWÏ��+(48 �RÏZMXMR������OE�QFENXYV�OSRJIVIRGÏ�RÏXIQÏR�r(LYRE�HLI�U]XIXÏVMQMr��OYNERÏ�LIHLYV�WLYQÏ�MHI�HLI�QIRHM�QI�PMHLYV�QI�XIQÏR�RÏ�JNEPÏ��2NÏ�RKETNIWÏQEVVÏWMX�I�OÏWEN�OSRJIVIRGIMWLXI�IHLI�%PJ�+IVPELYX��M�GMPM��RÏ�QIWXÏ�XNIVEWL��EX]�OE�XLIOWYEV�WI�HLYRERYO�ÏWLXÏ�RNÏ�HYOYVM�UÏ�ZNIR�RKE�NE�WLXÏ��UÏ�ÏWLXÏ�I�LYEN�HLI�I�TEWLTNI�
KYIWLQI��TSV�HYOIX�WI�ENS�ÏWLXÏTNIWÏ�I�FVIRHWLQI�HLI�RHSWLXE�QIRNÏ�VÏRHÏWM�XÏ�QEHLI�RÏ�U]XIXÏVMQMRXSRÏ�XÏ�SVMIRXYEV�HVINX�TVSKVIWMX�)HLI�QIHME�WM�RNÏ�VIJPIOXMQ�M�TVSHLM�QIZI�HLI�JSVQMQIZI�OYPXYVSVI��TEX�NIXÏV�ÏWLXÏ�I�RHMOYEV�JYUMWLÏQ�RKEONS�OYPXYVÏ��I�GMPE�RÏ�IWIRGÏ�OE�HLIQERMJIWXSR�HLYRÏ��7E�TÏV�MPYWXVMQ�RÏ�OSLÏR�I�4IVERHSVMWÏ�6SQEOIr(LYRE�WM�QNIXÏ�TYWLXMQM��I�OSQFM�RYEV�QI�HLYRÏR�WM�EVX�HLI�WM�OYPXYVÏQEWMZI��Y�FÏ�NSWIPIOXMZI��HIVM�RÏ�EXÏQEWÏ��WE�TVSZSM�XÏ�ZMOXMQÏSRXIIHLI�XÏ�HÏVKYEVMR�I�>SXMX��.IY�WMR�-WEMR ��4SV�IHLI�RÏ�ZIXÏ�PIXVEXHLI�WLOVMQIX�I�ZITVEX�I�OSOEZI�HLIKNIRMZI�IZVSTMERI��RYO�OE�QYRKYEVEWTIOXM�XIQEXMMQMX�XÏ�HLYRÏW�I�XÏOVMQIZI��)HLI�HVEQEXYVKNME�I�6MPMRH�NIW�IYVSTMERI��(VEQEXYVKNME�I�7LI�OWTMVMX ��I�GMPE�ÏWLXÏ�ZELHYIWI�I�XÏRNÏNXMX�LERÏV�RKE�ERXMOE�KVIOI��/V]�IZITVE�q,EQPIXMr��I�GMPE�IHLI�WSXQFER�XÏ�TYWLXYEVE�WOIREX�I�XIEXVSZIIYVSTMERI�IHLI�QÏ�KNIVÏ��RÏ�IWIRGÏOE�RNÏ�JEFYP�PMHLYV�QI�OVMQMR�HLIWLTEKMQMR�I�OVMQMX�FVIRHE�JEQMPNIWWÏ�SFSVVMX�QFVIXÏVSV�RÏ�(ERMQEVOÏ�r2I�ZIXÏQ�QYRH�XÏ�MQEKNMRSNQÏ�WIWE�IQSGMSRI�OE�TVSHLYEV�ONS�XVEKNI�HM�I�7LIOWTMVMX�HLI�WE�ZELHSR�XÏTVSHLSNÏ�IHLI�WSX��HYOI�XIQEXMYEVZÏPPEZVEWNIR�QFVIXZVEWNIR��YYVTM�QMR�I�WYRHMQMX��XVEHLXMRÏ�FEWLOÏ�WLSVXSVI��LEOQEVVNIR�HLI�HÏWLMVÏR�IHEWLYVMWÏ�7I�WE�RHMOSNRÏ�XÏ�KNMXLEOÏXS�MHI�HLI�TÏVQFENXNI�RÏ�VIPEXMZM�MQMR�QSVEP�XÏ�WLSUÏVMZI��RYO�HS�XÏQIVVIX�ZIWL�OYVVÏ�RKE�RNIVÏMEr��7MT�EW�IOWTIVXÏZI�XÏ�QEW�QIHMIZI��RYOQYRH�XÏ�RIKPMLSLIX�EW�MRNSVSLIRTEWSNEX�RIKEXMZI�HLI�XÏ�HÏQWLQI�XÏQNIXIZI�XÏ�VINE�XÏ�OSQYRMOMQMX��WI�TWI�MRHMJIVIRGE�RHEN�OÏX]VI�TEWSNEZIQYRH�XÏ�WNIPPÏ�HÏQI�XÏ�TEVMTEVYIWL�QI�TÏV�WLSUÏVMRÏ�RNIVÏSVI�
0MHLWLQÏVME�QMHMWIQMWMSRIZI�XIPIZMMZIHLI�HLYRÏW�RÏ�WLSUÏVM
2MWYV�RKE�JEOXM�WI�XIPIZMMSRM��WMRNÏ�QIHMI�QI�RHMOMQ�XÏ�JYUMWLÏQ�UÏRYO�ZMLIX�RÏ�H]WLMQ��RHMOMQM�M�XMN�XIOQEWE�I�KNIVÏ��HLI�IQMWMSRIX�UÏWLJEUIR�RÏ�XÏ�WMTEW�EREPMEZI�XÏ�IO�WTIVXÏZI�QIHMEP�TÏVQFENRÏ�HSÏ�XÏQEHLI�XÏ�IPIQIRXMX�HLYRÏ��UÏ�WM�VI�YPXEX�HIX]VMQMWLX�FÏNRÏ�RNÏ�WLSUÏVMXÏ�HLYRWLQI�HLI�RYO�SJVSNRÏ�WXEFMPM�XIX��WMHSQSW�XI�KNIRIVEXEX�I�VINE�EHSPSWLIRXÏX �
«t�JPEWMR�JEOXIX#
2ÏWI�QIVVIR�WXEXMWXMOEX�ZIXÏQ�RÏ7L&%��ZIRHM�OY�IOMWXSR�PMVME�I�JNEPÏWHLI�QIRHMQMX��LEWMQ�WI�QÏ�WLYQÏWI�����I�RNIVÏZI�WLMOSNRÏ�XIPIZMMS�RI��QIWEXEVMWLX�OEXÏV�SVÏ�RÏ�HMXÏ��UÏRÏ�FEÏ�XÏ�IOWTIVXÏZI�NERÏ�WLMOYIWXÏ�QMVÏJMPPXÏ�HLI�XÏ�ETEWMSRYEV�TEW8:�WÏ��4VERHEN�RÏ�OSLÏR�OYV�8:�XVE�RWQIXSR�ZIXÏQ�MQSVEPMXIX��HLYRÏHLI�ZVEWNI����WLSUÏVME�RHMOSLIX�WLY�QÏ�RKE�OÏXS�ËÏWLXNI��/NS�OE�R\MXYVIHLI�VIEKMQI�XÏ�EWLTVE�RKE�TVMRHÏ�VMX��TVSJIWSVÏX�HLI�WLXVIWE�XÏ�XNIVEMRXIPIOXYEPI�XÏ�7L&%�WÏ��UÏ�XÏ�RHEPS�LIR�IQMWMSRIX�I�XMPPE�HLI�WMHSQSW�UÏ8:�XÏ�XÏ�ZSKÏPSNRÏ�HLI�XÏ�LIUMRHSVÏ�RKE�TEQNIX�I�HLYRÏW�HLI�XÏMQSVEPMXIXMX�I�XÏ�WLJEUMR�TVSKVEQI�UÏNERÏ�TÏV�IHYOMQMR�I�WLSUÏVMWÏ��TSV�WI�ËHS�HMXÏ�I�QÏ�XITÏV�HLYRE�HLIWIOWM�RÏ�XIPIZMMSRIX�EQIVMOERI����NE�RÏ�HYOI�Y�WLXYEV��2NÏ�RKE�XIPIZMM�SRIX�EQIVMOERI�OÏXÏ�I�OE�XVIKYEV�RÏRNÏ�VETSVX�HSOYQIRXEV�QI�ERÏ�XÏKNYLÏW�WÏ�HSOYQIRXIZI�HLI�WXEXMW�XMOÏW��2Ï�FEÏ�XÏ�OÏXMN�VETSVXM��RÏ�ZMXMR�����TVSNIOXIX�I�TVSKVEQIZI�E�JMPQE�ZI�XÏ�TEQSVEPWLÏQ�OERÏ�UIRÏ���RÏQÏ�WLYQÏ�WI����ZNIX�4S�EWLXY�RÏ�ZM�XMR������TVSKVEQIX�8:�JMPPYER�XÏWLJEURMR�JMPQE�XÏ�TEQSVEPWLÏQ�QILSQSWIOWYEPÏ�HLI�RÏ�ËHS����ZNIXENS�ÏWLXÏ�VVMXYV�TÏV����
4S�EWLXY�RÏ�OÏXÏ�VETSVX�XLYLIX�WITÏVHSVMQM�M�JNEPÏZI�XÏ�TMWXE�RÏ�ZMXMR�����MWLXI�VVMXYV�RÏ�����RÏ�OVELE�WMQ�QI�ZMXMR������HLI�WI�HLÏRME�ITEQNIZI�XÏ�HLYRÏW�TS�EWLXY�MWLXIVVMXYV�RHNIWLÏQ��2Ï�FEÏ�XÏ�HMWE�WXE�XMWOXMOEZI�XÏ�QEVVE�RKE�XVM�OEREPIXOV]IWSVI�XÏ�XIPIZMMSRIZI�EQIVMOERI�H�Q�XL��'&7��%&'�HLI�2&'��UEVXÏ�WSNRÏ�WI�EXE�RÏ�ËHS�NEZI�NETMR�XÏTEOXÏR�����WOIRE�XÏ�EKVIWMSRMX�QIEVQÏ�XÏ�JXSLXE�����VEWXI�XÏ�EKVIWMSR�MX�QI�EVQÏ�NEVVM��WM�HLI���VEWXI�ZVE�WNINI�HLI�XLIVNI�����VVELNI�HLI����VEWXI�XÏ�WLOIPNIW�WÏ�PMKNMX��4S�EWLXY�RÏWI�PPSKEVMWMQ�XÏ�KNMXLE�XIPIZMMSRIXEQIVMOERI�UÏ�RYO�NERÏ�XÏ�TEOXE��EXÏ�LIVÏ�HIP�WI�RYQVM�M�OÏX]VI�WOIREZIÏWLXÏ�WLYQÏ�M�QEHL�HLI�VIYPXEXMÏWLXÏ�JEOXM�WI�U]XIXEVÏX�EQIVMOERÏTÏV�ËHS�HMXÏ�XÏ�NEZÏW�WLMOSNRÏ�WOIREHLYRI��HLI�ONS�WITWI�NS�ZIXÏQ�JMPQEXTS�IHLI�VETSVXIX�HLI�IQMWMSRIX�IRHV]WLQI�OERÏ�XÏ�XMPPE�WOIRE�
9VVINXNE�RÏ�WOIREX�JMPQMOI��WLTMIRRÏ�VVMXNIR�I�HLYRÏW�HLI�TÏVPIWLNIZIRÏ�WLSUÏVMRÏ�EQIVMOERI��2HÏVOSLÏUÏ�<LSV\L�+VIRFIV�HLI�8IVM�+VEW�H]�EREPMWXÏ�EQIVMOERÏ��RÏ�FEÏ�XÏWXYHMQIZI�XÏ�X]VI��OERÏ�EVVMXYV�RÏ
�� HMXYVME�MWPEQI������
TÏVJYRHMQMR�WI�WLMOYIWMX�I�ETEWMSRY�EV�XÏ�HLYRÏW�RÏ�XIPIZMMSR�NIXSNRÏ�RÏRNÏ�FSXÏ�XÏ�JVMOWLQI��HLI�WI�Y�FIWS�NRÏ�WLYQÏ�TEO�U]XIXEVÏZI�XÏ�XNIVÏ�HYOI�Y�TÏVTNIOYV�XÏ�PEVKSLIR�RKEFSXE�VIEPI�4S�XÏ�WLMOSNQÏ�WLSUÏVMRÏEQIVMOERI��LIXSNQÏ�WLYQÏ�PILXÏRHMOMQIX�I�OÏWEN�JVMOI�HLI�OÏXMN�QSW�FIWMQM��1EWEX�I�QÏHLE�XÏ�VVITXE�XÏWMKYVMQMX�RÏ�WLXÏTM��RÏ�UIRHVEX�FPIVÏ�WI�HLI�RÏ�ZIRHI�XÏ�XNIVE��NERÏ�HMWERKE�WLOEUIX�I�XNIVE�TÏV�OÏXÏ�VIEPMXIXHYOI�ËYEV�IHLI�ZIXÏ�7L&%�RÏ�HVINXRNÏ�VVIMOY��4SV�OÏXS�QIRHMQI�M�QFÏ�WLXIWMR�IHLI�HMWE�SVKERMEXE�TVSJI�WMSREPI��RÏ�7L&%���RHÏV�XÏ�XNIVE�WLSUEXE�I�QNIOÏZI�XÏ�TÏVKNMXLWLÏQ�WLSUEXE�I�QNIOÏZI�XÏ�JÏQMNÏZI��WLS�UEXE�I�TWMOSPSKÏZI�HLI�ENS�I�TWMOME�XVMWÏ ��XÏ�GMPEX�RÏ�ZMXMR������LEVXYERRNÏ�HIOPEVEXÏ�XÏ�TÏVFEWLOÏX��OY�XLY�LIN��q2Ï�OÏXS�OSLÏ�IOMWXSNRÏ�QFM�����WXYHMQI���UÏ�OSRJMVQSNRÏ�WIHLYRE�QIHMEPI�HLI�WNIPPNIX�EKVIWMZIXÏ�HMWE�JÏQMNÏZI��NERÏ�XÏ�PMHLYVE�XITÏVWLYQÏ ��4S�EWLXY�IHLI�RÏ�VVEJWLMRKPSFEP�HMWE�WXYHMYIW�XÏ�RHV]WLÏQHLI�TÏV�VIEPMXIXIX�WLSUÏVSVI�XÏ�ZIRH�IZI�XÏ�RHV]WLQI��NERÏ�EVKYQIRXYEVTÏVJYRHMQI�XÏ�GMPEX�NS�ZIXÏQ�RHV]WL�SNRÏ�WLYQÏ�RKE�RNÏVM�XNIXVM��TSV�NERÏHIVM�IHLI�XÏ�OYRHÏVX��4ÏV�WLIQFYPP�RÏ�ZMXMR������RNÏ�KVYT�WLOIRGÏXEVÏWLRHÏVOSQFÏXEVÏ�TYFPMOYER�XÏ�HLÏREXI�RNÏ�WXYHMQM�TERIP��XÏ�VIEPMYEV�RÏTIWÏ�WLXIXI��XÏ�GMPEX�RÏ�RNÏ�QEWÏ�XÏOSRWMHIVYIWLQI�TÏVJEUÏWSNRÏ�HMWEOEVEOXIVMWXMOE�OYPXYVSVI�OV]IWSVI�XÏOEXÏV�OSRXMRIRXIZI�XÏ�FSXÏW��7L&%�%YWXVEPME��*MRPERHE��4SPSRME�HLI-VEIPM��q2KE�LYPYQXMQIX�RÏ�4SPSRMHLI�RÏ�7L&%��WXYHMYIWMX�EVVMXÏR�RÏ
TÏVJYRHMQMR�WI�WLMOMQM�M�TVSKVEQIZIQI�HLYRÏ�XIPIZMMZI�TÏVKNMXLÏWMWLX�YWXMQYPSR�XÏ�VMRNZI�TSPEOÏ�HLI�EQI�VMOERÏ�TVMVNIX�TÏV�QSHIPI�WNIPPNIWLEKVIWMZI�
7XYHMQM�TÏV�JMRPERHIÏX�TSLSM�RNÏTÏVJYRHMQ�XÏ�XMPPÏ�TÏV�HNIQXÏ�I�VMRN�TSV�NS�TÏV�ZENEX�I�VINE��*EOXI�I�XÏHLÏRE�XÏ�WLYQXE�XÏ�WLU]VXYEVE�RKEWXYHMYIWMX��TVSZSRMR�WI�HLYRE�XIPI�ZMMZI�OMWLXI�R\MXYV�JV]QÏR�I�EKVI�WMZMXIXMX�RHÏV�XÏ�VMRNXÏ�I�XÏ�VINEX�UÏNIXSRMR�RÏ�U]XIXIX�MVEIPMXI��TSV�NS�RÏVEHLÏX�I�EX]VI�UÏ�FERSRMR�RÏ�SREXJWLEXEVI��2HÏVWE�RÏ�%YWXVEPM�WXYHMYI�WMX�RYO�EVVMXÏR�XÏ�FYPSRMR�ZEVXÏWMXÏWLOEOÏWSVI�RHÏVQNIX�IQMWMSRIZI�XI�PIZMMZI�QI�HLYRÏ�HLI�RHV]WLMQMX�XÏQSHIPIZI�XÏ�WNIPPNIZI�I�XÏ�XÏ�QIRH�YEVMX�XÏ�XÏ�VMRNZI�7XYHMQIX�I�OV]IVERKE�OÏXE�WLOIRGÏXEVÏ�WYKNIVSR�H]TÏVJYRHMQI�QI�VÏRHÏWM�XISVMOI�ITVEOXMOI�
-�TEVM��6ETSVXIX�RHÏVQNIX�WLMOMQMXXÏ�ZITVMQIZI�XÏ�HLYRWLQI�RÏ�IO�VERIX�I�OMRIQEZI��WMHSQSW�XÏ�XIPIZM�MSRIZI��HLI�WLOEPPÏW�WÏ�EKVIWMZMXIXMXRÏ�QSHIPIX�I�WNIPPNIW�WÏ�XÏ�VMRNZI���NERÏ�QNEJX�XÏ�RHÏVPMOYEVE��XÏ�TÏVXL]I�VE�RÏ�RNÏ�XÏVÏWM�JEOXSVÏWL�XÏ�REX]VEZIXÏ�RHV]WLQI��WM�ZIËSVMXÏ�I�JSVQMQMXTWMOSOYPXYVSV��RMZIPM�EVWMQSV��XVEHMXEXOYPXYVSVI�OSQFÏXEVI��XMTEVIX�MRHMZMH�YEPI�XÏ�XIQTIVEQIRXMX�I�XÏ�OEVEOXIVMXXÏ�WIGMPMX�IXN�
-�H]XM��7XYHMYIWMX�OERÏ�ZÏVINXYV�WIRÏ�OÏXÏ�HYOYVM�TWMOSOYPXYVSVI�QNEJXOSQTPIOWI��PMHLNE�WLOEOÏWSVI�ZIT�VSR�EOXMZMWLX�RÏ�H]�OELI��SWI�WMË�OE�VEOXIVMSLIX�RHV]WLI��RÏ�QÏR]VÏVVIXLUEVOYPPYIWI��RKE�RNÏVE�ERÏ�RHNIONE�I�TVSKVEQIZI�QI�HLYRÏ�XI�
PIZMMZI�M�R\MX�RNÏ�TNIWÏ�XÏ�XÏ�VMRNZI�XÏNIRÏ�QÏ�XÏ�HLYRWLÏQ�RÏ�QSHIPIX�IWNIPPNIW�WÏ�X]VI�HLI��RKE�ERE�XNIXÏV��XÏUIRÏX�QI�TVMVNI�TÏV�WNIPPNI�EKVIWMZI�MWLX]R�EXE�XÏ�WLSLMR�QÏ�WLYQÏ�IQMWM�SRI�XIPIZMMZI�QI�ZITVMQI�I�QIRHÏ�WM�XÏ�HLYRWLQI��4SV�OÏXS�LYPYQXMQIOYRHÏVWLXSLIR�RKE�MRHYWXVME�XIPIZM�MZI�HLI�I�JMPQMX��I�GMPE�TSLSR�WI�IJI�OXM�M�RHMOMQMX�RIKEXMZ�XIO�JÏQMNÏX�ÏWLXÏqWLYQÏ�QÏ�M�ZSKÏP�r�4SV��QI�ERÏR�IQIXSHEZI�XÏ�VINE�WXEXMWXMOSVI��XÏ�EWL�XYUYENXYVE�WXYHMQI�QIXEEREPMXMOI�ÏWLXÏ�I�QYRHYV�UÏ�XÏ�ZÏVXIXSLIX�PMHL�NE�qHLYRÏ�RÏ�XIPIZMMSR���HLYRÏ�RÏWLSUÏVMr�(YOI�OVELEWYEV�PMHLWLQÏ�VMXÏ�RÏ�QIW�HLYRÏW�RÏ�JMPQ���XIPIZMM�SR�HLI�EKVIWMZMXIXMX�UÏ�ENS�qQFNIPPr�RÏWNIPPNIX�I�JÏQMNÏZI��ZÏ�RÏ�HYONI�WI�
���0MHLWLQÏVME�RÏ�QIW�EKVIWMZMXI�XMX�HLI�HLYRÏW�RÏ�JMPQ��XIPIZMMSRÏWLXÏ�TS�EU�I�PEVXÏ��WMOYVWI�PMHLWL�QÏVME�RÏ�QIW�TMVNIW�WÏ�HYLERMX�HLIOERGIVMX�XÏ�QYWLOÏVMZI�����WLXÏ�QÏI�PEVXÏ�WIWE�QYRKIWE�I�TÏVHSVMQMX�XÏOSRHSQMX�RÏ�FEVXNIR�I�,-:��EMHW�MX ����WLXÏ�QI�I�PEVXÏ�WI�PMHLWLQÏVMEUÏ�IOMWXSR�RÏ�QIW�TMVNIW�TEWMZI�XÏHYLERMX�RÏ�TYRÏ�HLI�OERGIVMX�RÏQYWLOÏVM�
7LYQMGE�I�RNIVÏZI�RYO�H]WLSNRÏTÏV�PMHLNIR�QMHMW�HYLERMX�HLI�OERGIV�MX��4ÏVHIVMWE�HLYRÏW�WÏ�JMPQMX�HLI8:�WÏ��RYO�M�NITIX�EU�VÏRHÏWM�I�ZÏQ�IRHNI�I�HYLYV��QFEWI��WMË�WLOVYENRÏLYPYQXYIWMX�I�VETSVXMX��RNIVÏMX�RYO�MOYTXSNRÏ�EU�PILXÏ�TVSGIWIX�TWMOSPS�KNMOI��WMË�M�OYTXSNRÏ�EXS�JMMSPSKNMOI�
1MVÏTS�NS�XÏ�KNMXLÏ�EXE�UÏ�WLMOSNRÏJMPQ��XIPIZMMSR�QI�HLYRÏ��FÏLIREKVIWMZÏ��HLI�NS�XÏ�KNMXLÏ�EXE�UÏ�NERÏEKVIWMZÏ��WLMOSNRÏ�JMPQ��XIPIZMMSR�QIHLYRÏ �6VNIHLMQMWLX��RYO�ÏWLXÏ�ZI�XÏQ�HYLERM�UÏ�WLOEOXSR�OERGIVMR�IQYWLOÏVMZI��TSV�EM�ÏWLXÏ�RNÏ�JEOXSVWIVMS�TÏV�WÏQYRHNIR�I�OERGIVMX�r
&YWLQER�HLI�%RHIVWSR�EVKYQI�RXSNRÏ�WI���I�WLMOYIWZI�FÏLIR�QÏEKVIWMZÏ�TEWM�XÏ�OIRÏ�WLMOYEV�RNÏTVSKVEQ�XIPIZMMZ�QI�TÏVQFENXNIHLYRI��/NS�HS�XÏ�XLSXÏ�WI��TS�UI�WI���QMPMSRÏ�U]XIXEVÏ�RÏ�7L&%��RHNI�OMR�RNÏ�TVSKVEQ�XIPIZMMZ�QI�HLYRÏ����������TIVWSRE�FÏLIR�QÏ�EKVIWM�ZÏ��1EXIQEXMOMWLX�RNÏ�OVELEWMQ�MXLNIWLXÏ��RÏWI�RNÏ�JMPQ��M�GMPM�TÏVQFERJNEPÏ�XÏ�ZVELHE��WOIRE�HLYRI��RNSPPEKNEOY�HLI�WOIRE�XÏ�JVMOÏWLQI�HLYRI�WLJEUIX�RÏ�XIPIZMMSRMR�I�/SWSZÏW�HLI�O]�JMPQ�RHMUIX�TVIN���������WLM�OYIWZI��EXÏLIVÏ��WMTEW�OÏXMN�LYPYQXM�QM�������WLMOYIW�FÏLIR�QÏ�EKVIWMZÏRÏ�NIXÏR�VIEPI��4SV�I�KNMXLÏ�ONS�LZM�PPSLIX�WM�TEWSNÏ�I�IOMWXMQMX�XÏ�MRXIVI�
HMXYVME�MWPEQI������ ��
WEZI�XÏ�QÏHLE�IOSRSQMOI��UÏ�NERÏIZMHIRXI�RÏ�WOIRÏR�QIHMEPI��1IKE�OSQTERMXÏ�QIHMEZI��USJWLMR�QYPXM�REGMSREPI�HLI�REGMSREPI��OERÏMRXIVIWE�NIXMOI�RÏ�XIPIZMMSR��KEIXEHLI�JMPQ��(LI��XÏ�TVMVÏ�RKE�OÏXS�MRXI�VIWE��RSVQEPMWLX�UÏ�QSLSNRÏ�ËHS�ÏOVMXMO�XÏ�PMHLWLQÏVMWÏ�RÏ�QIW�HLYRÏWQIHMEPI�XIPIZMMZI�HLI�EKVIWMZMXIXMXRÏ�WLSUÏVM��%RHEN��VIHEOXSVÏX�HLIKEIXEVÏX�HS�XÏ�HYLIN�XÏ�VMOXLILIR�RÏMHIEPMR�HLI�IXMOÏR�I�KEIXEVMWÏ��HY�LIX�XÏ�XLSRÏ�HLI�XÏ�QFVSNRÏ�XÏ�ZÏVXI�XEX�WLOIRGSVI�QFM�HLYRÏR�RÏ�QIHMEHLI�RHMOMQMR�I�WEN�RÏ�STMRMSR��ZIËE�RÏVMWLX�RÏ�QSWLÏR�I�JÏQMNÏVMWÏ�
1IHME�ZMMZI�KNMXLQSRÏ�I�QÏWLYQÏ�TS�Ï�RNÏ�ZIRH�EU�XÏ�VÏRHÏWM�WLÏQ�RÏ�WLSUÏVM��WEUÏ�ENS�OSRWMHI�VSLIX�TYWLXIXM�M�OEXÏVX�RÏ�HIQSOVEGM�QFEW�TYWLXIXMX�PIKNMWPEXMZ��TYWLXIXMXIOIOYXMZ�HLI�EXMN�KN]UÏWSV��6SPM�MQIHMIW�ÏWLXÏ�EU�M�VÏRHÏWMWLÏQ�RÏNIXÏR�WLSUÏVSVI�HLI�TSPMXMOI��WEUÏRÏ�RIRMR����XÏ�XÏ�HVINXEZI�XÏ�RNIVMYX�JPMXIX�TMOÏVMWLX�TÏV�PMVMRÏ�I�QIRHMQMXHLI�XÏ�JNEPÏW��2Ï�OÏXÏ�RIR�XLYLIX�WIWLTVILNE�HLI�TYFPMOMQM�M�PMVÏ�M�QIRHM�QMX�HLI�M�JNEPÏW�ÏWLXÏ�RNÏ�RKE�XÏ�HVIN�XEX�QÏ�XÏ�WLXVIRNXE�XÏ�RNIVMYX��TVERHEN�TÏV�OÏXÏ�EVW]I��ËHS�TIVWSR�OE�XÏ�HVI�NXÏ�XÏ�WLTVILIX��XÏ�WLOVYENÏ�HLI�XÏTYFPMOSNÏ�M�PMVÏ��HLI�WI�EM�RHEPSLIX
RKE�ONS�I�HVINXÏ�ZIXÏQ�RÏ�VEWX�XÏOIUTÏVHSVMQMX�XÏ�OÏWEN�XÏ�HVINXI�7LUIXÏWMQM�M�QFVSNXÏWZI�XÏ�PMVMWÏ�WÏQIHMIZI�OE�FÏVÏ�XÏ�QYRHYV�UÏ�TÏVPMVMRÏ�I�X]VI�XÏ�GEOXSLIX�RNÏ�RIR�M�ZI�ËERXÏ�XIO�XÏ�HVINXEX�I�RNIVMYX��4SVWLUIXÏWMQM�M�OIUTÏVHSVMQMX�XÏ�QIHMI�ZI�RKE�ERE�I�JYUMZI�HLI�XÏ�TEWYVZI�RYO�MWLXI�QÏ�TEO�WI�OVMNMQM�M�OYJM�MQIZI�RÏ�EOXMZMXIXIX�I�PMVE�XÏ�QIHMIZITYFPMOI��4ÏV�JEX�XÏ�OIU��TÏVHSVMQMX�XÏPMVÏ�XÏ�QIHMIZI�TYFPMOI�RYO�M�ÏWLXÏOYWLXYEV�RNÏ�ZÏQIRHNI�EU�I�QEHLIWE�Y�ÏWLXÏ�OYWLXYEV�EOXMZMXIXIZI�XÏPMVE�XÏ�QIHMIZI�
7LTMONE�I�XIPIZMMSRMX�HLI�ZELHM�QM�M�XMN�UÏ�RÏ�JMPPMQ�NERÏ�TÏVOVELYV�RKERNIVÏMX�OYHS�RÏ�FSXÏ��RHÏVOSLÏ�UÏÏWLXÏ�WLYQÏ�I�UEVXÏ�WI�XIPIZMMSRIXWM�RNÏ�RKE�QIHMIX�QÏ�XÏ�QMVE�RÏ�FSXÏ�QYRH�XÏ�RHMOSNRÏ�RÏ�RHV]WLMQMR�IQIRXEPMXIXMX�KPSFEP��PEVKMQMR�I�WLSUÏ�VMWÏ�RNIVÏSVI�RKE�TVSFPIQIX�I�WLY�QXE�I�HLYRE�HLI�TÏV�QÏWMQMR�I�JÏQ�MNÏZI�1IKNMXLÏWI�NERÏ�FÏVÏ�TÏVTNIONITÏV�TÏVHSVMQMR�TSMXMZ�XÏ�IOVERIZIXIPIZMMZI��TÏV�JEX�XÏ�OIU��ONS�OE�RHS�HLYV�QÏ�TEO�WIWE�TVMXIN��RHÏVOSLÏUÏ�RÏ�4IVÏRHMQ�XIPIZMMSRIX�TS�TÏV�HSVIR�TE�OYJM�RÏ�TEQNI�XÏ�HLYRÏW��WMZIVFEPI�EWLXY�IHLI�NSZIVFEPI�I�XÏWIOWMX��UÏ�OE�WLOEOXYEV�VIEKMQI�XÏWLYQXE�XÏ�UEVUIZI�MRXIPIOXYEPI�XÏ�JY�WLÏW�WÏ�KEIXEVMWÏ�XIPIZMMZI�HLIWLYQÏ�OSQYRMOSPSKÏZI�HLI�IOWTIV�XÏZI�XÏ�QIHMIZI�IPIOXVSRMOI�ERIOÏRHTPERIXMX��4S�EWLXY��XIPIZMMSRM�RÏ�ZI�RHIX�TIVÏRHMQSVI��WÏ�FEWLOY�QIHMWE�SVKERI�XÏ�XNIVE��ÏWLXÏ�ZÏRÏ�RÏTÏVHSVMQ�XÏ�XÏ�TEWYVZI�HLI�OSVTSVE�
XEZI�XVERWREGMSREPI��XÏ�GMPEX�NS�ZIXÏQUÏ�RYO�I�TÏVHSVMR�TÏV�TÏVQMVÏWMQMR�IWMXYEXÏW�HLI�TMOÏTEQNIZI�WLSUÏVS�VI��TSV�WLTIWLLIVÏ�M�PEVKSNRÏ�EXS�RKEI�ZÏVXIXE��1MVÏTS��VIEKMQIX�I�TEVEVVIXL�JIRSQIRMX�HLYRÏ�RÏ�XIPIZMMSR�ZMNRÏ�TMOÏVMWLX�RKE�ZIRHIX�OY�IHLIOE�PMRHYV�XIPIZMMSRM��QIUÏ�TIHEKS�KÏ��QÏWYIW�HLI�TVSJIWSVÏ�XÏ�RHV]WL�ÏQ�WM�HLI�TVMRHÏV�RÏ�ZIXÏ�7L&%�RÏ�OERÏ�OÏVOYEV�RKE�QIHMIX��HLI�WMHS�QSW�RKE�XIPIZMMSRM��UÏ�XÏ�LIUMR�HSVÏRKE�WLJEUNE�I�WOIREZI�XÏ�HLYRÏW�KNEOYX��EVQÏZI��HVSKÏW�I�WLYQÏOVMQIZI�XÏ�XNIVE��HLI�XÏ�OEPSNÏ�RÏTVSKVEQI�UÏ�NERÏ�TÏV�IHYOMQMR�IWLSUÏVMWÏ��QMVÏTS�ËHS�HMXÏ�I�QÏWLYQÏ�HLYRE�HLI�WIOWM�RÏ�QIHMIR�IJXSLXÏ�ETS��WMOYV�UYLIX�RÏ�XIVQMRSPS�KNM�qGSSP�QIHMEr��7LJEUNE�I�QIHMEWWÏ�WLOVYEV�RÏ�KEIXE�HLI�XÏ�TÏVNEZ�WLQI�RÏ�JYRH�XÏ�WLIOYPPMX�<:---��RÏ%QIVMOÏ�HLI�)YVSTÏ��I�GMPE�QÏ�TEW�YLET�QI�QIHMIX�IPIOXVSRMOI�QI�VEHM�SR�HLI�XIPIZMMSRMR��OMWLXI�RNÏ�RHMOMQXÏ�QEHL�RÏ�WLSUÏVM�HLI�RÏ�TSPMXMOÏRI�FSXÏW��WMHSQSW�RÏ�ZIRHIX�TIVÏRHM�QSVI��OY�WM�RHMOMQ�XÏ�QIHMIZI�QYRHXÏ�TÏVQIRHMQ�FEEX�I�RHÏVXMQMX�XÏHIQSOVEGMWÏ�TIVÏRHMQSVI��WMË�NERÏTYWLXIX�TSTYPPMX��KNIHLNIX�QFEVÏTS�TYPPSVI�HLI�TYWLXIXM�M�TÏVKNIHLYV�1NIXIX�I�MRJSVQEGMSRMX�Y�FÏRÏ�RNÏRHÏVQNIXÏW�QMHMW�EYXSVMXIXIZI�XÏTYWLXIXIZI�HLI�QEWÏW�WÏ�KNIVÏ�
4YFPMOMQM�M�PMVÏ�M�QIRHMQIZI�HLIMHIZI�OE�HIX]VYEV�TYWLXIXIX�UÏ�XtY�NE�TMR�TÏVKNMKNI�T]IXNIZI�XÏ�WLXVYEVE�TÏVTYRÏR�I�X]VI�HLI��RÏ�OÏXÏ�QÏR]VÏ�TYRE�I�TYWLXIXEVÏZI�Y�ZY�RÏR�OSR�XVSPPMR�I�QIHMIZI�HLI�XÏ�TSTYPPMX�
CCCCCCCCCCCCCCCCCC
���*NEPSVM�M�+NYLÏW�7LUMTI��FSXYEV�RKE�%OEHI�QME�I�7LOIRGEZI�I�7LUMTÏVMWÏ��8MVERÏ������JU����
���4S�EX]��JU��������1MPEMQ�/VEWRMUM��q(LYRE�HLI�U]XIXÏVMQM
TIVÏRHMQSVr��0SKSW�%��7LOYT��JU�������������1MPEMQ�/VEWRMUM��TS�EX]��JU������4VIERXMQM�TEQEWÏ�M�HLYRÏW�RÏ�XIPIZMMSR
LXXT���KVSYTW�QWR�GSQ����(V�>]LHM�(IVZMWLM��(LYRE�8IPIZMMZI�WM
QIXÏV�TWMOS�OYPXYVSV��LXXT���[[[�EPFTV�SVK���4S�EX]��>]LHM�(IVZMWLM����LXXT���KVSYTW�QWR�GSQ�
�� HMXYVME�MWPEQI������
q7LOIRGE�TE�RHÏVKNIKNI�ÏWLXÏ
WLOEXÏVVMQ�M�WLTMVXMXq
)OQIPIHHMR��-LWERSKPY�
2ÏWI�LYPYQXSLIR�H]�LEVXE�KNISKVEJM�OI�XÏ�WLIOYPPMX�<:�XÏ�TVSNIOXYEVE�RKELEVXSKVEJÏX�Q]WPMQERÏ��I�TEVE�I�-FVELMQ/EXMFMYX��ZMXM�������HLI�I�H]XE�I�8EMF1YVWMIP�-FVELMQMX��ZMXM�������UÏ�TÏVJWLMRHIXMR�1IWHLI�HLI�)ZVSTÏR�.YKTIVÏRHM�QSVI��EVVMLIX�RÏ�TÏVJYRHMQMR�WI�OÏXSLEVXE�NERÏ�TVSNIOXYEV�HYOI�Y�WLJV]XÏYEVHMXYVME�TIVÏRHMQSVI��/NS�XVIKSR�WI�Q]W�PMQERÏX��IHLI�TÏV�WÏ�EJÏVQM�RHMURMR�XÏEVVMXYVEX�WLOIRGSVI�XÏ�4IVÏRHMQMX�RÏ�OÏXSJYWLE��2ÏWI�QIVVIX�TEVEW]WL�ENS�UÏ�RÏ�XÏRNÏNXÏR�OSLÏ�SWQERPMRNXÏ�M�WLJV]XÏSRMREXS�LEVXE��QYRH�XÏ�ZMNQÏ�RÏ�TÏVJYRHMQMRWI�SWQERPMRNXÏ�M�EVVMRMR�HMXYVMXÏ�I�X]VI�RÏJYWLÏR�I�KNISKVEJMWÏ�RÏ�QÏR]VÏ�XÏ�XÏV�XLSVXÏ��
,EVXE�I�RNSLYV�I�4MVM�6IMWMX��I�GMPEZNIR�TEW�OÏX]VI�H]�LEVXEZI�NS�EU�XÏ�RNS�LYVE��ÏWLXÏ�TVSNIOXYEV�RÏ�FEÏ�XÏ�LEVXÏWWÏ�TYRYEV�RKE�/��/SPSQFS��������I�GMPEM�ÏWLXÏ�HSVÏYEV�WYPPXER�7IPMQMX�RÏ)KNMTX��4MVM�6IMW�XLSXÏ�WI�TÏV�OÏXS�XÏHLÏRE�MWLXI�MRJSVQYEV�E\LE�M�XMN��/IQENP6IMWM��TVIN�RNÏ�VSFM��M�GMPM�OMWLXI�XVIKY�WIFVIRHE�RNÏ�TIVMYHLI�OSLSVI�RNÏIX�I�TI�WÏZNIËEVI�OMWLXI�WLOYEV�XVM�LIVÏ�QI�/S�PSQFSR�RÏ�%QIVMOÏ��(MWE�ZMXI�QÏ�ZSRÏ4MV�6IMWM�M�FSXSM�WLOYVXMQMWLX�XÏ�HLÏREXTÏV�&SXÏR�I�VI�HLI�FYPMQIX�I�WEN��RÏ�ZI�TVÏR�I�XMN�q/MXEF�M�&ELVMNI�:ITVE�8EVML�
M�,MRH�M�+EVFM��TÏV�XÏ�GMPÏR�XLYLIX�WIÏWLXÏ�WLOVYEV�RÏ�ZMXIX�WLXEXÏHLNIXÏ�XÏWLIOYPPMX�<:-�RKE�RNÏ�EYXSV�M�TERNSLYV�ÏWLXÏ�WLOVYEV�RÏ�FEÏ�XÏ�FYVMQIZI�MXEPM�ERI�HLI�WTERNSPPI��/NS�ZITÏV�ÏWLXÏ�QIVÏRHÏWM�TÏV�WLOEO�WI�XVIKSR�WI�SWQERPMR�NXÏ�RHMURMR�FYPMQIX�KNISKVEJMOI�XÏ&SXÏW�4IVÏRHMQSVI��4NIWE�I�XVIXÏ��I�GMPETÏVFÏR�UIRHVÏR�I�OÏX]VI�XVM�ZITVEZI�HLIH]�XÏ�XVIXEX�I�WEN��JPEWMR�TÏV�FYPMQMR�I%QIVMOÏW������ �WM�HLI�TÏV�EZIRXYVEXKNEWLXÏHLNIXÏZNIËEVI�XÏ�/SPSQFSW��&EP�FSEW��1EKIPERMX��/SVXIWMX��HLI�4MEVSW�HIVM�RÏ�ZMXMR�������
%NS�UÏ�ONS�ZITÏV��I�GMPE�ÏWLXÏ�WLOVYEVRÏ�ZMXIX�I�WLXEXÏHLNIXE�XÏ�WLIOYPPMX�<:-�JPIX�TÏV�FYPMQIX�KNISKVEJMOI�XÏ�ZMXIZI
������ÏWLXÏ�UÏ�RE�FÏR�QI�HMNI�WI�WE�OMWL�MR�QYRHÏWM�XtM�RHMURMR�SWQERPMRNXÏ�TÏV�TEVMQIX�RÏ�4IVÏRHMQ��
4EVEPIPMWLX��I�WLSLMQ�WI�HYOI�QEVVÏHMNIRM�XÏ�VINE�IZVSTMERI�RÏ�JYWLÏR�I�KNI�SKVEJMWÏ�XÏ�WLIOYNZI�<:�HLI�<:-�HLILEVXMQMR�I�LEVXEZI�WMTEW�XIORMOEZI�XÏVINE��RNÏ�VÏRHÏWM�XÏ�QEHLI�TEVEUMXRMRIHLI�RKNEVNIX�RÏ�JYWLÏR�I�QNIOÏWMWÏ�
1NIOÏX�XIO�SWQERPMRNXÏ�EVWMQSLIWLMRWMTEW�TEVMQMX�UÏ�R\ÏRÏWM�TVEOXMOMWLX�XÏQÏWSRXI�RKE�QÏWYIWM�RÏ�OYEHÏV�XÏ�XVE�HMXÏW�OPEWMOI�MWPEQI��HLI�UÏ�EXS�QÏWMQITVEOXMOI�XÏ�EVVMLIWLMR�RÏTÏV�WTMXEPI��4ÏVEVWMQMQMR�I�OÏX]VI�QNIOÏZI��XÏ�GMPÏXQNEJXSRMR�TÏV�WLÏVFMQIX�YWLXEVEOI�HLIRIZSNEX�I�U]XIXEVÏZI��RÏ�OSLÏR�I�WYPPXER7]PINQERMX�Y�RHÏVXYE�1IHVIWINE�I�SVMI�RXMQMX�QNIOÏWSV��7YPI]QERMNI�8MT�1I�
HVIWIWM �RÏ�OYEHÏV�XÏ�QIHVIWIZI�XÏ
7]PINQERMNIW��1I�XLIQIPMQMR�I�OÏWENQIHVIWINI�XÏ�TEZEVYV�XÏ�SVMIRXMQMX�QNI�OÏWSV��HMXYVME�QNIOÏWSVI�TE�H]WLMQ�UÏTÏV�XÏ�TEVÏR�LIVÏ�RÏ�LMWXSVMRÏ�I�GMZMPMM�QMX�MWPEQ��JMXSM�RNÏ�MRWXMXYX�UÏ�HS�XÏ�TY�RSRXI�TÏV�WLIOYN�QÏ�ZSRÏ��)OWTIVXÏX�IQNIOÏWMWÏ�HLI�XÏ�EVXMX��XÏ�GMPÏX�EVWMQSLI�WLMR�NEWLXÏ�HMWMTPMREZI�EOEHIQMOI��OMWL�MR�PMKNIX�HLI�FEWLOÏWMXÏ�I�ZIXE��
7LYQMGE�I�QNIOÏZI�UÏ�Y�WLOSPPYER�RÏQIHVIWIRÏ�7]PINQERMNI�QI�HIX]VEX�I�X]�VI�Y�ERKELYER�RÏTÏV�WTMXEPIX�I�XLIQIPY�EVE�XÏ�OV]IU]XIXMX�HLI�RÏ�WLYQÏ�U]XIXI�XÏXNIVE�XÏ�4IVERHSVMWÏ�3WQERI�XÏ�WLIOYPPMX<:-��2Ï�EXÏ�OSLÏ�KNYLE�XYVOI��OVELEWEWEN�EVEFI�HLI�EWEN�TIVWI��Y�FÏ�KNYLÏ�IQNIOÏWMWÏ�HLI�PMFVEX�QNIOÏWSVÏ�JMPPYER�XÏWLOVYLIWLMR�RÏ�KNYLÏR�XYVOI�
3WQERPMRNXÏ�OERÏ�VÏRÏ�RÏ�OSRXEOXWLYQÏ�LIVÏX�QI�QNIOÏWMRÏ�I�6IRIWERG�ÏW��1NIOY�-XEPMER��LIFVIY�+MEGSQS�HM+EIXE��M�GMPM�MWLXI�RÏ�WLÏVFMQ�XÏ�WYPPXER
HMXYVME�MWPEQI������
,MWXSVM
/SRXEOXIX�I�TEVE�XÏ�SWQERPMRNZIQI�TIVÏRHMQMR�RÏ�JYWLÏRI�KNISKVEJMWÏ�HLI�QNIOÏWMWÏ
,EVXE�I�RNSLYV�I�4MVM�6IMWMX
1YVEXMX�--��Y�FÏ�QNIO�M�WYPPXER�1ILQIX*EXMLYX��%M�I�TVERSM�-WPEQMR�QI�IQVMR.EOYF��7MTEW�JNEPÏZI�XÏ�%WLMO�4EWLÏW�WYPPXER�*EXMLY��TÏV�WLOEO�WI�I�HSRXI�WLY�QÏ��I�IQÏVSM�TÏV�QNIO�OV]IWSV�HLI�IWLTÏVFPIY�QI�TSMXÏR�I�ZIMVMX��1FEWOÏXMN�QNIOY�-XEPMER��UÏ�RÏ�LMWXSVMRÏ�I�SW�QERPMRNZI�Y�RNSL�QI�IQVMR�.EOYF�TEWLE�QNIOÏWME�SWQERI�RÏ�JYRH�XÏ�WLIOYPPMX<:�HLI�KNEXÏ�WLIOYPPMX�<:-�OVMNSM�QY�RHÏWMRÏ�TÏV�XtY�RNSLYV�QI�QNIOÏWMRÏ�I6IRIWERGÏW�
4EWM�QFVIXM�/EVPM�:-������������WY�RHSM�TVIN�ZMXMX������HIVM�RÏ�ZMXMR������TPSXÏWMQ�7,��:� ��RÏ�ZMXMR������M�HÏFSMLIFVIRNXÏ�RKE�*VERGE��UÏ�XÏ�RNÏNXMR�TYRÏOSLÏ�QÏ�TEVÏ�I�OMWLXI�FÏVÏ�IHLI�0YHIZM�KY��QFVIXM�M�+NIVQERMWÏ�RKE�&EZEVME������������OYVWI�WYRHSM�KNEXÏ�ZMXIZI�����������TPSX���7,��:� ��HYOI�M�HÏFYEVLIFVIRNXÏ�TVIN�+NIVQERMWÏ��EXE�KNIXÏR�ZI�RHWXVILMQ�RÏ�8YVUM��2HÏVOEU��QÏ�ZSRÏIHLI�EXE�LIFVIRN�UÏ�Y�HÏFYER�RKE�7TERNERÏ�ZMXMR�������Y�WXVILYER�HLI�KNIXÏRKEVERGM�TÏV�NIXÏR�HLI�JIRÏ�I�X]VI�RÏRQFVSNXNIR�I�WLXIXMX�SWQER��2Ï�QIWMR�ILIFVIRNZI�UÏ�Y�WLTÏVRKYPÏR�RÏ�WLXIXMRSWQER��HYOI�JMPPYEV�RKE�ZMXM�������OMWLXIQNIOÏ�QI�TVINEVHLNI�RKE�7TERNE��4SVXY�KEPME�HLI�-XEPME��1YRH�XÏ�XLIQM�WI�RHM�OMQIX�I�VINE�XÏ�QNIOÏWMWÏ�TIVÏRHMQSVIRÏ�QNIOÏWMRÏ�SWQERI�QÏ�WLYQÏ�EVVMXÏRRÏTÏVQIW�VVYKÏW�WÏ�QNIOÏZI�UÏ�IVHLÏRKNEXÏ�ZEPÏW�WÏ�H]XÏ�XÏ�WLTÏVRKYPNIW��
1NIOÏX�LIFVIRN�UÏ�Y�ZIRHSWÏR�RÏ�7XE�QFSPP�HLI�7IPERMO��TEXÏR�QYRHÏWMRÏ�UÏ�RÏ�OÏXS�VVIXLERE��XÏ�TÏVTEVSRMR��WITWI�EXEQI�ZIXI�FEVXRMR�IPIQIRXI�XÏ�VINE�XÏ�QNI�OÏWMWÏ�IZVSTMERI�UÏ�HEPPSRMR�RKE�QNIOÏ�WME�OPEWMOI�MWPEQI��%XE�QNIOÏ��XÏ�GMPÏXOMWLMR�EVVMXYV�UÏ�XÏ�WMPPRMR��QI�ZIXI�PMFVEX
I�X]VI��MWLMR�WLOSPPYEV�RÏTÏV�YRMZIVWMXIXIXÏ�0MWFSRÏW��/SMQFVIMX��HLI�%POEPIW�7LYQÏ�TVIN�X]VI�OMWLMR�HMTPSQYEV�RÏ9RMZIVWMXIXMR�7EPEQEROE��(MWE�TVIN�X]VIEVVMXÏR�XÏ�ZMRMR�HIVM�RÏ�SFSVVMR�QFVIXÏVSVHLI�XÏ�TÏVTEVSRMR�RÏ�TSMXÏR�I�QNIOYXTIVWSREP�XÏ�WYPPXERMX��
7LIQFYPPM�XNIXÏV�M�XSPIVERGÏW�JIXEVI�XÏSWQERPMRNZI�HLI�M�VIWTIOXMX�RHEN�FEWLOÏ�WMWÏ�WÏ�LIFVIRNZI��MWLXI�WI�QNIOÏX�LIFVI�RN�KÏSRMR�TVMZMPIKNI��WMOYVWI�MWLXI�PMVMQMRKE�HMWE�XEXMQI�WM�HLI�OEPÏVMQM�QI�OYEN��
9HLÏTÏVWLOVYIWMX�IZVSTMERÏ��XÏ�GMPÏXOMWLMR�ZMMXYEV�7XEQFSPPMR�HLI�7IPERM�OYR�RÏ�QIWMR�I�WLIOYPPMX�<:-��JPEWMR�TÏVTSMXÏR�I�QNIOÏZI�LIFVIRN�XÏ�OÏX]VI�H]U]XIXIZI��2HÏVWE�&IPPSRM�XLSXÏ�WI�RÏ�ZM�XMR������OMWLXI�WLYQÏ�QNIOÏ�LIFVIRN�KNISKVEJM�2MOSPPEW�HI�2MOSPPE]�WLÏRSRWI�RÏ�QIWMR�I�X]VI�TEXM�IHLI�XÏ�XMPPÏ�UÏOMWLMR�HMXYVM�XISVMOI�HLI�TVEOXMOI�HLI�WITÏVTEVÏWME�I�X]VI�UÏRHVSRXI�RÏ�JEOXMR�WIEXE�TÏVHSVRMR�PMFVEX�QNIOÏWSVÏ�XÏ�WLOVY�EV�RÏ�KNYLÏX�LIFVEMWLX��EVEFMWLX�HLI�KVI�UMWLX��(I�2MOSPENM�RÏ�RNÏ�ZIRH�XNIXÏVTVSZSR�WI�HMXYVME�I�QNIOÏZI�LIFVIRN�PM�HLIX�RKYWLXÏ�QI�RNSLNIR�I�KNYLÏZI�IZVS�TMERI��PEXMRMWLX��MXEPMWLX�HLI�WTERNMWLX�TÏVZIË�EX]VI�UÏ�Y�GIOÏR�QÏ�TEVÏ�
1YWE�F��,EQYR��M�GMPM�UI�QÏ�M�RNSLYVMTVIN�OÏX]VI�QNIOÏZI��EVVMXM�UÏ�RÏ�SFSVVMRQFVIXÏVSV�XÏ�FÏLIN�QNIOY�M�WYPPXER�7]�PINQERMX��PMKNHLÏRÏWMX��HLI�WLOVSM�RNÏ�RKEZITVEX�I�TEVE�RÏ�KNYLÏR�XYVOI�TÏV�WXSQE�XSPSKNM��7MTEW�QIRHMQMX�XÏ�%��8IVMSKPYX�M�GMPM�OMWLXI�FSXYEV�JEOWMQMPIR�I�OÏWEN�ZI�TVI�RÏ�KNYLÏR�XYVOI�HLI�M�GMPM�I�OMWLXIWXYHMYEV�EXÏ��ENS�MWLXI�RNÏ�ZITÏV��I�GMPE�TÏVZIËWI�MWLXI�WLOVYEV�RÏ�FEÏ�XÏ�ZITVE�ZI�XÏ�ZNIXVE�KVIOI��MWPEQI�HLI�YNKYVI�XÏQNIOÏWMWÏ��ENS�MWLXI�WLJV]XÏYEV�IHLI
RKE�FYVMQIX�SWQERI�XÏ�QNIOYX�7LIVEJI�HMR�7ETYR\LYSKPY��ZHIW����� �HLI�RKEFYVMQI�XÏ�XNIVE�SWQERI�HLI�IZVSTMERI�4ÏVZIË�OÏWEN�ZITVI�XÏ�RNSLYV�XÏ�1YWE�F�,YQER�MX��IOMWXSR�IHLI�RNÏ�ZITÏV�RÏKNYLÏR�XYVOI��I�GMPE�RYO�ÏWLXÏ�LYPYQXYEVEU�WLYQÏ��8MXYPPM�M�OÏWEN�ZITVI��I�GMPE�OERHMLQYEV�RÏ�EVVMXNIR�I�HMXYVMZI�QNIOÏWS�VI�XÏ�6IRIWERGÏW��ÏWLXÏ�6MWEPI�JM�8EFE]M
IP�)HZM]E�ZI�-WXMQEPMPE�/]�QIWEL��UÏTÏVFÏLIX�RKE�OEXÏV�ZITVE��XVIKSR�TÏV�OE�VEOXIVMWXMOEX�I�FEVREZI�HLI�TÏVHSVMQMR�IX]VI��2Ï�TEVEXLÏRMIR�I�OÏWEN�ZITVI�1YWEMWUEVSR�WI�I�OMWLXI�WLOVYEV�HYOI�M�WLJV]�XÏYEV�FYVMQIX�MWPEQI��IZVSTMERI��KVIOI�HLI�LIFVEMOI��
7LEFER�F��-WLEO�IP�-WVEMPM��ZHIW�VVIXLZMXMX����� ��M�RNSLYV�WM�-FR�<LEQM��MWLXIRNÏVM�RKE�WLOVMQXEVÏX�LIFVIRN�UÏ�RÏOSLÏR�I�XMN�RYO�MWLXI�EU�M�RNSLYV��HLI�RÏPMHLNI�QI�FMSKVEJMRÏ�I�XÏ�GMPMX�RYO�OIQMXÏ�HLÏRE�XÏ�QNEJXYIWLQI��%M�OMWLXI�TÏVO�XL]IV�RKE�KNYLE�WTERNSPPI�RÏ�EVEFMWLX�WLOVMQMR�WM�XÏ�FÏLIX�WLÏVMQM�QI�HYLER�(YOI�MY�VIJIVYEV�XÏ�HLÏREZI�XÏ�QNIOYXWTERNSPP�1SVXEVYWM��M�GMPM�OMWLXI�NIXYEVRKE�JYRHM�M�WLIOYPPMX�<:-��-FR�<LEQMJPMWXI�TÏV�WLJV]XÏMQMR�I�KNIXLIZI�XÏ�HY�LERMX�HLI�TÏV�QÏR]VÏR�I�QIXSHEZI�XÏWLÏVMQMX�RKE�PÏRKY�M�WEN��%M�XLSWLXI�OYVOMWLXI�TEVÏ�WI�IHLI�JIQVEX�OMWLMR�JMPPYEVXÏ�XLMXLRMR�HYLER��OMWLXI�ZIRHSWYV�XÏWLOVYERXI�EXÏ�PMFÏV��-FR�<LEQM�OMWLXIHMNIRM�WI�MWLXI�XLYVYV�RNÏ�TSIM�OY�PEZ�HÏVSLIN�HYLERM��
7I�WE�OMWLXI�UIRÏ�OSRXVMFYXM�M�QNIOÏZILIFVIRN�KNEXÏ�WLIOYPPMX�<:-��TVIN�XÏ�GM�PÏZI�ZIXÏQ�HMWE�Y�TÏVQIRHÏR�OÏXY��HLIWI�RÏ�ËtQEWÏ�OMWLMR�WNIPPÏ�RHV]WLMQI�EXS�XVIKSNRÏ�VIYPXEXIX�I�OVELEWYEVE�QI�ZI�TVEX�I�WLOVYEVE�RÏ�EXÏ�OSLÏ�RKE�FYVMQIXTIVÏRHMQSVI��HLI�QI�PMXIVEXYVÏR�OPEWMOIMWPEQI��TÏV�XÏ�GMPEX�RYO�QYRH�XÏ�OSRWXE�XSNQÏ�RÏWI�Y�ZELHYE�QI�VVNIHLE�XÏ�VINEETS�QI�EXS�XÏ�ZNIXVEX��2Ï�OÏXÏ�QÏR]VÏQYRH�XÏ�OVMNSLIX�RNÏ�TÏVUMRHNI�WLYQÏQÏ�I�UEVXÏ�RÏ�PMHLNI�QI�QNIOÏWMRÏ�SWQE�RI�HLI�QNIOÏWMRÏ�TIVÏRHMQSVI�XÏ�EWENOSLI�
4ÏVKEXMXM�
7LIZOM�7L��:SGE
CCCCCCCCCCCCCCCCCCCCCCC�%YXSVM�ÏWLXÏ�7IOVIXEV�M�4ÏVKNMXLWLÏQ�M�/SRJIVIR�
GÏW�-WPEQMOI�WM�HLI�ERÏXEV�M�WLYQÏ�EWSGMEGMSRI�ZI�XÏ�XNIVE�XÏ�OEVEOXIVMX�WLOIRGSV��4ÏV�TYRÏX�I�XMNWLOIRGSVI�ÏWLXÏ�WLTÏVFP]IV�HMWE�LIVÏ��/]QEXIVMEP�ÏWLXÏ�QEVVÏ�RKE�ZITVE�I�XMN�WLOIRGSVI�ITÏVOXL]IV�RÏ�HMWE�KNYLÏ�FSXÏVSVI��q371%20-�2.8�(,)�7,/)2'%r�JEUI����������
HMXYVME�MWPEQI������
)QMRI�%�:IEN
.ER�X�WLTIWLXE�TSLMQIX�WI�/SWS�
ZE�ÏWLXÏ�I�OSWSZEVÏZI��TÏVOEXÏ�
WMWLX�I�FERSVÏZI�XÏ�WEN��/NS�RYO
QYRH�XÏ�NIXÏ�EWKNÏ�XNIXÏV�TÏVZIË�RNÏ
MRHMOEGMSR�UÏ�EXVMFYSR�TÏVKNIKNÏWMRÏ�UÏ
EXE�HYLIX�XE�OIRÏ�RHEN�/SWSZÏW�HLI�PYR�
HVMQMX�XÏ�WEN�RÏ�ZEPÏX�OSLSVI�
/SWSZE�RÏ�VIXVSWTIOXMZÏ
8ERM�QI�JSVQMQMR�I�/SWSZÏW�WLXIX�M
TEZEVYV�HLI�WSZVER��RI�X�KNMXL�NIQM�HY�
OI�TEVÏ�TÏVTNIONIX�I�U]XIXEVÏZI�XÏ�WEN�TÏV
ERÏXEVÏWMQMR�HLI�MROYEHVMQMR�I�/SWSZ�
ÏW�HVINX�WXVYOXYVEZI�QÏ�XÏ�PEVXE�RHÏVOSQ�
FÏXEVI��1IKNMXLÏWI�qI�ZMOXMQÏYEVr�HMWE
LIV�KNEX�LMWXSVMW�R�TIVMYHLE�X�RHV]�
WLQI�OSLSVI��ENS�WÏVMWL�RYO�TYWLSR�WÏ
ZENXYEVM�XÏ�OEPYEVÏR��ZIËWI�ZELHMQMWLX
ÏWLXÏ�HYOI�OSRXVMFYEV�TÏV�RNÏ�XÏ�EVHLQI
QÏ�XÏ�RHVMXYV�TÏV�U]XIXEVÏX�I�WEN��
0ÏRHMQIX�I�QEVVE�KNEXÏ�PYJXÏW�WÏ�JYR�
HMX��RYO�UIRÏ�XÏ�PMQMXYEV�ZIXÏQ�TÏV�RNÏ
OSLÏ�XÏ�GEOXYEV��FMI�JNEPE�ZIXÏQ�KNEXÏ�EXMN
OSRJPMOXM�XÏ�EVQEXSWYV��TSVWI�EXS�NIXSNRÏ
IRHI�WM�KNYVQE�WIVMSI�HLI�QI�TEWSNE�XÏ
TEWLÏVYIWLQI�TÏV�WLSUÏVMRÏ�HLI�XÏ�EV�
HLQIR�I�/SWSZÏW��1EHNI�TEWSNEX�I�PYJ�
XÏW�XERM�TS�WLJEUIR�TÏVLIVÏ�I�QÏ�WLYQÏ�
ZEVVIX�I�FYPYEVE��PMWXEX�I�X�TEKNIXYVZI��
WÏVMWL�NERÏ�JEOXI�VVÏUIXLÏWI�UÏ�XVESNRÏ
RHNIRNEX�I�WLUMTXEVÏZI��8VEYQEX�I�TÏVNI�
XYEVE�RÏ�EXS�HMXÏ�XÏ�Q]R\]VÏW�RKE�WIVFÏX�
IRHI�RYO�HS�XÏ�LHYOIR�TPSXÏWMWLX��WMHS�
QSW�XIO�JÏQMNÏX�UÏ�MWLMR�ZMOXMQEX�QÏ�XÏ
TEOYVW]IVE�XÏ�OÏWEN�Q]R\]VI��8ERM��RI�XÏ
KNMXLÏ��WE�HS�XÏ�HSRMQ�UÏ�ENS�I�OEPYEV�XÏ
QFIXIX�TE�qOSQIRXr�TÏV�JEOXMR�WI�OEVEO�
XIVMMQM�M�PYJXÏW�MWLXI�QI�EXE�UÏ�WSX�QI�
KNMXLEXÏ�NERÏ�IPIQIRX�M�TEWLQERKWLÏQ
TÏV�WIRHÏVXMQMR�I�MQELMX�XÏ�/SWSZÏW��TS
EU�IHLI�HS�XÏ�HSRMQ�UÏ�ENS�XÏ�QFIXIX�RNÏ
PIOWMSR�M�QMVÏ�HLI�TVSJMXEFÏP�RÏ�LETEX
XER�HVINX�W�EVHLQIW��/NS�HS�X�XLSX�WI
RI�QYRH�XÏ�IGMQ�TÏVTEVE�IHLI�HYOI�WLM�
OYEV�QFVETE��TSV�NS�QI�TÏVJ]X]VMQI
IQSGMSREPI�XÏ�WÏ�OEPYEVÏW��WITWI�RÏ�ZE�
LHMQÏWM�EXS�HS�XÏ�NIRÏ�QSXMZ�ËVVIKYPPY�
IW�TÏV�WLSUÏVMRÏ�RÏ�TÏVKNMXLÏWM��2KE�ONS
I�JYRHMX�QEVV�WLOEW�X�XLIQ��RN�TNIW�I
XVYTMX�I�TPEKSWYV�TÏV�LIVÏ�XÏ�TEVÏ�QYRH
XÏ�WLÏVSLIX�QÏ�QI�PILXÏWM�WIWE�ENS�UÏ
PÏRHSLIX�TÏV�WÏ�H]XM��(LI�XERM�EOSQE�TE
LEVVYEV�PYJXÏR�XQIVVYIWI�XÏ�JYRHMX�RÏ�/S�
WSZ��NS�PEVK�RKE�ENS��VMOYNXSNQ�IHLI
XVEMVEX�I������������QEVWMX�������X�GMPEX
UIRÏ�RNÏ�PIOWMSR�M�UÏRHVYIWLÏQ�WI�ZITVM�
QIX�QFM�FEE�IQSGMSREPI�NER�X�TEEVW]�
IWLQI�HLI�XÏ�HÏQWLQI�TÏV�TVSGIWIX�UÏ
ËSNRÏ�HVINX�LZMPPMQMX�HLI�WXEFMPMXIXMX�XÏ
RN�VENSRM��/YNXSN�WI�TEWSNEX�I�HEPE�RKE
EXS�H]�XVM�HMX�XVEMVEWL��MWLMR�NS�Q�TEO
WI�HLNIXÏVE�XÏ�ZHIOYV�I�UMRHVE�XÏ�TPEKS�
WYV��HLI�WtHYLIX�LEVVYEV�WI�IHLI�OSWXSNE
I�VMTEVMQIZI�XÏ�WLOEXÏVVMQIZI�QEXIVMEPI
MWLXI�RN�WLYQ�I�QEHLI�X�LSPPEWL��8E�
RM��TEW�OÏWEN��OYWL�QYRH�XE�VMOXLINÏ�FIW�
MQMR�I�LYQFYV�X�X�LYENZI��U�I�OMWLMR
JMXYEV�TÏV�OSWSZEVÏX�WM�RNÏ�TSTYPP�FYNEV��M
UÏRHVYIWLÏQ��TEUIHEWLÏW�IXN�#�)�KNMXLE
ONS�XLYENWI�Y�VVÏRYE�FVIRHE�RNÏ�HMXI��TEW�
XEN�ËtJMXSM�/SWSZE�RKE�ONS��TÏVZIË�LYQ�
FNIW�
'MPÏWMQM�M�7IVFMWÏ�RKE�UEVUI�FSXÏVSVI
WM�KNEOEXEVI�HLI�GIRYIWI�I�TEUIW�R�VE�
NSR�TÏV�WLOEO�XÏ�ZITVMQIZI�ERXMRNIVÏSVI
XÏ�RHÏVQEVVE�KNEXÏ�PYJXÏW�RÏ�/SWSZÏ�HLI
&SWRNÏ�I�,IVGIKSZMRÏ��WM�HLI�OV]IRIËÏ�
WME�I�WEN�RHEN�&EWLOÏWMWÏ�2HÏVOSQFÏXE�
VI��RYO�HYLIX�XÏ�RE�WLÏVFINRÏ�WM�QSHIP�M
WLOÏPU]IV�WI�WM�FÏLIX�PYJXE��TSV�HYLIX�XÏ
RE�ZIXÏHMNÏWSNÏ�TÏV�RNÏ�FEWOÏTYRMQ�QÏ
XÏ�TÏVEJÏVX��RKEWI�TÏV�XÏ�QSW�Y�IXMOIXYEV
WM�XÏ�XMPPÏ��RI�HYLIX�XÏ�FÏNQÏ�TÏVTNIONI�XÏ
ZELHYIWLQI�TÏV��OYPXMZMQMR�I�RNÏ�OSI�
OMWXIRGI�QI�JUMRNÏX�XERÏ�XÏ�XÏ�KNMXLE�OS�
RJIWMSRIZI��IXRMZI�IXN��4PEKÏX�I�QEVE�RKE
7IVFME�TÏV�ZMXI�QI�VEHLÏ��HLI�RÏ�ZIËERXM
KNEX�OSRJPMOXMX�X�JYRHMX��NER�X�XQIVV�
WLQI�HLI�WLYQÏ�VVÏUIXLÏWI��OÏXÏ�EWOYWL
WtI�QSLSR��4SV��RÏ�OÏXS�OSLÏ�TEUINI�HLI
TEW�TEZEVÏWMQMX��/SWSZE�ÏWLXÏ�HYOI�HLÏ�
RÏ�WLIQFYPPMR�I�RNÏ�R\ÏRÏWM�XÏ�WLOÏPU]�
IV�WI�WM�ÏWLXÏ�HYOI�QIRE\LYEV�TYRÏR�I
WEN��4VEOXMOE�HYLIX�RHÏVXYEV�KNMXLQSRÏ
R�FE�X�RN�XISVMI�X�QMV��8ISVME�I�WEN
MWLXI�TIVMYHLE�HMWEZNIËEVI�I�OEPYEV�FVI�
RHE�RNÏ�QFMOÏU]VÏWM�qPIKNMXMQr���92�
1-/�YX��RHÏVWE�TVEOXMOE�I�WEN�ÏWLXÏ
EOXMZMMQM�HVINXTÏVHVINX�RÏ�XÏ�KNMXLE�SV�
KERIX�ZIRHMQQEVVÏWI�RÏ�WXVYOXYVEX�ZI�
RHSVI�HLI�RHÏVOSQFÏXEVI��2HSRÏWI�RYO
ÏWLXÏ�IRHI�OSLÏ�I�VIYPXEXIZI�TÏVJYRHM�
QXEVI��WLTVIWEX�TÏV�VIYPXEXI�XÏ�QMVE�NERÏ
R�JEZSV�X�TSMXMZMXIXMX���STXMQMQMX��
HMXYVME�MWPEQI������
5EWNI
4VSWTIVMXIXM�M�/SWSZÏW�RNÏ�ZEVÏWM�WIVMSIRKE�OSIOMWXIRGE�JIXEVI�HLI�IXRMOI�6SPM�M�FIWMQMX�MWPEQ�RÏ�TEVERHEPMQMR�I�ËVVIKYPPMQIZI�RÏ�WLSUÏVM
q1YRH�XÏ�TÏVQFPIHLMQ�WI�RÏ�VVEJWLMR�FYVMQSV�MWPEQ�qOSIOMWXIRGEr
ÏWLXÏ�FEEQIRX�M�TEOETÏVG]IWLÏQ�M�&EWLOÏWMWÏ�Q]WPMQERI��9QIXMX�
HLI�WLÏVFIR�WM�EVOIXMT�TÏV�VVIKYPPMQMR�JIXEV��TSPMXMO��WLSUÏVSV�
IOSRSQMO�I�XÏ�XNIVE�IHLI�XÏ�WLSUÏVMZI�QSHIVRIr��2I\LEX�-FVELMQM
/SWSZE�RÏR�LMNIRI�ZMMSRMX�XÏ�VM
/SWSZE��RHSRÏWI�RYO�I�OE�ITMXIXMR�I
RNÏ�R\ÏRÏWINI�WLIQFYPPSVI��QIKNMXLEXÏ
HYOIX�WI�OE�OEPYEV�QEHNI�IHLI�QI�WYO�
WIW�QÏ�XÏ�PEVXÏ�WI�qXÏ�QMVÏr��1FEWI�IHLI
XÏ�GMPÏWYEVMX�I�WEN�WM�WLIQFYPPSVI��RYO�HS
X�TEVEUMWXI�OYVVJEV�KEFMQM��OYV�HMLIX�WI
ENS�OE�XINOEPYEV�HMWE�qTVSZMQIr�X�XVERWM�
GMSRMX��XÏ�GMPEX�OSRWMHIVSLIR�WM�WLYQÏ�XÏ
VÏRHÏWMWLQI�TÏV�WLUMTXEVÏX��/YNXSNQÏ
OÏXY��KNIHLNIX�PSOEPI�HLI�TEVPEQIRXEVI
WM�HLI�JMREPMMQM�I�7XEXYWMX�XÏ�/SWSZÏW�
UÏ�OSRWMHIVSLIX�WM�OETMXYPPM�QÏ�M�VÏRHÏ�
WMWLÏQ�UÏ�OEVEOXIVMSR�RNÏ�TNIWÏ�XÏ�GEO�
XYEV�X�LMWXSVMW�WSR��4VERHEN��/SWSZE
ÏWLXÏ�ONS�UÏ�ÏWLXÏ��ENS�OE�XÏ�KNMXLE�IPI�
QIRXIX�HEPPYIWI�HLI�WLXIXÏJSVQYIWI�UÏ�I
GMPÏWSNRÏ�WM�RNÏ�WLXIX�PIKNMXMQ�HLI�XÏ�RNS�
LYV�RKE�RN�TNIW�I�QMV�WLXIXIWL�FSX�
VSVI��:MMSRM�M�OSWSZEVÏZI�HYLIX�XÏ�NIXÏ�M
UEVX��X�KNMXL�HYLIX�X�NIQM�X�FEWLOYEV
RÏ�TYRÏX�HLI�ERKELMQIX�XSRE��RÏ�QÏR]�
V�U�IHLI�WLXIXM�]R�X�QEVV�TEQNIR�I
RN�WLXIXM�U�HM�X�XVIKSN�HLI�X�NET�ZPI�
VE��WM�HLI�HM�XÏ�FÏNÏ�KNMHLNI�TÏV�XÏ�KNMXLÏ�
8EWLQÏ�XÏ�KNMXLÏ�OSWSZEVÏX�HYLIX�XÏ�ZI�
XÏHMNIWSLIQM�UÏ�WLXIXMR�XSRÏ�XE�OSRWMHI�
VSNQÏ�WM�TVSRÏR�XSRÏ�HLI�XÏ�QYRHSLIQM
XÏ�TYRSNQÏ�EU�WE�QYRHIQM��WMË�TYRSNQÏ
XÏ�KNMXLÏ�TÏV�WLXMQMR�I�TEWYVMWÏ�TIVWSR�
EPI��EWLXY�HYLIX�QIRHYEV�IHLI�TÏV�TEWY�
VMRÏ�I�/SWSZÏW��8EWLQÏ��OYV�XMQSRM
ÏWLXÏ�RÏ�HYEVX�XSRE�HLI�RI�NIQM�YHLÏLI�
UÏW��HYLIR�HLÏRÏ�WLIQFYNX�QÏ�XÏ�QMVÏ�XÏ
RNÏ�YHLÏLIUNINI�TIVJIOXI��/SWSZE�WLMLIX
WI�FEPPEJEUSLIX�QI�TVSFPIQI�XÏ�QÏHLE
X�REX]VEZI�X�RHV]WLQI��WM�HVSKE��TVSW�
XMXYGMSRM��XVEJMOMQM�M�OVMNIWEZI�RNIVÏSVI
IXN���UÏ�TÏVFÏNRÏ�RNÏ�TVSFPIQ�UÏ�HYLIX
OSRWMHIVYEV�TVSFPIQ�WIVMS�RKE�X�KNMXLE
WLXVIWEX�I�WLSUÏVMWÏ��HYOI�JMPPYEV�TVIN�U]�
XIXEVMX�Q�X�XLNIWLX�I�HIVM�XIO�MRWXMXY�
GMSRIX�TÏVOEXÏWI��UÏ�QYRH�XÏ�RHMOSNRÏ�RÏ
QÏRNERMQMR��HIVM�IHLI�RÏ�WLQERKMIR�XS�
XEPI�XÏ�XÏ�KNMXLÏ�EX]VI�UÏ�WLOEXÏVVSNRÏ
WLSUÏVMRÏ�HLI�HÏQXSNRÏ�MQELMR�I�RNÏ
WLXIXM��-RWXMXYGMSRIX�IOIOYXMZI�NERÏ�QÏ
QI�TIWLÏ�TÏV�OÏXÏ��TSV�EX]VI�HYLIX�XtY
SJVSNQÏ�RHMLQÏ�HLI�FEWLOÏTYRMQ�XÏ�QM�
VÏJMPPXÏ�RÏ�MHIRXMJMOMQMR�I�WLOEOXEVÏZI
HLI�WLÏVMQMR�I�TEWSNEZI�XÏ��WLOEOXYEVE�
7XMQYPMQM�M�OSIOMWXIRGÏW
4VIN�LETEZI�OV]IWSV�U�HYLIX�X�RH�
VQEVVÏ�WLSUÏVME�OSWSZEVI��ÏWLXÏ�EOXM�M
OSQTVSQMWMX�RÏ�JYWÏR�I�ÏROEZI�HLI�EV�
QMUÏWMZI�RÏ�FEE�IXRMOI�HLI�JIXEVI��1IU
WLUMTXEVÏX�QFENRÏ�ITMXIXMR�I�RNÏ�TSTYPPM
XSPIVERX��HLI�QIU�M�XEOSNR�RN�WLYQMGI
EFWSPYXI�Q]WPMQERI��EXE�EWRNÏLIVÏ�RYO
OERÏ�UIRÏ�RÏ�ÏROE�QI�JUMRNÏX�I�X]VI�OE�
XSPMO�I�SVXSHSOW��7LMOYEV�WMTEW�WXYHM�
YIWZI�XÏ�RHV]WLÏQ�XÏ�QEVVÏHLÏRMIZI
RHÏVJIXEVI�I�RHÏVU]XIXÏVMQSVI��RHÏV�ËÏ�
WLXNIX�KNMXLRN�EOXYEPI��WM�XIO�RI�EWLXY
IHLI�RÏ�UEVUIX�FSXÏVSVI��ZELHSR�XÏ�NIXÏ
IHLI�XIQE�I�FEWLOIOMWXIRGÏW���RÏ�VVEJ�
WLMR�FYVMQSV�I�XISVMO���RHÏVQNIX�-WPEQMX
HLI�JIZI��MHISPSKNMZI�SWI�FSXÏOYTXMQIZI
X�XNIVE��HLI�R�VVEJWLMR�TVEOXMO�I�LMWXSVMO
��RHÏVQNIX�Q]WPMQERÏZI��XÏ�OVMWLXIVÏZI
HLI�JIZI�E�MHISPSKNMZI�X�XNIVE��/]�EOXY�
EPMXIX�UÏRHVSR�RÏ�JEOXMR�WI�WLYQÏ�UEVUI
TSPMXMOI�FSXÏVSVI��QI�ERÏ�XÏ�QIOERM�
QEZI�XÏ�ZIX��OÏXÏ�ËÏWLXNI�I�WLXVSNRÏ�RÏ
OSRXIOWXMR�RIKEXMZ��HLI�WM�FYVMQI�WLJV]�
XÏSNRÏ�TNIWÏ�OYVERSVI�XÏ�WLOÏTYXYVE�RKE
XÏVÏWME��HYOI�FÏVÏ�RKE�-WPEQM�TÏVFMRHÏ�
WLMR�I�PPSNMX�X�ZIX��WM�HLI�R�ZITVEX�TVS�
TEKERHMWXMOI��QI�JYWLEXEX�I�X]VI�TIVJMHI�
7MHSUSJX��TVSKVIWM�RYO�EVVMLIX�QI
LEOQEVVNI��WITWI�LEOQEVVNE�NS�ZIXÏQ�UÏ
TÏVJSVGSR�OSRJPMOXMR��TS�RÏ�OÏXÏ�VEWX
IHLI�FÏR�JYRHSWNIR�I�ZPIVEZI�HLI�ENS
LET�OSRJPMOXI�X�VINE�QI�TEWSNE�X�TEMQE�
KNMRYIWLQI�
7LIQFYNX�MWPEQ�U�WNIPP�I�OEPYEVE�
HÏWLQSNRÏ�WI�-WPEQM�KNMXLRNÏ�OE�UIRÏ
KNMHLNI�TÏV�XÏ�KNMXLÏ��4INKEQFIVM�E�W��
QI�VEWXMR�I�LM\LVIXMX��WLTÏVRKYPNIW �RKE
1IOE�RÏ�1IHMRÏ��RKE�LETEX�I�TEVÏ�UÏ
OMWLXI�RHÏVQEVVÏ��MWLXI�TENXMQM�RÏ�QIW
Q]WPMQERÏZI���IRWEVÏZI��EXE�UÏ�I�RHML�
QYER�4INKEQFIVMR�E�W��RÏ�1IHMRÏ �HLI
QYLE\LMVÏZI��EXE�UÏ�I�WLSUÏVYER�4INKE�
QFIVMR�E�W��KNEXÏ�WLTÏVRKYPNIW�TVIN�1I�
OÏW �HLI�OSQTVSQMWM�QI�NSQ]WPMQERÏX
QI�ER�X�MRXIKVMQMX�X�X]VI��QEHNI�EM
IHLI�I�WXEFMPMSM�NIXÏR�RÏ�1IHMRÏ�QI�RNÏ
WLSUÏVM�QYPXMIXRMOI�HLI�QYPXMJIXEVI�FVI�
RHE�WEN�
/ÏXÏ�ZITVMQ�1YLEQIHM�E�W��I�JMREPM�
SM�QI�TÏVTMPMQMR�I�RNÏ�qXVEOXEXMr�XÏ�RNS�
LYV��UÏ�TÏVFÏLIN�RKE�TIWÏHLNIXÏ�I�H]
RIRI��HLI�QI�X�GMPMR�Y�VVIKYPPYER�R�Q�
R]VÏ�XÏ�HIXENMYEV�QEVVÏHLÏRMIX�RÏ�QIW
WLSUÏVMWÏ�QIHMREWI�HLI�OÏWLXY�1IHMRE
HI�JEGXS�QIVVXI�IHLI�JSVQÏR�I�RNÏ�WLXIXM
XÏ�ZÏVXIXÏ��/]�XVEOXEX�ETS�ENS�OYWLXIXYXÏ�
OSRWMHIVSLIX�IHLI�/YWLXIXYXE�I�TEV�RI
LMWXSVM�
2Ï�OÏXÏ�XVEOXEX��4INKEQFIVM�1YLEQ�
IH�E�W��OMWLXI�SJVYEV�KNMHLNI�HLI�TMOÏTE�
QNI�NS�ZIXÏQ�TÏV�Q]WPMQERÏX��WITWI�ONS
RYO�TÏVFÏRXI�RHSRNÏ�TVSFPIQ ��TSV�KNM�
HLNI�IHLI�TÏV�NSQ]WPMQERÏX��TÏV�NIXIWÏR
I�X]VI�XÏ�TÏVFEWLOÏX��XEWL�QÏ�QI�JUMRNÏX
Q]WPMQERÏ��HLI�HYOI�WLTEPPYV�1IHMRÏR
WM�ZIRH�X�X]VI��X�GMPMR�HYLIN�XE�QFVSRXI
WIGMPM��2Ï�RIRMR����XÏ�OÏXMN�XVEOXEXM�XLY�
LIX��q1]WPMQERÏX�HLI�ËMJYXÏX�HYLIX�XtM
HEPMR�RNÏVM�XNIXVMX�RÏ�RHMLQÏ�OYRHÏV�ËHS�
RNÏVMX�UÏ�WYPQSR�1IHMRÏRr��)HLI�TWI
4INKEQFIVM�E�W��QI�TSMXÏR�UÏ�OMWLXI�
MWLXI�TIVWSR�M�TEHÏWLMVYEV��RSR�KVEXE
XIO�NSQ]WPMQERÏX�I�JMWIZI�XÏ�RHV]WLQI
ËMJYXI�UÏ�NIXSRMR�RÏ�1IHMRÏ��QEHNI�EM
MWLXI�PYJXYEV�HVINXTÏVWÏHVINXM�RKE�RNÏ�TNI�
WÏ�I�X]VI��QIKNMXLEXÏ��TÏV�LMV�XÏ�VYENXNIW�WÏ
WXEFMPMXIXMX�RÏ�ZIRH��TÏV�LMV�XÏ�QMVÏUIRMIW
RNIVÏSVI�HLI�TÏV�LMV�XÏ�QFVIXÏVMQMX�XÏ
TEUIW��Y�SJVSM�FEWLOÏNIXIWÏR�HLI�NS�PYJ�
XÏR��9�SJVSM�OSQTVSQMW�HLI�NS�OYRHÏV�
WLXMQ��*YRHNE��O]�MWLXI�IHLI�QIWEL�M
>SXMX�XIO�RNÏ�QMWMSREV�M�XMN��TÏV�QEVVÏHL�
ÏRMI�XÏ�QMVE�HLI�QFVIXÏVMQ�XÏ�TEUIW�
%OXM�XNIXÏV�UÏ�QIVMXSR�XÏ�TÏVQIRHIX
HLI�ÏWLXÏ�M�RNÏ�VÏRHÏWMI�XÏ�NEWLXÏEOSR�
WLQI��ÏWLXÏ�IHLI�VEWXM�M�ËPMVMQMX�XÏ�1I�
OÏW��OYV�XÏ�KNMXLÏ�TVMWRMR�WI�EM�HS�XtYE
OXLIRXI�KNMXL�XV]WRMX�HLI�TIVWIOYXMQIX
UÏ�M�OMWLMR�FÏVÏ�FEWLOÏOSQFÏWMX�I�FEWL�
OÏZIRHÏWMX�I�XMN��(YOI�L]VÏ�RÏ�1IOÏ��RÏ
ZIRHPMRHNIR�I�XMN �TEW�XIXÏ�ZNIXÏWL��XÏ�GMP�
ÏR�I�OMWLXI�PÏWLYEV�RÏ�QÏR]VÏ�XÏ�HLYRWL�
QI��TEW�TEWXVMQMX�RKE�MHLYNX�X�XIQTYPPMX
X�WLIRNX�5EFIW�HLI�MFEHIXMX��PYXNIW ��
EM�FÏVM�EXÏ�UÏ�WtHS�XE�FÏRXI�EWOYWL��8Ï
KNMXL�QIOEWZI��X�QFPIHLYV�VVIXL�5EFI�
W�HLI�R�TVMXNI�WI�WM�HS�X�ZITVSRXI�4IN�
KEQFIVM�E�W��QI�EXE��RNIVMY���QI�ITMXIXMR
I�OVMNIWÏW�QÏ�XÏ�HEWLYV�XIO�>SXM��QI�GMPÏ�
WMQMR�I�XMN�WM�FIWRMO�M�WLSUÏVMWÏ��QI�FYNE�
VMRÏ�HLI�IQÏVKNIVÏWMRÏ�RHEN�XÏ�KNMXLÏZI�
��EM�MY�HVINXYE��q3�OYVINWL��%PPELY�I�PEV�
KSM�TVIN�NYWL�MRNSVERGÏR�HLI�PEVXÏWMQMR
QI�WXÏVKN]WLÏV��2NIVÏMX�NERÏ�TVIN�%HI�
QMX�I�%HIQM�ÏWLXÏ�TVIN�HLIY��3�OYVIN�
WLÏ��ËJEVÏ�QIRHSRM�WI�HS�XÏ�FÏN�QI�NY#r
%XE�XLER��2I�TVIWMQ�QMV��WITWI�XM�NI
ZÏPPE�M�RHIVWLÏQ�HLI�HNEPÏ�M�ZÏPPEMX�XÏ
RHIVWLÏQ��4INKEQFIVM�E�W�XLE��q2YO�NY
USVXSN�WSX��>SXM�NYE�TEWX�JEPYV�X�QIXEXr��
8Ï�KNMXLÏ�OÏXE�WLIQFYN�HLI�WLYQÏ�XÏ
XNIV�RKE�LMWXSVME�MWPEQI�TEWU]VSNR�WI
OSIOMWXIRGE�QI�EXE�U�QIRHSNR�RHV]�
WLI�RKE�RI��ÏWLXÏ�TVIN�XMTEVIZI�MWPEQI
HLI��WM�I�XMPPÏ��HYLIX�QFÏWLXIXYV��
8SPIVERGE�JIXEVI�I�TSTYPPMX�WLUMTXEV
QFÏWLXIXIX�RÏ�ZIXÏHMNIR�OSQFÏXEVI��RÏ
JEOXMR�WI�XÏ�KNMXLÏ�WLUMTXEVÏX�I�XÏ�KNMXLE
FIWMQIZI�NERÏ�XÏ�RNÏ�KNEOY�HLI�XÏ�RNÏ
KNYLI��OERÏ�SVMKNMRÏR��LMWXSVMRÏ��XVYEPPMR
HLI�XVEHMXÏR�I�TÏVFEWLOÏX��NERÏ�TVE�RNÏ
ZÏPPEÏVM�I�KNIVÏ��RNÏ�TSTYPP��/NS�ZIXÏHM�
NI�OE�RHMOYEV�JYUMQMWLX�R�OSLIMSRMR
OSQFÏXEV�QI�TÏVQEWE�QÏ�XÏ�KNIVE��HLI�I
OE�QSFMPMYEV�TSTYPPMR�WLUMTXEV�KNEXÏ
LMWXSVMWÏ�TÏV�XtY�FÏVÏ�VIMWXIRGÏ�TÏVTNIO�
NIZI�XÏ�ZELHYIWLQI�XÏ�XÏ�LYENZI�TÏV�XE
TÏVËEVÏ�HLI�WYRHYEV�EXÏ��7LUMTXEVÏX�I�OE�
HMXYVME�MWPEQI������
RÏ�TEVÏ�WI�XÏ�LYENX�I�WLJV]XÏSNRÏ�JIRÏ
TÏV�XE�TÏVËEVÏ�TSTYPPMR��/ÏWLXY��JINE�I
OIUTÏVHSVYV�RKE�EVQMUXÏ��OE�QEVVÏ�RKE
O]�EWTIOX�OYTXMQ�RIKEXMZ��VSP�ERXMOSQ�
FÏXEV��XÏ�GMPMR�ME�OE�RKEVOYEV�TYWLXYIWM�M
XVSNIZI�WLUMTXEVI��QIKNMXLÏWI�QÏWMQIX
HLI�TEVMQIX�I�XVM�OSRJIWMSRIZI�NER�LY�
QERI��TSMXMZI��QI�IXMO�X�PEVX��QI�VIW�
TIOX�HLI�XSPIVERGÏ�RHEN�XÏ�KNMXLÏ�EX]VI�UÏ
FIWSNRÏ�RÏ�RNÏ�4IVÏRHM��TVE�RHEN�FIWMQ�
XEVÏZI�XÏ�OVMWLXIVÏ�HLI�Q]WPMQERÏ�
q)�RÏWI�RHSOYWL�TVIN�MHLYNXEVÏZI�XÏ
OÏVOSR�WXVILMQ��XM�WXVILSNI��RÏ�QÏR]VÏ
UÏ�XtM�HÏKNSNÏ�*NEPÏX�I�%PPELYX��/YVERMR �
I�QERHIN�TÏVGMPPI�HIVM�RÏ�ZIRHMR�I�XMN�XÏ
WMKYVX��/NS�RKEWI�EXE�NER�TSTYPP�U�RYO
I�HMRÏ��XÏ�ZÏVXIXÏR�I�JIWÏ�MWPEQI �r�)X�
8IZFI����
6SPM�FIWMQMX�MWPEQR�TEVERHEPMQMR
I�HYOYVMZI�RIKEXMZI
7M�RÏ�XÏ�OEPYEVÏR�EWLXY�IHLI�XEWL��VSPM
M�JIWÏ�RÏ�VEWXI�ZIRHMQQEVVÏWI�ÏWLXÏ�M�TE�
OSRXIWXYIWLÏQ��*INE�KNMXLRNÏ�NIT�RNÏ�ZM�
MSR�XÏ�UEVXÏ�TÏV�ËHS�VVIXLERÏ�HLI�WMXYEXÏ�
*MREPMMQM�M�WXEXYWMX�XÏ�/SWSZÏW�HLI
WLTEPPNE�I�WEN�WLXIX�M�TEZEVYV�I�WSZVER�
RNIL�IHLI�OSRXVMFYXMR�I�&EWLOÏWMWÏ�-WPE�
QI�WM�HLI�X�OSQYRMXIXIZI�X�XNIVE�JIXEVI�
&EWLOÏWME�-WPEQI�ZELHMQMWLX�OE�QFEN�
XYV�PMHLNI�QI�UEVUI�XÏ�RHV]WLQI�FSXÏVS�
VI��WMHSQSW�QI�+EHMWLYPPMR�%VEFMO�
HYOI�PSFYEV�TÏV�TEZEVÏWMQMR�I�TPSXÏ�XÏ
/SWSZÏW��8ERM�OYV�RYO�ÏWLXÏ�OSQTPIXYEV
IRHI�PMWXE�I�WLYQMGÏW�WÏ�WLXIXIZI�XÏ�FSX�
ÏW��UÏ�HYLIX�XÏ�RNSLMR�TEZEVÏWMRÏ�I�/SW�
SZÏW��&EWLOÏWME�-WPEQI�HLI�MRWXMXYGMSRIX
I�WEN�NER�HYOI�OSRXVMFYEV�ZELHMQMWLX
QI�QÏR]VE�XÏ�RHV]WLQI�RÏTÏVQNIX�HIPI�
KEGMSRIZI�XÏ�RNÏTEWRNÏWLQI�UÏ�HÏVKSNRÏ
EX]�OY�RHMLIX�RIZSNE��RÏ�QÏR]VÏ�UÏ�OSR�
XVMFYXM�M�X]VI�X�NIX�R�HSFM�X�EXHLIYX
HLI�XÏ�U]XIXEVÏZI�XÏ�XMN��(IPIKEGMSRIX�I
YHLÏLIUYVE�RKE�1]JXMY�M�/SWSZÏW��1V�
2EMQ�8ÏVREZE��HLI�HIOERM�M�*EOYPXIXMX�XÏ
7XYHMQIZI�-WPEQI�XÏ�4VMWLXMRÏW��(V��6I�
\LIT�&SNE��RÏ�JMPPMQ�XÏ�QYENMX�UIVWLSV�RÏ
1IO�X�%VEFMW�7EYHMXI��WM�HLI�HIPIKE�
GMSRM�TEVE�HMWE�HMXÏWL�RMWYV�RÏ�HVINXMQ�XÏ
%QERMX��M�YHLÏLIUYV�RKE�TYFPMGMWXM�:IX�
SR�7YVVSM��1YLEQIX�1YWEXEJE��RKE�MRW�
XMXYXM�6MMRZIWX �WM�HLI�5IQENP�1SVMRE
�RKE�&EWLOÏWME�-WPEQI�I�/SWSZÏW �
HÏWLQSR�IHLI�RNÏ�LIVÏ�WI�&EWLOÏWME�-WP�
EQI�HM�XÏ�SJVSNÏ�ZPIVE�XÏ�QMVÏJMPPXE�KNM�
XLLIVÏ��HLI�WMHSQSW�OYV�ÏWLXÏ�ËÏWLXNE�I
%XHLIYX��
)�QMVE�HLI�I�HSFMWLQNE�TÏV�WLSUÏVMRÏ
NERÏ�WMQFSP�M�FIWMQMX�HLI�NERÏ�VVNIHLSNÏ
I�FIWMQMX��2YO�TVIXIRHSNQÏ�WI�QYRH�XÏ
L]N�R�IQVMR�JI�RN�HSOXVMR�ETS�MHIS�
PSKNM�I�GEOXYEV��RÏWI�ENS�OSRXVMFYSR�RHEN
HYOYVMZI�RIKEXMZI�WM�HLI�UÏRHVSR�MRHM�
JIVIRXI�TÏV�IPMQMRMQMR�I�X]VI��2EX]VE�I
FIWMQMX�MWPEQ�ÏWLXÏ�I�XMPPÏ�UÏ�OYPXMZSR
UIXÏWMRÏ��TVSWTIVMXIXMR��HEWLYVMRÏ�RÏ�QIW
RNIVÏZI��LEVQSRMRÏ�QI�XÏ�KNMXLÏ��OSQ�
TVSQMWMR��JEPNIR�IXN�
&IWMQM�MWPEQ�QI�HMVIOXMZEX�I�ZIXE�XÏ
RNÏ�FIWMQM�XÏ�EVW]IWLÏQ�TÏV�ËHS�ZIRH
HLI�ËHS�OSLÏ��KNMXLLIVÏ�MRWMWXSR�TÏV�TÏV�
QMVÏWMQMR�HLI�IPMQMRMQMR�EFWSPYX�XÏ�EX]�
VI�UÏ�WLOEOXSNRÏ�ËVVIKYPPMQI��QEHNI�TE
TÏVNEWLXYEV�IHLI�QYRHÏWMRÏ�I�RHÏWLOM�
QMX�TÏV�HIPMOXIX�I�WLOEOXYEVE��«HS�WLOEO
OE�IHLI�EVW]IR�I�ZIX��2Ï�TÏVQEWEX�NIXMOI
RNIVMY�ÏWLXÏ�WLOEOXEV�TÏV�ZEPÏZMXNIR�I�VI�
KVIWMX�HLI�TVSKVIWMX�WLSUÏVSV��WMTEW�EWEN
UÏ�ZITVSR��TVMXIX�IHLI�VIYPXEXM���WLTÏV�
FPMQM�M�TYRÏW��%NIXM�M�TÏVQIRHYV�RÏ�OÏXÏ
OSRXIOWX��q4ÏV�WLOEO�XÏ�ZITVEZI��XÏ�OÏUM�
NE �XÏ�RNIVÏZI��NERÏ�WLJEUYV�RÏ�XSOÏ�I�RÏ
HIX�X�IE��FIPE��WOEQNI��OEXEWXVSJE��LY�
QFNI�I�FIVIUIXMX�IXN ���r��)VV�6VYQ���� �
��NERÏ�RNÏ�MRHMOEGMSR�UÏ�RE�ZIXÏHMNÏWSR
TÏV�VIYPXEXIX�I�TYRÏW�WSRÏ�RKE�QSWOY�
NHIWM�M�ZITVMQIZI�RNIVÏSVI�OEVWLM�FIW�
MQMX�MWPEQ�
*INE�MWPEQI��QI�QIXSHEX�I�WEN�TEVM�
QSVI��ZELHMQMWLX�MRWMWXSR�R�ZIX�
HMNIWMQMR�I�WLSUÏVMWÏ�RÏ�TÏVTYXLNI�QI
QÏWMQIX�TINKEQFIVMOI��0MKNÏVEXEX�RÏ
\LEQM�HLI�RÏ�WLYQÏ�XVMFYRE�XÏ�XNIVE�XÏ
SVKERMYEV�RKE�JSRHEGMSRI�I�WLSUEXE�
RYO�OERÏ�OEVEOXIV�XNIXÏV�TÏVZIËUÏ�WM�XE
TÏVKEXMXMR�RNIVMYR�TÏV�ZITVMQI�XÏ�QMVE�RÏ
ËHS�HVINXMQ��6VNIHLMQMWLX��EWRNÏLIVÏ�RI
RYO�HYLIX�XÏ�RE�OÏREUÏ�ONS�JSVQÏ�I�IHY�
OMQMX��RI�TVIWMQ�UÏ�RÏ�RNÏ�XÏ�EVHLQI�XÏ
EJÏVX�XÏ�QYRHÏWSLIX�HLI�XÏ�PMKNÏWSLIX
IHYOMQM�JIXEV�RÏ�EVWMQMR�I�YPÏX�HLI�XÏ
QIWÏQ��RÏ�QÏR]VÏ�UÏ�TSXIRGMEPM�HLI
OETEGMXIXIX�I�JIWÏ�XÏ�HITÏVXSNRÏ�XIO�MRHM�
ZMHM�HLI�WLSUÏVME�RÏ�HMQIRWMSRI�WLOIR�
GSVI��I�NS�JINE�X�OYPXMZSLIX�QI�QSHIPMR
I�XVEHMXÏW��XIO�FVIEX�I�EVHLWLÏQ��4ÏVQIW
OÏWEN�VVYKI��I�GMPE�FIWSNQÏ�JYUMQMWLX�WI
HS�XÏ�NIXÏ�RNÏ�HMKÏ�I�JSVXÏ�TÏV�XtY�XLÏRÏ
WXST�HYOYVMZI�RIKEXMZI��RI�HS�X�QYRH
XÏ�OYPXMZSNQÏ�KNIRIVEXE�XÏ�QMVÏJMPPXE��XÏ
GMPEX�HS�XÏ�NIRÏ�HVINXYIWI�XÏ�WÏ�RIWÏVQIW�
4ÏV�WE�OSLÏ�UÏ�RI�HS�XÏ�UÏRHVSNQÏ�MRHM�
JIVIRXÏ�RÏ�OÏXÏ�EWTIOX��TÏV�EU�OSLÏ�HS�XÏ
ZMOXMQÏSLIQM�HLI�HS�XtM�RHMINQÏ�RÏ
ZIXI�TEWSNEX��/SWSZE�RYO�OE�RIZSNÏ�TÏV
QSHIPI�XÏ�ZMXIZI�t����OYV�7LUMTÏVME
WLTEPPM�ZIXIR�WM�XÏ�ZIXQMR�WLXIX�EXIMWX�RÏ
FSXÏ��RI�RYO�HÏWLMVSNQÏ�UÏ�ENS�I�OEPYEV
QEHNI�EW�X�MQEKNMRSLIX��TSV�WM�HYOIX
KNYVQEX�I�WEN�NERÏ�IRHI�XÏ�TVERMWLQI�RÏ
QIW�RIWL��4ÏV�OÏXÏ�EVW]I��Y�FÏNQÏ�ETIP�XÏ
KNMXLE�MRWXMXYGMSRIZI�QÏ�XÏ�PEVXE�YHLÏLI�
UÏWI�RÏ�/SWSZÏ��UÏ�IHYOMQM�JIXEV�XÏ
FÏLIX�TEWLQERKWLQÏVMWLX�TNIWÏ�I�TPER�
TVSKVEQMX�IHYOEXMZS�EVWMQSV�R�WLOSPPEX
XSRE��2Ï�OÏXÏ�QÏR]VÏ�HS�XÏ�QYRH�XÏ�PEV�
KSRMQ�HLI�XÏ�QÏRNERSRMQ�RÏ�XÏVÏWM�HY�
OYVMXÏ�I�HÏQWLQI��UÏ�NERÏ�RÏ�VVMXNI�I
WMTÏV�RÏ�WLSUÏVMRÏ�XSRÏ��
8LIQM��R�LMWXSVM�QIXSHEX�I�PEVKMQMX
ETS�IZMXMQMX�XÏ�WÏQYRHNIZI�WLSUÏVSVI�XÏ
OVMNYEVE�RKE�WLSUÏVME��VVEPPÏLIVÏ�SWI�JE�
VI��RYO�OERÏ�UIRÏ�HSFMTVYVÏWI�TÏV�MRHM�
ZMHMR�HLI�WLSUÏVMRÏ��QEHNI�RÏ�HMWE�VEWXI
EXS�NERÏ�XVIKYEV�XINIX�XÏ�QERKÏXE�HLI�NSI�
JMOEWI��HIVMWE�EXS�RYO�NERÏ�ÏZIRHÏWYEV
QI�QIXSHE�X�ZIRHSWYVE�RKE�/VMNYIWM�M
&SXÏZI��RKEWI�ÏWLXÏ�WLYQÏ�EJÏV�QIRHNIW
X�OYTXSLIX�WI�EWOYWL�RYO�I�RNIL�Q�QM�
V�TVSHLMQMR�I�LYEN��WE�ZIX�TVSHLYIWM�
TVERHEN�IHLI�RI�XLIQM�WI�QIXSHEX�IHY�
OEXMZI�UÏ�NERÏ�TÏVGEOXYEV�RKE�/VMNYIWM�M
&SXÏZI���%PPELY�\L�WL���NERÏ�M�ZIXQM
WLTÏXMQ�TÏV�QFEVÏ�WLSUÏVMXÏ�IOMWXYIWI�
WITWI�ZIX�EXS�NER�TVSHLMQI�X�RN�ZYPP�
RIXM�,]NRSV�
HMXYVME�MWPEQI������
4VSJ�(V�1ILHM�4SPMWM
5�R�JMPPMQ�Q�HYLIX�X�XLIQ
WI�QIVMXE�OV]IWSVI�U�ONS�ZI�
TÏV�QI�ZPIVE�OYPXYVSVI�LMW�
XSVMOI�XÏ�FÏLIX�TVSRÏ�IHLI�I
PMXIVEXYVÏW�WLUMTXEVI��I�FMFPMSXIOEZI�TYF�
PMOI�I�TIVWSREPI�XÏ�WLUMTXEVÏZI��M�XEOSR
TÏVOXL]IWMX�XÏ�WEN���1MXLEX�,S\LÏW�M�GMPM
QI�TÏVOYWLXMQ�HLI�QI�HSVÏR�I�RNÏ�QNI�
WLXVM�XÏ�WLOÏPU]IV�XÏ�TÏVOXL]IWMX��QI�RNÏ
KNYL�X�VVNIHLWLQI�WLUMTI��HYOI�VYENXYV
SVMKNMREPMR�I�WEN�R�QEW�X�OSRWMHIVYI�
WLQI��RHSRÏWI�NS�TE�ZÏWLXMVÏWM��ME�HSPM�XÏ
VIEPMSN�QI�WYOWIW�RN�TYR�OEU�X�V�
RHÏWMWLQI�HLI�ONS�ZITÏV�XÏ�WLSLÏ�HVMXÏR
I�WEN�IHLI�RÏ�KNYLÏR�WLUMTI�KEXM�TEW�RNÏ
WLIOYPPM��4ÏV�OÏXÏ�TYRÏ�XÏ�QEHLI�I�TÏV�
KÏSNQÏ���1MXLEX�,S\LÏR��
4ÏV�FSXMQMR�I�OÏWEN�ZITVI�RÏ�KNYLÏR
WLUMTI��XÏ�TÏVKEXMXYV�WMTEW�WXERHEVHIZI�XÏ
PEVXE��EWLXY�WMË�I�QIVMXSR�PMFVM��M�TÏVOIX
IHLI�7LXÏTMWÏ�&SXYIWI�q0SKSW�%r�RKE
7LOYTM��7LXÏTME�&SXYIWI�q0SKSW�%r��RÏ
FEPPÏ�XÏ�WÏ�GMPÏW�ÏWLXÏ���%HRER�-WQEMPM�
HEWLEQMVÏW�M�PMFVMX��HYOI�FSXYEV�HIVM�QÏ
XEWL�QI�UMRHVE�I�QI�QMNÏVE�XMXYN�RKE�JY�
WLEX�Q�X�RHV]WLQI�X�HMNIW��QEHNI�WIVM
ZITVEWL�XÏ�EYXSVÏZI�XÏ�QMVÏRNSLYV��WM�
7EQM�*VEWLÏVM�����ZÏPPMQI������ ��,EJM
%PM�9PUMREOY������ ��,EJÏ�%PM�/SVËE
����ZÏPPMQI������ �IXN���FIWSN�WI�RYO�KE�
FSLIQM�X�XLIQM��VEHLMXIX�R�QIWMR�I
WLXÏTMZI�FSXYIWI�WLYQÏ�WIVMSI�RÏ�XVSNIX
WLUMTXEVI�HLI�QÏ�KNIVÏ��0MHLYV�QI�OÏXÏ
WtQÏ�QFIXIX�XNIXÏV�ZIËWI�XE�TÏVKÏSN��QI
WLTVIW�WI�HS�XE�ZELHSN�ZITVMQXEVMR�I
WEN�FSXYIWI�QI�OÏXÏ�VMXÏQ�IHLI�QÏ�XYXNI�
2Ï�TEVEUMXNIR�I�ZITVÏW�q7EJELEXIXr
�*PIXÏX ��WEHS�UÏ�PI\YIWMX�HS�XtM�MRXIVIWS�
NÏ�XÏ�HMNÏ�WLYQÏ�KNÏVE��RÏ�OÏ�OÏXÏ�VEWX�HS
XtY�TÏVKNMKNIQM�H]�T]IXNIZI�OV]IWSVI��
���/YWL�ÏWLXÏ�1ILQIH�%OMJ�)VWSNM#�HLI
���«tNERÏ�q7EJELEXIXr#
1IUIRÏWI�XERM�PMFVM�ÏWLXÏ�RÏ�HYEVX�I
PI\YIWMX�WLUMTXEV��OY�TÏVJEUÏWSLIR�I�TÏV�
JWLMLIR�XÏ�HLÏRE�XÏ�OSRWMHIVYIWLQI�WM
TÏV�RNÏVÏR�WM�TÏV�XNIXVÏR�TMOÏ��HS�XÏ�TÏV�
TMUIQ�XÏ�NIQ�WE�QÏ�M�WLOYVXÏV�
2Ï�XÏ�ZÏVXIXÏ��IQVM�M�1ILQIH�%OMJ
)VWSNMX�RYO�ÏWLXÏ�JEVI�M�TERNSLYV�RÏ�PMXIV�
EXYVÏR�WLUMTI��WITWI�TÏV�XÏ�HLI�TÏV�ZIT�
VÏR�I�XMN�NERÏ�FÏVÏ�WLOVMQI�LIVÏ�TEW�LIVI�
4SV�XERM��QI�FSXMQMR�I�ZITVÏW��RNSLYVMXÏ
FÏLIR�QÏ�XÏ�TPSXE�HLI�QÏ�XÏ�KNMXLERWL�
QI��WM�TÏV�TEVWSREPMXIXMR�HLI�JMKYVÏR�I
1ILQIH�%OMJMX��EWLXY�HLI�TÏV�ZITVÏR�I
XMN�q7EJELEXIXr�
1ILQIH�%OMJM�PMRHM�Q������R�7XE�
QFSPP�HLI�ZHMU�TS�R�7XEQFSPP�Q������
RÏ�QSWLÏR����ZNIËEVI��6VNIHL�RKE�RNÏ
JEQMPNI�I�EVWMQYEV��-�EXM�M�XMN��8ELMVM��RKE
JWLEXM�7LYWLMGÏ�M�4INÏW��OMWLXI�EVHLYV�RÏ
7XEQFSPP�RÏ�QSWLÏ�XÏ�VI�TÏV�XtY�WLOSPPY�
EV��*EPÏ�EJXÏWMZI�HLI�TÏVKEXMXNIW�WÏ�XMN
MRXIPIOXYEPI��OMWLXI�EVVMXYV�XÏ�FÏLIX�Q]�
HIVVMW�RÏ�QIHVIWIRÏ�I�RNSLYV�*EXML�XÏ
7XEQFSPPMX��(LI�ONS�JPIX�WLYQÏ�TÏV�EJXÏ�
WMX�I�XMN�MRXIPIOXYEPI�
6VYKÏR�I�XÏ�EXMX�I�RHSUM�HLI�M�FMVM�
1ILQIH�%OMJM��2KE�WLÏRMQIX�I�WXYHMYI�
WMX�XYVO����)VXYKVYPP�(]HEK�TÏV�NIXÏR
HLI�ZITVÏR�I�1ILQIH�%OMJMX��WLMLIX�XEP�
IRXM�M�XMN�M�VVEPPÏ�M�R\ÏRMIW�WÏ�HMXYVMZI�UÏ
RÏ�QSWLÏ�XÏ�VI��WMHSQSW�RÏ�TÏVZIXÏWMQMR
I�KNYLÏZI�HLI�HÏWLMVE�TÏV�XÏ�PI\YEV�I
WLOVYEV�TSIM��%M��TÏVZIË�KNYLÏW�XYVOI�
SXÏVSRXI�WLOÏPU]IWLÏQ�IHLI�EVEFMWLXIR
�EXÏ�I�QÏWSRXI�RKE�M�EXM ��TIVWMWLXIR��JVÏ�
RKNMWLXIR��KNIVQERMWLXIR�IXN��>SXÏVMQM�M
OÏX]VI�KNYLÏZI�M�QYRHÏWYER�1ILQIH
%OMJMX�X�PI\SRXI�ZITVE�FYVMQSVI�RKE�EXS
KNYLÏ�HLI��WÏ�OÏRHINQM��XÏ�RNMLIN�QI�OYP�
XYVEX�I�EX]VI�TSTYNZI�RKE�HSVE�I�TEV�
WMHSQSW�QI�ZITVEX�TSIXMOI�XÏ�OPEWMOÏZI
TIVWMER��EVEF��XYVU�IXN�
1ILQIH�%OMJM�QFEVSM�WLOSPPÏR�I�QI�
WQI�X�ZIXIVMREVMW��)HLI�WXYHMQIX�M�ZE�
LHSM�HLI�M�QFEVSM�RÏ�OÏXÏ�JYWLÏ��7XYHM�
QIX�M�QFEVSM�R�ZMXMR�������OYV�M�OMWLXI
���ZNIX��)HLI�RÏ�WLOSPPÏR�JMPPSVI��IHLI
R�WLOSPP�X�QIWQI��I�IHLI�R�WXYHMQI�
WMTEW�ZPIVÏWMQIZI�XÏ�QÏWMQHLÏRÏWZI��EM
HEPPSLIN�RKE�XÏ�XNIVÏX��KNMXLQSRÏ�HMPXI�M
TEVM��TVERHEN�WLTVIWSLIN�TÏV�RNÏ�XÏ�EVHL�
QI�XÏ�RHVMXWLQI�XÏ�XMN��/MWLXI�OYPXYVÏ�XÏ
TÏVKNMXLWLQI��QEHNI�HLI�OYPXYVÏ�RKE
HMWMTPMREX�I�RHV]WLQI�X�WTSVXMX��1IKNM�
XLEXÏ��TSIME�TÏV�XÏ�MWLXI�I�ZIËERXÏ��5Ï
RKE�ZMXM�������WM����ZNIËEV��OYV�FSXSM�TS�
IMR�I�TEV��I�HIVM�R�ZHIONI��Q������
1ILQIH�%OMJM�HS�XÏ�NIXÏ�M�TVERMWLÏQ
ZELHMQMWLX�RÏ�FSXÏR�I�PIXVEZI��QI�TS�
IM��TSV�HLI�QI�WLOVMQI�XÏ�XNIVE��2Ï
WLYQ�WLOVMQI�I�EVXMOYN�X�XMN��1ILQIH
%OMJM�Y�OYWLXSLIX�XIQEZI�PIXVEVI��Q�
R]VÏW�WI�WM�HS�XÏ�TPERMJMOSLIR�I�XÏ�WLOVY�
LIR�WLOVMQIX�TSIXMOI�HLI�TVSEMOI��%M�
R�RN�EVXMOYPP�X�FSXYEV��WLJEU�QIRHMQMR
WI�q���JV]QÏMQM�RÏ�TSIM�RHSHL�WLYQÏ
VVEPPÏ��4SIME�FÏLIX�QI�TYRÏ�I�QYRH���
2N�H]ZEVKWL�HIP�R�WLIWL�HYOI�HIVHLYV
HNIVWÏ�RNÏUMRH�LIVÏ��9RÏ��XLSXÏ�EM��M�WNIPP
TIMWELIX�RÏ�HLSQÏR�XMQI��EXNI�I�ZVEW
QIRHNIR��HIVHL�HNIVW�HLI�I�WLOVYEN�TS�
IMRÏ�XMQI�FVIRHE�OEXÏV�QYVIZI��4EVE�WI
XÏ�WLOVYEN�RNÏ�ZITÏV���ZELHSR�EM�RÏ�EXÏ
EVXMOYPP��TÏVKEXMW�XÏ�KNMXLE�TVIQMWEX��WM
HS�XÏ�L]N�RÏ�ZITÏV��RÏ�ËtTÏVJYRHMQ�HS�XÏ
EVVMN����8Ï�KNMXLE�OÏXS�M�RKVI�RÏ�MQEKNM�
REXÏ��TEWXEN�JMPPSN�XÏ�WLOVYEN�HLI�EVVMN�RÏ
TÏVJYRHMQMR�UÏ�HÏWLMVSN�TÏVJYRHSR�EM�
0MHLYV�QI�OÏXÏ�RÏ�RNÏ�VEWX�OE�XLÏRÏ�IHLI
OÏXÏ��q/E�RHSHLYV�UÏ�TÏV�XÏ�WLOVYEV
ZIXÏQ�RNÏ�JNEPÏ�XÏ�QIRHSLIQ�RNÏ�NEZÏ�r
1FM�EVXMR�I�1ILQIH�%OMJMX��QFM�TS�
IXMOÏR�I�XMN�HLI�QFM�ZITVÏR�I�XMN�TÏV�
KNMXLÏWMWLX��OERÏ�WLOVYEV�KNMXLERWLÏQ
TIVWSREPMXIXI�XÏ�WLUYEVE�XÏ�PIXÏVWMWÏ��WM
3QIV�7INJIXXMRM��<LIRET�7LILEFIXXMRM�
7YPINQER�2EMJM��-WQEMP�,EFMF�7IZYOY
IXN��HLI�XÏ�KNMXLÏ�OÏXE�I�ZPIVÏWSNRÏ�QI
RSXÏR�QÏ�XÏ�PEVXÏ�ZITVÏR�I�XMN�
1ILQIH�%OMJM�OE�TEWYV�IHLI�ZPIVE�XÏ
PEVXE�RNIVÏSVI��7MTEW�EX]VI�UÏ�I�OERÏ
RNSLYV�RKE�EJÏV�EXÏ��EM�OE�UIRÏ�XVMQ��M�KY�
\MQWLÏQ��FIWRMO��M�ZIRHSWYV��WIVMS�
QSHIWX��M�UÏRHVYIWLÏQ��M�HVINX��EVQMO
HMXYVME�MWPEQI������
6IGIRWMSR
7EJELEXIXZITÏV�QI�ZPIVE�OYPXYVSVI�LMWXSVMOI
1ILQIH�%OMJ�)VWSN
RHEN�JEREXMQMX��MRNSVERGÏW��PYJXÏXEV��EX�
HLIHEWLÏW��OE�HEWLYV�KNMXQSRÏ�XÏ�PI\SNÏ�
XÏ�QÏWSNÏ�ZIXÏ�HLI�XÏ�QÏWSNÏ�XÏ�XNIVÏX��%M
OE�UIR�HLI�QYWPMQER�M�QMV��VIJSVQE�
XSV�
:ITVEX�I�1ILQIH�%OMJ�)VWSNMX�QYRH
XÏ�OPEWMJMOSLIR�OV]IWMWLX�RÏ�H]�KVYTI��RÏ
ZITVE�X�WLOVYEVE�R�ZEVKNI��SWI��WLOYVX�
TSIXMOI�HLI�R�ZITVE�X�WLOVYEVE�R�TVS�
��SWI�WLOYVX��TVSEMOI��2�KVYTMR�I�TE�
VÏ�FÏNRÏ�TNIWÏ�7EJELEXIX�HLI�TSIMXÏ�I
QFIXYVE�NEWLX�X]VI��OYVWI�R�KVYTMR�I
H]XÏ�FÏNRÏ�TNIWÏ�OSQIRXIX�I�/YVtERMX�
TVIHMOMQIX�JIXEVI�MWPEQI��EVXMOYNX�I
RHV]WLÏQ��WMHSQSW�RKE�PIXÏVWME��TÏVO�
XLMQIX�IXN�
:ITVE�U�TS�I�TVIERXSNQ�QFER�XMX�
YPPMR��WM�Y�XLE�IHLI�Q�PEVX��q7EJELEXIr
�*PIXÏX ��%NS�WLXVMLIX�RÏ�����JEUI��/E
TÏVQFENXNIR��J������ ��JNEPÏR�I�FSXYIWMX
������ ��JNEPÏR�I�WLUMTÏVYIWMX������� �
TEVEXLÏRMIR�I�KNEXÏ�XÏ�WXYHMYIWMX�XYVO��XÏ
TÏVOXL]IV�RÏ�WLUMT ������� ��7EJELEXIX
�������� ��WLXSNGÏR�TVIN����TSIMZI
NEWLXÏ�7EJELEXIZI��������� ��LEVXÏ�TÏV
PI\YIWMR�WLUMTXEV�HLI�RÏ�JEUIX�I�JYRHMX�XÏ
ZITVÏW�NERÏ�HMWE�JSXSKVEJM�RKE�ZIRHPMRH�
NE�I�XÏ�EXMX�XÏ�%OMJMX��JWLEXMX�7LYWLMGÏ�XÏ
4INÏW�
2Ï�OYEHÏV�XÏ�TNIWÏW�UÏRHVSVI�XÏ�ZI�
TVÏW�NERÏ�TÏVJWLMVÏ�WLXEXÏ�PMFVE�QI�KNMXL�
WIN��������ZEVKNI��/ÏXE�PMFVE�JMPPMQMWLX
NERÏ�FSXYEV�RÏ�FSXMQI�XÏ�ZIËERXE�HLI�RÏ
OSLÏ�XÏ�RHV]WLQI��+NEWLXÏ�PMFVEX�I�TEVÏ
NERÏ�FSXYEV�RÏ�7XEQFSPP��OYVWI�M�WLXEXM�RÏ
/ENVS��.ERÏ�XYFYEV�RÏ�RNÏ�TÏVQFPIHLNI
TÏV�XÏ�KNEPPÏ�XÏ�EYXSVMX�XÏ�X]VI��.ERÏ�WLOVY�
EV�RÏ�KNYLÏR�XYVOI�QI�EPJEFIX�EVEF��(LI
ONS�ÏWLXÏ�RNÏ�RKE�EVW]IX�TWI�7EJELEXIX
OER�QFIXYV�X�TERNSLYVE�WE�HYLIX��8ERM
PI\YIWM�WLUMTXEV�OÏXÏ�ZITÏV�I�OE�RÏ�KNY�
LÏR�WLUMTI�
4ÏVQIW�ZEVKNIZI�XÏ�TÏVQFPIHLNIW�WÏ
7EJELEXIZI��EYXSVM�M�WEN��1ILQIH�%OMJM�
XVENXSR�XIQE�XÏ�RHV]WLQI�RNIVÏSVI�I
WLSUÏVSVI��XVENXSR�ZEVJÏVMRÏ��WÏQYRHNIR�
HSFÏWMRÏ��TSV�HLI�QÏR]VÏR�I�RHMLQÏW�
FEQMVÏWMWÏ�HLI�WLTVIWÏW�TÏV�XÏ�HEPÏ�RKE
EXS��XVENXSR�YVVINXNIR�RHEN�MRNSVERGÏW�
RHEN�HIWTSXMQMX�HLI�WLJVIRMQIZI�I�ZI�
WIZI�XÏ�RHV]WLQI��HYOI�JXYEV�QEWÏR�TÏV
TYRÏ�HLI�ZIRHSWQÏVM��XVENXSR�TYRÏR�I
OYEMMRXIPIOXYEPÏZI��EREVOMRÏ��UÏ�ÏWLXÏ
VIYPXEX�M�QSWOYTXMQMX�XÏ�PMVMWÏ�WÏ�JNEPÏW
HLI�QIRHMQMX��4EWXEN�XVENXSR�JEXOIUÏWMXÏ
U�OER�WNIPP�0YJXEX�&EPPOERMOI��TNIW�
QEVVÏW�M�XÏ�GMPEZI�MWLXI�IHLI�ZIXÏ�EM��7Ï
OÏRHINQM��XÏVLIU�ZÏQIRHNIR�I�QEWÏW
HLI�OÏVOSR�TVIN�WEN�XÏ�QIRHSNÏ�TÏV�XS�I
X�KNIN�KNMHLNI�X�QIVMXYIWLQI�
2Ï�PMFVMR�I�OEXÏVX�XÏ�7EJELEXIZI�RNÏ
TNIWÏ�ME�OYWLXSR�7LUMTÏVMWÏ�HLI�RÏ�ZI�
ËERXM�/SWSZÏW��HYOI�TÏVWLOVYEV�I�NIXYEV
QI�LEPPIX�HLI�ZYENXNIX�I�TSTYPPMX�X�WEN�
WEHS�UÏ�M�PMRHYV�I�M�VVMXYV�NEWLXÏ�OYJMNZI�XÏ
WEN��8Ï�KNMXLE�OÏXS��RYO�QYRH�XÏ�OYTXS�
LIR�JVEKQIRXEVMWLX��TSV�WMKYVMWLX�TEWM�XÏ
NIXÏ�PI\YEV�I�XÏVÏ�ZITVE�QI�OYNHIW��.EQ�M
FMRHYV�WI�XIQEX�I�XVENXYEV�RÏ�OÏXÏ�ZITÏV
NERÏ�EOXYEPI�IHLI�WSX�TÏV�WLYQÏ�EWTIOXI�
WMHSQSW�OYV�HMLIX�WI�NER�WLOVYEV�RKE
HSVE�I�RNÏ�QNIWLXVM�XÏ�ZÏVXIXÏ�
/VINX�RÏ�JYRH��RYO�QYRH�XE�TÏVJYRHS�
NQÏ�OÏXÏ�WLOVMQ�TE�TÏVQIRHYV�IHLI�JEO�
XMR�WI�XIOWXM�M�HEP�RKE�QIRHNE�I�RHVMXYV�I
1ILQIH�%OMJMX�TÏV�1EVWLMR�I�4EZEVÏWM�
WÏ��,MQRMR�XYVO ��RÏ�RNÏ�OSROYVVIRGÏ�XÏ
JSVX�R�OSROYVWMR�I�WLTEPPYV�RKE�1MRM�
WXVME�I�/YPXYVÏW�WÏ�8YVUMWÏ��OY�QSVÏR
TNIWÏ�QFM�WLXEXÏUMRX��XIOWXM�M�XMN�Y�KNSHL
QÏ�M�QMVM��(LI�ONS�ZIXZIXMY�JPIX�TÏV�EJM�
RMXIXMR�HLI�EJXÏWMXÏ�TSIXMOI�I�MRXIPIOXYEPI
X�1ILQIH�%OMJMX�
)HLI�HMËOE��TSIMRÏ�TÏV�1EVWLMR�I
4EZEVÏWMWÏ�1ILQIH�%OMJM�RYO�I�JYXM�RÏ
ZITVÏR�I�ZIX��TEWM�XLSWLXI�WI�M�TÏVOMWXI�NS
EXMN��TSV�TSTYPPMX�HLI�TÏV�OÏXÏ�RYO�HIWLXI
X�QIVVXI�OSQTIRWMQ�QEXIVMEP��4EW
MRWMWXMQIZI�X�WLYQXE�RKE�ERE�I�WLXIXMX�
TEVEX�U�M�OMWLXI�QEVV�ME�OMWLXI�HLYVY�
EV�RNÏ�MRWXMXYGMSRM�QMVÏFÏVÏW�M�RKVMXYV
qTÏV�XtY�QÏWYEV�HLI�HLÏRÏ�TYRÏ�KVEZI
HLI�JÏQMNÏZI�XÏ�ZEVJÏV�QI�UÏPPMQ�TÏV�XtM
HLÏRÏ�JYRH�QNIVMQMX�XÏ�X]VIr��:ÏVXIX
RNIVM�QSHIWX�
8ERM�ÏWLXÏ�RÏ�HSVÏR�I�PI\YIWMX�WLUMT�
XEV�XÏ�QÏWSNÏ�I�XÏ�HMNÏ�QÏ�WLYQÏ�TÏV�JMK�
YVÏR�HLI�ZITVÏR�I�HMNIXEVMX�XSRÏ�XÏ�RHIVY�
EV��1ILQIH�%OMJ�)VWSNMX�
HMXYVME�MWPEQI������
1I\LMH�=ZINWM�
6ITYFPMOE�I�/SWSZÏW��HIVMQÏ�WSX��WLXIXM�QÏ�M�VM�RÏFSXÏ��OE�RNÏ�OYWLXIXYXÏ�/YWLXIXYXÏ�I�GMPE�ÏWLXÏ�I
rWÏQYXÏr��TVIN�WÏ�GMPÏW�XÏ�ZPSNRÏXVYXÏg�/YWLXIXYXE�I�6ITYFPMOÏW�WÏ�/SWS�
ZÏW��I�GMPE�L]VM�RÏ�JYUM�QÏ����5IVWL�SV�������OE����OETMXYN�HLI�����RIRI�OY�WLYQÏËOE�ÏWLXÏ�WLXNIPPYEV��TÏV�GEOXYEV��TSV�QI�WLYQÏ�KEFMQI�IQFYPYEVg�4ÏV�/YWLXIXYXÏR�I�6ITYFPMOÏW�WÏ
/SWSZÏW�WLYQÏËOE�ÏWLXÏ�WLOVYEVgWLXÏ�WLOVYEV�WM�ÏWLXÏ�LEVXYEV��WMÏWLXÏ�QMVEXYEV��TSV�TÏV�RNÏ�RIR�RYOÏWLXÏ�WLOVYEV��M�GMPM�NIXÏR�/SWSZÏW�OETÏV�XtME�RKEXÏVVYEVg�/YWLXIXYXE�ÏWLXÏ�PMKNM�QÏ�M�PEVXÏ�M
RNÏ�WLXIXM��4S�O]�WLXIX��6ITYFPMOE�I/SWSZÏW��WMTEW�/YWLXIXYXÏW��ËJEVÏWLXIXM�ÏWLXÏ#�
«JEVÏ�ÏWLXÏ�rWLXIXM�OSWSZEVr��WLXIX�PEMO�ETS�WLIOYPPEV#�
2Ï�/YWLXIXYXÏR�I�6ITYFPMOÏW�WÏ/SWSZÏW��/ETMXYPPM�-��(MWTSMXEX�8LIQIPSVI��RÏR�RIRMR
��i�WLOVYER��2IRM����7LXIX�0EMO
6ITYFPMOE�I�/SWSZÏW�ÏWLXÏ�WLXIXPEMO�HLI�RIYXVEP�RÏ�ËÏWLXNIX�JIXEVI��/ÏWLXY�ÏWLXÏ�TÏVGEOXYEV�/SWS�
ZEg�/ÏWLXY��TVE��/SWSZE�OVIWLRMOI�RÏ�KNYLÏR�WLUMTI��WMTEW�/YWLXIXY�XÏW��ÏWLXÏ�PEMOIg�
/YVWI�R�ZIVWMSRMR�ERKPMWLX�WLOVY�ER��%VXMGPI����7IGYPEV�7XEXI
8LI�6ITYFPMG�SJ�/SWSZS�MW�E�WIGY�PEV�ERH�RIYXVEP�MR�QEXXIVW�SJ�VIPMKMSYWFIPMIJW���6ITYFPMOE�I�/SWSZÏW�ÏWLXÏ�WLXIX
WLIOYPPEV�HLI�RÏ�ËÏWLXNIX�I�FIWMQI�ZI�JIXEVI�ÏWLXÏ�EWRNERÏWI� �
/ÏWLXY�ÏWLXÏ�TÏVGEOXYEV�/SWS�ZEg�/SWSZS��TVE��RÏ�KNYLÏR�ERKPI�I��RÏ�/YWLXIXYXÏR�qOSWSZEVIr�ÏWLXÏWLIOYPPEVIg�
/]�HEPPMQ��O]�RHV]WLMQ��O]�RKEXÏ�VVMQ�E�ÏWLXÏ�FÏVÏ�QI�UÏPPMQ�ETSÏWLXÏ�RHSRNÏ�PÏWLMQg#�4ÏV�OÏXÏ�ËÏWLXNI��RNÏ�HMXÏ��RNÏ�QMO�
RNIVM�QI�QIRH�TYRSR�RÏ�/YZIRH��MGMPM�ÏWLXÏ�NYVMWX��HIVM�HNI�MWLXI�IRZIVM�WX��XERM�IZVSTMER��TSV�UÏ�I�OEQ�NEVER�QÏ�XLE��rgQSVI�1I\LMH��WMHS�UÏ�XÏNIXÏ��/SWSZE�ÏWLXÏ�WLXIX��WLXIX�M�TE�ZEVYV�HLI�WSZVER��E�TS�QÏ�OYTXSR�QSVI�NEVERg��#�
«tÏWLXÏ�PEMGMQM#
8IVQM�PEMGMÏQ�VVNIHL�RKE�KVIUMWL�XNE��RKE�JNEPE�PEMI��UÏ�HS�XÏ�XLSXÏ��RNI�VM�M�OÏWEN�FSXI��M�VÏRHSQXÏ��QIWEXEV�NS�M�HMXYVg�7LYQÏ�KNYLÏ�IZVSTMERI�XIVQMR�PE�
MGMÏQ�I�OERÏ�LYEYEV�RKE�KNYLE�PE�XMRI��RKE�JNEPE�PEMGMYW��UÏ�HS�XÏ�XLSXÏ�EM�UÏ�RYO�ÏWLXÏ�JIXEV��RYO�ÏWLXÏ�M�PM�HLYV�TÏV�JI��RYO�ÏWLXÏ�ERÏXEV�M�OPIV�MXg�/ÏWLXY�I�WLTNIKSNRÏ�JNEPSVÏX�IRHV]WLÏQ�XÏ�KNYLÏW�ERKPIIg�
*NEPSVM�M�+NYLÏW�WÏ�7SXQI�7LUMTI�4VMWLXMRÏ��������JEUI�������XIVQMR0EMO�I�WLTNIKSR�OÏWLXY��0EMO��5Ï�RYO�ÏWLXÏ�JIXEV�I�OMWLXEV�
UÏ�RYO�OE�TÏVQFENXNI�JIXEVI��UÏ�RYOQIVVIX�QI�JIRÏ��UÏ�RYO�M�TÏVOIX�JIWÏHLI�OPIVMXg�/YVWI�*NEPSVM�M�7LUMTIW�WÏ�7SXQI�
UÏ�OE�VVIXL��������JNEPÏ��LEVXYEV�RKE%OEHIQME�I�7LOIRGEZI�I�7LUMTÏVM�WÏ��-RWXMXYXM�M�+NYLÏWMWÏ�HLI�M�0IXÏVWM�WÏ��&SXMQ�M�H]XÏ�M�VMTYRYEV��&SXSM�8SIRE��8MVERÏ��������RÏ�JEUIR������TÏV�XIVQMR�0EMO��TÏVZIË�EX]VI�WLTNI�KMQIZI�XÏ�PEVXWLÏRYEVE��WLOVYER�WIPEMO�HS�XÏ�XLSXÏ��OYRHÏV�JIXEVg�(YOIX�UEVXÏ�WI�XIO�*NEPSVÏX�I
+NYLÏW�7LUMTI��WM�RÏR�HMOXEXYVÏROSQYRMWXI�EXIMWXI�HLI�TEW�WEN��RÏWLTNIKMQMR�I�XIVQMX�0EMO�QFMWYRHSRJV]QE�OSQYRMWXI�EXIMWXIg�2Ï�XÏ�ZÏVXIXÏ��0EMGMQM�ÏWLXÏ�RNÏ
OSRGITX�JVERGI�TÏV�RNÏ�WLSUÏVM�WLI�OYPPEVI��UÏ�HS�XÏ�XLSXÏ��QYRKIWE��PEV�KMQM��QÏRNERMQM��QSWRHÏVL]VNE�IËÏWLXNIW�JIXEVI�RÏ�ËÏWLXNIX�UIZIVMXE�VI�ETS�ËÏWLXNIX�UIZIVMXEVI�RÏ�ËÏWLXNIJIXEVIg4VE��0EMGMQM�OE�TÏV�XLIQIPPMVMRÏ�I�QIRHMQMX��PMVMRÏ�I�FIWMQMX��/Ï�WLXY�I�WLTNIKSNRÏ�PIOWMOSKVEJÏX�IZVS�TMERÏg�
�� HMXYVME�MWPEQI������
7XYHMQ
6ITYFPMOE�I�/SWSZÏW��q7LXIXM�OSWSZEVr��
7LXIX�PEMO�ETS�WLIOYPEV#r0YJXE�QMHMW�QSWFIWMQMX�HLI
FIWMQMX�ÏWLXÏ�XIQE�QÏ�OV]I�
WSVI�RÏ�LMWXSVMRÏ�FSXÏVSVI�r�
��+SIXLI��
4SV��KNEXÏ�WLIOYPPMX�RNÏIX��0EMGM�QM�QIVV�RNÏ�OYTXMQ�XÏ�VM��UÏ�HS�XÏXLSXÏ��&EVEM�RHEN�XÏ�KNMXLE�JIZIg1MVÏTS��QIKNMXLÏOÏXÏ��ZMXIX�I�JYRHMX�TÏV�WLOEUI�TSPMXMOI��WLTNIKMQM��MRXIV�TVIXMQM�M�XIVQMX�0EMGMÏQ�TS�XOYVVIXg�/NS�XOYVVNI�I�XIVQMX�0EMGMÏQ�I�HI�
X]VSM�IHLI�OVIYR�I�:EXMOERMX��4ETÏR�+NSR�4EPM�M�(]XÏ��XÏ�RHÏVL]RXI��RHÏVXÏ�XNIVE��QI�OÏXS�JNEPÏ��q7LIOYPPEVMQM�RYO�HYLIX�XÏ�RKE�
XÏVVSLIX�QI�0EMGMQMR��0EMGMQMÏWLXÏ�OYV�WLXIXM�TVIXIRHSR�XÏ�MRNSVSNÏHMQIRWMSRMR�WLTMVXÏVSV�XÏ�MRHMZMHMXSWI�XÏ�WLSUÏVMWÏgr�*NEPE�I�4ETÏW�+NSR�4EPM�M�(]XÏ��TEVE�MTIWLOZMNZIJVERGIÏ��:EXMOER�����WLOYVX�����g�+NEXÏ�ZMMXÏW�RÏ�*VERGÏ��QÏ���
XIXSV�������4ETE�&IRIHMOXM�<:-��RHÏVXÏ�XNIVE��XLE��rWLXÏ�OSLE�XÏ�VMWLMOSLIR�QEVVÏ�
HLÏRMIX�RHÏVQNIX�OMWLÏW�HLI�WLXIXMXr�TÏV�XÏ�WLXYEV�IHLI�OÏXS�JNEPÏ��qHYLIXRNÏ�JSVQÏ�I�WLÏRHIXWLQI�I�PEMGM�QMXgr�2Ï�GIVIQSRMRÏ�I�TEWHVIOÏW�RÏ
4EPPEXMR�)P]WMI��QÏ����XIXSV�������TE�VE�/V]IXEVMX�XÏ�*VERGÏW��2MGSPEW�7EV�OS]��4ETE�&IRIHMOXM�<:-��RHÏV�XÏXNIVE��XLE��r.EQ�TPSXÏWMWLX�M�FMRHYV�WI�XERM
ÏWLXÏ�I�RIZSNWLQI�UÏ�PEMGMQM�XÏ�OI�XÏ�RNÏ�OYTXMQ�XÏ�VMgr0MRH�T]IXNE��4WI�M�XLE�4ETE�+NSR
4EPM�M�(]XÏ�OÏXS�JNEPÏ�VVIXL�0EMGMQMXHLI�7LIOYPPEVMQMX��TEVE�MTIWLOZMNZIJVERGIÏ��QÏ����WLOYVX�����#�4WI�M�XLE�4ETE�&IRIHMOXM�<:-�OÏXS
JNEPÏ�RÏ�*VERGÏ��QÏ����XIXSV������TEVE�LYRHÏZI�XÏ�/V]IXEVMX�XÏ�*VERG�ÏW��2MGSPEW�7EVOS]��RÏ�4EPPEXMR)P]WMI#�-�OERÏ�XLÏRÏ�OÏXS�JNEPÏ�XÏ�RIZSNWL�
QI��XÏ�HSQSWHSWLQI��OVIVÏX�I�:EXM�OERMX��4ETE�+NSR�4EPM�M�(]XÏ�HLI4ETE�&IHIHMOXM�<:-��WITWI�MWLXI�*VE�RGE��I�TEVE�RÏ�)ZVSTÏ��TMOÏVMWLX�ENSUÏ�QMVEXSM�PMKNMR�TÏV�0EMGMÏQ��WLXIXPEMO��UÏ�RÏ�ZMXMR�����g�2Ï�7LXIXIX�I�&EWLOYEVE�XÏ�%QI�
VMOÏW��RÏ�/YWLXIXYXÏR�%QIVMOERI�RYO�TÏVHSVIX�XIVQM�0EMO�E�0EMGMÏQ�TS�TÏVHSVIX�XIVQM�7LIOYPEV�E�7LIOY�PEVMÏQg�
«tÏWLXÏ�7LIOYPEVMQM#
2Ï�KNYLÏR�WLUMTI��WMTEW�*NEPSVMX�XÏ+NYLÏW�7LUMTI�HLI�*NEPSVMX�XÏ�7LUM�TIW�WÏ�7SXQI��8MVERÏ��������RYOTÏVHSVIX�XIVQM�7LIOYPPEV�E�7LIOYPPE�VMÏQ��TS�JNEPE��7LIOYPPEV��UÏ�HS�XÏXLSXÏ��
r/PIVMO�OEXSPMO�UÏ�RYO�FÏR�TNIWÏ�RÏRHSRNÏ�YVHLÏV�I�RYO�NIXSR�RÏ�OYZI�RHgr���JEUI������ �/]�ÏWLXÏ�NS�ZIXÏQ�RNÏ�WLTNIKMQ�M
KEFYEV��TSV�OE�IHLI�RNÏ�UÏPPMQ��RNÏUÏPPMQ�XÏ�GEOXYEV��XÏ�TEVEKN]OYEV��2Ï�ZIRH�WI�XÏ�RHVMËSN��XÏ�IVVÏWS�
NÏg�/ÏXY�NS�ZIXÏQ�UÏ�QFYPSLIX�I�ZÏV�
XIXE��TSV�HIP�RÏ�WMTÏVJEUI�KÏRNIWL�XVEg�/ÏXY�J]LIX�/MWLE�/EXSPMOI�ETS
/EXSPMGMQM��OYVWI�MRNSVSLIX��TÏVNEWL�XSLIX��JINE�-WPEQI�ETS�-WPEQMQMg�/YV�RHSHLM�ONS�RÏ�OSLÏR�I�HMOXEXY�
VÏW�OSQYRMWXI�EXIMWXI��OMWLXI�RNÏ�EV�W]I�XÏ�TEEVW]IWLQI��TSV�O]�*NEPSV�M7LUMTIW�WÏ�7SXQI��FSXYEV�RÏ�8MVERÏ������HÏWLQSR�WI�OSQYRMQM�EXIM�QM�ZHMU��TS�RÏ�OSOEX�I�EOEHIQMOÏZIXÏ�%OEHIQMWÏ�WÏ�7LOIRGEZI�XÏ�7LUM�TÏVMWÏ�HLI�XÏ�KNYLÏXEVÏZI�XÏ�-RWXMXYXMXXÏ�+NYLÏWMWÏ�HLI�0IXÏVWMWÏ��UÏ�LEV�XYER�OÏXÏ�*NEPSV��O]�HÏWLQSR�WI�OS�QYRMQM�EXIMQM�IRHI�NIXSRg�7MTEW�JNEPSVÏZI�XÏ�RHV]WLÏQ�EQI�
VMOERÏ��XIVQM�7LIOYPPEV�ETS�7LIOY�PPEVMÏQ�OE�HMWE�OYTXMQI��TSV�OÏXY�TSZIËSNQÏ��TS�WLÏRSNQÏ�ZIXÏQ�HMWE��7LIOYPPEVMÏQ�HS�XÏ�XLSXÏ��QI�UI�
RÏ�M�PMVÏ�RKE�GMPÏWMXÏ�JIXEVI�SWI�WLTMV�XÏVSVIg�/ÏWLMPPSLIX�UÏ�FIWMQM�SWI�QSW�
FIWMQM�XÏ�MRNSVSLIX�RKE�EHQMRMWXVEXEWLXIXÏVSVI��/NS�RYO�HS�XÏ�XLSXÏ�TÏV�NEWLXMQ�ETS�QSLMQ�M�JIWÏg�7LIOYPPEVMQM�RKYPQSR�RÏ�PMVMRÏ
JIXEVI��HLI�PMVMRÏ�RKE�JINE��7LIOYPPEVMQM�RÏ�ËÏWLXNI�WLXIXÏVS�
VI�ÏWLXÏ�EWRNERÏW�RÏ�ËÏWLXNI�JIXEVIHLI�RYO�OE�TVMZMPIKNI�ETS�RÏRËQMQRHEN�JIZIg�2Ï�WLOSPPEX�WLXIXÏVSVI�RYO�HYLIX
XÏ�QÏWSLIX�TÏV�JIRÏ��TSV�EW�TÏV�MHI�SPSKNM�EXIMWXIg�7LOYVX��7LIOYPPEVMÏQ�RYO�HS�XÏ
XLSXÏ�ERXMJIXEVMÏQg
2Ï�TÏVJYRHMQ�i�RNÏ�OVELEWMQ�
2HÏV�H]�XÏ�OÏUMNE�HYLIX�XÏ�KNMHLIXI�OIUNE�QÏ�I�ZSKÏPg�/SWSZE��QI�/YWLXIXYXÏ��ÏWLXÏ
WLXIX�PEMO��TVE�I�OE�KNIHLYV�XÏ�OIUIRQÏ�XÏ�QEHLI��RHSRÏWI��WMOYV�I�WLÏ�RYEQ�QÏ�PEVX��RÏ�ZIVWMSRMR�ERKPMWLXXÏ�/YWLXIXYXÏW�WLOVYER�WI�/SWSZEÏWLXÏ�7LIOYPPEVIg�1I�/YWLXIXYXÏR�I�/SWSZÏW�MRNSVS�
LIX��HMWOVMQMRSLIX�WLYQMGE��FIWMQIXI�WLUMTXEVÏZI��UÏ�M�XEOSNRÏ�*IWÏ�-W�PEQI�HLI�/MWLÏW�/EXSPMOI��OYVWI�TVM�
ZMPIKNSLIX��JEZSVMSLIX�TEOMGE�WIVFIHLI�/MWLE�3VXSHSOWIg��TSV��TÏV�OÏ�XÏ�OIQM�WLOVYEV�HMWE�LIVÏg�2Ï�/YWLXIXYXÏR�I�6ITYFPMOÏW�WÏ
/SWSZÏW��WLXIX�PEMO��RYO�TÏVQIRHIXEWOYRH�JNEPE�>SXg�2Ï�XÏ�KNMXLE�OYWLXIXYXEX�I����WLXI�
XIZI�XÏ�%QIVMOÏW��UÏ�TÏVFÏNRÏ�7LXI�XIX�I�&EWLOYEVE���97% ��TÏVQIRHIX>SXM��QEHNI�%M�JEPÏRHIVSLIX��PEZHÏVS�LIX��QEHLÏVSLIX�QI�GMPÏWMXÏ��EXVMFY�XIX�QÏ�XÏ�FYOYVEg�2Ï�/YWLXIXYXÏR�I�WLXIXMX�%VOER�
WEW��TÏV�WLIQFYPP��RÏ�RIRMR����WLOVYER��r%WRNÏ�TIVWSR�UÏ�)�QSLSR�>SXMR�
RYO�HYLIX�XÏ�QFENÏ�EWRNÏ�TSWX�RÏHITEVXEQIRXI�GMZMPI�XÏ�OÏXMN�WLXIXM��EWXÏ�NIXÏ�OSQTIXIRX�XÏ�HÏWLQSNÏ�RÏËJEVÏHS�KN]OEXIgr�5IZIVMXEVÏX�HLI�OYZIRHEVÏX�I�/S�
WSZÏW�RYO�I�TÏVJEUÏWSNRÏ�WLYQMGÏRI�WLUMTXEVÏZI��WITWI�RÏ�KNIHLNIX�IJYRHMX��QÏ����RÏRXSV�������ZSXYERQÏ�TEO�WI��������/YZIRHEVÏX�HLI�UIZIVMXEVÏX�I�/S�
WSZÏW�RÏ�ZELHMQÏWM�TÏVWÏVMWMR�RNÏJNEPM��.IQM�RÏ�QMUÏWM�XÏ�TÏVLIVWLQIQI�%QIVMOÏRg�%QIVMOE��UI�TVE��ÏWLXÏ�WLIOYPPE�
VI����)�HM�JSVX�QMV�%QIVMOE�U�OE�TY�R�QI�PEMOEg�/YV�RYO�FIWSRM��WM�XtNYFIWSLIX#�2�TSPMXMO��QSVI�PEMO��QI�XVEWL�
KMQM�XMXMWXI�HLI�IRZIVMWXI��RYO�OEQMUÏWM��WMQTEXM��HEWLYVM��TSV�OE�MR�XIVIWE�OSQFÏXEVÏ��WLXIXÏVSVÏ��RNIVÏ�SVÏg�/SWSZE�PEMOI�ZIXZIXIR�I�FÏVM�EVQM�
OIg��/SWSZE�QI�OÏXÏ�OYWLXIXYXÏHYOIX�WLIWLEM�WI�ÏWLXÏ�qI�WÏQY�XÏrg�
WLXÏ�OSLE��WMOYV�XLERÏ�H]�TETEX�4ETE�+NSR�4EPM�M�(]XÏ�HLI�4ETE�&I�RIHMOXM�<:-��XÏ�VMWLMOSLIX�PEMGMQM��XÏOIXÏ�RNÏ�JSVQÏ�XÏ�WLÏRHIXWLQI��RNÏOYTXMQ�XÏ�VMg��/NS�ÏWLXÏ�NS�ZIXÏQ�I�RIZSNWLQI�
TSV�I�HSQSWHSWLQIg�WLXÏ�OSLE�UÏ��TÏV�LMV�XÏ�MRXIVIWMX
RNIVÏSV��WLXIXÏVSV�I�OSQFÏXEV��/S�WSZE�XÏ�NIXÏ�NS�WLXIX�PEMO��TSV�WLIOY�PPEVg�4ÏVRHV]WLI��OÏWLXY�U]WL�NIQM��TE
JI��TE�FIWMQ�RÏ�XÏ�1EHLMR�>SX���ËHSKNÏ�WLOSR�OSXg��/SWSZE�FÏLIX�TÏVXE�UEVÏ�QI�PSXg���1SW��S�M�1EHLM�>SXg��
CCCCCCCCCCCCCCCCC��%YXSVM�ÏWLXÏ�WXYHMYIW�M�VIPMKNMSRIZI�
HMXYVME�MWPEQI������ ��
4VSJ�HV�1YLEQIX�4MVVEOY
/YQXIWÏR�I�XMXYPPSZE�RHIWL�QI
QÏWMQMR�I�HVINXÏ�XÏ�QIRHMQ�
XEVMX�FEWLOÏOSLÏW�QEHLSV�
*IXLYPPEL�+]PIR��M�GMPM�OE�OSR�
WXEXYEV�WI��q����RN�FSX�MWPEQMOI�RYO
IOMWXSR�VIEPMWLX��TSV�R�FSX�OE�ZIRHI
OY�NIXSNRÏ�Q]WPMQERÏX���� ��-WPEQM�ÏWLXÏ
RNÏ�QÏR]VÏ�NIXI��RNÏ�OYPXYVÏ�HLI�RYO
ÏWLXÏ�RHNIOYV�WM�RNÏ�FIWMQ��1]WPMQERÏX
I�OERÏ�VMWXVYOXYVYEV�-WPEQMR�RÏ�TÏV�
TYXLNI�QI�MHIX�I�X]VI���� ��1�WEOX�
QYRH�XÏ�XLYLIX�UÏ�ÏWLXÏ�QFMSXÏVYIWI
RN�OYPXYV�Q]WPMQERI��WI�WE�RN�OYP�
XYV�MWPEQIr���
1IRHMQXEVM�XYVO����ZNIËEV��*IXLYPPE
+YPIR��ÏWLXÏ�RNÏVM�RHÏV�TIVWSREPMXIXIX
QÏ�XÏ�WLUYEVE�XÏ�FSXÏW�FEWLOÏOSLSVI
Q]WPMQERI��M�TEWLSU�RÏ�FSXÏR�I�OVMWL�
XIVÏ�EOXYEPMWLX��YVÏPMHLÏW�M�HMRNMXIXWLÏQ
M�FSXÏW�Q]WPMQERI�QI�4IVÏRHMQMR���
*MPSSJMR�+]PIRI�FÏR�XÏ�ZIËERXÏ
JEOXM�WI�OYV�Y�RMW�RÏ�OÏXÏ�VVYKÏ�XÏ�QE�
HLI��TEVE�KN]WQÏ�WLIOYPPM��8YVUMETÏV�
NIXSRXI�OEXVELYVE�XÏ�PYJXÏW�GMZMPI���OYVWI
+]PIRTEXM�ZIXÏQ�WLTMVXMR�HLI�ZIRHM�
QMR�TÏV�HIX]VÏR�I�ZÏRÏ�ZIXÏW��4ÏV�TE�
UIR�HLI�HMRNMXIXMR�I�RNIVMYX�I�ZPIR�X�WE�
OVMJMOSWL�XÏ�QMVEX�I�NIXÏW��4ÏV�XÏ�EVVMXYV
OÏXY�OY�ÏWLXÏ�WSX��ETS�OY�%MW]RSR�TÏV
XE�WLTMI�QFVIXÏVMRÏ�I�EVW]IW��XÏ�TEUIW
HLI�XÏ�QMVÏUIRMIW�KNMXLÏRNIVÏSVI��PY�
JXÏR�I�RMWM�M�TÏVOYWLXYEV�TÏV�XE�RHV]WL�
YEV�WLSUÏVMRÏ�XYVOI�TÏVQIW�EVWMQMQMX
XÏ�QFÏWLXIXYV�RÏ�WLOIRGÏ��/ÏXY�RYO�I
TEXM�PILX���7LOVSM�TE�IOYMZSO�WI�q7LS�
UÏVME�NSRÏ�WSX�RHSHLIX�RÏ�RNÏ�KNIRHNI
TÏV�XÏ�EVHLYV�OIU���r��RHEN�M�JXSM�FEWL�
OEXHLIXEVÏX�XÏ�ZMLIWLMR�RÏ�WLÏVFMQ�XÏ
RHV]WLMQIZI�OYEPMXEXMZI�X�QIRXEPMXIXMX
XYVO��QI�TSVSWMRÏ��q%XHLIY�WtÏWLXÏ
T]PP��TSV�OSTWLX��4ÏV�XE�QFYWLYV�HLI
VVIKYPPYEV�EXÏ��OE�RIZSNÏ�TÏV�TÏVKEXMX�
NIR�I�PYPIZI�I�XÏ�JMHERÏZI�JVYXSVIr���
4SV�TÏV�XE�EVVMXYV�OÏXÏ�UÏPPMQ�NIXÏWSV�
1EHLSVM�M�OSQFMX�XYVO�HLI�M�-WPEQMX��QI
WMRUIVMXIX�I�HMRNMXIXWLÏQ�M�ZYVM�XLIQIPIX
I�0ÏZMNIW�%VWMQSVI��/YPXYVSVI�HLI
7LOIRGSVI��XÏ�UYENXYV�q7LÏVFMQr��QI
HIX]VÏ�JMPPIWXEVI�TÏVTSW�XÏ�WLXVSRXI�XVE�
WIRÏ�TÏV�QSHIVRMMQMR�I�WLSUÏVMWÏ
XYVOI��XÏ�RHMXI�TSËIX�I�HVMXÏW�QEHLÏ�
WLXSVI�TÏV�XÏ�RHVMËYEV�IVVÏWMVÏR�I�&S�
XÏW�1]WPMQERI��UÏ�EXÏ�XE�FÏRXI�TEVX�
RIVI�XÏ�4IVÏRHMQMXTÏV�RNÏ�XÏ�RIWÏVQI
TE�FVIRKE�TÏV�RNIVÏMQMR�/NS�QYRH�XÏ
EVVMLIX�TÏVQIW�IHYOMQMX�HLI�EVWMQMQMX�
7MTEW�1ÏWYIWMX�XÏ�1EHL��+]PIR��q7]�
RMQM�M�QÏWMQMX�ÏWLXÏ�UÏ�HMNE�XtM�FÏLIX
RNIVMYX�TVMNÏW�HLI�YHLÏVVÏJ]IW��UÏ�XÏ
RHVMËSLIR�YHLÏX�UÏ�WLOSNRÏ�RÏ�TÏV�
WSWNIR�RNIVÏSVI����� ��XtM�LETMQ�VVYKÏX
UÏËSNRÏ�RÏ�PYQXYVMRÏ�I�FVIEZI�XÏ�EV�
HLWLÏQ���r��2Ï�TPEXJSVQÏR�I�QIRHMQMX�
UÏPPMQM�HLI�W]RMQM�HYLIX�XÏ�ÏRÏ�KNMXL�
QSR�ZIRHMR�I�TEV���r��q+VMQGE�I�TY�
RÏZI�XÏ�FÏVE�SVMIRXYEV�OEL�TÏPUMQM�M
>SXMX�OE�ZPIVÏR�I�RNÏ�HMIPPM��TMOE��ZPIVÏR
I�RNÏ�HIXM�HLI�ËEWXM��ZPIVÏR�I�TÏVNIXÏ�
WMW���r�
1ÏWYIWM�M�TÏVOSVÏ�+]PIR�TPERMJMOS�
RXI�IWÏPP�HLI�RYO�QFVETWIN�RKE�W]RM�
QIX��(YOI�HMXYV�WI�TÏV�JMXSVIR�M�HYLIN�I
EWLXYUYENXYVE�q*YUME�I�7LXEXÏr��QÏ
������M�FEWLOSM�MXLXEVÏX�RKE�VEHLÏX�MR�
XIPIOXYEPI�HLI�I�RKVMXM�WLX]PPÏR�OV]IWS�
VI��q*SRHEGMSRMR�I�7LOVMQXEVÏZI�HLI
XÏ�+EIXEVÏZIr��I�FVIRHE�WEN�Y�RKVMX
q%OEHIQMR�I�7XYHMQIZI�-WPEQIr��4E
LEKQMXNI�Y�R\SVÏR�KEIXE�HMXSVI�I�VI�
ZMWXE�TÏV�EVWMQ��TÏV�OYPXYVÏ��TÏV�EVX�I
TÏV�WLOIRGÏ��9�RKVMX�IHLI�EKNIRGME�I
PENQIZI�HLI�VEHMS�XIPIZMMSRM��I�RÏ
WLYQÏ�U]XIXI�XÏ�8YVUMWÏ�Y�LETÏR
WLOSPPE�X�XMTMX�X�MRXIVREXMX�RKE�JSWLR�
NSVIX�HIVM�R�YRMZIVWMXIX��q���QI�SFNIOXMZ
X�OYJMYEV�R�IHYOMQMR�QSHIVR�HLI
HSFMX�U�ZMNR�TVIN�XMNr���
4EW�JMXSVIW�XVMYQJEPI�R�QNIHMWIX�XY�
VOI��q0ÏZMNE�+]PIRr��KNMXLRNÏ�QI�TÏVOV�
ELNIR�I�WLXYEV�RÏ�ZMNMQÏWM�RKE�QMNÏVE
HSREXSV��HIVM�XEWLXM��M�OE�WLXVMV�EOXMZM�
XIXIX�R�QFM�����WLXIXI��HYOI�RKVMXYV
5IRHVE�/YPXYVSVI�TÏV�(MEPSK�2HÏVJIXEV
I�2HÏVOYPXYVSV��HYOI�TÏVLETYV�ZITVÏR
JMPSSJMOI��IHYOEXMZI�HLI�EVWMQYIWI�XÏ
+]PIRMX�RÏ�QFM����KNYLÏ�FSXÏVSVI�HLI
HYOI�LETYV�HMWE�UMRHVE�PMGI�OV]IWMWLX
X�XMTMX�X�MRXIVREXMX��HLI�HMWE�JEOYPXIXI�
XÏ�KNMXLE�OÏXS�QI�ERKPMWLXIR�KNYLÏ�QÏ�
WMQSVI�TEVÏWSVI��2Ï�OÏXS�WLOSPPE�HLI
JEOYPXIXI�SJVSLIX�QÏWMQ�YRMZIVWEP�OV]�
IWMWLX�TÏV�RKVMXNIR�RÏ�WLOEPPÏX�I�HMXYVM�
ZI�REX]VSVI��IOEOXI��XIORMOI��QNIOÏW�
SVI�QSHIVRI����2NÏOSLÏWMWLX�OÏXS
WLOSPPE�NERÏ�JMHERMWLXI�XÏ�OYPXMZMQMX�XÏ
XSPIVERGÏW�HLI�XÏ�LEVQSRMWÏ�RHÏVJIXE�
VI�HLI�RHÏVOYPXYVSVI�XÏ�TSTYNZI���
7MTEW�8LSQEW�1MGLIP��q2�WLOSPPEX�I
0ÏZMNIW�+]PIR���OYPXMZSLIR�sZPIVEX
YRMZIVWEPI�X�XMPPE�WM�RHIVM��TYRE�I�RHIV�
WLQI��LEVQSRME�HLI�WLÏVFMQM�M�RHÏV�
KNIKNWLÏQr����
4ÏV�XÏ�WLÏVYEV�RNÏ�WÏQYRHNI�HYLIX
WEOXÏWYEV�HMEKRSE�I�QMVÏJMPPXÏ��7MTEW
+]PIRMX��q&SXE�ÏWLXÏ�HYOI�OEPYEV�RNÏ
OVMÏ�WLTMVXÏVSVI��8Ï�KNMXLE�WLX]PPEX�XLIP�
FÏWSVI�QFÏWLXIXÏWI�TÏV�RNIVÏMQMR�NE�
RÏ�WLIQFYV�HLI�WLOEXÏVVYEVr��RHEN�
TÏV�XE�RHV]WLYEV�OÏXÏ�KNIRHNI�TE�HLY�
RÏ�VIZSPYGMSREVI�WLOEXÏVVMQXEVI�+]�
PIR�TVIJIVSR�qRNÏ�XMT�PÏZMNINI�UÏ�ÏWLXÏ
I�TÏVLIVWLQI�HLI�TPSXÏWMWLX�I�HSFMWL�
QI�RÏ�ËHS�HVINXMQr��OYVWI�FEWLOÏZI�
TVMQXEVÏX�MOÏWLMPPSR��q2I�HYLIX�XÏ�NIQM
WM�UIRMI�sTE�HYEV�OYRHÏV�EX]VI�UÏ�NY
UÏPPSNRÏ��TE�JNEPÏ�OYRHÏV�EX]VI�UÏ�NY
QEPPOSNR����r��
(YOI�RHNIOYV�OÏXS�QÏWMQI��q0ÏZMNE
+]PIRr�TÏV�RNÏ�OSLÏ�XÏ�WLOYVXÏV�qY�FÏ
]PFIVM�Q�KNMKERX�U�PMHL�GITEX�I�GMZM�
PMMQIZI�FSXÏVSVIr����&EE�I�QIRHMQMX
EVWMQYIW�HLI�IHYOEXMZ�K]PIRMER�qOSR�
WMWXSR�R�FEWLOMQMR�I�FIWMQMX�JIXEV�QI
EVWMQMQMR�WLOIRGSV�QSHIVR�TÏV�XÏ�OVM�
NYEV�RNÏ�FSXÏ�QÏ�XÏ�QMVÏ��FEYEV�QÏ
EOXMZMMQMR�TSMXMZ��EPXVYMQMR��HMEPSKYR
RHÏVJIXEV�HLI�RHÏVOYPXYVSVr����/EPPEYMR
TÏV�XÏ�LETYV�HIVÏR�I�RKVILMRÏW�WÏ�HME�
PSKYX�RHÏVJIXEV�I�RHÏVOYPXYVSV��1IRHM�
QXEVM�-WPEQ���+]PIR��I�OE�KNIXYV�R�OS�
RWXEXMQMR�PEVKZENXÏW��q-WPEQM��/VMWLXI�
VMQM�HLI�,IFVEMQM��VVNIHLMR�X�KNMXLE
RKE�I�RNÏNXE�VVÏRNÏ��XÏ�KNMXLE�OERÏ�RÏ
HMXYVME�MWPEQI������
/YQXIWÏ
*IXLYPPEL�+]PIRYVÏPMHLÏW�M�HMRNMXIXWLÏQ
M�FSXÏW�MWPEQI�QI�TIVÏRHMQMR�
q8M�HYENI�RNIVMYR��QELRMXY
TEW�RNIVÏSVIW�r
1��*IXLYPPEL�+]PIR�
*IXLYPPEL�+]PIR
QÏR]VÏ�XLIPFÏWSVI�XÏ�RNÏNXÏR�FEÏ�FI�
WMQM�HLI�NERÏ�YWLU]IV�RKE�M�RNÏNXM�FY�
VMQr����7Ï�OÏRHINQM��RÏ�OYQXIWÏR�I
QFENXYV�R�4EVPEQIRXMR�I�*IZI�&SX�
VSVI�R�/IMT�8EYR��R�HLNIXSV�X�ZMXMX
������QMHMW�X�XNIVEWL��+]PIRHS�X�VM�
XLIOWSNÏ�OÏVOIWÏR�MQIHMEXI�TÏV�OSLÏR�
q(MEPSKY�ÏWLXÏ�RNÏ�HSQSWHSWLQÏVM�r��
1IWELIX�I�QÏWMQIZI�XÏ�+]PIRMX
TÏV�XSPIVERGÏRI�TÏV�TEUIRYRMZIVWEPI�
XÏ�EVVMXWLQI�TÏVQIW�HMEPSKYXRHÏVJIXEV
I�RHÏVOYPXYVSV��NERÏ�OSHMJMOYEV�RÏ�QFM
���ZITVE�X�FSXYEVE��1EHLSVM�M�2NIV�
MQMX��+]PIR�XIÏW�SKYVII�TÏV�qTÏV�
TPEWNIR�I�GMZMPMMQIZIr�R�WLIOYPPMR
<<-��ME�ZYVM�HMKÏ�HEWLYVMRÏ�I�RNIVMYX�XÏ
PMV�HLI�HIQSOVEX��+]PIR�WLOVSM��q4MO�
TEQNIX�I�,ERXMKXSRMX��HLI�XÏ�XNIVÏZI�WM
EM��TÏV�XÏ�EVHLQIR��NERÏ�JEXOIUÏWMWLX
XÏ�FEYEVE�RÏ�OSRJPMOXMR�HLI�VIJPIOXSNRÏ
TPERIX�TÏV�XÏ�ZELHYEV�HSQMRMQMR
RÏTÏVQNIX�OSRJPMOXIZIr����
1�XYXNI�+]PIR��HS�XtYE�OYNXSN�MXLXE�
VÏZI�XÏ�HLYRÏW�WIq*EVE�I�QFNIPPÏ�RKE
XSPIVERGE�ÏWLXÏ�VVMXYV��%NS�HS�XÏ�PYPÏS�
NÏ�OYV�OSLE�XÏ�NIXÏ�I�TÏVWLXEXWLQIr��WI
q0YQM�M�XSPIVERGÏW�HS�XÏ�TÏVQF]WÏ�KNM�
XLËOEr�HLI�rQI�ZYPPRIXMR�I�>SXMX��WLIOY�
PPM�<<-�HS�X�UYLIX�WLIOYPPM�M�XSPIVERG�
ÏWr��1IRHMQXEVM�UÏ�RYO�HM�QFVETWNI�
+]PIR��HS�XÏ�TÏVJYRHSNÏ��q2I�HYEQ�XE
RHMINQÏ�ITSOÏR�I�XSPIVERGÏW�HLI�W]R�
SNQ�X�QSW�OXLILIQM�TVETE�RKE�ONS
VVYKÏr����(LI��+]PIR��MXLXEVÏZI�XÏ�OSR�
JPMOXIZI�YE�TÏVTPEWXI�TEVEW]WL�JEOXMR
WI�qEWRNÏ�JIL]NRSVI�RYO�ÏWLXÏ�FEYEV
OYVVÏ�RÏ�OSRJPMOXMR��RÏWI�ENS�JI�ÏWLXÏ
TÏVJEUÏWYEV�RKE�1SMWMY�HLI�.IYWM
SWI�RÏWI�JINE�ÏWLXÏ�TÏVJEUÏWYEV�RKE
1YLEQQIHMr����
4SVSWME�I�1ÏWYIWMX�XÏ�1EHL�+]PIRMX
TÏV�EOÏGMPMR�RNIVM�RÏ�VVYYPPMR�XSOÏWSV
ÏWLXÏ��q/YVVÏ�QSW�LEVVS�WI�OI�WLYQÏ
ZÏPPIÏV�UÏ�WtNERÏ�YPYV�RÏ�TVILVMR�I�RÏ�
RÏW�XÏRHI�r�� 2Ï�TÏVTNIONIX�KNMXLÏRNI�
VÏSVI�TÏV�XE�WMKYVYEV�EVHLQÏVMRÏ�QI
HEWLYVM��WMTEW�+]PIRMX��&SXE�1]WPMQE�
RI�HYOI�Y�UÏRHVYEV�FIWRMO�YVHLVEZI
OYVERSV��HS�XE�PS�VSPMR�U�M�OE�LMNI
FYOYVMWÏ�WÏ�qQFÏWLXIXYV�RÏ�TEVEUMXNIR
I�2EX]VÏW�RNIVÏSVI���r����(LI��%ZSOEXM
M�&SXÏW�-WPEQI��WLOVSM��r9RÏ�QYRHIQ
XÏ�XLIQ�UÏ�TEUNE��HEWLYVME��QMVÏOYTXM�
QM�HLI�XSPIVERGE�NER�JSRHEQIRXEPI
R�-WPEQr���
4ÏV�XE�KÏYEV�XÏ�HVINXÏR�QSVEPI�TÏV
XE�JXYEV�RNIVÏMQMR�TÏV�XSPIVERGÏ�HLI
HMEPSK��+]PIRHS�XÏ�ERKELSLIN�UÏ
WLSUÏVME�XYVOI�XÏ�RKVMLIN�RÏ�IOIQTPEV
WLIQFYPPM��7LOVSM��q2I�HIOPEVSNQÏ�UÏ
XSPIVERGE�HLI�HMEPSKY�HYLIX�XÏ�TÏVJE�
UÏWSLIR�RÏ�ZIRHMR�XSRÏ�RÏ�QÏR]VÏR
QÏ�XÏ�QMVÏ�XÏ�QYRHWLQI�HLI�XÏ�NIRÏ
RNÏ�WLIQFYPP�TÏV�QFEVÏ�FSXÏRr����7MTEW
+]PIRMX��OSTWLXM�OY�YNMXIR�VVÏRNÏX�I�XSPI�
VERGÏW�HLI�XÏ�HMEPSKYX�QMHMW�RNIVÏZI
XÏ�IXRMZI�I�XÏ�JIZI�XÏ�RHV]WLQI��ÏWLXÏ
WMWXIQM�WLSUÏVSV�HIQSOVEXMO��qUÏ�M�NIT
QYRHÏWMRÏ�ËHSOYNX�UÏ�KNIRHIX�RÏ�OVE�
LÏX�I�WEN�XÏ�NIXSNÏ�HLI�TYRSNÏ�HYOI
WLJEUYV�RHNIRNEX�HLI�QIRHMQIX�I
XMN���r���1Ï�XYXNI��+]PIR�HS�XE�ZÏVÏ�XLI�
OWMR�QFM�VSPMR�I�VMRMWÏ�TÏV�XÏ�EVHLQIR
I�RNIVÏMQMX�RÏ�OYEHÏV�XÏ�QFVIXÏVMWÏ
WÏ�HIQSOVEGMWÏ��q2NIVÏMX�I�VMRN�HS�XÏ
FEWLOSNRÏ�TPSXÏWMWLX�ZPIVEX�QSVEPI�HLI
WLTMVXÏVSVI��HMNIX�I�RHV]WLQI��KN]OMQIX
I�WLÏRHIXWLQI��XIQTIVEQIRXMR�WLOI�
RGSV�HLI�EOXMZMQMR�I�QEXYVr����
/ÏWLXY��1ÏWYIWM�M�1EHL��+]PIRM��XÏ
EVHLQIR�I�FSXÏW�HS�XE�WIRHÏVXSNÏ�QI
HEWLYVM�I�TE�YVVINXNI��QI�TVERM�X�IO�
MWXMQMX�XÏ�TPYVEPMQMX�OYPXYVSV�I�JIXEV�XÏ
OVMNYEV�TÏV�WLIOYN��KNMXLWIWM�HYOI�M�FE�
WLOYEV�TÏVZSNEX�I�TVSJIXÏZI�HLI�EVVMXNIX
I�WLOIRGÏW��1I�RNSLNI�WYTVIQI�XÏ�FY�
VMQIZI�X�*IZI�X�7LTEPPYVE��WLOVSM�WI
����qZPIVEX�I�TVERYEVE�TÏVKNMXLÏWMWLX��WMË
NER�HEWLYVME��VIWTIOXM��XSPIVERGE��QM�
VÏOYTXMQM��QÏWLMVE��XÏ�HVINXEX�LYQERI�
TEUNE��ZÏPPEÏVME�HLI�PMVME�PEVXÏWSLIR
RKE�JINE��7LYQÏ�TVIN�X]VI�NERÏ�RÏ�TÏV�
TYXLNI�QI�TÏVTEVÏWMRÏ�UÏ�OERÏ�RÏ
QIWELIX�I�WNIPPE�RKE�1SMWMY��.IYWM
HLI�1YLEQQIHM�WM�HLI�R�QIWELIX�I
&YHÏW�HLI�QEHNI�XÏ�>EVEXLYWXVÏW�
0ES�8Y��/SRJYËMX�HLI�XÏ�HMNIXEVÏZI
LMRHYr���
2NÏ�OYNHIW�XÏ�ZIËERXÏ�+]PIRHS�XtM
OYWLXSNÏ�EJVMQMX�QMHMW�FSXÏW�Q]WPMQERI
I�FSXÏW�WÏ�OVMWLXIVÏ��HYOI�EVKYQIRXY�
EV�WI�Q]WPMQERÏX�OERÏ�qRNÏ�XVEHMXÏ
TVSJIXMOI�X�HSOYQIRXYEV�TSXLYENWI
TPSXÏWMWLX�RÏ�PMXIVEXYVÏR�I�LEHMXLIZI�
U�.IYWM�HS�X�VMOXLILIX�OYV�JYRHM�M�FS�
XÏW�XÏ�NIXÏ�EJÏVr�HLI�WI�qENS�UÏ�RI�OYT�
XSNQÏ��ÏWLXÏ�WI�EJÏV�JYRHMX�XÏ�OSLÏW�
ZPIVEX�WM�HEWLYVME��TEUNE��ZÏPPEÏVME�
QMVÏOYTXMQM��EPXVYMQM��QÏWLMVE�HLI
TEWXVMQM�WLTMVXÏVSV���HS�XÏ�OIRÏ�TÏVTE�
VÏWM��WMË�MWLXI�KNEXÏ�TIVMYHLÏW�WÏ�TVSJI�
GMW�W�.IYWMXr���
2NIVMQEHLM�+]PIRR�XLIQIPI�X�TE�
UIW�FSXÏVSVI�I�ZÏ�RNIVMYR�TE�HEPPMQI
RÏ�JI��RÏ�VEGÏ�HLI�RÏ�OSQF�:ÏVXIX��RÏ
QÏWMQIX�I�+]PIRMX�I�KNINQÏ�XLEVQMR�I
GMZMPMMQMX�FSXÏVSV�XÏ�YRMJMOYEV�QI�TVERM
HMZIVWMXIXIWL�IXRMOI�I�OYPXYVSVI�X�XMPPE
ËJEVÏ�M�JSVQYPSM�/VMNYIWM�M�+NMXLÏWMWÏ�
q4ÏVTEVÏWME�RYO�ÏWLXÏ�XIO�RKN]VE��VEGE�
WSNM�I�WSVSPPSTM��TSV�XIO�HIZSGMSRM�RHEN
>SXMX�HLI�ZPIVEX�RNIVÏSVIr����,YQERMWXM
+]PIR�QI�RNÏ�ZMMSR�QI�JSVGÏR�I�HVM�
XÏW�PEWIVMOI��HS�XÏ�OSRWXEXSNÏ��q2HML�
QÏXEVÏX�HLI�ETSWXYNX�I�0MRHNIW�WÏ�VI
OERÏ�TÏV�XÏ�UIRÏ�EPXVYMWXÏ�XÏ�QÏHLIRN
UÏ�I�OERÏ�LEVVYEV�PYQXYVMRÏ�I�ZIX�TÏV
LMV�XÏ�XÏ�XNIVÏZIr���
7MTEW�QIRHMQMX�X�JMPSSJMX�+]PIR�
OYPXYVEX�I�OSQFIZI�R�X�EVHLQIR�I
RNIVÏMQMX�HYLIX�XE�VYENRÏ�OSPSVMXMR�LMW�
XSVMO�HLI�HMZIVWMXIXMR�TE�LMTSXIOE��RKE
WI�q5]XIXÏVMQM�ÏWLXÏ�TEWYVM�RHNIWSVI�
HIPMOEXIWÏ�WLTMVXÏVSVI��XLIPPÏWM�TMOÏTE�
QNINI�HLI�TVERMQ�M�XÏ�XNIVÏZI�HYOI�Y
RNSLYV�IHLI�EX]VI�XÏ�HVINXÏR�TÏV�XÏ�IO�
MWXYEVr��1Ï�XYXNI�HS�XÏ�WEOXÏWSNÏ�WI�
q5]XIXÏVMQM�M�WÏ�EVHLQIW�HS�XÏ�LIHLÏ
WLXEX�I�LZMPPSLIX�R�JMHERMWLXIR�OY�OYP�
XMZSLIR�WLOIRGEX�HLI�XIORSPSKNME�I�4I�
VÏRHMQMX�WM�HLI�JMPSSJME�I�FIWMQMX�HLI
QSVEPMX�XÏ�0MRHNIWr����(MNIXEVM�JEQÏPEVXÏ
+]PIR�RÏ�OYPXYVÏR�I�RNÏ�TSTYPPM�WLIL
X�HNIWLQIR��X�WSXQIR�HLI�X�EVHLQ�
IR�I�XMN�LMWXSVMOI��q/YPXYVE�ÏWLXÏ�XÏVÏWME
I�TEVMQIZI�XÏ�PMRHYVE�RKE�RHNIRNE�XÏ
XMPPE�WM�KNYLE��IHYOEXE��EOSRIX�HLI�EVXM
XÏ�RNÏ�WLSUÏVMI���r��q/YPXYVE�PMRH�HLI
LZMPPSLIX�RKE�REX]VE�I�OSQFMX�HLI
WLSUÏVMWÏ��«tXÏ�NIRÏ�PYPIX�HLI�JVYXEX�TÏV
RNÏ�TIQÏ��ENS�ÏWLXÏ�IHLI�OYPXYVE�TÏV
RNÏ�OSQF�I�WLSUÏVMr��q/YPXYVE�I�PMHLYV
RKYWLXÏ�HLI�I�RNÏWYEV�QI�XÏ�OEPYEVÏR
I�OSQFMX�HLI�VVÏRNÏX�I�XMN�WLTMVXÏVSVI�
LET�HLI�M�RHVMËSR�VVYKÏX�I�KNEPPIWÏW�I
XÏ�PEVXÏWMQMX�TÏV�RNÏ�OSQFr���
4VERMQM�M�XÏ�XNIVÏZI�EWLXY�WM�NERÏ
RKE�REX]VE�I�X]VI�RNIVÏSVI��QYRH�XÏ
WMKYVSLIX�ZIXÏQ�QI�QFVIXÏVMQMR�I
QFVIXÏVMWÏ�WÏ�XSPIVERGÏW��7MTEW�+]�
PIRMX��q8SPIVERG�RYO�HS�X�XLSX�X�NIWL
M�RHMOYEV�SWI�M�PMHLYV�QI�XÏ�XNIVÏX��TSV�XtM
TVERSWL�XÏ�XNIVÏX�WMË�NERÏ�HLI�XÏ�HMWL�WM
XÏ�IGÏWL�TÏVTEVE�QI�XErHLI�WEOXÏWS�
RXI��q8Ï�TVERSWL�XSPIVERGÏR�RYO�HS�XÏ
XLSX�X�EREWLOEPSWL�XVEHMXEX�U�FYVS�
NR�RKE�JINE�NSR��RKE�TSTYPPM�]R��RKE
LMWXSVME�NSRÏr����+]PIR��XLMVVNIR�RÏ�IQÏV
XÏ�Q]WPMQERÏZI�TÏV�HMEPSK�I�XSPIVERGÏ
QI�NSQ]WPMQERÏX�I�QFÏWLXIXRÏ�YVHL�
VMROYVERSV��q,]RM�FEWLOÏVMWLX�RÏ�TE�
UI�r�� HLI�HS�XÏ�WEOXÏWSNÏ��q2I�OIQM
VMFYPYEV�XSPIVERGÏR��ZMVX]X�UÏ�ÏWLXÏ�M
TERHEV�RKE�WLTMVXM�MWPEQ�HLI�U�RE
ÏWLXÏ�XVIKYEV�RI�RÏ�/YVtER�HLI�TVIN
TVSJIXMX�1YLEQQIHr����M�GMPM�OE�TSVSWM�
XYV�RHNIOÏWMX�I�XMN��q.Y�NMRM�XÏ�KNMXLÏ�RKE
%HIQM�HLI�%HIQM�ÏWLXÏ�RKE�HLIY��3
WLÏVFÏXSV�XÏ�>SXMX��NMRM�ZÏPPIÏV��HLI
QSXVE �r��
(YOI�Y�RMWYV�RKE�OÏXS�QÏWMQI�L]N�
RSVI��+]PIRZYVM�OSRXEOXI�HMEPSKYIWI
RHÏVJIXEVI�I�RHÏVOYPXYVSVI�QI�TÏVJE�
UÏWYIW�XÏ�OSQYRMXIXIZI�JIXEVI�RÏ�8YV�
UMHLI�RÏ�ZIRHIX�QÏ�XÏ�JYUMWLQI�XÏ
FSXÏW��8Ï�TÏVQIRHMQ�OÏXY�JMPPMQMWLX�HM�
WE�W]VIWL�FVIRHE�R�8YVUM��QI�4EXVMO�
YR�I�*EREVMX�KVIO��QI�4EXVMOYR�EVQIR�
QI�/V]IVEFMRMR�LIFVI��QI�%QFEWEHS�
VMR�I�:EXMOERMXTÏV�8YVUM�IXN��/SRXEOXIX
TÏV�HMEPSK�QI�FEWLOÏWMXÏ�JIXEVI�RÏ�FS�
X��QI�%VUMTIWLOZMR�I�2NY�.SVOYX��QI
HMXYVME�MWPEQI������
TVIWMHIRXMR�I�q0MHLNIW�OYRHÏV�HIMRJSV�
QEXEZIr��QI�/V]IVEFMRMR�I�.IVYWEPI�
QMX��QI�OEVHMREPÏ�OEXSPMOÏXÏ�:EXMOERMX
IXN���
1I�VÏRHÏWM�LMWXSVMOI�TÏV�RNIVÏMQMR
ÏWLXÏ�XEOMQM�M�*IXLYPPEL�+]PIRMXQI�4E�
TÏR�+NSR�4EPM�--��QÏ���WLOYVX�������RÏ
:EXMOER��OYV�HS�XÏ�WEOXÏWSRXI�ZIRHSW�
QÏVMRÏ�HMRNMXSI��q2I�NIQM�OÏXY�TÏV�XtY
FÏVÏ�TNIWÏ�I�QMWMSRMX�XÏ�TERHÏVTVIVÏ�XÏ
/ÏWLMPPMX�4ETRYIV�TÏV�(MEPSK�2HÏVJIXEV�
XÏ�XLIQIPYEV�RKE�7LIRNXÏVME�I�XMN�4ETE
4EZPM�:-��2I�HÏWLMVSNQÏ�XE�WLSLMQ�OÏXÏ
QMWMSR�X�OV]IVr���
4IVWSREPMXIXM�QÏ�QEHLSV�M�&SXÏW
1]WPMQERIWSX��+]PIR�TEVE�4ETÏWWLX�
VSM�RIZSNÏR�QI�MRXIVIW�NIXMO�TÏV�TEUIR
KNMXLÏRNIVÏSVI���RKVMXNIR�I�qRNÏ�YRMZIV�
WMXIXM�XÏ�TEZEVYV�QI�RNÏ�TVSKVEQ�QÏWM�
QSV�XÏ�TÏVKNMXLWLÏQ�UÏ�HS�XÏ�TPSXÏWSNÏ
X�KNMXLE�RIZSNEX�I�X�XVM�FIWMQIZIr���
1IRHMQXEVM��TÏVJEUÏWYIW�M�HIRNÏ�M
QIRHMQMX�MWPEQ�FEWLOÏOSLÏW��+]PIR�
QI�HMRNMXIX�IOYQIRMORÏ�OYTXMQMR�QÏ
XÏ�KNIVÏ�XÏ�JNEPÏW��HS�XÏ�ERKELSLIX
TVERÏ�:EXMOERMXTÏV�qQFENXNIR�I�RNÏ�WIVM
OSRJIVIRGEWL��R�ZIRHI�X�RHV]WLQI
XÏ�QÏHLE��RÏ�FEÏXÏ�RNÏ�VSXEGMSRM�HLI
I�TEVE�X�QFELIX�R�9EWLMRKXSR�(�'�
QI�FEWLOÏTYRMQMR�I�XVI�YHLÏLIUÏWZI
XÏ�XVM�FIWMQIZI�XÏ�QÏHLE��/SLE�QÏ
MHIEPI�TÏV�QFENXNIR�I�VYRHMX�XÏ�H]XÏ�HS
XÏ�NIXÏ�TÏVZNIXSVM�M������XÏ�M�PMRHNIW�WÏ
/VMWLXMXr���
/YV�OI�TEVE�ZIXIW�OÏVOIWEX�I�XMPPE�XÏ
HEPE�TVIN�RNÏ�YHLÏLIUÏWM�WLTMVXÏVSV
MWPEQ��ÏWLXÏ�TEO�XÏ�XLYLIX�WI�+]PIR
ÏWLXÏ�ZIXÏQ�9VÏPMHLÏW�M�HMRNMXIXWLÏQ�M
&SXÏW�1]WPMQERI�QI�4IVÏRHMQMR�
(LI��M�RNÏ�VÏRHÏWMI�XÏ�QEHLI�TÏV�TE�
UIR�ÏWLXÏ�IHLI�1IWELM�M�+]PIRMXTÏV
TSTYPPMR�EQIVMOER�PMHLYV�QI�WYPQMR�RÏ
q/YPPEX�&MRNEOIr��R�WLXEXSV�X�ZMXMX
������OY��QMHMW�X�XNIVEWL��HS�X�OSR�
WXEXSRXI��q9RÏ�HYE�XE�FÏN�XÏ�UEVXÏ�UÏ
ËHS�EOXMZMXIX�XIVVSVMWX��RYO�OE�VÏRHÏWM
RKE�OYWL�ÏWLXÏ�RHÏVQEVVÏ�SWI�TÏV
ËJEVÏ�UÏPPMQM��ÏWLXÏ�RNÏ�KSHMXNI�I�VÏRHÏ
TÏV�TEUIR��HIQSOVEGMRÏ�HLI�RNIVÏ�
MQMRr���
/ÏXY�XEWLXM�JPI�FYOYV�XÏ�WMPPIX�IHLI
ZÏVINXNE�I�,YQERMWXMX�+]PIRRÏ�EHVIWÏ
XÏ�FYVVÏWLXIXEWZI�UÏ�YWLXVSNRÏ�HLYRÏ
WLXIXÏVSVI�RHEN�TSTYNZI�XÏ�TEQFVSNXYV�
HLI�OYRHÏV�EX]VI�UÏ�YWLXVSNRÏ�ETEVXI�
MH�I�VVIWLXMQI�TSPMXMOI�VEGMWXI�WMTEW�KNE�
OYX�I�TVINEVHLNIW��q1IRHSNQÏ�WI�ÏWLXÏ
RÏ�HSFM�XtYE�OYNXSNQÏ�IHLI�RNÏ�LIVÏ�XÏ
KNMXLÏ�TVMNÏWZI��PMHIVÏZI�I�YHLÏLIUÏ�
WZI�ËÏWLXNIR�I�VMTEVMQMX�XÏ�RHÏVKNIKNIW
WÏ�TÏVKNMXLWLQIr�HLI�HS�XÏ�WEOXÏWSNÏ
WIq2NÏVM�TVIN�KVYTMQIZI�XÏ�OSLÏW�WSRÏ
HLI��RHSWLXE��QÏ�M�VVIMOWLQM��ÏWLXÏ
KVYTMQM�M�QFÏWLXIXYV�RÏ�VEGÏR�HLI�KNE�
OYRr��1Ï�XYXNI�%TSWXYPPM�M�2NIVÏMQMX��
+]PIR��HS�XÏ�KSHEW�JYUMWLÏQ�VEGMWXÏX�
q8Ï�OÏVOSWL�sKNEO�XÏ�OYPPYEVt�HS�XÏ�XLSXÏ
OÏ�OÏVOSWL�XÏ�HMWL�WI�ËOE�OE�RÏ�8E�
FIPÏR�I�/YNXIWÏW�,]NRSVIr���
1EVWLMQM�XVMYQJEP�M�QÏWMQIZI�HLI�M
TSVSWMZI�XÏ�*IXLYPPEL�+]PIRMXRÏ�FSXÏR
Q]WPMQERI�HLI�RÏ�FSXÏR�TIVÏRHMQSVI
HVINX�JMXSVIW�UÏ�WLIOYPPM�<<-�XÏ�JYXIX�RÏ
LMWXSVMRÏ�I�RNIVÏMQMX�WM7LIOYPPM�M�XSPIV�
ERGÏW����I�OXLIY�TÏVJYRHMQMWLX�OYNHI�
WMR�I�QIRHNIZI�IWÏPP�XÏ�OSQYRMXIXMX
WLOIRGSV��EVWMQSV�I�JIXEV�FSXÏVSV�RHEN
VSPMX�XÏ�q0ÏZMNIW�+]PIRr�HLI�XÏ�OSVMJIYX
XÏ�WEN�RÏ�TÏVTNIONIX�TÏV�OVMNMQMR�I�RNÏ
WLSUÏVMI�FSXÏVSVI�RÏ�XÏ�GMPÏR�HS�XÏ
QFVIXÏVSNÏ�WLYQÏPPSNWLQÏVME�OYPXYVSVI
I�JIXEVI�RÏ�TEUI��HEWLYVME�RNIVÏSVI�
QMVÏOYTXMQM��LEVQSRME�QMHMW�RNIVÏZI�
XSPIVERGE��FEVEME�TSPMXMOI��EJVME�TE�HE�
PPMQ�VEGI��:ÏVXIX��,YQERMWXM�+]PIRUÏ
QSXM�I�OE�JXYEV�RNIVÏMQMR�XE�OYTXSNÏ
OSLÏR�RÏ�XÏ�GMPÏR�NIXSR��QI�XÏ�QMVEX
HLI�QI�VVIMUIX�UÏ�I�OÏVGÏRSNRÏ��HLI
WEOXÏWSM�RÏ�QÏR]VÏ�KNIRMEPI��q1NIXIX
QSHIVRI�X�OSQYRMOMQMX�HLI�XVERWTS�
VXMX�I�OERÏ�XVERWJSVQYEV�FSXÏR�RÏ�RNÏ
JWLEX�XÏ�QEHL�KPSFEP���r��TSV�RÏqVVNIHL�
ÏR�I�OSLÏW��FIWMQIX��VEGEX��EOSRIX
HLI�XVEHMXEX�I�RHV]WLQI�HS�X�ZELHS�
NRÏ�XÏ�FEWLOÏNIXSNRÏ�RÏ�OÏXÏ�JWLEXr���
6ÏRHÏWMRÏ�I�*IXLYPPEL�+]PIRMXHLI
XÏ�q0ÏZMNIW�+]PIRr�TÏV�TEUIR�FSXÏVSVI
HS�XE�EJMVQSN�q7MQTSMYQM�M�,IVSRNZI
X�4EUIWrQFENXYV�R�TVMPP�X�ZMXMX������
R�9RMZIVWMXIXMR�%YKYWXMRMERX�8IOWE�
WMX��/]�7MQTSMYQIQVMR�I�1��*IXLY�
PPEL�+]PIRMXI�VEHLMXM�RÏ�PMWXÏR�I
,IVSRNZI�FEWLOÏOSLSVÏ�XÏ�TEUIWTÏV
TIVMYHLÏR������ZNIËEVI�XÏ�RNIVÏMQMX�
TMOÏVMWLX�RÏ�JEQMPNIR�OY�FÏNRÏ�TNIWÏ�
&YHE��1SLERHEW�+ERHM��1EVXMR�0YXIV
/MRK�HLI�2ÏRÏ�8IVIE��:ÏVXIX��ONS
TÏVKNIHLNI�QYRH�XÏ�UYLIX�qJMXSVI�TÏV
OXLIWÏ�LMWXSVMOI�TÏV�OSQFMR�XYVO��TÏV
OSQYRMXIXMR�MWPEQ�HLI�TÏV�RNIVÏMQMR
RÏ�TÏVKNMXLÏWMr����
2Ï�7MQTSMYQMR�q(SQSWHSWLQÏVME
I�(MEPSKYX�2HÏVJIXEV�I�2HÏVOYPXYVSV
TÏV�4EUIR�&SXÏVSVIr�XÏ�SVKERMYEV�RKE
7LXÏTME�&SXYIWI�Iq0ÏZMNIW�+]PIRr��
q4VMQMr�R�8MVER��Q����QEN������
RHÏV�XÏ�XNIVE��WLXVSZE�IHLI�OÏXÏ�OÏVOI�
WÏ��q1FÏWLXIXYV�RÏ�RNSLYVMRÏ�I�QMVÏ�UÏ
OEQ�TÏV�ZITVÏR�I�KNMXLÏQFEVWLQI�XÏ
+]PIRMX��I�JXSN�OSQYRMXIXMR�YRMZIVWMXEV
HLI�EOEHIQMO�FSXÏVSV�XÏ�WLU]VXSNÏ�QY�
RHÏWMRÏ�TÏV�ETPMOMQMR�YVKNIRXMWLX�XÏ
1IRHMQMX�JMPSSJMO�XÏ�+]PIRMX�TÏV�PÏRHÏ
QÏWMQSVI�RÏ�PMGI�HLI�YRMZIVWMXIXI��I
GMPE�OE�TÏV�XE�PSYV�VSPMR�I�RNÏ�%FIXEVINI
IHYOEXMZI�X�TETYWLXYIWLQI�RKVMXYV
QFM�XLIQIPI�XÏ�HEWLYVMWÏ�I�XÏ�QMVÏOY�
TXMQMX�XÏ�RNIVÏMWLÏQ���qOYRHÏV�EX]VI
UÏ�HYER�XE�WLSLMR�XÏ�EWLXYUYENXYVÏR
TÏVTPEWNI�XÏ�GMZMPMMQIZI�XÏ�FÏLIX�VI�
EPMXIXr����
2YO�ZSRSM�HLI�RHSHLM�RN�QVIOYPPM�
2�HLNIXSVMR�I�ZMXMX�������R�9RMZIVWMX�
IXMR�/EXSPMO�X�%YWXVEPMW��R�7MHRIN��JM�
PPSM�RKE�TYRE�OEXIHVE�TÏV�q7XYHMQIX
HLI�OÏVOMQIX�I�*IWÏ�-WPEQIr�HLI�TÏV
LYPYQXMQMR�HLI�OYPXMZMQMR�I�q1EVVÏHL�
ÏRMIZI�RHÏVQNIX�Q]WPMQERÏZI�HLI
OEXSPMOÏZIr��7LXIXM�M�%YWXVEPMWÏ�OÏXÏ�MR�
WXMXYGMSR�I�IQÏVXSM��q/EXIHVE�I�+]PI�
RMXr���
2KVMXNIW�WÏ�q/EXIHVÏW�WÏ�+]PIRMXr�M
FÏVM�NILSRÏ�IHLI�q*SVYQM�&SXÏVSV�)OS�
RSQMO�M�(EZSWMXr��RÏ�>ZMGÏV ��QÏ���
NEREV�������2�VETSVXMR�q%VWMQM�HLI�OS�
RGITXM�RHÏVOYPXYVSVr��M�TÏVKEXMXYV�RÏR
OV]IWMR�I�TVSJIWSVMX�.SLR�.��(I+MSME
�<LSR�(I+MSNE X�9RMZIVWMXIXMX�<LSV�
\LXEYRX�9EWLMRKXSRMX��Y�XVIKYE�WM
WLIQFYPP�OVMNMQM�M�/EXIHVÏW�WÏ�*IXLY�
PPEL�+]PIRMXRÏ�9RMZIVWMXIXMR�/EXSPMO�XÏ
%YWXVEPMWÏ�2Ï�VETSVX�WEOXÏWSLIN�WI�
q/EXIHVE�QFÏWLXIX�KNIVMQMR�I�HMEPSKYX
QIW�Q]WPMQERÏZI�HLI�OEXSPMOÏZI�RÏ
%YWXVEPM�I�RÏ�SRÏR�I�0MRHNIW�WÏ�0EV�
KÏX�HLI��OVELEW�FEWLOÏTYRMQIZI�XÏ
HMEPSKYX�PSOEP��YRMZIVWMXIXM�TÏVOVEL�5I�
RHVÏR�TÏV�(MEPSK�XÏ�%MWÏ�WÏ�0EVKÏXr���
1�XYXNI��R�VETSVXMR�I�q*SVYQMR�&S�
XÏVSV�)OSRSQMO�XÏ�(EZSWMXr��XÏ�XMXYPPYEV�
q-WPEQM�HLI�4IVÏRHMQMr��Y�TEWU]VYE
IHLI�EOXMZMXIXM�M�q0ÏZMNIW�+]PIRr�RÏ
PÏQÏ�XÏ�HMEPSKYX��WM�HLI�VSPM�M�ZITVMQXE�
VMWÏ�WÏ�MRWXMXYGMSRIZI�EVWMQSVI�XÏ
YHLÏLIUYVE�RKE�1ÏWYIWM�M�1EHL��*I�
XLYPPEL�+]PIR��2�VETSVX��QMHMW�X�XNI�
VEWL��XLIOWSLIN�WI�qKVYTIX�I�HMEWTSVÏW
8YVOI�SXÏVSNRÏ�TVSKVEQI�XÏ�X]VI�NS
ZIXÏQ�RÏ�8YVUM��TSV�IHLI�RÏ�ZIRHIX�I
%MW�W�1IWQIr�HLI��Q�XYXNI��WEOX�
WSLIN�WI��q0ÏZMNE�I�*IXLYPPEL�+]PIRMX�
SVMKNMRE�I�WÏ�GMPÏW�ÏWLXÏ�RKE�8YVUME��I
OE�WLXYEV�R�QEW�X�OSRWMHIVYIWLQI
VVNIXMR�I�X]VI�X�MRWXMXYGMSRIZI�EVWMQSVI
HLI�TÏV�QSQIRXMR�ZITVSNRÏ�RÏ�EJVS
����WLXIXIr���
1IWELIX�I�+]PIRMXOYRHÏV�XIEZI
TÏVqTÏVTPEWNIR�I�GMZMPMMQIZIrRÏ
WLIO��<<-��WE�ZNIR�I�TS�KNINRÏ�TÏVOVEL�
NI�WIVMSI�X�OSQYRMXIXMX�WLOIRGSV�I
OMWLXEV�FSXÏVSV��8Ï�WNIPPMQ�RÏ�ZMNMQ�HMWE
HMXYVME�MWPEQI������
KN]OMQI�X�Z]IVE��2MWIQM�RKE�WLOIRG�
XEVNE�.MPP�'EVVSPP��<LMP�/IVVSPP ��PMKNÏVYI�
WI�R�9RMZIVWMXIXMR�%QIVMOER�q6-')r
�6ENW ��I�GMPE�RÏ�RNÏ�WMQTSMYQ�XÏ
QFENXYV�RÏ�U]XIXMR�&IPJEWXXÏ�-VPERHÏW
:IVMSVIQI�XIQ��r+NIXNE�I�KNMHLNIW
RÏ�TÏVTPEWNIR�I�GMZMPMMQIZIrHS�XÏ�XLI�
OWSNÏ�WLYQÏ�UEVXÏWMWLX��q2NÏ�HMNIXEV�WM
*IXLYPPEL�+]PIRM�ÏWLXÏ�MPEË�TÏV�EXE
MRXIPIOXYEPÏ�TIWMQMWXÏ�UÏ�FIWSNRÏ�RÏ
TÏVTPEWNIR�I�GMZMPMMQIZIrHLI�QÏ�XYXNI
HS�XÏ�WEOXÏWSNÏ�WI�-WPEQM�ÏWLXÏ�RNÏ�JI
WLYQI�I�QEHLI�HLI�Q�I�KNIVI�WI�WE
UÏ�I�WLMOSR�RNIVÏMQMTSV�WSXq����RYO
QYRH�X�OYTXSLIX�RKE�IOVERIX�XIPI�
ZMMZIr���
2NÏ�EJMVQMQ�WLYQÏ�XÏ�JYUMWLÏQ�1I�
WELIZI�XÏ�+]PIRMXOYRHÏV�XIÏW�q4ÏV�
TPEWNE�I�'MZMPMMQIZIr�WETS�Y�OE�FÏVÏ
XISPSKY�M�WLUYEV�.SLRWXSR�1G1EWXIV
�<LSRWXSR�1IO�1EWXIV RKE�-VPERHE
:IVMSVI��%M��QMHMW�X�XNIVEWL��HS�X�WEO�
XÏWSNÏ�WI�TEUNEHLI�HMEPSKYNERÏ�XLIPFM
M�UIRMIW�W�X�KNMXLE�JIZI��TSV�q1IHMQ�
IXI�*��+]PIRMX�RYO�NERÏ�XÏ�TÏVOYJMYEVE
ZIXÏQ�RÏ�8YVUM��%XS�QYRH�XÏ�TVEOXMOS�
LIR�RÏ�QFEVÏ�FSXÏR��NERÏ�QIRHMQI�UÏ
M�LETMR�WLXMKNIX�I�KÏVWLIXMQIZI�RHÏV�
OYPXYVSVI��2KE�O]�OÏRHZÏWLXVMQ�+]PIRM
OE�QEVV�ZIRHMR�I�ZIX�R�LMWXSVM��1I
EJXÏWMXÏ�I�ZIXE�MRXIPIOXYEPI�FSXÏW�M�TVI�
ERXSR�HEWLYVMRÏ�HLI�XSPIVERGÏR�-WPE�
QI���r���
7LOSPPEX�I�q0ÏZMNIW�+]PIRr�WE�ZNIR
I�TS�OSRWMHIVSLIR�WM�ZEXVE�X�IHYOMQMX
I�XÏ�EVWMQMQMX�TÏV�WLIOYPPMR�I�VM�XÏ�RNI�
VÏMQMX��+EIXE�EQIVMOERI�q8LI�2I[
=SVO�8MQIWr��(L�2NY�.SVO�XENQW
WLOVSM�QI�TPSXÏ�PÏZHEXE�TÏV�q7LOSPPEX�I
+]PIRMXr�RÏ�4EOMWXER�HLI�WEOXÏWSM�JEO�
XMR�WI��r7LOSPPEX�XYVOI�R�4EOMWXER�I
TVIERXSNRÏ�-WPEQMR�XSPIVERXr��(LI��QÏ
XYXNI��ONS�KEIXÏHS�XÏ�OSRWXEXSNÏ�
7LOSPPEX�I�s0ÏZMNIW�+]PIRt�HS�XÏ�QYRH
X�RHMLQSRMR�R�FYXNIR�I�sMWPEQMX�VE�
HMOEPt�HLI�WLMOYEV�RKE�OÏRHZÏWLXVMQM�M
TSPMXMOÏW�WÏ�NEWLXQI�EQIVMOERI��OÏXS
WLOSPPE�NERÏ�ZPIVÏWYEV�WM�KNÏ�WLYQÏ
TSMXMZI����
6IRSQINE�RHÏVOSQFÏXEVI�I�q0ÏZM�
NIW�+]PIRr�HLI�I�XLIQIPYIWMX�X�WEN�
WE�ZNIR�I�TS�KNIR�QFÏWLXIXNI�RÏ�STMRM�
SRMR�OÏVOMQSV�TYFPMGMWXMO�FSXÏVSV��2Ï
JMPPMQ�X�QYENMX�QEN�X�ZMXMX�������6IZMWXE
TVIWXMKNMSI�q*SVIMKR�4SPMG]r��I�GMPE�TE�
WU]VSR�QEVVÏHLÏRMIX�RHÏVOSQFÏXEVI
FEWLOÏOSLSVI��IQVMR�I�HMNIXEVMX�*IXLY�
PPEL�+]PIRI�OE�ZÏRÏ�RÏ�PEKNIR�I����
TIVWSREPMXIXIZI�QÏ�QI�RHMOMQ�RÏ
WLXIXMR�I�X]VI�HLI�R�FSX����6IZMWXE
q*SVIMKR�4SPMG]r�TÏVKNIHLNIR�I�OÏX]VI
TIVWSREPMXIXIZI�I�FÏVM�RÏ�FEWLOÏTYR�
MQ�QI�VIZMWXÏR�ERKPII�q4VSWTIGXr�
/VMXIVM�OV]IWSV�M�TÏVKNIHLNIW�MWLXI�UÏ
MRXIPIOXYEPÏX�UÏ�HS�XÏ�OSROYVVSRMR�TÏV
ZIRHMR�R�0EKNIR�I�����ZIXEZIQ�QI
RHMOMQ�RÏ�OÏXÏ�JMPPMQ�XÏ�WLIO��<<-����qXÏ
SXÏVSRMR�RNÏ�TSMGMSR�WTIGMEP�RÏ�JY�
WLÏR�I�X]VI��XITÏV�EOXMZÏ�HLI�XÏ�WLY�
QÏHMWOYXYEV�I�XÏ�WLYQÏJSPYV�NS�ZIXÏQ
FVIRHE�OYJMNZI�OY�NIXSNR��TSV�R�QFE�
VÏ�FSXÏRr��2KE�PÏQM�M�VIPMKNMSRMX*IXLY�
PPEL�+]PIRMÏWLXÏ�ZÏRÏ�RÏ�PEKNIR�I
OEXÏV�PMHIVÏZI�JIXEVÏ��EX]�OY�ÏWLXÏ
IHLI�4ETE�&IRIHMOXM�<:-����
1IRHMQM�JMPSSJMO�WLOIRGSV��JIXEV
IHYOEXMZ��EVWMQSV�TIHEKSKNMO�HLI�WLS�
UÏVSVS�TSPMXMO�M�*IXLYPPEL�+]PIRMXÏWLXÏ
WLYQÏ�M�VÏRHÏWMWLÏQ�TÏV�XÏ�WSXQIR
HLI�TÏV�XÏ�EVHLQIR�I�OSQFMX�WLUMTXEV�
*IXLYPPEL�+]PIRXÏ�EVHLQIR�I�RNIVÏM�
QMX�I�WLIL�R�VYENXNIR�I�OSQSWMX�JIXEV
LMWXSVMO�QMHMW�OSQFIZI��WLXIXIZI�I�OS�
RXMRIRXIZI��%M�ÏWLXÏ�8LMVVÏWMQÏ�M�HI�
RNÏ�M�EVW]IW�OYRHÏV�HLYRÏW�RÏ�ËÏWLXNIX
JIXEVI�HLI�OYPXYVSVI��2Ï�OÏXÏ�TMOÏ�TS�
VSWME�I�+]PIRMXTENXSLIX�QMV�QI�QI�
RHMQMR�I�HMNIXEVMX�2MRER�7YEVX��q%WOYWL
WtQYRH�XE�OYTXSNÏ�RNIVÏMQMR�TE�I�OYT�
XYEV�WÏ�TEVM�JIRÏ�I�X]VI��WITWI�JINE�TÏV�
JWLMR�NIXÏR�I�RNIVMYX�TVIN�OSLÏW�WÏ
PEWLXÏr���
2YO�HÏWLMVSN�XE�WLJV]XÏSN�OÏXÏ�LE�
TÏWMVÏ�RÏ�VIZMWXÏ�TÏV�XÏ�ZÏRÏ�RÏ�TEL
TÏVTNIONIX�I�QME�WLOIRGSVI��RÏ�MRXIVIW
X�VYENXNIW�W�OSQSWMX�JIXEV�LMWXSVMO
WLUMTXEV��QI�XLIOW�XÏ�ZIËERXÏ�RÏ�/S�
WSZÏ��WM�OYWLX�ZIRHMQXEV�TÏV�XÏ�VYENXYV
LEVQSRMRÏ�LMWXSVMOI�QMHMW�OYPXYVÏW
WLUMTXEVI�QI�TVSZIRMIRG�MWPEQI�HLI
OYPXYVÏW�WLUMTXEVI�QI�TVSZIRMIRGÏ�XÏ
OVMWLXIV��OEXSPMOI�HLI�SVXSHSOWI ��2�
WI�WLYQMGE�EFWSPYXI�RÏ�TÏVTNIWÏXMQMR
QÏ�WLYQÏ�WI�OEXÏV�QI�RNÏ�RÏROYTXSR
HMËOE��OSQFM�WLUMTXEV�ÏWLXÏ�OSQF�Q]�
WPMQER��M�GMPM�JEP�YVHLVMXOYVtERSV��q,]RM
FEWLOÏVMWLX�RÏ�TEUI�r����I�OE�OVMNYEV
HLI�I�OE�VYENXYV�HIVM�XEWLXM�EX�U�RI�I
UYENQ�q8SPIVERG�JIXEVI�WLUMTXEVIr
HLI�2NÏWM�IXRSOYPXYVSVI�I�KNISTSPMXMOI
XÏ�7LUMTÏVMWÏ��
2HÏVL]VNE�I�4IVÏRHMQMXHLI�I�0MRHN�
IWRÏ�«ÏWLXNIR�7LUMTXEVIRÏ�TÏVKNM�
XLÏWM�HLI�XÏ�/SWSZÏW�RÏ�ZIËERXM�
ZIËERÏVMWLX�RKE�JYRHM�M�WLIO��<<�HLI
JMPPMQM�M�WLIO��<<-��I�OE�PYLEXYV�XQIVV�
WMWLX�EXÏ�UÏ�OIQM�TEWYV�HÏWLMVÏ�XE�UYE�
NQÏ�q,EVQSRM�JIXEVI�RHÏVWLUMTXEVIr��
2Ï�TÏVJYRHMQ��Y�FÏN�ETIP�YHLÏLIUÏ�
WZI�XÏ�FEWLOÏWMZI�JIXEVI�RÏ�/SWSZÏ��XÏ
SVKERMSNR�RN�HMWOYXMQ�WLOIRGSV
RHÏVOSQFÏXEV�WLXIVYIW��KNMXLWIWM�RÏR
OVELYR�I�5IZIVMW��VIYPXEXIX�I�X�GMPMX
HS�XÏ�RHMOSRMR�RÏ�RHÏVTVIVNIR�I�XLIPPM�
QMX�XÏ�QÏXYXNIWLÏQ�XÏ�LIRHIUIZI�RHÏ�
VQNIX�OSQYRMXIXIZI�JIXEVI�LMWXSVMOI�RÏ
/SWSZÏ�RÏ�RNÏVÏR�ERÏ��HLI�FVIRHE
EOÏGMPMX�OSQYRMXIX�TÏVQIW�WIOXIZI�TE
EWRNÏ�XVEHMXÏ�LMWXSVMOI�RÏ�/SWSZÏ�I�QÏ
KNIVÏ�RÏ�XVSNIX�WLUMTXEVI��RÏ�ERÏR�XNI�
XÏV��8Ï�QÏ�PINSLIX�XE�TÏVZIXÏWSN�RNÏ�OS�
RWXEXMQMR�XÏ�1ÏWYIWMX�XÏ�1EHL+]PIR�
q7LSUÏVME�NSRÏ�WSX�RHSHLIX�RÏ�RNÏ�KNI�
RHNI�TÏV�XÏ�EVHLYV�OIU���r����
4VMWLXMR����UIVWLSV�����
CCCCCCCCCCCCCC
*YWRSXEX�/ÏXÏ�OYQXIWÏ�I�TÏVKEXMXE�TÏV�7MQTSMYQMR�
q(SQSWHSWLQÏVME�I�(MEPSKYX�2HÏVJIXEV�I
2HÏVOYPXYVSV�TÏV�4EUIR�&SXÏVSVIr��SVKERM�
YEV�RKE�*SRHEGMSRM�TÏV�%VWMQ�HLI�/YPXYVÏ
q%XQSWJIVEr�R�/SWSZ��4VMWLXMR��Q��
UIVWLSV�������2Ï�7MQTSMYQ�I�PI\SZE�RNÏ
TÏVQFPIHLNI�TVIN�VVIXL�XVM�JEUIWL�
���(VINX�RNÏ�U]XIXÏVMQM�FSXÏVSV�QI�(EWLYVM�HLI
8SPIVERG�q4VMQMr��8MVER�����������
���1��*IXLYPPE�+]PIR��2Ï�-WPEQMR�I�ZÏVXIXÏ�RYO
IOMWXSR�XIVVSVMQM��-RXIVZMWXÏ������ ��2NÏ
ZÏWLXVMQ�MWPEQ�QFM�XIVVSVMR�HLI�WYPQIX�ZI�
XÏZVEWÏWI��q4VMQMr��8MVERÏ�������������
���/NS�ÏWLXÏ�LIVE�I�XVIXÏ�UÏ�WLOVYEN�TÏV�EW�
TIOXI�XÏ�ZIËERXE�XÏ�QEHLÏWLXMWÏ�WÏ�XMN�
�7LML�KNIVÏWMWLX��(V��1YLEQIX�4MVVEOY��+]�
PIR���4ÏVQIRHSVI�I�VI�I�GMZMPMMQMX�RNIVÏSV�
)HYOEXE�-WPEQI��:MXM�<<<-:��RV�����4VMWLXM�
R�����������������/SRXVMFYXM�M�*IXLYPPEL
+]PIRMX�TÏV�HMEPSKYR�RHÏVJIXEV�HLI�RHÏVOYP�
XYVSV��(MXYVME�-WPEQI��:MXM�<-<��2V�������4VM�
WLXMRÏ��QEN��������������/ÏRHZÏWLXVMQM�M
MRXIPIOXYEPÏZI�XÏ�/SWSZÏW�TÏV�0ÏZMNIR�+]P�
IRr��*SRHEGMSRM�TÏV�%VWMQ�HLI�/YPXYVÏ
q%XQSWJIVEr��4VMVIR�������
���7LML�QÏ�KNIVÏWMWLX��1��*IXLYPPE�+]PIR��2Ï
-WPEQMR�I�ZÏVXIXÏ�RYO�IOMWXSR�XIVVSVMQM
�-RXIVZMWXÏ������ ��2NÏ�ZÏWLXVMQ�MWPEQ�QFM
XIVVSVMR�HLI�WYPQIX�ZIXÏZVEWÏWI��q4VMQMr�
8MVER�������������
���+NIVÏWMWLX��/YWL�ÏWLXÏ�*IXLYPPEL�+]PIR#
2NÏ�NIXÏ�OYWLXYEV�TEUIW�HLI�PYQXYVMWÏ
RNIVÏSVI��RÏ�PMFVMR��1��*IXLYPPE�+]PIR��)WI�
4IVWTIOXMZE��3TMRMSRI��q4VMQMr��8MVERÏ
������������2N�NIX�OYWLXYEV�TEUIW�HLI�PY�
QXYVMWÏ�WÏ�RNIVÏMQMX��4VIERXMQ��1��*IXLY�
PPE�+]PIR��(VMX�I�4EWLYEV��,��1YLEQQIHM
�W�E�Z ����q4VMQMr��8MVER������������8LSQ�
EW�1MGLIP��7�.���4EVEXLÏRMI��1��*IXLYPPE�+]�
PIR��(VINX�RNÏ�U]XIXÏVMQM�FSXÏVSV�QI�(EWLYVM
HLI�8SPIVERG�q4VMQMr��8MVER�����������
/ÏRHZÏWLXVMQM�M�MRXIPIOXYEPÏZI�XÏ�/SWSZÏW
TÏV�0ÏZMNIR�+]PIRr��*SRHEGMSRM�TÏV�%VWMQ
HLI�/YPXYV�q%XQSWJIVEr�4VMVIR�������
���1��*IXLYPPE�+]PIR��/VMXIVIX�SWI�(VMXEX�I�6VY�
KÏW��)WI��KN]OMQI��EJSVMQE ��q4VMQMr�
8MVER�����������������
HMXYVME�MWPEQI������
���1��*IXLYPPE�+]PIR��/VMXIVIX�SWI�(VMXEX�I�6VY�
KÏW��)WI��KN]OMQI��EJSVMQE ��q4VMQMr�
8MVER�����������
���1��*IXLYPPE�+]PIR��/VMXIVIX�SWI�(VMXEX�I�6VY�
KÏW��)WI��KN]OMQI��EJSVMQE ��q4VMQMr�
8MVER�����������������������������
���1��*IXLYPPE�+]PIR��)WI��4IVWTIOXMZE��3TMRM�
SRI��q4VMQMr��8MVER���������
����+NIVÏWMWLX��4S�EX]��2NÏ�NIXÏ�OYWLXYEV�TE�
UIW�HLI�PYQXYVMWÏ�WÏ�RNIVÏMQMX��4VIERXMQ�
1��*IXLYPPE�+]PIR��(VMX�I�4EWLYEV��,��1Y�
LEQQIHM��W�E�Z ����q4VMQMr��8MVER���������
���/YWL�ÏWLXÏ�*IXLYPPEL�+]PIR#��2NÏ�NIXÏ
OYWLXYEV�TEUIW�HLI�PYQXYVMWÏ�RNIVÏSVI��1�
*IXLYPPE�+]PIR��)WI��4IVWTIOXMZE��3TMRMS�
RI��q4VMQMr��8MVERÏ������������4EVEXLÏRMI
R�PMFVMR�1��*IXLYPPE�+]PIR��)WI��4IVWTIOXM�
ZE��3TMRMSRI��q4VMQMr��8MVER�������� �
8LSQEW�1MGLIP��7�.���4EVEXLÏRMI��1��*I�
XLYPPE�+]PIR��(VINX�RNÏ�U]XIXÏVMQM�FSXÏVSV�QI
(EWLYVM�HLI�8SPIVERGÏ�q4VMQMr��8MVERÏ
����������
����1Ï�KNIVÏWMWLX�8L��1MGLIP��q«HS�WLOSPPÏ�ÏWLXÏ
RN�MRWXMXYGMSR�M�TEZEVYV��TSV�WLYQ�TVIN�X]VI
QFÏWLXIXIR�RÏ�WLÏVFMQIX�I�OSQTERMZI�XYVOI
TÏV�XÏ�WMKYVYEV�WYFZIRGMSRIX�IHYOEXMZI�HLI
FYVMQIX�RNIVÏSVIr��*IXLYPPE�+]PIR��(VINX�RNÏ
U]XIXÏVMQM�FSXÏVSV�QI�(EWLYVM�HLI�8SPIVERGÏ�
q4VMQMr��8MVERÏ��������������1Ï�KNIVÏWMWLX��1�
*IXLYPPE�+]PIR��/VMXIVIX�SWI�(VMXEX�I�6VYKÏW
�)WI��KN]OMQI��EJSVMQE ��q4VMQMr��8MVER�
���������������������
����7LML�QÏ�KNIVÏWMWLX��8LSQEW�1MGLIP��7�.��
4EVEXLÏRMI��1��*IXLYPPE�+]PIR��(VINX�RNÏ�U]�
XIXÏVMQM�FSXÏVSV�QI�(EWLYVM�HLI�8SPIVERGÏ�
q4VMQMr��8MVER�����������
����1��*IXLYPPE�+]PIR��(VINX�RNÏ�U]XIXÏVMQM
FSXÏVSV�QI�(EWLYVM�HLI�8SPIVERGÏ�q4VM�
QMr��8MVER���������������������������
����7LML��4VSJ��(V��1YLEQIX�4MVVEOY��+]PIR��
4ÏVQIRHSVI�I�VI�I�GMZMPMMQMX�RNIVÏSV��)HY�
OEXE�-WPEQI��:MXM�<<<-:��RV�����4VMWLXMR�
��������������
����2KE�4EVEXLÏRMI�RÏ�PMFVMR�1��*IXLYPPE�+]�
PIR��)WI��4IVWTIOXMZE��3TMRMSRI��q4VMQMr�
8MVER����������
����1Ï�KNIVÏWMWLX��1��*IXLYPPE�+]PIR��(VINX�RNÏ
U]XIXÏVMQM�FSXÏVSV�QI�(EWLYVM�HLI�8SPI�
VERG�q4VMQMr��8MVER�����������
����1I�KNIVÏWMWLX��1��*IXLYPPEL�+]PIR��)WI�
4IVWTIOXMZE��3TMRMSRI��q4VMQMr��8MVERÏ
������������
����%YXSV�LIFVIY�EQIVMOER�7EQYIP�4��,YRK�
XMRKXSR�1��*IXLYPPE�+]PIR�(VINX�RN�U]XI�
XÏVMQM�FSXÏVSV�QI�(EWLYVM�HLI�8SPIVERGÏ�
q4VMQMr��8MVER����������������������� �
����1��*IXLYPPEL�+]PIR�R�RN�ZIRH�KNIXO�WE�
OXÏWSM��q«HS�FEPERGÏ�I�JYUMWÏ�UÏ�ÏWLXÏ�ZÏ�
RÏ�RKE�TÏVHSVMQM�M�JSVGÏW�HS�XÏ�WLIQFIX�RÏ
TIVMYHLÏR�QÏ�XÏ�WLOYVXÏV�XÏ�OSLÏW�HLI�EXE
UÏ�MWLMR�TÏVKNMKNIW�TÏV�XÏ��HS�XÏ�NIRÏ�XÏ�TEVÏX
UÏ�HS�XÏ�HMKNIR�RÏR�KÏVQEHLEr�1Ï�KNIVÏ�
WMWLX��1��*IXLYPPE�+]PIR��(VINX�RNÏ�U]XIXÏVM�
QM�FSXÏVSV�QI�(EWLYVM�HLI�8SPIVERGÏ�q4VM�
QMr��8MVER������������������������� �
����1��*IXLYPPE�+]PIR��(VINX�RNÏ�U]XIXÏVMQM�FS�
XÏVSV�QI�(EWLYVM�HLI�8SPIVERGÏ��q4VMQMr�
8MVER����������������������� �
����1��*IXLYPPE�+]PIR�(VINX�RNÏ�U]XIXÏVMQM�FS�
XÏVSV�QI�(EWLYVM�HLI�8SPIVERGÏ�q4VMQMr�
8MVER�����������
����1��*IXLYPPE�+]PIR��/VMXIVIX�SWI�(VMXEX�I
6VYKÏW��)WI��KN]OMQI��EJSVMQE ��q4VMQMr�
8MVER������������
����r7LML�QÏ�KNIVÏWMWLX��1��*IXLYPPE�+]PIR�
(VINX�RNÏ�U]XIXÏVMQM�FSXÏVSV�QI�(EWLYVM�HLI
8SPIVERG�q4VMQMr��8MVER�����������
����7LML�QÏ�KNIVÏWMWLX��1��*IXLYPPE�+]PIR�
(VINX�RNÏ�U]XIXÏVMQM�FSXÏVSV�QI�(EWLYVM�HLI
8SPIVERG�q4VMQMr��8MVER�����������
����1��*IXLYPPE�+]PIR��(VINX�RNÏ�U]XIXÏVMQM�FS�
XÏVSV�QI�(EWLYVM�HLI�8SPIVERGÏ�q4VMQMr�
8MVERÏ��������� ��7LML�KNIVÏWMWLX��/YWL
ÏWLXÏ�*IXLYPPEL�+]PIR#��2NÏ�NIXÏ�OYWLXYEV
TEUIW�HLI�PYQXYVMWÏ�RNIVÏSVI��1��*IXLYPPE
+]PIR��)WI��4IVWTIOXMZE��3TMRMSRI��q4VM�
QMr��8MVER������������
����1Ï�KNIVÏWMWLX��1��*IXLYPPE�+]PIR��(VINX�RNÏ
U]XIXÏVMQM�FSXÏVSV�QI�(EWLYVM�HLI�8SPIVE�
RG�q4VMQMr��8MVER�������������� ��7LML
8LSQEW�1MGLIP��7�.���4EVEXLÏRMI��1��*IXLY�
PPE�+]PIR��(VINX�RNÏ�U]XIXÏVMQM�FSXÏVSV�QI
(EWLYVM�HLI�8SPIVERGÏ�q4VMQMr��8MVERÏ
����������
����1Ï�KNIVÏWMWLX��1��*IXLYPPE�+]PIR��(VINX�RNÏ
U]XIXÏVMQM�FSXÏVSV�QI�(EWLYVM�HLI�8SPIVE�
RG�q4VMQMr��8MVER����������������
����4S�EX]�����
����4S�EX]�
����,Y\LYVEX���������1��*IXLYPPE�+]PIR�(VMXÏ
I�TEWLYEV��4TVSJIXM�1YLEQQIH��W�E�W� ����
8MVER������������1��*IXLYPPE�+]PIR��/VMXI�
VIX�SWI�(VMXEX�I�6VYKÏW��)WI��KN]OMQI��EJS�
VMQE ��q4VMQMr��8MVER���������������������
����1Ï�KNIVÏWMWLX��1��*IXLYPPE�+]PIR��/VMXIVIX
SWI�(VMXEX�I�6VYKÏW��)WI��KN]OMQI��EJSVM�
QE ��q4VMQMr��8MVER�����������������������
����1��*IXLYPPE�+]PIR��/VMXIVIX�SWI�(VMXEX�I
6VYKÏW��)WI��KN]OMQI��EJSVMQE ��q4VMQMr�
8MVER���������������
����1Ï�KNIVÏWMWLX��1��*IXLYPPE�+]PIR��/VMXIVIX
SWI�(VMXEX�I�6VYKÏW��)WI��KN]OMQI��EJSVM�
QE ��q4VMQMr��8MVER��������������������
����7LML�QÏ�KNIVÏWMWLX��1��*IXLYPPE�+]PIR�
2KE�JEVE�XI�PMWM�)HYOMQM�JEQMPNEV�RKE�RNÏ
OÏRHZÏWLXVMQ�XNIXÏV ��q4VMQMr��8MVERÏ������
�����������
����1��*IXLYPPE�+]PIR��)WI��4IVWTIOXMZE��3TM�
RMSRI��q4VMQMr��8MVER������������
����1��*IXLYPPE�+]PIR��/VMXIVIX�SWI�(VMXEX�I
6VYKÏW��)WI��KN]OMQI��EJSVMQE ��q4VMQMr�
8MVER������������
����1��*IXLYPPE�+]PIR�(VINX�RNÏ�U]XIXÏVMQM�FS�
XÏVSV�QI�(EWLYVM�HLI�8SPIVERGÏ�q4VMQMr�
8MVER����������������
����7LML�KNIVÏWMWLX��(V��1YLEQIX�4MVVEOY��+]�
PIR���4ÏVQIRHSVI�I�VI�I�GMZMPMMQMX�RNIVÏSV�
)HYOEXE�-WPEQI��:MXM�<<<-:��RV�����4VMWLXM�
R�����������������/SRXVMFYXM�M�*IXLYPPEL
+]PIRMX�TÏV�HMEPSKYR�RHÏVJIXEV�HLI�RHÏVOYP�
XYVSV��(MXYVME�-WPEQI��:MXM�<-<��2V�������4VM�
WLXMRÏ��QEN��������������/ÏRHZÏWLXVMQM�M
MRXIPIOXYEPÏZI�XÏ�/SWSZÏW�TÏV�0ÏZMNIR�+]�
PIRr��*SRHEGMSRM�TÏV�%VWMQ�HLI�/YPXYVÏ
q%XQSWJIVEr��4VMVIR�������
����1Ï�KNIVÏWMWLX��1��*IXLYPPE�+]PIR��q9RÏ�FI�
WSN�RÏ�FYOYVMRÏ�I�QFÏWLXIXYV�RÏ�TEVEUMXNIR
I�2EX]VÏW�RNIVÏSVI��(VINX�RNÏ�U]XIXÏVMQM�FS�
XÏVSV�QI�(EWLYVM�HLI�8SPIVERGÏ�q4VMQMr�
8MVER���������������
����4S�EX]�
����1Ï�KNIVÏWMWLX��1��*IXLYPPE�+]PIR��q9RÏ�FI�
WSN�RÏ�FYOYVMRÏ�I�QFÏWLXIXYV�RÏ�TEVEUMXNIR
I�2EX]VÏW�RNIVÏSVI��(VINX�RNÏ�U]XIXÏVMQM�FS�
XÏVSV�QI�(EWLYVM�HLI�8SPIVERGÏ�q4VMQMr�
8MVER����������������
����1Ï�KNIVÏWMWLX��1��*IXLYPPE�+]PIR��(VINX�RNÏ
U]XIXÏVMQM�FSXÏVSV�QI�(EWLYVM�HLI�8SPIVER�
G�q4VMQMr��8MVER�����������
����7LML�QÏ�KNIVÏWMWLX��1��*IXLYPPE�+]PIR��/VM�
XIVIX�SWI�(VMXEX�I�6VYKÏW��)WI��KN]OMQI�
EJSVMQE ��q4VMQMr�8MVER�����������������
���������
����+NIVÏWMWLX��1��*IXLYPPE�+]PIR��(VINX�RNÏ
U]XIXÏVMQM�FSXÏVSV�QI�(EWLYVM�HLI�8SPIVER�
G��q4VMQMr��8MVER������������������������
1��*IXLYPPE�+]PIR��(VINX�RNÏ�U]XIXÏVMQM�FSXÏ�
VSV�QI�(EWLYVM�HLI�8SPIVERG��q4VMQMr�
8MVER���������������������������1��*IXLY�
PPE�+]PIR��(VINX�RNÏ�U]XIXÏVMQM�FSXÏVSV�QI
(EWLYVM�HLI�8SPIVERGÏ��q4VMQMr��8MVERÏ
�����������������������
����7LML�QÏ�KNIVÏWMWLX��1��*IXLYPPE�+]PIR�
(VINX�RNÏ�U]XIXÏVMQM�FSXÏVSV�QI�(EWLYVM�HLI
8SPIVERG�q4VMQMr��8MVER����������������
����������
����7LML�QÏ�KNIVÏWMWLX��(V��1YLEQIX�4MVVEOY�
+]PIR���4ÏVQIRHSVI�I�VI�I�GMZMPMMQMX�RNIVÏ�
SV��)HYOEXE�-WPEQI��:MXM�<<<-:��RV�����4VMWL�
XMR�����������������/SRXVMFYXM�M�*IXLYPPEL
+]PIRMX�TÏV�HMEPSKYR�RHÏVJIXEV�HLI�RHÏVOYP�
XYVSV��(MXYVME�-WPEQI��:MXM�<-<��2V�������4VM�
WLXMRÏ��QEN��������������/ÏRHZÏWLXVMQM�M
MRXIPIOXYEPÏZI�XÏ�/SWSZÏW�TÏV�0ÏZMNIR
+]PIRr��*SRHEGMSRM�TÏV�%VWMQ�HLI�/YPXYVÏ
q%XQSWJIVEr��4VMVIR�������
����4VSJ��(V��1YLEQIX�4MVVEOY��/SRXVMFYXM�M�*I�
XLYPPEL�+]PIRMX�TÏV�HMEPSKYR�RHÏVJIXEV�HLI
RHÏVOYPXYVSV��/ÏRHZÏWLXVMQM�M�MRXIPIOXYEPÏZI
XÏ�/SWSZÏW�TÏV�0ÏZMNIR�+]PIRr��*SRHEGMSRM
TÏV�%VWMQ�HLI�/YPXYVÏ�q%XQSWJIVEr��4VMVIR�
���������
����2KE�JSRHIX�EVOMZSVI�X�*SRHEGMSRMX�q%XQS�
WJIVEr��4VMVIR�HLI�R�[[[�JK]PIR�GSQ�
8IOWXIX�RKE�XYVUMWLXNE�M�WLUMTÏVSM�PMVWLÏQ
ZITVMQXEVM�M�q0ÏZMNIW�+]PIRr����&EWLOMQ
«QIKE�
����4S�EX]�
����4S�EX]�
����+EIXE�q,EFIV���r�����TVMPP�����
�[[[�WEQER]SPYLEFIV�GSQ ��
����+EIXE�q>EQERr���KEIXE�Q�I�QEHLI�I
TÏVHMXWLQI�RÏ�8YVUM �����1EN������
�[[[�EQER�GSQ�XV
����6EHMOEP����QEN��������QEVV�RKE�
[[[�RI[]SVOXMQIW�GSQ �
����+EIXE�q%OWLEQr���QEN�������KEIXE�I
TÏVHMXWLQI�RI�8YVUM �
����2Ï�PMWXÏ�FÏNRÏ�TNIWÏ���EQFMIRXEPMWXÏ����PM�
HIV�JIXEV����EOXMZMWX����LMWXSVMER���
YHLÏLIUÏW����EVXMWXÏ�HLI�VSQERGMIVÏ����KE�
IXEVÏ����WLOIRGÏXEVÏ����JMPSSJÏ�����IOSRS�
QMWX�HLI����TIVWSREPMXIXI�X�WLOIRGEZI
TSPMXMOI��2HÏV�XÏ�RNSLYVMX�I�PMWXÏW�QYRH�XÏ
TÏVQIRHMQ��7PEZSN�>MIO�RÏ�JYWLÏR�I�WSGM�
SPSKNMW��IOSRSQMWXMR�1YLEQQIH�.YRYW�
RSFIPMWXM�TÏV�TEUI�HLI�MWL�Z��TVIWMHIRXM�M
7,&%�%P�+SVI��LMWXSVMERM�&IVREVH�0I[MW�
7LOVMQXEVM�FVMXERMO�'LVMWXSTLIV�,MXGLIRW�
TVIWMHIRXM�M�VITYFPMOÏW�ËIOI�:EGPPEZ�,EZIP�
KEIXEVM�8LSQEW�*VMIHQER�M�TVIWXMKNMSIW
2I[�=SVO�8MQIW��WLELMWXM�+EVV]�/EWTEVSZ�
*VERGMW�*YOY]YQE��7LMVMR�)FEHM�IXN��6IZM�
WXE�M�QYRHÏWSR�PI\YIWZI�UÏ�QI�ERÏ�XÏ
ZSXMQMX�SR�PMRI�RÏ�MRXIVRIX��RÏ�EHVIWÏR
[[[�JSVIMKRTSPMG]�GSQ�XÏ�TÏVGEOXSNRÏ�ZIXÏ
���MRXIPIOXYEPÏX�FVIRHE�����WLIW���7LML�QÏ
KNIVÏWMWLX��:IFJEUNE�;;;��JK]PIR�GSQ �
����6IPMKMNI�WZMNIXE��)RGMOPSTIHMNWOM�TVMVYÊRMO�
>EKVIF�����������
����1��*IXLYPPE�+]PIR��)WI��4IVWTIOXMZE��3TM�
RMSRI��q4VMQMr��8MVER������������
����1��*IXLYPPE�+]PIR��/VMXIVIX�SWI�(VMXEX�I
6VYKÏW��)WI��KN]OMQI��EJSVMQE ��q4VMQMr�
8MVER�����������������
HMXYVME�MWPEQI������
1V�,EQHM�8LEËM
,IVSM�OV]IWSV�RÏ�RNÏ�ZNIVWLÏ�XÏ2EMQMX�XLSXÏ��q(S�XÏ�HEPMROVINX�EXS�LMHLÏVMQI��KNMXLÏTETEWXÏVXMVE��XÏVÏ�ENS�WNIPPNI
ZYPKEVI��UÏ�OE�QFPIHLYV�UIPF�RÏ�WMTÏV�JEUIgr�4S��HS�XÏ�HEPÏ�I�OIUNE��(S�XÏLHYOIX�I�OIUNE��RHÏVWE�RNIVMY�M�VMPMRHYV�
HS�XÏ�FÏLIX�RNIVM�M�EXSQMX��2HÏVOEU��XNIXVM�UÏ�RE�OE�JSPYV�RÏ�KNYLÏR�XSRÏ��UÏ�QIIRXYMEÏQ�HLI�QI�ZIXÏQSLMQ�OE�IGYVZMWIZI�XSRE��TVIN�RNÏ�ZIRHM�RÏ�XNIXVMR��*M�WLXE��RNÏ�WLTMVX�PYGMH�UÏ�M�ZIXQM�QYRH�XÏZMLIX�OVEL�TÏV�OVEL�QI�KNIRMYR�I�2EMQMX�OE�XLÏRÏ��rHS�XÏ�ZMNRÏ�RNIVÏMX�HMIXEVÏHLI�EXE�HS�XÏ�QÏWSNRÏ�NIXÏR�HMIPPSVIr�(LI�NE��TS�ME�FILMR�RNIVÏMX�HMIPPSVÏ�:MNRÏ�HLI�WNIPPMR�TMNIR�TÏV�XÏ�IXWLQMX�HLIJSVGÏR�TÏV�XÏ�HSFÏXMX��7NIPPMR�NEVVMR�IZITVÏW�WÏ�WLIRNXÏ��NS�EXÏ�UÏ�HS�XE�RHIÏLIOYVMR��SWI�U]Q]VKYVMR��ZIËWI�IQVEX�IQVEX��IQVEX��IQVE����8EWLQÏ�EXE�TS
ZMNRÏ��2YO�HÏKNSLIR�XLYRHVE�OYENWL��EWZVMRKÏPPMQE�EVQÏWL��EW�YPÏVMQE�I�XÏVFYEVI�WSPHEXIWOÏW��EW�XLMVVNIX�I�YVVINXNIW�
/]�ÏWLXÏ�RNÏ�QEVWL�M�VM��M�TETEVÏ��EM�TSZNIR��/]�QEVWL�HMKNIX�RKE�HEWLYVME�WITWI�M�TVMR�IQVE�HLI�WLOSR�OEL�IQVE�)GÏR�XÏ�RKYWLÏPPSNÏ�I�XÏ�RKVINÏ��8Ï�R\I�LÏ��ËDÏWLXÏ�I�RKVMVÏ��XÏ�WLÏVSNÏ��ËDÏWLXÏ�IWÏQYVÏ��XÏ�R\NIVVÏ�RÏ�WLXIKYR�I�VVEJWLÏX�ËDÏWLXÏ�I�LYQFYV��8E�PÏVSNÏ�EVÏR�I�NIXÏWHLI�XÏ�QFNIPPÏ�WXSPMgTPSX�EVSQÏ��QEL�
RMXNI��FYOYVM��WLXÏ�O]�QEVWL�M�JSVGÏW�WITWI�IGÏR�NS�QI�WLIRNÏR�WLXESVI�IKS�MWXI��TÏV�XÏ�KVEFMXYV�I�TPEËOMXYV��ZIËWI�TÏVXE�HLYVYEV�ZIXIR�WMOYV�RNÏ�EXSQ��WLXÏO]�QEVWL�M�TÏVTEVMQMX��WITWI�PYJXSR�QIHVMXÏR�I�QIRHNIW�HLI�QI�TMWLXEVMR�I�OYP�XYVÏW�I�XÏ�EVWMQMX��WLXÏ�O]�QEVWL�M�QM�VÏUIRMIW�HLI�M�TYRÏW��WITWI�I�XÏVE�ÏWLXÏHMREQMOI�WM�JSVGÏ�QSXSVMOI�I�RNIVMYX�RKEI�QMVE�HLI�PYQXYVME�I�XÏ�KNMXLÏZI�HLI�IWIGMPMX��/]�ÏWLXÏ�QEVWLM�M�TEUIW��WI�M�EJ�VSR�RNIVÏMX�QMHMW�X]VI�HLI�LET�VVYKÏR�IVIRHMX�QSVEP�XÏ�XSOÏW��7Ï�JYRHM��ENS�ÏWLXÏËQIRHYVM�I�%XHLIYX�XSRÏ��WITWI�LIU�KNM�XLËOE�UÏ�RHER��HLI�PMHL�RKYWLXÏ�ËHS�KNÏHLI�ËHS�RNIVM�RÏ�RNÏ�XÏVÏWM�QÏ�XÏ�PEVXÏWLTMVXÏVSVI�
5MRHVE�QMNÏVE�RNIVÏ�RÏ�HMXÏR�I�TVER�ZIVÏW�WSRÏ�IXMOI��RÏ�JIWXÏR�XSRÏ�QSVEPI�UÏRHVSNRÏ�QI�HIZSGMSR�WLTMVXÏVSV�TEVERNÏ�WJMROWM�XÏ�TEWLTNIKYIWLÏQ��UÏ�IQVMRI�OE�RNIVM��5MRHVE�QMNÏVE��EXÏ�HMXÏ��ME�HVI�NXSNRÏ�QIRHMQIX��W]RMQIX�HLI�IPERIX�IZIXE��%XMN��UÏ�ÏWLXÏ�FYVMQ�M�ËHS�XÏ�OIUI�NI�HLI�ËHS�XÏ�QMVI��UÏ�PEVXÏWSLIX�HIVM�RÏTMIHIWXEPMR�I�L]NRMWÏ��ZIËWI�IHLI�FMI�RÏLYQRIVEX�I�XLNIWLXÏWMWÏ�HLI�WÏ�OIUIW�TSWLXÏ�RÏR�RMZIPMR�I�WLXEÏW��5MRHVE�QM�NÏVE�I�RHMINRÏ�EXÏ�HMXÏ��IHLI�TÏV�ZIXIR�IHLI�TÏV�XÏ�XNIVÏX�WI�HYLIX�XÏ�NIRÏ�QÏ�XÏQMVÏgQÏ�XÏ�QMVÏgTS�UI�WI�HYER�UÏ�NI�XE�XÏ�WNIPPÏ�QÏ�WLYQÏ�KÏMQ�HLI�JEX�
.ERÏ�OVINX�OÏXS�QIRHMQI�HLI�ZIXÏQQIRHMQIg��/ÏWMWSN�RE�LIHLMR�JNEPÏ�EXEUÏ�RÏR�WLIRNÏR�I�PMKÏWMWÏ�WÏ�ZIX��HÏWLXS�
NRÏ�I�WLEVVSNRÏ�RÏ�HIXMR�I�ZIXRMQMX�HLIXÏ�OIUIW��)�RYO�I�HMRÏ�JEXMRNXÏ�WI�TMOÏV�MWLX�OÏXE�NIQM�EXE�HLI�ZIXÏQ�TÏV�OÏXÏ�EV�W]I�NERÏ�XÏ�EXMPPÏ��WI�MHIXÏ�M�OERÏ�EWSHSVI�7ITWI�QIRHMQM�ÏWLXÏ�TVMNÏWM�]RÏ�qYHLÏ�LIUÏWM�]RÏ��HVINXYIWM�]RÏr�
8Ï�RHÏVVSWL�MHIRÏ�RÏ�RNIVMYR��HS�XÏXLSXÏ��RÏ�OYTXMQMR�I�TPSXÏ�XÏ�JNEPÏW��XERHV]WLSWL�RNIVMYR�RKE�XLIQIPM��XE�NETÏWLRNIVMYR�I�VM��(LI�TÏV�EVW]I�WI�UMRHVEQMNÏVE�RNIVÏ�RMWMR�XÏ�RHMINRÏ�ZÏVWLMQÏRI�MHIZI�XÏ�VINE��XÏ�W]RMQIZI�HLI�QSXMZI�ZI�XÏ�VINE��XÏ�KNMXLE�RÏR�WLIRNÏR�I�RKVS�LXÏWMWÏ�HLI�XÏ�WEOVMJMGÏW��XÏ�OXLNIPPÏWMWÏHLI�XÏ�(MIPPMX��XÏ�HEWLYVMWÏ�HLI�XÏ�QMVÏ�WMWÏ�NE�RNIVÏMX�HMIPPSVÏ��XÏ�GMPÏX�TS�ZMNRÏHLI�UÏ�HS�XE�FÏNRÏ�NIXÏR�HMIPPSVI��7EQM*VEWLÏVM�ÏWLXÏ�WLOIRGÏXEV��%M�OE�TEVEXLÏ�RÏ�EVHLNIR�I�RNIVÏZI�XÏ�VMRN��(LI�RNIVÏ�MX�I�VMRN�WETS�ZMNRÏ�
(LI�OÏVG]IR�LETMRNXÏ�RKE�WLXVSJOEX�IZIXE�RÏR�XSOÏ�HLI�QIVMQERKEX��XÏ�GMPEXXLMXLMR�KNEOYR�I�RNIVÏZI��RKE�KEZVEX�IZIXE�XÏ�TIVFEPXYVE���UÏ�PIKNMSRIZI�XÏ�HE�WLYVMWÏ�HLI�XÏ�(MIPPMX�XDYE�ËIPMR�VVYKÏR�IX]VI�XÏ�WLIRNXÏ��2YO�HYVSNRÏ�EXE�HVMXÏR�2YO�XSPIVSNRÏ�TEWXVMRÏ��7ITWI�RH]XÏWMVEHLI�XIVVM�JWLILMR�OVMQIX�I�X]VI��7MOYVWIOVMQFEX�RÏ�FÏVPPSO��NIXSNRÏ�EXE�RÏ�TPEKÏXI�RNIVÏMQMX��HYOI�Y�YWLU]IV�QI�ZYPKEVM�XIX�HLI�WLJVIRMQ��2HEN�HVYENRÏ�XÏ�QNIVÏX�RKE�EVVMXNE�I�2NIVÏZI�XÏ�6MRN��2HEN�FPEW�JIQSNRÏ��J]INRÏ�HLI�WLTMJMR��.Y�QMU��QÏT]IXRM��WM�XÏ�ZITVSNQÏ�QI�XE#
HMXYVME�MWPEQI������
)WI�JMPSSJMOI
4S�ZMNRÏ�RNIVÏMX�HMIPPSVÏ
:EPPÏ��RYO�I�HMRM�WI�RYO�PINSLIX�OYVVÏHLI�RÏ�EWRNÏ�VEWX�XE�XVEHLÏXSNQÏ�MHIRÏ�IWLIRNXÏ�TÏV�XÏ�GMPÏR�PYJXSNQÏ#�2ÏWI�NIQMZÏVXIX�RNIVÏ�HMIPPSVÏ��RNIVÏ�XÏ�VMRN��NIQMXÏ�HIX]VYEV�XÏ�NIQM�IHLI�QI�EXE��UÏ�RÏMRNSVERGÏR�HLI�OSOJSVXÏWMRÏ�I�ZIX��ETSRÏ�PENXLMQMR�I�ZIX��RKVIRÏ�OYVXLI�HLIXLYVMR�VVNIXE�TÏV�XÏ�TIRKYEV�RÏ�JPYXYVMQ�MR�RKEHLÏRNMQXEV�EVHLNIR�I�HEPPÏRH]�WLIZI��TVERZIVÏW�WÏ�VI��XÏ�ITSOÏW�WÏ�VIHLI�XÏ�(MIPPMX�XÏ�VM��0I�XE�RE�QÏRMNRÏ��RIHS�XDM�TYXLMQ��0I�XÏ�LIHLMR�FEPXÏ�QFM�RI�RI�QFM�XE�HS�XÏ�LIHLMQ�PYPI�
7E�P]TWIX�QFENXYV�QIRH�UÏ�WIGMPM�NITEXÏ�UÏ�OE��(MIPPM�RYO�QYRH�XÏ�HLYVSNÏXNIXÏV��ZIËWI�RKVSLXÏWMRÏ��I�EOYPPM�RYOQYRHIX�XNIXÏV��ZIËWI�XÏ�JXSLXÏX��(EWLYVMERYO�QYRHIX�XNIXÏV��TÏVZIËWI�HEWLYVMRÏ�4VE��IHLI�EVQMUXÏ��ZIXÏQ�HEWLYVM��4VSVIHEWLYVM��2KEWI��RÏ�JYRH�%NS�UÏ�RÏ�OS�QSW�OE�ZÏRÏ�VIRH�HLI�OE�PMHLYV�RHÏVQ�NIX�X]VI�RÏ�LEVQSRMRÏ�I�QVIOYPPYIWLQI�XÏ�KNXLERWLQI��XVYTEX�I�QÏHLIRN�UMIP�PSVÏ��HS�XÏ�OVMNSNÏ�LEVQSRM�IHLI�RÏWLSUÏVMRÏ�RNIVÏSVI�
2NIVÏ�HMIPPSVÏ��ZIXÏQ�TÏVTEVE��8EWLXVSNQÏ�HEWLYVMRÏ�RÏ�KNMXLËOE�HLI�RÏËHSOÏRH��HLI�FSXE�HS�XÏ�FÏLIX�NSRE��(SXE�SOYTSNQÏ��NS�QI�XLYRHVE�OYENWL��EWQI�LIOYV��ZIËWI�QI�IQÏV�HLI�WLTMVX��
>FYOYVMQM�M�(MIPPMX�HLIM�UMIPPMX�RKE�EWTIOXM�OYVERSV�
2NÏ�WLÏRNMQ�M�XMPPÏ�M�WLTEPPNIW�OE�RNÏOYTXMQ�OVINXÏWMWLX�XÏ�GEOXYEV��RÏ�OSRXIO�WXMR�I�HSQIXLÏRMIW�WÏ�WLTVILNIW�WÏ�TÏV�QIRHYV��WITWI�WLTEPPNE�ÏWLXÏ�RÏ�XLIPFFYVMQ�M�HVMXÏW�QSVEPI��qHMNEr ��)�FEVXYVXIO�RNIVÏMX��ENS�EVVMR�UÏPPMQMR�QSVEP�IHYOEXMZ��HYOI�Y�VIJPIOXYEV�TVIN�X]VIRHVMËYIW�QSVEP�
+NEXÏ�REXÏW�UMIPPM�HYOIX�WM�RNÏ�OYTSPÏI�FYOYV�I�OEPXÏV��OYVWI�]NIX�HLI�,ÏRE�WMOYV�XÏ�MWLMR�XÏ�RKNMXYVE�RÏ�XÏ��HYOI�RHVM�ËYEV�QI�HVMXÏ�XÏ�MRXIRWMXIXMX�XÏ�RHV]WLÏQ�+NEXÏ�HMXÏW��RHÏVOEU��]NIX�LHYOIR�RKEOYTSPE�I�OEPXÏV��WITWI�EXE�M�XVIX�RKE�W]XÏXERÏ�HVMXE�I�JSVXÏ�I�(MIPPMX��HYOI�OVMNYEVRKE�VIXÏ�TEQNI�QI�RKN]VE�TEVE�HLI�TEWPMRHNIW�HLI�TIVÏRHMQMX�XÏ�HMIPPMX��/ÏWLXYOVMNSLIX�WTIOXVM�M�KNIVÏ�M�RKN]VEZI�WÏ�OY�UIW��WÏ�TSVXSOEPPXÏW��WÏ�ZIVHLÏW��WÏFEVHLÏW��ZNSPPGÏW�IXN���XÏ�GMPEX�ZVSNXYIWMX�MSJVSNRÏ�RHNIRNÏR�I�QVIOYPPMQMX�HLI�XÏOÏREUÏWMWÏ�
%NIXIX�UÏ�JPEWMR�TÏV�OÏXÏ�JIRSQIR��XVI�KSNRÏ�IHLI�TÏV�FYOYVM�XÏ�XNIVE��XÏ�GMPEXRNIVÏMX�RYO�QYRH�XtM�WLSLMR�QI�W]�XÏEOSRWLÏQ��/ÏWLXY��T�WL���EM�UÏ�OEPSR
OYJMVMR�I�EXQSWJIVÏW�WÏ�8SOÏW��QFÏWLX�NIPPÏWMR�EXQSWJIVMO ��M�ZÏVIR�OÏXS�FYOYVMHLI�FYOYVMQI��WXSPM�XÏ�UMIPPMX�QÏ�XÏ�EJÏ�VX��QEHNI�EW�XÏ�LETÏWMVEZI�XÏ�XNIVE�UMIPPS�VI��HLI�ONS�XVIKSR�UEVXÏ�WI�OÏXS�HYOYVMOERÏ�XÏ�FÏNRÏ�ZIXÏQ�QI�UMIPPMR�I�8SOÏW�TÏVOEXÏWMWLX�QI�WLXVIWEX�I�QFÏWLXNIPPÏWMX
EXQSWJIVMO��:VSNXYIWMX�RKE�8SOE�M�HYOIXWMOYV�HYOYVMXÏ�NERÏ�WLYQÏ�PEVK�RKE�QFÏ�WLXNIPPÏWM�EXQSWJIVMO�M�8SOÏW��JEPÏ�XINHYO�WLQÏVMWÏ�WÏ�WEN��2HÏVOEU��/YVERM�RYOJPIX�TÏV�QÏR]VÏR�WI�WM�JSVQSLIX�ONS�TE�QNI�I�QVIOYPPYIWLQI�RÏ�UMIPP��ZIËWIOÏXÏ�ME�PÏ�WXYHMQMX�HLI�LYPYQXMQMX�XÏ�RNI�VÏZI��q5MIPPMR�QÏ�XÏ�EJÏVX��IW�WIQEYH�HYRtNE �I�WXSPMWÏQ�QI�JEREVÏr��/YVtER �H�Q�XL��QI�XVYTE�XÏ�WLYQXÏ�XÏ�WLÏRHVMX�WLÏQ��HLI�ONS�XVIKSR�JEOXMR�WI�qIW�WIQE�YH�HYRNEr�RÏ�XÏ�ZÏVXIXÏ�ÏWLXÏ�EXQSWJIVE�I8SOÏW��I�GMPE��JEPÏ�XINHYOWLQÏVMWÏ�WÏ�WEN�W]ZI�XERÏ�Y��FYPSR�WLYQÏ�XVYTE�XÏ�PEVKÏXUMIPPSVÏ��4ÏV�OÏXÏ��WM�QERMJIWXSLIR�HYOY�VMXÏ�I�WLYQXE�RÏ�EXQSWJIVÏR�I�8SOÏW��HSXÏ�JPEWMQ�RÏ�WLU]VXMQIX�I�QÏXYXNIWLQI�
1VIOYPPME�I�HVMXÏW�HMIPPSVIRKE�EWTIOXM�JMPSSJMO
4ÏV�4PEXSRMR��HSOXVMRE�QÏ�I�QEHLI�IZÏVXIXÏ�ÏWLXÏ�MHINE��OÏU]VNE �I�7Ï�1MVÏW�RHÏVWE�ZIXÏ�I�QMVE�ZÏVXIX�ÏWLXÏ�WM�ENS�UÏM�NIT�HVMXÏR�KNMXLËOENI�I�UÏ�ZÏWLXVSLIX�QIHVMXÏR�I�WLTMVXMX��4VE��)�QMVE�ÏWLXÏ�WM�(M�IPPM��2Ï�XÏ�ZÏVXIXÏ��ENS�UÏ�RÏ�PÏQMR�I�WÏEVW]IWLQIW�I�TÏV�EVW]IR�HLI�TÏV�qWIRH�IXr�I�EVW]IW�ÏWLXÏ���)�1MVE��RÏ�PÏQMR�I�WÏHYOWLQIW�I�TÏV�XÏ�TEVÏX�HLI�TÏV�qWIRHIXrI�HYOWLQI��ÏWLXÏ�(MIPPM��OÏWLXY�UÏ�RÏOÏXÏ�OYTXMQ�(MIPPM�ÏWLXÏ�TMRNSPP�M�7Ï�1M�VÏW��UÏ�)�1MVE�I�OE�PMRHYV�XÏ�RKNEWLÏQQI�ZIXZIXIR�
-&2�7-2%�RE�EVKYQIRXSR�QÏ�TEW�1IRHSN�WI�HS�XÏ�XLYEWL�TÏV�(MIPPMR�WI�YNIT�qWIRHIZIr�XÏ�HYOWLQI�NS�ZIXÏQ�QY�RHÏWMRÏ�UÏ�XÏ�NIRÏ�XÏ�HYOWLQI��TS�IHLI�PMRHNIR�I�VVMXNIR��IHLI�YWLUMQMR��RHÏVWEZIXÏ�RYO�ÏWLXÏ�PMRHNI����� �1IRHS�EWLXYIHLI�TÏV�qWIRHIXr��XÏ�GMPEX�QYRH�XÏ�HMLIR
UÏ�RKE�)�1MVE�I�OERÏ�NS�ZIXÏQ�OÏXÏ��UÏQYRH�XÏ�NIRÏ�XÏ�RNSLWLQI��ZIËWI�TVIN�WENY�ZMNRÏ�IHLI�IOMWXIRGE��IHLI�UIRÏWME�RHÏVWE�)�1MVE�RYO�ÏWLXÏ�ENS�UÏ�ÏWLXÏ�QÏXÏ�ZÏVXIXÏ�UIRÏWME��ZIËWI�IHLI�QEXERÏUIRÏWMWÏ��HYOI�Y�RKVMXYV�QFM�XÏ�TÏV�RKEPEVXÏWME�HLI�JYUME��4VE��WMOYVWI�(MIPPMÏWLXÏ�VEXMS�IWWIRHM�IX�GSKRSWGIRHM�I�KNM�XLËOENI�UÏ�ÏWLXÏ�I�HYOWLQI�QI�RHMNMQMR�TS�EWLXY�)�1MVE�ÏWLXÏ�VEXMS�IWWIRHM�IXGSKRSWIRHM�I�KNMXLËOENI�UÏ�ÏWLXÏ�I�OSR�GITXYIWLQI�QI�EVW]IR��RHÏVWE�WMOYVWI(MIPPM�ÏWLXÏ�RÏ�EXÏ�RMZIPMR�I�IOMWXIRGÏW�M�GMPM�ÏWLXÏ�M�TEOETWLÏQ�RKE�RHMNMQM��TSEWLXY�)�1MVE�ÏWLXÏ�RÏ�EXÏ�RMZIP�XÏ�IOMW�XIRGÏW��M�GMPM�YE�OEPSR�qWIRHIZIr�XÏ�HMNIW�
-&2�7-2%�JMPSSJ�YRMZIVWEP�WLÏQFÏ�PPX]VÏR�I�7Ï�1MVÏW�L]NRSVI�I�OSRGITXSRXITMOÏVMWLX�WM�RNÏ�HMIPP�UÏ�RHVMR�KNMXLQSRÏ�4ÏV�XÏ��)�1MVE��WM�TEVEWLÏQFÏPPX]VÏ ÏWLXÏ�TMOÏRMWNE�I�(MIPPMX��WM�RNÏ�WLÏQFÏPP�X]VÏ�WMTEW�OÏWEN�KNIHLINI �HLI�I�KNMXLÏHVMXÏW�
?1I�XÏ�ZÏVXIXÏ�RKE�)�1MVE�NERÏ�HVMXEHMIPPSVI�TÏVJ]X]VMQM�M�QMVÏWMWÏ��TÏV�OÏXÏWLOEO�7Ï�1MVÏW��WM�RNÏ�TEVEWLÏQFÏPPX]VÏUÏ�HYOIX��TVINRHVMR� �RÏ�TÏVJ]X]VMQ��MXLYVIX�PEZHM�IHLI�QI�OÏXÏ�OÏRKÏ�RÏ�QÏ�R]VÏR�UÏ�M�NITIX�IQVM�M�HVMXÏW�HMIPPSVI�A
6VNIHLMQMWLX��HYONE�I�HVMXÏW�HMIPPSVIÏWLXÏ�QI�XÏ�ZÏVXIXÏ�HYONE�I�7Ï�1MVÏW��RÏ�TÏVQNIX�HVMXÏW�HMIPPSVI�)�1MVE�ME�HÏJXSRRÏ�TMOÏTEQNI�STXMOI�ZIXIR�RNIVMYX�
2Ï�ERÏR�XNIXÏV��IOMWXIRGE�I�JYRHMXIHLI�I�7Ï�1MVÏW��IHLI�I�(VMXÏW�(MIPPSVI�ÏWLXÏ�QI�XÏ�ZÏVXIXÏ�RÏ�XÏ�RNÏNXÏR�KNÏ�
«HS�HLÏRMI�UÏ�ÏWLXÏ�I�QMVÏ��HLI�ËHSHLYRXM�UÏ�ÏWLXÏ�I�TÏVWSWYV��FVIWMR�WÏPEVXM�RKE�FYVMQM�M�HVMXÏW�HMIPPSVI���
)OMWXIRGE�HYOIX�RÏ�KNMXLËOE�IOMWXY�IWI��HYOI�I�ZÏRÏ�ZIXIR�FYNEVMWLX�QI�ZI�
HMXYVME�MWPEQI������
XÏQSLMQ�I�WLTIRKYEV��HLI�OÏWLXY�M�NITIOMWXIRGÏR�KNMXLËOENI�IOMWXYIWI��%NSqXÏ�NIWLr�ÏWLXÏ�RÏ�OÏXÏ�QÏR]VÏ�XLIQIPM�MËHS�KNÏNI�qÏWLXÏ�QI�XÏ�ZÏVXIXÏr��2HÏVWEZIXÏHÏJXMQM�M�HVMXÏW�ËHS�WIRHM�M�QYRHÏ�WSR�UÏ�XÏ�HYOIX��QIUIRÏWI�XLIPFM�M�HVMXÏWHMIPPSVI�ÏWLXÏ�QI�XÏ�ZÏVXIXÏ�TÏV�XÏ�RHVMX�YV�HLI�TÏV�XÏ�RHVMËYEV��%NS�UÏ�ÏWLXÏ�RHVM�ËYEV��IOMWXSR��WITWI�ÏWLXÏ�I�HYOWLQIRHÏVWE�IOMWXMQMR�I�ZIX�ME�HIX]VSR�FYVM�QMX�XÏ�HVMXÏW��%NS�UÏ�ÏWLXÏ�RÏ�IVVÏWMVÏ�RYO�HYOIX��TVERHEN�EW�IOMWXSR��7LJEUNEHLI�HYONE�I�IOMWXMQMX�NERÏ�RHVMUMQ�HLIRHVMXNI�I�HVMXÏW�HMIPPSVI��WITWI�qKNMXLËOEUÏ�ÏWLXÏ�OVMNYEV��ÏWLXÏ�QI�XÏ�ZÏVXIXÏ�HVM�XÏr��qWITWI�KNMXLËOE�UÏ�HYOIX��ÏWLXÏ�QIXÏ�ZÏVXIXÏ�HVMXÏ�HMIPPSVIr��/YVWI�IVVÏWMVEÏWLXÏ�TEZPIJWLQÏVM��WITWI�RYO�IOMWXSRZIXZIXMY��ZIËWI�ZIXÏQ�WM�QYRKIWÏ��QSW�TEWNI��LIUNI �I�HVMXÏW�HMIPPSVI��%�RYO�OEQIRHYEV�RHSWLXE�OYV�HS�XÏ�XLSXÏ�WI�KNM�XLËOE�ÏWLXÏ�UYENXYV�QI�IQVMR�HVMXÏ�HLIREXÏ�HLI�WI�TÏVZIË�X]VI�RYO�IOMWXSREWKNÏ��WI�HVMXE�ÏWLXÏ�RNÏWSN�WM�HLI�IOMWX�YIWNE��RHÏVWE�REXE�RNÏWSN�WM�HLI�NSIOM�WXYIWNE��TÏV�XÏ�GMPEX�OE�JSPYV�RÏ�TNIWÏR�ITEVÏ�XÏ�TSIQÏW#�2Ï�OYRHÏVWLXMQ�QIIVVÏWMVÏR��HVMXE�HMIPPSVI�ÏWLXÏ�SVMKNMREPI�VEXMS�IWWIRHM�R�I�ZIX�ENS�I�OE�RÏ�ZIXIR�ENS�NIXSR�RKE�ZIXNE�HLI�M�NIT�NIXÏ�KNMXL�ËOENI�XÏ�KNEPPÏ��4VERHEN�IHLI�XLSXÏ��q���IHLI�NIXE�MWLXI�HVMXÏ�I�RNIVÏZI��RHÏVWEHVMXE�RHVMR�RÏ�IVVÏWMVÏ��I�IVVÏWMVE�RYOTPPEOSWMr��(VMXE�HMIPPSVI�Y�ÏWLXÏ�OYRHÏV�ZÏRÏ�OÏWLXY�qTNIWÏZI�XÏ�TEJ]X]VWLQI�XÏIVVÏWMVÏWr��WITWI�ONS�EW�ÏWLXÏ�NIXÏ��EW�NITNIXÏ�
(YOI�TEVEWLXVYEV�HLI�MRXIVTVIXYEV�RNÏWLOVMQ�XÏ�XMN��OSRWXEXSR�WI�qKNMXLËOE�UÏIOMWXSR��ÏWLXÏ�QI�XÏ�ZÏVXIXÏ�HVMXÏ�HMIPPS�VIr��/ÏXÏ�UÏRHVMQ�EIVSTEKNMX�QI�FEVE�MQ��RIS TPEXSRMO�I�TVERSR�IHLI�RÏ
QÏR]VÏ�UÏ�QI�XÏ�XÏ�TSLSLIX�TMOÏVMWLXTÏVWSWYVME�SRXSPSKNMOI�I�KNMXLËOENI�UÏÏWLXÏ�QI�XÏ�ZÏVXIXÏ��8Ï�HÏKNSNQÏ�QI�ZÏ�QIRHNI�JNEPÏX�QI�XÏ�GMPEX�JPIX�TÏV�OÏXÏ�?%MKYV�SWI�O]�HVY�NERÏ�TÏV�QYE�HVMXÏ��RHÏV�WE�RÏWI�M�OÏU]V�QMVÏ�WI�WM�EWLXY��EVW]INEQE�XÏVLIU�ZÏVINXNIR�UÏ�XÏ�TÏVKNMKNIQ�WIHYOI�I�ZÏLKYEV�OÏXÏ�ETS�EXÏ�KYV��QÏ�ZM�NRÏ�WLYQÏ�WIRHI��XÏ�GMPEX�RHVMËSNRÏ�WLTM�VXMR�XMQ���� ��NERÏ�TÏV�QYE�HVMXÏ�HMIPPSVIHSQIXLÏRÏ��QÏ�RHVMËSNRÏ�A
/NS�TÏVTYXLNI�I�SRXMOÏW�HLI�I�KRSW�XMOÏW�ÏWLXÏ�RNÏ�WLTVILNI�I�XÏVÏWMWÏ�WÏ�TÏV�WSWYVMWÏ�WÏ�HVMXÏW�HMIPPSVI�
(VMXE�ÏWLXÏ�I�TÏVWSWYV��WITWI�ÏWLXÏ�IOYPPYEV��WITWI�I�OE�RÏ�ZIXI�ZIXÏQ�ZIXIR�(VMXE�HMIPPSVI�ÏWLXÏ�IOMWXIRGE�I�OYPPYEV�
*MPPSR�RKE�ITMUIRHVEI�YRMZIVWMX�
2E�TSVSWMX�WI�qRHÏV�XÏ�KNMXLE�EXS�IO�MWXYIWI�ÏWLXÏ�QÏ�I�QMVE�HVMXE�I�HMIPPMXr�
TSV�TÏV�KNÏRÏ�I�RNÏNXÏ��RKE�QIWNIXE�I�ZS�RÏ��VIOSQERHSR�IHLI�6SFIVX�+VSWWIXI�WXI�
(VMXE�I�HMIPPMX�ÏWLXÏ�QI�XÏ�ZÏVXIXÏ�I�RNÏUIRÏWMI�IHLI�QÏ�XÏ�ZPIJWLQI��IHLI�QÏJMWRMOI��IHLI�QÏ�XÏ�WLOÏPU]IV�WIWE�GMPMHSWIRH�JMMO�
(VMXE�I�HMIPPMX�JPYVSR�RKE�ZIXZIXNE��ENSÏWLXÏ�ZIXÏFYVMQSVI�HLI�I�ZIXÏQNEJXYIWL�
QI��RHEN�RKE�FYVMQM�M�ZIX�PMRH�KNMXLQSRÏZIXIR��RHVMR�TVSVI�RKE�ZIXNE��RHÏVWE�ENSUÏ�TVINRHVMR��ÏWLXÏ�KNMXLEWLXY�HVMXÏ��/Ï�WLXY�HLI��IOMWXSR�RNÏJEVÏ�UIRHVI��RKE�IGMPE�ÏWLXÏ�VVIXLM�TVINRHVMXÏW�M�XMN��RHÏVWERKE�OÏXE�ÏWLXÏ�XNIXVM��HVMXÏ�RKE�HVMXE�HMIP�PSVI �
(VMXE�I�HMIPPMX�I�PÏ�ZIXZIXIR��WITWI�ENSÏWLXÏ�KNMXLQSRÏ�RÏ�EXHLIYR�I�ZIX��ÏWLXÏKNMXLQSRÏ�QI�VVIIR�I�ZIX�I�FEWLOÏPMHL�YV�QI�TMOÏRMWNIR�I�ZIX��I�GMPE�KNMXLËOENIHVMXÏPÏWLYIWI�M�NIT�TVINEVHLNIR�HYOI�YYPYV�RKE�QFMUIRÏWME�RÏ�EXÏ�XÏ�RHVMËYE�VÏR��2ÏTÏV�OÏXÏ�WLOEPPÏMQ�IOMWXIRGI�XÏHVMXÏW�RKNMXIX�IHLI�JMPPSR�RKE�QVIOYPPME�I>SXMX�ZÏVXIXÏ��WI�ÏWLXÏ�HVMXÏ�I�HMIPPMX�HLINS�ZIXÏQ�HVMXÏ��ZIËWI�IHLI�TEVEWLÏQFÏPP�X]VE�I�KNMXLÏ�HVMXÏW�XNIXÏV��IHLI�ÏWLXÏ�QÏ�MZNIXÏV�HLI�QÏ�M�PEVXÏ�WIWE�TEVEWLÏQFÏPP�X]VE��4VERHEN�HVMXE�I�HMIPPMX�I�OE�RÏ�ZIXÏ)/>-78)2' 2�I�ZIX��2Ï�OÏXÏ�OYTXMQJPIX�TÏV�HVMXÏR�I�HMIPPMX�EXÏVSVI��HYOI�QI�RHYEV�TÏV�HVMXÏHLÏRMIR�TEVEEREJMPPÏWIHLI�OV]IEREJMPPÏWI��%�RYO�ÏWLXÏ�ONS�ENSHVMXE�L]NRSVI�I�TEOVMNYEV��XÏ�GMPÏR�I�HÏ�WLMVSR�JSVX�RNIVÏMQM#�WLXÏ�ENS�HVMXE�HM�IPPSVI�I�GMPE�ÏWLXÏ�WLOEOY�M�KNMXLËOENIHVMXÏPÏWLYIWI��TSV�HVMXE�HMIPPSVI�I�GMPERYO�ÏWLXÏ�EWKNÏ�RKE�KNMXLËOE�HVMXÏPÏWLYI�WI��2KE�HVMXE�RHMNSVI�I�HIVM�RÏ�OÏXÏ�HVMXÏRQFMRHMNSVI�RE�TVMR�VVYKE�EREKSKNMOI�ITÏVZSNÏW��OYVWI�RÏ�QEHLÏWLXMRÏ�I�>SXMX,MVQEHL�HVMXE�QFM�HVMXÏR�ÏWLXÏ�L]NRSVI�
HMXYVME�MWPEQI������
,IHLNE�I�QFIXYVMREZI�ZIRH
I�TE�ZIRH�RÏ�OÏXS�ZMXIX�I
JYRHMX�XÏ�4EWPYJXÏW�XI�RI
HYOIX�WI�TS�FÏLIX�NS�ZIXÏQ
RN�HYOYVM�I�EOSRWLQI��TSV�IHLI
RNÏ�WÏQYRHNI�I�VÏRHÏ��RKE�I�GMPE�HS
XE�OIQM�XÏ�ZÏWLXMVÏ�XÏ�WLÏVSLIQM��RÏ�
WI�RI�WM�MRHMZMHÏ�HLI�WM�WLSUÏVM�RYO
RHÏVQEVVMQ�LETE�OSROVIXÏ�HLI�XÏ
QIRNÏLIVWLÏQ�XÏ�TEOXÏR�TÏV�TEVE�
RHEPMQMR�I�OÏWEN�WÏQYRHNINI�TEWSNEX
I�WÏ�GMPÏW�QYRH�XtM�XVEWLÏKSNRÏ�IHLI
KNIRIVEXEX�U�HS�X�ZMNR�TEW�RIWL�
(LI�ONS�HYOYVM�RIKEXMZI�RYO�ZÏVILIX
ZIXÏQ�RÏ�VVYKÏ��TEVE�H]IVZI�XÏ�JUMR�
NÏZI�XERÏ��RÏ�SFSVVIX�I�WLOSPPEZI�SWI
IHLI�TEVE�WTMXEPIZI��TSV�ONS�HYOYVM�I
WLÏQXYEV�ZÏVILIX�IHLI�TEVE�SFNIO�
XIZI�JIXEVI��WMË�ÏWLXÏ�<LEQME�RÏ�VE�
WXMR�OSROVIX��
%�XLYE��ZEPPÏ��TÏVWI�RYO�OIQM�JVMOÏ
RKE�>SXM�]RÏ�TÏV�ZITVMQIX�I�XMPPE�XÏ
WLÏQXYEVE�UÏ�M�FÏNQÏ�ËHS�HMXÏ#
4ÏVKNMKNE�MQI�ÏWLXÏ�ONS��7ITWI�I�
QVEX�XSRE�NERÏ�FÏVÏ�KYVÏ�HLI�EXS
RYO�RHMINRÏ�EW�HLMQFNI�I�EW�QÏWLMVÏ
HLI�EW�RYO�I�RHMINRÏ�RIZSNÏR�TÏV
HVMXÏR�I�FIWMQMX�XÏ�QMVÏJMPPXÏ�HLI�XÏ
TPSX�
2I�ZITVSNQÏ�RÏ�QÏR]VÏ�XÏ�XMPPÏ�
RKEWI�IQVEX�XSRE�NERÏ�XÏ�WÏQYVE
VÏRHÏ�HLI�OERÏ�RIZSNÏ�TÏV�WLÏVY�
IWMR�I�X]VI�XÏ�ZÏVXIXÏ��
7LÏVMQM�RYO�HS�XÏ�ZMNÏ�EWRNÏLIVÏ
ZIXZIXMY��TS�ZIXÏQ�HYOI�I�OÏVOYEV
MPEËMR�TÏV�XÏ��HYOI�Y�TIRHYEV�TÏV�ZI�
TVMQIX�I�OÏUMNE�UÏ�FÏNQÏ��HLI�HYOI�Y
OXL]IV�QI�TIRHMQ�RÏ�QÏR]VÏ�XÏ�WMR�
UIVX�XIO�/VMNYIWM�]R��QI�ZIRHSW�
QÏVMRÏ�HLI�FMRHNIR�XSRÏ�XÏ�TPSXÏ�UÏ
OÏXS�ZITVE�XÏ�QSW�M�TÏVWÏVMWMQ�RÏ�XÏ
EVHLQIR��
'MPE�HYLIX�XÏ�NIXÏ�TÏVKNIKNÏWME�NS�
RÏ�WM�MRHMZMH�HLI�WLSUÏVM�RÏ�VEWXI�XÏ
OÏXMPPE#
2I�RYO�HYLIX�XÏ�FÏLIQM�WMOYV�RYO
HÏKNSNQÏ��WMË�I�OIQM�EOSR�WLTIWL�
LIVÏ��SWI�XÏ�FÏLIQM�WMOYV�RYO
WLSLMQ��ZIËWI�HYLIX�XE�OÏWLMPPSNQÏ
RNÏVM�XNIXVMR�QI�JNEPÏ��UÏ�ZITVMQIX�I
OÏXMPPE�NERÏ�XÏ�HÏQWLQI�TÏV�XÏ�KNMXLÏ
RI�HLI��WM�XÏ�XMPPE��NERÏ�XÏ�TETÏPU]IVE
RKE�ERE�I�>SXMX�HLI�RHMOSNR�RIKE�
XMZMWLX�R�MQELMR�XSR�TEVE�X�XNIV�
ZI��TVERHEN�I�OIQM�TÏV�HIX]VÏ�XtY�XLI�
QM�RNIVÏZI�UÏ�FÏNRÏ�ZITVE�XÏ�XMPPE�
WI�>SXM�M�HS�ZIXÏQ�EXE�UÏ�OERÏ�VIW�
TIOX�JVMOÏ�RHEN�8MN�HLI�QI�JVMOÏR�TÏV
TÏVKNIKNÏWMRÏ��EXE�UÏ�VYLIR�HLI�EXE
U�TIRHSLIR�WMRUIVMWLX�XIO�>SXM�M
X]VI��
4VERHEN��I�OÏWLMPPSN�ZIXÏR�XMQI
HLI�FEWLOÏFIWMQXEVÏX�I�QM��UÏ�XÏ
OIQM�JVMOÏ�>SXMR��XÏ�OIQM�OYNHIW�TÏV
JEQMPNIX�XSRE��OYNHIW�TÏV�JUMRNÏX�XERÏ
HLI�XÏ�TÏVOYNHIWIQM�TÏV�SFNIOXIX�JI�
XEVI��RÏ�ZIËERXM�TÏV�<LEQMXÏ�XSRE�
EX]�OY�HMX�I�REX�-�HVINXSLIQM�>SXMX
XSRÏ�QI�PYXNI��HLI�XÏ�QSW�FÏNQÏ�ZI�
TVMQI�XÏ�GMPEX�RHEN�RIWL�WLOEOXSNRÏ
LMHLÏVMQMR�I�>SXMX��RKEWI�%M�QI�LMHL�
ÏVMQMR�I�8MN��QYRH�XÏ�RE�RHÏWLOSNÏ
QI�RHSRNÏ�HÏRMQ�XÏ�HLIQFWLÏQ�
EWLXY�WMË�M�RHÏWLOSM�WLYQÏ�TSTYN�UÏ
MWLMR�TEVE�RIWL��TÏV�QÏOEXIX�I�X]VI
XÏ�QÏHLE�I�XÏ�ZSKPE�HLI�TÏV�OV]IRI�
ËÏWMXÏ�I�X]VI��KNYVQÏX�I�LETEZI�XÏ
IGNIW�WÏ�XÏ�GMPÏZI�RÏTÏV�XSOÏ�WSX�RYO
M�WLSLMQ�EWOYRH�
%XHLI�-FVELMQM
HMXYVME�MWPEQI������
1FIXYVMREX��XVYTM�]RÏ
:ÏPPIÏV�Q]WPMQERÏ��7SX�WLSL�MQ�WLYQÏ�RNIVÏ�UÏ�I�LYQFMROSLÏR�OSX��HYOI�QSW�TÏVJMXY�EV�EWKNÏ�RKE�ENSg�4S�WLSLMQ
RNIVÏ�UÏ�NERÏ�OVINXÏWMWLX�EVVSKERXÏ�RHENOSLÏW�WÏ�X]VI�EU�XÏ�WLXVIRNXÏ��/SLE�MOÏRTÏV�XÏ�QSW�Y�OXL]IV�QÏ�ZIËWI�RÏ�(MXÏR�I+N]OMQMX��OYV�RNIVMY�HS�XÏ�XLSXÏ��s%LWMOYV�XÏ�OXLILIWLE�IHLI�RNÏ�LIVÏ�I��HS �XEWLJV]XÏSNE�OSLÏR�I��HS �XÏ�MWLE�TVINZITÏVQMVÏZIt����
.E�WIË�XVIKSR�RNÏ�Q]WPMQER�UÏ�I�WLTI�RSM�OSX�OSLÏR�I�XMN�HYOI�QSW�TÏVJMXYEVEWKNÏ�RKE�ENS��9�YPE�RNÏ�HMXÏ�HLI�ZIRHSWE�XÏ�TIRHS�
LIWLE�TÏV�OSLÏR�HLI�TÏV�QSQIRXIX�IWLOYEVE�OSX�KNEXÏ�NIXÏW�WMQI��9�YPE�HLIXLMVVE�RNÏ�TVIN�ËEWXIZI��RNÏ�TVIN�EX]VI�ËE�WXIZI�UÏ�OMWLMR�WLOYEV�HÏQ�KNEXÏ�NIXÏWWMQI��RÏ�TYRÏ�XÏ�TEZPIVE�4VE��XLMVVE�ËEWXMR�OYV�OMWLE�FÏVÏ�KE�
FMQ�HLI�TYRÏ�XÏ�TEZPIJWLQI��-Y�HVINXSZEËEWXMX����3�ËEWX��OÏVOSN�TVIN�XINI�XÏ�OXLIL�IWL�UÏ�XÏ�XÏ�TÏVHSV�TÏV�TYRÏ�XÏ�RHIVWLQIHLI�XÏ�LEMVMX��%L��KNÏ�UÏ�RYO�FÏLIX���QEOXLIY�ËEWXM����3�ËEWX��XÏ�PYXIQ�WLYQÏOXLILY��WI�NEQ�TIRHYEV�HLI�HYE�XE�WLJV]�XÏSN�OSLÏR��XÏ�TÏVJMXSN�I�XE�RHVIU�JENMR
UÏ�OEQ�FÏVÏ����)�U]WL�QYRH�XÏ�OXLILIQYRÏ#�/YV�JEUIX�I�XYE�XÏ�OSXE�QÏ�OERÏQFYPYEV����&ÏN�XÏ�TEQYRHYVÏR��XÏ�PYXIQWLYQÏ��OXLILY��S�ËEWX����,Ï��TS�XÏ�MWLXIRÏ�HSVÏR�XMQI��QFEWI�IHLI�HS�XÏ�OXLILI�WLE��TSV�WM�QYRH�XE�FÏN�OÏXÏ�#�8EWLQÏ�JPIXÏX�I�TYRÏZI�XÏ�XYE�NERÏ�QF]PPYV��OERÏQEVVÏ�VVYKÏR�TÏV�XIO�/VMNYIWM��(LI�XMOÏXÏ�HYLIX�XE�HMWL��1FE�ZIWL�QMVÏ��8MOÏXÏ�HYLIX�XE�HMWL��1FE�ZIWL�QMVÏ��«E�WXIX�NERÏ�QMU�XÏ�QMVÏ�HLI�HÏWLQSNRÏQMVÏ�TÏV�EXÏ�UÏ�I�OE�LEV\LYEV�OSLÏR�RÏVVYKÏ�XÏ�QMVE�I�XÏ�RHIVWLQI��EWLXY�WMËNERÏ�EVQMU�XÏ�VVITXÏ�XÏ�EX]VI�UÏ�M�OERÏLEV\LYEV�EXS�TÏV�TYRÏ�XÏ�TERHIVWLQI��)TVE��YRÏ�NEQ�TVIN�EX]VI�ËEWXIZI�UÏ�HÏWL�QSNRÏ�OYRHÏV�XINI�RÏ�(MXÏR�I�+N]OMQMX���4S�XÏ�XLIQ�UÏ�NEQ�TIRHYEV��%�QÏ�HÏ�KNSR��TÏVKNMKNY��XÏ�PYXIQ�WLYQÏ�������3�XM�UÏ�LYQF�OSLÏR�OSX��E�RYO�I�OY�
TXSR�UÏ�HIVM�XERM��TÏV�XÏ�OXL]IV�RNÏ�ËEWX�LYQFI�WLYQÏ�ËEWXI�XÏ�NIXÏW�WEXI��%�QIR�HSR�WI�QYRH�XÏ�OXLILIR�OÏWLXY�ËEWXIX#9RÏ��NE�WIË�QYRH�XÏ�FÏN�TÏV�X]��1FE�ZIWLQMVÏ��TÏVTMUY�UÏ�TEW�HMXÏW�WÏ�WSXQI�XÏFÏWL�TYRÏ�XÏ�QMVE��WITWI�ZIXÏQ�TYRÏX�IQMVE�M�JWLMNRÏ�XÏ�OÏUMNEX��)�TVE��WLOS�XERMHLI�QIRHSLY��4SV�XÏ�QIRHSLIWL�KNEXÏ
EQE�TÏV�WE�XÏ�XLEWLÏ��HLI�QSW�I�LEVVSOÏXÏ�WI��RÏ�VEHLÏ�XÏ�TEVÏ��PYXNI�HLI�JEPNIHYLIX�XtM�OÏVOSWL�ZIXÏQ�%PPELYX�*YUM�TPSXÏ��7LJV]XÏSNI�TVE�OSLÏR��TYRS�QMVÏ�QI�RHIV�I�QI�JEUI�XÏ�FEVHLÏ�UÏ�WSX�I�XY�XNI��%�HÏKNSZI�ËtXÏ�XLEWLÏ#�7LJV]XÏSNITVE�OSLÏR�I�TYRS�QMVÏ�UÏ�WSX�I�XYXNI�OÏXÏ�QSW�I�LEVVS�OYVVÏ��9RÏ�OEU�OMWLETÏV�XÏ�XLÏRÏ��
4VE��ZÏPPIÏV�Q]WPMQERÏ��XÏ�KNMXLÏ�XÏZVETSNQÏ�I�XÏ�QSW�PÏQÏ�XÏ�RE�MOÏ�OSX�OS�LE�NSRÏ�I�WLXVIRNXÏ��2KEUÏ��OSLE�XÏ�QIVVZELHMQMWLX�QI�ZIXI�RÏ�VVNIHLÏR�I�WEN�XÏTERHEPWLQI��q(LI�TÏV�WIGMPMR�EJEX�IOMW�XSR�HÏWLQM�I�GEOXYEV�r�
(ÏKNSNQÏ�NS�VVEPPÏ��ZÏPPIÏV��WI�OERNIVÏ�UÏ�RYO�I�WLTIRSNRÏ�OSLÏR�EWLXYWM�HYLIX��TVE�TÏV�XÏ�TÏVJMXYEV�TVIN�WEN �QEHNI��EXE�I�WLENRÏ�OSLÏR��4ÏV�OÏXE�RNIVÏ��4INKEQFIVM��TEUNE
USJXÏ�TÏV�XÏ ��RÏ�RNÏ�LEHMXL�OYHWMN�XLSXÏ�q%PPELY��M�0EVXÏWYEV �XLSXÏ��q1Ï�WLUIXÏ�WSR�RNIVMY�UÏ�I�WLER�OSLÏR�HLI�JEXMR��OY�VWI�9RÏ�I�HVINXSN�OSLÏR�HLI�I�TÏVGEOXSNJEXMR��+NMXLËOE�ÏWLXÏ�RÏ�HSVÏR�8MQI��9RÏRHÏVVSN�HMXÏR�HLI�REXÏR�r�2NÏ�JNEPÏ�I�YV�XÏ�XLSXÏ��q(IVMWE�T]IWMQ�ËtHYLIX�JMPPYEV�OSLE�TÏV�XÏ�JMPPYEV�OEPSR�r�
HMXYVME�MWPEQI������
/SLE��RNÏ�IPIQIRXM�WLXVIRNXÏ�TÏV�FIWMQXEVMR
%RHEN��XÏ�QSW�TVIWMQ��XÏ�QSW�RKYVVS�NQÏ�HLI�XÏ�QSW�FÏLIQM�TIWMQMWXÏ��TSV�XÏTYRSNQÏ�JSVX��RÏ�QÏR]VÏ�UÏ�XÏ�TÏVTEVSNÏJINE�NSRÏ�-WPEQI�HLI�WLSUÏVME�WLUMTXEVI�I�GMPE�OE�VÏRÏ�RÏ�RNÏ�KNYQÏ�XÏ�XLIPPÏ�-�PYQM�EM�UÏ�I�WLJV]XÏSR�OSLÏR�HYOI
OÏVOYEV�HMXYVM��8VERWQIXSLIX�RKE�&YLE�VMY��%PPELY�USJXÏ�M�OÏREUYV�QI�XÏ ��WI<LEFMVM��%PPELY�USJXÏ�M�OÏREUYV�QI�XÏ �OE�XLÏRÏ�q4INKEQFIVM��TEUNE�USJXÏ�TÏV�XÏ �M�ZE�
VVSWXI�RÏ�RNÏ�ZEVV�RKE�H]�ZIXE�RÏ�9LYH�TEWXEN�T]IWXI����/YWL�HM�QÏ�WLYQÏ�/YV�ER#�2ÏWI�M�XVIKSRMR�TÏV�RHSRNÏVMR��EXMN�MNITXI�TÏVTEVÏWM�RÏ�ZEVV�r�
2ÏWI�OÏXÏ�TSMXÏ�I�OE�M�HMXYVM�OYVÏWLXÏ�M�ZHIOYV��TE�QIRHS�WI�ËJEVÏ�TSMXIHYLIX�XÏ�OIXÏ�O]�RNIVM�M�HMXYV�TS�XÏ�NIXÏKNEPPÏ��RKE�M�GMPM�OERÏ�HSFM�NS�ZIXÏQ�RNI�VÏMX��TSV�IHLI�OEJWLÏX��
WLXÏ�TÏV�XÏ�EVHLYV�OIU�UÏ�XÏ�VMRNXÏWLUMTXEVÏ�WSX�TS�I�WLTIRSNRÏ�OSLÏR�TEWXIPIRSZIPEZI��JSVQYPEZI�2.��JYXFSPPMX�TÏV�XÏ�QSW�XLÏRÏ�TVSKVEQIZI�XÏ�XYVT�WLQI��RHÏVWE�ONS�OSLÏ�OEPSR�I�RYO�OXLI�LIX�QÏ��HIVM�RÏ�(MXÏR�I�+N]OMQMX�8VERWQIXSLIX�WI�%QV�MFR�%FHM�/EN�
WMX��RNÏVMX�TVIN�XEFMMRÏZI��HYOI�IGYV��M�XLERNÏVM����q2HEPY�XÏ�JPEWMQ�FEWLOÏ��%QVM�MEOXLIY����2HEPSNI�HMIPPMR�r�(�Q�XL���RHE�PSNI�OSLÏR�UÏ�XÏ�RHEPIQ�I�XÏ�JPEWMQ�FE�WLOÏ��
7E�PEVK�NIQM�RI�RKE�QSVEPM�M�OÏX]VIRNIVÏZI��:EPPÏ��E�HYLIX�XE�QEVVMQ�WMWLIQFYPP�OÏXÏ�ZYPPRIX�XÏ�LIOYVX�TÏV�TÏV�TEVMQ#
.E�HMWE�JNEPÏ�XÏ�YVXE�TÏV�OSLÏR�HLIWLJV]XÏMQMR�I�WEN���/SLE�WtZNIR�TEW�XINI��XM�WLOSR�TEW�OS�LÏW��2EMQ�*VEWLÏVM�
��/SLE�ÏWLXÏ�EPIEXM��WLSOY�QÏ�M�QMVÏ�M�XÏHVINXMX��4MREVM
��/SLE�ÏWLXÏ�WM�TEVENE��QSW�I�LYQFMWRM�UÏ�XÏ�OMRM�WE�QÏ�WLYQÏ���*VERGII
��/SLE�ZVETSR�TE�Y�OXL]IV�TVETE����0E�XMRI
��/SLE�ÏWLXÏ�TEWYVME�I�ZIXQI�TÏV�XÏ�GMPÏRQYRH�XÏ�XVIKSLIQM�OSTVVEGÏ�TE�Y�XYV�TÏVYEV���4MIVVI�'SVRIMPPI
��/SLE�ZNIR�TÏV�EXÏ�UÏ�HM�XE�TVIWÏ���
)�QFM�XÏ�KNMXLE�OÏXS��FIXMQM�M�/VMNYIWMXXÏ�KNMXLÏWMWÏ�QFM�OSLÏR�ÏWLXÏ�WMRNEPM�QÏ�MQEHL�WI�OSLE�ÏWLXÏ�WIOVIXM�M�QFEVÏWMZIHLI�M�WYOWIWIZI�XSRE�RÏ�NIXÏ��RÏWI�HMQÏXE�EHQMRMWXVSNQÏ�WMË�HYLIX��%PPELY��M0EVXÏWYEV �NIT�ZPIVÏR�I�OSLÏW�HYOI�Y�FIX�YEV�RÏ�XÏ��%M�XLSXÏ�RÏ�/YVERMR�I�1EHLÏ�VMWLÏQ�q4EWLE�REXÏR��UÏ�QI�IVVÏWMVÏ�QFYPSR
KNMXLÏWMRÏ��4EWLE�HMXÏR��OYV�ENS
WLOVITXMR�r��
q4EWLE�EKMQMR��4EWLE�HLNIXÏ�RIXÏX�r��
q4EWLE�TEVEHMXIR��4EWLE�REXÏR��OYV
WLXVMR�IVVÏWMVÏR�r��
q4EWLE�OSLÏRr��
1Ï�TSWLXÏ�TS�NET�HMWE�WLIQFYN�RKENIXE�I�RNIVÏZI�XÏ�QÏHLIRN�XÏ�-WPEQMX��WIWM�I�WLJV]XÏYER�EXE�OSLÏR�QI�TYRÏ�NE�WLXÏEOSRMWLX�XÏ�HSFMWLQI�
��-FR�)XLMVM�M�WLOVSM�PMFVEX�I�XMN�QÏ�XÏWLOÏPU]IV�WM�s<LEQMtYP�9WYPt�HLIs)R�2MLENIt��HYOI�UIRÏ�M�KN]QXÏ���
��7IVLIWMY��PMFVMR�I�XMN�XÏ�RNSLYV�s)P�1I�FWYXt��UÏ�OE�TIWÏQFÏHLNIXÏ���� �ZÏPPM�QI��I�WLOVSM�KNEXÏ�OSLÏW�WE�MWLXI�MQF]PPYV�RÏ�TYW���
��-FR�/ENMQM��WLOVSM�s>EHYP�1IEDH���tKNEXÏ�YHLÏXMQMX���
��/YVXYFMY�I�WLOVSM�OSQIRXMQMR�I�s7E�LMLYP�1]WPMQ�MXt�HYOI�YHLÏXYEV�QFMWLTMRÏR�I�HIZIWÏ���
��-FR�8INQMNI��QÏ�WLYQÏ�WI�KN]WQÏR�IPMFVMX�XÏ�XMN�s*IXEZEt��VVIXL����ZÏPPMQI I�WLOVSM�RÏ�FYVK���
��)FY�%tPE�IP�1IEVM��XÏ�KNMXLE�ZITVEX�I�XMNM�OE�WLOVYEV�HYOI�UIRÏ�M�ZIVFÏV���
)�WE�I�WE�XÏ�XNIVÏ�XÏ�HEPPYEV��UÏ�Y�HÏFY�ER�RKE�TYRÏX�HLI�TSMXEX�I�X]VI�]VXEVI�TSV�TEWXEN�MY�TÏVZIWLÏR�WLJV]XÏMQMX�XÏOSLÏW�HLI�TYRÏW�ZYPPRIXEVI�HLI�M�SJVYERTSTYPPMX�HMXYVM�XÏ�H]JMWLXÏ�4VERHEN��ZÏPPIÏV�Q]WPMQERÏ��XÏ�TÏV�
TMUIQM�IHLI�RI�UÏ�XE�WLJV]XÏSNQÏ�OS�LÏR�I�XÏ�QSW�I�PÏQÏ�XÏ�RE�MOÏ�OSX��RKEWIsOSLE�ÏWLXÏ�ERMNI�UÏ�RYO�I�LIHL�OYVVÏWTMVERGÏR�t>SXM�RE�FÏJXÏ�TVIN�EX]VI�UÏ�I�WLJV]XÏ�SNRÏ�OSLÏR�RÏ�HSFM�XÏ�RNIVÏMQMX�%QMR�
4�7��7LOÏTYXYV�RKE�PMFVM�q*NEPÏ�*V]QÏYIWIr�%YXSV��1MVWEH�7]PNE��&SXYEV�RÏ�7LOSHÏV�7LXÏTME�FSXYIWI�q7LXNIJRMr�����������JEUI�
CCCCCCCCCCCCCCCCCCC*YWRSXEX�
���/YVtERM��)�>YQIV�����������1EXIVMEPM�EYHMS��q/XLILY�XIO�/VMNYIWMr��PI\SM�6IWLEX�%VFERE�
���/YVtERM��)V�6VEtH��������8VERWQIXSR�&YLEVMY�HLI�1YWPMQM����%HRER�1ILQIXM��q&SXE�I�QIRHMQIZIr��,ENRI�TSIX�KNIVQER���������� ��JU������
���8VERWQIXSR�&YLEVMY����6IZMWXE�q&YVMQMr��RV�����JU��������%HRER�1ILQIXM��q&SXE�I�QIRHMQIZIr��JU���������4S�EX]�����4S�EX]�����4S�EX]�����2EWLS�.SVKEUM��<LIZEX�0PSWLM��q%RXSPSKNME�IJNEPÏW�WÏ�QIRËYVr��&SXMQIX�IRGMOPSTIHMOI��FSXM�QM�M�XVIXÏ��8MVERÏ��JU������
����4S�EX]�����/YVtERM��)P�0INP���������/YVtERM��)P�*I\LV���������/YVtERM��)H�(YLE����������/YVtERM��)P�%WV�������%MH��)P�/EVRM��q4WMOSPSKNME�-WPEQI��1SW�Y�XVM�WLXSr��4ÏVOXL]IR��<LEYHIX�-WIRM��QV��>IPMNI�7Y�PINQERM��,EXM\LI�-��-WIRM��+SWXMZEV��/MFPE�������JU����������
��������������������4S�EX]��JU����������
HMXYVME�MWPEQI������
1]JXMY�8ÏVREZE�TVMXM�RÏ�XEOMQ�PEQXYQMVÏW��XÏ�RKEVOYEVMR
QI�TYRÏ�XÏ�1MWMSRMX�XYVO�RÏ�/SWSZÏ��1YWXEJE�7EVRMË1]JXMY�M�/SWSZÏW��1V��2EMQ�8ÏVREZE�
OE�TVMXYV�QÏ����XIXSV������RÏ�XEOMQ�PE�QXYQMVÏW�WLIJMR�I�>]VÏW�XYVOI�RÏ�4VM�WLXMRÏ��1YWXEJE�7EVRMË��XÏ�GMPMX�M�OEWLTVILYV�JEPÏRHIVMQMR�RÏ�IQÏV�XÏ�&E�WLOÏWMWÏ�-WPEQI�XÏ�/SWSZÏW�TÏV�ERKE�LMQMR�I�HVINXTÏVHVINXÏ�XÏ�XMN�RÏ�XLIPPMQ�MR�I�QEVVÏHLÏRMIZI�RHÏVWLXIXÏVSVI�RÏQIW�8YVUMWÏ�HLI�/SWSZÏW�q/SRXVMFYXM�NYEN�HLI�M�WLXIXMX�XYEN�TÏV
/SWSZÏR�ÏWLXÏ�M�QEHL�RÏ�XÏ�KNMXLE�TVS�GIWIX�UÏ�OEPSM�/SWSZE��7LXIXM�XYVO�RHEN/SWSZÏW�Y�WSPP�QI�TÏVKNIKNÏWMRÏ�I�RNÏQMOY�XÏ�ZÏVXIXÏ��TVERHEN�TÏV�XÏ�KNMXLE�UÏOIRM�FÏVÏ�NY�WM�QMWMSR�HMTPSQEXMO�HLIWLXIXM�NYEN��RI�.Y�NIQM�QMVÏRNSLÏW��OYVWI.Y�TIVWSREPMWLX�NY�OSRWMHIVSNQÏ�WM�QMOXÏ�QEHL�XÏ�/SWSZÏW��RKEWI�OÏXÏ�I�OIRMHÏWLQYEV�QI�TYRÏR�XYEN�XÏ�ZELHYI�WLQI�KNEXÏ�QERHEXMX�XYENr���XLE�1]JXMY8ÏVREZE��1Ï�XYXNI�1]JXMY�M�YVSM�WYOWIW���7EVRMË�RÏ�HIX]VÏR�I�VI��HYOI�XLIOWYEV�WI�QFIXIX�QI�WLTVIWÏ�WI�OSRXVMFYXM�M�XMN�TÏV
/SWSZÏR�HLI�TSTYPPMR�XSRÏ��RYO�HS�XÏ�TYWLSRXI��HYOI�I�RNSLYV�WM�RNÏ�TÏVOVELÏW�XÏ�JYUMWLÏQ�XÏ�/SWSZÏW�2HÏVWE��7EVRMË��TEWM�TSLSM�WI�RKE�/SWSZE�TS�RHELIN�QI�OYNXMQIX�I�TÏVNIXMQIX�QÏ�XÏ�QMVE��XLIOWSM�WI�8YVUME�HS
XÏ�NIXÏ�IHLI�RÏ�XÏ�EVHLQIR�RNÏ�TÏVOVELÏWI�I�JSVXÏ�TÏV�/SWSZÏR�RÏ�XÏ�KNMXLÏ�SVKERMQEX�RHÏVOSQFÏXEVÏ�
1]JXMY�8ÏVREZE�TVMXM�OV]IXEVIR�I�q3VÏWr���8IYXE�7ELEXËME/V]IXEVNE�I�4EVXMWÏ�VIJSVQMWXI�q3VEr��8IYXE�7ELEXËME�ÏWLXÏ�TVMXYV�QÏ����XIXSV�������RÏ�WIPMRÏ�I�/V]IWMWÏ�WÏ�&-�WÏ
XÏ�/SWSZÏW�RKE�1]JXMY�1V��2EMQ�8ÏVREZE�
>SRNE�7ELEXËME�I�OE�YVYEV�HLI�I
OE�TÏVKÏYEV�1]JXMYR�8ÏVREZE�TÏV
VMKNIHLNIR�I�XMN�R�OV]I�X�&-�W�/S�
WSZÏW�TÏV�QERHEXMR�I�EVHLWLÏQ
TIWÏZNIËEV�
+NMXLEWLXY�SRNE�7ELEXËME�OE�RNS�
LYV�1]JXMYR�IHLI�QI�ERKELMQIX�HLI
TVMSVMXIXIX�I�XEWLQI�X�4EVXMW�VIJSV�
QMWXI�q3VEr�
1]JXMY�8ÏVREZE�RÏ�XEOMQ�QI�OV]I�
XEVIR�7ELEXËME�OE�ËQYEV�PEVX�OSR�
XVMFYXMR�I�4EVXMWÏ�VIJSVQMWXI�q3VEr�RÏ
TVSGIWIX�I�VÏRHÏWMWLQI�TSPMXMOI��WM
HLI�OE�MROYVENYEV�SRNÏR�7ELEXËME
TÏV�ERKELMQMR�HLI�OSRXVMFYXMR�I�WEN
RÏ�WOIRÏR�TSPMXMOI�XÏ�/SWSZÏW�
HMXYVME�MWPEQI������ ��
/V]IMQEQM�M�/SWSZÏW��7EFVM�IJ��&ENKSVE�
OE�TVMXYV�TNIWÏQEVVÏWMX�I�q/EVZERMR�XÏ�4EUIWr
4VMWLXMRÏ�����XIXSV�����1Ï����XIXSV�������TÏVJEUÏWYIWMX�I�q/EVZERMX�XÏ�4EUIWr�
XÏ�GMPMR�I�TÏVFÏNRÏ�TNIWÏXEVÏ�XÏ�JIZI�XÏ�RHV]WLQI��WM�OEXSPM�OÏ��SVXSHSOWÏ�I�Q]WPMQERÏ�RKE�WLXIXIX�I�)ZVSTÏW�.YKPMRH�SVI��ERKELSLIR�TÏV�OYPXMZMQMR�I�TEUIW�HLI�HEWLYVMWÏ�RÏQIW�OSQYRMXIXIZI�HLI�TSTYNZI�XÏ�RHV]WLÏQ�4NIWÏQEVVÏWMX�I�q/EVZERMX�XÏ�4EUIWr�WSX�ZMMXYER�/V]IWM�
RÏ�I�&-�WÏ�XÏ�/SWSZÏW��OY�Y�TVMXÏR�RKE�/V]IMQEQM�M�/SWS�ZÏW��7EFVM�IJ��&ENKSVE��UÏ�WLSUÏVSLIN�RKE�FEWLOÏTYRÏXSVÏXI�XMN�/V]IMQEQM�&ENKSVE��TEWM�JEPÏRHIVSM�TÏV�ZMMXÏR��OE�ËQYEV
PEVX�ERKELMQMR�I�TNIWÏXEVÏZI�XÏ�st/EVZERMX�XÏ�4EUIWtt�TÏVOVMNMQMR�I�OPMQÏW�WÏ�QMVÏOYTXMQMX�HLI�XSPIVERGÏW�RHÏVQNIXTSTYNZI�I�OSQYRMXIXIZI�XÏ�RHV]WLQI�q&EWLOÏWME�-WPEQI�I�/SWSZÏW�RÏ�ZELHMQÏWM�ÏWLXÏ
ERKELYEV�TÏV�OYPXMZMQMR�I�XSPIVERGÏW�RHÏVJIXEVI�XIO�TSTY�NX�UÏ�NIXSNRÏ�RÏ�/SWSZÏ�I�QÏ�KNIVÏ��2I�RÏ�ZELHMQÏWM�OIQM�OSRXVMFYEV�EX]�OY�OIQM�TEWYV�QYRHÏWM��UÏ�XÏ�OVMNSRMQ�RNÏOPMQÏ�XÏ�QMVÏFIWMQMX�I�XSPIVERGÏW�RHÏVJIXEVI�I�RHÏVREGMSREPIr���Y�OE�XLÏRÏ�TNIWÏQEVVÏWZI�XÏ�st/EVZERMX�XÏ�4EUIWtt/V]IMQEQM�&ENKSVE�2HÏVWE��HYOI�JSPYV�TÏV�OYPXMZMQMR�I�XSPIVERGÏW�RHÏVJIXEVI�XIO�WLUMTXEVÏX��/V]IMQEQM�&ENKSVE�XLE��q1IKNMXLÏUÏ�NIQM
TSTYPP�M�ZSKÏP��RI�OIQM�RNÏ�XVEHMXÏ�TÏV�OYPXMZMQMR�I�XSPIVERGÏW�RHÏVJIXEVI��OIQM�XVM�JI�UÏ�FEWLOÏNIXSNRÏ�RÏ�TEUI�I�LEV�QSRM�HLI��WM�TSTYPP��NIQM�QSHIP�IHLI�TÏV�WLSUÏVMXÏ�I�LZMPPYEVEr�4ÏV�FEWLOÏTYRMQMR�QI�FEWLOÏWMXÏ�I�XNIVE�JIXEVI��/V]IMQEQM�&ENKSVE�ZYVM�RÏ�TEL��q2I�OIQM�QEVVÏHLÏRMI�I�FE�
WLOÏTYRMQ�XÏ�QMVÏ�QI�-TIWLOÏZMRÏ�I�/SWSZÏW��RHÏVWE�QI�/MWLÏR�3VXSHSOWI�OIQM�OSRXEOXI�XÏ�OSLÏTEWOSLWLQI�ZIXÏQ�QI�RNÏ�TNIWÏ�XÏ�YHLÏLIUÏWZI�XÏ�WEN��TSV�WLTVIWSNQÏ�UÏ�RÏ�XÏ�EVHLQIR�XÏ�FÏNQÏ�QÏ�WLYQÏr�st/EVZERM�M�4EUIWtt�WSX�ZMMXSM�IHLI�QIHVIWIRÏ�I�QIWQI�q%PEYHHMRr�XÏ�4VMWLXMRÏW��4ÏV�TNIWÏQEVVÏWMX�I�q/EVZERMX�XÏ
4EUIWr��HVINXSVM�&ELVM�IJ��7MQRMGE�WLXVSM�HVIO�
2Ï�JWLEXMR�&PMRMWLXÏ��MWL�0MTSZIG��XÏ�OSQYRÏW�WÏ�+NEOSZÏW�TÏV�LIVÏ�XÏ�TEVÏ�JEPIX�REQEM�M�&ENVEQMX
1Ï�������������RÏ�QÏRKNIWMR�I�HMXÏW�WÏ�QEVXÏ��RÏ�JWLEXMR�&PMRMWLXÏ��MWL�0MTSZIG��XÏ�+NEOSZÏW��TÏV�LIVÏ�XÏ�TEVÏ�RÏ�LMW�XSVMRÏ�I�OÏXMN�JWLEXM��ÏWLXÏ�JEPYV�REQEM�M�*MXÏV�&ENVEQMX��*EPNIW�WÏ�REQEMX�XÏ�*MXÏV�&ENVEQMX�M�TVMY�MQEQM�2YLM�IJ�%NZEM�RKE�4SHYNIZE��M�GMPM�MWLXI�ERKELYEV�TÏV�XÏ�JEPYV�REQEMR
I�XIVEZMZI�KNEXÏ�QYENMX�XÏ�6EQEERMX��2Ï�\LEQM�MWLMR�XYFYEV�RNÏ�RYQÏV�M�QEHL�\LIQEXPMRNWL�XÏ�JWLEXMX�&PMRMWLXÏ�HLI�XÏ�JWLE�XVEZI�TÏVVIXL��XÏ�GMPÏX�OMWLMR�EVHLYV�LIVÏX�TÏV�XÏ�JEPYV�REQEMR�I�WEFELYX�HLI�XÏ�*MXÏV�&ENVEQMX��-WLXI�QI�XÏ�ZÏVXIXÏ�EXQSW�JIVÏ�I�TETÏVWLOVYIWLQI�JIWXMZI��<LEQME��IHLI�TWI�PPSKEVMXIX�RHÏV�QÏ�XÏ�QÏHLEXÏ�RÏ�OÏXÏ�ERÏ��MWLXI�I�ZSKÏP�TÏV�XtM�R\ÏRÏXÏ�KNMXLÏ�FIWMQXEVÏX�RÏ�KNMVMR�I�ZIX��H�Q�XL��WLYQÏ�Y�HIX]VYER�XÏ�JEPIWLMR�NEWLXÏ�\LEQMWÏ��4EW�XLMVVNIW�WÏ�IERMX��JMPPSM�JEPNE�I�REQEMX�XÏ�WEFELYX��I�QÏ�TEWXEN�MQEQM�QFENXM�PMKNÏVEXÏR��HYOI�I�RMWYV�OÏWLXY��q:ÏPPIÏV
FIWMQXEVÏ��JMPPMQMWLX�NY�TÏVWLÏRHIW�QI�JNEPÏR�TÏVWLÏRHIXÏWI�)WWIPEQY�EPINOYQ�ZI�VELQIXYPPELM�ZI�FIVIOEXYLY��.IQMXYFYEV�WSX�OÏXY�RÏ�OÏXÏ�WLXÏTM�XÏ�%PPELYX��TÏV�XÏ�JEPYV�REQEMR�I�TEVÏ�XÏ�&ENVEQMX�XÏ�6EQEERMX��/]�&ENVEQ�RYO�ÏWLXÏ�WMFENVEQEX�I�XNIVÏ��TÏV�EVW]I�WI�OÏXÏ�ZMX�TS�I�JIWXSNQÏ�RÏ�/SWSZÏR�WLXIX�M�TEZEVYV��M�PMVÏ�HLI�WSZVER��WLXÏ�RHIV�M�QEHL�WSXTÏV�QYE�UÏ�NEQ�RÏ�QIWMR�XYEN��OY�WLMLIX�UEVXÏ�MRXIVIWMQM�NYEN�TÏV�JIRÏ���HVMXÏR�I�%PPELYX�\L�WL��4S�EWLXY��NEQ�M�KÏYEV�UÏRÏ�QIWMR�XYEN�OE�WLYQÏ�XÏ�VMRN��XÏ�GMPÏX�NERÏ�EVHLQÏVME�NSRÏr��
-QEQM�RÏ�PMKNÏVEXÏR�I�XMN�QÏ�WLYQÏ�VÏRHÏWM�M�OYWLXSM�ËÏWLXNIW�WÏ�XLMVVNIWRÏ�FIWMQMR�I�TEWXÏV��HYOI�FÏVÏ�ETIP�UÏ�XÏ�OIRÏ�OYNHIW�I�XÏ�QSW�-�WLSUÏVS�NRÏ�%PPELYX�HMËOE�XNIXÏV�RÏ�EHLYVMQ��4S�EWLXY��MQEQM�OE�OÏVOYEV�RKE�LEWNERÏXUÏ�XtM�PÏRÏ�HMZIVKNIRGEX�IZIRXYEPI�HLI�XÏ�XYFSLIR�FEWLOSLIR�VVIXL�JIWÏ�WÏZÏVXIXÏ��WITWI�RHEVNE�HLI�TÏVËEVNE��WMË�XLE�EM��qËSNRÏ�YNÏ�RÏ�QYPPMVMR�I�LYENr�2Ï�TÏVJYRHMQ�XÏ�PMKNÏVEXÏW��MQEQM�Y�OE�FÏVÏ�XLMVVNI�\LIQEXPMRNZI�UÏ�RYO�IOMWLMR�OV]IV�SFPMKMQMR�I�7EHIOEXYP�JMXVMX��WI�MWLXI�OSLE�I�JYRHMX�UÏ�XE�FÏRMR�EXÏZITVMQ��TVE��TEVE�WI�XÏ�JEPIX�REQEM�M�*MXIV��&ENVEQMXg�2Ï�ZELHMQ�ÏWLXÏ�QFENXYV�L]XFINE�OY�ÏWLXÏ�JSPYV�TÏV�WSPMHEVMXIXMR�QI�XÏ
ZEVJVMX��QI�WOEQRSVÏX��QI�NIXMQÏX��QI�MRZEPMHÏX�I�PYJXÏW��QI�JEQMPNIX�I�XÏLHYOYVZI��HYOI�MY�KNIXYV�TVERÏ�HLI�HYOI�M�KÏYEV�IHLI�IQVEX�I�X]VI�XÏ�TM�OÏPPYEVE�HLI�HYOI�YE�FIKEXYEV�WEHS�TEO�IHLI�EX]VI�WSJVÏR�I�JIWXÏW�WÏ�*MXIV&ENVEQMX�2Ï�JYRH�ÏWLXÏ�FÏVÏ�PYXNE�i�HYENE�HYOI�I�PYXYV�%PPELYR�\L�WL��TÏV�TVERMQMR
I�EKNÏVMQMX��XÏ�REQEMX��XÏ�WEHEOEWÏ�HLI�XÏ�KNMXLE�MFEHIXIZI�UÏ�NERÏ�FÏVÏKNEXÏ�OÏXMN�QYENM�XÏ�FIOYEV��<LIQEXPMRNXÏ�I�TÏVKÏYER�MQEQMR�TÏV�OSRXVMFYXMRI�XMN�XÏ�QEHL�KNEXÏ�QYENMX�XÏ�6EQEERMX��TÏV�QÏWMQFIWMQMR�QI�XÏ�VMRNXÏ�WM�HLITÏV�PMKNÏVEXEX�TÏV�XÏ�VVMXYVMXg���
)�6I\LE
�� HMXYVME�MWPEQI������
9�LET�\LEQME�I�VI�R�JWLEXMR�,E\LEN
(MXE�I����XÏ�I�6EQEERMX�XÏ�ZMXMX������HSXÏ�QFIXIX�RNÏ�I�WLÏRYEV�RÏ�OYNXIWÏR�I�\LI�QEXPMRNZI�XÏ�JWLEXMX�,E\LEN�HLI�FIWMQXEVÏZIXÏ�XNIVÏ�XÏ�OSQYRÏW�WÏ�+NMPERMX��RKEWI�EXÏHMXÏ�Y�FÏ�MREYKYVMQM�M�SFNIOXMX�XÏ�\LEQMWÏ�RÏOÏXÏ�JWLEX�%XÏ�HMXÏ��TÏVZIË�FERSVÏZI�XÏ�JWLEXMX
,E\LEN��OMWLMR�EVHLYV�IHLI�U]XIXEVÏ�XÏ�WLY�QXÏ��TEWXEN�YHLÏLIUÏW�XÏ�/ÏWLMPPMX�XÏ�&EWL�OÏWMWÏ�-WPEQI�XÏ�+NMPERMX��IJIRHMPIVÏ�HLIMQEQÏ�XÏ�\LEQMZI��HVINXSVM�HLI�TÏVJEUÏWY�IW�XÏ�SVKERMEXÏW�LYQERMXEVI�q:EOJYP�-WPE�QMNr�WM�HLI�U]XIXEVÏ�XÏ�XNIVÏ�4VSKVEQM�TÏV�TÏVYVMQMR�I�\LEQMWÏ�JMPPSM
RÏ�SVÏR��������OYV�Y�FÏ�TVIVNE�I�WLMVMXMX�RKEOV]IMQEQM�%KMQ�,]WIRM�HLI�HVINXSVM�Mq:EOJYP�-WPEQMNr��,]VNE�I�XÏ�TVERMWLÏQZI�RÏ�\LEQM�JMPPSM
QI�XIOFMVI��HLI�QÏ�TEWXEN�Y�LZMPPYE�TVS�KVEQM�JIWXMZ��XÏ�GMPMR�I�LETM�MQEQM�M�\LEQMWÏ
2EMQ�IJ��%PMY��%M��TEWM�TÏVWLÏRHIXM�XÏ�TVERMWLQMX��PI\SM�RNÏ�LMWXSVMO�XÏ�WLOYVXÏV�TÏV�JWLEXMR�,E\LEN�HLI�\LEQMRÏ�q*WLEXM�,E\LEN�WÏ�FEWLOY�QI�JWLEXMR�(IQMVEN�UÏ�TÏVFÏNRÏ�\LIQEXMR�I�OÏWEN�\LEQMI��OERÏ����WLXÏTM�QI�QFM����FERSVÏ�i�XLE�EM����2Ï�OÏXÏ�JWLEX�XÏ�KNMXLE�VMXIX�JIXEVI�HLI�QÏWMQFIWMQM�JIXEV�NERÏ�QFENXYV�RÏ�QINXITMR��M�GMPM�MWLXI�RHÏV�XYEV�RÏ�ZMXMR������RÏ�ZIRHMR�OY�WSX�KNIRHIR�XLIQIPIX�I�OÏWEN�\LEQMI�/]�QINXIT��XÏ�GMPMR�I�OERÏ�RHÏVXYEV�JWLEXEVÏX�QI�ZIXÏOSRXVMFYX����ZELHSM�EM���OE�PYENXYV�VSPMR�I�\LEQMWÏ�TVIN�ZMXIZI
t����EX]�TÏVZIË�REQEMX�XÏ�XIVEZMZI�RÏ�QYENMR�I�6EQEERMX��OMWLXI�JMPPYEV�IHLI�XÏ�JEPIN�REQEM�M�\LYQEWÏ��QI�MQEQXÏ�VVIKYPPX�-QEQM�M�TEVÏ�M�OÏWEN�\LEQMI�OE�UIRÏ�QSPPE�6MJEX�.EWLEVM��TÏV�XÏ�ZELHYEV�QÏ�TEWXEN�WM�MQEQ�QIHVIWERXM�7LTIRH
%PMY��OYVWI�TVIN�ZMXMX������MQEQ�M�OÏWEN�\LEQMI�ÏWLXÏ�2EMQ�IJ��%PMY�1INXITM�ETS�\LEQME�I�ZNIXÏV�MWLXI�I�RHÏVXYEV�QI�QEXIVM�
EP�XÏ�HSFÏX�HLI�QI�OEPMQMR�I�OSLÏW��HMXE�HMXÏW�TS�HSFÏWS�LIN��OÏWLXY�UÏ�RÏ�WLOYVX�XÏ�ZMXMX�������RKE�XÏ�VIWLYVEX�IQÏHLE�XÏ�HÏFSVÏW��ÏWLXÏ�VVÏRYEV�TYPPEM�ZIXZIXMY�HLI�ÏWLXÏFÏVÏ�I�TETÏVHSVWLQI�TÏV�OV]IVNIR�I�MFEHIXIZI�EX]�<LIQEXM�M�OÏWEN�\LEQMI��HYOI�I�EREPMYEV�WMXYEXÏR�I�OVM�
NYEV��QSVM�MRMGMEXMZÏR�TÏV�VVÏRMQMR�I�XÏVÏWMWLÏQ�XÏ�SFNIOXMX�XÏZNIXÏV�HLI�JMPPMQMR�I�RHÏVXMQMX�XÏ�\LEQMWÏ�WÏ�VI�)�TEVE�UÏ�SJVSM�RHMLQÏ�TÏV�JMPPMQMR�I�TYRMQIZI�MWLXI�WLS�
UEXE�LYQERMXEVI�q:EOJYP�-WPEQMNr�QI�RHMLQÏR�TVIN�������IYVSWL��UÏ�MWLXI�RNÏ�WLX]XNI�I�QEHLI�TÏV�XÏ�ZELHYEV�TY�RÏR�QÏ�XYXNI�TÏV�RHÏVXMQMR�I�\LEQMWÏ�4VSNIOXM�M�\LEQMWÏ�HIVM�QÏ�XERM�OE�OYWLXYEV�QFM�������
IYVS��IHLI�TWI�RNÏ�TNIWÏ�I�TYRÏZI��TS�WLMLIX�UÏ�OERÏQFIXYV�TE�TÏVJYRHYEV��4NIWÏR�XNIXÏV�XÏ�RHMLQEZI�I�OERÏ�HLÏRÏ�\LIQEXM�M�\LE�
QMWÏ�WSRÏ��HLI�KNMXLEWLXY�IHLI�\LIQEXIX�I�\LEQMZI�XÏXNIVEr����TÏVJYRHSM�EM��4ÏV�RNÏ�JNEPÏ�TÏVWLÏRHIXÏWI�HLI�YVMQM�Y�JXYE�IHLI�OV]�
IXEVM�M�/ÏWLMPPMX�XÏ�&-�WÏ�XÏ�+NMPERMX�WM�HLI�HVINXSVM�M�WLSUEXÏWs:EOJYP�-WPEQMNr�/ÏWLMPPM�M�&EWLOÏWMWÏ�-WPEQI��EX]VI�UÏ�OMWLMR�OSRXVMFYEV
RÏ�RHÏVXMQMR�I�OÏWEN�\LEQMI��Y�HLYVSM�RKE�RNÏ�JPIXÏJEPÏR�HIVMQ��OYVWI�OSVM�M�MPELMZI�WLJEUM�TEVE�XÏ�TVERMWLÏQZI�RNÏTVSKVEQ�XÏ�PEVQMWLÏQ�JIXEV�4EW�JEPNIW�WÏ�REQEMX�XÏ�EOWLEQMX��TÏV�XÏ�KNMXLÏ�XÏ�TVER�
MWLQMX�\LIQEXM�M�OÏWEN�\LEQMI�OMWLXI�WLXVYEV�MJXEV�RÏ�RNÏ�RKEVIWXSVERXIX�I�JWLEXMX�>LIKÏV�
%KMQ�,]WIRM
HMXYVME�MWPEQI������ ��
&EWLOÏWME�-WPEQI�I�/SWSZÏW
/ÏWLMPPM�M�&EWLOÏWMWÏ�-WPEQI�i�4VMVIR
2V��������
(X������������
/ÏWLMPPM�M�&EWLOÏWMWÏ�-WPEQI�RÏ�4VMVIR��RÏ�QFPI�HLNIR�I�QFENXYV�QÏ�HEXÏ�������������QSVM�ZIRHMQUÏ�XÏ�WLTEPPÏ�OÏXÏ
/SROYVW4ÏV�TPSXÏWMQMR�I�ZIRHMX�XÏ�TYRÏW�WIOVIXEV�RÏ
/ÏWLMPPMR�I�&EWLOÏWMWÏ�-WPEQI�RÏ�4VMVIR�TÏVOSLÏ�XÏ�TEGEOXYEV�
/YWLXIX�
4ÏVZIË�OYWLXIZI�XÏ�TÏVKNMXLWLQI�XÏ�TEVETEVE�QIPMKN��OERHMHEXM�HYLIX�XÏ�TPSXÏWSNÏ�IHLI�OÏXS�OYWLXI���8Ï�OIXÏ�XÏ�OV]IV�QIHVIWIRÏ�HLI�XE�OIXÏ�XÏ�OV]IV�RNÏJEOYPXIX�MWPEQ�SWI�JEOYPXIXMR�NYVMHMO�
��8Ï�OIXÏ�WÏ�TEOY�XVI�ZNIX�TÏVZSNÏ�TYRI�RÏ�&EWLOÏWM�RÏ�-WPEQI�
��8�OIX�ZMVX]XI�MWPEQI�
(SOYQIRXEGMSRM�M�RIZSNWLÏQ�HSVÏSLIX�RÏ�/ÏWLM�PPMR�I�&EWLOÏWMWÏ�-WPEQI�RÏ�4VMVIR�/SROYVWM�ÏWLXÏ�M�LETYV����HMXÏ�TEW�TYFPMOMQMX�RÏ
VIZMWXÏR�(MXYVME�-WPEQI�
HMXYVME�MWPEQI������