D22
This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA
Overview
Download & View D22 as PDF for free.
More details
- Words: 1,419
- Pages: 16
¶WYyY¹ uZÀdYZ]µ{yZ^¯yu¶ºc¶¯Z³z]¶uz¨¿¹y¾yz]¹ v¤³ ¶ºcyZ¸#¶¯Z³z]½Yz]¾¿Z·b¿º«¹Y
¾sz ¸£¾³v¯vÀ ¾Ày²ozd§u
(0DLO 6$(,'0$'$1,#
z¿ZyZ´§yu¾Z°dkYyº¯Y [Ȥ³Y{Y~¹ ª^£¶³ÇZ½Z·¶kuº]²À´$°·¹ ¶ºc½Z·¶¯Z³zº] yu
¶¯v¤¯
yu©Zh¯±Yº´¶] bYµvµuYu ZdsY±M¶]¾¸kºcª]Z£>Zd^³¶kuº]¹ µuº]±Y|¿y¶¯Z³z]¶kºcuyº¯yº¯Y
¾d¿Z°o½Z·t]ª§¶kuº]ÎÐÕÎ ©Zyu¹ ¶dYu¢¬c¾Z°dkYyº¯Y¶]aYyZ^dY{Y¾°À³z]«Z]ÎÐÔÔ ©Z ¾¯º°¶kuº]ª§vyuÓÓ ©uZ¯>Z^¿z¤c¶§¶dZ¿¾³¹|©Z¿yuyZÀ¬À¯ÖÐÒÐÍ ¶º] yºº§¾ºZ°dkYaZº¯vs¹ yº¯Y¶]¶dZ¿ÀtcaYyZ^dY{Y|À³¾Z°dkY²À¯Zc¹ ¾d¿|¸]t]®¸²¿Yz]µ¹È bYµuºº] bº«¹u
©ZyuvyuÎÓÒ ¶]ÎÐÒÕ ©ZyuvyuÎÏÒ {Yb^³²¿Y v·u¾¯±Z³Yy½Yµv´¿Y|vº³¹y¾ºZ°dkY
bYµuº]¾Z°dkYªWZ¯¶]z¯Y±ÇºX¯¶ºkºcz.³Zº³¶º§ µvÀºyÎÐÕÎ ©Zº yuvºyuÐÑÖ ¹ ÎÐÔÍ
¹ ¾³Z¯Z]Z³{Yb¿Z¨oyº§yu¾Z°dkY½Z·sZ{Y½yZÀ]¾yz]µ&¿¹¶ºkºc²º¿Y®ºy¾º¬¶³Z ºZd¯
yuYy¾Z°dkYb¯ÈzZo©Zoyu¾Z°dkYaȨ¯¹ Z·\ÀM{¹z]¹ ºÀv³¹y v´§¾¯½vk½Z·±Yzp] ¹ ¾³ºÀYuYº¯¶]uZÀdYµv¿v¶´À¯{²¿Yyu bYµvÀ¯Zl³Y¾Z°dkY¶¿Z¯z\¿ztc¶]¹ µuYuyYz£zszº¯
©zd´§¶´À¯{yu¾³Z³Y¹ ¾«Z¯½vk½yYx-¶¿Z¯z bYµuz§YvÀ½YµvÀ$À¹ j³z]bÀ¹uYº¯z¯Lº ½|À¯MµzZt¯ª¨¶]uZÀdY{¹z]¹ ºÀqz³¹ µuYv³½z°gZZ¤c¹ ¶z ·Z§{Y®YuYºº¯ zº¯Lºº Z·uz¨¿¹y¾yz]¹ v¤³²°uZÀdYZ]µ{yZ^¯¶´À¯{yuZ·uz^·Yy¶WYyYZ]uyYuÈc¶«Z¤¯²¿Y bY¶dZ¿¿Y|Y
¶]Yy¾¿Z·b¿º«¹Yµ{yZ^¯²¿Yyu½vkbÀ¤º¯vª¬¹ yº§Z¤³nÀºc¹ ¶ºc¶¯Z³z]¶yuZ·bºZÀ¹
v¿Z°³¶Àºc¶ºcyZ¸#¶¯Z³z]yu±Y|¿y¶¯Z³z]¶kºcyº´¯
¾t^³Yºc¹ ¾d¿|¸]º¬µZ.³Yu¾°¬bXÀ·º¹ yº§¾d¿|¸]±Z¯{ZuZÀdYzduª§z¿v¯¹ ¦| ³Y¹y
º¬µZ.³Yu¾Z°dkYµZy¾·¹&µ¹z-º¹ ¾ºZ°dkYµZºy¶¯Z´¬ºzÀ]uzº ¾ºZ´³Y¹yvºyY}Z´ºyZ§
¾t^³Yºc¹ ¾d¿|¸]
Î
uYº¯©zd´§½Z·uz^·YyÎ
±M{Y¾Z³aȨ¯¹ uYº¯©zd´§½Yz]µv¶dsZ´¾¬Yuz^·Yy¹uÎuºkº¯]Z´º¯ ºº³ }ZºYzº]
®§YyuYº¯¶]¾zdu¶§bY¾¯Yv£Yz·¶z·Z§{Yyº´¯ ZZ¤c·Z§¹ ¶z·Z§ uyYuuººk¹
µuzs|À³¹ µv°±ZÀ$£Z#Z£aY{Zl¯²¿|.¿Zkb§j¿¹zcZ·{z¯b¿º¤czÀº³¾ºcZ¯Yv£Y²º¿Yz]Z´º] v´º§ ²¿YyuZ¸dÀ«Z¾¬Yyºp¯ v³zÀ-¾¯yYz£¶du²¿Yyuv´d·µv´´§¿{ºc±YuZd¯>Zcv°¶§uYºº¯ ±Zº¹z ¶³º-z·±M{Yyº´¯¹ bZZ¤c·Z§z.¿uuz^·Yy bY¾¯Zd³Y¾¿Z£¹ ¾¯Z³½Z¸dÀ«Zuz^º·Yy
²¿Yyu v]Z¿·Z§Z¸³M¶]¾zdu±Z¨¯YvZ¿±Z¨¯Y{Yz´zuYº¯z¯uº\^¶§bY¾¯Yv£Y yu¹ v³º¾¯µv³Yºs GHWHUUHQFH ½yYu{Z]¶§v³zÀ-¾¯yYz£¾¯Zd³Y± ¾¿Z£½Z¸dÀ«Z¾sz]|À³uz^·Yy {Y[Z´dkY½Yz]uYzYvZ]aY{Zl¯\kºd¯Yx«¹ uº¶d³YuzkuYº¯z¯z-Y¶§bY²¿Yz]zZ¸³M
½z.¿u½Z¸¹yaY{Zl¯¹ ±º³Z£¢¿z{Y½yYu{Z]z]µ¹ÈZ¯Y uz§v´·Yºs[Z´dkYuYº¯z¯{YaY{Zl¯ zZ¸¹y²¿Yyu v³zÀ-¾¯yYz£¾dYv¸]½Z¸dÀ«Z[º#yZ#yu¶§ uyYuuºk¹uYº¯½ZZ¤c·Z§½Yz]|À³ Lº{Y½zÀ.Àyu bY±Z¯yu¹ ½zÀ.Àª]Z£Yx«¹ ¾dYv¸]ª¨¯¦¿uYº¯z¯¶º§ bºY²º¿Yzº]
¹ {º¯MzÀ³¾¿Z¸dÀ«Z v¿ZÀ³uºk¹¶]>ZZYuYº¯½Yz]ZZ¤c¶§bY±Mv·uYº¯¶]¾.d]Y¹¹ z¯ ²¿v«Y¹¶]¾dÀ]zc½Z¸cyZ¸¯{º¯MuYº¯z]Yz]yub¯¹Z¤¯½Z¸cyZ¸¯{º¯Mz¯aYzs_yZ]yu½{Z·Z-M
yu¾.°·Zp¯ª¯Yº¿Y|Y¹ zsª¯Yº·Z§>Ⱥ§ ¹uYºº¯ zº¯½Yzº] ¾º¿Z·²º¿|.¿Zk¶ºWYyY
¶]º]z¯uyYuuºk¹ª «Z]ayº¶]¶§uYº¯½ZZ¤c{Yt]±M¾«¹ v³zÀ-¾¯yYzº£ ½zÀ.ºÀ[º#yZº#
v¿Z]|À³¾.d]Y¹¹ z¯Lº±Z¯yu¶]ZZ¤c·Z§½Yz]²¿Yz]Z´] bY±YuZd¯¹ ±Z-v´´§zº¯Lºº ¶§bY±Mµv³yYv¸.³±Z¯yu{Yyº´¯ µv³yYv¸.³±Z¯yu¹ ¾¿uY{® bYt]¹uª¯Z±Z¯yu uz§¶kºc
ªh¯¾dsZ´±Y¹y½Z¸³Z¯yu Î ¢¿z{Yyº´¯²¿Y uy¹ZÀ³½¹yuYº¯z¯¶]µyZ]¹uµvº ¾º¿Yu{®º uzº ¾¿¹yYu½Z¸³Z¯yu Ð |À³¹ VHOIKHOS ½yZ¿uºs½Z¸·¹z- Ï ¾-uYº³Zs¹ ¾º·¹z-½uzº ¾º³Z¯yv³Y¹y
bY 7KHUDSHXWLF &RPPXQLW\ yYv¯±Z¯yuZ°dkY¾dsZ´±Y¹y½Z¸³Z¯yu{Y¾¨¿ uº¾¯²À¯Pc
¶WYyY¾¿Zzayº¶]¾¿¹yYu½Z¸³Z¯yu¾dsZ´±Y¹y½Z¸³Z¯yu¶Àº¤] uºº¾º¯ Zºl³Y¾ºd¯Z£Y|º§Yz¯yu ¶º§ ª]Z£½zd]¹ ¾¿Zzayº¹uz·¶]bYµv³yYv¸.³½Z¸³Z¯yu`°·zÀ¶§¾¿Yu{®º v³ºº¾º¯
±Yºc¾¯¶³º°³½Yz]uº¾¯bZ¿¾.d]Y¹¹ z¯Lº¶]º]z¯]Z´¯zh§Yyu±MaZpÀºc¹ ½v´]®À¤c²º¿Yú uz§µyZººYz¿{^´¯¶] 6WLPHO % 'UXJ $EXVH DQG 6RFLDO 3ROLF\ LQ $PHULFD 1HZ
uYº¯¶]uz¾°k¾.d]Y¹¶§ bY±Mv· v§¾¯©º¶d ·ÎÏ >Ǻ°¯¶§¾¿Yu{®yu bY¶ºWYyY aYuZ¾´¿¾³Y¹y¾.d]Y¹yyº´¯¶]v³Yºd]uz~ Zcv]Z¿·Z§¾¸kºcª]Z£voZc¥zc®WȾ´¿
¶§µv³yYv¸.³½Z¸³Z¯yuyuv´·u¾¯¡ºuYº¯uvl¯z¯¶]Yy¹Y¶§z¯±Yy¹u{Yµv³Z¯{Z]½Z·yZdºy¹
v´§b§zv´d·©Z¹u¾¨¿ZcµZ¯v´#voyu¹ zc¾³Çº>Ǻ°¯
½yZ¨°·¢¿z{Y±Z¯yu¾·v³Z¯{Zº ¾ºº³ 'UXJ&RXUW7UHDWPHQW yYvº¯µZº-uYu±Zº¯yu
±M¶]¶d]Y¹®¿YzkZ¿uYº¯z¯zk¶]uz±M¾¶§bY¾º¯Zd³Y± ¾¿Zº£ºt]Zº] ±Zº¯yuºt] ¶]¾¯Zd³Y½¹zÀ³z³z¿{±Z¯yuªoYz¯±uz§¾¶]zÀt¯±Yv³{zÀ³¾¿Z£®¨oy¹v{Y~¹ zÀ.du
uº¾¯¶dZ§¹YbÀ¯º¨p¯{Y±Z¯yuyubzÀyYv¤¯½Y{Y¶]¹ uº¾¯¾¿Z£bÀ¯º¨p¯ª°pc½Zk
rZ±M¶]±Yºd]ZZ¤cZ¿¶z·Z§Z]¶§uº¾°³u¹vp¯uYº¯z¯¶]¤uZÀdYª¨¯¾«¹
±Z.³Z³ {v¿YzÀ³½|À¯MµzZt¯¾dYv¸]yYº¾¤¿y|cayº¶]µ&¿¹¶]uYº¯z¯Lº¶º¨¬] uYu
z]Z´] v´§YvÀ½zdÀ]bÀ°·Y|À³uYº¯¶]¾.d]Y¹uºs{Yv³Yºc¾¯µZ-¶§uyYu|À³ >Z§Z³@ ¾´°¿Yuº^°§¾]Zd§Y ¶§bsYuz|À³¾¯ºuz^·Yy¶]v¿Z]uºkº¯uyYº¯±Z¯yu¹ v¿vkuyYº¯{¹zº] {Y½zÀ.ºÀzº] µ¹Èº ²º¿Y
{Y¾¬À«u¶]¶§¾³Z§yu +DUP 5HGXFWLRQ z¯Lº¾dºYv¸]yYºº ·Zº§ {YbºYayZ^º {YµuZ dYZ]¶§¾¤¿y|c±Z-v´´§z¯LºyZÀdsYyu,³z±uYuyYz£zÀ³¾¿Z¸dÀ«Z v³z]¾°³uº±Zº¯yu
¶]Yyzs®§½Z¸¹y{º¯M¹ ¹v³Z§¿{ºc¹ v³º¾¯uºs±ZÀ¯yu{v¿Yzd-\^¥zdº¯,³zº yu¾´kZ^cyY¢¿z{Y{v¿Yzd-{Y½zÀ.À½Yz]Y¾´k¦¿z¹ µv´´§z¯Lº¶º] ¾º´k 0HWKDGRQH0DLQWHQDQFH ±¹uZd¯Z]µv³yYv¸.³±Z¯yu¶$³MbY²À´$°· v³zÀ-¾¯yYz£¶du²¿Y µv³Yºs 0HWKDGRQH5HSODFHPHQW7KHUDS\ ±¹uZdº¯ Zº] ²º¿|.¿Zk±Zº¯yuZº¿ 7UHDWPHQW
zsuYº¯½Zk¶]±¹uZd¯z¯ v´§¾¯z¯Yy±¹uZd¯uYº¯z¯Lº½Zk¶]uz±Myu¶§uº¾¯ ¿Y|YYyuz¾Z°dkYuz§yZ§¹ ©ZdY¹ ·Z§YyuYº¯²À¯Pc½Yz]zk[Z¨cyY|À³¹ ±MyYºº ¹¢¿y|ºc
v·u¾¯
Ð
¾.d]Y¹¹ z¯Lº{Y¾Z³aȨ¯¹ uYº¯©zd´§½Z·uz^·Yy ©¹vk ²¿|.¿Zkb§j¿¹zc
¶z·Z§Î
Z·{z¯b¿º¤c
±È§±ZÀ$£Z#Z£aY{Zl¯
µv´´§¿{ºc±YuZd¯ ±Z¹zµuzsaY{Zl¯ ¾¯Zd³Y± ¾¿Z£½yYu{Z]
ZZ¤c·Z§Ï
¾³Y¹yb¯È½Z¤cyY¹ ½zÀ.À
µv³yYv¸.³¹ ¾¿Yu{® ¾³Yºc{Z]¹ ±Z¯yu ,³z¹ ±{º¿{ºc
¾dYv¸]yYº·Z§Ð
¾´kzs®§¶]Yy{º¯M¹ ¹v³Z§¿{ºc
±¹uZd¯¾´¿|.¿Zk
uZÀdYZ]µ{yZ^¯¶]¶ºc½Z·¶¯Z³z]¹ aYyz¤¯¹ ²À³Yº£uz¨¿¹yÏ
uZÀdYZ]µ{yZ^¯yu¶ºc½Z·¶¯Z³z]uz¨¿¹yÏÎ ¶ºc©¹Y¶¯Z³z]ÏÎÎ
b·,´k>Zºs¹ ¾¯ÈY[Ȥ³Y½{¹zÀ{Y~¾Z°dkY¹ ½uZd£Y¾ºZÀ½Zº·±Yzºp]
©¹Y¶¯Z³z]yubÀ£Y¹²¿Y uy¹M®·YzYy¾Z°dkYaȨ¯{Y½Y¶º°l¯ºÀ¹ {¹z]¶´À¯{ ÎÐÓÍÓÕ ¶«Z ¿Y|Y¾.´·z¹ ¾Z°dkYaȨ¯uZ]Y±vµuzd-{Y±M ½Z·bºÀyu¹ bz-yYz£¶kºcuyº¯¶ºc
v¾³Yz.³{Yz]Yyvt¯uYº¯z¯µv´¿Y|ºÀ¹ ¾Z°dkY½Z¸¿yZ-{ZZ³
v¿uzcÈ]yZgM¶¬°k{Y¹ yº§aȨ¯z.¿u{Y¾.´·z¹ ¾ºZ°dkYªWZº¯uZº]Y±vº µuzdº-~
yº§bÀ°k±YºkyZdsZ¶]¶kºcZ]µ&¿¹¶]ªWZ¯ ²¿Y bYzÀsY½Z¸«Zº yuyºº§bºÀ°k¿Y|ºY
n v´§¾¯{¹z]yvt¯uYº¯{YµuZ dY¹ ¾Z°dkY½Z¸¿yZ-{ZZ³¿Y|Yayº¶]±Yºkº³¹ ±Yºkz£yu>Zcv°
Ï
½uZd£Y¥yYv¯|§z¯ ÎÐÓÕÔÏ ±Yz¿Y¾¯ÈY½yº¸°k¾.´·z¹ ¾Z°dkY½uZd£Y¶ºc©¹Y¶¯Z³z]±º³Z£bºÀ~ ¶kuº]¹ ¶¯Z³zº] ±Z¯{Zºû ÕÎ ÎÐÓÕ aYyZd³Y¹ ¾Z°dkY±
Ñ
zÀsY½Z¸«Zyu±MuZ]Yzd-¹ ¶¯Zkyu½yZ¨À]µv¿vuºk¹~ bYµv¯Mz.¿u½Zkyu²À´$°·
¿Y|YzÀ³±M¾Z°dkYaYzgY¶¨¬]¶dYu½uZd£Y¾ ´¯yZgMZ¸´c¶³¶º§ bºY½zº.¿u¾ºZ°dkYª¨º¯
n bYuº¸¯|À³®¿Yzk
Ð
uZÀdYªWZ¯¶]\¬Y¹ µv³uZÀdY½Z·¶¯Z³z]¶]¾p¿zµyZYuyº¯¦¿yu|k©¹Y¶¯Z³z]²ºd¯yu
º½Z·¾¯s bYµvµyZY n¾Z°dkY½Z·\ÀM~ ¾¬§±Yº´bpc¾Z°dkYaȨ¯z¿Zªhº¯ ¹ ¾Z°dkY½Z·\ÀM½Yz]t¯½yYx-b¿º«¹Y¶ººc©¹Y¶¯Z³zº] yuzº.¿uayZ^º ¶º] Ñ ®º¸³¹ ®l´º
bYµvµyZY ÐÎÖ v´] nuZÀdY¾´§¶¿y~ ¶]uyº¯¦¿yuZ¸´c¹ µv³Z¸³MZ]µ{yZ^¯Z¿·Z§½Z·¶¯Z³z] ½Z·¶¯Z³z]yuav¯v´¬]±Z¯yM¦¿±Yº´¶]v³Yºc¾¯ $GGLFWLRQHUDGLFDWLRQ uZÀdY¾´§¶¿y¶#z-Y ¶¯Z³z]½YzkY¶«ZÒ Z¿Ñ ¾³Z¯{µu¹vp¯¶]¶kºcZ]©¹Y¶¯Z³z]²d¯yu±MmzZ¯YuzÀ-yYz£¶kºcuyº¯uZÀdY
z¯{Y¾t¯®¸ ·Z§~ ¶]©¹Y¶¯Z³z]z-Y£Y¹yu uº³zÀ¯±M±v¾cZÀ¬°±Z¨¯YZcv\kº¯
±Z¿Zyu>ÇZ°doY®·¹ uº]z¿x ³Z¨¯Y±M±uz§¾cZÀ¬°®·>Z³ZÀoYuz§¾¯¶kºc¾cZÀ¬°v·±Yº´¶] nuYºº¯ {Y½zÀ.Àz]vÀ§Pc{Y~©¹Y¶¯Z³z]ÖÎÏ v´]yu bYuuºk¹Z·¶¯Z³z]{Y¾t¯¾]Z¿{yY±Zº¨¯Y¶¯Z³zº]
²À°·yu¶§Zl³M{Y bY¶dz-yYz£vÀ§Pcuyº¯±Z³M½Z·µuYº³Zs¹ ±ZÀ³Yv³{i¹zs{Yv]b^£Yz¯Zl³Y®¿Yzk z³¶]v³uYu¾¯ªÀ¨cuYº¯±Z-v´´§z¯Z¿±Z-v´´§¿{ºcYyyºº§±ZÀº³Yv³{{Y¾º°À³¶º] ¦¿u|º³ µy¹u
z·yuZ¯Yv³uYu¾¯ ªÀ¨cuZÀdYZ]^cz¯±ZÀ³Yv³{½Z·µuYº³ZsYyªY²¿Y±Z^Zt¯{Y½uZ¿{t]vy¾º¯
bYµv³µyZY¾t¯b¿º«¹Y¶]¶¯Z³z]yu®·{Z]©Zo
¶]zl´¯uZÀdYZ]µ{yZ^¯Z¿·Z§½Z·¶¯Z³z]¶]b^³©¹Y¶¯Z³z]uz¨¿¹ybÀZ v¹ ¾¿ZyZ³²º¿Y
¾«ºd¯£Y¹yu ¶§¾Z°dkY²À¯Pc¹ ¾d¿|¸]t]¾]Z¿{yYyu¶ºc©¹Y¶¯Z³z]uz¨¬°yY|-yu¶§v±M
²¿Y ÒuºµyZYboYz¶]¾Z°dkYb¿z¿v¯¶]uºº] uYºº¯ ½ZºZ¤c·Zº§ Zº] ^ºcz¯½Zº·¶¯Z³zº]
yu¾d¿|¸]t]Z¤³ ºsyu¶kuº]¹ ¶¯Z³z]±Z¯{ZÎÐÔÒ ©Z½uZd£YyY|-yu½zÀ-¶lÀd³ Óbz-yYz£vÀ§Pcuyº¯|À³©¹Y¶¯Z³z]
±Z°·Ð ±Yz¿Y¾¯ÈY½yº¸°k¾.´·z¹ ¾Z°dkY½uZd£Y¶ºc©¹Y¶¯Z³z]±º³Z£~ ¶kuº]¹ ¶¯Z³z]±Z¯{ZÑ ½uZd£Y¶ºc©¹Y¶¯Z³z]uz¨¬°±Yz¿Y¾¯ÈY½yº¸°k¾.´·z¹ ¾ºZ°dkY½uZºd£Y¶ººc¹u¶¯Z³zº] aYv´dº¯Ò aYyZd³Y¹ ¾Z°dkY½uZd£Y¥yYv¯|§z¯¶kuº]¹ ¶¯Z³z]±Z¯{Z ÎÐÓÕÔÏ ±Yz¿Y¾¯ÈY½yº¸°k¾.´·z¹ ¾Z°dkY ÒÎÍ ¥yYv¯|§z¯ nÎÐÔÒ ©Z½uZd£YyY|-±È§uZd£Yzdu¾.´·Z°·¹ ½uZd£Yyº¯Yb³¹Z¯~ ¶kuº]¹ ¶¯Z³z]±Z¯{ZÓ ÒÑÒ ÎÐÔÓ ²°¸]¹uv¬kaYyZd³Y¹ ¾Z°dkY½uZd£Y Ò
¶ºc¹u¶¯Z³z]ÏÎÏ
½Z¸^ÀM¶]ÓÖ ¹ ÎÏ ½Z·µz^c¹ º¹u©¹Y½Zº·¾º¯ºs ¶ººc¹u¶¯Z³zº] ±º³Zº£ yu
yvt¯uYº¯¹ uZÀdYZ]µ{yZ^¯½Z·¶¯Z³z]¶]¾°À¤d¯µyZY¡ºuYº¯{Y¦¿"À·yuZ¯Y Ôvº³Y¶dºsYuz¾ºZ°dkY
²¿Yª¿w n¾Z°dkYb«Yv¢¤pcb¸k yuÈc~ {YbYayZ^¹u¶¯Z³z]©¹Y¾º¯ºs uyYvº³ uººk¹ ¹u¾¯s bY^cz¯uz¯¾-v³{bÀ À§uº^¸]½Yz]¾cZ¯Yv£YZ]>Zcv°¶§µvº¯MyZº¨·YyÎÑ ¾º¯ºs ÎÕ Z]|À³ n¶¯Zk¾¯º°,´·z¾ À§¹ ¾°§LZ¤cyY¹ ¾¯ÈY¡ÈsY}ZYz]ªWZºvºy~ ±Yº´º bºpc aZ³Z¨¯Y¶À¬§jÀ]~ bYµv¯M¹ µvuZÀdY¶]¾°À¤d¯µyZYÎÑ yZ¨·Yyyu bYµv¯M¹u¶¯Z³z]yuyZ¨·Yy
¶§yº±Z°· n¾.´·z®kZ¸c¹ ¾Z°dkYvZ ¯Z]µ{yZ^¯¹ uZÀdY¾´§¶¿yb¸kyu]z¿w½Z¸·Z.dºu¹ |À³yZ¨·Yy²¿Yyu¾cyZ^¶] uyYuYy©¹Y¶¯Z³z]yuiyv´¯yZ¨·Yy©Z¨Y±Z°·|À³yZ¨·Yy²¿Yuº¾¯¶ºoȯ ¾«Zoyuµvmz¯¶«Zj´¾´¿av¯±ZÀ¯½Z·¶¯Z³z]½Yz]¾³Z¯yMv·¦¿±Yº´¶] nuZÀdY¾´§¶¿y~
uz§¾¯zÀ¯¶¯Z³z]¾³Z¯{µy¹uyuYy±M¢¤pc±Z¨¯Y¾³ZÀ¯v·v´#Z¿¦¿±uz§±Yº´Z]uº]{Ƕ§
¾^·x¯±Z°¿Y½Z·¶zyu±Z³Yºkº³¹ ±Z³Yºkb¿Yv·~ {YbYayZ^¹u¶¯Z³z]ºº ¾º¯ºs
b§yZ¯¹ ¾Z°dkY¹ ¾-uYº³Zs¾³Z³YaZ^Z´¯¹ ¾³v]bÀ]zc¹ ²¹ z´·®¬bÀ£Ès½uºs,´º·z uZÀdYZ]>Z°À¤d¯¦¿"À·¶§uº]µv¶WYyYyZ¨·YyÎÒ ¾¯s²¿Yª¿w n¾Z°dkY¾.´·z½Z·¶´pyu
²¿Y½Z·b¿|¯{Y±Z³YºkbYzaZ£¹YZ¿\Z´¯Z³½yZdy½Z·º.«Y¶]¶kºc©Zºo ²ºÀyu bºYv³½Y¶º]Yy
uz§¾¯YvÀZ^cyYuYº¯z¯Lº¹ uZÀdY¶¬X¯Z]½uyYº¯ yu¶§uº]Z·yZ¨·Yy
bsYuz½Yz]ÎÏ µz^cyu uyYv³uZÀdY¶]¾°À¤dº¯µyZºY|Àº³ ¹u¶¯Z³zº] ÓÖ ¹ ÎÏ ½Zº·µzº^c
¶§¾¿Z·µuYº³Zsbzz¾]±Z§uº§¹ ±Z³{Z·µuYº³Zsª¯Zv¯Myu®§yZ£Y¶]¶³Z·Z¯Z¯¦°§®À¤d¯ ½Z·µuYº³Zs²À´$°·¹ v³yYv³YyuºsZ¯²À¯Pc±Z¨¯Y¶§¾¬·Pd¯±Y{Z]z¹ µuZdºYyZº§ {YZº¸³Mbºzz Z]^cz¯±ZÀ³Yv³{½vyuµZl´¶]¦¿u|³ b^³¶]¶kºcZ] bYµuYu ZdsY¾ºcYyZ^dY±ZÀº³Yv³{v´º¯{ZÀ³ bYµvµuYu ZdsY±Z¿Z·µuYº³Zs¹ uYº¯±Z-v´´§z¯¶]aYyZ^dY²¿Y{Y½uZ¿{t]>ZdÀ^uZÀdY ^cz¯yº¯Yyuuz¯¾³Z.°·{º¯Mmz¹ ®¿Yzkº£¹{Y½zÀ.À¶¬X¯Ï v´]yu|À³ÓÖ µz^cyu
^cz¯®WYzkZ¿uYº¯z¯Lº{Y½zÀ.À±M®¸¯½Z·¶´À¯{{Y¾¨¿v³Yºc¾¯¶§µv mz¯±º³Z£¹ ®³Z] ½zÀ-º¹ uz¨¿¹y±Z´$°·¹ ¶dYv³b¿º«¹Y²ÀÀc¶]¾¬¿Z°c¶¯Z³z]±º³Z£|À³uyº¯²¿YyuZ¯Y vZ]uZÀºdYZº]
bYµuYv³±Z³uZÀdYuyº¯yu¾t¯
ÎÐÔÕÎÐÔÑ ±Yz¿Y¾¯ÈY½yº¸°k¾.´·z¹ ¾Z°dkY½uZd£Y¶ºc¹u¶¯Z³zº] ±º³Zº£ ¶ºkuº]¹ ¶¯Z³zº] ±Z¯{ZºÔ ÎÐÔÒ ¶kuº]¹ ¶¯Z³z]±Z¯{ZaYyZd³Y Ó
uZÀdYºÀµv´¿Y|v³¹y¶]b^³¹u¶¯Z³z]aYv´d¯yuiyv´¯½Z·yYvº·®ºy¾º¬²º¿Yz]Z´º]
uº¾°³¶oȯyvt¯uYº¯z¯uyº¯yu¾´¹y¹ t¯¾cZÀ¬°¶¯Z³z] º¶¯Z³z]ÏÎÐ
uZÀdYZ]µ{yZ^¯½Z·¶¯Z³z]¶]®À¤d¯µyZY¦¿¾do²ÀÀ¶¯Z³z]¹uÈsz]Õ¶ºcº¶¯Z³z]yu
z]uYº¯½ZZ¤c¹ ¶z·Z§±Yz¿v¯¾do¹ ±Yz³\oZ¶°·¶§bY¾«Zoyu²¿Y uºº¾º°³¶ºoȯ º¶¯Z³z]uYº¯¾sz]yu©Zo²Àyu v´§¾¯vÀ¿PcYy±Mb¿º«¹Y¹ ¶dYuz³¡Z cYuYº¯ºÀµv´º¿Y|vº³¹y
uº[ºp¯|À³uZÀdYZ]^cz¯v³Yºc¾¯¶§uyYuuºk¹µv¿u\ÀM½Z¸·¹z-¹ ¾Z°dkY½Z·\ÀM¶]¾cYyZY ½Yz]¾d¿Z°o¹ ¾t^³Yºc½zÀ.À½Y¶°À]zÀt]½Z¸d¿Z°o~ bYµv¯M¶¯Z³z]²¿YÐÕ µuZ¯yu
v´¯{ZÀ³½Z¸·¹z-½Yz]{º¯M¹ ²¨¯©ZdYt]½Z·¶¯Z³z]yu¶§½Yµ&¿¹aZ¯vsz]µ¹È±Yv´º¯{ZÀ³ bYª¿w uyº¯z]ª°d¯uº¾¯¶dz-z³yu
n¶¯ZkuZoM½Yz]¾³Y¹y¹ ¾°k½Z·bÀ«º¬¯¹ ¾Z°dkY½Z·\ÀM{¹z]{Y½zÀ.ÀÎ
z·yuZ¯YvZ]uZÀdY{¹z]{Y½zÀ.Àv³Yºc¾¯£Y¹yu n¾Z°dkY½Z·\ÀM{¹z]{Y½zÀ.À~ {Y¾t]
v´§¾¯µyZY¾Z°dkY½Z·\ÀM ¾¬§±Yº´¶]½y¹Yu¶³º-z·±¹v]¹ µuz§aº¨¶´À¯{²¿Yyu¶¯Z³z]©Zºo
±Z¯{¹ ¶kuº]b¿u¹vp¯®y¾¬¶¨³M±¹v]bY¾Z°dkYª¨¯ÎÒ ZcÎÍ z]ª°d¯¾dz¸ª¯Zº ¶º§ aYv´d¯yu¶§bY¾«ZoyuuZÀdY¶]b^³º¶¯Z³z]¾¿Z´dY¾]²¿Y v´§t¯¶´À¯{²¿YyuYy¾d¿º«¹Y
µv{Yz]Y¾Z°dkY½Z·\ÀMyº¸¹ {¹z]{Y¾³Y¹Yz¾³Yz.³±Z¯yu¹ bYv¸]¹ ¾¿Z£t]¹uz·yu¶¯Z³z] bY
¹ ½uZd£YaǺpc~ bYµv¯M±Z¯yu¹ bYv¸]t]µv´¿M½Z·«Z#½v´^°kyu©Zhº¯ ±Yº´º ¶º]
yºc¹ uº§y½Z·µy¹uyuz¤sz¿{bÀ°kuYvc¿Y|Y¹ ½yZ¨À]¿Y|Y½uZd£Y½Z·±Yzp]¾Z°dkY
¾Z°dkY½Z¸^ÀMz¿Z¹ ¡È¹ uZÀdY¾³Y¹yaÇÈdsY¹ ¾§uºs®¿YzkuZ¿u{Yyu®¸¯ªº¯Yº{Yv¿vº
½Z·¶¯Z³z]¶ºc¢¿z{YYyµvuZ¿aȨ¯¾^³ªo¶]¾¬§¶kºcª¿Z¯²¿Yº£¹ uºº¾º¯ [ººp¯ nÖbYµuz§½y¹z¾Z°dkY²À¯Pc¹ ¾·Zy
ÎÐÕÐÎÐÔÖ ±Yz¿Y¾¯ÈY½yº¸°k¾.´·z¹ ¾Z°dkY½uZd£Y¶ºcº¶¯Z³z]±º³Z£~ ¶ºkuº]¹ ¶¯Z³zº] ±Z¯{Zº ÎÐÔÖ b¸^¿uyY ÒÑÐ ÎÐÔÕ yº¿z¸ n ÎÐÔÖÕÐ ¾.´·z¹ ¾Z°dkY½uZd£Y¶ºcº¶¯Z³z]aYv´d¯~ ¶kuº]¹ ¶¯Z³z]±Z¯{ZÖ Ô
uYzY¹ ±ZZ´yZ§Z°kY¶ºcº¶¯Z³z]²¿¹vc±Z¯{yub -±Yºc¾¯aOzk¶]¶¨³M ®y¾¬²¿Yz]Z´]
±Z³ºº¯²¿Y¶]b^³¾´§Y¹¶³º-"À·¶¯Z³z]yuZ¯Yuº]µvªZouZÀdYb¿º«¹Yuyº¯yuz³\oZº uz¨¿¹y¶d^«Y vÀsz#¾¯>È^£ ¶§vÀsz#½Y¶´Z±Z°·¶]yuuZÀdYZ]^cz¯½Zº·¶¯Z³zº] yuYxº« ¹µvº³µuYu
yu b³Yu²ÀÀ¶¯Z³z]¹u{Yzc¢À£u¹ zc¾¤´¯½uZ¿{voZc±Yºc¾¯Yy¾Z°dkY½Z·\ÀM¶]ºº ¶¯Z³zº] ÑÍ µuZ¯yu>Zd¿Z¸³¹ mz¯¾Z°dkY²À¯Pc¹ ¾d¿|¸]t]yuuºkº¯½Z·yZdsZº mȺYfºp]¶¯Z³zº] ²º¿Y
¾¿MyZ§uº^¸]yZ´§yuv³Yºc¾¯¶§vÀy\¿ºc¶º] n¾ºZ°dkY²ºÀ¯Pc¯Zºk Zº³~ ªÀ¨ºcuZ¸´ºÀ¶¯Z³zº] mzZ¿¶p¿Ç{º´·¶³Z Pd¯¶#z-Y vZ]¶dYuuZÀdY½Z·¶¯Z³z]z]®·¾ºd^h¯zÀºgPcuººkº¯½Z¸·Z.dºu
bYµvÀz³¾¯ÈY½Yyº~¬l¯¾¿Z¸³\¿ºc¶]|À³º¶¯Z³z]®l´ª¹ µuZ¯²¿Y¶]º]z¯ ½yZkayYz¤¯¹ ²À³Yº£z¿ZyuuZÀdYÏÏ
yYz£²¿Y{YZ¸³M®·Y¶§vÀy]y½wkYz¯\¿ºc¶]uZÀdYuyº¯yu¾´À³Yº£¾¯ÈY[Ȥ³Y½{¹zÀº {Y~º
ÎÍbY
ÎÐÒÕ b«¹uuZd¯±Yv´¯yZ§uZÀdY¥zc½Yz]¶·Z¯Ñ b¬¸¯²ÀÀc
¶]¾³Z¯yu¹ ¾´À¯PcaZ¯Yv£Y¹ yvt¯uYº¯®¿Yzk²À^¨cz¯aY{Zºl¯v¿vºc±º³Zº£
ÎÐÒÖ ±YuZd¯©ZdY¹ Y¹Yv¯yº´¯
ÎÐÓÔ yvt¯uYº¯®WYzk²À^¨cz¯aY{Zl¯v¿vc±º³Z£ ÎÐÔÓ ÎÐÓÔ ©Z[º¯±º³Z£¶ÀoÈY
±M}ZYz]¶§bY]y½wkYz¯¹ Z¸·Z.duª°¥È¯ÎÐÔÓ ©Z[ºº¯±º³Zº£ zºZo©Zºo yu
½Yz]±º³Z£²¿Yyu bYº´°¯¾¨|uyYº¯|l]uYº¯Yº³Y¾¯Z°cz¯¹ aYyuZ¹ aYuyY¹vÀ«ºcb§ YvY¾do¹ ±Yv³{¡È ½v¤³zÀ¹ ½v¤³a¹Z d¯½Z¸cY{Zl¯yvºt¯uYºº¯ ±ZÀº$£Z#Z£¹ ±Z-v´º´§vÀº«ºc ±Z¯yu½Yz]¶kYz¯ayºyuuZd¯Z¯Yµv¾¤¬czkuYº¯z¯¶¨´¿YZ]²À´$°· bYµv¾´À]Àº
uº¾¿ZZ´±Z¯yu{Yª^£uZd¯z-Yz.¿uayZ^¶] vZ]¾¯yYuyºsz]¾³º³Z£bÀ³º¯{Y±Z¯yuµy¹u©ºyu
±Z¨¯YuZÀdY¥zcayºyu¶§b´¿Y¡º±º³Z£yub^h¯aZ¨³{Y uº¾¯aY{Zºl¯¹ [ººp¯zºl¯
uYº¯uZd¯zÀZ¿¾´´ c±Z-v´´§z¯½Yz]±º³Z£²¿Yyu uº] v·YºszÀ¯µviYzsY±YuZd¯uvl¯©ZdºY
bYµv¶dz-z³yu¾°¿Yzk|À³
±Z¯{Z½zÀ.À¹ ¾.´·zyº¯Yb³¹Z¯ n±Yz¿YyuuYºº¯ bÀº¹¿zº ¾º]Z¿{yY~ ±Yzº.¿u¹ vº°p¯±Yzº°¾º£Y{yÎÍ ÎÐÔÖ nyº§¾d¿|¸] Õ
µvµyZY±º³Z£²¿YaZ¯Z¸]Y{Y¾sz]¶] nuYº¯bÀ¹¿z¾]Z¿{yY~ ±Yº´º bºpc¢Àº¤pcyY|º- yu
vZ]¾¯ª¿wyYz£¶]¶§bY
Z]¹y²¿Y{Y bYµv¿uz.³²ÀÀcuYº¯½Yz]¾t¯½v´]¶¤^±M½Z·¶¯Z³²À¿M¹ yº§x¯±º³Zº£ yu
{YZ¿¾³Z°k¹ ¾³Y¹y¾Z°dkY[º¬¯Z³aYzÀgPcavZp«{YYyuYº¯±Yºc¾°³¾º¬±º³Zº£ {YµuZ dºY uº°³½v´]¶¤^uZÀdYuZl¿Yyu®À¤d¯aYzÀgPcZp«
{Y¶§½ºp³¶]uYº¯ nµv´´§z¯Lº~ ¹ nµZ-v´´§z¯~ {Y¾ºt¯¿zºc±º³Zº£ ²ºd¯yu bYµv³¶WYyYv³º¦À¨ cz.¿v¨¿
±MZ]^cz¯½Z·¶¯Z³²ÀWM¹ ±º³Z£yu²¨À«µvµuZ dYz¯¹ uZÀºdYaZº«{Y±º³Zº£ ²ºd¯yu
bYµv³¶WYyYn ¾´´ cZ¿¾p¿z c z¯~ ¹ nz¯Lº ~n¾.d]Y¹Z¿uZÀdY~ {Y¾t¯¿zc µv¶dz-z³yunyYyuYb^h¯bc~uºk¹½Z´¯¶]uZÀdY±º³Z£²¿YZ]^cz¯½Z·¶¯Z³²ÀWM ¾ºsz]yu
uyYv³b¤]Z¯¾°¬¿yZcZ]¶§
v¯¢¬¯¾¯º¸ ¯±Z¯yu{Y¹ µv³¾¸kºcn¾-v´´§uº~¹ n±Z¯{Y~½Z¸À-&¿¹¶]yº§x¯±º³Z£yu
bY¶dz-yYz£ z³
·Z§~ ¶]uZ¿{¶kºc®y¾¬¹bY¾^³¾dZ§yZ#unuYº¯½ZZ¤c·Z§~¶´À¯{yu±º³Z£²¿Y
±Yºc¾¯Yx«¹ uyYun½zÀ.À~¶¬°k{Y nZZ¤c·Z§~®À·Z ¯¶]¾cYyZYµuZ¯¹u¾¨¿yu¤n¶z
uyYuZZ¤c·Z§¶]½Y¶^³Zk¦¿¿Yz-¶§bz-¶lÀd³
yuuYº¯½ZZ¤c·Z§av¯±ZÀ¯¶¯Z³z]²¿¹vc½Yz]Èc zÀsY½Z¸«Z¾¡ºuyYº¯z]µ¹È
z¯Lº¾³Yºc{Z]¹ ±Z¯yu½zÀ.À¶¯Z³z]~²¿¹vc¶´À¯{²¿YyuZ-²Àdt³ bYµvZl³Y±Yz¿Y
¾¬°aZ¯Yv£Y¹ z.³º¶°·¹ ¯Zk¶¯Z³z]²¿Y¶WYyYZ] uº]yº§¾d¿|¸]±Z¯{ZyuÎÐÔÐ ©Zyu nuYº¯
©Z^³u¶] bZ¿zd-bz¶]±YuZd¯¾¿Zz±Z¯yu|§Yz¯ÎÐÔÒ ©Z{Yyº§¾dº¿|¸]±Z¯{Zº ±Z¯yu¹ ½zÀ.À¾.´·Z°·½Yyº~¾¨|{º¯M¹ ±Z¯yubYv¸]z¿{¹yºdu}ZYz]¹ ¶¯Z³z]²¿Y uz§\¿ºc¹ ²¿¹vcZZ¤c·Z§¶´À¯{yuYyn½Y ¶«Zj´Yv·Y~ ¶§v¿uz-ªÀ¨cnuZÀdY
¾¬¬°«Y²À]aYv·Z¯¹ Z¸³ºÀ³Yº´§ÏÐ
¶]|À³YyuZ´Y±M£Y¹yuyvt¯uYº¯Z]µ{yZ^¯½Z¸³ºÀ³Yº´§¾sz]z¿xZ]±Yz¿Y¾¯ÈY½yº¸°kb«¹u
{Yv´cyZ^Z¸³ºÀ³Yº´§²¿Y®·Y bY¶dz¿xuºs¾°y±º³Z£±Yº´
Ö
ÎÖÓÎ yvt¯uYº¯±ºÀ³Yº´§
ÎÖÕÕ yvt¯uYº¯¡Z#Z£Z] µ{yZ^¯±ºÀ³Yº´§ ÎÖÔÎ ±Yuz.³Y¹yuYº¯±ºÀ³Yº´§
½yYu{Z]¹ ¶z·Z§ ¾¯Zd³Y¾¿Z£aZ¯Yv£Yj¿Zd³ Î
z§w¾¬¬°«Y ²À]]Z´¯yu¹ ÈYyº§¾°ykYz¯½º{Y¶§Z·uy¹Mz]²¿zc¶³Z´À^ºs¢^zZo©Zoyu
µ{yZ^¯uZdª§zÀ]u¶d -¢^¶§bY¾«Zoyu²¿Y ÎϹÎÎbY Õ ±M¶³ÇZvy ¹ ÏÕ uZÀdYºÀµv µv¶z·Z§z¶dx-`·u¹uyuuYº¯Z]µ{yZ^¯¶kuº]{Y ÕÕÖÎ v¿Yzk{Yª¤³¶] yvt¯uYº¯Z] ÎÐ
v³Yµv¿u\ÀMz ³ÎÍÍÍ͹ µvÀyauZ¸¶]µ{yZ^¯²¿Yyuz ³ÐÍÍÍ u¹vo¹ bY
Z¨¿z¯MyuuYº¯Z]µ{yZ^¯¶kuº]{Y ÓÒ ÎÖÖÒ ©Zyu bÀ³±Yz¿Y¶]zp´¯bÀ¹²¿Y¶d^«Y
¶´¿|·Z·¹zÀ³u|°du ÎÓbY½Y¶´¿|·zµ{yZ^¯¾¯Zd³Y¾¿Z£µ{yZ^¯ÎÒ¹ÎÑbYµv¾¯Zd³Yµ{yZ^¯z ¶§v³¹y¾¯yZ°¶]µ{yZ^¯²¿Y®À¤d¯½Z·¶´¿|·¶¬°k{YZ¸·Z-uYu¶´¿|·¹ ±Yv³{zÀ³ Z¸cY{Zl¯©Z°Y Z]µ{yZ^¯yu¶dZ¿ ZdsY]Z´¯±v¶´¿|·{Y³Z¯±º#uz§¾¤¬c|À³bz¶´¿|·YyZ¸³Mv¿Z]uyYº¯`°·yu
¶]Z·¶´¿|·²¿YyZ´§yu v³º¾¯{º¯M¹ bYv¸]zÀ³µZy¹ ¶ºcz.¿u½Z·¶¯Z³z]yuZ¿®¿Yzkz¿Z ©Zoz·¶]¶§uYº¯ayZlc½ÇZ]uº uz§µyZYv¿Z]|À³µ{yZ^¯yuzÀ-yu½Z·¹zÀ³¾«Z°doY uZ{Y¾Z³¶´¿|·
¹ vZ]¾¯Zd³Y µ{yZ^¯uY|°·µyYº°·¥v³YaZkyu¶]º«¹uZ²¿Y¶§uº¾¯\^v´§¾¯¶º¹Yy¾sz] v´§ªdt¯ |À³ Yy¶¯Zk®³>Zd¿Z¸³¹ ²À³Yº£z¿Z½YzkY¾¯Zd³Y½¹zÀ³¶]uz¯uZ°dY±uz§ªdt¯Z]¶lÀd³yu
yº¯Yb³¹Z¯ yº§¾d¿|¸]±Z¯{Z±Yz¿YyuuZÀdYbÀ¹ ¿z¾]Z¿{yYyY|-ÎÐÔÖ ±YyZ¨°·¹ v°p¯±Yz°¾£Y{yÎÎ ½zÀ.À¹ ¾.´·z 812'&&3*OREDO,OOLFLW'UXJ7UHQGV1HZ
'UXJ&RQWURO+HDGTXDUWHUV,QWHUQDWLRQDO5HODWLRQV2IILFH7KH1DWLRQDO'UXJ&RQWURO5HSRUW 7HKUDQ'&+4S
6WLPPHO%LELGS
6KDUS(% 7KH'LOHPPDRI'UXJ3ROLF\LQWKH8QLWHG6WDWHV1HZ\RUN+DUSHUFROOLQVS
0HLHU.- 7KH3ROLWLFVRI6LQ 'UXJ$OFRKRODQG3ROLF\$UPRQN0(6KDUSHSS
ÎÍ
v³Z]¦¿±vu¹vp¯Z¿uº]Z³Z] bYb³ºs¹ zk¿Y|YyZd³YÈsz]µ{yZ^¯²¿Yz.¿u¶lÀd³
½Yz]¹ v´§¾¯¶¤´¯±MyY{Z]±uz§z¶]Yv£Y½z.¿uv³Z]¶¤´¯¦¿{Y±Mbu±vµZcº§¹ ¡Z#Z£ uº¾¯zdÀ]b³ºs¶]ªºd¯v¿vkyY{Z]²¿YyuuºsµZ.¿Zk®À¨pc
¾³Yv´#zÀgPcµ{yZ^¯²¿Y¶³Z Pd¯¾¯Zd³Yµ{yZ^¯®À¤d¯zÀ¹ ®À¤d¯½Z·¶´¿|·¹ yYº²¿Yuºk¹Z]
v´§¾¯®§Yyz¯¾¿Z£µZ.duZ]µv´´§z¯¶¸kYº¯¶³ uyYx-¾°³uYº¯z¯LºZ¿¿{ºcz]®·
¾¯Zd³Y_{yZ^¯¹zZ]¶§®·½uyYº¯yu uº¾¯®§uYº¯¹z¹ v¿zs¾¯Zd³Yª´z¿Y|YZ]¶³
±º-Z³º-½Z¸sZ|À³yº]|¯µ{yZ^¯¹z{YÀ¶§v³YµuYu±Z³zd¤À£uaZ«Z¯¶dZ¿·Z§z¯ yu¹ Z¸{yYmÈYZ¿¾{º¯M½Z·`¯Z³z]zÀ³½z.¿u¾«Z°doYª¯Yº¶]Yy±M¶§µuº]bY©Zoyuz¯ ÎÕ¹ÎÔv´·u¾¯]yuYº¯bÀ«º^¤¯·Z§b¿Z¸³
v]Z¿¿Y|Y ÒÕ aZÀ §ª§z-Y v´§¾¯«Z#¶]Yy¾¯Zd³Yµ{yZ^¯bÀ°·Y|À³z.¿uv·Yº¾sz]
µ{yZ^¯¶§®·b«Zo²¿zd¸]yuvy¾¯z³¶]²¿Yz]Z´] ÎÖuº¾¯µu¹|YuYº¯¾³Z]ZÀsb°À£ z] Ñ ¤ ±Y|À¯Yx«¹uyYx-¾°³uYº¯¶]±Z-v´´§z¯Lº¾zduz]¾³Yv´#zÀgPcuºuYº¯ §¶]zl´¯¾¯Zd³Y
uyYv³¾³Yv´#¾tzs|À³±ZÀ$£Z#Z£½Yz]¾¯Zd³Yµ{yZ^¯ ²¿Yz]µ¹È v·u¾°³·Z§Yyz¯Lº
v´³Yyx-¾¯±Yv³{yuYyuºsbÀ¯º¨p¯±Yy¹u{Y ÑÍ ¤Z¸³Mzh§Y v³{Yuz ]¡Z#Z£¶]zd°§uº\^¶§
buuº\^¶§v´§¾°³uZl¿YZ¸³M½Yz]¾³Yv´#zs¾¯Zd³Yµ{yZ^¯®·¾³Z]ZÀs±Z-v´¹zuyº¯yu
z·yu¹Y±v¾³Yv³{zsv·uZl³Y©Zyu¶¬¯Z¯ÎÍÍÍ ¾§z-Y¾½u²d.´Y¹yu v³yYuz]yZdy²¿Y{Y
¾³Yv³{zsùvZ]¶dYv³±uYubu{Y½Yz]ù[Yºs½Zk¾do ®·½|À#¹Yz-Y¹ bYÎÑÒÍÍ Z¸´c¶¬¯Z¯
¶]µyZ]¹u©Z¶{Y~±Z-v´´§¿{ºcª§{Y ÒÏ ¶§uº¾¯|À#Z³½yv£¶]¶¬¯Z¯uºZ]}ZÀ£yu±v v³uz-¾¯z]±Yv³{
uYº¯|À³Z¸³Yv³{ yu¾do vZ^³µv³yYu{Z]¶k¹"À·¶]¾³Yv³{aY{Zl¯vy¾¯z³¶]|À³z¯uyº¯yu
½uY{M{Y~©Z¦¿Zc±ZÀ³Yv³{{Y ÓÍ v³º¾¯¾³Yºc{Z]Z¸³M{Y Ï ¤¹ ±Z¯yuZ¸À³Yv³{ÎÓ ¤ b·
Îv³º¾¯zÀ.du>Yuvl¯
µvµuYu±Z³¥yº¿ºÀ³¹ ZÀ³z À«Z§yu¾¯Zd³Y ¾¿Z£½yYu{Z]uz^·Yyb¨¾´À ½Z·¶³º°³
±vº¨p¯uºk¹Z]¹v¹uYº¯²dYu½Yz]¾dt½Z¸cY{Zl¯ÎÖÔÓ ZcÎÖÓÕ ©Z{YZÀ³z À«Z§yu ÏbY 6WLPPHO%LELGS 6WLPPHO%LELGS 6WLPPHO%,%,'3
ÎÎ
¶kuº]¶§v]¶]ÎÖÔÓ ©Z{Yºyu bz.³ayºz¯yu·Z§Z¸cY{Zl¯²¿Y¶]uYzY{Y½uZ¿{uYvc
z¯yu Yy¾·Z§±Z-v´´§z¯{Y ÑÍ ¾do¶§v³YvÀz¯yu¿Y|YZ¸´c¶³v®§Z¸dÀ«Z²¿Y
v]©Z¶¾«¹v¹uYº¯²dYu½Yz]¾dt²À³Yº£¥yº¿ºÀ³yu|À³ ÎÖÔÐ ©Zyu v³uz§ÈYuºs
{Y ÕÑ yu¶§µuYu±Z³ÎÖÖÎ ©ZyuµvZl³Y¾]Z¿¶´À¯{ª]Z¤¯yu v³®§²ÀW¹z·¹z¾do¹z¯ {YZ¸³M±º#uº]µuZ¸³¾dZ§¶]¹yz¯ uYº¯¶]¾zduuºk¹Z]±ZdzÀ]uzsM½Z¸«Z±Y{º¯M³Yu
¿Y|Yz¯v®§Z¸³Mz³{YuYº¯zs¶§ ÎÖÖÓ yu¶§¾«Zoyuv³uº]µvzd·Z-Mz¯aYzs uº¾¯®§ Z¸³MaYzs{Y¾·Z-M¿Y|YZ]¶¨¬]Z¸³M¶]¾zdu·Z§Z]>Z¯Y|«Y¶³ uYº¯z¯¾´¿ bZ¿ ¾³Z¸-Z³yº¶]½Y¶¤´¯yu±Z-v´´§¿{ºc½zÀ.du½Yz]¾¯Zd³Y½Z¸dÀ«Z¶§ ½uyYº¯yu¾do ÏÍ
uº¾°³£ºd¯±Z-v´´§¿{ºcbÀ«Z v]Z¿¾¯¿Y|Y
fp]{Y¶§½Y¶lÀd³ª£YvoÏÎbÀ³z¿x±Z¨¯Yª°yu>Yz·ZzgR¯¶z·Z§¶¨´¿Y¶]¶kºcZ]
]Z´¯Àtc¹ Z·¶¯Z³z]yuYy¾¬YvÀ§Pc¶§bY²¿Ybz- ±Yºc¾¯ ¶z·Z§j¿Zd³_yZ]yuyº]|¯ ½Yz]½Yµv³yYu{Z]±Yº´¶]aY{Zl¯{YbYyYz£®·z-Y bYx-¾¯Zd³Y± ¾¯Z³aZ¯Yv£Y¶³º-²¿Yz]v¿Z^³ z-Y¶§bYuv¿Z]z³yuYy¶d¨³²¿Y²À´$°· v´Z]zczgR¯±Yv³{|l]¾¿Z¸cY{Zl¯v¿ZuºµuZ dYz¯
ÏÏv³yYu¾³Yºc{Z]vzgYv´Z]¾dYv¸]¶°À]Z¿{º¯Mªh¯¾Z°dkY¡º¤o{Y±uz§¹zp¯ayº¶]Z¸cY{Zl¯ ¾¯|À³uYº¯¾¹zµuzs¹ ¿{ºc`sz#uyY¹uºsz¯LºiyZt¯²À¯Pc½Yz]¶§¾³YuZd¯uyº¯yuµ&¿¹¶]
zÀ³ ¾¿Z¸¹y{YbY{Çv³yYv³½uº®¿v¿u¶§ ¾¯Zd³Y¾¿Z£aZ¯Yv£Y½Zk¶]vy¾¯z³¶]v³º uº µuZ dYyYv¯µZ-uYu±Z¯yu
:RUGHQ5(%\QXP76DQG)UDQN- 3ROLFH&UDFNGRZQVRQ'UXJ$EXVHDQG7UDIILFNLQJLQ
0DFNHQ]LH'/DQG8FKLGD&' (GV 'UXJVDQG&ULPH (YDOXDWLQJ3XEOLF3ROLF\,QLWLDWLYHV7KRXVDQG 2DNV6$*(SS 6WLPPHO%LELG
6WLPPHO%LELG
ÎÏ
ZZ¤c·Z§j¿Zd³ Î
±Z¯yuZ°dkY ¾d¯Z£Y|§z¯ÎÍ ¹ ¾¿Zz|§z¯ÕÒ ¾d¿|¸]±Z¯{Z ¾d«¹u¾t]yuzZo©Zoyu
Z¸³M {Y ¾sz]¶§µvyuZ¾ºs|§Yz¯ ~ÀPc½Yz]¾«ºYb¤Yº¯ b¿¹u u¹vo¹ uyYuuºk¹ yYv¯ ±Z¯{Z ¢¿z {Y |À³ ½{Z·Z-M ¹ ¾{º¯M >Zcv° ¶³YzÀ.À ½Z¸dÀ«Z v³Y µv yZ§ ¶] ©º¯ ¹ ~ÀPc
¹ ±Z¯yubYv¸]>YzÀsY ¹ ¾¯ÈYuZyY¹ ,´·zy¹z¹ {º¯M½Z·¶³ZtcyY{¹|À³¹yº§¾d¿|¸] ÏÐbYZl³Ybuyu¾¨|{º¯M
±Yz¿Y Zs|À³bÀ¹²¿Y v³º¾¯Zl³Y|À#Z³¾d¹yuYx«¹ ¥v³Y ½Y¶kuº]Z]Z¸dÀ«Z ²¿Y`°·
¶kuº]¹ ¶dZ¿Àtc ½zÀ.À ¶]uYº¯Z]µ{yZ^¯¶kuº]ª§{Y ÎÒ ¤ ÖÓ ©Zyu|À³Z¨¿z¯Yyu bÀ³ ÏÑbYµuº]¶z·Z§ÎÐ ±Z¯yu
·Z§z]Z¸³Mb¿º«¹Y¹ ±Z¯yu¹ ½zÀ.ÀbÀ°·Yz] ±Yz´^oZ`°·>Z^¿z¤c¶§bY¾«Zoyu²¿Y
¿Y|YzZs¶]¤²¿Y¹ uº¾¯ ®§±M¶]¾zdu¿Y|Y®y¾¬uYº¯z¯ v³Yµuz§vÀ§Pc¶z ¶]¾¯Zd³Y½Z·¶kuº]±uYu¡ºZ]¶§µv¶Àºc¹y²¿Y{Y bYz¯yYº_yZ]yuuYzYaZÈY
·Z§¶]Z¸dÀ«Z¾¿Z¸³bÀ¤º¯±º#¹ uºªÀ¸czÀ²¿Y²¿|.¿Zk¶WYyY¹ ±Z¯yu ½zÀ.À½Z¸dÀ«Z ÏÒuzÀ-ayº}ZY²À°·z]|À³]Z´¯¿{ºc¶z·Z§¶]¶³uyYu¾.d]ZZ¤c
®À´§®§ ÏÒ¾¯Zd³Y¶kuº]{Y¹ ®À´§z]Yz] Ï Yy±Z¯yu¶kuº]z-Y¶§µvµuYu±Z³Z¸¤À¤pcyu
²¹y>ȯZ§¹²¿YªÀ«u ÏÓuº¾¯¾¿ºk¶z|À³yÇuuyZÀ¬À¯ ÒÐuº¾°³®§j¿Zd³{Y ¶¨´¿Y²° ¹ n¾-v³{½Z¸cyZ¸¯{º¯M~¾´¿µvaZ^gYZ¸³M±uº]zgR¯¶§½Y¶³YzÀ.À½Z·¶¯Z³z]`³Yz ¶´¿|· bY bYyÇuÎÒÏÒ v³Yµv³ZyÎж]©Z¶ZcYyª¨«Y¹ Ào¹ yZ.Àz¯v¿vkuyYº¯¶§ 67$5
yu uyYu¶´¿|· uzz·½Yz] yÇu ÎÕÍÍÍ ½zd]±Z¯yu¹ z ³z·½Yz]yÇu ÒÍÍÍ ¾¿Zz±Z¯yu©Z ¦¿
ÏÕ¹ÏÔuº¾¯yÇuÏÒÍÍÍ ©Zyu¾³Yv³{z·¶´¿|·¶§¾«Zo
8UXJ&RQWURO+HDGTXDUWHUVLELG3
)DOFR 0 'UXJ 3ROLF\ LQ /RZLQVRQ -+ (WDO (GV 6XEVWDQFH $EXVH $ &RPSUHKHQVLYH 7H[ERRN%DOWLPRUH:LOOLDPVDQG:LONLQV3S 6WLPPHO%LELGS 6WLPPHO%LELGS
0F'RZHOO'0 6SLW]+, 6XEVWDQFH$EXVH )URP3ULQFLSOHVWR3UDFWLFH3KLODGHOSKLD %UXQQHU
)DOFR0LELGSS
ÎÐ
yu¶´¿|· yÇuÑÔ {Y½zÀ.Àyu¶´¿|·yÇuz·½Y{Y¶]¶§µvµuYu±Z³aZ«Z¯yu²ºÀ´$°·
µuY{Z´À]¢À¤pc ÏÖuº¾¯½zÀ-º¬k½v]½Z·¶´¿|·yÇuÔÎÑ {Y±Z¯yuyu¶´¿|·yÇuz·½Y{Y¶]¹ ±Z¯yu
v{Y¾Z³¶´¿|·©Z¿yÐ {Y½zÀ-º¬k\^±Z¯yuyu¶´¿|·©Z¿y¦¿z·¶§µuYu±Z³|À³±Yz¿Yyu ÐͽyuZ³¹ uº¾¯±Z¯yu
¾dYv¸]yYº·Z§j¿Zd³ Ï
bYuYº¯{Y¾Z³½Z·zk¶]º]z¯uyYx-¾¯¶¯Zkbu½¹yuYº¯z¯¶§½Y¶´¿|·{Y ÔÑ
¶dYuyYyuY b^h¯ ¿Z¯{Mv³Yµv¾³Yv³{Z¿zÀ.du²s®¿Yzk[Z¨cyYªÀ«u¶]¶§¾³Z§{Yº¹uu¹vo ÐÎv³Y µuz§yY|-zk[Z¨cyY±Z¯{yu±Z±ZÀ³Z]z£Z¿uºsyuYyuYº¯z¯Z¿v³Y
z¯Lº¶]º]z¯{v¿YuyYº¯_v°±Z¸kZ¤³½yZÀ]yu bY{v¿YuYº¯z¯zº.¿u¶ºyZ
±Z-v´´§z¯Lº{Y ÓͶ§½yº¶]bYz¯LºiyZt¯²À¯Pc½Yz]ZpZ¿¾¤¿y|cª¨¶]uYº¯ ¾¯qy¾¤¿y|c±Z-v´´§z¯ Lºyu{v¿Y¶]º]z¯½Z¸-z¯{Y ÒÍ ¹ v´d·{v¿Y}¹z¿¹¶]µuº«M²ÀW¹z· ½zÀ.À¶´¿|·¹ yÇuÎÏÍÍÍÍu¹vo{v¿Y}¹z¿¹¶]µuº«Muz¦¿{Y½yYv¸.³¶´¿|·z.¿uz{Y ÐÏvº·u
ÐѹÐÐbYyÇuÑÒÍÍ }¹z¿¹©Z¤d³Y{Y
yu>Èh¯ v³YµvYzkY¹ mz¯ uYº¯z¯Lº¾dYv¸]yYº·Z§½Z·¶¯Z³z]¡ºaZ¨³¶]¶kºcZ]
½zc½vk±Z «Zt¯Z·¶¯Z³z]²¿Y uº¾¯YzkYz¸ÓÍ yu,³z¿ºc½Z·¶¯Z³z]Z¨¿z¯YyuzºZo©Zºo bYµuz§º´°¯YyZ·¶¯Z³z]²¿Y½Yz] ©Yyv½Z·¶kuº]zZ¨¿z¯Yµz.´º§ ÎÖÕÕ {Y¶º§ ½yºº ¶º] uyYu
Lº¾zdu¿Y|Y v³z°¾¯ z]uºsb «Zt¯½Yz]µv°ªÀ«u¹uyYº·Z§½Z·¶¯Z³z]±Zººººº «Zt¯ ¿Y|YYyuYº¯z¯Lºv³Yºc¾¯z¯Lº¾Z°dkYvÀ¿Pc²dyÇZ]|À³¹ ,³zº ¶º] ±Z-v´º´§zº¯ yu¢Àºc²°Z·¶¯Z³z]²¿Y¶§uº µuYu±Z³·¹&¢¿z{Y¶§µuYuµ{ZºkYµz.´º§ ©Zºo ²º¿YZº] vº·u
6WLPPHO%LELGSS
©Zyuyº§¾d¿|¸]±Z¯{Z¾¿Zz¾³Yºc{Z]|§Yz¯uz¨¬°½uZd£Y¾]Z¿{yYÎÐÕÎYz¸º ½yuZº³ ¹vº°p¯µuY{Z´ºÀ]ÐÍ ÎÑÒÎÒÔÑ_yZ°©¹ÇZ¾Z°dkYµZy`¯Z´¬ÎÐÕÍ )DOFR0LELG3
6WLPPHO%LELGS
6WLPPHO%LELGSS )DOFR0LELGSS
ÎÑ
¹u²¿Y¾¤À¤pcZl³YZ]|À³ùZ¸¿yZ°À]{Y½zÀ.À|§z¯ùv³º¾°³uZÀdY ºÀ¿Y|Y\^{v¿Y{Y½zÀ.À
ÐÒbYµuYu±Z³Yy¶d¨³
yZ¸#¶¯Z³z]½Yz]¾¿Z·uZ¸´À Ð
¶]t¯_yZY¶ºc½Z·¶¯Z³z]yu±º´§Zcvz§w¶dx-¶ºc½Z·¶¯Z³z]y¹z¯yu¶§±Z´º# x ®¸^¯¹ ,³z°§yZÀ]Z¿¶dYv³uºk¹Z¿yº§¾Z°dkYª¨¯²¿zd°¸¯>ÇZ°doY ±Yº´º ¶º] uZÀºdY
¶]Z¸³Myu¹ v]Z¿ ZdsYuZÀdY¶]>Zt¯ v¿Z]¶ºcyZ¸#¶¯Z³z]{Y¾¿Z¸t]²¿Yz]Z´] bYµuºº] Z]µ{yZ^¯½Z·¶kuº]zd¸]uz§¶´¿|·½Yz]²À´$°· uºµyZY¾cZÀ¬°>ȯZº§ ¾º¿Z¸d¿º«¹Y¹ Yvº·Y ·Z§yu©Zuvd¯½Z¸·Z.du¾t]²À]½yZ¨°·½Yz]¾´¹y½Z·yZ§¹{ZbºY{ÇuZÀºdY
zd-\^uºZ¸³M½Z¸dÀ«Zz]Yz]yu¾³Z¯¶¨´¿Y½Zk¶]Z¸·Z.du²¿YuvcZc uº¶À^cZZ¤c uºyYº·Z§¹ ±Z¯yu½zÀ.ÀzdÀ]¶#z·
·Z§yu v³Yµuz§mz¯Yy¶z·Z§ yZZ¤c·Z§b¿º«¹Yvy¹z¯±º´§Zc¶§¾]Z´¯`º°· x ÏÍÍÍÍÍÍu¹vo¾³Z¯yuaZ¯vsv´¯{ZÀ³bÀ°kyº§yuuZÀdYºÀ Ð u¹vozZ]|À³ZºZ¤c
bÀ°k½Z¸´¯yº§bÀ°k`°· z ³ÓÍÍÍÍÍÍÍ u¹vo¶³YzÀ.ÀaZ¯vsv´¯{ZÀ³bÀ°k¹ zº ³
z]µ¹ÈZ¸³Mzh§YuZÀdY½ÇZ]uºªÀ«u¶]±YuZd¯bÀ°kyuz.¿uz{Y uº] vº·Yºs ±YuZdº¯ bÀ°k±uYuyYz£Z´^¯Z]\Àczc²¿Y¶] v´d·|À³yYº·Z§aZº¯vsv´º¯{ZÀ³¾º³Z¯yuaZº¯vs
®Ày¾¯±Z¯yuz]¹uz·¹ yYº·Z§z]½zÀ.Àb¿º«¹Y¶]aZ¯vsv´¯{ZÀ³
v´§¾¯vÀ¿PcYyyYº·Z§¹ ½zÀ.À {Y±Z¯yub¿º«¹Y±uº]zºc ²ºÀ¿Z¶º§ ½zº.¿u©ÇvdºY x bY±Z¯yu¶zyubÀ«Z¶]¾ºst]b^y
b¯vs²¿Yz]Z´] v´·u¾¯rZYy½yºPd^³{ZÀ³¦¿¶§bY½Y¶³º-¶]¾º³Z¯yuaZº¯vsbºÀ°·Y x bÀ«Z½Yz]Yy¶´À¯{²¿Y¹ v´d·±M¶´¿|·bsYuz¶]zZoaZ¯vs²¿YbZ¿yu ½Yzº] ±Z-v³zÀº-
¹ {º¯MzÀ³¶³YzÀ.ÀaZ¯vs¶º§ ¾º«Zoyu v´º§ ¾º¯ ®·Yzº µ{ººo ²º¿Yyu¾ººsºt] yu ºt]uYzY¹y²¿Y{Y v´´§½zÀ-º¬kµv´¿Myu ¾«Z°doY ¾¬¨¯º£¹{YbºYyYzº£ ½{Zº·Z-M Z] v³yYuaZ¯vs²¿Y¶]®·½zdÀ]{ZÀ³>Z£Z cY¶§v¯Myu®§½Z·µuYº³Zºs zÀº³zºszº ½Z¸·¹zº-
bsYuz¶]¾d^yv³yYu¶§¾¿Z·{ZÀ³Z]±M`¿Z¤¯¹ ±Z±ZÀYzYZ¿ uºs±vyZ#u©Z°doY`^Zp¯ )DOFR0SS
ÎÒ
v¯Myu¶´¿|·yY|->Èh¯v³yYv³ ¾ºst]£ºcvoyuª£YÇ ¶³YzÀ.ÀaZ¯vs½Z·¶´¿|·
¦·u¶#z·¶§bY±M{Y¾§Zo ÎÐÕͱYz¿YyZ¯M|§z¯ ÎÐÕÎ ©Z½yZ¯M¶¯Z´«Z}ZYz]yYº³Zs ÒÒ ¶]¦·u²¿zc²À¿Zyu¹ v]Z¿¾¯·Z§¾§YyºszÀ½Z·¶´¿|·®¸u¹y¾¯zc²ÀWZ½v¯Myu
yu©Z¶§½Y¾ºst]|À³>È°zZo©Zoyu¶§bºY±Mº¹²º¿Y`lÀd³ vºy¾º¯ uyZ ]±M¶]Yyuºs¶ À¹²¿Y½vcv³Yºd]b«¹u¶§uyYv³uºk¹>ZZYvZ]½zÀ.À
±Z¯yu¶]¾ºst]b^y`°·>Z^¿z¤c v´§¾¯zd´¹yYyºº¯¶d¨³¦¿¶d^«Yuyº¯²º¿Yyu x ½Z¸¹y±ZÀ¯{Y¹ bY ±º§zd«Z³ µv³yYv¸.³ayº¶]¶#¹ ¾¿Yu{®ayº¶]¶#¾¿¹yYu½Z·
dÀ°·Y`°·Z]¶$³M²¿Yz]Z´] bYt]²¿Y¶£Èuyº¯±¹uZd¯Z]¾´¿|.¿Zk{Z]|À³yYº·Z§ ½Z¸¹yz¿Z¹¾¿¹yYuzÀ_v³yYv¸.³½Z¸³Z¯yuuzÀ-yYz£v¿Z]b«¹u_vº¸zº] ¹v³Zº¯ ¾º¯ ²ºÀ¯{z]
bYyYº·Z§
¾d«¹u]Z´¯Àtc~ ¹ ¶ºcyZ¸#`¯Z³z]²¿¹vcyuz¿{½v´]b¿º«¹Yb¿Zy\Àczc²º¿Y¶º]
vy¾¯z³¶]½y¹z
½zÀ.À
¾¿¹yYuzÀµv³yYv¸.³½Z¸³Z¯yu
yYº·Z§
¾¿¹yYu½Z¸³Z¯yu
¶z·Z§
ÎÓ
¾sz ¸£¾³v¯vÀ ¾Ày²ozd§u
(0DLO 6$(,'0$'$1,#
z¿ZyZ´§yu¾Z°dkYyº¯Y [Ȥ³Y{Y~¹ ª^£¶³ÇZ½Z·¶kuº]²À´$°·¹ ¶ºc½Z·¶¯Z³zº] yu
¶¯v¤¯
yu©Zh¯±Yº´¶] bYµvµuYu ZdsY±M¶]¾¸kºcª]Z£>Zd^³¶kuº]¹ µuº]±Y|¿y¶¯Z³z]¶kºcuyº¯yº¯Y
¾d¿Z°o½Z·t]ª§¶kuº]ÎÐÕÎ ©Zyu¹ ¶dYu¢¬c¾Z°dkYyº¯Y¶]aYyZ^dY{Y¾°À³z]«Z]ÎÐÔÔ ©Z ¾¯º°¶kuº]ª§vyuÓÓ ©uZ¯>Z^¿z¤c¶§¶dZ¿¾³¹|©Z¿yuyZÀ¬À¯ÖÐÒÐÍ ¶º] yºº§¾ºZ°dkYaZº¯vs¹ yº¯Y¶]¶dZ¿ÀtcaYyZ^dY{Y|À³¾Z°dkY²À¯Zc¹ ¾d¿|¸]t]®¸²¿Yz]µ¹È bYµuºº] bº«¹u
©ZyuvyuÎÓÒ ¶]ÎÐÒÕ ©ZyuvyuÎÏÒ {Yb^³²¿Y v·u¾¯±Z³Yy½Yµv´¿Y|vº³¹y¾ºZ°dkY
bYµuº]¾Z°dkYªWZ¯¶]z¯Y±ÇºX¯¶ºkºcz.³Zº³¶º§ µvÀºyÎÐÕÎ ©Zº yuvºyuÐÑÖ ¹ ÎÐÔÍ
¹ ¾³Z¯Z]Z³{Yb¿Z¨oyº§yu¾Z°dkY½Z·sZ{Y½yZÀ]¾yz]µ&¿¹¶ºkºc²º¿Y®ºy¾º¬¶³Z ºZd¯
yuYy¾Z°dkYb¯ÈzZo©Zoyu¾Z°dkYaȨ¯¹ Z·\ÀM{¹z]¹ ºÀv³¹y v´§¾¯½vk½Z·±Yzp] ¹ ¾³ºÀYuYº¯¶]uZÀdYµv¿v¶´À¯{²¿Yyu bYµvÀ¯Zl³Y¾Z°dkY¶¿Z¯z\¿ztc¶]¹ µuYuyYz£zszº¯
©zd´§¶´À¯{yu¾³Z³Y¹ ¾«Z¯½vk½yYx-¶¿Z¯z bYµuz§YvÀ½YµvÀ$À¹ j³z]bÀ¹uYº¯z¯Lº ½|À¯MµzZt¯ª¨¶]uZÀdY{¹z]¹ ºÀqz³¹ µuYv³½z°gZZ¤c¹ ¶z ·Z§{Y®YuYºº¯ zº¯Lºº Z·uz¨¿¹y¾yz]¹ v¤³²°uZÀdYZ]µ{yZ^¯¶´À¯{yuZ·uz^·Yy¶WYyYZ]uyYuÈc¶«Z¤¯²¿Y bY¶dZ¿¿Y|Y
¶]Yy¾¿Z·b¿º«¹Yµ{yZ^¯²¿Yyu½vkbÀ¤º¯vª¬¹ yº§Z¤³nÀºc¹ ¶ºc¶¯Z³z]¶yuZ·bºZÀ¹
v¿Z°³¶Àºc¶ºcyZ¸#¶¯Z³z]yu±Y|¿y¶¯Z³z]¶kºcyº´¯
¾t^³Yºc¹ ¾d¿|¸]º¬µZ.³Yu¾°¬bXÀ·º¹ yº§¾d¿|¸]±Z¯{ZuZÀdYzduª§z¿v¯¹ ¦| ³Y¹y
º¬µZ.³Yu¾Z°dkYµZy¾·¹&µ¹z-º¹ ¾ºZ°dkYµZºy¶¯Z´¬ºzÀ]uzº ¾ºZ´³Y¹yvºyY}Z´ºyZ§
¾t^³Yºc¹ ¾d¿|¸]
Î
uYº¯©zd´§½Z·uz^·YyÎ
±M{Y¾Z³aȨ¯¹ uYº¯©zd´§½Yz]µv¶dsZ´¾¬Yuz^·Yy¹uÎuºkº¯]Z´º¯ ºº³ }ZºYzº]
®§YyuYº¯¶]¾zdu¶§bY¾¯Yv£Yz·¶z·Z§{Yyº´¯ ZZ¤c·Z§¹ ¶z·Z§ uyYuuººk¹
µuzs|À³¹ µv°±ZÀ$£Z#Z£aY{Zl¯²¿|.¿Zkb§j¿¹zcZ·{z¯b¿º¤czÀº³¾ºcZ¯Yv£Y²º¿Yz]Z´º] v´º§ ²¿YyuZ¸dÀ«Z¾¬Yyºp¯ v³zÀ-¾¯yYz£¶du²¿Yyuv´d·µv´´§¿{ºc±YuZd¯>Zcv°¶§uYºº¯ ±Zº¹z ¶³º-z·±M{Yyº´¯¹ bZZ¤c·Z§z.¿uuz^·Yy bY¾¯Zd³Y¾¿Z£¹ ¾¯Z³½Z¸dÀ«Zuz^º·Yy
²¿Yyu v]Z¿·Z§Z¸³M¶]¾zdu±Z¨¯YvZ¿±Z¨¯Y{Yz´zuYº¯z¯uº\^¶§bY¾¯Yv£Y yu¹ v³º¾¯µv³Yºs GHWHUUHQFH ½yYu{Z]¶§v³zÀ-¾¯yYz£¾¯Zd³Y± ¾¿Z£½Z¸dÀ«Z¾sz]|À³uz^·Yy {Y[Z´dkY½Yz]uYzYvZ]aY{Zl¯\kºd¯Yx«¹ uº¶d³YuzkuYº¯z¯z-Y¶§bY²¿Yz]zZ¸³M
½z.¿u½Z¸¹yaY{Zl¯¹ ±º³Z£¢¿z{Y½yYu{Z]z]µ¹ÈZ¯Y uz§v´·Yºs[Z´dkYuYº¯z¯{YaY{Zl¯ zZ¸¹y²¿Yyu v³zÀ-¾¯yYz£¾dYv¸]½Z¸dÀ«Z[º#yZ#yu¶§ uyYuuºk¹uYº¯½ZZ¤c·Z§½Yz]|À³ Lº{Y½zÀ.Àyu bY±Z¯yu¹ ½zÀ.Àª]Z£Yx«¹ ¾dYv¸]ª¨¯¦¿uYº¯z¯¶º§ bºY²º¿Yzº]
¹ {º¯MzÀ³¾¿Z¸dÀ«Z v¿ZÀ³uºk¹¶]>ZZYuYº¯½Yz]ZZ¤c¶§bY±Mv·uYº¯¶]¾.d]Y¹¹ z¯ ²¿v«Y¹¶]¾dÀ]zc½Z¸cyZ¸¯{º¯MuYº¯z]Yz]yub¯¹Z¤¯½Z¸cyZ¸¯{º¯Mz¯aYzs_yZ]yu½{Z·Z-M
yu¾.°·Zp¯ª¯Yº¿Y|Y¹ zsª¯Yº·Z§>Ⱥ§ ¹uYºº¯ zº¯½Yzº] ¾º¿Z·²º¿|.¿Zk¶ºWYyY
¶]º]z¯uyYuuºk¹ª «Z]ayº¶]¶§uYº¯½ZZ¤c{Yt]±M¾«¹ v³zÀ-¾¯yYzº£ ½zÀ.ºÀ[º#yZº#
v¿Z]|À³¾.d]Y¹¹ z¯Lº±Z¯yu¶]ZZ¤c·Z§½Yz]²¿Yz]Z´] bY±YuZd¯¹ ±Z-v´´§zº¯Lºº ¶§bY±Mµv³yYv¸.³±Z¯yu{Yyº´¯ µv³yYv¸.³±Z¯yu¹ ¾¿uY{® bYt]¹uª¯Z±Z¯yu uz§¶kºc
ªh¯¾dsZ´±Y¹y½Z¸³Z¯yu Î ¢¿z{Yyº´¯²¿Y uy¹ZÀ³½¹yuYº¯z¯¶]µyZ]¹uµvº ¾º¿Yu{®º uzº ¾¿¹yYu½Z¸³Z¯yu Ð |À³¹ VHOIKHOS ½yZ¿uºs½Z¸·¹z- Ï ¾-uYº³Zs¹ ¾º·¹z-½uzº ¾º³Z¯yv³Y¹y
bY 7KHUDSHXWLF &RPPXQLW\ yYv¯±Z¯yuZ°dkY¾dsZ´±Y¹y½Z¸³Z¯yu{Y¾¨¿ uº¾¯²À¯Pc
¶WYyY¾¿Zzayº¶]¾¿¹yYu½Z¸³Z¯yu¾dsZ´±Y¹y½Z¸³Z¯yu¶Àº¤] uºº¾º¯ Zºl³Y¾ºd¯Z£Y|º§Yz¯yu ¶º§ ª]Z£½zd]¹ ¾¿Zzayº¹uz·¶]bYµv³yYv¸.³½Z¸³Z¯yu`°·zÀ¶§¾¿Yu{®º v³ºº¾º¯
±Yºc¾¯¶³º°³½Yz]uº¾¯bZ¿¾.d]Y¹¹ z¯Lº¶]º]z¯]Z´¯zh§Yyu±MaZpÀºc¹ ½v´]®À¤c²º¿Yú uz§µyZººYz¿{^´¯¶] 6WLPHO % 'UXJ $EXVH DQG 6RFLDO 3ROLF\ LQ $PHULFD 1HZ
uYº¯¶]uz¾°k¾.d]Y¹¶§ bY±Mv· v§¾¯©º¶d ·ÎÏ >Ǻ°¯¶§¾¿Yu{®yu bY¶ºWYyY aYuZ¾´¿¾³Y¹y¾.d]Y¹yyº´¯¶]v³Yºd]uz~ Zcv]Z¿·Z§¾¸kºcª]Z£voZc¥zc®WȾ´¿
¶§µv³yYv¸.³½Z¸³Z¯yuyuv´·u¾¯¡ºuYº¯uvl¯z¯¶]Yy¹Y¶§z¯±Yy¹u{Yµv³Z¯{Z]½Z·yZdºy¹
v´§b§zv´d·©Z¹u¾¨¿ZcµZ¯v´#voyu¹ zc¾³Çº>Ǻ°¯
½yZ¨°·¢¿z{Y±Z¯yu¾·v³Z¯{Zº ¾ºº³ 'UXJ&RXUW7UHDWPHQW yYvº¯µZº-uYu±Zº¯yu
±M¶]¶d]Y¹®¿YzkZ¿uYº¯z¯zk¶]uz±M¾¶§bY¾º¯Zd³Y± ¾¿Zº£ºt]Zº] ±Zº¯yuºt] ¶]¾¯Zd³Y½¹zÀ³z³z¿{±Z¯yuªoYz¯±uz§¾¶]zÀt¯±Yv³{zÀ³¾¿Z£®¨oy¹v{Y~¹ zÀ.du
uº¾¯¶dZ§¹YbÀ¯º¨p¯{Y±Z¯yuyubzÀyYv¤¯½Y{Y¶]¹ uº¾¯¾¿Z£bÀ¯º¨p¯ª°pc½Zk
rZ±M¶]±Yºd]ZZ¤cZ¿¶z·Z§Z]¶§uº¾°³u¹vp¯uYº¯z¯¶]¤uZÀdYª¨¯¾«¹
±Z.³Z³ {v¿YzÀ³½|À¯MµzZt¯¾dYv¸]yYº¾¤¿y|cayº¶]µ&¿¹¶]uYº¯z¯Lº¶º¨¬] uYu
z]Z´] v´§YvÀ½zdÀ]bÀ°·Y|À³uYº¯¶]¾.d]Y¹uºs{Yv³Yºc¾¯µZ-¶§uyYu|À³ >Z§Z³@ ¾´°¿Yuº^°§¾]Zd§Y ¶§bsYuz|À³¾¯ºuz^·Yy¶]v¿Z]uºkº¯uyYº¯±Z¯yu¹ v¿vkuyYº¯{¹zº] {Y½zÀ.ºÀzº] µ¹Èº ²º¿Y
{Y¾¬À«u¶]¶§¾³Z§yu +DUP 5HGXFWLRQ z¯Lº¾dºYv¸]yYºº ·Zº§ {YbºYayZ^º {YµuZ dYZ]¶§¾¤¿y|c±Z-v´´§z¯LºyZÀdsYyu,³z±uYuyYz£zÀ³¾¿Z¸dÀ«Z v³z]¾°³uº±Zº¯yu
¶]Yyzs®§½Z¸¹y{º¯M¹ ¹v³Z§¿{ºc¹ v³º¾¯uºs±ZÀ¯yu{v¿Yzd-\^¥zdº¯,³zº yu¾´kZ^cyY¢¿z{Y{v¿Yzd-{Y½zÀ.À½Yz]Y¾´k¦¿z¹ µv´´§z¯Lº¶º] ¾º´k 0HWKDGRQH0DLQWHQDQFH ±¹uZd¯Z]µv³yYv¸.³±Z¯yu¶$³MbY²À´$°· v³zÀ-¾¯yYz£¶du²¿Y µv³Yºs 0HWKDGRQH5HSODFHPHQW7KHUDS\ ±¹uZdº¯ Zº] ²º¿|.¿Zk±Zº¯yuZº¿ 7UHDWPHQW
zsuYº¯½Zk¶]±¹uZd¯z¯ v´§¾¯z¯Yy±¹uZd¯uYº¯z¯Lº½Zk¶]uz±Myu¶§uº¾¯ ¿Y|YYyuz¾Z°dkYuz§yZ§¹ ©ZdY¹ ·Z§YyuYº¯²À¯Pc½Yz]zk[Z¨cyY|À³¹ ±MyYºº ¹¢¿y|ºc
v·u¾¯
Ð
¾.d]Y¹¹ z¯Lº{Y¾Z³aȨ¯¹ uYº¯©zd´§½Z·uz^·Yy ©¹vk ²¿|.¿Zkb§j¿¹zc
¶z·Z§Î
Z·{z¯b¿º¤c
±È§±ZÀ$£Z#Z£aY{Zl¯
µv´´§¿{ºc±YuZd¯ ±Z¹zµuzsaY{Zl¯ ¾¯Zd³Y± ¾¿Z£½yYu{Z]
ZZ¤c·Z§Ï
¾³Y¹yb¯È½Z¤cyY¹ ½zÀ.À
µv³yYv¸.³¹ ¾¿Yu{® ¾³Yºc{Z]¹ ±Z¯yu ,³z¹ ±{º¿{ºc
¾dYv¸]yYº·Z§Ð
¾´kzs®§¶]Yy{º¯M¹ ¹v³Z§¿{ºc
±¹uZd¯¾´¿|.¿Zk
uZÀdYZ]µ{yZ^¯¶]¶ºc½Z·¶¯Z³z]¹ aYyz¤¯¹ ²À³Yº£uz¨¿¹yÏ
uZÀdYZ]µ{yZ^¯yu¶ºc½Z·¶¯Z³z]uz¨¿¹yÏÎ ¶ºc©¹Y¶¯Z³z]ÏÎÎ
b·,´k>Zºs¹ ¾¯ÈY[Ȥ³Y½{¹zÀ{Y~¾Z°dkY¹ ½uZd£Y¾ºZÀ½Zº·±Yzºp]
©¹Y¶¯Z³z]yubÀ£Y¹²¿Y uy¹M®·YzYy¾Z°dkYaȨ¯{Y½Y¶º°l¯ºÀ¹ {¹z]¶´À¯{ ÎÐÓÍÓÕ ¶«Z ¿Y|Y¾.´·z¹ ¾Z°dkYaȨ¯uZ]Y±vµuzd-{Y±M ½Z·bºÀyu¹ bz-yYz£¶kºcuyº¯¶ºc
v¾³Yz.³{Yz]Yyvt¯uYº¯z¯µv´¿Y|ºÀ¹ ¾Z°dkY½Z¸¿yZ-{ZZ³
v¿uzcÈ]yZgM¶¬°k{Y¹ yº§aȨ¯z.¿u{Y¾.´·z¹ ¾ºZ°dkYªWZº¯uZº]Y±vº µuzdº-~
yº§bÀ°k±YºkyZdsZ¶]¶kºcZ]µ&¿¹¶]ªWZ¯ ²¿Y bYzÀsY½Z¸«Zº yuyºº§bºÀ°k¿Y|ºY
n v´§¾¯{¹z]yvt¯uYº¯{YµuZ dY¹ ¾Z°dkY½Z¸¿yZ-{ZZ³¿Y|Yayº¶]±Yºkº³¹ ±Yºkz£yu>Zcv°
Ï
½uZd£Y¥yYv¯|§z¯ ÎÐÓÕÔÏ ±Yz¿Y¾¯ÈY½yº¸°k¾.´·z¹ ¾Z°dkY½uZd£Y¶ºc©¹Y¶¯Z³z]±º³Z£bºÀ~ ¶kuº]¹ ¶¯Z³zº] ±Z¯{Zºû ÕÎ ÎÐÓÕ aYyZd³Y¹ ¾Z°dkY±
Ñ
zÀsY½Z¸«Zyu±MuZ]Yzd-¹ ¶¯Zkyu½yZ¨À]µv¿vuºk¹~ bYµv¯Mz.¿u½Zkyu²À´$°·
¿Y|YzÀ³±M¾Z°dkYaYzgY¶¨¬]¶dYu½uZd£Y¾ ´¯yZgMZ¸´c¶³¶º§ bºY½zº.¿u¾ºZ°dkYª¨º¯
n bYuº¸¯|À³®¿Yzk
Ð
uZÀdYªWZ¯¶]\¬Y¹ µv³uZÀdY½Z·¶¯Z³z]¶]¾p¿zµyZYuyº¯¦¿yu|k©¹Y¶¯Z³z]²ºd¯yu
º½Z·¾¯s bYµvµyZY n¾Z°dkY½Z·\ÀM~ ¾¬§±Yº´bpc¾Z°dkYaȨ¯z¿Zªhº¯ ¹ ¾Z°dkY½Z·\ÀM½Yz]t¯½yYx-b¿º«¹Y¶ººc©¹Y¶¯Z³zº] yuzº.¿uayZ^º ¶º] Ñ ®º¸³¹ ®l´º
bYµvµyZY ÐÎÖ v´] nuZÀdY¾´§¶¿y~ ¶]uyº¯¦¿yuZ¸´c¹ µv³Z¸³MZ]µ{yZ^¯Z¿·Z§½Z·¶¯Z³z] ½Z·¶¯Z³z]yuav¯v´¬]±Z¯yM¦¿±Yº´¶]v³Yºc¾¯ $GGLFWLRQHUDGLFDWLRQ uZÀdY¾´§¶¿y¶#z-Y ¶¯Z³z]½YzkY¶«ZÒ Z¿Ñ ¾³Z¯{µu¹vp¯¶]¶kºcZ]©¹Y¶¯Z³z]²d¯yu±MmzZ¯YuzÀ-yYz£¶kºcuyº¯uZÀdY
z¯{Y¾t¯®¸ ·Z§~ ¶]©¹Y¶¯Z³z]z-Y£Y¹yu uº³zÀ¯±M±v¾cZÀ¬°±Z¨¯YZcv\kº¯
±Z¿Zyu>ÇZ°doY®·¹ uº]z¿x ³Z¨¯Y±M±uz§¾cZÀ¬°®·>Z³ZÀoYuz§¾¯¶kºc¾cZÀ¬°v·±Yº´¶] nuYºº¯ {Y½zÀ.Àz]vÀ§Pc{Y~©¹Y¶¯Z³z]ÖÎÏ v´]yu bYuuºk¹Z·¶¯Z³z]{Y¾t¯¾]Z¿{yY±Zº¨¯Y¶¯Z³zº]
²À°·yu¶§Zl³M{Y bY¶dz-yYz£vÀ§Pcuyº¯±Z³M½Z·µuYº³Zs¹ ±ZÀ³Yv³{i¹zs{Yv]b^£Yz¯Zl³Y®¿Yzk z³¶]v³uYu¾¯ªÀ¨cuYº¯±Z-v´´§z¯Z¿±Z-v´´§¿{ºcYyyºº§±ZÀº³Yv³{{Y¾º°À³¶º] ¦¿u|º³ µy¹u
z·yuZ¯Yv³uYu¾¯ ªÀ¨cuZÀdYZ]^cz¯±ZÀ³Yv³{½Z·µuYº³ZsYyªY²¿Y±Z^Zt¯{Y½uZ¿{t]vy¾º¯
bYµv³µyZY¾t¯b¿º«¹Y¶]¶¯Z³z]yu®·{Z]©Zo
¶]zl´¯uZÀdYZ]µ{yZ^¯Z¿·Z§½Z·¶¯Z³z]¶]b^³©¹Y¶¯Z³z]uz¨¿¹ybÀZ v¹ ¾¿ZyZ³²º¿Y
¾«ºd¯£Y¹yu ¶§¾Z°dkY²À¯Pc¹ ¾d¿|¸]t]¾]Z¿{yYyu¶ºc©¹Y¶¯Z³z]uz¨¬°yY|-yu¶§v±M
²¿Y ÒuºµyZYboYz¶]¾Z°dkYb¿z¿v¯¶]uºº] uYºº¯ ½ZºZ¤c·Zº§ Zº] ^ºcz¯½Zº·¶¯Z³zº]
yu¾d¿|¸]t]Z¤³ ºsyu¶kuº]¹ ¶¯Z³z]±Z¯{ZÎÐÔÒ ©Z½uZd£YyY|-yu½zÀ-¶lÀd³ Óbz-yYz£vÀ§Pcuyº¯|À³©¹Y¶¯Z³z]
±Z°·Ð ±Yz¿Y¾¯ÈY½yº¸°k¾.´·z¹ ¾Z°dkY½uZd£Y¶ºc©¹Y¶¯Z³z]±º³Z£~ ¶kuº]¹ ¶¯Z³z]±Z¯{ZÑ ½uZd£Y¶ºc©¹Y¶¯Z³z]uz¨¬°±Yz¿Y¾¯ÈY½yº¸°k¾.´·z¹ ¾ºZ°dkY½uZºd£Y¶ººc¹u¶¯Z³zº] aYv´dº¯Ò aYyZd³Y¹ ¾Z°dkY½uZd£Y¥yYv¯|§z¯¶kuº]¹ ¶¯Z³z]±Z¯{Z ÎÐÓÕÔÏ ±Yz¿Y¾¯ÈY½yº¸°k¾.´·z¹ ¾Z°dkY ÒÎÍ ¥yYv¯|§z¯ nÎÐÔÒ ©Z½uZd£YyY|-±È§uZd£Yzdu¾.´·Z°·¹ ½uZd£Yyº¯Yb³¹Z¯~ ¶kuº]¹ ¶¯Z³z]±Z¯{ZÓ ÒÑÒ ÎÐÔÓ ²°¸]¹uv¬kaYyZd³Y¹ ¾Z°dkY½uZd£Y Ò
¶ºc¹u¶¯Z³z]ÏÎÏ
½Z¸^ÀM¶]ÓÖ ¹ ÎÏ ½Z·µz^c¹ º¹u©¹Y½Zº·¾º¯ºs ¶ººc¹u¶¯Z³zº] ±º³Zº£ yu
yvt¯uYº¯¹ uZÀdYZ]µ{yZ^¯½Z·¶¯Z³z]¶]¾°À¤d¯µyZY¡ºuYº¯{Y¦¿"À·yuZ¯Y Ôvº³Y¶dºsYuz¾ºZ°dkY
²¿Yª¿w n¾Z°dkYb«Yv¢¤pcb¸k yuÈc~ {YbYayZ^¹u¶¯Z³z]©¹Y¾º¯ºs uyYvº³ uººk¹ ¹u¾¯s bY^cz¯uz¯¾-v³{bÀ À§uº^¸]½Yz]¾cZ¯Yv£YZ]>Zcv°¶§µvº¯MyZº¨·YyÎÑ ¾º¯ºs ÎÕ Z]|À³ n¶¯Zk¾¯º°,´·z¾ À§¹ ¾°§LZ¤cyY¹ ¾¯ÈY¡ÈsY}ZYz]ªWZºvºy~ ±Yº´º bºpc aZ³Z¨¯Y¶À¬§jÀ]~ bYµv¯M¹ µvuZÀdY¶]¾°À¤d¯µyZYÎÑ yZ¨·Yyyu bYµv¯M¹u¶¯Z³z]yuyZ¨·Yy
¶§yº±Z°· n¾.´·z®kZ¸c¹ ¾Z°dkYvZ ¯Z]µ{yZ^¯¹ uZÀdY¾´§¶¿yb¸kyu]z¿w½Z¸·Z.dºu¹ |À³yZ¨·Yy²¿Yyu¾cyZ^¶] uyYuYy©¹Y¶¯Z³z]yuiyv´¯yZ¨·Yy©Z¨Y±Z°·|À³yZ¨·Yy²¿Yuº¾¯¶ºoȯ ¾«Zoyuµvmz¯¶«Zj´¾´¿av¯±ZÀ¯½Z·¶¯Z³z]½Yz]¾³Z¯yMv·¦¿±Yº´¶] nuZÀdY¾´§¶¿y~
uz§¾¯zÀ¯¶¯Z³z]¾³Z¯{µy¹uyuYy±M¢¤pc±Z¨¯Y¾³ZÀ¯v·v´#Z¿¦¿±uz§±Yº´Z]uº]{Ƕ§
¾^·x¯±Z°¿Y½Z·¶zyu±Z³Yºkº³¹ ±Z³Yºkb¿Yv·~ {YbYayZ^¹u¶¯Z³z]ºº ¾º¯ºs
b§yZ¯¹ ¾Z°dkY¹ ¾-uYº³Zs¾³Z³YaZ^Z´¯¹ ¾³v]bÀ]zc¹ ²¹ z´·®¬bÀ£Ès½uºs,´º·z uZÀdYZ]>Z°À¤d¯¦¿"À·¶§uº]µv¶WYyYyZ¨·YyÎÒ ¾¯s²¿Yª¿w n¾Z°dkY¾.´·z½Z·¶´pyu
²¿Y½Z·b¿|¯{Y±Z³YºkbYzaZ£¹YZ¿\Z´¯Z³½yZdy½Z·º.«Y¶]¶kºc©Zºo ²ºÀyu bºYv³½Y¶º]Yy
uz§¾¯YvÀZ^cyYuYº¯z¯Lº¹ uZÀdY¶¬X¯Z]½uyYº¯ yu¶§uº]Z·yZ¨·Yy
bsYuz½Yz]ÎÏ µz^cyu uyYv³uZÀdY¶]¾°À¤dº¯µyZºY|Àº³ ¹u¶¯Z³zº] ÓÖ ¹ ÎÏ ½Zº·µzº^c
¶§¾¿Z·µuYº³Zsbzz¾]±Z§uº§¹ ±Z³{Z·µuYº³Zsª¯Zv¯Myu®§yZ£Y¶]¶³Z·Z¯Z¯¦°§®À¤d¯ ½Z·µuYº³Zs²À´$°·¹ v³yYv³YyuºsZ¯²À¯Pc±Z¨¯Y¶§¾¬·Pd¯±Y{Z]z¹ µuZdºYyZº§ {YZº¸³Mbºzz Z]^cz¯±ZÀ³Yv³{½vyuµZl´¶]¦¿u|³ b^³¶]¶kºcZ] bYµuYu ZdsY¾ºcYyZ^dY±ZÀº³Yv³{v´º¯{ZÀ³ bYµvµuYu ZdsY±Z¿Z·µuYº³Zs¹ uYº¯±Z-v´´§z¯¶]aYyZ^dY²¿Y{Y½uZ¿{t]>ZdÀ^uZÀdY ^cz¯yº¯Yyuuz¯¾³Z.°·{º¯Mmz¹ ®¿Yzkº£¹{Y½zÀ.À¶¬X¯Ï v´]yu|À³ÓÖ µz^cyu
^cz¯®WYzkZ¿uYº¯z¯Lº{Y½zÀ.À±M®¸¯½Z·¶´À¯{{Y¾¨¿v³Yºc¾¯¶§µv mz¯±º³Z£¹ ®³Z] ½zÀ-º¹ uz¨¿¹y±Z´$°·¹ ¶dYv³b¿º«¹Y²ÀÀc¶]¾¬¿Z°c¶¯Z³z]±º³Z£|À³uyº¯²¿YyuZ¯Y vZ]uZÀºdYZº]
bYµuYv³±Z³uZÀdYuyº¯yu¾t¯
ÎÐÔÕÎÐÔÑ ±Yz¿Y¾¯ÈY½yº¸°k¾.´·z¹ ¾Z°dkY½uZd£Y¶ºc¹u¶¯Z³zº] ±º³Zº£ ¶ºkuº]¹ ¶¯Z³zº] ±Z¯{ZºÔ ÎÐÔÒ ¶kuº]¹ ¶¯Z³z]±Z¯{ZaYyZd³Y Ó
uZÀdYºÀµv´¿Y|v³¹y¶]b^³¹u¶¯Z³z]aYv´d¯yuiyv´¯½Z·yYvº·®ºy¾º¬²º¿Yz]Z´º]
uº¾°³¶oȯyvt¯uYº¯z¯uyº¯yu¾´¹y¹ t¯¾cZÀ¬°¶¯Z³z] º¶¯Z³z]ÏÎÐ
uZÀdYZ]µ{yZ^¯½Z·¶¯Z³z]¶]®À¤d¯µyZY¦¿¾do²ÀÀ¶¯Z³z]¹uÈsz]Õ¶ºcº¶¯Z³z]yu
z]uYº¯½ZZ¤c¹ ¶z·Z§±Yz¿v¯¾do¹ ±Yz³\oZ¶°·¶§bY¾«Zoyu²¿Y uºº¾º°³¶ºoȯ º¶¯Z³z]uYº¯¾sz]yu©Zo²Àyu v´§¾¯vÀ¿PcYy±Mb¿º«¹Y¹ ¶dYuz³¡Z cYuYº¯ºÀµv´º¿Y|vº³¹y
uº[ºp¯|À³uZÀdYZ]^cz¯v³Yºc¾¯¶§uyYuuºk¹µv¿u\ÀM½Z¸·¹z-¹ ¾Z°dkY½Z·\ÀM¶]¾cYyZY ½Yz]¾d¿Z°o¹ ¾t^³Yºc½zÀ.À½Y¶°À]zÀt]½Z¸d¿Z°o~ bYµv¯M¶¯Z³z]²¿YÐÕ µuZ¯yu
v´¯{ZÀ³½Z¸·¹z-½Yz]{º¯M¹ ²¨¯©ZdYt]½Z·¶¯Z³z]yu¶§½Yµ&¿¹aZ¯vsz]µ¹È±Yv´º¯{ZÀ³ bYª¿w uyº¯z]ª°d¯uº¾¯¶dz-z³yu
n¶¯ZkuZoM½Yz]¾³Y¹y¹ ¾°k½Z·bÀ«º¬¯¹ ¾Z°dkY½Z·\ÀM{¹z]{Y½zÀ.ÀÎ
z·yuZ¯YvZ]uZÀdY{¹z]{Y½zÀ.Àv³Yºc¾¯£Y¹yu n¾Z°dkY½Z·\ÀM{¹z]{Y½zÀ.À~ {Y¾t]
v´§¾¯µyZY¾Z°dkY½Z·\ÀM ¾¬§±Yº´¶]½y¹Yu¶³º-z·±¹v]¹ µuz§aº¨¶´À¯{²¿Yyu¶¯Z³z]©Zºo
±Z¯{¹ ¶kuº]b¿u¹vp¯®y¾¬¶¨³M±¹v]bY¾Z°dkYª¨¯ÎÒ ZcÎÍ z]ª°d¯¾dz¸ª¯Zº ¶º§ aYv´d¯yu¶§bY¾«ZoyuuZÀdY¶]b^³º¶¯Z³z]¾¿Z´dY¾]²¿Y v´§t¯¶´À¯{²¿YyuYy¾d¿º«¹Y
µv{Yz]Y¾Z°dkY½Z·\ÀMyº¸¹ {¹z]{Y¾³Y¹Yz¾³Yz.³±Z¯yu¹ bYv¸]¹ ¾¿Z£t]¹uz·yu¶¯Z³z] bY
¹ ½uZd£YaǺpc~ bYµv¯M±Z¯yu¹ bYv¸]t]µv´¿M½Z·«Z#½v´^°kyu©Zhº¯ ±Yº´º ¶º]
yºc¹ uº§y½Z·µy¹uyuz¤sz¿{bÀ°kuYvc¿Y|Y¹ ½yZ¨À]¿Y|Y½uZd£Y½Z·±Yzp]¾Z°dkY
¾Z°dkY½Z¸^ÀMz¿Z¹ ¡È¹ uZÀdY¾³Y¹yaÇÈdsY¹ ¾§uºs®¿YzkuZ¿u{Yyu®¸¯ªº¯Yº{Yv¿vº
½Z·¶¯Z³z]¶ºc¢¿z{YYyµvuZ¿aȨ¯¾^³ªo¶]¾¬§¶kºcª¿Z¯²¿Yº£¹ uºº¾º¯ [ººp¯ nÖbYµuz§½y¹z¾Z°dkY²À¯Pc¹ ¾·Zy
ÎÐÕÐÎÐÔÖ ±Yz¿Y¾¯ÈY½yº¸°k¾.´·z¹ ¾Z°dkY½uZd£Y¶ºcº¶¯Z³z]±º³Z£~ ¶ºkuº]¹ ¶¯Z³zº] ±Z¯{Zº ÎÐÔÖ b¸^¿uyY ÒÑÐ ÎÐÔÕ yº¿z¸ n ÎÐÔÖÕÐ ¾.´·z¹ ¾Z°dkY½uZd£Y¶ºcº¶¯Z³z]aYv´d¯~ ¶kuº]¹ ¶¯Z³z]±Z¯{ZÖ Ô
uYzY¹ ±ZZ´yZ§Z°kY¶ºcº¶¯Z³z]²¿¹vc±Z¯{yub -±Yºc¾¯aOzk¶]¶¨³M ®y¾¬²¿Yz]Z´]
±Z³ºº¯²¿Y¶]b^³¾´§Y¹¶³º-"À·¶¯Z³z]yuZ¯Yuº]µvªZouZÀdYb¿º«¹Yuyº¯yuz³\oZº uz¨¿¹y¶d^«Y vÀsz#¾¯>È^£ ¶§vÀsz#½Y¶´Z±Z°·¶]yuuZÀdYZ]^cz¯½Zº·¶¯Z³zº] yuYxº« ¹µvº³µuYu
yu b³Yu²ÀÀ¶¯Z³z]¹u{Yzc¢À£u¹ zc¾¤´¯½uZ¿{voZc±Yºc¾¯Yy¾Z°dkY½Z·\ÀM¶]ºº ¶¯Z³zº] ÑÍ µuZ¯yu>Zd¿Z¸³¹ mz¯¾Z°dkY²À¯Pc¹ ¾d¿|¸]t]yuuºkº¯½Z·yZdsZº mȺYfºp]¶¯Z³zº] ²º¿Y
¾¿MyZ§uº^¸]yZ´§yuv³Yºc¾¯¶§vÀy\¿ºc¶º] n¾ºZ°dkY²ºÀ¯Pc¯Zºk Zº³~ ªÀ¨ºcuZ¸´ºÀ¶¯Z³zº] mzZ¿¶p¿Ç{º´·¶³Z Pd¯¶#z-Y vZ]¶dYuuZÀdY½Z·¶¯Z³z]z]®·¾ºd^h¯zÀºgPcuººkº¯½Z¸·Z.dºu
bYµvÀz³¾¯ÈY½Yyº~¬l¯¾¿Z¸³\¿ºc¶]|À³º¶¯Z³z]®l´ª¹ µuZ¯²¿Y¶]º]z¯ ½yZkayYz¤¯¹ ²À³Yº£z¿ZyuuZÀdYÏÏ
yYz£²¿Y{YZ¸³M®·Y¶§vÀy]y½wkYz¯\¿ºc¶]uZÀdYuyº¯yu¾´À³Yº£¾¯ÈY[Ȥ³Y½{¹zÀº {Y~º
ÎÍbY
ÎÐÒÕ b«¹uuZd¯±Yv´¯yZ§uZÀdY¥zc½Yz]¶·Z¯Ñ b¬¸¯²ÀÀc
¶]¾³Z¯yu¹ ¾´À¯PcaZ¯Yv£Y¹ yvt¯uYº¯®¿Yzk²À^¨cz¯aY{Zºl¯v¿vºc±º³Zº£
ÎÐÒÖ ±YuZd¯©ZdY¹ Y¹Yv¯yº´¯
ÎÐÓÔ yvt¯uYº¯®WYzk²À^¨cz¯aY{Zl¯v¿vc±º³Z£ ÎÐÔÓ ÎÐÓÔ ©Z[º¯±º³Z£¶ÀoÈY
±M}ZYz]¶§bY]y½wkYz¯¹ Z¸·Z.duª°¥È¯ÎÐÔÓ ©Z[ºº¯±º³Zº£ zºZo©Zºo yu
½Yz]±º³Z£²¿Yyu bYº´°¯¾¨|uyYº¯|l]uYº¯Yº³Y¾¯Z°cz¯¹ aYyuZ¹ aYuyY¹vÀ«ºcb§ YvY¾do¹ ±Yv³{¡È ½v¤³zÀ¹ ½v¤³a¹Z d¯½Z¸cY{Zl¯yvºt¯uYºº¯ ±ZÀº$£Z#Z£¹ ±Z-v´º´§vÀº«ºc ±Z¯yu½Yz]¶kYz¯ayºyuuZd¯Z¯Yµv¾¤¬czkuYº¯z¯¶¨´¿YZ]²À´$°· bYµv¾´À]Àº
uº¾¿ZZ´±Z¯yu{Yª^£uZd¯z-Yz.¿uayZ^¶] vZ]¾¯yYuyºsz]¾³º³Z£bÀ³º¯{Y±Z¯yuµy¹u©ºyu
±Z¨¯YuZÀdY¥zcayºyu¶§b´¿Y¡º±º³Z£yub^h¯aZ¨³{Y uº¾¯aY{Zºl¯¹ [ººp¯zºl¯
uYº¯uZd¯zÀZ¿¾´´ c±Z-v´´§z¯½Yz]±º³Z£²¿Yyu uº] v·YºszÀ¯µviYzsY±YuZd¯uvl¯©ZdºY
bYµv¶dz-z³yu¾°¿Yzk|À³
±Z¯{Z½zÀ.À¹ ¾.´·zyº¯Yb³¹Z¯ n±Yz¿YyuuYºº¯ bÀº¹¿zº ¾º]Z¿{yY~ ±Yzº.¿u¹ vº°p¯±Yzº°¾º£Y{yÎÍ ÎÐÔÖ nyº§¾d¿|¸] Õ
µvµyZY±º³Z£²¿YaZ¯Z¸]Y{Y¾sz]¶] nuYº¯bÀ¹¿z¾]Z¿{yY~ ±Yº´º bºpc¢Àº¤pcyY|º- yu
vZ]¾¯ª¿wyYz£¶]¶§bY
Z]¹y²¿Y{Y bYµv¿uz.³²ÀÀcuYº¯½Yz]¾t¯½v´]¶¤^±M½Z·¶¯Z³²À¿M¹ yº§x¯±º³Zº£ yu
{YZ¿¾³Z°k¹ ¾³Y¹y¾Z°dkY[º¬¯Z³aYzÀgPcavZp«{YYyuYº¯±Yºc¾°³¾º¬±º³Zº£ {YµuZ dºY uº°³½v´]¶¤^uZÀdYuZl¿Yyu®À¤d¯aYzÀgPcZp«
{Y¶§½ºp³¶]uYº¯ nµv´´§z¯Lº~ ¹ nµZ-v´´§z¯~ {Y¾ºt¯¿zºc±º³Zº£ ²ºd¯yu bYµv³¶WYyYv³º¦À¨ cz.¿v¨¿
±MZ]^cz¯½Z·¶¯Z³²ÀWM¹ ±º³Z£yu²¨À«µvµuZ dYz¯¹ uZÀºdYaZº«{Y±º³Zº£ ²ºd¯yu
bYµv³¶WYyYn ¾´´ cZ¿¾p¿z c z¯~ ¹ nz¯Lº ~n¾.d]Y¹Z¿uZÀdY~ {Y¾t¯¿zc µv¶dz-z³yunyYyuYb^h¯bc~uºk¹½Z´¯¶]uZÀdY±º³Z£²¿YZ]^cz¯½Z·¶¯Z³²ÀWM ¾ºsz]yu
uyYv³b¤]Z¯¾°¬¿yZcZ]¶§
v¯¢¬¯¾¯º¸ ¯±Z¯yu{Y¹ µv³¾¸kºcn¾-v´´§uº~¹ n±Z¯{Y~½Z¸À-&¿¹¶]yº§x¯±º³Z£yu
bY¶dz-yYz£ z³
·Z§~ ¶]uZ¿{¶kºc®y¾¬¹bY¾^³¾dZ§yZ#unuYº¯½ZZ¤c·Z§~¶´À¯{yu±º³Z£²¿Y
±Yºc¾¯Yx«¹ uyYun½zÀ.À~¶¬°k{Y nZZ¤c·Z§~®À·Z ¯¶]¾cYyZYµuZ¯¹u¾¨¿yu¤n¶z
uyYuZZ¤c·Z§¶]½Y¶^³Zk¦¿¿Yz-¶§bz-¶lÀd³
yuuYº¯½ZZ¤c·Z§av¯±ZÀ¯¶¯Z³z]²¿¹vc½Yz]Èc zÀsY½Z¸«Z¾¡ºuyYº¯z]µ¹È
z¯Lº¾³Yºc{Z]¹ ±Z¯yu½zÀ.À¶¯Z³z]~²¿¹vc¶´À¯{²¿YyuZ-²Àdt³ bYµvZl³Y±Yz¿Y
¾¬°aZ¯Yv£Y¹ z.³º¶°·¹ ¯Zk¶¯Z³z]²¿Y¶WYyYZ] uº]yº§¾d¿|¸]±Z¯{ZyuÎÐÔÐ ©Zyu nuYº¯
©Z^³u¶] bZ¿zd-bz¶]±YuZd¯¾¿Zz±Z¯yu|§Yz¯ÎÐÔÒ ©Z{Yyº§¾dº¿|¸]±Z¯{Zº ±Z¯yu¹ ½zÀ.À¾.´·Z°·½Yyº~¾¨|{º¯M¹ ±Z¯yubYv¸]z¿{¹yºdu}ZYz]¹ ¶¯Z³z]²¿Y uz§\¿ºc¹ ²¿¹vcZZ¤c·Z§¶´À¯{yuYyn½Y ¶«Zj´Yv·Y~ ¶§v¿uz-ªÀ¨cnuZÀdY
¾¬¬°«Y²À]aYv·Z¯¹ Z¸³ºÀ³Yº´§ÏÐ
¶]|À³YyuZ´Y±M£Y¹yuyvt¯uYº¯Z]µ{yZ^¯½Z¸³ºÀ³Yº´§¾sz]z¿xZ]±Yz¿Y¾¯ÈY½yº¸°kb«¹u
{Yv´cyZ^Z¸³ºÀ³Yº´§²¿Y®·Y bY¶dz¿xuºs¾°y±º³Z£±Yº´
Ö
ÎÖÓÎ yvt¯uYº¯±ºÀ³Yº´§
ÎÖÕÕ yvt¯uYº¯¡Z#Z£Z] µ{yZ^¯±ºÀ³Yº´§ ÎÖÔÎ ±Yuz.³Y¹yuYº¯±ºÀ³Yº´§
½yYu{Z]¹ ¶z·Z§ ¾¯Zd³Y¾¿Z£aZ¯Yv£Yj¿Zd³ Î
z§w¾¬¬°«Y ²À]]Z´¯yu¹ ÈYyº§¾°ykYz¯½º{Y¶§Z·uy¹Mz]²¿zc¶³Z´À^ºs¢^zZo©Zoyu
µ{yZ^¯uZdª§zÀ]u¶d -¢^¶§bY¾«Zoyu²¿Y ÎϹÎÎbY Õ ±M¶³ÇZvy ¹ ÏÕ uZÀdYºÀµv µv¶z·Z§z¶dx-`·u¹uyuuYº¯Z]µ{yZ^¯¶kuº]{Y ÕÕÖÎ v¿Yzk{Yª¤³¶] yvt¯uYº¯Z] ÎÐ
v³Yµv¿u\ÀMz ³ÎÍÍÍ͹ µvÀyauZ¸¶]µ{yZ^¯²¿Yyuz ³ÐÍÍÍ u¹vo¹ bY
Z¨¿z¯MyuuYº¯Z]µ{yZ^¯¶kuº]{Y ÓÒ ÎÖÖÒ ©Zyu bÀ³±Yz¿Y¶]zp´¯bÀ¹²¿Y¶d^«Y
¶´¿|·Z·¹zÀ³u|°du ÎÓbY½Y¶´¿|·zµ{yZ^¯¾¯Zd³Y¾¿Z£µ{yZ^¯ÎÒ¹ÎÑbYµv¾¯Zd³Yµ{yZ^¯z ¶§v³¹y¾¯yZ°¶]µ{yZ^¯²¿Y®À¤d¯½Z·¶´¿|·¶¬°k{YZ¸·Z-uYu¶´¿|·¹ ±Yv³{zÀ³ Z¸cY{Zl¯©Z°Y Z]µ{yZ^¯yu¶dZ¿ ZdsY]Z´¯±v¶´¿|·{Y³Z¯±º#uz§¾¤¬c|À³bz¶´¿|·YyZ¸³Mv¿Z]uyYº¯`°·yu
¶]Z·¶´¿|·²¿YyZ´§yu v³º¾¯{º¯M¹ bYv¸]zÀ³µZy¹ ¶ºcz.¿u½Z·¶¯Z³z]yuZ¿®¿Yzkz¿Z ©Zoz·¶]¶§uYº¯ayZlc½ÇZ]uº uz§µyZYv¿Z]|À³µ{yZ^¯yuzÀ-yu½Z·¹zÀ³¾«Z°doY uZ{Y¾Z³¶´¿|·
¹ vZ]¾¯Zd³Y µ{yZ^¯uY|°·µyYº°·¥v³YaZkyu¶]º«¹uZ²¿Y¶§uº¾¯\^v´§¾¯¶º¹Yy¾sz] v´§ªdt¯ |À³ Yy¶¯Zk®³>Zd¿Z¸³¹ ²À³Yº£z¿Z½YzkY¾¯Zd³Y½¹zÀ³¶]uz¯uZ°dY±uz§ªdt¯Z]¶lÀd³yu
yº¯Yb³¹Z¯ yº§¾d¿|¸]±Z¯{Z±Yz¿YyuuZÀdYbÀ¹ ¿z¾]Z¿{yYyY|-ÎÐÔÖ ±YyZ¨°·¹ v°p¯±Yz°¾£Y{yÎÎ ½zÀ.À¹ ¾.´·z 812'&&3*OREDO,OOLFLW'UXJ7UHQGV1HZ
'UXJ&RQWURO+HDGTXDUWHUV,QWHUQDWLRQDO5HODWLRQV2IILFH7KH1DWLRQDO'UXJ&RQWURO5HSRUW 7HKUDQ'&+4S
6WLPPHO%LELGS
6KDUS(% 7KH'LOHPPDRI'UXJ3ROLF\LQWKH8QLWHG6WDWHV1HZ\RUN+DUSHUFROOLQVS
0HLHU.- 7KH3ROLWLFVRI6LQ 'UXJ$OFRKRODQG3ROLF\$UPRQN0(6KDUSHSS
ÎÍ
v³Z]¦¿±vu¹vp¯Z¿uº]Z³Z] bYb³ºs¹ zk¿Y|YyZd³YÈsz]µ{yZ^¯²¿Yz.¿u¶lÀd³
½Yz]¹ v´§¾¯¶¤´¯±MyY{Z]±uz§z¶]Yv£Y½z.¿uv³Z]¶¤´¯¦¿{Y±Mbu±vµZcº§¹ ¡Z#Z£ uº¾¯zdÀ]b³ºs¶]ªºd¯v¿vkyY{Z]²¿YyuuºsµZ.¿Zk®À¨pc
¾³Yv´#zÀgPcµ{yZ^¯²¿Y¶³Z Pd¯¾¯Zd³Yµ{yZ^¯®À¤d¯zÀ¹ ®À¤d¯½Z·¶´¿|·¹ yYº²¿Yuºk¹Z]
v´§¾¯®§Yyz¯¾¿Z£µZ.duZ]µv´´§z¯¶¸kYº¯¶³ uyYx-¾°³uYº¯z¯LºZ¿¿{ºcz]®·
¾¯Zd³Y_{yZ^¯¹zZ]¶§®·½uyYº¯yu uº¾¯®§uYº¯¹z¹ v¿zs¾¯Zd³Yª´z¿Y|YZ]¶³
±º-Z³º-½Z¸sZ|À³yº]|¯µ{yZ^¯¹z{YÀ¶§v³YµuYu±Z³zd¤À£uaZ«Z¯¶dZ¿·Z§z¯ yu¹ Z¸{yYmÈYZ¿¾{º¯M½Z·`¯Z³z]zÀ³½z.¿u¾«Z°doYª¯Yº¶]Yy±M¶§µuº]bY©Zoyuz¯ ÎÕ¹ÎÔv´·u¾¯]yuYº¯bÀ«º^¤¯·Z§b¿Z¸³
v]Z¿¿Y|Y ÒÕ aZÀ §ª§z-Y v´§¾¯«Z#¶]Yy¾¯Zd³Yµ{yZ^¯bÀ°·Y|À³z.¿uv·Yº¾sz]
µ{yZ^¯¶§®·b«Zo²¿zd¸]yuvy¾¯z³¶]²¿Yz]Z´] ÎÖuº¾¯µu¹|YuYº¯¾³Z]ZÀsb°À£ z] Ñ ¤ ±Y|À¯Yx«¹uyYx-¾°³uYº¯¶]±Z-v´´§z¯Lº¾zduz]¾³Yv´#zÀgPcuºuYº¯ §¶]zl´¯¾¯Zd³Y
uyYv³¾³Yv´#¾tzs|À³±ZÀ$£Z#Z£½Yz]¾¯Zd³Yµ{yZ^¯ ²¿Yz]µ¹È v·u¾°³·Z§Yyz¯Lº
v´³Yyx-¾¯±Yv³{yuYyuºsbÀ¯º¨p¯±Yy¹u{Y ÑÍ ¤Z¸³Mzh§Y v³{Yuz ]¡Z#Z£¶]zd°§uº\^¶§
buuº\^¶§v´§¾°³uZl¿YZ¸³M½Yz]¾³Yv´#zs¾¯Zd³Yµ{yZ^¯®·¾³Z]ZÀs±Z-v´¹zuyº¯yu
z·yu¹Y±v¾³Yv³{zsv·uZl³Y©Zyu¶¬¯Z¯ÎÍÍÍ ¾§z-Y¾½u²d.´Y¹yu v³yYuz]yZdy²¿Y{Y
¾³Yv³{zsùvZ]¶dYv³±uYubu{Y½Yz]ù[Yºs½Zk¾do ®·½|À#¹Yz-Y¹ bYÎÑÒÍÍ Z¸´c¶¬¯Z¯
¶]µyZ]¹u©Z¶{Y~±Z-v´´§¿{ºcª§{Y ÒÏ ¶§uº¾¯|À#Z³½yv£¶]¶¬¯Z¯uºZ]}ZÀ£yu±v v³uz-¾¯z]±Yv³{
uYº¯|À³Z¸³Yv³{ yu¾do vZ^³µv³yYu{Z]¶k¹"À·¶]¾³Yv³{aY{Zl¯vy¾¯z³¶]|À³z¯uyº¯yu
½uY{M{Y~©Z¦¿Zc±ZÀ³Yv³{{Y ÓÍ v³º¾¯¾³Yºc{Z]Z¸³M{Y Ï ¤¹ ±Z¯yuZ¸À³Yv³{ÎÓ ¤ b·
Îv³º¾¯zÀ.du>Yuvl¯
µvµuYu±Z³¥yº¿ºÀ³¹ ZÀ³z À«Z§yu¾¯Zd³Y ¾¿Z£½yYu{Z]uz^·Yyb¨¾´À ½Z·¶³º°³
±vº¨p¯uºk¹Z]¹v¹uYº¯²dYu½Yz]¾dt½Z¸cY{Zl¯ÎÖÔÓ ZcÎÖÓÕ ©Z{YZÀ³z À«Z§yu ÏbY 6WLPPHO%LELGS 6WLPPHO%LELGS 6WLPPHO%,%,'3
ÎÎ
¶kuº]¶§v]¶]ÎÖÔÓ ©Z{Yºyu bz.³ayºz¯yu·Z§Z¸cY{Zl¯²¿Y¶]uYzY{Y½uZ¿{uYvc
z¯yu Yy¾·Z§±Z-v´´§z¯{Y ÑÍ ¾do¶§v³YvÀz¯yu¿Y|YZ¸´c¶³v®§Z¸dÀ«Z²¿Y
v]©Z¶¾«¹v¹uYº¯²dYu½Yz]¾dt²À³Yº£¥yº¿ºÀ³yu|À³ ÎÖÔÐ ©Zyu v³uz§ÈYuºs
{Y ÕÑ yu¶§µuYu±Z³ÎÖÖÎ ©ZyuµvZl³Y¾]Z¿¶´À¯{ª]Z¤¯yu v³®§²ÀW¹z·¹z¾do¹z¯ {YZ¸³M±º#uº]µuZ¸³¾dZ§¶]¹yz¯ uYº¯¶]¾zduuºk¹Z]±ZdzÀ]uzsM½Z¸«Z±Y{º¯M³Yu
¿Y|Yz¯v®§Z¸³Mz³{YuYº¯zs¶§ ÎÖÖÓ yu¶§¾«Zoyuv³uº]µvzd·Z-Mz¯aYzs uº¾¯®§ Z¸³MaYzs{Y¾·Z-M¿Y|YZ]¶¨¬]Z¸³M¶]¾zdu·Z§Z]>Z¯Y|«Y¶³ uYº¯z¯¾´¿ bZ¿ ¾³Z¸-Z³yº¶]½Y¶¤´¯yu±Z-v´´§¿{ºc½zÀ.du½Yz]¾¯Zd³Y½Z¸dÀ«Z¶§ ½uyYº¯yu¾do ÏÍ
uº¾°³£ºd¯±Z-v´´§¿{ºcbÀ«Z v]Z¿¾¯¿Y|Y
fp]{Y¶§½Y¶lÀd³ª£YvoÏÎbÀ³z¿x±Z¨¯Yª°yu>Yz·ZzgR¯¶z·Z§¶¨´¿Y¶]¶kºcZ]
]Z´¯Àtc¹ Z·¶¯Z³z]yuYy¾¬YvÀ§Pc¶§bY²¿Ybz- ±Yºc¾¯ ¶z·Z§j¿Zd³_yZ]yuyº]|¯ ½Yz]½Yµv³yYu{Z]±Yº´¶]aY{Zl¯{YbYyYz£®·z-Y bYx-¾¯Zd³Y± ¾¯Z³aZ¯Yv£Y¶³º-²¿Yz]v¿Z^³ z-Y¶§bYuv¿Z]z³yuYy¶d¨³²¿Y²À´$°· v´Z]zczgR¯±Yv³{|l]¾¿Z¸cY{Zl¯v¿ZuºµuZ dYz¯
ÏÏv³yYu¾³Yºc{Z]vzgYv´Z]¾dYv¸]¶°À]Z¿{º¯Mªh¯¾Z°dkY¡º¤o{Y±uz§¹zp¯ayº¶]Z¸cY{Zl¯ ¾¯|À³uYº¯¾¹zµuzs¹ ¿{ºc`sz#uyY¹uºsz¯LºiyZt¯²À¯Pc½Yz]¶§¾³YuZd¯uyº¯yuµ&¿¹¶]
zÀ³ ¾¿Z¸¹y{YbY{Çv³yYv³½uº®¿v¿u¶§ ¾¯Zd³Y¾¿Z£aZ¯Yv£Y½Zk¶]vy¾¯z³¶]v³º uº µuZ dYyYv¯µZ-uYu±Z¯yu
:RUGHQ5(%\QXP76DQG)UDQN- 3ROLFH&UDFNGRZQVRQ'UXJ$EXVHDQG7UDIILFNLQJLQ
0DFNHQ]LH'/DQG8FKLGD&' (GV 'UXJVDQG&ULPH (YDOXDWLQJ3XEOLF3ROLF\,QLWLDWLYHV7KRXVDQG 2DNV6$*(SS 6WLPPHO%LELG
6WLPPHO%LELG
ÎÏ
ZZ¤c·Z§j¿Zd³ Î
±Z¯yuZ°dkY ¾d¯Z£Y|§z¯ÎÍ ¹ ¾¿Zz|§z¯ÕÒ ¾d¿|¸]±Z¯{Z ¾d«¹u¾t]yuzZo©Zoyu
Z¸³M {Y ¾sz]¶§µvyuZ¾ºs|§Yz¯ ~ÀPc½Yz]¾«ºYb¤Yº¯ b¿¹u u¹vo¹ uyYuuºk¹ yYv¯ ±Z¯{Z ¢¿z {Y |À³ ½{Z·Z-M ¹ ¾{º¯M >Zcv° ¶³YzÀ.À ½Z¸dÀ«Z v³Y µv yZ§ ¶] ©º¯ ¹ ~ÀPc
¹ ±Z¯yubYv¸]>YzÀsY ¹ ¾¯ÈYuZyY¹ ,´·zy¹z¹ {º¯M½Z·¶³ZtcyY{¹|À³¹yº§¾d¿|¸] ÏÐbYZl³Ybuyu¾¨|{º¯M
±Yz¿Y Zs|À³bÀ¹²¿Y v³º¾¯Zl³Y|À#Z³¾d¹yuYx«¹ ¥v³Y ½Y¶kuº]Z]Z¸dÀ«Z ²¿Y`°·
¶kuº]¹ ¶dZ¿Àtc ½zÀ.À ¶]uYº¯Z]µ{yZ^¯¶kuº]ª§{Y ÎÒ ¤ ÖÓ ©Zyu|À³Z¨¿z¯Yyu bÀ³ ÏÑbYµuº]¶z·Z§ÎÐ ±Z¯yu
·Z§z]Z¸³Mb¿º«¹Y¹ ±Z¯yu¹ ½zÀ.ÀbÀ°·Yz] ±Yz´^oZ`°·>Z^¿z¤c¶§bY¾«Zoyu²¿Y
¿Y|YzZs¶]¤²¿Y¹ uº¾¯ ®§±M¶]¾zdu¿Y|Y®y¾¬uYº¯z¯ v³Yµuz§vÀ§Pc¶z ¶]¾¯Zd³Y½Z·¶kuº]±uYu¡ºZ]¶§µv¶Àºc¹y²¿Y{Y bYz¯yYº_yZ]yuuYzYaZÈY
·Z§¶]Z¸dÀ«Z¾¿Z¸³bÀ¤º¯±º#¹ uºªÀ¸czÀ²¿Y²¿|.¿Zk¶WYyY¹ ±Z¯yu ½zÀ.À½Z¸dÀ«Z ÏÒuzÀ-ayº}ZY²À°·z]|À³]Z´¯¿{ºc¶z·Z§¶]¶³uyYu¾.d]ZZ¤c
®À´§®§ ÏÒ¾¯Zd³Y¶kuº]{Y¹ ®À´§z]Yz] Ï Yy±Z¯yu¶kuº]z-Y¶§µvµuYu±Z³Z¸¤À¤pcyu
²¹y>ȯZ§¹²¿YªÀ«u ÏÓuº¾¯¾¿ºk¶z|À³yÇuuyZÀ¬À¯ ÒÐuº¾°³®§j¿Zd³{Y ¶¨´¿Y²° ¹ n¾-v³{½Z¸cyZ¸¯{º¯M~¾´¿µvaZ^gYZ¸³M±uº]zgR¯¶§½Y¶³YzÀ.À½Z·¶¯Z³z]`³Yz ¶´¿|· bY bYyÇuÎÒÏÒ v³Yµv³ZyÎж]©Z¶ZcYyª¨«Y¹ Ào¹ yZ.Àz¯v¿vkuyYº¯¶§ 67$5
yu uyYu¶´¿|· uzz·½Yz] yÇu ÎÕÍÍÍ ½zd]±Z¯yu¹ z ³z·½Yz]yÇu ÒÍÍÍ ¾¿Zz±Z¯yu©Z ¦¿
ÏÕ¹ÏÔuº¾¯yÇuÏÒÍÍÍ ©Zyu¾³Yv³{z·¶´¿|·¶§¾«Zo
8UXJ&RQWURO+HDGTXDUWHUVLELG3
)DOFR 0 'UXJ 3ROLF\ LQ /RZLQVRQ -+ (WDO (GV 6XEVWDQFH $EXVH $ &RPSUHKHQVLYH 7H[ERRN%DOWLPRUH:LOOLDPVDQG:LONLQV3S 6WLPPHO%LELGS 6WLPPHO%LELGS
0F'RZHOO'0 6SLW]+, 6XEVWDQFH$EXVH )URP3ULQFLSOHVWR3UDFWLFH3KLODGHOSKLD %UXQQHU
)DOFR0LELGSS
ÎÐ
yu¶´¿|· yÇuÑÔ {Y½zÀ.Àyu¶´¿|·yÇuz·½Y{Y¶]¶§µvµuYu±Z³aZ«Z¯yu²ºÀ´$°·
µuY{Z´À]¢À¤pc ÏÖuº¾¯½zÀ-º¬k½v]½Z·¶´¿|·yÇuÔÎÑ {Y±Z¯yuyu¶´¿|·yÇuz·½Y{Y¶]¹ ±Z¯yu
v{Y¾Z³¶´¿|·©Z¿yÐ {Y½zÀ-º¬k\^±Z¯yuyu¶´¿|·©Z¿y¦¿z·¶§µuYu±Z³|À³±Yz¿Yyu ÐͽyuZ³¹ uº¾¯±Z¯yu
¾dYv¸]yYº·Z§j¿Zd³ Ï
bYuYº¯{Y¾Z³½Z·zk¶]º]z¯uyYx-¾¯¶¯Zkbu½¹yuYº¯z¯¶§½Y¶´¿|·{Y ÔÑ
¶dYuyYyuY b^h¯ ¿Z¯{Mv³Yµv¾³Yv³{Z¿zÀ.du²s®¿Yzk[Z¨cyYªÀ«u¶]¶§¾³Z§{Yº¹uu¹vo ÐÎv³Y µuz§yY|-zk[Z¨cyY±Z¯{yu±Z±ZÀ³Z]z£Z¿uºsyuYyuYº¯z¯Z¿v³Y
z¯Lº¶]º]z¯{v¿YuyYº¯_v°±Z¸kZ¤³½yZÀ]yu bY{v¿YuYº¯z¯zº.¿u¶ºyZ
±Z-v´´§z¯Lº{Y ÓͶ§½yº¶]bYz¯LºiyZt¯²À¯Pc½Yz]ZpZ¿¾¤¿y|cª¨¶]uYº¯ ¾¯qy¾¤¿y|c±Z-v´´§z¯ Lºyu{v¿Y¶]º]z¯½Z¸-z¯{Y ÒÍ ¹ v´d·{v¿Y}¹z¿¹¶]µuº«M²ÀW¹z· ½zÀ.À¶´¿|·¹ yÇuÎÏÍÍÍÍu¹vo{v¿Y}¹z¿¹¶]µuº«Muz¦¿{Y½yYv¸.³¶´¿|·z.¿uz{Y ÐÏvº·u
ÐѹÐÐbYyÇuÑÒÍÍ }¹z¿¹©Z¤d³Y{Y
yu>Èh¯ v³YµvYzkY¹ mz¯ uYº¯z¯Lº¾dYv¸]yYº·Z§½Z·¶¯Z³z]¡ºaZ¨³¶]¶kºcZ]
½zc½vk±Z «Zt¯Z·¶¯Z³z]²¿Y uº¾¯YzkYz¸ÓÍ yu,³z¿ºc½Z·¶¯Z³z]Z¨¿z¯YyuzºZo©Zºo bYµuz§º´°¯YyZ·¶¯Z³z]²¿Y½Yz] ©Yyv½Z·¶kuº]zZ¨¿z¯Yµz.´º§ ÎÖÕÕ {Y¶º§ ½yºº ¶º] uyYu
Lº¾zdu¿Y|Y v³z°¾¯ z]uºsb «Zt¯½Yz]µv°ªÀ«u¹uyYº·Z§½Z·¶¯Z³z]±Zººººº «Zt¯ ¿Y|YYyuYº¯z¯Lºv³Yºc¾¯z¯Lº¾Z°dkYvÀ¿Pc²dyÇZ]|À³¹ ,³zº ¶º] ±Z-v´º´§zº¯ yu¢Àºc²°Z·¶¯Z³z]²¿Y¶§uº µuYu±Z³·¹&¢¿z{Y¶§µuYuµ{ZºkYµz.´º§ ©Zºo ²º¿YZº] vº·u
6WLPPHO%LELGSS
©Zyuyº§¾d¿|¸]±Z¯{Z¾¿Zz¾³Yºc{Z]|§Yz¯uz¨¬°½uZd£Y¾]Z¿{yYÎÐÕÎYz¸º ½yuZº³ ¹vº°p¯µuY{Z´ºÀ]ÐÍ ÎÑÒÎÒÔÑ_yZ°©¹ÇZ¾Z°dkYµZy`¯Z´¬ÎÐÕÍ )DOFR0LELG3
6WLPPHO%LELGS
6WLPPHO%LELGSS )DOFR0LELGSS
ÎÑ
¹u²¿Y¾¤À¤pcZl³YZ]|À³ùZ¸¿yZ°À]{Y½zÀ.À|§z¯ùv³º¾°³uZÀdY ºÀ¿Y|Y\^{v¿Y{Y½zÀ.À
ÐÒbYµuYu±Z³Yy¶d¨³
yZ¸#¶¯Z³z]½Yz]¾¿Z·uZ¸´À Ð
¶]t¯_yZY¶ºc½Z·¶¯Z³z]yu±º´§Zcvz§w¶dx-¶ºc½Z·¶¯Z³z]y¹z¯yu¶§±Z´º# x ®¸^¯¹ ,³z°§yZÀ]Z¿¶dYv³uºk¹Z¿yº§¾Z°dkYª¨¯²¿zd°¸¯>ÇZ°doY ±Yº´º ¶º] uZÀºdY
¶]Z¸³Myu¹ v]Z¿ ZdsYuZÀdY¶]>Zt¯ v¿Z]¶ºcyZ¸#¶¯Z³z]{Y¾¿Z¸t]²¿Yz]Z´] bYµuºº] Z]µ{yZ^¯½Z·¶kuº]zd¸]uz§¶´¿|·½Yz]²À´$°· uºµyZY¾cZÀ¬°>ȯZº§ ¾º¿Z¸d¿º«¹Y¹ Yvº·Y ·Z§yu©Zuvd¯½Z¸·Z.du¾t]²À]½yZ¨°·½Yz]¾´¹y½Z·yZ§¹{ZbºY{ÇuZÀºdY
zd-\^uºZ¸³M½Z¸dÀ«Zz]Yz]yu¾³Z¯¶¨´¿Y½Zk¶]Z¸·Z.du²¿YuvcZc uº¶À^cZZ¤c uºyYº·Z§¹ ±Z¯yu½zÀ.ÀzdÀ]¶#z·
·Z§yu v³Yµuz§mz¯Yy¶z·Z§ yZZ¤c·Z§b¿º«¹Yvy¹z¯±º´§Zc¶§¾]Z´¯`º°· x ÏÍÍÍÍÍÍu¹vo¾³Z¯yuaZ¯vsv´¯{ZÀ³bÀ°kyº§yuuZÀdYºÀ Ð u¹vozZ]|À³ZºZ¤c
bÀ°k½Z¸´¯yº§bÀ°k`°· z ³ÓÍÍÍÍÍÍÍ u¹vo¶³YzÀ.ÀaZ¯vsv´¯{ZÀ³bÀ°k¹ zº ³
z]µ¹ÈZ¸³Mzh§YuZÀdY½ÇZ]uºªÀ«u¶]±YuZd¯bÀ°kyuz.¿uz{Y uº] vº·Yºs ±YuZdº¯ bÀ°k±uYuyYz£Z´^¯Z]\Àczc²¿Y¶] v´d·|À³yYº·Z§aZº¯vsv´º¯{ZÀ³¾º³Z¯yuaZº¯vs
®Ày¾¯±Z¯yuz]¹uz·¹ yYº·Z§z]½zÀ.Àb¿º«¹Y¶]aZ¯vsv´¯{ZÀ³
v´§¾¯vÀ¿PcYyyYº·Z§¹ ½zÀ.À {Y±Z¯yub¿º«¹Y±uº]zºc ²ºÀ¿Z¶º§ ½zº.¿u©ÇvdºY x bY±Z¯yu¶zyubÀ«Z¶]¾ºst]b^y
b¯vs²¿Yz]Z´] v´·u¾¯rZYy½yºPd^³{ZÀ³¦¿¶§bY½Y¶³º-¶]¾º³Z¯yuaZº¯vsbºÀ°·Y x bÀ«Z½Yz]Yy¶´À¯{²¿Y¹ v´d·±M¶´¿|·bsYuz¶]zZoaZ¯vs²¿YbZ¿yu ½Yzº] ±Z-v³zÀº-
¹ {º¯MzÀ³¶³YzÀ.ÀaZ¯vs¶º§ ¾º«Zoyu v´º§ ¾º¯ ®·Yzº µ{ººo ²º¿Yyu¾ººsºt] yu ºt]uYzY¹y²¿Y{Y v´´§½zÀ-º¬kµv´¿Myu ¾«Z°doY ¾¬¨¯º£¹{YbºYyYzº£ ½{Zº·Z-M Z] v³yYuaZ¯vs²¿Y¶]®·½zdÀ]{ZÀ³>Z£Z cY¶§v¯Myu®§½Z·µuYº³Zºs zÀº³zºszº ½Z¸·¹zº-
bsYuz¶]¾d^yv³yYu¶§¾¿Z·{ZÀ³Z]±M`¿Z¤¯¹ ±Z±ZÀYzYZ¿ uºs±vyZ#u©Z°doY`^Zp¯ )DOFR0SS
ÎÒ
v¯Myu¶´¿|·yY|->Èh¯v³yYv³ ¾ºst]£ºcvoyuª£YÇ ¶³YzÀ.ÀaZ¯vs½Z·¶´¿|·
¦·u¶#z·¶§bY±M{Y¾§Zo ÎÐÕͱYz¿YyZ¯M|§z¯ ÎÐÕÎ ©Z½yZ¯M¶¯Z´«Z}ZYz]yYº³Zs ÒÒ ¶]¦·u²¿zc²À¿Zyu¹ v]Z¿¾¯·Z§¾§YyºszÀ½Z·¶´¿|·®¸u¹y¾¯zc²ÀWZ½v¯Myu
yu©Z¶§½Y¾ºst]|À³>È°zZo©Zoyu¶§bºY±Mº¹²º¿Y`lÀd³ vºy¾º¯ uyZ ]±M¶]Yyuºs¶ À¹²¿Y½vcv³Yºd]b«¹u¶§uyYv³uºk¹>ZZYvZ]½zÀ.À
±Z¯yu¶]¾ºst]b^y`°·>Z^¿z¤c v´§¾¯zd´¹yYyºº¯¶d¨³¦¿¶d^«Yuyº¯²º¿Yyu x ½Z¸¹y±ZÀ¯{Y¹ bY ±º§zd«Z³ µv³yYv¸.³ayº¶]¶#¹ ¾¿Yu{®ayº¶]¶#¾¿¹yYu½Z·
dÀ°·Y`°·Z]¶$³M²¿Yz]Z´] bYt]²¿Y¶£Èuyº¯±¹uZd¯Z]¾´¿|.¿Zk{Z]|À³yYº·Z§ ½Z¸¹yz¿Z¹¾¿¹yYuzÀ_v³yYv¸.³½Z¸³Z¯yuuzÀ-yYz£v¿Z]b«¹u_vº¸zº] ¹v³Zº¯ ¾º¯ ²ºÀ¯{z]
bYyYº·Z§
¾d«¹u]Z´¯Àtc~ ¹ ¶ºcyZ¸#`¯Z³z]²¿¹vcyuz¿{½v´]b¿º«¹Yb¿Zy\Àczc²º¿Y¶º]
vy¾¯z³¶]½y¹z
½zÀ.À
¾¿¹yYuzÀµv³yYv¸.³½Z¸³Z¯yu
yYº·Z§
¾¿¹yYu½Z¸³Z¯yu
¶z·Z§
ÎÓ
Related Documents
D22
June 2020 1
D22 Web Services
November 2019 16
D22-dwatch1 5-3-05
May 2020 3