2I[WPIXXIV� JSV
&MVH[EXGLIVW
:SP���� 2S������������1EVGL %TVMP������
'328)287
%2SXI JVSQ XLI 4YFPMWLIV
:MSPIRX 8WYREQMW ERH
&IRIZSPIRX 1ERKVSZIW
%VXMGPIW
&MVHMRK 8VMT XS 6E]EPEWIIQE %VIE� F]
/� 1VYX]YQNE]E 6ES
2IWXMRK SJ :YPXYVIW EX +MVREV ,MPP� .YREKEHL �+YNEVEX �
F] 6�:� (IZOEV ERH 1�(� :MWEZEHME
&MVH PMJI EX -RHMER -RWXMXYXI SJ 7TMGIW 6IWIEVGL� 'EPMGYX�
/IVEPE� F] 7� (IZEWELE]EQ
7MKLXMRKW SJ +]TW �:YPXYVIW ERH %UYMPE �)EKPIW
EX (LEFPE 4SYRH ERH 8LSP &MVH 7ERGXYEV]� F]
-]IV 1SLER �/
'SVVIWTSRHIRGI
7MKLXMRKW SJ ;LMXIFIPPMIH 7IE )EKPI �,EPMEIIXYW
PIYGSKEWXIV MR /YQFEOSREQ� F] +SQEXLM� 2
7MKLXMRK SJ )K]TXMER :YPXYVI �2ISTLVSR TIVGRSTXIVYW
MR E JPSGO� F] (V� %RMP 4MQTPETYVI
&MVHMRK MR SJJMGI� F] (V� 6ENMZ 7E\IRE
7TYV[MRKIH�6MZIV�0ET[MRK�4PSZIV� F] (V� 6ENMZ 7E\IRE
%HETXEXMSRW MR 2IWXMRK� F] 7RILEP 4EXIP
+EXLIVMRK SJ 7XITTI IEKPIW �%UYMPE RMTEPIRWMW � F]
%WLSO 1EWLVY�
;MRXIV 1MKVEXSV] )YVEWMER ;EXIVJS[P ;EHIV )YVEWMER
'YVPI[� 2YQIRMYW EVUYEXE �0MRREIYW EX -RPERH 7EPMRI
;IXPERH� F] 7�4� &LEXREKEV ERH 7EXMWL /YQEV 7LYOPE
&SSO6IZMI[
4MGXSVMEP ,ERHFSSO � 7LSVIFMVHW SJ /IVEPE� �-RGPYHMRK
+YPPW ERH 8IVRW � F] 7EWLMOYQEV� ' IX� EP�
2I[W *PEWL
-ZSV] &MPPIH ;SSHTIGOIV 7MKLXIH MR 2SVXL %QIVMGE
:SP���� 2S��� 1EVGL %TVMP������
7� 8LISHSVI &EWOEVER
(V� %�1�/� &LEVSW
,EVMWL 6� &LEX
(V� 7�4� &LEXREKEV
(V� %�/� 'LEOVEZEVXL]
(V� 7� (IZEWELE]EQ
(V� .SWITL +ISVKI
&�7� /YPOEVRM
%VZMRH 1MWLVE
*P�0X� 7� 6ERKEW[EQM �6IXH�
/� 1VYXYQNE]E 6ES
%�2� =IPPETTE 6IHH]
(V� 6ENMZ 7E\IRE
7� 7VMHLEV
(V� %FVELEQ :IVKLIWI
4YFPMWLIV � 7� 7VMHLEV
)HMXSVMEP &SEVH
0YPP FIJSVI XLI WXSVQ � 6EMKERN &MVH 7ERGXYEV] � 4LSXSW %VYRE]ER 7LEVQE
% 2SXI JVSQ XLI 4YFPMWLIV
(IEV JIPPS[ FMVH[EXGLIVW�
:MSPIRX 8WYREQMW ERH &IRIZSPIRX 1ERKVSZIW
%PP SJ YW EVI E[EVI SJ XLI ZMSPIRX REXYVI SJ XLI XWYREQM XLEX
IRKYPJIH ZEWX GSEWXPMRIW EPSRK -RHSRIWME� 8LEMPERH� 7VM
0EROE� -RHME� %RHEQER ERH 2MGSFEV ERH 7SQEPME MR XLI
EJXIVQEXL SJ E QEWWMZI YRHIVKVSYRH IEVXLUYEOI MR XLI &ERHE
%GIL� SR XLI EHNEGIRX GSEWX SJ 7YQEXVE SR ��XL
(IGIQFIV
����� 8LI XWYREQM XLVIEX LEW FIIR JIWXIVMRK JSV ]IEVW ERH
MX YPXMQEXIP] IVYTXIH [MXLSYX [EVRMRK ERH XLI PE] TISTPI EPSRK
XLI GSEWXPMRI LEH PMXXPI XMQI XS VIWTSRH [MXL EPEGVMX]�
8LIVI MW E [MHIWTVIEH ZMI[ XLEX� QYGL SJ XLI HEQEKI GSYPH
LEZI FIIR GSRXEMRIH SR XLEX JEXIJYP HE]� MJ XLI REXYVEP
1ERKVSZITL]XI ERH 4WEQQSTL]XI �WERH TPERXW
GSQQYRMXMIW LEH FIIR PIJX MRXEGX EPSRK XLI GSEWXPMRIW�
HIPXEW� IWXYEVMIW� FEGO[EXIVW� FE] MWPERHW ERH PEKSSRW�
6ITSVXW LEZI WYKKIWXIH XLEX WSQI EVIEW SJ QERKVSZIW RSX
SRP] WYVZMZIH XLI XWYREQM SRWPEYKLX ZIV] [IPP� FYX EPWS SJJIVIH
WMKRMJMGERX TVSXIGXMSR JSV EHNEGIRX GSEWXEP EVIEW� %GGSVHMRK
XS 1MOI 'VSWF]� 6IWIEVGL ERH (EXE 1EREKIV� &MVHPMJI
-RXIVREXMSREP� %WME (MZMWMSR �MR ;SVPH &MVH[EXGL� :SP� �� 2S
�� 1EVGL ����� ZMWMX [[[�FMVHPMJI�SVK JSV HIXEMPW � XLI XS[R SJ
/VEFM MR WSYXLIVR 8LEMPERH [EW MR EPP TVSFEFMPMX] WTEVIH JVSQ
GSPSWWEP HIWXVYGXMSR FIGEYWI SJ XLI EHNSMRMRK QERKVSZIW
JSVIWXW �E�TVIGMSYW�PIWWSR�JSV�TVIZIRXMRK�GEPEQMXMIW�MR�XLI
JYXYVI� 8LIVI MW E VEXMSREPI FILMRH XLMW MRGMHIRGI� [LMGL
GERRSX FI JEXLSQIH [MXL SYV PMQMXIH ORS[PIHKI�
-RHMGEXMSR MW EPWS EZEMPEFPI XS XLI JEGX XLEX JSVIWX LEFMXEXW�
TEVXMGYPEVP] EVSYRH WQEPP MWPERHW MR XLI 2MGSFEV -WPERHW ERH
7YQEXVE� LEH EPWS XEOIR XLI FVYRX SJ XLI JYVMSYW XWYREQM
[EZIW� ,S[IZIV� WSQI JSVIWXW QMKLX HMI HYI XS XLI MRXVYWMSR
SJ WEPX[EXIV� =IX� QERKVSZIW LEZI XLI GETEGMX] XS VIKIRIVEXI
XLIQWIPZIW SZIV E TIVMSH SJ XMQI�
8LI JMVWX KPSFEP IRZMVSRQIRXEP EWWIWWQIRX TYFPMWLIH F]
92)4 LEW GSRGPYHIH XLEX LIEPXL] GSEWXEP IGSW]WXIQW� WYGL
EW GSVEP VIIJW� QERKVSZIW� SXLIV GSEWXEP ZIKIXEXMSR ERH
MRXEGX WERH HYRI W]WXIQW LEZI XLI EFMPMX] XS TVSXIGX TISTPI
ERH TVSTIVX]� 1ERKVSZIW JYRGXMSR EW E REXYVEP LIHKI SV
FEVVMIV MR VIHYGMRK GSEWXEP IVSWMSR� WYTTVIWW WXSVQ WYVKIW�
G]GPSRMG JPSSHW ERH [MRH ZIPSGMXMIW� 8LI TVIWIRGI SJ
2I[WPIXXIV JSV &MVH[EXGLIVW� �� �� � ���� ��
QERKVSZIW [MXL XLI WXMPX VSSX W]WXIQ� EPSRK XLI VMZIV FEROW
ERH IWXYEVMRIQSYXL� JYRGXMSRW EW E XMHI FVIEOIV XLEX TVIZIRXW
LMKL WTIIH WEPMRI XMHIW ERH [EZIW ERH TVSXIGXW EHNEGIRX
MRPERH ZIKIXEXMSR ERH TVSTIVXMIW� *SV XLMW VIEWSR� XLI
(IGIQFIV ��XL
XVEKIH] MW EPP XLI QSVI GSQTIPPMRK YW� XS
GSRWIVZI ERH VIWXSVI XLI HIGMQEXIH QERKVSZITL]XI ERH
TWEQQSTL]XI GSQQYRMXMIW� XLEX LEH SRGI YTSR E XMQI WXSSH
EW WIRXMRIPW EPP EPSRK XLI -RHMER GSEWXW� QEOMRK XLIQ
MQTVIKREFPI XS XLI JYVMSYW XWYREQM [EZIW ERH G]GPSRIW�
3RI XLMRK XLEX MW WEHP] GPIEV MW XLEX XLI PSWW SJ QERKVSZI
GSQQYRMX] LEW EJJIGXIH XLI PMZIW SJ QER] FMVHW ERH SXLIV
VIPEXIH SVKERMWQW MR XLI QEVMRI�JSSH GLEMR� 8LI WPMHI FIKER
[MXL XLI VIQSZEP SJ GVS[RW JVSQ XLI QERKVSZIW JSV JSHHIV
ERH SXLIV LSYWILSPH TYVTSWIW� 8LI XLMGO JSPMEKI ERH GVS[RW
EVI GVYGMEP JSV QERKVSZI�HITIRHIRX WTIGMIW WYGL EW
WERHTMTIVW� WXSVOW� LIVSRW� IKVIXW� FMXXIVRW� KSH[MXW�
GYVPI[W� TPSZIVW� S]WXIVGEXGLIVW� XIVRW� KYPPW ERH WRMTIW�
8LI] RSX SRP] XEOI VIJYKI ERH VSSWX EQMH XLI JSPMEKI FYX
EPWS FYMPH RIWXW� 8LI] IRVMGL XLI QERKVSZI LEFMXEXW [MXL
XLIMV RMXVSKIR�VMGL HVSTTMRKW�
-RHME LEW ���� WU� OQW SJ PMXXSVEP VIKMSRW MRGPYHMRK HIPXEW�
IWXYEVMIW� FEGO[EXIVW� FE] MWPERHW ERH PEKSSRW� GSPPIGXMZIP]
GPEWWMJMIH EW QERKEPW �1ERKVSZITL]XIW � [LMGL MW XLI XLMVH
PEVKIWX MR XLI [SVPH EJXIV -RHSRIWME ������ WU�OQW ERH
%YWXVEPME ������ WU�OQW � &YX E WMKRMJMGERX TSVXMSR SJ XLI
QERKVSZITL]XI LEFMXEX MW HIKVEHIH SV PSWX ERH XLI VIQEMRMRK
TSVXMSR MW WEMH XS FI XIXLIVMRK SR XLI FVMRO SJ IVEHMGEXMSR�
.YWX JSV MRWXERGI� /IVEPE LEH EVSYRH ��� WU�OQW SJ 1ERKVSZI
JSVIWXW EPP EPSRK XLI GSEWXEP EVIEW� EWWSGMEXIH [MXL
IWXYEVMRI ERH FEGO[EXIV W]WXIQ� &YX� EX TVIWIRX /IVEPE W
QERKVSZI [IEPXL MW VIHYGIH XS E QIVI �� WU�OQW� GSRJMRIH
QSWXP] XS XLI RSVXLIVR HMWXVMGXW SJ /ERRYV ERH /EWEVKSH�
8LI YWIW ERH ZEPYIW SJ QERKVSZIW ERH XLI QERKVSZI
IGSW]WXIQ EVI QER]� 2]TE JVYXMGERW MW E TSXIRXMEP EPGSLSP
]MIPHMRK TEPQ� [LMGL LEW KSSH TVSWTIGXW EW ER EPXIVREXMZI
EYXSQSFMPI JYIP� %TEVX JVSQ XLI YXMPMXEVMER EWTIGX MR XLI
GSRWXVYGXMSR JMIPH� QER] QERKVSZI WTIGMIW EVI YWIJYP XS E
[MHI ZEVMIX] SJ TVSJIWWMSRW� 8LI 6M^STLSVEGIEI QIQFIVW
TVSHYGI XERRMRW� EHLIWMZIW ERH WTIGMEP KPYIW� -X MW ETTEVIRX
XLEX 7YRHEVFERW MW REQIH EJXIV XLI 7YRHEVM XVII �,IVMXMIVE
WTW � 8LMW QERKVSZI WTIGMIW LEW KSSH JMFIV ]MIPHMRK
TVSTIVXMIW GYVVIRXP] MR YWI EW JPSSVMRK ERH TERIPMRK QEXIVMEP�
(IGSGXMSR JVSQ XLI JVYMXW SJ <]PSGEVTYW VITSVXIHP] LEW FVIEWX
GERGIV GYVEXMZI TVSTIVXMIW� )\SIGEVME ERH 7SRRIVEXME EVI
WSJX [SSHIH ERH EVI YWIH EW EPXIVREXI XS [SSH TYPT MR XLI
TETIV MRHYWXV]� 2]TE JVYXMGERW TVSHYGIW WYKEV� EPGSLSP�
ZMRIKEV� JIVQIRXIH HVMROW ERH MXW PIEZIW EVI XVEHMXMSREPP] YWIH
EW XLEXGLMRK QEXIVMEP ERH HYI XS MXW [E\] GSEXMRK� MX PEWXW E
HIGEHI SV QSVI� (IGSGXMSR JVSQ XLI FEVO MW YWIH MR XLI
XVIEXQIRX SJ HMEVVLSIE� H]WIRXIV]� XS WXST FPIIHMRK� ERH XS
GYVI PITVSW]� &EVO ERH WET JVSQ 'IVFIVE EVI TYVKEXMZI MR
REXYVI ERH XLI SMP I\XVEGXIH JVSQ MXW JVYMXW MW YWIH MR XLI
XVIEXQIRX SJ VLIYQEXMWQ� 4RIYQEXSTLSVIW SJ &VYKYMIVE
TVSHYGI EVSQEXMG WYFWXERGI� %ZMGIRRME MW E KSSH JSHHIV
JSV GEXXPI� ERH MW WEMH XS MRGVIEWI QMPO ]MIPH� 7SRRIVEXME
JVYMXW EVI IEXIR F] HIIV� *VYMXW SJ %ZMGIRRME ERH 7SRRIVEXME
EVI KSSH JMWL JSSH� 1EVMRI JMWL� GVYWXEGIERW� WLIPPJMWL�
EQTLMFMERW� FMVHW ERH QEQQEPW EVI HITIRHIRX SR XLI
QERKVSZI IGSW]WXIQ� 8LI KVSWW TVSHYGXMSR SJ TL]XSTPEROXSR�
XLI TVMQEV] TVSHYGIV MR XLI QERKVSZI IGSW]WXIQ MW EP[E]W
JSYRH XS FI LMKLIV XLER MR SXLIV SGIERMG IGSW]WXIQW� 8LI
PMXXIV JEPP ERH MXW GSRWIUYIRX XVERWJSVQEXMSR EW HIXVMXYW VIWYPXW
MR GSTMSYW WYTTP] SJ TVSHYGXMZI RYXVMXMSR XS XLI IGSW]WXIQ�
1ERKVSZIW LEZI XLI GETEGMX] XS XVET HIFVMW� ERH TVSXIGX
VMGL SVKERMG WSMP [EWLIH HS[R XLVSYKL VMZIV W]WXIQ XS XLI
WIE ERH VIHSYFPI EW VMGL RYVWIV] KVSYRHW JSV QER] QEVMRI
JMWL� MRZIVXIFVEXIW� QSPPYWOW� FMVHW� VITXMPIW ERH QEQQEPW�
8LI 6S]EP &IRKEP XMKIV SJ XLI 7YRHEVFERW� XLI 4VSFSWGMW
1SROI] SJ &SVRIS ERH XLI 3PMZI 6MHHP] XYVXPIW SJ 3VMWWE
GSEWX EVI IRGSYRXIVIH SRP] MR QERKVSZI LEFMXEXW� 1ERKVSZIW
EPWS VIKYPEXI VMGL SVKERMG�PEHIR [EXIV JPS[� WXEFMPM^I XLI
EPPYZMEP WSMPW FVSYKLX MR JVSQ XLI VMZIVW� ERH JM\ XLI WIHMQIRXW
SJ XLI WIE [MXL HIXVMXYW� 8LYW XLI] EVI XLI VMGLIWX TVSHYGXMZI
IGSW]WXIQ JSV WYWXEMRMRK QEVMRI ERH IWXYEVMRI FMSHMZIVWMX]�
&EGXIVMS�JYRKEP HIGSQTSWIVW XLVMZI ERH GSRZIVX QERKVSZI
PMXXIVW MRXS GSRWYQEFPI TVSXIMR [LMGL MW YWIH F] JMWL
TSTYPEXMSR ERH XLI] YPXMQEXIP] IRH YT [MXL XLI TVMQEV]
GSRWYQIVW MR XLI JSSH GLEMR WYGL EW XMKIVW ERH GVSGSHMPIW�
=SYRK LEXGLPMRKW SJ 3PMZI 6MHHP] XYVXPI LEZI WLS[R
VIQEVOEFPI HIZIPSTQIRX IZIR YT XS IMKLX QSRXLW MR XLI
QERKVSZI [EXIV[E]� YXMPMWMRK XLI QERKVSZI HIXVMXYW MR XLIMV
HMIX� 1ERKVSZIW EPWS JYRGXMSR EW E FYJJIV EKEMRWX XLI WTVIEH
SJ SMP�WPMGOW [EWLIH HS[R JVSQ XLI WIEW� 7SQI QERKVSZI
WTIGMIW EVI WEMH XS KVS[ JEWXIV [LIR FEXLIH [MXL XLI XMHEP
[EXIVW IRVMGLIH [MXL YVFER IJJPYIRXW� 8LMW MRXVMRWMG EFMPMX] SJ
QERKVSZIW LEW PSRK FIIR EHZSGEXIH EW E TSWWMFPI VIQIH]
JSV XVIEXMRK YVFER WI[EKI ERH IJJPYIRXW� 7YGL E TIVJSVQERGI
LEW FIIR TEVXMGYPEVP] RSXMGIH MR 1EGLMPMTEXXEREQ�
2M^EQTEXXEREQ ERH XLI SPH 7EPX PEOI W]WXIQ SJ /SPOEXE�
[LIVI XLI QERKVSZIW LEZI HIQSRWXVEXIH XLIMV GETEGMX] XS
EQIPMSVEXI TSPPYXMSR PIZIPW�
8LI VIKYPEXMSR QIGLERMWQ MRGSVTSVEXIH MR XLI 'SWXEP
6IKYPEXMSR >SRI 2SXMJMGEXMSRW LEW QER] MREHIUYEGMIW MR
WEJIKYEVHMRK ERH GSRWIVZMRK XLI GSEWXEP FMSXE� MRGPYHMRK XLI
QERKVSZIW� 8LI HIWXVYGXMSR SJ QERKVSZI GSQQYRMX] MW SRI
SJ XLI WIVMSYW XVMFYPEXMSRW EJJIGXMRK XLI XVSTMGEP QEVMRI
IGSW]WXIQ� 8LI VIZIVWEP SJ XLMW WPMHI LEW XS FI FVSYKLX EFSYX
F] VIKYPEXMRK WLMT�FVIEOMRK EGXMZMXMIW� SJJWLSVI HMWTSWEP SJ
XS\MG MRHYWXVMEP IJJPYIRXW� EUYE JEVQMRK� QIGLERM^IH JMWLMRK�
PMQI�WLIPP QMRMRK� WERH QMRMRK� SMP�WTMPPEKI XLVIEXW� XSYVMWQ
ERH TMPKVMQEKI� 8LIWI GEYWEXMZI JEGXSVW EVI GSPPIGXMZIP]
NISTEVHM^MRK XLI QEVMRI JSSH�GLEMR ERH XLI HIPIXIVMSYW
IJJIGXW LEZI MR YRMWSR HIGMQEXIH XLI QERKVSZI GSQQYRMX]
EPP EPSRK XLI -RHMER GSEWXW�
3YV )HMXSVMEP &SEVH QIQFIV� *P� 0X� 7� 6ERKEW[EQM �6IXH� �
LEH IRXLYWMEWXMGEPP] IQFEVOIH SR E QMWWMSR XS XLI +YPJ SJ
1ERREV �+31 ERH XLI /VYWEHEM MWPERHW SR FILEPJ SJ (V� 1�
7� 7[EQMREXLER *SYRHEXMSR� MR ���� XS WXYH] XLI
IGSXSYVMWQ EWTIGXW SJ XLI +31� ,I XSSO XLMW STTSVXYRMX]
XS PIEVR QSVI EFSYX XLI WLSVIFMVHW ERH XLI TLIRSQIRSR SJ
SZIV�I\TPSMXEXMSR SJ ,SPSXLYVMERW� GSVEP FPSGOW� QEVMRI EPKEI�
�� 2I[WPIXXIV JSV &MVH[EXGLIVW� �� �� � ����
IIPW ERH WIE�WLIPPW MR XLI JVMRKMRK VIIJW SGGYVVMRK EVSYRH E
GLEMR SJ �� MWPERHW� &VEZMRK XLI FPMWXIVMRK QMH�HE] WYR ERH
YRJSVKMZMRK SGIERMG [MRHW� XLMW SGXSKIREVMER� LEH XVMIH XS
PSSO JSV GPYIW XLEX GSYPH FIRIJMX FSXL LYQERW ERH [MPHPMJI�
,I� MW� E� VSPI�QSHIP� XS� EPP� SJ� YW �� [VSXI� 4VSJIWWSV�1�7�
7[EQMREXLER SJ 1V� 6ERKEW[EQM W�[SVO�� � ,I� FIPSRKW� XS
XLI SPH WGLSSP SJ REXYVEPMWXW ERH LMW TIRGLERX JSV REXYVEP
LMWXSV] ORS[PIHKI LEW IRSYKL PIWWSRW XS FI IQYPEXIH F]
XLI ]SYRKIV KIRIVEXMSR�
-RGMHIRXEPP]� XLI 2EXMSREP 1ERKVSZI 'SQQMXXII WIX YT YRHIV
XLI EIKMW SJ 1MRMWXV] SJ )RZMVSRQIRX ERH *SVIWXW �1S)*
LEW GSRWMHIVIH ZEVMSYW STXMSRW JSV XLI GSRWIVZEXMSR SJ
QERKVSZIW� *MJXIIR QERKVSZIW MRGPYHMRK 7YRHEVFERW�
&LMXEVOERME� 1ELEREHM (IPXE� /YRHETYV� :IQFEH� 4SMRX
'EPMQIVI� ERH 4MGLEZEVEQ� [IVI WIPIGXIH JSV TVSTIV
QEREKIQIRX ERH GSRWIVZEXMSR� -R 'SVMRKE� PEVKI�WGEPI
QERKVSZI EJJSVIWXEXMSR [EW XEOIR YT ERH MR XLI 4MGLEZEVEQ
1ERKVSZI VIWIVZI ��SJ XLI REXYVEP QERKVSZIW[IVI VIWXSVIH�
% FSPHIV ETTVSEGL JSV NSMRX JSVIWX QEREKIQIRX JSV WYWXEMREFPI
YXMPM^EXMSR� GSRWIVZEXMSR ERH TVSXIGXMSR SJ QERKVSZI LEFMXEXW
MW YVKIRXP] GEPPIH JSV� ;LMPI [I VI� SR� XLI� WYFNIGX�� 4VSJ�
7[EQMREXLER LEW KMZIR XLI GPEVMSR GEPP XS MRMXMEXI E GSEWXEP
FMS�WLMIPH QSZIQIRX EPSRK XLI GSEWXEP EVIEW� MR LMW EXVMGPI
&I]SRH�XWYREQM��ER�EKIRHE�JSV�EGXMSR �
-J E VSEH QET XS QERKVSZI EJJSVIWXEXMSR MW ZMWYEPMWIH ERH
MQTPIQIRXIH MR WXEKIW� QEREKIH ERH YXMP MWIH MR E
WYWXEMREFPI QERRIV MR -RHME� QYGL SJ XLI TVSFPIQW
EWWSGMEXIH [MXL YRIQTPS]QIRX� LYRKIV ERH TSZIVX] GSYPH
FI EPPIZMEXIH� &YX XLI 2EXMSREP 1ERKVSZI 'SQQMXXII MW ]IX
XS WYGGIWWJYPP] HIZIPST E QSHIP JSV XLI QEREKIQIRX SJ
QERKVSZI JSVIWX IGSW]WXIQ XLEX GER FI WLS[GEWIH EW
-RHME W�TVITEVIHRIWW�XS�HIEP�[MXL�XLI�WSGMSIGSRSQMG�TVSFPIQ
ERH XLI XWYREQM XLVIEX EPMOI� -X MW RS I\EKKIVEXMSR XS WE]
XLEX XLI WLSVIFMVHW [MPP FI XLI MRGMHIRXEP FIRIJMGMEVMIW SJ
WYGL EJJSVIWXEXMSR TVSKVEQQIW ERH XLI] GER KVEHYEPP] VIKEMR
XLIMV PSRK�PSWX JSSXLSPH SR XLI QERKVSZI LEFMXEXW�
8LEROMRK ]SY�
=SYVW MR FMVH GSRWIVZEXMSR
7� 7VMHLEV
4YFPMWLIV� 20&;
H
&MVHMRK 8VMT XS 6E]EPEWIIQE %VIE
/� 1VYX]YQNE]E 6ES� 'LERHVEZMPPE%TX� &PSGZO % *PEX ���� 0EXGLMVENY ZEVM WXVIIX�
7YV]E 6ES 4IX� /EOMREHE������� )QEMP� QVYX]YQNE]E$LSXQEMP�GSQ
:))6%496%1�
3R �XL 1EVGL ����� Q]WIPJ� &MNY +ISVKI� XLI (MWXVMGX 8SYVMWQ
3JJMGIV SJ %RERXLETYV HMWXVMGX ERH Q] JVMIRH 8�2 :EVETVEWEH
SJ %RERXLETYV ZMWMXIH :IIVETYVEQ [LMGL MW SR XLI %�4�
/EVREXEOE FSVHIV� -X MW E TEMRXIH WXSVO GSPSR] WMXYEXIH EFSYX
�� OQ JVSQ 0ITEOWLM� 3R XLEX HE] - GSYRXIH �� RIWXW SJ
TEMRXIH WXSVOW ERH � RIWXW SJ KVI] LIVSRW� ;I ZMWMXIH �
MVVMKEXMSR XEROW [LMGL [IVI XLI XVEHMXMSREP JIIHMRK KVSYRHW SJ
TEMRXIH WXSVOW���8LI�:IIVETYVEQ� 'LMPEQXLYVY ERH X[S SXLIV
RIEVF] XEROW [IVI HV]� 8LI �XL SRI M� I� &EPEWEQYHVEQ XERO
LEH [EXIV���&YX�[EXIV� MR� XLEX XERO QE] RSX FI WYJJMGMIRX JSV
XLI WXSVOW ERH QE] HV] YT F] 1E] IRH� ;I EPWS ZMWMXIH �
MVVMKEXMSR XEROW SR XLI /EVREXEOE WMHI� 8LIWI XEROW LEH PMQMXIH
UYERXMXMIW SJ [EXIV FYX FIXXIV XLER &EPEWEQYHVEQ XERO� 'MZMP
[SVO [EW YRHIV[E] XS HIITIR XLI :IIVETYVE XERO� [LMGL MW
GSQTPIXIP] HV]� % �� < �� QX� XVIRGL MW FIMRK HYK YTXS E
HITXL SJ SRI QIXIV� YRHIV JSSH�JSV�[SVO TVSKVEQQI�
%X XLMW HITXL EPWS XLI WSMP MW I\XVIQIP] HV]� 8LI (�8�3 MRJSVQIH
XLEX XLIVI MW E TVSTSWEP XS HMK E FSVI[IPP MR XLI XERO FIH F]
XLI KSZIVRQIRX XS WYTTP] [EXIV HMVIGXP] XS :IIVETYVEQ�
,I JYVXLIV MRJSVQIH XLEX XLIVI MW E TVSTSWEP XS JMPP XLI XERO
[MXL FSVI[IPP [EXIV ERH XS VIPIEWI JMRKIVPMRKW MR XLI XERO
I\GPYWMZIP] JSV XLI WXSVOW� &YX XLI XERO MW ZIV] FMK ERH XLI
FSVI[IPP QE] RSX LEZI XLI GETEGMX] XS JMPP MX� 1SVISZIV� XLI
[EXIV XLYW TYQTIH MR XS XLI XERO [MPP KIX IZETSVEXIH SV WIIT
MRXS XLI KVSYRH� 8LIVIJSVI� - WYKKIWXIH XLEX XLI WQEPP
HIITIRIH TSVXMSR WLSYPH FI JMPPIH [MXL [EXIV XS IREFPI
XLI WXSVOW XS HMT XLIQWIPZIW MR XLI [EXIV ERH VIXYVR XS XLI
RIWX XS OIIT XLIMV RIWXPMRKW GSSP� *MRKIVPMRKW GSYPH EPWS
FI VIPIEWIH���%X�TVIWIRX�XLIVI�MW E WQEPP TMX �� \ � 1X� RIEV
XLI LERHFSVI [LMGL LEW WSQI [EXIV� 8LI ZMPPEKIVW WEMH XLI
WXSVOW EVI YXMPM^MRK XLI TMX [EXIV XS HVIRGL XLIQWIPZIW
SGGEWMSREPP]�
*EMPYVI SJ VEMRW MW RS HSYFX XLI GLMIJ GEYWI JSV EFWIRGI SJ
[EXIV MR XLI XERO� FYX - JIPX XLEX IJJSVXW GSYPH FI QEHI XS
QE\MQM^I [EXIV WXSVEKI F] WIIOMRK XLI LIPT SJ XLI MVVMKEXMSR
HITEVXQIRX JSV MRXVSHYGMRK TVSTIV [EXIVWLIH QEREKIQIRX
2I[WPIXXIV JSV &MVH[EXGLIVW� �� �� � ���� ��
QIXLSHW� QSRMXSVMRK XLI GEXGLQIRX EVIE JSV MHIRXMJ]MRK XLI
HVEMREKI TEXXIVR ERH [EXIVJPS[ XS XLI XERO� VIQSZEP SJ
SFWXVYGXMSRW� IRGVSEGLQIRXW� GSRWXVYGXMSR SJ GLIGOHEQW
ERH GSRXSYV�FYRHW [LIVIZIV TSWWMFPI ERH WXYH]MRK XLI WSMP
TVSJMPI ERH WIITEKI TEXXIVR� MR SVHIV XS XEOI VIQIHMEP WXITW
XS QMRMQMWI XLI WIITEKI�
&SRRIX 1EGEUYIW [IVI WIIR QSZMRK MR ERH SYX SJ XLI RIWXMRK
XVIIW� &YX XLI ZMPPEKIVW MRJSVQIH QI XLEX XLI TEMRXIH WXSVOW
EVI EFPI XS HIJIRH XLIMV RIWXW JVSQ XLI &SRRIX 1SROI]W� -X
[EW SFWIVZIH XLEX XLI TEMRXIH WXSVOW EVI EP[E]W MR EPIVX
TSWMXMSR XS HIJIRH XLIMV RIWXW� &YX - XLMRO XLI QSROI]W QE]
SGGEWMSREPP] KEMR ER YTTIV LERH ERH HIWXVS] SRI SV X[S
RIWXW ERH WXIEP XLI IKKW�
4)(900%4%00)�
3R �������� - ZMWMXIH��4IHYPPETEPPI [LMGL MW EFSYX �� OQ JVSQ
&EHZIPY XS GLIGO XLI WXEXYW SJ XLI RIWXMRK GSPSR] SJ XLI
TEMRXIH WXSVOW� 8LI ZMPPEKIVW MRJSVQIH QI JSV XLI PEWX X[S ]IEVW
ERH XLMW ]IEV EPWS XLI FMVHW HMH RSX ZMWMX XLI ZMPPEKI� HYI XS
JEMPYVI SJ VEMRW ERH XLI EFWIRGI SJ [EXIV MR XLI XEROW� ;LIR -
IRUYMVIH EFSYX XLI RIWXMRK SJ TIPMGERW MR XLI ZMPPEKI� XLI ZMPPEKIVW
XSPH QI XLEX JMZI XS WM\ TEMVW RIWXIH SR XLI ZMPPEKI XVIIW� E JI[
]IEVW EKS� %JXIV XLEX WIEWSR XLI] HMH RSX VIXYVR XS XLI ZMPPEKI�
,S[IZIV� XLI] WEMH ;LMXI -FMWIW EVI ZMWMXMRK XLMW ZMPPEKI JSV
RIWXMRK�
6)4%00)�
3R XLI WEQI HE]� - ZMWMXIH 6ITEPPI SJ��4SVYQEQMPPE�1ERHEPEQ
EFSYX �� OQ JVSQ &EHZIPY� XS�� IRUYMVI� EFSYX�� XLI�TEMRXIH
WXSVOW GSPSR]� 8LI ZMPPEKIVW SJ 6ITEPPI MRJSVQIH QI XLEX JSV
XLI PEWX X[S ]IEVW ERH XLMW ]IEV EPWS XLI TEMRXIH WXSVOW HMH
RSX ZMWMX XLI ZMPPEKI� 6IKEVHMRK TIPMGERW XLI] WEMH XLI] EVI
RSX RIWXMRK MR XLI ZMPPEKI� FYX [LMXI -FMWIW EVI ZMWMXMRK XLMW
ZMPPEKI JSV RIWXMRK�
&)(97%4%00)�
3R �������� - ZMWMXIH &IHYWETEPPI PSGEXIH EFSYX �� OQ JVSQ
&EHZIPY� XS GLIGOSYX ERSXLIV TEMRXIH WXSVOW GSPSR]� 8S Q]
VIPMIJ� - GSYPH WII WSQI TEMRXIH WXSVOW EX RIWX� - GSYRXIH
��� TEMRXIH WXSVOW ERH XLI ZMPPEKIVW MRJSVQIH QI XLEX [LMXI
-FMWIW EVI EPWS ZMWMXMRK XLMW ZMPPEKI JSV RIWXMRK� 4IPMGERW EVI
RSX RIWXMRK MR XLI ZMPPEKI� 8LI MVVMKEXMSR XEROW EVI HV] FYX XLI
ZMPPEKIVW MRJSVQIH QI XLEX XLI FMVHW EVI TVSGYVMRK JMWL JVSQ
XLI 7SQEWMPE 6IWIVZSMV [LMGL MW EFSYX �� XS �� OQ E[E]�
-R XLI TVIZMSYW MWWYI� XLI 4YFPMWLIV LEW FIQSERIH XLI
XIRHIRG] XS GYPXMZEXI [IXPERH GVSTW� ERH XLI SZIV�I\TPSMXEXMSR
SJ XLI KVSYRH[EXIV VIWSYVGIW� EW XLI GEYWIW QEKRMJ]MRK
XLI [EXIV TVSFPIQ� [LMGL [EW JYVXLIV EKKVEZEXIH F] XLI JEMPYVI
SJ VEMRW� -R XLI PEWX � � � ]IEVW� XLIVI [EW EGYXI WLSVXEKI SJ
[EXIV MR QSWX TEVXW SJ -RHME� *SV XLI TEWX � � � ]IEVW XLI
GSYRXV] [EW HIITP] MRZSPZIH MR [EXIVWLIH QEREKIQIRX F]
FYMPHMRK GLIGOHEQW� VSGO JMPPMRK HEQW� GSRXSYV FYRHMRK IXG��
EX EPP TSWWMFPI WMXIW XS VIGLEVKI XLI [EXIV XEFPI� 8LI
EYXLSVMXMIW LEZI EPWS XEOIR YT XLI GSRWXVYGXMSR SJ HEQW� PMJX
MVVMKEXMSR IXG�� SR WQEPP� QIHMYQ ERH PEVKI WXVIEQW� VMZYPIXW�
XVMFYXEVMIW� ERH QEMR VMZIVW� XS GEXIV XS XLI [EXIV RIIHW SJ
IZIV MRGVIEWMRK TSTYPEXMSR� &YX XLI TSWMXMSR MW WXMPP GVMXMGEP� -J
[I HSR X�GSRXVSP�TSTYPEXMSR�I\TPSWMSR��[I�GERRSX�GSRWIVZI
SYV IRZMVSRQIRX ERH FMSHMZIVWMX]� %PP XLI EGXMSR XEOIR XS
GSRWIVZI [IXPERHW� JSVIWXW� SXLIV LEFMXEXW� [MPHPMJI� FMVHW�
ERH SXLIV JSVQW SJ PMJI [MPP FI JYXMPI� 8STQSWX TVMSVMX] WLSYPH
FI KMZIR F] IRZMVSRQIRXEPMWXW XS GSRXVSP TSTYPEXMSR
I\TPSWMSR�
�H
2IWXMRK SJ :YPXYVIW EX +MVREV ,MPP�
.YREKEHL �+YNEVEX
6�:� (IZOEV� ERH 1�(� :MWEZEHME� %ZMER &MSPSK] (MZMWMSR� &MSPSK] (ITEVXQIRX�
&ELEYHHMR 7GMIRGI 'SPPIKI� .YREKEHL� +YNEVEX � ��� ���� �)�QEMP � VZHIZOEV$VIHMJJQEMP�GSQ
-X MW E VEVI WMKLX ERH RS[ E XVIEX XS [EXGL ZYPXYVIW WSEVMRK MR
-RHMER WOMIW� %PXLSYKL� EFSYX ��SJ -RHME W�ZYPXYVI�TSTYPEXMSR
LEW FIIR [MTIH SYX� XLMW WXYVH] WTIGMIW GSRXMRYIW XS WYVZMZI
MR WQEPP TSGOIXW ERH MR VIQSXI EVIEW� 8LMW VITSVX SJ :YPXYVI
WMKLXMRK MW JVSQ +MVREV ,MPP MR .YREKEHL �+YNEVEX � 8LI +MVREV
LMPP MW PSGEXIH MR XLI .YREKEHL HMWXVMGX SJ 7EYVEWLXVE VIKMSR
MR +YNEVEX WXEXI� 8LI LIMKLX SJ XLMW LMPP MW ���� QXW ERH MW
XLI WIGSRH LMKLIWX TSMRX MR XLI WXEXI EJXIV .IWWSVI LMPP PSGEXIH
SR +YNEVEX � 6ENEWXLER FSVHIV� +MVREV LMPP MW WYVVSYRHIH F]
TVMWXMRI JSVIWX XLEX MRGPYHIW +MVREV WERGXYEV] ERH VIWIVZI
JSVIWX GSZIVMRK ER EVIE SJ EFSYX �� WU OQ SJ YRHYPEXMRK
XIVVEMR�
-X [EW E XVIEX XS [EXGL �� [LMXI�FEGOIH ZYPXYVIW �+]TW
FIRKEPIRWMW EX +MVREV LMPP SR �������� EX ���� LVW� 8LI
ZYPXYVIW [IVI WIIR KPMHMRK EX E LIMKLX SJ EFSYX ���� QXW
ERH [IVI MHIRXMJMIH SRP] EJXIV GPMQFMRK XLI %QFENM TSMRX
PSGEXIH SR XLI JVIUYIRXP] ZMWMXIH XSYVMWX VSYXI SR +MVREV LMPP�
-RGMHIRXEPP]� E KVSYT SJ WXYHIRX ZSPYRXIIVW LEH WMKLXIH ��
ZYPXYVIW SR ������� EX ���� LVW EX XLI WEQI PSGEXMSR� 3R
������ EX ���� LVW [I [IVI EX E LIMKLX SJ EFSYX ���� JX SR
XLI [IWXIVR WMHI SJ +MVREV LMPP� [LIR [I WMKLXIH E PSRI 0SRK�
FMPPIH ZYPXYVI �+]TW MRHMGYW � -X [EW WSEVMRK MR XLI WO] ERH
WYHHIRP] HMWETTIEVIH FILMRH XLI GPMJJW SJ +MVREV� 8LI ZIVXMGEP
GPMJJW SJ +MVREV EVI HV] ERH FEVVIR [MXL REXYVEP LSPIW ERH
VSGO GYXXMRKW� 8LIWI VSGO JEGMRKW TVSZMHI ER MHIEP LEFMXEX
JSV E GPMJJ RIWXIV PMOI E PSRK�FMPPIH ZYPXYVI XLEX MW KIRIVEPP]
ORS[R XS TVIJIV WYGL LEFMXEX� ;I PIJX XLI YWYEP XSYVMWX VSYXI
ERH XSSO ER EPXIVREXMZI VSYXI SR XLI [IWXIVR WMHI SJ +MVREV
LMPP� %JXIV ER LSYV W�XVIO�[I�VIEGLIH�E�PSGEXMSR�XLEX�IREFPIH
YW E GPIEV ZMI[ SJ XLI GPMJJW� % WMRKPI TEMV SJ PSRK�FIPPMIH
�� 2I[WPIXXIV JSV &MVH[EXGLIVW� �� �� � ����
H
&MVH PMJI EX -RHMER -RWXMXYXI SJ
7TMGIW 6IWIEVGL� 'EPMGYX� /IVEPE
7� (IZEWELE]EQ� -RHMER -RWXMXYXI SJ 7TMGIW 6IWIEVGL� 1EVMOYRRY 4� 3��
'EPMGYX ����������/IVEPE
8LI QEMR GEQTYW SJ XLI -RHMER -RWXMXYXI SJ 7TMGIW 6IWIEVGL
EX 'EPMGYX �/S^LMOSHI (MWXVMGX� /IVEPE MW WMXYEXIH �� OQW
E[E] JVSQ 'EPMGYX GMX] SR XLI 'EPMGYX /SPPIKEP� 2EXMSREP
,MKL[E] ���� 8LI GEQTYW LEW ER EVIE SJ ���� LE ERH
GSQTVMWIW X[S LMPPSGOW [MXL E QE\MQYQ IPIZEXMSR SJ EFSYX
�� Q 170� 8LI GEQTYW VIGIMZIW ER ERRYEP VEMRJEPP SJ EFSYX
���� QQ� VEMRJEPP MW LIEZ] HYVMRK .YRI %YKYWX�HYI�XS� XLI
EGXMZMX] SJ XLI WSYXL�[IWX QSRWSSR� 8LI GEQTYW [EW
IWXEFPMWLIH HYVMRK ���� ERH QEMRP] GSRWMWXW SJ PEFSVEXSV]
ERH EHQMRMWXVEXMZI FYMPHMRKW SJ XLI MRWXMXYXMSR� 8LI ZIKIXEXMSR
QEMRP] MW SJ XVIIW WYGL EW GEWLI[ �%REGEVHMYQ SGGMHIRXEPI �
GSGSRYX �'SGSW RYGMJIVE � NEGO �%VXSGEVTYW LIXIVSTL]PPYW �
QERKS �1ERKMJIVE MRHMGE � KYEZE �4WMHMYQ KYENEZE � %GEGME
EYVMGYPMJSVQMW� %� QERKMYQ� %PFM^ME PIFFIGO� +PMVMGMHME
WITMYQ� 4SP]EPXLME PSRKMJSPME� 4IPXSTLSVYQ TXIVSGEVTYQ�
7EQERIE WEQER ERH RYQIVSYW SVREQIRXEP XVIIW� -R
EHHMXMSR� TIVIRRMEP WTMGI GVSTW WYGL EW FPEGO TITTIV �4MTIV
RMKVYQ � XVII WTMGIW WYGL EW GMRREQSR �'MRREQSQYQ
WTT� � GPSZI �)YKIRME GEV]STL]PPYW � KEVGMRME �+EVGMRME MRHMGE
ERH RYXQIK �1]VMWXMGE JVEKVERW � ERH ERRYEP WTMGI GVSTW
WYGL EW KMRKIV �>MRKMFIV SJJMGMREPMW ERH XYVQIVMG �'YVGYQE
PSRKE EVI GYPXMZEXIH� 8LI ZIKIXEXMSR MR XLI YRGYPXMZEXIH EVIEW
MW SJ SYXKVS[XL SJ WLVYFW� LIVFW ERH KVEWWIW� 8LI GEQTYW
XLYW TVSZMHIW ZEVMIH LEFMXEXW JSV FMVH PMJI WYGL EW STIR TEXGLIW
SJ KVEWWPERH� WLVYFF] FYWLIW� TPERXEXMSRW SJ FPEGO TITTIV
ERH XVII WTMGIW [MXL WYTTSVX ERH WLEHI XVIIW ERH SXLIV
XVIIW�
% VIGSVH SJ FMVHW ZMWMXMRK XLI GEQTYW JSV XLI TEWX �� ]IEVW
[EW FIMRK QEMRXEMRIH ERH MX MW JIPX XLEX MX [SYPH FI [SVXL[LMPI
XS HSGYQIRX XLIQ WMRGI E RYQFIV SJ HIZIPSTQIRXEP GLERKIW
LEZI XEOIR TPEGI MR XLI GEQTYW IWTIGMEPP] HYVMRK XLI TEWX
�� ]IEVW� 8LI WXYH] MW QSVI VIPIZERX WMRGI QER] KEVHIR
FMVHW MR GMXMIW ERH XS[RW MR /IVEPE EVI VITSVXIH XS FI SR XLI
HIGPMRI HYI XS HIZIPSTQIRXEP EGXMZMXMIW ERH JVEKQIRXEXMSR
SJ LEFMXEXW� 8LI *SVIWX (ITEVXQIRX SJ /IVEPE EPWS TVSTSWIW
XS MRXVSHYGI FMVH�JVMIRHP] XVIIW MR XS[RW ERH GMXMIW XS EXXVEGX
ERH IRGSYVEKI FVIIHMRK SJ FMVHW�
&MVH PMJI MR XLI GEQTYW MW HMZIVWI ERH �� WTIGMIW GSYPH FI
VIGSVHIH [MXL GIVXEMRX] �8EFPI � � &MVH EGXMZMX] [EW KIRIVEPP]
QSVI HYVMRK 7ITXIQFIV 3GXSFIV�EJXIV�GIWWEXMSR�SJ�QSRWSSR
VEMRW TVSFEFP] FIGEYWI MRWIGX PMJI [EW QSVI EFYRHERX HYVMRK
XLMW TIVMSH ERH XLI HE]W [IVI GPIEV ERH MHIEP JSV JSVEKMRK�
% JI[ WTIGMIW SJ FMVHW XLEX EVI TVSFEFP] YRGSQQSR MR XLMW
VIKMSR GSYPH FI VIGSVHIH MR XLI GEQTYW� 8LI QSWX WYVTVMWMRK
ZMWMXSV [EW X[S KVI]�LIEHIH LSVRFMPPW [LMGL [IVI WMKLXIH
SR E VEMR XVII �7�WEQER MR XLI QSVRMRK EX EFSYX � EQ ERH
[IVI MQQIHMEXIP] QSFFIH F] LSYWI GVS[W GVIEXMRK E PSX SJ
GSQQSXMSR� 8LI FMVHW VIQEMRIH SR XLI XVII JSV EFSYX ��
QMRYXIW ERH [IVI JSVGIH XS PIEZI F] XLI VYGOYW GVIEXIH F]
XLI GVS[W� 8LI KVI]�LIEHIH LSVRFMPP MW ZIV] GSQQSR EX
4IVYZERREQY^LM ��� OQW E[E] JVSQ 'EPMGYX �(IZEWELE]EQ
IX EP� ���� ERH SXLIV EHNSMRMRK EVIEW EX XLI JSSX LMPPW SJ
;E]EREH VERKI SJ ;IWXIVR +LEXW ERH XLIVI EVI EPWS VITSVXW
SJ XLMW FMVH FIMRK WMKLXIH MR WEGVIH KVSZIW MR XLI HMWXVMGX�
8LI FPEGO WLSYPHIVIH IEKPI [EW SFWIVZIH SRGI ERH VIQEMRIH
MR XLI IRZMVSRW SJ XLI GEQTYW JSV E [IIO ERH MXW JEZSYVMXI
LEYRX [EW XLI XST SJ ER IPIGXVMG TSPI ERH MX X]TMGEPP] JPMGOIH
ZYPXYVIW [EW WSEVMRK MR XLI WO]� 3RI SJ XLIQ KPMHIH MRXS E
PEVKI LSPI MR XLI GPMJJ� -XW ZMVXYEP MREGGIWWMFMPMX] HMH RSX EPPS[
YW XS TIIT MRWMHI FYX [I [IVI EFPI XS WII MXW EGXMZMXMIW
GPIEVP]� -X TMGOIH YT WSQI RIWXMRK QEXIVMEP JVSQ XLEX LSPI
ERH XSSO SJJ JSV ER EPXIVREXMZI LSPI EX E HMWXERGI SJ EFSYX
��� QXW XLEX [EW PSGEXIH ETTVS\MQEXIP] EX XLI WEQI LIMKLX�
%JXIV WSQI XMQI� MXW TEVXRIV HMH XLI WEQI� 8LMW EGXMZMX] [EW
VITIEXIH � XMQIW [MXLMR ER LSYV� &SXL XLI RIWXMRK WMXIW [IVI
IUYEPP] WEJI � ERH� MREGGIWWMFPI� ERH� LEH�[LMXI� HVSTTMRK
QEVOW MRHMGEXMRK XLEX FSXL XLI WMXIW [IVI YWIH F] ZYPXYVIW
JSV VSSWXMRK � RIWXMRK� 7MRGI RS SXLIV ZYPXYVIW [IVI MR WMKLX�
MX GSYPH FI EWWYQIH XLEX XLIWI ZYPXYVIW [IVI WXIEPMRK XLI
RIWXMRK QEXIVMEP JVSQ XLI EHNEGIRX RIWX SV TVSFEFP] VIYWMRK
XLI RIWXMRK QEXIVMEP JVSQ ER SPH RIWX� 8LI GPMJJW LEH
MRRYQIVEFPI VSGO LSPIW� SYX SJ [LMGL� �� LSPIW LEH [LMXI
HVSTTMRK QEVOW XLEX GSYPH FI IEWMP] WIIR JVSQ E HMWXERGI�
-X GER FI EWWYQIH XLEX XLIWI LSPIW [MXL [LMXI QEVOW EVI�
[IVI XLI RIWXMRK WMXIW SJ ZYPXYVIW� FYX XLMW JEGX LS[IZIV�
RIIHW XS FI GSRJMVQIH� 8LSYKL� SRP] E WSPMXEV] TEMV SJ PSRK
FMPPIH ZYPXYVIW GSYPH FI WMKLXIH HYVMRK XLMW XVMT� XLI WXYHIRX
ZSPYRXIIVW LEH GSYRXIH RMRI PSRK�FMPPIH ZYPXYVIW MR JPMKLX� SR
�������� JVSQ ER EHNEGIRX PSGEXMSR�
8LI +MVREV LMPP MW E TVMQI HIWXMREXMSR JSV VIPMKMSYW XSYVMWQ
WMRGI TVI�-RHITIRHIRGI IVE� EW XLI LMPP XST ERH XLI
WYVVSYRHMRK JSVIWX LEW WIZIVEP XIQTPIW ERH TPEGIW SJ [SVWLMT
XLEX EVI JVIUYIRXIH F] XSYVMWXW XLVSYKLSYX XLI ]IEV� 8LI PSGEP
TISTPI XIPP E WSVV] XEPI SJ WYHHIR HMWETTIEVERGI SJ ZYPXYVIW
XLEX [IVI SXLIV[MWI MR TPIRX] WSQI �� ]IEVW EKS� 7MRGI XLI
TSTYPEXMSR SJ ZYPXYVIW MW SR XLI HIGPMRI� MX MW LIEVXIRMRK XS
WII XLMW WTIGMIW WYVZMZMRK MR WYGL VIQSXI TSGOIXW EW -
WXVSRKP] JIIP XLEX MJ XLI ZYPXYVIW LEZI XS QEOI E GSQIFEGO
JVSQ E HMWQEP WXEXI� MX [SYPH FI XLVSYKL WYGL VIQSXI� ]IX
WEJI MWSPEXIH TSTYPEXMSRW ERH RSX XLVSYKL GETXMZI FVIIHMRK
TVSKVEQQIW�
2I[WPIXXIV JSV &MVH[EXGLIVW� �� �� � ���� ��
8EFPI �� 0MWX SJ FMVHW VIGSVHIH MR XLI GEQTYW SJ -RHMER -RWXMXYXI
SJ 7TMGIW 6IWIEVGL� 'EPMGYX
*EQMP] 'SQQSR REQI 7GMIRXMJMG REQI
%VHIMHEI 'EXXPI�IKVIX &YFYPGYW�MFMW
%GGMTMXVMHEI &PEGO�WLSYPHIVIH�OMXI )PERYW�GEIVYPIYW
&PEGO�OMXI 1MPZYW�QMKVERW
&VELQMR]�OMXI ,EPMEWXYV�MRHYW
7LMOVE %GGMTMXIV�FEHMYW
*EPGSRMHEI 'SQQSR�OIWXVIP *EPGS� XMRRYRGYPYW
'LEVEHVMMHEI =IPPS[�[EXXPIH� PET[MRK :ERIPPYW�QEPEFEVMGYW
'SPYQFMHEI &PYI�VSGO�TMKISR 'SPYQFE�PMZME
7TSXXIH�HSZI 7XVITXSTIPME�GLMRIRWMW
)QIVEPH�HSZI 'LEPGSTLETW�MRHMGE
4WMXXEGMHEI 6SWI�VMRKIH�TEVEOIIX 4WMXXEGYPE� OVEQIVM
-RHMER�LERKMRK�TEVVSX 0SVMGYPYW�ZIVREPMW
'YGYPMHEI &VEMR�JIZIV�FMVH ,MIVSGSGG]\� ZEVMYW
%WMER�OSIP )YH]REQ]W�WGSPSTEGIE
'IRXVSTSHMHEI +VIEXIV�GSYGEP 'IRXVSTYW� WMRIRWMW
7XVMKMHEI 3[P 3XYW�WT�
%TSHMHEI %PTMRI�W[MJX 8EGL]QEVTXMW�QIPFE
,SYWI�W[MJX %TYW�EJJMRMW
%WMER�TEPQ�W[MJX ']TWMYVYW� FEPEWMIRWMW
%PGIHMRMHEI ;LMXI���FVIEWXIH�OMRKJMWLIV ,EPG]SR� WQ]VRIRWMW
1IVSTMHEI 'LIWXRYX���LIEHIH�FII�IEXIV 1IVSTW�PIWGLIREYPXM
&PYI�XEMPIH�FII�IEXIV 1IVSTW�TLMPMTTMRYW
7QEPP�KVIIR�FII�IEXIV 1IVSTW�SVMIRXEPMW
'SVEGMMHEI -RHMER�VSPPIV 'SVEGMEW�FIRKLEPIRWMW
&YGIVSXMHEI 1EPEFEV�KVI]�LSVRFMPP 3G]GIVSW�KVMWIYW
'ETMXSRMHEI ;LMXI�GLIIOIH�FEVFIX 1IKEPEMQE�ZMVMHMW
&EVFIX 1IKEPEMQE�WT�
4MGMHEI 'SQQSR�KSPHIR�FEGOIH�[SSHTIGOIV (MRSTMYQ�NEZERIRWI
6YJSYW�[SSHTIGOIV 'IPIYW� FVEGL]YVYW
&VS[R�GETTIH� T]KQ]�[SSHTIGOIV (IRHVSGSTSW�RERYW
0MXXPI�WGEP]�FIPPMIH�KVIIR�[SSHTIGOIV 4MGYW� \ERXLST]KEIYW
4MXXMHEI -RHMER�TMXXE 4MXXE�FVEGL]YVE
0ERMMHEI 7LVMOI 0ERMYW�WT�
)YVEWMER�KSPHIR�SVMSPI 3VMSPYW�SVMSPYW
&PEGO�LIEHIH�SVMSPI 3VMSPYW�\ERXLSVRYW
(MGVYVMHEI &PEGO�HVSRKS (MGVYVYW� EHWMQMPMW
%WL]� HVSRKS (MGVYVYW� PIYGSTLEIYW
+VIEXIV�VEGOIX�XEMPIH�HVSRKS (MGVYVYW�TEVEHMWIYW
%VXEQMHEI %WL]�[SSHW[EPPS[ %VXEQYW� JYWGYW
MXW WLSVX WXYFF] XEMP YT ERH HS[R �XLMW FMVH ETTIEVW XS FI
JEMVP] GSQQSR EX ,EV]ERE EPSRK XLI REXMSREP LMKL[E] JVSQ
(IPLM XS ,MWWEV [LIR XLI EYXLSV LETTIRIH XS XVEZIP EPSRK
XLMW VSEH HYVMRK .ERYEV] ���� � 8LI ]IPPS[�[EXXPIH PET[MRK
[EW SFWIVZIH XS VEMWI MXW FVSSH VIKYPEVP] IZIV] ]IEV HYVMRK
1EVGL XS 1E] SR XLI FEVVIR LMPPSGOW FYX MW RSX FIMRK WIIR
JSV XLI TEWX � ]IEVW EJXIV XLI GSRWXVYGXMSR SJ XLI RI[
PEFSVEXSV] ERH EHQMRMWXVEXMZI FYMPHMRKW�
8LI -RHMER IQIVEPH HSZI [LMGL MW ORS[R XS MRLEFMX XLMGO
WIGSRHEV] JSVIWXW� FEQFSS TEXGLIW ERH SYXWOMVXW SJ JSVIWX
GPIEVMRKW [EW EPWS SGGEWMSREPP] WIIR HEWLMRK EGVSWW
FEQFSS GPYQTW ERH MW TVSFEFP] VIWMHIRX MR WSQI WEGVIH
KVSZI RIEVF]� 7YVTVMWMRKP]� XLMW FMVH MW EPWS SGGEWMSREPP] WIIR
MR WSQI SJ XLI PEVKI VIWMHIRXMEP GSQTSYRHW IZIR RIEVIV XS
XLI GMX]� 8LI PMXXPI WGEP]�FIPPMIH KVIIR [SSHTIGOIV ERH VYJSYW
[SSHTIGOIV [IVI EPWS SGGEWMSREPP] WIIR GPSWI XS FEQFSS
XLMGOIXW SR SXLIV XVIIW�
8LI T]KQ] [SSHTIGOIV� ]IPPS[XLVSEXIH WTEVVS[� FVELQMR]
WXEVPMRK ERH -RHMER LERKMRK�TEVVSX [IVI SRP] WIIR [LIR XLI
-RHMER WMPO GSXXSR XVII �&� GIMFE [EW MR FPSSQ� 8LI T]KQ]
[SSHTIGOIV LEW RSX FIIR VIGSVHIH XS JSVEKI SR RIGXEV FYX
MW TVSFEFP] EXXVEGXIH XS XLI MRWIGXW EVSYRH XLI JPS[IVW� 8LIVI
[EW E LYKI -RHMER WMPO GSXXSR XVII RIEV SRI SJ XLI SPH
PEFSVEXSVMIW [LMGL [EW E JEZSYVMXI LEYRX JSV RIGXEV JIIHIVW
IWTIGMEPP] HYVMRK WYQQIV� 8[IRX]�XLVII WTIGMIW SJ FMVHW
[IVI VIGSVHIH XS ZMWMX XLI XVII HYVMRK JPS[IVMRK �(IZEWELE]EQ
ERH 6IQE ����E FYX XLI XVII WYGGYQFIH XS XLI XVII GYXXIVW
E\I WYFWIUYIRXP] WMRGI MX [EW HERKIVSYWP] GPSWI XS SRI SJ
XLI FYMPHMRKW� 8LSYKL XLIVI EVI E JI[ QSVI XVIIW SJ XLI WEQI
WTIGMIW MR XLI GEQTYW� EPP SJ XLIQ EVI JEV E[E] JVSQ XLI
QEMR FYMPHMRKW ERH HS RSX TVSZMHI XLI WEQI GSQJSVX SJ
[EXGLMRK FMVHW VMKLX MR JVSRX SJ XLI PEFSVEXSV] EX EPP XMQIW SJ
XLI HE]�
8LSYKL FMVH EGXMZMX] [EW ZIV] QYGL PIWW SR %� EYVMGYPMJSQMW
XLEX [EW MRXVSHYGIH SR E PEVKI WGEPI MR XLI GEQTYW
HYVMRK ����W� XLVII WTIGMIW SJ FMVHW REQIP]� LSYWI GVS[�
KVI]�LIEHIH WXEVPMRK ERH VIH�ZIRXIH FYPFYP VIKYPEVP] JIH SR
XLI ]IPPS[ JYRMGPI GSZIVMRK XLI WIIH IWTIGMEPP] HYVMRK
2SZIQFIV (IGIQFIV� �(IZEWELE]EQ� ERH�6IQE� ����F
ERH ER YRMHIRXMJMIH WTIGMIW SJ PIEJ�[EVFPIV �4L]PPSWGSTYW
WT# [EW XLI SRP] WTIGMIW XLEX [EW VIKYPEVP] WIIR SR
XLMW XVII JSVEKMRK SR MRWIGXW [MXL MXW GLEVEGXIVMWXMG GSRWXERX
GLMVT] GEPP WMQMPEV XS XLEX SJ XLI GSQQSR WTEVVS[� 8LMW
WTIGMIW WIIQIH XS TVIJIV XS JSVEKI SR SXLIV XVIIW [MXL
WQEPPIV PIEZIW ERH PIWW HIRWI JSPMEKI WYGL EW %� PIFFIGO
ERH +� WITMYQ�
8LI RI[ FYMPHMRKW XLEX LEZI GSQI YT MR VIGIRX ]IEVW
ERH XLI MRGVIEWIH LYQER EGXMZMX] MR XLI GEQTYW LEZI
TVSFEFP] XEOIR E XSPP SR XLI EGXMZMX] SJ WSQI SJ XLI FMVHW� FYX
E JI[ IRXIVTVMWMRK WTIGMIW LEZI EHETXIH XLIQWIPZIW XS XLI
RI[ WMXYEXMSR� 8LI VIH�ZIRXIH FYPFYP SJXIR FYMPHW MXW RIWX SR
TSXXIH TPERXW OITX GPSWI XS XLI FYMPHMRKW ERH IZIR SR XLI
ZIVERHEL� 8LI GSQQSR Q]RE VIKYPEVP] SGGYTMIW YRYWIH
I\LEYWX JER STIRMRKW MR XLI PEFSVEXSV] FYMPHMRKW� 8LI
FII�IEXIVW VIKYPEVP] GSRKVIKEXI SR XLI IPIGXVMG [MVIW HYVMRK
XLI IZIRMRKW FIJSVI VSSWXMRK� 8LI %WMER JP] GEXGLIV
ERH XLI GSQQSR MSVE MRZEVMEFP] JSVEKI SR XVIIW ZIV] GPSWI
XS XLI PMFVEV] FYMPHMRKW� %R SPH QERKS XVII RIEV XLI
PMFVEV] [EW TEVEWMXMWIH [MXL RYQIVSYW 0SVERXLYW TPERXW ERH
XLIVI [EW QYGL GSQQSXMSR HYVMRK XLI JPS[IVMRK ERH JVYMXMRK
TIVMSHW SJ XLIWI TPERXW [MXL JPS[IVTIGOIVW ERH WYRFMVHW
�ERH XLI SGGEWMSREP WTMHIV�LYRXIV GLEWMRK ERH HEVXMRK MR
FIX[IIR XLI 0SVERXLYW GPYQTW XS XLI EGGSQTERMQIRX SJ
XLIMV GLEVEGXIVMWXMG WLVMIOW ERH XLI HVYHKIV] SJ QER]
EJXIVRSSRW MR XLI PMFVEV] [EW QEHI IRNS]EFPI F] XLI ERXMGW
SJ XLIWI WTIGMIW� ,S[IZIV� XLMW XVII XSS WYGGYQFIH XS XLI
XVII GYXXIVW E\I VIGIRXP]�
�� 2I[WPIXXIV JSV &MVH[EXGLIVW� �� �� � ����
8LSP &MVH 7ERGXYEV] �8&7 � 1ILWERE HMWXVMGX� +YNEVEX MW ��
OQ JVSQ %LQIHEFEH ERH LEW VIGIRXP] FIIR MRGPYHIH MR XLI
PMWX SJ ;IXPERHW 3J 2EXMSREP -QTSVXERGI F] E XIEQ SJ I\TIVXW
[LS ZMWMXIH XLI WXEXI VIGIRXP]� 8&7 MW EPWS MRGPYHIH MR XLI
-QTSVXERX &MVH %VIE �-&% PMWX�
:EVMSYW WTIGMIW SJ VETXSVW LEZI FIIR VIGSVHIH EX XLI
PEOI SZIV XLI ]IEVW� 7TIGMIW PMOI XLI 3WTVI]� [LMGL LEH
FIIR PEWX VIGSVHIH EPQSWX E HIGEHI EKS� LEW FIIR WMKLXIH
SR E VIKYPEV FEWMW EJXIV XLI TVIWIRGI SJ [EXIV XLVSYKLSYX
XLI ]IEV� XLEROW XS XLI 2EVQEHE GEREP XLEX JIIHW XLI PEOI�
(LEFPE GEXXPI TSYRH MW ETTVS\MQEXIP] �� OQ WLSVX SJ 8&7�
8LI TSYRH LEW FIIR MR XLI PMQIPMKLX MR XLI TEWX JI[ ]IEVW
EW MX MW LSWX XS SZIV ��� ;LMXI�VYQTIH ZYPXYVIW +]TW
FIRKEPIRWMW� E JI[ 0SRK�FMPPIH ZYPXYVIW +]TW MRHMGYW�
)YVEWMER +VMJJSR +]TW JYPZYW� ,MQEPE]ER +VMJJSR +]TW
LMQEPE]IRWMW� E PEVKI RYQFIV SJ )K]TXMER ZYPXYVIW 2ISTLVSR
TIVGRSTXIVYW �FSXL VIWMHIRX ERH QMKVEXSV] ERH XLI RS[
VEVI 6IH�LIEHIH ZYPXYVI7EGVSK]TW GEPZYW� 8LI GEVVMSR IEXMRK
%UYMPE WTIGMIW PMOI 7XITTI IEKPI %UYMPE RMTEPIRWMW ERH
-QTIVMEP IEKPI %UYMPE LIPMGE LEZI EPWS FIIR WMKLXIH EX XLI
TSYRH� &MVHW JVSQ XLI TSYRH LEZI FIIR WMKLXIH SR E VIKYPEV
FEWMW HYVMRK XLI LIMKLX SJ XLI WYQQIV WIEWSR [LIR XLI]
GEQI HS[R XS UYIRGL XLIMV XLMVWX ERH LEZI E GSSP FEXL EX
8&7� 3R SRI SGGEWMSR MR 1E] ���� ��� ;LMXI�VYQTIH
ZYPXYVIW [IVI WIIR EX E XYFI [IPP TYQTMRK SYX [EXIV�
3R ERSXLIV SGGEWMSR MR *IFVYEV] ����� JSVX] ;LMXI VYQTIH�
� 0SRK�FMPPIH ERH SRI )YVEWMER +VMJJSR [IVI WIIR FILMRH
XLI [EXGLXS[IV EX 8&7� HVMROMRK ERH FEXLMRK MR E WQEPP TSSP
SJ [EXIV�
0EWX ]IEV� EJXIV XLI ;SVOWLST SR 'YVVIRX� WXEXYW� SJ
:YPXYVIW MR +YNEVEX � LIPH�SR���XL
7ITXIQFIV� ���� E PSX SJ
UYIWXMSRW LEZI FIIR VEMWIH EFSYX XLI TSTYPEXMSR SJ ZYPXYVIW
MR XLI WXEXI� %LQIHEFEH LEW FIIR PYGO] XS LEZI /EVXLMGO
7LEWXVM� [LS LEW FIIR QSRMXSVMRK XLIWI FMVHW JSV E JI[ ]IEVW
RS[ ERH LI LEW FIIR WLEVMRK XLI TVIGMSYW HEXE [MXL
1V� :MFLY 4VEOEWL�
3R XLI �XL
SJ .ERYEV] ���� EX ���� EQ� /EVXLMGO XSSO QI
MRXS XLI TVIQMWIW SJ XLI TSYRH� 8LMW MW XLI TPEGI [LIVI
HIEH GEXXPI EVI WOMRRIH IZIV] QSVRMRK� %RH XLI WMKLX [EW
WMQTP] EQE^MRK� ,YRHVIHW SJ FMVHW [IVI WIIR SR XLI KVSYRH
EVSYRH XLI GEVGEWWIW ERH SR XLI RIEV F] XVIIW ERH TSPIW�
3R XLI �XL
MXWIPJ [I WE[ EVSYRH XLMVX] [LMXI FEGOIH ZYPXYVIW�
WM\X] TPYW )K]TXMER ZYPXYVIW� XLVII 0SRK�FMPPIH ZYPXYVIW ERH
X[S )YVEWMER +VMJJSRW� 7IZIR WXITTI IEKPIW [IVI EPWS WIIR�
JMZI SJ XLIQ SR E XVII ERH X[S SR ER IEVXLIR QSYRH XLEX LEW
FIIR QEHI JSV XLI FMVHW� 1] GSQTERMSR QIRXMSRIH XLEX E
TEMV SJ ,MQEPE]ER +VMJJSRW LEH FIIR WMKLXIH EX XLMW TPEGI E
[IIO FIJSVI� 3ZIV XLI ]IEVW LI LEW WIIR XLEX XLI � )YVEWMER
KVMJJSRW EVI EX XLI TSYRH JSV E JSVXRMKLX [LMPI XLI ,MQEPE]ER
+VMJJSRW XLEX LI LEH WIIR JSV XLI JMVWX XMQI XLMW ]IEV� [IVI
XLIVI SRP] JSV E [IIO WYKKIWXMRK XLEX XLI FMVHW [IVI TEWWEKI
QMKVERXW XS XLMW EVIE�
8LI GEVVMSR IEXMRK 7XITTI IEKPI [EW EPWS WMKLXIH� -R JEGX
XLIVI [IVI WIZIR SJ XLIQ� *SYV [IVI NYZIRMPIW� VIGSKRM^IH
H
7MKLXMRKW SJ +]TW �:YPXYVIW ERH %UYMPE �)EKPIW
EX (LEFPE 4SYRH ERH 8LSP &MVH 7ERGXYEV]
-]IV 1SLER �/� �� 8MPEO�--� 1ELEVEWLXVE 7SGMIX]� 1MXLEOEPM� )PPMWFVMHKI� %LQIHEFEH ��� +YNEVEX
7XYVRMHEI &VELQMR]�WXEVPMRK 7XYVRYW�TEKSHEVYQ
'SQQSR�Q]RE %GVMHSXLIVIW� XVMWXMW
'SVZMHEI -RHMER�XVII�TMI (IRHVSGMXXE�ZEKEFYRHE
,SVWI� GVS[ 'SVZYW�WTIRHIRW
.YRKPI� GVS[ 'SVZYW�QEGVSVL]RGLSW
'EQTITLEKMHEI &PEGO�LIEHIH�GYGOSS�WLVMOI 'SVEGMRE�QIPERSTXIVE
7GEVPIX�QMRMZIX 4IVMGVSGSXYW� JPEQQIYW
7QEPP�QMRMZIX 4IVMGVSGSXYW�GMRREQSQIYW
-VIRMHEI 'SQQSR�MSVE %IKMXLMRE�XMTLME
.IVHSR W� GLPSVSTWMW 'LPSVSTWMW�GSGLMRGLMRIRWMW
4]GRSRSXMHEI 6IH�[LMWOIVIH� FYPFYP 4]GRSRSXYW�NSGSWYW
6IH�ZIRXIH�FYPFYP 4]GRSRSXYW�GEJIV
1YWGMGETMHEI ;LMXI�LIEHIH�FEFFPIV 8YVHSMHIW�EJJMRMW
%WMER�TEVEHMWI�JP]GEXGLIV 8IVTWMTLSRI�TEVEHMWM
4VMRME 4VMRME�WT�
'SQQSR�XEMPSVFMVH 3VXLSXSQYW�WYXSVMYW
0IEJ�[EVFPIV 4L]PPSWGSTYW�WT�
3VMIRXEP�QEKTMI�VSFMR 'STW]GLYW�WEYPEVMW
;LMXI�XLVSEXIH�XLVYWL >SSXLIVE�GMXVMRE
4MTMX %RXLYW�WT�
(MGEIMHEI *PS[IVTIGOIV (MGEIYQ�WT�
8MGOIPP W� JPS[IVTIGOIV (MGEIYQ�IV]XLVSVL]RGLSW
2IGXEVMRMHEI 4YVTPI�VYQTIH�WYRFMVH 2IGXEVMRME�̂ I]PSRMGE
0SXIR W�WYRFMVH 2IGXEVMRME�PSXIRME
0MXXPI�WTMHIV�LYRXIV %VEGLRSXLIVE�PSRKMVSWXVE
4PSGIMHEI =IPPS[XLVSEXIH�WTEVVS[ 4IXVSRME�\ERXLSGSPPMW
7TSXXIH�QYRME 0SRGLYVE�TYRGXYPEXE
&PEGO�LIEHIH�QYRME 0SRGLYVE�QEPEGGE
6IJIVIRGIW
%PM� 7� ����� 8LI &SSO SJ -RHMER &MVHW� ��XL VIZMWIH IHMXMSR� &SQFE]
2EXYVEP ,MWXSV] ERH3\JSVH9RMZIVWMX] 4VIWW� 1YQFEM� ��� TT�
(IZEWELE]EQ� 7� 6IQE� .� ����E� &MVHW ZMWMXMRK JPS[IVW SJ -RHMER WMPO
GSXXSR XVII �&SQFE\ QEPEFEVMGYQ EX 'EPMGYX� /IVEPE� -R � &MVH
'SRWIVZEXMSR7XVEXIKMIW JSV XLI2MRIXMIW ERH &I]SRH� :IVKLIWI�%��
7VMHLEV� 7� 'LEOVEZEVXL]� %� /� �)HW� � 3VRMXLSPSKMGEP 7SGMIX] SJ
-RHME� &ERKEPSVI� TT� ��� ����
(IZEWELE]EQ� 7� 6IQE� .� ����F�%GEGME WIIHW� �%RI[ JSSH WSYVGI
JSV FMVHW EX 'EPMGYX� 2I[WPIXXIV JSV &MVH[EXGLIVW �� ��� � ���
(IZEWELE]EQ� 7�� 6IQE� .� %RERHEVEN� 1� ����� &MVH PMJI EX 26'7
*EVQ� 4IVYZERREQY^LM �/S^LMOSHI(MWXVMGX� /IVEPE � 2I[WPIXXIV JSV
&MVH[EXGLIVW �� ����� � � ��
2I[WPIXXIV JSV &MVH[EXGLIVW� �� �� � ���� ��
'366)7432()2')
7-+,8-2+7 3* ;,-8)&)00-)( 7)% )%+0)
�,EPMEIIXYW PIYGSKEWXIV -2 /91&%/32%1� +31%8,-�
2� 7EPMQ %PM 'IRXIV JSV 3VRMXLSPSK] ERH 2EXYVEP ,MWXSV]�
%REMOEXXM� 'SMQFEXSVI � ��� ����
3R .ERYEV] ��XL
� ����� [I [IRX SR E XVMT XS 7YVM]EREV /SMP�
�� OQ E[E] JVSQ /YQFEOSREQ� 8EQMP 2EHY� ;LIR [I [IVI
[EMXMRK JSV XLI FYW EX XLI VMKLX GSVRIV SJ XLI /YQFEOSREQ
FYW WXERH� EVSYRH ����� LVW� - RSXMGIH X[S VETXSVW JSVEKMRK
EX ER EPXMXYHI SJ EFSYX ���Q� 3RI [EW 4EVMEL /MXI 1MPZYW
QMKVERW ERH MX [EW GLEWIH F] ERSXLIV WTIGMIW� - [EW
TEVXMGYPEVP] MRXIVIWXIH MR SFWIVZMRK MX� ;LIR MX [EW WSEVMRK
MX WIIQIH LIEZ] ERH PEVKIV XLER 4EVMEL /MXI� - JSYRH XLI
GLEVEGXIVMWXMGW SJ GPIEV ERH TYVI [LMXI YRHIV TEVXW�
[LMXI YRHIV [MRK GSZIVXW [MXL FPEGO VIQMKIW ERH [LMXI FVSEH
[IHKI WLETIH XEMP� - LEH WIIR XLMW FMVH EX 4SMRX 'EPMQIVI
HYVMRK FMVH VMRKMRK GEQTW GSRHYGXIH F] &2,7 ERH XLIVIJSVI
- GSYPH VIEHMP] MHIRXMJ] XLI WTIGMIW EW XLI ;LMXI�FIPPMIH 7IE
)EKPI ,EPMEIIXYW PIYGSKEWXIV� 1IER XMQI [I FSEVHIH MR
XLI FYW ERH XVEZIPPIH XS[EVHW 4SSQFYLEV EPSRK XLI 'EYZIV]
6MZIV�FERO� %JXIV � OQ JVSQ XLI GMX]� - GEQI EGVSWW XLI
WEQI WTIGMIW JSVEKMRK EX E LIMKLX SJ EFSZI ��� Q�� FYX XLMW
[EW E NYZIRMPI ;LMXI�FIPPMIH 7IE )EKPI� -XW YRHIV TEVXW
ETTIEVIH XS FI HYPPIV [LMXI MR GSPSYV [MXL TEPIV LIEH
ERH HMJJYWIH FVS[RMWL WYF�XIVQMREP FERH� ,EPMEIIXYW
PIYGSKEWXIV EVI VIWMHIRX ERH HMWXVMFYXIH MR XLI SJJWLSVI
MWPERHW JVSQ [IWX GSEWX XS IEWX GSEWX YTXS )� 4EOMWXER�
0EGGEHMZI -WPERHW� 'I]PSR� %RHEQER ERH 2MGSFEV -WPERHW
�7EPMQ %PM� ���� � )ZIR XLSYKL XLIMV LEFMXEX ERH
HMWXVMFYXMSR EVI MR GSEWXEP EVIEW ERH SJJWLSVI MWPERHW� XLIMV
WMKLXMRK MW ZIV] VEVI MR XLI GSEWXEP TPEMRW SJ 2EKETEXXMREQ
ERH 8LMVYZEVYV HMWXVMGXW� ;MXL VIJIVIRGI XS XLI &SSO SJ
-RHMER &MVHW F] 7EPMQ %PM ERH XLI 4SGOIX KYMHI XS XLI &MVHW
SJ XLI -RHMER 7YFGSRXMRIRX F] +VMQQIXX ERH -RWOMTT
- GSRJMVQIH XLI SGGEWMSREP ZMWMX SJ ;LMXI�FIPPMIH 7IE
)EKPI XS MRPERH SV XMHEP VMZIVW ERH JVIWL [EXIV PEOIW� 8LI
LEFMXEX MR ERH EVSYRH /YQFEOSREQ GMX] MW QEMRP] GVST
JMIPHW� JEVQW� SVGLEVHW� JVIWL [EXIV XEROW ERH TSRHW� ERH
VMZIVW ERH WMXYEXIH �� OQ E[E] JVSQ XLI WLSVIPMRI ERH
GSEWXEP TPEMRW� 8LIVIJSVI WMKLXMRK SJ XLMW WTIGMIW MRHMGEXIW
XLEX XLI ;LMXI�FIPPMIH 7IE )EKPI QE] LEZI XLIMV RIWXMRK
WMXIW MR XLMW VIKMSR�
'�����'�����'
F] XLI X[S [LMXI FEVW SR XLI [MRKW� 3RI SJ XLI FMVHW
LEH PIWW TVSRSYRGIH FEVW SR XLI [MRKW WYKKIWXMRK XLEX MX
[EW ER SPHIV MQQEXYVI� 8LI WMRKPI EHYPX FMVH GSYPH FI
MHIRXMJMIH F] MXW QYGL HEVOIV GSPSYV� E PMKLX FVS[R TEXGL
SR XLI FEGO SJ XLI LIEH �RETI ERH XLI KETI XLEX I\XIRHIH
FI]SRH XLI I]I� E GSQQSR JIEXYVI MR EPP TPYQEKIW
ERH EKIW�
- ZMWMXIH XLI TSYRH E [IIO PEXIV� 8LI )YVEWMER +VMJJSRW LEH
KSRI� 8LIVI [IVI WXMPP EFSYX XLMVX] [LMXI FEGOIH ZYPXYVIW�
SRI PSRK�FMPPIH ZYPXYVI ERH QSVI XLER WIZIRX] )K]TXMER
ZYPXYVIW� 1SWX SJ XLI )K]TXMER ZYPXYVIW XLEX EVI WIIR MR ERH
EVSYRH XLI TSYRH HYVMRK XLI [MRXIV WIEWSR EVI QMKVEXSV]�
8LI] EVI IEWMP] HMWXMRKYMWLIH JVSQ XLI VIWMHIRX WTIGMIW F]
XLI WMPZIV XMT XS ]IPPS[ FMPP� 7EPMQ %PM EPWS QIRXMSRW EFSYX �
VEGIW MR XLI &SSO SJ -RHMER &MVHW� 8LI VIWMHIRX TSTYPEXMSR
MW EYKQIRXIH F] E PEVKI RYQFIV SJ XLIWI QMKVEXSV] FMVHW�
[LMGL EVI SJXIR WIIR MR XLI YRGYPXMZEXIH JMIPHW� FEWOMRK MR
XLI QSVRMRK WYR�
3R XLI �XL
SJ *IFVYEV] ���� SR Q] [E] FEGO JVSQ 8&7 X[S
PEVKI VETXSVW [IVI WMKLXIH SR E GEVGEWW NYWX E JI[ JIIX E[E]
JVSQ XLI VSEH� STTSWMXI XS XLI TSYRH� ;LIR WIIR JVSQ XLI
JMIPH KPEWWIW XLI] GSYPH MQQIHMEXIP] FI MHIRXMJMIH EW 7XITTI
IEKPIW� 3RI SJ XLIQ [EW E NYZIRMPI [LMPI XLI SXLIV [EW ER
SPHIV MQQEXYVI XLEX HMH RSX LEZI XLI FEVW SR XLI [MRKW ERH
[EW PMKLXIV MR GSPSYV�
3R 7YRHE] XLI ��XL
*IFVYEV]� - [EW EKEMR EX XLI TSYRH EX
���� EQ�%KEMR� XLIVI [IVI EFSYX XLMVX] [LMXI FEGOIH ZYPXYVIW
ERH ����� )K]TXMER ZYPXYVIW ERH SR XST SJ E XVII XLIVI [IVI
RMRI WXITTI IEKPIW�
3RI FMVH XLEX [EW TIVGLIH VMKLX MR XLI QMHHPI SJ XLI GVS[R
[EW PEVKIV ERH PSSOIH HMJJIVIRX XLVSYKL Q] JMIPH KPEWWIW� -
UYMGOP] QSYRXIH Q] XIPIWGSTI ERH JSGYWIH MX SR XLI FMVH� -X
[EW PEVKI� WXSYX� TEPI ]IPPS[�FVS[R ERH ZEVMIKEXIH� 8LI FMVH
LEH MXW WMHI SV JPEROW XS[EVHW QI ERH SRI GSYPH GPIEVP] WII
XLI TEPI SV [LMXI IHKIW SJ XLI [MRK GSZIVXW XLEX PSSOIH PMOI
[LMXI PMRIW EGVSWW XLI YTTIV [MRK� - [EMXIH JSV E JI[ QMRYXIW
ERH XLI QSQIRX XLI FMVH XYVRIH - GSYPH WII XLI FSPH HEVO
WXVIEOW SR XLI GLIWX ERH TEPI JIEXLIVW SR XLI WMHIW SJ LIEH
ERH RIGO� - ORI[ XLMW [EW RSX E WXITTI� - MQQIHMEXIP] PSSOIH
YT MR Q] JMIPH KYMHI ERH VIEPM^IH XLEX - [EW PSSOMRK EX XLI
-QTIVMEP IEKPI� 8LMW FMVH LEW FIIR WTSXXIH MR XLI ZMGMRMX]
FIJSVI� -R XLI [MRXIV SJ ���� - LEH XLI STTSVXYRMX] XS WII
XLMW FMVH [LMPI SR E FVMHKI SZIV XLI 2EVQEHE GEREP� 8LI X[S
[LMXI FVEGIW SR XLI WGETYPEVW SJ E PEVKI VETXSV GSYPH LEZI
FIIR SRP] SR ER -QTIVMEP IEKPI� -R ���������� E WMRKPI EHYPX
QEPI [EW WIIR TIVGLIH SR E HIEH RIIQ XVII EX HIZE XEPEZ�
[LMGL MW �� OQ [IWX SJ 8&7�
% PEVKI RYQFIV SJ VIWMHIRX ERH QMKVEXSV] FMVHW SJ TVI] LEZI
FIIR VIGSVHIH MR XLMW WIQM EVMH VIKMSR� %PWS [MXL E PEVKI
[IXPERH PMOI 8LSP� ZEVMSYW VETXSVW HITIRHIRX SR [EXIV LEZI
FIIR WMKLXIH VIKYPEVP]� 8LI +VIEXIV WTSXXIH IEKPI %UYMPE
GPERKE MW SRI SJ XLI GSQQSR EUYMPEW WIIR LIVI MR [MRXIV�
9TXS JMZI LEZI FIIR VIGSVHIH SR E WMRKPI ZMWMX� 8LMW ]IEV� MXW
TEPI ZEVMERX %UYMPE JYPZIWGIRW LEW EPWS FIIR WMKLXIH VIKYPEVP]
EX 8LSP�
�� 2I[WPIXXIV JSV &MVH[EXGLIVW� �� �� � ����
7-+,8-2+ 3* )+=48-%2 :90896) �2ISTLVSR
TIVGRSTXIVYW -2 % *03'/� (V� %2-0 4-140%496)� 5�
��� 7MHHLMZMRE]EO %TEVXQIRXW� 0E\QM REKEV� 2EKTYV ����
��� 4L� 2S� ����������������1 ������������
&LIHEKLEX MW E FIEYXMJYP XSYVMWX TPEGI� WMXYEXIH SR XLI FERO
SJ VMZIV 2EVQEHE� MR 1EHL]E 4VEHIWL 7XEXI�
3R (IG� ��� ���� [LMPI KSMRK XS &LIHEKLEX JVSQ .EFEPTYV
GMX]� - WMKLXIH E JPSGO SJ )K]TXMER :YPXYVIW �ETTVS\MQEXIP]
�� MR 2SW� SR E TSRH� EHNEGIRX XS XLI VSEH�
- SFWIVZIH XLMW JPSGO JSV ��QMR� JVSQ ETTVS\� ��QXVW� HMWXERGI
[MXL �\�� &MRSGYPEV� *I[ TLSXSKVETLW [IVI XEOIR�
7SQI SFWIVZEXMSRW�
3RI WOIPIXSR SJ ER ERMQEP [EW P]MRK ETTVS\ ���JX�
E[E] JVSQ XLI TSRH� 2S SXLIV JSSH WSYVGI [EW WIIR
I\GITX WQEPP LYQER LEFMXEXMSR RIEVF]�
8LIWI ZYPXYVIW [IVI RSX FYW] MR ER] JSVEKMRK EGXMZMXMIW�
RIMXLIV HVMROMRK [EXIV JVSQ XLI TSRH �4SRH WM^I
ETTVS\MQEXIP] �� � \��� �
3XLIV ZYPXYVI SV OMXI WTIGMIW [IVI RSX WMKLXIH RIEVF]�
'�����'�����'
&-6(-2+ -2 3**-')� (V� 6%.-: 7%<)2%� 1����� (EVTER
'SPSR]� 8LEXMTYV� +[EPMSV �1�4� �
- GSRXMRYEPP] PMZIH MR XLI VIWX LSYWI SJ Q] SJJMGI WMXYEXIH EX
%VIVE ,MPPW &LSTEP� JSV QSVI XLER E ]IEV� 8LMW JSYV�WXSVI]
FYMPHMRK [MXL E FEWIQIRX ERH JEMVP] PEVKI GSQTSYRH LEW E
VIWX LSYWI EX XST JPSSV� ;LIR - EVVMZIH LIVI MR .YP] �����
XLIVI [EW RS ZIKIXEXMSR MR XLI GSQTSYRH� - WXEVXIH TPERXMRK
XVIIW MRWMHI ERH SYXWMHI EPSRK XLI GSQTSYRH [EPP � XLI]
EVI RS[ EFSYX SRI ERH LEPJ QIXIV XEPP� -R XLI GSQTSYRH
XLIVI EVI EFSYX XIR QIVGYV] PEQT TSWXW ERH X[S LEPSKIR
PMKLXW � SRI� PMKLXMRK� XLI� JEËEHI� ERH� XLI� SXLIVW XLI� WMKR�
FSEVH SJ XLI SJJMGI�
0MKLXW EX RMKLX EXXVEGX E PEVKI RYQFIV SJ [MRKIH MRWIGXW
[LMGL EJXIV JP]MRK EVSYRH XLIWI WSYVGIW SJ FVMKLX PMKLXW�
HMWETTIEV EX HE[R MR XLI ZIKIXEXMSR� 7SQI SJ XLI MRWIGXW
PMOI FMK FPEGO GVMGOIX XEOI WLIPXIV MRWMHI XLI GVIZMGIW SJ XLI
GSQTSYRH [EPP� %X RMKLX FPEGO HVSRKS [EW WIIR LYRXMRK XLI
MRWIGXW YTXS QMHRMKLX F] XLI XMQI - FIKER XS JIIP WPIIT]�
&YX MR XLI QSVRMRK XLI WGIRI [EW UYMXI HMJJIVIRX� %W XLI
WYR VSWI� XLIVI MW E PEVKI GSRKVIKEXMSR SJ FPEGO HVSRKSW�
PMXXPI KVIIR FII�IEXIVW� GSQQSR ERH FVELQMR] Q]REW� LSYWI
WTEVVS[ ERH VIH�ZIRXIH FYPFYPW � IRXIVMRK� XLI� ZIKIXEXMSR
ERH TMGOMRK MRWIGXW� IEXMRK HIEH MRWIGXW YRHIV XLI RS[
W[MXGLIH�SJJ PMKLXW� FYPFYPW XV]MRK XS JIXGL XLSWI EPVIEH]
IRXIVIH MRXS ERH TEVXMEPP] ZMWMFPI JVSQ XLI GVIZMGIW MR XLI
GSQTSYRH [EPP� GVS[W QEOMRK GPYQW] IJJSVX XS GEXGL MRWIGXW
[LMGL GSQI SYX EW E VIWYPX SJ WLEOMRK SJ ZIKIXEXMSR F] XLI
EGXMZMXMIW SJ WS QER] FMVHW� 8LMW HVEQE [EW QSWX WTIGXEGYPEV
MR PEXI 7ITXIQFIV ERH IEVP] 3GXSFIV EJXIV VEMR] WIEWSR� -R
3GXSFIV� ���� - WE[ E WTEVVS[�LE[O GSQMRK EX HE[R
GSRXMRYSYWP] JSV JSYV HE]W �TMGOMRK�E�PEVKI�HIEH�QSXL��XLIR
JP]MRK XS WMX MR E XVII� IEXMRK MX� ERH EKEMR TMGOMRK ERSXLIV
MRWIGX ERH KSMRK XS XLI XVII XS IEX MX� -X QEHI XIR XS JMJXIIR
WSVXMIW IEGL HE]� *VSQ �� 7ITXIQFIV� SRI [LMXI [EKXEMP
GSYPH FI WMKLXIH�
8LIVI EVI QER] YRETTVSEGLEFPI TSVXMSRW � KMVHPIW�
SZIVLERKMRK FEPGSR]� PMKLX�TIRIXVEXMRK HSQIW MR XLI QSHIVR�
HIWMKRIH �FYMPHMRK��&PYI�VSGO�TMKISRW�ERH�LSYWI�W[MJXW�LEZI
QEHI MX XLIMV LSQI� %FSYX �� W[MJXW GER FI WIIR
GSRXMRYSYWP] JP]MRK EVSYRH XLI FYMPHMRK XLVSYKLSYX XLI HE]
I\GITX XLI LSXXIWX LSYVW� 8LI] LEZI QEHI XLIMV RIWXW MRWMHI
XLI TMTIW PSGEXIH EPSRK FEGOWMHI [EPP ERH EVI QIERX XS
HVEMR [EXIV JVSQ VSSJ ERH VSSQW XS XLI KVSYRH ERH FVSOIR
EX TPEGIW� 8LI] VIQEMR HV] I\GITX JSV VEMR] WIEWSR� 6SFMRW
ERH XEMPSV FMVHW WSQIXMQIW LST MRXS XLI GSQTSYRH JVSQ
WYVVSYRHMRK FYWLIW�
3RI Q]WXIV] ]IX XS FI WSPZIH MR XLMW SJJMGI MW E TEMV SJ WTSXXIH
S[PIX [LMGL MW GSQQSRP] WIIR FYX MR [LMGL YRETTVSEGLEFPI
TEVX XLI] WTIRH XLIMV HE]XMQI� - LEZI RSX FIIR EFPI XS XVEGI
HIWTMXI Q] FIWX IJJSVXW�
'�����'�����'
7496;-2+)(�6-:)6 0%4;-2+�403:)6� (V� 6%.-:
7%<)2%� 1����� (EVTER 'SPSR]� 8LEXMTYV� +[EPMSV �1�4� �
;MXL XLI GLERKIW MR RSQIRGPEXYVI SJ WSQI FMVHW XEOMRK
TPEGI� SRI LEW XS EWGIVXEMR [LMGL WTIGMIW ]SY EVI [EXGLMRK
ERH [LMGL REQI ]SY EVI KSMRK XS YWI [LMPI [VMXMRK EFSYX MX�
8S ORS[� JSV I\EQTPI� EFSYX E FMVH EJJIGXMRK WERHFEROW ERH
WLMRKPI FIHW SJ VMZIVW� - LEH XS VIJIV XS JSPPS[MRK REQIW SJ
XLI WEQI WTIGMIW�
�� 7TYV[MRKIH PET[MRK �:ERIPPYW WTMRSWYW
� 6MTPI] �����
�� 7TYV[MRKIH TPSZIV �:ERIPPYW WTMRSWYW
� %PM �����
�� 6MZIV 0ET[MRK �:ERIPPYW HYZEYGIPPM
� 1EREOEHER 4MXXMI �����
2S[� MX MW RIGIWWEV] XS UYSXI SPH REQI [MXL GLERKIH SRIW
�FSXL�GSQQSR�EW�[IPP�EW�WGMIRXMJMG� �JSV�EX�PIEWX�E�HIGEHI
HYVMRK XLEX TIVMSH XLI RI[ REQIW [MPP KVEHYEPP] GSQI MRXS
TVEGXMGI� 3V� EPXIVREXMZIP] RI[ REQIW GER FI YWIH [MXL XLI
6MTPI] W� W]RSTWMW� RYQFIV�
6IJIVIRGIW
%PM� 7� ����� �8LI &SSO SJ -RHMER &MVHW� 8[IPZIXL VIZMWIH
ERH IRPEVKIH 'IRXIREV] IHMXMSR� &SQFE] 2EXYVEP ,MWXSV]
7SGMIX]�
1EREOEHER� 6 4MXXMI� %� ����� � 7XERHEVHM^IH )RKPMWL ERH
7GMIRXMJMG 2EQIW SJ XLI &MVHW SJ XLI -RHMER 7YF�GSRXMRIRX
����� 2I[WPIXXIV JSV &MVH[EXGLIVW� ���� � M�ZMMM � �����
6MTPI]� 7�(� ����� � % 7]RSTWMW SJ XLI &MVHW SJ -RHME ERH
4EOMWXER�
2I[WPIXXIV JSV &MVH[EXGLIVW� �� �� � ���� ��
%(%48%8-327 -2 2)78-2+� 72),%0 4%8)0� 2EXYVI GPYF
7YVEX ��� 7EVNER 7SGMIX]� 7YVEX ���������
;MXL 'LERKIW JVSQ STIR PERHW XS YVFERM^EXMSR� WSQI SJ XLI
FMVHW LEZI EPWS WXEVXIH XS EHETX RI[ QEXIVMEPW ERH WMXIW�
-R XLI TEWX JI[ QSRXLW - LEZI SFWIVZIH E FYPFYP RIWXMRK SR
E XYFI PMKLX WXVMT MRWMHI E JEGXSV] JYPP SJ HYWX ERH PSYH RSMWI�
8LI RIWXMRK [EW WYGGIWWJYP ERH XLI FEFMIW LEZI WXEVXIH
PMZMRK MR XLI JEGXSV] TVIQMWIW WYVZMZMRK SR JSSH XMX FMXW SJJIVIH
F] [SVOIVW SJ XLI JEGXSV]�
;LMPI XVERWTPERXMRK E X[IRX] JIIX LMKL TIITEP XVII JVSQ E
GSRWXVYGXMSR WMXI XS SYV [IXPERH GSRWIVZEXMSR WMXI [I
SFWIVZIH ER IQTX] RIWX SR XLI XVII� MX [EW GSQTPIXIP] QEHI
JVSQ [MVIW� GEVIJYPP] TPEGIH XS QEOI E TIVJIGX GYT�WLETIH
IKK GLEQFIV� 8LIVI [EW RS WLSVXEKI SJ REXYVEP QEXIVMEP�
FYX XLI FMVH WMQTP] GLSWI XLI VIEHMP] EZEMPEFPI [MVI TMIGIW
JVSQ XLI GSRWXVYGXMSR WMXI� 8LI WM^I [EW WYKKIWXMZI SJ E
GVS[ W� RIWX�
6IGIRXP] [I WE[ EFSYX �� [IEZIV FMVH RIWXW SR ER IPIGXVMGEP
TS[IV XVERWQMWWMSR PMRI� XLI] [IVI EPP WS GPSWIP] FYMPX
XS IEGL SXLIV XLEX XLI] [IVI MRXIV[SZIR [MXL XLI EHNSMRMRK
RIWX ERH XLI] [IVI JSVQMRK E SRI TMIGI GPYWXIV� 8LI WLETIW
[IVI EPWS PSSOMRK ZIV] YRYWYEP� 8LI RSVQEP GSPSR] SJ
[IEZIVFMVHW PSSOW WS FIEYXMJYP [MXL MRHMZMHYEP RIWXW W[MRKMRK
JVSQ XVIIW� FYX XLMW GSPSR] [EW WSQI[LEX PMOI SYV VS[
LSYWIW XSYGLMRK IEGL SXLIV�
:YPXYVI [EXGL
1IQFIVW SJ 2EXYVI 'PYF 7YVEX SFWIVZIH �� :YPXYVIW� ��
;LMXIFEGOIH ERH � PSRKFMPPIH FILMRH XLI 7YVEX EMVTSVX� 8LI]
[IVI [EMXMRK JSV XLIMV XYVR XS HIZSYV E GEPJ GEVGEWW� 8LIVI [EW
E WMRKPI HSK JIEWXMRK ERH OIITMRK XLIWI �� ZYPXYVIW EX FE]�
%JXIV XLI HSK LEH MXW JMPP ERH PIJX� XLI ZYPXYVIW W[SSTIH SR
XLI GEVGEWW� FYX [MXLMR JMZI QMRYXIW ERSXLIV HSK GEQI ERH
WGEVIH XLI ZYPXYVIW E[E]� 3YV ZSPYRXIIVW XVMIH XS OIIT XLI
HSK E[E]� FYX MX OITX SR VIXYVRMRK ERH YPXMQEXIP] XLI ZYPXYVIW
PIJX� -R ]IX ERSXLIV WMXI RIEV 7YVEX [I SFWIVZIH XLI HSKW
WGEVMRK XLI ZYPXYVIW E[E]�
;I SFWIVZIH XLEX X[S SJ XLI ZYPXYVIW LEH HVSSTMRK RIGO�
[I LEZI ZMHIS GPMT SJ XLI IZIRX� ;I EPWS JSYRH SRI SJ XLI
FMVHW P]MRK WTVIEH�IEKPIH SR XLI KVSYRH�
&PEGO HVSRKS FEXLMRK MR E PEOI
%X XLI )GS *EVQ SJ XLI 2EXYVI 'PYF 7YVEX� XLIVI MW ER EVXMJMGMEP
PEOI [LMGL MW WYVVSYRHIH F] PSXW SJ JVYMX ERH [MPH XVIIW�
)ZIV] QSVRMRK EX WYRVMWI [I WII JSYV &PEGO (VSRKSW TIVGLIH
SR XLI [MRHQMPP�
3RI HE] [I [IVI EX XLI PEOI EVSYRH ���� E�Q�� [MXL E KVSYT
SJ WGLSSP GLMPHVIR SR E FMVH[EXGLMRK XVMT� ;I [EXGLIH FPEGO
HVSRKSW� TEVEOIIXW� TYVTPI WYRFMVHW� GSQQSR Q]RE� VIH�
[LMWOIVIH FYPFYP ERH VIH�ZIRXIH FYPFYP SR XLI GSVEP XVIIW
�)V]XLVMRE MRHMGE IRNS]MRK RIGXEV JVSQ XLI JPS[IVW� ;I EPWS
8LIR XLI FPEGO HVSRKSW GEQI JP]MRK SZIV ERH WXEVXIH
HMTTMRK XLIMV FIEOW MR [EXIV� %JXIV WSQI XMQI XLI] JPI[ MR
SRGI EKEMR� FYX XLMW XMQI MRWXIEH SJ NYWX HMTTMRK XLIMV
FIEOW XLI] HMTTIH XLIMV FIPPMIW VITIEXIHP] MR [EXIV ERH
VIXYVRIH XS XLIMV TIVGL XS WLEOI SJJ XLI [EXIV� - [EW SFWIVZMRK
XLMW FEXLMRK TLIRSQIRSR JSV XLI JMVWX XMQI MR Q] �� ]IEVW
SJ FMVHMRK�
'�����'�����'
+%8,)6-2+ 3* 78)44) )%+0)7 �%UYMPE RMTEPIRWMW �
%7,3/ 1%7,69� %��� %PET ,IVMXEKI� /EPEZEH 6SEH�
6ENOSX�������� )�QEMP � QEWLVYEWLSO$LSXQEMP�GSQ
3R XLI IZIRMRK SJ ��������� ;LMPI - [EW XVEZIPPMRK MR E
WMKLX�WIIMRK XSYVMWX FYW� - WE[ ER IEKPI TIVGLIH SR E 'LIIH
XVII� 0EXIV� - VIXYVRIH XS I\TPSVI XLI EVIE ERH - JSYRH QSVI
XLER �� WMQMPEV FMVHW WMXXMRK MR XLI YTTIV FVERGLIW SJ
EHNSMRMRK 'LIIH XVIIW� 8LI QE\MQYQ RYQFIV SR E WMRKPI
XVII [EW IPIZIR� 8LMW TPEGI MW FIMRK YWIH EW E KEVFEKI
HYQTMRK ]EVH�
8LIWI IEKPIW [IVI XLSYKLX XS FI &SSXIH )EKPIW �,MIVEEIXYW
TIRREXYW � EW XLI] LEZI XLI LEFMX SJ VSSWXMRK MR JPSGOW�
&YX 1V� 6MWLEH 2ESVSNM LEW MHIRXMJMIH XLIQ EPP EW ]SYRK
7XITTI )EKPIW �%UYMPE RMTEPIRWMW JVSQ TLSXSKVETLW WIRX
XS LMQ�
8LI] [IVI GSQTPIXIP] WMPIRX ERH RS SXLIV EGXMZMXMIW
[IVI SFWIVZIH� (MH XLI] KEXLIV JSV JSSH SV XS VSSWX PEXI MR XLI
IZIRMRK#
'�����'�����'
[EXGLIH [LMXI�FVIEWXIH OMRKJMWLIVW� WQEPP KVIIR FII�IEXIVW�
TSRH LIVSRW� [EXIV LIRW ERH GSVQSVERXW RIEV XLI PEOI�
8LI FII�IEXIVW [IVI XEOMRK�SJJ JVSQ E XVII RIEV XLI PEOI ERH
KIRXP] HMTTIH XLIMV FIEOW MR [EXIV [LMPI JP]MRK� ;I EWWYQIH
XLI] [IVI HVMROMRK [EXIV�
�� 2I[WPIXXIV JSV &MVH[EXGLIVW� �� �� � ����
4-'836-%0 ,%2(&33/ � 7,36)&-6(7 3* /)6%0%�
�-2'09(-2+ +9007 %2( 8)627 � 7%7,-/91%6� '��
1YLEQIH .EJIV 4EPSX� 7EXL]ER 1ITTE]YV�
6EHLEOVMWLRER� '� ����� )HMXIH ERH 4YFPMWLIH F] XLI
(MVIGXSV� >SSPSKMGEP 7YVZI] SJ -RHME� /SPOEXE� 4T ���� -26
������ 97 � ��� �� ����6IZMI[ F] 7� 7VMHLEV� 4YFPMWLIV�
2I[WPIXXIV JSV &MVH[EXGLIVW�
7LSVIFMVHW SV [EHIVW EVI EQSRK XLI QSWX I]I�GEXGLMRK ERH
EHQMVIH KVSYTW SJ FMVHW MR XLI [SVPH� ;LMPWX WSQI EVI
WIHIRXEV]� QSWX EVI KPSFI�XVSXXIVW� WIXXMRK XLIQWIPZIW ER
I\LEYWXMRK WGLIHYPI SJ QMKVEXMSR� SR ER ERRYEP FEWMW� %JXIV
GSQTPIXMRK XLIMV QEVEXLSR [MRXIV NSYVRI]� XLI [EHIVW FIKMR
XLIMV HSQIWXMG GLSVI SJ RIWX FYMPHMRK ERH VIEVMRK XLI ]SYRK�
;LIR XLI ]SYRK LEZI JPIHKIH� XLI FMVHW IQFEVO ]IX EKEMR
XS VITIEX XLI WXVIRYSYW XEWO� 8LYW XLI [EHIVW PIEH ER
I\XVESVHMREV] PMJI XLEX SWGMPPEXIW TIVTIXYEPP] FIX[IIR XLI
FVIIHMRK KVSYRHW ERH [MRXIVMRK KVSYRHW� WEZI JSV TIVMSHMG
VIJYIPMRK TMX WXSTW IR�VSYXI� -J QMPPMSRW GLIVMWL XLMW LSFF] SJ
FMVH[EXGLMRK EGVSWW XLI KPSFI� MX MW FIGEYWI SJ XLI TS[IV SJ
XLIMV FIEYX]� XLIMV JSVQMHEFPI WXVIRKXL ERH XLIMV MRFYMPX
HIXIVQMREXMSR�
(YVMRK XLI IEVP] IMKLXMIW� [LIR FMVHIVW MR /IVEPE YWIH XS
SFWIVZI XLI FMVHW EX IWXYEVMIW� WIEGSEWX ERH SXLIV [IXPERHW
SJ 2SVXL /IVEPE� XLI] [IVI EP[E]W TIVTPI\IH EX XLI MHIRXMX]
SJ WIZIVEP WTIGMIW SJ WLSVIFMVHW IRGSYRXIVIH� 8LI FMVH FSSOW
EZEMPEFPI EX XLEX XMQI [IVI MREHIUYEXI XS HIEP [MXL XLMW
GSQTPI\ KVSYT SJ [EHIVW� 0EXIV� XLI FSSO 7LSVIFMVHW��ER
-HIRXMJMGEXMSR +YMHI XS XLI [EHIVW SJ XLI ;SVPH ��,E]QER�IX
EP ���� ETTIEVIH SR XLI WGIRI� %TEVX JVSQ FIMRK I\XVIQIP]
YWIJYP MR GSVVIGX MHIRXMJMGEXMSR� XLMW GPEWWMG FSSO QEHI XLI
FMVH[EXGLIVW MR /IVEPE ERH IPWI[LIVI� E[EVI SJ XLI
MRXVMGEGMIW SJ XLI ZEVMSYW TPYQEKI TLEWIW ERH HMQSVTLMWQ
GSRGIVRMRK XLI WLSVIFMVHW� -R XLI QIER[LMPI� XLI 1MH[MRXIV
;EXIVJS[P 'IRWYW FIGEQI ER SFWIWWMSR EQSRK XLI
FMVH[EXGLIVW EGVSWW XLI WYF�GSRXMRIRX MR XLI PEXI IMKLXMIW
ERH XLMW TEZIH XLI [E] JSV XLI HMWGSZIV] SJ WSQI �� WTIGMIW
SJ WLSVIFMVHW LMXLIVXS YRVIGSVHIH MR /IVEPE� 8LI GEWI JSV
YRHIVWXERHMRK XLI WIEWSREP QSZIQIRXW SR E ]IEV XS ]IEV
FEWMW LEW FIGSQI WXVSRKIV XLIVIEJXIV� &YX� SRP] E LERHJYP
SJ FMVH[EXGLIVW TSWWIWWIH E GST] SJ XLI FSSO F] ,E]QER
IX EP�� ERH XLMW LEH PMQMXIH XLIMV WLEVI SJ XLI MHIRXMJMGEXMSR
&SSO 6IZMI[
;-28)6 1-+6%836= )96%7-%2 ;%8)6*3;0 ;%()6
)96%7-%2 '960);� 2YQIRMYW EVUYEXE �0MRREIYW %8
-20%2( 7%0-2) ;)80%2(� (-(;%2% �2%+%96 (-78� �
6%.%78,%2�7�4� &,%82%+%6ERH 7%8-7, /91%67,9/0%�
*PEQMRKS 6IWIEVGL 7XEXMSR� %NQIV��������
)�QEMP� WTFLEXREKEV����$]ELSS�GS�MR
(MH[ERE MW E FMK 7EPX 0EOI EFSYX � OQ XS XLI 7SYXL ;IWX SJ
(MH[ERE XS[R� LEZMRK ER EVIE SJ ��� LE� ����� EG� � MR XLI
2EKEYV (MWXVMGX SJ 6ENEWXLER�
2S VIWIEVGL GSRXVMFYXMSRW [IVI QEHI SR XLI ;EXIVJS[P SJ XLMW
-RPERH 7EPMRI ;IXPERH SJ 6ENEWXLER� -RPERH 7EPMRI 0EOIW SJ
6ENEWXLER �7EQFLEV 0EOI� (MH[ERE ERH 4EGLTEHVE EVI
MQTSVXERX EVIEW JSV QMKVEXSV] EW [IPP EW VIWMHIRX [EHIVW� 8LI
ZEWX -RPERH 7EPMRI 0EOIW SJ 6ENEWXLER EVI ZIV] VMGL MR &MSHMZIVWMX]
[LMGL MRGPYHIW E PEVKI ZEVMIX] SJ 4L]XS�ERH�>SS�4PEROXSR��FIRXLMG
MRZIVXIFVEXIW� JMWL ERH ;EXIVJS[P� ,S[IZIV� XLI MRPERH 7EPMRI
0EOIW SJ 6ENEWXLER EVI PIWW I\TPSVIH F] VIWIEVGLIVW JSV WXYH]MRK
XLI IGSPSK] SJ [EHIVW� EW [EHIVW EVI SRI SJ XLI QSWX MQTSVXERX
TEVX SJ WLEPPS[ [EXIV )GSPSK]� 8S JMPP YT XLI PEGYRE MR XLI
ORS[PIHKI SJ [EHIVW MR KIRIVEP ERH XLI )YVEWMER 'YVPI[�
2YQIRMYW EVUYEXE 0�MR TEVXMGYPEV� XLMW WXYH] [EW YRHIVXEOIR EX
(MH[ERE�
8LIVI MW ER YVKIRX RIIH XS WYVZI] XLI [IXPERHW JVIUYIRXIH F]
XLI )YVEWMER 'YVPI[ 2YQIRMYW EVUYEXE �0MRREIYW �'PEWW %ZIW�
3VHIV 'LEVEHVMMJSVQIW *EQMP]� 7GSPSTEGMHEI � %QSRK XLI
WTIGMIW WXYHMIH� XLI )YVEWMER 'YVPI[ JSVEKIH MR WEPMRI�[EXIV
EVIE� ERH XLI &PEGO�XEMPIH +SH[MX ERH %ZSGIX� JSVEKIH MR 7EPX�
TERW� -R XLI MRPERH WEPMRI PEOIW SJ 6ENEWXLER� /IRXMWL 4PSZIV�
0MXXPI 6MRKIH 4PSZIV� )YVEWMER 'YVPI[� &PEGO�XEMPIH +SH[MX ERH
%ZSGIX EVI ZIV] GSQQSR ERH EVI JSYRH MR PEVKI RYQFIVW�
8LI WLEPPS[ WEPMRI [EXIV ERH 7EPX TERW EVI ZIV] VMGL MR
FMSHMZIVWMX]� ERH XLIVIJSVI XLI QMKVEXSV] ERH VIWMHIRX ;EXIVJS[P
EVI JSYRH MR PEVKI RYQFIVW MR XLIWI WEPX TERW� &SXL TVSZMHI
QSVI SV PIWW WMQMPEV X]TI SJ JIIHMRK ERH VSSWXMRK LEFMXEXW XS
[EHIVW� :MWYEP GSYRX SJ XLI [EHIVW SR XLI WLEPPS[ WEPMRI [EXIV
ERH WEPX TERW� EVI GSRZIRMIRX HYVMRK XLI ;EXIVJS[P 'IRWYW�
8LI QIXLSHSPSK] YWIH JSV XLMW WXYH] [EW WEQI EW F] ;EXIVW
ERH 'VERW[MGO ����� ERH /MVF] IX EP������ �
1SRXLP] SFWIVZEXMSRW WLS[ XLEX )YVEWMER 'YVPI[ TVIJIVVIH PIWW
HMWXYVFERGIW SR VSSWXMRK ERH JSVEKMRK KVSYRHW� )YVEWMER 'YVPI[
YWIH QSVI I\LEYWXMZI JSVEKMRK QIXLSH PMOI [EPOMRK WPS[P]� 1ENSV
HMIX SJ )YVEWMER 'YVPI[ [EW QSPPYWGW� �-RHSTPERSVFMW I\YWXYW
(I ,E]IW ERH +EFFME SVFMGYPEV *VEYIRJIH � GVYWXEGIERW
�']GPSTW WT� &VERGLMSRYW WT�� 1SMRE WT�� (METXSQYW� WT�� %VXIQME
WEPMRE ��� &VERGLMRIPPE SVREXE �� (EHE]� &� FMW[EWM 8M[EVM� ERH
)SG] M̂IYW TSPMXYW &� ERH EUYEXMG MRWIGX PEVZEI %VXIQME WEPMRE
[EW XLI QEMR JSSH WTIGMIW SJ XLMW )YVEWMER 'YVPI[� [LMGL [EW
JSYRH MR 7EPXTERW� *IIHMRK EXXIQTXW SJ )YVEWMER 'YVPI[ [IVI
ZIV] LMKL�
)YVEWMER 'YVPI[ MW E QMKVEXSV] 7TIGMIW� 'SRWIVZEXMSR 7XVEXIK]
MW JSVQYPEXIH EW E GSSTIVEXMZI IJJSVX XS GSRWIVZI ER MRXIVREXMSREP
WLEVIH VIWSYVGI ERH EW WYGL XLI WXVEXIK] FIPSRKW XS IZIV]FSH]
MR XLI VIKMSR�
6IJIVIRGIW �
/MVF]� .� 7�� 7EPQSR�(�+��%XOMRWSR�;M-PIW�+�0ERH'VERW[MGO� 4%����� �
-RHI\ RYQFIVW JSV [EXIVFMVH TSTYPEXMSRW ---� 0SRK XIVQ XVIRHW MR XLI
EFYRHERGI SJ [MRXIVMRK [MPHJS[P MR +VIEX &VMXEMR� ������� XS �����
�� .�%TT� )GSP� ��� ������P�
;EXIVW� 6 . ERH ' VERW[M GO� 4� % ����� � 8LI ;IXPERH &MVH 7YVZI]
������� ;MPH JS[P ERH ;EHIV 'SYRXW &83�;;8�674&�.2')�
7PMQFVMHKI�9�/
2I[WPIXXIV JSV &MVH[EXGLIVW� �� �� � ���� ��
WOMPPW� 8LI FMVH[EXGLIVW SJ /IVEPE� JIPX XLI RIIH JSV ER
I\GPYWMZI WLSVIFMVH JMIPH KYMHI XLEX [EW GVYGMEP JSV
YRHIVWXERHMRK ERH JEXLSQMRK XLI HMWXVMFYXMSR TEXXIVR ERH
LEFMXEX TVIJIVIRGIW SJ XLI WLSVIFMVHW� 'SRWIUYIRXP]� XLI
[SVOWLST SR XLI JMIPH MHIRXMJMGEXMSR SJ WLSVIFMVHW EX
1EHE]MTYVE� MR%YKYWX ����� FVSEHP] IRHSVWIH XLI JMIPH KYMHI
MHIE� WS XLEX QSVI ERH QSVI FMVH[EXGLIVW GER FI VSTIH MR
JSV QSRMXSVMRK XLI WLSVIFMVHW TIVMSHMGEPP]� 8LI EFSZI
,ERHFSSO MW XLI VIWYPX SJ XLI TEMRWXEOMRK IJJSVXW QEHI F]
XLI EYXLSVW MR XLI MRXIVZIRMRK ]IEVW� 8LI >SSPSKMGEP 7YVZI]
SJ -RHME� /SPOEXE� [LMGL JSVQW XLI YPXMQEXI WGVMTXYVEP ERH
KISKVETLMGEP EYXLSVMX] LEW IHMXIH ERH TYFPMWLIH XLMW YRMUYI
WLSVIFMVHW FSSO�
-X MW KIRIVEPP] EGGITXIH XLEX XLI 3VHIV 'LEVEHVMMJSVQIW
GSQTVMWIW [EHIVW SV XLI WLSVIFMVHW ERH XLI FSSO HIWGVMFIW
ERH MPPYWXVEXIW �� WTIGMIW FIPSRKMRK XS XLI 3VHIV� 8LI FSSO
LEW JSGYWIH SR XLI GPMQEXI� [IXPERHW� ERH XLI LEFMXEXW SJ
XLI 7XEXI SJ /IVEPE ERH MW E KSSH VIKMSREP KYMHI SR WLSVIFMVHW�
KYPPW ERH XIVRW�
&IWMHIW XLI QEMR WIGXMSR GSRXEMRMRK XLI HIWGVMTXMSR�
MPPYWXVEXMSR SJ XLI FMVH ERH XLI HMWXVMFYXMSR QET SJ �� WTIGMIW
SJ WLSVIFMVHW� XLI FSSO GSRXEMRW E FVMIJ MRXVSHYGXMSR XS XLI
WXEXI� MXW KISKVETLMGEP JIEXYVIW� TLSXSKVETLW SJ XLI ZEVMSYW
WLSVIFMVH LEFMXEXW� E W]WXIQEXMG PMWX� WIPIGX FMFPMSKVETL]�
KPSWWEV] ERH MHIRXMJMGEXMSR XEFPIW JSV WRMTIW ERH RSR�FVIIHMRK
XIVR� ERH MRHI\ XS WGMIRXMJMG ERH GSQQSR REQIW� 7YGL E
GSQTVILIRWMZI HEXE MW QIERX JSV HMJJIVIRX PIZIPW SJ
FMVH[EXGLIVW�
5YMXI SFZMSYWP]� EPQSWX EPP WLSVIFMVHW MRGPYHMRK XLI QMKVEXSV]
X]TIW EVI EJJIGXIH F] VEMRJEPP� HIXIVMSVEXMRK UYEPMX] SJ [IXPERHW
ERH XLIMV VIGPEQEXMSR� EZEMPEFMPMX] SJ JSSH ERH WEJI RIWXMRK
ERH VSSWXMRK WMXIW� 8LYW XLI ITLIQIVEP REXYVI SJ [IXPERHW
EVI MR XYVR GSRWMHIVEFP] MRJPYIRGMRK XLI WIEWSREP QSZIQIRX
ERH HMWXVMFYXMSR SJ WLSVIFMVHW�
8LMW RI[ EVVMZEP MW E [IPGSQI VIPMIJ ERH MXW TSTYPEV ETTIEP
LEW FIIR IRLERGIH RSX SRP] F] XLI WGMIRXMJMG QIVMX FYX EPWS
F] XLI WMQTPI PERKYEKI [LMGL GER FI YRHIVWXSSH F] XLI
VSSOMIW ERH I\TIVXW EPMOI� 8LI QSWX MQTVIWWMZI JIEXYVI SJ
XLI FSSO MW MR MXW MPPYWXVEXMSRW� 8LI I\GIIHMRKP] PMJI�PMOI
MQEKIW� GEVIJYPP] TEMRXIH XS XLI WQEPPIWX HIXEMP� GER VMZEP SV
IZIR WYVTEWW XLI MPPYWXVEXMSRW SJ ER] SXLIV TVIZMSYW FSSO�
8LI TEMRXIV �MHIRXMJMIH EW 71� 7EXL]ER 1ITTE]YV# LEW
WOM PPJYP P] TSVXVE]IH XLI WLSVIFMVHW ERH QSWX SJ XLI
MPPYWXVEXMSRW LEZI FIIR MRJPYIRGIH F] 7LSVIFMVHW� �� ER
-HIRXMJMGEXMSR +YMHI XS XLI ;EHIVW SJ XLI ;SVPH �F]�,E]QER
IX EP ����� 4IXIV ,E]QER LEW LMQWIPJ TEMRXIH SZIV ����
FMVHW XLEX EVI HMWTPE]IH WYTIVFP] MR XLI �� GSPSYV TPEXIW�
8LI MPPYWXVEXMSRW MR XLI FSSO YRHIV VIZMI[ EVI EW KSSH EW
XLEX SJ ,E]QER W� ERH� XLI� EYXLSVW� LEZI� NYWXP]� I\TVIWWIH
XLIMV KVEXMXYHI XS 4IXIV ,E]QER� EQSRK SXLIVW�
8LI FSSO EPWS GSRRSXIW ERH LMKLPMKLXW XLI IWWIRXMEP JIEXYVIW
SJ WLSVIFMVHW XS IRWYVI XLIMV TVSQTX MHIRXMJMGEXMSR� -X HIEPW
MQTEVXMEPP]� ERH HMWTIRWIW XLI MRJSVQEXMSR PYGMHP]� [MXLSYX
GSQTVSQMWMRK SR MHIRXMJMGEXMSR TVMRGMTPIW� FSXL MR XLI WXMPP
ERH XLI JPMKLX TMGXYVIW� 8LYQFREMP MPPYWXVEXMSRW [MXL FMVH
RYQFIVW EVI MQEKMREXMZIP] TVSZMHIH SR XLI JVSRX MRWMHI�GSZIV
EW [IPP EW XLI FEGO MRWMHI�GSZIV� XS JEGMPMXEXI MRWXERX
MHIRXMJMGEXMSR SJ XLI WLSVIFMVH MR XLI JMIPH� 7YGL E WYWXEMRIH
ERH HIITIV IRKEKIQIRX XS I\IQTPMJ] XLI HMEKRSWXMG JIEXYVIW
MW IZMHIRX MR IZIV] GSPSYV TPEXI� RSX[MXLWXERHMRK E JI[
WIXFEGOW� XLEX EVI HMWGYWWIH MR XLMW VIZMI[�
8LI EYXLSVW LEZI HSRI XLI TVEMWI[SVXL] NSF SJ EGORS[PIHKMRK
XLI WIQMREP [SVO SJ 4VSJ� / / 2IIPEOERXER� *SV [IPP SZIV
JSYV HIGEHIW 2IIPEOERXER LEH XVEZIVWIH XLI WXEXI ERH WMRKPI�
LERHIHP] MHIRXMJMIH QER] WLSVIFMVHW ERH VITSVXIH XLI WEQI
MR XLI .&2,7 ERH XLI 2I[WPIXXIV JSV &MVH[EXGLIVW� JVSQ
XMQI XS XMQI� ,I LEH FIWXS[IH SR QER] FYHHMRK FMVHIVW
XLI ORS[PIHKI VIUYMVIH XS LSRI XLIMV SVRMXLSPSKMGEP WOMPPW�
8LI FSSO IZMHIRXP] LEW XLI RSWXEPKMG ETPSQF ERH XLI PEWXMRK
PIKEG] SJ 2IIPEOERXER�
7TSVEHMG EXXIQTXW LEZI FIIR QEHI F] HMJJIVIRX EYXLSVW XS
I\TPEMR LS[ [EHMRK FMVHW EVI HMJJIVIRX JVSQ [EHIVW ERH
WLSVIFMVHW� 4VIZMSYW [VMXIVW PMOI 7SSXLMPPW ERH ,E]QER LEZI
WSQIXMQIW XVIEXIH XLI WYFNIGX HMJJIVIRXP]� )VMG ERH 6MGLEVH
7SSXLLMPP XMXPIH XLIMV FSSO EW ;EHMRK�&MVHW� SJ� XLI�;SVPH
ERH MRGPYHIH WIZIVEP JEQMPMIW JVSQ XLI 3VHIVW 'MGSRMMJSVQIW
ERH +VYMJSVQIW EPSRK [MXL XLSWI SJ 3VHIV 'LEVEHVMMJSVQIW�
�� 2I[WPIXXIV JSV &MVH[EXGLIVW� �� �� � ����
%GGSVHMRK XS XLIQ .EGEREW� WXVMGXP] WTIEOMRK� WIPHSQ [EHI
ERH XLIVIJSVI .EGEREW EVI RSX MRGPYHIH MR XLIMV FSSO�
'SYVWIVW ERH 4VEXMRGSPIW [IVI EPWS I\GPYHIH F] XLIQ [MXL
XLI I\GITXMSR SJ XLI )K]TXMER 4PSZIV ERH XLI %YWXVEPMER
HSXXIVIP� [LMGL [IVI EGGSVHIH XLI FIRIJMX SJ HSYFX F] XLI
7SSXLLMPPW� 8LI] LEZI MRGPYHIH SRP] WYGL SJ XLSWI WTIGMIW
XLEX WIVZI XLI PEVKIV WLSVIFMVH ERH [EHIV MRXIVIWXW�
,S[IZIV� 4IXIV ,E]QER� .SLR 1EVGLERX ERH 8SR] 4VEXIV
TVIJIVVIH XS HIWGVMFI ERH MPPYWXVEXI EPP WTIGMIW SJ [EHIVW
FIPSRKMRK XS 3VHIV'LEVEHVMMJSVQIW MR XLIMV FSSO 7LSVIFMVHW�
ER -HIRXMJMGEXMSR +YMHI XS XLI ;EHIVW SJ XLI ;SVPH ��8LI]
EPWS MRGPYHIH VIGIRXP]�I\XMRGX WTIGMIW ERH WTIGMIW
TVIWYQIH XS FI I\XMRGX� %GGSVHMRK XS XLIQ PSRK PIKKIH FMVHW
�LIVSRW� MFMWIW ERH GVERIW HS RSX JEPP MR XLI GEXIKSV] SJ
[EHIVW SV WLSVIFMVHW ERH LIRGI KIX I\GPYHIH� 7YGL SJ XLSWI
WTIGMIW XLEX EVI WS HMJJIVIRX JVSQ XLI XVYI [EHIVW ERH GSZIVIH
[IPP F] ,EVVMWSR ERH SXLIVW MR XLIMV JMIPH KYMHIW XS XLI
WIEFMVHW [IVI TEVXMGYPEVP] I\GPYHIH F] ,E]QIR IX� EP�
-R XLI WEQI [E]� KYPPW ERH XIVRW LEZI FIIR EFNYVIH MR XLI
[SVOW SJ 7SSXLMPPW ERH ,E]QIR� [LS TVSFEFP] GSRWMHIV XLIQ
XS FI FIPSRKMRK XS 3VHIV +EZMEI� &YX 7EWLMOYQEV� 4EPSX�
1ITTE]YV ERH 6EHLEOVMWLRER LEZI MRGPYHIH �� WTIGMIW SJ
KYPPW ERH XIVRW FIPSRKMRK XS XLI *EQMP] 0EVMHEI� MR XLI FSSO
YRHIV VIZMI[� FIGEYWI XLI KVSYRH JSV WYGL ER MRGPYWMSR [EW
EPVIEH] XLIVI MR XLI FSSO %�7]RSTWMW�SJ�XLI�&MVHW�SJ�-RHME
ERH 4EOMWXER �EYXLSVIH�F]�6MTPI]��[LS�LEH� MRGPYHIH�KYPPW�
XIVRW ERH WOMQQIVW FIPSRKMRK XS *EQMP] 0EVMHEI� YRHIV XLI
3VHIV 'LEVEHVMMJSVQIW�
7SQI WLSVIFMVH GVMXIVME QE] GSQTIP XLI EYXLSVW XS TVIGPYHI
WTIGMIW PMOI XLI 'SYVWIVW XLEX EVI [IPP EHETXIH XS E PMJI MR
XLI HIWIVX� 8LI GSYVWIV W�FMPP�MW�TSMRXIH�ERH�WPMKLXP]�HS[R[EVH
GYVZIH ERH [IPP EHETXIH JSV GEXGLMRK SV TMGOMRK YT MRWIGXW�
-X VYRW EPSRK XLI KVSYRH EX MQTVIWWMZI WTIIHW ERH HSIW RSX
TVSFI XLI KVSYRH SV [EHI MR WIEVGL SJ JSSH� -R TVMRGMTPI� XLI
MHIE XS MRGPYHI KYPPW ERH XIVRW� [LMGL LEZI [IFFIH JIIX [IPP
EHETXIH JSV W[MQQMRK ERH QYGL SJ XLIMV JSSH� MW TMGOIH YT
JVSQ XLI [EXIV WYVJEGI [LMPWX WOMQQMRK XLI WYVJEGI SV F]
TPYRKMRK MRXS [EXIV [LMPWX [MRKMRK� ERH RSX [LMPWX [EHMRK�
QE] WIIQ E PMXXPI WXVERKI� ,S[IZIV� XLI EYXLSVW SJ XLI
TVIWIRX [SVO ETTIEV XS FI QSZMRK XS[EVHW E FEPERGIH ERH
WIRWMFPI ETTVSEGL F] MRGPYHMRK XLI GSYVWIVW� EQSRK SXLIV
FMVHW XLEX QE] RSX QIIX XLI WLSVIFMVH GVMXIVME MR XLI WXVMGXIWX
WIRWI� FYX XLI] LEZI JSPPS[IH XLI JSSXWXITW SJ XLI IEVPMIV
[SVOIVW PMOI 6MTPI]�
%VQIH [MXL XLMW FSSO� SRI GER EGUYMVI EQTPI JMIPH ORS[PIHKI
XLEX [MPP IREFPI LMQ SV LIV XS MHIRXMJ] XLI WLSVIFMVHW [MXL
IEWI ERH HMWGIVR XLI TLIRSQIRSR SJ WLSVIFMVH�HMZIVWMX] XLEX
MW ETTEVIRX EGVSWW XLI VMZIVW� IWXYEVMIW� FEGO[EXIVW�
PEKSSRW� QERKVSZIW� WIE WLSVI� TEHH] JMIPHW� GEREPW ERH
VIWIVZSMVW EGVSWW XLMW TIIVPIWW WXEXI�
3VRMXLSPSKMWXW EGVSWW XLI [SVPH LEZI HIEPX [MXL XLI
WLSVIFMVHW SZIV E PSRK TIVMSH SJ XMQI ERH LEZI HIZIPSTIH
HMWXVMFYXMSR QETW XLEX GSYPH TVSZI YWIJYP MR XLI WLSVIFMVH
GSRWIVZEXMSR GEQTEMKRW� 8LI FSSO MW TEGOIH [MXL TVYHIRGI
ERH TVMRGMTPIW XLEX EVI VIEWSREFP] WSYRH EX JMVWX KPERGI�
,S[IZIV� UYMXI E JI[ MREGGYVEGMIW LEZI KSX GSQQMRKPIH [MXL
XLI FSSO� 8LI XVSYFPI FIKMRW [LIR SRI WXEVXW XS RSXMGI WSQI
GSRXVEHMGXMSRW MR XLI HMWXVMFYXMSR QETW ERH XLI MPPYWXVEXMSRW
SJ XLI HMQSVTLMG ZEVMIXMIW SJ WLSVIFMVHW�
=IX ERSXLIV EVIE XLEX RIIHW EXXIRXMSR MW XLI WIEWSREP
QSZIQIRX SJ [EHIVW� 8LI FSSO MW MR IWWIRGI EFSYX XLI
WLSVIFMVHW SJ /IVEPE� 7MRGI QSWX SJ XLI WLSVIFMVHW ZMWMX XLI
WXEXI HYVMRK [MRXIV JVSQ JEV E[E] TPEGIW� ER IJJSVX LEW FIIR
QEHI XS WLS[ XLIMV WYQQIV VERKIW MR XLI 3VMIRXEP�
4EPEIEVGXMG� %YWXVEPMER ERH %JVMGER ^SSKISKVETLMGEP VIEPQW�
% HMWXVMFYXMSR QET JSV IEGL ERH IZIV] WLSVIFMVH HIWGVMFIH
MW TVSZMHIH YRHIVRIEXL XLI FMVH� HIXEMPMRK XLI FVIIHMRK ERH
[MRXIVMRK EVIEW MR HMJJIVIRX GSPSYVW� MR ER EXXIQTX XS XVEGI
XLI [LIVIEFSYXW SJ XLI WLSVIFMVHW� 8LI VERKIW SJ XLI VIWMHIRX
SV PSGEPP] QMKVEXSV] WTIGMIW EVI EPWS MRHMGEXIH MR HMJJIVIRX
GSPSYVW�
8LI FSSO� WS TEMRWXEOMRKP] TYX XSKIXLIV� LEW XEOIR E JMVWX
FPS[ [MXL XLI HMWXVMFYXMSRQETW FIKMRRMRK XS QMWW XLI IWWIRXMEP
HMWXVMFYXMSR TEXXIVRW� 8LMW LEW LETTIRIH MR QER] GEWIW� %
GEWI MR TSMRX MW XLI FVIIHMRK VERKI SJ XLI 'SQQSR
+VIIRWLERO �8VMRKE RIFYPEVME � 8LMW FMVH LEW ER I\XIRWMZI
FVIIHMRK VERKI XLEX I\XIRHW JVSQ 7GSXPERH EGVSWW )YVSTI
ERH 7MFIVME XS XLI /EQGLEXOE 4IRMRWYPE� -X LEW ER IUYEPP]
MQTVIWWMZI [MRXIVMRK VERKI XLEX I\XIRHW XS XLI 1IHMXIVVERIER
GSYRXVMIW� %JVMGE WSYXL XS 'ETI 4VSZMRGI ERH 2EXEP� -RHME� 7VM
0EROE� 1]ERQEV� 8LEMPERH� 'LMRE� ,EMRER� 8EM[ER� /SVIE�
ERH .ETER� ;LMPWX UYMXI E JI[ GSRKVIKEXMSRW SJ +VIIRWLEROW
TVSGIIH XS WSYXLIVR )RKPERH� SXLIVW WIX SR E ZS]EKI XS
%YWXVEPME ERH XLI >IEPERH� &YX XLI HMWXVMFYXMSR QET JSV XLMW
WTIGMIW LEW I\GPYHIH WSQI SJ XLI OI] FVIIHMRK EVIEW� PMOI
7GSXPERH� XLI /EQGLXOE 4IRMRWYPE� .ETER� /SVIE� 8EM[ER
IXG� -X LEW EPWS KPEVMRKP] SQMXXIH XLI [MRXIVMRK EVIEW XLEX
MRGPYHI %YWXVEPME� 2I[ >IEPERH� 7SYXLIVR )RKPERH� .EZE ERH
7YQEXVE� 8LMW GSYPH LEZI FIIR EZSMHIH� ,S[IZIV� %YWXVEPME
ERH 2I[ >IEPERH LEZI FIIR MRGPYHIH MR XLI [MRXIVMRK VERKI
SJ XLMW FMVH MR XLI REVVEXMSR GSRXEMRIH MR XLI XI\X�
8LIVI WIIQW XS FI E WSJX ETTVSEGL XS XLI HMWXVMFYXMSR TEXXIVR
SJ WLSVIFMVHW ERH XLIWI GSRXVEHMGXMSRW QE] [IPP WREXGL XLI
WTSXPMKLX JVSQ ER SXLIV[MWI JPE[PIWW FSSO� =IX� XLI FVIIHMRK
VERKI SJ XLI WLSVIFMVHW QE] RSX LEZI ER] HMVIGX VIPIZERGI XS
-RHMER FMVHIVW� [LS [ERX XS QIVIP] MHIRXMJ] XLI FMVH XLEX ZMWMXW
XLIMV WXEXI MR [MRXIV ERH [SVV] XLI PIEWX EFSYX XLI FMVH W
WYQQIV VERKIW� -J XLMW MW XLI SFNIGXMZI SJ XLI FSSO� XLMW
VIZMI[IV LEW RS UYEPQW� &YX SRI LEW XS HS WSQI VIXLMROMRK�
MJ SRI MW EPWS FVSEHP] GSRGIVRIH EFSYX XLI ERRYEP G]GPI SJ
XLI FMVH� ETEVX JVSQ MXW WIEWSREP TVIWIRGI MR SRI W� S[R
FEGO]EVH MR /IVEPE� *YVXLIVQSVI� XSYVMWQ MW QEOMRK MRVSEHW
MRXS /IVEPE MR VIGIRX ]IEVW ERH XLI WXEXI LEW FIIR VIGSKRMWIH
EW XLI +SH W�S[R�GSYRXV]�SV RYQIVS YRS XSYVMWX HIWXMREXMSR
MR -RHME� 1ER] [IWXIVRIVW EVI QEOMRK E FIIPMRI ERH SRI GER
I\TIGX UYMXI E JI[ ORS[PIHKIEFPI FMVHIVW EQSRK XLIWI
XSYVMWXW� -R EPP GIVXEMRX]� )YVSTIER ERH %YWXVEPMER XVEZIPPIVW
XS /IVEPE� VIJIVVMRK XS XLMW FSSO� [MPP FI TIVTPI\IH XS RSXI XLI
ERSQEPMIW MR XLI HMWXVMFYXMSR QETW SJ WS QER] WLSVIFMVHW�
2I[WPIXXIV JSV &MVH[EXGLIVW� �� �� � ���� ��
8LI JEGX MW SFZMSYW� [LIR JSV MRWXERGI E XLMVH SJ XLI KPSFEP
TSTYPEXMSR SJ &EV�XEMPIH +SH[MXW �0MQSWE PETTSRMGE [MRXIV MR
&VMXEMR� FYX &VMXEMR MW RSX MRGPYHIH MR XLI [MRXIVMRK VERKI SJ
XLMW FMVH MR XLI QET� 8LIVIJSVI� XLI EYXLSVW QYWX XEOI E
WIGSRH PSSO EX XLI HMWXVMFYXMSR QETW ERH EVVERKI XS TVSZMHI
EGGYVEXI MRXVE ERH MRXIV�GSRXMRIRXEP WLSVIFMVH JSSXTVMRXW� EX
PIEWX MR XLI JYXYVI IHMXMSRW� -X MW IWWIRXMEP JSV ER]SRI VIJIVVMRK
XS XLMW FSSO� XS GSRWGMSYWP] WEJIKYEVH EKEMRWX XLI TMXJEPPW
GSRXEMRIH MR XLI QETW ERH MX MW SRP] REXYVEP JSV VIZMI[IVW XS
HMWGYWW XLVIEHFEVI XLIWI QMWQEXGLIW�
%RSXLIV GSRXVEHMGXMSR XLEX LEW GSQI XS XLI JSVI MW XLI
MPPYWXVEXMSR SJ HMQSVTLMWQ MR XLI GEWI SJ 6YJJ �4LMPSQEGLYW
TYKRE\ � 8LMW GSYPH JYVXLIV TVI] SR XLI GSRJYWMSRW SJ ER MPP�
MRJSVQIH FMVH[EXGLIV� 8LI XI\X HIWGVMFIW TPYQEKI HMJJIVIRGIW
FIX[IIR XLI QEPI ERH JIQEPI� FYX XLIVI MW SRP] SRI MPPYWXVEXMSR
M�I� SJ XLI JIQEPI� 2IMXLIV XLI QEPI W� MPPYWXVEXMSR�� RSV� XLI
WYFXMXPI SJ XLI FMVH MPPYWXVEXIH MW TVMRXIH EPSRKWMHI� *SV E FMVHIV
WMKLXMRK WYGL E VEVI FMVH EW XLI QEPI VYJJ� [MPP JSV WYVI FI
TIVTPI\IH RSX XS JMRH MXW MPPYWXVEXMSR MR XLI FSSO� 'YVMSYWP]�
QEPIW SYXRYQFIV JIQEPIW MR &VMXEMR MR [MRXIV� FYX JIQEPIW
EVI MR XLI QENSVMX] MR )EWX %JVMGE ERH 7SYXL %JVMGE� 4SWWMFP]
[I WLSYPH EPWS XV] XS IWXMQEXI XLI QEPI�JIQEPI VEXMS SJ 6YJJ
ERH 6IIZIW MR -RHME� HYVMRK XLI QMH�[MRXIV [EXIVJS[P GIRWYW�
8LI FSSO EPWS FIKW XLI UYIWXMSR [LIXLIV E PERHPSGOIH GSYRXV]
PMOI 2ITEP MW E TVSQMWMRK HIWXMREXMSR JSV E TYVIP] QEVMXMQI
WLSVIFMVH PMOI XLI;LMXI�GLIIOIH8IVR �7XIVRE VITVIWWE � [LMGL
SGGYVW MR LMKL WIEW ERH EPSRK XLI GSEWXPMRIW�'SRZIVWIP]� XLI
&PEGO�FIPPMIH 8IVR �7XIVRE EGYXMGEYHE MW IWWIRXMEPP] E
FMVH JVIUYIRXMRK MR PERH [IX PERHW ERH J VIWL [EXIV
FSHMIW�&YX MR XLI QET� MX MW HITMGXIH EW MJ XLMW XIVR SGGYVW
EPSRK XLI -RHMER GSEWXPMRI SRP] ERH RSX MRPERHW�
%W MRHMGEXIH IEVPMIV� XLI QEMR EWTIGX SJ XLI FSSO XLEX
GPEQSYVW JSV EXXIRXMSR MW XLI HMWXVMFYXMSR QETW� 8LI RIEV
TIVJIGX YRHIVWXERHMRK SJ XLI QMKVEXMSR TEXXIVR LEW KMZIR [E]
XS LEPJ�LIEVXIH EXXIQTXW MRZSPZMRK E FPYRX WOIXGL TIR JSV
QEVOMRK XLI GSEWXPMRI� MRWXIEH SJ YWMRK XLI E VE^SV�WLEVT
TIRGMP SV E TIR XS WLS[ XLI HMWXVMFYXMSR VERKI� 8LI 7TSXXIH
6IHWLEROW �8VMRKE IV]XLVSTYW EVI RSX GLERKMRK XLIMV WTSXW
ER] XMQI WSSR� 8LIWI VIHWLEROW ZMWMX .ETER� WSYXLIVR 'LMRE�
1EPE]WME� ERH &SVRIS HYVMRK [MRXIV� FYX XLI QET LEW RSX
MRGPYHIH XLI EFSZI EVIEW� % WM^EFPI TSTYPEXMSR SJ XLMW FMVH
MW WTSXXIH MR &VMXEMR HYVMRK [MRXIV� [LIR WXVSRK IEWXIVP] [MRHW
TVIZEMP� 8LIWI TSMRXW EVI EPWS KVSWWP] SZIVPSSOIH MR XLI
HMWXVMFYXMSR QET� % UYIWXMSR QE] FI VEMWIH [LIXLIV MX MW
TVYHIRX JSV XLI VIZMI[IVW XS EMV GIVXEMR GSRXVEHMGXMSRW XLEX
EVI PMOIP] XS EHZIVWIP] MQTEGX XLI FSSO W� TVSWTIGXW�� 8LI
GEWI SJ XLI 6IHWLERO MW F] RS QIERW ER MWSPEXIH
EWWIWWQIRX� 8LI HMWXVMFYXMSR QETW JSV WSQI �� SJ XLI ��
WTIGMIW SJ WLSVIFMVHW ��� GSRXEMR WYGL KPMXGLIW ERH XLI]
RIIH XS FI VIGEWX� TEZMRK XLI [E] JSV E VIEPMWXMG SYXPSSO SJ
XLI WLSVIFMVH HMWXVMFYXMSR� 8LIVIJSVI� XLI EYXLSVW QYWX MRMXMEXI
ER I\IVGMWI SR E [EV JSSXMRK� XS EHHVIWW ERH VIWSPZI XLI
EQFMKYMXMIW MR XLI GSRXIRXMSYW EVIE SJ HMWXVMFYXMSR QETW�
2SRIXLIPIWW� XLMW VIZMI[IV [SYPH PMOI XS LEWXMP] EHH XLEX
LMW SFWIVZEXMSR MW F] RS QIERW XS FI GSRWXVYIH EW E RIKEXMZI
ZIVHMGX SV E VIFYJJ� FYX SYKLX XS FI XEOIR MR E TSWMXMZI WTMVMX�
&IMRK E +SZIVRQIRX SJ -RHME TYFPMGEXMSR� XLMW PMRI SJ
VIEWSRMRK RIIH RSX FI SZIVIQTLEWM^IH�
8LIVI [EW EQTPI WGSTI JSV MRGSVTSVEXMRK TIGYPMEV LEFMXW
ERH FILEZMSYV SJ QER] WLSVIFMVHW YRHIV XLI WYF�LIEHMRK
,EFMXW ��*SV�I\EQTPI��XLI�0MXXPI�6MRKIH�4PSZIVW��'LEVEHVMYW
HYFMYW � LEZI XLI LEFMX SJ IWT]MRK TVIHEXSVW ERH JIMKRMRK E
FVSOIR [MRK ERH VSPPMRK SZIV XLI KVSYRH [MXL EWXSRMWLMRK
WPMKLX SJ JIIX� XS HMWXVEGX XLI TVIHEXSV W�EXXIRXMSR�E[E]�JVSQ
XLI RIWX� 7YGL MRJSVQEXMSR [SYPH FI SJ MQQIRWI MRXIVIWX XS
WXYHIRXW SJ FILEZMSVEP IGSPSK]�
8LI FSSO GSYPH LEZI HSRI QYGL FIXXIV MJ MX [EW TVSHYGIH MR
HIQ] SGXS WM^I ���\ �� MRWXIEH SJ GVS[R UYEVXS� -X MW SFZMSYW
XLEX XLI TPEXIW [IVI HIWMKRIH JSV XLI HIQ] SGXS WM^I FSSO�
FYX TVMRXIH MR XLI PEVKIV GVS[R UYEVXS WM^I� JSV VIEWSRW RSX
GPIEV XS XLI VIZMI[IV� 8LI FSSO [SYPH LEZI FIIR QYGL QSVI
'SQQSR +VIIRWLERO W��8VMRKE�RIFYPEVME �HMWXVMFYXMSR�QET�EW�KMZIR�MR�XLI�7LSVIFMVHW�SJ�/IVEPE��PIJX
ERH 7LSVIFMVHW��ER�-HIRXMJMGEXMSR�+YMHI�XS�XLI�;EHIVW�SJ�XLI�;SVPH ��VMKLX
�� 2I[WPIXXIV JSV &MVH[EXGLIVW� �� �� � ����
%HHVIWW JSV 'SVVIWTSRHIRGI �
2I[WPIXXIV JSV &MVH[EXGLIVW
2S ��� 7MVYV 4EVO & 7XVIIX� 7IWLEHVMTYVEQ�
&ERKEPSVI ��� ���� -RHME� 8IP� ��� ���� ����� ���� ����
)�QEMP � REZFEVEX$FPV�ZWRP�RIX�MR"
4VMRXIH ERH 4YFPMWLIH FM�QSRXLP] F] 7� 7VMHLEV EX 2EZFLEVEXL
)RXIVTVMWIW� 7IWLEHVMTYVEQ� &ERKEPSVI � ��� ���� -RHME�
*SV 4VMZEXI 'MVGYPEXMSR 3RP]�
'SZIV� 1EPI &PEGO�FEGOIH ;SSHTIGOIV �'LV]WSGSPETXIW
JIWXMZYW EX RIWX� 8LMW GYXI [SSHTIGOIV PMZIW WMRKP] SV MR
TEMVW �GPEQFIVMRK�WXYHMSYWP]�EFSYX�XVYROW�ERH�FVERGLIW�SJ
XVIIW [LIVI E GEGLI SJ FSVIVW� XIVQMXIW� WTMHIVW ERH XLI PMOI
EFSYRH� %VQIH [MXL MXW QMRMEXYVI TMGOE\I PMOI FIEO� MX GLMTW
SJJ XLI FEVO ERH VSXXIR [SSH XS I\TSWI XLI KVYF�KEPPIVMIW
ERH YWIW MXW PSRK WXMGO] XSRKYI XS PET YT E GSRXIRHIH QIEP�
8LIVIJSVI XLI [SSHTIGOIVW EVI E [IPGSQI PSX MR XLI [SSHW�
JSV XLIMV TVSJIWWMSREP UYEPMXMIW EW XIVQMXI HIQSPMWLIVW� 8LI
FMKKIWX XLVIEX XS XLI GSRXMRYIH I\MWXIRGI SJ XLMW TVMQEV] LSPI�
RIWXIV� MW GSQMRK JVSQ HIJSVIWXEXMSR� HIEVXL SJ SPH KVS[R
XVIIW� LYRXMRK TVIWWYVIW ERH GSRJVSRXEXMSR [MXL WIGSRHEV]
LSPI�RIWXIVW PMOI XLI -RHMER VSPPIVW� Q]REW ERH TEVEOIIXW�
8LI WIGSRHEV] LSPI�RIWXIVW EVI UYMXI SJXIR [MXRIWWIH
LIGOPMRK ERH XSVQIRXMRK XLI [SSHTIGOIVW ERH JSVGMRK XLIQ
XS EFERHSR XLIMV RIWXW� 4LSXS 7� 7VMHLEV� %647
GSQTEGX MR XLI HIQ] JSVQEX ERH XLI TVSHYGXMSR GSWX GSYPH
LEZI FIIR WPEWLIH E KSSH HIEP� [MXLSYX GSQTVSQMWMRK SR
XLI TMGXYVI WM^I� JSRX WM^I� XI\X SV TEKMREXMSR� ERH XLYW
QEOMRK MX IEW] SR XLI FY]IV W�TSGOIX�
8LI LSTI MW XLEX XLI EYXLSVW [MPP TSSP XLI EZEMPEFPI MRJSVQEXMSR
XS SZIVGSQI XLI HIJMGMIRGMIW MR XLI JYXYVI IHMXMSRW� 7YGL ER
IEVRIWX IJJSVX SR XLIMV TEVX GSYPH EYKYV [IPP JSV QEOMRK XLMW
MZSV]�FMPPIH [SSHTIGOIV [EW � ERH TIVLETW WXMPP MW � EX ��
MRGLIW XLI PEVKIWX [SSHTIGOIV MR 2SVXL %QIVMGE� -XW GEPP�
WE] XLSWI [LS LEZI LIEVH MX� MW E REWEP OIRX�OIRX�OIRX
[LEX WSQI WE] MW PMOI XLI WSYRH SJ E GLMPH W� XMR�LSVR��8LI
FMVH SRGI VERKIH JVSQ 8I\EW XS 2SVXL 'EVSPMRE�
4� 7� 8LI PEVKIWX [SSHTIGOIV SJ 2SVXL %QIVMGE� XLI -ZSV]�
FMPPIH;SSHTIGOIV �'EQTITLMPMYW TVMRGMTEPMW [EW TVIWYQIH
XS FI I\XMRGX� EW XLIVI [IVI RS GSRJMVQIH WMKLXMRKW WMRGI
XLI ����W� E JI[ QE] WXMPP WYVZMZI MR TMRI JSVIWXW SJ 'YFE�
9RGSRJMVQIH WMKLXMRKW MR VIGIRX ]IEVW MR +ISVKME� *PSVMHE�
0SYMWMERE ERH 8I\EW [IVI EGXYEPP] XLEX SJ XLI WQEPPIV 4MPIEXIH
;SSHTIGOIV �(V]SGSTYW TMPIEXYW � [LMGL MW WQEPPIV ERH
PEGOW XLI -ZSV]FMPP W� PEVKI�[LMXI�[MRK� TEXGLIW��;LMXI� GLMR
ERH HEVO FIEO EPWS HMWXMRKYMWL XLI 4MPIEXIH ;SSHTIGOIV�
-XW RIEVIWX VIPEXMZI MR -RHME MW XLI +VIEX &PEGO ;SSHTIGOIV
2);7*0%7,
-:36= &-00)( ;33(4)'/)6 7-+,8)( -2 2� %1)6-'%
*MVWX 'SRJMVQIH 7MKLXMRK 7MRGI XLI 7IGSRH ;SVPH ;EV
%W VITSVXIH F] 'LEVPIW 7IEFVSSO MR %XPERXE� JSV
2I[ =SVO 8MQIW 2I[W 7IVZMGI� HEXIH ��XL%TVMP ����
*SV RIEVP] �� ]IEVW� FMVH PSZIVW LEZI WPSKKIH XLVSYKL XLI
W[EQT [EXIVW SJ XLI (IIT 7SYXL� EPSRK XLI FE]SYW ERH
VMZIVW JIIHMRK XLI 1MWWMWWMTTM 6MZIV� WIEVGLMRK MR ZEMR JSV E
WTIGXEGYPEV FMVH PSRK XLSYKLX XS FI I\XMRGX � XLI MZSV]�FMPPIH
[SSHTIGOIV�
-R RI[W FSYRH XS IPIGXVMJ] FMVH PSZIVW [SVPH[MHI� WGMIRXMWXW
EVI I\TIGXIH XS ERRSYRGI SR 8LYVWHE] XLI VIHMWGSZIV] �SJ
XLI MZSV]�FMPP MR E VIQSXI W[EQT] EVIE SJ RSVXLIEWX %VOERWEW
ORS[R EW XLI &MK ;SSHW� %X PIEWX SRI QEPI MZSV]�FMPP LEW
FIIR JSYRH EPMZI ERH [IPP MR XLI HIIT JSVIWX SJ FSXXSQPERH
LEVH[SSHW FIX[IIR 0MXXPI 6SGO ERH 1IQTLMW� -X MW XLI JMVWX
GSRJMVQIH WMKLXMRK SJ XLI PSRK WSYKLX FMVH WMRGI ;SVPH ;EV
--� 3XLIV MZSV]�FMPPW EVI TVIWYQIH XS FI PMZMRK XLIVI�
-X W� MRGVIHMFPI�RI[W� �WEMH�7XIZI�6��6YRRIPW��4VIWMHIRX�SJ
XLI %QIVMGER &MVHMRK %WWSGMEXMSR� 8LMW�MW�XLI�QSWX�I\GMXMRK
SVRMXLSPSKMGEP HMWGSZIV] MR E PSRK� PSRK XMQI�
8LI 9�7� -RXIVMSV 7IGVIXEV]� +EPI 2SVXSR� ERH SJJMGMEPW [MXL
XLI 2EXYVI 'SRWIVZERG]� XLI 'SVRIPP 0EF SJ 3VRMXLSPSK]� XLI
9�7� *MWL ERH ;MPHPMJI 7IVZMGI ERH XLI %VOERWEW +EQI ERH
*MWL 'SQQMWWMSR EVI WGLIHYPIH XS QEOI XLI ERRSYRGIQIRX
MR ;EWLMRKXSR SR 8LYVWHE] QSVRMRK�
8LI SR�PMRI IHMXMSR SJ 7GMIRGI QEKE^MRI MW I\TIGXIH XS
TYFPMWL SR 8LYVWHE] ���XL
%TVMP ���� E HIXEMPIH EGGSYRX SJ
XLI [SSHTIGOIV W� VIHMWGSZIV]�
1EV] 7GSXX� ER %VM^SRE FMVHMRK IRXLYWMEWX [LS LEW TYVWYIH
XLI MZSV]�FMPPIH [SSHTIGOIV JSV ]IEVW� TSWXIH SR XLI -RXIVRIX
ER EGGSYRX SJ LIV TIVWSREP IRGSYRXIV [MXL XLI FMVH MR%VOERWEW�
7LI WEMH LIV WMKLXMRK X[S ]IEVW EKS SJ XLI [LMXI�WXVMTIH
[SSHTIGOIV [MXL E GVIWXIH GVS[R LIPTIH WTYV WGMIRXMWXW
ERH GSRWIVZEXMSR SJJMGMEPW XS GSQI XS %VOERWEW ERH GSRJMVQ
XLEX XLI FMVH� MRHIIH� MW PMZMRK XLIVI� 0EVKIV XLER E GVS[� XLI
LSFF]� QYGL QSVI JEWGMREXMRK ERH [SVXL[LMPI�;I EX XLI
2I[WPIXXIV LEZI FIIR GSRWMWXIRXP] TPIEHMRK JSV HIZIPSTMRK
RI[ ]EVHWXMGOW XS WYWXEMR ERH QEMRXEMR SYV GSYRXV] W�WXEXYW
MR XLI SVRMXLSPSKMGEP [SVPH� ;I EVI TIVWMWXIRXP] TVSGPEMQMRK
SYV WYTTSVX JSV E GSSTIVEXMZI X]TI IRHIEZSV MR E ZEVMIX] SJ
SVRMXLSPSKMGEP JMIPHW� %X XLI WEQI XMQI� XLIVI GER FI RS X[S
STMRMSRW XLEX -RHMER FMVH FSSOW QYWX WXVMZI XS QEXGL KPSFEP
WXERHEVHW ERH I\TIGXEXMSRW�
� ( V ] S G S T Y W
NEZIRWMW � 1EV]
7GSXX W� -ZSV]FMPP
WMKLXMRK MW TIVLETW
XLI QSWX I\GMXMRK
S V R M X L S P S K M G E P
HMWGSZIV] EJXIV XLI
VIHMWGSZIV] SJ XLI
.IVHSR W� 'SYVWIV
� 6 L M R S T X M P Y W
FMXSVUYEXYW MR -RHME�
�4YFPMWLIV��20&;�
Top Related