Программирование: введение в профессию [Андрей Викторович Столяров] (pdf) читать онлайн

Книга в формате pdf! Изображения и текст могут не отображаться!


 [Настройки текста]  [Cбросить фильтры]

Любое использование данного файла означает ваше согласие с условиями лицензии (см. след. стр.) Текст в данном
файле полностью соответствует печатной версии книги.
Электронные версии этой и других книг автора вы можете
получить на сайте http://www.stolyarov.info

ПУБЛИЧНАЯ ЛИЦЕНЗИЯ
Учебное пособие Андрея Викторовича Столярова «Программирование: введение в профессию» в трёх томах, опубликованное в издательстве МАКС Пресс в 2021 году, называемое далее «Произведением», защищено действующим российским и международным
авторско-правовым законодательством. Все права на Произведение, предусмотренные законом, как имущественные, так и неимущественные, принадлежат его автору.
Настоящая Лицензия устанавливает способы использования электронной версии Произведения, право на которые предоставлено автором и правообладателем неограниченному
кругу лиц, при условии безоговорочного принятия этими лицами всех условий данной Лицензии. Любое использование Произведения, не соответствующее условиям данной Лиценции, а равно и использование Произведения лицами, не согласными с условиями Лицензии,
возможно только при наличии письменного разрешения автора и правообладателя, а при
отсутствии такого разрешения является противозаконным и преследуется в рамках гражданского, административного и уголовного права.
Автор и правообладатель настоящим разрешает следующие виды использования данного файла, являющегося электронным представлением Произведения, без уведомления правообладателя и без выплаты авторского вознаграждения:
1) воспроизведение Произведения (полностью или частично) на бумаге путём распечатки с
помощью принтера в одном экземпляре для удовлетворения личных бытовых или учебных потребностей, без права передачи воспроизведённого экземпляра другим лицам;
2) копирование и распространение данного файла в электронном виде, в том числе путём
записи на физические носители и путём передачи по компьютерным сетям, с соблюдением следующих условий: (1) все воспроизведённые и передаваемые любым
лицам экземпляры файла являются точными копиями оригинального файла в формате PDF, при копировании не производится никаких изъятий, сокращений,
дополнений, искажений и любых других изменений, включая изменение формата представления файла; (2) распространение и передача копий другим лицам производится исключительно бесплатно, то есть при передаче не взимается никакое
вознаграждение ни в какой форме, в том числе в форме просмотра рекламы, в форме платы за носитель или за сам акт копирования и передачи, даже если такая плата
оказывается значительно меньше фактической стоимости или себестоимости носителя,
акта копирования и т. п.
Любые другие способы распространения данного файла при отсутствии письменного разрешения автора запрещены. В частности, запрещается: внесение каких-либо изменений в
данный файл, создание и распространение искажённых экземпляров, в том числе экземпляров, содержащих какую-либо часть произведения; распространение данного файла в
Сети Интернет через веб-сайты, оказывающие платные услуги, через сайты коммерческих
компаний и индивидуальных предпринимателей (включая файлообменные и любые другие
сервисы, организованные в Сети Интернет коммерческими компаниями, в том числе бесплатные), а также через сайты, содержащие рекламу любого рода; продажа и обмен
физических носителей, содержащих данный файл, даже если вознаграждение значительно
меньше себестоимости носителя; включение данного файла в состав каких-либо информационных и иных продуктов; распространение данного файла в составе какой-либо платной
услуги или в дополнение к такой услуге. С другой стороны, разрешается дарение (бесплатная передача) носителей, содержащих данный файл, бесплатная запись данного файла
на носители, принадлежащие другим пользователям, распространение данного файла через бесплатные децентрализованные файлообменные P2P-сети и т. п. Ссылки на экземпляр
файла, расположенный на официальном сайте автора, разрешены без ограничений.
А. В. Столяров запрещает Российскому авторскому обществу и любым другим организациям производить любого рода лицензирование любых его произведений и осуществлять в интересах автора какую бы то ни было иную связанную
с авторскими правами деятельность без его письменного разрешения.

17 37 BC?96
33656>96 3 @A?E6BB9O
YXUQ^YV Sc_a_V
S ca‫ݷ‬f c_]Qf

C_] RRRC @1A1594=L

=_b[SQ ‑ ;9;:

D5; >:B7?A
22; 6@6@?6A7
MXR :97;B996@?6A
CaVcYZ c_] dhVR^Y[Q ‫@ݷ‬a_TaQ]]Ya_SQ^YVC SSVUV^YV S `a_6
eVbbYo‫_` ݷ‬bSpj‫ ^ݷ‬Slb_[_da_S^VS_]d `a_TaQ]]Ya_SQ^Yo Y S_X6
]_W^l] `_Uf_UQ] [ _b]lb\V^Yo `a_TaQ]]l Y V‫ ݷ‬Yb`_\^V^Yp5
YXSVbc^l] [Q[ `QaQUYT]l `a_TaQ]]Ya_SQ^Yp7 AQbb]QcaYSQoc6
bp pXl[Y BY445 D9>E1D9?>6@1CC9>7 CDI
=@9
=@B
=A:
=A<
=A?
=AA
=AA
=B:
=B;
=B>
=B?
>9:
>9<
>9@
>9B
>:;
>:=
>:@
>;:
>;>

A
::7>7:>7 ;_]RY^Qc_a ^V`_USYW^_Z c_h[Y

7 7 7 7 7 7 7 7 7 >;A

:;7 ;_]`Y\pgYp5 Y^cVa`aVcQgYp5 b[aY`cY^T
:;7:7 FQaQ[cVa^lV _b_RV^^_bcY b[aY`c_Slf pXl[_S 7
:;7;7 PXl[ ]3< 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
:;7;7:7 9^cVa`aVcQc_a Y `a_bcVZiYV `a_TaQ]]l
:;7;7;7 @VaV]V^^lV S ]3< 7 7 7 7 7 7 7 7 7 7 7 7 7 7
:;7;77 ?RaQR_c[Q _b_Rlf bYcdQgYZ 7 7 7 7 7 7 7 7
:;7;7?7 EQZ\l5 `_c_[Y Y S^Vi^YV [_]Q^Ul 7 7 7
:;7;7@7 1bb_gYQcYS^lV ]QbbYSl 7 7 7 7 7 7 7 7 7 7
:;7;7A7 6b\Y baQS^Ycm ]3< b 7 8QSYbY]_bcY Y bQ]_U_bcQc_h^_bcm 7 7 7 7
:;7>7?7 =Ye _ `VaV^_bY]_bcY 7 7 7 7 7 7 7 7 7 7 7
:;7>7@7 ;_TUQ Y^cVa`aVcQgYp Sb‫ ݷ‬WV U_`dbcY]Q 7
:;7>7A7 132 AQX]li\V^Yp _ hYbc_Z [_]`Y\pgYY

7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7

7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7

7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7

>
>=
??9
??=
?@;

8Q[\ohV^YV

7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7

7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7

7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 ?A?

B`Yb_[ \YcVaQcdal 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 ?A@
@aVU]Vc^lZ d[QXQcV\m 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 ?B:

HQbcm B

@QaQUYT]l S ]li\V^YY
`a_TaQ]]YbcQ
B7:7 8QTQU_h^_V b\_S_ ‫`ݷ‬QaQUYT]Q‫ݷ‬
B `_]_jmo `VaSlf USdf c_]_S ^QiVZ [^YTY hYcQcV\m5 ]_W^_ ^Q6
UVpcmbp5 _bS_Y\ QXl `a_TaQ]]Ya_SQ^Yp ^Q `aY]VaV @Qb[Q\p5 b_XUQ^YV
`a_TaQ]] ^Q da_S^V ]QiY^^lf [_]Q^U 1^Q pXl[V QbbV]R\VaQ25 dX^Q\
pXl[ BY Y5 ^Q[_^Vg5 ^QdhY\bp SXQY]_UVZbcS_SQcm b _`VaQgY_^^_Z bYbcV6
]_Z ^Q da_S^V bYbcV]^lf SlX_S_S7 >QbcQ\_ SaV]p `aYX^Qcm5 hc_ U_ bVZ
`_al ]l aQbb]QcaYSQ\Y `a_TaQ]]Ya_SQ^YV \Yim b _U^_Z bc_a_^l ‑
‫ݷ‬b^YXd‫ݷ‬7
9bc_aYhVb[Y ‫ݷ‬pXl[Q]Y Slb_[_T_ da_S^p‫^ ݷ‬QXlSQ\Ybm \oRlV pXl[Y
`a_TaQ]]Ya_SQ^Yp5 _c\Yh^lV _c pXl[Q QbbV]R\VaQ5 c_ Vbcm ^V caVRdo6
jYV aQR_cQcm ^Q da_S^V ]QiY^^lf [_]Q^U7 CV SaV]V^Q UQS^_ `a_i\Y7
PXl[ BY5 `_pSYSiYZbp5 [Q[ ]l X^QV]5 S [QhVbcSV Q\mcVa^QcYSl pXl[Q]
QbbV]R\VaQ5 `_XS_\pVc [_^ca_\Ya_SQcm [_]`mocVa `aQ[cYhVb[Y bc_\m
WV W‫ݷ‬bc[_5 [Q[ Y pS^_V XQUQ^YV `_b\VU_SQcV\m^_bcVZ ]QiY^^lf [_6
]Q^U5 Q U\p b_SbV] b`VgYeYhVb[Yf b\dhQVS Sa_UV c_hV[ b_`aY[_b^_SV6
^Yp ]VWUd pUa_] ?B Y `_\mX_SQcV\mb[Y]Y `a_TaQ]]Q]Y BY U_`db[QVc
[_]`_^_S[d `a_TaQ]]l b ]_Ud\p]Y5 ^Q`YbQ^^l]Y ‫^ݷ‬Q QbbV]R\VaV‫ݷ‬5 Y
QbbV]R\Va^lV SbcQS[Y ^V`_baVUbcSV^^_ S cV[bc ^Q bQ]_] BY7 3^V Sbp6
[_T_ b_]^V^Yp pXl[ BY `_ bS_VZ bdj^_bcY ^Q]^_T_ R\YWV [ QbbV]R\V6
aQ]5 ^VWV\Y [_ SbVS_X]_W^l] pXl[Q]5 b[alSQojY] _c `a_TaQ]]YbcQ
dbca_ZbcS_ [_]`mocVaQ5 cQ[Y] [Q[ FQb[V\m Y\Y UQWV 5WQSQ5 L3 Y P?D
`a_TaQ]]Ya_SQ^YV ^Q hYbc_] BY b\VUdVc bhYcQcm ^YX[_da_S^VSl]5 [Q[
Y aQR_cd ^Q pXl[Qf QbbV]R\VaQ ‑ BY \Yim b^YWQVc cadU_‫_[]ݷ‬bcm5 ^_
^V S_XS_UYc ^Y[Q[Yf `aV`pcbcSYZ ]VWUd `a_TaQ]]Ybc_] Y ]QiY^_Z5
cQ[ hc_ _^5 [Q[ ]l _RbdWUQ\Y5 ^V `a_bc_ T_UYcbp U\p b_XUQ^Yp pUVa

:9

@QaQUYT]l S ]li\V^YY `a_TaQ]]YbcQ

_`VaQgY_^^lf bYbcV] Y `a_iYS_[ ]Y[a_[_^ca_\\Va_S 1cQ[ ^QXlSQV]_6
T_ ‫`ݷ‬a_TaQ]]Ya_SQ^Yp ^Q T_\_] WV\VXV‫ݷ‬25 ^_ Y _bcQ‫ݷ‬cbp S nc_Z _R\QbcY
VUY^bcSV^^_Z Q\mcVa^QcYS_Z QbbV]R\Va^_]d `a_TaQ]]Ya_SQ^Yo7 6b\Y
WV T_S_aYcm _ b_XUQ^YY `a_TaQ]]5 `aVU^QX^QhV^^lf U\p aQR_cl `_U
d`aQS\V^YV] ?B 1Q ]l XQ^Y]Q\Ybm Y b_RYaQV]bp UQ\miV XQ^Y]Qcmbp
c_\m[_ ncY]5 ^Q`YbQ^YV ^_S_Z _`VaQgY_^[Y S ^QiY `\Q^l ^V Sf_UYc2 ‑
c_ XUVbm ‫ݷ‬S bQ]_] ^YXd‫[_ ݷ‬QXlSQVcbp da_SV^m bYbcV]^lf SlX_S_S pU6
aQ5 ^VS_X]_W^_ _`dbcYcmbp ‫ݷ‬Vj‫^ ݷ‬YWV‫ݷ‬7 B\VU_SQcV\m^_5 Sb‫ݷ‬5 hV] ]l
XQ^Y]Q\Ybm5 _bSQYSQp S_ Sc_a_] c_]V ]QcVaYQ\ hQbcVZ b `pc_Z `_ bVUm6
]do5 c_WV _c^_bYcbp [ ^YX[_da_S^VS_]d `a_TaQ]]Ya_SQ^Yo5 ^d Q S
S_bm]_Z hQbcY5 `_bSpj‫_^^ݷ‬Z S^dcaV^^V]d dbca_ZbcSd pUaQ5 ]l ^V `a_6
TaQ]]Ya_SQ\Y5 ^_ YXdhQ\Y `aY nc_]5 [Q[ aQR_cQVc pUa_ ‑ `a_TaQ]]Q5
^YWV [_c_a_Z c_\m[_ bQ] [_]`mocVa7 @_\dhQVcbp5 hc_ `_ ]V^miVZ ]V6
aV b caVcVZ hQbcY ^QiVZ [^YTY Y U_ [_^gQ Sc_a_T_ c_]Q ]l UQWV ^V
`lcQ\Ybm aQbb]QcaYSQcm `a_TaQ]]Ya_SQ^YV S UadT_Z VT_ Y`_bcQbY ‑
Slb_[_da_S^VS_V7
Hdcm b\_W^VV bYcdQgYp b pXl[_] @Qb[Q\m5 ^Q `aY]VaV [_c_a_T_ ]l
`a_Y\\obcaYa_SQ\Y RQX_SlV `aY^gY`l b_XUQ^Yp `a_TaQ]]D @Qb[Q\m
SbVTUQ bhYcQ\bp pXl[_] Slb_[_T_ da_S^p5 ^_ Y `aY aQR_cV ^Q nc_] pXl6
[V ]l c_h^_ X^QV]5 ^Q`aY]Va5 hc_ `VaV]V^^Qp Vbcm ^V hc_ Y^_V5 [Q[
_R\Qbcm `Q]pcY5 ^Q] U_bcd`^Q `ap]Qp aQR_cQ b d[QXQcV\p]Y5 hc_ c_WV
`_UaQXd]VSQVc ^Q\YhYV `Q]pcY S e_^^VZ]Q^_Sb[_] b]lb\V5 UQ Y cQ[Qp
1^l^V dWV b_SbV] `aYSlh^Qp hYcQcV\o2 SVjm5 [Q[ `aYbSQYSQ^YV5 Vb\Y
`aYT\pUVcmbp5 _Rdb\_S\V^Q Yb`_\mX_SQ^YV] ]QiY^l e_^ >VZ]Q^Q [Q[
RQX_S_T_ SlhYb\YcV\p7
>YX[_da_S^VS_V `a_TaQ]]Ya_SQ^YV `_UaQXd]VSQVc5 hc_ S `a_gVbbV
b_XUQ^Yp `a_TaQ]]l ]l ^V c_\m[_ `_]^Y]5 [Q[ dbca_V^ [_]`mocVa5
^_ Y Q[cYS^_ Yb`_\mXdV] nc_ X^Q^YV5 hc_Rl bUV\Qcm `a_TaQ]]d neeV[6
cYS^VV Y\Y aQbiYaYcm V‫ ݷ‬S_X]_W^_bcY7 6b\Y T_S_aYcm _ ‫ݷ‬bYbcV]^_]
`a_TaQ]]Ya_SQ^YY‫ݷ‬5 c_ _Rlh^_ `_U cQ[_Sl] `_UaQXd]VSQoc b_XUQ^YV
`a_TaQ]]5 [_c_alV RdUdc _Rb\dWYSQcm UadTYV `a_TaQ]]l7 9^QhV T_6
S_ap5 bYbcV]^lV `a_TaQ]]l ^Q`ap]do ^V `aVU^QX^QhV^l U\p aViV6
^Yp `a_R\V]5 Y]VojYfbp d [_^Vh^_T_ `_\mX_SQcV\p5 c_ Vbcm cQ[Yf `a_6
R\V]5 [_c_alV bQ]Y `_ bVRV ^V bSpXQ^l b [_]`mocVa_]D `aVU^QX^QhV^YV
bYbcV]^lf `a_TaQ]] b[_aVV S c_]5 hc_Rl d`a_bcYcm WYX^m `a_TaQ]6
]YbcQ] Y `a_hY] [_]`mocVa^l] `a_eVbbY_^Q\Q] ‑ b Yf `_]_jmo
_Rb\dWYSQoc UadTYV `a_TaQ]]l Y bQ]Y [_]`mocVal7
8UVbm b\VUdVc _c]VcYcm USQ ]_]V^cQ7 3_6`VaSlf5 `a_TaQ]]l5 _R6
b\dWYSQojYV [_]`mocVa5 S R_\miY^bcSV b\dhQVS U_\W^l Rlcm ^Q`Y6
bQ^l b dh‫ݷ‬c_] c_T_5 [Q[ nc_c [_]`mocVa dbca_V^7 3_6Sc_alf5 _c c_T_5
^Qb[_\m[_ neeV[cYS^_ ^Q`YbQ^Q bYbcV]^Qp `a_TaQ]]Q5 ]_WVc XQSY6
bVcm [QhVbcS_ aQR_cl ]^_TYf `aY[\QU^lf `a_TaQ]]5 Q Y^_TUQ Y S__R6
jV SbVf ‑ [Q[ S b\dhQV b pUa_] _`VaQgY_^^_Z bYbcV]l5 [_c_a_V5 [_6

‫ ݷ‬B7:7 8QTQU_h^_V b\_S_ ‫`ݷ‬QaQUYT]Q‫ݷ‬

::

^Vh^_5 c_WV `aVUbcQS\pVc b_R_Z bYbcV]^do `a_TaQ]]dD ^d Q U_RYcmbp
Slb_[_Z neeV[cYS^_bcY5 ^V dhYclSQp dbca_ZbcS_ [_]`mocVaQ5 `aQ[cY6
hVb[Y ^VS_X]_W^_7 @_nc_]d hQjV SbVT_ bYbcV]^_V `a_TaQ]]Ya_SQ^YV
`_UaQXd]VSQVc5 hc_ aQR_cQ RdUVc `a_f_UYcm ^Q ^YX[_] da_S^V7
3 _R\QbcY `aY[\QU^_T_ `a_TaQ]]Ya_SQ^Yp Sb‫^ ݷ‬V cQ[ W‫ݷ‬bc[_7
@aY b_XUQ^YY `aY[\QU^lf `a_TaQ]] XQhQbcdo neeV[cYS^_bcm `a_6
TaQ]]l ‑ b[_a_bcm V‫ ݷ‬aQR_cl Y8Y\Y [_\YhVbcS_ XQ^Y]QV]_Z Vo `Q6
]pcY ‑ _[QXlSQVcbp eQ[c_a_] ^V bc_\m SQW^l]5 [Q[ cadU_XQcaQcl
^Q b_XUQ^YV `a_TaQ]]l Y\Y5 b[QWV]5 SaV]p5 [_c_a_V `a_f_UYc _c ^Q6
hQ\Q aQXaQR_c[Y U_ `_pS\V^Yp T_c_S_T_ Y^bcad]V^cQ7 2_\miV c_T_5 S
apUV b\dhQVS neeV[cYS^_bcm `_ SaV]V^Y Sl`_\^V^Yp S__RjV ^Y[_T_
^V S_\^dVcC ^Q`aY]Va5 `a_TaQ]]Q5 SVUdjQp UYQ\_T b `_\mX_SQcV\V]5
_Rlh^_ ^V ]_WVc ‫`ݷ‬VaVc_a]_XYcm‫\_` ݷ‬mX_SQcV\p5 UQWV Vb\Y _^Q ^Q`Y6
bQ^Q [Q[ `_`Q\_ 1S`a_hV]5 nc_ b_SVaiV^^_ ^V `_S_U `YbQcm `a_TaQ]]l
[Q[ `_`Q\_27
CQ[ Y\Y Y^QhV5 S `aY[\QU^_] `a_TaQ]]Ya_SQ^YY caVR_SQ^Yp [ ne6
eV[cYS^_bcY `a_TaQ]] S baVU^V] ^V bc_\m W‫ݷ‬bc[YV5 [Q[ S `a_TaQ]6
]Ya_SQ^YY bYbcV]^_]5 cQ[ hc_ `a_TaQ]]Ybc ]_WVc `_XS_\Ycm bVRV _c6
S\Vhmbp _c ]lb\VZ _R dbca_ZbcSV [_]`mocVaQ5 hc_Rl b_baVU_c_hYcmbp
^Q c_]5 [Q[ `a_jV5 [_a_hV Y\Y `_^pc^VV S_`\_cYcm S SYUV `a_TaQ]6
]l bS_‫` ݷ‬aVUbcQS\V^YV5 hc
_ ncQ `a_TaQ]]Q U_\W^Q UV\Qcm7 =li\V^YV
SlalSQVcbp ^Q bS_R_Ud YX cVf^_\_TYhVb[_Z [\Vc[Y5 `_bca_V^^_Z YX _b_6
RV^^_bcVZ ]QiY^l e_^ >VZ]Q^Q5 Y Sb[_aV `_b\V nc_T_ ]l b dUYS\V^YV]
_R^QadWYSQV]5 hc_ _ `a_TaQ]]V ]_W^_ Ud]Qcm `_6UadT_]d7
3Vbm caVcYZ 1Y `_b\VU^YZ2 c_] ^QiVZ [^YTY RdUVc `_bSpj‫ ^ݷ‬cQ[ ^Q6
XlSQV]l] `QaQUYT]Q] `a_TaQ]]Ya_SQ^Yp5 ^QhY^Qp b TY`Va`_`d6
\pa^_T_ ^l^hV _RkV[c^_6_aYV^cYa_SQ^^_T_ `a_TaQ]]Ya_SQ^Yp
Y XQ[Q^hYSQp cQ[Y]Y n[X_cYhVb[Y]Y ]_UV\p]Y5 S [_c_alf5 ^Q`aY]Va5
`aYSlh^lV ^Q] `VaV]V^^lV ^V Y]Voc ^YhVT_ _RjVT_ b _R\Qbcp]Y `Q6
]pcY5 Q c_ Y S_SbV [dUQ6c_ YbhVXQocD ]l dSYUY]5 hc_ `a_TaQ]]Ya_SQcm
]_W^_ RVX `aYbSQYSQ^YZ5 RVX gY[\_S5 Q bQ]Q `a_TaQ]]Q b_SVaiV^^_ ^V
_RpXQ^Q Rlcm `_b\VU_SQcV\m^_bcmo `aY[QX_S5 [ hV]d ]l dWV db`V\Y
`aYSl[^dcm7
2l\_ Rl _iYR[_Z XQpSYcm5 hc_ ]^_T__RaQXYV `QaQUYT] `a_TaQ]6
]Ya_SQ^Yp ]_WVc bdjVbcS_SQcm \Yim S `aY[\QU^_] `a_TaQ]]Ya_6
SQ^YY7 AQ^VV ]l Q[cYS^_ Yb`_\mX_SQ\Y aV[dabYo5 [_c_aQp `aVU6
bcQS\pVc b_R_Z faVbc_]QcYZ^lZ `aY]Va hQbc^_Z `QaQUYT]l7 9XdhQp
[_]`mocVa^lV bVcY5 ]l `aY b_XUQ^YY ]LY6bVaSVaQ bc_\[^d\Ybm b
b_RlcYZ^_6d`aQS\pV]l] `a_TaQ]]Ya_SQ^YV] Y `a_TaQ]]Ya_6
SQ^YV] S cVa]Y^Qf pS^lf b_bc_p^YZD nc_ c_WV `QaQUYT]l5 ^_ R_\VV
_RjYV5 b`_b_R^lV _fSQcYcm Sbo `a_TaQ]]d5 Q ^V [Q[_Z6c_ V‫_ ݷ‬cUV\m6
^lZ eaQT]V^c7 ?cUV\m^do hQbcm ^QiVZ [^YTY ]l `_bSpcY\Y `QaQ\6
\V\m^_]d `a_TaQ]]Ya_SQ^YoD f_cp ]l Y `lcQ\Ybm dRVUYcm hYcQ6

:;

@QaQUYT]l S ]li\V^YY `a_TaQ]]YbcQ

cV\p _c^VbcYbm [ b__cSVcbcSdojY] Y^bcad]V^cQ] b _bc_a_W^_bcmo Y
S__RjV `_ S_X]_W^_bcY ^V `aY]V^pcm Yf5 `aYf_UYcbp `aYX^Qcm5 hc_5
^Q`aY]Va5 S pUaV _`VaQgY_^^_Z bYbcV]l `QaQ\\V\m^_V `a_TaQ]]Ya_6
SQ^YV b_SVaiV^^_ ^VYXRVW^_ ‑ Y5 [bcQcY5 Y]V^^_ `_ nc_Z `aYhY^V ]l
aQbb]QcaYSQ\Y VT_ bc_\m `_Ua_R^_5 `aVWUV hV] `VaVZcY [ _`YbQ^Yo
S^dcaV^^VT_ dbca_ZbcSQ pUaQ7 =VWUd cV] `QaQ\\V\m^_V `a_TaQ]]Ya_6
SQ^YV ‑ nc_ c_WV5 ^Vb_]^V^^_5 `QaQUYT]Q5 SVUm _^_ caVRdVc b_SVaiV^^_
_b_R_T_ bcY\p ]li\V^Yp7
;Q[ ]l dSYUY] hdcm `_XWV5 UQWV cQ[YV `_f_WYV UadT ^Q UadTQ
pXl[Y `a_TaQ]]Ya_SQ^Yp5 [Q[ @Qb[Q\m Y BY5 ^Q bQ]_] UV\V S_ ]^_T_]
aVX[_ _c\YhQocbp UadT _c UadTQ bS_Y] S\Yp^YV] ^Q ]li\V^YV `a_6
TaQ]]YbcQ7 CV] ^V ]V^VV S bYbcV]^_] `a_TaQ]]Ya_SQ^YY SlR_a `QaQ6
UYT] Sb‫ ݷ‬WV _TaQ^YhV^ caVR_SQ^Yp]Y5 `aVUkpS\pV]l]Y [ `a_TaQ]]Q]7
@aY[\QU^lV XQUQhY S nc_] `\Q^V ^Q]^_T_ ]pThV5 Q `aY]V^V^YV n[X_cY6
hVb[Yf `QaQUYT] Y pXl[_S `a_TaQ]]Ya_SQ^Yp S apUV b\dhQVS b`_b_R^_
S aQXl 112 b^YXYcm cadU_XQcaQcl7
;a_]V c_T_5 YXdhV^YV Q\mcVa^QcYS^lf bcY\VZ ]li\V^Yp b`_b_R6
bcSdVc aQXSYcYo ]_XTQ S ^dW^_] ^Q`aQS\V^YY Y `_SliQVc _Rjdo TYR6
[_bcm Y^cV\\V[cdQ\m^_T_ Q``QaQcQ5 hc_ gV^^_ bQ]_ `_ bVRV5 UQWV Vb6
\Y _hVaVU^Qp _bS_V^^Qp `QaQUYT]Q ^V RdUVc `aY]V^pcmbp ^Q `aQ[cY[V7
CQ[ Y\Y Y^QhV5 d]V^YV _b]lb\YSQcm _U^d Y cd WV `a_R\V]d aQX^l]Y
b`_b_RQ]Y _[QXlSQVcbp _hV^m `_\VX^_ Y `_SliQVc _Rjdo gV^^_bcm b`V6
gYQ\YbcQ VUSQ \Y ^V S \oR_Z _R\QbcY5 Q S `a_TaQ]]Ya_SQ^YY5 `_WQ\dZ5
_b_RV^^_7

B7:7:7 CVa]Y^_\_TYhVb[YV cadU^_bcY
B cVa]Y^_] ‫`ݷ‬QaQUYT]Q `a_TaQ]]Ya_SQ^Yp‫] ݷ‬l dWV SbcaV6
hQ\Ybm7 3`VaSlV nc_ b\_S_b_hVcQ^YV `_pSY\_bm Vj‫ ݷ‬S_ SS_U6
^_Z hQbcY 1b]7 c7 :5 ‫ݷ‬:7ݷ‬7:7> eY\_b_eYo ^>9H5 ]l d`_]p6
^d\Y ‫ݷ‬d^YSVabQ\m^do `QaQUYT]d ‑Sb‫ ݷ‬Vbcm `_c_[ RQZc_S‑‫ݷ‬D S`a_hV]5 Y
^>9H6G1I [Q[ gV\_V5 Y _cUV\m^lV VT_ b_bcQS\pojYV c_WV S`_\^V ]_W^_
aQbb]QcaYSQcm [Q[ `QaQUYT]l5 f_cp Y ^V SbVTUQ Y]V^^_ [Q[ `QaQUYT6
]l `a_TaQ]]Ya_SQ^Yp ‑ cQ[5 `aY^gY` ‫[ݷ‬QWUQp `a_TaQ]]Q U_\W^Q
aViQcm _U^d XQUQhd5 Y aViQcm V‫ ݷ‬f_a_i_‫_ ݷ‬c^_bYcbp b[_aVV [ `a_V[cY6
a_SQ^Yo `a_TaQ]]^lf [_]`\V[b_S5 ^VWV\Y [ `a_gVbbd b_XUQ^Yp bQ]Yf
`a_TaQ]]7
9X b_bcQS\pojYf `_^pcYp ^>9H6G1I bc_Yc _b_RV^^_ SlUV\Ycm `aY^6
gY` ‫ݷ‬Sb‫ ݷ‬Vbcm cV[bc‫ݷ‬7 BS_ZbcSQ cV[bc_S_T_ `aVUbcQS\V^Yp `a_YXS_\m6

‫ ݷ‬B7:7 8QTQU_h^_V b\_S_ ‫`ݷ‬QaQUYT]Q‫ݷ‬

:<

^_Z Y^e_a]QgYY Y [_^gV`cdQ\m^lV _c\YhYp nc_T_ `aVUbcQS\V^Yp _c
SbVf _bcQ\m^lf 1RY^Qa^lf 2 ]l aQbb]QcaYSQ\Y Vj‫ ݷ‬S_ SS_U^_Z hQbcY
1b]7 ‫ݷ‬:7=7?27 @_WQ\dZ5 bcaV]\V^YV `aVUbcQS\pcm S SYUV cV[bcQ \oRdo
Y^e_a]QgYo5 XQ Yb[\ohV^YV] cQ[_Z5 U\p [_c_a_Z nc_ `aVUbcQS\V^YV
b_SVaiV^^_ RVbb]lb\V^^_ 1`_b[_\m[d Sb‫ ݷ‬aQS^_ ^V bUV\QVc e_a]Qc `aY6
T_U^l] U\p hV\_SV[QD nc_ _gYea_SQ^^Qp Q^Q\_T_SQp Y^e_a]QgYp Sa_6
UV e_c_TaQeYZ5 QdUY_ Y SYUV_5 Q cQ[WV ]QiY^^lZ [_U5 bWQclV UQ^6
^lV Y XQiYea_SQ^^Qp Y^e_a]QgYp25 c_WV b\VUdVc bhYcQcm `QaQUYT6
]_Z5 f_cp Y ^V b_SbV] `QaQUYT]_Z `a_TaQ]]Ya_SQ^Yp7 6b\Y cQ[ ]_W^_
SlaQXYcmbp5 cV[bc_SlV UQ^^lV ‑ nc_ _b_RQp S bS_‫ ]ݷ‬a_UV `QaQUYT]Q
[_]`mocVa^_T_ `aVUbcQS\V^Yp Y^e_a]QgYY7
@_XU^VV5 S ‫?ݷ‬7=7@5 cVa]Y^ ‫`ݷ‬QaQUYT]Q‫ ݷ‬Rl\ `aY]V^‫ [ ^ݷ‬b_RlcYZ6
^_6d`aQS\pV]_]d b`_b_Rd `_bca_V^Yp `a_TaQ]]l5 `aY [_c_a_]5 [Q[
]l `_]^Y]5 S `a_TaQ]]V Y]VVcbp T\QS^lZ gY[\5 _U^Q VT_ YcVaQgYp
b__cSVcbcSdVc ^Qbcd`\V^Yo ^V[_VT_ b_RlcYp YX _`aVUV\‫_^^ݷ‬T_ ]^_WV6
bcSQ5 Q SbV UVZbcSYp `a_TaQ]]l `_bca_V^l [Q[ aVQ[gYp ^Q b_RlcYVD
bQ] T\QS^lZ gY[\ 1c_h^VV5 VT_ cV\_2 UV\Ycbp ^Q USV bcQUYYC SlR_a[Q
b_RlcYp Y _RaQR_c[Q b_RlcYp7
3bp hQbcm _RR ^QiVZ [^YTY Rl\Q `_bSpjV^Q `QaQ\\V\m^_]d `a_6
TaQ]]Ya_SQ^Yo5 f_cp b VT_ n\V]V^cQ]Y ]l bc_\[^d\Ybm aQ^miV ‑
`aY YXdhV^YY d`aQS\V^Yp `a_gVbbQ]Y7 @QaQ\\V\m^_V `a_TaQ]]Ya_SQ6
^YV c_WV _Rlh^_ bhYcQVcbp `QaQUYT]_Z5 f_cp S_ Sc_a_] c_]V ]l nc_T_
^V b[QXQ\YD S [QhVbcSV _cUV\m^_Z `QaQUYT]l ]_W^_ d`_]p^dcm Y aQR_6
cd b aQXUV\pV]l]Y UQ^^l]Y ‑ Y nc_ Y]V^^_ _cUV\m^Qp `QaQUYT]Q5
f_cp Y bSpXQ^^Qp b `QaQ\\V\m^l] `a_TaQ]]Ya_SQ^YV]7 5V\_ S c_]5 hc_
`QaQ\\V\m^_V `a_TaQ]]Ya_SQ^YV [Q[ cQ[_S_V ]_WVc `a_Ybf_UYcm Y RVX
aQXUV\pV]lf UQ^^lf ‑ ^Q`aY]Va5 Vb\Y `a_TaQ]]Q XQ`dbcYc ^Vb[_\m6
[_ `QaQ\\V\m^lf `a_gVbb_S5 [_c_alV RdUdc cadUYcmbp ^QU _U^_Z XQUQ6
hVZ5 ^_ _RjQcmbp `aY nc_] bcQ^dc hVaVX b_[Vcl Y\Y [Q^Q\lD S pXl[V
Na\Q^T `QaQ\\V\m^_V `a_TaQ]]Ya_SQ^YV bhYcQVcbp _b^_S^_Z `QaQUYT6
]_Z5 ^_ aQXUV\pV]lf UQ^^lf cQ] ^Vc Y Rlcm ^V ]_WVc5 `_b[_\m[d ^Vc
T\_RQ\m^lf `VaV]V^^lf7 B UadT_Z bc_a_^l5 Vb\Y aQXUV\pV]lV UQ^^lV
^Qf_Upcbp ^V S `Q]pcY5 Q S eQZ\Qf ^Q UYb[V5 Y U_bcd` [ ^Y] Y]Voc
^V ^Vb[_\m[_ `a_gVbb_S5 _c^_bpjYfbp [ _U^_Z `a_TaQ]]V5 Q ^Vb[_\m6
[_ ^VXQSYbY]lf `a_TaQ]] ‑ c_ ^Y _ [Q[_Z `QaQUYT]V `QaQ\\V\m^_T_
`a_TaQ]]Ya_SQ^Yp aVhY dWV ^V YU‫ݷ‬c7 CQ[Y] _RaQX_]5 ncY USV `QaQ6
UYT]l ‑ `QaQ\\V\m^_V `a_TaQ]]Ya_SQ^YV Y aQXUV\pV]lV UQ^^lV ‑
S`_\^V b`_b_R^l bdjVbcS_SQcm UadT RVX UadTQ7
=_W^_ Vj‫ ݷ‬U_RQSYcm5 hc_ ^V_U^_[aQc^_ Yb`_\mX_SQSiQpbp ^Q]Y aV6
[dabYp ‑ nc_ c_WV `QaQUYT]Q5 f_cp Y ^Vb[_\m[_ UadT_T_ b_acQD `a_6
R\V]Q S c_]5 hc_ Sb‫ ݷ‬nc_ ^V b\Yi[_] `aYR\YWQVc ^Qb [ _cSVcd ^Q _UY^
`a_bc_Z S_`a_bC Q hc_ cQ[_V5 b_RbcSV^^_ T_S_ap5 ‫`ݷ‬QaQUYT]Q `a_TaQ]6
]Ya_SQ^Yp‫ݷ‬H 9X [_^cV[bc_S5 S [_c_alf ]l aQ^VV d`_]Y^Q\Y nc_c XQ6

:=

@QaQUYT]l S ]li\V^YY `a_TaQ]]YbcQ

TQU_h^lZ cVa]Y^5 ]_W^_ U_TQUQcmbp5 hc_ `aY ^Q\YhYY `aY^gY`YQ\m6
^_ aQX^lf b`_b_R_S aViV^Yp _U^_Z Y c_Z WV XQUQhY TUV6c_ apU_] b
ncY]Y b`_b_RQ]Y [Q[ aQX Y aQb`_\QTQocbp `QaQUYT]lD R_\miV c_T_5
bdjVbcSdoc pXl[Y `a_TaQ]]Ya_SQ^Yp5 b_SbV] ^V `_f_WYV ^Q cV5 hc_
]l aQbb]QcaYSQ\Y U_ bYf `_a5 Y _^Y c_ \Y bcY]d\Yadoc Y^lV b`_b_Rl
]li\V^Yp5 c_ \Y caVRdoc _c `a_TaQ]]YbcQ d]Vcm ]lb\Ycm Y^QhV5 Y
nc_ c_WV Y]VVc _c^_iV^YV [ `QaQUYT]Q]7 3b‫ ݷ‬nc_ cQ[ Y Vbcm5 ^_ [_\m
b[_a_ ]l b_RYaQV]bp ^Q ^V[_c_a_V SaV]p 1U_ [_^gQ [^YTY2 bUV\Qcm `Q6
aQUYT]l `a_TaQ]]Ya_SQ^Yp `aVU]Vc_] YXdhV^Yp5 bc_Yc5 `_6SYUY]_]d5
Sb‫ݷ‬6cQ[Y `_^pcm5 hc
_ WV nc_ XQ `aVU]Vc5 Y b]dc^lV _jdjV^Yp YX bVaYY
‫ݷ‬TUV6c_ cQ] apU_]‫^ ݷ‬Qb ^V dbca_pc7
AQbb]QcaYSQp cVa]Y^ ‫`ݷ‬QaQUYT]Q `a_TaQ]]Ya_SQ^Yp‫ ݷ‬R_\VV S^Y6
]QcV\m^_5 ]l ]_WV] _R^QadWYcm5 hc_ UQWV baVUY QSc_a_S5 `_bSpcYS6
iYf `QaQUYT]Q] `a_TaQ]]Ya_SQ^Yp bcQcmY Y ]_^_TaQeYY5 ^Vc dSVaV^6
^_T_ b_T\QbYp S c_]5 hc_ bhYcQcm `QaQUYT]Q]Y5 Q hc_ ^V bhYcQcm7 CQ[5
A_RVac E\_ZU S bS_VZ \V[gYY d;f ^QXlSQVc S [QhVbcSV `aY]VaQ `QaQ6
UYT]l f_a_i_ YXSVbc^_V ^Q] bcad[cda^_V `a_TaQ]]Ya_SQ^YV 1b]7 c7 :5
‫;ݷ‬7=7:2D `aY nc_] UadTYV QSc_al 1b]75 ^Q`aY]Va5 d=f2 `aVU`_hYcQoc bhY6
cQcm5 hc_ bcad[cda^_V `a_TaQ]]Ya_SQ^YV [ hYb\d `QaQUYT] `a_TaQ]6
]Ya_SQ^Yp ^V _c^_bYcbp7 Pb^_5 hc_ _ bca_T_] _`aVUV\V^YY cQ[_T_ cVa6
]Y^Q Y aVhY Rlcm ^V ]_WVc5 f_cp ]^_TYV QSc_al cQ[YV _`aVUV\V^Yp
UQSQcm `lcQ\Ybm7 @_\dhY\_bm5 `ap]_ b[QWV]5 cQ[ bVRVC _`aVUV\V^Yp5
SXpclV YX aQX^lf aQR_c5 `a_cYS_aVhQc UadT UadTd5 Y SU_RQS_[ `_^pcm
Yf 1`aQ[cYhVb[Y SbV2 ]_W^_ aQXSV hc_ dWV X^Qp5 hc_ cQ[_V `QaQUYT]Q7
HQbc_ 1Y _c^oUm ^V c_\m[_ S `a_TaQ]]Ya_SQ^YY2 aViYcm `a_R\V]d
`_]_TQVc _RbdWUV^YV5 _c[dUQ _^Q SXp\Qbm Y XQhV] V‫^ ݷ‬dW^_ aViQcm5
c_ Vbcm hc_ ]l `_\dhY]5 aViYS `a_R\V]d5 Y\Y WV5 [ `aY]Vad5 hc_ ^Q]
]ViQVc _bcQSYcm `a_R\V]d RVX aViV^Yp7 @_`a_RdV] cQ[ `_bcd`Ycm Y
]lC `_`lcQV]bp U\p ^QhQ\Q `_^pcm5 `_ [Q[Y] cQ[Y] `aYhY^Q] ]l ^V
]_WV] UQ\VV _R_ZcYbm RVX XQTQU_h^_T_ b\_SQ ‫`ݷ‬QaQUYT]Q‫ ݷ‬Y hc_ _^_
^Q] UQbc7

B7:7;7 @QaQUYT]l S^V `a_TaQ]]Ya_SQ^Yp
B\_S_ ‫`ݷ‬QaQUYT]Q‫ ݷ‬XQY]bcS_SQ^_ YX TaVhVb[_T_ pXl[QD _aYTY^Q\m6
^_V TaVhVb[_V 𝜋𝛼𝜌𝛼𝛿𝜖𝜄𝛾𝜇𝛼 ]_W^_ `VaVSVbcY [Q[ `aY]Va Y\Y ]_UV\m5
^_ ^Y c_c5 ^Y UadT_Z `VaVS_U ^V `VaVUQ‫ݷ‬c ^Qbc_pjVT_ b]lb\Q 1hc_
Y `_^pc^_C Y^QhV XQhV] ^Q] `_caVR_SQ\_bm Rl b\_S_ ‫`ݷ‬QaQUYT]Q‫ ݷ‬S
adbb[Yf cV[bcQf5 Q aQS^_ Y S Q^T\YZb[Yf27 BS_Y] b_SaV]V^^l] X^Q6
hV^YV] S ^Qdh^_6cVf^YhVb[_] [_^cV[bcV cVa]Y^ ‫`ݷ‬QaQUYT]Q‫_ ݷ‬RpXQ^5
`_6SYUY]_]d5 C_]Qbd ;d^d Y VT_ [^YTV ‫ݷ‬Bcad[cdaQ ^Qdh^lf aVS_\o6
gYZ‫ ݷ‬d>f5 TUV `QaQUYT]Q]Y ^QXlSQ\Ybm dbc_pSiYVbp bYbcV]l ^Qdh^lf
SXT\pU_S5 S aQ][Qf [_c_alf SVUdcbp Ybb\VU_SQ^Yp7 B_T\Qb^_ ;d^d5 S
`a_gVbbV aQXSYcYp ^Qdh^_Z UYbgY`\Y^l ]_WVc `a_YX_ZcY XQ]V^Q _U^_Z

‫ ݷ‬B7:7 8QTQU_h^_V b\_S_ ‫`ݷ‬QaQUYT]Q‫ݷ‬

:>

`QaQUYT]l ^Q UadTdo ‑ [Q[5 ^Q`aY]Va5 TV_gV^caYhVb[Qp ^VRVb^Qp ]V6
fQ^Y[Q @c_\V]Vp b]V^Y\Qbm TV\Y_gV^caYhVb[_Z bYbcV]_Z ;_`Va^Y[Q5
Q cV_aYp e\_TYbc_^Q dbcd`Y\Q ]Vbc_ b_SaV]V^^_Z ^V_aTQ^YhVb[_Z fY6
]YY5 _b^_SQ^^_Z ^Q _[Yb\YcV\m^lf Y S_bbcQ^_SYcV\m^lf aVQ[gYpf5 ‑
`aY nc_] bcQaQp `QaQUYT]Q `a_U_\WQVc Vj‫^ ݷ‬V[_c_a_V SaV]p bdjVbcS_6
SQcm Y UQWV aQXSYSQcmbp5 `_b[_\m[d V‫ ݷ‬bc_a_^^Y[Y `_ cV] Y\Y Y^l]
`aYhY^Q] ^V ]_Tdc Y\Y ^V f_cpc `VaVbcaQYSQcmbp U\p aQR_cl S UadT_Z
`QaQUYT]V7
5_bcQc_h^_ `_`d\pa^_ b\_S_ ‫`ݷ‬QaQUYT]Q‫ ݷ‬Y d Td]Q^YcQa^lf ]lb6
\YcV\VZ5 S _b_RV^^_bcY d cVf5 [c_ aQbbdWUQVc _ hV\_SVhVb[_] _RjVbcSV
Y `a_gVbbQf S ^‫]ݷ‬C hYcQcV\m ^QSVa^p[Q b]_WVc `aY`_]^Ycm5 hc_ b\_S_6
b_hVcQ^YV ‫ݷ‬b]V^Q `QaQUYT]‫ ݷ‬S `aY]V^V^YY [ b_gYQ\m^_6`_\YcYhVb[Y]
pS\V^Yp] V]d ^V aQX `_`QUQ\_bm7 ?c]VcY]5 hc_ _aQc_al5 XQpS\po6
jYV b aQX^__RaQX^lf caYRd^ _ ‫^ݷ‬QXaVSiVZ ^V_Rf_UY]_bcY b]V^l `Q6
aQUYT]‫ݷ‬5 UQ\V[_ ^V SbVTUQ bQ]Y ]_Tdc _Rkpb^Ycm5 _ h‫]ݷ‬5 b_RbcSV^^_
T_S_ap5 YU‫ݷ‬c aVhm7
3^Y]QcV\m^_ aQbb]_caVS SbVS_X]_W^lV [_^cV[bcl5 S [_c_alf QSc_6
al bQ]lf aQX^lf cV[bc_S d`_caVR\poc b\_S_ ‫`ݷ‬QaQUYT]Q‫ݷ‬5 ]l ]_WV]
XQ]VcYcm5 hc_ aVhm S R_\miY^bcSV b\dhQVS YU‫ݷ‬c ^V _ [Q[Yf6c_ _RkV[cYS6
^lf pS\V^Ypf5 Q _ aQX\Yh^lf b`_b_RQf S_b`aYpcYp hV\_SV[_] 1\oUm]Y2
_U^_T_ Y c_T_ WV pS\V^Yp7 B]V^Q ^Qdh^lf `QaQUYT] `_ ;d^d ‑ nc_
`_bcV`V^^lZ `VaVf_U _c _U^_T_ `_Uf_UQ 1_Rkpb^V^Yp _RkV[cYS^_ bdjV6
bcSdojVT_ pS\V^Yp2 [ UadT_]d `_Uf_Ud5 _Rkpb^pojV]d c_ WV bQ]_V
pS\V^YV5 ^_ \dhiV 1S c_] Y\Y Y^_] b]lb\V27 ;_TUQ WV ]l b\liY] _
‫ݷ‬b]V^V `QaQUYT]‫_ ݷ‬c `_\YcY[_S5 _RjVbcS_SVU_S Y YWV b ^Y]Y5 aVhm5
[Q[ `aQSY\_5 YU‫ݷ‬c _ c_]5 hc_ ^dW^_ [Q[6c_ `_6^_S_]d _b]lb\Ycm `a_6
Ybf_UpjVV S _RjVbcSV5 `_USVaT^dcm aVSYXYY bS_Y 1`_\YcYhVb[YV Y\Y
eY\_b_eb[YV2 SXT\pUl ^Q b_gYQ\m^_6n[_^_]YhVb[YV aVQ\YY5 `_b[_\m6
[d bcQalZ SQaYQ^c ]li\V^Yp ^Qb 1Y\Y ‫ݷ‬Yf‫ݷ‬5 Y\Y Vj‫_[ ݷ‬T_6c_2 `_ c_Z
Y\Y UadT_Z `aYhY^V dbcaQYSQcm `VaVbcQ\7
;Q[ ]l dSYUY] `_XU^VV5 `_^Y]Q^YV ‫ݷ‬aQX\Yh^lf `QaQUYT]‫[ ݷ‬Q[ aQX6
\Yh^lf `_Uf_U_S [ _b]lb\V^Yo 1hV\_SV[_]2 _U^_T_ Y c_T_ WV pS\V^Yp
`aQ[cYhVb[Y YUVQ\m^_ `_Uf_UYc [ b\dhQo Y^cVaVbdojYf ^Qb `QaQUYT]
`a_TaQ]]Ya_SQ^Yp5 cQ[ hc_ Y]V^^_ nc_c SQaYQ^c _Rkpb^V^Yp b]lb\Q
b\_SQ ‫`ݷ‬QaQUYT]Q‫] ݷ‬l Y XQeY[bYadV] S a_\Y aQR_hVT_D ^_5 `aVWUV hV]
SVa^dcmbp [ ^QiV]d `aVU]Vcd ‑ `a_TaQ]]Ya_SQ^Yo ‑ `_`lcQV]bp U\p
R_\miVZ pb^_bcY `aYSVbcY ^Vb[_\m[_ _cS\Vh‫^^ݷ‬lf `aY]Va_S `QaQUYT]5
^V Y]VojYf [ `a_TaQ]]Ya_SQ^Yo ^Y[Q[_T_ _c^_iV^Yp7
@VaSlZ `aY]Va ^QSVa^p[Q f_a_i_ X^Q[_] SbV] hYcQcV\p] nc_Z [^Y6
TYC S VT_ a_\Y Slbcd`Yc ‫ݷ‬i[_\m^Qp‫ ݷ‬1c7 V7 n\V]V^cQa^Qp2 TV_]VcaYp7
9XSVbc^_5 hc_ c_h[Y5 `ap]lV Y `\_b[_bcY ‑ `VaSYh^lV _RkV[cl caQ6
UYgY_^^_Z VS[\YU_S_Z TV_]VcaYY ‑ `aVUbcQS\poc b_R_Z _cS\Vh‫^^ݷ‬lV
QRbcaQ[gYY5 ^V Y]VojYV ^Y[Q[_T_ _c^_iV^Yp [_ SbVS_X]_W^l] aYbd^6

:?

@QaQUYT]l S ]li\V^YY `a_TaQ]]YbcQ

[Q]5 hVacVWQ] Y `a_hY] SYXdQ\YXQgYp]5 [Q[ Y ^Q_R_a_cC [Q[ Rl ]l
^Y bcQaQ\Ybm YX_RaQXYcm ‫ݷ‬c_h[d‫^ ݷ‬Q Rd]QTV5 U_b[V Y\Y UadT_] ^_bY6
cV\V TaQeYhVb[_Z Y^e_a]QgYY5 `_\dhYcbp d ^Qb ^Y[Q[Qp ^V c_h[Q5 Q
`pc^_5 `aYc_] SbVTUQ ]_W^_ `_U_RaQcm U_bcQc_h^do bcV`V^m dSV\YhV6
^Yp5 hc_Rl nc_ `pc^_ _[QXQ\_bm Y]VojY] b_SVaiV^^_ ^V`aQSY\m^do5
TadRdo e_a]dD b `ap]l]Y UV\_ _Rbc_Yc Vj‫ ݷ‬fdWV5 SVUm YX_RaQXYcm
RVb[_^Vh^do `ap]do ]l ^Y[Q[ ^V ]_WV]5 [_TUQ WV UV\_ U_f_UYc U_
`\_b[_bcVZ5 \oRlV Y\\obcaQgYY bcQ^_Spcbp Vj‫ ݷ‬R_\VV db\_S^l]Y5 `_6
\QTQpbm ^Q S__RaQWV^YV XaYcV\p7 CQ[ Y\Y Y^QhV5 U_[QXlSQcm cV_aV]l
Y aViQcm XQUQhY `_ TV_]VcaYY ]_W^_5 S__RjV T_S_ap5 ^V `aYRVTQp ^Y
[ [Q[Y] aYbd^[Q]5 U\p nc_T_ U_bcQc_h^_ Y]Vcm e_a]d\Ya_S[Y Q[bY6
_] Y d]Vcm `_\mX_SQcmbp `aQSY\Q]Y \_TY[YD aYbd^[Y ^dW^l \Yim U\p
_R\VThV^Yp `_^Y]Q^Yp `a_Ybf_UpjVT_7 3bcaVhQocbp5 f_cp Y aVU[_5 \o6
UY5 S_b`aY^Y]QojYV TV_]VcaYo c_h^_ cQ[ WV5 [Q[ Q\TVRad Y ]^_TYV
UadTYV aQXUV\l ]QcV]QcY[Y5 S SYUV dcSVaWUV^YZ Y e_a]d\ ‑ Y RVX
Sbp[Yf aYbd^[_S7 @_b[_\m[d aVhm ^Q bQ]_] UV\V YU‫ݷ‬c _R _U^_] Y c_]
WV `aVU]VcV5 ]_W^_ b]V\_ XQpSYcm5 hc_ aQR_cQ b _RkV[cQ]Y i[_\m^_Z
TV_]VcaYY RVX `aY]V^V^Yp aYbd^[_S ‑ nc_ ^V hc_ Y^_V5 [Q[ `QaQUYT]Q5
[Q[5 S`a_hV]5 `QaQUYT]_Z b\VUdVc bhYcQcm Y caQUYgY_^^lZ `_Uf_U [
TV_]VcaYY5 `aVU`_\QTQojYZ Yb`_\mX_SQ^YV Y\\obcaQcYS^lf hVacVWVZ
Y nb[YX_S7
@aY R_\VV S^Y]QcV\m^_] SXT\pUV ^Q Sb‫ ݷ‬cd WV i[_\m^do TV_]Vc6
aYo ]_W^_ _R^QadWYcm5 hc_ Y b SYXdQ\YXQgYVZ V‫_ ݷ‬RkV[c_S Sb‫^ ݷ‬V cQ[
`a_bc_5 [Q[ [QWVcbpC c_h[Y5 `ap]lV Y `\_b[_bcY [QWUlZ hV\_SV[ ^Q
bQ]_] UV\V `aVUbcQS\pVc U\p bVRp `_6bS_V]d7 CQ[5 QSc_ad ncYf bca_[
`ap]lV SbVTUQ [QXQ\Ybm ncQ[Y]Y `_USViV^^l]Y S `a_bcaQ^bcSV ‫`ݷ‬ad6
cY[Q]Y‫_[ ݷ‬aYh^VS_T_ gSVcQD `aYhY^_Z c_]d bcQ\ Yb`_\mX_SQSiYZbp S
i[_\V S :BA96V T_Ul dhVR^Y[ TV_]VcaYY @_T_aV\_SQ5 S [_c_a_] Y\\o6
bcaQgYY Rl\Y ^Q`VhQcQ^l [_aYh^VS_Z [aQb[_Z7 @_\dhQVcbp5 hc_ [QW6
UlZ5 [c_ Y]VVc UV\_ b n\V]V^cQa^_Z TV_]VcaYVZ5 Yb`_\mXdVc U\p nc_T_5
bca_T_ T_S_ap5 bS_o b_RbcSV^^do `QaQUYT]d7 C_ WV bQ]_V ]_W^_ b[Q6
XQcm `a_ ]^_TYV UadTYV `aVU]Vc^lV _R\QbcYD SXpcm f_cp Rl d[QXQcV\Y5
^Q [_c_alV ]l `_caQcY\Y gV\do T\QSd `VaS_T_ c_]Q 1b]7 c7 :5 T\7 ‫;ݷ‬7:927
;Q[ `aQSY\_5 `aY YXdhV^YY _hVaVU^_T_ ^VcaYSYQ\m^_T_ `aVU]VcQ
dhV^Y[Q] `aYf_UYcbp bQ]_bc_pcV\m^_ YX_RaVcQcm U\p ^VT_ bS_o b_R6
bcSV^^do `QaQUYT]d7 3 R_\miY^bcSV b\dhQVS `aY nc_] ^Y bQ]Y dhV^Y6
[Y5 ^Y Yf dhYcV\p c_\[_] ^V _b_X^Qoc5 hc_ aVhm XUVbm Y bVZhQb YU‫ݷ‬c
_ e_a]Ya_SQ^YY S ]_XTd _RdhQV]_T_ ^_S_Z `QaQUYT]l5 cQ[ hc_ db`Vf
nc_T_ `a_gVbbQ U\p dhV^Y[Q _[QXlSQVcbp S R_\mi_Z bcV`V^Y `a_Ud[c_]
SVXV^Yp5 dhYcV\m WV d`_U_R\pVcbp \VTV^UQa^_]d Y^bcad[c_ad `_ `\Q6
SQ^Yo YX UaVS^VZ B`QaclC RVa‫ ]ݷ‬dhV^Y[Q Y [YUQV] S S_Ud5 Sl`\lSVc ‑
]_\_UVg5 gV\m U_bcYT^dcQ5 ^d Q dc_^Vc ‑ Y h‫ݷ‬ac b ^Y]7 AYb[^‫ ]ݷ‬XQpSYcm5
hc_ f_a_iYZ dhYcV\m S _b^_S^_] _c\YhQVcbp _c `\_f_T_ Y]V^^_ bS_VZ

‫ ݷ‬B7:7 8QTQU_h^_V b\_S_ ‫`ݷ‬QaQUYT]Q‫ݷ‬

:@

b`_b_R^_bcmo _[QXQcm dhV^Y[d UVZbcSV^^do `_]_jm S e_a]Ya_SQ^YY
`_Uf_UpjVZ `QaQUYT]l7
BUV\QV] cV`Vam ^V_WYUQ^^lZ eY^c Y _RaQcY]bp [ _R\QbcY b_SVa6
iV^^_ Y^_Z5 S_SbV ^Y[Q[ ^V bSpXQ^^_Z ^Y b `a_TaQ]]Ya_SQ^YV]5 ^Y b
]QcV]QcY[_Z5 ^Y UQWV 1^Q `VaSlZ SXT\pU2 S__RjV b ^Qd[_Z ‑ [QcQ^Yo
^Q T_a^lf \lWQfD [Q[ ]l bVZhQb dSYUY]5 `QaQUYT]l ‑ aVQ\m^_bcm
SVXUVbdjQp5 c_h^VV5 _^Y Vbcm SVXUV5 TUV Vbcm aVQ\m^_V pS\V^YV5 [_c_a_V
\oUY Sl^dWUV^l _b]lb\YSQcm7
6b\Y S^Y]QcV\m^_ `_b]_caVcm ^Q \oUVZ5 XQ`_\^YSiYf b[\_^ ^Q
[Q[_]6^YRdUm T_a^_\lW^_] [da_acV5 ]_W^_ U_bcQc_h^_ \VT[_ SlUV6
\Ycm cVf5 [c_ f_a_i_ d]VVc [QcQcmbp ‑ Yf bc_Z[Q SlT\pUYc [aQbYS_
Y ^V`aY^dWU‫_^^ݷ‬5 [_\V^Y aQb`_\_WV^l apU_]5 _cbdcbcSdoc ^V^dW6
^lV Ta_]_XU[YV USYWV^Yp SbV] [_a`db_]5 `aYbdjYV5 dSl5 R_\miY^6
bcSd T_a^_\lW^Y[_S6\oRYcV\VZ YX6XQ ^VU_bcQc[Q cVf^YhVb[_Z `_UT_6
c_S[Y7 ?bcQSYS S `_[_V b`_acb]V^_S Y `a_bc_ _`lc^lf T_a^_\lW^Y[_S5
]l ]_WV] _RaQcYcm S^Y]Q^YV5 hc_ baVUY SbVf _bcQ\m^lf5 [QcQojYfbp
‫^ݷ‬V`aQSY\m^_‫ ݷ‬Y Y]V^dV]lf S `a_bc_aVhYY ‫ݷ‬hQZ^Y[Q]Y‫ݷ‬5 aVX[_ SlUV6
\pocbp cV5 [c_ ^V `a_bc_ ‫^ݷ‬V`aQSY\m^_ [QcQVcbp‫ݷ‬5 Q b_SbV] ^V d]VVc
nc_T_ UV\Qcm7 5V\_ cdc UQWV ^V S ^Q`apW‫_^^ݷ‬Z 1‫ݷ‬UVaVSp^^_Z‫ݷ‬2 `_XV Y
^V S bdU_a_W^lf USYWV^Ypf5 f_cp Sb‫ ݷ‬nc_ f_a_i_ XQ]Vc^_7 BdjVbcSdVc
_UY^ caYSYQ\m^lZ `aYX^Q[5 `_ [_c_a_]d ]_W^_ _c\YhYcm b_SVaiV^^_
XV\‫_^ݷ‬T_ ^_SYh[Q _c hV\_SV[Q5 [_c_alZ5 f_cp Y ^V Y]VVc bVam‫ݷ‬X^_Z `_U6
T_c_S[Y5 Sb‫ ݷ‬WV SbcQ\ ^Q \lWY UQ\V[_ ^V S `VaSlZ aQX7 @_`a_RdV] b
ncY] aQX_RaQcmbp7
@aY b`db[V b T_al ^Q T_a^lf \lWQf VUSQ \Y ^V bQ]_V SQW^_V ‑
b_faQ^pcm [_^ca_\m XQ b[_a_bcmo7 6b\Y ^Q`aQSYcm \lWY S^YX `_ b[\_6
^d Y ^V `aVU`aY^Y]Qcm ^Y[Q[Yf UVZbcSYZ U\p c_a]_WV^Yp5 UQWV ^Q
U_bcQc_h^_ `_\_TYf T_a[Qf \lW^Y[ bcQ^Vc _hV^m Rlbca_ aQXT_^pcm6
bp Y dWV hVaVX ^Vb[_\m[_ bV[d^U U_bcYT^Vc cQ[_Z b[_a_bcY5 `aY [_6
c_a_Z ^V b]_WVc b_faQ^Ycm bcQRY\m^_bcm bS_VT_ USYWV^YpD `VaSQp WV
bQ]Qp ^VX^QhYcV\m^Qp ^Va_S^_bcm `aYSVU‫ݷ‬c [ SVbm]Q XaV\Yj^_]d `Q6
UV^Yo b e_^cQ^_] b^VTQ5 aQX\VcQojY]Ybp S aQX^lV bc_a_^l \lWQ]Y
Y `a_hY]Y b`VgneeV[cQ]Y7
9XRVWQcm ^V[_^ca_\YadV]_T_ aQXT_^Q ]_W^_5 Vb\Y b`db[Qcmbp `_
YXSY\Ybc_Z caQV[c_aYY5 hVaVUdp `aQSlV Y \VSlV SYaQWY ‑ nc_ `_XS_6
\pVc `aYc_a]_XYcm Y bRa_bYcm YX\YiV[ b[_a_bcY7 9 S_c cdc ]l [Q[
aQX `_URYaQV]bp [ c_]d5 aQUY hVT_ XQcVp\Y Sb‫_ ݷ‬RbdWUV^YV7 ;_^Vh^_5
^V_Rf_UY]_bcm USYWV^Yp XYTXQT_] bcQ^_SYcbp pb^Q [QWU_]d5 [c_ SbcQ\
^Q T_a^lV \lWY5 RVX nc_T_ b`dbcYcmbp b T_al S__RjV ^VS_X]_W^_7 @aY
nc_] _c\YhYcm ‫ݷ‬XV\‫_^ݷ‬T_ ^_SYh[Q‫_ ݷ‬c `dbcm Y ‫ݷ‬hQZ^Y[Q‫ݷ‬5 ^_ hdcm R_\VV
Yb[di‫_^^ݷ‬T_ S `a_Ybf_UpjV]5 ]_W^_ `_ ^Q`aQS\V^Yo SXT\pUQC ^_SYh_[
SbVTUQ b]_caYc cdUQ WV5 [dUQ ^Q`aQS\V^l ^_b[Y VT_ \lW5 c_TUQ [Q[
T_a^_\lW^Y[5 db`Vi^_ `aV_U_\VSiYZ bcQUYo `VaS_aQX^Y[Q5 ^Q`aQS6

:A

@QaQUYT]l S ]li\V^YY `a_TaQ]]YbcQ

\pVc SXT\pU cdUQ5 [dUQ f_hVc `_`Qbcm ‑ _Rlh^_ S^YX `_ b[\_^d5 Q S
_RjV] b\dhQV cdUQ5 [dUQ _^ USYWVcbp RVX dh‫ݷ‬cQ SYaQWVZ5 ^dW^lf U\p
`_Uc_a]QWYSQ^Yp7 >Vb\_W^_ _R^QadWYcm5 hc_ XUVbm c_WV Y]VVc ]V6
bc_ b]V^Q `QaQUYT]lC `VaS_aQX^Y[ bhYcQVc5 hc_ USYWVcbp ‫ݷ‬X]VZ[_Z‫ݷ‬5
c_TUQ [Q[ R_\VV _`lc^lZ \lW^Y[ S_b`aY^Y]QVc SYaQWY S`aQS_6S\VS_
[Q[ ^Vhc_ Sb`_]_TQcV\m^_V5 ^V S\YpojVV ^Q _b^_S^do caQV[c_aYo USY6
WV^Yp ‑ `ap]do5 SVUdjdo [ gV\Y5 Y\Y `\QS^do [aYSdo5 _TYRQojdo
`aV`pcbcSYp7 Pb^_5 hc_ _RkV[cYS^_V pS\V^YV ‑ b`db[ b T_al ‑ d USdf
aQbb]QcaYSQV]lf bdRkV[c_S _RjVV5 Y _c b]V^l ^Q`aQS\V^Yp SXT\pUQ
]VfQ^YhVb[Y Sa_UV Rl ^YhVT_ ^V ]V^pVcbpD _U^Q[_ ^Q bQ]_] UV\V \lW6
^Y[5 YX]V^YS ^Q`aQS\V^YV bS_VT_ SXT\pUQ5 YX SbVZ Y]VojVZbp b[_a_bcY
^QhY^QVc S_b`aY^Y]Qcm S [QhVbcSV ‫ݷ‬bS_VZ‫\ ݷ‬Yim V‫` ݷ‬a_V[gYo ^Q S_6
_RaQWQV]do caQV[c_aYo ‑ SVUdjdo `ap]_ [ gV\Y \Y^Yo5 SU_\m [_6
c_a_Z [Q[ aQX Y ^Q`aQS\V^ SXT\pU7 ;Q[ ^Y bcaQ^^_5 [_^ca_\Ya_SQcm
b[_a_bcm `aY nc_] bcQ^_SYcbp ^Q]^_T_ `a_jV5 Q XQ_U^_ S]Vbc_ ]V\m6
cViV^Yp eaQT]V^c_S _[adWQojVT_ `VZXQWQ 1^VYXRVW^lf `aY `_bc_6
p^^_Z b]V^V ^Q`aQS\V^Yp SXT\pUQ2 \lW^Y[ SYUYc R_\VV6]V^VV `_bc_6
p^^do [QacY^d b_ SbV]Y `aV`pcbcSYp]Y5 [_c_alV Sb[_aV `aVU_bc_Yc
_RkVXWQcm5 Y nc_ U_RQS\pVc VT_ UVZbcSYp] bc_\m SQW^_Z dSVaV^^_bcY7
3 gV\_] T_a^lV \lWY ]_Tdc b\dWYcm `aV[aQb^l] `aY]Va_] c_T_5
[Q[ ^VR_\miQp b_X^QcV\m^Qp ]_UYeY[QgYp Yb`_\mXdV]_Z `QaQUYT]l
1‫ݷ‬p VUd ^V XYTXQT_]5 Q `ap]_ S_^ cdUQ5 Q SYaQWY cdc hYbc_ Sb`_]_TQ6
cV\m^lV‫ݷ‬2 ]_WVc _R\VThYcm WYX^m Y `_SlbYcm neeV[cYS^_bcm ^QiYf
UVZbcSYZ7 8Q_U^_ ]_W^_ `a_Y\\obcaYa_SQcm aQX^Ygd ]VWUd _Rlh^l]
Y^bcad[c_a_] Y f_a_iY] Y^bcad[c_a_]7 EaQXd ‫ݷ‬SXT\pU ^Q`aQS\V^ S
U_\Y^d5 `\VhY aQXS‫ݷ‬a^dcl S^YX `_ b[\_^d‫ݷ‬5 aQXd]VVcbp5 `a_YX^Vb‫ݷ‬c
\oR_Z Y^bcad[c_a5 Vb\Y _^ f_cm hc_6c_ b_R_Z `aVUbcQS\pVcD ^_ aVU6
[YZ Y^bcad[c_a `aY nc_] Vj‫ ݷ‬Y _Rkpb^Yc5 XQhV] nc_ ^dW^_ ‑ Y Vb\Y
SQ] U_bcQ\bp Y]V^^_ cQ[_Z Y^bcad[c_a5 ]_WVcV bhYcQcm5 hc_ SQ] _hV^m
[ad`^_ `_SVX\_7
3Va^‫]ݷ‬bp [ ^QiV]d `aVU]Vcd7 CVa]Y^ ‫`ݷ‬QaQUYT]Q `a_TaQ]]Ya_SQ6
^Yp‫ݷ‬5 bdUp `_ SbV]d5 `VaSl] SS‫ \ݷ‬A_RVac E\_ZU S dWV d`_]Y^QSiVZ6
bp SliV \V[gYY d;f7 Bbl\Qpbm ^Q C_]QbQ ;d^Q5 E\_ZU _c]VhQVc5 hc_
pS\V^YV5 `_U_R^_V [d^_Sb[_Z b]V^V ^Qdh^lf `QaQUYT]5 ]_W^_ Y^_TUQ
^QR\oUQcm Y S `a_TaQ]]Ya_SQ^YY5 ^_ S _b^_S^_] `QaQUYT]l `a_TaQ]6
]Ya_SQ^Yp ^V Yb[\ohQoc _U^Q UadTdoD ^Q`a_cYS5 _^Y ]_Tdc b_hVcQcm6
bp5 _R_TQjQp Y^bcad]V^cQaYZ `a_TaQ]]YbcQC ‫ݷ‬6b\Y `a_TaVbb Yb[dbbcSQ
`a_TaQ]]Ya_SQ^Yp S gV\_] caVRdVc `_bc_p^^_T_ YX_RaVcV^Yp Y db_6
SVaiV^bcS_SQ^Yp `QaQUYT]5 ‑ `YiVc E\_ZU5 ‑ c_ b_SVaiV^bcS_SQ^YV
Yb[dbbcSQ _cUV\m^_T_ `a_TaQ]]YbcQ caVRdVc5 hc_Rl _^ aQbiYap\
bS_Z aV`VacdQa `QaQUYT]‫ݷ‬7
=_W^_ bhYcQcm5 hc_ ^Qi caVcYZ c_]5 [_c_alZ Sl bVZhQb hYcQVcV5
gV\Y[_] `_bSpj‫ ^ݷ‬Y]V^^_ nc_]d aQbiYaV^Yo aV`VacdQaQ7 ?bcQ‫ݷ‬cbp5

‫ ݷ‬B7:7 8QTQU_h^_V b\_S_ ‫`ݷ‬QaQUYT]Q‫ݷ‬

:B

S`a_hV]5 _UY^ S_`a_b5 ^Q [_c_alZ ]l ^V b]_WV] UQcm _cSVcQC Vb\Y
^QR_a `QaQUYT]5 [_c_al]Y S\QUVVc _cUV\m^_ SXpclZ `a_TaQ]]Ybc5 U_6
bcQc_h^_ iYa_[5 c_ [Q[ SlRaQcm ^QYR_\VV `_Uf_Upjdo `QaQUYT]d U\p
[_^[aVc^_Z XQUQhYH ?RkV[cYS^_T_ aViV^Yp XUVbm ^Vc5 S_ ]^_T_] Yb6
`_\mX_SQ^YV c_Z5 Q ^V UadT_Z `QaQUYT]l XQSYbYc _c \Yh^lf S[db_S
`a_TaQ]]YbcQ7 B dSVaV^^_bcmo ]_W^_ b[QXQcm c_\m[_ _U^_C hV] \dhiV
Sl RdUVcV d]Vcm `VaV[\ohQcm b_RbcSV^^lZ ]_XT b _U^_Z ]_UV\Y ^Q Uad6
Tdo5 hV] R
_\miVZ TYR[_bcmo RdUVc _R\QUQcm SQiV ]li\V^YV5 cV] SliV
SQiY iQ^bl SlRaQcm _`cY]Q\m^lZ `dcm aViV^Yp U\p \oR_Z SbcQSiVZ
`VaVU SQ]Y cVf^YhVb[_Z `a_R\V]l7

B7:7VZ]Q^Q‫ݷ‬7 9]`VaQcYS^_V `a_TaQ]]Ya_6
SQ^YV hQbc_ `_nc_]d ^QXlSQoc e_^^VZ]Q^_Sb[Y]D `VaSl] 1Y\Y5 S_
Sbp[_] b\dhQV5 _U^Y] YX `VaSlf2 cQ[do cVa]Y^_\_TYo `aY]V^Y\ 5W_^
2n[db d:f7
Bca_T_ T_S_ap5 [\QbbYhVb[YZ e_^^VZ]Q^_Sb[YZ bcY\m U_bcQc_h^_ bY\m^_ _c6
\YhQVcbp _c b_SaV]V^^_T_7 CQ[5 R_\miY^bcS_ aQ^^Yf SlhYb\YcV\m^lf ]QiY^ ^V
`_UUVaWYSQ\_ [_bSV^^do QUaVbQgYo 1b]7 c7 :5 ‫2D _RaQjV^YV [ n\V]V^cQ]
]QbbYSQ ^Q cQ[Yf ]QiY^Qf aVQ\YX_SlSQ\_bm b`_b_R_]5 [aQZ^V ^V`aYSlh^_ Sl6
T\pUpjY] b b_SaV]V^^_Z c_h[Y XaV^YpC `a_TaQ]]Q YX]V^p\Q QUaVb _`VaQ^UQ S
]QiY^^_] [_UV _U^_Z YX bS_Yf b_RbcSV^^lf [_]Q^U5 `_b\V hVT_ `VaVUQSQ\Q ^Q
ncd [_]Q^Ud d`aQS\V^YV7 @_nc_]d `a_TaQ]]Q5 [_c_aQp `ap]_ S_ SaV]p Yb`_\6
^V^Yp YX]V^pVc bQ]Q bVRp5 ^Q XQaV [_]`mocVa^_Z nal Rl\Q S`_\^V _Rlh^l]
pS\V^YV]5 c_TUQ [Q[ bVZhQb ]l Rl ^YhVT_ `_U_R^_T_ bUV\Qcm ^V b]_T\Y5 UQWV
Vb\Y Rl f_cV\YC `aY aQR_cV `_U d`aQS\V^YV] ]d\mcYXQUQh^lf _`VaQgY_^^lf
bYbcV] ]QiY^^lZ [_U `a_gVbbQ faQ^Ycbp S _R\QbcY `Q]pcY5 [_c_ado `a_gVbb

;;

@QaQUYT]l S ]li\V^YY `a_TaQ]]YbcQ

]_WVc hYcQcm5 ^_ ^V YX]V^pcm7 =_W^_ _clb[Qcm Y UadTYV bVam‫ݷ‬X^lV [_^gV`6
cdQ\m^lV _c\YhYp5 Y S nc_] ^Vc ^YhVT_ dUYSYcV\m^_T_C `a_TaQ]]Ya_SQ^YV [Q[
`aQ[cYhVb[Qp UYbgY`\Y^Q bdjVbcSdVc dWV R_\miV S_bm]YUVbpcY \Vc5 b caYUgQ6
clf T_U_S `a_i\_T_ SV[Q7 >VYX]V^^l] S e_^^VZ]Q^_Sb[_] `a_TaQ]]Ya_SQ^YY
_bcQ‫ݷ‬cbp _b^_SQC `VaV]V^^lV Y `aYbSQYSQ^YV7

5_S_\m^_ hQbc_ ]_W^_ SbcaVcYcm d`_]Y^Q^Yp `a_gVUda^_T_ `a_6
TaQ]]Ya_SQ^Yp5 `aYh‫^ ]ݷ‬V[_c_alV QSc_al dcSVaWUQoc5 hc_ Y]`VaQ6
cYS^_V Y `a_gVUda^_V `a_TaQ]]Ya_SQ^YV ‑ nc_ `_`a_bcd _U^_ Y c_ WV7
CQ[_V dcSVaWUV^YV \VT[_ _Rkpb^YcmC Y]`VaQcYS^lV pXl[Y5 ^V `aVU`_6
\QTQojYV `_U`a_TaQ]]5 R\QT_`_\dh^_ Sl]Va\Y5 cQ[ hc_ bVT_U^p ^Q]
b\_W^_ `aVUbcQSYcm5 [Q[ nc_ cQ[ ‑ Y]`VaQcYS^_V `a_TaQ]]Ya_SQ^YV
RVX S_X]_W^_bcY _R_b_R\V^Yp _cUV\m^lf hQbcVZ `a_TaQ]]l7 CV] ^V
]V^VV cQ[_V hQbc_ SbcaVhQ\_bm S cV SaV]V^Q5 ‫_[ݷ‬TUQ [_]`mocVal Rl\Y
R_\miY]Y5 Q `a_TaQ]]l ‑ ]Q\V^m[Y]Y‫ݷ‬7
CQ[5 S bS_‫ ݷ‬SaV]p 1S`\_cm U_ ^QhQ\Q :BB96f2 Rl\ _hV^m `_`d\paV^ pXl[
2VZbY[5 Q `_U ^Y] S cV SaV]V^Q `_^Y]Q\_bm U_S_\m^_ bcaQ^^_V b__adWV^YV5 S
[_c_a_] S ^QhQ\V [QWU_Z bca_[Y `a_TaQ]]l bcQSY\Y V‫]_^ ݷ‬Va7 AQR_cQ b Y^cVa6
`aVcQc_a_] 2VZbY[Q ^V caVR_SQ\Q Y ^V `aVU`_\QTQ\Q Yb`_\mX_SQ^YV S^Vi^VT_
aVUQ[c_aQ cV[bc_SD `_\mX_SQcV\m SS_UY\ bca_[d5 Q Y^cVa`aVcQc_a ncd bca_[d cdc
WV Sl`_\^p\5 ^_ `aY nc_] ‫ݷ‬Sl`_\^V^YV‫ ݷ‬bca_[Y5 ^QhY^QojVZbp b hYb\Q 1^_6
]VaQ2 b_bc_p\_ S c_]5 hc_ ncQ bca_[Q SbcQS\p\Qbm S cV[bc `a_TaQ]]l7 6b\Y S
`a_TaQ]]V dWV Rl\Q bca_[Q b cQ[Y] ^_]Va_]5 _^Q XQ]V^p\QbmD U\p dUQ\V^Yp
bca_[Y S ^V[_c_alf Y^cVa`aVcQc_aQf ]_W^_ Rl\_ SSVbcY V‫]_^ ݷ‬Va RVX UQ\m6
^VZiVT_ b_UVaWY]_T_5 S UadTYf nc_ Yb`_\mX_SQ\_bm5 hc_Rl SlXSQcm bca_[d ^Q
aVUQ[cYa_SQ^YV5 Q dUQ\V^YV UV\Q\_bm b`VgYQ\m^_Z [_]Q^U_Z7 BVZhQb b\_W^_
`aVUbcQSYcm5 XQhV] cQ[_V ]_T\_ `_caVR_SQcmbpD ^_ ^Q `a_cpWV^YY :BA96f T_U_S
Y UQWV S ^QhQ\V :BB96f Rl\Y U_bcQc_h^_ `_`d\pa^l U_]Qi^YV [_]`mocVal5 Yb6
`_\mX_SQSiYV S [QhVbcSV VUY^bcSV^^_T_ S^Vi^VT_ XQ`_]Y^QojVT_ dbca_ZbcSQ
[QbbVc^lZ ]QT^Yc_e_^7 3 `Q]pcY [_]`mocVaQ ]_T\Q ^Qf_UYcmbp c_\m[_ _U^Q
`a_TaQ]]Q5 Q hc_Rl XQ`dbcYcm UadTdo5 ^Q ^Qf_WUV^YV ^dW^_T_ ]VbcQ ^Q [QbbVcV
Y bhYclSQ^YV `a_TaQ]]l S `Q]pcm df_UY\_ ^Vb[_\m[_ ]Y^dc5 `aYh‫` ]ݷ‬VaV]Q6
clSQcm [QbbVcd S `_Yb[Qf ^QhQ\Q XQ`YbY ^dW^_Z `a_TaQ]]l `aYf_UY\_bm5 VbcV6
bcSV^^_5 Sadh^do7 3 cQ[Yf db\_SYpf `aYSlh^lZ ^Q] aQR_hYZ gY[\ ‫ݷ‬aVUQ[c_a5
caQ^b\pc_a5 XQ`db[‫_ ݷ‬aTQ^YX_SQcm5 ]pT[_ T_S_ap5 XQcadU^YcV\m^_7
;a_]V d`aQS\V^Yp SS_U_]5 ^_]VaQ bca_[ Yb`_\mX_SQ\Ybm Vj‫ ݷ‬Y S a_\Y ]Vc_[
U\p _`VaQc_a_S PX]X5 [_c_alV S 2VZbY[V SbcaVhQ\Ybm S YX_RY\YY ‑ ^Q`aY]Va5
hc_Rl `_bca_Ycm `aYSlh^_V ^Q] SVcS\V^YV `_ bfV]V 966D85>65D5B12927 Nc_Z `QaQ6
UYT]V ]l `_bSpcY] ^Vb[_\m[_ T\QS `_b\VU^VZ hQbcY ^QiVZ [^YTY5 `_[Q
WV _c]VcY] ^Vb[_\m[_ [\ohVSlf _b_RV^^_bcVZ [_]Q^U^_6b[aY`c_Slf
pXl[_S7 @aVWUV SbVT_ b\VUdVc b[QXQcm5 hc_ ncY pXl[Y hYbc_ Y^cVa6
`aVcYadV]lV7 3c_aQp Yf _b_RV^^_bcm ‑ cV[bc_SQp bca_[Q [Q[ d^Y6
SVabQ\m^_V `aVUbcQS\V^YV [Q[ `a_TaQ]]l5 cQ[ Y UQ^^lf7 3 hQbc^_6
bcY5 `VaV]V^^lV S [_]Q^U^_6b[aY`c_Slf pXl[Qf YUV^cYeYgYadocbp
Yf Y]V^Q]Y ‑ Y R_\VV ^Y[Q[5 c_ Vbcm ^Vc ^Y[Q[Yf d[QXQcV\VZ5 QUaV6
b_S Y c7 `75 ^_5 b UadT_Z bc_a_^l5 _Rlh^_ S_X]_W^_ faQ^Ycm Y]p _U6
^_Z `VaV]V^^_Z S UadT_Z `VaV]V^^_Z Y `_ Y]V^Y _RaQjQcmbp [ X^QhV6
^YoD SapU \Y [_]d6^YRdUm `aYU‫ݷ‬c S T_\_Sd XQpSYcm5 hc_ `VaV]V^^lV S
[_]Q^U^_6b[aY`c_Slf pXl[Qf ‑ nc_ ‫_ݷ‬R\QbcY `Q]pcY‫ݷ‬5 SVUm ^Y[Q[Yf
S_X]_W^_bcVZ5 _Rdb\_S\V^^lf e_^^VZ]Q^_Sb[Y] `_^pcYV] `Q]pcY5 S
ncYf pXl[Qf ^Vc7 =_W^_ b[QXQcm5 hc_ [_]Q^U^_6b[aY`c_S_V `a_TaQ]6
]Ya_SQ^YV pS\pVcbp Y]`VaQcYS^l]5 ^_ ^V pS\pVcbp e_^^VZ]Q^_Sb[Y]7
@_\^_Z `a_cYS_`_\_W^_bcmo Y]`VaQcYS^_T_ `_Uf_UQ ]_W^_ bhY6
cQcm ed^[gY_^Q\m^_V `a_TaQ]]Ya_SQ^YV5 S [_c_a_]5 Vb\Y aQb6
b]QcaYSQcm VT_ ‫ݷ‬hYbcl]‫ݷ‬5 `aYbSQYSQ^Yp ^Vc S__RjV7 2_\VV c_T_5 hYbc_V
ed^[gY_^Q\m^_V `a_TaQ]]Ya_SQ^YV S `aY^gY`V ^V `aVU`_\QTQVc ^Y[Q6
[Yf ‫ݷ‬YX]V^V^YZ b cVhV^YV] SaV]V^Y‫ ݷ‬Y5 [Q[ b\VUbcSYV5 ^Y[Q[Yf ‫_]ݷ‬6
UYeYgYadojYf UVZbcSYZ‫ݷ‬7 3 b\dhQpf5 [_TUQ S ed^[gY_^Q\m^lZ pXl[
`a_TaQ]]Ya_SQ^Yp Sl^dWUV^^_ S[\ohQocbp `_bc_a_^^YV U\p ^VT_ ]_6
UYeYgYadojYV S_X]_W^_bcY5 U\p ^Yf UQWV Yb`_\mXdVcbp UadT_Z cVa6
]Y^C aQXadiQojYV UVZbcSYp7 CVa]Y^ S`_\^V _`aQSUQ^C S bQ]_]
UV\V5 Vb\Y S `VaV]V^^do XQ^VbcY ^_S_V X^QhV^YV 1c_ Vbcm Sl`_\^Ycm
`aYSlh^_V ^Q] `aYbSQYSQ^YV25 bcQa_V X^QhV^YV `aY nc_] RdUVc dcaQ6
hV^_ ‑ aQXadiV^_7 3__RjV T_S_ap5 cVa]Y^l ‫_]ݷ‬UYeYgYadojVV UVZ6
bcSYV‫ ݷ‬Y ‫ݷ‬aQXadiQojVV UVZbcSYV‫ ݷ‬n[SYSQ\V^c^l5 ^_ Sc_a_Z `aY nc_]
Y]VVc _hVSYU^do _caYgQcV\m^do [_^^_cQgYo5 hc_ b__cSVcbcSdVc _R6
jV]d _c^_iV^Yo bc_a_^^Y[_S ed^[gY_^Q\m^_T_ `a_TaQ]]Ya_SQ^Yp [
\oRl] ]_UYeY[QgYp] baVUl Sl`_\^V^Yp7
@VaV]V^^lV S ed^[gY_^Q\m^_] `a_TaQ]]Ya_SQ^YY _Rlh^_ Sb‫ ݷ‬WV
Yb`_\mXdocbp 1f_cp bdjVbcSdoc Y pXl[Y RVX `VaV]V^^lf5 S_ Sbp[_]

‫ ݷ‬B7:7 8QTQU_h^_V b\_S_ ‫`ݷ‬QaQUYT]Q‫ݷ‬

;>

b\dhQV5 S `aYSlh^_] ^Q] b]lb\V25 ^_ bS_‫ ݷ‬X^QhV^YV `VaV]V^^Qp `_\d6
hQVc `aY V‫ ݷ‬b_XUQ^YY Y ^V ]V^pVc VT_ S cVhV^YV SbVT_ ba_[Q bS_VZ WYX^Y7
HQjV SbVT_ `VaV]V^^lV Yb`_\mXdocbp S a_\Y e_a]Q\m^lf `QaQ]Vca_S
ed^[gYZC `aY SlX_SV ed^[gYY cQ[YV `VaV]V^^lV `_\dhQoc X^QhV^Yp5
b__cSVcbcSdojYV eQ[cYhVb[Y] `QaQ]VcaQ]5 Y5 hc_ S`_\^V _WYUQV]_5
bS_Yf X^QhV^YZ ^V ]V^poc5 `_[Q aQR_cQ ed^[gYY ^V XQSVaiYcbp ‑ Q
`_b\V nc_T_ YbhVXQoc5 [Q[ Y SbV \_[Q\m^lV bdj^_bcY7 ;a_]V c_T_5 `aY
`a_TaQ]]Ya_SQ^YY ^Q ed^[gY_^Q\m^lf pXl[Qf hQbc_ `aY]V^pocbp \_6
[Q\m^lV `VaV]V^^lV5 SS_UY]lV R_\miV U\p dU_RbcSQ5 hc_Rl `_Y]V^_6
SQcm X^QhV^YV c_T_ Y\Y Y^_T_ SlhYb\V^^_T_ SlaQWV^Yp 1^Q`aY]Va5 Vb6
\Y nc_ X^QhV^YV ^dW^_ Yb`_\mX_SQcm ^Vb[_\m[_ aQX27 D]Vbc^_ RdUVc
^Q`_]^Ycm5 hc_ Y^YgYQ\YXQgYp `VaV]V^^_Z ‑ nc_ b_SVaiV^^_ ^V c_
WV bQ]_V5 hc_ `aYbSQYSQ^YV5 Y b ncY] `aY^gY`YQ\m^l] aQX\YhYV] ]l
dWV SbcaVhQ\Ybm 1b]75 ^Q`aY]Va5 c7 ;5 ‫=ݷ‬75 Q d[QXQcV\Y
^Q ed^[gYY `_XS_\poc ]Q^Y`d\Ya_SQcm Y]Y [Q[ _RkV[cQ]Y7 2_\miV
c_T_5 Vb\Y `aYS\Vhm baVUbcSQ UY^Q]YhVb[_T_ bSpXlSQ^Yp5 `aVU_bcQS6
\pV]lV _`VaQgY_^^l]Y bYbcV]Q]Y; 5 Y\Y UQWV `a_bc_ X^Q[_]lZ ^Q]
SlX_S ==1@ b_ baQS^YcV\m^_ ^Vb\_W^_Z ‫_ݷ‬RSVb[_Z‫ݷ‬5 c_ bcQ^Vc S_X]_W6
^_ S_ SaV]p aQR_cl `_UTadXYcm YX S^Vi^Yf eQZ\_S ed^[gYY5 [_c_alf
S ^QiVZ `a_TaQ]]V ^V Rl\_ ^Q ]_]V^c V‫^ ݷ‬Q`YbQ^Yp7 6b\Y S U_`_\^V6
^YV [ nc_]d `aVU`_\_WYcm5 hc_ S bYbcV]V dbcQ^_S\V^ [_]`Y\pc_a BY5
; =l ^V bcQ\Y aQbb]QcaYSQcm UY^Q]YhVb[YV RYR\Y_cV[Y Y bSpXQ^^do b ^Y]Y
]VfQ^Y[d5 `_b[_\m[d _c ^Yf _Rlh^_ bdjVbcSV^^_ R_\miV SaVUQ5 hV] `_\mXlD ^_ nc_
^V X^QhYc5 hc_ Yf ^Vc7

;?

@QaQUYT]l S ]li\V^YY `a_TaQ]]YbcQ

c_ 1S_ Sbp[_] b\dhQV5 cV_aVcYhVb[Y2 `_pSYcbp S_X]_W^_bcm `a_TaQ]]6
^_T_ b_XUQ^Yp ^_Slf ed^[gYZ b `_b\VUdojY] Yf Yb`_\^V^YV] S c_Z
WV `a_TaQ]]V7 >_ Sb‫ ݷ‬nc_ ^V UV\QVc pXl[ BY ed^[gY_^Q\m^l]C \_TY6
[Q VT_ `_bca_V^Yp eQ[cYhVb[Y `aY^dWUQVc `a_TaQ]]YbcQ [ Yb`_\m6
X_SQ^Yo ]_UYeYgYadojYf UVZbcSYZ5 Q ed^[gYY BY S R_\miY^bcSV
b\dhQVS `aVUbcQS\poc b_R_Z _Rl[^_SV^^lV `_U`a_TaQ]]l5 b_bc_pjYV
YX Y]`VaQcYS^lf Y^bcad[gYZ5 XQUQojYf ]_UYeYgYadojYV UVZbcSYpD
S ed^[gY_^Q\m^_] WV `a_TaQ]]Ya_SQ^YY `_^pcYV ed^[gYY `aYR\Y6
WQVcbp [ bS_V]d ]QcV]QcYhVb[_]d Q^Q\_TdC _c_RaQWV^Yo YX _R\QbcY
_`aVUV\V^Yp S _R\Qbcm X^QhV^YZ7 Ed^[gYp5 hYbcQp S b]lb\V ed^[gY6
_^Q\m^_T_ `a_TaQ]]Ya_SQ^Yp5 SbVTUQ SVa^‫ݷ‬c _U^_ Y c_ WV X^QhV^YV5
Vb\Y V‫` ݷ‬aY]V^Ycm [ _U^_]d Y c_]d WV ^QR_ad X^QhV^YZ QaTd]V^c_S5 Q
^YhVT_ Y^_T_5 [a_]V SlhYb\V^Yp bS_VT_ X^QhV^Yp5 hYbcQp ed^[gYp ^V
UV\QVcD ^Q`aY]Va5 `aY]V^V^YV cQ[_Z ed^[gYY [ [_acVWd YX [_^bcQ^c
]_W^_ `_`a_bcd XQ]V^Ycm b__cSVcbcSdojY] X^QhV^YV]5 Y ^YhVT_ ^V
YX]V^Ycbp 1[a_]V aQXSV hc_ SaV]V^Y Sl`_\^V^Yp `a_TaQ]]l5 [_c_a_V5
_hVSYU^_5 b_[aQcYcbp27 Pb^_5 hc_ ed^[gYY5 b [_c_al]Y ]l Y]VV] UV\_
S `a_TaQ]]Qf ^Q BY5 S R_\miY^bcSV bS_‫ ]ݷ‬UQWV R\YX[_ ^V `_f_WY ^Q
nc_c ‫ݷ‬ed^[gY_^Q\m^lZ YUVQ\‫ݷ‬7
9^cVaVb^_5 hc_5 f_cp BY Y ^V pS\pVcbp ed^[gY_^Q\m^l] pXl[_]5
^Q nc_] pXl[V S`_\^V ]_W^_ `aY R_\mi_] WV\Q^YY XQ^Y]Qcmbp ed^[6
gY_^Q\m^l] `a_TaQ]]Ya_SQ^YV]7 5\p nc_T_ `aYU‫ݷ‬cbp XQ`aVcYcm bVRV
Yb`_\mX_SQ^YV SbVf VT_ ]_UYeYgYadojYf _`VaQgYZ ‑ `aYbSQYSQ^YZ
Y `aY][^dSiYf [ ^Y] Y^[aV]V^c_S Y UV[aV]V^c_S5 Q cQ[WV SbVf RYR6
\Y_cVh^lf ed^[gYZ5 [_c_alV UV\Qoc hc_6c_ [a_]V SlhYb\V^Yp bS_V6
T_ X^QhV^Yp 1c7 V7 Y]Voc `_R_h^lZ neeV[c27 B cV_aVcYhVb[_Z c_h[Y
XaV^Yp ]l XUVbm ^V U_\W^l ^YhVT_ `_cVapcmC pXl[ BY `aY nc_] _bcQ6
^Vcbp Q\T_aYc]YhVb[Y `_\^l] S c_] b]lb\V5 hc_ ^Q ^‫_] ]ݷ‬W^_ RdUVc
aVQ\YX_SQcm ]QiY^d CmoaY^TQ 1Y\Y \oR_Z UadT_Z YX e_a]Q\YX]_S5 XQ6
]V^pojYf ^Vd\_SY]lZ _RkV[c `_U ^QXSQ^YV] ‫ݷ‬Q\T_aYc]‫ ݷ‬S ]QcV]QcY6
hVb[Yf cV_aYpf5 bSpXQ^^lf b [_^bcad[cYS^_Z SlhYb\Y]_bcmoD b]7 c7 :5
‫ݷ‬:72 ‑ Y5 [Q[ b\VUbcSYV5 e_a]Q\m^_ ]_W^_ aVQ\YX_SQcm S__RjV \o6
R_Z Q\T_aYc] YX hYb\Q YXSVbc^lf hV\_SVhVbcSd ^Q ^Qbc_pjYZ ]_]V^c5
SVUm cVXYb CmoaY^TQ `_[Q hc_ ^Y[c_ ^V _`a_SVaT7 >Q `aQ[cY[V5 [Q[
S_UYcbp5 Sb‫^ ݷ‬V cQ[ `a_bc_5 Y hYcQcV\m ^QSVa^p[Q dWV db`V\ `_hdS6
bcS_SQcm XUVbm [Q[_Z6c_ `_US_f7 @_b]_caY]5 hVT_ ]l ^Q bQ]_] UV\V
\YiY]bp5 dRaQS YX BY ]_UYeYgYadojYV UVZbcSYp7
5\p ^QhQ\Q b_SVaiV^^_ _hVSYU^_5 hc_ T\_RQ\m^lV `VaV]V^^lV bcQ6
^_Spcbp RVbb]lb\V^^l]Y5 ^_ ncQ `_cVap5 `ap]_ b[QWV]5 ^V b\Yi[_]
SV\Y[QC aQ^VV ]l ^V_U^_[aQc^_ d`_]Y^Q\Y5 hc_ T\_RQ\m^lV `VaV]V^6
^lV ‑ X\_ Y Yf \dhiV ^V Yb`_\mX_SQcm7 3c_a_Z ]_]V^c ]_WVc `_[Q6
XQcmbp ^V bc_\m _hVSYU^l]C S _cbdcbcSYV ]_UYeYgYadojYf UVZbcSYZ
bcQ^_Spcbp RVbb]lb\V^^l]Y gY[\l ‑ SbV baQXd5 cQ[ b[QXQcm5 _`c_]7

‫ ݷ‬B7:7 8QTQU_h^_V b\_S_ ‫`ݷ‬QaQUYT]Q‫ݷ‬

;@

3 bQ]_] UV\V5 Vb\Y `aY Sl`_\^V^YY gY[\Q ^YhVT_ ^V ]V^pVcbp _c YcV6
aQgYY [ YcVaQgYY 1Q S _cbdcbcSYV ]_UYeYgYadojYf _`VaQgYZ ^YhVT_
Y ^V ]_WVc `_]V^pcmbp25 c_ Sl`_\^pcm cV\_ cQ[_T_ gY[\Q aQX XQ aQX_]
_hVSYU^l] _RaQX_] RVbb]lb\V^^_5 ^Q] b cV] WV db`Vf_] fSQcY\_ Rl Y
_U^_T_ aQXQ7 >_ Y nc_5 [Q[ ^Y bcaQ^^_5 b_SbV] ^V eQcQ\m^_C S]Vbc_ gY[6
\_S SbVTUQ ]_W^_ S_b`_\mX_SQcmbp aV[dabYVZ7 @dbcm ^Q]5 [ `aY]Vad5
^dW^_ ^QZcY S bca_[V XQUQ^^lZ bY]S_\ Y SVa^dcm VT_ QUaVb7 3]Vbc_
ed^[gYY b gY[\_]5 ^Q`aY]Va5 cQ[_ZC
3?>CD 381B 3CDB381B13?>CD 381B 3C5 381B 32
K
3?>CD 381B 3@D
6?B1@ F CD 3@D @442
9613@ FF 32
B5DEB> @D
B5DEB> W^UUD
M

]_W^_ ^Q`YbQcm aV[dabYS^do ed^[gYo ‑ S_c cQ[C
3?>CD 381B 3CDB381B13?>CD 381B 3C5 381B 32
K
96113C2
B5DEB> W^UUD
9613C FF 32
B5DEB> CD
B5DEB> CDB381B1C4:5 32D
M

Y\Y UQWV S_c cQ[C
3?>CD 381B 3CDB381B13?>CD 381B 3C5 381B 32
K
B5DEB> 13C H W^UU C 3C FF 3 H C C CDB381B1C4:5 32D
M

Ed^[gYZ S `a_TaQ]]V5 [_^Vh^_5 bcQ^Vc ^Q]^_T_ R_\miV5 SVUm gY[\ ]l
Sl^_bYcm S _cUV\m^do ed^[gYo ^V _RpXQ^l5 c_TUQ [Q[ U\p aV[dabYY
bS_p ed^[gYp caVRdVcbp _RpXQcV\m^_D ^_ ^Qb Sa_UV Rl ^Y[c_ ^V _TaQ^Y6
hYSQVc S [_\YhVbcSV ^Q`YbQ^^lf ed^[gYZ5 UQWV ^Q_R_a_c ‑ ]l X^QV]5
hc_ UV[_]`_XYgYp `a_TaQ]]l ^Q R
_\miVV hYb\_ `_U`a_TaQ]] b^YWQVc
V‫ ݷ‬b\_W^_bcm7
3__RjV6c_5 [_^Vh^_5 dcSVaWUV^YV5 hc_ S]Vbc_ gY[\Q SbVTUQ `_U_ZU‫ݷ‬c aV[da6
bYp5 bQ]_ `_ bVRV ^Q TaQ^Y e_\Q5 SVUm gY[\l RlSQoc U_\TY]Y Y UQWV RVb[_^Vh6
^l]Y5 Q bcV[ ^V aVXY^_SlZ7 ‫>ݷ‬Qbc_pjYV‫ ݷ‬pXl[Y ed^[gY_^Q\m^_T_ `a_TaQ]]Y6
a_SQ^Yp _Rlh^_ `aYRVTQoc [ cQ[ ^QXlSQV]_Z _`cY]YXQgYY _bcQc_h^_Z aV[da6

;A

@QaQUYT]l S ]li\V^YY `a_TaQ]]YbcQ
<

bYY 5 R\QT_UQap [_c_a_Z bcV[ aQbf_UdVcbp bdjVbcSV^^_ ]V^miV5 Q S ^V[_c_alf
b\dhQpf ]_WVc ^V aQbf_U_SQcmbp S_SbV7 6b\Y aVXd\mcYadojY] X^QhV^YV] cV[d6
jVZ ed^[gYY U_\W^_ bcQcm X^QhV^YV5 SlhYb\V^^_V [Q[_Z6c_ UadT_Z ed^[gYVZ ‑
^Q`aY]Va5 S_c S cQ[_Z bYcdQgYYC
9>D 619>D H2
K
9>D ID
83 777 ^V[YV SlhYb\V^Yp 777 38
B5DEB> 71I2D
M
‑ c_5 _hVSYU^_5 bcV[_SlZ eaVZ]5 b_XUQ^^lZ U\p aQR_cl ed^[gYY 65 `_b\V
`VaVUQhY d`aQS\V^Yp ed^[gYY 7 dWV ^V RdUVc b_UVaWQcm ^YhVT_ `_\VX^_T_5 Y
VT_ ]_W^_ \Y[SYUYa_SQcm U_ SlX_SQ 75 Q ^V `_b\V7 9]V^^_ cQ[ ‫^ݷ‬Qbc_pjYV‫ݷ‬
ed^[gY_^Q\m^lV pXl[Y Y `_bcd`Qoc5 hc_ `_XS_\pVc UQWV RVb[_^Vh^lV gY[\l
XQ]V^pcm aV[dabYVZ RVX aYb[Q YbhVa`Qcm bcV[7 9^_Z S_`a_b5 hc_ [_]`Y\pc_al
BY cQ[_T_ _Rlh^_ ^V d]Voc7 ;a_]V c_T_5 _bcQ‫ݷ‬cbp S_`a_b neeV[cYS^_bcYC gY[6
\l hQbc_ aQR_cQoc XQ]Vc^_ RlbcaVV5 hV] aV[dabYp7 CaQ^b\pc_al ed^[gY_^Q\m6
^lf pXl[_S hQbcYh^_ b`aQS\pocbp Y b nc_Z `a_R\V]_Z5 `_b[_\m[d b`VgYQ\m^_
aQbhYcQ^l ^Q ]QbbYa_SQ^^_V Yb`_\mX_SQ^YV aV[dabYY5 ^_ _c BY cQ[_T_ WUQcm
^V `aYf_UYcbp7
3`a_hV]5 [_TUQ aVhm YU‫ݷ‬c _ ]QcV]QcYhVb[_] `_^pcYY Q\T_aYc]Q5 ^Q] S \o6
R_] b\dhQV `aYf_UYcbp [Q[6c_ `aV_U_\VSQcm aQX^Ygd ]VWUd [_^Vh^l] [_]`mo6
cVa_] Y RVb[_^Vh^_Z \V^c_Z ]QiY^l CmoaY^TQ5 Y hQjV SbVT_ ]l U\p nc_T_
`_`a_bcd `aV^VRaVTQV] _TaQ^YhV^Yp]Y5 XQpS\pp hc_6c_ Sa_UV ‫ݷ‬U_`dbcY]5 `Q6
]pcm ^QiVT_ [_]`mocVaQ RVb[_^Vh^Q‫ݷ‬7 3 `aY^gY`V5 ^Yhc_ ^V ]ViQVc b cV] WV
db`Vf_] XQpSYcm5 hc_ S ^QiV] aQb`_apWV^YY Y]VVcbp RVb[_^Vh^lZ bcV[7

9cQ[5 RVX gY[\_S Y cV] R_\VV RVX T\_RQ\m^lf `VaV]V^^lf ]l
[Q[6^YRdUm `VaVRm‫]ݷ‬bp5 ^_ S_c [Q[ Rlcm b SS_U_]6SlS_U_]H 3 bQ]_] UV6
\V5 \oR_V UVZbcSYV `_ SlS_Ud Y^e_a]QgYY XQ `aVUV\l Yb`_\^pojVZbp
`a_TaQ]]l5 [Q[ Y \oR_V UVZbcSYV `_ SS_Ud Y^e_a]QgYY YXS^V5 _hV6
SYU^l] _RaQX_] YX]V^pVc baVUd Sl`_\^V^Yp `a_TaQ]]lC TUV6c_ cQ]5
XQ `aVUV\Q]Y V‫` ݷ‬Q]pcY5 YbhVXQVc Y^e_a]QgYp YX RdeVa_S SS_UQ5 Q
S RdeVaQf SlS_UQ5 ^Q`a_cYS5 `_pS\pVcbp5 `aYh‫ ]ݷ‬Y c_5 Y UadT_V ]_6
WVc `_S\Vhm XQ b_R_Z `_b\VUbcSYp5 _ [_c_alf ^QiQ `a_TaQ]]Q UQWV
^V U_TQUlSQVcbp7
3_`a_b b SS_U_]6SlS_U_] _bcQ‫ݷ‬cbp T_\_S^_Z R_\mo U\p bc_a_^^Y[_S
‫^ݷ‬VaQXadiQojYf‫` ݷ‬QaQUYT] `a_TaQ]]Ya_SQ^Yp5 S c_] hYb\V Y ed^[6
gY_^Q\mjY[_S7 3 R_\miY^bcSV b\dhQVS `aYf_UYcbp YUcY ^Q [_]`a_6
]Ybb Y U_`db[Qcm bdjVbcS_SQ^YV ed^[gYZ b `_R_h^l] neeV[c_] ‑
[Q[ ]Y^Y]d] U\p SS_UQ6SlS_UQ5 ^_ hQbc_ UV\_ ncY] ^V _TaQ^YhYSQ6
Vcbp5 `_ `aY^gY`d ‫ݷ‬dSpX [_T_c_[ ‑ SbVZ `cYh[V `a_`Qbcm‫ݷ‬C [Q[ ]l
dSYUY] `_XU^VV5 S cQ[Yf 1p[_Rl ed^[gY_^Q\m^lf2 pXl[Qf5 [Q[ ?@D9=9J1D9?>D `ap]_Z
`VaVS_U nc_T_ cVa]Y^Q ‫`_ݷ‬cY]YXQgYp fS_bc_S_Z aV[dabYY‫ ݷ‬Y\Y `a_bc_ ‫ݷ‬fS_bc_SQp
aV[dabYp‫ ݷ‬U_S_\m^_ hQbc_ `_`QUQVcbp S adbb[_pXlh^lf cV[bcQf7

‫ ݷ‬B7:7 8QTQU_h^_V b\_S_ ‫`ݷ‬QaQUYT]Q‫ݷ‬

;B

=

Y \385=5 5 `aYbdcbcSdoc Y `aYbSQYSQ^Yp5 Y T\_RQ\m^lV `VaV]V^^lV5 Y
UQWV gY[\l7 B`aQSYcmbp b SS_U_]6SlS_U_]5 ^V `_WVacS_SQS hYbc_c_Z
[_^gV`gYY5 dUQ‫ݷ‬cbp \Yim S baQS^YcV\m^_ aVU[Yf pXl[Qf `a_TaQ]]Ya_6
SQ^Yp5 _b^_SQ^^lf ^Q `aY^gY`V \V^YSlf SlhYb\V^YZ5 `aY [_c_alf
hQbcm SlhYb\V^YZ ed^[gYZ 1`aV_RaQX_SQ^YZ YX SlaQWV^Yp5 b_UVaWQ6
jVT_ SlX_S ed^[gYY5 S SlaQWV^YV5 b__cSVcbcSdojVV SlhYb\V^^_]d
X^QhV^Yo2 ^V `a_Ybf_UYc U_ cVf `_a5 `_[Q X^QhV^YV ^V `_caVRdVcbp S
UadTYf SlhYb\V^YpfD [Q[ ]l dSYUY] `_XU^VV5 nc_ `_XS_\pVc aQR_cQcm b
db\_S^_ RVb[_^Vh^l]Y bcad[cdaQ]Y UQ^^lfC ^Q`aY]Va5 _c `_bca_V^^_6
T_ ‫ݷ‬RVb[_^Vh^_T_‫ ݷ‬b`Yb[Q S `Q]pcY ]_W^_ faQ^Ycm \Yim cV n\V]V^cl5
[_c_alV dWV [c_6c_ XQcaVR_SQ\5 Q _bcQc_[ 1[_c_alZ5 b_RbcSV^^_ T_S_ap5
Y XQ[\ohQVc S bVRV ‫ݷ‬RVb[_^Vh^_bcm‫ݷ‬2 `aVUbcQS\pcm S SYUV ^VSlhYb\V^6
^_T_ 1`_[Q Vj‫^ ݷ‬V SlhYb\V^^_T_12 SlaQWV^Yp7 @_c_[Y SS_UQ `aY nc_]
]_W^_ `aVUbcQSYcm S SYUV cQ[Yf S_c ‫ݷ‬RVb[_^Vh^lf‫_` ݷ‬b\VU_SQcV\m^_6
bcVZD aVXd\mcQc_] hcV^Yp YX `_c_[Q bcQ^_SYcbp `QaQ YX `a_hYcQ^^_T_
X^QhV^Yp Y bQ]_T_ `_c_[Q 1Q^Q\_TYh^_ c_]d5 [Q[ aVXd\mcQc_] UV[_]6
`_XYgYY RVb[_^Vh^_T_ b`Yb[Q bcQ^_SYcbp `QaQ5 b_bc_pjQp YX YXS\Vh‫^ݷ‬6
^_T_ YX b`Yb[Q n\V]V^cQ Y bQ]_T_ b`Yb[Q5 c_h^VV5 bca_pjVZ VT_ Sl6
hYb\YcV\m^_Z `a_gVUdal27 B SlS_U_] bYcdQgYp b\_W^VVC ^Q`aY]Va5 S
pXl[V F_d` 1Q?@52 ]_W^_ `_bca_Ycm T\QS^do ed^[gYo `a_TaQ]]l [Q[
`_bcV`V^^_ SlhYb\pojdo n\V]V^cl ^V[_VT_ b`Yb[Q 1S_X]_W^_5 RVb[_6
^Vh^_T_5 ^_ ^V _RpXQcV\m^_2 Y b `_]_jmo b`VgYQ\m^_ `aVU^QX^QhV^^_Z
U\p nc_T_ UYaV[cYSl d[QXQcm5 hc_ n\V]V^cl b`Yb[Q b\VUdVc `_ ]VaV Yf
SlhYb\V^Yp ^Q`aQS\pcm S bcQ^UQac^lZ `_c_[ SlS_UQ7 ?e_a]\V^^lV
cQ[Y] b`_b_R_] `a_TaQ]]l RdUdc b_SVaiV^^_ hYbcl S `\Q^V `_R_h^lf
neeV[c_S5 S_c c_\m[_ `_c_[ SlS_UQ XUVbm ]_WVc Rlcm a_S^_ _UY^7
PXl[ Q1C;525 [_c_aQp ^Q Sf_U S [QhVbcSV QaTd]V^c_S `_\dhYc [_]Q^U6
^do bca_[d `ap]_ S c_] SYUV5 S [_c_a_] _^Q `VaVUQ^Q ed^[gYY =19>5
Q S [QhVbcSV bS_VT_ X^QhV^Yp SVa^‫ݷ‬c b`Yb_[ bca_[5 [_c_alV ^dW^_ Sl6
UQcm S bcQ^UQac^lZ SlS_UD XQ bQ] SlS_U RdUVc _cSVhQcm ed^[gYp =19>7
@_b[_\m[d `aYSlh^Qp ^Q] RYR\Y_cVh^Qp ed^[gYp =1CD 381B 3C5 CDBE3D CDBh9D5= 3D1925 Q ^Q `aQ[cY[V ‑ `_`a_bcd cQR\YgVZD Q^Q\_TYh^l] _RaQX_] _U^d Y cd
WV bdj^_bcm _`YblSQoc cVa]Y^l ‫ݷ‬eQ[c‫ݷ‬5 ‫_[ݷ‬acVW‫ ݷ‬Y ‫ݷ‬bca_[Q cQR\Ygl‫ݷ‬7 3Vbm
^QR_a Y]VojYfbp S `a_\_T6`a_TaQ]]V eQ[c_S cQ[ Y ^QXlSQoc RQX_Z UQ^^lf5
Y R_\miV c_T_5 @a_\_T `_XS_\pVc S_ SaV]p aQR_cl `a_TaQ]]l U_RQS\pcm S ^V‫ݷ‬
^_SlV eQ[cl Y YXl]Qcm Y]VojYVbp5 c_ Vbcm RQXd UQ^^lf ]_W^_ UY^Q]YhVb[Y
YX]V^pcm 1b `aQSY\Q]Y cQ[ `_bcd`Qcm ^V\mXp27
9UVp `aY]V^V^Yp \_TYhVb[_T_ `a_TaQ]]Ya_SQ^Yp U\p aQR_cl b RQXQ]Y UQ^6
^lf S__RjV SlT\pUYc _hV^m VbcVbcSV^^_Z5 ^_5 [ b_WQ\V^Yo5 \ZU ‫ݷ‬db`V\ `Va6
Sl]‫ݷ‬5 XQ^pS ^Yid p[_Rl ‫ݷ‬bcQ^UQac^_T_‫ ݷ‬pXl[Q XQ`a_b_S7 3 9^cVa^VcV ]_W^_
^QZcY U_S_\m^_ ]^_T_ `a_V[c_S5 `aY]V^pojYf \_TYhVb[_V `a_TaQ]]Ya_SQ^YV

‫ ݷ‬B7:7 8QTQU_h^_V b\_S_ ‫`ݷ‬QaQUYT]Q‫ݷ‬



S _R\QbcY d`aQS\V^Yp RQXQ]Y UQ^^lf5 hQbcm YX ncYf `a_V[c_S _b^_SQ^Q ^Q @a_6
\_TV5 hQbcm ‑ ^Q bca_T_ \_TYhVb[_] pXl[V 5nZcQ\_T 1M1D17 4?E2Q`aY]Va5 eQZ\_SlV `VaV]V^^lV
pXl[Q @Qb[Q\m ^V `aYbSQYSQocbpD S`a_hV]5 _bcQ‫ݷ‬cbp _c[alcl] S_`a_b5 ]_W^_ \Y
bhYcQcm ncd bdj^_bcm QRbcaQ[c^l] cY`_] UQ^^lf7

‫ ݷ‬B7:7 8QTQU_h^_V b\_S_ ‫`ݷ‬QaQUYT]Q‫ݷ‬

VZ]Q^QD [Q[ b\VUbcSYV5 Y]V^^_ _^_ \VWYc S _b^_SV R_\miY^bcSQ Y^Ud6
bcaYQ\m^lf pXl[_S `a_TaQ]]Ya_SQ^Yp5 ^d Q `_pS\V^YV S ncYf pXl[Qf
_RkV[c^_Z ^QUbca_Z[Y _cSVhQVc ^Q S`_\^V _RkV[cYS^do `_caVR^_bcm
`aQ[cYhVb[_T_ `a_TaQ]]Ya_SQ^Yp S b__cSVcbcSdojYf S_X]_W^_bcpfC
Yb`_\mX_SQ^YV ??@ UQWV XQ bh‫ݷ‬c _U^_Z c_\m[_ Y^[Q`bd\pgYY b`_b_R^_
YXapU^_ b^YXYcm cadU_‫_[]ݷ‬bcm `aY aQXaQR_c[V [ad`^lf `a_TaQ]]7
>QU_ `aYX^Qcm5 S`a_hV]5 hc_ UQWV S cQ[Yf _RkV[c^_6_aYV^cYa_6
SQ^^lf U_ ]_XTQ [_bcVZ pXl[Qf5 [Q[ \=1D F1?45 3Dh29>hDB55h@B9>DhB5313?>CD CDBE3D >?45 3B2
K
9611B2
B5DEB>D
9>Dh29>hDB55h@B9>DhB531B6GD61254 25 B6GF1Dh29>hDB55h@B9>DhB531B6GB978D2D
M

B\_SVb^_V _`YbQ^YV `aY^gY`Q aViV^Yp c_WV \VT[_ `_^pcmC Vb\Y UVaVS_
`dbc_V5 c_ UV\Qcm ^YhVT_ ^V ^QU_ 1[Q[ `_\QTQVcbp5 RQXYb aV[dabYY Sl6
RYaQV] bQ]lZ caYSYQ\m^lZ YX SbVf S_X]_W^lf25 Vb\Y WV S UVaVSV Vbcm
f_cp Rl _UY^ 1cV[djYZ2 n\V]V^c5 c_ b^QhQ\Q `VhQcQV] \VS_V `_UUVaVS_5
`_c_] cV[djYZ n\V]V^c5 `_c_] `aQS_V `_UUVaVS_7
9cVaQcYS^lZ SQaYQ^c _[QXlSQVcbp ^Q]^_T_ b\_W^VV7 3_c _^C
F?94 9>Dh29>hDB55h@B9>DhCD CDBE3D >?45 3B2
K
5>E= CD1D5 K CD1BD5 ?45 3@D
5>E= CD1D5 CDD
CDBE3D 213;@1D8 3>5HDD
MD
CDBE3D 213;@1D8 32@5 3DD
2@ F =1D9>E5D

83 29>DB5573 38

=;

@QaQUYT]l S ]li\V^YY `a_TaQ]]YbcQ
M
83 >? 2B51; 85B5 38
31C5 D61254 25 2@6G@6GF1CD 9>D 1BBdf5 9>D 2
K

=?

@QaQUYT]l S ]li\V^YY `a_TaQ]]YbcQ
961 EF 92
B5DEB> 9D
B5DEB> 1BBd9f 4 1BB1IhCE=1611BBd:f25 6 :2D
M

;_^Vh^_5 ‫^ݷ‬Qbc_pjYV bYi^Y[Y‫^ ݷ‬Q`Yidc c_ WV bQ]_V Y^QhV5 `aY]Va^_
cQ[C
9>D 1BB1IhCE=13?>CD 9>D 31BB5 9>D 2
K
B5DEB> EF 9 H 9 C 31BB 4 1BB1IhCE=11BB4:5 6:2D
M

3`a_hV]5 ]QiY^^lZ [_U YX ncYf USdf SQaYQ^c_S `_\dhYcbp5 b[_aVV
SbVT_5 _UY^ Y c_c WVD aQX^YgQ XUVbm5 [Q[ S_UYcbp5 S S_b`aYpcYY7 ?b6
^_S^lf _c\YhYZ ]_W^_ _c]VcYcm USQC Yb`_\mX_SQ^YV aQXl]V^_SQ^Yp
S]Vbc_ Y^UV[bYa_SQ^Yp Y db\_S^_V SlaQWV^YV S]Vbc_ db\_S^_T_ _`V6
aQc_aQD Vb\Y `VaS_V ‑ nc_ bS_VT_ a_UQ SYXYc^Qp [Qac_h[Q pXl[Q BY
b VT_ QUaVb^_Z QaYe]VcY[_Z5 c_ Sc_a_V5 [Q[ ^Y bcaQ^^_5 `aVSaQjQVc
aVQ\YXQgYo YX Y]`VaQcYS^_Z S ed^[gY_^Q\m^do7
CQ[ Y\Y Y^QhV5 XUVbm ]l Y]VV] UV\_ b `a_bc_Z aV[dabYVZC ed^[6
gYp SlXlSQVc bQ]Q bVRp a_S^_ _UY^ aQX7 BfV]QcYhVb[Y nc_ ]_W^_ `_6
[QXQcm cQ[C
612 K 777 612 777

M

BdjVbcSdoc Y UadTYV SYUl aV[dabYY5 [_c_alV ]l bVZhQb `_`lcQV]bp
aQbb]_caVcm7 6b\Y ed^[gYp SlXlSQVc UadTdo ed^[gYo5 cQ5 S_X]_W^_5
caVcmo Y cQ[ UQ\VV5 ^_ S [Q[_Z6c_ ]_]V^c b^_SQ SlXlSQVcbp `VaSQp5
T_S_apc _ SXQY]^_Z aV[dabYY7 B cQ[Y] SQaYQ^c_] 1`aQSUQ5 SbVT_
U\p USdf ed^[gYZ2 ]l SbcaVhQ\Ybm S c7 ;5 [_TUQ aViQ\Y ^Q BY XQUQhd
_ b_`_bcQS\V^YY bca_[Y b _RaQXg_] 1b]7 ‫=ݷ‬7QXSQ^YV _`aQSUlSQVcbp cV]5 hc_ `aY
^Q\YhYY R_\VV hV] _U^_T_ `a_gVbb_aQ _cUV\m^lV aV[dabYS^lV SlX_6
Sl ]_Tdc Rlcm _caQR_cQ^l _U^_SaV]V^^_ 1`QaQ\\V\m^_27 BfV]QcYhVb[Y
`QaQ\\V\m^Qp aV[dabYp SlT\pUYc cQ[C
612 K 777 71777 6125 777 6125 777 2 777 M

8UVbm 7 ‑ nc_ ^V _RpXQcV\m^_ ed^[gYp5 nc_ ]_WVc Rlcm5 ^Q`aY]Va5
QaYe]VcYhVb[_V SlaQWV^YV5 U\p SlhYb\V^Yp [_c_a_T_ ^dW^l SbV VT_
_`VaQ^Ul5 ^_ [_c_a_]d `aY nc_] Sb‫ ݷ‬aQS^_5 S [Q[_] `_apU[V ncY _`VaQ^6
Ul SlhYb\V^l7 3 hQbc^_bcY5 Vb\Y Rl ^Q] ^dW^_ Rl\_ _R_ZcY US_Yh^_V
UVaVS_ ^V U\p aQb`VhQc[Y VT_ n\V]V^c_S5 [Q[ ]l nc_ UV\Q\Y S `aVUl6
UdjV] `QaQTaQeV5 Q U\p SlhYb\V^Yp VT_ bd]]l5 d ^Qb `_\dhY\_bm Rl
hc_6c_ Sa_UV b\VUdojVT_C
9>D DB55CE=13?>CD CDBE3D >?45 3B2
K
B5DEB> B H DB55CE=1B6G 0, 𝑛 > 0.
3 cV_aYY SlhYb\Y]_bcY ncQ ed^[gYp YTaQVc haVXSlhQZ^_ SQW^do a_\m ‑ _^Q
b\dWYc `a_bcVZiY] `aY]Va_] hQbcYh^_6aV[dabYS^_Z ed^[gYY5 [_c_aQp `aY
nc_] ^V pS\pVcbp `aY]YcYS^_6aV[dabYS^_ZD ^_5 [_\m b[_a_ ]l XQ^Y]QV]bp `aQ[6
cYhVb[Y] `a_TaQ]]Ya_SQ^YV]5 ^Y[Q[_Z `_\mXl _c ed^[gYY 1[[Va]Q^Q ]l5 b[_6
aVV SbVT_5 ^V `_\dhY]7 5QWV Vb\Y Rl _^Q ^Q] SUadT `_^QU_RY\Qbm5 c_ ]l Rl
Sb‫ ݷ‬aQS^_ ^V bcQ\Y V‫ ݷ‬SlhYb\pcm b `_]_jmo aV[dabYY5 `_Sc_apojVZ _`aVUV\V6
@ 1^T\7 89785B6?B45B B53EBC9?>7 ;Q[ S_UYcbp5 XUVbm Vbcm cadU^_bcY b `VaVS_U_]C
e_a]Q\m^_ 89785B ‑ nc_ baQS^YcV\m^Qp bcV`V^m5 Q ^V `aVS_bf_U^Qp5 cQ[ hc_ `ap6
]_Z `VaVS_U XSdhQ\ Rl [Q[ ‫ݷ‬aV[dabYp R_\VV Slb_[_T_ `_apU[Q‫ݷ‬5 ^_ S adbb[_] pXl[V
`aY]V^V^YV baQS^YcV\m^_Z bcV`V^Y ^V]VU\V^^_ S\Vh‫ݷ‬c S_`a_b Sa_UV ‫ݷ‬R_\VV Slb_6
[_T_5 hV] hc_H‫ݷ‬5 Y _cbdcbcSYV `ap]_T_ _cSVcQ ^Q nc_c S_`a_b S R\YWQZiV] [_^cV[6
bcV SlXlSQVc _jdjV^YV bV]Q^cYhVb[_Z _iYR[Y7 @VaVS_U b\_S_] ‫ݷ‬SlbiYZ‫ ݷ‬XUVbm
`aVUbcQS\pVc b_R_Z U_S_\m^_ ^V`aYpc^lZ [_]`a_]Ybb5 `_b[_\m[d5 aQXd]VVcbp5 ‫_`ݷ‬6
apU_[‫ݷ‬5 Vb\Y cQ[ ]_W^_ SlaQXYcmbp5 ]_WVc Rlcm ‫ݷ‬Vj‫ ݷ‬SliV‫ݷ‬7

=A

@QaQUYT]l S ]li\V^YY `a_TaQ]]YbcQ

^YV7 5V\_ S c_]5 hc_ U\p 𝑚 ∈ {0, ..., 3} bdjVbcSdoc U_bcQc_h^_ `a_bclV ^VaV6
[dabYS^lV e_a]d\l SlhYb\V^Yp 𝐴(𝑚, 𝑛)5 Q `aY 𝑚 > 3 ed^[gYp 1[[Va]Q^Q
aQbc‫ݷ‬c bc_\m bcaV]YcV\m^_5 hc_ V‫ ݷ‬X^QhV^Yp Sb‫ ݷ‬aQS^_ ^Y[dUQ ^V `_]Vbcpcbp5
`aYh‫^ ]ݷ‬Qb c_\[_] ^V b`Qb‫ݷ‬c UQWV U\Y^^Qp QaYe]VcY[QC U\p faQ^V^Yp hYb\Q
65536
− 35 Vb\Y Rl ]l `_`lcQ\Ybm hVbc^_ `aVUbcQSYcm VT_ S SYUV
𝐴(4, 3) = 22
RYc_S_Z bca_[Y5 ^V fSQcY\_ Rl eYXYhVb[_Z `Q]pcY SbVf [_]`mocVa_S ]YaQ5
265536

− 3 b_UVaWYc R_\miV US_Yh^lf gYea5 hV] 3bV\V^^Qp ‑
^d Q 𝐴(4, 4) = 22
Qc_]_S7 @aY 𝑚 > 4 U\p XQ`YbY X^QhV^YZ ed^[gYY 1[[Va]Q^Q `aYf_UYcbp `aYRV6
TQcm [ ^VcaQUYgY_^^l] ]QcV]QcYhVb[Y] _R_X^QhV^Yp] Sa_UV ‫ݷ‬bcaV\_h^_Z ^_6
cQgYY ;^dcQ‫ݷ‬5 ^_ nc_ dWV [ `aQ[cYhVb[_]d `a_TaQ]]Ya_SQ^Yo ^Y[Q[_T_ _c^_iV6
^Yp ^V Y]VVc7 1Sc_ad [^YTY ^V dUQ\_bm `aYUd]Qcm b[_\m[_6^YRdUm `aQ[cYh^lZ5
[_a_c[YZ Y `aY nc_] dRVUYcV\m^lZ `aY]Va aV[dabYY SlbiYf `_apU[_S7

B7;7Q`aY]Va5 Vb\Y d ^Qb Vbcm `_b\VU_SQcV\m^_bcm
{𝑎1 , 𝑎2 , ..., 𝑎𝑛 }5 XQcaQS[Q 𝑣 Y ed^[gYp USdf QaTd]V^c_S 𝑓 5 c_ e_a]Q\m^_
]_W^_ aQbb]QcaYSQcm aVUd[gYo [Q[ `_b\VU_SQcV\m^_bcm SlhYb\V^YZ
𝑟1 = 𝑓 (𝑎1 , 𝑣),
𝑟2 = 𝑓 (𝑎2 , 𝑟1 ),
𝑟3 = 𝑓 (𝑎3 , 𝑟2 ),
...
𝑟𝑛 = 𝑓 (𝑎𝑛 , 𝑟𝑛−1 ),
Y\Y5 Vb\Y `_\_WYcm 𝑟0 = 𝑣5 c_C
{︃
𝑣,
𝑛 = 0;
𝑟𝑛 =
𝑓 (𝑎𝑛 , 𝑟𝑛−1 ), 𝑛 > 0.
@_b\VU^YZ `_\dhV^^lZ aVXd\mcQc 1S UQ^^_] b\dhQV 𝑟𝑛 2 aQbb]QcaYSQ6
Vcbp [Q[ aVXd\mcQc SbVZ aVUd[gYY7 >Q`aY]Va5 Vb\Y S a_\Y 𝑓 RdUVc
Slbcd`Qcm `a_bc_V b\_WV^YV 1𝑓 (𝑥, 𝑦) = 𝑥 + 𝑦25 Q S a_\Y XQcaQS[Y ‑
05 aVUd[gYp UQbc ^Q] bd]]d `_b\VU_SQcV\m^_bcYD Vb\Y WV S [QhVbcSV

‫ ݷ‬B7;7 AV[dabYp [Q[ `aY]Va `QaQUYT]l

=B

𝑓 SXpcm d]^_WV^YV 1𝑓 (𝑥, 𝑦) = 𝑥𝑦25 Q XQcaQS[_Z bUV\Qcm VUY^Ygd5 ]l
`_\dhY] `a_YXSVUV^YV7 ?`aVUV\YS 𝑓 [Q[ ]Q[bY]d] bS_Yf QaTd]V^c_S
1𝑓 (𝑥, 𝑦) = 𝑚𝑎𝑥(𝑥, 𝑦)25 ]_W^_ ^QZcY ^QYR_\miYZ n\V]V^c `_b\VU_SQ6
cV\m^_bcY5 ^_ `aYU‫ݷ‬cbp S [QhVbcSV XQcaQS[Y SXpcm V‫` ݷ‬VaSlZ n\V]V^c7
AVUd[gYo ]_W^_ `a_S_UYcm ^V b ^QhQ\Q5 Q b [_^gQ XQUQ^^_Z `_b\V6
U_SQcV\m^_bcYC
𝑟𝑛 = 𝑓 (𝑎𝑛 , 𝑣),
𝑟𝑛−1 = 𝑓 (𝑎𝑛−1 , 𝑟𝑛 ),
...
𝑟2 = 𝑓 (𝑎2 , 𝑟3 ),
𝑟1 = 𝑓 (𝑎1 , 𝑟2 ).
AVXd\mcQc_] XUVbm RdUVc 𝑟1 7 @VaSlZ SQaYQ^c ^QXlSQoc \VS_Z aVUd[6
gYVZ5 Sc_a_Z ‑ `aQS_Z aVUd[gYVZD ^QXSQ^YV _`aQSUlSQVcbp cV]5 b
[Q[_T_ [_^gQ `_b\VU_SQcV\m^_bcY V‫^ ݷ‬QhY^Qoc _RaQRQclSQcm7 3liV6
`aYSVU‫^^ݷ‬lV b__c^_iV^Yp ]_W^_ XQ`YbQcm RVX Yb`_\mX_SQ^Yp `a_]V6
Wdc_h^lf `VaV]V^^lf5 Y _Rlh^_ cQ[ Y `_bcd`Qoc5 ]V^pp U\p ^QT\pU6
^_bcY ]VbcQ]Y QaTd]V^cl ed^[gYY U\p b\dhQp \VS_Z aVUd[gYYC
𝑟D F15HDD
MD

Y ed^[gYZ5 `a_YXS_UpjYf QaYe]VcYhVb[YV UVZbcSYp5 c_ Vbcm `aY^Y6
]QojYf ^Q Sf_U USQ `QaQ]VcaQ cY`Q 9>D Y S_XSaQjQojYf c_WV 9>D7
?`YiV] cY` U\p d[QXQcV\p ^Q cQ[do ed^[gYoC
DI@5456 9>D 139>D6E>@DB219>D5 9>D2D

Ed^[gYp5 `a_YXS_UpjQp \VSdo aVUd[gYo b`Yb[Q5 RdUVc SlT\pUVcm cQ[C
9>D 9>D@DB 65 9>D 95 CDBE3D 9D5= 3 DD 95 CDBE3D 9D5= 3 D@DB 65 9>D 95 CDBE3D 9D5= 3D >5Gh9D
9611 9D
>5Gh9 F 6195 DD 9>DD6E>@DB 65 9>D 95 CDBE3D 9D5= 3D B5CDhB5CD
9611 9D
B5CDhB5C F 9>D 61D
9>D
9>D
9>D
9>D

9>Dh@D H5 9>D I2 K B5DEB> H 4 ID M
9>Dh=ED H5 9>D I2 K B5DEB> H 3 ID M
9>Dh=1H19>D H5 9>D I2 K B5DEB> H G I H H C ID M
9>DhJ3>DhD >5 9>D H2 K B5DEB> HFF9 H >4: C >D M
9>DhJ3>DhB978D19>D H5 9>D >2 K B5DEB> HFF9 H >4: C >D M

CV`Vam5 Vb\Y d ^Qb Vbcm b`Yb_[5 ^Q [_c_alZ d[QXlSQVc d[QXQcV\m D5 S `a_cYS^_] b\d6
hQV ‑ `a_bc_ >7 5SV aQX^lV ed^[gYY `_caVR_SQ\Ybm YX6XQ c_T_5 hc_
9>DDD F 9>DDhDDhJ3>DhB978D5 95 Q`aY]Va5 cQ WV bd]]Q b`Yb[Q5 aVQ\YX_SQ^^Qp hVaVX aVUd[gYo5 RdUVc aQR_6
cQcm aQX S UVbpcm ]VU\V^^VV5 hV] `a_bc_V bd]]Ya_SQ^YV n\V]V^c_S gY[\_]5
^d Q cQ[YV b\dhQY aVUd[gYY5 [_TUQ _^Q aVQ\m^_ `_\VX^Q5 ^Q BY ^V bUV\Qcm7
=l _RpXQcV\m^_ SVa^‫]ݷ‬bp [ aVUd[gYY `_XU^VV5 `aY aQbb]_caV^YY cQ[Yf pXl[_S
`a_TaQ]]Ya_SQ^Yp5 TUV _^Q SlT\pUYc ^Q]^_T_ VbcVbcSV^^VV7

B7;7=7 ?bcQc_h^Qp aV[dabYp
AQbb]_caY] Vj‫_ ݷ‬UY^ `a_bc_Z `aY]Va7 @dbcm d ^Qb Y]VVcbp b`Yb_[
gV\lf hYbV\5 cQ[_Z WV5 [Q[_Z ]l Yb`_\mX_SQ\Y aQ^VV 1XSV^mp b `_\p]Y
F1< Y >5HD25 Y ^Q] ^dW^_ ^QZcY `VaSlZ n\V]V^c b XQUQ^^l] X^QhV^Y6
V]7 6b\Y n\V]V^c ^QZUV^5 b\VUdVc SVa^dcm VT_ QUaVb5 Q Vb\Y n\V]V^cQ b
cQ[Y] X^QhV^YV] ^Vc ‑ SVa^dcm W^UU7 3`_\^V VbcVbcSV^^l] RdUVc aV6
[dabYS^_V aViV^YVC Vb\Y b`Yb_[ `dbc5 SVa^dcm W^UU5 Vb\Y _^ ^V `dbc Y
`VaSlZ n\V]V^c b_UVaWYc ^dW^_V ^Q] X^QhV^YV ‑ SVa^dcm QUaVb nc_T_
n\V]V^cQ5 S _bcQ\m^lf b\dhQpf `_`lcQcmbp `_Yb[Qcm n\V]V^c S fS_bcV
b`Yb[Q7 Ed^[gYp RdUVc SlT\pUVcm cQ[C
3?>CD CDBE3D 9D5= 369>4hF1CD CDBE3D 9D5= 3D F14hF14hF1CD CDBE3D 9D5= 3D F1C
9611 W^UUD
961=

@QaQUYT]l S ]li\V^YY `a_TaQ]]YbcQ

6bcVbcSV^^_5 c_ WV bQ]_V ]_W^_ bUV\Qcm Y RVX 7?D?5 `a_bc_ hdcm ]V^VV ^Q6
T\pU^_ ‑ XUVbm dWV cadU^VV XQ]VcYcm5 hc_ aViV^YV `_\dhV^_ `dc‫`_ ]ݷ‬cY]YXQgYY
aV[dabYS^_T_ SQaYQ^cQC
3?>CD CDBE3D 9D5= 369>4hF1CD CDBE3D 9D5= 3D F1CD 381B 3CDB5 3?>CD 381B 3@1D2
K
CG9D3813@1D2 K
31C5 9C
B5DEB> 3CDB FF 9D
31C5 ’3’C
B5DEB> CD1B=1D381CDB5 @1D4:2D
4561E 9D
B5DEB> =1D381CDB4:5 @1D4:2D
M
M
9>D CD1B=1D3813?>CD 381B 3CDB5 3?>CD 381B 3@1D2
K
961=1D381CDB5 @1D22

‫ ݷ‬B7;7 AV[dabYp [Q[ `aY]Va `QaQUYT]l

>>

B5DEB> :D
96113CDB2
B5DEB> 9D
B5DEB> CD1B=1D381CDB4:5 @1D2D
M

?b^_S^Qp aV[dabYp XUVbm 1S ed^[gYY =1D382 bca_Ycbp `_ dRlSQ^Yo
_RaQXgQ ‑ _c ^VT_ `_ ]VaV _RaQR_c[Y _cjV`\pocbp bY]S_\l b\VSQ7
2QXYb_] b\dWYc caYSYQ\m^lZ b\dhQZ `dbc_T_ _RaQXgQC cQ[_Z _RaQXVg
db`Vi^_ b_`_bcQS\pVcbp c_\m[_ b `dbc_Z bca_[_Z5 Vb\Y WV bca_[Q ^V `d6
bcQ ‑ eY[bYadVcbp ^Vdb`Vf5 ^_ S _R_Yf b\dhQpf R_\VV ^Y[Q[Yf UVZbcSYZ
^V caVRdVcbp7
;_TUQ _bcQc_[ _RaQXgQ ^V `dbc Y VT_ `VaSlZ bY]S_\ ‑ ^V XS‫ݷ‬XU_h[Q5
b\VUdVc b^QhQ\Q `a_SVaYcm5 ^V bcQ^Vc \Y nc_c `VaSlZ bY]S_\ `aYhY^_Z
^VdUQhY b_`_bcQS\V^YpC nc_ `a_YX_ZU‫ݷ‬c5 Vb\Y _bcQc_[ b_`_bcQS\pV]_Z
bca_[Y `dbc5 Q cQ[WV Vb\Y bY]S_\ _RaQXgQ ^V b_S`QUQVc b bY]S_\_]
bca_[Y Y `aY nc_] ^V pS\pVcbp X^Q[_] S_`a_bQ7 6b\Y ^VdUQhY ^Q cV6
[djV] iQTV ^V `a_YX_i\_5 _bcQ‫ݷ‬cbp5 _cRa_bYS `VaSlV 1c_\m[_ hc_ _R6
aQR_cQ^^lV2 bY]S_\l5 b_`_bcQSYcm _bcQc_[ bca_[Y b _bcQc[_] _RaQXgQ5
Q bUV\Qcm nc_ ]_W^_ b `_]_jmo c_Z WV ed^[gYY5 [_c_ado ]l `YiV]
1=1D3825 c7 V7 Sl`_\^YS aV[dabYS^lZ SlX_S7
>QYR_\VV Y^cVaVbV^ b\dhQZ5 [_TUQ `VaSl] bY]S_\_] _bcQc[Q _R6
aQXgQ _[QXQ\Qbm XS‫ݷ‬XU_h[Q7 Nc_c b\dhQZ _RaQRQclSQVcbp ed^[gYVZ
CD1B=1D385 [_c_a_Z `VaVUQ‫ݷ‬cbp Sbp _bcQSiQpbp U\p b_`_bcQS\V^Yp bca_6
[Q5 Q cQ[WV _bcQc_[ _RaQXgQ ‑ ^_ dWV RVX cV[djVZ XS‫ݷ‬XU_h[Y7
B_ XS‫ݷ‬XU_h[_Z ]_W^_ b_`_bcQSYcm `_Ubca_[d `a_YXS_\m^_Z U\Y^l5
S c_] hYb\V Y `dbcdoD Y]V^^_ b nc_T_ b\dhQp ^QhY^QVc aQbb]_caV^YV
bYcdQgYY ed^[gYp CD1B=1D38 ‑ S `aVU`_\_WV^YY5 hc_ cV[djQp XS‫ݷ‬X6
U_h[Q b__cSVcbcSdVc `dbc_Z `_Ubca_[V5 VZ _bcQ‫ݷ‬cbp `a_SVaYcm5 b_`_bcQ6
SYcbp \Y `aY nc_] _bcQc_[ bca_[Y b _bcQc[_] _RaQXgQ5 Q ncQ XQUQhQ5
VbcVbcSV^^_5 aViQVcbp b `_]_jmo SlX_SQ ed^[gYY =1D38D `_b[_\m[d
aQ^VV bQ]Q ed^[gYp CD1B=1D38 Rl\Q SlXSQ^Q YX =1D385 XUVbm Y]VVc
]Vbc_ [_bSV^^Qp aV[dabYp7
6b\Y b_`_bcQS\V^YV _bcQc[_S `a_i\_ db`Vi^_5 ]_W^_ eY[bYa_SQcm
db`Vf SbVT_ b_`_bcQS\V^Yp gV\Y[_]D ^_ Vb\Y b_`_bcQS\V^YV ^V dUQ\_bm5
nc_ bQ]_ `_ bVRV _X^QhQVc \Yim5 hc_ cV[djVZ XS‫ݷ‬XU_h[V ^V `_\dhY\_bm
`_bcQSYcm S b__cSVcbcSYV `dbcdo bca_[d7 >_ [_\m b[_a_ S b_`_bcQS\p6
V]_Z bca_[V Vbcm Vj‫ ݷ‬bY]S_\l5 ]_W^_ `_`a_R_SQcm cV[djVZ XS‫ݷ‬XU_h6
[V `_bcQSYcm S b__cSVcbcSYV ^Q _UY^ bY]S_\ R_\miV Y `_b]_caVcm5 ^V
`a_ZU‫ݷ‬c \Y b_`_bcQS\V^YV S cQ[_] SYUV ‑ Y `a_U_\WQcm nc_5 `_[Q S
bca_[V ^V YbhVa`Qocbp bY]S_\l7 Ed^[gYp CD1B=1D38 _aTQ^YXdVc nc_c
`a_gVbb `a_R Y _iYR_[ aV[dabYS^_5 SlXlSQp bQ]Q bVRp b cV] WV _bcQc6
[_] _RaQXgQ Y b d[_a_hV^^_Z ^Q `VaSlZ bY]S_\ bca_[_ZD `VaVU cV]5 [Q[
d[_aQhYSQcm bca_[d5 ^dW^_ dU_bc_SVaYcmbp5 hc_ V‫ ݷ‬Vbcm [dUQ d[_aQhY6

>?

@QaQUYT]l S ]li\V^YY `a_TaQ]]YbcQ

SQcm5 Y b\dhQZ5 [_TUQ bca_[Q _`dbcV\Q Y d[_aQhYSQcm V‫ ݷ‬UQ\miV dWV
^V\mXp5 b\dWYc RQXYb_] aV[dabYYC S nc_] b\dhQV `aYf_UYcbp `aYX^Qcm
b_`_bcQS\V^YV ^Vdb`Vi^l]7
BUV\QV] _hV^m SQW^_V XQ]VhQ^YV7 BcV[_SlV eaVZ]l S ^QiV] aViV6
^YY b\dWQc U\p faQ^V^Yp aQXSY\_[5 _RaQXdojYfbp `aY aQbb]_caV^YY
XS‫ݷ‬XU_hV[ S _RaQXgVC XUVbm ^dW^_ `_`a_R_SQcm b_`_bcQSYcm _bcQc[Y5
[Q[ Vb\Y Rl XS‫ݷ‬XU_h[Q b__cSVcbcS_SQ\Q `dbc_Z bca_[V5 Vb\Y WV nc_ ^V
`_\dhY\_bm ‑ SVa^dcmbp [ aQXSY\[V5 _cRa_bYcm `VaSlZ bY]S_\ bca_[Y
Y `_`a_R_SQcm b^_SQ7 6b\Y T_S_aYcm b_SbV] bca_T_5 bcV[_SlZ eaVZ]
ed^[gYY CD1B=1D38 ^dWV^5 hc_Rl `_]^Ycm b_bc_p^YV aQbb]_caV^Yp
_hVaVU^_Z XS‫ݷ‬XU_h[Y7 >_ S_ SbVf _bcQ\m^lf bYcdQgYpf `_b\V c_T_5 [Q[
\oRQp YX USdf ^QiYf ed^[gYZ SlXlSQVc bQ]Q bVRp Y\Y Sc_ado ed^[6
gYo5 V‫ ݷ‬bcV[_SlZ eaVZ] bcQ^_SYcbp ^V ^dWV^5 Y nc_ SYU^_ `_ Yf [_UdC
SbV SlX_Sl5 [a_]V _U^_T_5 `a_YXS_Upcbp ^V`_baVUbcSV^^_ YX _`VaQc_6
aQ B5DEB>5 `aYh‫ ]ݷ‬S_XSaQjQVcbp Y]V^^_ c_ X^QhV^YV5 [_c_a_V SVa^d\Q
SlXlSQV]Qp ed^[gYp7
9^cVaVb^_5 hc_ eaVZ]5 faQ^pjYZ aQXSY\[d5 bcQ^_SYcbp ^V ^dWV^5
[_TUQ ^QhQc_ aQbb]_caV^YV `_b\VU^VT_ S_X]_W^_T_ U\p UQ^^_Z aQXSY\6
[Y b\dhQp ‑ Q Y]V^^_5 [_TUQ d[_aQhYSQcm bca_[d dWV ^V[dUQ5 `_b[_\m6
[d _^Q _`dbcV\Q7 3liV`aYSVU‫_^^ݷ‬V aViV^YV nc_T_ ^V dhYclSQVc5 ^_ nc_
]_W^_ Yb`aQSYcm5 b\VT[Q `VaV`YbQS ed^[gYo CD1B=1D38C
9>D CD1B=1D3813?>CD 381B 3CDB5 3?>CD 381B 3@1D2
K
96113CDB2
B5DEB> =1D381225 @1D2D
961=1D381CDB5 @1D22
B5DEB> :D
B5DEB> CD1B=1D381CDB4:5 @1D2D
M

3lX_S_S =1D38 XUVbm bcQ\_ USQ5 `aYh‫` ]ݷ‬VaSlZ5 b__cSVcbcSdojYZ RQ6
XYb^_]d b\dhQo `dbc_Z bca_[Y5 cV`Vam RdUVc _bcQc_h^l] ‑ c_ Vbcm
cQ[Y]5 `aY [_c_a_] bcV[_SlZ eaVZ] SlXlSQojVZ ed^[gYY R_\miV
^YhVT_ `_\VX^_T_ S bVRV ^V b_UVaWYc7
;_]`Y\pc_al BY _Rlh^_ ^V ]_Tdc _`cY]YXYa_SQcm _bcQc_h^do aV6
[dabYo5 \YR_ [Q[ ]Q[bY]d] _TaQ^YhYSQocbp caYSYQ\m^l] b\dhQV] Sl6
X_SQ ed^[gYVZ bQ]_Z bVRp b ^_Sl]Y X^QhV^Yp]Y `QaQ]Vca_S5 [_c_alZ
n[SYSQ\V^cV^ `VaVf_Ud ^Q ^QhQ\_ cV\Q ed^[gYY 1b]7 bca7 >@

`_XQUY XS‫ݷ‬XU_hV[5 U\p [_c_alf Vj‫ ݷ‬Vbcm ^VaQbb]_caV^^lV S_X]_W^_6
bcY7 3 hQbc^_bcY5 b_`_bcQS\V^YV b _RaQXg_]5 ^V b_UVaWQjY] ^Y _U^_Z
XS‫ݷ‬XU_h[Y5 `a_f_UY\_ Rl S__RjV RVX aQbf_U_SQ^Yp bcV[Q7
>Q Sbp[YZ b\dhQZ `aVU_bcVaVW‫ ]ݷ‬hYcQcV\p _c haVX]Va^_T_ _`cY]YX]Q `_ `_6
S_Ud _`cY]YXQgYY _bcQc_h^_Z aV[dabYY Y S__RjV _bcQc_h^lf SlX_S_S7 ;_]`Y6
\pc_al BY ^V UV\Qoc cQ[_Z _`cY]YXQgYY ^V `_c_]d5 hc_ Yf b_XUQcV\Y b\Yi[_]
\V^YSl Y\Y T\d`lD ^Q`a_cYS5 b_SaV]V^^lV _`cY]YXQc_al [_UQ5 S[\ohQV]lV S
b_bcQS [_]`Y\pc_a_S BY5 `aVUbcQS\poc b_R_Z _U^d YX bQ]lf Y^cV\\V[c_‫[]ݷ‬Yf
_R\QbcVZ `a_TaQ]]Ya_SQ^Yp7
AVQ\m^Qp `aYhY^Q cdc S c_]5 hc_ _`cY]YXQgYp _bcQc_h^lf SlX_S_S b^YXY6
\Q Rl Rlbca_UVZbcSYV `_\dhQV]_T_ ]QiY^^_T_ [_UQ5 SVUm X^QhV^Yp `QaQ]Vca_S
U\p SlXlSQV]_Z ed^[gYY `aYi\_bm Rl [_`Ya_SQcm S ^QhQ\_ _R\QbcY `Q]pcY5
XQ^Y]QV]_Z cV[djY] eaVZ]_]5 `VaVU Sl`_\^V^YV] _bcQc_h^_T_ SlX_SQ7 B_6
XUQcV\Y _`cY]YXQc_a_S _Rlh^_ bcQSpc `VaVU b_R_Z XQUQhd `a_cYS_`_\_W^doC
`_SlbYcm Rlbca_UVZbcSYV UQWV gV^_Z dSV\YhV^Yp aQbf_UQ `Q]pcY7 ;a_]V c_T_5
BY U_`db[QVc Yb`_\mX_SQ^YV aV[dabYY5 ^_ [ hYb\d _b^_S^lf Y^bcad]V^c_S _^Q
XUVbm ^V _c^_bYcbpD S nc_Z hQbcY [^YTY ]l Yb`_\mXdV] BY U\p Y\\obcaQgYZ5
`a_bc_ hc_Rl ^V aQbb[QXlSQcm U\p ncYf gV\VZ [Q[_Z6c_ Vj‫ ݷ‬pXl[7

3QW^_ `_^Y]Qcm5 hc_ SlX_S ed^[gYY U_\WV^ Rlcm Y]V^^_ bQ]l]
`_b\VU^Y]5 hc_ ^dW^_ bUV\Qcm S cV\V ed^[gYY5 Y^QhV _^ dWV ^V b]_6
WVc Rlcm_bcQc_h^l]7 >QhY^QojYV hQbc_ `dcQocbp b ncY] db\_SYV]5
`_nc_]d d]Vbc^_ RdUVc `aYSVbcY U\p Y\\obcaQgYY `aY]Va5 [_TUQ _`cY6
]YXQgYp _bcQc_h^_Z aV[dabYY ^VS_X]_W^Q7 >Q`YiV] ed^[gYo5 _`aV6
UV\pojdo U\Y^d b`Yb[QC
9>D CD CDBE3D 9D5= 3 D CD CDBE3D 9D5= 3 DD
B5DEB> D4:2D
M
9>D CD CDBE3D 9D5= 3 D 31BB5 9>D 5 9>D CE=2
K
961 EF 92
B5DEB> CE=D
B5DEB> 1BB1IhCE=h4?11BB4:5 6:5 31BB 4 CE=2D
M
9>D 1BB1IhCE=19>D 31BB5 9>D 2
K
B5DEB> 1BB1IhCE=h4?11BB5 5 92D
M

?R\Qbcm `aY]V^V^Yp cVf^Y[Y ^Q[Q`\YSQojVT_ `QaQ]VcaQ ^V _TaQ^Y6
hYSQVcbp `aYSVUV^YV] aV[dabYY [ _bcQc_h^_]d SYUd7 @dbcm5 ^Q`aY]Va5
^Q] ^dW^_ aQXSVa^dcm _U^_bSpX^lZ b`Yb_[5 aQb`_\_WYS VT_ n\V]V^cl
S _RaQc^_] `_apU[V7 B `_]_jmo ^Q[Q`\YSQojVT_ `QaQ]VcaQ ncQ XQUQhQ
aViQVcbp b_SVaiV^^_ n\V]V^cQa^_ ‑ U_bcQc_h^_ ^Q [QWU_] da_S^V aV6
[dabYY _cjV`\pcm _c Ybf_U^_T_ b`Yb[Q `_ _U^_]d n\V]V^cd Y U_RQS\pcm
_cjV`\‫^^ݷ‬lV n\V]V^cl S ^QhQ\_ b`Yb[Q5 `_iQT_S_ e_a]YadojVT_bp
B 3 Q^T\_pXlh^_Z \YcVaQcdaV `aY]V^pVcbp cVa]Y^ 133E=EB

S_ Sc_a_] `QaQ]VcaV7 B_XUQSQV]lZ b`Yb_[5 VbcVbcSV^^_5 YX^QhQ\m^_
b\VUdVc bUV\Qcm `dbcl]C
CDBE3D 9D5= 3B5F5BC5hI 7E1757
N4 Y?CD
=_W^_ `YbQcm ^Q E_acaQ^V5 T\QS^_V ‑ ^V
Ud]Qcm ^Q E_acaQ^V7
^VYXSVbc^lZ QSc_a
@_b[_\m[d bVZhQb ]l aQbb]QcaYSQV] aV[dabYo S [_^cV[bcV aQXT_6
S_aQ _ `QaQUYT]Qf5 d]Vbc^_ RdUVc _c]VcYcm5 hc_ aV[dabYo [Q[ `aY‫]ݷ‬
`a_TaQ]]Ya_SQ^Yp ]_W^_ Yb`_\mX_SQcm5 `a_U_\WQp `aY nc_] Ud]Qcm
cQ[ WV5 [Q[ Y RVX aV[dabYY ‑ S caQUYgY_^^lf cVa]Y^Qf UVZbcSYZ Y Yf
`_b\VU_SQcV\m^_bcVZD ]VWUd cV] aV[dabYp `aVUbcQS\pVc b_R_Z bQ]_6
bc_pcV\m^do `QaQUYT]d `a_TaQ]]Ya_SQ^Yp5 c_ Vbcm `aVU`_\QTQVc bS_Z
b_RbcSV^^lZ bcY\m ]li\V^Yp5 Y ncY] bcY\V] haVXSlhQZ^_ `_\VX^_ S\Q6
UVcm7 9^QhV T_S_ap5 ]Q\_ _bS_Ycm aV[dabYo [Q[ `aY‫` ]ݷ‬a_TaQ]]Ya_6
SQ^Yp ‑ ^dW^_ ^QdhYcmbp Ud]Qcm S b__cSVcbcSYY b ^VZ7
5\p Y\\obcaQgYY nc_T_ 1S_X]_W^_5 ^Q `VaSlZ SXT\pU bcaQ^^_T_2
dcSVaWUV^Yp aQbb]_caY] Vj‫ ݷ‬aQX ^Qid `a_bcV^m[do ed^[gYo `_Ubh‫ݷ‬6
cQ U\Y^l b`Yb[QC
9>D CD CDBE3D 9D5= 3

^_]d [aYcVaYo7 B_T\Qb^_ 2QUUd5 bQ] eQ[c ^Q\YhYp nc_Z S_X]_W^_6
bcY ^QS_UYc JYU6`a_TaQ]]YbcQ ^Q `aQSY\m^do ]lb\m:: 7 5\p aViV^Yp
XQUQhY U_bcQc_h^_ b_XUQcm ]QcaYgd 1USd]Va^lZ ]QbbYS2 aQX]Va^_bcY
16=9>2×1=9>4:2 16=9> bca_[5 =9>4: n\V]V^c_S S [QWU_Z bca_6
[V25 S bca_[d b ^_]Va_] 9 XQ^VbcY n\V]V^cl Ybf_U^_T_ ]QbbYSQ b Y^6
UV[bQ]Y b 9 `_ =9>6:5 S b\VUdojdo bca_[d ‑ n\V]V^cl b : `_ =9>5 Y
cQ[ UQ\VV5 c7 V7 [QWUQp bca_[Q b Y^UV[b_] ; RdUVc b_UVaWQcm n\V]V^cl
Ybf_U^_T_ ]QbbYSQ5 Y]VojYV Y^UV[bl _c ; U_ ;4=9>6:D `aY nc_] XQUVZ6
bcSdocbp SbV bc_\Rgl ]QcaYgl5 [a_]V `_b\VU^VT_7 3 `_b\VU^YZ bc_\6
RVg [QWU_Z bca_[Y XQ^_bYcbp ^_]Va 1Y^UV[b2 bQ]_Z nc_Z bca_[Y7 @_b\V
nc_T_ ]QcaYgQ b_acYadVcbp `_ bca_[Q]5 hc_5 [Q[ YXSVbc^_5 ]_WVc Rlcm
bUV\Q^_ XQ 𝑐 · 𝑁 · log 𝑁 UVZbcSYZ5 TUV 𝑁 ‑ U\Y^Q ]QbbYSQ5 Q 𝑐 ‑ ^V[YZ
`_bc_p^^lZ [_neeYgYV^c7 5Q\VV U_bcQc_h^_ XQ _UY^ `a_f_U Slpb^Ycm5
Vbcm \Y S `_\dhV^^_Z ]QcaYgV bca_[Y5 S [_c_alf SbV n\V]V^cl5 [a_]V
`_b\VU^VT_ 1faQ^pjVT_ Ybf_U^do `_XYgYo [QWU_Z bca_[Y25 b_S`QUQoc7
6b\Y cQ[YV bca_[Y _R^QadWV^l5 c_ YX Yf `_b\VU^Yf n\V]V^c_S ]_W^_
SXpcm `_XYgYY Ybf_U^_T_ ]QbbYSQ5 b [_c_alf ^QhY^Qocbp Y^cVaVbdojYV
^Qb gV`_h[Y7
>Vb]_cap ^Q c_5 hc_ JYU pS\pVcbp pXl[_] Y^cVa`aVcYadV]l]5 cQ6
[_V aViV^YV RdUVc aQR_cQcm ^Q ^Vb[_\m[_ `_apU[_S RlbcaVV Y XQSVa6
iYcbp XQ `aYV]\V]_V SaV]p UQWV U\p Ybf_U^_T_ ]QbbYSQ5 b_UVaWQjVT_
UVbpc[Y ]Y\\Y_^_S n\V]V^c_S7 2QUU XQ_bcapVc S^Y]Q^YV hYcQcV\p ^Q
c_]5 [Q[ ^Q\YhYV hQbc^_Z Sbca_V^^_Z S_X]_W^_bcY 1S UQ^^_] b\dhQV ‑
b_acYa_S[Y ]QbbYS_S `a_YXS_\m^_Z `aYa_Ul2 ]_WVc ^Qc_\[^dcm `a_6
TaQ]]YbcQ ^Q R_\VV YXpj^_V aViV^YV `a_R\V]l7 3QW^_ `_^Y]Qcm5 hc_
dbca_Ycm b_acYa_S[d ]QcaYgl `_ bca_[Q] XQ SaV]p 𝑂(𝑁 log 𝑁 ) ]_W^_5
aQXd]VVcbp5 Y ^Q E_acaQ^V5 ^_ S nc_] pXl[V ^Vc Sbca_V^^_Z S_X]_W^_6
bcY U\p cQ[_Z b_acYa_S[Y5 Y `_nc_]d `VaSlZ `a_TaQ]]Ybc `aQSY\m^_V
aViV^YV `a_T\pUV\7
B SlS_UQ]Y 2QUUQ ]_W^_ ^V b_T\QbYcmbp 1`aVU\_WY] hYcQcV\o
_clb[Qcm [_^caQaTd]V^cl bQ]_bc_pcV\m^_25 ^_ S gV\_] S\Yp^YV Yb6
`_\mXdV]_T_ pXl[Q `a_TaQ]]Ya_SQ^Yp ^Q ]li\V^YV `a_TaQ]]YbcQ
^Vb_]^V^^_7 2_\miV c_T_5 [QWUlZ Q[cYS^_ Yb`_\mXdV]lZ pXl[ b_ SaV6
]V^V] _RaQbcQVc _`aVUV\‫^^ݷ‬l]Y caQUYgYp]Y Y b_XUQ‫ݷ‬c b`VgYeYhVb[do
bdR[d\mcdad5 Q S ^V[_c_alf b\dhQpf ‑ Y ^V _U^d7 6b\Y `QaQUYT]Q Y]6
`VaQcYS^_T_ `a_TaQ]]Ya_SQ^Yp aQXSY\Qbm `_U S\Yp^YV] QafYcV[cd6
al e_^ >VZ]Q^Q5 c_ SbV _bcQ\m^lV bdjVbcSdojYV `QaQUYT]l bS_Y]
S_X^Y[^_SV^YV] _RpXQ^l pXl[Q] `a_TaQ]]Ya_SQ^Yp7
?U^_ SaV]p S 3Y[Y`VUYY S bcQcmpf5 `_bSpj‫^^ݷ‬lf pXl[Q] `a_TaQ]6
]Ya_SQ^Yp5 `lcQ\Ybm d[QXlSQcm ‫`ݷ‬QaQUYT]d‫ݷ‬5 [ [_c_a_Z UQ^^lZ pXl[
p[_Rl _c^_bYcbp7 ;Q[ S_UYcbp5 WYS_V pS\V^YV5 [Q[Y] pS\pocbp pXl6
[Y `a_TaQ]]Ya_SQ^Yp5 ^V `_WV\Q\_ S`YblSQcmbp S aQ][Y d`a_j‫_^^ݷ‬Z
:: 8UVbm ]l ^V]^_T_ _cbcd`Y] _c _aYTY^Q\m^_T_ aViV^Yp5 _`YbQ^^_T_ S [^YTV
2QUUQ5 `_b[_\m[d _^_ ^V b_SbV] SVa^_7

??

@QaQUYT]l S ]li\V^YY `a_TaQ]]YbcQ

[\QbbYeY[QgYYC `_bcV`V^^_ R_\VV ‫`ݷ‬a_USY^dclV‫ ݷ‬QSc_al bcQcVZ ^QhQ6
\Y _c]VhQcm5 hc_ c_c Y\Y Y^_Z pXl[ `_XS_\pVc Yb`_\mX_SQcm R_\miV
_U^_Z `QaQUYT]l5 cQ[YV `QaQUYT]l ^QhQ\Y `lcQcmbp `VaVhYb\Ycm5 ^Q6
XlSQp `aY nc_] bQ] pXl[ ‫]ݷ‬d\mcY`QaQUYT]Q\m^l]‫ݷ‬7 3 Yc_TV ‫]ݷ‬d\mcY6
`QaQUYT]Q\m^l]Y‫[_ ݷ‬QXQ\Ybm `aQ[cYhVb[Y SbV pXl[Y7 3 UVZbcSYcV\m6
^_bcY S_`a_b5 [ [Q[_Z `QaQUYT]V _c^_bYcbp c_c Y\Y Y^_Z pXl[5 \Y6
i‫ ^ݷ‬b]lb\QC pXl[Y ^V _c^_bpcbp [ `QaQUYT]Q]5 pXl[Y e_a]Yadoc
`QaQUYT]l5 `aYh‫[ ]ݷ‬QWUlZ pXl[ ]_WVc b`_b_RbcS_SQcm bcQ^_S\V^Yo
gV\_T_ apUQ `QaQUYT]5 Q VUSQ \Y ^V [QWUQp `QaQUYT]Q _RpXQ^Q bS_Y]
bdjVbcS_SQ^YV] ^Vb[_\m[Y] 1Y^_TUQ _hV^m aQX^l]2 pXl[Q]7
2_\VV Y^cVaVb^l] _[QXlSQVcbp S_`a_b _ c_]5 S [Q[_] b__c^_iV6
^YY ]_WVc ^Qf_UYcmbp [_^[aVc^lZ pXl[ `a_TaQ]]Ya_SQ^Yp b [_^[aVc6
^_Z `QaQUYT]_Z7 ?hVSYU^_5 nc_c S_`a_b ^V `aQXU^lZC UQWV Vb\Y aQb6
b]QcaYSQcm Sb‫ ݷ‬cd WV aV[dabYo5 ]_W^_ ^QZcY pXl[Y5 S [_c_alf RVX
^V‫^ ݷ‬V _R_ZcYbm5 Y pXl[Y5 S [_c_alf `aY]V^V^YV aV[dabYY ^VS_X]_W6
^_ 1[ bhQbcmo5 cQ[Yf pXl[_S `_hcY ^V _bcQ\_bm ‑ ^_ YT^_aYa_SQcm
Yf bdjVbcS_SQ^YV ^V\mXp27 =l `_`lcQV]bp SlUV\Ycm bV]m S_X]_W^lf
‫ݷ‬da_S^VZ b_S]VbcY]_bcY‫] ݷ‬VWUd pXl[_] Y `QaQUYT]_Z7 9cQ[5 pXl[
`a_TaQ]]Ya_SQ^Yp ]_WVcC
∙ ^QSpXlSQcm `aY]V^V^YV `QaQUYT]l5 UV\Qp `a_TaQ]]Ya_SQ^YV
RVX nc_Z `QaQUYT]l ^VS_X]_W^l]D
∙ `_^dWUQcm [ `aY]V^V^Yo `QaQUYT]l ‑ _R nc_] b\VUdVc T_S_6
aYcm5 Vb\Y `a_TaQ]]Ya_SQ^YV ^Q UQ^^_] pXl[V RVX `aY]V^V^Yp
UQ^^_Z `QaQUYT]l S_X]_W^_5 ^_ [aQZ^V ^VdU_R^_D
∙ `__japcm `aY]V^V^YV `QaQUYT]lC `a_TaQ]]Ya_SQ^YV RVX ^V‫ݷ‬
S_X]_W^_ Y UQWV dU_R^_5 ^_ Vb\Y Sb‫ݷ‬6cQ[Y ^QhQcm V‫` ݷ‬aY]V^pcm5
nc_ `aYSVU‫ݷ‬c [ _jdcY]_]d SlYTalid 1S S_X]_W^_bcpf5 S cadU_6
‫_[]ݷ‬bcY5 S neeV[cYS^_bcY Y c7 `72D
∙ `_UUVaWYSQcm `QaQUYT]dD S pXl[ ]_Tdc Rlcm S[\ohV^l b`VgY6
Q\m^lV baVUbcSQ5 `_UUVaWYSQojYV aQR_cd b Yb`_\mX_SQ^YV] [_^6
[aVc^_Z `QaQUYT]l U\p cVf5 [c_ WV\QVc V‫ ݷ‬Yb`_\mX_SQcm5 ^_ `aY
nc_] ]_WVc ^V S_X^Y[Qcm ^Y[Q[_Z _jdcY]_Z SlT_Ul _c V‫ ݷ‬Yb`_\m6
X_SQ^Yp5 Q S ^V[_c_alf b\dhQpf UQWV ]_Tdc `_pS\pcmbp \Yi^YV
cadU^_bcYD
∙ U_`db[Qcm `QaQUYT]d S c_] b]lb\V5 hc_ ^Y[Q[_Z b`VgYQ\m^_Z
`_UUVaW[Y U\p ^V‫ ݷ‬S pXl[ ^V S[\ohV^_5 ^_ Vb\Y `a_TaQ]]Ybc
c_h^_ X^QVc5 hVT_ f_hVc5 c_ _^ Sb‫ݷ‬6cQ[Y b]_WVc ncd `QaQUYT]d
`aY]V^Ycm5 ^V Yb`lclSQp bdjVbcSV^^lf ^VdU_RbcSD
∙ `aV`pcbcS_SQcm `aY]V^V^Yo `QaQUYT]lD S nc_] b\dhQV `a_6
TaQ]]Ybc5 `aYSl[iYZ [ [_^[aVc^_Z `QaQUYT]V5 S_X]_W^_5 Y b]_6
WVc V‫` ݷ‬aY]V^Ycm S aQR_cV ^Q UQ^^_] pXl[V5 ^_ nc_ RdUVc b_`ap6
WV^_ b ^VdU_RbcSQ]Y5 [_c_alV5 b[_aVV SbVT_5 XQbcQSpc aQ^_ Y\Y
`_XU^_ _c UQ^^_Z `QaQUYT]l _c[QXQcmbpD

‫ ݷ‬B7869
GB9D51H2D
6 CF H 3 H
5>4D

Ed^[gYY5 [Q[ ]l X^QV]5 SlXlSQocbp YX QaYe]VcYhVb[Yf SlaQWV^YZ5
cQ[ hc_ \oR_V SlaQWV^YV5 b_UVaWQjVV SlX_S nc_Z ed^[gYY 65 RdUVc
_R\QUQcm `_R_h^l] neeV[c_] ‑ `VhQcQcm X^QhV^YV QaTd]V^cQ ed^[6
gYY7 @_nc_]d5 ^Q`aY]Va5 `_R_h^lZ neeV[c S_X^Y[^Vc `aY Sl`_\^V^YY
b\VUdojYf _`VaQc_a_S `aYbSQYSQ^YpC
1 CF 61:>2 4 ;D
=d61>2 6 2 4 ;5 S_ Sc_a_] ‑ 61>2 6 Y[\Qdb_] 3Yac_] ‑

@;

@QaQUYT]l S ]li\V^YY `a_TaQ]]YbcQ

SlXSQcm ed^[gYo aQUY `_R_h^_T_ neeV[cQ 1`a_YT^_aYa_SQS V‫ ݷ‬S_X6
SaQjQV]_V X^QhV^YV2 Rl\_ ^V\mXp7 Nc_ ‫^ݷ‬VdU_R^_V‫_ ݷ‬TaQ^YhV^YV Rl\_
dbcaQ^V^_ b_XUQcV\p]Y ]EB2? Y1C31Q nc_] ]VbcV Yb6
cY^^lV `_hYcQcV\Y BY _Rlh^_ ^QhY^Qoc S_X]djQcmbp Y ^Q`_]Y^Qcm
`a_ ed^[gYY5 Y]VojYV F?94 S [QhVbcSV cY`Q S_XSaQjQV]_T_ X^QhV^Yp7
5VZbcSYcV\m^_5 cVf^YhVb[Y 1^Q da_S^V ]QiY^^_T_ [_UQ2 `Qb[Q\VSb[Qp
`a_gVUdaQ Y F?946ed^[gYp YX BY ‑ nc_ _U^_ Y c_ WV5 ^_ UV\_ SVUm ^V S
c_]5 [Q[_Z YX ^QiVZ `a_TaQ]]l `_\dhYcbp ]QiY^^lZ [_UD [_TUQ `a_6
TaQ]]Ybc `YiVc `a_TaQ]]d ^Q ‫ݷ‬b_SbV] Slb_[_da_S^VSlf‫ ݷ‬pXl[Qf5 _^
_Rlh^_ S_SbV ^V XQUd]lSQVcbp5 [Q[ [_]`Y\pc_a RdUVc d`aQS\pcmbp b
`VaVS_U_] VT_ `a_TaQ]]l ^Q pXl[ `a_gVbb_aQ7 ;_\m b[_a_ ]l _RbdW6
UQV] `QaQUYT]l5 ^Q] SQW^VV ^V c_5 hc
_ YX ^QiVZ `a_TaQ]]l `_\dhYc6
bp `_b\V V‫_ ݷ‬RaQR_c[Y caQ^b\pc_a_]5 Q c_5 [Q[ ]l bQ]Y S_b`aY^Y]QV]
`a_TaQ]]d5 [_TUQ `YiV] V‫ݷ‬7
E_a]Q\m^_ bV]Q^cY[Q ed^[gYY cY`Q F?94 _`YblSQVcbp eaQX_Z
Sa_UV ‫ݷ‬nc_ ed^[gYp5 SbVTUQ SlXlSQV]Qp aQUY `_R_h^_T_ neeV[cQ‫ݷ‬
Y\Y ‫ݷ‬ed^[gYp5 S_XSaQjQV]_V X^QhV^YV [_c_a_Z SbVTUQ YT^_aYadVcbp‫ݷ‬7
Ed^[gYp `aY nc_] _bcQ‫ݷ‬cbp Y]V^^_ ed^[gYVZ5 c_ Vbcm V‫ ݷ‬SlX_S Vbcm
`_6`aVW^V]d hQbc^lZ b\dhQZ QaYe]VcYhVb[_T_ SlaQWV^Yp5 Q SlXlSQ6
Vcbp _^Q5 [Q[ Y \oRQp ed^[gYp S BY5 b `_]_jmo Sb‫ ݷ‬c_T_ WV _`VaQc_aQ
SlhYb\V^Yp SlaQWV^Yp aQUY `_R_h^_T_ neeV[cQ7 FdWV c_T_ ‑ [Q[ ]l
dWV _RbdWUQ\Y5 S BY S__RjV \oR_V UVZbcSYV _[QXlSQVcbp `_R_h^l]
neeV[c_]5 Q `_b[_\m[d pXl[ BY YX^QhQ\m^_ Y]`VaQcYS^lZ 1e_^^VZ]Q6
^_Sb[YZ25 c_ Vbcm Sl`_\^V^YV `a_TaQ]]l5 ^Q`YbQ^^_Z ^Q nc_] pXl[V5
b_bc_Yc S `_b\VU_SQcV\m^_] Sl`_\^V^YY _`aVUV\‫^^ݷ‬lf UVZbcSYZ5 ]l
`_\dhQV] bS_VT_ a_UQ [SY^cnbbV^gYo ‫ݷ‬bYi^_T_‫] ݷ‬li\V^YpC Sl`_\^V6
^YV `a_TaQ]]l 1S cVa]Y^Qf pXl[Q BY2 b_bc_Yc YX `_R_h^lf neeV[6
c_S ‑ c_ Vbcm S `a_TaQ]]V ^Q BY S__RjV ^Vc ^YhVT_ UadT_T_5 _U^Y `_6
R_h^lV neeV[cl7 3 cQ[Yf db\_SYpf b_SVaiV^^_ ^VS_X]_W^_ b_faQ^Ycm
QUV[SQc^_V S_b`aYpcYV `_R_h^_T_ neeV[cQ [Q[ hVT_6c_ ^VWV\QcV\m^_6
T_ ‑ nUQ[5 hVT_ U_Ra_T_5 ^VWV\QcV\m^_Z bcQ^Vc Sbp `a_TaQ]]Q7 9^QhV
T_S_ap5 bV]Q^cY[Q pXl[Q BY ^VYXRVW^_ `aYS_UYc [ S_b`aYpcYo `_R_h6
^_T_ neeV[cQ [Q[ hVT_6c_ ^V `a_bc_ ‫ݷ‬U_`dbcY]_T_‫ݷ‬5 Q5 \dhiV RdUVc
b[QXQcm5 bQ]_ b_R_Z aQXd]VojVT_bp7
@aY]Va b [_`Ya_SQ^YV] bca_[Y gY[\_]5 XQ`YbQ^^l] S _U^d bca_h[d5
^Q] dWV ]_T YXapU^_ `_U^QU_Vbcm5 nc_c `aY]Va `aYSVU‫ ^ݷ‬Y S `aVUYb\_6
SYpf5 Y S hQbcY5 `_bSpj‫_^^ݷ‬Z BY5 ^_ Sb‫ ݷ‬WV aYb[^‫_` ]ݷ‬Sc_aYcm VT_ ‑

‫ ݷ‬B722 K
83 XUVbm _RaQRQclSQVcbp hYb\_ > 38
M

AQXd]VVcbp5 nc_ ]_W^_ ^Q`YbQcm Y^QhVC
B5C F 6C31>61CDB51=5 25425 6>2D
G89 38
B5C F 6C31>61CDB51=5 25425 6>2D
M

@_R_h^_T_ neeV[cQ S db\_S^_] SlaQWV^YY XUVbm dWV ^Vc5 XQc_ `_6
pSY\_bm UdR\Ya_SQ^YV [_UQ7 Hc_ \dhiV ‑ `_R_h^lZ neeV[c S db\_S6
^_] SlaQWV^YY Y\Y UdR\Ya_SQ^YV [_UQH =_W^_ b[_\m[_ dT_U^_ \_6
:> 8UVbm `aYf_UYcbp `aVU`_\_WYcm5 hc_ \YR_ nc_ [Q[_Z6c_ UYQ\V[c @Qb[Q\p b
QUaVb^_Z QaYe]VcY[_Z5 \YR_ S]Vbc_ d[QXQcV\VZ Yb`_\mXdocbp Y^UV[bl7

@=

@QaQUYT]l S ]li\V^YY `a_TaQ]]YbcQ

]Qcm [_`mp S `_\mXd c_T_ Y\Y Y^_T_ _cSVcQ ^Q nc_c S_`a_b5 ^_ `aQ6
SY\m^VV RdUVc `aYX^Qcm U_S_\m^_ _hVSYU^lZ eQ[cC ^Q bQ]_] UV\V
Y c_5 Y UadT_V ‑ `\_f_7 9bc_h^Y[ `a_R\V]l ]l `_Ua_R^_ _RbdW6
UQ\Y S_ Sc_a_] c_]V ‑ b^QhQ\Q S hQbcY5 `_bSpj‫_^^ݷ‬Z BY 1b]7 c7 ;5
bca7 ;9?25 ]l _c]VcY\Y bQ] eQ[c S_X^Y[^_SV^Yp `_caVR^_bcY S `_bca_6
V^YY gY[\Q `_ bfV]V ‫ݷ‬SlR_a[Q‑`a_SVa[Q‑_RaQR_c[Q‫ݷ‬5 Q `_XWV5 U_RaQS6
iYbm U_ b_RlcYZ^_6d`aQS\pV]_T_ `a_TaQ]]Ya_SQ^Yp5 dX^Q\Y5
hc_ XQ nc_Z bfV]_Z5 Vb\Y `_ ^VZ `_bca_Ycm T\QS^lZ gY[\ `a_TaQ]]l5
bc_Yc gV\Qp `QaQUYT]Q 1b]7 c7 ;5 ‫?ݷ‬7=761CDB51=5 25425 6>2D
961B5C 1F :2
2B51;D
83 XUVbm _RaQRQclSQVcbp hYb\_ > 38
M

8Q]VcY]5 U\p T\QS^_T_ gY[\Q S b_RlcYZ^_6d`aQS\pV]lf `a_TaQ]]Qf
^QYR_\VV cY`YhV^ Y]V^^_ nc_c `_Uf_U7 1Sc_ad5 S`a_hV]5 U_S_UY\_bm
SYUVcm `a_TaQ]]l ^Q BY5 S [_c_alf ‫ݷ‬6?B1DD2‫ ݷ‬Slbcd`Q\ S__RjV VUY^6
bcSV^^l] SQaYQ^c_] XQT_\_S[Q gY[\Q7 ;_^Vh^_5 nc_ aViV^YV Y]VVc
bS_Z b_RbcSV^^lZ ^VU_bcQc_[C _Rlh^_ _c [_^bcad[gYY RVb[_^Vh^_T_
gY[\Q hYcQcV\m `a_TaQ]]l _WYUQVc5 hc_ nc_c gY[\ _[QWVcbp UVZbcSY6
cV\m^_ RVb[_^Vh^l]5 c_ Vbcm RdUVc aQR_cQcm U_ cVf `_a5 `_[Q `a_6
TaQ]]d ^V XQSVaiQc `aY^dUYcV\m^_ S^Vi^Y] S_XUVZbcSYV]5 \YR_ `_
[aQZ^VZ ]VaV nc_ cQ[_Z gY[\5 U\p [_c_a_T_ db\_SYV XQSVaiV^Yp ^VS_X6
]_W^_ `aVUbcQSYcm U_bcQc_h^_ `a_bcl] SlaQWV^YV]7 HaVX]Va^_ hQ6
bc_V `aY]V^V^YV [_^bcad[gYY RVb[_^Vh^_T_ gY[\Q _hVSYU^l] _RaQX_]
XQcadU^pVc S_b`aYpcYV `a_TaQ]]l7
;Q[_V YX ca‫ݷ‬f aViV^YZ SlRaQcm ‑ S_ ]^_T_] S_`a_b \Yh^lf `aY6
bcaQbcYZ5 SQW^_ UadT_VC ]l XUVbm Y]VV] S^pc^_ be_a]d\Ya_SQ^^do
`a_R\V]d 1[Q[ `aQSY\m^_ _e_a]Ycm gY[\5 Vb\Y `_ b]lb\d _^ U_\WV^

‫ ݷ‬B7

b_bc_pcm YX SlR_a[Y5 `a_SVa[Y Y _RaQR_c[Y25 _U^Q[_ ^V ]_WV] d[Q6
XQcm aViV^Yp5 `_\^_bcmo bS_R_U^_T_ _c ^VU_bcQc[_S7 B\VU_SQcV\m^_5 S
nc_Z bYcdQgYY `_R_h^lZ neeV[c S db\_S^_] SlaQWV^YY Yb`_\mXdVcbp
`_ UV\d Y ^Y[_Y] _RaQX_] ^V ]_WVc bSYUVcV\mbcS_SQcm _ RVXQ\QRVa6
^_bcY `a_TaQ]]YbcQ ‑ c_\m[_ 1[Q[ ]Q[bY]d]2 _ VT_ S[dbQf5 Y ^V\mXp
b[QXQcm _U^_X^Qh^_5 hc_ cQ[YV S[dbl hV]6c_ `\_fY5 SVUm USQ UadTYf
aViV^Yp c_WV ^V b\Yi[_] f_a_iY7
3QW^_ `_]^Ycm5 hc_ gY[\ b `a_SVa[_Z `_bVaVUY^V ‑ nc_ b`VgYeY6
hVb[YZ hQbc^lZ b\dhQZ5 [_c_alZ ^Y[Q[ ^V ]_WVc _`aQSUQcm \oRlV
`aY]V^V^Yp `_R_h^lf neeV[c_S5 _b_RV^^_ S d`aQS\pojYf db\_S^lf
SlaQWV^Ypf5 c_ Vbcm ^Y S 96’V5 ^Y S gY[\V b `_bcdb\_SYV] 14?6G899H5 ]_W^_ SbcaVcYcm b\VUdojdo [_^bcad[gYoC
G89_ c_a_`Ycmbp ^V bc_YcC `lcQpbm ^Qcp^dcm ^Q nc_c gY[\ bfV6
]d ‫ݷ‬SlR_a[Q‑`a_SVa[Q‑_RaQR_c[Q‫ݷ‬5 ]l ^V ^QZU‫_ ]ݷ‬U^_T_ YX XSV^mVS ‑
caVcmVT_5 c_ Vbcm S__RjV6c_ _bcQocbp c_\m[_ ‫ݷ‬SlR_a[Q‫ ݷ‬1c_ Vbcm ^V[_V
UVZbcSYV2 Y ‫`ݷ‬a_SVa[Q‫ ݷ‬1aVXd\mcQcQ nc_T_ UVZbcSYp25 Q nc_5 _hVSYU^_5
gY[\ b `_bcdb\_SYV] [Q[ _^ Vbcm5 Y ^Q`YbQcm5 aQXd]VVcbp5 b\VU_SQ\_
Y^QhVC
4? K
@94 F G19D1W^UU2D
M G89ݷ‬7Q @Qb[Q\V _Rlh^_ `a_gVUdal _e_a]\poc S SYUV ‫ݷ‬ed^[gYZ‫ ݷ‬aQUY
S_X]_W^_bcY SVa^dcm X^QhV^YV c_\m[_ `a_TaQ]]Ybcl5 `aYSl[iYV [
bY6`_U_R^l] pXl[Q]:@ 5 Q \oUY5 ^V Y]VojYV cQ[Yf b\_W^_bcVZ5 b[_6
aVV b^QRUpc `a_gVUdad `QaQ]Vca_]6`VaV]V^^_Z5 hV] `VaVUV\Qoc V‫ ݷ‬S
ed^[gYoD f_a_iY] `aY]Va_] cQ[Yf `a_gVUda Slbcd`Qoc Sbca_V^^lV
Kݷ‬2B51; 85B5‫‑ ݷ‬
]l _[_^hQcV\m^_ `aYSVU‫ ]ݷ‬aViV^YV S b__cSVcbcSYV ]_UV\Y `a_TaQ]]Y6
a_SQ^Yp S cVa]Y^Qf pS^lf b_bc_p^YZ 1[Q[ ]l dWV _c]VhQ\Y5 S UQ^^_]
b\dhQV aVXd\mcQcl aQR_cl _c nc_T_ ^V YX]V^pcbp27
@_`lcQV]bp ^Vb[_\m[_ e_a]Q\YX_SQcm caVR_SQ^Yp5 `aY Sl`_\^V6
^YY [_c_alf ]_W^_ b[QXQcm5 hc_ S UQ^^_Z `a_TaQ]]V Y\Y V‫ ݷ‬eaQT]V^cV
`aY]V^V^_ `a_TaQ]]Ya_SQ^YV S pS^lf b_bc_p^Ypf7 @aVWUV SbVT_ `aY6
X^QV]5 hc_ Sb‫ ݷ‬nc_ ^V R_\VV hV] hQbc^lZ b\dhQZ Y]`VaQcYS^_T_ `a_6
TaQ]]Ya_SQ^Yp5 c_ Vbcm `a_TaQ]]Ya_SQ^Yp5 _b^_SQ^^_T_ ^Q ]_UYeY6
[QgYpf ‑ ^_ S]Vbc_ aQb`\lShQclf ‫_]ݷ‬UYeY[QgYZ baVUl Sl`_\^V^Yp‫ݷ‬
]l XUVbm T_S_aY] _R YX]V^V^Ypf b_bc_p^Yp e_a]Q\m^_T_ QSc_]QcQ5
`aYh‫ ]ݷ‬nc_c ‫ݷ‬QSc_]Qc‫_] ݷ‬WVc bdjVbcS_SQcm c_\m[_ S ^QiV] S__RaQWV6
^YY5 _^5 b[_aVV SbVT_5 `aYUd]Q^ b`VgYQ\m^_ U\p [_^[aVc^_Z XQUQhY Y
]l UQWV ^V `_cadUY\Ybm UQcm V]d e_a]Q\m^_V _`YbQ^YV5 ^_ Sb‫ ݷ‬nc_ ^V
_c]V^pVc QSc_]QcQ [Q[ RQX_S_Z QRbcaQ[gYY7 @_UhVa[^‫ ]ݷ‬Vj‫ ݷ‬aQX5 hc_
e_a]Q\m^lZ QSc_]Qc ‑ nc_ QRbcaQ[gYp R_\VV _RjQp5 ^VWV\Y ‫^_[ݷ‬Vh6
^lZ QSc_]Qc‫ ݷ‬1cQ WV ]QiY^Q CmoaY^TQ ^V pS\pVcbp [_^Vh^l] QSc_]Q6
c_]5 ^_5 RVbb`_a^_5 pS\pVcbp QSc_]Qc_] e_a]Q\m^l]2D eQ[cYhVb[Y ]l
]_WV] T_S_aYcm _R _hVaVU^_] e_a]Q\m^_] QSc_]QcV Sbp[YZ aQX5 [_TUQ
]l ]_WV] d[QXQcm5 YX hVT_ b_bc_Yc Y hV] _`aVUV\pVcbp VT_ b_bc_p^YV
Y `_ [Q[Y] XQ[_^Q] nc_ b_bc_p^YV RdUVc YX]V^pcmbp7
B_bc_p^YV QSc_]QcQ U_\W^_ _`YblSQcmbp ^V[_c_a_Z VUY^_Z
bcad[cda_Z UQ^^lf ‑ _c `a_bc_Z gV\_hYb\V^^_Z `VaV]V^^_Z 1Vb\Y
^Q] U\p ^QiYf gV\VZ fSQcQVc S_X]_W^_bcVZ `a_bc_T_ [_^Vh^_T_ QS6
c_]QcQ2 U_ b[_\m dT_U^_ b\_W^lf bYbcV] SXQY]_bSpXQ^^lf _RkV[c_S
S `Q]pcYD _`aVUV\pojY] cdc _bcQ‫ݷ‬cbp VUY^bcS_ SbVf ncYf _RkV[c_S
S `aVUbcQS\V^YY `a_TaQ]]YbcQ5 hV] Rl cQ[_V ‫ݷ‬VUY^bcS_‫^ ݷ‬Y Rl\_ ^Q
bQ]_] UV\V7 >Q`aY]Va5 `a_TaQ]]Ybc S`_\^V ]_WVc XQpSYcm5 hc_ b_bc_6
p^YV VT_ QSc_]QcQ _`aVUV\pVcbp ‫ݷ‬S_c ncY]Y S_c bV]mo \_[Q\m^l]Y `V6
aV]V^^l]Y‫ݷ‬5 [_\m b[_a_ `VaV]V^^lV aQb`_\_WV^l apU_] Y Yf SXQY]_6
bSpXm _hVSYU^Q YX cV[bcQ `a_TaQ]]l ‑ f_cp \dhiV Rl\_ Rl5 ^QSVa^_V5
_RkVUY^Ycm `VaV]V^^lV S VUY^do bcad[cdad5 ^_ nc_ ^V _RpXQcV\m^_D b
UadT_Z bc_a_^l5 XQpS\pcm5 hc_ b_bc_p^YV _`aVUV\pVcbp ^QR_a_] `VaV6
]V^^lf5 _`YbQ^^lf S aQX^lf ]VbcQf5 Rl\_ Rl dWV ^Vb[_\m[_ bcaQ^^_7
;_^Vh^_5 XUVbm b\_W^_ `a_SVbcY e_a]Q\m^do TaQ^Ygd U_`dbcY]_T_5
^_ `aY _`YbQ^YY hV\_SVhVb[_T_ ]li\V^Yp S__RjV b\_W^_ T_S_aYcm _
e_a]Q\m^_bcpf5 Q ]l SVUm _RbdWUQV] `QaQUYT]l `a_TaQ]]Ya_SQ^Yp5
c_ Vbcm Y]V^^_ _b_RV^^_bcY ]li\V^Yp `a_TaQ]]YbcQ7

AA

@QaQUYT]l S ]li\V^YY `a_TaQ]]YbcQ

AQR_cQ QSc_]QcQ U_\W^Q Rlcm aQXRYcQ ^Q pb^_ aQXUV\‫^^ݷ‬lV
]VWUd b_R_Z iQTY7 ?hVaVU^_Z iQT Sl`_\^pVcbp `aY ^Qbcd`\V^YY
[Q[_T_6c_ b_RlcYp5 S^Vi^VT_ `_ _c^_iV^Yo [ QSc_]Qcd7 CQ[Y] b_Rl6
cYV] ]_WVc bcQcm hcV^YV _hVaVU^_T_ bY]S_\Q YX `_c_[Q5 ^Qbcd`\V^YV
_`aVUV\‫_^^ݷ‬T_ SaV]V^^
_T_ ]_]V^cQ Y\Y hc_6c_ Vj‫ݷ‬5 S[\ohQp5 aQXd]V6
Vcbp5 SlR_a[d b_RlcYp S b_RlcYZ^_6d`aQS\pV]_Z `a_TaQ]]VD R_\VV c_6
T_5 `a_TaQ]]Q5 Yb`_\mXdojQp QSc_]Qc5 ]_WVc S__RjV `_caVR_SQcm _c
QSc_]QcQ Sl`_\^V^Yp VT_ iQT_S5 ^V aQb`_\QTQp U\p nc_T_ ^Y[Q[Y]Y b_6
RlcYp]Y ‑ nc_ ^VSQW^_5 b c_h[Y XaV^Yp QSc_]QcQ b_RlcYV] RdUVc bQ]
eQ[c nc_T_ S^Vi^VT_ caVR_SQ^Yp7 3 ^QiV] QSc_]QcV5 _Rf_UYSiV] US_6
Yh^_V UVaVS_5 Sb‫ ݷ‬Y]V^^_ cQ[ Y Rl\_ ‑ VT_ iQTY Sl`_\^p\Ybm `_UapU
S gY[\V5 [_c_alZ ^Y[Q[Yf b_RlcYZ ^V WUQ\7 6b\Y5 b[QWV]5 ^Q] `aYU‫ݷ‬c
S T_\_Sd ^Q`YbQcm n]d\pc_a ]QiY^l CmoaY^TQ Y\Y UadT_Z `_U_R^_Z
]_UV\Y5 ]l5 b[_aVV SbVT_5 aVQ\YXdV] V‫ ݷ‬S QSc_]Qc^_] bcY\V5 ^_ ^Y[Q[Yf
S^Vi^Yf b_RlcYZ d ^Qb5 _`pcm6cQ[Y5 XUVbm ^V RdUVc7
3l`_\^pp _hVaVU^_Z iQT5 QSc_]Qc ]_WVc [Q[ ]V^pcm b_RbcSV^^_V
b_bc_p^YV5 cQ[ Y `a_YXS_UYcm [Q[YV6c_ S^Vi^YV UVZbcSYp5 ^_ XUVbm Y]V6
Vcbp bVam‫ݷ‬X^_V _TaQ^YhV^YVC \oRlV UVZbcSYp5 [_c_alV Sl`_\^pVc
QSc_]Qc5 [a_]V YX]V^V^Yp b_RbcSV^^_T_ b_bc_p^Yp5 ^V U_\W6
^l _[QXlSQcm ^Y[Q[_T_ S\Yp^Yp ^Q aQR_cd bQ]_T_ QSc_]QcQ7
3 hQbc^_bcY5 ^V\mXp YX _U^_T_ iQTQ QSc_]QcQ `VaVf_UYcm S UadT_Z VT_
iQT5 caVR_SQcm `_Sc_aV^Yp iQTQ 1SlXlSQcm iQT YX ^VT_ bQ]_T_25 Y\Y
[Q[Y] Rl c_ ^Y Rl\_ _RaQX_] `lcQcmbp d`aQS\pcm `_c_[_] S^Vi^Yf
b_RlcYZ5 S _cSVc ^Q [_c_alV `a_Ybf_Upc iQTY7 9^QhV T_S_ap5 QSc_6
]Qc ^V ]_WVc aViQcm5 [_TUQ V]d UV\Qcm _hVaVU^_Z iQT5 _^
\Yim aViQVc5 hc_ U_\W^_ Rlcm bUV\Q^_ S aQ][Qf iQTQ5 Vb\Y 1[_TUQ2
_c ^VT_ `_caVR_SQ\Y bUV\Qcm iQT7 >Q`aY]Va5 Vb\Y b `_]_jmo e_a]Q\m6
^_T_ QSc_]QcQ ]l Q^Q\YXYadV] gV`_h[d bY]S_\_S5 c_ QSc_]Qc ^V ]_WVc
bQ] hYcQcm bY]S_\l5 c_ Vbcm Sl`_\^pcm _`VaQgYo hcV^Yp Y\Y SlR_a[Y
bY]S_\Q YX^dcaY bS_Yf iQT_S ‑ _RpXQcV\m^_ U_\WV^ Rlcm [c_6c_ S^Vi6
^YZ5 [c_ ‫ݷ‬b[Qa]\YSQVc‫ ݷ‬QSc_]Qcd ncY bY]S_\l _UY^ XQ UadTY]5 XQbcQS6
\pp QSc_]Qc `a_UV\Qcm _hVaVU^_Z bS_Z iQT U\p _RaQR_c[Y [QWU_T_ YX
bY]S_\_S7
@aY^pcYV aViV^Yp5 hc_ [_^[aVc^_ U_\W^_ Rlcm bUV\Q^_ XQ _hVaVU6
^_Z iQT5 ]_WVc Rlcm _b^_SQ^_ c_\m[_ ^Q USdf SVjQfC ^Q b_RbcSV^^_]
b_bc_p^YY QSc_]QcQ Y ^Q ^Qbcd`YSiV] b_RlcYY5 S _cSVc ^Q [_c_a_V
`a_YXS_UYcbp iQT ‑ Vb\Y5 [_^Vh^_5 ncY b_RlcYp hV]6c_ UadT _c UadTQ
_c\YhQocbp7
?c]VcY] Vj‫_ ݷ‬UY^ ^V_hVSYU^lZ ]_]V^c7 @a_TaQ]]V5 Yb`_\mXdojVZ
QSc_]Qc5 b_SVaiV^^_ ^V _RpXQcV\m^_ _RaQjQcmbp [ ^V]d 1Y^YgYYa_SQcm
Sl`_\^V^YV VT_ iQT_S2 S gY[\V5 f_cp S_ ]^_TYf b\dhQpf Y]V^^_ cQ[
Y UV\QVcbp7 @aVUbcQSmcV bVRV5 hc_ d SQb S ^V[_c_a_Z b\_W^_Z bcad[6
cdaV UQ^^lf 1^Q`aY]Va5 S UVaVSV2 faQ^pcbp X^QhV^Yp5 [_c_alV SQiVZ

‫ ݷ‬B7=7 @aY]Val hQbc^lf `QaQUYT]

AB

`a_TaQ]]V `_caVR_SQ\Ybm `_ _U^_]d ‑ ^Q`aY]Va5 nc_ [Q[YV6^YRdUm _U6
^_aQX_SlV [\ohY5 [_c_alV ^dW^_ `VaVUQSQcm [\YV^cQ]5 bSpXQSiY]bp
b SQ]Y hVaVX [_]`mocVa^do bVcm5 `_ _U^_]d S [QWU_] bVQ^bV bSpXY7
3 nc_] b\dhQV RVbb]lb\V^^_ aVQ\YX_SlSQcm _Rf_U UVaVSQ VUY^_Z `a_6
gVUda_Z ‑ f_cm aV[dabYS^_Z5 f_cm gY[\YhVb[_Z7 @a_gVUdaQ _Rf_UQ Sl6
UQbc SQ] baQXd SbV X^QhV^Yp YX UVaVSQ5 Q SQ] cQ[_V X^QhV^YV ^dW^_
_U^_5 `aYh‫[ ]ݷ‬QWUlZ aQX ^_S_V 1_hVaVU^_V SlRaQ^^_V YX UVaVSQ Y\Y
hc_ d SQb cQ]27 3 cQ[_Z bYcdQgYY d SQb _bcQ‫ݷ‬cbp VUSQ \Y ^V VUY^bcSV^6
^lZ Slf_U ‑ aVQ\YX_SQcm QSc_]Qc5 [_c_alZ ^Q [QWU_] bS_‫ ]ݷ‬iQTV
RdUVc SlUQSQcm _hVaVU^_V ^dW^_V X^QhV^YV7 ;QWUlZ aQX5 [_TUQ SQ]
caVRdVcbp X^QhV^YV 1S ^QiV] `aY]VaV ‑ [_TUQ _hVaVU^_Z bVcVS_Z [\Y6
V^c _c SQb cQ[_S_V XQ`a_bY\25 Sl _RaQjQVcVbm [ QSc_]Qcd5 XQbcQS\pp
VT_ bUV\Qcm _UY^ iQT5 Y `_\dhQVcV Yb[_]_VD XUVbm ^Y bQ] QSc_]Qc5 ^Y
UQWV c_c5 [c_ VT_ SlXlSQVc5 ^V RdUVc X^Qcm5 [_TUQ b\dhYcbp b\VUdojYZ
iQT7

B7=7QYR_\VV _hVSYU^l] SQaYQ^c_] XUVbm RdUVc ^Q`YbQcm ^V[do `a_6
TaQ]]d5 [_c_aQp bTV^VaYadVc Y SlUQbc S bS_o _hVaVUm `a_TaQ]]d 1S_X6
]_W^_5 ^Q UadT_] pXl[V5 Q ]_WVc Rlcm5 Y ^Q c_] WV bQ]_]25 Y dWV ncQ
bTV^VaYa_SQ^^Qp `a_TaQ]]Q5 RdUdhY Yb`_\^V^^_Z5 `_XS_\Yc `_\dhYcm
aVXd\mcQcl5 [_c_alV YX^QhQ\m^_ Rl\Y ^dW^l7 CQ[ UVZbcSYcV\m^_ Y^_6
TUQ UV\Qoc5 f_cp Y baQS^YcV\m^_ aVU[_D ^Q]^_T_ hQjV TV^VaYadVcbp ^V
gV\Qp `a_TaQ]]Q5 Q [Q[Qp6c_ V‫ ݷ‬hQbcm5 ^Q`aY]Va5 _cUV\m^lZ ]_Ud\m7
CQ[do S_X]_W^_bcm b\VUdVc [Q[ ]Y^Y]d] `aY^Y]Qcm S_ S^Y]Q^YV7
3 `aY]VaQf5 [_c_alV ]l aQbb]QcaYSQ\Y S ^QiVZ [^YTV5 `_[Q ^YhVT_
`_U_R^_T_ ^V `aY]V^p\_bm5 ^_ b ]VcQ`a_TaQ]]Ya_SQ^YV] [Q[ pS\V^YV]
]l dWV bcQ\[YSQ\Ybm5 Y ^V aQX7 AVhm S UQ^^_] b\dhQV YU‫ݷ‬c _ ]Q[a_6
bQf Y ]Q[a_`a_gVbbYa_SQ^YY7 CV\_ ]Q[a_bQ `aVUbcQS\pVc b_R_Z [_U5
`aVSaQjQojYZbp S_ eaQT]V^c cV[bcQ `a_TaQ]]l S f_UV ]Q[a_aQbiY6
aV^Yp5 c_ Vbcm ]Q[a__`aVUV\V^YV ‑ nc_ Y Vbcm ]VcQ[_U5 Q VT_ ^Q`YbQ6
^YV ‑ ]VcQ`a_TaQ]]Ya_SQ^YV7 ;_^Vh^_5 `aY]YcYS^lZ ]Q[a_`a_gVbb_a
pXl[Q BY ^Q bVam‫ݷ‬X^lZ Y^bcad]V^c ]Q[a_`a_TaQ]]Ya_SQ^Yp5 [Q[ T_6

B9

@QaQUYT]l S ]li\V^YY `a_TaQ]]YbcQ

S_aYcbp5 ^V cp^VcD ^_ S_c aQbb]QcaYSQSiYZbp S_ Sc_a_] c_]V ]Q[a_6
`a_gVbb_a5 Sbca_V^^lZ S QbbV]R\Va WJ\V5 `_XS_\pVc XQ^Y]Qcmbp ]V6
cQ`a_TaQ]]Ya_SQ^YV] `_\^_gV^^_ ‑ R\QT_UQap Q\T_aYc]YhVb[_Z `_\6
^_cV5 _RVb`VhYSQV]_Z ]Q[a_`_Sc_aV^Yp]Y Y UadTY]Y S_X]_W^_bcp]Y
nc_T_ ]Q[a_`a_gVbb_aQ7
3 b\VUdojYf hQbcpf [^YTY ]l Vj‫_^] ݷ‬T_ aQX SbcaVcY]bp b aQX6
^__RaQX^l]Y `a_pS\V^Yp]Y ]VcQ`a_TaQ]]Ya_SQ^Yp7 CQ[5 Sb[_aV ^Q]
`aVUbc_Yc YXdhQcm iQR\_^l BY445 [_c_alV S _`aVUV\‫ ]_^^ݷ‬b]lb\V
c_WV pS\poc b_R_Z ]Q[a_blD [Q[ ]l dRVUY]bp `_XU^VV5 S Y^cVa`aVcY6
adV]lf pXl[Qf `a_TaQ]]Ya_SQ^Yp b`V[ca S_X]_W^_bcVZ ]VcQ`a_TaQ]6
]Ya_SQ^Yp bdjVbcSV^^_ aQbiYapVcbp7 >_ Sb‫ ݷ‬nc_ UV\_ RdUdjVT_D `_[Q
bc_Yc _c]VcYcm5 hc_ ]VcQ`a_TaQ]]Ya_SQ^YV5 ^Vb_]^V^^_5 `aVUbcQS\p6
Vc b_R_Z `QaQUYT]d7 Hc_Rl `aVUbcQSYcm bVRV ^V c_\m[_ c_5 [Q[ RdUVc
Sl`_\^pcmbp bQ] ]VcQ[_U5 ^_ Y c_5 [Q[ RdUVc SVbcY bVRp [_U5 bcQSiYZ
VT_ aVXd\mcQc_]5 caVRdVcbp _`aVUV\‫_^^ݷ‬V Y^cV\\V[cdQ\m^_V dbY\YV Y
]li\V^YV5 _c\YhQojVVbp _c _Rlh^_T_7

HQbcm :9

PXl[ BY445 ??@ Y 1C5
NcQ hQbcm ^QiVZ [^YTY RdUVc gV\Y[_] `_bSpjV^Q YXdhV^Yo pXl6
[Q BY44 Y `QaQUYT] `a_TaQ]]Ya_SQ^Yp5 [_c_alV S ^‫_` ]ݷ‬UUVaWYSQ6
ocbp7 PXl[ Rl\ `aVU\_WV^ 2m‫ݷ‬a^_] BcaQdbcad`_] S ^QhQ\V S_bm]Y6
UVbpclf T_U_S `a_iVUiVT_ bc_\VcYp S [QhVbcSV _cSVcQ ^Q ^QXaVSido
`_caVR^_bcm S Y^UdbcaYQ\m^_] _RkV[c^_6_aYV^cYa_SQ^^_] pXl[V Y YX6
^QhQ\m^_ `_bca_V^ [Q[ aQbiYaV^YV 1f_cp Y ^V b_SbV] bca_T_V5 [Q[ ]l
dSYUY] hdcm `_XWV2 f_a_i_ X^Q[_]_T_ ^Q] pXl[Q BYD U_RQS\V^^lV S
pXl[ Y^bcad]V^cl _RVb`VhYSQoc `_UUVaW[d [Q[ _RkV[c^_6_aYV^cYa_6
SQ^^_T_ `a_TaQ]]Ya_SQ^Yp5 cQ[ Y gV\_T_ apUQ UadTYf `QaQUYT] ‑ QR6
bcaQ[c^lf cY`_S UQ^^lf5 _R_Rj‫_^^ݷ‬T_ `a_TaQ]]Ya_SQ^Yp5 _RaQR_c[Y
Yb[\ohYcV\m^lf bYcdQgYZ Y c7 U7
@QaQUYT]d _RkV[c^_6_aYV^cYa_SQ^^_T_ `a_TaQ]]Ya_SQ^Yp ]l dWV
^QhY^Q\Y _RbdWUQcm S `aVUlUdjVZ hQbcY 1b]7 bca7 CD 381B 3>1=52 K
64 F ?@5>1>1=55 Xh[MXWUb2D
B5DEB> 164 1F 6:2D
M
88 ]Vc_U `lcQVcbp _c[alcm eQZ\ ^Q hcV^YV5
88 S_XSaQjQVc DBE5 S b\dhQV db`VfQ5
88 61CD 381B 3C2 K @B9>D6125Ce>25 C2D M

‫ ݷ‬:97=7 1RbcaQ[c^lV cY`l UQ^^lf S BY44

:9B

F?94 @B9>D12 K @B9>D612Q5CD 381B32
@B9>D12D
88 SVabYp RVX `QaQ]Vca_S

3SVUV^YV `VaVTadWV^^lf ed^[gYZ ]_WVc `aYSVbcY [ b_SVaiV^^_
^V_WYUQ^^l] `_b\VUbcSYp]7 CQ[5 b\VUdojYZ [_U bQ] `_ bVRV [_aaV[6
cV^C
F?94 613?>CD 381B 3CDB2
K
@B9>D612]89C 9C 1 CDB9>7C 5Ce>25 CDB2D
M
F?94 616CD 381B37 ?U^Q[_ SlX_S 6192
RdUVc aQbgV^‫`]_[ ^ݷ‬Y\pc_a_] [Q[ _iYR_h^lZ5 `_b[_\m[d [_]`Y\pc_a
b b_SVaiV^^_ _UY^Q[_Sl] db`Vf_] ]_WVc aQbb]QcaYSQcm 9 Y [Q[ [_^6
bcQ^cd cY`Q 6CD CDBE3D CDB:3 `aVSaQcY\bp Rl S ‫ݷ‬YT=CDB:‫ݷ‬7 8QRVTQp S`Va‫ݷ‬U5 _c6
]VcY]5 hc_ UV[_aYa_SQ^^_V Y]p ed^[gYY5 `QaQ]VcaQ]Y [_c_a_Z b\dWQc cY`l5
Y^bcQ^gYYa_SQ^^lV YX iQR\_^_S5 _Rlh^_ _hV^m f_hVcbp aQXSYUVcm7
@Y[Q^c^_bcY bYcdQgYY U_RQS\pVc Vj‫ ݷ‬Y c_5 hc_ aQX^lV [_]`Y\pc_al 1Q S
^V[_c_alf _b_R_ `Qc_\_TYhVb[Yf b\dhQpf ‑ UQWV aQX^lV SVabYY _U^_T_ [_]6
`Y\pc_aQ2 ]_Tdc Yb`_\mX_SQcm aQX\Yh^lV Q\T_aYc]l UV[_aYa_SQ^Yp ‑ aQXd]V6
Vcbp5 ^Vb_S]VbcY]lV ]VWUd b_R_Z7 3`a_hV]5 S nc_] `\Q^V S `_b\VU^YV T_Ul
^Q]VcY\bp _`aVUV\‫^^ݷ‬lZ `a_TaVbb ‑ S_ Sbp[_] b\dhQV5 744 ^V ]V^pVc bfV]d
UV[_aYa_SQ^Yp5 ^QhY^Qp b SVabYZ 3 2L2 K
88 777
4?E25 S UQ^^_] b\dhQV 2L2D S`a_hV]5 R_\miY^bcS_ [_]`Y\pc_a_S `_U6
UVaWYSQVc c_\m[_ _UY^ cQ[_Z ‫ݷ‬S^Vi^YZ‫ ݷ‬pXl[ ‑ BY7 5V[_aYa_SQ^YV Y]‫ ^ݷ‬U\p
ncYf ed^[gYZ RdUVc _c[\ohV^_7 ?c]VcY]5 hc_ cV\_ UYaV[cYSl 5HD5B> _Rlh6
^_ ^V b^QRWQoc bcad[cda^l] _cbcd`_]5 `_b[_\m[d S_ ]^_TYf b\dhQpf nc_ cV\_
_fSQclSQVc SVbm XQT_\_S_h^lZ eQZ\7
?b^_S^lf b`_b_R_S `aY]V^V^Yp UYaV[cYSl 5HD5B> 2L2 USQ7 6b\Y QSc_a ]_6
Ud\p5 ^Q`YbQ^^_T_ ^Q BY5 _ ^Qb ^V `_XQR_cY\bp5 `a_jV SbVT_ RdUVc XQ[\ohYcm S
5HD5B> 2L2 bQ]d UYaV[cYSd 39>3 2L27
3lT\pUYc nc_ `aY]Va^_ cQ[C
5HD5B> 2L2 K
39>3 2L27 6bcVbcSV^^_5 ^dW^_ `_XQR_cYcmbp
_ c_]5 hc_Rl Yf SYUV\ c_\m[_ [_]`Y\pc_a BY445 Q [_]`Y\pc_a hYbc_T_ BY
^V SYUV\ ‑ S hYbc_] BY cQ[_Z UYaV[cYSl5 b_RbcSV^^_ T_S_ap5 ^Vc7 >_ Y nc_c
S_`a_b \VT[_ aViQVcbp R\QT_UQap ]Q[a_bY]S_\d hh3@5 OXXhQh\NW][b
396456 hh3@496
88 777
4?E2Q`aY]Va5 ]Vc_U 6 YX [\QbbQ L ]_T Rl ^Q da_S^V
_RkV[c^_T_ [_UQ Y]Vcm Y]p LII6 Y\Y UQWV `a_bc_ LCC65 Vb\Y \Y^[Va U_`db[QVc
US_Vc_hYV S Y]V^Qf ]Vc_[ 1S`a_hV]5 _Rlh^_ nc_ ^V cQ[27
@VaVTadX[Q Y]‫ ^ݷ‬ed^[gYZ S nc_] `\Q^V [QWVcbp U_S_\m^_ ^VdUQh^_Z YUV6
VZ7 3SVUV^Q _^Q S _b^_S^_] `_ USd] `aYhY^Q]C S_6`VaSlf5 hc_Rl Y]Vcm S_X6
]_W^_bcm _`YbQcm S _U^_] [\QbbV Y\Y bcad[cdaV ^Vb[_\m[_ [_^bcad[c_a_S5 Q
S_6Sc_alf5 [Q[ ]l RdUV] _RbdWUQcm `_XWV5 hc_Rl ]_W^_ Rl\_ `VaVTadWQcm
bY]S_\l bcQ^UQac^lf _`VaQgYZ U\p cY`_S5 SSVU‫^^ݷ‬lf `_\mX_SQcV\V]5 U\p hVT_
`_caVR_SQ\_bm `_XS_\Ycm ^Vb[_\m[Y] aQX^l] ed^[gYp] Y]Vcm _U^_ Y c_ WV
Y]p5 ^Q`aY]Va5 ?@5B1D?B47 >_ _RV ncY `a_R\V]l ]_T\Y Rl Rlcm aViV^l RVX
SSVUV^Yp `VaVTadX[YC ^Y[c_ ^V ]ViQVc 1cV_aVcYhVb[Y2 UQSQcm [_^bcad[c_aQ]
aQX^lV Y]V^Q5 ^Q`aY]Va5 `a_bc_ `_]VhQp Yf b`VgYQ\m^l] b\_S_] 3?>CDBE3D?B5
Q ed^[gYY6_`VaQgYY Sa_UV ?@5B1D?B4 ]_T\Y Rl Rlcm ^V ed^[gYp]Y5 Q hV]6c_
Sa_UV ]Q[a_b_S5 \YR_ ]_W^_ Rl\_ Rl `_caVR_SQcm5 hc_Rl ed^[gYY b Y]V^Q6
]Y cQ[_T_ SYUQ SbVTUQ Rl\Y ‫_`ݷ‬UbcQS\pV]l]Y‫ ݷ‬19>52 Y ^V Rl\Y Rl5 [Q[
b\VUbcSYV5 SYU^l \Y^[VadD Vb\Y _`VaQgYp `aVU`_\QTQVc b\_W^do aVQ\YXQgYo5

‫ ݷ‬:97=7 1RbcaQ[c^lV cY`l UQ^^lf S BY44

::<

V‫_] ݷ‬W^_ Rl\_ Rl Sl`_\^Ycm S ed^[gYY b _Rlh^l] Y]V^V]5 Q YX ?@5B1D?B4 V‫ݷ‬
`a_bc_ SlXSQcm7
=l S _hVaVU^_Z aQX SYUY]5 hc_ pXl[ BY44 ^V YUVQ\V^D dSl5 U_bc_Z^Qp
Q\mcVa^QcYSQ V]d ^V b`ViYc `_pS\pcmbp7 CQ[ Y\Y Y^QhV5 da_[Y n`_fY BY44
]_W^_ Rl\_ Rl dhVbcm `aY b_XUQ^YY ^_S_T_ pXl[Q `a_TaQ]]Ya_SQ^Yp ‑ f_cp5
bdUp `_ `a_Ybf_UpjV]d S ]YaV R] 1_b_RV^^_ `_ ^_Sl] ‫ݷ‬bcQ^UQacQ]‫ ݷ‬BY4425
aQbbhYclSQcm ^Q nc_ S R\YWQZiYV T_Ul ^V `aYf_UYcbp7

:97=7;7 @VaV_`aVUV\V^YV bY]S_\_S bcQ^UQac^lf
_`VaQgYZ
3Va^‫]ݷ‬bp [ ^QiV]d `aY]Vad ‑ [\Qbbd5 _`YblSQojV]d [_]`\V[b^_V
hYb\_7 3 aVQ\m^_Z XQUQhV ]l SapU \Y XQf_cY] _TaQ^YhYcmbp c_\m[_ _`V6
aQgYp]Y SXpcYp ]_Ud\p Y aQX\_WV^Yp ^Q [_]`_^V^cl 1UVZbcSYcV\m^do
Y ]^Y]do hQbcY5 ]_Ud\m Y QaTd]V^c27 B[_aVV SbVT_5 ^Q] `_caVRdocbp
cQ[WV b\_WV^YV5 SlhYcQ^YV5 d]^_WV^YV Y UV\V^YV7
PXl[ BY44 `aVU_bcQS\pVc S_X]_W^_bcY XQ`YbY cQ[Yf UVZbcSYZ b
`_]_jmo `aYSlh^lf bY]S_\_S QaYe]VcYhVb[Yf _`VaQgYZ7 ;a_]V c_T_5
\_TYh^_ `aVUdb]_caVcm S_X]_W^_bcm dX^Qcm UVZbcSYcV\m^do Y ]^Y]do
hQbcY [_]`\V[b^_T_ hYb\Q5 Vb\Y SUadT ^Q] nc_ `_^QU_RYcbp7 5\p nc_6
T_ U_`_\^Y] ^Qi [\Qbb Vj‫^ ݷ‬Vb[_\m[Y]Y ed^[gYp]Y6h\V^Q]Y5 Y]V^Q
[_c_alf RdUdc SlT\pUVcm U_S_\m^_ ^V_Rlh^_7 NcY ed^[gYY [Q[ aQX Y
RdUdc _`YblSQcm UVZbcSYp5 [_c_alV U_\WV^5 `_ ^QiV]d XQ]lb\d5 _X^Q6
hQcm bY]S_\ c_Z Y\Y Y^_Z QaYe]VcYhVb[_Z _`VaQgYY7 ?c]VcY]5 hc_
]Vc_Ul S nc_] `aY]VaV RdUdc _RaQjQcmbp [ XQ[alcl] `_\p] ^V c_\m6
[_ ‫ݷ‬bS_VT_‫_ ݷ‬RkV[cQ5 ^_ Y _RkV[cQ5 `VaVUQ^^_T_ [Q[ `QaQ]Vca7 Nc_ ^V
^QadiQVc XQjYcdC [Q[ dWV T_S_aY\_bm ^Q bca7 :9;5 VUY^YgVZ XQjYcl
pS\pVcbp ^V _RkV[c5 Q [\Qbb Y\Y bcad[cdaQ [Q[ cQ[_SlV7 9cQ[5 `YiV]C
3CD dWV X^Q[_] ^Q] `_ pXl[d BY5 f_cp YX^QhQ\m^_
_^ `_pSY\bp Y]V^^_ S BY445 Q S hYbclZ BY `a_^Y[ `_XU^VV5 `aYh‫]ݷ‬
cQ[ Y ^V Rl\ `aYX^Q^ QSc_aQ]Y pXl[Q7 >Q`_]^Y]5 hc_ `aY _`YbQ^YY
QUaVb^lf cY`_S ]_UYeY[Qc_a 3?>CD `_XS_\pVc d[QXQcm5 hc_ _R\Qbcm
`Q]pcY5 ^Q [_c_ado d[QXlSQVc _`YblSQV]lZ d[QXQcV\m5 ^V `_U\VWYc
YX]V^V^Yo7 >Q`aY]VaC
3?>CD 381B 3@D
88 @ d[QXlSQVc ^Q ^VYX]V^pV]do _R\Qbcm `Q]pcY
@ F 2J CDB9>72D
88 Sb‫ ݷ‬S `_apU[V5 `VaV]V^^Qp @ ]_WVc YX]V^pcmbp

:;;

PXl[ BY445 ??@ Y 1C5
3@ F ’1’D
88 ?I92;11 >V\mXp ]V^pcm _R\Qbcm `Q]pcY5
88 ^Q [_c_ado d[QXlSQVc @
@d>f F ’2’D
88 Nc_ cQ[WV ?I92;1

@_UhVa[^‫ ]ݷ‬Vj‫ ݷ‬aQX5 hc_ 3?>CD 381B 3@ ‑ nc_ Y]V^^_ d[QXQcV\m ^Q
[_^bcQ^cd5 Q ^V [_^bcQ^c^lZ d[QXQcV\m7 Hc_Rl _`YbQcm [_^bcQ^6
cd QUaVb^_T_ cY`Q5 ^V_Rf_UY]_ aQb`_\_WYcm [\ohVSlV b\_SQ S UadT_]
`_apU[VC
381B 2E6d;9fD
381B 3 3?>CD @ F 2E64>D
88 @ 6 [_^bcQ^cQ6d[QXQcV\m5 d[QXlSQojQp ^Q
88 iVbc_Z n\V]V^c ]QbbYSQ 2E6 12E6d>f2
@44D
88 ?I92;15 X^QhV^YV @ ^V ]_WVc Rlcm YX]V^V^_
3@ F ’1’D
88 Sb‫ ݷ‬S `_apU[V5 YX]V^pV] X^QhV^YV 2E6d>f
@d>f F ’2’D 88 Sb‫ ݷ‬S `_apU[V5 YX]V^pV] X^QhV^YV 2E6d>4>f

1^Q\_TYh^_ b_ bbl\_h^l]Y cY`Q]YC
9>D 9D
3?>CD 9>D 6B F 9D 88 bbl\[Q ^Q [_^bcQ^cd
9>D H F B4>D 88 Sb‫ ݷ‬S `_apU[V
9 F @D
88 c_WV Sb‫ ݷ‬S `_apU[V
B F :;D 88 ?I92;15 X^QhV^YV `_ bbl\[V B ^V\mXp ]V^pcm
3?>CD 9>D : F >D
9>D 6:B F :D 88 ?I92;15 ^V\mXp bbl\Qcmbp
88 ^Q [_^bcQ^cd _Rlh^_Z bbl\[_Z
3?>CD 9>D 6:3B F :D 88 Sb‫ ݷ‬S `_apU[V

;_^bcQ^c^lV bbl\[Y `_XS_\poc `VaVUQSQcm S ed^[gYY S [QhVbcSV `Q6
aQ]VcaQ QUaVb `VaV]V^^_Z S]Vbc_ [_`Ya_SQ^Yp X^QhV^Yp5 `aY nc_] ^V
`_XS_\pp ncd `VaV]V^^do ]V^pcm5 [Q[ Y `aY _Rlh^_Z `VaVUQhV `_ X^Q6
hV^Yo7 Nc_ ]_WVc Rlcm `_\VX^_5 Vb\Y `QaQ]Vca `aVUbcQS\pVc b_R_Z
[\Qbb Y\Y bcad[cdad5 aQX]Va [_c_a_Z bdjVbcSV^^_ `aVSliQVc aQX]Va
QUaVbQ7 CQ[5 Vb\Y S aQ^VV _`YbQ^^_] [\QbbV L?=@D25 Vb\Y 6 ‑ `_\V bcad[cdal5 Y]VojVV
cY` 4?E2CD5 hc_Rl `_[QXQcm5 hc_ `aY b_XUQ^YY [_`YY Ybf_U^lZ _RkV[c
^V YX]V^Ycbp7 @_b[_\m[d Sbp[YZ [_^bcad[c_a Vbcm5 [Q[ ]l X^QV]5 Y^6
bcad[gYp [_]`Y\pc_ad5 [Q[ b_XUQcm _RkV[c UQ^^_T_ cY`Q5 Y]Vp X^QhV6
^Yp `QaQ]Vca_S5 `_bc_\m[d [_^bcad[c_a [_`Ya_SQ^Yp b_ bS_VZ bbl\[_Z
^Q _RkV[c c_T_ WV cY`Q _[QXlSQVcbp Y^bcad[gYVZ5 [Q[ b_XUQcm _RkV[c
UQ^^_T_ cY`Q5 dWV Y]Vp _UY^ cQ[_Z _RkV[c ‑ c_ Vbcm5 `_`a_bcd T_S_6
ap5 [Q[ b_XUQcm [_`Yo Y]VojVT_bp _RkV[cQ7 B^QRUY] [_^bcad[c_a_]
[_`Ya_SQ^Yp ^Qi [\Qbb L1=525 >2D
61>2D
88 c_ WV5 hc_ 61>5 2CDB9>725 >2D
612D
88 c_ WV5 hc_ 61725 >2D

>Q X^QhV^Yp `_ d]_\hQ^Yo ^Q[\QUlSQocbp _`aVUV\‫^^ݷ‬lV _TaQ^YhV6
^Yp7 =_W^_ d[QXQcm X^QhV^YV `_ d]_\hQ^Yo U\p \oR_T_ [_\YhVbcSQ
`QaQ]Vca_S ed^[gYY5 ^_ `aY nc_] SbV `QaQ]Vcal ed^[gYY5 b\V6
UdojYV S b`Yb[V `QaQ]Vca_S XQ `VaSl]5 Y]VojY] X^QhV^YV
`_ d]_\hQ^Yo5 U_\W^l cQ[WV Y]Vcm X^QhV^YV `_ d]_\hQ^Yo7
>Q`aY]Va5 b\VUdojYV _`YbQ^Yp [_aaV[c^lC
F?94 619>D 1 F 95 9>D 2 F :95 9>D 3 F ;92D
F?94 619>D 15 9>D 2 F :95 9>D 3 F ;92D
F?94 619>D 15 9>D 25 9>D 3 F ;92D

Q b\VUdojYV ‑ ^V[_aaV[c^lC
F?94 619>D 1 F 95 9>D 25 9>D 3 F ;92D
F?94 619>D 1 F 95 9>D 2 F 95 9>D 32D
F?94 619>D 1 F 95 9>D 25 9>D 32D
88 2 Y 3 U_\W^l Y]Vcm d]_\hQ^YV5

88 ?I92;1
88 ?I92;1
88 ?I92;1
c7[7 VT_ Y]VVc 1

F?94 619>D 15 9>D 2 F :95 9>D 32D
88 ?I92;1
88 3 U_\WV^ Y]Vcm d]_\hQ^YV5 c7[7 VT_ Y]VVc 2

Nc_ _TaQ^YhV^YV SSVUV^_ S pXl[5 hc_Rl d`a_bcYcm [_]`Y\pc_ad `_6
Yb[ `_Uf_UpjVZ ed^[gYY7 6b\Y `aY SlX_SV d[QXQ^_ 𝑛 eQ[cYhVb[Yf
`QaQ]Vca_S5 [_]`Y\pc_a b_`_bcQS\pVc Yf b 𝑛 `VaSl]Y e_a]Q\m^l]Y
`QaQ]VcaQ]Y ed^[gYY7 CQ[5 Vb\Y XQUQ^Q ed^[gYp
9>D 619>D 15 3?>CD 381B 3CDB F 2>1=525 9>D 3@ F 92D

c_ b\VUdojYZ eaQT]V^c RdUVc _iYR_hV^C
9>D HD
61>5 6H2D

`_b[_\m[d eQ[cYhVb[YZ `QaQ]Vca 6H Y]VVc cY` 9>D 35 Q b_`_bcQS\V^
_^ RdUVc bca_T_ b_ Sc_al] `QaQ]Vca_] ed^[gYY 65 [_c_alZ Y]VVc cY`
3?>CD 381B 37
;a_]V c_T_5 SlaQWV^YV5 XQUQojVV X^QhV^YV `_ d]_\hQ^Yo5 cQ[WV
]_WVc bcQcm `aYhY^_Z _iYR[Y5 Q `aQSY\Q5 bSpXQ^^lV b ncY]5 Ta_]_XU[Y
Y ^V_hVSYU^l7 CD 381B 3CDB2 3?>CD
K
88 cV\_ ]Vc_UQ 7
M

B]lb\ ‫ݷ‬aQb[alcYp _R\QbcY SYUY]_bcY‫_] ݷ‬W^_ `_pb^Ycm b\VUdojY]
_RaQX_]7 9]V^Q `_\VZ Y ]Vc_U_S \_[Q\YX_SQ^l S [\QbbVC Vb\Y S [\QbbV
Vbcm ]Vc_U b Y]V^V] 65 c_ S^V [\QbbQ ]l ]_WV] Yb`_\mX_SQcm YUV^cY6
eY[Qc_a 6 U\p UadTYf gV\VZ \YR_ S_SbV ^V Yb`_\mX_SQcm VT_D `_pS\V^YV
YUV^cYeY[Qc_aQ 6 S^V [\QbbQ ^V Y]VVc ^Y[Q[_T_ _c^_iV^Yp [ ]Vc_Ud 65
_`YbQ^^_]d S [\QbbV7 3]VbcV b cV] S ^V[_c_alf b\dhQpf Y]p ]Vc_UQ 6
Sb‫ ݷ‬WV `_pS\pVcbp S^V [\QbbQ Y]V^^_ [Q[ Y]p nc_T_ ]Vc_UQ ‑ ^Q`aY6
]Va5 `aY SlX_SV VT_ U\p _RkV[cQ [\QbbQ7 CQ[Y] _RaQX_]5 S _c\YhYV _c5
^Q`aY]Va5 \_[Q\m^lf `VaV]V^^lf S ed^[gYpf5 Y]V^Q h\V^_S [\QbbQ
U_bcd`^l S^V [\QbbQ 1[_^Vh^_5 Vb\Y _^Y ^V XQ[alcl ]VfQ^YX]_] XQ6
jYcl25 ^_ c_\m[_ Vb\Y Y]Vocbp d[QXQ^Yp ^Q c_5 hc_ caVRdVcbp Y]p YX
[\QbbQD `aY SlX_SV ]Vc_UQ U\p _RkV[cQ cQ[Y] d[QXQ^YV] bhYcQVcbp cY`
nc_T_ _RkV[cQ7
4_S_apc `_nc_]d5 hc_ [\Qbb 1Y\Y bcad[cdaQ2 `aVUbcQS\pVc b_R_Z _R6
\Qbcm SYUY]_bcY 1Y\Y5 Vb\Y dT_U^_5 `a_bcaQ^bcS_ Y]‫ ‑ ^ݷ‬ncY
cVa]Y^l bhYcQocbp S `a_TaQ]]Ya_SQ^YY bY^_^Y]Q]Y25 S [_c_a_Z ]_6
Tdc bdjVbcS_SQcm bS_Y 1`aY^QU\VWQjYV VZ2 Y]V^Q5 ^V [_^e\Y[cdojYV
b Y]V^Q]Y S^V V‫ ݷ‬UQWV `aY b_S`QUV^YY YUV^cYeY[Qc_a_S7 9]V^Q5 \_6

‫ ݷ‬:97=7 1RbcaQ[c^lV cY`l UQ^^lf S BY44

:3 Y `aY nc_]
S SQiVZ `a_TaQ]]V Vbcm _Rlh^Qp ed^[gYp b cQ[Y] WV Y]V^V]5 Sl ]_6
WVcV [ ^VZ _RaQcYcmbp YX ]Vc_U_S SQiVT_ [\QbbQ5 ^QXSQS V‫ ݷ‬CC6E>37
B UadTY]Y b\dhQp]Y `aY]V^V^Yp bY]S_\Q ‫ݷ‬CC‫] ݷ‬l bc_\[^‫]ݷ‬bp `_XWV
`aY aQbb]_caV^YY bcQcYhVb[Yf `_\VZ Y ]Vc_U_S7
BUV\QV] Vj‫_ ݷ‬U^_ SQW^_V XQ]VhQ^YV7 HQbc_ ]_W^_ bc_\[^dcmbp b dcSVaWUV6
^YV]5 hc_ ‫ݷ‬hVcSVa_c_hYV‫ ‑ ݷ‬nc_ p[_Rl _`VaQgYp 1Y5 S hQbc^_bcY5 V‫ ݷ‬S[\ohQoc
S b`Yb_[ _`VaQgYZ5 [_c_alV ^V\mXp `VaV_`aVUV\pcm27 Hc_Rl _`a_SVaT^dcm nc_
dcSVaWUV^YV5 U_bcQc_h^_ XQ]VcYcm5 hc_ ^Y b\VSQ5 ^Y b`aQSQ _c bY]S_\Q ‫ݷ‬CC‫^ ݷ‬V
]_WVc bc_pcm ^Y[Q[_V SlaQWV^YVC ^Y Y]p _R\QbcY SYUY]_bcY5 ^Y Y]p `_\p Y\Y
]Vc_UQ ^V ]_Tdc Rlcm SlhYb\V^l5 Yf ]_W^_ d[QXlSQcm c_\m[_ S pS^_] SYUV7
6b\Y bhYcQcm ‫ݷ‬CC‫`_ ݷ‬VaQgYVZ5 _^Q _[QWVcbp ‫^ݷ‬d\m6Qa^_Z‫ݷ‬5 c_ Vbcm _`VaQgYVZ
RVX _`VaQ^U_SD ]Q\_ c_T_5 S_ ]^_TYf b\dhQpf _^Q Vj‫ ݷ‬Y ^V Y]VVc X^QhV^Yp7 >_
T\QS^_V UQWV ^V nc_7 ;_^bcad[gYY b bY]S_\_] ‫ݷ‬CC‫ ݷ‬hQbc_ SbcaVhQocbp S cQ6
[Yf [_^cV[bcQf5 TUV `a_bc_ ^V ]_WVc Rlcm ^YhVT_ `_f_WVT_ ^Q QaYe]VcYhVb[_V
SlaQWV^YV ‑ ^Q`aY]Va5 S XQT_\_S[Qf ed^[gYZ Y\Y S _`YbQ^Ypf `VaV]V^^lf7
52
; ^l^Vi^V]d ]_]V^cd d hYcQcV\p ]_T\_ b\_WYcmbp _jdjV^YV5
hc_ _RkV[c^_6_aYV^cYa_SQ^^_V `a_TaQ]]Ya_SQ^YV S]VbcV b QRbcaQ[c6
^l]Y cY`Q]Y UQ^^lf ‑ nc_ Wdc[_ ^VneeV[cYS^_ YX6XQ c_T_5 hc_ [
XQ[alcl] `_\p] [\Qbb_S Y bcad[cda `aYf_UYcbp _RaQjQcmbp hVaVX
ed^[gYY6]Vc_Ul5 Q SVUm SlX_S ed^[gYY `aVU`_\QTQVc `_]VjV^YV S
bcV[ V‫` ݷ‬QaQ]Vca_S 1[Q[ ]Y^Y]d] d[QXQcV\p D89C25 b_XUQ^YV Y `_6
b\VUdojdo \Y[SYUQgYo bcV[_S_T_ eaVZ]Q Y Sb‫ ݷ‬cQ[_V `a_hVV7 5\p
]Q\_6]Q\mb[Y ^VcaYSYQ\m^lf ed^[gYZ Sb‫ ݷ‬nc_ ^V b_XUQ‫ݷ‬c `a_R\V]5 `_6
b[_\m[d _`VaQgYY5 bSpXQ^^lV b cVf^YhVb[Y] Yb`_\^V^YV] SlX_SQ ed^[6
gYY Y S_XSaQcQ YX ^V‫ݷ‬5 _Rlh^_ _c^Y]Qoc ^Yhc_W^_V SaV]p S baQS^V6
^YY b Sl`_\^V^YV] cV\Q ed^[gYYD ^_ SVUm ]l ^V_U^_[aQc^_ SYUV\Y
S `aY]VaQf ed^[gYY6]Vc_Ul5 `_`a_bcd S_XSaQjQojYV X^QhV^YV `_\p
_RkV[cQ5 Q b[_`Ya_SQcm `_\V YX XQUQ^^_Z _R\QbcY `Q]pcY ]_W^_ _U^_Z
[_]Q^U_Z =?F1

:5D SbcaVhQVcbp cQ[WV
adbb[YZ `VaVS_U ‫ݷ‬SbcaQYSQV]lV‫ݷ‬27 ;_TUQ S cV[bcV `a_TaQ]]l SbcaVhQ6
Vcbp _RaQjV^YV [ cQ[_Z ed^[gYY5 [_]`Y\pc_a S]Vbc_ _Rlh^_T_ SlX_SQ
`_UbcQS\pVc ]QiY^^lZ [_U cV\Q ed^[gYY7 @_b\V nc_T_ _`cY]YXQc_a5
aQR_cQojYZ ^Q da_S^V ]QiY^^lf [_]Q^U5 Sl[YUlSQVc Sb‫\ ݷ‬Yi^VV5 cQ[
hc_ Yc_T_SlZ [_U bcQ^_SYcbp ^Yhdcm ^V ]V^VV neeV[cYS^l]5 hV] Vb6
\Y Rl ]l _RaQjQ\Ybm [ `_\p] _RkV[cQ RVX Sbp[Yf SlX_S_S ]Vc_U_S ‑
b_RbcSV^^_ T_S_ap5 ^Q da_S^V ]QiY^^_T_ [_UQ ^Y[Q[Yf SlX_S_S Y ^V
`a_Ybf_UYc7
;_^Vh^_5 cQ[_V Y]VVc b]lb\ \Yim U\p ed^[gYZ b _hV^m [_a_c[Y]
cV\_]7 3b`_]^Y] cV`Vam5 hc
_ ]l _RbdWUQ\Y S `aVUlUdjV] `QaQTaQeVC
c_\m[_ _hV^m [_a_c[YV cV\Q ]Vc_U_S bc_Yc _bcQS\pcm S XQT_\_S[V [\Qb6
bQ5 Q SbV `a_hYV Sl^_bYcm XQ VT_ `aVUV\l7 B_`_bcQSYS _U^_ b UadTY]5
]l b]_WV] \dhiV `_^pcm \_TY[d5 bc_pjdo XQ b\VUdojY] b_T\QiV^Y6
V]C [_]`Y\pc_a BY44 `lcQVcbp _RaQRQclSQcm [Q[ ‫_`ݷ‬UbcQS6
\pV]lV‫ ݷ‬SbV ]Vc_Ul5 cV\Q [_c_alf _`YbQ^l ^V`_baVUbcSV^^_
S XQT_\_S[V [\QbbQ7
=l ]_WV] `aVU\_WYcm [_]`Y\pc_ad _RaQRQclSQcm S [QhVbcSV `_U6
bcQS\pV]_Z \oRdo ed^[gYo5 U\p nc_T_ U_bcQc_h^_ `VaVU V‫`_ ݷ‬YbQ^YV]
`_bcQSYcm [\ohVS_V b\_S_ 9>5C
9>5 9>D 619>D H2
K
88777
M

6bcVbcSV^^_5 bUV\Qcm nc_ ]_W^_ Y b ]Vc_U_]5 cV\_ [_c_a_T_ ]l aViY\Y
Sl^VbcY XQ `aVUV\l XQT_\_S[Q [\QbbQ5 ^Q`aY]Va5 hc_Rl ^V XQTa_]_W6
UQcm nc_c XQT_\_S_[7
B 9>56ed^[gYp]Y bSpXQ^_ ^Vb[_\m[_ Y^cVaVb^lf ]_]V^c_S5 [_6
c_alV bc_Yc `_^Y]Qcm7 @aVWUV SbVT_ _c]VcY]5 hc_ ^Y _`YbQ^YV cV\Q
]Vc_UQ S XQT_\_S[V [\QbbQ5 ^Y UQWV pS^l] _RaQX_] d[QXQ^^Qp UYaV[6
cYSQ 9>5 S UVZbcSYcV\m^_bcY ^Y [ hV]d [_]`Y\pc_a ^V _RpXlSQocC
Vb\Y `_ cV] Y\Y Y^l] `aYhY^Q] _^ bhYcQVc5 hc_ ed^[gYo b cQ[Y] cV\_]
RdUVc neeV[cYS^VV _RaQRQclSQcm [Q[ _Rlh^do SlXlSQV]do ed^[gYo5
Q ^V [Q[ `_UbcQS\pV]do5 c_ Y]V^^_ cQ[ _^ b ^VZ Y `_bcd`Yc7
3c_a_Z ]_]V^c ^V bc_\m _hVSYUV^7 6b\Y S _U^_] YX SQiYf ]_Ud6
\VZ SS_UYcbp 9>56ed^[gYp5 [_c_ado Sl f_cYcV bUV\Qcm U_bcd`^_Z
U\p UadTYf ]_Ud\VZ5 c_ V‫`_ ݷ‬YbQ^YV ‑ `_\^_bcmo5 S]VbcV b cV\_] ‑
b\VUdVc Sl^VbcY S XQT_\_S_h^lZ eQZ\7 Hc_Rl `_^pcm5 `_hV]d nc_ cQ[5
U_bcQc_h^_ Sb`_]^Ycm5 hc_ aVUQ[c_a bSpXVZ `aY bR_a[V `a_TaQ]]l YX
_RkV[c^lf ]_Ud\VZ aQbbcQS\pVc QUaVbQ5 `_ [_c_al] ]_Ud\Y _RaQjQoc6

‫ ݷ‬:97=7 1RbcaQ[c^lV cY`l UQ^^lf S BY44

:56ed^[gYY U_\WV^ Sl`_\^Ycm [_]`Y\pc_a S_ SaV6
]p [_]`Y\pgYY5 ^_ SVUm `aY [_]`Y\pgYY _U^_T_ ]_Ud\p [_]`Y\pc_a
^V SYUYc cV[bcQ UadTYf ]_Ud\VZ ‑ b_RbcSV^^_ T_S_ap5 S nc_] Y b_bc_Yc
bdcm aQXUV\m^_Z caQ^b\pgYY7 3b‫ݷ‬5 hc_ X^QVc [_]`Y\pc_a _ UadTYf ]_6
Ud\pf ‑ nc_ c_5 hc_ ^Q`YbQ^_ S `_U[\oh‫^^ݷ‬lf XQT_\_S_h^lf eQZ\Qf5
_^Y [Q[ aQX U\p nc_T_ Y b_XUQocbpD cQ[ hc_5 [_\m b[_a_ [_]`Y\pc_ad
U\p `_UbcQ^_S[Y 9>56ed^[gYY ^dW^_5 _hVSYU^_5 X^Qcm V‫ ݷ‬cV\_5 c_
nc_ cV\_ b\VUdVc Sl^VbcY S XQT_\_S_h^Y[7
Q`aY]Va5 [_]`Y6
\pc_a `_`a_bcd Sl^dWUV^ TV^VaYa_SQcm _Rlh^do 1SlXlSQV]do2 `_U6
`a_TaQ]]d S b\dhQV5 Vb\Y TUV6c_ S SQiVZ `a_TaQ]]V _c nc_Z `_U`a_6
TaQ]]l RVadc QUaVb Y XQ^_bpc VT_ S d[QXQcV\m ^Q ed^[gYo7 3`a_hV]5
^Y nc_5 ^Y S_X]_W^lZ _c[QX [_]`Y\pc_aQ aQbb]QcaYSQcm ed^[gYo [Q[
‫_`ݷ‬UbcQS\pV]do‫ ݷ‬S \oR_] b\dhQV ^V ]_WVc `_S\Ypcm ^Q bV]Q^cY[d
Yc_T_S_Z `a_TaQ]]l ‑ c_\m[_ ^Q aQX]Va ]QiY^^_T_ [_UQ7
CQ[ Y\Y Y^QhV5 _R 9>56ed^[gYpf bc_Yc `_]^Ycm f_cp Rl U\p c_6
T_5 hc_Rl ^V R_pcmbp `_cVapcm neeV[cYS^_bcm YX6XQ SlX_S_S [_a_c[Yf
]Vc_U_S7

:97=7:>7 9^YgYQ\YXQgYp h\V^_S [\QbbQ S
[_^bcad[c_aV
5_ bYf `_a ]l XQUQSQ\Y X^QhV^Yp `_\VZ _RkV[cQ b `_]_jmo _Rl[6
^_SV^^_T_ `aYbSQYSQ^Yp S cV\V [_^bcad[c_aQ7 CQ[_Z b`_b_R ]_WVc _[Q6
XQcmbp ^V`aYV]\V]l]D UVZbcSYcV\m^_5 ^Y[c_ ^V ]ViQVc _RkpSYcm S
[\QbbV `_\V5 Y]VojVV5 S bS_o _hVaVUm5 cY` [\Qbb5 `aYh‫ ]ݷ‬RVX [_^6
bcad[c_aQ `_ d]_\hQ^Yo7 AQbb]_caY] ncd bYcdQgYo `_Ua_R^VV7 @dbcm
J ‑ [\Qbb5 VUY^bcSV^^lZ [_^bcad[c_a [_c_a_T_ caVRdVc ^Q Sf_U USQ
`QaQ]VcaQ cY`Q 9>DC
3D I2 K 8377738 M
88 777
MD

?`YiV] cV`Vam [\Qbb K5 S [_c_a_] Vbcm `_\V cY`Q J7 5\p `a_bc_cl
[QacY^l RdUV] bhYcQcm5 hc_ S [\QbbV K ^Q] ^dWV^ c_\m[_ [_^bcad[c_a

:=9

PXl[ BY445 ??@ Y 1C5

`_ d]_\hQ^Yo 1U\p UadTYf [_^bcad[c_a_S bYcdQgYp RdUVc `_\^_bcmo
Q^Q\_TYh^Q2C
3DdC9J5fD
M
NR>DJBB1I12 K 45D6 ?@5B1D?Bdf1E>C97>54 9>D 94H2D
@B9F1D5C
F?94 [5C9J51E>C97>54 9>D B5AE9B54h9>45H2D
88 XQ`aVcY] [_`Ya_SQ^YV Y `aYbSQYSQ^YV
F?94 ?@5B1D?BF13?>CD R>DJBB1I6 B562 KM
R>DJBB1I13?>CD R>DJBB1I6 B562 KM
MD

CV\Q [_^bcad[c_aQ Y UVbcad[c_aQ Y]Voc baQS^YcV\m^_ ^VR_\mi_Z aQX6
]Va5 `_nc_]d ]l b_SVaiV^^_ b`_[_Z^_ ]_WV] _bcQSYcm Yf S^dcaY XQ6
T_\_S[Q [\QbbQ7 CV\_ _`VaQgYY Y^UV[bYa_SQ^Yp5 ^Q`a_cYS5 RdUVc b_bc_6
pcm YX ^Vb[_\m[Yf bca_[5 `_nc_]d ]l _`YiV] VT_ _cUV\m^_7 5\p \dh6
iVZ pb^_bcY VT_ aVQ\YXQgYY ]l `aVUdb]_caV\Y cQ[WV Sb`_]_TQcV\m^do
ed^[gYo [5C9J55 [_c_aQp RdUVc _bdjVbcS\pcm YX]V^V^YV aQX]VaQ ]Qb6
bYSQ7 @_b[_\m[d ncQ ed^[gYp5 _hVSYU^_5 pS\pVcbp UVcQ\mo aVQ\YXQgYY
Y ^V `aVU^QX^QhV^Q U\p `_\mX_SQcV\p 1b c_h[Y XaV^Yp `_\mX_SQcV\p
^Qi ]QbbYS `aVUbcQS\pVcbp RVb[_^Vh^l]25 ]l b[al\Y ncd ed^[gYo S
`aYSQc^_Z hQbcY [\QbbQ7
HYcQcV\m5 S_X]_W^_5 _RaQcY\ S^Y]Q^YV ^Q cY` S_XSaQjQV]_T_ X^Q6
hV^Yp _`VaQgYY Y^UV[bYa_SQ^Yp7 Ed^[gYp ?@5B1D?Bdf S_XSaQjQVc
bbl\[d ^Q b__cSVcbcSdojYZ n\V]V^c ]QbbYSQ5 hc_Rl bUV\Qcm S_X]_W6
^l] [Q[ SlR_a[d X^QhV^Yp YX ]QbbYSQ5 cQ[ Y `aYbSQYSQ^YV VT_ n\V]V^6
cQ] ^_Slf X^QhV^YZ7 ?`YiV] cV`Vam cV\_ _`VaQgYY Y^UV[bYa_SQ^YpC
9>D6 R>DJBB1ICC?@5B1D?Bdf1E>C97>54 9>D 94H2
K
96194H GF C9J52
[5C9J5194H2D
B5DEB> @d94HfD
M

>Q] _bcQ\_bm _`YbQcm ed^[gYo [5C9J5C

:>9

PXl[ BY445 ??@ Y 1C5

F?94 R>DJBB1ICC[5C9J51E>C97>54 9>D B5AE9B54h9>45H2
K
E>C97>54 9>D >5GhC9J5 F C9J5D
G895GhC9J5 EF B5AE9B54h9>45H2
>5GhC9J5 3F ;D
9>D 3>5Gh1BB1I F >5G 9>Dd>5GhC9J5fD
6?B1E>C97>54 9>D 9 F 9D 9 E C9J5D 9442
>5Gh1BB1Id9f F @d9fD
455Gh1BB1ID
C9J5 F >5GhC9J5D
M

CV`Vam ]l ]_WV] S `a_TaQ]]V Yb`_\mX_SQcm5 ^Q`aY]Va5 cQ[YV [_^6
bcad[gYYC
R>DJBB1I 1BBD
1BBd>99f F :>D
1BBd:999f F 99f 4 :D
1BBd:9f44D

?`VaQgYp Y^UV[bYa_SQ^Yp U_\W^Q Y]Vcm a_S^_ _UY^ `QaQ]Vca5 ^_ nc_c
`QaQ]Vca5 S__RjV T_S_ap5 ]_WVc Rlcm \oR_T_ cY`Q7 Nc_ `_XS_\pVc b_6
XUQSQcm ‫]ݷ‬QbbYSl‫ݷ‬5 Yb`_\mXdojYV S [QhVbcSV Y^UV[bQ cV[bc_SlV bca_6
[Y Y\Y UQWV _RkV[cl UadTYf [\Qbb_S7 FaQ^Ycm n\V]V^cl ]QbbYSQ ]l
cQ[WV ]_WV] \oRl] dU_R^l] ^Q] b`_b_R_]5 ^Q`aY]Va5 S SYUV b`Yb[Q
1S ^V[_c_alf b\dhQpf nc_ ]_WVc Rlcm _`aQSUQ^^_27 =_W^_ _aTQ^YX_6
SQcm _RkV[c5 SlT\pUpjYZ [Q[ ]QbbYS5 ^_ faQ^pjYZ bS_Y n\V]V^cl S
eQZ\V ^Q UYb[V5 cQ[ hc_ _`VaQgYp Y^UV[bYa_SQ^Yp aVQ\m^_ RdUVc `aVU6
bcQS\pcm b_R_Z _`VaQgYo hcV^Yp Y\Y XQ`YbY S eQZ\D SbcaVhQocbp Y
UadTYV `aY]V^V^Yp7
3 XQSVaiV^YV _RbdWUV^Yp ^QiVT_ `bVSU_]QbbYSQ aYb[^‫` ]ݷ‬aVU_bcV6
aVhm hYcQcV\p _c `aQ[cYhVb[_T_ `aY]V^V^Yp `_U_R^lf [\Qbb_S Y _Rk6
V[c_S ‑ cQ[Yf5 [_c_alV ^V `a_bc_ ‫ݷ‬SlT\pUpc‫_` ݷ‬f_WY]Y ^Q ]QbbYSl5
^_ Y UVZbcSYcV\m^_ aVQ\YXdoc ed^[gY_^Q\m^_bcm _Rl[^_SV^^_T_ ]Qb6
bYSQ7 CQ[YV _RkV[cl _Rlh^_ ^QXlSQoc [_^cVZ^VaQ]Y7 3_6`VaSlf5
cadU_XQcaQcl ^Q `_UUVaWQ^YV bQ]_T_ [_^cVZ^VaQ5 ^Q cQb[Q^YV VT_ aVQ6
\YXQgYY XQ b_R_Z YX `a_V[cQ S `a_V[c Y c7 `7 bS_UYc ^Q ^Vc \oRlV SlT_6
Ul _c VT_ `aY]V^V^Yp5 Q ^VYXRVW^_ S_XaQbcQojQp b\_W^_bcm _c\QU[Y
Y b_`a_S_WUV^Yp ]_WVc `aYSVbcY [ ^Q[\QU^l] aQbf_UQ]5 ^Q `_apU[Y
`aVSliQojY] [_`VVh^do n[_^_]Yo SaV]V^Y ^Q bcQUYY [_UYa_SQ^Yp7
3_6Sc_alf5 bQ]Q YUVp Yb`_\mX_SQcm XQ[alclZ _RkV[c [Q[ faQ^Y\YjV
^V[Yf n\V]V^c_S YX^QhQ\m^_ djVaR^QC faQ^Y\YjV 1cQ[_V5 ^Q`aY]Va5
[Q[ _Rlh^lZ ]QbbYS2 U_\W^_ Rlcm `a_XaQh^_ U\p bS_VT_ S\QUV\mgQ5
c_TUQ [Q[ _RkV[c 1^VSQW^_5 YX [Q[_Z _^ `aYi‫` \ݷ‬QaQUYT]l ‑ ??@
Y\Y 1C52 _RpXQ^ Rlcm ^QT\df_ XQ[alcl]7

‫ ݷ‬:97=7 1RbcaQ[c^lV cY`l UQ^^lf S BY44

:>:

:97=7;:7 @VaV_`aVUV\V^YV _`VaQgYZ 44 Y 66
@VaV_`aVUV\V^YV _`VaQgYZ Y^[aV]V^cQ Y UV[aV]V^cQ Y]VVc bS_Y
_b_RV^^_bcY5 _Rdb\_S\V^^lV cV]5 hc_ S BY Y BY44 [QWUQp YX _`VaQ6
gYZ 44 Y 66 U_`db[QVc USV e_a]lC `aVeY[b^do 14492 Y `_bceY[b^do
194427 Bca_T_ T_S_ap5 ncY USV e_a]l `aVUbcQS\poc b_R_Z aQX\Yh^lV
_`VaQgYY7 6b\Y Rl ^V nc_5 ]_W^_ Rl\_ Rl `VaV_`aVUV\pcm Y^[aV]V^c
Y UV[aV]V^c [Q[ _Rlh^lV d^Qa^lV _`VaQgYY5 c_ Vbcm S^V [\Qbb_S S SYUV
ed^[gYY _c _U^_T_ QaTd]V^cQ5 \YR_ S [\QbbV8bcad[cdaV S SYUV ]Vc_UQ
RVX `QaQ]Vca_S7
Hc_Rl _c\YhQcm UadT _c UadTQ `VaV_`aVUV\V^YV `aVeY[b^_Z Y `_bc6
eY[b^_Z e_a]l5 S BY44 `aY^pc_ b_T\QiV^YV5 SlT\pUpjVV U_S_\m6
^_ ^V_WYUQ^^_7 @_b[_\m[d `aVeY[b^Qp e_a]Q R_\VV caQUYgY_^^Q U\p
d^Qa^lf _`VaQgYZ5 _Rlh^l] b`_b_R_] `VaV_`aVUV\pVcbp Y]V^^_ _^Q7
9^QhV T_S_ap5 Vb\Y ]l `VaV_`aVUV\pV] b__cSVcbcSdojYV _`VaQgYY SSV6
UV^YV] ]Vc_UQ S [\QbbV Y\Y bcad[cdaV5 c_ ]Vc_U b Y]V^V] ?@5B1D?B44
Y\Y ?@5B1D?B66 RVX `QaQ]Vca_S _`aVUV\pVc `aVeY[b^do e_a]d b__c6
SVcbcSdojVZ _`VaQgYY 1^Q`aY]Va5 4492D T\_RQ\m^Qp ed^[gYp 1^V ]V6
c_U25 Y]VojQp Y]p ?@5B1D?B44 1?@5B1D?B662 Y _UY^ `QaQ]Vca5 c_WV
b__cSVcbcSdVc `aVeY[b^_Z e_a]V _`VaQgYY Y^[aV]V^cQ 1UV[aV]V^cQ27
Hc_ [QbQVcbp `_bceY[b^_Z e_a]l5 c_ _^Q `VaV_`aVUV\pVcbp ed^[6
gYVZ b cV] WV Y]V^V] ?@5B1D?B44 1?@5B1D?B6625 ^_ Y]VojVZ U_`_\^Y6
cV\m^lZ 1eY[cYS^lZ2 `QaQ]Vca cY`Q 9>D7 >Q\YhYV `QaQ]VcaQ R\QT_6
UQap `VaVTadX[V Y]‫ ^ݷ‬ed^[gYZ `_XS_\pVc Y]Vcm USV ed^[gYY b _U^Y]
Y cV] WV Y]V^V]D X^QhV^YV `QaQ]VcaQ5 SSVU‫_^^ݷ‬T_ Yb[\ohYcV\m^_ aQ6
UY nc_T_ aQX\YhYp5 aVQ\m^_ ^Y[_TUQ ^V Yb`_\mXdVcbp7 5\p `VaV_`aV6
UV\V^Yp `_bceY[b^_Z e_a]l _`VaQgYY Y^[aV]V^cQ Y\Y UV[aV]V^cQ
]l ]_WV] S_b`_\mX_SQcmbp \YR_ ]Vc_U_] [\QbbQ8bcad[cdal b Y]V^V]
?@5B1D?B44 1?@5B1D?B662 Y _U^Y] `QaQ]Vca_] 1eY[cYS^l]25 \YR_ T\_6
RQ\m^_Z ed^[gYVZ b cQ[Y] WV Y]V^V]5 Y]VojVZ USQ `QaQ]VcaQ 1Sc_6
a_Z YX ^Yf eY[cYS^lZ27 >Q`aY]Va5 `dbcm [\Qbb J _`YbQ^ b\VUdojY]
_RaQX_]C
322D M
F?94 ?@5B1D?B6612 K @B9>D612C53?>4e>22D M
F?94 ?@5B1D?B4419>D2 K @B9>D612D89B4e>22D M
F?94 ?@5B1D?B6619>D2 K @B9>D6126?EBD8e>22D M
MD

AQbb]_caY] cV`Vam eaQT]V^c [_UQC
J 1D
441D
144D

88 69BCD
88 D89B4

:>;

PXl[ BY445 ??@ Y 1C5
661D
166D

88 C53?>4
88 6?EBD8

3 aVXd\mcQcV Sl`_\^V^Yp nc_T_ eaQT]V^cQ RdUdc ^Q`VhQcQ^l 1S bc_\6
RY[2 b\_SQ 69BCD5 D89B45 C53?>4 Y 6?EBD8 ‑ Y]V^^_ S cQ[_] `_apU[V7
3 aQbb]_caV^^_] `aY]VaV ^QiY _`VaQgYY ^YhVT_ ^V S_XSaQjQ\YD
]VWUd cV] Ybf_U^_ `aVeY[b^Qp Y `_bceY[b^Qp e_a]l ncYf _`VaQgYZ
aQX\YhQocbp Y]V^^_ S_XSaQjQV]l] X^QhV^YV]7 @aY nc_] _`VaQgYp S
`aVeY[b^_Z e_a]V S_XSaQjQVc ^_S_V X^QhV^YV `VaV]V^^_Z5 [ [_c_a_Z
_^Q `aY]V^V^Q5 hc_ `_XS_\pVc SlUVaWQcm bV]Q^cY[d nc_Z _`VaQgYY5
SVa^dS bQ] _RkV[c Y\Y 1U\p _`cY]YXQgYY2 [_^bcQ^c^do bbl\[d ^Q ^VT_7
B _`VaQgYVZ S `_bceY[b^_Z e_a]V UV\Q _Rbc_pc ^Vb[_\m[_ fdWVC b_6
T\Qb^_ [\QbbYhVb[_Z bV]Q^cY[V _^Q U_\W^Q SVa^dcm bcQa_V X^QhV^YV5
S c_ SaV]p [Q[ _RkV[c dWV Y]VVc ^_S_V X^QhV^YV7 Hc_Rl SlUVaWQcm
bV]Q^cY[d S nc_Z e_a]V5 `aYf_UYcbp S cV\V ed^[gYY ?@5B1D?B4419>D2
b_XUQSQcm SaV]V^^do 1\_[Q\m^do2 [_`Yo _RkV[cQ5 Q S_XSaQjQcm X^QhV6
^YV5 b_faQ^‫_^^ݷ‬V S nc_Z [_`YY5 `aYf_UYcbp _RpXQcV\m^_ `_ X^QhV^Yo5
SVUm S_XSaQjQcm bbl\[d ^Q \_[Q\m^do [_`Yo Rl\_ Rl _iYR[_ZC [_6
`Yp YbhVX^Vc S ]_]V^c XQSVaiV^Yp aQR_cl ed^[gYY5 c_ Vbcm U_ c_6
T_5 [Q[ SlXlSQojQp ed^[gYp db`VVc S_b`_\mX_SQcmbp S_XSaQj‫^^ݷ‬l]
aVXd\mcQc_]7 @a_Y\\obcaYadV] b[QXQ^^_V ^Q `aY]VaV _`VaQgYZ Y^6
[aV]V^cQ U\p [\QbbQ5 Y^[Q`bd\YadojVT_ gV\_hYb\V^^do `VaV]V^^do
Y `_Sc_apojVT_ V‫ ݷ‬bV]Q^cY[dC
3D K
9>D 9D
@E2D19>D H2 C 91H2 KM
3?>CD VIR>D6 ?@5B1D?B4412 K 944D B5DEB> 3D89CD M
VIR>D ?@5B1D?B4419>D2
K VIR>D D=@13D89C2D 944D B5DEB> D=@D M
88 777

3 nc_] `aY]VaV _RkV[c [\QbbQ XQ^Y]QVc bc_\m[_ WV `Q]pcY5 b[_\m[_
Y _Rlh^Qp gV\_hYb\V^^Qp `VaV]V^^Qp5 cQ[ hc_ US_Z^_V [_`Ya_SQ^YV
_RkV[cQ 1`aY b_XUQ^YY `VaV]V^^_Z D=@ Y `aY S_XSaQcV X^QhV^Yp2 ^V
`aYS_UYc [ bdjVbcSV^^l] `_cVap]7 ?U^Q[_ U\p R_\VV b\_W^lf [\Qb6
b_S `VUQ^cYh^_V b\VU_SQ^YV [\QbbYhVb[_Z bV]Q^cY[V U\p `_bceY[b^lf
_`VaQgYZ 44 Y 66 ]_WVc _R_ZcYbm ^V_`aQSUQ^^_ U_a_T_7

:97=7;;7 @VaV_`aVUV\V^YV _`VaQgYY 6G
?`VaQgYp 6G `VaV_`aVUV\pVcbp5 `_WQ\dZ5 ^QYR_\VV n[X_cYhVb[Y]
b`_b_R_]7 >Q`_]^Y]5 hc_ ncQ _`VaQgYp S pXl[V BY _X^QhQVc SlR_a[d
`_\p YX bcad[cdal5 ^Q [_c_ado d[QXlSQVc XQUQ^^lZ QUaVb7 3 BY44 _^Q
_X^QhQVc `aQ[cYhVb[Y c_ WV bQ]_VD VbcVbcSV^^_5 b V‫_]_` ݷ‬jmo ]_W^_

‫ ݷ‬:97=7 1RbcaQ[c^lV cY`l UQ^^lf S BY44

:><

cQ[WV _RaQjQcmbp Y [ ]Vc_UQ]5 Q aQR_cQcm _^Q ]_WVc [Q[ b_ bcad[cd6
aQ]Y5 cQ[ Y b [\QbbQ]Y7 @VaVTadX[Q nc_Z _`VaQgYY _Rlh^_ caVRdVcbp
^Q]5 Vb\Y ]l f_cY] b_XUQcm _RkV[c5 SVUdjYZ bVRp `_U_R^_ d[QXQcV\o5
^_ `aY nc_] Sl`_\^pojYZ ^V[YV U_`_\^YcV\m^lV UVZbcSYp7
>Q`_]^Y] U\p ^QhQ\Q _UY^ ^V_hVSYU^lZ eQ[c5 b [_c_al] ]l dWV
SbcaVhQ\Ybm `aY YXdhV^YY hYbc_T_ BY 1b]7 c7 ;5 ‫=ݷ‬7>7:27 ?`VaQgYp 6G5
^Vb]_cap ^Q V‫ ݷ‬S^Vi^YZ SYU5 bhYcQVcbp d^Qa^_Z5 `_b[_\m[d Y]VVc SbVT_
_UY^ QaTd]V^c 1d[QXQcV\m27 5VZbcSYcV\m^_5 `dbcm d ^Qb _`YbQ^Q bcad[6
cdaQ
CDBE3D C: K
9>D 15 2D
MD

Y Y]VVcbp d[QXQcV\m ^Q ^V‫ݷ‬C
C: 3@ F >5G C:D

CV`Vam _RaQjV^YV [ `_\o 1 RdUVc SlT\pUVcm cQ[C @6G17 8UVbm [Q[ RdU6
c_ Rl USQ _`VaQ^UQ5 @ Y 1D ^_ SVUm 1 ‑ nc_ Y]p `_\p5 [_c_a_V ^Y[_Y]
_RaQX_] ^V pS\pVcbp bQ]_bc_pcV\m^l] SlaQWV^YV]5 ^V Y]VVc ^Y cY`Q5
^Y X^QhV^Yp1 9^QhV T_S_ap5 ^Q ]VbcV 1 ^V ]_WVc bc_pcm ^YhVT_5 [a_]V
Y]V^Y `_\p7 PXl[ ^V b_UVaWYc ^Y[Q[Yf SlaQWV^YZ5 SlhYb\pojYfbp S
X^QhV^YV5 b`_b_R^_V XQ]V^Ycm Y]p `_\p7 6UY^bcSV^^l] `_\^_gV^^l]
_`VaQ^U_] S SlaQWV^YY @6G1 _bcQ‫ݷ‬cbp QUaVb5 `aVUbcQS\V^^lZ d[QXQ6
cV\V] @C S _c\YhYV _c 15 ^Q ]VbcV @ ]_WVc bc_pcm SlaQWV^YV `a_YX6
S_\m^_Z b\_W^_bcY5 SlhYb\pojVV X^QhV^YV cY`Q C:3 1QUaVb bcad[cd6
al C:27 9cQ[5 ]l Y]VV] UV\_ b d^Qa^_Z _`VaQgYVZ5 `_\^l] Y]V^V]
[_c_a_Z ]_W^_ bhYcQcm 6G1 1_`VaQgYp SlR_a[Y `_\p 127 =_W^_ `aY
WV\Q^YY bhYcQcm5 hc_ bY]S_\ 6G XQUQ‫ݷ‬c gV\_V bV]VZbcS_ _`VaQgYZ ‑
bc_\m[_ WV5 b[_\m[_ S bcad[cdaV Vbcm `_\VZ 1Q U\p BY44 ‑ Vj‫ ݷ‬Y ]V6
c_U_S27 3`a_hV]5 RdUdhY bV]Q^cYhVb[Y RVXd`aVh^l]5 ^Q `aQ[cY[V cQ[_V
aQbb]_caV^YV ^Q] ^V `_^QU_RYcbpD XUVbm ]l `aYS_UY] VT_ c_\m[_ U\p
Y\\obcaQgYY b[QXQ^^_T_7
3Va^‫]ݷ‬bp [ S_`a_bd _ `VaV_`aVUV\V^YY _`VaQgYY 6G7 >QapUd b ]^_6
TY]Y UadTY]Y _`VaQgYp]Y 6G `VaV_`aVUV\pVcbp Yb[\ohYcV\m^_ ]Vc_6
UQ]Y [\QbbQ Y\Y bcad[cdal5 c_ Vbcm ^V ]_WVc Rlcm `VaV_`aVUV\V^Q _c6
UV\m^_Z ed^[gYVZ7 Hc_Rl YXRVWQcm adcY^^_Z aQR_cl `_ `VaV_`aVUV\V6
^Yo _cUV\m^lf _`VaQgYZ U\p SlR_a[Y [QWU_T_ `_\p5 S BY44 `aY^pc_
^V_hVSYU^_V5 ^_ S`_\^V aQR_cQojVV b_T\QiV^YVC _`VaQgYp 6G _`aVUV6
\pVcbp ]Vc_U_] ?@5B1D?B6G5 ^V Y]VojY] `QaQ]Vca_S 1[Q[ Y _Rlh^lV
d^Qa^lV _`VaQgYY25 ^_ `aY nc_] ]Vc_U _RpXQ^ S_XSaQjQcm \YR_ QU6
aVb ^V[_Z UadT_Z bcad[cdal Y\Y [\QbbQ5 \YR_ _RkV[c 1Y\Y bbl\[d ^Q
_RkV[c25 U\p [_c_a_T_5 S bS_o _hVaVUm5 _`VaQgYp 6G `VaV_`aVUV\V^Q
[Q[ ]Vc_U7 @aY Yb`_\mX_SQ^YY `VaVTadWV^^_Z _`VaQgYY 6G [_]`Y\p6

:>=

PXl[ BY445 ??@ Y 1C5

c_a SbcQS\pVc S [_U `_b\VU_SQcV\m^_ SlX_Sl ]Vc_U_S ?@5B1D?B6G5 `_[Q
_hVaVU^_Z ]Vc_U ^V _[QWVcbp S_XSaQjQojY] _Rlh^lZ QUaVb bcad[cd6
al Y\Y [\QbbQD Y]V^^_ `_ nc_]d QUaVbd Y `a_YXS_UYcbp S Yc_TV SlR_a6
[Q XQUQ^^_T_ `_\p7 3`a_hV]5 hQjV SbVT_ ?@5B1D?B6G baQXd WV S_XSaQ6
jQVc `a_bc_Z QUaVb5 cQ[ hc_ ^Y[Q[Yf `_b\VU_SQcV\m^_bcVZ SlX_S_S ^V
caVRdVcbp7
@_`a_RdV] `a_Y\\obcaYa_SQcm b[QXQ^^_V ^Q `aY]VaV7 @dbcm d ^Qb
Vbcm bcad[cdaQ C: Y ^Q] ^dWV^ [\Qbb5 _RkV[cl [_c_a_T_ RdUdc SVbcY
bVRp [Q[ d[QXQcV\Y ^Q C:5 ^_ `aY YbhVX^_SV^YY cQ[_T_ ‫ݷ‬d[QXQcV\p‫ ݷ‬1^Q6
`aY]Va5 `aY XQSVaiV^YY ed^[gYY5 S [_c_a_Z _^ _`YbQ^ [Q[ \_[Q\m^Qp
`VaV]V^^Qp2 _RkV[c5 ^Q [_c_alZ _^ d[QXlSQVc5 RdUVc d^Yhc_WQcmbp7
>Qh^‫`_ ]ݷ‬YbQ^YV [\QbbQC
3D5BhC: K
C: 3@D
@E2D5BhC:1C: 3@DB F 92 C @1@DB2 KM
NY?9>D5BhC:12 K 961@2 45D5BhC: XQSVU_]_ `aYSVU‫ݷ‬c [ _iYR[Q]5 cQ[ [Q[ _UY^ Y c_c WV _Rk6
V[c cY`Q C: S ncYf b\dhQpf RdUVc dUQ\pcmbp USQWUl7 3_ YXRVWQ^YV nc_6
T_ XQ`aVcY] `aYbSQYSQ^YV Y [_`Ya_SQ^YV _RkV[c_S [\QbbQ Y?9>D5BhC:5
dRaQS [_^bcad[c_a [_`Ya_SQ^Yp Y b__cSVcbcSdojdo _`VaQgYo `aYbSQ6
YSQ^Yp S `aYSQc^do hQbcmC
@B9F1D5C
Y?9>D5BhC:13?>CD Y?9>D5BhC:62 KM
88 >? 3?@I9>7
F?94 ?@5B1D?BF13?>CD Y?9>D5BhC:62 KM 88 >? 1CC97>=5>DC

?`YiV] cV`Vam _`VaQgYY5 [_c_alV `aVSaQcpc _RkV[cl ^QiVT_ [\QbbQ
S `_U_RYV d[QXQcV\p ^Q C:5 Q Y]V^^_ _`VaQgYY aQXl]V^_SQ^Yp 1d^Qa6
^do 32 Y SlR_a[Y `_\p 16G25 Y XQSVaiY] _`YbQ^YV [\QbbQC

‫ ݷ‬:97=7 1RbcaQ[c^lV cY`l UQ^^lf S BY44

:>>

@E2CD K B5DEB> 3@D M
C:3 ?@5B1D?B6G12 3?>CD K B5DEB> @D M
MD

CQ[_Z [\Qbb dU_R^_ Yb`_\mX_SQcm5 ^Q`aY]Va5 S^dcaY ed^[gYZ7 CQ[5 Vb6
\Y S ^QhQ\V ^V[_c_a_Z ed^[gYY _`YbQcm _RkV[c [\QbbQ Y?9>D5BhC:5 c_
V]d ]_W^_ RdUVc `aYbSQYSQcm QUaVbQ ^_Slf n[XV]`\pa_S C:5 `aY nc_]
_^ RdUVc [QWUlZ aQX dUQ\pcm bcQalZ n[XV]`\pa5 Q [_TUQ aQR_cQ ed^[6
gYY XQSVaiYcbp5 QSc_]QcYhVb[Y dUQ\Yc `_b\VU^YZ YX n[XV]`\pa_S C:C
9>D 612
K
Y?9>D5BhC: @D
@ F >5G C:D
@6G1 F ;>D
@6G2 F @6G1 4 CD K 83 777 38 M
MD

>Q\YhYV S [\QbbV J _`VaQgYY `aV_RaQX_SQ^Yp [ 9>D UV\QVc S_X]_W^l]5
^Q`aY]Va5 cQ[_Z [_UC
J 1D
9>D HD
88 777
H F 1D

6bcVbcSV^^_5 _`VaQgYp `aV_RaQX_SQ^Yp ]_WVc Rlcm `VaV_`aVUV\V^Q
c_\m[_ [Q[ ]Vc_U [\QbbQ Y\Y bcad[cdal7
DhcYcV5 hc_ haVX]Va^_V dS\VhV^YV `VaV_`aVUV\V^Yp]Y _`VaQgYY
`aV_RaQX_SQ^Yp hQbc_ `aYS_UYc [ c_]d5 hc_ [_]`Y\pc_a ^Qf_UYc R_\m6
iV _U^_T_ b`_b_RQ `aV_RaQX_SQ^Yp _c _U^_T_ cY`Q [ UadT_]d Y S aV6
Xd\mcQcV ^V `aY]V^pVc ^Y _U^_T_ YX ^Yf5 SlUQSQp _iYR[d7 @_nc_]d ^Q
`aQ[cY[V `VaV_`aVUV\V^YV _`VaQgYY `aV_RaQX_SQ^Yp cY`Q `_hcY ^V Yb6
`_\mXdVcbpD U\p `_\dhV^Yp X^QhV^YZ ^dW^_T_ cY`Q YX _RkV[c_S [\Qbb_S
Y\Y bcad[cda _Rlh^_ `aY]V^poc b`VgYQ\m^_ U\p nc_T_ SS_UY]lV ]V6
c_Ul 1_Rl[^_SV^^lV5 RVX b\_SQ ?@5B1D?B25 SlXlSQV]lV pS^_7 @aY]Va
[aQZ^V aVU[_Z bYcdQgYY5 [_TUQ _`VaQgYp `aV_RaQX_SQ^Yp cY`Q _[QXl6
SQVcbp UVZbcSYcV\m^_ ^dW^Q5 ]l aQbb]_caY] S b\VUdojV] `QaQTaQeV7

:97=7;>7 @aY]VaC aQXaVWV^^lZ ]QbbYS
@_U aQXaVWV^^l] ]QbbYS_] `_^Y]QVcbp ]QbbYS _c^_bYcV\m^_
R_\mi_T_ _Rk‫]ݷ‬Q 1^Q`aY]Va5 b_bc_pjYZ YX ^Vb[_\m[Yf ]Y\\Y_^_S n\V6
]V^c_S25 R_\miY^bcS_ n\V]V^c_S [_c_a_T_ aQS^l _U^_]d Y c_]d WV
X^QhV^Yo5 hQjV SbVT_ ^d\o5 Y \Yim ^V[_c_alV n\V]V^cl5 [_\YhVbcS_
[_c_alf _hV^m ]Q\_ S baQS^V^YY b aQX]Va_] ]QbbYSQ5 _c nc_T_ X^QhV^Yp
_c\YhQocbp7 6bcVbcSV^^_5 S cQ[_Z bYcdQgYY gV\Vb__RaQX^_ faQ^Ycm S
`Q]pcY \Yim cV n\V]V^cl ]QbbYSQ5 X^QhV^Yp [_c_alf _c\Yh^l _c ^d\p
1Y\Y UadT_T_ _RjVT_ X^QhV^Yp27
@_`a_RdV] ^Q`YbQcm ^Q BY44 cQ[_Z [\Qbb5 [_c_alZ SVU‫ݷ‬c bVRp
[Q[ gV\_hYb\V^^lZ ]QbbYS `_cV^gYQ\m^_ RVb[_^Vh^_T_ aQX]VaQ:= S c_]
b]lb\V5 hc_ [ _RkV[cd nc_T_ [\QbbQ `aY]V^Y]Q _`VaQgYp Y^UV[bYa_6
:= >Q bQ]_] UV\V ]l RdUV] Yb`_\mX_SQcm S [QhVbcSV Y^UV[bQ cY` E>C97>54 7D
X^QhV^Yp nc_T_ cY`Q ]_Tdc U_bcYTQcm 232 − 15 c7 V7 hdcm R_\miV hVcla‫ݷ‬f ]Y\\YQaU_S7

:>A

PXl[ BY445 ??@ Y 1C5

SQ^Yp 1[SQUaQc^lV b[_R[Y25 _U^Q[_ _RkV[c aVQ\m^_ faQ^Yc c_\m[_ cV
n\V]V^cl5 X^QhV^Yp [_c_alf _c\YhQocbp _c ^d\p7 >QX_S‫ ]ݷ‬nc_c [\Qbb
\@1BC5JBB1IR>D7 5\p `a_bc_cl [QacY^l RdUV] bhYcQcm5 hc_ [_\YhVbcS_
^V^d\VSlf n\V]V^c_S ]QbbYSQ ^Qbc_\m[_ ^VX^QhYcV\m^_5 hc_ UQWV \Y6
^VZ^lZ `_Yb[ baVUY ^Yf ]_WVc ^Qb dbca_Ycm `_ Rlbca_UVZbcSYo7 Nc_
`_XS_\Yc faQ^Ycm ^V^d\VSlV n\V]V^cl ]QbbYSQ S SYUV b`Yb[Q `Qa ‫ݷ‬Y^6
UV[b8X^QhV^YV‫ݷ‬7 3bV UVcQ\Y aVQ\YXQgYY5 S[\ohQp Y bcad[cdad5 `aVU6
bcQS\pojdo XSV^_ b`Yb[Q5 b[a_V] S `aYSQc^_Z hQbcY [\QbbQ5 hc_Rl
S RdUdjV] ]_W^_ Rl\_ RVXR_\VX^V^^_ b]V^Ycm aVQ\YXQgYo ^Q R_\VV
b\_W^do7
?b^_S^Qp `a_R\V]Q `aY aVQ\YXQgYY aQXaVWV^^_T_ ]QbbYSQ S_X6
^Y[QVc S bSpXY b `_SVUV^YV] _`VaQgYY Y^UV[bYa_SQ^Yp7 3laQWV^YV
‫ݷ‬n\V]V^c ]QbbYSQ‫_] ݷ‬WVc SbcaVhQcmbp [Q[ S `aQS_Z5 cQ[ Y S \VS_Z
hQbcY `aYbSQYSQ^YZ5 Y S _R_Yf b\dhQpf Yb`_\mXdVcbp _U^Q Y cQ WV
ed^[gYp6]Vc_U [\QbbQ \@1BC5JBB1IR>D ‑ ?@5B1D?Bdf7 6b\Y Rl SbV n\V6
]V^cl ]QbbYSQ faQ^Y\Ybm S `Q]pcY5 [Q[ nc_ Rl\_ S `aY]VaV YX ‫ݷ‬:97=7;95
]_W^_ Rl\_ Rl `a_bc_ S_XSaQcYcm bbl\[d ^Q ]Vbc_ S `Q]pcY5 TUV faQ6
^Ycbp n\V]V^c5 b__cSVcbcSdojYZ XQUQ^^_]d Y^UV[bd7 B aQXaVWV^^l]
]QbbYS_] cQ[ UVZbcS_SQcm ^V `_\dhYcbp5 `_b[_\m[d S R_\miY^bcSV b\d6
hQVS n\V]V^c S `Q]pcY ^V faQ^Ycbp7 @aY nc_] `a_bc_ S_XSaQcYcm ^d6
\VS_V X^QhV^YV 1RVX Sbp[_Z bbl\[Y2 ^V\mXp5 SVUm c_TUQ SlaQWV^YV5 b_6
UVaWQjVV ^Qid _`VaQgYo Y^UV[bYa_SQ^Yp5 RdUVc ^V\mXp `aY]V^pcm S
\VS_Z hQbcY `aYbSQYSQ^Yp7
9cQ[5 hc_ WV UV\Qcm S b\dhQV5 Vb\Y _`VaQgYp Y^UV[bYa_SQ^Yp Sl6
XSQ^Q U\p Y^UV[bQ5 U\p [_c_a_T_ n\V]V^c S `Q]pcY ^V faQ^Ycbp5 `_6
b[_\m[d aQSV^ ^d\oH ?U^_ YX S_X]_W^lf aViV^YZ ‑ XQSVbcY S `Q]pcY
b__cSVcbcSdojYZ n\V]V^c5 `dbcm UQWV Y b ^d\VSl] X^QhV^YV]5 Y SVa6
^dcm bbl\[d ^Q ^VT_7 Nc_5 [_^Vh^_5 `_XS_\Yc Sl`_\^pcm `aYbSQYSQ^Yp5
^_ `aYSVU‫ݷ‬c [ c_]d5 hc_ `aY [QWU_] _RaQjV^YY [ ^d\VSl] n\V]V^cQ]
1S c_] hYb\V ^Q hcV^YV5 Q ^V ^Q XQ`Ybm2 cQ[YV n\V]V^cl RdUdc XQS_UYcm6
bp S `Q]pcY5 Y Sb[_aV _[QWVcbp5 hc_ YXapU^_V [_\YhVbcS_ `Q]pcY XQ^p6
c_ cV]Y bQ]l]Y ^d\VSl]Y X^QhV^Yp]Y5 faQ^V^Yp [_c_alf caVR_SQ\_bm
YXRVWQcm7
BfV]d ]_W^_ ^Vb[_\m[_ db_SVaiV^bcS_SQcm5 Vb\Y [QWUlZ aQX `aY
SlX_SV _`VaQgYY Y^UV[bYa_SQ^Yp b_faQ^pcm S `aYSQc^_Z hQbcY _RkV[6
cQ X^QhV^YV Y^UV[bQ Y\Y UQWV QUaVb XQS_UY]_T_ XSV^Q b`Yb[Q7 C_TUQ
`aY b\VUdojV] SlX_SV ]_W^_ RdUVc `a_SVaYcm5 faQ^Yc \Y XQ`Ybm5 XQ6
SVU‫^^ݷ‬Qp `aY `aVUlUdjV] SlX_SV5 hYb\_5 _c\Yh^_V _c ^d\p5 Y Vb\Y
^Vc5 c_ dUQ\Ycm V‫ݷ‬5 _bS_R_UYS `Q]pcm7 D cQ[_T_ SQaYQ^cQ aVQ\YXQgYY
Vbcm5 _U^Q[_5 bS_Z ^VU_bcQc_[C ^Q XQSVUV^YV Y dUQ\V^YV n\V]V^c_S RdUVc
aQbf_U_SQcmbp XQ]Vc^_V SaV]p7
3 YUVQ\V f_cV\_bm Rl Y]Vcm S_X]_W^_bcm SlXlSQcm aQX^lV ed^[6
gYY6]Vc_Ul U\p b\dhQVS5 [_TUQ `a_Ybf_UYc _RaQjV^YV [ n\V]V^cd ]Qb6
bYSQ ^Q hcV^YV Y [_TUQ Y^UV[bYa_SQ^YV Yb`_\mXdVcbp U\p `aYbSQYSQ^Yp

‫ ݷ‬:97=7 1RbcaQ[c^lV cY`l UQ^^lf S BY44

:>B

n\V]V^cd ^_S_T_ X^QhV^Yp7 3 `VaS_] b\dhQV ]_W^_ Rl\_ Rl c_TUQ S_X6
SaQjQcm `a_bc_ X^QhV^YV n\V]V^cQ Y\Y ^_\m5 Vb\Y n\V]V^cQ S `Q]pcY
^VcD S_ Sc_a_] b\dhQV ]_W^_ Rl\_ Rl RVX _b_Rlf `a_R\V] b_XUQSQcm
^_SlZ n\V]V^c Y S_XSaQjQcm bbl\[d ^Q `_\V5 faQ^pjVV X^QhV^YVD nc_5
S`a_hV]5 ^V Yb[\ohQVc ^V_Rf_UY]_bcY `a_SVa[Y `aY b\VUdojV] Sl6
X_SV5 ^V Rl\ \Y `aVUlUdjV]d n\V]V^cd `aYbS_V^ ^_\m 1S c_] hYb\V
U\p b\dhQVS5 [_TUQ n\V]V^c dWV bdjVbcS_SQ\27 ; b_WQ\V^Yo5 S_X]_W6
^_bcY SSVUV^Yp aQX^lf ]Vc_U_S Y^UV[bYa_SQ^Yp U\p ncYf USdf b\dhQVS
S BY44 ^Vc5 [Q[ ^Vc Y S_X]_W^_bcY _`aVUV\Ycm YX cV\Q _`VaQgYY Y^6
UV[bYa_SQ^Yp5 SlXSQ^Q _^Q YX \VS_Z hQbcY `aYbSQYSQ^Yp Y\Y ^Vc7 Nc_
S`_\^V ]_W^_ bhYcQcm ^VU_bcQc[_] BY447
3`a_hV]5 cQ[_Z ]VfQ^YX] ]_W^_ b]_UV\Ya_SQcmD Y]V^^_ cQ[ ]l Y
`_bcd`Y]7 >Y[c_ ^V ]ViQVc ^Q] _`YbQcm ^VR_\mi_Z Sb`_]_TQcV\m^lZ
[\Qbb5 _RkV[cl [_c_a_T_ [Q[ aQX Y RdUVc S_XSaQjQcm ^QiQ _`VaQgYp
Y^UV[bYa_SQ^Yp7 ?RkV[c nc_T_ [\QbbQ RdUVc `a_bc_ faQ^Ycm Sbo Y]Vo6
jdo _c^_iV^YV [ UV\d Y^e_a]QgYo5 Q S ^QiV] b\dhQV cQ[_Z Y^e_a6
]QgYY ^V]^_T_C QUaVb T\QS^_T_ _RkV[cQ 1c_ Vbcm _RkV[cQ aQXaVWV^^_T_
]QbbYSQ25 b [_c_al] ^dW^_ aQR_cQcm5 Y X^QhV^YV Y^UV[bQ5 `VaVUQ^^_V
S [QhVbcSV `QaQ]VcaQ _`VaQgYY Y^UV[bYa_SQ^Yp7
9]Vp ncd Y^e_a]QgYo Y U_bcd` [ _RkV[cd ]QbbYSQ5 ^Qi Sb`_]_TQ6
cV\m^lZ _RkV[c S XQSYbY]_bcY _c bYcdQgYY ]_WVc `a_YXSVbcY \oRlV
UVZbcSYp5 [_c_alV `_caVRdocbp7 Hc_ WV [QbQVcbp _`aVUV\V^Yp5 [Q[Qp
YX S_X]_W^lf bYcdQgYZ Y]VVc ]Vbc_5 c_ d Sb`_]_TQcV\m^_T_ _RkV[cQ
U\p nc_T_ Vbcm bdjVbcSV^^_ R_\miV S_X]_W^_bcVZ5 hV] Rl\_ S cV\V
_`VaQgYY Y^UV[bYa_SQ^YpC SVUm SbV _`VaQgYY5 `aY]V^pV]lV [ aVXd\m6
cQcd _`VaQgYY Y^UV[bYa_SQ^Yp5 [Q[ aQX Y RdUdc ^Q bQ]_] UV\V `aY6
]V^V^l [ nc_]d _RkV[cd7 >Q`aY]Va5 U_bcQc_h^_ _`aVUV\Ycm U\p ^Q6
iVT_ Sb`_]_TQcV\m^_T_ [\QbbQ _`VaQgYY `aV_RaQX_SQ^Yp [ cY`d 9>D Y
`aYbSQYSQ^Yp5 hc_Rl bUV\Qcm S_X]_W^l] Y [_aaV[c^l] b\VUdojYZ
[_UC
\@1BC5JBB1IR>D
9>D HD
88777
H F 1BBd>99fD
1BBd9D
1BBd;99f F 9D

1BBD

88 hcV^YV
88 XQ`Ybm 1S_X]_W^_ b_XUQ^YV n\V]V^cQ2
88 dUQ\V^YV n\V]V^cQ5 Vb\Y cQ[_S_Z Vbcm

; b_WQ\V^Yo5 ^VU_bcQc_[ Vbcm Y d cQ[_Z aVQ\YXQgYY7 @a_R\V]Q S c_]5
hc_ _Rlh^_V `aYbSQYSQ^YV ‑ nc_ UQ\V[_ ^V VUY^bcSV^^Qp _`VaQgYp5 b`_6
b_R^Qp YX]V^Ycm X^QhV^YV gV\_hYb\V^^_Z `VaV]V^^_Z7 @_\mX_SQcV\m
S`_\^V ]_WVc `_`lcQcmbp Yb`_\mX_SQcm5 ^Q`aY]Va5 cQ[YV SlaQWV^YpC
1BBd:>f 4F :99D
H F 1BBd;99f44D
I F 661BBd;99fD

:?9

PXl[ BY445 ??@ Y 1C5

Hc_Rl SbV `_U_R^lV _`VaQgYY aQR_cQ\Y5 ^Q] `aYU‫ݷ‬cbp U\p ^QiVT_ Sb`_6
]_TQcV\m^_T_ _RkV[cQ _`aVUV\Ycm Yf SbV pS^l] _RaQX_]5 hc_ `_caV6
RdVc YXapU^_T_ _Rk‫]ݷ‬Q aQR_clC pXl[Y BY Y BY44 `_UUVaWYSQoc UV6
bpcm _`VaQgYZ `aYbSQYSQ^Yp5 b_S]Vj‫^^ݷ‬lf b QaYe]VcYhVb[Y]Y UVZ6
bcSYp]Y 14F5 6F5 EEF Y c7 `725 `\ob [ c_]d hVclaV _`VaQgYY Y^[aV]V^6
cQ8UV[aV]V^cQ 144 Y 66 S `aVeY[b^_Z Y `_bceY[b^_Z e_a]V27 3 ^QiV]
`aY]VaV ]l _TaQ^YhY]bp _`YbQ^YV] _`VaQgYY 4F Y USdf e_a] _`VaQ6
gYY 447 ?bcQ\m^lV _`VaQgYY hYcQcV\m RVX cadUQ _`YiVc bQ]_bc_pcV\m6
^_ `_ Q^Q\_TYY7
5\p dU_RbcSQ aVQ\YXQgYY SbVf ]_UYeYgYadojYf _`VaQgYZ gV\V6
b__RaQX^_ S [\QbbV Sb`_]_TQcV\m^_T_ _RkV[cQ SSVbcY USV S^dcaV^^YV
ed^[gYY7 Ed^[gYp YB?F945 RdUVc _clb[YSQcm S b`Yb[V n\V]V^c5 b__c6
SVcbcSdojYZ XQUQ^^_]d S _RkV[cV Y^UV[bd5 Y S_XSaQjQcm bbl\[d ^Q
`_\V5 b_UVaWQjVV X^QhV^YVD Vb\Y b__cSVcbcSdojVT_ n\V]V^cQ S b`Yb6
[V ^Vc5 ed^[gYp RdUVc VT_ b_XUQSQcm7 3c_aQp ed^[gYp5 [5=?F55 RdUVc
dUQ\pcm YX b`Yb[Q n\V]V^c b Y^UV[b_]5 faQ^pjY]bp S _RkV[cV5 Vb\Y cQ6
[_S_Z S b`Yb[V `aYbdcbcSdVc7 3b`_]_TQcV\m^lZ [\Qbb ^QX_S‫ ]ݷ‬R>D5B=
_c Q^T\YZb[_T_ 9>D5B=5491D57
?c]VcY]5 hc_ [_`Ya_SQcm Y `aYbSQYSQcm _RkV[cl [\QbbQ
\@1BC5JBB1IR>D ‑ YUVp SapU \Y `aQSY\m^QpD b[_aVV SbVT_5 Vb\Y
hc_6c_ cQ[_V `a_Ybf_UYc5 c_ nc_ _iYR[Q ‑ ^Q`aY]Va5 `_\mX_SQcV\m
b\dhQZ^_ `VaVUQ\ _RkV[c [\QbbQ S ed^[gYo `_ X^QhV^Yo5 Q ^V `_
bbl\[V7 @_nc_]d ]l XQ`aVcY] [_`Ya_SQ^YV Y `aYbSQYSQ^YV _RkV[c_S
^QiVT_ [\QbbQ5 dRaQS b__cSVcbcSdojYV ]Vc_Ul S `aYSQc^do hQbcm7
B dh‫ݷ‬c_] nc_T_ XQT_\_S_[ [\QbbQ RdUVc SlT\pUVcm cQ[C
3D K
CDBE3D RD5= K
9>D 9>45HD
9>D F15HDD
MD
RD5= 369BCDD
@E2D12 C 69BCD192 KM
N\@1BC5JBB1IR>D12D
3D5B= K
6B95>4 3DD
\@1BC5JBB1IR>D 3=1CD5BD
9>D 9>45HD
R>D5B=1\@1BC5JBB1IR>D 31h=1CD5B5 9>D 9>42
C =1CD5B11h=1CD5B25 9>45H19>42 KM
9>D6 YB?F94512D
F?94 [5=?F512D
@E2D12D

‫ ݷ‬:97=7 1RbcaQ[c^lV cY`l UQ^^lf S BY44
9>D
9>D
9>D
9>D

:?:

?@5B1D?BF19>D H2D
?@5B1D?B4F19>D H2D
?@5B1D?B4412D
?@5B1D?B4419>D2D

MD
6B95>4 3D5B=D
R>D5B= ?@5B1D?Bdf19>D 94H2
K B5DEB> R>D5B=1D89C5 94H2D M
@B9F1D5C
\@1BC5JBB1IR>D13?>CD \@1BC5JBB1IR>D62 KM
F?94 ?@5B1D?BF13?>CD \@1BC5JBB1IR>D62 KM
MD

3 bQ]_] [\QbbV \@1BC5JBB1IR>D5 [Q[ ]_W^_ XQ]VcYcm5 _[QXlSQVcbp ^V
cQ[ ]^_T_ ed^[gYZC R
_\miQp hQbcm aVQ\YXQgYY _[QXlSQVcbp SlcVb^V^Q
S ]Vc_Ul Sb`_]_TQcV\m^_T_ [\QbbQ7 6UY^bcSV^^l] ]Vc_U_] _b^_S^_T_
[\QbbQ5 cV\_ [_c_a_T_ S bY\d aQX]Va_S ^V S[\ohV^_ S XQT_\_S_[ [\QbbQ5
RdUVc UVbcad[c_a5 [_c_alZ U_\WV^ _bS_R_UYcm `Q]pcm _c n\V]V^c_S
b`Yb[QC
\@1BC5JBB1IR>DCCN\@1BC5JBB1IR>D12
K
G895HDD
45DCCR>D5B=5 S [_c_alf Y
XQ[\ohV^Q _b^_S^Qp ed^[gY_^Q\m^_bcm ^QiVT_ aQXaVWV^^_T_ ]QbbYSQC
9>D \@1BC5JBB1IR>DCCR>D5B=CC?@5B1D?BF19>D H2
K
961H FF 92
[5=?F512D
5 HD
M
9>D \@1BC5JBB1IR>DCCR>D5B=CC?@5B1D?B4F19>D H2
K
9>D6 F YB?F94512D
4F HD
9>D B5C F D
961B5C FF 92
[5=?F512D

:?;

PXl[ BY445 ??@ Y 1C5

B5DEB> B5CD
M
9>D \@1BC5JBB1IR>DCCR>D5B=CC?@5B1D?B4412
K
9>D6 F YB?F94512D
9>D B5C F 44D
961 FF 92
[5=?F512D
B5DEB> B5CD
M
9>D \@1BC5JBB1IR>DCCR>D5B=CC?@5B1D?B4419>D2
K
9>D6 F YB?F94512D
9>D B5C F 44D
961 FF 92
[5=?F512D
B5DEB> B5CD
M
\@1BC5JBB1IR>DCCR>D5B=CC?@5B1D?B 9>D12
K
RD5=3 D=@D
6?B1D=@ F =1CD5B6G69BCDD D=@D D=@ F D=@6G>5HD2 K
961D=@6G9>45H FF 9>45H2 K
B5DEB> D=@6GF1 9D
M

?bcQ\_bm _`YbQcm Sb`_]_TQcV\m^lV ed^[gYY YB?F945 Y [5=?F5C
9>D6 \@1BC5JBB1IR>DCCR>D5B=CCYB?F94512
K
RD5=3 D=@D
6?B1D=@ F =1CD5B6G69BCDD D=@D D=@ F D=@6G>5HD2 K
961D=@6G9>45H FF 9>45H2
B5DEB> D=@6GF15G RD5=D
D=@6G9>45H F 9>45HD
D=@6G>5HD F =1CD5B6G69BCDD
=1CD5B6G69BCD F D=@D
B5DEB> D=@6GF1DCCR>D5B=CC[5=?F512
K
RD5=33 D=@D
6?B1D=@ F 61=1CD5B6G69BCD2D 3D=@D D=@ F 613D=@26G>5HD2 K

‫ ݷ‬:97=7 1RbcaQ[c^lV cY`l UQ^^lf S BY44

:?<

96113D=@26G9>45H FF 9>45H2 K
RD5= 3D?h455HDD
45 7
BcQcYhVb[_V `_\V [\QbbQ `aVUbcQS\pVc b_R_Z5 `_ bdcY5 _Rlh6
^do `VaV]V^^do5 SaV]p WYX^Y [_c_a_Z b_S`QUQVc b SaV]V^V] Sl`_\^V6
^Yp `a_TaQ]]l ‑ [Q[ d T\_RQ\m^lf `VaV]V^^lf7 @aY nc_] `aQSY\Q SY6
UY]_bcY U\p bcQcYhVb[_T_ `_\p [\QbbQ c_h^_ cQ[YV WV5 [Q[ Y U\p _Rlh6
^lf `_\VZC bcQcYhVb[_V `_\V Sf_UYc S _R\Qbcm SYUY]_bcY [\QbbQ5 cQ[
hc_ `aY d`_]Y^Q^YY bcQcYhVb[_T_ `_\p S^V ]Vc_U_S [\QbbQ caVRdVcbp
Yb`_\mX_SQcm bY]S_\ aQb[alcYp _R\QbcY SYUY]_bcY ‫ݷ‬CC‫ ݷ‬1b]7 ‫ݷ‬:97=7:Q bcQcYhVb[_V `_\V aQb`a_bcaQ^pocbp _Rlh^lV `aQSY\Q XQjYclC Vb\Y
VT_ aQb`_\_WYcm S `aYSQc^_Z hQbcY [\QbbQ5 U_bcd` [ cQ[_]d `_\o RdUVc
S_X]_WV^ c_\m[_ YX ]Vc_U_S [\QbbQ Y UadXVZ [\QbbQ5 Vb\Y WV bcQcYhV6
b[_V `_\V _bcQSYcm S `dR\Yh^_Z hQbcY5 ]l `_\dhY] `a_bc_ T\_RQ\m^do
`VaV]V^^do b ^V_Rlh^_ SlT\pUpjY] Y]V^V]7
Bdj^_bcm bcQcYhVb[Yf `_\VZ [\QbbQ ]_W^_ `_pb^Ycm Y Y^QhVC bcQ6
cYhVb[_V `_\V ‑ nc_ cQ[_V ‫ݷ‬fYca_V‫\_` ݷ‬V5 [_c_a_V bdjVbcSdVc S _U^_]
n[XV]`\paV U\p SbVT_ [\QbbQ5 S^V XQSYbY]_bcY _c [_\YhVbcSQ _RkV[6
c_S nc_T_ [\QbbQD UQWV Vb\Y ^Y _U^_T_ _RkV[cQ ^Vc5 bcQcYhVb[_V `_\V
Sb‫ ݷ‬aQS^_ bdjVbcSdVc5 [_\m b[_a_ _^_ _`YbQ^_ S [\QbbV7 @_\dhQVcbp5
hc_ bcQcYhVb[_V `_\V5 S _c\YhYV _c _Rlh^_T_5 ^V pS\pVcbp b_bcQS^_Z
hQbcmo _RkV[cQ Y `aY^QU\VWYc [\Qbbd [Q[ VUY^_]d gV\_]d7
BcQcYhVb[_V `_\V _RkpS\pVcbp S [\QbbV c_h^_ cQ[ WV5 [Q[ Y _Rlh^_V
`_\V [\QbbQ5 c_\m[_ b U_RQS\V^YV] b`VaVUY b\_SQ CD1D93C
3 >V `dcQZcV Yf b \_[Q\m^l]Y `VaV]V^^l]Y Y ed^[gYp]Y ]_Ud\VZ5 Q cQ[WV b
\_[Q\m^l]Y `VaV]V^^l]Y ed^[gYZ5 [_c_alV b_faQ^poc bS_‫ ݷ‬X^QhV^YV `aY `_Sc_a6
^_] Sf_UV S ed^[gYoD [Q[ Y S pXl[V BY5 S BY44 ncY bdj^_bcY c_WV _R_X^QhQocbp
b\_S_] CD1D935 ^_ `aQ[cYhVb[Y ^YhVT_ _RjVT_ ^V Y]Voc b_ bcQcYhVb[Y]Y h\V^Q]Y
[\QbbQ7

:?=

PXl[ BY445 ??@ Y 1C5
CD1D93 9>D D85hCD1D93h695dW^_ dhVbcm _hV^m SQW^_V _c\YhYV bcQcYhVb[_T_ `_\p _c _Rlh^_T_C
Vb\Y _RkpS\V^YV _Rlh^_T_ `_\p bQ]_ `_ bVRV dWV _X^QhQVc5 hc_ S _Rk6
V[cV `_U nc_ `_\V RdUVc SlUV\V^_ ]Vbc_5 c_ _RkpS\V^YV bcQcYhVb[_T_
`_\p ‑ nc_ Y]V^^_ _RkpS\V^YV5 bQ]_ `_ bVRV _^_ ^V `aVU`_\QTQVc Sl6
UV\V^Yp `Q]pcYD bcQcYhVb[_V `_\V caVRdVcbp Vj‫`_ ݷ‬YbQcm S _U^_] YX
]_Ud\VZ7
@aY`_]^YS pXl[ BY5 ]_W^_ XQ]VcYcm XUVbm `ap]do Q^Q\_TYo b _RkpS\V^Y6
V] T\_RQ\m^lf `VaV]V^^lf b UYaV[cYS_Z 5HD5B> 1b]7 c7 ;5 ‫=ݷ‬7@7;27 Hc_Rl `_^pcm5
`_hV]d _RkpS\V^YV bcQcYhVb[_T_ `_\p S [\QbbV bhYcQVcbp Y]V^^_ _RkpS\V^Y6
V]5 Q ^V _`YbQ^YV]5 `_Ud]QZcV5 hc_ RdUVc5 Vb\Y XQT_\_S_[ [\QbbQ Sl^VbcY S
XQT_\_S_h^lZ eQZ\5 Q bQ] nc_c eQZ\ ‑ S[\ohYcm YX ^Vb[_\m[Yf ]_Ud\VZ7

9cQ[5 hc_Rl XQSVaiYcm b_XUQ^YV bcQcYhVb[_T_ `_\p5 ^dW^_ S^V XQ6
T_\_S[Q [\QbbQ `_]VbcYcm VT_ _`YbQ^YVC
9>D JCCD85hCD1D93h695

T_5 bcQcYhVb[YV `_\p ]_Tdc bdjVbcSV^^_ XQcadU^Ycm ]QbicQRYa_SQ^YV
`a_TaQ]]l7 CQ[5 Vb\Y SQ] XQhV]6c_ `_^QU_RY\bp b`Yb_[ _RkV[c_S _`aV6
UV\‫_^^ݷ‬T_ [\QbbQ Y Sl SSV\Y U\p nc_Z gV\Y bcQcYhVb[YZ d[QXQcV\m ^Q
`VaSlZ n\V]V^c cQ[_T_ b`Yb[Q5 c_ nc_ _X^QhQVc5 hc_ S `a_TaQ]]V cQ[_Z
b`Yb_[ ]_WVc Rlcm c_\m[_ _UY^5 Q Vb\Y [_TUQ6^YRdUm `_^QU_RYcbp USQ
cQ[Yf b`Yb[Q 1YX _RkV[c_S _U^_T_ Y c_T_ WV cY`Q25 `a_TaQ]]d `aYU‫ݷ‬cbp
bdjVbcSV^^_ `VaVUV\Qcm7
@_nc_]d Yb`_\mX_SQ^YV bcQcYhVb[Yf `_\VZ aV[_]V^UdVcbp S
_U^_Z Y c_\m[_ _U^_Z bYcdQgYYC [_TUQ cQ[_V `_\V `aVUbcQS\pVc
b_R_Z [_^bcQ^cd5 c_ Vbcm VT_ X^QhV^YV ^Y[_TUQ ^V YX]V^pVcbp
S_ SaV]p aQR_cl `a_TaQ]]l7 >Q`aY]Va5 bcQcYhVb[Y] `_\V] ]_W6
^_ `aVUbcQSYcm [Q[_Z6^YRdUm [ad`^lZ ]QbbYS5 b_UVaWQjYZ ^VYX]V^6
^lV UQ^^lV5 ^V_Rf_UY]lV U\p aQR_cl _RkV[c_S UQ^^_T_ [\QbbQ5 ^_ ^V
caVRdojYVbp ^YTUV XQ VT_ `aVUV\Q]Y7 @aY]Va_] cQ[_T_ ]QbbYSQ ]_Tdc
b\dWYcm5 ^Q`aY]Va5 cQR\YgQ `VaVf_U_S ]VWUd b_bc_p^Yp]Y [_^Vh^_T_
QSc_]QcQ S [\QbbV5 aVQ\YXdojV] nc_c [_^Vh^lZ QSc_]QcD ]QbbYS bca_[
b S_X]_W^l]Y UYQT^_bcYhVb[Y]Y b__RjV^Yp]YD cQR\YgQ b__cSVcbcSYp
`_\mX_SQcV\mb[Yf [_]Q^U 1bca_[2 SlXlSQV]l] ed^[gYp]5 Y c7 `7
BcQcYhVb[YZ ]Vc_U ‑ nc_ _b_RlZ SYU ed^[gYY6]Vc_UQ5 [_c_6
aQp5 pS\ppbm ]Vc_U_] [\QbbQ Y Y]Vp U_bcd` [ VT_ XQ[alcl] UVcQ\p]
aVQ\YXQgYY5 `aY nc_] SlXlSQVcbp ^VXQSYbY]_ _c _RkV[c_S [\Qb6
bQ7 @VaS_^QhQ\m^_ bcQcYhVb[YV ]Vc_Ul `aVU^QX^QhQ\Ybm U\p aQR_cl
b_ bcQcYhVb[Y]Y `_\p]Y5 ^_ `_\dhYSiYZbp ]VfQ^YX] ^Qi‫ \ݷ‬S Yc_TV
bdjVbcSV^^_ R_\VV iYa_[YZ b`V[ca `aY]V^V^YZ7 ?RkpS\V^YV bcQcYhV6
b[_T_ ]Vc_UQ Q^Q\_TYh^_ _RkpS\V^Yo _Rlh^_T_ ]Vc_UQ5 ^_ `VaVU ^Y]
bcQSYcbp [\ohVS_V b\_S_ CD1D935 [Q[ S b\VUdojV] `aY]VaVC
3D 15 9>D 22D
88777
MD

?c]VcY]5 hc_ `aY Sl^_bV cV\Q bcQcYhVb[_T_ ]Vc_UQ XQ `aVUV\l XQT_\_S6
[Q [\QbbQ b\_S_ CD1D93 S VT_ _`YbQ^YY ^V Yb`_\mXdVcbp5 [_]`Y\pc_ad
fSQcQVc b\_SQ CD1D935 `_bcQS\V^^_T_ S _RkpS\V^YY 1XQT_\_S[V2 ]Vc_UQ
S [\QbbV7
?RaQjV^YV [ bcQcYhVb[_]d ]Vc_Ud5 [Q[ Y [ bcQcYhVb[_]d `_\o5 S_X6
]_W^_ [Q[ hVaVX _RkV[c [\QbbQ5 cQ[ Y RVX cQ[_S_T_5 b `_]_jmo bY]S_\Q
aQb[alcYp _R\QbcY SYUY]_bcYC
L5 :>2D 88 Sb‫` ݷ‬aQSY\m^_
L5 :>2D 88 cQ[ c_WV ]_W^_

:??

PXl[ BY445 ??@ Y 1C5

@_b[_\m[d bcQcYhVb[Qp ed^[gYp6]Vc_U ]_WVc Rlcm SlXSQ^Q RVX _Rk6
V[cQ5 d ^V‫ݷ‬5 [Q[ b\VUbcSYV5 _cbdcbcSdVc ^VpS^lZ `QaQ]Vca D89C
1b]7 ‫ݷ‬:97Q\YhYV S BY44 bcQcYhVb[Yf ]Vc_U_S `_XS_\pVc
S apUV b\dhQVS `aY]V^pcm SVbm]Q YXpj^lV `aY‫]ݷ‬l `a_TaQ]]Ya_SQ^Yp7
>Q`aY]Va5 ]l S`_\^V ]_WV] dRaQcm S XQ[alcdo hQbcm [\QbbQ SbV [_^6
bcad[c_al5 XQ`aVcYS cQ[Y] _RaQX_] b_XUQ^YV _RkV[c_S UQ^^_T_ [\QbbQ
YXS^V VT_ bQ]_T_5 Y `_adhYcm b_XUQ^YV _RkV[c_S bcQcYhVb[_]d ]Vc_Ud5
[_c_alZ ]_W^_ SlXSQcm5 ^V Y]Vp ^Y _U^_T_ _RkV[cQ7

:97>7 ?RaQR_c[Q Yb[\ohYcV\m^lf bYcdQgYZ
@aVWUV hV] ^QhQcm aQbb[QX _R _RaQR_c[V Yb[\ohV^YZ S BY445 ]l
U_\W^l `aVU_bcVaVhm hYcQcV\p _c S_X]_W^lf `_b\VUbcSYZ ^V[aYcY6
hVb[_T_ S_b`aYpcYp nc_T_ Y^bcad]V^cQ7 ?RjQp YUVp Yb[\ohYcV\m^lf
bYcdQgYZ5 [Q[ Sl dSYUYcV hdcm `_XWV5 haVXSlhQZ^_ `_\VX^Q5 ^_ c_5
[Q[ nc_c Y^bcad]V^c `aVUbcQS\V^ S pXl[V BY445 SlXlSQVc _`aVUV\‫^ݷ‬6
^_V ^VU_d]V^YV7 Hc_Rl aVQ\YX_SQcm `VaVUQhd d`aQS\V^Yp S bca_T_]
b__cSVcbcSYY b_ b`VgYeY[QgYVZ BY445 [_]`Y\pc_a Sl^dWUV^ YUcY ^Q
^V_hVSYU^lV Y U_a_T_bc_pjYV cao[Y ‑ SbcQS\pcm S `a_TaQ]]d R_\m6
i_V [_\YhVbcS_ `aQ[cYhVb[Y RVb`_\VX^_T_ ]QiY^^_T_ [_UQ5 Yb`_\m6
X_SQcm Ta_]_XU[do ‫^ݷ‬VSYUY]do‫ ݷ‬RYR\Y_cVh^do `_UUVaW[d5 b^YWQcm
Rlbca_UVZbcSYVD [_\m b[_a_ ]l d`_]p^d\Y Rlbca_UVZbcSYV5 _c]VcY]5
hc_ Vb\Y dW SQiQ `a_TaQ]]Q `VaVi\Q S b_bc_p^YV _RaQR_c[Y Yb[\ohY6

‫ ݷ‬:97>7 ?RaQR_c[Q Yb[\ohYcV\m^lf bYcdQgYZ

:?@

cV\m^_Z bYcdQgYY5 c_ `a_Ybf_UYcm nc_ RdUVc `_ [_]`mocVa^l] ]Va[Q]
`a_bc_ RVXd]^_ ]VU\V^^_7
=^_TYV `a_TaQ]]Ybcl5 UQWV ^V _c^_bpjYV bVRp [ [_^bVaSQc_aQ]5
`_U_R^l] QSc_ad ncYf bca_[5 bhYcQoc Yb`_\mX_SQ^YV Yb[\ohV^YZ ^VU_6
`dbcY]l]D R_\miY^bcS_ [_]`Y\pc_a_S BY44 `_XS_\pVc `_\^_bcmo _c6
[\ohYcm nc_c ]VfQ^YX]7 3_X]_W^_5 `aY ]Y^Y]Q\YbcYhVb[_] `_Uf_UV5
[_c_alZ ]l `aY^p\Y S ^QiVZ [^YTV S _c^_iV^YY BY445 \_TYh^VV
Rl\_ Rl S__RjV ^V aQbb[QXlSQcm _R Yb[\ohV^Ypf5 Y cQ[_Z SQaYQ^c5
b]VV] SQb XQSVaYcm5 aQbb]QcaYSQ\bp SVbm]Q bVam‫ݷ‬X^_5 ^_5 ^Vb]_cap ^Q
Sb‫ ݷ‬b[QXQ^^_V5 ncQ T\QSQ S [^YTV b_faQ^Y\Qbm5 Y c_]d Vbcm gV\lZ apU
`aYhY^7
@aVWUV SbVT_ b\VUdVc _c]VcYcm5 hc_ Yb`_\mX_SQ^YV Yb[\ohV^YZ bd6
jVbcSV^^_ b^YWQVc cadU_‫_[]ݷ‬bcm ^Q`YbQ^Yp `a_TaQ]]5 S_ Sbp[_] b\d6
hQV5 Vb\Y baQS^YSQcm b `a_TaQ]]Q]Y5 S [_c_alf5 ^Vb]_cap ^Q _cbdc6
bcSYV ]VfQ^YX]Q Yb[\ohV^YZ5 SbV S_X^Y[QojYV _iYR_h^lV bYcdQgYY
b[ad`d\‫ݷ‬X^_ `a_SVapocbp Y _RaQRQclSQocbp7 =_W^_ \Y aQUY cQ[_T_
SlYTaliQ S cadU_‫_[]ݷ‬bcY `_WVacS_SQcm neeV[cYS^_bcmo ‑ S_`a_b5
^Q [_c_alZ b\VUdVc _cSVhQcm5 Ybf_Up YX _b_RV^^_bcVZ [_^[aVc^_Z aV6
iQV]_Z XQUQhY7
>_ Vbcm XUVbm Y UadT_Z ]_]V^c5 `_WQ\dZ5 UQWV R_\VV SQW^lZ7 >VU_6
bcQc[Y5 `aYbdjYV ]VfQ^YX]d Yb[\ohV^YZ pXl[Q BY445 _Rdb\_S\V^l
^V c_\m[_ Y ^V bc_\m[_ bQ]_Z YUVVZ Yb[\ohV^YZ5 b[_\m[_ U_S_\m^_
bcaQ^^l] `_Uf_U_]5 [_c_alZ YXRaQ\ U\p S_`\_jV^Yp nc_Z YUVY 2m‫ݷ‬a^
BcaQdbcad`7 ?RaQR_c[Q Yb[\ohV^YZ [Q[ cQ[_SQp bdjVbcSdVc ^V c_\m[_
S BY445 Y UQ\V[_ ^V SbVTUQ _^Q bc_\m WV dRYZbcSV^^Q U\p neeV[cYS^_6
bcY `_\dhV^^_Z `a_TaQ]]l7 =_W^_ \VT[_ `aVUbcQSYcm bVRV UadT_Z `_U6
f_U5 [_c_alZ ^Yhdcm ^V b^YXY\ Rl SlaQXYcV\m^_Z ]_jY Yb[\ohV^YZ5
^_`aY nc_] ^V XQbcQS\p\ Rl `a_TaQ]]Ybc_S \_]Qcm [_`mp `_ `_S_Ud
U_`dbcY]_bcY VT_ `aY]V^V^Yp7
5\p hYcQcV\VZ5 [_c_alV X^Qoc5 _ h‫ ]ݷ‬YU‫ݷ‬c aVhm5 `_pb^Y]C Vb\Y Rl [_^[aVc6
^Qp Yb[\ohYcV\m^Qp bYcdQgYp YUV^cYeYgYa_SQ\Qbm S BY44 ^V cY`_] _RkV[cQ5
[Q[ nc_ bUV\Q^_ bVZhQb5 Q QUaVb_] `VaV]V^^_Z `a_YXS_\m^_T_ cY`Q5 T\_RQ\m^_Z5
UY^Q]YhVb[_Z Y\Y UQWV bcV[_S_Z5 U\p [_c_a_Z `a_TaQ]]Ybc _RpXQ^ TQaQ^cYa_6
SQcm5 hc_ _^Q ^V `VaVbcQ^Vc bdjVbcS_SQcm ^Y [ ]_]V^cd S_XRdWUV^Yp Yb[\o6
hV^Yp5 ^Y [ ]_]V^cd VT_ _RaQR_c[Y5 c_ _RaQR_c[Q Yb[\ohV^YZ ^V cp^d\Q Rl XQ
b_R_Z UY^Q]YhVb[_T_ ]_^bcaQ5 Y]V^dV]_T_ bYbcV]_Z YUV^cYeY[QgYY cY`_S S_
SaV]p Yb`_\^V^Yp 1[]]R25 Q `_]Vc[Q Y aQX]_c[Q bcV[Q ]_T\Y Rl aQR_cQcm `a_jV
Y RlbcaVV7

B dh‫ݷ‬c_] SbVT_ nc_T_ ]_W^_ b[QXQcm5 hc_ X^Q[_]bcS_ b _RaQR_c[_Z
Yb[\ohV^YZ RdUVc hYcQcV\o `_\VX^_5 UQWV Vb\Y _^ `aY]Vc U\p bVRp aV6
iV^YV ^Y[_TUQ ^V Yb`_\mX_SQcm V‫ ݷ‬S `a_TaQ]]Qf ^Q BY447 BdjVbcSdoc
UadTYV pXl[Y5 `aVUdb]QcaYSQojYV Q^Q\_TYh^lV baVUbcSQD S `_b\VUd6
ojYf hQbcpf ^QiVZ [^YTY ]l `_X^Q[_]Y]bp b ^Vb[_\m[Y]Y YX ncYf
pXl[_S7 ;a_]V c_T_5 S RdUdjV] S_X]_W^_ 1Y5 `_WQ\dZ5 ^VYXRVW^_2 `_6

:?A

PXl[ BY445 ??@ Y 1C5

pS\V^YV [Q[_T_6c_ ^_S_T_ pXl[Q `a_TaQ]]Ya_SQ^YpD RdUV] ^QUVpcmbp5
hc_ S ^‫ ]ݷ‬Sb‫ݷ‬6cQ[Y dhcdc ^VTQcYS^lZ _`lc BY447
BaQXd f_cV\_bm Rl _c]VcYcm Vj‫_ ݷ‬UY^ ]_]V^c7 6b\Y Sl Sb‫ ݷ‬WV aViY6
cV Yb`_\mX_SQcm Yb[\ohV^Yp S bS_Yf `a_TaQ]]Qf5 c_5 `_ [aQZ^VZ ]VaV5
^Y[_TUQ ^V `aY]V^pZcV ]VfQ^YX] _RaQR_c[Y Yb[\ohYcV\m^lf
bYcdQgYZ U\p icQc^_T_ Slf_UQ YX S\_WV^^lf d`aQS\pojYf
[_^bcad[gYZ Y\Y T\dR_[Yf gV`_hV[ SlX_S_S ed^[gYZ7 ;_TUQ S
SQiVZ `a_TaQ]]V S_X^Y[\Q cQ Y\Y Y^Qp _iYR[Q5 SQ] dWV _Rlh^_ Sb‫ݷ‬
aQS^_5 b[_\m[_ SaV]V^Y dZU‫ݷ‬c ^Q V‫_ ݷ‬RaQR_c[dC S R_\miY^bcSV b\dhQVS
Slf_U YX `_\_WV^Yp caVRdVc S]ViQcV\mbcSQ `_\mX_SQcV\p 1hV\_SV[Q25
Q VT_ ‫`ݷ‬VaVc_a]_XYcm‫^ ݷ‬QU_ Vj‫ ݷ‬YbfYcaYcmbp7 B_SbV] UadT_V UV\_5 Vb\Y
^Y[Q[_Z _iYR[Y ^Vc7 9b[\ohV^Yp aQR_cQoc ]VU\V^^_ U_ cQ[_Z bcV`V6
^Y5 hc_ `a_TaQ]]Q5 Yb`_\mXdojQp Yf U\p icQc^_T_ S_XSaQcQ d`aQS\V6
^Yp YX S\_WV^^_T_ SlhYb\YcV\m^_T_ [_^cV[bcQ5 ]_WVc 1\VT[_12 `a_S_6
UYcm S _RaQR_c[V Yb[\ohV^YZ `a_gV^c_S ncQ[ B9 SbVT_ bS_VT_ SaV]V6
^Y aQR_clC [_\\VTY aQbb[QXlSQ\Y QSc_ad `a_ aVQ\m^lV b\dhQY5 [_TUQ
Rlbca_UVZbcSYV `a_TaQ]]l `_SliQ\_bm R_\VV hV] ^Q `_apU_[ 1[_^6
[aVc^_ ‑ S bV]^QUgQcm aQX2 YX6XQ XQ]V^l Slf_UQ `_ Yb[\ohV^Yo ^Q
`a_bc_Z B5DEB> Y ^Vb[_\m[_ T\_RQ\m^lf e\QW[_S7
;Q[ T_S_aYcbp5 [c_ `aVUd`aVWU‫ ‑ ^ݷ‬c_c S__adW‫^ݷ‬7

:97>7:7 ?iYR_h^lV bYcdQgYY Y `a_R\V]l Yf
_RaQR_c[Y
Q`aY]Va5 `a_TaQ]]Q5 Q^Q\YXYadojQp b_UVaWY]_V XQUQ^^_T_
eQZ\Q5 ^V b]_WVc aQR_cQcm5 ^V bd]VS _c[alcm eQZ\ ^Q hcV^YVD `a_6
TaQ]]Q5 aQR_cQojQp `_ [_]`mocVa^_Z bVcY5 ^V b]_WVc aQR_cQcm5 Vb\Y
^V aQR_cQVc bVcm Y\Y Vb\Y ^VU_bcd`V^ ^dW^lZ bVaSVaD ed^[gYp5 `a_YX6
S_UpjQp b\_W^lV SlhYb\V^Yp5 ^V ]_WVc [_aaV[c^_ Yf XQSVaiYcm5 Vb\Y
S f_UV SlhYb\V^YZ `_caVR_SQ\_bm UV\V^YV ^Q ^_\m Y\Y5 ^Q`aY]Va5 Sl6
hYb\V^YV \_TQaYe]Q `_ VUY^Yh^_]d _b^_SQ^Yo5 Y c7 `7 @_U_R^lV bYcdQ6
gYY ^QXlSQoc _iYR_h^l]Y5 _U^Q[_ WV nc_ b_SVaiV^^_ ^V _RpXQcV\m^_
_X^QhQVc5 hc_ _iYRbp `a_TaQ]]Ybc5 `YbQSiYZ `a_TaQ]]d7 3 b\dhQV b
eQZ\_] SY^_SQc S S_X^Y[^_SV^YY _iYR_h^_Z bYcdQgYY5 b[_aVV SbVT_5
`_\mX_SQcV\m5 S b\dhQV b bVcmo ‑ _Rb\dWYSQojYZ `Vab_^Q\ bVcY Y\Y
bVaSVaQD UV\V^YV ^Q ^_\m ]_WVc Rlcm b\VUbcSYV] _iYR[Y `a_TaQ]]Y6
bcQ5 ^_ ]_WVc bcQcm cQ[WV Y aVXd\mcQc_] ^V[_aaV[c^lf Ybf_U^lf UQ^6
^lf7 9^QhV T_S_ap5 ]l `aY ^Q`YbQ^YY `a_TaQ]] hQbc_ bcQ\[YSQV]bp b_
b\dhQp]Y5 [_TUQ db`Vi^Qp aQR_cQ ^QiVZ `a_TaQ]]l XQSYbYc _c S^Vi6
^Yf db\_SYZ5 [_c_alV ]l bQ]Y TQaQ^cYa_SQ^^_ _RVb`VhYcm ^V ]_WV]7
3 cQ[Yf b\dhQpf `aYf_UYcbp `aVUdb]QcaYSQcm S `a_TaQ]]V _RaQR_c[d
_iYR_[7

‫ ݷ‬:97>7 ?RaQR_c[Q Yb[\ohYcV\m^lf bYcdQgYZ

:?B

@a_SVaYcm SbV ^dW^lV db\_SYp _Rlh^_ ^Vb\_W^_7 BdjVbcSV^^_
b\_W^VV ]_WVc _[QXQcmbp b\VUdojYZ S_`a_bC Q hc_ WV UV\Qcm5 Vb\Y
db\_SYp _[QXQ\Ybm ^VdU_S\VcS_aYcV\m^l ‑ ^V _c[al\bp eQZ\5 ^V dbcQ6
^_SY\_bm b_VUY^V^YV5 S UV\YcV\V _[QXQ\bp ^_\m5 ‑ c_ Vbcm S_X^Y[\Q cQ
bQ]Qp _iYR_h^Qp bYcdQgYpH =^_TYV bcdUV^cl `_bcd`Qoc `a_bc_5 U‫ݷ‬6
iVS_ Y bVaUYc_C `VhQcQoc [Q[_V6^YRdUm b__RjV^YV 1_hV^m hQbc_ `a_6
bc_ 2N[[X[22 Y XQSVaiQoc Sl`_\^V^YV `a_TaQ]]l5 ^Q`aY]Va5 SlX_S_]
5H9D7 3 aVQ\m^_Z WYX^Y cQ[_Z SQaYQ^c _Rlh^_ ^VU_`dbcY]7 Hc_Rl `_6
^pcm `aYhY^l nc_Z ^VU_`dbcY]_bcY5 `aVUbcQSmcV bVRV5 hc_ Sl U_\T_
^QRYaQ\Y cV[bc S [Q[_]6^YRdUm cV[bc_S_] aVUQ[c_aV5 `_c_] `aY b_faQ6
^V^YY b\dhQZ^_ SSV\Y ^V`aQSY\m^_V Y]p UYaV[c_aYY Y\Y5 ^Q`aY]Va5
`_`lcQ\Ybm XQ`YbQcm eQZ\ ^Q XQjYj‫^^ݷ‬lZ ^_bYcV\m7 6b\Y Rl QSc_a
cV[bc_S_T_ aVUQ[c_aQ _RaQRQclSQ\ _iYR[Y ‫_`ݷ‬6bcdUV^hVb[Y‫ݷ‬5 `a_TaQ]6
]Q aVUQ[c_aQ Rl ^V]VU\V^^_ XQSVaiY\Qbm5 d^Yhc_WYS SbV aVXd\mcQcl
SQiVZ aQR_cl7 =Q\_SVa_pc^_5 hc_ cQ[_V ]_T\_ Rl SQ] `_^aQSYcmbp7
2_\VV c_T_5 ^V SbVTUQ Y ^V SVXUV ]_W^_ cQ[ S_c `a_bc_ ‫^ݷ‬Q`VhQcQcm
b__RjV^YV‫ݷ‬7 >Q`aY]Va5 `aY `a_TaQ]]Ya_SQ^YY _[_^^_T_ `aY\_WV^Yp
`_U V\ `9>4?GC ^Y[Q[_T_ `_c_[Q bcQ^UQac^_T_ SlS_UQ S aQb`_apWV6
^YY `a_TaQ]]YbcQ ^Vc5 cQ[ hc_ S]Vbc_ `VhQcY `aYf_UYcbp b_XUQSQcm
]_UQ\m^lZ UYQ\_T b b__cSVcbcSdojY] cV[bc_] Y [^_`[Q]Y7 @_U ?B
^>9H Sb‫^ ݷ‬V cQ[ `\_f_5 `_c_[ bcQ^UQac^_T_ SlS_UQ Vbcm SbVTUQ5 Vbcm UQ6
WV b`VgYQ\m^lZ `_c_[ U\p SlS_UQ b__RjV^YZ _R _iYR[QfD `a_R\V]Q
c_\m[_ S c_]5 hc_ UQ\V[_ ^V SbVTUQ aVXd\mcQcl SlS_UQ S ncY `_c_[Y
[c_6c_ hYcQVc5 Y S ^V[_c_alf b\dhQpf b\VUdVc S]Vbc_ ^Yf `_\mX_SQcm6
bp bYbcV]_Z Wda^Q\YXQgYY7 6b\Y WV ^Q`YbQ^^lZ ^Q]Y [_U aQR_cQVc S
pUaV _`VaQgY_^^_Z bYbcV]l Y\Y nc_ `a_iYS[Q U\p [Q[_T_6^YRdUm ]Y[6
a_[_^ca_\\VaQ5 c_ S_X]_W^_bcm ‫ݷ‬SlUQcm b__RjV^YV _R _iYR[V‫_] ݷ‬WVc
`_`a_bcd _cbdcbcS_SQcm [Q[ pS\V^YV7
;a_]V c_T_5 ^V SbV _iYR_h^lV bYcdQgYY eQcQ\m^l7 3 SliVd`_]p6
^dc_] `aY]VaV b aVUQ[c_a_] cV[bc_S S _iYR[V5 U_`djV^^_Z `_\mX_6
SQcV\V]5 S_SbV ^Vc ^YhVT_ bcaQi^_T_C ^dW^_ `a_bc_ [_^bcQcYa_SQcm
eQ[c _iYR[Y Y `_`a_bYcm `_\mX_SQcV\p SSVbcY UadT_V Y]p eQZ\Q7 C_h6
^_ cQ[ WV ]_WVc ^V Rlcm eQcQ\m^_Z _iYR[Q5 bSpXQ^^Qp b dbcQ^_S\V6
^YV] bVcVS_T_ b_VUY^V^Yp5 SVUm S_ ]^_TYf b\dhQpf ]_W^_ _RaQcYcmbp
[ bVaSVad6UdR\‫ݷ‬ad:? 7 5QWV UV\V^YV ^Q ^_\m S ^V[_c_alf b\dhQpf ]_6
WVc _[QXQcmbp UV\_] `_`aQSY]l]5 [Q[5 ^Q`aY]Va5 `aY Ybb\VU_SQ^YY
^V[_c_alf ^V[_aaV[c^_ `_bcQS\V^^lf XQUQhC _Rlh^_ S ncYf b\dhQpf
T_\_S^Qp `a_TaQ]]Q X^QVc5 [Q[ ]_W^_ b[_aaV[cYa_SQcm Ybf_U^lV UQ^6
^lV5 hc_Rl YXRVWQcm UV\V^Yp ^Q ^_\m5 Y ^dW^do [_]RY^QgYo YjVc
]Vc_U_] `a_R Y _iYR_[7 >Q[_^Vg5 _UY^ Y c_c WV [_U ]_WVc Yb`_\m6
X_SQcmbp S b_SVaiV^^_ aQX^lf `a_TaQ]]Qf5 `aYh‫ ]ݷ‬U\p _U^Yf _iYR[Q
]_WVc _[QXQcmbp eQcQ\m^_Z5 U\p UadTYf ‑ ^V bc_pjVZ UQWV d`_]Y^Q6
:? CQ[_V S_X]_W^_ `aY _RaQjV^Ypf [ bYbcV]V U_]V^^lf Y]‫ ^ݷ‬1MW\25 Q S ^V[_c_6
alf b\dhQpf ‑ Y `aY _c`aQS[V n\V[ca_^^_Z `_hcl5 Y S UadTYf bYcdQgYpf c_WV7

:@9

PXl[ BY445 ??@ Y 1C5

^Yp7 >Q`aY]Va5 ]^_TYV `a_TaQ]]l Sl`_\^poc `_Yb[ ^dW^_T_ eQZ\Q S
aQX^lf UYaV[c_aYpf5 `a_bc_ `lcQpbm VT_ _c[alcm Y `a_U_\WQp `_Yb[
UQ\miV `_b\V [QWU_Z ^VdUQhYD S nc_] b\dhQV _iYR[Q S__RjV `VaVbcQ‫ݷ‬c
Rlcm _iYR[_Z5 c_TUQ [Q[ S [Q[_Z6^YRdUm UadT_Z `a_TaQ]]V _iYR[Q `aY
_c[alcYY eQZ\Q UV\QVc UQ\m^VZiVV Sl`_\^V^YV RVbb]lb\V^^l]7
9X SbVT_ SliVb[QXQ^^_T_ ]_W^_ bUV\Qcm _UY^ _hV^m bVam‫ݷ‬X^lZ Y
SQW^lZ SlS_UC `aY^Y]Qcm aViV^YV _ c_]5 hc_ UV\Qcm `aY S_X6
^Y[^_SV^YY _iYR_h^_Z bYcdQgYY ‑ nc_ `aVa_TQcYSQ T_\_S^_Z
`a_TaQ]]l7 8QSVaiQcm `a_TaQ]]d5 Q cQ[WV Y Sl`_\^pcm cV] Y\Y
Y^l] b`_b_R_] SlUQhd b__RjV^YZ ]_WVc c_\m[_ ed^[gYp =19> Y cV
YX SlXlSQV]lf Vo ed^[gYZ5 [_c_alV U\p nc_T_ b`VgYQ\m^_ `aVU^Q6
X^QhV^l7 Hc_ WV [QbQVcbp [_UQ5 ^V `_`QSiVT_ S ncd [QcVT_aYo5 c_ VT_
UV\_ S b\dhQV S_X^Y[^_SV^Yp _iYR[Y ‑ _`_SVbcYcm _R nc_] T_\_S^do
`a_TaQ]]d5 Y ^V R_\VV c_T_7
8SdhYc nc_ U_bcQc_h^_ `a_bc_5 _U^Q[_ SbV5 [c_ Y]VVc _`lc ^Q`Y6
bQ^Yp UQWV ^V _hV^m b\_W^lf `a_TaQ]]5 X^Qoc5 b [Q[Y] cadU_] nc_
S_`\_jQVcbp ^Q `aQ[cY[V7 3 `a_bclf pXl[Qf `a_TaQ]]Ya_SQ^Yp5 cQ6
[Yf [Q[ BY Y\Y @Qb[Q\m5 `aYf_UYcbp YX `_U`a_TaQ]] S b\dhQV S_X^Y[6
^_SV^Yp _iYR_[ S_XSaQjQcm b`VgYQ\m^lV X^QhV^Yp5 Q S c_h[V SlX_SQ
`_U`a_TaQ]]l `a_SVapcm5 ^V SVa^d\Q \Y _^Q X^QhV^YV5 b__cSVcbcSdo6
jVV _iYR[V7 3 R_\miY^bcSV b\dhQVS `aY nc_] SlXSQSiQp `_U`a_TaQ]6
]Q c_WV Sl^dWUV^Q S_XSaQjQcm `aYX^Q[ _iYR[Y Y c7 U7 @aVUbcQSmcV
bVRV cV`Vam5 hc_ ]l `YiV] ^Q BY Y d ^Qb ed^[gYp 6: SlXSQ\Q ed^[6
gYo 6;5 cQ S bS_o _hVaVUm ‑ ed^[gYo 6< Y c7 U75 Q S ed^[gYY5 b[QWV]5
6:9 S_X]_W^_ S_X^Y[^_SV^YV _iYR_h^_Z bYcdQgYY7 C_TUQ ^dW^_ `aVUd6
b]_caVcm X^QhV^YV5 S_XSaQjQV]_V 6:9 S b\dhQV nc_Z _iYR[Y5 S ed^[gYY
6B bUV\Qcm `a_SVa[d Y S b\dhQV _iYR[Y c_WV S_XSaQcYcm b`VgYQ\m^_V
X^QhV^YV ‑ Y cQ[ S_ SbVf ed^[gYpf7
CV_aVcYhVb[Y Y]V^^_ cQ[ Sb‫ ݷ‬Y U_\W^_ UV\Qcmbp5 SbV S_X]_W^lV
_iYR_h^lV bYcdQgYY U_\W^l `a_SVapcmbp Y c7 U75 ^_ ^Q `aQ[cY[V Q[6
[daQc^_V b_R\oUV^YV caVR_SQ^YZ `_ _RaQR_c[V _iYR_[ ]_WVc _[QXQcm6
bp ^Qbc_\m[_ cadU_‫[]ݷ‬Y]5 hc_ `a_TaQ]]Ybcl `aYRVTQoc [ YXSVbc^_]d
‫ݷ‬Q\T_aYc]d aViV^Yp SbVf `a_R\V]‫ݷ‬5 Q Y]V^^_ ‑ 1:2 `_U^pcm SSVaf `aQ6
Sdo ad[d Y 1;2 aVX[_ ]Qf^dcm Vo5 _U^_SaV]V^^_ `a_YX^_bp hc_6c_ Sa_UV
‫ݷ‬Q5 \QU^_‫ݷ‬7 6bcm UQWV idc_h^Qp eaQXQ ^Q ncd cV]dC ‫>ݷ‬Y[_TUQ ^V `a_SV6
apZcV ^Q _iYR[Y5 [_c_alV Sl ^V X^QVcV5 [Q[ _RaQR_cQcm‫ݷ‬7 AQXd]VVcbp5
cQ[_V _Rlh^_ UQa_] ^V `a_f_UYc7 ?iYR[Q5 [_c_ado ^V bcQ\Y _RaQRQ6
clSQcm S ^QUVWUV5 hc_ _^Q ^Y[_TUQ ^V `a_YX_ZU‫ݷ‬c5 `a_pSYcbp S bQ]lZ
^V`_Uf_UpjYZ ]_]V^c5 `aYh‫ ]ݷ‬hV] UQ\miV ^Qf_UYcbp XQ[QXhY[ Y hV]
R_\miV UV^VT _^ XQ`\QcY\5 cV] SliV SVa_pc^_bcm5 hc_ ^QiQ `a_TaQ]]Q
b\_]QVcbp Y]V^^_ d ^VT_7 9]V^^_ `_nc_]d S_ ]^_TYf pXl[Qf `aVUdb]_c6
aV^l b`VgYQ\m^lV S_X]_W^_bcY U\p _RaQR_c[Y _iYR_h^lf bYcdQgYZ7
3 pXl[V BY44 b__cSVcbcSdojYZ ]VfQ^YX] ^QXlSQVcbp _RaQR_c[_Z
Yb[\ohV^YZ 1Q^T\7 5H35@D9?> 81>4727

‫ ݷ‬:97>7 ?RaQR_c[Q Yb[\ohYcV\m^lf bYcdQgYZ

:@:

:97>7;7 ?RjQp YUVp ]VfQ^YX]Q Yb[\ohV^YZ
?c]VcY] Vj‫_ ݷ‬UY^ ^VU_bcQc_[ Yb`_\mX_SQ^Yp b`VgYQ\m^lf S_XSaQ6
jQV]lf X^QhV^YZ U\p Y^UY[QgYY _iYR[Y7 3 ^V[_c_alf b\dhQpf baV6
UY SbVf X^QhV^YZ S_XSaQjQV]_T_ ed^[gYVZ cY`Q `a_bc_ ^Vc ^Y _U^_T_
^VYb`_\mXdV]_T_D _c\Yh^lZ `aY]Va nc_T_ ‑ ed^[gYp 1D?95 `VaVS_Up6
jQp bca_[_S_V `aVUbcQS\V^YV gV\_T_ hYb\Q S X^QhV^YV cY`Q 9>D7 3_X6
SaQjQVc _^Q5 VbcVbcSV^^_5 hYb\_ cY`Q 9>D5 Q `_b[_\m[d \oR_V cQ[_V
hYb\_ Y]VVc bca_[_S_V `aVUbcQS\V^YV5 c_ Y SVa^dcm 1`aY _cbdcbcSYY
[Q[Yf6\YR_ _iYR_[2 _^Q ]_WVc5 S__RjV T_S_ap5 \oR_V X^QhV^YV cY`Q
9>D7 3 c_ WV SaV]p S_X]_W^_5 hc_ S bca_[V5 `_UQ^^_Z 1D?9 ^Q Sf_U5
b_UVaWYcbp cV[bc5 ^V pS\pojYZbp `aVUbcQS\V^YV] [Q[_T_6\YR_ hYb\Q
1^Q`aY]Va5 b_bc_pjYZ YX Rd[S5 Q ^V YX gYea27 AQXaQR_chY[Y ed^[gYY
aViY\Y S cQ[_Z bYcdQgYY XQ ^VY]V^YV] \dhiVT_ S_XSaQjQcm ^_\m5 ^_
nc_ ^V aViQVc `a_R\V]d5 SVUm `_\dhQVcbp5 hc_ ed^[gYp S_XSaQjQVc _U6
^_ Y c_ WV Y U\p bca_[Y5 b_UVaWQjVZ RV\YRVaUd5 Y U\p bca_[Y 2925
[_c_aQp S`_\^V [_aaV[c^Q7 Nc_ `aYS_UYc ^Qb [ YUVV Yb[\ohV^Yp5 [_6
c_a_V `aVUbcQS\pVc b_R_Z _b_RlZ b`_b_R XQSVaiV^Yp ed^[gYYC Vb\Y S
pXl[Qf5 ^V `_UUVaWYSQojYf ]VfQ^YX] Yb[\ohV^YZ5 ed^[gYp ]_T\Q
c_\m[_ SVa^dcm _U^_ YX S_X]_W^lf X^QhV^YZ5 c_ S pXl[Qf5 `_UUVa6
WYSQojYf Yb[\ohV^Yp5 ed^[gYp ]_WVc \YR_ SVa^dcm X^QhV^YV5 \YR_
S_XRdUYcm Yb[\ohV^YV7
>Q`_]^Y] 1]l dWV d`_]Y^Q\Y nc_ ^Q bca7 B:25 hc_ Yb[\ohV^Yp S_SbV
^V pS\pocbp b_bcQS^_Z hQbcmo `QaQUYT]l _RkV[c^_6_aYV^cYa_SQ^^_T_
`a_TaQ]]Ya_SQ^Yp5 [Q[ nc_ `_hV]d6c_ hQbc_ dcSVaWUQVcbp7 >Q`a_cYS5
_^Y b[_aVV _c^_bpcbp [ ed^[gY_^Q\m^_]d `a_TaQ]]Ya_SQ^YoD `_XU^VV
`aY _RbdWUV^YY pXl[Q \385=5 ]l aQbb]_caY] ed^[gYo 317D5 6CD 381B 3691=52
K
ORUN 36 F 6?@5>1691=55 2B22D
961162
D8B?G 23?E’D ?@5> D85 69D > F 9D
9>D 3 F 9D
G89’2
>44D
63CD 381B327 =l ]_T\Y Rl Ra_6
bYcm SlaQWV^YV UadT_T_ cY`QD ^Q`aY]Va5 b\VUdojYZ _`VaQc_a Ra_bQVc
Yb[\ohV^YV cY`Q 9>DC
D8B?G ;@D

HQjV5 _U^Q[_5 S a_\Y Yb[\ohV^YZ Slbcd`Qoc _RkV[cl b`VgYQ\m^_ SSV6
U‫^^ݷ‬lf U\p nc_Z gV\Y [\Qbb_SD aQXT_S_a _R nc_] S`VaVUY7

:97>7=7 ?RaQR_c[Q Yb[\ohV^YZ
?RaQR_c[d Yb[\ohYcV\m^lf bYcdQgYZ b\VUdVc `aVUdb]QcaYSQcm5
VbcVbcSV^^_5 c_\m[_ S cVf ]VbcQf5 S [_c_alf ]l ]_WV] b cQ[_Z bYcdQgY6
VZ b`aQSYcmbp7 ; `aY]Vad5 Vb\Y UQ\m^VZiQp aQR_cQ `_b\V _R^QadWV^Yp
_iYR[Y caVRdVc _RaQjV^Yp [ `_\mX_SQcV\o5 c_ _RaQR_c[d nc_Z _iYR[Y
b\VUdVc SbcQSYcm S _U^d YX ed^[gYZ5 ^QUV\‫^^ݷ‬lf `aQS_] SVbcY UYQ\_T
b `_\mX_SQcV\V]7 ;Q[ dWV T_S_aY\_bm5 hQbc_ _RaQR_chY[ `_]VjQoc S
ed^[gYo =19>5 ^_5 [_^Vh^_5 ^V SbVTUQ7
?RjYZ `aY^gY` _aTQ^YXQgYY _RaQR_c[Y Yb[\ohV^YZ cQ[_S7 9X `a_6
TaQ]]l SlUV\pVcbp ^V[_c_alZ R\_[ [_UQ5 Yb`_\^V^YV [_c_a_T_ `aVU6
`_\_WYcV\m^_ ]_WVc `aYSVbcY [ S_X^Y[^_SV^Yo Yb[\ohYcV\m^lf bY6
cdQgYZ7 Nc_c R\_[ XQ[\ohQVcbp S b`VgYQ\m^_V bY^cQ[bYhVb[_V _RaQ]6
\V^YV Y b^QRWQVcbp _U^_Z Y\Y ^Vb[_\m[Y]Y Y^bcad[gYp]Y5 [Q[ b\VUd6
Vc UVZbcS_SQcm `aY S_X^Y[^_SV^YY Yb[\ohV^Yp c_T_ Y\Y Y^_T_ cY`Q7
@aY nc_] cQ[YV Y^bcad[gYY UVZbcSdoc S _c^_iV^YY Yb[\ohV^YZ b__c6
SVcbcSdojYf cY`_S5 S_X^Y[iYf S `a_TaQ]]V b ]_]V^cQ Sf_UQ S
`_]VhV^^lZ R\_[ Y U_ ]_]V^cQ Slf_UQ YX ^VT_5 S c_] hYb\V S
ed^[gYpf5 SlXSQ^^lf YX R\_[Q `ap]_ Y\Y [_bSV^^_7 4\dRY^Q SlX_S_S
S UQ^^_] b\dhQV a_\Y ^V YTaQVc7
5\p `_]Vc[Y R\_[Q b gV\mo _RaQR_c[Y Yb[\ohYcV\m^lf bYcdQgYZ S
BY44 Yb`_\mXdVcbp [\ohVS_V b\_S_ DBI 1Q^T\7 `_`lcQcmbp25 XQ [_c_6
al] b\VUdVc b_RbcSV^^_ R\_[5 c_ Vbcm `_b\VU_SQcV\m^_bcm _`VaQc_a_S5
XQ[\oh‫^^ݷ‬Qp S eYTda^lV b[_R[Y7 BaQXd `_b\V DBI6R\_[Q `_]VjQoc
_UY^ Y\Y R_\miV _RaQR_chY[_S Yb[\ohV^YZ7 ?RaQR_chY[ Yb[\o6
hV^YZ bY^cQ[bYhVb[Y ^Vb[_\m[_ ^Q`_]Y^QVc ed^[gYo b _U^Y] `QaQ6
]Vca_]5 f_cp nc_ c_\m[_ S^Vi^VV bf_UbcS_D ^Q bQ]_] UV\V _RaQR_chY[
^QhY^QVcbp b [\ohVS_T_ b\_SQ 31D38 1Q^T\7 `_Z]Qcm25 baQXd `_b\V ^VT_
bcQSpcbp [adT\lV b[_R[Y5 S^dcaY [_c_alf ‑ _`YbQ^YV e_a]Q\m^_T_ `Q6
aQ]VcaQ 1c_h^_ cQ[5 [Q[ nc_ UV\QVcbp `aY _`YbQ^YY ed^[gYY b _U^Y]
`QaQ]Vca_]27 CY` `QaQ]VcaQ XQUQ‫ݷ‬c cY` _RaQRQclSQV]_T_ Yb[\ohV^Yp5
Q `_ Y]V^Y `QaQ]VcaQ ]_W^_ `_\dhYcm U_bcd` [ X^QhV^Yo Yb[\ohV^Yp7

:@=

PXl[ BY445 ??@ Y 1C5

5\p `aY]VaQ `aY`_]^Y] ed^[gYo YX `aVUlUdjVT_ `QaQTaQeQ5
`_UbhYclSQojdo [_\YhVbcS_ bca_[ S eQZ\V5 Y ^Q _b^_SV nc_Z ed^[6
gYY ^Q`YiV] `a_TaQ]]d gV\Y[_]7 2dUV] bhYcQcm5 hc_ ed^[gYp
5h3?E>Dh9>h693C97>54 9>D 5h3?E>Dh9>h69CD 381B 3691=52D
9>D =19>19>D 1B735 381B 331B7F2
K
9611B73E;2 K
6@B9>D61CD45BB5 2W? 691=5e>22D
B5DEB> :D
M
DBI K
9>D B5C F 5h3?E>Dh9>h69D612]85 69D19>C 54 5Ce>25
1B7Fd:f5 B5C2D
M
31D3813?>CD 381B 35H35@D9?>2 K
6@B9>D61CD45BB5 2NH35@D9?> 1CDB9>72C 5Ce>25
5H35@D9?>2D
B5DEB> ;D
M
B5DEB> 9D
M

NcQ `a_TaQ]]Q5 Vb\Y Sb‫ ݷ‬RdUVc S `_apU[V5 ^Q`VhQcQVc Y]p eQZ\Q Y
[_\YhVbcS_ bca_[ S ^‫]ݷ‬D Vb\Y WV _c[alcm eQZ\ ^V dUQbcbp5 ed^[gYp
5h3?E>Dh9>h697 >Y _bcQc_[ ed^[gYY 5h3?E>Dh9>h69Dh9>h69CD 381B35 Q ^V `a_bc_ 381B35 `_b[_\m[d Y]V^^_ cQ[_Z cY` 1QUaVb
[_^bcQ^cl cY`Q 381B2 Y]VVc S BY Y BY44 bca_[_SlZ \YcVaQ\ ‑ bca_6
[Q5 XQ[\oh‫^^ݷ‬Qp S US_Z^lV [QSlh[Y7 6b\Y dRaQcm ]_UYeY[Qc_a 3?>CD5
Yb[\ohV^YV `_Z]Q^_ ^V RdUVc7
3 aQbb]_caV^^_] `aY]VaV ]l `aVUdb]_caV\Y SbVT_ _UY^ _RaQR_c6
hY[ Yb[\ohV^Yp5 f_cp pXl[ BY44 U_`db[QVc `a_YXS_\m^_V Yf [_\Y6

‫ ݷ‬:97>7 ?RaQR_c[Q Yb[\ohYcV\m^lf bYcdQgYZ

:@>

hVbcS_ 1^V ]V^VV _U^_T_27 6b\Y Rl YX ^QiVT_ DBI6R\_[Q SlXlSQ\_bm
R_\miV ed^[gYZ Y `_cV^gYQ\m^_ _^Y ]_T\Y Rl `aYSVbcY [ Yb[\ohY6
cV\m^l] bYcdQgYp] UadTYf cY`_S5 ]l ]_T\Y Rl ^Q`YbQcm hc_6c_ Sa_UV
b\VUdojVT_C
DBI K
88 777
M
31D3813?>CD 381B 3H2 K
88 777
M
31D3819>D H2 K
88 777
M

8UVbm SQW^_ `_^Y]Qcm ^Vb[_\m[_ `a_bclf `aQSY\7 3_6`VaSlf5 _RaQ6
R_chY[Y 131D386R\_[Y2 aQbb]QcaYSQocbp `_ `_apU[d5 _UY^ XQ
UadTY]5 `aYh‫ ]ݷ‬baQR_cQcm ]_WVc c_\m[_ _UY^ YX ^Yf Y\Y ^Y
_U^_T_7 Nc_ X^QhYc5 S hQbc^_bcY5 hc_ `YbQcm USQ _RaQR_chY[Q _U^_T_
cY`Q Y\Y cY`_S5 bS_UY]lf _UY^ [ UadT_]d:B 5 ^Vc ^Y[Q[_T_ b]lb\Q7
3_6Sc_alf5 _RaQR_chY[ ]_WVc `_Z]Qcm c_\m[_ Yb[\ohV6
^YV5 S_X^Y[iVV S_ SaV]p aQR_cl b__cSVcbcSdojVT_ DBI6R\_[Q7
3 hQbc^_bcY5 _RaQR_chY[ ^V ]_WVc `_Z]Qcm Yb[\ohV^YV5 [_c_a_V Sl6
Ra_bY\ _UY^ YX `aVUiVbcSdojYf _RaQR_chY[_S5 _c^_bpjYfbp [ c_]d
WV DBI6R\_[d7
>Q[_^Vg5 Vb\Y Yb[\ohV^YV ^V `_Z]Q^_ ^Y _U^Y] YX _RaQ6
R_chY[_S5 _^_ SlRaQblSQVcbp UQ\miV5 [Q[ Vb\Y Rl eaQT]V^c
[_UQ5 S [_c_a_] Yb[\ohV^YV S_X^Y[\_5 S_SbV ^V Rl\ _RaQ]\‫^ݷ‬
^Y[Q[Y] DBI6R\_[_]7 >Q `dcY _U^_T_ Yb[\ohV^Yp ]_WVc _[QXQcmbp
^Vb[_\m[_ DBI6R\_[_S5 [Q[ Rl S\_WV^^lf UadT S UadTQ 1S_ Sbp[_] b\d6
hQV5 S b]lb\V SaV]V^^lf
 `VaY_U_S Yb`_\^V^Yp25 Y S ^V[_c_alf YX ^Yf
]_WVc ^V _[QXQcmbp `_Uf_UpjVT_ _RaQR_chY[Q7 3 cQ[_] b\dhQV U_ba_h6
^_V XQSVaiV^YV Q[cYS^lf ed^[gYZ Y d^Yhc_WV^YV bcV[_Slf eaVZ]_S
`a_U_\WQVcbp UQ\miV5 `_[Q ^V RdUVc ^QZUV^ DBI6R\_[ b `_Uf_UpjY]
_RaQR_chY[_]7
3 _RaQR_chY[Qf Yb[\ohV^YZ ]_W^_ Yb`_\mX_SQcm _`VaQc_a D8B?G
RVX `QaQ]Vca_S7 3 cQ[_Z e_a]V _^ Ra_bQVc c_ Yb[\ohV^YV5 [_c_a_V
c_\m[_ hc_ Rl\_ `_Z]Q^_7 CQ[ UV\Qoc S b\dhQpf5 [_TUQ `_\^_bcmo
b`aQSYcmbp b S_X^Y[iVZ bYcdQgYVZ S UQ^^_] ]VbcV `a_TaQ]]l ^VS_X6
]_W^_5 ^_ `aVWUV hV] Ra_bYcm Yb[\ohV^YV UQ\miV5 ^dW^_ `a_YXSVbcY
Vj‫[ ݷ‬Q[YV6c_ UVZbcSYp7 @aY]Val cQ[Yf bYcdQgYZ aQbb]QcaYSQocbp S
b\VUdojV] `QaQTaQeV7
:B @aQSY\Q `aV_RaQX_SQ^Yp cY`_S `aY _RaQR_c[V Yb[\ohV^YZ ^Vb[_\m[_ _c\YhQ6
ocbp _c `aQSY\5 `aY]V^pV]lf `aY SlX_SV ed^[gYZD ]l aQbb]_caY] ncY `aQSY\Q S
_U^_] YX b\VUdojYf `QaQTaQe_S7

:@?

PXl[ BY445 ??@ Y 1C5

:97>7>7 ?RaQR_chY[Y b ]^_T_c_hYV]
3 ^V[_c_alf b\dhQpf _[QXlSQVcbp _b]lb\V^^l] _RaQR_chY[5 b`_6
b_R^lZ `_Z]Qcm `a_YXS_\m^_V Yb[\ohV^YV ^VXQSYbY]_ _c VT_ cY`Q7
CQ[_Z _RaQR_chY[ XQ`YblSQVcbp cQ[ WV5 [Q[ Y _Rlh^lZ5 c_\m[_ S]Vbc_
cY`Q Yb[\ohV^Yp Y Y]V^Y `QaQ]VcaQ S b[_R[Qf d[QXlSQVcbp ]^_T_c_6
hYV7 ;_^Vh^_5 X^QhV^YV Yb[\ohV^Yp S nc_] b\dhQV Yb`_\mX_SQ^_ Rlcm
^V ]_WVc5 ^_ S ^V[_c_alf b\dhQpf nc_ Y ^V SQW^_7 5_`dbcY]5 ]l `_U6
[\ohQV] [ ^QiVZ `a_TaQ]]V ]_Ud\Y5 ^Q`YbQ^^lV UadTY]Y `a_TaQ]]Y6
bcQ]Y5 Y ^V dSVaV^l5 hc_ X^QV] SbV cY`l Yb[\ohV^YZ5 TV^VaYadV]lV
ncY]Y ]_Ud\p]Y7 3 cQ[_] b\dhQV `aQSY\m^_ Rl\_ Rl aQb`_\_WYcm S
ed^[gYY =19> `aY]Va^_ cQ[_Z DBI6R\_[C
9>D =19>12
K
DBI K
88 XUVbm `YiV] SVbm [_U T\QS^_Z ed^[gYY
B5DEB> 9D
M
31D3813?>CD 381B 3H2 K
6@B9>D61CD45BB5 2NH35@D9?> 1CDB9>72C 5Ce>25 H2D
M
31D3819>D H2 K
6@B9>D61CD45BB5 2NH35@D9?> 19>D2C 54e>25 H2D
M
31D3817772 K
6@B9>D61CD45BB5 2\?=5D89>7 CDB1>75 31E78De>22D
M
B5DEB> :D
M

?RaQR_chY[Y b ]^_T_c_hYV] UV\Qoc _b_RV^^_ Q[cdQ\m^_Z e_a]d D8B?G
RVX `QaQ]Vca_SD V‫ ݷ‬Yb`_\mX_SQ^YV `_XS_\pVc `_Z]Qcm Yb[\ohV^YV `a_6
YXS_\m^_T_ cY`Q5 Sl`_\^Ycm [Q[YV6c_ UVZbcSYp5 `_b\V hVT_ Ra_bYcm Yb6
[\ohV^YV UQ\miV7 Nc_ ]_WVc _[QXQcmbp `_\VX^l]5 Vb\Y S ^QiV] [_UV
\_[Q\m^_ XQfSQclSQocbp cV Y\Y Y^lV aVbdabl 1SlUV\pVcbp `Q]pcm5 _c6
[alSQocbp eQZ\l Y c7 `72 Y Yf b\VUdVc _bS_R_UYcm5 `aVWUV hV] ed^[6
gYp _[QWVcbp XQSVaiV^Q7 AQbb]_caY] U\p `aY]VaQ ed^[gYo5 S [_c_a_Z
SlUV\pVcbp UY^Q]YhVb[YZ ]QbbYS gV\lf hYbV\C
F?94 619>D >2
K
9>D 3@ F >5G 9>Dd>fD
88 SVbm _bcQ\m^_Z [_U ed^[gYY
457 ?RaQR_c[Q Yb[\ohYcV\m^lf bYcdQgYZ

:@@

6b\Y S_ SaV]p Sl`_\^V^Yp [_UQ5 ^Qf_UpjVT_bp ]VWUd >5G Y 452
K
9>D 3@ F >5G 9>Dd>fD
DBI K
88 SVbm _bcQ\m^_Z [_U ed^[gYY
M
31D3817772 K
45 D85 fi? baQXd `_b\V Sl`_\^V^Yp 6?@5>5
[_c_a_V ]_WVc `_]_hm S Q^Q\YXV `a_R\V]l7 =l5 _U^Q[_5 _TaQ^YhY\Ybm
S `aY]VaV _U^_Z bca_[_S_Z [_^bcQ^c_Z5 hc_Rl ^V e_a]Ya_SQcm bca_[d5
b_UVaWQjdo Sbo `VaVhYb\V^^do Y^e_a]QgYo ‑ SVUm nc_ `_caVR_SQ\_
Rl X^QhYcV\m^_T_ dSV\YhV^Yp [_UQ Y b_XUQ\_ Rl _`aVUV\‫^^ݷ‬lV cadU^_6
bcY b _bS_R_WUV^YV] `Q]pcY _c cQ[_Z bca_[Y5 `_b[_\m[d bQ]d bca_[d
`aYi\_bm Rl b_XUQSQcm UY^Q]YhVb[Y7
;a_]V c_T_5 Vbcm Y Vj‫_ ݷ‬U^Q `a_R\V]Q7 @a_TaQ]]Q ]_WVc Yb`_\m6
X_SQcm ^Vb[_\m[_ RYR\Y_cV[5 `aYh‫ ]ݷ‬YXT_c_S\V^^lf aQX^l]Y `a_YXS_6
UYcV\p]YD cQ[WV `a_TaQ]]Q ]_WVc Rlcm aQXUV\V^Q ^Q ^Vb[_\m[_ `_U6
bYbcV]5 b_XUQSQV]lf R_\VV Y\Y ]V^VV ^VXQSYbY]_7 3Vbm]Q WV\QcV\m^_
Y]Vcm ^V[YZ d^YSVabQ\m^lZ b`_b_R aQXUV\V^Yp Yb[\ohV^YZ `_ `aY6
X^Q[d Yf S_X^Y[^_SV^Yp S c_Z Y\Y Y^_Z `_UbYbcV]V `a_TaQ]]l Y\Y
RYR\Y_cV[V7 3bca_V^^lV cY`l U\p nc_T_ ^V `_Uf_Upc b_SbV]5 `_b[_\m6
[d YUVp Yb`_\mX_SQ^Yp cVf WV cV[bc_Slf bca_[ S [QhVbcSV Yb[\ohV^YZ
]_WVc _U^_SaV]V^^_ `aYZcY S T_\_Sd QSc_aQ] baQXd SbVf Yb`_\mXdV]lf
^Q]Y RYR\Y_cV[ Y `_\_SY^l ^QiYf `_UbYbcV]7

:@A

PXl[ BY445 ??@ Y 1C5

9]V^^_ `_nc_]d hQjV SbVT_ S [QhVbcSV cY`Q Yb[\ohV^Yp Slbcd`QVc
b`VgYQ\m^_ U\p nc_Z gV\Y _`YbQ^^lZ [\Qbb7 B _U^_Z bc_a_^l5 S _RkV[c
[\QbbQ ]_W^_ `_]VbcYcm Sbo Y^e_a]QgYo5 [Q[Qp ^Q] c_\m[_ ]_WVc
`_[QXQcmbp `_\VX^_Z U\p _RaQR_chY[QD UVZbcSYcV\m^_5 ^Y[c_ SVUm ^V
]ViQVc _`YbQcm S [\QbbV bc_\m[_ `_\VZ5 b[_\m[_ ^Q] XQf_hVcbp7 B Uad6
T_Z bc_a_^l5 [QWUQp `_UbYbcV]Q Y [QWUQp RYR\Y_cV[Q S nc_Z bYcdQ6
gYY5 b[_aVV SbVT_5 SSVU‫ݷ‬c bS_Y b_RbcSV^^lV [\Qbbl U\p `aVUbcQS\V^Yp
Yb[\ohV^YZ7 3 T_\_S^_Z `a_TaQ]]V ]l b]_WV] _RaQRQclSQcm cQ[YV
[\Qbbl _cUV\m^l]Y _RaQR_chY[Q]Y5 hc_ `_XS_\Yc aQXUV\Ycm _RaQR_c[d
Yb[\ohV^YZ5 bTV^VaYa_SQ^^lf S aQX^lf `_UbYbcV]Qf `a_TaQ]]l7
?c]VcY] _UY^ _hV^m SQW^lZ ]_]V^c7 ;Q[ `aQSY\_5 SlRaQblSQV]lZ
S [QhVbcSV Yb[\ohV^Yp _RkV[c b_XUQ‫ݷ‬cbp \_[Q\m^_7 Dh9>h69? ^Q ]_]V^c b_XUQ^Yp _RkV[cQ7 5\p
[_`Ya_SQ^Yp bca_[ ]l _`YiV] S `aYSQc^_Z hQbcY [\QbbQ Sb`_]_6
TQcV\m^do ed^[gYo CDB4E@5 [_c_aQp RdUVc `_\^_bcmo Q^Q\_TYh^Q
_U^_Y]‫_^^ݷ‬Z ed^[gYY YX RYR\Y_cV[Y hYbc_T_ BY5 ^_ `Q]pcm RdUVc
SlUV\pcm b `_]_jmo >5Gdf5 Q ^V =113?>CD 381B 36>5 3?>CD 381B 33=D2D
O913?>CD O96 ?D85B2D
NO912D
3?>CD 381B 3P5DW1=512 3?>CD K B5DEB> 691=5D M
3?>CD 381B 3P5DL?==5>D12 3?>CD K B5DEB> 3?==5>DD M
9>D P5DNBB>?12 3?>CD K B5DEB> 5BBh3?45D M
@B9F1D5C
CD1D93 381B 3CDB4E@13?>CD 381B 3CDB2D
MD

‫ ݷ‬:97>7 ?RaQR_c[Q Yb[\ohYcV\m^lf bYcdQgYZ

:@B

?`YbQ^Yp [_^bcad[c_a_S5 UVbcad[c_aQ Y ed^[gYY CDB4E@ Sl^VbV] XQ
`aVUV\l XQT_\_S[Q [\QbbQC
O9CCO913?>CD 381B 36>5 3?>CD 381B 33=D2
K
5BBh3?45 F 5BB>?D
691=5 F CDB4E@16>2D
3?==5>D F CDB4E@13=D2D
M
O9CCO913?>CD O96 ?D85B2
K
5BBh3?45 F ?D85B75BBh3?45D
691=5 F CDB4E@1?D85B7691=52D
3?==5>D F CDB4E@1?D85B73?==5>D2D
M
O9CCNO912
K
45CD 381B 3CDB2
K
381B 3B5C F >5G 381BdCDB1CDB24:fD
CDB3@I1B5C5 CDB2D
B5DEB> B5CD
M

CV`Vam ]l ]_WV] YX]V^Ycm ^QhQ\_ ed^[gYY 5h3?E>Dh9>h69C97>54 9>D 5h3?E>Dh9>h69CD 381B 3691=52
K
ORUN 36 F 6?@5>1691=55 2B22D
961162
D8B?G O91691=55
23?E’D ?@5> 6?B 5 3?E>D9>722D
88 777

?RaQR_chY[ 131D386R\_[2 U\p cQ[_T_ Yb[\ohV^Yp ]_WVc Rlcm5 ^Q`aY6
]Va5 cQ[Y]C
31D3813?>CD O9 65H2 K
6@B9>D61CD45BB5 2O9C 5C 15C2C 5Ce>25
5H7P5DW1=5125 5H7P5DL?==5>D125
CDB5BB?B15H7P5DNBB>?1222D
B5DEB> :D
M

:A9

PXl[ BY445 ??@ Y 1C5

:97>7@7 1Sc_]QcYhVb[Qp _hYbc[Q
3 `aY]VaV5 aQbb]_caV^^_] ^Q bca7 :@@5 ]l Rl\Y Sl^dWUV^l `VaV6
fSQclSQcm Y `_c_] XQ^_S_ SlRaQblSQcm Yb[\ohV^Yp `a_YXS_\m^_T_ SY6
UQ5 hc_Rl _RVb`VhYcm [_aaV[c^_V dUQ\V^YV \_[Q\m^_ SlUV\V^^_Z UY^Q6
]YhVb[_Z `Q]pcY7 ; bhQbcmo5 cQ[ `aYf_UYcbp UVZbcS_SQcm ^V SbVTUQ7
AQR_cQ b Yb[\ohV^Yp]Y YXapU^_ _R\VThQVcbp cV]5 hc_ [_]`Y\pc_a TQ6
aQ^cYadVc SlX_S UVbcad[c_a_S U\p SbVf \_[Q\m^lf _RkV[c_S5
d [_c_alf UVbcad[c_al Vbcm5 `aVWUV hV] ed^[gYp XQSVaiYc6
bp ‑ `_ Yb[\ohV^Yo \Y Y\Y _Rlh^l] `dc‫]ݷ‬7
@dbcm5 ^Q`aY]Va5 Y]VVcbp [\Qbb J5 b^QRW‫^^ݷ‬lZ UVbcad[c_a_] 1^V`d6
bcl]5 Y^QhV ^V Y^cVaVb^_25 Y _`YbQ^Q ed^[gYp
F?94 612
K
J 1D
8877
712D
8877
M

3 ]_]V^c XQSVaiV^Yp aQR_cl ed^[gYY 6 U\p _RkV[cQ 1 RdUVc SlXSQ^
UVbcad[c_a5 `aYh‫` ]ݷ‬a_YX_ZU‫ݷ‬c nc_ S^V XQSYbY]_bcY _c c_T_5 [Q[ Y]V^6
^_ 6 XQSVaiYcbp ‑ S c_] hYb\V Y Vb\Y ed^[gYp 7 SlRa_bYc Yb[\ohV6
^YV Y Y]V^^_ _^_ bcQ^Vc `aYhY^_Z XQSVaiV^Yp 67 Nc_ bS_ZbcS_ BY44
^QXlSQVcbp QSc_]QcYhVb[_Z _hYbc[_Z7

:97>7A7 @aV_RaQX_SQ^Yp cY`_S Yb[\ohV^YZ
CY` Yb[\ohV^Yp5 d[QXQ^^lZ S _RaQR_chY[V 131D386R\_[V25 ^V SbV6
TUQ c_h^_ b_S`QUQVc b cY`_] SlaQWV^Yp5 Yb`_\mX_SQ^^_T_ S _`VaQc_aV
D8B?G5 _U^Q[_ `aQSY\Q `aV_RaQX_SQ^Yp cY`_S S UQ^^_] b\dhQV _c\YhQ6
ocbp _c `aQSY\5 UVZbcSdojYf `aY SlX_SV ed^[gYZ7 ?U^_ YX _b^_S^lf
_c\YhYZ cdc S c_]5 hc_ gV\_hYb\V^^lV cY`l `aY _RaQR_c[V Yb[\ohV6
^YZ ^V `aV_RaQXdocbp UadT [ UadTd5 c_ Vbcm5 ^Q`aY]Va5 _RaQR_chY[ b
d[QXQ^^l] cY`_] Yb[\ohV^Yp 9>D ^V `_Z]QVc Yb[\ohV^YV cY`Q 381B
Y\Y 77
5_`dbcY]lV `aV_RaQX_SQ^Yp `a_jV RdUVc pS^_ `VaVhYb\Ycm7
3_6`VaSlf5 \oR_Z cY` ]_WVc Rlcm `aV_RaQX_SQ^ [ bbl\[V ^Q nc_c cY`5
c_ Vbcm Vb\Y _`VaQc_a D8B?G Yb`_\mXdVc SlaQWV^YV cY`Q J5 c_ cQ[_V Yb6
[\ohV^YV ]_WVc Rlcm _RaQR_cQ^_ 31D386R\_[_] SYUQ 31D381J 6B5627
3_6Sc_alf5 ^V[_^bcQ^c^lV d[QXQcV\Y Y bbl\[Y ]_Tdc Rlcm `aV_RaQX_6
SQ^l [ [_^bcQ^c^l]5 c_ Vbcm5 ^Q`aY]Va5 Vb\Y ]l Ra_bY] Yb[\ohV^YV
cY`Q 381B35 c_ _^_ ]_WVc Rlcm `_Z]Q^_ ^V c_\m[_ [Q[ 381B35 ^_ Y
[Q[ 3?>CD 381B37 3 _RaQc^do bc_a_^d `aV_RaQX_SQ^YV XQ`aVjV^_5 cQ[
hc_ _RaQR_chY[ cY`Q 381B3 1RVX ]_UYeY[Qc_aQ 3?>CD2 ^V ]_WVc `_Z6

‫ ݷ‬:97?7 >Qb\VU_SQ^YV Y `_\Y]_aeYX]

:A:

]Qcm SlaQWV^YV cY`Q 3?>CD 381B3 Y5 S hQbc^_bcY5 ^V ]_WVc _RaQR_6
cQcm Yb[\ohV^YV5 SlRa_iV^^_V b Yb`_\mX_SQ^YV] bca_[_S_T_ \YcVaQ\Q5
^Q`aY]Va cQ[_VC
D8B?G 2R 31>’D G?B;2D

@_b\VU^YZ 1Y5 S_X]_W^_5 bQ]lZ SQW^lZ2 SYU `aV_RaQX_SQ^YZ Y]VVc
_c^_iV^YV [ ^Qb\VU_SQ^Yo Y `_\Y]_aeYX]d7 ; _RbdWUV^Yo nc_Z cV]l
]l SVa^‫]ݷ‬bp `_b\V aQbb[QXQ _ ^Qb\VU_SQ^YY7

:97?7 >Qb\VU_SQ^YV Y `_\Y]_aeYX]
2_\miQp hQbcm S_X]_W^_bcVZ BY445 aQbb]_caV^^lf ^Q]Y SliV5
^V Y]VVc5 [Q[ nc_ ^V_U^_[aQc^_ `_Uh‫ݷ‬a[YSQ\_bm5 `ap]_T_ _c^_iV^Yp [
_RkV[c^_6_aYV^cYa_SQ^^_]d `a_TaQ]]Ya_SQ^Yo ‑ [a_]V aQXSV hc_ ]V6
c_U_S5 SlX_S [_c_alf aQbb]QcaYSQVcbp [Q[ ‫ݷ‬cVf^YhVb[Qp aVQ\YXQgYp‫ݷ‬
`VaVUQhY b__RjV^Yp _RkV[cdD ^_5 [Q[ ]l _c]VcY\Y Vj‫ ݷ‬S `aVUlUdjVZ
hQbcY 1b]7 bca7 7
1Q ^V ?2:53D6?B95>D54 27
>QbcQ\Q `_aQ `_X^Q[_]Ycmbp b eYa]V^^_Z _b_RV^^_bcmo ??@ ‑
^Qb\VU_SQ^YV]5 Q XQ_U^_ Y b cV]Y SQaYQ^cQ]Y `_\Y]_aeYX]Q5 [_c_6
alV Y]Vocbp S SYUd `aY `VaVhYb\V^YY ‫ݷ‬ca‫ݷ‬f [Yc_S ??@‫ ݷ‬1S _c\YhYV5
_`pcm WV5 _c bcQcYhVb[_T_ `_\Y]_aeYX]Q5 b [_c_al] ]l ^V_U^_[aQc^_
bcQ\[YSQ\Ybm Y [_c_alZ ^Y[Q[_T_ _c^_iV^Yp [ ??@ ^V Y]VVc27

:97?7:7 9VaQafYhVb[YV `aVU]Vc^lV _R\QbcY
?hV^m hQbc_5 Y _b_RV^^_ S R_\VV6]V^VV [ad`^lf [_]`mocVa^lf `a_6
TaQ]]Qf5 _RkV[cl `aVU]Vc^_Z _R\QbcY ]_W^_ VbcVbcSV^^l] _RaQX_]
_RkVUY^Ycm S ^V[YV [QcVT_aYY5 `aYh‫_ ]ݷ‬RkV[cl [QWU_Z [QcVT_aYY ]_6
Tdc `_UaQXUV\pcmbp ^Q `_U[QcVT_aYY Y c7 U75 _RaQXdp cQ[Y] _RaQX_]
YVaQafYo cY`_S _RkV[c_S7 >Q`aY]Va5 S `a_TaQ]]V5 ]_UV\Yado6
jVZ U_a_W^_V USYWV^YV5 ]_Tdc aQbb]QcaYSQcmbp _RkV[cl [QcVT_aYY
‫ݷ‬dhQbc^Y[ U_a_W^_T_ USYWV^Yp‫ݷ‬5 `aYh‫ ]ݷ‬ncQ [QcVT_aYp `_UaQXUV\p6
Vcbp ^Q `_U[QcVT_aYY ‫`ݷ‬ViVf_Ul‫ ݷ‬Y ‫ݷ‬caQ^b`_ac^lV baVUbcSQ‫ݷ‬D caQ^b6
`_ac^lV baVUbcSQ5 S bS_o _hVaVUm5 UV\pcbp ^Q ‫ݷ‬SV\_bY`VUl‫ݷ‬5 ‫ݷ‬TdWVSlV
`_S_X[Y‫ ݷ‬Y ‫]ݷ‬VfQ^YhVb[YV caQ^b`_ac^lV baVUbcSQ‫ݷ‬5 ncY `_b\VU^YV ‑
^Q caQ]SQY5 c_\\VZRdbl Y QSc_]_RY\Y5 QSc_]_RY\Y ‑ ^Q TadX_SlV Y
\VT[_SlV Y c7 U7
3 cQ[_Z YVaQafYY [QWUQp [QcVT_aYp _RkV[c_S5 S c_] hYb\V Y cQ[Qp5
[_c_aQp bQ]Q `_UaQXUV\pVcbp ^Q [QcVT_aYY5 _R\QUQVc ^V[_c_al]Y bS_Z6
bcSQ]Y5 b`VgYeYh^l]Y U\p UQ^^_Z [QcVT_aYY5 `aYh‫ ]ݷ‬ncY]Y WV bS_Z6

:A;

PXl[ BY445 ??@ Y 1C5

bcSQ]Y _R\QUQoc Y SbV _RkV[cl V‫_` ݷ‬U[QcVT_aYZ7 CQ[5 SbV QSc_]_RY\Y
Y]Voc5 `_6SYUY]_]d5 fQaQ[cVaYbcY[Y ‫_ݷ‬Rk‫ ]ݷ‬USYTQcV\p‫ݷ‬5 ‫ݷ‬cY` c_`\Y6
SQ‫ݷ‬5 ‫_ݷ‬Rk‫ ]ݷ‬c_`\YS^_T_ RQ[Q‫ ݷ‬Y ‫\_[ݷ‬YhVbcS_ c_`\YSQ S RQ[V‫ݷ‬5 d ^Yf
]_WVc XQ[Q^hYSQcmbp c_`\YS_5 ^QU ^Y]Y U_\W^Q Rlcm _`aVUV\V^Q _`V6
aQgYp ‫ݷ‬XQ`aQS[Q c_`\YSQ‫ݷ‬7 3bV ncY fQaQ[cVaYbcY[Y ^V Y]Voc ^Y[Q[_T_
b]lb\Q U\p _RkV[c_S5 ^V Sf_UpjYf S [QcVT_aYo ‫ݷ‬QSc_]_RY\Y‫^ ‑ ݷ‬Y U\p
caQ]SQVS5 ^Y U\p SV\_bY`VU_S5 ^Y cV] R_\VV U\p `ViVf_U_S7 B UadT_Z
bc_a_^l5 d TadX_Slf QSc_]_RY\VZ Vbcm fQaQ[cVaYbcY[Q ‫_ݷ‬Rk‫[ ]ݷ‬dX_6
SQ‫ ݷ‬Y _`VaQgYY ‫_`ݷ‬TadX[Q‫ ݷ‬Y ‫ݷ‬aQXTadX[Q‫ݷ‬5 [_c_alf ^Vc d QSc_]_RY\VZ5
^V pS\pojYfbp TadX_Sl]Y7 >Q[_^Vg5 cQ[YV fQaQ[cVaYbcY[Y5 [Q[ cV[d6
jQp b[_a_bcm Y ^Q`aQS\V^YV USYWV^Yp5 _hVSYU^_5 `aYbdjY [QWU_]d
_RkV[cd aQbb]QcaYSQV]_Z YVaQafYY5 S`\_cm U_ `ViVf_U_S7
;Q[ SYUY]5 d ^Qb S_X^Y[Qoc bcad[cdal UQ^^lf5 Y]VojYV5 b _U^_Z
bc_a_^l5 aQX\Yh^lZ ^QR_a `_\VZ Y _RaQRQclSQojYf ed^[gYZ5 ^_5 b
UadT_Z bc_a_^l5 Y]VojYV Y ^V[_c_alV _RjYV `_\p5 Y _`aVUV\‫^^ݷ‬lV _R6
jYV _`VaQgYY7 BdjVbcSdoc SVbm]Q aQX\Yh^lV `_Uf_Ul [ aViV^Yo S_X6
^Y[iVT_ `a_cYS_aVhYp7 @aY aQR_cV ^Q pXl[V BY hQjV SbVT_ Slf_Upc YX
`_\_WV^Yp _`YbQ^YV] bcad[cda UQ^^lf5 d [_c_alf `VaSlV ^Vb[_\m[_
`_\VZ b_S`QUQocD `aY nc_] `aYf_UYcbp c_ Y UV\_ YX]V^pcm cY`l d[Q6
XQcV\VZ5 Q nc_5 [Q[ ]l X^QV]5 SVU‫ݷ‬c [ cadU^__R^QadWY]l] _iYR[Q]7
?RkV[c^_6_aYV^cYa_SQ^^lV pXl[Y `a_TaQ]]Ya_SQ^Yp `aVU\QTQoc R_6
\VV [_aaV[c^lZ `_Uf_U5 ^QXlSQV]lZ _Rlh^_ ^Qb\VU_SQ^YV]7
?Rkpb^Ycm ^Qb\VU_SQ^YV [Q[ cVf^YhVb[YZ `aY‫^ ]ݷ‬V cQ[ `a_bc_D ]l
`_`lcQV]bp `aY]V^Ycm ^V S`_\^V caQUYgY_^^lZ `_Uf_U5 ^QhQS b aQb6
b]_caV^Yp _RkV[cQ [Q[ `a_bc_Z bcad[cdal UQ^^lf 1[Q[_S_Z _^ ^Q bQ6
]_] UV\V Y pS\pVcbp5 `a_bc_ ]l _R nc_] ^V SbVTUQ `_]^Y]27 =Vc_Ul
]l `_U[\ohY] [ UV\d `_c_]7

:97?7;7 >Qb\VU_SQ^YV bcad[cda Y `_\Y]_aeYX]
QUaVb_S
9UV_\_TYhVb[Y ^Qb\VU_SQ^YV aQbb]QcaYSQVcbp [Q[ `VaVf_U _c
_RjVT_ [ hQbc^_]d5 Q S hQbc^lf b\dhQpf b _RkV[c_] _Rlh^_ ]_W^_
bSpXQcm R_\miV Y^e_a]QgYY5 ^VWV\Y S b\dhQV _RjV]7
3 cVa]Y^Qf bcad[cda UQ^^lf5 aQb`_\_WV^^lf S `Q]pcY5 ^Qb\VU_SQ6
^YV `aVUbcQS\pVc b_R_Z U_RQS\V^YV ^_Slf `_\VZ UQ^^lf [ aQ^VV _`Y6
bQ^^_Z bcad[cdaV b gV\mo dc_h^V^Yp bSVUV^YZ _R _`YblSQV]_] _Rk6
V[cV7 @dbcm5 ^Q`aY]Va5 d ^Qb Y]VVcbp bcad[cdaQ UQ^^lf5 _`YblSQo6
jQp `Vab_^d 1hV\_SV[Q2 Y b_UVaWQjQp `_\p U\p Y]V^Y5 `_\Q Y T_UQ
a_WUV^YpC
CDBE3D @5BC?> K
381B >1=5d?=fD
381B C5HD 88 ’=’ ?B ’6’
9>D I51Bh?6h29BD8D

‫ ݷ‬:97?7 >Qb\VU_SQ^YV Y `_\Y]_aeYX]

:A<

MD

@dbcm cV`Vam ^Q] `_^QU_RY\Qbm bcad[cdaQ UQ^^lf5 _`YblSQojQp bcd6
UV^cQ 1hQbc^lZ b\dhQZ `Vab_^l27 ?c^_bYcV\m^_ bcdUV^cQ ^Qb ]_WVc
Y^cVaVb_SQcm [_U b`VgYQ\m^_bcY5 ^_]Va [dabQ Y `_[QXQcV\m db`VSQV]_6
bcY 1baVU^YZ RQ\\27 3]VbcV b cV]5 ^Vb_]^V^^_5 bcdUV^c ‑ nc_ c_WV hV\_6
SV[5 cQ[ hc_ V]d `aYbdjY Y bS_ZbcSQ5 _RjYV U\p SbVf `Vab_^C Y]p5 `_\ Y
T_U a_WUV^YpD Y^QhV T_S_ap5 ]l ]_WV] `VaVZcY _c _RjVT_ 1`Vab_^Q2 [
hQbc^_]d 1bcdUV^c25 U_RQSYS dc_h^pojYV bSVUV^Yp5 Y bUV\Qcm nc_ ]_W6
^_ b `_]_jmo ]VfQ^YX]Q ^Qb\VU_SQ^Yp7 >Q BY44 nc_ XQ`YblSQVcbp
cQ[C
CDBE3D CDE45>D C @5BC?> K
9>D 3?45D
9>D I51BD
6 `\ob U_`_\^YcV\m^lV `_\pC
CDE45>D C:D
CDB3@I1C:7>1=55 2S?8> M?522D
C:7C5H F ’=’D
C:7I51Bh?6h29BD8 F :BABD
C:73?45 F >:D

Bcad[cdaQ @5BC?> S UQ^^_] b\dhQV ^QXlSQVcbp RQX_S_Z Y\Y a_UY6
cV\mb[_Z5 Q bcad[cdaQ CDE45>D ‑ d^Qb\VU_SQ^^_Z Y\Y `_a_W6
U‫_^^ݷ‬Z5 Y^_TUQ U_hVa^VZ7 CQ[WV d`_caVR\pocbp cVa]Y^l ‫`ݷ‬aVU_[‫ݷ‬
Y ‫_`ݷ‬c_]_[‫ ݷ‬1S UQ^^_] b\dhQV b__cSVcbcSV^^_ U\p @5BC?> Y CDE45>D27
AQb`_\_WV^YV `_\VZ `VaV]V^^_Z C: S `Q]pcY `_[QXQ^_ ^Q aYb7 :97D5 d^Qb\VU_SQ^^_Z _c @5BC?>5 aQb`_\QTQocbp ^Q cVf WV ]VbcQf
1`_ cV] WV b]VjV^Yp] _c^_bYcV\m^_ ^QhQ\Q25 TUV _^Y aQb`_\QTQ\Ybm
Rl S bcad[cdaV @5BC?>7 @_\dhQVcbp5 hc_ ]l ]_WV] `aY ^V_Rf_UY]_bcY
aQR_cQcm b `VaV]V^^_Z C: c_h^_ cQ[5 [Q[ Vb\Y Rl _^Q Rl\Q `VaV]V^^_Z
cY`Q @5BC?>5 Q ^V cY`Q CDE45>D7 3QW^_ `_^Y]Qcm5 hc_ _RaQc^_V ^VSVa6
^_C S bcad[cdaV @5BC?> _cbdcbcSdoc `_\p5 [_c_alV _WYUQ\Ybm Rl _c
bcad[cdal CDE45>D7 3 bSpXY b ncY] BY44 aQXaViQVc ^VpS^_V `aV6
_RaQX_SQ^YV QUaVbQ `VaV]V^^_Z `_a_WU‫_^^ݷ‬T_ cY`Q S QUaVb
_RkV[cQ a_UYcV\mb[_T_ cY`Q5 S ^QiV] `aY]VaV CDE45>D3 S @5BC?>37
B__cSVcbcSdojYV `aV_RaQX_SQ^Yp aQXaViV^l [Q[ U\p d[QXQcV\VZ5 cQ[
Y U\p bbl\_[7 >Q`aY]Va5 b\VUdojYV bca_[Y `_\^_bcmo [_aaV[c^lC

:A=

PXl[ BY445 ??@ Y 1C5

student

sex

person

name

year_of_birth
code
year
average

AYb7 :97D C:D
@5BC?> 3@D
@ F 6C:D
@5BC?> 6B56 F C:D

6b\Y S `a_TaQ]]V _`YbQ^Q ed^[gYp5 `aY^Y]QojQp `QaQ]Vca_] d[QXQ6
cV\m Y\Y bbl\[d ^Q _RkV[c cY`Q @5BC?>5 VZ RVX [Q[Yf6\YR_ b\_W^_bcVZ
]_W^_ `VaVUQcm b__cSVcbcSV^^_ d[QXQcV\m Y\Y bbl\[d ^Q _RkV[c cY`Q
CDE45>DC
F?94 61@5BC?> 6@5BC2 K 777 M
88 777
CDE45>D C:D
88 777
61C:2D 88 [_aaV[c^_1

Nc_ bS_ZbcS_ `aVU[_S5 `_c_][_S Y Yf QUaVb_S ^QXlSQVcbp `_\Y]_a6
eYX]_] QUaVb_S 1aVWV ‑ `_\Y]_aeYX]_] bbl\_[ 2D S _c\YhYV _c
aQbb]_caV^^lf aQ^VV `a_pS\V^YZ `_\Y]_aeYX]Q5 nc_c ^_SlZ VT_ SYU
Y]VVc [ _RkV[c^_6_aYV^cYa_SQ^^_]d `a_TaQ]]Ya_SQ^Yo bQ]_V `ap]_V
_c^_iV^YV7 AQXaVi‫_^^ݷ‬V S _RkV[c^_6_aYV^cYa_SQ^^lf pXl[Qf ^VpS^_V
`aV_RaQX_SQ^YV QUaVb_S 1d[QXQcV\VZ2 Y bbl\_[ _c cY`Q6`_c_][Q [ cY6
`d6`aVU[d ]l RdUV] ^QXlSQcm `aV_RaQX_SQ^YV] `_ XQ[_^d `_\Y6
]_aeYX]Q7
=l `_UaQXd]VSQV]5 hc_ `_\Y]_aeYX]5 [Q[_Z Rl VT_ SYU ]l ^Y aQbb]QcaY6
SQ\Y5 b_bc_Yc S c_]5 hc_ _`VaQgYp Y\Y UVZbcSYV5 _R_X^QhQV]lV _U^Y] Y cV] WV
bY]S_\_]5 [_aaV[c^_ Sl`_\^pocbp U\p _`VaQ^U_S Y\Y `QaQ]Vca_S aQX\Yh^lf
cY`_S7 HQbc_ SbcaVhQVcbp ^V]^_T_ Y^_V `_^Y]Q^YV `_\Y]_aeYX]QC hc_ _U^_ Y c_

‫ ݷ‬:97?7 >Qb\VU_SQ^YV Y `_\Y]_aeYX]

:A>

WV _R_X^QhV^YV Yb`_\mXdVcbp U\p aQX^lf UVZbcSYZ5 SlRYaQV]lf S XQSYbY]_bcY
_c cY`_S `QaQ]Vca_S7 6b\Y `_\Y]_aeYX] `_^Y]Qcm cQ[5 c_ ^Qi ‫\_`ݷ‬Y]_aeYX]
QUaVb_S‫` ݷ‬VaVbcQ^Vc Rlcm5 b_RbcSV^^_ T_S_ap5 `_\Y]_aeYX]_]5 SVUm XUVbm5 ^Q6
`a_cYS5 UVZbcSYp 1cVf^YhVb[Y2 Sl`_\^pocbp b_SVaiV^^_ _UY^Q[_SlV S^V XQSY6
bY]_bcY _c cY`QD `aY nc_] aQbb]_caV^^lV aQ^VV SYUl `_\Y]_aeYX]Q cQ[_]d
`_^Y]Q^Yo S`_\^V b__cSVcbcSdoc7 CQ[ Y\Y Y^QhV5 `aY]V^pV]Qp cVa]Y^_\_TYp
]_WVc aQX\YhQcmbp _c Ybc_h^Y[Q [ Ybc_h^Y[d7

:97?7C27 ?`Y6
blSQp S [\QbbV hYbc_ SYacdQ\m^do ed^[gYo5 `a_TaQ]]Ybc Y^e_a]Y6
adVc [_]`Y\pc_a5 hc_ ed^[gYp b cQ[Y] `a_eY\V] RdUVc bdjVbcS_SQcm
S_ SbVf [\QbbQf6`_c_][Qf5 hc_ `_U ^V‫^ ݷ‬dW^_ XQaVXVaSYa_SQcm `_XYgYo
S cQR\YgV SYacdQ\m^lf ed^[gYZ5 ^_ `aY nc_] bQ]Q ed^[gYp 1V‫ ݷ‬cV\_2
U\p RQX_S_T_ [\QbbQ _`YblSQcmbp ^V RdUVc5 cQ[ hc_ X^QhV^YV QUaVbQ nc_Z
ed^[gYY S cQR\YgV SYacdQ\m^lf ed^[gYZ b\VUdVc _bcQSYcm ^d\VSl]7
BY^cQ[bYb _`YbQ^Yp hYbc_ SYacdQ\m^_Z ed^[gYY cQ[_SC
3Qb\VU_SQ^YV Y `_\Y]_aeYX]

:B@

_`YblSQVcbp f_cp Rl _U^Q YX ed^[gYZ5 _RkpS\V^^lf S RQX_S_] [\Qb6
bV [Q[ hYbc_ SYacdQ\m^lV5 [_]`Y\pc_a bhYcQVc5 hc_ ed^[gYp _bcQ\Qbm
hYbc_ SYacdQ\m^_ZD cQ[_Z [\Qbb6`_c_]_[ bhYcQVcbp QRbcaQ[c^l]5 [Q[
Y VT_ `aVU_[7
@_Ulc_WY] ^QiY aQbbdWUV^Yp7 Hc_Rl b__cSVcbcS_SQcm `aY^gY`Q]
_RkV[c^_6_aYV^cYa_SQ^^_T_ `a_TaQ]]Ya_SQ^Yp5 ^Q] b\VUdVc _`YbQcm
[\Qbb5 `aVUbcQS\pojYZ QRbcaQ[c^do TV_]VcaYhVb[do eYTdad5 _R\Q6
UQojdo gSVc_] Y [__aUY^QcQ]Y c_h[Y `aYSpX[Y5 ^_ ^V _R\QUQojdo
[_^[aVc^_Z e_a]_ZD ^QX_S‫ ]ݷ‬nc_c [\Qbb PB1@8X2:53D7 ;\Qbbl Y9H5<
Y L9B31 C @E21CCNY?112
K
G895HDD
451 ^V
RdUVc SlXSQ^5 c_ ncY n\V]V^cl `aVSaQcpcbp S ‫]ݷ‬db_a‫ݷ‬5 c_ Vbcm RdUdc
`_6`aVW^V]d XQ^Y]Qcm `Q]pcm5 ^V `aY^_bp ^Y[Q[_Z `_\mXl7

;9;

PXl[ BY445 ??@ Y 1C5

?RkpS\V^YV UVbcad[c_aQ [Q[ SYacdQ\m^_T_ `aQ[cYhVb[Y ^V `aYS_6
UYc [ aQbf_Ud `Q]pcYC cQR\YgQ SYacdQ\m^lf ]Vc_U_S dSV\YhYSQVcbp
^Q _UY^ b\_c5 XQ^Y]Qp ^Vb[_\m[_ \Yi^Yf RQZc_S ^Q [QWUlZ ^_SlZ
[\Qbb 1^V _RkV[c127 @aY nc_] bQ] eQ[c ^Q\YhYp S [\QbbV SYacdQ\m6
^lf ed^[gYZ d[QXlSQVc ^Q c_5 hc_ `aY aQR_cV b _RkV[cQ]Y [\QbbQ
RdUVc Q[cYS^_ Yb`_\mX_SQcmbp `_\Y]_aeYX]7 @aY _`YbQ^YY [\QbbQ S
R_\miY^bcSV b\dhQVS cadU^_ `aVUb[QXQcm5 RdUdc \Y _RkV[cl `_c_][_S
cQ[_T_ [\QbbQ d^Yhc_WQcmbp _`VaQc_a_] 455h7D85 Q
d[QXQcV\m ^Q bQ] ]QbbYS ]l ^QX_S‫` ]ݷ‬a_bc_ C35>5C
9>D C35>5h7D8D
PB1@8X2:53D 33C35>5D

;_TUQ `VaV]V^^Qp C35>5h7D8 cV] Y\Y Y^l] b`_b_R_] `_\dhYc X^Q6
hV^YV 1^Q`aY]Va5 _^_ RdUVc `a_hYcQ^_ YX eQZ\Q25 ]_W^_ RdUVc XQSVbcY
]QbbYSC
;< >Q`_]^Y]5 hc_ `_U bgV^_Z S [_]`mocVa^_Z TaQeY[V _Rlh^_ `_^Y]QVcbp SVbm
^QR_a TaQeYhVb[Yf _RkV[c_S5 SYUY]lf _U^_SaV]V^^_7

‫ ݷ‬:97?7 >Qb\VU_SQ^YV Y `_\Y]_aeYX]

;9<

C35>5 F >5G PB1@8X2:53D3dC35>5h7D8fD

CV`Vam R\QT_UQap `_\Y]_aeYX]d _[QXlSQocbp [_aaV[c^l5 ^Q`aY]Va5
b\VUdojYV `aYbSQYSQ^Yp 1`aY db\_SYY5 [_^Vh^_5 hc_ 9 ^V `aVSliQVc
C35>5h7D82C
C35>5d9f F >5G Y9H55 :>7@>5 9H6699992D
88 777
C35>5d9f F >5G L9B35 9H99>>995 2D
88 777
C35>5d9f F >5G \AE1B51>>795 5 9H99A9A95 :9792D
88 777

Y c_]d `_U_R^lV7 D ^Qb `_\dhY\bp ]QbbYS d[QXQcV\VZ cY`Q
PB1@8X2:53D35 [QWUlZ YX [_c_alf ^Q bQ]_] UV\V d[QXlSQVc ^Q ^V[_6
c_alZ _RkV[c [\QbbQ6`_c_][Q7 >Q] ]_WVc S_SbV ^Y[_TUQ R_\miV ^V
`_caVR_SQcmbp X^Qcm5 ^Q _RkV[cl [Q[_T_ cY`Q d[QXlSQoc [_^[aVc^lV
d[QXQcV\Y S ^QiV] ]QbbYSV7 3^V XQSYbY]_bcY _c [_^[aVc^lf cY`_S
]l S`_\^V ]_WV] `VaV]VjQcm _RkV[cl `_ n[aQ^d5 TQbYcm Yf Y b^_6
SQ _caYb_SlSQcm5 SVUm ]Vc_Ul \8?G5 Q945 Y V?F5 U_bcd`^l U\p [\Qb6
bQ PB1@8X2:53D5 Q X^QhYc5 ]_Tdc Rlcm SlXSQ^l `_ d[QXQcV\o cY`Q
PB1@8X2:53D3 RVX dc_h^V^Yp cY`Q _RkV[cQ7 C_h^_ cQ[Y] WV _RaQX_]
R\QT_UQap ^Q\YhYo SYacdQ\m^_T_ UVbcad[c_aQ ]_W^_ d^Yhc_WYcm SbV
_RkV[cl bgV^l5 Q `_c_] Y bQ]d bgV^dC
6?B19>D 9F9D 9EC35>5h7D8D 9442
455d9fD
455D

@_U_R^lV bYcdQgYY hQbc_ S_X^Y[Qoc S R_\VV6]V^VV b\_W^lf `a_TaQ]6
]Qf7 @_b[_\m[d [_^[aVc^lV ]Vc_Ul5 [_c_alV ^dW^_ SlXlSQcm5 bcQ^_6
Spcbp YXSVbc^l c_\m[_ S_ SaV]p Yb`_\^V^Yp `a_TaQ]]l5 cQ[_Z SYU `_6
\Y]_aeYX]Q ^QXlSQVcbp UY^Q]YhVb[Y] `_\Y]_aeYX]_]D _^ bcQ6
^_SYcbp S_X]_WV^ R\QT_UQap ]VfQ^YX]d SYacdQ\m^lf ed^[gYZ Y pS\p6
Vcbp S [_^Vh^_] Yc_TV Yf `aVU^QX^QhV^YV]7

:97?7::7 @aYSQc^lV Y XQjYj‫^^ݷ‬lV UVbcad[c_al
DRYaQp UVbcad[c_a YX `dR\Yh^_T_ U_bcd`Q5 ]l ]_WV] `_\dhYcm
bS_V_RaQX^lV neeV[cl5 Y^_TUQ U_S_\m^_ `_\VX^lV ^Q `aQ[cY[V7 6b\Y
UVbcad[c_a _`YbQcm S bV[gYY @B9F1D5C5 nc_ RdUVc _X^QhQcm5 hc_ d^Yhc_6
WV^YV _RkV[cQ ^QiVT_ [\QbbQ S_X]_W^_ c_\m[_ S VT_ ]Vc_UQf Y UadWV6
bcSV^^lf ed^[gYpfD UVbcad[c_a S bV[gYY @B?D53D54C U_RQSYc [ nc_]d
Vj‫_` ݷ‬c_][_S ^QiVT_ [\QbbQ7
?RkV[c [\QbbQ5 Y]VojVT_ `aYSQc^lZ UVbcad[c_a5 XQ `aVUV\Q]Y VT_
]Vc_U_S Y ‫ݷ‬UadXVZ‫^ ݷ‬V\mXp RdUVc b_XUQcm S SYUV `a_bc_Z 1\_[Q\m^_Z

;9=

PXl[ BY445 ??@ Y 1C5

Y\Y T\_RQ\m^_Z2 `VaV]V^^_Z5 SVUm `aY nc_] [_]`Y\pc_a U_\WV^ RdUVc
SbcQSYcm S [_U SlX_S UVbcad[c_aQ 1U\p \_[Q\m^lf `VaV]V^^lf ‑ `aY
XQSVaiV^YY ed^[gYY5 U\p T\_RQ\m^lf ‑ `aY XQSVaiV^YY Sl`_\^V^Yp
`a_TaQ]]l25 ^_ ]l V]d nc_ UV\Qcm XQ`aVcY\Y7 Nc_c neeV[c Y^_TUQ
Yb`_\mXdoc5 hc_Rl b_XUQcm cY` _RkV[cQ5 SbVTUQ aQX]VjQV]_T_ S UY^Q6
]YhVb[_Z `Q]pcYD _Rlh^_ cQ[YV _RkV[cl `aY cVf Y\Y Y^lf _Rbc_pcV\m6
bcSQf dUQ\poc bVRp bQ]Y ‑ ^Q`aY]Va5 ]_W^_ `aVUdb]_caVcm U\p nc_T_
S [\QbbV b`VgYQ\m^lZ ]Vc_U5 hc_6c_ Sa_UV
3? 45CDBE3D9?>5 453DBE3D?B 9C @B9F1D5
@E2

‫ ݷ‬:97?7 >Qb\VU_SQ^YV Y `_\Y]_aeYX]
;=

Ul RQX_Slf [\Qbb_S5 Y]VojYV cQ[_V WV Y]p 7 6b\Y aVhm YU‫ݷ‬c
S _R_Yf b\dhQpf _R Y]V^Y `_\p Y\Y _ ed^[gYpf6]Vc_UQf b _UY^Q[_6
Sl] `a_eY\V] 1c7 V7 _UY^Q[_Sl] [_\YhVbcS_] Y cY`Q]Y `QaQ]Vca_S25
`aQSY\_ b_[alcYp _[QXlSQVcbp U_bcQc_h^_ _hVSYU^l]7 ?hVSYU^_ _^_
Y U\p b\dhQp5 [_TUQ S RQX_S_] [\QbbV Y]VVcbp ed^[gYp b Y]V^V] H5 Q S
`_a_WU‫ ]_^^ݷ‬SS_UYcbp `_\V H5 Y\Y ^Q_R_a_c ‑ SVUm U\p Y]‫\_` ^ݷ‬VZ S
BY44 `VaVTadX[Q ^V `aVUdb]_caV^Q7 >Q`aY]VaC
3D 22D
MD
31=93h31CD5 3?>CDh31CD Y\Y
B59>D5B@B5Dh31CD25 XQcV] S dT\_Slf b[_R[Qf bcQSYcbp Y]p ^_S_T_ cY6
`Q Y5 ^Q[_^Vg5 S [adT\lf b[_R[Qf XQ`YblSQVcbp bQ]_ SlaQWV^YV5 cY`
[_c_a_T_ ^V_Rf_UY]_ YX]V^Ycm5 ^Q`aY]VaC
\AE1B5 3C@ F CD1D93h31CDE\AE1B53G1C35>5d9f2D

3 _c\YhYV _c _`VaQgYY `aYSVUV^Yp cY`_S S pXl[V BY5 [_c_aQp `aY]V^p6
\Qbm U\p \oRlf b\dhQVS ‫ݷ‬adh^_T_‫ ݷ‬1pS^_T_2 YX]V^V^Yp cY`Q5 [QWUQp
YX _`VaQgYZ BY44 `aVU^QX^QhV^Q U\p bS_VT_ b\dhQp7 CQ[5 _`VaQgYp
3?>CDh31CD `_XS_\pVc b^pcm Y\Y5 ^Q_R_a_c5 dbcQ^_SYcm b[_\m[_ dT_U^_
]_UYeY[Qc_a_S 3?>CD;> D `_`lc[Q bUV\Qcm b V‫_]_` ݷ‬jmo \oR_V UadT_V
YX]V^V^YV cY`Q SlX_SVc _iYR[d `aY [_]`Y\pgYYC
;> CQ[WV ncQ _`VaQgYp aQR_cQVc b ]_UYeY[Qc_a_] F?CD 9>D 3AD
3?>CD 381B 3CD
88 777
A F @D 88 ]_W^_ RVX `aV_RaQX_SQ^Yp
@ F AD 88 ?I92;11 b^pcYV 3?>CD
@ F 3?>CDh31CDE9>D3G1A2D 88 `aQSY\m^_
@ F 3?>CDh31CDE9>D3G1C2D 88 ?I92;11

?c]VcY]5 hc_ ^Q\YhYV S pXl[V _`VaQgYY 3?>CDh31CD ^V _c]V^pVc _`Qb6
^_bcY cQ[_T_ `aV_RaQX_SQ^Yp7 AVQ\m^Qp `_caVR^_bcm S _Rf_UV [_^bcQ^c6
^_Z XQjYcl S_X^Y[QVc [aQZ^V aVU[_D `aVWUV hV] `aY]V^pcm `aV_RaQ6
X_SQ^YV5 `_Ud]QZcV5 Sb‫\ ݷ‬Y Sl `aQSY\m^_ UV\QVcV5 ^V XQRl\Y \Y Sl5
^Q`aY]Va5 `_]VcYcm b\_S_] 3?>CD ed^[gYo6]Vc_U5 ^V YX]V^pojdo
b_bc_p^YV _RkV[cQ5 Y c7 `7 5\p `aY]V^V^Yp _`VaQgYY 3?>CDh31CD
^dW^l _hV^m SVb[YV `aYhY^l5 Y bQ[aQ]V^cQ\m^_V ‫ݷ‬RVX ^V‫ݷ‬
^V aQR_cQVc‫ ݷ‬cQ[_Z `aYhY^_Z bhYcQcm ^V\mXp7 3 ^V[_c_alf `a_6
TaQ]]Ybcb[Yf [_\\V[cYSQf ^Q [QWU_V `aY]V^V^YV 3?>CDh31CD ^dW^_
`_\dhYcm \Yh^_V aQXaViV^YV ad[_S_UYcV\p aQXaQR_c[Y7
?`VaQgYp CD1D93h31CD `aVU^QX^QhV^Q U\p aQR_cl b ^Qb\VUdV]l]Y
_RkV[cQ]Y Y `_XS_\pVc `aV_RaQX_SQcm d[QXQcV\m Y\Y bbl\[d S ^Q`aQS6
\V^YY5 `a_cYS_`_\_W^_] XQ[_^d `_\Y]_aeYX]Q5 c7 V7 _c RQX_S_T_ [\Qb6
bQ [ `_a_WU‫]_^^ݷ‬d7 @_`lc[Q `a_YXSVbcY \oR_V UadT_V `aV_RaQX_SQ^YV
SlX_SVc _iYR[d7 @aYSVU‫` ]ݷ‬aY]ValC
3CD 1UV\Qcm c_5 U\p hVT_ `aVU^QX^QhV^
3?>CDh31CD27 AV[_]V^UdVcbp S \oR_] b\dhQV `aY]V^pcm 3?>CDh31CD5
CD1D93h31CD Y B59>D5B@B5Dh31CD5 Q ^V _`VaQgYo BY5 `_b[_\m[d cQ6
[YV `aV_RaQX_SQ^Yp caVRdoc _b_R_T_ S^Y]Q^Yp5 Q SlaQWV^YV b Yb`_\m6
X_SQ^YV] h31CD \dhiV XQ]Vc^_ S cV[bcV `a_TaQ]]l5 hV] Y]p cY`Q S
b[_R[Qf7
>Vb[_\m[_ _b_R_V ]Vbc_ XQ^Y]QVc _`VaQgYp 4I>1=93h31CD7 CaY _`V6
aQgYY5 [_c_alV ]l aQbb]_caV\Y SliV5 b\dWQc U\p d`aQS\V^Yp bY6
bcV]_Z [_^ca_\p cY`_S5 c7 V7 U\p d`aQS\V^Yp [_]`Y\pc_a_]5 Y ^V `_6
a_WUQoc UVZbcSYZ5 Sl`_\^pV]lf S_ SaV]p aQR_cl `a_TaQ]]l;? 7 ?`V6
aQgYp 4I>1=93h31CD5 S _c\YhYV _c _bcQ\m^lf5 `aVU`_\QTQVc `a_SVUV6
^YV ^VcaYSYQ\m^_Z `a_SVa[Y S_ SaV]p Yb`_\^V^Yp `a_TaQ]]l7 @_U_R6
^_ _`VaQgYY CD1D93h31CD5 _`VaQgYp 4I>1=93h31CD `aVU^QX^QhV^Q U\p
`aV_RaQX_SQ^Yp QUaVb_S _RkV[c_S S ^Q`aQS\V^YY5 `a_cYS_`_\_W^_] XQ6
[_^d `_\Y]_aeYX]Q5 c7 V7 _c QUaVbQ `aVU[Q [ QUaVbd `_c_][Q7 3 b\dhQV
b_ CD1D93h31CD _cSVcbcSV^^_bcm XQ [_aaV[c^_bcm cQ[_Z _`VaQgYY S_X6
\QTQVcbp ^Q `a_TaQ]]YbcQC Y]V^^_ `a_TaQ]]Ybc cV] Y\Y Y^l] b`_b_6
R_] U_\WV^ dRVUYcmbp5 hc_ `aV_RaQXdV]lZ QUaVb 1RdUm c_ d[QXQcV\m
Y\Y bbl\[Q2 d[QXlSQVc ^Q _RkV[c ^dW^_T_ cY`Q7 6b\Y WV `aY]V^Ycm
4I>1=93h31CD5 c_ _^Q bQ]Q `a_SVU‫ݷ‬c `a_SVa[d Y S b\dhQV5 Vb\Y `aV_R6
aQX_SQ^YV ^V[_aaV[c^_ 1c_ Vbcm `_ XQUQ^^_]d QUaVbd S `Q]pcY ^V ^Q6
f_UYcbp _RkV[c ^dW^_T_ cY`Q25 SVa^‫ݷ‬c ^d\VS_Z d[QXQcV\m7 >Q ]_]V^c
^Q`YbQ^Yp `a_TaQ]]l S _RjV] b\dhQV cY` _RkV[cQ ^VYXSVbcV^5 cQ[ hc_
`a_SVa[Q `a_S_UYcbp S_ SaV]p Yb`_\^V^Yp5 c7 V7 UY^Q]YhVb[Y5 _cboUQ
^QXSQ^YV _`VaQgYY7
@a_SVa[Q cY`Q `a_YXS_UYcbp ^Q _b^_SQ^YY X^QhV^Yp d[QXQcV\p
^Q cQR\Ygd SYacdQ\m^lf ed^[gYZD UV\_ S c_]5 hc_ cQ[Qp cQR\YgQ
d^Y[Q\m^Q U\p [QWU_T_ [\QbbQ5 Y]VojVT_ SYacdQ\m^lV ]Vc_Ul5 c7 V7
V‫ ݷ‬QUaVb _U^_X^Qh^_ YUV^cYeYgYadVc [\Qbb _RkV[cQ7 ;Q[ b\VUbcSYV5
4I>1=93h31CD ]_WVc aQR_cQcm c_\m[_ b [\QbbQ]Y 1Y\Y bcad[cdaQ6
]Y25 Y]VojY]Y SYacdQ\m^lV ed^[gYY7 3 ^V[_c_alf Ybc_h^Y[Qf cQ[YV
[\Qbbl ^QXlSQoc `_\Y]_ae^l]Y5 hc_ ^V b_SbV] [_aaV[c^_C [Q[ ]l
SYUV\Y5 `_\Y]_aeYX] S _`aVUV\‫ ]_^^ݷ‬b]lb\V aQR_cQVc Y U\p [\Qbb_S5
^V Y]VojYf SYacdQ\m^lf ed^[gYZ7
?c]VcY] Vj‫_ ݷ‬UY^ ^V]Q\_SQW^lZ ]_]V^c7 ?Rlh^_ aVQ\YXQgYY
4I>1=93h31CD SVbm]Q ^VneeV[cYS^l `_ SaV]V^Y Yb`_\^V^Yp ‑ `_`a_6
;? ;a_]V

`aV_RaQX_SQ^Yp ]VWUd gV\l]Y hYb\Q]Y Y hYb\Q]Y b `\QSQojVZ c_h[_Z5
hc_ caVRdVc ^V[Yf UVZbcSYZD Y^_TUQ [_]`Y\pc_ad `aYf_UYcbp YX]V^Ycm Y hYb\V^^_V
X^QhV^YV d[QXQcV\p5 ^_ S ^QiVZ [^YTV ^V aQbb]QcaYSQocbp ]VfQ^YX]l5 `_a_WUQo6
jYV cQ[do ^V_Rf_UY]_bcm7

;:9

PXl[ BY445 ??@ Y 1C5

bcd T_S_ap5 aQR_cQoc _hV^m ]VU\V^^_7 @_nc_]d X\_d`_caVR\pcm nc_Z
_`VaQgYVZ ^V b\VUdVc7 3 UVZbcSYcV\m^_bcY RdUVc \dhiV S__RjV RVX ^V‫ݷ‬
_R_ZcYbm7
@aV_RaQX_SQ^YV 4I>1=93h31CD d]VVc aQR_cQcm ^V c_\m[_ b d[QXQcV\p]Y5 ^_
Y b_ bbl\[Q]YD `aY nc_] `_^pcYp ‫^ݷ‬d\VS_Z bbl\[Y‫ ݷ‬S `aYa_UV ^V bdjVbcSdVc5
`_nc_]d `aY _caYgQcV\m^_] aVXd\mcQcV `a_SVa[Y cQ[_Z 4I>1=93h31CD SlRaQ6
blSQVc ^V[_V ‫ݷ‬bcQ^UQac^_V Yb[\ohV^YV‫ݷ‬7 Hc_Rl _RaQR_cQcm VT_5 `aYU‫ݷ‬cbp `_U6
[\ohYcm XQT_\_S_h^lZ eQZ\ bcQ^UQac^_Z RYR\Y_cV[Y5 Q UQ\miV5 [Q[ T_S_apc5
[_T_c_[ dSpX ‑ SbVZ `cYh[V `a_`Qbcm7 3 UVZbcSYcV\m^_bcY ^Vc ^Y[Q[Yf `aY6
hY^ `aY]V^pcm 4I>1=93h31CD [ bbl\[Q]C Vb\Y d SQb bbl\[Q5 Q ^V d[QXQcV\m5
`aY]V^YcV [ ^VZ _`VaQgYo SXpcYp QUaVbQ5 `aVSaQcYS V‫ ݷ‬cV] bQ]l] S _Rlh^lZ
d[QXQcV\m5 Sl`_\^YcV 4I>1=93h31CD5 `a_SVamcV aVXd\mcQc ^Q ^VaQSV^bcS_ ^d\o
Y aQXl]V^dZcV VT_ _RaQc^_7

:97?7:>7 9VaQafYY Yb[\ohV^YZ
@aY _RbdWUV^YY `aV_RaQX_SQ^YZ cY`_S SlaQWV^YZ S _RaQR_chY[Qf
Yb[\ohYcV\m^lf bYcdQgYZ 1b]7 bca7 :A:2 ]l _c]VcY\Y5 hc_ _U^Y] YX
^QYR_\VV SQW^lf SYU_S `aV_RaQX_SQ^Yp pS\pVcbp `aV_RaQX_SQ^YV `_
XQ[_^d `_\Y]_aeYX]Q5 _U^Q[_ `_Ua_R^_V _RbdWUV^YV nc_T_ _c\_WY\Y5
`_b[_\m[d ^Q c_c ]_]V^c Vj‫^ ݷ‬V Rl\_ SSVUV^_ `_^pcYV ^Qb\VU_SQ^Yp7
3_XSaQjQpbm [ nc_]d S_`a_bd5 XQ]VcY]5 hc_ caVcYZ Y `_b\VU^YZ SYU
U_`dbcY]lf `aV_RaQX_SQ^YZ _c cY`Q SlaQWV^Yp S _`VaQc_aV D8B?G [
cY`d5 d[QXQ^^_]d S XQT_\_S[V 31D38 ‑ nc_ `aV_RaQX_SQ^YV QUaVbQ 1c7 V7
d[QXQcV\p Y\Y bbl\[Y2 _RkV[cQ6`_c_][Q [ b__cSVcbcSdojV]d QUaVb^_6
]d cY`d _RkV[cQ6`aVU[Q7 6b\Y ]l _`YiV] USQ [\QbbQ5 d^Qb\VU_SQS _UY^
_c UadT_T_C
3Qb\VU_SQ^YV Y `_\Y]_aeYX]

;::

‑ ^VU_`dbcY]Qp [_]RY^QgYp caVR_SQ^YZ 1^Q`aY]Va5 _U^_SaV6
]V^^_V caVR_SQ^YV d`_apU_hYSQ^Yp `_ S_XaQbcQ^Yo Y `_
dRlSQ^Yo2D
∙ _iYR[Y5 _Rdb\_S\V^^lV baVU_Z Sl`_\^V^YpC







_cbdcbcSYV eQZ\_S5 ^dW^lf U\p aQR_clD
`VaV`_\^V^YV UYb[QD
`a_hYV _iYR[Y _`VaQgYZ SS_UQ6SlS_UQD
^VfSQc[Q _`VaQcYS^_Z `Q]pcYD
_iYR[Y `aY aQR_cV b bVcmoD
Y c7 `7

∙ _iYR[Y S bQ]_Z `a_TaQ]]V5 caVRdojYV V‫ ݷ‬Yb`aQS\V^Yp 1^Q`aY6
]Va5 `VaV]V^^Qp `aY^Y]QVc X^QhV^YV5 [_c_a_V Sa_UV Rl `aY^Y6
]Qcm ^V U_\W^Q27
?`YiV] cV`Vam [\Qbb NBB?B5 b__cSVcbcSdojYZ `_^pcYo ‫\ݷ‬oRQp _iYR6
[Q‫ݷ‬7 3 `_\^_] b__cSVcbcSYY b `aY^gY`Q]Y _RkV[c^_6_aYV^cYa_SQ^6
^_T_ `a_TaQ]]Ya_SQ^Yp `VaVZU‫_ ]ݷ‬c _RjVT_ [ hQbc^_]d5 d^Qb\VU_6
SQS _c [\QbbQ NBB?B `_U[\Qbbl ^C5BNBB?B5 NHD5B>13?BB53DR>@ED5 `B?>7O93?BB53DY1CCG?B4 Y c7 U7 @_b\V nc_T_
_RaQR_chY[ SYUQ
31D3813?>CD R>3?BB53DY1CCG?B46 5H2 K 83 777 38 M

RdUVc _RaQRQclSQcm c_\m[_ Yb[\ohV^Yp5 bSpXQ^^lV b ^V`aQSY\m^l]
`Qa_\V]5 c_TUQ [Q[ _RaQR_chY[ SYUQ
31D3813?>CD ^C5BNBB?B6 5H2 K 83 777 38 M

RdUVc aVQTYa_SQcm ^Q \oRlV _iYR[Y `_\mX_SQcV\p5 hc_ WV [QbQVcbp
_RaQR_chY[Q
31D3813?>CD NBB?B6 5H2 K 83 777 38 M

c_ _^ b]_WVc `_Z]Qcm S__RjV \oR_V Yb[\ohYcV\m^_V b_RlcYV YX ^QiVZ
YVaQafYY7 @_UhVa[^‫]ݷ‬5 hc_ cQ[_V `aV_RaQX_SQ^YV aQR_cQVc c_\m[_
U\p QUaVb_S5 Q ^V U\p _RkV[c_S [Q[ cQ[_SlfD Y]V^^_ `_nc_]d ]l S
XQT_\_S[Qf 31D38 Yb`_\mX_SQ\Y bbl\[Y7

;:;

PXl[ BY445 ??@ Y 1C5

:97@7 IQR\_^l
3 `a_TaQ]]Ya_SQ^YY hQbc_ S_X^Y[Qoc bYcdQgYY5 S [_c_alf `a_6
bcVZiY] Y _hVSYU^l] aViV^YV] _[QXlSQVcbp ^Q`YbQ^YV ^Vb[_\m[Yf `_6
hcY _UY^Q[_Slf 1Q Y^_TUQ Y b_SbV] _UY^Q[_Slf2 eaQT]V^c_S [_UQ7 9X6
SVbc^_5 hc_ S cQ[Yf b\dhQpf `_ZcY ‫_ݷ‬hVSYU^l]‫` ݷ‬dc‫ ‑ ]ݷ‬YUVp [aQZ^V
^VdUQh^Qp5 SVUm cV[bcl `a_TaQ]] `aYf_UYcbp YX]V^pcm5 Yb`aQS\pcm
_iYR[Y5 U_RQS\pcm ^_SlV S_X]_W^_bcY5 Y Vb\Y ^V[YZ eaQT]V^c [_UQ
RdUVc bdjVbcS_SQcm R_\VV hV] S _U^_] n[XV]`\paV5 S^_bYcm YX]V^V^Yp
`aYU‫ݷ‬cbp bY^fa_^^_ S [QWUlZ YX n[XV]`\pa_S7 @aQ[cY[Q `_[QXlSQVc5
hc_ aQ^_ Y\Y `_XU^_ ]l `a_ [Q[_Z6^YRdUm YX n[XV]`\pa_S XQRdUV]5
Yb`aQSYS SbV5 [a_]V ^VT_D S`a_hV]5 UQWV Vb\Y Rl ^V nc_5 ]VfQ^YhV6
b[Y UdR\Ya_SQcm _U^Y Y cV WV `aQS[Y S ^Vb[_\m[Yf ]VbcQf `a_TaQ]]l
_[QXlSQVcbp UV\_] dc_]YcV\m^l] Y ^V`aYpc^l]7
6b\Y eaQT]V^cl5 [_c_alV f_hVcbp ^Q`YbQcm U\p Rlbca_T_ aViV^Yp
S_X^Y[iVZ XQUQhY5 aQX\YhQocbp c_\m[_ ^V[_c_al]Y X^QhV^Yp]Y 1Y\Y
^V aQX\YhQocbp S_SbV25 R_a_cmbp b UdR\Ya_SQ^YV] [_UQ \VT[_C U_bcQ6
c_h^_ _e_a]Ycm cQ[_Z eaQT]V^c S SYUV ed^[gYY5 Y S]Vbc_ ^Vb[_\m[Yf
`_hcY _UY^Q[_Slf [db[_S [_UQ S ^QiVZ `a_TaQ]]V `_pSpcbp SlX_Sl
nc_Z ed^[gYYD aQX\YhQcmbp _^Y RdUdc X^QhV^Yp]Y `QaQ]Vca_S5 `aYh‫]ݷ‬
XQ]VcYcm _c\YhYp `aY hcV^YY cQ[_T_ [_UQ RdUVc5 aQXd]VVcbp5 T_aQXU_
`a_jV5 hV] Vb\Y Rl `aYf_UY\_bm [QWUlZ aQX bSVapcm R_\miYV eaQT6
]V^cl7 1^Q\_TYh^l] _RaQX_] _Rbc_pc UV\Q `aY aQX\YhYY `_ Y]V^Q]
`VaV]V^^lfC ]l ]_WV] S cQ[_] b\dhQV ^Q`YbQcm ed^[gYo5 S [_c_ado
RdUVc `VaVUQSQcmbp QUaVb b__cSVcbcSdojVZ `VaV]V^^_Z7
>_ hc_ UV\Qcm5 Vb\Y ^Q] `_caVR_SQ\Ybm `_hcY _UY^Q[_SlV eaQT]V^6
cl5 aQX\YhYp ]VWUd [_c_al]Y ^V bS_Upcbp [ X^QhV^Yp] SlaQWV^YZH
BQ]lZ `a_bc_Z Y hQbc_ SbcaVhQojYZbp `aY]Va cQ[_T_ a_UQ ‑ aQX\Y6
hYV cY`_S `VaV]V^^lf Y SlaQWV^YZD [Q[ `_bcd`Ycm5 Vb\Y ^Q] `_caV6
R_SQ\_bm Sl`_\^Ycm _U^Y Y cV WV UVZbcSYp5 ^_ S _U^_] b\dhQV ‑ ^QU
`VaV]V^^l]Y cY`Q 9>D5 Q S UadT_] ‑ ^QU `VaV]V^^l]Y cY`Q 4?E2QU_ b[QXQcm5 hc_ BcaQdbcad` cjQcV\m^_ _caYgQVc bSpXm iQR6
\_^_S b ]Q[a_bQ]Y ‑ ^_5 SYUY]_5 _^ `_U ]Q[a_bQ]Y `_^Y]QVc c_\m[_
c_ bcaQ^^_V ^VU_UV\Q^^_V ^Vhc_5 [_c_a_V ]l Y]VV] S hYbc_] BY5 c_TUQ
[Q[ S UVZbcSYcV\m^_bcY ]Q[a_`a_gVbbYa_SQ^YV [Q[ pS\V^YV ^Q]^_T_
b\_W^VV7
=_W^_ bhYcQcm5 hc_ iQR\_^l `aVUbcQS\poc b_R_Z Vj‫_ ݷ‬UY^
SYU `_\Y]_aeYX]Q ‑ cQ[ ^QXlSQV]lZ `QaQ]VcaYhVb[YZ `_\Y6
]_aeYX]7 @_b[_\m[d nc_c SYU `_\Y]_aeYX]Q aVQ\YXdVcbp ^Q bcQUYY
[_]`Y\pgYY5 VT_ b\VUdVc aQbb]QcaYSQcm [Q[ hQbc^lZ b\dhQZ bcQcYhV6
b[_T_ `_\Y]_aeYX]Q5 Y5 [Q[ Y UadTYV b\dhQY bcQcYhVb[_T_ `_\Y]_a6
eYX]Q5 [ ??@ _^ ^Y[Q[_T_ _c^_iV^Yp ^V Y]VVc5 hc_5 [_^Vh^_ WV5 ^V
UV\QVc VT_ ]V^VV SQW^l]7
;a_]V c_T_5 iQR\_^l ]_W^_ 1Y ^dW^_2 bhYcQcm `a_pS\V^YV] ]V6
cQ`a_TaQ]]Ya_SQ^Yp 1b]7 ‫ݷ‬B7=7_ ‑ _R_ Sb‫_` _` ]ݷ‬apU[d7

:97@7:7 IQR\_^l ed^[gYZ
AQbb]_caY] U\p `aY]VaQ ed^[gYo5 b_acYadojdo ]QbbYS gV\lf
hYbV\ ]Vc_U_] ‫`ݷ‬dXlam[Q‫ @;ݷ‬C
F?94 C?BDh9>D19>D 31BB1I5 9>D 2
;@ ;_^Vh^_5

nc_c ]Vc_U ^VneeV[cYSV^ U\p ]QbbYS_S XQ]Vc^_T_ aQX]VaQ5 ^_ U\p
`aY]VaQ _^ S`_\^V `_U_ZU‫ݷ‬c5 Y [ c_]d WV ^Q ]QbbYSQf YX UVbpc[Q n\V]V^c_S ^YhVT_
neeV[cYS^VV `a_bc_T_ ‫`ݷ‬dXlam[Q‫[_` ݷ‬Q hc_ ^V `aYUd]Q^_7

;:=

PXl[ BY445 ??@ Y 1C5

K
6?B19>D CD1BDF9D D CD1BD442 K
2??< 4?>5 F DBE5D
6?B19>D 9F6;D 9GFCD1BDD 9662
9611BB1Id94:f E 1BB1Id9f2 K
9>D D=@ F 1BB1Id9fD
1BB1Id9f F 1BB1Id94:fD
1BB1Id94:f F D=@D
4?>5 F 6152
2B51;D
M
M

@dbcm cV`Vam ^Q] `_caVR_SQ\Qbm cQ[Qp WV ed^[gYp U\p b_acYa_S[Y
]QbbYSQ YX hYbV\ cY`Q 4?E25 ]^_T_bca_h6
^lZ ]Q[a_b b _U^Y] `QaQ]Vca_]5 XQUQojY] [Q[ aQX cY` n\V]V^c_S
b_acYadV]_T_ ]QbbYSQ Y5 b__cSVcbcSV^^_5 cY` `VaV]V^^_Z D=@7
3 BY44 `a_R\V]l5 `_U_R^lV SliV_`YbQ^^_Z5 ]_W^_ aViYcm b `_6
]_jmo iQR\_^_S7 ;Q[ dWV T_S_aY\_bm5 iQR\_^ ‑ nc_ bS_VT_ a_UQ
XQT_c_S[Q U\p ed^[gYYD bQ] `_ bVRV iQR\_^ ed^[gYVZ ^V pS\pVcbp5 ^_
]_WVc Rlcm S ^V‫` ݷ‬aVSaQj‫^ݷ‬5 Vb\Y d[QXQcm X^QhV^Yp `QaQ]Vca_S7 3 UQ^6
^_] b\dhV `QaQ]Vca_] iQR\_^Q RdUVc cY` n\V]V^c_S ]QbbYSQ7 ?`YiV]
nc_c iQR\_^C
D5=@D CD1BDF9D D CD1BD442 K
2??< 4?>5 F DBE5D
6?B19>D 9F6;D 9GFCD1BDD 9662
9611BB1Id94:f E 1BB1Id9f2 K
] D=@ F 1BB1Id9fD
1BB1Id9f F 1BB1Id94:fD
1BB1Id94:f F D=@D
4?>5 F 6152
2B51;D

‫ ݷ‬:97@7 IQR\_^l

;:>

M
M

;\ohVS_V b\_S_ D5=@DG _R_X^QhQVc ed^[gYo U\p b_acYa_S[Y gV\_hYb\V^^lf
]QbbYS_S5 `_\dhV^^do YX iQR\_^Q C?BD b Yb`_\mX_SQ^YV] cY`Q 9>D S
[QhVbcSV X^QhV^Yp `QaQ]VcaQ ]C
9>D 1dDG115 Q`_]^Y]5 hc_ ]l aQbb]QcaYSQ6
\Y aQXaVWV^^lZ ]QbbYS gV\lf hYbV\7 @aY nc_] ]l ^Q`YbQ\Y [\Qbb
\@1BC5JBB1IR>D Y `_UhY^‫^^ݷ‬lZ V]d [\Qbb R>D5B=7 6b\Y ^Q] `_caVRdVc6
bp cV`Vam aQXaVWV^^lZ ]QbbYS hYbV\ UadT_T_ cY`Q Y\Y5 b[QWV]5 aQXaV6
WV^^lZ ]QbbYS bY]S_\m^lf bca_[5 c_ [_U [\QbbQ \@1BC5JBB1IR>D `aY6
U‫ݷ‬cbp `_\^_bcmo UdR\Ya_SQcm b ]Y^Y]Q\m^l]Y YX]V^V^Yp]Y5 hc_5 [Q[
]l dWV T_S_aY\Y5 ^VU_`dbcY]_7 BdjVbcSV^^_ `aQSY\m^VV RdUVc `aVSaQ6
cYcm bdjVbcSdojYZ [_U U\p gV\_hYb\V^^_T_ ]QbbYSQ S iQR\_^ ]QbbY6
SQ `a_YXS_\m^_T_ cY`Q7 @VaV`YiV] XQT_\_S_[ [\QbbQ5 `aYSVU‫^^ݷ‬lZ ^Q
bca7 :?95 S SYUV iQR\_^QC
D5=@45HD
R>D5B=1\@1BC5JBB1IE]G 31h=1CD5B5 9>D 9>42
C =1CD5B11h=1CD5B25 9>45H19>42 KM
]6 YB?F94512D
F?94 [5=?F512D
@E2D2D
MD
6B95>4 3D5B=D
R>D5B= ?@5B1D?Bdf19>D 94H2
K B5DEB> R>D5B=1D89C5 94H2D M
@B9F1D5C
\@1BC5JBB1I13?>CD \@1BC5JBB1IE]G62 KM
F?94 ?@5B1D?BF13?>CD \@1BC5JBB1IE]G62 KM
MD

‫ ݷ‬:97@7 IQR\_^l

;:@

?RaQcYcV S^Y]Q^YV5 hc_ SVXUV [ b\_Sd \@1BC5JBB1I ]l U_RQS\pV] `Q6
aQ]Vca E]G5 XQ Yb[\ohV^YV] Y]V^Y [\QbbQ Y Y]‫^_[ ^ݷ‬bcad[c_a_S Y
UVbcad[c_a_S7 5V\_ cdc S c_]5 hc_ _c^_bYcV\m^_ bQ]_T_ [\QbbQ 1c7 V7
iQR\_^Q2 [_]`Y\pc_a Y cQ[ X^QVc5 hc_ _`YblSQVcbp iQR\_^5 Y c_ WV
bQ]_V ]_W^_ b[QXQcm `a_ [_^bcad[c_al Y UVbcad[c_alD [_TUQ WV aVhm
YU‫ݷ‬c _ cY`Qf `QaQ]Vca_S S ed^[gYpf5 _ cY`Qf d[QXQcV\VZ5 Y5 ^Q[_^Vg5
_ [_^[aVc^_] UadWVbcSV^^_] [\QbbV ‑ c_ cV_aVcYhVb[Y S [QhVbcSV cQ6
[_Slf ]_Tdc Slbcd`Qcm \oRlV [\Qbbl5 S c_] hYb\V b_XUQ^^lV YX nc_T_
WV iQR\_^Q5 ^_ b `QaQ]Vca_]5 _c\Yh^l] _c ]7 @_nc_]d cY` `aYf_UYcbp
d[QXlSQcm `_\^_bcmo7 Ed^[gYY6]Vc_Ul ^QiVT_ iQR\_^Q [\QbbQ c_WV
`aYU‫ݷ‬cbp _`YblSQcm [Q[ iQR\_^l7 >Q`aY]Va5 _`YbQ^YV UVbcad[c_aQ
`aY]Vc b\VUdojYZ SYUC
D5=@DG11BB1I5 :925 :2D

3 aVXd\mcQcV `VaV]V^^lV B5C: Y B5C; `_\dhQc X^QhV^YV >>5 Q B5C< Y
B5C= ‑ X^QhV^YV E9>DG11BB1I5 :925
19>Dh9D5=3292D

8UVbm bc_Yc _RaQcYcm S^Y]Q^YV ^Q c_5 hc_ cY` `_b\VU^VT_ QaTd]V^cQ
^Q] `aYi\_bm pS^l] _RaQX_] `aYSVbcY [ 9>Dh9D5=35 Y^QhV [_]`Y\pc_a
^V b]_T Rl SlSVbcY caVcYZ `QaQ]Vca iQR\_^Q B54E35hB978D7
AVXd\mcQc_] [QWU_T_ iQTQ aVUd[gYY XUVbm bcQ^_SYcbp _hVaVU^_V
XSV^_ b`Yb[Q5 _RQ `_\p [_c_a_T_ dWV XQ`_\^V^lC 41D1 ‑ X^QhV^YV] YX
_hVaVU^_T_ n\V]V^cQ ]QbbYSQ5 >5HD ‑ QUaVb_] ‫ݷ‬fS_bcQ‫ ݷ‬b`Yb[Q5 `_bca_6
V^^_T_ S f_UV `aVUlUdjYf iQT_S aVUd[gYY7 >Q`_]^Y]5 hc_ `aQSQp aV6
Ud[gYp _X^QhQVc `aY]V^V^YV ed^[gYY [ n\V]V^cQ] `_b\VU_SQcV\m^_bcY
b`aQSQ ^Q\VS_7
9cQ[5 d[QXQcV\m D B5C> F
B54E35hDG5 U9CDY?C9D9?>E9>Dh9D5=5 9>DG1 `_\dhYc dWV X^Q[_]_V ^Q] X^QhV^YV E9>Dh9D5=5 9>DG1Dh9D5=3292D
@B9>D612e>22D
B54E35hB978D1@B9>Dh9E9>Dh9D5=5 9>DG1Dh9D5=3292D
@B9>D612e>22D

3_X]_W^_bcY aVUd[gYY ^Q nc_] ^V YbhVa`lSQocbp7 5_S_\m^_ _hVSYU^_5
[Q[ `aY]V^Ycm V‫ ݷ‬U\p b_XUQ^Yp [_`YY b`Yb[Q5 `aY nc_] `aQSQp aVUd[6
gYp b_XUQbc _Rlh^do [_`Yo5 Q \VSQp 1b Yb`_\mX_SQ^YV] c_Z WV ed^[6
gYY2 ‑ `VaVS‫ݷ‬a^dcdoD ]_W^_ `aY [_`Ya_SQ^YY b`Yb[Q SlRa_bYcm YX
^VT_ ^V[_c_alV n\V]V^cl5 ]_W^_ `_USVaT^dcm n\V]V^cl [Q[_]d6^YRdUm
`aV_RaQX_SQ^Yo Y cQ[ UQ\VV7
HYcQcV\m ]_WVc b`aQSVU\YS_ XQ]VcYcm5 hc_ `VaVhYb\V^^lV XQUQhY
\VT[_ aViQocbp RVX Sbp[_Z aVUd[gYY5 `aYh‫ ]ݷ‬S R_\miY^bcSV b\dhQVS
aViV^YV `_\dhYcbp Y [_a_hV5 Y neeV[cYS^VV7 B_T\QbYSiYbm b ncY]5
]l Sb‫ ݷ‬WV _cSVcY]5 hc_ S nc_] `QaQTaQeV `a_UV]_^bcaYa_SQ\Y5 b _U6
^_Z bc_a_^l5 cVf^Y[d aVUd[gYY `_b\VU_SQcV\m^_bcVZ5 [_c_ado _Rlh^_
bhYcQoc n[b[\oXYS^_Z `aY^QU\VW^_bcmo ed^[gY_^Q\m^lf pXl[_S5 Q
b UadT_Z ‑ SlaQXYcV\m^do ]_jm ]VfQ^YX]Q iQR\_^_S BY44D Y c_5 Y
UadT_V bc_Yc `_caQhV^^_T_ SaV]V^Y5 UQWV Vb\Y ^Q `aQ[cY[V aViV^Yp5
`_U_R^lV `aYSVU‫^^ݷ‬l] SliV5 `aY]V^pcmbp ^V RdUdc7 3 [_^gV [_^g_S5
^Qi _b^_S^_Z `aVU]Vc _RbdWUV^Yp bVZhQb ‑ `QaQUYT]l `a_TaQ]]Ya_6
SQ^Yp7

:97@7>7 ;_^bcQ^cl S a_\Y `QaQ]Vca_S iQR\_^Q
@QaQ]VcaQ]Y iQR\_^_S ]_Tdc Rlcm ^V c_\m[_ cY`l5 ^_ Y _Rlh^lV
[_^bcQ^c^lV SlaQWV^Yp5 hQjV SbVT_ gV\_hYb\V^^lV7 =^_TYV QSc_al
Y\\obcaYadoc ncd S_X]_W^_bcm ^Q `aY]VaV XQUQ^Yp TaQ^Yg ]QbbYS_SD
cQ[5 ]l ]_T\Y Rl S ^QiV] iQR\_^V U\p b_acYa_S[Y ]QbbYS_S bUV\Qcm
aQX]Va ]QbbYSQ `QaQ]Vca_] iQR\_^Q5 Q ^V ed^[gYYC
D5=@2 Y ]l `aY]V^Y] U\p Yf b_acYa_S[Y cQ[_Z S_c iQR6
\_^5 c_ [_]`Y\pc_a bTV^VaYadVc USV aQX^lV ed^[gYYC C?BDE9>D5:9G Y
C?BDE9>D5:>G5 Y ncY ed^[gYY RdUdc `aVUbcQS\pcm b_R_Z QRb_\oc^_ _UY6

‫ ݷ‬:97@7 IQR\_^l

;;@

^Q[_SlV eaQT]V^cl Yb`_\^pV]_T_ [_UQ5 _c\YhQojYVbp c_\m[_ _U^_Z
[_^bcQ^c_Z5 c_TUQ [Q[ Vb\Y `aY]V^pcm iQR\_^ S c_] SYUV5 S [_c_a_]
]l VT_ `YbQ\Y aQ^VV5 ed^[gYp RdUVc _U^Q 1C?BDE9>DG27
BdjVbcSV^^_ Y^cVaVb^VV 1f_cp Y ^Q]^_T_ b\_W^VV2 RdUVc UadT_Z
`aY]Va7 8QUQUY]bp gV\mo b_XUQcm _RkV[c5 aVQ\YXdojYZ 𝑁 6]Va^lV
]QbbYSl U\p `a_YXS_\m^lf X^QhV^YZ 𝑁 5 [_c_alV [ c_]d WV RdUdc QS6
c_]QcYhVb[Y YX]V^pcm bS_Y aQX]Val `_ \oR_]d YX YX]VaV^YZ5 `_U_R^_
c_]d5 [Q[ YX]V^p\ bS_o U\Y^d ]QbbYS R>DJBB1I5 aQbb]_caV^^lZ ^Q]Y
S ‫ݷ‬:97=7;97 @_b[_\m[d ^Q] ]_Tdc `_^QU_RYcmbp 𝑁 6]Va^lV ]QbbYSl n\V6
]V^c_S aQX^lf cY`_S5 aVQ\YXdV] ^Qid XQUd][d S SYUV iQR\_^Q [\QbbQ
b caV]p `QaQ]VcaQ]YC `VaSlZ `QaQ]Vca RdUVc XQUQSQcm cY` n\V]V^c_S
]QbbYSQ5 Sc_a_Z `QaQ]Vca 1Y]VojYZ cY`5 b_S`QUQojYZ b cY`_] n\V6
]V^cQ2 d[QWVc5 [Q[_V Ybf_U^_V X^QhV^YV `aYbSQYSQcm n\V]V^cQ] ]QbbY6
SQ `aY Yf b_XUQ^YY5 Y5 ^Q[_^Vg5 caVcYZ `QaQ]Vca ‑ SlaQWV^YV cY`Q
9>D ‑ RdUVc XQUQSQcm [_\YhVbcS_ YX]VaV^YZ ]QbbYSQ7 IQR\_^ RdUVc
_`YblSQcm _`VaQgYo Y^UV[bYa_SQ^Yp5 [_c_aQp S_XSaQjQVc bbl\[d ^Q
_RkV[c5 XQUQ^^lZ cQ[Y] WV iQR\_^_] b cV]Y WV eQ[cYhVb[Y]Y `QaQ6
]VcaQ]Y5 c_\m[_ b d]V^miV^^l] ^Q VUY^Ygd [_\YhVbcS_] YX]VaV^YZ7
Pb^_5 hc_ cQ[_Z SQaYQ^c ^V `_Uf_UYc U\p _U^_]Va^_T_ ]QbbYSQ 1^V ]_6
WVc WV _^5 S bQ]_] UV\V5 S_XSaQjQcm ^_\m6]Va^lZ ]QbbYS5 SVUm cQ[_T_
^V RlSQVc25 ^_ XUVbm ^Q] `_]_WVc hQbcYh^Qp b`VgYQ\YXQgYpC U\p b\d6
hQp [_\YhVbcSQ YX]VaV^YZ5 aQS^_T_ _U^_]d5 ]l _`YiV] b`VgYQ\m^lZ
b\dhQZ ^QiVT_ iQR\_^Q5 S [_c_a_] _`VaQgYp Y^UV[bYa_SQ^Yp RdUVc
S_XSaQjQcm bbl\[d ^Q `a_bc_Z n\V]V^c 1cY` [_c_a_T_ XQUQ^ `VaSl]
`QaQ]Vca_] iQR\_^Q27
B aVQ\YXQgYVZ _U^_]Va^_T_ b\dhQp Sb‫ ݷ‬R_\VV6]V^VV `_^pc^_5 U_bcQ6
c_h^_ SXpcm dWV X^Q[_]lZ ^Q] R>DJBB1I Y `VaVUV\Qcm VT_ S iQR\_^7
Hc_ [QbQVcbp SbVf ]^_T_]Va^lf b\dhQVS5 c_ bQ]lZ `a_bc_Z b`_b_R Yf
aVQ\YXQgYY ‑ SXpcm Sb‫ ݷ‬c_c WV UY^Q]YhVb[Y aQbiYapV]lZ ]QbbYS5 n\V6
]V^cQ]Y [_c_a_T_ ^Q bVZ aQX RdUdc Slbcd`Qcm d[QXQcV\Y ^Q _RkV[cl5
`aVUbcQS\pojYV ]QbbYS ^Q VUY^Ygd ]V^miVZ aQX]Va^_bcYC USd]Va^lZ
]QbbYS RdUVc aVQ\YX_SQ^ [Q[ ]QbbYS d[QXQcV\VZ ^Q _RkV[cl _U^_]Va6
^lf ]QbbYS_S5 ca‫ݷ‬f]Va^lZ ‑ [Q[ ]QbbYS d[QXQcV\VZ ^Q USd]Va^lV
Y c7 U7 5\p n[_^_]YY `Q]pcY d[QXQcV\Y Ybf_U^_ RdUdc ^d\VSl]YD b_6
_cSVcbcSdojYV _RkV[cl (𝑁 − 1)6]Va^lf ]QbbYS_S RdUdc b_XUQSQcmbp
c_\m[_ `aY `VaS_] _RaQjV^YY [ ^Y]7
9cQ[5 S _b^_SV _R_Yf b\dhQVS ^QiVT_ ]QbbYSQ 1[Q[ _U^_]Va^_T_5 cQ[
Y USd]Va^_T_2 _[QXlSQVcbp _U^_]Va^lZ ]QbbYS5 QSc_]QcYhVb[Y aQbiY6
apojYZbp `aY ^V_Rf_UY]_bcY7 5SQWUl aVQ\YX_SlSQcm ncd bdj^_bcm
b_SVaiV^^_ ^Y [ hV]d5 cV] R_\VV hc_ S ^QiV] aQb`_apWV^YY Y]VVcbp
]VfQ^YX] iQR\_^_S7 >Qh^‫ ]ݷ‬b aVQ\YXQgYY UY^Q]YhVb[Y aQbiYapojV6
T_bp ]QbbYSQ b `a_YXS_\m^l] cY`_] n\V]V^c_SC

;;A

PXl[ BY445 ??@ Y 1C5

D5=@54 9>D C9J5D
@E22 C @1925 9>9D19>25 C9J5192 KM
NJBB1I12 K 961@2 45C97>54 9>D 94H2 K
96194H GF C9J52 [5C9J5194H2D
B5DEB> @d94HfD
M
9>D \9J512 3?>CD K B5DEB> C9J5D M
@B9F1D5C
F?94 [5C9J51E>C97>54 9>D B5AE9B54h9>45H2 K
E>C97>54 9>D >5GhC9J5 F C9J5FF9 H A C C9J5D
G895GhC9J5 EF B5AE9B54h9>45H2
>5GhC9J5 3F ;D
] 3>5Gh1BB1I F >5G ]d>5GhC9J5fD
6?B1E>C97>54 9>D 9 F 9D 9 E >5GhC9J5D 9442
>5Gh1BB1Id9f F 9 E C9J5 H @d9f C 9>9DD
961@2 455Gh1BB1ID
C9J5 F >5GhC9J5D
M
88 XQ`aVcY] [_`Ya_SQ^YV Y `aYbSQYSQ^YV
F?94 ?@5B1D?BF13?>CD JBB1IE]G6 B562 KM
JBB1I13?>CD JBB1IE]G6 B562 KM
MD

@_Ua_R^_ [_]]V^cYa_SQcm nc_c iQR\_^ ]l ^V RdUV]5 `_b[_\m[d aVQ\Y6
XQgYp `_hcY U_b\_S^_ `_Sc_apVc aVQ\YXQgYo [\QbbQ R>DJBB1I5 _bcQ^_6
SY]bp c_\m[_ ^Q _c\YhYpf7 3_6`VaSlf5 ]l U_RQSY\Y XUVbm `_\V 9>9D5
X^QhV^YV [_c_a_T_5 XQUQSQV]_V S [_^bcad[c_aV5 `aYbSQYSQVcbp ^_Sl]
1^V bdjVbcS_SQSiY] aQ^VV2 n\V]V^cQ] ]QbbYSQ `aY VT_ aQbiYaV^YY7
3_6Sc_alf5 aQX]Va ]QbbYSQ Ybf_U^_ `aY^Y]QVcbp ^d\VS_Z5 Q ^V :?5 [Q[
S R>DJBB1I7 >d Y5 [_^Vh^_5 [\Qbb `aV_RaQX_SQ^ S iQR\_^5 hc_ c_WV bd6
jVbcSV^^_7 9]Vp nc_c [\Qbb5 ]l ]_WV] \VT[_ aVQ\YX_SQcm _RjYZ b\d6
hQZ ^QiVT_ ]^_T_]Va^_T_ ]QbbYSQ7 >QX_S‫ ]ݷ‬nc_c iQR\_^ VECDD
MD

CV] ^V ]V^VV5 `VaSlZ SQaYQ^c _Rlh^_ SbcaVhQVcbp c_\m[_ S `a_TaQ]]Qf
^QhY^QojYf5 Q `a_TaQ]]Ybcl R_\VV _`lc^lV Yb`_\mXdoc Sc_a_Z SQaY6
Q^c5 ^V `aVU`_\QTQojYZ U_`_\^YcV\m^_T_ bUSYTQ7 3 [QhVbcSV _U^_Z YX
`a_R\V] `VaS_T_ SQaYQ^cQ ]_W^_ ^QXSQcm c_5 hc_ _`YbQ^Yp5 YUdjYV
S ^QhQ\V XQT_\_S[Q [\QbbQ5 c7 V7 baQXd `_b\V _c[alSQojVZ eYTda^_Z
b[_R[Y5 _[QXlSQocbp bUSY^dcl ^Q USQ aQX]VaQ _cbcd`Q7 >QhY^QojYV
Y^_TUQ `lcQocbp R_a_cmbp b ncY] `aY]Va^_ cQ[C
3D575B K
9>D HD
@E2D575B19>D 1H F 92D
?@5B1D?B 9>D12 3?>CDD
MD

‫ ݷ‬:97B7 ?b_RV^^_bcY _e_a]\V^Yp [_UQ ^Q BY44

;CD K B5DEB> 64D M
F9BDE1< 2??< `1>D[51412 3?>CD K B5DEB> DBE5D M
F9BDE1< 2??< `1>D`B9D512 3?>CD K B5DEB> 6144h642
3D9>E5D
5D9>E5D
2??< B F OMhR\\N]195 6B4C2D
2??< G F OMhR\\N]195 6GBC2D
961B LL G2
64h1BB1Id9f6GQ1>47 Hc_Rl bUV\Qcm S_X]_W6
^_Z aQbbl\[d b__RjV^Yp SbV] `_U[\oh‫^^ݷ‬l] [\YV^cQ]5 L81D\5BF5B
RdUVc faQ^Ycm b`Yb_[ SbVf `_a_WU‫^^ݷ‬lf Y] 1Y Sb‫ ݷ‬Vj‫ ݷ‬bdjVbcSdojYf2

;>9

PXl[ BY445 ??@ Y 1C5

_RkV[c_S cY`Q L81D\5CC9?>7 DUQ\pcm ncY _RkV[cl c_WV RdUdc c_\m[_
]Vc_Ul [\QbbQ L81D\5BF5BD S hQbc^_bcY5 `_\dhYS ^Q bS_‫ ]ݷ‬UVb[aY`c_6
aV bYcdQgYo ‫^_[ݷ‬Vg eQZ\Q‫ݷ‬5 _RkV[c bVQ^bQ RdUVc _RaQjQcmbp [ bS_V]d
_RkV[cd bVaSVaQ b `a_bmR_Z dUQ\Ycm VT_7
3__RjV ]_W^_ XQ]VcYcm5 hc_ Sbo aQR_cd b _RkV[cQ]Y bVQ^b_S 1_Rk6
V[cQ]Y [\QbbQ L81D\5CC9?>2 RdUdc SVbcY c_\m[_ ]Vc_Ul bVaSVaQ7 9]V^6
^_ bVaSVa Y `_a_WUQVc5 Y dUQ\pVc bVQ^bl5 Y b__RjQVc Y]5 hc_ ^dW^_
hc_6c_ _c`aQSYcm [\YV^cd5 Q R_\miV5 b_RbcSV^^_ T_S_ap5 b _RkV[cQ]Y bV6
Q^b_S UV\Qcm ^YhVT_ Y ^V ^QU_7 ;_^Vh^_5 _RkV[c [\QbbQ NF5>D\5D\54 bUV\Qcm `aYSQc^l]5 Q [\Qbb L81D\5BF5B _RkpSYcm
VT_ UadT_]7
>VcaYSYQ\m^_V aViV^YV b `aY]V^V^YV] XQjYcl ^Q`aQiYSQVcbp Y
U\p [\QbbQ bVaSVaQ7 @_b[_\m[d _^ d^Qb\VU_SQ^ _c O4Q1>44 Y 5 f_cV\_bm Rl Sb‫ݷ‬6cQ[Y U_6
SVaYcm [\Qbbd bVaSVaQ7 2\QT_UQap bcQcYhVb[Y] ]Vc_UQ] nc_ S_X]_W^_C
[_^bcad[c_a [\QbbQ ]l bUV\QV] `aYSQc^l]5 Q `_UT_c_S[d Y `_b\VUd6
ojVV b_XUQ^YV _RkV[cQ RdUVc `a_S_UYcm bcQcYhVb[Qp ed^[gYp \D1BDD
Vb\Y bVaSVa XQ`dbcYcm ^V dUQ\_bm5 _^Q RdUVc S_XSaQjQcm ^d\VS_Z QU6
aVb5 Vb\Y WV Sb‫` ݷ‬a_i\_ db`Vi^_ ‑ QUaVb b_XUQ^^_T_ _RkV[cQ [\QbbQ
L81D\5BF5B7
?RkV[c bVQ^bQ RdUVc faQ^Ycm 1S SYUV bca_[Y2 Y]p5 [_c_al] `aY6
iVUiYZ [\YV^c `aVUbcQSY\bp7 5\p nc_T_ S [\QbbV `aVUdb]_caY] `_\V
>1=55 YX^QhQ\m^_ b_UVaWQjVV ^d\VS_Z QUaVbD `aY `_\dhV^YY bca_[Y _c
[\YV^cQ _RkV[c RdUVc bhYcQcm ncd bca_[d Y]V^V]5 Vb\Y S `_\V >1=5
Sb‫ ݷ‬Vj‫\_^ ݷ‬m5 S `a_cYS^_] b\dhQV bca_[Q RdUVc aQbb]QcaYSQcmbp [Q[
aV`\Y[Q S hQcV Y aQbbl\Qcmbp SbV] [\YV^cQ]7 @_b\V `_\dhV^Yp Y]V6
^Y _RkV[c RdUVc _cbl\Qcm bS_V]d [\YV^cd `aYSVcbcSV^^_V b__RjV^YV5
Q SbV] _bcQ\m^l] ‑ b__RjV^YV _ c_]5 hc_ S hQc S_i‫_^ \ݷ‬SlZ dhQbc6
^Y[D `aY Slf_UV dhQbc^Y[Q YX hQcQ SbV] 1[a_]V5 VbcVbcSV^^_5 diVUiVT_
dhQbc^Y[Q2 RdUVc aQbbl\Qcmbp b__RjV^YV _ VT_ df_UV7
5\p aQbbl\[Y b__RjV^Yp SbV] [\YV^cQ] 1Y\Y SbV]5 [a_]V _U^_T_2 S
[\QbbV bVaSVaQ RdUVc `aVUdb]_caV^ ]Vc_U \5>4J47
BaQXd WV `aVUdb]_caY] USV [_^bcQ^cl5 XQUQojYV ]Q[bY]Q\m^_ U_6
`dbcY]do U\Y^d bca_[Y 1bca_[Y R_\miVZ U\Y^l RdUdc YT^_aYa_SQcmbp2

‫ ݷ‬:97:97 @aY]VaC ]LY6bVaSVa

;>:

Y aQX]Va _hVaVUY ^V`aY^pclf XQ`a_b_S ^Q b_VUY^V^YV 1Sc_a_Z `QaQ6
]Vca SlX_SQ 2C
5>E= K
=1Hh5h7D8 F :9;44R7>?B5
1Sl`_\^Ycm _hVaVU^_V hcV^YV5 `a_hYcQ^^_V YT^_aYa_SQcm U_ `_\dhV^Yp
`VaS_T_ bY]S_\Q `VaVS_UQ bca_[Y25 [514J>4L853; 1Sl`_\^Ycm _hVaVU6
^_V hcV^YV Y _RaQR_cQcm `_\dhV^^lV bca_[Y5 Vb\Y _^Y Vbcm25 L853;U9>5C
1`a_SVaYcm5 ^V `aYi\Q \Y gV\Y[_] bca_[Q5 _RaQR_cQcm SbV cQ[YV bca_[Y
`_ _U^_Z5 _bcQSYS S RdeVaV c_\m[_ ^QhQ\_ ^VXQ[_^hV^^_Z bca_[Y5 Vb\Y
cQ[_V Vbcm2 Y YB?35CCU9>5 1_RaQR_cQcm _U^d bca_[d27 B dh‫ݷ‬c_] nc_T_
XQT_\_S[Y [\Qbb_S SVaf^VT_ b\_p `_\dhQocbp cQ[Y]YC
3 C O4Q1>44 3D 2E6hEC54D
2??< 97>?B9>7D
381B 3>1=5D
L81D\5BF5B 3D85h=1CD5BD
L81D\5CC9?>1L81D\5BF5B 31h=1CD5B5 9>D 642D
NL81D\5CC9?>12D
F?94 \5>413?>CD 381B 3=C72D
F9BDE1< F?94 Q1>44R7>?B512D
F?94 [514J>4L853;12D
F?94 L853;U9>5C12D
F?94 YB?35CCU9>513?>CD 381B 3CDB2D
MD
3D\5 3C2D

;>;

PXl[ BY445 ??@ Y 1C5

F?94 \5>4J 35H35@D F 92D
@B9F1D5C
F9BDE1< F?94 Q1>4Qh^‫ ]ݷ‬b aVQ\YXQgYY ]Vc_U_S bVaSVaQ7 Ed^[gYp \D1BD aQR_cQVc RVX
_RkV[cQ ‑ _^Q VT_ b_XUQ‫ݷ‬c5 Vb\Y Sb‫ ݷ‬S `_apU[V7 @_b\VU_SQcV\m^_bcm UVZ6
bcSYZ `_ XQ`db[d bVaSVaQ ^V [_]]V^cYadV]5 _^Q `_Ua_R^_ aQbb]_caV^Q
aQ^VV 1b]7 c7 ;5 ‫?ݷ‬7D\5D 144BD
h@?BD F 8D?>C1@?BD2D
B5C F 29>41 9D
B5C F 1 9D
B5DEB> >5G L81D\5BF5B1C55HD F 69BCDD
@6GC F >5G L81D\5CC9?>1D89C5 C42D
69BCD F @D
D85hC5 Y \5>4J 3C2
K
D85hC55HD22 K
96113@26GC FF C2 K
9D5= 3D=@ F 3@D
3@ F D=@6G>5HDD
454J 35H35@D2
K
9D5= 3@D
6?B1@ F 69BCDD @D @ F @6G>5HD2

;>=

PXl[ BY445 ??@ Y 1C5
961@6GC 1F 5H35@D2
@6GC6G\5>41=C72D

M

AVQ\YXdV] cV`Vam ]Vc_Ul _RkV[cQ bVQ^bQ7 BQ]lZ `a_bc_Z XUVbm5 SYUY6
]_5 ]Vc_U \5>4C
F?94 L81D\5CC9?>CC\5>413?>CD 381B 3=C72
K
GB9D51P5DO4125 =C75 CDB1=C722D
M

;_^bcad[c_a [\QbbQ S_b`_\mXdVcbp ncY] ]Vc_U_]5 hc_Rl b`a_bYcm d
`_\mX_SQcV\p VT_ Y]pC
L81D\5CC9?>CCL81D\5CC9?>1L81D\5BF5B 31h=1CD5B5 9>D 642
C O4Q1>4?B9>71611=51925 D85h=1CD5B11h=1CD5B2
K
\5>412b?EB >1=5 @4CCNL81D\5CC9?>12
K
961>1=52
451=5D
M

?bcQ‫ݷ‬cbp aVQ\YX_SQcm aVQ[gYo ^Q T_c_S^_bcm b_[VcQ [ hcV^Yo7 8UVbm
Sa_UV Rl ^Vc ^YhVT_ b\_W^_T_5 ^_ [_U `_\dhQVcbp Ta_]_XU[YZ7 Hc_Rl
X^Qcm5 b[_\m[_ `Q]pcY SlUV\pcm `_U [QWU_V `_bl\QV]_V b__RjV^YV5
_`YiV] Yb`_\mXdV]lV bca_[Y S SYUV [_^bcQ^c^lf ]QbbYS_SC
CD1D93 3?>CD
2`5CD
CD1D93 3?>CD

381B G5?G> 1C 2D
381B 5>D5B54h=C7df F 2 81C 5>D5B54 D85 381D2D
381B

F?94 L81D\5CC9?>CCQ1>4
B5DEB>D
9612E6hEC54 GF 19>D2C9J5?612E665B22 K
2E6hEC54 F 9D
97>?B9>7 F DBE5D
M
96197>?B9>72
[514J>4R7>?B512D
54L853;12D
M
F?94 L81D\5CC9?>CC[514J>4R7>?B512
K
9>D B3 F B5141P5DO4125 2E665B5 C9J5?612E665B22D
961B3 E :2 K
D85h=1CD5B6G[5=?F5\5CC9?>1D89C2D
B5DEB>D
M
9>D 9D
6?B19 F 9D 9 E B3D 9442 K
9612E665Bd9f FF ’e>’2 K
88 CD?@ 97>?B9>71
9>D B5CD F B3 6 9 6 :D
961B5CD G 92
=5==?F512E665B5 2E665B 4 9 4 :5 B5CD2D
2E6hEC54 F B5CDD
97>?B9>7 F 9D
L853;U9>5C12D
M
M
M
F?94 L81D\5CC9?>CC[514J>4L853;12
K
9>D B3 F
B5141P5DO4125 2E665B42E6hEC545 C9J5?612E665B262E6hEC542D
961B3 E :2 K
961>1=52 K
9>D F CDB1>1=52D
381B 35G 381Bd 4 C9J5?61D6125 >1=55 4JCCL853;U9>5C12
K
9612E6hEC54 EF 92
B5DEB>D
9>D 9D
6?B19 F 9D 9 E 2E6hEC54D 9442 K
9612E665Bd9f FF ’e>’2 K
2E665Bd9f F 9D
9619 G 9 66 2E665Bd96:f FF ’eB’2
2E665Bd96:f F 9D
YB?35CCU9>512E665B2D
9>D B5CD F 2E6hEC54 6 9 6 :D
=5==?F512E665B5 2E665B 4 9 4 :5 B5CD2D
2E6hEC54 F B5CDD
L853;U9>5C12D
B5DEB>D
M
M
M
F?94 L81D\5CC9?>CCYB?35CCU9>513?>CD 381B 3CDB2
K
9>D F CDB1CDB2D
9611>1=52 K
>1=5 F >5G 381Bd4:fD
CDB3@I1>1=55 CDB2D
381B 3G=C7 F >5G 381Bd 4 C9J5?61G5D61G=C75 25C5Ce>25 G51=52D
\5>41G=C72D
455G 381Bd 4 C9J5?615>D5B54h=C72 4 ;fD
C@B9>D615=C75 25C5Ce>25 >1=55 5>D5B54h=C72D
D85h=1CD5B6G\5>4J< F CDB1>1=52D
381B 3=C7 F >5G 381Bd>< 4 4 >fD
C@B9>D61=C75 2E5CG 5Ce>25 >1=55 CDB2D
D85h=1CD5B6G\5>4JD @?BD F @@@@D
9>D =19>12
K
NF5>D\5D\5 9D
M

@_\^_bcmo ncQ `a_TaQ]]Q `aYSVUV^Q S QafYSV `aY]Va_S S `_UUYaV[c_6
aYY 3@@h381DD cQ] _^Q aQXRYcQ ^Q caY ]_Ud\p Y b^QRWV^Q eQZ\_] U\p
=1;57

:97::7 ? TaQeYhVb[Yf Y^cVaeVZbQf
`_\mX_SQcV\p
3 ^l^Vi^Yf db\_SYpf [_^Vh^lV `_\mX_SQcV\Y _Rlh^_ _WYUQoc
_c \oR_Z `a_TaQ]]l ^Q\YhYp TaQeYhVb[_T_ Y^cVaeVZbQ `_\mX_SQcV6
\p 17B1@893C EC5B 9>D5B61355 P^R 25 Q [_]Q^U^do bca_[d [Q[ `_\mX_SQ6
cV\mb[YZ Y^cVaeVZb S_b`aY^Y]Qcm [QcVT_aYhVb[Y _c[QXlSQocbpD cQ[_S
`VhQ\m^lZ Yc_T `a_`QTQ^UYbcb[_Z UVpcV\m^_bcY b_ecSVa^lf TYTQ^c_S7
;_^Vh^_5 ‫ݷ‬Y^cdYcYS^Qp `_^pc^_bcm‫ ݷ‬TaQeYhVb[Yf Y^cVaeVZb_S ‑ ^V
R_\VV hV] ]Ye5 Yf5 [Q[ Y \oRlV b`_b_Rl aQR_cl b [_]`mocVa_]5 `aY6
f_UYcbp YXdhQcm5 Q aQR_cQ b ^Y]Y5 [Q[ ]l X^QV]5 ^VneeV[cYS^Q5 ^V
`_UUQ‫ݷ‬cbp QSc_]QcYXQgYY Y S gV\_] [_^ca`a_Ud[cYS^QD ^_ ]l SapU \Y
b]_WV] _Rkpb^Ycm nc_ SbV]d ]Yad5 `a_h^_ `_UbVSiV]d ^Q P^R5 Y UQWV
R_\miY^bcSd b`VgYQ\Ybc_S S _R\QbcY R] ‑ [_c_al]5 [QXQ\_bm Rl5 Sb‫ݷ‬
U_\W^_ Rlcm pb^_ Y RVX _Rkpb^V^YZ7
CQ[ Y\Y Y^QhV5 `a_TaQ]]Ybc5 Vb\Y _^ hVT_6c_ f_hVc U_RYcmbp5 `a_6
bc_ _RpXQ^ d]Vcm b^QRWQcm bS_Y `a_TaQ]]l TaQeYhVb[Y] Y^cVaeVZ6
b_]5 [_TUQ S_X^Y[QVc cQ[Qp ^V_Rf_UY]_bcm7 3 UVZbcSYcV\m^_bcY b_6
XUQSQcm `a_TaQ]]l b TaQeYhVb[Y] Y^cVaeVZb_] b_SbV] ^V b\_W^_5
^_ ]l b_X^QcV\m^_ _c[\QUlSQ\Y aQXT_S_a _ P^R U_ `_Uf_UpjVT_
]_]V^cQ7 =_W^_ bhYcQcm5 hc_ nc_c ]_]V^c ^QbcQ\C ]l cV`Vam X^Q6
[_]l b b_RlcYZ^_6_aYV^cYa_SQ^^_Z ]_UV\mo `a_TaQ]]^_Z QafYcV[6
cdal5 X^QV] pXl[ BY44 Y5 hc_ Vj‫ ݷ‬SQW^VV5 d]VV] Yb`_\mX_SQcm
_RkV[c^_6_aYV^cYa_SQ^^_V `a_TaQ]]Ya_SQ^YV7

;>A

PXl[ BY445 ??@ Y 1C5

=VWUd `a_hY]5 Vb\Y XQpSYcm5 hc_ P^R Y ??@ ‫ݷ‬b_XUQ^l UadT U\p UadTQ‫ݷ‬5 ]l
_[QWV]bp ^VUQ\V[Y _c YbcY^l5 `aYh‫ ]ݷ‬S bQ]_] Rd[SQ\m^_] b]lb\V b\_SQ7 3 [Q6
hVbcSV `VaS_T_ S Ybc_aYY _RkV[c^_6_aYV^cYa_SQ^^_T_ pXl[Q hQbc_ ^QXlSQoc
\=17 ;Q[
^Y bcaQ^^_5 `QaQ]Vcal [_^bcad[c_aQ d ^VT_ c_h^_ cQ[YV WV5 [Q[ Y
d X^Q[_]_T_ ^Q] `_ `aVUlUdjV]d `QaQTaQed O_ SVUm Y ^QiQ `a_TaQ]]Q
c_WV U_\W^Q hc_6c_ bUV\Qcm5 [_TUQ `_\mX_SQcV\m bS_Y]Y UVZbcSYp]Y
Q[cYSYadVc [^_`[d1
3 RYR\Y_cV[V OU]T `aY^pc U_S_\m^_ ^V_WYUQ^^lZ `_Uf_U [ XQ6
UQ^Yo aVQ[gYY ^Q b_RlcYp5 S hYb\_ [_c_alf Sf_UYc Y ^QWQcYV [^_`6
[YC U\p nc_T_ Yb`_\mXdocbp ed^[gYY _RaQc^_T_ SlX_SQ5 R_\miV YX6
SVbc^lV `_U ^QXSQ^YV] 31h8 F =95
6?>DhC9J5 F ;9
MD

88
88
88
88

`a_]VWdc[Y
iYaY^Q [^_`[Y
Slb_cQ [^_`[Y
aQX]Va iaYecQ

Hc_Rl b_XUQcm SbV caY _RkV[cQ [^_`_[ _U^Y] gY[\_]5 _`YiV] ^QU`YbY
^Q [^_`[Qf S SYUV ]QbbYSQC
CD1D93 3?>CD 381B 3=C7df F K
2\1I 85hG 4 C@139>7 3 ;D
9>D G9>h8 F 2EDD?>h8 3 < 4 C@139>7 3 =D
O4?G 3G9> F >5G O4?G1G9>hG5 G9>h85 22EDD?>C 45=?22D

CV`Vam `_aQ b_XUQSQcm _RkV[cl [^_`_[7 @_b[_\m[d `_c_] ^dW^_ RdUVc
Vj‫ ݷ‬dbcQ^_SYcm Y] 317D
6?B19 F 9D 9 E 5G O1C@139>75 I5
2EDD?>hG5 2EDD?>h85 =C7d9f2D
2d9f6Gh8 4 C@139>7D
M

@_b[_\m[d R_\miV U_hVa^Yf SYUWVc_S ^V `aVU`_\QTQVcbp5 b__RjY]
T\QS^_]d _[^d5 hc_ b e_a]Ya_SQ^YV] VT_ b_UVaWY]_T_ ]l XQ[_^hY\YC
G9>6G5>412D

DbcQ^_SY] aVQ[gYo ^Q ^QWQcYV [QWU_Z YX [^_`_[C
2d9f6G31C7 >QXSQ^YV `a_Ybf_UYc _c bcQalf aQ6
UY_`aY‫^]ݷ‬Y[_S5 ^Q [_c_alf _Rlh^_ `aYbdcbcS_SQ\ gV\lZ apU [^_`_[
U\p SlR_aQ Yb`_\mXdV]_T_ UYQ`QX_^Q5 `aYh‫` ]ݷ‬aY ^QWQcYY _U^_Z YX
[^_`_[ _^Q XQ\Y`Q\Q5 Q Vb\Y U_ nc_T_ Rl\Q ^QWQcQ UadTQp ‑ _^Q _c6
b[Q[YSQ\Q5 cQ[ hc_ S \oR_Z ]_]V^c _bcQSQ\Qbm ^QWQc_Z c_\m[_ _U^Q
YX [^_`_[7 3 TaQeYhVb[Yf `_\mX_SQcV\mb[Yf Y^cVaeVZbQf cQ[YV ‫ݷ‬aQ6
UY_[^_`[Y‫` ݷ‬aY]V^pocbp U\p SlR_aQ YX ^Vb[_\m[Yf eY[bYa_SQ^^lf
SQaYQ^c_S Y SlT\pUpc _Rlh^_ [Q[ aQb`_\_WV^^lV S bc_\RY[ [adW_h6
[Y5 S _U^_] YX [_c_alf ]_WVc bc_pcm _c]Vc[Q5 Q b`aQSQ 1aVWV ‑ b\VSQ2
_c [adW_h[_S `_]VjQVcbp cV[bc5 _`YblSQojYZ [QWUlZ YX SQaYQ^c_S
SlR_aQ7 6b\Y j‫^[\ݷ‬dcm `_ _U^_Z YX ‫ݷ‬aQUY_[^_`_[‫ݷ‬5 Sf_UpjYf S VUY6
^do Tad``d5 c_ _^Q bcQ^_SYcbp SlRaQ^^_Z 1`_]Vc[Q b nc_T_ ]_]V^cQ
`_]VjQVcbp S V‫[ ݷ‬adW_h[V25 Q _bcQ\m^lV aQUY_[^_`[Y c_Z WV Tad``l
cVapoc bcQcdb SlRaQ^^lf7
AQUY_[^_`[Q `aYSlh^_T_ ^Q] SYUQ S OU]T aVQ\YX_SQ^Q [\Qbb_]
O4hKEDD?>7 ?c]VcY]5 hc_ S OU]T Vbcm cQ[WV SYUWVc
O5 ^_ UV\QVc _^ ^V b_SbV] c_C VT_ _RkV[cl SlT\pUpc
[Q[ `a_bclV [^_`[Y RVX Sbp[Yf [adW_h[_S5 `a_bc_ ncY [^_`[Y _RkVUY6
^pocbp S Tad``d5 S [_c_a_Z ^QWQcQp [^_`[Q XQ\Y`QVc5 Q _bcQ\m^lV `aY
nc_] _cb[Q[YSQoc7 3a_UV Rl nc_ c_c WV bQ]lZ SlR_a _U^_T_ SQaYQ^cQ
YX ^Vb[_\m[Yf5 `a_bc_ SlT\pUYc ^V`aYSlh^_7
?hVSYU^_5 hc_ _cUV\m^lV _RkV[cl aQUY_[^_`_[ ^dW^_ [Q[6c_ _Rk6
VUY^pcm S Tad``l5 Y [QWUlZ YX _RkV[c_S U_\WV^ X^Qcm5 [Q[YV Vj‫ݷ‬
_RkV[cl Sf_Upc S cd WV Tad``d5 hc_Rl b__RjYcm Y]5 hc_ `_\mX_SQcV\m
_bcQ^_SY\ bS_Z SlR_a ^Q ^‫]ݷ‬5 cQ[ hc_ _bcQ\m^l] ^QU\VWYc `VaVZcY S
^VSlRaQ^^_V b_bc_p^YV7 3 OU]T `aY^pc_ U_S_\m^_ `a_bc_V aViV^YV5
YXapU^_ n[_^_]pjVV bY\l `a_TaQ]]YbcQC aQUY_[^_`[Y QSc_]QcYhVb[Y
_RkVUY^pocbp S Tad``d5 Vb\Y d ^Yf _UY^ a_UYcV\mb[YZ SYUWVc7 3 ^QiV]
b\dhQV S a_\Y cQ[_T_ SYUWVcQ RdUVc Slbcd`Qcm T\QS^_V _[^_D Vb\Y Rl

;@9

PXl[ BY445 ??@ Y 1C5

AYb7 :97?7 @a_TaQ]]Q b aQUY_[^_`[Q]Y Y TQ\_h[_Z
^Q] ^dW^_ Rl\_ b_XUQcm ^Vb[_\m[_ Tad`` aQUY_[^_`_[5 U_bcQc_h^_ Rl6
\_ Rl _`YbQcm b__cSVcbcSdojVV [_\YhVbcS_ SYUWVc_S cY`Q OQiQ UV]_^bcaQgY_^^Qp `a_TaQ]]Q XQUVZbcSdVc SbV caY SYUQ [^_6
`_[5 [_c_alV ]l S[\ohY\Y S aQbb]_caV^YVC _Rlh^lV [^_`[Y5 aQ6
UY_[^_`[Y Y TQ\_h[d 1b]7 aYb7 :97?27 @a_bcaQ^bcS_ _[^Q5 bS_R_U^_V_c
[^_`_[5 ]l XQZ]‫ ]ݷ‬SYUWVc_] cY`Q O5 Vbcm ]Vc_U
F1DB?DB?D 9D
6?B19 F 9D 9 E hG F :>95
2EDD?>h8 F =95
?@D9?>hG F :;95
?@D9?>h8 F ;95
^Qh^‫ ]ݷ‬b SlhYb\V^Yp aQX]Va_S T\QS^_T_ _[^Q Y b_R6
bcSV^^_ b_XUQ^Yp _RkV[cQ T\QS^_T_ _[^QC
9>D =19>12
K
9>D G9>hG F 2EDD?>hG 3 ; 4 C@139>7 3 D G9>h8 F ?@D9?>h8 3 = 4 2EDD?>h8 4 C@139>7 3 @D
O4?G 3G9> F >5G O4?G1G9>hG5 G9>h85 22EDD?>C 45=?22D

CV`Vam b_XUQUY] S UY^Q]YhVb[_Z `Q]pcY bcad[cdad 3?>DB?DB?5G 3?>DB?D 9D
6?B19 F 9D 9 E D I F C@139>7 3 194:2 4 ?@D9?>h8 3 9D
3DB5G O4hKEDD?>1C@139>75 I5
?@D9?>hG5 ?@D9?>h85 3?1=5Cd9f2D
M
3DB5G O1C@139>75 >3C@139>7 4 h85
?@D9?>hG5 ?@D9?>h85 2C8?G Vb[_\m[_ b\_W^VV _Rbc_pc UV\Q b R_[b_]7 6T_ aQX]Val5 S _c\YhYV _c
aQX]Va_S UadTYf SYUWVc_S5 ^V XQUQocbp [_^bcQ^cQ]Y ‑ _^Y `_\^_bcmo
_`aVUV\pocbp cV]5 b[_\m[_ ]VbcQ XQ^Y]Qoc UadTYV SYUWVcl7 @_ SVa6
cY[Q\Y ^Qi R_[b RdUVc XQ^Y]Qcm bc_\m[_ WV5 b[_\m[_ XQ^Y]Qoc aQ6
UY_[^_`[Y Y TQ\_h[Q S]VbcV b `a_]VWdc[Q]Y ]VWUd ^Y]Y5 Q `_ T_aY6
X_^cQ\Y ‑ bc_\m[_5 ^Qb[_\m[_ aQUY_[^_`[Y ]V^miV5 hV] USV _Rlh^lV

‫ ݷ‬:97::7 ? TaQeYhVb[Yf Y^cVaeVZbQf `_\mX_SQcV\p

;@<

[^_`[Y Y `a_]VWdc_[7 @_b\V b_XUQ^Yp R_[bQ ]l dWV X^Q[_]l] ^Q] ]V6
c_U_] hG 4 C@139>7 6 ?@D9?>hG 6 C@139>7D
9>D 2?Hh8 F = 3 ?@D9?>h8 4 = 3 C@139>7D
3DB5G O75 2?HhG5 2?Hh82D
3DBChI5 2EDD?>hG5 2EDD?>h85 2\5D122D
C5Dh26G31hG5 2EDD?>h85 2ZE9D22D
3C73@@7
3 `_b\VU^YV T_Ul baVUY aQXaQR_chY[_S `_\mX_SQcV\mb[Yf Y^cVaeVZb_S5 S
_b_RV^^_bcY SVR6`aY\_WV^YZ5 bcQ\_ ]_U^_ _Rf_UYcmbp RVX [^_`[Y5 `_ [_c_a_Z
SlRaQ^^lV `_\mX_SQcV\V] SQaYQ^cl `aYS_Upcbp S Yb`_\^V^YV 1S ^QiV] b\dhQV
S nc_Z a_\Y Slbcd`QVc [^_`[Q \5D127 3]Vbc_ nc_T_ SbV YX]V^V^Yp `a_Ybf_Upc
baQXd5 [Q[ c_\m[_ `_\mX_SQcV\m f_cm hc_6c_ YX]V^Yc S UYQ\_TV7 =l c_WV ]_T6
\Y Rl cQ[ bUV\Qcm5 nc_ _hV^m `a_bc_C [^_`[d \5D1 dRaQcm5 Q 31
`_ d]_\hQ^Yo Yb`_\mXdoc OUhJURPWhLNW]N[ 1]Vc[Q aQb`_\QTQVcbp S
TV_]VcaYhVb[_] gV^caV SYUWVcQ2D O@ED `_ d]_\hQ^Yo Yb`_\mXd6
Vc OUhJURPWhUNO]5 hc_5 [Q[ ]l SYUV\Y5 b__cSVcbcSdVc aQb`_\_WV^Yo
]Vc[Y b\VSQ _c SYUWVcQ7
D[QXQ^YV [_^bcQ^cl OUhJURPWhRW\RMN XQUQ‫ݷ‬c `_\_WV^YV ]Vc[Y
S^dcaY SYUWVcQD b `a_hY]Y [_^bcQ^cQ]Y _^Q [_]RY^YadVcbp hVaVX
_`VaQgYo `_RYc_S_T_ Y\Y7 >Q`aY]Va5
G@6G11OUhJURPWhRW\RMNLOUhJURPWhKX]]XV2D

aQb`_\_WYc ]Vc[d _RkV[cQ SYUWVcQ 3G@ SU_\m VT_ ^YW^VZ TaQ^Ygl
b S^dcaV^^VZ bc_a_^l SYUWVcQ 1c7 V7 ^QU ^YW^VZ TaQ^YgVZ25 c_TUQ
[Q[
G@6G11OUhJURPWhKX]]XV2D

aQb`_\_WYc ]Vc[d XQ `aVUV\Q]Y SYUWVcQ ‑ ^V`_baVUbcSV^^_ `_U VT_
^YW^VZ TaQ^YgVZ7 3bV _b^_S^lV [_^bcQ^cl `_[QXQ^l ^Q aYb7 :97::C b\V6
SQ ‑ `aY aQb`_\_WV^YY XQ `aVUV\Q]Y SYUWVcQ5 b`aQSQ ‑ `aY aQb`_\_6
WV^YY S^dcaY SYUWVcQ 1b Yb`_\mX_SQ^YV] OUhJURPWhRW\RMN27 ?RaQcY6
cV S^Y]Q^YV5 hc_5 ^Q`aY]Va5 OUhJURPWhUNO]hKX]]XV b OUhJURPWhRW\RMN
b_hVcQcm ^V\mXp5 ^dW^_ `aY]V^Ycm OUhJURPWhKX]]XVhUNO]7
6j‫_ ݷ‬U^Q [_^bcQ^cQ5 OUhJURPWh`[JY5 _R_X^QhQVc `VaV^_b bca_[5 ^V
`_]VbcYSiYfbp S _cSVU‫_^^ݷ‬V `_ T_aYX_^cQ\Y ]Vbc_7 ?Rlh^_ _^Q Yb6
`_\mXdVcbp c_\m[_ `aY S^dcaV^^V] aQb`_\_WV^YY ]Vc[Y7 ?c]VcY]5 hc_
]^_T_bca_h^do ]Vc[d ]_W^_ bUV\Qcm Y RVX nc_T_ ‑ U_bcQc_h^_ S cV[bc
]Vc[Y SbcQSYcm bY]S_\l `VaVS_UQ bca_[Y7
GSVc cV[bcQ ]Vc[Y dbcQ^QS\YSQVcbp ]Vc_U_] DC73@@7 ; b_WQ\V^Yo5 ^Q] `aYU‫ݷ‬cbp `aVUd`aVUYcm hYcQcV\p5
hc_ RYR\Y_cV[Q Yb`_\mXdVc iaYecl5 U_bcd`^lV YX a `9>4?G 1Y\Y Uad6
T_Z TaQeYhVb[_Z `_UbYbcV]l25 cQ[ hc_ Yf S^Vi^YZ SYU ]_WVc aQX\Y6
hQcmbp _c ]QiY^l [ ]QiY^V5 _c baVUl [ baVUV Y c7 `7
@_b\VU^YZ YX ]Vc_U_S5 S\YpojYf ^Q S^Vi^YZ SYU cV[bcQ ]Vc[Y5 ^Q6
XlSQVcbp hG F ;995 2EDD?>h8 F =95 6?>DCJ F ;9 MD

@_b[_\m[d [_\YhVbcS_ aYbdV]lf [^_`_[ RdUVc dbcQ^QS\YSQcmbp YX 31Ch3?E>D F Ch3?E>D13?>CD 381B 31B72
K
381B 35BB@DBD
2EDD?>Ch3?E>D F CDBD?D61CD45BB5 2R>F1D 5Ce>25 1B72D
5H9D1:2D
M
M

CV`Vam ]_W^_ ^Q`YbQcm ed^[gYo5 [_c_aQp `_b\dWYc ^Q] 31Ch3?E>DD
S_ SbVf _bcQ\m^lf b\dhQpf _^Q b__RjYc SlXlSQojV]d5 hc_ ^Y[Q[YV
`QaQ]Vcal ^V _RaQR_cQ\Q 1^YhVT_ ^V bkV\Q25 SVa^dS ^_\mC
CD1D93 9>D 3=45h31D 694H2
K
9619 FF CDB3=@11B7Fd94Hf5 263?E>D222 K
9611B73 E 94H 4 ;2 K
6@B9>D61CD45BB5 2L?E>D 1>E=25B2 5H@53D54e>22D

‫ ݷ‬:97::7 ? TaQeYhVb[Yf Y^cVaeVZbQf `_\mX_SQcV\p

;B@

5H9D1:2D
M
C5Dh2EDD?>Ch3?E>D11B7Fd94H4:f2D
94H 4F ;D
B5DEB> ;D 83 2bkV\Y2 cV[djYZ `QaQ]Vca Y b\VUdojYZ 38
M
B5DEB> 9D

83 UadTYf e\QT_S ]l ^V X^QV] 38

M

3 T\QS^_Z ed^[gYY ]l SlX_SV] OD =19>19>D 1B735 381B 331B7F2
K
9>D 1B7h94H5 B5CD
B5C F O :D
M
9>D G9>hG F 2EDD?>hG 4 C@139>7 3 ;D
9>D G9>h8 F 12EDD?>h8 4 C@139>72 3 2EDD?>Ch3?E>D 4 C@139>7D
O4?G 3G9> F
>5G O4?G1G9>hG5 G9>h85 23?==1>4 5 45=?22D
9>D 9D
9>D I F C@139>7D
6?B19 F 9D 9 E 2EDD?>Ch3?E>DD 9442 K
3?>CD 381B 3=C7 F
1B7h94H 4 9 E 1B73 H 1B7Fd1B7h94H 4 9f C 2W?D C5D2D
O 32 F
>5G O1C@139>75 I5 2EDD?>hG5 2EDD?>h85 =C72D
26G6GC8?G11B735 1B7F2D
B5DEB> O12D
M

Ed^[gYp C1Ih31 Vj‫ ݷ‬Y cV[bc
SlUQSQV]_T_ b__RjV^Yp7 9cQ[5 SSVU‫^_[ ]ݷ‬bcQ^clC
5>E= K C@139>7 F >5 2EDD?>hG F ;995 2EDD?>h8 F =95 6?>DCJ F ;9 MD

3bV _RjYV bS_ZbcSQ ^QiYf ca‫ݷ‬f [^_`_[ ]l XQUQUY] `a_]VWdc_h^l]
[\Qbb_]5 [_c_alZ ^QX_S‫ ]ݷ‬KEDD?>L?==?>7 B_RbcSV^^_ T_S_ap5 nc_ RdUVc
`aY]Va ‫^ݷ‬Qb\VU_SQ^Yp aQUY [_^bcad[c_aQ‫ݷ‬5 [_c_a_]d ]l `_bSpcY\Y
‫ݷ‬:97?7AC
3L?==?> C @E2 K
@E2L?==?>19>D I5 3?>CD 381B 31C@139>75 I5 2EDD?>hG5 2EDD?>h85 cV`Vam _[QWdcbp b_SbV] `a_bcl]Y 1^Q
Sbp[YZ b\dhQZ _c]VcY]5 hc_ cV[bcl SlUQSQV]lf b__RjV^YZ S ^QiVZ
`a_TaQ]]V SbVTUQ XQUQocbp bca_[_Sl]Y \YcVaQ\Q]Y5 cQ[ hc_ [_`Ya_6
SQcm Yf ^V caVRdVcbp5 ]_W^_ _TaQ^YhYcmbp XQ`_]Y^Q^YV] QUaVbQ2C

‫ ݷ‬:97::7 ? TaQeYhVb[Yf Y^cVaeVZbQf `_\mX_SQcV\p



3 C @E2L?==?> K
3?>CD 381B 3=C7D
@E219>D I5 3?>CD 381B 3CD 381B 31=C72
C KEDD?>L?==?>1I5 YB5CC12 K @B9>D6125Ce>25 =C72D M
MD
3 C @E2L?==?> K
@E219>D I2 C KEDD?>L?==?>1I5 2ZE9D22 KM
F9BDE1< F?94 X>YB5CC12 K 5H9D192D M
MD

?c ed^[gYY =19>5 [_c_aQp S `aY]VaV 6D =19>19>D 1B735 381B 331B7F2
K
9>D G9>hG F 2EDD?>hG 4 C@139>7 3 ;D
9>D G9>h8 F 2EDD?>h8 3 < 4 C@139>7 3 =D
O4?G 3G9> F >5G O4?G1G9>hG5 G9>h85 22EDD?>C 45=?22D
>5G \1IKEDD?>1C@139>75 2\1I 851; 3 C@139>7 4 2EDD?>h85
2\1I 7??42I525 2P??42I55 G?B5G NH9DKEDD?>1< 3 C@139>7 4 ; 3 2EDD?>h82D
G9>6G5>412D
G9>6GC8?G12D
B5DEB> O12D
M

@_\^lZ cV[bc `aY]VaQ hYcQcV\m ^QZU‫ݷ‬c S eQZ\V 6 `_ b]lb6
\d RYR\Y_cVh^lZ5 cQ[ hc_ VT_ _`YbQ^YV ^V U_\W^_ ^Qf_UYcmbp S cV[6
bcV ^QiVZ `a_TaQ]]l ‑ cQ[ WV5 [Q[ S ^‫^ ]ݷ‬Vc [\Qbb_S RYR\Y_cV[Y
OU]T7 6b\Y WV SlhVbcm :: bca_[5 XQ^pclf _`YbQ^YV] nc_T_ [\QbbQ5 Y
`dbcdo bca_[d5 _cUV\pojdo VT_ _c _bcQ\m^_Z `a_TaQ]]l5 `_\dhYcbp5
hc_ cV[bc bcQ\ [_a_hV5 `dbcm UQWV SbVT_ ^Q hVclaV bca_h[Y 1`aY _RjVZ
U\Y^V _[_\_ >9 bca_[ nc_ ^V cQ[ dW ]Q\_27 >d Q hc_ `a_TaQ]]Q bcQ6
\Q pb^VV R\QT_UQap UV[_]`_XYgYY ‑ nc_ S__RjV S^V Sbp[_T_ b_]^V^Yp7
3_6`VaSlf5 cV\_ ed^[gYY =19> cV`Vam b_bc_Yc SbVT_ YX UVSpcY bca_[5
`a_cYS :@ bca_[ [_UQ Y ca‫ݷ‬f `dbclf bca_[ 1Sl^dWUV^^_ SbcQS\V^^lf
U\p pb^_bcY2 S _aYTY^Q\m^_Z SVabYY7 3_6Sc_alf5 cV`Vam ^Q] ^V ^dW6
^_ `VaVUQSQcm UQ^^lV YX _U^_T_ ]VbcQ `a_TaQ]]l S UadT_V5 b^QhQ\Q
`aV_RaQXdp Yf QUaVb [ cY`d F?9435 Q `_c_] _RaQc^_ [ cY`YXYa_SQ^^_6
]d QUaVbd7 3 ^VR_\mi_Z `a_TaQ]]V db\VUYcm XQ [_aaV[c^_bcmo cQ[Yf
`aV_RaQX_SQ^YZ ^Vb\_W^_5 ^_ Vb\Y `a_TaQ]]Q `VaVSQ\Yc XQ ^Vb[_\m[_


U9C@5 Y XQ_U^_ [Q[ ad[_S_UYcV\m bcQ^UQacYXQgY_^^_T_ [_]YcVcQ a U9C@5 `_b[_\m[d S_ ]^_T_] _^ R\YWV [ ‫\[ݷ‬QbbYhVb[Y]‫ݷ‬
SVabYp] D85 JQXSQ^YV ncYf b`VgYeY[QgYZ _Rlh^_ b_[aQjQoc U_ [>[\5 [?[\ Y [@[\7
CV[bcl b`VgYeY[QgYZ nc_Z bVaYY5 S c_] hYb\V aQ^^Yf5 ]_W^_ ^QZcY ^Q bQZcV
8DD@C88GGG7C385=56B5@?BDC7?B787 [>[\ Sli\Q S :BB@ T_Ud5 Y _^Q _[QXQ\Qbm
`_b\VU^VZ5 [ [_c_a_Z ^V `aY\_WY\Y ad[d ^Y[Q[YV [_]YcVcl7
?R^_S\‫^^ݷ‬Qp SVabYp5 `_\dhYSiQp ^QXSQ^YV [?[\5 T_c_SY\Qbm S b__cSVcbcSYY
b e_a]Q\m^_Z `a_gVUda_Z5 p[_Rl dhYclSQojVZ ]^V^YV dhQbc^Y[_S b__RjVbcSQ5
b `a_SVUV^YV] T_\_b_SQ^YZ Y UadTYf cY`Yh^lf U\p [_]YcVcb[_Z aQR_cl ]Va_6
`aYpcYZ7 AVXd\mcQc _RVb[daQWYSQ\ _U^Y] c_\m[_ bS_Y] _Rk‫]_]ݷ‬C _^ b_bc_p\
YX hVcla‫ݷ‬f _cUV\m^lf U_[d]V^c_S5 `aVUbcQS\pSiYf _`YbQ^YV bQ]_T_ pXl[Q ^Q
B9 bcaQ^Yg5 _`YbQ^YV bcQ^UQac^lf RYR\Y_cV[ ^Q @9 bcaQ^Yg5 ‫^ݷ‬V^_a]QcYS^lV
`aY\_WV^Yp‫^ ݷ‬Q ? bcaQ^Yg Y `_pb^YcV\m^do XQ`Yb[d 1B1D9?>1[\ XQ^Y]Q\ SbVT_ >9 bcaQ^Yg7
3 gV\_] b`VgYeY[QgYp5 SliVUiQp S bS_‫^_[_ ]ݷ‬hQcV\m^_] SQaYQ^cV S ;99@
T_Ud5 ^V_`aQSUQ^^_ aQb`df\Q5 V‫ ݷ‬b\_W^_bcm bcQ\Q ^VU_bcd`^Q QSc_ab[Y] [_\6
\V[cYSQ] ]^_TYf bdjVbcS_SQSiYf aVQ\YXQgYZ Y5 hc_ bQ]_V `VhQ\m^_V5 S cQ[_]
SYUV nc_ dWV b_SVaiV^^_ ^V Rl\_ `_f_WV ^Q c_c \Q[_^Yh^lZ pXl[ \385=55 [
[_c_a_]d ]Ya db`V\ `aYSl[^dcm7 B_SVaiV^^_ ^V dUYSYcV\m^_5 hc_ ]^_TYV YX6
SVbc^lV \oUY `_b`ViY\Y _c nc_T_ ‫ݷ‬bcQ^UQacQ‫ ݷ‬UYbcQ^gYa_SQcmbp Y XQpSYcm _
c_]5 hc_ ^V b_RYaQocbp VT_ `aYX^QSQcm5 Q S]Vbc_ nc_T_ ^Q]VaV^l `a_U_\WQcm
_aYV^cYa_SQcmbp ^Q [>[\7
3 ;99B T_Ud cQ[ ^QXlSQV]lZ \385=5 \D55B9>7 L?==9DD555 b_XUQSiYZ [?[\5
^V ^Qi‫^ \ݷ‬YhVT_ \dhiVT_5 [Q[ aV[_]V^U_SQcm aQXUV\Ycm \385=5 ^Q USV aQX^lV
b`VgYeY[QgYY ‑ ‫ݷ‬R_\mido‫ ݷ‬p[_Rl U\p `a_]li\V^^_T_ `a_TaQ]]Ya_SQ^Yp Y
‫]ݷ‬Q\V^m[do‫ ݷ‬U\p Yb`_\mX_SQ^Yp S _RaQX_SQ^YY Y TUV6c_ cQ] Vj‫ݷ‬7 9X^QhQ\m^Qp
RaVU_S_bcm cQ[_T_ UV\V^Yp5 `aVU`_\QTQojQp5 hc_ RVX_RaQX^_ aQb`dfiYZ pXl[
]_WVc Rlcm hV]6c_ \dhiV ]Y^Y]Q\YbcYh^_T_ S Y^UdbcaYQ\m^lf db\_SYpf5 _bcQ6
\Qbm ^VXQ]VhV^^_Z7 CQ[ Y\Y Y^QhV5 U_[d]V^c [@[\5 SliVUiYZ S ;9:< T_Ud5 _`Y6
blSQVc [Q[ aQX ncd ‫ݷ‬d]V^miV^^do‫ ݷ‬SVabYo \385=5C dcSVaWUQVcbp5 hc_ [@[\ ^V
_c]V^pVc [?[\5 Q ‫ݷ‬U_`_\^pVc‫ ݷ‬V‫ݷ‬5 Vb\Y ]_W^_ cQ[ SlaQXYcmbp S b\_WYSiVZbp
bYcdQgYY7
9^cVaVb^_5 hc_ [ ^Qbc_pjV]d ]_]V^cd bQ]_Z `_UUVaWYSQV]_Z YX b`VgYeY6
[QgYZ _bcQ‫ݷ‬cbp `_6`aVW^V]d [>[\7 CQ[5 aVQ\YXQgYp L893;5> \385=55 [_c_ado
]l RdUV] Yb`_\mX_SQcm S [QhVbcSV ^QT\pU^_T_ `_b_RYp5 b_UVaWYc ^V[_c_alV
S_X]_W^_bcY YX [@[\ 1`aYh‫ ]ݷ‬S_X]_W^_bcY5 ^QU_ _c]VcYcm5 `_\VX^lV ‑ ^Q6
bc_\m[_5 hc_ ]l RdUV] Yf Yb`_\mX_SQcm S `aY]VaQf25 ^_ `aY nc_] b_XUQcV\Y
L893;5> \385=5 S U_[d]V^cQgYY ^Qbc_ZhYS_ `_Uh‫ݷ‬a[YSQoc Y]Vojdobp `_U6
UVaW[d [>[\5 Q Sb‫ݷ‬5 hc_ ^Qf_UYcbp XQ V‫` ݷ‬aVUV\Q]Y5 ^QXlSQoc aQbiYaV^Yp]YD
^Y [?[\5 ^Y [@[\ _^Y UQWV ^V d`_]Y^Qoc7

::7:7;7 \KLU5 PLU Y NLU
Hc_Rl `_`a_R_SQcm U9C@D S baVUV ^>9H bVZhQb U_6
bcd`^l caY _b^_S^lf `_UUVaWYSQV]lf Y^cVa`aVcQc_aQC \KLU 1\D55<
K1>; L?==?> U9C@25 PLU 1PW^ L?==?> U9C@2 Y NLU 1N=254412 U9C@27 DbcQ^_S_h^lV `Q[Vcl SbVf ca‫ݷ‬f Y^cVa`aVcQc_a_S Y]V6

‫ ݷ‬::7:7 PXl[ EHD S M5291>8^2E>DE
b__cSVcbcSdojYV `Q[Vcl cQ[ Y ^QXlSQocbp C2327 3bV caY aQbb]QcaYSQV]lf ^Q]Y Y^cVa`aVcQc_aQ
L?==?> U9C@ `aVUdb]QcaYSQoc b`VgYQ\m^do `_UUVaW[d U\p aQR_cl
S aVWY]V Y^cVa`aVcQc_aQ b[aY`cQC U\p \KLU nc_c aVWY] S[\ohQVcbp
e\QT_] [_]Q^U^_Z bca_[Y 66C3B9@D5 U\p PLU ‑ e\QT_] 665 U\p NLU ‑
e\QT_] 6C85 U9C@7
CaQUYgY_^^_ Y^cVa`aVcQc_al D7 @_b\V nc_T_ `_\dhQojYZbp Yb`_\^pV]lZ
eQZ\ RdUVc aQX]Va_] ‫ݷ‬SbVT_ \Yim‫ ݷ‬:; VK5 ^_ aQU_SQcmbp5 `_WQ\dZ5 `aVWUV6
SaV]V^^_C S_6`VaSlf5 nc_ Sb‫ ݷ‬aQS^_ RVXd]^_ ]^_T_5 Q S_6Sc_alf5 `aY nc_] `a_6
TaQ]]Q RdUVc caQcYcm _jdcY]_V SaV]p ^Q aQb`Q[_S[d b_RbcSV^^_T_ [_UQ `VaVU
^QhQ\_] aQR_clC `_b\V XQ`db[Q _^Q5 `aVWUV hV] ^Q`VhQcQcm ‫ݷ‬Q5 U9C@27 ?U^Q[_ Vb\Y ^V `aY^pcm fYcalf ]Va5 `aY XQ`db[V `_\dhV^^_6
T_ Yb`_\^pV]_T_ eQZ\Q ]l `_`QUQV] S [NYU5 Y YXRVWQcm nc_T_ ]_W^_ c_\m[_
d[QXQ^YV] `QaQ]Vca_S [_]Q^U^_Z bca_[Y7
‫ݷ‬FYcalV ]Val‫ ݷ‬b_bc_pc S c_]5 hc_ S ^QiVZ `a_TaQ]]V ^dW^_ _RpXQcV\m^_
`aVUdb]_caVcm ed^[gYo b Y]V^V] C9CD?@67 NcQ ed^[gYp XQ]V^Yc b_R_Z
[NYU5 c_ Vbcm `aY XQ`db[V `_\dhV^^_T_ Yb`_\^pV]_T_ eQZ\Q S]Vbc_ [NYU Rd6
UVc XQ`djV^Q ^QiQ `a_TaQ]]Q5 hc_ ^Q] Y caVRdVcbp7 CV[bc `a_TaQ]]l ‫ݷ‬Q5 U9C@ S__R6
jV ^V `aVU`_\QTQoc Yb`_\mX_SQ^Yp Yf cS_aV^YZ U\p b_XUQ^Yp ^Qbc_pjYf `a_6
TaQ]]5 `VaVUQSQV]lf [_^Vh^l] `_\mX_SQcV\p]7 ; b_WQ\V^Yo5 nc_ S`VhQc\V^YV
c_\m[_ dbY\Ycbp5 [_TUQ ]l S ‫ݷ‬::7:7:= U_RVa‫]ݷ‬bp U_ _aTQ^YXQgYY SS_UQ6SlS_UQ7

::7:75 3e6 U\p `aVUbcQS\V^Yp b__cSVcbcSV^6
^_ Rd[Sl 15 gYeal > Y bY]S_\Q 65 3e\@1355 3eW5G55 3e]12 Y c7 `7
U\p _R_X^QhV^Yp `a_RV\m^lf Y ^V_c_RaQWQV]lf bY]S_\_S2 Y bca_[_SlV
\YcVaQ\l 12]89C 9C 1 CDB9>7227
=^_TYV b_SaV]V^^lV UYQ\V[cl 4B 7 NcQ e_a]Q `_XS_\pVc _aTQ^YX_SQcm SVcS\V^YV ^Q
`a_YXS_\m^_V [_\YhVbcS_ b\dhQVS5 `_U_R^_ _`VaQc_aQ] SlR_aQ ‑ `Qb6
[Q\VSb[_]d 31C5 Y CG9D38 YX BYD [a_]V c_T_5 U\p [QWU_T_ SQaYQ^cQ Sl6
R_aQ ]_W^_ d[QXQcm `_b\VU_SQcV\m^_bcm YX `a_YXS_\m^_T_ [_\YhVbcSQ
e_a]5 `_U\VWQjYf Sl`_\^V^Yo7
E_a]Q 3?>4 _R\QUQVc U_S_\m^_ fYca_Z bcad[cda_Z7 @VaSl] n\V]V^6
c_] e_a]l5 VbcVbcSV^^_5 b\dWYc bY]S_\ 3?>4D Sc_a_Z Y `_b\VUdojYV
n\V]V^cl U_\W^l `aVUbcQS\pcm b_R_Z b`Yb[Y5 ^QXlSQV]lV 3?>46`aVU6
\_WV^Yp]Y 13?>4 394 SlRYaQVc nc_ `aVU\_WV^YV5 S `a_cYS^_] b\dhQV
_^ `VaVf_UYc [ aQbb]_caV^Yo b\VUdojVT_ `aVU\_WV^Yp7 6b\Y ^Y _U6
^_ YX `aVU\_WV^YZ ^V Rl\_ SlRaQ^_5 aVXd\mcQc_] SbVZ e_a]l 3?>4
bcQ^_SYcbp >94 ]_WVc Rlcm aVQ\YX_SQ^Q
hVaVX 96 S SYUV ]Q[a_bQD [Q[ b\VUbcSYV5 S R_\miY^bcSV aVQ\YXQgYZ 3?>4 ‑ nc_ ^V
b`Vge_a]Q5 Q Sbca_V^^lZ ]Q[a_b7

‫ ݷ‬::7:7 PXl[ 4 XQT\QS^l] n\V]V^c_]
bcQSpc Qc_] DD cQ[_V `aVU\_WV^YV baQRQclSQVc5 Vb\Y ^Y _U^_ YX `aVUl6
UdjYf ^V SlRaQ^_ ‑ Q^Q\_TYh^_ 5E4
11>E4
111D?= 7
9UVp e_a]l C5D6 bQ]Q `_ bVRV Y^cVaVb^QC ^Q`aY]Va5 S_X]_W^Q aVQ\YXQ6
gYp:; \Yb`6SlhYb\YcV\p5 [_c_aQp5 `_[Q nc_ S_X]_W^_5 faQ^Yc aVXd\mcQcl Sl6
hYb\V^YZ S SYUV d[QXQcV\VZ ^Q bdjVbcSdojYV S `Q]pcY bbl\[Y ^Q _RkV[cl5 Y
`VaVf_UYc [ b_XUQ^Yo ^_Slf bbl\_[ Y\Y [_`Ya_SQ^Yo bbl\_[ \Yim S b\dhQV5
[_TUQ aVXd\mcQc c_\m[_ hc_ b_XUQ^ 1^V pS\pVcbp hQbcmo _RkV]\ojVZ bcad[cdal
UQ^^lf2 Y\Y Vb\Y ]V^pcm b_UVaWY]_V bbl\[Y ^Y[c_ ^V b_RYaQVcbp7 @a_R\V6
]Q S c_]5 hc_ S L?==?> U9C@ ^Q da_S^V b`VgYeY[QgYY XQ[aV`\‫ ^ݷ‬b_SVaiV^6
^_ UadT_Z `_Uf_U [ aVQ\YXQgYY C5D65 ^Q dUYS\V^YV cd`_Z `_ bS_VZ bdcYC U\p
[QWU_Z ed^[gYY5 [_c_aQp ]_WVc Slbcd`Qcm ‫ݷ‬bV\V[c_a_]‫ ݷ‬S `VaS_] QaTd]V^6
cV C5D65 `_`a_bcd `YiVcbp b__cSVcbcSdojQp ‫ݷ‬YX]V^pojQp‫ ݷ‬ed^[gYp5 Q a_\m
bQ]_T_ C5D6 bS_UYcbp [ c_]d5 hc_Rl ^dW^do ed^[gYo ^QZcY Y SlXSQcm7 NcY
‫_]ݷ‬UYgYeYadojYV ed^[gYY‫ ݷ‬S L?==?> U9C@ Y]Voc bcaQ^^lV Y]V^Q S SYUV
b`Yb[Q 112 YX USdf n\V]V^c_S5 `VaSl] YX [_c_alf Slbcd`QVc bY]S_\ C5D6C ^Q6
`aY]Va5 U\p ed^[gYY 6E>3 b__cSVcbcSdojQp YX]V^pojQp ed^[gYp ^QXlSQ\Qbm
Rl 1C5D6 6E>32:< 7 CQ[Y] _RaQX_]5 C5D6 S c_] SYUV5 S [_c_a_] _^ SSVU‫ ^ݷ‬S
L?==?> U9C@5 S_SbV ^V b^Y]QVc `_caVR^_bcY S _cUV\m^_Z ed^[gYY U\p [QWU_T_
b\dhQp ]_UYeYgYadV]_Z bbl\[Y S^dcaY bdjVbcSdojVZ bcad[cdal UQ^^lfD `a_6
bc_ SbV _^Y b^QRWQocbp ^V_hVSYU^l]Y Y]V^Q]Y5 Q U\p Yf SlX_SQ Yb`_\mXdVcbp
VUY^lZ ‫ݷ‬Y^cVaeVZb‫ ݷ‬1b_RbcSV^^_ e_a]Q C5D627
B_T\Qb^_ b`VgYeY[QgYY L?==?> U9C@ e_a]Q C5D6 Y]VVc gV\lZ apU ‫ݷ‬Sbca_6
V^^lf‫ ݷ‬b\dhQVS5 [_c_alV _^Q p[_Rl _RaQRQclSQVc bQ]Q RVX _RaQjV^Yp [ U_6
:; 9]V^^_ cQ[ Rl\Q aVQ\YX_SQ^Q e_a]Q C5D6 S RYR\Y_cV[V R>D5U925 [_TUQ6c_
UQS^_ ^Q`YbQ^^_Z QSc_a_] ncYf bca_[D `_Ua_R^_bcY hYcQcV\m ^QZU‫ݷ‬c ^Q bQZcV
8DD@C88GGG79>D5 U9C@5 aVQ\YX_SQ^^lZ cQ[5 hc_Rl S Yb6
`_\^pV]lZ eQZ\ SbcQS\pcm c_\m[_ aVQ\m^_ Yb`_\mXdV]lV S UQ^^_Z `a_TaQ]]V
hQbcY RYR\Y_cV[Y5 c_ [_U C5D6 `aYU‫ݷ‬cbp SbcQSYcm VUSQ \Y ^V S \oR_Z Yb`_\^p6
V]lZ eQZ\ ‑ Y5 aQXd]VVcbp5 gV\Y[_]5 SVUm nc_ _U^Q ed^[gYp7 3`a_hV]5 S Uad6
T_] ]VbcV b`VgYeY[QgYY ‑ S _`YbQ^YY b`Vge_a]l 6E>3D9?> ‑ pS^l] _RaQX_]
d`_]Y^QVcbp ed^[gYp b Y]V^V] 1C5D6 314B25 Y S \KLU aVQ\m^_ `aYbdcbcSdoc
ed^[gYY b `_U_R^l]Y Y]V^Q]Y 1S c_] hYb\V Y 1C5D6 31B25 Y 1C5D6 34B25 Y
1C5D6 381B2 Y c7 `72

?b^_S^_Z SlS_U5 [_c_alZ ]_W^_ bUV\Qcm `_b\V _X^Q[_]\V^Yp b iY6
a_[Y] Qbb_acY]V^c_] aQXadiQojYf _`VaQgYZ [ bY]S_\d5 b\dWQjV]d Y]V^V] Sbca_V^^_Z
ed^[gYY7 >Q`aY]Va5 SlhYb\YS SlaQWV^YV 1CI=2?3D9?> ’3?>C25
]l `_\dhY] _RkV[c ed^[gYY 3?>C7 CV[bc_S_V `aVUbcQS\V^YV nc_6
T_ _RkV[cQ XQSYbYc _c Y^cVa`aVcQc_aQ ‑ cQ[5 \KLU SlUQbc bca_[d
3E6E>3D9?> 3?>CG5 Q PLU ‑ bca_[d 3E3?=@93D9?> 3?>CG7
:> B]7

b^_b[d @ ^Q bca7 =@7

VaQXadiQojYV `QaQUYT]l

HVaVX ^V[_c_a_V SaV]p ^Qb WU‫ݷ‬c `_Ua_R^lZ aQXT_S_a _ SS_UV6SlS_UV5 S c_]
hYb\V Y _ c_]5 hc_ _Rlh^_ \6SlaQWV^Yp ]_Tdc Rlcm `a_hYcQ^l YX cV[bc_S_T_
`_c_[Q SS_UQ icQc^l]Y baVUbcSQ]Y 3D9?>7
NcQ b`Vge_a]Q5 ^V SlhYb\pp bS_Z VUY^bcSV^^lZ QaTd]V^c5 Sl`_\^p6
Vc ^QU ^Y] cQ[_V UVZbcSYV5 [Q[_V Sl`_\^Y\ Rl Y^cVa`aVcQc_a 3D9?> ]_WVc _[QXQcmbp b_SbV] ^V `_f_WV ^Q c_5 hc_ UV\QVc ed^[6
gYp CI=2?3D9?>7 3 ^V[_c_alf n[X_cYhVb[Yf bYcdQgYpf aVXd\mcQ6
cl CI=2?3D9?> Y 6E>3D9?> ^V b_S`QUQoc UQWV U\p bY]S_\Q 1cQ[
`a_Ybf_UYc `aY Yb`_\mX_SQ^YY b`Vge_a]l 6C ]_W^_5 SlhYb\YS e_a]d
16E>3D9?> 3?>C27
B`Vge_a]Q 6E>3D9?> `aY]V^pVcbp ^Qbc_\m[_ hQbc_5 hc_ U\p ^V‫ ݷ‬Vbcm
b_[aQj‫_^^ݷ‬V _R_X^QhV^YV ‑ 3’ 1`_6Q^T\YZb[Y nc_ _R_X^QhV^YV ^QlSQ6
Vcbp 6E>AE?D527 9]V^^_ VT_ ]l Y RdUV] Yb`_\mX_SQcm S UQ\m^VZiV]
cV[bcVD ^Q`aY]Va5 hc_Rl U_Rlcm _RkV[c Sbca_V^^_Z ed^[gYY b\_WV6
^Yp5 ]l ^Q`YiV] 3’45 Q hc_Rl U_bcQcm ed^[gYo 3?>C5 S_b`_\mXdV]bp
[_^bcad[gYVZ 3’3?>C7
Ed^UQ]V^cQ\m^Qp S_X]_W^_bcm _RkV[cQ6ed^[gYY5 aQUY [_c_a_Z _^5
b_RbcSV^^_ T_S_ap5 Y bdjVbcSdVc ‑ nc_ VT_ `aY]V^Y]_bcm [ QaTd]V^6
cQ]7 ?b^_S^lf b`_b_R_S `aY]V^Ycm ed^[gY_^Q\m^lZ _RkV[c S
F1> \DB11D5> S b`Yb[V aQbbl\[Y C b__cSVcbcSdojY] e\QT_] [_]Q^U^_Z bca_[Y25
Y _^Q UQWV RdUVc aQR_cQcm ‑ S_`a_b S c_]5 [Q[_Z gV^_Z nc_ U_bcYTQVc6
bp7 6b\Y S\_WV^^Qp ed^[gYp ^V _RaQjQVcbp [ \_[Q\m^l] `VaV]V^^l]
_RkV]\ojVZ ed^[gYY5 c_ V‫ ݷ‬aQR_c_b`_b_R^_bcm U_bcYTQVcbp ‫ݷ‬RVb`\Qc6
^_‫ݷ‬5 `_b[_\m[d `_ bS_VZ aQR_cV _^Q ^YhV] _c _Rlh^_Z 1^V6S\_WV^^_Z2
ed^[gYY ^V _c\YhQVcbpD ^_ nc_ ^V ^Qi b\dhQZ5 d ^Qb SbV caY ed^[gYY
_RaQjQocbp [ `VaV]V^^_Z 133E=7 Nc_ dWV b\_W^VV5 ^_ c_WV ^V eQcQ\m6
^_C ^Q`aY]Va5 ]_W^_ Rl\_ Rl S_b`_\mX_SQcmbp cV]Y bQ]l]Y S\_WV^^l6
]Y eaVZ]Q]Y5 `aY nc_] [QWUQp ed^[gYp X^Q\Q Rl5 [Q[_V `_\_WV^YV
XQ^Y]QVc _RkV]\ojYZ eaVZ] _c^_bYcV\m^_ V‫ ݷ‬b_RbcSV^^_T_ S\_WV^6
^_T_7 3`a_hV]5 PLL `_bcd`QVc `a_jVC `aY SlX_SV S\_WV^^_Z ed^[6
gYY ^V`_baVUbcSV^^_ YX _RkV]\ojVZ `VaVUQ‫ݷ‬c VZ QUaVb _RkV]\ojVT_
eaVZ]Q hVaVX aVTYbca 1S [_^SV^gYY LMNLU Yb`_\mXdVcbp aVTYbca NLa27
>Qbc_pjYV `a_R\V]l ^QhY^Qocbp5 \Yim [_TUQ [c_6c_ RVa‫ݷ‬c QUaVb
S\_WV^^_Z ed^[gYY7 3 nc_c ]_]V^c [_]`Y\pc_a dcaQhYSQVc [_^ca_\m
XQ cV]5 [c_ Y [_TUQ ed^[gYo RdUVc SlXlSQcmD ^_ SVUm `VaVU cV]5 [Q[ V‫ݷ‬
cV\_ `_\dhYc d`aQS\V^YV5 ^dW^_5 hc_Rl S aVTYbcaV NLa _[QXQ\_bm `aQ6
SY\m^_V X^QhV^YV7 AViQVcbp nc_c S_`a_b SVbm]Q ^VcaYSYQ\m^l] b`_6
b_R_]7 CQ]5 TUV S cV[bcV `a_TaQ]]l SbcaVhV^_ SlaQWV^YV5 `_UaQXd6
]VSQojVV SXpcYV QUaVbQ S\_WV^^_Z ed^[gYY5 [_]`Y\pc_a SbcQS\pVc
]QiY^^lZ [_U5 b_XUQojYZ S bcV[V 112 eaQT]V^c ]QiY^^_T_ [_UQ 1125
_RpXQ^^_bcm [_c_a_T_ ‑ XQ^VbcY `aQSY\m^_V X^QhV^YV S NLa 1^Q UadTYf
QafYcV[cdaQf ‑ S [Q[_Z6c_ UadT_Z aVTYbca25 `_b\V hVT_ `VaVUQcm d`aQS6
\V^YV ^Q ^QhQ\_ cV\Q SlXlSQV]_Z ed^[gYY7 Hc_ [QbQVcbp SlaQWV^Yp
b SXpcYV] QUaVbQ5 c_ _^_ S]Vbc_ ^Qbc_pjVT_ QUaVbQ cV\Q ed^[gYY S_X6
SaQjQVc QUaVb nc_T_ S_c eaQT]V^cQ S bcV[VD bQ] nc_c eaQT]V^c ^QXl6
SQVcbp caQ]`\Y^_] 1DB1=@?527 9]V^^_ cQ[YV caQ]`\Y^l b_XUQoc6
bp `aY [_]`Y\pgYY ^QiVT_ `aY]VaQ5 [_TUQ [_]`Y\pc_a _RaQRQclSQVc
SlaQWV^Yp 6@Q `a_bc_aQf 9^cVa^VcQ Sl ]_WVcV SbcaVcYcm

‫ ݷ‬::7:7 PXl[ 13?B5 4E=@542‫ݷ‬D d SQb _^ ]_WVc d`Qbcm [Q[6^YRdUm Y^QhV5
^_ _caQR_cQcm [_aaV[c^_ d nc_Z `a_TaQ]]l iQ^b_S ^Vc ^Y[Q[Yf _c
b\_SQ ‫ݷ‬b_SbV]‫ݷ‬7
9cQ[5 S_bf_Upjdo ed^QaT6`a_R\V]d PLL ^V aViQVc Y ^Y[Q[YV Q^Q6
\_TY XQ]l[Q^YZ b_XUQSQcm ^V d]VVc5 nc_ ]Ye ‑ Y5 hc_ _b_RV^^_ ^V`aYpc6
^_5 [_]`Y\pc_a ^Y[Q[ ^V b_`a_cYS\pVcbp `_`lc[Q] SVa^dcm YX ed^[6
gYY QUaVb \_[Q\m^_T_ caQ]`\Y^Q5 _RaVh‫_^^ݷ‬T_ ^Q YbhVX^_SV^YV 1`aY
c_] hc_ `_`lc[Q SVa^dcm QUaVb \_[Q\m^_Z `VaV]V^^_Z Sb‫ ݷ‬WV SlXlSQ6
Vc `aVUd`aVWUV^YV27 >_ UQWV Vb\Y ^V `lcQcmbp SVa^dcm YX ed^[gYY
QUaVb caQ]`\Y^Q5 [Q[ ]l c_\m[_ hc_ bUV\Q\Y5 Q Yb`_\mX_SQcm caQ]6
`\Y^ \Yim U_ cVf `_a5 `_[Q ed^[gYp5 `_a_UYSiQp VT_5 _bcQ‫ݷ‬cbp Q[6
cYS^Q 1c_ Vbcm bcV[_SlZ eaVZ]5 b_UVaWQjYZ caQ]`\Y^5 `a_U_\WQVc
bdjVbcS_SQcm25 Sb‫ ݷ‬aQS^_ _bcQ‫ݷ‬cbp _U^Q `a_R\V]Q7 AQXaViQcm Yb`_\6
^V^YV [_UQ S _R\QbcY bcV[Q ‑ ^VdUQh^Qp YUVp b c_h[Y XaV^Yp
RVX_`Qb^_bcY5 Y S b_SaV]V^^lf db\_SYpf nc_ U_S_\m^_ hQbc_ _[QXl6
SQVcbp XQ`aVjV^_7 PLL `_b\VU^Yf SVabYZ `aVU\QTQVc Q\mcVa^QcYS^do

‫ ݷ‬::7:7 PXl[ @?9>D5B 25 Y `aQSY\Q aQR_cl b
^VZ b_SVaiV^^_ Y^lV5 ^VWV\Y U\p _Rlh^lf ed^[gY_^Q\m^lf d[QXQcV6
\VZD SlX_S ]Vc_UQ hVaVX d[QXQcV\m ^Q ]Vc_U `a_YXS_UYcbp b`VgYQ\m^_Z
_`VaQgYVZ 735 `aVU`_\QTQojVZ d[QXQ^YV 1pS^_V2 _RkV[cQ5 U\p [_c_a_T_
SlXlSQVcbp ]Vc_U7 =l ^V aQbb]QcaYSQ\Y ncd bdj^_bcm5 `_b[_\m[d _^Q
[aQZ^V aVU[_ RlSQVc ^dW^QD XQY^cVaVb_SQ^^lZ hYcQcV\m \VT[_ ^QZU‫ݷ‬c
^dW^do Y^e_a]QgYo `_ d[QXQ^^l] [\ohVSl] b\_SQ]7 CQ[ Y\Y Y^QhV5
^Y _ [Q[Yf XQ]l[Q^Ypf XUVbm c_WV aVhY ^V YU‫ݷ‬cC [_^cV[bc 1S UQ^^_]
b\dhQV ‑ _RkV[c2 `a_TaQ]]Ybcd `aYf_UYcbp d[QXlSQcm bQ]_]d7

::7:7::7 AVUd[gYp b`Yb[_S
AVUd[gYo 1bS‫ݷ‬ac[d2 `_b\VU_SQcV\m^_bcVZ ]l dWV _RbdWUQ\Y [Q[
`aY]Va S_X]_W^_bcVZ aV[dabYY 1b]7 ‫ݷ‬B7;7 U9C@ Vbcm ed^[gYp B54E355 b`_b_R^Qp UV\Qcm Y c_
Y UadT_V5 ^_ V‫] ݷ‬l ca_TQcm ^V RdUV]D bS_Y ed^[gYY ^QX_S‫< ]ݷ‬B54E35 Y
BB54E35 ‑ cQ[Yf Y]‫ ^ݷ‬b`VgYeY[QgYp L?==?> U9C@ ^V `aVUdb]QcaYSQVc7
9cQ[C
D B54E357 9D2
13?>4
11>E31 9>9D 131B BB54E35 16E> 9D2
13?>4
11>E31 131B 134B 9D222
2
2

BaQXd WV bc_Yc _RaQcYcm S^Y]Q^YV5 hc_ aVQ\YXQgYp :2D _^Q ^V XQSYbYc _c pXl[Q aVQ\YXQgYY7
>Qh^‫ ]ݷ‬b `a_bclf `aY]Va_S Yb`_\mX_SQ^Yp7 AVXd\mcQc_] SlhYb\V6
^Yp e_a]l
1BB54E35 3’3?>C ’1: ; 4
11>E NM >?G2 92
G85> 15F5>@ 92
4? 16?B=1D D 2NM 9C 1 >?>6?44 >E=25B2 92
69>1 U9C@5 ^Q] `_caVRdVcbp U_S_\m^_ ]^_T_ SaV]V^YD _R_ZcY
bc_a_^_Z ncd cV]d ]l ^Y[Q[ ^V ]_WV] ‑ S `a_cYS^_] b\dhQV _bcQ^Vc6
bp ^V`_^pc^_5 [Q[ WV ^Q nc_] `YbQcm `a_TaQ]]l5 Q ^V _cUV\m^lV Y
^Y[_]d ^V ^dW^lV ed^[gYY7 ; b_WQ\V^Yo5 ]l Sl^dWUV^l `aVUd`aV6
UYcm hYcQcV\p5 hc_5 b[_aVV SbVT_5 ]QcVaYQ\ nc_T_ `QaQTaQeQ S__RjV
_c_Rm‫ݷ‬c d ^VT_ Sbp[_V WV\Q^YV Y]Vcm UV\_ b L?==?> U9C@D Y cV] ^V
]V^VV S [_^cV[bcV aQXT_S_aQ _ `QaQUYT]Qf nc_c ]QcVaYQ\ `_\VXV^ f_cp
Rl [Q[ `aY]Va c_T_5 [Q[ UV\Qcm ^V ^QU_5 Y5 T\QS^_V5 `_hV]d cQ[ UV\Qcm
^V ^QU_7
9XdhQp BY Y BY445 ]l ]_T\Y `aYSl[^dcm 1Y ^QSVa^p[Q `aYSl[\Y2
[ _`aVUV\‫]_^^ݷ‬d S_b`aYpcYo _`VaQgYZ SS_UQ6SlS_UQ7 3 _b^_SV ]_UV\Y5
[_c_ado bVZhQb ]_W^_ bhYcQcm _RjV`aY^pc_Z5 \VWYc `_^pcYV `_c_[Q
SS_UQ Y\Y SlS_UQ 1Q S ^V[_c_alf b\dhQpf ‑ c_T_ Y UadT_T_ baQXd25 `aY
nc_] `_c_[Y SS_UQ Y]Voc ed^UQ]V^cQ\m^_V bS_ZbcS_ XQ[Q^hYSQcmbp5
c7 V7 bYT^Q\YXYa_SQcm _ ^Qbcd`\V^YY bYcdQgYY ‫^_[ݷ‬Vg eQZ\Q‫ݷ‬D [a_]V
c_T_5 \oRQp _`VaQgYp SS_UQ6SlS_UQ 1S _b_RV^^_bcY _`VaQgYp b_XUQ^Yp
^_S_T_ `_c_[Q5 S c_] hYb\V `dc‫_ ]ݷ‬c[alcYp eQZ\Q ^Q hcV^YV Y\Y XQ6
`Ybm2 ]_WVc bcQcm `aYhY^_Z _iYR[Y5 Y ncQ _iYR[Q b c_h[Y XaV^Yp
`a_TaQ]]l b_SVaiV^^_ ^V _RpXQ^Q Rlcm eQcQ\m^_Z5 c_ Vbcm d aQR_cQ6
ojVZ `a_TaQ]]l U_\W^Q Rlcm S_X]_W^_bcm _ `a_YbiVUiYf _iYR[Qf
dX^QSQcm Y _RaQRQclSQcm Yf cQ[5 [Q[ f_hVc V‫ ݷ‬QSc_a5 Q ^V [c_6c_ UadT_Z
1^Q`aY]Va5 b_XUQcV\m caQ^b\pc_aQ27
NcQ ]_UV\m `aY SbVZ V‫` ݷ‬aYSlh^_bcY ^Q bQ]_] UV\V ^VcaYSYQ\m^Q Y
UQWV ]_WVc5 `_WQ\dZ5 aQbb]QcaYSQcmbp [Q[ `QaQUYT]QD Y5 [_^Vh^_ WV5
_^Q b\_WY\Qbm ^V baQXd Y ^V SUadT5 Y cV] R_\VV _c^oUm ^V baQXd bcQ6
\Q _RjV`aY^pc_Z7 PXl[ 96V T_Ul ^V Rl\_ _`VaQgY_^^lf bYbcV] [Q[ pS\V^Yp7 3 UQS^YV SaV6
]V^Q b\_WY\bp Y ^QR_a _b^_S^lf Sbca_V^^lf ed^[gYZ5 Y nc_c ^QR_a
Ybf_U^_ ^Y[Q[ ^V dhYclSQ\5 ^Q`aY]Va5 eV^_]V^ bYcdQgYY [_^gQ eQZ\Q7
5V\Ycm _iYR[Y5 [Q[ nc_ _Rlh^_ `a_Ybf_UYc bVZhQb5 ^Q `a_TaQ]]Ybc6
b[YV 1^Q [_c_alV ]_WVc Y U_\WV^ baVQTYa_SQcm caQ^b\pc_a2 Y `_\m6
X_SQcV\mb[YV 1^Q [_c_alV aVQTYa_SQcm U_\W^Q Sl`_\^pojQpbp `a_6
TaQ]]Q2 S c_ SaV]p c_WV ^Y[_]d ^V `aYf_UY\_ S T_\_Sd `_ `aYhY^Q]5
[_c_alV ]l dWV _RbdWUQ\Y S ‫ݷ‬::7:7:;7
B`VgYeY[QgYp L?==?> U9C@ b_XUQSQ\Qbm `_XU^VV5 [ nc_]d SaV]V^Y
_RjYZ `_Uf_U [ SS_Ud6SlS_Ud db`V\ ‫ݷ‬dbcQ[Q^Ycmbp‫ݷ‬5 ^_ c_5 [Q[ Y]V^^_

VaQXadiQojYV `QaQUYT]l

Rl\Y YX]V^V^l 1U_`_\^V^l2 _`YbQ^Yp Sbca_V^^lf ed^[gYZ U\p b__c6
SVcbcSYp ^_Sl] aVQ\Yp]5 SlXlSQVc ^V[_V ^VU_d]V^YV7 CQ[5 Vb\Y ]l f_6
cY] _RaQRQclSQcm bYcdQgYo ‫^_[ݷ‬Vg eQZ\Q‫ ‑ ݷ‬Q ]l5 VbcVbcSV^^_5 nc_T_
f_cY]5 [Q[ S__RjV ]_WVc Rlcm Y^QhV5 ‑ c_ ^Q] `aYU‫ݷ‬cbp [QWU_Z ed^[6
gYY SS_UQ `VaVUQSQcm caY U_`_\^YcV\m^lf QaTd]V^cQC _UY^ YX ^Yf ‑
\_TYhVb[_V X^QhV^YV >9< 1\_Wm2 ‑ d[QXlSQVc5 hc_ ed^[gYp SS_UQ ^V
U_\W^Q ‫^_[ݷ‬Vg eQZ\Q‫_ ݷ‬RaQRQclSQcm bQ]Q 1[Q[H _hV^m `a_bc_C Vb\Y
Y] nc_T_ ^V XQ`aVcYcm5 _^Y ‫^_[ݷ‬Vg eQZ\Q‫` ݷ‬aYaQS^YSQoc [ _iYR[Q]5
`aY nc_] UYQT^_bcY[d SlUQoc bQ]Y5 Q S U_SVaiV^YV XQ`db[Qoc _c\QU6
hY[25 UadT_Z XQUQ‫ݷ‬c c_ X^QhV^YV5 [_c_a_V ^dW^_ SVa^dcm YX ed^[gYY5
Vb\Y ‫^_[ݷ‬Vg eQZ\Q‫ ݷ‬Sb‫ݷ‬6cQ[Y b\dhY\bp5 Q caVcYZ 1Y\Y b[_aVV `VaSlZ5
Vb\Y Y]Vcm S SYUd VT_ aQb`_\_WV^YV2 ‑ nc_ YUV^cYeY[Qc_a `_c_[QD VT_
]_W^_ Rl\_ Rl _`dbcYcm5 [_TUQ SS_U YU‫ݷ‬c YX bcQ^UQac^_T_ `_c_[Q5 UQ
c_\m[_ _^5 dSl5 U_\WV^ bc_pcm `VaVU cV]Y USd]p5 cQ[ hc_ cV`Vam VT_
_`dbcYcm ^V `_\dhYcbp7
BYcdQgYp bcQ^Vc Vj‫ ݷ‬XQRQS^VV5 [Q[ c_\m[_ ^Q] `aYU‫ݷ‬c S T_\_Sd _c6
[alcm eQZ\7 3 ‫ݷ‬L?==?> U9C@ D85 U1>7E175‫ ݷ‬Vbcm T\QSQ5 `_bSpj‫^^ݷ‬Qp
`_c_[Q] 1_^Q Y]VVc ^_]Va ;: Y cQ[ Y ^QXlSQVcbp ‫\ݷ‬DB51=C‫ݷ‬25 Q S ^VZ
`QaQTaQe5 _XQT\QS\V^^lZ ‫ݷ‬LB51D9>7 W5G \DB51=C‫ݷ‬D ed^[gYY b Y]V^V]
?@5> S nc_] `QaQTaQeV ^Vc5 cQ[ hc_ ]_WVc b\_WYcmbp S`VhQc\V^YV5 hc_
V‫^ ݷ‬Vc S__RjV7 >Q bQ]_] UV\V _^Q Sb‫ݷ‬6cQ[Y Vbcm5 c_\m[_ ^QU_ [Q[ b\VUdVc
`_Yb[Qcm ‑ Y c_TUQ _R^QadWYcbp5 hc_ bQ]lZ `aYSlh^lZ Y _hVSYU^lZ
b`_b_R b_XUQ^Yp ^_Slf `_c_[_S SS_UQ6SlS_UQ S nc_Z [^YTV _c^Vb‫^ ^ݷ‬V
[ _R\QbcY ‫ݷ‬b_XUQ^Yp ^_Slf `_c_[_S‫ݷ‬5 Q [ _R\QbcY ‫ݷ‬Y^cVaeVZbQ [ eQZ6
\_S_Z bYbcV]V‫ݷ‬7 >QU_ b[QXQcm5 hc_ nc_ c_WV _cUV\m^Qp T\QSQ5 _`Ybl6
SQojQp5 [Q[ SlT\pUYc eQZ\_SQp bYbcV]Q 1Y]V^Q eQZ\_S5 Yf bS_ZbcSQ
Y c7 `72 S c_Z bcaQ^^_Z Q\mcVa^QcYS^_Z aVQ\m^_bcY5 [_c_ado XQhV]6c_
`aYUd]Q\Y b_XUQcV\Y L?==?> U9C@7 ?clb[QS ^dW^do ed^[gYo5 ]l
aYb[dV] ^V `_^pcm _`YbQ^YV `QaQ]Vca_S5 [_c_alV _^Q `aY^Y]QVcC
?@5> 691=5 6;5I C49B53D9?> C5D6DI@5 C9665H9CDC
C9664?5C6>?D65H9CD C5HD5B>1 U9C@5 aQXd]VVcbp5 ^V bhYcQ\Y `a_R\V]_ZC S
b`VgYeY[QgYo `a_b_hY\Ybm SbVS_X]_W^lV `aV\VbcY YX cVf5 hc_ ]l _R6
bdWUQ\Y S `aVUlUdjV] `QaQTaQeV5 S c_] hYb\V [\ohVSlV `QaQ]Vcal
ed^[gYZ7 @_pSY\Ybm Y S `aY^gY`V `_\VX^lV S_X]_W^_bcY Sa_UV _RaQ6
R_c[Y Yb[\ohV^YZ ‑ ^_ `_\VX^lV5 `_WQ\dZ5 \Yim U_ cVf `_a5 `_[Q ^Q]
Yf ^V ^QSpXlSQoc7
5_ _`aVUV\‫_^^ݷ‬T_ ]_]V^cQ ]_W^_ `a_bc_ YT^_aYa_SQcm SbV ncY Sl6
SVacl [_]YcVcb[_T_ ]li\V^YpD ^_ S_c ^Q] `_caVR_SQ\_bm _c[alcm
eQZ\5 Y S _`YbQ^YY ed^[gYY5 [_c_aQp nc_ UV\QVc5 ]l SYUY] `aVb\_6

‫ ݷ‬::7:7 PXl[ 49D9?>C5 c7 V7 ‫ݷ‬db\_SYp‫ݷ‬D hQb _c hQbd ^V \VThV2 Y S U_SVb_[ [
^Y] Vj‫_ ݷ‬RkV[c^_6_aYV^cYa_SQ^^do `_UbYbcV]d5 [_c_aQp ^QXlSQVcbp
LUX\ 1L?==?> U9C@ X2:53D \ICD5=2 ‑ Y\Y ^Q] `aYU‫ݷ‬cbp b]YaYcmbp b
cV]5 hc_5 [ `aY]Vad5 `a_TaQ]]Q5 [_c_a_Z ^V fSQcY\_ `_\^_]_hYZ U\p
_c[alcYp eQZ\Q5 QSQaYZ^_ XQSVaiQVcbp b ^VS^pc^_Z UYQT^_bcY[_Z5 Q
c_ Y S_SbV XQ`db[QVc _c\QUhY[7
BdUp `_ SbV]d5 QSc_al L?==?> U9C@ cQ[ Y ^V `aV_U_\V\Y ^Qb\VUYV
c_Z 1^V_U^_[aQc^_ dWV d`_]Y^QSiVZbp2 n`_fY5 [_TUQ ^V Rl\_ [_^Vh6
^lf `_\mX_SQcV\VZ5 Q `_c_]d ^Y[_]d ^V `aYf_UY\_ S T_\_Sd aQXUV\pcm
‫`ݷ‬a_TaQ]]Ybcb[_V‫ ݷ‬Y ‫\_`ݷ‬mX_SQcV\mb[_V‫ݷ‬7 CQ[_Z SlS_U dWV ^Q`aQiY6
SQVcbp5 [_TUQ ]l SYUY]5 b[_\m cadU^_ SXpcm S bS_Y ad[Y XQR_cd _ Sl6
UQSQV]_Z UYQT^_bcY[V5 ^V U_S_\mbcSdpbm 1`_hV]d Rl nc_2 b__RjV^Yp]Y
Y^cVa`aVcQc_aQ7 >_ Vbcm Y UadTYV `aYX^Q[Y7 CQ[5 S cV[bcV ‫ݷ‬L?==?>
U9C@ D85 U1>7E175‫ ݷ‬R
_\mido hQbcm T\QSl _ SS_UV6SlS_UV XQ^Y]QVc _`Y6
bQ^YV ed^[gYY B5145 `_XS_\pojVZ hYcQcm `a_YXS_\m^lV \6SlaQWV^Yp5
`aVUbcQS\V^^lV S SYUV cV[bcQ7 5Q5 `aY nc_] XQUVZbcSdocbp \V[bYhV6
b[YZ Y bY^cQ[bYhVb[YZ Q^Q\YXQc_al5 Y]VojYVbp S Y^cVa`aVcQc_aV5 c_
Vbcm S__RjV6c_ Y^bcad]V^cl bdTdR_ `a_TaQ]]Ybcb[YVD UQ5 `aY nc_] UY6
QT^_bcY[Q SlUQ‫ݷ‬cbp c_WV Yb[\ohYcV\m^_ `a_TaQ]]Ybcb[Qp5 _Rlh^lZ
`_\mX_SQcV\m SbVT_ nc_T_ `a_bc_ ^V `_Z]‫ݷ‬cD `aY nc_] bQ]Y Q^Q\YXQ6
c_al ]_W^_ _hV^m TYR[_ `VaV^QbcaQYSQcm5 Y U\p `_UUVaW[Y nc_Z ^Q6
bca_Z[Y b`VgYeY[QgYp `aVUdb]QcaYSQVc gV\lZ S_a_f b\_W^lf Y^bcad6
]V^c_S7 =VWUd cV] Sb‫ ݷ‬nc_ `aY^gY`YQ\m^_ ^V T_UYcbp U\p `a_TaQ]]5
`VaVUQSQV]lf [_^Vh^_]d `_\mX_SQcV\o5 `_b[_\m[d Sa_UV Rl _hVSYU^_5
hc_ [_^Vh^lZ `_\mX_SQcV\m ^V _RpXQ^ X^Qcm U9C@ b_UVaWYc S bVRV
1Q [^YTQ ‑ U_\T_ Y d`_a^_ aQb`YblSQVc2 `a_aSd cQ[Yf S_X]_W^_bcVZ5
[_c_alV S bY\d ed^UQ]V^cQ\m^lf `aYhY^ S__RjV ^V\mXp `aY]V^pcm5
Vb\Y d `a_TaQ]]l `aVU`_\QTQocbp [Q[YV6c_ Vj‫\_` ݷ‬mX_SQcV\Y5 [a_]V
V‫ ݷ‬QSc_aQ7
@_bcQaQV]bp U\p ^QhQ\Q _Rkpb^Ycm5 [Q[ _aTQ^YX_SQcm S L?==?>
U9C@ _Rl[^_SV^^lZ Y `aYSlh^lZ eQZ\_S_6`_c_[_SlZ SS_U6SlS_U5 Y
`aY nc_] hc_Rl bYcdQgYp ‫^_[ݷ‬Vg eQZ\Q‫ ݷ‬aQbb]QcaYSQ\Qbm [Q[ icQc6
^Qp5 Q ^V [Q[ _iYR_h^Qp7 ; R_\VV cpW‫\ݷ‬l] baVUbcSQ] _RaQR_c[Y _iY6
R_[ ]l SVa^‫]ݷ‬bp `_XWV7
>Qh^‫ ]ݷ‬b XQ]VhQ^Yp _ bcQ^UQac^lf `_c_[Qf SS_UQ6SlS_UQ7 5\p
Yf _R_X^QhV^Yp L?==?> U9C@ `aVUdb]QcaYSQVc T\_RQ\m^lV `VaV]V^6
^lV 3CD1>41B469>@ED35 3CD1>41B46?ED@ED3 Y 35BB?B6?ED@ED35 [_c_6

VaQXadiQojYV `QaQUYT]l

alV `_ YUVV U_\W^l b__cSVcbcS_SQcm `aYSlh^l] ^Q] `_c_[Q] SS_6
UQ5 SlS_UQ Y UYQT^_bcY[Y7 ;Q[ S_UYcbp5 nc_ c_\m[_ ^QhQ\_ Ybc_aYY7
;a_]V ncYf ca‫ݷ‬f `VaV]V^^lf5 b`VgYeY[QgYp `aVUdb]QcaYSQVc Vj‫ݷ‬
3DB1356?ED@ED35 3AE5BI69?35 3452E769?3 Y 3D5B=9>1141B46?ED@ED35 Uad6
Tdo ‑ S 3D5B=9>19< _X^QhQVc
U\p ed^[gYZ SS_UQ aQR_cd b 3CD1>41B469>@ED35 U\p ed^[gYZ SlS_6
UQ ‑ aQR_cd b 3CD1>41B46?ED@ED3D d[QXQ^YV D S _R_Yf b\dhQpf _X^Q6
hQVc Yb`_\mX_SQ^YV 3D5B=9>1:5
@B9>3 Y @@B9>D7 ;Q[ hQbc_ RlSQVc5 _c ed^[gYY b ^QYR_\VV `_^pc^l]
Y]V^V] ‑ @B9>D ‑ [Q[ aQX ]V^miV SbVT_ c_\[d5 ^_ _R nc_] hdcm `_XWV7
3bV hVclaV ed^[gYY `aY^Y]Qoc _UY^ Y\Y USQ QaTd]V^cQC _RpXQcV\m6
^lZ ‑ hc
_ ^dW^_ ^Q`VhQcQcm5 Y _`gY_^Q\m^lZ ‑ `_c_[5 S [_c_alZ nc_
^QU_ `VhQcQcmD [Q[ ]_W^_ U_TQUQcmbp5 S [\QbbYhVb[Yf UYQ\V[cQf nc_6
T_ _`gY_^Q\m^_T_ `QaQ]VcaQ ^V Rl\_5 _^ `_pSY\bp `_XWV7 >Q`aY]Va5
1@B9>: H2 SlUQbc cV[djVV X^QhV^YV `VaV]V^^_Z H S bcQ^UQac^lZ `_6

‫ ݷ‬::7:7 PXl[ : H D2 SlUQbc X^QhV^YV dWV S
`_c_[ 3D5B=9>1: H 35BB?B6?ED@ED32 U_\W^_
`VhQcQcm dWV S UYQT^_bcYhVb[YZ `_c_[5 Y S USdf YX ca‫ݷ‬f ^QiYf Y^cVa6
`aVcQc_a_S nc_ UVZbcSYcV\m^_ `a_YX_ZU‫ݷ‬cD bclU Y `_X_a QSc_aQ] 7335 `VhQcQoc cV[bc_6
S_V `aVUbcQS\V^YV `_\dhV^^_T_ \6SlaQWV^Yp5 `aYT_U^_V U\p ‫ݷ‬hcV^Yp
_RaQc^_‫ݷ‬5 c_ Vbcm b__cSVcbcSdojVV bY^cQ[bYhVb[Y] `aQSY\Q] 22 ^Q`V6
hQcQVc ‫ݷ‬3eJ‫ ݷ‬1?> ‑ nc_ J\LRR6[_U XQT\QS^_Z \QcY^b[_Z Rd[Sl J25 Q
1@B9>: 1381B63?45 :922 ^Q`VhQcQVc Ta_]_XU[_V 3eW5G57
Ed^[gYp @B9>: _TaQ^YhYcbp c_\m[_ `VhQcmo `aVUbcQS\V^Yp XQUQ^6
^_T_ SlaQWV^YpD ed^[gYp @@B9>D b^QhQ\Q SlSVUVc `VaVS_U bca_[Y5 Y
c_\m[_ `_b\V ^VT_ ‑ `aVUbcQS\V^YV SlaQWV^YpD @B9>D bUV\QVc c_ WV
bQ]_V5 c_\m[_ Vj‫ ݷ‬U_RQSYc S [_^gV `a_RV\7 8UVbm ]_WVc S_X^Y[^dcm
S`_\^V aVX_^^lZ S_`a_b5 XQhV] U\p nc_T_ Rl\_ `aYUd]lSQcm _cUV\m6
^do ed^[gYoD UV\_ S c_]5 hc_5 aQXd]VVcbp5 ed^[gYp @B9>D `_pSY\Qbm
`VaS_Z5 _bcQ\m^lV Rl\Y `aYUd]Q^l `_XWV7 3 cV SaV]V^Q5 [_TUQ Yf `aY6
Ud]lSQ\Y5 `aY^gY` ‫ݷ‬UV\QZ hc_6c_ _U^_‫ ݷ‬Vj‫^ ݷ‬V bcQ\ _RjV`aYX^Q^^l]7
Ed^[gYp @B9>3 _c\YhQVcbp _c _bcQ\m^lf cV]5 hc_ `VhQcQVc bca_[Y
RVX [QSlhV[5 Q bY]S_\l 1[_c_alV 381BC2 SlUQ‫ݷ‬c5 Vb\Y ]_W^_ cQ[ SlaQ6
XYcmbp5 S SYUV bY]S_\_S5 Q ^V S SYUV Yf \Yb`_Sb[Yf Y]‫^ݷ‬7 >Q`aY]Va5
1@B9>3 3eW5G52 SlUQbc bY]S_\ `VaVS_UQ bca_[Y5 c_ Vbcm `VaVSVU‫ݷ‬c
bca_[d ^Q `VhQcYD 1@B9>3 2Q54
115A 3 >9: 2 1D5B@B92 1=19> 922
1D 1=19> 14 : 222
2
2
2
1=19> 92

AQR_cQcm ncQ `a_TaQ]]Q RdUVc b \oRl] YX ^QiYf Y^cVa`aVcQc_6
a_S5 U_bcQc_h^_ XQ]V^Ycm b__cSVcbcSdojY] _RaQX_] `VaSdo bca_h[d
1b]7 ‫ݷ‬::7:7;27
6b\Y b_RVa‫ݷ‬cVbm nc_c `aY]Va `_`a_R_SQcm5 XQ_U^_ ]_WVcV `_\oR_SQcmbp ^Q
neeV[c _c ^QWQcYp LDB1 _c[a_Vc ^Q hcV^YV eQZ\5
Y]p [_c_a_T_ d[QXQ^_ VUY^bcSV^^l] QaTd]V^c_]7 @aY nc_] Vb\Y f_cm
hc_6^YRdUm `_ZU‫ݷ‬c ^V cQ[ 1Q hYcQcV\m `aV[aQb^_ X^QVc5 b[_\m[Y]Y b`_6
b_RQ]Y hc_6c_ ]_WVc `_ZcY ^V cQ[ `aY `_`lc[V _c[alcm eQZ\25 Y^cVa6
`aVcQc_a S bS_VZ _Rlh^_Z ]Q^VaV dUQaYcbp S `Q^Y[d7
?c]VcY] Vj‫_ ݷ‬UY^ bcaQ^^lZ ]_]V^c7 9]p eQZ\Q ]_WVc Rlcm XQUQ^_ bca_6
[_Z5 _RkV[c_] b`VgYQ\m^_T_ cY`Q @1D8>1=5 1U\p aQR_cl b ^Y]Y Y]VVcbp _b_RlZ
^QR_a ed^[gYZ2 Y\Y UQWV UadTY] 1bdjVbcSdojY]2 `_c_[_]7 ;Q[ hQbc_ T_S_apc
Q]VaY[Q^gl5 Sl ^V f_cYcV X^Qcm _R nc_] R_\miV7

Hc_Rl U_RYcmbp _c ?@5> f_cm b[_\m[_6^YRdUm _b]lb\V^^_T_ `_SVUV6
^Yp5 `aYU‫ݷ‬cbp Sb‫ݷ‬6cQ[Y aQX_RaQcmbp5 [Q[ Yb`_\mX_SQcm [\ohVSlV `QaQ6
]Vcal `aY SlX_SV ed^[gYZ7 BcaQ^^lV YUV^cYeY[Qc_al5 ^QhY^QojYV6
bp b US_Vc_hYp5 b__cSVcbcSdoc [QWUlZ bS_V]d `QaQ]Vcad5 d [QWU_T_ cQ6
[_T_ `QaQ]VcaQ Vbcm X^QhV^YV `_ d]_\hQ^Yo ^Q b\dhQZ5 Vb\Y `aY SlX_SV
VT_ ^V XQUQUdc5 Q hc_Rl VT_ XQUQcm5 ^dW^_ S e_a]V SlX_SQ ^Q`YbQcm b^Q6
hQ\Q Y]p [\ohVS_T_ `QaQ]VcaQ5 Q XQcV] ^dW^_V X^QhV^YV U\p ^VT_7 >Q6
`aY]Va5 Vb\Y [Q[Qp6^YRdUm ed^[gYp 6 `aY^Y]QVc [\ohVS_Z `QaQ]Vca
CG59B4>E=5 c_ XQUQcm V]d X^QhV^YV ]_W^_ cQ[C 16 CG59B4>E= : Yb`_\mXdVc Sb‫ ݷ‬cV WV
[\ohVSlV b\_SQ5 c7 V7 YUV^cYeY[Qc_al5 ^QhY^QojYVbp b US_Vc_hYp7

‫ ݷ‬::7:7 PXl[ 7 Hc_Rl _c[alcm ^V[YZ eQZ\ ^Q XQ`Ybm5
]_W^_ `_`a_R_SQcm bUV\Qcm hc_6c_ Sa_UV b\VUdojVT_C
1C5DA 6 1?@5> 269 C?ED@ED22

8UVbm X^QhV^YV] U\p `QaQ]VcaQ C49B53D9?> d[QXQ^Q [_^bcQ^cQ
C?ED@ED7 @_ d]_\hQ^Yo5 [Q[ ]_W^_ U_TQUQcmbp5 Yb`_\mXdVcbp C9>@ED5
Q Vj‫` ݷ‬aVUdb]_caV^l C9? ‑ _c[alcm U\p aQR_cl S _R_Yf ^Q`aQS\V^Ypf
1[c_ R Vj‫_ ݷ‬Rkpb^Y\5 [Q[ nc_ ]_W^_ `aY]V^Ycm S c_Z Q\mcVa^QcYS^_Z
aVQ\m^_bcY5 [_c_ado `aYUd]Q\Y b_XUQcV\Y b`VgYeY[QgYY2 Y C@B?25 ‑
S__RjV ^V _c[alSQcm eQZ\5 `a_bc_ dX^Qcm5 bdjVbcSdVc \Y _^7
8UVbm ^VS_X]_W^_ dUVaWQcmbp _c Vj‫_ ݷ‬U^_T_ XQ]VhQ^Yp7 3 cV[bcV b`VgY6
eY[QgYY pS^l] _RaQX_] b[QXQ^_5 hc_ `aY nc_] eQZ\ _c[alSQVcbp Y baQXd WV
XQ[alSQVcbp7 @_6SYUY]_]d5 `aVU`_\QTQ\_bm Yb`_\mX_SQcm nc_ `aY]Va^_ cQ[C `_6
b]_caVcm5 bdjVbcSdVc \Y eQZ\5 Y Vb\Y UQ5 c_ c_TUQ dW VT_ _c[alSQcm5 hc_Rl
YXRVWQcm _iYR[Y7 @a_R\V]Q S c_]5 hc_ `_U_R^Qp `_b\VU_SQcV\m^_bcm UVZbcSYZ
`_a_WUQVc `ap]_6cQ[Y [Q^_^YhVb[YZ B135 3?>49D9?> 1^Q`_]^Y]5 hc_ _eYgYQ\m6
^lZ adbb[YZ cVa]Y^ ‑ bYcdQgYp T_^_[ 1b_bcpXp^YZ2D b]7 c7 ;5 ‫>ݷݷ‬7 S SQaYQ^cV b C@B?25 Y SlX_S_]5
_c[alSQojY] eQZ\ ‫_`ݷ‬6^Qbc_pjV]d‫ݷ‬7

6b\Y Sb‫` ݷ‬a_ZU‫ݷ‬c f_a_i_ Y eQZ\ _c[a_Vcbp5 c_ b `VaV]V^^_Z 6 Rd6
UVc bSpXQ^ _RkV[c `_c_[Q SlS_UQ5 [_c_alZ ]_W^_ RdUVc `VaVUQSQcm S_
Sbp[YV ed^[gYY Sa_UV @B9>35 D5B@B95 6?B=1D Y c7 U7 >_5 [Q[ dWV T_6
S_aY\_bm5 Vb\Y f_cm hc_6c_ `_ZU‫ݷ‬c ^V cQ[5 Y^cVa`aVcQc_a _[QWVcbp S
b_bc_p^YY YbcVaY[Y5 Q `_\mX_SQcV\m ‑ S `aVUl^eQa[c^_]7
HQbcYh^_ b^pcm _bca_cd cS_apjVT_bp ]QaQX]Q `_]_Tdc Vj‫ ݷ‬USQ
[\ohVSlf `QaQ]VcaQ ‑ C9664?5C6>?D65H9CD Y C9665H9CDC7 >Qh^‫]ݷ‬
b C9665H9CDC5 [_c_alZ Y]VVc b]lb\ c_\m[_ `aY _c[alcYY eQZ\Q ^Q
XQ`Ybm5 Q S_ SbVf _bcQ\m^lf b\dhQpf YT^_aYadVcbp7 6T_ X^QhV^YV `_
d]_\hQ^Yo ‑ C5BB?B5 _^_ `_UaQXd]VSQVc [Q[ aQX cQ[_V `_SVUV^YV5 [_6
c_a_V U_`db[Qcm ^V b\VUdVc 1SlUQcm b_RbcSV^^do UYQT^_bcY[d Y^cVa6
`aVcQc_aQ5 SlSQ\Ycmbp S aVWY] _c\QU[Y Y Sb‫ ݷ‬cQ[_V `a_hVV27 BaVUY
`a_hYf S_X]_W^lf X^QhV^YZ5 [Q[_Slf U_S_\m^_ ]^_T_5 ]_W^_ `_aV[_6
]V^U_SQcm C?F5BGB9D5 1eQZ\ `VaVXQ`YblSQVcbp b ^d\p25 C1@@5>4 1XQ6
`Ybm RdUVc `a_YXS_UYcmbp S [_^Vg bdjVbcSdojVT_ eQZ\Q2 Y >9< 1eQZ\
^V _c[a_Vcbp5 ?@5> SVa^‫ݷ‬c X^QhV^YV >9 269 C?ED@ED C9665H9CDC C?F5BGB9D52

2

@QaQ]Vca C9664?5C6>?D65H9CD5 [Q[ \VT[_ U_TQUQcmbp5 XQUQ‫ݷ‬c `_SVUV6
^YV ^Q b\dhQZ5 Vb\Y eQZ\Q b XQUQ^^l] Y]V^V] ^Vc7 8UVbm `aVUdb]_caV6
^_ SbVT_ caY S_X]_W^lf X^QhV^YpC C5BB?B 1b]7 SliV25 C3B51D5 1b_XUQcm
eQZ\2 Y >9< 1^YhVT_ ^V _c[alSQcm5 SVa^dcm >99 269?D65H9CD >9Q Sbp[YZ b\dhQZ `_UhVa[^‫ ]ݷ‬Vj‫ ݷ‬aQX5 hc_ SbV R_\VV ‫ݷ‬b\_W^lV‫_ ݷ‬iYR6
[Y Sa_UV ^VfSQc[Y `_\^_]_hYZ5 _cbdcbcSYp ^dW^_Z UYaV[c_aYY Y c7 `7
RVX SQaYQ^c_S SlXlSQoc _iYR[d b c_h[Y XaV^Yp Y^cVa`aVcQc_aQ5 Q
hc_Rl V‫` ݷ‬VaVfSQcYcm5 `_caVRdVcbp _bS_Ycm Vj‫ ݷ‬Y ]VfQ^YX] _RaQR_c[Y
Yb[\ohV^YZ7
; bhQbcmo5 b XQ[alcYV] `_c_[_S Sb‫^ ݷ‬Vb[_\m[_ `a_jVC U\p nc_T_
Vbcm ed^[gYp 3 U9C@ Y XUVbm ^V ]_WVc
_R_ZcYbm RVX boa`aYXQ ‑ d 3 U9C@
`_UUVaWYSQVc ^V c_\m[_ cV[bc_SlV `_c_[Y5 ^_ Y RY^Qa^lVD hc_Rl _c6
[alcm eQZ\ [Q[ RY^Qa^lZ5 ^dW^_ U_RQSYcm S SlX_S ?@5> Vj‫_ ݷ‬UY^
[\ohVS_Z `QaQ]Vca ‑ C5D6DI@5 b_ X^QhV^YV] C97>5462ID5 Y\Y
E>C97>5462ID57 5Q5 S nc_c aQX X^QhV^Yp `aVU`_\QTQocbp RVX US_Vc_6
hYp5 cQ[ hc_ nc_ _Rlh^lV bY]S_\l5 Y ^QU_ ^V XQRlcm [S_cYa_SQcm Yf
Q`_bca_e_]5 hc_Rl ^V UQcm Y] SlhYb\Ycmbp5 `aY]Va^_ cQ[C
1C5DA 6
1?@5> 269 C?ED@ED
C9664?5C6>?D65H9CD >9<
C5D6DI@5 ’E>C97>5462ID5
2
2

>QR_a _`VaQgYZ U\p aQR_cl b RY^Qa^l]Y `_c_[Q]Y5 `ap]_ b[QWV]5
^V S`VhQc\pVc bS_Y] aQX^__RaQXYV]C `aVUdb]_caV^l SbVT_ USV _`VaQ6
gYY ‑ hcV^YV RQZcQ Y XQ`Ybm RQZcQ7 8Q`Ybm `a_YXS_UYcbp ed^[gYVZ
GB9D562ID55 [_c_aQp `aY^Y]QVc USQ `QaQ]VcaQC gV\_V hYb\_5 b__cSVc6

‫ ݷ‬::7:7 PXl[ 9 U9C@ dbca_V^Q _RaQR_c[Q Yb[\ohV^YZ7
B_XUQcV\Y L?==?> U9C@ ^QXlSQoc Yb[\ohV^Yp b\_S_] 3?>49D9?>C 1c_ Vbcm
‫ݷ‬db\_SYV‫ݷ‬5 Y\Y5 Vb\Y dT_U^_5 ‫_ݷ‬Rbc_pcV\mbcS_‫ݷ‬27 B[_\m[_6^YRdUm `_Ua_R^lZ
aQbb[QX _R nc_Z `_UbYbcV]V Y]V\ Rl cQ[_Z _Rk‫]ݷ‬5 hc_ [ [_^gd ]l Rl XQRl\Y5
XQhV] S__RjV ^QhQ\Y Sbo ncd [Q^YcV\mD `_nc_]d ]l _`dbcY] _RbdWUV^YV c_T_5
[Q[ cQ[YV Yb[\ohV^Yp b_XUQSQcm Y S_XRdWUQcm5 [Q[ Yf Q^Q\YXYa_SQcm Y c7 `75 Y
cV] R_\VV ^V RdUV] aQbb[QXlSQcm5 [Q[ S Y^cVaQ[cYS^_] aVWY]V hc_6c_ Yb`aQSYcm
Y SVa^dcm d`aQS\V^YV S c_h[d5 TUV Yb[\ohV^YV Rl\_ SlRa_iV^_ 1UQ5 L?==?>
U9C@ Y cQ[_V `_XS_\pVc2D _TaQ^YhY]bp \Yim aQbb]_caV^YV] RQX_S_T_ baVUbcSQ
U\p `VaVfSQcQ Yb[\ohV^YZ ‑ b`Vge_a]_Z 81>445 `_XS_\pojQp `_b\VU_SQcV\m^_ SlhYb\Ycm bS_Y Qa6
Td]V^cl ‑ Q^Q\_T b_bcQS^_T_ _`VaQc_aQ Y]`VaQcYS^lf pXl[_S7 5Q\VV S e_a]V
81>443 1B7: 1B7; 7772
DD
16935 `VaVUQS VZ [Q[YV6c_
QaTd]V^clD Vb\Y `a_YX_ZU‫ݷ‬c Yb[\ohYcV\m^Qp bYcdQgYp cY`Q 694 U9C@ `_UaQXd]VSQVc _RkV[c^_6_aYV^cYa_SQ^^lZ `_Uf_U [
[\QbbYeY[QgYY `aVb\_Sdclf 3?>49D9?>C5 `_U_R^lZ c_]d5 hc_ ]l aQbb]QcaYSQ\Y

VaQXadiQojYV `QaQUYT]l

S ‫ݷ‬:97?7:> U\p BY447 BQ] `_ bVRV nc_c `_Uf_U5 `_XS_\pojYZ `_bca_Ycm YVaQa6
fYo _b_Rlf bYcdQgYZ5 ^YhV] ^V `\_fD ^_5 hc_ Rl ^Y T_S_aY\Y Q`_\_TVcl L?==?>
U9C@5 _RkV[c^_6_aYV^cYa_SQ^^Qp `QaQUYT]Q U\p
U9C@ _RkV[c^_6_aYV^cYa_SQ^^_V `a_TaQ]]Ya_SQ^YV `aVUbcQS\V^_ `_UbYbcV]_Z
LUX\ 1L?==?> U9C@ ?2:53D CICD5=25 [_c_aQp bQ]Q `_ bVRV U_bcQc_h^_ b\_W^Q7
B ^Q\YhYV] nc_Z `_UbYbcV]l ]_W^_ Rl\_ Rl b]YaYcmbp5 Vb\Y Rl `a_TaQ]]Ybcd
f_cp Rl _bcQSY\Y S_X]_W^_bcm V‫ ݷ‬YT^_aYa_SQcm5 [_\m b[_a_ d ^VT_ ^V S_X^Y[QVc
WV\Q^Yp XQ^Y]Qcmbp ??@ ^Q 45>95422C
3 1456F1B 35H32
3Na3
3 181>4 285D38C814?G22
169 U9C@C `a_bc_6^Q`a_bc_ ^Q`V6
hQcQcm _RkV[c Yb[\ohV^Yp5 S_b`_\mX_SQSiYbm U\p nc_T_ ed^[gYVZ @B9>3 1Y\Y
6?B=1D b UYaV[cYS_Z NJ27 CQ[5 \KLU ^Q`VhQcQVc hc_6c_ Sa_UV
5BB?B ?@5>9>7 3Y285D38C814?G2C Y5B=9CC9?> 45>954
‑ Q `aY S[\oh‫_^^ݷ‬Z adbb[_Z \_[Q\YXQgYY ]l `_\dhY] b\VUdojVVC
5BB?B ?@5>9>7 3Y285D38C814?G2C ?c[QXQ^_ S U_bcd`V
;c_ R b_]^VSQ\bp5 hc_ `VaVSVUV^_ _[QWVcbp ^V Sb‫ݷ‬D \_[Q\Y S__RjV baVUbcS_
SVbm]Q b_]^YcV\m^_V7 3`a_hV]5 NLU ^V ]_WVc Y nc_T_ ‑ S Q^Q\_TYh^_Z bYcdQgYY
_^ `VhQcQVc b\VUdojVVC
G 1@B9>3 35H32
O91=5 285D38C814?G27
N9D85B
:2 D85 69?D 5H9CD5 ?B
;2 G5 1B5 >?D 1 U9C@ ^Q] ^YhVT_ `_U_R^_T_
^V `_XS_\Yc5 ^QhYbc_ XQ[alS `a_TaQ]]V U_bcd` [ ^dW^_Z U\p nc_T_ Y^e_a]Q6
gYY7 3_6Sc_alf5 QSc_a `a_TaQ]]l ^V ]_WVc bQ] aViYcm5 [Q[ U_\W^_ SlT\pUVcm
b__RjV^YV _R _iYR[V ‑ VT_ [_^[aVc^lZ SYU ^QSpXQ^ Y^cVa`aVcQc_a_]7
@_`a_RdV] Sb‫ ݷ‬WV ^Q`YbQcm `a_TaQ]]d5 aQR_cQojdo b eQZ\Q]Y5 `aYR\YXYS6
iYbm5 ^Qb[_\m[_ S_X]_W^_5 [ ^QiV]d `_^Y]Q^Yo [_aaV[c^_Z aQR_cl7 @aY]Va
]l U\p nc_T_ SlRVaV] b_SbV] `a_bcV^m[YZ ‑ aViY] XQUQhd5 [_c_ado aQ^miV
aViQ\Y U\p `_c_[Q bcQ^UQac^_T_ SlS_UQC hYcQcm YX XQUQ^^_T_ eQZ\Q cV[bc5 Sl6

VaQXadiQojYV `QaQUYT]l

UQSQp S `_c_[ bcQ^UQac^_T_ SlS_UQ U\Y^l `a_hYcQ^^lf bca_[5 Y cQ[ `_[Q eQZ\
^V [_^hYcbp7
9X aQbb]QcaYSQSiYfbp ^Q]Y ca‫ݷ‬f Y^cVa`aVcQc_a_S c_\m[_ _UY^ ‑ \KLU ‑
`_XS_\pVc XUVbm bUV\Qcm f_cm hc_6c_ ^V b_SbV] `_X_a^_V5 Y] ]l Y _TaQ^YhY]bpD
`a_TaQ]]d _e_a]Y]5 [Q[ S_UYcbp5 S SYUV b[aY`cQ 1b]7 ‫ݷ‬::7:7;25 ^QhQS V‫ ݷ‬b_
b\VUdojYf bca_[C
318ECB829>8C23< 66C3B9@D
D CDBCh69 12
14?h9D 3CD1>41B469>@ED3 92
2
B_ b\dhQV]5 [_TUQ ^dW^_ _c[alSQcm eQZ\5 Sb‫^ ݷ‬Vb[_\m[_ b\_W^VV7 ;Q[ dWV d`_6
]Y^Q\_bm SliV5 b_XUQcV\Y L?==?> U9C@ ^Qbc_pcV\m^_ b_SVcdoc ^V Yb`_\mX_SQcm
?@5> Y 3 C9>@ED C9664?5C6>?D65H9CD >9E
1@B9>3 2L?E’D ?@5> D85 699<
2
14?h9D 6 92
2
2
2
CV`Vam ^Q] _bcQ‫ݷ‬cbp \Yim ^Q`YbQcm T\QS^do `a_TaQ]]d ‑ e_a]d5 SlhYb\V^YV
[_c_a_Z5 b_RbcSV^^_ T_S_ap5 Y bUV\QVc c_5 aQUY hVT_ ^Q`YbQ^Q `a_TaQ]]Q7 >Q6
`_]^Y]5 hc_ S \KLU `QaQ]Vcal [_]Q^U^_Z bca_[Y U_bcd`^l 1S SYUV b`Yb[Q
bca_[2 hVaVX T\_RQ\m^do `VaV]V^^do 3@?C9H61B7F37 6b\Y nc_c b`Yb_[ b_bc_Yc
YX _U^_T_ n\V]V^cQ ‑ X^QhYc5 Y]V^Y eQZ\Q ^Q] `aY XQ`db[V ^V d[QXQ\Y Y ]_W^_
SlXSQcm @B?35CChCD49>5 S `a_cYS^_] b\dhQV ^dW^_ `aY]V^Ycm @B?35CCh6944D5B13D9F569>D5BBE@D 1UQ5 b`VgYeY[Q6
gYp L?==?> U9C@ Y cdc `aVU`_h\Q `a_]_\hQcm5 `_nc_]d Y]p cQ[_V bcaQ^^_V ‑
Yb`_\mXdVcbp bY]S_\ YX ‫`ݷ‬Q[VcQ‫ ݷ‬C26CIC27 9X _RkV[cQ Yb[\ohV^Yp cQ[_T_ cY`Q
^Q] S__RjV ^YhVT_ ^V YXS\Vhm5 cQ[ hc_ Y]p `VaV]V^^_Z ]l S VT_ _RaQR_chY[V
_`dbcY]7 3 Yc_TV `_\dhYcbp S_c hc_C
181>42
2

VaQXadiQojYV `QaQUYT]l
DD
1693 5B 35BB?B6?ED@ED32
1D5B@B9 35BB?B6?ED@ED32
2
1C26CICC9>D5B13D9F569>D5BBE@D 12 >97 >VdcViYcV\m^_V XQ[\ohV^YV
; b_WQ\V^Yo5 YX `_b\VU^Yf ca‫ݷ‬f `QaQTaQe_S b\VUdVc b_SVaiV^^_
^VYXRVW^lZ SlS_UC SbV aVQ\m^_ bdjVbcSdojYV aVQ\YXQgYY ‫ݷ‬bcQ^UQa6
cQ‫ ݷ‬L?==?> U9C@ [QcVT_aYhVb[Y ^V T_Upcbp U\p `aQ[cYhVb[_T_ Yb`_\m6
X_SQ^Yp5 UQWV Vb\Y U_`dbcYcm5 hc_ bQ] nc_c bcQ^UQac f_cm hV]6c_ `_6
\VXV^7 B[QWV] R_\miVC _^Y ^V _b_RV^^_ `_Uf_Upc UQWV S a_\Y dhVR6
^lf `_b_RYZ U\p YXdhV^Yp D5B@B5D5B Y L893;5> \385=5 L?=@9 dbca_V^ U_S_\m^_ ^V_WYUQ^^l] _RaQX_]C _^
`VaVS_UYc Ybf_U^lZ cV[bc5 ^Q`YbQ^^lZ ^Q pXl[V \385=55 S cV[bc ^Q
pXl[V BY7 5\p \385=5 nc_ bQ]lZ aQb`a_bcaQ^‫^^ݷ‬lZ b`_b_R caQ^b6
\pgYY7 3lT\pUYc nc_c cV[bc cQ[5 hc_ hYcQcV\o SapU \Y XQf_hVcbp S
^‫ ]ݷ‬aQXRYaQcmbpD [_]`Y\pc_a BY Yb`_\mXdVcbp XUVbm [Q[ `a_]VWd6
c_h^_V XSV^_5 ^_ _R dU_RbcSV hcV^Yp bTV^VaYa_SQ^^_T_ [_UQ ^Y[c_5
`_6SYUY]_]d5 ^V XQUd]lSQ\bp7 3`a_hV]5 dSYUVcm nc_c [_U ]_W^_ \Yim
Vb\Y b`VgYQ\m^_ nc_T_ U_RYSQcmbp5 Q S _Rlh^_] aVWY]V [_]Q^UQ 3C35
`a_T^QS [_]`Y\pc_a 3893;5> Y `_\dhYS eQZ\ ^Q BY5 cdc WV `aY]V^pVc
[ ^V]d [_]`Y\pc_a BY 1f_a_i_ YXSVbc^lZ ^Q] 73325 Q SbV SaV]V^^lV
eQZ\l bcYaQVc7
BaQXd WV _c]VcY] _U^d _b_RV^^_bcm \3893;5> \385=55 bVam‫ݷ‬X^_ `a_6
cYS_aVhQjdo [Q[ b`VgYeY[QgYp]5 cQ[ Y `aYSlh[Q] ]^_TYf bc_a_^6
^Y[_S \Yb`_`_U_R^lf pXl[_SC `_ d]_\hQ^Yo ncQ aVQ\YXQgYp hdSbcSY6
cV\m^Q [ aVTYbcad Rd[S S Y]V^Qf bY]S_\_S5 `aY]Va^_ [Q[ S BY5 c_TUQ
[Q[ caQUYgY_^^_ S \Yb`_`_U_R^lf pXl[Qf aVTYbca S Y]V^Qf bY]S_6
\_S SbVTUQ YT^_aYa_SQ\bp7 6b\Y SQ] nc_ ^V ^aQSYcbp5 Y [_]`Y\pc_a5 Y
;: Bca_T_ T_S_ap5 [_]`Y\pc_a [Q[ cQ[_S_Z ^QXlSQVcbp `a_bc_ 3893;5>5 Q 3C3 ‑
nc_ `a_TaQ]]Q5 XQ`db[QojQp b^QhQ\Q VT_5 Q XQcV] f_a_i_ YXSVbc^lZ ^Q] 7337

VaQXadiQojYV `QaQUYT]l

Y^cVa`aVcQc_a `_XS_\poc ncd hdSbcSYcV\m^_bcm _c[\ohYcm5 `aY]V^YS
e\QW_[ 697
6b\Y Y^cVa`aVcQc_a 3C9 XQ`dbcYcm RVX `QaQ]Vca_S5 _^ S_ZU‫ݷ‬c S caQ6
UYgY_^^lZ Y^cVaQ[cYS^lZ aVWY]5 S [_c_a_] b [\QSYQcdal hYcQocbp
\6SlaQWV^Yp Y baQXd WV SlhYb\pocbp 1Sl`_\^pocbp25 Q aVXd\mcQc `V6
hQcQVcbp ‑ dWV YXSVbc^lZ ^Q] [NYU 1b]7 bca7 D5HD227 >Q`aY]Va5
[_]Q^Ud 538? ]_W^_ ^Q L893;5> \385=5 SVabYZ =73 aVQ\YX_SQcm cQ[C
318ECB829>83C9 6C
1=1@
15G52

5\p `pc_Z SVabYY `aY]Va RdUVc SlT\pUVcm hdcm Y^QhVC
318ECB829>83C9 6C
19=@?BD 13893;5> @B?35CC63?>D5HD22
1=1@
15G52

3`_\^V S_X]_W^_5 hc_ [ c_]d SaV]V^Y5 [_TUQ Sl nc_ RdUVcV hYcQcm5
SlZUdc Vj‫ ݷ‬R_\VV ^_SlV SVabYY L893;5> \385=55 Y [Q[ S ^Yf RdUVc _R6
bc_pcm UV\_5 bVZhQb ^Y[c_ `aVUb[QXQcm ^V S_Xm]‫ݷ‬cbpD S_ Sbp[_] b\dhQV5
[ _RaQc^_Z b_S]VbcY]_bcY b_XUQcV\Y L893;5> _c^_bpcbp5 [Q[ SYUY]5 ^V
b\Yi[_] bVam‫ݷ‬X^_7

VaQXadiQojYV `QaQUYT]l

6j‫ ݷ‬S L893;5> \385=5 `aVUdb]_caV^Q ed^[gYp5 [_c_aQp cQ[ Y ^QXlSQVc6
bp 1B7F5 ^_ _^Q aQR_cQVc `_6aQX^_]d U\p b[aY`c_S Y U\p _c[_]`Y\Ya_SQ^^lf
Yb`_\^pV]lf eQZ\_S5 hc_ UV\QVc V‫ ݷ‬U_S_\m^_ ^VdU_R^_Z7

2_\VV b\_W^lZ b`_b_R b_XUQ^Yp b[aY`c_S ^Q L893;5> \385=5 caV6
RdVc e\QTQ 6CC 1S _c\YhYV _c 6C27 3 nc_] b\dhQV SQiQ `a_TaQ]]Q
1b[aY`c2 U_\W^Q b_UVaWQcm ed^[gYo b Y]V^V] =19> Y _U^Y] `QaQ6
]Vca_]D Y^cVa`aVcQc_a SlX_SVc ncd ed^[gYo5 `VaVUQS VZ S [QhVbcSV
eQ[cYhVb[_T_ `QaQ]VcaQ b`Yb_[ QaTd]V^c_S [_]Q^U^_Z bca_[Y ‑ a_S6
^_ cQ[_Z5 [Q[ S_XSaQjQVc ed^[gYp 3?==1>46561B7E=5>DC7 ‫ݷ‬Q5 U9C@5 ^_5 [_^Vh^_5
]^_T_SQc_5 Vb\Y Sb`_]^Ycm5 hc_ nc_ SbVT_ \Yim ‫ݷ‬Q5 U9C@ 1b]7 bca7 75 381B6G9>D575B Y c7 `7 Ed^[gYY baQS^V^Yp U\p hYbV\
SlT\pUpc S`_\^V `aYSlh^_C F5 E5 G5 EF5 GF 1`aY nc_]5 [Q[ ^Y bcaQ^^_5
_cbdcbcSdVc ed^[gYp ‫^ݷ‬V aQS^_‫ݷ‬2D `aVUdb]_caV^l _`VaQgYY baQS^V^Yp
Y U\p ^VhYb\_Slf cY`_S5 ^_ SlT\pUpc _^Y ^Vb[_\m[_ ^V`aYSlh^_C U\p
bY]S_\_S nc_ 381BFH5 381BEFH5 U\p bca_[ ‑ CDB9>7GH Y c7 `7
@aY `VaVf_UV b 55 ed^[gYY 49C@D9>E1D9?>CD
S apUV adbb[_pXlh^lf Ybc_h^Y[_S nc_c cVa]Y^ `VaVSVU‫` ^ݷ‬a_bc_ [Q[
‫`ݷ‬a_U_\WV^Yp‫ݷ‬27 =Q[a_bl ]l aQbb]QcaYSQcm ^V RdUV] c_h^_ cQ[ WV5
[Q[ ^V aQbb]QcaYSQ\Y Yf U\p L?==?> U9C@D hc_ [QbQVcbp [_^cY^dQgYZ5
c_ _^Y XQb\dWYSQoc `_Ua_R^_T_ _RbdWUV^Yp5 [_c_a_]d ]l hdcm `_XWV
`_bSpcY] _cUV\m^lZ `QaQTaQe7

::7;7 \385=55 ]l S `aY]VaQf ^V_U^_6
[aQc^_ Yb`_\mX_SQ\Y ed^[gYo 49C@5G55 [_c_aQp
SlUQ‫ݷ‬c `VaVS_U bca_[Y7
;a_]V ed^[gYY 49C@3 Y @B9>:
YX \385=5 U_RQSY\Y Vj‫ݷ‬
ed^[gYo 3EBB5>D65BB?B6@?BD5 [_c_aQp S_XSaQjQVc _RkV[c `_acQ5
b__cSVcbcSdojVT_ UYQT^_bcYhVb[_]d `_c_[d 1CD45BB27 @_UhVa[^‫]ݷ‬5 hc_
ncY 3EBB5>D67776@?BD ‑ Y]V^^_ ed^[gYY5 Q ^V hc_6c_ UadT_V5 Y Yf5
hc_Rl `_\dhYcm ^dW^lZ _RkV[c5 b\VUdVc SlXSQcm 1RVX QaTd]V^c_S27
>Q`aY]Va5 SlUQcm UYQT^_bcYhVb[_V b__RjV^YV S L893;5> \385=5 ]_W^_
cQ[ 1_RaQcYcV S^Y]Q^YV ^Q b[_R[Y S_[adT 3EBB5>D65BB?B6@?BD2C
149C@ 69B5e>2 13EBB5>D65BB?B6@?BD22
B\_S_ 3EBB5>D S Y]V^Qf ed^[gYZ5 [_c_a_V `VaVS_UYcbp [Q[ ‫ݷ‬cV[djYZ‫ݷ‬5 ^QS_6
UYc ^Q ]lb\m5 hc_ ncY `_acl U_\W^_ Rlcm S_X]_W^_ [Q[6c_ `_]V^pcm7 ;Q[ ^Y
bcaQ^^_5 QSc_ad ^V dUQ\_bm `_^pcm5 [Q[ nc_ bUV\Qcm7

?RkV[c `_acQ d[QXlSQVcbp `aY SlX_SV ed^[gYZ SS_UQ Y SlS_UQ U_6
`_\^YcV\m^l] QaTd]V^c_] ‑ U\p >5G5 Y B5146381B _^ RdUVc VUY^6
bcSV^^l]5 U\p 49C@69>@ED6696?ED@ED669681>4681>45 c7 V7 ‫ݷ‬XQ`a_b ^Q aVQ\YXQgYo S \385=5‫ݷ‬7

‫ ݷ‬::7;7 \385=5C 681>446G \385=5 `a_TaQ]]d5 [_c_ado ]l
aQ^miV `YbQ\Y ^Q L?==?> U9C@ ‑ hYcQojdo cV[bc_SlZ eQZ\ Y `VhQ6
cQojdo U\Y^l `a_hYcQ^^lf bca_[ 1b]7 bca7 \385=5 ]_W^_ Y [_]`Y\Ya_SQcm5 Y Sl`_\^pcm Y^6
cVa`aVcQc_a_] 1[Q[ b[aY`c27 Hc_Rl bUV\Qcm b[aY`c_S_V Sl`_\^V^YV
S_X]_W^l]5 ^Qh^‫` ]ݷ‬a_TaQ]]d 1eQZ\ CDBCh6983C9 6C

=9=

>VaQXadiQojYV `QaQUYT]l

;_]`Y\Ya_SQcm `a_TaQ]]d ^Q] nc_ ^V `_]ViQVc ‑ [_]`Y\pc_a 3C3 ncd
bca_[d `a_bc_ `a_YT^_aYadVc7
5Q\m^VZiVV XQSYbYc _c c_T_5 [Q[do SVabYo L893;5> Sl RdUVcV Yb6
`_\mX_SQcm 1b]7 XQ]VhQ^YV ^Q bca7 681>4 3?>49D9?>22
19=@?BD 13893;5> @B?35CC63?>D5HD22

@VaV`YiV] cV`Vam ^Q \385=5 ed^[gYo 4?h9DC
14569>5 14?h9D @?BD 2
14
115?66?2:53DH 32 3D2
115AFH 3 3e>5G52
149C@5G52
14?h9D @?BD 92
2
15681>449D9?>6G46561B7E=5>DC25 ]l b `_]_jmo
681>46GD65BB?B6@?BD22
1>5G5 13EBB5>D65BB?B6@?BD22
149C@7 GB?>7 1619H2e>2
13EBB5>D65BB?B6@?BD22

‫ ݷ‬::7;7 \385=5C

15H9D :2 D G9D8?ED D89C5 5>4 U9C@7

::7;7=7 ;_^cY^dQgYY 1`a_U_\WV^Yp2
;_^cY^dQgYo5 Y\Y `a_U_\WV^YV 1Q^T\7 3?>D9>E1D9?>25 `a_jV
SbVT_ S_b`aY^Y]Qcm [Q[ ^V[YZ ‫ݷ‬b`Yb_[ c_T_5 hc_ _bcQ\_bm bUV\Qcm5 hc_6
Rl XQ[_^hYcm SlhYb\V^Yp‫ݷ‬7 ;_^Vh^_5 _U^_Z eaQX_Z _Rkpb^Ycm nc_c
cVa]Y^ ^V `_\dhYcbp5 `_nc_]d `_`a_RdV] [_^[aVcYXYa_SQcm SS_U^lV7
@aVUbcQSmcV bVRV5 hc_ SQiQ `a_TaQ]]Q Sl`_\^pVc cV\_ ^V[_c_a_Z
ed^[gYY7 3b‫ݷ‬5 hc_ Vj‫ ݷ‬db`VVc `a_YX_ZcY U_ ]_]V^cQ5 [_TUQ ed^[gYp
SVa^‫ݷ‬c d`aQS\V^YV5 ^Qb 1db\_S^_2 ^V S_\^dVcD ^_ [_TUQ6c_ _^Q Sb‫ ݷ‬WV
SVa^‫ݷ‬c d`aQS\V^YV c_]d5 [c_ V‫ ݷ‬SlXSQ\ ‑ Y 1XQ Yb[\ohV^YV] ^V[_c_alf
_b_Rlf bYcdQgYZ2 SVa^‫ݷ‬c `aY nc_] X^QhV^YV7
C_c5 [c_ ^Qid ed^[gYo SlXSQ\5 `_\dhYc nc_ X^QhV^YV5 `_b\V hVT_
1S_X]_W^_5 baQXd5 Q ]_WVc Rlcm5 Y _hV^m bY\m^_ ^V baQXd2 XQSVaiYc Sl6
hYb\V^YV bS_VT_ cV\Q Y c_WV SVa^‫ݷ‬c X^QhV^YVD VT_ SlXlSQojYZ5 S bS_o
_hVaVUm5 U_\WV^ RdUVc XQSVaiYcm Sl`_\^V^YV bS_VT_ cV\Q Y c7 U75 Y cQ[
`_[Q ^V XQ[_^hYcbp `a_TaQ]]Q7 3bp ncQ `_b\VU_SQcV\m^_bcm UVZbcSYZ
S_ Sb‫ ]ݷ‬V‫ ݷ‬SV\Y[_\V`YY ‑ c_ Vbcm cV UVZbcSYp5 [_c_alV RdUdc Sl`_\^V6
^l b ]_]V^cQ S_XSaQcQ YX cV[djVZ ed^[gYY U_ _[_^hQ^Yp Sl`_\^V^Yp
`a_TaQ]]l ‑ Y Vbcm5 b_RbcSV^^_ T_S_ap5 [_^cY^dQgYpD _Rlh^_ T_S_apc _
[_^cY^dQgYY cV[djVZ ed^[gYY5 Y\Y `a_bc_ _ cV[djVZ [_^cY^dQgYY7
8UVbm b\VUdVc _RaQcYcm S^Y]Q^YV ^Q c_5 hc_ aQR_cQ [_^cY^dQ6
gYY XQSYbYc _c c_T_5 [Q[_V X^QhV^YV SVa^‫ݷ‬c cV[djQp ed^[gYp7

=9?

>VaQXadiQojYV `QaQUYT]l

Nc_c eQ[c `_^QU_RYcbp ^Q] ^Vb[_\m[Y]Y QRXQgQ]Y ^YWV5 `_[Q `a_bc_
XQ`_]^Y] VT_7
; nc_]d ]_]V^cd d hYcQcV\p ]_T\_ b\_WYcmbp S`VhQc\V^YV5 hc_ [_^6
cY^dQgYp `aVUbcQS\pVc b_R_Z ^V[do hYbc_ d]_XaYcV\m^do QRbcaQ[gYo5
^_ nc_ S`VhQc\V^YV _R]Q^hYS_7 @aY`_]^YS5 [Q[ dbca_V^ Q``QaQc^lZ
bcV[ Y [Q[ VT_ Yb`_\mXdoc `a_TaQ]]l5 ^Q`YbQ^^lV ^Q [_]`Y\YadV]lf
e_^^VZ]Q^_Sb[Yf pXl[Qf5 cQ[Yf [Q[ @Qb[Q\m5 BY Y\Y BY445 ]l ]_6
WV] XQ]VcYcm5 hc_ [_^cY^dQgYp Y]VVc U_bcQc_h^_ _hVSYU^_V `aVUbcQS6
\V^YV S SYUV [_^[aVc^_Z Y^e_a]QgYY5 faQ^pjVZbp S `Q]pcY7 CQ[5 Vb\Y
Rl ]l `_`lcQ\Ybm aVQ\YX_SQcm [_^cY^dQgYY S hYbc_] BY5 c_ ^Q] fSQ6
cY\_ Rl b_UVaWY]_T_ bcV[Q _c VT_ ‫_`ݷ‬U^_WYp‫ ‑ ݷ‬QUaVbQ5 TUV ^QhY^Q6
Vcbp bV[gYp bcV[Q S `a_bcaQ^bcSV ^QiVT_ `a_gVbbQ ‑ U_ c_T_ ]VbcQ5 TUV
aQb`_\QTQ\Qbm SVaiY^Q bcV[Q `VaVU SlX_S_] cV[djVZ ed^[gYY7 3 bQ6
]_] UV\V5 S bcV[V faQ^pcbp QUaVbQ S_XSaQcQ S cV\Q SbVf ed^[gYZ5 [_c_6
alV [ ^Qbc_pjV]d ]_]V^cd Rl\Y SlXSQ^l5 ^_ Vj‫^ ݷ‬V XQSVaiY\Ybm5 cQ[
hc_ Y]V^^_ b_UVaWY]_V bcV[Q _`aVUV\pVc5 [Q[YV Vj‫ ݷ‬UVZbcSYp RdUdc
Sl`_\^V^l S [QWU_Z YX ncYf ed^[gYZ5 `aVWUV hV] _^Q SVa^‫ݷ‬c d`aQS6
\V^YV7 ;_^Vh^_5 bQ]Y ncY UVZbcSYp _`aVUV\pocbp b[_aVV ]QiY^^l] [_6
U_]5 aQb`_\_WV^^l] ^QhY^Qp b QUaVb_S S_XSaQcQ5 ^_ SVUm ]QiY^^lZ
[_U S f_UV aQR_cl `a_TaQ]]l ^V ]V^pVcbp7
3l`_\^V^YV `a_TaQ]]l5 ^Q`YbQ^^_Z ^Q \385=5 Y UadTYf ^Ve_^^VZ6
]Q^_Sb[Yf pXl[Qf5 ]_WVc Rlcm _aTQ^YX_SQ^_ b_SVaiV^^_ ^V cQ[5 [Q[
Sl`_\^V^YV `a_TaQ]]l ^Q `a_gVUda^_] pXl[VD S hQbc^_bcY5 Q``QaQc6
^lZ bcV[ ]_WVc \YR_ ^V Yb`_\mX_SQcmbp S_SbV5 \YR_ Yb`_\mX_SQcmbp5
^_ ^V cQ[5 [Q[ ]l ]_T\Y Rl _WYUQcm 1[ nc_]d S_`a_bd S `aY]V^V^YY
[ \385=5 ]l Vj‫ ݷ‬SVa^‫]ݷ‬bp2D cdc SQW^_ UadT_VC [_^cY^dQgYp ^V `aVU6
bcQS\pVc b_R_Z ^YhVT_ cQ[_T_5 hc_ Rl\_ Rl b\Yi[_] b\_W^_ _`YbQcm
S SYUV UQ^^lf5 SVUm nc_ SbVT_ \Yim ^QR_a [_^cV[bc_S SlhYb\V^Yp cVf
ed^[gYZ5 [_c_alV [ ^Qbc_pjV]d ]_]V^cd ^QhQ\Ybm5 ^_ ^V XQ[_^hY\Ybm7
3 \385=5 [_^cY^dQgYp `aVUbcQS\V^Q `VaS_[\Qbb^l] _RkV[c_]5 c_
Vbcm V‫_] ݷ‬W^_5 [Q[ Y \oR_V _Rlh^_V X^QhV^YV5 `aYbSQYSQcm `VaV]V^6
^l]5 UV\Qcm hQbcmo R_\VV b\_W^lf SlaQWV^YZ5 `VaVUQSQcm S ed^[gYY
[Q[ `QaQ]Vca Y S_XSaQjQcm YX ed^[gYZ S [QhVbcSV S_XSaQjQV]_T_ X^Q6
hV^Yp7 @aY nc_] `aVUdb]_caV^Q \Yim _U^Q _`VaQgYp ^QU [_^cY^dQgY6
VZ5 Sb[alSQojQp V‫ ݷ‬bdcmC _RkV[c [_^cY^dQgYY ]_W^_ ‫ݷ‬SlXSQcm‫ݷ‬
[Q[ _Rlh^do ed^[gYo _U^_T_ QaTd]V^cQ Y\Y5 Vb\Y dT_U^_5 `aY6
]V^Ycm [ _U^_]d `QaQ]Vcad ‑ c_h^_ cQ[ WV5 [Q[ ]_W^_ `aY]V^Ycm [
`QaQ]Vcad ed^[gYo _U^_T_ QaTd]V^cQ7
Nc_c QaTd]V^c [_^cY^dQgYY ^dWUQVcbp S U_`_\^YcV\m^lf `_pb^V6
^Ypf7 3 \oR_Z ]_]V^c Sb‫_ ݷ‬bcQSiVVbp Sl`_\^V^YV `a_TaQ]]l ]_W^_
aQXUV\Ycm ^Q c_5 hc_ `a_YX_ZU‫ݷ‬c U_ S_XSaQcQ YX cV[djVZ ed^[gYY Y
c_5 hc_ `a_YX_ZU‫ݷ‬c `_b\V 1b_RbcSV^^_ [_^cY^dQgYo27 NcY USQ `VaY_UQ
SlhYb\V^YZ bSpXQ^l ]VWUd b_R_Z X^QhV^YV]5 [_c_a_V SVa^‫ݷ‬c ed^[6
gYp5 c_ Vbcm aQR_cQ [_^cY^dQgYY ^QhY^QVcbp b c_T_5 hc_ _^Q `_\dhQ6

‫ ݷ‬::7;7 \385=5C QU_ _c]VcYcm5 hc_ SaV]p WYX6
^Y nc_T_ _RkV[cQ ^Y[Q[ ^V XQSYbYc _c SaV]V^Y SlhYb\V^Yp cV[djVZ
ed^[gYY5 _RkV[c ]_WVc Rlcm U_bcd`V^ [Q[ S ed^[gYpf5 SlXSQ^^lf YX
cV[djVZ ed^[gYY 1c_ Vbcm fa_^_\_TYhVb[Y U_ ]_]V^cQ V‫ ݷ‬XQSVaiV^Yp25
cQ[ Y `_b\V XQSVaiV^Yp cV[djVZ ed^[gYY7 ?c bQ]_Z cV[djVZ ed^[6
gYY _RkV[cd [_^cY^dQgYY ^dW^_ c_\m[_ X^QhV^YVD ^_ nc_ X^QhV^YV5 [Q[
]l dWV `_^p\Y5 ^V _RpXQcV\m^_ `_\dhQcm caQUYgY_^^l] `dc‫]ݷ‬5 c_ Vbcm
U_WUQSiYbm ]_]V^cQ XQSVaiV^Yp cV[djVZ ed^[gYYC S \oR_Z ]_]V^c
[_^cY^dQgYo ]_W^_ `aY]V^Ycm [ \oR_]d X^QhV^Yo5 `_\dhV^^_]d _c6
[dUQ dT_U^_ Y [Q[Y] dT_U^_ b`_b_R_]7 5Q\m^VZiYZ f_U SlhYb\V^YZ
`aY nc_] SlT\pUYc cQ[5 [Q[ Vb\Y Rl nc_ 1`VaVUQ^^_V [_^cY^dQgYY [Q[
`QaQ]Vca2 X^QhV^YV Rl\_ c_\m[_ hc_ S_XSaQjV^_ c_Z ed^[gYVZ5 hmp
[_^cY^dQgYp SlXSQ^Q7 3lXlSQp [_^cY^dQgYo [_TUQ6c_ `_c_] 1`_XWV5
hV] _^Q Rl\Q XQ[_^bVaSYa_SQ^Q S _RkV[cV25 ]l cV] bQ]l] S_XSaQjQV]
`a_TaQ]]d S b_bc_p^YV5 S [_c_a_] _^Q ^Qf_UY\Qbm S ]_]V^c b_XUQ^Yp
_RkV[cQ [_^cY^dQgYY5 Y XQbcQS\pV] V‫^ ݷ‬QhQcm b^QhQ\Q Sbo `_b\VU_6
SQcV\m^_bcm SlhYb\V^YZ5 b_bcQS\pojYf [_^cY^dQgYo ‑ S_X]_W^_5 b
UadTY] X^QhV^YV]5 ^VWV\Y c_5 hc_ Rl\_ S_XSaQjV^_ S ncd [_^cY^dQ6
gYo ed^[gYVZ 1Vb\Y cQ[_V X^QhV^YV S__RjV bdjVbcS_SQ\_5 hc_5 [Q[ ]l
dSYUY] YX UQ\m^VZiYf `aY]Va_S5 b_SVaiV^^_ ^V eQ[c27
; ^l^Vi^V]d ]_]V^cd d hYcQcV\p S ]lb\pf ]_WVc _RaQX_SQcmbp
`_\^lZ RQaUQ[ ‑ Y nc_5 dSl5 ^_a]Q\m^_5 `_b[_\m[d [_^cY^dQgYY ‑ ]Q6
cVaYp U\p `_bcYWV^Yp SVbm]Q b\_W^Qp5 Q ]l `_[Q ^V c_\m[_ ^V `aYS_6
UY\Y `aY]Va_S5 ^_ UQWV ^V aQbb[QXQ\Y5 [Q[ S__RjV ‫ݷ‬XQ[_^bVaSYa_SQcm‫ݷ‬
[_^cY^dQgYo7 @_`lcQV]bp Yb`aQSYcmbp7
6UY^bcSV^^lZ b`_b_R _e_a]Ycm [_^cY^dQgYo S SYUV _RkV[6
cQ ‑ SlXSQcm Sbca_V^^do ed^[gYo5 [_c_aQp YX^QhQ\m^_ ^QXlSQ\Qbm
31D9>E1D9?>D `YbQcm bc_\m U\Y^^_V ^QXSQ^YV \o6
Up] ^V f_cV\_bm5 cQ[ hc_ Y]p ed^[gYY Sb[_aV b_[aQcY\_bm U_ \Q[_^Yh6
^_T_ 31D9>E1D9?>C 2I
5H1=@VaQXadiQojYV `QaQUYT]l

::7;7>7 132 L?>D9>E1D9?>6@1CC9>7 CDI5 1@ID8 H I2
1CABD 14 13 H H2 13 I I222
2
Hc_Rl `VaVUV\Qcm nc_ aViV^YV S b__cSVcbcSYY b_ bcY\V] `VaVUQhY [_^cY^dQgYZ5
U\p ^QhQ\Q b^QRUY] bVRp ^dW^l]Y `aY]YcYSQ]YD ^Q] `_caVRdocbp b__cSVc6
bcSdojY] _RaQX_] _e_a]\V^^lV ed^[gYY d]^_WV^Yp5 b\_WV^Yp Y YXS\VhV^Yp
[SQUaQc^_T_ [_a^p5 `aY^Y]QojYV [_^cY^dQgYo U_`_\^YcV\m^l] `QaQ]Vca_]7
>Q`YbQcm cQ[YV ed^[gYY ^Vb\_W^_C
14569>5 146 H I ;2 1; 14 H I222
14569>5 136 H I ;2 1; 13 H I222
14569>5 1CABD6 H ;2 1; 1CABD H222
1XUVbm Y UQ\VV SVabYY ed^[gYZ5 _e_a]\V^^lV S b__cSVcbcSYY b
3?>D9>E1D9?>6@1CC9>7 CDI5 1@ID86 H I ;2
136 H H
16@1CC9>7
L?>D9>E1D9?>6@1CC9>7hCDIVb_]^V^^_5 hV\_SV[ S caVXS_] d]V Y cS‫ݷ‬aU_Z `Q]pcY cQ[ `YbQcm ^V bcQ^Vc5
nc_ \Yim Y\\obcaQgYp [_^gV`gYYD U\p aVQ\m^_T_ `a_TaQ]]Ya_SQ^Yp S bcY\V
`VaVUQhY [_^cY^dQgYZ ^dW^Q b`VgYQ\m^Qp `_UUVaW[Q b_ bc_a_^l Yb`_\mXdV]_6
T_ pXl[Q5 [_c_a_Z5 XQ]VcY]5 ^YTUV ^VcD cQ WV bcQcmp Q^T\YZb[_Z 3Y[Y`VUYY
d`_]Y^QVc ^V[do RYR\Y_cV[d U\p pXl[Q FQb[V\m5 ^_ ^Q nc_]5 `_f_WV5 Sb‫ݷ‬7
@aQ[cYhVb[_V `aY]V^V^YV nc_c bcY\m ^Qi‫ \ݷ‬S _R\QbcY aVQ\YXQgYY ^V[_c_6
alf pXl[_S `a_TaQ]]Ya_SQ^Yp5 Y `aVWUV SbVT_ ‑ bQ]_T_ pXl[Q \385=57 =^_TYV
caQ^b\pc_al \385=55 S[\ohQp aQbb]_caV^^lZ ^Q]Y L893;5> \385=55 `VaVS_Upc
`a_TaQ]]d b pXl[Q \385=5 ^Q pXl[ BY5 ^_ `_\dhQojQpbp `a_TaQ]]Q _aTQ^YX_6
SQ^Q U_S_\m^_ n[X_cYhVb[YC ed^[gYY S nc_Z `a_TaQ]]V ^Y[_TUQ ^V S_XSaQjQoc
d`aQS\V^YV _Rlh^l] b`_b_R_]5 S]Vbc_ nc_T_ _^Y SlXlSQoc Sb‫_^ ݷ‬SlV Y ^_6
SlV ed^[gYY5 cQ[ hc_ Q``QaQc^lZ bcV[ c_\m[_ aQbc‫ݷ‬cD S ^‫ ]ݷ‬aQb`_\QTQocbp
SbV `_a_WUQV]lV ed^[gYp]Y bcad[cdal UQ^^lf5 cQ[ hc_ [dhQ _[QXlSQVcbp U_
`_al U_ SaV]V^Y ^V ^dW^Q7 ;_TUQ aQX]Va bcV[Q U_bcYTQVc ^V[_c_a_T_ XQaQ^VV
XQUQ^^_T_ `aVUV\Q5 S[\ohQVcbp bR_ajY[ ]db_aQ5 [_c_alZ `VaV^_bYc bcad[cdal
UQ^^lf5 Sb‫ ݷ‬Vj‫ ݷ‬U_bcd`^lV `a_TaQ]]V5 YX bcV[Q S [dhd5 Q cV5 hc_ dWV ^V U_bcd`6
^l 1di\Y S ]db_a25 `a_bc_ YT^_aYadVcD `_b\V XQSVaiV^Yp aQR_cl bR_ajY[Q bcV[
bRaQblSQVcbp S Ybf_U^_V `_\_WV^YV Y b^_SQ ^QhY^QVc aQbcY ‑ U_ b\VUdojVT_
S[\ohV^Yp bR_ajY[Q7 @_Ua_R^_ ncQ cVf^Y[Q YX\_WV^Q S bcQcmV d:Af7
8QY^cVaVb_SQ^^_]d hYcQcV\o ]l ]_WV] `_b_SVc_SQcm bcQcmo 5W_^Q AVZ6
^_\UbQ 1S?8> L7 [5I>?D9>E1D9?>C‫ ݷ‬d:Bf7 3 nc_Z bcQ6
cmV `aYSVU‫_ ^ݷ‬RX_a Ybc_aYY S_X^Y[^_SV^Yp [_^cY^dQgYZ [Q[ cQ[_Slf Y bcY\p
`VaVUQhY [_^cY^dQgYZ [Q[ `_Uf_UQ [ _aTQ^YXQgYY `VaVUQhY d`aQS\V^Yp ]VWUd
hQbcp]Y `a_TaQ]]l7 @_\^lZ cV[bc bcQcmY ]_W^_ ^QZcY S 9^cVa^VcV b `_]_jmo
`_Yb[_Slf bVaSYb_S7

::7VaQXadiQojYV `QaQUYT]l

?RaQjQoc ^Q bVRp S^Y]Q^YV USQ SQW^lf ]_]V^cQ7 3_6`VaSlf5 aQX]Va
_cbcd`Q pS^_ ‫\`ݷ‬QSQVc‫ݷ‬C e_a]Q 3?>4 bUSY^dcQ _c^_bYcV\m^_ _RkV]\o6
jVZ e_a]l ^Q bV]m `a_RV\_S5 _cUV\m^lV `aVU\_WV^Yp nc_T_ 3?>4’Q
bUSY^dcl dWV ^Q iVbcm `a_RV\_S5 Q Sc_a_Z QaTd]V^c 1>4 bUSY^dc ^Q
S_bV]m `a_RV\_S `aQSVV `aVUlUdjVT_ da_S^p _cbcd`Q7 ?Rdb\_S\V^_ nc_
T\QSV^bcSdojY] `_Uf_U_] [ e_a]QcYa_SQ^Yo b`Yb[QC Vb\Y b`Yb_[ d]V6
jQVcbp S bca_[d5 c_ VT_ XQ`YblSQoc ^Q _U^_Z bca_[V5 Vb\Y WV _^ ^V
d]VjQVcbp5 c_ ^Q _U^_Z bca_[V `Yidc VT_ ^QhQ\_ ‑ `VaSlZ n\V]V^c5
[_c_alZ hQjV `aVUbcQS\pVc b_R_Z Y]p ed^[gYY Y\Y e_a]l5 Y Sc_a_Z
n\V]V^c5 c_ Vbcm `VaSlZ QaTd]V^c ed^[gYY Y\Y e_a]lD _bcQ\m^lV Qa6
Td]V^cl aQb`_\QTQoc `_U `VaSl] S bc_\RY[7 6b\Y `VaSlZ QaTd]V^c ^V
`_]VbcY\bp S bca_[d5 VT_ aQXRYSQoc Q^Q\_TYh^l] _RaQX_]5 `aYh‫ ]ݷ‬VT_
^QhQ\_ ^Q b\VUdojdo bca_[d ^V `VaV^_bpc 1Y]V^^_ cQ[ S `aYSVU‫^ݷ‬6
^_] `aY]VaV `_\dhY\_bm b SlX_S_] 1>4 `_b\V bY]S_\Q D27 3 aVXd\mcQcV
aQX]Va bUSYTQ _`aVUV\pVcbp U\Y^_Z Y]V^Y bY]S_\Q5 bc_pjVT_ S e_a]V
`VaSl]C b\_S_ 456E> S]VbcV b_ b[_R[_Z Y `a_RV\_] UQ‫ݷ‬c bV]m bY]S_6
\_S 1_cboUQ bV]m `a_RV\_S ^Q `VaS_] da_S^V _cbcd`Q25 3?>4 S]VbcV b_
b[_R[_Z Y `a_RV\_] UQ‫ݷ‬c iVbcm bY]S_\_S ‑ nc_ aQX]Va Sc_a_T_ da_S^p
_cbcd`Q5 ^d Q D5 1>45 USV b[_R[Y Y USQ `a_RV\Q ‑ nc_ Yb[_]lV S_bV]m
`a_RV\_S ^Q caVcmV] da_S^V7
E_a]Q 456E> 1Y\Y 4569>55 Vb\Y aVhm YU‫ݷ‬c _ \385=52 `aVUbcQS\pVc
b_R_Z _U^_ YX ^Vb[_\m[Yf Yb[\ohV^YZ YX _RjVT_ `aQSY\QC XUVbm bcQaQ6
ocbp ^Q _U^_Z bca_[V aQX]VbcYcm bQ]_ Y]p e_a]l5 XQcV] Y]p ed^[gYY
Y b`Yb_[ `QaQ]Vca_S5 Q cV\_ ed^[gYY _Rlh^_ b^_bpc ^Q b\VUdojdo
bca_[d5 UQWV Vb\Y _^_ d]VbcY\_bm Rl S _U^_Z bca_[V b ‫ݷ‬XQT_\_S[_]‫ݷ‬7
3c_aQp fQaQ[cVa^Qp _b_RV^^_bcm5 `_[QXQ^^Qp S `aY]VaV ‑ nc_ Tad`6
`Q YX iVbcY XQ[alSQojYf b[_R_[ S [_^gV7 @_hV]d `_[\_^^Y[Y 4 111D?= DB55:2 11D?= DB55;22
111D?= DB55;2 WRU2
1D 11>4 19C?=?B@893 131B DB55:2 131B DB55;22
19C?=?B@893 134B DB55:2 134B DB55;f

3_X]_W^_bcm XQ[alcm baQXd SbV _c[alclV b[_R[Y dU_R^Q \Yim ^Q `Va6
SlZ SXT\pUC Yb`_\mXdp V‫ݷ‬5 ]l bQ]Y bVRp \YiQV] baVUbcSQ `a_SVa[Y
[_aaV[c^_bcY bcad[cdal ^QiVT_ b`Yb[Q7

‫ ݷ‬::74
111D?= DB55:2 11D?= DB55;22
111D?= DB55;2 WRU2
1D
11>4
19C?=?B@893 131B DB55:2 131B DB55;22
19C?=?B@893 134B DB55:2 134B DB55;22
2
2
2
2

;_^Vh^_5 cQ[_Z [_U XQ^Y]QVc R_\miV bca_[5 ^_ nc_ _[d`QVcbp pb^_bcmo
VT_ bcad[cdal7 3 hQbc^_bcY5 aQb`_\_WV^YV ^Vb[_\m[Yf YUdjYf `_U6
apU XQ[alSQojYf [adT\lf b[_R_[ SU_\m UYQT_^Q\Y n[aQ^Q `_[QXlSQVc5
hc_ RQ\Q^b b[_R_[5 b[_aVV SbVT_5 b_R\oU‫^ݷ‬5 c_TUQ [Q[ ^QadiV^YV cQ[_6
T_ aQb`_\_WV^Yp _U^_X^Qh^_ bSYUVcV\mbcSdVc _ c_]5 hc_ TUV6c_ ]l b_
b[_R[Q]Y XQ`dcQ\Ybm7
3 R_\miY^bcSV b\dhQVS bY^cQ[bYhVb[Qp bcad[cdaQ S 2 Y VT_ b_bcQS\pojY]Y5 [_c_alV Yb`_\mXd6
ocbp S ]Q[a_bQf5 Y cQ[ UQ\VV7 3_ SbVf ncYf b\dhQpf `VaVU _c[alSQojVZ
b[_R[_Z _[QXlSQVcbp _UY^ Y\Y USQ bY]S_\Q5 XQUQojYf Y^_Z b]lb\ SbVZ
[_^bcad[gYYD `aY nc_] `_\dhQVcbp5 hc_ _c[alSQojQp b[_R[Q ‑ ^V `Va6
SlZ bY]S_\ [_^bcad[gYY5 ^_ XQ[alSQojQp ‑ `_6`aVW^V]d `_b\VU^YZ
bY]S_\7 6bcVbcSV^^_5 Vb\Y cQ[Qp [_^bcad[gYp _[QXQ\Qbm aQX^VbV^Q ^Q
^Vb[_\m[_ bca_[5 b\VUdVc aQb`_\QTQcm XQ[alSQojdo b[_R[d c_h^_ `_U
^QhQ\_] [_^bcad[gYY5 Q ^V `_U _c[alSQojVZ b[_R[_ZC
1=1@31B
3’1CDBE3D9?>‫ ݷ‬1‫ݷ‬1RbcaQ[c^Qp
]QiY^Q D_aaV^QC dhVR^Qp aV[_^bcad[gYp‫ݷ‬2 d;;f5 [_c_aQp5 Vb\Y SVaYcm
V‫` ݷ‬aVUYb\_SYo5 U_\W^Q Rl\Q U_^VbcY `aY^gY`l dbca_ZbcSQ ]QiY^l
D_aaV^Q U_ R_\VV iYa_[Yf [adT_S `dR\Y[Y7 ?Rk‫ ]ݷ‬nc_Z [^YTY `aVSl6
iQVc _Rk‫ ]ݷ‬b__RjV^Yp D_aaV^Q `_hcY S `pcm aQX5 ^_ `a_R\V]l5 Vb\Y
b_SbV] hVbc^_5 cQ[ Y ^V aViQVcC `_^pcm `a_Ybf_UpjVV _[QXlSQVcbp Sb‫ݷ‬
Vj‫ ݷ‬b\Yi[_] b\_W^_7 >Q adbb[YZ pXl[ ^Y b__RjV^YV D_aaV^Q5 ^Y [^YTQ
1Zc6;QbY ^V `VaVS_UY\Ybm5 hc_ SVbm]Q b`_b_RbcSdVc UQ\m^VZiV]d ]Y6
e_cS_ahVbcSd _c^_bYcV\m^_ S^dcaV^^VT_ dbca_ZbcSQ `a_\_T6aViQcV\p7

::7=7;7 \`R6YB?CECE `aY]Va^_ cQ[C
C6 9>9D911=19>27

8UVbm Vbcm USQ SQaYQ^cQ7 3l ]_WVcV _e_a]Ycm bS_o `a_gVUdad =19>
[Q[ ^V Y]Vojdo `QaQ]Vca_S 1c7 V7 ^Q`YbQcm `a_gVUdad =19>892 \YR_
[Q[ Y]Vojdo _UY^ `QaQ]Vca5 [_c_alZ _Rlh^_ ^QXlSQoc JB7FD ^Q nc_c

‫ ݷ‬::7=7 895 [_c_aQp dWV SlXlSQVc `a_gVUdad
=19>8:5 `VaVUQS VZ VUY^bcSV^^l] `QaQ]Vca_] b`Yb_[ QaTd]V^c_S [_6
]Q^U^_Z bca_[Y7 Cdc5 _`pcm WV5 Vbcm _UY^5 [Q[ T_S_apc5 ^oQ^bC XQhV]6c_
c_c n\V]V^c5 [_c_alZ ]l `aYSl[\Y ^QXlSQcm 1B7Fd9f ‑ c7 V7 Y]p5 `_
[_c_a_]d XQ`djV^Q `a_TaQ]]Q ‑ YX b`Yb[Q `aY nc_] dUQ\poc 1XQhV]H
b`a_bYcV d ^Yf27 3_b`_\mX_SQSiYbm cV]5 hc_ `a_gVUdaQ GB9D5 d]VVc
`VhQcQcm b\_W^lV cVa]l5 S c_] hYb\V b`Yb[Y5 ]l ]_WV] _`a_R_SQcm
b[QXQ^^_V S UV\V7 @a_TaQ]]Q YX ca‫ݷ‬f bca_[
318ECB829>8CG9@< 6A
C6 9>9D911=19>27
=19>1JB7F2 C6 GB9D51JB7F25 >Dh@B?1=19>27
=19> C6 3EBB5>Dh@B?hC97>1D5 h5 4561E C6 ?>hC97>1D5 h5 4561EhC97>1< ]_WVc
`_hV]d6c_ ^V aQR_cQcm5 Vb\Y Sl S_b`_\mXdVcVbm SQaYQ^c_]5 `aY [_c_a_]
SQi =19> Y]VVc QaTd]V^c ‑ S_ Sbp[_] b\dhQV5 b SVabYVZ \`R6@a_\_TQ
?7?7? Sb‫ ݷ‬Sli\_ Y]V^^_ cQ[7 @a_TaQ]]Q5 ^QhY^QSiQpbp b_ bca_[
=19>1JB7F2 C6
?>hC97>1D5 h5 4561E C6
?>hC97>1D5 h5 4561EDh@B? Y
RYR\Y_cVh^do SVabYo =19>89D bdUp `_ SbV]d5 aVWY] [_]`Y\pgYY b ^Y]Y ^Vb_S6
]VbcY]7 3]Vbc_ nc_T_ ^dW^_ ^Q`YbQcm bS_o `a_gVUdad =19>895 Q V‫ ݷ‬Y]p d[QXQcm
T_aV6[_]`Y\pc_ad S [_]Q^U^_Z bca_[V [Q[ X^QhV^YV e\QTQ 667?1Dh@B?5FDBE5 e
6? =I@B?7 63 =I@B?77@<
8UVbm `aVU`_\QTQVcbp5 hc_ eQZ\ b SQiVZ `a_TaQ]]_Z ^QXlSQVcbp =I@B?77@4h15FDBE55 nc_ Y]V^^_ _^Q d[QXlSQVc
[_]`Y\pc_ad5 hc_ ]l f_cY] `_\dhYcm Yb`_\^pV]lZ eQZ\ 1UQ5 nc_]d [_]`Y\pc_6
ad ^QU_ _R nc_] T_S_aYcm27 E\QT 667?1 d[QXlSQVc5 [Q[ d SQb S `a_TaQ]]V
^QXlSQVcbp cQ `a_gVUdaQ5 [_c_aQp Slbcd`QVc S a_\Y c_h[Y Sf_UQ5 Y\Y5 c_h^VV
T_S_ap5 b [Q[_Z gV\Y ^dW^_ ^QhQcm Sl`_\^V^YV `a_TaQ]]l ‑ c_ Vbcm XUVbm ]_W6
^_ d[QXQcm b\_W^lZ cVa] b `QaQ]VcaQ]Y5 Q ^V `a_bc_ Y]p7 8QTQU_h^_V 67 DBE5
_c[\ohQVc `VhQcm cV[bcQ _ SVabYY \`R6@a_\_TQ5 `_`a_bcd XQ]V^YS ‫ݷ‬Y^YgYQ\Y6
XQgY_^^do‫ ݷ‬gV\m ^Q SlhYb\V^YV \Q[_^Yh^_T_ DBE57 ? ^QX^QhV^YY _bcQSiYfbp
USdf [\ohVZ `aVU\_WY] hYcQcV\o U_TQUQcmbp bQ]_bc_pcV\m^_7 ;bcQcY5 XQ`aV6
cYcm `VaVfSQc bYT^Q\_S YX [_]Q^U^_Z bca_[Y [_]`Y\pc_aQ SQiV]d `_[_a^_]d
b\dTV ^V dUQ\_bm5 f_cp cQ[Qp S_X]_W^_bcm S U_[d]V^cQgYY UV[\QaYadVcbp ‑ cQ[
hc_ ^V XQRdUmcV Sl`_\^Ycm S ^QhQ\V bS_VZ `a_TaQ]]l `aYSVU‫^^ݷ‬lZ SliV XQ`a_b
[ ?>hC97>1 Y @Q`aY]Va5 ]l ]_T\Y Rl S
[Q[_Z6^YRdUm `a_TaQ]]V5 bSpXQ^^_Z b TV_]VcaYVZ5 _R_X^QhYcm c_h[d
^Q `\_b[_bcY hVaVX V‫__[ ݷ‬aUY^Qcl5 `aY]V^YS S a_\Y ed^[c_aQ b\_6
S_ @?9>DC @?9>D195 925 @?9>D1:@7D8;5 41D583D?B5 D??’1:5 ;5 Vb[_\m[_ Y^QhV _Rbc_pc UV\Q b Qc_]Q6
]Y5 hmY Y]V^Q b_bc_pc YX b`VgbY]S_\_SC Yf [Q[ aQX `aY]V^poc S a_\Y
ed^[c_a_S U_S_\m^_ Q[cYS^_7 5V\_ S c_]5 hc_ d^Qa^lV Y RY^Qa^lV
ed^[c_al @a_\_T `_XS_\pVc _RkpSYcm _`VaQc_aQ]Y ;B 5 cQ[ hc_ RdUVc
]_W^_5 ^Q`aY]Va5 S]Vbc_ 1125 32 ^Q`YbQcm 2 1 3 1hc_ SapU \Y _b]lb6
;B 3 _aYTY^Q\V XUVbm Yb`_\mXdVcbp b\_S_ ?@5B1D?B5 b [_c_al] d ^Qb ^QhQ\Ybm
`a_R\V]l Vj‫` ݷ‬aY YXdhV^YY BY44D [ bhQbcmo5 S @a_\_TV ^Vc cVf Y]`VaQcYS^lf

‫ ݷ‬::7=7 17=7;5 _XQ6
T\QS\V^^_T_ ‫`ݷ‬8I 81C D85 B5@B5C5>D1D9?> ?6 4?E2754H‫ ݷ‬1b]7
8DD@C88GGG7CG96@B?F5HD64AE?D5C6=?D9F1D9?>27
1Sc_al cV[bcQ _c]VhQoc5 b _U^_Z bc_a_^l5 caY `aYhY^l5 `_hV]d Yb`_\mX_SQ^YV
Qc_]_S U\p `aVUbcQS\V^Yp cV[bcQ ‫^ݷ‬VQUV[SQc^_‫ݷ‬7 3_6`VaSlf5 nc_ ‫ݷ‬b[alSQVc
[_^gV`cdQ\m^do aQX^Ygd‫] ݷ‬VWUd cV[bc_] Y bY]S_\Q]Y `a_TaQ]]lD b_UVa6
WY]_V cV[bcQ5 [Q[ `aQSY\_5 SQW^_5 `_b[_\m[d Yb`_\mXdVcbp S_ SS_UV6SlS_UV5
c_TUQ [Q[ bY]S_\l `a_TaQ]]l Yb`_\mXdocbp [Q[ YUV^cYeY[Qc_al5 c_ Vbcm Yf
a_\m b_bc_Yc S c_]5 hc_Rl b_S`QUQcm b cQ[Y]Y WV YUV^cYeY[Qc_aQ]Y S UadTYf
]VbcQf `a_TaQ]]lD SlR_a [_^[aVc^lf Y]‫ ^ݷ‬U\p ^Yf ^V U_\WV^5 `_ YUVV5 ^Y
^Q hc_ S\Ypcm7 3_6Sc_alf5 Qc_]l5 Yb`_\mXdV]lV S a_\Y T\_RQ\m^_6d^Y[Q\m^lf
YUV^cYeY[Qc_a_S5 `_a_WUQoc U_`_\^YcV\m^lV XQcaQcl SaV]V^Y ‑ `aYf_UYcbp
[QWUlZ aQX `aY b_XUQ^YY Qc_]Q `a_SVapcm5 ^Vc \Y S `Q]pcY Y^cVa`aVcQc_aQ
Qc_]Q b cQ[Y] WV Y]V^V]7 36caVcmYf5 ]^_TYV `a_\_T6bYbcV]l _TaQ^YhYSQoc
U\Y^d Y]‫ ^ݷ‬Qc_]_S 1f_cp \`R6@a_\_T S Yf hYb\_ Y ^V Sf_UYc27
B UadT_Z bc_a_^l5 `aVUbcQS\V^YV bca_[Y S SYUV b`Yb[Q [_U_S Y]VVc bS_Y
`a_R\V]l7 3_6`VaSlf5 cQ[YV ‫ݷ‬bca_[Y‫^ ݷ‬VS_X]_W^_ _c\YhYcm _c ‫_ݷ‬Rlh^lf‫ݷ‬
b`Yb[_S hYbV\5 `_U [_c_al]Y5 S_X]_W^_5 ^Y[c_ Y ^V b_RYaQ\bp `_UaQXd]VSQcm
[_Ul bY]S_\_SD S_6Sc_alf5 b`Yb[Y _[QXlSQocbp b\Yi[_] U_a_T_bc_pjY] b`_6
b_R_] faQ^V^Yp bca_[C ^Q [QWUlZ bY]S_\ `aYf_UYcbp faQ^Ycm S `Q]pcY gV\lZ
b\_W^lZ cVa]5 cQ[ hc_ `Q]pcY aQbf_UdVcbp S UVbpc[Y aQX R_\miV5 hV] `aY faQ^V6
^YY bca_[Y b`_b_R_]5 `aYSlh^l] `_ @Qb[Q\o Y\Y BY5 Y5 [a_]V c_T_5 `a_b]_ca
b`Yb[_S `a_Ybf_UYc ^Q]^_T_ ]VU\V^^VV7 3U_RQS_[ `aYf_UYcbp caQcYcm SaV]p ^Q
bR_a[d ]db_aQ5 _bcQojVT_bp `_b\V aQR_cl b ^Y]Y7
@a_hYcQS nc_c `QaQTaQe YX U_[d]V^cQgYY `_ \`R6@a_\_Td Y b_T\QbYSiYbm
b ^Y]5 ]_W^_ aQXSV hc_ dUYSYcmbp5 `_hV]d bc_\m _hVSYU^lV SVjY U_i\Y U_
Q`_\_TVc_S @a_\_TQ bc_\m `_XU^_ 1SVabYp @7: Rl\Q Sl`djV^Q S ;9:= T_Ud27

?cUV\m^_T_ S^Y]Q^Yp XQb\dWYSQoc b`VgYeYhVb[YV `a_\_T_Sb[YV
`VaV]V^^lV5 [_c_alV XQ`YblSQocbp [Q[ YUV^cYeY[Qc_al5 _RpXQcV\m6
^_ ^QhY^QojYVbp b XQT\QS^_Z \QcY^b[_Z Rd[Sl Y\Y b `_Uh‫ݷ‬a[YSQ^YpD
a5 Y5BC?>5 h Y c7 `7 =_W^_ ^Q`YbQcm Y hc_6^YRdUm Sa_UV h@>
1^V UV\QZcV cQ[27
C_5 ^Qb[_\m[_ `a_\_T_Sb[YV `VaV]V^^lV ^V `_f_WY ^Q `VaV]V^^lV
YX UadTYf pXl[_S5 ^Q] `aVUbc_Yc _b_X^Qcm `_XU^VV5 `_b\V _RbdWUV^Yp
_`VaQgYY d^YeY[QgYY cVa]_S Y Q\T_aYc]Q aQR_cl `a_\_T6aViQ6
cV\p7 @_[Q _c]VcY] \Yim ^Vb[_\m[_ _b^_S^lf ]_]V^c_SC S_6`VaSlf5
`VaV]V^^lV S @a_\_TV SbVTUQ \_[Q\m^l S _U^_] `aVU\_WV^YY `a_6
TaQ]]lD S_6Sc_alf5 `VaV]V^^Qp S [QWUlZ ]_]V^c SaV]V^Y ]_WVc Rlcm
bSpXQ^Q5 Q ]_WVc Y ^V Rlcm bSpXQ^Q b ^V[Y] X^QhV^YV]5 Y X^QhV^YV] `V6

‫ ݷ‬::7=7 Q]^_T_ hQjV SbcaVhQVcbp RY^Qa^_V _c^_iV^YV5 U\p [_c_a_T_ ]^_6
WVbcSQ 𝒜 Y ℬ b_S`QUQocC Vb\Y5 b[QWV]5 SXpcm ]^_WVbcS_ hYbV\5 c_ ^QU
^Y] RY^Qa^l]Y _c^_iV^Yp]Y RdUdc aQSV^bcS_5 ^VaQSV^bcS_5 SbVS_X6
]_W^lV baQS^V^Yp 1S c_] hYb\V 𝑎 < 𝑏5 ^QXlSQV]_V _c^_iV^YV] `_apU6
[Q25 Vb\Y aQbb]QcaYSQcm ]^_WVbcS_ gV\lf hYbV\ ‑ UV\Y]_bcm _U^_T_ ^Q
UadT_V Y c7 `7 3QW^_ cdc _c]VcYcm USQ ]_]V^cQ7 3_6`VaSlf5 bQ] cVa]Y^
‫_ݷ‬c^_iV^YV‫ݷ‬C \oUY hQbc_ XQRlSQoc5 hc_ ‫ݷ‬3 < 7‫ ݷ‬S UVZbcSYcV\m^_bcY
_X^QhQVc ‫ݷ‬caY Y bV]m ^Qf_Upcbp S _c^_iV^YY ‑]V^miV‑‫ݷ‬7
3_6Sc_alf5 RY^Qa^_V _c^_iV^YV 𝑅 ^QU ]^_WVbcSQ]Y 𝒜 Y ℬ
Vbcm `_U]^_WVbcS_ UV[Qac_SQ `a_YXSVUV^Yp ]^_WVbcS 𝒜 Y ℬ5
c_ Vbcm ]l ]_WV] XQ`YbQcm hc_6c_ Sa_UV 𝑅 ⊆ 𝒜 × ℬ5 Vb\Y WV ]^_6
WVbcSQ b_S`QUQoc ‑ c_ 𝑅 ⊆ 𝒜2 7 >QR\oUV^Yp `_[QXlSQoc5 hc_ U\p
[_T_6c_ nc_ _hVSYU^_5 Q U\p [_T_6c_5 ^Q`a_cYS5 b_SVaiV^^VZiYZ c‫]ݷ‬6
^lZ \Vb7 6b\Y nc_ SQi b\dhQZ ‑ c_ aQX_RaQcmbp b\VUdVc `ap]_ bVZhQb5
cV] R_\VV hc_ ^YhVT_ b\_W^_T_ cdc ^Vc7 3 bQ]_] UV\V5 𝒜 × ℬ ‑ nc_
]^_WVbcS_ SbVS_X]_W^lf `Qa (𝑎, 𝑏), 𝑎 ∈ 𝒜, 𝑏 ∈ ℬ5 c_TUQ [Q[ RY^Qa^_V
_c^_iV^YV5 [Q[_S_ Rl _^_ ^Y Rl\_5 Sl`_\^pVcbp \Yim ^Q ^V[_c_alf
YX ncYf `Qa5 Y5 hc_ ^V]Q\_SQW^_5 U\p [QWU_Z `Qal5 U\p [_c_a_Z _^_
Sb‫ݷ‬6cQ[Y Sl`_\^pVcbp5 ^V\mXp b[QXQcm ^YhVT_ UadT_T_5 [a_]V c_T_5 hc_
S_c UQ5 U\p nc_Z [_^[aVc^_Z `Qal RY^Qa^_V _c^_iV^YV Sl`_\^pVcbp
1`QaQ ^Qf_UYcbp S _c^_iV^YY27 CQ[Y] _RaQX_]5 hc_Rl XQUQcm RY^Qa^_V
_c^_iV^YV5 Y `aYc_] XQUQcm YbhVa`lSQojV5 cQ[5 hc_Rl [ b[QXQ^^_]d
^V ^dW^_ Rl\_ ^YhVT_ `aYRQS\pcm5 U_bcQc_h^_ RdUVc `a_bc_ cV] Y\Y
Y^l] b`_b_R_] d[QXQcm SbV `Qal X^QhV^YZ5 ^Qf_UpjYfbp S _`YblSQV6
]_] _c^_iV^YY ‑ c_ Vbcm RQ^Q\m^_ d[QXQcm5 hc_ SbV S_c ncY `Qal S
_c^_iV^YV Sf_Upc5 Q SbV _bcQ\m^lV ‑ ^V Sf_Upc7 Nc_ Y Vbcm5 b_RbcSV^^_
T_S_ap5 `_U]^_WVbcS_ UV[Qac_SQ `a_YXSVUV^Yp7
?c^_iV^Yp RlSQoc ^V c_\m[_ RY^Qa^l]Y7 3 ]QcV]QcY[V aQbb]QcaY6
SQocbp cVa^Qa^lV5 [SQcVa^Qa^lV 1hVcla‫ݷ‬f]Vbc^lV2 Y S__RjV 𝑛6Qa^lV
_c^_iV^Yp U\p `a_YXS_\m^lf ^QcdaQ\m^lf 𝑛 > 25 ^_ _Rlh^_ Sb‫ݷ‬6cQ[Y
^V aQbb]QcaYSQocbp Sla_WUV^^lV b\dhQY 𝑛 = 1 Y cV] R_\VV 𝑛 = 0D [Q[
]l dSYUY] hdcm `_XWV5 ^Qb cQ[YV _TaQ^YhV^Yp ^V _bcQ^_Spc7 3QW^_
`_^Y]Qcm5 hc_ S \oR_] b\dhQV _c^_iV^YV Vbcm `_U]^_WVbcS_ ]^_6
WVbcSQ [_acVWVZ5 b[_\m[_ Rl n\V]V^c_S ^Y Sf_UY\_ S [_acVW ‑ USQ5
`pc^QUgQcm5 _UY^ Y\Y UQWV ^_\mD b\_S_ [_acVW b\dWYc _R_RjV^Y6
V] SbVS_X]_W^lf cVa]Y^_S ‫`ݷ‬QaQ‫ݷ‬5 ‫ݷ‬ca_Z[Q‫ ݷ‬1n\V]V^c_S25 ‫`ݷ‬pc‫ݷ‬a[Q‫ݷ‬
1_`pcm WV n\V]V^c_S2 Y c7 `7D ]_W^_ bhYcQcm5 hc_ nc_ bY^_^Y] ^V[QXY6
bc_Z b\_S_e_a]l ‫ݷ‬n^[Q‫ ݷ‬1𝑛6[Q27 @_\VX^_ X^Qcm5 hc_ S aQbb]QcaYSQV]_]
[_^cV[bcV Q^T\YZb[YZ n[SYSQ\V^c cVa]Y^Q ‫_[ݷ‬acVW‫ ‑ ݷ‬b\_S_ DE@Y[c_5 [ `aY]Vad5 ^V `_]ViQVc ^Q] aQbb]_caVcm ]^_WVbcS_ SbVS_X]_W6
^lf Q\T_aYc]_S Y SSVbcY ^Q ^‫ ]ݷ‬RY^Qa^_V _c^_iV^YV ‫[ 𝐴ݷ‬adhV 𝐵‫ݷ‬5 `aYh‫]ݷ‬
bhYcQcm ‫[ݷ‬adhV‫ ݷ‬c_c Q\T_aYc]5 U\p [_c_a_T_ _[QWVcbp R_\miV ]Y^Y]Q\m^Qp
U\Y^Q gV`_h[Y5 [ [_c_a_Z _^ ^V`aY]V^Y]7 =l UQWV b]_WV] XQpSYcm5 hc_ SSV6
U‫_^^ݷ‬V _c^_iV^YV Vbcm _c^_iV^YV hQbcYh^_T_ `_apU[Q5 Y RdUV] `aQSlD ^Qb `aY
nc_] b_SVaiV^^_ ^V b]dcYc5 hc_ S__RjV6c_ XQUQhQ _`aVUV\V^Yp ‫[ݷ‬c_ [adhV‫ݷ‬
_[QWVcbp Q\T_aYc]YhVb[Y ^VaQXaViY]Q7

?c]VcY] Vj‫_ ݷ‬UY^ cVa]Y^_\_TYhVb[YZ ]_]V^c7 HYcQcV\o ^QSVa^p6
[Q f_a_i_ X^Q[_]_ b\_S_ ‫`ݷ‬aVUY[Qc‫ݷ‬D [c_6c_ UQWV5 S_X]_W^_5 b f_Ud
`aY`_]^Yc5 hc_ `aVUY[Qc S dhVR^Y[Qf ]QcV]QcYhVb[_Z \_TY[Y hQbc_
_`aVUV\poc [Q[ ‫ݷ‬Rd\VSd ed^[gYo ^QU `a_YXS_\m^_Z _R\Qbcmo _`aV6
UV\V^Yp‫ݷ‬5 c_ Vbcm cQ[do ed^[gYo5 [_c_aQp U\p \oR_Z c_h[Y 1c_h^VV5
\oR_T_ n\V]V^cQ2 bS_VZ _R\QbcY _`aVUV\V^Yp UQ‫ݷ‬c \YR_ X^QhV^YV 05 \Y6
R_ X^QhV^YV 15 `_UaQXd]VSQp \_Wm Y\Y YbcY^d7 CQ[ S_c5 `a_ `aVUY[Q6
cl ]l b[QWV] baQXd USV SVjY7 3_6`VaSlf5 ^V ^QU_ S_b`aY^Y]Qcm
`aVUY[Qc [Q[ Rd\VSd ed^[gYo Y S _b_RV^^_bcY [Q[ ed^[gYo S `a_6
TaQ]]Ybcb[_] b]lb\V5 S_XSaQjQojdo 1S c_] Y\Y Y^_] SYUV2 YbcY^d
Y\Y \_WmD cQ[_V S_b`aYpcYV dS_UYc S bc_a_^d _c e_a]Ya_SQ^Yp `QaQ6
UYT]l \_TYhVb[_T_ `a_TaQ]]Ya_SQ^Yp7 3_6Sc_alf5 `aVUY[Qc Y _c^_6
iV^YV ‑ nc_ _U^_ Y c_ WV5 c_ Vbcm ncY cVa]Y^l ‑ `_`a_bcd bY^_^Y6
]l7 3 bQ]_] UV\V5 hc_ cQ[_V n\V]V^c _R\QbcY _`aVUV\V^Yp `aVUY[QcQ5
[Q[ ^V [_acVWH >_ Vb\Y nc_ [_acVW5 c_ Yf ]^_WVbcS_5 ^Q [_c_a_] `aV6
UY[Qc _RaQjQVcbp S YbcY^d 1Q Vb\Y T_S_aYcm `aQSY\m^_ ‑ ]^_WVbcS_
[_acVWVZ5 [_c_alV b__cSVcbcSdoc `aVUY[Qcd2 Vbcm Rd[SQ\m^_ c_
WV bQ]_V5 hc_ Y _c^_iV^YV7
3 \YcVaQcdaV ]_W^_ SbcaVcYcm [_^bcad[gYY Sa_UV ‫`ݷ‬aVUY[Qc _`aV6
UV\pVc _c^_iV^YV‫ ݷ‬Y\Y5 ^Q_R_a_c5 ‫_ݷ‬c^_iV^Yo b__cSVcbcSdVc `aVUY6
[Qc‫ ݷ‬1S `_b\VU^V] b\dhQV VT_5 hc_R WYX^m ]‫ݷ‬U_] ^V [QXQ\Qbm5 _RXlSQ6
oc ‫ݷ‬fQaQ[cVaYbcYhVb[Y]‫ _` ݷ‬Q^Q\_TYY b fQaQ[cVaYbcYhVb[_Z ed^[gY6
VZ27 >V\mXp b[QXQcm5 hc_Rl cQ[YV b\_SVb^lV [_^bcad[gYY Rl\Y b_SbV]
^VU_`dbcY]lD UV\_ cdc S c_]5 hc_ cVa]Y^l ‫_ݷ‬c^_iV^YV‫ ݷ‬Y ‫`ݷ‬aVUY[Qc‫ݷ‬
_c^_bpcbp [ aQX^l] `aVU]Vc^l] _R\Qbcp]C `VaS_V `aYi\_ YX Q\TVRal5
Sc_a_V ‑ YX \_TY[Y 1S c_] hYb\V ]QcV]QcYhVb[_Z27 BQ]_ b\_S_ ‫`ݷ‬aV6
UY[Qc‫ ݷ‬Ybf_U^_ _X^QhQVc ‫ݷ‬bdWUV^YV‫ ݷ‬Y\Y ‫ݷ‬dcSVaWUV^YV‫ݷ‬7 >_ Sb‫ ݷ‬nc_
^Y[Q[ ^V _c]V^pVc c_T_ eQ[cQ5 hc_ aVhm S UVZbcSYcV\m^_bcY YU‫ݷ‬c _R
_U^_] Y c_] WV `aVU]VcV ‑ ^V _ USdf ‫ݷ‬b__cSVcbcSdojYf‫ݷ‬5 Q Y]V^^_ _R
_U^_]7
5\p `_\^_cl cVa]Y^_\_TYhVb[_Z [QacY^l ^Q`_]^Y] Vj‫_ ݷ‬UY^ ]_6
]V^c7 3 cV_aYY RQX UQ^^lf cQR\Ygd hQbc_ ^QXlSQoc _c^_iV^YV]5
_cboUQ `a_Ybf_UYc bQ]_ ^QXSQ^YV aV\pgY_^^lf RQX UQ^^lfC `_b[_\m6

==;

>VaQXadiQojYV `QaQUYT]l

[d B5 `_6Q^T\YZb[Y ‫_ݷ‬c^_iV^YV‫ݷ‬5 aV\pgY_^^Qp RQXQ UQ^^lf ‑ nc_
RQXQ UQ^^lf5 `_bca_V^^Qp ^Q _c^_iV^Ypf7 Hc_Rl Yb[\ohYcm b_]^V6
^Yp ^Q cV]d ‫ݷ‬c_ \Y nc_ ‑_c^_iV^YV‑ Y\Y Sb‫ݷ‬6cQ[Y [Q[_V6c_ UadT_V‫ݷ‬5
^Q`_]^Y]5 hc_ bca_[Y cQR\Yg ‑ _`pcm WV S cV_aYY ‑ ^QXlSQoc [_a6
cVWQ]Y7 HV]‫ݷ‬cQR\YgQ‫_ ݷ‬c\YhQVcbp _c ‫`ݷ‬aVUY[QcQ‫ݷ‬5 cQ[ nc_ cV]5 hc_ S
bY\d bdTdR_ cVf^YhVb[Yf _TaQ^YhV^YZ cQR\YgQ SbVTUQ [_^Vh^Q5 Q `aV6
UY[Qcl 1S c_] hYb\V aVQ\YX_SQ^^lV ^Q @a_\_TV2 S`_\^V ]_Tdc UQSQcm
RVb[_^Vh^do `_b\VU_SQcV\m^_bcm aViV^YZ5 c7 V7 S _c^_iV^YY5 XQUQ^^_]
S `a_\_T6`a_TaQ]]V5 ]_WVc Rlcm RVb[_^Vh^_V ]^_WVbcS_ [_acVWVZ7
3 _bcQ\m^_] cQR\YgQ5 _c^_iV^YV Y `aVUY[Qc ‑ nc_ _U^_ Y c_ WV7
?cUV\m^_T_ d`_]Y^Q^Yp XQb\dWYSQoc5 `_6SYUY]_]d5 Sla_WUV^^lV
b\dhQY7 B d^Qa^l] _c^_iV^YV] Sb‫ ݷ‬R_\VV6]V^VV `_^pc^_D T_S_aYcm _R
‫ݷ‬n\V]V^cQf5 ^Qf_UpjYfbp S _c^_iV^YY‫ݷ‬5 [QWVcbp ^V S`_\^V d]Vbc^_5
SVUm n\V]V^c SbVT_ _UY^D ^_ Sb‫_ ݷ‬bcQ\m^_V _bcQ‫ݷ‬cbp S bY\VC _UY^ n\V]V^c
]_W^_ aQbb]QcaYSQcm [Q[ d^Qa^lZ [_acVW5 YX ncYf [_acVWVZ ]_W^_
_RaQX_SQcm ]^_WVbcS_5 cQ[ hc_ Y `aVUY[Qc5 Y cQR\YgQ U\p d^Qa^_T_ b\d6
hQp SlT\pUpc S`_\^V VbcVbcSV^^_7 9^_V UV\_ ‑ b\dhQZ 96Qa^lZ7 8UVbm
`aYf_UYcbp aQbb]QcaYSQcm ^V[YZ ‫`ݷ‬dbc_Z [_acVW‫ ݷ‬1[_acVW5 b_bc_pjYZ
YX n\V]V^c_S S [_\YhVbcSV ^_\m icd[2D S `aY^gY`V VT_ aQbb]_caVcm ^Y6
[c_ ^V ]ViQVc5 S_c c_\m[_ _^ ‑ dSl ‑ bdjVbcSdVc SbVT_ _UY^5 SVUm Vb\Y
`_`lcQcmbp cQ[Yf ‫`ݷ‬dbcliV[‫_` ݷ‬bca_Ycm R_\miV _U^_Z5 c_ [Q[ ]l Yf
RdUV] UadT _c UadTQ _c\YhQcmH Nc_5 S`a_hV]5 ^V ]ViQVc bdjVbcS_SQcm
gV\l] USd] 96Qa^l] `aVUY[QcQ]5 Q aQS^_ Y USd] cQR\YgQ]5 Y]VojY]
^_\m bc_\Rg_SC `VaSlZ `aVUY[Qc ^Q ‫`ݷ‬dbc_] [_acVWV‫ ݷ‬YbcY^V^5 Q b__c6
SVcbcSdojQp V]d cQR\YgQ b_bc_Yc YX _U^_Z bca_[Y ‑ b_RbcSV^^_ T_S_6
ap5 `dbc_ZD Sc_a_Z `aVUY[Qc \_WV^5 Q cQR\YgQ `dbcQ5 c_ Vbcm d ^V‫^ ݷ‬V
c_\m[_ ^_\m bc_\Rg_S5 ^_ Vj‫ ݷ‬Y ^_\m bca_[7
3 @a_\_TV _RQ _hVSYU^lf 96Qa^lf `aVUY[QcQ Sbca_V^lD c_c5 hc_ YbcY^V^5
^QXlSQVcbp DBE55 Q c_c5 hc_ \_WV^5 ]_W^_ _R_XSQcm 61QXlSQVcbp
nc_c `aVUY[Qc B5@51DD `_hV]d Y]V^^_ cQ[ ‑ bcQ^Vc pb^_ S _U^_] YX b\VUdojYf
`QaQTaQe_S7
?c]VcY]5 hc_ \oR_Z YX ncYf 96Qa^lf `aVUY[Qc_S ]_W^_ Rl\_ Rl aVQ\YX_6
SQcm baVUbcSQ]Y @a_\_TQ5 Vb\Y Rl _^Y ^V Rl\Y S ^VT_ Sbca_V^l7 CQ[5 Q^Q\_T
DBE5 1^QX_S‫ ]ݷ‬VT_ CE335CC2 aVQ\YXdVcbp _U^Y] eQ[c_]C
CE335CC7
>V]^_TY] b\_W^VV RdUVc aVQ\YXQgYp Q^Q\_TQ 61227
@1B5>D12P5?B7525 2S?8>227
=1VpS^_ `aVU`_\QTQVcbp5 hc_ R_\VV b\_W6
^lV `a_gVUdal b_bcQS\poc ‫`ݷ‬a_TaQ]]d‫ݷ‬5 hV] Rl _^Q ^Y pS\p\Qbm5 Y ^V
`aVU`_\QTQoc YX]V^V^Yp S_ SaV]p Yb`_\^V^Yp5 c_TUQ [Q[ eQ[cl ]_W6
^_ U_RQS\pcm Y dRYaQcm `ap]_ S_ SaV]p aQR_cl5 c_ Vbcm nc_ b[_aVV ^V
hQbcm `a_TaQ]]l5 Q ^V[YV UQ^^lV5 ^QU [_c_al]Y `a_TaQ]]Q aQR_cQVc7
?c]VcY]5 hc_ \`R6@a_\_T `_XS_\pVc S_ SaV]p aQR_cl YX]V^pcm \oRlV `a_6
gVUdal5 Q ^V c_\m[_ b_bc_pjYV YX eQ[c_S5 c_ Vbcm U_RQS\pcm S `a_TaQ]]d Y
dRYaQcm YX ^V‫` ݷ‬a_YXS_\m^lV `aVU\_WV^Yp7 =l Rl ^V b_SVc_SQ\Y hYcQcV\o
ncY] `_\mX_SQcmbpD `a_TaQ]]Q ‑ nc_ `a_TaQ]]Q5 UQ^^lV ‑ nc_ UQ^^lV7 ;_TUQ
`a_TaQ]]Q ^QhY^QVc c_ Y UV\_ ]V^pcm bQ]Q bVRp5 dUVaWQcm [_^ca_\m XQ `a_6
Ybf_UpjY] XQhQbcdo _[QXlSQVcbp aViYcV\m^_ ^VS_X]_W^_7 CQ[ Y\Y Y^QhV5 `_
YX^QhQ\m^_Z XQUd][V ]_UYeYgYa_SQcm S_ SaV]p aQR_cl ]_W^_ Rl\_ c_\m[_
_c^_iV^Yp5 _c^_bpjYVbp [ RQXV UQ^^lf5 c_ Vbcm b_bc_pjYV Yb[\ohYcV\m^_ YX
eQ[c_S7

::7=7?7 @aQSY\Q Y `a_gVUdal
@a_U_\WQp cV]d _c^_iV^YZ ]VWUd `Vab_^Q]Y5 `_`lcQV]bp be_a6
]Ya_SQcm `aVUY[Qc SE1>25 a2 C6 65=1125 h27

?hV^m SQW^_ `_^Y]Qcm5 hc_ nc_ ^V `a_bcQp `VaV]V^^QpC Sl ]_WVcV S
bS_‫` ]ݷ‬aVU\_WV^YY Yb`_\mX_SQcm Y]p ‫ݷ‬h‫ ݷ‬b[_\m[_ dT_U^_ aQX5 Y [QW6
U_V Sf_WUV^YV RdUVc bhYcQcmbp bS_R_U^l]5 c_ Vbcm ncY ^Vb[_\m[_ n[6
XV]`\pa_S Q^_^Y]^_Z `VaV]V^^_Z ^Y[Q[_T_ S\Yp^Yp UadT ^Q UadTQ ^V
_[QWdc7
CV`Vam ]l5 ]_W^_ ^QUVpcmbp5 T_c_Sl [ e_a]Q\m^_]d _`YbQ^Yo
bcad[cdal `a_TaQ]]l ^Q @a_\_TV7 @a_TaQ]]Q bca_Ycbp YX _cUV\m6

==?

>VaQXadiQojYV `QaQUYT]l

^lf `aVU\_WV^YZ 1Q^T\7 3QU_ b[QXQcm5 hc_ `_R_h^lV neeV[cl S @a_\_TV ^V S `_h‫ݷ‬cV5 f_6
cp S_ ]^_TYf b\dhQpf RVX ^Yf ^V _R_ZcYbm7 ;Q[ ]l dWV _RbdWUQ\Y5
RVX `_R_h^lf neeV[c_S gY[\l ^V Y]Voc b]lb\Q5 Y Yf ]Vbc_ XQ^Y]QVc
aV[dabYpD S @a_\_TV nc_ c_WV cQ[5 `aVUY[Qcl hQbc_ `aYf_UYcbp SlaQ6
WQcm hVaVX bQ]Yf bVRp5 Y\Y5 Vb\Y dT_U^_5 `a_gVUdal `ap]_ Y [_bSV^^_
_RaQjQocbp bQ]Y [ bVRV7 @aY nc_] `VaV]V^^lV ]_Tdc _RaQX_SlSQcm
U_bcQc_h^_ b\_W^lV SXQY]_bSpXY5 Y S _b_RV^^_bcY bYcdQgYo XQ`dcl6

==A

>VaQXadiQojYV `QaQUYT]l

SQoc bSpXY ]VWUd `VaV]V^^_Z Y Vo WV bQ]_Z5 ^_ ^Q UadT_] da_S^V
S\_WV^^_bcY SlhYb\V^YZ7

::7=7@7 ?RaQjV^Yp [ `a_gVUdaQ]5 `a_c_cY`l Y
Y^SVabYp
9X `aVUlUdjVT_ `QaQTaQeQ ]l X^QV]5 hc_ b\_W^lZ cVa]5 aQb`_\_6
WV^^lZ S `aQS_Z hQbcY `a_\_T6`aVU\_WV^Yp5 `aVUbcQS\pVc b_R_Z gV\m
1Q^T\7 7?1< 25 c_ Vbcm `_`a_bcd _RaQjV^YV [ `a_gVUdaV7 ?RaQcY] S^Y]Q6
^YV5 hc_ QaTd]V^cQ]Y cVa]Q6gV\Y ]_Tdc Slbcd`Qcm [Q[ _Rlh^lV 1[_^6
bcQ^c^lV2 SlaQWV^Yp5 cQ[ Y `VaV]V^^lV5 Y SlaQWV^Yp5 b_UVaWQjYV
`VaV]V^^lV7 6b\Y ^Q ]_]V^c _RaQjV^Yp [ `a_gVUdaV 1SlhYb\V^Yp gV6
\Y2 `VaV]V^^Qp bSpXQ^Q b_ X^QhV^YV]5 gV\m RdUVc SlhYb\pcmbp cQ[5 [Q[
Vb\Y Rl S]Vbc_ `VaV]V^^_Z `_UbcQSY\Y V‫ ݷ‬X^QhV^YV7 4_aQXU_ Y^cVaVb^VV
bYcdQgYp5 [_TUQ gV\m b_UVaWYc bS_R_U^lV `VaV]V^^lVC S nc_] b\dhQV S
f_UV SlhYb\V^Yp gV\Y `VaV]V^^lV ]_Tdc `_\dhYcm 1Q ]_Tdc5 S`a_hV]5
Y ^V `_\dhYcm2 X^QhV^Yp7
?bcQSQpbm S aQ][Qf \_TYhVb[_Z bV]Q^cY[Y5 ]l ]_WV] b[QXQcm5 hc_
`VaV]V^^l] RdUdc `_U_RaQ^l cQ[YV X^QhV^Yp5 [_c_alV dU_S\VcS_ap\Y
Rl _c^_iV^Yo5 XQUQ^^_]d SlhYb\pV]_Z gV\moD Vb\Y WV SVa^dcmbp [
R_\VV `aYSlh^_Z ^Q] `a_gVUda^_Z bV]Q^cY[V5 Sb‫[_ ݷ‬QWVcbp 1S_ Sbp[_]
b\dhQV5 ^Q `VaSlZ SXT\pU2 YXapU^_ `a_jVC hVaVX bS_R_U^lV `VaV]V^^lV
`a_gVUdaQ ]_WVc SVa^dcm X^QhV^YV7
=l dWV SbcaVhQ\Ybm b cQ[_Z bYcdQgYVZ S `aY]VaQfD `_`a_RdV] `aY6
SVbcY Vj‫_ ݷ‬UY^ `aY]Va5 [_c_alZ `_XS_\Yc ^Q] `a_Y\\obcaYa_SQcm Y^6
cVaVb^_V bS_ZbcS_ `VaV]V^^lf S gV\pf7 3b`_]^Y] ^Qi `aY]Va b _c6
^_iV^YV] @1B5>D 1‫ݷ‬pS\pVcbp a_UYcV\V]‫ݷ‬2 Y _`YiV] b VT_ `_]_jmo
^VR_\mi_V TV^VQ\_TYhVb[_V UaVS_D12UE31C25 2V1BI227
@1B5>D12UE31C25 2S1C?>227
@1B5>D12UE31C25 2Y5D5B227
@1B5>D12V1BI25 2OB54227
@1B5>D12V1BI25 2S1>5227
@1B5>D12S1C?>25 2\51>227
@1B5>D12S1C?>25 2S5CC931227
@1B5>D12S1C?>25 2Q1>>18227
@1B5>D12S5CC93125 2S?C5@8227
@1B5>D12S5CC93125 2S?8>227
@1B5>D12S5CC93125 2U1EB1227

?`YiV] cV`Vam R_\VV b\_W^_V _c^_iV^YV ‫ݷ‬pS\pVcbp `aVU[_]‫ݷ‬7 ?hV6
SYU^_5 hc_ a pS\pVcbp `aVU[_] b5 Vb\Y pS\pVcbp VT_ a_UYcV\V]5 \YR_
Vb\Y pS\pVcbp a_UYcV\V] [_T_6c_ UadT_T_5 [c_ dWV pS\pVcbp `aVU[_] bD
‫_[ݷ‬T_6c_ UadT_T_‫_ ݷ‬R_X^QhY] c7 @_\dhY] b\VUdojVVC
35CD?B1a5 b2 C6 @1B5>D1a5 c25 1>35CD?B1c5 b27
6b\Y Sl Yb`_\mXdVcV SVabYo \`R6@a_\_TQ bcQaiV5 hV] @735 SbcQSmcV S ^QhQ\_
SQiVT_ eQZ\Q XQ`a_b
C6 C5Dh@B?25 2S?C5@8227
DBE5 7
H6 1>35CD?B12S1C?>25 2OB54227
6135CD?B1a5 2S?8>227
a F 2S5CC9312 D
a F 2UE31C2 D
a F 2S1C?>2 D
619

>VaQXadiQojYV `QaQUYT]l

H6 1>35CD?B12S1C?>25 a27
a F 2\51>2 D
a F 2S5CC9312 D
a F 2Q1>>182 D
a F 2S?C5@82 D
a F 2S?8>2 D
a F 2U1EB12 D
6135CD?BC
H6 1>35CD?B1a5 b27
a F 2UE31C25
b F 2V1BI2 D
a F 2UE31C25
b F 2S1C?>2 D
a F 2UE31C25
b F 2Y5D5B2 D
a F 2V1BI25
b F 2OB542 D
777

1b `_XS_\V^Yp hYcQcV\p ]l _RaVWV] SlUQhd Y^cVa`aVcQc_aQ Y ^V RdUV]
`_[QXlSQcm SbV ;; SQaYQ^cQ27
9cQ[5 ^Q`YbQ^^lZ ^Q]Y `aVUY[Qc 1>35CD?B b`_b_RV^ _cSVhQcm ^Q
XQ`a_b b YXSVbc^l]Y UQ^^l]Y5 `_URYaQcm U\p XQUQ^^_T_ `VaS_T_ Qa6
Td]V^cQ `_Uf_UpjYV X^QhV^Yp Sc_a_T_ QaTd]V^cQ Y ^Q_R_a_c5 Y5 ^Q6
[_^Vg5 ^Qf_UYcm SbV S_X]_W^lV 1dU_S\VcS_apojYV _c^_iV^Yo2 `Qal
X^QhV^YZ U\p _R_Yf QaTd]V^c_S7 4_S_apc5 hc_ `a_gVUdaQ 1>35CD?B b`_6
b_R^Q aQR_cQcm S aQX^lf `a_c_cY`Qf C 1>35CD?B1+5 +25 1>35CD?B1+5
−25 1>35CD?B1−5 +2 Y 1>35CD?B1−5 −2D XUVbm ‫ݷ‬+‫_ ݷ‬X^QhQVc5 hc_ b__c6
SVcbcSdojYZ QaTd]V^c XQUQ^5 ‫ݷ‬−‫ ‑ ݷ‬hc_ Yb`_\mXdVcbp bS_R_U^Qp `V6
aV]V^^Qp7 CQ[_V bS_ZbcS_ `a_\_T_Sb[Yf `aVUY[Qc_S hQbc_ ^QXlSQoc
Y^SVabYVZ 8S?C5@85S1C?>8S?8>5S1C?>8U1EB1f

8UVbm ]l `_caVR_SQ\Y _c @a_\_TQ Sl`_\^Ycm XQ`a_b [ 69>4125
U F d2S?C5@825 2S?8>25 2U1EB12f D
J F 2UE31C25
U F d2OB5425 2S1>525 2\51>25 2S5CC93125 2Q1>>1825 2S?C5@825
2S?8>25 2U1EB12f7

;Q[ SYUY]5 aViV^YZ cV`Vam USQ ‑ `_ _U^_]d ^Q [QWU_T_ `aVU[Q5 d [_6
c_a_T_ S `aY^gY`V Vbcm f_cp Rl _UY^ Yb[_]lZ `_c_]_[ 1S^d[5 `aQS^d[
Y c7 U727 ?RjVV `aQSY\_ cQ[_VC 217?6 e_a]YadVc _cUV\m^_V aViV^YV
U\p [QWU_Z S_X]_W^_Z [_]RY^QgYY X^QhV^YZ bS_R_U^lf `VaV]V^^lf5
Sf_UpjYf S gV\m5 ^_ ^V Sf_UpjYf S iQR\_^7
6j‫_ ݷ‬U^Q `_\VX^Qp Sbca_V^^Qp `a_gVUdaQ ^QXlSQVcbp C5D?6 Y _c6
\YhQVcbp _c 217?6 cV]5 hc_ b`Yb_[ aVXd\mcQc_S S [QWU_] `_\dhV^^_]
aViV^YY _^Q b_acYadVc Y dRYaQVc `_Sc_apojYVbp n\V]V^cl7

::7=7:VaQXadiQojYV `QaQUYT]l

hQp \`R5 RQX_Z UQ^^lf bhYcQocbp `aVUY[Qcl5 pS^_ Y\Y ^VpS^_ _Rk6
pS\V^^lV [Q[ UY^Q]YhVb[YV7 5\p pS^_T_ _RkpS\V^Yp Yb`_\mXdVcbp
UYaV[cYSQ 4I>1=938:D ^Q`aY]Va5 Vb\Y ]l f_cY] S_ SaV]p Yb`_\^V^Yp
`a_TaQ]]l ]V^pcm S ^VZ Y^e_a]QgYo YX ^QiYf ‫ݷ‬TV^VQ\_TYhVb[Yf‫ݷ‬
`aY]Va_S5 bc_Yc 1f_cp Y ^V b_SbV] _RpXQcV\m^_5 ^_ _R nc_] `_XWV2
`aVUdb]_caVcm S cV[bcV `aY]Va^_ cQ[do bca_h[dC
C6 4I>1=93 @1B5>D8;5 =17
@_ nc_Z WV `aYhY^V ^V b\VUdVc Yb`_\mX_SQcm U\p hcV^Yp eQZ\_S b UQ^6
^l]Y ^Y 3?>CEQ`aY]Va5 ]_W^_ `aVUdb]_caVcm UY^Q]YhVb[YZ
`aVUY[Qc 7L\?61Bf5 W5GCD1D5 F 8?=5D
dL8f F 2D25 15 [ F dC5=93?L\?61Bf5 W5GCD1D5 F 8?=5D
dL8f F 2725 15 [ F \?61B5 W5GCD1D5 F CD?@D
9C1E=1L825 15 [ F ddL8f L \?61Bf5 W5GCD1D5 F 94D
15 GB9D51’525 >22D bdUp `_ c_]d5 hc_ SbV ]Q6
cVaYQ\l `_ pXl[d F_d` Rl\Y b VT_ \Yh^_Z bcaQ^Ygl dUQ\V^l 1Vb\Y
SVaYcm QafYSQ] bQZcQ G5271B389F57?B75 S ;9:< T_Ud25 QSc_a aVQ\Y6
XQgYY `_cVap\ [ ^VZ Y^cVaVb7 >V[_c_a_V SaV]p aVQ\YXQgYo `lcQ\bp
`_UUVaWYSQcm 1\V[bQ^Ua IQRQaiY^5 _^ [Q[ aQX Y `aYUd]Q\ ^QXSQ^YV
Q?@55 [Q[ `aVU\QTQ\_bm S Ybf_U^_Z aVQ\YXQgYY27 BcaQ6
^YgQ U_bcd`^Q `_ QUaVbd 8DD@C88GGG7CD?6?8=9C388?@57 ?@ @E23?>CD @E26E> @E2DI@5

XQaVXVaSYa_SQ^l5 ^_ ^V Yb`_\mXdocbpD Yf _b_RlZ bcQcdb _`aQSUlSQVc6
bp b_S]VbcY]_bcmo b [Q[Y]Y6c_ UadTY]Y aVQ\YXQgYp]Y F_d`Q5 [_c_6
alV [ ^QiV]d SaV]V^Y UQS^_ Y `a_h^_ di\Y S `a_i\_V7 >Q[_^Vg5 b\_6
SQ e5 EC5 Y 9>69HB< c_WV XQaVXVaSYa_SQ^l Y bhYcQocbp bY^_^Y]Q]Y
b__cSVcbcSV^^_ U\p 69HB7
B `_]_jmo UYaV[cYS 9>69H Y 9>69HB ]_W^_ \oRlV b\_SQ5 ^V pS\p6
ojYVbp [\ohVSl]Y5 _RkpSYcm ‫ݷ‬Y^eY[b^l]Y _`VaQgYp]Y‫ ݷ‬Y e_a]Ya_6
SQcm b Yf `_]_jmo SlaQWV^Yp5 `_U_R^lV QaYe]VcYhVb[Y]D `_Ua_R^_
]l nc_c ]_]V^c aQbb]QcaYSQcm ^V RdUV]7
1aYe]VcYhVb[YV _`VaQgYY Y _`VaQgYY baQS^V^Yp
4

6

3

8

=?4

49F

F

8F

E

FE

G

GF

1Y UadTYV2 SS_Upcbp [Q[ Y]V^Q RYR\Y_cVh^lf ed^[gYZ5 c_ Vbcm [\ohV6
Sl]Y b\_SQ]Y ^V pS\pocbp ‑ ^Q`aY]Va5 ]_W^_ Yf Yb`_\mX_SQcm [Q[
Y]V^Q \_[Q\m^lf `VaV]V^^lf7 ?c]VcY] _UY^ ]_]V^cC d^Qa^_T_ ]Y6
^dbQ S F_d`V ^Vc 1[Q[5 aQXd]VVcbp5 Y d^Qa^_T_ `\obQ25 `aYf_UYcbp
`YbQcm hc_6c_ Sa_UV 9 6 J7
;Q[ ^Y bcaQ^^_5 ^V pS\pocbp [\ohVSl]Y cQ[WV Y Y]V^Q Sbca_V^^lf
cY`_S5 Y ]^_TYV UadTYV b\_SQ5 SS_UY]lV Y^cVa`aVcQc_a_] S T\_RQ\m^_Z
_R\QbcY SYUY]_bcY7

::7>7>7 =_UV\m UQ^^lf Y bYbcV]Q cY`_S
F_d` ‑ pXl[ bca_T_ cY`YXYa_SQ^^lZD nc_ _X^QhQVc5 hc_ ed^[gYY
`aY^Y]Qoc ^Q Sf_U `QaQ]Vcal bca_T_ _`aVUV\‫^^ݷ‬lf cY`_S5 b`Yb[Y b_6
bc_pc YX X^QhV^YZ _U^_T_ Y c_T_ WV cY`Q Y c7 U7 ;Q[ _Rlh^_ S cQ[Yf

‫ ݷ‬::7>7 E= ‑ hYb\_ 1S Y]VojVZbp
d ^Qb aVQ\YXQgYY U\p hYbV\ Yb`_\mXdVcbp `aVUbcQS\V^YV5 YXSVbc^_V S
BY [Q[ cY` 4?E25 C1>E= 3 WE=U9CD2D

8^QhV^Yp]Y ^_S_T_ cY`Q RdUdc5 S hQbc^_bcY5 WE=L?>C1:5 WE=W9C1:5 WE=L?>C1;5 WE=L?>C1VaQXadiQojYV `QaQUYT]l

;_^Vh^_5 nc_ ^V b\Yi[_] dU_R^_7 ; bhQbcmo5 F_d` `_XS_\pVc SS_6
UYcm `QaQ]VcaYhVb[YV cY`l5 ^V]^_T_ `_f_WYV iQR\_^l [\Qbb_S S
BY447 >Q`aY]Va5 U\p Sb‫ ݷ‬c_T_ WV b`Yb[Q ]_W^_ bUV\Qcm cQ[C
41D1 U9CD11>I2 FF W9< 44 L?>C11>I 3 U9CD11>I22D

BQ]_ b\_S_ U9CD ‑ nc_ Vj‫^ ݷ‬V cY`5 nc_ _R_X^QhV^YV bS_V6
_RaQX^_T_ bV]VZbcSQ cY`_S5 cQ[Yf [Q[ U9CD1381B25 U9CD1>E=25
U9CD1U9CD1381B22 Y c7 `7 3 hQbc^_bcY5 U9CD1’1’5 W9C Y W9I FF W9< 44 L?>C11>I 3 U9CD 1>I2D
6j‫_ ݷ‬UY^ U_S_\m^_ ^VcaYSYQ\m^lZ S_`a_b ‑ Q [Q[_T_ cY`Q X^QhV^YV] RdUVc
SlaQWV^YV5 b_bc_pjVV YX _U^_T_ W99< ‑ nc_ c_ WV

‫ ݷ‬::7>7 9:

bQ]_V5 hc_ 1: CC 1; CC 1< CC >9E=7 @_\^_bcmo V‫ݷ‬
_`YbQ^YV RdUVc cQ[Y]C
453 LE25 C >E= 6G >E=D
666 LE251H2 EF H 3 H 3 HD

Ed^[gYp5 `aY^Y]QojQp ^Q Sf_U USQ hYb\Q Y S_XSaQjQojQp Yf bd]]d
Y `a_YXSVUV^YV S SYUV [_acVWQ YX USdf hYbV\5 RdUVc SlT\pUVcm cQ[C

>9;

>VaQXadiQojYV `QaQUYT]l

453 \E=YB?4 C >E= 3 >E= 6G >E= 3 >E=D
666 \E=YB?41H5 I2 EF 1H4I5 H3I2D

AVXd\mcQc_] SlhYb\V^Yp SlaQWV^Yp \E=YB?41>5?2 bcQ^Vc [_acVW
1::5 E= 3 >E=7
@aVU\_WV^YZ5 _`YblSQojYf ed^[gYo5 c_ Vbcm ^QhY^QojYfbp
b 6665 ]_WVc Rlcm R_\miV _U^_T_7 3 nc_] b\dhQV Y^cVa`aVcQc_a `aY
SlhYb\V^YY X^QhV^Yp SlRYaQVc `_Uf_UpjVV `aVU\_WV^YV `dc‫ ]ݷ‬b_`_6
bcQS\V^Yp b _RaQXg_] 5 Y5B 22C @B5=1DEB5 5>4 ?6 5H@B5CC9?>
G897
25H@B d45H 41B7F 9f2
9>F?;54 6B?= G9D89>
2@EDC d5H@B d45H 41B7F 9ff2
169 be_a6
]d\Ya_SQ\Y ^V[YZ SlS_U Y\Y5 \dhiV b[QXQcm5 caVR_SQ^YV [ caQ^b\pc_ad5 RdUm c_
Y^cVa`aVcQc_a Y\Y [_]`Y\pc_aC `_SVUV^YV `a_TaQ]]l U_\W^Q _`aVUV\pcm _^Q
bQ]Q5 Q ^V c_c5 [c_ b\dWYc `_baVU^Y[_] ]VWUd `a_TaQ]]_Z Y ]QiY^_Z7 9X nc_T_
SlcV[QVc _hVSYU^_V b\VUbcSYVC `aQSY\m^_ ^Q`YbQ^^Qp `a_TaQ]]Q U_\W^Q bQ]Q
aVQTYa_SQcm ^Q _iYR[Y `_\mX_SQcV\p5 ^V U_SVapp Y ^V UV\VTYadp nc_ [_]d Rl
c_ ^Y Rl\_ Vj‫ݷ‬7 6b\Y `_\mX_SQcV\m dSYUV\ UYQT^_bcY[d Y^cVa`aVcQc_aQ Y S_6
_RjV \oRlV b__RjV^Yp5 SlUQ^^lV [V]6c_5 [a_]V bQ]_Z `a_TaQ]]l5 c_ S a_\Y
T\QS^_T_ YUY_cQ Slbcd`QVc QSc_a `a_TaQ]]l7
6bcVbcSV^^_5 aVQTYa_SQcm ^Q _iYR[Y ^QU_ cQ[5 hc_Rl `_\mX_SQcV\o Rl\_
`_^pc^_5 S h‫` ]ݷ‬a_R\V]Q Y [Q[ V‫ ݷ‬aViYcm5 Y UYQT^_bcY[Q Y^cVa`aVcQc_aQ5 `aVU6
^QX^QhV^^Qp ^V `_\mX_SQcV\o5 Q `a_TaQ]]Ybcd5 XUVbm ]_WVc c_\m[_ ]ViQcm7
;Q[ ]l dRVUY\Ybm S f_UV R_amRl b Y^cVa`aVcQc_aQ]Y =?

;_]`Y\pgYp5 Y^cVa`aVcQgYp5 b[aY`cY^T

\_TQ5 cQ] b S_X]_W^_bcmo ^Q`YbQ^Yp `a_TaQ]]5 `aQSY\m^_ _RaQRQclSQojYf
_iYR[Y5 UV\Q _Rbc_pc YX ad[ S_^ `\_f_ ‑ fdWV SbVT_ bYcdQgYp S aVQ\YXQgYpf
L?==?> U9C@5 hdcm `_\dhiV b ncY] S L893;5> \385=5 Y \`R6@a_\_TV5 ^_ Sb‫ݷ‬
Vj‫_ ݷ‬cSaQcYcV\m^_7 ; bhQbcmo5 QSc_a ]3< Ud]Q\ `aVWUV SbVT_ _ `aQ[cYhVb[_]
`aY]V^V^YY bS_VT_ cS_aV^Yp5 Q ^V _R QRbcaQ[c^lf Slb_[Yf ]QcVaYpf5 cQ[ hc_
XUVbm Vbcm S_X]_W^_bcm ^Q`YbQcm `a_TaQ]]d `aQSY\m^_7

Hc_Rl dbcaQ^Ycm ^VU_bcQc_[ b[aY`cQ5 ^Q] `_caVRdVcbp [_^bcad[gYp
SVcS\V^Yp7 3 ]3< _^Q bQ]Q `_ bVRV _hV^m `a_bcQp5 ^_ V‫`_ ݷ‬YbQ^YV
`_cp^Vc XQ b_R_Z U\Y^^_V _RbdWUV^YV5 [QbQojVVbp5 [Q[ ^Y bcaQ^^_5
bca_[5 Q Vj‫]_[ ݷ‬Q^U5 bcQ^UQac^_Z RYR\Y_cV[Y Y S__RjV b[aY`cY^TQ
[Q[ `QaQUYT]l7 @aVWUV hV] [ ^V]d `aYbcd`Ycm5 ]l `a_bc_ `_[QWV]5
[Q[ RdUVc SlT\pUVcm Yb`aQS\V^^lZ b[aY`cC
31829>8C8
3 318C8
3 31 d5H@B 4> 4 :f M K
@EDC 2Y1B1=5D5B 4> 9C d45H 41B7F 4>f2
M

?c]VcY]5 hc_ S]Vbc_ Ta_]_XU[_T_ C5D > d5H@B 4> 4 :f ]_W^_ S_b6
`_\mX_SQcmbp [dUQ [Q[ R_\VV [_]`Q[c^_Z [_]Q^U_Z 9>3B 1_c b\_SQ
9>3B5=5>D25 [_c_aQp aQbb]QcaYSQVc bS_Z VUY^bcSV^^lZ `QaQ]Vca [Q[
Y]p `VaV]V^^_Z Y dSV\YhYSQVc X^QhV^YV nc_Z `VaV]V^^_Z ^Q VUY^Ygd7
8QT_\_S_[ ^QiVT_ gY[\Q b Yb`_\mX_SQ^YV] 9>3B ]_W^_ `VaV`YbQcm cQ[C
6?B K C5D > 9 M K 4> E 41B73 M K 9>3B > M K

GY[\Q b `_bcdb\_SYV] S ]3< ^V `aVUdb]_caV^_5 XQc_ Vbcm U_S_\m^_
fYcaQp [_]Q^UQ 6?B51385 b`VgYQ\m^_ `aVU^QX^QhV^^Qp U\p `_bca_V^Yp
gY[\_S `_ b`Yb[Q]7 3 `a_bcVZiV] SQaYQ^cV ncQ [_]Q^UQ Y]VVc caY Qa6
Td]V^cQC Y]p `VaV]V^^_Z gY[\Q5 b`Yb_[ X^QhV^YZ Y cV\_7 @a_ZU‫]ݷ‬bp `_
[_]Q^U^_Z bca_[V Vj‫_ ݷ‬U^Y] b`_b_R_]C

>>;

;_]`Y\pgYp5 Y^cVa`aVcQgYp5 b[aY`cY^T

6?B5138 1 41B7F K
@EDC 2`5’F5 7?D 41 1C 1 3?==1>4 5 1B7E=5>D2
M

@a_bcVZiVZ e_a]_Z S_X]_W^_bcY 6?B5138 ^V _TaQ^YhYSQocbp7 5\p ^Q6
hQ\Q aQbb[QWV]5 hc_ ncQ [_]Q^UQ `_XS_\pVc `a_f_UYcm b`Yb[Y ^V `_
_U^_]d n\V]V^cd5 Q `_ USQ5 `_ caY Y c7 U75 Yb`_\mXdp `aY nc_] b__cSVc6
bcSdojVV [_\YhVbcS_ `VaV]V^^lf7 3 nc_] b\dhQV `VaSl] `QaQ]Vca_]
d[QXlSQoc ^V Y]p `VaV]V^^_Z5 Q b`Yb_[ YX ^Vb[_\m[Yf Y]‫^ݷ‬7 @a_jV
SbVT_ `_[QXQcm nc_ ^Q `aY]VaVC
3 7B55;7D3<
C5D 7B55; K
1
@9 B8? C97=1 D1E E@C9 @89 389 @C9 ?=571
M
6?B5138 K H I J M 47B55; K
@EDC 24H 4I 4J2
M

>Q `VaS_Z YcVaQgYY gY[\Q `VaV]V^^lV H5 I Y J `_\dhQc b__cSVcbcSV^^_
X^QhV^Yp 1
@9 B8? C97=1
D1E E@C9 @89
389 @C9 ?=571

>_ Y nc_ Vj‫^ ݷ‬V Sb‫ݷ‬7 ;_]Q^UQ 6?B5138 `_XS_\pVc `a_ZcY ^Vb[_\m[_
^VXQSYbY]lf b`Yb[_S `QaQ\\V\m^_5 ^Q`aY]VaC
C5D 4979DC K9 : ; < = > ? @ A BM
C5D 497>1=5C K
J5B? ?>5 DG? D8B55 6?EB
69F5 C9H C5F5> 5978D >9>5
M
6?B5138 4 44979DC > 4497>1=5C K
@EDC 244 B514C ‘‘4>’’2
M

‫ ݷ‬:;7;7 PXl[ ]3<

>><

E_a]Q\m^_T_ _TaQ^YhV^Yp ^Q [_\YhVbcS_ cQ[Yf b`Yb[_S S _U^_] gY[\V
^Vc5 ^_5 `_WQ\dZ5 caY b`Yb[Q Y caY `VaV]V^^lV `aVUbcQSYcm bVRV Vj‫ݷ‬
]_W^_5 Q S_c hVclaV dWV bUV\Qoc Sbo [_^bcad[gYo haVX]Va^_ Ta_6
]_XU[_Z7 ?RQ `_Uf_UQ ]_W^_ b[_]RY^Ya_SQcm5 ^Q`aY]Va5 `a_f_Up USQ
b`Yb[Q b iQT_] `_ caY n\V]V^cQ5 Y\Y _UY^ b`Yb_[ `a_f_UYcm `_ _U^_6
]d n\V]V^cd XQ YcVaQgYo5 Q UadT_Z 1_U^_SaV]V^^_2 ‑ `_ USQ n\V]V^cQ
1Y\Y `_ caY5 Y\Y `_ b[_\m[_ f_cYcV27 8UVbm QSc_a Sl^dWUV^ `aYX^Qcm5
hc_ VT_ eQ^cQXYp Ybbp[\Q Y `aYUd]Qcm _b]lb\V^^lZ `aY]Va cQ[_T_
6?B5138 _^ ^V b]_T7
5\p U_ba_h^_T_ XQSVaiV^Yp gY[\_S `aVUdb]_caV^l [_]Q^Ul 2B51;
Y 3?>D9>E5D [Q[ Y S pXl[V BY5 `VaSQp YX ^Yf `a_YXS_UYc ^V]VU\V^6
^lZ Slf_U YX R\YWQZiVT_ _RkV]\ojVT_ gY[\Q5 Q Sc_aQp U_ba_h^_
XQSVaiQVc _UY^ `a_f_U cV\Q gY[\Q7
?c]VcY]5 hc_ S [QhVbcSV bS_VT_ aVXd\mcQcQ [_]Q^Ul G89D9>E57 @a_ B5DEB> ^Q] YXSVbc^_5 hc_ _^Q
XQSVaiQVc Sl`_\^V^YV `a_gVUdalD U_RQSY]5 hc_ _^Q cQ[WV b`_b_R^Q XQ6
SVaiYcm [_]Q^Ud SVaf^VT_ da_S^p 1^Q`aY]Va5 Vb\Y S^V `a_gVUda UQcm
[_]Q^Ud gY[\Q5 Q S VT_ cV\V SbcaVcYcbp B5DEB>2 Y Sl`_\^V^YV S^Vi^V6
T_ b[aY`cQ5 SlXSQ^^_T_ [_]Q^U_Z C?EB357 ;_]Q^UQ 3?>D9>E5 U_ba_h^_
XQSVaiQVc Sl`_\^V^YV cV\Q gY[\Q 1_U^_Z YcVaQgYY25 [_]Q^UQ 2B51; ‑
Sl`_\^V^YV gY[\Q gV\Y[_]7
; ‫ݷ‬3l5

SVa_pc^_5 ^Q`aQiYSQVcVbm ^Q ^V`aYpc^_bcY‫ ݷ‬1Q^T\727

>?9

;_]`Y\pgYp5 Y^cVa`aVcQgYp5 b[aY`cY^T

5_RQSY] [ nc_]d `VaVh^o [_]Q^Ud 5BB?B5 [_c_aQp _Rlh^_ SlXlSQ6
Vcbp b _U^Y] QaTd]V^c_] ‑ b__RjV^YV] _R _iYR[VD S nc_] b\dhQV Y^6
cVa`aVcQc_a ‫ݷ‬aQX]QclSQVc‫ ݷ‬bcV[ SlXSQ^^lf Y `_[Q ^V XQSVaiYSiYfbp
[_]Q^U5 `_[Q \YR_ ^V SbcaVcYcbp 31D385 \YR_ bcV[ ^V _`dbcVVcD S `_b\VU6
^V] b\dhQV Y^cVa`aVcQc_a bQ] SlUQbc b__RjV^YV _R _iYR[V ‑ a_S^_
c_5 [_c_a_V d[QXQ^_ `QaQ]Vca_] [_]Q^Ul 5BB?B5 Y `\ob [ nc_]d Y^6
e_a]QgYo _ ‫ݷ‬aQX]_cQ^^_]‫ ݷ‬bcV[V5 c_ Vbcm [Q[YV [_]Q^Ul _c[dUQ Rl\Y
SlXSQ^l ^Q ]_]V^c Sl`_\^V^Yp 5BB?B7
5\p `_^Y]Q^Yp aQR_cl [_]Q^Ul 31D38 ^Q] `aYU‫ݷ‬cbp aQX_RaQcmbp5
[Q[ Y]V^^_ 1[Q[Y] _RaQX_]2 ^V[_c_alV [_]Q^Ul dfYcapocbp S\Ypcm
^Q c_5 hc_ `a_Ybf_UYc S_[adT ^Yf5 YX]V^pp 1^Q bQ]_] UV\V ‑ `a_6
bc_ `aValSQp2 `_b\VU_SQcV\m^_bcm Yb`_\^V^Yp [_]Q^U ^Q _U^_] Y\Y
^Vb[_\m[Yf S^Vi^Yf da_S^pf S\_WV^^_bcY7 3`a_hV]5 Sb‫[_ ݷ‬QXlSQVcbp
T_aQXU_ `a_jV5 hV] ]_T\_ Rl RlcmC [a_]V bS_VT_ aVXd\mcQcQ5 \oRQp
[_]Q^UQ S ]3< TV^VaYadVc Vj‫ ݷ‬Y [_U XQSVaiV^Yp7 CQ[_Z [_U `aVU6
bcQS\pVc b_R_Z gV\_V hYb\_D U\p `pcY hYbV\5 Yb`_\mXdV]lf RQX_Sl]Y
baVUbcSQ]Y ]3 1;25
2B51; 1D9>E5 1=27 2_\miY^bcS_ [_]Q^U Yb`_\mXdVc [_U 95 _X^Q6
hQojYZ ^_a]Q\m^_V XQSVaiV^YV b S_XSaQc_] aVXd\mcQcQ7 9^cVaVb^_5
hc_ ]3< `_UUVaWYSQVc `a_YXS_\m^lV hYb\Q S [QhVbcSV cQ[Yf [_U_SD nc_
bUV\Q^_5 hc_Rl UQcm S_X]_W^_bcm `_\mX_SQcV\o SS_UYcm bS_Y b_RbcSV^6
^lV d`aQS\pojYV bcad[cdal5 Yb`_\mXdojYV Q\mcVa^QcYS^lV ]_UV\Y
`VaVUQhY d`aQS\V^Yp7
;_TUQ Y^cVa`aVcQc_a Sl`_\^pVc _U^d XQ UadT_Z [_]Q^Ul5 b_bcQS6
\pojYV b[aY`c 1\YR_ SVbm gV\Y[_]5 \YR_ cV\_ [Q[_Z6^YRdUm d`aQS\p6
ojVZ [_^bcad[gYY25 _^ `_b\V XQSVaiV^Yp [QWU_Z _cUV\m^_Z [_]Q^Ul
`a_SVapVc [_U5 b [_c_al] ncQ [_]Q^UQ XQSVaiY\Qbm7 ;Q[ ]_W^_ XQ6
]VcYcm5 c_\m[_ [_U 9 U_`db[QVc Sl`_\^V^YV b\VUdojVZ [_]Q^Ul YX
b[aY`cQD \oR_Z ^V^d\VS_Z [_U XQbcQS\pVc Y^cVa`aVcQc_a ^V]VU\V^^_
`aV[aQcYcm Sl`_\^V^YV ^Q cV[djV] da_S^V7
5Q\m^VZiVV XQSYbYc _c c_T_5 [Q[ dbca_V^l _RkV]\ojYV [_^cV[bcl
Sl`_\^V^Yp7 9^cVa`aVcQc_a S \oR_] b\dhQV RdUVc `_U^Y]Qcmbp `_ bcV6
[d ncYf [_^cV[bc_S5 `_[Q ^V ^QZU‫ݷ‬c cQ[_Z5 S [_c_a_] Y]VVcbp _RaQR_c6
hY[ b__cSVcbcSdojVT_ [_UQ XQSVaiV^Yp7 3 hQbc^_bcY5 SbV gY[\l _RaQ]6
\poc Sl`_\^V^YV bS_VT_ cV\Q _RaQR_c[_Z X^QhV^YZ < Y =5 R\QT_UQap hV6
]d S ^Yf aQR_cQoc 2B51; Y 3?>D9>E57 @a_gVUdal5 SSVU‫^^ݷ‬lV [_]Q^U_Z
@B?35 _RSViYSQoc bS_‫ ݷ‬cV\_ _RaQR_chY[_]5 `VaVfSQclSQojY] [_U ;5 Y
c_ WV bQ]_V UV\QVc bQ] Y^cVa`aVcQc_a U\p [_]Q^U SVaf^VT_ da_S^p5 Q
[_]Q^UQ C?EB35 ‑ U\p cV[bcQ S^Vi^VT_ b[aY`cQ5 R\QT_UQap hV]d S ^Yf
S_ SbVf `aQSY\m^_ baQRQclSQVc [_]Q^UQ B5DEB>7 ;_U : ^V _RaQRQclSQVc
^Y[c_5 cQ[ hc_ Vb\Y ]l bQ]Y ^V SbcQSY]5 TUV ^dW^_5 [_]Q^Ud 31D385
bcV[ RdUVc aQX]_cQ^ U_ [_^gQ Y ]l dSYUY] UYQT^_bcY[d5 SlUQ^^do Y^6
cVa`aVcQc_a_]7 Hc_6c_ `_f_WVV `a_YX_ZU‫ݷ‬c5 Vb\Y `aY]V^Ycm 2B51; Y\Y
3?>D9>E5 S^V gY[\Q5 f_cp ‫ݷ‬aQX]_c[Y U_ [_^gQ‫ ݷ‬XUVbm ^V RdUVcC [_Ul <

‫ ݷ‬:;7;7 PXl[ ]3<

>?:

Y = ‫_ݷ‬c\_SYc‫\ ݷ‬oR_Z YX _RaQR_chY[_S5 bUV\Q^^lZ U\p B5DEB> 1S_[adT
cV\Q ed^[gYY5 [_]Q^Ul SVaf^VT_ da_S^p Y\Y S [_]Q^UV C3B9@D25 Q `_6
b[_\m[d cQ[Qp bYcdQgYp _iYR_h^Q5 UQ\m^VZiQp aQX]_c[Q bcV[Q `_ZU‫ݷ‬c
dWV b [_U_] : 1c7 V7 _RaQR_chY[ Sl`_\^Yc [_]Q^Ud 5BB?B Y\Y bUV\QVc
Q^Q\_TYh^_V VZ UVZbcSYV27
;_]Q^UQ B5DEB> `_XS_\pVc XQSVaiYcm cV[djdo `a_gVUdad 1Y\Y
_RkV[c5 `aYaQS^V^^lZ [ ^VZ2 ^V c_\m[_ b [_U_] 95 ^_ Y b \oRl] Uad6
TY]7 5\p nc_T_ Yb`_\mXdVcbp _`gYp 63?455 `QaQ]Vca_] [_c_a_Z ]_WVc
b\dWYcm [Q[ hYb\_ 195 : Y c7 U7 ‑ S__RjV T_S_ap5 `a_YXS_\m^_V gV6
\_V ^V_caYgQcV\m^_V25 cQ[ Y db\_S^lV _R_X^QhV^Yp ‑ b\_SQ ?;5 5BB?B5
B5DEB>5 2B51; Y 3?>D9>E5 1b__cSVcbcSV^^_ U\p X^QhV^YZ 95 :5 ;5 < Y =27
CV`Vam ]l X^QV]5 [Q[ ^Q`YbQcm bS_Y b_RbcSV^^lV [_]Q^Ul S]Vbc_ 2B51;
Y 3?>D9>E5C
@B?3 =Ih2B51; KM K B5DEB> 63?45 < M
@B?3 =Ih3?>D KM K B5DEB> 63?45 = M

Y\Y cQ[C
@B?3 =Ih2B51; KM K B5DEB> 63?45 2B51; M
@B?3 =Ih3?>D KM K B5DEB> 63?45 3?>D9>E5 M

>QU_ b[QXQcm5 hc_ [_]Q^UQ B5DEB> ^Q`YbQ^Q cQ[5 hc_Rl `_^Y]Qcm bca_6
[_SlV _R_X^QhV^Yp [_U_S5 ^_ R_\miV ^YTUV Yf Yb`_\mX_SQcm ^V\mXp5 S_
SbVf _bcQ\m^lf ]VbcQf `a_TaQ]]l S \oR_] b\dhQV `aYU‫ݷ‬cbp `_\mX_6
SQcmbp hYb\Q]Y7
AQR_cQcm =Ih2B51; Y =Ih3?>D RdUdc QRb_\oc^_ cQ[ WV5 [Q[ Y
Yf Sbca_V^^lV `a_c_cY`l7 >Q]^_T_ Y^cVaVb^VV bYcdQgYp b [_U_] ;
1B5DEB>2C nc_c [_U `_XS_\pVc ^Q`YbQcm `a_gVUdad5 [_c_ado ]_W^_ Yb6
`_\mX_SQcm S]Vbc_ B5DEB>7 >Q`aY]VaC
@B?3 B5DJKL KM K B5DEB> 63?45 ; JKL M

6b\Y cV`Vam ^Q`YbQcm `a_gVUdad Y UQcm S ^VZ ncd [_]Q^Ud5 c_ cQ[Qp
`a_gVUdaQ SVa^‫ݷ‬c bca_[d JKL7 >Q`aY]Va5 `a_gVUdaQ @C
@B?3 @ K H M K
96 K 4H FF : M K
B5DJKL
M 5 KM
M
M

RdUVc S_XSaQjQcm bca_[d JKL5 Vb\Y V‫ ݷ‬QaTd]V^c ‑ hYb\_ :5 Y `dbcdo
bca_[d ‑ U\p \oRlf UadTYf hYbV\7

>?;

;_]`Y\pgYp5 Y^cVa`aVcQgYp5 b[aY`cY^T

3Va^‫]ݷ‬bp cV`Vam [ c_]d5 aQUY hVT_ ]l XQcVp\Y Sb‫ ݷ‬nc_ _RbdWUV^YV ‑
[ [_]Q^UV 31D387 ?^Q `aY^Y]QVc _UY^ Y\Y USQ QaTd]V^cQ< D `VaSlZ YX
^Yf ‑ b_RbcSV^^_ b[aY`c5 [_c_alZ ]_WVc [_^hYcmbp ‫[ݷ‬Q[6c_ ^V cQ[‫ݷ‬5
Sc_a_Z 1^V_RpXQcV\m^lZ2 ‑ Y]p `VaV]V^^_Z U\p XQ^VbV^Yp aVXd\mcQ6
cQ7 3 R_\miY^bcSV b\dhQVS Sc_a_Z QaTd]V^c _RpXQcV\m^_ ^dWV^5 SVUm
Y^QhV aVXd\mcQc Sl`_\^V^Yp b[aY`cQ 1Vb\Y5 [ `aY]Vad5 _^ Sl`_\^Ycbp
db`Vi^_2 ]l dWV ^Y[Q[Y] b`_b_R_] ^V dX^QV]7
@dbcm5 [ `aY]Vad5 d ^Qb Vbcm `a_gVUdaQ CEC@939?EC5 [_c_ado ^Q]
^QU_ SlXSQcm b `QaQ]Vca_] =; Y [_c_aQp `aY nc_] ]_WVc ‫_\`ݷ‬f_ [_^6
hYcmbp‫ݷ‬5 c_ Vbcm TUV6c_ S f_UV V‫ ݷ‬Sl`_\^V^Yp ]_WVc S_X^Y[^dcm _iYR6
[Q5 [_c_ado ]l f_cV\Y Rl `VaVfSQcYcm Y _RaQR_cQcm7 B__cSVcbcSdojQp
[_]Q^UQ 31D38 RdUVc SlT\pUVcm cQ[C
31D38 K CEC@939?EC =; M B5CE

S [SQUaQc^lf b[_R[Qf 1S UQ^^_] b\dhQV nc_ [Q[ aQX [_]Q^UQ ?@5>25 c_
U_ Sl`_\^V^Yp _RkV]\ojVZ [_]Q^Ul 1S UQ^^_] b\dhQV C5D2 UV\_ ^V
U_ZU‫ݷ‬c7 @aQSY\m^VV RdUVc `_bcd`Ycm `aY]Va^_ cQ[C
96 K d31D38 K C5D 64 d?@5> 269NBB?Bf M K
@EDC CD45BB 24?@5>NBB?B2
B5DEB> 61NBB?B5 Y ncY] ]_W^_ RdUVc S_b`_\mX_SQcmbp7 3Va^‫]ݷ‬bp
cV`Vam [ `VaS_]d `QaQ]Vcad [_]Q^Ul ?@5>5 [_c_alZ XQUQ‫ݷ‬c5 [Q[ ]l
dWV b[QXQ\Y5 Y]p eQZ\Q7 6b\Y X^QhV^YV nc_T_ `QaQ]VcaQ RdUVc ^QhY6
^Qcmbp b bY]S_\Q L5 `_UaQXd]VSQVcbp5 hc_ S]Vbc_ _`VaQgYY _c[alcYp
eQZ\Q ^dW^_ `a_YXSVbcY XQ`db[ S^Vi^VZ `a_TaQ]]l b `VaVfSQc_] V‫ݷ‬
`_c_[Q SlS_UQ 1Vb\Y Sc_a_Z `QaQ]Vca ?@5> `_UaQXd]VSQVc hcV^YV2 Y\Y
SS_UQ 1Vb\Y `_c_[ _c[alSQVcbp ^Q XQ`Ybm27 >Q`aY]Va5
?@5> 2L829>88 2L7B5@ 6F 1232 2G2

XQ`dbcYc `a_TaQ]]d 7B5@ b `QaQ]VcaQ]Y 6F Y 1235 `VaVfSQcYS V‫_` ݷ‬6
c_[ SS_UQ5 Y b_XUQbc U\p ^Qb `_c_[ SlS_UQ5 hVaVX [_c_alZ ]l b]_WV]
`_UQcm XQ`djV^^_Z `a_TaQ]]V UQ^^lV ^Q Sf_U7
;Q[ ^Y bcaQ^^_5 S _c\YhYV _c @?@5>5 ]3< `_UUVaWYSQVc XQ`db[ S^Vi^VZ `a_6
TaQ]]l b `VaVfSQc_] _R_Yf V‫ ݷ‬bcQ^UQac^lf `_c_[_S ‑ Y]V^^_ nc_ `a_YX_ZU‫ݷ‬c5
Vb\Y `VaSlZ QaTd]V^c ?@5> ^QhY^QVcbp b L5 Q S [QhVbcSV Sc_a_T_ d[QXQ^_ B4 Y\Y
G47 3 R_\miY^bcSV b\dhQVS _c cQ[_T_ Yb`_\mX_SQ^Yp ^Y[Q[_T_ `a_[d ^V RdUVcD
bS_Z SlS_U5 `_bcd`QojYZ ^Q Sf_U S^Vi^VZ `a_TaQ]]V5 Sl Vj‫_] ݷ‬WVcV XQbcQ6
SYcm dZcY S [Q^Q\5 ^VSXYaQp ^Q RdeVaYXQgYo ‑ b `_]_jmo [_]Q^Ul 6QhY^QojYV hQbc_ `lcQocbp _aTQ^YX_SQcm b S^Vi^VZ `a_6
TaQ]]_Z `_U_RYV UYQ\_TQ ‑ ‫ݷ‬bca_h[d XQ`YbQcm5 bca_h[d `a_hYcQcm‫ ‑ ݷ‬cQ[5 [Q[
_Rlh^_ b `a_TaQ]]Q]Y aQR_cQVc `_\mX_SQcV\m S cVa]Y^Q\V7 AQXd]VVcbp5 YX nc_6
T_ ^YhVT_ ^V SlZUVc5 SVUm SlcVb^V^YV RdeVa_S `aY aQR_cV b [Q^Q\Q]Y dbca_V^_
^V cQ[5 [Q[ `aY aQR_cV b cVa]Y^Q\_]7

>??

;_]`Y\pgYp5 Y^cVa`aVcQgYp5 b[aY`cY^T

3_X]_W^_5 Sl _c S^Vi^VZ `a_TaQ]]l hVT_6c_ U_Rm‫ݷ‬cVbm5 Vb\Y XQ`YiVcV S
`_c_[ bSpXY b ^VZ Sb‫ݷ‬5 hc_ Sl f_cV\Y VZ `_UQcm ^Q Sf_U5 `_b\V hVT_ `_c_[ ‫ݷ‬XQ6
[a_VcV ^Q`_\_SY^d‫ݷ‬7 ; nc_]d S_`a_bd ]l SVa^‫]ݷ‬bp `aY aQbb]_caV^YY [_]Q^Ul
35G55
^Q`aY]VaC
@EDC 6>?>5G5 2b?EB >1=55 @Q`aY]Va5 Vb\Y
UVb[aY`c_a b_UVaWYcbp S `VaV]V^^_Z 645 ]_W^_ bUV\Qcm cQ[C
@EDC 464 2]89C CDB9>7 7?5C D? 69?>5G5 464 2]89C CDB9>7 7?5C D? 69? NXU2

?c]VcY] U_S_\m^_ ^V_WYUQ^^lZ ]_]V^cC ^Y[Q[Yf UadTYf baVUbcS eQZ6
\_S_T_ SlS_UQ S ]3< ^V `aVUdb]_caV^_7
3 _c\YhYV _c @EDC5 [_c_aQp `_ d]_\hQ^Yo aQR_cQVc b_ bcQ^UQac^l]
`_c_[_]5 _RV [_]Q^Ul hcV^Yp ‑ [Q[ B5145 cQ[ Y 75DC ‑ caVRdoc _RpXQ6
cV\m^_T_ d[QXQ^Yp UVb[aY`c_aQ `_c_[QD Vb\Y ^dWV^ bcQ^UQac^lZ SS_U5
b\VUdVc Yb`_\mX_SQcm b\_S_ CD49>7
;_]Q^UQ 75DC hYcQVc YX XQUQ^^_T_ `_c_[Q SS_UQ bY]S_\l5 `_[Q ^V
SbcaVcYc `VaVS_U bca_[Y5 Y `_\dhV^^do bca_[d 1dWV RVX bY]S_\Q `V6
aVS_UQ bca_[Y2 S_XSaQjQVc7 ;_]Q^UQ ]_WVc Yb`_\mX_SQcmbp b _U^Y]
`QaQ]Vca_] Y\Y b USd]p7 3 `VaS_] b\dhQV `a_hYcQ^^Qp bca_[Q S_X6
SaQjQVcbp S [QhVbcSV aVXd\mcQcQ [_]Q^Ul7 3_ Sc_a_] b\dhQV Sc_a_Z
`QaQ]Vca XQUQ‫ݷ‬c Y]p `VaV]V^^_Z5 S [_c_ado Y XQ`YblSQVcbp `a_hY6
cQ^^Qp bca_[Q5 bQ]Q WV [_]Q^UQ S_XSaQjQVc [_\YhVbcS_ `a_hYcQ^^lf
bY]S_\_S 1^V S[\ohQp bY]S_\ `VaVS_UQ bca_[Y2 Y\Y 6:5 Vb\Y `a_hYcQcm
^YhVT_ ^V dUQ\_bm 1^Q`aY]Va5 Vb\Y S_X^Y[\Q bYcdQgYp ‫^_[ݷ‬Vg eQZ\Q‫ݷ‬27
6b\Y ^V Yb`_\mX_SQcm `VaV]V^^do5 c_ ‫^_[ݷ‬Vg eQZ\Q‫` ݷ‬aYS_UYc a_S^_
[ c_]d WV5 hc_ Y `a_hcV^YV `dbc_Z bca_[Y ‑ [_]Q^UQ S_XSaQjQVc `d6
bcdo bca_[dD nc_ S`_\^V ]_WVc _[QXQcmbp ^_a]Q\m^l]5 Vb\Y b_S]Vbc^_
b 75DC Yb`_\mX_SQcm [_]Q^Ud 5?65 aVhm _ [_c_a_Z `_ZU‫ݷ‬c ^YWV7

‫ ݷ‬:;7;7 PXl[ ]3<

>?@

;_]Q^UQ B514 `VaSl] QaTd]V^c_] `aY^Y]QVc UVb[aY`c_a `_c_[QD
]_W^_ cQ[WV XQUQcm Sc_a_Z QaTd]V^c ‑ hYb\_5 d[QXlSQojVV5 b[_\m6
[_ bY]S_\_S b\VUdVc `a_hYcQcm7 6b\Y nc_c QaTd]V^c ^V XQUQ^5 [_]Q^UQ
`a_hYcQVc Sb‫ ݷ‬b_UVaWY]_V eQZ\Q U_ [_^gQD S hQbc^_bcY5 Vb\Y hYcQcm YX
bcQ^UQac^_T_ `_c_[Q SS_UQ5 [_]Q^UQ B514 CD49> ^V SVa^‫ݷ‬c d`aQS\V^YV5
`_[Q ^V ^QbcQ^Vc bYcdQgYp ‫^_[ݷ‬Vg eQZ\Q‫ ݷ‬1S `aY]V^V^YY [ hcV^Yo b
cVa]Y^Q\Q ‑ `_[Q `_\mX_SQcV\m ^V ^QW]‫ݷ‬c LDB697EB55 [_c_ado ]l Sb[_aV aQbb]_caY]27
3 _c\YhYV _c 75DC5 [_]Q^UQ B514 SbVTUQ S_XSaQjQVc `a_hYcQ^^_V S
SYUV bS_VT_ aVXd\mcQcQ5 XQ`YblSQcm UQ^^lV S `VaV]V^^lV _^Q ^V d]VVc7
DX^Qcm5 ^V S_X^Y[\Q \Y bYcdQgYp [_^gQ eQZ\Q5 `_XS_\pVc [_]Q^6
UQ 5?65 `aY^Y]QojQp ^Q Sf_U UVb[aY`c_a `_c_[Q Y S_XSaQjQojQp 9
Y\Y :7 9^cVaVb^_5 hc_ ncQ [_]Q^UQ S__RjV ^YhVT_ ^V UV\QVc b `_c_[_]
bQ]Y] `_ bVRV ‑ _^Q `a_SVapVc5 S_X^Y[ \Y ‫^_[ݷ‬Vg eQZ\Q‫` ݷ‬aY Sl`_\^V6
^YY ^Q UQ^^_] `_c_[V `_b\VU^VZ _`VaQgYY SS_UQ7 9^QhV T_S_ap5 [_]Q^6
Ud 5?6 RVbb]lb\V^^_ Yb`_\mX_SQcm `VaVU hcV^YV] YX `_c_[Q ‑
^dW^_ Yb`_\mX_SQcm V‫ ݷ‬c_\m[_ `_b\V `_`lc[Y hcV^Yp7
1^Q\_TYh^_ ‑ `a_SVapp aVXd\mcQcl `_b\VU^VZ _`VaQgYY ‑ aQR_cQVc Vj‫ݷ‬
_U^Q [_]Q^UQ5 62697EB5 `_XS_\pVc ^QbcaQYSQcm bdjVbcSdojYZ `_6
c_[ ‑ `VaVS_UYcm VT_ S ^VR\_[YadojYZ aVWY] Y _RaQc^_5 dbcQ^QS\Y6
SQcm [_UYa_S[d UQ^^lf 1UQ5 ]3< d]VVc `VaVS_UYcm cV[bc YX _U^_Z [_UY6
a_S[Y S UadTdoD \dhiV Rl _^ nc_T_ ^V d]V\25 S[\ohQcm 1Y5 hc_ _Rlh^_
`_\VX^VV5 Sl[\ohQcm2 `aV_RaQX_SQ^YV `aVUbcQS\V^Yp [_^gQ bca_[Y YX
_U^_bY]S_\m^_T_ 1UO2 S USdfbY]S_\m^lZ 1L[UO2 Y _RaQc^_5 Q cQ[WV
d`aQS\pcm RdeVaYXQgYVZ7

‫ ݷ‬:;7;7 PXl[ ]3<

>?B

;Q[ dWV d`_]Y^Q\_bm SliV5 ]3< S `aY^gY`V `_XS_\pVc SS_UYcm Y
SlS_UYcm RY^Qa^lV UQ^^lV 1S `a_cYS_`_\_W^_bcm cV[bc_Sl]27 =QbbY6
Sl RY^Qa^lf UQ^^lf `aYf_UYcbp `aVUbcQS\pcm S SYUV bca_[D aQR_cQcm
b ^Y]Y `_XS_\pVc [_]Q^UQ 29>1BIC `_U[_]Q^UQ 29>1BI 6?B=1D `_XS_6
\pVc bY^cVXYa_SQcm `aVUbcQS\V^YV RY^Qa^lf UQ^^lf 1U\p `_b\VUdo6
jVZ XQ`YbY S eQZ\ Y\Y `_c_[25 Q `_U[_]Q^UQ 29>1BI C31> ‑ Q^Q\YXY6
a_SQcm cQ[_V `aVUbcQS\V^YV 1[Q[ `aQSY\_5 `a_hYcQ^^_V YX eQZ\Q Y\Y
`_c_[Q27 ;_]Q^UQ 29>1BI `aVUdb]QcaYSQVc Vj‫ ݷ‬USV `_\VX^lV `_U[_6
]Q^Ul ‑ 5>3?45 Y 453?455 [_c_alV5 [ bhQbcmo5 ^V Y]Voc ^Y[Q[_T_ _c6
^_iV^Yp [ cV[bc_Sl] [_UYa_S[Q]C _^Y `_XS_\poc `VaVSVbcY RY^Qa^lV
UQ^^lV S e_a]Qcl 21C5?=5 EE5>3?45 Y 85H 1`a_bc_V iVbc^QUgQcVaYh^_V
`aVUbcQS\V^YV [QWU_T_ RQZcQ2 Y _RaQc^_7
;_]Q^UQ C?3;5D `_XS_\pVc aQR_cQcm b ]LY6b_[VcQ]Y5 `aYh‫[ ]ݷ‬Q[
b [\YV^cb[Y]Y5 cQ[ Y b bVaSVa^l]Y7 6b\Y b [\YV^cb[Y]Y b_[VcQ]Y Sb‫ݷ‬
Y cQ[ R_\VV6]V^VV pb^_5 c_ bVaSVa^lV b_[Vcl5 [Q[ ]l X^QV]5 `_a_WUQ6
oc `a_R\V]d _hVa‫ݷ‬U^_bcY UVZbcSYZ 1b]7 c7 ;5 ‫?ݷ‬7=7:27 ]3< ncd `a_R\V]d
aViQVc U_S_\m^_ bS_V_RaQX^_C `aY b_XUQ^YY bVaSVa^_T_ b_[VcQ ^dW^_
d[QXQcm [_]Q^Ud 1_Rlh^_ nc_ Y]p `a_gVUdal25 [_c_aQp RdUVc Sl`_\6
^pcmbp Sbp[YZ aQX `aY `aY^pcYY _hVaVU^_T_ b_VUY^V^Yp5 `aYh‫_ ]ݷ‬U6
^Y] YX V‫ ݷ‬QaTd]V^c_S RdUVc UVb[aY`c_a [Q^Q\Q5 bSpXQ^^_T_ b ^_Sl]
[\YV^c_]7 NcQ `a_gVUdaQ ]_WVc bSpXQcm b [\YV^cb[Y] UVb[aY`c_a_]
b[aY`cl5 `_U\VWQjYV Sl`_\^V^Yo5 [_TUQ [Q^Q\ _[QXlSQVcbp T_c_S [
hcV^Yo Y\Y [ XQ`YbYD nc_ UV\QVcbp b `_]_jmo [_]Q^Ul 69D7
9X cQ[Yf b[aY`c_S SlbcaQYSQVcbp X^Q[_]Qp ^Q] bYbcV]Q _RaQR_chY[_S
b_RlcYZ ^Q b_[VcQf5 _bcQ‫ݷ‬cbp \Yim _aTQ^YX_SQcm T\QS^lZ gY[\D nc_
UV\QVcbp [_]Q^U_Z FG19D5 [_c_aQp XQ`db[QVc gY[\ _RaQR_c[Y b_RlcYZ Y
Sl`_\^pVc VT_ U_ cVf `_a5 `_[Q [Q[_Z6^YRdUm YX _RaQR_chY[_S ^V YX]V6
^Yc T\_RQ\m^do `VaV]V^^do5 d[QXQ^^do [_]Q^UV S [QhVbcSV `QaQ]VcaQ7
EQ[cYhVb[Y ]3< `aVU\QTQVc ^Q] ^Q`YbQcm b_RlcYZ^_6_aYV^cYa_SQ^^lZ
]LY6bVaSVa5 `aY nc_] VT_ T\QS^lZ gY[\ _[QXlSQVcbp b`apcQ^ S [_]Q^6
Ud5 ^_ ^Q] Sb‫ ݷ‬aQS^_ ^V_Rf_UY]_ `_^Y]Qcm5 hc_ Y]V^^_ cQ]5 S nc_Z
[_]Q^UV5 ^Qf_UYcbp7
@_b\VU^pp [_]Q^UQ5 [_c_ado f_cV\_bm Rl d`_]p^dcm5 ^QXlSQVcbp
`a_bc_ 69@9

;_]`Y\pgYp5 Y^cVa`aVcQgYp5 b[aY`cY^T

cQ] hVaVX [_]Q^Ud 45H 1b]7 bca7 >==2D S_`aV[Y S_X]_W^l] _WYUQ^Y6
p]5 45H aQR_cQVc U_bcQc_h^_ neeV[cYS^_C U\p bca_[Y5 [_c_aQp f_6
cp Rl aQX aQbb]QcaYSQ\Qbm [Q[ b`Yb_[5 Y^cVa`aVcQc_a faQ^Yc Sb`_]_6
TQcV\m^lV 1^VSYUY]lV2 bcad[cdal UQ^^lf5 `_XS_\pojYV `a_YXS_UYcm
Y^UV[bYa_SQ^YV XQ [_^bcQ^c^_V SaV]p7
>Q bV]Q^cY[V `a_TaQ]]l ncY ^VSYUY]lV UQ^^lV ^Y[Q[ ^V b[QXlSQocbp5
VUY^bcSV^^lZ b`_b_R U_TQUQcmbp _R Yf bdjVbcS_SQ^YY ‑ `_]VaYcm Rlbca_UVZ6
bcSYV ^Q baQS^YcV\m^_ R_\miYf b`Yb[Qf5 b_UVaWQjYf n\V]V^cl bdjVbcSV^^_
aQX^_T_ aQX]VaQ5 Y dRVUYcmbp5 hc_ ‫_\ݷ‬R_S_V‫ ݷ‬aViV^YV cQ[Yf aVXd\mcQc_S UQcm
^V ]_WVc7

1bb_gYQcYS^lV ]QbbYSl5 [_c_alV ]l bVZhQb aQbb]_caY]5 `aVU6
^QX^QhV^l U\p UadT_Z gV\YD S bdj^_bcY nc_ S__RjV ^V ]QbbYSl5 Q b[_6
aVV fVi6cQR\Ygl= 5 `_b[_\m[d S a_\Y ‫ݷ‬Y^UV[bQ‫` ݷ‬aY U_bcd`V [ Yf n\V6
]V^cQ] ]_Tdc Slbcd`Qcm `a_YXS_\m^lV bca_[Y7 9b`_\mX_SQcm Yf [Q[
caQUYgY_^^lV ]QbbYSl5 TUV S a_\Y Y^UV[b_S Slbcd`Qoc ^QcdaQ\m^lV
hYb\Q Y n\V]V^cl aQb`_\_WV^l U_bcQc_h^_ `\_c^_ 1c7 V7 ]QbbYS ^V pS6
\pVcbp aQXaVWV^^l]25 ^Vc ^Y[Q[_T_ b]lb\QC Qbb_gYQcYS^lV ]QbbYSl
aQR_cQoc ]VU\V^^VV5 hV] b`Yb[Y Y [_]Q^UQ 45H7
>Q bQ]_] UV\V `aY SSVUV^YY Qbb_gYQcYS^lf ]QbbYS_S aVhm YU‫ݷ‬c
_R _b_R_Z e_a]V Y]‫` ^ݷ‬VaV]V^^lf7 CQ[_V Y]p b_bc_Yc YX USdf hQ6
bcVZC Y]V^Y ]QbbYSQ Y [\ohQ5 `aY nc_] [\oh XQ[\ohQVcbp S [adT\lV
b[_R[Y7 @aY]VaQ]Y cQ[Yf Y]‫` ^ݷ‬VaV]V^^lf b\dWQc5 ^Q`aY]Va5 11:25
12B11;1412B12 6??121B52EB2 Y c7 `7D _RaQjQcmbp b ^Y]Y S`_\^V ]_W^_
[Q[ b _Rlh^l]Y `VaV]V^^l]Y ‑ cQ[5 [_]Q^UQ
C5D 6??121B52EB2 212B1;1412B12

`aYbS_Yc X^QhV^YV 12B1;1412B1 n\V]V^cd ]QbbYSQ 6?? b Y^UV[b_]
21B52EB5 Q _RaQcYcmbp [ nc_Z `VaV]V^^_Z 1`_\dhYcm V‫ ݷ‬X^QhV^YV2 ]_W6
^_5 [Q[ SbVTUQ5 b `_]_jmo X^Q[Q 4C 46??121B52EB2 @_UhVa[^‫]ݷ‬5 hc_
Y^UV[b XUVbm `_6`aVW^V]d _UY^5 Q XQ`pcQp ‑ `a_bc_ _UY^ YX bY]S_\_S
bca_[Y5 Yb`_\mXdV]_Z S [QhVbcSV Y^UV[bQ7
?b^_S^Qp `aV\Vbcm cQ[Yf ‫ݷ‬b\_W^_b_hY^‫^^ݷ‬lf‫ ݷ‬Y]‫` ^ݷ‬VaV]V^^lf
b_bc_Yc S S_X]_W^_bcY SlhYb\Ycm Y^UV[b^do hQbcm Y]V^Y5 `aY]V^pp
SlaQWV^Yp Sa_UV 46??1415422 Y\Y 412B11d6 Hf27 >Q `VaSlZ SXT\pU5
hc_6c_ `_U_R^_V ]_W^_ bUV\Qcm Y b _Rlh^l]Y `VaV]V^^l]YD ^Q`aY]Va5
b\VUdojYV [_]Q^UlC
C5D 9 :>
C5D =49 :999

`aYbS_pc X^QhV^YV :999 `VaV]V^^_Z =:>7 @a_R\V]l XUVbm ^Qh^dcbp `aY
`_`lc[V _RaQcYcmbp [ `VaV]V^^_Z cQ[Y] b`_b_R_]C 4=:> Y^cVa`aVcQ6
c_a S_b`aY]Vc a_S^_ cQ[5 [Q[ ]l ]_T\Y Rl _WYUQcm5 Q S_c S SlaQWV^YY
= ;aQc[YZ

aQbb[QX _ fVi6cQR\YgQf Rl\ `aYSVU‫ ^ݷ‬S `VaS_] c_]V5 ‫;ݷ‬7:97A7

>@:

‫ ݷ‬:;7;7 PXl[ ]3<

4=49 ]l dWV ^Y[Q[ ^V b]_WV] _Rkpb^Ycm Y^cVa`aVcQc_ad5 hc_ X^QhV6
^YV 49 b\VUdVc aQbb]QcaYSQcm [Q[ hQbcm Y]V^Y `VaV]V^^_Z U\p `aVUl6
UdjVT_ X^Q[Q 47 ;_^Vh^_5 Vb\Y SbVam‫ݷ‬X d`VaVcmbp5 ]_W^_ `aYUd]Qcm
U\p nc_T_ SlaQWV^YV Sa_UV
5F1< B5DEB> dCDB9>7 31D K4=M 2492f

‑ ^_ `YbQcm cQ[_V [QWUlZ aQX `aY _RaQjV^YY [ ]QbbYSd ^Q] Rlbca_
^QU_Vbc7 6bcm R_\VV n[_^_]^lZ b`_b_RC SSVbcY `a_gVUdad
@B?3 75DF K >1=5 M K E@F1B 4>1=5 > D B5DEB> 4> M

Y _RaQjQcmbp [ `VaV]V^^l] b fYcal]Y Y]V^Q]Y hVaVX ^V‫ݷ‬C
C5D D d75DF =49f

Nc_5 S_6`VaSlf5 Sb‫ ݷ‬Vj‫ ݷ‬U_bcQc_h^_ Ta_]_XU[_D S_6Sc_alf5 aQR_cQcm
nc_ RdUVc Vj‫] ݷ‬VU\V^^VV5 SVUm SlX_S `a_gVUdal5 cV\_ [_c_a_Z `aVU6
bcQS\V^_ S SYUV cV[bcQ 1^Q`_]^Y]5 bV]Q^cY[Q ]3< caVRdVc hVbc^_Z Y^6
cVa`aVcQgYY2 ‑ icd[Q dW c_h^_ ^V UVi‫ݷ‬SQp7 >_ Vbcm Y R_\VV bVam‫ݷ‬X^lZ
QaTd]V^c S `_\mXd Qbb_gYQcYS^lf ]QbbYS_SC Y^cVa`aVcQc_a X^QVc5 hc_
nc_ cQ[_V5 Y S[\ohQVc U\p ^Yf b`VgYQ\m^do `_UUVaW[d7
3_6`VaSlf5 ]QbbYSl `_UUVaWYSQocbp [_]Q^U_Z E@F1BC b V‫ ݷ‬c_h[Y
XaV^Yp Y]p `VaV]V^^_Z S `aY]V^V^YY [ ]QbbYSd ‑ nc_ Y]p ]QbbYSQ 1RVX
b[_R_[ Y [\ohQ27 5\p Y\\obcaQgYY SSVU‫ ]ݷ‬b\VUdojdo `a_gVUdadC
@B?3 1BB K 1 9 M K
E@F1B 41 1>
B5DEB> 41>1492
M

;Q[ SYUY]5 ncQ `a_gVUdaQ `_\dhQVc USQ `QaQ]VcaQ ‑ Y]p ]QbbYSQ Y
X^QhV^YV Y^UV[bQ ‑ Y S_XSaQjQVc X^QhV^YV XQUQ^^_T_ cQ[Y] _RaQX_]
n\V]V^cQ5 ^Q`aY]VaC
C5D 12B11;1412B12 C38G12B1
C5D H d1BB 12B1 ;1412B1f

D3 H `_\dhQVc X^QhV^YV C38G12B1

3Va^dSiYbm [ cV\d `a_gVUdal 1BB5 _RaQcYcV S^Y]Q^YV ^Q QaTd]V^cl
[_]Q^Ul E@F1BC \_[Q\m^_V Y]p 1> bcQ^_SYcbp bY^_^Y]_] Y]V^Y ]Qb6
bYSQ5 `VaVUQ^^_T_ hVaVX `QaQ]Vca 15 Y bQ]_5 VbcVbcSV^^_5 Yb`_\mXdVcbp
[Q[ ]QbbYS7
;a_]V c_T_5 S ]3< Y]VVcbp [_]Q^UQ 1BB1I U\p aQR_cl b ]QbbYSQ6
]Y7 >Q`aY]Va5 [_]Q^UQ 1BB1I >1=5C 12B1 SVa^‫ݷ‬c b`Yb_[ SbVf bca_[5
Yb`_\mXdV]lf S ]QbbYSV 12B1 S a_\Y Y^UV[b_SD [_]Q^UQ 1BB1I 75D
S_XSaQjQVc SbV n\V]V^cl ]QbbYSQ S SYUV b`Yb[Q `Qa Y]p8X^QhV^YV5
1BB1I C5D `aY^Y]QVc cQ[_Z b`Yb_[ [Q[ QaTd]V^c Y `aYbSQYSQVc d[Q6

>@;

;_]`Y\pgYp5 Y^cVa`aVcQgYp5 b[aY`cY^T

XQ^^lV X^QhV^Yp n\V]V^cQ] b b__cSVcbcSdojY]Y Y^UV[bQ]Y7 ;_]Q^6
UQ 1BB1I cQ[WV `_XS_\pVc `a_YXS_UYcm S ]QbbYSV `_Yb[ Y Sl`_\^pcm
]^_T_ UadTYf `_\VX^lf _`VaQgYZ7
@_UhVa[^‫_ ]ݷ‬UY^ SQW^lZ eQ[c5 [_c_alZ b\VUdVc `_^pcm _c^_bY6
cV\m^_ c_\m[_ hc_ SSVU‫^^ݷ‬lf S_X]_W^_bcVZC Qbb_gYQcYS^lV ]QbbY6
Sl S ]3< ^V pS\pocbp ^V c_\m[_ _b_Rl] cY`_] UQ^^lf5 ^_ Y
S__RjV UQ^^l]Y [Q[ cQ[_Sl]YC ]QbbYS ^V ]_WVc aQbb]QcaY6
SQcmbp [Q[ VUY^lZ _RkV[c7 3 hQbc^_bcY5 ]QbbYS [Q[ gV\_V ^V\mXp
`VaVUQcm S `a_gVUdad Y\Y SVa^dcm YX ^V‫ ݷ‬1f_cp ]_W^_ `VaVUQcm Y]p
[Q[ _Rlh^do bca_[d5 Q XQcV] S_b`_\mX_SQcmbp E@F1B5 [Q[ S `aY]VaV
SliV25 ]QbbYS 1[Q[ VUY^lZ _RkV[c2 ^V ]_WVc Rlcm X^QhV^YV] `VaV6
]V^^_Z7 =_W^_ bhYcQcm5 hc_ ]QbbYS `aVUbcQS\pVc b_R_Z `a_bc_ ^QR_a
_cUV\m^lf `VaV]V^^lf5 ^V _RkVUY^‫^^ݷ‬lf ^YhV]5 [a_]V `VaS_Z hQbcY
bS_VT_ Y]V^Y7
3 R_\VV `_XU^Yf SVabYpf ]3< Rl\Y SSVUV^l cQ[ ^QXlSQV]lV b\_SQaY
1493D9?>1B95C25 Y^cVaeVZb_] [ [_c_al] b\dWYc [_]Q^UQ 493D7 3 _c\YhYV _c Qbb_6
gYQcYS^lf ]QbbYS_S cQ[_Z ‫ݷ‬b\_SQam‫` ݷ‬aVUbcQS\pVc b_R_Z VUY^lZ _RkV[c UQ^6
^lfD [Q[ Y U\p SbVf UQ^^lf S ]3CD 381B 3@B?=@D2
K
381B 32E6D
2E6 F =1CD 381B 3B5C@DBD
]3@A

;_]`Y\pgYp5 Y^cVa`aVcQgYp5 b[aY`cY^T
3?45 F ]3D6125Ce>25 B5C@DB2D
2B51;D
31C5 ]LUhN[[X[C
B5C@DB F ]37[5CED5B@2D
6@B9>D61CD45BB5 2]LU N[[X[C 5Ce>25 B5C@DB2D
2B51;D
31C5 ]LUh[N]^[WC
6@B9>D61CD45BB5 2B5DEB>H1 G81D’C D85 85D61CD45BB5
2CDB1>75 D? EC5 2B51;83?>D9>E5 D89C G1Ie>22D
2B51;D
4561ED61CD45BB5 2E>;>?G> ]3< B5D73?45 54e>25 3?452D
M
6@EDC1@B?=@D5 CD4?ED2D
M

M

?bcQ\_bm c_\m[_ U_RQSYcm ed^[gYo =19>7 3b‫ݷ‬5 hc_ _^Q U_\W^Q bUV6
\Qcm ‑ nc_ b_XUQcm Y^cVa`aVcQc_a Y SlXSQcm c_\m[_ hc_ ^Q`YbQ^^do
B5@hCD 381B 331B7F2

Hc_Rl ^Q`YbQcm V‫ ݷ‬cV\_5 ^Q] `_caVRdVcbp X^Qcm5 hc_ S_XSaQc aVXd\mcQcQ
[_]Q^Ul 1S _c\YhYV _c [_UQ5 [_c_alZ ed^[gYp `a_bc_ S_XSaQjQVc [Q[
bS_‫ ݷ‬X^QhV^YV2 `a_YXS_UYcbp hVaVX _RkV[c Y^cVa`aVcQc_aQD U\p nc_T_
`a_j SbVT_ S_b`_\mX_SQcmbp ed^[gYVZ ]3CD 381B 331B7F2
K
9>D D
381B 3B5CD
9611B73 1F ;2 K
]3D9>E5 Y\Y B5DEB> 63?45 ; 1^Q`_]^Y]5 nc_
[_U B5DEB> ‑ ^V c_T_5 [_c_alZ ]l Sl`_\^Y\Y5 Q c_T_5 [_c_alZ U_\WV^
`a_YX_ZcY da_S^V] SliV27 AVXd\mcQcl ]_Tdc ^Qb aQX_hQa_SQcmC b__c6
SVcbcSdojYf b__RjV^YZ5 [_c_alV ]l cQ[ bcQaQcV\m^_ `YbQ\Y5 ]l ^V
dSYUY]5 ]3CD 381B 331B7F2
K
3?>CD 381B 3@B?=@D F 1B73 G : H 1B7Fd:f C 2GG 2D
B5@hD9>E5 D89C G1I
CCC B5DEB> :
B5DEB>H1 G81D’C D85 853

9X]V^Ycm XQT_\_S_[ _[^Q ]_W^_ Y `_c_]5 UQS S Y^cVa`aVcQc_aV [_]Q^6
Ud G= D9D1=5 =IJ@@
5 G= D9D?D85B ]9D1=5
S\YpVc ^V c_\m[_ ^Q XQT_\_S_[ _[^Q ‑ _^Q XQUQ‫ݷ‬c VT_ Y]p5 Yb`_\m6
XdV]_V5 ^Q`aY]Va5 S `_UbYbcV]V ^Qbca_V[5 [_c_aQp `_^QU_RYcbp ^Q] S
‫ݷ‬:;7=7@7 3 a_\Y cQ[_T_ Y]V^Y5 c7 V7 `QaQ]VcaQ U\p 6>1=55 [aQZ^V WV\Q6
cV\m^_ Yb`_\mX_SQcm b\_S_6YUV^cYeY[Qc_a RVX `a_RV\_S5 ^QhY^QojV6
Vbp b_ bca_h^_Z \QcY^b[_Z Rd[SlD ^Q`aY]Va5 Y]p ]_WVc b_S`QUQcm b
Y]V^V] SQiVZ `a_TaQ]]l7
3 `aYSVU‫` ]_^^ݷ‬aY]VaV XQb\dWYSQVc S^Y]Q^Yp Sc_a_Z `QaQ]Vca
[_]Q^Ul G=5 S [QhVbcSV [_c_a_T_ S ^QiV] `aY]VaV XQUQ^Q c_h[Q ‫ݷ‬7‫ݷ‬7
Nc_c `QaQ]Vca YUV^cYeYgYadVc _[^_5 [ [_c_a_]d _c^_bYcbp [_]Q^UQD
c_h[_Z S ]34?G _X^QhQoc `aY]Va6
^_ _U^_ Y c_ WV5 `aYh‫ ]ݷ‬S U_[d]V^cQgYY ]_W^_ SbcaVcYcm Yf _RQD [Q[ ]l `_]^Y]
1b]7 ‫ݷ‬:97::7:25 U\p OU]T SYUWVc Y _[^_ ‑ bdj^_bcY b_SVaiV^^_ aQX^lV7

>A?

;_]`Y\pgYp5 Y^cVa`aVcQgYp5 b[aY`cY^T

c_\[_] ^V b]_WV]7 ;Q[ ]l `_]^Y]5 SYUWVcl S b_bcQSV TaQeYhVb[_6
T_ Y^cVaeVZbQ _RaQXdoc YVaQafYo S c_] b]lb\V5 hc_ _`aVUV\‫^^ݷ‬lV
SYUWVcl ]_Tdc Slbcd`Qcm S a_\Y SVUdjYf 1=1CD5B 2 U\p UadTYf SY6
UWVc_S5 [_c_alV S nc_] b\dhQV ^QXlSQocbp SVU_]l]Y Y\Y `_UhY^‫^ݷ‬6
^l]Y 1CQ`aY]Va5 ]l ]_WV] dX^Qcm5 [Q[_Z S ^Qbc_pjVV SaV]p
U\p ^QiVZ [^_`[Y dbcQ^_S\V^ cV[bcC
5 72D 375D 6D5HD
YB5CC V5

CV[bc5 [_c_alZ ]l dSYUV\Y ‑ nc_ aVXd\mcQc Sl`_\^V^Yp [_]Q^Ul5 cQ[
hc_ ]l ]_WV]5 ^Q`aY]Va5 XQ^VbcY VT_ S `VaV]V^^do5 [Q[ nc_ _Rlh^_
UV\QVcbp S ]3AA

;_]`Y\pgYp5 Y^cVa`aVcQgYp5 b[aY`cY^T

5 72D 3?>697EB5 6D5HD 2M?>’D @B5CC =51 e> R 4?>’D 697EB5 6@14H 9 6@14I 9

S__RjV dRVa‫ݷ‬c `a_]VWdc[Y S_[adT cV[bcQ5 d]V^miYS [^_`[d cQ[5 hc_
cV[bc S ^VZ RdUVc VUSQ `_]VjQcmbp7
;^_`[Q 1[Q[ cY` SYUWVcQ2 ^QapUd b _RjY]Y 375D Y 3?>697EB5 `_U6
UVaWYSQVc Vj‫ ݷ‬USQ UVZbcSYpC 6F?;5 ‑ bUV\Qcm Sb‫ ݷ‬cQ[5 RdUc_ `_\mX_SQcV\m ^QWQ\ ^Q
[^_`[d 1^Q`aY]Va5 j‫^[\ݷ‬d\ `_ ^VZ ]li[_Z27
5\p [_^caQbcQ aQbb]_caY] UadT_Z cY` SYUWVcQ ‑ 8C8
3 H::538?7D3<
3 ]85 >5HD 5 CD1BDC G9C8 e
5H53 G9C8 2492 6>1=5 2H::h538?2 24I2
G= D9D5 Vb\Y _[^_ pS\pVcbp Y[_^[_Z U\p [Q[_T_6c_
UadT_T_ _[^Q 1[_c_a_V5 S bS_o _hVaVUm5 S ^Qbc_pjYZ ]_]V^c ^Qf_UYcbp
S bcQcdbV 93?>9325 ^_ dbcQ^_SYcm nc_c bcQcdb ^V\mXp7 1^Q\_TYh^_T_ ne6
eV[cQ ]_W^_ U_RYcmbp b `_]_jmo [_]Q^U G= G9D84B1G5 G= 93?>96I Y
G= 4593?>96ID _^Y _c\YhQocbp _c G= CD1D5 cV]5 hc_ Yf ]_W^_ `aY]V6
^pcm [ _[^d5 [_c_a_V Vj‫^ ݷ‬Y[_TUQ ^V `_[QXlSQ\_bm ^Q n[aQ^V 1G= CD1D5
b cQ[Y]Y _[^Q]Y ^V aQR_cQVc27
5\p d`aQS\V^Yp S^Vi^Y] SYU_] Y `_\_WV^YV] Y[_^[Y Yb`_\m6
Xdocbp `_U[_]Q^Ul 93?>29D=1@5 93?>=1C;5 93?>>1=55 93?>@8?D?5
93?>@?C9D9?> Y 93?>G9>4?GD aQbb]QcaYSQcm Yf ]l ^V RdUV] aQUY n[_6
^_]YY ]VbcQ7
@_U[_]Q^UQ G= 75?=5DBI `_XS_\pVc YX]V^Ycm aQX]Va Y8Y\Y `_XY6
gYo _[^Q ^Q n[aQ^V7 ?^Q `aY^Y]QVc USQ `QaQ]VcaQ ‑ Y]p _[^Q 1VbcV6
bcSV^^_5 _[^_ U_\W^_ Rlcm SVaf^VT_ da_S^p5 ^Q`aY]Va ‫ݷ‬7‫ݷ‬2 Y cQ[ ^Q6
XlSQV]do TV_]VcaYhVb[do bca_[d5 [_c_aQp [Q[ aQX Y XQUQ‫ݷ‬c aQX]Va Y
`_XYgYo7 >Q`aY]Va5 [_]Q^UQ
G= 75?=5DBI 7 ;99H9 `Y[bV\VZ `aQSVV \VS_T_ [aQp n[aQ^Q
Y ^Q @9 `Y[bV\VZ ^YWVD XQ]V^Q `\obQ ^Q ]Y^db `_XS_\pVc _cbhYclSQcm
ncY X^QhV^Yp S UadTdo bc_a_^d ‑ cQ[5 [_]Q^UQ
G= 75?=5DBI 7 ;>9H9 ^Q 94>9

aQb`_\_WYc T\QS^_V _[^_ ^Q :>9 `Y[bV\VZ \VSVV `aQS_T_ [aQp Y ^Q >9
^YWV SVaf^VT_5 `aY nc_] aQX]Va _[^Q ^V YX]V^Ycbp7 >QU_ b[QXQcm5 hc_
TV_]VcaYhVb[YV bca_[Y ‑ ^V _b_RV^^_bcm ]34?GC
VUSQ \Y ^V \oR_V _[_^^_V `aY\_WV^YV U\p a5 ^Q h‫ ]ݷ‬Rl _^_ ^Y Rl\_
^Q`YbQ^_5 `_^Y]QVc _`gYo [_]Q^U^_Z bca_[Y 675?=5DBI5 `QaQ]Vca_]
[_c_a_Z b\dWYc Y]V^^_ cQ[Qp S_c bca_h[Q5 XQUQojQp TV_]VcaYhVb[YV
bS_ZbcSQ _[^Q7
;_]Q^UQ G= `_XS_\pVc d`aQS\pcm S_X]_W^_bcmo YX]V^V^Yp aQX]V6
aQ _[^Q7 @_ [QWU_Z YX USdf [__aUY^Qc ]_W^_ XQUQcm ]Y^Y]Q\m^lZ Y
]Q[bY]Q\m^lZ aQX]Va5 Q cQ[WV XQ`aVcYcm YX]V^V^YV aQX]VaQ7 >Q`aY6
]Va5
G= =9>C9J5 7 :99 :>9
G= =1HC9J5 7 ;99 ;>9

XQUQUdc U\p T\QS^_T_ _[^Q S_X]_W^_bcm YX]V^V^Yp iYaY^l _c :99 U_
;99 `Y[bV\VZ5 Q Slb_cl ‑ _c :>9 U_ ;>97 ;_]Q^UQ
G= B5C9J12?

U\p Sb‫ ݷ‬c_T_ WV T\QS^_T_ _[^Q YX]V^V^YV Slb_cl S__RjV XQ`aVcYc5 Q
S_X]_W^_bcm YX]V^V^Yp iYaY^l b_faQ^Yc 1`VaSlZ \_TYhVb[YZ `QaQ6
]Vca _cSVhQVc XQ iYaY^d5 Sc_a_Z XQ Slb_cd5 [_]RY^QgYY U_`db[Qocbp
\oRlV27
9^cVaVb^_5 hc_ U\Y^Q Y iYaY^Q _[^Q ]_WVc YX]Vapcmbp ^V c_\m[_ S `Y[bV6
\pfD U\p nc_T_ ^dW^_ b__RjYcm _[_^^_]d ]V^VUWVad5 hc_ UQ^^_V _[^_ _c^_bYcbp
[ hYb\d 7B94454 G9>4?GC5 c_ Vbcm b VT_ S^dcaV^^VZ hQbcmo bSpXQ^Q ^V[Qp bVc[Q
b eY[bYa_SQ^^l] aQX]Va_] phVV[7 5V\QVcbp nc_ [_]Q^U_Z G= 7B94 Y\Y bcQ^6
UQac^_Z _`gYVZ 6C5D7B947 >Q`aY]Va5 [ hYb\d cQ[Yf _[_^ _Rlh^_ _c^_bpcbp n]d6
\pc_al cVa]Y^Q\_S5 phVZ[Y Yf S^dcaV^^VZ bVc[Y b__cSVcbcSdoc X^Q[_]VbcQ]7
?[_^^lZ ]V^VUWVa `aY YX]V^V^YY aQX]VaQ cQ[_T_ _[^Q SbVTUQ _bcQS\pVc U\Y^d
Y iYaY^d [aQc^_Z aQX]VaQ] phVZ[Y bVc[YD R_\miV c_T_5 U\Y^Q Y iYaY^Q cQ[_T_
_[^Q XQUQ‫ݷ‬cbp dWV ^V S `Y[bV\pf5 Q S phVZ[Qf bVc[Y ‑ nc_ SVa^_ Y U\p 75?=5DBI5

‫ ݷ‬:;7=7 4aQeYhVb[YV Y^cVaeVZbl ^Q ]3B<

Y U\p =9>C9J58=1HC9J57 Hc_Rl ^QdhYcmbp ncY] `_\mX_SQcmbp5 b\VUdVc `a_hYcQcm
U_[d]V^cQgYo ^Q _`gYo 6C5D7B94 Y5 [_^Vh^_5 `_n[b`VaY]V^cYa_SQcm7

;_]Q^UQ G= `_UUVaWYSQVc gV\lZ apU UadTYf S_X]_W^_bcVZ5 S c_]
hYb\V cQ[Yf5 [_c_alV aQR_cQoc ^V b_ SbV]Y _[_^^l]Y ]V^VUWVaQ]Y7
@aY WV\Q^YY Sl ]_WVcV b ^Y]Y _X^Q[_]Ycmbp5 _RaQcYSiYbm [ U_[d6
]V^cQgYYD b UadT_Z bc_a_^l5 Vb\Y SQ] `_caVR_SQ\_bm hc_6c_ ^Qbc_\m6
[_ ^VcaYSYQ\m^_V5 Y]VVc b]lb\ `_Ud]Qcm5 `aQSY\m^_ \Y Sl SlRaQ\Y
pXl[ aVQ\YXQgYY ‑ Sb‫ݷ‬6cQ[Y [_]Q^U^_6b[aY`c_S_V `a_TaQ]]Ya_SQ^YV
^V `aVU^QX^QhV^_ U\p b_XUQ^Yp R_\miYf Y b\_W^lf `a_TaQ]]7

:;7=74?G25 b[a_\\Val 1C3B?B=

;_]`Y\pgYp5 Y^cVa`aVcQgYp5 b[aY`cY^T

`_U[_]Q^U Vbcm ^V[YV `_U]^_WVbcSQ5 _RjYV U\p SYUWVc_S SbVf `_UUVa6
WYSQV]lf cY`_S7 @_U[_]Q^U cQ[Yf5 [Q[ ]l dWV X^QV]5 SbVT_ USVC 375D
Y 3?>697EB5D _RjYf 1cQ[ ^QXlSQV]lf ‫ݷ‬bcQ^UQac^lf‫ݷ‬2 _`gYZ T_aQXU_
R_\miV ‑ ^Qbc_\m[_5 hc_ Y] `_bSpjV^Q _cUV\m^Qp =1>6bcaQ^YgQ5 aQb6
`_\_WV^^Qp Sb‫ ݷ‬S c_Z WV bV[gYY C5 c_
Vbcm dSYUVcm V‫_] ݷ‬W^_5 UQS [_]Q^Ud =1> C7 Bca_T_ T_S_ap5
_`gYY5 _`YbQ^^lV S nc_Z =1>6bcaQ^YgV5 ^V _RpXQcV\m^_ `_UUVaWYSQoc6
bp SbV]Y SYUWVcQ]Y U_ VUY^_T_ ‑ U\p `_`QUQ^Yp S aQXapU bcQ^UQac6
^lf U_bcQc_h^_5 hc_Rl _`gYp `_UUVaWYSQ\Qbm ^Vb[_\m[Y]Y aQX^l]Y
cY`Q]Y SYUWVc_S5 `aYh‫ ]ݷ‬aQR_cQ\Q U\p ^Yf SbVf _UY^Q[_S_7
?U^d cQ[do _`gYo ]l dWV SYUV\Y ‑ nc_ _`gYp 6D5HD5 XQUQojQp
bca_[d cV[bcQ5 [_c_ado SYUWVc U_\WV^ _c_RaQXYcm7 NcQ _`gYp `aY]V6
^Y]Q [ SYUWVcQ] cY`Q Q`aY]Va5 _[^Q SVaf^VT_ da_S^p 1D?@?B=1F?;5 Y 6 `aVU^Q6
X^QhV^l U\p SlR_aQ _U^_T_ SQaYQ^cQ YX ^Vb[_\m[Yf S_X]_W^lf7 =^_6
T_V YX c_T_5 hc_ d ^Qb Vbcm U\p 3853;2EDD?>5 aQR_cQVc Y XUVbmC _`gYY
6D5HD5 6CD1D55 63?==1>45 UQWV 69>4931D?B?>5 `_U[_]Q^Ul 1U\p Y]V^Y
SYUWVcQ S a_\Y [_]Q^Ul2 375D5 3?>697EB55 C5@ED 9>C5BD 9 2]89C 9C D85 >5G D5HD2

@_pb^Y]5 hc_ `_U[_]Q^UQ 45d]VaQgYp YU‫ݷ‬c
b ^d\p7 >Q`aY]Va5 Vb\Y S `_\V SS_UQ bVZhQb bca_[Q 21234562 Y ]l Sl6
`_\^Y] [_]Q^Ud 79>@ED 4545 b`VgYQ\m^lV X^QhV^Yp U\p Y^UV[b_S S[\ohQoc Vj‫ݷ‬

‫ ݷ‬:;7=7 4aQeYhVb[YV Y^cVaeVZbl ^Q ]3BB

9>C5BD ‑ `_XYgYo5 TUV S ^Qbc_pjVV SaV]p bc_Yc [dab_a5 Y ^Vb[_\m[_
UadTYf7
@_U[_]Q^Ul U\p SYUWVcQ cY`Q 5>DBI S[\ohQoc cQ[WV 93EBC?B5 b
`_]_jmo [_c_a_Z ]_W^_ YX]V^Ycm `_XYgYo [dab_aQ5 C55 `_X6
S_\pojdo dbcQ^_SYcm5 [Q[_Z eaQT]V^c SS_UY]_T_ cV[bcQ RdUVc SlRaQ^
1^Q`aY]Va5 U\p [_`Ya_SQ^Yp2 Y Vj‫ ݷ‬b UVbpc_[ `_U[_]Q^U5 aQbb]QcaY6
SQcm [_c_alV ]l ^V RdUV]7 CQ[ Y\Y Y^QhV5 _Rlh^_ aQR_cd b SYUWV6
c_] cY`Q 5>DBI _aTQ^YXdoc hVaVX f_a_i_ X^Q[_]lV ^Q] `aYSpXQ^^lV
`VaV]V^^lV5 nc_ ^Q]^_T_ `a_jV5 hV] XQ]_aQhYSQcmbp b `_U[_]Q^UQ]Y7
8UVbm ^Qb WU‫ݷ‬c U_S_\m^_ bcaQ^^lZ boa`aYXC `aYSlh^_Z _`gYY
6F1B912DBI YX bV[gYY 175B5 Y ]l5 hc_Rl U_\T_ ^V Ud]Qcm5 db\_SY]bp `aY]V^pcm b\_S_b_6
hVcQ^YV TV_]VcaYhVb[YZ ]V^VUWVa5 f_cp5 [_^Vh^_5 cQ[_Z `VaVS_U
_bcQS\pVc WV\Qcm ]^_T_ \dhiVT_7 3 cVa]Y^_\_TYY ]; cQ[ ^QXlSQVc6
bp ^V[Qp `a_TaQ]]^_ aVQ\YX_SQ^^Qp bdj^_bcm5 `_XS_\pojQp XQUQcm
c_5 [Q[ SVU_]lV SYUWVcl aQb`_\QTQocbp _c^_bYcV\m^_ bS_VT_ SVUdjV6
T_ Y [Q[ RdUdc ]V^pcmbp Yf SXQY]^_V aQb`_\_WV^YV Y8Y\Y aQX]Val5
Vb\Y YX]V^Ycbp aQX]Va SVUdjVT_ SYUWVcQD R_\VV c_T_5 hQbc_5 f_cp Y
^V SbVTUQ5 TV_]VcaYhVb[YZ ]V^VUWVa5 S\QUVp Y^e_a]QgYVZ _ aQX]VaQf
Y aQb`_\_WV^YY SVU_]lf5 bQ] YX]V^pVc aQX]Va SVUdjVT_ _[^Q ‑ nc_
pS\V^YV S U_[d]V^cQgYY ^QXlSQVcbp 75?=5DBI @B?@171D9?>5 hc_ ]_W^_
`aYR\YXYcV\m^_ `VaVSVbcY [Q[ ‫`ݷ‬a_USYWV^YV TV_]VcaYY‫ݷ‬7
4V_]VcaYhVb[Yf ]V^VUWVa_S S ]; Y]VVcbp caY7 BQ]lZ `aY]YcYS6
^lZ YX ^Yf ^QXlSQVcbp @385C25 = ‑ ]Y\\Y]Vcal 1=9Qh^‫ ]ݷ‬b aQbb]_caV^Yp `aY]YcYS^_T_ @ 72 6D5HD L697EB5 7 196?B= 1
7B94 B?G3?>697EB5 7 196?B= 2

@VaSQp YX ncYf [_]Q^U d[QXlSQVc5 hc_ SbV 1b\_S_ 1697EB5 U_bcQ6
c_h^_ iYa_[Y5 [Q[ Y S_X]_W^_bcY [_]Q^Ul 7B94 S gV\_]7 8QY^cVaVb_6
SQ^^_]d hYcQcV\o ]l ]_WV] `_aV[_]V^U_SQcm =1>6bcaQ^Ygd `_ nc_Z
[_]Q^UV5 XUVbm WV _c]VcY] c_\m[_ Vj‫_ ݷ‬UY^ ]_]V^cC [_]Q^UQ 7B94 Y]V6
Vc5 `_]Y]_ `a_hVT_5 `_U[_]Q^Ul 6?B75D5 9>6? Y C 72 6D5HD L27 3 `aY]V^V^YY [ _[6
^d SVaf^VT_ da_S^p nc_ `a_pS\pVcbp U_S_\m^_ ^V_WYUQ^^l] b`_b_R_]C

?9A

;_]`Y\pgYp5 Y^cVa`aVcQgYp5 b[aY`cY^T

`_\mX_SQcV\m b `_]_jmo ]li[Y `_6`aVW^V]d ]_WVc ]V^pcm aQX]Val
_[^Q5 ^_ \oRlV `_`lc[Y YX]V^Ycm VT_ aQX]Val YX bQ]_Z `a_TaQ]]l
`_`a_bcd `VaVbcQoc aQR_cQcm7 >Q`aY]Va5 [_]Q^UQ Sa_UV
7 3?>697EB5 685978D =99 6G94D8 =99

`_ YUVV U_\W^Q dbcQ^_SYcm T\QS^_]d _[^d aQX]Va =99 H =99 `Y[bV\VZ5
^_ Vb\Y S T\QS^_] _[^V ]l `aY]V^Y\Y @13; Y\Y 7B94 Y `aY nc_] ^V
_c[\ohY\Y 75?=5DBI @B?@171D9?>5 ncQ [_]Q^UQ S__RjV ^V UQbc ^Y[Q[_6
T_ neeV[cQ7 >Y[Q[Yf _iYR_[ _^Q c_WV ^V SlUQbc ‑ Y^cVa`aVcQc_a
V‫` ݷ‬a_bc_ cYf_ `a_YT^_aYadVc7 9b`aQSYcm bYcdQgYo ]_W^_5 XQ`aVcYS
TV_]VcaYhVb[_]d ]V^VUWVad `a_YXS_UYcm `a_USYWV^YV TV_]VcaYY U\p
T\QS^_T_ _[^QC
@13; @B?@171D5 7 9

>Q`aY]Va5 Vb\Y S ^Qi b[aY`c @13;45=?7D3< `VaVU gY[\_] U_RQS\V^Yp
SYUWVc_S SbcQSYcm bca_[Y
7 3?>697EB5 685978D =99 6G94D8 =99
@13; @B?@171D5 7 9

‑ c_ ^QhQ\m^lZ aQX]Va T\QS^_T_ _[^Q b_bcQSYc =99 H =99 `Y[bV\VZ5 Q SbV
]Vc[Y RdUdc b__cSVcbcSdojY] _RaQX_] aQbcp^dcl5 hc_Rl `_\^_bcmo
XQ^pcm `a_bcaQ^bcS_ _[^Q7

:;7=7>7 D`aQS\V^YV iaYecQ]Y
3_ ]^_TYf b\dhQpf ^Qb S`_\^V dbcaQYSQVc c_5 [Q[ ]; _c_RaQWQVc S
SYUWVcQf cV[bc_SlV bca_[Y5 cQ[ hc_ ]_W^_ ^V Ud]Qcm _ SlR_aV iaYe6
cQD ^_ S [Q[_Z6c_ ]_]V^c iaYec ]_WVc `_[QXQcmbp ^Q]5 [ `aY]Vad5
b\Yi[_] ]V\[Y] Y\Y ]l XQf_cY] Yb`_\mX_SQcm iaYecl aQX^lf aQX6
]Va_S5 SlUV\Ycm [Q[_Z6^YRdUm cV[bc _WYa^V^YV] Y\Y [dabYS_]5 Q c_ Y
`_]V^pcm _hVacQ^Yp bY]S_\_S ‑ c_5 hc_ S cY`_TaQeYpf _Rlh^_ ^QXl6
SQoc TQa^Ycda_Z7 D 3B51D5 =Ih6?>D 661=9D 3B51D527 CQ[5 Vb\Y Sl`_\^Ycm [_]Q^Ud

?:9

;_]`Y\pgYp5 Y^cVa`aVcQgYp5 b[aY`cY^T

6?>D 3?>697EB5 =Ih6?>D 6C9J5 :>

‑ c_ SbV SYUWVcl5 [_c_al] Rl\Q XQUQ^Q _`gYp 66?>D =Ih6?>D5 aQX_]
YX]V^pc aQX]Va iaYecQ b ;96T_ ^Q :>6Z7

:;7=7?7 ?RaQR_c[Q b_RlcYZ
;Q[ ]l SYUV\Y5 ^V[_c_al] SYUWVcQ] hVaVX Yf _`gYY ]_W^_ d[Q6
XQcm5 [Q[_Z ^QR_a [_]Q^U ]3< 1‫ݷ‬b[aY`c‫ݷ‬2 Sl`_\^Ycm S b\dhQV _`aV6
UV\‫^^ݷ‬lf UVZbcSYZ `_\mX_SQcV\p7 5\p [^_`_[ nc_ _`gYp 63?==1>45 Y
Vo S R_\VV6]V^VV `a_bclf b\dhQpf S`_\^V ]_W^_ _TaQ^YhYcmbpC ^QiQ
`a_TaQ]]Q U_WU‫ݷ‬cbp5 `_[Q `_\mX_SQcV\m ‫^ݷ‬QW]‫ݷ‬c‫^ ݷ‬Q [^_`[d5 Y \Yim
`_b\V nc_T_ `a_Q^Q\YXYadVc bca_[Y5 SSVU‫^^ݷ‬lV S `_\p SS_UQ5 `_\_WV6
^Yp TQ\_hV[ Y [^_`_[ SlR_aQ5 Q cQ[WV b_bc_p^YV UadTYf SYUWVc_S5 Y ^Q
_b^_SV aVXd\mcQc_S Q^Q\YXQ hc_6c_ cQ] `_\VX^_V bUV\QVc7 CV_aVcYhVb[Y
^Yhc_ ^V ]ViQVc ‫_`ݷ‬SVbYcm‫ ݷ‬Q[cYS^lV UVZbcSYp ^Q SQ\YUQgYo SS_UQ S
`_\V 5>DBI5 S_b`_\mX_SQSiYbm _`gYVZ 6F3=45 f_cp dU_RbcS_ cQ[_T_ `_U6
f_UQ b_]^YcV\m^_C aVUQ[cYadp bca_[d S `_\V SS_UQ5 `_\mX_SQcV\m ]_6
WVc Rlcm `bYf_\_TYhVb[Y ^V T_c_S [ c_]d5 hc_ `a_TaQ]]Q SUadT hc_6c_
^Qh^‫ݷ‬c UV\Qcm5 baVQTYa_SQS ^Q ^V[do [_]RY^QgYo SSVU‫^^ݷ‬lf bY]S_\_S
1[_c_aQp [ c_]d WV ]_T\Q S_X^Y[^dcm b\dhQZ^_5 `_ _iYR[V Y c7 `72
?RaQR_c[Q b_RlcYZ b `_]_jmo [_]Q^Ul 29>4 bdjVbcSV^^_ aQb6
iYapVc S_X]_W^_bcY aVQTYa_SQ^Yp ^Q UVZbcSYp `_\mX_SQcV\p7 ?RjQp
YUVp cdc U_S_\m^_ `a_bcQC Sl b__RjQVcV Y^cVa`aVcQc_ad5 hc_ ^dW^_
bUV\Qcm 1c7 V7 [Q[YV [_]Q^Ul Sl`_\^Ycm2 `aY ^Qbcd`\V^YY c_T_ Y\Y
Y^_T_ b_RlcYp7 ?hVSYU^l]Y `aY]VaQ]Y b_RlcYZ b\dWQcC
∙ UVZbcSYp `_\mX_SQcV\p ‑ ^QWQcYV Y _c`db[Q^YV [\QSYi ^Q [\Q6
SYQcdaV Y [^_`_[ ]liY5 `VaV]VjV^YV ]liY5 b]V^Q e_[dbQ SS_6
UQ5 YX]V^V^YV `_\_WV^Yp Y\Y aQX]Va_S _[^Q baVUbcSQ]Y _[_^^_T_
]V^VUWVaQD
∙ ^V[_c_alV UVZbcSYp SQiVZ `a_TaQ]]l S _c^_iV^YY SYUWVc_S ‑
^Q`aY]Va5 [_TUQ b `_]_jmo c_T_ Y\Y Y^_T_ TV_]VcaYhVb[_T_ ]V^V6
UWVaQ SYUWVc `_[QXlSQVcbp ^Q n[aQ^V Y\Y5 ^Q_R_a_c5 b[alSQVcbp5
Y\Y [_TUQ SYUWVc d^Yhc_WQVcbp [_]Q^U_Z 45CDB?ID
∙ cQ[ ^QXlSQV]lV ‫ݷ‬SYacdQ\m^lV‫ ݷ‬b_RlcYp5 [_c_alV Sl SS_UYcV bQ6
]Y ‑ hc_Rl cQ[_V b_RlcYV `a_YX_i\_5 ^dW^_ UQcm b__cSVcbcSd6
ojdo [_]Q^Ud7
?RaQR_c[Q b_RlcYZ5 XQUQ^^Qp b `_]_jmo 29>45 ^Y[Q[ ^V XQSYbYc _c
cY`Q SYUWVcQ ‑ ^Q`aY]Va5 ^Y[c_ ^V XQ`aVjQVc _RaQRQclSQcm USYWV6
^YV ]liY Y ^QWQcYp ^Q V‫[`_^[ ݷ‬Y S _[^Qf `QbbYS^lf SYUWVc_S5 cQ[Yf
[Q[ 4 7 EL?>DB?D2 M

NcQ [_]Q^UQ `aVU`YblSQVc aVQTYa_SQcm ^Q ^QWQcYV [\QSYiY ODB?< Y \896D7 ;bcQcY5 b\_S_ T5IYB5CC ]_W^_ ^V `YbQcm5 Vb\Y XQUQ6
^_ Y]p [\QSYiY5 cQ[ hc_ USV `aVUlUdjYV [_]Q^Ul ]_W^_ ^Q`YbQcm
[_a_hVC
29>4 7 ENC31@5G 5H9D
29>4 7 EL?>DB?D2 M

6b\Y Sl f_cYcV XQUQcm aVQ[gYo ^Q SS_U b [\QSYQcdal `a_bc_T_ `V6
hQc^_T_ bY]S_\Q 1XQ Yb[\ohV^YV] `a_RV\Q Y X^Q[Q E25 ]_W^_ bUV\Qcm
Vj‫` ݷ‬a_jV ‑ ^Q`aY]Va5 Slf_U YX `a_TaQ]]l `_ ^QWQcYo ^Q A ]_W^_
XQ`a_TaQ]]Ya_SQcm cQ[C
29>4 7 A 5H9D

DhcYcV c_\m[_5 hc_ `_U_R^lV SVjY b_SVaiV^^_ ^V b_hVcQocbp b ^Q\Y6
hYV] S SQiVZ `a_TaQ]]V `_\VZ U\p SS_UQ bca_[C S bQ]_] UV\V5 `_\mX_6
SQcV\m ]_WVc XQf_cVcm SSVbcY bca_[d5 b_UVaWQjdo Rd[Sd A 1^Q`aY]Va5
b\_S_ C5AE5>3525 Y Vb\Y `a_TaQ]]Q `aY nc_] XQSVaiYcbp5 `_\mX_SQcV\p
nc_ ]_WVc5 ]pT[_ T_S_ap5 dUYSYcm7
B\VUdojYV USV [_]Q^Ul b_XUQoc ]Vc[d b ^QU`Ybmo5 _Rkpb^pojVZ5
hc_ b ^VZ ^QU_ bUV\Qcm5 Y dbcQ^QS\YSQoc aVQ[gYo ^Q ca_Z^_V 1C9312 ^Q6
WQcYV `aQS_Z [^_`[Y ]liYD [_TUQ `_\mX_SQcV\m b`aQSYcbp b XQUQhVZ5
cV[bc ]Vc[Y YX]V^Ycbp5 [_^bcQcYadp bVZ eQ[cC
[55 `aYh‫\ ]ݷ‬VS_Z [^_`[V b_6
_cSVcbcSdVc :5 `aQS_Z ‑ DB?YB5CC Y KEDD?>[5YB5CC6:G7 6b\Y `_SVbYcm b_RbcSV^^lZ _RaQR_chY[ c_6
T_ WV b_RlcYp5 ^Q`aY]Va5 ^Q [_^[aVc^lZ n[XV]`\pa SYUWVcQ 2EDD?>5
RdUVc Sl`_\^pcmbp Y nc_c _RaQR_chY[5 Y bcQ^UQac^lZ _RaQR_chY[ U\p
[^_`[Y 1c_ Vbcm [^_`[Q Sb‫ ݷ‬Vj‫ ݷ‬RdUVc ^QWY]Qcmbp27 3 cV\V _RaQR_chY6
[Q ]_W^_ Yb`_\mX_SQcm [_]Q^Ud 2B51;D Vb\Y nc_ bUV\Qcm5 _bcQSiYVbp
_RaQR_chY[Y 1nc_T_ WV b_RlcYp2 SlXSQ^l dWV ^V RdUdc7 >Q`aY]Va5 Vb6
\Y [_]Q^U_Z 2B51; XQSVaiYcm _RaQR_chY[ b_RlcYp EKEDD?>YB5CC6:G
U\p SYUWVcQ cY`Q 2EDD?>5 c_ ^QWQcm ncd [^_`[d b `_]_jmo jV\h[Q
]li[_Z d `_\mX_SQcV\p dWV ^V `_\dhYcbp7
;_]Q^UQ 3?>D9>E5 c_WV ]_WVc Rlcm Yb`_\mX_SQ^Q S cV\V _RaQR_chY[Q b_6
RlcYp5 _^Q U_ba_h^_ XQSVaiQVc Sl`_\^V^YV UQ^^_T_ [_^[aVc^_T_ _RaQR_chY[Q5
^_ UadTYV _RaQR_chY[Y5 Vb\Y _^Y Vbcm5 `_b\V nc_T_ RdUdc Sl`_\^V^l7

:;7=7@7 ‫ݷ‬AVbdabl‫ ݷ‬Y adbYeY[QgYp
;_\m b[_a_ UV\_ U_i\_ U_ b_XUQ^Yp Y^cVaeVZbQ `_\mX_SQcV\p5 aQ^_
Y\Y `_XU^_ S_X^Y[^Vc S_`a_b5 [Q[ [_aaV[c^_ XQbcQSYcm SQid `a_TaQ]6
]d _RjQcmbp b `_\mX_SQcV\V] `_6adbb[Y7 ;Q[ ]l ^V_U^_[aQc^_ `_Uh‫ݷ‬a6
[YSQ\Y aQ^VV5 S cV[bcV `a_TaQ]]l adbb[Y] Rd[SQ] ^V ]Vbc_:; D S f_UV
YXdhV^Yp pXl[Q BY ]l aQbb]_caV\Y S_X]_W^_bcY RYR\Y_cV[Y 75DD5HD5
:; B]7 c7 :5

b^_b[d :B ^Q bca7 ;@= Y UQ\VV ‫;ݷ‬7:;7:5 XQ]VhQ^YV ^Q bca7 >==D c7 ;5 ‫=ݷ‬7A7:7

‫ ݷ‬:;7=7 4aQeYhVb[YV Y^cVaeVZbl ^Q ]3

[_c_aQp b`VgYQ\m^_ `aVU^QX^QhV^Q U\p faQ^V^Yp bca_[5 `VaVSVU‫^^ݷ‬lf
b Q^T\YZb[_T_5 S_ S^Vi^Yf eQZ\Qf Y `_UbcQ^_S[Y Yf S]Vbc_ Q^T\YZb[_6
T_ _aYTY^Q\Q S_ SaV]p Sl`_\^V^Yp `a_TaQ]]l 1b]7 c7 ;5 ‫=ݷ‬7A7>27 1^Q6
\_TYh^lV S_X]_W^_bcY Vbcm Y U\p ]3< ‑ ^l^Vi^YV SVabYY S[\ohQoc
`Q[Vc =C731D 1=5CC175 31D1hD?77DB1CDC 6=9

_X^QhQVc5 hc_ S `aY\_WV^YY5 Y]VojV] [\Qbb O975 Vbcm ^V[_V _[^_ 1b[_6
aVV SbVT_5 UYQ\_T_S_V2 b Y]V^V] =C7h6?B=5 S ^‫]ݷ‬5 S bS_o _hVaVUm5 Y]V6
Vcbp _[^_ 1`_6SYUY]_]d5 U_hVa^VV2 b Y]V^V] 21DB1CD5 Y X^QhV^YV nc_Z
_`gYY b\VUdVc dbcQ^_SYcm aQS^l] 6=9D U\p c_T_ WV `aY\_WV^Yp [\QbbQ
O97 bca_[Q
O97331>F1C7213;7B?E>4C 7B1IB@

`aVU`YblSQVc X^QhV^YV 7B1IB@ U\p _`gYY 213;7B?E>4 SbVf SYUWVc_S
31>F1C5 [_c_alV ]_Tdc Rlcm Vj‫[ ݷ‬dUQ6c_ S\_WV^l5 Q bca_[Q

?:?

;_]`Y\pgYp5 Y^cVa`aVcQgYp5 b[aY`cY^T

O9736?B57B?E>4C 225 Q Y]p [\QbbQ `aY\_6
WV^Yp Yb`_\mXdVcbp cQ[_V WV5 c_\m[_ `VaSQp Rd[SQ `aYS_UYcbp [ SVaf6
^V]d aVTYbcad7 CQ[5 Vb\Y ]l d[QWV] S ^QhQ\V ^QiVT_ b[aY`cQ S bca_h6
[V5 XQ`db[QojVZ G9C85 `QaQ]Vca 6>1=5 =I@B?75 c_ Y]V^V] `aY\_WV^Yp
RdUVc b\_S_ =I@B?75 Q VT_ [\Qbb_] ‑ b\_S_ VI@B?77 9^cVaVbdojQp ^Qb
_`gYp ‑ D5HDD ^Q`aY]Va5 Vb\Y ]l aViY] b_XUQcm `a_bcdo ]Vc[d cQ[5
[Q[ ]l nc_ dWV ^V aQX UV\Q\YC
144C
?@D9?> 144 2VI@B?73U125F7

:;7>7 BcaQcVTYY Sl`_\^V^Yp [Q[ `QaQUYT]l
:;7>7:7 9 Sb‫ ݷ‬WV ‑ hc_ cQ[_V b[aY`c
CV`Vam5
[_TUQ
]l
X^Q[_]l
b
USd]p
fQaQ[cVa^l]Y
[_]Q^U^_6b[aY`c_Sl]Y pXl[Q]Y5 bQ]_V SaV]p XQUQcm bVRV S_`a_b5
:< >Q`aY]Va5

QSc_a [^YTY aQR_cQVc b ;?9AB Y ^V b_RYaQVcbp V‫^ ݷ‬Y ^Q hc_ ]V^pcm7

?:A

;_]`Y\pgYp5 Y^cVa`aVcQgYp5 b[aY`cY^T

hc_ WV cQ[_V5 b_RbcSV^^_ T_S_ap5 b[aY`cY^T7 3_`a_b nc_c S UVZ6
bcSYcV\m^_bcY b\_W^VV5 hV] SlT\pUYc ^Q `VaSlZ SXT\pU7 3b`_]^Y]5
^Q`aY]Va5 hc_ S ‫ݷ‬:;7: ]l SlUV\Y\Y caY _b^_S^lV fQaQ[cVa^lV hVacl
[_]Q^U^_6b[aY`c_Slf pXl[_SC Y^cVa`aVcYadV]_bcm5 `aVUbcQS\V^YV
\oR_Z Y^e_a]QgYY bca_[Q]Y Y U_bcd`^_bcm baVUbcS d`aQS\V^Yp S^Vi6
^Y]Y [_]Q^UQ]Y7 @aYX^QV] cV`Vam5 hc_ _UY^ YX bQ]lf `_`d\pa^lf
pXl[_S5 `aVU^QX^QhV^^lf U\p b[aY`cY^TQ ‑ S1F1\3B9@D:= ‑ YX ncYf
ca‫ݷ‬f bS_ZbcS `a_pS\pVc aQXSV hc_ Y^cVa`aVcYadV]_bcm7 =_UV\m UQ^^lf
S ^‫_` ]ݷ‬f_WQ b[_aVV ^Q X^Q[_]do ^Q] `_ UYQ\V[cQ] 6C@539fi3 d@B?7B1==9>7f 7E175 1M\U2 Y
75>5B1< @EB@?C5 7E1757
3 f_UV aQbbdWUV^Yp _ `aVU]Vc^_6_aYV^cYa_SQ^^lf pXl[Qf S_X^Y6
[QVc b_R\QX^ XQpSYcm5 hc_ cQ[Y] _[QWVcbp S__RjV \oR_Z Sbca_V^^lZ
pXl[5 S `a_cYS^_] b\dhQV _c ^VT_ ^V RdUVc ^Y[Q[_Z `_\mXl ‑ SVUm hc_6
Rl d`aQS\pcm `a_TaQ]]_Z5 S [_c_ado _^ Sbca_V^5 pXl[ U_\WV^ S[\o6
hQcm b`VgYeYhVb[YV S_X]_W^_bcY5 `aVU_bcQS\pojYV `a_TaQ]]Ybcd U_6
bcd`5 b_RbcSV^^_ T_S_ap5 [ ‫_ݷ‬aTQ^Q] d`aQS\V^Yp‫ݷ‬5 [_c_alV5 [_^Vh^_ WV5
RdUdc bS_Y U\p [QWU_T_ `aY\_WV^Yp5 S[\ohQojVT_ S bVRp Sbca_V^^lZ
Y^cVa`aVcQc_a7 @a_R\V]Q XUVbm5 [Q[ ]_W^_ XQ]VcYcm5 cVa]Y^_\_TYhV6
b[Qp7 3 bQ]_] UV\V5 Vb\Y ]l Sbca_Y] S ^QiV `aY\_WV^YV bdjVbcSd6
ojYZ Y^cVa`aVcQc_a ]3< 1[_c_alZ [Q[ aQX U\p nc_T_ Y `aVU^QX^QhV^5
Vb\Y ^Q c_ `_i\_2 Y b^QRUY] VT_ `a_R\V]^_6_aYV^cYa_SQ^^l]Y [_]Q^6
UQ]Y5 `aQS_]Va^_ \Y RdUVc T_S_aYcm _ ^_S_] pXl[VH ?cSVc_S ^Q nc_c
S_`a_b USQ5 ‫ݷ‬UQ‫ ݷ‬Y ‫^ݷ‬Vc‫ݷ‬5 Y S `_\mXd [QWU_T_ YX ^Yf ]_W^_ ^QZcY
SVbm]Q dRVUYcV\m^lV QaTd]V^cl7
; _RbdWUV^Yo `aVU]Vc^_6_aYV^cYa_SQ^^lf pXl[_S `a_TaQ]]Ya_6
SQ^Yp ]l SVa^‫]ݷ‬bp S ‫ݷ‬:;7>7@5 `_[Q _c]VcY] c_\m[_5 hc_ pXl[Y U\p
b[aY`cY^TQ `aVUbcQS\poc b_R_Z Yf hQbc^lZ b\dhQZC b[aY`cY^T ‑ nc_5
^Vb_]^V^^_5 `aVU]Vc^Qp _R\Qbcm5 Y\Y5 c_h^VV5 nc_ U_S_\m^_ R_\mi_V
bV]VZbcS_ `aVU]Vc^lf _R\QbcVZ5 ^_ Vbcm SVUm Y UadTYV `aVU]Vc^lV
_R\QbcY7
=_W^_ b U_bcQc_h^_Z bcV`V^mo dSVaV^^_bcY SlUV\Ycm _U^d _Rjdo
hVacd SbVf b\dhQVS b[aY`cY^TQC b[aY`cl ‑ nc_ `a_TaQ]]l5 [_c_6
alV d`aQS\poc UadTY]Y `a_TaQ]]Q]Y7 D`aQS\V^YV ]_WVc _bd6
jVbcS\pcmbp [Q[ YX^dcaY ‑ baVUbcSQ]Y Y^cVa`aVcQc_aQ5 Sbca_V^^_T_
S `a_TaQ]]d5 cQ[ Y b^QadWY5 _Rlh^_ YX Y^cVa`aVcQc_aQ5 `_ b_S]VbcY6
cV\mbcSd aQR_cQojVT_ [_]Q^U^_Z _R_\_h[_Z ‑ `dc‫_` ]ݷ‬UQhY [_]Q^U5
XQ`db[QojYf Y _bcQ^QS\YSQojYf `a_TaQ]]lD ^_ SbVTUQ5 S_ SbVf b\dhQ6
pf b[aY`c_S_Z pXl[ Slbcd`QVc S_ Sb`_]_TQcV\m^_Z a_\Y5 Q ^Q`YbQ^^Qp
^Q ^‫` ]ݷ‬a_TaQ]]Q 1[_c_aQp [Q[ aQX Y ^QXlSQVcbp b[aY`c_]2 ^V Y]V\Q
Rl ^Y[Q[_T_ b]lb\Q RVX cVf `a_TaQ]]5 [_c_al]Y _^Q d`aQS\pVc7 @_6
`a_bcd T_S_ap5 b[aY`c_SlV `a_TaQ]]l ^V bQ]_U_bcQc_h^l5 _^Y \Yim
U_`_\^V^YV [ hV]d6c_ UadT_]d7
;_bSV^^_ nc_ `_UcSVaWUQVcbp Y cV]5 hc_ `a_TaQ]]l U\p Sbca_V^6
^lf Y^cVa`aVcQc_a_S ^QXlSQoc b[aY`cQ]Y \Yim U_ cVf `_a5 `_[Q _^Y
^V baQS^pocbp `_ b\_W^_bcY b_ bS_VZ baVU_Z Yb`_\^V^YpC `_b\V nc_6
T_ ]_]V^cQ S_ ‫ݷ‬Sb`_]_TQcV\m^_]‫_\_` ݷ‬WV^YY _[QXlSQVcbp5 ^Q_R_a_c5
Y^cVa`aVcQc_a b VT_ _[adWV^YV] ‑ _^ \Yim aVQ\YXdVc S_X]_W^_bcY5
[_c_al]Y `_\mXdVcbp _b^_S^Qp `a_TaQ]]Q7 CQ[Y] WV c_h^_ _RaQX_]
pUa_ _`VaQgY_^^_Z bYbcV]l `aY SbVZ VT_ R\YbcQcV\m^_Z ]_jY ‑ \Yim
bS_VT_ a_UQ _Rb\dTQ U\p `_\mX_SQcV\mb[Yf XQUQh7 ;_^Vh^_5 `_\mX_SQ6
cV\mb[YV `a_TaQ]]l ^V b]_T\Y Rl ed^[gY_^Ya_SQcm RVX pUaQ ?B5 Q

‫ ݷ‬:;7>7 BcaQcVTYY Sl`_\^V^Yp [Q[ `QaQUYT]l

?;:

Y^cVa`aVcYadV]Qp `a_TaQ]]Q ^Y[Q[ ^V ]_WVc bdjVbcS_SQcm RVX Yb`_\6
^pojVT_ V‫ ݷ‬Y^cVa`aVcQc_aQ5 ^_ UV\_ cdc ^V S nc_]7 3_`a_b b[_aVV S
c_]5 [c_ cdc U\p [_T_ `aVU^QX^QhV^7 B[aY`cl SbVTUQ `aVU^QX^QhV^l
U\p `a_TaQ]]5 [_c_al]Y _^Y d`aQS\pocD _^Y ]_Tdc bUV\Qcm d`aQS\p6
V]lV Y]Y `a_TaQ]]l ^V]^_T_ \dhiV5 ^_ _b^_S^Qp gV^^_bcm `_\dhV^6
^_T_ Y^bcad]V^cQ XQ[\ohV^Q Y]V^^_ S _b^_S^lf `a_TaQ]]Qf5 Q ^V S
^Q`YbQ^^lf U\p ^Yf b[aY`cQf7 B pUa_] ?B Y `_\mX_SQcV\mb[Y]Y `a_6
TaQ]]Q]Y bYcdQgYp _hVSYU^l] _RaQX_] `a_cYS_`_\_W^QC pUa_ `aVU6
^QX^QhV^_ U\p Sl`_\^V^Yp `_\mX_SQcV\mb[Yf `a_TaQ]]5 Q ^V ^Q_R_a_c7
B Y^cVa`aVcQc_a_]5 Sbca_V^^l] S ^V[do _b^_S^do `a_TaQ]]d5 UV\_
]_WVc _Rbc_pcm5 [Q[ ]l SYUY]5 Y cQ[5 Y nUQ[5 ^_ b[aY`cQ]Y Y^cVa`aV6
cYadV]lV `a_TaQ]]l ^QXlSQocbp \Yim U_ cVf `_a5 `_[Q _^Y b_faQ^poc
Sb`_]_TQcV\m^do a_\m7

:;7>7;7 5Yf_c_]Yp ?dbcVafQdcQ Y V‫` ݷ‬a_cYS^Y[Y
9cQ[5 _`aVUV\pojVV bS_ZbcS_ b[aY`c_S b_bc_Yc S c_]5 hc_ _^Y ^V
bQ]_U_bcQc_h^l7 D19>547
?c]VcY]5 hc_ C5D19>54 ‑ nc_ `ap]_Z `VaVS_U b\_SQ ‫ݷ‬bQ]_U_bcQc_h^lZ‫ݷ‬7

‫ ݷ‬:;7>7 BcaQcVTYY Sl`_\^V^Yp [Q[ `QaQUYT]l

?Q[_^Vg5 `a_TaQ]]Q ]_WVc S
bS_VZ aQR_cV _`YaQcmbp ^Q S_X]_W^_bcY UadTYf `a_TaQ]] ‑ ^Q`aY]Va5
Vb\Y ^V[_c_alV `_UXQUQhY _^Q aViQVc5 XQ`db[Qp S^Vi^YV `a_TaQ]]lD
S nc_] b\dhQV S b`Yb_[ XQSYbY]_bcVZ _U^_Z `a_TaQ]]l ]_Tdc Sf_UYcm
UadTYV `a_TaQ]]l7
8QSYbY]_bcY ]_Tdc _RaQX_SlSQcm U\Y^^lV gV`_h[Y5 [_c_alV5 ^Q\Q6
TQpbm UadT ^Q UadTQ5 `aVSaQjQocbp S b_SVaiV^^_ fQ_cYhVb[YZ _aYV^6
cYa_SQ^^lZ TaQe5 Sb‫ ݷ‬SaV]p ^_a_SpjYZ SlZcY YX6`_U [_^ca_\p7 6b\Y
b_SbV] hVbc^_5 [_^ca_\Ya_SQcm TaQe XQSYbY]_bcVZ bcQ^_SYcbp `aQ[6
cYhVb[Y ^VS_X]_W^_ `_hcY baQXd5 UQWV [_TUQ S ^‫ ]ݷ‬WQ\[YZ UVbpc_[
n\V]V^c_S5 S_ Sbp[_] b\dhQV5 Vb\Y aVhm YU‫ݷ‬c _ adh^_] _cb\VWYSQ^YY
XQSYbY]_bcVZ7 Ncd `a_R\V]d5 hc_ S`_\^V VbcVbcSV^^_5 `lcQocbp aViYcm
`dc‫ ]ݷ‬QSc_]QcYXQgYY7 3 R_\miY^bcSV UYbcaYRdcYS_S c_T_ WV U9>EH Yb6
`_\mXdVcbp c_c Y\Y Y^_Z `Q[Vc^lZ ]V^VUWVa5 Q [QWUQp dbcQ^QS\YSQ6
V]Qp S bYbcV]V `a_TaQ]]Q _e_a]\pVcbp S SYUV `Q[VcQ5 b_UVaWQjVT_5
`_]Y]_ SbVf ^dW^lf `a_TaQ]]V eQZ\_S5 Vj‫ ݷ‬Y^e_a]QgYo _ c_]5 _c
[Q[Yf UadTYf `Q[Vc_S _^Q XQSYbYc7
9c_T XUVbm ^V]^_T_ `aVUb[QXdV]5 ^_ `_hV]d6c_ ^V SbV] `_^pc^Q
VT_ `aY^gY`YQ\m^Qp ^V_cSaQcY]_bcm7 @_`a_RdV] `aYS\Vhm Q^Q\_TYo7
@aVUbcQSmcV bVRV ^V[do bdU_SVaem5 Y^WV^Val [_c_a_Z aViY\Y5 hc_
_RVb`VhYSQcm `_\^do TVa]VcYh^_bcm iS_S [_a`dbQ5 aQb`_\_WV^^lf ^Y6
WV SQcVa\Y^YY5 b\_W^_5 U_a_T_ Y ^VneeV[cYS^_5 `aQSY\m^VV RdUVc
dbcQ^_SYcm S cao]V ]_j^lV `_]`l5 [_c_alV `aV[aQb^_ b`aQSpcbp b_
baQS^YcV\m^_ ^VR_\miY] [_\YhVbcS_] S_Ul5 `a_^Y[QojVZ hVaVX iSl7
CV] R_\VV hc_ `_]`l5 _c[QhYSQojYV S_Ud YX cao]Q5 S \oR_] b\dhQV
^dW^l ‑ ^VR_\miYV `_SaVWUV^Yp [_a`dbQ bdU^Q `_\^_bcmo Yb[\o6
hYcm ^VS_X]_W^_7 @_^QhQ\d `_]`l UVZbcSYcV\m^_ b`aQS\pocbp5 QSc_6
]QcYhVb[Y S[\ohQpbm `_ ]VaV ^V_Rf_UY]_bcY5 cQ[ hc_ cao] _bcQ‫ݷ‬cbp
`aQ[cYhVb[Y bdfY]7 @_b[_\m[d `a_R\V]Q ^VTVa]VcYh^lf iS_S cV`Vam
aViV^Q5 ^Q Yf TVa]VcYXQgYo S__RjV `VaVbcQoc _RaQjQcm S^Y]Q^YV7
3b[_aV ^Q SbVf ^_Slf bdUQf5 bf_UpjYf b SVaeY5 iSl cV[dc cQ[5 hc_
`_]`l b`aQS\pcmbp `VaVbcQoc5 ^_ ncQ ^VR_\miQp U_bQU^Qp b\_W^_bcm
UQWV ^V XQb\dWYSQVc bVam‫ݷ‬X^_T_ _RbdWUV^YpC `a_bc_ `_bcQSY] `_]`l
`_]_j^VV5 Y UV\_ bUV\Q^_7 5Q\miV5 aQXd]VVcbp5 ^QZU‫ݷ‬cbp _hVaVU^_Z
cVf^YhVb[YZ TV^YZ5 [_c_alZ XQpSYc5 hc_ iSl S__RjV ^V ^dW^_ `a_SQ6
aYSQcm5 ^Q]^_T_ UViVS\V Y RlbcaVV `aY]V^Ycm R_\c_SlV b_VUY^V^Yp5
`aYh‫ ]ݷ‬RVX Sbp[Yf d`\_c^YcV\VZ ‑ XQhV] _^Y ^dW^lH 3_UQ5 aQXd]V6
Vcbp5 hVaVX cQ[YV iSl RdUVc f\VbcQcm b_ bcaQi^_Z bY\_Z5 ^_ SbV WV
`aV[aQb^_ X^Qoc5 hc_ `_]`l b`aQSpcbp Y b ncY]7 >d Q [_TUQ `_bca_V^6

?d Y bQ]_V T\QS^_VC ^Q \oR_T_5 [c_ _b]V\Ycbp `aVU\_WYcm
Sb‫ݷ‬6cQ[Y SVa^dcmbp [ TVa]VcYh^l] bSQa^l] iSQ]5 ^V]VU\V^^_ _RadiY6
SQVcbp `_c_[ _RSY^V^YZ S aVca_TaQUbcSV Y `a_eVbbY_^Q\m^_Z ^Vb_bc_6
pcV\m^_bcY5 `aY nc_] aVeaV^_] XSdhYc dcSVaWUV^YV Sa_UV ‫ݷ‬ncY SQiY
TVa]VcYh^lV iSl dbcQaV\Y \Vc ^Q `pcmUVbpc‫ݷ‬7
8QpS\V^YV5 hc_ [_a`db [_aQR\p ]_W^_ YX^QhQ\m^_ UV\Qcm UlapSl]5
[_\m b[_a_ `_]`l S cao]V Y]Voc U_bcQc_h^do ]_j^_bcm ‑ [_^Vh6
^_ WV5 b_SVaiV^^_ ^V\V`_7 ?b]V\Y]bp cV`Vam `aVU\_WYcm hYcQcV\o
`a_SVbcY ^VR_\mi_Z n[b`VaY]V^c7 5QZcV `a_hYcQcm `aVUlUdjYZ QRXQg
b\dhQZ^_ SlRaQ^^_]d hV\_SV[d5 dc_h^YcV5 b_T\QbV^ \Y _^5 hc_ `_U_R6
^lV UVZbcSYp Y^WV^Va_S QRb_\oc^_ ^V\V`l Y ^VS_X]_W^_ UQWV `aVU6
bcQSYcm bVRV ^YhVT_ `_U_R^_T_ S aVQ\m^_bcY5 `_b\V hVT_ `_`a_bYcV _Rk6
pb^Ycm5 `_hV]d SQi `_U_`lc^lZ cQ[ bhYcQVc7 3 `_UQS\pojV] R_\m6
iY^bcSV b\dhQVS Sl `_\dhYcV ^Vh\V^_aQXUV\m^_V ]lhQ^YV Y eaQXl
Sa_UV ‫ݷ‬UQ ^d _hVSYU^_ WV‫ݷ‬7 6b\Y SQ] `_`QU‫ݷ‬cbp hV\_SV[5 [_c_alZ b]_6
WVc UQcm SaQXd]YcV\m^lZ _cSVc5 gV^YcV cQ[_T_ hV\_SV[Q ‑ nc_ _hV^m
R_\miQp aVU[_bcm7
>d Q bQ] `aQSY\m^lZ _cSVc cdc `a_bc [Q[ SQ\V^_[ Y XQ[\oh‫ ^ݷ‬S b\V6
UdojV] `aY^gY`VC Vb\Y ]l X^QV]5 [Q[ aViYcm `a_R\V]d ‑ nc_
^V `_S_U V‫ ݷ‬b_XUQSQcm7 AViV^YV `a_R\V]l ^Y[_TUQ ^V RlSQVc RVb6
`\Qc^l]5 f_cp _hV^m hQbc_ cQ[Y] [QWVcbpD Y Vb\Y `a_R\V]d5 Y]Vojdo
aViV^YV5 ^QhY^Qoc aQbb]QcaYSQcm [Q[ ^VbdjVbcSdojdo5 bYcdQgYp aQ6
^_ Y\Y `_XU^_5 ^_ b_SVaiV^^_ ^VYXRVW^_ SlZUVc YX6`_U [_^ca_\p7
Hc_Rl `_^pcm5 hc
_ cdc Y]VVcbp S SYUd S `aY]V^V^YY [ XQSYbY]_6
bcp] ]VWUd `Q[VcQ]Y5 `aYSVU‫` ]ݷ‬aY]Va YX aVQ\m^_Z WYX^Y7 1Sc_a
ncYf bca_[ XQ ^Vb[_\m[_ U^VZ U_ ^Q`YbQ^Yp S Rd[SQ\m^_] b]lb\V ncYf
bca_[ `_`lcQ\bp ^Q _U^_] YX bS_Yf [_]`mocVa_S dbcQ^_SYcm `a_TaQ]6
]d 1DB97 BcaQcVTYY Sl`_\^V^Yp [Q[ `QaQUYT]l

?_ UQWV Vb\Y SbV5 [c_ XQ^Y]Qocbp `Q[VcQ]Y S `_`d6
\pa^lf UYbcaYRdcYSQf U9>EH5 SUadT bcQ^dc RVXd`aVh^_ Q[[daQc^l5 _c
]^_TYf `aV\VbcVZ TaQeQ XQSYbY]_bcVZ nc_ ^V b`Qb‫ݷ‬c7 @aVUbcQSmcV bV6
RV ^Vb[_\m[_ `a_TaQ]]5 XQSYbpjYf _c _U^_Z aQXUV\pV]_Z RYR\Y_cV[Y7
3 [Q[_Z6c_ ]_]V^c SQ] caVRdVcbp Vj‫_ ݷ‬U^Q `a_TaQ]]Q5 XQSYbpjQp _c
c_Z WV RYR\Y_cV[Y5 Y\Y R_\VV bSVWQp SVabYp _U^_Z YX dWV dbcQ^_S\V^6
^lf `a_TaQ]]D Sl XQ`db[QVcV ]V^VUWVa `Q[Vc_S5 Y _^ SQ] XQpS\pVc5
hc_ ^dW^Qp `a_TaQ]]Q 1Y\Y ^_SQp SVabYp2 UVZbcSYcV\m^_ U_bcd`^Q5 ^_
caVRdVc R_\VV ^_S_Z SVabYY RYR\Y_cV[Y7 Hc_Rl _R^_SYcm RYR\Y_cV[d5
^dW^_ _RpXQcV\m^_ _R^_SYcm Y SbV `a_TaQ]]l5 [_c_alV _c ^V‫ ݷ‬XQSYbpc7
>V[_c_alV YX ncYf `a_TaQ]] c_WV ^V bc_p\Y ^Q ]VbcV5 cQ[ hc_ ]_Tdc
`_caVR_SQcm ^_Slf SVabYZ UadTYf RYR\Y_cV[ Y cV] bQ]l] `_cp^dcm XQ
b_R_Z _R^_S\V^Yp Vj‫ ݷ‬R_\miVT_ [_\YhVbcSQ dbcQ^_S\V^^lf `a_TaQ]]5
Y5 hc_ bQ]_V Y^cVaVb^_V5 b_SVaiV^^_ ^V eQ[c5 hc_ SbV _^Y bcQ\Y \dhiVD
dSl5 aVTaVbbYY ‑ pS\V^YV S _R\QbcY R] U_bcQc_h^_ hQbc_V5 [ c_]d WV
aQXaQR_chY[Y XQhQbcdo _c[a_SV^^_ `\ooc ^Q `_\mX_SQcV\VZ5 aViYS5
hc_ cQ Y\Y Y^Qp S_X]_W^_bcm ‫^ݷ‬Y[_]d ^V ^dW^Q‫ ݷ‬Y V‫_] ݷ‬W^_ Sl[Y6
^dcm7 5Q Y S__RjV5 `_hV]d Sl U_\W^l _R^_S\pcm `_\_SY^d bYbcV]l
1Y f_a_i_ Vj‫ݷ‬5 Vb\Y ^V Sbo25 [_TUQ SQ] `_caVR_SQ\Qbm bSVWQp SVabYp
_U^_Z ^VbhQbc^_Z `a_TaQ]]lH1
2_\miV c_T_5 b_XUQcV\Y `Q[Vc_S ‑ _c^oUm ^V R_TY Y ]_Tdc ^V SbV6
TUQ db`VSQcm XQ ]V^pojY]Ybp SVabYp]Y RYR\Y_cV[D ]_WVc b\dhYcmbp
Y cQ[5 hc_ _U^Y `a_TaQ]]l5 ^dW^lV SQ]5 caVRdoc ^V[do RYR\Y_cV[d
SVabYY ^V ^YWV d[QXQ^^_Z5 Q UadTYV `a_TaQ]]l5 SQ] c_WV b_SVaiV^^_
^V_Rf_UY]lV5 d`Q[_SQ^l cQ[5 hc_ b ^_Sl]Y SVabYp]Y nc_Z RYR\Y_cV[Y
aQR_cQcm ^V ]_Tdc7 9 b]VV] SQb XQSVaYcm ‑ Sb‫ ݷ‬nc_ c_\m[_ ^QhQ\_ Yb6
c_aYY5 [_c_ado R\QT_UQa^lV `_\mX_SQcV\Y \Vc USQUgQcm ^QXQU `a_XSQ6
\Y 45@5>45>3I 8545>3I 85D19>D5BC2 ‑ S UVZbcSYcV\m^_bcY YX^QhQ\m^_ ^V S`_\^V `aQ6
SY\m^_5 Y] bQ]Y] ^V`\_f_ U_bcQ‫ݷ‬cbp5 ^Q bVZ aQX _c aQXaQR_chY[_S `a_6
TaQ]]7 8QhQbcdo5 hc_Rl b_RaQcm [Q[do6^YRdUm R_\VV6]V^VV aQXSVbY6
bcdo `a_TaQ]]d YX QafYSQ Ybf_U^Y[_S5 `aYf_UYcbp _RVb`VhYcm ^Q\Y6
hYV S bYbcV]V UVbpc[Q bc_a_^^Yf RYR\Y_cV[5 [QWUQp YX [_c_alf c_6
WV ]_WVc _c hVT_6^YRdUm XQSYbVcm7 3 Yc_TV ^Q `_UT_c_S[d [ bR_a[V
[Q[_T_6^YRdUm `a_TaQ]]^_T_5 b `_XS_\V^Yp b[QXQcm5 YXUV\Yp ‑ ^Q c_5
hc_Rl ^QZcY S 9^cVa^VcV5 b[QhQcm Y _c[_]`Y\Ya_SQcm SbV caVRdV]lV
RYR\Y_cV[Y ‑ ]_WVc dZcY SaV]V^Y aQX S USVbcY R_\miV5 hV] ^Q bQ]d
bR_a[dD [_TUQ WV aVhm YU‫ݷ‬c ^V `a_bc_ _ bR_a[V5 Q _ b_XUQ^YY Y^bcQ\6
\pgY_^^_T_ `Q[VcQ U\p c_T_ Y\Y Y^_T_ UYbcaYRdcYSQ U9>EH5 SbV caVRdV6
]lV RYR\Y_cV[Y c_WV `aYf_UYcbp ‫`_ݷ‬Q[VhYSQcm‫ݷ‬5 `aY nc_] ^Q [QWUlZ
^_SlZ `Q[Vc caQcpcbp bY\l Y SaV]p7
Hc_ Rl ^Y T_S_aY\Y Q`_\_TVcl bYbcV] b QSc_]QcYhVb[Y] _cb\VWY6
SQ^YV] XQSYbY]_bcVZ5 b c_h[Y XaV^Yp [_^Vh^_T_ `_\mX_SQcV\p YUVQ\m6
^_Z RdUVc `a_TaQ]]Q5 `aVUbcQS\V^^Qp _U^Y] Yb`_\^pV]l] eQZ\_]5
[_c_alZ U_bcQc_h^_ b[_`Ya_SQcm ^Q ]QiY^d5 `_b\V nc_T_ ]_W^_ XQ`d6
bcYcm ‑ Y _^ RdUVc aQR_cQcm5 Q U\p UVY^bcQ\\pgYY `_caVRdVcbp c_\m[_
dUQ\Ycm VT_7 C_h^_ cQ[ WV YUVQ\m^Qp `a_TaQ]]Q b c_h[Y XaV^Yp ]VZ^6
cVZ^VaQ ‑ nc_ `a_TaQ]]Q5 QafYS Ybf_U^lf cV[bc_S [_c_a_Z b_UVaWYc
Sb‫ݷ‬5 hc_ ^dW^_ U\p V‫`]_[ ݷ‬Y\pgYY Y bR_a[YC aQb`Q[_SQ\5 UQ\ [_]Q^Ud
=1;5 ‑ Y Sb‫ ݷ‬b_RaQ\_bm7
6b\Y `a_TaQ]]Q ^Q`YbQ^Q ^Q _U^_] YX [_]`Y\YadV]lf pXl[_S5 _RQ
YUVQ\Q ‑ Y `_\mX_SQcV\mb[YZ5 Y ]VZ^cVZ^Vab[YZ ‑ S`_\^V U_bcYWY6
]lC S UVaVS_ Ybf_U^Y[_S ]_W^_ S[\ohYcm SbV Yb`_\mXdV]lV RYR\Y_6
cV[Y 1VbcVbcSV^^_5 c_WV S e_a]V Ybf_U^lf cV[bc_S25 Q Yc_T_SlZ Yb6
`_\^pV]lZ eQZ\ b[_]`_^_SQcm S bcQcYhVb[_] aVWY]V5 cQ[ hc_ _^ ^V
RdUVc `aY bcQacV XQTadWQcm ^Y[Q[YV UY^Q]YhVb[YV RYR\Y_cV[Y7 B_R6
bcSV^^_ T_S_ap5 `aY nc_] Y QafYS Ybf_U^lf cV[bc_S5 Y Yb`_\^pV]lZ
eQZ\ _[QWdcbp bQ]_U_bcQc_h^l]Y7 ?hVSYU^_5 hc_ S b\dhQV Y^cVa6
`aVcYadV]_T_ Yb`_\^V^Yp bQ]_U_bcQc_h^_bcm `aY^gY`YQ\m^_
^VU_bcYWY]Q5 SVUm5 b_T\Qb^_ ^QiV]d `_^Y]Q^Yo Y^cVa`aVcQgYY5 U\p
cQ[_T_ Sl`_\^V^Yp `a_TaQ]]l ^dWV^ [Q[ ]Y^Y]d] Y^cVa`aVcQc_a7
6b\Y ^Q ]Y^dc[d `aVUbcQSYcm bVRV ‫ݷ‬YUVQ\m^lZ‫ ݷ‬Y^cVa`aVcQc_a ‑
ncQ[do [_]`Q[c^do5 bcQcYhVb[Y b_RYaQV]do Y ^V XQSYbpjdo ^Y _c hVT_
S^Vi^VT_ `a_TaQ]]d ‑ ]_W^_ UQWV `aVU`_\_WYcm5 hc_ ^V_Rf_UY]_bcm
VT_ ^Q\YhYp Rl\Q Rl ^V R_T SVbcm [Q[_Z `a_R\V]_ZC ^d `_i\‫] ]ݷ‬l
`_\mX_SQcV\o ^V _UY^ Yb`_\^pV]lZ eQZ\ 1^QiVZ `a_TaQ]]l25 Q USQ ‑
Y^cVa`aVcQc_a Y Ybf_U^Y[7 3_c c_\m[_ S aVQ\m^_Z WYX^Y cQ[5 aQXd]VVc6
bp5 ^V RlSQVc5 Q [_aV^m `a_R\V]l [a_Vcbp5 [Q[ ^Y bcaQ^^_5 S ^QiYf \o6

‫ ݷ‬:;7>7 BcaQcVTYY Sl`_\^V^Yp [Q[ `QaQUYT]l

?=:

RY]lf `QaQUYT]Qf5 c_ Vbcm S c_]5 [Q[ S_b`aY^Y]Qoc UVZbcSYcV\m^_bcm
QSc_al Y^cVa`aVcQc_a_S7
5\p ^QhQ\Q XQ]VcY]5 hc_ caQ^b\pc_al5 S c_] hYb\V5 VbcVbcSV^^_5 Y
Y^cVa`aVcQc_al5 S_b`aY^Y]Qocbp `aVWUV SbVT_ [Q[ Y^bcad]V^c `a_6
TaQ]]YbcQD U_RQSY] [ nc_]d5 hc_5 ^Q h‫ ]ݷ‬Rl ^Y Rl\ ^Q`YbQ^ Y^cVa6
`aVcQc_a5 `dbcm UQWV ^Q hYbc_] BY5 cV5 [c_ VT_ `YiVc5 XQSVU_]_ ^V
pS\pocbp `a_cYS^Y[Q]Y Y^cVa`aVcYadV]_Z ]_UV\Y Yb`_\^V^Yp ‑ Y^Q6
hV _^Y ^V bcQ\Y Rl `aYUd]lSQcm _hVaVU^_Z Y^cVa`aVcYadV]lZ pXl[
Y `YbQcm U\p ^VT_ Y^cVa`aVcQc_a7 9^QhV T_S_ap5 ncY \oUY ^V SYUpc
^YhVT_ `\_f_T_ S c_]5 hc_ SVbm nc_c Y^bcad]V^cQaYZ U_\WV^ RdUVc _[Q6
XQcmbp ^Q ]QiY^V `_\mX_SQcV\p5 hc_Rl `a_TaQ]]Q5 ^Q`YbQ^^Qp ^Q Yf
`aV[aQb^_] pXl[V5 ]_T\Q Sl`_\^Ycmbp5 ^d Q TUV bQ] Y^cVa`aVcQc_a5
cQ] Y 1Q hc_ cQ[_T_5 S bQ]_] UV\V2 SbVS_X]_W^lV Sb`_]_TQcV\m^lV `a_6
TaQ]]l ‑ ^Q`aY]Va Y^bcQ\\pc_al5 [_c_alV bQ]Y d]Voc XQTadWQcm YX
9^cVa^VcQ RYR\Y_cV[Y5 ^Q`YbQ^^lV ^Q nc_] WV Y^cVa`aVcYadV]_] pXl6
[V5 [_TUQ _hVaVU^_Z XQ`db[QV]_Z 1Y\Y dbcQ^QS\YSQV]_Z ‑ nc_ XQSYbYc
_c T\dRY^l Y^caVTaQgYY Y^bcQ\\pc_aQ S _[adWV^YV2 `a_TaQ]]V hc_6c_
cQ[_V `_caVR_SQ\_bm 1G545>3I 85Q nc_] ]VbcV ]_W^_ db\liQcm S_X]dj‫^^ݷ‬lV S_XT\Qbl5 b]lb\ [_6
c_alf bS_UYcbp [ c_]d5 hc_ `_\mX_SQcV\p WV ^Y[c_ ^V XQbcQS\pVc bQ]_6
T_ XQ^Y]Qcmbp dbcQ^_S[_Z Y ^Qbca_Z[_Z n[_bYbcV]l ‑ U_bcQc_h^_ UQcm
b__cSVcbcSdojdo [_]Q^Ud `Q[Vc^_]d ]V^VUWVad5 Y _^ Sb‫[ ݷ‬Q[ ^QU_
`_bcQSYc7 CQ[ S_c5 S_6`VaSlf5 cQ[ _Rbc_pc UV\Q c_\m[_ S bYbcV]Qf ^Q
_b^_SV U9>EH5 `aYc_] ^V S_ SbVfD S_6Sc_alf5 SbVf `a_R\V] nc_ ^V aViQVc5
Y cV5 [c_ dcSVaWUQoc `a_cYS_`_\_W^_V5 `_`a_bcd Sadc7
>Qh^‫ ]ݷ‬b c_T_5 hc_ `Q[Vcl U\p SbVf ]lb\Y]lf Y ^V]lb\Y]lf Y^6
cVa`aVcQc_a_S Y]Vocbp S T_c_S_] SYUV U\p UVbpc[Q5 _c bY\l U\p USdf
UVbpc[_S ^QYR_\VV `_`d\pa^lf UYbcaYRdcYS_S U9>EHD bc_Yc bUV\Qcm iQT
S bc_a_^d _c ]VZ^bcaY]Q5 Y5 SVa_pc^VV SbVT_5 ^dW^lZ Y^cVa`aVcQc_a
`_\mX_SQcV\o `aYU‫ݷ‬cbp b_RYaQcm YX Ybf_U^Y[_S bQ]_bc_pcV\m^_7 ;_6
^Vh^_5 _Rlh^lV 1‫`ݷ‬a_bclV‫ݷ‬2 \_`_dfYV oXVal baVUY `_\mX_SQcV\VZ n[6
X_cYhVb[Yf UYbcaYRdgYZ _Rlh^_ ^V SbcaVhQocbp5 [Q[ `aQSY\_ Yf `aVU6
`_hYcQoc `a_eVbbY_^Q\m^lV bYbQU]Y^l Y\Y `a_TaQ]]Ybcl5 [SQ\YeY6
[QgYY [_c_alf Sa_UV Rl U_\W^_ fSQcQcm ^Q cQ[do bR_a[dD ^_ SVUm
;> ‫ݷ‬U_Ra_

`_WQ\_SQcm S QU XQSYbY]_bcVZ‫ ݷ‬1Q^T\727

?=;

;_]`Y\pgYp5 Y^cVa`aVcQgYp5 b[aY`cY^T

[SQ\YeY[QgYp `_\mX_SQcV\p ^Y[_Y] _RaQX_] ^V _c]V^pVc `_caQhV^^_T_
SaV]V^Y5 dbY\YZ Y ^VaS_S7
1Sc_a [^YTY XUVbm T_c_S b_b\Qcmbp ^Q bS_Z b_RbcSV^^lZ _`lc7 >Q bVaSVa^lf
]QiY^Qf _^ `aVU`_hYcQVc Yb`_\mX_SQcm X@5>G1EH ‑ UYbcaYRdcYS
SVbm]Q Y SVbm]Q ]Q\_YXSVbc^lZ7 CQ[ S_c5 S bS_‫ ݷ‬SaV]p SQiV]d `_[_a^_]d b\dTV
`aYi\_bm bUV\Qcm SlR_a S `_\mXd :1225B4;5 _c[QXQSiYbm _c YUVY Yb`_\mX_6
SQ^Yp 5:1225B45 `_b[_\m[d `_b\VU^YZ ^Q`YbQ^ ^Q Na\Q^TV5 Q b_RaQcm Na\Q^T
`_U X@5>G1G1EH ‑ ^V VUY^bcSV^^Qp bYbcV]Q S ]YaV5 Y^_TUQ
`aYf_UYcbp 1dSl2 _RVb`VhYSQcm ed^[gY_^Ya_SQ^YV cVf Y\Y Y^lf `a_6
TaQ]] ^Q ]QiY^Qf b OB55K\M5 TUV `Q[Vc^_T_ ]V^VUWVaQ b QSc_]QcYhV6
b[Y] _cb\VWYSQ^YV] XQSYbY]_bcVZ `a_bc_ ^Vc5 Y\Y S bYbcV]Qf \Y^VZ[Y
`9>4?GC5 TUV S__RjV ^Vc ^YhVT_ `_f_WVT_ ^Q `Q[Vc^lZ ]V^VUWVa7 6b\Y
^V[Qp `a_R\V]Q p[_Rl aViV^Q S ]YaV U9>EH5 c_ nc_ ^V X^QhYc5 hc_ _^Q
aViV^Q QRb_\oc^_ SVXUV7
>d Q ^Qbc_pjYV `aY[\ohV^Yp ^QhY^Qocbp5 [_TUQ S _U^_Z Y c_Z WV
n[_bYbcV]V U_\W^l dWYcmbp USV 1Y\Y Vj‫ ݷ‬R_\miV2 ]QbicQR^lV `a_6
TaQ]]l5 [QWUQp YX [_c_alfcaVRdVc YXapU^_T_ [_\YhVbcSQ SbphVb[Yf
RYR\Y_cV[7 ;Q[ `_[QXlSQVc `aQ[cY[Q5 S_X^Y[^_SV^YV [_^e\Y[cQ SVa6
bYZ XUVbm ^V R_\VV hV] S_`a_b SaV]V^Y7
?c]VcY] _UY^ U_S_\m^_ XQRQS^lZ eQ[c5 `aV[aQb^_ Y\\obcaYado6
jYZ UVZbcSYcV\m^_V `_\_WV^YV SVjVZ b XQSYbY]_bcp]Y7 C_\`l `a_6
TaQ]]Ybc_S5 aQR_cQojYf ^Q bQ]lf aQX^lf pXl[Qf5 UVbpcY\VcYp]Y f_6
a_] dRVWUQ\Y `dR\Y[d Y bQ]Yf bVRp5 hc_ XQSYbY]_bcY ‑ nc_ S__RjV
^V `a_R\V]Q5 Q Vb\Y [Q[YV cadU^_bcY Y S_X^Y[Qoc5 c_ _^Y SbVTUQ \VT[_
aViQocbp5 Y ^Y[_]d ^Y[_TUQ XQSYbY]_bcY S UVZbcSYcV\m^_bcY ^YhV]
^V ]ViQoc5 Q [_]d ]ViQoc ‑ c_c c_ \Y U_\WV^ `_SliQcm [SQ\YeY[Q6
gYo5 c_ \Y `a_bc_ UdaQ[7 3 nc_ WV bQ]_V SaV]p bYbcV]jY[Y bVam‫ݷ‬X^_T_
da_S^p `aYUd]Q\Y aViV^YV5 _b^_SQ^^_V ^Q SYacdQ\YXQgYY _`VaQgY_^6
^_Z bYbcV]l Y `_XS_\pojVV `aY WV\Q^YY XQT^Qcm [QWUdo `a_TaQ]]d
b_ SbV]Y V‫ ݷ‬XQSYbY]_bcp]Y S _cUV\m^_V _[adWV^YV 1‫^_[ݷ‬cVZ^Va‫ݷ‬25 YX
[_c_a_T_ ^V SYU^_ UadTYf [_^cVZ^Va_S5 aQR_cQojYf ^Q c_Z WV bQ]_Z
]QiY^V5 cQ[ hc_ `a_TaQ]]Ybcb[YV YXUV\Yp5 aQR_cQojYV S aQX^lf [_^6
cVZ^VaQf5 ^Y[Q[ ^V ]_Tdc UadT UadTd `_]ViQcm7 >QYR_\VV `_`d\pa^_V
aViV^YV nc_T_ [\QbbQ YXSVbc^_ `_U ^QXSQ^YV] M?3;5B7
;_^Vh^_5 aQb`a_bcaQ^pcm [QWUdo `a_TaQ]]d S SYUV _RaQXQ
M?3;5B6[_^cVZ^VaQ ‑ nc_ SapU \Y YUVQ\m^_V aViV^YV5 `_b[_\m[d cQ6
[_Z [_^cVZ^Va U_\WV^ XQ[\ohQcm S bVRV [_`Yo SbVT_ ^QR_aQ bYbcV]6
^_T_ `a_TaQ]]^_T_ _RVb`VhV^Yp5 [a_]V aQXSV hc_ pUaQ ?B 1_^_ _R6

‫ ݷ‬:;7>7 BcaQcVTYY Sl`_\^V^Yp [Q[ `QaQUYT]l

?=<

b\dWYSQVc SbV [_^cVZ^Val baQXd27 ?Rk‫[ ]ݷ‬QWU_T_ _RaQXQ ^VYXRVW^_
_[QXlSQVcbp U_bcQc_h^_ X^QhYcV\m^l]5 hc_Rl VT_ ^V `_\dhQ\_bm YT6
^_aYa_SQcm7 >_ SVUm ]l WV `_]^Y] bcQado ]Q^cad ‑ ‫\ݷ‬oUY U_a_WV
[_]`mocVa_S‫ݷ‬D S hQbc^_bcY5 aQXd]VVcbp5 Vb\Y YX6XQ c_T_5 hc_ [_]d6c_
_U^_]d \V^m ^V]^_T_ `_Ud]Qcm5 clbphY UadTYf \oUVZ Sl^dWUV^l `_6
[d`Qcm W‫ݷ‬bc[YV UYb[Y R
_\miVZ ‫_[]ݷ‬bcY ‑ c_ nc_ cQ[ Y U_\W^_ Rlcm5
Q [Q[ WV7
=VWUd `a_hY]5 cV bQ]lV \oUY5 [_c_alV Ta_]hV SbVf [aYhQ\Y5 hc_5
]_\5 XQSYbY]_bcY ‑ nc_ S_SbV ^Y[Q[Qp ^V `a_R\V]Q5 b `_pS\V^YV]
M?3;5B dfSQcY\Ybm XQ ^VT_ `VaSl]Y Y cV`Vam `aVU`_hYcQoc [aYhQcm5
hc_ M?3;5B ‑ nc_ [\Qbb^_ Y `aQSY\m^_5 `_b[_\m[d b ^Y] \VT[_ aViQocbp
cV bQ]lV `a_R\V]l5 [_c_alf p[_Rl ^Vc7

:;7>7?7 =Ye _ `VaV^_bY]_bcY
5_S_\m^_ hQbc_ ]_W^_ SbcaVcYcm dcSVaWV^YV5 hc_ pXl[Y Slb_[_T_
da_S^p ]V^miV XQSYbpc 1Y\Y S__RjV ^V XQSYbpc2 _c _b_RV^^_bcVZ ]Q6
iY^l Y _`VaQgY_^^_Z bYbcV]l5 Y5 [Q[ b\VUbcSYV5 hV] SliV da_SV^m
QRbcaQ[gYZ Yb`_\mXdV]_T_ pXl[Q5 cV] `a_jV `VaV^_bYcm `a_TaQ]]l
^Q cQ[_] pXl[V b _U^_Z `\Qce_a]l ^Q UadTdo7 3 cV_aYY Sb‫ ݷ‬Sa_UV Rl
bf_UYcbp5 ^_ `aQ[cY[Q5 [Q[ nc_ hQbc_ RlSQVc5 S^_bYc bS_Y `_`aQS[Y7
@a_R\V]Q cdc S c_]5 hc_ aQX\Yh^lV bYbcV]l `aVU_bcQS\poc S aQb6
`_apWV^YV `_\mX_SQcV\mb[_Z `a_TaQ]]l aQX^lV ^QR_al RQX_Slf QR6
bcaQ[gYZ7 >Q`aY]Va5 S bYbcV]Qf bV]VZbcSQ ^>9H `a_gVbbl ‑ nc_ aQR_6
hQp \_iQU[Q5 [_c_ado ]_W^_ Y ^dW^_ T_^pcm S fS_bc Y S TaYSd5 SlX_S
6?B; S Yb`_\mX_SQ^YY `a_bc5 [Q[ _cS‫ݷ‬ac[Q5 Y baQS^YcV\m^_ U‫ݷ‬iVSD `_6
`lc[Y bUV\Qcm c_ WV bQ]_V S bYbcV]Qf \Y^VZ[Y `9>4?GC baQXd WV _c6
RYSQoc Sbp[_V WV\Q^YV `_a_WUQcm U_`_\^YcV\m^lV `a_gVbbl7 3lX_S
C54?GC Vbcm5 ^_ aQR_cQVc c_\m[_ b b_[VcQ]Y7 6j‫ ݷ‬fdWV
_Rbc_pc UV\Q b Y^cVaeVZb_] [ TaQeY[VC `_WQ\dZ5 `aQSY\m^_ RdUVc b[Q6
XQcm5 hc_ a `9>4?G `_ `aY^gY`Q] `_bca_V^Yp Y^cVaeVZbQ `_\mX_SQ6
cV\mb[Yf `a_TaQ]] YX^QhQ\m^_ ^V Y]VVc ^YhVT_ _RjVT_ b TaQeYhVb[Y]Y
`_UbYbcV]Q]Y UadTYf `\Qce_a]5 ^V c_\m[_ `9>4?GC5 ^_ Y _b^_SQ^^lf
^Q ^>9H ‑ cQ[Yf [Q[ V13X\ a Y J>4B?94D ncY5 S`a_hV]5 ]VWUd b_R_Z
c_WV ^V b\Yi[_] `_f_WY7 AQX\YhQocbp ^V c_\m[_ Y^cVaeVZbl [ S_X6
]_W^_bcp] `\Qce_a]5 ^_ Y bQ]Y S_X]_W^_bcYD cQ[5 S ^>9H6bYbcV]Qf
]_W^_ _WYUQcm5 hc_ d \oR_Z `a_TaQ]]l Y]Vocbp bcQ^UQac^lV `_c_6
[Y SS_UQ6SlS_UQ5 Q S `9>4?GC ^YhVT_ `_U_R^_T_ Ybf_U^_ ^Vc5 f_cp Y
S_X]_W^_ `aYUd]Qcm ^V[do n]d\pgYo7
Hc_Rl `aYSVbcY Sb‫ ݷ‬nc_ SV\Y[_\V`YV ‫_ [ݷ‬RjV]d X^Q]V^QcV\o‫ݷ‬5
b_XUQcV\p] Slb_[_da_S^VSlf Y^bcad]V^c_S `aYf_UYcbp SlUd]lSQcm
bS_Z b_RbcSV^^lZ QRbcaQ[c^lZ ]Ya5 S [_c_a_] RdUdc bdjVbcS_SQcm ^Q6
`YbQ^^lV b `_]_jmo Yf Y^bcad]V^c_S `a_TaQ]]lD ncQ Yb[dbbcSV^^Qp
aVQ\m^_bcm XQhQbcdo _[QXlSQVcbp _UY^Q[_S_ UQ\V[Q _c SbVf bdjVbcSd6

?==

;_]`Y\pgYp5 Y^cVa`aVcQgYp5 b[aY`cY^T

ojYf bYbcV]5 cQ[ hc_ `a_TaQ]]l S Yc_TV ^Q SbVf `\Qce_a]Qf aQR_cQoc
_UY^Q[_S_ `\_f_7 FQaQ[cVa^lZ `aY]Va cQ[_Z Yb[dbbcSV^^_Z aVQ\m^_6
bcY ]l ^QR\oUQ\Y5 `lcQpbm b`aQSYcmbp b Y^cVa`aVcQc_aQ]Y L?==?>
U9C@D U_RQSY]5 hc_ baVUbcSQ `_bca_V^Yp TaQeYhVb[Yf Y^cVaeVZb_S S
b`VgYeY[QgYo L?==?> U9C@ ^V Sf_Upc5 ^_ Y U_bcd`Q [ ^YX[_]d da_S6
^o cQ] c_WV ^V `aVUdb]_caV^_5 cQ[ hc_ `a_TaQ]]l5 ^Q`YbQ^^lV ^Q
L?==?> U9C@5 ]_Tdc Sl`_\^pcmbp `_U `9>4?GC c_\m[_ S b`VgYQ\m6
^_ U\p nc_T_ `_bca_V^^_Z baVUV5 S[\ohQojVZ hc_6c_ Sa_UV n]d\pc_aQ
cVa]Y^Q\Q7
=VWUd `a_hY]5 L?==?> U9C@ S_ SbVZ bS_VZ [_i]Qa^_Z ^Vd[\oWV6
bcY Y\\obcaYadVc Vj‫_ ݷ‬UY^ ]_]V^cC Sb‫` ݷ‬aVUdb]_caVcm ^VS_X]_W^_5
Y `a_ [Q[do6c_ YX _b_RV^^_bcVZ `\Qce_a]l b_XUQcV\Y Slb_[_da_S^V6
S_T_ Y^bcad]V^cQ ]_Tdc `a_bc_ ^V `_Ud]Qcm7 CQ[5 L?==?> U9C@ Yb6
`_\mXdVc bS_o 1U_S_\m^_ bS_V_RaQX^do2 ]_UV\m SS_UQ6SlS_UQ5 S [_c_6
ado ‫^ݷ‬V S`YbQ\Ybm‫ ݷ‬b_[Vcl ‑ Y5 X^QhYc5 ^Q`YbQcm ^Q ^‫[ ]ݷ‬Q[_Z6^YRdUm
]LY6[\YV^c Y\Y cV] R_\VV bVaSVa ^V `_\dhYcbp7 Hc_Rl `aV_U_\Vcm
^VQUV[SQc^_bcm SlUd]Q^^lf QRbcaQ[gYZ Y Sb‫ݷ‬6cQ[Y `_XS_\Ycm `a_6
TaQ]]YbcQ] b_XUQSQcm ^Vhc_ b[_\m[_6^YRdUm `aYV]\V]_V5 `aYf_UYcbp
cQ[ Y\Y Y^QhV `_XS_\pcm `a_TaQ]]Q] U_RYaQcmbp U_ ^YX[_da_S^VSlf
S_X]_W^_bcVZ `\Qce_a]l5 ^_ cQ[_Z U_bcd` `\_f_ \_WYcbp ^Q Slb_6
[_da_S^VSlV QRbcaQ[gYY Yb`_\mXdV]_T_ Y^bcad]V^cQ5 ^V T_S_ap dWV _
c_]5 hc_ `VaV^_bY]_bcm cQ[YV SVjY dRYSQoc baQXd WV Y ^Q`_SQ\7
>Q[_^Vg5 bQ]Y Slb_[_da_S^VSlV Y^bcad]V^cl 1^Q`aY]Va5 Y^cVa6
`aVcQc_al2 ‑ nc_ U_S_\m^_ b\_W^lV `a_TaQ]]l5 Q `aY `VaV^_bV ]VWUd
aQX^_a_U^l]Y `\Qce_a]Q]Y `aYf_UYcbp `VaV`YblSQcm X^QhYcV\m^do
hQbcm Yf [_UQ7 8QbcQSYcm cQ[_T_ ]_^bcaQ SbVTUQ 1U\p \oR_T_ `_\mX_SQ6
cV\mb[_T_ [_UQ2 _UY^Q[_S_ SVbcY bVRp ^Q SbVf `_UUVaWYSQV]lf `\Qc6
e_a]Qf ‑ XQUQhQ ^V S`_\^V aVQ\m^Qp5 c_ Vbcm `a_bcV^m[YV `aY]Val
_Rlh^_ `VaV^_bpcbp RVX `a_R\V]5 ^_ hV] b\_W^VV bcQ^_SYcbp `_\mX_SQ6
cV\mb[Qp `a_TaQ]]Q5 cV] R_\miV SVa_pc^_bcm5 hc_ hc_6^YRdUm b\_]QVc6
bp `aY `VaV^_bV V‫^ ݷ‬Q UadTdo `\Qce_a]d5 f_cm Y b c_Z WV bQ]_Z 1Sa_UV
Rl2 bYbcV]_Z `a_TaQ]]Ya_SQ^Yp7
;Q[ ^Y bcaQ^^_5 _`lc `_[QXlSQVc5 hc_ U_RYcmbp `VaV^_bY]_bcY `a_6
TaQ]]l ‑ Vb\Y ncd `VaV^_bY]_bcm XQ`\Q^Ya_SQcm XQaQ^VV5 `aVWUV hV]
^QhQcm `YbQcm [_U ‑ `a_jV SbVT_ ^Q hYbc_] BY5 Q Vb\Y `a_TaQ]]Q `aVU6
`_\QTQVc Yb`_\mX_SQ^YV TaQeYhVb[_T_ Y^cVaeVZbQ `_\mX_SQcV\p ‑ c_
^Q BY44C ^Q`aY]Va5 _`YbQ^^Qp aQ^VV RYR\Y_cV[Q OU]T `aV[aQb^_ aQ6
R_cQVc `_U `9>4?GC5 Y U\p RYR\Y_cV[ SYUWVc_S nc_ S`_\^V _Rlh^Qp
bYcdQgYp7 5V\_ S c_]5 hc_ `aY aQR_cV ^Q ncYf pXl[Qf d `a_TaQ]]YbcQ
Vbcm U_bcd` [_ SbV] S_X]_W^_bcp] Yb`_\mXdV]_Z `\Qce_a]l5 Q ‫`ݷ‬aY6
SVbcY [ _RjV]d X^Q]V^QcV\o‫ ݷ‬c_\m[_ cV S_X]_W^_bcY5 [_c_alV ^dW^l
S UQ^^_Z [_^[aVc^_Z `a_TaQ]]V5 ]^_T_[aQc^_5 S UVbpc[Y aQX `a_jV5
hV] ‫ݷ‬SbV S_X]_W^_bcY SbVf `\Qce_a]‫ݷ‬5 [Q[ nc_ Sl^dWUV^l `lcQcmbp
bUV\Qcm b_XUQcV\Y ‫`ݷ‬VaV^_bY]lf‫ ݷ‬Slb_[_da_S^VSlf Y^cVa`aVcQc_a_S7

‫ ݷ‬:;7>7 BcaQcVTYY Sl`_\^V^Yp [Q[ `QaQUYT]l

?=>

1Sc_a [^YTY ^Q _b^_SQ^YY b_RbcSV^^_T_ _`lcQ ]_WVc _U^_X^Qh^_ XQpSYcm5
hc_ b_XUQcm `a_TaQ]]d b TaQeYhVb[Y] `_\mX_SQcV\mb[Y] Y^cVaeVZb_]5 `VaV6
^_bY]do ]VWUd U9>EH Y `9>4?GC5 ^Q]^_T_ `a_jV ^Q BY44 b Yb`_\mX_SQ^YV]
[Q[_Z6^YRdUm RYR\Y_cV[Y SYUWVc_S5 ^VWV\Y ^Q bd`Va6Slb_[_da_S^VS_] ]34?GC7 6b\Y SQ] Sb‫ݷ‬6cQ[Y
`aYU‫ݷ‬c S T_\_Sd nc_ `_`a_R_SQcm5 XQbV[YcV SaV]p5 [_c_a_V dZU‫ݷ‬c d SQb ^Q Y^6
bcQ\\pgYo ]3< `_U `9>4?GC5 Y _b_X^QZcV5 hc_ Vb\Y Sl ^V `VaVUd]QVcV `a_TaQ]6
]Ya_SQcm ^Q ]34?GC5 c_WV `aYU‫ݷ‬cbp nc_ `a_UV\Qcm7

:;7>7@7 ;_TUQ Y^cVa`aVcQgYp Sb‫ ݷ‬WV U_`dbcY]Q
3bV pXl[Y `a_TaQ]]Ya_SQ^Yp5 [_c_alV ]l aQbb]QcaYSQ\Y S nc_]
c_]V5 XQ Yb[\ohV^YV] BY445 S c_Z Y\Y Y^_Z bcV`V^Y _c^_bpcbp [ Y^6
cVa`aVcYadV]l]D ^_ Vb\Y Y^cVa`aVcYadV]_V Yb`_\^V^YV 1[Q[ S`_\^V
]_W^_ XQ[\ohYcm5 `a_hYcQS `aVUlUdjYV `QaQTaQel2 ^VU_`dbcY]_5 c_
XQhV] ]l YXdhQ\Y SbV ncY pXl[YH
@_`a_RdV] _cSVcYcm ^Q nc_c S_`a_b7 3_6`VaSlf5 [Q[ T_S_aY\_bm S bQ6
]_] ^QhQ\V5 Q\mcVa^QcYS^lV `QaQUYT]l `a_TaQ]]Ya_SQ^Yp bc_pc c_T_5
hc_Rl Yf _bS_Ycm5 UQWV Vb\Y _^Y ^Y[_TUQ `_c_] ^V RdUdc `aY]V^pcm6
bp ^Q `aQ[cY[VC `aQ[cYhVb[YV ^QSl[Y gV^^l5 ^_ n\QbcYh^_bcm ]_XTQ ‑
RVbgV^^Q7 3_6Sc_alf5 S apUV b\dhQVS Y^cVa`aVcYadV]Qp bdj^_bcm c_6
T_ Y\Y Y^_T_ pXl[Q ^V bc_\m ^VYXRVW^Q5 [Q[ [QWVcbp7 >Q`aY]Va5 Vb\Y
Sl[Y^dcm YX c_Z WV \385=5 `aY]YcYSl 5F1 U9C@ S c_] SYUV5 S [_c_a_]
_^ bdjVbcSdVc5 b[_\m[_6^YRdUm `aY\Yh^_Z [_]`Y\pgYY ^V U_`db[QVc5
^_ SVUm nc_ ^V VUY^bcSV^^lZ bdjVbcSdojYZ 1Y cV] R_\VV ^V VUY^bcSV^6
^lZ S_X]_W^lZ2 UYQ\V[c Q[_^Vg5 `_b\VU^YZ QaTd]V^c S `_\mXd YXdhV^Yp Y^cVa`aVcYadV]lf
pXl[_S b_bc_Yc S c_]5 hc_ Y^cVa`aVcQgYp ‑ nc_ ^V SbVTUQ bc_\m _U6
^_X^Qh^_ `\_f_7 AQ^VV ]l S [QhVbcSV _b^_S^_T_ ^VU_bcQc[Q Y^cVa`aV6
cQgYY _RbdWUQ\Y ^V_Rf_UY]_bcm ^Q\YhYp Y^cVa`aVcQc_aQ 1Y SbVZ VT_
_RSVb[Y5 [_c_aQp ]_WVc Rlcm `_f\VjV bQ]_T_ Y^cVa`aVcQc_aQ2 ^Q ]Q6
iY^V `_\mX_SQcV\pD ^_ SVUm nc_ _hVSYU^l] _RaQX_] ^V Y]VVc ^Y[Q[_T_
X^QhV^Yp5 Vb\Y `a_TaQ]]Ybc Y `_\mX_SQcV\m ‑ nc_ _U^_ Y c_ WV \Y6
g_5 Q cQ[YV bYcdQgYY ^V bc_\m aVU[Y7 2lSQVc5 hc_ `a_TaQ]]Q `YiVcbp

?=?

;_]`Y\pgYp5 Y^cVa`aVcQgYp5 b[aY`cY^T

aQUY ca‫ݷ‬f6hVcla‫ݷ‬f XQ`db[_S5 Q c_ Y S_SbV _U^_T_D `a_TaQ]]Ybcd `a_6
jV `a_UV\Qcm ncY bhYcQ^^lV XQ`db[Y bQ]_]d5 hV] `VaV^_bYcm `a_TaQ]6
]d ^Q ]QiY^d `_\mX_SQcV\p7 2lSQVc Y cQ[5 hc_ QSc_a `a_TaQ]]l b
V‫_]_` ݷ‬jmo aViQVc [Q[do6c_ bS_o b`VgYeYhVb[do XQUQhd5 aViQVc V‫ݷ‬
cQ[5 [Q[ \Yh^_ V]d dU_R^_5 Y `_\dhV^^Qp `a_TaQ]]Q b_SVaiV^^_ c_h6
^_ ^V `aVU^QX^QhV^Q U\p `VaVUQhY [_]d Rl c_ ^Y Rl\_ ‑ S_X]_W^_5 [
`aY]Vad5 hc_ ^QdhYcm [_T_6c_ UadT_T_ `_\mX_SQcmbp nc_Z `a_TaQ]]_Z
^Qbc_\m[_ b\_W^_5 hc_ bS_UYc ^Q ^Vc `_cV^gYQ\m^lV SlT_Ul _c V‫` ݷ‬V6
aVUQhY7 9 hc_5 b`aQiYSQVcbp5 S nc_Z bYcdQgYY `\_f_T_ S `aY]V^V^YY
Y^cVa`aVcYadV]_T_ Yb`_\^V^YpH ?hVSYU^_5 ^YhVT_7
B\dhQZ5 [_TUQ `_\mX_SQcV\m Y `a_TaQ]]Ybc VUY^l S _U^_] \YgV5
RVX `a_R\V] _R_RjQVcbp ^Q bYcdQgYo5 [_TUQ aQbb]QcaYSQV]_V ‫\ݷ‬Yg_‫‑ ݷ‬
^V eYXYhVb[_V5 Q oaYUYhVb[_V5 c_ Vbcm [_TUQ `a_TaQ]]Q `YiVcbp U\p
S^dcaV^^VT_ Yb`_\mX_SQ^Yp S _aTQ^YXQgYY5 TUV aQR_cQVc V‫ ݷ‬QSc_a5 Y b_6
SVaiV^^_ c_h^_ ^V RdUVc `VaVUQSQcmbp XQ V‫` ݷ‬aVUV\l7 @aY]V^pp Y^6
cVa`aVcQgYo5 `a_TaQ]]Ybcl ]_Tdc `VaV[\QUlSQcm bS_Y `a_R\V]l ^Q
`_\mX_SQcV\VZ Y ]VZ^cVZ^Va_S5 ^_ S nc_] ^Vc ^YhVT_ `\_f_T_5 [_\m b[_6
a_ Y `a_TaQ]]YbcQ]5 Y `_\mX_SQcV\p]5 Y ]VZ^cVZ^VaQ] _cUV\m^_ SXp6
c_Z `a_TaQ]]l `\QcYc XQa`\Qcd _UY^ Y c_c WV aQR_c_UQcV\m Y nc_6
T_ aQR_c_UQcV\p Sb‫ ݷ‬dbcaQYSQVcD ^Q`aY]Va5 d `a_TaQ]]YbcQ XQa`\Q6
cQ ]_WVc Rlcm S UVbpcm aQX SliV5 hV] d ]VZ^cVZ^Va_S5 cQ[ hc_ hQb5
bn[_^_]\V^^lZ `a_TaQ]]Ybc_]5 ]_WVc _R_ZcYbm S gV\lZ aQR_hYZ UV^m
]VZ^cVZ^VaQ5 Y aQR_c_UQcV\m Sb‫ ݷ‬Vj‫_ ݷ‬bcQ^Vcbp S `\obV7
6j‫_ ݷ‬UY^ _hVSYU^lZ b\dhQZ ‑ [_TUQ [_^Vh^_]d `_\mX_SQcV\o `_6
bcQS\pVcbp ^V[YZ XQ[alclZ `a_TaQ]]^_6Q``QaQc^lZ [_]`\V[b5 c_ Vbcm
nc_ \YR_ ^V[YZ b`VgYQ\YXYa_SQ^^lZ [_]`mocVa5 \YR_ UQWV [_]`mocVa
_RjVT_ ^QX^QhV^Yp5 ^_ ^Q [_c_alZ Sb‫` ݷ‬a_TaQ]]^_V _RVb`VhV^YV dbcQ6
^_SY\Q _aTQ^YXQgYp6aQXaQR_chY[5 Y S]ViQcV\mbcS_ [_^Vh^_T_ `_\mX_6
SQcV\p S dbca_ZbcS_ [_]`\V[bQ 1S c_] hYb\V dbcQ^_S[Q Y ^Qbca_Z[Q
`a_TaQ]]^_T_ _RVb`VhV^Yp2 YX^QhQ\m^_ ^V `aVUdb]_caV^_7 8UVbm SQW6
^_5 hc_ ]VZ^cVZ^Val Y\Y [c_ cQ] S]Vbc_ ^Yf ‑ cV5 [c_ dbcQ^QS\YSQoc
`a_TaQ]]d ^Q [_]`mocVal5 ^Q [_c_alf _^Q RdUVc aQR_cQcm ‑ `_\dhQ6
oc XQa`\Qcd S c_Z WV _aTQ^YXQgYY5 hc_ Y `a_TaQ]]Ybcl5 ^Q`YbQSiYV
`a_TaQ]]d5 Q `_\mX_SQcV\o _[QXlSQVcbp b_SVaiV^^_ Sb‫ ݷ‬aQS^_5 _^ b
S^dcaV^^VZ [df^VZ `_bcQS\V^^_T_ V]d XQ[alc_T_ aViV^Yp ^Y[_TUQ Y
^Y[Q[ ^V bcQ\[YSQVcbp7
6j‫_ ݷ‬UY^ SQW^VZiYZ b\dhQZ5 [_TUQ Y^cVa`aVcQgYp ^V c_\m[_ U_`d6
bcY]Q5 ^_ Y5 `_WQ\dZ5 _RpXQcV\m^Q ‑ nc_ d`_]Y^QSiYVbp aQ^VV `aVU6
]Vc^_6_aYV^cYa_SQ^^lV pXl[Y `a_TaQ]]Ya_SQ^Yp5 b_XUQSQV6
]lV b`VgYQ\m^_ U\p aViV^Yp XQUQh ^V[_c_a_T_ dX[_T_ [\QbbQ7 3QW6
^l] `_U]^_WVbcS_] cQ[Yf [\Qbb_S XQUQh _[QXlSQVcbp Sb‫ ݷ‬c_c WV
b[aY`cY^T5 ^VR_\miYV `a_TaQ]]l5 d`aQS\pojYV aQR_c_Z UadTYf
`a_TaQ]] ‑ \YR_ b^QadWY5 [Q[ nc_ UV\Qoc [_]Q^U^lV _R_\_h[Y Sa_6
UV 21C85 \YR_ YX^dcaY5 [_TUQ b[aY`c Sl`_\^pVcbp Sbca_V^^l] S _b^_S6

‫ ݷ‬:;7>7 BcaQcVTYY Sl`_\^V^Yp [Q[ `QaQUYT]l

?=@

^do `a_TaQ]]d Y^cVa`aVcQc_a_]7 3 ‫ݷ‬:;7>7: ]l _c]VcY\Y5 hc_ `a_TaQ]6
]Q5 aQR_cQojQp S_ Sbca_V^^_] Y^cVa`aVcQc_aV5 ]_WVc `aVS_bf_UYcm `_
bS_VZ b\_W^_bcY cd5 S [_c_ado nc_c Y^cVa`aVcQc_a Sbca_V^5 Y\Y UQWV
^V `aVS_bf_UYcm5 ^_ Y]Vcm baQS^Y]do b\_W^_bcm7 3 nc_] b\dhQV aV6
hY _ b[aY`cY^TV dWV ^V YU‫ݷ‬c ‑ ^_ `_6`aVW^V]d ]_W^_ T_S_aYcm _
`a_R\V]^_6_aYV^cYa_SQ^^_] pXl[V7 ;a_]V c_T_5 ]_W^_ XQ]VcYcm5 hc_
b[aY`cl YTaQoc Sb`_]_TQcV\m^do a_\m S aQR_cV d`aQS\pV]lf Y]Y `a_6
TaQ]]5 c_TUQ [Q[ S b\dhQpf `a_R\V]^_6_aYV^cYa_SQ^^lf pXl[_S5 ^V _c6
^_bpjYfbp [ _R\QbcY b[aY`cY^TQ5 S_ Sb`_]_TQcV\m^_Z a_\Y _[QXlSQVcbp
b[_aVV bQ] Y^cVa`aVcQc_a Y cQ `a_TaQ]]Q5 S [_c_ado _^ Sbca_V^7
CQ[ Y\Y Y^QhV5 S_ SbVf ncYf b\dhQpf ]l Y]VV] USQ5 Vb\Y ]_W^_ cQ[
SlaQXYcmbp5 b\_p `a_TaQ]]7 ?UY^ b\_Z ^Q`YbQ^ `a_TaQ]]YbcQ]Y Y ^V
`aVU`_\QTQVc ]_UYeY[QgYY bY\Q]Y [_^Vh^_T_ `_\mX_SQcV\p7 3_X]_W6
^_5 cQ[Qp ]_UYeY[QgYp Y ^V Yb[\ohQVcbp ‑ Vb\Y `a_TaQ]]Q aQb`a_6
bcaQ^pVcbp S Ybf_U^lf cV[bcQfD ^_5 `_ [aQZ^VZ ]VaV5 icQc^Qp n[b`\d6
QcQgYp `a_TaQ]]l ^V `aVU`_\QTQVc5 hc_ V‫^ ݷ‬dW^_ ]V^pcm7 >Q Sc_a_]
b\_V aQb`_\QTQocbp `a_TaQ]]l5 [_c_alV5 ^Q`a_cYS5 `aVU^QX^QhV^l [
^Q`YbQ^Yo Y ]_UYeY[QgYY [_^Vh^l] `_\mX_SQcV\V]5 \YR_5 S_X]_W^_5
`a_TaQ]]YbcQ]Y5 [_c_alf nc_c `_\mX_SQcV\m ^QZ]‫ݷ‬c5 Vb\Y ^V b]_WVc
b`aQSYcmbp bQ]7 @a_TaQ]]l nc_T_ b\_p ]_Tdc `_bcQS\pcmbp S]VbcV b _b6
^_S^l]Y `a_TaQ]]Q]Y S `aVU`_\_WV^YY5 hc_ `_\mX_SQcV\m QUQ`cYadVc
Yf `_U bS_Y ^dWUl5 \YR_ `_\mX_SQcV\o ]_WVc Rlcm c_\m[_ `aVU_bcQS6
\V^Q S_X]_W^_bcm ^Q`YbQcm Yf `aY S_X^Y[^_SV^YY b__cSVcbcSdojVZ
`_caVR^_bcYD nc_ S UQ^^_] b\dhQV ^V cQ[ SQW^_7
3 ‫ݷ‬:;7>7; ]l `_X^Q[_]Y\Ybm b UYf_c_]YVZ ?dbcVafQdcQ5 [_6
c_aQp bS_UYcbp [ c_]d5 hc_ S [ad`^_Z bYbcV]V caVRdVcbp USQ pXl6
[Q ‑ _b^_S^_Z pXl[ Y pXl[ U\p b[aY`cY^TQ7 3 aQR_cQf ?dbcVa6
fQdcQ aVhm i\Q c_\m[_ _ b[aY`cY^TV5 ^_ R_\VV b\_W^lZ b\dhQZ
`a_R\V]^_6_aYV^cYa_SQ^^lf pXl[_S _c\YhQVcbp aQXSV hc_ _Rk‫ ]_]ݷ‬Y
b\_W^_bcmo `a_TaQ]] ‫ݷ‬Sc_a_T_ b\_p‫ݷ‬5 hc_ ]_WVc S ^V[_c_alf b\dhQpf
`_caVR_SQcm R
_\miVT_ S^Y]Q^Yp [ neeV[cYS^_bcY Sbca_V^^_T_ pXl[Q7
4\QS^lZ `aY^gY` XUVbm b_bc_Yc S c_]5 hc_ `aY]V^pcm _UY^ Y c_c WV
pXl[ U\p `a_TaQ]]5 b_bcQS\pojYf _RQ b\_p5 Rl\_ Rl5 `_6SYUY]_]d5
^V`aQSY\m^_C `_\mX_SQcV\m Y `a_TaQ]]Ybc ‑ nc_ 1S _RjV] b\dhQV2 aQX6
^lV \oUY5 _R\QUQojYV aQX^_Z [SQ\YeY[QgYVZ5 `VaVU [_c_al]Y bc_pc
aQX^lV XQUQhY Y d [_c_alf aQX^lV `_caVR^_bcY7
3bca_V^^lZ pXl[5 S _c\YhYV _c _b^_S^_T_5 ]_W^_ bUV\Qcm ^Q]^_T_
`a_jV U\p YXdhV^Yp Y aQR_cl7 ;a_]V c_T_5 Y^cVa`aVcQc_a Sbca_V^^_T_
pXl[Q 1[Q[ `a_TaQ]]Q2 ]_WVc Rlcm ]^_T_[aQc^_ `a_jV [_]`Y\pc_aQ
_b^_S^_T_ pXl[Q7 @aVUbcQSmcV bVRV _b^_S^do `a_TaQ]]d5 ^Q`YbQ^^do
^Q BY445 [ [_c_a_Z `_\mX_SQcV\o ^dW^_ RdUVc5 S bY\d _b_RV^^_bcVZ
`aVU]Vc^_Z _R\QbcY5 U_`YblSQcm ^V[YV d`aQS\pojYV `a_gVUdal7 CV_6
aVcYhVb[Y ]_W^_ Rl\_ Rl5 ^QSVa^_V5 `aVU_bcQSYcm `_\mX_SQcV\o icQc6
^do S_X]_W^_bcm S[\ohQcm S `a_TaQ]]d VT_ b_RbcSV^^lV ]_Ud\Y5 ^Q6

?=A

;_]`Y\pgYp5 Y^cVa`aVcQgYp5 b[aY`cY^T

`YbQ^^lV ^Q c_] WV BY445 `dc‫` ]ݷ‬VaVbR_a[Y SbVZ `a_TaQ]]l Y\Y UQ6
WV RVX cQ[_S_Z ‑ `_\mX_SQcV\mb[YV ]_Ud\Y ]_W^_ _e_a]Ycm [Q[ aQXUV6
\pV]lV RYR\Y_cV[Y Y XQTadWQcm S _b^_S^do `a_TaQ]]d `ap]_ S_ SaV]p
Yb`_\^V^Yp7 >_ Vb\Y S cQ[do `a_TaQ]]d Sbca_Ycm [_]`Q[c^lZ Y^cVa6
`aVcQc_a 1^Q`aY]Va c_c WV ]37>2 ^Y[c_ ^V _c]V^p\5 cQ[
hc_ Y^cVa`aVcQc_a5 `_]Vj‫^^ݷ‬lZ S^dcam _b^_S^_Z `a_TaQ]]l5 f_a_i
dWV cV]5 hc_ `a_TaQ]]Q5 b_UVaWQjQp VT_5 ]_WVc Rlcm bQ]_U_bcQc_h6
^QD Vb\Y Rl `_\mX_SQcV\o ^dW^_ Rl\_ `YbQcm d`aQS\pojYV `a_gVUdal
^Q c_] WV pXl[V5 ^Q [_c_a_] ^Q`YbQ^Q `a_TaQ]]Q5 c_ ncQ `a_TaQ]]Q
^VYXRVW^_ XQSYbV\Q Rl _c bYbcV]l `a_TaQ]]Ya_SQ^Yp ^Q nc_] pXl[V7
3 R_\miY^bcSV b\dhQVS Sbca_V^^lV Y^cVa`aVcQc_al S U_bcQc_h^_Z
bcV`V^Y `aY]YcYS^l5 hc_Rl S_[adT ^Yf ^V _RaQX_SlSQ\Qbm `aVb\_SdcQp
n[_bYbcV]Q5 ^_ UQWV Vb\Y _^Q Sb‫ݷ‬6cQ[Y S_X^Y[^Vc5 Vbcm `_ [aQZ^VZ ]VaV
^QUVWUQ5 hc_ _^Q RdUVc _aYV^cYa_SQ^Q ^Q `_\mX_SQcV\p5 Q ^V ^Q `a_6
TaQ]]YbcQ ‑ aQXaQR_chY[Q `a_TaQ]]lD nc_ `_XS_\Yc b_R\oUQcm `aY^6
gY` aQXUV\V^Yp `a_TaQ]]Ybcb[_T_ Y `_\mX_SQcV\mb[_T_ _[adWV^Yp7
CQ[_V aQXUV\V^YV `a_TaQ]]l Y\Y `a_TaQ]]^_Z bYbcV]l ^Q USQ
b\_p5 `VaSlZ YX [_c_alf b_XUQ^ `a_TaQ]]YbcQ]Y ^Q [_]`Y\YadV]_]
pXl[V Y U_ [Q[_Z6c_ bcV`V^Y ]_WVc aQbb]QcaYSQcmbp [Q[ ‫ݷ‬bQ]Q `a_6
TaQ]]Q‫ݷ‬5 Q Sc_a_Z Y^cVa`aVcYadVcbp Y `aVU^QX^QhV^ U\p ^Q`YbQ^Yp
Y8Y\Y ]_UYeY[QgYY `_\mX_SQcV\V]5 S `aY^gY`V5 c_WV `aVUbcQS\pVc
b_R_Z `QaQUYT]d7 ?c UYf_c_]YY ?dbcVafQdcQ S hYbc_] SYUV ncd `QaQ6
UYT]d _c\YhQVc h‫ݷ‬c[_V `a_cYS_`_bcQS\V^YV _b^_S^_T_ [_UQ `a_TaQ]]l
Y [_UQ5 `aVU^QX^QhV^^_T_ U\p `_\mX_SQcV\mb[_T_ S]ViQcV\mbcSQD `Va6
SlZ `YiVcbp ^Q _b^_S^_] pXl[V `a_V[cQ5 Sc_a_Z ‑ ^Q pXl[V5 [_c_alZ
`_UUVaWYSQVcbp Sbca_V^^l] Y^cVa`aVcQc_a_]7 ;a_]V c_T_5 ?dbcVafQ6
dc ]_T `_UaQXd]VSQcm5 ^_ S pS^_] SYUV ^V d`_]Y^Q\ _RpXQcV\m^_bcm
[_]`Y\pgYY U\p _b^_S^_T_ pXl[Q7
@aY aQXUV\V^YY ^Q ‫_ݷ‬b^_S^_Z‫_[ ݷ‬U Y ‫\_`ݷ‬mX_SQcV\mb[YZ‫ ݷ‬bcQ^_6
SYcbp _hVSYU^l] b\VUdojYZ `aY^gY`C `a_TaQ]]l5 Sl`_\^pV]lV
Sbca_V^^l] Y^cVa`aVcQc_a_]5 ^V U_\W^l bcQ^_SYcmbp hQbcmo
_b^_S^_Z `a_TaQ]]l7 9^QhV T_S_ap5 S_X]_W^_bcY _b^_S^_Z `a_6
TaQ]]l5 ^Q`YbQ^^_Z ^Q [_]`Y\YadV]_] pXl[V5 ^V U_\W^l XQSYbVcm _c
^Q\YhYp Y\Y _cbdcbcSYp cVf Y\Y Y^lf hQbcVZ Y^cVa`aVcYadV]_T_ [_6
UQ7 9^cVa`aVcYadV]lV `a_TaQ]]l5 Sl`_\^pV]lV Sbca_V^^l] Y^cVa6
`aVcQc_a_] 1RdUm c_ b[aY`cl Y\Y R_\VV b\_W^lV `a_TaQ]]l2 ]_Tdc
Yb`_\mX_SQcm 1Y5 aQXd]VVcbp5 RdUdc Yb`_\mX_SQcm2 ed^[gYY _b^_S^_Z
`a_TaQ]]l5 ^_ _RaQc^Qp bYcdQgYp W‫ݷ‬bc[_ ^VU_`dbcY]Q7 6b\Y `_U_R^_V

‫ ݷ‬:;7>7 BcaQcVTYY Sl`_\^V^Yp [Q[ `QaQUYT]l

?=B

Sb‫ ݷ‬WV `a_YX_i\_5 c_ ed^[gY_^Q\m^_bcm Y^cVa`aVcYadV]_T_ [_UQ5 ^Q
[_c_ado `_\QTQocbp [Q[YV6c_ hQbcY SQiVZ _b^_S^_Z `a_TaQ]]l5 U_\W6
^Q Rlcm `VaV`YbQ^Q ^Q _b^_S^_] 1[_]`Y\YadV]_]2 pXl[V `a_V[cQ5 UQWV
Vb\Y nc_ dSV\YhYc cadU_XQcaQcl7
Nc_ caVR_SQ^YV df_UYc [_a^p]Y S _b_RV^^_bcY S_b`aYpcYp `a_TaQ]6
]l hV\_SV[_] 1S UQ^^_] b\dhQV5 [Q[ ^Y bcaQ^^_5 S _b^_S^_] `_\mX_SQ6
cV\V]5 f_cp Y `a_TaQ]]Ybc_] c_WV25 c_ Vbcm VT_ `aYhY^l bdTdR_ `QaQ6
UYT]QcYhVb[YV7 3 cQ[_Z USdfb\_Z^_Z QafYcV[cdaV \oRlV eaQT]V^cl
Y^cVa`aVcYadV]_T_ [_UQ RdUdc ^VYXRVW^_ S_b`aY^Y]Qcmbp [Q[ `aVU^Q6
X^QhV^^lV [ ]_UYeY[QgYY `_\mX_SQcV\V]5 Y b cQ[Y] S_b`aYpcYV] Sl
^YhVT_ ^V bUV\QVcV5 UQWV Vb\Y ^Q`YiVcV [dhd Ta_X^lf [_]]V^cQaYVS
Y `aVUd`aVWUV^YZ ‑ ^Q ^Yf ^Y[c_ ^V _RaQcYc S^Y]Q^Yp5 `_b[_\m[d
_^Y `a_cYS_aVhQc `_Ub_X^QcV\m^_ _WYUQV]_]d7 6b\Y `aQSY\m^Qp aQ6
R_cQ [_UQ _b^_S^_Z `a_TaQ]]l XQSYbYc _c ^V[_VT_ eaQT]V^cQ Y^cVa6
`aVcYadV]_T_ [_UQ5 ^Q`YbQ^^_T_ c_\m[_ cQ[ Y ^Y[Q[ Y^QhV 1c7 V7 VT_
YX]V^V^YV caVRdVc ]_UYeY[QgYY [_UQ ^Q _b^_S^_] pXl[V U\p b_faQ^V6
^Yp _RjVZ gV\_bc^_bcY25 Q nc_c eaQT]V^c [c_6c_ YX]V^Y\ Y YX6XQ nc_T_
Sb‫ ݷ‬b\_]Q\_bm ‑ SQb S cQ[_Z bYcdQgYY5 [Q[ T_S_aYcbp5 ^V `_Z]dc7
3`_\^V S_X]_W^_5 hc_ ^QiV `VaVhYb\V^YV b\dhQVS5 [_TUQ Y^cVa`aV6
cQgYp U_`dbcY]Q Y UQWV5 [Q[ S b\dhQV Sbca_V^^lf Y^cVa`aVcQc_a_S5
WV\QcV\m^Q5 ^V pS\pVcbp `_\^l]D b[_aVV SbVT_5 bdjVbcSdoc bYcdQgYY
U_`dbcY]_Z Y^cVa`aVcQgYY5 [_c_alV ]l ^V aQbb]_caV\Y7 ?U^_ ]_W^_
b[QXQcm b_ SbVZ _`aVUV\‫_^^ݷ‬bcmo7 6b\Y Sl `YiVcV `a_TaQ]]d5 `aVU`_6
\QTQojdo aQb`a_bcaQ^V^YV Y Yb`_\mX_SQ^YV _c[alcl] 1^VYXSVbc^l]
XQaQ^VV2 [adT_] \oUVZ5 c_ `aY]V^V^YV U\p nc_Z gV\Y Y^cVa`aVcYadV]_6
T_ pXl[Q S [QhVbcSV _b^_S^_T_ 1Y\Y VUY^bcSV^^_T_2 ‑ nc_ UV]_^bcaQ6
cYS^_V ^VdSQWV^YV [ SQiY] `_\mX_SQcV\p]5 TaQ^YhQjVV b fQ]bcS_]D
SlRaQS Y^cVa`aVcYadV]lZ pXl[5 Sl5 S_X]_W^_5 aViY\Y [Q[YV6c_ bS_Y
`a_R\V]l5 ^_ SVUm gV^Q nc_T_ ‫ݷ‬aViV^Yp‫ ‑ ݷ‬b_XUQ^YV `a_R\V] U\p ]VZ^6
cVZ^Va_S Y [_^Vh^lf `_\mX_SQcV\VZ7 B cQ[Y] WV db`Vf_] Sl ]_WVcV
^Q`YbQcm S U_[d]V^cQgYY ^Q `VaS_Z bcaQ^YgV hc_6^YRdUm Sa_UV ‫^]ݷ‬V
^Q`\VSQcm ^Q SbVf5 [c_ RdUVc nc_ hYcQcm5 Y Sca_Z^V ^Q`\VSQcm ^Q cVf5
[c_ ]_o `a_TaQ]]d bcQ^Vc Yb`_\mX_SQcm‫ݷ‬7
5QWV Vb\Y Sl ^V `\Q^YadVcV SQid `a_TaQ]]d ^Y[_]d `VaVUQSQcm5
^_ ^V dSVaV^l5 hc_ SQiY `\Q^l ^V YX]V^pcbp ‑ `aQSY\m^VV RdUVc `YbQcm
V‫^ ݷ‬Q [_]`Y\YadV]_] pXl[V5 U_`db[QojV] bcQcYhVb[do bR_a[d7

:;7>7A7 132 AQX]li\V^Yp _ hYbc_Z [_]`Y\pgYY
‫ݷ‬AQbiYaV^Yo S_X]_W^_bcVZ‫` ݷ‬aY `_\^_Z Y\Y hQbcYh^_Z Y^cVa`aV6
cQgYY `_bSpjV^_ _Ta_]^_V [_\YhVbcS_ \YcVaQcda^lf Ybc_h^Y[_S5 cd
WV aVe\V[bYo `_bc_p^^_ _RbdWUQoc Y S dhVR^Y[Qf5 Y S_ Sa_UV Rl bV6
am‫ݷ‬X^lf ^Qdh^lf bcQcmpf7 @a_cYS_`_\_W^lZ `_Uf_U5 _b^_SQ^^lZ ^Q
dbcaQ^V^YY n\V]V^c_S Y^cVa`aVcQgYY5 \YcVaQcdaQ5 [Q[ nc_ ^Y bcaQ^^_5

?>9

;_]`Y\pgYp5 Y^cVa`aVcQgYp5 b[aY`cY^T

_Rf_UYc ]_\hQ^YV]7 1Sc_al bcQcmY d:

?hVSYU^_5 hc_ _U^Q Y cQ WV XQUQhQ ]_WVc Rlcm aViV^Q RVb[_^Vh^l];?
[_\YhVbcS_] b`_b_R_S7 2_\miQp hQbcm S_X]_W^lf b`_b_R_S _[QWVcbp
^VneeV[cYS^Q5 ^_ SbVTUQ5 UQWV Vb\Y aVhm YU‫ݷ‬c _ `a_TaQ]]V ‫ݷ‬Q5;

;_]`Y\pgYp5 Y^cVa`aVcQgYp5 b[aY`cY^T

CQ[_Z SlX_S SlSVUVc bca_[d ‫=ݷ‬IF1B‫ݷ‬D Vb\Y `VaV]V^^do =IF1B S `a_6
TaQ]]V `VaVY]V^_SQcm5 c_5 _hVSYU^_5 YX]V^Ycbp Y SlUQSQV]Qp `a_TaQ]6
]_Z bca_[Q7
3`a_hV]5 UQWV U_bcYWV^YV da_S^p caVR_SQ^YZ5 [_c_al] dU_S\VcS_6
apoc c_\m[_ pXl[Y QbbV]R\Va_S5 ^V _RpXlSQVc ^Qb _bcQ^_SYcmbp7 B\V6
UdojVV caVR_SQ^YV _[QXlSQVcbp _hVSYU^l] [Q[ b c_h[Y XaV^Yp ne6
eV[cYS^_bcY Yb`_\^V^Yp5 cQ[ Y b c_h[Y XaV^Yp bQ]_UYbgY`\Y^l `a_6
TaQ]]YbcQ5 ^_5 cV] ^V ]V^VV5 b_R\oUQcm VT_ S b_SaV]V^^lf db\_SYpf
`aQ[cYhVb[Y ^VS_X]_W^_7 9cQ[C \oRlV SlhYb\V^Yp Y `aV_RaQX_SQ^Yp5
[_c_alV ]_Tdc Rlcm Sl`_\^V^l S_ SaV]p [_]`Y\pgYY5 ^V U_\W^l `V6
aV^_bYcmbp ^Q SaV]p Yb`_\^V^Yp `a_TaQ]]l7 >QadiV^YV] nc_T_ `aY^6
gY`Q RdUVc5 S hQbc^_bcY5 Y^cVa`aVcQgYp e_a]Qc^lf bca_[ S ed^[gYpf
@B9>D68C31>67 3`a_hV]5 hc_Rl b_R\obcY nc_ caVR_SQ^YV5 YXRQSYcmbp
_c e_a]Qc^lf bca_[ ^VU_bcQc_h^_D hc_Rl ^QdhYcm [_]`Y\pc_a `a_S_6
UYcm S_ SaV]p [_]`Y\pgYY UVZbcSYcV\m^_ \oRlV `aV_RaQX_SQ^Yp5 U\p
[_c_alf U_bcQc_h^_ Y^e_a]QgYY5 ^dW^l5 ^Q`aY]Va5 ed^[gYY b`VgY6
Q\m^_T_ SYUQ5 ^Q`aY]Va5 `_]VhV^^lV [Q[Y]6c_ [\ohVSl] b\_S_]D `aY
SlX_SV cQ[_Z ed^[gYY _c `QaQ]Vca_S5 X^QhV^Yp [_c_alf YXSVbc^l S_
SaV]p [_]`Y\pgYY5 [_]`Y\pc_a U_\WV^ `lcQcmbp ed^[gYo SlhYb\Ycm
Y XQ]V^Ycm V‫ ݷ‬SlX_S `_\dhV^^l] X^QhV^YV]7 3 BY cQ[_T_ ^Vc5 ^_ cQ[Y]Y
S_X]_W^_bcp]Y _R\QUQVc5 ^Q`aY]Va5 pXl[ M 1‫ݷ‬5Y‫ݷ‬27
3 cVa]Y^Qf b_UVaWQ^Yp Yb`_\^pV]_T_ eQZ\Q ]_W^_ be_a]d\Ya_6
SQcm Vj‫ ݷ‬USQ caVR_SQ^Yp [ [_]`Y\pgYY7 3_6`VaSlf5 bYbcV]Q `a_TaQ]6
]Ya_SQ^Yp U_\W^Q `_XS_\pcm b_XUQcm cQ[_Z Yb`_\^pV]lZ eQZ\5 hc_Rl
^Y[Q[Y]Y baVUbcSQ]Y Q^Q\YXQ ^V\mXp Rl\_ _`aVUV\Ycm5 [Q[YV [_^[aVc6
^_ Y^bcad]V^cl Rl\Y XQUVZbcS_SQ^l U\p VT_ b_XUQ^Yp7 Nc_ caVR_SQ6
^YV `_XS_\pVc ^QUVpcmbp5 hc_ S Yb`_\^pV]_] eQZ\V UVZbcSYcV\m^_ ^V
_bcQ^Vcbp ^YhVT_ \Yi^VT_5 _Rdb\_S\V^^_T_ c_\m[_ SlRaQ^^l]Y Y^6
bcad]V^cQ]Y Y ]Vc_UQ]Y aViV^Yp XQUQhY Y ^V Y]VojVT_ _c^_iV^Yp
[ aVi‫_^^ݷ‬Z XQUQhV [Q[ cQ[_S_Z7 3_6Sc_alf5 ]_W^_ `_caVR_SQcm5 hc_6
Rl bYbcV]Q `a_TaQ]]Ya_SQ^Yp `_XS_\p\Q be_a]Ya_SQcm \oR_Z Yb`_\6
^pV]lZ eQZ\5 [_aaV[c^lZ b c_h[Y XaV^Yp gV\VS_Z `\Qce_a]l7 BaV6
UY bdjVbcSdojYf Y^bcad]V^c_S cQ[Y]Y bS_ZbcSQ]Y _R\QUQoc c_\m6
[_ QbbV]R\Val7 9b`_\^pV]lZ eQZ\5 b_XUQ^^lZ [_]`Y\pc_a_] pXl[Q
BY5 `_XS_\pVc _`aVUV\Ycm5 [Q[_Z Rl\ Yb`_\mX_SQ^ [_]`Y\pc_a5 `aYh‫]ݷ‬
S R_\miY^bcSV b\dhQVS ‑ b c_h^_bcmo U_ SVabYY7
=_UV\m caQ^b\pgYY `a_TaQ]]5 dU_S\VcS_apojdo SbV] `VaVhYb\V^6
^l] caVR_SQ^Yp]5 ]_W^_ ^QXSQcm hYbc_Z [_]`Y\pgYVZ Y\Y hYbc_
[_]`Y\YadV]l] Yb`_\^V^YV]7 ?hVSYU^_5 hc_ U\p `aQ[cYhVb[_T_ `aY6
]V^V^Yp nc_Z ]_UV\Y `_caVRdVcbp ^_SlZ pXl[ `a_TaQ]]Ya_SQ^Yp5 `_6
b[_\m[d bdjVbcSdojYV pXl[Y Slb_[_T_ da_S^p 1UQWV pXl[ BY2 SSV6
U‫^^ݷ‬l] caVR_SQ^Yp] XQSVU_]_ ^V b__cSVcbcSdoc5 Q `aVU\_WV^YV _ R_\VV
Q[cYS^_] Yb`_\mX_SQ^YY QbbV]R\Va_S ]_W^_ SbVam‫ݷ‬X ^V aQbb]QcaYSQcm7

‫ ݷ‬:;7>7 BcaQcVTYY Sl`_\^V^Yp [Q[ `QaQUYT]l

?><

3 nc_] `\Q^V _hV^m Y^cVaVbV^ aQbb]_caV^^lZ ^Q]Y BY445 `aY]Va
[_c_a_T_ pb^_ `_[QXlSQVc `aY^gY`YQ\m^do S_X]_W^_bcm bdjVbcS_SQ6
^Yp pXl[Q ^YX[_T_ da_S^p5 S [_c_a_] S_X]_W^_ `_bca_V^YV b[_\m dT_U6
^_ Slb_[_da_S^VSlf QRbcaQ[gYZ7 ;_^Vh^_5 bQ] `_ bVRV BY44 S c_]
SYUV5 S [_c_a_] _^ bdjVbcSdVc bVZhQb5 `_b\V bcQ^UQacYXQc_ab[Yf SQ[6
fQ^Q\YZ5 Y UQWV S c_]5 S [_c_a_] _^ Rl\ YX^QhQ\m^_ `aVU\_WV^5 ^Q
a_\m hYbc_ [_]`Y\YadV]_T_ 1S c_\m[_ hc_ SSVU‫ ]_^^ݷ‬b]lb\V nc_T_ b\_6
SQ2 ^V T_UYcbp7 5V\_ S c_]5 hc_ S ^VT_ b bQ]_T_ ^QhQ\Q Rl\Q S[\ohV6
^Q U_bcQc_h^_ ^VcaYSYQ\m^Qp bYbcV]Q SYacdQ\m^lf ed^[gYZ5 [_c_ado
db\_W^pVc aVQ\YXQgYp ]^_WVbcSV^^_T_ ^Qb\VU_SQ^Yp S _RjV] SYUV5 Y
[ nc_]d `aYf_UYcbp U_RQSYcm `_UbYbcV]d _RaQR_c[Y Yb[\ohV^YZ5 [_6
c_aQp c_WV `_pSY\Qbm aQ^miV `VaS_T_ bcQ^UQacQ 1f_cp Y ^V b bQ]_T_
^QhQ\Q27 ;a_]V c_T_5 S BY44 ‑ S bQ] pXl[ ‑ S[\ohV^l baVUbcSQ aQ6
R_cl b UY^Q]YhVb[_Z `Q]pcmo5 [_c_alV5 VbcVbcSV^^_5 XQSYbpc _c RYR6
\Y_cV[Y7 ;_TUQ WV S BY44 U_RQSY\Y Vj‫ ݷ‬Y YUV^cYeY[QgYo cY`_S S_
SaV]p Yb`_\^V^Yp 1[]]R25 nc_c pXl[ _[QXQ\bp RVX^QU‫ݷ‬W^_ UQ\‫_ [ݷ‬c
b__cSVcbcSYp `aY^gY`Q] hYbc_Z [_]`Y\pgYY7
3bV ncY _b_RV^^_bcY pXl[Q `aY U_\W^_] `aY\_WV^YY dbY\YZ5 b[_6
aVV SbVT_5 dUQbcbp SlcVb^Ycm S RYR\Y_cV[Y5 ^_ U\p nc_T_ U_\W^Q Rlcm
_b_X^Q^Q ^V_Rf_UY]_bcm cQ[_T_ SlcVb^V^Yp7 3 gV\_]5 Vb\Y dhVbcm [Q[
^VTQcYS^lZ5 cQ[ Y `_\_WYcV\m^lZ _`lc pXl[Q BY445 ]_W^_ b_XUQcm
^_SlZ pXl[5 U_`db[QojYZ hYbcdo [_]`Y\pgYo S cVa]Y^Qf5 SSVU‫^ݷ‬6
^lf SliV5 ^_ `aY nc_] `_XS_\pojYZ SSVbcY b[_\m dT_U^_ b\_W^lV
QRbcaQ[gYY7 CQ[_Z pXl[ ]_T Rl _UY^Q[_S_ f_a_i_ 1`aY db\_SYY QUV[6
SQc^_T_ SlR_aQ Yb`_\mXdV]lf RYR\Y_cV[5 aQX\Yh^_T_ S [QWU_] [_^6
[aVc^_] b\dhQV2 `_Uf_UYcm U\p aViV^Yp [Q[ bYbcV]^lf5 cQ[ Y `aY6
[\QU^lf XQUQh5 c_ Vbcm Rlcm S `_\^_] b]lb\V d^YSVabQ\m^l] ‑ [_6
^Vh^_5 Vb\Y T_S_aYcm _ pXl[Qf _RjVT_ ^QX^QhV^YpD U\p b[aY`cY^TQ Y
`a_R\V]^_6_aYV^cYa_SQ^^lf pXl[_S Sb‫ ݷ‬WV \dhiV `_Uf_UYc Y^cVa`aV6
cQgYp7
4\QS^_V cdc5 `_WQ\dZ5 S_c hc_7 @_caVR^_bcm S ^_S_] pXl[V `a_TaQ]6
]Ya_SQ^Yp5 [_c_alZ XQ]V^Y\ Rl _c[a_SV^^_ ]_aQ\m^_ dbcQaVSiYZ BY
b VT_ cadU_‫_[]ݷ‬bcmo [_UY^TQ Y YXdSVhV^^lZ bcQ^UQacYXQc_aQ]Y BY445
^QXaV\Q dWV UQS^_5 Y `_`lc[Y dU_S\VcS_aYcm ncd `_caVR^_bcm XQ `_6
b\VU^YV T_Ul `aVU`aY^Y]Q\Ybm ^V aQX Y ^V USQ5 ^_ aVXd\mcQcl `_\dhQ6
ocbp U_S_\m^_ b_]^YcV\m^l]Y7 Be_a]d\Ya_SQ^^lV `aY^gY`l hYbc_Z
[_]`Y\pgYY S`_\^V ]_Tdc _[QXQcmbp [Q[ aQX cV]5 hVT_ ^V fSQcQVc7

@aY\_WV^YV >7 BaQS^V^YV eQZ\_S Y
^Q\_WV^YV YX]V^V^YZ
@aY aQR_cV b cV[bcQ]Y5 _b_RV^^_ Vb\Y nc_ Ybf_U^lV cV[bcl `a_6
TaQ]]5 hQbc_ S_X^Y[QVc `_caVR^_bcm Rlbca_ `_^pcm5 hV] UadT _c UadTQ
_c\YhQocbp USV SVabYY _U^_T_ cV[bc_S_T_ eQZ\Q7 3lpSYcm cQ[YV aQX6
\YhYp `_XS_\pVc `a_TaQ]]Q 4966 ‑ `_\dhYS USV SVabYY _U^_T_ eQZ\Q
Y `aVU`_\QTQp5 hc_ `VaSQp YX ^Yf ‑ ‫ݷ‬Ybf_U^Qp‫ݷ‬5 Q Sc_aQp ‑ ‫ݷ‬YX]V^‫^ݷ‬6
^Qp‫ݷ‬5 ncQ `a_TaQ]]Q `_[QWVc5 [Q[YV bca_[Y YX]V^Y\Ybm5 Q [Q[YV Rl\Y
SbcQS\V^l Y\Y dUQ\V^l7 AQbb]_caY] U\p `aY]VaQ f_a_i_ X^Q[_]do
^Q] `a_TaQ]]d ‫ݷ‬Q5>

G
@B9>D612PD612P??4 2I55 G?B22D
1FCDI8?CDCN8G?B;4

8QTQU_h^_V ‫>ݷ‬1?5@‫_ ݷ‬X^QhQVc5 hc_ `_b\V `pc_Z bca_[Y Ybf_U^_T_ eQZ6
\Q Rl\Y U_RQS\V^l bca_[Y5 [_c_alV S aVXd\mcYadojV] eQZ\V bcQ\Y
iVbc_Z Y bVUm]_Z7 6b\Y `_]V^pcm ]VbcQ]Y Ybf_U^lZ eQZ\ Y aVXd\m6
cYadojYZ5 ]l b_XUQUY] d `a_TaQ]]l 4966 S`VhQc\V^YV5 hc_ bca_[Y5
^Q_R_a_c5 Rl\Y dUQ\V^lD _R nc_] _^Q b__RjYc cQ[C
1FCDI8?CDCN8G?B;4 4966 85?

@aY\_WV^YV >
@B9>D612Q5@

39>3D =19>12
K
1
@B9>D612Q547DHD b eaQX_Z ‫ݷ‬KED
D85 C53?>4 =?EC5 75DC D85 3855C5‫ݷ‬7 6b\Y `aY]V^Ycm [ ncY] UYaV[6
c_aYp] [_]Q^Ud 4966 6WEB5 `_\dhYcbp b\VUdojVVC
1FCDI8?CDCN8G?B;4 4966 6WEB ?5G
4966 6WEB ?5G869BCD7DHD
666 ?6;@ :AC9@C>@7999999999 495G869BCD7DHD
:B@969:69: 947DHD >5G8C53?>47DHD
666 ?47DHD
:B@969:69: 947DHD
;9:?69>6;@ :AC9AC:?7999999999 494 =?EC5 75DC D85 3855C5
1FCDI8?CDCN8G?B;4
BcaQ^^Qp UQcQ :B@969:69: ^Q bQ]_] UV\V _X^QhQVc _cbdcbcSYV UQclD UVZbcSY6
cV\m^_5 SVUm b__cSVcbcSdojVT_ eQZ\Q `a_bc_ ^Vc7 5QcQ Y SaV]p S ?B ^>9H
caQUYgY_^^_ `aVUbcQS\pVcbp [Q[ hYb\_ bV[d^U5 `a_iVUiVV b `_\d^_hY `_ 4aY^6
SYhd : p^SQap :B@9 T_UQ5 cQ[ hc_ `_pS\V^YV cQ[_Z UQcl S SlUQhV `a_TaQ]]l
b__cSVcbcSdVc QaYe]VcYhVb[_]d ^d\oD ^d Q XQTQU_h^lV caY hQbQ ^_hY ^Q bQ]_]
UV\V _Rdb\_S\V^l hQb_Sl] `_pb_] =_b[Sl5 TUV `a_S_UY\bp nc_c n[b`VaY]V^c7

@VaV^Q`aQSYS SlS_U `a_TaQ]]l 4966 S eQZ\5 ]l `_\dhY] cQ[ ^Q6
XlSQV]lZ ‫`ݷ‬Qch‫ ݷ‬1Q^T\7 @1D385 b]7 cQ[WV c7 :5 b^_b[d :> ^Q bca7 >>:2 ‑
b`Yb_[ YX]V^V^YZ5 [_c_alZ ]_W^_ `aY]V^Ycm QSc_]QcYhVb[Y7 ?`lc6
^lV `a_TaQ]]Ybcl hQbc_5 _b_RV^^_ `aY aQR_cV ^Q pXl[V BY5 aV[_]V^6
Udoc [ e\QTQ] 6E5 6B Y 6W U_RQSYcm Vj‫ ݷ‬6@5 [_c_alZ XQbcQSYc 4966
d[QXlSQcm U\p [QWU_T_ YX]V^V^Yp5 [ [Q[_Z ed^[gYY pXl[Q BY nc_
YX]V^V^YV _c^_bYcbp7 6b\Y XQT_\_S_[ ed^[gYY `_`Q\ S SlUQSQV]lZ
[_^cV[bc5 c_ 4966 ^Q nc_] db`_[QYSQVcbp5 Vb\Y WV XQT_\_S_[ S [_^cV[bc
^V `_`Q\5 `a_TaQ]]Q U_RQS\pVc VT_ [ XQT_\_S[d YX]V^V^Yp 1`_b\V bY]6
S_\_S II27 5\p ^V[_c_alf UadTYf pXl[_S `a_TaQ]]Ya_SQ^Yp 6@ c_WV
baQRQclSQVc7 9c_T_SlZ ^QR_a e\QT_S U\p `_\dhV^Yp `QchQ `a_jV SbV6
T_ XQ`_]^Ycm S UadT_] `_apU[VC 6WEB@7 >V[_c_alV `a_TaQ]]Ybcl `aY6
]V^poc ncd [_]RY^QgYo5 UQS^_ XQRlS5 hc_ [_^[aVc^_ X^QhYc [QWUlZ
YX hVcla‫ݷ‬f e\QW[_S7 9cQ[5 `_\dhQV] `Qch 1^QX_S‫ ]ݷ‬VT_5 ^Q`aY]Va5
?5G749662C
4966 6WEB@ ?5G G ?5G74966

8QZU‫ ]ݷ‬cV`Vam S UYaV[c_aYo ?B

SQcm XQUQ^^_V [_\YhVbcS_ n\V]V^c_S Y]‫ ^ݷ‬eQZ\_S5 Y\Y5 Vb\Y T_S_aYcm
b_SbV] c_h^_5 `a_TaQ]]Q @1D385 `_\dhYS e\QT 6@ b ^V[Y] hYb\_] 𝑁 5
dUQ\pVc YX Y]‫ ^ݷ‬eQZ\_S 𝑁 `VaSlf bY]S_\_S ‫ݷ‬8‫ ݷ‬S]VbcV b_ SbV]Y Rd[SQ6
]Y ]VWUd ^Y]Y7 3 ^QiV] b\dhQV ^dW^_ dRaQcm YX Y]‫ ^ݷ‬eQZ\_S S `QchV
Y]V^Q UYaV[c_aYZ ?5G7 3 `_UQS\pojV] R_\miY^bcSV b\d6
hQVS `a_TaQ]]d @1D38 XQ`db[Qoc Y]V^^_ cQ[ ‑ b `QaQ]Vca_]
6@:5 hc_ Y `_^pc^_C [Q[ `aQSY\_5 `Qch6eQZ\ `_\dhQoc `dc‫ ]ݷ‬baQS^V6
^Yp USdf UYaV[c_aYZ c_h^_ cQ[ WV5 [Q[ nc_ bUV\Q\Y ]l5 Q Y]V^Q ncYf
UYaV[c_aYZ `aY ^Q\_WV^YY `QchQ b\VUdVc5 _hVSYU^_5 `a_YT^_aYa_SQcm7
9cQ[5 UVZbcSdV]C
1FCDI8?CDCN8G?B;4 34 ?47DHD
1FCDI8?CDCN8G?B;8?47DHD
1FCDI8?CDCN8G?B;8?D
_RjV`aY^pc_T_ adbb[_pXlh^_T_ cVa]Y^Q `_[Q ^Vc5 cQ[ hc_ hQbc_ cQ[
Y T_S_apc ‑ aVTaVbbYp27 @_Yb[ ^dW^_T_ ‫ݷ‬baVXQ‫ ݷ‬baVUY ^Vb[_\m[Yf
UVbpc[_S5 Q c_ Y b_cV^ QafYS_S ]_WVc _c^pcm ]^_T_ SaV]V^Y Y bY\D
`aY `_`lc[V b_VUY^Ycm ^QZUV^^lZ eaQT]V^c bcQa_T_ Ybf_U^Y[Q b cV]Y
`_\VX^l]Y YX]V^V^Yp]Y5 [_c_alV Sl S^Vb\Y `_XWV5 hQbc_ `_\dhQVcbp

BYbcV]l [_^ca_\p SVabYZ

??:

b_SVaiV^^_ ^VWYX^Vb`_b_R^lZ TYRaYU5 `_b[_\m[d Sl ]_WVcV XQRlcm5
U\p [Q[Yf gV\VZ S^_bY\Ybm cV Y\Y Y^lV `aQS[Y5 d`dbcYcm [Q[do6c_
hQbcm bSpXQ^^lf ]VWUd b_R_Z YX]V^V^YZ Y c7 `7 >Vb[_\m[_ UVbpc[_S
hdcm6hdcm aQX^lf SVabYZ _U^_T_ eQZ\Q ‑ nc_ dWV `aV[aQb^Qp S_X]_W6
^_bcm XQR\dUYcmbp5 [_TUQ WV `a_V[c bQ] `_ bVRV b_bc_Yc YX UVbpc[_S
eQZ\_S 1]_Ud\VZ25 S [_c_alV S^_bpcbp YX]V^V^Yp5 [Q[ bSpXQ^^lV ]VW6
Ud b_R_Z5 cQ[ Y bQ]_bc_pcV\m^lV5 Y Sb‫ ݷ‬nc_ bdjVbcSdVc S UVbpc[Qf [_`YZ
_c aQX^lf UQc5 `_\_WV^YV `_bcV`V^^_ bcQ^_SYcbp _chQp^^l]5 Q cQ] Y
S_SbV RVX^QU‫ݷ‬W^l]7
BYcdQgYp aVX[_ _R_bcapVcbp5 [_TUQ ^QU `a_TaQ]]_Z aQR_cQVc ^V
_UY^ hV\_SV[5 Q f_cp Rl US_V Y\Y ca_V5 ^V T_S_ap dWV _ [_\\V[cYSQf
YX UVbpcY6`pc^QUgQcY aQXaQR_chY[_S7 Db\VUYcm XQ bS_Y]Y b_RbcSV^^l6
]Y UVZbcSYp]Y Vj‫[ ݷ‬Q[6c_ ]_W^_D ^_ `aVUbcQSmcV bVRV `_c_[ ]_UYeY6
[QgYZ5 S^Vb‫^^ݷ‬lf S ^VcaYSYQ\m^lZ cV[bc `a_TaQ]]l ^Q `a_cpWV^YY
f_cp Rl T_UQ ^Vb[_\m[Y]Y `a_TaQ]]YbcQ]Y5 [Q[6c_ _R]V^YSQojY]Ybp
]VWUd b_R_Z _hVaVU^l]Y SVabYp]Y5 Y ^QTa_]_WUV^Yp QafYS_S Ybf_U6
^lf cV[bc_S5 [_c_alV [QWUlZ YX ^Yf bUV\Q\ U\p bVRp S b__cSVcbcSYY
b_ bS_VZ b_RbcSV^^_Z \_TY[_Z ‑ Y Sl `_Z]‫ݷ‬cV5 hc_ XQUQhQ `_Yb[Q ^dW6
^_T_ SQaYQ^cQ eQZ\Q 1Y\Y5 fdWV c_T_5 ^QR_aQ eQZ\_S2 S cQ[_] ]VbYSV
^VaQXaViY]Q `aY^gY`YQ\m^_7
BYbcV]l [_^ca_\p SVabYZ `_XS_\poc ^V c_ hc_Rl `_\^_bcmo
aViYcm SbV ncY `a_R\V]l5 ^_ f_cp Rl b^YXYcm Yf _bca_cd7 CQ[YV bYbcV6
]l ^Q `a_cpWV^YY SbVT_ `a_gVbbQ aQXaQR_c[Y `a_TaQ]]l `_XS_\poc
XQaVTYbcaYa_SQcm [QWU_V YX]V^V^YV Ybf_U^lf cV[bc_S5 b^QRUYcm VT_
[_]]V^cQaYV]5 dX^Qcm5 [c_5 [_TUQ Y [Q[YV YX]V^V^Yp S^‫ݷ‬b5 Q `aY ^V_R6
f_UY]_bcY ‑ `_\dhYcm [_]`\V[c Ybf_U^lf cV[bc_S Y\Y [Q[do6c_ VT_
hQbcm S c_] b_bc_p^YY5 S [_c_a_] eQZ\l Ybf_U^Y[_S bdjVbcS_SQ\Y ^Q
_`aVUV\‫^^ݷ‬do UQcd7 8^QhY]lV ]_]V^cl aQXaQR_c[Y5 ^Q`aY]Va5 _eY6
gYQ\m^lZ Sl`db[ _hVaVU^_Z SVabYY `a_TaQ]]l Y\Y `a_bc_ ‫ݷ‬XQaQR_6
cQSiQp‫ ݷ‬hQbc^Qp S_X]_W^_bcm5 ]_Tdc Rlcm `_]VhV^l b`VgYQ\m^l]Y
]Vc[Q]Y U\p dU_RbcSQ U_bcd`Q [ ^Y]7
2_\miV c_T_5 SbV bYbcV]l [_^ca_\p SVabYZ `_XS_\poc `_UUVaWY6
SQcm _U^_SaV]V^^_ ^Vb[_\m[_ SQaYQ^c_S Ybc_aYY YX]V^V^YZ U\p _U^_T_
Y c_T_ WV `a_V[cQ7 >Q`aY]Va5 hQbcm aQXaQR_chY[_S ]_WVc XQ^Y]Qcmbp
_U^Y] ^Q`aQS\V^YV] aQXSYcYp5 hQbcm ‑ UadTY]5 Q ^V[_c_alV YX aQXaQ6
R_chY[_S ]_Tdc `_]_TQcm c_ _U^_Z5 c_ UadT_Z Tad``V bS_Yf [_\\VT5 Y
U_ `_al U_ SaV]V^Y ncY Tad``l ]_Tdc UVZbcS_SQcm b_SVaiV^^_ ^VXQ6
SYbY]_ UadT _c UadTQ5 _RaQjQp S^Y]Q^YV c_\m[_ ^Q bS_Y YX]V^V^YpD
b_bcl[_SQcm aVXd\mcQcl aQR_cl _^Y b]_Tdc5 [_TUQ `aYU‫ݷ‬c SaV]p ‑ ^Q6
`aY]Va5 [_TUQ _RV Tad``l U_bcYT^dc `_\_WYcV\m^lf aVXd\mcQc_S7 CQ6
[YV ^VXQSYbY]lV eaQT]V^cl Ybc_aYY YX]V^V^YZ ^QXlSQocbp SVc[Q6
]Y 1Q^T\7 2B1>385C2D _^Y UQoc S_X]_W^_bcm `a_S_UYcm n[b`VaY]V^cl5
^V R_pbm ‫ݷ‬b\_]Qcm‫_ ݷ‬b^_S^do SVabYo `a_TaQ]]l7 3 ^V[_c_alf b\dhQpf
YX]V^V^Yp5 S^Vb‫^^ݷ‬lV S _cUV\m^_Z SVc[V5 cQ[ ^Y[_TUQ Y ^V S[\ohQoc6
bp S _b^_S^do SVabYo `a_TaQ]]lD cQ[ `a_Ybf_UYc5 Vb\Y n[b`VaY]V^c
`aYX^Q^ ^VdUQSiY]bp5 Q cQ[WV5 ^Q`aY]Va5 [_TUQ `aYf_UYcbp Yb`aQS6

??;

@aY\_WV^YV ?

\pcm _iYR[Y S bcQalf SVabYpf `a_TaQ]]l5 `aYh‫ ]ݷ‬b Sl`db[_] ^_S_Z
SVabYY cQ[YV Yb`aQS\V^Yp `_ cV] Y\Y Y^l] `aYhY^Q] _[QXlSQocbp
^VQ[cdQ\m^l7
@aY _RkVUY^V^YY YX]V^V^YZ5 S^Vb‫^^ݷ‬lf aQX^l]Y \oUm]Y 1S aQX6
^lf SVc[Qf Y\Y `a_bc_ `aY _U^_SaV]V^^_Z aQR_cV25 ]_Tdc S_X^Y[Qcm
[_^e\Y[clD nc_ b\dhQVcbp5 [_TUQ dhQbc^Y[Y aQXaQR_c[Y YX]V^poc
_UY^ Y c_c WV eaQT]V^c `a_TaQ]]l5 S^_bp aQX^lV YX]V^V^Yp7 BYbcV6
]l [_^ca_\p SVabYZ YXapU^_ _R\VThQoc `a_gVbb aQXaViV^Yp cQ[Yf [_^6
e\Y[c_S7 CQ[5 `aY ‫ݷ‬adh^_]‫_ ݷ‬RkVUY^V^YY YX]V^V^YZ dhQbc^Y[Q] aQX6
aQR_c[Y U_bcQc_h^_ Rl\_ Rl _caVUQ[cYa_SQcm _UY^ Y c_c WV eQZ\5
hc_Rl bc_\[^dcmbp b_ b\_W^_bcp]YD bYbcV]l [_^ca_\p SVabYZ _Rlh^_
U_bcQc_h^_ ‫ݷ‬Y^cV\\V[cdQ\m^l‫ݷ‬5 hc_Rl `_^pcm5 hc_ YX]V^V^Yp S^VbV^l
S aQX^lV ]VbcQ _U^_T_ eQZ\Q5 Y S nc_] b\dhQV ^Y[Q[_T_ [_^e\Y[cQ ^V
S_X^Y[^Vc ‑ bYbcV]Q bQ]Q b_XUQbc ^_Sdo SVabYo eQZ\Q5 b_UVaWQjdo
Y cV5 Y UadTYV YX]V^V^Yp7 ;_^Vh^_5 QSc_]QcYhVb[Y `_U_R^lV bYcdQgYY
]_Tdc Rlcm aQXaViV^l UQ\V[_ ^V SbVTUQ5 SVUm YX]V^V^Yp5 S^Vb‫^^ݷ‬lV
aQX^l]Y \oUm]Y5 ]_Tdc [_b^dcmbp _U^_T_ Y c_T_ WV eaQT]V^cQ cV[bcQD
^_ Y S nc_] b\dhQV bYbcV]Q [_^ca_\p SVabYZ _[QXlSQVc bdjVbcSV^^do
`_]_jm5 `_]VbcYS [_^e\Y[cdojYV SQaYQ^cl cV[bcQ S _UY^ eQZ\ Y
SlUV\YS Yf b`VgYQ\m^l]Y X^Q[Q]Y5 cQ[ hc_ `a_TaQ]]YbcQ] _bcQ‫ݷ‬cbp
c_\m[_ aViYcm5 [Q[ U_\WV^ SlT\pUVcm Yc_T_SlZ cV[bc7
2QXQ UQ^^lf5 S [_c_a_Z faQ^Ycbp Sbp Ybc_aYp XQaVTYbcaYa_SQ^^lf
YX]V^V^YZ Ybf_U^lf cV[bc_S5 ^QXlSQVcbp aV`_XYc_aYV]7 ?Rlh^_ aV6
`_XYc_aYZ `aVUbcQS\pVc b_R_Z _Rlh^_V UVaVS_ UYaV[c_aYZ b eQZ\Q]Y5
cQ[ hc_ VT_ ]_W^_5 ^Q`aY]Va5 b[_`Ya_SQcm Y\Y `VaV^VbcY S UadT_V ]V6
bc_5 XQQafYSYa_SQcm _Rlh^l] QafYSQc_a_]5 b_XUQcm aVXVaS^do [_`Yo
Y c7 `7 ?UY^ YX _b^_S^lf `aY^gY`_S aQR_cl b aV`_XYc_aYV] b_bc_Yc S
c_]5 hc_ VUY^_WUl S^Vb‫^^ݷ‬Qp S aV`_XYc_aYZ Y^e_a]QgYp _bcQ6
‫ݷ‬cbp S ^‫^ ]ݷ‬QSbVTUQ7 3l ]_WVcV5 ^Q`aY]Va5 dUQ\Ycm eQZ\ YX `a_V[cQ5
Y bYbcV]Q [_^ca_\p SVabYZ nc_c eQ[c XQaVTYbcaYadVc5 ^_ S aV`_XYc_6
aYY `aY nc_] _bcQ^Vcbp Y bQ] nc_c eQZ\5 Y Sbp Ybc_aYp VT_ YX]V^V^YZ5
Y UQcQ5 [_TUQ _^ Rl\ dUQ\‫^ݷ‬7 6b\Y Rl YX aV`_XYc_aYp ]_W^_ Rl\_
hc_6c_ dUQ\pcm ‫_`ݷ‬6^Qbc_pjV]d‫ݷ‬5 c_ `_b\V ]l ^V b]_T\Y Rl S_bbcQ^_6
SYcm Ybf_U^lV cV[bcl S b_bc_p^YY5 `aVUiVbcSdojV] dUQ\V^YoD ]VWUd
cV] S_X]_W^_bcm S_bbcQ^_SYcm \oRdo SVabYo ^QiYf Ybf_U^Y[_S5 bd6
jVbcS_SQSido [_TUQ6\YR_ ^Q `a_cpWV^YY SbVZ aQXaQR_c[Y ‑ nc_ _U^Q
YX [\ohVSlf ed^[gYZ bYbcV]l [_^ca_\p SVabYZ7
>V_RaQcY]_bcm S^VbV^Yp Y^e_a]QgYY S aV`_XYc_aYZ Y]VVc _U^_
SQW^_V b\VUbcSYVC `VaVU aVTYbcaQgYVZ c_T_ Y\Y Y^_T_ eQZ\Q S
bYbcV]V [_^ca_\p SVabYZ b\VUdVc f_a_i_ `_Ud]Qcm7 5\p cV[6
bc_Slf eQZ\_S nc_ _Rlh^_ ^V b_XUQ‫ݷ‬c `a_R\V]5 ^_ S ^V[_c_alf 1U_bcQ6
c_h^_ aVU[Yf2 b\dhQpf S aV`_XYc_aYZ `aYf_UYcbp S^_bYcm US_Yh^lV
eQZ\l5 ^Q`aY]Va5 YX_RaQWV^Yp5 [_c_alV `a_TaQ]]Q U_\W^Q SlS_UYcm
^Q n[aQ^7 AQX]Val US_Yh^lf eQZ\_S ]_Tdc _[QXQcmbp bdjVbcSV^^l6
]Y5 cQ[ hc_ ^Qi aV`_XYc_aYZ ‫ݷ‬aQb`df^Vc‫ ݷ‬Y VT_ bcQ^Vc cadU^_ _Rb\d6
WYSQcm5 ^Q`aY]Va5 `a_YXS_UYcm aVXVaS^_V [_`Ya_SQ^YV7 B[QXQ^^_V ^V

BYbcV]l [_^ca_\p SVabYZ

??<

_X^QhQVc5 hc_ US_Yh^lV eQZ\l S__RjV ^V\mXp aVTYbcaYa_SQcm S bYbcV6
]VD ^Q`a_cYS5 Vb\Y SQid `a_TaQ]]d ^VS_X]_W^_ b_RaQcm RVX c_T_ Y\Y
Y^_T_ eQZ\Q5 c_ nc_c eQZ\ U_\WV^ Rlcm `_]Vj‫ ^ݷ‬S aV`_XYc_aYZ S _Rp6
XQcV\m^_] `_apU[V7 @a_bc_ b\VUdVc b^QhQ\Q Ud]Qcm5 Q `_c_] UV\QcmD
nc_c `aY^gY`5 S`a_hV]5 ]_W^_ bhYcQcm _RjVX^QhY]l]7
BYbcV]l [_^ca_\p SVabYZ UV\pcbp ^Q gV^caQ\YX_SQ^^lV Y aQb6
`aVUV\‫^^ݷ‬lV7 GV^caQ\YX_SQ^^Qp bYbcV]Q [_^ca_\p SVabYZ `_UaQXd6
]VSQVc Yb`_\mX_SQ^YV _U^_T_ aV`_XYc_aYpD SbV dhQbc^Y[Y `a_V[cQ `V6
aVU ^QhQ\_] bVQ^bQ aQR_cl `_\dhQoc YX aV`_XYc_aYp SVabYo Ybf_U^lf
cV[bc_S5 b_UVaWQjdo bSVWYV YX]V^V^Yp5 S^Vb‫^^ݷ‬lV UadTY]Y dhQbc^Y6
[Q]Y5 Q S [_^gV bVQ^bQ _c`aQS\poc S aV`_XYc_aYZ bS_Y b_RbcSV^^lV
YX]V^V^Yp7
AQb`aVUV\‫^^ݷ‬Qp bYbcV]Q [_^ca_\p SVabYZ aQR_cQVc `_ UadT_]d
`aY^gY`d7 5\p [QWU_Z aQR_hVZ [_`YY Ybf_U^lf cV[bc_S b_XUQ‫ݷ‬cbp b_R6
bcSV^^lZ aV`_XYc_aYZ7 AVTYbcaQgYp ^_Slf YX]V^V^YZ5 S_bbcQ^_S\V^YV
bcQalf SVabYZ5 `VaV[\ohV^YV ]VWUd SVc[Q]Y Y UadTYV icQc^lV _`VaQ6
gYY `a_YXS_Upcbp b Yb`_\mX_SQ^YV] \_[Q\m^_T_ aV`_XYc_aYpD bYbcV]Q
`_XS_\pVc bY^fa_^YXYa_SQcm b_UVaWY]_V aQX^lf aV`_XYc_aYVS ]VWUd
b_R_Z7
?b^_S^_Z ^VU_bcQc_[ gV^caQ\YX_SQ^^lf bYbcV] b_bc_Yc S c_]5 hc_
U\p aQR_cl b ^Y]Y SQ] ^V_Rf_UY] U_bcd` [ gV^caQ\m^_]d aV`_XYc_aYo7
@_[Q Sl b_ SbV]Y SQiY]Y [_\\VTQ]Y5 dhQbcSdojY]Y S c_] WV `a_V[6
cV5 bYUYcV S _U^_] _eYbV5 `a_R\V] ^V S_X^Y[QVc7 6b\Y `a_TaQ]]Ybcl
eYXYhVb[Y ^Qf_Upcbp S aQX^lf ]VbcQf5 U_bcd` [ aV`_XYc_aYo `aYf_6
UYcbp `aVU_bcQS\pcm hVaVX 9^cVa^Vc5 Q nc_ dWV caVRdVc _`aVUV\‫^^ݷ‬lf
]Va `_ _RVb`VhV^Yo Y^e_a]QgY_^^_Z RVX_`Qb^_bcYD [a_]V c_T_5 SbV]
dhQbc^Y[Q] `a_V[cQ U\p aQR_cl caVRdVcbp `_bc_p^^lZ U_bcd` S 9^cVa6
^Vc5 hc_ c_WV ^V SbVTUQ S_X]_W^_7 6b\Y Yb`_\mX_SQcm aQb`aVUV\‫^^ݷ‬do
bYbcV]d [_^ca_\p SVabYZ5 c_ SQi aV`_XYc_aYZ RdUVc b_`a_S_WUQcm SQb
SVXUV5 TUV Sl XQf_cYcV5 Y Sl5 UQWV ^V Y]Vp U_bcd`Q S 9^cVa^Vc5 b]_6
WVcV S_b`_\mX_SQcmbp SbV]Y S_X]_W^_bcp]Y bYbcV]l5 XQ Yb[\ohV^YV]
`_\dhV^Yp bSVWYf YX]V^V^YZ _c UadTYf dhQbc^Y[_S Y _c`aQS[Y Y] bS_6
Yf aVXd\mcQc_S7 B UadT_Z bc_a_^l5 aQb`aVUV\‫^^ݷ‬lV bYbcV]l dbca_V^l
b\_W^VV5 Y Yf ^Q]^_T_ b\_W^VV _bS_Ycm7
AQ^^YV bYbcV]l [_^ca_\p SVabYZ5 cQ[YV [Q[ [L\ Y\Y \LL\5 S ^QiV
SaV]p SbcaVhQocbp [aQZ^V aVU[_7 3 cVhV^YV baQS^YcV\m^_ U_\T_T_ `V6
aY_UQ ‑ `aYR\YXYcV\m^_ b ^QhQ\Q :BB96f T_U_S U_ bVaVUY^l ;9996f ‑
baVUY aQXaQR_chY[_S `a_TaQ]]^_T_ _RVb`VhV^Yp Rl\Q `_`d\pa^Q bY6
bcV]Q L_\ 1L?>3EBB5>D _5BC9?>9>7 \ICD5=25 `aVU`_\QTQojQp Yb`_\mX_6
SQ^YV gV^caQ\m^_T_ aV`_XYc_aYp7 @_b\VU^YZ _eYgYQ\m^lZ aV\YX L_\
SliV\ S ;99A T_Ud7 >_SlV `a_V[cl5 `aVU`_hYcQojYV gV^caQ\YX_SQ^6
^lZ aV`_XYc_aYZ5 bVZhQb _Rlh^_ Yb`_\mXdoc bYbcV]d \E2F5BC9?> 1\_W25
[_c_aQp `_pSY\Qbm S ;999 T_Ud Y Q[cYS^_ `_UUVaWYSQVcbp U_ bYf `_a7
BaVUY aQb`aVUV\‫^^ݷ‬lf bYbcV] [_^ca_\p SVabYZ ^QYR_\miVZ `_`d\pa6
^_bcmo `_\mXdVcbp b_XUQ^^Qp T_Ud `a_6
TaQ]]Q 79D7 ; aQb`aVUV\‫^^ݷ‬l] _c^_bpcbp cQ[WV M1B3C 1;9925 K1J11B 1;99>2 Y ]^_TYV UadTYVD S gV\_]5 bdUp `_ SbV]d5 aQb6
`aVUV\‫^^ݷ‬Qp ]_UV\m _aTQ^YXQgYY aV`_XYc_aYVS `_bcV`V^^_ SlcVb^pVc
gV^caQ\YX_SQ^^do7
CQ[ Y\Y Y^QhV5 b ^QYR_\miVZ SVa_pc^_bcmo SQ] ]_Tdc SbcaVcYcmbp
Y]V^^_ 79D Y5 [Q[ ^Y bcaQ^^_5 L_\5 ^Vb]_cap ^Q c_5 hc_ ncd bYbcV]d
bVT_U^p b\VUdVc bhYcQcm ]_aQ\m^_ dbcQaVSiVZD n`_fQ V‫ ݷ‬T_b`_UbcSQ cp6
^d\Qbm cQ[ U_\T_5 hc_ XQ`Qb `a_V[c_S5 ^QhQclf S c_c `VaY_U Y `_[Q ^V
b]V^YSiYf L_\ ^Q hc_6c_ UadT_V5 YbhVa`QVcbp Vj‫^ ݷ‬V b[_a_7 NcY USV
bYbcV]l ]l Y aQbb]_caY]5 `aYh‫^ ]ݷ‬Qh^‫ ]ݷ‬b L_\ [Q[ b R_\VV `a_bc_Z7

BYbcV]Q L_\
3bV UVZbcSYp5 `aVUdb]_caV^^lV S bYbcV]V L_\5 ]_W^_ Sl`_\^Ycm
b `_]_jmo _U^_Z `a_TaQ]]l5 [_c_aQp cQ[ Y ^QXlSQVcbp 3FC7 5\p ^Q6
hQ\Q SQ] `_caVRdVcbp b_XUQcm aV`_XYc_aYZ5 S [QhVbcSV [_c_a_T_ L_\
Yb`_\mXdVc UYaV[c_aYo b eQZ\Q]YD ncd UYaV[c_aYo _Rlh^_ ^QXlQoc
‫ݷ‬L_\ [??D‫ ݷ‬1[_a^VSQp U\p L_\ 27 6b\Y Sl aQR_cQVcV S _UY^_h[d5 `a_6
jV SbVT_ b_XUQcm aV`_XYc_aYZ `ap]_ S SQiVZ U_]Qi^VZ UYaV[c_aYY ‑
^Q`aY]Va5 Vb\Y SQiV Y]p `_\mX_SQcV\p ‫ݷ‬F1CI1‫ݷ‬5 Q U_]Qi^pp UYaV[6
c_aYp ‑ 88?=58F1CI15 c_ S a_\Y aV`_XYc_aYp SQ] S`_\^V `_U_ZU‫ݷ‬c
88?=58F1CI183FCB??D7 @aY aQR_cV S Tad``V cQ[_V aViV^YV ^VdU_R^_5
^_ _R nc_] `_XWV7
L_\ dX^Q‫ݷ‬c _ ]Vbc_^Qf_WUV^YY aV`_XYc_aYp YX `VaV]V^^_Z _[ad6
WV^Yp L_\[XX]5 cQ[ hc_ SQ] `aYU‫ݷ‬cbp ncd `VaV]V^^do XQUQcm7 6b\Y
Rl ^Q] ^dW^_ Rl\_ UQcm SbVT_ _U^d [_]Q^Ud5 ]l ]_T\Y Rl XQUQcm
`VaV]V^^do `ap]_ S ^VZ5 ^Q`aY]VaC
F1CI1I8?CDCN4 L_\[XX]F88?=58F1CI183FCB??D 538? 4L_\[XX]
88?=58F1CI183FCB??D

1^Q`_]^Y]5 hc_ S]Vbc_ 4L_\[XX] ^Qi [_]Q^U^lZ Y^cVa`aVcQc_a `_U6
bcQS\pVc X^QhV^YV `VaV]V^^_Z L_\[XX]5 Q [_]Q^UQ 538? `VhQcQVc bS_Y
QaTd]V^cl27 >_ S ^QiV] b\dhQV _U^_Z [_]Q^U_Z UV\_ ^V _TaQ^YhYc6
bp5 cQ[ hc_ dU_R^VV RdUVc `_ ]V^miVZ ]VaV _RVb`VhYcm bdjVbcS_SQ^YV
^dW^_Z `VaV]V^^_Z ^Q SVbm bVQ^b aQR_clC
F1CI1I8?CDCN4 5H@?BD L_\[XX]F88?=58F1CI183FCB??D

6j‫\ ݷ‬dhiV RdUVc b[_^eYTdaYa_SQcm SQid bYbcV]d cQ[5 hc_Rl `VaV6
]V^^Qp `_\dhQ\Q bS_‫ ݷ‬X^QhV^YV QSc_]QcYhVb[Y S [QWU_] SQiV] bVQ^bV
aQR_cl7 9^cVa`aVcQc_a [_]Q^U^_Z bca_[Y 21C85 [_c_alZ ]l Yb`_\m6
XdV]: 5 `aY XQ`db[V S [QhVbcSV ‫\ݷ‬YUVaQ bVQ^bQ‫` ݷ‬lcQVcbp ^QZcY S SQ6
iVZ U_]Qi^VZ UYaV[c_aYY eQZ\ b Y]V^V] 721C8h@B?69

5H@?BD L_\[XX]F88?=58F1CI183FCB??D

S _RQ ncYf eQZ\Q7 Hc_Rl `a_SVaYcm5 hc_ Sb‫ ݷ‬S `_apU[V5 `aQSY\m^VV
SbVT_ RdUVc XQSVaiYcm bS_Z bVQ^b aQR_cl5 XQZcY S bYbcV]d b^_SQ5 UQcm
[_]Q^Ud ‫ݷ‬538? 4L_\[XX]‫ ݷ‬Y dRVUYcmbp5 hc_ _^Q `VhQcQVc c_5 hc_ ^dW^_7
B_XUQS UYaV[c_aYo Y dbcQ^_SYS `VaV]V^^do L_\[XX]5 b__RjY] bY6
bcV]V5 hc_ ]l f_cY] ^QhQcm Yb`_\mX_SQ^YV ^_S_T_ aV`_XYc_aYp7 Nc_
UV\QVcbp [_]Q^U_Z ‫ݷ‬3FC 9>9D‫ݷ‬5 [_c_aQp b_XUQbc ^dW^lV U\p aQR_cl
b\dWVR^lV eQZ\l7
3 _U^_] aV`_XYc_aYY bYbcV]Q L_\ `_XS_\pVc aQX]VjQcm `a_YXS_\m6
^_V [_\YhVbcS_ `a_V[c_S 1S cVa]Y^Qf L_\ ‑ ‫_]ݷ‬Ud\VZ‫ݷ‬27 CaQUYgY_^^_
[QWUlZ `a_V[c aQbb]QcaYSQVcbp [Q[ UYaV[c_aYp b eQZ\Q]Y 1Y5 S_X6
]_W^_5 `_UUYaV[c_aYp]Y25 Y S aV`_XYc_aYY bYbcV]Q c_WV b_XUQ‫ݷ‬c _c6
UV\m^do UYaV[c_aYo U\p [QWU_T_ `a_V[cQD nc_ `_\VX^_ X^Qcm5 Vb\Y Rd6
UVc ^dW^_ `VaV^VbcY `a_V[c b_ SbVZ VT_ Ybc_aYVZ YX]V^V^YZ YX _U^_T_
aV`_XYc_aYp S UadT_Z7
5\p b_XUQ^Yp S aV`_XYc_aYY ^_S_T_ `a_V[cQ Yb`_\mXdVcbp [_]Q^UQ
‫ݷ‬3FC 9=@?BD‫ݷ‬7 2dUmcV S^Y]QcV\m^l b nc_Z [_]Q^U_Z1 ?^Q `aVU`_\QTQ6
Vc5 hc_ SbV eQZ\l5 b_UVaWQjYVbp S cV[djVZ UYaV[c_aYY 1c_ Vbcm S c_Z5
TUV Sl ^Qf_UYcVbm5 UQSQp ncd [_]Q^Ud25 [Q[ aQX b_bcQS\poc Y]`_acY6
adV]lZ `a_V[c5 Y `aY\VW^_ S^_bYc Yf SbV 1b_ SbV]Y `_UUYaV[c_aYp]Y2
S aV`_XYc_aYZ7 6b\Y Sl _iYR‫ݷ‬cVbm Y UQUYcV ncd [_]Q^Ud5 ^Q`aY]Va5 S
SQiVZ U_]Qi^VZ UYaV[c_aYY5 L_\ `_`lcQVcbp b[_`Ya_SQcm S aV`_XY6
c_aYZ S__RjV SbV SQiY eQZ\l5 hc_ SapU \Y b__cSVcbcSdVc SQiY] WV\Q6
^Yp]7 3`a_hV]5 ^YhVT_ eQcQ\m^_T_ `aY nc_] ^V b\dhYcbp5 ]_W^_ RdUVc
`a_bc_ XQZcY S SQi aV`_XYc_aYZ Y dUQ\Ycm _ccdUQ _iYR_h^_ b_XUQ^^lZ
`a_V[c b `_]_jmo [_]Q^Ul ‫ݷ‬B= 6B‫ݷ‬7 CQ[ Y\Y Y^QhV5 Vb\Y Sl ^QhY^QVcV
`a_V[c b ^d\p5 U\p VT_ S^VbV^Yp S aV`_XYc_aYZ SQ] `_^QU_RYcbp `dbcQp
UYaV[c_aYp7
3 ^V`dbclf UYaV[c_aYpf [_]Q^Ud 3FC 9=@?BD UQoc5 [_TUQ ^dW^_ ^QhQcm aV6
TYbcaYa_SQcm Ybc_aYo YX]V^V^Yp Ybf_U^lf cV[bc_S5 [_c_alV dWV bdjVbcSdoc ‑
^Q`aY]Va5 Yf ^Q`YbQ\ UadT_Z `a_TaQ]]Ybc5 Q Sl f_cYcV `a_U_\WYcm aQR_cd ^QU
VT_ `a_V[c_]7 ?hVSYU^_5 b_XUQcV\Y L_\ Y]V^^_ ncd bYcdQgYo Y Y]V\Y S SYUd5
^_ S aVQ\m^_bcY cQ[ b\dhQVcbp _hV^m aVU[_D hQjV S aV`_XYc_aYY b_XUQoc Y]V^^_
`dbc_Z `a_V[c5 S [_c_alZ XQcV] S^_bpc eQZ\l7

;_]Q^UQ 3FC 9=@?BD caVRdVc d[QXQ^Yp ca‫ݷ‬f `QaQ]Vca_S5 `VaSlZ YX
[_c_alf ‑ nc_ Y]p SQiVT_ `a_V[cQ5 `_U [_c_al] _^ RdUVc YXSVbcV^ bY6
bcV]V5 Q USQ UadTYf ‑ cQ[ ^QXlSQV]lV ‫]ݷ‬Vc[Q `a_YXS_UYcV\p‫ ݷ‬Y ‫]ݷ‬Vc[Q
Sl`db[Q‫ ݷ‬1F5>4?B D17 Y B57 D85 @B?:53D2 =I@B?7B1= F1CI1 CD1BD

>Q[_^Vg5 `aY^pS [_]Q^Ud5 bYbcV]Q _cSVcYc eaQX_Z ‫ݷ‬W? 3?>67 =I@B?7B1=
F1CI1I8?CDCN8G?B;4 34 =I@B?7B1=
F1CI1I8?CDCN8G?B;8=I@B?7B1=4 C :7:
F1CI1I8?CDCN8G?B;8=I@B?7B1=4

6b\Y ^V d[QXQcm `QaQ]Vca 6=5 `a_TaQ]]Q XQ`dbcYc cV[bc_SlZ aVUQ[c_a
U\p SS_UQ [_]]V^cQaYpD [bcQcY5 S ^V[_c_alf b\dhQpf nc_ UQWV dU_R^VV5
`_b[_\m[d S_ SaV]V^^_] eQZ\V5 [_c_alZ RdUVc _c[alc S aVUQ[c_aV5
Sl dSYUYcV XQR_c\YS_ b_RaQ^^do bYbcV]_Z Y^e_a]QgYo _ c_]5 [Q[YV
eQZ\l Rl\Y U_RQS\V^l5 YX]V^V^l Y\Y dUQ\V^lD S_ ]^_TYf b\dhQpf
nc_ `_]_TQVc Sb`_]^Ycm5 hc
_ aVQ\m^_ Rl\_ bUV\Q^_5 Y ^Q`YbQcm R_\VV
_b]lb\V^^lZ [_]]V^cQaYZ7 BaQXd UQUY] U_S_\m^_ _hVSYU^lZ b_SVcC
`YiYcV [_]]V^cQaYY `_6Q^T\YZb[Y7 L_\ ^V b_UVaWYc ^Q nc_c bh‫ݷ‬c
^Y[Q[Yf _TaQ^YhV^YZ5 ^_ S RdUdjV] SQ]5 S_X]_W^_5 XQf_hVcbp `_[QXQcm
Ybc_aYo bS_Yf YX]V^V^YZ [_]d6c_5 [c_ ^V T_S_aYc `_6adbb[Y7
CY`Yh^lZ bVQ^b aQR_cl b [_^ca_\YadV]l]Y Ybf_U^l]Y cV[bcQ]Y
^QhY^QVcbp b [_]Q^Ul 3FC E@41D55 [_c_aQp YXS\V[QVc YX aV`_XYc_aYp
YX]V^V^Yp5 S^Vb‫^^ݷ‬lV YX UadTYf aQR_hYf [_`YZ5 Y _caQWQVc Yf S SQiYf
aQR_hYf eQZ\Qf7 @_\VX^_ `_]^Ycm5 hc_ `_ d]_\hQ^Yo 3FC E@41D5 ^V
b_XUQ‫ݷ‬c UYaV[c_aYY5 cQ[ hc_ Vb\Y S UadT_Z aQR_hVZ [_`YY Rl\Q b_XUQ^Q
^_SQp UYaV[c_aYp5 Sl V‫ ݷ‬d bVRp ^V `_\dhYcVD Yb`aQSYcm nc_ ]_W^_ d[Q6
XQ^YV] e\QTQ 645 `aYh‫^ ]ݷ‬V[_c_alV `a_TaQ]]Ybcl `aVU`_hYcQoc nc_c
e\QT d[QXlSQcm `aY [QWU_] SlX_SV E@41D57 @_b\V `aYSVUV^Yp bS_6
VZ aQR_hVZ [_`YY S b__cSVcbcSYV aV`_XYc_aYo Sl ]_WVcV `aYbcd`Ycm
[ aVUQ[cYa_SQ^Yo eQZ\_S Y5 S_X]_W^_5 b_XUQ^Yo ^_SlfD [QWUlZ b_6
XUQSQV]lZ eQZ\5 Vb\Y _^ _c^_bYcbp [ hYb\d SQiYf Ybf_U^lf cV[bc_S5
b\VUdVc XQaVTYbcaYa_SQcm S bYbcV]V b `_]_jmo 3FC 1447
DUQ\V^YV eQZ\_S YX `a_V[cQ `a_YXS_UYcbp [_]Q^U_Z 3FC B5=?F55
`aYh‫^_ ]ݷ‬Q _c[QXlSQVcbp dUQ\pcm eQZ\5 Vb\Y _^ Sb‫ ݷ‬Vj‫^ ݷ‬Qf_UYcbp S SQ6
iVZ aQR_hVZ UYaV[c_aYY5 cQ[ hc_ b^QhQ\Q eQZ\ ^dW^_ dRaQcm _Rlh^_Z
[_]Q^U_Z B=C

??A

@aY\_WV^YV ?

F1CI1I8?CDCN8G?B;8=I@B?7B1=4 B= 6967 =5B75
3FC E@41D5C 3?>64 9> 6945B6E45B6EV `lcQpbm _Rkpcm ^V_Rkpc^_V5 ]l `_[QWV]5 [Q[ ^QhQcm aQR_cd
b 79D Y [Q[ S nc_Z bYbcV]V UV\Qcm Sb‫ ݷ‬c_5 hc_ ]l dWV d]VV] UV\Qcm b `_6
]_jmo L_\5 `\ob Vj‫^ ݷ‬V]^_T_D b _bcQ\m^l]Y S_X]_W^_bcp]Y Sl \YR_
aQXRVa‫ݷ‬cVbm bQ]Y5 [_TUQ _^Y SQ] `_^QU_Rpcbp5 \YR_ _^Y SQ] S__RjV ^V
`_^QU_Rpcbp ‑ cQ[ c_WV hQbc_ RlSQVc5 [_TUQ aVhm YU‫ݷ‬c _ U_bcQc_h^_
b\_W^lf Y^bcad]V^cQf7
3bV _b^_S^lV UVZbcSYp5 `aVUdb]_caV^^lV bYbcV]_Z5 ]_W^_ Sl`_\6
^Ycm b `_]_jmo _U^_Z `a_TaQ]]l5 [_c_aQp ^QXlSQVcbp 79D Y5 [Q[ Y
3FC5 `_\dhQVc [_]Q^Ud hVaVX bS_Z 1_Rlh^_ `VaSlZ2 `QaQ]Vca [_]Q^U6
^_Z bca_[Y7
;Q[ dWV T_S_aY\_bm5 aQb`aVUV\‫^^ݷ‬lV bYbcV]l [_^ca_\p SVabYZ
`aVU`_\QTQoc `_UUVaW[d bS_VT_ aV`_XYc_aYp `aY [QWU_Z aQR_hVZ UY6
aV[c_aYY7 NcY] _Rdb\_S\V^_ _U^_ U_S_\m^_ SQW^_V [_^gV`cdQ\m^_V
d`a_jV^YV S baQS^V^YY b gV^caQ\YX_SQ^^l]Y bYbcV]Q]YC _cUV\m^_ SXp6

BYbcV]l [_^ca_\p SVabYZ

?@<

clZ aV`_XYc_aYZ XUVbm _Rb\dWYSQVc c_\m[_ _UY^ `a_V[c7 CV_aVcYhVb[Y
nc_ ]_W^_ _R_ZcY5 Yb`_\mXdp dWV X^Q[_]lV ^Q] SVc[Y5 ^_ T_aQXU_
`a_jV Y VbcVbcSV^^VV RdUVc U\p [QWU_T_ `a_V[cQ XQSVbcY b_RbcSV^^lZ
aV`_XYc_aYZ7 8Q_U^_ _c]VcY]5 hc_ aV`_XYc_aYZ S cQ[Yf db\_SYpf ^V
^dWUQVcbp S Y]V^Y Y YUV^cYeYgYadVcbp c_\m[_ bS_Y] ]Vbc_`_\_WV^Y6
V]7
@aVSaQcYcm `a_YXS_\m^do UYaV[c_aYo S aQR_hdo5 Y]Vojdo bS_Z
aV`_XYc_aYZ5 ]_W^_ _U^_Z [_]Q^U_Z ‫ݷ‬79D 9>9D‫ ݷ‬RVX U_`_\^YcV\m^lf
`QaQ]Vca_S7 =_W^_ ^V RVb`_[_Ycmbp _ ^Q\YhYY S nc_Z UYaV[c_aYY eQZ6
\_S5 S c_] hYb\V cQ[Yf5 [_c_alV ]l ^V b_RYaQV]bp `_]VjQcm S aV`_6
XYc_aYZC 79D 9>9D S \oR_] b\dhQV b_XUQbc aV`_XYc_aYZ `dbcl]7 >Q
`VaSlZ SXT\pU Sl`_\^V^YV [_]Q^Ul 9>9D ^YhVT_ ^V ]V^pVc S _[adWQ6
ojVZ UVZbcSYcV\m^_bcY5 ^_ cQ[ [QWVcbp \Yim `_c_]d5 hc_ S ?B ^>9H5
[Q[ ]l X^QV]5 eQZ\l5 Y]V^Q [_c_alf ^QhY^Qocbp b c_h[Y5 bhYcQocbp
^VSYUY]l]Y7 5QS baQXd `_b\V 79D 9>9D [_]Q^Ud 697 EC5B7>1=5 2_1CI1 RF1>?F2
79D 3?>697 EC5B75=19< 2F1CI179F1>?FI5H1=@697 EC5B75=19< 2F1CI179F1>?F 1D 5H1=@697 667697 S
SQiVZ U_]Qi^VZ UYaV[c_aYY Y RdUVc Yb`_\mX_SQcm Yf5 Vb\Y U\p UQ^6
^_T_ [_^[aVc^_T_ aV`_XYc_aYp ^V dbcQ^_S\V^l bS_Y b_RbcSV^^lV X^QhV6
^Yp7 ?c]VcY]5 hc_ YUV^cYeYgYadojdo Y^e_a]QgYo \dhiV ^V ]V^pcm
Y Yb`_\mX_SQcm 1S_ Sbp[_] b\dhQV5 S aQ][Qf _U^_T_ `a_V[cQ2 [QWUlZ
aQX _U^d Y cd WVD Vb\Y Sl Yb`_\mXdVcV ^Vb[_\m[_ aV`_XYc_aYVS S aQR_cV
^QU _U^Y] `a_V[c_] ‑ ^Q`aY]Va5 ^Q aQX^lf ]QiY^Qf ‑ `_XQR_cmcVbm
_ c_]5 hc_Rl Y]p Y QUaVb Rl\Y dbcQ^_S\V^l _UY^Q[_S_ b c_h^_bcmo
U_ Rd[Sl7 >VaVU[Y bYcdQgYY5 [_TUQ ^dW^_5 ^Q`aY]Va5 ^QZcY SbV YX]V6
^V^Yp5 S^Vb‫^^ݷ‬lV S `a_V[c [_^[aVc^l] hV\_SV[_]5 Y S cQ[Yf b\dhQpf
S_X^Y[Qoc _`aVUV\‫^^ݷ‬lV b\_W^_bcY5 Vb\Y S aQX^_V SaV]p nc_c hV\_SV[
Yb`_\mX_SQ\ aQX^lV 1f_cp5 Rlcm ]_WVc5 Y `_f_WYV2 Y]V^Q7
@_]VbcYcm eQZ\l `_U [_^ca_\m 79D ]_W^_ b `_]_jmo [_]Q^Ul
79D 1445 `QaQ]VcaQ]Y [_c_a_Z b\dWQc Y]V^Q eQZ\_S7 ?c]VcY]5 hc_
bf_UbcS_ b Q^Q\_TYh^_Z [_]Q^U_Z bYbcV]l L_\ cdc [QWdjVVbpC ^Q bQ6
]_] UV\V 79D 144 U_RQS\pVc ^V eQZ\l5 Q Yf YX]V^V^Yp5 Y U_RQS\pVc Yf
^V ‫ݷ‬S bYbcV]d S__RjV‫ݷ‬5 Q [_^[aVc^_ S c_c ^QR_a YX]V^V^YZ5 [_c_alZ Rd6
UVc XQaVTYbcaYa_SQ^ S aV`_XYc_aYY R\YWQZiVZ [_]Q^U_Z 3?==9D7 BQ]
nc_c ^QR_a YX]V^V^YZ S U_[d]V^cQgYY ^QXlSQVcbp ‫ݷ‬Y^UV[b_]‫ݷ‬7 9^QhV
T_S_ap5 Vb\Y ]l _caVUQ[cYadV] eQZ\5 bUV\QV] ^Q ^VT_ 79D 1445 `_c_]
b^_SQ _caVUQ[cYadV] VT_ Y `_b\V nc_T_ bUV\QV] 79D 3?==9D5 c_ S aV`_6
XYc_aYZ `_`QU‫ݷ‬c SVabYp5 Y]VSiQp ]Vbc_ ^Q ]_]V^c `_b\VU^VT_ 79D
1445 Q SbV YX]V^V^Yp5 S^Vb‫^^ݷ‬lV S eQZ\ ]VWUd [_]Q^UQ]Y 144 Y 3?==9D5
bYbcV]Q `a_YT^_aYadVc5 `_b[_\m[d _^Y ^V S^VbV^l S Y^UV[b7 >V[_c_alV
`a_TaQ]]Ybcl bhYcQoc cQ[_Z `_Uf_U dU_R^l]D UadTYV `aVU`_hYcQoc
b^QRWQcm [_]Q^Ud 3?==9D e\QT_] 615 [_c_alZ b^QhQ\Q U_RQS\pVc S Y^6
UV[b SbV YX]V^V^Yp5 S^Vb‫^^ݷ‬lV S YXSVbc^lV bYbcV]V eQZ\l 1S[\ohQp5
[bcQcY5 dUQ\V^Yp eQZ\_S5 [_c_alV S ^_a]V b\VUdVc Sl`_\^pcm [_]Q^6
U_Z 79D B=27 6b\Y b [QWUl] 3?==9D’_] Yb`_\mX_SQcm 615 a_\m 79D 144
bS_UYcbp [ U_RQS\V^Yo S bYbcV]d ^_Slf eQZ\_S `_U_R^_ c_]d5 [Q[ ]l
UV\Q\Y nc_ S L_\7
@_[Q Sl ^V ^QRVa‫ݷ‬cV U_bcQc_h^_ _`lcQ5 cQ[Qp ca‫ݷ‬fbcd`V^hQcQp bfV6
]Q5 b_bc_pjQp YX aQR_hVZ UYaV[c_aYY5 Y^UV[bQ Y aV`_XYc_aYp5 ]_WVc
[QXQcmbp XQ`dcQ^^_Z7 ‫ݷ‬AQb`dcQcm‫ ݷ‬V‫ ݷ‬SQ] `_]_WVc5 S_6`VaSlf5 [_]Q^6
UQ 79D CD1DEC5 `_[QXlSQojQp5 [Q[YV eQZ\l S^VbV^l S Y^UV[b 1c_ Vbcm
dZUdc S aV`_XYc_aYZ5 Vb\Y bUV\Qcm 3?==9D `ap]_ bVZhQb25 [Q[YV YX]V6
^Y\Ybm5 ^_ ^V S^VbV^l S Y^UV[b5 Q [Q[YV eQZ\l `aYbdcbcSdoc S SQiVZ
aQR_hVZ UYaV[c_aYY5 ^_ ^V ^Qf_Upcbp `_U [_^ca_\V] 79DD S_6Sc_alf5
[_]Q^UQ 79D 49665 `_[QXlSQojQp aQX^Ygd ]VWUd cV[djY] b_UVaWY6
]l] _cb\VWYSQV]lf eQZ\_S Y c_Z Yf SVabYVZ5 [_c_aQp `_]VjV^Q S
Y^UV[b7
DUQ\V^YV eQZ\Q `a_YXS_UYcbp [_]Q^U_Z 79D B=D eQZ\ ^V U_\WV^
b_UVaWQcm YX]V^V^YZ ^Y S Y^UV[bV5 ^Y S aQR_hVZ UYaV[c_aYY5 Y^QhV
[_]Q^UQ SlUQbc _iYR[d 1S`a_hV]5 nc_ _TaQ^YhV^YV ]_W^_ _R_ZcY d[Q6
XQ^YV] e\QW[Q 665 ^_ \dhiV nc_T_ ^V UV\Qcm27 ;_]Q^UQ dUQ\pVc eQZ\
YX aQR_hVZ UYaV[c_aYY Y `_]VhQVc VT_ [Q[ dUQ\‫^^ݷ‬lZ S Y^UV[bV5 cQ[

BYbcV]l [_^ca_\p SVabYZ

?@>

hc_ b\VUdojYZ 3?==9D XQaVTYbcaYadVc dUQ\V^YV S aV`_XYc_aYY7 @_[Q
Sl ^V bUV\Q\Y 3?==9D5 d SQb _bcQ‫ݷ‬cbp S_X]_W^_bcm `VaVUd]QcmD SVa^dcm
bS_Z eQZ\ _RaQc^_ Sl ]_WVcV S USQ iQTQC
79D B5C5D QNJM 66 6938
3 =1CD5B
F1CI1I8?CDCN8G?B;8@B?7:4

BY]S_\ ‫ݷ‬3‫_ ݷ‬c]VhQVc Q[cYS^do SVc[d ‑ cd5 b [_c_a_Z Sl bVZhQb aQR_6
cQVcV7 B_XUQcm ^_Sdo SVc[d ]_W^_ b `_]_jmo c_Z WV [_]Q^Ul 2B1>38C
F1CI1I8?CDCN8G?B;8@B?7:4 79D 2B1>38 4?E2D6E75C
F1CI1I8?CDCN8G?B;8@B?7:4 79D 2B1>38
4?E2D6E75C
3 =1CD5B
F1CI1I8?CDCN8G?B;8@B?7:4

;Q[ SYUY]5 SVc[Q `_pSY\Qbm5 ^_ ^V bcQ\Q Q[cYS^_Z7 @VaV[\ohYcmbp YX
_U^_Z SVc[Y S UadTdo ]_W^_ b `_]_jmo 79D 3853;?EDC
F1CI1I8?CDCN8G?B;8@B?7:4 79D 3853;?ED 4?E2D6E75C
\G9D3854 D? 2B1>38 ’4?E2D6E75C’
F1CI1I8?CDCN8G?B;8@B?7:4 79D 2B1>38
3 4?E2D6E75C
=1CD5B
F1CI1I8?CDCN8G?B;8@B?7:4

3 `aY^gY`V ncY USQ UVZbcSYp ‑ b_XUQ^YV SVc[Y Y `VaV[\ohV^YV S ^V‫‑ ݷ‬
]_W^_ b_S]VbcYcm5 UQS [_]Q^Ud 3853;?ED b e\QW[_] 62D hQjV SbVT_
cQ[ Y UV\QocC

BYbcV]l [_^ca_\p SVabYZ

?@@

F1CI1I8?CDCN8G?B;8@B?7:4 79D 3853;?ED 62 5H@5B9=5>DC
\G9D3854 D? 1 >5G 2B1>38 ’5H@5B9=5>DC’
F1CI1I8?CDCN8G?B;8@B?7:4 79D 2B1>38
4?E2D6E75C
3 5H@5B9=5>DC
=1CD5B
F1CI1I8?CDCN8G?B;8@B?7:4

;Q[ dWV T_S_aY\_bm5 79D 3853;?ED aQR_cQVc _hV^m Rlbca_ ‑ T_aQXU_
R_\miV SaV]V^Y caQcYcbp ^Q c_5 hc_Rl ncd [_]Q^Ud ^QRaQcm7 3 aQX^lf
SVc[Qf d SQb ]_Tdc Rlcm aQX^lV eQZ\l Y UYaV[c_aYY5 _UY^ eQZ\ ]_WVc
S aQX^lf SVc[Qf Y]Vcm b_SVaiV^^_ aQX^_V b_UVaWQ^YV Y c7 U7D bYbcV]d
ncY] ^V b]dcYcm7
3 ^V[_c_alf b\dhQpf `VaV[\ohV^YV SVc[Y ]_T\_ Rl `aYSVbcY [
`_cVaV Y^e_a]QgYYD S cQ[Yf b\dhQpf 79D _c[QXlSQVcbp Sl`_\^pcm
3853;?ED7 @a_bcVZiYZ `aY]Va cQ[_Z bYcdQgYY ‑ Vb\Y d SQb S aQR_hVZ
UYaV[c_aYY Y]Vocbp YX]V^‫^^ݷ‬lV eQZ\l5 `aYh‫ ]ݷ‬Yf SVabYp S cV[djVZ
SVc[V Y S c_Z5 [dUQ Sl f_cYcV `VaVZcY5 _c\YhQVcbp7 3 nc_] b\dhQV
Sl `_\dhYcV `aY]Va^_ cQ[_V b__RjV^YVC
5BB?BC b?E 81F5 57 6b\Y [_`YadVcbp aV`_XYc_aYZ5 ^Qf_UpjYZbp ^Q c_Z
WV ]QiY^V5 U_bcQc_h^_ d[QXQcm `dcm [ ^V]d5 c_ Vbcm `_\^_V Y]p aQR_6
hVZ UYaV[c_aYYD b_XUQcm [_`Yo aV`_XYc_aYp5 ^Qf_UpjVT_bp ^Q UadT_Z
]QiY^V5 [ [_c_a_Z Y]VVcbp U_bcd` hVaVX CC85 ]_W^_ `aY]Va^_ cQ[C
79D 35 CC8C88F1CI1I79DC5BF75H1=@7
=Q^Y`d\Ya_SQcm b`Yb[_] XQaVTYbcaYa_SQ^^lf dUQ\‫^^ݷ‬lf aV`_XY6
c_aYVS `_XS_\pVc [_]Q^UQ 79D B5=?D5D S hQbc^_bcY5 Vb\Y UQcm V‫ ݷ‬RVX
U_`_\^YcV\m^lf `QaQ]Vca_S5 _^Q SlUQbc b`Yb_[ XQaVTYbcaYa_SQ^^lf
dUQ\‫^^ݷ‬lf aV`_XYc_aYVS5 ^_ `_[QWVc `aY nc_] c_\m[_ Yf Y]V^Q5 hc_ ^V
SbVTUQ dU_R^_C
F1CI1I45FC5BFCN8]VY8@B?7:4 79D B5=?D5
45FC5BF
?B979>
F1CI1I45FC5BFCN8]VY8@B?7:4

2_\VV `_Ua_R^lV aVXd\mcQcl ]_W^_ `_\dhYcm5 Vb\Y U_RQSYcm e\QW_[
‫ݷ‬6F‫ ݷ‬1_c b\_SQ F5B2?C52C
F1CI1IF2??;CN8]VY8@B?7:4 79D B5=?D5 6F
45FC5BF CC8C8845FC5BF75H1=@ 88?=58F1CI18G?B;8@B?7: 1@EC82
F1CI1IF2??;CN8]VY8@B?7:4

BYbcV]l [_^ca_\p SVabYZ

?@B

8UVbm dWV ]_W^_ `aVU`_\_WYcm5 hc_ UQ^^lZ aV`_XYc_aYZ Rl\ b_XUQ^
[Q[ [_`Yp aV`_XYc_aYp5 ^Qf_UpjVT_bp ^Q nc_Z WV ]QiY^V Y `aY^QU6
\VWQjVT_5 bdUp `_ SbV]d5 c_]d WV `_\mX_SQcV\o F1CI15 Q `_XWV XUVbm
Rl\ XQaVTYbcaYa_SQ^ Vj‫_ ݷ‬UY^ dUQ\‫^^ݷ‬lZ aV`_XYc_aYZ5 ^Q bVZ aQX ^Q6
f_UpjYZbp ^Q bVaSVaV 45FC5BF75H1=@57
B5=?D5C L?=@B5CC9>7 ?2:53DCC :995 1=8=25 4?>57
B5=?D5C ]?D1< = 1457 ?2:53DCC :995 1=8=25 4?>57
OB?= 88?=58F1CI18G?B;8@B?7:
6;6;77B9A?A@6 5H@5B9=5>DC 6G ?B979>85H@5B9=5>DC

?A;

@aY\_WV^YV ?

F1CI1I8?CDCN8]VY8@B?7:4 79D 2B1>38
3 5H@5B9=5>DC
=1CD5B
F1CI1I8?CDCN8]VY8@B?7:4 79D =5B75 ?B979>85H@5B9=5>DC
^@41D9>7 6;6;77B9A?A@6
O1CD66?BG1B4
85C1425 : 45C162
F1CI1I8?CDCN8]VY8@B?7:4

NcQ `a_gVUdaQ ]_WVc `_[QXQcmbp U_S_\m^_ b\_W^_Z U\p _hVSYU^_ ad6
cY^^_T_ UVZbcSYp5 Y XUVbm [Q[ aQX ]_WVc `aYT_UYcmbp aQbb]_caV^^_V
aQ^VV bS_ZbcS_ _cb\VWYSQojYf SVc_[7 6b\Y SVc[Q5 S [_c_a_Z ]l aQ6
R_cQV]5 ^Qbca_V^Q [Q[ _cb\VWYSQojQp cd dUQ\‫^^ݷ‬do SVc[d5 YX [_c_a_Z
]l f_cY] `_\dhYcm YX]V^V^Yp5 c_ ]l ]_WV] ^V UV\Qcm ^Y 79D 65D385
^Y 79D =5B755 U\p [_c_a_Z ^V_Rf_UY]_ U_S_\m^_ Ta_]_XU[_V d[QXQ^YV
Y]V^Y dUQ\‫_^^ݷ‬Z SVc[YD b_ SbVZ nc_Z aQR_c_Z b`aQSYcbp _U^Q [_]Q^UQ
79D @EDKB1>38 G1B>

@_b\V nc_T_ _c`aQS[Q YX]V^V^YZ S Q[cYS^do SVc[d cQ[_T_ aV`_XYc_aYp
SlX_SVc `aVUd`aVWUV^YV5 ^_ R\QT_`_\dh^_ baQR_cQVc7 @aVUd`aVWUV^YV
RdUVc SlT\pUVcm `aY]Va^_ cQ[C
B5=?D5C G1B>9>7C E@41D9>7 D85 3EBB5>D 2B1>38

DSYUVS VT_5 ^V XQRdUmcV Yb`aQSYcm ^V[_aaV[c^_V `_\_WV^YV SVjVZD bUV6
\Qcm nc_ U_S_\m^_ `a_bc_C ^dW^_ XQZcY S aQR_hdo UYaV[c_aYo dUQ\‫^ݷ‬6
^_T_ aV`_XYc_aYp Y UQcm cQ] bcaQi^_SQc_ SlT\pUpjdo [_]Q^Ud ‫ݷ‬79D
B5C5D 6681B4 QNJM‫ݷ‬7 >Q bQ]_] UV\V ^YhVT_ _b_R_ bcaQi^_T_ S nc_Z
[_]Q^UV ^Vc5 _^Q `aVU`YblSQVc 79D’d `aYSVbcY eQZ\l S aQR_hVZ UY6
aV[c_aYY S b__cSVcbcSYV b b_bc_p^YV] QNJM5 ^V _RaQjQp S^Y]Q^Yp ^Q
\oRlV ^Vb__cSVcbcSYp7 3`a_hV]5 XUVbm c_WV Vbcm _ h‫ ]ݷ‬RVb`_[_YcmbpC
^V_Rf_UY]_ c_h^_ X^Qcm5 hc_ S aQR_hVZ UYaV[c_aYY ^V _bcQ\_bm YX]V6
^V^YZ5 ^V XQaVTYbcaYa_SQ^^lf S aV`_XYc_aYY5 ^_ `aY nc_] ^dW^lf ‑
Yf6c_ Sl5 _hVSYU^_5 `_cVapVcV7
‫ݷ‬B_SbV] icQc^_V‫ ݷ‬aViV^YV ‑ XQSVbcY U\p _R]V^Q UQ^^l]Y aV`_XY6
c_aYZ b`VgYQ\m^_T_ cY`Q5 cQ[ ^QXlSQV]lZ 21B5 B5@?C9D?BI5 [_c_alZ5
[aQc[_ T_S_ap5 `aVUbcQS\pVc b_R_Z aV`_XYc_aYZ RVX aQR_hVZ UYaV[c_6
aYY7 Nc_c `_Uf_U c_WV Y]VVc bS_Y _TaQ^YhV^Yp5 [ c_]d WV cQ[YV aV6
`_XYc_aYY ‑ nc_ _U^Q YX cVf S_X]_W^_bcVZ 79D5 [_c_alV f_cV\_bm Rl
_bcQSYcm XQ aQ][Q]Y _RbdWUV^Yp S ^QiVZ [^YTV7 CQ[ Y\Y Y^QhV5 S_X6

?A=

@aY\_WV^YV ?

]_W^l U_bcQc_h^_ bY\m^_ aQX\YhQojYVbp SQaYQ^cl `_bca_V^Yp aQR_6
hVT_ `a_gVbbQ b Yb`_\mX_SQ^YV] 79D5 Y _c YXRaQ^^_T_ SQaYQ^cQ XQSYbYc5
[Q[ `aQSY\m^VV RdUVc aViYcm cVf^YhVb[do XQ]Y^[d b @EC87
B\VUdVc _c]VcYcm5 hc_ U\p Sl`_\^V^Yp [_]Q^Ul @EC8 d SQb U_\WV^ Rlcm
U_bcd` [ dUQ\‫]_^^ݷ‬d aV`_XYc_aYo ^Q XQ`Ybm7 6b\Y nc_ SQi b_RbcSV^^lZ aV`_6
XYc_aYZ5 `a_R\V] b XQ`Ybmo S ^VT_5 b[_aVV SbVT_5 ^V RdUVc5 ^_ d SQb SapU \Y
`_\dhYcbp _c`aQSYcm bS_Y YX]V^V^Yp S aV`_XYc_aYZ5 `aY^QU\VWQjYZ [_]d6c_
UadT_]d5 `dbcm UQWV nc_ SQi [_\\VTQ `_ [_]Q^UV aQXaQR_c[Y Y S__RjV \dhiYZ
UadT7 CV_aVcYhVb[Y nc_ ]_W^_ _R_ZcY5 Vb\Y dbcQ^_SYcm ^Q eQZ\l Y UYaV[c_aYY5
b_bcQS\pojYV aV`_XYc_aYZ5 b__cSVcbcSdojYV `aQSQ U_bcd`Q5 ^_5 [Q[ `_[QXlSQ6
Vc _`lc5 aQR_cQcm S aV`_XYc_aYY5 S [_c_alZ S \oR_Z ]_]V^c [c_6c_ YX [_\\VT
]_WVc hc_6c_ XQ\Ycm5 _[QXlSQVcbp U_S_\m^_ ^VdU_R^_7
>V[_c_alV [_\\V[cYSl aViQoc ncd `a_R\V]d5 b_XUQS _UY^ gV^caQ\m^lZ
‫ݷ‬aQXUV\pV]lZ‫ ݷ‬aV`_XYc_aYZ 1_Rlh^_ [Q[ aQX 21B55 c_ Vbcm ^V Y]VojYZ bS_6
VZ aQR_hVZ UYaV[c_aYY25 [_c_alZ Yb`_\mXdVcbp SbV]Y dhQbc^Y[Q]Y aQXaQR_c[Y
U\p _R]V^Q UQ^^l]Y ]VWUd b_R_Z7 5V\QVcbp nc_ `aY]Va^_ cQ[ WV5 [Q[ `aY b_6
XUQ^YY gV^caQ\YX_SQ^^_T_ aV`_XYc_aYp U\p L_\ Y UadTYf gV^caQ\YX_SQ^^lf
bYbcV] 1b]7 _`YbQ^YV ^Q bca7 ?@927 ?Rlh^_ S cQ[Yf b\dhQpf dhQbc^Y[Y `a_V[cQ
b_XUQoc bS_Y aQR_hYV aV`_XYc_aYY S SYUV [\_^_S gV^caQ\m^_T_ aV`_XYc_aYp5
Q aQR_hYZ `a_gVbb S gV\_] ^QhY^QVc ^Q`_]Y^Qcm aQR_cd b gV^caQ\YX_SQ^^_Z
bYbcV]_Z [_^ca_\p SVabYZ7
=l S_Xm]‫^ ]ݷ‬Q bVRp b]V\_bcm `_aV[_]V^U_SQcm UadTdo bfV]d _aTQ^YXQ6
gYY aQR_hVT_ `a_gVbbQ5 S [_c_a_Z dhQbc^Y[Q] aQXaQR_c[Y ^Vc ^dWUl _c`aQS6
\pcm YX]V^V^Yp S hdWYV aV`_XYc_aYY7 5\p aVQ\YXQgYY nc_Z bfV]l `_caVRdVcbp
^>9H6]QiY^Q5 U_bcd`^Qp `_ CC8 SbV] dhQbc^Y[Q] aQXaQR_c[YD Y]Vcm cQ[do ]Q6
iY^d S \oR_] b\dhQV _hV^m dU_R^_ Y5 [Q[ ]l SYUV\Y5 `aY Yb`_\mX_SQ^YY bfV]l
b gV^caQ\m^l] aV`_XYc_aYV] ^Q\YhYV cQ[_Z bYbcV]l cQ[WV SVbm]Q WV\QcV\m^_7
8UVbm Y UQ\VV ]l RdUV] ^QXlSQcm ncd ]QiY^d ‫ݷ‬bVaSVa_] aQXaQR_c[Y‫ݷ‬7
;QWUlZ dhQbc^Y[ aQR_cl Yb`_\mXdVc `_ ]V^miVZ ]VaV USQ aV`_XYc_aYpC
_UY^ ‑ ^Q bVaSVaV5 Sc_a_Z ‑ ^Q bS_VZ aQR_hVZ ]QiY^VD XUVbm SQW^_ c_5 hc_
Y]V^^_ _^ bQ] Slbcd`QVc S a_\Y S\QUV\mgQ _R_Yf bS_Yf aV`_XYc_aYVS5 c_ Vbcm
aV`_XYc_aYZ ^Q bVaSVaV _^ XQS_UYc `_U bS_VZ dh‫ݷ‬c^_Z XQ`Ybmo Y S bS_VZ U_]Qi6
^VZ UYaV[c_aYY7 ;_^Vh^_5 _TaQ^YhYSQcmbp ncY] aQXaQR_chY[ ^V _RpXQ^5 aV`_XY6
c_aYVS ^Q bS_Yf ]QiY^Qf _^ ]_WVc ^QUV\Qcm b[_\m[_ dT_U^_5 UQ Y ^Q bVaSVaV5
S `aY^gY`V5 ]_WVc b_XUQcm Yf R_\miV _U^_T_ 1f_cp _c nc_T_ `_\mXQ dWV SVbm]Q
b_]^YcV\m^Q27
AV`_XYc_aYZ ^Q bVaSVaV XQS_UYcbp [Q[ [\_^ [Q[_T_6c_ UadT_T_ aV`_XYc_aYp
^Q bVaSVaV ‑ ^Q`aY]Va5 [Q[ [\_^ aV`_XYc_aYp5 `aY^QU\VWQjVT_ ad[_S_UYcV\o
aQXaQR_c[Y7 @aQSQ ^Q aV`_XYc_aYY SlbcQS\pocbp cQ[Y] _RaQX_]5 hc_Rl bUV\Qcm
Yf U_bcd`^l]Y U\p hcV^Yp SbV] dhQbc^Y[Q] aQXaQR_c[Y 1^Q`aY]Va5 ]_W^_ _Rk6
VUY^Ycm Yf S _U^d Tad``d Y UQcm `aQSQ ^Q hcV^YV nc_Z Tad``V2D U_bcd` ^Q XQ`Ybm
S bS_Z aV`_XYc_aYZ [QWUlZ aQXaQR_chY[ _bcQS\pVc c_\m[_ U\p bVRp7 AV`_XYc_6
aYZ ^Q \Yh^_Z aQR_hVZ ]QiY^V XQS_UYcbp [\_^Ya_SQ^YV] bS_VT_ aV`_XYc_aYp
b bVaSVaQ7
3 aV`_XYc_aYY5 aQb`_\_WV^^_] ^Q \Yh^_Z ]QiY^V5 b_XUQ‫ݷ‬cbp b`Yb_[ dUQ\‫^ݷ‬6
^lf aV`_XYc_aYVS5 S [_c_alZ S[\ohQocbp aV`_XYc_aYY UadTYf aQXaQR_chY[_S5
^Qf_UpjYVbp ^Q bVaSVaV7 BS_Y aVXd\mcQcl aQR_cl [QWUlZ aQXaQR_chY[ _c`aQS6
\pVc b `_]_jmo 79D @EC8 S bS_Z aV`_XYc_aYZ ^Q bVaSVaV5 _c[dUQ Yf ]_Tdc XQ6
RaQcm UadTYV aQXaQR_chY[Y7 ;Q[6c_ b`VgYQ\m^_ _aTQ^YX_SlSQcm _R]V^ UQ^^l]Y
]VWUd aV`_XYc_aYp]Y ^Q bVaSVaV ^V _RpXQcV\m^_5 `_b[_\m[d SbV YX]V^V^Yp S

BYbcV]l [_^ca_\p SVabYZ

?A>

\oR_] b\dhQV S Yc_TV `_`QUdc S [QWUlZ YX ^YfD S bQ]_] UV\V5 ‫ݷ‬Scp^dS‫ ݷ‬YX6
]V^V^Yp YX bVaSVa^lf aV`_XYc_aYVS5 `aY^QU\VWQjYf [_\\VTQ]5 S bS_Z aQR_hYZ
aV`_XYc_aYZ5 aQXaQR_chY[ aQ^_ Y\Y `_XU^_ aViYc _c`aQSYcm bS_Y YX]V^V^Yp S
bS_Z aV`_XYc_aYZ ^Q bVaSVaV5 ^_ `aY nc_] cdUQ RdUdc `VaVUQ^l cQ[WV Y cV YX]V6
^V^Yp5 [_c_alV Rl\Y aQ^VV XQTadWV^l YX aV`_XYc_aYVS UadTYf aQXaQR_chY[_S7
3`a_hV]5 `_b[_\m[d S cQ[_Z bfV]V aV`_XYc_aYY ^Q bVaSVaV S`_\^V ]_Tdc Rlcm
_Rlh^l]Y5 c_ Vbcm Y]Vcm bS_Y aQR_hYV UYaV[c_aYY5 `aY WV\Q^YY aQXaQR_chY[Y
]_Tdc ‫ݷ‬cQb[Qcm‫ ݷ‬YX]V^V^Yp UadT d UadTQ cQ[WV Y ^Q bVaSVaV7
>Vb_]^V^^_V U_bc_Y^bcS_ nc_Z bfV]l b_bc_Yc S _cbdcbcSYY ^V_Rf_UY]_bcY
UQSQcm `aQSQ XQ`YbY S _UY^ Y c_c WV aV`_XYc_aYZ SbV] aQXaQR_chY[Q] baQXd7 B_6
UVaWY]_V aQXUV\pV]_Z UYaV[c_aYY SbVTUQ ^Qf_UYcbp `_U dTa_X_Z `_ahY5 `dbcm
Y ^V`aVU^Q]VaV^^_ZD S ^QiVZ bfV]V [QWUlZ ]_WVc Yb`_acYcm c_\m[_ bS_Z b_R6
bcSV^^lZ aV`_XYc_aYZ5 hc_ UQ\V[_ ^V bc_\m bcaQi^_5 `_b[_\m[d Sbp Y^e_a]Q6
gYp5 b_UVaWQjQpbp S ^‫]ݷ‬5 cQ[WV Y]VVcbp S aV`_XYc_aYpf UadTYf aQXaQR_chY[_S5
`aYh‫[ ]ݷ‬Q[ S bVaSVa^lf5 cQ[ Y S aQR_hYf7
3 XQ[\ohV^YV _RbdWUV^Yp Tad``_S_Z aQR_cl b 79D UQUY] _UY^5 S_X]_W6
^_5 ^V_WYUQ^^lZ b_SVc7 3 9^cVa^VcV ]_W^_ ^QZcY ]^_WVbcS_ bQZc_S5 `aVU6
\QTQojYf RVb`\Qc^lZ bVaSYb f_bcY^TQ 79D6aV`_XYc_aYVS ‑ K9DKE3;5D5 P9DQE25
\?EB35O?B75 Y ]^_TYV UadTYV7 >Vb]_cap ^Q Yf `_`d\pa^_bcm5 ]l S_Xm]‫^ ]ݷ‬Q bV6
Rp b]V\_bcm aV[_]V^U_SQcm S_XUVaWQcmbp _c Yb`_\mX_SQ^Yp ncYf Y \oRlf Uad6
TYf `_U_R^lf bVaSYb_S5 ^Qb[_\m[_ nc_ S_X]_W^_7 6b\Y d SQb ^Vc S_X]_W^_bcY
`_\dhYcm S bS_‫ ݷ‬aQb`_apWV^YV E>9H6]QiY^d b T\_RQ\m^_6SYUY]l] 9@6QUaVb_]5
QaV^UdZcV U\p bS_VZ [_]Q^Ul _Y\ 1SYacdQ\m^lZ hQbc^lZ bVaSVa2D bc_Y]_bcm
QaV^Ul _Y\ ^QhY^QVcbp _c USdf6ca‫ݷ‬f U_\\Qa_S S ]Vbpg5 Q _Rb\dWYSQcm cQ[_Z
bVaSVa ]_WVc ^V _UY^ UVbpc_[ `a_V[c_S5 c_ Vbcm Sl ]_WVcV `aYT\QbYcm [ bVRV
SbVf X^Q[_]lf5 XQ^Y]QojYfbp aQXaQR_c[_Z `a_TaQ]]5 b[_\m[_ Rl Yf d SQb ^Y
Rl\_5 Y ]_j^_bcY _U^_T_ bVaSVaQ fSQcYc ^Q SbVf7
6b\Y cQ[_V `aVU_bcVaVWV^YV `_[QWVcbp SQ] bcaQ^^l]5 `_YjYcV S 9^cVa6
^VcV bcQcmo QSc_aQ [^YTY5 _XQT\QS\V^^do ‫?ݷ‬bc_a_W^_5 hQbc^lZ bVaSYb‫ݷ‬D cQ]
Sl ^QZU‫ݷ‬cV `_Ua_R^_V YX\_WV^YV `aYhY^5 `_ [_c_al] b\VUdVc _c^_bYcmbp b
_bc_a_W^_bcmo [ \oRl] ‫ݷ‬RVb`\Qc^l] bVaSYbQ]‫ݷ‬5 `aVU\QTQV]l] S 9^cVa^VcV7

AQbb]_caV^^lf S_X]_W^_bcVZ 79D SQ] fSQcYc5 hc_Rl ^QhQcm aQR_cd
b nc_Z bYbcV]_Z5 ^_ U\p bVam‫ݷ‬X^_T_ Yb`_\mX_SQ^Yp WV\QcV\m^_ X^Qcm _
^VZ T_aQXU_ R_\miV7 CQ[5 ]l ^V aQbb]_caV\Y ^Y baVUbcSQ `a_b]_caQ
Wda^Q\_S YX]V^V^YZ5 ^Y aQX^__RaQX^lV b`_b_Rl YUV^cYeY[QgYY _c6
UV\m^lf ‫]]_[ݷ‬Yc_S‫ݷ‬5 ^Y XQTQU_h^do ^Q `VaSlZ SXT\pU5 ^_ _hV^m SQW6
^do Y ^dW^do [_]Q^Ud 79D B521C5D _bcQ\Ybm XQ [QUa_] Y ]^_TYV Uad6
TYV S_X]_W^_bcY7 ; bhQbcmo5 S 9^cVa^VcV S YX_RY\YY `aVUbcQS\V^l
SbVS_X]_W^lV ad[_S_UbcSQ5 _RdhQojYV cV[bcl5 `aY]Val Y `a_hYV ]Q6
cVaYQ\l5 `_bSpj‫^^ݷ‬lV bYbcV]V 79DD ^V `aV^VRaVTQZcV S_X]_W^_bcp]Y
bQ]_bc_pcV\m^_T_ YXdhV^Yp1

?A?

8Q[\ohV^YV

8Q[\ohV^YV
>QiV ‫ݷ‬SSVUV^YV S `a_eVbbYo‫^_[_ ݷ‬hV^_5 ^_ Vb\Y Sl hYcQ\Y ncd
[^YTd ^V Xap5 c_ U\p SQb bVZhQb Sb‫ ݷ‬c_\m[_ ^QhY^QVcbp7
?[QXQSiYbm S TdjV R]6Y^UdbcaYY5 Sl _R^QadWYcV5 hc_ R_\miY^bcS_
\oUVZ5 aQR_cQojYf cQ]5 b_SVaiV^^_ ^V aQXUV\poc ]^_T_V YX b[QXQ^^_6
T_ S ^QiVZ [^YTV7 3 _RjV] b\dhQV nc_ ^_a]Q\m^_5 SVUm [QWUlZ Y]VVc
`aQS_ ^Q dRVWUV^YpD [bcQcY5 nc_ [QbQVcbp Y \Yh^_ SQb5 Q SQiY X^Q^Yp
Y ^QSl[Y [ ^l^Vi^V]d ]_]V^cd dWV U_bcQc_h^l ‑ `_aQ e_a]Ya_SQcm
bS_o b_RbcSV^^do `_XYgYo5 [_c_aQp S`_\^V ]_WVc `_ ]^_TY] S_`a_bQ]
^V b_S`QUQcm b `_XYgYVZ QSc_aQ [^YTY7
8UVbm SQW^_ _U^_C `_]^YcV5 ^Qb[_\m[_ c_^[Q TaQ^m ]VWUd \Yh6
^l] ]^V^YV] Y `_`aQ^^l] XUaQSl] b]lb\_]7 ; b_WQ\V^Yo5 b ncY] S
^l^Vi^VZ Y^UdbcaYY Sb‫ ݷ‬U_S_\m^_ `VhQ\m^_C SaV]V^Q]Y [QWVcbp5 hc_
XUVbm Rd[SQ\m^_ R_\SQ^ ^Q _\dfV bYUYc Y `aYUda[_] `_T_^pVc7 V SbV6
TUQ bc_Yc dS_\m^pcmbp b aQR_cl c_\m[_ `_c_]d5 hc_ ^QhQ\m^Y[ `_`Q\bp
^Qbc_pjYZ _bc_\_`D ^Q ^_S_Z aQR_cV ^QhQ\m^Y[ ]_WVc _[QXQcmbp Vj‫ݷ‬
fdWV5 UQ Y S__RjV5 XQ f_a_ido XQa`\Qcd Y^_TUQ S`_\^V ]_W^_ b]Y6
aYcmbp b ^V[_c_al]Y cadU^_bcp]Y7 C_\m[_ dRVUYcVbm5 hc_ SQiQ XQa6
`\QcQ UVZbcSYcV\m^_ f_a_iQpD `a_eY\Q[cYhVb[Qp b]V^Q ]VbcQ aQR_cl
aQX S ^Vb[_\m[_ \Vc SVbm]Q b`_b_RbcSdVc a_bcd U_f_U_S5 Vb\Y c_\m[_ ^V
UV\Qcm nc_T_ b\Yi[_] hQbc_7 >_ ^V bc_Yc WUQcm5 hc_ ^Q ^_S_Z aQR_cV
^V _[QWVcbp UdaQ[_SD b[_aVV SbVT_5 Sl RdUVcV aQX_hQa_SQ^l7
@_]^YcV _U^_C U\p c_T_5 hc_Rl neeV[cYS^_ aQR_cQcm b UdaQ6
[Q]Y Y baVUY UdaQ[_S5 b_SVaiV^^_ ^V _RpXQcV\m^_ bcQ^_SYcmbp
UdaQ[_] bQ]_]d7 BcQ^_SYcmbp UdaQ[_] S__RjV ^V ^QU_7 >Y[_TUQ7
9 UQ b_`dcbcSdVc SQ] dUQhQ1

@B?7B1==9>7 25 W5E=1>>
CDI3D9?>1< CDI4 9DC 1931D9?>C
?6 D85 JLV5 ;:1A2C?:C ?6 D85
JLV5 ;;1A2C=>>‑=?95 :B@B7 Adbb[YZ `VaVS_U b]7 SC 25 =7C
=Ya5 :BB1:92CA>B‑A??5 X3D :B@;7 Adbb[YZ `VaVS_U b]7 SC 25
=7C =9A5 :BB59C= 6?B =E77 Y8M D85C9C5 ^>9F5BC9DI ?6
U?>4?>5 U?>4?> \`@ ;Kc5 ^>9D54 T9>74?=5 O52BE1BI :BB=7
d>f ]7 \7 TE8>7 ]85 CDBE3DEB5 ?6 C395>D9fi3 B5F?C7 ^>9F5BC9DI ?6
L89317? YB5CC5 L89317?5 C53?>45 5>5 :B@97 Adbb[YZ `V6
aVS_UC C7 ;d^5 Bcad[cdaQ ^Qdh^lf aVS_\ogYZ7 =7C @a_TaVbb5 :BB@7
d?f M7 `7 K1BB?>7
J> 9>DB?4E3D9?> D? D85 CDE4I ?6 @B?7B1==9>7
7E175C7 L1=2B9475 ^>9F5BC9DI YB5CC5 L1=2B94755 U?>4?>5 W5G
b?B;5 V555 :B@@7 Adbb[YZ `VaVS_UC 57 2Qaa_^5 3SVUV^YV S
pXl[Y `a_TaQ]]Ya_SQ^Yp7 =7C =9A5 :BA97
d@f ]7 KE447 J> 9>DB?4E3D9?> D? ?2:53D6?B95>D54 @B?7B1==9>77 J449C?>
`5C75 V1CC138EC5DC5 :BB@7 Adbb[YZ `VaVS_UC C7 2QUU5
?RkV[c^_6_aYV^cYa_SQ^^_V `a_TaQ]]Ya_SQ^YV S UVZbcSYY7 B@R7C
@YcVa5 :BB@7

?AA

B`Yb_[ \YcVaQcdal

dAf K7 \DB?ECDBE@7 ]85 45C97> 1>4 5F? ?6 L447 J449C?>6`5C75 V1CC138EC5DC5 :BB=7 Adbb[YZ `VaVS_UC 2mVa^ BcaQdbcad`5
5YXQZ^ Y nS_\ogYp pXl[Q B445 =7C 5=;5 ;9997
dBf P7 K??387 X2:53D6?B95>D54 J>14 M5C97>7 J449C?>6`5C75 V1CC138EC5DC5 C53?>4 549D9?>5 :BB=7 Adbb[YZ `VaVS_UC
47 2dh5 ?RkV[c^_6_aYV^cYa_SQ^^lZ Q^Q\YX Y `a_V[cYa_SQ^YV b
`aY]VaQ]Y `aY\_WV^YZ ^Q L445 ;6V YXU7 8 =7C ‫ݷ‬9XUQcV\mbcS_
2Y^_]‫ݷ‬5 :BBB7
d:9f S7 J15 :BBA7
Adbb[YZ `VaVS_UC 5WVee N\UWVa5 L44C RYR\Y_cV[Q `a_TaQ]]Y6
bcQ7 B@R75 @YcVa5 ;99:7
d::f S7
V3L1BD8I7
Q9CD?BI
?6
UR\Y7
JLV
\RPYUJW
W?D935C5
:5C
8DD@C88GGG66?B=16?B4754E8:=3889CD?BI8C ?6 CI=2?C 1>4 D859B
3?=@ED1D9?> 2I =1389>57 L?==E>931D9?>C ?6 D85 JLV5 5
J@B :B?97
d:7 N1B? ‑ :B>B2 R>C UOY ’A=
YB?35549>7C ?6 D85 :BA= JLV \I=@?C9E= ?> UR\Y 1>4 6E>3D9?>1<
@B?7B1==9>77 JECD9>5 ]5H1C5 ^\J7 JE7ECD 9?‑9A5 :BA=7 Y77 ;BB‑75
?6
D85
8DD@C88GGG7@1Ef Q1B?4
R>D5B@B5D1D9?> ?6 L?=@ED5B YB?7B1=C7 \53?>4 N49D9?>7 VR] YB5CC5
L1=2B94755 V1CC138EC5DDC5 :BB?7 8DD@CC88=9D@B5CC7=9D754E8
C9D5C84561EI1 PE@D17 [5145B V13B?C
8DD@CC888B5145B6=13B?C

9>

L?==?>

U9C@7

;9:=7

d:@f V1DD5G V978D7 L?>D9>E1D9?>C 2I 5H1=@C5 D9=56DB1F57
C51B385 75>5B1D?BC5 D8B514C5 1>4 3?B?ED9>5C7 8DD@C88=1DD7=978D7>5D8
1BD9376G9D863?>D9>E1D9?>C‑5H35@D9?>C6
213;DB13;9>76C51B386D8B514C675>5B1D?BC63?B?ED9>5C8
d:Af Q5>BI P7 K1;5B7 LXW\ \8?EDC5 Y1BD RRC
L85>5I ?> D85 V7]7J7 JLV \97@ W?D935C 25 :@6;97
8DD@C888?=57@9@5573?=8N821;5B:8L85>5IV]J78D=<
d:Bf S?8> L7 [5I>?D9>E1D9?>C7 U9C@ 1>4
\I=2?C J> R>D5B>1D9?>1< S?EB>1 C5D7 V5>15C J ]ED?B91<
[53?>CDBE3D9?>7 VR] YB5CC5 V1CC138EC5DDC5 :BB:7 B]7 cQ[WVC
8DD@C88G1=2??;7C?EB356?B757>5D8
d;7 OE>3D9?>1< YB?7B1==9>77
J449C?>6`5C75 V1CC138EC5DC5 :BAA7 Adbb[YZ `VaVS_UC
EY\U 175 FQaaYb_^ @7 Ed^[gY_^Q\m^_V `a_TaQ]]Ya_SQ^YV7 =7C
=Ya5 :BBf V9;5 _1>95B7 ]85 b L?=29>1D?B 1\2 ?B Q?G
D? \E33554 1D [53EBC9?> `9D8?ED [5195B717 J Q?@5 R>D5B@B5D5B ‑ [565B5>357 J@B9< :A5 ;9997
d;@f S?8> T7 XECD5B8?ED7 ]3 N=2544124 U1>7E1757
R>C YB?35549>7C ?6 `9>D5B ^\NWRa L?>65B5>355 :BB95 @@7
:8
@1@5BC8D39H7@46
d;Af [1I KB974?G ^C5B QX`]X7 F;795 :BBB7
L81@D5B AC ]85 a [5C?EB35C7 8DD@C88EH4?3C7?B78QX`]XC
8a`9>4?G6^C5B6QX`]X6A78D=<
d;Bf [9381B4
\D1 9> YB?7B1==9>7
U1>7E175C7 \E2=9DD54 9> @1BD91< 6E K581F9?B1<
[5fl53D9?> 1>4 9DC R=@D1D9?>7 M5@1BD5=5>D 4’9>6?B=1D9AE5 5D
B5385B385 ?@5B1D9?>>5DB51DB515D8@E28
;=hK581F9?B14h9DC
hR=@D1D9?>
d;5I @1D389>75 @=
[JRM5 ;C?>@
[NYU5 B
_c^_bYcV\m^Qp5 :C>@;
`ap]Qp5 :C>>B
QUaVb^Qp QaYe]VcY[Q5 ;C@@5 ;CA<
Q[[d]d\pc_a5 :C>=?
Q[bVbb_a5 995
;C>=;
Q\TVRaQ US_Yh^_Z \_TY[Y5 :C:?=
Q\T_aYc]5 :C;=5 :C:@@
5VZ[bcal5 :C?B:
UVcVa]Y^Ya_SQ^^_bcm5 :C:A?
UYb[aVc^_bcm5 :C:A>
XQSVaiQV]_bcm5 :C:AA5 :C:B9
[_^Vh^_bcm5 :C:A>
\Yec_SlZ5 ;C?@9
[adT_S_Z5 ;C?@:
]Qbb_S_bcm5 :C:A@
_RkV[cYS^_bcm5 :C:A>
@VcVab_^Q5 ;C>=:
`\Q^Ya_SQ^Yp5 ;C??B
LO\5 ;C?
Q^Q\_T_SlV N3=5 :C:A?
QaRYca iY^l5 ;C?A=
QaTd]V^c5 ;5 ;C??>
RdeVaYXQgYp5 :C>995 ;C;=5 ;C:;;5
;C:@?5 ;C>B5 =?
SVc[Q5 >5 ;C:;;5 ;C
Y]p
RYR\Y_cV[Y5 :C?@@5 :C?@A
U_]V^^_V5 ;C=@?
[_]Q^Ul5 :CB>5 :C:;:5 :C?:;
]Q[a_bQ5 :C>
`VaVhYb\V^Yp5 ;C?A
bcad[cdal5 ;C:
[QUa 1`Q]pcY25 ;C?=<
[Q^Q\5 ;C9
[_]`_^_SjY[5 :C;9A5 :C>:
`ap]_T_ U_bcd`Q [ `Q]pcY5
;C?A;
[_^e\Y[c Y]‫^ݷ‬5 :C?A9
[_^gV^caQc_a 18E225 ;C=
[_acVW5 >95 ;C
]Q[a_UYaV[cYSQ5 :C?:B5 ;C:?<
]Q[a_Y]p5 ;C:?=5 ;C:?>
]Q[a__`aVUV\V^YV5 :C?:B5 ;C:?=
]Q[a_`VaV]V^^Qp5 :C?;>
]Q[a_`_UbcQ^_S[Q5 :C?:B
]Q[a_`a_gVbb_a5 :C?:A5 ;C:?<
]Q[a_aQbiYaV^YV5 :C?:B
]Q[a_b5 :C?:B5 ;C:?
SlS_UQ5 :C;5
:C;A@5 ?5
;C:9;
`aYbSQYSQ^Yp5 :C;=B
`dbc_Z5 :CA
db\_S^lZ5 :C;>B5 ;C>B
gY[\Q5 b]7 gY[\
_`VaQc_a^lV b[_R[Y5 :C;?:5 ;CB
_`VaQgY_^^Qp bYbcV]Q5 :C?>5 :C@:5
:C;
[QaaY^TQ5 ;?
[_^[QcV^QgYY bca_[5 :C?
\_TYhVb[Qp5 :C:?>5 :C;?=5 ;C=A
_caYgQ^Yp5 :C:?>
`_RYc_SQp5 :C;@@
`aV_RaQX_SQ^Yp cY`Q5 ;C>=5
?5 ;
bVcVS_Z5 ;C=?@5 ;C=?A5 ;C=A>
`_apU_[5 :C;A=
]QiY^^lZ5 :C;:9
b]Vj‫^^ݷ‬lZ5 :C;:95 :C?A;
`_bc_p^^_V XQ`_]Y^QojVV dbca_Z6
bcS_5 ;C?:9
`_c_[
SS_UQ6SlS_UQ5 :C:9:5 :C:9?5
:C
aVV^cVaQRV\m^_bcm5 95 ;C=:B
]d\mcYXQUQh^_bcY5 b]7 ]d\m6
cYXQUQh^_bcm
^VR\_[YadojYZ5 ;C5 ;C>99
^VSlcVb^pojYZ5 :C?@?
`Q[Vc^lZ5 :C@>5 :C?
`_\mX_SQcV\mb[YZ5 ;C;@=
`aYSY\VTYa_SQ^^lZ5 ;C;@=
aQXUV\V^Yp SaV]V^Y5 ;C;@>
bd`VaSYX_aQ5 :C>;@
G@
^V`aYSY\VTYa_SQ^^lZ5
:C?=:
_TaQ^YhV^^lZ5 :C>;@5 :C?=:
`_\mX_SQcV\mb[YZ5 :C>;@
`aYSY\VTYa_SQ^^lZ5 :C>;@5
:C?=:
aVYeY[QgYp5
bYbcV]^lZ SlX_S5 :C>;@5 :C?5
:C?=@5 ;C
cVaQRQZc5 :C;99
cVa]5 A
SYacdQ\m^_V5 ;C;A?5 ;C?>?
S^Vi^VV5 ;C?=B
\_TYhVb[_V5 ;C?>?
`VaYeVaYZ^_V5 :C;;=
`_c_[_S_V5 ;CA
bY]S_\m^_V5 ;CA
dcVh[Q `Q]pcY5 :C=9@
eQZ\5 :C?>5 :C@:5 ;C;A:5 ;CB?AL
@A?6;C1
b`Yb_[ ^QYR_\VV [ad`^lf
`_WVacS_SQ^YZ

RC ;:=BBB5 W9;?5F
RRC ?>>