´4XDOHULDELOLWD]LRQHGRSRLOFDUFLQRPDPDPPDULR"µ
DFXUDGL&RQFHWWD0LJOLRUH
'RWWRUHLQ)LVLRWHUDSLD6H]LRQH3URYLQFLDOH/,/73DOHUPR
6LULQJUD]LDQR
'RWWVVD*HPPD0DUWLQR'LUHWWRUH0(7,6&HQWUR6WXGLLQ2QFRORJLD
0LODQR 3URI )UDQFR %HUULQR 'LUHWWRUH 'LSDUWLPHQWR 0HGLFLQD 3UH
YHQWLYDH3UHGLWWLYD,VWLWXWR1D]LRQDOH7XPRUL0LODQR'RWWVVD6WHOOD
$GDPR 2QFRORJD 5HJLVWUR 7XPRUL 3DOHUPR 'RWWVVD$QQD 'L ,RULR
%LRORJRJLj$UHDWHFQLFRVFLHQWLÀFD6HGH&HQWUDOH/,/75RPD'RWW
VVD$OHVVDQGUD0RVFDUROL0HGLFR$UHDWHFQLFRVFLHQWLÀFD6HGH&HQWUDOH
/,/75RPD
WHVWRGHÀQLWLYRPDU]R
@e[`Z\
8ZM[MV\IbQWVM
1V\ZWL]bQWVM
;\Z]\\]ZILMTT¼WX][KWTW
8IZ\M
XIO
XIO
XIO
.I[MKPQZ]ZOQKI XIO
ƒ ,WTWZM XIO
ƒ 4QVNW[KTMZW[Q XIO!
ƒ ;QMZWUI XIO
ƒ ;MV[QJQTQ\oK]\IVMI XIO
ƒ +QKI\ZQKM XIO
ƒ ;KIXWTIITI\I XIO
ƒ 4QVNMLMUI XIO
ƒ 8ZWKM[[QQVÅIUUI\WZQQVNM\\Q^Q XIO
ƒ :QKW[\Z]bQWVQUIUUIZQM XIO
8IZ\M
1VNWZUIbQWVQ[]TTI:ILQW\MZIXQI
ƒ 4IZILQW\MZIXQI
ƒ -NNM\\QLMTTIZILQW\MZIXQI[]TJZIKKQWM[]TTIK]\M
ƒ )KKWZOQUMV\QLIILW\\IZM
ƒ -NNM\\QOMVMZITQ"[\IVKPMbbINI\QO]M
ƒ -NNM\\QLMTTIZILQW\MZIXQI[]TTIUIUUMTTI
8IZ\M
XIO
XIO
XIO!
XIO
XIO
4IZQIJQTQ\IbQWVM
1TT][\ZIbQWVMLMTXZWOZIUUIZQIJQTQ\I\Q^W
ƒ -[MZKQbQXMZQXZQUQOQWZVQ
ƒ -[MZKQbQXMZQUM[Q[]KKM[[Q^Q
XIO
ƒ
ƒ
ƒ
XIO
XIO
XIO!
XIO
1VNWZUIbQWVQ[]TTQVNMLMUI
;MOVQXZMUWVQ\WZQ
6WZUMLQXZM^MVbQWVM
+WUMK]ZIZM]VTQVNMLMUI
8IZ\M
4¼ITQUMV\IbQWVM
ƒ 4IXZM^MVbQWVMI\I^WTI
ƒ 4ILQM\IVMTXMZQWLWLMTTIKPMUQW\MZIXQI
4I414<
XIO
XIO
XIO
XIO
XIO
XIO
XIO
ƒ +W[¼vTI414<
Gi\j\ekXq`fe\
¹9]ITM ZQIJQTQ\IbQWVM LWXW QT KIZKQVWUI UIUUIZQW'º" WOOQ XW[[QIUW
\Q\WTIZM]VWX][KWTW[MUXTQKMUMV\MKW[z
6MTXI[[I\WT¼WJQM\\Q^WLWXW]VILQIOVW[QLQ\]UWZMIT[MVWMZIXMZTI
LWVVI [WTW [WXZI^^Q^MZM 7OOQ [WVW WT\ZM TM Q\ITQIVM KPM [WVW
O]IZQ\MMO]IZLIVWKWVUIOOQWZ[MZMVQ\oMÅL]KQIITXZWXZQWN]\]ZW
,Q Y]M[\M WT\ZM [WVW LQ^MV\I\M UIUUM M PIVVW ILW\\I\W ]V
JIUJQVW KWUJI\\MVLW ]VI J]ZWKZIbQI IVKWZI LQ[KZQUQVI\WZQI 1T v \WZVI\I IT TI^WZW I [WTQ L]M UM[Q LITTI LQIOVW[Q ;WTW Y]M[\Q LI\Q KQ
LQKWVWKWUMTMLWVVMQVY]M[\W[MV[WZIXXZM[MV\QVW]VIOZIVLMNWZbI"
[WVWY]MTTMKPMUMOTQWMV\ZIVWVMQ[MV\QUMV\QVMTTMZMTIbQWVQXMZKPuLI
[MKWTQ[QXZMVLWVWK]ZILMTTINIUQOTQIM[MUXZMXQ[XM[[WLMTTI^WZW
,QM\ZW WOVQ V]UMZW ]VI [\WZQI ZIKKWV\I\I VMQ TQJZQ VMT _MJ VMQ JTWO
VMTTMUQTTMZQ]VQWVQXMZKWVLQ^QLMZMTMM[XMZQMVbMXMZ[WVITQQTXMZKWZ[WLQ
K]ZITM[XMZIVbM-TINZI[MXQZQKWZZMV\Mv]VI[WTI"¹PW^QV\Wº
4¼WJQM\\Q^W WOOQ v LQUW[\ZIZM IVKPM I\\ZI^MZ[W ^QKMVLM ZMITQ KWUM QT
KIVKZW[QXW[[I^QVKMZMXMZKPuQT\]UWZMvLIKWV[QLMZIZ[Q]VIUITI\\QI
KZWVQKIITXIZQLMTT¼IZ\ZW[QLMTLQIJM\MLMTT¼QXMZ\MV[QWVM
9]M[\W WX][KWTW ^]WTM IKKWUXIOVIZM TI LWVVI VMT LWXWUITI\\QI
I\\ZI^MZ[W ]V XZWKM[[W ZQIJQTQ\I\Q^W Å[QKW X[QKWTWOQKW [WKQITM ML
WKK]XIbQWVITM >]WTM ZQ[XWVLMZM ITTM \IV\M LWUIVLM L]JJQ \QUWZQ
KPM [WZOWVW QV ]V UWUMV\W LMTQKI\W LMTTI XZWXZQI ^Q\I >]WTM WNNZQZM
I[[QMUM I KWV[QOTQ UMLQKW[KQMV\QÅKQ LQITWOW INNM\\W M XW[Q\Q^Q\o KMZ\Q
KWUM[QIUWKPMTILWVVI[IXZoINNZWV\IZMKWVLM\MZUQVI\IOZQV\IIVKPM
Y]M[\I[ÅLI
1T8ZM[QLMV\M6IbQWVITM414<
8ZWN.ZIVKM[KW;KPQ\\]TTQ
@ekif[lq`fe\
1T\]UWZMIT[MVWvQTXQLQNN][WVMTTIXWXWTIbQWVMNMUUQVQTMMLvIVKPM
Y]MTTW I UIOOQWZM QUXI\\W MUW\Q^W 8MZ Y]M[\I ZIOQWVM v QUXWZ\IV\M
OIZIV\QZM ]V XMZKWZ[W LQ K]ZM Y]IV\W XQ XW[[QJQTM [MZMVW M XZQ^W LQ
KWUXTQKIVbM[WXZI\\]\\WLQY]MTTMM^Q\IJQTQKWV]VIKWZZM\\IQVNWZUIbQWVM
MKWV]VQV\MZ^MV\WZQIJQTQ\I\Q^WXZMKWKM
4¼WX][KWTW v [\I\W ZMITQbbI\W KWV TW [KWXW LQ NWZVQZM QVNWZUIbQWVQ
[]OOMZQUMV\Q M KWV[QOTQ KPM ZQ[XWVLIVW ITTM XQ ZQKWZZMV\Q LWUIVLM
LMTTMLWVVMKPMPIVVWI^]\W]VILQIOVW[QLQ\]UWZMIT[MVWM[\IVVW
INNZWV\IVLWTMK]ZMKPQZ]ZOQKPMZILQIV\QMWNIZUIKWTWOQKPM
+WV\QMVM QVWT\ZM KWV[QOTQ XZI\QKQ ZQO]IZLIV\Q TI ZQIJQTQ\IbQWVM Å[QKI
TI XZM^MVbQWVM M TI K]ZI LQ ITK]VQ M[Q\Q W KWUXTQKIVbM KPM XW[[WVW
UIVQNM[\IZ[Q[]JQ\WLWXWTM\MZIXQMWIVKPM\IZLQ^IUMV\MLWXWUM[QW
IVVQ LITTI ÅVM LMTTM K]ZM INÅVKPu [QIVW ZQLW\\Q IT UQVQUW M^MV\]ITQ
LIVVQM[\M\QKQMN]VbQWVITQ
,W\\[[I+WVKM\\I5QOTQWZM
;MZ^QbQW:QIJQTQ\IbQWVM7VKWTWOQKI
414<LQ8ITMZUW
JkilkkliX[\ccËfgljZfcf
4¼WX][KWTWvKW[\Q\]Q\WLIY]I\\ZWXIZ\Q"
4INI[MKPQZ]ZOQKI
:Q[XWVLMITTMLWUIVLMKPMXQNZMY]MV\MUMV\MKQ^MVOWVWXW[\M
MKWV\QMVM[MUXTQKQQVNWZUIbQWVQMKWV[QOTQXZI\QKQ]\QTQIXZM^MVQZM
KWUXTQKIVbMLMTTIKPQZ]ZOQILMTTIUIUUMTTIMLMTKI^WI[KMTTIZM#
KWV\QMVM QVWT\ZM QVNWZUIbQWVQ LQ XMZ\QVMVbI ZQIJQTQ\I\Q^I XMZ TM
ZQKW[\Z]bQWVQUIUUIZQM
1VNWZUIbQWVQ[]TTIZILQW\MZIXQI
>MVOWVW LM[KZQ\\Q OTQ MNNM\\Q KWTTI\MZITQ M KWV[QOTQI\M TM VWZUM LI
W[[MZ^IZML]ZIV\MMLWXWTIZILQW\MZIXQI
4IZQIJQTQ\IbQWVMXMZTIXZM^MVbQWVMMTIK]ZILMTTM
KWUXTQKIVbMXW[\KPQZ]ZOQKPM
4IZQIJQTQ\IbQWVM
1TT][\ZIbQWVM M [XQMOIbQWVM LQ ]V XZWOZIUUI ZQIJQTQ\I\Q^W
IXXZWXZQI\WKPMQVQbQI\WQVW[XMLITM[]JQ\WLWXWT¼QV\MZ^MV\WX]
M[[MZMXZW[MO]Q\WIKI[I[W\\WNWZUILQ¹I]\W\ZI\\IUMV\Wº[MVMTTI
XZWXZQIKQ\\oVWV^Qv]V+MV\ZWLQ:QIJQTQ\IbQWVM[XMKQITQbbI\W
1VNWZUIbQWVQ[]TTQVNMLMUILMTT¼IZ\W[]XMZQWZM
¹OWVÅWZMLMTJZIKKQWº
,IQ[MOVQXZMUWVQ\WZQITTMVWZUMLQXZM^MVbQWVMMXZMKQ[MQVLQKIbQWVQ
[]TTM \MZIXQM LI MNNM\\]IZM VMT KI[W [Q UIVQNM[\I[[M ]V TQVNMLMUI
LWXW]VQV\MZ^MV\WKPQZ]ZOQKWKPMKWUXWZ\QT¼I[XWZ\IbQWVMLQ\]\\Q
QTQVNWVWLQI[KMTTIZQ
4¼ITQUMV\IbQWVM
+WV\QMVM []OOMZQUMV\Q XMZ ]VI [IVI ITQUMV\IbQWVM KWV[QOTQI\I
XMZTIXZM^MVbQWVMLQITK]VQ\]UWZQQVXIZ\QKWTIZMLQY]MTTWLMTTI
UIUUMTTI ML ]V MTMVKW LQ KQJQ IT\MZVI\Q^Q XMZ QT XMZQWLW LMTTI
KPMUQW\MZIXQI
GXik\(
CX]Xj\Z_`ili^`ZX
/TQQV\MZ^MV\QKPQZ]ZOQKQXMZT¼I[XWZ\IbQWVMLQ\]UWZQIT[MVW[WVWLQ^IZQW
\QXW" X] M[[MZM I[XWZ\I\I T¼QV\MZI OPQIVLWTI UIUUIZQI UI[\MK\WUQI
W ]VI XIZ\M Y]ILZIV\MK\WUQI QV[QMUM IL ]VW W \]\\Q Q TQVNWVWLQ XW[\Q
VMTKI^WI[KMTTIZMKPMLZMVIVWTIZMOQWVMUIUUIZQIMT¼IZ\W[]XMZQWZM
TQVNWVWLW[MV\QVMTTIMTQVNWILMVMK\WUQII[KMTTIZMKWUXTM\I
9]IVLW[QZMVLMVMKM[[IZQWZQU]W^MZMT¼QV\MZIOPQIVLWTIUIUUIZQIv
XW[[QJQTMZQKW[\Z]QZMTIUIUUMTTIUMLQIV\MLQ^MZ[M\MKVQKPMKPQZ]ZOQKPM
XQ W UMVW [WÅ[\QKI\M 4I ZQKW[\Z]bQWVM X] M[[MZM QUUMLQI\I KQWv
M[MO]Q\I QV KWVKWUQ\IVbI LMTT¼QV\MZ^MV\W LMUWTQ\Q^W WXX]ZM LQNNMZQ\I
ITK]VQUM[QLWXWQTXZQUWQV\MZ^MV\W
8MZY]IV\WIKK]ZI\QOTQQV\MZ^MV\QKWV[MZ^I\Q^QMLMUWTQ\Q^QZQKW[\Z]\\Q^Q
XW[[WVW KI][IZM QV LQ^MZ[I UQ[]ZI M[Q\Q XW[\WXMZI\WZQ VMTTI ZMOQWVM
LMTT¼QV\MZ^MV\WKPQZ]ZOQKWMVMTJZIKKQWLITTI\WWXMZI\W
-¼ JMVM KPM QT XIbQMV\M [QI QVNWZUI\W []T XW[[QJQTM UIVQNM[\IZ[Q LQ
TQM^Q KWUXTQKIVbM W LQ MNNM\\Q KWTTI\MZITQ LMTTM \MZIXQM KPQZ]ZOQKPM M
ZILQW\MZIXQKPM
<IT]VQM[Q\QXW[[WVWKWUXIZQZMXZMKWKMUMV\MKQWvVMQXZQUQOQWZVQLWXW
T¼QV\MZ^MV\WKPQZ]ZOQKWIT\ZQXW[[WVWUIVQNM[\IZ[QLWXWY]ITKPM[M\\QUIVI
WIVKPMILQ[\IVbILQXQ\MUXWI^WT\MIVKPMIVVQ
6MTTMXIOQVM[MO]MV\QZQ[XWVLMZMUWITTMLWUIVLMKPMXQNZMY]MV\MUMV\M
KQ^MVOWVWXW[\MLWXW]VQV\MZ^MV\WKPQZ]ZOQKWITTIUIUUMTTI
M[\M[WITKI^WI[KMTTIZMKWVI[XWZ\IbQWVMLQ\]\\QQTQVNWVWLQ
0W XI]ZI I U]W^MZM QT JZIKKQW
M Y]IVLW TW U]W^W [MV\W
LWTWZM 5MOTQW \MVMZTW
NMZUW'
<MVMZM QT JZIKKQW NMZUW LWXW
T¼QV\MZ^MV\WKWV\ZQJ]Q[KMILI]UMV\IZM
QTLWTWZMITUW^QUMV\WY]QVLQvUMOTQW
U]W^MZTW VWZUITUMV\M /TQ M[MZKQbQ
QTT][\ZI\QVMTTIXIZ\MLQY]M[\WWX][KWTW^Q
IQ]\MZIVVWIZMK]XMZIZMM^MV\]ITQTQUQ\IbQWVQ
LMTUW^QUMV\WLMTJZIKKQW
1VWT\ZMQTJZIKKQW^I][I\WKWVVI\]ZITMbbI
XMZTMKWU]VQI\\Q^Q\oY]W\QLQIVMXM\\QVIZ[Q
TI^IZ[QXZMVLMZMMXW[IZMWOOM\\QIVKPMXW[\Q
QVIT\W6WVvQTKI[WLQ[NWZbIZ[QVuLQ\MVMZMQTJZIKKQWQUUWJQTM
0W XI]ZI IL ITbIZM
KWUXTM\IUMV\M QT JZIKKQW
XMZKPuKQ[WVWLMQ
¹KWZLWVKQVQº KPM
\QZIVW VMTT¼I[KMTTI
Y]ITKPM^WT\IÅVWIT
OWUQ\W
9]M[\Q¹KWZLWVKQVQºTQVNW[KTMZW[QKPM
\IT^WT\IIXXIQWVW[W\\WTIK]\MLMTT¼I[KMTTI
LWXWT¼QV\MZ^MV\WKPQZ]ZOQKWVWVLM^WVW
[XI^MV\IZMVuTQUQ\IZMQTUW^QUMV\WLMT
JZIKKQW-NNM\\]I\MOTQM[MZKQbQKWV[QOTQI\Q
VMTTI XIZ\M TMV\IUMV\M ZQXM\MVLWTQ \IV\M
^WT\M ÅVW IL W\\MVMZM ]V OZIL]ITM ITT]VOIUMV\W QUUIOQVIVLW KPM QT
JZIKKQW[QXZWT]VOPQVMTTW[XIbQW[MVbI]VIXIZ\QKWTIZMNWZbIM[MZKQbQWXQ
[]TTIXMZKMbQWVMKPM[]TTIUW\ZQKQ\o
/TQM[MZKQbQ[WVWMNÅKIKQ[MLM\MZUQVIVW]VUWLMZI\WMNNM\\WLQ[\QZIUMV\W
[W\\WT¼I[KMTTI
!
0W ]V NI[\QLQW[W OWVÅWZM
[W\\WT¼I[KMTTI
)VLZo^QI'
,WXW TI ZQUWbQWVM LMT LZMVIOOQW
X] M[[MZM VMKM[[IZQW I[XQZIZM KWV
]VI[QZQVOIQT[QMZWKPM[QNWZUI[W\\W
T¼I[KMTTI[QMZWUI4IXZWL]bQWVMLQ
[QMZWX]L]ZIZMY]ITKPM[M\\QUIVIXMZ
XWQZQL]Z[QXZWOZM[[Q^IUMV\M
9]M[\W VWV QUXMLQ[KM LQ U]W^MZM
KWV [KQWT\MbbI QT JZIKKQW XMZ TM I\\Q^Q\o
Y]W\QLQIVM KW[z KWUM v QUXWZ\IV\M
U]W^MZ[Q KWV [KQWT\MbbI [M XMZUIVM
W KWUXIZM L]ZIV\M TI ZILQW\MZIXQI
W I LQ[\IVbI LQ \MUXW ]V TQM^M OWVÅWZM VMTTI bWVI [W\\W T¼I[KMTTI 1T
UW^QUMV\WKWV\ZQJ]QZoIZQXZQ[\QVIZMTIKQZKWTIbQWVMTQVNI\QKIM^MVW[I
ZQL]KMVLWQTNI[\QLQW
8]M[[MZM]\QTMMNNM\\]IZMOQWZVITUMV\MOTQM[MZKQbQQTT][\ZI\QVMTTIXIZ\M
IOOQ]VOMVLW ]V TMOOMZW UI[[IOOQW LQ [ÅWZIUMV\W [QUQTM IL ]VI
KIZMbbILITT¼I[KMTTI^MZ[WQTÅIVKWM^MZ[WTI[KIXWTI
)T \MZUQVM LMT UI[[IOOQW X] M[[MZM IXXTQKI\I ]VI
XWUI\ILQIZVQKIW]VÆMJW\WVQKW
;MQTOWVÅWZM[QZQXZWXWVMVMT\MUXWv]\QTM
[W\\WXWZ[QIY]ITKPM[ML]\ILQTQVNWLZMVIOOQW
UIV]ITM ^MLQ XIO MNNM\\]I\I LI
Å[QW\MZIXQ[\Q[XMKQITQbbI\QQVTQVNWTWOQI
-¼XW[[QJQTMKPMQTNI[\QLQW[QIIKKMV\]I\WLI
\MUXMZI\]ZMMTM^I\MI[MO]Q\WLQ[NWZbQÅ[QKQ
W [M [Q ][IVW ZMOOQ[MVQ VWV ILMO]I\Q KPM
TI[KQIVW[WTKPQ
6WV PW [MV[QJQTQ\o [W\\W T¼I[KMTTI
MW ITT¼QV\MZVW LMT JZIKKQW
<WZVMZoVWZUITM'
;MV\WNWZUQKWTQQX]V\]ZM
[KW[[M [W\\W T¼I[KMTTI MW
ITT¼QV\MZVW LMT JZIKKQW
+PMUQ[\I[]KKMLMVLW'
;MV\W ]V XM[W
[W\\W T¼I[KMTTI KWUM [M I^M[[Q
]VK][KQVM\\W+PM[IZo'
,]ZIV\MT¼QV\MZ^MV\WKPQZ]ZOQKWX]IKKILMZM
KPM ^MVOIVW TM[Q ITK]VQ ZIUQ LQ ]V VMZ^W
LMTTI [MV[QJQTQ\o K]\IVMI 6MTTI UIOOQWZ
XIZ\MLMQKI[QQ[QV\WUQLW^]\QITTITM[QWVMLMT
VMZ^W LQUQV]Q[KWVW OZIL]ITUMV\M VMQ UM[Q
[]KKM[[Q^Q1VITK]VMXMZ[WVMXIZ\QKWTIZUMV\M
MUW\Q^M Y]M[\M [MV[IbQWVQ XW[[WVW M[[MZM
XMZKMXQ\MKWVUIOOQWZMQV\MV[Q\oMXMZUWT\W\MUXW
=V¼I\\Q^Q\o KPM XZM^MLI UW^QUMV\Q OTWJITQ LMT KWZXW M \MKVQKPM LQ
ZQTI[[IUMV\WMZM[XQZIbQWVMX]M[[MZM]\QTMIZQL]ZZMTI[QV\WUI\WTWOQI
;MV\W TI KQKI\ZQKM KPM \QZI
Y]IVLW ITbW QT JZIKKQW
+PMXW[[WNIZM'
/Qo Y]ITKPM OQWZVW LWXW TI
ZQUWbQWVM LMQ X]V\Q TI KQKI\ZQKM
X] M[[MZM \ZI\\I\I OQWZVITUMV\M
]\QTQbbIVLWIXXW[Q\MKZMUMMTI[\QKQbbIV\Q
QV^MVLQ\IVMTTMNIZUIKQM
1T UI[[IOOQW ^I M[MO]Q\W KWV Q XWTXI[\ZMTTQ
LMTTM LQ\I []TTI KQKI\ZQKM M LM^M XZWL]ZZM
]V UW^QUMV\W KQZKWTIZM []TTI K]\M
[MVbI XZW^WKIZM IZZW[[IUMV\Q LMTTI
bWVI 4¼I]\W\ZI\\IUMV\W KWV TM KZMUM
MTI[\QKQbbIV\Q X] KWV\QV]IZM XMZ LQ^MZ[Q
UM[Q
6MTT¼M[MK]bQWVMLMOTQM[MZKQbQLMTTIXIZ\MXZQ^QTMOQI\MQUW^QUMV\QKPM
QVL]KWVW]VXZWOZM[[Q^WMKWV\QV]W[\QZIUMV\WLMTTIKQKI\ZQKMMLMQ\M[[]\Q
KQZKW[\IV\Q
;MTMILMZMVbMLMTTIKQKI\ZQKM[WVWXZWNWVLMX]
M[[MZM ]\QTM ZQ^WTOMZ[Q I Å[QW\MZIXQ[\Q M[XMZ\Q
VMTTW [KWTTIUMV\W UIV]ITM LMTTM KQKI\ZQKQ#
VMQ KI[Q XQ ZM[Q[\MV\Q [Q X] ZQKWZZMZM I
[XMKQITQ X]V\]ZM [W\\WK]\M KWV IVM[\M\QKW
MLIV\QVÅIUUI\WZQM[MO]Q\QLI]VUMLQKW
M[XMZ\W W IL QV\MZ^MV\Q LQ KPQZ]ZOQI
XTI[\QKI
6WVPWLWTWZMUIVWVZQM[KWILITbIZMQTJZIKKQW
KWUMT¼IT\ZWMLIVKPM[MUQ[NWZbWVWVZQM[KWI
ZILLZQbbIZMQTOWUQ\W[WXZITI\M[\I
,]ZIV\M T¼QV\MZ^MV\W KPQZ]ZOQKW X] ^MVQZ LIVVMOOQI\W ]V VMZ^W KPM
VWZUITUMV\M \QMVM Å[[I\I TI [KIXWTI IT \WZIKM 4I TM[QWVM LQ Y]M[\W
VMZ^WZMVLMXQLQNÅKWT\W[QQUW^QUMV\QLQMTM^IbQWVMLMTJZIKKQWMX]
XZW^WKIZM ]VI [XWZOMVbI LMTTI [KIXWTI LM\\I IVKPM [KIXWTI ITI\I
<IT^WT\I TI TM[QWVM LMT VMZ^W X] M[[MZM QZZM^MZ[QJQTM M TI N]VbQWVITQ\o
LMTT¼IZ\WZMK]XMZI\I[WTWXIZbQITUMV\M
4IZQML]KIbQWVMXW[\]ZITMMLM[MZKQbQ[XMKQÅKQXMZTI[KIXWTIITI\IXW[[WVW
M[[MZMM[MO]Q\QQVY]IT[QI[QKMV\ZWLQ.Q[QW\MZIXQI
1TLMÅKQ\UW\WZQWX]XZW\ZIZ[QXMZLQ^MZ[QUM[QXMZ\IV\W[QKWV[QOTQILQ
XZWOZIUUIZM]VXMZQWLWLQZQIJQTQ\IbQWVMILMO]I\W
)^ZQTJZIKKQWOWVÅW'
4I KQZKWTIbQWVM TQVNI\QKI LMTT¼IZ\W []XMZQWZM ^QMVM ZITTMV\I\I LITTI
ZQUWbQWVMKPQZ]ZOQKILMQTQVNWVWLQLMTKI^WI[KMTTIZMMLITTIZILQW\MZIXQI
,]M\ZMXMZ[WVM[]LQMKQIKK][IVWVMT\MUXW\IT^WT\IY]I[Q[]JQ\WLWXW
T¼QV\MZ^MV\WWIT\MZUQVMLMTTIZILQW\MZIXQIWXX]ZMIVKPMLWXWIVVQ]V
OWVÅWZM^Q[QJQTMITJZIKKQWWIXIZ\QLQM[[WTQVNMLMUI
8MZZQL]ZZMTIXW[[QJQTQ\oLQI^MZM]VTQVNMLMUIKWV[QOTQIUWLQILW\\IZMOTQ
IKKWZOQUMV\QMTMVKI\QVMTTIXIZ\MMXWZZMI\\MVbQWVMILM^MV\]ITQ[MOVQ
XZMUWVQ\WZQ^MLQXIO 0WQTJZIKKQWOWVÅW1TUMLQKWLQKM
KPM v ¹VWZUITMº KWV[MO]MVbI
LMTT¼QV\MZ^MV\W ;Q [OWVÅMZo
LI[WTWWLM^WK]ZIZTW'
1T OWVÅWZM TQVNMLMUI ITTW [\ILQW
QVQbQITMX]UIVQNM[\IZ[QQV]VIXIZ\M
LMTT¼IZ\W JZIKKQW I^IUJZIKKQW UIVW M
X]\IT^WT\IZMOZMLQZM[XWV\IVMIUMV\M
4I UIVQNM[\IbQWVM [XWZILQKI X]
VMT \MUXW LQ^MVQZM XMZUIVMV\M M
T¼IZ\W M[[MZM [\IJQTUMV\M OWVÅW
1V \IT KI[W v JMVM [W\\WXWZ[Q IL
WXXWZ\]VM\MZIXQMÅ[QKPM^MLQXIZ\M
XWQKPu QT TQVNMLMUI \MVLM IL
I]UMV\IZMOZIL]ITUMV\MVMT\MUXWM
ILIOOZI^IZ[Q
)QXZQUQ[MOVQLQOWVÅWZMZQKWZZMV\MvKWV[QOTQIJQTMZQ^WTOMZ[QIZMXIZ\QW
Å[QW\MZIXQ[\Q[XMKQITQbbI\QVMTTI\MZIXQILMTTQVNMLMUIXMZK]ZIZTWQVNI[M
QVQbQITM 4M \MZIXQM MNNM\\]I\M \MUXM[\Q^IUMV\M [IZIVVW XQ MNÅKIKQ M
XW\ZIVVWQVY]M[\INI[MM[[MZMZQ[WT]\Q^M
1UXZW^^Q[IUMV\M [WVW IXXIZ[M
LMTTMKPQIbbMZW[[M[]TJZIKKQWM
TW[MV\WKITLW+PM[]KKMLM'
4¼I[XWZ\IbQWVM LMQ TQVNWVWLQ v KI][I
LQ ]V¼QV[]NÅKQMVbI TQVNI\QKI KPM
X] XZMLQ[XWZZM T¼IZ\W I XZWKM[[Q
QVÅIUUI\WZQQVNM\\Q^Q KPM [Q
UIVQNM[\IVW KWV IZZW[[IUMV\W LMTTI
K]\M KITWZM TWKITQbbI\W W I]UMV\W
LMTTI \MUXMZI\]ZI KWZXWZMI NMJJZM
LWTWZM ML I]UMV\W QUXZW^^Q[W LMT
^WT]UM LMTT¼IZ\W MLMUI 1T LWTWZM v
[XM[[W QT XZQUW [QV\WUW <ITM
XZWKM[[W QVÅIUUI\WZQW \IT^WT\I
[Q X] UIVQNM[\IZM IVKPM ITTI
UIUUMTTI
4I K]ZI KWV[Q[\M QV ]VI \MZIXQI NIZUIKWTWOQKI I JI[M LQ IV\QJQW\QKQ ML
IV\QVÅIUUI\WZQXMZTIY]ITMvVMKM[[IZQWZQ^WTOMZ[Q\MUXM[\Q^IUMV\MIT
XZWXZQWUMLQKW
4ITQVNIVOQ\MVWV^IKWVN][IKWVTIÆMJQ\MWTI\ZWUJWÆMJQ\MKPM[WVW
XI\WTWOQMLMT[Q[\MUI^MVW[WM^IVVWK]ZI\MLQ^MZ[IUMV\M
6MTKI[WLQNMJJZMIT\I[QX]XWZZM]VIJWZ[IKWV\MVMV\MIKY]INZMLLIW
OPQIKKQW[]TTMbWVMXQKITLMLMTT¼IZ\W
/TQ MXQ[WLQ LQ TQVNIVOQ\M XW[[WVW ZQXM\MZ[Q M OMVMZITUMV\M [WVW KI][I\Q
LIY]ITKPMM^MV\W\ZI]UI\QKWXMZT¼IZ\WX]V\]ZMLQQV[M\\QXQKKWTMNMZQ\M
[NWZbQ XZWT]VOI\Q M[XW[QbQWVM LQZM\\I I NWV\Q LQ KITWZM W LI ZMIbQWVQ
ITTMZOQKPM
-¼KWV[QOTQIJQTMILW\\IZMTMXZMKI]bQWVQMTMVKI\MVMTTIXIZ\MXWVMVLW
XIZ\QKWTIZMI\\MVbQWVMVMTT¼M^Q\IZMTMXQKKWTMNMZQ\M
I`Zfjkilq`fe`dXddXi`\
4M ZQKW[\Z]bQWVQ QUUMLQI\M UMLQIV\M T¼QV\ZWL]bQWVM LQ XZW\M[Q W LQ
M[XIV[WZQKWV[MV\WVW]V[WLLQ[NIKMV\MZQ[]T\I\WM[\M\QKWM[WTQ\IUMV\M
VWVKWUXWZ\IVWXMZQTJZIKKQW[MY]MTMXW[\KPQZ]ZOQKPMLQXMZ\QVMVbI
ZQIJQTQ\I\Q^ILQ^MZ[MLIY]MTTMLM[KZQ\\MQVOMVMZITMXMZ\]\\QOTQQV\MZ^MV\Q
9]IVLW[QZQKWZZMITT¼][WLQ]VM[XIV[WZMY]M[\W^QMVMXZWOZM[[Q^IUMV\M
OWVÅI\W KWV [WT]bQWVM Å[QWTWOQKI WOVQ OQWZVQ XMZ W\\MVMZM ]VI
OZIL]ITM LQ[\MV[QWVM LMTTI XMTTM 6MT XMZQWLW LMT ZQMUXQUMV\W TI XMTTM
^I UI[[IOOQI\I Y]W\QLQIVIUMV\M KWV KZMUM QLZI\IV\Q ML MUWTTQMV\Q
4I XZM[MVbI LMTT¼M[XIV[WZM X] XZW^WKIZM ]V NI[\QLQW W LWTWZM W ]VI
TQUQ\IbQWVM IQ UW^QUMV\Q XQ IUXQ LMT JZIKKQW 4I ZQIJQTQ\IbQWVM XMZ QT
ZMK]XMZW LMT UW^QUMV\W LMT JZIKKQW [MO]M OTQ [\M[[Q KZQ\MZQ LQ \]\\Q OTQ
QV\MZ^MV\Q
4M ZQKW[\Z]bQWVQ KPM ]\QTQbbIVW TMUJQ U][KWTIZQ M K]\IVMQ
LITT¼ILLWUM W LIT LWZ[W W KWV TMUJW ,1-8 OZI[[W M K]\M LMTTI
XIVKQIKWUXWZ\IVW]VV]UMZWUIOOQWZMLQKQKI\ZQKQKPM^IVVW\ZI\\I\M
ILMO]I\IUMV\M^MLQXIO=V¼I\\MV\I^IT]\IbQWVMJQWUMKKIVQKILMTTI
XW[\]ZI LMT KIUUQVW LMTTI KWWZLQVIbQWVM M LMQ UW^QUMV\Q LMOTQ IZ\Q
^IMNNM\\]I\IXZQUIMLWXWT¼QV\MZ^MV\WXMZ[\IJQTQZM]VXZWOZIUUILQ
ZQIJQTQ\IbQWVM ILMO]I\W KPM XZM^MLI M[MZKQbQ OTWJITQ LQ \QXW XMZKM\\Q^W
UW\WZQW
6MTTMZQKW[\Z]bQWVQKPM]\QTQbbIVWQTU][KWTWOZIVLWZ[ITMOTQM[MZKQbQ
[WVWKWV[QOTQI\QXMZM^Q\IZM]VIXW[[QJQTMZQL]bQWVMLMTUW^QUMV\WLMTTI
[XITTIMTIÅJZW\QbbIbQWVMLMTTIKQKI\ZQKMLWZ[ITM
6MTTM ZQKW[\Z]bQWVQ KPM ][IVW QT U][KWTW ZM\\W ILLWUQVITM ^QMVM
KWV[QOTQI\WLQUIV\MVMZMXMZ]VKMZ\WXMZQWLWLQ\MUXW]VIXW[QbQWVM
LMT KWZXW TMOOMZUMV\M ÆM[[I QV I^IV\Q =V ILMO]I\W XZWOZIUUI LQ
ZQIJQTQ\IbQWVMKWV[MV\MLQZQIKY]Q[\IZMXW[\]ZMKWZZM\\MMKWUXMV[IZMTI
LQUQV]bQWVM LMTTI NWZbI U][KWTIZM LMT \ZWVKW# ]VI KMZ\I I\\MVbQWVM ^I
XW[\IITTIZQIJQTQ\IbQWVMLQXMZ[WVMKPMPIVVW]VIIKKMV\]IbQWVMLMTTI
K]Z^ITWZLW\QKITWUJIZM
GXik\)
@e]fidXq`fe`jlccXiX[`fk\iXg`X
4IZILQW\MZIXQI
1T XZW\WKWTTW [\IVLIZL LQ ZILQW\MZIXQI XZM^MLM [ML]\M MNNM\\]I\M
OQWZVITUMV\MXMZOQWZVQTI[M\\QUIVI
;M Q UW^QUMV\Q LMT JZIKKQW [WVW IVKWZI TQUQ\I\Q QV UWLW \ITM LI VWV
XMZUM\\MZM ]V¼M[K]Z[QWVM IZ\QKWTIZM TQJMZI M KWUXTM\I v KWV[QOTQIJQTM
XZQUI LQ QVQbQIZM TI ZILQW\MZIXQI W\\MVMZM ]V¼IUXQMbbI LQ UW^QUMV\W
ILMO]I\IQVKZMUMV\IVLWOTQM[MZKQbQWXX]ZMMNNM\\]IVLWTQKWVT¼IQ]\WLQ
]VÅ[QW\MZIXQ[\IM[XMZ\W,]ZIV\MTI[ML]\IQVNI\\QQTJZIKKQW^I\MV]\WQV
IT\WM[MM[[WvJTWKKI\WWLWTMV\MvLQNÅKQTM\MVMZMTIXW[QbQWVMOQ][\I
IVKPM[M[WTWXMZXWKPQ[MKWVLQ
4IZILQW\MZIXQIvQVLWTWZMML]ZIXWKPQUQV]\QMKWUM\]\\MTM\MZIXQM
X]I^MZMMNNM\\QKWTTI\MZITQ9]M[\Q[MKWUXIQWVWXW[[WVWM[[MZMXQW
UMVWIKKMV\]I\QQVZIXXWZ\WIT\QXWLQZILQW\MZIXQIITT¼M[\MV[QWVMLMTTI
bWVI\ZI\\I\IMLITTI[MV[QJQTQ\oQVLQ^QL]ITM
-NNM\\Q[]TUW^QUMV\WLMTJZIKKQW
4MZILQIbQWVQZQL]KWVWT¼MTI[\QKQ\oLMQ\M[[]\Q[W\\WK]\IVMQ"[M^QMVMQZZILQI\I
TIbWVILMTKI^WI[KMTTIZMvXW[[QJQTMKPMVMTXMZQWLWLMTTIZILQW\MZIXQIW
LWXW^Q[MV\QI\MXQQUXIKKQI\MVMQUW^QUMV\QLMTJZIKKQW1VWOVQKI[Wv
JMVMXZW[MO]QZMOTQM[MZKQbQLQUWJQTQbbIbQWVMLMTT¼IZ\W[]XMZQWZMXMZ\]\\I
TIL]ZI\ILMT\ZI\\IUMV\WZILQIV\MMXMZY]ITKPMUM[MLWXWTIÅVMLMTTI
ZILQW\MZIXQI
-NNM\\QLMTTIZILQW\MZIXQI[]TTIK]\M
-¼ XW[[QJQTM KPM TI ZILQW\MZIXQI XZW^WKPQ ]V IZZW[[IUMV\W XQ W UMVW
QV\MV[W LMTTI K]\M KPM [Q UIVQNM[\I LWXW Y]ITKPM [ML]\I M [KWUXIZM
Y]ITKPM[M\\QUIVILWXWTIÅVMLMT\ZI\\IUMV\W
1V ITK]VQ KI[Q I [MKWVLW LMTTI [MV[QJQTQ\o QVLQ^QL]ITM TI K]\M X]
UW[\ZIZM[MOVQLQ[WNNMZMVbIXQUIZKI\QXQKKWTMM[KWZQIbQWVQ][\QWVQ
1V\ITKI[WQTXMZ[WVITMLMT:MXIZ\WLIZoTIK]ZIZQ\MV]\IXQILI\\IXMZ
WOVQ[QVOWTWKI[W
-¼J]WVIVWZUIXMZ\]\\WQTXMZQWLWLMTTIZILQW\MZIXQIMÅVWIY]IVLW
TIK]\MVWV[QILMT\]\\WO]IZQ\IW[[MZ^IZMOTQIKKWZOQUMV\QLMTTIXIOQVI
[MO]MV\M
)KKWZOQUMV\Q LI ILW\\IZM VMT XMZQWLW LMTTI
ZILQW\MZIXQI
8]TQbQI
6WV][I\M[IXWVQLMWLWZIV\QTWbQWVQWXZWN]UQ[]TTIbWVI
QV\MZM[[I\I6WV][I\MIKY]I\ZWXXWKITLIW\ZWXXWNZMLLI
4IXMTTM^II[KQ]OI\IXMZNM\\IUMV\MKWVI[KQ]OIUIVQUWZJQLQ\IUXWVIVLW
LMTQKI\IUMV\MUIQ[\ZWÅVIVLW
1LZI\IbQWVM
4I K]\M QZZILQI\I ^I QLZI\I\I OQWZVITUMV\M ,]ZIV\M QT
XMZQWLW LMTTI ZILQW\MZIXQI ][I\M [WTW KZMUM ^Q\IUQVQKPM QT
XMZ[WVITMLMT:MXIZ\WXW\ZoKWV[QOTQIZ^Q
4IKZMUIQVXQKKWTMY]IV\Q\oLM^MM[[MZMXMZNM\\IUMV\MI[[WZJQ\ILITTI
K]\MKWV]VUI[[IOOQWTMOOMZW
-^MV\]ITQMKKM[[QLQKZMUI^IVVWZQUW[[QKWV]VXIVVWUWZJQLW
4IK]\M^IUIV\MV]\II[KQ]\\IMLIZMI\I
1VL]UMV\Q
1VLW[[I\M QVL]UMV\Q LQ KW\WVM XZMNMZQJQTUMV\M LQ KWTWZM
KPQIZW M UWZJQLQ -^Q\I\M OTQ QVL]UMV\Q KPM [\ZQVOWVW
JZM\MTTMZMOOQ[MVQKWVNMZZM\\Q-¼XZMNMZQJQTMVWVQVLW[[IZMQTZMOOQ[MVW#
[MVMKM[[IZQWUMOTQW][IZMUWZJQLQKWZXM\\QQVUQKZWÅJZILQKW\WVMQV
^MVLQ\IQVY]IT]VY]MUMZKMZQI-^Q\I\MQ\M[[]\Q[QV\M\QKQ
-[XW[QbQWVMITTMNWV\QLQKITWZM
>IVVW M^Q\I\M TM NWV\Q LQ KITWZM LQZM\\M W QVLQZM\\M []TTI
bWVIQZZILQI\I-^Q\I\MT¼M[XW[QbQWVMIT[WTMXMZUM[QM
[]KKM[[Q^IUMV\MXZW\MOOM\MTIbWVIQZZILQI\IKWVKZMUMIL
IT\IXZW\MbQWVM
-¼IT\ZM[z[KWV[QOTQI\IT¼M[XW[QbQWVMINZMLLWQV\MV[WIKY]I\ZWXXWNZMLLI
OPQIKKQW
!
-NNM\\QOMVMZITQ"[\IVKPMbbINI\QO]M
6MTXMZQWLWLMTTIZILQW\MZIXQIX]KWUXIZQZM]V^IOW[MV[WLQ[\IVKPMbbI
MXMZLQ\ILQIXXM\Q\WKPMOMVMZITUMV\MKM[[I[XWV\IVMIUMV\MY]ITKPM
[M\\QUIVILWXWTIÅVMLMTTMIXXTQKIbQWVQ
1V Y]M[\W XMZQWLW KWVKMLM\M^Q LMT ZQXW[W QV XQ I[[WKQI\W IL ]VI
UWLMZI\II\\Q^Q\oÅ[QKIOQWZVITQMZIKPMKWQV^WTOIT¼][WLMOTQIZ\QTMOOMZQ
M[MZKQbQIKWZXWTQJMZW
-NNM\\Q[]TTIUIUUMTTI"MLMUIMÅJZW[Q
)^^WT\MXQNZMY]MV\MUMV\MVMTTMUIUUMTTMOZW[[MX]UIVQNM[\IZ[QQV
KWZ[W LQ ZILQW\MZIXQI ]V I]UMV\W LQ ^WT]UM LMTTI UIUUMTTI 9]M[\W
OWVÅWZM MLMUI v LW^]\W IT ZITTMV\IUMV\W LMTTI KQZKWTIbQWVM TQVNI\QKI
LMTTIbWVIQZZILQI\IMLITTW[\I\WQVÅIUUI\WZQWQVLW\\WLITTMZILQIbQWVQ#
M[[W X] ZQL]Z[Q [XWV\IVMIUMV\M LWXW Y]ITKPM UM[M LITTI ÅVM LMTTI
ZILQW\MZIXQIWZQUIVMZMQV^IZQI\WWXX]ZMVMT\MUXWUWLQÅKIZ[QÅVWIL
QVL]ZQZMQT\M[[]\W[W\\WK]\IVMWLMTTIUIUUMTTIMWXW[[WVWM[[MZM^Q[QJQTQ
bWVMLQUIOOQWZMILLMV[IUMV\WI¹J]KKQIL¼IZIVKQIºÅJZW[Q
-¼UWT\W]\QTMIVKPM[MVWV[MUXZMZQ[WT]\Q^W[W\\WXWZ[QITQVNWLZMVIOOQW
UIV]ITM LMTTI UIUUMTTI 8] OQW^IZM T¼][W Y]W\QLQIVW LQ ]VI KZMUI
QLZI\IV\M ^Q\IUQVQKI WXX]ZM ITT¼IZVQKI VMTTM bWVM LW^M QT \M[[]\W v
UIOOQWZUMV\MLMV[W-^MV\]ITQ\MZIXQMÅ[QKPMY]ITQTI[MZ]T\ZI[]WVQM\K
LM^WVW M[[MZM XZM[KZQ\\M LI UMLQKQ [XMKQITQ[\Q XMZ M[KT]LMZM M^MV\]ITQ
KWV\ZWQVLQKIbQWVQ
1T TQVNWLZMVIOOQW UIV]ITM LMTTI UIUUMTTI M T¼][W LQ IZVQKI XW[[WVW
QVQbQIZM LWXW TI ÅVM LMTTI ZILQW\MZIXQI M TI KWUXTM\I ZQ[WT]bQWVM LQ
M^MV\]ITQXZWKM[[QQVÅIUUI\WZQLMTTIK]\MQZZILQI\I
,WXWTIÅVMLMTTIZILQW\MZIXQI
-¼ KWV[MV\Q\W NIZM QT JIOVW IT UIZM W QV XQ[KQVI LWXW TI ÅVM LMTTI
ZILQW\MZIXQI [WTW Y]IVLW T¼IZZW[[IUMV\W LMTTI K]\M v KWUXTM\IUMV\M
[KWUXIZ[W
-¼ KWV[QOTQIJQTM QLZI\IZM TI K]\M QZZILQI\I XMZ T]VOW XMZQWLW# [M
T¼IZZW[[IUMV\WvQV\MV[W[QX]][IZM]VIKZMUIITTIKITMVL]TI
,WXWY]ITKPMUM[MTIK]\MX][K]ZQZ[QMZQUIVMZM[K]ZIIT]VOW
GXik\*
CXi`XY`c`kXq`fe\
*%(@ccljkiXq`fe\[\cgif^iXddXi`XY`c`kXk`mf
8MZZQL]ZZMQTZQ[KPQWLQQV[WZOMVbILQKWUXTQKIVbMXZMKWKQZM\ZIbQWVQLMTTI
KQKI\ZQKMLWTWZMTQUQ\IbQWVMLMTUW^QUMV\WLMTJZIKKQWMLM^Q\IZMKPM
Y]M[\M[Q\ZI[NWZUQVWQVLIVVQKZWVQKQMXMZUIVMV\QOQoVMQXZQUQOQWZVQ
[]KKM[[Q^Q ITT¼QV\MZ^MV\W v JMVM MNNM\\]IZM [MUXTQKQ M[MZKQbQ ML ][IZM
QT JZIKKQW XMZ TM VWZUITQ I\\Q^Q\o Y]W\QLQIVM IVKPM [M Q UW^QUMV\Q
XW\ZMJJMZWZQ[]T\IZMLQNÅKWT\W[Q
1T UW^QUMV\W IQ]\I IVKPM I NIZ ZQI[[WZJQZM QT [QMZW KPM [Q NWZUI [W\\W
T¼I[KMTTIVMTTMXZQUM[M\\QUIVMLWXWT¼QV\MZ^MV\W
4IZQML]KIbQWVMUW\WZQIKWV[QOTQI\IKWV[MV\MQTKWUXTM\WZMK]XMZWLMT
UW^QUMV\WLMTJZIKKQWZQL]KMVLWITUQVQUWY]MTTM[MV[IbQWVQLQNI[\QLQW
XM[WMLWTWZMKPMVWVLQXMVLWVWLIIT\ZMKI][M
1TXZWOZIUUIZQIJQTQ\I\Q^WXZWXW[\WQVY]M[\MXIOQVMIVLZMJJMM[MO]Q\W
[W\\WTIO]QLILQÅ[QW\MZIXQ[\QM[XMZ\QXZM[MV\QIVKPMQVITK]VMLMTTM;MbQWVQ
8ZW^QVKQITQ414<
6MTKI[WLQI]\W\ZI\\IUMV\WI\\MVM\M^QITTMQ[\Z]bQWVQMTMVKI\M"
M[MO]Q\MI\\MV\IUMV\MOTQM[MZKQbQKW[zKWUM^Q^MVOWVWLM[KZQ\\Q#
% [MO]Q\M[MUXZMTI[MY]MVbIQVLQKI\IKQWuLIOTQM[MZKQbQXQ[MUXTQKQ
NI[MLQZQ[KITLIUMV\WIOTQM[MZKQbQXQQUXMOVI\Q^Q#
% MNNM\\]I\MOTQM[MZKQbQL]M\ZM^WT\MITOQWZVWXMZKQZKI^MV\QUQV]\Q#
% [MI^M\MLQNÅKWT\oVWV[KWZIOOQI\M^QQV[Q[\M\MZQXM\MVLW\IV\M^WT\M
OTQM[MZKQbQ#
% ]V [MV[W LQ NI[\QLQW M \MV[QWVM KPM M^WKI ]V UWLMZI\W LWTWZM v
VWZUITM L]ZIV\M M LWXW TW [^WTOQUMV\W LMOTQ M[MZKQbQ# ITK]VQ
[WOOM\\QXW\ZMJJMZWI^^MZ\QZMIVKPM]VI]UMV\WLMTTI[MV[IbQWVM
LQXM[W1V\ITKI[WZQL]KM\MQT\MUXWMLI]UMV\I\MTINZMY]MVbI
OQWZVITQMZILMTTMZQXM\QbQWVQLMOTQM[MZKQbQ#
% [WTW QV KI[W LQ NWZ\Q LWTWZQ W QV XZM[MVbI LQ M^QLMV\Q [MOVQ LQ
QVÅIUUIbQWVM[QKWV[QOTQILQ[W[XMVLMZMOTQM[MZKQbQMLQZQ^WTOMZ[Q
ITUMLQKWWITÅ[QW\MZIXQ[\IKWUXM\MV\M
)TTIÅVMLQWOVQ[ML]\I^Q[MV\QZM\MXQTQJMZMVMQUW^QUMV\Q
-[MZKQbQKWV[QOTQI\Q
/TQ M[MZKQbQ LQ UWJQTQbbIbQWVM LMTT¼IZ\W XW[[WVW M[[MZM MNNM\\]I\Q KWV
OZIL]ITQ\o[QVLITOQWZVW[]KKM[[Q^WITT¼QV\MZ^MV\WKPQZ]ZOQKW;MVWV[Q
^MZQÅKIVWKWUXTQKIVbMTMOI\MITXW[\WXMZI\WZQWQVXWKPM[M\\QUIVMQT
UW^QUMV\WLMTJZIKKQWLW^ZMJJM\WZVIZMVWZUITMKQWvTQJMZWIVKPMVMQ
UW^QUMV\QXQIUXQKWUMXZQUILMTT¼QV\MZ^MV\W
;M \ZI[KWZ[M L]M\ZM [M\\QUIVM I^M\M IVKWZI LQNÅKWT\o VMQ UW^QUMV\Q
XQ [MUXTQKQ LMT JZIKKQW v WXXWZ\]VW NIZ^Q [MO]QZM LI ]V Å[QW\MZIXQ[\I
[XMKQITQbbI\W
-¼ JMVM QVWT\ZM ILWXMZIZM T¼IZ\W XMZ TM VWZUITQ I\\Q^Q\o Y]W\QLQIVM KPM
VWVZQKPQMLIVW[NWZbQMKKM[[Q^Q
=VI^WT\IZMK]XMZI\ITIKWUXTM\IIUXQMbbILMTUW^QUMV\WLMTJZIKKQW
v KWV[QOTQIJQTM XZW[MO]QZM KWV OTQ M[MZKQbQ IVKWZI XMZ Y]ITKPM UM[M ML
IOOQ]VOMZVM IT\ZQ XQ [XMKQÅKQ XMZ TI \WVQÅKIbQWVM U][KWTIZM ]\QTQ I
XZM^MVQZMQTTQVNMLMUIMLQ[N]VbQWVQLMTT¼IZ\QKWTIbQWVMLMTTI[XITTI
1[\Z]bQWVQOMVMZITQ
% -[MO]Q\MOTQM[MZKQbQTMV\IUMV\M[MVbIMNNM\\]IZMUW^QUMV\QJZ][KPQ
KPM XW[[IVW XZW^WKIZM ]V QUXZW^^Q[W [\QZIUMV\W LWTWZW[W LMTTI
XIZ\M"T¼ITT]VOIUMV\WLM^MM[[MZMXZWOZM[[Q^W#
% Y]I[Q \]\\Q OTQ M[MZKQbQ [M M[MO]Q\Q KWZZM\\IUMV\M M^WKIVW ]VI
\MV[QWVM[W\\WT¼I[KMTTIM\IT^WT\ILMTTIKQKI\ZQKM#vJMVMUIV\MVMZMTW
[\I\WLQ\MV[QWVMXMZY]ITKPM[MKWVLW#
% QXZQUQL]M\ZMOQWZVQM[MO]Q\MOTQM[MZKQbQITM\\WXWQ[ML]\MLI^IV\Q
ITTW[XMKKPQWXZWKMLMVLWOZIL]ITUMV\MKWVOTQM[MZKQbQ[]KKM[[Q^Q
<j\iZ`q`Zfej`^c`Xk`
[Xc)XccË/^`fief)&*mfck\Xc^`fief
;`jk\j\jlcc\kkf#^`efZZ_`Xg`\^Xk\
K\Ze`ZX[`i\jg`iXq`fe\
,Q[\M[M[]TTM\\WJZIKKQIT]VOWQNQIVKPQOQVWKKPQIXQMOI\M
1V[XQZI\M XZWNWVLIUMV\M M TMV\IUMV\M LIT VI[W QV UWLW LI M[XIVLMZM T¼ILLWUM
IT LQ [W\\W LMTT¼WUJMTQKW Y]QVLQ M[XQZI\M TMV\IUMV\M T¼IZQI LITTI JWKKI [^]W\IVLW
KWUXTM\IUMV\MQXWTUWVQMZQTI[[IVLWT¼ILLWUM
-[MO]Q\MY]M[\WM[MZKQbQWXMZY]ITKPMUQV]\W
<j\iZ`q`f(
=VQ\MTMUIVQQV\ZMKKQIVLWTMLQ\I
8WZ\I\M TMV\IUMV\M TM JZIKKQI ^MZ[W TM
WZMKKPQMJILIVLWIUIV\MVMZMQOWUQ\QJMV
LQ[\M[Q#Y]IVLW[MV\QZM\M]VW[\I\WLQ\MV[QWVM
[W\\WT¼I[KMTTINMZUI\M^QUIV\MVM\MTW[\I\W
LQ\MV[QWVMMZM[XQZI\M
)JJI[[I\M TM JZIKKQI M ZQXM\M\M T¼M[MZKQbQW
IVLIVLW^QI^QI[MUXZMXQQVLQM\ZW^MZ[W
TMWZMKKPQM
,WXW ZQXM\QbQWVQ TI \MV[QWVM [Q [IZo
OZIL]ITUMV\MITTMV\I\IMXW\ZM\MXWZ\IZMTM
JZIKKQIUWT\WXQQVLQM\ZW
4¼WJQM\\Q^W NQVITM v ZIOOQ]VOMZM TM WZMKKPQM
KWVMV\ZIUJMTMJZIKKQI[MVbII^^MZ\QZM
ITK]VW[\I\WLQ\MV[QWVM[W\\WT¼I[KMTTI
<j\iZ`q`f)
X&Z
Y
8WVM\MTMJZIKKQIXIZITTMTMMLQZQ\\MLI^IV\QIT^Q[W
I ;\ZQVOM\MIX]OVWTMUIVQZILLZQbbIVLWJMVMQOWUQ\QM[XQVOMVLWQX]OVQQVI^IV\QML
QV[XQZI\M
J )XZQ\MQX]OVQZQTI[[I\MTMJZIKKQIMLM[XQZI\MT¼IZQILITTIJWKKI
K 5IV\MVM\MQOWUQ\QJMVLQ[\M[QM[XW[\I\MTMJZIKKQIQVLQM\ZWMZQXM\M\MT¼M[MZKQbQWVMTTM
L]MXW[QbQWVQ\ZI\\MOOQI\M
:QTI[[I\MTMJZIKKQI[]TTM\\W
:QXM\M\MT¼M[MZKQbQW^WT\M
<j\iZ`q`f*
X
Y
Z
1TJZIKKQWvXWOOQI\W[]TTM\\WMZ]W\I\W#VWV^QvK][KQVW[W\\WTI\M[\I
I 8WZ\I\M QVLQM\ZW QT JZIKKQW [\ZQ[KQIVLWTW []T TM\\W ^MZ[W T¼WZMKKPQW ÅVW IL I^^MZ\QZM ]VI
\MV[QWVMU][KWTIZMI[KMTTIZMWXM\\WZITM
J 5IV\MVM\MTIXW[QbQWVMZIOOQ]V\IZQTI[[I\MTIU][KWTI\]ZILMTJZIKKQWMLMTTI[XITTIML
M[MO]Q\M^WT\MTIZM[XQZIbQWVM
K ;MTI\MV[QWVMvLQUQV]Q\IXZW[MO]Q\MQTUW^QUMV\WXMZZIOOQ]VOMZMT¼WZMKKPQW-[MO]Q\M
IVKWZITIZM[XQZIbQWVMMZQ\WZVI\MITTIXW[QbQWVMLQXIZ\MVbI
:QXM\M\M^WT\M
4¼WJQM\\Q^WNQVITMv\WKKIZMT¼WZMKKPQWKWVQTJZIKKQW\MV]\WILMZMV\MITTM\\WMLM[\MVLMZMQT
OWUQ\W
<j\iZ`q`Zfej`^c`Xk`
[fgf('^`fie`#[l\mfck\Xc^`fief
J\[lk\[XmXek`X[lefjg\ZZ_`f
<j\iZ`q`f)
<j\iZ`q`f(
X
:QXM\M\M T¼M[MZKQbQW ^WT\M
TMV\IUMV\MZM[XQZIVLW
.I[MLQZQ[KITLIUMV\W
Y
:QXM\M\M^WT\M\ZI]VM[MZKQbQWM
T¼IT\ZW+WV[QOTQIUWLQNIZMT¼M[MZKQbQW
IVKPML]ZIV\MQTOQWZVW[MI^^MZ\Q\M
]V[MV[WLQXM[IV\MbbIITT¼IZ\W
6*4MUWLITQ\oLQM[MK]bQWVMLMOTQM[MZKQbQM[WVWLM[KZQ\\MVMTTMXIOQVMXZMKMLMV\Q
<j\iZ`q`f+
<j\iZ`q`f*
Y
X
Y
Z
X
[
*ZIKKQI T]VOW Q ÅIVKPQ [KPQMVI [KW[\I\I
LITTI[XITTQMZILMTTI[MLQI
I ;MVbIXQMOIZMQOWUQ\QMNNM\\]I\M]VI
ZW\IbQWVM KWUXTM\I LMTTM [XITTM XWZ
\IVLWTM XZQUI QV I^IV\Q XWQ QV IT\W
XWQQVLQM\ZWMXWQOQ
J :QXM\M\M TI ZW\IbQWVM LMTTM [XITTM QV
[MV[WKWV\ZIZQW"XZQUIQVLQM\ZWXWQQV
IT\WXWQQVI^IV\QMLQVÅVMOQ
:QXM\M\M T¼M[MZKQbQW ^WT\M# XWQ M[MO]Q\M
T¼M[MZKQbQWV
5IVQ]VQ\MOWUQ\QLQ[\M[Q
I )TbI\M TM JZIKKQI ÅVW I \WKKIZM TM
WZMKKPQM
J 8QMOI\M Q OWUQ\Q M XWOOQI\M TM UIVQ
[]TTI V]KI :ILLZQbbI\M^Q M [XQVOM\M
LWTKMUMV\M Q OWUQ\Q QVLQM\ZW ÅVW IL
I^^MZ\QZM ]V TQM^M [\QZIUMV\W LMTTI
KQKI\ZQKMZM[XQZI\M
K :QXWZ\I\MTMJZIKKQIQVIT\W
L )JJI[[I\MTMJZIKKQI
:QXM\M\MT¼M[MZKQbQW ^WT\M
<j\iZ`q`f,
Y
X
Z
5IVQXWOOQI\M[]TTM[XITTMKWVQOWUQ\QXQMOI\QMXIZITTMTQ
I .I\M [KQ^WTIZM LWTKMUMV\M TM UIVQ ^MZ[W TM [KIXWTM M XWZ\I\M Q OWUQ\Q QV IT\W ÅVW I
[ÅWZIZMTMWZMKKPQM
J )TTIZOI\MQOWUQ\QQVLQM\ZWM[MUXZM[XQVOMVLWQVLQM\ZWNI\MTQZ]W\IZMIJJI[[IVLWTQÅVW
I\WKKIZMQT\WZIKM
K <WZVI\MITTIXW[QbQWVMLQXIZ\MVbI
:QXM\M\M^WT\M
<j\iZ`q`f-
1VXQMLQLI^IV\QIL]VIXIZM\M
I 8WOOQI\M TM UIVQ ITTI XIZM\M KWV Q
OWUQ\QKPM[ÅWZIVWQT\WZIKM
J :Q[ITQ\MTMV\IUMV\MTIXIZM\M
UIV\MVMVLWTMUIVQ[]TTI[\M[[I
TQVMI.I\M]VXI[[WQVI^IV\Q
XWOOQIVLWQTKWZXWITTIXIZM\MM
XWZ\I\MTMUIVQXQQVIT\WKPMXW\M\M
.MZUI\M^QY]ITKPM[MKWVLWZM[XQZIVLW
Y]QVLQZQXWZ\I\MTMJZIKKQIOQ
:QXM\M\M ^WT\M
X
4¼WJQM\\Q^W NQVITM v ZIOOQ]VOMZM
T¼ITT]VOIUMV\W
UI[[QUITM
LMT
JZIKKQW [MVbI I^^MZ\QZM ITK]VW [\I\W
LQ\MV[QWVM[W\\WT¼I[KMTTI
Y
)\\MVbQWVM"VWVXWZ\I\MXQQVIT\WT¼IT\ZW
JZIKKQW ;MOVI\M []T U]ZW QT X]V\W QV K]Q
IZZQ^I\M" QT OQWZVW LWXW LW^ZM\M []XMZIZM QT
[MOVWLQITUMVWKU
<j\iZ`q`Zfej`^c`Xk`
[XX^^`le^\i\X`gi\Z\[\ek`[fgf[l\&ki\j\kk`dXe\
<j\iZ`q`f/
<j\iZ`q`f.
X
Y
Z
X
1VXQMLQKWVTMOIUJMTMOOMZUMV\MLQ^IZQKI\M
I 8WOOQI\M TI UIVW LIT TI\W WXMZI\W
[]TT¼IT\ZIMUIV\MVM\MQOWUQ\QLQ[\M[Q
Y
;ML]\M
I 4I UIVW v XWOOQI\I []TTI [KIXWTI QT
OWUQ\W XQMOI\W v ^QKQVW ITTI \M[\I
T¼IT\ZIUIVW[XQVOMQTOWUQ\WQVLQM\ZW
J :ILLZQbbI\MQTOWUQ\WKWV\QV]IVLWI
[XQVOMZMQVLQM\ZWQTJZIKKQWZM[XQZI\MM
ZQ\WZVI\MITTIXW[QbQWVMLQXIZ\MVbI
:QXM\M\M ^WT\M
J 8WZ\I\MTMJZIKKQIQVIT\WÅVWI[ÅWZIZM
TMWZMKKPQMKWVT¼QV\MZVWLMTJZIKKQW
K 5IV\MVMVLW TM JZIKKQI LQ[\M[M
ITTIZOI\MTM [XQVOMVLW QVLQM\ZW ML
IJJI[[I\MTM
:QXM\M\M^WT\M
<j\iZ`q`f0
X
Y
1VXQMLQKWVQTÅIVKWZQ^WT\W^MZ[WQTU]ZW
I 8WOOQI\M QT XITUW LMTTI UIVW ML QT
OWUQ\WITU]ZW
J :Q[ITQ\M TMV\IUMV\M KWV TI UIVW ÅV
LW^MXW\M\MXZW^IVLWIVWV[\IKKIZM
QTOWUQ\WLITU]ZW
.MZUI\M^QY]ITKPM[MKWVLWZM[XQZI\M
Y]QVLQZQXWZ\I\MQTJZIKKQWOQ
:QXM\M\M ^WT\M
4¼WJQM\\Q^W ÅVITM v ZIOOQ]VOMZM
T¼ITT]VOIUMV\WUI[[QUITMLMTJZIKKQW
[MVbII^^MZ\QZMITK]VW[\I\WLQ\MV[QWVM
[W\\WT¼I[KMTTI
)\\MVbQWVM";MOVI\M[]TU]ZWQTX]V\WQV
K]QIZZQ^I\M#QTOQWZVWLWXWLW^ZM\M[]XMZIZM
QT[MOVWLQITUMVWKU
*%)@e]fidXq`fe`jlcc`e]\[\dX
>QMVM KPQIUI\W TQVNMLMUI T¼I]UMV\W LQ ^WT]UM LMTT¼IZ\W LW^]\W
IL ]V KI\\Q^W N]VbQWVIUMV\W LMTTI KQZKWTIbQWVM TQVNI\QKI# v KI][I\W
LITT¼I[XWZ\IbQWVMLMQTQVNWVWLQLMTKI^WI[KMTTIZMMWLITTIZILQW\MZIXQI
QV]VIXMZKMV\]ITMLQKI[Q^IZQIJQTMLITITY]IVLWT¼I[XWZ\IbQWVM
v KWUXTM\I KQWv LQ \]\\Q Q TQVNWVWLQ# T¼QVKQLMVbI v UQVQUI I [MO]Q\W
LMTT¼I[XWZ\IbQWVMLMT[WTWTQVNWVWLW[MV\QVMTTI
1T TQVNMLMUI X] UIVQNM[\IZ[Q []JQ\W LWXW T¼QV\MZ^MV\W KPQZ]ZOQKW W
L]ZIV\MWITTIÅVMLMTTIZILQW\MZIXQIWXX]ZMLWXW\MUXWIVKPMIVVQ
LITTM\MZIXQM
8]QV[WZOMZM[XWV\IVMIUMV\MWI[MO]Q\WLQ]VM^MV\W\ZI]UI\QKWWLQ
]VIQVNMbQWVMLMTT¼IZ\WWLQ[NWZbQXZWT]VOI\Q
6MTTI UIOOQWZ XIZ\M LMQ KI[Q QT TQVNMLMUI [Q QV[\I]ZI OZIL]ITUMV\M M
OMVMZITUMV\MVWVXZW^WKILWTWZM#Y]QVLQvNZMY]MV\MKPMKQ[QIKKWZOI
LQ I^MZM T¼IZ\W OWVÅW [WTW LWXW Y]ITKPM \MUXW LITTI []I MNNM\\Q^I
KWUXIZ[I
;MOVQXZMUWVQ\WZQ
;MV[WLQXM[IV\MbbIWLQINNI\QKIUMV\W[WXZI\\]\\WTI[MZI
;MV[WLQXM[IV\MbbIMWTMOOMZWOWVÅWZMVMTTIbWVILMT\WZIKM[W\\W
T¼I[KMTTI
/WVÅWZM LMTTI UIVW W LMTT¼IZ\W W XIZ\Q LQ M[[W KPM [Q UIVQNM[\I
[IT\]IZQIUMV\MWXX]ZMTI[MZIWXX]ZMLWXW]V¼I\\Q^Q\oNI\QKW[IMKPM
[KWUXIZMKWVQTZQXW[W
=V¼ILMO]I\II\\MVbQWVMIQ[MOVQXZMUWVQ\WZQKWV[MV\MLQQVLQ^QL]IZM]V
TQVNMLMUIQVNI[MQVQbQITMLQXZW^^MLMZM\MUXM[\Q^IUMV\MITTI[]IK]ZIM
LQXWZZMTILW^]\II\\MVbQWVMITTMVWZUMLQXZM^MVbQWVM]\QTQIKWV\MVMZM
QTZQ[KPQWLQKZWVQKQbbIbQWVM
1TTQVNMLMUIQVNI[MQVQbQITMOMVMZITUMV\M[KWUXIZMKWVQTZQXW[WWXX]ZM
ITKWV\ZIZQW[MKWUXIZMLWXWQTZQXW[WVW\\]ZVW[KWUXIZMKWVTIZQXZM[I
LMT UW^QUMV\W 9]M[\W IVLIUMV\W VWV LM^M QVL]ZZM I XMV[IZM KPM [Q
\ZI\\QLQ]VM^MV\W\ZIV[Q\WZQWMY]M[\IQVQbQITMUIVQNM[\IbQWVMVWVLM^M
M[[MZM [W\\W^IT]\I\I Vu LIT XIbQMV\M Vu LITT¼MY]QXM UMLQKI XWQKPu
[]KKM[[Q^IUMV\MIY]M[\INI[MT¼MLMUILQ^QMVMXMZUIVMV\M
6WZUMLQXZM^MVbQWVM
4¼QV[WZOMVbI LMT TQVNMLMUI X] QV ITK]VQ KI[Q M[[MZM NI^WZQ\I LI
KWUXWZ\IUMV\Q MZZI\Q# XMZ\IV\W v ]\QTM UWLQÅKIZM ITK]VM IJQ\]LQVQ M
XWZZMI\\MVbQWVMVMTT¼][WLMTJZIKKQW
:QIKY]Q[\IZMKWUXTM\IUMV\MTIN]VbQWVITQ\o
LMTJZIKKQWLWXWTM\MZIXQM
.I\M OTQ M[MZKQbQ LQ ZQIJQTQ\IbQWVM [QVW I Y]IVLW VWV I^M\M ZMK]XMZI\W
KWUXTM\IUMV\M T¼IUXQMbbI LMT UW^QUMV\W LMT JZIKKQW ML ][I\MTW
VWZUITUMV\M[MVbI[W\\WXWZTWINI\QKPMXMZOIZIV\QZM]VJ]WVZQ\WZVW
LMTTIKQZKWTIbQWVM^MVW[IMTQVNI\QKI#M[MO]Q\MWOVQOQWZVWITK]VQM[MZKQbQ
KPM KWQV^WTOIVW TM JZIKKQI M QT LWZ[W WXX]ZM MNNM\\]I\M L]M ^WT\M TI
[M\\QUIVI]VIUWLMZI\II\\Q^Q\o[XWZ\Q^IV]W\WOQVVI[\QKILWTKM
-^Q\IZMKITLWMKKM[[Q^WMXZWT]VOI\W
-^Q\I\MOTQIUJQMV\QKITLQMTMNWV\QLQKITWZM
-^Q\I\M T¼M[XW[QbQWVM XZWT]VOI\I M ZQXM\]\I IQ ZIOOQ LMT [WTM
VMTTM WZM XQ KITLM# ][IZM KZMUM XZW\M\\Q^M IL IT\W NI\\WZM LQ
XZW\MbQWVM
6MTTMOQWZVI\MINW[MXW\M\MQUUMZOMZMQTJZIKKQWQVIKY]INZM[KI
XMZUQV]\Q
1VLW[[I\MIJQ\QTMOOMZQLQÅJZMVI\]ZITQMLM^Q\IZMQKWTWZQ[K]ZQ
-^Q\I\M Q JIOVQ KITLQ JIOVW LWUM[\QKW IKY]M \MZUITQ KITLM
[I]VM8MZT¼QOQMVMLMTKWZXWvXZMNMZQJQTMTILWKKQI
)VKPM QT NZMLLW MKKM[[Q^W X] XZW^WKIZM ]V ZITTMV\IUMV\W
LMTTIKQZKWTIbQWVMXMZ\IV\WvJMVMUIV\MVMZM]VI\MUXMZI\]ZI
KWZXWZMIQLMITMKWXZMVLW[QILMO]I\IUMV\M
!
-^Q\IZMXW[QbQWVQ[KWZZM\\M
-^Q\I\MLQZQUIVMZMIT]VOWNMZUQKWVQTJZIKKQW¹XMVbWTWVQº
,]ZIV\M Q ^QIOOQ T]VOPQ ]\QTQbbI\M Q JZIKKQWTQ LMQ [MLQTQ M
U]W^M\MQTJZIKKQWNZMY]MV\MUMV\M
,]ZIV\MTIVW\\MM^Q\I\MLQ\MVMZMQTJZIKKQW[WXZITI\M[\IWLQ
LWZUQZM[]TÅIVKWKWVQTJZIKKQW[W\\WQTXM[WLMTKWZXW;MK¼v
]VTQVNMLMUIX]OQW^IZMXWOOQIZMT¼IZ\W[]]VK][KQVWXW[\W
ITTI\WLMTKWZXW
,]ZIV\M QT OQWZVW [M I^^MZ\Q\M [\IVKPMbbI W XM[IV\MbbI
IT JZIKKQW ZQXW[I\MTW XWOOQIVLWTW [] ]VW W XQ K][KQVQ M
ITbIVLWTWITT¼IT\MbbILMTTI[XITTI6WVvKWZZM\\W\MVMZTWIT\WI
T]VOW[WXZITI\M[\I
)JJQOTQIUMV\W
-¼KWV[QOTQI\WT¼][WLQ]VZMOOQ[MVWKPMVWVTI[KQ[MOVQVu[]T
\WZIKMVu[]TTI[XITTI5MOTQW]VIJZM\MTTITIZOI\MV]\I]VXW¼
TMV\I#[MZM[\IKWU]VY]M]V[WTKW[]TTI[XITTI[QX]QV\MZXWZZM
]VI[XITTQVI[WNÅKM-¼XZMNMZQJQTM][IZMZMOOQ[MVQUWZJQLQQV
UQKZWÅJZILQKW\WVM[MVbIMTI[\QKQM[MVbI[\MKKPM
4MJWZ[MIUIVWWI\ZIKWTTI^IVVWXWZ\I\MLITTI\WWXXW[\W
7ZWTWOQWJZIKKQITQIVMTTQVWVLM^WVW[\ZQVOMZMQTJZIKKQW
-^Q\I\MUIVQKPM[\ZM\\MKWVMTI[\QKQKPM[\ZQVOWVWT¼IZ\W
4I^WZW
;WVW[KWV[QOTQI\M\]\\MTMI\\Q^Q\oKPMKWUXWZ\QVW[NWZbQU][KWTIZQ
QV\MV[Q VWVKPu Y]MTTM KPM QUXTQKPQVW UW^QUMV\Q ZQXM\Q\Q^Q M
XZWT]VOI\Q KWV TM JZIKKQI IVKPM [M VWV NI\QKW[Q M[ [KZQ^MZM I
UIKKPQVI][IZMQTUW][MTI^WZIZMIUIOTQI]VKQVM\\W
6MTTI^WZWLWUM[\QKWv[KWV[QOTQI\WLMLQKIZM\MUXQXZWT]VOI\QIL
I\\Q^Q\oY]ITQX]TQZMÅVM[\ZM[\QZIZMUM[KWTIZMIT]VOWTMXQM\IVbM
[]QNWZVMTTQ
4MJWZ[MMLQ[IKKPM\\QLMTTI[XM[IXM[IV\Q^IVVWXWZ\I\QLITTI\W
WXXW[\W
6MTTMI\\Q^Q\o[^WT\MQVK]KQVI^IXW[\IXIZ\QKWTIZMI\\MVbQWVMXMZ
M^Q\IZMLQNMZQZ[Q"Y]IVLW[Q]\QTQbbIVWKWT\MTTQ\IOTQMV\QWLWOOM\\Q
IXX]V\Q\Q[QLW^ZIVVW][IZMO]IV\QXZW\M\\Q^Q)VKPMXMZTI^IZMQ
XQI\\Q^IVVWQVLW[[I\QQO]IV\QLQOWUUI6WV][I\MIKY]IUWT\W
KITLI NI\M I\\MVbQWVM IQ NWZVMTTQ ML M^Q\IZM LQ ][IZM QT JZIKKQW
WXMZI\WXMZM[\ZIZZMTM\MOTQMLITNWZVW
;M][I\M]VIOWLIK]KQ\WQVLW[[I\M[MUXZMQTLQ\ITM
6MTTMI\\Q^Q\oLQOQIZLQVIOOQWQVLW[[I\MO]IV\QZWJ][\QXMZM^Q\IZM
LQX]VOMZ[QKWVTM[XQVMWKWU]VY]MLQNMZQZ[QMKWXZQZM[MUXZM
QTJZIKKQWKWVIJJQOTQIUMV\WQLWVMWXMZM^Q\IZMOZINÅMX]V\]ZM
LQQV[M\\Q
-^Q\I\MNMZQ\MLIOZINÅWWLIUWZ[WLQIVQUITQLWUM[\QKQ#M^Q\I\MQT
[WOOQWZVWQVbWVMQVNM[\I\MLIbIVbIZMWLIT\ZQQV[M\\QMVMTKI[W
QVLW[[I\M[MUXZMIJQ\QKWVTMUIVQKPMT]VOPMML][I\MWXXWZ\]VQ
ZMXMTTMV\Q
+]ZILMTTIXMTTMLMTJZIKKQW
,]ZIV\MTIUIVQK]ZMM^Q\I\MLQ\WOTQMZMTMXMTTQKQVMXZWNWVLMM
NI\MI\\MVbQWVMIVWVNMZQZ^Q
,MXQTI\M^Q [M VMKM[[IZQW [WTW KWV UM\WLQ LMTQKI\Q M^Q\IVLW
KMZM\\MWZI[WQ
-^Q\I\M T¼][W LQ LMWLWZIV\Q IOOZM[[Q^Q KPM XW[[WVW XZW^WKIZM
IZZW[[IUMV\Q
,Q[QVNM\\I\M ML IXXTQKI\M ]VI KZMUI IV\QJQW\QKI [] WOVQ NMZQ\I
IVKPM UQVQUI W X]V\]ZI LQ QV[M\\W 1VNMbQWVQ UQKW\QKPM WL
MKbMUQ^IVVWK]ZI\QUM\QKWTW[IUMV\M
8MZTILM\MZ[QWVMLMTTIK]\M][I\M]V[IXWVMTMOOMZUMV\MIKQLW
X0M^Q\IVLWQJIOVW[KPQ]UI
1LZI\I\M QT JZIKKQW Y]W\QLQIVIUMV\M KWV KZMUM XMZ QT KWZXW LQ
J]WVIY]ITQ\o
)\\MVbQWVM IQ XZWLW\\Q KPM ][I\Q []T JZIKKQW XW[[WVW KI][IZM
ITTMZOQM
,ITUMLQKW
-^Q\I\MQXZMTQM^QMLM^MV\]ITMIXXW[QbQWVMLQIOPQXMZQVN][QWVM
LQNIZUIKQÆMJW[]TJZIKKQWLITTI\WWXMZI\W
;XWZ\
,WXWI^MZZMK]XMZI\WKWUXTM\IUMV\MQTUW^QUMV\WLMTJZIKKQW
[QX][^WTOMZMY]IT]VY]MI\\Q^Q\o[XWZ\Q^IKPMVWVVMKWUXWZ\Q
[WTTMKQ\IbQWVQMKKM[[Q^M
6MTT¼M[MK]bQWVMLQM[MZKQbQIKWZXWTQJMZWVMTXQTI\M[MVMTTWaWOI
[WVWLIM^Q\IZMTMXW[QbQWVQKIZXWVQVMTTMY]ITQQTXM[WLMTKWZXW
OZI^I[]TTMJZIKKQI1TV]W\WvTW[XWZ\XQQVLQKI\W
+WUMK]ZIZM]VTQVNMLMUI
1TTQVNMLMUIv]VILQ[N]VbQWVMKPMVMT\MUXWX]LQ^MVQZMOZI^MUMV\M
QV^ITQLIV\M# XMZ\IV\W v M[[MVbQITM ILW\\IZM XZMKWKMUMV\M Q XZW\WKWTTQ
\MZIXM]\QKQ ILMO]I\Q Y]IVLW KQWv Q [MOVQ XZMUWVQ\WZQ LQ^MV\IVW
ZQKWZZMV\Q
8MZ TI K]ZI LMT TQVNMLMUI ^QMVM XZQ^QTMOQI\W QT \ZI\\IUMV\W Å[QKW# ]VI
\MZIXQINIZUIKWTWOQKIX]M[[MZM]\QTM[WTW[MLQ[]XXWZ\WITTI\MZIXQIÅ[QKI
:IZIUMV\M^QvQVLQKIbQWVMXMZTI\MZIXQIKPQZ]ZOQKIKPMKWU]VY]MVWV
X]XZM[KQVLMZMLIT\ZI\\IUMV\WÅ[QKWIT]VOW\MZUQVM
<ZI\\IVLW[Q LQ ]VI LQ[N]VbQWVM KZWVQKI LMT [Q[\MUI TQVNI\QKW VM[[]V
XZWKMLQUMV\W \MZIXM]\QKW X] M[[MZM KWV[QLMZI\W ZQ[WT]\Q^W# [M XMZ QT
TQVNMLMUI^QMVMK]ZI\WXZMKWKMUMV\MVWVIXXMVIKWUXIZMLIXMZ[WVITM
[XMKQITQbbI\W M KWUXM\MV\M M [M ^MVOWVW ILW\\I\Q [\QTQ LQ ^Q\I ILMO]I\Q
KWUM KWV[QOTQI\W VMTTM VWZUM LQ XZM^MVbQWVM v XW[[QJQTM KWV\MVMZVM
T¼M^WT]bQWVM
<ZI\\IUMV\WÅ[QKW¹LMKWVOM[\Q^Wº
+WV[Q[\M QV ^IZQ XZW^^MLQUMV\Q \MZIXM]\QKQ KPM WXXWZ\]VIUMV\M
KWUJQVI\Q\ZITWZWZQ[]T\IVWM[[MZMT¼IXXZWKKQWXQMNÅKIKMXMZTIK]ZILMT
TQVNMLMUI
4QVNWLZMVIOOQWUIV]ITM
-¼]VIUM\WLQKI[XMKQITQ[\QKILQUI[[IOOQWKPMLM^MM[[MZMXZI\QKI\I[WTW
LI Å[QW\MZIXQ[\Q [XMKQITQbbI\Q QV TQVNWTWOQI TM [K]WTM XQ IKKZMLQ\I\M QV
1\ITQI[WVWT¼I][\ZQIKI>WLLMZTIJMTOI4ML]KMTI\MLM[KI.WTLQ
4MKIZI\\MZQ[\QKPMKPMKWV\ZILLQ[\QVO]WVWQTTQVNWLZMVIOOQWUIV]ITM[WVW
TITMV\MbbIMTIZQ\UQKQ\oLMTUW^QUMV\WMTITMOOMZMbbIY]I[Q[ÅWZIV\M
LMTTMUIVQLMTT¼WXMZI\WZM,QNÅLI\MLQKPQVWVv[XMKQITQbbI\WM^QXZWXWVM
UI[[IOOQXQXM[IV\Q6WVZQ^WTOM\M^QIKMV\ZQM[\M\QKQ
8ZM[[W\MZIXQI[MY]MVbQITM
;Q \ZI\\I LQ ]V¼IXXIZMKKPQI\]ZI KPM ^QMVM ][I\I VMTTI ZQIJQTQ\IbQWVM
^I[KWTIZM -¼ QVLQKI\I [WTW QV ITK]VQ KI[Q M VWV \]\\Q OTQ MLMUQ TQVNI\QKQ
\ZIOOWVWJMVMÅKQWLIY]M[\W\QXWLQ\ZI\\IUMV\W4IXZM[[QWVMM[MZKQ\I\ILIT
UIVQKW\\W[]TT¼IZ\WLM^MM[[MZMTQM^MMVWVXZWK]ZIZM]VINWZ\MKW[\ZQbQWVM
9]M[\I\MZIXQI^INI\\IQVIUJ]TI\WZQWUMLQKWWÅ[QW\MZIXQKW[XMKQITQbbI\W
MLvVMKM[[IZQWI[[WKQIZMY]M[\W\ZI\\IUMV\WUMKKIVQKWITTQVNWLZMVIOOQW
UIV]ITM
*MVLIOOQWU]T\Q[\ZI\WTQVNWTWOQKW
1T JMVLIOOQW U]T\Q[\ZI\W v ]VI UM\WLQKI LQ JMVLIOOQW [XMKQÅKI XMZ
ZQU]W^MZMOTQMLMUQTQVNI\QKQLIOTQIZ\QMLM^MM[[MZMMNNM\\]I\W[WTWLI
Å[QW\MZIXQ[\Q[XMKQITQbbI\QVMTTM[K]WTMOQoUMVbQWVI\M
;MXX]Z QVOWUJZIV\M QT JMVLIOOQW [M JMV NI\\W v JMV \WTTMZI\W [QI LQ
OQWZVW KPM LQ VW\\M M ZQ[]T\I UWT\W MNÅKIKM [WXZI\\]\\W [M T¼IZ\W ^QMVM
\MV]\WQVUW^QUMV\W
+WV\MVbQWVMMTI[\QKI
;WTQ\IUMV\MLWXW]VKQKTWLQTQVNWLZMVIOOQWMJMVLIOOQWT¼MLMUI\MVLM
I ZQXZWXWZ[Q# v QVLQKI\W XMZ\IV\W T¼][W OQWZVITQMZW XMZ Y]ITKPM UM[M
LQ ]VI KWV\MVbQWVM MTI[\QKI UMOTQW [M KWVNMbQWVI\I [] UQ[]ZI LI LQ\\M
[XMKQITQbbI\M1TÅ[QW\MZIXQ[\IWQTUMLQKWKPMK]ZIQT^W[\ZWTQVNMLMUIX]
KWV[QOTQIZ^Q TI KWV\MVbQWVM XQ ILI\\I ITTI KWVNWZUIbQWVM LMTT¼IZ\W ML
ITTILQ[\ZQJ]bQWVMLMTTQVNMLMUI[]TT¼IZ\W;MT¼MLMUI[QM[\MVLMIVKPMITTI
UIVWvQVLQ[XMV[IJQTMKPMTIKWV\MVbQWVM[QIKWUXTM\ILQO]IV\W
4IKWV\MVbQWVMMTI[\QKILM^MM[[MZMKWVNWZ\M^WTMVWVLM^MKWUXZQUMZM
MKKM[[Q^IUMV\MJMV[zKWV\MVMZM#VWVLM^M[\ZQVOMZMXIZ\QLMTT¼IZ\WJMV[z
M[[MZMLQ[\ZQJ]Q\I]VQNWZUMUMV\M#VWVLM^MM[[MZMVuKWZ\IVuXQT]VOI
LMTT¼IZ\WVuNIZMXQMOPM
5WJQTQbbIbQWVMLMTT¼IZ\W
-¼]\QTM\MVMZMQVUW^QUMV\WQTJZIKKQW IVKPMUMLQIV\MT¼M[MK]bQWVMLQ
[MUXTQKQ M[MZKQbQ KWUJQVI\Q KWV ]VI KWZZM\\I ZM[XQZIbQWVM ILLWUQVITM
KPM [\QUWTIVW T¼I\\Q^Q\o U][KWTIZM ML QT KWV[MO]MV\M ZQ\WZVW ^MVW[W M
TQVNI\QKW ^MLQ XIO WXX]ZM XZI\QKIVLW ]VI UWLMZI\I I\\Q^Q\o
Å[QKIV]W\WOQVVI[\QKILWTKM
7[[MZ^IVbILMTTMVWZUMLQXZM^MVbQWVMXIO!
+]ZMUMLQKPM
4I LQIOVW[Q LQ TQVNMLMUI [MKWVLIZQW v IJJI[\IVbI [MUXTQKM M VWV ^I
KWVN][IKWVTMXI\WTWOQM^MVW[M
8MZTIK]ZILMTTQVNMLMUIVWV[WVWQVLQKI\MK]ZMNIZUIKWTWOQKPMIJI[M
LQ LQ]ZM\QKQ )TK]VQ QV\MOZI\WZQ I JI[M LQ M[\ZI\\Q ^MOM\ITQ M [W[\IVbM
VI\]ZITQ Y]ITQ TI K]UIZQVI UMTQTW\W WNNQKQVITQ[ ML Q JQWÆI^WVWQLQ M[
Z]\QVIMLM[XMZQLQVIXW[[WVWM[[MZMXZM[KZQ\\QLITUMLQKWKWUM[]XXWZ\W
IT\ZI\\IUMV\WÅ[QKWLMKWVOM[\Q^W
+WUMK]ZIZM]VTQVNMLMUIVWVZMKMV\M
QVNI[MI^IVbI\I
=VTQVNMLMUIVWVK]ZI\WXZMKWKMUMV\MX]VMT\MUXWIOOZI^IZ[Q"WT\ZM
ILI]UMV\IZMLQ^WT]UMMLM[\MVLMZ[QI\]\\WT¼IZ\WM\IT^WT\IITTIUIVW
X]UWLQÅKIZMTI[]IKWV[Q[\MVbILQ^MVMVLW^QI^QI[MUXZMXQL]ZW
4IK]ZILQ]VTQVNMLMUIVWVZMKMV\MQVNI[MI^IVbI\IILQNNMZMVbILMT
TQVNMLMUIQVNI[MQVQbQITMvXQKWUXTM[[IZQKPQMLM\MUXQT]VOPQMY]I[Q
UIQvZQ[WT]\Q^I
4M XZWKML]ZM \MZIXM]\QKPM [WVW Y]MTTM OQo KQ\I\M# [IZo VMKM[[IZQW
XZM^MLMZMLWXW]VKQKTWQVQbQITMLQ\MZIXQILMKWVOM[\Q^ITQVNWLZMVIOOQW
UIV]ITMMJMVLIOOQWTQVNWTWOQKW]VXZWOZIUUILQUIV\MVQUMV\WXMZ
T]VOW\MUXWIT\ZQUMV\QQTTQVNMLMUI[QZQXZWXWVM#TIKWV\MVbQWVMMTI[\QKI
LW^Zo M[[MZM QVLW[[I\I KWV\QV]I\Q^IUMV\M M UIOOQWZM I\\MVbQWVMLW^Zo
M[[MZMXW[\IITTMVWZUMLQXZM^MVbQWVMXIO!
=V MLMUI VWV ZMKMV\M v UIOOQWZUMV\M M[XW[\W IT ZQ[KPQW LQ QVNMbQWVQ
TQVNIVOQ\Q#Y]QVLQ[IZoVMKM[[IZQI]V¼I\\MVbQWVMXIZ\QKWTIZMXMZTIK]ZI
LMTTIXMTTMMLQ\]\\MTMTM[QWVQIVKPMXQKKWTMKPMXW[[WVWM[[MZMKI][ILQ
QVNMbQWVQLMTT¼IZ\W
1TXM[WLMTT¼IZ\WMLMUI\W[WVMT\MUXWX]XZW^WKIZMLIVVQ[MKWVLIZQ
ITT¼IZ\QKWTIbQWVMLMTTI[XITTI#XMZ\IV\Wv]\QTMM[MO]QZMOQWZVITUMV\M
M[MZKQbQ KWV TM JZIKKQI XMZ UIV\MVMZM QT \WVW U][KWTIZM LMT KWUXTM[[W
[KIXWTWWUMZITM
GXik\+
CËXc`d\ekXq`fe\
4IXZM^MVbQWVMI\I^WTI
4¼WLQMZVIITQUMV\IbQWVMWKKQLMV\ITMJI[I\I[]TKWV[]UWLQXZMXIZI\QIL
MTM^I\WIXXWZ\WKITWZQKWVWVMY]QTQJZI\IQVY]IV\W\ZWXXWZQKKILQKIZ
JWQLZI\QZINÅVI\QMOZI[[Q[I\]ZQI[[WKQI\IIL]VIZQLW\\II\\Q^Q\oÅ[QKI
I]UMV\I QT ZQ[KPQW LQ QV[WZOMVbI M LQ ZQXZM[I LQ ITK]VQ \]UWZQ \ZI K]Q
Y]MTTWLMTTIUIUUMTTI
4MNIZQVMJQIVKPMTMXI\I\MTIXI[\I\ZWXXWKW\\IQTZQ[WJQIVKWOTQb]K
KPMZQ[MUXTQKQ[WVWZM[XWV[IJQTQLMTT¼QVVITbIUMV\WLMTT¼QVLQKMOTQKMUQKW
M LMT KWV[MO]MV\M I]UMV\W LMT \I[[W LQ QV[]TQVI M LQ NI\\WZQ LQ KZM[KQ\I
VMTT¼WZOIVQ[UW KPM NI^WZQZMJJMZW OZIbQM IL IT\MZIbQWVQ []Q UMKKIVQ[UQ
WZUWVITQTIKZM[KQ\ILMTTMKMTT]TM\]UWZITQ
4¼MTM^I\WKWV[]UWLQXZW\MQVMVWV^MOM\ITQTI\\QKQVQMLMZQ^I\QLIIVQUI
TQLIITTM^IUMV\WKIZVMZW[[ILM\MZUQVI]V¼I]UMV\I\IQV\ZWL]bQWVMLQ
OZI[[Q[I\]ZQMLIT\MZIQTZIXXWZ\W\ZIOTQIKQLQOZI[[QQV[I\]ZQWUMOIML
WUMOI
9]ITQ[WVWQKWV[QOTQLI[MO]QZMXMZ]VILQM\IMY]QTQJZI\I'
=VKWZZM\\WZMOQUMV]\ZQbQWVITMXMZ\IV\WLW^ZoM[[MZMQXWKITWZQKWXZM
^MLMZMQTKWV[]UWLQITQUMV\QIJI[[WQVLQKMOTQKMUQKWKWVKIXIKQ\oIV
\QVÅIUUI\WZQIIV\QW[[QLIV\MITKITQVQbbIV\MLM\W[[QÅKIV\MQUU]VW[\Q
UWTIV\M
:QO]IZLWIQKIZJWQLZI\QJQ[WOVI]\QTQbbIZMXZWLW\\QW\\MV]\QKWVKM
ZMITQQV\MOZITQXIVMQV\MOZITMXZMNMZQJQTUMV\MLQOZIVWL]ZWMU]T\Q
KMZMITQITQM^Q\IbQWVMVI\]ZITMMNIZM][WLQNIZQVMJQWTWOQKPMUIKQVI\M
I XQM\ZI ML ITQUMV\Q KWUM XI[\I M ZQ[W QV\MOZITM UQOTQW WZbW I^MVI
NIZZWMSIU]\
/TQb]KKPMZQZINÅVI\Q^IVVW[W[\Q\]Q\QKWVQUIT\QLQKMZMITQQV\MOZITQ
W KWV ITQUMV\Q KPM TW KWV\MVOWVW# Q LWTKQ XW[[WVW M[[MZM XZMXIZI\Q KWV
IOOQ]V\ILQNZ]\\INZM[KIM[UMTM[MKKIM[]^M\\IIT\IUMV\MIV\QW[[Q
LIV\M
1TMO]UQWT\ZMILM[[MZMKWUXW[\QLIKIZJWQLZI\Q[WVWZQKKPQLQXZW\MQVM
MXW\ZMJJMZWM[[MZMKWV[]UI\QITXW[\WLMTTIKIZVMZW[[IKPMvIT\IUMV\M
QVÅIUUI\WZQIMIKQLQÅKIV\M-¼LIXZMNMZQZMQTKWV[]UWLQKIZVQJQIVKPM
M[WXZI\\]\\WLQXM[KMIbb]ZZWUWT\WZQKKWLQOZI[[QQV[I\]ZQWUMOI
XZM[MV\QIVKPMVMTTI[WQIVMTTMVWKQLIKWV[]UIZVMKQZKIITOQWZVW
8MZNZQOOMZMvKWV[QOTQI\WT¼WTQWLQWTQ^IWUMOTQWT¼WTQWLQ[MUQLQ[M[IUW
KPMVWV[QIT\MZIITTMIT\M\MUXMZI\]ZM
1XZWLW\\QTI\\WKI[MIZQTI\\MNWZUIOOQJ]ZZWM\KIVKPM[MIJI[[WQV
LQKMOTQKMUQKWPIVVW]VQVLQKMQV[]TQVMUQKWMTM^I\WM^IVVWXMZ\IV\W
ZQLW\\QITUQVQUW
-¼JMVMJMZMVWVWT\ZML]M\IbbMLQ\v^MZLMQVNWOTQIITOQWZVWNWZ\MUMV\M
IV\QW[[QLIV\MMLIV\QKIVKZWMLM^Q\IZMJM^IVLMb]KKPMZI\MKWUM[]KKPQ
LQNZ]\\IQVL][\ZQITQJQJQ\MITKWWT
6WVQV]T\QUWvNWVLIUMV\ITMKWV[]UIZMTM^MZL]ZMQVXIZ\QKWTIZMTM
KZWKQNMZMKI^WTQVQLQ*Z]`MTTM[JZWKKWTQKI^WTÅWZMM\K°MTINZ]\\IXZM
NMZQJQTUMV\MVWVILIT\WQVLQKMOTQKMUQKW
<ZITMMZJMIZWUI\QKPMT¼WZQOIVWvNWZ\MUMV\MIV\QW[[QLIV\M#IOTQWKQXWT
TIM[KITWOVWKWV\ZQJ]Q[KWVWIZQL]ZZMQXQKKPQLQQV[]TQVI#TIK]ZK]UIv
T¼IV\QVÅIUUI\WZQWVI\]ZITMXQXW\MV\M
;MXW[[QJQTMvLIXZMNMZQZMQTKQJWVI\]ZITMNZM[KWMLQXZWL]bQWVMTWKITM
4ILQM\IVMTXMZQWLWLMTTIKPMUQW\MZIXQI
4IKPMUQW\MZIXQIIOQ[KM[]TTMKMTT]TMKPM[QZQXZWL]KWVW]KKQLMVLW[QITM
KMTT]TM\]UWZITQKPMTMKMTT]TM[IVMLMOTQWZOIVQKPMLM^WVWZQKW[\Z]QZ[Q
KWV\QV]IUMV\MKWUMTIU]KW[ILMT\]JWLQOMZMV\MLIY]QTM[\WUI\Q\Q
M[WNIOQ\QOI[\ZQ\QKWTQ\QLQK]Q[WNNZWVWUWT\QUITI\QQTUQLWTTWLMTTMW[[I
LIY]QTMIVMUQMMTIKWV[MO]MV\M[\IVKPMbbIMTIZQL]bQWVMLMQOTWJ]TQ
JQIVKPQWTIZILQKMLMQKIXMTTQKWVKWV[MO]MV\MKIL]\I
1T ZQ[KPQW LQ LQ[\]ZJQ LMTT¼IXXIZI\W LQOMZMV\M X] M[[MZM UIOOQWZM VMQ
XIbQMV\QKPM[WNNZWVWLQ[\Q\QKPMbbIWLQLQ[\]ZJQOI[\ZQKQWKWTQ\QKQÅVLI
XZQUI LMTTI LQIOVW[Q ;IZMJJM ]\QTM Y]QVLQ XZM^MLMZM ]V QV\MZ^MV\W LQ
ML]KIbQWVM V]\ZQbQWVITM ÅV LIT UWUMV\W LMTTI LQIOVW[Q IVKWZ XZQUI
LMTTI\MZIXQIKPQZ]ZOQKI
;M [Q [WNNZM LQ [\Q\QKPMbbI UMOTQW KIUJQIZM T¼ITQUMV\IbQWVM XZQUI LQ
QVQbQIZMTIKPMUQW\MZIXQIQV\ZWL]KMVLW^MZL]ZMMKQJQQV\MOZITQKWUMIL
M[MUXQWQTXIVMQV\MOZITMITQM^Q\IbQWVMVI\]ZITMNIKQTMLI\ZW^IZMQVUWT\Q
VMOWbQWXX]ZMQTZQ[WQV\MOZITMWIT\ZQKMZMITQQV\MOZITQ\]\\QLIUI[\QKIZM
UWT\WIKK]ZI\IUMV\M
1 KQJQ ZQKKPQ LQ ÅJZM VWV [WVW ILI\\Q QV^MKM QV KI[W LQ KWTQ\M ML QV
OMVMZITML]ZIV\MTIKPMUQW\MZIXQI
8MZXZM^MVQZMWITTM^QIZMTIKWTQ\MMWTI[\Q\QKPMbbIvJMVMM^Q\IZMIVKPM
KIZVQ M NWZUIOOQ XMZKPu VMTTI X]\ZMNIbQWVM QV\M[\QVITM LMTTM XZW\MQVM
IVQUITQ[QTQJMZIQLZWOMVW[WTNWZI\WKPMPIIbQWVM\W[[QKI[]TTIU]KW[I
-¼ JMVM KWV[]UIZM QT XM[KM QV Y]IV\Q\o UWLMZI\M QT K]Q OZI[[W ZQL]KM
T¼QVÅIUUIbQWVMMTMKZMUMLQKMZMITQQVXIZ\QKWTIZMLQKMZMITQQV\MOZITQKWV
XWKPQTMO]UQXI[[\QIT[M\IKKQWXMZ\WOTQMZMTIJ]KKQIWTMTMV\QKKPQMZW[[M
LMKWZ\QKI\M
+WV KI]\MTI [Q XW\ZIVVW QV\ZWL]ZZM ZQKM\\M I JI[M LQ \WN] NWZUIOOQW LQ
[WQIKPMKWV\QMVMXZW\MQVMUMVW\W[[QKPMLQY]MTTMLMTTIKIZVM
1VLQKIbQWVQOMVMZITQ
,]ZIV\M TI KPMUQW\MZIXQI M ÅVW ITTI O]IZQOQWVM LMTTM U]KW[Q\Q W LMTTM
MV\MZQ\QX]M[[MZML¼IQ]\W[MO]QZMQKWV[QOTQLQ[MO]Q\WMTMVKI\Q"
UI[\QKIZMQTKQJWUWT\WJMVMMTMV\IUMV\M#
I[[]UMZMITQUMV\QKW\\QXMZM^Q\IZMQTZQ[KPQWLQ[W^ZIXXWZZM]V¼QVNMbQWVM
ITQUMV\IZMMITQUMV\QTQY]QLQQVKI[WLQU]KW[Q\Q#
M^Q\IZMXZW\MQVMIVQUITQTIK]QX]\ZMNIbQWVMXZWL]KM[W[\IVbMQZZQ\IV\Q
XMZTIU]KW[IQV\M[\QVITM#X]~M[[MZM\WTTMZI\ITIZQKW\\IUMV\ZMQTTI\\M
XW\ZMJJMKI][IZMLQIZZMM#
UIV\MVMZM]V¼ITQUMV\IbQWVMIJI[MLQKMZMITQMY]IV\Q\oUWLMZI\MLQ
TMO]UQ#QTZQ[WQV\MOZITMUWT\WKW\\WMUI[\QKI\WIT]VOWW[W\\WNWZUILQ
KZMUILQZQ[WZQUIVMKWU]VY]MT¼ITQUMV\WJI[MXMZTMMV\MZQ\Q#
XMZKWUJI\\MZMTIVI][MI[WVWKWV[QOTQI\QITQUMV\Q[MKKPQM[ITI\Q8]
M[[MZM]\QTMIOOQ]VOMZMTWbMVbMZWIOTQITQUMV\Q#
JMZMXWKWL]ZIV\MQXI[\Q#ILQOQ]VWITKWV\ZIZQWJQ[WOVIJMZMUWT\I
IKY]IIJI[[WZM[QL]WÅ[[WMKWV\MV]\WLQ[WLQWMY]ITKPMJQKKPQMZMLQ\v
^MZLMKPMKWV\QMVM[W[\IVbMIV\QW[[QLIV\QJMVMÅKPMXMZT¼WZOIVQ[UW
1VLQKIbQWVQ[XMKQÅKPM
1VKI[WLQOZI^QQVÅIUUIbQWVQLMTTMU]KW[MU]KW[Q\QUIVOQIZMQ
KMZMITQQV\MOZITQXI[[I\QILM[MUXQWTIKZMUI LQ ZQ[W QV\MOZITM#M^Q\IZM
QV OMVMZITM OTQ ITQUMV\Q UWT\W OZMbbQ ML Q KQJQ ZQKKPQ LQ ÅJZM [XMKQM Q
XZWLW\\Q LI NWZVW [MKKPQ KZIKSMZ[ OZQ[[QVQ M\K XWQKPu TM ÅJZM QVL]ZQ\M
LITTIKW\\]ZIXW[[WVWQZZQ\IZMUMKKIVQKIUMV\MTMU]KW[MMXMOOQWZIZVM
T¼QVÅIUUIbQWVM1VKI[WLQU]KW[Q\QLMTTIJWKKIWIVKPM[WTW[M[QI^^MZ\M
[MKKPMbbI X] M[[MZM ]\QTM NIZM [KQIKY]Q KWV UMbbW JQKKPQMZM LQ IKY]I
MLK]KKPQIQWLQIKQL]TI\W LQ P]UMJW[PQLMZQ^I\WLITTMXZ]OVM#M[[WPI
]V [IXWZM [QUQTM ITT¼IKM\W M Y]QVLQ X] M[[MZM ][I\W IVKPM XMZ KWVLQZM
T¼QV[ITI\I
6MQ KI[Q LQ OZI^Q LQNÅKWT\o LQ LQOM[\QWVM TI b]XXI LQ UQ[W ITQUMV\W
IJI[MLQ[WQIMKMZMITQX]IKKWUXIOVIZMY]W\QLQIVIUMV\M\]\\QQ
XI[\Q#[MIVKPMT¼QV\M[\QVWvQVÅIUUI\Wv]\QTMIOOQ]VOMZMITJZWLW
IVKPM]VKMV\QUM\ZWLQITOI?ISIUMKPMKWV\QMVMU]KQTTIOQVQTMVQ\Q^MLo
]VO][\WLQUIZMITJZWLW+WV[QOTQIUWLQQV\ZWL]ZZMQV]W^QITQUMV\Q
[WTWY]IVLWvXI[[I\ITIVI][MIXMZM^Q\IZMQTZQ[KPQWKPM[QI[[WKQQT[IXWZM
V]W^WLMTUQ[WMLMTTMITOPMITUITM[[MZMLMT\ZI\\IUMV\WMKPMXWQVWVTQ
[Q^WOTQIXQUIVOQIZM
!
;MKWUXIZM[\Q\QKPMbbILW^]\IIKWV\ZIbQWVMQV\M[\QVITMKWV[QOTQIUW]VI
LMTQbQW[IJM^IVLIIJI[MLQIOIZIOIZ\]\\MTM[MZMXMZ]VI[M\\QUIVI#[M
TI[\Q\QKPMbbIvKI][I\ILIUIVKIVbILQ\WVWQV\M[\QVITM[QX]UIVOQIZM
]VIb]XXILQLIQSWV^MZL]ZI[QUQTMITTIZIXIKIZW\IMS]b]
;MKWUXIZMLQIZZMI]VIQ]\WTW[QX]ZQKM^MZMLITT¼IUQLW\ZI\\WLITTI
ZILQKMLMTTIXQIV\ILQS]b]KPMPITIXZWXZQM\oLQQZZWJ][\QZMTMXIZM\Q
LMTT¼QV\M[\QVW M LQ ZQL]ZZM OTQ MNNM\\Q \W[[QKQ LMTTI KPMUQW\MZIXQI
[\M[[I
+WV\ZW TI VI][MI XW[[WVW [MZ^QZM KQJQ [ITI\Q M I[KQ]\\Q ;WTQ\IUMV\M
^MVOWVWKWV[QOTQI\QKZIKSMZ[MXIZUQOQIVW#[MQKZIKSMZ[VWV[WVWOZILQ\Q
I KI][I LMTTM U]KW[Q\Q [Q XW[[WVW KWV[]UIZM TM OITTM\\M LQ ZQ[W QV\MOZITM
[KMOTQMZMY]MTTMKWV[ITMM^MV\]ITUMV\MKWVLQ\MKWV]V^MTWLQUQ[W\IPQV
KZMUILQ[M[IUWWXX]ZMKWV]V¼IKKQ]OIML]V^MTWLQUQ[WITXW[\W
LMTXIZUQOQIVWXMZVWVM[IOMZIZMKWVTMXZW\MQVMIVQUITQ)LQOQ]VW[Q
X]JMZMQT\vITTWbMVbMZW
8MZUIV\MVMZMIT\WQTV]UMZWLMQOTWJ]TQJQIVKPQJQ[WOVIQV\ZWL]ZZM
Y]IV\Q\o[]NÅKQMV\QLQIKQLWNWTQKWKWV\MV]\WILM[MUXQWVMQTMO]UQQV
XIZ\QKWTIZMVMTTI[WQIZW[[IIS]bQ
8WQKPuTIKPMUQW\MZIXQIX]KI][IZMIVMUQII^WT\M^MVOWVWKWV[QOTQI\M
TMKIZVQZW[[MZQKKPMLQNMZZWNIKQTUMV\MI[[QUQTIJQTM#XMZZQL]ZZMT¼IXXWZ\W
LQXZW\MQVMIVQUITQKWV[QOTQIUWQV^MKMLQ][IZMQVK]KQVITMITOPMUIZQVM
ILM[MUXQWT¼ITOIVWZQWXX]ZMTM^WVOWTMKPMKWV\MVOWVWIVKP¼M[[MNMZZW
JMVI[[QUQTIJQTM
=V XZMOQ]LQbQW LQNN][W v KPM L]ZIV\M TI KPMUQW\MZIXQI XMZ QZZWJ][\QZM
T¼WZOIVQ[UW[QIJMVMUIVOQIZMUWT\WMV]\ZQZ[QLQITQUMV\QUWT\WKITWZQKQ
KWUM OMTI\Q W XQI\\Q KWVLQ\Q KWV J]ZZW M XIVVI W JM^IVLM b]KKPMZI\M
M ITQUMV\Q ZQKKPQ LQ XZW\MQVM M LQ OZI[[Q KWUM ]W^I KIZVQ M NWZUIOOQ
,]ZIV\MTIKPMUQW\MZIXQIXMZQT\]UWZMIT[MVWTMXIbQMV\Q[WTQ\IUMV\M
\MVLWVWILQVOZI[[IZMM[Q[]XXWVMMLvWOOM\\WLQV]UMZW[Q[\]LQKPM[M
[QUIV\QMVM]VXM[WKWZXWZMWQLMITM[QXZM^QMVMM[QO]IZQ[KMLIT\]UWZM
XQ NIKQTUMV\M 8MZ \ITM UW\Q^W VWV [WVW QVLQKI\M LQM\M QXMZKITWZQKPM M
QXMZXZW\MQKPMVMIVKPML]ZIV\MTIKPMUQW\MZIXQI
+WVY]M[\MKWVW[KMVbM[QX]UQOTQWZIZMT¼ITQUMV\IbQWVMIVKPMY]IVLW
[QvO]IZQ\Q
<]\\QOTQITQUMV\QKWV[QOTQI\Q[Q\ZW^IVWQV^MVLQ\IVMQVMOWbQLQITQUMV\Q
JQWTWOQKQ
ZQ[WQV\MOZITM]VI\IbbILQZQ[WJMVTI^I\WXMZZQL]ZZMTIY]IV\Q\oLQIUQLWL]M
\IbbMLQIKY]INZMLLI]VK]KKPQIQVWLIKINNvZI[WLQ[ITMUIZQVWQV\MOZITMK]WKMZMI
N]WKWTMV\Q[[QUWXMZ\ZMY]IZ\QL¼WZI#QTZQ[WvXZWV\WY]IVLWPII[[WZJQ\W\]\\IT¼IKY]I
KZMUILQZQ[W]VI\IbbILQZQ[WQV\MOZITMQV[M\\M\IbbMLQIKY]I[ITMUIZQVWK]WKMZM
XMZL]M\ZMWZMIN]WKWJI[[WXWQXI[[IZMIT[M\IKKQWQVUWLWLI\WOTQMZMTMÅJZMWXX]ZM
[QX]][IZM]VI[MUWTILQZQ[WQV\MOZITMKWVK]Q[QX]NIZM]VIKZMUIQVUQV]\Q
[MUXZMLIXI[[IZMIT[M\IKKQW
b]XXILQUQ[WK]KQVIZM]VJZWLW^MOM\ITM[MVbI[ITM#IÅVMKW\\]ZIIOOQ]VOMZM
UMbbWK]KKPQIQWLQUQ[W[\MUXMZI\WQV]VXW¼L¼IKY]I\QMXQLI;XMOVMZMQTN]WKW
IOIZIOIZ[KQWOTQMZVM]VK]KKPQIQVWQV]VI\IbbILQ[]KKWLQUMTI[MVbIb]KKPMZW
XWZ\IZMILMJWTTQbQWVMXMZ]VXIQWLQUQV]\Q[XMOVMZMQTN]WKWMJMZM\QMXQLWXZQUIKPM
LQ^MV\Q]VIOMTI\QVI
S]b][KQWOTQMZM]VK]KKPQIQVWLQS]b]QVXWKIIKY]INZMLLIIOOQ]VOMZMITTIKZMUI
LQZQ[WWLQ^MZL]ZMMNIZJWTTQZMXMZXWKPQUQV]\Q
UQ[W\IPQVUM[KWTIZM]VK]KKPQIQWLQUQ[WKWVL]MK]KKPQIQLQ\IPQVQCKZMUILQ
[M[IUWEM]VXW¼L¼IKY]I
TQJMZIUMV\M\ZI\\WLI¹1T+QJWLMTT¼=WUWºLQ.ZIVKW*MZZQVW1[\Q\]\W6IbQWVITMLMQ
<]UWZQ5QTIVW
CXC@CK
+W[¼vTI414<
4I 414< 4MOI 1\ITQIVI XMZ TI 4W\\I KWV\ZW Q <]UWZQ v T¼]VQKW -V\M
8]JJTQKW[]JI[MI[[WKQI\Q^IM[Q[\MV\MQV1\ITQIKWVTI[XMKQÅKIÅVITQ\oLQ
KWUJI\\MZMQTKIVKZW
4I 414< v TI XQ IV\QKI WZOIVQbbIbQWVM VIbQWVITM LMT [M\\WZM >MVVM
QVNI\\QNWVLI\IVMT!MOQoVMT!W\\MVVMQTZQKWVW[KQUMV\WOQ]ZQLQKW
MTIY]ITQÅKILQ¹-V\M5WZITMºKWVLMKZM\WLQ>Q\\WZQW-UIV]MTM111ZM
L¼1\ITQI
7XMZI [MVbI ÅVQ LQ T]KZW [] \]\\W QT \MZZQ\WZQW VIbQWVITM [W\\W T¼)T\W
8I\ZWVI\W LMT 8ZM[QLMV\M LMTTI :MX]JJTQKI M TI ^QOQTIVbI LMT 5QVQ[\MZW
LMTTI;IT]\M+WTTIJWZIKWVTW;\I\WTM:MOQWVQTM8ZW^QVKMQ+WU]VQ
M OTQ IT\ZQ MV\Q ML WZOIVQ[UQ WXMZIV\Q QV KIUXW WVKWTWOQKW Ð UMUJZW
LMTT¼-]ZWXMIV +IVKMZ 4MIO]M[ -+4 LMTT¼=VQWVM 1V\MZVIbQWVITM
+WV\ZWQT+IVKZW=1++M[^WTOM]VZ]WTWQ[\Q\]bQWVITMVMTT¼IUJQ\WLMTTI
XZWOZIUUIbQWVMWVKWTWOQKIM]ZWXMI5IV\QMVMZIXXWZ\QKWVT¼-]ZWXMIV
+IVKMZ;WKQM\aMKWVIVITWOPMQ[\Q\]bQWVQQV+QVI)TJIVQIM3W[W^W
6MTv[\I\IQV[QOVQ\ILIT8ZM[QLMV\MLMTTI:MX]JTQKI+IZTW)bMOTQW
+QIUXQLMTTI5MLIOTQIL¼7ZWIT5MZQ\WLMTTI;IVQ\o8]JJTQKI
6MTT¼IOW[\W!TI414<PIILMZQ\WITVM\_WZSQV\MZVIbQWVITM-]ZWXMIV
5MV¼[0MIT\P.WZ]U-50.
6MT TI 414< v [\I\I ZQKWVW[KQ]\I KWV ,MKZM\W LMT 8ZM[QLMV\M LMT
+WV[QOTQWLMQ5QVQ[\ZQ¹-V\M8]JJTQKWLQVW\M^WTMZQTQM^Wº
4I¹UQ[[QWVº
4¼WJQM\\Q^W XZQVKQXITM LMTTI 414< v [KWVÅOOMZM Q \]UWZQ I\\ZI^MZ[W TI
XZM^MVbQWVMXZQUIZQI[MKWVLIZQIM\MZbQIZQI
4I8ZM^MVbQWVMQVNI\\QvKWV[QLMZI\ILI[MUXZMQTKWUXQ\WQ[\Q\]bQWVITM
XZQWZQ\IZQWLMTTI414<·KW[zKWUMJMVM^QLMVbQI\WLITTW[\M[[WXIaWNN ¹8ZM^MVQZMv^Q^MZMº·MZIXXZM[MV\IIVKWZIT¼IZUIXQMNÅKIKMVMTTITW\\I
KWV\ZWQTKIVKZW=VLI\WKWVNMZUI\WLITTIZQLW\\IUWZ\ITQ\oXMZITK]VM
VMWXTI[QMMLITT¼ITT]VOIUMV\WMUQOTQWZIUMV\WLMTTIY]ITQ\oLMTTI^Q\ILMT
UITI\WWVKWTWOQKW
4MI\\Q^Q\o
4I 414< v LI [MUXZM ]V X]V\W LQ ZQNMZQUMV\W VMT XIVWZIUI LMTTI
XZM^MVbQWVM WVKWTWOQKI [QI QV 1\ITQI KPM ITT¼M[\MZW WNNZMVLW V]UMZW[Q
[MZ^QbQ M [\QUWTIVLW I\\ZI^MZ[W KWV^MVbQWVQ M XZW\WKWTTQ L¼QV\M[I ]VW
[KIUJQW LQ QVNWZUIbQWVQ ML M[XMZQMVbM IT ÅVM LQ [\IJQTQZM M ZMITQbbIZM
XZWÅK]M[QVMZOQM
1VL]JJQIUMV\M TI XZWUWbQWVM M T¼I\\]IbQWVM LQ ]VI K]T\]ZI LMTTI
XZM^MVbQWVM XZQUIZQI [MKWVLIZQI M \MZbQIZQI ZIXXZM[MV\I T¼I\\Q^Q\o
XZQVKQXITMLMTTI414<8MZY]M[\WvTIXQOZIVLMI[[WKQIbQWVMLMLQKI\I
ITTITW\\IKWV\ZWQ\]UWZQQV\M[IQV\]\\QQ[]WQI[XM\\Q
8ZM^MVbQWVM XZQUIZQI" KWZZM\\I ITQUMV\IbQWVM ML ML]KIbQWVM
ITTI [IT]\M I\\ZI^MZ[W TI LQNN][QWVM LQ UI\MZQITM LQLI\\QKWQVNWZUI\Q^W
KIUXIOVMLQ[MV[QJQTQbbIbQWVMQVKWV\ZQVMTTM[K]WTMM\K#ZMITQbbIbQWVM
LQ M^MV\Q I KIZI\\MZM XZW^QVKQITM M ZMOQWVITM# UIVQNM[\IbQWVQ I KIZI\\MZM
VIbQWVITM#TW\\IIT\IJIOQ[UWXMZKWZ[QXMZ[UM\\MZMLQN]UIZMKIUXIOVM
QVNWZUI\Q^MTQVMI^MZLM;7;414< !! 8ZM^MVbQWVM[MKWVLIZQI"^Q[Q\M[XMKQITQ[\QKPMMLM[IUQXMZTILQIOVW[Q
XZMKWKM KWV T¼WJQM\\Q^W LQ QLMV\QÅKIZM M^MV\]ITQ NWZUM \]UWZITQ ITTW
[\ILQWQVQbQITMI]UMV\IVLWKW[zVW\M^WTUMV\MTIXW[[QJQTQ\oLQKWUXTM\I
O]IZQOQWVMMLQZQKWZZMZMIK]ZMXWKWIOOZM[[Q^M
8ZM^MVbQWVM \MZbQIZQI" ZQIJQTQ\IbQWVM Å[QKI X[QKPQKI [WKQITM M
WKK]XIbQWVITMLMTUITI\WWVKWTWOQKW-¼Y]M[\W]VXZMbQW[WKWUXQ\WKPM
TI414<vQVOZILWLQWNNZQZMOZIbQMITT¼I\\Q^Q\oLMTTM;MbQWVQ8ZW^QVKQITQ
LMQ X]V\Q 8ZM^MVbQWVM IUJ]TI\WZQ M QV KWTTIJWZIbQWVM KWV QT ;MZ^QbQW
;IVQ\IZQW6IbQWVITM
)[[Q[\MVbI LWUQKQTQIZM" XZMbQW[I QV\MOZIbQWVM ITTM K]ZM W[XMLITQMZM
\ZIUQ\M TM ;MbQWVQ 8ZW^QVKQITQ KPM OIZIV\Q[KWVW ]V¼I[[Q[\MVbI LQ \QXW
UMLQKWX[QKWTWOQKWQVNMZUQMZQ[\QKWMQVUWT\QKI[QIVKPMX[QKW[WKQITMML
MKWVWUQKW
8IZ\QKWTIZM I\\MVbQWVM IT UITI\W WVKWTWOQKW XMZ KW[\Z]QZM I\\WZVW I T]Q
]VI ZM\M LQ [WTQLIZQM\o LQ [QK]ZMbbI M LQ QVNWZUIbQWVM XMZ WNNZQZOTQ TI
KMZ\MbbI LQ VWV M[[MZM [WTW ) \IT XZWXW[Q\W TI 414< PI KWV\ZQJ]Q\W QV
UIVQMZI[W[\IVbQITMITTIZMLIbQWVMMXZWUWbQWVMLMT5IVQNM[\WLMQ,QZQ\\Q
LMT5ITI\W7VKWTWOQKWKPM\]\MTIQTUITI\WMTI[]INIUQOTQI[QIQVIUJQ\W
TI^WZI\Q^WKPM[WKQITM
;MbQWVQ8ZW^QVKQITQLMTTI414<
3URJHWWRJUDÀFRHGLOOXVWUD]LRQLGL0DUWD&DQQL]]DUR)LJXUHHVHUFL]LGL/XFLD)LRUH