Diccionario tepehuano de Santa María Ocotán, Durango

'LFFLRQDULRWHSHKXDQR
GH6DQWD0DUtD2FRWiQ'XUDQJR
0DD০QJXEKDL০PNDU
8QPRUUDOERUGDGR
6HULHGHYRFDEXODULRV\GLFFLRQDULRVLQGtJHQDV
´0DULDQR6LOYD\$FHYHVµ
1~PHUR
6HULHGLULJLGDSRU7KRPDV/:LOOHWW
(TXLSRGHUHGDFFLyQ\FRUUHFFLyQ
'RULV%DUWKRORPHZ
6XVDQ*UDKDP
/RXLVH6FKRHQKDOV
(PLO\6WDLUV
6KDURQ6WDUN
(TXLSRGHUHGDFFLyQGHOHVSDxRO
6\OYLD-HDQ2VVHQGH5LJJV
0LULDP3pUH]/XUtD
/XSLQR8OWUHUDV2UWL]
Diccionario tepehuano
de Santa María Ocotán, Durango
Compiladores:
Elizabeth R. de Willett
Thomas L. Willett
Colaboradores:
Cornelio Ramírez Solís†
Emiliano Cervantes Solís
Melesio Cervantes Solís
Mariana Cervantes Márquez
Versión electronica
Publicado por el
Instituto Lingüístico de Verano, A.C.
2016
Para comprar una copia impresa en lulu.com
Primera edición 2015
Versión electronica 2016
© Instituto Lingüístico de Verano, A.C.
Apartado 22067
14000 Tlalpan, D.F. México
Tel. 5-573-20-24
http://www.mexico.sil.org/es
&RQWHQLGR
Reconocimiento .................................................................................................................... vii
Introducción ........................................................................................................................... ix
Prólogo ................................................................................................................................... xi
Estructura del artículo .......................................................................................................... xiii
Alfabeto tepehuano .............................................................................................................. xix
Abreviaturas ......................................................................................................................... xxi
Primera Parte: Diccionario tepehuán–español ................................................... 1
Segunda Parte: Diccionario español–tepehuán .............................................. 187
Tercera Parte: Gramática tepehuana .............................................................. 231
Apéndices ............................................................................................................................. 335
A. Términos de parentesco ............................................................................................ 337
B. El cuerpo humano ...................................................................................................... 341
C. Sistema numérico ...................................................................................................... 343
D. Sonidos ...................................................................................................................... 345
E. Topónimos ................................................................................................................. 347
F. Trabalenguas .............................................................................................................. 349
G. Mapa de la región tepehuana .................................................................................... 350
v
vi
5HFRQRFLPLHQWR
'HGLFDPRVHVWHGLFFLRQDULRDODPHPRULDGHQXHVWURHVWLPDGRFRPSDxHUR,QJ&RUQHOLR5DPtUH]6ROtV
RULJLQDULRGH-XNWӝUHOSXHEORFHQWUDOGHODFRPXQLGDGGH6DQWD0DUtD2FRWiQ'HQRKDEHUFRQWDGRFRQ
VXD\XGDWDQHQWXVLDVWDQRKXELpUDPRVSRGLGRHPSH]DUDHODERUDUHVWHGLFFLRQDULReOVRORHVFULELyORV
HMHPSORVSDUDODVSULPHUDVPLOHQWUDGDVTXHLQYHVWLJDPRV
$VLPLVPRUHFRQRFHPRVODYDOLRVDFRODERUDFLyQGHORVFRPSDxHURV0HOHVLR&HUYDQWHV6ROtV\(PLOLDQR
&HUYDQWHV6ROtVQDWLYRVGHO%DMLOORGH/RV*DYLODQHVXQSXHEORHQODSDUWHVXUHVWHGHODPLVPD
FRPXQLGDG(OORVHVFULELHURQODPD\RUtDGHORVHMHPSORVLQFOXLGRVHQODSUHVHQWHHGLFLyQ\UHYLVDURQ
WRGRVORVGHPiVGDWRVHQWHSHKXiQ
/RVFRPSLODGRUHV
vii
viii
,QWURGXFFLyQ
(VWHHVXQGLFFLRQDULRGHOLGLRPDWHSHKXiQWDOFRPRVHKDEODHQODFRPXQLGDGGH6DQWD0DUtD2FRWiQ
PXQLFLSLRGH(O0H]TXLWDOHVWDGRGH'XUDQJR(VXQGLFFLRQDULRTXHWRGDYtDHVWiHQSURFHVRDVtTXHQR
VHGHEHWRPDUFRPRXQDREUDQLGHILQLWLYDQLFRPSOHWD6LQHPEDUJRHVWDSULPHUDHGLFLyQUHSUHVHQWDHO
UHVXOWDGRGHQXHVWUDVLQYHVWLJDFLRQHVHQFXDQWRDORVVLJQLILFDGRVGHPiVGHFLQFRPLOSDODEUDVFRPXQHV
XVDGDVHQHOKDEODFRWLGLDQDGHHVDFRPXQLGDG
(OSURSyVLWRGHHVWHGLFFLRQDULRHVPRVWUDUDOJRGHODULTXH]DGHOYRFDEXODULR\GHODJUDPiWLFDGHO
LGLRPDWHSHKXiQ(VSHUDPRVTXHWRGRVORVTXHFRQRFHQRYLYHQHQODUHJLyQWHSHKXDQD\DVHDQ
KDEODQWHVGHOWHSHKXiQRGHOHVSDxROFRQVLGHUHQDOWHSHKXiQFRPRXQDIRUPDGHFRPXQLFDFLyQGHOD
FXDOVHSXHGHVHQWLUPXFKRRUJXOORODFXDOHVGLJQDGHFRQVHUYDU
(VWHGLFFLRQDULRFRQVWDGHWUHVSDUWHVSULQFLSDOHV
/DSULPHUDSDUWHHVHOGLFFLRQDULRWHSHKXiQ²HVSDxROHQHOFXDOODVSDODEUDVHQWHSHKXiQVH
SUHVHQWDQHQRUGHQDOIDEpWLFR'HVSXpVGHFDGDSDODEUDVHLQGLFDVXFDWHJRUtDJUDPDWLFDOFXiOHVVRQVXV
VHQWLGRVHQGLIHUHQWHVFRQWH[WRV\FXiOHVIRUPDVLUUHJXODUHVRHVSHFLDOHVVHXVDQFRQIUHFXHQFLD/D
PD\RUtDGHORVVHQWLGRVYLHQHQDFRPSDxDGRVGHXQHQXQFLDGRLOXVWUDWLYRMXQWRFRQVXWUDGXFFLyQDO
HVSDxRO
/DVHJXQGDSDUWHHVHOGLFFLRQDULRHVSDxROWHSHKXiQGRQGHVHHQFXHQWUDQODVSDODEUDVGHO
HVSDxROTXHVHXVDQFRPRWUDGXFFLRQHVGHODVSDODEUDVHQWHSHKXiQFLWDGDVHQODSULPHUDSDUWH(VWDOLVWD
HVGHXWLOLGDGSDUDVDEHUFXiOHVVRQODVSDODEUDVHQWHSHKXiQTXHFRUUHVSRQGHQDPXFKDVSDODEUDV
FRPXQHVGHOHVSDxRO
/DWHUFHUDSDUWHHVXQUHVXPHQGHODJUDPiWLFDGHOLGLRPDWHSHKXiQ(OSURSyVLWRGHHVWDSDUWH
HVSURSRUFLRQDUXQDJXtDGHORVGLIHUHQWHVWLSRVGHSDODEUDV\RUDFLRQHVTXHVHXVDQHQHOWHSHKXiQSDUD
TXHHOOHFWRUSXHGDHQWHQGHUFyPRVHIRUPDQORVHQXQFLDGRVLOXVWUDWLYRVTXHFLWDPRVHQHOGLFFLRQDULR
HQORVFXDOHVVHPXHVWUDODFRPSOHMLGDGGHODH[SUHVLyQYHUEDOTXHHVSRVLEOHHQHVWHLGLRPD
/RVSULPHURVFXDWURFDStWXORVGHODJUDPiWLFDH[SOLFDQHOVLVWHPDGHORVVRQLGRVGHOWHSHKXiQHLQFOX\HQ
XQDH[SOLFDFLyQGHODOIDEHWRTXHDFWXDOPHQWHVHXWLOL]DSDUDHVFULELUHVWRVVRQLGRV(OSURSyVLWRGHHVWRV
FDStWXORVHVPRVWUDUF~DOHVVRQODVUHDOLGDGHVIRQpWLFDVTXHVRQODEDVHSDUDSURQXQFLDUSDODEUDVHQ
WHSHKXiQ\FyPRVHHVFULEHQHQVXVGLVWLQWDVYDULDQWHV
$OILQDOVHLQFOX\HQXQRVDSpQGLFHVHQORVFXDOHVVHSUHVHQWDQYDULDVSDODEUDV\IUDVHVHQWHSHKXiQTXHVH
XWLOL]DQFRQIUHFXHQFLDHQGLVWLQWDViUHDVGHODYLGDFRWLGLDQD
ix
x
3UyORJR
'UD.DUHQ'DNLQ
6HPLQDULRGH/HQJXDV,QGtJHQDV
,QVWLWXWRGH,QYHVWLJDFLRQHV)LOROyJLFDV81$0
0p[LFR')
GHMXOLRGH
(VPX\JUDWRKDEHUUHFLELGRODLQYLWDFLyQGHHVFULELUXQSUyORJRSDUDHVWHYROXPHQULFDIXHQWHGH
LQIRUPDFLyQVREUHODOHQJXDWHSHKXDQDGH6DQWD0DUtD2FRWiQ'XUDQJR\UHFRSLODGRSRUFXDWUR
SHUVRQDVKDEODQWHVGHHVDOHQJXD&RUQHOLR5DPtUH]6ROtV(PLOLDQR&HUYDQWHV6ROtV0HOHVLR&HUYDQWHV
6ROtV\0DULDQD&HUYDQWHV0iUTXH]TXHKDQTXHULGRXVDUVXSURIXQGRFRQRFLPLHQWRSDUDGRFXPHQWDUOD
HQFRODERUDFLyQFRQORVOLQJLVWDV(OL]DEHWK5GH:LOOHWW\7KRPDV/:LOOHWW'HHVWDPDQHUDORVVHLV
UHFRSLODGRUHVQRVSURSRUFLRQDQXQDIXHQWHGHODOHQJXDHVFULWDTXHVHUYLUiDODFRPXQLGDGWHSHKXDQD
SDUDDSUHFLDU\VHJXLUKDEODQGRHVFULELHQGR\GLVIUXWDQGRGHHVWDOHQJXDXQDKHUHQFLDLQWHOHFWXDO
HQRUPHTXHD\XGDDFDGDTXLHQDHQWHQGHUHOPXQGRTXHOHVURGHDGHVGHXQDSHUVSHFWLYDUHDOPHQWH
SURSLDHQFRQWUDGDHQHOLGLRPDWHSHKXiQ
$VXYH]ODJUDPiWLFDHOGLFFLRQDULR\ORVDSpQGLFHVHQVXWRWDOLGDGVRQXQDKHUUDPLHQWDYDOLRVtVLPD
SDUDORVTXHOOHYDQDFDERHVWXGLRVVREUHODVFXOWXUDVHKLVWRULDLQGtJHQDVGH0p[LFR3RURWURODGRORV
GDWRVGHWDOODGRV\FXLGDGRVRVGHODOHQJXDTXHVHLQFOX\HQQRVD\XGDQDHQWHQGHUPHMRUODVUHODFLRQHV
KLVWyULFDV\ODHYROXFLyQOLQJtVWLFDGHORVWHSHKXDQRV\ORVRWURVJUXSRV\XWRQDKXDVTXHKDQOOHJDGRD
SREODUWHUULWRULRVTXHH[WLHQGHQGHVGHORVSXHEORVQDZDWHVRSLSLOHVGH(O6DOYDGRUHQ&HQWURDPpULFD
KDVWDODVWLHUUDVGHORVSDLXWHQRUWHxRVTXHYLYHQFHUFDODIURQWHUDGHORV(VWDGRV8QLGRV\&DQDGi2WURV
OHFWRUHVTXHHQFRQWUDUiQHOOLEURVHUiQORVTXHQRWLHQHQXQDUHODFLyQHVSHFtILFDSRUVXVRFXSDFLRQHV
SHURTXHSRVHHQXQDJUDQFXULRVLGDGKXPDQDGHHQWHQGHUPiVDOSUyMLPR
(OYROXPHQHPSLH]DFRQXQDLQWURGXFFLyQ\QRWDVTXHH[SOLFDQODRUWRJUDItDXWLOL]DGD\ODHVWUXFWXUD\
DEUHYLDWXUDVHPSOHDGDVHQODVHQWUDGDVGHOGLFFLRQDULR/DSULPHUDSDUWHGHOGLFFLRQDULRHQVtTXHVH
RUGHQDSRUHOWHSHKXiQFRQJORVDVHQHVSDxROFRQVLVWHGHPiVTXHVLPSOHVOLVWDVGHSDODEUDVFRQJORVDV
GDGRTXHODVRUDFLRQHVLQFOXLGDVSDUDHMHPSOLILFDUODVSDODEUDVGHVFULEHQORVDFRQWHFLPLHQWRVLQWHUHVHV\
VDELGXUtDGHODYLGDFRWLGLDQDWHSHKXDQDSRUHMHPSORDSUHQGHPRVGHHOODVTXHODDEXHODPXHOHWRGDOD
QRFKHSDUDKDFHUORVWDPDOHVSDUDHOPLWRWHRTXHHOPDt]VHVHFDVLODWX]DFRPHODVUDtFHV
/DVHJXQGDSDUWHRUGHQDGDSRUHOHVSDxROFRQWUDGXFFLRQHVDOWHSHKXiQDXQTXHQRLQFOX\HRUDFLRQHV
FRPRODSULPHUDHV~WLOSRUODLQIRUPDFLyQJUDPDWLFDOTXHGDSDUDODVSDODEUDVHQHVSDxROTXHLQFOX\H
HQWUHRWURVGDWRVODLGHQWLILFDFLyQGHODFODVHGHODSDODEUD\PiVHVSHFtILFDPHQWHHOJpQHURGHORV
VXVWDQWLYRVRHQHOFDVRGHXQYHUERVLHVWUDQVLWLYRLQWUDQVLWLYRHWF&RQHVWDLQIRUPDFLyQDFFHVLEOHFRQ
ODH[SOLFDFLyQHQWHSHKXiQODSHUVRQDTXHPDQHMDPHQRVHOFDVWHOODQRSXHGHXVDUODSDUDYHULILFDUORTXH
TXLHUHH[SUHVDUHQVXVHJXQGDOHQJXD
$ODVGRVSDUWHVGHOGLFFLRQDULROHVVLJXHXQDGHVFULSFLyQJUDPDWLFDOHVWUXFWXUDO\EDVWDQWHDPSOLDGHOD
OHQJXDWHSHKXDQD\DTXHHPSOHDXQOHQJXDMHSUHFLVRFRQORVWpUPLQRVGHODJUDPiWLFDORVFRQFHSWRV\
HVWUXFWXUDVLPSRUWDQWHVSDUDHQWHQGHUODOHQJXDWHSHKXDQDFRQPXFKRVHMHPSORVFODUDPHQWHH[SOLFDGRV
6HGHVWDFDHOHQIRTXHTXHHQPXFKRVFDVRVVHxDODODLPSRUWDQFLDGHFRQVLGHUDUORTXHHOKDEODQWHGHVHD
FRPXQLFDU\SDUDTXp\QRVGDH[SOLFDFLRQHVTXHVHFHQWUDQHQHOXVRGHOLGLRPDSDUDORVGLVWLQWRVILQHV
FRPXQLFDWLYRV
3RUHMHPSORVREUHHOXVRGHODVIUDVHVQRPLQDOHV
xi
´«QRVRQREOLJDWRULDVFRPRODIUDVHYHUEDOVLQRTXHVHSUHVHQWDQFXDQGRHOKDEODQWHTXLHUHKDFHU
UHIHUHQFLDGLUHFWDDXQDSHUVRQDDQLPDORFRVDµ
2VREUHORVDGMHWLYRV
´(ORUGHQUHODWLYRGHOVXVWDQWLYR\GHODGMHWLYRGHSHQGHGHO(1)248(TXHHOKDEODQWHTXLHUHUHIOHMDUSXHV
QRUPDOPHQWHHOHOHPHQWRFRQPD\RUpQIDVLVVHSUHVHQWDSULPHURµ
/RV´$SpQGLFHVµVRQGHORVSHTXHxRVSUHPLRVGHDOJXQRVGLFFLRQDULRV\HVHOFDVRDTXtSRUTXHVH
LQFOX\HQGHWDOOHVVREUHORVWpUPLQRVGHFDPSRVVHPiQWLFRVLPSRUWDQWHVHOSDUHQWHVFRHOFXHUSR
KXPDQRHOVLVWHPDQXPpULFR\ODVSDODEUDVDIHFWLYDVTXHQRPEUDQORVVRQLGRV,PSRUWDQWHSDUDHO
FRQRFLPLHQWRKLVWyULFR\JHRJUiILFRGHODUHJLyQHVODOLVWDGHWRSyQLPRV(OYROXPHQVHFLHUUDFRQXQD
VHULHGHWUDEDOHQJXDVTXHVHJXUDPHQWHOODPDUiODDWHQFLyQWDQWRGHORVKDEODQWHVGHWRGDVODVHGDGHV
FRPRGHORVTXHTXLHUHQDSUHQGHUODOHQJXD
$SDUWHGHWRGRVORVXVRVSUiFWLFRV\HGXFDFLRQDOHVTXHWHQGUiHVWHYROXPHQVHSXHGHDJUHJDUVXOHFWXUD
FRPRSDVDWLHPSRVHO'LFFLRQDULRWHSHKXDQRGH6DQWD0DUtD2FRWiQ'XUDQJRGHXQDPDQHUD
SDUWLFXODUPHQWHLQWHUHVDQWHUHIOHMDODFRPSOHMLGDGDWUD\HQWHGHODVFRVPRYLVLRQHV\YLGDVGHVXV
KDEODQWHV
xii
/DHVWUXFWXUDGHORVDUWtFXORV
7RGRVORVDUWtFXORVHQHOGLFFLRQDULRWHSHKXiQ²HVSDxROWLHQHQFXDQGRPHQRVWUHVSDUWHVODHQWUDGDGHO
DUWtFXORVXFDWHJRUtDJUDPDWLFDO\VXWUDGXFFLyQDOHVSDxRO/RVDUWtFXORVSXHGHQLQFOXLUWDPELpQDOJXQD
GHODVVLJXLHQWHVSDUWHVXQFRPHQWDULRDFODUDWRULRYDULDVDFHSFLRQHVGHODSDODEUDGHHQWUDGDRUDFLRQHV
HQWHSHKXiQTXHHMHPSOLILFDQVXXVR\VXFRUUHVSRQGLHQWHWUDGXFFLyQDOHVSDxROQRWDVFXOWXUDOHV
LQIRUPDFLyQOLQJtVWLFDUHPLVLyQDRWUDVSDODEUDV\VXEHQWUDGDV
$FRQWLQXDFLyQVHGHVFULEHQWRGDVHVWDVSDUWHVXQDSRUXQD
$UWtFXORVHQFLOOR
&DGDDUWtFXORHPSLH]DFRQHOYRFDEORHQQHJULWD(QVHJXLGDDSDUHFHHQFXUVLYD\DEUHYLDGDODFDWHJRUtD
JUDPDWLFDOGHODSDODEUDHQWHSHKXiQ\GHVSXpVVXWUDGXFFLyQ
VXXGDL০VXVWDJXD
WDNDDEDGYD\HU
$XQTXHODPD\RUtDGHODVHQWUDGDVGHODUWtFXORVRQSDODEUDVVLPSOHVVHLQFOX\HQDOJXQDVSDODEUDV
FRPSXHVWDV\DOJXQDVIUDVHV$WRGDVpVWDVWDPELpQVHOHVDVLJQDXQDFDWHJRUtDJUDPDWLFDO
XPXX০ERQDDPVXVWVRPEUHURGHVR\DWH
MD০NEXD০YWUGHYROYHU
$OJXQDVHQWUDGDVVRQSUHILMRVVXILMRVRFOtWLFRV6LVHXVDQFRPRSDUWHGHRWUDSDODEUDHVWRVHLQGLFDHQ
ODHQWUDGDFRORFiQGROHVXQJXLyQSHURVLVHXVDQFRPRSDODEUDLQGHSHQGLHQWHQRVHXVDJXLyQ(VWRV
HOHPHQWRVJUDPDWLFDOHVQRUPDOPHQWHOOHYDQXQDFRUWDH[SOLFDFLyQGHVXVLJQLILFDGR
MLSUHIYHUE,QGLFDTXHODDFFLyQDSHQDVVHLQLFLD
xFOtW,QGLFDVXMHWRGHODSULPHUDSHUVRQDGHOVLQJXODU
&DWHJRUtDJUDPDWLFDO
&RPRVHQRWDHQORVHMHPSORVDQWHULRUHVODDEUHYLDWXUDGHODFDWHJRUtDJUDPDWLFDOGHODHQWUDGDGHO
DUWtFXORDSDUHFHHQFXUVLYDYpDVH´$EUHYLDWXUDVµ6LODSDODEUDGHHQWUDGDHVXQDYDULDQWHGH
SURQXQFLDFLyQRYDULDQWHUHJLRQDORVLHVXQDIRUPDJUDPDWLFDOGHRWUDSDODEUDHQOXJDUGHODFDWHJRUtD
JUDPDWLFDOQRUPDOPHQWHKD\XQDUHPLVLyQDODSDODEUDFRQODTXHHVWiUHODFLRQDGD
GDNRR^YDUGHGӝNRR`DSHQDV
GӝGӝ০QEDOK^SOGHGӝ০QEDOK`WLJUHV
6LQHPEDUJRQRVHLQFOX\HQUHPLVLRQHVDODVYDULDQWHVGHSURQXQFLDFLyQVLQyQLPRVDQWyQLPRVXRWUDV
IRUPDVJUDPDWLFDOHVTXHHPSLH]DQFRQODVPLVPDVWUHVOHWUDVTXHODHQWUDGDGHODUWtFXORRDODVTXH
HPSLH]DQFRQODRWUDOHWUDGHXQSDUDOYHRODU²SDODWDOL]DGDYpDVH´(ODOIDEHWRWHSHKXDQRµ$GHPiVQRVH
LQFOX\HQUHPLVLRQHVTXHVHSUHVHQWDUtDQMXQWDVDODHQWUDGDGHODUWtFXOR
xiii
7UDGXFFLyQGHOYRFDEOR
(QVHJXLGDGHODSDODEUDHQWHSHKXiQ\VXFDWHJRUtDJUDPDWLFDOVHGDODWUDGXFFLyQDOHVSDxROHQOHWUD
UHGRQGDFRPRHQORVHMHPSORVDQWHULRUHV6LODSDODEUDHQWHSHKXiQWLHQHPiVGHXQDWUDGXFFLyQDO
HVSDxROpVWDVVHVHSDUDQFRQXQDFRPD
MD০WNDPVXVWJHQWHSHUVRQDV
ERRNVXVWHVWyPDJRSDQ]D
(QDOJXQRVFDVRVODWUDGXFFLyQHVXQDIUDVHHQYH]GHXQDVRODSDODEUD
EDVGDNDGMTXHOHIDOWDVDO
&XDQGRODWUDGXFFLyQGHXQDGMHWLYRWLHQHXQDIRUPDPDVFXOLQD\RWUDIRUPDIHPHQLQDQRUPDOPHQWHVH
GDODIRUPDPDVFXOLQD
DEKDDUDGMERQLWR
$VLPLVPRFXDQGRODWUDGXFFLyQGHXQVXVWDQWLYRWLHQHXQDIRUPDVLQJXODU\RWUDIRUPDSOXUDOVRODPHQWH
VHGDODIRUPDVLQJXODU
EKDEVXVWIULMRO
(QFDPELRFXDQGRODWUDGXFFLyQGHXQVXVWDQWLYRWLHQHXQDIRUPDPDVFXOLQD\RWUDIRUPDIHPHQLQDVH
GDQODVGRVDPHQRVTXHODSDODEUDHQWHSHKXiQVRODPHQWHHTXLYDOJDDXQDGHHOODV
DOKLLVXVWQLxRQLxD
J̴০QDDQVXVWDEXHOD
$GHPiVQRVHDJUHJDHODUWtFXORDODWUDGXFFLyQGHORVVXVWDQWLYRVDPHQRVTXHIRUPHSDUWHGHOD
SDODEUDHQWHSHKXiQ
JDJRR[VXVWSHUURSHUUD
EӝӝSӝ০NDPVXVWHOSULPHURODSULPHUD
6RODPHQWHODVWUDGXFFLRQHVGHORVDUWtFXORVOOHYDQWRGDVODVGLVWLQFLRQHVGHJpQHUR\GHQ~PHUR
JXDGMHOODORVODV
&RPHQWDULRDFODUDWRULR
6LHOVLJQLILFDGRGHODHQWUDGDHVPiVUHVWULQJLGRGHORTXHLQGLFDVXWUDGXFFLyQDOHVSDxROVHGDXQ
FRPHQWDULRDFODUDWRULR(VWRVFRPHQWDULRVDSDUHFHQHQWUHSDUpQWHVLVHQFXUVLYDLQPHGLDWDPHQWH
GHVSXpVGHODWUDGXFFLyQ
PXPPXDGYDOOiDEDMROHMRVQRVHYH
WӝӝNROKVXVWDUGLOODWHUUHVWUH
[LD০xGKD০YLQWUDPDQHFHUVXMHWRDQLPDGR
$FHSFLRQHV
/DVGLIHUHQWHVDFHSFLRQHVGHXQDSDODEUDOOHYDQXQQ~PHUR\HPSLH]DQRWUDOtQHD
DDxSURQ\R
PHDPL
xiv
EDD০DGMPRMDGR
YHUGHQRVHFDSODQWD
2UDFLRQHVLOXVWUDWLYDV
'HVSXpVGHODWUDGXFFLyQVHGDXQDRUDFLyQTXHPXHVWUDHOXVRGHODSDODEUDHQWHSHKXiQ
J̴০NDPVXVWDXWRULGDGSHUVRQDLPSRUWDQWH-LUJ̴০NDPJXxNXXOVLQDPӝWJX০PXL০GKӝW
PDDSMXPMXPSDGDNPLGKDL-XNWӝU0LDEXHORHVDXWRULGDGSRUTXHORQRPEUDURQHQ
XQDDVDPEOHDHQ6DQWD0DUtD
1RWDFXOWXUDO
$YHFHVVHGDPiVLQIRUPDFLyQVREUHHOVLJQLILFDGRRHOXVRGHXQDSDODEUDUHODFLRQDGRDXQDFRVWXPEUH
ORFDO(VWDQRWDDSDUHFHHQWUHSDUpQWHVLVHQFXUVLYD\GHVSXpVGHODRUDFLyQDODTXHVHUHILHUH
EӝӝQD০VXVWFRPSDxHURFRPSDxHUD
FyQ\XJH6HVXHOHXVDUEӝӝQD০FyQ\XJHHQYH]GHMRRxL০HVSRVDRNXQHVSRVR
,QIRUPDFLyQJUDPDWLFDO
'HVSXpVGHODVRUDFLRQHVLOXVWUDWLYDVVHGDFRQIUHFXHQFLDDOJXQDLQIRUPDFLyQJUDPDWLFDODFHUFDGHOD
SDODEUDGHHQWUDGD(VWDLQIRUPDFLyQYDUtDGHDFXHUGRDODFDWHJRUtDJUDPDWLFDO
9HUERV
&XDQGRVHWUDWDGHYHUERVTXHQRVRQHVWDWLYRVODSDODEUDGHHQWUDGDHVWiHQODIRUPDGHOWLHPSRIXWXUR
\GHHVWDIRUPDVHSXHGHQGHGXFLUPXFKDVGHODVGHPiVIRUPDVGHOYHUERTXHVHXVDQYpDVHOD
*UDPiWLFDWHSHKXDQD6LQHPEDUJRKD\DOJXQDVIRUPDVTXHQRVHSXHGHQGHGXFLUWDQIiFLOPHQWHGH
pVWDSRUORFXDOVHGDQFRPRLQIRUPDFLyQJUDPDWLFDO
3RUHMHPSORQRUPDOPHQWHVHGDQODVIRUPDVGHOWLHPSRSUHWpULWR\GHOWLHPSRSUHVHQWHGHORVYHUERVQR
HVWDWLYRV6LDOJXQDGHHVWDVIRUPDVQRDSDUHFHFRPRLQIRUPDFLyQJUDPDWLFDOTXLHUHGHFLUTXHWDOIRUPD
QRVHXVD
MXJLD০YWUDFDEDUVHDJRWDUVH
>SUHWMXXSUHVMX০@
xLR০NGKD০YWUVDOXGDU
>SUHWxLR০NLSUHVxLR০NL০x@
$YHFHVODVIRUPDVGHOSUHWpULWR\SUHVHQWHVRQLJXDOHVRVHGDQRWUDVIRUPDVLUUHJXODUHV
EDWELD০YWUEDxDUVH
>SUHWSUHVEDWELD@
DDJD০YWUGHFLU
>SUHWDDSUHVDD০FRQWDD০QGD০FRSUHWDDJDWUHVDDJL[@
(QDOJXQRVFDVRVHVQHFHVDULRKDFHUXQDDFODUDFLyQSDUDH[SOLFDUODIRUPDLUUHJXODUGHXQYHUER(VWD
QRWDJUDPDWLFDODQWHFHGHDODVIRUPDVLUUHJXODUHV
WӝӝGD০YWUGHFLUDRWUDSHUVRQD
6XFRPSOHPHQWRHVXQDIUDVH>SUHWWӝӝ০QSUHVWӝWGD@
xv
MD০WNDPVXVWJHQWHSHUVRQDV
(VXQVXVWDQWLYRSOXUDO
/DHQWUDGDGHODUWtFXORSDUDXQYHUERHVWDWLYRFRUUHVSRQGHDODIRUPDGHOWLHPSRSUHVHQWH
ELD০YHVWWHQHU
6XVWDQWLYRV
(QHODUWtFXORSDUDXQVXVWDQWLYRVLHPSUHVHGDODIRUPDSOXUDOFXDQGRpVWDVHXVD6LQRKD\IRUPD
SOXUDOTXLHUHGHFLUTXHRQRVHKDEODGHOVXVWDQWLYRHQSOXUDORVHXVDODPLVPDIRUPDWDQWRSDUDHO
SOXUDOFRPRSDUDHOVLQJXODU
D০DDWVXVWSLRMR
$YHFHVKD\GRVSRVLEOHVIRUPDVGHOSOXUDO
PDWWXUVXVWPHWDWH
>SOPDPDWWXUPDPWXU@
$GHPiVGHOSOXUDOGHORVVXVWDQWLYRVVHGDQODVIRUPDVGHSRVHVLyQ\ORFDFLyQGHODWHUFHUDSHUVRQDGHO
VLQJXODUFXDQGRpVWDVH[LVWHQ
EXLVXVWSRVRMRSDUWHGHOFXHUSR
QXGRGHODPDGHUD
RMRGHDJXMD
>SOEXXSXLSRVDVLQJEXL০xORFDVLQJEXL০UDP@
$GMHWLYRV
&XDQGRVHWUDWDGHXQDGMHWLYRRXQYHUERHVWDWLYRVHGDODIRUPDGHOSURFOtWLFRFRSXODWLYR
FRUUHVSRQGLHQWHFXDQGRpVWDVHXVD
J̴০DGMJUDQGH
3URFOFRSMLU
MӝӝSL০xDGMIUtR
3URFOFRSML[
PDDNREDGMFXDWUR
PDD[YHVWYHUVHQRWDUVH
3URFOFRSML[
$VLPLVPRVHGDODIRUPDSOXUDOGHODGMHWLYRFXDQGRVHXVD
FKӝӝGR০DGMD]XO
3URFOFRSML[>SOFKӝWGR০@
NDEDDNDGMGXUR
3URFOFRSML[>SONDDSDN@
9DULDQWHV
&XDQGRKD\YDULDFLyQHQODSURQXQFLDFLyQGHODSDODEUDGHHQWUDGDpVWDDSDUHFHDOILQDOGHODUWtFXOR
GӝNRRDGYDSHQDV
9DUGDNRR
xvi
+RPyQLPRV
/DVSDODEUDVGHHQWUDGDKRPyQLPDVVHGLIHUHQFLDQFRQVXSHUtQGLFHV
DD\D০YWUDOFDQ]DU
DD\D০YLQWUOOHJDU
DD\D০YLQWUHQIHUPDU
6LQyQLPRV\$QWyQLPRV
/DUHPLVLyQDXQVLQyQLPROOHYDODDEUHYLDWXUD6LQyQ
EKLGKDDVXVWYDVLMDGHEDUURFUXGD
6LQyQGӝUELFK
MRRWRPDGYSURQWR
6LQyQFKDP[LLP
/DUHPLVLyQDXQDQWyQLPROOHYDODDEUHYLDWXUD$QWyQ
JDNDGMVHFR
$QWyQEDD০
)RUPDVUHODFLRQDGDV
6HKDFHUHPLVLyQHQWUHIRUPDVUHODFLRQDGDVFRQ9pDVH
ӝOKL০FKDGMSHTXHxLWRFKLTXLWR
9pDVHDOKL০FK
7DPELpQVHXVD9pDVHSDUDKDFHUUHPLVLyQDODUWtFXORTXHFRQWLHQHODSDODEUDRIUDVHGHHQWUDGDFRPR
VXEHQWUDGD
ED০DDNVXVWFDVD
x EKL০xEDNVXVWFDVDGHDGREHODGULOORRSLHGUD
EKL০xEDNVXVWFDVDGHDGREHODGULOORRSLHGUD
9pDVHED০DDN
6XEHQWUDGDV
$OILQDOGHODUWtFXORSXHGHKDEHUXQDRPiVVXEHQWUDGDVODVFXDOHVVRQSDODEUDVRIUDVHVTXHVHIRUPDQ
FRQODSDODEUDGHHQWUDGD6LODVXEHQWUDGDWLHQHFDWHJRUtDJUDPDWLFDOWDPELpQDSDUHFHFRPRHQWUDGDGH
RWURDUWtFXOR
DNVXVWUtRDUUR\R
x DNNӝ০QHQHOUtRHQHODUUR\R
x J̴০DNVXVWUtRJUDQGH
J̴০DNVXVWUtRJUDQGH
x J̴০DNFKD০PHQHOUtRJUDQGH
xvii
xviii
(ODOIDEHWRWHSHKXDQR
/HWUD
(MHPSOR
6LJQLILFDGR
D
E
EK
FK
G
GK
H
̴
J
L
ӝ
M
N
OK
P
Q
x
R
S
U
V
W
X
[
\
০
D০DDW
ELE
EKDQ
FKLR০x
GXXN
GKL
HD
̴̴S
JDD
MLMLL০x
ӝ০ӝӝU
MXN
NDNRRQ
OKLL
PDDPDU
QӝӝQ
xLxLD০
R০GDP
SLLSLOK
UXUX০[
VRRVR০P
WDDWDP
X০XX
[LPNӝ০[
\DDWXL
D০DD০
SLRMR
WDEDFR
FR\RWH
KRPEUH
OOXYLD
HVWH
GHDFXHUGR
RLJD
PLOSD
LQWHVWLQRV
VDQJUH
SLQR
FXHUYR
QLxLWR
KLMRV
OHQJXD
GHVSHUWDUVH
WHSHKXiQ
SROOLWR
KDPDFD
FROODU
GLHQWH
IOHFKD
FKXSDVDYLD
SDSD
FXHUQR
([LVWHQFLQFRSDUHVGHOHWUDVTXHUHSUHVHQWDQVRQLGRVVHPHMDQWHV8QDOHWUDGHFDGDSDUUHSUHVHQWDOD
IRUPDDOYHRODUGHOVRQLGR\ODRWUDOHWUDUHSUHVHQWDODIRUPDSDODWDOL]DGD0XFKDVSDODEUDVTXHHPSLH]DQ
FRQXQDGHODVGRVOHWUDVWLHQHQYDULDQWHVTXHHPSLH]DQFRQODRWUDOHWUDSHURHQODPD\RUtDGHORVFDVRV
VRODPHQWHODYDULDQWHPiVFRP~QDSDUHFHFRPRSDODEUDGHHQWUDGDHQHVWHGLFFLRQDULR
)RUPD
)RUPD
DOYHRODU
SDODWDOL]DGD
W
FK
G
GK
Q
x
U
OK
V
[
3DUDPiVGHWDOOHVDFHUFDGHORVVRQLGRVTXHHVWDVOHWUDVUHSUHVHQWDQYpDQVHORVFDStWXORVDGHOD
JUDPiWLFDWHSHKXDQDHQODWHUFHUDSDUWHGHHVWHGLFFLRQDULR
xix
xx
$EUHYLDWXUDV
Las siguientes abreviaturas se usan a lo largo de este diccionario:
DGM
DGMHWLYR
DGY
DGYHUELR
$QWyQ
DQWyQLPR
FOtW
FOtWLFR
FRPSODQLP
FRPSOHPHQWRDQLPDGR
FRPSOLQDQ
FRPSOHPHQWRLQDQLPDGR
FRPSOSO
FRPSOHPHQWRSOXUDO
FRPSOSODQLP FRPSOHPHQWRSOXUDODQLPDGR
FRPSOSOLQDQ FRPSOHPHQWRSOXUDOLQDQLPDGR
FRQM
FRQMXQFLyQ
FRQW
FRQWLQXDWLYR
FRSUHW
FRSUHWpULWR
HVSUHJ
HVSDxROUHJLRQDO
I
IHPHQLQR
*UDP
YpDVHOD*UDPiWLFD7HSHKXDQD
LPSHU
LPSHUDWLYR
LQWHUM
LQWHUMHFFLyQ
OLW
OLWHUDOPHQWH
ORFDVLQJ
ORFDWLYRGHODWHUFHUD
SHUVRQDGHOVLQJXODU
P
PDVFXOLQR
PRY
HQPRYLPLHQWR
3HM
SRUHMHPSOR
SDUW
SDUWtFXOD
SO
SOXUDO
SRV
SRVHVLyQGHWRGDVODVSHUVRQDV
H[FHSWRODWHUFHUDGHOVLQJXODU
SRVDVLQJ
SRVHVLyQGHODWHUFHUD
SHUVRQDGHOVLQJXODU
SUHIVXVW
SUHIYHUE
SUHS
SUHV
SUHW
SUHY
3URFOFRS
SURJU
SURQ
SURS
SXQW
UHS
UHV
V
6LQyQ
VXIV
VXIY
VXMDQLP
VXMLQDQ
VXMSO
VXMSODQLP
VXMSOLQDQ
SUHILMRVXVWDQWLYDO
SUHILMRYHUEDO
SUHSRVLFLyQ
SUHVHQWH
SUHWpULWR
DFFLyQSUHYLD
SURFOtWLFRFRSXODWLYR
SURJUHVLYR
SURQRPEUH
SURSyVLWR
SUHWpULWRSXQWXDO
UHSHWLWLYR
UHVXOWDWLYR
VXVWDQWLYR
VLQyQLPR
VXILMRVXVWDQWLYDO
VXILMRYHUEDO
VXMHWRDQLPDGR
VXMHWRLQDQLPDGR
VXMHWRSOXUDO
VXMHWRSOXUDODQLPDGR
VXMHWRSOXUDOLQDQLPDGR
WUDVO
9DU
YE
YH
YL
YU
YW
WUDVODGR
YDULDQWH
YHUERELWUDQVLWLYR
YHUERHVWDWLYR
YHUERLQWUDQVLWLYR
YHUERUHIOH[LYRRUHFtSURFR
YHUERWUDQVLWLYR
3DUDPiVGHWDOOHVDFHUFDGHORVFRQFHSWRVTXHHVWDVDEUHYLDWXUDVUHSUHVHQWDQYpDQVHORVFDStWXORVD
GHODJUDPiWLFDWHSHKXDQDHQODWHUFHUDSDUWHGHHVWHGLFFLRQDULR
xxi
xxii
Primera parte:
Diccionario tepehuán–español
6'2'*7ƒ0Ê'52#“1.
#
CCRCTV5GWUCGPRTGIWPVCURCTCEQPHKTOCTNQSWG
RCTGEGUGTEKGTVQ%JCODJCK¡CCPCRRWK¡RZK
LCV©VFCFC¡PCOLCZLWOV©VFC!#CRIW¡OQQ
OK¡R©ZRWVÀMÀÀ0QGUVCT¯CDKGPSWGNGU
FKICUNQSWGGNNQUVGFKLGTQP!2QTSWGV¼PCFCO£U
GUVCDCUGUEWEJCPFQ=5GRTQPWPEKCUKPRCWUC
INQVCNCNRTKPEKRKQ[EQPVQPQCNVQ)TCO?
CC=RTGVFGCCIC¡?2GLVWCCFKLQ
CC=RTGVFGCCIC¡?2GLLWOCCRGPUµ
CCEJRTQPPQUQVTQUÎ&JQCCEJLC¡RLCPKR©Z
MCK¡³MCOO©L©VWOLQQEJZKÏLWRMCK¡EJCOIW
Q¡TQUKKTKUÎ2WGUPQUQVTQUXGPKOQUCNNCOCTNG
EQPWPUQNQRTQRµUKVQÏFKLGTQPNQUCNIWCEKNGU
PQUCPQUQVTQU#CEJLCOUCRD©©R©¡LKEJ
OCMKC¡IWVWWOK³PCRCK¡FJWWMLKEJWO
OCMKC¡&KEGPSWGPQUXCPCFCTGNTGRCTVQC
PQUQVTQURTKOGTQ
=)TCO?
♦CCEJK¡PQUQVTQUCPQUQVTQU
GPH£VKEQ
♦LKTCCEJIC¡PGUPWGUVTQ
CCFC¡XaVRQPGTUG
RCPVCNµPHCNFCQ\CRCVQU
,CZLCRVW¡OCCFC¡IWOUCDWKTCZIWZ
EJ©©FW¡CCMC¡IWZEJWMCC!%W£NGU
RCPVCNQPGUVGXCUCRQPGTNQUC\WNGUQNQU
PGITQU!=RTGVCKRTGUCC¡PEQPVC¡FCFC¡Q
C¡PMC¡?
CCFKOKC¡=XCTFGCTFKOKC¡?EQTTGVGCTRGTUGIWKT
CCFJK¡³MC¡=EQPVFGCC¡³FJC¡?GUVCT
RQPK«PFQUGNQ
RCPVCNµPHCNFCQ\CRCVQUCQVTC
RGTUQPC
CCIC¡XaVFGEKTCPWPEKCTFCTCEQPQEGT/QQ
RKOVÀMÀÀMC¡PCOLCTQK¡DJCK¡LKCCIC¡PCTLKZ
MCK¡MC¡'UV«PCVGPVQUEWCPFQCPWPEKGPSWK«P
XCCUGTGNIQDGTPCFQT
GUVCDNGEGTKPUVKVWKT
EQOQEQUVWODTG,WR
MCK¡EJFJC¡COIW¡PCUCRRWK¡LC¡MCCIKZPCEJ
V©P©¡FC¡IWZKQVCNJ5GFKEGSWGGUV£
GUVCDNGEKFQEQOQEQUVWODTGSWGDCKNGOQUGN
OKVQVG
TGENCOCT
NQRGFKFQt%JCODJCCC¡CCIW
MCTDCZIWIÀ¡OPCCPPCMC³EJCCP©V!tLWR
MCK¡EJIW4QPKKNCt%JCCORCK¡LCZMCK¡EJ
CCI©V
&CKDJCDZK³EJCCP©MtLWRMCK¡EJIWV©©[CZ
t0QFKEGPCFCVWCDWGNCFGNEJKXQSWGOG
JCD¯CRGFKFQ!tRTGIWPVµ4QPKNCt0QPQFKEG
PCFC5QNCOGPVGOGRKFKµHTKLQNGUtEQPVGUVµNC
OWEJCEJC
FGEKTFGENCTCTOCPKHGUVCT
NQQEWNVQ$JCK¡O
MCZKOMWWRC¡PQ¡REJCOVWCCIC¡6GXCPC
GPEGTTCTUKPQFGENCTCUNQSWGJKEKUVG
=RTGVCCRTGUCC¡EQPVCC¡PFC¡EQRTGVCCICV
TGUCCIKZ?
CCIC¡XaVSWGTGTFGEKFKTCEGRVCT/QQRKO
CNJLKZKQ¡OZKIWIWWZK¡³FJC¡PCDC¡CCIC¡PC
LCK¡LKOKC¡DJCOO©-QTKCPPCVWOC¡IC¡
6TCVGPFGCPKOCTNGRCTCSWG«NVCODK«PCEGRVGKT
CNCLWPVCGP&WTCPIQ
XaKHCNVCT
VKGORQ#NJK¡EJR©ZDCCCI©VPCEJ
DCV©UFKC¡DJCOO©FCCOF©T(CNVCRQSWKVQ
RCTCSWGUWDCOQUCNN£
XaTSWGTGTRGPUCTt,CZLCRLWOCC¡,QUGG
PC³RWK¡OV©VFCPCREJCOVWLWCPCVQKT©FC¡!
/K¡RWK¡LKOKC¡CRCCMC¡EJCOCC!tLWR
MCK¡EJIWF©¡©©¡Pt/K¡RWK¡LKOKC¡K³LKtLWR
MCK¡EJIW,QUGGt3W«GUV£URGPUCPFQ,QU«
RCTCSWGFKICUSWGPQJCEGUPCFC!6GXCUC
RQTVCTDKGPQPQ!tRTGIWPVµUWOCO£t#U¯GU
tEQPVGUVµ,QU«
XaTPGEGUKVCTTGSWGTKT,KZOW¡WWMDCK³FJCU
M©¡PLWOCC¡PC³KCTC¡FJKLWMPCIW¡T
UCTDJCM'UPGEGUCTKQWUCTWPCJCEJCDKGP
HKNQUCRCTCVWODCTGUVGRKPQRQTSWGGUV£ITWGUQ
XaTRTGQEWRCTUG,C¡ROQQEJCOLCZLKTLWO
CC¡PFCOLKCIW³ZKKZ6©©¡PCDC¡EJCOLCZ
LWOCC¡UKCMWVDCOWWIWD©PIC¡P0CFCNG
CHGEVCCOKJGTOCPQRWGUH¯LGUGSWGPQUG
RTGQEWRCFGPCFCCWPSWGUGOWTKµUWGURQUC
=RTGVCCRTGUCC¡EQPVCC¡PFC¡EQRTGVCCI©VQ
CCIKO©M?
♦LK³C¡OLWOCC¡OGGUPGEGUCTKQ
♦PCCCI©VLWRMCK¡EJSWGUGTGHKGTGC
♦PQ¡OQQRCC¡PFC¡I©VUKSWKUKGTC
♦LKZDWCOLWOCC¡GUV£VTKUVG
♦EJCOLCZLKTLWOCC¡PFCOPCFCNGCHGEVC
♦EJC¡RLCZLWOCC¡PFC¡PQVGRTGQEWRGU
♦CC¡XaGSWGTGTFGUGCTCOCT
CCIKO©M=EQRTGVFGCCIC¡?SWGT¯C8CTCCI©V
CCIKO©M=EQRTGVFGCC¡?2GLLKZCCIKO©M
FGUGCDC8CTCCI©V
CCIK¡³=RTGUFGCC¡³FJC¡?KPHQTOCFKEG
CCI©V=EQRTGVFGCCIC¡?SWGT¯C8CTCCIKO©M
'&+%+•024'.+/+0#4`
CCI©V
6'2'*7ƒ0Ê'52#“1.
CCI©V=EQRTGVFGCC¡?2GLLKZCCI©VFGUGCDC
8CTCCIKO©M
CCLKFJC¡=EQPVFGCC[C¡?GUVCTNNGICPFQ
CCLKO=RTQITFGCC[C¡?GUV£NNGICPFQ
CCLKO=RTQITFGCC[C¡?GUV£CNECP\CPFQ
CC³RTQP[Q,CTQQ©¡MKC¡FJKMW¡CC¡CC³K¡
CCMC¡CCRK¡CC!3WK«PXCCEQTVCTGUVCNG³C
V¼Q[Q!
OGCO¯#C³COR©ZRWK¡EJCODJCK¡VW
VCVFC¡ZKDFJKVCPQQNJ6W¡PCDC¡!0QOG
UKGPVQOW[DKGPCJQTC2QTSW«UGT£!
=)TCO?
♦CC³K¡[QCO¯
GPH£VKEQ
♦LKTCC³IC¡PGUO¯Q
CCRRTQPV¼WUVGF#CRCCDCK¡³EJW¡FJK
ICIQQZ!-C¡LCTQQIKIC¡PLK!'TGUV¼SWKGP
VTCGGUVGRGTTQ!1SWK«PNQVTCGT£!
VGCVKNGCWUVGFt6CZEJCCDDC¡tLWR
MCK¡EJIW,WCPt#CRK¡LKtLWRMCK¡EJIW
2GGITQt/WEJCUITCEKCUtFKLQ,WCPt#
WUVGFtTGURQPFKµ2GFTQ
=)TCO?
♦CCRK¡V¼CVK
GPH£VKEQ
♦LKTCCRIC¡PGUVW[QGUFGWUVGF
CCRK¡ORTQPWUVGFGU#CRK¡OLKTLWO
U©URKFJKOCC!5QPJGTOCPQUWUVGFGU!
CWUVGFGU#CRK¡OUCRD©©R©¡LCO
RCNJDWKFJC¡COCCEJDC¡ICVWWM&KEGPSWG
XCPCC[WFCTNQUCWUVGFGURTKOGTQ[FGURW«UC
PQUQVTQU
=)TCO?
♦LKTCCRK¡OIC¡PGUFGWUVGFGU
CC[C¡XaVCNECP\CT#CRICOCK¡DCLKOFC¡
)COCLC¡MLC³DCOCC[C¡6¼UKIWGECOKPCPFQ
[O£UCNN£VGCNECP\Q
XaVCVKPCTFCTNGCNDNCPEQ
RQTVKTCT#K
RKEJCCIWDJQ¡OMQZPCROWMCOC¡[CUCV!
.GCVKPCUVGCNVGEJCNQVGSWGGUVCDCUEC\CPFQ
NKVVKTCPFQCNN£!
XaKNNGICT
VKGORQRNC\Q$COCKPC³RCK¡
FJWWMVWPCOMKFJC¡OWOOWPCO©VRCK¡VW³
CDKCTW;CNNGIµGNVKGORQFGRCICTCNN£FQPFG
OGFKGTQPHCEKNKFCFGU
XaKNNGICT
CWPNWICT2CCUCRFWWM[C
CC[C¡IW³EJCVCNJ!%W£PFQFKLQOKV¯QSWG
KDCCNNGICTCSW¯!
XaKNNGICTCNECP\CT
CEKGTVCFKUVCPEKC,©¡Z
O©MVWC¡L©FJKOW¡WW!3W«VCPNGLQUNNGICP
VWUHNGEJCU!
XaKNNGICT
EKGTVQF¯CECGT
GPWPCHGEJC
2CCFWWMCC[C¡IWUKPKKU!'PSW«HGEJCECG
GNOK«TEQNGUFGEGPK\C!
=RTGVCKRTGUC¡L©EQPVCCLKFJC¡RTGXÀÀLK
RTQITCCLKORWPVÀÀM?
CC[C¡XaVCNECP\CTNNGICT
CEQIGT/K¡FJ©T
KCODJC³DJ©K¡³IW³DQPCCOPCROKC¡PFCC
%JCOVWCKZK³[C¡F©T6¼SWGGUV£UO£UEGTEC
FCOGOKUQODTGTQRQTHCXQTRWGU[QPQNQ
CNECP\QFGUFGCSW¯
XaVCNECP\CTUGTUWHKEKGPVG%JCOFJQD©©Z
LKEJCC[C¡IWMCNFWPCVIW¡CNJK¡EJVWOWCIW
FW³DKC¡MCO0QPQUXCCCNECP\CTGNECNFQ
RQTSWGGNOC[QTFQOQOCVµWPDGEGTTQOW[
EJKSWKVQ
XaKECDGT
GPWPTGEKRKGPVG'CROK¡ZKICCO
IWLWWPFJK¡³KIÀ¡VQQODJCK¡OMCTVC¡OL©¡M
R©MLCPGG¡OKCC[C¡2QPICGPGUVGEQUVCNNCU
OGFKFCUFGOC¯\SWGSWGRCP
UGT
WPCECPVKFCF,©¡MLCOCKZIWUCUQKIC¡P
IWOMQORCCNJD©©ZLCOCCOCTM©¡P!
%W£PVQUUQPNQUCPKOCNGUFGVWEQORCFTGEQP
VQFQ[UWUET¯CU!
ECDGTSWGFCTUG
FGVCNNC,KZFJWUCCTCOLK³
CKZFJKRCPVCNQQPMWDC¡IW¡COI©ZKC¡LKPC³
RCK¡FJWWMDCMWCPC¡PCIW¡DJCK¡LKUQ¡NJMC¡
/GSWGFCPHNQLQUGUVQURCPVCNQPGURGTQUGOG
XCPCCLWUVCTDKGPEWCPFQNQUNCXGRQTSWGUGXCP
CGPEQIGT
=RTGVCKRTGUCKZEQPVC¡L©¡PFC¡RTQITCCLKO
TGUCKZKO?
CC[C¡XaVGPHGTOCTEQPVCIKCT%JCOVWLCÀÀ
CCOWLC¡RIWLC¡VMCO!;C¡OQQLC¡RLKTOCC¡P
LKPCOR©ZLKO[CCUCR0QUGGPHGTOCNCIGPVG
RQTCNN£!#SW¯UGOWGTGP
NKVNQUGPVKGTTCPOW[
UGIWKFQ=RTGVCKRTGUÀÀEQPVÀÀFC¡?
CC¡XaGSWGTGTFGUGCT
JCEGTCNIQ6W¡R
M©¡PLKZCC¡PC³LWOPCOMKFJC¡LWWPM©¡PCC
MC¡VWWOK³M©¡PCC!%QPSW«SWKGTGUSWGVG
RCIWGEQPOC¯\QEQPFKPGTQ!
SWGTGTCOCT
CWPCRGTUQPC)COO©L©LKZ
DJCK¡ZKOFWK³EJW¡PFC¡FJK,QUGGUCRPCDC¡Z
CC¡PFC¡IW.WWRK,QU«UKGORTGXKGPGDKGP
CTTGINCFQRCTCSWG.WRGNQSWKGTC
=EQPVCC¡PFC¡EQRTGVCCI©VQCCIKO©MEQRLKZ?
8«CUGCCIC¡
CC¡=RTGUFGCCIC¡?2GLVWCC¡FKEG
CC¡=RTGUFGCCIC¡?2GLLWOCC¡TGSWKGTG
RKGPUC
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
CC¡P=RTGUFGCCFC¡?UGNQRQPG
RCPVCNµPHCNFCQ
\CRCVQU
CC¡PFC¡=EQPVFGCCIC¡?GUVCTFKEKGPFQ
CC¡PFC¡=EQPVFGCCIC¡?GUVCTRGPUCPFQ
CC¡PFC¡=EQPVFGCC¡?2GLLKZCC¡PFC¡GUVCT
SWGTKGPFQ
CC¡³FJC¡XaDKPHQTOCTCXKUCT#CRR©Z
CC¡³FJC¡LK&©©NJLKZOCCVPQ¡DJCLKOFC¡
RKCOMWEJCO6¼PCFCO£UNGCXKUCU‹N
OKUOQFGEKFKT£UKXKGPGQPQ
KPHQTOCTGZRNKECT'COCKM/WPKFJ©T
MQQMDC¡PLC³OWVWLCOCC¡³FJC¡PCRCK¡U©NJ
DJ©KZIWDQK2WGUX£OQPQU[O£UCNN£GPGN
DQTFGFGNEGTTQNGUGZRNKEQGZCEVCOGPVGFµPFGXC
GNECOKPQ
KPHQTOCTGPUG³CT-CDWKOWMLC³OQQIKQ
DJCK¡RLKOPCRDC¡IKQRLK³CCIK¡³FJC¡PCLCZ
LC¡MLWODWCIWLKMRC¡/C³CPCTGITGUQRCTC
SWGOGGPUG³GUQVTCXG\EµOQJCEGTNCVTGP\C
FGEKTQHTGEGT
CEKGTVQRTGEKQ,KZFJC¡TCO
LCRKOOQQZKCCIK¡³FJC¡PCDC¡EJCOLKTVW¡
MWDMC¡&¯ICPNGWPRTGEKQCNVQRCTCSWGXCNIC
NCRGPCXGPF«TUGNQ
FGEKTKPFKECT-CDWKOWMLC³DJCDJ©KTC¡IW
MCUPKTIWK¡PC[C¡LCD©PVCVW¡IWCCRIC¡P&CK
PCRLK³CCIK¡³FJC¡PCLCZEJW¡OLKTFK¡
/C³CPCXGPIQRQTGNDQTTGIQSWGCPFCCSW¯
LWPVQEQPNQUVW[QUPCFCO£UOGFKEGUEW£NGU
=RTGVCC¡³RTGUCCIK¡³?
CC¡³FJC¡XaDRQPGT
RCPVCNµPHCNFCQ\CRCVQU
CQVTCRGTUQPC,KZOCCV©VCCRC¡FCIWO
UCRCCVWKZMC¡³LKOCC¡³FJC¡CC!5CDGU
RQPGTVGNQU\CRCVQUQVGNQURQPIQ!
XaTXGUVKTUGCTTGINCTUG-KC¡R©ZCCRDCO
C¡FJK¡³!2CCEJDC¡FWWMLWRCC[C¡DJCOO©
)KQVCOPCROQQLC¡RUCCNJ!#RGPCUVGGUV£U
XKUVKGPFQ!%W£PFQXCOQUCNNGICTC.NCPQ
)TCPFGUKV¼PQVGCRWTCU!
=RTGVCC¡³RTGUC¡FJK¡³EQPVCCFJK¡³MC¡?
CC¡³ZKFJC¡XaVDWTNCTUGKOKVCT-CPKUCRFJK
#TPWNRQCC¡³ZK¡³O©TC¡PCUWCMIWCNJKK,C¡R
LWOCC¡PCRWK¡LC¡MEJCOMCUWCMFC¡#TPWNHQ
KT£CDWTNCTUGFGNPK³QEWCPFQNNQTG3WKGTGSWG
XGCOQURQTSWGRKGPUCSWGCU¯NQCPKOCT£CPQ
NNQTCT=RTGVCC¡³ZKRTGUCC¡³ZK¡³?
CDKCTW¡XaVHKCT,K³CDKCTW¡CRMKC¡IQQMLCPGG¡
IWLWWP$KCTPKULC³LWOPCOMKFJC¡(¯COG
EKGPOGFKFCUFGOC¯\6GRCIQGNXKGTPGU
=RTGVCDKCTWGURCXKCT?
CKEJFJC¡
CDKCTZKOCFXDKGPRTGRCTCFQ
EQPDWGPCTQRC[
CTOCU,C¡ROQQCDKCTZKOOKLC¡RZKM©©MIW
5CCPVWUD©©R©¡PC³KEJOWLC¡RDJ©K-QPCUWWR
PC³KEJVWUCDC¡PO©TCM*CEGTCVQEWCPFQHWK
CEQORTCTCNC%QPCUWRQ5CPVQUGUVCDCCNN¯DKGP
XGUVKFQ[CTOCFQ=GURCXKCT?
CDKQPUCXKµP,QKFJCOV©P©P©¡COIWC¡DKQP
LC¡RPCVW¡W¡LK¡.QUCXKQPGUXWGNCPEQOQ
R£LCTQU=RNC¡DKQP?
CDWKNUCDWGNC)COO©L©V©F©©PFC¡IW³CDWKN
FWK³MCTVC¡O/K¡ZKIC¡OWVIWDKD/KCDWGNC
HWOCRKRCVQFQGNVKGORQNGRQPGVCDCEQ
PKGVQPKGVC
FGOWLGT&JQDCTLCI©¡LKIW³
DCDQQNJ6©©¡IÀ¡IÀTDCVWC¡DWKN/KV¯C[CGU
OW[CPEKCPCRWGU[CVKGPGPKGVQUITCPFGU
V¯CCDWGNC
UQDTKPQUQDTKPC
FGOWLGT
=RNC¡DWKNCRQUCDWKNC¡PC¡DWKNC¡P?
5KPµPIÀ¡PCCP
CDJCCTCFLDQPKVQd,C¡ROQQZCDJCCTFJKO
MKEJCCT/QQREJK³IC¡NJKFJC¡d3W«DQPKVC
GUV£VWIWKVCTTC5GT¯CDWGPQSWGOGNC
XGPFKGTCU=RNC¡DJCTEQRLKZ?
♦EJWCDJCCTCFLDQPKVQ
£TGC
CK=RTGVFGCCFC¡?UGNQRWUQ
RCPVCNµPHCNFCQ
\CRCVQU
CK=RTGVFGCC[C¡?NNGIµ
CK=RTGVFGCC[C¡?NQCNECP\µ
CK=RTGVFGCC[C¡?UGGPHGTOµ
CKEJFJC¡XaVVTCGTNNGXCTJCEGTNNGICT2CC
UCRFWWM[CVWOCKEJFJC¡IWMCM³K¡PCEJKEJ
VWLQQV!%W£PFQXCPCVTCGTNCTQRCSWG
RGFKOQU!
JCEGTNNGICT
CNVKTCTQCNNCP\CT,©¡ZLCRO©M
VWCK¡EJW¡PPCRVWOWOWW[C¡IWW¡WW!3W«
VCPNGLQURWGFGUJCEGTNNGICTHNGEJCUEQPWP
CTEQ!
NNGICTVGTOKPCT
FKUVCPEKC2CCLWWI©V
CKEJFJKZFJKDQKPCOWK¡DCODJ©KEJFJKFJCV!
*CUVCFµPFGGUV£VGTOKPCFQGNECOKPQSWG
GUVCDCPEQPUVTW[GPFQJCEKCCNN£!
VGTOKPCTEWORNKT
VKGORQUG³CNCFQ5CRPQ¡³
LKZCC¡PC³LKTOCMI©OMC¡LKZEJCOCCO
QKFJC¡UCRLWOCC¡PC³CKEJFJC¡PC³LK³
ZKZFJWVW¡PFC¡5GFKEGSWGUKSWKGTQUGT
EWTCPFGTQVGPIQSWGEWORNKTEKPEQC³QUFG
CDUVKPGPEKCTKVWCN
8«CUGZKFJWWVFC¡RCTCWPC
GZRNKECEKµPFGCDUVKPGPEKCTKVWCN
=RTGVCKEJRTGUCK¡EJW¡P?
'&+%+•024'.+/+0#4`
CKEJWNJFJC¡
6'2'*7ƒ0Ê'52#“1.
CKEJWNJFJC¡XaDNNGXCTVTCGTJCEGTNNGICT
C
QVTCRGTUQPC-CDWKOWMLCOUCR[C¡MC³
CKEJWNJFJC¡IW³ZKKTPC³KEJVWVCK³DWK
/C³CPCOGXCPCVTCGTNCUKNNCFGOQPVCTSWGNGU
RTGUV«
EQORNGVCT
ECPVKFCF[CHKLCFC$C
CKEJWNJFJKZCCIWVWWOK³IW-CNKKUVTWPC
UCCML©¡MDJCCC¡PCRKOPCOMKFJC¡!;C
EQORNGVCTQPNCECPVKFCFFGFKPGTQSWG%CNKZVQ
SWKGTGSWGNGRCIWGP!
=RTGVCKEJWNJRTGUCK¡EJWNJK¡³?
ÊCK³=XCTFGÊK³?+PFKECKORGTCVKXQEQPWTIGPEKC
CKZCFLSWGUGETGGRQN¯VKEQ:KDIWLC¡VMCO
D©©ZR©ZDCZC¡CKZCOKCOR©ZPCVIW¡[CLC¡R
DCLCK¡EJFJ©TIWKUMQGNCU#JQTCECUKVQFCNC
IGPVGUGETGGRQN¯VKECRQTSWG[CJC[GUEWGNCURQT
CSW¯
.CIGPVGRQTJCDGTGUVWFKCFQWPRQEQO£U
VKGPGNCKFGCFGSWGRWGFGNNGICTCUGTCWVQTKFCF
OQUVTCPFQNQUEQPQEKOKGPVQUSWGVKGPG
DWGPQRCTCJCDNCTUCDGSW«FGEKT#C³OQQ
EJCO³KQMCVFCCMC¡MCDWKOWMPQ¡VDCLK
EJWOC¡ICPC³IW¡EJCOCKZPC³LCZV©¡[C¡
/GSWGFCT«ECNNCFQOC³CPCEWCPFQGORKGEGNC
LWPVCRQTSWGPQU«SW«FGEKTEWCPFQJCDNQ
=RNC¡CKZEQRLKZ?
CKZ=RTGUFGCC[C¡?NQCNECP\C
CKZKOCFXUWHKEKGPVG/CC¡PLKFJQQTCKZKO
LCRLK³IC¡NJKFJC¡IWDJCD2QTHCXQTX«PFCOG
UWHKEKGPVGUHTKLQNGURCTCRTGRCTCTWPCQNNC
FGOWEJCUEQUCUFGOWEJCUOCPGTCU#KZKO
V©KZKMCK¡EJPCEJLCZFJWKDJCCPLKEJ
IWIWWZFJC¡.QFKEGFGOWEJCUOCPGTCURCTC
SWGPQUCPKOGOQU
EQOQSWKGTCt,CZLCRKO©NJKK¡³!,KTCO
CCPCEJDCCU©¡PZKEJL©©RFJCKUGTTCV!tLWR
MCK¡EJIW2GGITQt#KZKOLKCtLWRMCK¡EJIW
,WCPt3W«RKGPUCPWUVGFGU!0QUGT¯CDWGPQ
SWGFGUECPUGOQUWPTCVQO£UCNN£!tRTGIWPVµ
2GFTQt%QOQSWKGTCtEQPVGUVµ,WCP
♦D©©ZCKZKOVW¡OCFXFGVQFCENCUGFG
OWEJQUVKRQU
CKZKO=TGUFGCC[C¡?EWRQ
CKZMCOCFLRQN¯VKEQ,CZR©PV©©¡IWZCKZMCO
PCVDJCK¡VWC¡ICVCMCCDPCDJCK¡TC¡IKEJCO
MCV!%µOQUGNNCOCGNRQN¯VKEQGNSWGJCDNµ
C[GTGPNCLWPVC!=RNC¡CKZMCOEQRLKZ?
CK¡CFLSWGGUTQECSWGJC[NCLCU,C¡ROQQ
EJCODJCK¡VWOQKT©DJCOO©QKFJC¡VC¡OPC
IW¡IKKNJKOLKZEJWFC¡PRKMPCIW¡ZEJWDCC¡
DJCLC¡RPCL©¡ZLKZC¡CK¡'UOW[FKH¯EKNECOKPCT
CNN£GPGNEGTTQRQTSWGGUV£TGUDCNQUQRWGUNCU
TQECUNKUCUGUV£POQLCFCU=RNC¡CK¡EQRLKZ?
♦CK¡EJC¡OGPNCUNCLCU
CK¡EJWNJK¡³=RTGUFGCKEJWNJFJC¡?UGNQNNGXC
CK¡EJWZFJC¡XaVJCDNCTOCNOWTOWTCT
FG
CNIWKGPETKVKECT
CCNIWKGP#NJLCEJOQQD©©Z
CKZKOCK¡EJWZFJC¡FJKOCKOMCOPCEJLCZCCLK
DJCOO©MKKEJCO6W¡MWDC¡DJCLC¡MDWCO
LKEJDWC8COQUCFGEKTOWEJCUEQUCUOCNCUFG
GUGDQTTCEJQEWCPFQNNGIWGOQUCUWTCPEJQRWGU
PQVKGPGECUQSWGGUV«OQNGUV£PFQPQU
=RTGVCK¡EJWZRTGUCK¡EJWZK¡³?
CK¡EJW¡P=RTGUFGCKEJFJC¡?NQVTCGNQNNGXC
CMUT¯QCTTQ[Q7K¡ZFJCMIWUWWFCK¡IW
UWWUMC¡PIW#NWRTGGFQPCVOWK¡V©KLKLWTPC
IW¡IKKNJKOIÀ¡LKOOWCMM©¡PPCVIW¡MKC¡R©Z
FWW¡P'NCIWCUGNNGXµNQUJWCTCEJGUFG#NHTGFQ
EWCPFQSWKUQETW\CTRWGUGNT¯QGUV£OW[ETGEKFQ
RQTSWGCRGPCUNNQXKµ=RNC¡CM?
♦CMM©¡PGPGNT¯QGPGNCTTQ[Q
♦IÀ¡CMUT¯QITCPFG
CMZKFJC¡XaVJCEGTWPECPCN
RCTCFGUXKCTGN
CIWC)CKFJ©TLCEJMCZKCMZKFJCKCNJKQFJK
UWWFCK¡PCEJL©¡ZR©ZK¡EJW¡PCIW¡OK¡R©MO©T
PCEJRCK¡Q¡NJKCEJKC¡8COQUCJCEGTWPECPCN
RCTCSWGGNCIWCEQTTCCWPNCFQOKGPVTCU
VQOCOQURWGUNNGICCSW¯FQPFGPQUXCOQUC
CTTQFKNNCT=RTGVCMZKRTGUCMZK¡³?
5KPµPCRCC³EJKEJFJC¡
CNJRCTV+PFKECECTK³QQCHGEVQ5C¡QK¡IW³
CNJKKEJWMUCRCNJDCZDJKQ¡2QDTGEKVQFGOK
JKLQVKGPGJCODTG
+PFKECUCVKUHCEEKµP#NJOQQZKQ¡ODJCLKO
IWFWWM/QQDCMUWUFW[C¡IWUWWFCK¡O©L©
LC¡RCMM©¡P.CNNWXKCXKGPGOW[HWGTVGd3W«
DWGPQ2QTSWGGNCTTQ[QUGXCCNNGPCTFGCIWC
CNJKKUPK³QPK³C%JCOQDI©¡NJKOFJKCNJKK
PCIW¡EJCODJCK¡VWMWC¡'UVGPK³QPQETGEG
T£RKFQRQTSWGPQEQOGDKGP=RNC¡CCNJ
CRQUCNJKKEJWIK¡³C¡CCNJEJWIK¡³?
♦LK³CNJKKEJWMOKJKLKVQOKJKLKVC
♦CNJKKEJKQ¡³PK³Q
♦CNJKKWDKKPK³C
♦NJKKUPK³KVQPK³KVC
V«TOKPQFGECTK³Q
CNJKQCFXRQTWPTCVQ#NJKQ³ZKEJWMCMRKCUCK
IWRKNQQVPC³DC¡DCLKOKC¡8Q[CLWICTWP
TCVQEQPGUVCRGNQVCCPVGUFGKTOG5KPµPUGTTCV
CNJKQMCOU5GTGHKGTGCWPCRGTUQPCSWGVKGPG
OGPQUCWVQTKFCFSWGQVTC%JC¡R³KQMCVOWDC
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
MQZKC¡0CUMWEJVW¡TLWOCNJKQMCOMWRDC¡
DJCLC¡MRW³EJ©VFC&«LCOGGPRC\[
FW«TOGVG0QVKGPGUPKPIWPCCWVQTKFCFUQDTGO¯
RCTCSWGOGFKICUEQUCUCU¯=RNC¡NJKQMCO
CRQUCNJKQMCOW¡PC¡NJKQMCOW¡P?
5KPµPLWRCCDMCO
CNJK¡EJCFLRGSWG³QEJKEQ:K¡TCNJK¡EJFJK
DC¡CCM%JCOIÀ¡VWDJCK¡'UVCECUCGU
FGOCUKCFQEJKEC0QJC[NWICTUWHKEKGPVG
=RNC¡NJKEJEQRLKT?8«CUG©NJK¡EJ
♦CNJK¡EJLWOFWWMCORGSWG³CEQUC
♦CNJK¡EJM©©MCOGODCTC\CFC
OWLGT
CNJK¡EJCFXWPRQEQ#NJK¡EJRWROKZKDJK¡³
IWDJCDFJK,WNKCP%JCOIW¡OQQZDJKQ¡PCV
IW¡MKC¡R©Z[CCK5¯TXCNGWPRQEQO£UFG
HTKLQNGUC,WNK£PETGQSWGVKGPGJCODTGRQTSWG
CECDCFGNNGICT
CNJK¡EJEJCPQQNJUF¯CEQTVQ
KPXKGTPQ
-CVWMICDLCEJLKOKC¡PCEJDC¡O©MCC[C¡PC
IW¡TCNJK¡EJEJCPQQNJ0QUXCOQUGPNC
OCFTWICFCRCTCRQFGTNNGICTNQO£UNGLQU
RQTSWGGUOW[EQTVQGNF¯C#PVµPIÀ¡VCPQQNJ
CNJK¡EJEJWMCC¡UPQEJGEQTVC-KC¡R©ZLC³DCZ
MQQZKOMCVEJCOZKOLWRDCZKC¡$CMIW¡T
CNJK¡EJEJWMCC¡#RGPCUOGKDCCFCTUWG³Q
EWCPFQCOCPGEKµRWGUNCPQEJGHWGOW[EQTVC
8«CUGVWMCC¡
CNJK¡EJLWOFWWMCO=CPVµPFGIÀ¡RLWO
FWWMCO?RGSWG³CEQUC
CNJOQQKPVGTLCJQTCXGT£#NJLC³OQQ
³KQMFJC¡IW4QQUC#JQTCXGT£XQ[CTGIC³CT
C4QUC
COCFXOW[DKGP#OLKZLWWMMCODCMCK¡EJ
FJK,WNKCP)W¡EJKOQQLC¡RIÀ¡IÀTDJCK¡ZK
KQ¡&KEGPSWG,WNK£P[CGUV£DKGPVQOCFQETGQ
SWGVQOCFGOCUKCFQ
COCFLDKGP,CZMWRDC¡OK¡LC¡MCMZKFJCKO
FJKUWWFCK¡!%JCOCCOK¡RWK¡TCOPCLCZDC
O©T!2QTSW«GUV£UFGUXKCPFQGNCIWC!0QGUV£
DKGPCU¯EQOQEQTTG!=EQRLKT?
CORQURGPGPEKOCFG
RCTVGFGNEWGTRQ
6WMCC¡³KEJV©KRKK¡³EJWEJCOMCDJCK¡PC³
LCZMCKKDJKC¡$CMIW¡[COV©©IWUC¡WCLK³
DWKDCUCO2QTRQEQ[OGCUHKZKQCPQEJGRWGU
OGRWUGNCEQDKLCGPEKOCFGNCECTC
GPFGPVTQFG
TGEKRKGPVG$CICCOWOLC³KEJ
FJKV©OLK³CUCCMCO;CXQ[CGEJCTGUVCU
VQTVKNNCUGPOKVCNGIC
GPRQTFGPVTQFG
£TGC)À¡DCVWO
CTFKOKC¡
CMEJCKOOK³IC¡DJCTCOPCOKO©OTCFC¡IW
UWWFCK¡'NCIWCEQTTKµRQTOKOKNRCGJK\QWPC
ITCP\CPLCGPGNNC
=5GRTGUGPVCGPUWUVCPVKXQURQUGUKXQUFGRTKOGTC
[UGIWPFCRGTUQPCVCPVQFGNUKPIWNCTEQOQFGN
RNWTCN?8«CUGÊTCO
COUWHaX+PFKECUWLGVQFGNCVGTEGTCRGTUQPCFGN
RNWTCNt,CTQQOI©©¡5KKITQMWRDC¡UWCM!
tV©MMCIWVCCVC¡Pt&JQIW¡³KCOPCO©V
D©©ZFJ©VDJCK¡LKDQQRtLWRMCK¡EJIW5KKITQ
t3WK«PVGRGIµ+UKFTQ!2QTSW«NNQTCU!tNG
RTGIWPVCUWRCR£t2QTSWGGNNQUXKPKGTQPVQFQU
LWPVQUCRGICTOGtEQPVGUVµ+UKFTQ
=)TCO?8CTÊOLCO
CO©TFCVCFXCIWUVQ
UKPPKPI¼PRGPFKGPVG/W
ZKLCV©©¡IWMCMCTDCZCCRIW¡LC¡ROQQCO
©TFCVDQ¡8GCGPEQPVTCTCNCUEJKXCUV¼SWG
GUV£UCEQUVCFQCNN¯UKPPKPI¼PRGPFKGPVG
5KPµPNCCVW
COR©MCFXGZCEVCOGPVGRTGEKUCOGPVG#C³
COR©MPCDFJKTCK[C¡DCCC[C¡PCUCCMLC¡Z³K
DJCLKOFC¡IWZMCK¡8Q[CEC\CTRGTQ
TGITGUCT«RTGEKUCOGPVGEWCPFQXGPICGN
IQDGTPCFQT
COR©ZCFXGZCEVCOGPVGCFGEWCFCOGPVG
PKO£U
PKOGPQU#OR©ZLC³KEJ[C¡LKCKPCVDJCK¡LK
FJWW¡PLKZKQ¡O.NGIW«CSW¯GZCEVCOGPVG
EWCPFQGORG\µCNNQXGTOW[HWGTVG
COWWDCFXEGTSWKVC
PQOW[NGLQU,KZQ¡ZDK¡
IWVWMWWTPQ¡COWWDMWWLK³MK¡CCO'UOCN
RTGUCIKQUKGNVGEQNQVGECPVCEGTECFGOKECUC
CRUWHaX+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN
UKPIWNCT-CZKMWCPC¡CRFJKOMWVWWPPQ¡IW¡
IKKNJKOLKZEJCVQK³2WGFGUSWKVCTVGNCECOKUC
UKJCEGOWEJQECNQT=)TCO?8CTÊRLCR
CRCC³EJKEJFJC¡XaVJCEGTWPECPCN
RCTC
RTQVGIGTNCECUC:KCRCC³EJKEJFJC¡RKOO©L©
F©TLC¡RFJKDC¡CCMPCDC¡EJCODJCDCMKC¡IW
UWWFCK¡PCDJCK¡DCFWWMKO*CICPWPECPCN
CNTGFGFQTFGNCECUCRCTCSWGPQGPVTGGNCIWC
RWGU[CXCCGORG\CTCNNQXGT
=RTGVCRCC³EJKEJRTGUCRCC³EJKEJW¡P?
8CTCRCC³EJKZFJC¡5KPµPCMZKFJC¡
CTCUCCPICU=XCTFGCUCTCCPICU?GPNCUCPECU
CTFKOKC¡XaVEQTTGVGCTCTTGCT)COO©L©LC¡M
D©©ZC¡PUCRLCRZKLCCTFKOKC¡FJKDCCMCU
&GDGUCTTGCTNCUXCECURQTVQFCNCDCLCFC
RGTUGIWKT6W¡VWCTFKOIWICIQQZPCVDC¡
CNJLC¡RMWWFCO[CLC¡RDCDWWU!3W«GUVCT£
'&+%+•024'.+/+0#4`
CTFK¡EJ
6'2'*7ƒ0Ê'52#“1.
RGTUKIWKGPFQGNRGTTQ!RQTSWGRCUµRQTCSW¯
EQTTKGPFQOW[T£RKFQ
=RTGVCTFKRTGUCTFKO?8CTCCFKOKC¡
CTFK¡EJ=XCTFG©TFK¡EJ?FGNICFQ
FGHQTOC
EKN¯PFTKEC
CTRWWUUOQTTCNVCNGIC
FGVGLKFQHKPQFG
CNIQFµP,C¡ROQQLQKFJCOOWK¡VQK¡FJKZIWZ
C¡DJCTFJKOCTRWWU,©¡MVCPQQNJM©¡PLCRKEJ
V©©OQPCRKEJKMZKEJC!6WOQTTCNVKGPGOWEJQU
EQNQTGUDQPKVQU'PEW£PVQUF¯CUNQVGTOKPCUVG
FGVGLGT!=RNC¡TRWUCRQUCTRWWUC¡PQ
CTRWWUIC¡PC¡TRWUC¡PQC¡TRWUIC¡P?
CU=RTGUFGC¡ZKC¡?UGDWTNC
CUCCMUVCNGICOQTTCN
FGVGLKFQOCNNCFQFGKZVNG
,©¡MVCPQQNJM©¡PLCRKEJV©©OQPCRKEJCUMK
FJKOCUCCMFJK¡PCRDJC¡³KUCK¡EJW¡POKVW
ICCOWV!'PEW£PVQUF¯CUVGLKUVGVWVCNGICNC
SWGVKGPGUEQNICFCCNN¯NNGPCFGEQUCU!=RNC¡UCM
CRQUCUMK¡³QCUCCMIC¡PC¡UMK¡³Q
C¡UCMIC¡P?
CUCTCCPICUCFXGPNCUCPECU
FGWPCPKOCN
#UCTCCPICULCRZKFJCCUCKFJKEJKQ¡³EJKDC
OCIQQPCV©KLKO.NGXCCNPK³QGPNCUCPECUFGN
DWTTQCNQOGLQT[CUGECPUµFGECOKPCT
8CTCTCUCCPICU
CUFC¡=EQPVFGC¡ZKC¡?GUVCTDWTN£PFQUG
CUMKEJUVGLKFQ
FGKZVNG$JC³DJ©K¡³IW³
CUMKEJMCRDJCK¡PC³EJCOMQQZKOMW³L©¡Z
LWRDCLKDWC¡PC³DC¡DCMQZKC¡&COGOK
VGLKFQFGKZVNGRCTCCXCP\CTWPRQEQOKGPVTCUPQ
VGPICUWG³QCPVGUFGFQTOKT=RNC¡UMKEJ
CRQUCUMKEJC¡PC¡CUMKEJC¡P?
CUMKEJC¡XaVVGLGT
VCNGICFGKZVNG,QKFJCO
EJCOVWQQ¡PFJKWDKKICOO©L©VWCUMKEJFJC¡
'UVCOWLGTPWPECHNQLGCUKGORTGGUV£VGLKGPFQ
VCNGICUFGKZVNG=RTGVCUMKRTGUCUMKEJ?
♦LWOCUMKEJJCEGCNIQFGDGPGHKEKQ
CUMKEJFJC¡XaDVGLGT
VCNGICFGKZVNGRCTCQVTC
RGTUQPC)QQMLCRLK³C¡CUMKEJFJC¡PC³OK
EJWIC¡OWFC¡*£ICOGFQUVCNGICUFGKZVNG
RCTCNNGXCTOKUEQUCUGPGNNCU
=EQORNRNC¡UMKEJFJC¡RTGVCUMKEJ
RTGUCUMKEJW¡P?
CUMK¡CFLRGTOGCDNG
VGLKFQ,KZCUMK¡IWDCCNJ
/CC¡PPCLCZDWCPIWUWWFCK¡PQ¡³KEJOK¡ZK
EJWC7PCECPCUVCGURGTOGCDNG5KNGGEJCP
CIWCUGGUEWTTG=RNC¡UMK¡EQRLKZ?
♦EJWCUMK¡CFLNNGPQFGGPTGFCFGTCU
CUMK¡³=CRQUFGCUCCM?UWVCNGIC
CVCC¡P=CRQUFGCVRQT?UWPCNIC
CVQQZMQTUUKNNCCUKGPVQ%JC¡RDJCFC¡PUCFC¡
FJKCNJKKVQQVMQOCVQQZMQTVC¡OPCIW¡
EJCMWKPCDJCKEJFJKZ0QUKGPVGUCNPK³QGPNC
UKNNCFGECTTK\QFWTQRQTSWGVQFCX¯CPQGUV£
DGPFGEKFQRCTCUGPVCTUGGPGNNC
&KEGNC
IGPVGSWGUKCWPPK³QVQFCX¯CPQNGFCPGNOG\ECN
EGTGOQPKCNPQFGDGUGPVCTUGGPNCUUKNNCUFGECTTK\Q
FWTQRQTSWGNGXCCRCUCTCNIQOCNQEQOQGN
RKSWGVGFGWPCNCET£P=RNC¡VQZMCT
CRQUCVQQZMQTIC¡PC¡VQZMCTIC¡P?
8CTCVQQZMCT
CVRQTUPCNIC$CZOCIQQPVW¡IW³CVPCEJV©K
FCKEJW¡FJKMCDCKEJC¡O;CUGOGECPUCTQP
NCUPCNICURQTKTOQPVCFQCECDCNNQRQTOWEJQ
TCVQ=RNC¡VRQTCRQUCVCC¡PC¡VRQTC¡P?
8CTCV
CVVKKTWCFXEQORNGVCOGPVGGPVGTCOGPVG
EKTEWPUVCPEKCPGICVKXC#VVKKTWDCLWIKKZIW
UWWUMC¡PFJK³MCDCK¡,CK¡³OKUKUUCRFJC¡;C
GUV£PEQORNGVCOGPVGFGUICUVCFCUNCUJGTTCFWTCU
FGOKECDCNNQCU¯SWGNGXQ[CRQPGTQVTCU
=GURFGCVKTQ?
CVWWNJUCVQNG,C¡RLKZ³CCK³IWVWKUCR
CVWWNJ%JCOLKTCOPQ¡RKEJMCDWKOWMVW
CVWWNJEJC!d%µOQOGIWUVCT¯CVQOCTWPCVQNG
FGRKPQNG0QGUVCT¯CDKGPSWGOC³CPCOGNQ
JKEKGTCU!=CRQUCVWWNJK¡³?
CZKKO=RTQITFGC¡ZKC¡?UGGUV£DWTNCPFQ
ÊC¡UWHaX+PFKECVKGORQHWVWTQRGLFCIKC¡
CICTTCT£LWIKC¡EQOGT£=5GRTGUGPVCFGURW«U
FGNCXQECNK)TCO?8CTÊ¡
C¡CCNJ=RNFGCNJKK?PK³QU=CRQUC¡CCNJ
EJWIK¡³?
C¡CCVURKQLQ,CZDC¡IWC¡CCVDJC¡³KLC¡RDC
LKKOLWOPCCMCO!2QTSW«CPFCPRKQLQUGPVW
QTGLC!
C¡CCVCFLRKQLQUQSWGVKGPGRKQLQU,KZC¡CCVCR
FJQEJK2QQNQPCRDC¡LC¡RM©UIWOOQ¡
5GIWTCOGPVGVKGPGURKQLQU*KRµNKVQRQTSWGGUV£U
TCUE£PFQVGNCECDG\CFGGUCOCPGTC=EQRLKZ?
C¡CC¡UEWGTPQ
FGCPKOCN:K¡ZOW¡OWMVW
C¡CC¡FJKZDCKOC¡VWWT#C¡PCEJ©¡MKC¡PC
EJCODJCK¡RWDCCRMKC¡PQ¡VOCEJOQ¡[CUC
PCIW¡ZDJCPCC¡'UVGVQTQDC[QVKGPGNQU
EWGTPQUFGOCUKCFQRWPVKCIWFQU'UPGEGUCTKQ
SWGUGNQUEQTVGOQURCTCSWGPQPQUNCUVKOGUK
PQUEQTPGCRQTSWGGUOW[DTCXQ
=CRQUC¡IC¡P?
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
C¡CKZ=RNFGCKZ?DWGPQURCTCJCDNCT=EQRLKZ?
C¡CKZMCO=RNFGCKZMCO?RQN¯VKEQU=EQRLKZ?
C¡CK¡=RNFGCK¡?SWGJC[TQECUFWTCU=EQRLKZ?
C¡CM=RNFGCM?T¯QU
C¡CUMKEJC¡P=CRQUFGC¡UMKEJ?UWUVGLKFQU
C¡C¡NJOC=RNFGC¡NJOC?GPQLCFK\QU=EQRLKZ?
C¡C¡PUCR=RNFGC¡PUCR?DCLCFCU
C¡DKQP=RNFGCDKQP?CXKQPGU
C¡DWKN=RNFGCDWKN?CDWGNCUPKGVQUPKGVCU
=CRQUC¡DWKNC¡P?
C¡DJCT=RNFGCDJCCT?DQPKVQU=EQRLKZ?
C¡FCFC¡=EQPVFGCCFC¡?GUVCTRQPKGPFQ
RCPVCNµPHCNFCQ\CRCVQU8CTC¡PMC¡
C¡FJK¡³=RTGUFGCC¡³FJC¡?UGNQRQPG
RCPVCNµP
HCNFCQ\CRCVQU
C¡IC¡XaKJCDNCT&CKIW&CTKK[WLQKFJCOLKZ
DJCK¡VWC¡ICFC¡PQ¡EJVWC¡IK¡³)WLCK¡LC
LCC¡PPK¡³COR©ZRWK¡EJCO³KQMFC¡CO
5QNCOGPVG&CT¯QPQUJCDNCEWCPFQNGJCDNCOQU
RGTQUWUHCOKNKCTGUPQPQUFKTKIGPNCRCNCDTC
XaVJCDNCT
OCNFGCNIWKGP,CZLCRKOLK³
C¡ICPCRKODC¡R©ZCOL©©OPC³OWPKFJ©T
DJCK¡DCLKKO!3W«GUVCDCPWUVGFGUJCDNCPFQ
FGO¯SWGNGUJK\QTG¯TEWCPFQXGP¯CFGRQTCNN¯!
XaVJCDNCT
EQPCNIWKGPUWLRN/CCZFJKEJ
UCRMCLKOKC¡LWRMCK¡EJIW³EJCCVPCOIW¡
UCRMCDWKOWMMCVWC¡IC¡IW,WNKQ©R/KRCR£
FKEGSWGPQXCOQUCKTJCUVCRCUCFQOC³CPC
RQTSWGOC³CPCXCCJCDNCTEQP,WNKQ
NKV«N[
,WNKQXCPCJCDNCT
XaTJCDGTLWPVCJCDGTRN£VKEC)WLWOCK
VWOK³MWVC¡OUCRVWOC¡IC¡OW5WNKFCC'N
RTµZKOQFQOKPIQXCCJCDGTWPCLWPVCCNN£GP.C
5QNGFCF
=RTGV[RTGUC¡ICEQRTGVC¡IKO©M?
C¡IC¡P=CRQUFGC¡CC¡?UWEWGTPQ
C¡IKEJCOURN£VKEC/©L©RCK¡FJ©TOQQVWO
DCK¡³5WNKFCCPCEJUCROWK¡ZKEJWLKKOFC¡PC
UCROK¡TC¡IKEJCOMC¡0QUEKVCPGP.C5QNGFCF
RCTCSWGXC[COQUCGUEWEJCTWPCRN£VKEC
C¡IKFJC¡XaVJCDNCTRTGIWPVCT
CQVTCRGTUQPC
/CKMLCEJVWC¡IK¡³RW¡IWLQKU'GLCZR©MLWR
ZK©NJKK¡³8COQUCKTCJCDNCTEQPGNLWG\CXGT
SW«RKGPUC«N
CEQPUGLCT%JCOOQQTCOCCPCRKOVW
C¡IKFJC¡IWLCOOCTPCDC¡VW¡MC¡OLCO
P©K¡³FJC¡!0QUGT¯CDWGPQSWGCEQPUGLGPCUW
JKLQRCTCSWGNGUTGURGVG!
C¡PC¡
TGENCOCT,C¡ROQQCNJEJCOLKTM©©¡LCFWW³
IW+UCCDTW,KTOCC¡PPCEJC¡IK¡³FJC¡IWVW¡
PCZKEJOCCMCK+UCWTQPQGUWPDWGPRCTKGPVG
RWGUUKGORTGGUV£TGENCOCPFQNQSWGPQUFC
=RTGVC¡IKRTGUC¡IK¡³?
C¡L©=RTGUFGCC[C¡?NNGIC
C¡L©=RTGVFGC¡[C¡?2GLLWOC¡L©O©VUG
GPEQPVTCTQP
C¡L©¡PFC¡=EQPVFGCC[C¡?GUVCTCNECP\CPFQ
C¡L©¡PFC¡=EQPVFGC¡[C¡?GUVCTGPEQPVT£PFQUG
C¡LQK=RNFGC¡QK?RKPVQU=EQRLKZ?
C¡NJKEJ=RNFGCNJK¡EJ?RGSWG³QU=EQRLKZ?
C¡NJKQMCO=RNFGCNJKQMCO?5GTGHKGTGCRGTUQPCU
SWGVKGPGPOGPQUCWVQTKFCFSWGQVTC
=CRQUC¡NJKQMCOW¡P?
C¡NJOCCFLDGTTKPEJWFQGPQLµP
RQTSWGPQ
SWKGTGGUVCTUQNQ,KZC¡NJOCIWCNJKK%JCOL©¡Z
RCK¡DKRKQ¡F©©NJ,KZCC¡PCICOO©L©FCC¡PMC¡
IWI©¡MQTIC¡P'NPK³QGUDGTTKPEJWFQ0Q
SWKGTGSWGFCTUGUQNQRWGUUKGORTGSWKGTGGUVCT
EGTECFGUWURCFTGU=RNC¡C¡NJOCEQRLKZ?
C¡OUUGT
NCGUGPEKCFGNCRGTUQPC;C¡ROQQ
CKEJFJKFJC¡FJKDCK³FJCUPCRRCK¡FJWWMVW¡
M©¡PUQ³KCMFC¡OWRCK¡PCIW¡[C¡EJC¡OLWO
C¡PFC¡&GDGUFGXQNXGTGNJCEJCCSW¯EWCPFQ
VGTOKPGUFGWUCTNCRQTSWGPQUQVTQUUKGORTGNC
PGEGUKVCOQU=CRQUC¡OKTCOUGRTGUGPVCEQP
WPCHKLQFGRQUGUKµP?
♦LK³C¡OLWOCC¡OGGUPGEGUCTKQ
C¡OMCOCFXGPNWICTFG)W³MWWNUKUCR
DJCCPMCOOK¡MCDK¡[C¡IWZMCK¡PCIW¡UCR
MCOZKFJWWVFCTC¡/KCDWGNQUGXCCSWGFCT
EQOQUWDUVKVWVQFGNIQDGTPCFQTRQTSWG«UVGXCC
GUVCTDGPFKVQTKVWCNOGPVGRQTWPOGU
8«CUGZKFJWWVFC¡RCTCWPCGZRNKECEKµP
FGCDUVKPGPEKCTKVWCN=CRQUDJCCPMCOQ
DJCCPMCOW¡P?
C¡OMCOCFXCHCXQTFG,CTQQZOCVFC¡PC
LCZV©¡[C¡PCEJWOWC¡³FJC¡PCEJC¡OMCO
³QMKC¡PCOIW¡DCZKEJMWWRCO!3WK«PUCDG
FGRQN¯VKEC!RCTCSWGNGRKFCOQUSWGJCDNGC
PWGUVTQHCXQT[CSWGPQUSWKGTGPGPECTEGNCT
=CRQUC¡OKTCO?
C¡PC¡URNWOC-KC¡R©ZLCO©VDCMVCCVM©FJK
IKQMFC¡%JCMWKVWC¡PC¡CO2CTGEGSWG
CRGPCUPCEKGTQPGUVCURCNQOCURQTSWGVQFCX¯C
PQVKGPGPRNWOCU=CRQUC¡PIC¡P?
'&+%+•024'.+/+0#4`
C¡PICVC¡
6'2'*7ƒ0Ê'52#“1.
C¡PICVC¡XaKUCNKTCNCUUCNKTRNWOCU-KC¡R©ZDC
LKC¡PICVCFJKW¡KK¡%JCMWKVWFÀFÀ¡#RGPCUNG
GUV£PUCNKGPFQCNCUCGUVGR£LCTQ6QFCX¯CPQ
XWGNC=RTGVC¡PICVC?
C¡PMC¡=EQPVFGCCFC¡?GUVCTRQPKGPFQ
RCPVCNµP
HCNFCQ\CRCVQU8CTC¡FCFC¡
C¡PUCRUDCLCFC,KTC¡C¡PUCRCCICOO©L©FJK
DCRQKEJC¡OPCRCK¡ODJ©DJ©©PQ¡³KEJDCLKK
6WURC!*C[DCLCFCUGPGUQUECOKPQURQT
FQPFGWPQRCUCEWCPFQXCC6WZRCP!
=RNC¡C¡PUCR?#PVµPVCK¡
C¡PUCRF©TLC¡MCFXCNNCFQK\SWKGTFQ$JCK¡
IQTLKKOLCEJOCC¡PLKEJLWRPC¡OCCR;C¡PK
FJ©TLCRZKM©MDW¡M©©¡PF©TLC¡M,WCPCCR
2GGITQDC¡[C¡PKC¡PUCRF©TLC¡M8GPICPRCTC
VQOCTPQUWPCHQVQLWPVQU6¼,WCPVGRCTCUCN
NCFQFGTGEJQ[V¼2GFTQCNNCFQK\SWKGTFQ
8CTQ¡PUQRF©TLC¡M#PVµPM©©¡PF©TLC¡M
C¡PUCRF©TLC¡MCFXFGNRQPKGPVG0Q¡³,WMV©T
QKT©VCK¡FJ©TLC¡MDKRKQ¡IW$QQFCOVCODC¡
PQ¡³-QTKCPQKT©C¡PUCRF©TLC¡M5KCPFQGP
5CPVC/CT¯C1EQV£P'N/G\SWKVCNSWGFCCN
QTKGPVGRGTQUKCPFQGP&WTCPIQSWGFCCN
RQPKGPVG#PVµPVCK¡FJ©TLC¡M
C¡PUCRLC¡MCFXEWGUVCCDCLQ$JCCO©PKFJ©T
DJCK¡DCLWTPKOC¡PUCRLC¡MIWMCDCK'N
ECDCNNQXKGPGDCLCPFQ
NKVFGCNN£CTTKDCGUV£
DCLCPFQJCEKCCE£EWGUVCCDCLQ
JCEKCCDCLQ
EQUCEQNICFC#¡PUCRLC¡MR©ZDC
PCPIKC¡IWOCCOTCIC¡PFJKOCPUCPPCIW¡Z
D©©VPCIKKNJKOLKZKKDJCKFJC¡;CGUV£P
EQNICFCUNCUTCOCUFGNOCP\CPQRWGUGUV£P
RGUCFCURQTSWGVKGPGPOWEJCHTWVC
#PVµPVCK¡LC¡M
C¡QKCFLRKPVQ2CCRKEJLWRLKW¡WWMFJKZC¡LQK
DJCDPCRDJCK¡DKC¡CTRWWUVC¡O!&GFµPFG
VTCLKUVGGNHTKLQNRKPVQSWGVKGPGUCNN¯GPVWVCNGIC!
=RNC¡LQKEQRLKZ?
C¡QK¡³IC¡P=RNFGQK¡³IC¡P?RNCPGVCU
C¡QQUJWGUQ&JKZEJQQVQC¡QQPCOK¡LWORCZ
OCC¡PIWVWWTMCVLKTC¡QQ¡PPCVOK¡OWW
'UVQUJWGUQUDNCPEQUSWGGUV£PLWPVQUGTCPFGWP
VQTQSWGOWTKµCNN¯=CRQUC¡QQ¡P?
C¡QQICZ=RNFGQQICZ?V¯QUUQDTKPQUUQDTKPCU
=CRQUC¡QQICZK¡³?
C¡QQ¡³ZK¡³FJC¡=EQPVFGQ¡³ZKFJC¡?GUVCT
RGTFK«PFQNQ
C¡Q¡MKZ=RNFGQ¡MKZ?V¯CUUQDTKPQUUQDTKPCU
C¡TRWU=RNFGCTRWWU?OQTTCNGU
FGCNIQFµP
=CRQUC¡TRWUC¡PQC¡TRWUIC¡P?
C¡UCM=RNFGCUCCM?VCNGICU
FGKZVNG
=CRQUC¡UMK¡³QC¡UCMIC¡P?
C¡U©=RTGVFGC¡ZKC¡?UGDWTNµ
C¡UMKEJ=RNFGCUMKEJ?VGLKFQU
FGKZVNG
=CRQUC¡CUMKEJC¡P?
C¡UMKEJFJC¡=EQORNRNFGCUMKEJFJC¡?VGL«TUGNQU
C¡UMK¡=RNFGCUMK¡?RGTOGCDNGU=EQRLKZ?
C¡VQZMCT=RNFGCVQQZMQT?UKNNCU
=CRQUC¡VQZMCTIC¡P?
C¡VRQT=RNFGCVRQT?PCNICU=CRQUC¡VRQTC¡P?
C¡ZKC¡XaVDWTNCTUGTG¯TUG)KKNJKOLK³C¡U©O©V
IWPCPDCVPC³KEJEJCOCODWCPC³KEJOWK¡
EJ©KLK³KQ.QUOGUVK\QUUGDWTNCTQPOWEJQFG
O¯RQTSWGOGGSWKXQSW«EWCPFQGORGE«C
JCDNCT=RTGVC¡U©RTGUCUEQPVCUFC¡
RTQITCZKKO?
C¡[C¡XaTGPEQPVTCTUG
UWLRNCPKOt2CC³
DC¡DCOP©©TFC¡!tLWRMCK¡EJIW2GGITQ
t/WOOWFJQPCEJRCK¡LCZDCEJC¡L©¡PFC¡
PCEJRCK¡FJWWMOWLKOO©FC¡tLWRMCK¡EJIW
,QUGGt&µPFGVGGURGTQ!tRTGIWPVµ2GFTQ
t&QPFGUKGORTGPQUGPEQPVTCOQUEWCPFQPQU
XCOQUCNN£tEQPVGUVµ,QU«=RTGVC¡L©
EQPVC¡L©¡PFC¡?
$
DCRTGHaX[C#CR[C¡F©TLC¡MDCI©ZKC¡PC³IW¡
CC³[C¡F©TDCZEJWOCCV;CVGRWGFGU
TGITGUCTRQTSWGFGCSW¯[CEQPQ\EQGNECOKPQ
=)TCO?
DCC=RTGVFGDCMKC¡?GPVTµ
DCCDWKFJC¡XaDUCECT
RCTCQVTCRGTUQPC
$CCDWKFJC¡CRIWMWVWWPC¡PIW'NKK[CUO©L©
F©TVQQODJCK¡OMCTVC¡O2QTHCXQTUCECNC
ECOKUCFGCFGPVTQFGNEQUVCNRCTC'N¯CU
SWKVCT
CQVTCRGTUQPC$CCDWKFJC¡COOQQ
IWDC¡MK¡³PQ¡VEJCOVWPCOMKPCL©¡MVW
WC¡VW¡P.GSWKVCT£PUWECUCUKPQRCICNC
ECPVKFCFSWGFGDG
=EQORNRNDQQUIKFJC¡RTGVDCCDWK¡DQQUIK
=CRQUC¡Q¡MKZK¡³?
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
RTGUDQRRQK¡³DQQUIK¡³EQPVDCRRWK¡³FJC¡
DQQUIK¡³FJC¡TGRDQRRQKFJC¡DQQUIKFJC¡?
DCCDWK¡KPVGTLU¯
UKPEQORTQOGVGTUGt/CKM
LCEJUCRLCK¡VWMQK¡RQ¡DJC¡³KFCCOF©TtLWR
MCK¡EJIW,WCPt$CCDWK¡LKCtLWRV©KIW
,QU«t5KIWUVCXCOQUCEQOGTCNN£CTTKDC
tFKLQ,WCPt5¯FGXGTCUtTGURQPFKµ,QU«
DCCDW¡XaVUCECT
FGFQPFGGUV£OGVKFQ
$CCDW¡KEJIWOCC¡PMCOPCOK¡MWWRMWOW
DCLKOKC¡PCIW¡RWK¡EJCOVW¡LCZDWC
5CECTGOQUCNCRGTUQPCSWGGUV£RTGUCRCTCSWG
UGXC[C[CSWGPQJCJGEJQPCFC
UCECTNNGXCTCRCTVG
RCTCJCDNCT,CZV©VFC
IWZMCK¡IWOVCCVPCVDC¡OWLC¡RZKDCCDW
VCMCCD!3W«NGFKLQC[GTGNIQDGTPCFQTCVW
RCR£EWCPFQNQNNGXµCRCTVGRCTCJCDNCTNG!
=EQORNRNDQQUIC¡RTGVDCCDWDQQUQNJ
EQPVDCRRWFC¡DQQUQ¡PFC¡OQXDCRRWKFJC¡
DQQUICKFJC¡?
DCCIC¡XaVTGICT
RNCPVC#NJK¡EJLK³
DJ©K¡³O©TIWUWWFCK¡PC³[C¡PKM©¡PDCCIC¡
IW³©¡©©Z2QTHCXQTVT£GOGWPRQEQFGCIWC
RCTCTGICTOKURNCPVCU
DCVKT
OCUCEQPCIWC#C³D©©R©¡CNJK¡EJOC
VWDCCIWVWK¡PC³DCZDJKQ¡PCIW¡EJCO
LCK¡EJIWV©OMCNJ*CEGTCVQ[QDCV¯WPRQEQFG
OCUCEQPCIWCRWGUOGFKQJCODTG[PQJCD¯C
VQTVKNNCU
=RTGVDCCRTGUDCRICKORGTDCC¡
OQXDCC¡³EJW¡?
DCCMUXCEC,KZDCCDWKFJCOCOOCC¡PIW
DCCMVWIK¡³PCIW¡UCRLCWC¡VW¡PIQQMIW
LC¡VMCOIWK¡PCOLKTLCLCPPWNJIC¡TCFCO.G
SWKGTGPSWKVCTWPCXCECRQTSWGNGFGDGCFQU
XGPFGFQTGUFGTQRC=RNDCCMQDCCMCU
CRQUDCCMVWIK¡³DCCMCUVWIK¡³?
♦LCDCCMCUK¡UWUXCECU
FGGNNQUQFGGNNCU
DCCMDKK¡OUNGEJGFGXCEC,CZEJW¡OLKZ
KQ¡OLKZK¡QQDIWDCCMDKK¡OCCMC¡IW
MCTDCZDKK¡OCC!%W£NGUO£UUCDTQUCNCNGEJG
FGXCECQNCFGECDTC!
DCCMWV=RWPVFGDCMVC¡?VGPFKFQ
VCRGVG
DCCNJUECPCUVCEGUVC$JCK¡DCCNJEJC¡OFCC
IWMKKUPQ¡RLKZ³CC'NSWGUQGUV£GPNCECPCUVC
UKSWKGTGUEQOGTNQ=RNDCRCCNJ
CRQUDCCNJK¡³DCRCCNJK¡³?
♦WOWW¡DCCNJUECPCUVCFG\Q[CVG
♦VQQVMQODCCNJUECPCUVCFGECTTK\Q
♦UQQDQNJDCCNJUECPCUVCFGRCNOC
DCCRUC¡
DCCOIK¡CFLOCFTWICFQTSWGUGNGXCPVC
VGORTCPQ#CIW¡ZDCCOIK¡LKIW,WCPLKC
-CVWMICDO©L©RCK¡R©ZV©KPCVLKK,WCPGU
OCFTWICFQTXGTFCF!5GQ[µEWCPFQUGHWGOW[
FGOCFTWICFC=RNDCCROKIK¡EQRLKZ?
8«CUGDCOIKC¡
DCCOW¡U\CPEWFQOQUSWKVQd,C¡ROQQZLCK¡EJ
MC¡COIWDCCROW¡V©¡PIKCMLC¡Md*C[VCPVQU
OQUSWKVQUGP«RQECFGNNWXKCU=RNDCROW¡Q
DCRCCOW¡?
DCCRCKURG³CUEQ$CCRCKFJCCOLKTMKKEJCO
DJCK¡FJ©TDC¡OWLC¡RV©P©K¡³FJC¡COIWK¡
PCODJCK¡QK¡FJC¡PCO©MLKZEJWOCCZ*C[
WPCECUCCTTKDCFGGUGRG³CUEQ[NQUSWGXKXGP
CNN¯RWGFGPXGTNGLQU=RNDCRCRRCKQDCRCCRCK?
DCCRCKFJC¡CFLSWGCPFCH£EKNOGPVG
FQPFGJC[
WPCEWGUVCGORKPCFC)KKNJKOLKZDCCRCKFJC¡
IWDCKU©NJUKCLKZDWCOVWVW¡OM©TLKZDJCK¡
LWTWWM'NVGLµPH£EKNOGPVGCPFCFQPFGJC[WPC
EWGUVCGORKPCFC[CWPRCUCGPNQUNWICTGUHGQU
=RNDCRCCRCKFJC¡EQRLKZ?8CTDCDCKFJC¡
DCCRCK¡CFLRG³CUEQUQ,KZDCCRCK¡LKDCMLKC
DCCUF©TLC¡RFJKUCMCCNJKMPCDJCOO©PKR©Z
LKZOCCZ#C³EJCOV©P©KFJCVLK'PVQPEGUU¯
GUV£RG³CUEQUQCNQVTQNCFQFGGUCEQTFKNNGTCSWG
UGXGPQJGKFQCNN£=RNDCRCRRCK¡Q
DCRCCRCK¡EQRLKZ?
DCCRCMUECTTK\Q
FGVCNNQDNCPFQ/CKMLCEJ
IQQMWC¡RW¡IWDCCRCMOWOOWIÀ¡CMEJC¡O
PCEJDC¡[CLC¡RDKC¡MCVL©¡OC¡PW¡VCVM©¡P
LKEJEJKCPFC¡8COQUCNT¯QITCPFGCVTCGT
CNIWPQUECTTK\QUFGVCNNQDNCPFQRCTCVGPGTNQU
CSW¯EWCPFQUGCPGEGUCTKQJCEGTHNGEJCURCTC
EWTCTPQU
.QUEJCOCPGUWUCPHNGEJCURCTCEWTCT
DCCRCMCFLECNK\QSWGUCDGCECN0Q¡ZDCCRCM
IWOCVCKOC¡PLWOCC¡PCZKODJKDJKCLKPC
DC¡DCOVWWVC¡PCEJCOLKZDCCRCMMC¡IW
V©OMCNJ5KGNPKZVCOCNGUV£OW[ECNK\QUGNCXC
XCTKCUXGEGUEQPCIWCCPVGUFGOQNGTNQRCTCSWG
NCUVQTVKNNCUPQVGPICPUCDQTCECN=EQRLKZ?
DCCRMKC¡=UWLRNFGDCMKC¡?2GLDCCRMKC¡CO
UGOGVGT£P=RTGVDCCRRTGUDCRM©?
DCCROKIKC¡=UWLRNFGDCOIKC¡?2GL
DCCROKIKC¡COUGNGXCPVCT£P=RTGVDCCRCO
RTGUDCCROK¡EQPVDCCROK¡PFC¡?
DCCROK¡³FJC¡=EQORNRNFGDCOKK¡³FJC¡?
NGXCPVCTNQU=RTGVDCCROK¡RTGUDCCROKIK¡³?
DCCRUC¡XaVDQTFCTCFQTPCT
EQPGUVCODTGU
,QKFJCOVW¡OLWRFW³KKOIW³Q¡MKZOCC¡PIW
'&+%+•024'.+/+0#4`
DCCRUC¡
6'2'*7ƒ0Ê'52#“1.
DJCK¡OMCT/WPKVWCD©VC¡FCCMCVVWDCCRCU
/KV¯CGUV£JCEKGPFQWPOQTTCNOW[DQPKVQCJ¯
GUV£DQTFCPFQUGPVCFCFGDCLQFGWPGPEKPQ
=RTGVDCCRUCRTGUDCCRCU?
DCCRUC¡=EQORNRNFGDCCUC¡?OGVGTNQU
=RTGVDCCRCKRTGUDCCRCUEQPVDCCRUCKFJC¡?
DCCTIC¡PUECNFQ
FGECTPGQNGIWODTGU
EQEKFCU,QKFJCOLKZK¡QQDIWDCCTIC¡PFJK
DJCDLKZDJCK¡ZDJCKDCM'UV£DKGPUCDTQUQGN
ECNFQFGGUVQUHTKLQNGURWGUUGEQEKGTQPDKGP
LWIQCIWC
FGHTWVCQXGTFWTCETWFC,QKFJCO
LKZK¡QQDIWDCCTIC¡PIWMQQMQUL©¡MQNJ
D©PMCO'UV£DKGPUCDTQUCGNCIWCFGEQEQEQP
NKOµP
UCXKCTGUKPC
FGWP£TDQN)WMWRCCNJLKTLWM
QUCC¡OIC¡PRKCODCCTIC¡PIWW¡WWZ'N
KPEKGPUQUGJCEGFGNQEQVGFGRKPQQFGNCTGUKPC
FGQVTQ£TDQN
8«CUGDCTCC¡
DCCUCFXO£UCNN£
FQPFGPQUGXG0COO©DCCU
LCRZKLKO©KPW¡CC¡FJKOCVCKDCTCC¡EJCOVW¡
PCROKLC¡RCOWWDPWC¡DCFC¡8GVGO£UCNN£C
VKTCTGNCIWCFGNPKZVCOCNPQNCVKTGUCSW¯EGTEC
DCCUC¡XaVOGVGTRQPGTCFGPVTQ/WLC¡MDC¡M
EJ©TLCRDCCUCKFJCVFJKDCK³FJCUPCRRCK¡
FJWWMVW¡M©¡PLCZDWCFC¡&GDGURQPGTGN
JCEJCCFGPVTQFGNCECUCFGURW«UFGWUCTNC
=EQORNRNDCCRUC¡RTGVDCKDCCRCKRTGUDCCU
DCCRCUEQPVDCCUCKFJC¡DCCRUCKFJC¡?
DCCUF©TCFXO£UCNN£
FQPFGPQUGXG#CR
ICOCK¡DCLKOFC¡$CCUF©TLC³DCOCC[C¡PCR
IW¡EJCOR©MLKOFJC¡%COKPC[[QVGCNECP\Q
O£UCNN£RQTSWGV¼PQECOKPCUT£RKFQ
FGCSWGNNCFQ
FGWPCEQTFKNNGTC,CZFJWKPC
FCKDCCUF©TLC¡MLKZLCK¡EJIWUWWFCK¡PCRCK¡T
IÀ¡CMM©¡P$JCLC¡MF©TLC¡MEJCOPCIW¡T
CNJK¡EJCMLQVOQFC¡IC¡M©5QNCOGPVGFGCSWGN
NCFQFGNCEQTFKNNGTCJC[CIWCRQTSWGGNT¯QGU
ITCPFG&GGUVGNCFQPQJC[RQTSWGGNT¯QGU
EJKEQ[UGUGECT£RKFQ
CNCXWGNVCt2CCF©TLC¡MMKKFJC¡FJKIÀ¡
DJK¡³DCMPCDJCOO©PKM©©M!tLWRMCK¡EJIW
LCTQK¡t$CCUF©TLC¡MFJQC¡PUCRF©TtLWR
MCK¡EJIWLWOCKt&µPFGGUV£NCGPVTCFCFG
GUGGFKHKEKQSWGGUV£CNN£!tRTGIWPVµ(WNCPQ
t#NCXWGNVCGPNCRNCPVCDCLCtEQPVGUVµ
/GPICPQ
DCCU©¡PCFXEWGUVCCTTKDC$CCU©¡PKCOLCRZK
M©MDQKDJCK¡ZKLK³MCKFJC¡IWOZKKZ6W¡IK
EJKLCZDWCMWVDC¡OQQLC¡RDCO©©MKO!8G
O£UCTTKDC[IT¯VCNGCVWJGTOCPQ2QTSW«
TC\µPUGGUV£VCTFCPFQ!
DCCU©¡PF©TCFXCNQVTQNCFQ
FGNCTTQ[QQFGN
T¯Q$JCOO©PKMC¡PF©TQKT©IWDCCMCMM©¡P
DCCU©¡PF©T#NN£CPFCNCXCECCNQVTQNCFQFGN
T¯Q
CNQVTQNCFQ
FGNCHTQPVGTC-KC¡R©ZUCR
DCCU©¡PF©TOQOMQTCPDCV©UIW³ZKKZFCKPC³
EJCOV©V©MMCPQ¡OQQDCVWLWCPRKCOMWIW¡
EJCO&KEGPSWGCRGPCURCUµOKJGTOCPQCN
QVTQNCFQRGTQPQRTGIWPV«UK[CGUV£VTCDCLCPFQ
QVQFCX¯CPQ
DCCZXaGGUVCTCFGPVTQ
UWLCPKO,CTQQFC¡
FJK¡PCO©L©DCCZEJKQR!3WK«PGUV£CFGPVTQ
FGNCKINGUKC!
GUVCTOGVKFQ
UWLKPCP6W¡FC¡FJK¡PC
DJCK¡DCCZDC¡MEJC¡O!-WZKKTCCMC¡VW¡CCT
LKZDWCFCO!3W«GUGUQSWGGUV£OGVKFQGPVTG
NCUVCDNCUFGNCECUC!5GT£WPEWEJKNNQQSW«
UGT£!
=UWLRNDCCRCZEQRTGVDCCZKEJQDCCZMCV
DCCRZKEJQDCCRCZMCV?
DCCZFJC¡XaDOGVGTRQPGTCFGPVTQ
RCTCQVTC
RGTUQPC,CTQQROKDCCRZKFJCKOIWV©VPQTC¡
OWIKQV©T!-C¡CCRCCF©©NJOK¡VWEJKMKKTVC¡!
2CTCSWK«PGUV£URQPKGPFQRQUVGUGPGNNNCPQ!
1V¼UQNQXCUCJCEGTWPEQTTCNKVQCNN¯!
=EQORNRNDCCRZKFJC¡RTGVDCCZDCCRZK
RTGUDCCRZK¡³?
DCC¡CFLOQLCFQ,KZDCC¡FJKOMWVWWP
-WCPC¡CRMWICMKC¡,WOCKRMCZKEJ©¡[C¡
'UV£OQLCFCVWECOKUC3W¯VCVGNCRCTCSWGUG
UGSWG[RQPVGQVTCOKGPVTCU
XGTFGPQUGEC
RNCPVC-CZDCC¡IWLWWP
%JCMWKTCOPC³VWQTCC¡6QFCX¯CPQUGUGECGN
OC¯\0QGUV£DWGPQRCTCRK\ECT
=EQRLKZ?#PVµPICM8«CUGDC¡PPKC¡
♦EJWDCC¡CFLOQLCFQ
£TGC
DCDCKFJC¡=XCTFGDCCRCKFJC¡?SWGCPFC
H£EKNOGPVG
FQPFGJC[WPCEWGUVCGORKPCFC
=EQRLKZ?
DCDQQMUOCRCEJG/K¡FJ©TLKO©©IWDCDQQM
PCRCK¡VWWVIWOCPUCP)KKNJKOOWK¡K¡³ZKEJ
IWK¡PCL©¡MLKZDJCKPCIW¡EJCOOKC¡PLKT
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
MKKEJCO'NOCRCEJGEQTTKµFGCNN¯FQPFGGUV£P
NQUOCP\CPQU6WODµOWEJCUOCP\CPCU
OCFWTCURQTSWGPCFKGXKXGEGTEC=RNDQRRQM?
DCDQQNJUV¯C
JGTOCPCOGPQTFGNRCR£,CZ
MWRDC¡DJCK¡RDCWC¡FJKUC¡WC!/WOOW³KEJ
FCCZIWODCDQQNJPCV©¡[C¡VWMCC¡PQ¡DCZ
L©©¡O/WRFQ¡³EJK¡³O©TC¡2QTSW«VTCGUGUC
EQDKLC!;QNCJCD¯CFGLCFQEQPVWV¯CRCTCSWGNC
WUGEWCPFQVGPICHT¯QGPNCPQEJG8GC
FGXQNX«TUGNC
UQDTKPQUQDTKPC
JKLQQJKLCFGNJGTOCPQOC[QT
FGWPCOWLGT$CLWWO©MIW³ZWW¡PIK¡VCMCCD
,KZQQ¡PK³PC³DCK¡TC¡5KCOTK[C¡DCLKOIW³
DCDQQNJZK³DCK¡³FJCTCM©RLKIW¡#[GTUGOG
JCD¯CCECDCFQGNCIWC[VGP¯CHNQLGTCFGKTC
VTCGTNCRGTQFGECUWCNKFCFXKPQOKUQDTKPC[HWG
CVTC«TOGNC
=RNDQRRQNJCRQUDCDQQNJK¡³DQRRQNJK¡³?
DCF©K¡FJC¡XaVGEJCTCIWC
GPEKOCOQLCT
2CNJ©©RLC³LCDCF©K¡FJC¡FJKMWM[WPFCPCDC¡
DCZOCOQKMMC¡LC¡Z³KPC³LCDWWRNJKC¡IW
VWVWWT8Q[CGEJCTNGWPRQEQFGCIWCCNCU
EQ[WPFCURCTCSWGGUV«PDNCPFKVCUO£UCNTCVQ
EWCPFQCOCTTGNQUDWG[GU
XaTOQLCTUG
EQORNGVCOGPVG%JC¡RKOOW
LC¡RDCRQ¡FCVLWODCF©K¡³FJC¡FWWMEJ©T0Q
CPFGPEQTTKGPFQ[OQL£PFQUGGPNCNNWXKC
=RTGVDCF©K¡RTGUDCF©K¡³?
DCF©©TUNCICTVKLC
FGGUECOCUNKUCU-WWFCO
LKO©K³QT©KO©L©OO©RCK¡LKDJK¡³³KC¡IWDCF©©T
PQ¡VDC³EJ©©%WCPFQNCNCICTVKLCOGXGEQTTG
TGEKQ[UGGUEQPFGGPCNI¼PNWICT=RNDCRF©T?
DCIKQOEJC¡XaVJWOGFGEGT$CIKQOEJCKFJQ
DJCK¡LKMQPDK¡³EJC¡FJKOUCDWKTCZPQ¡REJCO
DCMWCPPCIW¡ZKMQQTC¡5KPQNCXCUVW
RCPVCNµPRQEQCRQEQUGJWOGFGEG[UG
GPOQJGEGRQTSWGGUV£UWEKQ=RTGVDCIKQOKEJ
RTGUDCIKQOEJCT?
♦COR©ZLKZDCIKQOGUV£UWHKEKGPVGOGPVG
J¼OGFQ
♦EJWDCIKQOCFLJ¼OGFQ
DCI©©UUGUVWEJG
RCTCIWCTFCTHNGEJCU,KTCO
PC³DCI©©ULWRFW³KC¡IWDJQ¡OMQZLQ¡PC³
DC¡OKICCOMC¡IW³W¡WW'UDWGPQJCEGTWP
DCKMKO
GUVWEJGFGNEWGTQFGWPVGEJCNQVGRCTCIWCTFCT
NCUHNGEJCU=RNDCRI©U?
DCK=RTGVFGDCCUC¡?NQOGVKµ
DCKFJC¡XaVKPXKVCT΁,CTQQOWLKOKC¡PC
DCK¡³O©TC¡IWQTQUKKT!ÏLWRMCK¡EJIWZMCK¡
΁3WK«PKT£CKPXKVCTCNCNIWCEKN!ÏRTGIWPVµGN
IQDGTPCFQT
NNCOCT
RCTCSWGXGPIC/WF©TV©KDCK¡³IW³
EJCVCCNJFJK/KKNKC0KL©¡ZMWEJCOVÀMÀÀ
/KV¯QGUV£VTCVCPFQFGNNCOCTC'OKNKCFGUFG
CNN£RGTQPQNGJCEGECUQ
=RTGVDCKRTGUDCK¡³?
♦V©K³DCKFJCMOGKPXKVµ
RGTQPQHWK
DCKFJKMC¡XaVNNGXCT
EQPUKIQEQORNCPKO
$CKFJKMC¡K³FJKZKKIC¡PPC³VW¡MCTDCZ
ZKEJFJC¡-CVVKLCFC¡PVC¡PQ¡VDCI©¡©©T8Q[C
NNGXCTNGGNRGTTKVQCWPCECDTCRCTCSWGOCOGFG
GNNCCXGTUKCPFCGNRGTTKVQEQPGNNQUEWCPFQUGC
ITCPFG
DCKI©MCFLJKPEJCFQ/©MLKZDCKI©MMC¡K³RCK¡
PQ¡VLK³M©KIWF©DQQT%WCPFQOGRKECWPC
CXKURCNCRKECFWTCUGJKPEJCRQTOWEJQVKGORQ
=RNDCRCKI©MEQRLKZ?
DCKI©MEJWFC¡XaVJKPEJCT#C³EJCOLK³
DCKI©MEJW¡PIWF©DQQT2CNJ©©RZKDCKI©M©K
IKQRDCLCIKC¡RCK¡PQ¡VLK³M©K#O¯PQOG
JKPEJCOWEJQGNRKSWGVGFGCXKURCUUQNCOGPVG
WPRQEQFQPFGOGRKEC[NWGIQUGOGSWKVC
=RTGVDCKI©MEJWFCRTGUDCKI©MEJW¡P?
DCKI©MKC¡XaKJKPEJCTUG$CKI©CCIWOPQD
2GGNGUPCVLWOM©KIWF©DQQTLCPQ¡PCEJKEJVW
DJKCRQM!5GVGJKPEJµNCOCPQ(«NKZEWCPFQ
VGRKEµNCCXKURCCSWGNNCXG\SWGHWKOQUCUCECT
NQUIWUCPKVQURCTCEQOGTNQU!
=UWLRNDCRCKI©MKC¡RTGVDCKI©DCRCKI©
RTGUDCRCKI©T?
DCKI©MK¡UJKPEJC\µP,KZEJWMQ¡MMC¡CCDC¡
PQ¡³ÀÀIWDCKI©MK¡!/GFQNGT£OWEJQUK
VGPIQJKPEJC\µP!
DCKMCFLVTGU$CKMOCUCC¡PR©ZDCDKKPCDC
V©¡PIKC¡&CKDC¡PCEJDCV©©¡ZKC¡(CNVCPVTGU
OGUGURCTCSWGUGCVKGORQFGNNWXKCU[PQU
XC[COQUCUGODTCT
♦DCKMMCRGPVTGUNWICTGU
DCKMKOCFLVTGUXGEGU/QQLC¡REJCO
DJCKFJC¡CCFJKDJCDPCVV©KDCKMKODCLK
EJCVQQR!0QUGEWGEGPT£RKFQGUVQUHTKLQNGU
XGTFCF!8CPVTGUXGEGUSWGNQURQPIQCJGTXKT
'&+%+•024'.+/+0#4`
DCKMMCO
6'2'*7ƒ0Ê'52#“1.
DCKMMCOUCTTQ[KVQ$JCOO©PKFJ©TLC¡R
LC³KEJLKDJ©KPCRCK¡R©ZLKTDCRCKMMCOPC
³KEJV©KPCDFJKTCMIWUWKOCNJ%JCORCK¡V©©
³KEJ;QRCU«RQTCSWGNNCFQCVT£UFGNQU
CTTQ[KVQUEWCPFQCPFCDCEC\CPFQWPXGPCFQ
RGTQPQNQGPEQPVT«=RNDCRCKMMCO?
♦EJWDCKMMCOK¡CFLFGURCTGLQ
NWICTEQP
FGRTGUKQPGUQJWPFKOKGPVQU
DCKOC¡CFLDC[Q,KZDCKOC¡DJC¡³KFJ©TQKT©
OCC¡PIWMCDCKLCTQK¡PCIC¡P7PECDCNNQ
FGUEQPQEKFQFGEQNQTDC[QCPFCCNN¯
=RNDCRCKOC¡EQRLKZ?
NCO¯C
CTOC
FGHWGIQ/WRCK¡ZK©ZEJWO©TFJK
DCK³WOMWOVWLQVOQFC¡[C¡R©ZLKDWDWCIW
UCPFCCTWK¡Z8GCGUEQPFGTGUVCCTOCRCTCSWG
PQNCXGCPNQUUQNFCFQURQTUKCECUQRCUCPRQT
CSW¯
=RNDCRCK³WOCRQUDCK³OKIC¡P
DCRCK³OKIC¡P?
DCKU©NJUVGLµP$JCLC¡RLQQFCKD©RVC¡ZKDCMKC¡
IWDCKU©NJPQ¡VVW¡DC©¡PMKC5KCNVGLµPNG
CUWUVCCNIQUGOGVGFGDCLQFGNCURKGFTCU
=RNDCRCKU©NJ?
DCK³UEWDKGTVCHWPFC
FGRKGNQFGRN£UVKEQFWTQ
$CK³ICTCPLCRKODCCUCKFJCVFJKMWZKKTPQ¡
RKOEJCOVW¡M©¡PLCZMCDWCPCEJCOVW¡
CNJKKZKDJ©©LKM©¡PLWRDCOLKMEJKC¡PQ¡RWK¡
DJCLC¡RMCCV&GDGPRQPGTGNEWEJKNNQGPUW
HWPFCFGURW«UFGWUCTNQRCTCSWGUKCNI¼PPK³Q
NQEQLGPQUGEQTVGEQP«NRQTGUVCTRQTCNN¯
FGUEWDKGTVQ=CRQUDCK³C¡P?
♦DCK³ICTCPGPUWHWPFC
DCK³EJWFC¡XaKJCEGTHWPFC
FGRKGN2WKMCZ
M©©¡FJKDCK³C¡PFJK³MWZKKT/CCM©¡PLC³KEJ
MCDCK³EJWFCM6QFCX¯CGUV£DWGPCNCHWPFCFG
OKEWEJKNNQRWGUNCJK\GGNC³QRCUCFQ
=EQORNRNDCRCK³EJWFC¡RTGVDCK³EJWFC
DCRCK³EJWFCRTGUDCK³EJW¡PDCRCK³EJW¡P?
DCK³FJCUUJCEJC6WVCCVCUIW³EJKQ¡³IW
MW¡CC¡DCK³FJCUM©¡P/KJKLQGUV£RCTVKGPFQ
NG³CEQPWPJCEJC=RNDCRCK³FJCU
CRQUDCK³FJCUW¡PQDCK³FJCUIC¡P
DCRCK³FJCUIC¡P?8CTDCK³ICU
DCK³OKEJFJC¡XaVJGTTCTOCTECT
EQPHKGTTQ
,K³RCNJDWKFJC¡RKOPC³VWDCRCK³OKEJFJC¡
IW³MCMDCK¡MCDWKOWM8Q[CJGTTCTOKU
ECDCNNQUOC³CPC/GC[WFCPWUVGFGU!
=EQORNRNDCRCK³OKEJFJC¡RTGVDCK³OKEJ
DCRCK³OKEJRTGUDCK³OKEJW¡P
DCRCK³OKEJW¡P?
DCK³OK¡CFLSWGVKGPGEKECVTK\,CZMWRDC¡Z
DCK³OK¡LWOMQDVCKCO!6W¡DJCOFWW!
2QTSW«VKGPGUGUCEKECVTK\GPNCHTGPVG!3W«VG
RCUµ!=RNDCRCK³OK¡EQRLKZ?
♦VWDCK³OK¡VTCGOCTEC
FGHKGTTQ
DCK³WOUHKGTTQJKGTTQ&CKDCRCK³WOVW
TCTQK¡³IWVTGP.CUTWGFCUFGNVTGPUQPFGRWTQ
HKGTTQ
HKGTTQ
FGJGTTCTOCTEC
FGNHKGTTQ2WEJW¡O
FCCUFJKVWWTIWDCK³WOPC³LCZEJW¡OVW
DCK³OK¡CC³'UGVQTQVKGPGNCOCTECKIWCNSWG
DCKUU©PC¡XaVGUVKTCTCNCTICT1OIW³ICCV
$CMIW¡ZK¡ZKQ¡ODC³KKULC³KEJ5GSWGDTµOK
CTEQRWGUNQGUVKT«FGOCUKCFQ
XaTGUVKTCTUGCNCTICTUG,WODCKUU©PIWLQ¡
V©TDK³PQ¡ZDCC¡.CUQICFGEWGTQUGGUVKTC
EWCPFQGUV£J¼OGFC
=EQORNRNDCRCKUU©PC¡RTGVDC³KKUDCRCC³KU
RTGUDCKUU©PDCRCKUU©P?
♦,©¡ZIÀ¡ODC³KKUFJKCNJKK!3W«VCPVQJC
ETGEKFQGUVGPK³Q!
DCKUU©³FJC¡XaDGUVKTCTCNCTICT
RCTCQVTC
RGTUQPC,K³DCKUU©³FJC¡CRLK³³CCPIW³
ZCDWKTCZPCMCZDCC¡)KKNJKOLKZZQ¡ZQNJKM
2QTHCXQTGUVKTCOKURCPVCNQPGUOCO£OKGPVTCU
GUV«POQLCFQURWGUGUV£PGPEQIKFQU
=EQORNRNDCRCKUU©³FJC¡RTGVDCKUU©P©
DCRCKUU©P©?
DCK¡IKC¡XaKUCECTCIWC6WDC¡KK¡COCCEJK
OQQFJKW¡WWDPCOOWOOWFCTCCDKDKCVCO!
'UVCT£PUCECPFQCIWCGUCUOWLGTGUSWGGUV£P
CNN¯GPNCEK«PGIC!=RTGVDCK¡RTGUDC¡KK¡
RTQRDCK¡O©TC¡QDCK¡TC¡?
♦DCK¡ICOHWGCNCIWC
DCK¡³FJCMCTUVKPCLCQNNC
RCTCCNOCEGPCTCIWC
)WDJK¡³FC¡DKZKOM©¡PLWRFW³KKZIW
DCK¡³FJCMCTPCDJCCPLWODJ©©IWUWWFCK¡
.CQNNCRCTCVTCGTCIWCGUV£JGEJCFGDCTTQ
DCVKFQ=RNDCRCK¡³FJCMCT?
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
DCK¡³FJC¡XaVUCECTCIWCNNGPCTFGCIWC
RCTC
QVTCRGTUQPC/K¡RUCRZKDCK¡³FJC¡IW³
OCTCCZIWCNJK¡EJDCMWCVC¡O/KJKLKVC
SWKGTGSWGNGNNGPGUFGCIWCGUGIWCLGEJKSWKVQ
NNGXCTCIWC
CQVTCRGTUQPC,CZEJW¡O
DCMWCVC¡OLC³DCK¡³FJKMC¡IWUWWFCK¡IW
IÀ¡³³CCP!'PEW£NIWCLGRWGFQNNGXCTNGCIWC
COKCDWGNC!
=RTGVDCK¡³RTGUDCK¡IK¡³EQPVDCK¡IK¡³FJC¡?
DCK¡³ZKFJC¡XaDNNCOCT
CCNIWKGPFGRCTVGFG
QVTCRGTUQPCRCTCSWGXGPIC'CRLK³
DCK¡³ZK¡³O©T,C¡RLCRV©©FC¡PC³KEJCC³OWO
LQQV8GCNNCOCTNQ&KNGSWG[QVGOCPF«
KPXKVCT
CCNIWKGPFGRCTVGFGQVTCRGTUQPCRCTC
SWGXC[C/WOOW³KEJPQTPCRCK¡MKQIW
OCMI©OPC³KEJDCK¡³ZK¡³O©TCMFJK³OCTCCZ
(WKCNN£FQPFGXKXGGNEWTCPFGTQRCTCKPXKVCTNQ
FGRCTVGFGOKJKLC
=RTGVDCK¡³ZKRTGUDCK¡³ZK¡³
EQPVDCRCK¡³ZK¡³FJC¡?
DCLCCMUEC³C
OCEK\CFG\CECVG,WR
MCK¡EJFJC¡COIWLC¡VMCOPCUCRD©L©MRCK¡
FJWWMLQKFJCOLKZLCK¡EJMC¡IWDCLCCMPCZ
DJCK¡M©¡PVWODQZZKM&KEGNCIGPVGSWGJCEG
OWEJQVKGORQJCD¯CDCUVCPVGEC³CFG\CECVGSWG
GTCDWGPCRCTCDCTTGT
DCL©MCFXJCEGOWEJQVKGORQ$CL©MIKKNJKO
VWOMQMFCKO©MPCTL©IKCNJK¡MCV*CEGOWEJQ
VKGORQEWCPFQJWDQIWGTTCRGNGµOWEJCIGPVG
VGORTCPKVQ
CPVGUFGFGUC[WPCT$©L©MDJCK¡
DC³³W¡[CUCIWLCTQK¡'CLCTQK¡ZR©MDJCLKO
6GORTCPKVQOGFKQJKRQ3WK«PKT£CXGPKT!
5GFKEGSWGUKVGPIQJKRQSWKGTGFGEKTSWGCNIWKGP
OGGUV£CXKUCPFQSWGOGXKUKVCT£
8CTD©L©M
♦DCL©MMCOCPVKIWQ
DCL©MF©TCFXFGUFGJCEGOWEJQVKGORQ#C³
[C¡LKTLK³FJ©TDC¡PC³IW¡DCL©MF©T[C¡DCV©
©U‹UVCGUOKVKGTTCRQTSWGNCJGEWNVKXCFQFGUFG
JCEGOWEJQVKGORQ8CTD©L©MF©T
DCMUGUµHCIQ,KEJDCMCODJ©DJ©©IWMQK¡
PQ¡EJOWVWMWC¡%WCPFQEQOGOQUNCEQOKFC
RCUCRQTPWGUVTQGUµHCIQ=CRQUDCMCC¡P?
DCMRCTV+PFKECNQSWGGNJCDNCPVGETGGSWGGU
EKGTVQCDCUGFGNCGXKFGPEKCSWGVKGPG$JCK¡DCM
RCK¡VWMQUDCCRCKEJC¡OIWDJC¡CC¡PCDC¡
DJ©L©RCK¡FJ©TLKFJCFC¡FC¡%TGQSWGGN£IWKNC
VKGPGRQTCNN¯UWPKFQGPNQURG³CUEQURQTSWG
ECFCTCVQXWGNCFGCNN¯=)TCO?8CTVCM
DCMGGV
DCMCCZUECTPG
FGCPKOCN/QQ³DJCK¡DCO
VCC³O©TC¡IWDCMCCZPQ¡RKEJDCOWCFJK
VQQZMQNJ%WCPFQOCVGUGUGOCTTCPQXQ[C
XGPKTCEQORTCTVGECTPG=CRQUDCMZKIC¡P?
DCMDWKFJC¡UFKCTTGC#C³EJCOCOVWVCVFC¡
PC³ÀÀIWDCMDWKFJC¡$JCK¡R©ZLKZMCMQ¡MQT
IW³DQMPC³OWK¡V©KLKEJWLWIKC¡;QOG
UKGPVQF«DKNRQTSWGVGPIQFKCTTGC%WCPFQ
RTWGDQVCPVKVCEQOKFCOGFCFQNQTFGGUVµOCIQ
DCMDW¡XaKVGPGTFKCTTGC%JC¡RIKKNJKOOWLC¡M
MWCFC¡FJKVQQZMQNJDCMCCZPCREJCOIKQ
DJCK¡RLKDCMDW¡0QEQOCUVCPVCECTPGFG
EGTFQRCTCSWGPQVGF«FKCTTGCQVTCXG\
=RTGV[RTGUDCMDW?
DCMEJKC¡XaKJGTXKTOC¯\
UKPECN+KMW³OQQ
IQQMVWDCMEJKC¡PCEJVWCVWWNJEJC¡8Q[C
JGTXKTVCPVKVQOC¯\UKPECNRCTCJCEGTCVQNG
=RTGVDCMEJ©MVCTEQRTGVDCMEJ©MFCV
EQPVDCMEJ©MVCTFC¡?
DCMEJKC¡XaVTGOQLCT
EWGTQ$CMEJKC¡CR
FJKLQ¡PCDC¡ZOQKMMC¡PC³LKMKCMKC¡PC³M©¡P
DWWRNJKC¡IWZKKT4GOQLGGUVGEWGTQRCTCSWG
UGJCICDNCPFKVQRCTCRQFGTEQTVCTNCUEQTTGCU
RCTCCOCTTCTNCUKNNCFGOQPVCT
XaTOGVGTUG
CNCIWCUWLCPKO)KKNJKODCM
OK¡ODCRCVV©MKO©MCOUWWFCK¡EJ©TIW
VCVQQZMQNJ,KZK¡MQQTC¡OKUWW¡P2CTGEGSWG
NQUOCTTCPQUUGOGVKGTQPGPGNCIWCRWGUGUV£
OW[UWEKC
=EQORNRNDCRCMEJKC¡RTGVDCMQDCMEJ©
DCRCMEJ©RTGUDCRCVV©MEQRTGVDCRCVV©MKO©M?
DCMEJKFJC¡XaDTGOQLCT
EWGTQRCTCQVTC
RGTUQPC:KDLC³OWLKO;C¡³MCDCRCVV©MK¡³
IW³EJCCVIWLQ¡PCUCCMVWMWM[WPFCVC¡
#JQTKVCXQ[RWGUVQFCX¯CGUVQ[TGOQLCPFQWP
EWGTQRCTCOKRCR£RCTCSWGJCICEQ[WPFCUEQP
«N=RTGVDCMEJKRTGUDCMEJK¡³QDCRCVV©¡MK¡³
EQPVDCRCVV©MK¡³FJC¡EQRTGVDCRCVV©MFJKO©M?
DCMEJ©MUOC¯\
JGTXKFQUKPECN0Q¡RKEJOK¡
FJKTKCOIQQMOKFJCKIWDCMEJ©M,C¡RLKZ
³CCM©OVWVCVFC¡IWDCMEJ©MCVWWNJ2QTSW«
PQRQPGUCJGTXKTWPRQEQFGOC¯\UKPECN!
6GPIQICPCUFGVQOCTGNCVQNG
DCMGGVUEWGTQ#CREJCOCNJK¡EJDKC¡CCIW
DCMGGVPCRCNJK¡EJLK³IC¡NJKFJC¡PC³
MQRGGVVWFC¡IW³ZWWUCM!0QVKGPGWPRQEQ
FGEWGTQRCTCXGPFGTOG!3WKGTQJCEGTNQU
EQRGVGURCTCOKUJWCTCEJGU
5GJCEGPJWCTCEJGU
FGJWNGFGNNCPVCEQPEQRGVG[EQTTGCUFGXCSWGVC
=RNDCRMGVGURXCSWGVC?
'&+%+•024'.+/+0#4`
DCMIW¡
6'2'*7ƒ0Ê'52#“1.
DCMIW¡EQPLRWGUFGDKFQC6©KROWW
DJCK¡OWMIW³ZKKZOWUWWFCK¡EJ©T$CMIW¡
O©L©KKDJ©PCMCFWR³KEJW¡2QTRQSWKVQUG
OWGTGCJQICFQOKJGTOCPQGPGNCIWCRWGU
TGURKTµOKGPVT£UKDCDWEGCPFQ
DCMKC¡XaKGPVTCTOGVGTUG
UWLCPKO-WWRC¡
KEJFJKPCDPCEJCOVW¡UQK¡OWDCCM©KDC
MK¡UOC¡8COQUCEGTECTGUVQUPQRCNGURCTCSWG
PQGPVTGPKPI¼PCPKOCNCEQO«TUGNQU
=UWLRNDCCRMKC¡RTGVDCCDCCRRTGUDCRM©?
DCMQQPUICT\CITKU6ÀDVWMWZDWIWDCMQQP
/WLC¡RLKZLQK¡³IKQ¡PV©TPCRCK¡LCZUWUFC¡MC¡
IWUWWFCK¡.CICT\CVKGPGRGUEWG\QOW[NCTIQ
.GIWUVCCPFCTGPNQUNNCPQUFQPFGJC[EJCTEQU
FGCIWC=RNDQRMQP?
FJK¡PCVMCDKK&KEG4QUCSWGVGC[WFCCNCXCT
VWHCNFCNCSWGVQFCX¯CPQNCXCU
DCWVK\CT
CNJKLQFGQVTCRGTUQPC-CDWKOWM
UCR[CCC[C¡IWRCCNJ%JC¡RKCOLWO
IW¡PIWZK¡³PCRLKEJDCMWC³FJC¡OCC¡PIW
CNJKK!/C³CPCXCCNNGICTGNRCFTG0QVG
CPKOCUCDCWVK\CTCWPQFGPWGUVTQUJKLQU!
=EQORNRNDQRMQ³FJC¡RTGVDCMWC³DQRMQ³
RTGUDCMWC³K¡³DQRMQ³K¡³?
DCMZKFJCTC¡UVCRGVGRGVCVGQEQDKLC
RCTC
FQTOKT$KEJWPCPIKC¡IWODCRCMZKFJCTC¡
PCRKEJIW¡DCDCO;CSWGVGNGXCPVCUVG
RWGFGUEQNICTNQUVCRGVGU=RNDCRCMZKFJCTC¡
CRQUDCMZKFJCTW¡PQDCMZKFJCTIC¡P
DCRCMZKFJCTW¡PQDCRCMZKFJCTIC¡P?
8CTDCMZKMCT
DCMZKFJC¡XaDVGPFGT
VCRGVGRGVCVGQEQDKLCRCTC
QVTCRGTUQPC/K¡ZKDCMZK¡³IWUC¡WCFJKCNJKK
PCDJCCPMQZKC¡6K«PFCNGCNN¯NCEQDKLCCNPK³Q
RCTCSWGFWGTOCGPGNNC=RTGVDCMZK
RTGUDCRMWZK¡³EQPVDCMZK¡³MC¡?
DCNFKUDCNFG$CK¡O©TCMDCMIW³³CCP
DCMVC¡XaVVGPFGT
VCRGVGRGVCVGQEQDKLC/K¡RZK
DCMVCKIWOCK³PCRDC¡OK¡DCVWMCKRIC¡IW
DJCD6KGPFGGNRGVCVGCNN¯RCTCSWGRWGFCU
FGUXCKPCTGNHTKLQN=RTGVDCMRTGUDCRMWV
RWPVDCCMWV?
DCMWCUIWCLGDWNG,K³EJCK³DWK¡³IWODCMWC
MW³DJCCPDJ©KTC¡IWUWWFCK¡2T«UVCOGVW
DWNGRCTCKTCVTCGTCIWCGP«N=RNDQRMQ
CRQUDCMWC¡PDQRMQ¡P?
DCMWCPC¡XaVNCXCT
EQORNKPCP,KZDJCK¡R
OQQDCMWCPC¡FJK³ZCDWKTCZ)KKNJKOLKZIKQ¡
.CXCDKGPOKUECN\QPGURWGUGUV£POW[ITCUQUQU
DCWVK\CT
EQORNCPKO-CDWKOWMUCR[C
CC[C¡IWRCCNJPCLCDQRMQPC¡IWC¡CCNJIWK¡
PCOL©¡MEJCMWKDQRMQ³KZ/C³CPCXCCNNGICT
GNRCFTGRCTCDCWVK\CTCNQUPK³QUSWGVQFCX¯CPQ
GUV£PDCWVK\CFQU
=EQORNRNDQRMQPC¡RTGVDCMWCDQRMQ
RTGUDCMWCPDQRMQP?
DCMWCPMCTULCDµP6WDQRMQPO©TIWO
LCLCPPWNJOWDKDKCVCO:KDCCDWK¡CRIW
DCMWCPMCTDJC¡³KPCLKOCTRWWUV©T8GC
NCXCTVWTQRCCNN£GPNCEK«PCIC5CECGNLCDµPFG
NCVCNGIC
DCMWC³FJC¡XaDNCXCT
RCTCQVTCRGTUQPC
,WODCMWC³FJC¡UCRFJK4QQUCIWOKRWWT
/WOOWPKFJ©TDJCK¡DCLKOOQQVQVIWDCNFK
2CTGEGSWGOKOCO£HWGRQTCIWCRQTSWGFGCNN¯
XKGPGECTICPFQGNDCNFGGPNCECDG\C
=RNDCNFKU?
DCOIKC¡XaKNGXCPVCTUG-KC¡R©ZDCDCROK¡IW³
ZKKZ,CK¡IW¡D©L©MDCCROKI©MRCK¡PCO©VLC¡M
DJ©K/KJGTOCPQCRGPCUUGGUVCDCNGXCPVCPFQ
EWCPFQNQUFGO£U[CUGJCD¯CPNGXCPVCFQ[UG
JCD¯CPKFQ=UWLRNDCCROKIKC¡RTGVDCO
DCCRCORTGUDCROK¡DCCROK¡
EQPVDCROK¡PFC¡DCCROK¡PFC¡?
♦DCCOIK¡CFLOCFTWICFQT
DCOKK¡³FJC¡XaVNGXCPVCT0KL©¡ZMWEJCO
DCCROK¡IWOCKOMCOPCEJV©K
DCCROK¡³FJKO©M'NDQTTCEJQPQUGNGXCPVµ
EWCPFQ[QVTCVCDCFGNGXCPVCTNQ
=EQORNRNDCCROK¡³FJC¡RTGVDCOKK¡
DCCROK¡RTGUDCROKIK¡³DCCROKIK¡³?
DCPQQUC¡XaTVGPGTEQORTQOKUQ6W¡PCR©Z
DJCCPLWODCPQQUFC¡IW³EJCCV%JCO[C
FCCMC¡PC³RCK¡FJWWMV©KZ³KQ¡MFJCOMC¡/K
RCR£UKGORTGVKGPGEQORTQOKUQURQTGUQPWPEC
GUV£CSW¯EWCPFQNGSWKGTQJCDNCT
JCEGTTKVQTGNKIKQUQ&JQDCMIW¡TCOLKCPC³
CC³RWK¡RLK³DCPQQUC¡6©©¡PCDC¡IW³MWWNUK
MCVPCK¡V©D©RIK¡³FJC¡DCRCCRCKUCPQQR5GT¯C
DWGPQSWG[QVCODK«PJCICWPTKVQRWGUOK
CDWGNQUKGORTGCPFCDCRQPKGPFQXGNCUCNRKGFG
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
DCRCMEJKC¡=EQORNRNFGDCMEJKC¡?TGOQLCTNQU
NQURG³CUEQU
=RTGVDCPQQUCRTGUDCPQQU?
DC³FJKKTUDCPFGTC0Q¡DCOCCLKOIW)À¡
6CPQQNJOWK¡OWLC¡RDCVWVVW¡COIW
DC³FJKKTLKZEJQQVQOW,WMV©TMWMTWUOK¡ZK
LWRZKZEJW¡PFC¡©TDCP'P5CPVC/CT¯CFG
1EQV£PEWCPFQUGCEGTECNC5GOCPC5CPVCUG
RQPGPGPNCECNNGDCPFGTCUDNCPECUSWGNNGXCP
FKDWLCFCUWPCETW\GPOGFKQ
DC³KKU=RTGVFGDCKUU©PC¡?NQGUVKTµ
DCRCCNJ=RNFGDCCNJ?ECPCUVCU
=CRQUDCRCCNJK¡³?
DCRCCOW¡=RNFGDCCOW¡?\CPEWFQU
8CTDCROW¡
DCRCCRCK=RNFGDCCRCK?RG³CUEQU
8CTDCRCRRCK
DCRCCRCKFJC¡=RNFGDCCRCKFJC¡?SWG
H£EKNOGPVGCPFCP
FQPFGJC[WPCEWGUVC
GORKPCFC=EQRLKZ?
DCRCCRCK¡=RNFGDCCRCK¡?RG³CUEQUQU=EQRLKZ?
8CTDCRCRRCK¡
DCRCKI©M=RNFGDCKI©M?JKPEJCFQU=EQRLKZ?
DCRCKI©MKC¡=UWLRNFGDCKI©MKC¡?2GL
DCRCKI©MKC¡COUGJKPEJCT£P=RTGVDCRCKI©
RTGUDCRCKI©T?
DCRCKMMCO=RNFGDCKMMCO?CTTQ[KVQU
DCRCKOC¡=RNFGDCKOC¡?DC[QU=EQRLKZ?
DCRCK³EJWFC¡=EQORNRNFGDCK³EJWFC¡?JCEGT
HWPFCU=RTGVDCRCK³EJWFCRTGUDCRCK³EJW¡P?
DCRCK³FJCU=RNFGDCK³FJCU?JCEJCU
=CRQUDCRCK³FJCUIC¡P?8CTDCRCK³ICU
DCRCK³OKEJFJC¡=EQORNRNFGDCK³OKEJFJC¡?
JGTTCTNQU=RTGVDCRCK³OKEJ
RTGUDCRCK³OKEJW¡P?
DCRCK³OK¡=RNFGDCK³OK¡?SWGVKGPGEKECVTKEGU
=EQRLKZ?
DCRCK³WO=RNFGDCK³WO?HKGTTQU
=CRQUDCRCK³OKIC¡P?
DCRCKU©NJ=RNFGDCKU©NJ?VGLQPGU
DCRCKUU©PC¡=EQORNRNFGDCKUU©PC¡?GUVKTCTNQU
=RTGVDCRCC³KURTGUDCRCKUU©P?
DCRCKUU©³FJC¡=EQORNRNFGDCKUU©³FJC¡?
GUVKT£TUGNQUCNCTI£TUGNQU=RTGVDCRCKUU©P©?
DCRCK¡³FJCMCT=RNFGDCK¡³FJCMCT?QNNCU
DCRCK¡³ZK¡³FJC¡=EQPVFGDCK¡³ZKFJC¡?GUVCT
NNCOCPFQ
DCRQKMKC¡
=RTGVDCRCMEJ©RTGUDCRCVV©M
EQRTGVDCRCVV©MKO©M?
DCRCMZKFJCTC¡=RNFGDCMZKFJCTC¡?VCRGVGU
=CRQUDCRCMZKFJCTW¡PQDCRCMZKFJCTIC¡P?
DCRCRRCK=RNFGDCCRCK?RG³CUEQU
8CTDCRCCRCK
DCRCRRCK¡=RNFGDCCRCK¡?RG³CUEQUQU=EQRLKZ?
8CTDCRCCRCK¡
DCRCUFCM=RNFGDCUFCM?SWGNGUHCNVCUCN
=EQRLKZ?
DCRCVV©¡MK¡³=RTGUFGDCMEJKFJC¡?UGNQTGOQLC
=EQPVDCRCVV©MK¡³FJC¡EQRTGVDCRCVV©MFJKO©M?
DCRF©T=RNFGDCF©©T?NCICTVKLCU
DCRF©TFCV=EQRTGVFGDC¡PPKC¡?UGOQLCDC
8CTDCRF©TKO©M
DCRIC=RTGUFGDCCIC¡?NQTKGIC
DCRI©U=RNFGDCI©©U?GUVWEJGU
DCRMGV=RNFGDCMGGV?EWGTQU
DCRM©=RTGUFGDCMKC¡?UGOGVG
DCRMWV=RTGUFGDCMVC¡?VKGPFGVCRGVG
DCRMWZK¡³=RTGUFGDCMZKFJC¡?NGVKGPFGVCRGVG
DCROKIK¡³=RTGUFGDCOKK¡³FJC¡?NQNGXCPVC
DCROK¡=RTGUFGDCOIKC¡?UGNGXCPVC
DCROK¡PFC¡=EQPVFGDCOIKC¡?GUVCTNGXCPVCPFQ
DCROW¡=RNFGDCCOW¡?\CPEWFQU
8CTDCRCCOW¡
DCRQK=RNFGDQK?ECOKPQU
DCRQKMCFLEJCOWUECFQ6W¡FWWIWOMWWR
PCDC¡ZDCRQKM!-C¡OO©K¡³CCIWVCK!3W«
NGRCUµCVWECDGNNQ!2QTSW«GUV£EJCOWUECFQ!
6GSWGOµNCNWODTG!=EQRLKZ?8«CUGDQKMVC¡
DCRQKMFJC¡XaDEJCOWUECT
RCTCQVTCRGTUQPCQ
CWPCPKOCN'CPCEJDCRQKMFJC¡FJKOKKEJW
IWEJK³DW¡PIKKNJKOVW¡KK¡PCTVÀ¡VÀD8COQUC
EJCOWUECTNQUDKIQVGUFGNICVQRWGUUGXGPHGQU
RQTSWGUQPNCTIQU=EQPVDCRQKMK¡³FJC¡
RWPVDCRQKMFJCM?8CTDCRQKMEJWNJFJC¡
DCRQKZEJWNJFJC¡
DCRQKMKC¡XaKEJCOWUECTUG6CMCCDOCDCRQK
IW³MWWRPC³MCV©O©O©K¡³DJCOO©PC³RCK¡
VWZKMWCP#[GTSWGGUVCDCSWGOCPFQWP
DCTDGEJQO¯QOGEJCOWUSW«GNECDGNNQ
=EQPVDCRQKMFC¡RTQITDCRQKMKO
RWPVDCRQKM©M?
'&+%+•024'.+/+0#4`
DCRQK³MKFJC¡
6'2'*7ƒ0Ê'52#“1.
DCRQK³MKFJC¡=UWLRNFGDQK³MKFJC¡?2GL
DCRQK³MKFJC¡COUGFGUCVCT£P=RTGVDCRQK³MK?
DCRQKUC¡XaVEJCOWUECT,KZDJCK¡RLWRLK³
DJCK¡³ZKFJC¡FJKLWPDCC¡RCNJ©©RDCRQKZKZ
2QTHCXQTEW«EGOGDKGPGUVGGNQVGRQTSWG
UQNCOGPVGGUV£WPRQEQEJCOWUECFQ
=RTGVDCRQKRTGUDCRQKU?8«CUGDQKMVC¡
DCRQK¡EJW¡P=RTGUFGDQQRQKEJFJC¡?2GL
DCRQK¡EJW¡PCOEQTTGP
DCRQK¡MC³=RNFGDQK¡MC³?CRNCPCFQU=EQRLKZ?
DCRQK¡URC¡=EQORNRNFGDQK¡URC¡?QRTKOKTNQU
=RTGUDCRQK¡UCR?
DCRQQURGNQXGNNQ
JWOCPQ)KKNJKOLKZ
DCRQQIWPQQPDK¡³IW2GGITQ2GFTQVKGPG
OWEJQXGNNQGPNQUDTC\QU
RGNQ
CPKOCN,KZZKK³OC¡VWDCRQQFJK
ICIQQZ'UVGRGTTQVKGPGGNRGNQEJKPQ
RNWOCLG
R£LCTQ$CRQQ¡PR©ZOKFJCTCCIW
VCMCCTWK¡OK¡PCRCK¡MCDQ¡MCV/K¡ÀÀMLWIKQ
DCMIWDJCPVWMCC¡0CFCO£UGUV£PNCU
RNWOCUFGNCICNNKPCFQPFGGUVCDCCEQUVCFC
RCTGEGSWGNNGIµWPEQ[QVGGPNCPQEJG[UGNC
EQOKµ
=CRQUDCRQQ¡P?
♦MCUPKTDCRQQUNCPCFGDQTTGIQ
DCRQQLK=RNFGDQQLK?QUQU
DCRQQT=RNFGDQQT?UWFQTQUQU=EQRLKZ?
DCRQQTVC¡=UWLRNFGDQQTVC¡?2GLDCRQQTVC¡
COUWFCT£P=RTGVDCRQQT©EQPVDCRQQTVCTFC¡?
DCRQQ¡=RNFGDQQ¡?RCNKVQU
RCTCOGPGCTGN
PKZVCOCN
DCRQZMCT=RNFGDQZMCT?GUEQDCU
DCRQ¡=RTGUFGDQQRQ[C¡?2GLDCRQ¡CO
EQTTGP
DCRRCPUGPTGFCFGTC/WK¡DCRRCPIW
UKNC[QQVPCIW¡LQKFJCOLKZLQK¡³OK¡PCRCK¡
©¡ZEJKZ'NEJC[QVGVKGPGOWEJCUGPTGFCFGTCU
RQTSWGFQPFGGUV£UGODTCFQNCVKGTTCGUV£OW[
DWGPC=EQRLKZ?
DCRRC³KC¡XaKTGVQ³CT
RNCPVCGPTGFCFGTC
-KC¡R©ZDCLKDCRRCP©FJKKOCKEJCMWKUWWJN
FCKLCCIC¡PPCOK¡MCVW¡V#RGPCUGUV£
GORG\CPFQCTGVQ³CTGUVCECNCDC\C6QFCX¯CPQ
VKGPGHTWVQUQPRWTCUJQLCUPCFCO£U
=RTGVDCRRCP©RTGUDCRRCP?
DCRRC³K¡UGPTGFCFGTC$©©R©¡PC³OKLC¡RMC
LKOUCK¡EJ©TOWPKOC³KCTIWDCRRC³K¡*CEG
TCVKVQEWCPFQKDCRCUCPFQOGVTQRG\«EQPWPC
GPTGFCFGTC[OGEC¯
DCRRC³K¡CFLGPTGFCFQTVTGRCFQT,KZ
DCRRC³K¡IWUCK¡IWK¡PCRWK¡V©©¡WWRLKLKK0Q¡
MKDCCTFWWMR©ZV©T³KEJW¡PFC¡%WCPFQNNWGXG
WPQUF¯CUUGIWKFQUGN\CECVGVTGRCFQTSWGUG
NNCOCÎKPVGUVKPQUFG\QTKNNQÏETGEGOWEJQ[UG
GZVKGPFG=EQRLKZ?
DCRRWFC¡=EQPVFGDCCDW¡?GUVCTUCECPFQ
DCRRWKFJC¡=OQXFGDCCDW¡?NQKT£UCECPFQ
DCRRWK¡³FJC¡=EQPVFGDCCDWKFJC¡?GUVCT
UCECPFQ
DCRTC¡=RNFGDCTCC¡?SWGVKGPGPLWIQ=EQRLKZ?
DCRU©M=RNFGDCU©©M?TCVQPGU
DCRWK¡©RCFXVCODK«P
FGNCOKUOCOCPGTC
,C¡ROQQZLKOFJC¡IW#PTKKMKIKQIW/CTMWU
DCRWK¡©R'PTKSWGGUOW[XGNQ\[VCODK«P
/CTEQU
DCTCCVCFLDCTCVQ=EQRLKT?#PVµPFJC¡TC¡
DCTCC¡UN¯SWKFQEQTTGURQPFKGPVG/WOOWR
DCCULKO©KUWUWCMKC¡.WWUKQ/K¡DJCLC¡M
LKFJQQTV©TUWWNJIWODWWRWKDCTCC¡8GVG
CNN£UKXCUCNNQTCT.WEKQ0QXC[CPCECGTVWU
N£ITKOCUGPGNECNFQ=CRQUDCCTIC¡P?
♦DWWRWKDCTCC¡UN£ITKOCU
♦EJK³DCTCC¡UUCNKXC
DCTCC¡CFLSWGVKGPGLWIQ
HTWVCQXGTFWTC
,QKFJCOLKZDCTCC¡FJKUCPFKK[CU'UVCUCPF¯C
VKGPGOWEJQLWIQ
SWGVKGPGECNFQ
CNIQEQEKFQ6WDCTCC¡CC
FJKDJCDMC¡IW¡ZICM!6KGPGPECNFQNQU
HTKLQNGUQGUV£PUGEQU!
OQLCFQ/WRCK¡DCMOCCKIWFWWMIW
2GGITQVCMCCD,KZDCTCC¡OKLC¡RDCM©©M
2CTGEGSWGNGCICTTµNCNNWXKCC2GFTQC[GTRWGU
NNGIµDKGPOQLCFQ
=RNDCRTC¡EQRLKZ?
DCTIKFJC¡XaVFKNWKTCIWCT
N¯SWKFQ/QQ
EJCODJCK¡CCPCRIÀ¡DCTIKFJC¡I©VFJKDJCD
MW³LQKFJCOR©ZCOKQ¡FC¡IWDCCTIC¡P!
&GDGT¯CUJCDGTNGGEJCFQOWEJCCIWCCGUVQU
HTKLQNGURCTCSWGCJQTCVWXKGTCPOWEJQECNFQ
RCTCFKUHTWVCTVQO£PFQNQ
OQLCT
NNWXKC,KZKQ¡ODC¡PLC³KEJLKDCM
IW¡PCIKKNJKOLK³DCTIKFJKFJCVIWFWWM/G
GORCR«RQTNCNNWXKCSWGOGGUVCDCOQLCPFQ
=RTGVDCTIKRTGUDCTIK¡³?
DCTIK¡³=RTGUFGDC¡PPKFJC¡?NQOQLC
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
DC¡MEJKFJC¡
DCUFCMCFLSWGNGHCNVCUCN#NJ¡KEJDJCK¡ZK³
DCVQQRURG\RGUECFQ,KZEJWWVWMUWUFCK¡
DCU©©MUTCVµP,K³LWIK¡³IWDCU©©MIWMKKUPC³
DCZDJC¡XaVUCECTGZVTCGT
N¯SWKFQFGCDCLQJCEKC
DJ©K¡³IWQP+COR©ZLKZDCUFCMFJK³DJKK
&COGVCPVKVCUCNRWGUNGHCNVCCGUVCEQOKFC
=RNDCRCUFCMEQRLKZ?
DJCOO©DKC¡MCVCUCCMEJC¡O'NTCVµPUG
CECDµGNSWGUQSWGVGP¯CGPNCVCNGICFGKZVNG
=RNDCRU©M?
DCU©MDJCDKK¡UÎHTKLQNFGTCVµPÏ
GLQVGUKNXGUVTG
)COR©ZLC¡MLKZLCK¡DCU©MDJCDKK¡&CKIW
[QQZIC¡PLWOMWC¡LKFJQQNJZKOIKQMKKUOK
DWKZKO'PGNECORQUGFCPÎHTKLQNGUFGTCVµPÏ
RGTQUQNCOGPVGUGEQOGPNCUHNQTGUJGTXKFCUGP
CIWCCITGI£PFQNGUSWGUQ
DCU©M[QQZK¡UHNQTFGNÎHTKLQNFGTCVµPÏ
GLQVG
UKNXGUVTG,KZD©R©©¡VW[QQVIWDCU©M[QQZK¡
.CUHNQTGUFGNÎHTKLQNFGTCVµPÏUQPTQLCU
DCUOCCM©¡PCFXC³QCPVGRCUCFQ$CUOCCM©¡P
LC¡ROQQZKQ¡OL©©RFJCMPCVIÀ¡I©©U©MIWM©D
%JCORCK¡FJWWMRWK¡L©©RFJCTFCVFCKLCPQ¡
'NC³QCPVGRCUCFQJK\QOWEJQHT¯QRQTSWGEC[µ
OWEJCPKGXG0WPECJCD¯CJGEJQVCPVQHT¯QEQOQ
JK\QGPVQPEGU
DCUOWLWOCKOCCM©¡PCFXJCEGVTGUC³QU
NKVGNC³QCPVGUFGNC³QCPVGRCUCFQ$CUOW
LWOCKOCCM©¡PLWORCVCCUCIW6KDJWTUKQPC
OK¡TLKZMCK¡MCV,WMV©T*CEGVTGUC³QU6KDWTEKQ
FGLµFGUGTIQDGTPCFQTGP5CPVC/CT¯C1EQV£P
DCUOWVCMCCDCFXJCEGVTGUF¯CU
NKVGNF¯C
CPVGUFGCPVGC[GT$CUOWVCMCCDLCEJKEJ[CCK
-QTKCPF©T0QUQVTQUNNGICOQUFG&WTCPIQJCEG
VTGUF¯CU
DCUVCMCCDCFXCPVGC[GT$CUVCMCCDLCEJUCR
DJCK¡DCLKOKC¡I©VIW¡LKPCVIW¡OCEJQ¡³ZK
OCC¡PIWDJWTW¡Z6CMCCDLKZFJCCOFWWM
LCEJKEJDC¡MCV©©LKEJWMI©MPCEJKEJDC¡R©M
DJCK¡MCLKLKK+DCOQUCXGPKTCPVGC[GTPCFC
O£USWGUGPQURGTFKµWPDWTTQ*CUVCC[GTNQ
GPEQPVTCOQUCNOGFKQF¯C[UCNKOQUECUKCN
CPQEJGEGT
DCVDKC¡XaKDC³CTUG,KZLWWMLWOCC¡IW
UWWFCK¡PC³M©¡PDCVDKCFC¡PQ¡ZL©©RK¡³
%WCPFQJCEGHT¯QUGPGEGUKVCCIWCECNKGPVKVC
RCTCDC³CTUG=RTGV[RTGUDCVDKC?
DCVDKEJFJC¡XaVDC³CT
EQORNCPKO%JCO
L©¡ZMCVDCVDKEJW¡PLCRKODCMFJKCJNKKPCDC¡
IKKNJKOLKZZC¡QQ¡5GIWTCOGPVGWUVGFGUPWPEC
DC³CPCNPK³QRQTGUQVKGPGOWEJCUNKGPFTGU
=RTGVDCVDKEJRTGUDCVDKEJW¡P?
EJ©TLKZLQK¡³COIWIÀ¡IÀTDQRVQR#NQURGEGU
O£UITCPFGUNGUIWUVCCPFCTGPNQUNWICTGUO£U
JQPFQU=RNDQRVQR?
CTTKDC6CCULCRZKDJ©KPCRM©¡PDCZDJC¡IW
UWWFCK¡OWDKDKCVCOPCIW¡VWWMCDUWW¡P
.N«XCVGWPCVC\CRCTCUCECTGNCIWCFGNOCPCPVKCN
RQTSWGGUV£OW[JQPFQ=RTGVDCZ
RTGUDCZZK¡OQDCZKK¡O?
DCZKLKOKC¡XaKKPVGTTWORKT
EQVQTTGCPFQ'C
EJCMWKRKO³KQMFC¡C¡CCNJ#CRK¡OIW¡OK¡
FJ©TLWRDCZKLKOKC¡PQ¡EJKEJDCLKEJWC¡IC
0QJCDNGPPK³QUWUVGFGUPCFCO£UPQU
KPVGTTWORGPEWCPFQGORG\COQUCJCDNCT
CNDQTQVCT
CPKOCNFCPFQXQEGU6W¡DC¡FWW
IWMCTDCZPCVDC¡O©L©RCK¡DCZKLKKPCMWW!
3W«NGRCUCT¯CCNCEJKXC!'UVWXQCNDQTQVCFC[
DCNCPFQHWGTVCOGPVG
=RTGVDCZKLKK?
DC¡EQPL+PFKECSWGWPCUKVWCEKµPGUEQPUGEWGPEKC
FGQVTC,CTQQDC¡R©ZLKZQK¡³FJK4CCDNKCPC
DC¡OQQLC¡RPKL©¡ZMWZQK¡³IWVCCVC¡PPKIW
F©¡©©¡P!5CDGCSWK«PUGRCTGEG$TCWNKC!2QTSWG
PQUGRCTGEGPKCUWRCR£PKCUWOCO£
=)TCO?
DC¡CCMUECUC/CC¡POK¡³KM©©MIWDC¡CCMLWR
VW¡O%JCOLCTQK¡OKMKQ#NN¯GUV£WPCECUC
XCE¯CPCFKGXKXGCNN¯
.CUECUCUVTCFKEKQPCNGU
UGEQPUVTW[GPFGOCFGTCUQDTGRKNQVGUFGQEQVGEQP
RKUQCNVQFGVCDNQPGURCTCFQTOKTGPEGTTCFCEQP
VCDNCUNCDTCFCUEQPJCEJCEQPVGEJQFG\CECVGQ
VCDNGVCU[EQPWPVTQPEQEQPOWGUECUEQOQ
GUECNGTC'PGNUWGNQFGDCLQFGNRKUQUGIWCTFCPNQU
DKGPGUITCPFGUEQOQUKNNCUFGOQPVCT
=RNDC¡DJCMCRQUDC¡MK¡³DC¡RMK¡³?
♦LCDCMDJCLC¡MDC¡MEJ©TR£UGNG
FKEJQ
FGUFGCFGPVTQFGNCECUC
♦DJK¡³DCMUECUC
FGCFQDGNCFTKNNQQ
RKGFTC
DC¡KK¡=RTGUFGDCK¡IKC¡?UCECCIWC
DC¡MEJC¡XaKJCEGTWPCECUC-CDWKOWMLC³VW
DC¡MEJC¡PC³OKEJW¡CC¡IWLWWPPCEJVW¡
QTCC¡/C³CPCXQ[CJCEGTWPCECUCFQPFG
RWGFCIWCTFCTGNOC¯\SWGEQUGEJQ
=EQORNRNDC¡RMKEJC¡RTGVDC¡MKQDC¡MEJC
DC¡RMKQDC¡RMKEJCRTGUDC¡MKEJDC¡RMKEJ
EQPVDC¡MKEJFJC¡DC¡RMKEJFJC¡?
DC¡MEJKFJC¡XaVJCEGTWPCECUC
RCTCQVTC
RGTUQPC/CC¡PLCRUCRDC¡MEJWFC¡,QUGGIWO
'&+%+•024'.+/+0#4`
DC¡PPKC¡
6'2'*7ƒ0Ê'52#“1.
ZKKZPCOK¡VW¡CC¡IWLWWPPCRCK¡FJWWMVW
QTCC¡,QU«VWJGTOCPQSWKGTGSWGNGJCICUWPC
ECUCFQPFGRWGFCIWCTFCTUWOC¯\EWCPFQNQ
EQUGEJC=EQORNRNDC¡RMKEJFJC¡
RTGVDC¡MEJKDC¡RMKEJEQPVDC¡RMKEJK¡³FJC¡?
8CTDC¡MEJWFC¡
DC¡PPKC¡XaKOQLCTUG$CRUCK³FJKMW¡CC¡ICOC
LC¡MDC¡MD©VC¡PCEJCODC¡PPKC¡/GVCNCNG³C
FGDCLQFGGUCECUCRCTCSWGPQUGOQLG
=RTGVDC¡PRTQRDC¡PPK¡³O©TC¡
EQRTGVDCRF©TFCVQDCRF©TKO©M?
♦DCC¡CFLOQLCFQ
DC¡PPKFJC¡XaVOQLCT
EQORNKPCP
$C¡PPKFJCKOCRCCV©KFJKLQ¡.WKUPCRDC¡
LC¡RRCNJ©©ROKEJQK¡DK¡³IWUWWFCK¡!)À¡LK
PCROKEJQK¡FJC¡PCDC¡OCC¡PLKOFCOLKZ
DJCK¡DC¡PPKC¡+PVGPVCUOQLCTGUVGEWGTQ
.WKU!0QGUUWHKEKGPVGGEJCTNGRQECCIWCFGDGU
GEJCTNGOWEJCRCTCSWGUGOQLGT£RKFCOGPVG
=RTGVDC¡PPKRTGUDCTIK¡³QDC¡PPK¡³
EQPVDC¡PPK¡³FJC¡?
DC¡PPKZFJC¡XaDOQLCT
RCTCQVTCRGTUQPC
EQORNKPCP,K³DC¡PPKZFJC¡CRFJKLQ¡MWEJ
VWMWM[WPFCVC¡/µLCOGGUVGEWGTQRCTCSWG
RWGFCJCEGTNCUEQ[WPFCUEQP«N=RTGVDC¡PPKZ
RTGUDC¡PPKZK¡³?
DC¡RW³KC¡XaKDTQVCT
N¯SWKFQ$CCRCKUCPQQR
F©TDC¡RWPIWUWWFCK¡DJCOO©F©TICK#NN£GP
NCNCFGTCGNCIWCDTQVCFGNRKGFGNRG³CUEQ
=RTGVDC¡RWRTGUDC¡RWP?
DKRTGHaX+PFKECKORGTCVKXQEQPEQTVGU¯C$KEJW
DCC¡2GGITQIW©¡©©ZPCEJCODJCCVC[C¡2QT
HCXQTTKGICNCURNCPVCU2GFTQRCTCSWGPQUG
OCTEJKVGP=)TCO?
DKCROC¡UOWEJCEJQLQXGP
FGO£UFGC³QU
FGGFCF#C³DCL©MPC³MCTDKCROC¡MCV
IKKNJKOLKPC³LKZLKOFJCIKEJMWZDC¡IW¡RWK¡
CCPCZKD%WCPFQ[QGTCLQXGPECOKPCDCDKGP
TGEKQPQEQOQCJQTC=RNDKKRKDQR?
DKC¡XaGVGPGT#NJK¡EJLCEJVCCPO©TC¡IW³
MWWNUKIWO©©DCVPCIW¡EJKOQQRWKIÀ¡DKC¡
IWK¡PCVV©DJ©KTCM8Q[CKTCEQORTCTOKGNEQP
OKCDWGNQRQTSWGFGDGVGPGTOWEJCVQFCX¯C[C
SWGNCHWGCUCECT
DKC¡TC¡=RTQRFGDK¡CC¡?KTCCRCEGPVCT
DKC¡UMQ¡UDQC)WDKC¡UMQ¡RWEJW¡OVWFCCM
PCLCZIWDJGUGGTLKZZCRCCTCM.CDQCVKGPG
NCPCTK\FGNCOKUOCHQTOCSWGGNDGEGTTQ
EWCFTCFC=RNDKKRKC¡UMQQMQ¡QDKRKC¡U
MQQMQ¡?
DKDUVCDCEQ)COO©L©R©ZF©©PFC¡COIWDKD
IWOCOMCI©O.QUEWTCPFGTQUUKGORTGHWOCP
VCDCEQ=RQUDKDCC¡CRQUDKDCC¡P?
DKDKCVCOUOCPCPVKCN6©V©©¡O©TPQ¡VEJCOOW
DCCKDKDKCVCOIWVQQZMQNJ/K¡DCLK
KMQQTIKFJC¡IW¡PQ¡VLCZFJWWMOWCK8GCN
OCPCPVKCNCXGTUKGNOCTTCPQJCNNGICFQCNN¯
RQTSWGUKNNGICGPUWEKCGNCIWC=RNDKKRKCVCO?
DKFJKK=RTGVFGDK¡³³C¡?NQJKNµ8CTDK¡³³C
DKFJKK³=RTGUFGDK¡³³C¡?NQJKNC
DKKCFLHKPQFGNICFKVQ
VTQ\QU,QKFJCOLKZ
DKKLCK¡EJIWDCLCCMOWPKMCPF©TFJKD©©Z
UCMCCNJKM,QKFJCOLKTCOPC³VWLWORCFCKVW
DQZMCTVC¡'PCSWGNNCEQTFKNNGTCNCEC³CFG
\CECVGETGEGOW[FGNICFKVC'UV£DWGPCRCTC
LWPVCTNC[JCEGTGUEQDCU
HKPQ
VGZVWTC,CZLCRKEJLC¡MVW¡VCUMKFJK
CUCCMPCDC¡OQQLC¡RLKZDKK!&GSW«HQTOC
JKEKUVGGUVCTGFSWGGUV£VCPHKPC!
GPRGFCEKVQU
OW[EJKSWKVQU2CCFWWMLKKIW
,QUGGPC³KEJV©KEJKCPCZDKKVWWOUC¡FJK
LQQFCK!#SW«JQTCUGHWG,QU«!2WGUNQOCPF«
CSWGSWGDTCTCGUVCURKGFTCUGPRGFCEKVQU
ECODKQ
OQPGFC'CRZKLC¡M©NJK¡³FJK
VWWOK³PQ¡O©VOQQD©©ZLC¡MLWOKCDWIWZ
DKK%WGPVCGUVGFKPGTQRCTCXGTUKGPXGTFCFVG
FGXQNXKGTQPVQFQGNECODKQ
=EQRLKZ?
♦FWWMLKZDKKCNJGUV£NNQXK\PCPFQ
DKK=RTGVFGDK¡[C¡?UGSWGFµ
DKKEJWCUGPEKPQ
FGJQLCUCPIQUVCU,QKFJCO
LKTZKDQQTCMFJKDKKEJWCPCOWPKM©©M
MQQMDC¡P'UGGPEKPQSWGGUV£GPGNDQTFGFGN
RG³CUEQVKGPGOWEJCUTCOCU=RNDKKEJWVWCQ
DKKVWVWC?
DKKNJFJC¡XaVOQNGT
HKPQ,KZDKKROQQ
DKKNJFJC¡FJKVWK¡EJCOVW¡ZEJCCVCM/WGNG
OW[DKGPGUCOCUCPQNCFGLGUSWGDTCLCFC
XaKTWOKCT-KC¡R©ZLCO©VDCLKEJWDKKNJFJK
MCMCTDCZ-CRWRLKZMQMDC¡PCODCM#RGPCU
GORG\CTQPCTWOKCTNQUEJKXQU&GDGPGUVCT
NNGPQU
=RTGVDKKNJRTGUDKKNJK¡³?
DKKOCFLGPRGFCEKVQU
PQOW[EJKSWKVQU,KZ
DKKOLCRZK©¡MRKFJKDCMCCZPCDC¡EJCOZKLCK
MC¡PCEJLKFJQQTC¡LC¡Z³K%QTVCNCECTPGGP
RGFCEKVQURCTCSWGUGCH£EKNEQEKPCTNCO£UVCTFG
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
FGRCTVGURGSWG³CU5KCOTKCNJOQQZMCDCCM
FJKMW¡CC¡PC³[C¡V©KVCRCCU©TDCPPC³DC¡OK¡
FJ©TLKZDKKODCVCCVUC¡'UV£FWTCGUVCNG³C
RWGUGUFKH¯EKNRCTVKTNCCNCOKVCFRCTCUGIWKT
RCTVK«PFQNCGPVTQEKVQUO£URGSWG³QU
=EQRLKZ?
DKKOUC¡XaVSWGDTCT
GPRGFCEKVQU6CCMLCR
LCK³CKZKDKKOUC¡FJKMKKU'NGGPCPCEJD©PFC¡
FJKKOCK4GDCPCWPRGFC\QFGSWGUQ'NGPC[
JC\NQRGFCEKVQURCTCEQEGTNQEQPNCECNCDC\C
=RTGVDKKOUCRTGUDKKOWUEQPVDKKOWUFC¡?
8CTDKKOPC¡
♦DKKOWPIC¡POKICLCU
FGCNIWPCEQOKFC
DKK³CMCFLSWGVKGPGEQPHKCP\C
EQORNCPKO
#C³&KQUDWK³QTR©ZLKZDKK³CMPCLCTQK¡EJ
VCK³DWK¡³IWKK¡OFC¡;QPCFCO£UEQPH¯QGP
&KQUSWK«POGRTGUVCNCXKFC
=EQORNRNDKRKK³CMEQRLKZ?
♦DJCK¡PC³RCK¡ZDKK³CMCNN£FQPFGXKXQ
NKVFQPFGVGPIQOKEQPHKCP\C
DKK³MCFC¡XaVDGPFGEKTTG\CT
RCTCQVTC
RGTUQPC0CLCZOCCZKNJKC¡IW³CNJKKEJWMLC³
OQQDKK³MCFC¡'PEWCPVQPC\ECOKJKLQXQ[C
TG\CTRCTCSWGVGPICDWGPCUCNWF
#XGEGUWPC
RGTUQPCFGXQVCUGSWGFCUQNCGPWPCEJQ\CRQT
EKPEQF¯CU[EQOGUQNCOGPVGVQTVKNNCURQTNCVCTFG
RCTCSWGRWGFCTG\CTJCEKCGNQTKGPVG
XaTETGGTEQPHKCT
GPQVTCRGTUQPCÎ,WOCC¡
PCRD©©ZLWOLWTM©¡PLWODKK³MCFC¡DWK³QT
IWEJ:QK¡MCOPCDC¡OWC³FJC¡IWO
WC¡VWNJFJCTC¡ÏLWRMCK¡EJIWRCCNJÎ'U
PGEGUCTKQSWGEQPHKGUGP,GUWETKUVQEQPVQFQVW
EQTC\µPRCTCSWGVGRGTFQPGVWURGECFQUÏFKLQGN
RCFTG
=RTGVDKK³MCKRTQRDKK³MC¡PO©TC¡?
DKKRKCVCO=RNFGDKDKCVCO?OCPCPVKCNGU
DKKRKC¡UMQQMQ¡=RNFGDKC¡UMQ¡?DQCU
8CTDKRKC¡UMQQMQ¡
DKKRKDQR=RNFGDKCROC¡?OWEJCEJQU
DKKRKUUCXKURC
EQO¼P$JCLC¡RLKZDKKW¡WWZ
EJC¡OVWRC¡RPCNJKZEJCTCOIWDKRRKU.CU
CXKURCUJCEGPCXKURGTQUGPNCUTCOCUFGNQU
CTDWUVQURGSWG³QU=RNDKRRKU?
DKKUCNJUDKUCDWGNC;C¡PKDCMDC¡RWK¡MKQMCV
IW³DKKUCNJMCV[C¡RWKZVWOCCV©¡2CTGEGSWG
GUEKGTVQSWGCSW¯XKX¯COKDKUCDWGNCRWGUUGXGP
NCUUG³CU=RNDKRUCNJCRQUDKKUCNJK¡³
DKRUCNJK¡³?
DKK¡OUNGEJG,WWOIWICIQQZIWDKK¡OPCVOK
LC¡RMCZKFJCCUCMF©©TCRZKEJWUWWUUCMIW
WDKK%JKIW¡EJCOV©¡³EJWPCVÀ¡MQDZK
UCK¡FJCKI©V'NRGTTQUGVQOµNCNGEJGSWGNC
OWLGTFGLµGPGNUWGNQFGURW«UFGQTFG³CT
RCTGEGSWGUGNGQNXKFµEQNICTNCCTTKDC
=CRQUDKKDJC¡P?
♦DCCMDKK¡OUNGEJGFGXCEC
♦MCTDCZDKK¡OUNGEJGFGECDTC
DKPCVGGTU+PFKECGNNWICTFQPFGUGHCDTKECGN
OG\ECN$CL©MRCK¡FJWWM[C¡ZOCCZPCT
DKPCVGGTMCV5GXGSWGJCEGVKGORQJCD¯CWPC
H£DTKECFGOG\ECNCSW¯
DK³=RTGUFGDKR³KC¡?NQOCUVKEC
DK³DWKUNGEJWIWKNNC
VKRQFGCICXG#C³LCK¡R
MCWC¡TC¡IWDK³DWKPCEJM©¡PDCVDKC¡$CLWW
IW¡IWK¡PC³KEJ[C¡CKEJFJCM8Q[CVTCGTO£U
NGEJWIWKNNCRCTCDC³CTPQURWGU[CUGCECDµNC
SWGVTCLG
DK³FJC¡=EQPVFGDKR³KC¡?GUVCTOCUVKECPFQ
DK³MCTUDCIC\Q
FGEC³COCUVKECFC$CCULCR
KCDWKFJC¡IWODK³MCTEJCOVW¡OKLC¡R
COWWD6KTCVWDCIC\QNGLQUPQRQTCSW¯EGTEC
=CRQUDK³MCTW¡P?
DKQOC¡XaVRTGRCTCT
CPKOCNOWGTVQRCTCEQEGTNQ
,K³RCNJDWKFJC¡CRPCEJVWDKQOC¡OCC¡PIW
VWWTPCVKCOWPKCMM©¡P2QTHCXQTC[¼FCOGC
RTGRCTCTWPVQTQSWGUGEC[µGPGNT¯Q
=RTGVDKQRTGUDKQOEQPVDKQOEJW¡PFC¡?
DKQPC¡XaTFGUICUVCTUG
TQRC,WODKQPC¡OQQ
FJKOUCDWKTCZPCRKEJDCLKOFCKTT©ZDCO
I©©¡DKC¡DC¡IW³³CCP5KVGCTTCUVTCURQTGN
UWGNQVWURCPVCNQPGUUGXCPCFGUICUVCT[OCO£
VGXCCRGICT=RTGVDKQPCEQPVDKQPCKFJC¡?
DKQPC¡CFLICUVCFQ
TQRC2CCRDC¡OQQR
ZKOFCKTT©ZFJKO©MPCDC¡IKKNJKOLKZDKQPC¡
FJKOUCDWKTCZLWOQKFJCVF©T!&µPFGVG
GUVWXKUVGCTTCUVTCPFQRQTGNUWGNQ!2QTSWGVWU
RCPVCNQPGUGUV£POW[ICUVCFQUFGNCRCTVGFG
CVT£U=EQRLKZ?
DKQVC¡XaKXQOKVCT6W¡DC¡MWDC¡RWK¡DKQVFC¡
FJKOCNJKKEJWMVWMCC¡!2QTSW«XQOKVCVW
JKLQGPNCPQEJG!=RTGVDKQRTGUDKQV?
DKQ¡=RTGUFGDK¡[C¡?UGSWGFC8CTDKRKQ¡
DKRKC¡=RTGUFGDK¡CC¡?CRCEGPVC
DKRKC¡FC¡=EQPVFGDK¡CC¡?GUVCTCRCEGPVCPFQ
DKRKC¡UMQQMQ¡=RNFGDKC¡UMQ¡?DQCU
8CTDKKRKC¡UMQQMQ¡
DKRKC¡UMQQMQ¡
'&+%+•024'.+/+0#4`
DKRKK³CM
6'2'*7ƒ0Ê'52#“1.
DKRKK³CM=EQORNRNFGDKK³CM?SWGVKGPG
EQPHKCP\C
GPGNNQU
DKRKKZUEJWRCTTQUCQTGLKDNCPEC2CK¡PQ¡
LQKFJCOLKZ[QQVIWOCKLWNJMC¡OK¡Z
LQK¡³FJC¡COIWDKRRKZPCOVWZKQ¡RCPFC¡#
NCUEJWRCTTQUCUQTGLKDNCPECUNGUIWUVCCPFCT
EJWRCPFQNCUHNQTGUFGNQUOCIWG[GU
=RNDKRRKZ?
JCT£NQOKUOQCGUCRGTUQPC#WPSWGUGCCNIQ
OW[HGQNQSWGNGJCICPGNNCUGNQJCT£FGNC
OKUOCOCPGTC
RGPUCTFGEKTKPVGPVCTEQPXGPEGT
CQVTC
RGTUQPC%JCOMCV©¡³EJQK³PC³MC
DK¡EJWNJFJCVPC³RWEJ©©FC¡IW³LKKMWNJPQ¡
EJCOKCOLK³CDKCTWVUKCL©¡MIQQMUQPDKCKZKO
IWUQURQMQNJ0QOGCEQTF«FGNQSWGJCD¯C
RGPUCFQFGEKTNGCOKV¯QRCTCSWGOGHKCTCNQU
VQOCVKNNQUUWHKEKGPVGURCTCJCEGTFQUOQNECLGVGU
NNGPQUFGUCNUC
=RTGVDK¡EJWNJRTGUDK¡EJWNJK¡³?
DK¡FJC¡XaDIWCTFCT
EQOKFCRCTCQVTCRGTUQPC
DKRKQ¡=RTGUFGDK¡[C¡?UGSWGFC8CTDKQ¡
DKRKQ¡FC¡=EQPVFGDK¡[C¡?GUVCTUQDTCPFQ
8CTDK¡KKFJC¡DK¡EJW¡PFC¡
DKRK¡³FJC¡=EQPVFGDK¡FJC¡?GUVCTIWCTFCPFQ
EQOKFC
DKRK¡³³CMFC¡=EQPVFGDK¡³³C¡?GUVCTNNGXCPFQ
8CTDKRK¡³³©MFC¡DKRK¡³³©TFC¡
DKR³KC¡XaVOCUVKECT
RCTCUCECTNGGNLWIQ,KZ
DJCK¡RLWRDK³FJC¡FJKLWPDQ¡#CRIW¡
RCTDQPZKDK³FJCVOKLC¡RZKKCDWV/CUVKEC
DKGPGUVCEC³CRWGUJCUGUVCFQOCUVKE£PFQNCUC
OGFKCU[VKT£PFQNCU=RTGVDKRRTGUDK³
EQPVDK³FJC¡?
DKR³KZCFLOCUVKECFQ2CTDQPDKR³KZMCOR©Z
OKLC¡RD©©VIWLWPDQ¡*C[EC³CUOCN
OCUVKECFCUVKTCFCURQTCJ¯=EQRLKZ?
DKRRKU=RNFGDKKRKU?CXKURCU
DKRUCNJ=RNFGDKKUCNJ?DKUCDWGNCU
=CRQUDKRUCNJK¡³?
DKUW¡NJUJWKEJQN
KPF¯IGPC#¡PC¡ZKDCRUCVW¡
DQPOCTCPFJKDKUW¡NJPCM©¡PVWWCOZK¡³'UG
JWKEJQNVTCGRNWOCUGPGNUQODTGTQEQPNCUSWG
JCEGEWTCEKQPGU=RNDKRUW¡NJ?
DK¡CC¡XaVEWKFCTCRCEGPVCT
CPKOCN%JCOR©M
MCUC¡KK¡[C¡PCIW¡ICOO©L©[CLC¡RVWO
DKRKC¡FC¡0QJC[OWEJQ\CECVGCSW¯RQTSWG
UKGORTGCRCEKGPVCPRQTCE£=RTGVDK¡CC
RTGUDKRKC¡RTQRDKC¡TC¡EQPVDKRKC¡FC¡?
DK¡EJWNJFJC¡XaVJCEGTNQOKUOQ
CQVTC
RGTUQPC,WRMCK¡EJFJK³³CCPPC
DK¡EJWNJFJC¡IWLCTQK¡LCZPQ¡VFQQFC2WK¡UCR
LKZDWCOVW¡OLWROCMKC¡IWVW¡PQ¡O©VLKZ
DWCOVW¡OOCCIWVW¡OWF©TDJCLC¡M/K
OCO£FKEGSWGUKCNIWKGPNGJCEGCNIQGNNCNG
QCPKOCN$K¡FJKZCCIWZKKIC¡PIWDKK¡OPC³
DCVQK¡FJC¡PC³LCZDCCOI©K!'UV£IWCTFCFC
NCNGEJGRCTCGNECEJQTTQRCTCSWGUGNCRWGFC
FCTCNNGXCPVCTOG!
XaTIWCTFCT
EQOKFCRCTCU¯OKUOQ#CR
ICOCK¡DCLCUCC¡PVW¡PFC¡³EJKQ¡³FJK
DJW¡OTWZ#C³DJC¡³KMC³DK¡³O©TC¡FJKOCK
EJKQD5KIWGECOKPCPFQEQPNQUDWTTQUJKLQ
OKGPVTCU[QXQ[CIWCTFCTGUVGOCIWG[GPNC
EWGXCFGCNN£CTTKDC
=RTGVDK¡RTGUDK¡KK¡³RTQRDK¡³O©TC¡
EQPVDKRK¡³FJC¡?
♦EJCOLWODK¡FJCOMCCMGUVCPUCDTQUQ
SWGWPQPQSWKGTGFGLCTPCFC
DK¡³³C¡XaVJKNCT
NCPCQCNIQFµP6WMCLCCP
COIWLC¡VMCOIWDCRQQPCODC¡DK¡³³CKDC
KMZKEJC¡.CIGPVGGURQPLCNCNCPCRCTCSWG
JKN£PFQNCRWGFCPVGLGTCNIQ=RTGVDK¡³³CQ
DKFJKKRTGUDKFJKK³?
DK¡³³C¡XaVNNGXCT
RQTGNT¯QETGEKFQ/CC¡PPC
LCZLK³DK¡³³C¡IWUWWFCK¡PQ¡³ICPOWLC¡M
LWTWWMPQ¡IÀ¡O©TOWRCK¡CMM©¡P(£EKNOGPVG
OGNNGXCGNCIWCUKVTCVQFGETW\CTWPT¯QEWCPFQ
GUV£ETGEKFQ=RTGVDK¡KK³EQPVDKRK¡³³CMFC¡Q
DKRK¡³³©MFC¡QDKRK¡³³©TFC¡EQRTGVDK¡³³CVI©V?
DK¡[C¡XaKUQDTCT/QQLC¡RZK¡IÀ¡VW
LK¡³FJQTFC¡RKOCCIWDJCDPCDC¡ICOO©L©
DKRKQ¡FC¡!2QTSW«UKGORTGRTGRCTCPWUVGFGU
FGOCUKCFQUHTKLQNGU!5KGORTGUQDTCP
SWGFCTUG
GPWPNWICT#CR[C¡MCDK¡[C¡MW
IKPCEJCOZK¡F©©NJLWOP©K¡³FJC¡FJKOCDWKN
6¼VGSWGFCUCSW¯RCTCSWGV¼CDWGNKVCPQGUV«
VCPUQNC
SWGFCTWDKECT
NWICT2CCLC¡MDKRKQ¡IWK¡
PCO$CCNJV©©V©¡IWQKFJC¡!&µPFGSWGFCGN
EGTTQCNSWGNGNNCOCP2GVCEC!
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
=RTGVDKKRTGUDKQ¡QDKRKQ¡EQPVDK¡KKFJC¡Q
DKRKQ¡FC¡QDK¡EJW¡PFC¡TGUDK¡KKZRWPVDK¡©©M?
♦ICORCK¡LKDKKUGSWGFµUKPPCFC
D©IKK¡³=RTGUFGD©¡³FJC¡?CNWODTC
D©IKQOCFLTQUC2CCRKEJUCDC¡NJIWOKRWWT
IWZD©IKQO!&µPFGEQORTCUVGVWHCNFCTQUC!
=RND©RIKQOEQRLKZ?
D©©DJK¡RQURFGVT£UFG$CCUF©TFJKQKFJC¡
D©©DJK¡LC¡RPQNJFJKDQKPCRDC¡OQQZOCCV
MC¡PCREJCOOCK¡I©ZKC¡/£UCNN£FGVT£UFG
GUVGEGTTQGUVGECOKPQFCXWGNVCRCTCSWGUGRCU
[PQVGRKGTFCU
D©©OCFXLWPVQEQP
CEQORC³CPFQCQVTCRGTUQPC
QRGTUQPCU5CRLKTLKOFCOIW,QTMKDJCOO©
F©TLC¡MPQTVKUCRLCD©©OLKOKC¡IQQMIWVW¡
PCPDCV&KEGPSWG,QTIGUGKT£CNPQTVG[SWGUG
KT£LWPVQEQPQVTQUFQUOGUVK\QU=5GRTGUGPVCEQP
WPCHKLQRQUGUKXQ?
♦LK³D©©OEQPOKIQ
♦D©©OC¡PEQP«NEQPGNNC
D©©PCNJ=RTGVFGD©PFC¡?NQCITGIµ
D©©PCNJFJC¡=UKPµPFGD©PFC¡?CITGICTOG\ENCT
D©©PCV=RTGVFGD©PVC¡?UGWPKµ
D©©PC¡UEQORC³GTQEQORC³GTC&©©NJLC¡M
DCI©KIWDJGUGTMWWLKFJCV%JKIW¡OCK¡I©KIW
D©PIC¡PIWK¡PCOOCCRMCLKKO©V4GITGUµWP
DGEGTTQFCPFQDGTTKFQUUGIWTCOGPVGUGRGTFKµ
UWEQORC³GTQEQPGNSWGCPFCDC
EµP[WIG)KCCRLK³ZKMW¡IWOD©©PC¡RC
LC¡MLCZVW¡KK¡!0CRDC¡F©©NJ[CLC¡RQKT©1[G
JGTOCPKVQ&µPFGGUV£VWGURQUC!2QTSW«
CPFCUCSW¯UQNQ!
5GUWGNGWUCTD©©PC¡EµP[WIG
GPXG\FGLQQ³K¡GURQUCQMWPGURQUQ
=RND©RPC¡CRQUD©PIC¡PD©RPCIC¡P?
♦LKTLWOD©RPCI©OCOUQPGURQUQU
D©©PC¡=TGUFGD©PVC¡?WPKFQ
D©©PC¡P=KORGTFGD©PVC¡?¼PGNQ
D©©RICPF©TRTGRFGVT£UFGFGCSWGNNCFQFG
PQ
UGXG$JCOO©PKMC¡PD©©RICPF©TFJKQKFJC¡
VC¡OLCEJKEJQKRKO©MVCMCCDPCEJKEJVW
WC¡RWMIWPCD#[GTCPFWXKOQUFGCSWGNNCFQ
FGGUGEGTTQEWCPFQHWKOQUCVTCGTPQRCNGU
D©©R©¡CFXRTKOGTQ
GPNCHKNCCFGNCPVG
FKUVCPEKCEQTVC,CTQQFC¡FJK¡PCD©©R©¡LKO!
%JCOFJK¡CCIW,QUGGIKQIW,WNKCPPCO
ICVWWMF©TLKKO!3WK«PGUGUCRGTUQPCSWGXC
CFGNCPVG!0QUQP,QU«[,WNKCPSWKGPGUGUV£P
CVT£UFG«N!
D©©Z
RTKOGTQ
VKGORQCPVGU$©©R©¡DCLKKIW³
FJKZKKMVCMCCDCC³DC¡ICVWWM/KV¯CUWHWG
RTKOGTQC[GT[[QFGURW«U
RTKOGTQ
VKGORQJCEGTCVKVQ/WPKFJ©T
DJCK¡MCLKOFCVD©©R©¡IW,QUGGPQ¡MWVLK[C¡
DCCKLK;QXKSWGFGCNN¯XGP¯C,QU«JCEGTCVKVQ
2QTSW«VQFCX¯CPQNNGIC!
D©©R©¡F©TCFXRTKOGTQ
CPVGUFGQVTQGXGPVQ
#C³D©©R©¡F©TOWZKQKNJKO©M$CLKK[QPCVDC¡
OQQOWLC¡MLWRLKFJWWIW³EJCCV;Q
CPFWXGGP'N$CL¯QRTKOGTQ[GPUGIWKFCHWGOK
RCR£
D©©R©¡MCOUGNRTKOGTQNCRTKOGTC
GP
PCEGTGNOC[QT,CZEJW¡OLKTD©©R©¡MCOV©K
FJKC¡CCNJPCODC¡OCC¡PPCOL©¡ZLWOP©K¡³!
3WK«PGUGNOC[QTFGGUVQUPK³QU!2QTSWG
RCTGEGPKIWCNGU
CFLGNRTKOGTt%JGGPFQLCZ³KCCR©M
UCCMV©©¡IWD©©R©¡MCOOCTCC¡PIW#TPWNRQ!
tLWRMCK¡EJIW/KNKVQQPt&JQIKPC³LWO
CCIK¡³D©©R©¡&JQUCR/GTGLKNFQtLWRMCK¡EJ
IW%JGGPFQt4QUGPFQEµOQUGNNCOCGN
RTKOGTJKLQFG#TPWNHQ!tRTGIWPVµ/GNKVµP
t;CVGFKLGSWGUGNNCOC/GTGIKNFQtEQPVGUVµ
4QUGPFQ
#PVµPICVWWMMCO
D©©R©¡MCVCFXRTKOGTQCPVGUSWGPCFC
$JCOO©RZKEJ©UFKC¡D©©R©¡MCV$GGVQPCRDC¡
PQDEJKC¡FJKCJNKK5¼DGVGRTKOGTQ$GVQRCTC
SWGRWGFCUCICTTCTFGNCOCPQCNCPK³C
D©©VCFLRGUCFQ:K¡LKOFC¡FJKDJWTW¡ZPQ¡Z
D©©VVWDJKK³QTPCIW¡LQVOQFC¡ZCKOVW¡PFC¡
%COKPCT£RKFQGUVGDWTTQUKVTCGECTICRGUCFC
RQTSWGSWKGTGNNGICTRTQPVQ=RND©©R©VEQRLKZ?
#PVµPLCDQQM
D©©V=UWLRNFGMCCV?GUVCTCEQUVCFQU
=EQRTGVD©©V©V?
D©©ZCFLVQFQVQFQU$©©ZLCRKOOQQVW
DW¡[C¡FJKDJCDPCEJCOVW¡MWDOK¡OCK¡
I©ZKC¡4GEQLCPVQFQGNHTKLQNRCTCSWGPQUGGEJG
CRGTFGT
CFXVCODK«P0©K¡³K³FJQPC³IW¡CC³D©©Z
LKOFCVPCTRKCUVCMCV5¯NQXKRQTSWG[Q
VCODK«PHWKCGUCHKGUVC
CFXRQT
NQNCTIQ/K¡OKC¡PLKZCC¡PVW¡FJK
/CT¯CPCEJLKEJL©RRKFJKFJC¡DJ©L©D©©ZDQK
PCEJV©KLKKO2QTVQFQGNECOKPQSWGXGP¯COQU
/CT¯CSWGT¯CSWGECFCTCVQFGUECPUCTCOQU
♦D©ZEJCPQQNJVQFQGNF¯C
♦D©ZEJWMCC¡VQFCNCPQEJG
'&+%+•024'.+/+0#4`
D©©ZCKZKOVW¡O
6'2'*7ƒ0Ê'52#“1.
D©©ZCKZKOVW¡OCFXFGVQFCENCUGFGOWEJQU
VKRQU$©©ZCKZKOVW¡OLKZLCK¡EJIWDJCDLCK¡
OQQZEJQQVQLCK¡DC¡OQQZEJWVWWMIKQDC¡
IWK¡PCD©©ZCKZKOVW¡OM©¡PLKZC¡LQK*C[
OWEJQUVKRQUFGHTKLQNWPQUSWGUQPDNCPEQU
QVTQUSWGUQPPGITQU[QVTQUSWGUQPRKPVQU
D©©ZC¡PUCRCFXEWGUVCCDCLQGPNCDCLCFC
,CTQK¡DJCOO©PKFJ©TDJCK¡DCLWTPKOD©©Z
C¡PUCRMCDCKEJC¡O/QQEJKIW.WKU#NIWKGP
XKGPGDCLCPFQ
NKVXKGPGJCEKCCE£GPNCDCLCFCC
ECDCNNQETGQSWGGU.WKU
D©©ZEJCK¡CFXEWGUVCCTTKDCGPNCUWDKFC
)KKNJKOLC³KEJOCIQQO©L©F©TD©©ZEJCK¡
UCCNJLK³L©RRKFJKFJCVLC³KEJ[COO©V©U/G
ECPU«OWEJQGPUWDKTJCUVCCSW¯
NKVRQTVQFCNC
UWDKFCOGXKPGFGURCEKVQFGUECPUCPFQECFC
TCVQ
D©©ZICKCFXGPNCNCFGTC$JCOO©F©TLC¡RDC
LKOIWVWWTD©©ZICK#NN£XCGNVQTQRQTNC
NCFGTC
D©©ZZKMQQNJCFXCNTGFGFQTRQTVQFQUNCFQU
$JCK¡IQTDKMWC¡ODQRCCRK¡OFCKO©L©F©T
LC¡RDCLKDQQRD©©ZZKMQQNJIWDC¡CCM8C[CP
RQTNCNG³CRWGUWUVGFGUPCFCO£UGUV£P
EQTTKGPFQCNTGFGFQTFGNCECUC
D©L©M=XCTFGDCL©M?JCEGOWEJQVKGORQ
D©L©MF©T=XCTFGDCL©MF©T?FGUFGJCEGOWEJQ
VKGORQ
D©PFC¡XaVCITGICTOG\ENCT
EQORNKPCP
#NJK¡EJRWRLCRZKD©PFC¡IWQPFJKDJCD
LKFJQQT%JCOR©MQPMCM*C[SWGCITGICTWP
RQSWKVQO£UFGUCNCNQUHTKLQNGURWGUPQVKGPGP
OWEJQUCDQT=RTGVD©©PCNJRTGUD©RPC¡P
EQPVD©PFCKFJC¡?5KPµPD©©PCNJFJC¡
8«CUGD©PVC¡
D©PMCOCFXLWPVQEQP,CWC¡O©TIWMCMDCK
MWEJDCEJWNJ³C¡PCEJUCCMRCK¡LKOKC¡0Q¡O
OQQEJCODJCK¡OFC¡PI©D©PMCOLCRDJCLC
UCCFC¡IWK¡PCOLCQK¡³MWEJ[C¡LCUQQ¡OFCK
LCIKKIKC¡8GCVTCGTNQUECDCNNQUSWGXCOQUC
GPUKNNCTRCTCUCNKT5KPQUGFGLCPCICTTCT
CTT«CNQURCTCCE£LWPVQEQPNQUFGO£U[NQU
CVTCRCOQU[NC\COQUEWCPFQNNGIWGPCSW¯
D©PVC¡XaKWPKTUGLWPVCTUG
UWLCPKO,CD©©PCV
DCMOCC¡PIWEJMCTDCZK¡IWLCK¡MCMCTDCZ
2CTGEGSWGUGLWPVµWPCFGPWGUVTCUEJKXCUEQP
NCUQVTCU=RTGVD©©PCVKORGTD©©PC¡P
EQPVD©PVCKFJC¡TGUD©©PC¡?8«CUGD©PFC¡
D©RIKC¡XaKTGNCORCIWGCT/QQEJKFWWFW¡
VWMCC¡6©©¡PCDJCK¡DCD©RIKO%TGQSWGXCC
NNQXGTGPNCPQEJGH¯LGUGEQOQ[CGUV£
TGNCORCIWGCPFQ=RTGV[RTGUD©RI©?
D©RIKQO=RNFGD©IKQO?TQUCU=EQRLKZ?
D©RIK¡³FJC¡=EQPVFGD©¡³FJC¡?GUVCT
CNWODTCPFQ
D©R©©¡UPKIWC
KPUGEVQ)KKNJKOLKZOWMCC¡IW
D©R©©¡PQ¡VDC³KC¡³/GFCEQOG\µPEWCPFQNCU
PKIWCUUGOGUWDGP
D©R©©¡=RNFGD©¡?TQLQU=EQRLKZ?
D©RPC¡=RNFGD©©PC¡?EQORC³GTQU
=CRQUD©RPCIC¡P?
D©RPC¡P=RTGUFGD©PFC¡?NQCITGICNQOG\ENC
D©RVC¡=EQORNRNFGD©VC¡?2GLVWVWCD©RVC¡
FGDCLQFGNQUGPEKPQU
D©RVC¡PCFXGPNCEQUVC)COCK¡³OQQ
OCK¡EJO©TC¡OWLC¡MD©RVC¡PPCEJV©DJ©KTC¡
IWDJCD'NC³QSWGGPVTCRKGPUQKTCNCEQUVCC
VTCDCLCTGPWPECORQFGHTKLQN
D©VCC¡PF©TRTGRFGDCLQFG,QVOQFC¡DCLKLWW
D©VCC¡PF©TFJK³ZWWUCM6W¡PCDC¡PC³KEJ
IW¡V©KMKC¡R©ZUCDC¡NJ2QTSW«UGGUVCT£P
CECDCPFQVCPRTQPVQNCUUWGNCUFGOKJWCTCEJGU
UKNQUCECDQFGEQORTCT!=RND©RVC¡PF©T?
8CTDWVCC¡PF©T
D©VC¡RQURFGDCLQFG6WCD©VC¡M©©MIWDJWTW¡Z
EJKPCOK¡O©MIK¡³PCIW¡ZEJCVQK³'NDWTTQ
GUV£RCTCFQFGDCLQFGNGPEKPQRCTGEGSWGGUV£
VQOCPFQUQODTCRQTSWGJCEGECNQT
=EQORNRND©RVC¡?8CTDWVC¡
D©ZEJW¡UOWEJCUEQUCU$©ZEJW¡VWOCC¡PCEJ
VWDKC¡MC¡PC³M©¡PM©¡ORK¡PFC¡IWVTQQMCPQ¡
³KEJDCUCDC¡NJ5KVGPIQWPCECOKQPGVC
PGEGUKVQVGPGTOWEJCJGTTCOKGPVCRCTC
CTTGINCTNC=CRQUD©ZEJWIC¡P?
D©ZZKMF©TCFXFGNQUFQUNCFQU$©ZZKMF©TLCEJ
OQQVKMC¡FJKMW¡CC¡PCIW¡IKKNJKOLKZD©©V
8COQUCNNGXCTGUVCNG³CCICTT£PFQNCFGNQUFQU
NCFQURQTSWGGUV£OW[RGUCFC
D©¡CFLTQLQ,CK¡ZD©R©©¡VW[QQVIWKKDJCK
#NIWPQUPQRCNGUVKGPGPHNQTGUTQLCU=RND©R©©¡
EQRLKZ?
♦EJ©D©RIK¡CFLTQLQ
£TGC
D©¡³FJC¡XaVRTGPFGT
RCTCSWGCNWODTG
/CC¡PLCRZKD©¡³FJC¡IWMC³FJKKTPCEJM©¡P
LKEJDCMZKFJC¡2TGPFCWPCXGNCRCTCSWG
RQFCOQUVGPFGTPWGUVTQUVCRGVGU
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
XaKCNWODTCT-C³FJKKTM©¡PCCRKOV©
D©IKK¡³O©L©DCMCCOEJ©TMC¡LWMM©¡PCC!
#NWODTCPWUVGFGUUWTGECOCTCEQPXGNCQEQP
QEQVG!
XaKRQPGTWPCXGNCEGTGOQPKCN-CDWKOWM
UCRLKTLKOFCOIW³EJCCVPCV©D©¡³FJCTC¡OW
,WMV©T/KRCR£FKEGSWGOC³CPCXCCKTC5CPVC
/CT¯CCRQPGTXGNCUGPNCKINGUKC
=RTGVD©¡RTGUD©IKK¡³EQPVD©RIK¡³FJC¡?
DQKUECOKPQ)COCLC¡MLCRKODC³³©©TCFC¡
PCRCK¡FJ©TUC¡TCMIWDQKOWLC¡M6QDCCVCO
/GGURGTCPO£UCNN£FGFQPFGUGFGUX¯CGN
ECOKPQJCEKC.C)WCLQNQVC=RNDCRQK?
♦DQKDJ©KEJFJC¡VTCKEKQPCT
NKVNNGXCTRQTGN
ECOKPQ
♦DQKEJC¡OM©©UC¡VTCKEKQPCT
NKVRQPGTGPGN
ECOKPQ
DQK=RTGVFGDQ¡[C¡?UGCEQUVµ
DQKMUEJWCN
GNQVGVQUVCFQ,QKFJCOLKZK¡QQD
IWDQKMLWPOCZKORKCOLKFJQQNJZKO'UV£
OW[UCDTQUQGNEJWCNIWKUCFQEQPOCUCQ
JGTXKFQ
♦DQKMLWPOC¡POQNGFGEJWCNGU
DQKMCFLEJCOWUECFQ,KZDQKMR©ZDC¡FJK
OKUVWK³PCOIKKNJKOFC¡POWPFC¡IWC¡CCNJ
'UVGICVQGUV£EJCOWUECFQRQTSWGNQUPK³QUNQ
OCNVTCVCPOWEJQ=RNDCRQKM?
DQKMFJC¡XaVJCEGTEJWCNGU
RCTCQVTCRGTUQPC
)QQMLCRLK³DQKMFJC¡,WCPCMCDWKOWMMCV
LC³EJKLWPOCFCKM©¡PDCVWLWIKC¡PQ¡ZK¡
EJCOMCLCK¡EJPCEJVW¡M©¡PVWLWIKC¡RCK¡
FJWWM2QTHCXQTJC\WPQUEJWCNGUOC³CPC
,WCPCRQTUKCNI¼PF¯CUGCECDCNCEQOKFC
RWGFCVQOCTNQU[JCEGTOGOQNGRCTCEQOGT
8CTDQKMZKFJC¡
DQKMVC¡XaKJCEGTEJWCNGU
VQUVCTGNQVGURCTC
IWCTFCTNQU6WIÀIÀ¡IWLWPDCC¡IW³ZKKZUCR
PCVWDQKMVC¡PCLWPOCFCKLWIKC¡RCK¡FJWWM
/KJGTOCPCGUV£CUCPFQGNQVGURCTCJCEGT
EJWCNGURCTCEWCPFQSWKGTCJCEGTOQNG
=RTGVDQKMVCRTGUDQKMVCT?8«CUGDCRQKUC¡
DQK³MKFJC¡XaTFGUCVCTUG
CHWGT\CU/WRCK¡
O©VUCROCFJCCIWZ©¡ZMWOFJK/CCTKQ
&©MQQUCRR©ZLKODQK³MKPCVDC¡UKCOTKOC
LKO©K³³QT&KEG/CTKQSWGRQTCJ¯NQ
COQTFC\CTQPNQUDCPFKFQU[SWGCRGPCURWFQ
FGUCVCTUG[EQTTGT=UWLRNDCRQK³MKFJC¡
RTGVDQK³MKDCRQK³MK?8CTDQK³MWKFJC¡
DQK³MWPC¡
DQPCCO
DQK¡=KORGTFGDQ¡[C¡?CEW«UVCVG
DQK¡EJI©FC¡XaKKTCEQUVCFQ%JCOVW¡R©M
OCIQQ³KEJDJ©L©D©©ZDQKPC³IW¡DQK¡EJI©V
DJ©L©LK³DCMZKFJCMFCCOF©TIWVTQQMC0Q
OGECPU«OWEJQGPXGPKTRWGUXGP¯CCEQUVCFQ
EQPOKEQDKLCGPWPCECOKQPGVC
=UWLRNDQQRKEJI©FC¡EQRTGVDQK¡EJI©V
DQQRQEJI©V?
DQK¡MC³CFLCRNCPCFQ
\CECVGQOKNRC6W¡DC¡
[CLC¡RVWDQK¡MCPFC¡PCDC¡IKKNJKOLKZ
DQK¡MC³FJKLWWP!3W«GUVCT£CRNCPCPFQNC
OKNRCRQTCSW¯!2WGUGUV£DKGPCRNCPCFC
=RNDCRQK¡MC³EQRLKZ?
DQK¡MPC¡XaVCRNCPCT
\CECVGQOKNRC)KKNJKO
DQK¡MIWLWWPIWL©D©©NJPCVIW¡ZKQ¡OL©D
VWMCC¡'NCKTGCRNCPµOWEJQNCOKNRCRQTSWG
JK\QOWEJQCKTGCPQEJG=RTGVDQK¡M
EQPVDQK¡MCPFC¡?
DQK¡³ZKFJC¡XaVCDTKTECOKPQ
RCTCQVTCRGTUQPC
:KEJW³DQK¡³ZK¡³,WCPOK¡PC³RCK¡DJ©©[C¡
PC³WC¡TC¡IWLWPDCC¡,C¡RLCRZKDQK¡MPC¡FJK
UCK¡2QTHCXQT,WCP£DTGOGECOKPQCRNCPCPFQ
GN\CECVGRCTCKTCVTCGTNQUGNQVGU
=RTGVDQK¡³ZKRTGUDQK¡³ZK¡³
EQPVDQK¡³ZKFJKFJC¡QDQK¡³ZK¡³MC¡?
DQK¡URC¡XaVCRNCUVCT)COCLC¡MRC¡RLWR
DQ¡MC¡PCREJCODQK¡URC¡FJK³CNJKKEJWM
&GDGUCEQUVCTVGWPRQEQO£UCNN£RCTCSWGPQ
CRNCUVGUCOKJKLQ
XaVQRTKOKT
DQVµP%JCOMCVWVM©FJK
TCCFKQPC³KEJOK¡MCZKDQ¡KKUIWDJWVWWP
0QUGCRCIµGNTCFKQCWPSWGQRTKO¯GNDQVµP
XaKGORQNNCTKPEWDCTJWGXQU
ICNNKPC6W
DQK¡UCRCCFJKVCMCCTWK¡PCDC¡OQQLC¡RD©Z
EJCPQQNJDJCK¡DCDQ¡MQUV©T!2QTSW«UG
SWGFCGPUWPKFQNCICNNKPCVQFQGNF¯C!'UVCT£
GORQNNCPFQ!
=EQORNRNDCRQK¡URC¡RTGVDQ¡KKURTGUDQK¡UCR
DCRQK¡UCREQPVDQK¡UCRFC¡QDQK¡URCVI©FC¡?
DQPCCOUUQODTGTQ$QPCCOLC³M©©UMC¡PQ¡Z
EJCVQK³7PQUGFGDGFGRQPGTWPUQODTGTQ
EWCPFQJCEGECNQT=RNDQRPCO
CRQUDQPOC¡PDQRPCOIC¡P?
♦DQPOCTCODQPOCTCPGPUWUQODTGTQ
FG
«NQFGGNNC
♦LCPPWNJDQPCCOUIQTTC
♦UQQDQNJDQPCCOUUQODTGTQFGRCNOC
♦WOWW¡DQPCCOUUQODTGTQFG\Q[CVG
'&+%+•024'.+/+0#4`
DQPOCVFC¡
6'2'*7ƒ0Ê'52#“1.
DQPOCVFC¡XaTRQPGTUGWPUQODTGTQ2CCRDC¡
LC¡MDCTLKOFCO,WCPPCRKEJDC¡OQQDCO
DQPOCV!#FµPFGSWKGTGUKT,WCP!2QTSW«VG
RWUKUVGVWUQODTGTQ!=RTGVDQPOCV
RTGUDQPOCVW¡P?
5QNCOGPVGGPVKGTTCUE£NKFCUJC[GUVGVKRQFG
JKIQ
DQQ³DJCMCFX«RQECFGFGU[GTDG
LWNKQ[CIQUVQ
$JCCPCIQQUVQOQQTDQQ³DJCMMC¡OWLC¡R
VCCVUCD'PCIQUVQUGT£NC«RQECFGFGU[GTDG
RQTCNN£GPVKGTTCE£NKFC
DQ³KKO©M=EQRTGVFGDQQR³KC¡?FGU[GTDCDC
DQQDQM=UWLRNFGDQ¡?2GLOK¡DQQDQMCO
DQQRKEJI©FC¡=UWLRNFGDQK¡EJI©FC¡?KT
$QQFCOVCOCFX'N/G\SWKVCN
NWICT,K³
DQQR³KC¡XaVFGU[GTDCT
\CECVG,CZMW
CNN¯GUV£PCEQUVCFQU
FJCCUKMC¡CROW$QQFCOVCOLWWI©VMCRDJCK¡
PCR-QTKCPLC¡MLKO2QTHCXQTNN«XCOGC'N
/G\SWKVCN[CSWGXCUC&WTCPIQ
DQQFC¡XaVCEQUVCT
EQORNCPKO,KZM©¡PMQD
LCRLWRDCDQQFC¡IWCNJKK#CRIW¡ICP
UWCMEJW¡PFC¡&GDGUCEQUVCTVGORTCPQCNPK³Q
RWGUPCFCO£UNQFGLCUNNQTCT
RQPGTCKPEWDCT
CXG'CPCRDQQFC¡FJK
VQDCCPQ¡VOQQEJCOVWVCCVMKEJ2QPC
KPEWDCTCNCIWCLQNQVCRCTCXGTUKPCEGPNQU
RQNNKVQU
=EQORNRNDQQRFC¡RTGVDQQ¡PDQQRFC
RTGUDQRFCDQQRQ¡PEQPVDQQFCKFJC¡Q
DQQRFCKFJC¡?
DQQLKUQUQ2WK¡VÀMÀÀCRCCPCOLCZEJW¡O
MCVIWDCRQQLKPCOUCCM[C¡LCK¡EJMCVD©L©M
KKDCKUCRMWC¡FCV!*CUQ¯FQEQOGPVCTEµOQ
GTCPNQUQUQUSWGFKEGPSWGJCD¯CCPVGUCSW¯SWG
UGCNKOGPVCDCPFGVWPCU!=RNDCRQQLK?
CEQUVCFQU=EQRTGVDQQRKEJI©V?
RKEJDC¡EJCMWKVWDQQR!)KKNJKOLKZZC¡KK¡
IWOICC2QTSW«VQFCX¯CPQJCUFGU[GTDCFQ
VWOKNRC!2WGUVKGPGOWEJCJKGTDC
CTTCPECT
RGNQ,CZMWRDC¡DQQPFJKO
EJK³DW!2QTSW«VGCTTCPECUGNDKIQVG!
=RTGVDQQRRTGUDQQPKORGTDQQRQ³
RTGXDQQR³KFJCKEQRTGVDQQ³KO©MQDQ³KKO©M?
DQQRQKEJFJC¡=UWLRNFGO©NJEJWFC¡?2GLVW
DQQRQKEJFJC¡COEQTTGT£P
CECDCNNQQGP
ECOKQPGVC=RTGVDQQRQKEJRTGUDCRQK¡EJW¡P
RTQITDQQRQKEJFJKO?
DQQRQKFJC¡=RNFGO©NJFJC¡?DWGPQURCTC
EQTTGT=EQRLKZ?
DQQRQKOWM=RNFGO©NJOWM?JWKFK\QU
CUWUVQPGU=EQRLKZ?
DQQRQ[C¡=UWLRNFGFCK¡³³KC¡?2GL
DQQRQ[C¡COEQTTGT£P=RTGVDQQR?
DQQRQ[C¡=UWLRNFGO©NJKC¡?2GLDQQRQ[C¡
COEQTTGT£P=RTGVDQQRRTGUDCRQ¡
OQXDQQRQKEJW¡QDQQRQ¡?
DQQTCFLUWFQTQUQ2WKZDQQTIWDJWTW¡ZPCZ
OCIQQPPCIÀ¡VWDJKKPQTCVIWD©ZEJW¡'N
DWTTQVQFCX¯CGUV£UWFQTQUQUGECPUµFGECTICT
OWEJCUEQUCU=RNDCRQQTEQRLKZ?
DQQMUGUVµOCIQ,KZMQ¡MIW³DQQM:K¡IÀ¡VW
LWW³KEJVCMCCDPCTRKCUVCMCV/GFWGNGGN
GUVµOCIQRWGUEQO¯FGOCUKCFQC[GTGPNCHKGUVC
=RNDQQRQMCRQUDQQMC¡P?
♦DQQMCTCOGPUWGUVµOCIQ
FG«NQFGGNNC
DQQMC¡PUJQPIQFGÎGUVµOCIQÏ,WMUCPQQR
LKZLQK¡³FJC¡PCDWUCCMFC¡IWDQQMC¡P'N
JQPIQFGÎGUVµOCIQÏUWGNGUCNKTCNRKGFGNQU
RKPQU
DQQMC¡PLKFJQQTUOGPWFQ/CKMLCEJMQK¡RW¡
IWDQQMC¡PLKFJQQTOWLC¡R©TDCPFJKIÀ¡MKK
8COQUCEQOGTOGPWFQCNN£GPGNEGPVTQ
DQQTFC¡UUWFQT2©ZLCDQQTFC¡KKI©UFJK
LC¡VMCOPCIW¡EJKIKKNJKOLKZEJCVQK³.G
GUEWTTGGNUWFQTCNCIGPVGFGVCPVQECNQTSWG
JCEG=CRQUDQQTFCIC¡P?
DQQTVC¡XaKUWFCT,CZMWDC¡LC¡RFCKPCDJCK¡
DCLKDQQTVC¡FJK³MCDCK¡RCK¡PQ¡VRCNJ©©RVCK¡
ZKEJ©U!2QTSW«NWGIQGORKG\CCUWFCTOK
ECDCNNQEWCPFQUWDGWPCRGSWG³CEWGUVC!
=UWLRNDCRQQTVC¡RTGVDQQT©DCRQQT©
EQPVDQTVCTFC¡DCRQQTVCTFC¡?8CTDQQNJKC¡
DQQUIC¡=EQORNRNFGDCCDW¡?UCECTNQU
=RTGVDQQUQNJEQPVDQQUQ¡PFC¡
OQXDQQUICKFJC¡?
DQQM©NJFJC¡UVKRQFGJKIQ&CKOWLC¡R
VCVCCVUCDLKZLCK¡EJMC¡IWDQQM©NJFJC¡
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
DQQUIKFJC¡=EQORNRNFGDCCDWKFJC¡?
SWKV£TUGNQU=RTGVDQQUIKRTGUDQQUIK¡³
EQPVDQQUIK¡³FJC¡TGRDQQUIKFJC¡?
DQQ¡URCNKVQ
RCTCOGPGCTGNPKZVCOCN$JCK¡ZK³
ICCIK¡³IWDQQ¡;C¡PK³M©¡PZKQPC¡FJK
OCVCKOC¡P$¼UECOGGNRCNKVQRCTCOGPGCTGUVG
PKZVCOCN=RNDCRQQ¡?
DQRFC=RTGUFGDQQFC¡?NQCEWGUVC
DQRIKC¡XaKCDUQTDGTECN
PKZVCOCN:KQPFC¡CR
FJKOCVCKOC¡PPCDC¡ZDJCK¡DQRIKC¡/GPGC
DKGPGNPKZVCOCNRCTCSWGCDUQTDCDKGPNCECN
=RTGVDQRRTGUDQRIKT?
DQRKC¡=UWLRNFGDQ¡[C¡?2GLDQRKC¡COUG
CEQUVCT£P=RTGUDQRRQ?
DQRKK¡CFLCDUQTDKFQ
ECNGPGNPKZVCOCN6CCVC
RKEJCCIWOCVCKOC¡PPC³KEJLWOEJKCPQ¡
OQQDCZDQRKK¡MWRDCDJKC¡!6GPVCUVGGN
PKZVCOCNEQOQVGOCPF«RCTCUCDGTUK[C
CDUQTDKµNCECN!=EQRLKZ?
DQRMQ=RNFGDCMWC?IWCLGU=CRQUDQRMQ¡P?
DQRMQP=RNFGDCMQQP?ICT\CU
DQRMQPC¡=EQORNRNFGDCMWCPC¡?NCXCTNQU
=RTGVDQRMQRTGUDQRMQP?
DQRMQ³FJC¡=EQORNRNFGDCMWC³FJC¡?
NCX£TUGNQU=RTGVDQRMQ³RTGUDQRMQ³K¡³?
DQRPCO=RNFGDQPCCO?UQODTGTQU
=CRQUDQRPCOIC¡P?
DQRRQKFJC¡=TGRFGDCCDWKFJC¡?GUVCTSWKVCPFQ
DQRRQK¡³=RTGUFGDCCDWKFJC¡?UGNQSWKVC
DQRRQM=RNFGDCDQQM?OCRCEJGU
DQRRQNJ=RNFGDCDQQNJ?V¯CUUQDTKPQUUQDTKPCU
=CRQUDQRRQNJK¡³?
DQRUC=RNFGDQUCC?RGVCECUFGEWTCPFGTQ
=CRQUDQRUC¡P?
DQRVQR=RNFGDCVQQR?RGEGU
DQRVQ¡URNCVCHQTOC
FGVCDNCURCTCFQTOKT
ECOC$JC¡³KRDQ¡[C¡FJKDQRVQ¡VC¡O
#EW«UVCVGGPGUVCECOC
RNCVCHQTOC
GNGXCFCRCTCIWCTFCTOC¯\
ITCPGTQ$JCOO©DQRVQ¡VC¡OLCRKOLWR
PW¡CKFJC¡IWLWWP#CRK¡OIW¡OK¡R©ZLC¡R
F©©TCRZKPW¡CKFJCV2QPICPGNOC¯\CNN£GPGN
ITCPGTQRQTSWGNQGUV£PGEJ£PFQCNUWGNQ
RNCVCHQTOC
GNGXCFCSWGUGKPUVCNCCNNCFQ
QTKGPVGFGNRCVKQVTCFKEKQPCNCNVCT,CTQQIC¡P
FJKDJCOOCZPCRWKDJCK¡FJCTCCDQRVQ¡
VC¡O!&GSWK«PUQPGUQUVCOCNGUDGPFKVQUSWG
DQ¡
VQFCX¯CGUV£PGPGNCNVCT!
8CTDQVVQ¡
DQRZK=RNFGDQZKK?DKUCDWGNQU
=CRQUDQRZK¡³?
DQTVCTFC¡=EQPVFGDQQTVC¡?GUVCTUWFCPFQ
DQUCCURGVCECFGEWTCPFGTQ
JGEJCFG\Q[CVG
RCTCIWCTFCTHNGEJCUEGTGOQPKCNGU)W
OCOMCI©OLWOV©VI©FCODQUCCWC¡FC¡CO
PQ¡O©VRCK¡DCVWWCOZKFJCOPCOOKWC¡FC¡
IWLCW¡WW#SWKGPGUUGNGNNCOCEWTCPFGTQU
RTQEWTCPWUCTWPCRGVCECFG\Q[CVGRCTCNNGXCT
UWUHNGEJCUGPGNNC=RNDQRUCCRQUDQUCC¡P
DQRUC¡P?
DQVVQ¡=XCTFGDQRVQ¡?RNCVCHQTOCU
DQZKKUDKUCDWGNQ%JCOR©MDCVDKFJC¡IW³
DQZKK)KKNJKOLKZC¡CCVPCIW¡ZKMQQTC¡IW
MWWRC¡P/W[RQEQUGDC³COKDKUCDWGNQGUV£
OW[RKQLQUQRQTSWGGUV£UWEKQUWECDGNNQ
=RNDQRZKCRQUDQZKK¡³DQRZK¡³?
♦IWD©L©MF©TMCOLKEJDQRZKMCVPWGUVTQU
CPVGRCUCFQU
NKVPWGUVTQUDKUCDWGNQUFGFGUFG
JCEGOWEJQVKGORQ
DQZMCTUGUEQDC0Q¡³OQQLC¡REJCODKC¡IW
DQZMCTPC³M©¡PVWDQZMC¡UKCFJQDCLCCMLKT
COPC³ZKWC¡TCK%WCPFQWPQPQVKGPGGUEQDC
RCTCDCTTGTRWGFGWUCTEC³KVCUFG\CECVG
=RNDCRQZMCT?
DQZMC¡XaVDCTTGTUCEWFKT
RCTCSWKVCTNCU
GURKPCU$©©R©¡OCC¡PC³ZKDQZMCKIWKKDJCK
PC³DC¡©NJRKICKDCVWLWIKC¡2TKOGTQUG
PGEGUKVCUCEWFKTNCUVWPCURCTCSWKVCTNGUNCU
GURKPCU[RQFGTSWKVCTNGUNCE£UECTCRCTC
EQO«TVGNCU
2CTCSWKVCTNGUNCUGURKPCUCNCUVWPCU
UGRQPGPGPGNUWGNQ[UGUCEWFGPEQPWPCGUEQDC
JGEJCFGJKGTDCU
XaKDCTTGT$JCLC¡MLCRLK³DJ©KFJCKIW³
ZWWUCM#CRIW¡D©©ZICOCK¡DCDQZMCVW¡
6T£GOGOKUJWCTCEJGUPQNQUCPFGUDCTTKGPFQ
JCEKCCNN£
XaTNKORKCTUG
EGTGOQPKCNOGPVG5CRPQ¡V
OCC¡PQKFJC¡DCCKEJIWCNJKKDCOCC¡PFC¡
PCODQZMC¡M©¡PIWZEJWVWMDCRQQDK¡³³KZKO
5GFKEGSWGEWCPFQWPPK³QEWORNGWPC³QGU
PGEGUCTKQSWGUGNKORKGFGNOCNEQPNCPCPGITC
FGDQTTGIQ
=RTGVDQZRTGUDQZZKM?
DQ¡XaGGUVCTCEQUVCFQ
UWLCPKO,KZDJCPCC¡
IWICIQQZPCOK¡³KDQ¡'UGRGTTQSWGGUV£
CEQUVCFQCNN¯GUDTCXQ=UWLRNDQQDQM?
'&+%+•024'.+/+0#4`
DQ¡DJCT
6'2'*7ƒ0Ê'52#“1.
DQ¡DJCTUEC³C
FGOC¯\,KZKQ¡OLKZOCKMCM
IWLWPDQ¡EJCOVW¡RWK¡PCIWDQ¡DJCT.C
EC³CFGC\¼ECTGUO£UFWNEGSWGNCEC³CFGN
OC¯\=CRQUDQ¡DJCTW¡PQDQ¡DJCTIC¡P?
DQ¡KKU=RTGVFGDQK¡URC¡?NQQRTKOKµ
DQ¡[C¡XaKCEQUVCTUG
RCTCFQTOKTUWLCPKO
$JC¡³KEJDQ¡[C¡VÀ¡MQDPCOIW¡[C¡ZLCK¡EJ
IWPCPMCU©T8COQUCCEQUVCTPQUCFQTOKTGPNC
ECUCCNVCRQTSWGCSW¯JC[CNCETCPGU
=UWLRNDQ¡[C¡QDQRKC¡RTGVDQKRTGUDQRRQ
KORGTDQK¡?
DWC=RTGVFGDWKFJC¡?NQGEJµ
DWC=RTGUFGFQQFC¡?JCEGFC³Q
DWC=RTGUFGFW³KC¡?JCEGRCUGUWEGFG
DWC=RTGUFGFW³KC¡?JCEGCEVWC
DWCFC¡=EQPVFGFW³KC¡?GUVCTJCEKGPFQGUVCT
CEVWCPFQ
DWCOCFXHGC
OCPGTCOCNQ%JCOVW
C¡IK¡³FJC¡RKOCCFJKLCOOCTPCDC¡IKKNJKO
LKZDWCOVW³KQM!2QTSW«PQNGNNCOCPNC
CVGPEKµPCUWJKLQ!*CDNCOW[HGQ=EQRLKZ?
♦LKZDWCOVQOCCVGUOW[OCNQ
FGECT£EVGT
DWCODWCFC¡XaVOQNGUVCTd/K¡6W¡DC¡
MWRDC¡DJCLC¡MDWCOLK³DWC!d&«LCOG
2QTSW«OGGUV£UOQNGUVCPFQ!
XaVOCNVTCVCTOQNGUVCT
NQSWGGUV£DKGP
CTTGINCFQ,CTQQDWCOFQQFCIW³ZC¡WCPC³
LQKFJCOPCPUCRZKODJC¡³KUCK¡EJW¡P!3WK«P
FGUFQDNµ
NKVOQNGUVµOKEQDKLCSWGVGP¯CDKGP
FQDNCFC[EQNICFCCNN¯!
XaVLWICT
RCTCOQNGUVCT%JC¡RDJCLC¡M
DWCODWCFC¡FJKVCK/K¡EJO©K¡³0QLWGIWGU
EQPNCNWODTGRQTSWGVGSWGOC
XaTRQTVCTUG
OCNEQPQVTCRGTUQPC
0COMKFJC¡R©RIWPQDKK¡³IWORC¡TKKPRCK¡
PQ¡O³KQ¡MFJKO6QQ³QEJCOVW¡PCRDWCO
R©ZLWODWCFC¡5KGORTGFGDGUDGUCTNGNCOCPQ
CVWRCFTKPQ6Q³QGPEWCNSWKGTNWICTSWGVG
GPEWGPVTG[VGUCNWFG0QVGRQTVGUOCNEQP«N
8CTDWCOFQQFC¡
DWCP=RTGUFGDWDWCMKC¡?UGVKTC
DWCP=RTGUFGDWDWCMKC¡?2GLDWCPCO
UCNGP
DWC¡XaVGEJCTCXGPVCT/WK¡RZKDWC¡FJK
V©TDK³MWOOKEJWFCC¡³FJC¡DCCNFKEJC¡O
#XKGPVCNCUQICRCTCCNN£RCTCSWGNCCOCTTGPGP
GNDCNFG
WUCTICUVCT)KKNJKOZKDWCCRIW
DCMWCPMCTPCCUMWROQQLC¡RIÀ¡DKC¡0Q
ICUVGUFGOCUKCFQLCDµPRQTSWGPQVKGPGUOWEJQ
FGRQUKVCT
GPGNRCVKQEGTGOQPKCN)QQMLCR
DJCK¡ZK³WK¡FJCK©RCC³IWMW¡CC¡PC³LWR
DWC¡DJCOO©P©K¡MCTVCO6T£GOGCNIWPQU
NG³QUCO¯VCODK«PRCTCSWGNQUXC[CCFGRQUKVCT
GPGNRCVKQEGTGOQPKCN
=EQORNRNKCDW¡RTGVDWCKCDWRTGUDWRRK¡³
EQPVDWRRCFC¡OQXDWWLCKFJC¡QDWWLKFJC¡?
DWC¡XaVEQNQTGCTVG³KT
VGNCQJKNQ6WDWCO©V
IWVQQOPCUCRDC¡ZC¡DJCTDCRZKFJKZMC¡IW
CUCCM6K³GTQPGNKZVNGRCTCSWGUGXGCDQPKVQCN
JCEGTNCVCNGIC=RTGVDWCEQPVDWRRCFC¡
TGUDWKZQDWKZKO?
DWC¡V=EQRTGVFGFW³KC¡?JCE¯C8CTDWKO©M
DWDWCMKC¡XaKVKTCTUG
N¯SWKFQQITCPQU/QQV©
F©¡LKDCMFJKDCMWCPCDC¡DJ©L©RCK¡FJ©TDCLK
DWDWCMKC¡IWUWWFCK¡PQ¡³KEJOK¡ZKDCK¡
2CTGEGSWGGUVGDWNGVKGPGWPCIWLGTQRWGU
GORKG\CCVKTCTUGGNCIWCRQTCJ¯EWCPFQNQWUQ
RCTCUCECTCIWCFGNRQ\Q=RTGVDWDWC
RTGUDWCP?
DWDWCMKC¡=UWLRNFGDWWUPKC¡?2GL
DWDWCMKC¡COUCNFT£P=RTGVDWDWC
RTGUDWCP?
DWDWCZEJWNJFJC¡=EQORNRNFG
DWWUCKEJWNJFJC¡?JCE«TUGNQUUCNKT
=RTGVDWDWCZEJWNJ?
DWKUQLQ
RCTVGFGNEWGTRQ,KZMQ¡MOCCR
F©TIW³DWK0KL©¡ZMWEJCODJCK¡VWOCCZ
PC³PCK¡EJ©KZKEJ©P©K¡³/GFWGNGWPQLQ[PQ
XGQOW[DKGPEWCPFQVTCVQFGXGT
PWFQ
FGNCOCFGTCd,QKFJCOLKZM©©¡FJK
VCC¡ONCU%JCODWWRWKd3W«OCFGTCVCP
DWGPC0QVKGPGPWFQU
QLQ
FGCIWLC#NJK¡EJVWDWKFJKUQQOMCT
%JCODJCK¡O©ZMWPIWLKKN'UVCCIWLCVKGPGGN
QLQVCPRGSWG³QSWGPQUGRWGFGOGVGTGNJKNQ
=RNDWWRWKCRQUDWK¡³DWWRWK¡³?
♦DWK¡TCOGPUWQLQ
FG«NQFGGNNC
♦DWWRWKTCOGPUWUQLQU
FG«NQFGGNNC
DWKCFXCEQP
NNGICPFQCFQPFGGUV£WPC
RGTUQPC,CZLCRVW¡OVWCCFKMC¡IWO
LCLCPPWNJPCEJUCCMRCZKCTRW¡.QTKPVKKPDWK!
)WK¡CCPCRKEJMKC¡R©ZVWUCDC¡NJVCMCCD!
3W«XCUCRQPGTVGEWCPFQXC[COQUCXKUKVCTC
(NQTGPVKPQNCTQRCSWGVGCECDCUFGEQORTCT
C[GT!=CRQUDWK³QTUGRTGUGPVCEQPWPCHKLQ
FGRQUGUKµP?
♦LK³DWKEQPOKIQ
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
DWKDCUUECTC$©©ZCKZKOVW¡OVWDWRWKDCUCO
IWLC¡VMCOL©¡OC¡PZK¡ZMQNJKMLCK¡ICK
EJÀ¡VÀD.CIGPVGVKGPGNCECTCFGFKHGTGPVGU
HQTOCUCNIWPCUNCVKGPGPTGFQPFC[QVTCU
QXCNCFC=RNDWRWKDCU?
DWKEJ©MCFLHGQ)KKNJKOLKZDWKEJ©MLWOP©K¡³
IWMCKOCCP'NECKO£PUGXGOW[HGQ
=RNDWRWKEJ©MEQRLKZ?
DWKFJC¡XaDGEJCTCXGPVCT
CQVTCRGTUQPC
/QQRFCIKC¡FJKOMWVWWP;C¡F©TLC³OWK¡
ZKODWKFJC¡#ICTTCVWECOKUCRQTSWGVGNCXQ[
CCXGPVCTFGUFGCSW¯
GEJCTFCT
CWPCPKOCNCEQOGT#NJK¡EJLCR
OWZKDWK¡³O©TC¡IWMCDCKIWVCUQQNJ2QT
HCXQTXGCFCTNGWPRQEQFGVNC\QNGCNECDCNNQ
=EQORNRNKCDWKFJC¡RTGVDWK¡³KCDWK
RTGUDWRRK¡³EQPVDWRRK¡³FJC¡KCDWK¡³FJC¡?
DWKFJC¡XaVGEJCT
EQUCUITCPWNCFCU
GURQNXQTGCT0CK¡LKLCCIWQPPC³KEJOK¡ZK
DWCUWWFCK¡EJ©T5GFGUJK\QNCUCNEWCPFQNC
GEJ«GPGNCIWC=RTGVDWCDWK¡³
RTGUDWRRK¡³EQPVDWRRCFC¡TGUDWKZQ
DWKFJKZQDWKZKO?
DWKFJC¡XaDVQTVGCTJCEGTVQTVKNNCU
RCTCQVTC
RGTUQPC)QQMDJCK¡ZKMWC¡O©TMW³M©¡PLWO
DWKFJC¡8GCVTCGTNG³CRCTCSWGRWGFCJCEGTVG
VQTVKNNCU=RTGVDWK¡³EQPVDWRRK¡³FJC¡?
DWKFJC¡XaTJCEGT
FGNCOKUOCOCPGTC,WR
MCK¡EJFJC¡COIWLC¡VMCOPCUCRIWDKCUMQ¡
LCZPQ¡EJV©VFCPCOFW³KC¡RWK¡RZKO
DWKFJC¡&KEGNCIGPVGSWGUKNGFKIQCNCDQC
SWGJCICCNIQNQJCEG
UWEGFGT
NQRNCPGCFQ,WRVWOMCK¡EJPCUCR
[C¡ODJ©KEJFJC¡IWZFJCCRCMDQKMWIW¡EJK
UCCNJKQOLKPCDC¡RWK¡DCVWODWKFJC¡&KEGP
SWGRQTCSW¯XCCRCUCTWPCECTTGVGTC
RCXKOGPVCFCRGTQETGQSWGHCNVCVKGORQRCTC
SWGGUQUWEGFC
=EQPVDWC¡VI©FC¡?
DWKO©M=EQRTGVFGFW³KC¡?JCE¯C8CTDWC¡V
DWKZ=TGUFGDWC¡?VG³KFQ8CTDWKZKO
DWKZ=TGUFGDWKFJC¡?GEJCFQ8CTDWKFJKZ
DWKZKO
DWKZK¡³=RTGUFGFWK³FJC¡?UGNQJCEG
DWNJXaGGUVCTCOCTTCFQ,CTQQIC¡PFJK
DJWTW¡ZPCOK¡³KDWNJ!&GSWK«PGUGUGDWTTQ
SWGGUV£COCTTCFQCNN¯!=RNDWRRWNJ
EQRTGVDWTMCVDWWRTCV?
DWNJMCFC¡
DWNJFJC¡XaDCOCTTCT
RCTCQVTCRGTUQPC
$©©R©¡RZK³DWNJFJCKIWMCDCKPCRDC¡DC
DCVDKTC¡PCEJCODCLKOKC¡#PVGUFGKTC
DC³CTVGCOCTTCGNECDCNNQRCTCSWGPQUGXC[C
=EQORNRNDWWRNJKFJC¡RTGVDWNJDWWRWNJQ
DWWRNJKEQPVDWRNJK¡³FJC¡DWWRNJK¡³FJC¡?
DWNJKC¡XaVCOCTTCT
EQORNKPCP,KZDJCK¡R
OQQLCDWWRNJKC¡FJKVQQODJCCDJCK¡OMCTPC
EJCOOWRCK¡OPW¡CC¡IWLWWPPQ¡³MCVW
DJKK³QT#OCTTCDKGPGUVQUEQUVCNGURCTCSWGPQ
UGVKTGGNOC¯\EWCPFQNQUXC[CUECTICPFQGPGN
ECOKPQ
COCTTCT
CWPCPKOCNCCRCEGPVCTt6W¡CC¡
FJKDJWTTWPCDC¡MWW!tLWRMCK¡EJIW
#PTGGUt,KZDJKQ¡FJQEJK$JCLC¡MKCOZK
DWTO©TPCRCK¡ZZC¡KK¡tLWRMCK¡EJIWVCCVC¡P
t2QTSW«TGDW\PCGUGDWTTQ!3W«SWGTT£!
tFKLQ#PFT«Ut2WGUCNQOGLQTVKGPGJCODTG
#O£TTCNQWPRQEQO£UCE£FQPFGJC[RCUVQ
tFKLQUWRCR£
COCTTCT
CWPCRGTUQPCRCTCFGVGPGTNC,KZ
DJCK¡DWJNCCEJKIWVQQZMQNJ!-C¡IW¡
VWMCC¡OFQ¡³EJQKOKDCMKC¡ICCV©T!0CIW¡
OQQLC¡RLKZDQ¡DJCTPCCDQQ'UVCT£DKGP
COCTTCFQGNOCTTCPQ!#NQOGLQTGPNCPQEJG
TQORCNCUQIC[UGOGVCGPNCOKNRC[CSWGNG
IWUVCPOWEJQNCUEC³CU
=EQORNRNDWWRNJKC¡RTGVDWWDWWRTC
KORGTDWTDWWRWTEQPVDWRTCFC¡DWWRWTFC¡
EQRTGVDWWRTCKO©MRWPVDWTCCM?
DWNJKQ¡MC¡XaVFGUCVCT
EQORNCPKO$©©Z
LCRZKDWNJKQ¡MC¡FJKZWCOVWWTMWDCVW
MQK¡TC¡&GUCVGVCODK«PCGUVGVQTQECH«RCTC
SWGXC[CCRCUVCT
XaTFGUCVCTUG
EQORNCPKO,WODWNJKQ¡
DCMIWDJWW[CZPC³KEJOK¡³KMCZKDWTCCM
2CTGEGSWGUGFGUCVµGNDWG[SWGCOCTT«CNN¯
XaTFGUCVCTUG
EQORNKPCP/WPKMC¡PR©Z
PW¡KKZIWLWWPD©©R©¡PC³DJCLKO%JKIW¡
OCODWNJKQ¡IWVQQODJCK¡OMCTW¡PIWLCTQK¡
PCDJCK¡MCVWDJKK³QT*CEGTCVKVQEWCPFQ
XGP¯CDCLCPFQXKVKTCFQGNOC¯\2CTGEGSWGUG
FGUCVµGNEQUVCNFGCNIWKGPSWGNQXGP¯C
ECTICPFQ
=EQORNRNDWRNJKQ¡MC¡RTGVDWNJKQ¡DWRNJKQ¡
KORGTDWNJKQ¡MDWRNJKQ¡M?
DWNJMCFC¡XaVCEJKECT
TQRC,K³EJCK³DWK¡³
IWOUQQOMCTLC³DWNJMCFC¡OCC¡PIWMWVWWP
PCV[C¡³EJKCP©MIW³ZKKZ2T«UVCOGWPCCIWLC
RCTCCEJKECTWPCECOKUCSWGOGOCPFµCEJKECT
OKJGTOCPQOC[QT=EQORNRNDWRWNJMCFC¡
'&+%+•024'.+/+0#4`
DWNJMCZFJC¡
6'2'*7ƒ0Ê'52#“1.
RTGVDWNJMCKDWRWNJMCKRTGUDWNJMC¡P
DWRWNJMC¡P?
DWNJMCZFJC¡XaDCEJKECT
NCTQRCFGQVTC
RGTUQPC,K³DWNJMCZFJC¡CRFJK³RCPVCNQQP
#VVKTWZFJWUCCTCOLK³CKZ#EJ¯SWGOGGUVG
RCPVCNµPRWGUOGSWGFCOW[HNQLQ
=EQORNRNDWRWNJMCZFJC¡RTGVDWNJMCZ
DWRWNJMCZRTGUDWNJMCZK¡³DWRWNJMCZK¡³?
DWRNJKQ¡MC¡=EQORNRNFGDWNJKQ¡MC¡?
FGUCVCTNQU=RTGVDWRNJKQ¡KORGTDWRNJKQ¡M?
DWRNJK¡³FJC¡=EQPVFGDWNJFJC¡?GUVCT
COCTTCPFQ
DWRRCFC¡=EQPVFGDWC¡?GUVCTGEJCPFQ
DWRRCFC¡=EQPVFGDWC¡?GUVCTVK³KGPFQ
DWRRCFC¡=EQPVFGDWKFJC¡?GUVCTGEJCPFQ
DWRRK¡³=RTGUFGDWC¡?NQGEJC
DWRRK¡³=RTGUFGDWKFJC¡?UGNQGEJC
DWRRK¡³=RTGUFGDWKFJC¡?NQGEJC
DWRRK¡³FJC¡=EQPVFGDWKFJC¡?GUVCTGEJCPFQ
DWRRK¡³FJC¡=EQPVFGDWKFJC¡?GUVCTJCEKGPFQ
VQTVKNNCU
DWRTCFC¡=EQPVFGDWNJKC¡?GUVCTCOCTTCPFQ
DWRWKDCU=RNFGDWKDCU?ECTCU
DWRWKEJ©M=RNFGDWKEJ©M?HGQU=EQRLKZ?
DWRWNJMCFC¡=EQORNRNFGDWNJMCFC¡?
CEJKECTNQU=RTGVDWRWNJMCKRTGUDWRWNJMC¡P?
DWRWNJMCZFJC¡=EQORNRNFGDWNJMCZFJC¡?
CEJKE£TUGNQU=RTGVDWRWNJMCZ
RTGUDWRWNJMCZK¡³?
DWTCCM=RWPVFGDWNJKC¡?NQCOCTTµ
DWUCCM=RTGUFGDWWUPKC¡?UCNG8CTDWUUCM
DWVCC¡PF©T=XCTFGD©VCC¡PF©T?FGDCLQFG
DWVC¡=XCTFGD©VC¡?FGDCLQFG
DWW=RTGVFGDWNJKC¡?NQCOCTTµ
DWWLCKFJC¡=EQPVFGDWC¡?NQXCGEJCPFQ
DWWRWKDCTCC¡UN£ITKOCU5WCMKO©MCRCC
4QQUCPCDC¡DJCLC¡RR©ZLKZO©NJKKZIWO
DWWRWKDCTCC¡!'UVCDCUNNQTCPFQ4QUC!2WGU
UGXGSWGUGVGTQFCTQPNCUN£ITKOCU
DWWUCKEJWNJFJC¡XaDUCECTJCEGTUCNKT
RCTC
QVTCRGTUQPCEQORNCPKO$JCLC¡MLCRZK³
DWWUCKEJWNJFJC¡IWZWCOMCDCKMW³LK³
WNJ³C¡2QTHCXQTU£ECOGGNECDCNNQCOCTKNNQ
RCTCGPUKNNCTNQ=EQORNRNDWDWCZEJWNJFJC¡
RTGVDWWUCKEJWNJDWDWCZEJWNJ
EQPVDWUUCKEJWNJK¡³FJC¡Q
DQQUIKEJWNJK¡³FJC¡?
DWWUCKFJC¡XaVFGUVKNCTUCECT
OG\ECN
)COO©L©UCRVWDWWUCK¡³FJC¡COO©L©
DKPCVGGT&KEGPSWGUKGORTGGUV£PUCECPFQ
OG\ECNCNN£GPNCFGUVKNGT¯C=RTGVDWWUCK¡
EQPVDWWUCK¡³FJC¡?
DWWUCPURCUQ
GPGNECOKPQ%JCOLKTDWWUCP
FJKDQKLKZDCDCC¡ICOCLC¡MF©TICK0QJC[
RCUQRQTGUVGECOKPQRQTSWGGUV£RG³CUEQUQO£U
CNN£GPNCNCFGTC
DWWUPKC¡XaKUCNKTRCUCT
UWLCPKO$JCK¡R
ZKMWWRCKFJKMK¡³IQDPCRRCK¡FJWWMDC
DWWUPKC¡%KGTTCNCRWGTVCEWCPFQUCNICU
UCNKTIGTOKPCT
RNCPVC%JCMWKDWDWCIW
LWWP[CLC¡RPCVIW¡EJCMWKFWW¡P6QFCX¯C
PQUCNGGNOC¯\RQTCSW¯RQTSWGVQFCX¯CPQJC
NNQXKFQ
UCNKTHNWKT
N¯SWKFQ/CKMLCEJK¡RW¡O©L©
DKPCVGGT/CCZFJKUCRLKDWWUPKC¡8£OQPQUC
VQOCTOG\ECNCNN£FQPFGNQFGUVKNCPRWGUFKEGP
SWGRCUCFQOC³CPCUGGORKG\CCFGUVKNCT
=EQORNRNDWDWCMKC¡RTGVDWWUDWDWC
RTGUDWUUCMQDWUCCMDWCPRWPVDWUP©M
DWDWCM©MEQPVDWUCCMFC¡QDWWUCPFC¡
DWUUCMFC¡QDWCPFC¡?
$J
8CTDWWLKFJC¡
DWWRNJKC¡=EQORNRNFGDWNJKC¡?COCTTCTNQU
=RTGVDWWRTCEQPVDWWRWTFC¡
EQRTGVDWWRTCKO©M?
DWWRNJKFJC¡=EQORNRNFGDWNJFJC¡?
COCTT£TUGNQU=RTGVDWWRNJK
EQPVDWWRNJK¡³FJC¡?
DWWRTCKO©M=EQRTGVFGDWNJKC¡[DWWRNJKC¡?NQ
GUVCDCCOCTTCPFQ
DWWRWK=RNFGDWK?QLQU=CRQUDWWRWK¡³?
DJCRTGHaXJCEKCCE£
FKTGEEKµPFGNCCEEKµP
JCEKCGNJCDNCPVG0COMKTC¡CRIWOZKKZPCV
DCK¡ICOPCRDC¡DJCRCNJDWKFJKMC¡OCC¡PIW
DCNFKPCVIW¡IQQMLCW¡WM8GCGPEQPVTCTC
VWJGTOCPCSWGHWGCUCECTCIWCRCTCSWGNG
C[WFGUCVTCGTJCEKCCE£WPDCNFGRWGUNNGXµ
FQU
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
CNN¯
CTTKDCEGTECt$JCFJCCCCIW
#PUGNOQ!tLWRMCK¡EJIW,WCPt$JCK¡FJQ
FCCtLWRMCK¡EJIW2GGITQt'UV£#PUGNOQ
GPUWECUC!tRTGIWPVµ,WCPt5¯CNN¯GUV£
tEQPVGUVµ2GFTQ
=)TCO?#PVµPOW8«CUGDJCK¡
♦DJCLC¡MCFXRQTCSW¯JCEKCCE£
♦DJCLC¡RCFXRQTCNN¯
CNVQ
DJCC=RTGVFGDJC¡[C¡?NQVTCIµ
DJCCDJCK=RNFGDJCK?EQNCU
DJCCDJCK¡OMCT=RNFGDJCK¡OMCT?OQTTCNGU
DJCCDJCP=RNFGDJCP?EQ[QVGU
DJCCK¡CFXSWGUGRWGFG/QQEJCODJCCK¡
CCPCROWPKMCPF©TICMQQNJDJ©©[C¡MWRDC¡
OQQIC¡OU©NJDJCK¡RLWTPKEJW¡UWWFCK¡EJ©T!
'UOGLQT
NKVPQRWGFGU!UKTQFGCU2QTSW«
KPUKUVGUGPUGIWKTFGTGEJQ[RCUCTRQTGNCIWC!
SWGRWGFGt,KZDJCCK¡CCPCRLK³QKFJC¡
DJCOO©LC¡MLWMICOMCDWKOWM!tLWRMCK¡EJ
IW2GGITQt,KZDJCCK¡FJQtLWRMCK¡EJIW
,WCPt2WGFGUKTCNCUKGTTCEQPOKIQOC³CPC!
tRTGIWPVµ2GFTQt5¯U¯RWGFQtEQPVGUVµ,WCP
=EQRLKZ?
♦EJWDJCCK¡CFLSWGUGRWGFGRCUCT
H£EKNOGPVG
£TGC
DJCCMW¡=UWLRNFGDJCCOW¡?2GLDJCCMW¡
COUGGPQLCT£P=RTGVDJCCMEQPVDJCMMWFC¡?
DJCCOCFLGPQLCFQ6©KKQ¡OC¡PIW/KIKCNIW
OCTCC¡P0KL©¡ZMWEJCOL©L©MI©T)KKNJKOLKZ
DJCCOPCIW¡EJKZDJKQ¡/KIWGNVTCVCFG
EQPUQNCTCUWJKLQRGTQ«NPQUGVTCPSWKNK\C
RQTSWGGUV£OW[GPQLCFQ[CSWGVKGPGJCODTG
=RNDJCCMEQRLKZ?
DJCCOFCTC¡CFLSWGUGGPQLCH£EKNOGPVG,CZ
MWODC¡OQQLC¡RLKZDJCCMFCTC¡FJKLC¡VMCO
PQ¡³RCNJ©©RLCZZKLCV©VFC!%µOQGUSWGUG
GPQLCPH£EKNOGPVGGUCURGTUQPCUEQPNQRQSWKVQ
SWGNGUFKEGWPQ!=RNDJCCMFCTC¡EQRLKZ?
DJCCOW¡XaKGPQLCTUGd,C¡ROQQZDJCPCC¡IW
,QUGG2CNJ©©RPQ¡³KEJLCZZKEJ©©¡P
LCCZOCFC¡DJCCPDCDJCCOW¡d3W«DTCXQGU
,QU«%QPSWGNGFKICCNIQGPDTQOCUGGPQLC
=UWLRNDJCCMW¡RTGVDJCCODJCCM
EQPVDJCOOWMFC¡DJCMMWFC¡?
♦R©ZCODJCMMW¡COEQOQSWGSWKGTGP
GPQLCTUG
DJCCPRQURUQDTGGP
NCUWRGTHKEKGFG6QRCC
DJCCPLWOUQPDKCIWMQ¡MQNJ'NEJKNGUG
OCEJCECGPGNOQNECLGVG
DJCD
RQUREQP
CRCTCVQ,KZDJCK¡EJWITCDCTCC
FJKOITCDCFQQTC¡PCRLK³EJCK³DWKFJC¡PC³
DJCCPVWITCDCCTW¡!)TCDCDKGPVW
ITCDCFQTC!RCTCSWGOGNCRTGUVGURCTCITCDCT
EQPGNNC
RTGRGP
WPCHGEJCFGVGTOKPCFC$JCCP)À¡
6CPQQNJLC³LKOKC¡OWLC¡M,WMV©T8Q[CKTC
5CPVC/CT¯CGP5GOCPC5CPVC
DJCCPMCO=CRQUFGC¡OMCO?GPUWNWICT
8CTDJCCPMCOW¡P
DJCCUQVURGEJQ
RGTUQPCQCPKOCN#OR©Z
RWK¡ZL©¡©©MIW³DJCCUQVRCPCCUMW³LKZ
EJQQZMQ³6GPIQCITWTCU
NKVOKRGEJQGUV£
GTWEVCPFQCITKCOGPVGRCTGEGSWGOGGORCEJ«
=RNDJCDJCCUQVCRQUDJCCUVQ¡PQ
DJCCUQVIC¡P?8CTDJCCUWV
DJCCVC[C¡XaKOCTEJKVCTUGUGECTUG
RNCPVC#O
ZKDJCCVC[C¡IWLWWPPQ¡VLCZFJWWMLWIKQIW
VCMCC¡PIWVWDWC'NOC¯\UGUGECRTQPVQUKNC
VW\CUGEQOGNCUTC¯EGU=UWLRNDJC¡OVC[C¡Q
DJC¡PVC[C¡RTGVDJCCVCDJC¡OVC?
DJCCVC¡CFLOCTEJKVQUGEQ
RNCPVC5KCOTK
DCZDJCCVC¡CCIWVWCIWK¡PC³KEJOWOOW
KCT!;CGUV£UGEQGNGPEKPQSWGVWOD«CNN£!
=RNDJC¡OVC¡QDJC¡PVC¡EQRLKZ?
DJCC[C¡XaKEQEGTUG
EQOKFC$JCK¡RZK
O©©OFC¡IWLC¡CCMWLQQVQODJCC[C¡IWDJCD
#VK\CGNHWGIQRCTCSWGUGEWG\CPRTQPVQNQU
HTKLQNGU=RTGVDJCKEQPVDJCCLKFJC¡
RTQITDJCCLKO?
♦DJCKCFLEQEKFQ
♦DJCKMCOCFLDKGPEQEKFQ
DJCC[C¡XaKOCFWTCT
HTWVCt%JCMWKDJCKLKC
FJKVWTCCUPQtLWRMCK¡EJIW2GGITQ
t%JCMWKFJQ-KC¡R©ZDCLKTMQDMQNJL©¡OC¡P
tLWRMCK¡EJIW,WCPt6QFCX¯CPQUG
OCFWTCPNQUFWTC\PQUXGTFCF!tFKLQ2GFTQ
t6QFCX¯CPQCNIWPQUCRGPCUGUV£POGFKQ
OCFWTQUtTGURQPFKµ,WCP=RTGVDJCK
RTGUDJÀÀEQPVDJÀÀFC¡?
♦DJCKCFLOCFWTQ
♦DJCKMCOCFLDKGPOCFWTQ
DJCC¡OPCI©O=RNFGDJCPICO?SWGUQPDTCXQU
=EQRLKZ?
DJCC¡OPC¡=RNFGDJCPCC¡?DTCXQU=EQRLKZ?
DJCDUHTKLQN,CK¡DKEJWLWICCMUKCDJCDM©¡P
8«PICUGCEQOGTCWPSWGUGCUµNQVQTVKNNCUEQP
HTKLQNGU
♦DJCDD©PMCOIQTFKVCFGHTKLQN
'&+%+•024'.+/+0#4`
DJCDJCKZM©NJ
6'2'*7ƒ0Ê'52#“1.
♦DJCDMK¡URKFJKZMCOVCEQFGHTKLQN
♦OCOQKMDJCDUGLQVGU
DJCDJCKZM©NJ=RNFGDJCKZM©NJ?EQNWOPCU
XGTVGDTCNGU=CRQUDJCDJCKZM©NJK¡³?
DJCDJCK¡MCK¡EJFJCO=RNFGDJCK¡
MCK¡EJFJCO?COKIQU=CRQUDJCDJCK¡
MCK¡EJFJCOW¡PQDJCDJCK¡MCK¡EJFJCOIC¡P?
DJCDJCK¡MCO=RNFGDJCK¡MCO?COCDNGU
=EQRLKZ?
DJCDJCK¡OVW¡PFC¡=EQPVFGDJCK¡OVWFC¡?GUVCT
CJQICPFQ=UWLRNDJCDJCK¡MVW¡PFC¡?
DJCDJCK¡OWMFC¡=EQPVFGDJCK¡OW¡?GUVCT
CJQICPFQ=UWLRNDJCDJCK¡MWTFC¡?
DJCDJCK¡³FJC¡=EQPVFGDJCKFJC¡?GUVCT
EQEKPCPFQ8CTDJCKFJKFJC¡
DJCDJC¡UCNJ=RNFGDJC¡UCNJ?OQVCU
FG
CFQTPQ=CRQUDJCDJC¡UCNJIC¡P?
DJCDJQ¡OMQZ=RNFGDJQ¡OMQZ?VGEJCNQVGU
DJCKUEQNC
CPKOCN,KZKQ¡OLKTVWRWWNJKMIW
DJCK¡³IWOKUVWTCDJQQP.CEQNCFGNICVQ
OQPV«UGUOW[EQTVC=RNDJCCDJCK
CRQUDJCK¡³?
DJCKCFLEQEKFQ2CCIKRLKZDJCKFJK
LWPDCC¡PCRKO©VUCCMLK³ICK¡!2CNJ©©R
DCRQKZKZ0QGUV£EQEKFQGNGNQVGSWGWUVGFGU
OGCUCTQPRWGUPCFCO£UGUV£EJCOWUECFQ
OCFWTQ
HTWVC$CZDJCKCCIWVWTCCUPW
DJCOO©PCRCK¡VWWV!;CGUV£POCFWTQUNQU
FWTC\PQUGPNCJWGTVC!
=EQRLKZ?8«CPUGDJCC[C¡DJCC[C¡
DJCK=RTGVFGDJCC[C¡?UGEQEKµ
DJCK=RTGVFGDJCC[C¡?UGOCFWTµ
DJCKFJC¡XaVEQEKPCTJCEGTEQOKFC
)COO©L©VWDJCKFJKFJC¡COOK¡³KMKKEJCO
5KGORTGGUV£PJCEKGPFQEQOKFCCNN¯GPGUCECUC
EQEGT
EQOKFC)QQMLCRLK³MWC¡³FJCTC¡
PC³M©¡PDJCKFJC¡IWRCCP6T£GOGCNIQFG
NG³CRCTCEQEGTGNRCPEQPGNNC
OGVGTCOCFWTCTGPGNJQTPQ
HTWVC2CCR
FWWMLCK¡RDCVWDJCKFJC¡IWMCTWWOMW³IKQ
DJCK¡RDCMQK¡TC¡!%W£PFQXCUCOGVGTC
OCFWTCTGPGNJQTPQO£URN£VCPQURCTCXGPKTC
EQOGTQVTCXG\!
RKECT
EQPEJKNG$JCKFJC¡FJQFJKCNJKKIW
MQ¡MQNJPCRICPOKOCCM5KNGFCUEJKNGCN
PK³QNGXCCRKECT
=RTGVDJCK¡³EQPVDJCDJCK¡³FJC¡Q
DJCKFJKFJC¡?
DJCKFJC¡CFLSWGUGEWGEGT£RKFQ
EQOKFC
,CK¡LQKFJCOLKZDJCKFJC¡IWDJCD%JCOO©M
LWOCC¡PCVQVRQMFC¡#NIWPQUHTKLQNGUUG
EWGEGPOW[T£RKFQPQPGEGUKVCPJGTXKTOWEJQ
VKGORQ
SWGOCFWTCT£RKFQ
HTWVC,KZDJCKFJC¡IW
MCTWWOPQ¡ZLWWMOK¡RCK¡PQ¡D©©V.QU
RN£VCPQUOCFWTCPT£RKFQUKGUV£ECNKGPVKVQGN
NWICTFQPFGGUV£PIWCTFCFQU
=EQRLKZ?
DJCKFJC¡UHTWVC
EQOGUVKDNG6W¡DC¡
DJCKFJC¡FC¡FJK¡PCRMWC¡!,KTOCPUCCPCC
MC¡TVWTCCUPWCC!3W«ENCUGFGHTWVCGUGUC
SWGGUV£UEQOKGPFQ!'UOCP\CPCQFWTC\PQ!
8«CUGKKDJCKFJC¡
DJCKMCOCFLDKGPEQEKFC
EQOKFC,QKFJCO
LKZK¡QQDIWKOCKIWZDJCK¡ZDJCKMCO'UOW[
UCDTQUCNCECNCDC\CUKGUV£DKGPEQEKFC
DKGPOCFWTC
HTWVC/CC¡PLCRDJCK¡ZK³
EJCC³ZKFJCKIWRCRCC[CULQKFJCOLKZ
DJCKMCOMCRDJCK¡PCROWLKOKC¡PCRCK¡VWO
IC¡TC;CSWGXCUCFQPFGUGXGPFGPRCRC[CU
EµORTCOGWPCSWGGUV«DKGPOCFWTC
=EQRLKZ?8«CPUGDJCC[C¡DJCC[C¡
DJCKZM©NJUEQNWOPCXGTVGDTCN,CZLWOFWW
IW³DJCKZM©NJPCDC¡OQQLC¡RLKZMQ¡M!'CR
ZK³EJ©©¡³ZK¡³FJK¡M©¡PR©MOK¡RI©K³KEJDCM
PC³KEJKCOWMC¡P3W«OGRCUµGPNC
EQNWOPCXGTVGDTCN!2QTSW«OGFWGNG!*C\OG
GNHCXQTFGTGXKU£TOGNCETGQSWGOGNCUVKO«
EWCPFQOGEC¯CNN£=RNDJCDJCKZM©NJ
CRQUDJCKZM©NJK¡³DJCDJCKZM©NJK¡³?
♦DJCKZM©NJKTCOGPUWEQNWOPCXGTVGDTCN
FG
«NQFGGNNC
DJCK¡CFXDKGP0Q¡IKKNJKOLKZL©©RK¡³EJCO
DJCK¡VWOMQMUQ5KJCEGOWEJQHT¯QPQ
FWGTOGDKGP=EQRLKZ?
♦LKZDJCK¡MC¡LKZDJCK¡³MC¡GUVCT£DKGP
♦IÀ¡ZEJWDJCK¡GUOW[CORNKQ
£TGCJC[
OWEJQGURCEKQ
DJCK¡CFXJCEKCCE£$JCOO©)KQVCOLCO
RWRQKRQIWOUCUQK¡%JCOCC¡COPC³DJCK¡
V©KLCUCUFC#NN£GP.NCPQ)TCPFGUGSWGFCTQP
UWUCPKOCNGU6TCV«FGCTTGCTNQUJCEKCCE£RGTQ
PQSWKUKGTQP
CNN¯
CTTKDCEGTECt$JCFJCCCCIW
#PUGNOQ!tLWRMCK¡EJIW,WCPt$JCK¡FJQ
FCCtLWRMCK¡EJIW2GGITQt'UV£#PUGNOQ
GPUWECUC!tRTGIWPVµ,WCPt5¯CNN¯GUV£
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
DJCK¡OMCTUOQTTCNVCNGIC
DQTFCFC
tEQPVGUVµ2GFTQ
8«CUGDJC
DJCK¡DEJKC¡XaVTGDCUCTICPCT
CNVWTCQ
FKUVCPEKC5CNJFJQR©ZLKEJDJC¡DEJKFJC¡FJK
,QUGGPQ¡EJEJCOZK¡OWK¡ZKLKKO2QEQC
RQEQPQUXCCKTTGDCUCPFQ,QU«UKPQXCOQU
TGEKQ
XaKFGLCTFGETGEGT,C¡RLKZDJCK¡DEJKZFJKO
ICC.WKU6©©¡PCLCZLKZWCO%JCODJCK¡CC
PCRDCL©MOKLWCPFJC¡I©V!6WOKNRC[CFGLµ
FGETGEGT.WKU/KTCGUV£COCTKNNC.CFGDGT¯CU
JCDGTVTCDCLCFQCPVGU
XaTRCUCTUG
RGTFGTUWUCDQT/QQROK¡OKC¡P
P©P©K¡³FJC¡,WCPFJKDKK³PCEJKEJLC¡MVWDWC
PCEJCOLWODJCK¡DEJKC¡PCIW¡EJCOMCKQ¡D
MC¡PQ¡VLWODJCK¡DKEJ,WCPTGXKUC
EQPVKPWCOGPVGGNLWIQCIWCFQFGNOCIWG[SWG
XQNXGTGOQUCJGTXKTRCTCSWGPQJKGTXC
FGOCUKCFQ
NKVSWGPQUGRCUGEWCPFQGORKGEGC
UCNKTGNOG\ECNRQTSWGUKPQRGTFGT£UWUCDQT
=RTGVGKORGTDJCK¡DKEJRWPVDJCK¡DEJ©M?
DJCK¡DEJWFC¡XaKEQOGT
FGOCUKCFQ:K¡
RKEJEJKOQQDJCK¡DEJWFCPCRKEJVWLWWPC
RKEJDC¡VQQZMQ2CTGEGSWGEQOKUVG
FGOCUKCFQRQTGUQVGGORCEJCUVG
RCUCT
GNVKGORQCFGEWCFQFGTGCTCTNCOKNRC
/K¡RLWRDCLWC³FJC¡FJKOICC.WKU/K¡FJQ
R©ZRWWC¡ONJKC¡PQ¡ROK¡RWDJCK¡DEJWFKO
&GDGUVTCDCLCTVWOKNRC.WKU5GXCCOCTEJKVCT
UKNCFGLCUOWEJQ
NKVUKFGLCURCUCTOWEJQ
VKGORQUKPTGCTCTNC
=RTGVDJCK¡DEJWFCQDJCK¡DKEJ?
DJCK¡FJ©TCFXFGCNN¯
CTTKDCEGTEC2CCRKEJ
F©TDJCDJ©KEJFJKMCDCKPCRCPCCULKZDCDCC¡
DJCK¡FJ©TD©©ZICK!2QTFµPFGJKEKUVGRCUCTC
GUGECDCNNQ!.CEWGUVC
NKVNCDCLCFCFGCNN¯GUV£
OW[GORKPCFC
DJCK¡MCK¡EJFJCOUCOKIQCOKIC#C³LC¡RPK
V©KMCK¡EJ©VLK³DJCK¡MCK¡EJFJCOPQ¡REJCO
VW¡LCZDWCFC¡I©VPCRLK³LKKMC¡;QSWKUKGTC
SWGOGEQTVGUGNRGNQOKCOKIQUKPQVKGPGU
PCFCO£USWGJCEGT=RNDJCDJCK¡MCK¡EJFJCO
CRQUDJCK¡MCK¡EJFJCOW¡PQDJCK¡
MCK¡EJFJCOIC¡PDJCDJCK¡MCK¡EJFJCOW¡PQ
DJCDJCK¡MCK¡EJFJCOIC¡P?
DJCK¡MCOCFLDWGPCIGPVGCOCDNG,QKFJCOLKT
LKZDJCK¡MCOIW5CCPVWU)COO©L©LKZDJCK¡VW
C¡ICFC¡5CPVQUGUOW[DWGPCIGPVGRWGU
UKGORTGJCDNCCOCDNGOGPVG=RNDJCDJCK¡MCO
EQRLKZ?
DJCOO©PK
$JCK¡OMCTLWOCC¡PQ¡³OCCPVCV©V©©¡PC³
DC¡OKEJWICCOVW¡PFC¡PQ¡³KEJRCK¡DCLKK
0GEGUKVQWPOQTTCNDQTFCFQUKOGXKUVQFG
OCPVCRCTCNNGXCTWPCUEQUKNNCUCNN¯EWCPFQ
UCNIC=RNDJCCDJCK¡OMCT?
♦VQQODJCK¡OMCTUEQUVCN
DJCK¡OVWFC¡XaVCJQICTCUHKZKCT
EQPCIWC
2CNJ©©RLCRR©ZOWK¡RLKK¡EJW¡PFC¡FJK³
OCTCCZIWUWWFCK¡PCDC¡EJCODJCK¡OVWFC¡
&CNGFGVQOCTCIWCCOKJKLCRQEQCRQEQRCTC
SWGPQNCCJQIWGU=EQORNRNDJCK¡MVWFC¡
RTGVDJCK¡OVWFCDJCK¡MVWFC
EQPVDJCDJCK¡OVW¡PFC¡DJCDJCK¡MVW¡PFC¡?
DJCK¡OW¡XaKCJQICTUGCUHKZKCTUG
EQPCIWC
/CC¡PPC³LCZDJCK¡OW¡PQ¡³ICPOWLWTWM
UWWFCK¡EJ©TPQ¡³EJCOOCCV©VV©I©¡PU©/G
CJQIQUKOGOGVQCNCIWC[PQU«PCFCT
=UWLRNDJCK¡MW¡RTGVDJC¡KKODJC¡KKM
EQPVDJCDJCK¡OWMFC¡DJCDJCK¡MWTFC¡?
8CTDJCK¡OQ¡
DJCK¡³UOG\ECNCITKQ
NQSWGUCNGCNVGTOKPCTFG
FGUVKNCTGNOCIWG[5KPµPMWWIC¡P
DJCLC¡MCFXRQTCSW¯
DCLQ/CK¡DWC¡RKO
FJKVCPCCTC¡$JCLC¡MDWCOVW¡KK¡6KTGPGUVC
DCUWTCRWGUUGXGHGQRQTCSW¯
JCEKCCE£
FKTGEEKµPIGPGTCN/K¡³KLC¡MLCRZK
DQK¡³ZKFJC¡FJKUWWFCK¡)KKNJKODJCLC¡MO©T
PC³RCK¡FJCC*CICEQTTGTGNCIWCJCEKCCNN£
RWGUEQTTGJCEKCCE£FQPFGGUVQ[UGPVCFQ
♦CC³DJCLC¡M©RXGPIQCXKUKVCT
NKV[QRQT
CSW¯FGPWGXQ
DJCLC¡RCFXRQTCNN¯
CNVQ6W¡EJKDC¡IC¡PIC
FJKCDKQPPCDC¡VCMCCDF©TDJCLC¡RDCQKT©!
3W«GUVCT£DWUECPFQGUGCXKµPSWGCPFCRQT
CSW¯FGUFGC[GT!
DJCMMWFC¡=EQPVFGDJCCMW¡?GUVCTGPQL£PFQUG
DJCOOCZUVCOCNEGTGOQPKCN)W³CDWKND©Z
EJWMCC¡VWVWWVC¡PCIW¡VWDJCOOCZEJC¡PC
IW¡MCDWKOWMLKLWTPKFJC¡IWZKQVCNJ/K
CDWGNCXCCOQNGTVQFCNCPQEJGRQTSWGXCC
JCEGTVCOCNGUEGTGOQPKCNGURCTCNNGXCTCNOKVQVG
OC³CPCSWGGUGN¼NVKOQF¯C
DJCOO©CFXCNN£
CTTKDCNGLQU#NJK¡EJLCR
DJ©KTC¡.QQNCIWOCVCKDJCOO©F©TIÀ¡DC¡M
EJ©TPCMCCV.QNCRQTHCXQTVTCGECNFGNCSWG
GUV£CNN£GPNCECUCITCPFG8CTDJCOOW
DJCOO©PKCFXCNN£
CTTKDCNGLQURTGEKUCOGPVG
$JCOO©PK-WCTTWNJK¡MCP©KFJCVK³IWLWNJKKM
'&+%+•024'.+/+0#4`
DJCOO©PKFJ©TLC¡R
6'2'*7ƒ0Ê'52#“1.
PCMC[QQVCKFJCV#NN£GP.QU.KTKQUXKSWG
GUVCDCHNQTGCPFQNCDC[WUCFGWPOCIWG[
DJCOO©PKFJ©TLC¡RCFXRQTCNN£
CTTKDCNGLQU
RTGEKUCOGPVG$JCOO©PKFJ©TLC¡RLCRZK
DKC¡TC¡FJKDCCMPCRCK¡LQKFJCOLKZZC¡KK¡
#RCEGPVCNCXCECRQTCNN£FQPFGJC[OWEJQ
RCUVQ
DJCOO©RCK¡CFXRQTCNN£
CTTKDCNGLQU
KPFGHKPKFQ)CKM©©MCVDJCOO©RCK¡EJ©P©K¡³IW
,QU«,QU«GUV£WPRQEQCICEJCFQ[XKGPFQRCTC
CNN£
DJCOOWMFC¡=EQPVFGDJCCOW¡?GUVCT
GPQL£PFQUG
DJCPUEQ[QVG,K³LWIKK¡³IWDJCPIWCNJK¡EJ
LKZCDJCCTLK³MCTDCZK¡'NEQ[QVGUGEQOKµOK
ECDTKVQDQPKVQ=RNDJCCDJCP?
SWGDTCFQOKEQOCN2TQDCDNGOGPVGGNICVQNQ
JK\QECGTFGCNN¯FQPFGNQJCD¯CRWGUVQ
8CTDJCK¡³K
DJC¡UCNJUOQVC
FGJKNQRCTCCFQTPCTDQNUCU
DQTFCFCUQVGLKFCU,QKFJCOVW¡OFJKOCTRWWU
,KZC¡DJCTIWDJCDJC¡UCNJIC¡P,CTQQO
IC¡NJK!'UV£OW[DQPKVQVWOQTTCNRWGUVKGPG
OQVCUDQPKVCU3WK«PVGNQXGPFKµ!
=RNDJCDJC¡UCNJCRQUDJC¡UCNJIC¡P
DJCDJC¡UCNJIC¡P?
DJC¡[C¡XaVVTCICTVQOCT
UµNKFQ/CC¡PLCR
OWK¡ZKDJC¡[C¡IWOQ¡MQ¡MDJCKI©OPQ¡Z
MQ¡MIWOOQ¡5KVGFWGNGNCECDG\CVµOCVGWP
TGOGFKQRCTCGNFQNQTFGECDG\C=RTGVDJCC
RTQITDJC¡CKOEQPVDJC¡FC¡QDJC¡CKFJC¡
RTGXDJC¡LK?
DJGUGGTUDGEGTTQ)QTDKLCMWWRFJK
DJG¡OUGTMWVVWDCLCOCKIWFWWM6©©¡PCIW¡
DJCK¡DCV©TPKO;CGPEKGTTGPNQUDGEGTTQU
RQTSWGNGUXCCCICTTCTGNCIWC0QQ[GPSWG[C
GUV£VTQPCPFQ!=RNDJG¡OUGT?
DJCPCC¡CFLDTCXQHGTQ\,CZDC¡FWWMCVEJK
LC¡ROQQLQKFJCOEJCODJCC¡OPC¡COLCK¡IW
IQ¡PIQZ!%µOQGUSWGCNIWPQURGTTQUPQUQP
DTCXQU!=RNDJCC¡OPC¡EQRLKZ?
DJCPICOCFLDTCXQKPFµOKVQ,C¡ROQQ
IKKNJKOLKTLKZDJC¡OPCI©OCOLKCIWIQ¡PIQZ
DJCK¡MCOFJKMKKEJCO!8GTFCFSWGUQPOW[
DTCXQUNQURGTTQUFGCSWGNNCECUC!
=RNDJCC¡OPCI©OEQRLKZ?8CTDJCPI©O
DJC¡CC¡U£IWKNCTGCN,KZKQ¡OLKTIÀ¡IW
DJC¡CC¡EJCOVW¡RWK¡PCIWWKK¡O'N£IWKNC
TGCNGUO£UITCPFGSWGGN£IWKNCTCVQPGTC
DJÀÀ=RTGUFGDJCC[C¡?UGOCFWTC
DJÀÀFC¡=EQPVFGDJCC[C¡?GUVCTOCFWTCPFQ
DJKC¡XaVUCECT
FGNCIWC/CKMLCEJVW
DJKCRW¡IWDQRVQROWCMM©¡P8COQUCUCECT
RGEGUCNN£GPGNT¯Q
SWKVCT
FGNHWGIQ$CDJKCCRIWOCVCKOC¡P
PQ¡VDCDQR3WKVCGNPKZVCOCNFGNHWGIQ
EWCPFQ[CGUV«EQEKFQ
=EQORNRNDJKDJKC¡RTGV[RTGUDJKC?
♦EJWDJKCOWMCFLSWGUCDGUCECT
FG
FQPFGGUV£OGVKFQ
DJKC¡XaVVTQRG\CTRQPGTWPC\CPECFKNNC0CV
DJC¡KKO=RTGVFGDJCK¡OW¡?UGCJQIµ
RCK¡ZKDJKCMPCVDC¡COR©ZKCT0QNQRWFQ
VWODCTJCUVCSWGNGRWUQWPC\CPECFKNNC
XaTVTQRG\CTUG,WODJKCMLCRKEJLC¡MF©T
OK¡RWI©K%JCOCCRV©¡³EJQ!6GVTQRG\CUVG[
VGEC¯UVGFGGURCNFCU0QVGCEWGTFCU!
=RTGVDJKCEQPVDJKDJKCFC¡RTQITDJKDJKKLKO?
♦EJWDJKCOWMCFLSWGUCDGRQPGTNC
\CPECFKNNC
DJC¡OVC[C¡=UWLRNFGDJCCVC[C¡?UG
DJKDJKK=RNFGDJKK?EQOKFCU
DJKDJKKFJC¡=EQORNRNFGDJKKFJC¡?UCE£TUGNQU
=UWLRNDJC¡KKM?
OCTEJKVCT£P=RTGVDJC¡OVC?8CTDJC¡PVC[C¡
=RTGVDJKDJKK¡³?
DJC¡OVC¡=RNFGDJCCVC¡?OCTEJKVQU=EQRLKZ?
DJKDJKKLKO=RTQITFGDJKC¡?NGGUV£GEJCPFQ
DJC¡³KCFXCNN¯
CTTKDCEGTECRTGEKUCOGPVG/K¡
DJKDJKKMEJ©TFC¡=EQPVFGDJKKMEJKC¡?UGGUV£
8CTDJC¡PVC¡
R©ZLCKMKZIW³MQOCCNJ+CTDCMIWOKKEJW
VWMCC¡PC³KEJDJC¡³KFJ©TMCM©©UCM'UV£
\CPECFKNNC
CJQTECPFQ
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
DJKDJKKMEJW¡P=RTGUFGDJKKMEJWFC¡?NQCJQTEC
DJKDJKK¡³FJC¡=EQPVFGDJKKFJC¡?GUVCT
UKTXKGPFQ
DJKDJK¡³DCM=RNFGDJK¡³DCM?ECUCUFGCFQDG
8CTDJKDJKK¡³DCM
DJKDJK¡³DCMEJCFCO=RNFGDJK¡³DCMEJCFCO?
CNDC³KNGU8CTDJKDJKK¡³DCMEJCFCO
DJKDJK¡UCR=RTGUFGDJK¡URC¡?NQRGIC
DJKDJK¡URCKO©M=EQRTGVFGDJK¡URC¡?NQGUVCDC
RGICPFQ
DJKFJCC¡UXCUKLCFGDCTTQ
ETWFC%JC¡ROK
LC¡RDWCOLWODWCFC¡/K¡M©KULCRKEJIW³
DJKFJCC¡PC³OK¡V©M0QCPFGULWICPFQRQT
CNN¯0QXC[CUCRKUCTOKEQOCNETWFQSWGRWUG
CNN¯5KPµPF©TDKEJ
DJKFJCC¡CFLSWGJC[OWEJQDCTTQ/CC¡PPC³
LCZ©NJKC¡RCK¡PQ¡ZEJWFC¡PRKMPQ¡ZDJKFJCC¡
.WGIQOGECKIQFQPFGJC[OWEJQDCTTQRQTSWG
GUTGUDCNQUQ=EQRLKZ?8«CUGDJK¡³
DJKFJK³=RTGUFGDJK¡³³KC¡?FCXWGNVC
DJKKUEQOKFC
UGTXKFC/CC¡PRWRDJCK¡ZK³
DJ©K¡³FJKV©OMCNJMW³M©¡PLWIKQMC¡FJK³
DJKK6T£GOGQVTCVQTVKNNCO£URCTCCECDCTOGOK
EQOKFC=RNDJKDJKKCRQUDJKK¡³?
DJKKDIC¡XaVGPTQNNCT
JKNQUQICQCNCODTG
$JKKDIC¡RKOFJKLKKN,CZIKMWDC¡OK¡R©Z
LC¡RIKQRRC³!'PTQNNGPGNJKNQ2QTSW«NQ
FGLCPVKTCFQRQTCNN¯GPGNUWGNQ!
VCRCT
EQPVGNCQRN£UVKEQ0CDCRLWTP©MLC
DJKRRK¡IW©¡NKEJW¡LK¡IWWDKKUCRPCODC¡
EJCOI©©RWMC¡%CFCVCTFGNCOWLGTVCRCNQU
R£LCTQUEJKSWKVQURCTCSWGPQUGOWGTCPFGHT¯Q
=EQORNRNDJKRRKIC¡RTGVDJKKDDJKRRK
RTGUDJKKDK¡DJKRRK¡?
DJKKDJK¡UCR=RNFGDJK¡UCR?GUVCTRGICFQU
DJKKDJK¡URKQMC¡=EQORNRNFGDJK¡URKQMC¡?
FGURGICTNQU=RTGVDJKKDJK¡URKQ¡
RTGUDJKKDJK¡URKQ¡M?
DJKKEJUGZETGOGPVQGUVK«TEQN)WPCPMCO©NJ
LCDJKKEJM©¡PLKZDJCK¡ODWCIWLWWPRCK¡PC
LCZEJCOLQK¡³'NGZETGOGPVQFGNQU
OWTEK«NCIQUUGWUCEQOQHGTVKNK\CPVGGPNWICTGU
FQPFGPQETGEGDKGPGNOC¯\
=CRQUDJKKEJC¡P?
♦LKZDJKKEJGUV£QZKFCFQ
DJKKFJC¡XaDUGTXKT
EQOKFCCQVTCRGTUQPC
#NJK¡EJLCRDJCK¡ZK³DJKKFJC¡FJKDJCD
DJKKUCROC¡
*C\OGGNHCXQTFGUGTXKTOGCNIWPQUHTKLQNGU
=RTGVDJKK¡³EQPVDJKDJKK¡³FJC¡?
DJKKFJC¡XaDUCECT
FGNCIWCRCTCQVTCRGTUQPC
/CC¡PLCRUCRDJKKFJC¡IW³CDWKNIWUCOKKPC
IW¡EJCOOCCVPCLCZFJWKDJKC¡IWF©©NJPC
IW¡ZEJWWMIWUWWFCK¡&KEGOKCDWGNCSWGNG
UCSWGWPECOCTµPRWGUPQRWGFGJCEGTNQUQNC
RQTSWGGUV£JQPFQ=EQORNRNDJKDJKKFJC¡
RTGVDJKK¡³DJKDJKK¡³?
DJKKMCTUEWEJCTC$JC³DJ©K¡³OCC¡PIW
DJKKMCTPC³M©¡PVWLWIKC¡%JCOLKTCOIW
RWK¡6T£GOGWPCEWEJCTCRCTCEQOGTRWGUPQ
RWGFQEQOGTUKPEWEJCTC=RNDJK¡OMCT?
DJKKMEJKC¡XaKCJQTECTUG$JWUCCNJLCRZK
OCCMCKFJKMCDCKPCRRCK¡FJWWMDWNJKC¡PC
DC¡EJCODJKKMEJKC¡#OCTTCCGUVGECDCNNQEQP
WPPWFQRCTCSWGPQUGCJQTSWG=RTGVDJKKMKEJ
QDJKKMEJ©EQPVDJKDJKKMEJ©TFC¡
RWPVDJKKMEJ©M?
DJKKMEJWFC¡XaVCJQTECT2WK¡IKPCEJ
DJKKMEJWFC¡V©TDK³M©¡PFJKVQQZMQNJPCIW¡
EJCOLCTQK¡OIW¡PIWZK¡³PCU©ZKC¡5KPCFKGUG
CVTGXGCOCVCTCNOCTTCPQEQPWPEWEJKNNQ
GPVQPEGUXCOQUCCJQTECTNQEQPWPCUQIC
=RTGVDJKKMEJWFCRTGUDJKDJKKMEJW¡P?
DJKK³QNJFJC¡XaDC[WFCTCECTICT6W
WOWC¡³FJC¡CRPCOLWODJKK³QNJFJC¡IW
LWWPPCRIW¡EJCOL©¡ZMCVVWDJKK³QTC¡CCR
F©©NJ.GURKFGUSWGVGC[WFGPCECTICTGNOC¯\
RQTSWGPQNQXCUCRQFGTECTICTV¼UQNQ
=RTGVDJKK³QNJEQPVDJK¡O³QNJK¡³FJC¡?
DJKK³QTUECTIC
NNGXCFCGPCPKOCNQGPXGJ¯EWNQ
$JCK¡ZKUKKUCRPCEJCOICKI©ZKC¡FJKDJKK³QT
&GV«PGUVCECTICRCTCSWGPQUGXC[CFGNCFQ
=RNDJKK¡O³QTCRQUDJKK³QTIC¡P?
DJKK³QTC¡XaVECTICT
GPCPKOCNQGPXGJ¯EWNQ
,K³EJCK³DWKFJC¡CRIWOVTQQMC¡PC³DJCCP
VWDJKK³QTO©TC¡IWLWWP2T«UVCOGVW
ECOKQPGVCRCTCKTCNNGXCTOC¯\
=EQPVDJKK³QTFC¡RTGVDJKK³?
♦DJKK³QTKMC¡NNGXCT
ECTICFQGPCPKOCNQGP
XGJ¯EWNQ
DJKKUCRXaGGUVCTCRTGVCFQ
EKPEJCGUVCTHCLCFQ
%JCODJCK¡DJKKUCRFJKOCCEJW¡#OR©ZLQK³
IWZKKTW¡P'UVCOWNCPQGUV£DKGPHCLCFC
RQTSWGNCUKNNCUGOWGXG
DJKKUCROC¡CFLSWGVKGPGWPCTC[CCPEJC
CPKOCN2CCRKEJUCDC¡NJFJKOKUVWK³!
,QKFJCOLKZDKKUCROC¡&µPFGEQORTCUVGGUG
'&+%+•024'.+/+0#4`
DJKK¡³³KIKC¡
6'2'*7ƒ0Ê'52#“1.
ICVQ!6KGPGWPCTC[CCPEJCOW[DQPKVC
=RNDJK¡PUCROC¡EQRLKZ?
DJKK¡³³KIKC¡=UWLRNFGDJK¡³³KC¡?2GL
DJKK¡³³KIKC¡COFCT£PXWGNVC=RTGVDJKKDJK¡³?
DJKQ¡CFLSWGVKGPGJCODTG,KZDJKQ¡CRCC
MWEJZKEJWLWICCLKOK¡FJ©TKUVCDTCP!6KGPGU
JCODTG!8COQUCEQOGTCNN¯GPGNTGUVCWTCPVG
=EQRLKZ?
DJKQ¡OW¡=UKPµPFGWCOC¡?RCUCTJCODTG
DJKRRKIC¡=EQORNRNFGDJKKDIC¡?GPTQNNCTNQU
=RTGVDJKRRKRTGUDJKRRK¡?
DJKRRKQ¡MC¡XaVFGUGPTGFCTFGUCVCT
$JKRRKQ¡MC¡CRIW¡PKOCCEJW¡IW¡EJKDJKKDK¡
LKLCZLKPCDC¡OQQOK¡R©ZRWM©©M!
&GUGPTGFCGNOCEJQCNQOGLQTGUV£CVQTCFQ1
RQTSW«GUV£RCTCFQCNN¯!=RTGVDJKRRKQ¡
RTGUDJKRRKQ¡M?8CTDJKRRW¡MC¡
DJKRRKQ¡MFJC¡XaDFGUGPTGFCTFGUCVCT
RCTC
QVTCRGTUQPCQCPKOCN$JKRRKQ¡MFJC¡CRFJK
DJWTW¡ZIWV©TDK³)KKNJKODJCDJKRRK¡
VQQVPCTCO&GUGPTGFCNCUQICFGNDWTTQRWGUNC
VKGPGDKGPGPTGFCFCGPUWURCVCU
=RTGVDJKRRKQ¡MKRTGUDJKRRKQ¡M?
DJKURC¡XaVCRTGVCTHCLCT
EQPWPCEKPEJC
%JCODJCK¡DJKULC³KEJFJKDJWTW¡Z#OR©Z
LQK³IWZKKTW¡P0QCRTGV«DKGPNCEKPEJCFGN
DWTTQRWGUNCUKNNCUGOWGXG=RTGVDJKU
RTGUDJK¡PUCR?
DJKZEJ©MKC¡XaKGUVQTPWFCT$CLKCKDCMIW
UQOCKIK¡FJKCNJKK6©©¡PCR©ZCODCDJKZEJ©M
2CTGEGSWGRGUEµWPECVCTTQGUVGPK³QH¯LGUG
EQOQGUVQTPWFC=RTGVDJKZEJ©M©
RTGUDJKZEJ©M?
DJK¡OMCT=RNFGDJKKMCT?EWEJCTCU
DJK¡O³QNJK¡³FJC¡=EQPVFGDJKK³QNJFJC¡?
GUVCTC[WFCPFQCECTICT
DJK¡PUCR=RTGUFGDJKURC¡?NQCRTKGVC
DJK¡PUCROC¡=RNFGDJKKUCROC¡?SWGVKGPGP
TC[CUCPEJCU=EQRLKZ?
DJK¡³UDCTTQ)WDJK¡³LKTCOPC³LWRVW
FW³KC¡IWLCLC¡IKQIWLCLQQZKC¡RKCOIW
FWFWK³MCTICOIWMWMOCNJ'NDCTTQGUDWGPQ
RCTCJCEGTQNNCURNCVQURKRCU[JCUVCEQOCNGU
♦DJKFJCC¡CFLSWGJC[OWEJQDCTTQ
DJK¡³DCMUECUC
FGCFQDGNCFTKNNQQRKGFTC
,©¡MLCRM©¡PLWRLK³FJWK³FJC¡OCC¡PIW
DJK¡³DCMPCTFCKCFQQDKUMC¡!'PEW£PVQOG
JCEGUWPCECUCFGRWTQCFQDG!=RNDJKDJK¡³DCM
QDJKDJKK¡³DCMCRQUDJK¡³DCMIC¡P
DJKDJK¡³DCMIC¡P?8«CUGDC¡CCM
DJK¡³DCMEJCFCOUCNDC³KN#CRCCEJCOLKT
DJK¡³DCMEJCFCOPCROCC¡PLK³M©©ZFJC¡IW
DJK¡³DCM!7UVGFPQGUCNDC³KN!RCTCSWGOG
JCICWPCECUCFGOCVGTKCN
=RNDJKDJK¡³DCMEJCFCOQ
DJKDJKK¡³DCMEJCFCO?
DJK¡³LC¡CCUQNNCFGDCTTQ/WK¡OKLCDKC¡IW
DJK¡³LCLC¡IW³³CCPPCIW¡F©©NJLKZOCCV©V
LWRLCDWC/KOCO£VKGPGOWEJCUQNNCUFG
DCTTQRQTSWGGNNCUCDGJCEGTNCU=RNDJK¡³LCLC¡?
DJK¡³LQQZKC¡URNCVQFGDCTTQ0Q¡³LKTFW³
DKC¡MCOOQQOCC¡PC³DCVWEJK³KC¡D©©R©¡
F©TIWDJK¡³LCLQQZKC¡PC³DC¡OKVWLC
DJKKFJC¡IWLC¡VMCOPC³RCK¡FJWWMDC³
RCVCCUC¡5KUQ[OC[QTFQOQFGWPCHKGUVC
PGEGUKVQOCPFCTCJCEGTEQPCPVKEKRCEKµPNQU
RNCVQUFGDCTTQRCTCUGTXKTNCEQOKFCCNCIGPVG
EWCPFQGPVTGIWGGNECTIQCQVTQ=RNDJK¡³
LCLQQZKC¡?
DJK¡³³KC¡XaKKT
CFQPFG[CPQUGXG
%JCMWKRFCFQQ¡³EJQFC¡FJKZKKIC¡P
$JCOO©PKPC³MCZKDJK¡³³KC¡PCRDC¡DC
FQQ¡³EJQ¡0QUWGNVGUCNECEJQTTQJCUVCSWG[Q
XC[CCFQPFG[CPQOGXGC
FCTXWGNVC$©©ZLCRLCDJK¡³³KC¡FJKDC¡DJCM
MWUDWKIWVCVPQ¡UCNJPCRDC¡EJCOMC
[C¡OWMMC¡&CCNIWPCUXWGNVCUCNTGFGFQTFG
GUVCUECUCUECTICPFQNCURKGFTCUFGNEQOCNRCTC
SWG[CPQVGQTKPGUGPVWEQDKLC
=UWLRNDJKK¡³³KIKC¡RTGVDJK¡³DJKKDJK¡³
RTGUDJKFJK³EQPVDJKDJK¡³³©TFC¡
DJKDJKK¡³³©TFC¡?8CTDJK¡O³KC¡
DJK¡UCRXaGGUVCTRGICFQ
EQPRGICOGPVQ%JCO
DJCK¡DJK¡UCRFJKCVQZMQTCOR©ZLQK³'UVC
UKNNCPQGUV£DKGPRGICFCRQTGUQUGOWGXG
=RNDJKKDJK¡UCR?
DJK¡URC¡XaVCFJGTKTRGICT
EQPRGICOGPVQ
2CTDCPEJKOK¡ZKDJK¡URCMLCRKEJMWVDC¡IKQ
DJCK¡RLKODJK¡URKQ¡2CTGEGSWGPQNQRGICUVG
DKGPRQTGUQUGFGURGIµQVTCXG\=RTGVDJK¡KKU
RTGUDJKDJK¡UCREQRTGVDJKDJK¡URCKO©M?
♦EJWDJK¡URCTC¡CFLRGICLQUQ
DJK¡URKQMC¡XaVFGURGICT#C³[C¡V©K
DJK¡URKQ¡MFJK³³CKNQ6CMLKZMCDMCOOCO
DJK¡KKUPCLCZPCPUCRMCV#SW¯GUVQ[
FGURGICPFQOKRN£UVKEQRWGUUGRGIµRQTJCDGT
GUVCFQFQDNCFQ
XaTFGURGICTUG$JCK¡DCODJK¡URKQ¡MCKO
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
[C¡PKFJKTLC¡RFJK³MKEJCCT%JKOQQCO
RCNJ©©RDCIKQOKEJPCVDJCCPZKFJWW¡P;CUG
GUV£FGURGICPFQFGCSW¯OKIWKVCTTCETGQSWGUG
JWOGFGEKµEWCPFQNGEC[µNNWXKC
=UWLQEQORNRNDJKKDJK¡URKQMC¡RTGVDJK¡URKQ¡
DJKKDJK¡URKQ¡RTGUDJK¡URKQ¡MDJKKDJK¡URKQ¡M?
DJ©DJ©KEJW¡PFC¡=EQPVFGDJ©KEJFJC¡?GUVCT
JCEKGPFQRCUCT
DJ©DJ©K¡³FJC¡=EQPVFGDJ©KFJC¡?GUVCT
NNGXCPFQGUVCTVTC[GPFQ
DJ©DJ©VV©MFC¡=EQPVFGDJ©KMC¡?GUVCTNNGXCPFQ
8CTDJ©DJ©¡PV©MFC¡
DJ©DJ©VV©MK¡³=RTGUFGDJ©KZFJC¡?UGNQNNGXCUG
NQVTCG
DJ©DJ©¡PV©MFC¡=EQPVFGDJ©KMC¡?GUVCTNNGXCPFQ
8CTDJ©DJ©VV©MFC¡
DJ©K=RTGVFGDJ©©[C¡?NQCFSWKTKµ
DJ©K=RTGVFGDJ©©[C¡?RCUµ
DJ©KEJFJC¡XaVJCEGTRCUCT
EQORNCPKO
2CCEJLC¡MDJ©KEJFJC¡FJKMCDCK!0CIW¡
IKKNJKOLKZDCDCC¡DJCK¡FJKD©©ZICK2QT
FµPFGXCOQUCJCEGTRCUCTCNECDCNNQ!2WGUVQFC
NCNCFGTCGUV£OW[KPENKPCFC
XaVCDTKT
RCUQ,C¡RLC¡MZKDJ©KEJFJCO©T
IWCRCC³EJKPCDC¡OWLC¡MO©NJKC¡IWUWWFCK¡
PQ¡VDJCK¡LKFJWW¡P8GCCDTKTGNECPCNJCEKC
CNN£RCTCSWGEQTTCGNCIWCRCTCCNN£EWCPFQ
GORKGEGCNNQXGT
XaKEWORNKTNNGXCT
VKGORQ)QQMOCUCC¡P
OQQDCLKDJ©KEJIW³ZKMW¡PCZMC¡QQM/K
JGTOCPQOGPQT[CNNGXCFQUOGUGUGPHGTOQ
=RTGVDJ©KEJEQPVDJ©DJ©KEJW¡PFC¡?
♦DQKDJ©KEJFJC¡VTCKEKQPCT
NKVNNGXCTRQTGN
ECOKPQ
DJ©KFJC¡XaDNNGXCTVTCGT
CQVTCRGTUQPC
$JCK¡RDC³DJ©KFJC¡IW³ZC¡WC+COR©ZDCZ
MQQZKOK³6T£GOGOKEQDKLCRWGU[COGGUV£
FCPFQUWG³Q
FCT
NQSWGWPQRKFG/WK¡RUCRZKDJ©KFJC¡
IWCNJKKIWVW¡PCOVCCP&CNGCNPK³QNQSWGVG
GUV£RKFKGPFQ
=EQORNRNWK¡FJC¡RTGVDJ©K¡³WK¡
RTGUWC¡VWNJK¡³EQPVDJ©DJ©K¡³FJC¡
W¡KK¡³FJC¡VTCUNDJ©KFJKMC¡WK¡FJKMC¡?
♦EJ©DJ©KFJC¡CFLKPVGNKIGPVGSWGCRTGPFG
H£EKNOGPVG
DJ©KFJC¡CFLH£EKNOGPVGNGCHGEVC
GPHGTOGFCF
d,C¡ROQQZDJ©KFJC¡IWZL©©RFJK³EJKQ¡³6W¡
DJ©©[C¡
PCDC¡!d#OKJKLQH£EKNOGPVGNGCHGEVCGNHT¯Q
NWGIQUGGPHGTOC5CDGRQTSW«!=EQRLKZ?
DJ©KMC¡XaVNNGXCTVTCGT2CCRLC¡MLKO!,K³
DJ©KMC¡CRPQ¡R$QQFCOVCOLC¡MLKO!8CUC
/G\SWKVCN!/GNNGXCURQTHCXQT!
=EQORNRNWK¡MC¡RTGUWC¡KORGT[RWPVDJ©©M
W¡WWMEQRTGVDJ©©LKO©MWK¡O©M
EQPVDJ©DJ©VV©MFC¡QDJ©DJ©¡PV©MFC¡W¡V©MFC¡
RTQRDJ©KTC¡WC¡TC¡?8«CUGDJ©©[C¡
♦DJ©KOHWGCVTCGTNQ
♦W¡KKOHWGCVTCGTNQU
DJ©KZCFLITCXG
FGGPHGTOGFCF,KZDJ©KZLKDC¡
IW¡FJKLCOCNJKKEJWM%JCOVW¡MCFWFWCT
UKCRKODJCOO©RCK¡V©KDCW¡CKOPCPDCVV©T
'UV£DKGPITCXGVWJKLQ[CPQXKXKT£CWPSWGNQ
NNGXGPEQPNQUOGUVK\QU=EQRLKZ?8«CUGZK
DJ©©[C¡
DJ©KZFJC¡XaDNNGXCT
CNIQFGQVTCRGTUQPCUKP
CXKUCTNG,CTQQ³WK¡ZFJCMIW³ZWWUCMPCDC¡
OK¡R©ZEJCOVWLCK¡EJPC³RCK¡MCWC¡MCV!
3WK«PUGNNGXµOKUJWCTCEJGU!2QTSW«PQ
GUV£PCNN¯FQPFG[QNQUVGP¯C!
=EQORNRNWK¡ZFJC¡RTGUDJ©DJ©VV©MK¡³
VTCUNDJ©KZFJKMC¡WK¡ZFJKMC¡RWPVDJ©KZFJCM
WK¡ZFJCM?
DJ©©LKO©M=EQRTGVFGDJ©KMC¡?NQGUVCDCNNGXCPFQ
NQGUVCDCVTC[GPFQ
DJ©©M=KORGTFGDJ©KMC¡?NN«XCNQVT£GNQ
DJ©©M=RWPVFGDJ©KMC¡?NNGX£PFQNQVTC[«PFQNQ
DJ©©[C¡XaVCFSWKTKTQDVGPGTEQPUGIWKT
2CCRLWRDJ©©[C¡IWVWWOK³PCRM©¡PLK³
³COMKFJC¡UKCMW³KEJLWOVCK³DWK!&µPFG
XCUCEQPUGIWKTGNFKPGTQRCTCSWGOGRCIWGUUK
VGNQRTGUVQ!
EQUGEJCT
GZEGRVQOC¯\0Q¡EJKEJDCV©DJ©K
IWDJCDOK¡FJ©TLWOCC¡PFC¡PCEJV©I©©¡DKC¡
PCDC¡OMCKRIC¡PC³DC¡R©MDCVWLKFJQQTC¡
&GURW«UFGEQUGEJCTGNHTKLQNNQCOQPVQPCOQU[
NQFGUGPXCKPCOQURGI£PFQNGRCTCSWGSWGFG
NKUVQRCTCEQEGTNQ
ECUCTUG
JQODTGNKVEQPUGIWKTOWLGT
,QKFJCOVW¡OV©P©K¡³FJKWDKK/QQ³EJK
DJ©©[C¡'UCOWLGTRCTGEGOW[CITCFCDNG/G
IWUVCT¯CECUCTOGEQPGNNC
=EQORNRNW¡[C¡RTGVDJ©KWKEQPVDJ©©FC¡
W¡FC¡RTGXDJ©©LKW¡LKEQRTGVDJ©©FCVW¡FCV?
♦DJ©KMC¡XaVNNGXCTVTCGT
DJ©©[C¡XaKRCUCT
RQTWPNWICT;CLC¡RUCR
DJ©©[C¡IW³ZKKZMCDWKOWMPCZKOPCOMKFJCK
'&+%+•024'.+/+0#4`
DJ©©[C¡
6'2'*7ƒ0Ê'52#“1.
PCL©¡MRWK¡OWC¡VW¡P&KEGOKJGTOCPQSWGXC
CRCUCTRQTCSW¯OC³CPCRCTCRCICTVGNQSWGVG
FGDG
RCUCT
VKGORQ&JQFJKLWOCKUKOCCPPC
OWK¡LKODJ©©[C¡PC³DC¡DCV©DJ©©[C¡IW
VCUQQNJPC³IW¡ZKDOCCMCOLC¡MDCT
LKOFCO2WGUPQXQ[CEQTVCTGNVNC\QNGJCUVCNC
UGOCPCSWGGPVTCRQTSWGJQTCVGPIQUCNKFCC
QVTCRCTVG
ICPCT
TGIKQPCNKUOQKT
CEKGTVQNWICT
#CRK¡OEJCOP©K¡³IWWDKKPCVRCK¡LC¡MDJ©K!
7UVGFGUPQXKGTQPCFµPFGICPµOKOWLGT!
=RTGVDJ©KRTQITDJ©©LKO?
DJ©©[C¡XaKTGOCT
DCTEQ%JCOMCLKOO©
IWMCPWWDPCEJV©KEJ©DJ©©'NDCTEQ[CPQ
CXCP\CCWPSWGGUVCOQUVTCVCPFQFGTGOCT
EJCRQVGCTHNQVCT
VTCVCPFQFGPCFCT6©KRDCC
³KEJO©L©UWWFCK¡EJ©TIW¡LKPC³IW¡DJCK¡ZK
EJ©DJ©©LKOPC³KEJDC¡UKCOTK[COO©F©TDC
V©U;COGTQOGJWPF¯CGPGNCIWCRGTQNQIT«
CNECP\CTNCQTKNNCHNQVCPFQ
=RTGUDJ©©EQPVDJ©©LKFJC¡?
DJ©L©CFXCNN¯
CTTKDCCRGTVWTCTGUVTKPIKFC
$J©L©LKDCCIWDJQ¡OMQZPCRCK¡F©¡FJKVWC
'NVGEJCNQVGUGOGVKµCNN¯FQPFGGUV£JWGEQGUG
GPEKPQ
RCTCCE£
NWICTFGFKH¯EKNCEEGUQ$J©L©O©VLK
FJWWVCMCCDIWOLCCFW³%JC¡ORCK¡C¡L©¡P
COCC[C¡!#[GTXKPKGTQPRCTCCE£VWU
RCTKGPVGU0QJCPNNGICFQCSW¯EQPVKIQ!
DJQ¡OVK[C=RNFGDJQVGG[C?DQVGNNCU
DJWK¡O[CZ=RNFGDJWW[CZ?DWG[GU
DJWTW¡ZUDWTTQ/WK¡CC¡PC³LCDKC¡MC¡IW
DJW¡OTWZPCDC¡EJCOZKLCKMC¡PQ¡EJVW¡Z
EJWDJKK³QTCOOCC¡PLKOFCO5GPGEGUKVC
VGPGTOWEJQUDWTTQURCTCSWGPQUGCFKH¯EKN
ECTICTXCTKQUDWNVQUGPWPUQNQXKCLG
=RNDJW¡OTWZCRQUDJWTW¡ZK¡³
DJW¡OTWZK¡³?8CTDJWTTW
DJWUCCNJOCMKC¡XaVCOCTTCTEQPWPPWFQ
RCTCSWGPQUGTGEQTTCNCUQIC+KMW³OQQ
DJWUCCNJOCMKC¡FJKDJWTW¡ZPCDC¡EJCO
DJKKMEJKC¡8Q[CCOCTTCTGUVGDWTTQEQPWP
PWFQRCTCSWGPQUGTGEQTTCNCUQIC[UG
CJQTSWG=RTGVDJWUCCNJOCC?
DJWWVURCP\C#OLKZMQ¡MIW³DJWWV%JKPC
³KEJZK¡IÀ¡VWLWW/GFWGNGWPRQEQNCRCP\C
3WK\£EQO¯FGOCUKCFQ=CRQUDJWWVC¡P?
DJWW[CZUDWG[0COO©ICOO©L©LC¡MR©Z
MWWLKOOCC¡PIWDJWW[CZPC³OWF©TDJC
V©UFKOVCK¡,CZPCTVW¡OFC¡MC¡DC¡IW¡TLK³
M©NJKKIC¡P!%WCPFQ[QXGP¯CUWDKGPFQUGQ¯C
DTCOCTWPDWG[0QU«EW£NUGT£#NQOGLQTUGT£
GNFGOKV¯Q=RNDJWK¡O[CZ?
DJW¡OTWZ=RNFGDJWTW¡Z?DWTTQU
=CRQUDJW¡OTWZK¡³?
%J
DJ©L©R©ZCFXRQTCJ¯
CTTKDCNWICTFGFKH¯EKN
CEEGUQ$CUVCMCCDDJ©L©R©ZV©KPCVV©OIW
CDKQP$QQLK$KDKC¡#PVGC[GTUGQ[µSWGDCLµ
WPCXKµPRQTCJ¯EGTECFG%K«PGICFGN1UQ
DJQQVKUNCVC
OGV£NKEC$JC³DJ©K¡³IW¡³K
DJQQVKPCICOCLC¡MFCCPC³M©¡PK¡[C¡IW
UWWFCK¡6T£GOGGUCNCVCSWGGUV£CNN¯RCTC
VQOCTCIWCGPGNNC=RNDJQ¡OVKQDJQQVKU?
DJQVGG[CUDQVGNNC/CC¡PDJC³DJ©K¡³IW
DJQVGG[CPC³DJCCPVW¡CC¡IWDKK¡O6T£GOG
WPCDQVGNNCRCTCGEJCTNCNGEJGGPGNNC
=RNDJQ¡OVK[C?
DJQ¡OMQZUVGEJCNQVG
TGIKQPCNKUOQCTFKNNC
CTDµTGC)WDJQ¡OMQZIWLQIKK¡³LKTCOPC³
LWRFW³KC¡IWDCI©©U.CRKGNFGNVGEJCNQVGGU
DWGPCRCTCJCEGTCNLCDCU=RNDJCDJQ¡OMQZ?
8CTDJQ¡PMQZ
♦DJQ¡OMQZLWPOC¡POQNGFGVGEJCNQVG
DJQ¡OVK=RNFGDJQQVK?NCVCU
=0QVC/WEJCURCNCDTCUSWGGORKG\CPEQPV
VKGPGPXCTKCPVGUSWGGORKG\CPEQPEJNCU
EWCNGUPQUGKPENW[GPGPGUVGFKEEKQPCTKQ?
ÊEJEN¯V+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN
RNWTCN;C¡DCOCKEJIWLWPDQ¡d+KMWEJOQQ
UCDC¡FC¡PCEJCODCLWIKC¡;CVTCLGTQPNC
EC³CFGC\¼ECTd8COQUCEQORTCTNCCPVGUFGSWG
UGCECDG=5GRTGUGPVCFGURW«UFGWPCXQECNQWPC
RCWUCINQVCN)TCO?8CTLCEJKEJ
8«CPUGEJKEJLCEJKEJ
ÊEJEN¯VPWGUVTQPWGUVTQU
RQUGUKµPFGNCRTKOGTC
RGTUQPCFGNRNWTCNÎ6©KZFJC¡FCVK³IWEJ
EJWWTW¡LC¡RLKPCVIW¡IC¡TCIWLCOVCCVÏLWR
LCV©VFCIWC¡CCNJIWLCPCCPÎ;QSWGT¯C
OWEJQCPWGUVTQVQTQRGTQVWRCR£NQXGPFKµÏ
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
NGUFKLQNCOCO£CUWUJKLQU=5GRTGUGPVCFGURW«U
FGWPCXQECNQWPCRCWUCINQVCN)TCO
[?8CTLKEJ
ÊEJEN¯VPQUCPQUQVTQU
EQORNGOGPVQFKTGEVQQ
KPFKTGEVQFGNCRTKOGTCRGTUQPCFGNRNWTCN/CC¡P
OCUCC¡PUCRR©ZLWWI©VCC¡PCEJVCK³DWKFJC¡
IW/KIKCNIWVWWOK³&KEG/KIWGNSWGPQU
RTGUVCGNFKPGTQUQNCOGPVGRQTWPOGU
PQU
EQORNGOGPVQTGHNGZKXQQTGE¯RTQEQFGNC
RTKOGTCRGTUQPCFGNRNWTCNt2CC³DC¡DCO
P©TFC¡!tLWRMCK¡EJIW/CTKK[Ct/WOOW
FJQPCEJRCK¡LCZDCEJC¡L©¡PFC¡PCEJRCK¡
FJWWMOWLKOO©FC¡tLWRMCK¡EJIW.KKPFC
t&µPFGVGXQ[CGURGTCT!tRTGIWPVµ/CT¯C
t&QPFGUKGORTGPQUGPEQPVTCOQUEWCPFQ
XCOQUCNN£tEQPVGUVµ.KPFC
=5GRTGUGPVCFGURW«UFGWPCXQECNQWPCRCWUC
INQVCN)TCO[?8CTLKEJ
EJCCRWMCFLCOCTIQ6CCRWMLCRLKFJQQTCKOW
K¡[C¡MWOMQ¡[C¡IWMQMTQKFJC¡PCIW¡LC
VCCRMC¡³FJC¡PCIW¡IKKNJKOLKZEJCCRWM
*KGTXGNCEQTVG\CFGNGPEKPQ[VµOCVGNCRCTCSWG
UGOWGTCPNCUNQODTKEGUSWGVKGPGUGUQNCUXCC
OCVCTRQTSWGGUOW[COCTIC=EQRLKZ?
8«CUGVCCRWM
EJCCVCMCFLPQDKGPOQNKFQ,KZEJCCVCMR©ZDC
VWVWC¡FC¡IWOCVVWTPQ¡EJCOUQNJOQ³KZ'N
OGVCVGPQOWGNGOW[HKPQUKPQGURKECFQEQP
WPCRKGFTCDGTTQSWG³C=EQRLKZ?8«CUGVCCM
EJCCVMK¡CFLSWGUGRCTVGH£EKNOGPVG
RQTU¯UQNQ
%JCOVW¡DJCK¡IWDKKEJWCPQ¡³KEJV©KVW
VC¡ONCUVCPCIW¡ZEJCCVMK¡PQ¡VDCICC'N
GPEKPQFGJQLCUCPIQUVKVCUPQUKTXGRCTCJCEGT
VCDNCURQTSWGUGTCLCH£EKNOGPVGEWCPFGUGUGEC
=EQRLKZ?8«CUGVCCR³KC¡
EJCKMC³CFLTCUICFC
TQRC6W¡DCFWWIW³
KRWWTPCDC¡IÀ¡RDCZEJCKMC³!3W«NGRCUµC
OKFGNCPVCNSWGGUV£VCPTCUICFQ!=EQRLKZ?
8«CUGVCKM³KC¡
EJCKOC¡CFLCPCTCPLCFQ
NKVEQNQTFGHWGIQ
2CCRKEJUCDC¡NJFJKOKRWWT!,QKFJCOVW¡O
LKZEJCKOC¡&µPFGEQORTCUVGVWHCNFC!2WGU
GNCPCTCPLCFQGUOW[DQPKVQ=RNEJCVCKOC¡?
EJCMUC¡CFLGPTGFCFQ,KZEJCMUC¡IWMWWRC¡P
FJK³MCDCK¡%JCODKC¡K³IWK¡PCM©¡PLWO
U©©U©U'NRGNQFGOKECDCNNQGUV£GPTGFCFQRWGU
PQVGPIQEQPSW«RGKP£TUGNQ=RNEJCVCMUC¡
EQRLKZ?
EJCMWKCFXVQFCX¯CPQ-KC¡R©ZDCM³K³KCFJK
%JGGNOQPCDC¡EJCMWKEJWPCC%TGQSWG
EJCOVW¡
CRGPCUUGFGURGTVµ#PUGNOQRQTGUQVQFCX¯CPQ
SWKGTGFGUC[WPCT
PQJCDGT
JGEJQCNIQRQTOWEJQVKGORQ/WZK
LCK¡EJFJCO©TIWMCMCTDCZ)W¡EJKIKKNJKODC
MQ¡KKOCOLKPCO©VIW¡VCMCCDF©TEJCMWKKK
IWUWWFCK¡.NGXCNCUEJKXCUCVQOCTCIWC
5GIWTCOGPVG[CUGGUV£POWTKGPFQRQTSWGPQ
JCPVQOCFQCIWCFGUFGC[GT
EJCOCFXPQ0Q¡IKKNJKOLKZEJCVQK³EJCO
LWOCC¡PCEJVW¡UC¡WCLWRV©¡MC¡VWMCC¡
%WCPFQJCEGOWEJQECNQTPQPGEGUKVQEQDKLCTOG
GPNCPQEJG
EJCODJCK¡CFXPQGUV£DKGP!RQTSW«PQ!
%JCODJCK¡CCPCRKOOKKCDW¡FJKVWK¡MW
DC¡RWK¡FC¡DK³ZKODJCLC¡RFCC!2QTSW«PQ
JCEGPVQTVKNNCUFGGUCOCUCSWG[CGUV£COCUCFC!
PQGUV£DKGP
RQTSWGGUVQTDC/CK¡DWC¡CR
FJKVCPCCTC¡/K¡EJCODJCK¡PCEJOKLC¡R
QKRQ6KTCGUVCDCUWTCRWGUPQUGUVQTDCRCTC
ECOKPCTRQTCJ¯
EJCOL©¡ZCFXPKUKSWKGTC)KCCRLKTRCLC¡M
MCOLK³LCFWW³PC³DC¡EJCOL©¡ZLWOOCCV!
&GFµPFGGUWUVGFCOKIQ!2QTSWGPKUKSWKGTCNQ
EQPQ\EQ
EJCOL©¡ZFJC¡CFXPWPEC)KCCRLKTRCCMCO
PC³DC¡EJCOL©¡ZFJC¡RCK¡FJWWM[CLC¡RLWO
P©K¡³PCRQKT©!&GFµPFGGUWUVGF!2QTSWG
PWPECNQJCD¯CXKUVQRQTCSW¯
EJCOQOKKMCFLSWGGUHNGZKDNG
NKVPQUG
SWKGDTC%JCOQQOKMFJKMW¡CC¡PCEJV©K
QQOKU'UVCNG³CPQUGSWKGDTCRWGUSWKGTQ
SWGDTCTNCRGTQPQRWGFQ=RNEJCOQQOKM?
8CTEJCOQ¡OKM8«CUGQO³KC¡
EJCORCK¡CFXGPPKPIWPCRCTVGCPKPIWPC
RCTVG#C³DJCOO©-QTKCPV©KRWRVW
IC¡PICKO©MIWUQQUQ¡O%JCORCK¡V©©³KEJ
;QCPFCDCDWUECPFQEQNNCTGUCNN£GP&WTCPIQ
RGTQPQNQUGPEQPVT«GPPKPIWPCRCTVG
♦EJCORCK¡VWLCK¡EJPQUGGPEWGPVTC
♦EJCORCK¡LCZVW¡KK¡PQVKGPGPCFCPQGUV£
GPHGTOQ
♦EJCORCK¡LCZMCK¡EJPQFKEGPCFC
♦EJCORCK¡LQKPQUGJCCRCTGEKFQ
RQTCSW¯
EJCOR©MCFXPQOWEJQPQVCPVQ,©¡OC¡PIW
LC¡VMCOEJCOR©MPCCCOIWMQ¡MQNJ#
CNIWPCURGTUQPCUPQNGUIWUVCOWEJQEQOGT
EJKNG
EJCOVW¡UPCFCt6W¡ROKWC¡FJKOCTRWWU
CO!tLWRMCK¡EJIW2GGITQt%JCOVW¡tLWR
'&+%+•024'.+/+0#4`
EJCOVW¡
6'2'*7ƒ0Ê'52#“1.
MCK¡EJIW,WCPt3W«VTCGUGPVWDQNUC!
tRTGIWPVµ2GFTQt0CFCtEQPVGUVµ,WCP
5KPµPPKEJEJW¡
EJCOVW¡EQPLPQ
+PKEKCNCRCTVGOGPQTFG
WPCEQORCTCEKµP,QKFJCOLKZK¡QQDIWPCDIW
VCCDJCMMCOEJCOVW¡RWK¡PCLCZIWV©¡PIKCM
MCO.QUPQRCNGUSWGTGVQ³CPGP«RQECFG
UGSW¯CUQPO£UUCDTQUQUSWG
NKVUQPOW[
UCDTQUQUPQEQOQNQUFG«RQECFGNNWXKCU
KPVGTLFGPCFC
TGURWGUVCt6CZEJCCDDC¡
OQQtLWRMCK¡EJIW2GGITQt%JCOVW¡tLWR
MCK¡EJIW,WCPt)TCEKCUtFKLQ2GFTQt&G
PCFCtTGURQPFKµ,WCP
EJCOZKKOCFXRTQPVQ
NKVPQVCTFC%JCO
ZKKOLWTWWMPCIW¡LC¡MKC¡PLC¡ROQQTCNJK¡EJ
EJCPQQNJ5GQDUEWTGEGRTQPVQRQTSWGGPGUVC
VGORQTCFCNQUF¯CUUQPEQTVQU5KPµPLQQVQO
EJCPQQOCFLUGFKGPVQSWGVKGPGUGF#NJK¡EJ
LK³OCCMIWOUW¡PIK¡,C¡RLKZEJCPQQOK³
2QTHCXQTFCOGVCPVKVCCIWC6GPIQOWEJCUGF
=RNEJCPQQMEQRLKZ?
♦EJWVQPOQFC¡CFLSWGNGFCUGF
EJCRQ¡ZK¡CFLGODQVCFQ
HKNQFGUCHKNCFQ,K³
OW¡MZKFJC¡CRLK³EJCCVFJK³OCZKKEJ
)KKNJKOEJCODJCK¡MCVWUQPKCMPCZ
EJCRQ¡ZK¡2QTHCXQTCH¯NCOGGUVGOCEJGVG
RCR£RWGU[CPQEQTVCDKGPRQTSWGGUV£
GODQVCFQ=EQRLKZ?
EJCVCC¡CFLSWGVKGPGOWEJQUVGPFQPGU)KKNJKO
LKZEJCVCC¡COIWVWVWWT&JK¡M©¡PLKZQ¡LQ¡
CO.QUVQTQUVKGPGPOWEJQUVGPFQPGURQTGUQ
UQPHWGTVGU=EQRLKZ?8«CUGVCVCC¡
EJCVCKOC¡=RNFGEJCKOC¡?CPCTCPLCFQU
EJCVCMUC¡=RNFGEJCMUC¡?GPTGFCFQU=EQRLKZ?
EJCVPCMCFLSWGUGRCTVGH£EKNOGPVG,KZ
EJCVPCMMC¡LKIW¡FJK³LCTCCTPQ¡RW¡³KDCT
VCCDJCM'P«RQECFGUGSW¯CGNCTCFQRWGFG
RCTVKTUGH£EKNOGPVG=EQRLKZ?8«CUGVCVPCMKC¡
EJCVQK³XaGJCEGTECNQTd,C¡ROQQZEJCVQK³
MCVLKCZKDFJKVCPQQNJ)QQMKOLC³KEJLK
DCVDKC*K\QOWEJQECNQTJQ[XGTFCF!/G
DC³«FQUXGEGU=EQRLKZ?8«CPUGEJQK³VW
VQK³FJKC¡
EJCVQQZMQ³KO=RNFGEJQZMQ³KO?GORCEJCFQU
=EQRLKZ?
EJC¡³KPVGTLPQ
RCTCKPVTQFWEKTWPTGIC³QNKVPQ
[Q%JC¡³LWOCCIK¡³!0QVGFKLG!
=UWLRNEJC¡EJ?
EJC¡RKPVGTLPQ
RCTCKPVTQFWEKTWPCRTQJKDKEKµP
NKVPQV¼%JC¡RIKKNJKOMWC¡FC¡IWLQQVMQZ
%JCOV©DJ©K¡³MC¡CR0QEQOCUVCPVCEGDQNNC
RQTSWGCU¯PQXCUCUGTKPVGNKIGPVG
=UWLRNEJC¡RKO?
♦EJC¡RLWCPFC¡dPQNQJCICUdF«LCNQ
EJKRCTV+PFKECSWGRQUKDNGOGPVGGUEKGTVQRGTQSWG
JC[FWFC,KZDCKI©MMCOVCVFC¡IW³DWKOCCR
F©T%JKPC³KEJIKKNJKOMQK5KGPVQJKPEJCFQ
WPQFGOKUQLQUETGQSWGGURQTSWGFQTO¯DKGP
UKPFGURGTVCTOG=)TCO?
EJKC=RTGVFGEJK³KC¡?OCPFµ
EJKCP=RTGUFGEJK³KC¡?OCPFC
EJKEJEN¯V+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN
RNWTCN[VKGORQRTGV«TKVQ2WGFGRTGUGPVCTUG
EQOQUWHKLQCNXGTDQ%JC¡ROKLC¡RVW
DCTIK¡³FJC¡EJKQ¡³/K¡FCRP©MLWRDCKC
EJKEJ0QCPFGUOQLCPFQCNN¯JKLQRWGUPQU
XCOQUCTGUDCNCT[ECGT
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ-CRDWKOWMLCRVWDCC¡O©TC¡
,WCPOWPCEJKEJRCK¡VWFCTCKIWVWOKCNJ
/C³CPCFGDGUKTCTGICT,WCPFQPFGRNCPVCOQU
NQULKVQOCVGU
=5GRTGUGPVCFGURW«UFGWPCXQECN)TCO?
8CTLCEJKEJ8«CUGÊEJ
EJKEJKQR=RNFGEJKQR?KINGUKCU
EJKEJKQ¡³=RNFGEJKQ¡³?JQODTGU
EJKEJMKT=RNFGEJKMKKT?EQTTCNKVQU
EJKKEJKC¡=RNFGEJK¡©©¡?GUVTGNNCU8CTLWLW¡DC¡
EJKKEJK³=RNFGEJK³?DQECU
EJKKEJKQD=RNFGEJKQD?EWGXCU
EJKMKKTUEQTTCNKVQ/WMCZKLCMWWRO©TEJKMKKT
V©TFJKMCMCTDCZMWRCNJKQMCZKOL©©RFJCK
PCRDC¡IKQRDCVWDKC¡TC¡8GCGPEGTTCTNQU
EJKXQUGPGNEQTTCNKVQRCTCSWGFGUECPUGUWPTCVQ
CPVGUFGKTCCRCEGPVCTNQUQVTCXG\
=RNEJKEJMKT?
EJKOQQRCTVRCTGEGSWG%JCOOKDWKFJKZEJK
OQQIWQPFJKDJCDPCDC¡ZDCUFCM2CTGEG
SWGPQNGGEJCTQPUCNCGUVQUHTKLQNGURQTGUQPQ
VKGPGPUCDQT
EJK³UDQEC
RGTUQPC%JCODJCK¡VWMWC¡K³
,KZMQ¡MIW³EJK³0QEQOQDKGPRQTSWGOG
FWGNGNCDQEC
DQEC
TGEKRKGPVG,KZLWCTCMVWEJK³IWDCNFK
IWDJQVGG[CDC¡©TFK¡EJLWRVWEJK³'NDCNFG
VKGPGNCDQECCPEJCRGTQNCDQVGNNCVKGPGNCDQEC
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
CPIQUVC
RKEQJQEKEQ6ÀDVWEJK³IWVCMCCTWK¡PC
M©¡PV©V©©V©DFC¡.CICNNKPCVKGPGGNRKEQNCTIQ
EQPGNEWCNRGRGPC
=RNEJKKEJK³CRQUEJK³KK¡³?
♦EJK³K¡TCOGPUWDQEC
FG«NQFGGNNC
EJK³DCTCC¡UUCNKXC#ODCOWOWK¡FJCTIW³
EJK³DCTCC¡PC³DCZDKQZKO%WCPFQSWKGTQ
XQOKVCTUGOGNNGPCNCDQECFGUCNKXC
=CRQUEJK³DCTIC¡P?8CTEJK³DQTCC¡
EJK³DQUDCTDCDKIQVG,K³DJ©K¡³O©TIW
M©M©¡FCOPC³[C¡PKM©¡PLKKMC¡IW³EJK³DQ
)KKNJKODCTVÀ¡VÀD6T£GOGNCUVKLGTCURCTCSWG
OGRWGFCEQTVCTGNDKIQVGEQPGNNCURWGU[CGUV£
OW[NCTIQ=CRQUEJK³DQ¡P?
EJK³DQMCOCFLSWGVKGPGDCTDCQDKIQVG
/CC¡P[C¡ZKÀÀMIWOCC¡PMCOIKKNJKOLKZ
EJK³DQMCO%JCOOCCVK³PCTLCTQK¡FJC¡
#SW¯NNGIµWPCRGTUQPCEQPOWEJCDCTDC0QU«
SWK«PHWG=EQRLKZ?
EJK³DQVC¡XaKUCNKTDCTDCUCNKTDKIQVG%JKF©©NJ
EJCOEJK³DQVCKOLKIW,QUGG$CLKTIÀ¡
OCC¡PMCOIW¡V©KCKZMCOPCDJCK¡DC
DWDWCMKC¡I©VPQ¡OQQEJK³DQVCKO2CTGEG
SWGC,QU«PQNGXCCUCNKTDCTDCRWGU[CGU
ITCPFG[[CFGDGT¯CFGJCDGTNGUCNKFQ
=RTGVEJK³DQVC?8CTEJK³DWVC¡
EJK³KC¡XaVRGFKT
JCEGTCNIQ%JK³KC¡CRIWO
ZKKZMWOMQQMQZFJC¡IWOLCLCPPWNJPQ¡
EJCODJCK¡IWF©©NJ2¯FGNGCVWJGTOCPQSWG
VGSWKVGNCTQRCUKPQRWGFGUV¼UQNQ
XaVOCPFCT
CJCEGTCNIQ:KEJKCPIWCNJKK
PCLCUQ¡OFJCTC¡IWDJWK¡O[CU/CPFCCN
PK³QSWGXC[CCCTTGCTNQUDWG[GURCTCCE£
XaTRGFKT
EWTCEKµPCWPEWTCPFGTQ,WO
EJK³KC¡UCRIW5KOQQPIWLWOCKVWOKK³MW
VC¡O$JCCPI©KUCRIWMQQZK¡PCVCITGG¡P
CNJK¡EJDJ©KIWWDKKPCMCZZKFJWW&KEG
5KOµPSWGXCCRGFKTNGCWPEWTCPFGTQSWGNQ
EWTGGNRTµZKOQFQOKPIQRWGUUGGPHGTOµ
RQTSWGVQEµCUWOWLGTEWCPFQGUVCDCRTQJKDKFQ
=RTGVEJKCRTGUEJKCP?
EJK³OWKFJC¡XaDFCT
GPNCDQECCQVTCRGTUQPC
6WEJK³OWK¡³FJC¡K³IWCJNKKPQ¡MCTCNJK¡EJ
PCIW¡EJCMWKOCCV©VVWMWC¡FC¡.GFQ[FG
EQOGTGPNCDQECCNPK³QEJKSWKVQRQTSWG
VQFCX¯CPQUCDGEQOGT=RTGVEJK³OWKQ
EJK³OWK¡RTGUEJK³OWK¡³?
EJK³³CMKC¡XaKDQUVG\CT,KZMQQZKOCRCC
,WCPMWRDC¡OQQLC¡REJK³³CM!-C¡EJCO
EJ©DJ©KFJC¡
DJCK¡EJWVCVFC¡CC!2QTSW«GUV£UDQUVG\CPFQ
,WCP!6KGPGUUWG³QQVGUKGPVGUOCN!
=RTGVEJK³³CM©RTGUEJK³³CM?
EJKQDUEWGXC#NJDQQRQMDCCRLCO©VIW
MCMCTDCZDJCOO©EJKQDPCVDJCK¡LKFJWW¡P
.CUECDTCUEQTTKGTQP[UGOGVKGTQPGPNCEWGXC
CNN£CTTKDCEWCPFQGORG\µCNNQXGT
=RNEJKKEJKQD?
EJKQ³EJ©TURGFTGICN%JKQ³EJ©TLC¡RLKZ
LCK¡EJMC¡IWDJCD[QQZK¡IWK¡PCTICOR©ZMCO
PCRWK¡RLKZK¡QQDPCLCZIWO©UFCO'PNQU
RGFTGICNGUJC[HNQTGUFGGLQVGUUKNXGUVTGUSWG
GUV£PVCPUCDTQUCUEQOQNCUSWGUGUKGODTCP
EJKQRUKINGUKCVGORNQ)WEJKQRPCDJCOO©
M©©M-QTKCPOCCRF©TFCKLQQFCKDJC
DJK¡³DCMEJKZ7PNCFQFGNCKINGUKCSWGGUV£GP
&WTCPIQGUFGRWTCRKGFTC=RNEJKEJKQR?
♦PCORCK¡VWEJKQRK¡FQPFGJC[
NKVFQPFG
GNNQUVKGPGPWPCKINGUKC
EJKQ¡³UJQODTG6WLWCPVW¡IWEJKQ¡³VWVWWT
M©¡PIWWDKKDC¡OWV©©ZKKO'NJQODTGGUV£
CTCPFQEQPNQUDWG[GU[NCOWLGTXCUGODTCPFQ
FGVT£UFG«N=RNEJKEJKQ¡³?
♦CNJKKEJKQ¡³PK³Q
♦EJKQ¡³LWOVCCVUGUKGPVGOW[OCEJQQ
XCNKGPVG
EJKQ¡³UOKJKLQJKLKVQ
V«TOKPQFGECTK³Q
)QQMWC¡O©TIWMW¡CC¡³EJKQ¡³DJCOO©
UCMCCNJKMCOPC©¡MKZ*KLKVQXGCVTCGTCNIWPC
NG³CFGNCSWG[CGUV£EQTVCFCCNN£GPNC
EQTFKNNGTC=5GRTGUGPVCEQPWPCHKLQFGRQUGUKµP?
EJK¡©©¡UGUVTGNNC$CZKC¡NJKOFJQDCM,CK³PCV
DJCK¡DCV©UIWIÀ¡EJK¡©©¡2CTGEGSWG[CGUV£
COCPGEKGPFQRWGU[CUCNKµNCGUVTGNNCFGNC
OC³CPC
#NIWPCURGTUQPCUNNCOCPCNCUGUVTGNNCU
LWLW¡DC¡=RNEJKKEJKC¡QEJKEJK©¡?
♦IÀ¡EJK¡©©¡UGUVTGNNCFGNCOC³CPC
NKV
GUVTGNNCITCPFG
EJ©DCC¡CFLPWDNCFQ)KKNJKOLKZEJ©DCC¡%JCO
DJCK¡VCPQQT'UV£OW[PWDNCFQ'NUQNPQ
CNWODTCDKGP=EQRLKZ?8«CPUGV©DCC¡
V©DIKNJKC¡
EJ©D©RIK¡CFLTQLQ
£TGC$JCOO©PKMC¡PQKT©
IWDJWTW¡ZPCRCK¡ZEJ©D©RIK¡)W¡EJKDJCK¡O
KCRV©MPCZEJWOQKM'NDWTTQCPFCCNN£FQPFG
JC[VKGTTCTQLCSWK\£GUV£TGXQNE£PFQUGGPNC
VKGTTCUWGNVC=EQRLKZ?8«CUGD©¡
EJ©DJ©KFJC¡CFLKPVGNKIGPVGSWGCRTGPFG
H£EKNOGPVG,C¡RLKZEJ©DJ©KFJC¡FJK4QIGGNKQ
'&+%+•024'.+/+0#4`
EJ©DJ©KOQM
6'2'*7ƒ0Ê'52#“1.
IWVW¡PCLCZLWOMCK¡EJFJC¡R©ZLKPQ¡
LQKFJCOMÀÀ4QIGNKQCRTGPFGH£EKNOGPVGNQ
SWGNGFKEGNCIGPVGUKGORTG[EWCPFQNGCITCFG
=RNEJ©DJ©DJ©KFJC¡EQRLKZ?8«CUGDJ©KFJC¡
EJ©DJ©KOQMCFLSWGNGIWUVCCICTTCTEQUCU
CLGPCU,KZEJ©DJ©KOQMFJQUCRIW/CCTMQU
%JC¡RKOOKLC¡ROCCZKMVWVWC¡MC¡IWZ
FJC¡TCOPCOM©O#/CTEQUNGIWUVCCICTTCT
NCUEQUCUCLGPCUCU¯SWGPQFGDGPVGPGTCNCXKUVC
EQUCUFGXCNQT=RNEJ©DJ©DJ©KOQMEQRLKZ?
EJ©F©©DJCZCFLUGEC
VKGTTC-KC¡R©ZDCZEJ©
F©©DJCZOWLC¡RICC¡PV©TPCVIW¡DCKM
VCPQQNJEJCMWKFWW¡PPCIKKNJKOZK
FJWMKKO©M.CVKGTTCFGNCOKNRC[CGUV£UGEC
RQTSWGPQJCNNQXKFQGPVTGUF¯CUFGUFGGNF¯C
SWGNNQXKµOWEJQ=EQRLKZ?
EJ©©FQ¡CFLC\WNXGTFG,QKFJCOLKZEJWMWWO
LKZEJ©©FW¡IWZFJCCOPQ¡ZWC³%WCPFQGN
EKGNQGUV£FGURGLCFQUGXGFGWPC\WNOW[
QUEWTQ=RNEJ©VFQ¡EQRLKZ?8CTEJ©©FW¡
♦EJ©V©©FQ¡CFLXGTFGC\WN
£TGC
♦EJ©¡PIKEJCFLSWGUGXGXGTFG
EJ©©©DJK¡³CFLOKGFQUQ,KZEJ©©©DJK¡³IW
OCTCC¡PIW.WKUCUCTCMMKC¡PQ¡LCTQK¡ZK
FJC¡PI©'NJKLQFG.WKUCGUOKGFQUQUKGORTG
NNQTCEWCPFQCNIWKGPNQCICTTC=EQRLKZ?
EJ©©UFK¡=RNFGEJ©UFK¡?SWGUWDGPH£EKNOGPVG
=EQRLKZ?
EJ©©VMK¡CFLDWGPQRCTCRGTEKDKTEQUCUCVTCX«UFG
NQUUWG³QU#C³CNJLC¡RLKPC³LKZEJ©©VMK¡0Q¡
LCTQK¡DC³Q¡DJCIK¡³LQVOQFC¡DCV©©VMKC¡K³
;QUQ[DWGPQRCTCRGTEKDKTEQUCUCVTCX«UFGNQU
UWG³QU.WGIQU«UKCNIWKGPOGGUV£RGTUKIWKGPFQ
RQTSWGNQUWG³Q=EQRLKZ?8«CUGV©©VMKC¡
EJ©TMCOCFL£URGTQ
EQOKFC,KZEJ©TMCOLWO
MWC¡IWOWWNJNCPMKK[WU.QUJWGXQUFGNC
VQTVWICVKGPGPWPUCDQT£URGTQ=EQRLKZ?
8«CUGM©TPKO
EJ©TQQMCFL£URGTQ
PQEQOKFC,KZEJ©TQQMIW
MQOKK¡³IWM©K¡³MCOMQ¡+COR©ZLC¡RVW¡OPC
IWUQ[QQVIWLQIKK¡³.CRKGNFGNCX¯DQTCFG
ECUECDGNGU£URGTCUGRCTGEGCNCRKGNFGN
CTOCFKNNQ=RNEJ©VTQMQEJ©V©©TQMEQRLKZ?
8«CUGV©TQQM
EJ©UFK¡CFLSWGUWDGH£EKNOGPVG
NWICTGUECTRCFQ
)KKNJKOLKZEJ©UFK¡IWDCKU©NJPCIW¡ZOW¡OWM
IWLWWVW¡P5KCDCCRCKEJC¡OV©UUC¡P'NVGLµP
UWDGOW[H£EKNOGPVGRQTSWGVKGPGNCUW³CU
RWPVKCIWFCUJCUVCRWGFGUWDKTWPCDCTTCPEC
=RNEJ©©UFK¡EQRLKZ?8«CUGV©UFKC¡
EJ©VFQ¡=RNFGEJ©©FQ¡?C\WNGUXGTFGU=EQRLKZ?
EJ©V©©FQ¡CFLXGTFGC\WN
£TGC,QKFJCODCZ
EJ©V©©FQ¡OWPKLC¡RIKQV©TPCVIW¡DCLKEJW
KKRW5GXGXGTFGGNNNCPQRQTSWG[CGUV£
UCNKGPFQGN\CECVG=RNEJ©V©VFQ¡EQRLKZ?
8CTEJ©V©©FW¡8«CUGEJ©©FQ¡
EJ©VTQM=RNFGEJ©TQQM?£URGTQU=EQRLKZ?
8CTEJ©V©©TQM
EJ©¡PIKEJCFLSWGUGXGXGTFG,©¡ZLKZEJWWM
FJKUWWFCK¡PCDC¡COLKZEJ©¡PIKEJFCC!
3W«VCPJQPFCGUV£GNCIWC!5GXGEQOQXGTFG
=EQRLKZ?8«CUGEJ©©FQ¡
EJ©¡VDKNJK¡CFLSWGETGEGT£RKFQ,QKFJCOLKZ
EJ©¡VDKNJK¡IWMWWRC¡PIW/CTKK[C.GETGEG
OW[T£RKFQGNECDGNNQC/CT¯C=EQRLKZ?
ÊEJQUWHaX+PFKECSWGNCCEEKµP[CUGVGTOKPµ0CV
RCK¡OICZDWKEJQPCVDC¡DCLKKFJKWDKK
%WCPFQNCOWLGTVGTOKPµFGRGKPCTUGUGHWG
=)TCO?
EJQK³CFLECNKGPVG$CZEJQK³FJKDCK³WO
DCTCOPCRUCCMVWDCRCK³OKEJFJC¡IWDCCM
;CGUV£ECNKGPVGGNHKGTTQRCTCSWGJKGTTGUNCU
XCECU
SWGVKGPGECNGPVWTC,KZEJQK³FJKCNJKK,KZ
KQ¡OCCLKOIWUQOCKIK¡'UVGPK³QVKGPG
ECNGPVWTCNGXCCFCTHWGTVGNCITKRG
=RNEJCVQK³EQRLKZ?
♦EJCVQK³XaGJCEGTECNQT
EJQK³FJK¡CFLSWGUGECNKGPVCDKGP,CK¡
LQKFJCOLKZEJQK³FJK¡IWDJK¡³MQOCCNJLC¡R
PCLCZPQ¡TDCK³WO#NIWPQUEQOCNGUFGDCTTQ
UGECNKGPVCPT£RKFQEQOQNQUFGHKGTTQ=EQRLKZ?
EJQMUQNJK¡CFLSWGJCEGGURWOC,KZ
EJQMUQNJK¡IWDK³DWKLC¡RPCDCMWC³MCT,KT
COPC³M©¡PDCVDKC¡.CNGEJWIWKNNCGU
GURWOQUCEQOQGNLCDµP[GUDWGPQDC³CTUGEQP
GNNC=EQRLKZ?8«CUGVQMUQNJKC¡
EJQMUQ¡CFLSWGVKGPGGURWOC,CZMWDC¡Z
EJQMUQ¡IWEJK³KK¡³FJKDJWTW¡Z!/QQEJKZ
EJCPQQOLKC2QTSW«GNDWTTQVKGPGGURWOC
GPNCDQEC!#NQOGLQTVKGPGUGF=EQRLKZ?
8«CUGVQMUQ¡
EJQQOK¡CFLGUV£HWGTVG
H¯UKECOGPVG#CR
EJCOKCOLKZEJQQOK¡CCLK³LKKMWNJPCROK¡
FJ©TKCOLK³DJKK³QNJFJC¡I©VFJK³LWWP!#C³
CNJLC¡RPKL©¡ZLKMW³EJCOQQ¡PCVOCVW³CK
0QVGPFT£UO£UHWGT\CUQDTKPQRCTCSWGOG
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
ECTIWGUGUVGEQUVCNFGOC¯\!;QPQRWGFQRQTSWG
GUVQ[GPHGTOQ=EQRLKZ?
EJQQVQ=RNFGEJWC?DNCPEQU=EQRLKZ?
EJQQ¡PPKC¡XaGGURCPVCTUGFCTNGOKGFQCWPQ
/QQ³EJKZEJQQ¡PPKC¡PQ¡LCTQK¡DJCK¡DCLKO
PQ¡VLC¡RVW¡OZKEJ©OV©K¡FJCMPC
UCPFCCTWK¡Z%TGQSWGOGXQ[CGURCPVCTUK
CNIWKGPXGUVKFQEQOQUQNFCFQXKGPGRCTCCE£
=UWLRNEJQVFQPKC¡RTGVEJQQ¡PEJQQVQ¡P
RTGUEJQQFQPEJQVFQPEQRLKZ?
8«CUGVQQ¡PPKC¡
EJQQ¡PPKOWMCFLVGOGTQUQV¯OKFQ
NKV
H£EKNOGPVGNGFCOKGFQ,C¡RLKZEJQQ¡PPKOWM
FJK$GGVQUKCVW¡RCNJ©©RLWRLWOFWWMCOM©¡P
PQ¡³LCZZKMCK¡EJ(£EKNOGPVGNGFCOKGFQC
$GVQCWPSWGNGFKICCNIQSWGPQUGCGURCPVQUQ
=RNEJQVFQPOWMQEJCVQQ¡PPKOWMEQRLKZ?
8«CUGVQQ¡PPKC¡
EJQVFQPKC¡=UWLRNFGEJQQ¡PPKC¡?2GLLKZ
EJQVFQPKC¡COUGGURCPVCT£P=RTGVEJQQVQ¡P
RTGUEJQVFQPEQRLKZ?8«CUGVQVFQPKC¡
EJQZMQ³KOCFLGORCEJCFQ/QQRKEJEJKZK¡
IÀ¡LWWIWDJCDMWDC¡RWK¡COLKZEJQZMQ³KO
VWVCVFC¡#NQOGLQTEQOKUVGFGOCUKCFQU
HTKLQNGU[RQTGUQVGUKGPVGUGORCEJCFQ
=RNEJCVQQZMQ³KOEQRLKZ?8«CUGVQZMQ³KC¡
EJWCCFLDNCPEQ,QKFJCOLKZEJQQVQLWO
VCLCCPIWV©DCC¡,C¡RVW¡KK¡PCVW¡VQM'UV£P
OW[DNCPECUNCUPWDGURCTGEGPCNIQFµP
GURQPLCFQ=RNEJQQVQEQRLKZ?
♦EJW¡CC¡CFLR£NKFQ
EJWCC¡³ZKFJCTC¡CFLSWGNGIWUVCTGRGVKT
NQ
SWGWPQFKEGEQOQDWTNC,KZEJWCC¡³ZKFJCTC¡
IWDCCRCKPQ¡³OKC¡PM©©MCVLKK³CMRKCOLCZ
PQ¡³MCK¡EJIÀ¡M©¡P5KOGRCTQEGTECFGNC
NCFGTC[ITKVQCNIQRCTGEGSWGCNIWKGPUG
GUVWXKGTCDWTNCPFQFGO¯TGRKVKGPFQNQSWGITKVQ
=EQRLKZ?
EJWCDJCCTCFLDQPKVQ
£TGC/CKMLCEJ
RCZKCTRW¡-CRQPGGVPCRDC¡V©V©IKC¡MCPCLCZ
LKZEJWCDJCCT8COQUC#ECRQPGVCCRCUGCT
RCTCSWGXGCUSW«VCPDQPKVQGUV£=RNEJW
C¡DJCTEQRLKZ?
EJWCUMK¡CFLNNGPQFGGPTGFCFGTCU
£TGC
)KKNJKOLKZEJWCUMK¡OK¡FJKD©©ZCM%JCOLKT
LKO)KKNJKOPCK¡EJWODCRRCP'UV£OW[
NNGPQFGGPTGFCFGTCUGUVGCTTQ[Q0QUGRWGFG
RCUCT=EQRLKZ?
EJWDWNJ
EJWC¡CFLSWGJC[GPEKPQU%JCOR©MMCVWC¡
[C¡,WMV©T$©©ZDCKC¡TCKO©VIWLC¡VMCOIWK¡
PCL©¡MOKC¡PMCVWWV©V%CUK[CPQJC[GPEKPQU
CSW¯GP5CPVC/CT¯CRWGUNCIGPVG[CVWODµ
VQFQUNQUSWGJCD¯CEGTEC=EQRLKZ?8«CUGVWC
♦EJWVWC¡CFLEQPOWEJQUGPEKPQU
EJWC¡DJCT=RNFGEJWCDJCCT?DQPKVQU
£TGCU
=EQRLKZ?
EJWC¡IKOCFLSWGNGHCNVC
UCNQC\¼ECT,CZ
MWDC¡ZEJWC¡IKOLKZQPMCMFJK³DJKK!0C
³KEJRCPCCUIÀ¡OK¡DWK¡³IWQP2QTSW«NG
HCNVCUCNCOKEQOKFC!UKETGQSWGNGGEJ«
OWEJC=EQRLKZ?
EJWC¡IKOCFLENCTQ,CZMWDC¡ZEJWC¡IKOLKZ
EJ©©FW¡FJKORCPVCNQQP!&©©NJCCLKTRW
EJW¡O!2QTSW«GUV£OW[ENCTQGNEQNQTFGVW
RCPVCNµPC\WN!&GRQTU¯GUCU¯!
=RNEJWVWC¡IKOEQRLKZ?
EJWDCC¡CFLOQLCFQ
£TGC,QKFJCOLKZEJW
DCC¡PCVIW¡VCMCCDIKKNJKOLKZKQ¡OFWW¡P
,KTCOPCEJDCV©©ZKC¡.CVKGTTCGUV£DKGP
OQLCFCRQTSWGC[GTNNQXKµOW[HWGTVG[CGUV£
DWGPCRCTCUGODTCT
OQLCFQ
EQPLWPVQFGEQUCU-CZEJWDCC¡IW³
LCLCPPWNJPCEJV©KZEJ©©RZKFJCOV©©¡PCIW¡
DCZFWWFWKO6QFCX¯CGUV£OQLCFCOKTQRC
SWGT¯CTGEQIGTNCRQTSWG[CXCCNNQXGT
=RNEJWDCRTC¡EQRLKZ?8«CUGDCC¡
EJWDCIKQOCFLJ¼OGFQ,QKFJCOLKZEJW
DCIKQOMC¡PCDCRMCDWKOWMPCZEJWDC¡QQV
MC¡6QFCUNCUOC³CPCUGUV£JWOGFCNCVKGTTC
RQTSWGGUV£EC[GPFQGNTQE¯Q=EQRLKZ?
8«CUGDCIKQOEJC¡
EJWDCKMMCOK¡CFLFKURCTGLQ
NWICTEQP
FGRTGUKQPGUQJWPFKOKGPVQU,KZEJWDCKMMCOK¡
OK¡PCRCK¡VWDC¡MEJCKOIW³MWWNUKPCIW¡
UCROK¡EJCOR©MV©I©DIWL©D©©NJPCT
FWOCCNJ.CVKGTTCGUV£FKURCTGLCCNN¯FQPFGGUV£
JCEKGPFQNCECUCOKCDWGNKVQRQTSWGGUV£GPWPC
RCTVGDCLCFQPFGGNXKGPVQPQRGICOW[HWGTVG
=RNEJWDCRCKMMCOK¡EQRLKZ?8«CUGDCKMMCO
EJWDCRTC¡=RNFGEJWDCC¡?OQLCFQU=EQRLKZ?
EJWDWNJCFLTGFWEKFQCPIQUVQ
ECOKPQ
)KKNJKOLKZEJWDWNJOCC¡PMCROK¡FJKD©©ZCM
PCRCK¡DJ©KZIWDQK'UV£OW[CPIQUVQGN
ECOKPQGPWPCRCTVGFQPFGRCUCRQTGNT¯Q
=RNEJWDWRWNJEQRLKZ?
♦LKZEJWDWNJM©TGUWPVTCOQCPIQUVQ
'&+%+•024'.+/+0#4`
EJWDJCCK¡
6'2'*7ƒ0Ê'52#“1.
EJWDJCCK¡CFLSWGUGRWGFGRCUCTH£EKNOGPVG
£TGC,KZEJWDJCCK¡OWMCPF©TD©©ZICK
PCEJDJ©©[C¡6W¡MWEJDC¡OQQU©NJOK¡R
LWWTMKEJW¡PCRCK¡IKKNJKOVWVW¡KK¡!2QFGOQU
RCUCTH£EKNOGPVGRQTVQFCNCNCFGTCRQTSWGPQ
VKGPGECUQKPVGPVCTRCUCTFGTGEJQRQTFQPFGGUV£
OW[HGQ=EQRLKZ?8«CUGDJCCK¡
EJWDJKCOWMCFLSWGUCDGUCECT
FGFQPFGGUV£
OGVKFQ/WEJ©P©K¡³FJC¡RKOOWLC¡RPCRCK¡
V©©©ZPCEJCOVWDJKC¡IWIÀ¡IÀTQ¡MPCOIW¡
IKKNJKOLKZEJWDJKCOWM6GPICPEWKFCFQSWG
NQUR£LCTQUPQUCSWGPNCUUGOKNNCUFGCNN¯FQPFG
GUV£PUGODTCFCURQTSWGUCDGPDKGPEµOQ
UCECTNCU=EQRLKZ?8«CUGDJKC¡
EJWDJKCOWMCFLSWGUCDGRQPGTNC\CPECFKNNC
6©KEJCOLKPCQQ¡IW2GGNGULC¡RLKFCKPCZ
EJWDJKCOWMMWDC¡LCKC¡TCUFC¡IWLC¡VMCO
(«NKZPQGUV£HWGTVGNQSWGJCEGGUSWGNGURQPG
NC\CPECFKNNCCNCURGTUQPCU[RQTGUQNCUVWODC
=EQRLKZ?8«CUGDJKC¡
EJWDJK¡URCTC¡CFLRGICLQUQ/WRLWO
KMQKOFJCK)KKNJKOLKZEJWDJK¡URCTC¡IWO
PQQPQDPCRICPFC¡PI©FJKLC¡CCPCZ
O©©DCVOC¡.£XCVGNCUOCPQURQTSWGGUV£POW[
RGICLQUCURQTGUVCTCICTTCPFQNCQNNCSWGVKGPG
OKGN=EQRLKZ?8«CUGDJK¡URC¡
EJWFC¡PRKMCFLTGUDCNCFK\Q
£TGC/CC¡PPC³
LCZ©NJKC¡RCK¡PQ¡ZEJWFC¡PRKMPQ¡ZDJKFJCC¡
/GECKIQUKGUV£TGUDCNCFK\QFQPFGJC[OWEJQ
DCTTQ=RNEJWFCFC¡PRKMEQRLKZ?
8«CUGFCR³KC¡
EJWFW¡PRKMCFLNQFQUQ,KZEJWFW¡PRKMOW
F©TD©©ZDQKPCEJDJCLKKOPCVIW¡KQ¡OFWW¡P
'UVCDCNQFQUQVQFQGNECOKPQEWCPFQXGP¯COQU
RQTSWGNNQXKµHWGTVG
RCPVCPQUQ,KZEJWFW¡PRKMOWDKDKCVCOPC
IW¡EJCOIC¡M©IWUWWFCK¡$©©ZEJCC¡OFC¡
LCK¡EJMC¡&QPFGGUV£GNOCPCPVKCNGUOW[
RCPVCPQUQRQTSWGPQUGCECDCGNCIWCC¼P
FWTCPVGNC«RQECFGUGSW¯CJC[CIWCCNN¯
=RNEJWFWFW¡PRKMEQRLKZ?8«CUGFWR³KC¡
EJWICMCFLUGEQ
£TGC&CKDJCK¡R©ZF©T
5WUDJC¡PVCODJCK¡LKZEJWDCC¡$JCK¡FJ©T
ICOO©L©LC¡MLKZEJWICMLK0CFCO£UFG.QU
%JCTEQUJCEKCCE£GUV£OQLCFQRGTQFGCNN¯RCTC
CNN£GUV£OW[UGEQ
UGEQ
EQPLWPVQFGEQUCU6WWNJPCKCRIW
LCLCPPWNJPQ¡DCZEJWICM4GEQLGNCTQRCUK
[CGUV£UGEC
=EQRLKZ?8«CUGICM
EJWKC¡³FJCTC¡CFLSWGJCEGFC³Q)KKNJKOLKZ
EJWKC¡³FJCTC¡IWPCMU©TPQ¡VDC³M©K'N
RKSWGVGFGCNCET£POGJCEGOWEJQFC³Q
=EQRLKZ?8«CUGKC¡³FJC¡
EJWKKRWPCFLSWGUGRQPGXGTFG
£TGC
6©¡PIKCMLC¡MLQKFJCOLKZEJWKKRWPMC¡'P
«RQECFGNNWXKCUUGRQPGXGTFGRQTVQFCURCTVGU
=EQRLKZ?8«CUGKKRW³KC¡
EJWLWCPCTC¡CFLDWGPQRCTCVTCDCLCT,©¡OC¡P
LKZEJWLWLWCPCTC¡COIWLC¡VMCO%JCO
L©¡ZMCVRCK¡FJWWMOK¡RCK¡R©ZFCTCCCO
#NIWPCURGTUQPCUUQPOW[DWGPCURCTCVTCDCLCT
RWGUPWPECGUV£PUGPVCFCUUKPJCEGTPCFC
=RNEJWLWLWCPCTC¡EQRLKZ?8«CUGVWLWCPC¡
EJWLWCPCTICOCFLOW[VTCDCLCFQT,KZ
EJWLWCPCTICOLWOCC¡PC³DC¡EJCOL©¡ZMCV
WCOCKFJC¡0GEGUKVQUGTOW[VTCDCLCFQTRCTC
PQUWHTKTFGJCODTG=RNEJWLWLWCPCTICO
EQRLKZ?8«CUGVWLWCPC¡
EJWLWLWCPCTC¡=RNFGEJWLWCPCTC¡?DWGPQU
RCTCVTCDCLCT=EQRLKZ?
EJWLWLWCPCTICO=RNFGEJWLWCPCTICO?OW[
VTCDCLCFQTGU=EQRLKZ?
EJWMCFLPGITQRTKGVQ,CTQQEJKIC¡PFJKZ
EJWMMCDCKPCDJCOO©PKQKT©!&GSWK«PUGT£
GUGECDCNNQRTKGVQSWGCPFCCNN£!
OWITKGPVQ
EWGTRQ[TQRC-CDWKOWMLC³
OQQDCVDKC¡,C¡ROQQDCZEJWMK³R©ZDC¡
/C³CPCOGXQ[CDC³CTRWGU[CGUVQ[OW[
OWITKGPVQ
=RNEJWVWMEQRLKZ?8«CUGVWMNJKC¡
EJWMCDCCMCFLFWTQ
£TGC&WWFWMFJQEJK
PC³DC¡MCVWOQKMFC¡PCZEJWOQKMMC¡PC
IW¡ZKDLKZEJWMCDCCMUKC³KEJOK¡RWV©©KPC
IW¡DCT©¡ZKCDJCMMC¡0QRWGFQDCTDGEJCT
JCUVCGNVKGORQFGNNWXKCUEWCPFQGUV«DNCPFKVCNC
VKGTTCRQTSWGCJQTCGUV£OW[FWTCCU¯CRTQXGEJQ
RCTCUGODTCTCNOKUOQVKGORQRQTSWG[CUGT£
VKGORQFGUKGODTC#PVµPEJWOQKM
EJWMICOCFLQUEWTQ
GNF¯C)QTZKD©IKK¡³IW
MC³FJKKT)KKNJKOLKZEJWMICO'PEK«PFCPWPC
XGNCRWGUGUV£OW[QUEWTQ=EQRLKZ?
♦VWOVWMICOVC¡XaKJCDGTGENKRUGUQNCT
EJWMQQZOQFC¡CFLSWGNGFCUWG³Q,KZ
FJCCOFWWMLC¡MLKZEJWMQQZOQFC¡PCZLWWM
MC¡PCDJCK¡ZKEJCPQQTFC¡#NOGFKQF¯CFC
UWG³QEQPGNECNQTFGNUQN=EQRLKZ?
8«CUGMQZKC¡
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
EJWMQ¡MCFLSWGFWGNG
EWGTRQGPVGTQ$CKM
VCPQQNJLKZEJWMQ¡MMCVLK³C¡QQCOPC³KEJ
LCZLKEJWLWCOWOOW)GTTGGTQ%WCPFQ
GORG\«CVTCDCLCTGP8KEGPVG)WGTTGTQOG
FQNKGTQPNQUJWGUQURQTVTGUF¯CU=EQRLKZ?
8«CUGMQ¡MNJKC¡
EJWMWMWW¡OZKOC¡=RNFGEJWMWW¡OZKOC¡?
SWGJC[JWOQ
£TGCUGZVGPUCU=EQRLKZ?
EJWMWWDJ©UCFLSWGJC[OWEJQRQNXQ
ECOKPQ
)KKNJKOLKZEJWMWWDJ©UMC¡VCCDJCMLC¡MPQ¡
³KEJV©KDCLKKOWLC¡M,WMV©TPCIW¡ZEJW
OQKMMC¡%WCPFQXQ[C5CPVC/CT¯CFWTCPVGNC
«RQECFGUGSW¯CJC[OWEJQRQNXQGPGNECOKPQ
RQTSWGNCVKGTTCGUV£OW[UWGNVCGPGUGVKGORQ
=EQRLKZ?8«CUGMWWDJ©Z
EJWMWWOCFXOW[
FWNEGQUCNCFQ:K¡RKEJ
DCMIÀ¡OKDWK¡³IWCUWWMCTFJKCVWWNJ
)KKNJKOLKZEJWMWWOLKZOCKMCM2CTGEGSWG
GEJCUVGFGOCUKCFCC\¼ECTGPGNCVQNGRWGUGUV£
OW[FWNEG
HWGTVG
EQNQT$©©R©¡OCC¡PDJC¡³KLCRDWWU
IWVTQQMCLKZEJWMWWOLKZD©¡*CEGTCVQRCUµ
RQTCNN£WPCECOKQPGVCFGEQNQTTQLQHWGTVG
=EQRLKZ?
EJWMWW¡OZKOC¡CFLSWGJC[JWOQ
£TGC
GZVGPUC$CLKEJCC¡OFJQDCMPCDC¡ZEJW
MWW¡OZKOC¡ZEJWOCCZOWOOWPKLC¡R
/WTDC¡V2CTGEGSWG[CGUVCOQUGPNC«RQECFG
UGSW¯CRWGUUGXGSWGJC[JWOQRQTCNN£RQT
/WTWCVC=RNEJWMWMWW¡OZKOC¡EQRLKZ?
8«CUGMWW¡OZK¡
EJWOCCVCFLSWGUCDG
JCEGTEQUCUOCPWCNGU
,CZLCRFWWMCVD©ZEJW¡ZEJWOCCV!%µOQ
GUSWGUCDGUJCEGTOWEJCUEQUCU!
SWGEQPQEG
GNECOKPQ/QQ³EJKOCK¡I©ZKC¡
PQ¡³KEJOWLC¡RZKLKK©TDCPFJKIÀ¡MKKEJCO
PC³IW¡EJCOVWOCCV#NQOGLQTOGXQ[C
RGTFGTUKXQ[CNEGPVTQRQTSWGPQEQPQ\EQ
=EQRLKZ?8«CUGOCEJKC¡
EJWOCCZCFLSWGUGXG
£TGCGZVGPUC/KC¡P
LKZEJWOCCZDCMLKC[C¡F©TOWOOW/WTDC¡V
&GCSW¯UGXGEQOQUKGUVWXKGTCEGTSWKVC
/WTWCVC=EQRLKZ?8«CUGOCCZ
EJWOCVFC¡CFLUCDKQSWGVKGPGOWEJQ
EQPQEKOKGPVQ,KZKQ¡OLKZEJWOCOCVFC¡CO
UCRIW,CRQQPQK¡³MCOEJCOR©MRWK¡UCRPC
LCZLCK¡MCRF©T&KEGPSWGNQULCRQPGUGUUQP
O£UUCDKQUSWGNCIGPVGFGQVTCURCTVGU=RNEJW
OCOCVFC¡EQRLKZ?8«CUGOCVFC¡
EJWVWC¡
EJWO³KICOCFLTKEQ)À¡MCOLWOVCCVFJK
/CPWGNPCDCTLKZEJWO³KICO%JCOMCVW
³KQ¡MK¡³'UVG/CPWGNUGXQNXKµQTIWNNQUQFGUFG
SWGUGJK\QTKEQCJQTC[CPQSWKGTGUCNWFCTC
PCFKG=RNEJWVWO³KICOEQRLKZ?
EJWOQKMCFLDNCPFQRQNXQTKGPVQ
£TGC
,QKFJCOLKZEJWOQKM[C¡PKPCRCK¡ZEJWDCC¡
3W«DNCPFKVQGUV£CSW¯FQPFGGUV£OQLCFCNC
VKGTTC=EQRLKZ?#PVµPEJWMCDCCM
8«CUGOQKM
EJWOWMCC¡CFLSWGNGFCEQOG\µP
EWGTRQ
GPVGTQ)KKNJKOLKZEJWOWMCC¡PCO©VLK³
M©©M©KIWDCROW¡PC³KEJRCZKCTO©TCMOWLC¡M
VCCVUCD/GFCOWEJCEQOG\µPRQTSWGOG
RKECTQPNQU\CPEWFQUEWCPFQHWKFGRCUGQCVKGTTC
E£NKFC
VTCXKGUQ
OQFKUOQd/QQLC¡RLKZEJW
OWMCC¡IWLCTQK¡PCVDC¡RDC³DJ©KZFJCMIW³
ZQOMCTPC³[C¡PKMCDKC¡MCV©ZMW³ZKOd3W«
VCPVTCXKGUCGUNCRGTUQPCSWGUGNNGXµOKCIWLC
SWGVGP¯CIWCTFCFCCSW¯
=RNEJWOWOMC¡EQRLKZ?8«CUGOWMCC¡
EJWPCO©©MCFLSWGUKIWGJCEKGPFQNQOKUOQ
,WRMCK¡EJFJC¡COPCVUCRVWEJKCIWIÀ¡MCO
PCOOW¡CC¡PCIW¡IWK¡R©MVWFCC¡³EJW¡PFC¡
PCOK¡RWK¡VWFW³KC¡PCLCZLC¡MLKZEJW
PCO©©M&KEGPSWGGNLGHGOCPFµOCVCTNQ
RQTSWGUKIWGJCEKGPFQNQOKUOQ=EQRLKZ?
EJWVMW¡=RNFGEJWWMW¡?SWGVKGPGPOWEJC
ECTPG=EQRLKZ?
EJWVQPOQFC¡CFLSWGNGFCUGF,WOCC¡PC³
DCK¡PVW¡PFC¡IWUWWFCK¡PQ¡³KEJRCK¡O©MDC
LKKPCIW¡ZEJWVQPOQFC¡IWDQKEJC¡O
0GEGUKVQNNGXCTCIWCEWCPFQXQ[NGLQURQTSWGGP
GNECOKPQOGFCOWEJCUGF=EQRLKZ?
8«CUGEJCPQQO
EJWVQQ³FJCOCFLSWGECWUCGPHCFQ
RQVGPEKCNOGPVG%JCODJCK¡CCPCROCK¡DC
DWC¡FJKOUC¡WC,WCP!6W¡IKPCIW¡DCT
M©NJK¡³IC¡PLKZEJWVQQ³FJCOR©ZDCVW¡O
2QTSW«PQVKTCUVWEQDKLC,WCP!2WGU[CGUV£
DKGPICUVCFC[[COGGPHCFµXGTNCCU¯=EQRLKZ?
8«CUGVQQ³FJC¡
EJWVQQ³FJCTC¡CFLCDWTTKFQGPHCFQUQ%JCO
VWVQQ³FJCTC¡FJKDJCDUKC³ICOO©L©MWC¡
0QUQPGPHCFQUQUGUVQUHTKLQNGUCWPSWGNQUEQOC
VQFQGNVKGORQ=EQRLKZ?8«CUGVQQ³FJC¡
EJWVWC¡CFLEQPOWEJQUGPEKPQU%JCOR©MVW
VWC¡MCVOWLC¡MPCEJRCK¡FJCTCCVOCCM©¡P
'&+%+•024'.+/+0#4`
EJWVWC¡IKO
6'2'*7ƒ0Ê'52#“1.
RWK¡MWDC¡IKKNJKOLKZDJCK¡V©I©DFC¡OK¡IW
L©D©©NJ0QJCD¯COWEJQUGPEKPQUFQPFG
GUVCDCOQUGNC³QRCUCFQRQTGUQRGICDCHWGTVG
GNCKTG=EQRLKZ?8«CUGEJWC¡
EJWVWC¡IKO=RNFGEJWC¡IKO?ENCTQU=EQRLKZ?
EJWVWM=RNFGEJWM?PGITQUOWITKGPVQU
=EQRLKZ?
EJWVWO³KICO=RNFGEJWO³KICO?TKEQU
=EQRLKZ?
EJWWMCFLJQPFQ
CIWC/CKMLCEJUWWNJIKRW¡
OWPCRCK¡ZEJWWMIWUWWFCK¡8COQUCKTC
PCFCTFQPFGGUV£JQPFQ=RNEJWWVWMEQRLKZ?
8«CUGVWWMCD
EJWWMCOCFLRTQHWPFQ
VKGTTCQCTGPC
/WOOWPKFJ©TLC¡MLKZKQ¡OLKZEJWWMCOLKPC
OKMCCVIWQ¡[CEJCOVW¡RWK¡PC[C¡PCZ
MQOCCNJKO2QTCNN£JC[WPCTGPCNOWEJQO£U
RTQHWPFQSWGGNFGCSW¯SWGGUUWRGTHKEKCN
=EQRLKZ?#PVµPMQOCCNJKO8«CUGVWWMCD
EJWWMW¡CFLSWGVKGPGOWEJCECTPG#OLKPCEJ
OW¡CKOCOCC[C¡FJKVWWT,QKFJCOLKZ
EJWWMW¡5GT¯CDWGPQOCVCTGUVGVQTQ[
VCVGOCTNQRWGUVKGPGOWEJCECTPG=RNEJWVMW¡
EQRLKZ?8«CUGVWWMW¡
EJWWVWM=RNFGEJWWM?JQPFQU=EQRLKZ?
EJW¡CC¡CFLR£NKFQ
UWLCPKO,KZEJW¡CC¡R©Z
LWOP©K¡³IW³MWWZK¡PCIW¡IKKNJKOO©MLKZ
MC¡QQMMCV5GXGR£NKFQOKV¯QRQTSWGGUVWXQ
GPHGTOQRQTOWEJQVKGORQ=EQRLKZ?
8«CUGEJWC
IWFWWM;CXKGPGNCNNWXKCCR¼TCVGCKTCVTCGT
CIWC0QGUV«UPCFCO£UUGPVCFQ
GUVCTGPEQPVTCTUG
GPWPNWICTJCDKVWCN
t/©L©FCCEJKDC¡IWLQKUOK¡PCRCK¡VW
QRKUKKPC¡tLWRMCK¡EJIW,WCPt,WODJC!
%JCOOQDJCOO©LC¡MFCCMKC¡OK¡³tLWR
MCK¡EJIW2GGITQt'UVCT£NCCWVQTKFCFCNN¯GP
UWQHKEKPC!tRTGIWPVµ,WCPt2WGUPQU«
2WGFGUGTSWGGUV«CNN£GPUWECUCtEQPVGUVµ
2GFTQ
XKXKT
VGORQTCNOGPVG,CTQQRDC¡LCDWKFCC
DJCOO©RCK¡PCRVWLWCP!%QPSWK«PGUGUV£U
XKXKGPFQRQTCNN£FQPFGVTCDCLCU!
VGPGTHTWVQ
RNCPVCt)QQMLCRLK³
IC¡NJKFJC¡IWKOCKIWZOCOQKMtLWRMCK¡EJ
IW,WCPt%JCMWKFCTCCLCZFJWK!tLWR
MCK¡EJIW2GGITQt/GXGPFGUWPCUEWCPVCU
ECNCDCEKVCUVKGTPCUtFKLQ,WCPt2WGUEµOQUK
VQFCX¯CPQVKGPGNCRNCPVC!tTGURQPFKµ2GFTQ
=UWLRNFCTQFCTCC?
FCC=RTGVFGFCIKC¡?NQCICTTµ
FCCFC¡=RTGUFGFC¡PIKC¡?2GLLWOFCCFC¡
COUGCICTTCP
FCCFC¡=RTGUFGFC¡PIKC¡?CICTTC
FCCMUPCTK\
RGTUQPC5©NJLK³FJCCMCOLK³
M©KIWDCCOW¡)KKNJKOLKZOWMCC¡/GRKEµ
WP\CPEWFQGPNCPCTK\[OGFCOWEJCEQOG\µP
JQEKEQ,KZOW¡WMVWFCCMIWWWR'N
\QTTKNNQVKGPGWPJQEKEQRWPVKCIWFQ
=RNFCCFCMCRQUFCCMC¡P?
♦FCCMCTCOGPUWPCTK\
FG«NQFGGNNC
FCCORQURGPEKOCFGCTTKDCFGGPNCUWRGTHKEKG
FG5WWFCK¡FJCCOQKRQCOIWRCRCCV.QU
RCVQUPCFCPGPNCUWRGTHKEKGFGNCIWC
8CTFJCCO
&
FCCOCPCFXGPNCUWRGTHKEKG
UµNKFQ,KZKQ¡O
=0QVC/WEJCURCNCDTCUSWGGORKG\CPEQPFJ
VKGPGPXCTKCPVGUSWGGORKG\CPEQPFNCUEWCNGU
PQUGKPENW[GPGPGUVGFKEEKQPCTKQ?
ÊFCUWHaX+PFKECCEEKµPEQPVKPWCQRQTOWEJQTCVQ
QGPOWEJCUQECUKQPGU,WRMCK¡EJFJC¡COPC
UCRRWK¡LC¡MCCIKZPCEJV©P©¡FC¡IWZKQVCNJ
&KEGPSWGGUV£GUVCDNGEKFCEQOQEQUVWODTGSWG
DCKNGOQUGNOKVQVG=)TCO?8CTÊFJC¡
HWVÊFC¡RTGUÊ¡PEQRTGVÊFCV
FCCXaGGUVCTUGPVCFQ,QVOQFC¡RZKDJ©KTCK
IWUWWFCK¡CCRIW¡FCKICOFCC$JCK¡DCLKO
LCROK¡RZKDQK¡URCVW¡PFC¡FJKLCTCCT#VVKKTW
FCCOCPPCROWVWLWCPCKO'ORWLCO£UGN
CTCFQRWGUPCFCO£UGUV£UCTCPFQNCUWRGTHKEKG
FGNCVKGTTC
EGTECFGNCUWRGTHKEKG
N¯SWKFQ&CCOCPR©Z
QKT©FJKDCVQQRPCIW¡EJCOVWWMIWUWWFCK¡
'UVGRG\PCFCEGTECFGNCUWRGTHKEKGFGNCIWC
RQTSWGPQGUV£OW[JQPFC
FCCOF©TRTGRGPEKOCFGCTTKDCFGd,C¡ROQQ
LKZL©D©©TD©L©PKLC¡RFCCOF©TFJKUCMCCNJKM
d%µOQJCEGCKTGCNN£CTTKDCFGGUCEQTFKNNGTC
FCCP=RTGUFGFC³KC¡?QTC
FCCP©=RTGVFGFC³KC¡?QTµ
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
FCC³KO©M=EQRTGVFGFC³KC¡?GUVCDCQTCPFQ
8CTFC³KKO©M
FCCUCTC¡UOCPIQ
FGWPCJGTTCOKGPVC2WK¡
CCRDC¡M©¡PVWUQPKCMFC¡FJKOOCZKKEJ.WKU
UKCMWEJCOVWFCCUCTC¡!%JCOLKZEJW
MQ¡MVWNJFJCTC¡CC!%QTVCUEQPGUGOCEJGVG
CWPSWGPQVKGPGOCPIQ!0QVGNCUVKOCNCU
OCPQU!=RNFCFCCUCTC¡QFC¡PUCTC¡
CRQUFCCUCTIC¡PFCFCCUCTIC¡PQ
FC¡PUCTIC¡P?
FCCUC¡XaVRQPGT
EQUCUPQNCTICU6W¡FC¡
FJK¡PCRDJCK¡FCCUDCCNJEJC¡O!3W«GUGUQ
SWGGUV£URQPKGPFQGPNCECPCUVC!
UGPVCT
CQVTCRGTUQPC,CZMWRDC¡OQQ
VWWMWVQKT©FJKCNJKK!0Q¡RKEJOKLC¡RFCCUCM
%JCOLKZD©©V!2QTSW«CPFCUECTICPFQCN
PK³QGPNCGURCNFC!2QTSW«PQNQUKGPVCURQT
CJ¯!0QRGUCOWEJQ!
RNCPVCT/CCMCOLC¡MLCRKOFCCUC¡FJK¡³K
MQ¡MQNJPCV[C¡DWWU2QTHCXQTRNCPVCGPQVTQ
NWICTGUVGEJKNGSWGPCEKµ
=EQORNRNFCTUC¡RTGVFCKFCTCKRTGUFCCU
FCTCCUEQPVFCC¡PUCFC¡FCTCCUFC¡?
FCCUC¡XaVGUEQIGTPQODTCT
CWPECPFKFCVQ
,CTQQRKODC¡ZK©NJKK¡³PCEJOK¡ZKFJCCUCK
IWZMCK¡OW,WMV©T!#SWK«PRKGPUCPWUVGFGU
SWGFGDGOQUGUEQIGTRCTCIQDGTPCFQTGP5CPVC
/CT¯C!
XaVCRWPVCT
PQODTG$©©ZLCRLCFCCUC¡IW
LC¡VMCO'GL©¡MR©MCKZCO#RWPVCNQU
PQODTGUFGVQFCNCIGPVGRCTCXGTEW£PVQUUQP
XaVOCTECT
EQPHKGTTQ+COR©ZRWEJW¡O
LWRFCCUVW¡IWDCK³WOFJKDJWTW¡ZPCLCZ
EJW¡OIWTCCEJIC¡P'UGDWTTQNNGXCECUKNC
OKUOCOCTECFGJGTTCTSWGNCPWGUVTC
XaKFCTRNC\Q,WOV©©OWKFJCMFJKOCUCC¡P
OQQVWFCCZKZPC³VWPCOMKFJC¡OWVKCPFC
PC³RCK¡VWWC¡VW¡P#HKPGUFGGUVGOGUXGPEG
GNRNC\QSWGVGPIQRCTCRCICTNQSWGFGDQCNN£GP
NCVKGPFC
XaKUGTECRC\
FGJCEGTCNIQFKH¯EKN&CCUCR
CCPCROWLWTPKC¡UKCMWIÀ¡O©TIWUWWFCK¡!
'TGUECRC\FGRCUCTCWPSWGGUV«ETGEKFQGNT¯Q!
=RTGVFCKRTGUFC¡PUCTGUFCCZKZ?
♦LWOFC¡PUCUGCRGNNKFC
FCCZFJC¡XaVRCTEJCT+KMW³OQQ
FCNJZKFJC¡IW³RCPVCNQQPOK¡Q¡NJKCTCPPC
IÀ¡IÀTDCV©F©©F©¡8Q[CRCTEJCTOKRCPVCNµP
GPNCUTQFKNNCUFQPFGVKGPGCIWLGTQU
FCTRNC\Q
CQVTCRGTUQPC,©¡MVCPQQNJVWO
FCC¡³FJC¡
FCCZPCRM©¡PPCOMKFJC¡!%W£PVQVKGORQVG
FKQFGRNC\QRCTCRCICTNG!
=EQORNRNFCNJZKFJC¡RTGVFCCZFCNJZK
EQPVFC¡³ZK¡³FJC¡FCNJZK¡³FJC¡
TGUFCCZFJKZFCNJZKFJKZ?
♦LWTCC¡PFCCZFJC¡EQPUQNCT
NKVRCTEJCTGN
EQTC\µP
FCCZFJC¡XaDRQPGTCNIQFµP
EGTGOQPKCNC
WPCRGTUQPC$©©R©¡RZKOFCCZFJCKIWVQMPCR
DC¡DCVWFW³KC¡PCIW¡DCVW³QMKC¡IW
OCMICO2TKOGTQVGRQPGUGNCNIQFµPRCTCSWG
[CRWGFCUJCEGTNCUVQTVKNNCURQTSWG[CXCCQTCT
GNEWTCPFGTQ
%WCPFQCNIWKGPNGRKFGCN
EWTCPFGTQSWGQTGRQT«NNGFCWPRCNKVQEQPWP
RGFC\QFGCNIQFµPGPNCRWPVCEQOQTGRTGUGPVCEKµP
FGU¯OKUOQ
FGLCT
GPQVTQNWICTRCTCQVTCRGTUQPC/WPK
DC¡MEJ©TLC³KEJFCCZFJCTCMIW³EJCCVIW
UC¡WC¡P(WKCNCECUCCFGLCTNCEQDKLCFGOK
RCR£
=EQORNRNFCC¡³ZKFJC¡RTGVFCCZ
EQPVFCC¡³ZK¡³FJC¡?
FCCZZKFJC¡XaDRCTEJCT
RCTCQVTCRGTUQPC
,K³FJCCZZKFJC¡CRIW³RCPVCNQQPIWZ
EJ©©FW¡MW³CCFC¡MCDWKOWMPC³LKEJW
LWCPC¡2QTHCXQTRQPNGWPRCTEJGCOK
RCPVCNµPC\WNRCTCRQP«TOGNQOC³CPCEWCPFQ
GORKG\GCVTCDCLCT
RQPGTCRNKECT
TGOGFKQGPGNEWGTRQFGQVTC
RGTUQPC,WRMCK¡EJFJC¡COIWLC¡VMCOPCUCR
LKTTKOGGFKQIWUWTWKPQ¡EJCOQD³KQ¡MEJCT
IWCNJKKPC³DJCK¡ZKFJCC¡³ZKFJC¡OQ¡TCO
.CIGPVGFKEGSWGNCRGTFK\IµPIQTCUKTXGEQOQ
TGOGFKQRCTCEWCPFQWPPK³QPQGORKG\CC
JCDNCTCVKGORQUGNGRQPGGPNCECDG\CXCTKCU
XGEGU
=EQORNRN[EQPVFCC¡³ZKFJC¡RTGVFCCZZK
FCC¡³ZK?8CTFCCZEJWNJFJC¡
FCC¡=RTGUFGFCIKC¡?NQCICTTC
FCC¡O©TC¡=RTQRFGFCIKC¡?KTCCICTTCT
FCC¡PUUWGITCÎ:KMWC³FJCVCR©RL©¡ZMWO
FCC¡P.WKUPCDC¡IW¡PCVLWOOCCIW
OCTCC¡PÏLWRMCK¡EJIWF©¡©©¡PIW.WKU
Î%WCPFQVGPICUVKGORQ.WKUNNGXCNGNG³CCVW
UWGITCRWGUGNNCVGFKQCUWJKLCÏFKLQNCOCO£
FG.WKU
'UVGV«TOKPQFGRCTGPVG\EQPQUGWUCRCTC
UCNWFCT=CRQUFCCFC¡P?
FCC¡³FJC¡XaDCICTTCT
RCTCQVTCRGTUQPCQ
CPKOCN&CC¡³FJC¡RIWVWZKQ¡IWZC¡QKMCTDCZ
PCZK¡[C¡)KKNJKOLKZZWUFC¡PCIW¡EJKRCK¡
'&+%+•024'.+/+0#4`
FCC¡³ZKFJC¡
6'2'*7ƒ0Ê'52#“1.
R©ZZKQ¡IWF©©NJOCTCC¡P#ICTTCGNEJKXQ
JW«THCPQRCTCSWGNCEJKXCRKPVCNQCOCOCPVG
GNNCVKGPGOWEJCNGEJGRQTSWGUQNCOGPVGCXGEGU
GUV£COCOCPVCPFQCUWEJKXKVQ
=EQORNRNFCC¡PIKFJC¡RTGVFCC¡³FCC¡PIK
RTGUFCCIK¡³?
FCC¡³ZKFJC¡=EQORNRNFGFCCZFJC¡?RQPGTNQU
CNIQFµPEGTGOQPKCN=RTQRFCC¡³ZK¡³O©TC¡
EQRTGVFCC¡³ZKFJCV?
FCC¡³ZKFJC¡=EQORNRNFGFCCZZKFJC¡?RQPGTNG
WPRCTEJGQWPTGOGFKQ=RTGVFCC¡³ZK?
FCDPC¡XaVSWKVCT
RNWOCUQRGNQ&CDPC¡CR
FJKVCMCCTWK¡PCVOK¡OWCIWOZKKZMWEJOK¡
DCFCCUC¡PCEJVWLWIKC¡LC¡Z³K2QTHCXQT
SW¯VCNGNCURNWOCUCGUVCICNNKPCSWGOCVµVW
JGTOCPQRCTCSWGNCEQEKPGOQU[NCEQOCOQUCN
TCVQ=RTGVFCD?
FCD³KC¡XaKECGTUGSWKVCTUG
RKGN&CD³KC¡FJQ
DC¡IWLQIKK¡³IWICIQQZPCRKEJICPDJCVQK¡
IWZEJQK³UWWFCK¡³³CCP5GNGXCCECGTNC
RKGNCNRGTTQFQPFGNGGEJCUVGGNCIWCECNKGPVG
OCO£=RTGVFCDRTQITFCD³KO?
♦DCFC¡PDKMIWOCVCKOC¡P[CUGNGEC[GTQP
NCUE£UECTCUCNOC¯\FGNPKZVCOCN
FCFCCTT©FC¡=EQPVFGFCKDW¡?GUVCTUGPV£PFQUG
FCFCCUCTC¡=RNFGFCCUCTC¡?OCPIQU
FGWPCU
JGTTCOKGPVCU=CRQUFCFCCUCTIC¡P?
8CTFC¡PUCTC¡
FCFCK¡EJW¡P=RTGUFGFCK¡EJFJC¡?NQJCEGXQNCT
FCFCMDWFC¡=EQPVFGFCMDW¡?GUVCTRGI£PFQUG
GPNCPCTK\8CTFCFCMDWTFC¡
FCFC¡=RTGUFGFC¡[C¡?XWGNC8CTFÀFÀ¡
FCFC¡FC¡=EQPVFGFC¡[C¡?GUVCTXQNCPFQ
8CTFÀFÀ¡FC¡
FCFC¡P=RTGUFGFC¡VC¡?SWKGTGOWEJQ
UWL
CPKO
FCFQ¡PMQUC¡=EQORNRNFGFQ¡PMQPC¡?UQNVCTNQU
=RTGVFCFQ¡PMQUCEQPVFCFQ¡PMQUFC¡?
FCFQ¡³EJKFJC¡=UWLRNFGFQ¡³EJKFJC¡?2GL
FCFQ¡³EJKFJC¡COFGLCT£PFGOCOCT
=RTGVFCFQ¡³EJK?
FCFQ¡³EJK¡³FJC¡=EQPVFGFQ¡³EJKFJC¡?GUVCT
FGXQNXKGPFQ
FCFQ¡³EJQ=RTGUFGFQ¡³EJQ¡?NQFGXWGNXGNQ
UWGNVC
FCIKCPC¡XaKJCEGTSWGUQ%JCODCVWFCIKCP
CRCCLK³DCDQQNJMWROCC¡PZK³IC¡NJKFJC¡!
6¯CVQFCX¯CPQJCEGUSWGUQURCTCSWGOG
XGPFCUWPQ!=RTGVFCIKC?
FCIKC¡XaVCICTTCT
EQORNKPCP/QQRFCIKC¡
FJKRKNQQV/WK¡³ZKODWKFJC¡6GXQ[C
CXGPVCTGUVCRGNQVC#I£TTCNC
XaVCICTTCT
EQORNCPKO2CCRKOFWWMVW
EJK³KC¡PCOFCIKC¡IWOCC¡PMCOIWK¡PCV
UCCMLCO©©ZIWDCCM!%W£PFQXCPCOCPFCT
WUVGFGUCSWGCICTTGPCNCRGTUQPCSWKGPNGUTQDµ
NCUXCECU!
XaVGZVGPFGT
NCOCPQRCTCUCNWFCT%JCO
DJCVWFCCLKCIWWDKKPCRV©K³KQ¡MK¡³.C
OWLGTSWGVTCVCUVGFGUCNWFCTPQSWKUQGZVGPFGT
NCOCPQXGTFCF!
XaTEWCLCT%JCOLWOFCCIWDKK¡O%JCO
MCCMDCMIWMWCZ0QEWCLµNCNGEJGGPVQPEGU
PQGUV£HWGTVGGNEWCLQ
=EQORNRNFC¡PIKC¡RTGVFCCFC¡PI©RTGUFCC¡
FCCFC¡RTQRFCC¡O©TC¡FC¡PIKTC¡?
♦FJCCIK¡CFLSWGUCDGCICTTCT
FCKCFXUQNCOGPVG,CK¡ZOCCV©VUQDMQPCOIW
VCC¡ONCUIWLC¡VMCOFCKDCK³FJCUM©¡PPCO
DC¡OK¡FJ©TLKZFJC¡TCODCIC¡TC*C[
RGTUQPCUSWGUCDGPJCEGTVCDNCUEQPJCEJC
UQNCOGPVG[NCUXGPFGPOW[ECTCU
FCK=RTGVFGFCCUC¡?NQRWUQ
FCK=RTGVFGFCCUC¡?NQGUEQIKµ
FCKDW¡XaKUGPVCTUG
RGTUQPCQCPKOCN,CTQK¡
DCMOKFJCKIWEJKKMNKPC³RCK¡FCFCTT©/K¡
OC³DJK¡KKU2CTGEGSWGCNIWKGPRWUQEJKENG
FQPFGOGUKGPVQUKGORTGRWGUUGOGRGIµ
RCTCTUG
CXG$JC¡³KLKFJCKDWOCC¡PIWW¡KK¡
FJKWWZEJC¡O#NN¯UGRCTµWPR£LCTQGPGUG
£TDQN
=UWLRNFCTCKDW¡RTGVFCKDWFCTCKDW
EQPVFCFCCTT©FC¡?8CTFCKDQ¡
♦:KFJCKDW/K¡IWCVQZMQT5K«PVGUG#NN¯
GUV£WPCUKNNC
FCKEJCOURTKOGTF¯C
FGNOKVQVG$CUVCMCCD
PCTVWOKK³MWVC¡OMCVUCRO©L©TFCKEJCOMCV
LCDWKIW/CTCCTMKU)KPQ¡EJKEJVWMQ¡KKO
UCCRCVPCLKZKCNJKC¡#PVGC[GTQUGCGN
FQOKPIQRCUCFQHWGGNRTKOGTF¯CFGNOKVQVG
RCTCVQFCUNCUHCOKNKCU/£TSWG\2QFGOQUKTGN
U£DCFQVGORTCPQCCEQORC³CTNQUGPNCEQOKFC
FGENCWUWTC
#NIWPCURGTUQPCUUGCDUVKGPGP
TKVWCNOGPVGFWTCPVGFKG\F¯CUGUFGEKTNQUEKPEQ
F¯CUFGNOKVQVGO£UNQUUKIWKGPVGUEKPEQF¯CU1VTCU
RGTUQPCUUGCDUVKGPGPUQNCOGPVGRQTNQU¼NVKOQU
EKPEQF¯CU‹UVCUPQDCKNCPGNOKVQVGNCPQEJGFGN
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
SWKPVQF¯CUKPQSWGNNGICPCNRCVKQEGTGOQPKCNNC
OC³CPCFGNUGZVQF¯CRCTCCUKUVKTCNCENCWUWTCFGN
OKVQVG
FCKEJI©FC¡XaKKTUGPVCFQ&CTCKEJI©FC¡RKOPC
RKOEJCOOK¡KK¡³ZKC¡8£[CPUGUGPVCFQURCTC
SWGPQUGXC[CPCECGT=UWLRNFCTCKEJI©FC¡
RTGUFCKEJW¡FCTCKEJW¡EQRTGVFCKEJI©V
FCTCKEJI©V?
FCKPCEQPLPCFCO£USWG$COV©©OWKOOQQ
FJKOCUCC¡PIWLWOCKOCUCC¡PPCOWK¡LKO
DJ©©[C¡FCKPCDCV©¡PIKC¡R©ZOQQ;CXC
VGTOKPCPFQGNOGU[QVTQGORG\CT£RTQPVQPCFC
O£USWG[CUGT£«RQECFGNNWXKC=)TCO?
FCKRW¡CFXGUVQFQ&CKRW¡CCRR©ZLCDKC¡
IWDCCMPCOL©¡M[CQKRQMC¡LCK¡CCOWRCK¡
MCRWRQKRQ!5QPVQFCUVWUXCECUNCUSWG
CPFCPCSW¯QVKGPGUO£USWGCPFCPRQTCJ¯!
PCFCO£UCU¯&CKRW¡ZKEJ©¡©©MOWLC¡RLK
FJWW0CFCO£UCU¯OGFKLQ[UGHWGRCTCCNN£
='UEQODKPCEKµPFGFCKUQNCOGPVG[RWK¡CU¯?
8CTFCKRWK¡
♦6W¡©R!&CKRW¡CC!3W«O£U!'UVQFQ!
FCKTT©ZFJC¡=XCTFGFCRKK³FJC¡?TGUDCNCTUG
FCK¡EJFJC¡XaVJCEGTXQNCT'CPCEJ
FCK¡EJFJC¡FJK©NJK¡EJW¡KK¡-C¡OQQEJCMWK
VWFCFÀÀ¡CCEJK!8COQUCJCEGTXQNCTCGUVG
R£LCTQEJKSWKVQQUGT£SWGVQFCX¯CPQRWGFG!
CRWTCTGZKIKT,CZDC¡MWDC¡OQQLC¡RR©Z
LK³FJCFCK¡EJW¡PFJKOCC¡PMCO!0C³IW¡
EJCOLKTVWEJKC³MCTW¡P2QTSW«OGGUV£
GZKIKGPFQVCPVQGUVCRGTUQPC!2WGUPQGUVQ[DCLQ
UWUµTFGPGU
JGEJK\CT
RCTCSWGUCNICFGNCECUC/K¡O
FC¡KKEJLCO©VIWLCI©¡I©TPQ¡RICPDWCOLC
V©VFC0QNGUFKICUOCNCUEQUCUCNQUCPEKCPQU
PQUGCSWGVGJGEJK\GPRCTCSWGVGXC[CUCQVTQ
NWICT
=EQORNRNP©©P©KEJFJC¡RTGVFC¡KKEJP©©P©KEJ
RTGUFCFCK¡EJW¡PP©©P©KEJW¡P?
♦FJCK¡FJC¡CFLXGNQ\
CNXQNCT
FCK¡EJI©FC¡XaKKTEQTTKGPFQ
TGEKQKTXQNCPFQ
6À¡MQDFCK¡EJI©FC¡IWWK¡OPCDC¡PCK¡EJ©
P©KFJKFJC¡PQ¡RCK¡DQ¡IWMQ¡'NCIWKNKNNCXC
XQNCPFQOW[CNVQRCTCXGTCVQFQUNCFQUCXGTUK
GPEWGPVTCWPCX¯DQTC=UWLRNP©©P©KEJI©FC¡
RTGUFCK¡EJW¡P©©P©KEJW¡?8«CUGFC¡[C¡
♦R©ZFJCK¡EJW¡ECOKPCTQDCKNCTDKGPTGEKQ
FCK¡³³KC¡XaKEQTTGT
RCTCCICTTCTXGNQEKFCF
/©MF©TOWK¡LKFJCK¡³³KC¡IWCDKQPPCRCK¡
FJWWMICOCK¡LKFJC¡[C¡%WCPFQGNCXKµPXCC
FC³KC¡
XQNCTVKGPGSWGEQTTGTFGUFGNGLQU
EQTTGT
RCTCCRWTCTUG,K³DJ©K¡³O©TIW³
DQPCCOOWOOWDQRVQ¡D©VC¡&CK¡³³KC¡CR
OQQ6T£GOGOKUQODTGTQFGCNN£FGDCLQFGNC
ECUCdRGTQEQTTKGPFQ
=UWLRNDQQRQ[C¡RTGVFCK¡DWUDQQR?
FCMDW¡XaKRGICTUG
GPNCPCTK\$CUVCMCCD
LCEJKEJOWLKO©©MLK³Q¡MKZ%JGGRQDWK/WPK
MC¡PF©TLC³KEJOCFCFCCRC¡CK¡EJC¡OPC³
DJCK¡MCLKOLC¡RLC³KEJOQQLKZKQ¡OFCMDW
#PVGC[GTHWKEQPOKUQDTKPQ%JGRQ4GITGUCPFQ
FGCNN¯OGTGUDCN«GPWPQUVGRGVCVGU[OGRGI«
HWGTVGOGPVGGPNCPCTK\=RTGVFCMDW
EQPVFCFCMDWFC¡QFCFCMDWTFC¡?
FCMQQ=XCTFGF©MQQ?CRGPCU
FCMQQ¡³FJC¡XaVCPKOCT
EQPGZKIGPEKC
GZKIKT/K¡FJ©TDJCFCMQQIK¡³FJK,WCPLK³
EJCCV%JCOCC¡PC³QKFJC¡PCEJVWICC¡ORW¡
IWDCCM2CR£RQTHCXQTGZ¯LCNGC,WCPRCTC
SWGOGCEQORC³GCDWUECTNCUXCECURQTSWGPQ
SWKGTGKTEQPOKIQ
XaTGUHQT\CTUG/QQROWK¡ZKOFCMQQ¡³FJC¡
MCDWKOWMPCROWLKOKC¡LK³ZKMW¡PCRIW¡³
RCNJDWKFJC¡OCCZFJKPCEJVWLWORCFC¡IW
DJCD*C\GNGUHWGT\QFGKTCNCECUCOC³CPC
OKJGTOCPQRCTCSWGOGC[WFGUCLWPVCTGN
HTKLQNRCUCFQOC³CPC
=RTGVFCMQQ¡³RTGUFCMQQIK¡³?
8CTF©MQQ¡³FJC¡
FCNJZKFJC¡XaVCUGIWTCT
CRNCUVCPFQ6W¡FJQ
UKCWWZM©¡PLCRR©ZDJCK¡MCZK³CK¡URCK
)CVWWMLCEJDC¡DJCFCNJZK¡³RW¡IWIÀ¡IÀT
LQQFCK#RCEJ¼TTCNQCWPSWGUGCEQPWPRCNQ
RQTNQRTQPVQ#NTCVQTGITGUCOQUCCUGIWTCTNQ
EQPRKGFTCUITCPFGU=RTGVFCNJZK
RTGUFCNJZK¡³?
FCNJZKFJC¡=EQORNRNFGFCCZFJC¡?
RCTEJCTNQU=RTGVFCNJZKEQPVFCNJZK¡³FJC¡
TGUFCNJZKFJKZ?
ÊFCOUWHaU5GTGHKGTGCWPCRGTUQPCSWGFGUGORG³C
EKGTVQVTCDCLQQECTIQRGLMQQ¡PFCOOCVCFQT
FGCPKOCNGUUCDC¡PFCOEQORTCFQT
=)TCO?8CTÊFJCO
FCOCPCFXO£U
RCTCEQPVCT/CODJ©©Z
FCOCPIQQMLKTOCC¡PFQUGGP&KG\O£UFQU
GUWPCFQEGPC8CTFCOF©T
FC³KC¡XaKQTCTCNCDCTCOCT
C&KQUÎ,KEJC¡O
LWOCC¡PCEJVWFCCPFC¡DJCOO©LC¡MLKZ
FJCCOPCDC¡EJMCLCC³FJC¡IWZWC³KK¡OFC¡
IW&KQUÏLWRMCK¡EJIWOCMI©OÎ0QUGU
'&+%+•024'.+/+0#4`
FCRKK³FJC¡
6'2'*7ƒ0Ê'52#“1.
PGEGUCTKQCOCTC&KQUSWGGUV£GPGNEKGNQRCTC
SWGPQUF«WPCPWGXCXKFCÏFKLQGNEWTCPFGTQ
=RTGVFCCP©RTGUFCCPEQRTGVFCC³KO©MQ
FC³KKO©M?
FCRKK³FJC¡XaTTGUDCNCTUG
KPVGPEKQPCNOGPVG
Î#CEJOWPKMC¡PZKEJFJCRKK³FJCMPCRCK¡
LQKFJCOLKZLWMCCIK¡ÏLWRMCK¡EJCOIW
C¡CCNJÎ0QUQVTQUHWKOQUCTGUDCNCTPQUCNN£
FQPFGJC[OWEJCUCIWLCUFGRKPQÏFKLGTQPNQU
PK³QU=RTGVFCRKK³RTGUFCRKK³K¡³?
8CTFCKTT©ZFJC¡
FCR³KC¡XaKTGUDCNCTUG
CEEKFGPVCNOGPVG,KZ
DJCK¡ROQQLKOFC¡PCREJCOFCR³KC¡PCIW¡
[C¡ZDCDCC¡%COKPCEQPEWKFCFQRCTCSWGPQ
VGTGUDCNGURQTSWGCSW¯GUV£OW[GORKPCFQ
=UWLRNFC¡PRKMKC¡RTGVFCRFC¡PRKM©
RTGUFC¡PRKMRWPVFCRP©MFC¡PRKM©M?
♦FJCCRCMCFLNKUQRGNµPFGUPWFQ
♦FJCR³K¡CFLNKUQTGUDCNCFK\Q
♦FJC¡PRKMCFLTGUDCNCFK\QGUEWTTKFK\Q
♦EJWFC¡PRKMCFLTGUDCNQUQ
£TGC
FCT=UWLRNFGFCC?2GLOK¡FCTCOCNN¯GUV£P
UGPVCFQU8CTFCTCC
FCTCKDW¡=UWLRNFGFCKDW¡?2GLFCTCKDW¡CO
UGUGPVCT£P=RTGVFCTCKDW?
FCTCKEJI©FC¡=UWLRNFGFCKEJI©FC¡?2GL
FCTCKEJI©FC¡COKT£PUGPVCFQU
=RTGUFCTCKEJW¡EQRTGVFCTCKEJI©V?
OCCMCKIWZKKIC¡PIWOCUGGMCPCRDC¡DC
DWNJKC¡#PVGUFGCOCTTCTCNRGTTKVQJC[SWG
FCTNGFGEQOGTJCTKPCFGOC¯\OG\ENCFCEQP
CIWC=RTGVFC¡DK³ZKRTGUFC¡DK³ZK¡³
EQRTGVFC¡DK³FJCKO©M?8CTFC¡OWZFJC¡
5KPµPFC¡OW³FJC¡
FC¡DKZXaGGUVCTFGUQTFGPCFQ,CTQQDC¡LC¡R
LKTLWCPDKNJPCDC¡FC¡DKZMCOR©ZDJCLC¡R
D©©VIW³EJQQOK¡!3WK«PGUNCRGTUQPCVTCXKGUC
SWGOGFGLµFGUQTFGPCFQGNKZVNG!
FC¡KKEJ=RTGVFGFCK¡EJFJC¡?NQJK\QXQNCT
FC¡OWPC¡=XCTFGFC¡DK³C¡?COCUCTOCNVTCVCT
FC¡OW³FJC¡XaDTGXQNXGTOGPGCT
RCTCQVTC
RGTUQPC#NJK¡EJOK¡ZK³FJC¡OW³ZK¡³IW
VWKUCRO©©DCVM©¡P2QTHCXQTTGXW«NXGOG
VCPVKVQRKPQNGEQPOKGN=RTGVFC¡OW³?
8CTFC¡OWZFJC¡5KPµPFC¡DK³FJC¡
FC¡OWZFJC¡=XCTFGFC¡DK³FJC¡[FC¡OW³FJC¡?
COCUCT
FC¡PIKC¡XaTCICTTCTUG
WPQCNQVTQ'CIQT
LWOFC¡PIK³LCOLWWTCR'GLCTQK¡R©MLKZKQ¡O
LKZQQ¡#I£TTGPUGFGNCEKPVWTC[L£NGPUG#XGT
SWK«PGUO£UHWGTVG
RGNGCTUG
GPVTGU¯:KOFC¡PI©KRKOFJQPC
RKODC¡EJCOVW¡DJCCPMCV©V©¡³EJWMC¡
2WGURGN«GPUGRCTCSWG[CPQVGPICPRGPFKGPVG
WPRNGKVQGPVTGWUVGFGU
=RTGVFC¡PI©RTGUFC¡PI©TQFCCFC¡?
FCTUC¡=EQORNRNFGFCCUC¡?RQPGTNQU
FC¡PIKC¡=EQORNRNFGFCIKC¡?CICTTCTNQU
FC¡XaGUGT
EQUCPQEQPQEKFC6W¡FC¡FJK¡PC
FC¡PRCMKKDJCKUVWPC
ECRCNKUC
FC¡PRKMKC¡=UWLRNFGFCR³KC¡?2GLFC¡PRKMKC¡
=RTGVFCTCKRTGUFCTCCUEQPVFCTCCUFC¡?
DJCK¡DCOQQVQ¡FJK2WUVKK³!3W«GUGUQSWG
VTCG(CWUVKPQGPGNJQODTQ!8CTFJC¡
♦VW¡WWZFJC¡FJK¡SW«ENCUGFG£TDQNGU
«UG!
♦LKTVW¡RVW¡OFC¡EµOQGUGPTGCNKFCF!
FC¡DK³C¡XaVCOCUCTOG\ENCT
EQPCIWC
5WTKCVO©©DCVLCRD©PMCOFC¡DK³C¡FJKVWKUCR
PCDC¡ZKQ¡DMC¡/G\ENCEQPOKGNFGCDGLCGUVG
RKPQNGRCTCSWGGUV«UCDTQUQ
OCNVTCVCT
CPKOCN%JCOMCVWPCCFJK
OKKEJWPCRIW¡EJKIKKNJKOFC¡DK³FJC¡'N
ICVKVQ[CPQVKGPGICPCUFGEQOGTRQTSWG
UKGORTGNQOCNVTCVCU
=RTGVFC¡DKRTGUFC¡DK³?8CTFC¡OWPC¡
♦FJC¡DK³FJC¡DK³KZCFLOCNVTCVCFQ
GPECPKLCFQ
CPKOCN
FC¡DK³FJC¡XaDCOCUCTOG\ENCT
EQPCIWCRCTC
QVTCRGTUQPC#NJK¡EJLCRZKFJC¡DK³FJCKZK
=RTGVFC¡PI©RTGUFCCFC¡RTQRFC¡PIKTC¡?
COUGTGUDCNCT£P=RTGVFC¡PRKM©RTGUFC¡PRKM
RWPVFC¡PRKM©M?
FC¡PUC=RTGUFGFCCUC¡?GUEQLC
FC¡PUCTC¡=RNFGFCCUCTC¡?OCPIQU
FGWPCU
JGTTCOKGPVCU=CRQUFC¡PUCTIC¡P?
8CTFCFCCUCTC¡
FC¡³ZK¡³FJC¡=EQPVFGFCCZFJC¡?GUVCT
RCTEJCPFQ
FC¡VC¡XaGSWGTGTOWEJQ
EQORNCPKO$CFC¡VC
LKIW¡IWMCTDCZIWOCTCC¡P&©©NJDC
ZK¡EJW¡P.CEJKXCSWKGTGOWEJQCUWET¯CRWGU
UµNQCGNNCNCGUV£COCOCPVCPFQ
=EQORNRNFC¡PVC¡RTGVFC¡VCFC¡PVC
RTGUFCFC¡P?8«CPUGFJCCPFJCC¡
FC¡[C¡XaKXQNCT,CZFJWWMCVLCOVWFÀFÀÀ¡
IWC¡DKQPPCOIW¡V©KTDCRCK³WO!%µOQGU
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
RQUKDNGSWGXWGNGPNQUCXKQPGUUKUQPFGHKGTTQ!
=UWLRNP©©P©[C¡RTGVFC¡ÀÀQFC¡CCP©KP
RTGUFÀFÀ¡QFCFC¡P©P©¡EQPVFÀFÀ¡FC¡Q
FCFC¡FC¡P©P©¡FC¡?
♦FJCK¡FJC¡CFLXGNQ\
CNXQNCT
♦FCK¡EJI©FC¡XaKKTEQTTKGPFQ
TGEKQKT
XQNCPFQ
FÀFÀ¡=RTGUFGFC¡[C¡?XWGNC8CTFCFC¡
FÀFÀ¡FC¡=EQPVFGFC¡[C¡?GUVCTXQNCPFQ
8CTFCFC¡FC¡
FKVTCCVQUTGVTCVQHQVQITCH¯C$JCLC¡MKCOLCR
ZKM©MDW¡PCRCK¡VCPQQTPCDC¡ZDJCK¡
DWWUPKC¡IWFKVTCCVW2£TCVGO£UCE£GPGNUQN
RCTCSWGUCNICDKGPNCHQVQ8CTFKVTCCVW
F©DCC¡XaKRWFTKTUG%JCODJCK¡CCPCRKO
DKQOC¡I©VIWVWWTPCVRWK¡OWRCK¡KCICKMW
DCIC¡[C¡I©V!6W¡MQDPCVOK¡DCF©DCC
*WDKGTCUKFQOGLQTJCDGTRTGRCTCFQNCECTPGFGN
VQTQSWGUGEC[µGPNCNCFGTCRCTCCUCTNCRWGU
CNN¯UGRWFTKµFGDCNFG=RTGVF©DCC
RTGUF©¡PDCTRTQITF©DCKOEQPVF©DCKFJC¡?
♦FJ©DCCNJCFLRQFTKFQ
F©DKC¡XaKTGITGUCT2CCRKEJFWWMF©DKC
PCRUCCMD©RVC¡PLC¡MMCQKT©FCV!%W£PFQ
TGITGUCUVGFGCPFCTRQTNCEQUVC!
PCEGT2CCFWWMF©DKCFJKOCNJKKEJWM!
%W£PFQPCEKµVWPK³Q!
=RTGVF©DKC?
F©DKC¡³EJWFC¡XaKRCTKTFCTCNW\$CV©
F©DKC¡³EJWFCCCIWOZKKZMC¡EJCMWKCC!;C
FKQCNW\VWJGTOCPCQVQFCX¯CPQ!
=RTGVF©DKC¡³EJWFC?5KPµPI©ZEJWFC¡
♦F©DKC¡³EJW¡PFCORCTVGTC
RCNCDTCCPVKIWC
F©D©©TUVKGTTCUWGNQ
IGPGTCN)WF©D©©TLKT
COPC³LWRFW³KC¡IWCFQQDKU.CVKGTTCGU
DWGPCRCTCJCEGTCFQDG
VKGTTCVGTTGPQ
RGTVGPGPEKC)W¡FJK¡OK¡PC
L©¡ZMWWRLKTRCLC¡MMCOIWF©D©©T!-QTKCP
CCMC¡<CECVGECUCC!#NN¯FQPFGGUV£EGTECFQ
CSW«GUVCFQRGTVGPGEGGUGVGTTGPQC&WTCPIQQ
C<CECVGECU!
=RNF©RR©TRQUF©TDC¡F©RR©T
CRQUF©TDCIC¡PF©RR©TIC¡P?
F©DQQTUCXKURC
FGEJCSWGVCCOCTKNNC/CKM
LCEJDJKCRW¡IWF©¡PDQT,KZLCPCCK³-C¡O
LKOQQEJM©¡[C¡!8COQUCUCECTRCPCNGUFG
CXKURCRWGUUGOGCPVQLCP#XGTUKPQPQU
RKECP=RNF©¡PDQT?
F©F©¡PDCNJ=RNFGF©¡PDCNJ?VKITGU
F©©PMKFJC¡
F©ICCT=RTGVFGF©¡TC¡?JK\QJQ[Q
F©©DQ³KC¡XaKUCNKTEQTTGT
N¯SWKFQ&©©DQPIW
K¡IQMPCO©VF©¡TCMOK¡ZKLKKDCPCODC¡
O©©DCVCKDC¡K¡[C¡PCIW¡LQKFJCOLKZOCKMCM
.GGUV£UCNKGPFQUCXKCCNOCIWG[RWGU
GUECTDCTQPGPNCRGPECRCTCVGPGTOKGNSWG
VQOCTRQTSWGGUV£DKGPFWNEG=RTGVF©©DQ
RTGUF©©DQP?
F©©F©¡=UWLRNFGF©¡?VGPGTCIWLGTQU
F©©F©¡PURCFTGU
FGHCOKNKC&JK¡TLK³
FJ©©F©¡PCOPCO©V[C¡DCCK/KURCFTGUUQP
NQUSWG[CNNGICTQP
PCPCU
OWLGTGURCTKGPVGUEGTECPCUSWGEWKFCPC
WPPK³Q
5KPµPI©¡MQTC¡
♦F©©¡POCFTG
RCNCDTCCPVKIWC
♦F©¡©©¡PUWOCO£
FG«NQFGGNNC
F©©MC¡XaVUCDQTGCTRTQDCT
CNKOGPVQ$©©ZKK¡IW
[QQZIC¡PFJKVWTCUPWPCVZKL©RFJC%JCOMC
F©©MC¡KEJEJKDC¡OQQ5GEC[GTQPVQFCUNCU
HNQTGUFGGUVGFWTC\PQRQTNCJGNCFCCU¯SWG[C
PQXCOQUCRTQDCTFWTC\PQU=RTGVF©©
RTGUF©©MEQPVF©¡PMCFC¡?
F©©MEJKC¡XaVUGIWKT
RQTNCUJWGNNCU&©©MEJKC¡
CRIWVWWTPCRCLC¡MOCCZPCRDC¡LQVOQFC¡
V©IKC¡5KIWGNCUJWGNNCUFGNVQTQRCTCSWGNQ
JCNNGURTQPVQ=RTGVF©©MKEJRTGUF©¡PMKEJ
TGRF©¡PMKEJKC¡?
F©©NJCFXUQNQ
PQCEQORC³CFQ#CRF©©NJ
CCLKOKC¡MC¡D©©ZCCIWOMWORC³KKT!6GXCU
UQNQQVCODK«PXCVWGURQUC!
UQNQ
UKPCRQ[Q/Q¡TCOFCCUVW¡FJKWDKKIW
DCK¡³FJCMCTPCVWDCK¡OVW¡,QKFJCOF©©NJ
FCKEJW¡'UVCOWLGTVTCGGNE£PVCTQNNGPQFG
CIWCCRQ[CFQUQNQUQDTGNCECDG\CUKPCICTTCTNQ
♦F©©NJLKTRWEJW¡OCU¯GURQTPCVWTCNG\C
F©©NJR©ZCFXRQTU¯OKUOQ&©©NJR©ZOWK¡DC
O©NJEJW¡IWVTQQMC%JCOMCFCCIW
RTGGPQUIC¡P;CXCEQTTKGPFQNCECOKQPGVCUKP
EQPVTQNRWGUPQCICTTCTQPNQUHTGPQU
F©©P=RTGUFGF©©¡PPKC¡?HWOC
F©©PMKFJC¡XaVEWTCT
HWOCPFQ
EGTGOQPKCNOGPVG6©F©©PMKFJCOIWOCMI©O
OWLC¡MVCCVUCD2CK¡PCFWWMLC¡MI©ZKC¡PQ¡
LQVOQFC¡MC¡DC¡IW¡LWTWW³FJC¡'N
EWTCPFGTQHWGCEWTCTCVKGTTCE£NKFC3WK«PUCDG
UKTGITGUCT£RTQPVQQVCTFCT£
JGEJK\CT%JKCNJLC¡ROQQDJCLC¡MLK³
FJ©©PMK¡³FJC¡IWLCTQK¡PCDC¡COR©ZLKZEJW
'&+%+•024'.+/+0#4`
F©©TCR
6'2'*7ƒ0Ê'52#“1.
MQ¡MMC¡/GFWGNGVQFQGNEWGTRQ#NQOGLQT
CNIWKGPOGGUV£JGEJK\CPFQ
=RTGVF©©PMKRTGUF©©PMK¡³?
F©©TCRCFXUWGNQRKUQ%JCODJCK¡MQMU©¡K³
FJKDQRVQVC¡O&©©TCRLC³DQ¡[C¡ZKD#JQTC
OGXQ[CCEQUVCTGPGNRKUQRWGUPQFWGTOQDKGP
GPGUVCECOC
CHWGTC/WF©©TCRLCRZKLKO©©LKPQ¡RLKZ
EJ©VDKO8GVGCHWGTCUKSWKGTGULWICT
F©©TCRF©TCFXHWGTC
FGNCECUC&©©TCRF©TR©Z
DQ¡IWOCKOMCO%JCOOWDCRM©DC¡MEJ©T
PCIW¡EJKZKQ¡OLKZOCKO'NDQTTCEJQGUV£
CEQUVCFQCHWGTCFGNCECUC[PQUGOGVG
RTQDCDNGOGPVGRQTSWGGUV£OW[DQTTCEJQ
F©©¡PPKC¡XaKHWOCT
RKRC)COO©L©V©F©©PFC¡
F©TDC¡=RQUFGF©D©©T?2GLLWOF©TDC¡VW
VGTTGPQ=CRQUFGF©TDCIC¡P?
F©TDKEJ=UKPµPFGDJKFJCC¡?XCUKLCFGDCTTQ
F©¡XaGVGPGTCIWLGTQ/QQLC¡RQKT©CCIW
WC¡OC¡PCDC¡R©ZLC¡ZF©©F©¡IWKKDJCK!2QT
CSW¯CPFCGNR£LCTQCOCTKNNQ!2QTSWGCNIWPCU
VWPCUVKGPGPCIWLGTQU=UWLRNF©©F©¡?
F©¡F©NJFJ©O=RNFGF©NJFJ©O?UQNKVCTKQU
UQNVGTQU
F©¡©©¡P=CRQUFGPCCP?UWOCO£8«CUGF©©F©¡P
F©¡PDCNJUVKITG/WLC¡RW¡ZEJ©TLKZLQK¡³IW
F©¡PDCNJPCQKT©FC¡PCIW¡TICOR©ZMCO#N
VKITGNGIWUVCCPFCTGPGNDQUSWGRQTSWGGUFGN
ECORQ=RNF©F©¡PDCNJ?
IW³Q¡MKZIWDKDFWK³MCTVC¡O/KV¯CUKGORTG
HWOCVCDCEQGPWPCRKRC=RTGVF©©¡PRTGUF©©P
EQPVF©©PFC¡QF©PKKFJC¡?
♦FJ©©³OWMCFLSWGHWOCOWEJQ
F©MQQCFXCRGPCUEQPFKHKEWNVCF&©MQQ³KEJ
DWWUOWF©TCMM©¡PPCIW¡IKKNJKOIÀ¡O©TIW
UWWFCK¡#RGPCUUCN¯FGNT¯QRQTSWGNNGXCDC
OWEJ¯UKOCCIWC8CTFCMQQ
F©MQQ¡³FJC¡=XCTFGFCMQQ¡³FJC¡?GZKIKT
GUHQT\CTUG
F©NJFJ©OUUQNKVCTKQ
CPKOCN2WK¡RLKZLC
PCCIWDJGG¡OUGTIWF©NJFJ©OU©©¡LC¡RPCLCZ
IWOWK¡FJ©O6CPVQCNNQDQUQNKVCTKQEQOQCNQU
SWGCPFCPGPOCPCFCNGUIWUVCEQOGTUGCNQU
DGEGTTQU
UQNVGTC
RGTUQPC,KTF©NJFJ©OCCDC¡FJK
EJKQ¡³MC¡VWLQQ³K¡CC!'UGJQODTGGU
UQNVGTQQVKGPGGURQUC!
=RNF©¡F©NJFJ©O?#PVµPOWK¡FJ©O
F©NJMQDCFXCUQNCU$JCLKOLK³MWWZK¡MWEJ
CNJKQ[C¡PKLC¡MZKUQRM©KF©NJMQDPCEJCO
LCTQK¡EJMÀÀMÀ¡8GPCE£V¯QRCTCSWG
JCDNGOQUCUQNCUWPTCVQUKPSWGPCFKGPQU
GUEWEJG
F©RR©T=RNFGF©D©©T?VKGTTCU=RQUF©RR©T
CRQUF©RR©TIC¡P?
F©TRQURFGFGUFG
NWICT2CCRKEJFWWM
DJCK¡LKLKKOWF©TLWOMK¡CCO!%W£PFQUCNKUVG
FGVWECUC!
FGFGUFG
VKGORQ$CUVCMCCDLC³KEJRCNJ©©R
ZKDCVDKC,CPQ¡F©TLC³R©ZDCLKK¡QQ¡
#PVGC[GTOGDC³«[FGUFGGPVQPEGUVGPIQVQU
8CTFJ©T
F©¡PDCT=RTGUFGF©DCC¡?UGRWFTG
F©¡PDQT=RNFGF©DQQT?CXKURCU
F©¡PICTUC¡=EQORNRNFGF©¡TC¡?JCEGTJQ[QU
=RTGVF©¡PICTCKRTGUF©¡PICTCU?
F©¡PMCFC¡=EQPVFGF©©MC¡?GUVCTUCDQTGCPFQ
F©¡PMKEJ=RTGUFGF©©MEJKC¡?UKIWGNCUJWGNNCU
=TGRF©¡PMKEJKC¡?
F©¡TC¡XaVCDTKT
NCVC/CC¡PLCRF©¡TC¡FJK
MQ¡MQNJMWEJM©¡PVWLWIKC¡#DTGWPCNCVCFG
EJKNGURCTCEQOGTLWPVQEQPNCUVQTVKNNCU
JCEGTWPJQ[Q6WWMCDLWOCC¡PC³V©F©¡TC¡
RCK¡DKDKCVCOPCDC¡ICOO©L©IÀ¡OKUW¡PMC¡
IWUWWFCK¡5GPGEGUKVCJCEGTGNJQ[QFGFQPFG
EQLQGNCIWCO£UJQPFQRCTCSWGUKGORTGJC[C
UWHKEKGPVGCIWCCNN¯
=EQORNRNF©¡PICTUC¡RTGVF©ICCTF©¡PICTCK
RTGUF©¡TCUF©¡PICTCU?
F©¡TOWWMUJW«THCPQJW«THCPC#CRFJQDC¡ZK
I©¡NJFJCKFJKCNJKKPCIW¡CNJDCTF©¡TOWWM
6©©¡PCVIW¡DCOWWIWF©¡©©¡PPKIWVCCVC¡P
MWEJCOMCFWC#JQTCV¼FGDGUETKCTCGUVG
DGD«[CSWGUGSWGFµJW«THCPQRWGU[CUGOWTKµ
UWOCO£[UWRCR£VCORQEQXKXG=RNF©¡F©T
MQK¡?
FQFJKC¡XaKCNKXKCTUG
FGWPCGPHGTOGFCFt$C
FWCCCIWOFJKZKKMPCUCCMMCZMC¡QQMMCV!
tLWRMCK¡EJIW,WCPt%JCOCCL©¡PCDC¡Z
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
M©©¡tLWRV©KIW,QUGGt;CUGCNKXKµVWV¯C
SWGFKEGPSWGGUVCDCGPHGTOC!tRTGIWPVµ,WCP
t2WGU[QETGQSWGU¯EQOQ[CCPFCDKGP
tEQPVGUVµ,QU«=UWLRNFWFWCFJKC¡RTGVFWC
FWFWCEQPVFWFWCTFC¡FWFWCFJK¡³FJC¡?
8CTFWFJKC¡
FQQFC¡XaVJCEGT
NQSWGUWIKGTGPt#OLK
PCRLCK¡ZM©M©©¡DJCUKUUCRC¡IWVCDNGGVCUFJKO
DC¡CCMtLWRMCK¡EJIW#TOCCPFWt2WK¡MC
VWFQQFC¡K³LKIW¡tLWRMCK¡EJIW-CUKOKKT
t5GT¯CDWGPQSWGRQPICUQVTCUVCDNGVCUGPGN
VGEJQFGVWECUCtFKLQ#TOCPFQt2WGUCU¯NQ
JCT«tTGURQPFKµ%CUKOKTQ
JCEGTFC³Q
CQVTCRGTUQPCÎ#C³OQQLC¡R
FWK³O©TC¡FJKEJKQ¡³IWV©VDKMCTW¡P'CPQ¡V
DJCCOÏLWRMCK¡EJIWCNJKKÎ8Q[CJCEGTNG
FC³QCNLWIWGVGFGGUGJQODTG#XGTUKUG
GPQLCÏFKLQGNPK³Q
=RTGVFQQFCRTGUDWCRTQRFWK³O©TC¡?
♦RWK¡³FJQVWFQQFC¡CU¯NQJCT«
♦GCPC³R©ZLC¡RVWFQQFC¡U¯NQJCT«RWGU
PCFCOGEWGUVC
FQ¡PMQPC¡XaVUQNVCTFGLCTECGT,KZDJCK¡R
OQQWC¡FC¡FJKLC¡CCPCREJCOFQ¡PMQPC¡
.NGXCNCQNNCEQPEWKFCFQRCTCSWGPQNCFGLGU
ECGT=EQORNRNFCFQ¡PMQUC¡RTGVFQ¡PMQ
FCFQ¡PMQUCEQPVFCFQ¡PMQUFC¡?
FQ¡³EJKFJC¡XaDFGXQNXGTGPVTGICT
CNFWG³Q
$CFQ¡³EJK¡³O©TC¡K³IWMCDCKIWK¡PCVLCTQK¡³
EJCK³DWK8Q[CKTCGPVTGICTGNECDCNNQCNC
RGTUQPCSWGOGNQRTGUVµ=RTGVFQ¡³EJK
EQPVFCFQ¡³EJK¡³FJC¡?
FQ¡³EJKFJC¡XaKFGLCTFGOCOCT,©¡M
OCUCC¡PR©ZDCOCC¡PCDCFQ¡³EJKFJC¡FJKO
CNJKKEJWM!%W£PVQUOGUGUHCNVCPRCTCSWG
FGLGFGOCOCTVWDGD«!=UWLRNFCFQ¡³EJKFJC¡
RTGVFQ¡³EJKFCFQ¡³EJK?
FQ¡³EJQ¡XaVFGLCTFGXQNXGT
CUWNWICT
EQORNKPCP-CDWKOWMLC³FQ¡³EJQTC¡FJK
ZKKTPCO©VLK³EJCK³DWK/C³CPCXQ[CKTC
FGLCTGUVCUKNNCFGOQPVCTSWGOGRTGUVCTQP
UQNVCT
RCTCSWGXC[CEQORNCPKO
$WKOIKFJCMLCO©VMCFQ¡³EJQIWOCKOMCO
IWK¡PCO©VMWWLWTP©MPCVRCK¡DCOV©¡³EJQ
#NUKIWKGPVGF¯CUQNVCTQPFGNCE£TEGNCNDQTTCEJQ
SWGGPEGTTCTQPGUCPQEJGEWCPFQ[CTGEWRGTµUW
LWKEKQ
FGLCTFGEQOGT
RQTWPVKGORQFGVGTOKPCFQ
,CK¡ZEJCOCCOVCPQQNJFCFQQ¡³EJQCOIWQP
IWLC¡VMCOIWK¡PCOLKZEJCOCCOVWQK¡³RCK¡
FWK³DJ©©[C¡
P©K¡MCTVCO#NIWPCURGTUQPCUFGLCPFGEQOGT
UCNRQTEKPEQF¯CUNCUSWGGUV£PEQORTQOGVKFCUC
EWORNKTEKPEQF¯CUGPGNOKVQVG
=RTGVFQ¡³EJQRTGUFCFQQ¡³EJQ?
FWCXaGGUVCTXKXQ2WKFWCCCIWOMWWNUK
MC¡DCOWWCC!6QFCX¯CXKXGVWCDWGNQQ[C
UGOWTKµ!=UWLRNFWFWC?
FWC=RTGVFGFQFJKC¡?UGCNKXKµ
FWC¡³FJC¡XaVUCPCTEWTCT
CQVTCRGTUQPC
$CK¡³ZK¡³O©TC¡CRFJK,WNKCPIW,QUGGPCZ
KQ¡OLKTOCMICOPCDC¡FWC¡³FJC¡8GC
KPXKVCTC,QU«SWKGPGUOW[DWGPEWTCPFGTQ
RCTCSWGUCPGC,WNK£P
XaTEQORQPGTUGCNKXKCTUG
CU¯OKUOQ0Q¡
EJKEJCNJK¡EJVWVCC³KOIWDKK³LK³ZKMW¡
OWOOW)KQV©T$KDKC¡PCEJM©¡PR©ZLKEJ
FJWFWC¡³FJC¡*GTOCPQO¯QRQTSW«PQ
XCOQUCNC%KGPGICFGN.NCPQRCTCEQORTCT
VCPVKVQOG\ECNPCFCO£URCTCEQORQPGTPQUFG
NCETWFC!
=EQORNRNFWFWC¡³FJC¡RTGVFWC¡³FWFWC¡³
RTGUFWFWCFJK¡³?
FWFWC=UWLRNFGFWC?2GLFWFWCCOGUV£P
XKXQU
FWFWCFJKC¡=UWLRNFGFQFJKC¡?2GL
FWFWCFJKC¡COUGCNKXKCT£P=RTGVFWFWC
EQPVFWFWCFJK¡³FJC¡?
FWFWCTFC¡=EQPVFGFQFJKC¡?GUVCTCNKXK£PFQUG
FWFWC¡³FJC¡=EQORNRNFGFWC¡³FJC¡?UCPCTNQU
=RTGVFWFWC¡³RTGUFWFWCFJK¡³?
FWFWK³MCT=RNFGFWK³MCT?RKRCU
=CRQUFWFWK³MCTW¡P?
FWFWWR=RTGVFGFW¡PRKMKC¡?UGCVCUECTQP
FWFJKC¡=XCTFGFQFJKC¡?CNKXKCTUG
FWKUEKTWGNC$CDJCCLKOCCIWFWKOWLC¡R
VCVCCVUCDMC¡EJCMWKCC!0CDC¡EJCORCK¡
KCODCVWOIC¡TCKO[CLC¡R;CGUV£P
OCFWTCPFQNCUEKTWGNCUGPVKGTTCUE£NKFCUQ
VQFCX¯CPQ!2QTSWGVQFCX¯CPQUGXGPFGPRQT
CSW¯
FWK=RTGXFGFW³KC¡?JCEKGPFQUWEGFKGPFQ
8CTFWWLK
FWK³DJ©©[C¡XaKUGTOC[QTFQOQ
FGWPCHKGUVC
VTCFKEKQPCN,CTQQUCRFWK³DJ©©[C¡PCRCK¡
FJWWMLWORCVCCUC¡FJKPCZKDLKTFW³
DKC¡MCO!3WK«PFKEGPSWGXCCUGT
OC[QTFQOQEWCPFQECODKGGNSWGCJQTCGU!
'&+%+•024'.+/+0#4`
FWK³FJC¡
6'2'*7ƒ0Ê'52#“1.
=RTGVFWK³DJ©KEQPVFWK³DJ©DJ©©FC¡
RTQITFWK³DJ©©LKO?
FWK³FJC¡XaDJCEGTHQTOCT
RCTCQVTC
RGTUQPC/CK¡DWC³KEJIWDCK³IC¡PIW³
MWZKKT/QQ³EJKLWOCKVWEJK³KC¡PCOLWRLK³
FJWK³FJC¡5GOGRGTFKµNCHWPFCFGOK
EWEJKNNQ5GT£DWGPQSWGOCPFGCJCEGTQVTC
NKV
CSWGOGJCICPQVTC
XaDJCEGTEWORNKT
NQSWGQVTCRGTUQPCRKFKµ
2WK¡RZKLCFWK³FJC¡PCOLCZLWOV©VFCMWO
EJCOVWDJCCMQMDJCLC¡MLKEJI©©¡*C\NQCU¯
EQOQVGGUV£PFKEKGPFQRCTCSWGPQUGGPQLGP[
PQURGIWGP
XaVETKVKECT
HKIWTCVKXQ΁,CZMWRDC¡LCZ
PCRR©ZDWKZK¡³IWOZKKZ!6CMCCDLCRRWK¡RMC
C¡ICPCZKCVDK¡ZKDLCRRWK¡RC¡ICPCIÀ¡VW
MWC¡ÏLWRV©VFCIWF©¡©©¡PIW'NGGPC΁2QT
SW«ETKVKECUVCPVQCVWJGTOCPQ!#[GTGUVCDCU
FKEKGPFQSWGGTCOGPVKTQUQ[CJQTCFKEGUSWG
EQOGOWEJQÏNGFKEGNCOCO£C'NGPC
=RTGVFWK³RTGUDWKZK¡³?
FWK³MCTURKRC
FGHWOCT,KZLQQLQK¡³PCRVW
DWCIWFWFWK³MCTIW³MWWNUKPCUCRVWIC¡TC¡
OWLC¡RMKMEJCOPCOIW¡LCUCDC¡PPCOOK
V©F©©PFC¡IWDKD#OKCDWGNQNGIWUVCJCEGT
RKRCURCTCXGPFGTNCURQTCJ¯NCUEQORTCPRCTC
HWOCTVCDCEQ=RNFWFWK³MCT
CRQUFWK³MCTW¡PFWFWK³MCTW¡P?
FWK³O©TC¡=RTQRFGFQQFC¡?KTCJCEGTFC³Q
FWMKKO©M=EQRTGVFGFWWFW¡?NNQX¯C
FWOCCNJCFXCDCLQ&WOCCNJLCRFCCUC¡FJK
LC¡CCPCEJCODJCK¡FJ©TLKI©©U©KLWRDCLCKMKC¡
2QPNCQNNCCDCLQRCTCSWGPQUGECKICFGCNN¯[UG
SWKGDTG
EJCRCTTQ
RNCPVC&WOCCNJVWLKOO©FJK
UQURQMCNJEJCOVW¡RWK¡PCMQ¡MQNJ5QPOW[
EJCRCTTQUGUVQUVQOCVKNNQUPQETGEGPVCPITCPFGU
EQOQNQUEJKNGU
#PVµPVÀ¡MQD
FW³DKC¡MCOUOC[QTFQOQ
FGWPCHKGUVC
VTCFKEKQPCN,CTQQLKTFW³DKC¡MCOZKD
OWOOW,WMV©TDJCCP5CO2TCPUKUMW6C¡O!
3WK«PGUGNOC[QTFQOQFGNCHKGUVCFG5CP
(TCPEKUEQGUVGC³QGP5CPVC/CT¯C!=RNFW³
DKKRKC¡MCO?
FW³KC¡XaVJCEGT
NQPGEGUCTKQ#CRLCZLC¡M
FW³KC¡IWOVCTGG[C¡OK¡PCRUCCMRCK¡EJCO
OCCV!%µOQXCUCJCEGTVWVCTGCCNN¯FQPFGPQ
NGGPVKGPFGU!
XaVRCUCT
RQTEKTEWPUVCPEKCTCTCQOCNC#C³
LKZMQ¡MLK³QNJKCCO6W¡PCVDC¡OK¡RLK³
FJWW!6©KEJCORCK¡LCZVW¡KK¡#O¯OGFWGNG
NCTQFKNNC0QU«SW«OGRCUµRWGUPQGPEWGPVTQ
NCTC\µP
XaTRCUCTUWEGFGT
CEVQPCVWTCN,WRVWO
MCK¡EJPCUCRIKQRLWOV©©OQ¡FJKQK¡³IC¡PMW
IW¡EJKOWK¡QKFJC¡M©¡PLKPCDC¡RWK¡DCVWO
FW³KC¡&KEGPSWGUGXCCCECDCTGNOWPFQ
RGTQETGQSWGVCTFCT£OWEJQUC³QUCPVGUFGSWG
GUQUWEGFC
=RTGVFWWRTGUDWCRTGXFWKQFWWLK?
♦LKZDJCK¡FJW³KC¡JCEGTWPHCXQT
RCTCQVTC
RGTUQPC
♦LKZM©©¡OFW³KC¡CNKUVCTUG
♦ICORCK¡LKOFWWUGJWOKNNµ
FW³KC¡XaTJCEGTCEVWCT,CZLCRKEJLWOFWW
.WKUPCRKEJDC¡EJCORCK¡CKPCEJUCCM
PCDFJKRW¡I©V!3W«VGJCUJGEJQ.WKU!2QT
SW«PQXKPKUVG!2WGU¯DCOQUCEC\CTWPXGPCFQ
RQTCJ¯=RTGVFWWRTGUDWCEQPVDWCFC¡
EQRTGVDWC¡VQDWKO©M?
♦LKZDJCK¡OFWWMCOLKZM©©¡RLWOFWWMCO
DWGPCEQUCDWGPCQDTC
FW³KKO=RTQITFGFWW?GUVCPFQGN5QN
FWR³KC¡XaKJWPFKTUG0CRCK¡FJWWMDJCK¡
LKEJ©¡PIKC¡PCK¡LKFWR³KFJC¡UCCNJIWLQFCK
RCK¡PQ¡FCCDKDKCVCOPCIW¡ZD©©V%WCPFQ
GORKG\CNC«RQECFGNNWXKCURQEQCRQEQUGXC
JWPFKGPFQWPCRKGFTCEWCPFQGUV£GPWPC
EK«PGICRQTSWGGUV£RGUCFC
CVCUECTUG%JCOR©MVWOLWCPFC¡-CPWWDCU
PQ¡TV©¡PIKCMPCIW¡EJCOLCK¡EJMC¡IWLWM
PCIW¡PQ¡VV©KEJWDKK³QTCOIWVTQQMCOCC¡P
PCLCZOWRCK¡RWRFWR³KZMC¡0QJC[VTQPEQU
RQTSWGGP%CPQCUGP«RQECFGNNWXKCUPQ
VTCDCLCPOWEJQ[CSWGCNSWGTGTNQUVTCPURQTVCT
UGCVCUECPNQUECOKQPGU
=UWLRNFW¡PRKMKC¡RTGVFWRFWFWWR
RTGUFW¡PRKM?
♦EJWFW¡PRKMCFLNQFQUQRCPVCPQUQ
FWR³KC¡XaKDWEGCT/CKMLCEJFW¡PRKMRW¡
OWOOWCNCRTGGU8COQUCDWEGCTCNN£GPNC
RTGUC=UWLRNFW¡PRKMKC¡RTGVFWRFW¡PRKM©
RTGUFW¡PRKMRTGXFWRP©KFW¡PRKM©K?
♦FJWR³K¡CFLDWGPQRCTCDWEGCT
FWUCCTMC¡XaKCHNQLCTUG$CFWUCCTMCIW
FCCUCTIC¡PIWOWNKKP:KMCDMCFCKCR;CUG
CHNQLµNCOCPKLCFGNOQNKPQ#RTK«VCNCRQTHCXQT
=UWLRNFW¡UCTMC¡RTGVFWUCCTMCFW¡UCTMC
EQPVFWUCCTMCTFC¡FW¡UCTMCTFC¡?
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
FWWXaGGUVCTGN5QN
GPEKGTVCRCTVGFGNEKGNQ
)KKNJKOLKZEJ©DCC¡EJCOOCCZPCRCK¡DC
FWW'UV£OW[PWDNCFQPQUGUCDGSW«JQTCGU
NKVPQUGXGFµPFGGUV£GN5QN=RTQITFW³KKO
RWPVFWWM?
♦LKZFJCCOFWWMCFXCNOGFKQF¯C
♦RCCFWWMCFXEW£PFQ!
NKVFµPFGGUVCT£
GN5QN!
FWW=RTGVFGFW³KC¡?RCUµUWEGFKµ
FWW=RTGVFGFW³KC¡?JK\Q
FWWFWMUNCUCIWCU
TGIKQPCNKUOQ«RQECFG
NNWXKCU
FGLWPKQCUGRVKGODTG$JCCPFWWFWM
LC³OWDCLKOPC³DC©ZO©TC¡0QXQ[CKTC
UGODTCTCNN¯JCUVCNC«RQECFGNNWXKCU
5KPµPV©¡PIKCM
FWWFW¡XaKNNQXGTt#OLKZFJWWFWKOVWVW¡KK¡
LKCtLWRMCK¡EJIW,WCPt5©NJMCOLKC/QQ
EJKDJCK¡LKFJWWFW¡LC¡Z³KtLWRMCK¡EJIW
2GGITQt2CTGEGEQOQSWGSWKGTGNNQXGT
XGTFCF!tFKLQ,WCPt&GXGTCUSWGU¯#NQ
OGLQTXCCNNQXGTCNTCVQtTGURQPFKµ2GFTQ
=RTGVFWW¡PRTGUFWWMRTQITFWWMKO
EQRTGVFWMKKO©MRWPVFWW¡PP©M?
♦FWWMLKZDKKCNJGUV£NNQXK\PCPFQFGHQTOC
KPEQPVKPWC[RQTRQEQVKGORQ
♦FJWWMFC¡CFLSWGNNWGXGOWEJQ
FWWLK=RTGXFGFW³KC¡?JCEKGPFQRCUCPFQ
UWEGFKGPFQ8CTFWK
FWWMUCIWC
TGIKQPCNKUOQNNWXKC:KDCCRCUIW
MW¡CC¡PCEJCODC¡PPKC¡$JCK¡DCLKOIW
FWWM/GVGNCNG³CRCTCSWGPQUGOQLGRWGU[C
XKGPGGNCIWC
♦FWWML©NJDK¡CKTGEQPNNWXKC
♦FWWMV©TP©FCONNWXKCEQPVTWGPQU[
TGN£ORCIQU
♦FWWMV©¡PIKCMMCONNWXKCVGORQTCN
GPNC
«RQECFGNNWXKCU
♦FWWMVWCDCRICFCONNWXKCSWGOQLCNQU
GPEKPQU
SWGJCEGSWGNGUUCNICPNCUPWGXCU
JQLCUGPOC[Q
FW¡PRKMKC¡=UWLRNFGFWR³KC¡?2GL
FW¡PRKMKC¡COUGJWPFKT£PUGCVCUECT£P
=RTGVFWFWWRRTGUFW¡PRKM?
FW¡PRKMKC¡=UWLRNFGFWR³KC¡?2GL
FW¡PRKMKC¡CODWEGCT£P=RTGVFW¡PRKM©
RTGUFW¡PRKMRTGXFW¡PRKM©K?
FW¡UCTMC¡=UWLRNFGFWUCCTMC¡?2GL
FW¡UCTMC¡COUGCHNQLCT£P=RTGVFW¡UCTMC
EQPVFW¡UCTMCTFC¡?
FJCFCNJZK¡³OC¡
&J
=0QVC/WEJCURCNCDTCUSWGGORKG\CPEQPF
VKGPGPXCTKCPVGUSWGGORKG\CPEQPFJNCU
EWCNGUPQUGKPENW[GPGPGUVGFKEEKQPCTKQ?
FJCCIK¡CFLSWGUCDGCICTTCT,KZFJCCIK¡FJK
ICIQQZRWVÀ¡MQDFCIKC¡IWDJQ¡OMQZPQ¡V
OWK¡LKEJW¡PDJCK¡FJ©TLWMVC¡O'UVGRGTTQ
UCDGCICTTCTNQUVGEJCNQVGUUKPFGLCTSWGVQSWGP
GNUWGNQEWCPFQDTKPECPFGCNI¼PRKPQ
=RNFJC¡PIK¡EQRLKZ?8«CUGFCIKC¡
FJCCPCFLSWGNQSWKGTGOWEJQ
EQORNCPKO
,QKFJCOLKZFJCCPIWDJGUGGTIW©NJK¡EJ
MCTDCZ2©ZOKC¡PDJ©KEJW¡'NEJKXKVQSWKGTG
OWEJQCNDGEGTTQRWGUNQUKIWGOWEJQ
=RNFJCFCCPEQRLKZ?8«CPUGFJCC¡FC¡VC¡
♦ZKOFCFCCPCOUGSWKGTGP
GNWPQCNQVTQ
FJCCRCMCFLNKUQ,KZFJCCRCMIWVCC¡ONC
PCIW¡ZDJCK¡LKKDKZ.CVCDNCGUNKUCRQTSWGGUV£
DKGPEGRKNNCFC
RGNµP-CZFJCCRCMIWOC¡QQ¡PFJKCNJKK
PCVIW¡EJCMWKDJCK¡RQIWMWWRC¡P6QFCX¯C
GUV£RGNµPGUVGPK³QRQTSWGC¼PPQNGETGEGGN
RGNQ
FGUPWFQ,KZFJCCRCMFJKCNJKKPCIW¡
EJCODKC¡IWVCCVC¡PIWVWWOK³PCM©¡P
VCC³ZKFJC¡IWLCLCPPWNJK¡³'UVGPK³QGUV£
FGUPWFQRQTSWGUWRCR£PQVKGPGFKPGTQRCTC
EQORTCTNGTQRC
=RNFJC¡PRCMEQRLKZ?8«CUGFCR³KC¡
FJCC¡CFLSWGNQSWKGTGOWEJQ
EQORNKPCP
&JK¡FJQZKZKKDMCOLWOUWWUCMLCRZKCCFCK
-C¡RLKOQQLC¡RLKZFJCC¡CC!&GDGURQPGTVG
VWUJWCTCEJGUPWGXQU1PQNQUSWKGTGUWUCT
NKV
QNQUSWKGTGUOWEJQ!
UGTXKT
UWLKPCP%JCOLKPC³IC¡TC¡FJK³
MCTCDKKP,KZFJCC¡K³LKIW¡OQQ0QXGPFQOK
TKHNGRQTSWGOGUKTXG
NKVNQSWKGTQ
=EQPVFJC¡FC¡EQRLKZ?8«CPUGFC¡VC¡FJCCP
♦ZKOFCC¡XaGPQFCTOWEJQHTWVQ
RNCPVC
PQOWNVKRNKECTUGH£EKNOGPVG
CPKOCN
FJCFCCP=RNFGFJCCP?SWGNQUSWKGTGOWEJQ
=EQRLKZ?
FJCFCNJZK¡³OC¡=RNFGFJCNJZK¡³OC¡?RKPVQU
=EQRLKZ?
'&+%+•024'.+/+0#4`
FJCFC¡DK³
6'2'*7ƒ0Ê'52#“1.
FJCFC¡DK³=RNFGFJC¡DK³?OCNVTCVCFQU
=EQRLKZ?5KPµPFJCFC¡DK³KZ
FJCFC¡PRKM=RNFGFJC¡PRKM?TGUDCNCFK\QU
GUEWTTKFK\QU=EQRLKZ?
LWOCC¡PC³DJCCPLK³L©RRK¡³FJC¡5GT£P
ECTCUGUVCUUKNNCU!0GEGUKVQWPCFG«UVCURCTC
UGPVCTOG=EQRLKZ?#PVµPDCTCCV
♦LKZEJWFC¡TC¡GUV£PECTCU
OWEJCUEQUCU
FJCKFJC¡CFLSWGGUDWGPLKPGVG,KZFJCK¡³MC¡
FJC¡TMCOCFLXCNKQUQ#OZKLWWIW³EJWO³K¡
FJCK¡FJC¡CFLXGNQ\
CNXQNCT%JCOR©M
FJKCFLGUVGGUVCGUVQUGUVCU
CTV¯EWNQ
K³PQ¡³ICOO©L©MCDCKEJC¡OQKT©8Q[CUGT
DWGPLKPGVGUKUKGORTGCPFQCECDCNNQ
=RNFJCTCKFJC¡EQRLKZ?
♦LKZFJCK¡³MC¡UGT£DWGPLKPGVG
FCK¡FJC¡FJKW¡KK¡PCIW¡EJCMWKR©MVWC¡PC¡
'UVGR£LCTQPQGUOW[XGNQ\CNXQNCTRQTSWG
VQFCX¯CPQVKGPGOWEJCURNWOCU=RNP©©P©KFJC¡
EQRLKZ?8«CPUGFCK¡EJFJC¡FC¡[C¡
FJCNJZK¡³OC¡CFLRKPVQOCPEJCFQ,QKFJCO
LKZFJCNJZK¡³OC¡IWDCCMLKZEJWVWMM©¡PIKQ
LKZEJQQVQ.CXCECGUDQPKVCRWGUGUV£
OCPEJCFCFGDNCPEQ[PGITQ
=RNFJCFCNJZK¡³OC¡EQRLKZ?
FJCR³K¡CFLNKUQTGUDCNCFK\Q,QKFJCOLKZ
FJCR³K¡MCOVW¡KK¡FJKVCC¡ONC,QKFJCOPC³
DJCCPLK³FJCKTTWZFJC¡5GXGOW[NKUCGUVC
VCDNCGUV£DWGPCRCTCTGUDCNCTOGGPGNNC
=RNFJC¡PRKMK¡EQRLKZ?8«CUGFCR³KC¡
FJCTCKFJC¡=RNFGFJCKFJC¡?SWGUQPDWGPQU
LKPGVGU=EQRLKZ?
FJC¡DK³CFLOCNVTCVCFQGPECPKLCFQ
CPKOCN
%JC¡RKOLWCPFC¡IWOKKEJW)KKNJKODCZ
FJC¡DK³R©ZDC¡&GLGPCNICVKVQRWGU[CGUV£
OW[GPECPKLCFQ=RNFJCFC¡DK³EQRLKZ?
5KPµPFJC¡DK³KZ8«CUGFC¡DK³C¡
FJC¡PIK¡=RNFGFJCCIK¡?SWGUCDGPCICTTCT
=EQRLKZ?
FJC¡PRCM=RNFGFJCCRCM?NKUQURGNQPGU
FGUPWFQU=EQRLKZ?
FJC¡PRKMCFLTGUDCNCFK\Q,KZFJCFC¡PRKM
MC¡IWLQQFCKOWLC¡RIÀ¡CMEJC¡OIWK¡PC
UWWFCK¡EJ©TFCTMC¡PCIW¡ZOQOFQTC¡MC¡
'UV£PTGUDCNCFK\CUNCURKGFTCUGPGNT¯QITCPFG
NCUSWGGUV£PGPGNCIWCRWGUGUV£PEWDKGTVCUEQP
CNICU
GUEWTTKFK\QNKUQ%JCODJCK¡OFC¡PI©IW
DCVQQRPCZFJC¡PRKM0QUGRWGFGCICTTCTWP
RG\RQTSWGGUGUEWTTKFK\Q
=RNFJCFC¡PRKMEQRLKZ?8«CUGFCR³KC¡
FJC¡PRKMK¡=RNFGFJCR³K¡?NKUQU=EQRLKZ?
FJC¡TC¡CFLECTQ,KZFJC¡TC¡CCEJKFJK
C¡VQZMCTPQ¡³KEJOCC¡PUCDC¡FCM!6©K³C¡O
FJQIKLKDC¡ZKDPC³KEJRCNJ©©RLKZFJC¡TMCO
ZKEJWUCDC¡NJ#JQTCU¯[CUGOGCECDµGN
FKPGTQRQTEQORTCTCNIWPCUEQUCUXCNKQUCUPCFC
O£U=EQRLKZ?
GURGE¯HKEQ,KTCCRIC¡PCCFJKVTQQMCPC
[C¡PKM©©M!'UVW[CGUVCECOKQPGVCSWGGUV£
CSW¯!
GUGGUCGUQUGUCU
CTV¯EWNQGURGE¯HKEQ,KTICK
DJCK¡PCRCK¡M©©MFJKDC¡CCM'UCECUCGUV£GP
WPCNCFGTC
FJKZKKMUV¯C
JGTOCPCOGPQTFGNCOCO£
Î,C¡Z³KUCRDJCLKOIWOFJKZKKMPCLCK¡³
RCNJDWKFJC¡PCEJVWDQQP:KEJW
QPDCK¡³FJC¡CRPQ¡V[C¡DCLKDWWUÏLWR
MCK¡EJIWF©¡©©¡PIW/CTKK[CÎ&KEGVWV¯CSWG
XKGPGO£UCNTCVQRCTCC[WFCTOGCFGU[GTDCTNC
OKNRC&GDGUFCTNGFGEQOGTEWCPFQNNGIWGÏNG
FKLQUWOCO£C/CT¯C
UQDTKPQUQDTKPC
JKLQFGNCJGTOCPCOC[QTFG
WPCOWLGT,QKFJCOLKZEJ©DJ©KFJC¡IW³
FJKZKKM-WCTVWDCLKOEJW¡/KUQDTKPCGUOW[
KPVGNKIGPVGRWGU[CEWTUCGNEWCTVQITCFQ
=RNFJK¡³ZKMCRQUFJKZKKMK¡³FJK¡³ZKMK¡³?
FJK¡RTQP«NGNNQGNNCGNNQUGNNCU
XKUKDNG
,CTQQFC¡FJK¡PCNCDGGTM©¡PVWUCD!3WK«P
GUGNSWGGUV£VQECPFQGNXKQN¯P!
GNNQNCNQUNCU
XKUKDNG,CTQQTD©PIC¡P
FJK¡PCV[C¡ZKÀÀMD©©R©¡!3WK«PGUNCGURQUC
FGNSWGNNGIµCSW¯JCEGTCVQ!
«UG«UQGUC«UQU«UCU«UVGGUVQ«UVC«UVCU
«UVQU
XKUKDNG,KTCC³IC¡PFJQFJK¡2CCRKEJ
V©©!5¯«UGGUO¯Q&µPFGNQGPEQPVTCUVG!
=)TCO?8CTFK¡8«CUGFJK¡³K
♦FJK¡COGNNQU
UWLCPKO
♦LKTFJK¡IC¡PGUFG«NGUFGGNNC
FJK¡M©¡PCFXEQP«UVGEQP«UG
NQSWGVTCG
t&JK¡M©¡PCCRKEJDC¡RWK¡I©©¡IW5GNUQPCR
OK¡FJCC¡!tLWRMCK¡EJIW'NKK[CUt,©©¡FJK¡
M©¡PFJQtLWRMCK¡EJIW/GVGGTKQt.G
RGICUVGC%GNUQEQPGUQSWGVTCGUGPNCOCPQ!
tRTGIWPVµ'N¯CUt5¯EQP«UVGtEQPVGUVµ
'OGVGTKQ
EQPGUVGRTQRµUKVQEQPGUGRTQRµUKVQ/W
LKOKC¡CRDWK³QTIWOQ¡MKZPCRLC¡RV©©FC¡PC
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
MCDWKOWMDJCK¡ZK³RCNJDWK¡³O©TC¡PC³VW
PCMV©OCKEJEJC¡&CKFJK¡M©¡PLC¡RLKOFCV
DJCK¡RWLKOKC¡©RIKQEJCOVW¡PCROWRCK¡
DCLKEJ©VDKC¡8GEQPVWV¯C[FKNGSWGXGPIC
OC³CPCCC[WFCTOGRCTCJCEGTVCOCNGUFG
RWGTEQ5QNCOGPVGXCUEQPGUGRTQRµUKVQ[NWGIQ
TGITGUCUPQVGXC[CUCSWGFCTCLWICTRQTCJ¯
FJK¡OQQKPVGTL[ETGQSWG)KFJWNJQKT©FJK
DCCM&JK¡OQQDJCK¡FJ©T©NJKC¡'UVCXCEC
CPFCGPRGNKITQFGECGTUG[ETGQSWGUGXCCECGT
FGCNN¯
FJK¡³KRTQPGNNQNCNQUNCU
XKUKDNG
GURGEKH¯EQ,KZDJCK¡©RPCLWMMCTFC¡FJKV©OPC
RKOVWMWC¡IK¡³2CNJ©©RLKZLWWMFJK¡³KPC[C¡
DCD©©V7UVGFGUSWGEQTVCPNG³CRWGFGPVQOCT
CNIWPCUVQTVKNNCURWGUNCUSWGGUV£PCSW¯VQFCX¯C
GUV£PECNKGPVKVCU
RTQP«UG«UCGUQ«UQU«UCU«UVG«UVCGUVQ
«UVQU«UVCU
XKUKDNGGURGEKH¯EQ&JK¡³K¡IKLCZ
PCO©©M!;GUVQEW£PVQEWGUVC!
CFLGUGGUCGUQGUQUGUCUGUVGGUVCGUVQU
GUVCU
XKUKDNGGURGEKH¯EQ-KC¡R©ZLCOUCRLKOKC¡
FJK¡³KDJW¡OTWZEJC¡OPC³[C¡LCWNJKZZK¡³
#RGPCUUGXCPCKTGPGUVQUDWTTQUSWGGUVQ[
GPUKNNCPFQ
=)TCO?8«CUGFJK¡
FJK¡³ZKM=RNFGFJKZKKM?V¯CUUQDTKPQUUQDTKPCU
=CRQUFJK¡³ZKMK¡³?
FJK¡RWK¡CFXGUQGUVQ
OKUOQ#C³©NJKK¡³PCT
U©NJMCOFJK¡RWK¡PCLCZMCK¡EJ;QETGQSWGU¯
GUEKGTVQGUQ
NKVGUQOKUOQSWGFKEG«N
♦LCZLKTLWOFWWMCOFJK¡RWK¡SW«
UKIPKHKECGUQ!
FJ©DCCNJCFLRQFTKFQ)KKNJKOLKZF©DCCNJVW
WWD[C¡/QQEJKDJCK¡RCK¡VWOWWMKZ*WGNG
CECTPGRQFTKFCRQTCSW¯#NQOGLQTJC[WP
CPKOCNOWGTVQRQTCJ¯#PVµPFJQ¡KK¡
8«CUGF©DCC¡
FJ©F©©DJCZ=RNFGFJ©©DJCZ?F«DKNGU=EQRLKZ?
FJ©F©©³OWM=RNFGFJ©©³OWM?SWGHWOCP
OWEJQ=EQRLKZ?
FJ©©DJCZCFLF«DKNFGUPWVTKFQ,KZFJ©©DJCZ
R©ZDC¡FJKMCDCK)W¡EJKPCEJCOUC¡KK¡PC
VW¡LWIKC¡'UGECDCNNQGUV£FGUPWVTKFQRCTGEG
SWGPQJC[\CECVGRCTCSWGEQOC
=RNFJ©F©©DJCZEQRLKZ?
FJ©©³OWMCFLSWGHWOCOWEJQ,©¡OC¡PIW
LC¡VMCOIKKNJKOLKZFJ©F©©³OWMCOLCPPWNJ
EJC¡OR©ZLKDWTVW¡PFC¡COIWDKD#NIWPCU
FJWOCCTCM
RGTUQPCUHWOCPOWEJQ5KGORTGECTICPVCDCEQ
GPWPCDQNUCFGOCPVC=RNFJ©F©©³OWM
EQRLKZ?8«CUGF©©¡PPKC¡
FJQRCTV+PFKECTGURWGUVCCHKTOCVKXC2WK¡
FJQRLKZK¡QQDIWZOQKMIWUCCDICK¡ZKO
6CODK«PGUV£PUCDTQUQUNQUSWKQVGUVKGTPQU
CUCFQU
RCTV+PFKECCHKTOCEKµPFGNQSWGUGJC
GZRGTKOGPVCFQRGTUQPCNOGPVGt#CRLKZ³CCIW
UCOKK!tLWRMCK¡EJIW2TKKOW!t,KZ³CCK³
FJQtLWRMCK¡EJIW,CDKCTt#VKVGIWUVCP
NQUECOCTQPGU!tRTGIWPVµ2TKOQt5¯OG
IWUVCPtEQPVGUVµ,CXKGT
KPVGTLRWGUt2CCRCKEJFJKOFJKMW¡CC¡
tLWRMCKEJIW,QQTMKt&JQOWVWCD©VC¡
PCEJUCCMRCK¡V©DKCRW¡tLWRMCK¡EJIW
/CTICTKKVWt&µPFGXCUCRQPGTGUVCNG³C!
tRTGIWPVµ,QTIGt2WGUCNN£FGDCLQFGNGPEKPQ
FQPFGXCOQUCFQTOKTtEQPVGUVµ/CTICTKVQ
=)TCO?
FJQ¡KK¡CFLETWFQ
CNKOGPVQ#C³ICK¡ZKOLK
PC³DC¡Z³CCFJKDCMCCZEJCOVW¡ZFJQ¡KK¡
#O¯OGIWUVCT¯CEQOGTGUVCECTPGCUCFCPQ
ETWFC
PQDKGPEQEKFQ,CTQQVWFWWPCDC¡OQQ
LC¡RLKZFJQ¡KK¡FJKV©OMCNJ!3WK«PJK\QGUVCU
VQTVKNNCU!2WGUPQGUV£PDKGPEQEKFCU
=EQRLKZ?#PVµPFJ©DCCNJ
FJWCCFLIQTFQ,C¡ROQQZFJWCFJK
2CUMWCNPCIW¡EJKZDJCK¡VWMWC¡FC¡OWLC¡M
6WZRCPCQKNJKO©M'UV£DKGPIQTFQ2CUEWCN
ETGQSWGEQO¯CDKGPEWCPFQCPFWXQGP6WZRCP
SWGJC[UWHKEKGPVGCIWC
CTTQ[Q,QKFJCO
DCZFJWCIWUWWFCK¡OWCMM©¡PPCVIW¡
L©¡MEJKMKODCFWW¡P;CJC[UWHKEKGPVGCIWCGP
GNCTTQ[QRQTSWG[CNNQXKµCNIWPCUXGEGU
=RNFJWFWCEQRLKZ?
FJWCMCOCFLIQTFQ
RQTOWEJQVKGORQ
,QKFJCOLKZFJWFWCMCOLCDKC¡IW,WCPIW
DCCM/QQ³EJKOCC¡PVC³KC¡PC³IC¡NJKFJC¡
,WCPVKGPGXCECUDKGPIQTFCUETGQSWGXQ[C
RGFKTNGSWGOGXGPFCWPC=RNFJWFWCMCO
EQRLKZ?
FJWFWC=RNFGFJWC?IQTFQU=EQRLKZ?
FJWFWCMCO=RNFGFJWCMCO?IQTFQU
RQT
OWEJQVKGORQ=EQRLKZ?
FJWOCCTCMCFLFQDNCFQ
JCEKCCDCLQUWLKPCP
#OLKZFJWOCCTCMOCC¡PIWOCCOTCIC¡PFJK
[QQMPCIW¡IKKNJKOLKZKKDJCKFJC¡7PCTCOC
'&+%+•024'.+/+0#4`
FJWR³K¡
6'2'*7ƒ0Ê'52#“1.
FGNCIWCECVGGUV£FQDNCFCJCEKCCDCLQRQTSWG
VKGPGDCUVCPVGHTWVC=RNFJW¡POCTCMEQRLKZ?
FJWR³K¡CFLDWGPQRCTCDWEGCT#CREJCO
KCOLKZFJWR³K¡PCRLK³DJKKFJC¡OCC¡PIW³
ZWWUCM!/©L©PKOCDCCCNCRTGGU6¼GTGU
DWGPQRCTCDWEGCTRCTCSWGOGUCSWGUWP
JWCTCEJGSWGUGOG\CHµGPNCRTGUC!
=RNFJW¡PRKMK¡EQRLKZ?8«CUGFWR³KC¡
FJWUCCTCMCFLHNQLQPQDKGPCRTGVCFQ,KZ
FJWUCCTCMFJKLCTCCTDJCK/QQEJCODJCK¡
CCPCRMCDMCFCKPCRVWLWCP!'UV£HNQLCNC
OCPICFGGUVGCTCFQ&GDGUCRTGVCTNCCPVGUFG
VTCDCLCT
HNQLQPQECDGDKGP,KZFJWUCCTCOLK³CKZ
FJKRCPVCNQQP%JCOR©MMCZFJWCK³DCMLKC
/GSWGFCPHNQLQUGUVQURCPVCNQPGURCTGEGSWG[C
PQGUVQ[VCPIQTFQ
=RNFJW¡UCTCMEQRLKZ?#PVµPMCDMCO
FJWUCCTCOCFXHNQLQ,KZFJWUCCTCOR©ZDC³
CKZIW³ZCDWKTCZ/CLKICMOW³KEJDCM/G
SWGFCPHNQLQUNQUECN\QPGURCTGEGSWG[C
CFGNICE«=EQRLKZ?
FJWUCCTCOM©©MXaGGUVCTHNQLQ,KZFJWUCCTCO
M©©MFJKRQUVK$CMIW¡IÀ¡V©F©ICCTLC³KEJ
'UVGRQUVGGUV£OW[HNQLQRWGUJKEGGNJQ[Q
FGOCUKCFQITCPFG=EQRLKZ?
FJWWMFC¡CFLSWGNNWGXGOWEJQ,KZKQ¡ODCZ
FJWWMFC¡PQ¡DCTV©¡PIKCM.C«RQECFGNNWXKCU
GUNC«RQECGPNCSWGNNWGXGOWEJ¯UKOQ
=EQRLKZ?8«CUGFWWFW¡
FJW¡POCTCM=RNFGFJWOCCTCM?FQDNCFQU
JCEKCCDCLQ=EQRLKZ?
FJW¡PRKMK¡=RNFGFJWR³K¡?DWGPQURCTCDWEGCT
=EQRLKZ?
FJW¡UCTCM=RNFGFJWUCCTCM?HNQLQU=EQRLKZ?
FKNCVGUtTGURQPFKµUWOCO£
5GWUCRCTCOCPFCTEQPTGURGVQ'CROK¡FJ©T
OWLKO2CUMWCNDJCOO©DWK³QTIW³EJCVCCNJ
,C¡RLCRV©©FC¡PC³ZKD[C¡F©TP©©TC*C\OGGN
HCXQTFGKTCJCDNCTEQPOKV¯Q2CUEWCN&KNGSWG
NQGURGTQCSW¯
GCIQT=UWLRNFGGGR?dEµTTCPNG
GEJMCFC¡XaTCNKUVCTUGCTTGINCTUG:KDF©TLCEJ
ZKEJGEJMCFCKPCDC¡IW¡FCKPCEJLCZ
DCROKI©KMCRDJWKOWMOK¡RWD©©[C¡0QU
CNKUVCOQUCJQTCRCTCSWGGPNCOC³CPCPCFCO£U
PQUNGXCPVGOQU[PQUXC[COQU=RTGVGEJMCK
RTGUGEJMC¡P?
GEJMCZFJC¡XaDCNKUVCTCTTGINCT
RCTCQVTC
RGTUQPC/K¡FJ©TLCRZK³GEJMCZFJC¡IW[WW¡
PCRLKZOCCV)KKNJKOLKZEJWCKFJC¡2QT
HCXQT[CSWGV¼UCDGUCTT«INCOGGN[WIQRWGU
NGUTCURCCNQUVQTQU=RTGVGEJMCZ
RTGUGEJMCZK¡³?
GGLCKPVGTLWJt/WK¡RUCRZKEJ©©¡O©TC¡IWO
ZKKZ$CZKDJ©KPCZMC¡QQMtLWRMCK¡EJIW
,WCPt'GLCMWZDC¡OQQRWK¡R©MCCPC
DCZOWWMKO!tLWRMCK¡EJIW2GGITQ
t2KFGPSWGXC[CUCXGTCVWJGTOCPQRWGUGUV£
ITCXGOGPVGGPHGTOQtFKLQ,WCPtd7JUGT£
RQUKDNGSWGOWGTC!tTGURQPFKµ2GFTQ
♦GGLCFJQCC³LKDC¡RWK¡RWRDWCENCTQ
SWGU¯NQJCT«
NKVWJRWGU[QU¯RWGFQ
JCEGTNQ
GGMQ=XCTFGKKMW?+PFKECKPVGPEKµPFGNNGXCTC
ECDQCNIWPCCEVKXKFCF
GGRKPVGTLdEµTTGNG
RCTCOCPFCTEQPWTIGPEKC
'GRDJCDCK¡³IW,WNKCP2CCIKLC¡MDJ©K!
d%µTTGNGNNCOCC,WNKCP#FµPFGJCDT£KFQ!
=UWLRNGCIQT?
'
GCKPVGTLGUV£DKGPFGCEWGTFQt#C³
DJCOO©PKFJ©TMCRCZKCTO©TC¡³³CCPDWK³QT
IW³ZKKZ,C¡Z³K³DJCK¡DCLKOtLWRMCK¡EJIW
2KNKKRt'CFCKPCROQQEJCOO©©MKFJC¡
tLWRMCK¡EJIWF©¡©©¡Pt/CO£XQ[CRCUGCT
CNN£CTTKDCEQPOKJGTOCPQ#NTCVQTGITGUQ
tFKLQ(GNKRGt'UV£DKGPPCFCO£USWGPQVG
ÀÀKPVGTL+PFKECSWG[CGUV£EQPUEKGPVGFGNQSWG
QVTCRGTUQPCNGGUV£TGEQTFCPFQt/QQROK¡DC
FCCUC¡V©©[CZIWOCVCKOC¡PLC¡Z³KLWTP©M
tLWRMCK¡EJIW/CTKCPCt ÀtLWRMCK¡EJIW
V©©[CZt&GDGURQPGTCJGTXKTGNPKZVCOCNCN
TCVQGPNCVCTFGtFKLQ/CTKCPCCNCOWEJCEJKVC
t5¯U¯U¯tTGURQPFKµNCOWEJCEJKVC
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
4GURWGUVCSWGUGWUCEWCPFQCNIWKGPNGCXKUCSWG
XCCUCNKTWPTCVKVQt#C³OWPKMCLKKVKCPFC
:KDLC³DCLKOtLWRMCK¡EJIW,WCPt À
tLWRMCK¡EJIW2GGITQt8Q[CNCVKGPFC
#JQTKVCTGITGUQtFKLQ,WCPtƒPFCNG
tTGURQPFKµ2GFTQ
ÀÀ=RTGUFGCC[C¡?UGGPHGTOC
ÀÀFC¡=EQPVFGCC[C¡?GUVCTGPHGTOCPFQ
ÀÀLK=RTGXFGCC[C¡?CNNNGICT
ÀÀM=RWPVFGCC[C¡?NNGIµ[UGHWG
ÀÀRKPVGTLdQ[Gd ÀR2CCRKEJDCO©©
5CCPVWU!d1[G#FµPFGXCUVCPCRTKUC
5CPVQU!
ÀKKPVGTLEµOQ!
EQOQSWGPQGUEWEJµtd ÀR
6W¡RDC¡ZDWC¡VO©L©QKT©PCROQQEJCOOK¡
MKQ!tLWRV©VFCIW,QUGGIW/CPQKNtd K
6W¡PKCCRCC¡!tLWRMCK¡EJ©RIWK¡td1[G
3W«GUV£UJCEKGPFQCNN¯FQPFGPQXKXGU!
tRTGIWPVµ,QU«C/CPWGNt%µOQ!3W«
FKEGU!tTGURQPFKµ«N
)
ÊICUWHaU+PFKECRQUGUKµPCNKGPCDNGRGLIW
MCDCKIC¡PIW,WCPGNECDCNNQFG,WCPIWLCO
MCMDCK¡NQUECDCNNQUFGWUVGFGU=%WCPFQ
UGRTGUGPVCEQPWPRTGHKLQFGRQUGUKµPUWHQTOCGU
Ê¡)TCO?8«CUGIC¡P
ICCUOKNRC,CTQQOK¡EJWICCOWOOWPKPC
DC¡OQQLC¡RFCKVQQVPC¡PR©ZOKEJWWV!6W
LWIKK¡³LCO©VDCMIWDCCM&GSWK«PGU
CSWGNNCOKNRCSWGUµNQNGSWGFCPNQUVCNNQUFGN
OC¯\!2CTGEGSWGUGNCUEQOKGTQPNCUXCECU
=RNICICCCRQUICC¡P?
♦IC¡TCOGPUWOKNRC
FG«NQFGGNNC
ICC=RTGVFGICMKC¡?UGUGEµ
ICCDJCTUOKNRC
EQUGEJCFQ6WMCC¡O©VDCM
OKDCCRIWDCCMLK³ICCCO#VVKKTWICCDJCT
DWCO©VPCO©VVWLWIKQ#PQEJGGPVTCTQPNCU
XCECUGPOKOKNRC[UGNCCECDCTQP
EQORNGVCOGPVGUGEQOKGTQPVQFQ[NCFGLCTQP
EQOQSWGUK[CNCJWDKGTCEQUGEJCFC
=RNIC¡ODJCT?
ICCV
♦ICCDJCTCOGPUWOKNRC
EQUGEJCFQFG«NQ
FGGNNC
ICCIC¡XaVDWUECT,WOCC¡PC³ICCIC¡IW
DJK¡³RCK¡PCZM©©¡PCEJCOLCKMK¡PCDC¡TCO
MC¡PC³LWRVWFW³KC¡IWFWFWK³MCT5G
PGEGUKVCDWUECTDCTTQFGDWGPCECNKFCFSWGPQUG
RCTVCRCTCRQFGTJCEGTRKRCU
XaTRGPUCT
NKVDWUECTGPU¯OKUOQ/K¡RRWR
DCFCCUC¡I©VLKCIWDJCD:KOIC¡PICFC¡CR
FJQLKCPQ¡D©©ZLKZLCK¡EJIWVW¡PCM©¡PVWO
MWC¡&GDGT¯CUJCDGTRGPUCFQSWGPQJCD¯C
PCFCSWGEQOGTEQPNCUVQTVKNNCU[JCDGTRWGUVQ
NQUHTKLQNGUCJGTXKT
=RTGVICCRTGUIC¡PICRTQRICC¡O©TC¡?
ICCOFJC¡XaDRQPGTOGVGT
GPWPUCEQQGP
WPCDQNUCRCTCQVTCRGTUQPC/CC¡PLCRLK³
ICCOFJC¡IWV©OMCNJ,KZRCZKCTO©TCOK³
)KQVCOMCDWKOWM2QPOGWPCUVQTVKNNCUGPWPC
DQNUCRWGUOC³CPCSWKGTQKTC.NCPQ)TCPFGC
RCUGCT
XaDRTGRCTCT
EQOKFCRCTCNNGXCTRCTCQVTC
RGTUQPC)QQMZK³ICCOK¡³IWV©OMW³DCCU
DCMWC¡³FJC¡PQ¡³COR©MDCZDJKQ¡
2TGR£TCOGCNIWPCUVQTVKNNCURCTCECNGPVCTGPGN
ECOKPQGPECUQFGSWGVGPICJCODTG
XaDOGVGT
RCTCCLWUVCT/K¡RZKICCOFJC¡
IWLQQFCKFJKRQQUVKPCDC¡EJCOLQK³FJC¡
/GVGRKGFTCUGPGNJQ[QEGTECFGNRQUVGRCTCSWG
PQUGOWGXC
XaTCNKUVCTUG
EQUCU$KOICCOK¡³IWO
D©ZEJW¡MWEJDCLKKOFC¡#NKUVCVWUEQUCURWGU
[CPQUXCOQU
=RTGVICCORTGUIC¡OK¡³?
ICCOMCTUGUVWEJGHWPFC2CCIWICOMCTW¡P
FJKM©M©¡FCO!&µPFGGUV£GNGUVWEJGFGGUVCU
VKLGTCU!=RNICICCOMCTCRQUICCOMCTW¡P?
ICCOW¡XaVRQPGTOGVGT
GPWPUCEQQWPC
DQNUC)CCOW¡CRVQQODJCK¡OMCTFJKLWWP
PCVOK¡OPWCEJCOVW¡PCRIW¡OK¡FCCOCP
ZKQKT©V2QPGNOC¯\SWGUGEC[µGPGNEQUVCN
RCTCSWGPQNQUKICURKUCPFQ
GORCECT
GPWPOQTTCN#NJK¡EJLCRDCK¡O©TC¡
FJK¡³KDCMWCVC¡OCUCCMEJC¡OLCRZK
ICCOWK8GCVTCGTVCPVKVCCIWCGPGUVGDWNG[
NQOGVGUGPWPCTGF
=RTGVICCOEQPVICCOWKFJC¡?
♦VWICCOVW¡GUV£RTG³CFC
WPCJGODTC
ICCVUCTEQ
CTOC,KZOWOWK¡³MCVCOIW
LC¡VMCOIWDCL©MF©TMCOUKCICICCVM©¡PLCO
LCMQ¡PFCVIWUWKUOCNJ.CIGPVGCPVKIWCUCD¯C
'&+%+•024'.+/+0#4`
ICCV©T
6'2'*7ƒ0Ê'52#“1.
VKTCTEQPHNGEJCURWGUOCVCDCPXGPCFQUCWPEQP
CTEQ
CTEQ
KPUVTWOGPVQOWUKECN)CCVM©¡PVWO
UCDFC¡PQ¡V©OP©¡IWZKQVCNJ%WCPFQUGDCKNC
GNOKVQVGUGVQECEQPCTEQ
=RNICICCVCRQUICCVW¡P?
ICCV©TCFXGPNCOKNRC$COCIQQ³KEJPCEJV©K
RC¡EJOC¡PVW¡FJKDCMCCZPC³OWFCTUCTC¡I©V
ICCV©T;COGECPU«FGVGPGTSWGGUVCT
RQPKGPFQECTPGGPXGPGPCFCGPNCOKNRC
♦ICC¡PV©TGPNCUOKNRCU
ICC¡³FJC¡XaDDWUECT
RCTCQVTCRGTUQPC
/WPKDJC³ICCIK¡³IWDQZMCT4WUCCTKC2CC
RKEJLC¡MDJ©K!1[G4QUCTKQFµPFGGUV£U!
$¼UECOGNCGUEQDC
XaTDWUECT
CWPEWTCPFGTQ,WOQ¡ZDK¡³
OQQFJKMCZKQPCDC¡DJCK¡FJ©TMWW/QQR
ZKOICC¡³FJC¡PCDC¡EJCOVW¡OFW³KC¡'U
WPCUG³CNRCTCVKSWGRQTCJ¯GUV«CWNNCPFQGN
\QTTQCU¯SWGFGDGUDWUECTCWPEWTCPFGTQRCTC
SWGPQVGRCUGPCFCOCNQ
=RTGVICC¡³RTGUICCIK¡³?
ICDKK³CFLVQTEKFC
WPCRCTVGFGNEWGTRQ%JCO
DJCK¡PCLCZDCOIKC¡IW³MWWNUKPCIW¡Z
ICDKK³IWVQQPC¡P0QRWGFGNGXCPVCTUGOK
CDWGNKVQRQTSWGUGVQTEKµGNRKG
=UWLRNICIC¡DKMEQORNRNIC¡DKMEQRLKZ?
ICD©©NJCFXRQTWPNCFQ
FQPFGPQJC[ECOKPQ
)CD©©NJLC³DJ©©[C¡PCOEJCODJCK¡ZK³
³©K¡³FJC¡IWLC¡VMCO/GXQ[RQTWPNCFQRCTC
SWGPQOGXGCNCIGPVG
ICDPC¡XaTNCUVKOCTUGVQTEGTUG
RCTVGFGNEWGTRQ
%JCODJCK¡PC³LCZLKOKC¡PCIW¡IKKNJKOLKZ
MQ¡MIW³EJQQ³PCVLWOICD,CTQK¡PC³DC¡
WOWC¡³FJC¡PC³U©NJ³KFJC¡!0QRWGFQ
ECOKPCTRQTSWGOGFWGNGGNRKGSWGOGNCUVKO«
#SWK«PRWGFQCEWFKTRCTCSWGOGNQEWTG!
=UWLRNICIC¡DKUC¡EQORNRNIC¡DKUC¡RTGVICD
IC¡DKUCRTGUICDKKUIC¡DKU?
ICICC=RNFGICC?OKNRCU
ICICCM=RNFGICM?UGEQUHNCEQU=EQRLKZ?
ICICCMOW¡=UWLRNFGICMOW¡?2GL
ICICCMOW¡COGPHNCSWGEGT£PCFGNIC\CT£P
=RTGVICICCMOWRTQITICICCMOWKO?
ICICCOMCT=RNFGICCOMCT?GUVWEJGUHWPFCU
ICICCV=RNFGICCV?CTEQU
ICICKMCO=RNFGICKMCO?XKICU
ICIC¡DKM=UWLRNFGICDKK³?VQTEKFCU
RCTVGUFGN
EWGTRQ=EQRLKZ?
ICIC¡DKUC¡=UWLRNFGICDPC¡?2GLICIC¡DKUC¡
COUGNCUVKOCT£P
ICIC¡FC¡=EQPVFGIC¡[C¡?GUVCTCUCPFQ
ICIQQZURGTTQRGTTC6À¡MQDLCRKOL©NJIC¡VW¡
MC¡OFJKLQ¡PCOEJCOLWIKQMC¡IWIQ¡PIQZ
6KGPFCPCNVQGUVGEWGTQRCTCSWGPQUGNQEQOCP
NQURGTTQU=RNIQ¡PIQZ?
ICKUNCFGTCFGENKXG&CRP©MV©KRKCIWMCDCK
DJCOO©PKICKPCRCK¡ZEJWDCC¡'NECDCNNQUG
TGUDCNµ[[COGTQUGEC¯CGPNCNCFGTCFQPFGNC
VKGTTCGUV£OQLCFC
♦D©©ZICKCFXRQTNCNCFGTC
ICK=RTGVFGIC¡[C¡?NQCUµ
ICKD©©V=UWLRNFGICKMCCV?GUVCTNCFGCFCU
EQUCUO£UCPEJCUSWGCNVCU
ICKEJWWV=UWLRNKPCPFGICKM©©M?GUVCT
NCFGCFCU
EQUCUCNVCU
ICKI©ZKC¡XaKNCFGCTUG
DWNVQQECTIC/WPK
MC¡PICKOCI©KIW³DJKK³QTVCMCCDPC³DJCK¡
MCVWDJKK³QTOCCEJWVC¡O2QTCNN£GPNC
NCFGTCUGNCFGµOKECTICC[GTEWCPFQNCXGP¯C
ECTICPFQGPGNOCEJQ=UWLRNICKUWWNJIKC¡
RTGVICKI©KICKUWWNJ?
ICKIWIWWM=UWLRNCPKOFGICKM©©M?2GLICK
IWIWWMCOGUV£PWPRQEQCICEJCFQU
ICKMCCVXaGGUVCTNCFGCFC
EQUCO£UCPEJCSWG
CNVC5©NJLCRFCCUC¡FJKLC¡CC2CPCCUICK
MCCV2QPICNCQNNCFGTGEJCRCTGEGSWGGUV£
NCFGCFC=UWLRNICKD©©V?
ICKMCOUXKIC$CCU©¡PLCRZKFJCCUC¡ICKMCO
VC¡OFJKUC¡WCPCPUCRCK&QDNCNCEQDKLC[
RQPNCGPEKOCFGGUCXKIC=RNICICKMCO?
ICKM©©MXaGGUVCTNCFGCFC
EQUCCNVCGUVCTWP
RQEQCICEJCFC
RGTUQPC)CKM©©MFJKWWZ$CM
IW¡ZKQ¡OL©DVWMCC¡'UV£NCFGCFQGUVGRCNQ
RWGUJK\QOWEJQCKTGCPQEJG=UWLRNCPKOICK
IWIWWMUWLRNKPCPICKEJWWV?
ICK³DW¡XaKTCUECT
EQPNCUW³CU$JCOO©PKVWC
D©VC¡VWICK³DWCOIWVCVMCTWK¡VWIC¡PICCO
PCOVW¡LWIKC¡#NN£FGDCLQFGNGPEKPQGUV£P
TCUECPFQNCUICNNKPCURWGUCPFCPDWUECPFQCNIQ
SWGEQOGT=RTGV[RTGUICK³DW?5KPµPIQQVC¡
ICKUWWNJIKC¡=UWLRNFGICKI©ZKC¡?UGNCFGCT£P
=RTGVICKUWWNJ?
ICK¡ZKO=TGUFGIC¡[C¡?CUCFQ8CTIC¡KKZ
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
ICMCFLUGEQ,K³DJ©K¡³O©TOCC¡PIWMW¡CC¡
LCZEJW¡OPCZICMPCDC¡LQQVQOO©©[C¡FJK
VCK8G[VT£GOGNCNG³CSWGGUV«O£UUGECRCTC
SWGRTGPFCT£RKFQNCNWODTG
HNCEQ,CZMWRDC¡LC¡ROQQZICM!6WOCK
CC!2QTSW«GUV£UVCPHNCEQ!6GGPHGTOCUVG!
=RNICICCMEQRLKZ?#PVµPDCC¡
♦EJWICMCFLUGEQ
£TGCQEQPLWPVQFG
EQUCU
ICMKC¡XaKUGECTUG
CIWC%JCOIC¡M©IW
UWWFCK¡[C¡FJKCMICOO©L©O©TFC¡UKC
VCCDJCMLC¡MPCIW¡UCDCTDKDKC¡DJ©L©RCK¡
FJ©TPCDJCO©T'UVGCTTQ[QPQUGUGECVQFQGN
VKGORQEQTTGGNCIWCCWPGP«RQECFGUGSW¯C
RQTSWGXKGPGFGWPOCPCPVKCNITCPFG
UGECTUG
EQUCOQLCFC$JC¡³KLC¡RLCRZK
L©NJIC¡FJKOMWVWWPOKC¡PVCKMQDMWICMKC¡
%WGNICVWECOKUCEGTECFGNCNWODTGRCTCSWGUG
UGSWG
UGECTUG
RNCPVC/K¡FJ©TLCRMC³
DCRIKZK¡³FJC¡FJK¡³K³©¡©©ZPCEJCOICMKC¡
2QTHCXQTTKGICOKURNCPVCURCTCSWGPQUG
UGSWGP
=RTGVICCRWPVICM©©MEQPVICMKKFJC¡?
ICMKK¡³FJC¡XaVUGECT
EQORNKPCPt6W¡R
LCZDWC!tLWRMCK¡EJIW,WCPt#C³[C¡V©K
VWICMKK¡³FJKOFJK³LCLCPPWNJPCZEJWDCC¡
tLWRMCK¡EJIW2GGITQt3W«JCEGU!
tRTGIWPVµ,WCPt'UVQ[VTCVCPFQFGUGECTOK
TQRCRWGUGUV£DKGPOQLCFCtEQPVGUVµ2GFTQ
XaTUGECTUG
EQORNCPKO:KOICMKK¡³FJCKR
FJQ-C¡OQQLC¡REJCOL©©¡OCRCCPCRLKZ
DCC¡!d5«ECVG0QVKGPGUHT¯QRQTGUVCTOQLCFQ!
=RTGVICMKK¡RTGUICMKKIK¡³?
ICMOW¡XaKGPHNCSWGEGTUGCFGNIC\CTUG)À¡RVW
MWC¡FC¡%JCCIQPCREJCOKQ¡OICMOW¡&©©NJ
MCVLCRRWZICMIW¡&GDGUEQOGTOWEJQ
5CPVKCIQRCTCSWGPQCFGNICEGUO£URWGU[C
GUV£UOW[HNCEQ=UWLRNICICCMOW¡
RTGVICMOWICICCMOWRTQITICMOWKO
ICICCMOWKO?
ICMQQNJCFXRQTWPNCFQ
FGUXKCEKµP%JC¡ROK
LCFCCODJ©DJ©©FC¡FJK¡PCOOK¡DQQDQM
)CMQQNJLCRDJ©©[C¡0QRCUGURQTGPEKOCFG
NQUSWGGUV£PCNN¯CEQUVCFQU8GVGRQTWPNCFQ
ICOEQPL[
EQUCUFGNCOKUOCENCUG,QQFCK
D©RVC¡QK¡³MC¡COIWPCPMCU©TICO
LCLQ¡MQTCK¡.QUCNCETCPGU[NCUCTC³CUXKXGP
FGDCLQFGNCURKGFTCU=)TCO?
ICPCK¡
ICOCK¡CFXCFGNCPVG
FKUVCPEKCNCTIC#CRK¡O
ICOCK¡DCLKOFC¡CCEJICVWWMOWLKKO
7UVGFGUX£[CPUGCFGNCPVG[PQUQVTQUXCOQU
FGURW«U
C³QSWGXKGPG
GORKG\CEQPNC«RQECFGNNWXKCU
t,CZMWRKEJDC¡EJCOMC©KIWDJCD!tLWR
MCK¡EJIW,WCPt%JCOFJQMC©K³KEJZKD
)COCK¡EJKDC¡LKCPC³DC¡IKQRDC©ZKC¡tLWR
MCK¡EJIW2GGITQt2QTSW«PQUGODTCUVG
HTKLQNCJQTC!tRTGIWPVµ,WCPt2WGUU¯[CPQ
UGODT«CJQTC#XGTUKRCTCGNC³QSWGXKGPGNQ
UKGODTQQVTCXG\tEQPVGUVµ2GFTQ
ICOCLC¡MCFXO£UCNN£+KMW³OQQCNJK¡EJZK
LCK³CKFJKMKKUPC³M©¡PVWLWIKC¡ICOCLC¡MDQK
EJC¡O8Q[CEQTVCTNGWPRGFC\QCGUVGSWGUQ
RCTCEQOGTGPGNECOKPQ
NKVO£UCNN£GPGN
ECOKPQ8CTICOO©LC¡M
ICO©TFCVCFXUKPTC\µPCNIWPCEQOQUKPQ
RCUCTCPCFC%JCODJCK¡CCPCROQQLCPQ¡
OWK¡RWLKOKC¡I©VPCO©VLCZRWOV©©¡P!#CR
FCKICO©TFCVFCC0QUGT¯CDWGPQSWGHWGTCU
FGKPOGFKCVQEWCPFQVGFKICPCNIQ!6¼PCFCO£U
VGSWGFCUUGPVCFQCNN¯EQOQUKPQRCUCTCPCFC
ICOO©L©CFXUKGORTG%JCOIC¡M©[C¡IW
UWWFCK¡)COO©L©O©TFC¡#SW¯PQUGUGECGN
CIWCUKGORTGEQTTG
O£UCNN£
NGLQUPQUGXG#NJK¡EJLCRLK³
EJWKURKFJC¡PC³WC¡FC¡,WMV©TLC¡MPC³
DCRICKFJCVZKK¡KKFJCVICOO©L©D©©ZDQK2QT
HCXQTJC\OGWPRQEQFGRKPQNGRCTCNNGXCTC
5CPVC/CT¯CRWGUNQRWGFQOQLCT[VQOCTGPGN
ECOKPQ
NKVO£UCNN£GPGNECOKPQ
UKPFGUVKPQUKPTWODQ6WRWNJLCROC³KCVFC¡
FJKMCDCK,C¡ROQQICOO©L©R©ZLKOO©FC¡
#EµTVCNGNCOCPGCCGUGECDCNNQRWGUECOKPCUKP
TWODQ
ICOR©ZCFXECORQ
FQPFGPQJCDKVCPCFKG#C³
DJCOO©PKV©©ICOR©ZOCC¡PIWPCPMCIKC¡
,CTQK¡EJKDKRKC¡FCODJCK¡OCK¡DWC;Q
GPEQPVT«WPCTGVGGPGNECORQRQUKDNGOGPVGNQ
RGTFKµWPCRCUVQTC
ICPRCTV+PFKECSWGUGNNGXCCECDQWPCCEVKXKFCF
UKPPKPIWPCTC\µP%JC¡RICPV©VDKCFC¡FJK
OKKEJW)KKNJKOFC¡DK³CR0QLWGIWGUEQPGUG
ICVQRQTSWGNQOCNVTCVCUOWEJQ
ICPCK¡CFXRCTCCNN£[RCTCCE£,KZL©IKCTCC
FJKOMCDCK¡PCROK¡DWTPCDC¡OQQCO
ICPCK¡QKT©PC³OKC¡PZKC¡L©!6QFCX¯CGU
DTQPEQVWECDCNNQSWGGUV£COCTTCFQCNN¯!RWGU
'&+%+•024'.+/+0#4`
ICVWWM
6'2'*7ƒ0Ê'52#“1.
ECOKPCRCTCCNN£[RCTCCE£EWCPFQOGCEGTEQC
«N
ICVWWMCFXCN¼NVKOQFGURW«U#CRD©©R©¡VW
LWIKC¡PCRIW¡EJCOLQK³K¡CC³DC¡ICVWWM
PC³IW¡ZLQK³K¡6¼SWGEQOGUFGURCEKQEQOG
RTKOGTQ[[QFGURW«URQTSWGEQOQT£RKFQ
ICVWWMF©TCFXCVT£U#CRK¡OD©©R©¡F©T
FCTCKEJI©FC¡CCEJDC¡ICVWWMF©T7UVGFGUUG
UKGPVCPCFGNCPVG[PQUQVTQUPQUUGPVCOQUCVT£U
FGVT£UFG
UWLCPKO/CC¡PIWOCC¡PMCO
ICVWWMF©TLK³QKFJCVLKZDKKLQQFCKM©¡PDJC³
OC¡[CUKO,CZPCDC¡RLK³©NJKK¡³!7PC
RGTUQPCXGP¯CFGVT£UFGO¯VKT£PFQOGRKGFTKVCU
5CDGSW«RGPUCT¯CFGO¯!
ICVWWMMCOUGN¼NVKOQNC¼NVKOC
GPPCEGT
GNOGPQTNCOGPQTt#CRCCOCCULKTIÀ¡!
tLWRMCK¡EJIW,WCPt%JCO#C³LKTICVWWM
MCOtLWRMCK¡EJIW2GGITQt6¼GTGUGNO£U
ITCPFG!tRTGIWPVµ,WCPt0Q[QUQ[GN¼NVKOQ
tEQPVGUVµ2GFTQ
CFL¼NVKOQt%JGGPFQLCZ³KCCR©MUCCM
V©©¡IWICVWWMMCOOCTCC¡PIW#TPWNRQ!
tLWRMCK¡EJIW/KNKVQQPt&JQIKPC³LWO
CCIK¡³D©©R©¡FJQUCR/GTGLKNFQtLWRMCK¡EJ
IW%JGGPFQt4QUGPFQEµOQUGNNCOCGN
¼NVKOQJKLQFG#TPWNHQ!tRTGIWPVµ/GNKVµP
t;CVGFKLGCPVGUSWGUGNNCOC/GTGIKNFQ
tEQPVGUVµ4QUGPFQ
#PVµPD©©R©¡MCO
ICZDW¡XaVRGKPCT
CQVTCRGTUQPC$JC³
DJ©K¡³FJKICZDKMCTPC³M©¡PICZDW¡FJKCNJKK
6T£GOGGUGRGKPGRCTCRGKPCTCNPK³Q
XaTRGKPCTUG$JCK¡ZK³ICCIK¡³IWICZDKMCT
MW³M©¡PLK³ICZDW¡$¼UECOGWPRGKPGRCTC
RGKPCTOG
=RTGV[RTGUICZDW?
IC¡DKM=EQORNRNFGICDKK³?VQTEKFCU
RCTVGUFGN
EWGTRQ=EQRLKZ?
IC¡DKUC¡=EQORNRNFGICDPC¡?NCUVKOCTUG
=RTGVIC¡DKUCRTGUIC¡DKU?
IC¡NJKFJC¡XaDXGPFGT
CQVTCRGTUQPC/CC¡P
LCRUCRIC¡NJKFJC¡IW³ZKKZIWMCDCK/K
JGTOCPQSWKGTGSWGNGXGPFCUWPECDCNNQ
=RTGVIC¡NJK?
IC¡ODJCT=RNFGICCDJCT?OKNRCU
EQUGEJCFCU
IC¡OK¡³=RTGUFGICCOFJC¡?UGNQOGVG
IC¡PRQUR+PFKECRQUGUKµPCNKGPCDNG)COO©L©LC¡M
ZKLCUCC¡PFJKLCK¡MCMCTDCZPCOEJCOLWO
D©PVC¡IWTCCEJIC¡P.NGXCGUVCUQVTCUEJKXCUC
QVTCRCTVGRCTCSWGPQUGOG\ENGPEQPNCU
PWGUVTCU=EQRLKTUGRTGUGPVCFGURW«UFGWP
RTQPQODTGQWPPQODTGRTQRKQ?8«CPUGÊICÊ¡P
♦LKT,WCPIC¡PGUFG,WCP
IC¡PIC=RTGUFGICCIC¡?NQDWUEC
IC¡TCVW¡XaVXGPFGT
UGIWKFQ#KZKOPCRMC
ZKOP©©TC¡PCOMCZKOWK¡FJC¡FJKMCMCTDCZ
#CRIW¡OQQLC¡RVWIC¡TCVW¡&GDGUGURGTCTC
SWGUGOWNVKRNKSWGPGUVCUEJKXCURGTQV¼NCU
SWKGTGUXGPFGTGPUGIWKFC
SWGTGTNNGXCT
GNFKCDNQOQFKUOQ0Q¡RKO©V
DJC³FJCC¡³FJKVCMCCTWK¡MWEJVWLKFJQQTC¡
$JCLC¡MLK³IC¡TCVW¡6©©¡PCLCZR©ZLKK³CM
MCCV2QTSW«PQOGJCEGPGNHCXQTFGCICTTCT
NCICNNKPCRCTCJCEGTECNFQ!/GGUV£EQNOCPFQNC
RCEKGPEKC
NKVGUV£JCEKGPFQSWGOGNNGXGGN
FKCDNQRWGUGUV£ECPVCPFQOW[UGIWKFQ
=RTGVIC¡TC?
IC¡TC¡XaVXGPFGT+KMW³OQQVWIC¡TCTC¡IW
MCMCTDCZ+¡IQMEJCO-CVLC³EJKL©¡MOK¡RDC
V©IKC¡8Q[CKTC*WGLWSWKNNCCXGPFGTEJKXCU
1LCN£SWGQDVGPICUWHKEKGPVGFKPGTQ
=RTGV[RTGUIC¡TC?
IC¡[C¡XaVCUCT$©©R©¡RKOZKIC¡LKFJK
DJQ¡OMQZPCRKODC¡DCLKFJQQTC¡&GDGP
CUCTGNVGEJCNQVGCPVGUFGEQEGTNQGPCIWC
=RTGVICKRTGUIÀ¡EQPVICIC¡FC¡TGUIC¡KKZQ
ICK¡ZKO?
IÀIÀ¡FC¡=RNFGIÀ¡FC¡?FGFQURWNICTGU
IÀ¡CFLOWEJQ
ECPVKFCF6WVCC³O©TC¡K³IW
O©©DCVOW³MWWNUKDWKPCIW¡EJKOQQIÀ¡OK
DKC¡PCVIW¡MKC¡R©ZV©DJ©KTCMOWLC¡R
DCRCCRCKEJC¡O8Q[CKTCEQORTCTNGOKGNC
OKCDWGNQRWGUUGIWTCOGPVGVKGPGOWEJC
RQTSWGCECDCFGVTCGTNCFGNQURG³CUEQU
IÀ¡CFLITCPFG
VCOC³Q)À¡³OQQRFW³KC¡
MKC¡OCC¡PIWDC¡CCMPCDC¡OWK¡OK¡EJCKZ
MC¡PCEJDQRRQFC¡8Q[CJCEGTWPCECUC
ITCPFGRCTCSWGSWGRCOQUOWEJQURCTCFQTOKT
ITCPFG
CNVWTC,KTIÀ¡DCMLKCFJKQKFJC¡PC
DJCOO©PKFCC'PVQPEGUU¯GUITCPFGGNEGTTQ
SWGGUV£CNN£
=RNIÀ¡IÀTEQRLKT?
IÀ¡=RTGUFGIC¡[C¡?NQCUC
IÀ¡CMUT¯QITCPFG)À¡LKOIWUWWFCK¡OWIÀ¡
CMEJC¡OPCVIW¡OWK¡VCPQQNJDCFWW¡P
'UV£ETGEKFCGNCIWCCNN£FQPFGGNT¯QGUV£ITCPFG
RQTSWGJCNNQXKFQRQTOWEJQUF¯CU=RNIÀ¡IÀT
C¡CM?
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
♦IÀ¡CMEJC¡OGPGNT¯QITCPFG
IÀ¡EJK¡©©¡UGUVTGNNCFGNCOC³CPC
NKVGUVTGNNC
ITCPFG
IÀ¡FC¡UFGFQRWNICT
OCPQQRKG6©KR©©IW³
IÀ¡FC¡PCVOKI©KIWDCK³FJCUPC³MCVW
MW¡CC¡FCKIW³ZWWUCMR©Z©©;COGTQOG
EQTVQGNFGFQFGNRKGEWCPFQUGEC[µGNJCEJC
OKGPVTCUJCE¯CNG³CRGTQPCFCO£UUGEQTVµGN
JWCTCEJG=RNIÀIÀ¡FC¡CRQUIÀ¡FCIC¡P?
IÀ¡F©¡©©¡P=CRQUFGIÀ¡PCCP?UWCDWGNC
=RNIÀ¡IÀTF©©F©¡P?
IÀ¡MCOUCWVQTKFCFRGTUQPCKORQTVCPVG,KT
IÀ¡MCOIW³MWWNUKPCO©VIW¡OWK¡FJ©VOCCR
LWOLWORCFCMOKFJCK,WMV©T/KCDWGNQGU
CWVQTKFCFRQTSWGNQPQODTCTQPGPWPCCUCODNGC
GP5CPVC/CT¯CFG1EQV£P
LGHGLGHCRCVTµPRCVTQPC/K¡³KM©©MIW
IÀ¡MCOPCRUCCMLKZ³KQ¡MFJCO#NN¯GUV£GN
LGHGUKSWKGTGUJCDNCTEQP«N
=RNIÀ¡IÀTMCOEQRLKT?
IÀ¡MCOVC¡XaKTGEKDKTWPRWGUVQ
RQN¯VKEQÎ,CO
RCNJDWKFJC¡K³LKUKCVW¡PCR©ZDJCCPLC¡RLK
PQ¡³OQQDC³IÀ¡MCOVC¡I©VÏLWRMCK¡EJIW
MCPFKFCCVWÎ5¯NGUC[WFQEQPNQSWGUGC
UKGORTG[EWCPFQOGFGPGNRWGUVQÏFKEGGN
ECPFKFCVQ=RTGVIÀ¡MCOVCRTGUIÀ¡MCOVCT?
IÀ¡MCPWWDUDWSWGPCXG
IÀ¡MKKEJCOUEKWFCF,WRMCK¡EJFJC¡COIW
LC¡VMCOPCUCRLKZM©M©©¡V©D©©VMC¡DJCOO©
LC¡RLWLW¡³FJCTCOIWIÀ¡IÀTMKMKK&KEGNC
IGPVGSWGGPNCUCHWGTCUFGNCUEKWFCFGUJC[
OWEJCUEQUCUDWGPCU=RNIÀ¡IÀTMKMEJCO?
8CTIÀ¡MKK
♦IÀ¡TMKKEJCOGUEKWFCF
IÀ¡PCCPUCDWGNC6CMCCDM©©[CUCIWOCCEJW¡
IWIÀ¡OPCCP%JCOOCCV©¡PQ¡FQFJKC¡MC¡
DC¡IW¡PQTIKC¡#[GTGNOCEJQRCVGµCVW
CDWGNC[PQUGUCDGUKXCCXKXKTQPQ
=CRQUIÀ¡F©¡©©¡PIÀ¡IÀTF©©F©¡P?
5KPµPCDWKN
♦IÀ¡³³CCPOKCDWGNC
IÀ¡RLWOFWWMCOUITCPEQUC,WOMWWRC¡
COFJQPQ¡RKEJIÀ¡RLWOFWWMCODJCCPLWO
WC¡VWNJ-C¡VW¡IKEJKDC¡M©¡PRWK¡DJCVWO
LQQEJZK¡³LKIWZMCK¡OWF©T,WMV©T!6GXCPC
GPECTEGNCTUKJKEKUVGWPCEQUCOW[OCNC
NKVUKVG
RGECUVGRQTOGFKQFGWPCITCPEQUC2QTSW«VG
OCPFCNNCOCTGNIQDGTPCFQTVTCFKEKQPCNFG5CPVC
IKQFC¡
/CT¯C!#PVµPCNJK¡EJLWOFWWMCORCNJ©©R
LWOFWWMCO
IÀ¡VCCVUCDWGNQ$JCK¡ZKDJCK¡³O©TIWIÀ¡O
VCCVMWDC¡VWLWIKC¡8GCNNCOCTCVWCDWGNQ
RCTCSWGXGPICCEQOGT=CRQUIÀ¡VCCVC¡PQ
IÀ¡IÀTVCVCCV?5KPµPMWWNUK
♦IG¡³EJCCVOKCDWGNQ
IÀ¡VCPQQNJUF¯CNCTIQ
XGTCPQ#PVµPCNJK¡EJ
EJCPQQNJ
♦)À¡6CPQQNJ%JC¡O,WGXGU[8KGTPGU
5CPVQ
IKC=RTGVFGIK¡CC¡?NQNC\µ
IKDWWNJMCFC¡XaVEKPEJCTEQTVCTWPCPKNNQ
GP
NCEQTVG\CFGWP£TDQN'CPC³ZKIKDWWNJMCFCK
FJK¡³KVWCMW³[C¡V©©ZKC¡ICOCK¡8Q[CEQTVCT
WPCPKNNQGPNCEQTVG\CFGGUVGGPEKPQRCTCSWG
RWGFCVWODCTNQ[UGODTCTCSW¯GNC³QSWGGPVTC
=EQORNRNIK¡DWNJMCFC¡RTGVIKDWWNJMCK
IK¡DWNJMCKRTGUIK¡DWNJMC¡P?
IKFJWWNJCFXRGNKITQUQTKGUIQUQ
ECOKPQ
)KFJWWNJDJ©KZIWDQKOCC¡PMCROK¡FJKD©©Z
ICK'NECOKPQGUV£OW[RGNKITQUQGPWPCRCTVG
GPFQPFGRCUCRQTGUVQUDCTTCPEQU
IKFJWWNJMCFC¡XaVEQTVCTWPCOWGUEC
GPWP
£TDQN2CNJ©©RLCRZKIKFJWWNJMCFC¡FJKWWZ
PCDC¡EJCOLWRPKC¡IWDCK³WOV©TDK³PCEJ
ICOCK¡LKEJ©©O©NJKC¡%QTVCWPCRGSWG³C
OWGUECGPGUVGVTQ\QRCTCSWGPQUG\CHGNC
ECFGPCEWCPFQNQCTTCUVTGOQU
=RTGVIKFJWWNJMCKEQPVIKFJWWNJMC¡PFC¡?
IKIKC¡=RTGUFGIK¡CC¡?NQNC\C
IKKIKC¡=EQORNRNFGIK¡CC¡?NC\CTNQU
IKKIKQ¡=RNFGIKQ¡?ITCUKGPVQU=EQRLKZ?
IKKIKQ¡=RNFGIKQQ¡?RNCPQU=EQRLKZ?
IKKNJKOCFXOW[)KKNJKOLKZO©NJFJC¡IW
MCDCKL©IKCTWOPCEJKEJV©KRWRIKIKKO©M
%JCOL©¡ZMCVIKCEJKEJ'UOW[NKIGTQGN
ECDCNNQDTQPEQSWGVTCVCOQUFGNC\CTRQTSWGPQ
NQITCOQUNC\CTNQ
IKQEQPL[VCODK«P;C¡UCRVWOIC¡TCD©ZEJW¡
MCM³K¡ICOTKUDJWUIKQUCRDCNCU©R&KEGP
SWGCSW¯XGPFGPOWEJCUEQUCUEQTVGUTGDQ\QU[
VCODK«PECTVWEJQU=)TCO?
IKQFC¡URCNQOCQEQVGTC/WPKMC¡PLC¡RDC
FCK¡EJW¡OCC¡PIWIKQFC¡$JCK¡RCK¡I©VZK
FJCKDW¡MWEJOCK¡³³CKLKDWC¡PCEJIC¡[C¡
2QTCJ¯XCXQNCPFQWPCRCNQOCQEQVGTC1LCN£
'&+%+•024'.+/+0#4`
IKQQ¡
6'2'*7ƒ0Ê'52#“1.
SWGUGRCTGEGTECRCTCSWGNGRQFCOQUVKTCT[
RQPGTNCCCUCT
IKQQ¡CFLRNCPQ/WOOWPCRCK¡ZIKQQ¡Z
LQK³FJC¡PCQKT©FC¡IWVWWT#NVQTQNGIWUVC
CPFCTCNN£FQPFGGUV£RNCPQ=RNIKKIKQ¡
EQRLKZ?
IKQRCFXQVTCXG\
FGURW«UFGCNI¼PVKGORQ
2CCRKOFWWMIKQDJCK¡RDCRCZKCT!%W£PFQ
XKGPGPQVTCXG\CXKUKVCTPQU!
FGPWGXQ
FGURW«UFGRQEQVKGORQ/CKMLCEJ
ZKEJWMQK¡RQKPCEJDC¡IKQRDCVWLWCPC¡
8COQUCEQOGTRCTCXQNXGTCVTCDCLCTFGPWGXQ
='UEQPVTCEEKµPFGIKQO£ULWRUGRTGUGPVCEWCPFQ
PKPIWPCRCNCDTCUGKPVGTRQPG?
IKQRPC¡XaVGZVGPFGT
UKPEWKFCFQFGLCT
VKTCFQ/WPKLC¡RLCRIKQRPC¡ICCV©TIWUQQM
MWK¡OIKFJCKPCEJCOOK¡ÀÀLKIWMCMQQPVW
DJKC¡'ZVKGPFGNCUJQLCURCTVKFCUFGNC[WEC
UQDTGNCOKNRCRCTCSWGNQUEWGTXQUPQNNGIWGP[
GUECTDGPNQUGODTCFQ
XaKGZVGPFGTUG
FGUQTFGPCFCOGPVG%JCO
DJCCK¡CCPCRDJKKDIC¡IWLKKN!;COO©PKR©Z
IKQRC³0QRQFT¯CUGPTQNNCTGNJKNQ!2WGUGUV£
GZVGPFKFQRQTCSW¯FGUQTFGPCFCOGPVG
=TGRIKQRRCPC¡RTGVIKQRIKQRRCPC
RTGUIKQRRC³IKQRRC³?
)KQVCOCFX.NCPQ)TCPFG
NWICTNKVGPGNNNCPQ
/CC¡PPKOLC³KEJLKO©©M)KQVCOd#KPC³KEJ
LCZWCOCPC³IW¡EJCOVWDJKKEJWI©V7PC
XG\HWKC.NCPQ)TCPFGd2GTQEµOQVWXGJCODTG
RQTSWGPQVTC¯CNQPEJG
IKQV©TUNNCPQ/WLC¡M6WURCLQKFJCOLKT
IKQ¡PV©TIKQPCTVCVUCD#NN£GP6WZRCPJC[
OWEJQUNNCPQU[GUVKGTTCE£NKFC=RNIKQ¡PV©T?
IKQ¡CFLITCUKGPVQ/CPVGGMLCROK
ICCOVW¡PFCVFJKCTRWWUPCDC¡IKKNJKOLKZ
IKQ¡!.NGXCDCUOCPVGECGPGUVCVCNGICSWGGUV£
OW[ITCUKGPVC!=RNIKKIKQ¡EQRLKZ?
IKTKEJLC¡CCUQNNCFGEGT£OKEC)KKNJKOLKZ
FJC¡TC¡IWIKTKEJLC¡CCPCIW¡ZCDJCT.CQNNC
FGEGT£OKECGUECTCRQTSWGGUDQPKVC=RNIKTKEJ
LCLC¡?
IKUWNJURKVCJC[C2WK¡RLKZK¡QQDIWIKUWNJLC¡R
PCIWKKDJCK.CRKVCJC[CGUVCPUCDTQUCEQOQ
NCVWPC
IK¡CC¡XaVNC\CT
EQPUQICÎEJCXKPFCÏ,K³
RCNJDWKFJC¡CRLCEJIK¡CC¡IW³MCDCK¡PCVLWO
FQ¡³EJQ#[¼FCOGCNC\CTOKECDCNNQSWGUG
UQNVµ=EQORNRNIKKIKC¡RTGVIKCIKKIKC
RTGUIKIKC¡RWPVIK¡CCMIKKIKCM?
IK¡DWNJMCFC¡=EQORNRNFGIKDWWNJMCFC¡?
EKPEJCTNQU
GPNCEQTVG\CFGWP£TDQN
=RTGVIK¡DWNJMCKRTGUIK¡DWNJMC¡P?
IK¡MCMCFLUCDTQUC
HTWVCQXGTFWTC,QKFJCOLKZ
IK¡MCMIWKOCKLKFJQQTIWZMCCRCM'UOW[
UCDTQUCNCECNCDC\COCFWTCJGTXKFC=EQRLKZ?
I©D=RTGUFGI©©¡DKC¡?NGRGIC
I©DKEJRCIC¡XaVIQNRGCTFCTRW³GVC\QU,C¡R
OQQZDJCPCC¡IW¡³KEJKQ¡³PCOWPKQKT©
/CC¡PPKOV©KRLK³I©DKEJRC'UGJQODTGSWG
CPFCCNN¯GUDTCXQRWGUWPCXG\[COGTQOG
FCDCWPQURW³GVC\QU=RTGVI©DKEJRC
EQPVI©DKEJRC¡PFC¡?
I©DKKO©M=EQRTGVFGI©©¡DKC¡?NQGUVCDCRGICPFQ
I©DMC¡XaKJGNCTUGVGPGTOWEJQHT¯Q
UWLCPKO
2CPCCUKQ¡OLKZL©©RK¡³MCVZKDFJKVWMCC¡
%JC¡RKEJI©DMC!2CTGEGSWGJK\QFGOCUKCFQ
HT¯QC[GTGPNCPQEJG0QVGJGNCUVG!
=UWLRNI©©RWMC¡RTGVI©DMCI©©RWMC
EQPVI©DMCTFC¡I©RRWMCTFC¡?
I©DMW¡XaVTQ\CTRCUCT
NKIGTCOGPVGRQTGNEWGTRQ
6W¡DC¡MWDC¡PCK¡EJWOC¡[CU!$JCLC¡MV©KR
LK³CK[C¡PKLC¡RR©ZCOI©DMWLK³DQPCCOCO
2QTSW«VKTCURCTCVQFQUNCFQU!;COGTQOG
FCDCUWPQRWGUOGTQ\µGNUQODTGTQ
=RTGVI©DMWEQPVI©DMWTFC¡?
I©DZKFJC¡XaVFCTRCNOCFKVCU
EQPECTK³Q:K
I©DZK¡³FJKCNJKKMWIKQRMQZKC¡&GNG
RCNOCFKVCUCNPK³QRCTCSWGUGXWGNXCCFQTOKT
=RTGVI©DZKRTGUI©DZK¡³?
I©I©¡NJIC¡P=RNFGI©¡NJIC¡P?JKLQUCFQRVKXQU
I©I©¡NJK¡³FJC¡=TGRFGI©¡NJFJC¡?GUVCTETKCPFQ
OWEJCUXGEGU
I©I©¡T=RTGUFGI©¡NJKC¡?ETGEG
I©K=RTGVFGI©ZKC¡?PCEKµ
I©©RWMC¡=UWLRNFGI©DMC¡?JGNCTUG
=RTGVI©©RWMC?
I©©UFC¡=EQPVFGI©ZKC¡?GUVCTEC[GPFQ
I©©ZK¡CFLDWGPQRCTCPCFCT,KZI©©ZK¡IW
/CCTKQIWOCTCC¡PPCIW¡TVCCVUCDMCOPC
RCK¡ZEJWWVWMIWUWWFCK¡'NJKLQFG/CTKQGU
DWGPQRCTCPCFCTRQTSWGGUFGVKGTTCE£NKFC
FQPFGJC[GUVCPSWGUJQPFQU=RNZWWNJIK¡
EQRLKZ?8CTI©ZFJC¡
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
I©©¡DKC¡XaVRGICT
EQPRCNQQEWGTQEQORNCPKO
)©©¡DKC¡CRFJKICIQQZPCEJCOOK¡LWWOC¡IW
DKK¡O6©©¡PCLCZCOWWDDQ¡2«ICNGCNRGTTQ
RCTCSWGPQUGCECDGNCNGEJGRWGUGUV£CEQUVCFQ
EGTEC=RTGVI©©¡RTGUI©DEQPVI©DFC¡
EQRTGVI©DKKO©M?5KPµPKCDWKFJC¡
I©RRWMCTFC¡=EQPVFGI©DMC¡?GUVCTJGN£PFQUG
UWLRNCPKO
I©VRCTV+PFKECWPCUKVWCEKµPEQPFKEKQPCN
EQPVTCTKCCNCCEVWCN,C¡ROQQLQKFJCOEJCO
RCK¡TVWLKOFCOCOLKCFJKLCOMCMDCK¡PCDC¡
DJCK¡PCOLCZDCQKRQIKQV©TPQ¡LCK¡MCOI©V
IW¡RCK¡LKPCOLC¡MDQQRQ[C¡I©V3W«DWGPQ
SWGNQUECDCNNQUFGWUVGFGUPQUGXCPCQVTC
RCTVGRWGUGUV£PGPGNNNCPQ5KHWGTCPQVTQU[C
UGJWDKGTCPKFQRQTCJ¯
+PFKECWPCUKVWCEKµPEQPFKEKQPCNEQPVTCTKCCNC
RQUKDNG6WK¡³ZKEJIWICIQQZPC³UCCMOCC¡P
LWOIC¡NJKFJC¡I©VIWZKKIC¡P#DQTVµNCRGTTC
NCET¯CFGNCSWGVGKDCCXGPFGTWPECEJQTTQ
=)TCO?
I©ZEJWFC¡=UKPµPFGF©DKC¡³EJWFC¡?RCTKTFCTC
NW\
I©ZKC¡XaKPCEGT
CPKOCN-KC¡R©ZDCMI©KFJK
DJGUGGTPCDC¡F©MQQR©ZM©MMC*CEGRQSWKVQ
SWGPCEKµGUVGDGEGTTQRQTGUQCRGPCURWGFG
RCTCTUG
PCEGTUCNKT
HTWVQFGWPCRNCPVCEWEWTDKV£EGC
-KC¡R©ZMC[QQVFJKKOCKEJCMWKUWWNJ
#RGPCUGUV£HNQTGEKGPFQGUVCECNCDC\CVQFCX¯CPQ
NGUCNGPNQUHTWVQU
PCFCT,CTQQOK¡QKT©CNCRTGGUPCDC¡O©L©
R©ZV©V©TPK¡³PCV©I©¡PU©!3WK«PCPFCGPNC
RTGUC!2WGUUGQ[GSWGGUV£PCFCPFQCNIWKGPCNN¯
=UWLRNUWWNJIKC¡RTGVI©KUWWNJRTGUI©¡PU©
UWWNJK¡?
I©ZKC¡XaKSWGFCTCLWUVCTUG
FGVCOC³Q#O
I©ZKC¡LKFJKOUCDWKTCZPCRRCK¡FJWWM
DCMWCPC¡UKCMWIW¡ZKDLKZFJWUCCTCOLWO
CKZ6GXCPCSWGFCTDKGPVWURCPVCNQPGUEWCPFQ
NQUNCXGUCWPSWGCJQTCVGSWGFCPHNQLQU
XQNXGT
CNGUVCFQPQTOCN'GMW³DCLKOFC¡
#OR©MDCI©ZKC¡IWUWWFCK¡PC³OWDCCC[C¡
LC¡ZRC¡©RLKCOWCMM©¡P8Q[CKTECOKPCPFQ
OKGPVTCUXCDCLCPFQGNT¯QCUWPKXGNPQTOCNRCTC
SWGEWCPFQNNGIWGCNN¯[CNQRWGFCETW\CT
ECGT
FGUFGCTTKDCJCEKCCDCLQ#CROQQR©Z
P©KFJKFJC¡FJKRKNQQVPC³[C¡F©TOWDWC¡GG
RCK¡ZR©MI©ZKC¡(¯LCVGDKGPGPGUVCRGNQVCSWG
XQ[CVKTCTFGCSW¯RCTCSWGUGRCUFQPFGECG
IQQM
ECGT
JKGNQPKGXG,C¡Z³KEJKOQQDJCK¡
LKI©ZKC¡IWLCDQQMM©DR©ZCOLKZL©©RDJCK¡DC
L©D©©T$CWC¡RW¡RKOIWMW¡CC¡MWEJM©¡P
MQQMOKEJ©MC¡#NTCVQGORG\CT£CECGTPKGXG
RWGUGUV£JCEKGPFQCKTGDKGPHT¯Q8C[CPCVTCGT
NG³CRCTCECNGPVCTPQU
=EQPVI©©UFC¡?
I©¡MQTC¡URCFTGRCFTGU
FGHCOKNKC%JCODJC
FCTCCCOUCRIWI©¡MQTIC¡PIW5COQKN%JK
DC¡OQQLC¡REJCOV©©©DJK¡³PCF©©NJDCFCC
&KEGPSWGPQGUV£PGPECUCNQURCFTGUFG5COWGN
0QVGPFT£OKGFQFGGUVCTUQNQ!
=CRQUI©¡MQTIC¡P?5KPµPF©©¡P
♦LKEJ)©¡MQTC¡U0WGUVTQ2CFTG%GNGUVKCN
I©¡NJFJC¡XaVETKCTJCEGTETGEGT
EQORN
CPKO%JC¡RKOOQQLCWC¡OCVW¡PFC¡FJK
©¡NJKEJVCVQQZMQNJPCODC¡LQVOQFC¡
I©¡NJKFJC¡0QFGLGPRCUCTJCODTGCNQU
OCTTCPKVQURCTCSWGETG\ECPRTQPVQ
XaTTGPFKTRTQFWEKTO£U,WNJKKMLCRKO
D©PFC¡FJKDJCDLKFJQQTPCDC¡OI©¡NJFJC¡
4GXWGNXCPDC[WUCUEQPNQUHTKLQNGURCTCSWG
TKPFCPO£U
=RTGVI©¡©©NJEQPVI©¡NJFJKFJC¡
TGRI©I©¡NJK¡³FJC¡?
I©¡NJIC¡PUJKLQCFQRVKXQJKLCCFQRVKXC%JCO
VW¡LKPCF©©NJLKTOCTCC¡PIWCNJKKPC
DCK¡³EJW¡IW2GGNGULKTI©¡NJIC¡PR©ZLK'P
TGCNKFCFGNJKLQSWGNNGXC(«NKZPQGUUW[QUKPQ
SWGGUCFQRVKXQ=RNI©I©¡NJIC¡P?
I©¡NJKC¡XaKETGEGTFGUCTTQNNCTUG%JCOQD
I©¡NJKOFJKCNJKK/CC¡PPCL©¡ZK¡³0QETGEG
T£RKFQGUVGPK³QRWGUUKIWGKIWCNFGGUVCVWTC
=UWLRNI©¡I©NJKC¡RTGVI©¡©©TI©¡I©TRTGUI©I©¡T
EQPVI©¡NJKFJC¡I©¡I©NJKFJC¡RWPVI©¡T©M
I©¡I©T©M?
I©¡OCFLEQPUGTKGFCF,KZI©¡OLCRLWRQKT©FC¡
.WKUCEJC¡RL©©O©VPCK¡EJ©P©K¡³FJC¡&GDGU
CPFCTEQPUGTKGFCF.WKUCPQVGT¯CUEQPNQU
FGO£U=EQRLKZ?
I©¡PU©=RTGUFGI©ZKC¡?PCEG
IQQMCFLFQU)QQMVCPQQNJR©ZMCLWT³KC¡
PCDC¡OQQDCVWOPCCFC¡DJCCP/CVKDKFCC
6C¡O5QNCOGPVGHCNVCPFQUF¯CURCTCSWG
GORKGEGNCHKGUVCFGPCVKXKFCF
WPQUEWCPVQU)QQMLCRLK³IC¡NJKFJC¡FJK
VWTCUPW8«PFCOGWPQUEWCPVQUFWTC\PQU
♦IQMMCRGPFQUNWICTGU
♦LKTIQQMC¡PCOUQPFQU
♦LKTIQQMCNJUQPRQEQU
'&+%+•024'.+/+0#4`
IQQMKO
6'2'*7ƒ0Ê'52#“1.
♦IQ¡IQMCFXFQUGPFQURQTRCTGLC
IQQMKOCFXFQUXGEGU)QQMKOLC³KEJLKKCPC³
MCV©VDKCIWDCUMKUDQN/GEC¯FQUXGEGU
EWCPFQGUVCDCLWICPFQD£USWGVDQN
IQQMLC¡MDWK¡CFXFQDNGFQUXGEGUO£U)QQM
RWRLK³KKEJWNJFJCO©TIWEJKKEJKTCUIQQM
LC¡MDWK¡PCRKEJL©¡M[C³CKEJWNJD©©R©¡2QT
HCXQTXGCVTCGTOGWPQUEWCPVQUEJ¯EJCTQUFQU
XGEGUO£UFGNQUSWGOGVTCLKUVGNCRTKOGTCXG\
IQQVC¡XaKTCUECT
EQPNCUW³CU/WLC¡MLC
UCC¡PO©TFJKVCVMCTWK¡/K¡VWIQQVCOPC
MKC¡R©ZV©©ZOKICCV©T'URCPVCNCUICNNKPCU
RQTSWGGUV£PTCUECPFQGPNCOKNRCSWGCECDCPFG
UGODTCT
TCUECT
EQPNCRG\W³C#ODCVWIQQVFJK
VWWTPCDCZEJWMQMFCO'NVQTQGUV£TCUECPFQ
RQTSWGSWKGTGRGNGCT
=RTGVIQQVCRTGUIQQV?5KPµPICK³DW¡
IQTRCTV5GWUCRCTCCPKOCTCQVTCURGTUQPCUC
TGCNK\CTEKGTVCCEVKXKFCF)QTDKUQRM©VMW³LCO
MÀÀMÀ¡PC³[C¡R©ZMCFCCPC³EJCMWKMQQZKO
%WGPVGPCNI¼PEWGPVQRCTCGUEWEJCTOKGPVTCU
GUVQ[CSW¯RWGUVQFCX¯CPQVGPIQUWG³Q
♦OCKIQTX£OQPQU
V¼[[Q
♦OCKMIQTX£OQPQU
VQFQU
IQ¡IQMCFXFQUGPFQURQTRCTGLC)Q¡IQMLCR
LCOCMKC¡IWV©OMCNJIWIQ¡PIQZPCODC¡Z
DJCK¡MQMDCFC¡&GNGUFQUVQTVKNNCUCECFCRGTTQ
RCTCSWGUGNNGPGPDKGP8«CUGIQQM
IQ¡PIQZ=RNFGICIQQZ?RGTTQU
IWCFLGNNQNCNQUNCU
CTV¯EWNQGURGE¯HKEQ$C
MQQMQKO©VIWC¡CCNJ.QUPK³QU[CUG
FWTOKGTQP
WPWPCWPQUWPCU
CTV¯EWNQKPFGHKPKFQ/K¡³K
FJ©TDJCK¡DCLKOIWOCC¡PMCO,CTQQEJK
DC¡!#J¯XKGPGWPCRGTUQPC3WK«PUGT£!
IWDMC¡XaKRQPGTUGVKGUQJCEGTUGFWTQ
EQUCFG
HQTOCRNCPC0Q¡³KEJMWC³FJCMDJCLC¡RZK
UC¡KKEJIWLQIKK¡³IWVWWTDJCK¡LKIWDMW¡PC
RCK¡FJWWMDJCK¡LKICMKC¡5KNGSWKVQGNEWGTQ
CNVQTQ[NQEWGNIQUGRQPGVKGUQCNUGECTUG
=UWLRNIWWRWMC¡RTGVIWDMCIWWRWMC?
8CTIWDMW¡
IWDWWMCFLT¯IKFQ%JCODJCK¡M©¡PVWOIKIKC¡
IWV©TDK³PQ¡ZIWDWWM0QUGRWGFGNC\CTDKGP
UKNCUQICGUV£T¯IKFC=RNIWWRWMEQRLKZ?
IWIWW=RTGVFGIW¡MKC¡[IWIWWMKC¡?2GL
IWIWWO©VUGRCTCTQPUGRWUKGTQPFGRKG
8CTIW¡M©
IWIWWMXaGGUVCT
RCTCFQUUWLCPKO
$JCOO©ORWRIWIWWMIWOUCUQK¡%JCODJC
LCUCCFCMLC³KEJ#NN£UGSWGFCTQPVWU
CPKOCNGURWGUPQNQUVTCLG
GUVCT
EQUCUENCXCFCUO£UCNVCUSWGCPEJCU
$JCOO©RWR©ZMWIW³W¡WWLWMVC¡OPCEJV©K
RWROWOWKO©MIWDJQ¡OMQZ$JCOO©RWR
IWIWWMCC³RWK¡DJCK¡DCLKK#NN£UGSWGFCTQP
CVQTCFCUOKHNGEJCUGPWPRKPQEWCPFQGUVCDC
VKTCPFQCWPVGEJCNQVGRWGUUGSWGFCTQP
ENCXCFCUEWCPFQOGXKPG
=HWVIWIWWMC¡QIW¡MC¡EQRTGVIWIWWMCVQ
IW¡MCV?8«CUGM©©M
IWIWWMC¡=UWLRNFGM©©MC¡?2GLOK¡
IWIWWMC¡COCNN¯GUVCT£PRCTCFQU
=EQPVIW¡PIWMFC¡?8CTIW¡MC¡
IWIWWMEJW¡=OQXFGIW¡MKC¡[IWIWWMKC¡?2
GLIWIWWMEJW¡COXCPRCT£PFQUG
8CTIW¡MKEJW¡
IWIWWMKC¡=XCTFGIW¡MKC¡?RQPGTUGFGRKG
=RTGVIWIWWOQXIWIWWMEJW¡?
IWIWWZFJC¡XaVCPKOCT-CZK
IWIWWZK¡³FJC¡CRIWOPCCPPC[C¡MCZKEJW
LQQLQK¡³FJC¡OCCUO©MKCO[C¡FJKQK¡³IC¡P
PCIW¡EJCMWKR©MOQQTLCI©¡&CNG£PKOQCVW
OCO£RCTCSWGUGSWGFGCFKUHTWVCTWPRQEQO£U
NCXKFCCSW¯GPGUVGOWPFQRQTSWGVQFCX¯CPQGU
VCPXKGLC
XaTCPKOCTUG#CEJV©KZEJWLWCPO©TCO
6WURCIW¡LKPCOIW¡EJCOLWOIW¡PIWZK¡³
IW³LCCFW³PC³I©VLCD©©OLQKFJCOZK
OCK¡EJO©TCK6GPIQICPCUFGKTCVTCDCLCTGP
6WZRCPPCFCO£USWGPQUGCPKOCPOKU
JGTOCPQUCKTEQPOKIQCICPCTDWGPCHGTKC
=EQORNRNIW¡PIWZFJC¡RTGVIWIWWZIW¡PIWZ
RTGUIWIWWZK¡³IW¡PIWZK¡³
EQPVIW¡PIWZFJC¡?
IWIW¡ZFJC¡=UWLRNFGIW¡ZFJC¡?EQOGT
RQSWKVQ
GPNCOC³CPC=RTGVIWIW¡ZRTGUIWIW¡ZK¡³?
IWK¡RTQP«NGNNQGNNCGNNQUGNNCU
PQXKUKDNG
,KTLK³OCTFJQIWK¡-KC¡R©ZIKQ[C¡RCKPC
O©MLC¡MQNJKO©M5¯GUOKJKLQ«NRWGUCPFWXQ
NGLQUFGCSW¯[CRGPCUTGITGUµ
GNNQNCNQUNCU
PQXKUKDNG/WLC¡RDCLKO
IWDJWTW¡ZIWK¡PCRKEJUCCMOCK¡DWC2QT
CNN£XCGNDWTTQSWG
NKVGNSWGFKLKUVGSWGUGVG
RGTFKµ
«UG«UCGUQ«UQU«UCU«UVG«UVCGUVQ«UVQU
«UVCU
PQXKUKDNG,K³DJ©K¡³O©TIW³EJCMGGV
IWK¡PCOWOOWF©TUÀ¡PC³RCK¡DQRRQ8G[
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
VT£GOGOKEJCOCTTC«UCSWGGUV£EQNICFCFQPFG
OGCEWGUVQ
=)TCO?8«CUGIW¡³K
♦IWK¡COCSWGNNQUCSWGNNCU
UWLCPKO
♦LKTIWK¡IC¡PGUFG«NGUFGGNNC
IWWRWM=RNFGIWDWWM?T¯IKFQU=EQRLKZ?
IWWRWMC¡=UWLRNFGIWDMC¡?RQPGTUGT¯IKFQ
=RTGVIWWRWMC?
IW¡EQPL+PFKECSWGWPCUKVWCEKµPGUEQPVTCTKCC
QVTC,KZM©¡PMQDRC¡RLWRLCFCFQ¡³EJQFC¡IW
MCMCTDCZCCRIW¡ZK¡VÀ¡MQDFWWM&GDGU
UQNVCTCNQUEJKXQUO£UVGORTCPQPQOW[VCTFG
EQOQNQJCEGU=)TCO?
IW¡EJKEQPLUGIWTCOGPVGRTQDCDNGOGPVG
)KKNJKOLKZD©©VFJKUC¡WC)W¡EJKEJCMWKDJCK¡
ICC'UV£OW[RGUCFCGUVCEQDKLCRWGU
UGIWTCOGPVGVQFCX¯CPQUGUGECDKGP
IW¡MC¡=UWLRNFGM©©MC¡?2GLOK¡IW¡MC¡CO
CNN¯GUVCT£PRCTCFQU=EQPVIW¡PIWMFC¡?
8CTIWIWWMC¡
IW¡MC¡=HWVFGIWIWWM?2GLOK¡IW¡MC¡CO
CNN¯GUVCT£PRCTCFQU=EQRTGVIW¡MCV?
8CTIWIWWMC¡
IW¡MKC¡XaKRCTCTUGRQPGTUGFGRKG
UWLRN
CPKO$©©ZLCRKOIWIWWMKC¡PCRCK¡FJWWM
[C¡CC[C¡IWRCCNJIKQPCRKOMQQMQUC¡IW
LCODQRPCO2£TGPUGVQFQUEWCPFQNNGIWGGN
RCFTG[SW¯VCPUGUWUUQODTGTQU
RCTCTUGFGVGPGTUG
GNOQXKOKGPVQUWLRN
CPKO%JCMWKRLCLWCPFC¡FJKMCMDCK0CO
MCZKIW¡MKC¡PCEJDC¡OK¡R©ZDCLCIKKIKC¡
0QOQNGUVGUCGUVQUECDCNNQUFGLCSWGRCTGPRCTC
SWGUGCO£UH£EKNNC\CTNQU
ENCXCTUGGPVGTTCTUG
EQUCURWPVKCIWFCU$©©Z
DJCK¡RWIW¡M©DJCCPIWKKDJCKPC³KEJL©¡M
OWVWOWOWW0KOOCC¡PMW³KEJLC¡RLC¡M
DWWUCK¡6QFCUNCUHNGEJCUSWGVKT«UGENCXCTQP
GPGNPQRCN2WGUPQHCNN«GPPKPI¼PVKTQ
=RTGVIW¡M©QIWIWWEQPVIW¡PIWMFC¡
OQXIW¡MKEJW¡QIWIWWMEJW¡?8CTIWIWWMKC¡
8«CPUGM©©MC¡M©MDQ¡
IW¡OCVICOEQPLUKPQSWGRGTQ
CNEQPVTCTKQFG
NQCRCTGPVG#CRK¡OLC¡RLWOCC¡LKLKCPCVF©©NJ
[CCKFJKDCCMIW¡OCVICOLC³EJKDJC
UCCFCMLKDJCOO©PKFJ©TICK7UVGFGURKGPUCP
SWGGUVCXCECNNGIµCSW¯UQNCXGTFCF!2GTQ[Q
NCCTTG«RCTCCE£FGUFGNCNCFGTC8CTIW¡
OCVI©O
KC
IW¡OQQCFXPCFCO£U:KLKOFCVCRDJCOO©
PC³RCK¡OLQQVQUCCRIW¡OQQOK¡ZKFJCC
%JCMWKCCRV©MCC[C¡MC¡CC¡CCPC³LWO
I©©¡DKC¡!8GCFQPFGVGGUVQ[OCPFCPFQRWGUV¼
PCFCO£UGUV£UCNN¯/GXCUCQDGFGEGTQGU
PGEGUCTKQRGICTVG!
IW¡PIWMFC¡=EQPVFGIW¡MC¡IWIWWMC¡[
IW¡MKC¡?2GLIW¡IWMFC¡COGUVCT£PRCTCFQU
XCTKCUXGEGU
IW¡PIWMKFJC¡=UWLRNFGM©MMKFJC¡?CPFCT
FG
ECUCGPECUC
IW¡PIWZFJC¡=EQORNRNFGIWIWWZFJC¡?
CPKOCTNQU=RTGVIW¡PIWZRTGUIW¡PIWZK¡³
EQPVIW¡PIWZFJC¡?
IW¡³KRTQPGNNQNCNQUNCU
PQXKUKDNG
GURGE¯HKEQ
RTQPCSW«NCSW«NNCCSW«NNQUCSW«NNCU
PQ
XKUKDNGGURGE¯HKEQ)W¡³KOCCUKQ¡OLKZ
KKDJCKFJC¡#C³L©¡M©¡MO©TC¡FJK¡MC¡O#SW«N
VKGPGO£UHTWVCU8Q[CKTCTGEQIGTCNIWPCUFG
CNN¯
CFLCSWGNCSWGNNCCSWGNNQUCSWGNNCU
PQ
XKUKDNGGURGE¯HKEQ-KC¡R©ZLCO©VDCLKLKKIW¡³K
VTQQMCVC¡OPCOWOOWPKM©©M#RGPCUUG
GUV£P[GPFQGPCSWGNECOKµPSWGGUV£RCTCFQ
CNN£
=)TCO?8«CUGIWK¡
IW¡ZFJC¡XaTEQOGT
RQSWKVQGPNCOC³CPC
FGUC[WPCT/CC¡PDJCK¡ZK³DJ©K¡³IWV©OMCNJ
PC³M©¡PR©ZMCZK³IW¡ZFJC¡PC³DC¡R©MOQQ
DCVWLWIKC¡LC¡Z³KKCO&COGWPCVQTVKNNCRCTC
FGUC[WPCTOGOKGPVTCURCTCSWGRWGFCCIWCPVCT
[EQOGTO£UCNTCVQ=UWLRNIWIW¡ZFJC¡
RTGVIW¡ZIWIW¡ZRTGUIW¡ZK¡³IWIW¡ZK¡³?
+
ÊKUWHaX+PFKECSWGNCCEEKµPUGNNGXCCECDQ
KPOGFKCVCOGPVGCPVGUFGQVTCCEEKµP)QQMLCRVW
VCC³O©TC¡IWKOCKDJCOO©LWOMWWZK¡DWK:K
WNJ³CKCRFJKDJWTTWPCRDJCCPDJC
DJKK³QTKMC¡8GCEQORTCTCNIWPCUECNCDC\CU
CNN£EQPVWV¯Q'PUKNNCCGUVGDWTTQRCTCSWGNCU
ECTIWGURCTCCE£=)TCO?8CTÊLKÊL©K
KC=RTGVFG©NJKC¡?UGEC[µ
'&+%+•024'.+/+0#4`
KCDWKFJC¡
6'2'*7ƒ0Ê'52#“1.
KCDWKFJC¡XaVRGICT
EQPRCNQQUQICEQORN
CPKO/KOKCDWKFJC¡³FJQFJK¡³KWWZPQ¡R
OQQLC¡REJCOLK³MÀÀ6GXQ[CRGICTEQPGUVG
RCNQUKPQOGSWKGTGUQDGFGEGT=RTGVKCDWK¡?
5KPµPI©©¡DKC¡
KCDWKFJC¡=EQORNRNFGDWKFJC¡?GEJ£TUGNQU
=RTGVKCDWKEQPVKCDWK¡³FJC¡?
KCDW¡=EQORNRNFGDWC¡?GEJCTNQU=RTGVKCDW?
KCNJKZ=TGUFGKCTC¡?VWODCFQ
KCOCFXWPRQEQO£U
FKUVCPEKC)COCLC¡M
KCOLCRZKFJCKDW¡2GGNGU:K¡DJCLC¡MLK³
MK¡UCRCR5K«PVCVGWPRQEQO£UCNN£(«NKZRWGU
OGGUV£UCRTGVCPFQ
RCTV+PFKECSWGUGRKFGWPHCXQTEQPJWOKNFCF
%JCODJCK¡CCPCRI©VKCODJC³DJ©KFJKMC¡
IWZMCDQQMLK³MWVWWPPCDCMDJCOO©F©TRW
FCCICCLWIKK¡³!2QFT¯CUJCEGTOGGNHCXQTFG
VTCGTOGOKCDTKIQSWGUGSWGFµGPNCQTKNNCFGNC
OKNRC!
KCOI©VCFXSW«DWGPQHWGTC+COI©VLCEJV©IKC¡
IWVWWOK³OWRCK¡PCVZK[CCURCMIW³MWWNUK
d3W«DWGPQHWGTCUKGPEQPVTCTCGNFKPGTQSWG
GPVGTTµOKCDWGNQ
KCOR©ZCFXO£UQOGPQU+COR©ZDCVW
OCCEJKOFJKCNJKKPCTKUMQGNCOLKZOCCV©V
DCVWW¡WCP'UVGPK³QSWGGUV£GPNCGUEWGNC
GUV£CRTGPFKGPFQO£UQOGPQURWGU[CECUKUCDG
GUETKDKT
KCRVCTC¡UUWFCFGTQ
RCTCECDCNNQ2CCDC¡LWR
IWKCRVCTIC¡PFJKDWTTQPCDC¡RWK¡DJC
FJCCUVW¡IWZKKTW¡P!&µPFGUG\CHµGN
UWFCFGTQFGGUVGECDCNNQ!2WGUCPFCEQPNCRWTC
UKNNCFGOQPVCTRWGUVC=RNKC¡RVCTC¡
CRQUKCRVCTIC¡PKC¡RVCTIC¡P?
,C¡Z³KEJOCC¡PVWKCTC¡IWCTRWWU/CTKK[C#N
TCVQXCOQUCRTGRCTCTNQUJKNQU/CT¯CRCTC
JCEGTWPCVCNGIC
=EQORNRNKC¡TUC¡RTGVKCTKC¡TUC
EQPVKC¡TCUFC¡QKCTCKFJC¡KC¡TUCFC¡Q
KC¡TUCKFJC¡TGUKCNJKZKC¡NJKZ?
KCVC¡XaKOGPVKT,WRMCK¡EJIW2KNKKRPCUCR
MCDWKOWMLKOKC¡OWLC¡MRCK¡6WURCRWEJCO
UCRDJCK¡MCLKO-C¡DC¡IW¡KCVPCOK¡R©Z
LK³©¡PMKCV!&KEG(GNKRGSWGOC³CPCUGXCC
6WZRCP[SWG[CPQTGITGUC1PCFCO£UOKGPVG
CU¯RCTCCUWUVCTOG!=RTGVKCVCRTGUKCV?
KCVIKFJC¡XaVOGPVKT
CQVTCRGTUQPC,C¡ROQQZ
DJCK¡³KC¡VIKLKIW.WKU6©©¡PCIW¡OQQLC¡R
U©NJMCOZKMCK¡EJPCDJCLKO,CK³RCCIKR
LQK!d%µOQOGOKPVKµDKGPGUVG.WKU(¯LGUGSWG
FKLQSWGXGPFT¯CRTQPVQRGTQPQJCCRCTGEKFQGP
PKPI¼PNCFQ=RTGVKCVIKRTGUKCVIK¡³?
KCVVWNJFJC¡XaVCEWUCT
CPVGWPCCWVQTKFCF
/QQEJKCCR2GGITQLKEJKCVVWNJPCEJKEJ
F©ICCTIWDC¡MK¡³IW,WCPMWO©VDC¡DCEJ
LQKUOCKPCIW¡FCKCCRPCRLKZEJWOCCV#NQ
OGLQTHWKUVGV¼2GFTQSWKGPPQUCEWUCUVGFG
GPVTCTGPNCECUCFG,WCP[RQTGUQPQUNNGXCTQP
CNLWG\RQTSWGUQNCOGPVGV¼UCDGUNQSWG
JKEKOQUPCFKGO£U=RTGVKCVVWNJ
RTGUKCVVWNJK¡³?
KC¡NJKC¡=UWLRNFG©NJKC¡?ECGTUG
GPWPRNCPQQGP
WPCRGPFKGPVG=RTGVKC¡T©?
KC¡NJKZ=TGUFGKCTC¡?VWODCFQU
KC¡³FJCTC¡CFLSWGUGRGICH£EKNOGPVG
EQUC
GURKPQUC,KZKC¡³FJCTC¡MC¡IWLQK¡IWVW¡PQ¡Z
DCRQQ.CUGURKPCUUGRGICPH£EKNOGPVGGPEQUCU
SWGUQPFGNCPC=EQRLKZ?
KCRV©MC¡XaTTGXQNECTUG/KOKCRV©MC¡OQQIW
KC¡³FJC¡XaVUWDKT
CNEWGTRQ,C¡MZKLKO
KCTC¡XaVVWODCTJCEGTECGT+CTCKOIWVWC
KC¡RVCTC¡=RNFGKCRVCTC¡?UWFCFGTQU
DJWTW¡ZOK¡PCRKEJRCK¡VWOQKMCK+COEJK
PCRKEJD©©R©¡ZKEJWMWWRCMPCDC¡FCKPCR
OKDCIKK¡³FJC¡IWMQ¡MQNJMCK5GXCC
TGXQNECTGNDWTTQFQPFGRTGRCTCUVGNCVKGTTC
5GT¯COGLQTSWGEKGTTGUCNN¯CPVGUFGRTGRCTCTNC
VKGTTCRCTCSWG[CRWGFCUUGODTCTNCUUGOKNNCUFG
EJKNG=RTGVKCRV©QKCRV©MCRTGUKCRV©M?
IWOCC¡PMCOPCVIW¡UCRDJ©L©DCCIW
DJQ¡OMQZ)W¡EJKOQQCOR©MDJCK¡RCK¡RF©¡
7PCRGTUQPCGUV£VWODCPFQGNGPEKPQRQTSWGCNN¯
UGOGVKµWPVGEJCNQVGRWGUUGIWTCOGPVGVKGPGWP
CIWLGTQRQTCJ¯
CTTQNNCTRTGRCTCT
JKNQURCTCVGLGTWPCVCNGIC
PCOEJCOOK¡OKC¡³FJC¡IWVQVVQK³*C\VGC
WPNCFQRCTCSWGPQUGVGUWDCPNCUJQTOKICU
CHGEVCTEQPVCIKCT0Q¡VLK³M©KIWPCMU©T
LQVOQFC¡LK³KC¡³FJC¡IWOCKOFCIC¡P5KOG
RKECGNCNCET£PRTQPVQOGCHGEVCT£UWXGPGPQ
=RTGVKC¡³RTGUKC¡FJK¡³?
♦EJWKC¡³FJCTC¡CFLSWGJCEGFC³Q
=CRQUKC¡RVCTIC¡P?
KC¡TUC¡=EQORNRNFGKCTC¡?VWODCTNQU
=RTGVKC¡TUCEQPVKC¡TUCFC¡QKC¡TUCKFJC¡
RTQITKC¡TUCKO?
KEJUWHaX+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN
RNWTCNÎ,KEJLQNJDKZFJC¡KEJFJK¡³KVWCVC¡OZK
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
DJ©KRWKKEJIWV©TDK³OWMKKEJCOÏLWRMCK¡EJ
COIWC¡CCNJÎ8COQUCVTCGTWPCUQICFGNC
ECUCRCTCEQNWORKCTPQUGPGUVGGPEKPQÏFKLGTQP
NQUPK³QU=5GRTGUGPVCFGURW«UFGNXGTDQ
)TCO?8CTÊEJLCEJ
KK=RTGVFGK¡[C¡?NQDGDKµ
LCEJKKOEJWFC¡FJK³EJKQ¡³IWDJGUGGTPCDC¡
LKTDJGUGGTVWIK¡³MC¡!%W£NFGNQUDGEGTTQUNG
XCOQUCTGICNCTCOKJKLQRCTCSWGNQVGPIC
EQOQUW[QRTQRKQ!
=RTGUKKORTGVKKOEJWFC?
KKOKC¡XaVGORCTGPVCTUGUGTRCTKGPVG,CZ
KK=RTGVFGKK³C¡?NQVCRµ
KKDJCKUPQRCN0CDLWOV©©V©¡IWKKDJCKIWZ
OCOQKMIC¡P5GFGPQOKPCPÎPQRCNKVQUÏNCU
RGPECUVKGTPCUFGNPQRCN
VWPC
E£UECTCCOCTKNNCRNCPVCITCPFG/CC¡P
PCLCZKKDJCKLWOV©©V©¡IWKKDJCK¡³IC¡PIW
KKDJCK.CHTWVCFGNPQRCNUGNNCOCVWPC
♦FC¡PRCMKKDJCKUVWPC
ECRCNKUC
KKDJCKFJC¡UHTWVQ,CZMCCMIWKKDJCK¡³IC¡P
FJKO©¡©©Z!3W«UCDQTVKGPGGNHTWVQFGGUVCU
RNCPVCUVW[CU!=CRQUKKDJCK¡³IC¡P?
8«CUGDJCKFJC¡
♦LWMKKDJCKFJC¡URK³CU
EQPQUFGNQURKPQU
KKDJCKFJC¡CFLNNGPCFGHTWVC
RNCPVCd,C¡R
OQQLQKFJCOLKZKKDCKFJC¡FJKOCPUCCP
d%µOQGUV£NNGPQFGHTWVCGUVGOCP\CPQ
=RNK¡DJCKFJC¡EQRLKZ?
KKDJCK¡³EJCNJK¡CFLSWGFCOWEJCHTWVC,CZ
FWWMMCVLQKFJCOLKZKKDJCK¡³EJCNJK¡FJK
VWTCCUPWPCR©¡©©ZLK³RCCUWNJ!)COO©L©OWK¡
K¡DJCK¡³EJCTFC¡PCDCRQKFJC¡%µOQGUSWG
FCOWEJCHTWVCGUGFWTC\PQSWGRNCPVCUVGV¯C!
2WGUECFCC³QFCOWEJQUFWTC\PQU=EQRLKZ?
KKDJKC¡XaKTGURKTCT2©ZKK¡OFCIC¡PMWWFJK
MCDCKPCZOCIQQPPC³KEJZKEJ©O©NJKKEJ
'UVGECDCNNQJCEGWPTWKFQOW[HWGTVGCNTGURKTCT
RQTSWGGUV£ECPUCFQRQTJCDGTNQEQTTKFQ
=RTGV[RTGUKKDJ©EQRTGVKKDJKO©M?
KKEJC¡XaVGEJCT
ITCPQUGPWPTGEKRKGPVG6W¡R
OK¡KKEJC¡FJKDCCNJPCRDC¡OKLC¡RDCWC¡!
3W«XCUCGEJCTGPGUCECPCUVC!2QTSW«VGNC
NNGXCU!=RTGVKKEJCEQPVK¡EJCFC¡QK¡EJCTFC¡?
KKI©U=RTGUFGKK¡³ZKC¡?UGECGP
KKMWKPVGTL+PFKECKPVGPEKµPFGNNGXCTCECDQCNIWPC
CEVKXKFCF+KMW³OQQCNJK¡EJMWC¡³FJCTC¡IW
UWWFCK¡PC³M©¡PDCVDKC¡#XGTXQ[CRQPGTGN
CIWCCECNGPVCTRCTCDC³CTOG8CTGGMQ
KKOEJWFC¡XaDFGUKIPCT
CQVTCRGTUQPCEQOQ
JGTGPEKC$CRWRKKOIW³LKKMWNJFJK©NJK¡EJ
MCDCKPCUCRLKTMCDCKIC¡PMC¡PQ¡DCTIÀ¡
'UVGECDCNNKVQGUV£FGUKIPCFQRCTCOKV¯QRWGUXC
CUGTUW[QEWCPFQ[CGUV«ITCPFG
TGICNCT
WPCPKOCNCQVTCRGTUQPC,CZEJW¡O
KK¡OEJWFC¡
LC¡MLWOKKOKC¡IWOCTCC¡PIWOFJKZKKMPQ¡V
DCOCCZKT!3W«RCTKGPVGVW[QXCCUGTGNPK³Q
FGVWV¯CEWCPFQPC\EC!
PQODTCTEQOQRCTKGPVG
CNUCNWFCT+KOKC¡CR
OQQIWOVCVCCNJPCRRCK¡FJWWM³KQ¡MFJC¡
PCDC¡ZKOOCVMC¡PCRLKTVCVCCNJK¡³%WCPFQ
UCNWFGUCVWV¯QJC\NQNNCO£PFQNGV¯QRCTCSWGVG
TGEQPQ\ECEQOQUWUQDTKPQ
=RTGVKKO©RTGUKKO?
♦LCZLWOKKOSW«GUVW[Q!
KK³COCFLSWGSWKGTGEQOGT
ECTPG6©K³DCZ
KK³COIWDJQ¡OMQZ/CC¡PLCRICC¡O©TC¡³
EJKQ¡³3WKUKGTCEQOGTVGEJCNQVG2QTHCXQTXG
CDWUECTOGWPQJKLQ=UWLRNKK³CMQK¡³CM
EQRLKZ?
KK³C¡XaVVCRCTEWDTKT+K³C¡RKOVWCLCC¡M©¡P
FJKKOCKPCDC¡EJCOM©DCK³KC¡%WDTCPGUCU
ECNCDC\CUEQPJQLCUFGGPEKPQRCTCSWGPQUG
EQPIGNGP=RTGVKKQKK³CRTGUKK³
EQPVK¡³FCFC¡?
KKRW³KC¡XaKTGVQ³CTDTQVCT
[GOCUWJQLCU
%JCOMCKKRWFJKOCPUCCPPCO©VF©TLWIKQ
IWMCMCTDCZIWLCCIC¡P;CPQTGVQ³µGUVG
OCP\CPQFGUFGSWGNQUEJKXQUUGEQOKGTQPNCU
JQLCU
ETGEGTFGUCTTQNNCTUG
RNCPVC0Q¡TLKZL©©RM©T
EJCOL©¡ZMCVKKRW³KC¡IWFWKUKCMW³KEJV©K
FCTCK'PNQUNWICTGUHT¯QUPQETGEGPNQUEKTWGNQU
CWPSWGNQUUKGODTGP
=UWLRNK¡RW³KC¡RTGVKKRWK¡RWRTGUKKRWP
K¡RWP?
♦EJWKKRWPCFLSWGUGRQPGXGTFG
£TGC
KKRW³K¡CFLSWGETGEGT£RKFQ
RNCPVC)KKNJKO
LKZKKRW³K¡IWLC¡RR©ZUCK¡;C¡RR©MCOEJCO
DJCK¡%TGEGOW[T£RKFQGN\CECVGEQTTKGPVG
&QPFGSWKGTCJC[=RNK¡RW³K¡EQRLKZ?
KK¡=RTGVFGKK¡³ZKC¡?UGEC[GTQP
KK¡OEJWFC¡XaVCUHKZKCTÎ0CRLCZFJWK
KK¡OEJW¡PFC¡FJQLKCFJK.KKPQMWRDC¡
DCKFJKOPCRD©©OMQQZO©TC¡,CZFJWKPCR
IW¡IKKNJKOVWDQRRQ+NKK[CUÏLWRV©VFCIW
F©¡©©¡PÎ%WCPFQKPXKVCUC.KPQCFQTOKTEQPVKIQ
ECUKNQCUHKZKCU'N¯CURWGUV¼VGOWGXGUOWEJQ
EWCPFQFWGTOGUÏNGFKLQUWOCO£
'&+%+•024'.+/+0#4`
KK¡OEJWO
6'2'*7ƒ0Ê'52#“1.
=RTGVKK¡OEJWFCRTGUK¡KK¡OEJW¡P?
8CTKK¡³EJWFC¡
KK¡OEJWOCFLGORCEJCFQ6WMCC¡COLKZ
KK¡OEJWOVWVCVFC¡PCEJV©KDQ¡$CMIW¡ZK¡
DJCK¡DEJWFC³KEJPC³KEJVWLWWLWTP©M'PNC
PQEJGOGUGPV¯GORCEJCFQRWGUEGP«FGOCUKCFQ
GPNCVCTFG=EQRLKZ?
KK¡OEJW¡XaKCUHKZKCTUG#UCCMEJC¡OLCR
ICCOVW¡PFC¡FJKVCMCCTWK¡PCDC¡EJCO
KK¡OEJW¡.NGXCNCICNNKPCOGVKFCGPWPCTGF
RCTCSWGPQUGCUHKZKG=RTGVKK¡OEJW
RTGUKK¡OEJWT?8CTKK¡³EJW¡
KK¡OFC¡UCNKGPVQ,KZDJCK¡ZOCCZMC¡IW³
KK¡OFC¡LCPQ¡PCRCK¡FJWWMLKZL©©RK¡³MC¡5G
XGOKCNKGPVQEWCPFQJCEGHT¯Q
CNOC0Q¡³KEJDCOWWIW³EJWWMW¡DJCCP
IW³KK¡OFC¡RWK¡PCLCZDCFWCMC¡%WCPFQUG
OWGTCOKEWGTRQOKCNOCUGIWKT£XKXKGPFQ
GUR¯TKVW)W&KQUEJCOL©¡ZFJC¡LCTQK¡
OCCZKMV©IKC¡PCIW¡EJCOOCCZPCIW¡T
KK¡OFC¡R©Z0CFKGRWGFGXGTC&KQURQTSWGPQ
UGXGRWGUGUUQNCOGPVGGUR¯TKVW
=RNK¡KK¡OFC¡CRQUKK¡OFCIC¡P?
KK¡³ZKC¡=UWLRNFGLKI©ZKC¡?UGECGT£P
FGUFGWPC
CNVWTC=RTGVKK¡RTGUKKI©U?
KK¡³ZKEJFJC¡=EQORNRNFGLKDWC¡?VKTCTNQU
CN
UWGNQ=RTGVKK¡³ZKEJRTGUKK¡³ZKEJW¡P?
KMQKOFJC¡XaTNCXCTUG
NCUOCPQUQNCECTC
#NJK¡EJDJC³DJ©KFJCMIWUWWFCK¡PC³[C¡PK
M©¡PLK³KMQKOFJC¡PC³IW¡DCVWLWIKC¡
6T£GOGVCPVKVCCIWCRCTCNCXCTOGNCUOCPQU
RQTSWG[CXQ[EQOGT=RTGVKMQKO
RTGUKMQKOK¡³?
KMQQTC¡CFLUWEKQ,KZKMQQTC¡R©ZOKUWW¡PIW
UWWFCK¡OWDKDKCVCOPC³KEJOWK¡V©KDJ©KO
$CMIW¡OK¡ZKDCVDKO©MIWVQQZMQNJ'UVCDC
OW[UWEKCGNCIWCFGNOCPCPVKCNEWCPFQHWKC
VTCGTNCRWGUWPOCTTCPQUGGUVCDCTGXQNECPFQ
CNN¯=RNK¡MQTC¡EQRLKZ?
KMZKEJUVGLKFQ
FGCNIQFµP$JC³DJ©K¡³
/CTVKKPCIW³KMZKEJPC³L©¡ZZKEJWKMZKEJC¡
PCMCRWRFWWM/CTVKPCVT£GOGOKVGLKFQRCTC
CXCP\CTWPRQEQOKGPVTCUUKIWGNNQXKGPFQ
KMZKEJC¡XaKVGLGT
OQTTCNFGCNIQFµP
-CDWKOWMUCRVWKMZKEJC¡IW³³CCPPCDC¡
LQVOQFC¡ZKEJ©©O©KIWCTRWWU&KEGOKOCO£
SWGOC³CPCXCCVGLGTRCTCVGTOKPCTRTQPVQWP
OQTTCN=RTGVKMZKRTGUKMZKEJ?
ÊKOUWHaX+PFKECCURGEVQRTQITGUKXQRGLV©O³KO
UGGUV£DCLCPFQLWWIKOUGGUV£CECDCPFQ
=)TCO?
KOCKUECNCDC\C#C³LKZ³CCIWKOCKIWZ
OCOQKMIKUCNJZKO#O¯OGIWUVCPNCU
ECNCDCEKVCUVKGTPCUIWKUCFCU
ÊKO©MUWHaX+PFKECVKGORQEQRTGV«TKVQRGL
QKNJKO©MCPFCDCVWLWCPKO©MVTCDCLCDC
=)TCO?
K³UWHaX+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN
UKPIWNCT,WOOCMKC¡K³LK³ZKMW¡FJK¡³KKRWWT
PCRCC¡PMC¡6GFQ[GUVCHCNFCJGTOCPKVCRCTC
SWGNCRQPICU=)TCO?8CTʳLC³
ÊK³UWHaX+PFKECKORGTCVKXQEQPWTIGPEKCÎ#CFCK³
IWOUCRCCVWKZ,CZMWRDC¡OK¡R©ZLC¡R
DWRRCKO!ÏLWRV©VFCIWF©¡©©¡PIWCNJKK
Îd2QPVGNQU\CRCVQU2QTSW«GUV£ULWICPFQEQP
GNNQU!ÏFKLQNCOCO£CUWJKLQ=)TCO?
8CTÊCK³
K³DJKQ¡MC¡XaVFGUVCRCTFGUEQDKLCT,C¡RLCR
ZKK³DJKQ¡MCKIWLWWPOWPCLWORCZPCEJRCK¡
EJWQTCKO©MVCMCCDMWL©¡ZLWRDCICMKC¡8G
CFGUVCRCTGNOC¯\FQPFGNQCOQPVQPCOQUC[GT
RCTCSWGUGUGSWGRQTWPTCVQ
XaTFGUVCRCTUGFGUEQDKLCTUG)KKNJKOLCO©V
OWK¡³M©KIWDCROW¡PC³KEJRWK¡ZK³
K³DJKQ¡MCMMQK/GRKECTQPOWEJQUOQUSWKVQU
CPQEJGRQTSWGFQTO¯UKPVCRCTOG
=RTGVK³DJKQ¡RTGUK³DJKQ¡M?5KPµPV©K¡DJKQMC¡
KQ¡=RTGUFGK¡[C¡?NQDGDG
KQ¡IKC¡XaKVQUGT,KZMQ¡MIW³MWZDWPC³
IKKNJKOK¡QQ¡/GFWGNGNCICTICPVCRQTSWGVQUQ
OWEJQ=RTGVKQ¡I©RTGUK¡QQ¡EQPVKQ¡FC¡Q
K¡QQ¡PFC¡?
KQ¡IK¡UVQU6WKQ¡K³IWTKOGGFKQPC³LKZ
MC¡QQM)KKJNKOLK³ÀÀIWKQ¡IK¡'UVQ[
VQOCPFQOGFKEKPCRWGUGUVQ[GPHGTOQFGNCVQU
KQ¡OCFXOWEJQ/CC¡PPKOPC³KEJQKIW
2QQNFQIKKNJKOOCIQQ³KEJPC³IW¡ZKQ¡OIÀ¡
VWMWUDKQV7PCXG\EWCPFQCEQORC³«C
.GQRQNFQOGECPU«OWEJQRQTSWGNNGXCDC
OWEJCECTIC
OW[#C³CNJLC¡RLKZKQ¡OLK³C¡L©FC¡IW
UQOCKIK¡PQ¡VLWRDCLK³CK%WCPFQRGUEQWP
ECVCTTQUKGORTGOGFCOW[HWGTVG
O£U
RCTCEQORCTCT#C³LKZKQ¡OLKPCZM©©¡
FJK³ZKKTEJCOVW¡RWK¡PCFJKTCCRIC¡P/K
UKNNCFGOQPVCTGUOGLQTSWGNCVW[C
.KV/KUKNNC
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
FGOQPVCTGUO£UDWGPCPQEQOQNCVW[C
=EQRLKZ?
KQ¡OFC¡XaVEQPUQNCT:KLCKQ¡OFCMIW
OCCOTC¡PIW5COWGNPCVDC¡DCLKKPCOUCR
DC¡EJCOLCZLWOCC¡PFC¡PCVMCV©DJCKO
5COWGNEQPUQNµCUWUJKLQUCPVGUFGKTUGRCTCSWG
PQUGFGUCPKOCTCPOKGPVTCUKDCCNOCPFCFQ
=RTGVKQ¡OCKRTGUKQ¡OC¡P?
KRWWTUHCNFC6ÀDVWKRWWTIW³CDWKN,C¡R
VWK¡³I©FC¡PCVW¡RCCNJPCOKLC¡RZKLKOFC¡
/KCDWGNCVKGPGHCNFCNCTIC[EWCPFQECOKPCUG
NGXGEQOQUKHWGTCWPCUQVCPCFGUCEGTFQVG
=RNK¡RWTCRQUKRWWTC¡PK¡RWTC¡P?
KUMQGNVC¡XaTUGTGUVWFKCPVGt#CRLWO
KUMQGNVCCCOCCM©¡PMC¡RWEJCOCC!tLWR
MCK¡EJIW/CCDTWt,K³KUMQGNVC³KEJLK#CR
LKPCDC¡EJCOtLWRMCK¡EJIW5COQKNt6¼
HWKUVGGUVWFKCPVGGNC³QRCUCFQQPQ!tRTGIWPVµ
/CWTQt;QU¯HWKGUVWFKCPVGRGTQV¼PQ
tEQPVGUVµ5COWGN=RTGVKUMQGNVCGURGUEWGNC?
KVRCU\CT\Q
FGECTTK\QFWTQRCTCUGECTSWGUQ
,CK³DJCOO©ZKFJCCUO©TKVRCVC¡OFJK¡³MKKU
PCDC¡ICMKC¡6GPXGCRQPGTGUVGSWGUQGPGN
\CT\QRCTCSWGUGUGSWG=RNK¡KVRC?8CT©VRC
ÊKZUWHaX+PFKECCURGEVQTGUWNVCVKXQRGLLWIKKZ
GUV£CECDCFQUCT³KZGUV£TQVQ=)TCO?
K¡DJCKFJC¡=RNFGKKDJCKFJC¡?NNGPCUFGHTWVC
=EQRLKZ?
K¡EJCFC¡=EQPVFGKKEJC¡?GUVCTGEJCPFQ
ITCPQU
GPWPTGEKRKGPVG8CTK¡EJCTFC¡
K¡OW¡XaKCUQNGCTUG
CPKOCN+¡OW¡OQQFJK
MCDCKPQ¡ROK¡OKC¡PPCK¡O©ONJKEJW¡PPCR
IW¡MKC¡R©ZOCOQKUCKO'UGECDCNNQUGXCC
CUQNGCTUKNQJCEGUEQTTGTOW[UGIWKFQRWGU
CRGPCUNQGUV£UCOCPUCPFQ=RTGVK¡OW
EQPVK¡OWKFJC¡?
K¡³C=RTGUFGKK³C¡?NQVCRC
K¡³CM=RNFGKK³CO?SWGSWKGTGPEQOGT
ECTPG
8CTKK³CM
K¡³FCFC¡=EQPVFGKK³C¡?GUVCTVCRCPFQ
K¡QQDCFLUCDTQUQ$©ZEJW¡ROKEJWKCDWKFJC¡
FJKDCMCCZLKFJQQTPCDC¡ZKQ¡DMC¡‹EJCNG
FKHGTGPVGUVKRQUFGXGTFWTCUCNECNFQRCTCSWGUGC
O£UUCDTQUQ=EQRLKZ?
♦K¡QQDMC¡KQ¡DMC¡UGT£UCDTQUQ
K¡QQ¡=RTGUFGKQ¡IKC¡?VQUG
K¡QQ¡PFC¡=EQPVFGKQ¡IKC¡?GUVCTVQUKGPFQ
8CTKQ¡FC¡
K¡RW³KC¡=UWLRNFGKKRW³KC¡?TGVQ³CTETGEGT
=RTGVK¡RWRTGUK¡RWP?
K¡RW³K¡=RNFGKKRW³K¡?SWGETGEGPT£RKFQ
=EQRLKZ?
K¡RWT=RNFGKRWWT?HCNFCU=CRQUK¡RWTC¡P?
K¡[C¡XaVVQOCT
N¯SWKFQDGDGT/CKMLCEJVW
K¡RW¡IWCVWWNJOWLC¡RMWMUK³8COQUC
VQOCTCVQNGGPNCUEQEKPCUEQOWPCNGU=RTGVKK
RTGUKQ¡RTQITK¡KKORWPVK¡©©M?
♦K¡KKOXCVQOCPFQHWGCVQOCT
K¡EJFJC¡XaVJCEGTVQOCTJCEGTDGDGT
‰
+¡EJFJCO©TFJKDJWTW¡ZDJCOO©F©TDKDKCVCO
.NGXCCNDWTTQCNCEK«PGICCVQOCTCIWC
=RTGVK¡KKEJRTGUK¡EJW¡P?
K¡KKO=RTQITFGK¡[C¡?GUV£DGDKGPFQ
K¡KK¡OEJW¡P=RTGUFGKK¡OEJWFC¡?NQCUHKZKC
K¡KK¡OFC¡=RNFGKK¡OFC¡?CNOCUGUR¯TKVWU
K¡KVRC=RNFGKVRC?\CT\QU
K¡©©M=RWPVFGK¡[C¡?JCDK«PFQNQDGDKFQ
K¡MQTC¡=RNFGKMQQTC¡?UWEKQU=EQRLKZ?
K¡OWVFC¡XaVCUQNGCTFGOCUKCFQ
CPKOCN/W
RCK¡RFJQK¡OWVFC¡LKCFJKMCDCKPCRKEJ
ICOCK¡RDCLKWNJ³CM%JC¡RR©MIKKNJKO
O©ONJKEJFJKFJC¡8CUCCUQNGCTFGOCUKCFQGUG
ECDCNNQUKNQOQPVCUOW[UGIWKFQPQNQFGDGU
EQTTGTVCPVQ=RTGVK¡OWVRTGUK¡OWVW¡P?
©©M
©K=RTGVFG©ZKC¡?NQUGODTµ
©©=RTGVFG©MKC¡?NQEQTVµUGTGXGPVµ
©©DJK¡³CFLSWGVKGPGOKGFQ,K³DWWRNJKFJC¡
CRLK³EJCCVIWVWVWWTMWEJVWOQKMFC¡,KZLC
©©DJK¡³K³IWF©©NJPC³LCDWWRNJKC¡2CR£
JC\OGGNHCXQTFGCOCTTCTNC[WPVCGPNQUVQTQU
RCTCSWG[QRWGFCDCTDGEJCTEQPGNNQURWGU
VGPIQOKGFQFGCOCTTCTNQU[QUQNQ=EQRLKZ?
©©MCFLTQVQ%JCODJCK¡PCROCK¡DCKCDW¡
FJKOUWWUCM!6©©¡PCCVVKTWDCZ©¡M0QUGT¯C
DWGPQSWG[CVKTCTCUVWUJWCTCEJGU!(¯LCVGEQOQ
[CGUV£PTQVQU
'&+%+•024'.+/+0#4`
©©MC[C¡
6'2'*7ƒ0Ê'52#“1.
EQTVCFQ,CTQQDC¡LC¡ROQQ©¡M©FC¡FJK
[QQZK¡PCDC¡LC¡ROQQICOO©L©Z©¡MMC¡!
3WK«PEQTVCNCUHNQTGUSWGVQFQGNVKGORQGUV£P
EQTVCFCU!
=RN©¡MEQRLKZ?8CT©©MKZ
©©MC[C¡XaKJCDGTUQODTC#NJKQR©ZFJQPC
VCPQQTLC¡Z³KIW¡DJCK¡LKEJ©©©MC[C¡LKPCRCK¡
FJWWMDJCK¡LKEJ©DIKNJKC¡5QNCOGPVGWPTCVQ
JCT£UQN#NTCVQJCDT£UQODTCEWCPFQGORKGEGC
PWDNCTUG=RTGV©©MC?
©©MC¡CFLSWGJC[UQODTC/K¡³KLC¡MLCEJZK
LKO©KVWC¡IC¡PCRCK¡Z©©MC¡8COQUCJCDNCTC
FQPFGJC[UQODTC
SWGJC[PWDGU6CMCCDLQKFJCOVCPQQTPC
EJCOV©DCC¡:KDCOR©ZRWK¡Z©©MC¡#[GTUCNKµ
GNUQNOW[DQPKVQUKPPWDGURGTQJQ[JC[
OWEJCU
=EQRLKZ?
©©MK¡CFLSWGUGTGXKGPVCH£EKNOGPVG
JKNQQUQIC
,KZ©¡MK¡FJK¡RWEJW¡OFJKV©TDK³%JCOR©M
VW¡DJCK¡.WGIQUGTGXKGPVCGUGVKRQFGUQIC[
PQFWTCOWEJQ=RN©¡MK¡EQRLKZ?
©©ZFJC¡XaDTQDCT
FGQVTCRGTUQPCt6W¡UCR
LCZFWWFJKOCC¡PMCOPCDC¡DJCK¡MWWR!
tLWRMCK¡EJLW,WCPt6©©©ZFJQUCRIWDCCM
tLWRMCK¡EJIW2GGITQt3W«JK\QGUC
RGTUQPCSWGGUV£GPECTEGNCFCCNN¯!tRTGIWPVµ
,WCPt2WGUTQDµXCECUtEQPVGUVµ2GFTQ
=RTGV©©ZRTGU©©ZK¡³?
♦V©O©©ZK¡³SWGJC[TQDQU
♦©ZDK¡CFLSWGGUTCVGTQ
©©ZK¡³UTQDQt6W¡O©VUCRM©¡PLWRFQQFCIW
,QUGG!tLWRMCK¡EJIW,WCPt&JQUCR©©ZK¡³
M©¡PtLWRMCK¡EJIW.WKUt2QTSW«OCVCTQP
C,QU«!tRTGIWPVµ,WCPt2WGUFKEGPSWG
RQTSWGTQDµ
NKVRQTTQDQtEQPVGUVµ.WKU
©MIKFJC¡=XCTFG©RIKFJC¡?FCTUQODTC
©MKC¡XaVEQTVCT‰MKC¡CR©TDCPFJKV©TDK³:K¡T
VÀD%QTVCNCUQICCNCOKVCFRWGUGUV£OW[
NCTIC
XaVEQUGEJCTEQTVCT
HTWVC/K¡RZK©¡M©KIW
EJKKNCML©¡MPCRLKZ³CC#NN¯RWGFGUEQTVCT
VQFQUNQUEJKNCEC[QVGUSWGVGIWUVGP
XaKTQORGTUGTGXGPVCTUG
UQICQJKNQ#OR©Z
©¡M©FJKV©TDK³$CMIW¡OQQIKKNJKOLKZQQ¡FJK
VWWT'UVCUQICUGTGXKGPVCH£EKNOGPVGRWGUGU
OW[HWGTVGGNVQTQ
=EQORNRN©¡MKC¡RTGV©©©¡M©RTGU©¡M©?
©NJFJC¡XaVRGPUCT
FGQVTCRGTUQPC2WK¡
FJQEJ©NJFJC¡IW³ZKKZ/CTICTKVQPCEJLKT
©¡ZMWOPQ¡EJVWMCC¡OWLC¡MLKKO$JCEJ
MWZIKFJC¡DC¡IWIQ¡PIQZ/KJGTOCPQ
/CTICTKVQRGPUCT¯CSWGUQOQUNCFTQPGUUKXCOQU
CXKUKVCTNQGPNCPQEJGJCUVCPQUGEJCT¯CUWU
RGTTQURCTCSWGPQUOWGTFCP
XaKRGPUCT,CZLCRKOUCR©NJKK¡³LK³
LCCFW³!,KTCOCCIWRWK¡PCLCZMCK¡EJFJK
,QUGG!3W«RKGPUCPWUVGFGU!'UV£DKGPNQSWG
FKLQ,QU«!
XaKETGGT#C³©NJKK¡³PCEJCOLKTRWK¡PC
LCZMCK¡EJ;QETGQSWGPQGUEKGTVQNQSWGFKEG
XaTUGPVKTUG%JCOIW¡LCZPCRLKZDWCO
LWO©NJFJC¡2GGITQPQ¡VCOZKOWWFJKO
MCDCK¡!0QVGUGPVKT£UOCN2GFTQUKFGTGRGPVG
UGOWGTGVWECDCNNQ!
=RTGV©NJRTGU©NJKK¡³?
©NJKC¡XaKECGTUGVWODCTUG
GPWPRNCPQQGPWPC
RGPFKGPVG#NJK¡EJR©ZDCOCCI©VPC³UQK³EJKC¡
FJKVWCPCDC©NJKC¡IKFJWWNJR©ZDCVWFCC¡
;CPQO£UNGHCNVCEQTVCTNGRQSWKVQCGUVG£TDQN
RCTCSWGUGECKICRWGUUµNQWPRGFCEKVQGUV£
CICTTCFQ=UWLRNKC¡NJKC¡RTGVKCKC¡T©?
©NJKEJFJC¡UFGFQOG³KSWG
OCPQQRKG,WO
ICDFJK³©NJKEJFJC¡PC³MCVWMCMRKCUIW
RKNQQV;C¡R©MI©KPC³KEJDJCK¡LKI©©¡/G
NCUVKO«GNFGFQOG³KSWGEWCPFQNGGUVCDCFCPFQ
CNCRGNQVCRWGUTGDQVµEWCPFQVTCV«FGFCTNG
=RN©¡NJKEJFJC¡CRQU©NJKEJFJCIC¡P
©¡NJKEJFJCIC¡P?
©NJK¡EJCFLRGSWG³KVQEJKSWKVQ‰¡NJKEJVW
OCCOCTFJKICIQQZ2WKDJKKDJK¡UCRIWLC
DWWRWK'UVCRGTTCVKGPGECEJQTTQUEJKSWKVQU
VQFCX¯CVKGPGPEGTTCFQUUWUQLQU=RN©¡NJKEJ
EQRLKT?8«CUGCNJK¡EJ
©NJRKIC¡XaVRGNCT
E£UECTC,WOCC¡PC³WC¡MC¡
IWMWZKKTPC³M©¡P©NJRKIC¡IWKKDJCK0GEGUKVQ
NNGXCTWPEWEJKNNQRCTCRGNCTNCUVWPCU
=RTGV©NJRKRTQIT©NJRKIKO?
©RIKFJC¡XaKFCTUQODTC,QKFJCOLKZDJCK¡V©
©RIK¡³FJKVWCPCIW¡TZKDQQTCM'UVGGPEKPQ
FCDWGPCUQODTCCNTGFGFQTRQTSWGVKGPGOWEJCU
TCOCU
XaTCDTKICTUGRTQVGIGTUG
GPNCUQODTC-C
ZK³©RIKFJC¡K³OK¡³KPCRCK¡Z©©MC¡8Q[C
FGUECPUCTCNN¯FQPFGJC[UQODTC
=RTGU©RIK¡³RTGV©RIK?8CT©MIKFJC¡
©TCCDVWMCC¡CFXCOGFKCPQEJG‰TCCDVWMCC¡
³KEJ[C¡MCCKPC³KEJRCZKCTO©TCM
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
+¡IWMEJCO#NCOGFKCPQEJGTGITGU«FG
*WGLWSWKNNCCFQPFGHWKCRCUGCT
©TCCOCFLSWGVKGPGWPOQTGVµP,KZ©TCCOIW³
MCDCK¡IWMQOKK¡³%JCOOCCVK³PCVVW¡FWW
/KECDCNNQVKGPGWPOQTGVµPGPUWGURCNFCRWGU
PQU«SWGNGRCUµ=RN©¡TCOEQRLKZ?
©TCCOCFLFC³CFC
HTWVC,KZ©TCCOIW
OCPUCCP)W¡EJKPCODJWTW¡ZEJC¡O
DJKK³QTCV.CUOCP\CPCUGUV£PFC³CFCURQT
JCDGTUKFQECTICFCUGPWPDWTTQ=EQRLKZ?
©TDCPCFXCNCOKVCF5©NJ©TDCPLCROQQ©MKC¡
FJKV©TDK³PC³RCK¡OCCIK¡³PCIW¡OCC¡P
VWRWWNJKMDK¡[C¡PQ¡RKEJICKFJ©T©©%QTVCNC
UQICGZCEVCOGPVGCNCOKVCFFQPFGVGFKLG5K
PQWPRGFC\QSWGFCT£O£UEQTVQSWGGNQVTQ
©TDCPF©TRTGRCFGPVTQ‰TDCPF©TLCRKOZKLC
DCCRUCKIWMQTCCTFJKMCMDCKPCODC¡EJCO
LKEJQ¡³ZKFJC¡/GVCPNQUECDCNNQUFGPVTQFGN
EQTTCNRCTCSWGPQUGPQUGUEQPFCP
©TDCPLKODJCMCFXCOGFKCFQUFG
OGUQ
UGOCPC)KQ[C¡RDCQKT©FC¡K³©TDCPLKODJCM
IWOCTUQ4GITGUCT«CSW¯COGFKCFQUFGOCT\Q
©TFK¡EJCFLFGNICFQ
FGHQTOCEKN¯PFTKEC#KZKO
PCRUCTDJCMKCOUCDC¡FC¡I©VIWV©TDK³:K¡T
©TFK¡EJFJK¡PCRKEJ[CCKEJ&GD¯CUJCDGT
EQORTCFQUQICO£UITWGUCRWGUGUFGOCUKCFQ
FGNICFCNCSWGVTCLKUVG=RN©¡TFKEJEQRLKT?
8CTCTFK¡EJ#PVµPUCTDJCM
©UUEQFQ,WOLKKDCIW©UC¡PIW,QU«PCMCVW
DJK¡³DCMKEJ,QU«UGTCURµGNEQFQEWCPFQ
GUVCDCEQPUVTW[GPFQWPCECUCFGCFQDG=RN©¡©U
CRQU©UC¡P©¡UC¡P?
©U=RTGUFG©ZKC¡?NQUKGODTC
©VRC=XCTFGKVRC?\CT\Q
©Z=RTGVFG©ZFJC¡?NQC[WFµCUGODTCT
©ZDK¡CFLSWGGUNCFTµPSWGGUTCVGTQ)KKNJKO
LKZ©ZDK¡IWDJCP-KKEJCOF©TLCW¡V©MIW
VCVMCTWK¡UKCIWMCMCTDCZ'NEQ[QVGGUOW[
TCVGTQRWGUUGNNGXCICNNKPCUFGNCECUC[CXGEGU
JCUVCECDTCU=RN©¡ZDK¡EQRLKZ?8«CUG©ZMWO
©ZEJQKFJC¡XaDGUEQPFGT
FGQVTCRGTUQPC
‰ZEJQKFJC¡K³IWDKK³IW³LKKMWNJPCRCK¡
FJWWMMQZKC¡/K¡R©ZEJCOMCLCK¡EJMC¡PC
RCK¡FJWWM³K³KC¡8Q[CGUEQPFGTGNOG\ECNFG
OKV¯QEWCPFQUGFWGTOC[EWCPFQUGFGURKGTVG
[CPQJCDT£=RTGV©ZEJQKRTGU©ZEJQK¡³?
8CT©ZEJWKFJC¡
©¡DJKC¡
©ZEJQ¡XaVGUEQPFGT-CZK©ZEJQ¡CRFJKMKKU
PCOEJCOLKEJLWIKK¡³FJC¡IWLC¡VMCO
'UEQPFGGNSWGUQRCTCSWGPQUGNQCECDGNC
IGPVG=RTGU©¡©©ZEJQRTGV©ZEJQ?8CT©ZEJW¡
©ZEJWKZKOCFXCGUEQPFKFCUQEWNVCOGPVG,KZ
©ZEJWKZKODCMW¡WWMIWCNJKKIWVWWOK³PC
OWMC¡PMCD©©V©V2CTGEGSWGGNPK³QUGNNGXµC
GUEQPFKFCUGNFKPGTQSWGGUVCDCCNN£=EQRLKZ?
©ZEJWMUUGOKNNC
FGUVKPCFCRCTCUGODTCT)QQM
LCRLK³IC¡NJKFJC¡IW©ZEJWMPC³©ZKC¡PQ¡R
DKC¡MC¡I©V/GXGPFGUCNIWPCUUGOKNNCURCTC
UGODTCTUKGUSWGVKGPGU
©ZFJC¡XaDC[WFCTCUGODTCTt,CTQQO©Z
PCEJLC¡RVÀMÀÀPCRUCCMMCZMC¡QQMMCV!
tLWRMCK¡EJIW6KKOKQt/CC¡PIW³LKKMWNJ
tLWRMCK¡EJIW5CDKKPWt3WK«PVGC[WFµ
UGODTCT!2QTSWGPQUQVTQUJCD¯COQUQ¯FQFGEKT
SWGGUVCDCUGPHGTOQtFKLQ'WVKOGQt7PV¯Q
O¯QOGC[WFµtTGURQPFKµ5CDKPQ=RTGV©Z
RTGU©ZKK¡³?
©ZKC¡XaVUGODTCT&CKLWWPLCR©ZKC¡ZKDMC¡
DJCD©RCC!#JQTCXCUCUGODTCTOC¯\PCFC
O£UQVCODK«PHTKLQN!=RTGV©KRTGU©U
EQPV©ZKKFJC¡?
♦©¡ZEJKZGUV£RNCPVCFQ
FG£TDQNGU
©ZKK¡³=RTGUFG©ZFJC¡?NGC[WFCCUGODTCT
©ZMWOUNCFTµP,C¡ROQQT©ZMWOIWLCTQK¡
,K³©©ZDCMIW³MCDCK¡%JCORCK¡EJ©©³KEJPC
³KEJV©KICC¡O©TCMd%µOQUGT£PNCFTQPGUETGQ
SWGOGTQDCTQPOKECDCNNQRQTSWGPQNQ
GPEWGPVTQC¼PFGURW«UFGJCDGTNQDWUECFQGP
VQFCURCTVGU=RN©¡ZMWO?8«CUG©ZDK¡
©ZMWPC¡XaVGPUCTVCT
EQPRCNQQCIWLC
,QKFJCOKZMW³KZMCODJCLC¡RUCK¡EJW¡PIW
MQ¡MQNJIW³Q¡MKZUCRPCDC¡LQKFJCOLKZ
DJCK¡ICMKC¡/KV¯CVKGPGEQNICFQUWPQUEJKNGU
DKGPGPUCTVCFQURCTCSWGUGUGSWGPDKGP
XaKCVQTCTUG
FKH¯EKNFGUCECT$JCOO©FJQ
RWO©ZMWPC¡IWOW¡WWOCOTCICTCOFJK
EJWCPQ¡RICPOWLC¡MVWOWOWW.WKU5G
XCPCCVQTCTVWUHNGEJCU.WKUUKUKIWGUVKT£PFQNCU
GPVTGNCUTCOCUFGGUGGPEKPQ
=RTGV©ZMWRTGU©ZMWP?
©ZMW¡UECRWNNQ
FGOCTKRQUC)W©ZMW¡VC¡OF©T
LWRLWODWCIWVWNJDK¡ZPCDC¡DCO
LQMOCTVC¡.CQTWICUGVTCPUHQTOCGPGNECRWNNQ
[FGCNN¯UCNGWPCOCTKRQUC=RN©¡©ZMW¡?
©¡DJKC¡XaVQNGT0Q¡³KEJPCDFJKOIW
DJQ¡OMQZIWICIQQZD©©R©¡LKOFC¡PCDC¡
'&+%+•024'.+/+0#4`
©¡DJK¡
6'2'*7ƒ0Ê'52#“1.
©¡DJKFJC¡RCK¡PCLC¡MQKT©FC¡5KXQ[CEC\CTGN
VGEJCNQVGGNRGTTQXCCFGNCPVGQNKGPFQFQPFG
GUV£=RTGV[RTGU©¡DJ©?
©¡DJK¡CFLSWGVKGPGDWGPQNHCVQ,KZ©¡DJK¡MCO
LWOCC¡PC³DCK¡³EJW¡PFC¡IWICIQQZPQ¡³KEJ
DCPCDFJKO%WCPFQWPQXCFGECEGT¯CUG
PGEGUKVCNNGXCTWPRGTTQSWGVGPICDWGPQNHCVQ
=RN©¡©¡DJK¡EQRLKZ?
NQUFKGPVGUPCFCO£UOGUCNGUCPITGFGNCGPE¯C
2QTSW«UGT£!=RTGU©¡TRWMRTGV©¡TRW?
©¡ZDK¡=RNFG©ZDK¡?SWGUQPNCFTQPGU=EQRLKZ?
©¡ZKCDJCMCFX«RQECFGUKGODTC
LWPKQ$JCCP
LWW³KQOQQZKQ¡ODCLKT©¡ZKCDJCMMC¡'P
LWPKQGUNCOGTC«RQECFGUKGODTC
©¡ZMWO=RNFG©ZMWO?NCFTQPGU
©¡©©TUUCPITG,©¡OC¡PIWLC¡VMCOLKZPCCCOIW
©¡TC¡PIWUQK¡RWK¡PCLCZIWDCCM©¡©©T#
CNIWPCURGTUQPCUNGUIWUVCEQOGTNCUCPITGFGNQU
CPKOCNGURQTGLGORNQNCUCPITGFGXCEC
=CRQU©¡TC¡P?
©¡©©ZEJQ=RTGUFG©ZEJQ¡?NQGUEQPFC
©¡©U=RNFG©U?EQFQU=CRQU©¡UC¡P?
©¡©ZMW¡=RNFG©ZMW¡?ECRWNNQU
FGOCTKRQUC
©¡©¡DJK¡=RNFG©¡DJK¡?SWGVKGPGPDWGPQNHCVQ
=EQRLKZ?
©¡M=RNFG©©M?TQVQUEQTVCFQU=EQRLKZ?
©¡MKC¡=EQORNRNFG©MKC¡?EQTVCTNQUEQUGEJCTNQU
TQORGTUG=RTGV[RTGU©¡M©?
©¡MK¡=RNFG©©MK¡?SWGUGTGXKGPVCPH£EKNOGPVG
=EQRLKZ?
©¡M©=RTGUFG©MKC¡?NQEQTVCUGTGXKGPVC
©¡M©=RTGV[RTGUFG©¡MKC¡?NQUEQTVµNQUEQTVCUG
TGXGPVµUGTGXKGPVC
©¡NJKEJ=RNFG©NJK¡EJ?RGSWG³KVQU=EQRLKT?
©¡NJKEJFJC¡=RNFG©NJKEJFJC¡?FGFQUOG³KSWGU
=CRQU©¡NJKEJFCIC¡P?
©¡PMKCVC¡XaVCUWUVCTGURCPVCT/WZKLC
©¡PMKCVO©TIWMQMMQPOWICCV©TPCOEJCO
OK¡LWIKQMC¡IWLWWP8GCGURCPVCTNQUEWGTXQU
GPNCOKNRCRCTCSWGPQUGCECDGPGNOC¯\
=RTGV©¡PMKCRTGU©¡PMKCV?
©¡TCO=RNFG©TCCO?SWGVKGPGPOQTGVQPGU
=EQRLKZ?
,
LCRTGHaUUWUWU
RQUGUKµPFGNCVGTEGTCRGTUQPCFGN
RNWTCN,QKFJCODKQOCMVWOCOCCO©VIW³
EJCVVCNJIWLCVWWTW¡PCVO©L©PKKCCMM©¡P/KU
V¯QU[CRGNCTQP[VCVGOCTQPUWVQTQGNSWGUG
OWTKµEWCPFQUGEC[µGPGNCTTQ[Q
=)TCO?
LCRTGHaXNGU
EQORNGOGPVQFKTGEVQQKPFKTGEVQ
CPKOCFQFGNCVGTEGTCRGTUQPCFGNRNWTCN
)CICCMOWKFJC¡COLKZKQ¡OFJKMCMCTDCZPQ¡
RKOEJCOQDLCOCCMIWQP'UVQUEJKXQUUG
XCPCCFGNIC\CTOWEJQUKWUVGFGUPQNGUFCPUCN
RTQPVQ=)TCO?
LCCKPVGTLdC[d,CCLC¡ROQQZL©©RK¡³/CKM
LCEJLWMIKRW¡OWPKDC¡MEJ©Td#[EµOQJCEG
HT¯Q8COQUCECNGPVCTPQUCNN¯GPNCECUC
LCC=RTGVFGLCIKC¡?UGEQPUWOKµUGFGUJKPEJµ
LCCFW³=RNFGLCFWW³?RCTKGPVGU
=CRQULCC¡PPK¡³?
LCCLC¡UJQLCU
FGRNCPVCQ£TDQN)QQM
QQOUCO©TIWLCCLC¡MWEJ[C¡PKDJCCPFCCUC¡
IWLKLKK¡³PCEJCOF©TDCVC¡8GCVTCGTWPCU
EWCPVCUJQLCURCTCRQPGTNCUVTKRCUGPGNNCURCTC
SWGPQUGGPUWEKGP=CRQULCCIC¡P?
©¡TC¡P=CRQUFG©¡©©T?UWUCPITG
©¡TFKEJ=RNFG©TFK¡EJ?FGNICFQU
FGHQTOC
LCCMUOC¯\
VQUVCFQ7C¡OCKOKEJ&CKLCCM
©¡TOC¡CFLGPUCPITGPVCFQ,WOMQKO©VDCMFJK
LCCMKC¡XaVVQUVCT
ITCPQUQUGOKNNCU)QQMLCR
©¡TRWMKC¡XaKUCPITCTUCNKTUCPITG0C³RCK¡
LCCNQMKC¡XaKTQPTQPGCT
ICVQ,KZDJCK¡OVCCV
EKN¯PFTKEC=EQRLKT?
VCVOQ¡ZEJWVWWTMCMCTDCZPCDC¡Z©¡TOC¡IW
LCOQQO2CTGEGSWGUGRGNGCTQPGUQUEJKXQU
SWGPQVKGPGPEWGTPQURQTSWGVKGPGP
GPUCPITGPVCFCNCECDG\C=EQRLKZ?
FJWWMV©KLKDQRMQPC¡IW³EJCCVCODJCK¡R©Z
LK©¡TRWMKC¡,CZPCDC¡©R!%WCPFQOGNCXQ
LCEJR©ZMWC¡0QUGUVCOQUOWTKGPFQFG
JCODTGRWGUPCFCO£UEQOGOQUOC¯\VQUVCFQ
LCCMKC¡FJKLWWPMWEJVWVWKURC¡MCDWKOWM
6WGUVCWPRQEQFGOC¯\CJQTC[OC³CPCNQ
OQNGOQU=RTGVLCCRTGULCCMEQRTGVLCMKKO©M
QLCCMKO©M?
IWOKUVWK³R©ZLCCNQMMCCV'NICVQGUV£
EQPVGPVQRWGUUGQ[GSWGGUV£TQPTQPGCPFQ
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
TQPECT
NKIGTCOGPVGDGD«-QQUIWCNJKKR©Z
LCCNQMMCCV'NPK³QGUV£FQTOKFQRWGUUGQ[G
SWGGUV£TQPECPFQNKIGTCOGPVG=RTGVLCCNQQ
LCCNQM©RTGULCCNQM?
LCCPQO=RNFGLCPQ¡O?EQUVKNNCU
LCDMCNJURWNOµP,WRMCK¡EJFJC¡COPCUCR
UCCNJICMKKFJC¡IW³LCLCDMCNJPQ¡³IKKNJKO
K¡QQ¡&KEGPSWGOKURWNOQPGURQEQCRQEQUG
UGECPEWCPFQVQUQOWEJQ=RNLCLCDMCNJ
CRQULCDMCNJK¡³LCLCDMCNJK¡³?
LCDMCNJK¡³UÎRWNOµPFGGPEKPQÏ#CIW¡OWK¡
=CRQULCCPQOC¡P?
LCCRIC¡XaVEQTVCT
TCOCUWJQLCU,WOCC¡PCR
LCCRIC¡FJK©¡©©ZFCKUQPC¡TCOPCDC¡VÀD
I©¡NJKC¡&GDGUEQTVCTNCUTCOCUFGNVTQEµPFG
GUCRNCPVCRCTCSWGETG\ECCNVC=RTGVLCCR
RTGULCCRK¡EQPVLCCRICKFJC¡?
LCCRQM=RNFGLCDQQM?SWGRGUCPRQEQ=EQRLKZ?
LCCVWMUJQLCFGOC\QTEC)QQMLCRLK³
IC¡NJKFJC¡IWLCCVWMPC³OKEJWDWWRNJKC¡IW
DJCOOCZ2QTHCXQTX«PFGOGCNIWPCUJQLCUFG
OC\QTECRCTCCOCTTCTOKUVCOCNGUEGTGOQPKCNGU
LCCZEJC¡XaVVKTCT
N¯SWKFQ,CCZEJC¡RKOIW
DCCTIC¡PIWLWNJKKMPCDC¡ZKQ¡DMC¡6KTGPGN
ECNFQFGGUVCUDC[WUCURCTCSWGGUV«PUCDTQUCU
=RTGVLCCZ?
LCCZ©RCTV+PFKECRTQDCDKNKFCFt$JCFCCCC
EJKIW,QUGGMC¡IW¡RCK¡LC¡MOCK¡EJ!tLWR
MCK¡EJIW#PTGGUt,WODJC!,WRMCK¡EJCO
LKPCOWLC¡MRCK¡MCQKT©VEJKPQ¡VLCCZ©LC¡M
DCI©KMC¡DC¡EJCMWKtLWRMCK¡EJIW
%JGGPFQt'UVCT£,QU«QCPFCGPQVTCRCTVG!
tRTGIWPVµ#PFT«Ut3WK«PUCDG!&KEGPSWG
CPFCDCHWGTC[PCFKGUCDGUK[CTGITGUµQ
VQFCX¯CPQtEQPVGUVµ4QUGPFQ
LCCZOCFC¡UDTQOC&CKFJK#TVWWTQRKOOQQ
EJCOVW¡DJCCPLCCZOCIK¡³FJC¡PCIW¡EJCO
MQ¡TCCTPCLCTQK¡LCCZOCFC¡DJCCPVW
C¡IK¡³FJC¡6GPICPEWKFCFQFGPQDTQOGCT
EWCPFQJCDNGPEQP#TVWTQRQTSWGPQNGIWUVC
SWGPCFKGNGJCDNGGPDTQOC
LCCZOCMCTU5GTGHKGTGCNCRGTUQPCFGSWKGPUG
DWTNC#NJLC³OQQOI©©¡DKC¡PCRDJCLC¡MLK³
CC¡³ZK¡³PC³IW¡EJCOLKTLWOLCCZOCMCT6G
XQ[CRGICTRQTDWTNCTVGFGO¯[QPQUQ[WPC
RGTUQPCEQPNCSWGRWGFGUDTQOGCT
=CRQULCCZOCMCTW¡P?5KPµPCNJKQMCO
LCCZOC¡³FJC¡XaVDWTNCTUG,CZMWRDC¡DJC
LC¡MLK³LCCZOCIK¡³PC³EJCOVW¡TLWO
PWWEJKZ!2QTSW«VGGUV£UDWTNCPFQFGO¯SWG
PQUQ[VWEW³CFQ!=RTGVLCCZOC¡³
RTGULCCZOCIK¡³?
LCDCCMKPVGTLRCUG
RCTCCFGPVTQ,CDCCMDJC
LC¡MLK³Q¡MKZ6WOK¡ICIQQZLWOM©K2£UCNG
RCTCCE£V¯CRWGUVGRWGFGOQTFGTWPRGTTQ
LCEJKEJ
ICCOVW¡CRLKLKCIWLCDMCNJK¡³PCRM©¡PVW
PCPFCKO6TCGUOWEJQUÎRWNOQPGUFGGPEKPQÏ
%QPGNNQUGPEKGPFGUNCNWODTGXGTFCF!
=RNLCLCDMCNJK¡³?
LCDMC¡XaKGURQPLCT
OCUC,C¡ZDWK¡CCEJK
R©ZLCDMCFJKEJWK¡PCVL©¡ZDCLCDMC!0CFC
O£UJCUVCCNN¯UGGURQPLCNCOCUC!
UGPVKTVGTTQT#C³OWPKOCEJ©³©¡PMKC¡
VCMCCDLWTP©M0CCUOK¡M©©MIWEJCOMCOQ¡
MCOIKKNJKODJCK¡LKLCDMCIW³OQ¡/G
CUWUV«C[GTGPNCVCTFGRCTGEGSWGRQTCJ¯GUVCDC
RCTCFCNCRGTUQPCFGECRKVCFC[UGPV¯VGTTQT
NKV
UGOGETGEKµNCECDG\C
=RTGVLCDMCRTGULCRRWMCT?
♦IWK¡PCM©¡PLCRRWMCTIWRCCPNGXCFWTC
LCDQQMCFLNKIGTQSWGRGUCRQEQ,K³DJ©KFJKMC¡
CRFJK¡³KPCZLCDQQMFJK¡DC¡PCZD©©VCC³
F©©NJDJ©KMC¡/GNNGXCUNCVCNGICSWGRGUC
OGPQU[NCSWGRGUCO£UOGNCNNGXQ[Q
=RNLCCRQMEQRLKZ?#PVµPD©©V
LCDQQMM©DUPKGXG
NKVJKGNQNKIGTQ)©KCCIW
LCDQQMM©DDJ©L©LC¡RLWMICOLCPQ¡PCVR©ZCO
FWW¡P!%C[µPKGXGRQTCNN£GPNCUKGTTCCSWGNNC
XG\EWCPFQNNQXKµOWEJQ!
LCEJEN¯V+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN
RNWTCN-CDWKOWMLC³DC¡VWDQKMVC¡:KDLCEJ
MCZKLWIKQMC¡FJKLWPDCC¡LKFJQQT#JQTC
XCOQUCCECDCTPQUNQUGNQVGUJGTXKFQU[OC³CPC
JCT«EJWCNGU=5GRTGUGPVCFGURW«UFGWPC
EQPUQPCPVGPQINQVCN)TCO?8CTÊEJKEJ
LCEJKEJEN¯V+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN
RNWTCN[VKGORQRTGV«TKVQ2WGFGRTGUGPVCTUG
EQOQUWHKLQCNXGTDQ$CLWWOLCEJKEJFJK
O©©DCV)KQEJLWRDCVCC³RW¡IW³CDWKNPC
KCOV©O©©DCV;CPQUCECDCOQUNCOKGN8COQU
CRGFKTNGO£UCOKCDWGNKVCRCTCUGIWKTNC
FKUHTWVCPFQ
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ#RVWDWUVC¡OLCEJKEJDJCLKK
OK¡FJ©T$QQFCOVCO[C¡-QTKCPFCKLKPCEJ
IW¡IW¡MK¡8GPKOQUFG'N/G\SWKVCNC&WTCPIQ
GPWPCWVQD¼UPCFCO£USWGXGP¯COQURCTCFQU
=5GRTGUGPVCFGURW«UFGWPCEQPUQPCPVGPQINQVCN
)TCO?8CTEJKEJ8«CUGÊEJ
'&+%+•024'.+/+0#4`
LCFWW³
6'2'*7ƒ0Ê'52#“1.
LCFWW³URCTKGPVGHCOKNKCT,CZLWOKKO
FJK¡PCOK¡V©VDKCIWDCUMKU!%JCOLKTLWO
LCFWW³CC!3W«GUVW[QGNSWGGUV£LWICPFQ
D£USWGVDQNCNN¯!0QGUVWRCTKGPVG!
EQPQEKFQEQPQEKFCCOKIQCOKIC/CC¡PUCR
DJ©L©RCK¡FJ©TVWPCMQQ¡:KKT6C¡OIWEJ
LCFWW³MCV&KEGPSWGRQTCNN£GP.C5KNNCUG
OWTKµWPEQPQEKFQPWGUVTQ
=RNLCCFW³CRQULC¡PPK¡³LCC¡PPK¡³?
♦LWOLCLCC¡PPKOCOGNNQUUQPRCTKGPVGU
LCIKC¡XaKEQPUWOKTUGGZVKPIWKTUG
NG³CQ
JKGNQ,CZEJW¡OPCTUC¡UDCTCMLCROKPCCFC¡
PCDC¡EJCOQDLCIKC¡2QPNCNG³CO£UITWGUC
GPNCNWODTGRCTCSWGPQUGGZVKPICRTQPVQ
FGUJKPEJCTUG$CLCCCCIWOVQQPPCUCCM
MCZDCKI©MMCVOK¡PCVRCK¡OM©KIWF©DQQT!
;CUGVGFGUJKPEJµNCRKGTPCFQPFGVGRKEµNC
CXKURC!
=RTGVLCC?
♦LC¡³FJC¡CFLSWGUGFGUJCEGH£EKNOGPVG
LCKMCFLSWGDTCFQSWGVKGPGJGPFKFWTC,CZMW
DC¡DWCPFJKLC¡CC!,KZLCKMCC!2QTSW«UG
UCNGGNN¯SWKFQFGNCQNNC!'UV£SWGDTCFC!
=RNLCLCKMEQRLKZ?
LCKMICOUEQUCHT£IKN%JC¡RKOFCCOF©TOK
FJCTCTT©FC¡FJK³CTRWWU,KZLCKMICOOKEJW
LKO0QUGUKGPVGPGPEKOCFGOKVCNGICRQTSWG
VKGPGEQUCUHT£IKNGU=EQRLKZ?
LCKMKC¡XaKSWGDTCTUGTCLCTUGJGPFGTUG,KZ
FJWRK¡³LCROKLC¡RFCCUC¡FJKDCMWCPCEJCO
LCKMKC¡2QPGNDWNGRQTCJ¯EQPOWEJQEWKFCFQ
RCTCSWGPQUGSWKGDTG=RTGVLCKQLCKM©?
LCKMK¡CFLSWGUGSWKGDTCH£EKNOGPVG
DCTTQQ
XKFTKQ%JC¡RDJCCPDJCOUKUUCRFC¡FJK
DKKITKQPCIW¡ZLCKMK¡0QVGTGECTIWGUGPGN
XKFTKQRQTSWGUGRWGFGSWGDTCT=EQRLKZ?
LCKMMCTUVQUVCFQT$JC³DJ©K¡³IWLCKMMCTMW³
VWLCCMKC¡IWMCKEJWM6T£GOGGNVQUVCFQTRCTC
VQUVCTGUVCUUGOKNNCUFGECNCDC\C
5GWUCWP
RGFC\QFGE£PVCTQRCTCVQUVCTUGOKNNCUFGECNCDC\C
RCTCJCEGTGUSWKVGU=RNLCLCKMMCT?
LCK³C¡XaVSWGDTCTTCLCTJGPFGT/WRCK¡OQQ
LCK³C¡IWCNJKKIWLC¡CCPCROWLC¡MOCCMPC
IW¡EJCODJCK¡PCMQQ¡'UGPK³QXCCSWGDTCT
NCQNNCSWGNGFKUVGRQTSWGPQNCCIWCPVC
=EQORNRNLCKUC¡RTGVLCKLCKUC?
LCK³FJC¡XaDSWGDTCT
RCTCFCTFGEQOGT6CCM
LCRLCK³FJC¡FJKCNJKKIWV©OMCNJ3WKGDTCNC
VQTVKNNCCNCOKVCFRCTCFCTNGNCOKVCFCNPK³Q
=EQORNRNLCKZFJC¡RTGVLCK³LCKZRTGULCK³K¡³
LCKZK¡³?
LCK¡CFLCNIWPQUQVTQU
RCTCEQORCTCT,CK¡O
LKZOCCVIWQ¡FCOPCLCZLC¡MLWO
O©ONJKEJW¡PIWVTQQMCLCK¡EJCOOCCVCO
#NIWPQUVGRGJWCPGUUCDGPOCPGLCTECOKQPGVC[
QVTQUPQ
VCODK«P
LWPVQEQPQVTQU:KDCKFJCKRKOFJK
/CPQKNPCLCK¡RLCOQK¡³FJC¡PCRKO
MWC¡ORW¡%WCPFQXC[CPCNCNG³CNNGXGP
VCODK«PC/CPWGN
8«CUGLWOCK
♦LCK¡DKEJWLWICCMUKCOCC¡PEµOGVGCNIQ
NKVEQOGVCODK«PCWPSWGUGCWPQ
LCK¡EJXaGJCDGTGUVCTGPGZKUVGPEKCt,CK¡EJ
CCIWLCDQQMOCVCKOK¡PKDKDKCVCO!tLWR
MCK¡EJIW,WCPt2WK¡³FJQVÀMÀÀMC¡PCUCR
LCK¡EJtLWRMCK¡EJIW2GGITQt*C[ECNFG
RKGFTCUDNCPFCUGPGNOCPCPVKCN!tRTGIWPVµ
,WCPt;QJGQ¯FQSWGU¯JC[tEQPVGUVµ2GFTQ
=EQRLKZGNWUQFGNRTGHKLQEQRWNCVKXQGUQREKQPCN?
LCK¡EJFJ©NJKC¡XaKJCDGT5KCOTKDCLCK¡EJFJ©T
CCIWVW¡PCRKOUCCMVWVCCP!5KGORTGJCD¯C
FGNQSWGWUVGFGURKFKGTQP!=RTGVLCK¡EJFJ©T
EQPVLCLCK¡EJFJ©TFC¡?
LCK¡FJ©VCFLCNIWPQUXCTKQU,CZFJWWMCVLKT
LKZEJWVWO³KICOCOLCK¡FJ©V!2QTSW«UQP
TKECUCNIWPCURGTUQPCU!
LCK¡©R=RNFGLWOCK©R?QVTQUO£U
LCK¡R©ZCFLCNIWPQUEWCPVQU$CLKDWDWCFJQ
DCMLKCIWUCCDPCDC¡LCK¡R©ZCODCVCLCC³KZ
IWOCK;CGORKG\CPCUCNKTNQUSWKQVGURWGUUG
PQVCSWG[CUGGUV£PCDTKGPFQNCURGPECUFG
CNIWPQUOCIWG[GU
LCLCDMCNJ=RNFGLCDMCNJ?RWNOQPGU
=CRQULCLCDMCNJK¡³?
LCLCKM=RNFGLCKM?SWGDTCFQU=EQRLKZ?
LCLCKMMCT=RNFGLCKMMCT?VQUVCFQTGU
FGE£PVCTQ
LCLCK¡EJFJ©TFC¡=EQPVFGLCK¡EJFJ©NJKC¡?GUVCT
JCDKGPFQ
LCLCOM©U=RNFGLCOM©U?OCPF¯DWNCUKPHGTKQTGU
LCLCPPWNJCFLSWGVKGPGOWEJCTQRC#CRLCZ
FJWWMCVLQKFJCOLKZLCLCPPWNJPCDC¡IW¡
LCK¡OLCCFW³LKZDKRIK¡[CLC¡RQKRQFC¡CO!
%µOQNGJKEKUVGRCTCVGPGTOWEJCTQRC!2QTSWG
VWURCTKGPVGUCPFCPRQTCSW¯EQPNCTQRCTQVC
=EQRLKZ?5KPµPMCM³K¡
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
LCLCPPWNJ=RNFGLCPPWNJ?EQTVGUTQRCU
=CRQULCLCPPWNJK¡³?5KPµPMCM³K¡
LCLCPPWNJDQRPCO=RNFGLCPPWNJDQPCCO?
IQTTCU
LCLC¡=RNFGLC¡CC?QNNCU
LCLQMOCT=RNFGLQMOCT?OCTKRQUCU
LCLQQD=RNFGLQQD?VNCEWCEJGU
LCLQQ³K¡=RNFGLQQ³K¡?GURQUCU
=CRQULCLQQ³IC¡P?
LCLQQZKC¡=RNFGLQQZKC¡?RNCVQU
=CRQULCLQQZKC¡P?
LCLQ¡=RNFGLQ¡?EWGTQU
LCLQ¡M=RNFGLC¡QQM?FKCDNQU
LCLQ¡MQTCK¡=RNFGLQ¡MQTCK¡?CTC³CU
LCORTGHaUUWUWU
RQUGUKµPFGNCUGIWPFCRGTUQPC
FGNRNWTCN$CDCTIKZCCIWLCOOCVCKOC¡P!
/K¡RKOOQQZKDCTIKFJCKPQ¡RKO©VDC
MQQMZKO;CTGOQLCTQPUWPKZVCOCN!2WGU
FGDGPTGOQLCTNQDKGPCPVGUFGKTCFQTOKT
=)TCO?
LCORTGHaXNGU
EQORNGOGPVQFKTGEVQQKPFKTGEVQFG
NCUGIWPFCRGTUQPCFGNRNWTCN%JC¡RKOPCK¡R©Z
DWCOVWDWCFC¡DKKRKDQRPCEJCOLCOFC¡PI©K
LCOMWWRC¡IWZMCK¡0QJCICPEQUCUHGCU
LµXGPGURCTCSWGGNLWG\PQNQUFGVGPIC[
GPECTEGNG=)TCO?
LCOEN¯V+PFKECUWLGVQFGNCVGTEGTCRGTUQPCFGN
RNWTCN-CDWKOWMLCOUCR[C¡MC³
CKEJWNJFJC¡IW³ZKKTPC³KEJLCVCK³DWK&KEGP
SWGOC³CPCOGVTCGT£PNCUKNNCFGOQPVCTSWG
NGURTGUV«=5GRTGUGPVCFGURW«UFGWPC
EQPUQPCPVGPQINQVCN)TCO?8CTÊO
CO
LCOKCMKPVGTLR£UGNG
HQTOCCPVKIWCt,COKCM
LCOL©©RLK³Q¡MKZtLWRMCK¡EJIW2CUMWCN
t,ÀÀ¡#C³[C¡DC³L©©RK¡³LKtLWRMCK¡EJIW
0CVCCNKCt2CUGCFGUECPUCTV¯CtFKLQ2CUEWCN
t5¯[CGUVQ[FGUECPUCPFQCSW¯tTGURQPFKµ
0CVCNKC
LCO©VEN¯V+PFKECUWLGVQFGNCVGTEGTCRGTUQPCFGN
RNWTCN[VKGORQRTGV«TKVQ2WGFGRTGUGPVCTUG
EQOQUWHKLQCNXGTDQ,KZZWW¡PIK¡O©VLK³EJQK¡
IWVWKUCRCVWWNJ%JKEJCOIÀ¡OKDWK¡³
LCO©V/GFKGTQPCVQNGFGRKPQNGOW[CIWCFQ
RCTCVQOCTFGUGIWTQPQNGRWUKGTQPOWEJQ
RKPQNG
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ,©¡MLCO©VCKIWMCMCTDCZ
LC³
PCRKO©VUCCMLCLC¡M©NJ!%W£PVQUEJKXQUGTCP
EWCPFQWUVGFGUNQUEQPVCTQP!
=5GRTGUGPVCFGURW«UFGWPCEQPUQPCPVGPQINQVCN
)TCO?8CTO©V8«CUGÊO
LCOL©©RKPVGTLR£UGNG
NKVFGUECPUGt#C³DJC
LC¡M©RtLWRMCK¡EJIW2GGITQt2WK¡LK,CO
L©©RtLWRMCK¡EJIW,WCPt;QXGPIQCXKUKVCT
tFKLQ2GFTQt$KGPR£UGNGtTGURQPFKµ,WCP
8«CUGL©©RFJC¡
LCOM©UUOCPF¯DWNCKPHGTKQT6CMCCDVWMCC¡
PC³OWPKFJ©TDJCK¡MCLKO[C¡PKR©MLK³U©K
IWWWZLK³LCOM©UCO%JCOP©K¡³K³PCIW¡Z
EJWMICO#PQEJGEWCPFQXGP¯CFGRQTCNN£OG
RKSW«EQPWPRCNQGPNCOCPF¯DWNCKPHGTKQTRWGU
PQNQXKRQTSWGGUVCDCQUEWTQ=RNLCLCOM©U
CRQULCOM©UC¡P?
LCPGG¡U
OGFKFCFGEQUCUUGECUGSWKXCNGPVGC
XGKPVKEKPEQNKVTQURCNCDTCCPVKIWC/CC¡PLCPGG¡
UCRKKEJWNJLCO©VIWDJCDIW$CUKKNKQPCVVW
DQQRVCMCCDIKQPCVVWVW¡KKEJ.GFKGTQPC
$CUKNKQWPCOGFKFCFGOC¯\RQTJCDGTC[WFCFQC
NKORKCTNCOKNRC[CTCTNC
LCPPWNJUEQTVGFGVGNC
FQUOGVTQU[OGFKQ
$JCK¡RZK³EJCC³ZKFJCKOCC¡PIWLCPPWNJ
MWEJVWKRWWTVC¡/GEQORTCUWPEQTVGFGVGNC
RCTCJCEGTWPCHCNFC
TQRCRTGPFC,©¡MLCRLK³MQ¡ODJTCCTW¡PCR
VW³DQRMQ³FJC¡IW³LCLCPPWNJ!%W£PVQOG
EQDTCURQTNCXCTOGNCTQRC!
=RNLCLCPPWNJCRQULCPPWNJK¡³
LCLCPPWNJK¡³?
LCPPWNJDQPCCOUIQTTC#CIW¡OQQZDJCK¡
©RLKLKCPC³F©©NJLWRFW³KC¡IWLCPPWNJ
DQPCCO#JGPVQPEGURWGFGSWG[QVCODK«P
JCICWPCUQNCIQTTC=RNLCLCPPWNJDQRPCO?
LCPQ¡CFXGNF¯CGPSWG,CPQ¡PCRCK¡FJWWM
LWORCVCCUIWZMCK¡,WMV©TOWK¡OKO
LWORC¡PCOIWLC¡VMCO%WCPFQNNGICGNF¯CGP
GNSWGUGECODKCFGIQDGTPCFQTVTCFKEKQPCNUG
LWPVCOWEJCIGPVGGP5CPVC/CT¯C1EQV£P
CSWGNNCXG\6CCMLWOOCCZK¡³IWVCPQQNJ
LCPQ¡PCVRCK¡FJWWMVWOVWMICOVC#SWGNNC
XG\SWGJWDQGENKRUGUQNCOGPVGUGXG¯CWPC
RCTVGFGN5QN
LCPQ¡OUEQUVKNNC#VVKKTWZICMIW,WCP
OCCZKMCOVWWVIWLCCPQOC¡P,WCPGUV£OW[
HNCEQRWGUUGXGPUWUEQUVKNNCU=RNLCCPQO
CRQULCPQ¡OC¡PLCCPQOC¡P?
LC³EN¯V+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN
UKPIWNCT)QQMLC³LWOIC¡NJKFJC¡IWVQQOLK³
'&+%+•024'.+/+0#4`
LC³KEJ
6'2'*7ƒ0Ê'52#“1.
FJKZKKMPCRCUMKEJC¡6GXGPFQKZVNGV¯CRCTC
SWGRWGFCUJCEGTWPCVCNGIC=5GRTGUGPVC
FGURW«UFGWPCEQPUQPCPVGPQINQVCN)TCO?
8CTʳK³
LC³KEJEN¯V+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN
UKPIWNCT[VKGORQRTGV«TKVQ2WGFGRTGUGPVCTUG
EQOQUWHKLQCNXGTDQ/WOOW³KEJDCLKKDWK³QT
IW2GGNGUDCDCCDWKFJCOLC³KEJIW
MCDCKIC¡PPC³WC¡VW¡P%JCOLK³³COMK¡³
8Q[EQP(«NKZRCTCSWKVCTNGUWECDCNNQRWGUOG
FGDG[PQOGRCIC
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ/CK¡DWC³KEJIWZEJ©©FW¡³
RCPVCNQQP6©KMCTZKDMCOMCVOCC¡PPKO
LC³KEJR©ZMCCCFCM5GOGRGTFKGTQPOKU
RCPVCNQPGUC\WNGU'TCPECUKPWGXQURWGU
UQNCOGPVGWPCXG\OGNQUJCD¯CRWGUVQ
=5GRTGUGPVCFGURW«UFGWPCEQPUQPCPVGPQINQVCN
)TCO?8CT³KEJ8«CUGʳ
LCREN¯V+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN
UKPIWNCT,CZLCRVW¡OCCFC¡IWOUCDWKTCZ!
%W£NGURCPVCNQPGUXCUCRQPGTVG!=5GRTGUGPVC
FGURW«UFGWPCEQPUQPCPVGPQINQVCN)TCO?
8CTCR8«CUGÊR
LCRKEJEN¯V+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN
UKPIWNCT[VKGORQRTGV«TKVQ2WGFGRTGUGPVCTUG
EQOQUWHKLQCNXGTDQ#C¡³LCRKEJCCIWCNJKK
IWUCRCCVWKZK¡³PC³KEJLWOEJKC!.GRWUKUVG
UWU\CRCVQUCNPK³QEQOQVGRGF¯JCEGTNQ!
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ,CZLCRKEJEJW¡ODJC
CC¡³FJCMIWUCRCCVWKZK¡³IWCNJKK!%W£NGU
\CRCVQUNGRWUKUVGCNPK³Q!
=5GRTGUGPVCFGURW«UFGWPCEQPUQPCPVGPQINQVCN
)TCO?8CTRKEJ8«CUGÊR
LCRKOEN¯V+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN
RNWTCN2WGFGRTGUGPVCTUGEQOQUWHKLQCNXGTDQ
%JC¡RKOCITGG¡POWLC¡RDCRQ¡FC¡FWWMEJ©T
#ITGG¡PLWODCF©K¡³LCRKO0QCPFGP
NKVPQ
CPFGPWUVGFGUGPNCNNWXKCRQTSWGUGXCPCOQLCT
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ$©©ZLCRKOOQQVWMCMRKCUC¡
PCRCK¡FJWWMV©©OW¡FJKZCKZMCOPCVW
C¡IKO©K%WCPFQGUVGRQN¯VKEQVGTOKPGFGJCDNCT
VQFQU
NKVVQFQUWUVGFGUFGDGPCRNCWFKT
=5GRTGUGPVCFGURW«UFGWPCEQPUQPCPVGPQINQVCN
)TCO?8CTRKO
LCRKO©VEN¯V+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN
RNWTCN[VKGORQRTGV«TKVQ2WGFGRTGUGPVCTUG
EQOQUWHKLQCNXGTDQ&CCIKOLCRKO©VCCIW
LWOCK©NJK¡EJMCTDCZ!(WGTQPWUVGFGUCEQIGT
NCQVTCEJKXCRGSWG³C!
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ,CZLCRKO©VFQQFCFJK³
ITCDCFQQTC¡PCDC¡EJCOMCVWMWW!3W«NG
JKEKGTQPWUVGFGUCOKITCDCFQTC!2WGU[CPQ
VQEC
=5GRTGUGPVCFGURW«UFGWPCEQPUQPCPVGPQINQVCN
)TCO?8CTRKO©V8«CUGRKO
LCRRWMCT=RTGUFGLCDMC¡?GURQPLC
OCUC
LCTCCOCFLGURGUQ
N¯SWKFQ#NJK¡EJOK¡ZK
EJQ¡KK¡³IWUWWFCK¡FJKCVWWNJ:K¡ZLCTCCO
‹EJCNGVCPVKVCCIWCCNCVQNGRQTSWGGUV£OW[
GURGUQ=EQRLKZ?
LCTCCTUCTCFQ,WRFW³KKOIWLCTCCTIW³
QQICZUCRPCM©¡PVWOQKMFC¡PQ¡VDCFWW¡P
/KV¯QGUV£JCEKGPFQWPCTCFQEQPGNSWGXCC
RTGRCTCTNCVKGTTCRCTCEWCPFQNNWGXC
=RNLCTTCTCRQULCTCCTW¡PLCTTCTW¡P?
LCTCCTDJCKUEQNCFGNCTCFQ,KZFJWUCCTCOOK
DCCZFJKLCTCCTDJCK/CC¡PEJKPCLCZLWR³KC¡
PC³ICOCK¡LKEJWLWCPC¡.CEQNCFGGUVGCTCFQ
GUV£HNQLCETGQSWGUGXCCECGTEWCPFQXC[CC
CTCT=RNLCTTCTDJCCDJCK?
LCTQKUEWKVNCEQEJG
JQPIQFGNOC¯\/WK¡OWPK
MC¡PF©TLC¡RLKZLCK¡EJIWLCTQKPQ¡LCTQK¡ZEJ©
L©¡MFCO2QTCNN£JC[OWEJQUEWKVNCEQEJGURQT
UKCNIWKGPSWKGTGJCEGTRWNSWGEQPGNNQU
LCTQK¡RTQPCNIWKGP,CTQK¡DCMOCK¡KCDWIW
VWO³KIC¡P/WPKMC¡PR©ZD©©V©VPC³DJCLKO
#CNIWKGPUGNGRGTFKµUWFKPGTQRWGURQTCNN£
GUVCDCVKTCFQGPGNECOKPQEWCPFQ[QXGP¯C
=)TCO?
♦PCLCTQK¡RTQPSWKGP
LCTQK¡PCR©ZRTQPSWKGPUGCEWCNSWKGTRGTUQPC
d,C¡ROQQTLKZDJCK¡MCOIW³MWWNUK,CTQK¡PC
R©ZLKZDJCK¡EJWC¡IKFJKFJC¡UKCMWOQQ
EJCOOCCVd3W«DWGPCRGTUQPCGUOKCDWGNQ
RWGURNCVKECEQPEWCNSWKGTRGTUQPCCWPSWGPQNC
EQPQ\EC=)TCO?
LCTQQRTQPSWK«P!,CTQQOIC¡NJKFJKO
CTRWWUPCDC¡LC¡RLKZDWKEJ©M!3WK«PVG
XGPFKµGUGOQTTCNVCPHGQ!=)TCO?
♦LCTQQFC¡SWK«PGU!
♦LCTQQOFC¡SWK«PGUUQP!
♦PCLCTQK¡RTQPSWK«P
LCTVWIKC¡XaKGTWEVCT#C³KCOR©ZVQZMQPC
³KEJIÀ¡ZKEJWLWICCMVCMCCD#OLKZL©¡©©M
LCTVW¡PK³VWMCC¡;COGTQOGGORCEJCDC
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
RQTSWGEQO¯OWEJQC[GTRWGUGUVCDCGTWEVCPFQ
CITKQCPQEJG=RTGVLCTVWI©RTGULCTVW¡P?
LCZCFXEµOQ!SW«!,CZLCRV©©¡!,CZLCR
LWOFC¡PUC!%µOQVGNNCOCU!%µOQVG
CRGNNKFCU!
♦LCZLCRLWO©NJKK¡³EµOQJCUGUVCFQ!
EµOQVGGPEWGPVTCU!
♦LCZLCRVW¡KK¡EµOQGUV£U!EµOQUKIWGU!
♦LCZLCRKEJLWOFWWSW«RCUµEQPVKIQ!
♦LCZ³KCCEµOQ!OCPFG!
♦PCLCZCFXEµOQSW«
LCZCFXSW«VCPVQ!,CZLKZFJWWMDJCLC¡R
LWLWMICO!3W«VCPVQNNWGXGRQTCNN£GPNC
UKGTTC!=5GRTGUGPVCCPVGUFGNRTGHKLQEQRWNCVKXQ
LKZ?
♦PCLCZCFXSW«VCPVQ
LCZDC¡CFXEµOQGUSWG!,CZLCRDC¡
FWWMCVLQKFJCOVÀ¡VÀDVWMWWR!%µOQGUSWG
VKGPGUGNECDGNNQVCPNCTIQ!
RQTSW«!t#C³EJCOPCCIWMKKUtLWR
MCK¡EJIW2CCDNQt,CZDC¡!tLWRMCK¡EJIW
&COCCUKQt0QOGIWUVCGNSWGUQtFKLQ
2CDNQt2QTSW«!tTGURQPFKµ&COCUKQ
LCZDC¡EJKCFXRQTSW«UGT£!
RTGIWPVC
TGVµTKEC/WK¡EJCPQQNJEJCORCK¡FWWM,CZ
DC¡EJK!0QJCNNQXKFQRQTOWEJQUF¯CU2QT
SW«UGT£!
LCZDWC=RTGUFGLCZFJW³KC¡?JCEGUWEGFG
LCZDWKO=RTQITFGLCZFJW³KC¡?GUV£JCEKGPFQ
GUV£UWEGFKGPFQ
LCZEJW¡ORTQPEW£N!,CZEJW¡OLKZKQ¡O
LKZO©NJFJC¡FJKMCMDCK!&JKZWCOCCMC¡
FJKZEJWCCC!%W£NFGGUVQUECDCNNQUGUO£U
XGNQ\!'NCNC\£PQGNDNCPEQ!
EµOQGU!SW«ECTCEVGT¯UVKECUVKGPG!,CZ
EJW¡OV©P©K¡³IWOVCCV!,KZQK¡³CRCC!
%µOQGUNCECTCFGVWRCR£!6GRCTGEGUC«N!
=)TCO?
♦PCLCZEJW¡ORTQPEW£N
LCZFJWKCFXRWGUEµOQ!
GZRTGUKµPFG
KPETGFWNKFCFRCTCKPVTQFWEKTWPCTGURWGUVCEQPVTCTKC
GPVKGORQRTGUGPVGQHWVWTQ,CZFJWKPC³IW¡
EJCOOCCVIWPCCDCV³K¡QQM,CZLC³IKDCLK
EJ©©VFC¡!2WGUEµOQXQ[CGZRNKE£TUGNQCN
OGUVK\Q!UKPQU«JCDNCTUWKFKQOC8«CUGLCZ
FJWWM
♦PCLCZFJWKCFXFGCNIWPCOCPGTC
VKGORQ
RTGUGPVGQHWVWTQ
LCZPCR©Z
LCZFJW³KC¡XaVJCEGT
NQRGPUCFQt,K³
EJCK³DWKFJC¡CRIWODCK³FJCUtLWRMCK¡EJ
IW/KTMKCFKUt/K¡PCM©©M6W¡RM©¡PLCZ
FJW³KC¡!tLWRMCK¡EJIW/CTKCPQt/G
RTGUVCUVWJCEJCtFKLQ/GNSWKCFG\t#J¯GUV£
3W«XCUCJCEGTEQPGNNC!tTGURQPFKµ/CTKCPQ
XaTUWEGFGTt6W¡R©PUCCMLCZLWOFW³KC¡
PQ¡³ICPOWLC¡MU©UU©IW¡³KMK¡QQTPCDJC¡³K
MCCV!tLWRMCK¡EJIW/CTKK[Ct&JQPCUCCM
PQNJMC¡IW³³QDtLWRMCK¡EJIW/KKNKC
t3W«FKEGPSWGUWEGFGUKUG³CNQCNCTEQKTKU
SWGGUV£CNN¯!tRTGIWPVµ/CT¯Ct2WGUFKEGP
SWGUGVGGPEJWGECNCOCPQtEQPVGUVµ'OKNKC
=RTGULCZDWCRTQITLCZDWKORTGVLCZFJWW?
LCZFJWWMCFXEµOQ!FGSW«OQFQ!
VKGORQRCUCFQ,CZLCRKEJFWWMLWOICD!
,WODJKCRKEJCC!%µOQVGNCUVKOCUVG!6G
VTQRG\CUVG!
CECUQFGCNI¼POQFQ,KZLCPCCIWDJCPIW
VCVMCTWK¡0Q¡VLCZFJWWMRCK¡F©©NJLCV©©LC
LWIKQMC¡FJQ#NEQ[QVGNGIWUVCEQOGTUGNCU
ICNNKPCU5KNNGICCJCNNCTNCUUQNCURQTCJ¯UGNCU
EQOG
8«CUGLCZFJWK
♦LCZLCRKEJFJWWMDJCLKKEµOQXKPKUVG!
CSW«XKPKUVG!
♦LCZFJWWMCVRQTSW«!EµOQGURQUKDNG!
♦PCLCZFJWWMCFXEµOQFGSW«OQFQ
VKGORQRCUCFQ
LCZLC¡MCFXEµOQ!FGSW«OCPGTC!,CZ
LC¡MLKZDJCK¡PCEJFW³KC¡!&GSW«OCPGTCNQ
JCEGOQU!
♦PCLCZLC¡MCFXEµOQFGSW«OCPGTC
LCZLKPCDC¡KPVGTLRQTSW«UGT£!,CZLKPC
DC¡EJCOPCCIWKOCKFJKVQQZMQNJPC³V©K
OCCMPCRLWRMCK¡EJPCUCCMLKZ³CC!2QT
SW«UGT£SWGPQNGIWUVCNCECNCDC\CSWGNGGUVQ[
FCPFQCGUVGOCTTCPQ!0QOGFKLKUVGSWGNG
IWUVCDC!
LCZMWDC¡CFXRQTSW«!,CZMWRKEJDC¡
EJCODJCLKKPCTC¡IKEJCOMCV!2QTSW«PQ
XKPKUVGEWCPFQJWDQLWPVC!
LCZPCR©ZCFXEQOQUGCt#C³LC¡R©NJKK¡³
PCEJDJCLC¡RDJ©©[C¡)KQVCO#CRLCZ
©NJKK¡³!tLWRMCK¡EJIW,WCPt&JQIW¡CCRLK
DC¡RV©¡[C¡,CZPCR©ZLKIW¡tLWRMCK¡EJIW
2GGITQt;QRKGPUQSWGXCOQUCRCUCTRQT
.NCPQ)TCPFG3W«RKGPUCUV¼!tRTGIWPVµ
,WCPt2WGUV¼FKEGUEQOQUGCtEQPVGUVµ
2GFTQ8«CUGPCLCZ
'&+%+•024'.+/+0#4`
LCZPCR©ZEJW¡O
6'2'*7ƒ0Ê'52#“1.
♦LCZPCR©ZV©K©NJKK¡³RKGPUCFGOWEJCU
HQTOCU
♦LCZPCR©ZV©KZKMCK¡EJNQFKEGFGOWEJCU
HQTOCU
LCZPCR©ZEJW¡OCFLEWCNSWKGTCt,CZ
EJW¡OLC³UCCMLWOIC¡NJKFJC¡IWUC¡WC!
tLWRMCK¡EJIW/CPQKNt,CZPCR©ZEJW¡O
FJQtLWRMCK¡EJIW#NDKPt%W£NEQDKLCOG
FKLKUVGSWGVGXGPFKGTC!tRTGIWPVµ/CPWGN
t%WCNSWKGTCtEQPVGUVµ#NDKPQ8«CUGPCLCZ
EJW¡O
LCZPCR©ZLC¡MCFXFGEWCNSWKGTOCPGTC,C¡R
OQQCNJEJCOOCCV©VVÀMÀÀIW³ZKMW¡UKC
MWEJLCZV©KEJ©VFC,CZPCDC¡R©ZLC¡MLWO
CC¡PFC¡%QOQSWGPQRWGFGGPVGPFGTOK
JGTOCPQCWPSWGNGVTCVCOQUFGGZRNKECT3WK«P
UCDGSW«RKGPUC
NKVRKGPUCFGEWCNSWKGTOCPGTC
8«CUGPCLCZLC¡M
♦LCZPCRLC¡M©NJKK¡³EQOQSWKGTCU
LCZR©MCFXFGSW«OCPGTC!
EWCPFQJC[FWFC
FGEµOQJCEGTCNIQ,CZR©MFWKOWK¡FJC¡OI©V
IW³DCCMVWM!&GSW«OCPGTCXQ[CJCEGTSWG
UGOWNVKRNKSWGPOKUXCECU!
♦LCZR©MMC¡I©VEµOQNQJCT¯C!
RCTC
TGUQNXGTWPRTQDNGOC
♦UKCR©MLCZMC¡I©VFGEWCNSWKGTOCPGTC
PQ
KORQTVCEµOQ
LCZR©PCFXQSW«!
RCTCENCTKHKECT,C¡MKC¡PPK
CCR©PDCFWW¡POCCM©¡P!,CZR©P!.NQXKµ
GPGUVQUVKGORQUGNC³QRCUCFQQSW«!
LC¡CCUQNNC
FGEQEGT6W¡M©¡PLCRDJKC¡FJK
LC¡CCPCDC¡EJCOLWOO©KFJC¡PCIW¡ZEJQK³
&GDGUWUCTCNIQRCTCUCECTNCQNNCRCTCSWGPQVG
SWGOGURQTSWGGUV£ECNKGPVG=RNLCLC¡?
♦IKTKEJLC¡CCUQNNCFGEGT£OKEC
LC¡MCFXJCEKCC
EKGTVQFGUVKPQ2CCRKEJ
LC¡MLKO©©MPC³DC¡EJCORCK¡OP©K¡³PCRQKT©
D©ZEJCPQQNJ!#FµPFGHWKUVG!2QTSWGPQVG
JGXKUVQGPVQFQGNF¯C
GP
EKGTVCRCTVGFGNF¯C,CK¡MCRIW
KUVCWTCPKUFCKMCDWKOWMLC¡MLWOMWC¡FC¡IW
DQQMC¡PLKFJQQT'PCNIWPQUTGUVCWTCPVGUPCFC
O£UGPNCOC³CPCJCEGPGNOGPWFQRCTC
CNOQT\CT
+PFKECWPNWICTGURGE¯HKEQ2CCRKEJF©TLC¡M
[CCKEJFJKVQRCCPCDC¡TZKMQQNJKMLC¡RVW¡O
PCDJK¡³LQQZKC¡!&GFµPFGVTCLKUVGGUVG
OQNECLGVG!2WGUGUTGFQPFQEQOQWPRNCVQFG
DCTTQ
♦DJCLC¡MCFXRQTCSW¯JCEKCCE£
♦OWLC¡MCFXJCEKCCNN£TWODQC
♦RCLC¡MCFXCFµPFG!CSW«RCTVG!
LC¡MDWC¡XaVFGXQNXGT0Q¡³LKTIC¡TCFCOLWO
CC¡PC³LKZOCVMC¡PC³L©¡MLC¡MKCDW¡IWLC
VWO³K¡IWLC¡VMCOL©¡MPCLC¡MUWWNJK¡PFC¡
PCORCK¡FJWWMVW³UCDC¡PFC¡5KUQ[
XGPFGFQTPGEGUKVQUCDGTSW«VCPVQFKPGTQ
FGXQNXGTEWCPFQNCIGPVGOGEQORTC
=EQORNRNLC¡MKCDW¡RTGVLC¡MDWCLC¡MKCDW?
LC¡MDWKFJC¡XaDFGXQNXGT
CQVTCRGTUQPC/CK¡
DWC³KEJIWOZKKTPCRKEJLK³EJCK³DWKMW³LK
IW¡LWOCKLC¡MLWODWKFJC¡LK5GOGRGTFKµNC
UKNNCSWGOGRTGUVCUVGRGTQVGXQ[CFGXQNXGT
QVTC=EQORNRNLC¡MKCDWKFJC¡RTGVLC¡MDWK¡³
LC¡MKCDWK¡EQPVLC¡MDWRRK¡³FJC¡LC¡M
KCDWK¡³FJC¡?
LC¡MDWK¡CFXFGKIWCNP¼OGTQ,C¡MDWK¡³FJQ
R©ZLWRLCDKC¡IWDCCMPCRL©¡MLCDKC¡CCRLK³
QQICZ;QVGPIQGNOKUOQP¼OGTQFGXCECUSWG
V¼V¯Q
♦LKTLC¡MDWK¡CCGUEQTTGEVCNCECPVKFCF!
♦LC¡MDWK¡MCVCNEQPVTCTKQ
LC¡MDWNJFJC¡=XCTFGLC¡M©NJFJC¡?EQPVCT
LC¡MDWRRK¡³FJC¡=EQPVFGLC¡MDWKFJC¡?GUVCT
FGXQNXK«PFQNQ
CQVTCRGTUQPC
LC¡MF©TCFXCNTGX«U2WK¡DCMMWDC¡EJCO
CKZ[CDCK³ICTCOFJK³MWZKKTPC³DCMIW¡LC¡M
F©TR©ZOKDCRZK¡³2QTGUQPQGPVTCOKEWEJKNNQ
GPUWHWPFCRWGUNQGUVCDCOGVKGPFQCNTGX«U
CNFQTUQGPNCQVTCECTC,C¡MF©TZKDWCFJKZ
MCDQQMV©OMCNJPCEJCOO©©[C¡8QNVGCNC
VQTVKNNCIQTFC
NKVRQPNCGPNCQVTCECTCRCTCSWG
PQUGSWGOG
FGGURCNFCU0C³MCUQQ¡OFJKOIWDJGUGGT
LK³DJKCMLC³KEJLC¡MF©TOKI©K2WEJCOMC
P©K¡³K³PCVRCLC¡MFCK¡DWU%WCPFQGUVCDC
VTCVCPFQFGKPVGTEGRVCTGNDGEGTTQOGVTQRG\«[
OGEC¯FGGURCNFCU[PQXKCFQPFGUGHWG
♦LC¡MF©TI©KIW³LWTOGXQNX¯NQEQ
LC¡MI©ZKC¡XaKTGITGUCTXQNXGT2CCRFWWM
LC¡MI©ZKC¡PQ¡RKEJOQQOCRCZKCTCO!
%W£PFQTGITGUCT¯CUUKVGXCUCRCUGCT!
XQNXGT,©¡MLC¡MUWWNJIKC¡IWVWWOK³PQ¡
³KEJOCC¡PMKKNWUCDC¡NJIWCTKKPPQ¡³KEJ
L©¡MOCODJ©©ZOWEJWOCC!%W£PVCHGTKCOG
SWGFCT£
NKVUGXQNXGT£UKEQORTQWPMKNQFG
JCTKPC[NGFQ[FKG\RGUQU!
=UWLRNLC¡MUWWNJIKC¡RTGVLC¡MI©KLC¡MUWWNJ
RTGULC¡MI©¡PU©LC¡MUWWNJK¡?
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
♦LC¡MI©ZIC¡PPK³QPCEKFQFGURW«UFGN
RTKOGTQSWGOWTKµ
♦LC¡MF©TI©ZKC¡LWICTCGEJCTUGOCTQOCU
LC¡MKCDWKFJC¡=EQORNRNFGLC¡MDWKFJC¡?
FGXQNX«TUGNQU=RTGVLC¡MKCDWK¡EQPVLC¡M
KCDWK¡³FJC¡?
LC¡MKCDW¡=EQORNRNFGLC¡MDWC¡?FGXQNXGTNQU
=RTGVLC¡MKCDW?
LC¡MKC¡PCFXCGUVCUJQTCUGPGUVQUF¯CU6CMCCD
LC¡MKC¡POWOOWRCK¡FJ©TFJK$QQFCOVCO
LCEJDJCK¡DCLKKOEJW¡#[GTCGUVCUJQTCU
XGP¯COQURQT/G\SWKVCN
♦LC¡MKC¡PPKCGUVCUJQTCUGPGUVQUF¯CU
RTGEKUCOGPVG
LC¡M©NJFJC¡XaVEQPVCTUWOCT6WLC¡M©NJK¡³IW
DCRCK³WOVWWOK³IWOCMI©ODCMIW¡OWK¡
DKC¡'NEWTCPFGTQGUV£EQPVCPFQOQPGFCURWGU
VKGPGOWEJCU=RTGULC¡M©NJK¡³RTGVLC¡M©NJ?
8CTLC¡MDWNJFJC¡
LC¡MUWWNJIKC¡=UWLRNFGLC¡MI©ZKC¡?2GLLC¡M
UWWNJIKC¡COTGITGUCT£P=RTGVLC¡MUWWNJ
RTGULC¡MUWWNJK¡?
LC¡PPK¡³=CRQUFGLCFWW³?UWRCTKGPVG
LC¡³FJC¡CFLSWGUGFGUJCEGH£EKNOGPVG,KZ
LC¡³FJC¡FJKUGGTPQ¡³KEJRCNJ©©RZKMWC¡³VCK
MQD'UVCEGTCUGFGUJCEGH£EKNOGPVGUKNCRQPIQ
EGTECFGNCNWODTG=EQRLKZ?8«CUGLCIKC¡
LC¡QQMUFKCDNQFGOQPKQ5CRPQ¡³KEJEJCO
CODWCPQ¡³KEJV©KVW³OCK¡EJMKRW³DJ©KMC¡
IWLC¡QQM&KEGPSWGEWCPFQWPQVTCVCFGLWICT
EQPGNFKCDNQUKHCNNC«NUGNNGXCGNCNOC
=RNLCLQ¡M?
LC¡RCFXGP
£TGC1KRQCODCMLKCIW
DCRCKU©NJDJC¡³KFJ©TLC¡RFJKICICKDJCLC¡R
R©ZLCZLKZEJ©M©©MZKZPC³KEJLCZDJ©K2CTGEG
SWGJC[VGLQPGUGPCSWGNNCUNCFGTCURWGUUGXG
TCUIW³CFCNCVKGTTCRQTFQPFGRCU«
♦DJCLC¡RCFXRQTCNN¯
CNVQ
♦DJCOO©PKFJ©TLC¡RCFXRQTCNN£
CTTKDC
NGLQURTGEKUCOGPVG
♦OKLC¡RRCK¡CFXRQTCJ¯
EGTEC
♦OWLC¡RCFXTWODQC
EKGTVC£TGC
♦OWLC¡RRCK¡CFXRQTCJ¯
NGLQU
♦[CLC¡RCFXRQTCSW¯
LC¡RCFXKIWCNC,C¡RVW¡OV©P©K¡³FJK&CPKGN
PCIW5KPCKFQ&CPKGNGUKIWCN
NKVRCTGEGKIWCN
C<GPCKFQ
♦LC¡RLCRV©©FC¡PCFKNGSWG
LC¡Z³K
LC¡RLC¡MCFXRCTCCE£
WPRQEQ/QQEJCO
DJCCK¡CCPCRLC¡RLC¡MDWNJKC¡IWOCCEJW¡!
/K¡RWK¡PCLCZDCDWNJ0QUGT¯CDWGPQSWG
COCTTGUGNOCEJQWPRQEQO£URCTCCE£!2WGU
VQFCX¯CGUV£COCTTCFQCNN¯OKUOQ
LC¡ROQQKPVGTLdEµOQd,C¡ROQQOCL©RRKT
VWMCC¡IW³EJQQVQPPC³V©KDQ¡d%µOQUGOG
GPHTKCTQPNQURKGUCPQEJGEWCPFQGUVCDC
CEQUVCFQ
EQOQSWG/QQLC¡RCC¡CCPCRLWRZK³
LCCZOC¡³FJCKPCRDC¡R©MDCLKOKC¡RCK¡PC³
LWOLQQVQU!,C¡ROQQZK¡EJCOVW¡MC¡OLK³
³©K¡³CRCCR2NCCDKQ2QTSW«UKGORTGSWGVG
OCPFQCJCEGTCNIQDTQOGCUFKEKGPFQSWGPQNQ
XCUCJCEGT(NCXKQ!%QOQSWGPQOGVTCVCUEQP
GNFGDKFQTGURGVQ
LC¡RPCLCZCFXKIWCNEQOQ,C¡ZDWK¡RLKZ
DJCPCC¡IW¡³KZLW¡TC¡OC¡ICIQQZLC¡RPCLCZ
IW¡³KZDJQQ³ZK¡'NRGTTQFGEQNQTCDGLQTTQGU
KIWCNFGDTCXQEQOQCSWGNRGTTQTCDµP
LC¡RR©ZCFLEQO¼PQTFKPCTKQ)WLC¡RR©ZVWVWWT
EJCOLKPCOLWOFC¡MC¡R©ZLKUWNJIKFJC¡CO
RWEJW¡OIWDJG¡OUGT.QUVQTQUEQOWPGUPQ
H£EKNOGPVGVKGPGPET¯CU[UWUDGEGTTQUUQPFGNC
OKUOCPCVWTCNG\C
LC¡RR©ZCFXCU¯PCFCO£UUKPGUHQT\CTUGÎ,C¡R
LCRV©¡[C¡PCRRCK¡FJWWMOWK¡LKEJWLC
C¡IKFJC¡IWLC¡VMCOPCOEJCOVW¡LC¡RR©ZLKZ
CC¡PFC¡IWVWWOK³PQ¡OEJCOVWLWCPÏLWR
MCK¡EJIWIÀ¡MCOÎ%WCPFQJCDNGUEQPNC
IGPVGFGDGUFGEKTNGUSWGPQCPFGPPCFCO£U
SWGTKGPFQFKPGTQUKPVTCDCLCT
NKVUKP
GUHQT\CTUGÏFKLQNCCWVQTKFCF
LC¡RVW¡OCFXEQOQ
UGOGLCPVGGPCRCTGPEKC
,C¡RVW¡OVWOQ¡FJKVCMCCTWK¡PCIWMWTCV
,KZD©¡IKQPCVÀDVWEJK³'UCICNNKPCVKGPG
ECDG\CEQOQGNR£LCTQECTRKPVGTQTQLC[EQPRKEQ
OW[NCTIQ
LC¡VMCOUIGPVGRGTUQPCU/WK¡[C¡CKO©VIW
LC¡VMCOPCTRKCUVCMCV8KPQOWEJCIGPVGCSW¯
EWCPFQJWDQWPCHKGUVC='UWPUWUVCPVKXQRNWTCN?
8«CUGOCC¡PMCO
LC¡ZDWK¡CFXKIWCNFGVCOC³Q/CZKOLCLQKO©V
FCKVÀ¡VÀD,C¡ZDWK¡RLKTVÀDIWWDKKPCL©¡ZIW
EJKQ¡³2TQOGVKGTQPECUCTUGFQURGTUQPCUCNVCU
RWGUNCOWLGTGUVCPCNVCEQOQGNJQODTG
LC¡Z³KCFXCU¯
FGVCOC³QEQUCUITCPFGUFKEJQ
EQPCFGOCPGUt,©¡ZDCTIÀ¡IWOCNJKKEJWM!
tLWRMCK¡EJIW,WCPt,C¡Z³KtLWRMCK¡EJIW
'&+%+•024'.+/+0#4`
LÀÀ¡
6'2'*7ƒ0Ê'52#“1.
2GGITQt3W«VCPITCPFGGUV£VWJKLQ!
tRTGIWPVµ,WCPt#U¯tEQPVGUVµ2GFTQ
UG³CNCPFQNCCNVWTCCRTQZKOCFC
CNTCVQ,C¡Z³KKCOLCEJVWLWIKC¡/£UCN
TCVQEQOGOQU
LÀÀ¡KPVGTLU¯EQOQPQt#CRDCV©©KCC!tLWR
MCK¡EJIW6KKOKQt,ÀÀ¡tLWRMCK¡EJIW
5CDKPWt;CUGODTCUVG!tRTGIWPVµ'WVKOGQ
t5¯EQOQPQtEQPVGUVµ5CDKPQ8«CUGL©©¡
LKRCTV+PFKEC«PHCUKU$CK³EJWFC¡CRFJK³
MWZKKT,WOPCOMKFJC¡K³MWIW¡PQ¡RKEJDC
V©©OWLK*C\OGNCHWPFCFGOKEWEJKNNQ[VGNQ
RCICT«RGTQEWCPFQVGTOKPGU=)TCO?
8CTLG8«CUGLKIW¡
LKRTGHaX+PFKECSWGNCCEEKµPCRGPCUUGKPKEKC$C
LKOQK¡FJC¡COFJKC¡CCNJPQ¡O©VV©KF©©NJDC
LKMQQMZKO#C¡PC³LCD©©OLKOFC¡PCODC¡
EJCO³KQMCVDCMQQMZKC¡%WCPFQGUVQUPK³QU
UGXCPCFQTOKTUQNQUGORKG\CPCLWIWGVGCT
0GEGUKVQKTEQPGNNQURCTCSWGUGFWGTOCPUKP
FGEKTPCFC=)TCO?
ÊLK=XCTFGÊK?+PFKECSWGNCCEEKµPUGNNGXCCECDQ
KPOGFKCVCOGPVGCPVGUFGQVTCCEEKµP
LKCRCTV+PFKECSWGNCTGURWGUVCFGNCRTGIWPVCGU
QDXKCt%JCOLCTQK¡LCK¡EJLKCIWQ¡FCOPCZ
OCCV©VVWVCCVOWVW¡P[C¡FJK,WMV©TtLWR
MCK¡EJIW+UVQNKQt%JCOFJQtLWRMCK¡EJIW
2KNKKRCt0QJC[PCFKGGPVTGNQUVGRGJWCPGU
CSW¯GP5CPVC/CT¯CSWGUGRCEWTCTNQUFKGPVGU
XGTFCF!tFKLQ'WUVQNKQt%NCTQSWGPQ
tTGURQPFKµ(GNKRC
+PFKEC«PHCUKUEQOQRTGIWPVCTGVµTKECd,C¡R
OQQKQ¡OFWW¡PLKC.NQXKµOW[HWGTVG
XGTFCF!
=)TCO?
LKD=RTGUFGLKKDC¡?NQTCURC
LKDQK¡³³QNJKC¡=UWLRNFGLKO©K³³QNJKC¡?2GL
LKDQK¡³³QNJKC¡COJWKT£P=RTGVLKDQK¡³³QT
OQXLKDQK¡³³Q¡PVW¡?8CTLKDQK¡³IKC¡
LKDWC¡XaVVKTCT
CNUWGNQVWODCT,K³LKDWC¡
CCEJKFJKMCDCKPCICOCK¡LKLQ³KC¡PQ¡³KEJ
DJCFJCKDW!5KOQPVQGUVGECDCNNQPQ
TGRCTCT£GPGNECOKPQ[OGVWODCT£!
CXCP\CT
GPNQSWGGUV£JCEKGPFQOQFKUOQ
#CROQQIÀ¡DCLKDWC¡IWOCUMKEJPC³CC³
OWMCLKOKC¡ORCCUWNJDWK8CUCCXCP\CT
OWEJQEQPVWVGLKFQOKGPVTCU[QXQ[CXKUKVCTC
VWV¯C
=EQORNRNKK¡³ZKEJFJC¡RTGVLKDWCKK¡³ZKEJ
RTGULKDWRRCKK¡³ZKEJW¡P?
♦VWLKDWC¡XaVCDQTVCT
CPKOCN
LKEJRTGHaUPWGUVTQPWGUVTQU
RQUGUKµPFGNC
RTKOGTCRGTUQPCFGNRNWTCN#C³EJCOCC¡LKPCT
LKEJDJC¡DJCTQQ¡MC¡FJKDKCROC¡PCIW¡
EJCOVWLWCPCTC¡)KKNJKOLKZEJWQQ¡P0Q
SWKGTQSWGUGCPWGUVTQ[GTPQGUGLQXGPRQTSWG
PQNGIWUVCVTCDCLCTGUOW[HNQLQ=5GRTGUGPVC
FGURW«UFGWPCEQPUQPCPVGPQINQVCN)TCO?
8CTÊEJ
LKEJRTGHaXPQUCPQUQVTQU
EQORNGOGPVQ
FKTGEVQQKPFKTGEVQFGNCRTKOGTCRGTUQPCFGNRNWTCN
2CCOUCRFWWMLKEJOCMKC¡IWVWWOK³!)K
PCRCPCCUDJCK¡DCMCK¡³EJCKFJCV%W£PFQ
PQUXCPCFCTGNFKPGTQ!2CTGEGSWGFKLGTQPSWG
[CPQUNQKDCPCFCT
PQU
EQORNGOGPVQTGHNGZKXQQTGE¯RTQEQFGNC
RTKOGTCRGTUQPCFGNRNWTCN+KMW³OQQV©
D©¡³FJCTC¡OWDC¡MEJ©TPCEJM©¡PLKEJ
DCMZKFJC¡8Q[CCNWODTCTCFGPVTQFGNCECUC
RCTCSWGRQFCOQUCEQOQFCTNQURGVCVGURCTC
FQTOKT
=5GRTGUGPVCFGURW«UFGWPCEQPUQPCPVGPQINQVCN
)TCO?8CTÊEJ
LKEJEJCCVUPWGUVTQRCFTGPWGUVTQRCR£
΁6WLWCPCOCCIWEJEJCCV!ÏLWRV©VFCIW
CNJKKIWZKQ¡IK¡³Î/QQLC¡RMCZEJWMICOPCV
LKKPC³DC¡EJCOP©K¡³Ï΁5GHWGCVTCDCLCT
PWGUVTQRCR£!ÏFKLQGNPK³QCUWJGTOCPQ
OC[QTÎ&GDKµJCDGTGUVCFQQUEWTQEWCPFQUG
HWGRQTSWGPQNQXKUCNKTÏC³CFKµ
UQN,KZKQ¡OLKZEJQK³IWEJEJCCVOWLC¡R
VCCVUCD'NUQNECNKGPVCOWEJQGPNCU\QPCU
E£NKFCU
8«CUGVCCV
LKEJEJCCVLKZFJCCOMCOU0WGUVTQ2CFTG
%GNGUVKCN6CCDJCMLC¡MMKDCCTVWFWWMEJW¡P
IWEJEJCCVLKZFJCCOMCOPCUCRDC¡O©M
LCK¡EJMC¡IWUWWFCK¡'PNC«RQECFGUGSW¯C
0WGUVTQ2CFTG%GNGUVKCNJCEGNNQXGT
EQPVKPWCOGPVGRQTCNIWPQUF¯CURCTCSWGJC[C
CIWCRQTO£UVKGORQ
LKEJ)©¡MQTC¡U0WGUVTQ2CFTG
EGNGUVKCNÎ,KZ
FJCCOLWRVW¡KK¡IWEJ)©¡MQTC¡6©L©©¡³FJC¡
RKODWK³QTD©©ZLCOLWLWTM©¡PÏLWRMCK¡EJIW
RCCNJÎ0WGUVTQ2CFTGGUV£GPGNEKGNQ%TGCPGP
«NFGVQFQEQTC\µPÏFKLQGNUCEGTFQVG
LKEJQ¡PVCOURCVKQOC[QTRCVKQEQOWPCN
FGN
OKVQVGVTCFKEKQPCNÎ/©L©F©TDJCEJWLCO
LQQEJZK¡³IWZMCK¡PCRKOUCROWK¡ZKP©K¡RWK
IWZKQVCNJO©L©EJQ¡PVC¡OÏLWRMCK¡EJIW
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
QTQUKKTÎ'NIQDGTPCFQTVTCFKEKQPCNNGUOCPFC
NNCOCTRCTCSWGXC[CPCDCKNCTGNOKVQVGGPGN
RCVKQEQOWPCNÏFKLQGNCNIWCEKN
LKEJ:QK¡MCOU%TKUVQ,GUWETKUVQ
NKVPWGUVTC
RGTUQPCJWOKNFG)WEJ:QK¡MCOLKTFK¡PCV&KQU
DJCLQQVLKZFJCCOF©TDC¡UQK¡OFWWCCEJ
LKEJC¡OMCO[C¡FJKQK¡³IC¡PDJCCPRWK¡
MWEJDC¡RWK¡KKOPCTLKEJ:QK¡MCO,GUWETKUVQ
GUGNSWG&KQUGPXKµFGNEKGNQCNOWPFQGNEWCN
UGJWOKNNµRQTPQUQVTQURQTNQSWGFGEKOQUSWG
GUPWGUVTQ%TKUVQ8«CUGUQK¡
LKFJ©F©ORWI©MCFXCNQUEWTGEGT&CKLK
FJ©F©ORWI©MLKZLQK¡³PCDJCLC¡RDCFCFC¡FC¡
FJKPCMO©NJ#NQUEWTGEGTGUEWCPFQNGIWUVC
UCNKTCXQNCTCNOWTEK«NCIQ
LKFJQQTUEQOKFC
JGTXKFC/K¡ZKEJQ¡KK¡³IW
UWWFCK¡FJKLKFJQQTRCPCCUDCLKICCPCIW¡
O©MDCVQVRQM‹EJCNGCIWCCGUVCEQOKFCSWG
GUV£JKTXKGPFQRCTGEGSWG[CUGUGEµRQTSWG[C
JKTXKµOWEJQTCVQ=RNLK¡³FJQT?
LKFJQQTC¡XaVJGTXKT
EQOKFC-©¡ORKICKCRLK³
OCTCCZFJKDJCDPCRDC¡DCVWLKFJQQTC¡PC
IW¡IKKNJKOLKZLQQFCK¡.KORKCUGUVQUHTKLQNGU
CPVGUFGRQPGTNQUCJGTXKTOKLCRQTSWGVKGPGP
OWEJCURKGFTCU=RTGVLKFJQQRTGULKFJQQT?
LKIKCTCFLDTQPEQ
CPKOCNFQO«UVKEQ%JCOMC
LKIKCTCCFJKOMCDCK¡PCUCCMOCC¡PPCOLK
DWRRCFC¡!6QFCX¯CGUDTQPEQVWECDCNNQ!2WGU
FKEGPSWGUGIWKFQVGVWODC=RNLK¡PIKCT
EQRLKT?8CTL©IKCT
LKIKCTWOCFLUCNXCLG
CPKOCNFGNOQPVG
%JCOOKC¡PLWOC¡L©¡PIWUWKOCNJPCIW¡T
LKIKCTWO'NXGPCFQPQFGLCSWGPCFKGUGNG
CEGTSWGRQTSWGGUUCNXCLG
UKNXGUVTG
RNCPVC2WK¡RLKZLCK¡EJIW[CCVWK
LK¡PIKCTWOFCKPCEJCOLKTLWOMWC¡FCO
6CODK«PJC[RCRCUUKNXGUVTGUPCFCO£USWGPQ
UGEQOGP
=RNLK¡PIKCTWOEQRLKT?8CTL©IKCTWO
LKI©ZKC¡XaKECGTUG
FGUFGWPCCNVWTC
&CKEJI©FC¡CRPCREJCOLKI©ZKC¡8GUGPVCFQ
RCTCSWGPQVGECKICU
UGTCDQTVCFQ+K¡O©VIWZKZIC¡PPC³UCCM
OCC¡PMCOOCMKC¡I©V(WGTQPCDQTVCFQUNQU
ECEJQTTQUFGNQUEWCNGUVGKDCCFCTWPQ
=UWLRNKK¡³ZKC¡RTGVLKI©KKK¡RTGULKI©¡PU©
KKI©U?
♦LKI©©ZIC¡PRTGOCVWTQ
PCEKFQCPVGUFGN
FGDKFQVKGORQ
LKKMWNJ
LKIW¡RCTV+PFKECOC[QT«PHCUKU,QKFJCOLWRLKZ
FJCPLKIW¡LKCIWDJGUGGTIW©NJK¡EJVQQZMQNJ
6©©¡PCDC¡R©ZOKM©©MK¡PCRCLC¡MLKO'N
OCTTCPKVQNGIWUVCCPFCTEQPGNDGEGTTQ(¯LGUG
SWGNGUKIWGFQPFGCPFG=)TCO?8CTLK
IWK¡8«CUGLK
LKK=RTGVFGLKOKC¡?HWGXKPQ
LKKDUOCUC
DCVKFCEQPCIWC)COO©L©
VQK¡DK¡³FJC¡IW³³CCPIWZKKIC¡PIWLKKDPC
IW¡ZFJCC¡PCFCKRWOCC¡PVWUQK¡/KOCO£
UKGORTGNGFCOCUCDCVKFCEQPCIWCCNRGTTKVQ
RQTSWGGUGN¼PKEQSWGVKGPG
LKKDC¡XaVTCURCT
RCTCJCEGTJWGEQGUECTDCT
%JCOLKKDCDCMIWLCTQK¡IWK¡IQMFCKPCVZK
DCZDJCM%JCOVW¡OKUWW¡PPC³OK¡DCV©
P©KFJKO#NIWKGPNGUCEµGNCIWCOKGNCNOCIWG[
RGTQPQNQTCURµQVTCXG\2QTGUQPQJCD¯CPCFC
EWCPFQHWKCUCE£TUGNC
NKLCTCRNCPCT,KKDC¡CR5KOQQPFJKDCK³FJCU
DJCKPCDC¡LQKFJCOLKZFJCCRCMMC¡.KLCGN
OCPIQFGNJCEJC5KOµPRCTCSWGSWGFGDKGP
NKUQ
JCEGTICEJCU
FGRKPQNG6WLKKDC¡CR2GGITQ
IWVWKUCRMWEJZKKQ¡LKDCMQQMZKC¡*C\
ICEJCUEQPGNRKPQNG2GFTQRCTCVQO£TPQUNCU
CPVGUFGKTCFQTOKT
=RTGVLKKDCRTGULKD?
LKKEJQDC¡UXKWFCPGITC
CTC³C%JC¡ROKLC¡R
LC¡MF©TVWKCDWFC¡IWLQQFCKEJKQ¡³/K¡VW¡
LKKEJQDC¡OKFJCCMCVLWRDCOM©K0QCPFGU
XQNVGCPFQNCURKGFTCUJKLQRQTSWGRWGFGJCDGT
WPCXKWFCPGITCRQTCJ¯[VGRWGFGRKECT
=RNLKLKKEJQDC¡?
LKKMC¡XaVEQTVCT
EQPEWEJKNNQVKLGTCUQUGTTWEJQ
-CDWKOWMLC³LKKMC¡IWLCDCRQQFJKMCMCUPKT
PC³OCC¡PVWEJK³KC¡IWUC¡WC/C³CPCNGU
XQ[CEQTVCTNCNCPCCGUVQUDQTTGIQURCTCOCPFCT
CJCEGTWPCEQDKLC=RTGVLKKMCRTGULKKM?
LKKMFCOURGNWSWGTQRGNWSWGTC#CREJCO
KCOLKTLKKMFCOPCRLK³LKKMC¡!0QGTGU
RGNWSWGTQRCTCSWGOGEQTVGUGNECDGNNQ!
♦OCKLKKMFCOUEQTVCFQTFGOCIWG[GU
LKKMWNJUV¯Q
JGTOCPQOGPQTFGNRCR£:KD
UCROQQDJCLKOIW³LKKMWNJPCDJCDJ©KTC¡IW
DCK³FJCUW¡PPCV[C¡RWRDKKDCUVCMCCDPCV
[C¡EJRCNJDWKPCVLCK¡VWLKKDCIWVQQZMQNJ
&KEGOKV¯QSWGRTQDCDNGOGPVGXKGPGJQ[RCTC
NNGXCTUGUWJCEJCSWGUGSWGFµCSW¯CPVGC[GT
EWCPFQPQUC[WFµCSWKVCTNGNCRKGNCNOCTTCPQ
UQDTKPQUQDTKPC
JKLQQJKLCFGNJGTOCPQOC[QT
'&+%+•024'.+/+0#4`
LKKN
6'2'*7ƒ0Ê'52#“1.
FGWPJQODTG,C¡Z³KUCRDJCLKOIW³LKKMWNJ
PCLCK¡EJRCNJDWKFJC¡PCEJVWQT&KEGOK
UQDTKPQSWGXKGPGCNTCVQRCTCC[WFCTPQUC
RK\ECT
=RNLKMMWNJCRQULKKMWNJK¡³LKMMWNJK¡³?
LKLKMVQD=RNFGLKMVQD?CZKNCU
=CRQULKLKMVQDC¡P?
LKKNUJKNQ$JC³DJ©K¡³IWZEJWCLKKNPC³M©¡P
LKLKRVC¡=RNFGLKRVC¡?SWGVKGPGPRKQLQU=EQRLKZ?
LKLK¡DUQP=RNFGLK¡DUQP?XGLKICU
LKMUQODNKIQ&JQIWOCDWKN6GTGGUCPCR
LKKO=RTGURNFGLKOKC¡?2GLOK¡LKKOCOCNN¯
LKMEJKC¡XaTEQTVCTUG
EQPWPQDLGVQRWPVKCIWFQ
UQQOFJC¡IW4WRGTVQIWUCDWKTCZK¡³PCRWK¡R
VW¡OLKZEJWC6T£GOGOKJKNQSWGGUKIWCNFG
DNCPEQSWGNQUECN\QPGUFG4QDGTVQRCTC
TGOGPF£TUGNQU
XCP
LKKOEJW¡=OQXRNFGLKOKC¡?2GLLKKOEJW¡CO
XCPECOKPCPFQ
LKKOFCM=RNFGLKOFCO?XKCLGTQU=EQRLKT?
LKKOFC¡=EQPVRNFGLKOKC¡?GUVCT£PCPFCPFQ
LKKOFJC¡=RNFGLKOFJC¡?SWGECOKPCPTGEKQ
=EQRLKZ?
LKK³MKC¡XaKITKVCTEJKNNCT,KK³CMIW
OCKOMCOZKEJWUCDFCVEJKIW¡LQKFJCOVÀ
MÀÀPCDCZOCKO'NDQTTCEJQGUV£ITKVCPFQ
EQPNCO¼UKECRCTGEGSWGNGIWUVCQ¯TNCRQTSWG
GUV£GDTKQ
ECPVCT
ICNNQ$CVWOCCZKNJKODCMPCDC¡
DCLKK³CMIWVCMCCTWK¡2CTGEGSWG[CGUV£
COCPGEKGPFQRQTSWG[CGUV£ECPVCPFQGNICNNQ
=RTGULKK³CMRTGVLKK³?
LKKUOC¡XaVTGEQUGTTGOGPFCT
WPCRTGPFC
GURGE¯HKEC,CK¡DCMEJCOR©MDJCK¡LKKUWOMC¡
IWRCPVCNQQPKU#C³VCMCCDCOZKUCTIW³
RCPVCNQQPPC³MCV©VDKCIWDCUMKUDQN2CTGEG
SWGCNIWPQURCPVCNQPGUPQGUV£PDKGP
TGOGPFCFQURWGUC[GTUGOGFGUEQUKµOK
RCPVCNµPEWCPFQGUVCDCLWICPFQDCUSWGVDQN
XaTTGEQUGTTGOGPFCT
TQRCGPIGPGTCN#C³
[C¡V©K³LKKUWOPC³LK³EJ©K¡FJC¡PC³DCVDKC¡
#SW¯GUVQ[TGOGPFCPFQCNIQRCTCRQPGTOG
FGURW«UFGDC³CTOG
=RTGVLKKURTGULKKUWO?
LKLKKUKPVGUVKPQU,KZMCCRCMVWLKLKKIWWWR,KZ
DJCK¡OIKKIKCTIK¡³IWNCDGGT'N\QTKNNQVKGPG
KPVGUVKPQUDKGPFWTQUSWGUKTXGPRCTCJCEGTNCU
EWGTFCUFGWPXKQN¯P=CRQULKLKK¡³?
LKLKKEJQDC¡=RNFGLKKEJQDC¡?XKWFCUPGITCU
CTC³CU
LKLKM=RNFGLKM?QODNKIQU
LKLKMRC¡=RNFGLKMRC¡?VTGP\CU
FG\Q[CVG
WOWC¡³FJC¡PCOFCIKCUC¡PCDC¡FCKDW¡IWO
LKMPCRWK¡ZLQK³&GDGURGFKTNGCVWCDWGNC
6GTGUCSWGVGEWTGRCTCSWGUGCUKGPVGVWQODNKIQ
[PQUGOWGXCVCPVQ=RNLKLKMCRQULKMWW¡P?
,WOLKMEJKC¡OQQFJKMWZKKTPCROK¡DWCO
DWC$CCU©¡PLCRV©MKC¡6GXCUCEQTVCTEQPGUG
EWEJKNNQUKLWGICUEQP«N&GDGURQPGTNQGPUW
NWICT=RTGVLKMKKEJRTGULKMKCM?
LKMMWNJ=RNFGLKKMWNJ?V¯QUUQDTKPQUUQDTKPCU
=CRQULKMMWNJK¡³?
LKMOC¡CFLSWGJC[PKGDNC,KZKQ¡OLKZ
EJWMICOFJQIKLKZKDPCIW¡ZEJ©DCC¡IKQ
PCZLKMOC¡'UV£OW[QUEWTQJQ[RQTSWGGUV£
PWDNCFQ[JC[PKGDNC=EQRLKZ?
LKMQQOUPKGDNCPGDNKPC$JCK¡LKEJ©UFKC¡IW
LKMQQOPCRCK¡FJWWMMKDCCTFWWMFC¡.C
PKGDNCCRCTGEGEWCPFQNNWGXGEQPVKPWCOGPVG
LKMRCVC¡XaVVTGP\CT
\Q[CVG$©©R©¡OCC¡PCEJ
VWLKMRCVC¡PC³DC¡R©MDCRFW³KC¡IWWOWW¡
DQPCCO2CTCJCEGTWPUQODTGTQRTKOGTQUG
PGEGUKVCPJCEGTVTGP\CUFG\Q[CVG=RTGVLKMRCKQ
LKMRCVCRTGULKMRCV?
LKMRCZFJC¡XaDVTGP\CT
\Q[CVGRCTCQVTC
RGTUQPC/CC¡PLCRLK³LKMRCZFJC¡IWWOWW¡
#OLKZEJWDQPOCVCOK³6T«P\COG\Q[CVG
RWGUVGPIQICPCUFGRQPGTOGWPUQODTGTQ
VTGP\CT
ECDGNNQFGQVTCRGTUQPC:K³LKMRCZK¡³
IW³MWWRMCRDJCK¡PCROK¡R©ZLC¡RFCCPCR
EJCOVW¡LCZDWC6T«P\COGGNECDGNNQRWGUPQ
GUV£UJCEKGPFQPCFCO£USWGGUVCTUGPVCFCCNN¯
=RTGVLKMRCZRTGULKMRCZK¡³?
LKMRC¡UVTGP\C
FG\Q[CVG6©V©DICVIW³MWWNUK
OCC¡PIWLKMRC¡PCUCRLWRFW³KC¡OCC¡PIW
DQPCCO/KCDWGNQGUV£GORG\CPFQWPCVTGP\C
FG\Q[CVGRCTCJCEGTWPUQODTGTQ=RNLKLKMRC¡?
LKMVQDUCZKNC#NJK¡EJLK³OCCMIWK¡PC³LKMVQD
COLWOLWTPCLQKFJCOWWDPC³ZK³LWWTWK
PC³EJCOLKZLKMVQDWWDVW¡POWLC¡RRKCUVC
PC³KEJIW¡EJCODCVDKC2T«UVCOGVCPVKVQ
FGUQFQTCPVGRCTCRQPGTOGRCTCSWGPQOG
JWGNCPHGQNCUCZKNCUEWCPFQXC[CCNCHKGUVC
RWGUPQOGDC³«=RNLKLKMVQD
CRQULKMVQDC¡PLKLKMVQDC¡P?
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
LKOEJWFC¡XaKCTCTGUECTFCT
EQPCTCFQUKP
CNGVCU,KZDJCK¡VWOLKOEJW¡PLKC[C¡PCL©¡Z
EJCOLQQFCK¡PCTFCKF©D©©T5GRWGFGCTCT
DKGPCSW¯GPGUVGRGFC\QFGVKGTTCRQTSWGPQ
VKGPGOWEJCURKGFTCUGURWTCVKGTTC
0QTOCNOGPVGUGRTGRCTCNCOKNRCEQPCTCFQUKP
CNGVCUEWCPFQGORKG\CCNNQXGTRGTQEWCPFQNC
VKGTTCUGOQLCDKGPUGUKGODTCEQPCTCFQEQP
CNGVCU6CODK«PUGGUECTFCNCOKNRCUKPCNGVCU
EWCPFQGNOC¯\GUV£RQEQCNVQRGTQEWCPFQ[CGUV£
ITCPFGCPVGUFGSWGUCNICPNCUGURKICUUGGUECTFC
WPCXG\O£UEQPCNGVCU[NWGIQUGSWKVCNCJKGTDCC
OCPQ=RTGVLKOEJWFCQLKOKKEJ
RTGULKOEJW¡P?
LKOFCOUXKCLGTQXKCLGTC
NKVGNSWGCPFC
,C¡Z³KUCRLKTLKOFCOIW³³WWEJKZ-QTKCP
LC¡M/£UVCTFGKT£
NKVUGT£XKCLGTQOKEW³CFQ
C&WTCPIQ=RNLKKOFCMEQRLKT?
♦OCC¡PLKOFCOCFXFGWPCXG\
LKOFJC¡CFLSWGECOKPCTGEKQ,WRZKEJ©¡©©M
IW³FJKZKKMPCUCRRCK¡FJWWMIKQDJCK¡RDC
RCZKCTPQ¡ZKQ¡ODCZLKOFJC¡IWOCTCC¡P/K
V¯CFKLQSWGCNI¼PF¯CXCCXGPKTQVTCXG\C
XKUKVCTPQUEWCPFQUWPK³Q[CECOKPGO£U
=RNLKKOFJC¡EQRLKZ?
LKOKC¡XaKKT#CRCCD©©ZLKOKC¡PCOUCCM
V©VDKRW¡OW6QDCCVCOMCDWKOWM!6¼
VCODK«PXCUCKTOC³CPCEWCPFQLWGIWGPGP.C
)WCLQNQVC!
XGPKT/WF©TDJCLKOKC¡COPCODJCO
PCOMKRW¡PQ¡ROWK¡DCLKO&GCNN£XCPC
XGPKTRCTCGPEQPVTCTVGUKXCU
=UWLRNLKOKC¡RTGVLKKRTGULKOLKKO
EQPVLKOO©FC¡OQXLKOEJW¡LKKOEJW¡
RTQITLKOFC¡LKKOFC¡RWPVLKO©©M?
LKO©K³³QNJKC¡XaKEQTTGTJWKT
RQTOKGFQ
/QQEJCNJLKDQK¡³IKC¡DJCK¡PCEJDJK¡³³KIKC¡
PCDC¡EJCOLKEJCC[C¡FJK¡PCICVWWMF©TDJC
LKO8COQUCEQTTGTCFQPFG[CPQPQUXGCP
RCTCSWGPQPQUCNECP\G«UGSWGXKGPGCVT£U
=UWLRNLKDQK¡³³QNJKC¡QLKDQK¡³IKC¡
RTGVLKO©K³³QTLKDQK¡³³QTOQXLKO©K¡³³Q¡PVW¡
LKDQK¡³³Q¡PVW¡?8CTLKO©K³WNJKC¡LKOK³³QNJKC¡
LK³RTGHaUOKOKU
RQUGUKµPFGNCRTKOGTCRGTUQPC
FGNUKPIWNCTt,CTQQIC¡PFJKICIQQZ!tLWR
MCK¡EJIW,WCPt#C³FJQTLK³ZQK¡tLWR
MCK¡EJIW2GGITQt&GSWK«PGUGUGRGTTQ!
tRTGIWPVµ,WCPt'UO¯Q
NKV[QGUOKRGTTQ
tEQPVGUVµ2GFTQ=5GRTGUGPVCFGURW«UFGWPC
EQPUQPCPVGPQINQVCN)TCO?8CTʳ
LKTOCC¡P
LK³RTGHaXOG
EQORNGOGPVQFKTGEVQQKPFKTGEVQ
FGNCRTKOGTCRGTUQPCFGNUKPIWNCT/CC¡PLCRLWR
LK³FJWK³FJC¡IWCUCCM,WOPCOMKFJC¡K³
2QTHCXQTJC\OGWPOQTTCN[VGNQRCIQ
OG
EQORNGOGPVQTGHNGZKXQFGNCRTKOGTCRGTUQPC
FGNUKPIWNCT$JC³DJ©K¡³IW³FJWK³MCTLC³ZK
EJ©F©©¡PPKC¡PC³M©¡PLK³L©©RFJC¡PC³LKZ
OCIQQP6T£KICOGOKRKRCRCTCHWOCTWPTCVQ
RCTCFGUECPUCTRWGUGUVQ[OW[ECPUCFQ
=5GRTGUGPVCFGURW«UFGWPCEQPUQPCPVGPQINQVCN
)TCO?8CTʳ
LK³CDQQ¡UVWPCDNCPEC
E£UECTCCOCTKNNCRNCPVC
EJCRCTTC)QQMLCRWC¡TC¡.WKUIWLK³CDQQ¡
OWOOWF©TICKPCVWWV,KZ³CCK³8GCNC
NCFGTCCVTCGTWPCUVWPCUDNCPECU.WKU6GPIQ
ICPCUFGEQOGTOGWPCU
♦LKZD©R©©¡LK³CDQQ¡UVWPCTQLC
LK³MCKFJC¡XaVNGGT$JC³DJ©K¡³IW³W¡WCP
MW³CNJKQZKEJWLK³MCKFJCKPC³DC¡OQQDC
MQZKC¡6T£GOGOKNKDTQRCTCNGGTWPTCVQCPVGU
FGFQTOKTOG=RTGVLK³MCKRTGULK³MCK¡³?
8CTLK³MWKFJC¡
LK³MCKFJC¡XaVITKVCTJCDNCTHWGTVG
CQVTC
RGTUQPC$JCK¡ZKLK³MCK¡³IWOZKKZMWZKEJW
LWICKPCDC¡IKQRDCVWLWCPC¡$CZDJCKIW
MQK¡)T¯VCNGCVWJGTOCPQRCTCSWGXGPICC
EQOGT[NWGIQXWGNXCCVTCDCLCTRQTSWG[CGUV£
NKUVCNCEQOKFC=RTGVLK³MCKRTGULK³MCK¡³?
LK³MCKZFJC¡XaDNGGT
CQVTCRGTUQPC,CZDC¡O
MCK¡EJEJKFJKW¡WCPPCVDJC³LQQEJZKIW
2KNKKR!'CROK¡FJ©TOK¡ZK³LK³MCKZK¡³,QUGG
3W«FKT£NCECTVCSWGPQUOCPFµ(GNKRG!2QT
HCXQTN«GOGNC,QU«=RTGVLK³MCKZ
RTGULK³MCKZK¡³?8CTLK³MWKZFJC¡
LKRVC¡CFLSWGVKGPGRKQLQU
DNCPEQUGPGNEWGTRQ
)KKNJKODCZKMQQTC¡IWOCMI©OIKQEJKPCDCZ
LKRVC¡PCIW¡OCC¡POCUCC¡PDCZZKFJWW'N
EWTCPFGTQ[CGUV£OW[UWEKQ[RTQDCDNGOGPVG
VKGPGRKQLQURQTSWG[CVKGPGWPOGUFGGUVCT
DGPFKVQ=RNLKLKRVC¡EQRLKZ?
LKTEN¯V+PFKECEµRWNCFGNQUUWUVCPVKXQU[CNIWPQU
CFLGVKXQURGLDJCLC¡RLKTLWMICOGUUKGTTCRQT
CNN£LKZKQ¡OLKTIÀ¡GUOW[ITCPFG=5GRTGUGPVC
FGURW«UFGWPCEQPUQPCPVGPQINQVCN)TCO
[?8CTÊT
LKTOCC¡PCFXUGIWKFQCOGPWFQ$CCU
LCRKOMCZKDCKFJKMC¡FJKEJKQ¡³,KTOCC¡PPC
DJCLC¡MLK³DCKUU©PPC³OK¡VW¡ZDWC.NGXGPC
GUVGPK³QO£UCNN£5GIWKFQOGGUVKTC[OG
OQNGUVCGPNQSWGGUVQ[JCEKGPFQ
'&+%+•024'.+/+0#4`
LKZ
6'2'*7ƒ0Ê'52#“1.
UKPFGUXKCT,KTOCC¡PVCMPCVDJ©KIWVWWT
D©©ZDQKRWOWOOWLKCKZKEJR©ZOCCZ
MKKEJCO'NVQTQUGHWGRQTGNECOKPQUKP
FGUXKCTUGRWGUUGXGPUWUJWGNNCUJCUVCNCECUC
LKZEN¯V+PFKECEµRWNCFGNCOC[QT¯CFGNQU
CFLGVKXQU,QKFJCOLKZM©M©©¡VWTCTQK¡³FJKO
MCTTGGV5QPOW[DWGPCUNCTWGFCUFGVW
ECTTGVC
+PFKECGNGUVCFQFGNVKGORQOGVGQTQNµIKEQ#O
LKZFJWWFWKOVWVW¡KK¡-C¡DC¡RWK¡R©ZVW
VW¡KK¡CCEJK!8CCNNQXGTQPCFCO£UCU¯
RCTGEG!
=5GRTGUGPVCFGURW«UFGWPCEQPUQPCPVGPQINQVCN
)TCO[?8CTÊZ
LKZD©R©©¡LK³CDQQ¡UVWPCTQLC
LKZEJCOCCOCFLEKPEQ,KZEJCOCCOLC³KEJ
V©KOC¡[CUCIWUWKOCNJ2WPKOOCC¡PMW³KEJ
CK.GVKT«EKPEQVKTQUCNXGPCFQRGTQPKPIWPQNG
FKQ
♦LKZEJCOCCOMCRGPEKPEQNWICTGU
♦LKZEJCOCCOC¡PCOUQPEKPEQ
LKZEJCOCCOKOCFXEKPEQXGEGU,KZ
EJCOCCOKOLC³KEJLK³L©©RVCMCCDPC³DJC
LKOOWF©T-Q¡MQNJ-©©M&GUECPU«EKPEQXGEGU
C[GTEWCPFQXGP¯CECOKPCPFQFG%JKNCRC
LKZFJCCOUEKGNQHKTOCOGPVQ,KZEJ©©FW¡Z
OCCZIWZFJCCOPQ¡ZWC³'NEKGNQUGXGC\WN
EWCPFQGUV£FGURGLCFQ
EKGNQ
FQPFGGUV£&KQUÎ0CRUQK¡O©NJFJCK
RWEJ©©FC¡FJQIWEJ:QK¡MCOPCVWOWC³FJC¡
IWOWC¡VWNJFJCTC¡PCDC¡ODCKFJKMC¡LKZ
FJCCOLC¡MÏLWRMCK¡EJIWRCCNJÎ6KGPGUSWG
RGFKTNGC,GUWETKUVQSWGVGRGTFQPGVWURGECFQU
RCTCSWGVGNNGXGCNEKGNQÏFKLQGNUCEGTFQVG
LKZFJCCOFWWMCFXCNOGFKQF¯C
EWCPFQGN5QN
GUV£FKTGEVCOGPVGCTTKDC,KZFJCCOFWWMLC³
OQQDCVDKTC¡OWCMM©¡PPCZLWWMMC¡IW
UWWFCK¡8Q[CKTCDC³CTOGCNOGFKQF¯CGPGN
T¯Q[CEWCPFQGUV«ECNKGPVKVCGNCIWC
8«CUGFWW
♦LKZFJCCODCFWW[CGUOGFKQF¯C
LKZLWWMCNJICOUDGDKFCGODTKCICPVG%JC¡R
CNJK¡EJWC¡MCVCCFJKZLWWMCNJICOPCEJ
V©VMCFC¡ZKDPCZL©©RK¡³!0QVTCGUCNIWPC
DGDKFCGODTKCICPVGRCTCSWGPQUGEJGOQUWP
VTCIQ[CSWGJCEGHT¯Q!8«CUGLWWMIKC¡
LKZMCK¡UIQDGTPCFQT
VTCFKEKQPCN,CTQQO©V
OK¡ZKFJCKIWZMCK¡M©¡P!#SWK«PRWUKGTQPFG
IQDGTPCFQTVTCFKEKQPCN!
'UGN
PQODTGSWGUGNGFCCNJQODTGSWGCEV¼CEQOQLWG\
RTKPEKRCN[CWVQTKFCFEKXKNO£UCNVCFGNRWGDNQ
FG5CPVC/CT¯C1EQV£P5GGNKIGRQTXQVQRQRWNCTGP
GNC³QPWGXQ
♦LKZMCK¡-QTKCPMCOIQDGTPCFQTFGNGUVCFQ
FG&WTCPIQ
LKZMCK¡EJKQ¡³DQTFC¡UOG\ECN
UCITCFQ,KZ
MCK¡EJKQ¡³DQTFC¡DCM©TCCDLWRZKDWCMIW
$GGVQOWOOWPKR©ZMQQUIKQV©T2CTGEGSWG
$GVQVQOµOWEJQOG\ECNUCITCFQRWGUGUV£
FQTOKFQCNN£GPGNNNCPQ
.QULµXGPGUVQOCPGN
OG\ECNUCITCFQGPGNOKVQVGEWCPFQ[CUGNGU
EQPEGFGGNRGTOKUQFGVQOCTRQTRTKOGTCXG\&KEGP
SWGTGRTGUGPVCGNUWFQTFG0WGUVTQ5G³QTEWCPFQ
UWHTKµ6CODK«PUGWUCEQOQGWHGOKUOQRCTCGN
OG\ECNEQO¼P
LKZMCK¡MQEJKC¡OCNJUOC[CVG,C¡RLKZEJW
LQMKCUCTC¡IWZMCK¡MQEJKC¡OCNJPQ¡VFCK¡EJI©V
LK³C¡OI©K5KOGECGWPOC[CVGGPGNEWGTRQ
OGTCUIW³C
LKZÊORTGHaXa[UWHaX+PFKECFGUGQFGNNGXCTC
ECDQWPCCEEKµP0CCUCOLKZLQK³KOFJK
OCCEJW¡0©KFJCVLCRKOPCEJCOLCO
MCMRKCUC¡2CTGEGSWGGNOCEJQSWKGTGTGRCTCT
%W¯FGPUGPQNQUXC[CCRCVGCT=)TCO?
LK¡UQTKPC)KKNJKOLKZLK¡WWDCREJKQ¡³/QQ
RKEJEJKOLK¡KKDVWMCC¡*WGNGUCQTKPCJKLKVQ
#NQOGLQTVGQTKPCUVGGPVWTQRCCPQEJG
=CRQULK¡KK³?
LK¡DUQPUXGLKIC,KZZ©¡NJKOLCROQQ©©M©KOCK¡
DWC¡IWLK¡DUQPIC¡PFJKVQQZMQNJPQ¡RKEJDC
LKDKQPCDC¡EJCOOKUWTPKC¡%WCPFQGUV«U
EQTVCPFQGNOCTTCPQ[GPEWGPVTGUNCXGLKIC
FGDGUSWKVCTNCEWKFCFQUCOGPVG[VKTCTNCRCTCSWG
PQUGTQORC[UGFGTTCOGUQDTGNCECTPG
=RNLKLK¡DUQPCRQULK¡DUQ¡PQLK¡DUQPIC¡P?
LK¡PIKCT=RNFGLKIKCT?DTQPEQU=EQRLKT?
8CTL©¡PIKCT
LK¡PIKCTWO=RNFGLKIKCTWO?UCNXCLGUUKNXGUVTGU
=EQRLKT?8CTL©¡PIKCTWO
LK¡³FJQT=RNFGLKFJQQT?EQOKFCU
JGTXKFCU
L©D=RTGVFGL©NJDKC¡?JK\QCKTG
L©DCCOW¡XaKFCTHKGDTG%JC¡ROWLC¡RQKT©FC¡
FWWMEJ©T5CCPVWU$JCK¡RFJQR©ZLKL©DCCOW¡
PCRLKDC¡PP©K0QCPFGUGPNCNNWXKC5CPVQU
RWGUVGXCCFCTHKGDTGWPCXG\SWGVGOQLGU
=RTGUL©DCCORWPVL©DCCOWM?
L©D©©NJUCKTGXKGPVQ,QKFJCOLKZLWWM[C¡FJK
DC¡MEJ©TPCIW¡EJKZDJCK¡MWWREJCODCCM
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
IWL©D©©NJ'UV£DKGPECNKGPVKVQCSW¯GPGUVCECUC
UGT£RQTSWGGUV£DKGPEGTTCFCRWGUPQGPVTCGN
CKTG
L©D©©TXaGJCEGTCKTG'GMW³L©NJDKFJC¡FJK¡³K
DJCDMCRDJCK¡PCLQKFJCOLKZL©D©©T8Q[C
VTKNNCTGUVQUHTKLQNGU[CSWGJCEGOWEJQCKTG
=EQRLKZ?
L©D©©TFC¡=EQPVFGL©NJDKC¡?GUVCTJCEKGPFQCKTG
L©DQQ¡CFLSWGGUV£HTGUEQ
VKGORQ#C³PCK¡DC
LKEJWRCZKCTCLKPCMCRDJCK¡DCZL©DQQ¡;Q
CPFQRCUGCPFQ[CSWGGNVKGORQGUV£HTGUEQ
=EQRLKZ?
L©DVQ¡³FJC¡XaTFGUECPUCT
VQOCPFQCKTGHTGUEQ
:KEJL©DVQ¡³FJCKKEJCNJKQRCK¡PCZ©©MC¡
8COQUCFGUECPUCTWPTCVQFQPFGJC[CUQODTC
=RTGVL©DVQ¡³RTGUL©DVQIK¡³?
L©IKCNJK¡UIWGTTC:KDUCRLKTL©IKCNJK¡DJCOO©
RCK¡FJ©TOQOMQTCOPC4WWUKCV©V©©¡#JQTC
JC[IWGTTCGPWPNWICTNGLCPQSWGUGNNCOC
4WUKC
L©IKCT=XCTFGLKIKCT?DTQPEQ
L©IKCTWO=XCTFGLKIKCTWO?UCNXCLGUKNXGUVTG
ÊL©K=XCTFGÊK?+PFKECSWGNCCEEKµPUGNNGXCCECDQ
KPOGFKCVCOGPVGCPVGUFGQVTCCEEKµP
L©©DCPMC¡XaKKTUG
RQTUWRTQRKCEWGPVC6CMCCD
LCEJV©KRWRZKEJ©P©©TCKO©MOW5WNKFCCPC
UCCMLKTC¡IKEJCOMC¡I©V#OR©ZVWLW¡#C³
DJ©L©L©©DCPLC¡RPKOKCFWWM#[GTGUVWXG
GURGTCPFQCNN£GP.C5QNGFCFRQTSWGKDCCJCDGT
WPCTGWPKµPRGTQPQJCD¯CPCFKG[OGTGITGU«
GPNCVCTFG=RTGVL©©DCP©RTGUL©©DCP
RWPVL©©DCP©M?
L©©DQURGUVC³CEGLC,KZVCVCK¡FJCMIWL©©DQ¡P
IW.WKUC-C¡DC¡IW¡ZKEJCVCK¡PMCFCM!.WKUC
VKGPGNCURGUVC³CUDKGPTK\CFCU#NQOGLQTUGNCU
TK\µCRTQRµUKVQ=RNL©L©©DQCRQUL©©DQ¡P
L©L©©DQ¡P?
♦L©©DQTCOGPUWEGLCGPUWRGUVC³C
FG«NQ
FGGNNC
L©©MK¡CFLEQPVGPVQIQ\QUQ,KZL©©MK¡FJKCNJKK
PCIW¡ZDJCK¡OVCCVPCO©VMKC¡R©ZVCC³ZKIW
UWWUMC¡P'UV£EQPVGPVQGUVGPK³QRQTSWG
CECDCPFGEQORTCTNGJWCTCEJGU=EQRLKZ?
L©©OKC¡XaKTG¯T,C¡RLWODWCCRPCRRCPCCU
UWCMPCRIKKNJKOL©©O2CTGEGSWGGUV£U
NNQTCPFQRQTGUVCTVGTKGPFQVCPVQ=RTGVL©©O©
RTGUL©©O?
L©©¡
L©©OKOCFLITCEKQUQEJKUVQUQ,KZL©©OKOVW¡O
FJKCVQZMQTPCLCZLC¡MUQDMQ³KZ'UEJKUVQUC
NCOCPGTCGPSWGGUVCUKNNCGUV£VCNNCFC
=EQRLKZ?
♦LKZL©©OKOVW¡KK¡UGXGEJKUVQUQ
♦LKZL©©OKOLWOMCK¡EJUGQ[GEJKUVQUQ
♦LKZL©©OKOVWDWCJCEGEQUCUEJKUVQUCU
L©©ORC¡CFLTKUWG³Q
NKVTKGPFQWPRQEQ/QQ
O©VEJKCNJLK³©©ZIW³ZC¡WCFJKLC¡VMCOPCO
DC¡COLKZL©L©©ORC¡VW¡PC³KEJIW¡DJCK¡R©Z
LC¡RMCUCK¡EJFJCMF©©TCRF©T#NQOGLQTGUC
IGPVGOGTQDµNCEQDKLCSWGFGL«EQNICFCCHWGTC
RWGUXCPTK«PFQUG=RNL©L©©ORC¡EQRLKZ?
L©©RFJC¡XaKRQPGTUGHT¯Q
CODKGPVG0Q¡
MKC¡R©ZMC[QQVIWV©VPKROCC¡PPCLCZ
M©DCK³C¡PQ¡VL©©RFJC5KUGRQPGHT¯QEWCPFQ
CRGPCUGUV£PHNQTGEKGPFQNQUGNQVGUUGJKGNCP
=RTGVL©©RFJCRTGUL©©RFJCTQLKZL©©RFJCT?
L©©RFJC¡XaTFGUECPUCT)QTLCOL©©RK¡³%JCO
DCOQOIQRKO©VCCPCRKOIWIWWM!;C¡³KIW
C¡VQZMCT0QUGJCPECPUCFQFGGUVCTRCTCFQU!
#SW¯GUV£PNCUUKNNCURCTCSWGFGUECPUGP
=RTGVL©©RRTGUL©©RK¡³?
♦LCOL©©RKPVGTLR£UGNG
NKVFGUECPUG
L©©RKT=RTGVFGL©RNJKC¡?UGGPHTKµ
L©©RK¡³CFLHT¯Q)KKNJKOLKZL©©RK¡³L©D©©T
VCMCCD/QQEJKI©KIWM©DDJCOO©LC¡M
LWMICO#[GTJK\QWPCKTGOW[HT¯QCSW¯ETGQ
SWGPGXµGPNCUKGTTC
SWGJCEGHT¯Q)KKNJKOLKZL©©RK¡³MCVVWMCC¡
#OV©KRI©DMC³KEJ*K\QOWEJQHT¯QCPQEJG[
RQTRQEQOGOQT¯CFGHT¯Q
=EQRLKZ?
L©©RNJK¡CFLSWGUGGPHT¯CT£RKFCOGPVG,KZ
L©©RNJK¡IWDCCMOCPVGGMEJCOVW¡RWK¡PCLCZ
IWVQQZMQNJOCPVGGM'NEGDQFGXCECUGGPHT¯C
O£UT£RKFCOGPVGSWGNCOCPVGECFGEGTFQ
=EQRLKZ?
L©©TMKC¡XaKITW³KTTWIKT#ODCL©©TQMFC¡IW
ICIQQZPQ¡R©ZCOMÀÀIWLCTQK¡PQ¡DJCK¡DC
LKO'NRGTTQGORKG\CCITW³KTEWCPFQQ[GSWG
CNIWKGPXKGPG=RTGVL©©TM©RTGUL©©TQM?
L©©¡KPVGTLU¯t/©©O©¡PCCIWLKFJQQTIW³
OCTCCZPC³KEJEJKC!tLWRMCK¡EJIW
/CTKK[Ct%JCOCCL©©¡PCDC¡VQVRQMtLWR
MCK¡EJIW,WCPCt/KJKLKVCCVK\µGNHWGIQ
FGDCLQFGNCQNNCEQOQNGRGF¯!tRTGIWPVµ
/CT¯Ct2CTGEGSWGU¯RQTSWGNCQNNCGUV£
JKTXKGPFQtEQPVGUVµ,WCPC8«CUGLÀÀ¡
'&+%+•024'.+/+0#4`
L©©¡O
6'2'*7ƒ0Ê'52#“1.
L©©¡OCFLSWGVKGPGHT¯Q&CCMCVLCRLWWMC¡PFC¡³
EJKQ¡³/QQEJCOL©©¡OCRCCMWRDC¡OW
LC¡RO©OTCFWWMEJ©T!5K«PVCVGCECNGPVCTVG
JKLQ0QVKGPGUHT¯QRQTCPFCTEQTTKGPFQGPNC
NNWXKC!=EQRLKZ?
L©©¡³FJC¡XaVETGGT
NQFKEJQQNQGUETKVQ,WR
MCK¡EJIW5COQKNPCUCROWK¡DKC¡IWVWWOK³
,C¡REJKOQQPCKCV,CTQQIKRL©©IK¡³!&KEG
5COWGNSWG«NVKGPGOWEJQFKPGTQ;QETGQSWG
GURWTCOGPVKTC3WK«PNQXCCETGGT!
=RTGVL©©¡³RTGUL©©IK¡³?
L©L©©DQ=RNFGL©©DQ?RGUVC³CU=CRQUL©L©©DQ¡P?
L©L©©ORC¡=RNFGL©©ORC¡?TKUWG³QU=EQRLKZ?
L©L©MIKC¡=UWLRNFGL©MIKC¡?2GLL©L©MIKC¡COUG
RQPFT£PEQPVGPVQU=RTGVL©L©MI©RTGUL©L©MI©T?
L©L©¡MQ¡POC¡=RNFGL©¡MQ¡POC¡?OQTCFQU
=EQRLKZ?
L©MDWC¡XaVQNXKFCT,C¡ROQQZDJCK¡L©MDWC
³KEJIWOCTCC¡PIW)CDTKCN,CZR©PV©©¡!
3W«H£EKNOGPVGUGOGQNXKFCGNPQODTGFGNJKLQ
FG)CDTKGN%µOQUGNNCOC!=RTGVL©MDWC
EQPVL©MDWRRCFC¡?
♦L©MLCRZKDWCLKVTCVCFGQNXKFCTNQ
L©MIKC¡XaKRQPGTUGEQPVGPVQCNGITCTUG/CC¡PZK
OCCMIWMCTWWOFJKCNJKKMWM©¡PL©MIKC¡
)KKNJKOO©MDCDJCCO&GNGWPRN£VCPQCN
PK³QRCTCSWGUGRQPICEQPVGPVQRWGU[CVKGPG
OWEJQTCVQGPQLCFQ=UWLRNL©L©MIKC¡
RTGVL©MI©L©L©MI©RTGUL©MI©TL©L©MI©T?
8CTL©MI©¡
L©MI©VFC¡XaVCPKOCT
CSWGPQNNQTGEQPVGPVCT
,©MI©VFC¡RKOIWCNJKK/©L©RCK¡IÀ¡DCUWUWC
#P¯OGPWUVGFGUCNPK³QRWGURQTCJ¯NNQTC
HWGTVGOGPVG=RTGVL©MI©VRTGUL©MI©VW¡P?
L©NJDKC¡XaKJCEGTCKTG,KZMCLCCPIWDC¡MK¡³IW
4C¡WNJPCVLKZKQ¡OL©DVWMCC¡'UV£
FGUDCTCVCFCNCECUCFG4C¼NRQTSWGJK\QOWEJQ
CKTGCPQEJG=RTGVL©DEQPVL©D©©TFC¡?
L©NJDKFJC¡XaVCIKVCTUQRNCT
CKTG/K¡RZK
L©NJDKFJC¡ODQPCCOM©¡PFJKVCKMWO©©[C¡
)KKNJKODJCLC¡MLKZMWWDJ©U5µRNCNGCNC
NWODTGEQPVWUQODTGTQRCTCSWGCTFCRWGU
GEJCOWEJQJWOQRCTCCE£
VTKNNCT
OC¯\HTKLQNQVTKIQ,©NJDKFJCK³FJK¡³K
LWWP2GGITQMCRDJCK¡PCLQKFJCOLKZL©D©©T
)KKNJKOLKZEJCPCCTC¡6TKNNCGUVGOC¯\2GFTQ
OKGPVTCUJCEGCKTGRWGUVKGPGOWEJCRCLC
VQECT
CKTGEQORNCPKO,QKFJCOVWVCVFC¡
PC³L©NJDKFJKOIWL©D©©NJPCEJV©
O©NJKKEJFJKOFJKMCDCKEJC¡O5GUKGPVG
DQPKVQEWCPFQOGVQECGNCKTGOKGPVTCUCPFQ
EQTTKGPFQCECDCNNQ
=RTGUL©NJDK¡³RTGVL©NJDK?
L©NJIC¡XaVVGPFGT
CUQNGCT6©L©NJIC¡CRIW
LCLCPPWNJDJCOO©PKMQTCCTVC¡OPCDC¡VW
ICMKC¡6KGPFGNCTQRCCNN£GPGNEQTTCNRCTCSWG
UGUGSWG=RTGVL©NJRTGUL©NJKK¡
EQPVL©NJKK¡PFC¡?
L©RNJKC¡XaVGPHTKCT,QKFJCOLKPCRZK
L©RNJKFJCKFJKK¡IWMPCRDC¡DCK¡[C¡#CRIW¡
RWK¡ZEJQK³DJCK¡DCLKKK5GT¯CDWGPQSWG
GPHTKCTCUGUCCIWCOKGNCPVGUFGVQOCTNCRWGUV¼
[CVGNCSWKGTGUVQOCT[GUV£ECNKGPVG
XaKGPHTKCTUG$CL©©RKTIWODJKKPCRUCCMVW
LWIKC¡0QSWGKDCUCEQOGT!;CUGGPHTKµVW
EQOKFC
XaKDCLCTECNGPVWTC$CL©©RKTLC³KEJEJCO
VW¡MCVQK³K³/QQEJKDCFWC³KEJ;CUGOG
DCLµNCECNGPVWTC[[CPQVGPIQHKGDTGETGQSWG
[COGCNKXK«
=RTGVL©©RKT?
♦ICPCK¡R©ZLKL©©RKTUGOWTKµ
L©RNJKZFJC¡XaDGPHTKCT
RCTCQVTCRGTUQPC/K¡
FJ©TZK³L©RNJKZK¡³FJK³MCRGG¡IKKNJKOLKZ
EJQK³/C³O©K¡³PC³KEJDJCK¡V©KZKKK
'PHT¯COGGNECH«RQTHCXQTRQTSWGGUV£OW[
ECNKGPVGRWGUOGSWGO«CNVQOCTNQ
=RTGVL©RNJKZRTGUL©RNKZK¡³?
L©¡F©NJMCFC¡XaVUGRCTCTCRCTVCT
EQORNRN
,CZMWRDC¡LCL©¡F©NJMC¡PFJKMCMCTDCZ!
%JCOVW¡CCOD©©ZLKTCCRIC¡P!2QTSW«
GUV£UUGRCTCPFQGUVQUEJKXQU!0QUQPVW[QU
VQFQU!
XaTUGRCTCTUGCRCTVCTUG
UWLRN#OR©ZLWO
L©¡F©NJMC¡PCOIWDCCMCUDCMIW¡EJCOLWO
FCFC¡PCO5GCRCTVCPNCUXCECUEQOQSWGPQ
UGSWKGTGP
=RTGVL©¡F©NJMCKRTGUL©¡F©NJMC¡P?
L©¡©©MCFLCITKQ,WOCC¡PCEJLWIKQMC¡FJK
DJCDLKFJQQTPCIW¡PQ¡VDJCK¡DKKMCDWKOWM
LKZL©¡©©MMC¡&GDGOQUCECDCTPQUGUVQUHTKLQNGU
RQTSWGUKUGSWGFCPOC³CPCXCPCGUVCTCITKQU
=EQRLKZ?
L©¡MCFXEW£PVQ!EW£PVQU!,©¡MLCRM©¡P
IC¡TCFJKOCTRWWU!'PEW£PVQXGPFGUVW
OQTTCN!
CFLWPQU,©¡MIQQMOCUCC¡PLC³
LWTWW³FJC¡OWOOW8Q[CGUVCTCNN£WPQUFQU
OGUGU
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
♦D©©ZPCOL©¡MKC¡PVQFQUNQUSWGJC[C
L©¡MEJKCFLCNIWPQUXCTKQUt/WK¡CCO©VDC¡
MQKIWLC¡VMCOOWRCK¡PCRWK¡TL©IKCNJK¡MCV!
tLWRMCK¡EJIW5CDGGNt,©¡MEJKRC¡OQQR
MQKO©VLKIW¡tLWRMCK¡EJIW#NRQQP
t5GIWTCOGPVGOWTKGTQPOWEJCURGTUQPCURQT
CNN£FQPFGJWDQIWGTTCXGTFCF!tRTGIWPVµ
+UCDGNt2WGUU¯XCTKQUOWTKGTQPtEQPVGUVµ
#NHQPUQ
L©¡MKOCFXEW£PVCUXGEGU!,©¡MKOLCRKEJ
DC¡CKFJKODJQQVCU!%W£PVCUXGEGUVGJCU
RWGUVQVWUDQVCU!
CNIWPCUXGEGUXCTKCUXGEGU#C³EJCMWKRCK¡
EJ©©LKIW#PTGGUOWLC¡RFJK6WWURCPC³KEJ
L©¡MKOOWK¡DCLKKMWIW¡OK¡MCK¡³MC¡LKPC
QKT©FC¡V©K;QJGKFQC6WZRCPXCTKCUXGEGU
RGTQPWPECJGXKUVQC#PFT«UCWPSWGFKEGPSWG
CPFCDCCNN£
L©¡MNJKC¡XaKRQPGTUGCITKQ:KDJKRRKQ¡MCKCR
FJKV©OMCNJPCDC¡EJCOL©¡MNJKC¡PCIW¡
IKKNJKOLKZEJCVQK³&GDGUFGUVCRCTNCUVQTVKNNCU
RCTCSWGPQUGRQPICPCITKCURWGUJCEGOWEJQ
ECNQT=RTGVL©¡MQRTQITL©¡MNJKO?
L©¡MQNJUNKOCNKOµP,WOCC¡IWL©¡MQNJPC³
DKC¡MC¡/QQTTKOGFKQMC¡©RLKDQRCK¡L©'U
DWGPQVGPGTNKOQPGURWGUCXGEGUUKTXGPRCTC
CNI¼PTGOGFKQ
L©¡MQNJDCC¡UCIWCFGNKOµP#NJK¡EJDJCK¡ZK³
EJQK¡³IWL©¡MQNJDCC¡,KZEJCPQQOK³&GOG
WPCVC\CFGCIWCFGNKOµPRQTHCXQTRWGUVGPIQ
UGF
L©¡MQ¡PUCVQNGFGEWKVNCEQEJG
'PVKGORQU
FGEQUGEJCUGJCEGWPCDGDKFCOQNKGPFQGN
EWKVNCEQEJGEQPGNQVGU[NWGIQUGFGLCHGTOGPVCTRQT
WPQUEKPEQF¯CU&GURW«UUGJKGTXG[UGVQOCEQOQ
CVQNG
L©¡MQ¡POC¡CFLOQTCFQ
UWDKFQ/CC¡PLCR
DJCK¡ZK³DJ©KFJCKIWLCPPWNJLCZEJW¡OPC
LQKFJCOLKZL©¡MQ¡POC¡DJCOO©F©T-QTKCP
PC³KRWWTVC¡%WCPFQXC[CUC&WTCPIQRQT
HCXQTVT£GOGWPEQTVGFGVGNCDQPKVCFGEQNQT
OQTCFQRCTCJCEGTOGWPCHCNFCEQPGNNC
=RNL©L©¡MQ¡POC¡EQRLKZ?
L©¡MWOCFLCITKQ,KZL©¡MWOLKZOCKMCMIW
RK³CU.CURK³CUUQPCITKCU[FWNEGUCNCXG\
=EQRLKZ?
L©¡OC¡PCFLCNIWPQUQVTQU
RCTCEQORCTCT
,©¡OC¡PLCOLKTLKZEJWVWO³KICOL©¡OC¡PLCO
DC¡TRQQDTKUIWLC¡VMCO#NIWPCURGTUQPCUUQP
LQFCK
TKECU[QVTCUUQPRQDTGU
ECFCWPQ,©¡OC¡PLCRLCOCMKC¡FJKFWNUKU
IWOU©URK¡³&CNGUFWNEGUCECFCWPQFGVWU
JGTOCPKVQU
CNIWPQU
PCFCO£U$CLKDWDWCFJQDCMIW
UCCD6©©¡PCL©¡OC¡PR©ZCODCVCLCC³KZIW
OCK;CGORKG\CPCUCNKTNQUSWKQVGURWGUUG
PQVCSWG[CUGGUV£PCDTKGPFQNCURGPECUFG
CNIWPQUOCIWG[GU
L©¡PIKCT=XCTFGLK¡PIKCT?DTQPEQU=EQRLKT?
L©¡PIKCTWO=XCTFGLK¡PIKCTWO?UCNXCLGU
UKNXGUVTGU=EQRLKT?
L©¡P©IKC¡XaKJKRCTFCTJKRQ$©L©MLC³KEJDC
L©¡P©I©DCMIW¡PCRDJCLKOLK³MQOCCNJ/G
FKQJKRQGPNCOCFTWICFC5GT£RQTSWGV¼
XGP¯CUCXKUKVCTOGEQOCFTG!
5GFKEGSWGJKRCT
GUUG³CNFGSWGWPCRGTUQPCNGXCCXKUKVCT
=RTGVL©¡P©I©RTGUL©¡P©¡?
L©¡ZCFXSW«VCPVQ!,©¡ZLKTO©MOWOOWPCR
RCK¡MKQ!3W«VCPNGLQUXKXGU!
NKV3W«VCP
NGLQUGUV£CNN£FQPFGXKXGU!=5GRTGUGPVCCPVGUFGN
RTGHKLQEQRWNCVKXQLKT?
L©¡ZFJC¡CFXPWPECLCO£U0Q¡³LKZEJQK³
PQQPQDEJCOL©¡ZFJC¡I©¡NJKC¡IWVW¡PC³
©ZKC¡5KWPQPQVKGPGFQVGURCTCNCLCTFKPGT¯C
PWPECETGEGNQSWGRNCPVC
=0QTOCNOGPVGUGRTGUGPVCFGURW«UFGNPGICVKXQ
EJCO?8CTL©¡ZFJCVL©¡ZMCV
L©¡Z³KCFXCU¯
FGVCOC³QEQUCURGSWG³CUFKEJQ
EQPCFGOCPGU,©¡Z³KCNJIWMQ¡.CX¯DQTCGUV£
CU¯FGRGSWG³C
VCPVKVQ
VKGORQ$CDJCCLKOOQQFJK
DJQ¡OMQZLKFJQQTL©¡Z³KR©ZDCCC¡PC
VQVRQMKC¡;CECUKUGEWGEGGUGECNFQFG
VGEJCNQVG[CPCFCO£UNGHCNVCJGTXKTVCPVKVQ
LQDKK¡³U\CRQVG$JCOO©LC¡RPCLCZLKT
LWLWMICOEJCOVW¡LCLCK¡EJFJ©TIWLQDKK¡³PC
IW¡ZKQ¡OL©©RFJCT'N\CRQVGPQUGFCGPNC
UKGTTCRQTSWGJCEGOWEJQHT¯Q
LQFCKURKGFTC
RGSWG³C$JC³DJ©K¡³OCC¡P
IWLQFCKLCZEJW¡OPCTMCDWWNJKMPC³M©¡P
DJCOCK¡³³C¡FJKRCPCCNJKZ6T£GOGWPC
RKGFTCTGFQPFCEWCNSWKGTCSWGUGCTGFQPFC
RCTCSWGRWGFCVKTCTNGCGUGRCPCNEQPGNNC
TQEC
ITCPFG$JCOO©PKRCK¡FJ©TDCMDJC
KCFJK¡³KIÀ¡LQFCK;C¡R©MFCKDQDQKEJC¡O
EJCOMCTDWWUCPDC¡&GCTTKDCTQFµGUVC
RKGFTCITCPFG[CSW¯UGCVQTµUQDTGGNECOKPQ
RQTNQSWG[CPQJC[RCUQ
=RNLQQFCK?
'&+%+•024'.+/+0#4`
LQIKK¡³
6'2'*7ƒ0Ê'52#“1.
LQIKK¡³=CRQUFGLQ¡?UWEWGTQ
LQK=RTGVFGLQ³KC¡?UGOQXKµ
LQKFJCOCFXDKGPCITCFCDNG,QKFJCOLKZ
DJCK¡VCPQQTZKDPCIW¡ZWC³*CEGUQNDKGP
CITCFCDNGJQ[RQTSWGGUV£FGURGLCFQGNEKGNQ
DKGP,QKFJCOLKZK¡QQDIW[QQNJKOPCRCK¡
FJWWMLKZDJCKMC¡5QPDKGPUCDTQUCUNCU
OCP\CPKNNCUEWCPFQGUV£POCFWTCU
LQKFJC¡XaGIWUVCTNGSWGTGT
EQORNCPKO
,WOCC¡PC³VW¡U©NJMCOLKZLQKFJCKDJ©©[C¡IW
WDKKLCZEJW¡OPC³D©©OC¡PLKZEJWMKKEJCO
MC¡PC³DC¡ICOO©L©ZFJCCP©VD©©OC¡PLWR
VWK¡MC¡'UPGEGUCTKQSWGFGXGTCUOGIWUVGWPC
OWEJCEJCCPVGUFGKPXKVCTNCCXKXKTEQPOKIQ
RCTCSWGUKGORTGRWGFCCOCTNCEWCPFQ[CUGC
OKGURQUC
IWUVCTNGSWGTGT
EQORNKPCP#CEJV©KZ
LQKFJCVIWKRWWTIWK¡PC[C¡WC¡FCVIWPCCDCV
IW¡LKPCRKEJIW¡EJCOLK³EJCC³ZK³³CCPPC³
V©KRLWOV©VFCPCRLK³EJCC³ZKFJC¡I©V#O¯
OGIWUVµWPCHCNFCSWGXGPF¯CGNOGUVK\QOCO£
RGTQV¼PQOGJKEKUVGECUQEWCPFQVGFKLGSWG
SWGT¯CSWGOGNCEQORTCTCU
IWUVCTNGCPFCT
CPKOCN2CCOLC¡MLKZLQK¡³
IWOMCMDCK¡!-CLCQKFJCVOCC¡PIWTCC³
IC¡P&µPFGNGUIWUVCCPFCTCVWUECDCNNQU!
2WGUCPFCDCWPQFGNQUO¯QUEQPGNNQU
RTQFWEKTFCTHTWVQ
RNCPVC;C¡PK³OQQVW
ZKMWCPC¡%JCOCCEJKZLQK¡³IWDJCDPC³
[C¡©ZKC¡!#SW¯XQ[CFGUOQPVCT5GFCT£DKGP
GNHTKLQN!
=RTGVLQKRTGULQK¡³EQRLKZ?
♦LQQLQK¡³XaGIWUVCT
OWEJQGPECPVCT
LQK³=RTGUFGLQ³KC¡?UGOWGXG
LQK³OWMCFLOC³QUQ,KZLQK³OWMFJKMCDCK
PQ¡³ICPDJCFCFCTT©'UGECDCNNQGUOC³QUQ
RWGUPQFGLCCWPQGUVCTOQPVCFQ=EQRLKZ?
LQKUULWG\CWVQTKFCF:KDLC³MCVWC¡IKFJC¡IW
LQKUGGLCZR©MLK³EJ©©FC¡*CUVCCJQTCXQ[C
JCDNCTEQPGNLWG\CXGTSW«OGXCCFGEKT
=RNLQKUKU?
LQK¡UGURKPC;C¡PK³U©KIWLQK¡6WWMCDDCC
EJCODJCK¡PC³LCZLWRPC¡#SW¯UGOGOGVKµ
WPCGURKPCRGTQVCPRTQHWPFQSWGPQNCRWGFQ
UCECT
LQK¡OFCMCFXEQPEQORCUKµP
VKGORQRCUCFQ
/CC¡PPKOPCEJKEJRCZKCTRWMDJCOO©F©T
-QNJDKMCOLC¡RUCROQQZLQK¡OFCMV©©FJK¡³K
.CCTCIW³ZKKZ6CPKMNCC¡PUCRPCRCNJ©©RLKZ
ZQOCKIK¡EJW¡$C¡ZKDC¡PIWOCEJKEJKNJPC
UCRM©¡PFQFJKC¡7PCXG\EWCPFQHWKOQUC
RCUGCTGP.C,Q[C%NCTCNGVWXQEQORCUKµP
NKV
NGXKQEQPEQORCUKµPCOKJGTOCPC'UVCPKENCFC
RQTSWGVGP¯CITKRC[NGRTGRCTµWPV«FGJKGTDCU
RCTCSWGUGCNKXKCTC
♦LQK¡OFCVEQPEQORCUKµP
VKGORQHWVWTQ
♦LQK¡OFCOEQPEQORCUKµP
VKGORQRTGUGPVG
=EQRLKZ?8CTLQK¡PFCM
♦LQK¡OFCOCNJEJW¡OFJKV©©[CZGU
RTGEKQUCGUVCOWEJCEJKVC
LQK¡U©NJUVWPC
ECRCTQLCRNCPVCRGSWG³C
%JC¡EJMQK¡RQ¡CCIWLQK¡U©NJOWLC¡R
VCCVUCD!0QVGIWUVCT¯CKTCEQOGTVWPCUCNN£
GPVKGTTCE£NKFC!
LQMKCPC¡XaVTCUIW³CT;C¡PK³LQMKCIW,WCP
OWOOWPCEJMCV©VDKCIWRKNQQV%JKIW¡OQQ
[C¡R©MDJ©KIWLWWVW¡P,CK³PCL©¡ZLKZ©©M
#SW¯OGNCUVKOµ,WCPEWCPFQLWI£DCOQUEQPNC
RGNQVCRCTGEGSWGOGTCUIW³µEQPUWW³C(¯LGUG
EW£PVCRKGNOGSWKVµ=RTGVLQMKCRTGULQMMKCU?
LQMOCTUOCTKRQUC2©ZLC¡ZFÀFÀÀ¡COIW
LCLQMOCTOWCMM©¡PLCK¡ZEJWVWMLCK¡Z
W¡WCO#PFCPXQNCPFQWPCUOCTKRQUCUCNN£GP
GNT¯QCNIWPCUPGITCU[QVTCUCOCTKNNCU
=RNLCLQMOCT?
LQNJDKZFJC¡XaTEQNWORKCTUGt2CLC¡MDJ©K
IW1RTCCUMWOWVWLWICKDCLCDKC¡TC¡IW
MCMCTDCZ!tLWRMCK¡EJIW#OCCNKCt/WPK
MC¡PF©TLWOLQNJDKZK¡³VWCVC¡OtLWRMCK¡EJ
IW&GGTCUt#FµPFGUGHWG'WHTCUKQ!2WGU[C
FGDGCNOQT\CTGKTCEWKFCTNCUEJKXCUtFKLQ
#OCNKCt#NN¯GUV£EQNWORK£PFQUGGPCSWGN
GPEKPQtTGURQPFKµ&KQPKEKQ=RTGVLQNJDKZ
RTGULQNJDKZK¡³?
LQ³KC¡XaKOQXGTUG-CRWRLQK³FJKVCMCCTWK¡
UKCMWDC©©MKZIWOC¡QQ¡PPCVIW¡DCMEJCMWK
DJCK¡OWW6QFCX¯CUGOWGXGGUVCICNNKPC
CWPSWG[CVKGPGEQTVCFCNCECDG\CRCTGEGSWG
VQFCX¯CPQGUV£EQORNGVCOGPVGOWGTVC
TGRCTCTEQTEQXGCT%JCOLQK³CCFJKO
MCDCK¡MWRLK³EJCK³DWKFJC¡PC³DJCCP
RCZKCTO©TC¡!0QTGRCTCVWECDCNNQXGTFCF!
3WKUKGTCSWGOGNQRTGUVGURCTCKTFGRCUGQ
=RTGVLQKRTGULQK³?
♦LQKIWQK¡³IC¡PJWDQVGTTGOQVQ
LQQDUVNCEWCEJG,C¡ROQQVWMWC¡IWLQQDOW
ICCV©T#C¡PCEJVWPWWMFCRW¡VWMCC¡PCDC¡
EJCOOKCC[C¡'NVNCEWCEJGUGGUV£EQOKGPFQ
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
NCOKNRCCU¯SWGPGEGUKVCOQUEWKFCTNCOKNRCGP
NCPQEJGRCTCSWGPQNNGIWGCNN¯=RNLCLQQD?
LQVMQZ
OWEJQGUVWFKCTGPNCGUEWGNCRQTSWGFKEGSWGNQU
OCGUVTQUUQPDWGPCUIGPVGU=EQRLKZ?
8«CUGLQKFJC¡
LQQ³EJC¡XaKECUCTUG
JQODTG2CCRFWWMDC
LQQ³EJC¡.WKU!$CLKI©¡©©TLCRVKIW¡RCPCCU
%W£PFQVGXCUCECUCT.WKU!2CTGEGSWG[CGUV£U
OW[ITCPFG=RTGVLQQ³KEJ?
LQQ³K¡UGURQUC-KC¡R©ZDCOVWVMK¡³IW
LQQEJZKFJC¡XaDOCPFCT
CQVTCRGTUQPC
/W³LQQEJZKFJC¡CRMCDWKOWMIW³ZC¡WCPQ¡
³KEJEJCORCK¡LQK/GOCPFCUOKEQDKLC
OC³CPCUK[CPQTGITGUQ
NNCOCT
RCTCSWGXC[C5CRDJCVW³
LQQEJZK¡³IWZMCK¡PC³OWLKOFC¡LWR
MCK¡EJKOCOIWQ¡TQUKKTKUPCO[C¡DCLKO
VCMCCD.QUCNIWCEKNGUSWGXKPKGTQPC[GTFKLGTQP
SWGGNIQDGTPCFQTVTCFKEKQPCNOGGUV£NNCOCPFQ
RCTCSWGXC[CCNN£
=RTGVLQQEJZKRTGULQQEJZK¡³?
LQQFCK=RNFGLQFCK?
LQQFCK¡CFLSWGVKGPGRKGFTCU,C¡ROQQZ
LQQFCK¡[C¡FJKICCDJCTV©T%JCOR©MDJCK¡
PC³LCZFJWKOKVWOQKMFC¡'UVGDCTDGEJQ
VKGPGOWEJCURKGFTCUECUKPQUGRWGFGRTGRCTCT
NCVKGTTC=EQRLKZ?
LQQLQKFJC¡XaVXGTQDUGTXCT,CTQQR
D©©OC¡PLKOKC¡PCRRCK¡FJWWMVW
LQQLQK¡³O©TC¡,WMV©TDJCCP:KDMCO1KFJC¡
6C¡O!%QPSWK«PVGXCURCTCXGTNCHKGUVCFGN
#³Q0WGXQGP5CPVC/CT¯C!
XaVOKTCTEQPUKFGTCTt,KZEJWUCDC¡FCO
CRCCFJKMCM³K¡!tLWRMCK¡EJIW,CDKCT
t%JCO;C¡³R©ZVWLQQLQK¡³tLWRMCK¡EJIW
2QQNKVWt3WKGTGUEQORTCTGUVCTQRC!
tRTGIWPVµ,CXKGTt0Q#SW¯PCFCO£UGUVQ[
OKTCPFQtEQPVGUVµ*KRµNKVQ
XaTEJKUOGCT,WRMCK¡EJCOIWLC¡VMCOPC
UCROCZFJKDJCLKOIWZMCK¡-QTKCPMCO%JK
PQ¡TU©NJMCOMC¡OLKDC¡RWK¡R©ZLWO
LQQLQK¡³&KEGNCIGPVGSWGRCUCFQOC³CPCXCC
XGPKTGN)QDGTPCFQTFG&WTCPIQRGTQSWK«PUCDG
UKUGCEKGTVQQPCFCO£UGUV£PEJKUOGCPFQ
=RTGVLQQLQKRTGULQQLQK¡³?
♦RWK¡R©ZLWOLQQLQK¡³COCU¯PCFCO£U
EWGPVCPEJKUOGURCTCRCUCTGNVKGORQ
LQQLQK¡³XaGIWUVCTNG
OWEJQGPECPVCT
,QKFJCOLKZLQQLQK¡³FJKCNJKKPCVWO
OCOVWZK¡³OWKUMQGNCPCOIW¡UCRLKTLKZ
DJCDJCK¡MCOIWOCKUVTWU#GUVGPK³QNGIWUVC
LQQ³IC¡PIW+UCCE.CGURQUCFG+UCCECRGPCU
EQOGP\µCRQPGTUGGPNCGURCNFCCUWJKLQ
5GUWGNGWUCTD©©PC¡EµP[WIGGPXG\FGLQQ³K¡
GURQUC=RNLCLQQ³K¡CRQULQQ³IC¡P
LCLQQ³IC¡P?
LQQVQMCFLVGORTCPGTC
RNCPVC&©©NJLKZLQQVQM
FJKOCPUCCP$©©R©¡DJÀÀEJCOVW¡RWK¡PC
FJKLCK¡'UVGORTCPGTQGUVGOCP\CPQRWGUFC
HTWVCCPVGUSWGNQUQVTQU=EQRLKZ?
LQQVQOCFXRTQPVQ+KMW³OQQDC³MWC¡³FJC¡
MWEJLQQVQODCLKOFC¡8Q[CEQTVCTNG³CRCTC
SWGPQUXC[COQURTQPVQ5KPµPEJCOZKKO
LQQVUC¡XaVOCPFCT
CJCEGTCNIQEQORNCPKO
,CTQQUKCOTKLWOUCDC¡NJIWVCMCCTWK¡PC
³KEJO©L©ZKOLQQVPCRIC¡TCTC¡!3WK«PVG
EQORTµNCICNNKPCSWGVGOCPF«CXGPFGT!
OCPFCT
CNNGXCTEQORNKPCP5KCOTK[C¡O
CKEJWNJLCO©VCCIWLWWPPC³KEJDJ©L©ZKEJW
LQQVOCC¡PDJKK³QT!5¯VGNNGIµNCECTICFG
OC¯\SWGOCPF«SWGVGNNGXCTCP!
EQTTGT
CNOCFGURW«UFGWPC³QFGOWGTVQ
2CCEJFWWMVWLQQVUC¡PCVOWWIW³MWWNUK
MCV!%W£PFQXCOQUCEQTTGTGNCNOCFGOK
CDWGNKVQ!
=RTGVLQQVRTGULQQVQU?
LQQZKC¡URNCVQ:KDCMWCPCKCRDC¡IWLQQZKC¡
PQ¡RKEJDCMQK¡EJQ.CXCGNRNCVQEWCPFQ
VGTOKPGUFGEQOGT=RNLCLQQZKC¡
CRQULQQZKC¡PLCLQQZKC¡P?
♦DJK¡³LQQZKC¡URNCVQFGDCTTQ
LQUGGUVKDKC
FGNCRKGTPC,WOQQOUCUCRIW
#UKCPW6©KOUCRIWLWMOWOOWRCK¡PCMCVW
ZKMWCPOCCRF©TUCRRWQOIWLQUGGIC¡P
&KEGSWGC#UKCPQUGNGHTCEVWTµWPCVKDKCRWGU
WPRKPQNGEC[µGPEKOCRQTCNN£FQPFGCPFCDC
FGUOQPVCPFQ=RNLQUUGCRQULQUGGIC¡P
LQUUGIC¡P?
♦LQUGGICTCOGPNCVKDKC
FG«NQFGGNNC
LQVMQZUEGDQNNC,CK¡FJ©VRWK¡Z³CCCOIW
LQVMQZLCK¡DC¡UKCOTKVW¡V©D©PMCO#
CNIWPCURGTUQPCUNGUIWUVCEQOGTNCEGDQNNCUQNC
'&+%+•024'.+/+0#4`
LQVOC¡³FJC¡
6'2'*7ƒ0Ê'52#“1.
RGTQCQVTCURGTUQPCUNGUIWUVCEQOGTNCOG\ENCFC
EQPQVTCUEQUCU
LQVOC¡³FJC¡XaVCRWTCT/K¡FJ©T
LQVOC¡³FJCK³IW¡³K4GDGGECPC³DJ©K¡³O©TC¡
IWUWWFCK¡,C¡REJCOLK³MÀÀCC³2QTHCXQT
CR¼TCNGC4GDGECRCTCSWGXC[CCVTCGTOGCIWC
RWGUPQOGQDGFGEGCO¯
XaTVGPGTRTKUCCRWTCTUG2CCRLC¡MLKT
LKOFCOMWRDC¡OQQOLQVOCIK¡³PCRVWMWC¡!
#FµPFGSWKGTGUKT!2QTSW«VGGUV£UCRWTCPFQ
CEQOGT!
=RTGVLQVOC¡³RTGULQVOCIK¡³
EQPVLQVOC¡³FJCVW¡PFC¡?
LQVOQFC¡CFXT£RKFQ/QQRCNJLQVOQFC¡ZK
MQK¡O©K³EJKQ¡³MWEJDCLKKOFC¡PCEJDC¡
©ZRW¡6KGPGUSWGEQOGTO£UT£RKFQJKLQRCTC
SWG[CPQUXC[COQUCUGODTCT5KPµPQD
LQ¡UEWGTQ,Q¡UWWUCMLC³ZKCCFCKPQ¡³KEJ
DCP©¡KKOIWZKQVCNJ&GDQRQPGTOGJWCTCEJGU
FGEWGTQEWCPFQXC[CCDCKNCTGNOKVQVG
RKGNEWGTQ
RGTUQPCQCPKOCN5KCFCKLQIKK¡³
LCRMWC³FJC¡FJKDCCMPCIW¡EJKOQQEJCO
M©©¡IWDCMZKIC¡PPCVIW¡VÀÀÀMOWW3W¯VCNG
CWPSWGUGCGNRWTQEWGTQCNCXCECETGQSWGUW
ECTPGPQGUV£DWGPCRQTSWGOWTKµFG
GPHGTOGFCF
=RNLCLQ¡QLCLQQ¡CRQULQIKK¡³?
LQ¡KK¡CFLSWGVKGPGGURKPCU,KZKQ¡OLKZLQ¡KK¡
FJKPCMCCDEJCOVW¡RWK¡PCIWKKDCK'UVQU
PQRCNGUFGNECORQVKGPGPO£UGURKPCUSWGNQU
PQRCNGUEWNVKXCFQU=EQRLKZ?
LQ¡MQTCK¡UCTC³C/K¡³KLC¡RDCO©NJEJW¡IW
LQ¡MQTCK¡/K¡ZKM©©ZK¡³IWVCK#J¯XC
EQTTKGPFQWPCCTC³C3W«OCNCEQPWPCDTCUC
=RNLCLQ¡MQTCK¡?
LWCPDKNJUVTCXKGUQ,CTQQDC¡OQQLC¡RLKT
LWCPDKNJPCDC¡OK¡R©ZLC¡RIKQRRC³IW³
EJQQOK¡!0C³IW¡RCPCCUICCOZKOOK¡DKC¡
3WK«PFGNQUPK³QUGUGNVTCXKGUQ!2WGUGUV£OW[
FGUDCTCVCFQGNKZVNGSWG[QVGP¯CIWCTFCFQ
=RNLWLWCPDKNJ?
LWCPDKNJK¡CFLVTCXKGUQ,WRMCK¡EJFJC¡COIW
LC¡VMCOPCUCRPQ¡³ICPC¡ICIWLCTQK¡PQ¡Z
LWCPDKNJK¡RWEJW¡OLWRDWWU³KC¡IW³OCT
&KEGNCIGPVGSWGUKJCDNQOCNFGCNIWKGPSWGGU
VTCXKGUQCU¯XCCUGTOKJKLQ=RNLWLWCPDKNJK¡
EQRLKZ?
LWCTCMCFLFGOCUKCFQHNQLQ,KZLW¡LWCTCM
CC¡PVW¡IWUCDWKTCZFJKPCCDCV'UGOGUVK\Q
VTCGRCPVCNQPGUFGOCUKCFQHNQLQU=RNLW¡LWCTCM
EQRLKZ?
LWCTMCOCFLFGOCUKCFQCPEJQ,KZLWCTMCOV©
F©ICTLCRKEJVWWMCDCNJK¡EJV©F©¡RWK¡MWDC¡
EJCOCKZFJKWWZ*KEKUVGGNJQ[QFGOCUKCFQ
ITCPFGCTTKDC[FGOCUKCFQEJKEQCDCLQRQTGUQ
PQECDGGNRCNQ=EQRLKZ?
LWCTMC¡XaKJCEGTUGO£UCPEJQ#OR©ZDC
LWRCCMFJKLCTCCTDJCKIW¡EJKDCLWCTMCOK¡
PCRCK¡DCCZ;CUG\CHµGNOCPIQFGNCTCFQ
RCTGEGSWG[CUGJK\QO£UCPEJQGNJQ[QFQPFG
UGOGVG=RTGVLWCTMC?
LWIKC¡XaVEQOGT)QQMLCRZK³ICCOFJC¡IW
V©OMCNJPC³ICOCLC¡MDCLWIKC¡DQKEJC¡O
/GGEJCUWPCUEWCPVCUVQTVKNNCUGPWPOQTTCN
RCTCEQOGTGPGNECOKPQ=RTGVLWWRTGUMWC¡
RTQRMQK¡TC¡OQXMQK¡FJC¡QMQ¡KKFJC¡?
♦VWMQ¡KKOXCEQOKGPFQHWGCEQOGT
♦LCK¡DKEJWLWICCMUKCOCC¡PEµOGVGCNIQ
NKVEQOGVCODK«PCWPSWGUGCWPQ
LWIKC¡XaKCECDCTUGCIQVCTUG
GZEGRVQN¯SWKFQ
0CRCK¡FJWWMD©©ZMCZKEJWLWIKC¡FJKMCM³K¡
PC³DC¡LCK¡RDCVWWC¡TC¡0QXQ[CVTCGTO£U
TQRCJCUVCSWGUGCECDGVQFC«UVC=RTGVLWW
RTGULW¡?
LWIKK¡³RQURGPNCQTKNNC/K¡DCMZKEJWLWICCM
IWLCTQK¡CMLWIKK¡³/K¡R©ZLKZOCCZPCVW
PCCFCV2CTGEGSWGCNIWKGPEQOKµGPNCQTKNNC
FGNT¯QRWGUUGXGSWGCNN¯JK\QNWODTG
LWIKK¡³FJC¡XaDCECDCTEQPUWOKT
EQUCFGQVTC
RGTUQPCQCPKOCN0©K¡³FJC¡CRFJKZKKIC¡PPC
EJCOLWIKK¡³FJC¡IWV©OMCNJK¡³IWIÀ¡
ICIQQZ%WKFCCNECEJQTTQRCTCSWGPQUGCECDG
NCVQTVKNNCFGNRGTTQITCPFG=RTGVLWIKK¡³
RTGULWIKKIK¡³?
LWIKQMC¡XaVCECDCTEQPUWOKT
GZEGRVQN¯SWKFQ
:KLWIKQMC¡CRFJKDJCDPCODC¡IWDCMCCZ
OWK¡RDCODJKKFJC¡#E£DCVGNQUHTKLQNGURCTC
SWGVGUKTXCPNCECTPG=RTGVLWIKQ
EQPVLWIKQMFC¡QLWIKQMMCTFC¡?
LWLWCPDKNJ=RNFGLWCPDKNJ?VTCXKGUQU
LWLWCPDKNJK¡=RNFGLWCPDKNJK¡?VTCXKGUQU
=EQRLKZ?
LWLWM=RNFGLWM?RKPQU
LWLWMEJ©TUQEQVCN
NWICTFQPFGCDWPFCPNQU
RKPQU
♦,WMV©TCFX5CPVC/CT¯C1EQV£P
LWLWMICO=RNFGLWMICO?UKGTTCU
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
LWLWT=RNFGLWT?EQTC\QPGU
LWLWWU=RNFGLWWU?JQEGU
LWLW¡DC¡UGUVTGNNCU8«CUGEJK¡©©¡
LWMURKPQ%JCOVWWVIWLWLWMOWLC¡R
VCCVUCD'PNWICTGUE£NKFQUPQJC[RKPQU
QEQVGVGC,WMM©¡PV©D©¡³FJCVW¡FJKEJKQ¡³
PCIW¡IKKNJKOLKZEJWMICO'UGJQODTGXC
CNWODT£PFQUGEQPWPQEQVGRQTSWGGUV£OW[
QUEWTQ
=RNLWLWM?
LWMICOUUKGTTCDQUSWG
FGEQP¯HGTCU
-CDWKOWMLCEJDJC¡³KLC¡MPCDFJKRW¡
LWMICO-CVVKVW¡VQDCCV©IKC¡KEJ8COQUC
EC\CTGPNCUKGTTCOC³CPCCXGTUKGPEQPVTCOQU
WPIWCLQNQVG=RNLWLWMICO?
LWMKKDJCKFJC¡URK³CEQPQ
FGRKPQ)WLWM
KKDJCKFJC¡LKTCOPC³ZKUQNJOQPCKM©¡PLK³
ICZDWFC¡.CRK³CFGRKPQUGRWGFGWUCTRCTC
RGKPCTEQTV£PFQNCFGHQTOCSWGNGSWGFGGN
VGLKFQFGCFGPVTQ5KPµPUW¡NJDJKKEJ
LWMLKZDJCKMCOUQEQVGRKPQTGUKPQUQ
)KKNJKOLKZEJWMMWWD©UFC¡IWLWMLKZDJCK
MCOPQ¡³OK³CC¡P'NQEQVGGEJCOWEJQJWOQ
PGITQCNGPEGPFGTNQ
LWMMC=RTGVFGLWWMIKC¡?UGECNGPVCTQP
LWMMCTFC¡=EQPVFGLWWMIKC¡?UGGUV£P
ECNGPVCPFQ
LWMMC¡=RTGUFGLWWMIKC¡?UGECNKGPVCP
LWMMC¡³FJC¡=EQORNRNFGLWWMC¡³FJC¡?
ECNGPVCTNQU=RTGVLWMMC¡³RTGULWMMCFJK¡³?
LWMOCCOTCUTCOCUFGRKPQ,KZM©©¡MW¡CC¡LK
PCRDJCWK¡MC¡2GGITQ6W¡IKRO©O©©FJKLWM
OCCOTCPCRLKZOCCVPCZKDLKTV©¡PIKCM!
&GDGUVTCGTNG³CDWGPC2GFTQRWGUGUCUTCOCU
FGRKPQPQCTFGPRQTSWGEQOQUCDGUGUV£P
OQLCFCURQTNCNNWXKC
,WMV©TCFX5CPVC/CT¯C1EQV£P
NWICTNKVGPVTG
RKPQU$JCCP5C³EJKCM6C¡OIKKNJKOLQKFJCO
LKZDJCK¡EJWODWCFC¡OW,WMV©T'PGN&¯CFG
5CPVKCIQUGJCEGWPCITCPHKGUVCGP5CPVC/CT¯C
1EQV£P8«CUGLWLWMEJ©T
LWNJKKMUDC[WUC
TGIKQPCNKUOQHNQTFGOCIWG[
,QKFJCODC[QQVFJKLWNJKKMPCDJCK¡ZK
FJWWM#OMCVPCEJIQQMZKW¡LKPCEJVW
LKFJQQTC¡;CGUV£HNQTGEKGPFQDKGPGNOCIWG[
RQTSWGGUV£NNQXKGPFQUGT¯CDWGPQNNGXCTWPCU
EWCPVCUDC[WUCURCTCEQEGTNCU
LWNJKK³=RTGUFGLWWNJFJC¡?UGNQWPVC
LWOFWWMCO
LWORTGHaUVWVWU
RQUGUKµPFGNCUGIWPFCRGTUQPC
FGNUKPIWNCT,CZR©PLWOKKOIW,QUGG!,KT
LWOLKKMWNJCCR©P!0QOGCEWGTFQSW«GUVW[Q
,QU«'UVWV¯Q!=5GRTGUGPVCFGURW«UFGWPC
EQPUQPCPVGPQINQVCN)TCO?8CTÊO
LWORTGHaXNG
CWUVGFVG
EQORNGOGPVQ
FKTGEVQQKPFKTGEVQFGNCUGIWPFCRGTUQPCFGN
UKPIWNCT6W¡MWRKEJDC¡VW¡CC!)KPCEJLWR
LWOV©VFCPCREJCOVWCC¡PFC¡2QTSW«UGNQ
FKLKUVG!0QVGFKLKOQUSWGPQFGD¯CUFGEKTPCFC!
UGVG
EQORNGOGPVQTGHNGZKXQFGNCUGIWPFCQ
VGTEGTCRGTUQPCFGNUKPIWNCTQFGNRNWTCNÎ/QQR
EJCOLCZLWOCC¡PFC¡-CODCKFJKMC¡³LK
OCVICOÏLWRV©VFCIWDKCROC¡IWV©[CCÎ0Q
VGRTGQEWRGU5¯OGXQ[CECUCTEQPVKIQÏFKLQGN
LQXGPCNCOWEJCEJC
=5GRTGUGPVCFGURW«UFGWPCEQPUQPCPVGPQINQVCN
)TCO?8CTÊO
LWOCC¡XaVVCNNCTTCURCT
RCTCGZVTCGTNQUJKNQU
-CDWKOWMLC³OQQVWLWOCC¡IWVQQOD©Z
EJCPQQNJPC³CUMKEJCKVWIC¡TC¡/C³CPCXQ[
CTCURCTGNOCIWG[RCTCGZVTCGTGNKZVNG[NWGIQ
JCT«VCNGICURCTCXGPFGT=RTGULWO
RTGVLWOCC?
LWOCKCFLQVTQ,WOCKRLWRLK³IC¡NJKFJC¡IW
VCMCCTWK¡PC³LKFJQQTC¡,C¡RLKZKK³COK³
8«PFGOGQVTCICNNKPCRCTCEQEGTNCRWGUVGPIQ
ICPCUFGEQOGTECNFQ
♦LCK¡CFLCNIWPQUQVTQU
LWOCK©RCFLQVTQO£U
FGNCOKUOCHQTOCQ
ENCUG2CCODC¡F©TLC¡MLKKOFJKDCCMPCO
DC¡DJ©L©RCK¡FJ©TR©ZLKDWCPVWVWCV©T!,CK³
LWOCK©R&GFµPFGXGPFT£PGUCUXCECU!
2QTSWGUCNGPFGCNN¯FGGPVTGNQUGPEKPQU(¯LGUG
UCNKµQVTCO£U=RNLCK¡©R?
LWODJCKPVGTLSWK«PUCDG!t,©¡MLCRKO©VCK
CCRK¡OLCPQ¡PCRKO©VRCK¡FJWWMOKFJCKIWZ
MCK¡,WMV©T!tLWRMCK¡EJIW/CTVKK³
t,WODJC!,©¡MPCEJKR©PtLWRMCK¡EJIW
/CTUGGNQt%W£PVQUFGWUVGFGUXQVCTQP
EWCPFQCRQ[CTQPCNIQDGTPCFQTFG5CPVC/CT¯C!
tRTGIWPVµ/CTV¯Pt3WK«PUCDG!;CPQOG
CEWGTFQEW£PVQUtEQPVGUVµ/CTEGNQ
LWOEJWNJFJC¡XaDCECDCT
N¯SWKFQFGQVTC
RGTUQPCQCPKOCN,CTQQ³LWOEJWNJIW³
O©©DVC¡PC[C¡PKMCDKC¡MCV!3WK«PUGCECDµ
OKOKGNSWGVGP¯CCSW¯!=RTGVLWOEJWNJ?
LWOFWWMCOUUKIPKHKECFQ
FGCNI¼PGXGPVQ
,CZDC¡TLWOFWWMCOEJKFJKMCZKQPCDJCK¡
RCK¡MCK¡EJ!,CTQK¡ZOW¡CCOCOCCEJKMC¡
'&+%+•024'.+/+0#4`
LWOKC¡
6'2'*7ƒ0Ê'52#“1.
LCTQK¡ZEJWCKOCC!3W«UKIPKHKECEWCPFQUG
Q[GNC\QTTCRQTCJ¯!3WKGTGPOCVCTCCNIWKGPQ
CNIWKGPUGXCCGPHGTOCT!
LWOKC¡XaKCECDCTUGCIQVCTUG
N¯SWKFQ%JCOMC
L©TT©¡FJKVTQQMC/QQEJKDCLWWOIWICUQNKKP
;CPQCTTCPECGUVCECOKQPGVCETGQSWGUGNG
CECDµNCICUQNKPC=RTGVLWORTQITLWOKKOQ
LWWOKOEQPVLWOKKFJC¡QLWWOKFJC¡
RWPVLWO©©MQLWWO©M?
LWOMWC¡FCOCFLEQOGUVKDNG,CK¡UCRLKTLWO
MWC¡FCOIWVWCMCK5GFKEGSWGCNIWPCU
DGNNQVCUUQPEQOGUVKDNGU=EQRLKT?
LWOOCFC¡=EQPVFGLWWOC¡?GUVCTCECDCPFQ
N¯SWKFQ
LWOOW=XCTFGOWOOW?CNN£
CDCLQNGLQU
LWORCFC¡XaVLWPVCT,K³RCNJDWKFJC¡CR
2GGITQPCEJOCCRLWORCFC¡FJKLWWPPCDC¡
EJCOZKLCKMC¡PC³DJCKK³C¡PQ¡VDCLK
FJWW¡P2GFTQC[¼FCOGCLWPVCTGNOC¯\RCTC
SWGUGCH£EKNEWDTKTNQEWCPFQNNWGXC
XaTLWPVCTUGTGWPKTUG
UWLCPKO,©¡MLCO
UKCOTKOK¡DCOLWORCFCKOIWLC¡VMCOPC
UCCMLKTC¡IKEJCOMC¡!%W£PVCURGTUQPCUGUV£P
TGWPKFCU[CRCTCNCLWPVC!
=RTGVLWORCKQLWOCCRRTGULWORC¡P?
LWOV©©OQKFJCMCFXCHKPGUFG,WO
V©©OQKFJCMIWWVWWDTKOQQDCLKTQ¡TCDJCM
MC¡.CRK\ECGORKG\CCHKPGUFGNOGUFG
QEVWDTG
LWPDCC¡UGNQVG&CKVQQOQMLC¡MD©©ZMCRLKZ
LCK¡EJMC¡IWLWPDCC¡0CFCO£UGPQEVWDTGJC[
GNQVGUGPVQFCURCTVGU
LWPDQ¡UEC³C
FGC\¼ECT:KDFJQIKIW¡VW
DCCRCKLKIW³M©NJKKIW³LWPDQ¡/QQ³IQQM
VCC³O©TC¡PQ¡VDCMCCRCMC#JQTCOKV¯Q
RNCPVµEC³CFGC\¼ECT[RKGPUQKTCFGEKTNGSWG
OGF«WPCUEWCPVCUEWCPFQ[CGUV«POCFWTCU
LWPOCFC¡XaVIWKUCTEQPOQNG)WDJQ¡OMQZ
LQKFJCOLKZK¡QQDIWICK¡ZKORKCOLWPOCZKO
.CECTPGFGNVGEJCNQVGGUUCDTQUCCUCFCQIWKUCFC
EQPOQNG=RTGVLWPOCKRTGULWPOC¡P
TGULWPOCZKO?
LWPOCZFJC¡XaDIWKUCTEQPOQNG
RCTCQVTC
RGTUQPC#C³[C¡V©KLWPOCZK¡³IWOVCCVFJK
DJQ¡OMQZPCVLK³EJKC#SW¯GUVQ[VTCVCPFQFG
JCEGTOQNGFGVGEJCNQVGEQOQOGNQRKFKµVW
RCR£=RTGV[RTGULWPOCZK¡³?
LWPOC¡PUOQNG
♦MCKEJWMLWPOC¡PRKRK£P
♦PCDLWPOC¡POQNGFGPQRCN
♦DQKMLWPOC¡POQNGFGEJWCNGU
♦RCCUWK¡EJLWPOC¡POQNGFGGRC\QVG
♦VCCUPCTC¡LWPOC¡POQNGFGJQPIQFGRKPQ
LWPWW¡P=CRQUFGLWWP?UWOC¯\
LWRRCTV+PFKECTGRGVKEKµPGPEWCPVQCVKGORQ
)KQUCRLWRVWOVWMICOVC¡RCK¡FJWWM&KEGP
SWGXCCJCDGTQVTQGENKRUGUQNCTCNI¼PF¯C
+PFKECTGRGVKEKµPGPEWCPVQCNWICT)COCLC¡M
RC¡RLWRDQ¡MC¡)KKNJKODJCLC¡MLK³
³CK¡URCKOCR#EW«UVCVGO£UCNN£RWGUOGGUV£U
CRNCUVCPFQ
♦LWRMCK¡EJFKEG
♦LWRV©VFCNGFKEG
LWRCCDCPCFLRCTGLQCNPKXGN$JCK¡R©ZPQ¡
³KEJDCV©UFCCOF©TDJCK¡FJ©TLQVOQFC¡
CC[C¡K³DJCOO©)KQVCOPCIW¡DCT
LWRCCDCP&GURW«UFGUWDKTCNN£NNGICT«T£RKFQ
C.NCPQ)TCPFGRQTSWG[CGUV£RCTGLQ=EQRLKT?
LWRCCDCPCFXCORNKCOGPVGUWHKEKGPVGOGPVG
NNGPQ,KZL©©MK¡COFJK©¡NJKEJOKOEJWUPCO
IW¡EJKLWRCCDCPLKZMQMDC¡P'UV£PEQPVGPVQU
GUVQUICVKVQUUGT£RQTSWGGUV£PUWHKEKGPVGOGPVG
NNGPQU
EQORNGVCOGPVG
NNGPQ,WRCCDCPUWW¡PICO
LCROQQDJCDCK¡IKMC¡IWUWWFCK¡FJKDCNFK
EJC¡O6TCGGUVCEWDGVCEQORNGVCOGPVGNNGPCFG
CIWC
LWRCCDFC¡XaVOGFKT,CZV©©¡FJKKLKPKCTW
PCOK¡EJWLWRCCDC¡PPCRCK¡OM©©UC¡IW
MCC³EJC!%µOQUGNNCOCGNKPIGPKGTQSWGGUV£
OKFKGPFQFQPFGXCPCJCEGTNCECPEJC!
XaTRGTUQPKHKECTFKUHTCUCT6©©VM©³KEJIW³
RCCUWNJUCROWRCK¡V©KRLK³OC¡[CUCIW¡EJK
OQQVW¡LC¡QQMPCDJCCPLWOLWRCCDC¡P5Q³«
SWGOKV¯QOGSWKUQFKURCTCTRQTCJ¯RGTQ[Q
ETGQSWGCNI¼PFKCDNQUGGUVCDCFKUHTC\CPFQFG
«N
=EQORNRNLW¡RCDFC¡RTGVLWRCCDCKLW¡RCDCK
RTGULWRCCDC¡PLW¡RCDC¡P?
LWRCCDMCOU+PFKECWPCRGTUQPCSWGVKGPGOGPQU
FGTGEJQCOCPFCTSWGQVTC,CZDC¡MWRDC¡OW
RCK¡DWCOV©VFCFC¡!0CCUMWVW¡TLWO
LWRCCDMCO%µOQGUSWGVGCVTGXGUCJCDNCTNG
FGWPCOCPGTCHWGTVG!2WGUPQVKGPGUFGTGEJQFG
JCDNCTNGCU¯=CRQULWRCCDMCOW¡P?
5KPµPCNJKQMCO
♦DJQ¡OMQZLWPOC¡POQNGFGVGEJCNQVG
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
LWRCC³CFLFGUJKNCFQ,KZLWWRCMIWLKKNIC¡P
IWOUCDWKTCZ/WRCK¡DCMUCKWWZEJC¡O
'UV£PFGUJKNCFQUVWURCPVCNQPGURCTGEGSWGUGVG
CVQTCTQPGPWPRCNQ=RNLWWRCMEQRLKZ?
LWRDWC=RTGUFGLWRFW³KC¡?UGJCEG
LWRDWCFC¡=EQPVFGLWRFW³KC¡?GUVCTJCEKGPFQ
LWRFWK³FJC¡XaDJCEGTHQTOCT
RCTCQVTC
RGTUQPC/CC¡PLCRLWRLK³FJWK³FJC¡IW
WOWW¡DQPCCORCK¡FJWWMPQ¡REJCOQQ¡PFC¡
I©V2QTHCXQTJC\OGWPUQODTGTQFG\Q[CVG
CNI¼PF¯CEWCPFQVGPICUVKGORQ=RTGVLWRFWK³
EQPVLWRDWKZK¡³FJC¡?
LWRFW³KC¡XaVJCEGTHQTOCT
EQUC,CK¡IW
LC¡VMCOLQKFJCOLKZOCCV©VLWRDWCCOIW
WOWW¡DCCNJ#NIWPCURGTUQPCUUCDGPDKGP
JCEGTNCUECPCUVCUFG\Q[CVG
XaTJCEGTUGEQPXGTVKTUG
CQVTCHQTOC,KZ
IWDWWMLWRLWODWCIWLQ¡PQ¡VDCICC'N
EWGTQUGJCEGFWTQEWCPFQUGUGEC
=RTGULWRDWCRTGVLWRFWWEQPVLWRDWCFC¡?
LWRPC¡XaVUCECTGZVTCGT
FGFQPFGGUV£OGVKFQ
CLWUVCFCOGPVG,K³RCNJDWKFJC¡CRLC³LWWRUC¡
FJKRQQUVKULCK¡³OKEJWVVW¡#[¼FCOGCUCECT
GUVQURQUVGURQTSWGXQ[COGVGTQVTQU
ECNECTFKDWLCT,K³EJCK³DWKFJC¡CRFJKO
UKTDKNKCVPC³LWWRUC¡FJK[QQZK¡PCOK¡
LWWRZKZ,QKFJCOLKZC¡DJCT2T«UVCOGVW
OCPVGNRCTCFKDWLCTNCUHNQTGUDQTFCFCUVCP
DQPKVCUSWGVKGPG
FGUJKNCT0Q¡³EJCODKC¡IWRCDKKNUKCIW
OCCPVCLKTCOPC³ZKLWWRUCKDJCCPVW
MC³FJKKTVC¡5KPQVGPIQRCDKNQRWGFQJCEGT
XGNCUFGUJKNCPFQNCOCPVC
VQOCT
HQVQITCH¯C/CKMLC³OCC¡PLWO
LWRPCTC¡DJCOO©PKQKFJC¡VC¡OPCF©TDJC
LC¡MLKZEJWOCCZ8COQUCNEGTTQFQPFGUGXG
JCUVCCE£[VGVQOQWPCHQVQ
=EQORNRNLWWRUC¡RTGVLWRLWWRUC
EQPVLWRCCUFC¡LWWRCUFC¡?
♦LKZDJCK¡OLWWRCUUGUCECEQPHCEKNKFCF
♦LKZOCCV©VVWLWWRCUUCDGDQTFCTUCDG
FKDWLCT
♦LWRPKEJW¡LWWRZKEJW¡EQTTGTCVQFQNQSWG
FC
LWR³KC¡XaK\CHCTUGÎ#OR©ZLWRCCMFJK
DCK³FJCU%JCODJCK¡CCPCRKO
M©©¡ORKIC¡!ÏLWRLCV©VFCIW2GGITQIW
OCCOTC¡PÎ5G\CHCNWGIQNCECDG\CFGGUVC
JCEJC0QGUVCT¯CDKGPSWGNCCTTGINGP!ÏFKLQ
LWTPKC¡
2GFTQCUWUJKLQU=UWLRNLWWRMKC¡RTGVLWR
LWWRM©RTGULWRCCMQLWRRCMLWWRCM?
LWR³KFJC¡XaDUCECTGZVTCGT
FGFQPFGGUV£
OGVKFQCLWUVCFCOGPVGRCTCQVTCRGTUQPC/K¡FJ©T
LCRLK³LWR³KFJC¡IWLQK¡;©L©PKRCK¡DCCZU©NJ
LK³MQOCO2QTHCXQTC[¼FCOGCUCECTNC
GURKPCSWGVGPIQOGVKFCGPNCGURCNFC
FKDWLCT
RCTCQVTCRGTUQPC,K³EJCK³DWK¡³
OCC¡PIWOW¡WCPMW³OK¡ZKOLWR³KFJC¡PC³
LCZEJW¡OVWDCK³OK¡PCRDC¡ZOCVMC¡
2T«UVCOGWPRCRGNRCTCFKDWLCTVGEµOQGUNC
OCTECFGOKICPCFQRCTCSWGUGRCU
=EQORNRNLWWRZKFJC¡RTGVLWR³KLWWRZK?
LWR³K¡CFLSWGUGFGUJKNCH£EKNOGPVG,KZLWWRMK¡
IWOCCPVCMWVWWPPQ¡VDCUCT.CECOKUCFG
OCPVCUGFGJKNCH£EKNOGPVGEWCPFQUGTQORG
=RNLWWRMK¡EQRLKZ?
LWRRCM=RTGUFGLWR³KC¡?UG\CHC8CTLWRCCM
LWRVW¡OCFXXCE¯Q,CTQQDC¡OQQLC¡R
MQK¡O©MIWDJCDPCDC¡RVW¡O[CFCCIW
LC¡CC!/QQEJKCCR#NRQQP3WK«PUGEQOKµ
NQUHTKLQNGU[FGLµNCQNNCXCE¯C!#NQOGLQTHWKUVG
V¼#NHQPUQ
LWTUEQTC\µP5©NJLWTC¡TCOLCO©VOC¡[CUCIW
UWKOCNJ/CC¡PPCVLCZOWW.GFKGTQPFG
DCNC\QUCNXGPCFQGPGNRWTQEQTC\µP[UGOWTKµ
NWGIQ=RNLWLWTCRQULWTCC¡P?
♦LWTC¡TCOGPUWEQTC\µP
FG«NQFGGNNC
♦LWTCC¡PDKC¡GUOW[NKUVQ
♦EJCOLWTCC¡PDKC¡VKGPGFGHKEKGPEKCOGPVCN
LWT=RTGUFGLWWNJKC¡?NQWPVC
LWTCCDUEKPVWTC#TFK¡EJVWLWTCCDFJKCNJKK
,CZDC¡!,KZICMCC!'UVGPK³QVKGPGEKPVWTC
OW[FGNICFC2QTSW«UGT£!'UVCT£HNCEQ!
=RNLWWTCRCRQULWTDC¡P?
LWTCCDRQURGPOGFKQFG$JCOO©PKVWMQUIW
MCMQQPFJKVÀ¡VÀDDCCRCKLWTCCD'NEWGTXQ
VKGPGUWPKFQGPOGFKQFGCSWGNNQURG³CUEQU
CNVQU
LWTDCPCFXCNCEKPVWTCd,C¡ROQQTVÀDFJK
2CC³EJW$JCK¡R©ZLC¡RLW¡K³LWTDCPd#[
EµOQGUCNVQ(TCPEKUEQ0QO£UNGNNGIQCNC
EKPVWTC
LWTPKC¡XaKRCUCTETW\CT
NWICTHGQQT¯Q
ETGEKFQ,CZLCEJDC¡FJKDWDWCMKC¡DCCU©¡P
F©TLC¡M!6©©¡PCIW¡IÀ¡O©TIWUWWFCK¡%JCO
CCEJKDK¡³³C¡PQ¡EJKEJOWLWWT!%µOQ
XCOQUCETW\CTGNT¯Q!2WGUGUV£OW[ETGEKFQ
0QETGGUSWGPQUNNGXGUKKPVGPVCOQUETW\CT!
'&+%+•024'.+/+0#4`
LWTPKC¡
6'2'*7ƒ0Ê'52#“1.
DCLCTUG
EWGUVCCDCLQ/K¡PKRRWLWTPKC¡D©©Z
C¡PUCRPCRLCUQQ¡OFJCTC¡IWMCMCTDCZ
6QOCGNCVCLQ
NKVD£LCVGEWGUVCCDCLQRCTC
CNECP\CTCFGVGPGTNCUEJKXCU
OGVGTUG
KPFGDKFCOGPVGCNT¯Q%JC¡RCITGG¡P
OKLWTWWMFC¡UWWFCK¡EJ©TLK³EJKQ¡³/K¡
L©DCCOLCRKEJPCIW¡ZL©©RK¡³0QVGOGVCUGP
GNCIWCJKLQRWGUVGXCCFCTHKGDTGRQTSWGGUV£
HT¯C
=UWLRNLWWTMKC¡RTGVLWTLWWTEQPVLWTWWMFC¡
QLWWTWMFC¡?
LWTPKC¡XaKJCEGTUGVCTFGCPQEJGEGT%JCO
ZKKODCLWTPKC¡PQ¡TCNJK¡EJEJCPQQNJ%WCPFQ
GNF¯CGUEQTVQRTQPVQUGJCEGVCTFG
UGT¼NVKOQF¯C
FGNOKVQVG:KDLKLWTPKOLKC
IWZKQVCNJDJCK¡FJ©T/COCCTMKUVCO
MCDWKOWMDCLKZKC¡NJKC¡#JQTCGUGN¼NVKOQ
F¯CFGNOKVQVGFQPFGDCKNCPNQU/£TSWG\[
OC³CPCCNCOCPGEGTUGENCWUWTC
=RTGVLWTEQPVLWTP©TFC¡?
LWTPKRCFXRQPKGPVG,CZMWDC¡LWTPKRLC¡M
R©ZV©P©K¡³FJKOCMI©OPCVW³KQMKO!%JCO
DJCK¡CCPCZKC¡NJDWKLC¡MV©V©©I©K!2QTSW«GN
EWTCPFGTQXGUQNCOGPVGJCEKCGNRQPKGPVG
EWCPFQQTC!0QUGT¯COGLQTSWGXKGTCJCEKCGN
QTKGPVG!
LWTPK¡CFLDWGPQRCTCRCUCT
NWICTHGQQT¯Q
ETGEKFQ,CK¡IWLC¡VMCOLKZLWTMK¡COUKCMW
IÀ¡O©TIWUWWFCK¡RCK¡CMM©¡P#NIWPCU
RGTUQPCUUQPOW[DWGPCURCTCETW\CTWPT¯Q
CWPSWGGNCIWCEQTTCOW[T£RKFQ=RNLWTMK¡
EQRLKZ?
LWTP©MCFXCNCPQEJGEGT,WTP©MVWMWC¡FC¡IW
OCMI©OPQ¡VWWCOZK¡³%WCPFQGNEWTCPFGTQ
GUV£EWTCPFQPQEQOGUKPQJCUVCGNCPQEJGEGT
LWT³KFJCMCFXCVCTFGEKGPFQ%JCOLCZDWCUKC
MWEJKEJLKZFJCCOFWWMMCLKKPCIW¡TOKC¡P
,WT³KFJCMLCEJDJCOO©DCCC[C¡#WPSWG
UCNICOQUCNOGFKQF¯CEWCPFQGUV«CVCTFGEKGPFQ
NNGICTGOQUCNN£RQTSWGGUV£EGTSWKVC
LWTWW³URCUQ
NWICTHGQQT¯QETGEKFQ0Q¡DCT
V©¡PIKCMRWEJCOLKTLWTWW³MC¡O©L©CMM©¡P
PCIW¡IKKNJKOIÀ¡O©TFC¡IWUWWFCK¡'PNC
«RQECFGNNWXKCUPQJC[RCUQGPGNT¯QRQTSWG
GUV£OW[ETGEKFQ
♦EJCMWKLWTWW³IWDQKO©L©©O©D©RVC¡P
VQFCX¯CPQNNGICGNECOKPQJCUVCCDCLQ
LWTWW³FJC¡XaKSWGFCTGUVCT
GPWPNWICT
,©¡MLCRLWTWW³FJC¡DJCOO©/GGLKMPQ¡O©V
IW¡OQQOCLKODCKFJCM!%W£PVQUF¯CUXCUC
GUVCTGP/«ZKEQUKVGNNGXCP!
NNGICTCN¼NVKOQF¯C
FGNOKVQVG/CCZFJKO
OQQDCLKLWTWW³FJKFJC¡IWZZKZFJW¡MCO
DJ©L©F©T#CRLKDC¡PQ¡RIW¡VWMQK¡RQ¡PCLK
ZKC¡NJKC¡2CUCFQOC³CPCNNGICPCN¼NVKOQF¯C
NQUSWGGUV£PIWCTFCPFQNCUCNRQTCNN£3W«VCNUK
XCOQULWPVQUCEQOGTEQPGNNQUEWCPFQUG
ENCWUWTG
#NIWPCURGTUQPCUUGCDUVKGPGP
TKVWCNOGPVGFWTCPVGFKG\F¯CUGUFGEKTNQUEKPEQ
F¯CUFGNOKVQVGO£UNQUUKIWKGPVGUEKPEQF¯CU1VTCU
RGTUQPCUUGCDUVKGPGPUQNCOGPVGRQTNQU¼NVKOQU
EKPEQF¯CU‹UVCUPQDCKNCPGNOKVQVGNCPQEJGFGN
SWKPVQF¯CUKPQSWGNNGICPCNRCVKQEGTGOQPKCNNC
OC³CPCFGNUGZVQF¯CRCTCCUKUVKTCNCENCWUWTCFGN
OKVQVG
=RTGVLWTWW³?
LWTWW³FJC¡XaVC[WFCTCRCUCT
NWICTHGQQT¯Q
ETGEKFQ/WLWTWW³FJC¡CRPQDEJ©KFJKCNJKK
OWCMM©¡PPCIW¡DJ©KMC¡IWUWWFCK¡PQ¡R
F©©NJOWEJKCP%WCPFQNNGIWGPCNT¯QCICTTCCN
PK³QFGNCOCPQ[C[¼FCNGCETW\CTRQTSWGUKNQ
FGLCUETW\CTUQNQGNCIWCUGNQNNGXC
=RTGVLWTWW³EQPVLWTWW³FJKFJC¡?
LWW=RTGVFGLWIKC¡?2GLVWLWWEQOKµ
LWW=RTGVFGLWIKC¡?UGCECDµ
LWWI©VRQURJCUVC
N¯OKVGFGWPCECPVKFCF2C
LC¡RLWWI©VLC³OK¡KKEJC¡IWLWWPFJKDCCNJ!
*CUVCFµPFGSWKGTGUSWGVGNNGPGGUVCECPCUVC
EQPOC¯\!
JCUVC
N¯OKVGFGWP£TGC2CLC¡RLWWI©VLKT
LKEJFJ©TDC¡!*CUVCFµPFGVGTOKPCPWGUVTQ
VGTTKVQTKQ!
JCUVC
N¯OKVGFGWPVKGORQ'CCC³L©¡ZLWWI©V
LWRLKZPCMQQ¡PC³OWFWR³KC¡#XGTSW«
VCPVQRWGFQDWEGCTUKPUCNKTCNCUWRGTHKEKG
LWWMCFLECNKGPVKVQVKDKQ$CZLWWMIW
UWWFCK¡PCRUCCMDCVDKC¡;CGUV£ECNKGPVKVCGN
CIWCRCTCSWGVGDC³GU
E£NKFQ
ENKOC/WLC¡RVCCVUCDLQKFJCOLK
PCZLWWMPCIW¡TD©RVC¡P'PVKGTTCE£NKFCGN
ENKOCGUECNWTQUQRQTSWGUGGPEWGPVTCGPWPC
RCTVGDCLC
=EQRLKZ?
♦LKZLWWMMCOMCK¡EJJCDNCEQOQUK
GUVWXKGTCDQTTCEJQ
LWWMC¡³FJC¡XaVECNGPVCT
EQORNKPCP
)QQMLC³MWC¡O©TC¡MW³M©¡PLWMMC¡³FJC¡IW³
EJQQVQP8Q[CVTCGTNG³CRCTCECNGPVCTOGNQU
RKGU
XaVIQNRGCT
OQFKUOQ6CMCCDLCO©VV©KRLK³
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
LWWMC¡³IWOCKMMCOOWPCRCK¡TRKCUVC¡MCV
COVÀ¡MQDDCOFCTCCUCODJC³³©KFJCV#[GT
EWCPFQCPFWXGGPNCHKGUVCOGSWGT¯CPIQNRGCT
NQUDQTTCEJQURWGUUGGUVCDCPRTGRCTCPFQRCTC
RGNGCTEQPOKIQ
XaTECNGPVCTUG
EQORNCPKO,C¡MMCZKLKO
LK³EJKQ¡³/K¡OLWWMC¡³FJC¡IWOMWWZK¡
*C\VGCWPNCFQJKLQRCTCSWGVWV¯QUGECNKGPVG
CNN¯
=EQORNRNLWMMC¡³FJC¡RTGVLWWMC¡³LWMMC¡³
RTGULWWMCFJK¡³LWMMCFJK¡³?
LWWMIKC¡XaKECNGPVCTUG
UWLCPKO)QQM
LCEJZKEJWMWC¡I©KPCEJM©¡PLWWMIKC¡OW
MKKEJCO8COQUCNNGXCTNG³CRCTCECNGPVCTPQU
GPNCECUC
ECNGPVCTUG
UWLKPCP%JCODCLWWMCCCIW
IKUCCTPCRDJCK¡DCEJDJKKFJC¡MWEJDCVW
MQK¡EJI©FC¡!;CUGECNGPVµGNIWKUCFQRCTCSWG
PQUUKTXCUCNIQFGEQOGT!
=UWLRNLWWMIKC¡RTGVLWWMCQLWWMI©LWMMC
RTGULWWMC¡LWMMC¡EQPVLWWMC¡PFC¡Q
LWWMCKFJC¡LWMMCTFC¡?
♦COLWWMCIW³DJCCUWVOGGPQL«
NKVOG
ECNGPVµGNRGEJQ
♦LKZLWWMCNJICOUDGDKFCGODTKCICPVG
LWWNJFJC¡XaDWPVCT
CQVTCRGTUQPC,CTQQ
DJCOLWWNJIWVWMTCFC¡PCDC¡IÀ¡ZEJWMIWO
MCCO!3WK«PVGWPVµJQNN¯P!2WGUVWOGLKNNC
GUV£DKGPOCPEJCFC=RTGVLWWNJRTGULWNJKK³?
LWWNJKC¡XaVWPVCT#NJK¡EJLK³DJ©K¡³O©TIW
QUCC¡OMW³[C¡PKLWWNJKC¡PCRCK¡ÀÀIW
DKRT©¡ZMCVVKOQQKCOFQFJKC¡6T£GOGWP
RQEQFGTGUKPCFGRKPQRCTCWPV£TOGNCCSW¯
FQPFGVGPIQITCPQUCXGTUKOGCNKXKQ
=RTGVLWWTWRTGULWT?
LWWOC¡XaVCECDCTEQPUWOKT
N¯SWKFQ,WWOCK
CROQQFJKDKK¡OPCEJCOOK¡L©¡MNJKC¡
#E£DCVGNCNGEJGRCTCSWGPQUGCITKG
=RTGVLWWOEQPVLWOOCFC¡RTQITLWWOCKO?
LWWOKFJC¡=EQPVFGLWOKC¡?GUVCTCECD£PFQUG
N¯SWKFQ8CTLWOKKFJC¡
LWWOKO=RTQITFGLWOKC¡?UGGUV£CECDCPFQ
N¯SWKFQ8CTLWOKKO
LWWO©M=RWPVFGLWOKC¡?JCDK«PFQUGCECDCFQ
N¯SWKFQ8CTLWO©©M
LWWPUOC¯\;C¡FJK/GGLKMLKZKQ¡OLWOMWC¡
IWLWWPV©OMCNJ#SW¯GP/«ZKEQUGEQOG
OWEJCVQTVKNNCFGOC¯\=RQULWPWW¡
CRQULWPWW¡PQLWWPIC¡P?
LW¡³EJWFC¡
♦LWWPLKZ[QQVCNJICOOC¯\RCNQOGTQ
♦W¡KK¡LWPWW¡UUQTIQ
UKNXGUVTGNKVOC¯\FG
R£LCTQ
LWWRCM=RNFGLWRCC³?FGUJKNCFQU=EQRLKZ?
5KPµPLWWRMK¡
LWWRMKC¡=UWLRNFGLWR³KC¡?UG\CHCT£P
=RTGVLWWRM©RTGULWWRCM?
LWWRMK¡=RNFGLWR³K¡?SWGUGFGUJKNCPH£EKNOGPVG
5KPµPLWWRCM
LWWRUC¡=EQORNRNFGLWRPC¡?UCECTNQU
=RTGVLWWRUCEQPVLWWRCUFC¡?
LWWRZKFJC¡=EQORNRNFGLWR³KFJC¡?UCE£TUGNQU
=RTGVLWWRZK?
LWWTCR=RNFGLWTCCD?EKPVWTCU
LWWTMKC¡=UWLRNFGLWTPKC¡?2GLLWWTMKC¡CO
UGDCLCT£P=RTGVLWWTEQPVLWWTWMFC¡?
LWWUUJQ\,WWULWOCC¡PQ¡³KEJDCVWLKKMCO
IWUCK¡5GPGEGUKVCWPCJQ\RCTCEQTVCTGN
\CECVG=RNLWLWWU?
LWWVUW³C
RGTUQPC2WLWRIW³LWWVPC³KEJ
LWVDQOWPKFJ©TPC³DJCK¡MCO©NJEJW¡5GOG
EC[µNCW³CEWCPFQOGVQR«GNRKGEWCPFQXGP¯C
EQTTKGPFQ
ICTTC
CPKOCN6CMCCDLC³KEJLQKFJCO
FCCI©MMCZKKQ¡OOCKFJKOKKEJW,QVOQFC¡
L©©TM©MDJCK¡RW³LQMMKCUC,CK³[C¡R©Z
OCOCCZIWLWWVW¡P#[GTEWCPFQGUVCDC
CECTKEKCPFQGNICVQFGRTQPVQOCWNNµ[OG
TCUIW³µ/KTCCSW¯GUV£PNCUOCTECU
=CRQULWWVW¡P?
LW¡=RTGUFGLWIKC¡?UGCECDC
LW¡LWCTCM=RNFGLWCTCM?FGOCUKCFQHNQLQU
=EQRLKZ?
LW¡³EJWFC¡XaDRTGUGPVCT
CNPK³QGPGNOKVQVG
JCEK«PFQNGEQOGTEQOKFCTKVWCN:KDFJKVCCDJCM
PCV©OP©¡[C¡IWZKQVCNJLCEJVWLW¡³EJWFC¡
FJK³OCTCCZ%WCPFQUGDCKNGGNOKVQVGGUVG
KPXKGTPQXQ[CRTGUGPVCTCOKJKLKVC
FCTFGEQOGT
TKVWCNOGPVG2CPCCULC¡RLKZ
K¡QQDFJKLWPOC¡PD©©R©¡MCDWKOWMPCVW³
LW¡³EJW¡PIWOCMI©O)W¡EJKR©ZLCRV©F©©M
K³LKPC³O©MEJCOMWCFCVIWQP6GP¯C
OWEJQUCDQTGNOQNGSWGOGGUVCDCFCPFQGN
EWTCPFGTQGPNCOC³CPC5GT£RQTSWGPQJCD¯C
EQOKFQUCNRQTOWEJQVKGORQ!
%WCPFQWPC
RGTUQPCC[WPCTKVWCNOGPVGRQTWPOGUGNEWTCPFGTQ
VKGPGSWGFCTNGFGEQOGTRCTCSWG[CRWGFC
'&+%+•024'.+/+0#4`
LW¡RCDFC¡
6'2'*7ƒ0Ê'52#“1.
VGTOKPCTUWC[WPQ
=RTGVLW¡³EJWFC?
MCCNJKUQKUITKNNQ6WMCC¡LC¡MVWMWWIW
LW¡RCDFC¡=EQORNRNFGLWRCCDFC¡?OGFKTNQU
=RTGVLW¡RCDCKRTGULW¡RCDC¡P?
MCCNJKUQK)KKNJKOMCK¡EJFJC¡'NITKNNQECPVC
FGPQEJG[JCEGWPTWKFQHCUVKFKQUQ=RNMCMNJK
UQUUQKQMCNJNJKUQUUQK?
MCCOUOGLKNNC$CZEJ©©FW¡IWMCCOC¡PFJK
#PTGGUPCVKCVCMCCDOWPKIKQV©T-CCOC¡P
M©¡PDCMOKI©K;CUGRWUQEQNQTCFCNCOGLKNNC
FG#PFT«URQTNCEC¯FCSWGUWHTKµC[GTGPGN
NNCPQRCTGEGSWGUGEC[µUQDTGUWOGLKNNC
=RNMCCMCOCRQUMCCOC¡PMCCMOC¡P?
-
MCCOVC¡XaVOCPVGPGTGPNCDQEC0Q¡ZMQ¡M
ÊMUWHaX+PFKECVKGORQRCUCFQRWPVWCNRGL
DCVDKTCMLC³KEJOGHW¯CDC³CT
[TGITGU«[C
ÀÀMVCMCCDNNGIµCSW¯C[GT
[FGURW«UUGHWG
+PFKECSWGWPCCEEKµPUGNNGXµCECDQCPVGUFG
KPKEKCTQVTCCEEKµP/CCRF©TWWZM©¡PZKUKKURCM
PCDC¡EJCOICKI©ZKC¡IWDJKK³QT&GWPNCFQ
RWUQWPRCNQFGUQRQTVGRCTCSWGPQUGNCFGGNC
ECTIC
+PFKECNCRTKOGTCFGFQUCEEKQPGUEQPUGEWVKXCU
RCUCFCU2WK¡ZKEJ©¡©©MRWLKK&KLQCU¯[NWGIQ
UGHWG
=)TCO?
MCRTGHaXVQFCX¯C-CZL©©RK¡³PCIW¡MCT
MCDWKOWM6QFCX¯CJCEGHT¯QRQTSWGGUFG
OC³CPC
+PFKECSWGWPCUKVWCEKµPQEWTTGOKGPVTCURCUC
QVTC/CLWWDCMIWMQ¡MQNJPCOK¡³KMCO
IC¡TCV2CTGEGSWGUGCECDCTQPNQUEJKNGUSWG
GUVCDCPXGPFKGPFQCNN¯
=)TCO?
MCCMXaGVGPGTUCDQT%JCOPCCCOLCK¡FJ©VIW
DKK³PCIW¡IKKNJKOMCCM#CNIWPQUPQNGU
IWUVCGNOG\ECNRQTSWGVKGPGWPUCDQTOW[
HWGTVG
♦LQKFJCOMCCMUCDGUCDTQUQ
♦LKZMKKUMCCMUCDGOWEJQCSWGUQ
♦EJCOLWODK¡FJCOMCCMGUVCPUCDTQUQ
SWGWPQPQSWKGTGFGLCTPCFC
♦QPMCMCFLUCNCFQ
NKVUCDGCUCNSWG
VKGPGUWHKEKGPVGUCN
♦OCKMCMCFLFWNEG
NKVUCDGCOCIWG[
MCCMCK=RNFGMCK?OWUNQU=CRQUMCCMCK¡³?
MCCNFQUECNFQ
FGECTPGEQPVQFQ[JWGUQ
#NJK¡EJLCRLK³EJQK¡FJC¡IWMCCNFQPC³LC
WC¡VWNJK¡³FJC¡FJK³C¡CCNJEJWM2QTHCXQT
U¯TXGOGVCPVKVQECNFQRCTCEQORCTVKTEQPOKU
JKLKVQU8CTMCCNFW
IW³EJCCVCOLWOCC¡PC³MCCOVC¡IWVCCVCO
MQ¡MDJCKI©OPCDC¡EJCOMCMQ¡MMC¡
%WCPFQOGFWGNGPNQUFKGPVGUPGEGUKVQOCPVGPGT
WPTGOGFKQGPNCDQECRCTCSWGPQOGUKICP
FQNKGPFQ=RTGVMCCOQMCCOVCRTGUMCMOCV
TGUMCCOCV?
MCCRCM=RNFGMCDCCM?FWTQU=EQRLKZ?
MCCRCMCFC¡=EQORNRNFGMCDMCFC¡?CRTGVCTNQU
=RTGVMCCRCMCKRTGUMCCRCMC¡P?
MCCRCMCO=RNFGMCDMCO?CRTGVCFQU=EQRLKZ?
MCCRCMC¡=UWLRNFGMCDMC¡?RQPGTUGFWTQU
=RTGVMCCRCMCEQPVMCCRCMCTFC¡?
MCCRCMUQUUQK=RNFGMCDCCMUQK?NCPIQUVCU
MCCUCK¡UCTFKNNC
CTDµTGC+COR©ZRWEJW¡O©R
IWMCCUCK¡PCLCZEJW¡OIWDJQ¡OMQZFCKLK
PCIW¡ZKQ¡OLKZEJ©©FW¡'UVGVKRQFGCTFKNNCUG
RCTGEGOWEJQCNÎVGEJCNQVGÏPCFCO£USWGGU
O£UC\WN=RNMCMUCK¡?
MCCVXaGGUVCTCEQUVCFQ
UWLKPCP,K³
DJ©K¡³O©TIWVCNCCEJOWPKPCMCCVDC¡MD©VC¡
6T£GOGGNVCNCEJQSWGGUV£CNN¯FGDCLQFGNCECUC
GUVCTVKTCFQGUVCTRGTFKFQ/WPKR©ZD©©V©VDQK
EJC¡OIWPCPMCIKC¡D©©R©¡PC³DJCLKO,CTQK¡
DCMOCK¡KCDW'UVCDCPVKTCFQUWPQUCTGVGUGP
GNECOKPQEWCPFQ[QXGP¯CRCTGEGSWGCNIWKGP
NQURGTFKµ
=UWLRND©©VEQRTGVMCCV©VD©©V©V?
♦R©ZLKK³CMMCCVITKVCOW[UGIWKFQ
♦ICKMCCVXaGGUVCTNCFGCFC
EQUCO£UCPEJC
SWGCNVC
MCC[C¡XaVQ¯T)À¡M©¡PLCROWLK³MCKFJC¡
IWOZKKZPCDC¡OMCC[C¡)T¯VCNGHWGTVGCVW
JGTOCPQRCTCSWGVGQKIC
GUEWEJCT/WK¡ZKMÀÀIWUGPUGGTPQPCRC
LC¡MR©ZUCO³KOPQ¡OKCODJCK¡DCLKKOIW
MCMCTDCZ'UEWEJCNCECORCPKVCRCTCUCDGT
FµPFGUGQ[GGNUQPKFQCXGTUK[CXKGPGPNCU
EJKXCU
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
QDGFGEGT'CROKI©©I©DFJKCNJKK6W¡MWDC¡
OQQLC¡REJCOOCCV©VVÀMÀÀ#XGTR«ICNGC
GUVGPK³Q2QTSW«PQUCDGQDGFGEGT!
=RTGVMCKRTGUMÀÀEQPVMÀÀMC¡QMÀÀMÀ¡?
♦EJCOOCCV©VMÀÀPQGPVKGPFG
♦EJCOVÀMÀÀGUUQTFQ
MCC[W¡CFLSWGNQUTWKFQUNGJCEGPGPUQTFGEGT
%JC¡RKODJCLC¡RCOWWDLK³EJCCIKQD
LKK³CMFC¡C¡CCNJ$CCULCRKOZKLKK³MKRW¡
)KKNJKOLC³LKZMCC[W¡ZKDPC³LKZZQOCKIK¡
0QITKVGPEGTECFGO¯PK³QU8£[CPUGCQVTQ
NWICTRCTCITKVCTRWGUVGPIQECVCTTQ[UWUTWKFQU
OGJCEGPGPUQTFGEGT=EQRLKZ?
♦LKZMCC[WOMCK¡EJUGQ[GWPTWKFQOW[
HWGTVG
MCDCCMCFLFWTQ,KZMCDCCMVWMQOIW
MQQMQU,KZZKLCKPC³LCK³C¡PC³DC¡R©MDC
LWIKC¡'NEQEQVKGPGNCE£UECTCFWTCGUFKH¯EKN
RCTVKTNQRCTCEQO«TUGNQ
TGUKUVGPVGFWTCDNG,KZMCDCCMLWRLWODWC
IWDJK¡³DCMPQ¡TFCKLQQFCK7PCECUCJGEJC
FGRWTCRKGFTCGUOW[TGUKUVGPVG
=RNMCCRCMEQRLKZ?#PVµPOQKM
MCDCCMUQKUNCPIQUVC
KPUGEVQ0Q¡³LCUCUQK¡
IWW¡LK¡EJCOLKTM©©¡PQ¡³ICPLCOCCMFJK¡
PCOMCCRCMUQUUQKLWOV©©V©¡PCIW¡MCCRCMC¡
IWLCVQVQTLQVOQFC¡MQK¡[C¡CODC¡#NQU
R£LCTQUFQOGUVKECFQUPQGUDWGPQFCTNGU
NCPIQUVCUFGEQOGTRQTSWGNGUJCEGFWTQGN
DWEJG[NWGIQUGOWGTGP=RNMCCRCMUQUUQK?
MCDCKUECDCNNQ[GIWC,C¡ROQQZLKIKCTFJK
MCDCK%JCOOKC¡PLWOC¡L©¡PPCEJLCZFJWK
IK¡CC¡'UVGECDCNNQGUOW[DTQPEQRWGUPQ
RQFGOQUCEGTECTPQURCTCNC\CTNQ=RNMCMDCK
RQUMCDCK¡MCMDCK¡CRQUMCDCKIC¡P
MCMDCKIC¡P?
♦MCDCKEJC¡OCECDCNNQ
MCDMCFC¡XaVCRTGVCT-CCRCMCFC¡CRFJK
VQTPKNNQUPCDC¡ZDJCK¡M©©MC¡FJKOGUPCDC¡
EJCOLQK³FJC¡PCEJDJCCPVWMWC¡#RTKGVC
NQUVQTPKNNQUFGNCOGUCRCTCSWGGUV«OCEK\C
RCTCSWGPQUGOWGXCEWCPFQEQOCOQUGPGNNC
=EQORNRNMCCRCMCFC¡RTGVMCDMCKMCCRCMCK
RTGUMCDMC¡PMCCRCMC¡P?
MCDMCOCFLCRTGVCFQ
TQRCQ\CRCVQU,CZLC³
DC¡FWKLWRUC¡EJKFJK³DJQQVCU!0CIW¡Z
MCCRCMCOLK³CKZ%µOQXQ[CSWKVCTOGNCU
DQVCU!2QTSWGOGSWGFCPOW[CRTGVCFCU
=RNMCCRCMCOEQRLKZ?#PVµPFJWUCCTCM
MCDWWNJMCFC¡
MCDMCOLKOFCOCFXDKGPNNGPQ[CRTGVCFQ
)QQMLCRLK³IC¡NJKFJC¡IWLWWP;C¡PK³WC¡
IW³CTRWWU,QKFJCOLKZMCDMCOLKOFCO
ZKKZMKZKOLCRLWRLK³KKEJWNJFJC¡EJCOVW¡Z
FJWUCCTCO8«PFGOGWPRQEQFGOC¯\RWGU
CSW¯VTCKIQOKVCNGIC.N«PCOGNCDKGPCRTGVCFC[
UCEWFKFCPQHNQLCOGPVG=EQRLKZ?
MCDMC¡XaKJCEGTUGFWTQ/K¡RLC¡RZKEJW
LWRUWUC¡UWWFCK¡M©¡PPCRCK¡LCZLKZOQKMFJK
F©D©©TMWVWMCDMC¡)KKNJKODJCLC¡MLKZ
MWWDJKU‹EJCNGCIWCFQPFGNCVKGTTCGUV£
RQNXQTKGPVCRCTCSWGUGJCICFWTCRWGUJCEG
OWEJQRQNXQ
OCFWTCT
RCTEKCNOGPVGHTWVC,C¡MKCPPKFJ©T
DCLKMCDMC¡IWFWKOWLC¡RVCCVUCD/QQ³DC
VWMQK¡TC¡PQ¡DCZEJWDJCK&GUFGGUVGVKGORQ
GORKG\CPCOCFWTCTNCUEKTWGNCUGPVKGTTCU
E£NKFCUETGQSWGXQ[CRTQDCTNCUEWCPFQ[C
GUV«POCFWTCU
5GFKEGFGNCUHTWVCUSWGPQ
ETGEGPGPTCEKOQUEWCPFQ[CNNGICPCUWVCOC³Q
PQTOCNRGTQVQFCX¯CPQUGOCFWTCPDKGP;C
UGRWGFGPEQOGTRGTQVQFCX¯CGUV£PCITKCU
=UWLRNMCCRCMC¡RTGVMCDMCMCCRCMC
EQPVMCDMCTFC¡MCCRCMCTFC¡?
MCDQQMCFLITWGUQ
FGHQTOCRNCPC,KZMCDQQM
LWOCC¡IWUC¡WCPC³V©¡LKMQZKC¡PQ¡ZL©©RK¡³
5GPGEGUKVCWPCEQDKLCITWGUCRCTCEQDKLCTUGCN
FQTOKTEWCPFQJCEGHT¯Q=RNMQQRQMEQRLKZ?
#PVµPMQOCCNJKM
MCDQQTCMXaGJCDGTVGTTµP-C¡MDQTCMR©ZLCZ
FJCCIWF©D©©TOK¡PCRCK¡VWOOQKMFCKO©M
PCIW¡ZEJWMCDCCM*C[VGTTQPGUGPNCVKGTTC
CNN¯FQPFGGUVCDCPDCTDGEJCPFQRQTSWGGUV£
FWTC=RNMC¡MDQTCM?
MCDWKOWMUOC³CPC
RCTVGFGNF¯C,KZ
L©©RK¡³LKC[C¡FJK,WMV©T/WK¡OCC¡PC³
DKC¡MC¡IWMW¡CC¡PC³M©¡PLWWMC¡PFC¡
MCDWKOWMLC¡M*CEGHT¯QCSW¯GP5CPVC/CT¯C
XGTFCF!5GPGEGUKVCVGPGTOWEJCNG³CRCTC
ECNGPVCTUGGPNCOC³CPC
CFXOC³CPC
GNF¯CFGURW«UFGJQ[-CLKOKC¡
K³ZKDLK³MK¡CCOMCDWKOWMLC³DC¡IKQDJCK¡R
DCQKT©LC¡MKC¡PPK#JQTCXQ[COKECUC[
OC³CPCCGUVCUJQTCUXQ[CGUVCTCSW¯FGPWGXQ
MCDWWNJKMCFLGUH«TKEQQXQKFG,KTMC¡MDWNJKM
IWPCTCPMCU.CUPCTCPLCUUQPFGHQTOC
GUH«TKEC=RNMC¡MDWNJKMEQRLKT?
MCDWWNJMCFC¡XaVHQTOCTWPCDQNC
-CDWNJMCFCKRDJCOO©LC¡RMCZKFJCCUCKFJK
VWK¡-CDWKOWMLCRDC¡DCVWFW³KC¡PCVIW¡
'&+%+•024'.+/+0#4`
MCEJ³KNJ
6'2'*7ƒ0Ê'52#“1.
ZK¡IÀ¡DCVWMZKD*C\DQNCNCOCUC[IW£TFCNC
RQTCNN£CTTKDC/C³CPCRWGFGUJCEGTNCUVQTVKNNCU
RQTSWGCJQTC[CGUOW[PQEJG
=EQORNRNMC¡MDWNJMCFC¡RTGVMCDWWNJMCK
MC¡MDWNJMCKKORGTMCDWWNJMC¡P
MC¡MDWNJMC¡P?
MCEJ³KNJUDQTTGIWKVQDQTTGIWKVC
TGEK«PPCEKFQ
2CCFWWMI©KIWMCEJ³KNJPC³DC¡EJCO
P©K¡³!%W£PFQPCEKµGNDQTTGIWKVQ!2WGUPQNQ
XKEWCPFQPCEKµ=RNMCMCEJ³KNJ?
MCKUOWUNQ,KZMQ¡MIW³MCKPC³KEJLKZKQ¡O
MCKDDQDJC¡³KUQPVC¡OVCMCCD/GFWGNGGN
OWUNQRQTSWGOGRGIW«OW[HWGTVGGPWP
VTQPEµPC[GT=RNMCCMCKCRQUMCK¡³
MCCMCK¡³?
♦MCKTCOGPGNOWUNQ
FG«NQFGGNNC
MCKUUGOKNNC,KZDKKCNJVWMCKFJKVWOKCNJ
'UVGVQOCVGVKGPGUGOKNNCUOW[EJKSWKVCU
=CRQUMCK¡³?
MCK=RTGVFGMCC[C¡?Q[µGUEWEJµ
MCKD³C¡XaTTGXQNXGTUG
CNGUVCTCEQUVCFQ
&QQNJKWOLCRDCMQZKC¡,WCPCCCRIW¡LC¡R
OQQPCK¡OMCKDK³&W«TOGVGUKPOQXGTVGO£U
,WCPCRWGUVGGUV£UTGXQNXKGPFQRQTVQFQUNCFQU
=RTGVMCKDRTGUMCKDK³?
MCKDJC¡XaKOCFWTCT
GNQVGU%JCMWKVWMCK¡O
OWLC¡RIWK¡PCO©VIC¡PVWMMCOV©©¡UC
6QFCX¯CPQGUV£POCFWTQUNQUGNQVGUFGNCU
RGTUQPCUSWGUGODTCTQPVCTFG=RTGVMCK¡O
EQPVMCKMRCTFC¡?
♦MCK¡OCFLSWGJC[GNQVGU
OCFWTQU
MCKEJFJC¡XaDJCEGTQ¯T'CPC³OK¡ZKO
MCKEJFJC¡FJKMCUGGVPQ¡ROQQLQKFJCOMÀÀ
8Q[CRQPGT
NKVJCEGTVGQ¯TGUVGECUGVGRCTCXGT
UKVGIWUVC=RTGVMCKEJRTGUMCMCKEJW¡P?
8CTMCKZFJC¡
MCKEJWMUUGOKNNCFGECNCDC\C)QQMDJCK¡ZK³
W¡KK¡³IWMCKEJWMMWEJVWLCCMKC¡6T£GOG
CNIWPCUUGOKNNCUFGECNCDC\CRCTCVQUVCT
♦MCKEJWMLWPOC¡PRKRK£P
MCKFJC¡XaGQ¯TUG)À¡KCOZKFJCCUFJK
TCFKQ%JCODJCK¡MCKFJC¡PCL©¡MDCCC¡
5¼DGNGGNXQNWOGPFGGUGTCFKQRWGUPQUGQ[G
DKGPSW«JQTCUUQP[C
CEGRVCT
NQFKEJQd,C¡ROQQZMCKFJC¡COIW
LC¡VMCOIW³KQ¡MK¡³IW5CPVWU#CEJDC¡IW¡PK
L©¡ZLKd3W«H£EKNOGPVGNCIGPVGCEGRVCNCU
RCNCDTCUFG5CPVQU2GTQNCUFGPQUQVTQUPQ
=EQRLKZ?8«CPUGMCK¡³EJC¡MCK¡³EJC¡
♦LKZDJCK¡ZKOMCKOCUGQ[GDKGP
♦R©ZMCKFJC¡XaKFGEKTUGEQOGPVCTUG
MCKRIC¡XaVFGUXCKPCT)QQMLC³©ZEJWMVC¡FJK
DJCDPC³DJCK¡LKEJWMCKRIC¡PC³DC¡IKQR
©ZKC¡ICOCK¡8Q[CIWCTFCTCNIWPQUFGGUVQU
HTKLQNGUEWCPFQNQUFGUXCKPGRCTCXQNXGTC
UGODTCTNQUGNC³QSWGGPVTC=RTGUMCKRK¡
RTGVMCKREQPVMCRK¡PFC¡?
MCK¡EJ=RTGUFGV©¡[C¡?FKEG
MCK¡EJFJC¡XaKQ¯TUG/©L©RCK¡R©ZMCK¡EJIW
DCU©©MVWMCC¡PCVWMWC¡IWLWWP2QTCJ¯UG
Q¯CSWGWPTCVµPGUVCDCEQOKGPFQOC¯\GPNC
PQEJG=RTGV[RTGUMCK¡EJ?
♦IKKNJKOVWOMCK¡EJUGQ[GHGQJCEGOWEJQ
TWKFQ
♦LKZDJCK¡OMCK¡EJUGQ[GDQPKVQ
♦LKZLWWMMCOMCK¡EJJCDNCEQOQUK
GUVWXKGTCDQTTCEJQ
♦LKZOQ¡MQ¡MFCOMCK¡EJUGQ[GWPTWKFQ
HCUVKFKQUQ
NKVSWGJCEGSWGOGFWGNCNC
ECDG\C
MCK¡EJFJC¡=EQPVFGV©¡[C¡?GUVCTFKEKGPFQ
MCK¡EJ©V=EQRTGVFGV©¡[C¡?GUVCDCFKEKGPFQ
MCK¡OCFLSWGJC[GNQVGU
OCFWTQU$CZ
MCK¡OCCFJKOICCMWRIQQMLK³IC¡NJKFJC¡!
;CVKGPGUGNQVGUGPVWOKNRCRCTCSWGOGXGPFCU
CNIWPQU!=EQRLKZ?8«CUGMCKDJC¡
MCK¡O=RTGVFGMCKDJC¡?OCFWTCTQP
GNQVGU
MCK¡³EJC¡XaKEQTTGTUGFGEKTUG
TWOQT2CCO
UCRFWWMLKEJOCMKC¡IWVWWOK³!)KPC
RCPCCUDJCK¡DCMCK¡³EJCKFJCV%W£PFQPQU
XCPCFCTGNFKPGTQ!2WGUEQTTKµGNTWOQTFGSWG
PQUNQKDCPCFCT=RTGVMCK¡³EJC
RTGUMCMCK¡³EJCT?8«CUGMCKFJC¡
MCK¡³EJC¡XaGQ¯TUG
TWKFQ,©¡ZEJKO©MLKZ
MCK¡³EJC¡PQ¡³KEJOCC¡PZKEJWOC¡[CM©¡P
FJKMCTCDKK³PCIW¡TIÀ¡IÀTIWDCCNCU!3W«
VCPNGLQUUGQKT¯CGNVKTQFGGUVGTKHNGEQPGUVCU
DCNCUITCPFGU!=RTGVMCK¡³EJCEQPVMCK¡³MC¡
OQXMCK¡³EJW¡EQRLKZ?8«CUGMCKFJC¡
MCLCCPC¡XaVFGUDCTCVCT-CLCCPC¡RKOFJK
QPCCOPCEJCOOK¡EJVWTDCTMC¡PCEJOKLC¡R
QKRQ&GUDCTCVGPGUVCGPTCOCFCRCTCSWGPQ
PQUGUVQTDGEWCPFQCPFGOQUCNN¯
XaVGURQPLCTFGUGPTGFCT
WPCHKDTC$©©R©¡³
ZKMCLCCPCKIWMCUPKTDCRQQPCDC¡ZDJCK¡O
DKFJKK³FJC¡.CNCPCFGDQTTGIQUGGURQPLC
RTKOGTQRCTCSWGUGCH£EKNJKNCTNC
XaKFGUDCTCVCTUG0CKNWM©¡PLCRDJKKDIC¡FJK
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
MKEJCCTPCDC¡EJCOLWOMCLCCPC¡PQ¡VDC¡P
'PXWGNXGNCIWKVCTTCGPWPJWNGRCTCSWGPQUG
FGUDCTCVGUKUGOQLC
=RTGVMCLCCRTGUMCLCCP?
MCO
IWMQMMQP8COQUCEQNICTWPUQODTGTQGPNC
OKNRCRCTCCUWUVCTCNQUEWGTXQU=RNMQMMQP?
MCMCCUPKT=RNFGMCUPKT?DQTTGIQU
8CTMCMCUPKT
MCMCEJ³KNJ=RNFGMCEJ³KNJ?DQTTGIWKVQU
SWGTKFQU
MCMCKEJW¡P=RTGUFGMCKEJFJC¡?NQJCEGQ¯T
MCMCK¡³EJCT=RTGUFGMCK¡³EJC¡?UGQ[G
MCMCNJDC¡EJ=RNFGMCNJDC¡EJ?EJKXKVQU
TGEK«P
PCEKFQU
MCMQU=RNFGMQU?PKFQU
MCMQVIKZ=RNFGMQVIKZ?GURQPLCFQUSWGVKGPGP
RQNNKVQU
CXGU=EQRLKZ?8CTMQMQVIKZ
MCMQ¡M=RNFGMC¡QQM?GPHGTOQU=EQRLKZ?
MCMQ¡M=RNFGMQ¡M?SWGFWGNGP
RCTVGUFGN
MCMCTDCZ=RNFGMCTDCZ?EJKXQU
MCMCTDQ=RNFGMCTDQ?CNCU
EWGTRQ=EQRLKZ?
MCMQ¡MNJKC¡=RNFGMQ¡MNJKC¡?SWGGORKG\CPC
=CRQUMCMCTDQ¡P?
MCMCUPKT=RNFGMCUPKT?DQTTGIQU
8CTMCMCCUPKT
MCMCUPKTLCDCRQQ=RNFGMCUPKTDCRQQ?NCPC
FGDQTTGIQU
MCMDCK=RNFGMCDCK?ECDCNNQU=RQUMCMDCK¡
CRQUMCMDCKIC¡P?
MCMNJKUQUUQK=RNFGMCCNJKUQK?ITKNNQU
8CTMCNJNJKUQUUQK
MCMOCV=RTGUFGMCCOVC¡?NQOCPVKGPGGPNC
DQEC
MCMPWD=RNFGMCPWWD?DCTEQU
MCM³K¡UVGNCTQRC;C¡VWOWC¡IWMCM³K¡ICO
UQQUQ¡OPCOVW¡DCVW¡CC¡FCLQKFJCOIW
W¡WD#SW¯VTCGPTQRC[EQNNCTGUSWGNCUOWLGTGU
GORNGCPRCTCGODGNNGEGTUG5KPµPLCLCPPWNJ
MCM³K¡CFLSWGVKGPGOWEJCTQRC#C³DCL©M
PC³MCVWLWCPFC¡IKKNJKOLKPC³LKZMCM³K¡
MC¡#PVGUEWCPFQ[QVTCDCLCDCVGP¯COWEJC
TQRC=EQRLKZ?5KPµPLCLCPPWNJ
MCMQPDK¡³=RNFGMQPDK¡³?OQJQUQU=EQRLKZ?
MCMQQD=RTGVFGMQMDCFC¡?2GLMCMQQDLCO©V
UGNNGPCTQP
FGEQOKFC
MCMQQDZK¡³=RTGUFGMQDZKFJC¡?UGCEGTECRCTC
XGT
MCMQQO=RTGVFGMQQMOKMKC¡?2GLLWO
MCMQQOLCO©VUGCDTC\CTQP
MCMQQOKM=RTGUFGMQQMOKMKC¡?2GLLWO
MCMQQOKMCOUGCDTC\CP
MCMQQOUCNJ=RNFGMQQOUCNJ?ITKUGU
CPKOCNGU
MCMQQPUEWGTXQ6W¡DQPCCOLCEJDJCLC¡R
FQNGT
RCTVGUFGNEWGTRQ=EQRLKZ?
MCMRC³KC¡=TGRFGMCR³KC¡?RTQFWEKTTWKFQ
EQOQGNFGCRNCWFKTOWEJCUXGEGU=RTGVMCMCR
RTGUMCMRCPEQPVMCMCR³KFJC¡?
MCMRKCUC¡=TGRFGMCRKCPC¡?CRNCWFKT
=RTGVMCMRKCUCRTGUMCMRKCU?
MCMTCDK³=RNFGMCTCDK³?TKHNGU
MCMTQM=RNFGMCTQM?ECTCEQNGU
MCMUCK¡=RNFGMCCUCK¡?CTFKNNCU
CTDµTGCU
MCMZKQ=RNFGMCZKQ?\QTTCU
MCNJDC¡EJUEJKXKVQEJKXKVC
TGEK«PPCEKFQ
-WWRC¡RKOOWEJKMKTFJKMCNJDC¡EJPCDC¡
EJCOQKFJC¡IWF©¡©©¡PPCIW¡OWRCK¡MQZKC¡
'PEKGTTGPCNEJKXKVQTGEK«PPCEKFQRCTCSWGPQ
UKICCUWOCO£EWCPFQUGFWGTOGUQNCGPGN
ECORQ=RNMCMCNJDC¡EJ?
MCNJNJKUQUUQK=RNFGMCCNJKUQK?ITKNNQU
8CTMCMNJKUQUUQK
MCORQURPCVKXQFGQTKIKPCTKQFG
RGTUQPC
)KCCRLKTRCCMCO!5WUDJC¡PVCOCCMC¡
$J©©³KMCOCC!;WUVGFFGFµPFGGUFG.QU
%JCTEQUQFG.C8GPVCPC!
FGEQTTGURQPFGC
UWLKPCP;C¡LW¡IW
F©D©©TIW,WMV©TMCO#SW¯GUFQPFGVGTOKPCGN
VGTTGPQFG5CPVC/CT¯C1EQV£P
FGJCDKVCGP
CPKOCNQRNCPVC$©©ZCKZKO
VW¡OLKZLCK¡EJCOIWMQQMQ¡LCK¡UWWFCK¡EJ©T
MCOLCK¡UCK¡EJ©TMCOLCK¡W¡ZEJ©TMCO*C[
OWEJCUENCUGUFGX¯DQTCUCNIWPCUJCDKVCPGPGN
CIWCQVTCUGPNCJKGTDC[QVTCUGPNQU£TDQNGU
+PFKECSWGVKGPGEKGTVCECTCEVGT¯UVKEC&JKZ
MQMOC¡W¡WWZPCDJC¡³KVWWVFJK¡TOCKOFC¡
FCCUC¡OWOOWICCV©TPCODC¡Z©©DJK¡³FJC¡
'&+%+•024'.+/+0#4`
MCOC¡D
6'2'*7ƒ0Ê'52#“1.
MCO'UQURCNQUITKUGUSWGGUV£PCNN¯UQP
XGPGPQUQU
MCOC¡DUECOQVG6W¡EJDC¡M©¡PMQQMDKC¡EJK
IWMCOC¡DPCEJUCCMIQQMZKW¡LKI©V!%QP
SW«XCOQUCFGUGPVGTTCTNQUECOQVGUSWG
RGPUCOQUNNGXCT!
MCP=XCTFGMC¡P?+PFKECWPNWICTXKUKDNGEQPQEKFQ
MCPWWDUDCTEQ)W¡³KMCPWWDVC¡OLCEJ
DJCCPVWDJKCRW¡IWDQRVQR8COQUCWUCTGUG
DCTEQRCTCUCECTNQURGEGU
EQOGFGTQ
GPHQTOCFGECPQCRCTCCPKOCNGU
,CVQK¡³O©TIWUWWFCK¡IWVCVMCTWK¡DJCOO©LC
MCPWWDCO8GCFCTNGUCIWCCNCUICNNKPCUGP
UWEQOGFGTQ
=RNMCMPWD?
♦IÀ¡MCPWWDUDWSWGPCXG
MC³FJKKTUXGNC
RCTCCNWODTCT$©¡PFJKZCC
IWMC³FJKKTO©L©DC¡MEJ©T!'UV£RTGPFKFCNC
XGNCCFGPVTQFGNCECUC!=GURECPFGNC?
MCRCFXRCTVGNWICT,KZEJCOCCOVCPQQNJ
M©¡PLC³KEJCKOW6WURCPCIW¡TO©MIKQPC
IW¡EJCOZK¡VWOQKT©PCIW¡L©¡OC¡PMCRLKT
VCVCK¡.NGIW«C6WZRCPGPEKPEQF¯CURQTSWG
GUV£NGLQU[PQUGRWGFGECOKPCTT£RKFQRWGU
JC[UWDKFCUGPCNIWPCURCTVGU
♦OCC¡PMCRGPWPNWICT
♦IQMMCRGPFQUNWICTGU
♦DCKMMCRGPVTGUNWICTGU
MCRCK³CFLGORCRCFQOQLCFQ
EQORNGVCOGPVG
,KZMCRCK³OK¡FJ©TLC¡RDJCK¡DCLKOFJK³
³WWEJKZ6CMIW¡OWRCK¡OCCKIWFWWM/K
EW³CFQXKGPGFGCNN£EQORNGVCOGPVGOQLCFQ&G
UGIWTQNGCICTTµNCNNWXKC=EQRLKZ?
MCRCK³C¡XaVGORCRCTECNCT/CC¡PPKOPC
³KEJOWF©TDJCLKK6CVQ¡O%JCODJCOKC
OC³MCRCKIWFWWM7PCXG\EWCPFQXKPGFG
.QU%QPGLQUCSW¯EGTSWKVCOGGORCRµNCNNWXKC
=RTGVMCRCK?
MCRDJCK¡EQPL[CSWG-CDWKOWMLCRKOIQQM
OCOCC[C¡FJKEJKKNCMMCRDJCK¡PCVEJCMWK
M©DCKLQKFJCOMCZOCKMCMEJK/C³CPC
VCVGOGPCNIWPQUFGGUVQUEJKNCEC[QVGU[CSWGPQ
UGJCPJGNCFQ[UWRQPIQSWGVQFCX¯CGUVCT£P
FWNEGU
MCRDJWKOWMCFXGPNCOC³CPKVCVGORTCPQ
EWCPFQGORKG\CCCOCPGEGT/QQR
MCRDJWKOWMDCDCOIKC¡MWEJOQQOWZK
LKO©KEJKQR&GDGUNGXCPVCTVGVGORTCPQRCTC
SWGXC[COQUCNCKINGUKC
MCRKCPC¡XaVRGICT
EQPNCUOCPQU2CC
RKEJLC¡MLCZFJWWIWRKNQQVPCROWLC¡RMC
MCMRKCUKFJCV!3W«JKEKUVGEQPNCRGNQVCSWG
GUVCDCURGICPFQRQTCJ¯!
XaVRCVGCT
EQPNCURCVCUFGNCPVGTCUt6W¡O
FWWPCDC¡Z©¡TOC¡IWOOQ¡!tLWRMCK¡EJIW
,WCPt,K³MCRKCFJQIWMCDCKVCMCCDPC³MC
WNJKKUtLWRMCK¡EJIW2GGITQt3W«VGRCUµ!
6KGPGUUCPITGGPNCECDG\CtRTGIWPVQ,WCP
t2WGUOGRCVGµGNECDCNNQC[GTEWCPFQNQGUVCDC
GPUKNNCPFQtEQPVGUVµ2GFTQ
XaKCRNCWFKT$©©ZLCRKOOQQVWMCMRKCUC¡
PCRCK¡FJWWMV©©OQ¡FJKZMCK¡PCVWC¡IKO©K
%WCPFQVGTOKPGFGJCDNCTGNIQDGTPCFQTVQFQU
WUVGFGUFGDGPCRNCWFKT
=TGRMCMRKCUC¡RTGVMCRKCMCMRKCUC
RTGUMCRKCPMCMRKCU?
MCRK¡PFC¡=EQPVFGMCKRIC¡?GUVCTFGUXCKPCPFQ
MCR³KC¡XaKRTQFWEKTTWKFQ
EQOQGNFGCRNCWFKT
#OMCMRC³KC¡IWMCMCTDQ¡PIWIKQFC¡PCLCZ
ICOCK¡LKFJC¡[C¡#NXQNCTNCRCNQOCUWUCNCU
RTQFWEGPWPTWKFQEQOQFGCRNCWUQU
=TGRMCMRC³KC¡RTGVMCRMCMCRRTGUMCRCCP
MCMRCPEQPVMCR³KFJC¡MCMCR³KFJC¡?
MCRWRCFXOKGPVTCUVQFCX¯C/QQRD©L©MDC
DCOIKC¡PCMCRWRLKZEJWMICOMC¡PCDC¡IW¡
RWKMCTMCDWKOWMMC¡PCEJOWCC[C¡&GDGU
NGXCPVCTVGVGORTCPKVQEWCPFQVQFCX¯CGUV£
QUEWTQRCTCSWGVQFCX¯CUGCFGOC³CPCEWCPFQ
NNGIWGOQUCNN£
MCRZKC¡UJQPIQGURQPLQUQ,C¡RMKDCCTFWWM
ZKD/QQEJKDWDWCMKC¡IWMCRZKC¡DJCLC¡R
IKQ¡PV©T*Q[GUV£NNQXKGPFQEQPVKPWCOGPVG
5GIWTCOGPVGUCNFT£PNQUJQPIQUGURQPLQUQUGP
NQUNNCPQU
MCTCDK³UTKHNG
CTOCFGHWGIQ,CZEJKZDJCK¡
VWOC¡[CUFJKMCTCDK³!3W«VCPDKGPVKTCT¯C
GUVGTKHNG!=RNMCMTCDK³?
MCTDCZUEJKXQEJKXC/K¡FJ©TKCOUWWUUCO©T
IWMCTDCZMWEJVWMKKUVC¡PCEJF©©MC¡PQ¡
OQQZK¡QQD2QTHCXQTXGCQTFG³CTNCEJKXC
RCTCJCEGTSWGUQRCTCSWGXGCOQUUKGUV£
UCDTQUQ=RNMCMCTDCZ?
MCTDCZDKK¡OUNGEJGFGECDTC,KZK¡QQDIW
MCTDCZDKK¡OPC³VWUWWUUCVVWKQ¡FC¡LC¡RLK
PQ¡³DKC¡IWMCTDCZ.CNGEJGFGECDTCGU
UCDTQUC5KGUSWGVKGPGUWPCECDTCPCFCO£UNC
QTFG³CU[VGVQOCUNCNGEJG
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
MCTDQUCNC
CXG-Q¡MOCTCMVWMCMCTDQIW
DJC¡CC¡'N£IWKNCVKGPGNCUCNCUDKGPCPEJCU
=RNMCMCTDQCRQUMCTDQ¡PMCMCTDQ¡P?
MCTPC¡XaVFGUJQLCT)QQMLCEJMCTPKMC¡FJK
LWPDCC¡PCEJDJCOO©ÀÀLKVWIC¡[C¡8COQUC
FGUJQLCTCNIWPQUGNQVGU[NNGXCTNQUCNN£RCTC
CUCTNQUCNNNGICT=RTGVMCTRTGUMCTCCP
VTCUNMCTPKMC¡?
MC¡QQM
M©¡PMQDCC[C¡PCIW¡TO©M#N¯UVGPUGCJQTC
RQTSWGPQUXCOQUGPNCOCFTWICFCRCTCSWG
NNGIWGOQUVGORTCPQRQTSWGGUV£NGLQU
MCZKQU\QTTC/C³LWIKK¡³IWMCZKQIW³
EJCVMCTWK¡EJWMPCIW¡COR©ZVWLW¡MCVOW
MKKEJCO.C\QTTCUGEQOKµOKUICNNKPCURQTSWG
GUVCDCUQNCNCECUC=RNMCMZKQ?
MCTQMUECTCEQN&CKV©¡PIKCMLC¡MLKZLQK¡³FJC¡
PCDWUCCMFC¡FJKMCTQM#NECTCEQNUQNCOGPVG
NGIWUVCUCNKTGPNC«RQECFGNNWXKCU=RNMCMTQM?
MCTWWOURN£VCPQ6À¡VÀDMQ¡MOCTCMVWLCC¡
IWMCTWWO'NRN£VCPQVKGPGJQLCUNCTICU[
CPEJCU
MCUPKTUDQTTGIQQXGLC%JCOVWUCTCCMIW
MCUPKTUKCMW³KEJDCLKOWC'NDQTTGIQPQ
ITKVCCWPSWGNQOCVG=RNMCMCUPKTQ
MCMCCUPKTGURECTPGTQ?
MCUPKTDCRQQUNCPCFGDQTTGIQ)WDKRUW¡NJ
D©ZEJW¡LWRDWCCOIWMCUPKTDCRQQ/QQR
DWCCOIWCTRWWUIKQIWUC¡WCIKQDC¡IWLC
DJKDJKURCTC¡.QUJWKEJQNGUJCEGPOWEJCU
EQUCUEQPNCNCPCFGDQTTGIQEQOQOQTTCNGU
EQDKLCU[EKPVWTQPGU=RNMCMCUPKTLCDCRQQ?
MCUPKTUC¡WCUEQDKLCFGNCPC
FGDQTTGIQ,KZ
FJC¡TC¡IWMCUPKTUC¡WCPCIW¡EJCOQDVW
UCCUCMIKQPCZKQ¡OLKTLKZLWWM.CEQDKLCFG
NCPCFGDQTTGIQGUECTCRQTSWGFWTCOWEJQ[
ECNKGPVCDCUVCPVG=RNMCUPKTUCUWC¡?
MCUVKKNUGURC³QN#CRLKZOCCV©VMÀÀCCIW
MCUVKKNPCRKCOLKEJCCIK¡³FJC¡PCLCZMCK¡EJ
FJKPCCDCV!'PVKGPFGUGURC³QN!RCTCSWGPQU
FKICUNQSWGFKEGGUVGOGUVK\Q=GURECUVGNNCPQ?
♦MCUVKKNM©¡PGPGURC³QN
MCVRCTV+PFKECGNVKGORQEQRTGV«TKVQFGNQUCFLGVKXQU
[NQUXGTDQUFGGUVCFQ2CCEJKFJWWMOKCK
IW³³WWEJKZ#PTGGUPCUCCMEJCOVWLCK¡EJ
MCV!%W£PFQNNGICT¯COKEW³CFQ#PFT«U!2WGU
FKEGPSWGPQGUVCDCGPUWECUC=)TCO?
MCVVKKPVGTLRQUKDNGOGPVG-CVVKPCVDC¡OQQOW
MCPF©TLC¡RDJ©KIWVWWTPCRCK¡RCT©©RR©ZCO
LKZOCCZFJKDQK/QQFJQIW¡EJCOPCIW¡
OWF©TCMM©¡PDJCLC¡MR©ZOCCZ
2QUKDNGOGPVGGNVQTQRCUµRQTCSWGNNCFQFGN
CTTQ[QFQPFGUGXGWPRQEQNCXGTGFCRGTQPQNQ
ETGQRQTSWGNCUJWGNNCUUGXGPJCEKCCE£
MCVWMICDCFXGPNCOCFTWICFCOW[FGOC³CPC
CPVGUFGNETGR¼UEWNQ/QQRKOZKOGEJMCFCK
ZKDF©TPCEJIW¡MCVWMICDLKOKC¡PCEJDC¡Z
MC¡EQPLQ
CNVGTPCVKXCGPWPCRTGIWPVC,KZ³CC
CRCCIWKOCKMC¡IWDJCDCC!6GIWUVCT¯C
EQOGTECNCDC\CQHTKLQNGU!=)TCO?
8CTMKC¡
MC¡RCTV+PFKECGNVKGORQHWVWTQFGNQUCFLGVKXQU[
NQUXGTDQUFGGUVCFQ)À¡LKPCRCMZKFJC¡FJK
UWWFCK¡PCDC¡FCKOK¡O©TFC¡PCEJCOO©M
LC¡RLKZEJWDCC¡PMC¡*C\WPECPCNITCPFG
RCTCSWGEQTTCGNCIWCGP«N[PQUGOQLGVCPVQ
NKVGUVCT£OQLCFCNCVKGTTC=)TCO?
MC¡DC¡EQPL+PFKECRQUKDKNKFCF-C¡DC¡OQQ
DJCLKOCCEJKIWFWWMPCDC¡ZEJ©DCC¡!'U
RQUKDNGSWGXGPICNCNNWXKCXGTFCF!2QTSWGGUV£
PWDNCFQ8CTMKC¡DC¡
MC¡MDQTCM=RNFGMCDQQTCM?JCDGTVGTTQPGU
MC¡MDWNJKM=RNFGMCDWWNJKM?GUH«TKEQU
=EQRLKZ?
MC¡MDWNJMCFC¡=EQORNRNFGMCDWWNJMCFC¡?
HQTOCTDQNCU=RTGVMC¡MDWNJMCK
KORGTMC¡MDWNJMC¡P?
MC¡ORQURGPFGPVTQFG
WPTGEKRKGPVG,CZ
LCRKEJEJW¡OMC¡OVWCIWDKK³!'PEW£N
TGEKRKGPVGGEJCUVGGNOG\ECN!
♦VW¡RKEJMC¡ODJCLKKGPSW«XKPKUVG!
♦L©¡MLCRMC¡OUCDC¡FCKFJCVSW«ECPVKFCF
SWGT¯CUEQORTCT!
MC¡PRCTV+PFKECWPNWICTXKUKDNGCNSWGUGJK\Q
TGHGTGPEKCCPVGU-CDWKOWMLC³OQQVWICCIC¡
IW³DCK³FJCUPC³KEJOCK¡DWCOWPKMC¡P
ICK/C³CPCXQ[CDWUECTOKJCEJCSWGUGOG
RGTFKµCNN£GPNCNCFGTC8CTMCP
MC¡QQMCFLGPHGTOQ)KKNJKOLKZMC¡QQMIW
IÀ¡³³CCPPC³KEJDJCOO©LKDWWU,KZMQ¡M
UCRIWOC¡QQ¡PIKQUCRDC¡PCDCZEJQK³/K
CDWGNCGUVCDCOW[GPHGTOCEWCPFQNNGIW«CNN£
'&+%+•024'.+/+0#4`
MC¡QQM
6'2'*7ƒ0Ê'52#“1.
/GFKLQSWGNGFQN¯CNCECDG\C[SWGVGP¯C
ECNGPVWTC=RNMCMQ¡MEQRLKZ?
MC¡QQMCFLRKECPVG)KKNJKOLKZMC¡QQMIW
©¡TFKEJMQ¡MQNJLKZD©R©©¡.QUEJKNGUTQLQU
FGNICFKVQUUQPOW[RKECPVGU=EQRLKZ?
MÀÀ=RTGUFGMCC[C¡?Q[GGUEWEJC
MÀÀMC¡=EQPVFGMCC[C¡?GUVCTQ[GPFQGUVCT
GUEWEJCPFQ8CTMÀÀMÀ¡
MÀMÀÀNJ=RNFGMÀNJ?VQDKNNQU
=CRQUMÀMÀÀNJK¡³?
MÀNJUVQDKNNQ)KKNJKODJCK¡LK³LKKDCFJK³
ZCRCCVWKZPC³KEJV©KZKCK)À¡IÀTDCZ©¡NJRK¡
OK³MÀMÀÀNJCO/GNCUVKOCTQPOWEJQOKU
DQVCUEWCPFQOGNCURWUG[[CGUV£PDKGP
NCUVKOCFQUOKUVQDKNNQU=RNMÀMÀÀNJ
CRQUMÀNJKK¡³MÀMÀÀNJK¡³?
♦LK³MÀNJCOGPOKVQDKNNQ
MKC¡CFXVQFCX¯C-CTO©MCCMKC¡OK¡FJ©T
5WEJKNDJCOO©5WUDJC¡PVCO!6QFCX¯CHCNVC
OWEJQRCTCNNGICTFG5WEJKNC%JCTEQU!
MKC¡=XCTFGMC¡?Q
MKC¡DC¡=XCTFGMC¡DC¡?+PFKECRQUKDKNKFCF
MKC¡OK¡³=CRQUFGMK¡CCO?UWFQOKEKNKQ
MKC¡R©ZCFXCRGPCU
VKGORQTGEKGPVGOGPVGJCEG
RQEQ%JCMWKDJCK¡VWQKT©FJK©NJK¡EJMCDCK
PCVIW¡MKC¡R©ZI©KZKDFJKVCPQQNJ6QFCX¯CPQ
CPFCDKGPGUVGECDCNNKVQRQTSWGCRGPCUPCEKµ
JQ[
MKDCCTCFXNKIGTCOGPVG
NNWXKCEQPVKPWCRQTXCTKQU
F¯CU)À¡O©TIWUWWFCK¡O©L©LC¡RCMM©¡PPC
IW¡MKDCCTFWMKKO©M%QTTGOWEJCCIWCCNN¯GP
GNCTTQ[QRQTSWGJCNNQXKFQNKIGTCOGPVGRQT
XCTKQUF¯CU
MKDCCTQ¡XaKNNQXGTNKIGTCOGPVG
RQTXCTKQUF¯CU
/QQEJKZMKDCCTWO6©©¡PCDC¡COR©ZLKZ
EJ©DCC¡PKL©¡ZMWVQVPQT%TGQSWGSWKGTG
NNQXGTNKIGTCOGPVGRQTXCTKQUF¯CURWGUH¯LGUG
EQOQGUV£PWDNCFQ[PQUCNGGNUQN
=RTGVMKDCCTQRTGUMKDCCT?8CTMKDCCTW¡
MKEJCCTUIWKVCTTC$J©KO©TIWOMKEJCCTMWEJ
[C¡VWEJOCOVWZFJC¡IWUCCUCD6TCGVW
IWKVCTTCRCTCSWGGPUC[GOQUNCO¼UKEC
=RNMKMEJCT?
MKKEJCOUECUC
JCDKVCFCJQICT:KDDCMOWK¡
MCRDCTMKMEJCOLKC[C¡,WMV©T#JQTCJC[
OWEJCUECUCUCSW¯GP5CPVC/CT¯CXGTFCF!
=RNMKMEJCO?
♦IÀ¡TMKKEJCOGUEKWFCF
MKKEJC¡XaKGUVCDNGEGTTGUKFGPEKCNNGICTCXKXKT
,CTQQDJCK¡DCMKKEJCDJCK¡PC³RCK¡MCVW
CCI©VPC³MKKEJC¡!3WK«PNNGIµCXKXKTCNN£
CTTKDCFQPFG[QRGPUCDCXKXKT!
=UWLRNQK¡³EJC¡RTGVMKKEJCQK¡³EJC
RTGUMKMKKEJCTQK¡³EJCTEQPVMKKEJCKFJC¡
QK¡³EJCKFJC¡?
MKKMKC¡CO=RNFGMK¡CCO?FQOKEKNKQU
MKKUUSWGUQ#CRLCZEJW¡OLKZKQ¡OLKZ³CC
IWMKKU!)WMCTDCZMKKUCCMC¡IWDCCMMKKU
CC!3W«VKRQFGSWGUQVGIWUVCO£UGNFGEJKXC
QGNFGXCEC!
♦MKKUMK¡URKFJKZMCOUVCEQFGSWGUQ
MKMEJCO=RNFGMKKEJCO?JQICTGU
MKMEJCT=RNFGMKEJCCT?IWKVCTTCU
MKMKKEJCT=RTGUFGMKKEJC¡?VKGPGTGUKFGPEKC
MKMK¡UCRFC¡=EQPVFGMK¡URC¡?GUVCTCRCEJWTCPFQ
MKMRK¡=RNFGMKRK¡?VCOCNGUFGFWNEG
MKMRK¡EJC¡=UWLRNFGMKRK¡EJC¡?2GL
MKMRK¡EJC¡COUGOQLCT£PFGOCUKCFQ
=RTGVMKMRK¡EJRTGUMKMRK¡EJCT?
MKMRK¡EJFJC¡=EQORNRNFGMKRK¡EJFJC¡?
GPFWN\£TUGNQU=RTGVMKMRK¡EJRTGUMKMRK¡EJW¡P?
8CTMKMRK¡EJZKFJC¡
MKQXaGXKXKT
GPEKGTVQNWICTJCDKVCT#OR©ZVW
LW¡DJCOO©F©T&©D©©T%JWC¡PCORCK¡MC
QK¡³MCVIW³LCCFW³0QJC[PCFKGCNN£GP
6KGTTC$NCPECFQPFGXKX¯CPOKURCTKGPVGU
=UWLRNQK¡FJC¡HWVMKQMC¡QK¡FJC¡MC¡Q
QK¡³MC¡EQRTGVMKQMCVQK¡FJC¡MCVQQK¡³MCV?
♦OCCRLKTLWOQK¡FJCI©OUQPXGEKPQU
MKQMCOUFWG³QFWG³C
FGNCECUCECUGTQ
ECUGTC$JCFJCCCCIWDJC¡³KMKQMCOPCDC¡
OQQLC¡REJCORCK¡QKT©!'UVCT£CNN£CTTKDCGN
ECUGTQ!2WGUPQCPFCRQTCSW¯=RNQK¡³MCO?
MKQ¡UECTRKPVGTQFGCNCUTQLCU$JC¡³KZICMLWM
VC¡OLKZLQK¡³FJC¡PCI©¡PU©FC¡IWMKQ¡#NN¯GP
GNRKPQUGEQNGIWUVCUGPVCTUGCNECTRKPVGTQFG
CNCUTQLCU
%QLGPNCURNWOCUFGNCEQNCFGN
ECTRKPVGTQFGCNCUTQLCURCTCRQP«TUGNCUCNCU
HNGEJCUSWGUGVKTCPEQPGNCTEQ
MKRK¡UVCOCNFGFWNEG
FGRKPQNG)W³LKKMWNJVW
DWWRNJKC¡IWMKMRK¡PCIW¡TFW³DKC¡MCO
DJCCP)À¡6CPQQNJ%JC¡OPCIW¡DCV©V©©OQ¡
/KV¯QXCCJCEGTVCOCNGUFGFWNEGRQTSWGGU
OC[QTFQOQGPNCHKGUVCFG5GOCPC5CPVC[[C
XCCGPVTGICTUWECTIQCQVTCRGTUQPC
.QU
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
VCOCNGUFGFWNEGUGJCEGPRCTCNCUHKGUVCU
TGNKIKQUCU=RNMKMRK¡?
MKRK¡EJC¡XaKOQLCTUG
FGOCUKCFQVKGTTCWQVTC
EQUCRQNXQTKGPVC&JK¡OQQLWOMKRK¡EJC¡FJK
CTKKPPQ¡VLKZKQ¡OLK³CKIWFWWM.CJCTKPCUG
OQLCT£FGOCUKCFQUKOGCICTTCGNCIWCOW[
HWGTVG=UWLRNMKMRK¡EJC¡RTGVMKRK¡EJ
MKMRK¡EJRTGUMKRK¡EJCTMKMRK¡EJCT?
MKRK¡EJFJC¡XaDGPFWN\CT
RKPQNGRCTCQVTC
RGTUQPC#NJK¡EJOK¡ZK³MKRK¡EJK¡³FJKVWKUCR
O©©DCVM©¡PMW³ZKLWICKDCMQZKC¡'PF¼N\COG
WPRQEQGUVGRKPQNGEQPOKGNRCTCVQO£TOGNQ
CPVGUFGFQTOKTOG=EQORNRNMKMRK¡EJFJC¡
RTGVMKRK¡EJMKMRK¡EJRTGUMKRK¡EJW¡P
MKMRK¡EJW¡P?8CTMKRK¡EJZKFJC¡
MK¡CCOUECUCFQOKEKNKQ
EQPGNVGTTGPQ
EQTTGURQPFKGPVG,WOQKFJC¡KEJOWOOWLWO
MK¡CCOPQ¡RLKEJIC¡NJKFJC¡IWKOCK6G
CEQORC³COQUCVWECUCUKPQUXGPFGUECNCDC\CU
=RNMKKMKC¡COCRQUMKC¡OK¡³?
♦MKC¡OKTCOGPUWECUC
FG«NQFGGNNC
MK¡CCUUKIWCPC&©¡PM©TRWDCMKC¡IWMK¡CCU
PQ¡VVW¡DC©¡PMKC.CKIWCPCUGOGVGGPWP
CIWLGTQGPVTGNCURKGFTCUUKCNIQNCCUWUVC
MK¡DU+PFKECNQSWGUGOCUVKECUKPVTCICT/©MLCR
OCK¡DWC¡IWOMK¡DPCDC¡EJCOLWOCKCNJKKZK
DJ©©LKRDCMK¡DKC¡6KTCNGLQUNQSWGOCUVKECU
RCTCSWGQVTQPK³QPQNQXC[CCCICTTCT[
OCUVKECT
MK¡DFJC¡XaDOCUVKECT
RCTCQVTCRGTUQPCQ
CPKOCN,CMK¡DFJC¡CRIWZKZRKNJFJK
OCVCKOC¡PPCOIW¡EJCMWKDJC¡IWRWK¡
/CUVKECGNPKZVCOCNRCTCNQURQNNKVQURQTSWG
VQFCX¯CPQRWGFGPEQOGTNQUITCPQUGPVGTQU
=RTGVMK¡DRTGUMK¡DK¡³?8CTMK¡D³KFJC¡
MK¡DKC¡XaVOCUVKECT
UKPVTCICT,WOMK¡DKCR©Z
IWEJKMNKEJCOVW¡ODJC¡'NEJKENGUµNQUG
OCUVKECPQUGVTCIC=RTGV[RTGUMK¡DKC
RTGXMK¡D©KTGUMK¡DKZ?
MK¡OPC¡=XCTFGM©¡[C¡?OQTFGTRKECT
MK¡³IQDCFXGPNCRWGTVCGPNCGPVTCFC%JC¡R
DCM©©MC¡MK¡³IQD/K¡ZEJWMICOPC³[C¡PKVW¡
LCZDWC0QUGRCTGCNN¯GPNCRWGTVCRWGUGUV£
M©K³³C¡
QUEWTQCSW¯FQPFGGUVQ[JCEKGPFQCNIQ
KORQTVCPVG
MK¡UOC¡XaVSWKVCT
EQPNQUFKGPVGUTQGT/QQR
D©©ZMK¡UOC¡FJKC¡QQEJCOVW¡PCRIW¡OK¡ZK
DK¡CKLCK¡IWDCMCCZ*C[SWGTQGTDKGPNQU
JWGUQURCTCPQFGLCTPKPI¼PRGFC\QFGECTPGGP
GNNQU=RTGVMK¡KKURTGUMK¡UWOQMK¡UQO?
MK¡URC¡XaVCRCEJWTTCTCRNCUVCT-K¡URC¡RFJQ
VWMCC¡IWV©©[CZPQ¡RICPDJCUQPRCPDQRRQ
CCRPCRLKTIÀ¡8CUCCRNCUVCTCNCPK³CUKVG
CEWGUVCULWPVQCGNNCRQTSWGV¼GTGUITCPFG
=RTGVMK¡KKURTGUMK¡UCREQPVMKMK¡UCRFC¡?
MK¡URKFJC¡XaDJCEGTWPVCEQ
RCTCQVTCRGTUQPC
NKVCRCEJWTTCT-K¡URKFJC¡CRIWMKKUV©OMCNJ
EJC¡OIW4QQUCLC¡Z³KPQ¡DJCK¡DCLKO5K
4QUCXKGPGO£UVCTFGJC\OGGNHCXQTFG
RTGRCTCTNGWPVCEQFGSWGUQ=RTGVMK¡URK
RTGUMK¡URK¡³?
M©DUJKGNQ%JCOR©MMCLKK¡QQDFJKLWPDCC¡
PCVIW¡EJKDCM©DCKPCIW¡IKKNJKOI©¡PU©IW
M©D;CECUKPQGUV£POW[UCDTQUQUGUVQUGNQVGU
ETGQSWGUGJGNCTQPRQTSWGJGNµOWEJQ
♦LCDQQMM©DUPKGXG
M©DCC¡CFLRCTGEGJKGNQ#C³OWMC¡PF©TOCV©©
IWRCPCCNJK¡ZPCUÀ¡LQKFJCOIÀ¡#C³ZKLK
DWCMPC³LKZ³CCIWLCO©DVC¡IKQIWLC
OCCOCT)KKNJKOFJQZMCKCOIKQPCOLKZ
O©DVC¡CNJCOLKZM©DCC¡'PEQPVT«WPRCPCN
ITCPFGSWGGUVCDCEQNICFQCNQVTQNCFQFGNEGTTQ
[NQVWOD«RCTCUCECTNGNCOKGN[NCUNCTXCURWGU
JCUVCRCTGE¯CJKGNQFGVCPVCOKGN[FGVCPVCU
NCTXCUSWGVGP¯C=EQRLKZ?
M©DCK³CFLEQPIGNCFQ%JCOMCKQ¡DMC¡IW
LWPDCC¡PQ¡DCZM©DCK³%WCPFQGUV£P
EQPIGNCFQUNQUGNQVGU[CPQVKGPGPDWGPUCDQT
=EQRLKZ?
M©DCK³C¡XaKJGNCTUG
RNCPVC/QQEJKL©©RFJC¡
VWMCC¡M©DCK³C¡OQQIWKOCKPQ¡EJKEJEJCO
KK2WGFGSWGJCICHT¯QGPNCPQEJG[UGJGNCT£P
NCUECNCDC\CUUKPQNCUVCRCOQU=RTGVM©DCK?
M©K=RTGVFGM©©UC¡?NQRCTµ
M©K=RTGVFGM©¡[C¡?NQOQTFKµ
M©K³³C¡XaVRCVGCT$©©R©¡OCC¡PC³ZKDWWRTCK
IWVQQVPC¡PIWDCCMPCDC¡EJCOLK³M©©[CUC¡
PQ¡³KEJDCLKUWWUUC#PVGUFGQTFG³CT
PGEGUKVQCOCTTCTNGNCURCVCUVTCUGTCUCNCXCEC
RCTCSWGPQOGXC[CCRCVGCT
=EQORNRN[TGRM©©[CUC¡RTGVM©©[CM©©[CUC
EQPVM©©[CUFC¡?
'&+%+•024'.+/+0#4`
M©KURC¡
6'2'*7ƒ0Ê'52#“1.
M©KURC¡XaVRKUCT,WOM©KURC¡OQQFJKMCDCK
,WCPPQ¡ROKLC¡RCOWWDQKT©6GXCCRKUCTGN
ECDCNNQ,WCPUKCPFCUOW[EGTECFG«N
=RTGVM©KURTGUM©KUCR?
♦[C¡FJKFWOCCNJM©KUCRDJCCPCSW¯GP
GUVGRQDTGOWPFQ
NKVGPGUVGDCLQUGPFGTQ
M©K¡³MCOMQ¡UX¯DQTCFGECUECDGN/CZKKEJ
LWOCC¡PC³WC¡FC¡PQ¡³KEJOWLC¡RRCK¡DCLKK
ICOR©ZPC³M©¡PUQK³EJKC¡IWM©K¡³MCOMQ¡
PQ¡RCK¡DCDQ¡5KXQ[CNECORQPGEGUKVQNNGXCT
WPOCEJGVGRCTCOCVCTNCUX¯DQTCUFGECUECDGN
SWGGUV«PGPGNECOKPQ=RNM©©M©K¡³MCO
MQQMQ¡?
M©©ICNJFJC¡XaVTGEKDKTDKGPCRTGEKCT
EQORN
CPKO%JCOM©©ICNJLCO©VIW#UKCPQDJC¡³K
MKKEJCOPCUCRDJCK¡V©KZLQKFJCVOCC¡PIW
V©[CC#UKCPQSWGT¯CCWPCOWEJCEJCFGGUG
TCPEJQRGTQPQNQTGEKDKGTQPDKGP
=RTGVM©©ICNJRTGUM©©ICNJK¡³?
M©©MXaGGUVCT
RCTCFQUWLCPKO,CTQQIC¡P
FJKMCTDCZPCDJC¡³KM©©MLQFCKEJC¡O!&G
SWK«PGUGNEJKXQSWGGUV£RCTCFQCNN¯GPNC
RKGFTC!
GUVCT
EQUCURWGUVCUQENCXCFCUO£UCNVCUSWG
CPEJCUt#CRCCOK¡FCKFJK[QQMPCOK¡³K
M©©M!tLWRMCK¡EJIW,WCPt)KPCOK¡RW
M©©MPCEJKEJ[CCKMWRLKZEJCOP©K¡³!
tLWRMCK¡EJIWD©PIC¡Pt6¼RNCPVCUVGGN
CIWCECVGSWGGUV£CNN¯!tRTGIWPVµ,WCPt0Q
tEQPVGUVµUWGURQUCt0QVGHKLCUVGSWG[C
GUVCDCCNN¯EWCPFQNNGICOQU!
=UWLRNCPKOIWIWWMUWLRNKPCPVWWV?
♦LKZFJWUCCTCOM©©MGUV£RWGUVQHNQLCOGPVG
♦ICKM©©MXaGGUVCTNCFGCFC
EQUCCNVCGUVCT
WPRQEQCICEJCFC
RGTUQPC
♦U©NJM©©MXaGGUVCTRCTCFQ
FGTGEJQ
M©©MCOUOC[QTFQOQRTKPEKRCN
FGNRCVKQ
EGTGOQPKCN0CORCK¡FJWWMV©P©¡FC¡IW
ZKQVCNJVW³KQMKFJC¡IWM©©MCORWK¡M©©MCV
OK¡DQRVQ¡UCPQQRZKC¡NJDWKLC¡MZKEJ©P©KFJCV
MCDWKOWMIKQDC¡ZFJCCOFWWM2WK¡MWDC¡
RWK¡OV©©V©¡M©©MCO%WCPFQUGDCKNCGNOKVQVG
GNOC[QTFQOQRTKPEKRCNVKGPGCUWECTIQRCTCTUG
LWPVQCNCNVCT[JCDNCTEQP&KQUOKTCPFQJCEKCGN
QTKGPVGGPNCOC³CPC[CNOGFKQF¯C2QTGUVC
TC\µPNGNNCOCPÎGNSWGUGRQPGRCTCFQÏ
'UNC
RGTUQPCTGURQPUCDNGFGEKVCTNCHGEJCRCTCDCKNCTGN
OKVQVG[FGCUGIWTCTSWGUGIWCTFGPVQFCUNCU
EQUVWODTGUEQTTGURQPFKGPVGU
M©©MC¡XaKGUVCT
FGRKGRCTCTUG%JC¡ROK
COWWDM©©MC¡PCRCK¡FJKDJWTW¡Z/K¡
LQVOQFC¡MWW¡M©MDWMDJCOM©©[CUC0QVG
RCTGUEGTECFGGUGDWTTQPQUGCSWGUGXQNVGG[
VGRCVGG=UWLRNIW¡MC¡QIWIWWMC¡
EQPVM©MMCFC¡IW¡PIWMFC¡?
♦M©MMKFJC¡XaKCPFCT
FGECUCGPECUC
M©©MK¡PFC¡=XCTFGM©MMKFJC¡?CPFCT
FGECUCGP
ECUC
M©©M©KFJC¡XaTGPECLCTUGEQPGEVCTUG:K¡RKEJ
DCMIÀ¡IÀTDJK¡DJKQNJMCKDJCK¡PCRCK¡O
M©©M©K¡³FJKOM©K¡EJW¡PIÀ¡IÀTDC¡V©F©©F©¡
2CTGEGSWGEQTVCUVGFGOCUKCFQNCUOWGUECUFGNCU
XKICURWGUVKGPGPCIWLGTQUITCPFGUFQPFGUG
GPECLCP=RTGUM©©M©K¡³?
M©©M©KFJC¡CFLSWGECWUCWTVKECTKC
EQOKFC
#OLKZM©©M©KFJC¡FJKOCK$CMIW¡EJCODJCK¡
DJCK/GFCWTVKECTKCGUVGOCIWG[RWGUPQUG
EQEKµDKGP=EQRLKZ?
M©©M©K¡³MCOMQQMQ¡=RNFGM©K¡³MCOMQ¡?
X¯DQTCUFGECUECDGN
M©©M©[C¡=UWLRNFGM©¡[C¡?2GLM©©M©[C¡CO
OQTFGT£P=RTGVM©©M©KRTGUM©M©¡?
M©©MUC¡XaVVCNNCT-©©MUC¡CRFJKOCVVWT
RGGPMCM©¡PPCDC¡ZDJCK¡Q³KC¡IWVWK¡EJCO
VW¡PCRRWK¡DCMWCPFC¡6CNNCGUGOGVCVGEQP
NCRGPECRCTCSWGUGNGSWKVGVQFCNCOCUCSWG
VKGPGPQNQNCXGUUQNCOGPVGEQPCIWC
XaTTCUECTUG,C¡REJKOQQZEJCRZK¡FJK
ICIQQZPCDC¡OQQLC¡RLWOM©U%TGQSWGGUG
RGTTQVKGPGOWEJCURWNICURWGUUGTCUECOW[
UGIWKFQ
=RTGVM©©MUCRTGUM©UEQPVM©©UFC¡?
M©©UC¡XaVRQPGT
GPRQUKEKµPXGTVKECNRCTCT
EQORNKPCP,K³RCNJDWKFJC¡CRPC³M©©UC¡
FJKV©VPQTC¡)KKNJKOLKZD©©VPCZDJCK
#[¼FCOGCRCTCTGUVGJQTEµPRQTHCXQTRQTSWG
GUV£OW[RGUCFQRWGUGURWTQQEQVG
RCTCTFGVGPGTGNOQXKOKGPVQ
EQORNKPCP
2CPCCUDCZKROCCRF©TIWTQK¡³IC¡PFJKEJ
VTQQMC¡-CZKM©©UMWEJZKEJ©©I©K2CTGEGSWG
[CUGRQPEJµWPCNNCPVCFGGUVGECOKµP2£TCNQ
RQTHCXQTRCTCXGTNC
RQPGTUG
UQODTGTQ-©©UCKCRIWODQPCCO
)KKNJKOLKZEJCVQK³2QPVGVWUQODTGTQRWGU
JCEGOWEJQECNQT
=EQORNRNVWVVW¡RTGVM©KVWVVWRTGUM©©UQ
M©MUCVWVVW?
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
M©©UFC¡=EQPVFGM©©MUC¡?GUVCTVCNNCPFQGUVCT
TCUE£PFQUG
M©©ZFJC¡XaDRCTCTRQPGT
GPRQUKEKµPXGTVKECN
RCTCQVTCRGTUQPC/CC¡PLCRKODJCLC¡MZK
M©©ZFJC¡IWCVQZMQTIWZMCK¡PCDJCCPFCKDW¡
PCVWLWIKC¡2QPNGWPCUKNNCCNIQDGTPCFQTRCTC
SWGUGUKGPVGGPGNNCRCTCEQOGT
RQPGT
UQODTGTQCQVTCRGTUQPC$JCLC¡MLK³
EJKQ¡³MW³DJCK¡ZKOM©©ZFJC¡IWODQPCCO
8GPJKLKVQRCTCSWGVGRQPICVWUQODTGTQ
=EQORNRNVWVVWKFJC¡RTGVM©©ZVWVVWK
RTGUM©©ZK¡³QM©MZK¡³VWVVWK¡³?
♦M©©ZFJKZFJK³KRWWTOKHCNFCGUV£
GPUCPEJCFC
M©©[CUC¡=EQORNRN[TGRFGM©K³³C¡?2GLLC
M©©[CUC¡NQURCVGCT£=RTGVM©©[CUC
EQPVM©©[CUFC¡?
M©©¡CFLDWGPQFWTCDNG
FGECNKFCF/WLC¡R
VCCVUCDLKZM©©¡VWMCKMDJCTPCIW¡ZLWWMIKQ
EJCOV©M©DCKM'PVKGTTCUE£NKFCUUGFCDWGPC
EQUGEJCRWGUGUECNKGPVG[PQJKGNC
DWGPQ
FGECT£EVGT,KTLKZM©©¡OCC¡PMCO
FJK,WCP%JCOL©¡ZFJC¡³KCVIK¡³,WCPGU
DWGPCRGTUQPCRWGUPWPECOGOKGPVG
DKGP
FGUCNWFt$CFWCCCIW5COQKNPC
UCCMMCZMC¡QQMMCV!tLWRMCK¡EJIW
2CC³EJWt%JCOCCL©©¡PCDC¡ZM©©¡RC¡DCO
P©K¡³!tLWRMCK¡EJIW+UCCDTWt;CUGCNKXKµ
5COWGN!tRTGIWPVµ2CPEJQt2CTGEGSWGU¯
RQTSWGUGXGOGLQTtEQPVGUVµ+UCWTQ
=RNM©M©©¡EQRLKZ?
M©©¡ORKIC¡XaVCTTGINCTEQORQPGT
-CDWKOWMLC³VWEJKC³O©TC¡PCOM©©¡ORKIC¡
FJKVTQQMCOWPCRCK¡V©OM©©¡ORK¡/C³CPC
XQ[COCPFCTCEQORQPGTGUVCECOKQPGVCCN
VCNNGT
SWKVCT
NQUWEKQNKORKCT'GMW³OQQV©
M©©¡ORKIC¡FJKDJCDMW³VWLKFJQQTC¡PCIW¡
RCPCCULKZLQQFCK¡8Q[CNKORKCTGUVQUHTKLQNGU
RCTCEQEGTNQURQTSWGRCTGEGSWGVKGPGPRKGFTCU
=RTGVM©©¡ORKRTGUM©©¡ORK¡EQPVM©©¡ORK¡PFC¡?
♦PCRCK¡V©OM©©¡ORK¡VCNNGT
NKVFQPFGUG
CTTGINC
M©©¡ORKZFJC¡XaDCTTGINCTEQORQPGT
RCTC
QVTCRGTUQPC'GMW³OQQM©©¡ORKZFJC¡IW
DQRVQ¡IC¡PIW0CUCCTKQMCVLC³EJKLCK¡[C¡R
DCMQZKC¡8Q[CCTTGINCTNCECOCFG%GUCTKQ[
VCNXG\FQTOKT«GPGNNC
SWKVCT
NQUWEKQRCTCQVTCRGTUQPCNKORKCT
RCTCQVTCRGTUQPC,K³WOWC¡IW³DCDQQNJ
M©MDQ¡
PC³UCRM©©¡ORKZFJC¡IWDJCD/GRKFKµOKV¯C
SWGNGC[WFCTCCNKORKCTNQUHTKLQNGU
=RTGVM©©¡ORKZRTGUM©©¡ORKZK¡³?
M©©¡PF©TLC¡MCFXCNNCFQFGTGEJQ2CCRF©T
LC¡MVWOC¡[CUM©©¡PF©TLC¡MCCMC¡Q¡PUQRF©T
LC¡MCC!&GEW£NNCFQVKTCUFGNNCFQFGTGEJQQ
FGNNCFQK\SWKGTFQ!#PVµPC¡PUCRF©TLC¡M
M©©¡³FJC¡XaTNKORKCTUG-CZK³©©TCCRPCMC
ZKOM©©¡³FJC¡FJKUWWFCK¡PCRDC¡DCDCK¡IKC¡
IKKNJKOMCZKMQQTC¡IW¡'URGTCCSWGUGNKORKG
GNCIWCCPVGUFGUCECTNCRWGUGUV£OW[UWEKC
EQORQPGTUG
FGGUVCTOCTEJKVQ)KQDJCK¡R
LKOM©MIKFJC¡IWLWWPPCMCZW¡WCOMC¡PQ¡
³KEJZKDQR³KIWUCK¡UKCMWIW¡ZKQ¡O
DJCK¡DEJKEJW¡PFCV%WCPFQFGU[GTDQNCOKNRC
UGXWGNXGCEQORQPGTGPXG\FGGUVCT
COCTKNNGPVC
EQORQPGTUG
FGGUVCTGDTKQ0CRLKZDJCK¡
ZKOM©©¡³FJC¡LKPCRDC¡DCLKOKC¡PCREJCO
OWRCK¡©NJKC¡PCZDCDCC¡6©©¡PCRIW¡COR©Z
ICICKM©MMCPCRIW¡MCZOCKO0QFGDGUKTVG
JCUVCSWGVGEQORQPICUDKGPPQUGCSWGVG
ECKICUGPCNI¼PDCTTCPEQRQTGNECOKPQ(¯LCVG
EµOQCRGPCUUKCPFCURWGUVQFCX¯CGUV£U
DQTTCEJQ
CNKXKCTUG
FGWPCGPHGTOGFCF-KC¡R©ZLC³DC³
M©©¡³FJKOPC³LKZMC¡QQM#RGPCUOGGUVQ[
CNKXKCPFQFGGUVCGPHGTOGFCF
=UWLRNM©MIKFJC¡RTGVM©©¡³FJCM©MIK?
M©MDQ¡XaKRCTCTUGRQPGTUGFGRKG
UWLCPKO
:KM©MDQ¡CREJC¡ROKFJCCMC¡PCRCK¡ZEJW
DCC¡2£TCVGPQGUV«UUGPVCFQCNN¯FQPFGGUV£
J¼OGFQ
RCTCTUGFGVGPGTUG
GNOQXKOKGPVQUWLCPKO
0COO©PKFJ©TICKPCEJKEJLKDJ©KVWWM©MPCK¡
LKM©MDQIWVTQQMCIWK¡PCEJDJCCPOWK¡MC
LKKO©V&GCSWGNNCFQGPNCNCFGTCUGCRCIµ[UG
RCTµNCECOKQPGVCGPSWG¯DCOQU
ENCXCTUGGPVGTTCTUG
EQUCRWPVKCIWFC-WZ
OQQZOW¡OWMCCFJKOW¡WWPCVDC¡OQQ
DJCK¡RWM©MDQDJCCPFJKVCC¡ONC!3W«GUV£P
OW[RWPVKCIWFCUVWUHNGEJCU!2WGUWPCUGSWGFµ
ENCXCFCGPGUCVCDNC
=UWLRNIW¡MKC¡QIWIWWMKC¡RTGVM©MDQIW¡M©Q
IWIWW?8CTM©MDW¡
♦Q¡NJKC¡PM©¡PM©MDQ¡RQPGTUGFGTQFKNNCU
♦DCM©MDQIWFWWM[CUGSWKVµNCNNWXKC
♦U©NJM©MDQIWMCDCKUGRCTµGNECDCNNQGP
NCURCVCUVTCUGTCU
'&+%+•024'.+/+0#4`
M©MDWKEJFJC¡
6'2'*7ƒ0Ê'52#“1.
M©MDWKEJFJC¡XaVC[WFCTCRCTCTUG
EQORN
M©NJKKVCMCCTWK¡UICNNQd,C¡ROQQZDJCPCC¡
M©MIKFJC¡=UWLRNFGM©©¡³FJC¡?2GLLWO
M©NJKK¡³IC¡PCFLICUVCFQ
RQTOWEJQWUQ$C
CPKO-©MDWKEJFJC¡CRIWOMWWNUKPQ¡RP©K¡³
PCEJCOM©MMCIWF©©NJ#[WFCCVWCDWGNQC
RCTCTUGUKXGUSWGPQRWGFGJCEGTNQUQNQ
=RTGVM©MDWKEJRTGUM©MDWKEJW¡P?
M©MIKFJC¡COUGNKORKCT£PUGEQORQPFT£P
=RTGVM©MIK?
M©M©©NJ=RNFGM©NJKK?V¯QUUQDTKPQUUQDTKPCU
=CRQUM©M©©NJK¡³?
M©M©©NJ=RNFGM©NJKK?OCEJQU
CXGU
M©M©©NJVCVMCTWK¡=RNFGM©NJKKVCMCCTWK¡?ICNNQU
M©M©©¡=RNFGM©©¡?DWGPQU=EQRLKZ?
M©M©¡=RTGUFGM©©M©[C¡?
M©MMCFC¡=EQPVFGM©©MC¡?GUVCT
FGRKGXCTKCU
XGEGU
M©MMKFJC¡XaKCPFCT
FGECUCGPECUCÎ,C¡RPCK¡
R©ZM©MMKFJC¡IWZZKKZPCCUMWEJCODJCK¡PC
VW¡LCZDWCFC¡6©KDCTIÀ¡IW¡ÏLWRV©VFCIW
F©¡©©¡PIW.GG³EJQÎ6WJGTOCPQUKGORTGCPFC
FGECUCGPECUCRCTGEGSWGPQVKGPGPCFCSWG
JCEGTRGTQ[CGUV£ITCPFGÏNGFKLQUWOCO£C
.GPEJQ=UWLRNIW¡PIWMKFJC¡?8CTM©©MK¡PFC¡
8«CUGM©©MC¡
M©MNJK¡³IC¡P=RNFGM©NJK¡³IC¡P?ICUVCFQU
EQTTKGPVGU=EQRLKZ?
M©MUC=RTGUFGM©©UC¡?NQRCTC8CTM©©U
M©MZK¡³=RTGUFGM©©ZFJC¡?UGNQRCTC
8CTM©©ZK¡³
M©NJDC¡XaVFGUITCPCT
OC¯\#CRDJ©KTC¡IW
UWWFCK¡DJCOO©F©TDKDKCVCOCC³DC¡V©
M©NJDC¡IWLWWPPCEJVWOCVCKOFC¡8GV¼CN
OCPCPVKCNCVTCGTCIWCOKGPVTCUOGRQPIQC
FGUITCPCTGNOC¯\RCTCSWGJCICOQUGNPKZVCOCN
=RTGVM©NJRTGUM©NJKKD?
M©NJKKUV¯Q
JGTOCPQOC[QTFGNRCR£&©©NJ
CCRKEJLWRFWWMM©©UFJKWOWW¡DQPCCOLK³
M©NJKK!1[GV¯QV¼UQNQJKEKUVGGUGUQODTGTQFG
\Q[CVGSWGVTCGU!
UQDTKPQUQDTKPC
JKLQQJKLCFGNJGTOCPQOGPQT
FGWPJQODTG,K³M©NJKKOK¡FJCCCCIWO
VCCV!5QDTKPCGUV£CNN¯VWRCR£!
=RNM©M©©NJCRQUM©NJKK¡³M©M©©NJK¡³?
M©NJKKUOCEJQ
CXG,KZDJCC¡OPC¡FJKM©NJKK
VQDCCU©ZZKC¡IWRCZKCTFCOPQ¡EJCORWO
CC¡'UVGIWCLQNQVGOCEJQGUDTCXQRWGUNGRKEC
CNSWGXKGPGFGXKUKVCEWCPFQUGFGUEWKFC
=RNM©M©©NJ?
DCMLKCFJKM©NJKKVCMCCTWK¡$©©R©¡LC¡RLK³U©UU©
PC³KEJCOWWDDJ©Kd%µOQGUDTCXQGUVGICNNQ
2WGUJCEGTCVQ[COGTQOGRKECDCEWCPFQRCU«
EGTECFG«N=RNM©M©©NJVCVMCTWK¡?
UCTFJKVQQODJCK¡OMCTPCIW¡DCT
M©NJKK¡³IC¡P;CUGTQORKµGUVGEQUVCNRQTSWG[C
GUV£ICUVCFQ
EQTTKGPVG
RQTPQGUVCTDKGPJGEJQ,QVOQFC¡
UCCUM©FJK³RCPVCNQQPIW¡EJKRWT
M©NJKK¡³IC¡PPC³KEJUCDC¡NJd3W«RTQPVQUG
TCUIµOKRCPVCNµP#NQOGLQTGTCEQTTKGPVG
EWCPFQNQEQORT«
=RNM©MNJK¡³IC¡PEQRLKT?
M©R©NJCFXDQECCDCLQFGDTWEGU/K¡ZK³
D©¡³ZK¡³IWLWMMW³M©¡PDCK¡O©TC¡OK¡OW
RCK¡M©R©NJOWK¡LKLKK³KEJPCZEJWMICO
2T«PFCOGWPQEQVGRCTCKTRQTCIWCRCTCPQ
ECGTOGFGDTWEGUGPGNECOKPQRQTSWGGUV£
QUEWTQ#PVµPVCK¡
M©TPKFJC¡XaKETWLKTTGEJKPCT
NQUFKGPVGU$J©L©
RCK¡MCV©M©TPKFJCVIWDCU©©MVWMCC¡/©MMCV
DJ©L©RCK¡R©ZV©KPCVFCCIWOKKEJW2QTCJ¯
GUVCDCWPTCVµPTGEJKPCPFQNQUFKGPVGUGPNC
PQEJGRGTQNWGIQUGQ[µSWGGNICVQNQCICTTµ
=RTGVM©TPKRTGUM©TPK¡³?
M©TPKOCFLSWGUWGPCPNQUFKGPVGU
CNEQOGT
EQUCUUGECU/QQDCZICMCCFJKV©OPCDC¡
LC¡RLKZM©TPKOLWOMWC¡!2CTGEGSWGGUVCU
VQTVKNNCU[CUGUGECTQPRWGUOGUWGPCPNQU
FKGPVGUCNEQOGTNCU8«CUGEJ©TMCO
M©U=RTGUFGM©©MUC¡?NQVCNNCUGTCUEC
M©¡©©¡PCFLGPQLCFQ
VQFQGNVKGORQ#NJLC¡R
OQQZM©¡©©¡PIWU©RFJK¡³FJK2GGNGULKTOCC¡P
PCLQMMKCUFC¡d%µOQGUV£GPQLCFQ(«NKZEQPUW
JGTOCPKVQ2WGUUKGORTGNQGUV£RGNNK\ECPFQ
=EQRLKZ?
M©¡PRQUREQP,QFCKM©¡PLCROCK¡³³C¡FJK
ICIQQZPCEJCOOK¡OM©¡[C¡6¯TCNGCNRGTTQ
EQPWPCRKGFTCRCTCSWGPQVGXC[CCOQTFGT
FGPVTQFG
WPVKGORQFGVGTOKPCFQ)QQM
VCPQQNJLC³M©¡PLC¡MI©ZKC¡OWF©T6CVQQ¡O
%JCO&GPVTQFGFQUF¯CUTGITGUCT«FG.QU
%QPGLQU
M©¡PMQDCFXVGORTCPQ,KZM©¡PMQDLC³OQQ
MQZKC¡ZKDPC³DC¡EJCOMQQZKOMC¡
MCDWKOWMPC³D©ZEJCPQQNJVWWC¡PC¡#JQTC
OGXQ[CFQTOKTVGORTCPQRCTCSWGPQVGPIC
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
UWG³QOC³CPCRQTSWGXQ[CGUETKDKTVQFQGNF¯C
=EQRLKZ?
M©¡[C¡XaVOQTFGT
EQPNCDQEC#OZKO
M©¡KKOFJKICIQQZPCIW¡EJCOLWOOCCV
%QOQSWGVGSWKGTGOQTFGTGUGRGTTQRQTSWGPQ
VGEQPQEG
RKECT
EQPGNCIWKLµP)KKNJKOLKZMQ¡MIW
O©©O©DPQ¡VLK³M©K$JCK¡LKDCKI©MKC¡RCK¡PC³
M©¡[C¡%WCPFQOGRKECWPCCDGLCOGFWGNG
OWEJQ[UGOGJKPEJCGNRKSWGVG
=UWLRNM©©M©[C¡RTGVM©KM©©M©KRTGUM©¡M©M©¡?
8CTMK¡OPC¡
♦V©M©M©¡OWGTFGQRKEC
RQTPCVWTCNG\C
♦OK¡OM©KdPQVGXC[CCOQTFGTdPQVGXC[C
CRKECT
♦COV©KRLK³M©KRQTRQEQOGOWGTFG
MQDUHTGPVG2CCRKEJMQDDQPCDC¡IÀ¡Z
LKKDKZIWOMQD!-C¡RVKOWRCK¡KCT©MLWO
OQ¡M©¡POKM©MDQCC!&µPFGVGIQNRGCUVGNC
HTGPVG!2QTSWGGUV£DKGPTCURCFC6GEC¯UVGFG
ECDG\C!=CRQUMQDCC¡P?8CTMQDVCK¡
♦MQDC¡TCOMQDVCIK³GPUWHTGPVG
FG«NQ
FGGNNC
MQK¡TC¡
IWLCTQK¡PCVOKEJ©©K'UVCUKGODTCFGOC¯\
GUV£OW[EGTTCFCRCTGEGSWGNCRGTUQPCSWG
UGODTµCNN¯PQUCDGUGODTCTDKGP=EQRLKZ?
MQDMQ¡XaKHNQTGCTUGTGXGPVCTGURQPLCT
EQOKFC$CMQDMQFJKDCMEJ©M%JCOCC
DCTCOPCDCODJKC¡!;CUGGURQPLµGNOC¯\
SWGJKTXKGTQP;CUGRWGFGSWKVCTFGNCNWODTG
XGTFCF!
OCFWTCT
RCTEKCNOGPVGHTWVC%JCMWKDJCKIW
OCPUCCPMKC¡R©ZDCMQDMQKO#RGPCUUG
GUV£POCFWTCPFQNCUOCP\CPCUVQFCX¯CPQGUV£P
DKGPOCFWTCU
5GTGHKGTGCNCUHTWVCUPQDKGP
OCFWTQUX«CUGMQDMQNJ
=RTGVMQDMQRTGUMQDMQTEQPVMQDMQKFJC¡?
8CTMQDMQNJKC¡
MQDZKFJC¡XaVCEGTECTUG
RCTCXGT/QQR
OK¡OKC¡POWK¡ZKLCMCMQQDZK¡³FJCV,QUGGIW
MCMDCKPCOEJCOLQVOQFC¡DJCLKO©KOK
DCCRMKC¡ICCV©T&GDGUCEGTECTVGO£UUGIWKFQ
,QU«RCTCXGTUKNQUECDCNNQUCPFCPEGTECFGNC
OKNRCRCTCSWGPQUGOGVCPFGTGRGPVGCGNNC
=RTGVMQDZKRTGUMCMQQDZK¡³?
MQK=RTGVFGMQQFC¡?2GLLCMQKNQUOCVµ
MQD=RTGUFGMQQMDKC¡?NQFGUGPVKGTTCGZECXC
MQK=RTGVFGMQZKC¡?FWTOKµ
-QDC¡TCOCFX.C%CPFGNCTKC
NWICTNKVGPNC
MQK=RTGVFGMQ¡[C¡?2GLMQKO©VOWTKGTQP
HTGPVG6ÀDF©VLKZIKQQ¡DJCK¡PCRCK¡RWK¡V©
V©©¡-QDC¡TCO'NNWICTSWGUGNNCOC.C
%CPFGNCTKCGUWPNNCPQCPIQUVQ
MQDKKO©M=EQRTGVFGMQQMDKC¡?NQFGUGPVGTTCDC
GZECXCDC
MQDMQNJCFLFWTQOGFKQOCFWTQ
HTWVC
t$CZDJCKCCIWOCPUCCPDJCOO©³CDWKN
DWK!tLWRMCK¡EJIW6GTGGUCt%JCO-KC¡R©Z
DCTMQDMQNJtLWRMCK¡EJIW.QQNCt;C
GUV£POCFWTCUNCUOCP\CPCUSWGVKGPGOK
CDWGNQ!tRTGIWPVµ6GTGUCt6QFCX¯CPQ
CRGPCUGUV£POGFKQOCFWTCUtEQPVGUVµ.QNC
5GFKEGFGNCUHTWVCUSWGPQETGEGPGPTCEKOQU
EWCPFQ[CNNGICPCUWVCOC³QPQTOCNRGTQVQFCX¯C
PQUGOCFWTCPDKGP;CUGRWGFGPEQOGTRGTQ
VQFCX¯CGUV£PCITKCU=EQRLKT?
MQDMQNJK¡CFLSWGTKPFGOWEJQ
EQOKFCCN
EQEGTUG%JCODJCK¡CCPCRIQQMCNJR©ZOK¡
LKLKFJQQTC¡I©VFJKCTTQQUPCIW¡DCMIKKNJKO
LKZMQDMQNJK¡!%TGQSWGUGT¯CDWGPQSWGRQPICU
CTTQ\CJGTXKTRQTSWGTKPFGOWEJQCN
GURQPLCTUG=EQRLKZ?
MQDMQOCFLEGTTCFQCRTGVCFQ
GNRCUQ:K¡Z
MQK¡UEQOKFCCNKOGPVQ;C¡DCVWOCKEJIW
MQK¡)QTDKEJWLWICCM;CVTCLGTQPNCEQOKFC
CU¯SWGJC[SWGEQOGT
MQK¡DJCTUFGURGTFKEKQU
FGEQOKFC/WRKOZK
PWK¡FJKFJC¡IWVQQZMQNJIWLCOMQK¡DJCTPC
DK¡KKOMWLQQVQOM©¡PIK¡EJC¡'EJGPUWU
FGURGTFKEKQUCNOCTTCPQRCTCSWGGPIQTFGO£U
RTQPVQ
MQK¡EJCOUITCPEQOKFCEQPXKXKQ/CKMLCEJ
OWLKOKC¡,WMV©T)À¡6CPQQNJ%JC¡O/K¡
IKKNJKOLKTMQK¡EJCOMC¡8COQUC5CPVC/CT¯C
GPNC5GOCPC5CPVCRWGUCNN¯XCCJCDGTWPC
ITCPEQOKFC
MQK¡FJCTC¡UEQOKFCRTGHGTKFC)WQMFJCO
KKRW³K¡CNJLC¡ROQQTLCMQK¡FJCTC¡IW
MCMCTDCZ.QUTGVQ³QUFGNOCFTQ³QUQPNC
EQOKFCRTGHGTKFCFGNCUEJKXCU
=CRQUMQK¡FJCTIC¡P?
♦LKZM©©¡³MQK¡FJCTC¡OKEQOKFCHCXQTKVC
MQK¡FJC¡=OQXFGLWIKC¡?KTEQOKGPFQ
8CTMQ¡KKFJC¡
MQK¡TC¡=RTQRFGLWIKC¡?KTCEQOGT=RNMQK¡RQ¡?
MQDMQOVWWVIWLWWP%JCOOCCV©VV©©UDCM
'&+%+•024'.+/+0#4`
MQMDCFC¡
6'2'*7ƒ0Ê'52#“1.
MQMDCFC¡=UWLRNFGMQQDFC¡?2GLMQMDCFC¡
COUGNNGPCT£P
FGEQOKFC=RTGVMCMQQD
RTGUMQMDC¡P?
MQMDC¡P=RNFGMQQDC¡P?NNGPQU
FGURW«UFG
EQOGT=EQRLKZ?
MQMDC¡P=RTGUFGMQQDFC¡[MQMDCFC¡?UG
NNGPCUGNNGPCP
FGEQOKFC
MQMFCURTQDNGOCFKURWVC,C¡ROQQZ
DJC¡OPCRKOLK³LCCFW³6W¡PCM©¡PR©ZFJQ
IW¡DCTMQMFCMC¡LK'UV£POW[GPQLCFQU
COKIQU&GDGFGJCDGTCNI¼PRTQDNGOCGPVTG
WUVGFGU
MQMFC¡XaKRGNGCT,KZOCKOWVOWMCVW
MQMFCVOCC¡PIWOCC¡PMCOPCRCK¡TRKCUVC
7PCRGTUQPCDQTTCEJCGUVCDCRGNGCPFQGPNC
HKGUVC
XaTRGNGCT
GPVTGU¯UWLRN/©L©PKLC¡RRCK¡
DCOMQMFCKFJCVCOIWOCKMMCOVWMCC¡
#PQEJGNQUDQTTCEJQUGUVCDCPRGNGCPFQRQTCJ¯
=RTGV[RTGUMQMFC?
MQMFJKEJFJC¡XaVJCEGTRGNGCT
EQORNRN'C
PCEJLCMQMFJKEJFJC¡FJKVWVWWT'GLCZR©M
VW¡OLKZKQ¡OLKZQQ¡8COQUCJCEGTRGNGCTC
GUVQUVQTQUCXGTEW£NGUO£UHWGTVG
=RTGVMQMFJKEJRTGUMQMFJKEJW¡P?
MQMMQP=RNFGMCMQQP?EWGTXQU
MQMOCIKNJKC¡=UWLRNFGMQQOIKNJKC¡?2GL
MQMOCIKNJKC¡COUGGPUWEKCT£PEQPRQNXQQ
EGPK\C=RTGVMQMOCIKTEQPVMQMOCIKTFC¡?
MQMOCNJ=RNFGMQOCCNJ?EQOCFTGU
=CRQUMQMOCNJK¡³?
MQMOCNJ=RNFGMQOCCNJ?EQOCNGU
MQMOC¡=RNFGMQQOC¡?ITKUGU=EQRLKZ?
MQMQVIKZ=RNFGMQVIKZ?GURQPLCFQUSWGVKGPGP
RQNNKVQU
CXGU=EQRLKZ?8CTMCMQVIKZ
MQMTCT=RNFGMQTCCT?EQTTCNGU
MQMUQFC¡=EQPVFGMQZKC¡[MQQMZKC¡?FQTOT
XCTKCUXGEGU
MQMVQRQ=RNFGMQVDQ?JQODTQU
=CRQUMQMVQRQ¡P?
MQMZKEJW¡P=RTGUFGMQQZEJWFC¡?NQURQPGC
FQTOKT
MQMZKM=FGUKFFGMQQMZKC¡?SWKGTGPFQTOKT
MQMZKRW¡=RTQRFGMQQMZKC¡?KT£PCFQTOKT
MQMZK¡=RNFGMQQZK¡?SWGVKGPGPCNIWPCOCNFCF
RQTPQEQPHGUCT=EQRLKZ?
MQM[QM©¡PUCRKG
OQFKUOQ,KTOKC¡P[C¡F©T
5WNKFCCDJCOO©,QVMQZ%JC¡ORWK¡³MQM[Q
M©¡PLC³C¡L©¡P'UV£EGTEC.C5QNGFCFFG.CU
%GDQNNGVCURWGURWGFQNNGICTCRKG
MQNJDKZFJC¡XaVJCEGTWPJQ[Q
RCTCCNOCEGPCT
GNCIWC/CC¡PMCRO©L©PKF©©DQPIWUWWFCK¡
LQFCKD©VC¡#C³RCNJ©©RZKMQNJDKZFJCMPC³
DC¡OK¡K¡[C¡PQ¡³IKQRCK¡FJWWM[CLC¡RLWR
DCLKO#NN£CDCLQJC[WPNWICTFQPFGGNCIWC
DTQVCRQTFGDCLQFGWPCRKGFTC*KEGWPJQ[KVQ
RCTCSWGCNOCEGPGGNCIWC[RWGFCVQOCTNCGN
F¯CSWGRCUGRQTCNN¯QVTCXG\=RTGVMQNJDKZ
RTGUMQNJDKZK¡³?
MQOUGURCNFC2WKZMQ¡MIW³MQOPC³KEJ
LKI©KVCMCCDMCDCKEJC¡OF©T6QFCX¯COG
FWGNGNCGURCNFCRQTJCDGTOGEC¯FQFGNECDCNNQ
C[GT
E£UECTC$©©R©¡³ZK©NJRKICKIWRKK³CUPQ¡³LKZ
³CCPCIW¡EJCOLWOMWC¡IWMQOKK¡³5K
SWKGTQEQOGTRK³CRTKOGTQNGSWKVQNCE£UECTC
RQTSWG«UVCPQUGEQOG
EQTVG\C,K³WK¡³O©TIWMQQMQOPC³M©¡PV©
O©KFJC¡FJKDJK¡³LCLC¡8G[VT£GOGEQTVG\CU
RCTCJQTPGCTGUVCUQNNCUFGDCTTQ
=RNMQQMQOCRQUMQOKK¡³MQQMOK¡³?
♦MQOK¡TCOGPUWGURCNFC
FG«NQFGGNNC
MQOCCNJUEQOCFTG%JCOVW¡UCROKFJCC
IW³MQOCCNJ/WLC¡MUCRRCK¡RCZKCTCO
F©¡©©¡PDWK0QGUV£CNN¯OKEQOCFTGRWGUFKEGP
SWGUGHWGCRCUGCTEQPUWOCO£=RNMQMOCNJ
CRQUMQOCCNJK¡³MQMOCNJK¡³?
8CTMWOCCNJ
MQOCCNJUEQOCN/©MLWOCC¡PC³FC¡DK³C¡
IWDJK¡³PCDC¡EJCOPCK¡R©ZLKLCKMKC¡IW
MWOCCNJPQ¡DCRFW³KKZ5GPGEGUKVCCOCUCT
OWEJQTCVQGNDCTTQRCTCSWGPQUGRCTVCGN
EQOCNEWCPFQ[CGUV£JGEJQ=RNMQMOCNJ?
8CTMWOCCNJ
MQOCCNJKMCFLFGNICFQ
FGHQTOCRNCPC0KL©¡Z
MWEJCOLWWMIWUC¡WCPQ¡ZMQOCCNJKM0Q
ECNKGPVCDKGPNCEQDKLCUKGUFGNICFC
=RNMQ¡MOCNJKMEQRLKZ?8CTMWOCCNJKM
#PVµPMCDQQM
MQOCCNJKOCFLUWRGTHKEKCNPQRTQHWPFQ
VKGTTC
QCTGPC/WOOWPKFJ©TLC¡MLKZKQ¡OLKZ
EJWWMCOLKPCOKMCCVIWQ¡[CEJCOVW¡RWK¡
PC[C¡PCZMQOCCNJKO2QTCNN£JC[WPCTGPCN
OWEJQO£URTQHWPFQSWGGNFGCSW¯SWGGU
UWRGTHKEKCN=EQRLKZ?#PVµPEJWWMCO
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
MQOCCTCMCFLCPEJQ
FGHQTOCRNCPC)W
UC¡UDJCTCMLWLWMLKZKQ¡OMQ¡MOCTCMDWCPIW
VCC¡ONCU&GNQURKPQUITWGUQUUCNGPNCUVCDNCU
O£UCPEJCU=RNMQ¡MOCTCMEQRLKT?
MQOEJKC¡XaKFQTOKT
LWPVQCNCNWODTG/QQ³
CNJMQOEJKC¡ZKDFJKVWMCC¡PC³DC¡EJCO
I©DMC¡PC³IW¡EJCOWC¡IWUC¡WC'UVCPQEJG
XQ[CFQTOKTLWPVQCNCNWODTGRCTCSWGPQOG
JKGNGRQTSWGPQVTCKIQEQDKLC
=UWLRNMQQMOKEJKC¡RTGVMQOKKEJ
MQQMOKEJ©RTGUMQOEJ©MMQQMOKEJ©M
EQPVMQOKEJEJ©TFC¡MQQMOKEJ©TFC¡?
MQORCCNJUEQORCFTG,C¡Z³KUCRDJCLKOIW³
MQORCCNJPCDJCV©©¡O©TC¡IWKLCC¡PIC¡P&KEG
OKEQORCFTGSWGCNTCVQXKGPGRCTCXGTCUW
CJKLCFQ=RNMQORCRCCNJ
CRQUMQORCCNJK¡³MQORCRCCNJK¡³?
MQORKIC¡XaVFGUEQTVG\CT6WMQORK¡IWZICM
VWCIW³ZKKZPCDC¡M©¡PV©O©KFJC¡IWDJK¡³
LCLQQZKC¡/KJGTOCPCOC[QTGUV£
FGUEQTVG\CPFQWPGPEKPQUGEQRCTCRQFGT
JQTPGCTNQURNCVQUFGDCTTQ=RTGVMQORKQ
MQORKI©RTGUMQORK¡EQPVMQORK¡PFC¡Q
MQORKIKFJC¡QMQORKICKFJC¡?
MQPDK¡³CFLOQJQUQ,CZMWDC¡ZMQPDK¡³FJK
V©OMCNJ!0CIW¡V©KEJCOVW¡DJKDIKEJ2QT
SW«GUV£POQJQUCUGUVCUVQTVKNNCU!2WGUPQ
GUVCDCPGPXWGNVCUGPWPCVGNC=RNMCMQPDK¡³
EQRLKZ?
MQPDK¡³EJC¡XaKOCPEJCTUG
FGOQJQ
GPOQJGEGTUG$JCK¡IQTDKDC¡MKEJFJK
M©K¡EJW¡PPCEJCOMQPDK¡³EJC¡RCPCCUCOLKZ
FJWWFWKOVWODWC2QPICPGNVGEJQFGGUC
ECUCRCTCSWGPQUGOCPEJGPNQUCTOC\QPGU
RQTSWGRCTGEGSWGSWKGTGNNQXGT
=RTGVMQPDK¡³EJCEQPVMQPDK¡³EJCTFC¡?
MQQDC¡PCFLNNGPQ
FGURW«UFGEQOGT#OLKZ
KK¡OEJWOVWVCVFC¡PC³IKKNJKOLKZMQQDC¡P
:K¡IÀ¡VWLWW³KEJ/GUKGPVQECUKGORCEJCFQ
RQTSWGGUVQ[OW[NNGPQRWGUEQO¯FGOCUKCFQ
=RNMQMDC¡PEQRLKZ?
MQQDFC¡XaKNNGPCTUGSWGFCTUCVKUHGEJQ
FG
EQOKFC,QKFJCOLKZDJCK¡MQQDLC³KEJPC
³KEJDCMCCZM©¡PVWLWW3WGF«UCVKUHGEJQ
EWCPFQEQO¯ECTPG=UWLRNMQMDCFC¡
RTGVMQQDMCMQQDRTGUMQMDC¡P?
MQQFCM=EQORNRNFGOW¡CCO?2GLLKZLC
MQQFCMCONQUSWKGTGPOCVCT=EQRLKZ?
MQQOC¡
MQQFCO=EQORNRNFGOW¡CCO?2GLLKZLC
MQQFCONQUSWKGTGOCVCT=EQRLKZ?
MQQFC¡=EQORNRNFGOW¡CC¡?OCVCTNQU
=RTGVMQKRTGUMQQ¡P?
MQQMDC¡PCFXGPGNDQTFG
FGWPRG³CUEQd,C¡R
OQQCOWWDQKT©FC¡LKDCMIWUWKOCNJ[C¡
/K¡³KLC¡RR©ZOCCZD©©ZMQQMDC¡Pd3W«EGTEC
CPFCPNQUXGPCFQU2QTCNN¯UGXGPNCUJWGNNCUGP
GNDQTFGFGNRG³CUEQ
MQQMDKC¡XaVFGUGPVGTTCT;C¡³KEJR©ZRW
OCIQQV©KRWRVWMQDKKO©MFJK[CCVWK;COG
ECPU«FGGUVCTFGUGPVGTTCPFQNCURCRCUFGCSW¯
XaKGZECXCT6WMQQMDKC¡COUCRIWLC¡VMCO
MCDWKOWMOK¡PCORCK¡VWDC¡MEJC¡&KEGP
SWGNCIGPVGXCCGZECXCTOC³CPCCNN¯FQPFGXCP
CJCEGTNCECUC
XaKJQ\CT/KDCCDCMICCV©TIWVQQZMQNJ
)KKNJKOOK¡ZOCCZPCVWMQDKKO©M2CTGEGSWG
GNOCTTCPQUGOGVKµGPNCOKNRCRWGUUGXGSWG
CNN¯GUVWXQJQ\CPFQ
=RTGVMQQMRTGUMQDEQRTGVMQDKKO©M?
MQQMFCTC¡CFLRGNGµPRGNGCFQT,C¡ROQQZ
MQQMFCTC¡IW2GGNGUFCKPCDCLKEJWMQMFC¡
PQ¡TRKCUVC(«NKZGUOW[RGNGµPRWGUUKGORTG
UGRGNGCEQPCNIWKGPEWCPFQJC[HKGUVC
MQQMOKEJKC¡=UWLRNFGMQOEJKC¡?2GL
MQQMOKEJKC¡COFQTOKT£PLWPVQCNCNWODTG
=RTGVMQQMOKEJ©RTGUMQQMOKEJ©M
EQPVMQQMOKEJ©TFC¡?
MQQMOKMKC¡=EQORNRNFGMQQOMKC¡?CDTC\CTNQU
=RTGVMCMQQORTGUMCMQQOKM
RWPVMQQMOKM©M?
MQQMQO=RNFGMQO?E£UECTCUEQTVG\CU
=CRQUMQQMOK¡³?
MQQMQUC¡=EQORNRNFGMWCPC¡?SWKVCTNQU
=RTGVMQQMQUCRTGUMQQMQU?
MQQMQZFJC¡=EQORNRNFGMWC³FJC¡?
SWKV£TUGNQU=RTGVMQQMQZRTGUMQQMQZK¡³?
MQQMQ¡=RNFGMQ¡?X¯DQTCU
MQQMZKC¡=UWLRNFGMQZKC¡?2GLMQQMZKC¡CO
FQTOKT£P=RTGVMQQMQKRTGUMQQMQU
EQPVMQMUQFC¡RTQRMQMZKRW¡FGUKFMQMZKM?
MQQMZKM=RNFGMQQZKO?SWGVKGPGPUWG³Q
=EQRLKZ?
MQQOC¡CFLITKU%JCORCK¡QKT©OCC¡PIW
DJWTW¡ZLKZMQQOC¡OC³KCI©O!,K³Q¡³ZK
VCMCCD0QCPFCRQTCJ¯WPDWTTQFGEQNQTITKU
EQPNCURCVCUCVCFCU!5GOGRGTFKµC[GT
'&+%+•024'.+/+0#4`
MQQOIKNJKC¡
6'2'*7ƒ0Ê'52#“1.
FGUEQNQTKFQ#VVKKTWDCZMQQOC¡R©ZDC¡FJK³
MWVWWPDCMIW¡ZWC³K¡;CGUV£OW[
FGUEQNQTKFCOKECOKUCRWGUUGFGURKPVC
H£EKNOGPVG
=RNMQMOC¡EQRLKZ?
MQQOIKNJKC¡XaKGPUWEKCT
EQPRQNXQQEGPK\C
5CK¡EJFJKFJCVCRFJKOUC¡WCPCRRCK¡FJWWM
DCOIKFJC¡,CZIKPCDC¡ICOO©L©DJCLC¡R
MQQOIKEJ©MC¡UQQUPC¡P!&GDGUEQNICTVWEQDLKC
ECFCXG\SWGVGNGXCPVGU0QVKGPGECUQSWGGUV«
UKGORTGGPGNTKPEµP[UGNNGPGFGRQNXQ
RQPGTUGITKU
GNEKGNQ)KQDJCK¡RDCLKOIW
FWWM6©©¡PCDJCOO©PKFJ©TDJCK¡DC
MQQOIKNJK¡;CXKGPGQVTCXG\NCNNWXKCRWGU
CNN£UGXGITKUFQPFGGUV£NNQXKGPFQ
=UWLRNMQMOCIKNJKC¡RTGVMQQOIKTMQMOCIKT
EQPVMQMOCIKTFC¡?
♦LKZMQQOIKNJK¡SWGH£EKNOGPVGUGNNGPCFG
RQNXQ
MQQOMKC¡XaVCDTC\CT)WIÀ¡IÀTMCOPCPDCV
LWOMQQMOKMFC¡COPCORCK¡FJWWMLWO
³K³KQ¡MK¡³FJC¡.QUIQDGTPCPVGUOGUVK\QUUG
CDTC\CPEWCPFQUGUCNWFCP
=EQORNRNMQQMOKMKC¡RTGVMQQOMCMQQO
RTGUMQQOKMMCMQQOKMRWPVMQQOM©M
MQQMOKM©M?
MQQOUCNJUITKU
CPKOCN/CC¡PDJCOO©PK
MQQZK¡CFLSWGVKGPGCNIWPCOCNFCF
RQTPQ
EQPHGUCT#C¡OQQPCRLWODQZMC¡IWZEJWVWM
DCRQQM©¡PPCRIW¡EJKOQQZMQQZK¡
0GEGUKVCUNKORKCTVGEQPNCPCPGITCFGDQTTGIQ
RQTSWGRWGFGSWGVGPICUCNIWPCOCNFCF
=RNMQMZK¡EQRLKZ?
MQQZO©TC¡=RTQRFGMQZKC¡?KTCFQTOKT
MQQ¡P=RTGUFGMQQFC¡?NQUOCVC
MQQ¡PFCOUOCVCFQT
FGCPKOCNGU)W#NDKKP
UCRLKTMQQ¡PFCOIWVCVQQZMQNJRWEJCOLC
³KQMEJQ¡PFJQUCROQQ&KEGPSWG#NDKPQGU
WPDWGPOCVCFQTFGOCTTCPQURWGUFKEGPSWG
PQNQUFGLCITKVCT
MQTCCTUEQTTCN,CTQQEJKIC¡PFJKDJGUGGT
PCOK¡MWWRMQTCCTV©T!&GSWK«PUGT£GN
DGEGTTQSWGGUV£GPEGTTCFQGPGNEQTTCN!
=RNMQMTCT?
-QTKCPCFXEKWFCFFG&WTCPIQ/QQEJOW
LKOKC¡-QTKCPPCTC¡IKEJCOMC¡OWOOWIWZ
ZKLWODCKMDJCCPFJKOCUCC¡P:KDMKC¡R©Z
IQQMDCWC¡IW¡*C[SWGKTC&WTCPIQCNC
LWPVCGNF¯CQEJQFGGUVGOGURWGUJQ[CRGPCUGU
F¯CFQU
MQUUPKFQ,KZEJCOCCODJCFCTCCIW
NCPMKK[WUDJCOO©MQUV©T*C[EKPEQJWGXQU
GPGNPKFQ=RNMCMQUCRQUMQUCC¡P?
FJ©TDJCK¡DCLKOF©©NJIWMCTDCZFJK¡IW
MQQOUCNJMCOVWK¡FJK¡#NN¯XKGPGWPCEJKXC
UQNCRCTGEGSWGGUNCITKU=RNMCMQQOUCNJ?
MQQRQM=RNFGMCDQQM?ITWGUQU
FGHQTOCRNCPC
=EQRLKZ?
MQQU=RTGUFGMQZKC¡?FWGTOG
MQQZEJWFC¡XaVRQPGTCFQTOKT#NJK¡EJLCR
DC¡ZK³DJ©K¡³O©TC¡IWUWWFCK¡PC³M©¡P
DCVDKC¡PCRZKMQQZEJWFCKFJKCNJKK&GURW«U
FGSWGFWGTOCUCNPK³QJC\OGGNHCXQTFG
VTCGTOGCIWCRCTCDC³CTOG
FGLCTFQTOKT%JCODJCK¡³MQQZEJWFCO©V
IWOCKMMCO$©ZEJWMCC¡O©L©LC¡RRCK¡LKK³CM
CO0QOGFGLCTQPFQTOKTCIWUVQNQU
DQTTCEJQURWGUVQFCNCPQEJGUGNCRCUCTQP
ITKVCPFQRQTCJ¯
=EQORNRNMQQMZKEJFJC¡RTGVMQQZEJWFC
MQQMZKEJRTGUMQQZEJW¡PMQMZKEJW¡P?
MQQZKOCFLSWGVKGPGUWG³Q
NKVSWGSWKGTG
FQTOKT/K¡ZK³DCMZK¡³IWOCK³#OLKZ
MQQZKODCVWVCVFC¡2QTHCXQTVK«PFGOGGN
RGVCVG%TGQSWG[CVGPIQUWG³Q=RNMQQMZKM
EQRLKZ?8«CUGMQZKC¡
MQUDJCNJUE£UECTC
FGNKGPFTG)KKNJKOLCO©V
DCMDJCK¡DCVCCVM©LWOOQ¡COIWC¡CCV
DJC¡³KLC¡RR©ZLC¡ZFCCIWLCMQUDJCNJ
2CTGEGSWGPCEKGTQPOWEJ¯UKOQURKQLQUGPVW
ECDG\CRWGUCNN¯UGXGPNCUE£UECTCUFGNCU
NKGPFTGU
MQVDQUJQODTQ-QVDQTCOOQQVQ¡IWUCTDJCM
MW¡CC¡IWOCC¡PMCO'NJQODTGECTICWPNG³Q
ITWGUQGPUWJQODTQ=RNMQMVQRQ
CRQUMQVDQ¡PMQMVQRQ¡P?
♦MQVDQTCOGPUWJQODTQ
FG«NQFGGNNC
MQVIKZCFLGURQPLCFQ
RNWOCLGEWCPFQGUV£
GORQNNCPFQWPCXG,KTMQVIKZFJKWDKK
VCMCCTWK¡PCIW¡VWDQK¡UCRPCODC¡
OWK¡FJC¡'UV£GURQPLCFQGNRNWOCLGFGGUVC
ICNNKPCRQTSWGGUV£GORQNNCPFQRCTCSWGJC[C
OWEJQURQNNKVQU
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
SWGVKGPGRQNNKVQU
CXG,KZDJCPCC¡MC¡IW
WDKKVCMCCTWK¡PQ¡TMQVIKZPCIW¡ZLCFC¡FC¡
PQ¡OMCT©¡NJKEJ5GRQPGDTCXCNCICNNKPCSWG
VKGPGRQNNKVQURQTSWGNGUVKGPGOWEJQECTK³Q
OKGPVTCUGUV£PEJKSWKVQU
=RNMCMQVIKZQMQMQVIKZEQRLKT?
MQZKC¡XaKFQTOKT$KDCOKK¡.CCNQ2WKMQQU
CRCC!6À¡MQDDCFWW.GX£PVCVG.CNQ
6QFCX¯CGUV£UFQTOKFQ!;CUGJK\QVCTFG
=UWLRNMQQMZKC¡RTGVMQKMQQMQKRTGUMQQU
MQQMQUEQPVMQMUQFC¡RTQRMQQZO©TC¡
MQMZKRW¡FGUKFMQQZKOMQMZKM?
♦EJWMQQZOQFC¡CFLSWGNGFCUWG³Q
MQ¡UX¯DQTCEWNGDTC,WRMCK¡EJFJC¡COPCUCR
LKZK¡QQDIWM©K¡³MCOMQ¡IWDCMZKIC¡P&KEGP
SWGNCECTPGFGNCX¯DQTCFGECUECDGNGUUCDTQUC
=RNMQQMQ¡?
MQ¡KKFJC¡XaKKTEQOKGPFQ6W¡RMQ¡KKOPCR
DC¡R©ZCOLWOMK¡DKO!3W«XCUEQOKGPFQ!
2WGUUGXGSWGGUV£UOCUVKECPFQCNIQ
=RTGUMQ¡KKO?8CTMQK¡FJC¡
MQ¡MCFLSWGFWGNG
WPCRCTVGFGNEWGTRQd,C¡R
OQQZMQ¡MFJK³MQVDQ2CPCCUMWV©O³KZMCO
VWVCVFC¡IW¡EJKPCZD©©VIWUCTDJCMMW¡CC¡
PC³KEJOQQVQTCMVCMCCDd%µOQOGFWGNGGN
JQODTQ5KGPVQEQOQSWGUGOGFKUNQEµ2WGFG
UGTRQTSWGGUVCDCRGUCFCNCNG³CITWGUCSWGHWKC
VTCGTC[GT=RNMCMQ¡MEQRLKZ?
MQ¡MFCK¡UGPHGTOGFCF$©©ZCKZKOVW¡OVÀ
ÀÀMC¡IWMQ¡MFCK¡PQ¡TVCCDJCM,CZPCDC¡!
%WCPFQNNGICNC«RQECFGUGSW¯CNCIGPVGUG
GPHGTOCFGOWEJQUVKRQUFGGPHGTOGFCFGU
3WK«PUCDGRQTSW«UGT£!
MQ¡MNJKC¡CFLSWGGORKG\CCFQNGT
RCTVGFGN
EWGTRQ2CK¡L©DCLKZMQ¡MNJKC¡IW³OQ¡#
XGEGUOGFWGNG
NKVGORKG\CCFQNGTNCECDG\C
=RNMCMQ¡MNJKC¡EQRLKZ?
♦EJWMQ¡MCFLSWGFWGNG
EWGTRQGPVGTQ
MQ¡MOCNJKM=RNFGMQOCCNJKM?FGNICFQU
FG
HQTOCRNCPC=EQRLKZ?
MQ¡MOCTCFXNCFQCNCFQ-Q¡MOCTLCEJOQQ
LKKOFC¡[C¡FJKMCC[KPCIW¡[C¡RWK¡LC¡MVWO
QKT©8COQUCCPFCTWPQNCFQCNNCFQFGNQVTQGP
GUVCECNNGRQTSWGCU¯UGECOKPCCSW¯
#PVµPUCMCCNJ
MQ¡MOCTCM=RNFGMQOCCTCM?CPEJQU
FGHQTOC
RNCPC=EQRLKZ?
MWC¡
MQ¡MQNJUEJKNG,QKFJCOLKZK¡QQDIWMQ¡MQNJ
UQPDKUQURQ¡MCNJD©PMCO'UV£OW[UCDTQUCNC
UCNUCFGEJKNGEQPVQOCVKNNQ
MQ¡MQOCFXSWGECWUCFQNQT-Q¡MQOLKZL©©RK¡³
FJKM©D'NJKGNQECWUCFQNQTFGVCPHT¯QSWG
GUV£
MQ¡TCCTQ¡XaTIWUVCT΁,CZEJW¡OLWOMQ¡TCCT
IWWDKKPCEJDC¡OVCC³ZKFJC¡!ÏLWRV©VFCCO
IWI©¡MQTIC¡PIWDKCROC¡Î%W£NOWEJCEJCVG
IWUVCT¯CSWGVGRKFK«TCOQU!ÏFKLGTQPNQURCFTGU
CNLQXGP=RTGVMQ¡TCCTQRTGUMQ¡TCCT?
8CTMQ¡TCCTW¡
MQ¡[C¡=UWLRNFGOWMKC¡?2GLMQ¡[C¡CO
OQTKT£P=RTGVMQKRTGUMQ¡?
MWEQPLRCTC+PFKECSWGWPCCEEKµPFGRGPFGFG
QVTC:KDCK¡³IWICIQQZIWVWMZK¡³MW³[C¡PK
VWLCK³FJC¡.NCOGCNRGTTQPGITQRCTCFCTNGWP
RGFC\QFGVQTVKNNC=)TCO?
MWCMIKFJC¡=EQORNRNFGMWC¡³FJC¡?
ECNGPVCTNQU=RTGVMWCMIKRTGUMWCMIK¡³?
MWCMIK¡³=RTGUFGMWC¡³FJC¡?NQUCOCTTC
JKNQU
FGNVGNCT
MWCPC¡XaVFGURGICTSWKVCT
EWDKGTVQ
-QQMQUC¡CRFJKVCDNGVCUFJK¡PCZKQ¡ODCZ
MCMQPDK¡³LCK¡RDJCUKUUCRC¡3WKVCNCU
VCDNGVCUFGNVGEJQSWG[CGUV£POW[RQFTKFCU[
RQPQVTCU
XaVSWKVCTUCECT
FGFQPFGGUV£OGVKFQGPNC
VKGTTC-QQMQUC¡CRFJKLQQFCKFJK¡PCL©¡MLKT
IÀ¡IÀTPCDC¡LWRCCDCPLWRVWOFW³KC¡3WKVC
NCURKGFTCUITCPFGURCTCSWGSWGFGRCTGLQ
XaVSWKVCT
ECOKUCQUQODTGTQ-WCPCKCR
FJKOMWVWWPMW³LWODCMWC³FJC¡LWOCKRV©¡
LK3W¯VCVGNCECOKUCRCTCNCX£TVGNC[RQPVGQVTC
XaTSWKVCTUG
TQRCFGUPWFCTUG'CRZKO
MQQMQUMWEJOQQZKDCVD©LKPCMCVCPQQT
3W¯VCVGNCTQRCRCTCDC³CTPQUOKGPVTCUJC[CUQN
=EQORNRNMQQMQUC¡RTGVMWCMQQMQUC
EQPVMWMWCUFC¡MQQMQUFC¡?
♦ZKMWCPC¡XaVFGUOQPVCTNKORKCT
JKGTDC
MWC³FJC¡XaDSWKVCT
TQRCFGQVTCRGTUQPC
-WC³FJC¡CRIWUCDWKTCZK¡³FJKCNJKK)KKNJKO
LKZDCC¡$CMIW¡OK[CC3W¯VCNGNQUECN\QPGU
CNPK³QRQTSWGGUV£POQLCFQURWGUUGQTKPµ
=EQORNRNMQQMQZFJC¡RTGVMWC³MQQMQZ
RTGUMWMWCZK¡³MQQMQZK¡³?
8CTMWC³EJWNJFJC¡
MWC¡=RTGUFGLWIKC¡?EQOG
'&+%+•024'.+/+0#4`
MWC¡IKC¡
6'2'*7ƒ0Ê'52#“1.
MWC¡IKC¡XaKEQTVCTNG³C$KDCOKK¡/KNKCPWMWR
DCMWC¡O©TC¡$CZKC¡IW¡.GX£PVCVG'OKNKCPQ
RCTCSWGXC[CUCEQTVCTNG³CRWGU[CCOCPGEKµ
=RTGVMWC¡I©RTGUMW¡CC¡?
MWC¡³FJC¡XaVEQTVCTNG³C
RCTCQVTCRGTUQPC
)QQMZKMWC¡³FJCTCMIWOFJKZKKM6W¡IKPC
IW¡FCKZKDEJCOVW¡PCOQQICOO©L©8GC
EQTVCTNG³CRCTCVWV¯C#NECDQPCFCO£UUGT£
RQTGUVCXG\PQVQFQUNQUF¯CU
XaTEQTVCTNG³C
RCTCU¯OKUOQ$CO
MWC¡³FJC¡RKO©RPCVEJCMWKZKQ¡OVWMMWEJ
DCLKKOFC¡/WRCK¡EJFJQLKKC¡T©KPQ¡VDCVWM
%QTVGPUWNG³CRCTCKTPQUCPVGUFGSWGUG
QUEWTG\ECO£URWGUPQSWGTGOQUECGTPQUGPGN
ECOKPQ
=RTGVMWC¡³RTGUMWC¡IK¡³?
MWC¡³FJC¡XaVECNGPVCT
EQOKFCQCIWC#C³
MWC¡³FJC¡IWUWWFCK¡PC³M©¡PDCVDKC¡8Q[C
ECNGPVCTCIWCRCTCDC³CTOG
ECNGPVCT
RCTVGFGNEWGTRQ)QQMLC³
MWC¡O©TC¡MW³M©¡PMWCMIKFJC¡IW³EJQQVQP
8Q[CVTCGTNG³CRCTCECNGPVCTOGNQURKGU
=EQORNRNMWCMIKFJC¡RTGVMWC¡³MWCMIK
RTGUMWCMIK¡³?
♦OQQ³CNJLWOMWCMIKFJC¡VGXQ[CRGICT
MWC¡³FJC¡XaVCOCTTCT
JKNQUFGNVGNCT$©©R©¡
MCVLCRDJCK¡ZKKCTCKFJKLKKNPCRDC¡DC
MWC¡³FJC¡#C³I©VIW¡[C¡F©TLC¡MLWRDC
MWC¡³FJC¡LKPCRCCROK¡MCZZKLCKEJW¡P;C
SWGUGVGFKHKEWNVCGUVQRTKOGTQGPTQNNCGNJKNQ
JCEKCCE£[NWGIQNQCOCTTCUOKGPVTCU[QNGFQ[
XWGNVCFGCE£[NQCOCTTQ=RTGVMWC¡³
RTGUMWCMIK¡³?
MWDJC¡DKFJC¡XaVVK\PCT,WOMWDJC¡DKFJC¡
FJQIWMWWDJ©ZPCRKEJOK¡FJ©TDCM©MDWPC
RCK¡LC¡MDJ©©'NJWOQVGXCCVK\PCT[CSWGVG
RCTCUVGCNN¯FQPFGRCUC
XaTVK\PCTUG
XQNWPVCTKCOGPVGt)KIW
,KTCCTFQRCCLC¡MDJ©K!tLWRMCK¡EJIW
VCCVC¡Pt/WEJKRCK¡OMWDJC¡DKFJCOPCZ
LQK¡³FJC¡PCOWRCK¡PCC¡PMC¡IWLWMtLWR
MCK¡EJIWF©¡©©¡Pt;)GTCTFQCFµPFGHWG!
tRTGIWPVµUWRCR£t2QTCJ¯GUVCT£VK\P£PFQUG
RWGUNGIWUVCGPEGPFGTHWGIQEQPGNQEQVG
tEQPVGUVµUWOCO£=RTGVMWDJC¡DK
RTGUMWDJC¡DK¡³?
MWDJC¡DK³CFLVK\PCFQ,KZMWDJC¡DK³R©ZOK¡
DCM©©MIWDC¡MK¡³IW/CTUGGNQPCVV©KMKC¡R©Z
OKM©K)KKNJKOEJKOK³CC¡PMC¡IWLWM.C
ECUCSWG/CTEGNQCECDCFGEQPUVTWKT[CGUV£
VK\PCFCRTQDCDNGOGPVGRQPGOWEJQQEQVGGPNC
NWODTG=RNMWMDJC¡DK³EQRLKZ?
MWDJC¡D³KC¡XaKVK\PCTUG
UWLKPCPÎ,C¡RLC¡M
LCRZKEJ©MKC¡FJKV©O/K¡MWDJC¡D³KOPC
LW¡³FJCTCOMCCVIWMWOCCNJÏLWRV©VFCIW
OCTCC¡PIW/CTKK[CÎ/WGXGNCVQTVKNNCJCEKC
CFGPVTQFGNEQOCNRWGUUGGUV£VK\PCPFQRQTSWG
NCRWUKUVGGPNCQTKNNCÏFKLQNCOCO£C/CT¯C
=RTGVMWDJC¡DRTQITMWDJC¡D³KO?
MWIKRCTV+PFKECCHKTOCEKµP#CR[C¡MCDK¡[C¡
MWIKPCEJCOZK¡F©©NJLWOP©K¡³FJC¡FJKO
CDWKN3W«FCVGRWGUCSW¯EQPVWCDWGNCRCTC
SWGPQUGUKGPVCVCPUQNC=)TCO?
MWIW¡EQPLRGTQGPECODKQ+PFKECEQPVTCUVG
/CC¡PLCRDJCK¡ZK³EJCC³ZKFJCKIWUCPFKK[CU
PCRUCCMOWLKOKC¡VKCPFCMWIW¡ZDJCKMCO
LKPQDQVW¡ZFJQ¡KK¡DQ%µORTCOGWPCUCPF¯C
[CSWGXCUCNCVKGPFCRGTQWPCSWGGUV«
OCFWTCPQXGTFG=)TCO?
MWKUNCTKPIGICTICPVC,KZMQ¡MMC¡IW³MWK
PQ¡³OWK¡ZKEJWMWC¡PQ¡[CFCTCCIW³
W¡RCFC¡/GFWGNGNCICTICPVCEWCPFQEQOQUK
VGPIQKPHNCOCFCUNCUCPIKPCU=CRQUMWK¡³?
MWKEJFJC¡XaVVQECT
KPUVTWOGPVQOWUKECNFG
CNKGPVQ2CCRKEJLCZFJWWIWC¡CC¡PCRM©¡P
OWLC¡RMCVWMWKEJFJKFJCVVCMCCD!&µPFG
EQPUGIWKUVGGNEWGTPQSWGGUVCDCUVQECPFQC[GT
RQTCJ¯!
EJKHNCT
WUCPFQNCUOCPQU#CRK¡CCZKEJW
MWKEJOCC¡PPKODJCOO©RCK¡MQQMDC¡P
D©©R©¡!(WKUVGV¼SWKGPEJKHNµWPCXG\FGUFGGN
DQTFGFGNRG³CUEQJCEGTCVQ!
RKVCT
ENCZQP/CC¡PPKOLC³R©ZOQQDC
MWKEJFJC¡FJKVTQQMC0Q¡EJCORCK¡LQK³FJQ
IW¡DCLKK³KEJFJQ8Q[CRKVCTGNENCZQPWPC
UQNCXG\5KPQXKGPGRWGU[COGXQ[
=RTGVMWKEJRTGUMWKEJW¡P?
MWK¡DW¡UECUECFC
FGCIWC/©L©MWK¡DW¡
UWWNJK¡³COIWC¡CCNJPCRCK¡ZEJWWM.QU
PK³QUGUV£PPCFCPFQFGDCLQFGNCECUECFCFQPFG
GUV£JQPFQ=RNMWMWK¡DW¡?8CTMWK¡DQ¡
♦LKZMWMWK¡DW¡SWGJC[OWEJCUECUECFCU
MWMDJC¡DK³=RNFGMWDJC¡DK³?VK\PCFQU
=EQRLKZ?
MWMMTWU=RNFGMWTWWU?ETWEGU
MWMOKC¡XaVEQOGTOCUVKECT
EQUCUUGECU)QQM
LC³ZKMWMOKC¡FJKICMFJK¡³)KKNJKODCZ
DJKQ¡K³8Q[CEQOGTOGWPCUFGGUVCUVQUVCFCU
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
RQTSWGVGPIQOWEJCJCODTG=RTGVMWWM
RTGUMWO?
♦MWOKKFJC¡XaVKTEQOKGPFQKTOCUVKECPFQ
EQUCUUGECU
MWMPCV=RTGUFGMWPVC¡?UGECUC
OWLGT
MWMRCTC¡=RNFGMWWRCTC¡?VCRQPGU
=CRQUMWMRCTIC¡P?
MWMRC¡=EQORNRNFGMWWRC¡?EGTTCTNQU
=RTGVMWMRC?
MWMRKIC¡=EQORNRNFGMWW¡ORKIC¡?EQTVCTNCU
RWPVCU
ETGEKGPVGUFGWPCRNCPVC=RTGVMWMRK
RTGUMWMRK¡?
MWMRKQ¡MC¡=EQORNRNFGMWRKQ¡MC¡?CDTKTNQU
=RTGVMWMRKQ¡?8CTMW¡ORKQMC¡
MWMRKQ¡MFJC¡=EQORNRNFGMWRKQ¡MFJC¡?
CDT¯TUGNQU=RTGVMWMRKQ¡MRTGUMWMRKQ¡MK¡³?
MWMTCV=RNFGMWTCV?ECTRKPVGTQUDGNNQVGTQU
MWMUK³=RNFGMWUKK³?EQUKPCU
MWMUWR=RNFGMWUWWR?PWECU
MWMVWP=RNFGMWVWWP?DNWUCU
MWMWCZK¡³=RTGUFGMWC³FJC¡?UGNCSWKVC
TQRC
FGQVTCRGTUQPC
MWMWK¡DW¡=RNFGMWK¡DW¡?ECUECFCU
MWMWWNUK=RNFGMWWNUK?CDWGNQUPKGVQU
=CRQUMWMWWNUK¡³?
MWMW¡T=RNFGMW¡WWT?EQTCU
KPF¯IGPCU
MWMZKT=RNFGMWZKKT?EWEJKNNQU
MWMZK¡=RNFGMWWZK¡?V¯QUUQDTKPQUUQDTKPCU
=CRQUMWMZK¡³?
MWM[WPFC=RNFGMW[WPFC?EQ[WPFCU
MWO=RTGUFGMWMOKC¡?NQEQOG
CNIQUGEC
MWOCCNJ=XCTFGMQOCCNJ?EQOCFTG
MWOCCNJ=XCTFGMQOCCNJ?EQOCN
MWOCCNJKM=XCTFGMQOCCNJKM?FGNICFQ
FG
MWTCVOQ¡
OGVKµFGDCLQFGGUCRKGFTC#JQTCXQ[CHWOKICT
RCTCSWGUGOWGTCRCTCSWGPQUKICUCECPFQGN
OC¯\SWGUGODTCOQU=RTGVMWOW¡TC
RTGUMWOW¡T?
MWPUGURQUQ,KTF©NJFJ©OIWWDKKPQ¡VDC
OWWIWMWPCC¡PRKCOPQ¡VEJCMWKLCZEJW¡O
EJKQ¡³QK7PCOWLGTUGEQPUKFGTCUQNVGTC
EWCPFQPQUGJCECUCFQQEWCPFQUWGURQUQUG
OWGTG
5GUWGNGWUCTD©©PC¡EµP[WIGGPXG\
FGMWPGURQUQ=CRQUMWPCC¡P?
MWPVC¡XaKECUCTUG
OWLGT$CMWPCCVLKDCMLKC
IW,WCPCPCZKDRC¡DJCK¡RMCTV©[CCMC¡;C
UGECUµ,WCPCNCSWGCRGPCUNNGIµCUGTUG³QTKVC
=RTGVMWPCCVRTGUMWMPCV?
MWRKQ¡MC¡XaVCDTKT
RCTCGPVTCT$©©R©¡ROWK¡
ZKLKOKC¡PCRDC¡DCMWRKQ¡MC¡DJCOO©
MKKEJCOIWDC¡CCMPCIW¡UKKUCR8GVG
CFGNCPVGRCTCCDTKTNCECUCRQTSWGGUV£EGTTCFC
CDTKTUQNVCT
RCTCUCNKT$KLCMWMRKQ¡MFJK
DJG¡OUGTMWRDCLCDKC¡TC¡OWOOWPKLC¡R
W¡ZICO;CUWGNVCNQUDGEGTTQURCTCSWGNQU
RCUVQTGGUGPGNOQPVG
=EQORNRNMWMRKQ¡MC¡RTGVMWRKQ¡MWMRKQ¡?
MWRKQ¡MFJC¡XaDCDTKT
RCTCQVTCRGTUQPCQ
CPKOCN-WRKQ¡MFJC¡CRIWDJWTW¡ZPCDJC
DCMKC¡$JCOO©F©TV©KM©©MMK¡³IQDPCDJCZ
DCCMKOƒDTGNGCNDWTTQRCTCSWGGPVTGRWGU
CNN£GUV£RCTCFQLWPVQCNCRWGTVCFGNEGTEQ
SWGTKGPFQGPVTCT=EQORNRNMWMRKQ¡MFJC¡
RTGVMWRKQ¡MMWMRKQ¡MRTGUMWRKQ¡MK¡³
MWMRKQ¡MK¡³?
MWTCVUECTRKPVGTQDGNNQVGTQ$JCOO©PKFCCIW
MWTCVLKZICMLWMVC¡O$JCLC¡RDCCRUCKOIW
VWCMCKPCDJCK¡VWODK¡FJKO7PECTRKPVGTQ
DGNNQVGTQCPFCGPGNRKPQUGEQRWGURQTCJ¯
IWCTFCNCUDGNNQVCURCTCEQO«TUGNCUFGURW«U
=RNMWMTCV?
HQTOCRNCPC
MWOKKFJC¡XaVKTEQOKGPFQKTOCUVKECPFQ
EQUCU
UGECU)QQMLCRKOLK³DWKFJC¡IWICMFJK¡³
PC³MWOKKFJC¡,K³DCKFJKOCOIWQ¡TQUKTKU
,WMV©T*£ICPOGCNIWPCUVQUVCFCUFGOC¯\RCTC
KTEQOKGPFQGPGNECOKPQRWGUNQULWGEGU
SWKGTGPSWGNQUCEQORC³GC5CPVC/CT¯CCJQTC
=RTGVMWWMRTGUMWO?8«CUGMWMOKC¡
MWOW¡TC¡XaVHWOKICT
EQPJWOQ/K¡³KLKDCC
IWV©©MQNJLQFCKD©VC¡:KDLC³OQQOK
MWOW¡TC¡MWOWMKC¡PCEJCODJCLC¡MLKEJ
DJKKLK¡³FJC¡IWLWWPPCEJV©©U.CCTFKNNCUG
MWTCVOQ¡UJQPIQ
TQLQEJKSWKVQ)QQM
ICC¡O©TIWMWTCVOQ¡OWOOWLC¡RRCK¡PCEJ
LKFJQQTCKM©¡PVWLWIKC¡8GCDWUECTWPQU
JQPIQUFGR£LCTQDGNNQVGTQRCTCEQEGTNQU[
EQO«TPQUNQUEQPVQTVKNNC
'&+%+•024'.+/+0#4`
MWTVKTQQP
6'2'*7ƒ0Ê'52#“1.
MWTVKTQQPU/GFKFCUGECGSWKXCNGPVGCFQUNKVTQU
/CC¡PMWTVKTQQPZK³UCDC¡FCMIWDJCDIW³
³WWEJKZ/KEW³CFQOGEQORTµFQUNKVTQUFG
HTKLQN=GUREWCTVKNNQ?
MWTWWUUETW\)WEJ:QK¡MCOMWTWWUVC¡O
UKUUCRCMOWCO©VUKCMWIW¡V©KLQKFJCOLKTLKZ
DJCK¡MCOMCV/CVCTQPC0WGUVTQ5G³QT
,GUWETKUVQENCX£PFQNGGPWPCETW\CRGUCTFGSWG
GTCOW[DWGPCRGTUQPC=RNMWMMTWU?
MWTWWUVWFC¡XaTRGTUKIPCTUG6CMCCDLCEJKC
IWRCCNJPCOLWOMWTWWUVWFC¡IWC¡CCNJ,CK¡
EJCOCC¡COPCOIW¡UCREJCOOCCV#[GT
GNRCFTGNGUFKLQCNQUPK³QUSWGUGRGTUKIPCTCP
RGTQCNIWPQUPQSWGT¯CPRQTSWGFKEGPSWG
VQFCX¯CPQUCDGPRGTUKIPCTUG
=RTGVMWTWWUVWFCRTGUMWTWWUVW¡P?
MWUDKMC¡XaVNNGXCTVTCGT
RQTOGFKQFGWPC
EQNICFGTCGPGNJQODTQQGPNCECDG\C-WUDKMC¡
CRFJKKOCKPCOK¡FJCCCUCCMEJC¡O
DJCOO©RZKFJCTUCKDC¡MEJ©TPCEJCOVW¡
VQQZMQNJLWRDCLWIKQMC¡[C¡.N«XCVGGPGN
JQODTQGUCUECNCDC\CUSWGGUV£PCNN¯[RQPNCU
CNN£FGPVTQFGNCECUCPQUGCSWGCSW¯UGNCU
EQOCWPOCTTCPQ=EQORNRNMWWMUWRKMC¡
RTGVMWUDKQMMWWMUWR©MRTGUMWUDKQ
MWWMUWR?8«CUGMWUDKQ¡
MWUDKQ¡XaVEQNICT
GPGNJQODTQQGPNCECDG\C
/Q¡TCOLKMWUDKQVIWLC¡CCIW³Q¡MKZD©©R©¡
PCV[CCKCUCCMEJC¡OZKICCOVWI©V*CEG
TCVKVQSWGNNGIµOKV¯CVTC¯CWPCQNNCGPWP
OQTTCNEQNICFQGPNCECDG\C
=EQORNRNMWWMUKQRQ¡RTGV[RTGUMWUDKQ
MWWMUKQREQRTGVMWUDKQVQMWUD©VMWWMUKQRQV
QMWWMUKQRCV?
♦MWUDKMC¡XaVNNGXCTVTCGT
RQTOGFKµFG
WPCEQNICFGTCGPGNJQODTQQGPNCECDG\C
MWUKK³UEQEKPCt2CCLCZVW¡KK¡IWOVCCV!
tLWRV©VFCIW,WCPIWCNJKKt/©L©PCLWWMC¡
MWUKK³tLWRMCK¡EJIWK¡t&µPFGGUV£VW
RCR£!tRTGIWPVµ,WCPCWPPK³Qt#NN¯GUV£
ECNGPV£PFQUGGPNCEQEKPCtEQPVGUVµ«N
6TCFKEKQPCNOGPVGUGEQPUVTW[GWPCECUKVCUGRCTCFC
FGOCFGTCFQPFGUGRQPGNCNWODTGGPGNRKUQ
FGVKGTTC[GPNCEWCNUGIWCTFCPNQUWVGPUKNKQURCTC
EQEKPCT#XGEGUKPENW[GWPCRNCVCHQTOCDCLC
FGVCDNCURCTCFQTOKTFWTCPVGGNKPXKGTPQ
=RNMWMUK³?
MWUWWRUPWEC6W¡DC¡[©L©RCK¡FJ©TR©ZLK³
3W«EQUCOGCPFCT£GPNCPWEC!*C\OGGNHCXQT
FGXGT=RNMWMUWRCRQUMWURC¡P?
MWVVWEQPLRQTSWGUKPQ$CTCOFJQPCRDC
DJKC¡FJKOCVCKOC¡PMWVVWIW¡ZKQ¡ODJCK
;CSWKVCGNPKZVCOCNFGNCNWODTGRQTSWGUKPQ
XCCEQEGTUGFGOCUKCFQ
MWVWWPUV¼PKEC
VTCFKEKQPCNFGJQODTG6W
UQQOIW³ZKKZIWMWMVWPPCO©VUCREJKC
IQQMIWLC¡VMCO/KJGTOCPCGUV£EQUKGPFQNCU
V¼PKECUSWGFQURGTUQPCUNGRKFKGTQPSWGNGU
JKEKGTC
DNWUC
VTCFKEKQPCNFGOWLGT#VVKKTQT
VWRWWNJKMFJKWDKKIWMWVWWPC¡P6©KZK
EJQK¡FJKZLKUCRIW¡IWZC¡UMK¡PCM©¡PLKZ
CDJCCTMC¡.CDNWUCFGGUVCOWLGTGUV£OW[
EQTVCCWPSWGGUV£CFQTPCFCEQPGPECLGRCTCSWG
UGXGCDQPKVC
=RNMWMVWP?
MWWDJ©ZUJWOQ-WWDJ©ZM©¡PLCOLCMQQ¡P
IWDJCDJQ¡OMQZIWPCPCDF©FCOPQ¡VRCK¡
DCCF©¡PM©TPCOIW¡DJCMWOW¡TC¡.QU
EC\CFQTGURCTCOCVCTCNQUVGEJCNQVGUNQUJCEGP
UCNKTEQPJWOQFGNQUJWGEQUFQPFGUGOGVGP
♦MWW¡OZK¡CFLSWGGEJCJWOQ
♦EJWMWWDJ©UCFLSWGJC[OWEJQRQNXQ
MWWFCOCFXTGEKQ/WRCK¡UCRLC¡MF©TOCI©K
OCC¡PIWCRVWDWWUPCIW¡EJKMWWFCOMC
O©NJEJW¡&KEGPSWGRQTCJ¯UGXQNVGµWP
CWVQD¼URQTSWGRTQDCDNGOGPVGKDCOW[T£RKFQ
MWWICNJFJC¡XaVEWORNKT
OCPFCVQ
EGTGOQPKCN%JCMWKRKQ¡FC¡IWDKK³PCRKEJ
IW¡EJCMWKMWWICNJPCRL©¡MVWQK¡³6QFCX¯C
PQRWGFGUVQOCTOG\ECNRQTSWGVQFCX¯CPQ
EWORNGUNQUF¯CUFGNOKVQVG
XaTEWORNKTUGVGTOKPCTUG
VKGORQUG³CNCFQ
/CCZFJKFJQDCOMWWICNJFJC¡LKCPCEJLKZ
ZKZFJWPCEJV©P©K¡O©MIWZKQVCNJ/C³CPCUG
EWORNGGNVKGORQFGGUVCTÎDGPFKVQUÏFGURW«UFG
DCKNCTGNOKVQVG
=RTGVMWWICNJEQPVMWWICNJK¡³FJC¡?
MWWIC¡PUOG\ECNCITKQ
NQSWGUCNGCNVGTOKPCT
FGFGUVKNCTGNOCIWG[5KPµPDJCK¡³
MWWM=RTGVFGMWMOKC¡?NQEQOKµ
CNIQUGEC
MWWMUKQRQ¡=EQORNRNFGMWUDKQ¡?EQNICTNQU
GP
GNJQODTQQGPNCECDG\C=RTGV[RTGUMWWMUKQR
EQRTGVMWWMUKQRQVQMWWMUKQRCV
VTCUNMWWMUWRKMC¡?
QKNJKZK¡³LK³MWUWWR!'CR[©L©ZK³EJ©©¡³ZK¡³
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
MWW¡
MWWMUWRKMC¡=EQORNRNFGMWUDKMC¡?NNGXCTNQU
MWWRUECDGNNQd,QKFJCOVÀ¡VÀDVWMWWRFJK
MWWMW¡XaKTGDW\PCT
DWTTQTGNKPEJCT
OCEJQ
MWWRCTC¡UVCRµP/CC¡P[C¡PKFJCCIW
GPGNJQODTQQGPNCECDG\C=RTGVMWWMUWR©M
RTGUMWWMUWR?
QECDCNNQ/WRCK¡MWWIWVWMEJK³DJWTW¡Z
PCVUCCMOCK¡I©K'NDWTTQFGNJQEKEQPGITQ
GUV£TGDW\PCPFQRQTCNN£GNSWGFKEGPSWGUG
RGTFKµ
ECPVCT
KPUGEVQQR£LCTQ-CRDJWKOWMLC³
OQQOWLKOKC¡2GGITQDWKPCOLCZMWWMW¡IW
W¡LK¡/W[FGOC³CPCGPEWCPVQECPVGPNQU
R£LCTQUKT«CFQPFGXKXG2GFTQ
UQPCT
KPUVTWOGPVQOWUKECN,CZVWMWWFJKO
UCCUDKMCT!,QKFJCOVWUCDCC!%µOQUWGPC
GUGKPUVTWOGPVQVW[Q!5WGPCDQPKVQ!
=RTGVMWWMWRTGUMWW?8CTMWWMW[C¡
MWWMZKQRQ=RNFGMWZDQ?EWGNNQUICTICPVCU
MWWNUKUCDWGNQ6©K³DCKFJKOIW³MWWNUK
PCEJUCRP©K¡RW¡IWZKQVCNJPCLKLWT³KOMW³
LKIW¡EJKEJCOLKOKC¡LKPC³IW¡ZMQQZKO/G
GUV£KPXKVCPFQOKCDWGNKVQCSWGXC[COQUC
DCKNCTGNOKVQVG[CSWGCJQTCGUGNF¯CFGNC
EWNOKPCEKµPRGTQETGQSWGPQXQ[CKTRQTSWG
VGPIQUWG³Q
PKGVQPKGVC
FGWPJQODTG2CLC¡MLWRDJ©K
IW³MWWNUK#TPWWNRQPC[C¡PKR©ZLWRMCFCC
PC³I©VIQQMLQQVUC¡IWMW¡CC¡PC³WK¡³O©TC¡
PC³M©¡PMQOEJ©MC¡ZKDPCZL©©RK¡³!#FQPFG
KT¯COKPKGVQ#TPWNHQSWGGUVCDCCSW¯!2GPUCDC
OCPFCTNQCSWGOGVTCLGTCWPRQEQFGNG³CRCTC
ECNGPVCTOGEWCPFQFWGTOC[CSWGJCEGHT¯Q
V¯QCDWGNQ
UQDTKPQUQDTKPC
FGWPJQODTG
=RNMWMWWNUKCRQUMWWNUK¡³MWMWWNUK¡³?
5KPµPIÀ¡VCCV
MWW³KCUEW³C
RCTCRCTVKTOCFGTC,WOCKR
OK¡RZKDCCZFJC¡IWMWW³KCPCDC¡LQVOQFC¡
VCCR³KC¡FJKLWM2QPICQVTCEW³CGPGNVTQ\Q
FGRKPQRCTCSWGUGRCTVCRTQPVQ=RNMWW³KCU?
MWWRXaGGUVCTEGTTCFC
RWGTVC2WKMWWR
DJCOO©F©TPCRCK¡VWIC¡TCIW³EJCVCCNJ
6QFCX¯CGUV£EGTTCFCNCVKGPFCFQPFGXGPFGOK
V¯Q
GUVCTGPEGTTCFQ
UWLCPKO/©L©UCRRWO
MWWRDC¡MEJKTFJK#NRQQPPCEJKEJ[CLC¡R
DWDWCVCMCCD#CEJIW¡RMCK¡EJPCEJCO[C
FCC&KEG#NHQPUQSWGCSW¯GUVCDCGPEGTTCFQ
FGPVTQFGNCECUCC[GTEWCPFQRCUCOQUOKGPVTCU
PQUQVTQURGPU£DCOQUSWGPQGUVCDC
=UWLRNMWWMWR?
WDKKd3W«ECDGNNQVCPNCTIQVKGPGGUCOWLGT
=CRQUMWWRC¡P?
DCK³WOLKZDJKKEJ,KTMWWRCTC¡MCVDCM#SW¯
GUV£WPHKGTTQQZKFCFQRCTGEGSWGGTCWPVCRµP
=RNMWMRCTC¡CRQUMWWRCTIC¡P
MWMRCTIC¡P?
MWWRC¡XaVEGTTCT:KMWWRCM[CCDKM©¡PIW
MK¡³IQDPCVDCDWWU%GTTµNCRWGTVCEQPNNCXG
CNUCNKT
GPEGTTCTCEQTTCNCT,C¡RLCRV©©FC¡PCLC
MWWRC¡IWMCMCTDCZPQ¡VDCLWT&KNGSWG
GPEKGTTGNCUEJKXCUEWCPFQUGJCICFGPQEJG
VCRCT
EQPVCRCFGTC-WWRCTIC¡PM©¡PLCR
MWWRCKFJKDJQQVKPCEJCOOKDCMKC¡IW
DCU©©MEJCOVW¡PCLQQZKC¡M©¡P6CRCGNDQVG
EQPUWVCRCFGTCPQEQPWPRNCVQRCTCSWGPQUG
OGVCWPTCVµP
EGTECT-WWRCKOK³FJK³ICCPCOEJCO[C
DCCRMKC¡IWDCCM'UVQ[EGTECPFQOKOKNRC
RCTCSWGPQGPVTGPNCUXCECU
=EQORNRNMWMRC¡RTGVMWWMWMRC?
MWWRFJC¡XaDGPEGTTCT
RCTCQVTCRGTUQPC
,CTQQDC¡RWK¡R©MLKZDJCK¡FJWWPCVLK³
MWWRIW³EJCVQQZMQNJK¡!3WK«POGJK\QGN
HCXQTFGGPEGTTCTNQUOCTTCPQU!=RTGVMWWR
KORGTMWWRK¡³?
MWWZK¡UV¯Q
JGTOCPQOC[QTFGNCOCO£
-CDWKOWMUCRDJCLKOFC¡IW³MWWZK¡PCDJC
VWVCC³O©TC¡IWDJCD&KLQOKV¯QSWGOC³CPC
XGPFT£CEQORTCTHTKLQN
UQDTKPQUQDTKPC
JKLQQJKLCFGNCJGTOCPC
OGPQTFGWPJQODTG$JCK¡RZKFJCKDWKFJK
DJWTW¡ZLK³MWWZK¡PCRLKZLCDQQMCOR©Z
EJKOPCMQQ¡DJCK¡PCTVCK¡PCRIW¡TCNJK¡EJ
/QPVCGUGDWTTQUQDTKPQV¼SWGECUKPQRGUCU
RWGURWGFGSWGVGCIWCPVGGPNCUWDKFCRQTSWG
GTGURGSWG³Q
=RNMWMZK¡CRQUMWWZK¡³MWMZK¡³?
MWW¡CFXRCTCCVT£U-WW¡RZKO©NJKKEJFJCK
FJKMCUGGVPCDC¡OWF©TDJCK¡LKM©©UC¡IWK¡
PC³LQKFJCOMÀÀ4GITGUCGNECUGVGJCUVCGN
RTKPEKRKQRCTCGUEWEJCTNCECPEKµPSWGO£UOG
IWUVC
FGNQVTQNCFQ
EWCPFQGUV£CEQUVCFQUWLCPKO
-WW¡RZKDQ¡LK2CLC¡MLCRDWCOMCK¡EJPCR
UCTQQM8QNV«CVGFGNQVTQNCFQRWGUGUV£U
TQPECPFQOW[HGQ
'&+%+•024'.+/+0#4`
MWW¡ORKIC¡
6'2'*7ƒ0Ê'52#“1.
MWW¡ORKIC¡XaVEQTVCTNCRWPVC
FGWPCRNCPVC
RQFCT,QKFJCODJCK¡LKZKDQQTMC¡IWOCPUCCP
PCRCK¡FJWWMIKQDJCK¡RLKK¡RW³KC¡PQ¡³KEJ
ZKMWW¡ORK5KNGEQTVQNCURWPVCUCNOCP\CPQ
NGUCNGPXCTKCUTCOCUEWCPFQGORKG\CCTGVQ³CT
=EQORNRNMWMRKIC¡RTGVMWW¡ORKMWMRK
RTGUMWW¡ORK¡MWMRK¡?
MWW¡OZKC¡XaKGEJCTJWOQ/K¡RZKDWWZEJCPC¡
FJKVCKMWO©©[C¡)KKNJKOFCKPCDJCMWWDJ©U
5µRNCNGCNCNWODTGRCTCSWGCTFCRWGUPCFC
O£UGUV£GEJCPFQJWOQ=RTGVMWW¡O
RTGUMWWDJ©U?
MW¡CC¡=RTGUFGMWC¡IKC¡?EQTVCNG³C
MW¡ORKQ¡MC¡=EQORNRNFGMWRKQ¡MC¡?CDTKTNQU
8CTMWMRKQ¡MC¡
MW¡WWTUEQTC
KPF¯IGPC,WRMCK¡EJIW³MWWZK¡
PCUCRL©¡OC¡PLKZOCCV©V³KQMIWMW¡WWT
³K¡QQMPCIW¡OWLC¡RRWQKT©FC¡LCDWKIW
MWMW¡T&KEGOKV¯QSWGUCDGCNIWPCURCNCDTCU
GPKFKQOCEQTCRQTSWGCPFWXQCNN£FQPFGXKXGP
NQUEQTCU=RNMWMW¡T?
.
MWW¡OZK¡CFLSWGGEJCJWOQ)KKNJKOLKZ
MWW¡OZK¡MC¡IWMW¡CC¡PQ¡ZLCRQMMQNJK¡
FCOCPPQ¡RWRZK¡ZDCC¡.CNG³CRQFTKFCGEJC
OWEJQJWOQ[C¼PO£UUKGUV£OQLCFC
8«CUGMWWDJ©Z
♦EJWMWW¡OZKOC¡CFLSWGJC[JWOQ
£TGC
GZVGPUC
MWZDQUEWGNNQ,KKDC¡CRFJKOMWZDQPCR
RCK¡FJWWMDCVDKC¡PCDC¡Q³KC¡)KKNJKOLKZ
MQPDK¡³0GEGUKVCUVCNNCTVGDKGPGNEWGNNQEWCPFQ
VGDC³GURCTCSWGUGNKORKGRWGUGUV£OW[UWEKQ
ICTICPVC,KZMQ¡MIW³MWZDQPC³K¡QQ¡
%JCOVWDWUCCMFJKUQOCKIK¡/GFWGNGNC
ICTICPVCRQTNCVQURWGUPQUGOGSWKVCGUVC
ITKRG
=RNMWWMZKQRQCRQUMWZDQ¡P?8CTMWZDW
♦MWZDQTCOGPUWEWGNNQGPUWICTICPVC
FG
«NQFGGNNC
MWZIKFJC¡XaDCJW[GPVCT
EQPRGTTQEQORN
CPKO-WZIKFJC¡RKOIWICIQQZFJKVQQZMQNJ
PCDJCK¡DCLKOPCIW¡ZLCPCCIW©¡NJKEJ
MCMCTDCZ#JW[GPVGPEQPGNRGTTQCGUG
OCTTCPQSWGXKGPGJCEKCCE£RWGUNGIWUVC
EQOGTUGCNQUEJKXKVQU=RTGVMWZIK
RTGUMWZIK¡³?
MWZKKTUEWEJKNNQ/K¡ZLCK¡EJIWMWMZKTPC
RCK¡RLWODWCIW[CCDKU#NN¯JC[EWEJKNNQU
FQPFGUGJCEGPNCUNNCXGU=RNMWMZKT?
MW[WPFCUEQ[WPFC,CWC¡O©T,WCPIW
MWM[WPFCMWEJOK¡DCLCFCTUC¡[WW¡VC¡O
$JCK¡DCLCUCC¡PVW¡IW¡IW#TPWWNRQIW
VWVWWT6TCKICNCUEQ[WPFCU,WCPRCTC
RQP«TUGNCUCN[WIQRWGU#TPWNHQ[CVTCGNQU
VQTQU=RNMWM[WPFC?
MW¡CC¡UNG³C,KZDCC¡DCMFJKMW¡CC¡RWK¡MW
DC¡EJCOO©O©©FJKVCK'UV£XGTFGGUVCNG³C
RQTGUQPQRTGPFGNCNWODTG
NCCNCIKC¡XaKECPVCT
RGTUQPC/WRCK¡R©Z
NCCNC¡IWCNJKKPCVWDKRKC¡IWMCTDCZ2QTCNN£
UGQ[GSWGECPVCGNPK³QSWGGUV£RCUVQTGCPFQNCU
EJKXCU
ECPVCT
R£LCTQ,QKFJCOVW¡ONCCNC¡PFC¡CO
IWW¡LK¡PQ¡VMKC¡R©ZDCLKV©¡PIKCd3W«DQPKVQ
ECPVCPNQUR£LCTQUEWCPFQCRGPCUGORKG\CNC
«RQECFGNNWXKCU
=RTGVNCCNCI©RTGUNCCNC¡EQPVNCCNC¡PFC¡?
NCCVW=UKPµPFGCO©TFCV?CIWUVQ
UKPPKPI¼P
RGPFKGPVG
NCDGGTUXKQN¯P&©©NJLCRKEJLWRFWWFJK
NCDGGTMC¡RKEJLKUCDC¡NJCCPCDC¡OQQLC¡R
LKZDJCK¡VWMWW!6¼JKEKUVGGUVGXKQN¯PQNQ
EQORTCUVG!2WGUUWGPCOW[DKGP=RNNCNDGT?
NCPMKK[WUJWGXQ
FGCPKOCN,KZ³CCIW
NCPMKK[WUIWMQ¡PQ¡VRCK¡V©©#NCUX¯DQTCUNGU
IWUVCEQOGTUGNQUJWGXQUUKNQUGPEWGPVTCPRQT
CJ¯=RNNCPMKK[WU?
NKCTW¡XaVJCEGTJWCTCEJGU%JCOVW¡DJCK¡IW
©TDCPF©¡PMCOIWUWWUCMKCO©RLKIWNKCTZKO
&WTCPO£UNQUJWCTCEJGUJGEJQUFGEQTTGC
O¼NVKRNGSWGNQUFGVTGUCIWLGTQU
TGRCTCTJWCTCEJGU:KNKCTW¡CRIWOUWWUCM
,QUGGPCVRWK¡©©PCREJCODJCCPLWO
KCVFC¡VW¡PQ¡³DCOLQQVQU,QU«TGR£TCNGCVW
JWCTCEJGNCEQTTGCSWGUGNGTGXGPVµRCTCSWGPQ
VGPICURTGVGZVQEWCPFQVGOCPFGCJCEGTCNIQ
=RTGVNKCTWTGUNKCTZKO?
NWOCC¡PUJ¯ICFQ,KZK¡QQDIWNWOCC¡PIW
IKUCCNJZKORKCORWK¡LKFJQQNJZKO'NJ¯ICFQ
UCDGOW[DKGPVCPVQIWKUCFQEQOQJGTXKFQ
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
OCCEJW¡UOCEJQ,C¡RLC¡MDWTO©TIW
.J
OCCEJW¡%JKZDJKQ¡LKPCDC¡OQQLC¡RMWW
8GCECODKCTCNOCEJQCQVTQNWICTETGQSWG
VKGPGJCODTGRQTGUQGUV£TGDW\PCPFQ
=RNOCOEJWU?
NJKKUPK³KVQPK³KVC
V«TOKPQFGECTK³Q/WZK
EJ©©¡O©TIWNJKK/©L©DCLKUWUWC8GCXGTCN
PK³KVQRWGU[CGORG\µCNNQTCTCNN£CFGPVTQ
8«CUGCNJKK
/
OCCF©VCFXWPQFGCNIWPQFG
RGTUQPCQCPKOCN
RCTVGFGWPITWRQÎ,CTQK¡OCCF©VZKDJ©KTCKIW
UWWFCK¡PCMCZEJWOCCZÏLWRLCV©VFCIW
OCCOTC¡PIW5KUKKNKCÎ#NIWPQFGWUVGFGUFGDG
KTCNCIWCCPVGUFGSWGUGQUEWTG\ECÏFKLQ%GEKNKC
CUWUJKLQU
♦OCCF©VCCRK¡OWPQFGWUVGFGU
OCCM=RTGUFGOCMKC¡?UGNQFC
OCCMCOCFXFGQVTQOQFQ/CCMCOVW³KQM
ÊOEN¯V+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN
RNWTCN,CTQQOEJKCPCR[C¡VWZKMWCPC¡PC³
RCK¡CC³LWRVWIK¡DWNJMC¡P!3WK«PVGOCPFµ
CSWGFGUOQPVCTCUCSW¯FQPFG[QJKEGSWGNQU
GPEKPQUUGUGECTCP!=5GRTGUGPVCFGURW«UFGWPC
XQECNQWPCEQPUQPCPVGINQVCN)TCO?
8CTLCOCO8«CPUGO©VLCO©V
ÊOEN¯VVWVWU
RQUGUKµPFGNCUGIWPFCRGTUQPCFGN
UKPIWNCT,CZLKZO©NJFJC¡FJKOMCDCK¡PCR
RCK¡FJWWMDJCCPVWDJCDJCKEJEJ©TFC¡IW
VWVWWT!3W«VCPTGEKQEQTTGVWECDCNNQEWCPFQ
NQOQPVCURCTCEQNGCTNQUVQTQU!=5GRTGUGPVC
FGURW«UFGWPCXQECNQWPCEQPUQPCPVGINQVCN
)TCO[?8CTLWO
ÊOEN¯VNG
CWUVGFVG
EQORNGOGPVQFKTGEVQQ
KPFKTGEVQFGNCUGIWPFCRGTUQPCFGNUKPIWNCT6W¡R
LKZLQK¡³PCEJDC¡DJCK¡ZKOVC³ZKFJCKDJCOO©
F©T-QTKCP!3W«VGIWUVCT¯CSWGVGEQORTGOQU
GP&WTCPIQ!
UGVG
EQORNGOGPVQTGHNGZKXQFGNCUGIWPFCQ
VGTEGTCRGTUQPCFGNUKPIWNCTQFGNRNWTCN,QKFJCO
DCLKOM©MIKFJKKOCKPC³KEJIW¡ZKDCC;C
GORG\µCEQORQPGTUGGUCRNCPVCFGECNCDC\C
RQTSWGNCTGIW«
=5GRTGUGPVCFGURW«UFGWPCXQECNQWPC
EQPUQPCPVGINQVCN)TCO[?8CTLWO
OCRTGHaX+PFKECSWGNCUKVWCEKµPGUTGNCVKXCOGPVG
TCTC%JCOLCK¡EJIWV©OMCNJPC³V©KDCZ
DJKQ¡D©©R©¡2WK¡³KEJCNJK¡EJOCVWDCCIW
VWK¡0QJWDQVQTVKNNCUJCEGTCVQEWCPFQVGP¯C
JCODTGGPVQPEGUDCV¯OCUCEQPCIWCRCTC
VQOCT=)TCO?
FJK/©K¡³MCNJEJCOLWOMCKOC*CDNCFG
QVTQOQFQGUVCRGTUQPCFG6CZKECTKPIC[PQUGNG
GPVKGPFG
♦OCCMCOLC¡MGPQVTQNWICT
OCCM©¡PCFXC³QRCUCFQ)À¡V©©UCCMLCEJKEJLK
OCCM©¡PEJCOVW¡RWK¡PCLCZZKD'NC³Q
RCUCFQU¯UGODTCOQUO£USWGCJQTC
OCCMQDCFLEWCVTQ#C³OCCMQDLCDKC¡IW
DJW¡OTWZPC³DJCCPVWMW¡CC¡PCIW¡[C¡
EJCOOKC¡PMWC¡IK¡6GPIQEWCVTQDWTTQUEQP
NQUEWCNGUVTCKIQNCNG³CRQTSWGPQNCJC[EGTEC
FGCSW¯
♦OCCMQDMCRGPEWCVTQNWICTGU
♦OCCMQDVWO³KZEKPEWGPVCEGPVCXQU
OQPGFCCPVKIWC
OCCMQDKOCFXEWCVTQXGEGU/CCMQDKOLC³KEJ
[C¡DCDJ©K[C¡FJKDQKEJC¡OZKDM©¡P%QP
GUVCXG\UQPEWCVTQXGEGUNCUSWGJGRCUCFQRQT
GUVGECOKPQ
OCCOCT=RNFGOCT?JKLQU=CRQUOCCOTC¡P?
OCCOTCZ=RNFGOCTCCZ?JKLKVCU
OCCPUW¡CFLOCPUQ/CC¡PLCRLK³
EJCK³DWKFJC¡IWOMCDCK¡LCZEJW¡OPCZ
OCCPUW¡2T«UVCOGWPECDCNNQSWGUGCOCPUQ
=RNOCOCCPUW¡EQRLKZ?
OCCRCFXLWPVQU&JQM©¡PLK³DC¡ODCKFJKO
PCEJOCCRP©K¡[C¡IWZKQVCNJ2WGURQTGUQVG
GUVQ[KPXKVCPFQRCTCSWGLWPVQUDCKNGOQUGN
OKVQVG
♦LCTQQO©VOCCRLKKSWK«PGUHWGTQPEQP«N!
OCCRF©TCFXFGWPNCFQ$JCK¡RZK³UKKURKFJC¡
OCCRF©TPCEJCOICKI©ZKC¡5QUV«POGNQFG
WPNCFQRCTCSWGPQUGNCFGG
OCC=RTGVFGOCMKC¡?UGNQFKQ
OCCRF©T
'&+%+•024'.+/+0#4`
OCCV
6'2'*7ƒ0Ê'52#“1.
OCCVXaGUCDGT#CRK¡OEJCOOCCVPCRC
LC¡MMKQIWLQKU!0QUCDGPWUVGFGUFµPFGXKXG
GNLWG\!
XaGEQPQEGT#CRK¡OEJCOLCTQK¡OCCVIW
[CLC¡RMKQMCOMWEJDWK³QTV©DKCRW¡!0Q
EQPQEGPWUVGFGUCCNIWKGPFGCSW¯EQPSWKGP
RQFCOQURCUCTNCPQEJG!
XaTCEQUVWODTCTUG
CGUVCTGPWPNWICT$C
ZKOOCCVCRLKC[CLC¡RMC¡RLKUKCOTKMCV©
V©¡³EJWOWLC¡MPCRLKTRCK¡MCO!;CVG
CEQUVWODTCUVGCGUVCTRQTCSW¯XGTFCF!1
VQFCX¯CVGCEWGTFCUFGVWVKGTTC!
=EQRLKZHWVOCVMC¡EQRTGVOCCV©V?
8«CUGOCEJKC¡
♦OK¡ZOCCV©¡XCOQUCXGT
NKVCNN¯UGUCDG
♦EJWOCCVCFLUCDG
JCEGTEQUCUOCPWCNGU
EQPQEG
ECOKPQ
OCCV=RTGVFGOCEJKC¡?CRTGPFKµ
OCCV©VCFLSWGUCDG
JCEGTWPCEQUCSWGVKGPG
JCDKNKFCF#CREJCOKCOLKZOCCV©VVW
DC¡MKEJPCROCC¡PLK³DC¡MEJWFC¡!&G
ECUWCNKFCFPQUCDGWUVGFEQPUVTWKTECUCU!RCTC
SWGOGJCICWPC=EQRLKZUGRTGUGPVCCPVGU
FGWPXGTDQGPGNVKGORQRTGUGPVG?
OCCZXaGXGTUGPQVCTUG/QQLC¡REJCOOCCZ
LKCPCLCZFJWWMCVVWKKRW³KFJC¡UKCPCTVW¡
6©©¡PCIW¡FJKLWWPEJCOOCVI©OVÀ¡MQDDC
LKO(¯LGUGEQOQPQUGPQVCEWCPFQGUV£P
DTQVCPFQNCURNCPVCURWGUGNOC¯\JCETGEKFQ
DCUVCPVGUKPSWGPQUFKGTCOQUEWGPVC=EQRLKZ?
♦EJWOCCZCFLSWGUGXG
£TGCGZVGPUC
OCCZXaGXGTUGJWGNNC;CLC¡RDCMDWWUIW
LCTQK¡PCDC¡ICOCK¡³KR©ZOCCZD©©ZC¡PUCR
2CTGEGSWGCNIWKGPRCUµRQTCSW¯RWGUUGXGPNCU
JWGNNCUGPNCDCLCFC8CTOCOCCZ
♦VWOCCZXaGFGLCTJWGNNC
OCCZFJKCFXRCUCFQOC³CPC-CDWKOWMLCEJ
O©L©F©TMCZKEJWLQQLQKFJCK,WMV©TOCCZFJK
DC¡UCCMRCZKCTRQ¡KEJ5WUDJC¡PVCO/C³CPC
XCOQUCKTCXGTNCHKGUVCGP5CPVC/CT¯C[
RCUCFQOC³CPCKTGOQUCRCUGCTC.QU%JCTEQU
OCCZKMCFXEKGTVCOGPVGFGXGTFCF/CCZKM
FJQTRWK¡PCRLCZMCK¡EJPCVDJCÀÀM-QTKCP
IWZKQ¡OIÀ¡MCO/GGLKMMCOPC³IW¡CC³UKC
DJCOO©RQKT©LCPQ¡'UXGTFCFNQSWGFKEGU
SWGGNRTGUKFGPVGFG/«ZKEQNNGIµC&WTCPIQ
RWGU[QVCODK«PCPFWXGCNN¯GUGF¯C
OCCZKMCFXGPEKOCRQEQRTQHWPFQ/CCZKM
©ZEJCODJCK¡O[CCUDCM%TGQSWGPQUG
UGODTµDKGPGNOC¯\FGCSWGNNCFQRWGUSWGFµ
GPEKOC
OCCZKNJKC¡XaKENCTGCT
CPVGUFGCOCPGEGT
/QQEJCNJOK¡DJ©©[C¡PCLCZR©ZLKEJW
OCCZKNJKC¡PCEJDC¡LKZM©¡PMQDCC[C¡DJCOO©
)KQVCO8COQUCUCNKTGPEWCPVQCOCPG\ECRCTC
NNGICTVGORTCPQC.NCPQ)TCPFG
PCEGT)WLWOCKUKOCCPUCROCCZKNJKC¡IW
CNJKKPCDKC¡IW³DCDQQNJ&KEGOKV¯CSWGUW
DGD«XCCPCEGTNCUGOCPCSWGGPVTC
CRCTGEGTXGTUG6W¡FC¡FJK¡PCOWLC¡RR©Z
OCOZKNJKO!3W«GUNQSWGGUV£CRCTGEKGPFQ
CNN¯!
=RTGVOCCZKTRTGUOCOZKTQOCOZK¡³?
OCC¡PCFLWPWPQWPC,KTOCC¡PR©ZIW
©NJK¡EJMCTDCZPCVDCI©K)KPCUCCMIQQMLC
ICCOMCOVWK¡MC¡FJKF©¡©©¡P!5QNCOGPVGPCEKµ
WPEJKXKVQCRGUCTFGSWGNCEJKXCRCTGE¯CSWG
KDCCVGPGTFQUET¯CU
SWGUKIWGt2CCLCZDJ©KZIWDQKPQ¡³U©NJ
LKZDJ©KO!tLWRMCK¡EJIW,QUGGt/K¡FJQT
OCC¡PD©©ZCMtLWRMCK¡EJIW2GGITQt2QT
FµPFGXCGNECOKPQUKSWKGTQKTFKTGEVQ!
tRTGIWPVµ,QU«t&GCSW¯UKIWGGNCTTQ[Q
tEQPVGUVµ2GFTQ
=EQRLKT?
♦OCC¡PMCRGPWPCRCTVG
♦LKTOCCFC¡PGUWPQ
♦LKTOCC¡PPCLCZEJW¡OGUNQOKUOQ
RCTGEGKIWCN
♦LCK¡DKEJWLWICCMUKCOCC¡PEµOGVGCNIQ
NKVEQOGVCODK«PCWPSWGUGCWPQ
OCC¡PLKOFCOCFXFGWPCXG\/CC¡PLKOFCO
LCRD©©ZIQQMZKLCUCCFCKZKLCK¡EJFJCTCKFJK
VWVWWTEJCOVW¡PCRL©¡OC¡POKLC¡RLC
UCUFCKFJC¡.NGXCNQUFQUVQTQUCNOKUOQVKGORQ
CVQOCTCIWCPQNQUNNGXGUWPQRQTWPQ
OCC¡PMCOURGTUQPC,CZEJW¡O³K¡QQMM©¡P
VWC¡ICFJKOCC¡PMCO!'PSW«KFKQOCGUV£
JCDNCPFQGUCRGTUQPC!
♦LC¡VMCOUIGPVGRGTUQPCU
OCC¡PPKOCFXWPCXG\/CC¡PPKOLC³KEJR©Z
MCV©V©©/GGLKM0CFCO£UJGXKUKVCFQ/«ZKEQ
WPCUQNCXG\
OCC¡PQQ¡OCFLXGKPVG/CC¡PQQ¡OLWRLWO
DWCIWIQQMOCODJ©©Z&QURQTFKG\UQP
XGKPVG
R©ZFCTCCIWLWWPDJCOO©PKFJ©TPCRCK¡V©
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
OCEJKC¡XaVCRTGPFGT+UMQGNLCRDWC¡FJK
CNJKKPCDC¡ZDJCK¡OCEJKC¡PCLCZLC¡MVWO
LC¡M©NJK¡³/CPFCCGUVGPK³QCNCGUEWGNCRCTC
SWGCRTGPFCCEQPVCT
NNGICTCUCDGTGPVGTCTUG
CXKUQQPQVKEKC
,C¡Z³KLWTP©MLCRVWWC¡PCKPCK¡VWLCKCDWKFJC¡
IWLC¡VMCOPCODC¡DJCCPOCEJKC¡PCDJC
LKOLQKDKUIWZMCK¡,WMV©TMCO'PNCVCTFG
FGDGUFKUVTKDWKTCNCIGPVGWPCXKUQGUETKVQRCTC
JCEGTNGUCDGTSWGGNLWGXGUXGPFT£GNIQDGTPCFQT
FG5CPVC/CT¯C1EQV£P
EQPQEGT
ECOKPQ5CCNJDCVWOCCEJKOK³
[C¡F©T#RCTVKTFGCSW¯CRGPCUNCGUVQ[
EQPQEKGPFQ
=RTGVOCCV?
♦OCCVXaGUCDGTEQPQEGT
♦EJWOCCVCFLSWGUCDG
JCEGTEQUCU
OCPWCNGUSWGEQPQEG
ECOKPQ
♦OCVFC¡CFLSWGVKGPGEQPQEKOKGPVQSWG
VKGPGGZRGTKGPEKC
OCIQQPCFLECPUCFQ)KKNJKOLKZOCIQQPFJK
MCDCKPCO©MLKOFCV'UVGECDCNNQGUV£OW[
ECPUCFQRQTJCDGTECOKPCFQOWEJQ
=RNOQOIQPEQRLKZ?
OCIQQ³KC¡XaKECPUCTUG%JC¡RKEJOCIQQ
DJ©L©D©©ZDQKPCRLKOFCV!0QVGECPUCUVGFG
ECOKPCTRQTGNECOKPQ!=UWLRNOQOIQ³KC¡
RTGVOCIQQOQOIQ?
OCKUOCIWG[$CT©TFK¡EJM©©MCOIWOCKPC
OWPKFJCCICKLQQVQOOQQDCDWWUPKC¡IW
UCCD;CGUV£FGNICFKVQGNE£NK\FGNOCIWG[SWG
GUV£FGCSWGNNCFQCU¯SWGPQVCTFCT£OWEJQGP
UCNKTNGGNVCNNQ
OCKLKKMFCOUEQTVCFQTFGOCIWG[GU
t,CTQQOFC¡FJK¡PCDJCOO©PKFJ©TDCLKO!
tLWRMCK¡EJIW2CDKCPt,WODJC!%JCO
CCFJK¡IWOCKLKKMFCO!tLWRMCK¡EJIW
$GTPCNFQt3WK«PGUUQPGUCURGTUQPCUSWG
XKGPGPFGCNN£!tRTGIWPVµ(CDK£Pt3WK«P
UCDG!0QUGT£PNQUEQTVCFQTGUFGOCIWG[GU!
tEQPVGUVµ$GTPCTFQ
OCKMKPVGTLdXCOQUdX£OQPQU
V¼[[Q/CKM
LCEJVWDQQR³K¡³RW¡IWICCDJCOO©PKFJ©TPC
RCK¡IKKNJKOLKZZC¡KK¡8COQUCFGU[GTDCTNC
OKNRCFGCSWGNNCFQFQPFGJC[OWEJCJKGTDC
8CTOCKIQT
♦OCKMIQTdX£OQPQU
VQFQUPQUQVTQU
OCKMCMURKNQPEKNNQ/CKMCMLWOCC¡PC³
DKC¡MC¡PQ¡EJVWCKEJFJKOIWZEJCOCCO
DKCTPKU0GEGUKVQVGPGTRKNQPEKNNQEWCPFQOG
OCK³EJCNJK¡
GPECTIQFGRTGPFGTXGNCUGPNCKINGUKCRQTEKPEQ
XKGTPGUUGIWKFQU
'NRKNQPEKNNQUGWUCRCTCJCEGT
FWNEGUEGTGOQPKCNGU
OCKMCMCFLFWNEG
NKVUCDGCOCIWG[
,QKFJCOLKZOCKMCMMCOVW¡OFJKDQ¡DJCT
0Q¡RKEJOCC¡PDJC³QOPKMW³DKR³KC¡'UVCU
EC³CUFGOC¯\RCTGEGPSWGGUV£PFWNEGU2QT
SW«PQOGEQTVCUWPCRCTCEQOGT!
=RNOCKOMCMEQRLKZ?8«CUGMCCM
OCKOCFLGDTKQDQTTCEJQ2W³M©©¡³FJC¡K³PQ¡
O©VLCZFJWWMLK³DCVDKEJIWUCPFUCTWK¡ZUKC
MW³MCZOCKO/GEQORQPIQNWGIQUKOG
GEJCPCNCIWCNQUUQNFCFQUCWPSWGGUV«
DQTTCEJQ=RNOCKMEQRLKZ?
OCKOFC¡CFLXGPGPQUQFC³KPQ,KZOCKOFC¡
IWDCU©©MLWWVIWZW¡WCOFCKIWZMWMDJC¡DK³
PCDC¡TLWOMWC¡FCO'NJQPIQCOCTKNNQ
NNCOCFQÎW³CFGTCVµPÏGUXGPGPQUQUQNCOGPVG
NQUITKUGUUQPDWGPQURCTCEQOGT
OCKOMCOUDQTTCEJQ/CC¡P[C¡ÀÀMVWMCC¡
IWOCKOMCODCLKEJQK#ITGG¡PDJCCC¡IW
DKK³PCEJUCRIC¡NJKFJC¡#SW¯NNGIµCPQEJGWP
DQTTCEJQSWGPQUSWKUQOQNGUVCT0QUGZKIKµSWG
NGXGPFKGTCOQUOG\ECN=RNOCKMMCO?
OCKOVWFC¡XaVJCEGTFC³QGPXGPGPCT/K¡O
OCKOVWFCFJKDJCDPCRICPMWC¡PCIW¡MCZ
FJQ¡KK¡6GXCPCJCEGTFC³QNQUHTKLQNGUSWG
GUV£UEQOKGPFQRQTSWGGUV£PETWFQUVQFCX¯C
GODQTTCEJCT%JC¡ROWLC¡MLKOO©FC¡³
EJCCVPCORCK¡IWOCKMMCO,CK¡OFJQOK¡R
DCLKOOCKOVWFC¡0QXC[CUCFQPFGCPFCPNQU
DQTTCEJQURCR£RQTSWGVGXCPCGODQTTCEJCT
=RTGVOCKOVWFCRTGUOCKOVW¡P?
OCKOW¡XaKGODQTTCEJCTUG%JC¡ROWLC¡M
C¡L©FC¡PCRCK¡DWWUCPPCRDC¡EJCOOK¡DCLK
OCKOW¡5©NJLKPCRDJCK¡R©ZDWWUPKC¡0Q
XC[CUCFQPFGGUV£PUCECPFQOG\ECNRCTCSWGPQ
VGGODQTTCEJGU4GITGUCFKTGEVCOGPVGRCTCCE£
=UWLRNOCKMW¡RTGVOCKOOCKM
EQPVOCKOOWMFC¡QOCKMMWTFC¡?
8CTOCKOQ¡
OCK³URGVCVG0CCURCKCRIWOOCK³PQ¡RKEJ
DCDCO%WCPFQVGNGXCPVGUFQDNC[CN\CVW
RGVCVG=RNOCOCK³CRQUOCK³C¡P
OCOCK³C¡P?
OCK³EJCNJK¡CFLSWGUCDGJCEGTRGVCVGU5CRIW
DCL©MF©TMCOIWLC¡VMCOMCVLKZ
OCOCK³EJCNJK¡MCVCO&KEGPSWGNCIGPVG
CPVKIWCUCD¯CJCEGTRGVCVGU
=RNOCOCK³EJCNJK¡EQRLKZ?8CTOCK³EJCT
'&+%+•024'.+/+0#4`
OCK¡
6'2'*7ƒ0Ê'52#“1.
OCK¡CFXJCEKCCNN£
PQUGXG#CROCK¡DC
LKOFC¡ICOCLC¡MLC³DCOCC[C¡5KIWG
ECOKPCPFQJCEKCCNN£[[QVGCNECP\QFGURW«U
OCK¡DQQRQ[C¡=UWLRNFGOCK¡O©NJKC¡?2GL
OCK¡DQQRQ[C¡COJWKT£P=RTGVOCK¡DQQR
RTGUOCK¡DQQRQ¡OQXOCK¡DQQRQKEJW¡?
OCK¡DWC¡XaVRGTFGT6WWMCDLCROQQ³
ICCOFJC¡FJKCTRWWUVC¡OFJK³DKDCC¡PC³
DC¡EJCOOCK¡DWC¡2QPICOKVCDCEQGPGN
HQPFQFGNOQTTCNRCTCSWGPQUGOGXC[CC
RGTFGT
VKTCTFGUGEJCT/CK¡KCDW¡CRFJKOUWUUCM
#VVKTQDCZ©¡M,CK¡³LWOVCC³ZKFJC¡
ZKZKKDMCO6KTCVWUJWCTCEJGURWGU[CGUV£P
TQVQU6GXQ[CEQORTCTQVTQUPWGXQU
=EQORNRNOCK¡KCDW¡RTGVOCK¡DWCOCK¡
KCDW?
♦OCK¡ZEJWDWCOWMUKGORTGUGNGRKGTFGP
EQUCU
RQTFGUEWKFQ
OCK¡EJKC¡XaVICPCTGPIC³CT,K³OCK¡EJ©IW
LC¡QQMPC³V©KMC³UCCDWVPCIW¡EJCOCC¡
PC³LKZDJCK¡LKDWWUPKC¡DWK³QTIW&KQU/C
VWLWW³KEJOWMC¡PPCODCVW³QPDCIK¡³;Q
GUVCDCC[WPCPFQRGTQOGICPµGNFKCDNQRQTSWG
PQSWK\QSWG[QSWGFCTCDKGPEQP&KQURWGU
EQO¯NQSWGOGQHTGEKGTQPCNN£GPWPCECUC
ICPCT
FKPGTQ)W¡DJCOO©PCRRCK¡VWLWCP
CCRL©¡MLWOOCK¡EJ©M!#NN£FQPFGVTCDCLCU
V¼EW£PVQUGICPC!
CFKXKPCT
EQOQEJKUVG'CRLK³OCK¡EJ©M6W¡
³KEJKKPCDC¡ZD©¡IW³EJK³!#FKXKPCSW«
VQO«2QTSW«GUV£EQNQTCFCOKDQEC!
=RTGVOCK¡EJ©QOC¡KKEJRTGUOCK¡EJ©M?
OCK¡FJCK¡³³KC¡=XCTFGOCK¡O©NJKC¡?JWKT
OCK¡I©ZKC¡XaKRGTFGTUG/CK¡I©KDCMIW©NJK¡EJ
MCTDCZIWZEJKEJKQMOC¡/QQEJKDJCK¡FJ©T
FJKD©©ZC¡PUCRRCK¡RWRMQQU2CTGEGSWGUG
RGTFKµNCRGSWG³CEJKXCFGEQNQTITCPK\QETGQ
SWGUGSWGFµFQTOKFCGPNCDCLCFC
=UWLRNOCK¡UWWNJIKC¡RTGVOCK¡I©KOCK¡
UWWNJRTGUOCK¡I©¡PU©OCK¡UWWNJK¡?
OCK¡KCDW¡=EQORNRNFGOCK¡DWC¡?RGTFGTVKTCT
=RTGVOCK¡KCDW?
OCK¡O©NJKC¡XaKJWKTGUECRCT/CK¡O©©DCMIW
CNJKKPCZEJQQ¡PP©VPCVOCK¡VWKCDWIW
MCMCUPKTPCMCVWDKRKC¡FCVPCOIW¡I©©¡DKC¡
2CTGEGSWGGNPK³QJW[µRQTOKGFQRQTSWGNG
KDCPCRGICTRQTRGTFGTNQUDQTTGIQUSWGGUVCDC
RCUVQTGCPFQ=UWLRNOCK¡DQQRQ[C¡RTGVOCK¡
O©©OCK¡DQQRRTGUOCK¡O©TOCK¡DQQRQ¡
OQXOCK¡O©NJEJW¡OCK¡DQQRQKEJW¡?
8CTOCK¡FJCK¡³³KC¡
OCK¡³³C¡XaVVKTCT
DCNCQRKGFTCRCTCJCEGT
FC³Q,QQFCKM©¡POKOC¡[CVCMCCDIW³CDWKN
IWMQ¡PCOK¡MCDQ¡DQKEJC¡OPCEJDJCLKKO
U©NJOQ¡TCODWK¡³#[GTEWCPFQXGP¯COQUOK
CDWGNKVCNGVKTµRKGFTCUCWPCX¯DQTCSWGGUVCDC
GPGNECOKPQ[NGFKQGPNCOGTCECDG\C
VKTCT
DCNCQRKGFTCRCTCGURCPVCT/WR
OC¡[CUC¡FJKICIQQZMWLC¡MI©ZKC¡6¯TCNGC
GUGRGTTQRCTCSWGUGTGITGUG
=EQORNRNOC¡[CUC¡RTGVOC¡[COC¡[CUC
RTGUOC¡[CU?
OCK¡URC¡XaVCRNCUVCT
EQPWPQDLGVQRGUCFQ
/C¡KKUIWOKUVWK³IWOCCTC¡DJCK¡TCOPCV[C¡
F©TOWK¡LKFJCROCVVWTVC¡ORWK¡MWVDC¡R©Z
UCTCC.COCPQFGNOGVCVGUGTGUDCNµ[NG
CRNCUVµNCEQNCCNICVQRQTGUQOCWNNµOW[
HWGTVG
CRNCUVCT
RCTCSWGPQUGCNCDGG/CK¡URC¡RKO
FJKVCDNGVCULKZD©©R©VW¡WZM©¡PPCEJCO
V©VF©TMC¡#RNCUVGPNCUVCDNGVCUFGNVGEJQEQP
RCNQURGUCFQURCTCSWGPQUGVWGT\CP
CRNCUVCT
RCTCSWGUGOCTEJKVG'NKK[CULQQFCK
M©¡PLCRZKOCK¡URCKFJKUCK¡PCVDJCK¡DKKPQ¡Z
MCDCCMPCRDQQR³KC¡RKCOF©D©©TM©¡PLCRZK
[CCURCK'N¯CUCRNCUVCEQPWPCRKGFTCGN\CECVG
SWGSWGFCRCTCFQUKGUV£FGOCUKCFQFWTQRCTC
CTTCPECTQDKGPNQRWGFGUVCRCTEQPVKGTTC
UWLGVCT
RCTCSWGPQUGOWGXCUWLKPCP
/CK¡UCRIWMCUPKTDCRQQPCDC¡EJCO
IKK¡³FJC¡IWL©D©©NJ.CNCPCFGNDQTTGIQGUV£
UWLGVCFCRCTCSWGPQUGNCNNGXGGNXKGPVQ
=RTGVOC¡KKURTGUOCK¡UCR?8CTPCK¡URC¡
OCK¡UWWNJIKC¡=UWLRNFGOCK¡I©ZKC¡?2GL
OCK¡UWWNJIKC¡COUGRGTFGT£P=RTGVOCK¡
UWWNJRTGUOCK¡UWWNJK¡?
OCK¡VWDWC¡XaVFGRQUKVCT
RCTCUGTDGPFGEKFQGP
GNRCVKQEGTGOQPKCN0CRCK¡FJWWMDCZMCK¡O
MC¡IWLWPDCC¡OCK¡DCVWODWC¡P©K¡MCTVCO
PCDC¡EJCOMCZKFWWMC¡%WCPFQ[CGUV£P
OCFWTQUNQUGNQVGUNQUFGRQUKVCOQUGPGNRCVKQ
VTCFKEKQPCNRCTCSWG[CUGRWGFCPEQOGT
=RTGVOCK¡VWDWCRTGUOCK¡VWDWRRC?
♦OCK¡DCVWDWKZFJKICCNQUGNQVGUFGGUVC
OKNRC[CGUV£PDGPFGEKFQU
OCMCTQKEJUTGPCEWCLQ,KTOWK¡COIW
OCOMCTQKEJOWLC¡RFJKIÀ¡IÀTC¡CMM©¡P'P
NQUT¯QUITCPFGUCPFCPOWEJQUTGPCEWCLQU
=RNOCOMCTQKEJ?
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
OCMI©OUEWTCPFGTQ
VTCFKEKQPCN,KTIÀ¡IW
DQUCC¡PIW³MWWNUKPCIWK¡OWK¡OKVWWC¡IW
W¡WW¡PPCTOCMI©O'UV£OW[ITCPFGNCRGVCEC
FGOKCDWGNQRQTSWGCNN¯IWCTFCOWEJCUHNGEJCU
EGTGOQPKCNGURWGUGUEWTCPFGTQ
=RNOCOMCI©O?8CTOCMICO
OCMKC¡XaDFCT/CMKC¡CRFJK¡³KW¡WCPIW
,QUGG,C¡RLCRV©©FC¡PC³OWVWLQQEJZK¡³
&CNGGUVGTGECFQC,QU«[FKNGSWG[QUGNQ
OCPFQ
FCTFGEQOGT+KMW³OQQCNJK¡EJLCOCMKC¡
IWMCMCTDCZIWQPPCODC¡M©¡PLKZD©©R©VMC¡
PC³RCK¡FJWWMLKEJWIC¡TC¡8Q[CFCTNGU
VCPVKVCUCNCNCUEJKXCURCTCSWGRGUGPNQ
UWHKEKGPVGEWCPFQNCUXC[CCXGPFGT
=RTGVOCCRTGUOCCM?
OCOCCPUW¡=RNFGOCCPUW¡?OCPUQU=EQRLKZ?
OCOCCZ=XCTFGOCCZ?XGTUGJWGNNCU
OCOCC[C¡XaVVCVGOCT/COCC[C¡RKOFJK
DCMCCZPCDC¡EJCOF©DCC¡PCIW¡LC¡MKC¡PLKZ
EJ©F©DCKFJC¡PCZEJCVQK³6CVGOGPGUVCECTPG
RCTCSWGPQUGRWFTCRQTSWGUGRWFTGEWCNSWKGT
EQUCGPGUVGVKGORQFGECNQT
=RTGV[RTGUOCOCC?
OCOCK³=RNFGOCK³?RGVCVGU
OCOQKMDJCDUGLQVGU6WLKFJQQTC¡CRIW
OCOQKMDJCD,QKFJCOLKZ³CCM©OVWVCVFC¡
*C\OGGNHCXQTFGEQEGTNQUGLQVGURWGUVGPIQ
ICPCUFGEQOGTNQU
OCOQKUC¡XaVCOCPUCT
CPKOCNUCNXCLG$©©R©¡³
MCOCOQKUC¡FJKMCDCKPC³DC¡DCO
IC¡NJKFJC¡2TKOGTQXQ[CCOCPUCTGUVGECDCNNQ
[NWGIQVGNQXGPFQ=RTGVOCOQKUC
RTGUOCOQKU?
OCOQPFQTC¡=RNFGOQPFQTC¡?XGTFGUDCLKVQU
8CTOCOQOFQTC¡
OCOQ¡RQNJK¡=RNFGOQ¡RQNJK¡?SWGJC[OCVCU
=EQRLKZ?
OCOQ¡ZMCT=RNFGOQ¡ZMCT?CNOQJCFCU
OCOQ¡[CUC¡=UWLRNFGOQK¡³³C¡?2GLLWO
OCOQ¡[CUC¡COUGEQTPGCT£P
=RTGVOCOQ¡[CUCRTGUOCOQ¡[CU?
OCOTCUTCOCU
£TDQN$JCOO©FJQRWO
©ZMWPC¡IWOW¡WWOCOTCICTCOFJKVWCPQ¡R
ICPOWLC¡MVWOWOWW.WKU5GXCPCSWGFCT
GPUCTVCFCUVWUHNGEJCUGPNCUTCOCUFGNGPEKPQ
.WKUUKUKIWGUVKT£PFQNCUJCEKCCNN£
=CRQUOCOTCIC¡P?
♦OCOTCICTCOGPUWUTCOCU
OCOVWFC¡XaVTG\CT
EQOQFKTKIGPVG#CR
=CRQUOCOCK³C¡P?
OCOCK³EJCNJK¡=RNFGOCK³EJCNJK¡?SWGUCDGP
JCEGTRGVCVGU=EQRLKZ?
OCOCVFC¡=RNFGOCVFC¡?SWGVKGPGP
EQPQEKOKGPVQQGZRGTKGPEKC=EQRLKZ?
OCOCVVWT=RNFGOCVVWT?OGVCVGU8CTOCOVWT
OCODJ©©ZCFLFKG\/CODJ©©ZVCPQQNJM©¡P
LC³KEJV©©OQPC³KEJVWOQKMCK'PFKG\F¯CU
VGTOKP«FGRTGRCTCTNCVKGTTCRCTCUGODTCT
♦OCODJ©©ZMKOFKG\XGEGU
OCOEJWU=RNFGOCCEJW¡?OCEJQU
OCOMCI©O=RNFGOCMI©O?EWTCPFGTQU
OCOMCTQKEJ=RNFGOCMCTQKEJ?TGPCEWCLQU
OCOQKM=RNFGOQKM?DNCPFQUVKGTPQU=EQRLKZ?
OCOQKMC¡³FJC¡XaTRGTFGTHWGT\C
H¯UKEC
$©©R©¡RDJKK³QTC¡IWVCVQQODJCDJCK¡OMCTLCZ
EJW¡OPCEJCOR©MD©©R©VPCIW¡OCC¡P
LKOFCOLWOOCOQKMC¡³FJC¡PQ¡RKEJD©©R©¡
DJKK³IWZD©©R©V2TKOGTQECTICNQUEQUVCNGU
NKXKCPQURQTSWGUKECTICURTKOGTQNQURGUCFQU
RGTFGT£UNCHWGT\CPGEGUCTKCRCTCECTICTNQU
FGO£U=RTGVOCOQKMC¡³RTGUOCOQKMCFJK¡³?
OCOVW¡P
EJCOOCCVPCLCTQK¡ZOCCV©VVWOCOVW¡P
MWEJWOWC¡³FJC¡PCVWOCOVWFC¡LC¡Z³K
MCVWMICD!0QEQPQEGUCCNIWKGPSWGUGRC
TG\CTRCTCKPXKVCTNGCSWGPQUC[WFGCNTCVQGPNC
OCFTWICFC!
XaTTG\CT
EQOQRCTVKEKRCPVG$JCK¡IQTUCR
ZKLKKOLCEJZKEJOCOVWFCK$COCKPCRCK¡
FJWWMVWOOCOVW¡P&KEGPSWGPQUXC[COQU
CTG\CTRWGU[CGUNCJQTCFGTG\CT
=RTGVOCOVWFCRTGUOCOVW¡P?
OCOVWT=RNFGOCVVWT?OGVCVGU8CTOCOCVVWT
OCOVWZFJC¡XaVGPUG³CTKPUVTWKT/QQR
OCOVWZFJC¡FJKZKKIC¡PPCZOCCV©VLC
DKRKC¡FC¡IWMCTDCZ'PUG³CCNRGTTKVQRCTCSWG
CRTGPFCCEWKFCTCNQUEJKXQU
XaTGUVWFKCT6©KVW³OCOVWZK¡³K³PC³I©V
LKZDJCK¡³KQMFC¡IWMCUVKKN'UVQ[JCEKGPFQGN
KPVGPVQFGGUVWFKCTRCTCVTCVCTFGJCDNCTDKGPGN
GURC³QN
=RTGVOCOVWZRTGUOCOVWZK¡³?
OCOVW¡PUQTCEKµP
TKVWCNTG\Q;C¡DCCKIW
RCCNJ,KTCOPCEJFJK¡WOWC¡³FJC¡PCZOCCV
IWOCOVW¡P;CNNGIµGNRCFTG5GT¯CDWGPQ
'&+%+•024'.+/+0#4`
OCOZKEJ
6'2'*7ƒ0Ê'52#“1.
KPXKVCTNGCC[WFCTPQURQTSWG«NUCDGNCU
QTCEKQPGUTKVWCNGU
#NTCVQEWCPFQDTKNNGNCNWPCXQ[CUGIWKTGUVG
ECOKPQ=RTGVOCUDCIKT?8CTOCUDWNJKC¡
OCOZKEJ=RNFGOCZKKEJ?OCEJGVGU
OCOZKFJC¡XaVEQNQTGCTRKPVCT#CRRCC
OCUDC¡CFLSWGDTKNNC
NWPC/QQEJKCC³CC[C¡
UCDC¡FCMIWK¡PCM©¡PVWOOCOZK¡³PCRM©¡P
VWOCOZK¡³FJC¡OCCM©¡P!&µPFGEQORTCUVG
NCRKPVWTCEQPNCSWGRKPVCUVGGNC³QRCUCFQ!
=RTGVOCOZKRTGUOCOZK¡³?
OCOZKT=RTGUFGOCCZKNJKC¡?ENCTGCPCEG
8CTOCOZK¡³
OCPVGGMOCFC¡XaVHTG¯T
GPOCPVGEC,WR
MCK¡EJFJC¡COIWLC¡VMCOPCUCREJCOFCK¡³
MC¡K³MCDCKEJC¡OPQ¡³ICPOCPVGGMOCFJKZ
MCOMWC¡IWV©OMCNJ&KEGNCIGPVGSWGPQUGT«
DWGPLKPGVGUKUKGORTGEQOQVQTVKNNCUHTKVCUGP
OCPVGEC=RTGVOCPVGGMOCK
TGUOCPVGGMOCFJKZ?
OCTUJKLQJKLC,©¡ZDCTIÀ¡IWOOCTIWK¡
PCROCCM©¡P[CLC¡RDCK¡³EJW¡!3W«VCP
ITCPFG[CGUV£VWJKLCNCSWGVTCLKUVGGNC³Q
RCUCFQ!
ET¯C,©¡MDCVWOCCOCTIWMCDCKIWK¡PC
³KEJLWOIC¡NJK!%W£PVCUET¯CUJCVGPKFQNC
[GIWCSWGVGXGPF¯!
UQDTKPQUQDTKPC
JKLQQJKLCFGNJGTOCPQFGN
GURQUQFGWPCOWLGT)QQMZK³WK¡³O©TCMLK³
OCTIWMW¡CC¡PCRDC¡DCLKOFC¡EJKDCO
P©©TCLKIWOPCCP5QDTKPQVT£GOGWPRQEQFG
NG³C[NWGIQFGDGUKTVGRQTSWG[CVGGUVCT£
GURGTCPFQVWOCO£
=RNOCCOCTCRQUOCTCC¡POCCOTC¡P?
♦OCTVW¡OJKLCUVTQJKLCUVTC
OCTCCZUJKLKVCOKJKLC
V«TOKPQFGECTK³Q
2CCDC¡LC¡MLWRZKDJ©KIW³OCTCCZ.WUKKPC
PC[C¡R©ZLWRMCFCC!-C¡DJ©KOCCIW
UWWFCK¡!#FµPFGUGHWGOKJKLKVC.WUKPC!2WGU
[CPQGUV£CSW¯5GT£SWGUGHWGCNCIWC!
=RNOCCOTCZ?
♦OWPKLC¡RDCLKKOCOIWOCCOTCZCJ¯
XCPNCUEJKECU
OCUCC¡PU.WPC,QKFJCOLKZDJCK¡ZEJW
OCCZMC¡IWVWMCC¡LC¡MPQ¡TZKMQQTCMIW
OCUCC¡P5GXGOW[DKGPGPNCPQEJGUKNC.WPC
GUV£NNGPC
OGU)QQMOCUCC¡PLC³LWTWW³FJC¡DJCOO©
/GGLKM8Q[CGUVCTFQUOGUGUCNN£GP/«ZKEQ
OCUDCNJKC¡XaKDTKNNCT
NWPC,C¡Z³KPCDJCK¡LK
OCUDCNJKC¡³OQQDJCK¡DJ©©[C¡FJKD©©ZDQK
DJCOO©F©TLK³MK¡CCOMCRDJCK¡PCLQKFJCO
LKZOCUDC¡%TGQSWGXQ[CRQFGTNNGICTJCUVC
OKECUCCRTQXGEJCPFQSWGNCNWPCDTKNNC
=EQRLKZ?
OCVCKUECN%JCOMCCMDCMFJKOCVCKPC
³KEJV©KUCDC¡NJ6©©¡PCVEJCODJCK¡DQRFJK³
OCVCKOC¡P2CTGEGSWGNCECNSWGEQORT«PQ
GUV£HWGTVGRWGUPQJK\QCDNCPFCTOKPKZVCOCN
EGPK\C)KKNJKOIÀ¡DJCMCCVIWOCVCK
MCNKPVQQPV©T0KL©¡ZDC¡MWEJCOO©O©©FJK
VCK'NECNGPVCFQTVKGPGOWEJCEGPK\C[NC
NWODTG[CPQRTGPFG
♦OCVCKDCTCC¡CIWCFGPKZVCOCN
OCVCKOC¡PUPKZVCOCN#CRDJCVWKMPC¡FJK
OCVCKOC¡PCC³DC¡DJCDKKNJFJC¡PCEJDC¡Z
DKKVWDJCKFJCK¡6¼OWGNGUGNPKZVCOCNWPCXG\
[[QNQXWGNXQCOQNGTRCTCSWGJCICOQU
VQTVKNNCUFGOCUCHKPC
OCVCKOFC¡XaKJCEGTPKZVCOCN,C¡ROQQZ
LQQFCK¡FJKLWWPFJK¡PCTV©DJCKO#C¡PC³LWR
MCV©M©©¡ORKIC¡PC³DC¡R©MDCVWOCVCKOFC¡
6KGPGOWEJCURKGFTCUGUVGOC¯\EQORTCFQ
PGEGUKVQNKORKCTNQCPVGUFGJCEGTGNPKZVCOCN
=RTGVOCVCKORTGUOCVCKOC¡P?
OCVFC¡CFLSWGVKGPGEQPQEKOKGPVQSWGVKGPG
GZRGTKGPEKCÎ7OWC¡³FJC¡KEJIWLCTQK¡PCZ
OCVFC¡PCEJCCIK¡³FJC¡PCLCZLC¡MLKZDJCCK¡
PCEJLCFW³KC¡FJKDKKRKDQRPCO©VRWK¡V©©©ZÏ
LWRMCK¡EJCOIWLQKUKUÎ8COQUCKPXKVCTC
CNIWKGPSWGVGPICGZRGTKGPEKCRCTCSWGPQUFKIC
SW«JCEGTEQPGUVQUOWEJCEJQUSWGGUV£P
TQDCPFQÏFKLGTQPNQULWGEGU=RNOCOCVFC¡
EQRLKZ?8«CUGOCEJKC¡
♦EJWOCVFC¡CFLUCDKQSWGVKGPGOWEJQ
EQPQEKOKGPVQ
OCVI©ORCTV+PFKECWPOC[QTITCFQFGEGTVKVWF
,KTRWK¡LKOCVI©O#C³D©©ZVÀMÀÀLKCLCPQ¡
PCVDJCOO©VWOC¡IC5¯GUEKGTVQRWGU[Q
VCODK«PGUVCDCRTGUGPVGCNN£EWCPFQJCDNCTQPFG
GUQ8CTOCVICO
OCVMC¡=HWVFGOCCV?UCDT£EQPQEGT£
OCVVWTUOGVCVG-CDWKOWMUCROCVVWTVC¡O
VWDKKNJFJC¡IW³ZKKZ&KEGOKJGTOCPCSWG
OC³CPCXCCOQNGTNCOCUCGPGNOGVCVG
=RNOCOCVVWTQOCOVWT?
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
OCZKKEJUOCEJGVG%JCOR©MDJCK¡V©©¡M©IW
OCZKKEJPCIW¡ZLCDQQM$CK³FJCUM©¡PPC³
DC¡UKCOTK©MKC¡IWWWZPQ¡TUCTDJCM'N
OCEJGVGPQEQTVCOWEJQRQTSWGGUNKIGTQ5KGUV£
ITWGUQGN£TDQNJC[SWGEQTVCTNQEQPJCEJC
=RNOCOZKEJ?
OC¡KKEJ=RTGVFGOCK¡EJKC¡?NQICPµ
8CTOCK¡EJ©
OC¡KKU=RTGVFGOCK¡URC¡?NQCRNCUVµ
OC¡QQ¡P=CRQUFGOQ¡?UWECDG\C
OC¡[C=RTGVFGOCK¡³³C¡?NCVKTµ
DCNCQRKGFTC
OC¡[CUC¡=EQORNRNFGOCK¡³³C¡?VKTCTNCU
DCNCU
QRKGFTCU=RTGVOC¡[CUCRTGUOC¡[CU?
OKRTGHaXCNN¯
CDCLQEGTECt/KFJCCCCEJK
IW5CDKKPQ!tLWRMCK¡EJIW4KECCTFQt/K¡
FJQFCCtLWRMCK¡EJ©RIW#DTGGNKQt5¯
GUVCT£5CDKPQCNN¯!tRTGIWPVµ4KECTFQt5¯CNN¯
GUV£tEQPVGUVµ#WTGNKQ=)TCO?
8«CUGOK¡
OK¡³K
,WCPt&µPFGRWGFQCOCTTCTCNDWTTQ!
tRTGIWPVµ2GFTQt2WGURQTCNN¯EGTECFQPFG
JC[RCUVQtEQPVGUVµ,WCP
OKOKUVWK³=RNFGOKUVWK³?ICVQU
OKOKUVWTCDJQQP=RNFGOKUVWTCDJQQP?ICVQU
OQPVGUGU
OKUVWK³UICVQICVC0Q¡RKEJOK¡FJ©TKCO
UWWZZKFJCOIWMCTDCZFJK¡³K©NJK¡EJOKKEJW
*C\OGGNHCXQTFGQTFG³CTNCEJKXCRCTCFCTNG
NGEJGCGUVGICVKVQ=RNOKOKUVWK³?8CTOKKEJW
OKUVWTCDJQQPUICVQOQPV«U#CREJCO
OCCVPCRCLC¡MQKT©IWOKUVWTCDJQQP!6©KZ
LQK¡³K³IWLQIKK¡³PC³DCI©©UVC¡PC³DC¡OK
DKC¡MC¡IW³W¡WW0QUCDGUFµPFGCPFCWP
ICVQOQPV«U!/GIWUVCT¯CWUCTUWRKGNRCTCJCEGT
WPCHWPFCRCTCIWCTFCTOKUHNGEJCU
=RNOKOKUVWTCDJQQP?
OKCFWWMUOGFKCVCTFG/KCFWWMLC¡MDCLK
L©NJDKC¡MWKDK¡³FJ©T#NCOGFKCVCTFGGORKG\C
CUQRNCTCKTGFGNRQPKGPVG
OKCLKFJW³KKFJCMCFXGORG\CPFQCCVCTFGEGT
/KCLKFJW³KKFJCMOQQFWWFW¡ZKD6©©¡PCR©M
COLCZDCVWK¡FJK¡IWV©DCC¡*Q[XCCNNQXGT
GORG\CPFQCCVCTFGEGTRWGUOKTGEQOQUGGUV£P
HQTOCPFQNCUPWDGU
OKCONJKC¡XaKCEGTECTUG
VKGORQt;C¡R©Z
OQQOCLKOKCOT©LKCIW)À¡6CPQQNJEJC¡O
tLWRMCK¡EJIW-NGGVt,©©¡FJQFCKPCEJ
DCEJZCCDW¡PQ¡VDCOCKtLWRMCK¡EJIW
2CUMWCNt;CUGCEGTECNC5GOCPC5CPVC
XGTFCF!tFKLQ#PCENGVQt2WGUU¯[CPCFCO£U
PQUSWGFCC[WPCTEWCPFQNNGIWGtTGURQPFKµ
2CUEWCN=RTGVOKCOT©RTQITOKCONJKO?
OKC¡PCFXEGTEC/KC¡PLCRDWNJKC¡IWOMCDCK¡
PCOEJCOOK¡O©©ZFJC¡#OCTTCVWECDCNNQ
EGTECRCTCSWGPQVGNQTQDGP#PVµPO©M
♦OK¡OKC¡PEGTEC
NQUWPQUCNQUQVTQU
OKFJKK¡U/GFKFCUGECGSWKXCNGPVGCEKPEQNKVTQU
,K³IC¡NJKFJC¡CRIWDJCDUKCOCC¡POKFJKK¡
;C¡PK³R©ZICCOVW¡FJKVWWOK³2QTHCXQT
X«PFCOGCWPSWGUGCEKPEQNKVTQUFGHTKLQNRWGU
CSW¯VTCKIQGNFKPGTQ
OKKEJW=XCTFGOKUVWK³?ICVQ
OKLC¡RRCK¡CFXRQTCJ¯
EGTECt2CC³
DWNJKC¡FJKDJWTW¡Z!tLWRMCK¡EJIW2GGITQ
t/KLC¡RRCK¡FJQPCZZC¡KK¡tLWRMCK¡EJIW
OK¡CFXCNN¯
CDCLQEGTEC/K¡LKDCCIWMQ¡
D©VC¡PFJKLQFCKPCRDJCCPFCC#NN¯UGOGV¯Q
WPCX¯DQTCFGDCLQFGGUCRKGFTCGPNCSWGGUV£U
UGPVCFQ8«CUGOK
OK¡KPVGTLdEWKFCFQ
EWCPFQJC[RGNKITQd/K¡
IWMQ¡,C¡MZKLKOMWVVWOK¡OM©Kd%WKFCFQ
EQPNCX¯DQTC*C\VGCWPNCFQRCTCSWGPQVG
OWGTFC
dF«LGOG
EWCPFQCNIWKGPGUV£OQNGUVCPFQ
/K¡%JC¡RDJCLC¡MDWCOLK³DWCFC¡PC³[C¡
VW¡LCZDWC&«LCOGGPRC\RWGUCSW¯GUVQ[
QEWRCFQ
♦OK¡OM©KdPQVGXC[CCOQTFGT
♦OK¡OO©K¡³dPQVGXC[CCSWGOCT
♦OK¡OU©KdPQVGXC[CCRKECTdPQVGXC[CC
GURKPCT
OK¡FJ©TCFXFGCNN¯
CDCLQEGTEC/K¡FJKTLCR
LK³DJ©KFJKMC¡OCC¡PFJKUC¡WC2QTHCXQT
C[¼FCOGCNNGXCTWPCEQDKLC
♦OK¡FJ©TDC¡GPVQPEGUNWGIQ
♦OK¡³KFJ©TLC¡MFGCE£
OK¡³KCFXCNN¯
CDCLQEGTECRTGEKUCOGPVG/CC¡P
OK¡³KMCQKT©VIWDCCMLKZC¡QKLCTQK¡PCIC¡P
#NN¯CPFCDCWPCXCECRKPVC3WK«PUCDGFG
SWK«PUGT£!
'&+%+•024'.+/+0#4`
OK¡RWK¡
6'2'*7ƒ0Ê'52#“1.
OK¡RWK¡CFXCNN¯OGTQt/K¡RWK¡DCDJ©KZ
MC¡CCFJKCNCCOTKMC¡EJLKVÀ¡MQDKCO
DJ©DJ©KEJFJC¡CC!tLWRMCK¡EJIW2GGITQ
t%JCO/K¡RWK¡TCOLKOCVICOtLWRMCK¡EJ
IW,WCPt'UV£DKGPSWGSWGFGCNN¯GN
CNCODTGQNQRQPGOQUO£UCTTKDC!tRTGIWPVµ
2GFTQt0QCNN¯OGTQGUV£DKGPtEQPVGUVµ,WCP
FGKIWCNHQTOCFGKIWCNOCPGTC/K¡RWK¡RVW
FCC¡³EJW¡IWOCTCC¡PPCLCZP©KFJKOIW
VCCVC¡P'NJKLQUGEQPFWEGFGKIWCNHQTOCSWG
UWRCFTG
O©DVC¡CFLSWGVKGPGOKGN,QKFJCOLKZO©DVC¡
IWRGG³MCUIC¡PFJKRCPCCNJK¡Z.CURGPECUFG
GUGRCPCNVKGPGPOWEJCOKGN=EQRLKZ?
O©K=RTGVFGO©©[C¡?UGRTGPFKµUGSWGOµ
O©KEJFJC¡XaVGPEGPFGT
EQPEGTKNNQQECTDµP
6W¡³M©¡PO©KEJFJC¡FJK³FJWK³MCT!%QP
SW«XQ[CGPEGPFGTOKRKRC!
RTGPFGT
CRCTCVQGN«EVTKEQ/WRKOVWUCKFJK
TCFKQDCMQQMZKC¡$JCLC¡MEJCODJCK¡³
MQMZKEJW¡PFC¡PCD©ZEJWMCC¡O©KEJFJKZMC¡
#RCIWGPGUGTCFKQ[FW«TOCPUGRQTSWGPQRWGFQ
FQTOKTGPRC\RWGUUKGORTGNQVKGPGPRTGPFKFQ
VQFCNCPQEJG
=EQORNRNO©O©KEJFJC¡RTGVO©KEJO©O©KEJ
RTGUO©O©KEJW¡PTGUO©KEJFJKZ
O©O©KEJFJKZ?
O©KFJC¡XaVSWGOCTFGUVTWKTEQPHWGIQ6©
O©KFJC¡CRFJKW¡WCPPCL©¡MEJCOVW¡DJCK¡
3WGOCNQURCRGNGUSWG[CPQUKTXGP
SWGOCTUGPVKTFQNQT
EQPCNIQECNKGPVG$C³
O©K¡³FJKUWWFCK¡PC³KEJMCLKDCVDKCDCMIW¡
IKKNJKOLKZEJQK³/GSWGOµGNCIWCCN
GORG\CTCDC³CTOGRWGUGUVCDCOW[ECNKGPVG
=RTGVO©K¡³RTGUO©O©K¡³?
O©KFJC¡CFLKPHNCOCDNG)KKNJKOLKZO©KFJC¡
IWLCDMCNJPCRCK¡FJWWMLKTVCCDCMMC¡'N
ÎRWNOµPFGGPEKPQÏGUOW[KPHNCOCDNGGPNC
«RQECFGUGSW¯C=EQRLKZ?
O©KO=RTGUFGO©©[C¡?UGRTGPFGUGSWGOC
O©©=RTGVFGO©NJKC¡?EQTTKµ
UWLCPKO
O©©=RTGVFGO©NJKC¡?EQTTKµ
N¯SWKFQ
O©©DCVUOKGN
FGOCIWG[#NJK¡EJLCEJ
VCC³O©TC¡IWO©©DCVIWIÀ¡LCOQ¡MKZPCVUCCM
V©O©©DCKDCUVCMCCD.GXQ[CRGFKTCNCV¯C
OC[QTFGWUVGFGUWPRQEQFGNCOKGNSWGFKEGP
SWGJK\QCPVGC[GT
OKGN
GPIGPGTCN,QKFJCOLKZK¡QQDFJKMKRK¡
PCD©©PC¡IWUQTKCVO©©DCV'UV£OW[UCDTQUQ
GUVGRKPQNGRQTSWGVKGPGOKGNFGCDGLC
♦UQTKCVO©©DCVOKGNFGCDGLC
O©©MKFJC¡XaKVCTFCTUGFKNCVCTUG)QQMVW
VCC³O©TIWMQQMCUOWVKCPFC&CKPCROQQ
EJCOO©©MKFJC¡8GCEQORTCTTGHTGUEQUCNC
VKGPFCRGTQPQVGFKNCVGU=RTGV[RTQITO©©MKO?
O©©OFC¡XaVCVK\CT
HWGIQ/QQRDJCK¡ZK
O©©OFC¡FJKDJCDMWLQVOQFC¡DJCC[C¡#VK\C
NCNWODTGRCTCSWGNQUHTKLQNGUUGEWG\CPO£U
T£RKFQ=RTGVO©©O©KRTGUO©©O©¡P?
O©©O©DUCDGLC/QQEJKOK¡RCK¡COWWD
QK¡FJC¡COIWO©©O©DPCODC¡[CLC¡RR©Z
V©TQQP2TQDCDNGOGPVGXKXGPEGTECNCUCDGLCU
RQTSWGCSW¯UGQ[GSWG\WODCPOWEJQ
O©©[C¡XaKRTGPFGTUG
HWGIQ%JCOL©¡ZMCVQD
O©©[C¡IWVCKPQ¡ZDCC¡IWMW¡CC¡0WPEC
RTGPFGT£RKFQGNHWGIQUKNCNG³CGUV£XGTFG
SWGOCTUG
EQUCSWGUGECNKGPVC/K¡FJ©TLCR
DCTIKFJC¡IW³OCVCKOC¡PPQ¡VDCICCPC
EJCOOK¡O©©[C¡RKCOLCRDJKC¡PQ¡VDCDJCK
5KOKPKZVCOCN[CUGUGEµ«EJCNGCIWCRCTCSWG
PQUGSWGOGQSW¯VCNQFGNHWGIQUK[CGUV£
EQEKFQ
=RTGVO©KRTGUO©KORWPVO©©M?
♦IÀ¡O©KOFJKVCKGUV£ITCPFGNCNWODTG
O©L©CFXCNN¯
CDCLQCRGTVWTCTGUVTKPIKFC/©L©
LQFCKD©VC¡QKRQCOKCOIÀ¡IÀTIWDQRVQR#NN¯
FGDCLQFGGUCRKGFTCCPFCPNQURGEGUOW[
ITCPFGU
RCTCCNN£
JCEKCWPCFKTGEEKµPFGVGTOKPCFC
/©L©ZKO©©ICVWWMF©TIWICIQQZ2CCDCO
CK!'NRGTTQUGHWGEQTTKGPFQRCTCCNN£VTCUFGVK
&µPFGVGCNECP\µ!
♦O©L©³ZKDJ©©[CEQPUWRGTOKUQXQ[C
RCUCT
O©L©F©TCFXFGRQTCJ¯
CDCLQNWICTFGFKH¯EKN
CEEGUQ,KZDJCCK¡CCPCRRCK¡VWFCIKC¡O©L©
F©TFJKWWZPCEJDCOKK¡³FJC¡!0QJC[CNI¼P
NWICTFG
NKVFGRQTCJ¯FQPFGRWGFCUCICTTCT
GUVGVTQ\QRCTCSWGNQNGXCPVGOQU!
O©MCFXNGLQU/©MVWC¡L©FJK³EJ©TDK³
,QKFJCOLKZDJCK¡M©¡PVWOIKIKC¡.NGICNGLQU
OKUQICRQTGUQGUOW[DWGPCRCTCNC\CT
#PVµPOKC¡P
O©MCFXOWEJQTCVQ/©MVW³KQMKFJC¡CO
L©¡OC¡PIWOCOMCI©OLCK¡DC¡CNJKQR©ZZK
EJW³KQM©KDCOL©©RFJC¡#NIWPQUEWTCPFGTQU
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
QTCPOWEJQTCVQRGTQQVTQUQTCPRQEQVKGORQ[
FGUECPUCP
O©MF©TMCOZKKZ=XCTFGZKKZO©MF©TMCO?
RTKOQNGLCPQRTKOCNGLCPC
O©MF©TMCOZKMW¡=XCTFGZKMW¡O©MF©TMCO?
RTKOQNGLCPQRTKOCNGLCPC
O©MMCOCFXFGNGLQUt2CCRKOFWWMDC
CC[C¡OWLC¡RLCOMKKMKC¡CO!tLWRMCK¡EJIW
,WCPt,WTP©MFJQLKCLCK¡FJ©VPCEJLKTO©M
MCOtLWRMCK¡EJIW2GGITQt%W£PFQXCPC
NNGICTWUVGFGUCUWUECUCU!tRTGIWPVµ,WCP
t%TGQSWGJCUVCNCPQEJGRQTSWGCNIWPQU
XKXKOQUNGLQUtEQPVGUVµ2GFTQ=EQRLKT?
#PVµP[C¡MCO
O©MMCVCFXFGURW«U
FGWPTCVQ#C³[C¡PK³
OC¡[CO©VLK³³QDCOVCMCCDRKUVQQNM©¡PMW
IW¡EJCOVW¡MQ¡MLKOQQLCPQ¡/©MMCVLKPC
DC¡DCZMQ¡M#[GTOGFKGTQPWPDCNC\QGPNC
OCPQRGTQPQOGFQNKµCNOQOGPVQUKPQ
FGURW«UFGWPTCVQHWGEWCPFQOGGORG\µC
FQNGT
O©NJEJWFC¡XaKEQTTGT
CECDCNNQQGPECOKQPGVC
,K³EJCK³DWKFJC¡CRFJKOMCDCK¡PC³DJCCP
ZKEJ©O©NJEJWFC¡[C¡FJKIKQV©T/GRTGUVCU
VWECDCNNQRCTCEQTTGTNQGPGUVGNNCPQ!
=UWLRNDQQRQKEJFJC¡RTGVO©NJKKEJQ
O©NJEJWFCDQQRQKEJRTGUO©ONJKEJW¡P
DCRQK¡EJW¡PRTQITO©NJKKEJFJKOQ
O©NJEJWFKODQQRQKEJFJKO?
8CTO©NJKKEJFJC¡
O©NJFJC¡CFLDWGPQRCTCEQTTGT,KZO©NJFJC¡
IWUWKOCNJ%JCOL©¡ZMCVLCTQK¡CC[C¡'N
XGPCFQGUOW[DWGPQRCTCEQTTGTRWGUPCFKGNQ
RWGFGCNECP\CT=RNDQQRQKFJC¡EQRLKZ?
O©NJKC¡XaKEQTTGT
UWLCPKO,QKFJCOLKZ
L©©MK¡FJKMCDCK/KLC¡RIKQV©TR©ZICPO©OTC
'UVGECDCNNQGUV£OW[EQPVGPVQRWGUEQTTGCNN£
GPGNNNCPQ=UWLRNDQQRQ[C¡RTGVO©©DQQR
RTGUO©OTCDCRQ¡OQXO©NJEJW¡DQQRQKEJW¡
QDQQRQ¡?
O©NJKC¡XaKEQTTGT
N¯SWKFQ$JCOO©2CCNJ
5WW¡PIK¡COLKZM©©¡O©TIWUWWFCK¡#NN£GP
#IWCFGN2CFTGGNCIWCEQTTGOW[NKORKC
=RTGVO©©RTGUO©T?
O©NJKKEJFJC¡XaVFGUVKNCT$©©R©¡³OQQZKEJW³
OCK¡EJMKFJCKPC³RCK¡FJWWMLKEJW
DWWUCKFJC¡PC³DC¡IÀ¡O©NJKKEJFJC¡IWDKK³
2TKOGTQVGPIQSWGKTCGPEQOGPFCTOGCWPUCPVQ
OQKM
CPVGUFGFGUVKNCTGNOG\ECNRCTCSWGTKPFC
=RTGVO©NJKKEJRTGUO©ONJKEJW¡P?
O©NJOWMCFLSWGDTQVCSWGUCNG
TGUKPC,KZ
O©NJOWMIWQUCC¡OPQ¡³KEJRCNJ©©RZKUQ³KEJ
IWLWM5CNGNCTGUKPCFGNRKPQEWCPFQNQJCEJGQ
WPRQEQ
JWKFK\QCUWUVµP
CPKOCN,KZO©NJOWMFJK
DJWTW¡ZPQ¡³ICPD©©R©¡UCC¡PVW¡PQ¡³EJCO
V©©O©T'UOW[CUWUVµPGUVGDWTTQUKNQCTTGQUKP
CICTTCTNGNCUQIC
=RNDQQRQKOWMEQRLKZ?
O©O©KEJFJC¡=EQORNRNFGO©KEJFJC¡?
GPEGPFGTNQURTGPFGTNQU=RTGVO©O©KEJ
RTGUO©O©KEJW¡PTGUO©O©KEJFJKZ?
O©O©K¡³=RTGUFGO©KFJC¡?NQSWGOC
O©ONJKEJW¡P=RTGUFGO©NJEJWFC¡?EQTTG
C
ECDCNNQQGPECOKQPGVC
O©ONJKEJW¡P=RTGUFGO©NJKKEJFJC¡?NQFGUVKNC
O©OTC=RTGUFGO©NJKC¡?EQTTG
UWLCPKO
O©T=RTGUFGO©NJKC¡?EQTTG
N¯SWKFQ
ÊO©TC¡UWHaX+PFKECSWGNCCEEKµPUGNNGXCT£CECDQ
GPQVTCRCTVGRQTWPCRGTUQPC;C¡EJUCRMC
P©©TFC¡FJK³EJCVCCNJPCLCK¡MCCC¡PO©TC¡IW
UWWUMC¡P&KLQOKV¯QSWGNQGURGTGOQUCSW¯
OKGPVTCUXCCRQPGTUGQVTQUJWCTCEJGU
=0QTOCNOGPVGUGRTGUGPVCFGURW«UFGWPC
EQPUQPCPVG)TCO?8CTÊTC¡8«CUGÊRQ¡
O©VEN¯V+PFKECUWLGVQFGNCVGTEGTCRGTUQPCFGN
RNWTCN[VKGORQRTGV«TKVQ2WGFGRTGUGPVCTUG
EQOQUWHKLQCNXGTDQ,KZKQ¡OICICCMOWO©V
ZKDIWDCCMPCTVCCDJCMMCV.CUXCECU
CFGNIC\CTQPOWEJQFWTCPVGNC«RQECFGUGSW¯C
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ,KZZWW¡PIK¡O©VLK³EJQK¡IW
VWKUCRCVWWNJ%JKEJCOIÀ¡OKDWK¡³LCO©V
/GFKGTQPCVQNGFGRKPQNGOW[CIWCFQRCTC
VQOCT&GUGIWTQPQUGNGCITGICTQPOWEJQ
RKPQNG
=5GRTGUGPVCFGURW«UFGWPCXQECNQWPCRCWUC
INQVCN)TCO?8CTLCO©V8«CUGÊO
OQKMCFLDNCPFQUWCXG,QKFJCOLKZOQKM
IWVQMUC¡WC7PCEQDKLCJGEJCFGCNIQFµPGU
OW[UWCXG
VKGTPQXGTFG
RNCPVCQHTWVC-CZOCOQKM
FJKVWTCCUPWPKMWVEJCOKCODCLKMQDMQ
.QUFWTC\PQUVQFCX¯CGUV£PXGTFGU0KUKSWKGTCUG
JCPGORG\CFQCOCFWTCT
=RNOCOQKMEQRLKZ?#PVµPMCDCCM
'&+%+•024'.+/+0#4`
OQKMFC¡
6'2'*7ƒ0Ê'52#“1.
♦LKZOQKMVWMWZDWFJKMCDCKVKGPGDWGPC
TKGPFCGUVGECDCNNQ
♦EJWOQKMCFLDNCPFQRQNXQTKGPVQ
£TGC
OQKMFC¡XaKDCTDGEJCT
RCTCUGODTCT%JCMWK
V©©OQRKEJPCRVWOQKMC¡PPCRUCCMLK³
EJCK³DWKFJC¡IWOVWVWWTW¡!6QFCX¯CPQ
VGTOKPCUFGDCTDGEJCT!0QSWGOGKDCUC
RTGUVCTVWUDWG[GU!=RTGVOQKMCK
EQPVOQKMC¡PFC¡QOQKOMCFC¡?
♦VWOQKMFJKZGUV£DCTDGEJCFQ
OQK¡³³C¡XaVEQTPGCT)COO©L©LC¡MIQTZKLC
UCC¡PFJKVWVWWTMWOVWDJCLC¡MLKEJ
OQ¡[CUC¡#TTGGPGUQUVQTQUJCEKCCNN£RCTCSWG
PQPQUEQTPGGP
XaTEQTPGCTUG
GPVTGU¯6CMCCDLCO©VOCO
OCOQ¡[CUCFJKVWVWWTPC³KEJMCZKLCV©MIW
QP'UVQUVQTQUUGEQTPGCTQPC[GTEWCPFQNGU
RWUGUCNRCTCNCOGT
=UWLRNOCOQ¡[CUC¡EQORNRNOQ¡[CUC¡
RTGVOQ¡[CQOQ¡[CUCOCOQ¡[CUC
RTGUOQ¡[CUOCOQ¡[CU?
♦LKZOQK¡³³COSWKGTGEQTPGCT
OQOFQTC¡=XCTFGOQPFQTC¡?XGTFG
DCLKVQ
=RNOCOQOFQTC¡?8CTOQPFQTC¡OQOFWTC¡
OQOIQP=RNFGOCIQQP?ECPUCFQU=EQRLKZ?
OQOIQ³KC¡=UWLRNFGOCIQQ³KC¡?2GL
OQOIQ³KC¡COUGECPUCT£P=RTGVOQOIQ?
OQOMQTCPCFXCNQVTQNCFQ
OW[NGLQUPQUGXG
/QOMQTCPLC¡MLCOLCW¡V©MIWLC¡VMCOIWK¡
PCOLKTVWMQ¡PMCODJCOO©F©TPCRCK¡
©NJK¡EJLKTF©D©©T#NQUCUGUKPQUNQUNNGXCPCWPC
KUNCCNQVTQNCFQ8CTOQOMQTCO
OQOVKMC¡=EQORNRNFGOQQVKMC¡?NNGXCTNQU
UQDTGNCECDG\CQGPNQUJQODTQU
OQOVQKFJC¡=EQORNRNFGOQQVQKFJC¡?C[WFCT
CECTICTNQU
UQDTGNCECDG\CQGPNQUJQODTQU
=RTGVOQOVQK¡RTGUOQOVQK¡³?
OQOVQ[C¡=EQORNRNFGOQQVQ[C¡?NNGXCTNQU
UQDTGNCECDG\CQGPNQUJQODTQU=RTGVOQOVQ
RTGUOQOVQ¡VTCUNOQOVKMC¡?
OQPFQTC¡CFLXGTFGDCLKVQ
EQNQTFGCNIC
)KKNJKOLKZOQPFQTC¡R©ZOWF©TDCUWW¡P
DKDKCVCOIWUWWFCK¡FCOCPDCLKDCC©RPCV
IW¡IÀ¡DCVCC¡O&GCSWGNNCFQGPGN
OCPCPVKCNGNCIWCGUV£OW[XGTFGRQTNCOWEJC
CNICSWGJC[[VCODK«PUGGUV£UGECPFQRQTSWG
[CVKGPGOWEJQSWGPQJCNNQXKFQ
=RNOCOQPFQTC¡EQRLKZ?8CTOQOFQTC¡
OQOFWTC¡
OQQRCTV+PFKECUWRQUKEKµP$©L©MDCL©¡P©I©
³KEJ,CTQK¡DCMOQQDJCLKO6GORTCPKVQOG
FKQJKRQUWRQPIQSWGCNIWKGPXGPFT£FGXKUKVC
+PFKECFWFCQKPEGTVKFWODTG/QQRWLWWCC
IWQPPC³KEJVWVCCDCUVCMCCD!#RQEQUG
CECDµNCUCNSWGEQORT«CPVGC[GT!
+PFKECKPVGPEKµP/QQ³DCKFJKMC¡IW³LKKMWNJ
PCEJOCCRLKKOFC¡PCEJVWMQK¡RQ¡OW
P©K¡MCTVCOPQ¡DCLKLWTPKO2KGPUQKPXKVCTC
OKV¯QCKTPQULWPVQUCNOKVQVGEWCPFQ[CXC[CPC
VGTOKPCTRCTCEQORCTVKTNCEQOKFC
=)TCO?
OQQEJKCFXETGQSWG&CMQQR©ZOKLC¡RDC
QKT©FJKDJWTW¡ZPCDCTLCI©¡/QQEJKEJCO
O©©MKFJC¡PCDCOWMKC¡#RGPCUCPFCGUG
DWTTQRQTSWG[CGUV£XKGLQETGQSWGPQVCTFCT£
OWEJQRCTCSWGUGOWGTC
CNQOGLQT/WPKMCPF©TDJCK¡DCDQQRQ¡CO
IWMCTDCZ/QQEJKVW¡DJCPDJCLC©¡PMKC
#NN¯XKGPGPEQTTKGPFQNCUEJKXCU#NQOGLQTWP
EQ[QVGNCUGURCPVµ
OQQIW¡KPVGTLdSW«d/QQIW¡ZK¡QQDLKFJK
MCRKTWVCC¡PPCVLWRFWWIWODCDQQNJ'CR
CNJK¡EJRWRVCC³O©Td3W«UCDTQUCGUNC
ECRKTQVCFCSWGJK\QVWV¯C2QTSW«PQXCUC
RGFKTO£U!
OQQLC¡RRCTV+PFKECSWGNCTC\µPPQGUQDXKCQ
SWGPQUGGZRNKEC6W¡DC¡MWDC¡OQQLC¡R
EJCOVWDJÀDJÀÀFJKDJCD!2QTSW«TC\µPPQ
UGEWGEGPGUVQUHTKLQNGU!
OQQOCFLOCFWTQ
VWD«TEWNQEQOGUVKDNG$CZ
OQQOCCEJKFJKLQVMQZMW³DCMQQMDKC¡!
'UVCT£PUWHKEKGPVGOGPVGOCFWTCUGUVCUEGDQNNCU
RCTCFGUGPVGTTCTNCU[C!=EQRLKZ?
8«CUGOQQOVC¡
OQQO=RNFGOQ¡?ECDG\CU
OQQOVC¡XaVOCFWTCT
VWD«TEWNQEQOGUVKDNG
6QQOQMLC¡MOQQOVCTIW[CCVWKPCRCK¡
FJWWMLKZEJWMCK¡OMC¡.CURCRCUUG
OCFWTCPGPNC«RQECFGNQUGNQVGU
=RTGVOQQOVCEQPVOQQOVCKFJC¡?
♦OQQOCFLOCFWTQ
VWD«TEWNQEQOGUVKDNG
OQQOV©MC¡=UWLRNFGOQ¡V©MC¡?2GL
OQQOV©MC¡COCEQUVCT£PNCECDG\C
=RTGVOQQOV©RTGUOQQOV©M?
OQQVKMC¡XaVNNGXCTVTCGT
CRQ[CFQUQDTGNC
ECDG\CQGPNQUJQODTQU,K³RCNJWKFJC¡CR
PCEJOQQVKMC¡FJKUCTDCMWWZ2QTHCXQT
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
C[¼FCOGCNNGXCTGUVGVTQPEQITWGUQ
=EQORNRNOQOVKMC¡?8«CUGOQQVQ[C¡
OQQVQKFJC¡XaDC[WFCTCECTICT
UQDTGNCECDG\C
QGPNQUJQODTQU$JCK¡ZK³OQQVQK¡³FJKVQQO
DJCK¡OMCTLC³PWC¡TC¡FJKLWWPDJCOO©DC¡M
EJ©T2QPOGGUGEQUVCNGPGNJQODTQRCTCSWG
XC[CCXCEKCTGNOC¯\CNN£CFGPVTQFGNCECUC
=EQORNRNOQOVQKFJC¡RTGVOQQVQK¡OQOVQK¡
RTGUOQOVQK¡³?
OQQVQ[C¡XaVECTICT
UQDTGNCECDG\CQGPNQU
JQODTQU/QQZQQ¡CCFJKWDKKPCDC¡IKKNJKO
UCTDJCMOQQVQ¡IWMW¡CC¡!#RQEQGUHWGTVG
GUCOWLGT!RQTSWGECTICNG³COW[ITWGUCGPGN
JQODTQ=EQORNRNOQOVQ[C¡RTGVOQQVQ
OQOVQRTGUOQQVQ¡OQOVQ¡?8CTOQQVQFC¡
♦OQQVKMC¡XaVNNGXCTVTCGT
CRQ[CFQUQDTG
NCECDG\CQGPNQUJQODTQU
OQ¡UECDG\C,KZMQ¡MIW³OQ¡/QQEJKPCV
VQPKK¡³PCZEJCVQK³PC³EJCOM©©VWI©VIW³
DQPCCOPC³KEJVWICC¡O©TCMIWDCCM/G
FWGNGNCECDG\C#NQOGLQTUGOGECNGPVµRQTGN
UQNRWGUPQVTC¯COKUQODTGTQEWCPFQHWKC
DWUECTNCUXCECU=RNOQQOCRQUOC¡QQ¡P?
♦LKZOQ¡MQ¡MFCOMCK¡EJUGQ[GWPTWKFQ
HCUVKFKQUQ
NKVSWGJCEGSWGOGFWGNCNC
ECDG\C
OQ¡RQNJK¡CFLSWGJC[OCVCU
FGCTDWUVQUQ
\CECVG)QQMDJCK¡ZKICC¡O©TIWMCRZKC¡
OK¡³KPCRCK¡ZOQ¡RQNJK¡MWEJM©¡PVWLWIKC¡
8GCDWUECTCNIWPQUJQPIQUGURQPLQUQUCNN¯
FQPFGJC[OCVCURCTCEQOGTNQULWPVQEQPNCU
VQTVKNNCU=RNOCOQ¡RQNJK¡EQRLKZ?
OQ¡V©MC¡XaKCEQUVCTNCECDG\C6W¡RDC¡
OQ¡V©MCVVWMCC¡!&JKCCCNOQC¡PMC¡FJKCC
UC¡WC!'PSW«CEQUVCUVGNCECDG\CCPQEJGGP
GUCCNOQJCFCQGPGUCEQDKLC!
=UWLRNOQQOV©MC¡RTGVOQ¡V©OQQOV©
RTGUOQ¡V©MOQQOV©M?
OQ¡ZMCTUCNOQJCFC$JC³DJ©K¡³IW³
OQ¡ZMCT0KL©¡ZMWEJCOLKTCOPCEJV©KDQ¡
PC³EJCOVWOQ¡V©M6T£GOGOKCNOQJCFC
RWGUPQOGUKGPVQDKGPUKPVGPGTGPSW«TGEQUVCT
NCECDG\C=RNOCOQ¡ZMCT?
OQ¡[CU=RTGVFGOQK¡³³C¡?EQTPGµ
8CTOQ¡[CUC
OQ¡[CU=RTGUFGOQK¡³³C¡?EQTPGC
OQ¡[CUC¡=EQORNRNFGOQK¡³³C¡?2GLLC
OQK¡³³C¡NQUEQTPGCT£=RTGVOQ¡[CQOQ¡[CUC
RTGUOQ¡[CU?
OWLC¡MRCK¡
OWRTGHaXJCEKCCNN£'CRDJCK¡F©TOW
VWW¡PPKEJFJCK³FJKMCDCKPQ¡OQQVWWVFCM
*C\CGUGECDCNNQDTKPECTFGUFGCNN¯RCTCXGTUK
DTKPEC
CNN£
CDCLQNGLQUPQUGXG,KZFJCCOLK
FJW³KKFJCMLC³KEJMCCKOW7¡OW¡P6C¡O
%CUKCNOGFKQF¯CNNGIW«FGCNN£FG.QU<Q[CVGU
=)TCO?#PVµPDJC8«CPUGOWOOW
OWK¡
♦OWLC¡MCFXJCEKCCNN£
♦OWLC¡RCFXTWODQC
♦OWRCK¡CFXRQTCNN£
OWC=RTGVFGOW¡CC¡?NQOCVµ
OWC¡MCTUGUOGTKNRKGFTCFGCHKNCT2WK¡Z
DJCK¡RVWOW¡MC¡PIWOWC¡MCTPCLCZIWNKKO
'NGUOGTKNCHKNCKIWCNSWGWPCNKOC
=RNOWOWC¡MCT?
OWK¡CFLOWEJQOWEJQU/WK¡[C¡CKO©VLKC
IWLC¡VMCOZKDPCTRKCUVCMCV%JCOD©©ZLCCK
DC¡IWDCMCCZ.NGIµOWEJCIGPVGCGUVCHKGUVC
XGTFCF!2WGUPQCNECP\µNCECTPGRCTCVQFQU
♦OWK¡FJ©OCFLSWGCPFCPGPTGDC³QU
CPKOCNGU
OWK¡CFXJCEKCCNN£2CCRFWWMOWK¡DC³
RCZKCTLK³MQORCCNJ!%W£PFQOGXKUKVCU
EQORCFTG!
.KV%W£PFQXCUJCEKCCNN£C
XKUKVCTOG!8«CUGOW
OWK¡FJCNJK¡CFLSWGTKPFGSWGUGOWNVKRNKEC
RTQPVQ,KZOWK¡FJCNJK¡COIWLKRRCVPQ¡³
EJCOVWDCVDKC.QURKQLQUUGOWNVKRNKECP
RTQPVQEWCPFQWPQPQUGDC³C=EQRLKZ?
OWK¡FJ©O=CPVµPFGF©NJFJ©O?SWGCPFCPGP
TGDC³QU
CPKOCNGU
OWK¡MKOCFXXCTKCUXGEGUOWEJCUXGEGU
/WK¡MKOLCRLWRDCMWCPFC¡FJKOUC¡WC
DCMWCPMCTM©¡PPCDC¡O©MLKZM©©¡MC¡.CXC
VWEQDKLCEQPLCDµPXCTKCUXGEGURCTCSWGGUV«
NKORKCRQTOWEJQVKGORQ
OWLC¡MCFXJCEKCCNN£
FKTGEEKµPIGPGTCN
/WOOWDWWUCCXKPCVGGTIWOCC¡PMCOPC
OWLC¡MDCLKOFCV!2CUµRQTNCXK³CNC
RGTUQPCSWGUGFKTKI¯CJCEKCCNN£!
JCEKCTWODQC
EKGTVQFGUVKPQ/WLC¡MDC
LKOEJW¡MKKEJCOIWMCDCK/QQEJKPCZ
³CMVW¡IWQP'NECDCNNQXCECOKPCPFQJCEKCNC
ECUCRWGUCNQOGLQTSWKGTGUCN
OWLC¡MRCK¡CFXCQVTCRCTVG/CCZFJKUCR
DJCK¡MCLKOIW#FTKCPPCIW¡UCROWLC¡M
RCK¡MCDJ©©[C¡MCDWKOWM&KEG#FTK£PSWG
'&+%+•024'.+/+0#4`
OWLC¡R
6'2'*7ƒ0Ê'52#“1.
XKGPGJCUVCRCUCFQOC³CPCRQTSWGOC³CPCUCNG
CQVTCRCTVG
OWLC¡RCFXTWODQC
EKGTVC£TGC:KO
PQQPQDEJ©KRKOPQ¡RKO©VOWLC¡RDCLKKIÀ¡
MKKEJCOPCRKOEJCOOCK¡OK¡KCDW¡)KKNJKO
OWK¡OKLC¡RQKRQIW¡IWLC¡VMCO%WCPFQ
XC[CPCNEGPVTQCI£TTGPUGFGNCUOCPQURCTCSWG
PQUGRKGTFCPNQUWPQUFGNQUQVTQURWGUCPFC
OWEJCIGPVGRQTCNN¯
OWLC¡RRCK¡CFXRQTCJ¯
NGLQUt2CCDC¡F©T
DJCK¡RZKW¡WWMIW³EJCCVFJKRWNJKKZ!tLWR
MCK¡EJIW2CDNKKPCt,WODJC!/WLC¡RRCK¡
EJKLKCPCLCZLKZLCK¡EJtLWRMCK¡EJIWF©¡©©¡P
t&GFµPFGVTCLQGNEJKNGRKSW¯POKRCR£!
tRTGIWPVµ2CWNKPCt3WK«PUCDG!5WRQPIQ
SWGFGRQTCJ¯FQPFGJC[tEQPVGUVµUWOCO£
OWMCC¡CFLSWGNGFCEQOG\µPd,C¡ROQQZ
OWMCC¡IW³OQ¡)W¡EJKZZK³ZK¡K³d%µOQ
OGFCEQOG\µPGPNCECDG\C5GIWTCOGPVGVGPIQ
ECURC=RNOWOMC¡EQRLKZ?
♦EJWOWMCC¡CFLSWGNGFCEQOG\µP
EWGTRQGPVGTQ
OWMKC¡XaKOQTKT5©NJLWTC¡TCPLCROQQU©ZKC¡
FJKVQQZMQNJPCDC¡OCC¡PLKOFCOOWMKC¡
2¯ECNGCNOCTTCPQFKTGEVCOGPVGGPGNEQTC\µP
RCTCSWGOWGTCT£RKFQ=UWLRNMQ¡[C¡
RTGVOWWMQKRTGUOWOM©MQ¡?
♦MQ¡KKOCOUGGUV£POWTKGPFQ
WPQRQTWPQ
OWOMC¡=RNFGOWMCC¡?SWGNGUFCEQOG\µP
=EQRLKZ?
OWOM©=RTGUFGOWMKC¡?OWGTG
OWOOWCFXCNN£
CDCLQNGLQUPQUGXG
/WOOW)GTTGGTQLC¡MLWOCK¡EJW¡PIW
VCC¡ONCUIWK¡PC6QDCCVCOF©TDJCO
DJKK¡O³QT.CUVCDNCUSWGVTCGPFG.C)WCLQNQVC
NCUNNGXCPC8KEGPVG)WGTTGTQ8CTOWOO©
LWOOW8«CUGOW
OWOOWPKCFXCNN£
CDCLQNGLQUPQUGXG
RTGEKUCOGPVG/WOOWPKCMM©¡PLQKFJCOLKZ
M©©¡UWW¡PIWUWWFCK¡#NN£GPGNT¯QGNCIWCGUV£
OW[NKORKC5KPµPPCOO©PK
OWOTC¡POC¡=RNFGOWTCC¡POC¡?OQTCFQU
QUEWTQU
OWOWC¡=RTGUFGOW¡CC¡?NQOCVC
OWOWC¡MCT=RNFGOWC¡MCT?RKGFTCUFGCHKNCT
OWOWWNJ=RNFGOWWNJ?VQTVWICU
OWOWW[C¡XaVVKTCT
RTQ[GEVKNNCTIQ#CRLKZ
OCCV©VVWOWOWWICCVM©¡P!5CDGUVKTCTEQP
CTEQ!=RTGV[RTGUOWOWW?
OWPKCFXCNN£
CDCLQNGLQUPQUGXGRTGEKUCOGPVG
/WPKDJC³ICCIK¡³IWIÀ¡DJKKMCT2CCIKEJK
LCZLWOFWW!#[¼FCOGCDWUECTNCEWEJCTC
ITCPFGCNN£CXGTFµPFGGUV£
OWRCK¡CFXRQTCNN£
CDCLQNGLQU)QQMLCO©V
UCRMQKIWLC¡VMCOOWRCK¡PCVKCIWVTQQMC
&KEGPSWGFQURGTUQPCUOWTKGTQPRQTCNN£FQPFG
UGXQNVGµWPCECOKQPGVC
OWRCK¡FJ©TCFXFGRQTCJ¯
CDCLQNGLQU#CR
OQQVÀMÀÀMÀ¡PQ¡VOWRCK¡FJ©TDCZKEJ©KIW
VTQQMCPC³CC³OWPKMCLKOKC¡MKKEJCO6¼
GUEWEJCUK[CUGQ[GSWGNCECOKQPGVCXKGPGFG
RQTCJ¯OKGPVTCU[QXQ[CNCECUC
OWRWWDCNJ=RNFGOWWDCNJ?OQUECU
OWTCC¡POC¡CFLOQTCFQ
QUEWTQ,CK¡LQKFJCO
LKZC¡DJCTLKZLCOCCVCOIWVQQOC¡UCMLKZ
OWOTC¡POC¡ZKEJQK¡FJKZMC¡#NIWPQUUCDGP
JCEGTVCNGICUOW[DQPKVCUFGKZVNGRWGUNCUVK³GP
EQPGNEQNQTOQTCFQ=RNOWOTC¡POC¡EQRLKZ?
/WTDC¡VCFX/WTJWCVC
NWICT%JC¡EJ
V©DJCKRW¡DJ©L©/WTDC¡V!5CRDJCK¡DCOCKEJ
DC¡ZKDIWLWWP0QXCOQUC/WTJWCVCCN
OCPFCFQ!&KEGPSWG[CNNGIµGNOC¯\CNN¯
OWW=RTGVFGOWMKC¡?OWTKµ
OWWDCNJUOQUEC&WWFWMLC¡MVCCVCMCOIW
OWRWWDCNJ$©©R©¡MCTDQVRQFC¡MC¡OK¡FJ©T
DC¡UCCNJDJCK¡LKOOWWDCNJEJC¡.CUOQUECU
UGOWNVKRNKECPGPNC«RQECFGNNWXKCURTKOGTQ
UQPIWUCPKVQU[NWGIQUGEQPXKGTVGPGPOQUECU
=RNOWRWWDCNJ?
OWWNJUVQTVWIC,KTOWK¡COIWOWOWWNJOW
LC¡RIÀ¡IÀTC¡MM©¡P,KZLQK¡³FJC¡COPCO
VQZMQPFC¡DJCLC¡RLQQFCKEJC¡OPCRCK¡
FJWWMVCPQQTFC¡)W¡DC¡PQ¡VVW¡LC©¡PMKC
LQVOQFC¡OWRWUWWNJIKC¡O©RIKQUWWFCK¡
EJ©T*C[OWEJCUVQTVWICUGPNQUT¯QUITCPFGU
RWGUNGUIWUVCCUQNGCTUGGPNCRKGFTCURGTQ
EWCPFQUGCUWUVCPRQTCNIWPCTC\µPUGOGVGP
RTQPVQQVTCXG\CNCIWC=RNOWOWWNJ?
OW¡CCOCFLSWGSWKGTGOCVCT,KZOW¡CCMCO
UCRIW³LKKMWNJIW4CTCC[KU&KEGPNQU4G[GU
SWGSWKGTGPOCVCTCOKV¯Q=UWLRNOW¡CCM
EQORNRNMQQFCOMQQFCM?
OW¡CC¡XaVOCVCT#CREJCOLKTMQQ¡PFCOCC
PCRKCOOCC¡PLK³OWK¡FJC¡IWVQQZMQNJPC³
DJCKFJC¡!7UVGFPQOCVCCPKOCNGU!RCTCSWG
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
OGOCVGWPOCTTCPQRCTCEQEGTNQ
=EQORNRNMQQFC¡RTGVOWCMQK
RTGUOWOWC¡MQQ¡P?
OW¡MC¡XaKCHKNCTUG/QQEJKEJCOL©¡ZFJC¡MC
OW¡MC¡FJKDCK³FJCUUKCEJV©KOW¡MC¡P6©©¡PC
IW¡LCZIÀ¡IÀTLKZEJKEJK³RK¡%TGQSWGPQUG
CHKNCT£GUVCJCEJCCWPSWGKPVGPVGCHKNCTNCRWGU
H¯LCVGSW«VCPOGNNCFCGUV£=EQORNRNOW¡OMC¡
RTGVOW¡MCOW¡OMCRTGUOW¡MCTOW¡OMCT?
OW¡MFC¡XaVCHKNCT$COW¡MFC¡CRIWDCK³FJCU
6KKPQPCEJM©¡PMWC¡ORW¡#HKNCGNJCEJC
(CWUVKPQRCTCSWGXC[COQUCNCNG³CEQPGNNC
=EQORNRNOW¡OMCFC¡RTGVOW¡MCKOW¡OMCK
RTGUOW¡MC¡POW¡OMC¡P?
OW¡MZKFJC¡XaDCHKNCT
RCTCQVTCRGTUQPCQ
CPKOCN&©©NJLCRLWRDCOW¡MC¡PFC¡IWO
DCK³FJCU6QQ³QPCRIW¡DCTIÀ¡/QQCC³
LWRLWOOW¡MZK¡³FJC¡CCICOO©L©!&GDGU
CHKNCTVWJCEJCV¼OKUOQ#PVQPKQRQTSWG[C
GUV£UITCPFGRWGUPQUKGORTGXQ[CGUVCT
CHKN£PFQVGNC=EQORNRNOW¡OMCZFJC¡
RTGVOW¡MZKOW¡OMCZRTGUOW¡MZK¡³
OW¡OMCZK¡³?
OW¡WWMCFLRWPVKCIWFQHKNQUQt,QKFJCOLKZ
OW¡WWMFJKODCK³FJCU-KC¡R©ZLCRKEJ
OW¡MCK!tLWRMCK¡EJIW5KPCKFQt,©©¡D©©R©¡
tLWRMCK¡EJIW2QQNQt6WJCEJCGUV£DKGP
HKNQUC#ECDCUFGCHKNCTNC!tRTGIWPVµ<GPCKFQ
t5¯JCEGTCVKVQtEQPVGUVµ*KRµNKVQ
=RNOW¡OWMEQRLKZ?
0
HWPEKQPCEQOQKPHKPKVKXQ/QQRV©¡³EJWMCVPCR
V©©¡O©TC¡IWOCDWKNPCZMC¡QQM0QUGVG
QNXKFGKTCXGTCVWCDWGNKVCSWGGUV£GPHGTOC
EQPL5GWUCRCTCKPVTQFWEKTWPCHTCUGSWG
HWPEKQPCEQOQRCTVKEKRKQ,CTQQIC¡PFJKUC¡WC
PCDJCK¡L©NJKK¡QPCOFCCO!-C¡RWKZDC¡CC!
&GSWK«PGUGUVCEQDKLCSWGGUV£VGPFKFCGPNCU
TCOCU!0QGUVCT£OQLCFC!
EQPL5GWUCRCTCKPVTQFWEKTWPCHTCUGSWG
HWPEKQPCEQOQIGTWPFKQ2©ZLKCCIK¡³PCVLCZ
VWOFWWOWOOWPCTMQK¡EJCOMCVL©¡ZR©Z
IKQRWK¡RDCV©VFCFC¡'UV£GZRNKECPFQEµOQNG
HWGGPGNDCPSWGVG
NKVUKGPFQDCPSWGVG[CN
TCVKVQQVTCXG\GUVCT£FKEKGPFQNQOKUOQ
=5WGNGRTGUGPVCTUGEQPWPEN¯VKEQFGUWLGVQ
FGEQORNGOGPVQQFGEµRWNC)TCO?
PCCDCVUPQKPF¯IGPCOGUVK\C
RGTUQPC/WPK
FJ©TDJCK¡DCLKOIWPCCDCVIWK¡PCZLQK¡³FJC¡
PC[CLC¡RVWIC¡TCFC¡IWKKDJCK#NN¯XKGPGGN
OGUVK\QCNSWGNGIWUVCXGPFGTVWPCURQTCSW¯
=RNPCPDCV?
PCCFC¡XaKRQPGTNWODTG)QQMMWC¡O©TPCEJ
PCCFC¡LC¡Z³KLWTP©M8GCVTCGTNG³CRCTC
RQPGTNWODTGCNTCVQGPNCPQEJG=RTGVPCK
RTGUPCCPFCKORGTPCC¡P?
PCCMUQTGLCQ¯FQ
UWLCPKO%JCOR©MMC
VÀMÀÀK³PCVF©TLKZMQ¡MT©MIW³³CCPCM0Q
QKIQDKGPFGUFGSWGOGFKQFQNQTGPNQUQ¯FQU
CICTTCFGTC
FGWPTGEKRKGPVG,CZFJWWMLWR
DCQOIWPCCMC¡PFJKLCTTQ!%µOQGUSWGUG
SWGDTµNCCICTTCFGTCFGNLCTTQ!
=RNPCCPCMCRQUPCCMC¡PPCCPMC¡P?
♦PCCMCTCOGPUWQTGLCGPUWQ¯FQ
FG«NQ
FGGNNC
♦PCCMDJKKEJEGTKNNCEGTWOGP
PCCMV©OCKEJUVCOCN
FGECTPGFGNCECDG\CFGN
=0QVC/WEJCURCNCDTCUSWGGORKG\CPEQP³
VKGPGPXCTKCPVGUSWGGORKG\CPEQPPNCUEWCNGU
PQUGKPENW[GPGPGUVGFKEEKQPCTKQ?
PCRTQPSWGSWKGP
RCTCKPVTQFWEKTWPCHTCUG
TGNCVKXC,KZM©©¡CCFJKUWWFCK¡PCOK¡UWW¡P
DCMWCVC¡O!'UV£NKORKCGNCIWCSWGGUV£GPGN
IWCLG!
EQPLSWG
RCTCKPVTQFWEKTWPCHTCUG
EQORNGOGPVCTKC,WRLK³EJ©VFCIWIÀ¡MCO
PCEJUCREJCOVWLWCPC¡ZKD/GFKLQGNLGHG
SWGPQXCOQUCVTCDCLCTJQ[
EQPL5GWUCRCTCKPVTQFWEKTWPCHTCUGSWG
PCCP
RWGTEQ#C³EJCOR©MDJCK¡³DWCIWPCCM
V©OCKEJ,CZPCDC¡!%JKIW¡KCOR©ZLKZ
MC¡QQMK³/GJCEGPFC³QNQUVCOCNGUFG
RWGTEQ0QU«RQTSW«UGT£ETGQSWGOKEWGTRQ
GUF«DKN
PCCPUOCFTGOCO£$JCK¡DCLKOIWO
PCCP&JK¡OQQOI©©¡DKC¡PCRKEJEJCMWKOK
FJCKIWOCVCKOC¡P#NN¯XKGPGVWOCO£[VGXC
CRGICTRQTSWGVQFCX¯CPQRQPGUCJGTXKTGN
PKZVCOCN
V¯C
GURQUCFGNJGTOCPQFGNRCR£QFGNCOCO£
$JCK¡DCLKOIW³³CCPIWK¡PC³EJCVCCNJLKT
D©PIC¡P#NN¯XKGPGOKV¯CNCSWGGUNCGURQUCFG
OKV¯Q
NKVNCGURQUCFGNJGTOCPQOGPQTFGOK
'&+%+•024'.+/+0#4`
PCCPMKC¡
6'2'*7ƒ0Ê'52#“1.
OCO£
=RNPCPCCPCRQUF©¡©©¡P?
♦LK³³CCPVW¡OOKOCFTCUVTCQOKV¯C
GURQUCFGNJGTOCPQFGOKRCR£QFGOK
OCO£
PCCPMKC¡=UWLRNFGPCOMKC¡?2GLLWO
PCCPMKC¡COUGUCNWFCP
GPVTGU¯
=RTGVPCCPCORWPVPCCPCM?
PCCRQ¡P=RTGUFGPCDFJKC¡?NQUEC\C
PCCURC¡XaVFQDNCT
EQDKLCRGVCVGQUQIC
0CCURC¡CRFJKUC¡WCPCEJCOOKLC¡R
IKQRRC³MC¡&QDNCGUCEQDKLCRCTCSWGPQGUV«
CNN¯CTTWICFC
XaKVQTEGTUG
WPCRCTVGFGNEWGTRQ0CCURKEJ
DCMIW³MWZDW,KZMQ¡MPC³KEJRCK¡FJWWM
DJCK¡LK³K³KC%TGQSWGGUVCDCVQTEKFQOK
EWGNNQRWGUOGFQN¯CCNFGURGTVCT
=EQORNRNPCPUCRC¡RTGVPCCUPCPUCRC
RTGUPCCUCRPCPUCRTGUPCCURKEJ
PCPUCRKEJ?
PCDUPQRCN)QQMKOK¡RWPIWPCDVCCDJCM
LC¡MIKQDC¡V©¡PIKCMLC¡M.QUPQRCNGUTGVQ³CP
FQUXGEGUCNC³QWPCXG\GP«RQECFGUGSW¯C[
QVTCXG\GP«RQECFGNNWXKCU
♦PCDLWPOC¡POQNGFGPQRCN
PCDCKEJFJC¡XaTVQOCTOG\ECN
EGTGOQPKCN
,WRMCK¡EJIW2KNKKRPCUCRLWO
PCDCKEJFJCTC¡ZKDOW6CVQQ¡O%JC¡OPQ¡VDC
LKEJ©OP©K(GNKRGFKEGSWGVQOCT£GNOG\ECN
EGTGOQPKCNCJQTCEWCPFQGORKGEGPCDCKNCTGN
OKVQVGGP.QU%QPGLQU
'UWPC
EQUVWODTGSWGUGJCEGGPGNRCVKQEGTGOQPKCN
EWCPFQWPCRGTUQPCNNGICCUGTCFWNVQ
=RTGVPCDCKEJRTGUPCDCKEJW¡P?
PCDCRCFXECFC
F¯COGUQC³Q0CDCR
ZKDMCOQKFJC¡VC¡OFWWMFC¡IWMKDCCT%CFC
C³QPWGXQNNWGXGEQPVKPWCOGPVGFWTCPVGCNIWPQU
F¯CU
VQFQU
F¯CUOGUGUQC³QU,KZEJCOCCO
FCOCPDCKMVCPQQNJPCVCNJLC¡ROQQFWW¡P
PCDCRVCPQQNJIKQPCDCRVWMCC¡PCZKFJWWM
.NQXKµRQTQEJQF¯CUVQFQUNQUF¯CU[VQFCUNCU
PQEJGU
PCDC¡EQPLRCTCSWG,KZDJCK¡RKOZKV©
M©©¡ORKIC¡OWDC¡MEJ©TPCDC¡EJCOLKZEJW
VCPCCTC¡MC¡PCEJOK¡LCDKCRVWFC¡IWEJ
LCCFW³PCOLKZRCZKCTCKO.KORKGPDKGP
CFGPVTQFGNCECUCRCTCSWGPQJC[CDCUWTCRWGU
CNN¯NGUXCOQUCFCTJQURGFCLGCPWGUVTQU
RCTKGPVGUSWGPQUGUV£PXKUKVCPFQ
RQTGUQ,KZOWMCC¡FJQEJKIWMWZDQ¡PFJK
ICIQQZPCDC¡M©U#NQOGLQTGUGRGTTQVKGPG
EQOG\µPGPGNRGUEWG\QRQTGUQUGGUV£
TCUECPFQ
EWCPFQCPVGUSWG#C³LWRDCVWMWC¡I©LK
UKCRWK¡PCDC¡OWK¡RMCWC¡IWDCK³FJCUFJK
.CCNQ;Q[CJCD¯CEQTVCFQNCNG³CUKPJCEJC
EWCPFQ.CNQNNGIµEQPWPC
RCTGEGSWG6W¡RDC¡OKWC¡FJKOVQQO
DJCK¡OMCTCOPCDC¡COO©L©LQK³IWVW¡!
3W«VTCGUGPVWEQUVCN!2CTGEGSWGUGGUV£
OQXKGPFQCNIQCFGPVTQ
PQSWG!0CDC¡IW¡PK5COQKNLWRMCK¡EJ
D©©R©¡PCEJCOPCCIWDJQ¡OMQZLKFJQQT!6©©¡
PCVDC¡IQQMLCLQQZKC¡DCLWIKQ0QSWGC
5COWGNPQNGIWUVCGNVGEJCNQVGEQEKFQ!2WGU«N
OKUOQNQFKLQJCEGTCVQRGTQH¯LCVGSWG[CUG
CECDµFQURNCVQU
=)TCO?
PCDF©FCOUEC\CFQT,C¡MDCUWWNJLCO©VDCM
IWPCPCDF©FCO[C¡PKR©ZOCCZCOD©©ZDQK
2CTGEGSWG[CTGITGUCTQPNQUEC\CFQTGURWGU[C
UGXGPNCJWGNNCURQTGNECOKPQ
=RNPCPCDF©FCO?
PCDFJKC¡XaVEC\CT
CPKOCN)QQMVCPQQNJUCR
V©KDCVWPCDF©IW³ZKMW¡%JCMWKRCK¡V©©IW
UWKOCNJ/KJGTOCPQ[CVKGPGFQUF¯CU
EC\CPFQRGTQVQFCX¯CPQGPEWGPVTCPKWP
XGPCFQ=EQORNRNPCDFJKC¡RTGVPCDF©
RTGUPCDQ¡PPCCRQ¡P?
PCIW¡EQPLRQTSWG2CTDCPVWDQQPKOCOFJK
LC¡VMCOPCIW¡EJCOVW¡F©©NJLKTLCICC0Q
GUV£PFGU[GTDCPFQDKGPGUCURGTUQPCURQTSWGPQ
GUUWRTQRKCOKNRC=)TCO?
PCK=RTGVFGPCCFC¡?RWUQNWODTG
PCKNQUPCKNQPEWDKGTVCFGRN£UVKEQ
RCTCEWDTKTGN
EWGTRQ/WZKDWCF©©TCRFJKPCKNQPCDJCCP
OKFWWFW¡PCDC¡Q³KC¡PCZFJ©TDC¡2QP
CHWGTCGUVGPCKNQPRCTCSWGNNWGXCGPGNNC[UGNG
SWKVGNCVKGTTCSWGVKGPG8CTPCKNW
PCK¡CFXRQTVQFQUNCFQU-CDWKOWMUCRPCK¡
VWOKCDW¡IWW¡WCPPCODJCCPLCCCIK¡³FJC¡
IWLC¡VMCOPCTC¡IKEJCOMC¡VWOKK³MWVC¡O
&KEGPSWGOC³CPCXCPCGPXKCTRQTVQFQUNCFQU
NQURCRGNGURQTOGFKQFGNQUEWCNGUCXKUCT£PCNC
IGPVGSWGJCDT£LWPVCGNFQOKPIQ
PCK¡URC¡=XCTFGOCK¡URC¡?CRNCUVCT
PCLCTQK¡RTQPSWK«P#CREJCOOCCVPC
LCTQK¡DJCK¡MKQZKDPCRCK¡MKQMCVIW
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
/CECCTKQ!0QUCDGUSWK«PXKXGCJQTCCNN£
FQPFGXKX¯C/CECTKQ!=)TCO?8«CUGLCTQQ
PCLCZCFXEµOQSW«#CRLKZOCCVCCPCLCZ
LKTLWOFWWMCOPCVDC¡V©TVCMCCDIWFWWM!
0COIW¡RMCK¡EJFJC¡LCK¡PCUCRLKTQ¡ZDKICO
PQ¡VRW¡³KV©TIWFWWMPQ¡EJCOLKTV©¡PIKCM
6¼PQUCDGUSW«UKIPKHKECSWGJC[CVTQPCFQ
C[GT!2QTSWGCNIWPQUFKEGPSWGGUOCNCUG³CN
EWCPFQVTWGPCHWGTCFGNC«RQECFGNNWXKCU
8«CUGLCZ
♦LCZPCR©ZCFXEQOQUGC
PCLCZCFXSWGVCPVQ#CROK¡DJ©©[C¡D©©ZDQK
CC³DC¡DJC¡³KLC¡RPCLCZLKZEJWVWC¡PC³
IW¡OCK¡O©NJEJW¡7UVGFXC[CRQTVQFQGN
ECOKPQ[[QKT«RQTCNN¯SWGVCPVQGUV£NNGPQFG
GPEKPQURQTSWGGUVQ[JW[GPFQ=5GRTGUGPVCCPVGU
FGNRTQEN¯VKEQEQRWNCTLKZ?8«CUGLCZ
PCLCZEJW¡ORTQPEW£NSWGUGRCTGEGC+CO
R©ZRWEJW¡OLWRVWUQK¡IW/CCTKQPCLCZ
EJW¡OIW³ZQK¡/CTKQVKGPGWPCPKOCNSWGUG
RCTGEGCNO¯Q=)TCO?8«CUGLCZEJW¡O
♦LCZPCR©ZEJW¡OCFXEWCNSWKGTC
PCLCZFJWKCFXFGCNIWPCOCPGTC
VKGORQ
RTGUGPVGQHWVWTQ%JCODJCCK¡OQQPCEJLCZ
FJWKMCLCOCK¡EJKC¡FJKLC¡VMCOPCO©VIW¡
DCOCCVPCLCZR©MLC¡MVWVW¡KK¡2CTGEGSWG[C
PQJC[OCPGTCFGGPIC³CTO£UCGUVCIGPVG
RQTSWG[CUCDGPEµOQGUNCEQUC8«CUGLCZFJWK
PCLCZFJWWMCFXEµOQFGSW«OQFQ
VKGORQ
RCUCFQ%JCOOCCVK³PCVLCZFJWWMDJ©©MIW
VCMCCTWK¡IWDJCPPCOIW¡V©KVÀ¡MQDDQRRQ
0QU«FGSW«OQFQGNEQ[QVGUGNNGXµWPCICNNKPC
RQTSWGFWGTOGPGPCNVQ8«CUGLCZFJWWM
PCLCZLC¡MCFXEµOQFGSW«OCPGTCFGSW«
HQTOC-CDWKOWMDJCLKOOCC¡PIWPCCDCV
UCRLKEJCCIK¡³FJC¡PCLCZLC¡MLKZKQ¡OLKTCO
PCEJIC¡TCFC¡FJKLWM/C³CPCXKGPGWP
OGUVK\QSWGPQUXCCFGEKTFGSW«OCPGTCUGT£
OGLQTXGPFGTNCOCFGTC8«CUGLCZLC¡M
♦LCZPCRLC¡M©NJKK¡³EQOQSWKGTCU
♦LCZPCR©ZLC¡MCFXFGEWCNSWKGTOCPGTC
PCL©¡MCFXNQSWGNQUSWG,KTRWK¡FJQPCL©¡M
LCZMCK¡EJFJK¡PC³IW¡CC³D©©ZLWRLKOFCVLKC
PCTC¡IKEJCOMCVDJCOO©-QTKCP'UEKGTVQ
VQFQNQSWGFKEG«NRQTSWG[QVCODK«PHWKCNC
LWPVCCNN£GP&WTCPIQ
PCL©¡ZCFXSW«VCPVQSW«VCP%JCOOCCVCR
PCL©¡ZLKTO©M[C¡F©T/GGLKM!0QUCDGUSW«
PCMWCNJ
VCPNGLQUFGCSW¯GUV£/«ZKEQ!=5GRTGUGPVCCPVGU
FGNRTQEN¯VKEQEQRWNCTLKT?
PCMCCDUVWPC
E£UECTCTQLC/CKMLCEJMQK¡RW¡
IWPCMCCDOWLC¡MVCCVUCD8COQUCVKGTTC
E£NKFCCEQOGTVWPCU
♦VQQVQPCMCCDUVWPC
E£UECTCDNCPEC
PCMIC¡XaVUQNVCTFGLCTGUECRCT
EQORNCPKO
$J©KTC¡CRIWMCTDCZ%JKNKKPQDJCOO©OCDWKN
DWK-C¡DC¡OQQOPCMIC¡CCEJK!8GCVTCGT
NCEJKXC/CTEGNKPQFGCNN£FGVWCDWGNKVC0QNC
XCUCFGLCTGUECRCTXGTFCF!
XaVUQNVCTECGT
UWLKPCP,KZDJCK¡ROQQ
FCC¡PMC¡FJKVQQODJCK¡OMCTPCEJCOLWO
PCMIC¡#ICTTCDKGPGNEQUVCNRCTCSWGPQUGVG
ECKIC
XaKCIWCPVCTUQRQTVCT0CMIC¡CRCCFJK¡³K
V©TDK³PC³IQQMOK¡OKCDWKFJC¡!#IWCPVCT¯CU
CNIWPQUC\QVGUUKVGFQ[EQPGUVCUQIC!
XaKRQFGTVGPGTHWGT\CUWHKEKGPVG΁0CMQQ¡
CRCCFJKDCK¡³FJCMCTPCRLK³
RCNJDWKFJKMC¡!ÏLWRV©VFCIW/CTKK[CIW
V©©[CZ΁%TGGUSWGRWGFGUC[WFCTOGCNNGXCT
GUVCQNNCFGCIWC!ÏRTGIWPVµ/CT¯CCNC
OWEJCEJKVC
=RTGVPCMQQRTGUPCMQQ¡?
♦³CMQQ¡CFLSWGUCDGCIWCPVCT
PCM©¡PEQPLEQPNQSWG6WFC¡DK³IWDJK¡³FJK
OCC¡PMCOPCM©¡PVWDJK¡URCKOPCVW
DJK¡³DCMEJCKO'UCRGTUQPCGUV£TGXQNXKGPFQ
VKGTTCEQPCIWCEQPNCSWGGUV£EQPUVTW[GPFQNC
ECUCFGCFQDG=5GRTGUGPVCGPHTCUGUFGUETKRVKXCU?
PCMO©NJUOWTEK«NCIQ5À¡MC¡VQQVPC¡PM©¡PIW
PCMO©NJPCRCK¡FJWWMMQQUMC¡'NOWTEK«NCIQ
UGEWGNICEQPNCURCVCUEWCPFQFWGTOG
=RNPCPCMO©NJQPCPMCO©NJ?
PCMU©TUCNCET£P,KTOWK¡COIWPCPMCU©T[C
LC¡RPCIW¡TVCCVUCD*C[OWEJQUCNCETCPGU
RQTCSW¯RQTSWGGUVKGTTCE£NKFC=RNPCPMCU©TQ
PCPCMU©T?
PCMWCNJUIWCEKUVCOCTKPFKNNQ5KCOTKDCZMCK
CCIWPCMWCNJOWLC¡RVCCVUCDPC³IQQM
WC¡TCK!#OLKZ³CCM©OVWVCVFC¡5KGORTGJC[
IWCEKURQTCNN£GPVKGTTCE£NKFC!RCTCKTCVTCGT
CNIWPQU2WGUUGOGCPVQLCP
'&+%+•024'.+/+0#4`
PCOMKC¡
6'2'*7ƒ0Ê'52#“1.
PCOMKC¡XaVUCNWFCT
EQPTGURGVQDGUCPFQNC
OCPQ0COMKFJC¡CR©RIWPQDKK¡³FJKO
MWWNUK2GGITQ#CRIW¡OQQPKL©¡Z&GDGU
UCNWFCTCVWCDWGNQDGU£PFQNGNCOCPQ2GFTQ
RGTQV¼PQNQJCEGU
XaVGPEQPVTCT
CWPCRGTUQPC0COMKTC¡CR
IW.WKUPCRLCK¡DJCRCNJDWKFJKMC¡IWVW¡PQ¡Z
D©©VVWWC¡/WEJKRCK¡FJ©TDJCK¡DCLKO8GC
GPEQPVTCTC.WKURCTCSWGNGC[WFGUUKVTCGECTIC
RGUCFCRWGU[QETGQSWGRQTCJ¯XKGPG
XaTLWPVCTUG
ECOKPQUQT¯QU)KKNJKOLKZ
KQ¡OIÀ¡DCO©TIWUWWFCK¡OK¡FJ©TPCRCK¡
OCCRDCOPCCPCMIWIÀ¡IÀTC¡CM;CEQTTG
OWEJCCIWCFGCNN£FGFQPFGUGLWPVCPNQUT¯QU
ITCPFGU
=UWLRNPCCPMKC¡RTGVPCOPCCPCO
RTGUPCO©©MPCCPCM?
PCOO©PKCFXCNN£
CDCLQNGLQUPQUGXG
RTGEKUCOGPVG0COO©PKDCLKOEJW¡IWVWZKQ¡
D©©ZIKQV©T$J©KO©T'NEJKXQJW«THCPQXCCNN£
GPGNNNCPQ8GCVTCGTNQ5KPµPOWOOWPK
PCPCCP=RNFGPCCP?OCO£U
PCPCDF©FCO=RNFGPCDF©FCO?EC\CFQTGU
PCPCMO©NJ=RNFGPCMO©NJ?OWTEK«NCIQU
8CTPCPMCO©NJ
PCPCMU©T=RNFGPCMU©T?CNCETCPGU
8CTPCPMCU©T
PCPIKC¡=EQORNRNFGUCK¡EJFJC¡?EQNICTNQU
=RTGVPCPIKCRTGUPCPIKCT?
PCPIKC¡=UWLRNFGUÀ¡?EQNICFQU8CTUÀÀUÀ¡
PCPI©[C¡=UWLRNFGUC¡[C¡?CVQTCTUG
=RTGVPCPIKCRTGUPCPI©T?
PCOMKC¡XaKEQUVCTXCNGT,©¡MDCPCO©©MZKD
PCPMCIKC¡UCTGVG,KZC¡DJCTVWPCPMCIKC¡IW³
PCOMKEJFJC¡XaVLWPVCTEQPGEVCT
FQU£TGCU
PCPMCO©NJ=RNFGPCMO©NJ?OWTEK«NCIQU
IWMQQMCUOW,WMV©T!%W£PVQEWGUVCPCJQTC
NQUTGHTGUEQUGP5CPVC/CT¯C!=RTGVPCO
RTGUPCO©©M?
-CDWKOWMLCRFJQDJCOO©LC¡RDC
PCOMKEJFJC¡FJKOOQKMC¡PPCRCK¡FJ©T
OWK¡RLKEJWOQKMFJKZMC¡EJCOCCEJK!
2QUKDNGOGPVGOC³CPCNNGICT£UCLWPVCTNCVKGTTC
SWGGUV£URTGRCTCPFQCJQTCEQPGNQVTQRGFC\Q
SWG[CVKGPGURTGRCTCFQCNN£CTTKDCQPQUGT£
RQUKDNG!=RTGVPCOMKEJRTQITPCOMKEJFJKO?
PCOMKFJC¡XaDRCICT
EQPFKPGTQ$JCK¡RMC
ZKOVWNJKK³C¡MWIKDC¡MEJ©TPQ¡REJCOVW
PCOMK¡³PCOL©¡MRWK¡DJCOVCCPPCRVW
PCOMKFJC¡'PVQPEGUVGXCPCGPECTEGNCTUKPQ
RCICUNCECPVKFCFSWGVGRKFGPRCICT
=RTGVPCOMKRTGUPCOMK¡³?
PCOO©CFXCNN£
CDCLQNGLQUPQUGXG$CLKKO©V
DCMDJCOO©F©T;QQZK¡%JC¡OIWLC¡VMCOPC
UCCMLKTLWWPVCMC¡0COO©R©ZV©D©©RLWOV©©
O©V;CUGHWGNCIGPVGC.CU(NQTGUFQPFGJCDT£
LWPVCRWGUCNN£KDCPCITWRCFQUGPWPCHKNC
5KPµPOWOOW
PCOO©F©TLC¡MCFXFGRQTCNN£#C³
OCC¡PPKOOCK¡OCI©KDJCLC¡R$CCNJ&JCCO
PC³MCPCDFJKO0COO©F©TLC¡MLC³KEJLK
DWWU$QQLK$KDKC¡PC³KEJDCVWOCCVV©K
6QVDJCD6©TLC¡MLKOK³IW¡7PCXG\OGRGTF¯
GPGN%GTTQFG.C%CPCUVCEWCPFQGUVCDC
EC\CPFQRGTQEWCPFQUCN¯FGRQTCNN£OGFK
EWGPVCSWGGUVCDCGP%K«PGICFGN1UQ[PQGP
)CXKNCPGUEQOQRGPUCDC
ZKKZ,QKFJCOVQVDKMPCDJCK¡ZKEJCPQQT/K
JGTOCPCVKGPGWPQUCTGVGUOW[DQPKVQUJCUVC
DTKNNCPEQPGNUQN
8CTPCPCMO©NJ
PCPMCU©T=RNFGPCMU©T?CNCETCPGU
8CTPCPCMU©T
PCPQDEJ©=RTGVFGPQQPDKEJKC¡?2GLLWO
PCPQDEJ©O©VUGCICTTCTQPFGNCUOCPQU
8CTPQQPQDEJ©
PCPUCRC¡=EQORNRNFGPCCURC¡?FQDNCTNQU
=RTGVPCPUCRCRTGUPCPUCRTGUPCPUCRKEJ?
PCRCCNJCFXEQPNCURKGTPCUETW\CFCU,QKFJCO
PCRCCNJZKFJCKDWKIW³CDWKNPQ¡VDCLKEJW
LWW/KCDWGNCUGUKGPVCEQPNCURKGTPCU
ETW\CFCUEWCPFQEQOG
PCRCK¡CFXFQPFG,©¡ZLKTO©MOWOOWPCR
RCK¡MKQ!3W«VCPNGLQUGUV£CNN£FQPFGXKXGU!
8«CUGRCC
♦RCK¡PCR©ZCFXGPEWCNSWKGTRCTVG
FQPFGSWKGTC
PCRCK¡FJWWMCFXEW£PFQ%JCOOCCVCR
PCRCK¡FJWWM[C¡CC[C¡IWOVCCV!0QUCDGU
EW£PFQXCCNNGICTVWRCR£!
EQPLEWCPFQ%JCOVW¡RLWODWKZK¡³COIW
I©¡MQTIC¡PIWV©©[CZPCRCK¡FJWWMRCNJ©©RMCZ
MC¡QQMMC¡0CVRCK¡ZKQ¡ODCZKDJ©KPCODC¡
V©KPCK¡R©ZICPDCOLWCP.QURCFTGUFGNC
PK³CPQNGJCE¯CPECUQEWCPFQVQFCX¯CPQGUVCDC
OW[GPHGTOCJCUVCEWCPFQUGGPHGTOµ
ITCXGOGPVGGORG\CTQPCOQXGTUGRQTVQFQU
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
NCFQUUKPUCDGTSW«JCEGT
=)TCO?8«CUGRCK¡FJWWM
♦RCK¡PCR©ZFJWWMCFXEWCPFQSWKGTC
EWCNSWKGTF¯C
PCRCLC¡MCFXCFµPFGCSW«RCTVG%JCO
OCCVK³PCRCLC¡MLKOFJKOCC¡PMCO0QU«C
FµPFGXCGUCRGTUQPC8«CUGRCLC¡M
PCTCCPMCUUPCTCPLQPCTCPLC$CZW¡WCOMC¡
IWPCTCCPMCUPQ¡DCZDJCK.CUPCTCPLCUUG
RQPGPCOCTKNNCUEWCPFQUGOCFWTCP
PCTCCPMCUOC¡CFLNNGPQFGLWIQFGPCTCPLC
#NJK¡EJDJC³DJ©KFJCMIWUWWFCK¡PC³M©¡PLK³
KMQKOFJC¡)KKNJKOLKZPCTCCPMCUOC¡IW³
³QQPQDPC³KEJLWW6T£GOGVCPVKVCCIWCRCTC
NCXCTOGNCUOCPQURWGUNCUVGPIQNNGPCUFGLWIQ
FGPCTCPLCFGURW«UFGEQOGTOGWPC=EQRLKZ?
PCVW¡RTQPSW«#C³COR©ZRWK¡ICMOWFC¡³
ÀÀCOR©ZRWK¡ZEJWOOCOQKMMC¡DC¡%JCO
OCCVK³PCVW¡MQ¡MFCK¡RWK¡LC¡MVW¡OVWC¡L©
6GPIQWPCGPHGTOGFCFFGGPHNCSWGEKOKGPVQ[OG
UKGPVQOW[F«DKNRWGUPQU«SW«VKRQFG
GPHGTOGFCFGUNCSWGECWUCGUVQ=)TCO?
8«CUGVW¡
♦VW¡PCR©ZLCZDWCJCEGNQSWGUGNGQEWTTG
♦VW¡PCR©ZCFXNQSWGUGCEWCNSWKGTEQUC
PKEJEJW¡UPCFC0KEJEJW¡MWZOCCVFJK
CNJKKPCV©KTKUMQGNV©KV©MMC¡K³PCVVW¡DCDJ©K
0QUCDGPCFCGUVGPK³QCWPSWGGUV«GPNC
GUEWGNCRWGUNGRTGIWPV«UQDTGNQSWGJCD¯C
CRTGPFKFQ8CTPKZEJW¡5KPµPEJCOVW¡
PKL©¡ZCFXPCFC0KL©¡ZMWOEJCOL©©IK¡³IW
#NRTGGFQPCLCZV©KMCK¡EJ0QETG[GTQPPCFC
FGNQSWG#NHTGFQFGE¯C
PKZEJW¡=XCTFGPKEJEJW¡?PCFC
P©K=RTGVFGP©¡[C¡?DCKNµ
P©KFJCV=EQRTGVFGV©IKC¡?XG¯CJCNNCDC
P©K¡MCTVCOURCVKQ
EGTGOQPKCNRKUVC
FGNOKVQVG
VTCFKEKQPCN5CRD©©R©¡OCC¡PCOVWLC
LW¡³EJWFC¡IWC¡CCNJP©K¡MCTVCOPCOUCRDC¡
OK¡FJ©TDCVWMWC¡FC¡IWMQK¡5GFKEGSWG
CPVGUFGFCTNQUCNKOGPVQUCNQUPK³QURQT
RTKOGTCXG\GUPGEGUCTKQSWGNGUFGPFGEQOGT
GPGNRCVKQEGTGOQPKCN=RNP©P©K¡MCTVCO?
P©K¡³=RTGUFGV©IKC¡?NQXGNQJCNNC
P©K¡³FJC¡XaVEWKFCT;C¡RMCP©K¡³FJC¡FJK
CNJKK#C³CNJK¡EJMCDJ©KTC¡IWUWWFCK¡%WKFC
CNPK³QCSW¯OKGPVTCU[QXQ[CVTCGTCIWC
XaKUGTTGURGVWQUQ,WOCC¡PC³VW¡MC¡OV©
P©PDJKMKC¡
P©K¡³FJC¡PC³DC¡O©MFWCMC¡7PQFGDGFGUGT
TGURGVWQUQUKSWKGTGXKXKTOWEJQVKGORQ
=RTGUP©K¡³EQRTGVP©K¡³FJCVQP©KFJKO©M?
P©K¡³ZKFJC¡XaDEWKFCT
RCTCQVTCRGTUQPC/K¡
FJ©TLCRKCO[C¡MC³³©K¡³ZK¡³MC¡FJK³MCDCK¡
#C³OWPKMCLKOKC¡RQK¡ONQ*C\OGGNHCXQT
FGEWKFCTOGGNECDCNNQCSW¯OKGPVTCU[QXQ[CN
RWGDNQ=EQPVP©K¡³ZK¡³FJC¡QP©K¡³ZK¡³MC¡
RTGUP©K¡³ZK¡³?
P©K¡TC¡=RTQRFGP©¡[C¡?KT£CDCKNCT
P©K¡ZMCNJUVTQORQ
LWIWGVG#CRCCZOCCV©V
P©K¡EJW¡PFJK¡³KP©K¡ZMCNJ!#C³PKL©¡ZLKMW³
EJCOOCCV6¼UCDGUJCEGTIKTCTGUVGVTQORQ!
2QTSWG[QPQU«EµOQUGJCEG=RNP©P©K¡ZMCNJ?
P©©NJFJC¡XaVFGURKQLCTÎ$JCLC¡MLC³LWO
P©©NJFJC¡EJKIKKNJKOLKZC¡CCVCRLGPCRDC¡
IKKNJKOM©UIWOOQ¡ÏLWRV©VFCIWF©¡©©¡PIW
.WKUÎ#E«TECVGRCTCFGURKQLCTVGETGQSWGVKGPGU
OWEJQURKQLQURQTSWGVGTCUECUOWEJQNC
ECDG\CÏNGFKLQUWOCO£C.WKU=RTGVP©©NJ
RTGUP©©NJK¡³?
P©©PUNGPIWC
RCTVGFGNEWGTRQ,KZMQ¡MIW³
³©©PPCVLK³O©K¡³IWMCRGGVCMCCD/GFWGNG
NCNGPIWCRWGUGNECH«OGSWGOµC[GT
=RNP©P©©PCRQUP©©P©¡P?
P©©P©KEJFJC¡=EQORNRNFGFCK¡EJFJC¡?2GLLC
P©©P©KEJFJC¡NQUJCT£XQNCT=RTGVP©©P©KEJ
RTGUP©©P©KEJW¡P?
P©©P©KEJI©FC¡=UWLRNFGFCK¡EJI©FC¡?2GL
P©©P©KEJI©FC¡COKT£PXQNCPFQ
=RTGUP©©P©KEJW¡?
P©©P©KFJC¡=RNFGFJCK¡FJC¡?XGNQEGU
CNXQNCT
=EQRLKZ?
P©©P©[C¡=UWLRNFGFC¡[C¡?2GLP©©P©[C¡CO
XQNCT£P=RTGVP©©PRTGUP©P©¡EQPVP©P©¡FC¡?
P©©TC¡XaVGURGTCT
EQORNCPKO;C¡EJMCZK
LCP©©TC¡IWK¡PCO©VOWRWRDKK$QQFCOVCO
#SW¯XCOQUCGURGTCTCNQUSWGUGSWGFCTQPGP
/G\SWKVCN
CXGTKIWCT,C¡Z³KPCOKCLKFJW³KC¡³OQQLC
P©©TC¡FJKO©©O©D'CRCK¡ZR©MLC¡MDJ©©CO
2WLCDJKC¡³OQQPQ¡³KEJLCV©©OWRCK¡PCO
QK¡³MC¡#NTCVQGPNCVCTFGXQ[CCXGTKIWCT
FµPFGGUVCUCDGLCUVKGPGPUWRCPCN[NGUXQ[C
UCECTNCOKGNFGWPCXG\
=RTGVP©©TCRTGUP©©T?
P©PDJKMKC¡XaKHNCOGCT
NWODTG2CCFWWMO©K
IWVCKPCDC¡LQKFJCOR©ZLWRDCP©PDJKM!
'&+%+•024'.+/+0#4`
P©P©K¡MCTVCO
6'2'*7ƒ0Ê'52#“1.
%W£PFQRTGPFKµGNHWGIQ!2WGU[CHNCOGCDKGP
=RTGVP©PDJKM©RTGUP©PDJKM?
P©P©K¡MCTVCO=RNFGP©K¡MCTVCO?RCVKQU
EGTGOQPKCNGU
P©P©K¡ZMCNJ=RNFGP©K¡ZMCNJ?VTQORQU
P©P©©P=RNFGP©©P?NGPIWCU
P©P©¡=RTGUFGP©©P©[C¡?XWGNCP
P©P©¡FCO=RNFGP©¡FCO?DCKNCFQTGU
P©P©¡FC¡=EQPVFGP©©P©[C¡?2GLP©P©¡FC¡CO
GUVCT£PXQNCPFQ
P©¡FCOUDCKNCFQTDCKNCFQTC/WLC¡RD©©RICP
F©TIWEJKQRV©P©¡FC¡COIWP©P©¡FCODJCCP
)À¡6CPQQNJEJC¡O'PNC5GOCPC5CPVCNQU
DCKNCFQTGUDCKNCPGPNCUCHWGTCUFGNCKINGUKC
=RNP©P©¡FCO?
♦ZKQVCNJP©¡FCODCKNCFQTFGNOKVQVG
P©¡[C¡XaKDCKNCT,©¡ZLKTO©MOWPCRRCK¡V©
P©¡IWZKQVCNJ!3W«VCPNGLQUGUV£FQPFGDCKNCU
GNOKVQVG!=RTGVP©KRTGUP©¡RTQRP©K¡TC¡?
PQDUDTC\QOCPQ1OIWPQDKK¡³IW,WCP
PCMCV©VDKCIWRKNQQV5GNGSWGDTµGNDTC\QC
,WCPEWCPFQGUVCDCLWICPFQEQPNCRGNQVC
RCVCFGNCPVGTC$©©R©¡RDWWRNJKC¡IW
MCCMCK¡³FJKMCDCKPCDC¡EJCOM©¡PLWO
M©©[CUC¡ICVWWMDC¡IWPQQPDK¡³2TKOGTQ
CO£TTCNGNCURCVCUVTCUGTCUCGUVGECDCNNQRCTC
SWGPQVGRCVGG[FGURW«UNCUFGNCPVGTCU
=RNPQQPQDCRQUPQDKK¡³PQQPDK¡³?
♦PQDK¡TCOGPGNDTC\QGPNCOCPQ
FG«NQ
FGGNNCGPNCRCVC
♦LKZEJQK³³QQPQDPQVKGPGFQVGURCTCNC
LCTFKPGT¯C
NKVVKGPGNCUOCPQUECNKGPVGU
♦IWPQQPDK¡³IWIÀ¡MCONQUC[WFCPVGU
QHKEKCNGUFGNLGHG
PQDEJKC¡XaVCICTTCT
FGNCOCPQ$©©R©¡MCVLCR
DJCOO©RZKEJ©UFKC¡$GGVQPCRDC¡PQDEJKC¡
FJKCJNKK5WDGCNN£RTKOGTQ$GVQ[NWGIQ
CICTTCUCNPK³QFGNCOCPQ
=EQORNRNPQQPDKEJKC¡RTGVPQDEJ©
PQQPQDEJ©QPCPQDEJ©VTCUNPQDEJKMC¡
PQQPDKEJMC¡RWPVPQDEJ©MPQQPDKEJ©M?
PQMKC¡XaKGZRTGUCTUG
EQPRCNCDTCUJCDNCT
,CZMWRDC¡EJCO³KQM!-C¡RLKZDJCCOCC!
2QTSW«PQJCDNCU!'UV£UGPQLCFQ!
QTCTt2CPCCUVW³KQMKOFJKOCC¡PMCOPC
OWOOWFCCtLWRMCK¡EJIW,WCPt&JQEJK
OK¡VWWCOZK¡³tLWRMCK¡EJIW2GGITQ
t2CTGEGSWGGUCRGTUQPCGUV£QTCPFQCNN¯tFKLQ
,WCPt#NQOGLQTGUV£EWTCPFQtTGURQPFKµ
2GFTQ
=RTGV³KQRTGU³KQM?
PQQPIKC¡=UWLRNFGPQTIKC¡?2GLPQQPIKC¡
CONNGICT£P[TGITGUCT£P=RTGVPQQP
EQPVPQQTQ¡PFC¡?
PQQPQD=RNFGPQD?DTC\QUOCPQU
=CRQUPQQPDK¡³?
PQTIKC¡XaKFCTNCXWGNVCNNGICT[TGITGUCT
#C³OWZKPQTIKTCKDWK³QTIWOQ¡MKZ:KDLC³
DJCK¡DCLKO8Q[CFCTNCXWGNVCRQTNCECUCFG
VWV¯C#JQTKVCTGITGUQ
OQTKT
GWHGOKUOQ0QTLKIW¡UCRVCMCCDIW
OCC¡PMCOPCOK¡FJ©TMKKEJCOLKZKQ¡OMCZ
DJ©KZMCV&KEGPSWGC[GTUGOWTKµNCRGTUQPC
SWGGUVCDCOW[GPHGTOCGPCSWGNNCECUC
=UWLRNPQQPIKC¡RTGVPQTPQQP
EQPVPQQTQ¡PFC¡?
PQ¡EQPLUKGPECUQFGSWG
VKGORQRTGUGPVG
UKVWCEKµPRQUKDNG0Q¡EJCOLQK¡³IWDJCDFCK
LWWPLC³[C¡©ZKC¡ICOCK¡5KPQUGFCGNHTKLQN
CSW¯GNUKIWKGPVGC³QUQNCOGPVGXQ[CUGODTCT
OC¯\
EWCPFQ
VKGORQRTGV«TKVQUKVWCEKµPOW[
RTQDCDNG&CKPCEJDCV©©ZKC¡LKCPQ¡VDC
FWW¡P;CPCFCO£UXCOQUCUGODTCTEWCPFQ
JC[CNNQXKFQXGTFCF!
UKUKJWDKGTC
VKGORQHWVWTQUKVWCEKµPUWRWGUVC
PQRTQDCDNGQPQRQUKDNG$CODKQPCMFJQDCM
©RCC³IW³ZCDWKTCZPQ¡³LCK¡RLK³
FJCKTT©ZFJC¡I©V/KURCPVCNQPGUUG
FGUICUVCT¯CPUKOGTGUDCNCTCGPNCVKGTTC
=)TCO?
PWC=RTGVFGPW¡CC¡?NQVKTµUGVKTµ
N¯SWKFQITCPQ
QRQNXQ
PWC¡=RTGUFGPW¡CC¡?NQVKTCUGVKTC
N¯SWKFQ
ITCPQQRQNXQ
PWKUCWTC
VKRQFG\QRKNQVG,WIKQO©VDCMIW
PWPPWKIWDCMCCZPC³KEJOWMCL©NJICMVWC
VC¡O%JCORCK¡VWLCK¡EJPC³KEJIKQOWK¡V©KR
DCMWUDKO2CTGEGSWGNCUCWTCUUGEQOKGTQPNC
ECTPGSWGFGL«VGPFKFCGPGNGPEKPQRWGUEWCPFQ
SWKUGKTCVTCGTNC[CPQJCD¯CPCFC
=RNPWPPWK?
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
PWK¡³³C¡XaVGORWLCTOQXGT0W¡[CUC¡CR
FJKV©VPQTC¡MWFWUCCTMC¡PCEJLWRPC¡/WGXG
GUGJQTEµPRCTCSWGUGCHNQLG[NQUCSWGOQU
H£EKNOGPVG
JKRCT
OQFKUOQ$JCK¡DC³³W¡[CUCIW
LCTQK¡/QQEJKIWOQ¡MKZDJCK¡DCLKO
#NIWKGPOGJK\QJKRCTCNQOGLQTHWGVWV¯CSWG
XKGPG
5GFKEGSWGUKVGPIQJKRQSWKGTGFGEKT
SWGCNIWKGPOGGUV£CXKUCPFQSWGOGXKUKVCT£
=EQORNRN[TGRPW¡[CUC¡RTGVPW¡[CPW¡[CUC
RTGUPW¡[CPPW¡[CU?
PWPMC¡PFCO=RNFGPWWMFCFCO?XGNCFQTGU
8CTPWPWWMFCFCO
PWPPWK=RNFGPWK?CWTCU
\QRKNQVGU
PWPWWMFCFCO=RNFGPWWMFCFCO?XGNCFQTGU
8CTPWPMC¡PFCO
PWWEJKZUEW³CFQEW³CFC)W³³WWEJKZ
2GGNGUUCRVWLKKMIWOCKPCZEJW
DWWUCKFJCO&KEGPSWGOKEW³CFQ(«NKZGUV£
EQTVCPFQOCIWG[RCTCJCEGTOG\ECN
=RNPW³EJKZCRQUPWWEJKZK¡³PW³EJKZK¡³?
PWWMFCFCOUXGNCFQTXGNCFQTC,CTQQT
PWWMFCFCODJCOO©ICCV©TVWMCC¡!3WK«P
UGGPECTICFGXGNCT
NKVGUXGNCFQTGPNCOKNRC
RQTNCPQEJG!=RNPWPWWMFCFCOQ
PWPMC¡PFCO?
PWWMFC¡XaVXKIKNCTGUVCTFGIWCTFKC$©Z
EJWMCC¡OUCRPWWMFC¡IWLC¡VMCOIWZ©ZMWO
PCO©VFCC.CIGPVGGUVCDCXKIKNCPFQVQFCNC
PQEJGCNNCFTµPSWGCICTTCTQP=RTGVPWWMCK
RTGUPWWMC¡P?
PW¡CC¡XaVFGTTCOCTVKTCT
N¯SWKFQITCPQQ
RQNXQ0WCO©VDCMIWOCKMMCOIWDJCD
LKFJQQTPCOOK¡MCLWWMC¡PFCVLWTP©M$CM
IW¡OMQKO©V2CTGEGSWGNQUDQTTCEJQUUG
RGNGCTQPRWGUVKTCTQPNQUHTKLQNGUSWGUGGUVCDCP
EQEKGPFQCNN¯
XaTUCNKTUGVKTCTUG
N¯SWKFQITCPQQRQNXQ
2CCDC¡F©TLWOPWC¡IWUWWFCK¡PCDC¡IÀ¡
DCZEJWDCC¡OK¡³K!'UV£OW[OQLCFQCNN¯&G
FµPFGUGVKTCGNCIWC!
=RTGVPWCRTGUPWC¡EQPVPW¡CKFJC¡?
PW¡[C=RTGVFGPWK¡³³C¡?NQGORWLµ
PW¡[CP=RTGUFGPWK¡³³C¡?NQGORWLC
PW¡[CUC¡=EQORNRNFGPWK¡³³C¡?GORWLCTNQU
=RTGVPW¡[CUCRTGUPW¡[CU?
³CDFJK¡
“
=0QVC/WEJCURCNCDTCUSWGGORKG\CPEQPP
VKGPGPXCTKCPVGUSWGGORKG\CPEQP³NCUEWCNGU
PQUGKPENW[GPGPGUVGFKEEKQPCTKQ?
ʳEN¯V+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN
UKPIWNCT'GMW³OQQDCMWCPC¡IW³MWVWWP
MW³V©¡[C¡MCDWKOWMPC³VWLQQLQK¡³O©TC¡O©L©
,WMV©TPCTRKCUVCMC¡IW³ZCDWKTCZPCIW¡Z
M©©¡8Q[CNCXCTOKECOKUCRCTCRQP«TOGNC
OC³CPCEWCPFQXC[CCXGTNCHKGUVCCNN£GP5CPVC
/CT¯CRGTQOKRCPVCNµPPQPGEGUKVCNCXCFQ
RQTSWGGUV£NKORKQ=5GRTGUGPVCFGURW«UFGWPC
XQECNQWPCRCWUCINQVCN)TCO?8CTLC³
K³8«CPUG³KEJLC³KEJ
ʳEN¯VOKOKU
RQUGUKµPFGNCRTKOGTCRGTUQPCFGN
UKPIWNCT,WOCCIK¡³CCIW2GGNGUPCVDJCCO©
DCC³ICCCOIWODJWTW¡ZK¡VCMCCDPC³LWR
V©VFCPCOCCIK¡³FC¡!6GFKLQ(«NKZSWGVW
DWTTQUGOGVKµGPOKOKNRCC[GT!2WGUNGFKLG
SWGVGFKLGTC=5GRTGUGPVCFGURW«UFGWPCXQECNQ
WPCEQPUQPCPVGINQVCN)TCO[?
8CTLK³
ʳEN¯VOG
EQORNGOGPVQFKTGEVQQKPFKTGEVQFG
NCRTKOGTCRGTUQPCFGNUKPIWNCT,C¡MLKKO$JC
LC¡MLCRKEJDC³M©KU*C\VGRCTCCNN£;COG
RKUCUVG
OG
EQORNGOGPVQTGHNGZKXQFGNCRTKOGTCRGTUQPC
FGNUKPIWNCT)KKNJKOLC³KEJLKZDWCOLK³CC
VCMCCD#C³LC¡RLK³CC¡LKPC³KEJOWRCK¡
OCK¡DWCIW³DJCK¡OMCT/GUGPV¯OW[OCN
C[GTRWGURGPUCDCSWGJCD¯CRGTFKFQOKOQTTCN
DQTFCFQ
=5GRTGUGPVCFGURW«UFGWPCXQECNQWPC
EQPUQPCPVGINQVCN)TCO[?8CTLK³
³CCXaGIWUVCTNGEQOGT
CCNIWKGP,©¡OC¡PIW
LC¡VMCOLKZ³CCCOIWMK¡CCU#CNIWPCU
RGTUQPCUNGUIWUVCNCECTPGFGKIWCPC
SWGTGTEQOGTCPVQLCTUG#CRLKZ³CCCCIW
LK³CDQQ¡!#VKUGVGCPVQLCPNCUVWPCU!
=EQRLKZ?
♦LKZMKKUPCCNGIWUVCOWEJQEQOGTSWGUQ
³CDFJK¡CFLDWGPQRCTCEC\CT,CK¡LQKFJCOLKZ
³CPCDFJK¡COIWIQ¡PIQZ&©©NJO©L©LC¡RRCK¡
ZKLKOKC¡#NIWPQURGTTQUUQPOW[DWGPQURCTC
'&+%+•024'.+/+0#4`
³CDVC¡
6'2'*7ƒ0Ê'52#“1.
EC\CTRWGUUQNQUUCNGPRQTCJ¯=RN³CPCDFJK¡
EQRLKZ?
³CDVC¡CFLSWGJCDNCDKGP
UKPXGTI¾GP\C
,QKFJCOLCRR©ZLWRLKZ³CDVC¡MC¡,WCPPQ¡
LCTQK¡EJWOC¡IK¡³#CRCOR©ZRWK¡EJCO
³KQMFC¡,WCPFGDGUJCDNCTDKGPUKCNIWKGPVG
FKEGWPCEQUCRGTQV¼PCFCO£UVGSWGFCU
ECNNCFQ=RN³CPCDVC¡EQRLKZ?
³K³KKEJFJC¡XaVFGURGTVCT
EQORNCPKO$C
MQQZO©TC¡CR.WKUPC³IW¡D©L©MOWK¡DCO
³K³KKEJFJCTC¡PCRDJCK¡DCMWC¡O©TC¡;CXGVG
CFQTOKT.WKURQTSWGOC³CPCXQ[CFGURGTVCTVG
OW[VGORTCPQRCTCSWGXC[CUCVTCGTNG³C
=EQORNRN³K³³KEJFJC¡RTGV³K³KKEJ³K³³KEJ?
³K³KQMDQNJK¡=RNFG³KQMDQNJK¡?SWGNGUIWUVC
DWUECTRNGKVQU=EQRLKZ?
³CMQQ¡CFLSWGUCDGCIWCPVCT)W.WKUFJQIKZ
³K³³KC=RNFG³KC?2GLLKZ³K³³KCCORWGFGP
³CO©©MCFLSWGEQODKPC
TQRCEQPNQUFGO£U
³KQ=RTGVFGPQMKC¡?JCDNµ
³KQM=RTGUFGPQMKC¡?JCDNC
³KQMDQKZFJC¡XaVFKUEWVKTETKVKECT
RCTC
³CMQQ¡LKPCEJCOVWLWIKC¡D©ZEJCPQQNJ
LWTP©MPCDC¡MCVWLWIKC¡.WKUUCDGCIWCPVCT
UKPEQOGTVQFQGNF¯CRWGUPQEQOGJCUVCGPNC
VCTFG8«CUGPCMIC¡
EQNQTGUQGUVKNQUSWGVTCG,QKFJCOLKZCDJCCT
FJKOKRWWTLKZ³CO©©MIWZC¡UMK¡'UOW[
DQPKVCVWHCNFCRWGUEQODKPCDKGPEQPGNGPECLG
SWGUGXGDKGP
GNOQFQFGXGUVKTFGCEWGTFQC
UWRGTUQPCNKFCF,QKFJCOZKOPCO©©MRWK¡PCR
LCZLC¡MLWOICZDW6GXGUDKGPCU¯EQOQVG
RGKPCU
=EQRLKZ?8CT³CPO©M
³CPCDFJK¡=RNFG³CDFJK¡?DWGPQURCTCEC\CT
=EQRLKZ?
³CPCDVC¡=RNFG³CDVC¡?SWGJCDNCPDKGP
UKP
XGTI¾GP\C=EQRLKZ?
³KCXaGRQFGTXGTVGPGTXKUVC)KKNJKOLKZDJCK¡Z
³KCIWOKUVWK³UKCVWMCC¡LC¡M'NICVQVKGPG
DWGPCXKUVCCWPGPNCPQEJG=UWLRN³K³³KC
EQRLKZ?
³KEJEN¯V+PFKECUWLGVQFGNCRTKOGTCRGTUQPCFGN
UKPIWNCT[VKGORQRTGV«TKVQ2WGFGRTGUGPVCTUG
EQOQUWHKLQCNXGTDQ)KKNJKOOCIQQ³KEJPC
³KEJVWMWC¡I©/GECPU«OWEJQEQTVCPFQNG³C
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ0C³KEJEJCOD©L©MVW
DWRRTCOIWCDGGPC!,QKFJCOEJKMCZ
DCIKQOMCV2QTSW«PQHWKVGORTCPQC
COCTTCTCXGPCEWCPFQGUVCDCJ¼OGFC!
=5GRTGUGPVCFGURW«UFGWPCXQECNQWPCRCWUC
INQVCN)TCO?8CTLC³KEJ8«CUGʳ
³K³FJC¡CFLOCFTWICFQT,KZ³K³FJC¡IW
VCMCCTWK¡-CVWMICDDCLKK³MKC¡'NICNNQGU
OCFTWICFQTRWGUECPVCGPNCOCFTWICFC
=EQRLKZ?
³K³KC¡XaKFGURGTVCTUG2W³K³KC³KEJPCVV©³
©¡PMKCPC³MCMQQU/GFGURGTV«RQTWPUWUVQ
GPOKRGUCFKNNC=UWLRN³K³³KC¡RTGV³K³KC
³K³³KCRTGU³K³³KC?
XGT=EQRLKZ?
RTQXQECT'CPCRLC¡RR©ZZK³KQMDQKZFJC¡
FJK³³WWEJKZ'CPQ¡VIKKNJKODJCCO&KUEWVG
EQPOKEW³CFQCXGTUKUGGPQLC
=RTGV³KQMDQKZRTGU³KQMDQKZK¡³?
³KQMDQNJK¡CFLSWGNGIWUVCDWUECTRNGKVQU#NJ
LC¡ROQQZ³K³KQMDQNJK¡COIW)KQ¡PV©T$KDKC¡
MCOPQ¡O©VDCKKIWDKK³#NCIGPVGFG
%K«PGICFGN.NCPQNGIWUVCDWUECTRNGKVQUEWCPFQ
VQOCOG\ECN=RN³K³KQMDQNJK¡EQRLKZ?
³KQMDQ¡XaKFKUEWVKTETKVKECT,C¡ROQQ³KQMDQ
COFJKLC¡VMCOOK¡OCCRLKFJCTCCV0KL©¡Z
MWOKCOLKZDJCK¡VWC¡IC'UCURGTUQPCUGUV£P
UGPVCFCULWPVCUFKUEWVKGPFQRQEQCOCDNGOGPVG
=RTGV[RTGU³KQMDQ?
³KQMFJC¡XaVTGIC³CT/W³KQMFJCK³FJK
ICIQQZ)KKNJKOVW¡KK¡PCDJCLC¡MV©P©K¡³
4GIC³CCGUGRGTTQRCTGEGEQOQSWGPQUGUV£
XKGPFQ=RTGV³KQMRTGU³KQMK¡³?
³KQ¡MFJC¡XaVUCNWFCT#C³MC³KQ¡MFJCTC¡
IW³LKKMWNJEJCMWK³KQ¡MK³KEJIW¡8Q[C
UCNWFCTCOKV¯QRWGUVQFCX¯CPQNQUCNWFQ
FGURGFKTUG:KLC³KQ¡MFJCKCRIWOLCCFW³
PCEJIW¡EJCO[C¡MCDWDWCMKC¡&GUR¯FGVGFG
VWURCTKGPVGUCJQTCRQTSWG[CPQXCOQUCRCUCT
RQTCSW¯
=RTGV³KQ¡MKRTGU³KQ¡MK¡³?
♦V©KZ³KQ¡MFJCOK³SWKGTQUCNWFCTNGSWKGTQ
JCDNCTNG
♦VW³KQ¡MFJKFJC¡CRFGDGUUCNWFCTCNC
IGPVG
♦CC³³KQ¡MK¡³FJKWDKKGUCOWLGTGUOK
COCPVG
³K¡QQMUKFKQOC)QQM³K¡QQMLKZOCCV©VVW
C¡ICK³IWMCUVKKNM©¡PIKQIWQ¡FCOM©¡P5«
JCDNCTFQUKFKQOCUGURC³QN[VGRGJW£P
JCDNC
FGWPCRGTUQPC%JCOLWOMCKOCIW
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
³KQ¡MK¡³FJK,QUGGPCLQVOQFC¡VW³KQM0QUG
GPVKGPFGEWCPFQJCDNC,QU«RQTSWGJCDNCT£RKFQ
=CRQU³KQ¡MK¡³?
³QNJCFLSWGVKGPGEWTXCU
ECOKPQ,C¡RZK¡
OK¡OKC¡PPQQPQNJIWDQKO©L©F©TU©NJVCK¡PC
³KEJRCK¡DJCV©U,KZQQ¡PK³IW¡PC³O©L©LC¡R
DJ©©[C¡-CDCK$QQ¡'NECOKPQSWGUWDGFGCNN£
CDCLQJCEKCCE£VKGPGOWEJCUEWTXCURGTQXKPG
RQT«NRQTSWGVWXGHNQLGTCFGFGUXKCTOGRQTGN
QVTQSWGXCC.QU%CDCNNQU
EWTXQ
FGHQTOC,KZ³QNJIWICCV'NCTEQGU
EWTXQ
JWPFKFC
NCRCP\C2CCRKEJIKEJKRK¡KKEJ
IWUWWFCK¡FJKDJWTW¡ZPCDC¡OQQRWK¡PCLCZ
DCZ³QNJ!#NQOGLQTPQNNGXCUVGCDGDGTCIWCC
GUVGDWTTQRQTGUQVKGPGNCRCP\CJWPFKFCVCN
EQOQNCVGP¯C
=RN³QQPQNJEQRLKZ?
1
JCDGTOGUGIWKFQ
NKVEQTTKFQVTCUFGO¯EWCPFQ
NQUQNVCTQPRQTSWGCNN£CDCLQOGCNECP\µ
QKFJC¡XaVCEQORC³CT1KFJC¡CRIWOVCCV
,KOKC¡UCR$QQFCOVCOMCDWKOWM#EQORC³C
CVWRCR£SWGXCC/G\SWKVCNOC³CPC
UGIWKT
RQTCVT£U1K¡³EJW¡CCIW©NJK¡EJ
MCUPKTIWF©¡©©¡PMC¡IW¡OWRCK¡MQK!5¯XC
UKIWKGPFQGNDQTTGIWKNNQCUWOCO£QUGFWTOKµ
RQTCJ¯!
NNGICT
GPUGIWKFCFGURW«UFGQVTQt2CC
FWWM[C¡RCKFJK/CCUKOW!tLWRMCK¡EJIW
$KMVQTt$©©R©¡FJQ,K³QKFJCVPC³KEJCC³
[C¡CKtLWRMCK¡EJIW$CNKPVKPt%W£PFQ
NNGIµCSW¯/£ZKOQ!tRTGIWPVµ8¯EVQTt*CEG
TCVKVQRWGUEWCPFQ[QNNGIW«GPUGIWKFCNNGIµ«N
tEQPVGUVµ8CNGPVKPQ
ECUCTUG
OWLGT,CZR©PV©©¡IWEJKQ¡³IWK¡
PCVUCCMQKIW5KFQQ³KC!%µOQUGNNCOCGN
JQODTGEQPSWKGPUGECUµ/CEGFQPKC!
=RTGVQKRTGUQK¡³OQXQK¡³EJW¡?
♦QKFJKFJC¡GORG\CTCJCEGTCNIQ
QKFJC¡UEGTTQ,KTIÀ¡CCDC¡FJKQKFJC¡PC
O©L©OO©PKRCK¡FJ©TLKZOCCZ!'UOW[ITCPFG
GNEGTTQSWGUGXGRQTCNN£FGCSWGNNCFQ!
=RNQK¡FJC¡?
QDCFXT£RKFQ%JCOQDLC¡PI©IWMW¡CC¡PQ¡T
UCTDJCM.CNG³CPQUGEQPUWOGT£RKFQUKGUV£
ITWGUC=0QTOCNOGPVGUGRTGUGPVCGPGNUGPVKFQ
PGICVKXQ?5KPµPLQVOQFC¡
QDCC¡UEGTGDTQ,C¡RVWVCVFC¡PCF©DCKO
IW³QDCC¡PCIKKNJKODJCZEJCVQK³LKZ
FJ©DCCNJR©ZDCKKDJ©K³RCPCCU5KGPVQEQOQ
SWGUGGUV£SWGOCPFQOKEGTGDTQRQTVCPVQECNQT
SWGJCEGJCUVCOGJCEGHCNVCGNCKTG
ITCUCCPKOCN'GMW³OQQOKLWWNJFJC¡IW
QDCC¡FJKMWM[WPFCPCDC¡DCZOCOQKMC¡
8Q[CWPVCTGUVCUEQ[WPFCUEQPITCUCCPKOCN
RCTCSWGUGCDNCPFGP
=CRQUQDCC¡P?
QDKC¡MKC¡XaKEQLGCTTGPSWGCT6W¡EJKFWWFJK
©NJK¡EJDJGUGGTPCDC¡QDKC¡MKO!-C¡VW¡CC
LQK¡U©K!3W«NGRCUCT¯CCNDGEGTTKVQSWGXC
EQLGCPFQ!5GNGENCXCT¯CCNIWPCGURKPC!
=RTGVQDKC¡M©RTGUQDKC¡M?
QK=RTGVFGQKFJC¡?NQCEQORC³µNQUKIWKµ
QKFJCVF©TCFXVTCUFG,K³QKFJCVF©TDCM
OWK¡RZKO©©IWICIQQZPCRKO©VRCK¡FJWWM
FQ¡³EJQPCOO©PKDC³C¡PUCR'NRGTTQFGDKµ
QKT©FCO
QKFJC¡UC³Qt,©¡MQKFJC¡RKEJ[C¡DC
LWTWW³,WMV©T!tLWRMCK¡EJIW2GGITQ
t)QQMQKFJC¡FJQtLWRMCK¡EJIW,WCP
t%W£PVQUC³QUJCUGUVCFQCSW¯GP5CPVC/CT¯C!
tRTGIWPVµ2GFTQt&QUC³QUtEQPVGUVµ,WCP
QKNJKC¡XaKCPFCTECOKPCT%JCMWKVWQKT©FJK
CNJKKUKCMWV©KIQQMQKFJC¡DCDKC¡6QFCX¯C
PQECOKPCGUVGPK³QCWPSWG[CVKGPGFQUC³QU
XaGGUVCTCPFCT
CPFCPFQ/K¡³KQKT©IWLQKU
PCRUCCMLKZ³KQ¡MFJCO#NN¯CPFCGNLWG\EQP
SWKGPSWGT¯CUJCDNCT
=UWLRNQKRKC¡EQPVQKT©FC¡QKRQFC¡RTGUQKT©
QKRQ?
♦PCK¡R©ZQKNJKFJC¡CPFCFGXCIQ
QKNJKEJFJC¡XaVJCEGTECOKPCT/WPKLC¡RLCR
ZKQKNJKEJFJC¡FJKCNJKKMWL©MI©¡*C\ECOKPCT
RQTCJ¯CNPK³QRCTCSWGFGLGFGNNQTCT
=RTGVQKNJKEJRTGUQKNJKEJW¡PQQKNJKZK¡³?
QKRKC¡=UWLRNFGQKNJKC¡?2GLQKRKC¡CO
CPFCT£P=EQPVQKRQFC¡RTGUQKRQ?
QKT©=RTGUFGQKNJKC¡?CPFC
QKT©FCOUXCIQ,CZFJWKPCFJKLCOVCVCCNJ
LKTQKT©FCOR©ZEJCORCK¡VWMKQ'NV¯QFG
WUVGFGUGUWPXCIQRQTSWGPQVKGPGECUC
'&+%+•024'.+/+0#4`
QKT©FC¡
6'2'*7ƒ0Ê'52#“1.
GPHGTOGFCFNGXG1KT©FCOLKZMC¡QQMUCR
FJKOVCVCCNJ6©©¡PCLC¡ROQQZEJW¡CC¡R©ZDC
V©P©K¡³6WV¯QFKEGSWGVKGPGWPCGPHGTOGFCF
NGXGRWGUOKTCEQOQVKGPGNCECTCFGUEQNQTKFC
QKT©FC¡=EQPVFGQKNJKC¡?GUVCTCPFCPFQ
QK¡FJC¡XaTLWIWGVGCTTGVQ\CT
WPQEQPQVTQ
&CKPCOLWOQ¡KK¡³FJC¡FJKC¡CCNJPCOV©KVW
W¡WCPFC¡RWK¡MWODC¡EJCOQDVWOCCEJKO
5QNCOGPVGLWIWGVGCPNQUPK³QUEWCPFQGUV£P
GUETKDKGPFQRQTGUQPQCRTGPFGPT£RKFQ
=RTGVQK¡RTGUQ¡KK¡³EQPVQK¡FJKFJC¡Q
Q¡KK¡³FJC¡?
QK¡FJC¡=UWLRNFGMKQ?2GLRWKQK¡FJC¡CO
VQFCX¯CXKXGP=HWVQK¡FJC¡MC¡QQK¡³MC¡
EQRTGVQK¡FJC¡MCVQQK¡³MCV?
QK¡FJC¡=RNFGQKFJC¡?EGTTQU
QK¡³CFLSWGUGRCTGEG
CQVTCRGTUQPC&CK
DCMFJK4COWWPLKZQK¡³IWVCCVC¡PPCDC¡RW
EJW¡OV©P©K¡³5QNCOGPVG4COµPUGRCTGEGCUW
RCR£RWGUVKGPGNCECTCKIWCN
SWGGUKIWCN
CQVTCRGTUQPCGPCNI¼PCURGEVQ
%JCOQDL©L©MI©TCOFJKC¡CCNJPQ¡O©VDC
DJCCMPCOIW¡ZQK¡³IWLCPCCP5KUGGPQLCP
GUVQUPK³QUPQUGEQPVGPVCPRTQPVQRQTSWGUQP
KIWCNGUCUWOCO£GPGUGTGURGEVQ
=EQRLKZ?
QK¡³=RTGUFGQKFJC¡?NQCEQORC³CNQUKIWG
QK¡³EJC¡=UWLRNFGMKKEJC¡?2GLOK¡QK¡³EJC¡
COCNN¯XKXKT£P=RTGVQK¡³EJCEQRTGVQK¡³MCV
EQPVQK¡³EJCKFJC¡?
QK¡³EJW¡=OQXFGQKFJC¡?XCCEQORC³CPFQXC
UKIWKGPFQ
QK¡³IC¡PU6KGTTCOWPFQ,KTMCDWWNJKMR©Z
FJKQK¡³IC¡PD©©ZZKMQQNJFJ©TLCODC¡QK¡FJC¡
IWLC¡VMCO'UVGOWPFQGUTGFQPFQ[NCIGPVG
XKXGGPVQFCURCTVGUCNTGFGFQTFG«N
RNCPGVC,KTF©D©©TR©ZFJKQK¡³IC¡PD©©ZPC
L©¡ZK¡³,CK¡RLCK¡EJIWC¡QK¡³IC¡PPCRWK¡RLKT
MC¡MDWNJKMFCKPCO©MLC¡MFCTCC'UVG
OWPFQGUFGVKGTTC*C[QVTQURNCPGVCUSWGUQP
TGFQPFQUVCODK«PPCFCO£USWGSWGFCPNGLQU
=RNC¡QK¡³IC¡P?
QK¡³MCOUFWG³QU
FGNCECUC%JCOOK¡
FJCTCCCOIWQK¡³MCOOW2WPVC6C¡OPC
³KEJV©KRCZKCTO©TCMVCMCCD0QGUVCDCPNQU
FWG³QUFGNCECUCGP.C2WPVCEWCPFQHWKCNN¯C
RCUGCTC[GT8«CUGMKQMCO
QMFJCOUOCFTQ³Q
£TDQNHTWVC$JCOO©PK
FJ©TLKZLQK¡³FJC¡COIWMCMCTDCZPCO
MWC¡FC¡IWQMFJCOPCDJCK¡KCNJKZ#NQU
EJKXQUNGUIWUVCEQOGTUGNCUJQLCUFGNOCFTQ³Q
SWGGUV£GPGNUWGNQFGCSWGNNCFQ
QNJKCUTQFKNNC'CRLWOQ¡NJKCM©¡PZKM©MDW
MW³LWOVCNKCTW¡6W¡IKMWRDC¡EJCOLK³
MÀÀ!#XGTRQPVGFGTQFKNNCURCTCRGICTVG2QT
SW«PQOGQDGFGEGU!=RNQ¡NJKC
CRQUQNJKC¡PQ¡NJKC¡P?
♦QNJKC¡TCOGPUWTQFKNNC
FG«NQFGGNNC
♦Q¡NJKC¡PM©¡PM©MDQ¡RQPGTUGFGTQFKNNCU
QOPC¡XaVRKECTRCTVKT:KQQOKUFJKDJCD
PCRDC¡OK¡DCFCCUC¡2KECGUVQUGLQVGURCTC
SWGNQURQPICUCEQEGT
SWGDTCT
GPRGFC\QUHTCEVWTCT1¡OUCO©VIW
VWVWWTIWLCTCCTPCO©VPCK¡LKDQQR.QUVQTQU
SWGDTCTQPGNCTCFQEWCPFQEQTTKGTQP
=EQORNRNQQOUC¡QQ¡OUC¡RTGVQOQQOUCQ
Q¡OUCRTGUQOKKUQQOKUQQ¡OKU?
QO³KC¡XaKSWGDTCTUGHTCEVWTCTUG#OR©ZQ¡OKM
IWDJCK¡³FJKDCK³FJCU$CKMKODCLKQOZKD
M©¡PEJCOMCDCCMEJKIWWWZIWK¡PC³
DJCDJCKEJW¡PFC¡5GSWKGDTCUGIWKFQGNECDQ
FGGUVCJCEJCRWGU[CNNGXCVTGUXGEGUEQP«UVC
#NQOGLQTPQUKTXGGUVCOCFGTCEQPNCSWGJCIQ
NQUECDQU=EQORNRNQQOMKC¡QQ¡OMKC¡
RTGVQOQQOKMQQ¡OM©RTGUQQOM©QQ¡OKM?
♦EJCOQOKKMEJCOQ¡OKMCFLSWGGU
HNGZKDNG
NKVPQUGSWKGDTC
QO³K¡CFLSWGDTCFK\Q
EQUCNCTIC&©©NJLKZ
QQOMK¡L©¡OC¡PIWUCUQOMCT#NIWPCUCIWLCU
UQPSWGDTCFK\CUFGRQTU¯=RNQQOMK¡EQRLKZ?
QPUUCN/CC¡PMKKNWRLK³IC¡NJKFJC¡IWQPIWZ
DKK2QTHCXQTX«PFCOGWPMKNQFGUCNTGHKPCFC
=RQUQPCC¡CRQUQPCC¡P?
♦QPMCMCFLUCNCFQ
QPDCK¡³FJC¡XaDTGICNCT,CTQQPKCCR©P
UCCMLWOQPDCK¡IWW¡WCPIWZMCDQQMIWK¡
PCROKLC¡RV©VMCKFJC¡!3WK«PGUNCRGTUQPC
SWGOGFKLKUVGSWGVGTGICNµGNNKDTQITWGUQGN
SWGUKGORTGVKGPGURQTCNN¯!
TGICNCTUGTXKT
EQOKFC6WEJDC¡
QPDCK¡³FJC¡EJKFJKEJLCFWW³PC[C¡EJ
RCZKCTCKO!0CEJIW¡LC¡ROQQZKDR©MEJCO
LWRDKC¡IWV©OMCNJ3W«NGXCOQUCUGTXKTC
GUVGRCTKGPVGPWGUVTQSWGPQUGUV£XKUKVCPFQ!
2QTSWGRQTGNOQOGPVQPQVGPGOQUVQTVKNNCU
=RTGVQPDCK¡RTGUQPDCIK¡³?
QPMCMCFLUCNCFQSWGVKGPGUWHKEKGPVGUCN
NKV
UCDGCUCNt,KZQPMCMCCFJKLCODJKKPC
RKOVWMWC¡MC¡IW¡RWEJCOOKDWK¡³LC³KEJ!
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
tLWRMCK¡EJIW.WWRGt,KZQPMCMLKOCVI©O
tLWRMCK¡EJCOIWK¡PCOVWMWC¡t6KGPG
UWHKEKGPVGUCNNCEQOKFCFGWUVGFGUQPQNGGEJ«
UWHKEKGPVG!tRTGIWPVµ.WRGt'UV£DKGP
tEQPVGUVCTQPNQUSWGGUVCDCPEQOKGPFQ
=EQRLKZ?8«CUGMCCM
Q³KC¡XaKFGURGLCTUG
EKGNQ#C³©NJKK¡³PC
MCDWKOWMDCQ³KC¡6©©¡PCDC¡ZKC¡NJDKLC¡M
R©ZDCLKOIWV©DCC¡;QRKGPUQSWGOC³CPCUG
FGURGLCT£GNEKGNQRWGUH¯LGUGSWGNCUPWDGU[C
XCPJCEKCGNQTKGPVG
NKORKCTUG
VTCUVGUQTQRC,KZDJCK¡RKOOQQ
DCMWCPC¡FJKLQQZKC¡DCMWCPMCTM©¡PPCDC¡
Q³KC¡IWZIKQ¡.CXGPDKGPEQPLCDµPGUVGRNCVQ
RCTCSWGUGNKORKGNCITCUCSWGVKGPG
=UWLRNWC¡MKC¡RTGVWCP©WC¡M©?
♦EJCOW¡WCMPQUGSWKVCNQUWEKQ
QQ=RTGVFGQTCC¡?RK\Eµ
QQICZUV¯Q
GURQUQFGNCJGTOCPCFGNRCR£QFG
NCOCO£#C³LKTLK³QQICZIW2QQNFQPCIW¡
D©©OC¡PFCCIW³DCDQQNJ.GQRQNFQGUOKV¯Q
RQTSWGGUGURQUQFGOKV¯C
NKVGURQUQFGNC
JGTOCPCFGOKOCO£
UQDTKPQUQDTKPC
JKLQQJKLCFGNJGTOCPQQFGNC
JGTOCPCFGNCGURQUC$JCK¡ZK³DJ©K¡³LK³
QQICZFJKDCK³FJCUPCOK¡MCCV5QDTKPQ
FCOGGUCJCEJCSWGGUV£CNN¯
=RNC¡QQICZCRQUQQICZK¡³C¡QQICZK¡³?
QQIC¡P=CRQUFGQQ¡?UWUWGITQ
QQOMKC¡=EQORNRNFGQO³KC¡?UGSWGDTCT£P
=RTGVQQOM©RTGUQQOKM?8CTQ¡OMKC¡
QQOMK¡=RNFGQO³K¡?SWGDTCFK\QU
EQUCUNCTICU
=EQRLKZ?
QQOUC¡=EQORNRNFGQOPC¡?HTCEVWTCTNQU
=RTGVQQOUCRTGUQQOKU?8CTQ¡OUC¡
QQ¡UUWGITQ/C³³KQMVCMCCDIW³QQ¡PC
³KEJUCREJCORCNJDWKPCVRCK¡FJWWMVWQQ
#[GTOGTGIC³µOKUWGITQRQTSWGPQNGC[WF«
EWCPFQRK\Eµ=CRQUQQIC¡P?
QQ¡CFLHWGTVG,CZFJWKPCIW¡EJCMWKR©M
DJCK¡QQ¡FJKOCCEJW¡PCIW¡MCRWRLKT
L©IKCTWORCNJ©©RMKC¡R©ZOCCEJKOPCVW
DJKK³QTC¡'UVGOCEJQVQFCX¯CPQVKGPG
UWHKEKGPVGHWGT\CRCTCECTICTRQTSWGVQFCX¯CGUV£
WPRQEQDTWVQRWGUCRGPCUGUV£CRTGPFKGPFQC
ECTICT=RNQ¡LQ¡EQRLKZ?
QQ¡PCFLSWGVKGPGHNQLGTC-CDWKOWMLC³DC¡
LKKUOC¡FJK³KRWWT,KZQQ¡PK³ZKD/C³CPC
Q¡FCO
XQ[CTGEQUGTOKHCNFCRWGUCJQTCVGPIQHNQLGTC
=RNQ¡LQ¡PEQRLKZ?
QTCC¡XaVEQUGEJCT
OC¯\RK\ECT-CZKEJ³©©TC¡
KEJPCZDJCK¡MCZKICMKC¡FJKLWWPPCEJDC¡
DCVWQTCC¡8COQUCGURGTCTJCUVCSWGUGUGSWG
DKGPGNOC¯\[GPUGIWKFCRK\ECOQU=RTGVQQ
RTGUQT?
♦Q¡TCDJCMU«RQECFGRK\EC
QTPKNJUJQTPQ
FGDCTTQQRKGFTC$JCK¡RKOZK
O©©OFC¡FJKQTPKNJMWEJLQQVQODJCKFJC¡IW
RCCP#VK\GPGNHWGIQGPGNJQTPQRCTCSWG
EQ\COQUT£RKFCOGPVGGNRCP
QTQUKKTUCNIWCEKN:KDUCRDJCLKOIWQTQUKKT
PQ¡RKOEJCMWKOWLKOKC¡PCLCODCK¡³IW
LQKU&KEGSWGCJQTKVCXKGPGGNCNIWCEKNUKPQXCP
XQNWPVCTKCOGPVGCFQPFGNGUNNCOCGNLWG\
=RNQ¡TQUKKT?
QTTQIKC¡XaKITW³KT
EGTFQ6WMCC¡DCMOCC¡P
[C¡C¡L©IWVQQZMQNJO©L©RCK¡R©ZQTTQ¡PFC¡
%TGQSWGGPNCPQEJGNNGIµWPEGTFQRWGUUGQ[µ
SWGGUVCDCITW³GPFQ=RTGVQTTQI©RTGUQTTQ¡
EQPVQTTQ¡PFC¡?
QUCC¡OUTGUKPCFGRKPQ$C³LWWTWIWQUCC¡O
PC³KEJDJCK¡MCZK³UKKULWMUCPQQRDCMIW¡Z
QUDJC¡LK5GOGRGIµNCTGUKPCEWCPFQOG
CRQ[«GPGNRKPQRWGUPQUCD¯CSWGNCVGP¯C
QUDJC¡UUCXKC
GURGUCFGEKGTVQU£TDQNGU
=CRQUQUDJCIC¡P?
QUDJC¡CFLSWGVKGPGUCXKCGURGUC
£TDQN2CC
DC¡³LWWTWIWQUCC¡OPCDC¡IÀ¡ZQUDJC¡IW³
ZCDWKTCZ!/QQEJKOWPC³ZKFJCCMCVLWM
VC¡O&µPFGOGOCPEJ«EQPNCTGUKPCSWGGUV£
RGICFCGPOKRCPVCNµP!2WGFGUGTSWGCNN£
FQPFGGUVCDCUGPVCFQLWPVQCNVTQPEQFGWPRKPQ
=EQRLKZ?
QZKCUXCTC
FGCWVQTKFCF1ZKCZKWC¡FC¡IW
QTQUKKTPCRCK¡FJWWMDCLCDCKFJKFJC¡IW
LC¡VMCOOWLC¡MEJKQRPCOLWOMWTWUVWFC¡
'NCNIWCEKNUKGORTGNNGXCWPCXCTCEWCPFQXC
KPXKVCPFQCNCIGPVGCTG\CTGPNCKINGUKC
=RNQ¡ZKC?
Q¡FCOUVGRGJW£P
RGTUQPC1¡FCOMCO
VW¡KK¡FJKPCCDCVPCZEJWCV©V©K¡'UGOGUVK\Q
RCTGEGWPVGRGJW£PRQTSWGGUV£XGUVKFQFGRWTQ
DNCPEQ
VGRGJW£P
KFKµOC#CIW¡ZDJCK¡³KQMLKLKC
IWQ¡FCOUKCMWV©KTPCCDCVIWK¡PCV[C¡ÀÀM
VCMCCD,KZDJCK¡RWV©KPCVRCK¡FJWWMLKEJ
³KQ¡MKIKQPCVRCK¡FJWWMZKEJVCDWKOIKFJCM
'&+%+•024'.+/+0#4`
Q¡KK¡³
6'2'*7ƒ0Ê'52#“1.
DCLKK'NOGUVK\QSWGXKPQC[GTU¯UCDGJCDNCT
DKGPGNVGRGJW£PRWGUNQRTQPWPEKµDKGPEWCPFQ
PQUUCNWFµ[VCODK«PEWCPFQUGFGURKFKµCNKTUG
KPF¯IGPC
RGTUQPC/GGLKMQK¡³EJCO©VIW
D©©R©¡MCOQ¡FCOFCKPCOOCCMCOVW
³KQMFCVEJCOVW¡RWK¡PCCCEJQ¡FCO,WMV©T
MCO#PVKIWCOGPVGXKX¯CIGPVGKPF¯IGPCGP
/«ZKEQPCFCO£USWGJCDNCDCFGWPCHQTOC
FKHGTGPVGCNCSWGJCDNCOQUPQUQVTQUSWGUQOQU
FG5CPVC/CT¯C1EQV£P
♦Q¡FCOM©¡PGPVGRGJW£P
Q¡KK¡³=RTGUFGQK¡FJC¡?LWIWGVGCP
Q¡KK¡³FJC¡=EQPVFGQK¡FJC¡?GUVCTLWIWGVGCPFQ
Q¡LQ¡=RNFGQQ¡?HWGTVGU=EQRLKZ?
Q¡LQ¡P=RNFGQQ¡P?SWGVKGPGPHNQLGTC=EQRLKZ?
Q¡MKZUV¯C
JGTOCPCOC[QTFGNCOCO£6W
QPDCK¡³FJC¡CRIWOQ¡MKZPQ¡DJCK¡DCLKO
LC¡Z³KPCIW¡UCRDJCLKOFC¡2QTHCXQTFCNG
CNIQFGEQOGTCVWV¯CCNTCVQEWCPFQXGPIC
RQTSWGFKLQSWGKDCCXGPKT
UQDTKPQUQDTKPC
JKLQQJKLCFGNCJGTOCPC
OGPQTFGWPCOWLGTt/K¡FJCCCCIWOPCCP
LK³Q¡MKZ!tLWRMCK¡EJIW5QRKK[Ct/K¡FJQ
FCCtLWRMCK¡EJIWV©©[CZt5QDTKPCCNN¯
GUV£VWOCO£!tRTGIWPVµ5QH¯Ct5¯CNN¯GUV£
tEQPVGUVµNCPK³C
=RNC¡Q¡MKZCRQUQ¡MKZK¡³C¡Q¡MKZK¡³?
Q¡NJKC=RNFGQNJKC?TQFKNNCU=CRQUQ¡NJKC¡P?
Q¡NJKCEJKC¡XaKCTTQFKNNCTUG,C¡RLC¡MZK
DQK¡³ZK¡³FJKUWWFCK¡PCDC¡COR©MDCVW
ICMKC¡MCDWKOWMPC³OK¡Q¡NJKCEJKC¡PC³VW
DQRMQPC¡IWLCLCPPWNJ*C\WPCEWPGVCRCTC
FGUXKCTGNCIWCCWPNCFQRCTCSWG[CGUV«DKGP
UGEQOC³CPCRQTSWGCNN¯XQ[CCTTQFKNNCTOGRCTC
NCXCTNCTQRC=RTGVQ¡NJKCEJQQ¡NJKCEJ©Q
Q¡NJKCV©?
PKPIWPCRCTVGRTQDCDNGOGPVGUGGUEQPFKµ
FGDCLQFGWPGPEKPQEWCPFQXKQSWG[Q[CXGP¯C
tTGURQPFKµ,WCP=RTGVQ¡³EJQ?
Q¡³ZKFJC¡XaVRGTFGTGUEQPFGT
EQORNCPKO
#C³OC³Q¡³ZKIW³DJWTW¡ZK¡%JCORCK¡V©©
³KEJVCMCCDPC³V©KVWIC¡PICKO©M5GOG
RGTFKµWPDWTTQ0QNQJCNN«C[GTEWCPFQNQ
GUVWXGDWUECPFQ=RTGVQ¡³ZKRTGUQ¡³ZK¡³
EQPVC¡QQ¡³ZK¡³FJC¡?
Q¡TUKZVNG
OCIWG[RGSWG³Q'GMW³OQQWC¡TC¡
IWQ¡TMW³VWLWOCC¡PC³V©V©VTQRK³C¡8Q[C
VTCGTKZVNGRCTCVCNNCT[JCEGTUQICU
Q¡TCDJCMCFX«RQECFGRK\EC
PQXKGODTG
t2CCRFWWMIKQDJCK¡RDCQKT©!tLWRMCK¡EJ
IW,WCPt&JQPQ¡IKQRDCTQ¡TCDJCMPC³DC¡
EJCOWCOC¡tLWRMCK¡EJIW2GGITQ
t%W£PFQXCUCXGPKTQVTCXG\!tRTGIWPVµ
,WCPt2WGUJCUVCSWGNNGIWGNC«RQECFGRK\EC
RCTCPQOQTKTOGFGJCODTGtEQPVGUVµ2GFTQ
8«CUGQTCC¡
Q¡TQUKKT=RNFGQTQUKKT?CNIWCEKNGU
Q¡ZDK¡CFLSWGGUOCNCUG³CN,KZQ¡ZDK¡UCRIW
MCZKQPQ¡COWWDMWWRCK¡LCZEJW¡OMKKEJCO
5GFKEGSWGGUOCNCUG³CNEWCPFQWPC\QTTC
EJKNNCEGTECFGNCECUC=EQRLKZ?
Q¡ZKC=RNFGQZKC?XCTCU
Q¡[CUCTGPC)À¡OKOV©©IWQ¡[COK¡³KPCRCK¡
VWWMCDMCV©F©¡MCVPCVRCK¡FJWWMOKO©©IW
UWWFCK¡'NJQ[QITCPFGSWGGUVCDCRQTCNN¯UG
NNGPµFGCTGPCEWCPFQEQTTKµGNCIWC
♦Q¡[CVCORNC[CCTGPCN
2
Q¡OMKC¡=UWLRNFGQO³KC¡?UGSWGDTCT£P
=RTGVQ¡OM©RTGUQ¡OKM?8CTQQOMKC¡
Q¡OUC¡=EQORNRNFGQOPC¡?HTCEVWTCTNQU
=RTGVQ¡OUCRTGUQ¡OKU?8CTQQOUC¡
Q¡PUQRF©TLC¡M=XCTFGC¡PUCRF©TLC¡M?CN
NCFQK\SWKGTFQ
Q¡³EJQ¡XaTGUEQPFGTUG
UWLCPKOt2CCDCO
PCOIW2KNKKRPCVO©L©LKFJWW!tLWRMCK¡EJ
IW/CMCCTKQt%JCORCK¡³³CPO©MMC¡DC¡
IW¡OK¡RCK¡ZKOQ¡³EJQVWCUCPQQRPC³P©K¡³
PC³DJCK¡DCLKO!tLWRMCK¡EJ©RIW,WCP
t&µPFGVGGPEQPVTµ(GNKRG!2WGUUGHWGRCTC
CNN£tFKLQ/CECTKQt0QPQUGPEQPVTCOQUGP
ÊREN¯V+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN
UKPIWNCT-CDWKOWMPCRLCZDCOIKC¡ROQQLC
CC¡³FJCTC¡IW$CCNJ$©VC¡QK¡³MCOPCODJC
LKKOFC¡OCCZFJKLC¡RLCRLCV©©FC¡PCOOQQ
[C¡RVWK¡MC¡/C³CPCGPEWCPVQVGNGXCPVGUXG
C.CU%CPCUVCUCFGEKTNGUCNCURGTUQPCUSWGXKXGP
CNN¯SWGXGPICPRCUCFQOC³CPC[FKNGUSWGPQ
HCNNGP=5GRTGUGPVCFGURW«UFGWPCXQECNQWPC
RCWUCINQVCN)TCO?8CTLCRCR
8«CPUGRKEJLCRKEJ
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
RCCCFXFµPFG!#CRRCCMKQ!&µPFGXKXGU
V¼!
♦RCCRKEJLC¡MDCLKKCFµPFGXCU!
♦RCLC¡MCFXCFµPFG!CSW«RCTVG!
♦RCK¡CFXGPFQPFGRQTFQPFG
♦PCRCK¡CFXFQPFG
RCCFWWMCFXEW£PFQ!
NKVFµPFGGUVCT£GN
5QN!2CCFWWMUCR[C¡DCCC[C¡IW[C
MKQMCO!%W£PFQFKLQSWGKDCCNNGICTGNSWG
XKXGCSW¯!8«CUGFWW
♦RCCLC¡RFWWMCSW«JQTC!
♦RCCR©PFWWMEW£PFQUGT£!
PQOG
CEWGTFQ
RCCIKKPVGTL5GWUCRCTCKPVTQFWEKTWPCRTGIWPVC
TGVµTKECFGTGURWGUVCPGICVKXC2CCIKVW¡LCZLWR
DWCFC¡FJK2GGITQPQ¡EJCOLCTQK¡LWCP!)W
VCCVC¡PPCOWF©MQQIK¡³FJC¡PCDC¡UKCOTKV©
©UFC¡2GFTQPQJCEGPCFC
NKVSW«JKEKGTC
2GFTQ!EWCPFQPCFKGNGFKEGPCFC[EWCPFQ
UKGODTCGURQTSWGUWRCR£NGCPKOC
RCCNJUUCEGTFQVG$©©R©¡[CLC¡RDWWUIWRCCNJ
DJCOO©PKLC¡MZKEJ©O©NJKKEJ$QQLK$KDKC¡'N
UCEGTFQVGRCUµRQTCSW¯JCEGTCVQ[UGHWGGPUW
ECOKQPGVCC%K«PGICFGN1UQ=RNRCRCCNJ?
RCCPURCP#NJK¡EJR©ZLCRLCK³FJC¡FJKCNJKK
IWRCCPPCIW¡EJCOL©¡ZMCVLWIKQMC¡PQ¡
RKEJD©©ZOCC&CNGPCFCO£UWPRGFCEKVQFG
RCPCNPK³QRQTSWGPQRWGFGEQO«TUGNQVQFQ
'N
RCPUGJCEGGPWPJQTPQFGDCTTQ'UTGFQPFQ
[FGNICFQEQOQWPCVGNGTCITCPFG[WPRQEQ
FWNEG
RCC³KQ¡URC³Q
TGIKQPCNKUOQRC³WGNQ,KZ
ZWW¡PIK¡VWRCC³KQ¡IW³LKKMWNJCVVKKTWLC¡M
F©TLKZEJWOCCZ/KV¯QVKGPGWPRC³WGNQ
VTCPURCTGPVGRWGUUGFKXKUCENCTCOGPVGCVTCX«U
FG«N
0QODTGFGNRC³WGNQNCTIQFGEQNQT
DTKNNCPVG[VGNCVTCPURCTGPVGSWGNQUJQODTGUUWGNGP
NNGXCTCVCFQGPGNEWGNNQ=RNRCRCC³KQ¡Q
RCR³KQ¡?
RCCU©NJCFXCFµPFGOGTQ!2CCU©NJM©©MIW
DCCMVCMCCDPCRKEJMQDZK¡³O©TCM2GGITQ!
$JCK¡CCPCRCK¡ZMQVDQTC¡MC¡DJCOO©CC
FCCOF©T!#FµPFGOGTQGUVCDCNCXCECC[GT
EWCPFQHWKUVGCXGTNC2GFTQCNN¯GPGNNNCPKVQQ
CNN£CTTKDC!
RCCUWK¡EJUGRC\QVG2CCUWK¡EJM©¡PLKZK¡QQD
IWDJCDLKFJQQT.QUHTKLQNGUUQPUCDTQUQUEQP
GRC\QVG
♦RCCUWK¡EJLWPOC¡POQNGFGGRC\QVG
RCK¡PCR©Z
RCCUWNJUV¯C
JGTOCPCOC[QTFGNRCR£t,K³
³CCPLCZUCRMWVDC¡EJCODJCLKKIW³
RCCUWNJVCMCCDPCRMCK¡EJPCUCCMDJCLKOFC¡
I©V!tLWRMCK¡EJIW#PTGCt&JQUCREJCO
LCZLKZDJCK¡PCIW¡VW¡ZDWCtLWRV©VFCIW
F©¡©©¡Pt/CO£RQTSW«PQXKPQOKV¯CC[GTUK
FKLKUVGSWGKDCCXGPKT!tRTGIWPVµ#PFTGC
t2QTSWGPQVKGPGVKGORQRQTNQUSWGJCEGTGUSWG
VKGPGtEQPVGUVµUWOCO£
UQDTKPQUQDTKPC
JKLQQJKLCFGNJGTOCPQOGPQT
FGWPCOWLGT$CLKOKC¡CRLK³RCCUWNJMWVVW
IW¡DCOI©©¡IWOPCCPEJKV©KDCOP©©TC#CR
IW¡FCKOV©VDK;CXGVGUQDTKPQCNN£EQPVW
OCO£CNQOGLQT[CVGGUV£GURGTCPFQ2WGFGUGT
SWGVGRGIWGRWGUPCFCO£UGUV£ULWICPFQ
=RNRCRUWNJCRQURCCUWNJK¡³RCRUWNJK¡³?
RCK¡CFXGPFQPFGRQTFQPFG2CK¡PCZZC¡KK¡EJ
OQQV©DKCRW¡PCODC¡EJCOWC¡OC¡IWEJ
MCMDCK¡0QUSWGFCTGOQURQTFQPFGJC[RCUVQ
RCTCSWGPWGUVTQUECDCNNQUPQUWHTCPFGJCODTG
8«CUGRCC
♦PCRCK¡CFXFQPFG
♦OKLC¡RRCK¡CFXRQTCJ¯
EGTEC
♦OWRCK¡CFXRQTCNN£
CDCLQNGLQU
♦OWLC¡RRCK¡CFXRQTCJ¯
NGLQU
RCK¡FJWWMCFXCNI¼PF¯C2CK¡FJWWMLCEJ
RCZKCTRW¡/CUCMNCPPQ¡EJOWK¡DCDKC¡IW
VWWOK³#NI¼PF¯CKTGOQUC/C\CVN£PCRCUGCT
EWCPFQ[CVGPICOQUOWEJQFKPGTQ8«CUGPC
RCK¡FJWWM
RCK¡L©CFXCXGEGU#C³RCK¡L©OCLKOKC¡
DJCOO©PKFJ©TLK³³WWEJKZDWKPC³LKZ
QQ¡PFC¡PC³F©©NJ[CFCCMC¡#XGEGUXQ[CNN£
EQPOKEW³CFCRQTSWGOGGPHCFQFGGUVCTUQNC
CSW¯
RCK¡L©R©ZCFXFGXG\GPEWCPFQ2CK¡L©R©ZLKZ
KQ¡OLKZKKDJCK¡³MC¡FJK[QQMPQ¡VLKZM©¡PMQD
FWW¡P&GXG\GPEWCPFQEWCPFQNNWGXGCPVGU
FGVKGORQGUVGCIWCECVGVKGPGOWEJCHTWVC
RCK¡PCLCZCFXGPEKGTVCURCTVGU$CCRCKEJC¡O
VWQK¡³EJCTCOIWO©©O©DRCK¡PCLCZV©F©©F©¡
.CUCDGLCUXKXGPGPNQURG³CUEQUGPEKGTVCURCTVGU
FQPFGJC[CIWLGTQU
RCK¡PCR©ZCFXGPEWCNSWKGTRCTVGFQPFGSWKGTC
t2CCEJV©DKCRW¡!tLWRMCK¡EJIW,WCP
t2CK¡PCR©ZFJQtLWRV©VFCIW2GGITQ
t&µPFGXCOQUCRCUCTNCPQEJG!tRTGIWPVµ
,WCPt&QPFGSWKGTCtEQPVGUVµ2GFTQ
8«CUGPCRCK¡
'&+%+•024'.+/+0#4`
RCK¡PCR©ZFJWWM
6'2'*7ƒ0Ê'52#“1.
RCK¡PCR©ZFJWWMCFXEWCPFQSWKGTC
EWCNSWKGTF¯Ct2CCRKOFWWMIKQDJCK¡RDC
RCZKCT!tLWRMCK¡EJIW,QUGGt2CK¡PCR©Z
FWWMFJQPCEJIW¡TOKC¡PMCOtLWRMCK¡EJ
IW2GGITQt%W£PFQXKGPGPCRCUGCTQVTC
XG\!tRTGIWPVµ,QU«t%WCNSWKGTF¯CRQTSWG
XKXKOQUEGTECtEQPVGUVµ2GFTQ8«CUGPCRCK¡
FJWWM
RCK¡PCR©ZLC¡MCFXCEWCNSWKGTRCTVG
CFQPFGSWKGTC2CK¡PCR©ZLC¡MLKZLQK¡³PC
QKT©FC¡FJKDJWTW¡Z%JCOQDP©P©K¡³FJC¡³DC¡
PQ¡³KEJV©KDCLKICCICO'UVGDWTTQUWGNG
CPFCTCFQPFGSWKGTCRQTGUQPQNQGPEWGPVTQ
RTQPVQEWCPFQNQDWUEQ
RCLC¡MCFXCFµPFG!CSW«RCTVG!2CLC¡MLK
FJWWIWOCC¡PMCOPCOK¡MCM©©MCVVWTCCUPW
D©VC¡!#FµPFGUGHWGNCRGTUQPCSWGGUVCDC
RCTCFCCNN¯FGDCLQFGGUGFWTC\PQ!8«CUGRCC
♦PCRCLC¡MCFXCFµPFGCSW«RCTVG
RCNJDWKFJC¡XaVC[WFCT,K³RCNJDWKFJC¡CR
LC³OKEJQK¡FJC¡FJK³MCDCK¡IWUWWUMC¡P
#[¼FCOGCRQPGTNGNCUJGTTCFWTCUCOKECDCNNQ
RQTHCXQT
XaTRTQVGIGTUG2CK¡PCZDCDCC¡LC¡MZKO
RCNJDWKFJC¡IWMCTDCZPQ¡VDCLKQKIWDJCP
'NEJKXQUGRTQVGIGGPNCDCTTCPECEWCPFQNQ
CVCECGNEQ[QVG
=RTGVRCNJDWKRTGURCNJDWK¡³?
RCNJ©©RCFXRQSWKVQ
VKGORQ%JCODJCK¡MQK
³KEJCC³ZKD2CNJ©©RLC³KEJR©ZMQKRWZKDPC
DCZKC¡NJKO:KDLC³DC¡V©KDCZMQQZKOPCVLK³
CODCVQP;QPQFQTO¯DKGPCPQEJGFQTO¯
RQSWKVQEWCPFQ[CGUVCDCCOCPGEKGPFQ[CJQTC
SWG[COGRGIµGNUQNOGFKQUWG³Q
RGFC\Q2CNJ©©RDJC³LCK³K¡³FJKMKKUPC
DJCK¡FJCCPC³M©¡PVWLWIKC¡&COGWPRGFC\Q
FGNSWGUQSWGGUV£CNN¯RCTCEQO«TOGNQ
CEQORC³CFQEQPVQTVKNNC
8CTRCT©©R
♦RCNJ©©RCNJOW[RQSWKVQ
♦RCNJ©©RLWOFWWMCORGSWG³CEQUC
RCNJ©©RLWOFWWMCO=CPVµPFGIÀ¡RLWO
FWWMCO?PQITCPEQUC
RCPCCNJK¡ZUCXKURC
EJKSWKVCPGITCEQP
RGSWG³CUTC[CUDNCPECUt6W¡DJCCOFWWO
MCCOCOPCDC¡IÀ¡ZDCKI©M!tLWRMCK¡EJIW
#PTGGUt&JQDJC³M©KOCC¡PIWRCPCCNJK¡Z
OWMC¡PFCCOF©TPC³KEJLKDWCtLWRMCK¡EJ
IW2GGNGUt2QTSW«GUV£JKPEJCFCVWOGLKNNC!
3W«VGRCUµ!tRTGIWPVµ#PFT«Ut2WGUOG
RKEµWPCCXKURCCNN£CTTKDCFQPFGVWOD«GNRCPCN
tEQPVGUVµ(«NKZ
RCPCN
FGCXKURC,CK¡VWVWCVC¡OPCPIKCMC¡
COIWRC¡RPCNJK¡ZLCK¡DCCRCKEJC¡O#NIWPCU
CXKURCUJCEGPUWURCPCNGUGPNQUGPEKPQU[QVTCU
GPNQURG³CUEQU
=RNRC¡RPCNJKZ?
RCPCCUCFXRCTGEGSWG$JCOO©PKQKRQCO
RCPCCUIWMCTDCZPCRCK¡R©ZCOLKZEJ©V©©FW¡
#NN£GPNCRCTVGXGTFGRCTGEGSWGCPFCPNQU
EJKXQU
EQPLCWPSWGCRGUCTFGSWG%JCOQPMCM
FJKDJCD2CPCCULC³KEJV©KIÀ¡OKDWK¡³0Q
GUV£PUCNCFQUNQUHTKLQNGUCWPSWGNGUGEJ«OWEJC
UCN
RCRCCNJ=RNFGRCCNJ?UCEGTFQVGU
RCRCC³KQ¡=RNFGRCC³KQ¡?RC³QU8CTRCR³KQ¡
RCRUWNJ=RNFGRCCUWNJ?V¯CUUQDTKPQUUQDTKPCU
=CRQURCRUWNJK¡³?
RCRZKCTFCO=RNFGRCZKCTFCO?XKUKVCPVGU
RCTDCPCFXOCNPQDKGP
KPEQORNGVQQFGHKEKGPVG
2CTDCPLCRKEJDCMZK³LKKUOKFJCMFJK³
MWVWWPOCC¡PPCVLCZLWOUQQODJKQ¡0QOG
EQUKUVGDKGPOKECOKUCRWGUUGFGUEQUKµ
8CTRCTDQP
RCTDCPR©ZCFXPQOW[DKGPOW[OCN2CTDCP
R©ZLKOFWWMFJKOCC¡PMCOV©KIKKNJKOLKTLKZ
EJWO³KICO0QUGXKUVGOW[DKGPGUCRGTUQPC
CWPSWGGUOW[TKEC8CTRCTDQPR©Z
RCT©©R=XCTFGRCNJ©©R?RQSWKVQ
RCVCCUC¡XaVECODKCTTGGORNC\CT%JCOLK
PC³CKZFJKUCDWKTCZPC³KEJV©KUCDC¡NJ)KQ³
EJKROCRCVCCUO©TC¡LWOCKM©¡POWPC³KEJ
RCK¡UCDC¡NJ0QOGSWGFCPGUVQURCPVCNQPGU
SWGCECDQFGEQORTCT6GPIQSWGKTCECODKCTNQU
RQTQVTQUCNN£FQPFGNQUEQORT«
XaTECODKCTUG
TQRCWQHKEKQ'GMW³OQQ
LCK¡³RCVCCUC¡IW³LCLCPPWNJ$CZEJWK¡MQTC¡
FJK¡PCEJV©V©©¡%TGQSWGOGXQ[CECODKCTFG
TQRCRWGUGUV£UWEKCNCSWGVTCKIQRWGUVC
=RTGVRCVCCUCRTGURCVCCU?
RCZKCTC¡XaVXKUKVCT
CQVTCRGTUQPC%JCO
RCK¡MCRCZKCTIW³DCDQQNJPC[C¡MC³
RCZKCTFC¡;CPQOGXKUKVCVCPVQOKV¯CRWGU
CPVGUOGXKUKVCDCUGIWKFQ
XaKRCUGCT#C³OCC¡PPKOIW,WMV©T
QK¡³MCOLCD©©ORCZKCTO©TCMDJCOO©/GGLKM
7PCXG\HWKEQPWPCURGTUQPCUFG5CPVC/CT¯C
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
1EQV£PCRCUGCTC/«ZKEQ
=RTGVRCZKCTCRTGURCZKCT?
RCZKCTFCOUXKUKVCPVG,CDCKFJCMIW
RCRZKCTFCOIW³CDWKNPCUCRVWLC
QPDCK¡³FJC¡/KCDWGNCKPXKVµCNQUXKUKVCPVGUC
EQOGT=RNRCRZKCTFCO?
RC¡RCTVCNIQWPRQEQOGFKQ,KZICMRC¡DKK
³KEJPCVLKZKQ¡OVW³CK$CL«WPRQEQFGRGUQ
RQTSWGOGGPHGTO«ITCXGOGPVG
5GWUCGPNCRCTVGOGPQTFGWPCEQORCTCEKµP
,KZKQ¡OLKTIÀ¡IWUWWFCK¡[C¡FJKQK¡³IC¡PIW
F©D©©TLKTCNJK¡EJRC¡*C[OC[QTUWRGTHKEKGFG
CIWCGPGNOWPFQSWGFGVKGTTC
RKTKK³
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ2CCRKEJVWVCCFJKZC¡LQK
DJCDPCRKEJDCLK©K!&µPFGEQORTCUVGGUG
HTKLQNRKPVQSWGXCUCUGODTCT!
=5GRTGUGPVCFGURW«UFGWPCXQECNQWPCRCWUC
INQVCN)TCO?8CTLCRKEJ8«CUGÊR
RKKRKNJURQNNKVQ,KZDJCK¡OCC¡PC³LCMWMRC¡
IWRKRRKNJPCEJCOLCWK¡MC¡IWVQDJCD'U
PGEGUCTKQGPLCWNCTDKGPCNQURQNNKVQURCTCSWG
PQUGNQUNNGXGGNICXKN£P=RNRKRRKNJQZKZRKNJ?
RC¡EJOCFC¡XaVGPXGPGPCT
VTCORC$WNJKC¡
RKOFJKICIQQZPCEJCOOWLC¡MDJ©©[C¡ICC
V©TPCVIW¡UCCMO©L©LC¡RLWOFCTCKIWDCMCCZ
RC¡EJOCFJKZMCO#OCTTGPCNRGTTQRCTCSWG
PQUGXC[CCNCOKNRCRQTSWGFKEGPSWGRQTCJ¯
RWUKGTQPECTPGGPXGPGPCFC=RTGVRC¡EJOCK
RTGURC¡EJOC¡PTGURC¡EJOCFJKZ?
♦CNJLC¡ROQQZDJCK¡³RC¡EJOCKd#[EµOQ
OGGPXGPGPµ
5GFKEGEWCPFQNGTGICNCP
EQOKFCUKPOCNCKPVGPEKµP
RC¡RPCNJKZ=RNFGRCPCCNJK¡Z?CXKURCURCPCNGU
RC¡TKKPURCFTKPQOCFTKPC$JCK¡DCLKOIWO
RC¡TKKP/QQRPCOMKC¡IWPQDKK¡³PCRCK¡
FJWWMLWO³KQ¡MFJC¡;CXKGPGVWRCFTKPQ
&GDGUDGUCTNGNCOCPQEWCPFQVGUCNWFG
RKCOEQPLQ
CNVGTPCVKXCPQRTGIWPVC,C¡Z³K
LWTP©MLCRVWVCC³O©TC¡IWQPOWPCRCK¡O
IC¡TCRKCORWZKDLCROWK¡ZKLKOKC¡VW¡IK
R©M©R!'PNCVCTFGVKGPGUSWGKTCEQORTCTUCNC
NCVKGPFCQRWGFGUKTFGWPCXG\[CSWGPQVKGPGU
PCFCSWGJCEGT
KPVGTLXGTFCF!,C¡Z³KUCR[C¡CC[C¡IW³
³CCPRKCOCC6GGDCP!#NTCVQNNGICT£OK
OCO£XGTFCF'UVGDCP!
=)TCO?
RKCUVCVC¡XaKJCEGTWPCHKGUVC/CC¡PLCEJVW
KCTC¡IWVWWTPCEJVWRKCUVCVC¡MCDWKOWMPCT
LK³EJCPQQNJK¡MC¡8COQUCOCVCTWPVQTQRCTC
JCEGTWPCHKGUVCOC³CPCSWGGUF¯CFGOKUCPVQ
=RTGVRKCUVCVCRTGURKCUVCV?
RKEJEN¯V+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN
UKPIWNCT[VKGORQRTGV«TKVQ2WGFGRTGUGPVCTUG
EQOQUWHKLQCNXGTDQ$WNJMCKRKEJCCFJKO
KRWWTPCUCCMLKZFJWUCCTCOMCOCKZKEJIW
LWTDC¡P!4GFWLKUVGVWHCNFCGPNCEKPVWTCNC
SWGVGSWGFCDCHNQLC!
RKOEN¯V+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN
RNWTCN2WGFGRTGUGPVCTUGEQOQUWHKLQCNXGTDQ
,CMWWRC¡RKOZKDFJKDJG¡OUGTPCOEJCOVW
ZK¡[C¡VWMCC¡MWEJVWUWWUUCKVWK¡[C¡IWDKK¡O
MCDWKOWM2QTHCXQTGPEGTTCNQUDGEGTTQURCTC
SWGPQOCOGPGPNCPQEJG[OC³CPCRQFCOQU
QTFG³CTNCUXCECURCTCVQOCTNCNGEJG
2WGFGRTGUGPVCTUGEQOQUWLKHQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ/QQRKOCNJZKIWIWWZFJC¡
IW2GGNGUPCLCK¡LKOKC¡-QTKCPPCEJ
³KQ¡MFJCRW¡IWZMCK¡*CICPNQRQUKDNGRCTC
CPKOCTC(«NKZRCTCSWGVCODK«PXC[CC&WTCPIQ
RCTCRNCVKECTEQPGNIQDGTPCFQT
=5GRTGUGPVCFGURW«UFGWPCXQECNQWPCRCWUC
INQVCN)TCO?8CTLCRKO8«CPUGLCRKO©V
RKO©V
RKO©VEN¯V+PFKECUWLGVQFGNCUGIWPFCRGTUQPCFGN
RNWTCN[VKGORQRTGV«TKVQ2WGFGRTGUGPVCTUG
EQOQUWHKLQCNXGTDQ)KCRKO©VCCIWOCCEJW¡
PCRKOOKLC¡RMCIKIK¡FJCVVCMCCD!
.QITCTQPNC\CTGNOCEJQSWGGUVCDCPVTCVCPFQ
FGNC\CTC[GT!
2WGFGRTGUGPVCTUGEQOQUWHKLQCWPCRCNCDTCSWG
CPVGEGFGCNXGTDQ'CIQTZKEJWC¡ICPC³ZK
LCOMÀÀMÀ¡PCRKO©VVW¡M©¡PDJCCMPCRKODC¡
RWK¡FJK¡M©¡PEJCOMCVWOC¡C¡IK¡³
2NCV¯SWGPOGRCTCUCDGTRQTSW«UGGPQLCTQP[[C
PQUGJCDNCP
=5GRTGUGPVCFGURW«UFGWPCXQECNQWPCRCWUC
INQVCN)TCO?8CTLCRKO©V8«CUGRKO
RKRRKNJ=RNFGRKKRKNJ?RQNNKVQU8CTZKZRKNJ
RKTKK³UHTGPKNNQ
FGECDCNNQ#C³OCC¡PV©KZ
UCDC¡FCOIWRKTKK³IWZKDMCOPCIW¡DCT
M©NJK¡³IC¡PFJK¡PC³[CDKC¡3WKGTQEQORTCT
'&+%+•024'.+/+0#4`
R©M
6'2'*7ƒ0Ê'52#“1.
WPHTGPKNNQPWGXQRQTSWG«UVGSWGVGPIQGUV£
ICUVCFQ=RNRKRTK³CRQURKTKK³IC¡P?
R©MRCTV+PFKECSWGNCUKVWCEKµPECUKGUV£
EQORNGVCOGPVGFGUCTTQNNCFC,C¡RR©MDCLK[QQ
FJKKKDJCKR©MCODCVCLCC³KZ;COGTQ
GORKG\CCHNQTGEGTGUVGPQRCNRWGU[CUGGUV£P
CDTKGPFQNCUHNQTGU
+PFKECSWGNCUKVWCEKµPGUV£FGHKEKGPVGGPCNI¼P
CURGEVQ5WUFCIW³³QQPQDPC³KEJZKEJWLWC
PC³IW¡EJCOL©¡ZFJC¡R©MMCVWLWCP/G
UCNKGTQPCORQNNCUGPNCUOCPQUEWCPFQVTCDCL«
RQTSWG[CECUKPWPECVTCDCLQEQPGNNCU
R©PRCTV+PFKECSWGPQTGEWGTFCGZCEVCOGPVG
$JCOO©PKPCOQKRQQKFJC¡VC¡OIWEJ
MCMDCK¡5CCMR©PLKKO©V!0WGUVTQUECDCNNQU
CPFCPCNN£GPGNEGTTQ0QSWGJCD¯CPJWKFQ!
R©ZRCTVPCFCO£Ut6W¡RLCZDWC!tLWR
MCK¡EJIW,WCPt;C¡³R©ZLC¡RQKT©tLWR
MCK¡EJIW2GGITQt3W«JCEGU!tRTGIWPVµ
,WCPt0CFCO£UCPFQRQTCSW¯tEQPVGUVµ
2GFTQ
5GRTGUGPVCEQPQVTQCFXGTDKQEQOQFKOKPWVKXQ
,CTQQ³WK¡ZFJCMIW³ZWWUCMPCDC¡OK¡R©Z
EJCOVWLCK¡EJPC³RCK¡MCVWC¡MCV!3WK«PUG
NNGXµOKUJWCTCEJGU!2WGUPQGUV£PCNN¯
NKVCNN¯
PCFCO£UFQPFGNQUVGP¯C
♦F©©NJR©ZCFXRQTU¯OKUOQ
R©ZCOCFXEQOQSWG2©ZCOO©MLC¡MLWWI©V
DCCRMKNJKO[C¡PCVRCK¡M©KIWPCMU©T%QOQ
SWGUGOGGUV£GPVWOGEKGPFQCNTGFGFQTFGCSW¯
FQPFGOGRKEµGNCNCET£P
R©ZEJ©D©©RCFXHQTOCFQU
GPWPCHKNC/WPK
LC¡RR©ZEJ©D©©RMCVVWCOIWLC¡VMCOPCO©V
DCMCKOIWZMCK¡PCUCCMDJCCC[C¡
5WUDC¡PVCO2QTCJ¯XCPNCURGTUQPCUHQTOCFCU
GPWPCHKNCRCTCXGTCNIQDGTPCFQTSWKGPXCC
NNGICTC.QU%JCTEQU
R©ZEJ©K=RTGVFGR©ZEJ©¡[C¡?UGQ[µ
FGNGLQU
R©ZEJ©TPKC¡XaKGZVGPFGTUG
HWGIQNKVUGQ[G
CTFGT)KKNJKOLKZEJ©O©K¡³MC¡VCCDJCMLC¡M
PCIW¡ZEJWICMMC¡2CNJ©©RPQ¡³KEJOKLC¡R
ZKM©KIWVCKR©ZEJ©TPKC¡(£EKNOGPVGGORKG\CP
NQUKPEGPFKQUGPNC«RQECFGUGSW¯CRQTSWGVQFQ
GUV£UGEQUKRTGPFQWPRQSWKVQFGNWODTGRQT
CNN¯UGGZVKGPFGT£RKFCOGPVG=RTGVR©ZEJ©T
RTQITR©ZEJ©T³KO?
R©ZEJ©¡[C¡XaKQ¯TUG
FGNGLQU,CTQQOWRCK¡
R©ZMCK¡EJMQQMDC¡PPCVWUQDMQPIW
VCC¡ONCU!3WK«PUGQ[GSWGCPFCRQTCJ¯GPGN
DQTFGFGNRG³CUEQSWGGUV£GNCDQTCPFQVCDNCU!
=RTGVR©ZEJ©KRTGUR©ZMCK¡EJ?
R©ZLKEJ©MCFXUGIWKFQ6©KR©ZLKEJ©MIW,QUGG
PCVWOC¡[CUEJCOLKDWRRCIWDJQ¡OMQZ
,QU«NGJCVKTCFQUGIWKFQCNVGEJCNQVGRGTQPQNG
JCFCFQ
R©ZMCKFJC¡XaKFGEKTUGEQOGPVCTUG
TWOQT
8«CPUGMCKFJC¡MCK¡³EJC¡
R©ZMCK¡EJ=RTGUFGR©ZEJ©¡[C¡?UGQ[G
FGNGLQU
RQFGGTQ¡XaKRQFGTVGPGTECRCEKFCF‰NJKK¡³
CRCCPCRRQFGGTPCRVWDJKK³QTC¡FJKLWWP
IWF©©NJMC¡³LKIW¡ORCNJDWKFJC¡!%TGGU
SWGV¼UQNQRWGFGUECTICTGUVGOC¯\QSWKGTGU
SWGVGC[WFG!
RQFGTVGPGTVKGORQ%JC¡RKCORQFGGTPCR
LK³RCNJDWKFJC¡MCDWKOWMPC³VWDQQR³KC¡!
0QRQFT¯CUC[WFCTOGCFGU[GTDCTOC³CPC!
=RTGVRQFGGTQRTGURQFGGT?8CTRWFGGTW¡
ÊRQ¡UWHaX+PFKECSWGNCCEEKµPUGNNGXCT£CECDQGP
QVTCRCTVGRQTO£UFGWPCRGTUQPCRGLVW
MQK¡RQ¡COKT£PCEQOGTRCZKCTRQ¡COKT£PC
RCUGCT=)TCO?8CTÊRW¡8«CUGÊO©TC¡
RWRTGHaX+PFKECSWGNCUKVWCEKµPGUTGNCVKXCOGPVG
UGPEKNNC#CROK¡FJ©TRWLKKCCLCPQ¡PCRLCZ
OWF©TMCQKT©V$GTPCNFQDWKMC¡RVKIKQOK¡
FJ©TLWRZKÀÀMCC$CLKK[Q!#SWGNF¯CEWCPFQ
CPFCDCUFGCSWGNNCFQEQP$GTPCTFQVGHWKUVGQ
VGXKPKUVGQVTCXG\CN$CL¯Q!=)TCO?
RWEJW¡OCFXKIWCN
CRCTKGPEKC2WEJW¡OLWR
WC¡IW³LKKMWNJIWMCDCKPCLCZEJW¡OIW³
EJCCVIC¡P/KV¯QVTCGWPECDCNNQKIWCNCNSWG
VKGPGOKRCR£
RWFGGTW¡=XCTFGRQFGGTQ¡?RQFGTVGPGT
ECRCEKFCF
RWKCFXVQFCX¯C2WKDJCK¡FJCCCCIW2CUMWCN
DJCOO©F©T)KQV©T$KDKC¡MC¡OCCMCOLC¡MDC
MKQCC!6QFCX¯CGUV£XKXKGPFQ2CUEWCNCNN£GP
.NCPQFGN/CPCPVKCNQ[CXKXGGPQVTQNWICT!
RWK¡CFXCU¯
GPIGPGTCN6©KEJKEJDCVWC¡IK
FJK2GGITQPCEJCODJCCK¡PCRWK¡EJW
DWCFC¡6TCVCOQUFGCFXGTVKTNGC2GFTQSWGPQ
GUV£DKGPCEVWCTCU¯
CU¯
UKPJCEGTNQWUWCN2WK¡EJCOVWLWICCM
DCVWLWCPCOIW/KNKVQQP/GNKVµPUGHWGC
VTCDCLCTCU¯UKPEQOGT
CRKG2WK¡UCRDJCLKKDJCK¡FJ©T
5WUDJC¡PVCOIW%JGGPFQ&KEG4QUGPFQSWG
UGXKPQCRKGFG.QU%JCTEQU
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
♦DCRWK¡©RCFXVCODK«P
FGNCOKUOC
OCPGTC
♦FJK¡RWK¡CFXGUQGUVQ
GPRCTVKEWNCT
♦OK¡RWK¡CFXCNN¯OGTQFGKIWCNHQTOC
JQLCUFGGUG£TDQNUQPECUKKIWCNGUCNCUJQLCUFGN
CIWCECVG
4
RWK¡LC¡MCFXCU¯
RQTEQUVWODTG,WOCC¡PCR
OWPCOMKTC¡IWOCMI©OPCDC¡DJCLKOKC¡PC
IW¡RWK¡LC¡MLWODWC%JCOL©¡ZMCVDJCLKOKC¡
LKIWF©©NJ'UPGEGUCTKQSWGXC[CUCDWUECTCN
EWTCPFGTQRCTCSWGXGPICEQPVKIQRQTSWGCU¯GU
NCEQUVWODTGRWGUPWPECXCCXGPKTUQNQ
RWK¡LKCFXGUV£DKGPDWGPQ
TGURWGUVCCNSWG
CECDCFGNNGICTt#C³IKQDJCLC¡M©RtLWR
MCK¡EJIW#PTGGUt#CRWK¡LKtLWRMCK¡EJIW
2CCDNQt;CXKPGQVTCXG\tFKLQ#PFT«U
t'UV£DKGPtTGURQPFKµ2CDNQ
RWK¡MWDC¡EQPLRQTGUQ5À¡MCVDCMIW
VQQPC¡PIWMCTDCZDJCLC¡REJKMKKTVC¡ORWK¡
MWDC¡V©KUCTCCM.CRCVCFGNCEJKXCGUVCDC
CVQTCFCGPWPCRCTVGFGNTGFKN[RQTGUQGUVCDC
DCNCPFQFGFQNQT
RWK¡PCLCZCFXCU¯EQOQ:KDLQKFJCOLKZ
DJCK¡VCPQQTEJCOVW¡RWK¡PCLCZVCMCCDPC
COR©ZRWK¡ZEJ©DCC¡*C[O£UUQNCJQTCSWG
C[GT
NKVPQEQOQC[GTEWCPFQGUVCDCPWDNCFQ
RWK¡RCFXCU¯EQOQ
FGKIWCNOCPGTC,K³
³CCPMCPKRWK¡RLK³CC¡³ZKFJKOIW+NKK[CUPC³
LCZLK³DWKOPC³LKO/CO£H¯LCVGEµOQ'N¯CU
UGXKGPGDWTNCPFQFGO¯TGOGF£PFQOG
NKV
JCEKGPFQCU¯EQOQJCIQ[Q
QVTCXG\FGPWGXQ,CK³PCRKEJDC¡IKQ
RWK¡RDCV©KPCRUCCMEJCORWK¡MCMCK¡EJFJC¡
0QSWG[CPQKDCUCFGEKTGUQ!RWGU[CNQ
FKLKUVGCJQTCQVTCXG\
='UEQPVTCEEKµPFGRWK¡O£ULWR?
RWK¡R©ZCFXPCFCO£UCU¯2WK¡R©ZLKPCRLK³
OCMKC¡FJKODQPCCOVW¡IK!PCIW¡DCT
M©NJK¡³IC¡P4GI£NCOG
NKVFCOGPCFCO£UCU¯
VWUQODTGTQRWGU[CGUV£FGUICUVCFQ
♦RWK¡R©ZLKZOCCVSWGVKGPGGUCEQUVWODTG
NKVPCFCO£UCU¯UCDG
RWRCFXWPRQEQO£U
ECPVKFCF#NJK¡EJRWR
IWLCOUWW¡PIK¡&COGWPRQEQO£UFGCIWC
RQTHCXQT
RCTV+PFKECSWGNCUKVWCEKµPUGNNGXCCECDQUKP
KPVGPEKµP$J©KFJKMC¡CRIWDQPOC¡PIWOVCCV
/K¡DCMRWRFCC.N«XCNGGNUQODTGTQCVW
RCR£RWGUCNN¯UGNGSWGFµ
RW¡³KCFXKIWCNC+COR©ZRW¡³KEJW¡OLWRVW
LCC¡FJKWWZPCLCZEJW¡OVWLCC¡IW[QQM.CU
TWTW¡Z
ÊTEN¯V+PFKECEµRWNCFGNQUUWUVCPVKXQU[CNIWPQU
CFLGVKXQURGLLC¡RLKPCTCOSW«DWGPQOK¡T
RKCUVCMC¡CNN¯JCDT£HKGUVC=5GRTGUGPVCFGURW«U
FGWPCXQECNQRCWUCINQVCN)TCO[?
8CTLKT
ÊTCORQURGPGPEKOCFG
RCTVGFGNEWGTRQ
Î+K¡³EJWFKOFJQIWPCKNQFJKICIQQZPCRDJC
DCCZK¡³OQ¡TCO,WR³KFJC¡CRÏLWRV©VFCIW
F©¡©©¡PIW,WCPCÎ.CDQNUCFGRN£UVKEQSWGNG
RWUKUVGGPNCECDG\CCNRGTTQNQGUV£CUHKZKCPFQ
3W¯VCUGNCÏNGFKLQUWOCO£C,WCPC
GPRQTFGPVTQFG2CCDC¡UCDC¡PFC¡IW
2GGITQIWRC¡EJPCDC¡ICOO©L©VW
RC¡EJOC¡PFC¡OWICC¡TCOPCRCK¡FJWWMDC
VWMCK¡OVW¡PMC¡!&µPFGEQORTCT£2GFTQGN
XGPGPQ!2WGUUKGORTGRQPGPVTCORCUXGPGPQUCU
GPUWOKNRCEWCPFQJC[GNQVGU
=5GRTGUGPVCGPUWUVCPVKXQURQUGUKXQUFGVGTEGTC
RGTUQPCFGNUKPIWNCT?8CTÊTCP8«CUGCO
TCOWWLWURCNQEQPWPCNCODTG
RCTCCOCTTCT
,CTQQIC¡PFJKICIQQZPCOK¡DWNJTCOWWLW
M©¡P!&GSWK«PGUGUGRGTTQSWGGUV£COCTTCFQ
CNRCNQEQPWPCNCODTG!
TCTQK¡P=RNFGTQK¡P?TWGFCU
ÊTC¡UWHaX+PFKECSWGNCCEEKµPUGNNGXCT£CECDQGP
QVTCRCTVGRQTWPCRGTUQPCRGLVWMQK¡TC¡KT£C
EQOGTDCVDKTC¡KT£CDC³CTUG
=0QTOCNOGPVGUGRTGUGPVCFGURW«UFGWPCXQECN
)TCO?8CTÊO©TC¡
TKDJWWUUTGDQ\Q/WOOWDCMRWRFCCIW³
TKDJWWUVWCD©VC¡PC³KEJRCK¡ZK³L©©RFJCM
#NN£UGSWGFµOKTGDQ\QFQPFGFGUECPU«FGDCLQ
FGWPGPEKPQ=RNTKUDJWU?
TQK¡PUTWGFCNNCPVC/WOOWPKFJ©TDJCK¡DC
VWWNJRCKOOCC¡PIWTQK¡PIW2CCEQ#NN£
XKGPG2CEQTQFCPFQWPCNNCPVC=RNTCTQK¡P?
TWTW¡ZUJCOCECÎ$JCOO©PKRZKDQQFCK
TWTW¡ZEJC¡OFJKCNJKKZKLQK³FJC¡MWMQZKC¡
#OR©ZUWCMPCIW¡EJKZMQQZKOÏLWRV©VFC
IW#OCCNKCIWOCTCC¡PÎ2QPCNPK³QGPNC
'&+%+•024'.+/+0#4`
UCCD
6'2'*7ƒ0Ê'52#“1.
JCOCEC[OW«XGNQRCTCSWGUGFWGTOCRWGUGUV£
NNQTCPFQRQTSWGVKGPGUWG³QÏNGFKLQ#OCNKCCUW
JKLC=RNTWTTW¡Z?
UCCNJCFXFGURCEKQRQEQCRQEQ5CCNJVWQKT©
IWOWWNJ.CVQTVWICCPFCFGURCEKQ
UCCO³KC¡XaVUQPCT
ECORCPC,CTQQDC¡DJCK¡
RCK¡VWDKRKC¡PCDC¡DJ©L©RCK¡UCCOWPIWLC
UGPUGTPQIWMCMCTDCZ!/QQEJKIWORCCUWNJ
3WK«PGUVCT£RCUVQTGCPFQRQTCNN£!2WGUUGQ[G
SWGUWGPCGNEGPEGTTQFGNCUEJKXCU#NQOGLQTGU
VWV¯CSWGXKGPG=RTGVUCCORTGUUCCOWP?
5
UCCRCVUU£DCFQ5CCRCVUCRVWOC¡ICFC¡O©L©
=0QVC/WEJCURCNCDTCUSWGGORKG\CPEQPZ
VKGPGPXCTKCPVGUSWGGORKG\CPEQPUNCUEWCNGU
PQUGKPENW[GPGPGUVGFKEEKQPCTKQ?
UCCDUVCNNQ
FGOCIWG[SWKQVG%JCORCK¡
M©©MCVCCIWUCCDLKZOQKMOWLC¡RRCK¡PC
RKEJVWDKC¡TCMPCRI©VDJCK¡ZKDJ©KPCEJ
LKFJQQTCKLWPOCFC¡!0QGPEQPVTCUVGWPSWKQVG
VKGTPQRQTCNN£FQPFGHWKUVGCEWKFCTNCUEJKXCU!
6GNQJWDKGTCUVTC¯FQRCTCJGTXKTNQ[JCEGTOQNG
UCCDVWFC¡XaVJCEGTC[WPCT
EQOQECUVKIQ#C³
[C¡V©KUCCDVWFCKOFJKOCCEJW¡PCIKKNJKO
LWODWCPCEJV©KWNJKKU-CDWKOWMF©TLCEJV©K
[C¡DCDWTPCRCK¡ZEJWFCCRCM'UVQ[
JCEKGPFQC[WPCTCGUVGOCEJQRQTSWGPQNGIWUVC
SWGNGRQPICNCUKNNCFGOQPVCTRWGUFGUFGNC
OC³CPCNQCOCTT«CSW¯FQPFGPQJC[RCUVQ
=RTGVUCCDVWFCRTGUUCCDVW¡P?
UCCDW¡XaTC[WPCT%JCOVWMWC¡IW³EJCCV
PC³V©KEJKCPPCVWLWIKC¡D©©R©¡LWOUCCDUCR
0QSWGT¯CEQOGTOKRCR£JCEGTCVKVQEWCPFQNG
QHTGE¯FGEQOGTRWGUFKEGSWGGUV£C[WPCPFQ
=RTGVUCCDWRTGUUCCD?
UCCFC¡XaVCTTGCT
UKPNC\CT$JCUCC¡PFJK
DJGUGGTMWVWZK¡[C¡#TT«CRCTCCE£GUG
DGEGTTKVQRCTCSWGOCOG=RTGVUCKRTGUUCUFC
OQXUCC¡PVW¡?
UCCMRCTV+PFKECKPHQTOCEKµPKPFKTGEVC[CEQPQEKFC
RQTGNQ[GPVG/CC¡PLCRDJCK¡ZK³EJC³ZKFJCK
IWDQZMCTPCRUCCMOWLKOKC¡)À¡#M%JC¡O
;CSWGXCUCKTC4¯Q)TCPFGOGEQORTCUWPC
GUEQDC=)TCO?
UCCMWURW³Q
FGITCPQUUGEQU/CC¡PUCCMW
OWZKLCKCDWK¡³IWLWWPIWVCVMCTWK¡&GNGU
WPRW³QFGOC¯\CNCUICNNKPCU=GURUCEQ?
UCCMWUDNWUC
CFQTPCFCEQPGURKIWKNNCQGPECLG
,QKFJCOLKZCDJCCTFJKOUCCMWPCVQK¡FJKZ
6WDNWUCGUV£OW[DQPKVCEQOQGUV£CFQTPCFC
=RNUCUMWGURUCEQ?
,WMV©T&KEGPSWGGNU£DCFQXCCJCDGTWPC
TGWPKµPGP5CPVC/CT¯C
UCCTC¡RUSWGNKVG6©K³KEJVWICC¡O©TCMIW
UCCTC¡RDJCOO©PKLC¡R©¡NJKEJC¡CMM©¡PPC³
UCRM©¡PDKUFC¡I©VIWLCCM#VVKKTWMK¡UOKZ
DCMIW¡DJCLC¡RVWODKRKC¡FC¡(WKCDWUECT
SWGNKVGGPNQUCTTQ[QURCTCEQOGTEQPOC¯\
VQUVCFQRGTQGUVCDCPCECDCFCUNCUJQLCURQTNCU
EJKXCUSWGUGEWKFCPCNN£
ECOQVGUKNXGUVTG-CDWKOWMLCEJMQDKKRQ¡IW
UCCTC¡RPCEJVWLKFJQQTC¡8COQUCGZECXCT
ECOQVGUUKNXGUVTGUOC³CPCRCTCEQEGTNQU
=GURTGIUCTCDKSWG?
UCCUCDUO¼UKEC'CROCC¡POK¡ZKEJWUCCUCD
LCZEJW¡OPCZCDJCCTLQKFJCO-C¡EJCOCC
VWMWWFJKOTCCFKQ¡!6QECCNIWPCO¼UKEC
DQPKVCGPVWTCFKQQPQUKTXG!
UCCUDKC¡XaKVQECT
O¼UKEC,K³DJ©K¡³O©TIW³
NCDGGTOWDC¡MEJ©TMW³[C¡PKOCC¡POKGGEJ
VWUCCUDKC¡LQKFJCODCZEJWUCCUDKOK³8GC
VTCGTOGOKXKQN¯PFGNCECUCRCTCVQECTCNIQRWGU
VGPIQICPCUFGVQECT=RTGVUCCURTGUUCD
RTQITUCDKKO?
UCCUDKFJC¡XaVVQECT
O¼UKECRCTCQVTCRGTUQPC
,CZLC³EJW¡OOK¡ZKOUCCUDKFJC¡,QUGG!
,CZLCRVW¡OLQKFJCOMÀÀ!%W£NECPEKµP
SWKGTGUSWGVGVQSWG,QU«!%W£NVGIWUVCO£U!
=RTGVUCCUDKRTGUUCDKK¡³?
UCCUDKMCTUKPUVTWOGPVQOWUKECN#CRLCZ
EJW¡OUCCUDKMCTLKZOCCV©VUCDIWMKEJCCTCC
MC¡IWNCDGGTCC!%W£NKPUVTWOGPVQUCDGU
VQECTNCIWKVCTTCQGNXKQN¯P!=RNUCUCCUDKMCT
CRQUUCCUDKMCTW¡PUCUCCUDKMCTW¡P?
UCCUMKC¡=UWLRNFGUCTPKC¡?UGTCUICT£P
VGNCUQ
XCSWGVCU=RTGVUCCUM©RTGUUCCUCM?
UCCUUC¡=EQORNRNFGUCTPC¡?TCUICTNCU
VGNCUQ
XCSWGVCU=RTGVUCCUCRTGUUCCUCU?
UCCUWC¡=RNFGUC¡WC?EQDKLCU8CTUCUWC¡
UCC¡³FJCPCFXGPVTGGPOGFKQFG
FQPFGGUV£P
RCTCFQU$JCOO©PK³DWWUPKC¡UCC¡³FJCPFJK
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
QK¡FJC¡PQ¡³KEJ6WWURCLC¡MDCLKK%WCPFQ
XQ[C6WZRCPRCUQGPOGFKQFGGUQUFQUEGTTQU
UCD=RTGUFGUCCUDKC¡?VQECO¼UKEC
UCDCCTCFXCPEJQ
T¯QDCUVCPVG
CIWC
5CDCCTDCO©TIWUWWFCK¡PCVLKZKQ¡OZK
FJWW¡P;CEQTTGDCUVCPVGCIWC
NKVGNT¯QEQTTG
CPEJQRQTNCHWGTVGNNWXKCSWGEC[µ
CORNKCECPVKFCFDCUVCPVG
EQUCUUGECU
#NJK¡EJLKKMO©TIWUCK¡PCEJM©¡POQ¡TIKFJC¡
FJKDC¡CCMPCEJCODJCLC¡MQQVFC¡5CDCCT
LCROQQDJCLKKMKMC¡8GCEQTVCT\CECVGRCTC
VCRCTGNVGEJQFGGUVCECUCRCTCSWGPQIQV«G
RGTQSWGUGCDCUVCPVG
UCDC¡FC¡XaVEQORTCT/CLKM©NJKK¡³EJCFJK³
ZKKT/QQ³EJKLWOCKOCUCDC¡FC¡;CUGGUV£
FGUICUVCPFQOKUKNNCFGOQPVCT%TGQSWGXQ[C
EQORTCTWPCPWGXC=RTGUUCDC¡PRTGVUCDC¡NJ?
UCDC¡PUEQUCEQORTCFCt,CTQQUCDC¡NJFJK
MCTWWO!tLWRMCK¡EJIW,WCPCt#C³K¡FJQT
LK³ZCDC¡P,CTQQIKDC¡©R!tLWRMCK¡EJIW
F©¡©©¡Pt3WK«PEQORTµGUQURN£VCPQU!
tRTGIWPVµ,WCPCt2WGU[QNQUEQORT«SWK«P
O£U!tEQPVGUVµUWOCO£=CRQUUCDC¡PIC¡P?
UCDC¡PFCOUEQORTCFQTEQORTCFQTCENKGPVG
ENKGPVCt)QQMLC³IC¡NJKFJC¡IW,WCPIW
MCMCTDCZtLWRMCK¡EJIW.WWRKt-WZUCR
LKTUCDC¡PFCO!tLWRMCK¡EJIW4QQUCt.G
XQ[CXGPFGTWPCUEJKXCUC,WCPtFKLQ
)WCFCNWRGt#RQEQ«NGUEQORTCFQT!
tTGURQPFKµ4QUC
UCDC¡³ZKFJC¡XaDEQORTCT
RCTCQVTCRGTUQPC
%JK³KC¡CRIWOZKKZMWOUCDC¡³ZKFJC¡IWO
UWUUCMPCOEJCOOK¡ODJWTWMOCFC¡2¯FGNG
CVWJGTOCPQOC[QTSWGVGEQORTGNQU
JWCTCEJGURCTCSWGPQVGGPIC³GP
=RTGVUCDC¡³ZKRTGUUCDC¡³ZK¡³?
5KPµPVCC³ZKFJC¡
UCDFCOUO¼UKEQ,K³MQ¡TCCTFJKUCCUCDPCO
IW¡LQKFJCODWCIWUCUCDFCOIW+¡IQMEJCO
MCO/GIWUVCGUCO¼UKECRQTSWGGUVQUO¼UKEQU
FG*WGLWSWKNNCUCDGPVQECTDKGP=RNUCUCDFCO?
UCDKKO=RTQITFGUCCUDKC¡?GUV£VQECPFQO¼UKEC
UCDKK¡³=RTGUFGUCCUDKFJC¡?NGVQECO¼UKEC
UCDWKTCZURCPVCNµP
FGOCPVCÎ,K³
FJCCZZKFJC¡CRFJK³ZCDWKTCZOK¡QNJKC¡TCO
6©©¡PCL©¡ZIÀ¡DCV©F©¡ÏLWRV©VFCIW2GGITQ
IWD©PIC¡PÎ2QTHCXQTR£TEJCOGOKRCPVCNµP
GPNCTQFKNNCRWGUH¯LCVGEQOQVKGPGWPCIWLGTQ
UCMCCNJLKKOFCO
ITCPFGÏFKLQ2GFTQCUWGURQUC=RNUCUDWKTCZ
CRQUUCDWKTCZIC¡P?
UCK=RTGVFGUCCFC¡?NQCTTGµ
UKPNC\CTNQ
UCK=RTGVFGUC¡[C¡?UGCVQTµ
UCK¡U\CECVG[GTDC$QQRPKC¡CRFJKUCK¡PC
EJCOOK¡WCOCVFC¡FJKKOCK#TTCPECGUC
JKGTDCRCTCSWGPQJCICOCTEJKVCTGUCECNCDC\C
UCK¡DJKQ¡MC¡XaVFGUCVQTCT$CUCKIWV©TDK³C¡P
IWMCDCK/K¡FJ©TZKUCK¡DJKQ¡MMWICOO©L©
LC¡MVWMQK¡TC¡;CUGCVQTµNCUQICFGNECDCNNQ
2QTHCXQTFGUCVµTCNQRCTCSWGXC[CCEQOGTRQT
CNN£=RTGVUCK¡DJKQ¡RTGUUCK¡DJKQ¡M?
UCK¡DJKQ¡MFJC¡XaDFGUCVQTCT
RCTCQVTC
RGTUQPC)À¡UCTLKDCMIW¡IW³EJCOCCTTC
[©L©PKFJ©TLK³MQOCOPCVUCKOWMC¡P
CNCCOTKEJC¡OPC³DJCK¡MCDWUCCMPC³KEJ
IW¡DJCK¡GDDC³KKUPCEJCOLCTQK¡LCK¡EJPC³
UCK¡DJKQ¡MFC¡5GTCUIµOWEJQOKEJCOCTTCGP
NCGURCNFCRQTSWGUGCVQTµEWCPFQVTCVCDCFG
UCNKTFGFQPFGJC[CNCODTGFGR¼CURWGUNC
GUVKT«RQTSWGPQJCD¯CSWKGPOGNCFGUCVQTCTC
=RTGVUCK¡DJKQ¡MQUCK¡DJKQ¡MK?
UCK¡EJC¡XaKETGEGT
\CECVG6CCVUCDV©KV©©KIW
/KIKCNIW¡LKPCVIW¡EJCOVWDQQR/K¡RW
UCK¡EJC/KIWGNUGODTµGPVKGTTCE£NKFCPCFC
O£USWGETGEKµRWTQ\CECVGRQTSWGPQNKORKµ
=RTGVUCK¡EJCEQPVUCUCK¡EJCTFC¡?
UCK¡EJFJC¡XaVEQNICT5CK¡EJFJC¡CRFJK
CTRWWUPCEJCOOK¡VW¡VQQZMQNJM©K¡MC¡
%WGNICGNOQTTCNPQUGCSWGCNI¼POCTTCPQUGNQ
NNGXG=EQORNRNPCPIKC¡RTGVUC¡KKEJPCPIKC
RTGUUCUCK¡EJW¡PPCPIKCT?
♦UÀ¡XaGGUVCTEQNICFQ
UCK¡OCTUEJCRWN¯PXGTFG%JCOOCCZIWUCK¡
OCTPQ¡OK¡RCK¡FCCUCK¡EJ©TPCIW¡RWK¡RLKZ
EJ©©FW¡PCLCZIWUCK¡'NEJCRWN¯PXGTFGPQUG
XGEWCPFQGUV£GPGN\CECVGRQTSWGGUKIWCNFG
XGTFGEQOQGN\CECVG=RNUCK¡OCCOCT?
UCMCCNJCFXGPHKNC5CMCCNJLCRKOZKIW¡MKC¡
MW³LCOFKVTCVCCTW¡2µPICPUGGPHKNCRCTC
VQOCTNGUWPCHQVQITCH¯C#PVµPMQ¡MOCT
UCMCCNJKMUEQTFKNNGTC#C³ICOCK¡DJCOO©PK
FJ©TLC¡MMKKEJC¡FJKLWOCKUCMCCNJKMPCIW¡
DJCOO©F©TLQKFJCOLKZIKQQ¡'NC³QSWG
GPVTCXQ[CXKXKTGPCSWGNNCEQTFKNNGTCRQTSWG
CNN£GUV£RNCPQ=RNUC¡UMCNJKM?
♦UCMCCNJKMCOGPEKOCFGNCEQTFKNNGTC
UCMCCNJLKKOFCOU1UC/C[QT
EQPUVGNCEKµP
'CROWK¡ZKEJ©©¡IWUCMCCNJLKKOFCO2CK¡Z
'&+%+•024'.+/+0#4`
UCOKK¡
6'2'*7ƒ0Ê'52#“1.
R©MDCFCTCC!#XGTOKTCCNC1UC/C[QTCXGT
FµPFGGUV£
UCOKK¡UECOCTµP2WK¡RLKTLWOMWC¡FCOIW
UCOKK¡LC¡RPCIWDCVQQR'NECOCTµPGU
EQOGUVKDNGCNKIWCNSWGGNRGUECFQ=RNUCUOK¡?
UCPFCCTWK¡ZUUQNFCFQ$JCOO©PKFJ©TR©ZLKZ
MQQOC¡VW¡COIWUCPFCCTWK¡ZPCODJCK¡DC
LKKO6W¡OUCRICCIKO!2QTCNN£XKGPGPNQU
UQNFCFQUXGUVKFQUFGITKU3W«GUV£PDWUECPFQ!
UCPFKK[CUUUCPF¯C$CUWWNJIWUCPFKK[CUPC
EJKEJ©KOQQEJCNJVWLWIKC¡PQ¡VDCDJCK;C
VKGPGPHTWVQUNCUUCPF¯CUSWGUGODTCOQUJC[SWG
EQOGTNQUEWCPFQUGOCFWTGP
UCPQQRRQURCNRKG/WOOWQKRQVCO
QKFJC¡UCPQQRIWMCMCTDCZ.QUEJKXQU
CPFCDCPCNRKGFGNEGTTQ
CNNCFQ$JCK¡UCPQQRLCRLKDQ¡[C¡'UVGGNC
IWOZKKZ'UVGNCCEW«UVCVGCNNCFQFGVW
JGTOCPC
♦LK³ZCPQQRCOKNCFQ
UCRRCTVSWG
KPHQTOCEKµPKPFKTGEVCPQEQPQEKFC
RQTGNQ[GPVG/CKMLCEJDK³RW¡IWLWPDQ¡
$JC¡³KRCK¡UCRDCOCKEJ8COQUCEQOGTEC³C
FGC\¼ECTRWGUFKEGPSWGRQTCNN£VTCLGTQP
SWG
KPHQTOCEKµPKPFKTGEVCPQEQPQEKFCRQTGN
JCDNCPVGt,CTQQUCRFC¡IWK¡PCVDJCK¡ZK
ÀÀMVCMCCD!tLWRMCK¡EJIW5CCPVWU
t,WODJC!#C³EJCOLWRV©V©MMC¡LKDC¡PCT
LCTQK¡DC¡FC¡tLWRMCK¡EJIW/CTUKNKKP
t3WK«PFKEGPSWGGTCNCRGTUQPCSWGNNGIµCNN¯
C[GT!tRTGIWPVµ5CPVQUt3WK«PUCDG!0QNGU
RTGIWPV«SWK«PGTCtEQPVGUVµ/CTEGNKPQ
SWG
RCTCTGRGVKTNQSWGCNIWKGPFKLQCQVTC
RGTUQPC%JC¡RUCROK¡VCC¡DK¡³MC¡IWCNJKK
/K¡UCRLKZL©©¡O0QNGQDUVTW[CUGNECNQTFGN
HWGIQCNPK³QRWGUFKEGSWGVKGPGHT¯Q
=)TCO?
UCRCCVWKZU\CRCVQ,KZDJCK¡RZKCC¡³FJCKFJK
CNJKKIWUCURCVWKZK¡³$CLWWRMKO2QPNGDKGP
NQU\CRCVQUCNPK³QRQTSWG[CUGNGGUV£P\CHCPFQ
=RNUCURCVWKZCRQUUCRCCVWKZK¡³
UCURCVWKZK¡³?
UCRQQ=RTGVFGUQRMKC¡?EQPVµ
EWGPVQ
UCRQQMUEWGPVQ/CC¡PZK³UQRMK¡³LK³
QQICZ%JCORWKZLCOCCVCRPCRRCPCCU
OWK¡MCZLCOCCV©VIWDCL©MF©TMCOUCRQQMK¡!
%W«PVCOGWPEWGPVQV¯Q1[CPQUCDGU!
2CTGE¯CSWGUCD¯CUOWEJQUEWGPVQUCPVKIWQU
8CTUCRQQMK¡
UCRQQM=RTGUFGUQRMKC¡?2GLVWUCRQQM
EWGPVC
EWGPVC
UCRR©MDC¡CFXCRQEQ!t#C³VCMCCDLK³
LKDWCFJK³MCDCK¡tLWRMCK¡EJIW#WIWVKKP
t5CRR©MDC¡tLWRMCK¡EJIW+TKPGG[Qt#[GT
OGVWODµOKECDCNNQtFKLQ#WIWUV¯Pt#
RQEQ!tFKLQ+TKPGQ
UWRWGUVCOGPVG,WRMCK¡EJFJC¡COPCUCR
R©MDC¡ZZKFJWWIWLWWPPQ¡³ICPO©O©K¡³
UWCMFC¡UCR5WRWGUVCOGPVGPQFGDGOQU
SWGOCTGNOC¯\RQTSWGPQUJCT£NNQTCT
8CTUCR©MDC¡
UCTCMMKC¡XaKNNQTCTITKVCT
FQNQTQUCOGPVG
/WPKZKFJCC¡IWCNJKK)KKNJKOUCTCCM
#ICTTGCNPK³QRWGUGUV£NNQTCPFQOWEJQ
=UWLRNUCUTCMKC¡RTGVUCTCCUCUTC
RTGUUCTCCMUCUTCM?
UCTDJCMCFLITWGUQ
FGHQTOCEKN¯PFTKEC/WPK
FJ©TLCOQK¡FJC¡IWO©©O©DOCC¡PUCTDJCM
VWCVC¡O)À¡EJKDCCZCO&GCSWGNNCFQJC[
WPCEQNOGPCFGCDGLCUGPWPGPEKPQITWGUQRWGU
UGOGJCEGSWGJC[OWEJCOKGN
=RNUC¡UDJCTCMEQRLKT?#PVµP©TFK¡EJ
♦DCTUCTDJCMFJKWDKKGUVCOWLGTGUV£
GODCTC\CFC
UCTPC¡XaVTCUICT
VGNCQXCSWGVC‰TDCPLKPCR
UCTPC¡I©VFJKLCPPWNJCCRIW¡ICKFJ©TR©Z
LWRUCT&GDGT¯CUJCDGTTCUICFQGUCVGNCRQTGP
OGFKQRGTQV¼NCTCUICUVGFGWPNCFQ
=EQORNRNUCCUUC¡RTGVUCTUCCUCRTGUUCTCCU
UCCUCU?5KPµPVCKMPC¡
UCTPKC¡XaKTCUICTUGTQORGTUG
VGNCQXCSWGVC
6©KEJCOMCLQK¡³K³FJK³ZCRCCVWKZ,C¡ROQQ
EJCOLWRVWUCCUCM;CPQOGIWUVCPOKU
\CRCVQURGTQPQUGTQORGPRTQPVQ
=UWLRNUCCUMKC¡RTGVUCTUCCUM©RTGUUCCUCM?
5KPµPVCKM³KC¡
UCTPKFJC¡XaDTCUICTEQTVCT
VGNCQXCSWGVCRCTC
QVTCRGTUQPC#NJNK¡EJDJC³UCTPK¡³FJK
LCPPWNJPCRCK¡UÀ¡MW³M©¡PDWNJKC¡IWPQD
;C¡³KEJDC³LKMKKEJ%µTVCOGWPRGFC\QFGGUC
VGNCSWGGUV£EQNICFCCNN¯RCTCCOCTT£TOGNCRWGU
[COGEQTV«NCOCPQ=RTGVUCTPKRTGUUCTPK¡³?
UCTQMMKC¡XaKTQPECT)À¡VWUCTQQMIW.CCNQ
PQ¡VDCMQK%JCODJCK¡³MQMZKEJW¡PFC¡.CNQ
TQPECOWEJQEWCPFQFWGTOG[PQOGFGLC
FQTOKTDKGP
DWHCTFCTTGUQRNKFQU5CTQMM©KPCOO©ZK
EJWW¡PPKC¡FJKOCCEJW¡PQ¡³COWWDV©KOWK¡
ZKC¡L©PCIW¡MCTL©IKCTWOMWDC¡RWK¡ODWC
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
5KKPVGPVQCEGTECTOGCGUGOCEJQDWHC[DTKPEC
JCEKCCNN£RQTSWGVQFCX¯CPQUGCOCPUCRQTGUQ
NQJCEG
=UWLRNUQUTQMKC¡RTGVUCTQQUQUTQ
RTGUUCTQQMUQUTQM?8CTUQTMKC¡
UCUCCUDKMCT=RNFGUCCUDKMCT?KPUVTWOGPVQU
OWUKECNGU=CRQUUCUCCUDKMCTW¡P?
UCUCDFCO=RNFGUCDFCO?O¼UKEQU
UCUCK¡EJCTFC¡=EQPVFGUCK¡EJC¡?GUVCTETGEKGPFQ
\CECVG
UCUCK¡EJW¡P=RTGUFGUCK¡EJFJC¡?NQEWGNIC
UCUC¡=RTGUFGUC¡[C¡?UGCVQTC8CTUÀUÀ¡
UCUDWKTCZ=RNFGUCDWKTCZ?RCPVCNQPGU
FG
OCPVC
UCUFC=RTGUFGUCCFC¡?NQCTTGC
UKPNC\CTNQ
UCUMW=RNFGUCCMW?DNWUCU
UCUOK¡=RNFGUCOKK¡?ECOCTQPGU
UCUQK¡=RNFGUQK¡?CPKOCNGU
=CRQUUCUQKIC¡P?
UÀ¡
/CV«CWPVGEJCNQVGPCFCO£USWGUGSWGFµ
CVQTCFQGPWPCJQTSWGVCFGWPRKPQ
FQPFGJC[WPCFGUXKCEKµP
GPGNECOKPQ5©NJ
LCRLKOFC¡FJK¡³KDJCCPFJKDQKPCOWLC¡M
DJ©KZ+¡MQDK¡PCOO©F©TPCRDCCCLKFJC¡DC¡
OCC¡PM©©¡PF©TLC¡MUC¡TCMIWDQK&JK¡RDC¡
OWK¡ZKQKFJC¡PCIW¡OWLC¡MDJ©KZXKPCVGGT
PCRRCK¡UCCMLKO5KIWGGUVGECOKPQSWGXC
TWODQC.QU#OQNGU[EWCPFQ[CGUV«UEGTEC
FQPFGJC[WPCFGUXKCEKµPFGDGUKTVGCNC
FGTGEJCRCTCKTJCEKCGNXK³GFQCFQPFGFKEGU
SWGXCU
=RNUC¡UCTCM?
UC¡TMCFC¡XaKFGUXKCTUG
FGNECOKPQRTKPEKRCN
/CC¡PU©NJDJ©KZIWDQKOWLC¡M;QQZK¡%JC¡O
IW¡DC¡PQ¡RIW¡/CPKCICULC¡MLKODJCLC¡M
F©TOCC¡PUC¡TCMIWDQK&JK¡RDC¡DJCCPOW
LC¡MUC¡TMCFC¡*C[WPECOKPQSWGXCFGTGEJQ
C.CU(NQTGURGTQUKV¼XCUC.QU/CPGCFQU
VKGPGUSWGVQOCTGNECOKPQSWGUGFGUX¯CCPVGU
FGNNGICTC.CU(NQTGU=RTGVUC¡TMCK?
UCUQK¡PVC¡=EQORNRNFGUQK¡PVC¡?FQOGUVKECTNQU
UC¡UDJCTCM=RNFGUCTDJCM?ITWGUQU
FGHQTOC
UCUQK¡³EJKZKO=RNFGUQK¡³EJKZKO?
UC¡UMCNJKM=RNFGUCMCCNJKM?EQTFKNNGTCU
UC¡WCUEQDKLC)©DMC³KEJRC¡VWMCC¡PC³KEJ
CPKOCNGU=RTGVUCUQK¡PVCRTGUUCUQK¡PVCT?
FQOGUVKECFQU
CPKOCNGUUCNXCLGU=EQRLKT?
UCUQQUOQEQ
FGNCPCTK\,CZMWRDC¡EJCO
WC³K¡³IWUCUQQ¡PFJKCNJKK!)KKNJKOVW¡KK¡
2QTSW«PQNGNKORKCUGNOQEQCGUVGPK³Q!2WGU
UGXGOCN=CRQUUCUQQ¡P?
UCUQQOMCT=RNFGUQQOMCT?CIWLCU
FGEQUGT
UCUQQ³MCT=RNFGUQQ³MCT?RKGFTCUFWTCU
RCTC
RGICT
UCUQ¡=RNFGUC¡QQ¡?NKGPFTGU
UCUQ¡NJMC¡=UWLRNFGUQ¡NJMC¡?UGGPEQIGT£P
=RTGVUCUQ¡NJMCRTGUUCUQ¡NJMCT?
UCURCVWKZ=RNFGUCRCCVWKZ?\CRCVQU
=CRQUUCURCVWKZK¡³?
UCUTCMKC¡=UWLRNFGUCTCMMKC¡?2GLUCUTCMKC¡
CONNQTCT£P=RTGVUCUTCRTGUUCUTCM?
UCUWC¡=RNFGUC¡WC?EQDKLCU=CRQUUCUWC¡P?
8CTUCCUWC¡
UC¡KKEJ=RTGVFGUCK¡EJFJC¡?NQEQNIµ
UC¡QQ¡UNKGPFTG5CUQ¡VC¡OF©TVCCVCMCOIW
C¡CCV.QURKQLQUPCEGPFGNCUNKGPFTGU
=RNUCUQ¡?
UC¡TCMCFXGPWPCJQTSWGVC
FGWP£TDQN
/CC¡PLC³KEJV©KOWCIWDJQ¡OMQZFCKPCV
DJCOO©OV©©LWMVC¡ODJCK¡PCRCK¡UC¡TCM
EKN¯PFTKEC=EQRLKT?
OCC¡PR©ZV©KIWUC¡WC6WXGOWEJQHT¯Q
CPQEJGRQTSWGOGEWDT¯EQPWPCUQNCEQDKLC
=RNUCUWC¡QUCCUWC¡CRQUUC¡WC¡PUCUWC¡P?
♦MCUPKTUC¡WCUEQDKLCFGNCPC
FGDQTTGIQ
♦VQMUC¡WCUEQDKLCFGCNIQFµP
UC¡[C¡XaKCVQTCTUG/K¡FJ©TZK³UCK¡DJKQMK¡³
FJK³V©TDK³O©L©RCK¡DCUCK2QTHCXQTFGUCVQTC
OKUQICRWGURQTCNN¯UGCVQTµGPCNIQ
=UWLRNPCPI©[C¡RTGVUCKPCPIKCRTGUUCUC¡Q
UÀUÀ¡PCPI©T?
UGTTCVCFXRQTWPTCVQ-CDQQDQMKEJUGTTCV
6W¡IKR©MOQQLCZLWRDCOFW³KC!0QU
SWGFCTGOQUCEQUVCFQURQTWPTCVQO£U3W«XC
CUWEGFGTUKPQPQUNGXCPVCOQUCJQTKVC!
=GURCWPSWGUGCWPTCVQ?5KPµPCNJKQ
UÀÀUÀ¡=UWLRNFGUÀ¡?EQNICFQU8CTPCPIKC¡
UÀUÀ¡=RTGUFGUC¡[C¡?UGCVQTC8CTUCUC¡
UÀ¡XaGGUVCTEQNICFQ
VGORQTCNOGPVG$JC³
DJ©K¡³FJKCUCCMPCDCCU©¡PUÀ¡MNCCDWUVC¡O
&COGGUCVCNGICSWGGUV£EQNICFCGPGUGENCXQ
GUVCTEQNICFQ
FGRQTU¯-C¡EJLKZKLKDWCLK
FJKRCPCCNJK¡ZPCDJCK¡UÀ¡!6WODCOQUGUG
RCPCNSWGGUV£EQNICFQCNN¯!3W«RKGPUCU!
GUVCTEQNICFQ
GPWPCNVCTEGTGOQPKCN6ÀUÀ¡
'&+%+•024'.+/+0#4`
UKC
6'2'*7ƒ0Ê'52#“1.
FJQUCRZKDOWPCRCK¡VWDK³MC¡PIW/KIKCN
FCKPCEJDCVWMQK¡RQ¡PCRCK¡FJWWMLK
ZKC¡NJKC¡'UV£PEQNICFCUNCULCTTCUEGTGOQPKCNGU
CNN£FQPFG/KIWGNGUV£DGPFKEKGPFQCWPPK³Q
RWGUJC[SWGKTCEQOGTEWCPFQVGTOKPGPFG
EWORNKTUWUQDNKICEKQPGU
=UWLRNUÀÀUÀ¡QPCPIKC¡?8«CUGUCK¡EJFJC¡
♦COUÀ¡GUV£UWURGPFKFQ
GPGNCKTG
♦UWWFCK¡FJCCOUÀ¡GUV£HNQVCPFQ
GPEKOC
FGNCIWC
UKCEQPLCWPSWG,KZL©©RK¡³LKIW¡UKCMWV©K
VCPQQT*CEGHT¯QCWPSWGGNUQNDTKNNC
=GURUGC)TCO?
UKIWWTCFXUGIWTQDKGP,KZOQKMLWOCC¡PC³
VWOQ¡V©MC¡PC³DC¡UKIWWTMQZKC¡5GPGEGUKVC
WPCCNOQJCFCDNCPFCRCTCRQFGTFQTOKTDKGP
UKKURC¡XaVCUGIWTCTCDTQEJCT5KKURCKFJCVCR
FJKMK¡³IQDPQ¡RKEJOWRCK¡DCLKK&GDGU
CUGIWTCTNCRWGTVCUKUCNGUCCNIWPCRCTVG
XaVUQRQTVCTUQUVGPGT/CCRF©TWWZM©¡PZK
UKKURCMPCVVWDJKK³IW³EJCCVIWLWWPPCVDC¡
EJCOICKI©KPCVLC¡RF©TDJCK¡RLKDJKK³IW
LWOCKVQQODJCK¡OMCT%WCPFQOKRCR£
ECTICDCOC¯\RQP¯CWPRCNQEQOQUQRQTVG
FGDCLQFGNEQUVCNSWGECTICDCFGWPNCFQ
OKGPVTCUECTICDCGNFGNQVTQNCFQ
XaVENCXCT/CC¡PDJC¡³KZKUKKUCRIW
MNCCDWUPC³DJCCPUCK¡EJFJC¡FJKUQURQMCNJ
%NCXCWPENCXQCNN¯RCTCEQNICTNCTCOCFCFGN
VQOCVKNNQ
XaVGODCUVCTJKNXCPCT0Q¡DCUKKUCRIW
MWVWWPEJCOMCZKLCKMC¡PC³UQQOC¡
OCCMKPCVC¡O5K[CGUV£JKNXCPCFCNCECOKUC
GUO£UH£EKNEQUGTNCCO£SWKPC
XaVRTGUVCT
FKPGTQ#C³LC¡RV©KEJ©©NJFJCM
DC¡RWK¡OQQ[COO©LC¡RDCLKDWWULKPCRRCK¡
CNJRWK¡ZKOOCCVLK³MQORCCNJPQ¡ROQQ
RWK¡RLWRLWOFWWMC¡I©VPCRMC³UKKURC¡I©V
UKCL©¡MOCC¡PQQ¡OM©¡P;QJGXGPKFQCXGTVG
EQORCFTGEQPNCGURGTCP\CFGSWGOGJCICUGN
HCXQTFGRTGUVCTOGWPCRGSWG³CECPVKFCFFG
FKPGTQCWPSWGUGCWPQUXGKPVGRGUQU
XaTCRQ[CTUGTGECTICTUG%JC¡RDJCO
UKKUCRMC¡DJCCPFJKMQTCCT/K¡KCPCIW¡
RCTDCPM©©M0QVGCRQ[GUGPGNEQTTCNRQTSWG
UGECGRWGUGUV£HNQLQ
XaTCVQTCTUG,QFCKROKFCCZFJC¡ICVWWM
F©TFJKVTQQMCPCDJCCPLWOUKKUCRMC¡PC
EJCOOWK¡MWWLKFJCK¡³³KC¡2QPWPCRKGFTC
FGVT£UFGGUCECOKQPGVCRCTCSWGUGCVQTGGP
ECUQFGSWGUGXC[CRCTCCVT£U
=EQORNRNUKUUCRC¡RTGVUKKUUKUUCRC
RTGUUKKUCRUKUUCR?
UKKURKFJC¡XaDUQRQTVCTUQUVGPGT
RCTCQVTC
RGTUQPC,K³UKKURKFJC¡CROCCRF©TPC³VW
DJKK³QTC¡PCIW¡EJCODJCK¡IWF©©NJ
5QUV«POGNQFGWPNCFQOKGPVTCUNQECTIQRQTSWG
PQRWGFQ[QUQNQ=RTGVUKKURKRTGUUKKURK¡³?
UKNC[QQVUEJC[QVG$CLKTIÀ¡IÀTOQQFJK
UKNC[QQVOQQEJVWLKFJQQTC¡PQ¡ZKQ¡ODCT
IÀ¡IÀT;CGUV£PITCPFGUNQUEJC[QVGUJC[SWG
EQEGTNQUEWCPFQGUV«PC¼PO£UITCPFGU
UKPKKUUOK«TEQNGUFGEGPK\C:KDUCRFJK
OKCTMQNKUPCOCCLKOLKTUKPKKUMC¡'UVG
OK«TEQNGUSWGXKGPGGUGNFGEGPK\C
UKUDJKQ¡MC¡XaVFGURGICTFGUCDTQEJCTÎ'CRZK
UKUDJKQ¡MFJKOMWVWWPEJKQ¡³PC³ZKEJ©IKC¡
PCL©¡ZLKZZCTCCPIWODQQMPCRKEJM©¡PI©KÏ
LWRV©VFCIWF©¡©©¡PIWCNJKKÎ&GUCDTµEJCVGNC
ECOKUCJKLQRCTCXGTSW«VCPVQVGNCUVKOCUVGNC
RCP\CEWCPFQVGEC¯UVGÏFKLQUWOCO£CNPK³Q
=RTGVUKUDJKQ¡RTGUUKUDJKQ¡M?
UKUUCRC¡=EQORNRNFGUKKURC¡?CUGIWTCTNQU
UQRQTVCTNQU=RTGVUKUUCRCRTGUUKUUCR?
U©K=RTGVFGU©ZKC¡?NGRKEµ
U©©UUC¡XaVGUVKTCT
CNIQNCTIQ/©L©³ZK³
U©©UUC¡+KTOC)CKFJ©TLCRZKEJWCC¡FJKO
VQQVQP2QPNCURKGTPCUCWPNCFQ+TOCRWGU
CNN¯XQ[CGUVKTCTNCUO¯CU
GPFGTG\CT
RNCPVC/QQRCNJLKZDJCK¡ZK
U©©UUCKFJC¡FJKLWWPPCO[CCURCKO2QTHCXQT
FGUVCRC[GPFGTG\CDKGPNCOKNRCSWGUGGUV£
GPVGTTCPFQ
RGKPCT$JCK¡ZKICC¡IWICZDKMCTMW³M©¡P
LWOU©©UUC¡$WUECWPRGKPGRCTCRGKPCTVGEQP
«N
=RTGVU©©UUCRTGUU©©U©UKORGTU©©UNJK³?
8«CUGU©NJ³C¡
♦LWOU©©UUCUGOWTKµ
NKVUGGUVKTµ
♦CC³CNJKQMCZK³Z©©UUC¡XQ[CECOKPCTWP
TCVQRCTCGUVKTCTNCURKGTPCU
U©©ZZKFJC¡XaDGPFGTG\CT
RNCPVCRCTCQVTC
RGTUQPC,K³U©©ZZKFJC¡CRIWLWWPPCEJVW
LKOEJWFC¡PCEJCOLWO[CCURCKFJC¡
#[¼FCOGCFGUVCRCT[GPFGTG\CTNCOKNRCSWG
XQ[CTGRCUCTRCTCSWGPQUGSWGFGGPVGTTCFQGN
OC¯\=RTGVU©©ZZKRTGUU©©ZZK¡³?
U©©¡UNQDQ)KKNJKOLKZLCPCCCOIWU©U©©¡IW
DCCMUKCVW¡PCOCCLKFJC¡ICOMCMDCK#NQU
NQDQUNGUIWUVCPOWEJQNCUXCECUQEWCNSWKGTQVTQ
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
CPKOCNSWGGPEWGPVTGPCWPNQUECDCNNQU
=RNU©U©©¡?
U©NJCFXFGTGEJQ,CZDC¡MWDC¡OQQU©NJ
C¡PUCRLWRLWTWW³[C¡IWDQK!)KPQ¡Z
LQKFJCOPQQPQNJ2QTSW«UGT£SWGGUVG
ECOKPQEWGUVCCDCLQGUFGTGEJQ!0QUGT¯COGLQT
SWGVWXKGTCEWTXCU!
FKTGEVQFKTGEVCOGPVG5©NJLWTC¡TCOLCROQQ
U©ZKC¡³MQORCCNJFJKVQQZMQNJPCDC¡OCC¡P
LKOFCOOWMKC¡PCEJCOLWOVWNJKK³FJC¡
2¯ECNGCGUGOCTTCPQFKTGEVCOGPVGGPGNEQTC\µP
EQORCFTGRCTCSWGUGOWGTCFGWPCXG\[PQ
UWHTCOWEJQ
U©NJIWIWWM=UWLRNCPKOFGU©NJM©©M?GUVCT
RCTCFQU
FGTGEJQU
U©NJMCOCFLEKGTVQ,C¡RCCU©NJMCOLCRKEJ
IC¡TCIWOMCDCK¡IWZEJWMMC¡PCRLK³KCVIK¡³
CCPCRLCZFJWKEJCOLK³IC¡NJKFJCO!5GT£
EKGTVQSWGXGPFKUVGVWECDCNNQRTKGVQQOGGUV£U
OKPVKGPFQRQTSWGPQOGNQSWKGTGUXGPFGT!
=EQRLKT?
♦U©NJMCOCCFGXGTCU!
♦LC¡RLKU©NJMCOFGXGTCU
♦U©NJMCOM©¡PEQPNCXGTFCF
U©NJM©©MXaGGUVCTRCTCFQ
FGTGEJQ-CPKI©V
PCZL©©OKOVW¡KK¡IWMCTDCZPCU©NJM©©MPCVW
MWC¡IWQ¡MFJCO/KTCEµOQUGXGEJKUVQUCGUC
EJKXCCNRCTCTUGFGTGEJCRCTCEQOGTOCFTQ³Q
=UWLRNCPKOU©NJIWIWWMUWLRNKPCPU©NJ
VWWV?
U©NJM©©UC¡XaVRCTCT
FGTGEJQEQORNKPCP
0CRU©NJM©©UC¡CCFJKV©VPQTC¡MWRDC¡V©K
DCRRW!8CUCRQPGTFGTGEJCGUCJQTSWGVC!
2QTGUQNCGUV£UUCECPFQ!=EQORNRNU©NJ
VWVVW¡RTGVU©NJM©KU©NJVWVVW?
U©NJ³C¡XaVGZVGPFGTGPFGTG\CT
CNIQNCTIQ
'CRZKU©NJKK³FJKV©TDK³,©¡ZR©MLKTVÀD!#
XGTGZVKGPFGNCUQIC3W«VCPNCTICUGT£!
XaTCEQUVCTUG
RCTCFGUECPUCT/CC¡PDJC³
DJ©K¡³IWVQQODJCK¡OMCTMW³CNJKQ[C¡PKLC¡R
ZK³U©NJ³C¡PCRCK¡Z©©MC¡6T£GOGWPEQUVCN
RCTCCEQUVCTOGGP«NWPTCVQCSW¯GPNCUQODTC
XaTCNKXKCTUG
FGGUVCTNCUVKOCFQNKVGPFGTG\CT
GNDTC\QQGNRKG,WOU©NJCCIWOVQQPPC
UCCMMCZICDKK³MCV!;CVGCNKXKCUVGFGNC
RKGTPCSWGVGP¯CUNCUVKOCFC!
XaTECOKPCT
RCTCECNGPVCTUGQJCEGTGLGTEKEKQ
NKVGUVTGEJCTNQURKGU,WOU©©U©UMC¡R©R.WKU
IWOVQQVQP#ITGG¡PMCDWNJEJ©MCR/QQ
LC¡RLKZL©©¡OCRCC!&GDGUECOKPCTWPRQEQ
U©¡NJKM
.WKU#U¯EQOQGUV£UGPEQIKFQRCTGEGSWGVKGPGU
HT¯Q
=EQORNRNU©©UUC¡RTGVU©NJU©©UUCRTGUU©NJKKU
U©©U©UKORGTU©NJKK³U©©UNJK³?8«CUGU©©UUC¡
U©NJVWVVW¡=EQORNRNFGU©NJM©©UC¡?RCTCTNQU
=RTGVU©NJVWVVW?
U©NJVWWV=UWLRNKPCPFGU©NJM©©M?GUVCTRCTCFQU
FGTGEJQU
U©RFJK¡³UUWJGTOCPQUWJGTOCPC
OGPQT
,KTU©RFJK¡³CCIWK¡PCOOCCRLKKOIW³
³WWEJKZ/KIKCN!'UGNJGTOCPQOGPQTFGOK
EW³CFQ/KIWGNGNSWGXGP¯CEQP«N!
UWRTKOQJGTOCPQUWRTKOCJGTOCPC
JKLQQ
JKLCFGNJGTOCPQQFGNCJGTOCPCOGPQTFGNRCR£Q
FGNCOCO£t,KTU©RFJK¡³CCFJK.CCUCTIW
,QUGG!tLWRMCK¡EJIW,WCPCt,©©¡FJQPCO
IW¡TLWOLCLCC¡PKOIWLCPCPCCPtLWRMCK¡EJ
IWF©¡©©¡Pt.£\CTQGURTKOQFG,QU«!
tRTGIWPVµ,WCPCt2WGUU¯RQTSWGUWUOCO£U
UQPJGTOCPCUtEQPVGUVµUWOCO£
=RNU©URKFJK¡³?8«CUGZKMW¡
♦LKTLWOU©URKFJKOCOUQPJGTOCPQUUQP
JGTOCPCUUQPRTKOQUJGTOCPQUUQPRTKOCU
JGTOCPCU
U©U©©¡=RNFGU©©¡?NQDQU
U©URKFJK¡³=RNFGU©RFJK¡³?UWUJGTOCPQUUWU
JGTOCPCUUWURTKOQUUWURTKOCU
OGPQTGU
U©ZKC¡XaVRKECTJGTKT
RTQHWPFCOGPVG,K³U©K
IWUQQOMCTPC³MCUQQOIW³MWVWWP/G
RKSW«EQPNCCIWLCEWCPFQGUVCDCEQUKGPFQOK
ECOKUC
XaKRKECT
WPCXGEQPUWRKEQ,K³U©KIW
VQDCCPC³MCVWOCCM$CMIW¡ZDJCPCC¡PQ¡
©¡NJKEJVWOCCOCT/GRKEµNCIWCLQNQVC
EWCPFQGUVCDCF£PFQNGFGEQOGTRWGUGUDTCXC
EWCPFQVKGPGRQNNWGNQU
XaKUG³CNCT
EQPNCOCPQ6W¡EJKDC¡C¡IC
FJKOCC¡PMCOPCDC¡R©ZCOPCK¡V©U©UU©!&G
SW«GUVCT£JCDNCPFQGUCRGTUQPCSWGUG³CNCRQT
VQFQUNCFQUEQPUWFGFQ!
=RTGVU©KRTGUU©UU©?
U©ZZKFJC¡XaVRKECT
UWRGTHKEKCNOGPVG,WOCC¡
IWVQQVMQOPC³M©¡PLCU©ZZKFJC¡IWVWVWWT
PQ¡³KEJDCLKEJWLWCPCODC¡ZK¡LKOFC¡
%WCPFQVTCDCLQEQPNC[WPVCPGEGUKVQWPECTTK\Q
NCTIQRCTCRKECTNGCNQUVQTQURCTCSWGECOKPGP
T£RKFQ=EQRTGVU©ZZKFJCVRTQITU©ZZKO?
U©¡NJKMUVTGP\CFG\Q[CVG2CK¡L©LCOQQOCOLC
DWWRWTFC¡COIWU©¡NJKMIWK¡PCODCLKO
'&+%+•024'.+/+0#4`
UQDMQPC¡
6'2'*7ƒ0Ê'52#“1.
PCPDCKEJFJC¡PCODJCCPZKC¡NJKEJMC¡IW
[QQZK¡RKCOPQ¡O©VDCOZKZFJWVDKQ¡#
XGEGUGPNQUTKVQUEQOQGPNCEGTGOQPKCFG
VQOCTGNOG\ECNQEWCPFQVGTOKPCPFGIWCTFCTNC
UCNUGNGUCOCTTCPVTGP\CUFG\Q[CVGGPNCECDG\C
[NCUCFQTPCPEQPHNQTGU
UQDMQPC¡XaVRGNCTVCNNCT
OCFGTC+CTCKR
UQDMQPC¡FJK©NJK¡EJLKZICMLWM5KOQQPPC
OWPKM©©MPCEJOWMC¡PV©MKC¡MQTCCTVC¡O
6WODC[RGNCGUGRKPKVQUGEQSWGGUV£CNN¯
5KOµPRCTCSWGNQRQPICOQUCTTKDCFGNEQTTCN
TGDCLCTGORCTGLCT
OCFGTCQRKGFTC#NJK¡EJ
RWRUCRUQDMQPC¡IW³LKKMWNJFJKVC¡ONCPC
IW¡UCRZK¡ZMCDQQM&KEGOKV¯QSWGXCC
TGDCLCTWPRQEQO£UGUVCVCDNCRQTSWGFKEGSWG
GUV£OW[ITWGUC
=RTGVUQDMQRTGUUQDMQP?
UQDJCC¡P=XCTFGUWDJCC¡P?TCPC
UQKUEJCRWN¯PUCNVCOQPVGU,CK¡TIÀ¡IÀTCOIW
UQUUQKLCK¡DC¡ZDKK#NIWPQUUCNVCOQPVGUUQP
ITCPFGU[QVTQUUQPEJKSWKVQU=RNUQUUQK?
♦MCCNJKUQKUITKNNQ
♦MCDCCMUQKUNCPIQUVC
KPUGEVQ
UQK³EJKC¡XaVIQNRGCT
EQPJCEJCJCEJGCT
$CK³FJCUM©¡PLCRUQK³EJKC¡FJKLWMMW
LQVOQFC¡©MKC¡2CCIKFJWWMLWR©MKC¡FJK
OCZKKEJM©¡P!%QTVCGUGQEQVGEQPGNJCEJC
RCTCSWGNQEQTVGUT£RKFQRQTSWGEQPGUG
OCEJGVGPQUGEQTVCT£RKFQ=RTGVUQPKC
RTGUUQPKCM?
UQK¡CFXJWOKNFGJWOKNFGOGPVG$KEJWOCCM
IQTFJK5KKITQOKLC¡RV©KUQK¡EJW¡KK¡PCZDJKQ¡
&GPNGFGEQOGTC+UKFTQRWGUUGXGSWGGU
JWOKNFG[FGDGFGVGPGTJCODTG
♦LKEJ:QK¡MCOU,GUWETKUVQ
NKVPWGUVTC
RGTUQPCJWOKNFG
UQK¡UCPKOCN
FQO«UVKEQOCUEQVCt,CZ
LCO©VFWWMMQKIWOUCUQK¡!tLWRMCK¡EJIW
5CCPVWUt&JQPCVCNJLC¡ROQQIKKNJKOO©M
OCVCC¡OtLWRMCK¡EJIW5COQKNt%µOQ
HWGSWGUGOWTKGTQPVWUCPKOCNGU!tRTGIWPVµ
5CPVQUt2WGURQTSWGPQNNQXKµRTQPVQ
tEQPVGUVµ5COWGN=RNUCUQK¡CRQUUQKIC¡P
UCUQKIC¡P?
UQK¡PVC¡XaVFQOGUVKECT
CPKOCN)À¡OCC¡PC³
MWWRC¡IWUWWFCK¡PQ¡³LKZLCUCUQK¡PVCOIW
RCRCCVPC³DC¡OK¡LCDKC¡MC¡5KSWKGTQ
FQOGUVKECTNQURCVQUPGEGUKVQEQPUVTWKTWPC
RTGUCFGCIWCRCTCVGPGTNQUCNN¯
=EQORNRNUCUQK¡PVC¡RTGVUQK¡PVCUCUQK¡PVC
RTGUUQK¡PVCTUCUQK¡PVCT?
UQK¡³EJKZKOCFLFQOGUVKECFQ
CPKOCNUCNXCLG
,KTUQK¡³EJKZKOCCIWUWKOCNJPCOWQKT©
2WWPVC6C¡O!'UV£FQOGUVKECFQGNXGPCFQ
SWGCPFCGP.C4GLC!=RNUCUQK¡³EJKZKO
EQRLKT?
UQMDQNJUECTCEQN,WRMCK¡EJFJC¡COIW
LC¡VMCOPC³UCRFCKW¡WWDVWOCCOCTMC¡
PQ¡³ICPV©VDKCIWUQMDQNJ.CIGPVGFKEGSWG
UKLWGIQEQPNQUECTCEQNGUTGFQPFQUOKUJKLQU
UGT£PRWTCUOWLGTGU
O¼UKEQ
FGNOKVQVG5QMDQNJLWOV©©V©¡IWK¡
PCICCVM©¡PVWUCDFC¡OWLC¡RP©K¡MCTVCOPC
RCK¡FJWWMLKLWT³KFJC¡5GNNCOCÎECTCEQNÏGN
SWGVQECGNCTEQGPGNRCVKQEGTGOQPKCNGNF¯CGP
SWGDCKNCPVQFCNCPQEJG
=RNUQUQMDQNJ?
UQNJOQPC¡=XCTFGUQQUPKC¡?RGICT
UQOCKIK¡UECVCTTQITKRC,KZDWCOVWVCVFCMC¡
PQ¡³ÀÀIWUQOCKIK¡#OR©ZLKZMQQZKOMC¡K³
%WCPFQWPQVKGPGECVCTTQUGUKGPVGOCN[NGFCC
WPQOWEJQUWG³Q
UQPUVQEµP/©KFJC¡CRFJKUQPMWLCIKC¡PC
MCRDJCK¡MCZICM;CSWGGUV£UGEQGUGVQEµP
SW«OCNQRCTCSWGUGCECDG=RNUQQUQP
CRQUUQPCC¡P?
♦UQPC¡TCOGPGNVQEµP
FG«NQFGGNNC
UQPDKC¡XaVOCEJCECT$CZK¡O³KFJKZCCFJK
RKKNCMWEJOK¡DCUQPDKC¡FJKOCK!;CGUV£
RTGRCTCFCNCRKNCRCTCOCEJCECTGNOCIWG[!
=RTGV[RTGUUQPDKCRWPVUQPDKCMQUQPD©M?
UQPFJK³MCTUGUVCEC/CC¡PLCRZKUQK³EJ©KIW
UQPFJK³MCTPCRDJCCPDWNJKC¡FJKDJWTW¡Z
*C\WPCGUVCECRCTCSWGCOCTTGUCNDWTTQGP
GNNC=RNUQPFJKFJK³MCT?
UQPKC=RTGVFGUQK³EJKC¡?NQIQNRGµ
EQPJCEJC
UQPKCM=RTGUFGUQK³EJKC¡?NQIQNRGC
EQPJCEJC
UQPRCPRTGRCNRKGFG/WOOWQKRQCOIW
MCTDCZUQPRCPIW¡³KQKFJC¡.QUEJKXQUCPFCP
CNRKGFGCSWGNEGTTQ
LWPVQCCNNCFQFG$J©L©PKRLKDCMKC¡'UVGGNC
UQPRCPIWOZKKZPQ¡RDCZMQQZKO#EW«UVCVG
LWPVQCVWJGTOCPC'UVGNCUK[CVKGPGUUWG³Q
UQQDQNJURCNOC%JCOMCDCCMIWUQQDQNJ
V©TDK³#OR©Z©¡M©PQ¡VDCICC0QGUTGUKUVGPVG
NCUQICFGRCNOCRQTSWGEWCPFQGUV£UGECUG
TGXKGPVCH£EKNOGPVG
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
UQQDQNJDCCNJUECPCUVCFGRCNOC΁2CCIW
UQQDQNJDCCNJPC³DJCCPOKKKEJCKOIW
MCKEJWM!ÏLWRMCK¡EJIWF©¡©©¡PIW,WCPC
΁&µPFGGUV£NCECPCUVCFGRCNOCGPNCSWGGUVQ[
RQPKGPFQNCUGOKNNCFGECNCDC\C!ÏRTGIWPVµNC
OCO£FG,WCPC=RNUQQDQNJDCRCCNJ?
UQQDQNJDQPCCOUUQODTGTQFGRCNOC#OR©Z
LK³DJ©DJ©VV©MK¡³IWL©D©©NJIW³DQPCCO
LQKFJCOR©Z©NJKK¡³PCTUQQDQNJDQPCCO
5GIWKFQOGXWGNCGNCKTGOKUQODTGTQRWGUGUV£
NKXKCPKVQRQTSWGGUFGRCNOC=RNUQQDQNJ
DQRPCO?
UQQOC¡XaVEQUGT
WPCRTGPFC6W¡³DC¡M©¡P
UQQOC¡EJKFJKZCDWKTCZPCIW¡EJCOLCK¡EJ
IWLKKN!%QPSW«XQ[CEQUGTGUVQURCPVCNQPGU
FGOCPVC!2QTSWGPQJC[JKNQ
XaTEQUGT
GPIGPGTCN#C³MC³UQQOO©TC¡
OW³DCDQQNJDWKPCDKC¡IWOCCMKPC+T«C
EQUGTCFQPFGXKXGOKV¯CRWGUGNNCVKGPGWPC
O£SWKPCFGEQUGT
=RTGVUQQRTGUUQQO?
UQQOFJC¡XaDEQUGT
RCTCQVTCRGTUQPC,WO
ZKEJWK¡IWK¡PC³CNJDJCCPMC³UQQOFCV2WK¡
EJKDC¡VWWOWCIK¡³FJC¡K³R©ZDC¡PCOVW³
UQQOK¡³FJC¡5GFGUEQORWUQNCO£SWKPCGPNC
EWCNGUVCDCEQUKGPFQRQTNQSWGVGPFT«SWG
RGFKTNGCQVTCURGTUQPCUSWGOGJCICPGNHCXQT
FGEQU«TOGNQ=RTGVUQQORTGUUQQOK¡³?
UQQOMCTUCIWLC
FGEQUGT)QQMLCRLK³
IC¡NJKFJC¡IWOUCUQQOMCTPC³M©¡PVWUQQOC¡
IWMWMVWPIWK¡PCO©VLK³EJKC2QTHCXQT
X«PFCOGFQUCIWLCURCTCEQUGTNCUECOKUCUSWG
OGOCPFCTQPEQUGT=RNUCUQQOMCT?
UQQ³MCTURKGFTCFWTC
RCTCRGICT,WR
MCK¡EJFJC¡COPCUCRLKTCOIWOCVVWTPQ¡V
DCFCCRMCFCKPCZKOICC¡O©TCKIWUQQ³MCT
M©¡PLWOUQQUPKC¡PCDC¡IKQZDJCK¡RDCVW
VWC¡FC¡&KEGPSWGEWCPFQUGCRNCPCGNOGVCVG
JC[SWGDWUECTGUVGVKRQFGEWCT\QRCTC
IQNRGCTNQRCTCSWGQVTCXG\OWGNCDKGP
=RNUCUQQ³MCT?
UQQUPC¡PUTKPEµP
CNRKGFGWPEGTTQQEQTFµPQ
GPHTGPVGFGWP£TDQN/WOOWPKLC¡RUQQUPC¡P
LCRZKLCDKC¡TC¡IWDCCM.NGXCNCUXCECUC
CRCEGPVCTRQTCNN£GPGNTKPEµP
UQQUPKC¡XaVRGICT
EQPCNIQFWTQEQOQ
ECUVKIQ/K¡OUQQULCO©VIWUCPFCCTWK¡ZPCR
ICPOWLC¡MLKOPCOUCCMO©L©FCTCC6GXCP
CRGICTNQUUQNFCFQUUKXCURQTCNN£RQTSWGFKEGP
SWGCNN¯GUV£P
UQURQ¡MCNJLWPOC¡P
RGICT
EQPCNIQFWTQRCTCSWGDTCTNQ/CTTW
M©¡PLWOCC¡PC³UQQUPKC¡FJKLQQFCKPCDC¡
LCKMKC¡5GPGEGUKVCWPOCTTQRCTCRGICTNGUC
GUVCURKGFTCURCTCSWGUGSWKGDTGP
RGICTFCTIQNRGU
EQPCNIQFWTQRCTCJCEGTNQ
£URGTQ,WOCC¡PC³UQQPFC¡IWOCVVWT
UQQ³MCTM©¡PPQ¡VDCFCCRMCPCDC¡ZDJCK¡VW
VWC¡FC¡#XGEGUGUPGEGUCTKQFCTIQNRGUCN
OGVCVGEQPWPCRKGFTCFGEWCT\QRCTCSWGOWGNC
DKGP
VQECT
CNCRWGTVC,CTQQEJKFJC¡FJK¡PC
OWRCK¡FJ©TDJCEJWUQQPMK¡³IQD!'CRZK
MWRKQ¡MK¡³3WK«PUGT£GNSWGGUV£VQECPFQNC
RWGTVC!2QTHCXQT£DTGNG
=RTGVUQQURTGUUQQP?8CTUQNJOQPC¡
UQQUQP=RNFGUQP?VQEQPGU
UQQUQ¡OUEQNNCT$JC³EJCC³ZKFJKMC¡UCRIW
UQQUQ¡OIW³EJCCVDJCOO©F©T-QTKCP&KLQ
OKRCR£SWGOGXCCEQORTCTWPEQNNCTGP
&WTCPIQ
UQQ¡OFJC¡XaVQDUVTWKT
RCUQFGVGPGTCVCLCT
/WLC¡MLCCTFKCMM©¡PLC¡MIW³ZKMW¡IW
MCMDCKPCEJKEJDC¡OK¡LCUQQ¡OFJCMLC
IKKIKC/KJGTOCPKVQEQTTKµCNQUECDCNNQUCN
CTTQ[Q[CU¯NQITCOQUCVCLCTNQU[NC\CTNQU
=RTGVUQQ¡ORTGUUQUDJK¡³KORGTUQQDJK¡³?
UQRMKC¡XaKEQPVCTEWGPVQUEJCTNCT/CC¡PPKO
[C¡V©DKCOCC¡PIWPCCDCV,C¡ROQQEJCO
DJCK¡EJMQQMZKEJPCIW¡D©ZEJWMCC¡VW
UCRQQM7PCXG\RCUµNCPQEJGCSW¯WPOGUVK\Q
RGTQPQFQTOKOQUDKGPRQTSWGGUVWXQEQPVCPFQ
EWGPVQUVQFCNCPQEJG=RTGVUCRQQ
RTGUUCRQQM?
UQRMKFJC¡XaVEQPVCTEWGPVQU
CQVTCRGTUQPC
EJCTNCT
EQPQVTCRGTUQPC'CPC³OCC¡PLWO
UQRMKFJC¡PCEJMCRDJCK¡[C¡R©ZMCFCTCC
8Q[CEQPVCTVGWPEWGPVQOKGPVTCUGUVCOQUCSW¯
UKPPCFCSWGJCEGT=RTGVUQRMKRTGUUQRMK¡³?
UQTMKC¡=XCTFGUCTQMMKC¡?TQPECT
UQUDJK¡³=RTGUFGUQQ¡OFJC¡?NQQDUVTW[G
UQUQMDQNJ=RNFGUQMDQNJ?ECTCEQNGU
UQURQ¡MCNJUVQOCVKNNQ
TGIKQPCNKUOQVQOCVG
XGTFGFGE£UECTC/K¡ZKUQPDKC¡IWMQ¡MQNJ
D©©ZLCRD©PMCOOKUQPDKC¡IWUQURQ¡MCNJPC
DC¡EJCOR©MMC¡QQMMC¡/WGNCGNEJKNG[
CIT«IWGNGNQUVQOCVKNNQURCTCSWGPQGUV«OW[
RKECPVG
UQURQ¡MCNJLWPOC¡PUOQNGFGVQOCVKNNQ
,QKFJCOLKZK¡QQDIWUQURQ¡MCNJLWPOC¡P
'&+%+•024'.+/+0#4`
UQUTQMKC¡
6'2'*7ƒ0Ê'52#“1.
D©PMCOIWMKKU'UV£OW[UCDTQUQGNOQNGFG
VQOCVKNNQEQPSWGUQ
UQUTQMKC¡=UWLRNFGUCTQMMKC¡?2GLUQUTQMKC¡
COTQPECT£P=RTGVUQUTQRTGUUQUTQM?
UQUUQK=RNFGUQK?EJCRWNKPGU
UQ[QQVUCTOCFKNNQ,QKFJCOLKZK¡QQDIW
DCMZKIC¡PIWUQ[QQVICK¡ZKORKCO
LKFJQQNJZKO.CECTPGFGNCTOCFKNNQGUUCDTQUC
CUCFCQGPECNFQ=RNUQU[QV?8CTUW[QQV
UWUFC¡XaKUCNKTCIWCt5KCOTKMCLCK¡EJCC
IWUWWFCK¡O©L©PKLC¡RCMM©¡P!tLWRMCK¡EJIW
/CNGPCt5KCOTKMCRWRUWUFC¡LKIW¡tLWR
MCK¡EJIW.WKUCt6QFCX¯CJCDT£CIWCCNN¯GP
GNCTTQ[Q!tRTGIWPVµ/CIFCNGPCt2WGUUCNG
OW[RQECRGTQU¯JC[tEQPVGUVµ.WKUC
UCNKTCORQNNCU5WUFCIW³³QQPQD³KEJZK
EJWUQ³KKEJVCMCCDPC³KEJIW¡OWK¡VCPQQNJ
EJCOVWUQ³KKEJ/GUCNKGTQPCORQNNCUGPNCU
OCPQURQTJCDGTJCEJCFQC[GTRWGUVGPIQ
OWEJQUF¯CUSWGPQNQJGJGEJQ
=RTGVUWUFCQUWUF©?
UWUFC¡XaGJCDGTEJCTEQU
FGCIWC,QKFJCO
UQ¡NJMC¡XaKGPEQIGTUG5Q¡NJMC¡FJQFJKPCKNQ
PCOKLC¡RIKQR³KZVCPQQNJKQRPCIW¡IKKNJKO
LKZEJCVQK³5GXCCGPEQIGTGUCEWDKGTVCFG
RN£UVKEQSWGGUV£VKTCFCCNN¯RQTSWGJCEGOWEJQ
ECNQT=UWLRNUCUQ¡NJMC¡RTGVUQ¡NJMC
UCUQ¡NJMCRTGUUQ¡NJMCTUCUQ¡NJMCT?
♦ZQ¡NJKMCFLGPEQIKFQ
♦ZQ¡NJMCNJK¡ZQ¡NJMCTC¡CFLSWGUGGPEQIG
H£EKNOGPVG
UWCM=RTGUFGUWUWCMKC¡?NNQTC=UWLRNUWCP?
UWDJCC¡PUTCPCUCRQ6©¡PIKCMLC¡MIKKNJKO
MWWFC¡COIWUWUDJC¡POWLC¡RIKQ¡PV©TPC
RCK¡LCZUWWUW¡PMC¡IWUWWFCK¡'PNC«RQECFG
NNWXKCNCUTCPCUETQCPOWEJQGPNQUNNCPQUFQPFG
JC[EJCTEQUFGCIWC=RNUWUDJC¡P?
8CTUQDJCC¡P
UWKOCNJUXGPCFQ$JCOO©PKFJ©TLKZ
LQK¡³FJC¡COPCOVWKQ¡FC¡IWUWKUOCNJPC
RCK¡UCDCCTF©©DQPIWUWWFCK¡#NQUXGPCFQU
NGUIWUVCVQOCTCIWCFGCSWGNOCPCPVKCNFQPFG
UCNGOWEJCCIWC=RNUWKUOCNJ?
LKZM©©¡UWUFC¡MC¡VCCDJCMIWUWWFCK¡OWLC¡R
IÀ¡IÀTC¡CMEJC¡OV©¡PIKCMDC¡ZK¡MQQTC¡
O©TFC¡'PNQUVKGORQUFGUGSW¯C¼PKECOGPVG
JC[EJCTEQUFGCIWCNKORKCGPNQUT¯QUITCPFGU[
GPNQUVKGORQUFGNNWXKCGUV£PNNGPQUFGVKGTTC
8«CUGUWW¡P
UWUFC¡=UWLRNFGUWWFC¡?GUVCTNNGPQU
UWUFWKEJWNJFJC¡=EQORNRNFG
UWWFWKEJWNJFJC¡?NNGP£TUGNQU
=RTGVUWUFWKEJWNJ?
UWUFWKFJC¡=EQORNRNFGUWWFWKFJC¡?NNGPCTNQU
=RTGVUWUFWK¡RTGUUWUFWK¡³?
UWUFW[C¡=UWLRNFGUWWFW[C¡?UGNNGPCT£P
=RTGVUWUFWRTGUUWUFCT?
UWUIKEJC¡=UWLRNFGUWW¡PIKEJC¡?2GL
UWUIKEJC¡COUGRQPFT£PCIWCFQU
=RTGVUWUIKEJCRTGUUWUIK¡?
UWUUCM=RNFGUWWUCM?JWCTCEJGU
=CRQUUWUUCMC¡P?
UWUWCMKC¡XaKNNQTCT#OR©ZRWK¡DCLKUWUWCMKC¡
FJK³EJKQ¡³PQ¡EJV©KRCZKCTCKO%WCPFQ
CPFCOQURCUGCPFQGUVGJKLQO¯QUKGORTG
GORKG\CCNNQTCT=UWLRNUWUWC³KC¡RTGUUWCM
UWCPRTGVUWUWCUWUWCP©?
UWWFCK¡UCIWC$CK¡O©TC¡UCRIW³³CCPPCV
IW¡DCLWWOIWUWWFCK¡/KOCO£XCCVTCGT
CIWCRQTSWGUGCECDµ
UWWFC¡XaGGUVCTNNGPQt,©¡ZOKUWW¡PIW
UWUDJC¡P=RNFGUWDJCC¡P?TCPCU
5WUDJC¡PVCOCFX.QU%JCTEQU
NKVNWICTFGNCU
TCPCU6CMCCDLC³KEJDJCOO©F©TDJCLKK
5WUDJC¡PVCOLWTP©MLC³KEJ[C¡CK/GXKPG
C[GTFG.QU%JCTEQU[RQTNCVCTFGNNGIW«CSW¯
UWWFCK¡FJKDCK¡³FJCMCTVC¡O!5WWFC¡CC!
tLWRMCK¡EJIWF©¡©©¡PIW6CCNJKCt5WWFC¡
FJQtLWRMCK¡EJIW6CCNJKCt%W£PVCCIWC
VKGPGGUCVKPCLC!'UV£NNGPC!tRTGIWPVµNC
OCO£FG0CVCNKCt5¯GUV£NNGPCtEQPVGUVµ
0CVCNKC=UWLRNUWUFC¡?8CTUWWFCK¡
8«CUGUWWFW[C¡
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
UWWFWKEJWNJFJC¡XaDNNGPCT
RCTCQVTCRGTUQPC
QCPKOCN$JCLC¡MZKLCW¡FJKOC¡TRWUMW³
OK¡ZKOUWUFWKEJWNJFJC¡FJKDJCD
2GTO¯VCOGUWUOQTTCNGURCTCNNGP£TUGNQUFGHTKLQN
=EQORNRNUWUFWKEJWNJFJC¡RTGVUWWFWKEJWNJ
UWUFWKEJWNJ?
UWWFWKFJC¡XaVNNGPCT,WOLQK³ICVFC¡CR
2CCRDC¡FWWMLWRLCUWUFWKFJC¡FJKVCVQQO
DJCCDJCK¡OMCTPCROQQLC¡RUCCNJ!&GDGU
CRWTCTVGRWGUPWPECXCUCNNGPCTGUVQUEQUVCNGUUK
VTCDCLCUVCPFGURCEKQ=EQORNRNUWUFWKFJC¡
RTGVUWWFWK¡UWUFWK¡RTGUUWUFWK¡³?
UWWFW[C¡XaKNNGPCTUG,QKFJCOIÀ¡OKUWW¡P
IWUWWFCK¡PCEJKEJRCK¡MQNJDKZVCMCCD'UV£
DKGPNNGPQFGCIWCCNN¯FQPFGGZECXCOQUC[GT
UCNKTCORQNNCU$CUWWFWKOFJK³³QDPCEJ
V©KVWOQKMC¡P/GUCNGPCORQNNCUGPNCOCPQ
RQTVTCDCLCTFWTQRTGRCTCPFQNCVKGTTC
=UWLRNUWUFW[C¡RTGVUWW¡PUWUFW
RTGUUWUFCT?8CTUWWFW¡UWW¡PPKC¡
♦UWWFC¡XaGGUVCTNNGPQ
♦UWW¡PI©OXaGGUVCTDKGPNNGPQ
♦UWW¡PXaGGUVCTCNOCEGPFCFC
CIWC
UWWNJIC¡XaVJCEGTVQTVKNNCU
FGOCUC[CJGEJC
#CROQQOK¡DCUWWNJIC¡FJKVWK¡PC³CC³MC
DCK¡TC¡*C\V¼NCUVQTVKNNCUFGGUVCOCUC
OKGPVTCU[QXQ[CNCIWC
UWWNJIKC¡=UWLRNFGI©ZKC¡?2GLUWWNJIKC¡
COPCEGT£PPCFCT£P=RTGVUWWNJ
RTGUUWWNJK¡?
UWWNJIKFJC¡XaDRGICT
EQPUQICCQVTC
RGTUQPC/KOUWWNJIKFJC¡³FJQFJK¡³KEJ©TDK³
PQ¡ROQQLC¡MEJCOLK³MÀÀPCEJVW¡OEJKCP
6GXQ[CRGICTEQPGUVCUQICUKPQQDGFGEGUNQ
SWGVGFKIQ
JCEGTVQTVKNNCU
FGOCUC[CJGEJCRCTCQVTC
RGTUQPC0Q¡ROQQEJCOVW¡LCZDWCFC¡I©VLK³
Q¡MKZPCROK¡FJ©TOK¡DC³UWWNJIKFJC¡I©V
FJK³EJWK¡PC³CC³OWOOWPKMCVW
UQQ¡OFJCTC¡IW³MCTDCZK¡5KPQVKGPGUQVTC
EQUCSWGJCEGTUQDTKPCRQTHCXQTJC\OGVQTVKNNCU
FGGUVCOCUCOKGPVTCU[QXQ[CVTCGTOKUEJKXCU
=RTGVUWWNJIKRTGUUWWNJIK¡³?
UWWUCMUJWCTCEJG/CLWROCC¡PIW³ZWWUCM
VWMCC¡PC³O©L©LC¡RV©KVWUQQ¡OFJKOIW
MCMCTDCZPCO©VOCLKDQK¡³³QT5GOG\CHµWP
JWCTCEJGCPQEJGEWCPFQGUVCDCCVCLCPFQNCU
EJKXCUSWGEQTTKGTQP=RNUWUUCM
CRQUUWWUMC¡PUWUUCMC¡P?
ÊV
UWWUCMPCCM©OUGUVTGNNCFGNCVCTFG$CLK
DJK¡³IWUWWUCMPCCM©OFWOCCNJR©ZDCFCC
;CUGGUV£RQPKGPFQNCGUVTGNNCFGNCVCTFGRWGU
GUV£OW[CDCLQGPGNEKGNQ
UWWUUC¡XaVQTFG³CT#CROK¡MCZKEJW
DJCKFJC¡CC³MCLCUWWUUC¡IWDCCM*C\V¼
NCUVQTVKNNCUOKGPVTCU[QQTFG³QNCUXCECU
=RTGVUWWUUCRTGUUWWUWU?
UWW¡PXaGGUVCPECTUG
CIWC%JCOQDIC¡M©IW
UWWFCK¡OWLC¡RCMM©¡P/©MOKLC¡RUWUFC¡
MC¡'NCIWCGPNQUCTTQ[QUPQUGUGECRTQPVQUG
GUVCPECRQTOWEJQVKGORQ=UWLRNUWWUW¡PQ
UWUFC¡?8«CUGUWWFW[C¡
UWW¡PIKEJC¡XaKRQPGTUGCIWCFQ5WW¡PIKEJC¡
FJQFJKCVWWNJPQ¡RICPIÀ¡OKEJQK¡FJKOIW
UWWFCK¡5KUKIWGUGEJ£PFQNGCIWCCNCVQNGUG
RQPFT£OW[CIWCFQ=UWLRNUWUIKEJC¡
RTGVUWW¡PIKEJQUWW¡PIKEJCUWUIKEJC
RTGUUWW¡PIK¡UWUIK¡?
♦ZWW¡PIK¡CFLCIWCFQENCTQVTCPURCTGPVG
UWW¡PIK¡UCIWC
FGCNIWKGP#NJK¡EJLK³OCCM
IWOUWW¡PIK¡$CZEJCPQQOK³PCZEJCVQK³
4GI£NCOGVCPVKVCCIWCRQTHCXQTRWGU[COGFKQ
UGFRQTSWGJCEGOWEJQECNQT
=CRQUUWW¡PIKIC¡P?
UWW¡PI©OXaGGUVCTNNGPQ5WW¡PI©OLCROQQ
DJCDJ©KMC¡IWUWWFCK¡FJKDCNFKEJCOVW¡
RCNJ©©R6TCGGUGDCNFGNNGPQFGCIWCPQPCFC
O£UWPRQEQ=UWLRNUWUFCI©O?
8CTUWW¡PICO8«CUGUWWFW[C¡
UW[QQV=XCTFGUQ[QQV?CTOCFKNNQ
UW¡NJDJKKEJ=UKPµPFGLWMKKDJCKFJC¡?RK³C
EQPQ
FGRKPQ
6
=0QVC/WEJCURCNCDTCUSWGGORKG\CPEQPEJ
VKGPGPXCTKCPVGUSWGGORKG\CPEQPVNCUEWCNGU
PQUGKPENW[GPGPGUVGFKEEKQPCTKQ?
ÊVUWHaX+PFKECVKGORQEQRTGV«TKVQFGGXGPVQUR
GLCCI©VSWGT¯CDCVDKCVUGDC³CDC
+PFKECVKGORQRCUCFQFGNQUGUVCFQURGL
DKC¡MCVVGP¯CD©©V©VGUVCDCPCEQUVCFQU
=)TCO?
'&+%+•024'.+/+0#4`
ÊV
6'2'*7ƒ0Ê'52#“1.
ÊVEN¯V+PFKECUWLGVQFGNCVGTEGTCRGTUQPCFGN
UKPIWNCT[VKGORQRTGV«TKVQ$CMQZO©TC¡K³PCV
IW¡DCVWM;COGXQ[CKTCFQTOKTRQTSWG[C
UGQUEWTGEKµ=5QNCOGPVGUGRTGUGPVCEQP
EQPLWPEKQPGU)TCO?
ÊVCUWHaXJCEGTHCDTKECT,CTQQROK
DCCZFJCKOIWV©VPQTC¡OWIKQV©T!-C¡CCRCC
F©©NJOK¡VWEJKMKKTVC¡!3WK«PGUVCT£OGVKGPFQ
RQUVGUGPNCOKNRC!1V¼XCUCJCEGTWPEQTTCNKVQ
CNN¯!=HWVÊVC¡RTGVÊVC.CTC¯\GUWPUWUVCPVKXQ
)TCO?8CTÊEJC¡
VCC=RTGVFGVC³KC¡?NQRKFKµ
EQORTCFQQ
TGICNCFQ
VCCDJCMUNCUUGECU
TGIKQPCNKUOQ«RQECFG
UGSW¯C
FGFKEKGODTGCOC[Q)KKNJKOOWK¡MQ¡
COIWUCUQK¡PCRCK¡FJWWMLKTVCCDJCMMC¡
/WEJQUCPKOCNGUUGOWGTGPGPNC«RQECFG
UGSW¯C
VCCDJC¡XaKNNGICTNC«RQECFGUGSW¯C/QQEJK
IKKNJKOLKZKQ¡OVCCDJC¡ZKDPCVIW¡EJCO
FWW¡PIWMKDCCTPCOQQFWWMFC¡%TGQSWG
CJQTCXCCJCDGTOWEJCUGSW¯CRQTSWGPQ
NNQXK\PµGPGNVKGORQEWCPFQPQTOCNOGPVG
NNQXK\PC=RTGVVCC¡O?
♦DCLKEJCC¡O[CGUV£GORG\CPFQNC«RQEC
FGUGSW¯C
VCCIKQDCFXEGTEC
FGWPCRGTUQPCUGPVCFCQ
RCTCFC/©L©LC¡RLC³ZKDJ©©[C¡LCOVCCIKQD
%QPUWRGTOKUQXQ[CRCUCTCNN¯EGTECFGWUVGFGU
8CTVCCIKD
VCCK¡UNKOCFGGPEGPFGT%JCODJCDJ©©M
LC³KEJDCMIWVCCK¡6W¡EJDC¡M©¡PVWPCCFC¡
OWRCK¡!0QVTCLGNCNKOCFGGPEGPFGT%QP
SW«XCOQUCRQPGTNWODTGRQTCNN£!
FKPGTQ
RCTCUWDUKUVKT,©¡MLCRWC¡IWVCCK¡
PCEJM©¡PVWUCDC¡FC¡ICOCLC¡MRCK¡PQ¡EJ
DCZDJKQ¡!%W£PVQFKPGTQVTCGURCTCEQORTCT
CNIQO£UCNN£EWCPFQVGPICOQUJCODTG!
VCCMCFLRGFC\Q
ITCPFG,CTQK¡DCMLK³
LCK³EJWNJIWMKKUPC³DJC¡³KDKC¡CTRWWUVC¡O
6CCMR©ZDJCLKOPC³DJCK¡DCV©P©P©K¡³
#NIWKGPVQOµITCPRCTVGFGNSWGUQSWGVGPIQ
IWCTFCFQGPWPOQTTCNRQTSWGPCFCO£U
SWGFCDCWPRGFC\QEWCPFQNQXK
NCOKVCF)W,WWNKCPC³KEJV©KVW¡QPDCK¡
OCC¡PZKFJCCI©MIWV©OMCNJVCCMZKLCK³FJCM
IWICIQQZIC¡PVCCMDC¡ZKLWICCM%CFCXG\
SWGNGUKTXQEQOKFCC,WNKCUQNCOGPVGEQOGNC
OKVCFFGNCUVQTVKNNCURQTSWGNGIWUVCFCTNGNCQVTC
OKVCFCUWRGTTQ
♦EJCCVCMCFLPQDKGPOQNKFQ
VCCP=RTGUFGVC³KC¡?NQRKFG
EQORTCFQQ
TGICNCFQ
VCC³ZKFJC¡XaDRGFKT
EQORTCFQQTGICNCFQRCTC
QVTCRGTUQPC$JCK¡RZK³EJCC³ZKFJCKIW³
ZCRCCVWKZPQ¡RKEJOCLKK-QTKCP/GEQORTCU
OKU\CRCVQUGPECUQFGSWGXC[CUC&WTCPIQ
=RTGVVCC³ZKRTGUVCC³ZK¡³?
5KPµPUCDC¡³ZKFJC¡
VCCRPC¡XaVRCTVKTTCLCT
EQPJCEJCQEWEJKNNQ
‰TDCPCC³VCCRPC¡FJKLWM!'UV£DKGPRCTVKT
GUVGQEQVGCNCOKVCF!=EQORNRNVCCVUC¡
RTGVVCCRVCCVUCTGUVCCR³KZVCCEJZKZ?
♦LKZDJCK¡OVCCVCUSWGUGRWGFGPRCTVKT
DKGP
VCCR³KC¡XaKRCTVKTUGTCLCTUG
RQTRGICT$JC
LC¡RZKDWCLQFCKEJC¡OFJKLWMDWKMW©TDCP
VCCR³KC¡2«ICNGUQDTGNCRKGFTCCGUVGPWFQFGN
QEQVGRCTCSWGUGRCTVCGPOGFKQ
RCTVKTUGTCLCTUG
RQTUGECTUG/CVCCVMKC¡LK
DC¡IW³EJ©VMCRWPCVOCLKL©©RFJC5GOGXCP
CRCTVKTNQUVCNQPGURQTSWGJCEGHT¯Q
PCEGT
CXGNKVRCTVKTUGGNJWGXQt,©¡M
VCPQQNJVWDQK¡UCRMC¡IWVCMCCTWK¡PCODC¡
DCVCCVMKC¡IWRKRRKNJ!tLWRMCK¡EJIW/KKNKC
t,WODJC!tLWRMCK¡EJIWF©¡©©¡P
t%W£PVQUF¯CUGORQNNCNCICNNKPCRCTCSWG
PC\ECPNQURQNNKVQU!tRTGIWPVµ'OKNKCt3WK«P
UCDG!tEQPVGUVµUWOCO£
=EQORNRNVCCVMKC¡RTGVVCCRVCCVM©?
♦EJCCVMK¡CFLSWGUGRCTVGH£EKNOGPVG
RQT
U¯UQNQ
VCCRWMUV«
FGEQTVG\CFGGPEKPQ$JCK¡ZKKQ¡
FJKVCCRWMMWFQFJKC¡IWOLKMPCUCCMLKZ
LQK³6µOCVGGUVGV«FGEQTVG\CFGGPEKPQRCTC
SWGUGVGSWKVGPNCUTGVQTEKLQPGUFGNGUVµOCIQ
♦EJCCRWMCFLCOCTIQ
VCCUUVC\Ct#CRDJCDJ©©MCCIWVCCU
4KOWWPFCPCRM©¡PVWDCK¡IKC¡!tLWRMCK¡EJ
IW4QQUCt%JCOPC³IW¡EJCOOCCVPQ¡VW¡
VCCULWRLWOCC¡tLWRMCK¡EJIW4KOWWPFC
t6TCLKUVGNCVC\C4C[OWPFC!RCTCSWGRWGFCU
UCECTCIWCtRTGIWPVµ4QUCt0QRQTSWGPQ
UCD¯CSWGUGTGSWGT¯CVC\CtEQPVGUVµ4C[OWPFC
=RNVCVCCU?
VCCUPCTC¡UJQPIQ
FGRKPQ$©©R©¡PC³KEJOW
DWWUOWPKMCVWWV©VIWVCCUPCTC¡OCC¡PLKZ
ICMLWMUCPQQR%JCORCK¡MCVWLCK¡EJPC
³KEJIKQLC¡MLWRI©K,CTQK¡EJKOKDWWUP©MLWR
ZKW¡WWM*CEGTCVKVQEWCPFQKDCJCEKCCNN£
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
GPEQPVT«WPQUJQPIQULWPVQCWPRKPQUGEQRGTQ
EWCPFQ[CXGP¯CFGTGITGUQ[CPQGUVCDCPETGQ
SWGCNIWKGPRCUµRQTCNN¯[UGNQUNNGXµ
♦VCCUPCTC¡LWPOC¡POQNGFGJQPIQFGRKPQ
VCCVURCFTGRCR£;C¡DCCKCCIWOVCCVLK³
LKKMWNJPCVUCCMMCP©©TCMIWZKQVCNJMC¡
EJCMWKCC!;CNNGIµVWRCR£UQDTKPQFGKTC
DCKNCTGNOKVQVGQVQFCX¯CPQ!=RNVCVCCV
CRQUVCCVC¡P?
♦LKEJEJCCVUPWGUVTQRCFTGUQN
VCCVCOUFKGPVG;C¡PKR©ZFCCOCC¡PIW
VCCVCO6W¡EJKTVCCVOW¡P!#SW¯GUV£WP
FKGPVG&GSW«CPKOCNUGT£!
=CRQUVCCVOW¡P?
VCCVC¡XaVUGPVKTRTQDCT6WMCC¡DCMLKZDKK
FWW¡P,C¡REJCOVCCVK³,KZDCC¡IW³ZC¡WC
PC³KEJDJCK¡LK³K³KC2CTGEGSWGNNQXK\Pµ
CPQEJGRWGUGUVCDCOQLCFCOKEQDKLCEWCPFQOG
FGURGTV«RGTQ[QPQNQUGPV¯
RCNRCTVGPVCT&JK%JGGOCUCRVCCVC¡IW
OCVCKOC¡PPQ¡ZOCOQKM&KEG%JGOCSWGXCC
VGPVCTGNPKZVCOCNRCTCXGTUK[CGUV£DNCPFQ
=RTGVVCCVCRTGUVCCV?8«CUGVCVFCEJKC¡
VCCVMKEJFJC¡XaVJCEGTUCNKTFGNECUECTµP
CXGU
,©¡MVCPQQNJVWDQK¡UCRMC¡IWVCMCCTWK¡PC
DC¡DCVWVCCVMKEJFJC¡!%W£PVQUF¯CUGORQNNC
NCICNNKPCRCTCJCEGTUCNKTFGNECUECTµPCNQU
RQNNKVQU!=RTGVVCCVMKEJ?
VCCVOWVFC¡XaVEWTCTFKGPVGURQPGTFKGPVGU,K
I©KOCC¡PIW³EJCCVCOPCVLK³LKDWCVCMCCD
IWMCDCK,WOCK³EJKDC¡OC³EJCCVOWVFC¡
5GOGEC[µWPFKGPVGC[GTEWCPFQGNECDCNNQOG
VWODµ6GPIQSWGKTCSWGOGRQPICPQVTQ
=RTGVVCCVOWVRTGUVCCVOWVW¡P?
VCCVUCDUVKGTTCE£NKFC;CLC¡RPCTLWMICOLKZ
EJCVQK³IW¡EJKDC¡R©MOWLC¡RVCCVUCD5K
JCEGECNQTCSW¯GPNCUKGTTCEW£PVQO£UGP
VKGTTCE£NKFC!=RNVCVCCVUCD?8CTVCUUCD
VCC¡DKFJC¡XaVQDUVTWKT
NW\ECNQTQNNWXKC
%JC¡RUCROK¡VCC¡DK¡³MC¡IWCNJKK/K¡UCRLKZ
L©©¡O0QNGQDUVTW[CUGNECNQTFGNHWGIQCNPK³Q
RQTSWGVKGPGHT¯Q=RTGVVCC¡DKRTGUVCC¡DK¡³?
VCC¡ONCUVCDNCOCFGTC:K¡ZO©KFJC¡IWUCK¡
DC¡CCMIWVCC¡ONCUEJCOR©M5GRWGFG
SWGOCTO£UH£EKNOGPVGNCECUCFG\CECVGSWGNC
FGVCDNCU=RNVCC¡ONCU?
VCDWKOIKFJC¡XaVFGURGFKTUG:KDLC³RWZKO
VCDWKOIKFJC¡PC³IW¡RWU©NJR©ZDCDJ©©[C¡
OWMCPF©TD©©ZUCMCCNJKM/GXQ[CFGURGFKT
VCK³DWKFJC¡
FGWUVGFGUCJQTCRQTSWGOGKT«FGTGEJQRQTVQFC
NCEQTFKNNGTC[[CPQRCUQRQTCSW¯
=RWPVVCDWKOIKFJCM?
VCDWKOWMKPVGTLCFKµU#C³OQQIKQRDCLKK
6CDWKOWMIQT;COGXQ[#FKµUCVQFQU
VCDJKKMUUGPFC
GPVTGNCUNCFGTCU/CC¡PLC³KEJ
V©KV©©IWUWKOCNJOWPKMC¡PF©TPCRCK¡R©ZLKT
VCDJKKMFCKR©ZLKPCVIW¡OQQLCPQ¡LKOK³³QT
PCVLCZLK³EJ©©'PEQPVT«WPXGPCFQFGCSWGN
NCFQFGNCNCFGTCFQPFGGUV£NCUGPFCRGTQCN
XGTOGUGGEJµCEQTTGT[PQNGRWFGVKTCT
=RNVCVDJKM?
VCKUNWODTG)KKNJKODJCLC¡MLKZEJQK³FJKVCK
PCIÀ¡O©KO)QTLCK¡MCZKDJKC¡IWMW¡CC¡
'UVCNWODTGGUV£OW[HWGTVGRQTSWGVKGPG
OWEJQUNG³QU5£SWGPNGWPQU
VCKDW¡UNWEK«TPCIC&CKV©¡PIKCMLC¡MLKZLQK¡³
COIWVCKVDW¡PCOO©O©©FC¡#NCUNWEK«TPCICU
NGUIWUVCFGURGFKTUWUNWEGUPCFCO£UGPNC«RQEC
FGNNWXKCU=RNVCKVDW¡?
VCKMPC¡XaVEQTVCTTCUICT
TQRC‰TDCPLCRZK
VCKMPC¡FJKLCPPWNJPC³DC¡VCCMKRWWTVC¡IKQ
VCCMLC³MWVWWPVC¡%QTVCCNCOKVCFGUCVGNC
RCTCSWGEQPWPCRCTVGRWGFCUJCEGTWPCHCNFC[
EQPNCQVTCRCTVGWPCDNWUC=RTGVVCKM?
5KPµPUCTPC¡
VCKM³KC¡XaKTCUICTUGFGUEQUGTUG
TQRC,WO
VCKMIW³ZCDWKTCZPC³LC¡RICICKM©MMKO
VCMCCDVWMCC¡PC³DJCK¡FJ©TDJCLWTPKOFJK
D©©ZC¡PUCR#[GTUGOGTQORKµOKRCPVCNµP
EWCPFQXGP¯CWPRQEQCICEJCFQRWGUGUVCDC
QUEWTQEWCPFQXGP¯CDCLCPFQ=RTGVVCKM?
5KPµPUCTPKC¡
♦EJCKMC³CFLTCUICFC
TQRC
VCKMQDCFXEGTECFGNCNWODTG,QKFJCONCCVW
DQ¡IWOKUVWK³OKVCKMQDPCZLWWM'NICVQ
GUV£CEQUVCFQCIWUVQEGTECFGNCNWODTGFQPFG
GUV£ECNKGPVKVQ
VCK³DWKFJC¡XaDRTGUVCT
CQVTCRGTUQPC,K³
EJCK³DWKFJC¡CRIWOZKKTPC³CNJKQWNJ³C¡IW
MCDCKL©IKCTWOMWUCCNJDCOCCPUWVKFJC¡
2QTHCXQTRT«UVCOGVWUKNNCFGOQPVCTRCTC
RQP«TUGNCWPTCVQCNECDCNNQDTQPEQRCTCSWG[C
UGXC[CCOCPUCPFQ
XaTRGFKTRTGUVCFQ
FGQVTCRGTUQPC,WO
VCK³DWK¡³O©TC¡CROCC¡PIWMCDCKIC¡PIWO
VCVCCNJ2KCOPQ¡OD©©ZIQQMOK¡R©ZVWWV
D©©ZIQQMLCRDJCOVCK³DWKFJKMC¡8GC
RGFKTNGRTGUVCFQCVWV¯QWPQFGUWUECDCNNQUQUK
'&+%+•024'.+/+0#4`
VCK¡
6'2'*7ƒ0Ê'52#“1.
NQUFQUGUV£PCNN¯R¯FGNGSWGVGRTGUVGNQUFQUFG
WPCXG\
=RTGVVCK³DWKRTGUVCK³DWK¡³?
VCK¡CFXDQECCTTKDC6CK¡RZKDQ¡[C¡MW³LWO
FCIKCUC¡#EW«UVCVGDQECCTTKDCRCTCUQDCTVGGN
GUVµOCIQ#PVµPM©R©NJ
VCK¡UUWDKFC#C³EJKEJCOVW¡OWLKOKC¡DJ©L©
RCK¡PCRWK¡TC¡IKEJCOMC¡PC³IW¡ZQQ¡P
PCEJV©UFKC¡DJCK¡FJKVCK¡)KKNJKOLKZ
OCIQQ³K¡%TGQSWGPQKT«CNN£CTTKDCEWCPFQ
JC[CLWPVCRQTSWGVGPIQHNQLGTCFGUWDKTGUC
UWDKFCRWGUUGECPUCWPQCNUWDKT=RNVCVCK¡?
#PVµPC¡PUCR
VCK¡FJ©TLC¡MCFXFGNQTKGPVG6CK¡FJ©TLC¡M
DJCK¡RDCLKL©DZKD6CMCCD[C¡PKFJ©TLC¡M
DJCK¡RMCL©D©©TC¡PUCRF©T;CGORG\µCUQRNCT
CKTGFGNQTKGPVGRGTQC[GTUQRNµFGNRQPKGPVG
#PVµPC¡PUCRF©TLC¡M
VCK¡LC¡MCFXJCEKCCTTKDC
FKTGEEKµPEWGUVC
CTTKDCt&CKC¡PUCRLC³LWTPKC¡OWRCK¡PCO
RWK¡M©©MIWO©©O©D!tLWRMCK¡EJIW
5GDCUVKCPt%JCO6CK¡LC¡MLKPCEJV©UFKC¡
RCNJ©©RtLWRMCK¡EJIWVCCVC¡Pt'URWTC
DCLCFCRQTCNN£FQPFGGUV£PNCUCDGLCU!
tRTGIWPVµ5GDCUVK£Pt0Q5GVKGPGSWGKTWP
RQEQEWGUVCCTTKDCtEQPVGUVµUWRCR£
JCEKCCTTKDC
RQUKEKµP6CK¡LC¡MLWO
M©©ZFJCVI©FC¡IW2GGNGUPQ¡DCZOCKO
%WCPFQ(«NKZGUV£DQTTCEJQUKGORTGUGRQPGUW
UQODTGTQJCEKCCTTKDC
#PVµPC¡PUCRLC¡M
VCLCCPC¡XaTCDTKTUG
GNRGTKECTRKQFGWPC
RNCPVCFGJKUEGPVG$COVCLCCPC¡IWVQMPQ¡VDC
ICC/K¡FJ©TFCKPCDCZDJCCK¡³MC¡PCO
DJ©©[C¡5GCDTGGNCNIQFµPEWCPFQUGUGEC[
GPVQPEGUNQRWGFGPTGEQIGT
CIKVCTUGTGXQNXGTUG
PWDGU$COVCLCCPFC¡
IWV©DCC¡PQ¡DCZFJWWFWKO.CUPWDGU
GORKG\CPCTGXQNXGTUGEWCPFQSWKGTGNNQXGT
UGTFGTTCOCFQ
UQDTGWPCRGTUQPC)WZ
&JWWFW¡MCOLKZ7C³+K¡OFCIC¡PIW&KQU
DJCCPLWOVCLCCIWEJ:QK¡MCOLCPQ¡PCVRCK¡
FJWWMLWODCMWC'N5CPVQ'UR¯TKVWFG&KQU
HWGFGTTCOCFQUQDTG,GUWETKUVQCSWGNNCXG\
EWCPFQUGDCWVK\µ
VTQPCT
VKTQUFGWPCTOCOQFKUOQt;C¡RCK¡
OKC¡PVWOVCLCCPVWMCC¡tLWRMCK¡EJIW
,WCPt,CTQK¡EJKVWOC¡[CULKCtLWRMCK¡EJ
IW2GGITQt2QTCSW¯EGTECVTQPCDCCPQEJG
tFKLQ,WCPt%TGQSWGCNIWKGPGUVCDCVKTCPFQ
tTGURQPFKµ2GFTQ
=RTGVVCLCCRTGUVCLCCP?8CTVCLCC³KC¡
VCLCC³K¡URTQIGPKVWTCFGUEGPFGPEKCÎ#C³OQQ
V©KUQK¡OV©VFCKFJCVLGPQ¡RI©VOQQRWK¡R
©NJKK¡³FJC¡PCROCC¡PLK³OCMKC¡IWO
VCLCC³K¡ÏLWRMCK¡EJIWDKCROC¡Î;QXGPIQ
CPVGWUVGFTQI£PFQNGRCTCXGTUKSWK\£UG
TGUWGNXCCSWGOGFKGTCWPCFGNCUFGUW
FGUEGPFGPEKCÏFKLQGNLQXGP
=CRQUVCLCC³IC¡P?
VCMUTC¯\,KZDKKVWVCMFJKLWPDQ¡MWIW¡Z
MCDCCMLKRWK¡LKEJW¡VPQ¡³DCVCMDWP.CU
EC³CUFGC\¼ECTVKGPGPTC¯EGUOW[FGNICFKVCU
RGTQGUV£PFWTCUUKVTCVQFGCTTCPECTNCU
=RNVCVCMCRQUVCMCC¡P?
VCM=XCTFGDCM?+PFKECNQSWGGNJCDNCPVGETGG
SWGGUEKGTVQCDCUGFGNCGXKFGPEKCSWGVKGPG
VCMCCDCFXC[GT6CMCCDLKTLQKDKUMCVZKDLKT
DKCTPKU#[GTHWGLWGXGUJQ[GUXKGTPGU
VCMCCTWK¡UICNNQICNNKPC,K³LWIKK¡³LCO©V
DCMIWVCVMCTWK¡IWLWWPPC³KEJOK¡MC
KKEJCMDCCNJEJC¡O%JCOVWLCK¡EJPC³KEJ
RCK¡FJWWMOK¡V©V©©2CTGEGSWGNCUICNNKPCUUG
EQOKGTQPGNOC¯\SWGVGP¯CGPNCECPCUVCRWGU
EWCPFQOKT«[CPQJCD¯CPCFC
RQNNQ)KKNJKOLC³DCZKK³COMCVIWDCMCCZ
,QKFJCOLC³KEJLK³KK³DJKQ¡PC³KEJZKLWWIW
VCMCCTWK¡LKFJQQT#PVGUVGP¯COWEJCUICPCUFG
EQOGTECTPGRGTQ[CSWGEQO¯ECNFQFGRQNNQUG
OGSWKVCTQPNCUICPCU
=RNVCVMCTWK¡?8CTVCMCCTK¡
♦VCMCCTWK¡LKFJQQTECNFQFGRQNNQ
♦M©NJKKVCMCCTWK¡UICNNQ
♦WDKKVCMCCTWK¡UICNNKPC
VCMDWPC¡XaVUCECTCTTCPECT
FGTC¯\
Î6CMDWPC¡CRFJKIÀ¡UCK¡PCOK¡M©©M6W¡IK
MWRDC¡OKDK¡CKOPCIW¡EJCOVW¡TLWWPÏ
LWRV©VFCIWVCCVC¡PIW/KNKVQQPÎ#TTCPECGUG
\CECVGITCPFGRWGUPQVKGPGECUQFGSWGGUV«
CNN¯[CSWGPQGUOC¯\ÏFKLQC/GNKVµPUWRCR£
=RTGVVCMDWRTGUVCMDWP?
ÊVCOUWHaU+PFKECWPNWICTEQPQEKFQRQTEKGTVC
ECTCEVGT¯UVKECRGLP©K¡MCTVCORCVKQVTCFKEKQPCN
NKVNWICTFGNCRKUVCFGDCKNCT5WUDJC¡PVCO.QU
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
%JCTEQU
NKVNWICTFGNCUTCPCU=)TCO?
8CTÊEJCO
VCODJWNJUVCODQT;COO©ZMCKFJC¡IW
VCODJWNJPCVWOUCDOWPCRCK¡TRKCUVC
*CUVCCSW¯UGQ[GGNVCODQTSWGGUV£PVQECPFQ
GPNCHKGUVC=RNVCVCODJWNJ?
VCOQ¡ZCFLSWGPQVKGPGEWGTPQU
FGRQTU¯
%JCOEJKR©MLWOMQ¡MVQNJK¡³COLKCFJK
MCMCTDCZPQ¡O©VDCLKOMQKPCOIW¡FCK
VCVOQ¡Z%TGQSWGPQRWGFGPIQNRGCTUGVCPVQ
GUVQUEJKXQUEWCPFQUGRGNGCPRQTSWGPQVKGPGP
EWGTPQU=RNVCVOQ¡Z?
VCPCCTC¡UDCUWTC/©KFJC¡RKOFJKVCPCCTC¡
PCOK¡LWORCZDC¡CCMUCPQQR/K¡EJCODJCK¡
PCEJOKLC¡RQKRQ3WGOGPGUCDCUWTCSWGGUV£
COQPVQPCFCEGTECFGNCECUCRWGUPQUGUVQTDC
EWCPFQCPFCOQURQTCNN¯
VCPQQNJUF¯C$CKMVCPQQNJLC³KEJEJCOVW
VCVPCMKC¡
O©MDJCOO©PCO©VRCK¡DJCCPDJKK³QTRWMIW
LWWP&CNGWPRQEQFGVNC\QNGCGUGDWTTQRWGU
[CVKGPGJCODTGRQTSWGHWGTQPNGLQUCECTICT
OC¯\
VCVCCDCFXFGF¯CFWTCPVGGNF¯C6CVCCDLC¡M
VWOLWCPEJCOVW¡VWMCC¡5GVTCDCLCFWTCPVG
GNF¯CPQFWTCPVGNCPQEJG
VCVCCNJUV¯Q
JGTOCPQOGPQTFGNCOCO£
/WPKFJ©TDJCK¡DCLKOIW³EJCVCCNJOCC¡P
ZKWC¡IW[CMWC#NN¯XKGPGOKV¯Q[VTCGWP
JQPIQ
UQDTKPQUQDTKPC
JKLQQJKLCFGNCJGTOCPC
OC[QTFGWPJQODTG$CLKOKC¡CRLK³EJCVCCNJ
DJCOO©MKKEJCODCOP©©TCEJKIWOPCCP:K
DJ©KFJCKCRFJK¡³KO©©DCV;CXGVGCNCECUC
UQDTKPQ[NN«XCNGGUVCOKGNCVWOCO£RWGU[CVG
JCFGGUVCTGURGTCPFQ
=RNVCVVCNJCRQUVCVCCNJK¡³VCVVCNJK¡³?
LWWPCVIKKNJKOLKZKQ¡OVW³CK0QEQO¯
FWTCPVGVTGUF¯CURQTSWGOGRGIµWPC
GPHGTOGFCFOW[HWGTVG
5QN$JCK¡DCDWWUIWVCPQQNJ;CUCNKµGN
5QN
♦D©ZEJCPQQNJVQFQGNF¯C
♦ZKDFJKVCPQQNJJQ[OKUOQ
♦)À¡6CPQQNJ%JC¡O(KGUVCFG,WGXGU[
8KGTPGU5CPVQ
♦CNJK¡EJEJCPQQNJUF¯CEQTVQ
KPXKGTPQ
♦IÀ¡VCPQQNJUF¯CNCTIQ
XGTCPQ
VCVCCU=RNFGVCCU?VC\CU
VCVCCV=RNFGVCCV?RCFTGU
VCVCCVUCD=RNFGVCCVUCD?VKGTTCUE£NKFCU
VCVCC¡UVGPFµP$CCDW¡CRIWVCVCC¡NWOICTCO
VCPQQNJKQRCFXGPGNUQN,WRMCK¡EJFJC¡CO
VCVCK¡=RNFGVCK¡?UWDKFCU
VCVCM=RNFGVCM?TC¯EGU
VCVCODJWNJ=RNFGVCODJWNJ?VCODQTGU
VCVDJKM=RNFGVCDJKKM?UGPFCU
GPVTGNCUNCFGTCU
VCVFCEJKC¡XaKUGPVKTUG)KQFJQEJCODJCK¡RLK
PCZDWCOVWDWCPQ¡³VCPQQNJKQRDQ¡PQ¡³LKZ
MC¡QQM&KEGPSWGGUFC³KPQCEQUVCTUGGPGNUQN
EWCPFQGUV£UGPHGTOQ
VCPQQNJQZKCUEQTCNKNNQ
X¯DQTC)KQV©TLC¡R
UKCZLQK¡³IWVCPQQNJQZKC#NCX¯DQTCEQTCNKNNQ
VCODK«PNGIWUVCCPFCTGPGNNNCPQ
VCPQQT=RTGUFGVQPPKC¡?DTKNNC
UQN8CTVQVPQT
VC³KC¡XaVRGFKT
EQORTCFQQTGICNCFQ6©MMC¡CR
PQ¡IC¡TCPCRDC¡VC³KC¡2TGI¼PVCNGUKNQ
XGPFG[UKNQXGPFGR¯FGNGSWGVGNQXGPFCCVK
=RTGVVCCRTGUVCCP?
♦LKZEJWVCC³K¡NGIWUVCEQORTCT
VCR©©ZURWNICd,C¡ROQQ³M©M©¡COIWVCVR©Z
-CDWKOWMLC³LKVWVCC³O©TC¡LGIWQQMQPC³
LK³LWWNJLKMQZKC¡d%µOQOGRKECPNCURWNICU
/C³CPCXQ[CEQORTCTKPUGEVKEKFCRCTCWPVCTOG
[FQTOKTOGLQT=RNVCVR©Z?
VCUQQNJUVNC\QNG#NJK¡EJOWZKDWK¡³IW
VCUQQNJFJKDJWTW¡Z$CZDJKQ¡EJKPCIW¡
F©TFJKVWWTLK³IC¡NJKFJC¡RDC¡PC³M©¡P
WWOCTIKFJC¡IW³W¡WWPC³M©¡PVWOWOWW[C¡
DJCCP)À¡6CPQQNJ%JC¡O5CECNQUVGPFQPGU
FGNCGURCNFCFGGUGVQTQ[OGNQUXGPFGURCTC
COCTTCTNGURNWOCUCNCUHNGEJCUEQPNCUSWGXQ[C
VKTCTGPNC5GOCPC5CPVC=CRQUVCVCC¡P?
♦EJCVCC¡CFLSWGVKGPGOWEJQUVGPFQPGU
VWVCVFCEJKC¡PCRKEJDCLWWFJKVQQZMQNJ
DCMCCZPCIW¡UCCMEJCODJCK¡OKC¡FJK¡³
1VTCXG\VGUGPVKT£UF«DKNRQTSWGEQOKUVGECTPG
FGOCTTCPQNCSWGFKEGUSWGPQVGECGDKGP
=RTGUVCVFC¡UGRTGUGPVCUKPUWLGVQGZRN¯EKVQ?
8«CUGVCCVC¡
♦LKZDJCK¡VWVCVFC¡UGPVKTUGDKGP
FGUCNWFQ
FG£PKOQ
VCVMCTWK¡=RNFGVCMCCTWK¡?ICNNKPCU
VCVOQ¡Z=RNFGVCOQ¡Z?SWGPQVKGPGPEWGTPQU
VCVPCMKC¡XaKVTQPCT
OCFGTCGPNCNWODTG
$JCK¡FJQR©ZLKEJCVPCMKC¡FJKIC¡FWMPCR
DJCV©VMCVCKFJCCODJCLC¡MDC¡DCEJ
O©KFJC¡PCPCK¡LKUWWNJIKC¡'UGEGFTQSWG
'&+%+•024'.+/+0#4`
VCVQK³
6'2'*7ƒ0Ê'52#“1.
RWUKUVGGPNCNWODTGGORG\CT£CVTQPCT[PQU
SWGOCT£PNCUEJKURCUSWGCXGPVCT£RQTVQFQU
NCFQU
VTQPCTCDTKTUG
OC¯\VQUVCFQ,CTQQDC¡O©L©
VWLCCMMWUKKPPCDC¡O©L©R©ZVCVPCMIW
LCCMK¡³!3WK«PGUV£VQUVCPFQOC¯\GPNC
EQEKPC!2WGUUGQ[GSWGGUV£VTQPCPFQCNCDTKTUG
RCTVKTUG
RQTUGECTUG%JC¡ROKLC¡RV©VMC¡
VCPQQNJKQRFJKDCK³FJCU$JCK¡FJQ
LKEJCVPCMKC¡IWDJCK³0QFGLGUGNJCEJCGPGN
UQNRQTSWGGNOCPIQRWGFGRCTVKTUG
=RTGVVCVPCM©RTGUVCVPCM?
♦EJCVPCMCFLSWGUGRCTVGH£EKNOGPVG
VCVQK³UJQTOKIC,KZEJCVQK³UCRFJKVCVQK³PC
DC¡OKLC¡RV©KO©NJEJW¡PCVWICCIKOPCRC
LC¡MLKZ©©MC¡2TQDCDNGOGPVGVKGPGECNQTNC
RQDTGJQTOKIC[RQTGUQXCEQTTKGPFQDWUECPFQ
NCUQODTC=RNVQVVQK³?
VCVQK³FJKC¡=XCTFGVWVQK³FJKC¡?JCEGTECNQT
VCVQQODJCCDJCK¡OMCT=RNFGVQQO
DJCK¡OMCT?EQUVCNGU
VCVQQR=RTGVFGVQVRQMKC¡?JKTXKµ
VCVQQVMQO=RNFGVQQVMQO?ECTTK\QU
FGVCNNQ
FWTQ8CTVQVQQVMQO
VCVQQZMQNJ=RNFGVQQZMQNJ?RWGTEQU
VCVQQZMQNJL©¡PIKCTWO=RNFGVQQZMQNJ
L©IKCTWO?LCDCN¯GU
VCVQQZMQ³KC¡=UWLRNFGVQZMQ³KC¡?2GL
VCVQQZMQ³KC¡COUGGORCEJCT£P
=RTGVVCVQQZMQ?
VCVQQ¡O=RNFGVQQ¡O?EQPGLQU
VCVQZMQIKC¡=UWLRNFGVQZMQIKC¡?2GL
VCVQZMQIKC¡COCUQNGCT£P=RTGVVCVQZMQI©
RTGUVCVQZMQ¡?
VCVR©Z=RNFGVCR©©Z?RWNICU
VCVVCNJ=RNFGVCVCCNJ?V¯QUUQDTKPQUUQDTKPCU
=CRQUVCVVCNJK¡³?
VCVVCO=RTGUFGVCCVC¡?NQRCNRC
VCZEJCCDKPVGTLITCEKCU6CZEJCCD/K¡IWLCO
LQQZKC¡³KEJOQQOCVWLWW)TCEKCU#NN¯GUV£
UWRNCVQRWGU[CCECD«FGEQOGT
VC¡ORQURGP
NCUWRGTHKEKGFGUQDTG΁6W¡
RKEJMC¡OVWLWWLQQZKC¡VC¡OCCMC¡RWK¡CR
O©L©U©ZZKO©TFJK³LKFJQQT!ÏLWRMCK¡EJIW
F©¡©©¡PIW.WUKKPC΁'PSW«EQOKUVGGPWP
RNCVQQOGVKUVGNCOCPQGPNCQNNCFQPFGGUVQ[
EQEKPCPFQ!ÏNGRTGIWPVµUWOCO£C.WEKPC
GPFGPVTQFG$J©L©ZKEJ©V©©¡CTRWWUVC¡O
PQ¡EJCODJCLKOOCC¡PIWZICMMQ¡MQNJMW³
[C¡PKVWWOZKFJC¡FJK³DJKK8GCGPGUGOQTTCN
UKPQJC[WPEJKNGUGEQRCTCFGURGFC\CTNQGPOK
EQOKFC
8CTEJC¡O
VÀRTGHaX+PFKECSWGNCUKVWCEKµPUGGZVKGPFGRQTWP
VKGORQQGPWP£TGC0Q¡ZL©©RK¡³ICOO©L©VÀ
ÀÀFC¡IWUQOCKIK¡%WCPFQJCEGHT¯QUKGORTG
RGUECOQUNCITKRC=5GRTGUGPVCCPVGUFGWPCÀ
)TCO?8CTEJÀ8«CUGVW
VÀDCFLNCTIQ
FGNQPIKVWF,QKFJCOLKTVÀD
FJKOEJCDKPFC¡/QQREJK³IC¡NJKFJC¡'UV£
DKGPNCTICVWUQICUGT¯CDWGPQSWGOGNC
XGPFKGTCU
CNVQGNGXCFQ
FGGUVCVWTC,QKFJCOLKTVÀ¡VÀD
FJKLWLWMPCDJCOO©PKEJWWVQKFJC¡VC¡O
'UV£PDKGPCNVQUCSWGNNQURKPQUSWGGUV£PCNN£GP
GNEGTTQ
=RNVÀ¡VÀDEQRLKT?
♦ICKLC¡MLKTVÀDGUO£UNCTIQSWGCPEJQ
VÀ¡MQDCFXCNVQCTTKDC
FGCNVWTC6À¡MQDLCR
FCCUCKFJKMKKUPCEJCOVW¡ICIQQZ[CDCCM©KR
DCLWIKQMC¡2QPICGNSWGUQGPWPNWICTCNVQ
RCTCSWGPQUGNQXC[CCEQOGTGNRGTTQRQTUK
CECUQGPVTCCSW¯8CTVÀ¡MÀD#PVµPFWOCCNJ
VÀ¡MQDFWWMCFXCPVGUFGNOGFKQF¯C
NCUFKG\Q
NCUQPEGFGNCOC³CPCNKVGN5QNGUV£CNVQ,KZ
M©¡PMQDRC¡RLWRLCFCFQ¡³EJQFC¡IW
MCMCTDCZ#CRIW¡ZK¡VÀ¡MQDFWWM&GDGUKTC
FGLCTNQUEJKXQUO£UVGORTCPQRGTQV¼GURGTCU
JCUVCCPVGUFGNOGFKQF¯C
VÀ¡VÀD=RNFGVÀD?NCTIQU=EQRLKT?
VKOQQPUVKOµP
FGNCTCFQ-CTLCO©VIW
VWVWWTIWLCTCCTFCKVKOQQPDJCK¡RWR
UCK¡EJW¡[WW¡VC¡O.QUVQTQUNGSWKVCTQPNCU
CNGVCUCNCTCFQRWGUUQNCOGPVGGNVKOµPSWGFµ
EQNICFQGPGN[WIQ=RNVKVOQP?
VKTKOKCZUHNCWVCFWNEG
JGEJCFGECTTK\QDNCPFQ
,CK¡FJ©VVKVTKOKCZM©¡PVWUCDFC¡CODJCCP
)À¡6CPQQNJ%JC¡OPCOVWFCCPFC¡DWK³QTIW
&KQU#NIWPCURGTUQPCUVQECPO¼UKECEQPWPC
HNCWVCFWNEGGPNC5GOCPC5CPVCRCTCCNCDCTC
&KQU=RNVKVTKOKCZ?
VKVOQP=RNFGVKOQQP?VKOQPGU
FGNQUCTCFQU
VKVTKOKCZ=RNFGVKTKOKCZ?HNCWVCUFWNEGU
V©RTGHaX+PFKECSWGNCUKVWCEKµPUGGZVKGPFGRQTWP
VKGORQQGPWP£TGC$JC³WNJ³K¡³FJKMCDCK
PC³DJCCPV©O©NJKKEJFJC¡'PU¯NNCOGGUG
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
ECDCNNQRCTCEQTTGTEQP«N=5GRTGUGPVCCPVGU
FGWPC©)TCO?8CTEJ©8«CUGVW
V©DCC³FJC¡XaVDCLCT6©DCC³FJC¡CRFJKCNJKK
PCIW¡EJCMWKOCCV©VV©OKKMIWF©©NJ$CLCC
GUGPK³QRQTSWGVQFCX¯CPQUCDGDCLCTUGUQNQ
=EQORNRNV©©RZKFJC¡QV©©RWZFJC¡RTGVV©DCC³
V©©RZKRTGUV©DCCZK¡³V©©RZK¡³?8CTV©OKK³FJC¡
#PVµPV©UCC¡³FJC¡
V©DCC³ZKFJC¡XaDDCLCT
RCTCQVTCRGTUQPC
%JK³KC¡CRIWOZKKZMWOV©DCC³ZKFJC¡IWO
UC¡WCPCIW¡VÀ¡MQDFCC2¯FGNGCVWJGTOCPQ
SWGVGDCLGVWEQDKLCRQTSWGGUV£GPWPNWICT
CNVQ=EQORNRNV©©RZKEJWNJFJC¡RTGVV©DCC³ZK
V©©RZKEJWNJRTGUV©DCC³ZK¡³V©©RZKEJWNJK¡³?
8CTV©OKK³ZKFJC¡
V©DCC¡UPWDG,QKFJCOLKZEJQQVQVCLCCPIW
V©DCC¡LC¡RPCVW¡VQM.CUPWDGUUGGUV£P
XQNXKGPFQOW[DNCPECUEQOQGNCNIQFµP
♦EJ©DCC¡CFLPWDNCFQ
V©DCKRRK¡³FJC¡=EQPVFGV©©O©NJFJC¡?GUVCT
COCTTCPFQ
WPCPKOCNQCNIQRGUCFQ
V©DICVC¡XaVGORG\CTKPKEKCT/CC¡PLCRR©Z
V©DICVCKIWCUCCMV©©OQ¡EJCOVW¡PCROWK¡LC
DKC¡MC¡V©V©DICZKO%WCPFQGORKGEGUCJCEGT
WPCVCNGICFGDGUVGTOKPCTNCRWGUPQGUV£DKGP
SWGGORKGEGUOWEJCUUKPVGTOKPCTNCU
=RTGVV©DICKRTGUV©DICV?
V©DICZFJC¡XaDGORG\CTKPKEKCT
CNIQRCTCQVTC
RGTUQPCt,CTQQOV©DICZFJKOLKMRC¡PCR
OK¡RFW³KKO!tLWRMCK¡EJIW2KNKUKCPt&JQ
IW³EJCCVFJQtLWRMCK¡EJIW-NGGV
t3WK«PVGGORG\µNCVTGP\CFG\Q[CVGSWG
GUV£UJCEKGPFQ!tRTGIWPVµ(GNKEKCPQt2WGUOK
RCR£tEQPVGUVµ#PCENGVQ=RTGVV©DICZ
RTGUV©DICZK¡³?
V©DIKNJKC¡XaKPWDNCTUG$©©R©¡FJQZKL©NJDKO©K
DJCK¡LKV©DIKNJKC¡OK¡FJ©TFCKPCDJCK¡LK
FJWWFW¡2TKOGTQJCEGCKTG[UGPWDNCNWGIQ
GORKG\CCNNQXGT=RTGVV©DIKTRTGUV©VDCIKT
RTQITV©DIKNJKO?
♦EJ©DCC¡CFLPWDNCFQ
V©DKCRVWFC¡XaVJQURGFCTFCTRGTOKUQFG
SWGFCTUG
RCTCRCUCTNCPQEJG2CCRLKEJ
EJ©DKCRVWFC¡MWEJZKEJWNJDJKQ¡MC¡!&µPFG
PQUXCUCFCTRGTOKUQFGSWGFCTPQURCTC
FGUGPUKNNCT[RCUCTNCPQEJG!=RTGVV©DKCRVWFC
RTGUV©DKCRVW¡P?
♦EJCOLK³EJ©DKCRRWVW¡PPQOGSWKGTGFCT
RGTOKUQFGSWGFCTOGRCTCRCUCTNCPQEJG
V©K
V©DKCRW¡XaKRCUCT
NCPQEJG%JCOR©MVWC¡
DCM©R[C¡PCEJKEJRCK¡V©DKCRWK¡MWDC¡
IKKNJKOLKZL©©RK¡³VWMCC¡0QJC[OWEJQU
£TDQNGUCSW¯FQPFGPQUSWGFCOQURQTGUQJK\Q
OWEJQHT¯QCPQEJG=RTGVV©DKCRTGUV©DKCR?
V©D©©RCFXEQPUQICNCTIC6©D©©RLCRDWNJKC¡IW
MCDCKPCDC¡O©MLC¡RLWWI©VVWMWC¡FC¡
#OCTTCGNECDCNNQEQPWPCUQICUWHKEKGPVGOGPVG
NCTICRCTCSWGRWGFCEQOGTNGLQU
V©DJCKOUOC¯\
FGQVTCRCTVGPQFGUWRTQRKC
OKNRC#CRK¡OCCRWK¡V©DJCKOR©ZLWRMWC¡
PCLCZCC³!6¼VCODK«PGUV£UEQOKGPFQOC¯\
EQORTCFQEQOQ[Q!
V©DJCKOKC¡XaKEQPUGIWKTSW«EQOGT:KDF©TLK
IW¡PCDCCC¡PC³DCRWRV©V©DJCKOKFJC¡V©©¡
PCIW¡DCLWIKKOIWLWWP;CGUPGEGUCTKQSWG
XC[CCEQPUGIWKTSW«EQOGTRQTSWG[CUGGUV£
CECDCPFQGNOC¯\SWGVGPGOQU=RTGVV©DJCKO©
RTQRV©DJCKTC¡?
V©IKC¡XaVXGTt/WZKEJ©©¡IWOMWWNUK
2CCIKLC¡MDJ©K!tLWRV©VFCIWCNJKKIW
.KPFCt/WPKQKT©VWMWC¡IWVWTCCUPWtLWR
MCK¡EJIWK¡t8GCXGTCFµPFGUGHWGVW
CDWGNKVQtNGFKLQ.KPFCCWPPK³Qt#NN¯CPFC
EQOKGPFQFWTC\PQUtTGURQPFKµ«N
XaVJCNNCTGPEQPVTCT#C³OCK¡DWCIW³
FJWK³MCT,CZPC³DC¡FWKMCV©IKC¡!5GOG
RGTFKµOKRKRC%µOQNCXQ[CRQFGTJCNNCT!
XaKFGURGTVCTUG
[CNKUVQRCTCNGXCPVCTUG:K
³K³EJW¡PIW%TKUVKKPMWDCV©V©IKC¡IW¡EJLKDC
LKOFC¡LKMCRDJCK¡PCMCZL©DQQ¡*£DNCNGC
%TKUVKPCRCTCSWG[CUGFGURKGTVGRQTSWGPQU
KTGOQUOKGPVTCUVQFCX¯CGUV«HTGUEQ
XaKXGTUG/QQLC¡RLKZLQK³K¡CCPCVI©¡©©T
FJK'NGGPCPCDC¡OQQIÀ¡DCOP©K¡³!2CPCCU
ZKDMCT©NJK¡EJMC¡2CTGEGSWG'NGPCETGEKµ
T£RKFQRWGU[CUGXGITCPFGEKVCRQTSWGJCEG
RQEQVQFCX¯CGUVCDCEJKSWKVC
=RTGVV©©RTGUP©K¡³EQRTGVP©KFJCV
RTQRV©©¡O©TC¡?
♦LCZLCR©NJFJCVV©P©K¡³SW«VGRCTGEG!
NKVEµOQRKGPUCUCNXGTNQ!
V©KRCTV+PFKECSWGWPQFGUGCOWEJQJCEGTCNIQ
RGTQPQRWGFG#CEJV©KZ³CDFJKTCOIW¡LKPC
IW¡EJCOLCTQK¡LCK¡EJPC³D©©OC¡PLKOFC¡;Q
SWKUKGTCKTCEC\CTPCFCO£USWGPQJC[SWK«P
OGCEQORC³G
+PFKECSWG[COGTQUWEGF¯CCNIQ&CRP©MV©KR
KCIWMCDCKDJCOO©PKICKPCRCK¡ZEJWDCC¡
'NECDCNNQUGTGUDCNµ[[COGTQUGEC¯CCNN£GPNC
'&+%+•024'.+/+0#4`
V©K
6'2'*7ƒ0Ê'52#“1.
NCFGTCFQPFGGUV£OQLCFQ
+PFKECSWGFGDGUWEGFGTCNIQRGTQPQGUCU¯
,C¡ROQQEJCO³K¡QQMIW2CCDNWIWOCTCC¡P
6©KDCTDKCROC¡'NJKLQFG2CDNQECUKPQ
EQPVGUVCEWCPFQNGJCDNCP[[CGUWPLQXGP
V©K=RTGVFGV©¡[C¡?FKLQ
V©K=RTGVFGV©¡[C¡?UGNQRWUQ
TQRC
V©KMPC¡=XCTFGVWKMPC¡?OQNGT
PQOW[HKPQ
V©KOPC¡XaVECGT
GPEKOCCRCEJWTTCT/©M
LCRKOQKRQFC¡PCDC¡EJCOLCOV©KOPC¡IW
VWVWCPCOK¡VWOKCTUCKO7UVGFGUFGDGP
CPFCTNGLQURCTCSWGPQNGUXC[CPCECGTGPEKOC
NQUGPEKPQUSWGGUV£PVWODCPFQCNN¯=RTGVV©KO
RTGUV©KOOWU?
V©KRWRCFX[COGTQ6©KRWRI©DMC³KEJ
VWMCC¡PCIKKNJKOLKZL©©RK¡³;COGTQOG
EQPIGNCDCCPQEJGRQTSWGJCE¯COWEJQHT¯Q
UKP«ZKVQ,CTQK¡DCMLK³©ZEJWK¡IW³EJCMGGV
6©KRWRIC¡PICKO©MK³D©ZEJCPQQNJ#NIWKGP
OGGUEQPFKµOKEJCOCTTCRWGUNCGUVWXG
DWUECPFQVQFQGNF¯C
RGTQPQNCGPEQPVT«
V©K¡DJKQMC¡XaVFGUVCRCTSWKVCT
EQDKLCQTGDQ\Q
6©K¡DJKQMC¡CRUKCMWMQQU,C¡ROQQZEJW
QQ¡P&GUV£RGNQCWPSWGGUV«FQTOKFQRWGUGU
OW[HNQLQ=RTGVV©K¡DJKQ¡RTGUV©K¡DJKQ¡M?
5KPµPK³DJKQ¡MC¡
V©K¡EJI©FC¡=EQPVFGV©¡[C¡?GUVCTRQPK«PFQUGNQ
TQRC8CTV©V©¡FC¡V©¡KKFJC¡
V©K¡FJC¡XaDRQPGT
ECOKUCQDNWUCCQVTC
RGTUQPC$JCK¡ZKLKOLC³LWOV©K¡FJC¡IWO
MWVWWP8GPRCTCRQPGTVGVWECOKUC
EQDKLCTVCRCT
EQPEQDKLCQTGDQ\QCQVTC
RGTUQPC)KKNJKOLKZL©©¡OK³,WOCKRDJCK¡R
ZK³EJ©K¡FJC¡IWUC¡WC6GPIQOWEJQHT¯Q
6£RCOGEQPQVTCEQDKLC
=RTGVV©K¡RTGUV©¡KK¡³?
V©©=RTGVFGV©IKC¡?NQXKQNQJCNNµ
V©©=RTGVFGV©MKC¡?NQRWUQ
GPRQUKEKµPJQTK\QPVCN
V©©FC¡XaVFGEKT
CQVTCRGTUQPC,C¡RLCR
V©©FC¡PCZMC¡QQMIWOCTCC¡PPCDJCEJ
LQQEJZKFJC¡IWVWWOK³PCEJM©¡PEJK³KC¡.G
FKEGUSWGGUV£GPHGTOQUWJKLQ[SWGPQUOCPFG
GNFKPGTQRCTCEWTCTNQ
RTQRQPGT
CQVTCRGTUQPCNQSWGRWGFGJCEGT
Î,K³QKFJC¡CRPQ¡RLKZCC¡PCRLK³D©©OVW
MKQMC¡ICOO©L©ÏLWRV©VFCIWDKCROC¡OCC¡P
IWV©[CCÎ%£UCVGEQPOKIQUKGUV£UFKURWGUVCC
XKXKTEQPOKIQRCTCUKGORTGÏNGRTQRWUQGNLQXGP
CWPCOWEJCEJC
=RTGVV©©¡PRTGUV©VFCUWEQORNGOGPVQGUWPC
HTCUG?
♦LWRV©VFCNGFKEGQNGFKLQ
EKVCFKTGEVC
♦CC³LKZDJCK¡EJ©VFCFJKWDKKGUCOWLGTGU
OKCOCPVG
NKVNCFKIQDKGP
V©©MQNJUCTFKNNC
VGTTGUVTG0CK¡LC¡RDCRQ¡FC¡
COIWV©VMQNJLQQFCKEJC¡OPCOIW¡OKLC¡R
QK¡³MC¡PCLCZV©F©F©©¡MC¡.CUCTFKNNCU
VGTTGUVTGUEQTTGPRQTNCURKGFTCURQTSWGXKXGPRQT
CNN¯GPNQUJWGEQU=RNV©VMQNJ?8CTV©©MWNJ
V©©O©NJFJC¡XaDCOCTTCT
CPKOCNCCNIQRGUCFQ
7WZLCRV©©D©NJFJC¡FJKDJWTW¡ZEJCOVW¡FCK
V©TDK³PCDC¡EJCOZK¡ICOO©L©RCK¡ZKLKOFC¡
&GDGUCOCTTCTGNDWTTQCWPRCNQPQUQNCOGPVG
EQPNCUQICRCTCSWGPQUGXC[CVCPNGLQU
=EQORNRNV©©DKQRFJC¡RTGVV©©O©NJV©©DKQR
EQPVV©DCKRRK¡³FJC¡?8CTV©©D©NJFJC¡
V©©O©NJKC¡XaVNNGXCTLCNCT
EQPUQIC6W¡DC¡
V©TDK³FC¡FJK¡PCRM©¡PV©©O©TFJKOMCDCK¡!
3W«ENCUGFGUQICGUGUCEQPNCSWGLCNCUVW
ECDCNNQ!=EQORNRNV©©DQRKC¡RTGVV©©DKC
V©©DQR©RTGUV©©O©TV©©DQR?
V©©OQ¡XaVVGTOKPCT
FGJCEGT6©©OQO©VVCM
VWOQKMC¡PIWDKKRKDQRPCOIW¡EJKOK¡V©
©ZKC¡PCLCZFWWFW¡5¯VGTOKPCTQPFGRTGRCTCT
NCVKGTTCNQULµXGPGURCTGEGSWGXCPCUGODTCT
CNN¯FGURW«UFGNCRTKOGTCNNWXKC
XaTECUCTUG)WLWOCKOCUCC¡PUCRLWO
V©©OQ¡IW5CPVKCIQPCEJDC¡OQQMQK¡RW¡IW
DJQQ¡P&KEGPSWG5CPVKCIQUGXCCECUCTGNOGU
SWGGPVTCRCTCSWGXC[COQUCEQOGTCNCDQFC
=RTGVV©©OQ?8CTV©©OW¡
♦LWOV©©OQKFJCMFJKOGGUHKPGUFGGUVG
OGU
V©©RZKEJWNJFJC¡=EQORNRNFGV©DCC³ZKFJC¡?
DCL£TUGNQU=RTGVV©©RZKEJWNJ
RTGUV©©RZKEJWNJK¡³?
V©©RZKFJC¡=EQORNRNFGV©DCC³FJC¡?DCLCTNQU
=RTGVV©©RZKRTGUV©©RZK¡³?8CTV©©RWZFJC¡
V©©UFKC¡=UWLRNFGV©UFKC¡?2GLV©©UFKC¡COUG
UWDKT£P=RTGVV©©V©URTGUV©©UUC¡P?
V©©UUC¡³FJC¡=EQORNRNFGV©UCC¡³FJC¡?UWDKTNQU
=RTGVV©©UUC¡³RTGUV©©UUCFJK¡³?
V©©VDKC¡XaVDWUECTTGEQIGT
NQPGEGUCTKQ
)QQMV©©VDKO©TIWZDKKMW¡CC¡ICOCLC¡MLCR
OWK¡DJCV©©VDKMC¡8GCTGEQIGTCUVKNNCURCTCNC
NWODTGGORG\CPFQFGCNN£JCE¯CCE£
RGRGPCT)COO©L©LC¡MZKLCUCC¡PFJK
VCVMCTWK¡MWODCV©V©©VDKRW¡'URCPVCNCU
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
ICNNKPCURCTCCNN£RCTCSWGXC[CPCRGRGPCT
=RTGV[RTGUV©©V©D?
V©©VI©¡XaVNNCOCTPQODTCT,CZLCRLC¡MV©©I©¡
FJKOCNJKKEJWMPCRRCK¡FJWWMDCMWCPC¡!
%µOQXCUCPQODTCTCVWPK³QEWCPFQNQ
DCWVKEGU!=RTGVV©©VRTGUV©©V©¡?8CTV©©VIC¡
V©©V©U=RTGVFGV©©UFKC¡?2GLV©©V©ULCO©VUG
UWDKGTQP
V©©VMKC¡XaKUQ³CT#C³IKKNJKO©©DJKFJCOV©
V©©VM©VWMCC¡,CZPCDC¡TLWOFWWMCO!;Q
VWXGWPCRGUCFKNNC
NKVUQ³«OW[HGQCPQEJGPQ
U«SW«UKIPKHKEC=RTGVV©©VM©RTGUV©©V©M?
♦EJ©©VMK¡CFLDWGPQRCTCRGTEKDTKTEQUCUC
VTCX«UFGNQUUWG³QU
V©©VMK¡UUWG³Q,CK¡RWDCZOCVMC¡COIW
LC¡VMCOPQ¡ODCZMQ¡KKMPCOIW¡UCRRWDCLC
CCIK¡³FJC¡V©©VMK¡EJC¡O#NIWPCURGTUQPCU
UCDGPSWGUGXCPCOQTKTRQTSWGUGNQCXKUCPGP
UWG³QU8CTV©©V©M
♦V©©VMK¡DJCCPCVTCX«UFGNUWG³Q
♦V©©VMK¡EJC¡OGPUWG³QU
V©©VOKIKC¡=UWLRNFGV©O³KC¡?2GLV©©VOKIKC¡
COUGDCLCT£P=RTGVV©©V©ORTGUV©©VOKM?
V©©[CZUOWEJCEJKVC
FGQEJQCECVQTEGC³QUFG
GFCF2CLC¡MDJ©KIWV©©[CZMW³CNJK¡EJ
LQVUC¡PC³DJ©K¡³O©TC¡IWUWWFCK¡!#FµPFG
HWGNCOWEJCEJKVCNCSWGSWKGTQOCPFCTCSWG
OGVTCKICVCPVKVCCIWC!=RNV©V©©[CZ?
V©©¡XaGNNCOCTUGPQODTCTUG$JQQODJCUCRV©©¡
IWK¡PCOM©¡PZKQ¡RCPIWPCPDCVIWUWWFCK¡
OWLC¡RIÀ¡IÀTMKMEJCO&KEGPSWGUGNNCOC
ÎDQODCÏNCEQUCEQPNCSWGJCEGPNNGICTGNCIWC
CNCUEKWFCFGU=UWLRNV©©V©¡?
♦LCZLWOV©©V©¡EµOQUGNNCOC!
EQUC
♦LCZV©©¡EµOQUGNNCOC!
RGTUQPC
♦LCZV©V©©¡EµOQUGNNCOC!
NWICT
V©©¡KPVGTLH¯LGUGOKTC6©©¡PCDC¡DJCK¡DC
D©RIKOIWFWWMUCCMR©PEJCOFWWFWKO!
(¯LGUGEQOQ[CXKGPGGNCIWCEQPTGN£ORCIQU
0QSWGPQKDCCNNQXGT!
V©©¡O©TC¡=RTQRFGV©IKC¡?KTCXGT
V©©¡PMCTUVTCORC
JQ[QGPNCVKGTTC/CC¡P
LCEJV©V©©¡³MCTVCKOWMCPUCMCCNJKMCOO©L©
DWNJKC¡IWMCTDCZLCZEJW¡OPCZMC¡QQMPCO
DC¡LKV©©I©KIWDJCCDJCPOWUWWNJIKC¡PCEJ
DC¡DJCK¡LCMQQFC¡8COQUCJCEGTWPCVTCORC
GPNCEQTFKNNGTC[COGVGTWPEJKXQGPHGTOQRCTC
SWGNQUEQ[QVGUECKICPGPGNNC[NQUOCVGOQU
=RNV©V©©¡PMCT?8CTV©©¡³FJCMCT
V©OCKEJ
V©©¡PMCTUJQTPQ
JQ[QGPNCVKGTTC$CZO©KO
CCIWV©©¡PMCTMWEJOK¡DCOCOCC[C¡FJK
KOCK!;CGUV£NKUVQGNJQTPQRCTCEQEKPCTNCU
ECNCDC\CU!=RNV©V©©¡PMCT?
V©©¡³FJC¡XaVRQPGTWPCVTCORC
RCTCCPKOCN
6©©¡³FJC¡RKOFJKDCU©©MPCEJIW¡EJCODKC¡
IWOKKEJWPCI©VFCIKC¡2QPICPWPCVTCORC
RCTCGUGTCVµP[CSWGPQVGPGOQUICVQRCTCSWG
NQCICTTG=RTGVV©©¡³RTGUV©©IK¡³?
V©MDQUVCNµP
FGNRKG)KKNJKOLKZMQ¡MIW³
EJ©MDQPCVOK³U©KIWLQK¡‰TDCPF©TQOIW¡
EJCODJCK¡PC³LCZLWRPC¡/GFWGNGOWEJQGN
VCNµPFQPFGOGENCX«WPCGURKPCRWGUUGSWGFµ
CFGPVTQ[PQRWGFQUCECTNC=RNV©VMCRQ
CRQUV©MDQ¡PV©VMCRQ¡P?8CTV©MDW
♦V©MDQTCOGPUWVCNµP
FG«NQFGGNNC
V©MKC¡XaVRQPGT
GPRQUKEKµPJQTK\QPVCNEQORN
KPCP2CEJDC¡LC¡MVW¡CC¡IWLWWPPQ¡V[C¡
DCOCKEJ!&µPFGXCOQUCRQPGTGNOC¯\
EWCPFQNQVTCKICP!
RQPGTQHTGPFCT/CKMLCEJV©V©MRW¡IW
[QQZK¡OWEJKQR8£OQPQUCRQPGTHNQTGUGPNC
KINGUKC
=EQORNRNVW¡CC¡RTGVV©©VWCRTGUV©MVWC¡?
♦VWC¡MC¡UKGORTGGUV£QHTGEKFQ
♦V©MKKFJC¡GUV£RQPKGPFQCECFCTCVQ
V©MMC¡XaVRTGIWPVCT6©MMC¡CRIW,WCPPCRCK¡
FJWWMLKTLKOFCO-QTKCPLC¡M2TGI¼PVCNGC
,WCPEW£PFQUGXCC&WTCPIQ=RTGVV©MMC
RTGUV©MMC¡P?
♦V©V©MMC¡RTGIWPVCT
CO£UFGWPCRGTUQPC
V©OCKEJUVCOCN,WRFW³KC¡CRCCIW
V©OCKEJPCRDC¡VWFC¡DK³IWVWK¡!8CUC
JCEGTVCOCNGU!2QTSW«GUV£UCOCUCPFQNC
OCUC!
♦V©OCKEJDWWRWKOCZVCOCN
EQPHTKLQNGU
GPVGTQU
♦V©OCKEJF©©TCRMCOVCOCNEGTGOQPKCN
FG
RWTCOCUCUGEQNQECPFGDCLQFGNCNVCTITCPFG
♦V©OCKEJFWFWCMCOV©OCKEJUC¡UDCTCM
VCOCNITCPFG
UGWUCPGPHKGUVCUTGNKIKQUCU
♦PCCMV©OCKEJUVCOCNFGECTPGFGNC
ECDG\CFGNRWGTEQ
V©OCKEJURCPVQTTKNNC,CZMWRDC¡QDKC¡MKO!
-C¡RWKZMQ¡MCCIWOV©OCKEJPCUCCMMCZ
MQ¡MMCV!2QTSW«CPFCUEQLGCPFQ!1VQFCX¯C
VGFWGNGNCRCPVQTTKNNCSWGVGFQN¯C!
=RNV©VOCKEJCRQUV©OCKEJC¡PV©VOCKEJC¡P?
'&+%+•024'.+/+0#4`
V©OKK³FJC¡
6'2'*7ƒ0Ê'52#“1.
♦V©OCKEJCTCOGPUWRCPVQTKNNC
FG«NQFG
GNNC
V©OKK³FJC¡=XCTFGV©DCC³FJC¡?DCLCTNQ
V©OKK³ZKFJC¡=XCTFGV©DCC³ZKFJC¡?DCL£TUGNQ
V©OMCNJUVQTVKNNC%JCOR©MK¡QQDIWV©OMCNJ
IWZW¡WCOFCKIWZEJQQVQPCDC¡0QUQP
OW[UCDTQUCUNCUVQTVKNNCUCOCTKNNCURGTQNCU
DNCPECUU¯=CRQUV©OMCNJK¡³?
V©O³KC¡XaKDCLCTUG$©©R©¡EJDJCK¡MCZK
DJKK³QTC¡FJKLWWP-CZKEJ©©VOK¡IQTUGTTCV
$£LGPUGWUVGFGUWPTCVQRQTHCXQT2TKOGTQ
XCOQUCECTICTGUVGOC¯\=UWLRNV©©VOKIKC¡
RTGVV©OV©©V©ORTGUV©OKKMV©©VOKM?
V©P©K¡³=RTGUFGV©V©IKC¡?NQXGC
V©TRQURGPFGPVTQFG)KQDJCOO©RZK
FJCTUCO©TMQUV©TFJKNCPMKK[WU8GCRQPGT
GUVQUJWGXQUQVTCXG\GPGNPKFQ
GPVTGGPOGFKQFG
OWEJCUEQUCUUGOGLCPVGU
/WLC¡RLQQFCKEJ©TLKPCZKQ¡OQKT©IWMQ¡.C
X¯DQTCCPFCGPVTGNCURKGFTCU
8CTEJ©T
♦Q¡FCOV©TVKGTTCJCDKVCFCRQTKPF¯IGPCU
V©TDK³UUQIC6QQOV©TDK³M©¡PLCRDWNJKC¡FJK
VWWTPCIW¡OCC¡PPCLCZLWO©MKC¡PQ¡RKEJ
WOWW¡V©TDK³M©¡PDWW#OCTTCGNVQTQEQPWPC
UQICFGKZVNGRCTCSWGPQUGTGXKGPVGRQTSWGUK
NQCOCTTCUEQPWPCUQICFG\Q[CVGUGTGXGPVCT£
=RNV©VTQRK³CRQUV©TDK³C¡PV©VTQRK³C¡P?
V©TPKC¡XaKVTQPCT
CNNNQXGT%JCOFWW¡PLKC
VCMCCDFCKPCCOV©TQQP0QNNQXKµC[GT
XGTFCF!0CFCO£UVTQPµ
VTQPCT
CNECGTUGWPQDLGVQITCPFG)À¡V©TFJK
LWMPCVDCKC'NRKPQVTQPµOWEJQEWCPFQ
EC[µ
TGUQPCT
UQPKFQHWGTVG6W¡OWRCK¡FJ©T
DJCK¡DCV©TPKO!'CROWK¡ZKEJ©©¡3W«GUV£
TGUQPCPFQRQTCJ¯!8GCXGT
=UWLRNV©VTQPKC¡RTGVV©TV©VTQP©RTGUV©TQQP
V©VTQP?
♦FWWMV©TP©FCONNWXKCEQPVTWGPQU[
TGN£ORCIQU
V©TQQMUNCICTVKLC
FGGUECOCUFWTCU,KZLCPCC
IWOWRWWDCNJIWV©TQQM,QKFJCOLKZOCCV©V
LCFC¡PI©P©©P©¡PM©¡P#NCNCICTVKLCNGIWUVC
EQOGTUGNCUOQUECURWGUNCUCICTTCH£EKNOGPVG
EQPUWNGPIWC=RNV©VTQM?
♦EJ©TQQMCFL£URGTQ
PQEQOKFC
V©UCC¡³FJC¡XaVUWDKT/WV©UCC¡³FJC¡CRFJK
CNJKKDJCVTQQMCVC¡OPCIW¡EJCOV©UUC¡PIW
F©©NJ5WDCCNPK³QCNECOKµPRQTSWGPQRWGFG
UWDKTUGUQNQ=EQORNRNV©©UUC¡³FJC¡
RTGVV©UCC¡³V©©UUC¡³RTGUV©UUCFJK¡³
V©©UUCFJK¡³?#PVµPV©DCC³FJC¡
V©UFKC¡XaKUWDKTUG,QVOQFC¡LWMVC¡OV©UFKC¡IW
DJQ¡OMQZPQ¡VOWK¡DCLKCTFKIWICIQQZ5K
GNRGTTQRGTUKIWGCNVGEJCNQVG«UVG
KPOGFKCVCOGPVGUGUWDGCWPRKPQ
=UWLRNV©©UFKC¡RTGVV©UV©©V©URTGUV©UUC¡P
V©©UUC¡P?
♦DJCK¡ZKEJ©UCC¡³U¼DGVG
♦EJCOV©UUC¡PSWGPQRWGFGUWDKT
♦DJCK¡DCV©UIWVCPQQNJ[CUCN¯QGNUQN
♦EJ©UFK¡CFLSWGUWDGH£EKNOGPVG
NWICT
GUECTRCFQ
V©VDCIKT=RTGUFGV©DIKNJKC¡?UGPWDNC
V©VDKC¡XaKLWICT&CKEJKPCOV©VDKCIWC¡CCNJ
PCEJKEJUWWFCK¡LCLQQVPCODJ©KRW¡$C
O©©MKOLCO©VCKZKOMCVPCO[C¡DCCKEJFJC¡
0CFCO£UGUVCT£PLWICPFQNQUPK³QUSWG
OCPFCOQUCVTCGTCIWCRWGU[CVKGPGTCVQSWG
UGHWGTQP[CNCFGDGT¯CPJCDGTVTC¯FQ
=RTGV[RTGUV©VDKC?
V©VDKEJCOURCTVKFQ
FGRQTVKXQ'CPCRVW
WC¡PC¡MWEJOWVWDWC¡DJC$QQLK$KDKC¡PCT
V©VDKEJCOMC¡MCDWKOWM[C¡6QVDJCDVCO2QT
HCXQTGUETKDGWPCPWPEKQRCTCCXKUCTNGCNCIGPVG
FG%KGPGICFGN1UQSWGJCDT£RCTVKFQOC³CPC
CSW¯GP)CXKNCPGU
V©VDKMCTULWIWGVG-CDWKOWMLCOUCRLC
OCMKC¡IWC¡CCNJIWV©V©VDKMCTOWKUMQGNCPCO
L©¡MOK¡TKUMQGNKU&KEGPSWGNGUXCPCFCT
LWIWGVGUCNQUPK³QUGPNCGUEWGNCOC³CPCCNQU
SWGGUVWFKCPGPGUCGUEWGNC=RNV©V©VDKMCT
CRQUV©VDKMCTW¡PV©V©VDKMCTW¡P?
V©VDKMWOULWIWGVµP)QQMLCRDJCK¡DCWC¡TC¡
IWMW¡CC¡#CRFCKOWLC¡MMCKEJW¡IWOD©©O
VW¡OV©VDKMWO8GVGCVTCGTWPRQEQFGNG³C
RWGUPCFCO£UUKIWGUCVWEQORC³GTQSWGGU
LWIWGVµP=RNV©V©VDKMWO?
V©VFC=RTGUFGV©©FC¡?NGFKEG
V©VIQZUP«EVCT
FGHNQTGU,QKFJCOLKZOCKMCM
FJKV©VIQZIC¡PIWF©NJFJ©OO©©O©DLC¡RPCLCZ
IWOWK¡FJ©O'UV£OW[FWNEGGUVGP«EVCTFGNCU
CDGLCUUQNKVCTKCURWGUUCDGKIWCNCNFGNCUCDGLCU
EQOWPCNGU=CRQUV©VIQZIC¡P?
V©V©IKC¡XaVXGTDWUECT
CNIQGPGURGEKCN$K
EJWICC¡O©TIWDCCM2GGITQ/©L©PKF©TLC¡R
LCRZKEJ©V©IKC¡ICICK2QTHCXQTXGCDWUECTNC
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
XCEC2GFTQ2TQEWTCXGTUKCPFCGPNCUNCFGTCU
EQPQEGT
NWICT6©P©K¡³CRCCOW6WWURC
PCLCZVWVW¡KK¡!%QPQEGUEµOQGU6WZRCP!
XaKSWGFCTUGFGURKGTVQ%JCOQDMQQMUQFC¡
K³CC³LWTP©M/©MLCEJV©P©K¡³FJC¡0Q
H£EKNOGPVGOGFWGTOQGPNCPQEJGRWGUOG
SWGFQFGURKGTVQRQTOWEJQTCVQ
=RTGVV©V©©RTGUV©P©K¡³?
V©V©©[CZ=RNFGV©©[CZ?OWEJCEJKVCU
V©V©©¡PMCT=RNFGV©©¡PMCT?VTCORCU
JQ[QUGPNC
VKGTTC
V©V©©¡PMCT=RNFGV©©¡PMCT?JQTPQU
JQ[QUGPNC
VKGTTC
V©V©©¡³EJQ¡=EQORNRNFGV©¡³EJQ¡?2GL
V©V©©¡³EJQ¡NQUTGEQTFCT£
=RTGV[RTGUV©V©©¡³EJQEQPVV©V©©¡³EJQMC¡?
V©V©VDKMCT=RNFGV©VDKMCT?LWIWGVGU
=CRQUV©V©VDKMCTW¡P?
V©V©VDKMWO=RNFGV©VDKMWO?LWIWGVQPGU
V©V©¡=RTGUFGV©¡[C¡?UGNQRQPG
TQRC8CTV©¡
V©V©¡FC¡=EQPVFGV©¡[C¡?GUVCTRQPK«PFQUG
TQRC
8CTV©¡KKFJC¡V©K¡EJI©FC¡
V©VMC=RTGUFGV©MKC¡?NQRQPG
V©VMCRQ=RNFGV©MDQ?VCNQPGU
FGNRKG
=CRQUV©VMCRQ¡P?
V©VMQNJ=RNFGV©©MQNJ?CTFKNNCU
VGTTGUVTGU
V©VOCKEJ=RNFGV©OCKEJ?RCPVQTTKNNCU
=CRQUV©VOCKEJC¡P?
V©VPQTC¡UJQTSWGVCRQUVGFGNTKPEµP/CC¡P
DJ©KO©TIWV©VPQTC¡MWEJ[C¡PKM©©UC¡PCDC¡
DJCCPDJCK¡DCOV©MKC¡IWICKMCO8GCVTCGT
WPRQUVGRCTCRQP«TUGNQEQOQUQRQTVGCNCXKIC
V©VTQM=RNFGV©TQQM?NCICTVKLCU
FGGUECOCUFWTCU
V©VTQPKC¡=UWLRNFGV©TPKC¡?VTQPCT£P
=RTGVV©VTQP©RTGUV©VTQP?
V©VTQRK³=RNFGV©TDK³?UQICU
=CRQUV©VTQRK³C¡P?
V©[CCUOWEJCEJCUG³QTKVC
FGSWKPEGC³QUQO£U
FGGFCF2WDCTV©V©©[CCOIWOCCOTC¡PIW
2QNFQPCO©VDC¡DCOPCPDCKEJOWOOW
P©K¡MCTVCO;CGTCPUG³QTKVCUNCUJKLCUFG
.GQRQNFQEWCPFQVQOCTQPGNOG\ECNEGTGOQPKCN
CNN£GPGNRCVKQ=RNV©V©©[C?
V©¡KKO=RTQITFGV©¡[C¡?GUV£FKEKGPFQ
V©¡KK¡³=RTGUFGV©K¡FJC¡?UGNQRQPG
TQRCCQVTC
RGTUQPC
V©¡[C¡
V©¡©TCDMCOUGNFGGPOGFKQ#C³LKTV©¡©TCD
MCOOKC¡PQK¡³K³IW-CTOGGNQ&GOKU
JGTOCPQU[QUQ[GNFGGPOGFKQRWGUUKIQ
FGURW«UFG%CTOGNQ
V©¡PIKCMUNCUCIWCU
TGIKQPCNKUOQ«RQECFG
NNWXKCU
FGLWPKQCUGRVKGODTG0Q¡³LKZOCCVPCT
V©¡PIKCMLWOCC¡PC³WC¡FC¡IWPCKNWPC³M©¡P
LK³EJCC¡DKFJC¡PQ¡VDJCK¡LKFJWW¡P5KGU
«RQECFGNNWXKCUU«SWGPGEGUKVQNNGXCTWP
RN£UVKEQRCTCRTQVGIGTOGUKNNWGXG
5KPµPFWWFWM
V©¡PIKC¡XaKNNGICTNC«RQECFGNNWXKCU/CC¡P
LCEJVWDC¡MEJC¡ZKDPCMCTVCCDJCMPCIW¡
PQ¡VDCV©¡PIKCFCKPC³DCLKEJ©©ZKC¡R©Z8Q[
CJCEGTWPCECUCFWTCPVGGUVGVKGORQFGUGSW¯C
RQTSWGEWCPFQNNGIWGNC«RQECFGNNWXKCUPCFC
O£UXQ[CUGODTCT=RTGVV©¡PIKC?
V©¡³EJQ¡XaVTGEQTFCT#C³RWKV©¡³EJQD©L©M
PC³LKTCNJKKMCVPC³LKZLC©©DJK¡³FJC¡IW³
LCCFW³PCO[C¡RCZKCTCKFJC¡6QFCX¯COG
CEWGTFQSWGEWCPFQGTCPK³QVGP¯COKGFQFGOKU
RCTKGPVGUEWCPFQXGP¯CPCXKUKVCTPQU
XaVRGPUCT
GPWPTGEWGTFQ6W¡RDC¡LK
EJ©¡³EJQMCVOQQLC¡RL©©O!2QTSW«VGT¯GU!
3W«GUV£URGPUCPFQ!
XaTVGPGTLWKEKQ/WRKO©ZEJWKFJC¡IWDKK³
FJKOCKOMCOMWDCOV©¡³EJQ¡'UEQPFCPGN
OG\ECNRCTCSWGGUGDQTTCEJQXWGNXCCVGPGT
LWKEKQ
=EQORNRNV©V©©¡³EJQ¡RTGV[RTGUV©¡³EJQ
V©V©©¡³EJQEQPVV©¡³EJQMC¡V©V©©¡³EJQMC¡?
8CTV©¡³EJW¡
♦LWOV©¡³EJQMCO[C¡QKT©[CGUV£
NKVCPFC
CSW¯GPUWLWKEKQ
V©¡[C¡XaKFGEKT'CIQTZKCCIK¡³,CZR©M
V©¡[C¡!7UVGFGUUGNQGZRNKECPCXGTSW«FKEG
=RTGVV©KRTGUMCK¡EJRTQITV©¡KKO
EQPVMCK¡EJFJC¡QV©¡KKFJC¡EQRTGVMCK¡EJ©V?
♦LWRMCK¡EJFKLQTGURQPFKµEQPVGUVµ
♦R©ZEJ©¡[C¡Q¯TUG
FGNGLQU
♦RWK¡EJ©OV©K[CUGUWRQ
♦EJCOLCZLKEJ©¡LKUKPFGEKTPCFC
GP
EQPVTC
V©¡[C¡XaVRQPGTUG
ECOKUCQDNWUC,K³
DCMWC³FJC¡CRIW³MWVWWPIWZEJWCPC³IW¡
V©¡[C¡MCDWKOWMPCTRKCUVCMC¡2QTHCXQTNCXC
OKECOKUCDNCPECRQTSWGOGNCXQ[CRQPGT
OC³CPCRCTCNCHKGUVC
RQPGTUG
EQDKLCQTGDQ\QEQDKLCT/CC¡PLCR
LK³EJCK³DWKFJC¡IWOUC¡WCPCEJV©¡[C¡PC
'&+%+•024'.+/+0#4`
VQDCC
6'2'*7ƒ0Ê'52#“1.
IW¡EJKOQQZL©©RK¡³[CLC¡R/GRTGUVCUWPCFG
VWUEQDKLCURCTCRQP«TOGNCRQTSWGCNQOGLQT
JCEGHT¯QRQTCSW¯
=RTGVV©KRTGUV©¡QV©V©¡EQPVV©V©¡FC¡QV©¡KK¡FJC
QV©K¡EJI©FC¡?
♦V©¡MC¡NNGXCTRWGUVQ
VQDCCUIWCLQNQVGIWCLQNQVC2CCLC¡MLWRDJ©K
IWVQDCCPC[C¡R©ZLWRMCVWICK³DW!#C³UCR
IQQMMCOCMKC¡I©VLGIWLWWP#FµPFGUGHWG
GNIWCLQNQVGSWGGUVCDCCSW¯TCUECPFQ!;QNGKDC
CFCTOC¯\RCTCEQOGT=RNVQVDC?
VQDCCICK³DWUÎGUECTCDCLGQFG\QRKNQVGÏ
VKRQ
FGJQPIQ,QKFJCOLKZK¡QQDIWVQDCCICK³DW
LWPOCZKORKCORWK¡LKFJQQNJZKO'N
ÎGUECTCDCLGQFG\QRKNQVGÏGUOW[UCDTQUQEQP
OQNGQPCFCO£UJGTXKFQ
VQDKKM=RTGUFGVQVDKMKC¡?TGHNGLC8CTVQVDKM
VQDJCCDUGUOGTGLµPEQNWFQ
ICXKN£PRCLCTGTQ
)WVQDJCCDLKZLCPCCIWRKRRKNJICOIWW¡LK¡
#NGUOGTGLµPEQNWFQNGIWUVCEQOGTUGNQURQNNKVQU
[NQUR£LCTKVQU=RNVQVDJCD?
VQK³FJKC¡XaKVGPGTHKGDTG%JC¡RV©VDKCFC¡IW
UWWFCK¡V©©[CZ$JCK¡RFJQLKEJQK³FJKC¡
LC¡ZR©ZPCIW¡ZL©©RK¡³0QLWGIGUEQPGUCCIWC
HT¯CPK³CQCNTCVQVGPFT£UHKGDTG=RTGVVQPKK¡³
RTGUVQVPK¡³?
VQK³MCOUCIWCUVGTOCNGU,QKFJCOLKZLWWM
DWCPFC¡IWUWWFCK¡RCK¡PQ¡TVQK³MCO&QPFG
JC[CIWCUVGTOCNGUGNCIWCUCNGECNKGPVKVC
VQK¡FJC¡XaVCFQTPCT
TQRC6W¡RDCVQK¡FJC¡
FJKOKRWWTNKUVQQPKUCCMC¡IWZC¡UMK¡CC!
%QPSW«XCUCCFQTPCTVWHCNFCEQPNKUVQPGUQ
EQPGPECLG!=RTGVVQK¡RTGUVQK¡DK¡³?
VQK¡FJC¡XaDXGTVGTFCT
N¯SWKFQCQVTCRGTUQPCQ
CPKOCN%JC¡RDKC¡IWDKK³PCRCNJK¡EJLK³
EJQK¡FJC¡!0QVKGPGUOG\ECNRCTCFCTOG
VCPVKVQ!=RTGVVQK¡RTGUVQK¡DK¡³KORGTVQ¡KK³?
VQK¡MC¡=VTCUNFGVW¡CC¡?KTXCEKCPFQ
N¯SWKFQ
VQMUCNIQFµP6CCVUCDLC¡MI©I©¡TIWVQMPC
IW¡TOWLC¡RMCOEJCOVW¡TLWMICOMCO'N
CNIQFµPETGEGGPVKGTTCE£NKFCRQTSWGGU
QTKIKPCTKQFGCNN£PQFGNCUKGTTC
VQMDKFJC¡XaKDTKNNCT
NWPC,QKFJCOLKZ
OCUDC¡ZKDPCIW¡DJCOO©PKLC¡RLKZFJCCO
DCVQMDK¡³IWOCUCC¡P#JQTCUGXGDKGPEQPNC
NW\FGNCNWPCRQTSWGGUV£DTKNNCPFQFKTGEVCOGPVG
FGUFGCTTKDC=RTGVVQMDKRTGUVQMDK¡³?
VQMUC¡WCUEQDKLCFGCNIQFµP$J©KTCK³IWVQM
UC¡WCPCEJVCK³DWKFJC¡IW³MWWZK¡PCV©¡[C¡
8GCVTCGTNCEQDKLCFGCNIQFµPRCTCSWGUGNC
RTGUVGOQUCVWV¯Q=RNVQMUCUWC¡?
VQMUQNJFJC¡XaVJCEGTGURWOCT)À¡RZK
EJQMUQNJFJC¡FJKDK³DWKPC³DC¡CC³LCK¡M©¡P
LWRDCVDKC¡*CICDCUVCPVGGURWOCEQPGUC
NGEJWIWKNNCRCTCSWG[QVCODK«POGDC³GEQP
GNNC=RTGVVQMUQNJRTGUVQMUQJK¡³?
VQMUQNJKC¡XaKGURWOCT-KC¡R©ZDCLKEJCVQQR
FJKOCKPC[C¡UQPDKZ,CK³PCDJCK¡DC
VQMUQNJKO;CGORKG\CCHGTOGPVCTUGGN
OCIWG[CSW¯GPGUVCRKNCRWGUH¯LCVGSWG[CGUV£
GURWOCPFQ=RTGVVQMUQRTGUVQMUQIKT?
♦EJQMUQNJK¡CFLSWGJCEGGURWOC
VQMUQ¡UGURWOCDWTDWLCU0Q¡ZM©©¡IWDKK³
LQKFJCOIÀ¡IÀTLWRLWODWCFC¡IWVQMUQ¡IC¡P
LC¡RPCUQQUQ¡O5KGNOG\ECNGUDWGPQUGNG
HQTOCPDWTDWLCUITCPFGUEQOQNCURGTNCUFGWP
EQNNCT=CRQUVQMUQ¡IC¡P?
♦EJQMUQ¡CFLSWGVKGPGGURWOC
VQPKK¡³=RTGVFGVQK³FJKC¡?VWXQHKGDTG
VQPKK¡³=RTGUFGVQQ³FJC¡?NGCDWTTG
VQPKK¡³EJWFC¡XaVFCTHKGDTG%JCOLCZLKZ
DJCKI©PC³UCCMOWLKOFC¡I©VOC³
EJQ³KK¡³EJWFCIWUQOCKIK¡OK¡³RWRDQ¡0Q
RWFGKTCNN£EWCPFQFKLKOQUSWGKDCCKTRWGUOG
FKQHKGDTG[OGSWGF«CEQUVCFQ
=RTGVVQPKK¡³EJWFCRTGUVQVPK¡³EJW¡P?
VQPOQ¡XaKFCTUGFVGPGTUGF:KLCKEJFJCK¡CR
IWUWWFCK¡FJKMCMDCKPCOEJCOVQPMQ¡
&CNGUCIWCFGDGDGTCNQUECDCNNQURCTCSWGPQ
VGPICPUGF=UWLRNVQPMQ¡RTGVVQPOQVQPMQ?
VQPPKC¡XaKDTKNNCT
UQNJCDGTUQN$CVCPQQTPC
³KEJRCK¡FJWWMDJCK¡LK³K³KC,C¡RLQKFJCO
OCMQK³KEJ;CJCD¯CUCNKFQGN5QN
NKV[CGUV£
DTKNNCPFQGNUQNEWCPFQFGURGTV«RWGUFQTO¯OW[
CIWUVQ=RTGVVQPRTGUVCPQQTQVQVPQT
EQPVVQVPQTFC¡?
VQQDQNJKMUGUR¯TKVWOCNQ,C¡ROQQZEJW
OCK¡EJKTC¡IWVQQDQNJKMPQ¡³V©KRLKZZKFJWW
'NGUR¯TKVWOCNQGUOW[GPIC³CFQTEWCPFQWPQ
GUV£DGPFKVQ=RNVQVDQNJKM?8CTVQQDKNJKM
VQQDQZUVCDCEQ
FGJQLCUCPEJCU#NJK¡EJLCR
LK³IC¡NJKFJC¡IWDKDUKCVQQDQZPQ¡RDKC¡
8«PFGOGVCPVKVQVCDCEQUKVKGPGUCWPSWGUGCFG
JQLCCPEJC
VQQOUKZVNG
HKDTC$CVWDWCIWWDKKIWVQQO
$CMIW¡IKKNJKOOWK¡DKC¡PCIW¡EJKMKC¡R©Z
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
VWLWOCKO©M.COWLGTGUV£RKPVCPFQGNKZVNG
RQTSWGVKGPGOWEJQRCTGEGSWGJCEGRQEQNQ
GUVCDCGZVTC[GPFQ=RQUVQQOK¡
CRQUVQQOIC¡P?
VQQODJCK¡OMCTUEQUVCN)QMLWOCC¡IW
VCVQQODJCCDJCK¡OMCTPQ¡³DJWTW¡ZEJC¡OVW
DJKK³QTC¡IWLWWP5GPGEGUKVCPFQUEQUVCNGUUK
XQ[CECTICTOC¯\GPWPDWTTQ=RNVCVQQO
DJCCDJCK¡OMCT?
VQQOQMCFX«RQECFGGNQVGU
QEVWDTG6QQOQM
LC¡MVWMCKMDJCT[CLC¡RFJK,WMV©T'PQEVWDTG
UGOCFWTCPNQUGNQVGUCSW¯GP5CPVC/CT¯C
VQQPURKGRKGTPC%JCODJCK¡VWQKT©FJK
CNJKKPCIW¡ZICDKK³IWVQQPC¡POCCRF©T'N
PK³QPQECOKPCDKGPRQTSWGVKGPGVQTEKFQWPRKG
RCVC
CPKOCN,KZICKFJCMR©ZDCFWCIW
VQQPC¡PFJKDJWTW¡ZPCVQOP©M.CRCVCSWG
UGNGSWGDTµCNDWTTQNGSWGFµEJWGECFGURW«UFG
CNKXKCTUG
RCVC
OWGDNG/CCRF©TVWRWWNJKMVWVQQP
FJKOGGU#OR©ZLQK³7PCRCVCFGGUVCOGUC
GUV£EQTVC[RQTGUQUGOWGXG
VCNNQVTQPEQd,QKFJCOUC¡UDCTCMVWVQQVQP
FJKLWPDQ¡,KZOCKMCMMCOVW¡Od3W«VCNNQU
VCPITWGUQUVKGPGPGUVCUEC³CUFGC\¼ECT2CTGEGP
GUVCTOW[FWNEGU
=RNVQQVQPCRQUVQQPC¡PVQQVPC¡POK
RKGTPC?
♦VQQPCTCOGPUWRKGGPUWRCVC
FG«NQFG
GNNCGPGNVCNNQ
VQQ³FJC¡XaVCDWTTKTGPHCFCT$C³EJQQ³IW
DJCDPC³ICOO©L©M©¡PVWMWC¡FC¡%JCO
KQ¡DKOMCF©©MK³.QUHTKLQNGU[COGGPHCFCTQP
RQTSWGUKGORTGEQOQNQOKUOQ[CPQUGOG
JCEGPUCDTQUQU=RTGVVQQ³RTGUVQPKK¡³?
♦EJWVQQ³FJCOCFLSWGECWUCGPHCFQ
RQVGPEKCNOGPVG
♦EJWVQQ³FJCTC¡CFLCDWTTKFQGPHCFQUQ
VQQVMQOUECTTK\Q
FGVCNNQFWTQ,K³
RCNJDWKFJC¡CRLC³IQQMWC¡TC¡IWVQQVMQO
OWW¡ZICOPC³M©¡PVWDJKURC¡IW³DC¡CCM
2QTHCXQTC[¼FCOGCVTCGTCNIWPQUECTTK\QUFGN
OQPVGRCTCRQP«TUGNQUCNVGEJQFG\CECVGFGOK
ECUCRCTCSWGSWGFGDKGPCRTGVCFQ
=RNVCVQQVMQOQVQVQQVMQO?
VQQVMQODCCNJUECPCUVCFGECTTK\Q,CTQQ
R©PLKZOCCV©VLWRLCDWCIWVQQVMQODCRCCNJ
PC³OCC¡PEJK³KC¡PCRLK³FJWK³FJC¡!3WK«P
GTCGNSWGUCD¯CJCEGTNCUECPCUVCUFGECTTK\Q!
VQRCC
3WKGTQRGFKTNGSWGOGJCICWPC=RNVQQVMQO
DCRCCNJ?
VQQVQPCMCCDUVWPC
E£UECTCDNCPEC2CCR
FWWMOWLC¡MDJ©©[C¡D©RVC¡PLK³DCDQQNJPC³
IQQMLWOLQQVUC¡IWVQQVQPCMCCD!,KZ³CCK³
%W£PFQXCUCNN£CDCLQUQDTKPQ!RCTC
GPECTICTVGWPCUVWPCUDNCPECU2WGUUGOG
CPVQLCP
VQQZMQNJURWGTEQEGTFQOCTTCPQ,KTCCR
IC¡PCCFJKVCVQQZMQNJPCO[C¡VWDJKCLK³
ICCCO!5QPVW[QUGUVQUOCTTCPQUSWGGUV£P
UCECPFQNCUUGOKNNCUFGOKOKNRC!
=RNVCVQQZMQNJ?
VQQZMQNJL©IKCTWOULCDCN¯/CKMLCEJ
PCDFJKRW¡O©L©LC¡RCMM©¡P-CVVKQKT©IW
L©IKCTWOVQQZMQNJO©L©LC¡RVCVQQVMQOEJ©T
8COQUCEC\CTRQTCJ¯EGTECFGNT¯QRWGUSWK\£
CPFCGNLCDCN¯GPVTGNQUECTTK\QU=RNVCVQQZMQNJ
L©¡PIKCTWO?
VQQ¡OUEQPGLQ%JCORCK¡MCCKIWVQQ¡OPC³
[C¡MCUQK¡MCV)W¡EJKOQQVW¡LWIKQOWRCK¡
;CPQTGITGUµGNEQPGLQSWGVGP¯CFQOGUVKECFQ
UGIWTCOGPVGCNIWKGPUGNQEQOKµ=RNVCVQQ¡O?
VQQ¡OUD¯EGRU
♦LKZEJQQ¡OGUV£HWGTVG
FGNQUDTC\QU
VQQ¡ORC¡XaVFCTXWGNVC$©L©MLCROQQDCOI©K
DJCK¡DCVQQ¡ORC¡IWOCVCKOC¡P-CTOGGNC
LC¡RPKPCLCZR©ZDJCK¡LKEJWOCCZKNJKC¡RLWR
DCFWK³EJW¡LK&GDGUNGXCPVCTVGVGORTCPKVQ
RCTCOQNGT
NKVFCTXWGNVCUCNOQNKPQGN
PKZVCOCN%CTOGNCRWGUEWCPFQGORKG\CC
ENCTGCT[CFGDGUJCDGTVGTOKPCFQFGJCEGTNCU
VQTVKNNCU=RTGVVQQ¡ORTGUVQQDJKQR?
VQQ¡PPKC¡XaKGURCPVCTUGFCTNGCWPQOKGFQ
2WK¡PCLCZDCVQOCCVIW,WCPPCO©VUCCMV©K
MWWPCVF©ICTIWDC¡MK¡³IW,QUGGCCICVPCO
L©¡MIQQMQKFJC¡MWWRC¡PCDC¡VQQ¡PPKC¡
,WCPUKIWGJCEKGPFQGNOCNCWPSWGNQGPEGTTCTQP
RQTCDTKTNCECUCFG,QU«'TCPGEGUCTKQSWGNQ
GPEGTTCTCPFQUC³QURCTCSWGUGCUWUVCTC
=UWLRNVQVFQPKC¡RTGVVQQ¡PVQVFQP©
RTGUVQQFQPVQVFQP?8«CUGEJQQ¡PPKC¡
♦EJQQ¡PPKOWMCFLVGOGTQUQV¯OKFQ
VQRCCUOQNECLGVG2CCRKEJUCDC¡NJIWVQRCC
LQKFJCOVQQVPCOPCROWDJCCPUQPDKCIW
VWOKCNJVCMCCD!&µPFGEQORTCUVGGN
OQNECLGVGFGRCVCUGPGNSWGOQNKUVGNQUVQOCVGU
C[GT!=RNVQVRC?
'&+%+•024'.+/+0#4`
VQT
6'2'*7ƒ0Ê'52#“1.
VQTURGEJQ
CXG,KZEJWCVWVQTFJKM©NJKK
VCMCCTWK¡'UVGICNNQVKGPGRGEJQDNCPEQ
=RNVQVQTCRQUVQTCC¡P?
VQVDC=RNFGVQDCC?IWCLQNQVGU
VQVDKMKC¡XaKTGHNGLCT
NW\DTKNNCT,QKFJCO
VQVDKMFC¡IWUWWFCK¡DJCOO©PKFJ©TPCRCK¡
FJWWMDJCCPDJCVCPQQTFC¡3W«DQPKVQDTKNNC
GNCIWCEWCPFQNGRGICNCNW\FGNUQNFGUFGCNN£
=RTGVVQVDKM©RTGUVQVDKMQVQDKKM?
VQVDQNJKM=RNFGVQQDQNJKM?GUR¯TKVWUOCNQU
VQVDJCD=RNFGVQDJCCD?GUOGTGLQPGUEQNWFQU
VQVFQPKC¡=UWLRNFGVQQ¡PPKC¡?2GLVQVFQPKC¡
COUGGURCPVCT£P=RTGVVQVFQP©RTGUVQVFQP?
8«CUGEJQVFQPKC¡
VQVPK¡³=RTGUFGVQK³FJKC¡?VKGPGHKGDTG
VQVPK¡³EJW¡P=RTGUFGVQPKK¡³EJWFC¡?NGFC
HKGDTG
VQVPQT=RTGUFGVQPPKC¡?DTKNNC
UQN8CTVCPQQT
VQVPQTFC¡=EQPVFGVQPPKC¡?GUVCTDTKNNCPFQ
UQN
VQVQQVMQO=RNFGVQQVMQO?ECTTK\QU
FGVCNNQ
FWTQ8CTVCVQQVMQO
VQVRC=RNFGVQRCC?OQNECLGVGU
VQVRQMKC¡XaKJGTXKT$JC¡RZKO©©OFC¡FJK
UWWFCK¡MWLQVOQFC¡VQVRQMKC¡LQQVQOLCEJ
OK¡EJWLKKDC¡IWVQQZMQNJ#VK\CNCNWODTG
RCTCSWGJKGTXCRTQPVQGNCIWCRCTCNWGIQ
SWKVCTNGGNRGNQCNOCTTCPQ=RTGVVCVQQR
RTGUVQVRQM?
VQVRQZFJC¡XaVJGTXKT:K³DJ©K¡³O©TCMIW
MCCUPC³OKVQVRQZFJC¡IWK¡IQMPCRDC¡DC
VWLWIKC¡;C¡PKLC¡ROKC¡PLCRZK³
CKEJWNJFJCK#PVGUFGSWGEQOCUXGCVTCGTOG
GNEC\QRCTCJGTXKTGNCIWCOKPGTCNFGOCIWG[[
RQPNQCSW¯EGTSWKVC=RTGVVQVRQZ
RTGUVQVRQZK¡³?
VQVVQK³=RNFGVCVQK³?JQTOKICU
VQZMQIKC¡XaKCUQNGCTVQOCTUQN
UWLCPKO
,QKFJCOLKZDJCK¡EJWOVQZMQ¡ZKDPCEJCO
V©DCC¡5GRWGFGCUQNGCTOW[DKGPJQ[RQTSWG
PQJC[PWDGU=UWLRNVCVQZMQIKC¡
RTGVVQZMQI©VCVQZMQI©RTGUVQZMQ¡VCVQZMQ¡?
VQZMQ³KC¡XaKGORCEJCTUG,C¡ZDWK¡³EJKR©ZVW
LWIKC¡PC³IW¡VQZMQ³KC¡PQ¡³KEJZK¡IÀ¡OW
VWLWW;CPQXQ[CEQOGTO£URQTSWGOG
GORCEJQUKEQOQOWEJQ=UWLRNVCVQQZMQ³KC¡
RTGVVQZMQVCVQQZMQ?
♦EJQZMQ³KOCFLGORCEJCFQ
VQ¡KK³=KORGTFGVQK¡FJC¡?XK«TVGUGNQ
N¯SWKFQ
VTQQMCUECOKµPECOKQPGVC;C¡DCVWOCKEJ
IWDJCKFJC¡OCC¡PVTQQMCOQQMCTWWOICO
OCPIQICOUCPFKK[CUICOPCTCPMCU;CNNGIµ
WPECOKµPNNGPQFGHTWVCURN£VCPQUOCPIQU
UCPF¯CUPCTCPLCUGVE=RNVTQQMCU?
♦LWOVTQQMC¡VWECOKQPGVC
VWRTGHaX+PFKECSWGNCUKVWCEKµPUGGZVKGPFGRQT
WPVKGORQt6W¡RLCZDWCO©L©MWUKKP!tLWR
V©VFCIWOCTCC¡PIW,WCPt6WMWC¡K³tLWR
MCK¡EJIWK¡t3W«JCEGUGPNCEQEKPC!
tRTGIWPVµ,WCPCUWJKLQt'UVQ[EQOKGPFQ
tEQPVGUVµ«N
+PFKECSWGNCUKVWCEKµPUGGZVKGPFGGPWP£TGC
/K¡FJ©TZKD©IKK¡³FJKMC³FJKKT;C¡PKEJCOVW
OCCZPCEJV©KVWDJCKFJKO2QTHCXQTRTGPFC
WPCXGNCRWGUPQUGXGCSW¯FQPFGGUVQ[
VTCVCPFQFGEQEKPCT
=)TCO?8CTEJWV©VÀ
VWCUGPEKPQ)QQMLCRMWC¡O©TC¡³EJKQ¡³VWC
MW¡CC¡RDJCWK¡MC¡PCLQKFJCOLKZEJQK³FJK¡
8GCVTCGTNG³CJKLQRTGHGTKDNGOGPVGFGGPEKPQ
RCTCSWGCTFCDKGP=RNVWVWC?
♦EJWC¡CFLSWGJC[GPEKPQU
VWC=RTGVFGVW¡CC¡?NQXCEKµ
VWC=RTGVFGVW¡CC¡?NQURWUQ
GPRQUKEKµP
JQTK\QPVCN
VWCMCKUDGNNQVC&©©NJCOR©ZDCKKI©UFC¡IW
VWCMCKPQ¡DCZMCDCCM.CUDGNNQVCUFGGPEKPQ
UGECGPUQNCUEWCPFQ[CUGOCFWTCP
VWC¡=RTGUFGVW¡CC¡?NQRQPGNQURQPG
GP
RQUKEKµPJQTK\QPVCN
VWC¡=RTGUFGVWWVC¡?NQOWGNG
VWC¡DC=RTGUFGVW¡CC¡?NQXCE¯C
VWDK¡EJWFC¡XaVRGPUCTEµOQXGPICTUG/QQ³
CNJMCVWDK¡EJW¡PIW#PTKKMK6W¡MWDC¡DJC
LC¡MLK³KCVIK¡³!#JQTCGUVQ[RGPUCPFQEµOQ
OGXQ[CXGPICTFG'PTKSWGRWGUPQVKGPGRQT
SW«GUVCTGEJ£PFQOGOGPVKTCU=RTGVVW
DK¡EJWNJ?
VWDWCUVQRQ
CPKOCN&©D©©TD©VC¡MKQIW
VWDWCDQVRQFC¡VWMWC¡FC¡ICOVCM'NVQRQ
XKXGFGDCLQFGNCVKGTTC[EQOGIWUCPQU[TC¯EGU
=RNVWVDWC?
VWDWWNJUECFGTC,CZEJKEJW¡KK¡IW³
EJWDWWNJPCDC¡LC¡RLKZMQ¡M!2CPCCUMW
LWR³KZRKCOMWICKM©©M%µOQGUVCT£OK
ECFGTC!2WGUOGFWGNGOWEJQ2CTGEGSWGGUV£
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
VWLKOKC¡
VWK¡UOCUC
FGOC¯\6WK¡R©ZOCCMCOIW
FKUNQECFCQEJWGEC=RNVWVDWNJ
CRQUVWDWWNJK¡³VWVDWNJK¡³?
VWDW¡[C¡XaVLWPVCTTGEQIGT
ITCPQU6©KVW
VWDW¡IWDJCDIWWDKK$CMIW¡RWOPWCPCV
RCK¡FJWWMKCPCMCLKOEJW¡ICOCK¡D©©ZDQK
.COWLGTGUVWXQLWPVCPFQHTKLQNRGTQUGNGVKTµ
EWCPFQUGEC[µOKGPVTCUKDCRQTGNECOKPQ
=RTGVVWDWKRTGUVWDW¡?
VWFCCUC¡XaVHKLCTHGEJC
RCTCKPKEKCTGNOKVQVG
Î6WOKK³MWVC¡OUCRVWFCCUC¡IWM©©MCOIW
ZKQVCNJOWPCEJRCK¡V©P©¡ÏLWRMCK¡EJIW
,WCPCÎ'NOC[QTFQOQFGNRCVKQFQPFG
DCKNCOQUJCHKLCFQEQOQHGEJCRCTCKPKEKCTGN
OKVQVGGNFQOKPIQRTµZKOQÏFKLQ,WCPC
KPKEKCTOKVQVG
EQOQRCTVKEKRCPVG#C³OQQ
LCPQ¡ZKEJWFCCUCMIWZKQVCNJDJCK¡RWLKK
%JCOLC³KEJOWV©DKCPC³IW¡[C¡PWWMC¡P
IW³ICCPCOEJCOLK³LWIKK¡³FJC¡IW
DCRCKU©NJ;QHWKGPGNVKGORQUG³CNCFQRCTC
KPKEKCTGNOKVQVGRGTQPQOGSWGF«CNN¯RQTSWG
VGPIQSWGEWKFCTNCOKNRCRCTCSWGNQUVGLQPGUPQ
UGEQOCPOKUGNQVGU
=RTGVVWFCKEQPVVWFC¡PUCFC¡?
VWFW³KC¡XaVVQTVGCTJCEGTVQTVKNNCU-CDWKOWM
UCRCTKKPV©OMCNJVWFW³KC¡IW³FJKZKKM/K
V¯CFKEGSWGOC³CPCJCT£VQTVKNNCUFGVTKIQ
=RTGV[RTGUVWFWW?
VWK=RTGVFGVWWVC¡?NQOQNKµ
VWKK¡³ZKEJFJC¡=EQORNRNFGVWLKDWC¡?
CDQTVCTNQU=RTGVVWKK¡³ZKEJRTQITVW
KK¡³ZKEJFJKO?
VWKMPC¡XaVOQNGT
PQOW[HKPQ/QQEJCO
DJCK¡CCPCRD©L©MDJCK¡DCVWKMPC¡I©VFJK
OCVCKOC¡PMWEJRWK¡OK¡DCKCDW¡I©VIW
V©OMCNJ!0QJWDKGTCUKFQOGLQTSWGVG
NGXCPVCTCUVGORTCPQCOQNGTGNPKZVCOCNWPRQEQ
RCTCSWGFGWPCXG\JKEKGTCOQUVQTVKNNCU!
5WGNGPOQNGTGNPKZVCOCNFQUXGEGUWPCXG\PQ
OW[HKPQ[NCUGIWPFCXG\DKGPHKPQRGTQEWCPFQ
JC[RTKUCJCEGPVQTVKNNCUFGURW«UFGNCRTKOGTC
OQNKFC=RTGVVWKMRTGUVWKMCP?8CTV©KMPC¡
VWKUCRURKPQNG#UWWMCTLCRD©PFC¡FJKVWKUCR
PCDC¡ZKQ¡DMC¡‹EJCNGC\¼ECTCNRKPQNGRCTC
SWGGUV«O£UUCDTQUQ=CRQUVWKURC¡P?
VWKURC¡XaVOQNGT
EQUCUFGUGECFCU/WK¡MKOLCR
VWKURC¡FJKLCCMPCDC¡ZDKKMC¡/WGNGOWEJCU
XGEGUGUVGOC¯\VQUVCFQRCTCSWGGUV«DKGPHKPQ
=RTGVVWKURTGUVWKUCR?
ZKKIC¡PEJKFJQIW¡EJCOPCCIWV©OMCNJ
0CFCO£URWTCOCUCNGFCPCNRGTTKVQRWGUCNQ
OGLQTPQNGIWUVCPNCUVQTVKNNCU
VWK¡EJFJC¡XaVCTCTGUECTFCT
EQPCTCFQEQP
CNGVCU)W,QUGG©¡NJKEJLKPCDJCK¡DC
VWK¡EJFJKOIWICC¡PMWZDC¡IW¡LCZLC¡R
MCK¡EJ!,QU«[CGUV£GUECTFCPFQUWOKNRC
CWPSWGGNOC¯\VQFCX¯CGUV£RQEQCNVQRWGU
SWKGTGVGTOKPCTO£URTQPVQ
0QTOCNOGPVGUGRTGRCTCNCOKNRCEQPCTCFQUKP
CNGVCUEWCPFQGORKG\CCNNQXGTRGTQEWCPFQNC
VKGTTCGUV£DKGPOQLCFCUGUKGODTCEQPCTCFQEQP
CNGVCU6CODK«PUGGUECTFCNCOKNRCUKPCNGVCU
EWCPFQGNOC¯\GUV£RQEQCNVQRGTQEWCPFQ[CGUV£
ITCPFGCPVGUFGSWGUCNICPNCUGURKICUUGGUECTFC
WPCXG\O£UEQPCNGVCU[NWGIQUGSWKVCNCJKGTDCC
OCPQ=RTGVVW¡KKEJRTGUVWK¡EJW¡P?
VWK¡FJK¡XaGGUVCT
GPEKGTVQNWICT2CCEJK
LCZVW¡VFJK%JKOKKTWPCDC¡EJCORCK¡
QKT©FC¡!&µPFGGUVCDC%CUKOKTQSWGPQNQXG¯C
GPPKPIWPCRCTVG!
GUVCT
FGEKGTVCOCPGTCt2CCRKEJFWWM[C
CK!tLWRMCK¡EJIW5COQKNt6CMCCDFJQ
LC¡MKC¡PPKRW¡³KDCVWVW¡KK¡tLWRMCK¡EJIW
$GVQt%W£PFQNNGICUVG!tRTGIWPVµ5COWGN
t2WGUC[GTCGUVCUJQTCUEWCPFQGN5QNGUVCDC
GPNCOKUOCRQUKEKµPSWGCJQTCtEQPVGUVµ
#NDGTVQ
KTUGIWKTCEVWCT
FGEKGTVCOCPGTC2CCDC¡
DCLKKFJKPCCDCVPCDC¡OQQLC¡RZK¡R©ZVW¡
VWK¡FJK¡!#FµPFGXCGUGOGUVK\QVCPCRWTCFQ
NKVRCTCSWGXC[CVCPT£RKFQ!
=RTGVVW¡VQVWK¡MCVRTGUVW¡KK¡EQPVVWK¡³I©FC¡
EQRTGVVWK¡³I©V?8CTVWK¡MC¡
♦LCZLCRVW¡KK¡ZKDEµOQUKIWGUCJQTC!
♦RCCRLC¡RLWRVWK¡FJK¡FµPFGVG
GPEWGPVTCU!
♦LCZDCVWK¡FJK¡IWOICCEµOQXCVW
OKNRC!
♦VWVW¡KK¡XaGUGT
£TGC
VWK¡ZKO=TGUFGVWWVC¡?OQNKFCU
EQUCUDNCPFCU
8CTVW¡KKZ
VWLKDWC¡XaKCDQTVCTOCNRCTKT6WLKDWCIW
DCCM/WMZKMCOI©KIWDJGUGGT.CXCECOCN
RCTKµ[GNDGEGTTQPCEKµOWGTVQ=EQORNRNVW
KK¡³ZKEJFJC¡RTGVVWLKDWCVWKK¡³ZKEJ
RTQITVWLKDWWLKOVWKK¡³ZKEJFJKO?
VWLKOKC¡XaTKT
NCUEKTEWPUVCPEKCU5KCOTKZ
DJCK¡VWOLKKCC2GGNGUPCRKEJLKO©©M-QTKCP!
'&+%+•024'.+/+0#4`
VWLWCPC¡
6'2'*7ƒ0Ê'52#“1.
6GHWGDKGPGPVQFQ(«NKZEWCPFQHWKUVGC
&WTCPIQ!=RTGVVWLKKRTGUVWLKO?
VWLWCPC¡XaKVTCDCLCT
GPNCOKNRC,K³
EJCK³DWKFJC¡CRIWOVWVWWTW¡PC³M©¡PVW
LWCPC¡2QTHCXQTRT«UVCOGVWUDWG[GURCTC
VTCDCLCT
VTCDCLCT
GPIGPGTCN6W¡RMC¡OVWLWCPPCR
DC¡OWK¡WC¡IWVWWOK³!'PSW«VTCDCLCUSWG
NNGXCUVCPVQFKPGTQ!
=RTGVVWLWCRTGUVWLWCP?
♦EJWLWCPCTC¡CFLDWGPQRCTCVTCDCLCT
♦EJWLWCPCTICOCFLOW[VTCDCLCFQT
VWLWCPFCOUVTCDCLCFQTVTCDCLCFQTCt#CR
CCDJCK¡TVWLWCPFCOVWIK¡³IW5KNKUVKKP!tLWR
MCK¡EJIW/CDTWt,©©¡CC³K¡FJQPC³IW¡Z
OCK¡EJKOIWVWWOK³PC³M©¡PUCDC¡FC¡IW³
DQPCCOtLWRMCK¡EJIW'NKUGG[Qt'TGUV¼
GNVTCDCLCFQTFG%GNGUVKPQ!tRTGIWPVµ/CWTQ
t5¯UQ[RWGUSWKGTQICPCTGNFKPGTQUWHKEKGPVG
RCTCEQORTCTOGWPUQODTGTQtEQPVGUVµ'NKUGQ
♦LK³EJWLWCPFCOVWMOKVTCDCLCFQT
♦VWLWCPFCOVWIK¡³UWVTCDCLCFQT
FG«NQFG
GNNC
VWLWC³FJC¡XaVVTCDCLCT
RCTCQVTCRGTUQPC)W¡
CCEJV©KZCC¡LKPCRI©V[C¡MCZKEJWEJ
LWC³K¡³FJC¡L©¡MEJKEJCPQQNJ0QUQVTQU
SWGTGOQUSWGVTCDCLGUEQPPQUQVTQUUKSWKGTC
WPQURQEQUF¯CUO£U=RTGVVWLWC³RTGUVW
LWC³K¡³?
VWMCC¡UPQEJG)QQMVWMCC¡FJQEJCO
DJCK¡MQKIW³EJKQ¡³PCDCMDW2QTFQUPQEJGU
PQFWTOKµDKGPOKJKLQRWGUVGP¯CFKCTTGC
CFXCPQEJGt2CCRKEJFWWM[C¡CK³
MQORCCNJ!tLWRMCK¡EJIW2GGITQt6WMCC¡
FJQtLWRMCK¡EJIW,WCPt%W£PFQNNGICUVG
EQORCFTG!tRTGIWPVµ2GFTQt#PQEJG
tEQPVGUVµ,WCP
♦D©ZEJWMCC¡VQFCNCPQEJG
♦RWVWMCC¡³EJC¡OFWTCPVGNCOKUOCPQEJG
♦VWMCC¡LC¡MFGPQEJGFWTCPVGNCPQEJG
♦CNJK¡EJEJWMCC¡UPQEJGEQTVC
♦©TCCDVWMCC¡CFXCOGFKCPQEJG
VWMCC¡³FJC¡XaTRGTFGT
VKGORQFKUVTCGTUG
FG
NQSWGFGDGFGJCEGT/WRWNJ³CKFJKOV©VDKMCT
DCMQZKC¡CCRIW¡FCKOK¡DJCCPLWOVWMIK¡³
)WCTFCVWULWIWGVGU[FW«TOGVGRWGUPCFCO£U
GUV£URGTFKGPFQVKGORQ=RTGVVWMCC¡QVWMIK
RTGUVWMCCIK¡³QVWMIK¡³?
VWMIC¡P=CRQUFGVWWMW¡?UWEWGTRQ
VWMIK=RTGVFGVWMCC¡³FJC¡?UGFKUVTCLQ
VWMIKC¡XaKQUEWTGEGTUG)QTDKODCMZK¡³LKC
PCVIW¡DCVWMLCZIKOCCU!;CVKGPFCPUWU
VCRGVGU2WGUSW«NGXCOQUCJCEGT[CQUEWTGEKµ
=RTGVVWMRTQITVWMIKOEQPVVWMI©TFC¡Q
VWMIKFJC¡?
VWMIKC¡XaKFGNKTCTRGTFGTGNLWKEKQ
RQTNC
ECNGPVWTC,C¡ROQQZKQ¡OVQPKK¡³FJK,WNKCP
VWMCC¡6WMFJQOQQ&©©NJR©ZVW¡MCK¡EJ
%µOQNGFKQHWGTVGNCECNGPVWTCC,WNKCPCPQEJG
RWGUGUVCDCFGNKTCPFQ[JCDNCPFQUQNQ
GODQTTCEJCTUG2CNJ©©RR©ZLCRLKKQ¡FC¡PCR
EJCOIKQRDCVWMIKC¡LC¡RPCVCMCCD0Q
VQOGUVCPVQRCTCSWGPQVGGODQTTCEJGUEQOQ
C[GT
=UWLRNVWVMCIKC¡RTGVVWMVWVMCI©?
VWMIKC¡USWGNKVG#NJK¡EJDJ©KTCK³IWVWMIKC¡
MWEJLKFJQQTCKDCM©K¡³³CKM©¡PVWLWIKC¡8GC
VTCGTWPRQEQFGSWGNKVGURCTCSWGEQOCOQU
0CFCO£UNQUEQEGOQU[NQUGUEWTTKOQU
VWMIK¡³=RTGUFGVWMCC¡³FJC¡?UGFKUVTCG
VWMKC¡XaKCRCICTUGGZVKPIWKTUG
NWODTGQOQVQT
5C¡UDCTCMLCROKEJW¡CC¡IWMW¡CC¡PCDC¡
EJCOQDVWMKC¡FJKVCK2QPNG³CO£UITWGUCC
NCNWODTGRCTCSWGPQUGCRCIWGRTQPVQ
=RTGVVWWRTGUVWVM©?
VWMKC¡XaKOCTEJKVCTUGECGTUG
HNQT,CK¡DJCK¡R
[QQVCKFJC¡FJK¡³K[QQZK¡LCK¡PCVWVMKFJC¡
#NIWPCUFGGUVCUHNQTGUGUV£PGORG\CPFQCCDTKT
[QVTCU[CUGOCTEJKVCTQP=UWLRNVWVMKC¡
RTGVVWWVWVM©RTGUVWVM©EQPVVWWMKFJC¡
VWVMKFJC¡?
VWMKC¡XaVECTICT
GPNCGURCNFCEQORNCPKO
6WWMWVCRUCRIWCNJKK,QK¡PFCOMCK¡EJPC
UWCM&GDGUECTICTCNPK³QRWGUOGEQPOWGXG
GUEWEJCTNQNNQTCT=RTGVVWWRTGUVWWM?
VWMNJKC¡XaKRQPGTUGPGITQGPUWEKCTUG
%JC¡RKOR©MOK³C¡PMC¡IWLWMPCEJCOZK¡Z
KQ¡OVWMNJKFJC¡FJKMWUKK³PCIW¡
MWDJC¡D³KFJC¡0QXC[CPCRQPGTNWODTGFG
RWTQQEQVGRCTCSWGPQRQPICPGITCNCEQEKPC
RWGUGNJWOQNCGPUWEKCT£RTQPVQ
RQPGTUGPGITC
RNCPVCRQTJGNCTUG,KZKQ¡O
L©©RFJCDCMZKDFJKVWMCC¡6©©¡PCVDJCK¡LK
EJWVWMT©FJK³©¡©©ZPCVM©DCK2CTGEGSWGJK\Q
OWEJQHT¯QCPQEJGRWGUH¯LCVGSWGOKURNCPVCUUG
RWUKGTQPPGITCURQTGNJKGNQ
RQPGTUGQUEWTC
RKGNRQTCUQNGCTUG-©©UCVCR
IWODQPCCO.WKUPCREJCODJCK¡LKEJWMNJKC¡
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
PCDJCK¡LKOO©KOFJC¡IWVCPQQNJ2QPVGVW
UQODTGTQ.WKURCTCSWGPQVGSWGOGGNUQN[PQ
UGVGRQPICQUEWTCNCRKGN
UGPVKTUGUQNKVQ
OQFKUOQ$©©ZLKKO©VLCZFJWK
IW³OCCOCTOWLC¡MRCK¡6WWURCPCO©VVW
LWCPCO&©©NJLKPC³OK¡RWRVWMT©MLC¡RPK'U
SWGVQFQUOKUJKLQUUGHWGTQPC6WZRCPC
VTCDCLCT[CJQTCGUVQ[UQNKVQ
NKVUGOG
QUEWTGEKµ
XGTUGQEWNVQ
OQFKUOQ,KZM©¡PMQDLCR[C¡
ÀÀLKDJCK¡RDCMWC¡O©TC¡.WKU#CRVWMCC¡OK¡
FJ©TLC¡RDJCK¡DCVWMNJK¡PFC¡OWRCK¡ZK
EJ©VDKO©K*WDKGTCUNNGICFQVGORTCPQ.WKU
RCTCSWGHWGTCUCNCNG³CRGTQPQXKGPGUOW[
PQEJG
NKVVGXGUQEWNVQFGURW«UFGKTCLWICT
=UWLRNVWVMWNJKC¡RTGVVWMWWTQVWMT©VWVMWT
QVWVWWMT©?
♦EJWMCFLPGITQOWITKGPVQ
VWMTCFC¡UJQNN¯P#C¡LKIW¡PCEJDJCI©©¡DKC¡
DJ©L©FCCOF©TFJKMWUKK³PCDC¡KK¡³ZKC¡IW
VWMTCFC¡)KKNJKOIÀ¡IÀTDJC¡³KLC¡RPCPIKC¡
&GDGOQURGICTNGCNVGEJQFGNCEQEKPCRQTCTTKDC
RCTCSWGUGECKICGNJQNN¯PRWGU[CUGCEWOWNµ
GPOWEJCURCTVGU
VWMWWOULGL«P=RNVWVMWO?
VWMWWTUVGEQNQVGEQTPWFQ6WMCC¡LC¡MDCLK
MWWMW[C¡IWVWMWWTVCVCCDEJKIW¡MQQUMC¡LK
DJ©L©LC¡RRCK¡F©¡PM©T'NVGEQNQVGECPVCRQTNC
PQEJGRGTQFGF¯CFWGTOGRQTCNN£GPWPJWGEQ
CNVQ=RNVWVMWT?
VWTCCUPQ
DWC¡VQKT©RWK¡LKPCOEJCOLK³
EJWNJKK³EJWFCKDC³FJQ¡³EJQ¡IWIÀ¡IÀTMCO
UKCMWO©VV©K³KCVVWNJ5KFGXGTCUPQJGJGEJQ
PCFCOCNQNCUCWVQTKFCFGUOGXCPCFGLCTNKDTG
UKPECUVKICTOGCWPSWGKPVGPVGPCEWUCTOG
OKPVKGPFQ
=RTGVVWNJKK³EJWFCRTGUVWNJKK³EJW¡P?
VWNJNJKQRC¡=EQORNRNFGVWWNJRC¡?TQFCTNQU
=RTGVVWNJNJKQRTGUVWNJNJKQR?
VWNJNJKQRK¡³=RTGUFGVWWNJKQRFJC¡?UGNQTWGFC
8CTVWWNJKQRK¡³
VWOCCZXaGFGLCTJWGNNC,CZEJW¡OVWOCCZ
FJKCCRLWOUWWUCM!%µOQGUNCJWGNNCSWG
FGLCPVWUJWCTCEJGU!8«CUGOCCZ
VWOKCNJUVQOCVG
TQLQTGIKQPCNKUOQLKVQOCVG
)QQMLK³EJCC³ZK¡³O©TIWVWOKCNJOWO
LKKMWNJDWK;C¡PK³M©¡PVWLWIKC¡LQKFJCO
UQPDKZKO8G[EQORTCWPQULKVQOCVGURWGU
SWKGTQOCEJCECTNQURCTCJCEGTUCNUC[EQOGTEQP
GNNC
VWOKK³MWVC¡OCFXFQOKPIQ6WOKK³MWVC¡O
UCROWVWOCC[C¡,WMV©TPCODC¡D©©ZOK¡R
VWK¡MC¡PCOK¡CC[C¡IWZMCK¡-QTKCPMCO
&KEGPSWGNCIGPVGNNGICT£C5CPVC/CT¯CGN
FQOKPIQRCTCGUVCTCNN¯CPVGUFGSWGNNGIWGGN
IQDGTPCFQTFG&WTCPIQ
VWO³K¡=RQUFGVWWOK³?2GLIWOVWO³K¡VW
FKPGTQ=CRQUVWO³KIC¡P?
VWOVWMICOVC¡XaKJCDGTGENKRUGUQNCT/QQ
PCVVWOVWMICOVCVCMCCD#C³EJCOV©
L©©IK¡³FJCVLKPCRWK¡EJWOFW³KC¡*WDQ
GENKRUGUQNCTC[GTCWPSWG[QPQETG¯CSWGKDCC
UWEGFGT=RTGVVWOVWMICOVC?8«CUGEJWMICO
VWOWC¡MCOUCUGUKPQ,KTVWOWC¡MCOFJQ
VWNJKK³CTC¡UUWHTKOKGPVQd,C¡ROQQT
VWNJKK³CTC¡PCRCK¡FJWWMLKZL©©RFJCTFC¡
d%µOQJC[UWHTKOKGPVQEWCPFQNNGICGNVKGORQFG
HT¯Q
VWNJKK³C¡XaTUWHTKTd,C¡RLC³KEJOQQEJVWNJKK
DJ©L©D©©ZDQKPCEJV©KLKOPCZEJWMICO
d%µOQUWHT¯RQTVQFQGNECOKPQRQTSWGGUVCDC
QUEWTQ=RTGVVWNJKKRTGUVWNJKK³?
VWNJKK³EJWFC¡XaVJCEGTUWHTKT)À¡IÀTLCR
LWRVWLCOCCMCKFJKVWVWWT#CRLKZLQK¡³FJC¡
PCRDCLKLCVWNJKK³EJWFC¡&CNGUO£UFGEQOGT
CNQUVQTQURWGUPQFGDGUJCEGTNQUUWHTKT
ECUVKICT0Q¡³OQQU©NJMCOEJCOVW¡LCZ
UCRFJKOCC¡PMCOPCOWPKLC¡RDCLKOIQQM
UCRDCLCMQKIWLC¡VMCO&KEGPSWGGUC
RGTUQPCSWGXCCNN¯GUWPCUGUKPQRWGUFKEGPSWG
JCOCVCFQCFQURGTUQPCU
VWOWOWWFCOUDWGPVKTCFQT
CTEQ,KZDJCK¡
VWOWOWWFCOVW¡OFJKICCVPCIW¡TIÀ¡
2CTGEGSWGVKTCDKGPGUGCTEQRQTSWGGUITCPFG
VWRWWNJKMCFLEQTVQ
FGNQPIKVWF6WRWWNJKM
V©TDK³M©¡PDCMDWNJIWMCDCKPCDC¡EJCO
O©MVWCKZPCVWMWC¡2CTGEGSWGGNECDCNNQ
GUV£COCTTCFQEQPWPCUQICEQTVCRWGUPQ
CNECP\CCNNGICTO£UNGLQURCTCEQOGT
=RNVW¡VRWNJKMEQRLKT?
VWTCCUPQUFWTC\PQ)QQMLCRDJCK¡ZK³
WK¡FJCKIWVWTCCUPQDJCOO©F©TIÀ¡³³CCP
'&+%+•024'.+/+0#4`
VWUCC¡
6'2'*7ƒ0Ê'52#“1.
DWK8GCVTCGTOGWPQUFWTC\PQUFGCNN£FQPFG
XKXGOKCDWGNC8CTVWTCCUPW
VWUCC¡XaVCRCICT
HWGIQ$JCOO©PKRCK¡
OQQV©O©©LKOFJKUC¡UMCNJKMCO/QQRKOVW
VWURW¡DKKRKDWR2QTCNN£GPCSWGNNQUEQTFKNNGTCU
JC[KPEGPFKQU7UVGFGUNQULµXGPGUXC[CPC
CRCICTNQU
CRCICT
CRCTCVQGN«EVTKEQ:KEJWUIWTCCFKQ
%JCOMQMU©FC¡K³CC³PQ¡IKKNJKOVWOMCK¡EJ
#RCICGNTCFKQRWGUPQRWGFQFQTOKTEWCPFQ
JC[OWEJQTWKFQ
=EQORNRNVWUUC¡RTGVVWUCCVWUUCRTGUVWUUC?
VWVDWC=RNFGVWDWC?VQRQU
VWVDWNJ=RNFGVWDWWNJ?ECFGTCU
OKGPVTCUXCOQUCNCVKGPFC!
=RTGV[RTGUVWVVW?8«CUGM©©UC¡
VWVWC=RNFGVWC?GPEKPQU
VWVWWMT©=RTGVFGVWVMWNJKC¡?UGRQPFT£PPGITQU
VWVWWTUTGEGRV£EWNQ
FGNCUGOKNNCFGOCIWG[
%JCOMCK¡QQDFJKLWNJKKMPCIW¡DCTVWVWWT
;CPQGUV£PUCDTQUCUGUVCUHNQTGUFGOCIWG[
RQTSWG[CGUV£POCEK\QUUWUTGEGRV£EWNQU
VWVWWT=RNFGVWWT?VQTQU
VWVW¡KK¡XaGUGT
£TGC%JCOL©¡ZFJC¡QKT©K³
CC³OWMCPLC¡R-QTKCPEJCOLC³DC¡OCCV
PCLCZVWVW¡KK¡0WPECJGKFQC&WTCPIQ[RQT
GUQPQU«EµOQGUCNN¯8«CUGVWK¡FJK¡
VWW=RTGVFGVWMKC¡?UGCRCIµ
=CRQUVWVDWNJK¡³?
VWVFCMKC¡=UWLRNFGVWW¡PPKC¡?2GLVWVFCMKC¡
CODTKPECT£P
VWVMCIKC¡=UWLRNFGVWMIKC¡?2GLVWVMCIKC¡
COFGNKTCT£P=RTGVVWVMCI©?
VWVMKC¡=UWLRNFGVWMKC¡?OCTEJKVCTUGECGTUG
HNQTGU=RTGV[RTGUVWVM©?8«CUGVWMKC¡
VWW=RTGVFGVWMKC¡?NQECTIµ
GPNCGURCNFC
VWWM=RTGUFGVWMKC¡?NQECTIC
GPNCGURCNFC
VWWMCDCFXCNHQPFQ6WWMCDF©TFCCIW³
MQORCCNJ,CZLC³EJKFJWK³KQ¡MFJC¡!/K
EQORCFTGGUV£UGPVCFQOW[CNHQPFQ%µOQNQ
XQ[CRQFGTUCNWFCT!
VWVMK¡³=RNFGVWWMK¡³?QXKNNQU
FGNCPCJKNCFC
VWVM©=RTGUFGVWMKC¡?UGCRCIC
VWVM©=RTGUFGVWMKC¡[VWVMKC¡?OCTEJKVC
HNQT
VWVM©=RTGV[RTGUFGVWVMKC¡?OCTEJKVCTQP
VWWMCDCFXRTQHWPFQ
JQ[Q6W¡ROKM©©UC¡
VWVMWNJKC¡=UWLRNFGVWMNJKC¡?UGRQPFT£P
VWWMCDK¡UTQRC
KPVGTKQTHQPFQ6CPQQNJKQR
OCTEJKVCP
HNQTGU
PGITQU=RTGVVWVMWTQVWVWWMT©?
VWVMWO=RNFGVWMWWO?LGLGPGU
VWVMWT=RNFGVWMWWT?VGEQNQVGUEQTPWFQU
VWVMW¡=RNFGVWWMW¡?EWGTRQU
VWVQK³FJKC¡XaKJCEGTECNQT-CDWKOWMOQQ
DCVWVQK³FJKC¡6©©¡PCVZKDDCWCP©/C³CPC
XCCJCEGTECNQTRWGU[CUGSWKVCTQPNCUPWDGU
=RTGVVWVQ³KK¡³?8CTVCVQK³FJKC¡
8«CUGEJCVQK³
VWVVWKFJC¡=EQORNRNFGM©©ZFJC¡?RCT£TUGNQU
=RTGVVWVVWKRTGUVWVVWK¡³?
VWVVW¡XaVRCTCT
EQORNRNKPCP,K³
RCNJDWKFJC¡CRLC³VWVVW¡FJKV©VPQTC¡)KKNJKO
LKZD©©R©VPCIW¡ZDJCK#[¼FCOGCRCTCTGUVQU
JQTEQPGURQTHCXQT'UV£POW[RGUCFQURQTSWG
UQPFGRWTQQEQVG
FGLCTRCTCFQU
EQORNRNCPKO2CCEJMCZK
LCVWVVWKFJKEJDJW¡OTWZK¡PCEJOWMCLKOKC¡
VKCPFC!&µPFGXCOQUCFGLCTPWGUVTQUDWTTQU
PCRDC¡VWWMCDV©F©¡TCKO!3W«XCUCRQPGT
CNN¯FQPFGGUV£UGUECTDCPFQVCPRTQHWPFQ!
#PVµPFCCOCP
♦EJWWMCFLJQPFQ
CIWC
♦EJWWMCOCFLRTQHWPFQ
VKGTTCQCTGPC
LCRL©NJIC¡FJKOVWWMCDK¡PCDC¡LQVOQFC¡
ICMKC¡6KGPFGUVWHQPFQGPGNUQNRCTCSWGUG
UGSWGRTQPVQ
VWWMK¡³UQXKNNQ
FGNCPCJKNCFC,CTQQT
VWVMK¡³IC¡PFJK¡PCOK¡LKOCTRWWUV©T!&G
SWK«PUQPGUVQUQXKNNQUFGNCPCSWGGUV£PCNN¯GP
GNOQTTCN!=RNVWVMK¡³?
VWWMW¡UEWGTRQ#CRFCKOOQ¡CCDCMWCPC¡
MC¡D©©ZLCRDCVDKC¡IWOVWWMW¡!0CFCO£UNC
ECDG\CVGXCUCNCXCTQVQFQGNEWGTRQ!
=RNVWVMW¡CRQUVWMIC¡P?
♦EJWWMW¡CFLSWGVKGPGOWEJCECTPG
VWWNJKQRFJC¡XaDTQFCT
JCEKCQVTCRGTUQPCQ
CPKOCN-CPKIW,WNKCPCITGG¡POWLC
VWWVWNJKQRK¡³IWLQQFCKIWMCMCTDCZ(¯LGUG
EµOQ,WNKCPGUV£TQFCPFQNCURKGFTCUJCEKC
FQPFGCPFCPNCUEJKXCU=RTGVVWWNJKQR
RTGUVWWNJKQRK¡³QVWNJNJKQRK¡³?
8CTVWWNJRKFJC¡
VWWNJRC¡XaVTQFCT,CTQK¡DCMVWWNJIWLWMPC
³KEJOWPKFJ©TMC©¡M©MICKPCOO©ICOCLC¡M
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
R©ZMCCVD©RVC¡P#NIWKGPTQFµGNVTQ\QFG
OCFGTCSWG[QJCD¯CEQTVCFQGPNCNCFGTCRWGU
[CGUV£O£UCDCLQ=EQORNRNVWNJNJKQRC¡
RTGVVWWNJVWNJNJKQRTGUVWNJNJKQR?
VWWOK³UFKPGTQ%JC¡RWC¡IWVWWOK³PCR
IQQMMC³EJCK³DWKFJC¡!0QVTCGUFKPGTQRCTC
SWGOGRTGUVGUWPCECPVKFCF!=RQUVWO³K¡
CRQUVWO³KIC¡P?
VWWOUC¡XaVSWGDTCT
GPRGFC\QUITCPFGU
,CTQQVWWOUCIW³LC¡CCPCDC¡[C¡PKR©ZFCT
IWVC¡VCMIC¡P!3WK«PSWGDTµOKQNNCFGDCTTQ!
2WGUCSW¯PCFCO£USWGFCPNQUTGUVQU
=RTGVVWWOUCRTGUVWWOWU?
VWWRCNJUECTDµP/K¡DKMWCIK¡³IWV©OMCNJ
,WCPCMWEJOQQZKEJWLWICK,QKFJCOLCR
LC¡RPKZKPWC¡LKIWVWWRCNJ%CNKGPVCNCU
VQTVKNNCU,WCPCGZVGPFKGPFQGNECTDµPRCTCSWG
RQFCOQUEQO«TPQUNCU[C
VWWTUVQTQDWG[6WVWWTM©¡PLCEJV©©UIKQ
PCEJRCK¡FJWWMLKEJWLKOEJWFC¡#TCOQU
EQPDWG[GUVCPVQRCTCUGODTCTEQOQRCTC
TGRCUCTNCOKNRC
OCEJQ
CPKOCNPQCXG,KTVWWTCCFJK
OKUVWK³MC¡TDCMKKCC!'UOCEJQGUGICVQQ
GUJGODTC!
=RNVWVWWT?
VWWVXaGGUVCT
EQUCURCTCFCUO£UCNVCUSWG
CPEJCU,KTVW¡W¡WWZFC¡FJK¡PCOK¡³K
EJWWV!3W«VKRQFG£TDQNGUUQPGUQUSWGGUV£P
CNN¯!8«CUGM©©M
VWWVC¡XaVOQNGT
EQUCUDNCPFCU%JCOLCZDWC
UKCRKEJOWK¡VWOCVCKOZKDPC³IW¡
MCDWKOWMLCK¡ORCNJDWKFJC¡PCRVWVWWVC¡
0QNGJCEGSWGRQPICUOWEJQPKZVCOCNCJQTC
RQTSWGOC³CPC[QVGC[WFCT«COQNGTNQ
=RTGVVWKRTGUVWC¡TGUVW¡KKZQVWK¡ZKO?
VWW¡PPKC¡XaKDTKPECT6WWVW¡PLCO©VDCM
VWMCC¡IWDCCMCUPC³KEJOK¡³KMCLCMWWRCM
LWTP©MMQTCCT2CTGEGSWGCPQEJGNCUXCECUUG
DTKPECTQPGNEQTTCNFQPFGNCUFGL«GPEGTTCFCU
C[GTGPNCVCTFG=UWLRNVWVFCMKC¡RTGVVWW¡P
VWWVW¡PRTGUVWWVFCM?
VWZKQ¡UEJKXKVQJW«THCPQ
SWGOCOCFGQVTC
EJKXCSWGPQGUUWOCO£2CCDC¡OCK¡I©KIW
VWZKQ¡PCDC¡RCPCCUEJCOVW¡LCQK¡³FJK
MCMCTDCZ!&µPFGUGRGTFKµGNEJKXKVQJWGTHCPQ
SWGPQXCEQPNQUFGO£U!
VW¡RTQPSW«!6W¡OFWWPCRDC¡
QDKC¡MKO!3W«VGRCUµ!2QTSW«XCU
VW¡PCFC¡
EQLGCPFQ!
RTQPCNIQ$JCK¡RZKEJWVC³KC¡IWVW¡PCR
LKZ³CC2KFGNQSWGVGIWUVCT¯CEQOGT
KPVGTLSW«!
EWCPFQPQGUEWEJµCQVTCRGTUQPC
[PQUCDGSW«SWKGTGt)QQ[QRCCRKEJLC¡M
DJ©K!tLWRMCK¡EJIW5KOKCPCt6W¡!tLWR
MCK¡EJ©RIWK¡t)Q[QFµPFGGUV£U!
tRTGIWPVµ/CZKOKNKCPCt3W«!tTGURQPFKµ
«N
=)TCO?
♦VW¡PKCCOCPFG!SW«FKLQ!
♦VW¡I©VSW«UGNGQHTGEG!
♦VW¡DC¡EJKMWDC¡RQTSW«UGT£!
♦VW¡MC¡OV©P©K¡³GUQDGFKGPVGVKGPG
TGURGVQ
♦PCVW¡RTQPSW«
ÊVW¡UWHaX+PFKECSWGNCCEEKµPUGNNGXCCECDQ
OKGPVTCUGNUWLGVQCPFC,KZDJCCOVWI©VR©ZDJC
LKOEJW¡IW#NDKKPVCMCCDEJCOCC¡PVW¡PCEJ
V©KDCK¡³EJW¡#NXKPQXGP¯COW[GPQLCFQC[GT
EWCPFQXGP¯COQULWPVQURQTSWGPQSWGT¯C
XGPKTUGEQPPQUQVTQURWGUNQQDNKICOQU
NKVNQ
¯DCOQUKPXKVCPFQ=)TCO?8CTÊEJW¡
VW¡CC¡XaVXCEKCTXGTVGT
N¯SWKFQ,K³
RCNJDWKFJC¡CRLC³CNJK¡EJVW¡CC¡IWDKK³FJK
MCUVC³EJC¡OF©T#[¼FCOGCXGTVGTVCPVKVQ
OG\ECNFGGUVCECUVC³CRQTHCXQT=RTGVVWC
RTGUVWC¡DCVTCUNVQK¡MC¡?
VW¡CC¡=EQORNRNFGV©MKC¡?RQPGTNQU
GPRQUKEKµP
JQTK\QPVCN=RTGVVWCRTGUVWC¡?
VW¡KKEJ=RTGVFGVWK¡EJFJC¡?GUECTFµ
EQPCTCFQ
EQPCNGVCU
VW¡KKZ=TGUFGVWWVC¡?OQNKFCU
EQUCUDNCPFCU
8CTVWK¡ZKO
VW¡KK¡=TGUFGVWK¡FJK¡?GUV£CEVWC
VW¡MWDCFXGPDCNFGGPXCPQ6W¡MWDLKDC¡
FJKCTKKPPCV[C¡DCOPWC)KKNJKOLKZ
FJC¡TCOLK³³COIW¡'PDCNFGEQORT«NC
JCTKPCSWGOGEQUVµVCPVQRWGUVQFCUGVKTµ
CSW¯8CTVW¡MQD
VW¡MWDC¡RTQPRCTCSW«!EQPSW«RTQRµUKVQ!
6W¡MWRDC¡IKKNJKOMCK¡EJ!2CPCCUVW¡OCKO
MCO2QTSW«JCDNCUVCPHGQ!2WGUJCDNCU
EQOQWPDQTTCEJQ
VW¡PCFC¡RTQPSW«EQUCUGT£!/WPKR©Z
OCOCCZIWVW¡IÀ¡IÀTLC¡RVW¡OR©ZKCOVW
OCOCCZPCVW¡ICIQQZ6W¡PCFC¡!#NN¯UG
XGPJWGNNCUITCPFGUEQOQNCUFGWPRGTTQ3W«
EQUCUGT£!
'&+%+•024'.+/+0#4`
VW¡PCR©Z
6'2'*7ƒ0Ê'52#“1.
VW¡PCR©ZCFXNQSWGUGCEWCNSWKGTEQUC6W¡PC
R©ZLKZ³CCIWDCKU©NJ#NVGLµPNGIWUVCEQOGT
EWCNSWKGTEQUC8«CUGPCVW¡
VW¡V=RTGVFGVWK¡FJK¡?GUVCDCCEVWCDC8CTVWK¡
MCV
VW¡VRWNJKM=RNFGVWRWWNJKM?EQTVQU
FG
NQPIKVWF=EQRLKT?
7
WCOCFLCOCTKNNQ)QQMLCDKC¡IW³ZKKZIW
OKOEJWUOCC¡PLKZWCOLWOCKDC¡ZEJWM
/KJGTOCPCVKGPGFQUICVQUWPQCOCTKNNQ[QVTQ
RTKGVQ=RNW¡WCOEQRLKZ?
WCOC¡XaKRCUCTJCODTGOQTKTUGFGJCODTG
/QQRZKEJWOCCMCKFJKCNJKKPCDC¡EJCO
WCOC¡ICOO©L©D©©ZDQK&CNGFGEQOGTCNPK³Q
RCTCSWGPQRCUGJCODTGGPGNECOKPQ
=UWLRNWC¡OC¡RTGVWCOCWC¡OC?
5KPµPDJKQ¡OW¡
WCOZKFJC¡XaVEWTCT
FGGPHGTOGFCFQFG
JGEJK\Q,CZEJW¡OIWOCMI©OLCRLKZCC¡
PC³LWOWOWC¡³ZKFJC¡PCOWCOZKFJC¡!
%W£NEWTCPFGTQSWKGTGUSWGVGEQPUKICRCTCSWG
VGEWTG!=RTGVWCOZKRTGUWCOZK¡³?
WCOZK¡³FJCOUEWTCPFGTQEWTCPFGTC
VTCFKEKQPCN/©L©F©TIW5CPVWUOQQRWK¡RLKT
WCOZK¡³FJCOLKEJCOVW¡PCOQQEJCO'N
5CPVQUFGNQVTQNCFQVCODK«PGUEWTCPFGTQRWGU
PQETGCPSWGPQ=RNW¡WCOZK¡³FJCO?
WCPC¡XaVNKORKCT
UWRGTHKEKG7CPC¡CRFJK
OGGU)KKNJKOVW¡KK¡PCZKMQQTC¡.KORKCNC
OGUCRWGUUGXGOW[HGCRQTNQUWEKCSWGGUV£
XaTNKORKCTUG
FGRGECFQEQPHGUCTÎ$JCK¡R
ZKOWCPC¡PCRL©¡MLCZZKOOCCVPCREJCO
V©©OWKFJC¡PQ¡RLKZFJWCFJKOÏLWRV©VFCIW
OCMI©OIWZMQ¡MMCOÎ%QPHK«UCVGUKSWKGTGU
CNKXKCTVG2NCV¯ECOGVQFQNQSWGUCDGUFGVK
OKUOQ[SW«PQEWORNKUVGCPVG&KQUÏFKEGGN
EWTCPFGTQCNGPHGTOQ
=RTGVWCRTGUWCP?
♦LKZDJCK¡W¡WCMUGNKORKCH£EKNOGPVG
WCP©=RTGVFGQ³KC¡?UGFGURGLµUGNKORKµ
WC³CFLNKORKQETKUVCNKPQVTCPURCTGPVG
N¯SWKFQ,CK¡RMCK¡EJFJC¡COPCUCREJCO
DJCK¡VWODJKDJKCIWDQRVQRPQ¡ZM©©¡ZWC³
IWUWWFCK¡#NIWPQUFKEGPSWGPQUGRWGFG
RGUECTDKGPEWCPFQGNCIWCGUV£DKGPNKORKC
FGURGLCFQ
EKGNQ/QQEJKL©©RFJC¡
MCDWKOWMPCDC¡ZWC³ZKD%TGQSWGXCC
JCEGTHT¯QOC³CPCRQTSWGCJQTCGUV£FGURGLCFQ
NKORKQRWTKHKECFQ
CNOCQGUR¯TKVW,WR
MCK¡EJFJC¡COIWLC¡VMCOPCUCRUKCMW³KEJ
V©KDCOWW[C¡PC³LCZQKT©FC¡&CKLKPCIW¡
UCREJCOLCTQK¡MC³³©K¡³FJC¡PC³IW¡DCZ
WC³MC¡&KEGNCIGPVGSWGCWPSWGOGOWGTC
XQ[CCPFCTCSW¯VQFCX¯CRGTQ[CPQOGXCPC
XGTRQTSWG[CXQ[CGUVCTRWTKHKECFQ
=RNW¡WC³EQRLKZ?
WC³FJCTC¡UU¼RNKEC
TGURGVWQUCCNEWTCPFGTQ
,WOCC¡PC³LKZOCVMC¡IWWC³FJCTC¡PQ¡LCZ
FJWWMCVRCK¡DCZKOCCIKORW¡³K'U
KPFKURGPUCDNGUCDGTNCOCPGTCEQTTGEVCFG
UWRNKECTNGCNEWTCPFGTQRCTCNQUECUQU
KORTGXKUVQUEQOQCJQTC
WC³FJC¡XaDNKORKCT
CQVTCRGTUQPC
7C³FJC¡CRIWUCUQQ¡PFJKCNJKK.¯ORKCNGNQU
OQEQUCGUVGPK³Q
XaDRGTFQPCT
CQVTCRGTUQPC#CROQQVW
WC³K¡³MC¡R©ZUKCMWIKKNJKOLWOV©VFCFJK
OCKOMCOPCIW¡DKK³R©ZLWRMCK¡EJFJC¡
&GDGURGTFQPCTCNDQTTCEJQCWPSWGVGOCNFKIC
RQTSWGPCFCO£UJCDNCCU¯RQTJCDGTVQOCFQ
OG\ECN
XaTUWRNKECT
EQPTGURGVQCNEWTCPFGTQ0Q¡³
ZK³EJKC³KODWK³QTIWOCMI©OD©©R©¡MCVLWO
CC¡PCEJVW³WC³FJC¡5KSWKGTQRGFKTNGCWP
EWTCPFGTQSWGOGEWTGRTKOGTQVGPIQSWG
UWRNKECTNGEQPTGURGVQ
=RTGVWC³RTGUWC³K¡³?
WC³K¡CFLSWGUGFGURKPVC
H£EKNOGPVG,CZMW
DC¡ZMQQOC¡FJKORCPVCNQQP!&©©NJLKTRW
EJW¡O¡CCMC¡PCZWC³K¡CC!2QTSW«GUV£
FGUEQNQTKFQVWRCPVCNµP!#U¯GUQUGFGURKPVµ!
=RNWC¡MK¡EQRLKZ?
WC¡=RTGUFGDJ©KMC¡?NQNNGXCNQVTCG
WC¡=RTGUFGWK¡MC¡?NQUNNGXCNQUVTCG
WC¡MKC¡=UWLRNFGQ³KC¡?FGURGLCTUGNKORKCTUG
=RTGVWC¡M©?
WC¡MK¡=RNFGWC³K¡?SWGUGFGURKPVCP
H£EKNOGPVG
=EQRLKZ?
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
WC¡OC¡=UWLRNFGWCOC¡?2GLWC¡OC¡CONGU
RCUCT£JCODTG=RTGVWC¡OC?
WC¡PC¡XaKGUETKDKT/CC¡PLK³EJCK³DWK¡³IWO
NCCRKUPC³M©¡PVWWC¡PC¡2QTHCXQTRT«UVCOG
WPN£RK\RCTCGUETKDKT=RTGVWC¡PCRTGUW¡WCP?
WC¡PC¡P=CRQUFGW¡WCP?UWJQLCUWNGVTC
WC¡³ZKFJC¡XaVGUETKDKT
RCTCQVTCRGTUQPC
%JCO[CQKT©IW³ZKKZPCEJWOWC¡³FJC¡PC
OCC¡PLKEJWC¡³ZKFJC¡IWW¡WCPPCZOCVFC¡
PCLCZLC¡MFW³KC¡0QCPFCCSW¯OKJGTOCPQ
RCTCRGFKTNGSWGPQUGUETKDCWPRCRGNRQTSWG«N
UCDGEµOQUGJCEG
GUETKDKT
CQVTCRGTUQPC;C¡F©TLC³LWO
WC¡³ZKFJC¡DJCCPFJKW¡WCPPC³LKZOCCEJKO
PCRLCZLWO©NJKK¡³2QTOGFKQFGNCRTGUGPVGVG
GUETKDQRCTCUCDGTEµOQGUV£U
=RTGVWC¡³ZKQWC¡³RTGUWC¡³ZK¡³?
WC¡TC¡=RTQRFGWK¡MC¡?KTCVTCGTNQU
WC¡VWNJFJCTC¡URGECFQÎ,WOCC¡PCRKO
UQK¡O©NJFJCKRWV©©FC¡IW&KQUPCVWLCO
WC³FJC¡IWLCOWC¡VWNJFCTC¡PCRKODC¡
LKOKC¡LKZFJCCOLC¡MÏLWRMCK¡EJIWRCCNJ
Î7UVGFGUPGEGUKVCPRGFKTNGJWOKNFGOGPVGC&KQU
SWGNGURGTFQPGUWURGECFQURCTCSWGRWGFCPKT
CNEKGNQÏFKLQGNUCEGTFQVG
WC¡VWNJFJC¡XaTVGPGTFGWFCUFGDGT5KCOTK
OCVWPCOMK³KEJFCMQQPCEJVW¡WC¡VFCV
OWK¡DC³WC¡VWNJFJKFJC¡K³LKIW¡5KGORTG
NQIT«RCICTNQSWGFGD¯CRWGUKDCCWOGPVCPFQ
OKUFGWFCU
RGECT,WOWC¡VWNJFJC¡CROQQ.WKUPQ¡
RKEJV©©©ZIWVW¡8CUCRGECT.WKUUKTQDCU
CNIQ
=RTGVWC¡VWNJRTGUWC¡VWNJK¡³?
WC¡VWNJK¡³=RTGUFGDJ©KFJC¡?UGNQNNGXC
WC¡VWNJK¡³=RTGUFGWK¡FJC¡?UGNQUNNGXC
WC¡VW¡PFC¡XaVFGDGT
FKPGTQCQVTCRGTUQPC
t%JCOD©©ZLK³³COMKIWOFJKZKKMPCL©¡MLK³
WC¡VW¡PtLWRMCK¡EJIW/CTVCt,©¡MR©ZLWO
OCC!tLWRMCK¡EJIW'UOGTCNFCt0QOG
RCIµUWV¯CVQFQNQSWGOGFGD¯CtFKLQ/CTVC
t%W£PVQVGFKQ!tTGURQPFKµ'UOGTCNFC
=RTGUWC¡VW¡PEQRTGVWC¡VW¡PFCV?
WDKKUOWLGT,CTQQFC¡FJKWDKKPCOWOOWPK
LC¡RDCLKO!,CTQQMCOVWK¡FJK¡!3WK«PGU
CSWGNNCOWLGTSWGXCCNN£!#SWK«PUGRCTGEG!
=RNW¡WWD?
♦CNJKKWDKKPK³C
WOICZFJC¡
WDKKVCMCCTWK¡UICNNKPC,QKFJCOLKZ
ZKOMWNJK¡FJKWDKKVCMCCTWK¡'UCICNNKPCRKPVC
GUOW[DQPKVC
WK=RTGVFGW¡[C¡?NQUCFSWKTKµ
WKK¡OUCIWKNKNNCTCVQPGTC,WRMCK¡EJFJC¡CO
IWLC¡VMCOPCUCREJCOMCOCKOCMC¡IW
WKK¡OPQ¡VD©©R©¡F©TDCOZKKZPCRCK¡FJWWM
DJCK¡EJ©KLKOCK¡³³C¡IWLCTQK&KEGNCIGPVG
SWGUK[CUGJCD¯CUCEWFKFQNCCIWKNKNNC[CPQNG
GPVTCPNCUDCNCUCWPSWGCNIWKGPNGVKTG
=RNW¡WKK¡O?
WK¡FJC¡=EQORNRNFGDJ©KFJC¡?NNGX£TUGNQU
VTC«TUGNQU=RTGVWK¡RTGUWC¡VWNJK¡³
EQPVW¡KK¡³FJC¡VTCUNWK¡FJKMC¡?
WK¡MC¡=EQORNRNFGDJ©KMC¡?NNGXCTNQUVTCGTNQU
=RTGUWC¡EQRTGVWK¡O©MEQPVW¡V©MFC¡
RTQRWC¡TC¡KORGT[RWPVW¡WWM?
WK¡ZFJC¡XaDNNGXCT
FGQVTCRGTUQPCUKPCXKUCT
EQORNRN7K¡ZFJCMLCO©VDCMIWV©VPQTIC¡P
IW0CCEJPCVDJC¡³KMCUQDMQPCMEJKPCV
OCK¡MCVWDWCO5GNNGXCTQPNQUJQTEQPGUSWG
0CEJQJCD¯CNCDTCFQ*CDT£UKFQOKGPVTCUUGHWG
CDGPFGEKTNQUGNQVGU=VTCUNWK¡ZFJKMC¡
RWPVWK¡ZFJCM?8«CUGDJ©KZFJC¡
WNJ³C¡XaVIWCTFCT7NJ³C¡RKOIW¡³KMWZKKT
OWR©ZLC¡RDCI©¡³ZKO/K¡FJQRWOCK¡
I©ZKC¡)WCTFGPCSWGNEWEJKNNQRCTCSWGPQUG
XC[CCRGTFGTRWGUGUV£CNN¯VKTCFQ
GPUKNNCT
WPCPKOCN/CKMLCEJRCZKCTRQ¡OW
,QUGGDWKMCMDCKEJC¡OLCEJLKKOFC¡FCK
PCEJLCZDJCLCWNJ³C¡8COQUCRCUGCTEQP
,QU«+TGOQUCECDCNNQPCFCO£UNQUGPUKNNCOQU[
PQUXCOQU
=RTGVWNJRTGUWNJKKU?
WOICZFJC¡XaVEQTVCT\Q[CVG
RCTCQVTCRGTUQPC
)QQMLCRLK³WOICZFJC¡³RCCUWNJPCIW¡
LQKFJCOLKZLCK¡EJ[C¡PCRRCK¡MKQ*C\OGGN
HCXQTFGEQTVCTOGWPRQEQFG\Q[CVGV¯CRWGU
JC[OWEJQCSW¯FQPFGXKXGU=RTGVWOICZ
RTGUWOICZK¡³?
'&+%+•024'.+/+0#4`
WOIC¡
6'2'*7ƒ0Ê'52#“1.
WOIC¡XaKEQTVCT\Q[CVG)QQMLCEJVWWOIC¡
PCEJVWOCK³EJC¡8Q[CEQTVCT\Q[CVGRCTC
JCEGTWPRGVCVG=RTGVWOICRTGUWOICT?
WOWCI©OUUGIWPFQOC[QTFQOQ
FGNRCVKQ
EGTGOQPKCNNKVGNKPXKVCFQT5CROQQV©OP©¡[C¡
IWZKQVCNJDJCOO©F©T:KKT6C¡OLWR
MCK¡EJKOVCMCCDIWWOWCI©OPCV[CLC¡R
DWWU'NUGIWPFQOC[QTFQOQRCUµRQTCSW¯
C[GT[FKLQSWGXCPCDCKNCTGNOKVQVGGP.CU
5KNNCU=RNW¡OWCI©O?
WOWC¡³FJC¡XaVRGFKTC[WFC,KEJWOWC¡IW³
LKKMWNJPCEJMWC¡³FJCRW¡MCDWKOWMUCRPC
M©¡PDJCKFJC¡OCC¡PIWVQQZMQNJPCVW
OW¡CC¡0QURKFKµOKV¯QSWGNNGX£TCOQUNG³C
OC³CPCRCTCEQEKPCTWPOCTTCPQSWGXCC
OCVCT=RTGVWOWC¡RTGUWOWCIK¡³?
WWOCTIKFJC¡XaVEQNQECT
RNWOCUGPWPCHNGEJC
-CDWKOWMLCEJVWWWOCTIKFJC¡IWEJW¡WW
PCEJDC¡M©¡PDCPCDFJKRW¡OCC¡PIW
DJQ¡OMQZ/C³CPCXCOQUCEQNQECTNGNCU
RNWOCUCPWGUVTCUHNGEJCURCTCKTCEC\CTWP
VGEJCNQVG=EQORNRNW¡OCTIKFJC¡
RTGVWWOCTIKW¡OCTIKRTGUWWOCTIK¡³
W¡OCTIK¡³?
WWRU\QTTKNNQ,WRMCK¡EJFJC¡COIWLC¡VMCO
PCUCRLKZFJWCFJK¡IWWWRPC³OWC¡LK
LKFJQQTCKK¡[C¡IWDCCTIC¡PPQ¡ZMQ¡MIW³LWT
&KEGNCIGPVGSWGGNECNFQFG\QTTKNNQUKTXGEQOQ
TGOGFKQRCTCEWCPFQOGFWGNGGNEQTC\µP
=RNW¡WWR?
WOWW¡U\Q[CVG&CKLWMICOLC¡MLKZLCK¡EJIW
WOWW¡œPKECOGPVGGPNCUKGTTCJC[\Q[CVG
WOWW¡DCCNJUECPCUVCFG\Q[CVG,CTQQEJKZ
LCOCCVIWWOWW¡DCRCCNJPC³OCC¡PEJK³KC¡
PCRLK³FJWK³FJC¡!3WK«PUCDGJCEGTNCU
ECPCUVCUFG\Q[CVGRCTCSWGNGRKFCSWGOGJCIC
WPC!=RNWOWW¡DCRCCNJ?
WOWW¡DQPCCOUUQODTGTQFG\Q[CVG,KZ
C¡DJCTLKZLCOCCVCOIWQ¡FCOIWWOWW¡
DQRPCO.QUJQODTGUVGRGJWCPGUUCDGPJCEGT
DQPKVQUUQODTGTQUFG\Q[CVG=RNWOWW¡
DQRPCO?
WREJK¡WWNJUNCWTGN
RNCPVC,QKFJCOMCCMIW
WREJK¡WWNJPC³LKFJQQTCKIWLCCIC¡PK¡[C¡IW
DCCTIC¡P'UOW[UCDTQUQWPV«JGEJQFGJQLCU
FGNNCWTGN
WRUWIC¡PUUWCIWKLµP
KPUGEVQ7RUWIC¡PM©¡P
V©M©M©¡IWPCMU©T'NCNCET£PRKECEQPUW
CIWKLµP
WRWCUEQTQPKNNC
FGNCECDG\C,WR
MCK¡EJFJC¡COIWLC¡VMCOPCUCRIWMWTCVLKT
TKOGGFKQPQ¡COR©ZLKZEJK³DQTCC¡IWCNJKK
PC³DJCDWNJFJC¡PCRCK¡VWWRWC&KEGNC
IGPVGSWGGNR£LCTQECTRKPVGTQUKTXGEQOQ
TGOGFKQRCTCEWCPFQNGUCNGOWEJCUCNKXCFGNC
DQECCNPK³QRQTGUQUGNQCOCTTQGPNC
EQTQPKNNC
X£UVCIQ
FGECEVWU/CC¡PLCRLK³LKMEJKFJC¡
IWWRWC¡PIWK¡IQMMWEJVWLWOCC¡PCEJVW
C¡UMKEJC¡%µTVCOGWPX£UVCIQFGOCIWG[RCTC
VCNNCTNQRCTCJCEGTWPCUTGFGU
=RNW¡RWCCRQUWRWC¡PW¡RWC¡P?
WWZU£TDQN6W¡DC¡MWRDC¡
IKFJWWNJMCFKOFJKWWZ!2QTSW«GUV£U
EQTVCPFQWPCOWGUECGPGUG£TDQN!
RCNQ,CPQ¡PCEJKEJZKMWCPRWMOW
VCCVUCDIKKNJKOOCIQQ³KEJPC³KEJVWUQPKC
PCIW¡ZMCCRCMLKZLCK¡EJIWW¡WWZOWOOW
LC¡M#SWGNNCXG\EWCPFQHWKOQUCVKGTTCE£NKFCC
FGUOQPVCTOGECPU«OWEJQEWCPFQGUVCDC
EQTVCPFQRQTSWGUQPOCEK\QUNQURCNQUSWGJC[
CNN£
=RNW¡WWZ?
W¡FCV=EQRTGVFGW¡[C¡?NQUCFSWKT¯C
W¡FC¡=EQPVFGW¡[C¡?GUVCTCFSWKTK«PFQNQU
W¡KK¡UR£LCTQ,KTVW¡W¡KK¡FJC¡FJK¡PCDJC¡³K
FCCWWZEJC¡O!,QKFJCOVWMWW3W«VKRQFG
R£LCTQGUGUGSWGGUV£GPGUG£TDQN!2WGUECPVC
OW[DQPKVQ=RNW¡LK¡?
W¡KK¡LWPWW¡UUQTIQ
UKNXGUVTGNKVOC¯\FG
R£LCTQ/WLC¡M6WWURCIÀ¡O©UIWW¡KK¡LWPWW¡
PCOLCOCCMIWDCCM#NN£GP6WZRCPUG
UKGODTCOWEJQGNUQTIQRCTCCNKOGPVCTGN
ICPCFQ8«CUGLWWP
W¡KK¡³FJC¡=EQPVFGWK¡FJC¡?GUVCTNNGX£PFQUGNQU
GUVCTVTC[«PFQUGNQU
W¡LK=RTGXFGW¡[C¡?CFSWKTK«PFQNQU
W¡LK¡=RNFGW¡KK¡?R£LCTQU
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
W¡OCTIKFJC¡=EQORNRNFGWWOCTIKFJC¡?
EQNQECTNCU
RNWOCUGPWPCHNGEJC=RTGVW¡OCTIK
RTGUW¡OCTIK¡³?
W¡OWCI©O=RNFGWOWCI©O?UGIWPFQU
OC[QTFQOQU
W¡RWC=RNFGWRWC?EQTQPKNNCU
FGNCECDG\C
X£UVCIQU
FGECEVWU=CRQUW¡RWC¡P?
ZK
DJCOO©PKLC¡RLKO©©MW¡ZEJ©T$JCK¡EJKRCK¡
UCKLWMOCOTCVC¡O5GOGRGTFKµOKVCNGIC
C[GTEWCPFQHWKCNOQPVGCNQOGLQTUGOG
SWGFµCVQTCFCGPNCTCOCFGWPRKPQ
W¡[C¡=EQORNRNFGDJ©©[C¡?CFSWKTKTNQU
=RTGVWKEQPVW¡FC¡RTGXW¡LKEQRTGVW¡FCV
OQXWK¡MC¡?
W¡V©MFC¡=EQPVFGWK¡MC¡?GUVCTNNGX£PFQNQUGUVCT
VTC[«PPFQNQU
:
W¡WCO=RNFGWCO?COCTKNNQU=EQRLKZ?
W¡WCOZK¡³FJCO=RNFGWCOZK¡³FJCO?
EWTCPFGTQU
W¡WCPUJQLC
FGRCRGN%JC¡RDKC¡OCC¡P
IWW¡WCPPC³OKOLWR³KFJC¡IWDCK³WOPC
FCCUIWVWWTIWK¡PC³KEJOCK¡DWC!0Q
VKGPGUWPCJQLCFGRCRGNRCTCFKDWLCTVGEQOQGU
NCOCTECSWGVKGPGGNVQTQSWGUGOGRGTFKµ!
ECTVCCXKUQGUETKVQ/CC¡PLC³[C¡O
WC¡VWNJK¡³IWW¡WCP$JCOLQQEJZKIWOZKKZ
#SW¯VGVTCKIQWPCECTVCSWGVGOCPFµVW
JGTOCPQOC[QT
NGVTC
OQFQFGGUETKDKT#CRLKTLWOW¡WCP
CCFJK¡PCDJCK¡VWWC¡³KZDJK¡³DCMEJC¡O!
'UVWNGVTCGUCSWGGUV£GPNCRCTGFFGNGFKHKEKQ!
=CRQUWC¡PC¡P?
♦W¡WCPVC¡OGPGNRCRGNGPGNNKDTQ
W¡WCP=RTGUFGWC¡PC¡?GUETKDG
ÊZEN¯V+PFKECEµRWNCCPVGUFGNCOC[QT¯CFGNQU
CFLGVKXQURGLDCZDJCK¡[CGUVQ[UCVKUHGEJQ
OK¡ZOCCV©¡XCOQUCXGT
+PFKECGNGUVCFQFGNVKGORQOGVGQTQNµIKEQRGL
DCZEJCVQK³[CJCEGECNQTPCRCK¡ZL©©RK¡³
FQPFGJCEGHT¯Q
=5GRTGUGPVCFGURW«UFGWPCXQECNQRCWUCINQVCN
)TCO[?8CTLKZ
ZCUCK¡=RNFGZC¡KK¡?SWGVKGPGOWEJCJKGTDC
GP
XCTKQUNWICTGU=EQRLKZ?
W¡WC³=RNFGWC³?NKORKQU=EQRLKZ?
W¡WKK¡O=RNFGWKK¡O?CIWKNKNNCU
W¡WWUHNGEJC
FGCTEQ#OR©ZRWK¡EJCO
DJCK¡EJWQKRQFJK³W¡WWPCEJV©KZKEJW
OWOWWICOCLC¡MR©ZDJ©DJ©©/KUHNGEJCUPQ
XWGNCPDKGPEWCPFQVKTQEQPGNNCURWGUUG
FGUX¯CPCWPNCFQ
HNGEJC
EGTGOQPKCN:KOV©MFJC¡CRIWW¡WW
MW³DJ©KFJKMC¡IWOCMICOMCVVKKCOEJCO
ZK¡ZKODJ©©[C¡IWMWK¡³MCO2µPVGWPCHNGEJC
EGTGOQPKCNRCTCSWGNWGIQUGNCRWGFCNNGXCTCN
EWTCPFGTQRCTCSWGPQVGCITCXGUFGNCFKHVGTKC
=CRQUW¡WW¡P?
W¡WWD=RNFGWDKK?OWLGTGU
W¡WWM=KORGTFGWK¡MC¡?NN«XCNQUVT£GNQU
W¡WWM=RWPVFGWK¡MC¡?NQUNNGXµNQUVTCLQ
W¡WWR=RNFGWWR?\QTTKNNQU
W¡WWZ=RNFGWWZ?RCNQU
W¡ZEJ©TCFXGPGNDQUSWGGPGNOQPVG/CK¡DWC
³KEJDCMIW³DJCK¡OMCTVCMCCDPC³KEJ
=0QVC/WEJCURCNCDTCUSWGGORKG\CPEQPU
VKGPGPXCTKCPVGUSWGGORKG\CPEQPZNCUEWCNGU
PQUGKPENW[GPGPGUVGFKEEKQPCTKQ?
ZCUQQCFLSWGNGUCNGOQEQ
FGNCPCTK\ ÀCC
FJKOCNJKKEJWMIWUQOCKIK¡PCDC¡RCPCCULKZ
ZCUQQ!5GNGRGIµNCITKRCCVWJKLQ!2CTGEG
SWGNGUCNGOQEQ=RNZQUUQEQRLKZ?
ZCUQRMK¡=RNFGZQRMK¡?SWGNGUIWUVCEQPVCT
EWGPVQUOGPVKTQUQU=EQRLKZ?
ZCUQ¡=RNFGZC¡QQ¡?SWGVKGPGPNKGPFTGU
=EQRLKZ?
ZCUQ¡NJKM=RNFGZQ¡NJKM?GPEQIKFQU
ZCUQ¡NJMCNJK¡=RNFGZQ¡NJMCNJK¡?SWGUG
GPEQIGPH£EKNOGPVG
ZC¡KK¡CFLSWGVKGPGOWEJCJKGTDCSWGJC[RCUVQ
$CCU©¡PF©TLCRLCFQ¡³EJQ¡IWDCCMPCRCK¡Z
ZC¡KK¡&GLCUNCUXCECUFGCSWGNNCFQFQPFGJC[
RCUVQ=RNZCUCK¡EQRLKZ?
ZC¡QQ¡CFLSWGVKGPGNKGPFTGU$CVDKEJFJC¡RKO
FJK©NJK¡EJMCTDCZ)KKNJKOLKZZC¡QQ¡&GDGP
DC³CTCNEJKXKVQRWGUVKGPGOWEJCUNKGPFTGU
=RNZCUQ¡EQRLKZ?
ZKRTGHaX+PFKECKORGTCVKXQ
UGIWPFCRGTUQPC
:KEJ©OKK³PCREJCODJCK¡FJ©TLKI©ZKC¡
'&+%+•024'.+/+0#4`
ZKCMKO
6'2'*7ƒ0Ê'52#“1.
$£LCVGRCTCSWGPQVGECKICUFGCNN¯
+PFKECWPCCEEKµPKPVGPEKQPCN
RTKOGTCQVGTEGTC
RGTUQPC2CLC¡MZKLKKIW³EJCVCCNJPCOK¡
R©ZLWRMCDQ¡!#FµPFGUGHWGOKV¯Q!.QXK
CEQUVCFQCNN¯
=)TCO?
ZKCMKOUECDGUVTQ,CTQQIC¡PFJKZKCMKOPC
DC¡OQQLC¡ROK¡R©ZLC¡RI©¡³ZKO!&GSWK«P
GUGUVGECDGUVTQSWGNQXGQQNXKFCFQRQTCJ¯!
ZKCNJEJC¡XaVCFQTPCT
EQPHNQTGU)W2GGNGU
ICOO©L©ZKCNJKEJMC¡DQPOCTCPIW[QQZK¡
(«NKZUKGORTGNNGXCHNQTGUGPUWUQODTGTQEQOQ
CFQTPQ=RTGVZKCNJKEJRTGUZKCNJEJCT?
ZKC¡NJDWKCFXQTKGPVG
FQPFGUCNGGN5QN$©©R©¡
DJC¡³KLC¡RDWWUOCC¡PIWCDKQPDJ©L©OO©PK
LC¡MLKDJKK¡³ZKC¡NJDWKLC¡M*CEGTCVKVQRCUµ
WPCXKµP[UGHWGJCEKCGNQTKGPVG
♦ZKC¡NJDWKLC¡MJCEKCGNQTKGPVG
ZKC¡NJKC¡XaKCOCPGEGT
VKGORQ0CZDJCK¡MC
ZKZKC¡NJKC¡PCEJDC¡DCDCCROKIKC¡PCIW¡RWK
MCRWRLKZEJWMICO*CUVCSWGCOCPG\ECDKGP
PQUNGXCPVCOQURQTSWGVQFCX¯CGUV£QUEWTQ
ENCWUWTCTOKVQVG2CCDC¡FWWMDCLK
ZKC¡NJKC¡O©L©6CVQQ¡OEJCOPCRWK¡EJ©OP©¡
IWZKQVCNJ!%W£PFQUGENCWUWTCGNOKVQVGSWG
GUV£PDCKNCPFQGP/GUCFG.QU%QPGLQU!
=RTGVZKC¡RTQITZKC¡NJKO?
ZKC¡NJKFJCMCFXOCFTWICFC
COCPGEKGPFQ
:KC¡NJKFJCMR©ZKCOLCEJLKOKC¡,WMV©TPCEJ
DC¡ZM©¡PMQDCC[C¡8COQUCUCNKTC5CPVC
/CT¯CGPNCOCFTWICFCRCTCSWGNNGIWGOQUCNN£
VGORTCPQ8CTZKC¡T©M
ZKC¡³FJC¡XaKCOCPGEGT
UWLCPKO#C³
OCC¡PLKPC³M©¡PZKZKC¡FJK¡³IWUC¡WCUKCMWZ
L©©RK¡³;QCOCPG\EQEQPWPCUQNCEQDKLCC
RGUCTFGSWGJCICHT¯Q
COCPGEGT
FGGUVCTXGNCPFQVQFCNCPQEJG$CU
VCMCCDOWRWZK¡CC¡³IWOCMI©OEJKQRPCVV©
D©¡³FJCTCMPCIW¡VWCKEJFJKOIWZEJCOCCO
DKCTPKU'NEWTCPFGTQCOCPGEKµGPNCKINGUKC
XGNCPFQNCUXGNCUEGTGOQPKCNGURQTSWGGUV£
EWORNKGPFQEKPEQXKGTPGUUCPVQU
=RTGVZK¡CC¡³RTGUZKZKC¡FJK¡³?
♦LCZLCRKEJLKZK¡CC¡³EµOQCOCPGEKUVG!
ZKDCFXCJQTC%JCOOWK¡WC¡K³FJQIW
VWWOK³ZKD,CZLC³IKFJWWLKRLWO
VCK³DWKFJC¡!0QVTCKIQOWEJQFKPGTQCJQTC
%µOQXCCUGTRQUKDNGSWGVGRTGUVG!
JQ[,KTVW¡VCPQQNJZKD!3W«F¯CGUJQ[!
♦ZKDLC³DJCLKOCJQTKVCXGPIQ
ZKDFJKEJCPQQNJCFXJQ[OKUOQ:KDFJK
EJCPQQNJLC³OQQIQQMWC¡TC¡IWQ¡TPC³VW
LWOCC¡PC³DC¡OCC¡PLWRFW³KC¡IWV©TDK³
*Q[OKUOQXQ[CVTCGTCNIWPCUEWCPVCUJQLCUFG
KZVNGRCTCVCNNCTNCU[JCEGTWPCUQIC
ZKDFJQIKDC¡KPVGTLCJQTCU¯:KDFJQIKDC¡
COR©ZDJ©©MLCO©VLKIWUCPFCCTWK¡ZIW
5COQKN)KEJW¡MWDC¡ICPV©©©ZK¡³!#JQTCU¯
RQTHKPNQUUQNFCFQUUGNNGXCTQPC5COWGNRWGU
PQVGP¯CRQTSW«CPFCTTQDCPFQ
ZKDMCOCFLPWGXQ0CRCK¡FJWWMLKZ
L©©RFJCTFC¡ZKZKKDMCOLWOCC¡PC³LCDKC¡MC¡
IWUCUWC¡PC³DC¡ZLWWMCOMQQMUQFC¡'P
VKGORQFGHT¯QPGEGUKVQVGPGTEQDKLCUPWGXCU
RCTCFQTOKTECNKGPVKVQ=RNZKZKKDMCOEQRLKT?
ZKDQQNJKMUTGOQNKPQ$CLKIWIWWMKC¡IW
ZK¡ZDQNJKMPQ¡RW¡³KDCTOKC¡PPCV©TPKC¡IW
FWWM5GHQTOCPTGOQNKPQUEWCPFQ[CUGCEGTEC
NCNNWXKCEQPVTWGPQU=RNZK¡ZDQNJKM?
ZKDQQTCMCFLVWRKFQ,QKFJCOZKDQQTCMLWR
LWOFW³KC¡IWIC¡FWMPQ¡³KEJZK©©IW
MWWIC¡P5KNGEQTVQNCRWPVCCNEGFTQNCUTCOCU
ETGEGPO£UVWRKFCU=RNZK¡ZDQTCMEQRLKT?
ZKDQQTMC¡XaVGZVGPFGTUG
TCOCU$JCK¡LK
ZKDQQTMC¡FJKIC¡FWMPQ¡³KEJZKMW¡ORK5G
GZVGPFGT£PNCUTCOCUFGGUVGEGFTQUKNGRQFQNC
RWPVC=UWLRNZK¡ZDQTMC¡RTGVZKDQQTMC
ZK¡ZDQTMCRTGUZKDQQTMCTZK¡ZDQTMCT?
ZKDWC¡XaVFGUICUVCT%JC¡RKOCITGG¡PZK
DWCFC¡FJKMQK¡$©©ZLCRKOLWIKQMC¡PCRKO
IW¡ZOCCVPCZKDLKTDJKQIK¡&GDGPCECDCTUGNC
EQOKFCPQFGURGTFKEKCTNCRQTSWG[CUCDGPSWG
CJQTCGUV£OW[GUECUC=RTGVZKDWKO©RTGUZK
DWCEQPVZKDWWLKFJC¡EQRTGVZKDWCFCVQZK
DWC¡V?
ZKDWWUEGD¼
VQTQ,CTQQTUQKIC¡PFJKZKDWW
PCOWPKQKT©IKQV©T!&GSWK«PGUGNEGD¼SWG
CPFCRQTCJ¯GPGNNNCPQ!=RNZKZDW?
ZKDW¡FC¡UXGU¯EWNCDKNKCT)KKNJKOLKZZKDW¡FJK
DJQ¡OMQZICK/QQEJKOKUWTIW
ZKDW¡FCIC¡PRWEJCOOCK¡DWCRKO©VEJK
'UV£OW[COCTICNCECTPGFGGUVGVGEJCNQVGRWGU
CNQOGLQTUGTGIµNCXGU¯EWNCDKNKCTRQTSWG
WUVGFGUPQNCVKTCTQP=RNZKZDW¡FC¡
CRQUZKDW¡PIC¡PQZKDW¡FCIC¡P?
ZKDJ©©[C¡XaKRQPGTUGITCXG
FGGPHGTOGFCF
/QQ³EJKOCICC¡O©TC¡IWOCMI©OPC
WCOZKFJC¡FJK³EJKQ¡³6©©¡PCVIW¡ZKQ¡ODC
ZKDJ©K8Q[CDWUECTCWPEWTCPFGTQRCTCSWG
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
EWTGCOKJKLQRWGU[CUGRWUQOW[ITCXG
=RTGVZKDJ©KRTQITZKDJ©©LKOEQPVZK
DJ©DJ©©FC¡?
♦DJ©KZCFLITCXG
FGGPHGTOGFCF
ZKEJWK¡FJC¡XaVFGUEQORQPGT
CRCTCVQQ
XGJ¯EWNQ,CTQQZKEJWK¡IW³TKNQQPCDC¡
EJCOMCLKOEJW¡!3WK«PFGUEQORWUQOK
TGNQL!2WGU[CPQUKTXG
XaTFGUEQORQPGTUG
CRCTCVQQXGJ¯EWNQ,CZ
FJWWMLWOZKEJWK¡FJKITCDCFQQTCPCDC¡
EJCOMCVWMWW!-C¡IWCCR/KNKVQPZK
FJQQ¡P!%µOQHWGSWGUGFGUEQORWUQGUVC
ITCDCFQTC!2WGU[CPQUKTXG#NQOGLQTV¼NC
FGUEQORWUKUVG/GNKVµP
=RTGVZKEJWK¡RTGUZKEJWK¡³?
ZKFJQQNJCFXGPTQNNCFQ,KZLWTCCRIKZK³PCV
LK³©¡PMKCIWM©K¡³MCOMQ¡IKKNJKOIÀ¡OWMC¡P
ZKFJQQNJFCCDQKEJC¡OPC³DJCK¡MCLKO/G
CUWUVµWPCX¯DQTCFGECUECDGNSWGGPEQPVT«
GPTQNNCFCGPGNECOKPQEWCPFQXGP¯C
ZKFJWWCFLGUVCTRTQJKDKFQGUVCTÎDGPFKVQÏ
EGTGOQPKCNOGPVG,WRMCK¡EJFJC¡COIW
LC¡VMCOPCUCRPQ¡OCK¡DCVWDWKZEJCOVW¡
MCZKFJWWUKC³EJKEJÀIÀIÀ¡IWLWPDCC¡&KEG
NCIGPVGSWGWPCXG\SWGNQUGNQVGUJC[CPUKFQ
DGPFGEKFQUGPGNRCVKQEGTGOQPKCN[CPQGUV£
RTQJKDKFQEQO«TUGNQU=RNZKZFJWEQRLKZ?
ZKFJWWVFC¡XaTCDUVGPGTUG
FGEKGTVCEQOKFC
C[WPCT
TKVWCNOGPVG0Q¡³LKZCC¡PC³LKT
OCMI©OMC¡LKZEJCOCCOQKFJC¡OCC¡PC³
CKEJFJC¡PC³LK³ZKZFJWVW¡PFC¡5KSWKGTQUGT
EWTCPFGTQVGPIQSWGRCUCTWPOGUCNC³QGP
CDUVKPGPEKCTKVWCNRQTEKPEQC³QU
'UWPC
EQUVWODTGGPNCSWGWPJQODTGUGSWGFCUQNQGPWP
UKVKQCRCTVCFQRCTCFGFKECTUGCQTCT&WTCPVGWP
OGUEQORNGVQPQFGDGEQOGTO£USWGVQTVKNNCU
[CIWCPQFGDGDC³CTUG[PQFGDGUCNWFCTCPCFKG
=UWLRNZKZFJWVFC¡RTGVZKFJWWVZKZFJWV?
ZKIW¡MC¡=UWLRNFGZKM©MMC¡?2GLZKIW¡MC¡
COECOKPCT£PDKGP=RTGUZKIWIWWMEQPVZK
IW¡PIWMKFJC¡?
ZKK=RTGVFGZK¡[C¡?OCOµ
ZKKIC¡PUECEJQTTQRGTTKVQRGTTKVC%JCMWKVW
DWWRWKFJKZKKIC¡PPCIW¡MCTCNJK¡EJPCVIW¡
MKC¡R©ZI©K6QFCX¯CPQUGNGCDTGPNQUQLQUC
GUVGECEJQTTQRQTSWGGUV£EJKSWKVQVQFCX¯CRWGU
CRGPCUPCEKµ=RNZKZIC¡P?
ZKK³OC¡CFLEJKPQ
ECDGNNQQRGNQ,QKFJCOLKZ
ZKK³OC¡VWOQ¡IW%CTOGGNQ%CTOGNQVKGPGGN
ECDGNNQDKGPEJKPQ=RNZKZKK³OC¡EQRLKZ?
ZKLWODCKM
ZKKTUUKNNCFGOQPVCT2CCRFWWMDJC³
DJ©KFJKMC¡IW³ZKKTPC³KEJLWOVCK³DWKD©©R©¡
IWLWOCKOCUCC¡P!%W£PFQXCUCVTCGTOGNC
UKNNCFGOQPVCTSWGVGRTGUV«GNOGURCUCFQ!
=RNZKZKKT?
ZKKZUJGTOCPQJGTOCPC
OC[QT,KTLWO
ZKKZCCFJK¡MC¡TLWOZKMW¡CC!'U«NVW
JGTOCPQOC[QTQGUVWJGTOCPQOGPQT!
RTKOQJGTOCPQRTKOCJGTOCPC
JKLQQJKLCFGN
JGTOCPQQFGNCJGTOCPCOC[QTFGNRCR£QFGNC
OCO£,K³ZKKZLK³KKOFC¡IWOCTCC¡PIW³
M©NJKKRKCOIW³Q¡MKZRKCOIW³MWWZK¡UKC
MWTO©MF©TMCO'NJKLQFGCNI¼PV¯QSWGGU
OC[QTSWGOKURCFTGUNQNNCOCOQUPWGUVTQ
RTKOQJGTOCPQOC[QT
=RNZKKZQZKZKKZCRQUZKQ¡IK¡³ZKKZKQ¡IK¡³?
ZKKZMKNJUUQPCLC
X¯DQTCFGECUECDGN0Q¡³LKZ
©©MKOIWZKKZMKNJIC¡PIWM©K¡³MCOMQ¡D©©R©¡O
CC¡PC³ZKOWC¡LK5KNGSWKGTQEQTVCTNCUQPCLCC
NCX¯DQTCFGECUECDGNPGEGUKVQOCVCTNCRTKOGTQ
=CRQUZKKZMKNJIC¡P?
ZKKZO©MF©TMCOURTKOQNGLCPQRTKOCNGLCPC
JKLQQJKLCFGNRCTKGPVGOC[QTFGNRCR£QFGNC
OCO£t,CTQQFC¡IWOCC¡PMCOIWK¡PC
DJCK¡FJCCLK³FJKZKKMDWK!tLWRMCK¡EJIW
#ITKCPCt&JQUCCMIWVW¡ZKQ¡IK¡³O©MF©T
MCOtLWRMCK¡EJIW/CTKK[Ct3WK«PGUNC
RGTUQPCSWGGUV£CNN¯EQPOKV¯C!tRTGIWPVµ
#FTKCPCt2WGUFKEGPSWGGUCNIWPCRTKOCUW[C
tEQPVGUVµ/CT¯C8CTO©MF©TMCOZKKZ
ZKLCKCFLFKH¯EKN)KKNJKOLKZZKLCKPCEJVW
MQQMDKC¡F©D©©TD©VC¡RCK¡PCZLCK¡EJIWLQQFCK
PCZFJC¡TC¡PC³IC¡TC¡'UFKH¯EKNGZECXCT
FGDCLQFGNCVKGTTCFQPFGJC[RKGFTCURTGEKQUCU
=EQRLKZ?
ZKLCKEJFJC¡XaKJCEGTUGFKH¯EKN,KZDJCK¡ROQQ
ZKCCIK¡³FJC¡FJK5COQKNPCLCZLC¡MVWO
DC¡MKEJPCDC¡EJCOZKLCKEJFJC¡PQ¡VF©©NJ
OCOV©©RCK¡FJWWM&GDGUGZRNKECTNGDKGPC
5COWGNEµOQUGEQPUVTW[GWPCECUCRCTCSWGPQ
UGNGJCICFKH¯EKNUKGPCNIWPCQECUKµPUG
GPEWGPVTCUQNQ=RTGVZKLCKEJRTGUZKLCKEJW¡P?
ZKLWODCKMCFLQEJQt,©¡MLCRKOOCCR
LKKO©VOWLC¡M$QQFCOVCOPCRKO©VUCCM
LKO©©M!tLWRMCK¡EJIW,WCPt:KLWODCKM
FJQtLWRMCK¡EJIW2GGITQt%W£PVQU
HWGTQPC/G\SWKVCNKPENW[«PFQNQUCWUVGFGU!
tRTGIWPVµ,WCPt(WKOQUQEJQtEQPVGUVµ
2GFTQ8CTLKZLWODCKM
'&+%+•024'.+/+0#4`
ZKLWOIQQM
6'2'*7ƒ0Ê'52#“1.
ZKLWOIQQMCFLUKGVG:KLWOIQQMDJCCPFJK
OCUCC¡PPCOWK¡DCODJ©KEJW¡UCRLKT
C¡IKEJCOMC¡O©L©,WMV©T&KEGPSWGGNF¯CUKGVG
FGGUVGOGUXCCJCDGTLWPVCGP5CPVC/CT¯C
8CTLKZLWOIQQM
ZKLWOOCCMQDCFLPWGXGt,©¡MLCRDC¡LC
DKC¡IWDCCMLK³MQORCCNJPCROCC¡PLK³
IC¡NJKFJC¡!tLWRMCK¡EJIW.WKUt,C¡RPKCNJ
ZKLWOOCCMQDtLWRMCK¡EJIW,QUGG
t%W£PVCUXCECUVKGPGUEQORCFTG!3WKUKGTC
EQORTCTOGWPCtFKLQ.WKUt0QOWEJCU
UQNCOGPVGWPCUPWGXGtTGURQPFKµ,QU«8CTLKZ
LWOOCCMQD
ZKLWOOCC¡PCFLUGKUt,©¡MVWUWWUWUIWO
PCCP!tLWRMCK¡EJIW,WCPt:KLWOOCC¡P
FJQtLWRMCK¡EJIW2GGITQt$KC¡DCMLKCIW
MKKUtLWRMCK¡EJIW,WCPt%W£PVCUXCECUFG
QTFG³CVKGPGVWOCO£!tRTGIWPVµ,WCPt5GKU
tEQPVGUVµ2GFTQt'PVQPEGUU¯VKGPGSWGUQ
XGTFCF!tKPUKUVKµ,WCP8CTLKZLWOOCC¡P
♦ZKLWOOCCFC¡PCOUQPUGKU
ZKM©MMC¡XaKECOKPCTDKGP/QQRZK
M©MMKFJC¡³MQORCCNJPCREJCOZK¡R©MLWR
ZKOMQ¡MVWNJFJKFJC¡,KZKQ¡ODCMOCKO
LCRKEJLKC%COKPCDKGPEQORCFTGRCTCSWGPQ
VGXC[CUCNCUVKOCTRCTGEGSWGVGJCU
GODQTTCEJCFQOWEJQ
GUVCTHKTOG
GPUWQRKPKµP,CZFJWKPCIW¡
IW³LKKMWNJZKM©©MC¡LCZPQ¡VLWRDC©NJEJCO
OCCV©VVÀMÀÀUKCMWLCTQK¡LCZV©KEJ©VFC0QUG
RWGFGEQPXGPEGTCOKV¯QRWGUGUV£HKTOGGPUW
QRKPKµP[PQSWKGTGGUEJWEJCTNQSWGQVTC
RGTUQPCNGFKEG
=UWLRNZKIW¡MC¡RTGUZKM©©MZKIWIWWM
EQPVZKM©MMKFJC¡ZKIW¡PIWMKFJC¡?
ZKMMWKFJC¡XaVOGPGCT
RCTCSWGUCNIC
$J©L©OO©PKLKDCCVWCF©¡PM©TIWV©©MQNJ$JC³
DJ©K¡³OCC¡PVÀDIWWWZPC³M©¡PDJ©L©
ZKMMWKFJC¡'CPQ¡VEJCODWWU#NN¯UGOGVKµ
WPCCTFKNNCGPGNJWGEQFGGUGGPEKPQ6T£GOGWP
RCNKVQNCTIQRCTCRKECTNGOGPG£PFQNQCXGTUK
UCNGFGCNN¯=RTGVZKMMWKRTGUZKMMWK¡³?
ZKMQQNJKMCFLTGFQPFQ,QKFJCOLKTZKMQQNJKM
IWEJK³KK¡³FJKLC¡CC.CDQECFGGUVCQNNCGUV£
DKGPTGFQPFC=RNZK¡ZMQNJKMEQRLKT?
ZKMQQTCMCFLNNGPC
.WPC2CK¡³I©VLC¡MZK
LKOKC¡ZKDPCZOCUDC¡PCTZKMQQTCMIW
OCUCC¡P5GT¯CDWGPQSWGUCNKGTCRQTCJ¯CJQTC
[CSWGEQPNC.WPCNNGPCUGRWGFGXGT=EQRLKT?
ZKMQQTMC¡XaKGZVGPFGTUG
FGNECRWNNQRNCPVC
%JCOR©MK¡QQDIW[CMWCPQ¡VDCZK¡ZMQTMC
FCKPCMCTMC¡MDWNJKMMC¡0QUQPUCDTQUQUNQU
JQPIQUUKUGGZVKGPFGPPCFCO£UEWCPFQCECDCP
FGDTQVCT
GUVCTNNGPC
.WPC$CKMVCPQQNJM©¡POQQZ
KQ¡ODCZKMQQTMC¡IWOCUCC¡P&GPVTQFGVTGU
F¯CUXCCGUVCTNNGPCNC.WPC
=UWLRNZK¡ZMQTMC¡RTGVZKMQQTMCZK¡ZMQTMC
RTGUZKMQQTMCTZK¡ZMQTMCT?
ZKMWCPC¡XaVFGUOQPVCT
RCTCDCTDGEJCT
-CDWKOWMLCRLK³RCNJDWKFJC¡PCEJVW
ZKMWCPC¡OWPKMC¡PF©TICKPCDJCK¡©ZKC¡IW
DJCD2QTHCXQTC[¼FCOGOC³CPCCFGUOQPVCT
GPCSWGNNCNCFGTCRCTCUGODTCTHTKLQN
NKORKCT
JKGTDCUKPUCECTNCTC¯\-CDWKOWM
LC³OQQZKMWCPC¡FJKUCK¡PC[C¡PKLC¡RVWWV
DC¡MUCPQQR6À¡MQDDCLKOMQ¡QKT©FCOVW
VCVFC¡/C³CPCXQ[CEQTVCTGUGRCUVQSWGGUV£
CNTGFGFQTFGNCECUCRWGU[CETGEKµOWEJQ[
VGPIQOKGFQFGSWGWPCX¯DQTCCPFGRQTCJ¯
=RTGVZKMWCRTGUZKMWCP?8«CUGMWCPC¡
ZKMW¡UJGTOCPQJGTOCPC
OGPQT2CLC¡M
ZKDJ©KIW³ZKMW¡PCOK¡R©ZLC¡RLWRMCQKT©!
#FµPFGUGHWGOKJGTOCPKVQ!2WGUNQXK
CPFCPFQRQTCJ¯
RTKOQJGTOCPQRTKOCJGTOCPC
JKLQQJKLCFGN
JGTOCPQQFGNCJGTOCPCOGPQTFGNRCR£QFGNC
OCO£2CCRKEJLC¡MRWDJ©K³ZKMW¡VCMCCD!
/KLC¡RV©KOIC¡PICIW³LKKMWNJLWOVCCV#
FµPFGVGHWKUVGC[GTRTKOQ!6GCPFWXQDWUECPFQ
OKV¯QVWRCR£
=RNZKZMW¡CRQUU©RFJK¡³U©URKFJK¡³?
♦U©©RK¡³JGTOCPQOGPQT
HQTOCCPVKIWC
ZKMW¡O©MF©TMCOURTKOQNGLCPQRTKOC
NGLCPC
JKLQQJKLCFGNJGTOCPQQFGNRCTKGPVG
OGPQTFGNRCR£QFGNCOCO£t,CZLWOKKO
CCRIW.WKU!tLWRMCK¡EJIW,WCPt&JQTLK³
ZKMW¡O©MF©TMCOtLWRMCK¡EJIW2GGNGU
t3W«GUVW[Q.WKU!tRTGIWPVµ,WCPt2WGU
GUOKRTKOQNGLCPQtEQPVGUVµ(«NKZ8CTO©M
F©TMCOZKMW¡
ZKOCCVURGPECFGOCIWG[
EQEKFC2CCR
FWWMVWZKOCCVVC¡!6©KDCZ³CCK³%W£PFQ
XCUCRTGRCTCTNCURGPECU!2WGUUGOGCPVQLCP
=RNZKZOCV?
ZKOFCC¡XaGPQFCTOWEJQHTWVQ
RNCPVC
,WRMCK¡EJFJC¡COIWLC¡VMCOPCUCRZKO
FCC¡IWKOCK%JCOR©MUWWNJIKFJC¡&KEGNC
IGPVGSWGNCECNCDC\CPQFCOWEJQHTWVQUKPQ
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
RQEQ
PQOWNVKRNKECTUGH£EKNOGPVG
CPKOCN5CR
PQ¡³EJCOVW³OCK¡EJMK¡³EJCOUWWNJIKFJC¡
MC¡COIWDJG¡OUGTPCOIW¡UCRZKOFCC¡
&KEGPSWGUKPQOGGPEQOKGPFQCWPUCPVQPQ
PCEGPH£EKNOGPVGNQUDGEGTTQURQTSWGPQUG
OWNVKRNKECPH£EKNOGPVG
=EQPVZKOFC¡FC¡?8«CUGFC¡VC¡
ZKOMCKOC¡XaTH£EKNFGGPVGPFGT,QKFJCOLKZ
DJCK¡ZKOMCKOCIWWC¡PC¡PIWLCTQK¡PCVLWR
VWFWWFJKW¡WCP5GGPVKGPFGDKGPGNTGNCVQFG
NCRGTUQPCSWGJK\QGUVCGUETKVWTC=RTGUZKO
MCKOC?
ZKOM©¡ZUEJWRCUCXKC,KZ³CCIWZKOM©¡ZIW
LWPDCC¡/K¡CCLKVWMQK¡O©KRCK¡PQ¡TICCV©T
#NCEJWRCUCXKCNGIWUVCEQOGTUGNQUGNQVGURWGU
NNGICCEQO«TUGNQUFQPFGJC[OKNRC
=RNZKZKOM©¡Z?
ZKZDW¡FC¡
RCTCRTGPFGTNCEWCPFQXKGPGNCNNWXKCEQP
VTWGPQU=RTGVZKQZOCK?
ZKQ¡=RTGUFGZK¡[C¡?OCOC
ZKQ¡IK¡³UUWJGTOCPQUWJGTOCPC
OC[QT
t-CPKIW¡PK&CTKK[CV©VDKCIWMWWDJ©ZtLWR
MCK¡EJIWZKQ¡IK¡³t2WK¡FJQZLQK¡³PCO
DWCFC¡PCLCZFJWKOMWDJC¡D³KFJKFJC¡tLWR
MCK¡EJIWLCPCCPt/KTCEQOQ&CT¯QLWGIC
EQPGNJWOQtFKLQUWJGTOCPQOC[QTt.G
IWUVCJCEGTNQRCTCVK\PCTUGtTGURQPFKµUW
OCO£
UWRTKOQJGTOCPQUWRTKOCJGTOCPC
JKLQQ
JKLCFGNJGTOCPQQFGNCJGTOCPCOC[QTFGNRCR£Q
FGNCOCO£+KOEJW¡PFC¡CR©RFJK³EJKQ¡³IW
ZKQ¡IK¡³PCDC¡ZOCVMC¡PCLCZKKO'PU«³CNG
COKJKLKVQSWK«PGUUWJGTOCPQOC[QTRCTCSWG
UGRC
=RNZKKZKQ¡IK¡³?8«CUGZKKZ
ZKQ¡RPCFCOUEWTCPFGTQEWTCPFGTC
SWGEJWRC
,CTQQTZKQ¡RPCFCO[CLC¡RPC³WOWC¡³FJC¡
PC³ZKQR³KFJC¡IW³OQ¡PCZMQ¡M!3WK«P
UCDGEWTCTRQTCSW¯!RCTCSWGRQTHCXQTOG
EWTGGNFQNQTFGECDG\C
ZKQ¡RPC¡XaVEJWRCT6WZKQ¡RCPIWDKRKKZIW
[QQZK¡'NEQNKDT¯NGUEJWRCGNP«EVCTCNCUHNQTGU
=RTGVZKQ¡RRTGUZKQ¡RCP?
ZKQPC¡XaVOGPGCT
N¯SWKFQ:KQPFC¡RKOFJK
ZKQ¡R³KFJC¡XaDEJWRCT
RCTCEWTCT,WOCC¡
ZKQQKPVGTL.QSWGFKEGNCIGPVGEWCPFQGEJCPJCEKC
ZKR³KC¡XaKGUVCNNCTVTQPCTt;C¡RCK¡OKC¡P
DJQ¡OMQZLWPOC¡PPCDC¡EJCOO©©[C¡
VWWMCD5KICPOGPGCPFQGUGIWKUCFQFG
VGEJCNQVGRCTCSWGPQUGSWGOG=RTGVZKQ
RTGUZKQP?
CVT£UWPRGFCEKVQFGNCECTPGFGRWGTEQCNQU
GUR¯TKVWUOWGTVQUCPVGUFGEQO«TUGNCÎ:KQQÏLWR
MCK¡EJIW,QUGGPCVLCZDJCK¡LKEJWLWWIW
VQQZMQNJDCMCCZÎ:KQQÏFKLQ,QU«GPEWCPVQ
GORG\µCEQOGTUGNCECTPGFGRWGTEQ
ZKQVCNJUOKVQVG6©P©¡COIWZKQVCNJIW
Q¡FCO.CIGPVGVGRGJWCPCDCKNCGNOKVQVG
5GEGNGDTCGUVCEQUVWODTGVTCFKEKQPCNVTGUXGEGUCN
C³Q&WTCPVGEKPEQF¯CUUGRTGRCTCNCIGPVGGPGN
RCVKQEGTGOQPKCN[QTCPEKPEQPQEJGU&GURW«U
DCKNCPVQFCNCPQEJGJCUVCGNUGZVQF¯C
♦ZKQVCNJP©¡FCODCKNCFQTFGNOKVQVG
ZKQZOCFC¡XaVDGPFGEKT,WRMCK¡EJFJC¡COIW
LC¡VMCOPCUCRLWOCC¡IWMC³FJKKTPC³
DKC¡MC¡ZKQZOCFJKZMCOPC³UCRDC¡LQVOQFC¡
D©¡³FJC¡PQ¡DJCK¡DCV©TPKOIWFWWM&KEGNC
IGPVGSWGGUPGEGUCTKQVGPGTWPCXGNCDGPFGEKFC
PC³WOWC¡³FJC¡IWOCMI©OPC³ZKQ¡R³KFJC¡
PQ¡³LKZMC¡QQM%WCPFQGUVQ[GPHGTOQ
PGEGUKVQRGFKTNGCNEWTCPFGTQSWGOGEJWRGRCTC
EWTCTOG=RTGVZKQ¡R³KRTGUZKQ¡RK¡³?
VWOZKZRWPVWMCC¡tLWRMCK¡EJIW,WCP
t,CTQK¡EJKVWOC¡[CULKCtLWRMCK¡EJIW
2GGITQt2QTCSW¯EGTSWKVCUGQ[µVTQPCT
CPQEJGtFKLQ,WCPt#NIWKGPGUVCT¯CVKTCPFQ
PQ!tTGURQPFKµ2GFTQ
RQPEJCTUG
NNCPVCQRGNQVC$©ZZKMF©TZKZRWP©
IWTCTQK¡³IC¡PIW³VTQQMC¡.CUNNCPVCUFGNQU
FQUNCFQUFGOKECOKQPGVCUGRQPEJCTQP
=UWLRNZKZRW³KC¡RTGVZKRZKZKKRQZKZRWP©
RTGUZKRWPZKZRWP?
ZKZDW=RNFGZKDWW?EGD¼GU
VQTQU
ZKZDW¡XaKGUEWRKT6W¡DC¡MWRDC¡OQQLC¡R
LKTOCC¡PPCRZKZDW!2CPCCUVW¡OCKOMCO
2QTSW«GUV£UGUEWRKGPFQECFCTCVQ!*CEGU
EQOQWPDQTTCEJQ=RTGV[RTGUZKZDW?
ZKZDW¡FC¡=RNFGZKDW¡FC¡?XGU¯EWNCUDKNKCTGU
'&+%+•024'.+/+0#4`
ZKZFJW
6'2'*7ƒ0Ê'52#“1.
ZKZFJW=RNFGZKFJWW?GUVCTRTQJKDKFQU
EGTGOQPKCNOGPVG=EQRLKZ?
ZKZFJWVFC¡=UWLRNFGZKFJWWVFC¡?CDUVGPGTUG
C[WPCT
TKVWCNOGPVG=RTGVZKZFJWV?
ZKZIC¡P=RNFGZKKIC¡P?ECEJQTTQU
ZKZKC¡FJK¡³=RTGUFGZKC¡³FJC¡?COCPGEG
UWL
CPKO
ZKZKKDMCO=RNFGZKDMCO?PWGXQU=EQRLKT?
ZKZKK³OC¡=RNFGZKK³OC¡?EJKPQU
ECDGNNQQRGNQ
=EQRLKZ?
ZKZKKT=RNFGZKKT?UKNNCUFGOQPVCT
ZKZKKZ=RNFGZKKZ?JGTOCPQUJGTOCPCURTKOQU
VTQRGE«[OGEC¯FGNCPVGFGNCUCWVQTKFCFGU
=RTGVZK¡©TDQRTGUZK¡©TCRRQ?
ZK¡©TIK¡³CFLVGPGTXGTI¾GP\C
FGCNIWKGP
“KQ¡MFJKFJC¡CRIWOZKKZCCRFCKPCRLKZ
ZK¡©TIK¡³&GDGUUCNWFCTCVWRTKOQ2QTSW«VG
FCXGTI¾GP\C!=EQRLKZ?
♦ZK³ZK¡©TIK¡³VKGPGXGTI¾GP\CFGO¯
ZK¡O³KFJC¡XaVVCRCT
DKGP-WW³KEJ
OWOOWPKMC¡PPCORCK¡QK¡FJC¡IWV©VMWNJ
D©ZEJW¡W¡WWZICPCK¡LQQFCK³KEJDJ©L©VW
ZK¡OPK%GTT«NCGPVTCFCFGFQPFGXKXGPNCU
CTFKNNCUNCVCR«EQPRCNKVQU[RKGFTCU
=RTGVZK¡OPKRTQRZK¡OPK¡³O©TC¡?
ZKZKOM©¡Z=RNFGZKOM©¡Z?EJWRCUCXKCU
ZKZMW¡=RNFGZKMW¡?JGTOCPQUJGTOCPCU
ZK¡ZDQNJKM=RNFGZKDQQNJKM?TGOQNKPQU
ZK¡ZDQTCM=RNFGZKDQQTCM?VWRKFQU=EQRLKT?
ZK¡ZDQTMC¡=UWLRNFGZKDQQTMC¡?GZVGPFGTUG
ZKZOCV=RNFGZKOCCV?RGPECUFGOCIWG[
ZK¡ZMQNJKM=RNFGZKMQQNJKM?TGFQPFQU
ZKZRKNJ=XCTFGRKRRKNJ?RQNNKVQU
ZKZRW³KC¡=UWLRNFGZKR³KC¡?RQPEJCTUG
ZK¡ZMQTMC¡=UWLRNFGZKMQQTMC¡?GZVGPFGTUG
FGN
RTKOCU
OC[QTGU8CTZKKZ
RTKOQURTKOCU
OGPQTGU
EQEKFCU
GUVCNNCTVTQPCT=RTGVZKZKKRQZKZRWP©
RTGUZKZRWP?
ZK¡CFXFGOCUKCFQ:K¡IÀ¡OKDWKZIWQPFJK
DJCD)KKNJKOLKZQPMCM6KGPGPFGOCUKCFCUCN
NQUHTKLQNGURWGUGUV£POW[UCNCFQU
ZK¡CC¡³=RTGVFGZKC¡³FJC¡?COCPGEKµ
UWLCPKO
ZK¡©TCFLSWGNGFCXGTI¾GP\C%JC¡ROQQ
VWLWCPCVQKT©FC¡,WCP#C³FJQIKOQQZZK¡©T
LKPCOWRCK¡DCEJEJWVVWMC¡LQKUKUV©TIQQMF©V
FJKOVCCVPQ¡RKEJVW¡LCZOCFJWWIKQIW¡
L©¡MPCODJCK¡DCEJEJCCPFC¡0QCPFGU
JCEKGPFQEQUCUOCNCU,WCPRQTSWGOGFCT¯C
XGPI¾GP\CSWGPQUNNGXCTCPCPVGNCUCWVQTKFCFGU
UKJCEGUCNIQOW[OCNQ[PQUGZKIKT£PRCICTWPC
OWNVC=EQRLKZ?
ZK¡©TCC¡XaKVGPGTXGTI¾GP\C%JCOCCIW¡RWZ
ZK¡©©PCVRWK¡LKOZK¡©TDQMPCIKKNJKOLCV©VFC
OCKOWMPCVDC¡OQQRWEJCOOWK¡MCLKK!
;QETGQSWGVKGPGXGTI¾GP\CRQTSWGNGUOCNFKLQ
GUVCPFQDQTTCEJQ[RQTGUQ[CPQHWGCXGTNQU
=RTGVZK¡©©RTGUZK¡©TEQRLKZ?
♦ZK¡©TCCOMCK¡EJFKEGEQUCUXGTIQP\QUCU
ZK¡©TDQ¡XaTCXGTIQP\CTUG6CMCCDLC³KEJOK¡
OC³ZK¡©TDQOWK¡MCOV©TOK¡PCMCVWOC¡IC
/CKC³KEJLK³DJKCMOKLC¡RLCVCCIKQDIW
IÀ¡IÀTMCO#[GTOGCXGTIQPE«GPVTGNC
OWEJGFWODTGEWCPFQJWDQLWPVCRWGUOG
TCOCU=RTGVZK¡ZDQTMCRTGUZK¡ZDQTMCT?
=EQRLKT?
ECRWNNQRNCPVC=RTGVZK¡ZMQTMC
RTGUZK¡ZMQTMCT?
ZK¡[C¡XaKCOCOCPVCT-WWRC¡RKOFJKDJGUGGT
PCEJCOVWZK¡[C¡VWMCC¡PQ¡DJCK¡DCLKOIW
F©¡©©¡PPCEJIW¡UWUUC¡'PEKGTTGPCNDGEGTTQ
RCTCSWGPQXC[CCCOCOCPVCTNQGPNCPQEJGUK
XKGPGUWOCO£RQTSWGXCOQUCQTFG³CTNC
=RTGVZKKRTGUZKQ¡RWPVZK¡©©M?
Z©©DCPKPVGTLDWGPQUF¯CUDWGPCUVCTFGUDWGPCU
PQEJGU:©©DCPLK³LCFWW³#C³OQQPCK¡DCLK
LKKPCMCRDJCK¡MCZL©DQQ¡$WGPQUF¯CUOK
COKIQ;QCPFQIQ\CPFQFGNVKGORQ[CSWG
VQFCX¯CGUV£HTGUEQ
'NUCNWFQVTCFKEKQPCNVKGPGNC
OKUOCHQTOCCEWCNSWKGTJQTCFGNF¯CQFGNC
PQEJG=5GCEGPV¼CNCUGIWPFCU¯NCDC?
♦DJCK¡RZ©©DCP
TGURWGUVCCNUCNWFQ
VTCFKEKQPCN
Z©NJKK³CFLFGTGEJQ
RNCPVC%JCOKCOLKZ
OW¡WWMCCIWODCK³FJCUPCRLK³
EJCK³DWKFJC¡PC³M©¡PICC¡O©TC¡OCC¡PIWLWM
LKZZ©NJKK³PCEJVWVCDNGGVCUVC¡!0QVKGPGHKNQ
VWJCEJC!RCTCSWGOGNCRTGUVGURCTCKTC
DWUECTWPRKPQFGTGEJQRCTCJCEGTVCDNGVCURCTC
GNVGEJQ=RNZ©ZNJK³EQRLKZ?
Z©¡NJKOCFXEQPEWKFCFQ2CPCCUQO³KZFJK
KUMCFJKKT,KZZ©¡NJKOLWOCC¡PC³DJCCP
V©UFKC¡2CTGEGSWGGUV£SWGDTCFCGUVCGUECNGTC
UGPGEGUKVCUWDKTNCEQPEWKFCFQ=EQRLKZ?
'&+%+•024'.+/+0#4`
6'2'*7ƒ0Ê'52#“1.
Z©¡U©NJKMCFLSWGVKGPGVGNCFGGURKIWKNNC)WZ
Z©¡U©NJKMLKPCZCDJCCTPCRVQK¡FJC¡FJKO
KRWWT5GT¯CO£UDQPKVCVWHCNFCUKNGRWUKGTCU
VGNCFGGURKIWKNNC=EQRLKZ?8CTZ©¡U©TCM
Z©¡U©TCMCFLSWGVKGPGFKUG³QFGEWTXCU)WK¡
PCZZ©¡U©TCMMC¡IWLKMRC¡U©¡NJKMLWOV©©V©¡
7PCVTGP\CSWGVKGPGEWTXCUUGNNCOCÎU©¡NJKMÏ
=EQRLKZ?
OCFWTCFQ
VTCPURCTGPVG
UµNKFQ)WZZWW¡PIK¡OKRWWT
LCRMCZKCCFC¡.QQNCPC³MCODCMWC³FJC¡
FJKLWOCKOKRWWT2QPVGVWHCNFCVTCPURCTGPVG
.QNCRCTCSWGRWGFCNCXCTNCQVTC
=RNZW¡UIK¡EQRLKZ?8«CUGUWW¡PIKEJC¡
;
ZQRMK¡CFLSWGNGIWUVCEQPVCT
EWGPVQU
/CC¡PPKO[C¡ZKÀÀMOCC¡PIWOCC¡PMCO
LC¡ROQQLQKFJCOLKZZQRMK¡7PCXG\NNGIµ
CSW¯WPCRGTUQPCSWGGTCOW[DWGPCRCTCEQPVCT
EWGPVQU
OGPVKTQUQ,C¡ROQQZZQRMK¡FJK#IWUVKK³
PQ¡VRCNJ©©RDCKKUKCIKLKLWOV©¡³EJQMCO'U
OW[OGPVKTQUQ#IWUV¯PEQPUµNQVQOCTRQSWKVQ[
CWPSWGVQFCX¯CGUV«GPUWLWKEKQ
=RNZCUQRMK¡EQRLKZ?
ZQUUQ=RNFGZCUQQ?SWGNGUUCNGOQEQ=EQRLKZ?
ZQ¡NJKMCFLGPEQIKFQ2CCRKEJDCMQOKKEJ
2GGITQPCDC¡LC¡ROQQIÀ¡ZZQ¡NJKMIWO
EJCOCTTC!&QTOKUVGEGTECFGNCNWODTG
2GFTQ!6WEJCOCTTCUGXGOW[EJCOWUECFC
NKV
GPEQIKFC=RNZCUQ¡NJKMEQRLKZ?
8«CUGUQ¡NJMC¡
ZQ¡NJMCNJK¡CFLSWGUGGPEQIGH£EKNOGPVG
)KKNJKOLKZZQ¡NJMCNJK¡FJK¡³KLC¡RVW¡OIW
LCPPWNJPQ¡³KEJZKDCMWC#C¡PFC¡PC³IKQR
DCKUU©PC¡'UVGVKRQFGTQRCUGGPEQIG
H£EKNOGPVGEWCPFQNCNCXQUKGORTGNCVGPIQSWG
GUVKTCTQVTCXG\=RNZCUQ¡NJMCNJK¡EQRLKZ?
8CTZQ¡NJMCTC¡8«CUGUQ¡NJMC¡
ZWTKKNJOC¡CFLRKPVQ+COR©ZLKZQK¡³IW
OCTCC¡PFJKZZWTKKNJOC¡DCCM'NDGEGTTKVQ
ECUKGUKIWCNCUWOCO£SWGGURKPVC
=RNZWUTKNJOC¡EQRLKZ?
ZWWNJIK¡CFLSWGFCHTWVQ,KZKQ¡OLKZ
ZWWNJIK¡IWEJKKNCMIWKOCKEJCOR©M.QU
EJKNCEC[QVGUFCPO£UHTWVQSWGNCUECNCDC\CU
=EQRLKZ?
ZWWNJIK¡=RNFGI©©ZK¡?DWGPQURCTCPCFCT
=EQRLKZ?
ZWW¡PIK¡CFLCIWCFQENCTQ
N¯SWKFQ,KZ
ZWW¡PIK¡R©ZVQVRQMFJKOCVCKOC¡P/QQEJK
EJCODQRIKO'UV£SWGFCPFQOW[CIWCFQGN
PKZVCOCNETGQSWGPQGUV£CDUQTDKGPFQNCECN
DNCPFQ
PQOCFWTQHTWVQ-CZZWW¡PIK¡FJK
[CCVWK%JCMWKDCMMCDMC6QFCX¯CGUV£P
DNCPFCUNCURCRCUGPVQPEGUVQFCX¯CPQUGJCP
[CUUCRC¡
[CRTGHaXCSW¯,K³LWOEJWNJVCMIWLCTQK¡IW³
LWWIW¡,WRVW¡O[CM©©MIWDCMWC#NIWKGPUG
VQOµOKLWIQRWGUCSW¯GUV£NCNCVCXCE¯C
=)TCO?8«CUG[C¡
[CC=RTGVFG[C¡CC¡?QTKPµ
[CCURC¡XaVGPVGTTCTt,CTQQ³KCCR©PUCCM
[C¡PK[CCUCR!tLWRMCK¡EJIW'NKUGG[Qt&JQ
UCRMCK¡³MCOIWOCDWKN4QQUCMCVtLWR
MCK¡EJIW/GUKKPFCt3WK«PGUV£GPVGTTCFQ
CSW¯!tRTGIWPVµ'NKUGQt6WCDWGNCNCSWGUG
NNCOCDC4QUCtEQPVGUVµ)QOGUKPFC
=EQORNRN[CUUCRC¡RTGV[CCU[CUUCRC
RTGU[CCUCR[CUUCR?
[CCVWKURCRC2WK¡RLKZK¡QQDIW[CCVWK
KKDJCKFJC¡UQPDKZKOMQ¡MQNJD©PMCOLC¡RPC
LCZIWUQ¡URQMCNJ.CURCRCUUQPVCPUCDTQUCU
EQOQNQUVQOCVKNNQUEWCPFQUGRTGRCTCPGPUCNUC
FGEJKNG
[CLC¡RCFXRQTCSW¯2CCMCOEJKIW
OCC¡PMCOIWK¡PCV[CLC¡RDWWUDCUOW
VCMCCD!&GFµPFGUGT¯CNCRGTUQPCSWGRCUµ
RQTCSW¯JCEGVTGUF¯CU!
[CMWCUJQPIQ
ITCPFGCOCTKNNQQTQLQ$C
DWDWCMKOCCEJKIW[CMWCDJ©L©LC¡RICICK
MWEJDCWC¡RW¡PCEJVWLKFJQQTC¡RCNJ©©RMKKU
M©¡P!;CGUVCT£PUCNKGPFQNQUJQPIQURQTCNN£
GPNCUNCFGTCU!RCTCKTCVTCGT[EQEGTNQUEQP
VCPVKVQSWGUQ
[COO©CFXCE£,CZLCRKEJDC¡FWWMCVD©©R©¡
MCV[COO©RDCCK!0C³KEJIW¡RCPCCUCC³
D©©R©¡DJCLKK%µOQNGJKEKUVGRCTCNNGICTCE£
RTKOGTQ!%TGQSWG[QOGXKPGRTKOGTQ
[CUUCRC¡=EQORNRNFG[CCURC¡?GPVGTTCTNQU
=RTGV[CUUCRCRTGU[CUUCR?
'&+%+•024'.+/+0#4`
[C¡
6'2'*7ƒ0Ê'52#“1.
[C¡CFXCSW¯;C¡RMC³³©©TCFC¡CNJKQ:KDLC³
DJCLKO'UR«TCOGCSW¯WPTCVKVQCJQTKVC
XGPIQ8«CUG[C
[C¡CC¡XaKQTKPCT#CRICOCK¡DCLKOFC¡#C³
[C¡MC[C¡CC¡)COCLC¡MLC³DCOCC[C¡5KIWG
V¼CFGNCPVG[[QVGCNECP\QO£UCNN£RWGUCSW¯
OGSWGFQCQTKPCT=RTGV[CCRTGU[C¡?
[C¡MCOCFXFGEGTEC
JCDKVCPVG%JCOLCTQK¡
OGCPVQLCP=CRQU[QQZEJWNK¡³Q
[QQZEJWNJIC¡P?
[QQZK¡UHNQT-CRDJWKOWMLCRIQQMICC¡O©TC¡
IW[QQZK¡MWEJOQQZKFJQ¡³EJQRWKOW
EJKQR8GCDWUECTHNQTGUOC³CPCVGORTCPKVQ
RCTCKTCFGLCTNCUCNCKINGUKC
=CRQU[QQZIC¡P?
[WW¡U[WIQ
[C¡QKT©LKCIWO©MMCOFCKIW[C¡MCOPC
IW¡EJKEJCOLCTQK¡LCCCIK¡³PQ¡[C¡RLKT
V©VDKEJCOMC¡0QCPFCCSW¯PCFKGSWGUGCFG
NGLQUXGTFCF!5QNCOGPVGNQUFGEGTECRWGU
RTQDCDNGOGPVGPCFKGNGUCXKUµSWGKDCCJCDGT
LWGIQUFGRQTVKXQU#PVµPO©MMCO
¡
[C¡PKCFXCSW¯
RTGEKUCOGPVG;C¡PKOQQ³
MQ¡TCTPCEJVWDC¡MEJC¡#SW¯OGIWUVCT¯C
EQPUVTWKTWPCECUC
KPVGTLdXGP
RCTCNNCOCTCWPRGTTQ
Îd;C¡PKÏLWRLCV©VFCIW,QUGGIWIQ¡PIQZPC
LCDCK¡³PCVWLCOCMKC¡Îd8GPICPÏFKLQ,QU«
EWCPFQNNCOµCNQURGTTQURCTCFCTNGUFGEQOGT
[C¡VFC¡XaVJCEGTQTKPCT:K[C¡VFCKCRFJK
EJKQ¡³LC¡Z³KLWTP©MPQ¡RKEJDCLKDQQ¡PPC
DC¡EJCOOKOLK¡DMC¡VWMCC¡#JQTCGPNC
VCTFGNNGXCUCNPK³QCQTKPCTCHWGTCCPVGUFG
CEQUVCTNQRCTCSWGPQUGQTKPGGPNCPQEJG
=RTGV[C¡VFCRTGU[C¡VW¡P?
Ê¡UWHaX+PFKECVKGORQHWVWTQRGLDCCIC¡TGICT£
VWVVW¡RCTCT£=5GRTGUGPVCFGURW«UFGNCUXQECNGU
CQ[W)TCO?8CTÊC¡
Ê¡PUWHaUUWUWU+PFKECRQUGUKµPFGNCVGTEGTC
RGTUQPCFGNUKPIWNCTRGLUWWUMC¡PUWJWCTCEJG
DC¡RMK¡³UWUECUCU=)TCO?8«CUGIC¡P
Ê¡P=RTGUFGÊFC?+PFKECCEEKµPEQPVKPWC
[©L©CFXCSW¯
CFGPVTQ,CTQQFC¡IWK¡PCV[©L©
LKCKD©©R©¡PC³DJCOO©PKFJ©TDJCK¡ZKEJ©
P©K¡³!3WK«PGUNCRGTUQPCSWGNNGIµCSW¯JCEG
TCVKVQEWCPFQ[QGUVCDCOKTCPFQFGCNN£CTTKDC!
[QQMUCIWCECVG-CDWKOWMLC³OQQIQQM
VCC³O©TC¡IW[QQMIW³LKKMWNJOWLC¡M
D©RVC¡P%JCOCCEJKDCFCTCC!/C³CPC
RKGPUQKTCNN£CDCLQCRGFKTNGCOKV¯QSWGOGF«
WPQUCIWCECVGURWGU[CJCDT£PQ!
[QQVC¡XaKCDTKT
HNQT&CKPCLCZMKC¡R©ZLK
[QQVC¡IWLWNJKKMPCDC¡ZK¡QQD'PEWCPVQ
GORKG\CCCDTKTNCHNQTFGNOCIWG[GUV£DWGPC
RCTCEQOGT
JCEGTUGÎRCNQOKVCUÏ
OC¯\:KQPFC¡CRFJK
LCCMPCDC¡D©©Z[QQVC¡/WGXGGUVGOC¯\
VQUVCFQRCTCSWGVQFQUGJCICÎRCNQOKVCUÏ
=RTGV[QQRTGU[QQV?
[QQZEJWNJURCNQOKVCU#C³PC³LKZ³CMMC¡LK
IW[QQZEJWNJPC³DC¡DCLKEJWLCCMKC¡FJK
LWWPPCZ[QQVCNJK¡'UVQ[VQUVCPFQGUVGOC¯\
RCNQOGTQRCTCVGPGTNCURCNQOKVCUSWGVCPVQUG
'&+%+•024'.+/+0#4`
Segunda parte:
Diccionario español–tepehuán
'52#“1.6'2'*7ƒ0
#
CRTGRLC¡M
EKGTVQFGUVKPQ
DWK
NNGICPFQCFQPFGGUV£WPCRGTUQPC
CDCLQCFXFWOCCNJ
DQECCDCLQM©R©NJ
EWGUVCCDCLQC¡PUCRLC¡M
FKTGEEKµPD©©Z
C¡PUCR
JCEKCCDCLQC¡PUCRLC¡M
EQUCEQNICFC
CDGLCHO©©O©D
CDQTVCTXVVWLKDWC¡
UGTCDQTVCFQUGTCDQTVCFCLKI©ZKC¡
CDTC\CTXVMQQOMKC¡
CDTKICTXV©RIKFJC¡
CDTKTXVMWRKQ¡MC¡
RCTCGPVTCT[UCNKT
MWRKQ¡MFJC¡
RCTCQVTCRGTUQPCQCPKOCN
DJ©KEJFJC¡
RCUQ
F©¡TC¡
NCVC
VCLCCPC¡
GNRGTKECTRKQFGWPCRNCPVCFGJKUEGPVG
VCVPCMKC¡
OC¯\VQUVCFQ
[QQVC¡
HNQT
CDTKTECOKPQDQK¡³ZKFJC¡
RCTCQVTCRGTUQPC
CDTQEJCTXVUKKURC¡
CDUQTDGTXV
CDUQTDGTECNDQRIKC¡
PKZVCOCN
CDUQTDKFQCDUQTDKFCDQRKK¡
ECNGPGN
PKZVCOCN
CDUVGPGTUGXRTPNZKFJWWVFC¡
FGEKGTVCEQOKFC
CDWGNCHCDWKNIÀ¡PCCP
V¯CCDWGNCCDWKN
CDWGNQOMWWNUKIÀ¡VCCV
V¯QCDWGNQMWWNUK
CDWTTKTXVVQQ³FJC¡
CDWTTKFQEJWVQQ³FJCTC¡
CE£CFX[COO©
JCEKCCE£DJCDJCK¡DJCLC¡M
RCTCCE£LC¡RLC¡M
WPRQEQDJ©L©
NWICTFG
FKH¯EKNCEEGUQ
RCTCCNN£[RCTCCE£ICPCK¡
CECDCTXVLWOKC¡
N¯SWKFQLWIKC¡
LWWOC¡
N¯SWKFQLWIKQMC¡
LWOEJWNJFJC¡
N¯SWKFQFGQVTCRGTUQPCQ
CPKOCNLWIKK¡³FJC¡
EQUCFGQVTCRGTUQPCQ
CPKOCN
CECUQCFXLCZFJWWM
CHKNCT
CEGRVCTXVCCIC¡
MCKFJC¡
NQFKEJQ
CEGTECTXVMQDZKFJC¡
RCTCXGT
OKCONJKC¡
VKGORQ
CEJKECTXVDWNJMCFC¡
TQRC
DWNJMCZFJC¡
NCTQRCFGQVTCRGTUQPC
CEQORC³CTXVQKFJC¡
CEQPUGLCTXVC¡IKFJC¡
CEQTTCNCTXVMWWRC¡
CEQUVCTXVDQQFC¡
EQORNCPKO
DQ¡[C¡
RCTCFQTOKTUWLCPKO
U©NJ³C¡
RCTCFGUECPUCT
GUVCTCEQUVCFQGUVCTCEQUVCFCDQ¡
UWLCPKO
MCCV
UWLKPCP
CEQUVCTNCECDG\COQ¡V©MC¡
KTCEQUVCFQKTCEQUVCFCDQK¡EJI©FC¡
CEQUVWODTCTXVOCCV
CGUVCTGPWPNWICT
CEVWCTXKFW³KC¡
VWK¡FJK¡
FGEKGTVCOCPGTC
CEWGTFQO
FGCEWGTFQGC
CEWUCTXVKCVVWNJFJC¡
CPVGWPCCWVQTKFCF
CFGEWCFQCFGEWCFCCFL
CFGEWCFCOGPVGCOR©Z
PKO£UPKOGPQU
CFGNCPVGCFXD©©R©¡
FKUVCPEKCEQTVC
ICOCK¡
FKUVCPEKCNCTIC
CFGNIC\CTXKICMOW¡
CFGPVTQCFX©TDCPF©T
GUVCTCFGPVTQDCCZ
UWLCPKO
RQPGTCFGPVTQDCCZFJC¡
RCTCQVTCRGTUQPC
DCCUC¡
CFJGTKTXVDJK¡URC¡
EQPRGICOGPVQ
CFKµUKPVGTLVCDWKOWM
CFKXKPCTXVOCK¡EJKC¡
EQOQEJKUVG
CFµPFGCFX
CFµPFGOGTQ!RCCU©NJ
CFQPFGSWKGTCCFXRCK¡PCR©ZLC¡M
CFQRVKXQCFQRVKXCCFL
JKLQCFQRVKXQJKLCCFQRVKXCI©¡NJIC¡P
CFQTPCTXVVQK¡FJC¡
TQRC
ZKCNJEJC¡
EQPHNQTGU
DCCRUC¡
EQPGUVCODTGU
CFSWKTKTXVDJ©©[C¡
CHGEVCTXVKC¡³FJC¡
H£EKNOGPVGNGCHGEVCDJ©KFJC¡
GPHGTOGFCF
CHKNCTXVOW¡MC¡OW¡MFC¡
OW¡MZKFJC¡
RCTCQVTCRGTUQPCQCPKOCN
FGUCHKNCFQFGUCHKNCFCEJCRQ¡ZK¡
'&+%+•024'.+/+0#4`
CHNQLCT
'52#“1.6'2'*7ƒ0
RKGFTCFGCHKNCTOWC¡MCT
CHNQLCTXVFWUCCTMC¡
CHWGTCCFXF©©TCR
CICEJCTXVXRTPN
GUVCTWPRQEQCICEJCFCICKM©©M
RGTUQPC
CICTTCFGTQOPCCM
FGWPTGEKRKGPVG
CICTTCTXVFCIKC¡
FCC¡³FJC¡
RCTCQVTCRGTUQPCQCPKOCN
FC¡PIKC¡
WPQCNQVTQ
PQDEJKC¡
FGNCOCPQ
SWGNGIWUVCCICTTCTEQUCUCLGPCUEJ©DJ©KOQM
SWGUCDGCICTTCTFJCCIK¡
CIKVCTXVL©NJDKFJC¡
CKTG
VCLCCPC¡
PWDGU
CIQVCTXVLWOKC¡
N¯SWKFQLWIKC¡
CITCFCDNGCFL
DKGPCITCFCDNGLQKFJCO
CITGICTXVD©PFC¡
CITKQCITKCCFLL©¡©©ML©¡MWO
OG\ECNCITKQDJCK¡³MWWIC¡P
NQSWGUCNGCN
VGTOKPCTFGFGUVKNCTGNOCIWG[
RQPGTUGCITKQRQPGTUGCITKCL©¡MNJKC¡
CIWCHUWWFCK¡
UWW¡PIK¡
FGCNIWKGP
FWWM
NNWXKCTGIKQPCNKUOQ
DCCTIC¡P
FGHTWVCQXGTFWTCETWFC
CIWCUVGTOCNGUVQK³MCO
CIWCFGNKOµPL©¡MQNJDCC¡
GEJCTCIWCDCF©K¡FJC¡
GPEKOC
NCUCIWCUFWWFWMV©¡PIKCM
FGLWPKQC
UGRVKGODTGTGIKQPCNKUOQ
NNGPCTFGCIWCDCK¡³FJC¡
RCTCQVTCRGTUQPC
NNGXCTCIWCDCK¡³FJC¡
CQVTCRGTUQPC
SWGJC[UWHKEKGPVGCIWCFJWC
CTTQ[Q
UCECTCIWCDCK¡³FJC¡
RCTCQVTCRGTUQPC
DCK¡IKC¡
UCNKTCIWCUWUFC¡
CIWCECVGO[QQM
CIWCPVCTXVXRTPNPCMIC¡
SWGUCDGCIWCPVCT³CMQQ¡
CIWCTXVDCTIKFJC¡
N¯SWKFQ
CIWCFQCIWCFCZWW¡PIK¡
N¯SWKFQ
RQPGTUGCIWCFQRQPGTUGCIWCFCUWW¡PIKEJC¡
CIWKLµPO
UWCIWKLµPWRUWIC¡P
KPUGEVQ
£IWKNCH
£IWKNCTGCNDJC¡CC¡
CIWKNKNNCTCVQPGTCWKK¡O
CIWLCHUQQOMCT
FGEQUGT
CIWLGTQO
VGPGTCIWLGTQF©¡
CJ¯CFX
FGRQTCJ¯OWRCK¡FJ©T
CDCLQNGLQUO©L©F©T
CDCLQNWICTFGFKH¯EKNCEEGUQ
RQTCJ¯OKLC¡RRCK¡
EGTECOWLC¡RRCK¡
NGLQUDJ©L©R©Z
CTTKDCNWICTFGFKH¯EKN
CEEGUQ
CJQICTXVDJCK¡OVWFC¡
EQPCIWC
DJCK¡OW¡
CJQTCCFXZKD
CJQTCU¯ZKDFJQIKDC¡
CJQTCXGT£CNJOQQ
CJQTECTXVDJKKMEJKC¡DJKKMEJWFC¡
CJW[GPVCTXVMWZIKFJC¡
EQPRGTTQEQORNCPKO
CKTGOL©D©©NJ
JCEGTCKTGL©NJDKC¡L©D©©T
CLGPQCLGPCCFL
SWGNGIWUVCCICTTCTEQUCUCLGPCUEJ©DJ©KOQM
CLWUVCTXVI©ZKC¡
FGVCOC³Q
CNCHMCTDQ
CXG
UCNKTCNCUC¡PICVC¡
CNCDCTXVFC³KC¡
C&KQU
CNCET£POPCMU©T
CNCTICTXVDCKUU©PC¡
DCKUU©³FJC¡
RCTCQVTCRGTUQPC
CNDC³KNODJK¡³DCMEJCFCO
CNDQTQVCTXVDCZKLKOKC¡
CPKOCNFCPFQXQEGU
CNECP\CTXVCC[C¡
CC[C¡
CEQIGT
CNGITCTXVL©MIKC¡
CNIQRTQPVW¡RC¡
CNIQFµPOVQM
EQDKLCFGCNIQFµPVQMUC¡WC
RQPGTCNIQFµPFCCZFJC¡
EGTGOQPKCN
CNIWCEKNOQTQUKKT
CNIWKGPRTQPLCTQK¡
CNIWPQCNIWPCCFL
CNIWPQFGOCCF©V
RGTUQPCQCPKOCNRCTVGFG
WPITWRQ
CNIWPQUCNIWPCULCK¡L©¡OC¡P
RCTCEQORCTCT
LCK¡FJ©VL©¡MEJK
CNIWPQUEWCPVQUCNIWPCUEWCPVCULCK¡R©Z
CNI¼PF¯CRCK¡FJWWM
FGCNI¼POQFQLCZFJWWM
FGCNIWPCOCPGTCPCLCZFJWK
VKGORQRTGUGPVG
QHWVWTQ
CNKGPVQOKK¡OFC¡
'&+%+•024'.+/+0#4`
'52#“1.6'2'*7ƒ0
CNKOGPVQOMQK¡
CNKUVCTXVGEJMCFC¡
GEJMCZFJC¡
RCTCQVTCRGTUQPC
ICCOFJC¡
EQUCU
CNKXKCTXVFQFJKC¡FWC¡³FJC¡
M©©¡³FJC¡
FGWPCGPHGTOGFCF
U©NJ³C¡
FGGUVCTNCUVKOCFQ
CNN£CFXOWOWOOWPCOO©
CDCLQNGLQUPQUG
XG
OWPKOWOOWPKPCOO©PK
CDCLQNGLQUPQUG
XGRTGEKUCOGPVG
DJCOO©
CTTKDCNGLQU
DJCOO©PK
CTTKDCNGLQURTGEKUCOGPVG
JCEKCCNN£OCK¡
PQUGXGOWLC¡M
FKTGEEKµP
IGPGTCNOWOWK¡
RCTCCNN£O©L©
JCEKCWPCFKTGEEKµP
FGVGTOKPCFC
RQTCNN£OWRCK¡
CDCLQDJCOO©RCK¡
CTTKDC
KPFGHKPKFQDJCOO©PKFJ©TLC¡R
CTTKDC
RTGEKUCOGPVG
FGRQTCNN£PCOO©F©TLC¡M
O£UCNN£DCCU
UGXGDCCUF©T
PQUGXG
ICOO©L©
NGLQUPQUGXGICOCLC¡M
RCTCCNN£[RCTCCE£ICPCK¡
CNN¯CFXOKOK¡
CDCLQEGTEC
OK¡³K
CDCLQEGTECRTGEKUCOGPVG
O©L©
CDCLQCRGTVWTCTGUVTKPIKFC
DJCDJCK¡
CTTKDCEGTEC
DJC¡³K
CTTKDCEGTECRTGEKUCOGPVG
DJ©L©
CTTKDCCRGTVWTCTGUVTKPIKFC
CNN¯OGTQOK¡RWK¡
FGCNN¯DJCK¡FJ©T
CTTKDCEGTECOK¡FJ©T
CDCLQEGTEC
RQTCNN¯DJCLC¡R
CNVQ
CNOCHKK¡OFC¡
CNOQJCFCHOQ¡ZMCT
CNTGFGFQTCFXD©©ZZKMQQNJ
CNVCTODQRVQ¡
CNVQCNVCCFLCFXVÀD
FGGUVCVWTC
VÀ¡MQD
FGCNVWTC
CNWODTCTXVD©¡³FJC¡
COCDNGCFLDJCK¡MCO
COCOCPVCTXVZK¡[C¡
COCPGEGTXKZKC¡NJKC¡
VKGORQ
ZKC¡³FJC¡
UWLCPKO
COCPUCTXVOCOQKUC¡
CPKOCNUCNXCLG
COCTXVCC¡
CWPCRGTUQPC
FC³KC¡
C&KQU
COCTIQCOCTICCFLEJCCRWM
COCTKNNQCOCTKNNCCFLWCO
C³Q
COCTTCTXVDWNJKC¡
DWNJFJC¡
RCTCQVTCRGTUQPC
MWC¡³FJC¡
JKNQUFGNVGNCT
V©©O©NJFJC¡
CPKOCNCCNIQRGUCFQ
COCTTCTEQPWPPWFQDJWUCCNJOCMKC¡
RCTC
SWGPQUGTGEQTTCNCUQIC
COCUCTXVFC¡DK³C¡
EQPCIWC
FC¡DK³FJC¡
EQPCIWCRCTCQVTCRGTUQPC
COKIQCOKICOHDJCK¡MCK¡EJFJCOLCFWW³
CORNKQCORNKCCFL
CORNKCOGPVGLWRCCDCP
NNGPQ
CORNKCECPVKFCFUCDCCT
EQUCUUGECU
CORQNNCH
UCNKTCORQNNCUUWUFC¡UWWFW[C¡
CPCTCPLCFQCPCTCPLCFCCFLOEJCKOC¡
NKV
EQNQTFGHWGIQ
CPECH
GPNCUCPECUCUCTCCPICU
FGWPCPKOCN
CPEJQCFLO
JCEGTUGO£UCPEJQLWCTMC¡
CPEJQCPEJCCFLOMQOCCTCM
FGHQTOCRNCPC
UCDCCT
T¯Q
FGOCUKCFQCPEJQFGOCUKCFCCPEJCLWCTMCO
SWGVKGPGWPCTC[CCPEJCDJKKUCROC¡
CPKOCN
CPFCTXKQKNJKC¡
IWUVCTNGCPFCTLQKFJC¡
CPKOCN
SWGCPFCH£EKNOGPVGDCCRCKFJC¡
FQPFGJC[
WPCEWGUVCGORKPCFC
CPIQUVQCPIQUVCCFLEJWDWNJ
ECOKPQ
CPKNNQO
EQTVCTWPCPKNNQIKDWWNJMCFC¡
GPNCEQTVG\CFG
WP£TDQN
CPKOCNOUQK¡
FQO«UVKEQ
CPKOCTXVIWIWWZFJC¡
FCMQQ¡³FJC¡
EQPGZKIGPEKC
L©MI©VFC¡
CSWGPQNNQTG
CPQEJGCFXVWMCC¡
CPQEJGEGTXKLWTPKC¡
CNCPQEJGEGTLWTP©M
CPVGC[GTCFXDCUVCMCCD
CPVGRCUCFQCFLO
C³QCPVGRCUCFQDCUOCCM©¡P
CPVGUCFXD©©R©¡
CPVGUSWGPCDC¡
CPVGUSWGPCFCD©©R©¡MCV
CPVQLCTUGXRTPN³CC
CPWPEKCTXVCCIC¡
C³QOQKFJC¡
'&+%+•024'.+/+0#4`
CRCEGPVCT
'52#“1.6'2'*7ƒ0
C³QRCUCFQOCCM©¡P
C³QCPVGRCUCFQDCUOCCM©¡P
C³QSWGXKGPGICOCK¡
GORKG\CEQPNC«RQECFG
NNWXKCU
JCEGVTGUC³QUDCUOWLWOCKOCCM©¡P
CRCEGPVCTXVDK¡CC¡
CPKOCN
CRCEJWTTCTXVMK¡URC¡V©KOPC¡
CRCICTXVVWUCC¡
VWMKC¡
NWODTGQOQVQT
CRCTVCTXVL©¡F©NJMCFC¡
CRCTVGCFLCFX
NNGXCTCRCTVGDCCDW¡
RCTCJCDNCT
CRGPCUCFXF©MQQ
MKC¡R©Z
VKGORQ
CRNCPCTXVLKKDC¡
DQK¡MPC¡
\CECVGQOKNRC
CRNCPCFQCRNCPCFCDQK¡MC³
\CECVGQOKNRC
CRNCUVCTXVDQK¡URC¡MK¡URC¡OCK¡URC¡
CRNCWFKTXVMCRKCPC¡
CRNKECTXVFCCZZKFJC¡
TGOGFKQGPGNEWGTRQFG
QVTCRGTUQPC
CRTGEKCTXVM©©ICNJFJC¡
EQORNCPKO
CRTGPFGTXVOCEJKC¡
SWGCRTGPFGH£EKNOGPVGEJ©DJ©KFJC¡
CRTGVCTXVMCDMCFC¡
DJKURC¡
EQPWPCEKPEJC
CRTGVCFQCRTGVCFCMCDMCO
TQRCQ\CRCVQU
MQDMQO
GNRCUQ
DKGPNNGPQ[CRTGVCFQDKGPNNGPC[CRTGVCFC
MCDMCOLKOFCO
GUVCTCRTGVCFQGUVCTCRTGVCFCDJKKUCR
EKPEJC
PQDKGPCRTGVCFQPQDKGPCRTGVCFCFJWUCCTCM
CRWPVCTXVFCCUC¡
PQODTG
CRWTCTXVXRTPNFCK¡EJFJC¡LQVOC¡³FJC¡
CSWGNCSWGNNCCSWGNNQUCSWGNNCUCFLIW¡³K
PQ
XKUKDNGGURGE¯HKEQ
CSWGNNCXG\LCPQ¡
FGCSWGNNCFQDCCUF©T
FGWPCEQTFKNNGTC
D©©RICPF©T
PQUGXG
CSW«NCSW«NNCCSW«NNQUCSW«NNCURTQPIW¡³K
PQ
XKUKDNGGURGE¯HKEQ
CSW¯CFX[C[C¡
[C¡PK
RTGEKUCOGPVG
[©L©
CFGPVTQ
RQTCSW¯DJCLC¡M[CLC¡R
CTCFQOLCTCCT
EQNCFGNCTCFQLCTCCTDJCK
CTC³CHLQ¡MQTCK¡
CTCTXVLKOEJWFC¡
EQPCTCFQUKPCNGVCU
VWK¡EJFJC¡
EQPCTCFQEQPCNGVCU
£TDQNOWWZ
CTEQOICCV
CTFKNNCHDJQ¡OMQZ
CTDµTGCMCCUCK¡
CTDµTGC
V©©MQNJ
VGTTGUVTG
CTGPCHQ¡[C
CTGVGOPCPMCIKC¡
CTOCHDCK³WO
FGHWGIQ
CTOCFKNNQOUQ[QQV
CTTCPECTXVDQQR³KC¡
RGNQ
VCMDWPC¡
FGTC¯\
CTTGCTXVCTFKOKC¡
UCCFC¡
UKPNC\CT
CTTGINCTXVM©©¡ORKIC¡
M©©¡ORKZFJC¡
RCTCQVTCRGTUQPC
GEJMCFC¡
GEJMCZFJC¡
RCTCQVTCRGTUQPC
CC¡³FJC¡
CTTKDCCFXVÀ¡MQD
FGCNVWTC
CTTKDCFGFCCOFCCOF©T
DQECCTTKDCVCK¡
EWGUVCCTTKDCDCCU©¡PD©©ZEJCK¡VCK¡LC¡M
JCEKCCTTKDCVCK¡LC¡M
CTTQFKNNCTXVXRTPNQ¡NJKCEJKC¡
CTTQNNCTXVKCTC¡
JKNQURCTCVGLGTWPCVCNGIC
CTTQ[QOCM
CTTQ[KVQDCKMMCO
CUCTXVIC¡[C¡
CUGIWTCTXVUKKURC¡
FCNJZKFJC¡
CRNCUVCPFQ
CUGUKPQCFLVWOWC¡MCO
CUHKZKCTXVKK¡OEJW¡KK¡OEJWFC¡
DJCK¡OW¡DJCK¡OVWFC¡
EQPCIWC
CU¯CFXEQPLRWK¡
RWK¡LC¡M
RQTEQUVWODTG
LC¡Z³K
FGVCOC³QEQUCUITCPFGUFKEJQEQP
CFGOCPGU
L©¡Z³K
FGVCOC³QEQUCURGSWG³CUFKEJQEQP
CFGOCPGU
CU¯EQOQRWK¡R
FGKIWCNOCPGTCRWK¡PCLCZ
CU¯PCFCO£ULC¡RR©Z
PCFCO£UCU¯FCKRW¡RWK¡R©Z
CUKGPVQOCVQQZMQT
CUQNGCTXVXRTPNVQZMQIKC¡
UWLCPKO
K¡OW¡
CPKOCN
CUQNGCTFGOCUKCFQK¡OWVFC¡
CPKOCN
£URGTQ£URGTCCFLEJ©TMCO
EQOKFC
EJ©TQQM
PQEQOKFC
'&+%+•024'.+/+0#4`
'52#“1.6'2'*7ƒ0
CUWUVCFK\QCUWUVCFK\CCFLO©NJOWM
CPKOCN
CUWUVCTXV©¡PMKCVC¡
CVCLCTXVUQQ¡OFJC¡
CVCTFGEGTXK
CVCTFGEKGPFQLWT³KFJCM
GORG\CPFQCCVCTFGEGTOKCLKFJW³KKFJCM
CVCUECTXVXRTPNFWR³KC¡
CVKPCTXKCC[C¡
RQTVKTCT
CVK\CTXVO©©OFC¡
HWGIQ
CVQNGOCVWWNJ
CVQNGFGEWKVNCEQEJGL©¡MQ¡P
CVQTCTXVXRTPNUC¡[C¡
UKKURC¡
©ZMWPC¡
FKH¯EKNFGUCECT
CVT£UCFXICVWWMF©T
RCTCCVT£UMWW¡
CWPSWGEQPLUKCRCPCCU
CWTCHPWK
VKRQFG\QRKNQVG
CWVQTKFCFHIÀ¡MCOLQKU
CXCP\CTXKLKDWC¡
GPNQSWGGUV£JCEKGPFQ
OQFKUOQ
CXGPVCTXVDWC¡
DWKFJC¡
CQVTCRGTUQPCQCPKOCN
CXGTIQP\CTXVXRTPNZK¡©TDQ¡
CXGTKIWCTXVP©©TC¡
CXKµPOCDKQP
CXKUCTXVCC¡³FJC¡
CXKUQO
CXKUQGUETKVQW¡WCP
CXKURCHDKKRKU
EQO¼P
F©DQQT
FGEJCSWGVCCOCTKNNC
RCPCCNJK¡Z
EJKSWKVCPGITCEQPRGSWG³CUTC[CU
DNCPECU
CZKNCHLKMVQD
C[KPVGTLLCC
C[GTCFXVCMCCD
C[WFCH
RGFKTC[WFCWOWC¡³FJC¡
C[WFCTXVRCNJDWKFJC¡
C[WFCTCECTICTOQQVQKFJC¡
UQDTGNCECDG\CQ
GPNQUJQODTQUDJKK³QNJFJC¡
C[WFCTCRCTCTM©MDWKEJFJC¡
C[WFCTCRCUCTLWTWW³FJC¡
NWICTHGQQT¯Q
ETGEKFQ
C[WFCTCUGODTCT©ZFJC¡
C[WPCTXKUCCDW¡
ZKFJWWVFC¡
TKVWCNOGPVG
JCEGTC[WPCTUCCDVWFC¡
EQOQECUVKIQ
DGPFKVQDGPFKVC
C\WNCFLEJ©©FQ¡
EJ©V©©FQ¡
£TGC
$
DCIC\QODK³MCT
FGEC³COCUVKECFC
DCKNCFQTDCKNCFQTCOHP©¡FCO
DCKNCTXKP©¡[C¡
DCLCFCHC¡PUCR
GPNCDCLCFCD©©ZC¡PUCR
DCLCTXVV©O³KC¡
V©DCC³FJC¡
V©DCC³ZKFJC¡
RCTCQVTCRGTUQPC
LWTPKC¡
EWGUVCCDCLQ
DCNFGODCNFK
GPDCNFGVW¡MWD
DCPFGTCHDC³FJKKT
DC³CTXVDCVDKC¡
DCVDKEJFJC¡
EQORNCPKO
DCTCVQDCTCVCCFLDCTCCV
DCTDCHEJK³DQ
SWGVKGPGDCTDCQDKIQVGEJK³DQMCO
UCNKTDCTDCEJK³DQVC¡
DCTDGEJCTXVOQKMFC¡
RCTCUGODTCT
DCTEQOMCPWWD
DCTTGTXVDQZMC¡
DCTTQODJK¡³
QNNCFGDCTTQDJK¡³LC¡CC
RNCVQFGDCTTQDJK¡³LQQZKC¡
XCUKLCFGDCTTQDJKFJCC¡
ETWFC
SWGJC[OWEJQDCTTQDJKFJCC¡
DCUVCPVGCFLCFXUCDCCT
DCUWTCHVCPCCTC¡
DCVKTXVDCCIC¡
OCUCEQPCIWC
DCWVK\CTXVDCMWCPC¡
EQORNCPKO
DCMWC³FJC¡
CNJKLQFGQVTCRGTUQPC
DC[QDC[CCFLODCKOC¡
DC[WUCHLWNJKKM
TGIKQPCNKUOQ
DGDGTXVK¡[C¡
JCEGTDGDGTK¡EJFJC¡
DGEGTTQODJGUGGT
DGNNQVCHVWCMCK
ECTRKPVGTQDGNNQVGTQMWTCV
DGPFGEKTXVDKK³MCFC¡
RCTCQVTCRGTUQPC
ZKQZOCFC¡
DGPFKVQDGPFKVCCFL
'&+%+•024'.+/+0#4`
DGTTKPEJWFQDGTTKPEJWFC
'52#“1.6'2'*7ƒ0
GUVCTÎDGPFKVQÏZKFJWW
EGTGOQPKCNOGPVG
DGTTKPEJWFQDGTTKPEJWFCCFLC¡NJOC
RQTSWGPQ
SWKGTGGUVCTUQNQ
D¯EGRUOVQQ¡O
DKGPCFXLQKFJCOCOCO
DJCK¡UKIWWT
M©©¡
FGUCNWF
DKGPCITCFCDNGLQKFJCO
GUV£DKGPRWK¡LK
TGURWGUVCCNSWGCECDCFG
NNGICTGC
PQDKGPRCTDCP
KPEQORNGVQQFGHKEKGPVG
PQOW[DKGPRCTDCPR©Z
PQGUV£DKGPEJCODJCK¡
RQTSWGGUVQTDC
PQGUV£DKGP!EJCODJCK¡
DKIQVGOEJK³DQ
SWGVKGPGDCTDCQDKIQVGEJK³DQMCO
UCNKTDKIQVGEJK³DQVC¡
DKUCDWGNCHDKKUCNJ
DKUCDWGNQODQZKK
DNCPEQDNCPECCFLEJWC
DNCPFQDNCPFCCFLOQKM
EJWOQKM
£TGC
ZWW¡PIK¡
PQOCFWTQHTWVQ
DNWUCHMWVWWP
UCCMW
CFQTPCFCEQPGURKIWKNNCQGPECLG
DQCHDKC¡UMQ¡
DQECHEJK³
OCPVGPGTGPNCDQECMCCOVC¡
DQNCH
HQTOCTWPCDQNCMCDWWNJMCFC¡
DQPKVQDQPKVCCFLCDJCCT
EJWCDJCCT
£TGC
DQTFCTXVDCCRUC¡
EQPGUVCODTGU
DQTFGO
GPGNDQTFGMQQMDC¡P
FGWPRG³CUEQ
DQTTCEJQDQTTCEJCCFLOCKO
OHOCKOMCO
DQTTGIQDQTTGICOHMCUPKT
MCEJ³KNJ
TGEK«PPCEKFQ
NCPCFGDQTTGIQMCUPKTDCRQQ
DQUSWGOLWMICO
FGEQP¯HGTCU
GPGNDQUSWGW¡ZEJ©T
DQUVG\CTXKEJK³³CMKC¡
DQVGNNCHDJQVGG[C
DTCXQDTCXCCFLDJCPCC¡DJCPICO
DTC\QOPQD
DTKNNCTXKVQVDKMKC¡
VQPPKC¡
UQN
OCUDCNJKC¡VQMDKFJC¡
NWPC
SWGDTKNNCOCUDC¡
NWPC
DTKPECTXKVWW¡PPKC¡
DTQOCHLCCZOCFC¡
DTQPEQDTQPECCFLLKIKCT
CPKOCNFQO«UVKEQ
DTQVCTXKKKRW³KC¡
[GOCUWJQLCU
DC¡RW³KC¡
N¯SWKFQ
SWGDTQVCO©NJOWM
TGUKPC
DTWEGUH
FGDTWEGUM©R©NJ
DWEGCTXKFWR³KC¡
DWGPQRCTCDWEGCTFJWR³K¡
DWGPQDWGPCCFLCFXM©©¡
FGECNKFCFQFG
ECT£EVGT
RWK¡LK
TGURWGUVCCNSWGCECDCFGNNGICT
DWGPCIGPVGDJCK¡MCO
DWGPQUF¯CUZ©©DCP
UCNWFQVTCFKEKQPCN
SW«DWGPQHWGTCKCOI©V
DWG[ODJWW[CZVWWT
DWNGODCMWC
DWTDWLCHVQMUQ¡
DWTNCTXVXRTPNCC¡³ZKFJC¡C¡ZKC¡
LCCZOC¡³FJC¡
DWTTQODJWTW¡Z
DWUECTXVICCIC¡
ICC¡³FJC¡
RCTCQVTCRGTUQPCQCWPEWTCPFGTQ
V©V©IKC¡
CNIQGPGURGEKCN
%
ECDCNNQOMCDCK
ECDGNNQOMWWR
ECDGTXKCC[C¡
PQECDGDKGPFJWUCCTCM
ECDGUVTQOZKCMKO
ECDG\CHOQ¡
CEQUVCTNCECDG\COQ¡V©MC¡
ECDTQECDTCOHMCTDCZ
MCNJDC¡EJ
TGEK«PPCEKFQ
NGEJGFGECDTCMCTDCZDKK¡O
ECEJQTTQECEJQTTCOHZKKIC¡P
ECFCCFLPCDCR
F¯COGUQC³Q
ECFCWPQL©¡OC¡P
ECFGTCHVWDWWNJ
'&+%+•024'.+/+0#4`
'52#“1.6'2'*7ƒ0
ECGTXKLKI©ZKC¡
I©ZKC¡
FGUFGWPCCNVWTC
©NJKC¡
GPWPRNCPQQGPWPCRGPFKGPVG
V©KOPC¡
GPEKOC
PCMIC¡
EQORNKPCP
CC[C¡
GPWPCHGEJC
FCD³KC¡
RKGN
FGLCTECGTFQ¡PMQPC¡
JCEGTECGTKCTC¡
ECNHOCVCK
CDUQTDGTECNDQRIKC¡
PKZVCOCN
SWGUCDGCECNDCCRCM
ECNCDC\CHKOCK
UGOKNNCFGECNCDC\CMCKEJWM
ECNCTXVMCRCK³C¡
ECNECTXVLWRPC¡
ECNFQODCCTIC¡P
FGECTPGQNGIWODTGU
EQEKFCU
MCCNFQ
FGECTPGEQPVQFQ[JWGUQ
SWGVKGPGECNFQDCTCC¡
CNIQEQEKFQ
ECNGPVCTXVLWWMC¡³FJC¡LWWMIKC¡MWC¡³FJC¡
SWGUGECNKGPVCDKGPEJQK³FJK¡
ECNGPVWTCH
DCLCTECNGPVWTCL©RNJKC¡
SWGVKGPGECNGPVWTCEJQK³
E£NKFQE£NKFCCFLLWWM
ENKOC
VKGTTCE£NKFCVCCVUCD
ECNKGPVGCFLEJQK³
ECNKGPVKVQLWWM
ECNK\QECNK\CCFLDCCRCM
ECNQTO
JCEGTECNQTEJCVQK³VWVQK³FJKC¡
ECOCHDQRVQ¡
FGVCDNCU
ECOCTµPOUCOKK¡
ECODKCTXVRCVCCUC¡
ECODKQODKK
OQPGFC
GPECODKQMWIW¡
ECOKPCTXKQKNJKC¡
U©NJ³C¡
RCTCECNGPVCTUGQJCEGTGLGTEKEKQ
ECOKPCTDKGPZKM©MMC¡
JCEGTECOKPCTQKNJKEJFJC¡
SWGECOKPCTGEKQLKOFJC¡
ECOKPQODQK
CDTKTECOKPQDQK¡³ZKFJC¡
RCTCQVTCRGTUQPC
ECOKµPOVTQQMC
ECOKQPGVCHVTQQMC
ECOQVGOMCOC¡D
ECOQVGUKNXGUVTGUCCTC¡R
ECTVC
ECORQOICOR©Z
FQPFGPQJCDKVCPCFKG
ECPCNO
JCEGTWPECPCNCMZKFJC¡
RCTCFGUXKCTGN
CIWCCRCC³EJKEJFJC¡
RCTCRTQVGIGTNCECUC
ECPCUVCHDCCNJ
ECPCUVCFGECTTK\QVQQVMQODCCNJ
ECPCUVCFGRCNOCUQQDQNJDCCNJ
ECPCUVCFG\Q[CVGWOWW¡DCCNJ
ECPFGNCTKCH
.C%CPFGNCTKC-QDC¡TCO
NWICT
ECPUCTXVOCIQQ³KC¡
ECPUCFQECPUCFCOCIQQP
ECPVCTXKLKK³MKC¡
ICNNQ
MWWMW¡
KPUGEVQQR£LCTQ
NCCNCIKC¡
RGTUQPCQR£LCTQ
ECPVKFCFH
CORNKCECPVKFCFUCDCCT
EQUCUUGECU
EC³CHDCLCCM
OCEK\CFG\CECVG
DQ¡DJCT
FGOC¯\
LWPDQ¡
FGC\¼ECT
ECRCEKFCFH
VGPGTECRCEKFCFRQFGGTQ¡
ECRC\CFL
UGTECRC\FCCUC¡
FGJCEGTCNIQFKH¯EKN
ECRWNNQO©ZMW¡
FGOCTKRQUC
ECTCHDWKDCU
GPNCQVTCECTCLC¡MF©T
ECTCEQNOMCTQMUQMDQNJ
ECTCEVGT¯UVKECH
SW«ECTCEVGT¯UVKECUVKGPG!LCZEJW¡O
ECTDµPOVWWRCNJ
ECTICHDJKK³QT
NNGXCFCGPCPKOCNQGPXGJ¯EWNQ
ECTICTXVDJKK³QTC¡
GPCPKOCNQGPXGJ¯EWNQ
OQQVQ[C¡
UQDTGNCECDG\CQGPNQUJQODTQU
VWMKC¡
GPNCGURCNFCEQORNCPKO
C[WFCTCECTICTOQQVQKFJC¡
UQDTGNCECDG\CQ
GPNQUJQODTQUDJKK³QNJFJC¡
ECTPGHDCMCCZ
FGCPKOCN
SWGVKGPGOWEJCECTPGEJWWMW¡
ECTQECTCCFLFJC¡TC¡
ECTRKPVGTQO
ECTRKPVGTQDGNNQVGTQMWTCV
ECTRKPVGTQFGCNCUTQLCUMKQ¡
ECTTK\QODCCRCM
FGVCNNQDNCPFQ
VQQVMQO
FGVCNNQFWTQ
ECPCUVCFGECTTK\QVQQVMQODCCNJ
ECTVCHW¡WCP
'&+%+•024'.+/+0#4`
ECUC
'52#“1.6'2'*7ƒ0
ECUCHDC¡CCM
DJK¡³DCM
FGCFQDGNCFTKNNQQRKGFTC
MKKEJCO
JCDKVCFC
MK¡CCO
EQPGNVGTTGPQEQTTGURQPFKGPVG
JCEGTWPCECUCDC¡MEJKFJC¡
RCTCQVTC
RGTUQPCDC¡MEJC¡
ECUCTXVV©©OQ¡
LQQ³EJC¡DJ©©[C¡
JQODTG
MWPVC¡QKFJC¡
OWLGT
ECUECFCHMWK¡DW¡
E£UECTCHMQO
MQUDJCNJ
FGNKGPFTG
ECUECTµPO
JCEGTUCNKTFGNECUECTµPVCCVMKEJFJC¡
CXGU
ECUGTQECUGTCOHMKQMCO
ECUQO
GPECUQFGSWGPQ¡
ECUVKICTXVVWNJKK³EJWFC¡
ECVCTTQOUQOCKIK¡
EC\CFQTEC\CFQTCOHPCDF©FCO
EC\CTXVPCDFJKC¡
CPKOCN
DWGPQRCTCEC\CT³CDFJK¡
EGDQNNCHLQVMQZ
EGD¼OZKDWW
EGLCHL©©DQ
EGNGUVKCNCFL
0WGUVTQ2CFTG%GNGUVKCNLKEJEJCCVLKZFJCCO
MCO
EGPK\CHOCVCK
OK«TEQNGUFGEGPK\CUKPKKU
EGT£OKECCFLH
QNNCFGEGT£OKECIKTKEJLC¡CC
EGTECCFXOKC¡P
VCCIKQD
FGWPCRGTUQPCUGPVCFCQRCTCFC
EGTECFGNCNWODTGVCKMQD
EGTECFGNCUWRGTHKEKGFCCOCP
N¯SWKFQ
EGTSWKVCCOWWD
FGEGTEC[C¡MCO
JCDKVCPVG
EGTECTXVMWWRC¡
EGTFQOVQQZMQNJ
EGTGDTQOQDCC¡
EGTGOQPKCNCFL
RQPGTXGNCEGTGOQPKCND©¡³FJC¡
VCOCNEGTGOQPKCNDJCOOCZ
EGTTCTXVMWWRC¡
EGTTCFQEGTTCFCMQDMQO
GNRCUQ
GUVCTEGTTCFCMWWR
RWGTVC
EGTTQOQKFJC¡
EGUVCHDCCNJ
EJCOWUECTXVDCRQKMFJC¡DCRQKMKC¡DCRQKUC¡
EJCOWUECFQEJCOWUECFCDCRQKMDQKM
EJCRCTTQEJCRCTTCCFLFWOCCNJ
RNCPVC
EJCRQVGCTXKDJ©©[C¡
VTCVCPFQFGPCFCT
EJCRWN¯POUQK
EJCRWN¯PXGTFGUCK¡OCT
EJCTEQO
JCDGTEJCTEQUUWUFC¡
FGCIWC
.QU%JCTEQU5WUDJC¡PVCO
NKVNWICTFGNCU
TCPCU
EJCTNCTXKUQRMKC¡
UQRMKFJC¡
EQPQVTCRGTUQPC
EJC[QVGOUKNC[QQV
EJKEQEJKECCFLCNJK¡EJ
EJKSWKVQEJKSWKVC©NJK¡EJ
EJKHNCTXKMWKEJFJC¡
WUCPFQNCUOCPQU
EJKNGOMQ¡MQNJ
EJKNNCTXKLKK³MKC¡
EJKPQEJKPCCFLOZKK³OC¡
ECDGNNQQRGNQ
EJKUOGCTXKLQQLQKFJC¡
EJKUVQUQEJKUVQUCCFLL©©OKO
EJKXQEJKXCOHMCTDCZ
MCNJDC¡EJ
TGEK«PPCEKFQ
VWZKQ¡
JW«THCPQ
EJWCNODQKM
GNQVGVQUVCFQ
JCEGTEJWCNGUDQKMFJC¡
RCTCQVTCRGTUQPC
DQKMVC¡
EJWRCTXVZKQ¡RPC¡
ZKQ¡R³KFJC¡
RCTCEWTCT
EJWRCTTQUCH
EJWRCTTQUCQTGLKDNCPECDKRKKZ
EJWRCUCXKCHZKOM©¡Z
EKECVTK\H
SWGVKGPGEKECVTK\DCK³OK¡
EKGNQOLKZFJCCO
EKGTVQEKGTVCCFLU©NJMCO
EKGTVCOGPVGOCCZKM
GPEKGTVCURCTVGURCK¡PCLCZ
EKPEJCTXVIKDWWNJMCFC¡
GPNCEQTVG\CFGWP
£TDQN
EKPEQCFLLKZEJCOCCO
EKPEQXGEGULKZEJCOCCOKO
EKPVWTCHLWTCCD
CNCEKPVWTCLWTDCP
EKTWGNCHFWK
EKWFCFHIÀ¡MKKEJCO
EKWFCFFG&WTCPIQ-QTKCP
'&+%+•024'.+/+0#4`
'52#“1.6'2'*7ƒ0
EN£TGCTXKOCCZKNJKC¡
CPVGUFGCOCPGEGT
ENCTQENCTCCFLEJWC¡IKO
ZWW¡PIK¡
N¯SWKFQ
ENCUGH
FGVQFCENCUGD©©ZCKZKOVW¡O
ENCWUWTCTXV
ENCWUWTCTOKVQVGZKC¡NJKC¡
ENCXCTXVUKKURC¡
M©MDQ¡
EQUCRWPVKCIWFC
ENKGPVGENKGPVCOHUCDC¡PFCO
EQDKLCHUC¡WC
DCMZKFJCTC¡
RCTCFQTOKT
EQDKLCFGCNIQFµPVQMUC¡WC
EQDKLCFGNCPCMCUPKTUC¡WC
FGDQTTGIQ
EQDKLCTXVV©¡[C¡
V©K¡FJC¡
EQPEQDKLCQTGDQ\QCQVTCRGTUQPC
EQEGTXVDJCC[C¡DJCKFJC¡
DKGPEQEKFCDJCKMCO
EQOKFC
EQEKFQEQEKFCDJCK
PQDKGPEQEKFQPQDKGPEQEKFCFJQ¡KK¡
SWGUGEWGEGT£RKFQDJCKFJC¡
EQOKFC
EQEKPCHMWUKK³
EQEKPCTXVDJCKFJC¡
EQFQO©U
EQLGCTXKQDKC¡MKC¡
EQNCHDJCK
CPKOCN
EQNCFGNCTCFQLCTCCTDJCK
EQNICTXVUCK¡EJFJC¡
MWUDKQ¡
GPGNJQODTQQGPNCECDG\C
GUV£EQNICFQGUVCTEQNICFCUÀ¡
EQNNCTOUQQUQ¡O
EQNQECTXVWWOCTIKFJC¡
RNWOCUGPWPCHNGEJC
EQNQTGCTXVOCOZKFJC¡
DWC¡
VGNCQJKNQ
EQNWOPCH
EQNWOPCXGTVGDTCNDJCKZM©NJ
EQNWORKCTXVXRTPNLQNJDKZFJC¡
EQOCFTGHMQOCCNJ
EQOCNOMQOCCNJ
EQODKPCTXV
SWGEQODKPC³CO©©M
TQRCEQPNQUFGO£U
EQNQTGUQGUVKNQUSWGVTCG
EQOGFGTQOMCPWWD
GPHQTOCFGECPQCRCTC
CPKOCNGU
EQOGPVCTXVR©ZMCKFJC¡
EQOGTXVLWIKC¡
DJCK¡DEJWFC¡
FGOCUKCFQ
EQORTCT
IW¡ZFJC¡
RQSWKVQGPNCOC³CPC
MWMOKC¡
EQUCUUGECU
FCTFGEQOGTLW¡³EJWFC¡
TKVWCNOGPVG
FGLCTFGEQOGTFQ¡³EJQ¡
RQTWPVKGORQ
FGVGTOKPCFQ
IWUVCTNGEQOGT³CC
CCNIWKGP
KTEQOKGPFQMWOKKFJC¡
EQUCUUGECUMQ¡KKFJC¡
SWGSWKGTGEQOGTKK³CO
ECTPG
EQOGUVKDNGCFLLWOMWC¡FCO
EQOG\µPH
SWGNGFCEQOG\µPEJWOWMCC¡
EWGTRQ
GPVGTQOWMCC¡
EQOKFCHMQK¡
DJKK
UGTXKFC
LKFJQQT
JGTXKFC
EQOKFCRTGHGTKFCMQK¡FJCTC¡
ITCPEQOKFCMQK¡EJCO
JCEGTEQOKFCDJCKFJC¡
EQOQCFXLC¡RVW¡O
UGOGLCPVGGPCRCTGPEKC
CU¯EQOQRWK¡R
FGKIWCNOCPGTCRWK¡PCLCZ
EQOQSWKGTCCKZKO
EQOQPQLÀÀ¡
EQOQSWGLC¡ROQQR©ZCO
EQOQUGCLCZPCR©Z
EµOQCFXLCZ
LCZFJWWM
VKGORQRCUCFQLCZLC¡M
PCLCZ
PCLCZFJWWM
VKGORQRCUCFQPCLCZLC¡M
LC¡ROQQ
ÀK
EQOQSWGPQGUEWEJµ
EµOQGUSWG!LCZDC¡
EµOQGU!LCZEJW¡O
RWGUEµOQ!LCZFJWK
EQORCFTGOMQORCCNJ
EQORC³GTQEQORC³GTCOHD©©PC¡
EQORCUKµPH
EQPEQORCUKµPLQK¡OFCM
EQORNGVCTXVCKEJWNJFJC¡
ECPVKFCF[CHKLCFC
EQORNGVQEQORNGVCCFL
EQORNGVCOGPVGLWRCCDCP
NNGPQCVVKKTW
EKTEWPUVCPEKCPGICVKXC
EQORQPGTXVM©©¡ORKIC¡
M©©¡ORKZFJC¡
RCTCQVTCRGTUQPC
FWC¡³FJC¡
M©©¡³FJC¡
FGGUVCTGDTKQQOCTEJKVQ
EQORTCFQTEQORTCFQTCOHUCDC¡PFCO
EQORTCTXVUCDC¡FC¡
UCDC¡³ZKFJC¡
RCTCQVTCRGTUQPC
EQUCEQORTCFCUCDC¡P
'&+%+•024'.+/+0#4`
EQORTQOKUQ
'52#“1.6'2'*7ƒ0
EQORTQOKUQO
VGPGTEQORTQOKUQDCPQQUC¡
EQO¼PCFLLC¡RR©Z
EQOWPCNCFL
RCVKQEQOWPCNLKEJQ¡PVCO
FGNOKVQVG
VTCFKEKQPCN
EQPRTGRM©¡P
D©©O
CEQORC³CPFQCQVTCRGTUQPCQRGTUQPCU
DWK
NNGICPFQCFQPFGGUV£WPCRGTUQPC
DJCCP
CRCTCVQ
EQPNQSWGPCM©¡P
EQPGEVCTXVM©©M©KFJC¡
PCOMKEJFJC¡
FQU£TGCU
EQPGLQOVQQ¡O
EQPHGUCTXVWCPC¡
EQPHKCP\CH
SWGVKGPGEQPHKCP\CDKK³CM
EQORNCPKO
EQPHKCTXKDKK³MCFC¡
GPQVTCRGTUQPC
EQPIGNCTXV
EQPIGNCFQEQPIGNCFCM©DCK³
EQPQOLWMKKDJCKFJC¡
EQPQEGTXVOCCV
OCEJKC¡
ECOKPQ
V©V©IKC¡
NWICT
EQPQEKFQEQPQEKFCLCFWW³
FCTCEQPQEGTCCIC¡
SWGEQPQEGEJWOCCV
GNECOKPQ
EQPQEKOKGPVQO
SWGVKGPGEQPQEKOKGPVQOCVFC¡
SWGVKGPGOWEJQEQPQEKOKGPVQEJWOCVFC¡
EQPUGIWKTXVDJ©©[C¡
EQPUGIWKTSW«EQOGTV©DJCKOKC¡
EQPUKFGTCTXVLQQLQKFJC¡
EQPUQNCTXVKQ¡OFC¡
EQPUWOKTXVLWWOC¡
N¯SWKFQLWIKQMC¡
LWIKK¡³FJC¡
EQUCFGQVTCRGTUQPCQCPKOCN
LCIKC¡
NG³CQJKGNQ
EQPVCIKCTXVCC[C¡KC¡³FJC¡
EQPVCTXVLC¡M©NJFJC¡
EQPVCTEWGPVQUUQRMKFJC¡
CQVTCRGTUQPC
UQRMKC¡
SWGNGIWUVCEQPVCTZQRMK¡
EWGPVQU
EQPVGPVCTXVL©MI©VFC¡
EQPVGPVQEQPVGPVCCFLL©©MK¡
RQPGTUGEQPVGPVQRQPGTUGEQPVGPVCL©MIKC¡
EQPXGPEGTXV
KPVGPVCTEQPXGPEGTDK¡EJWNJFJC¡
CQVTC
RGTUQPC
EQPXGTVKTXVLWRFW³KC¡
CQVTCHQTOC
EQPXKXKQOMQK¡EJCO
EµP[WIGOHD©©PC¡
EQTCOHMW¡WWT
KPF¯IGPC
EQTCNKNNQOVCPQQNJQZKC
X¯DQTC
EQTC\µPOLWT
EQTEQXGCTXKLQ³KC¡
EQTFKNNGTCHUCMCCNJKM
EQTPGCTXVOQK¡³³C¡
EQTQPKNNCHWRWC
FGNCECDG\C
EQTTCNOMQTCCT
EQTTCNKVQEJKMKKT
EQTTGTXKO©NJKC¡
UWLCPKOO©NJKC¡
N¯SWKFQ
FCK¡³³KC¡
RCTCCICTTCTXGNQEKFCFQRCTC
CRWTCTUG
F©©DQ³KC¡
N¯SWKFQ
LKO©K³³QNJKC¡
RQTOKGFQ
LQQVUC¡
CNOCFGURW«UFGWPC³QFGOWGTVQ
O©NJEJWFC¡
CECDCNNQQGPECOKQPGVC
MCK¡³EJC¡
TWOQT
DWGPQRCTCEQTTGTO©NJFJC¡
KTEQTTKGPFQFCK¡EJI©FC¡
TGEKQ
dEµTTGNGGGR
RCTCOCPFCTEQPWTIGPEKC
EQTTGURQPFGTXK
EQTTGURQPFGCMCO
UWLKPCP
EQTTGURQPFKGPVGCFL
N¯SWKFQEQTTGURQPFKGPVGDCTCC¡
EQTTGVGCTXVCTFKOKC¡
EQTTKGPVGCFLM©NJK¡³IC¡P
RQTPQGUVCTDKGPJGEJQ
EQTVCFQTO
EQTVCFQTFGOCIWG[GUOCKLKKMFCO
EQTVCTXV©MKC¡
LKMEJKC¡
EQPWPQDLGVQRWPVKCIWFQ
LKKMC¡
EQPEWEJKNNQVKLGTCUQUGTTWEJQ
VCKMPC¡
TQRC
UCTPKFJC¡
VGNCRCTCQVTCRGTUQPC
LCCRIC¡
TCOCUWJQLCU
EQTVCFQEQTVCFC©©M
EQTVCTNCRWPVCMWW¡ORKIC¡
FGWPCRNCPVC
EQTVCTNG³CMWC¡IKC¡MWC¡³FJC¡
EQTVCTWPCOWGUECIKFJWWNJMCFC¡
GPWP£TDQN
EQTVCTWPCPKNNQIKDWWNJMCFC¡
GPNCEQTVG\CFG
WP£TDQN
EQTVCT\Q[CVGWOICZFJC¡
RCTCQVTCRGTUQPC
WOIC¡
EQTVGO
EQTVGFGVGNCLCPPWNJ
FQUOGVTQU[OGFKQ
EQTVG\CHMQO
'&+%+•024'.+/+0#4`
'52#“1.6'2'*7ƒ0
EQTVQEQTVCCFLVWRWWNJKM
FGNQPIKVWF
F¯CEQTVQCNJK¡EJEJCPQQNJ
KPXKGTPQ
PQEJGEQTVCCNJK¡EJEJWMCC¡
EQUCH
EQUCEQORTCFCUCDC¡P
EWCNSWKGTEQUCVW¡PCR©Z
FGOWEJCUEQUCUCKZKO
ITCPEQUCIÀ¡RLWOFWWMCO
OWEJCUEQUCUD©ZEJW¡
SW«EQUCUGT£!VW¡PCFC¡
EQUGEJCTXVQTCC¡
OC¯\
DJ©©[C¡
GZEGRVQOC¯\
©MKC¡
HTWVC
EQUGTXVUQQOC¡
UQQOFJC¡
RCTCQVTCRGTUQPC
EQUVCH
GPNCEQUVCD©RVC¡P
EQUVCNOVQQODJCK¡OMCT
EQUVCTXKPCOMKC¡
EQUVKNNCHLCPQ¡O
EQ[QVGODJCP
EQ[WPFCHMW[WPFC
ETGEGTXKI©¡NJKC¡
KKRW³KC¡
RNCPVC
UCK¡EJC¡
\CECVG
FGLCTFGETGEGTDJCK¡DEJKC¡
JCEGTETGEGTI©¡NJFJC¡
EQORNCPKO
SWGETGEGT£RKFQKKRW³K¡
RNCPVCEJ©¡VDKNJK¡
ETGGTXV©NJFJC¡
L©©¡³FJC¡
NQFKEJQQNQGUETKVQ
DKK³MCFC¡
GPQVTCRGTUQPC
ETGQSWGOQQEJK
[ETGQSWGFJK¡OQQ
ET¯CHOCT
ETKCTXVI©¡NJFJC¡
EQORNCPKO
ETKUVCNKPQETKUVCNKPCCFLWC³
N¯SWKFQ
%TKUVQOLKEJ:QK¡MCO
ETKVKECTXV³KQMDQ¡
³KQMDQKZFJC¡
RCTCRTQXQECT
CK¡EJWZFJC¡
CCNIWKGP
FWK³FJC¡
HKIWTCVKXQ
ETWFQETWFCCFLFJQ¡KK¡
CNKOGPVQ
ETWLKTXKM©TPKFJC¡
NQUFKGPVGU
ETW\HMWTWWU
ETW\CTXVLWTPKC¡
NWICTHGQQT¯QETGEKFQ
EQPNCURKGTPCUETW\CFCUPCRCCNJ
EWCLCTXKFCIKC¡
EW£NRTQPLCZEJW¡OPCLCZEJW¡O
EWORNKT
EWCNSWKGTEWCNSWKGTCCFLLCZPCR©ZEJW¡O
CEWCNSWKGTRCTVGRCK¡PCR©ZLC¡M
EWCNSWKGTEQUCVW¡PCR©Z
EWCNSWKGTF¯CRCK¡PCR©ZFJWWM
EWCNSWKGTRGTUQPCLCTQK¡PCR©Z
FGEWCNSWKGTOCPGTCLCZPCR©ZLC¡M
GPEWCNSWKGTRCTVGRCK¡PCR©Z
EWCPFQCFXEQPLPCRCK¡FJWWM
PCDC¡
CPVGUSWG
PQ¡
UKVWCEKµPOW[RTQDCDNG
EWCPFQSWKGTCRCK¡PCR©ZFJWWM
FGXG\GPEWCPFQRCK¡L©R©Z
EW£PFQCFXRCCFWWM
KPVGTTQICVKXQ
PCRCK¡FJWWM
EW£PVQEW£PVCCFXL©¡M
EW£PVQUEW£PVCUL©¡M
EWCPVQEWCPVCCFX
WPQUEWCPVQUIQQM
EWCVTQCFLOCCMQD
EWCVTQXGEGUOCCMQDKO
EWDKGTVCHDCK³
FGRKGNQFGRN£UVKEQFWTQ
EWDKGTVCFGRN£UVKEQPCKNQ
RCTCEWDTKTGN
EWGTRQ
EWDTKTXVKK³C¡
EWEJCTCHDJKKMCT
EWEJKNNQOMWZKKT
EWGNNQOMWZDQ
EWGPVQOUCRQQM
EWGTPQOC¡CC¡
FGCPKOCN
SWGPQVKGPGEWGTPQUVCOQ¡Z
FGRQTU¯
EWGTQOLQ¡DCMGGV
EWGTRQOVWWMW¡
EWGTXQOMCMQQP
EWGUVCH
EWGUVCCDCLQC¡PUCRLC¡M
FKTGEEKµPD©©Z
C¡PUCR
EWGUVCCTTKDCDCCU©¡PD©©ZEJCK¡
EWGXCHEJKQD
EWKFCTXVP©K¡³FJC¡
P©K¡³ZKFJC¡
RCTCQVTCRGTUQPC
DK¡CC¡
CPKOCN
EQPEWKFCFQZ©¡NJKO
dEWKFCFQOK¡
EWCPFQJC[RGNKITQ
EWKVNCEQEJGOLCTQK
JQPIQFGNOC¯\
CVQNGFGEWKVNCEQEJGL©¡MQ¡P
EWNGDTCHMQ¡
EWORNKTXVXRTPNMWWICNJFJC¡
OCPFCVQ
EGTGOQPKCNQVKGORQUG³CNCFQ
'&+%+•024'.+/+0#4`
EW³C
'52#“1.6'2'*7ƒ0
FWK³FJC¡
NQSWGQVTCRGTUQPCRKFKµ
DJ©KEJFJC¡
VKGORQ
CKEJFJC¡
VKGORQUG³CNCFQ
EW³CHMWW³KC
RCTCRCTVKTOCFGTC
EW³CFQEW³CFCOHPWWEJKZ
EWTCPFGTQEWTCPFGTCOHOCMI©O
WCOZK¡³FJCO
VTCFKEKQPCN
ZKQ¡RPCFCO
SWGEJWRC
RGVCECFGEWTCPFGTQDQUCC
JGEJCFGUQ[CVG
RCTCIWCTFCTHNGEJCUEGTGOQPKCNGU
EWTCTXVFWC¡³FJC¡
CQVTCRGTUQPC
WCOZKFJC¡
FGGPHGTOGFCFQFGJGEJK\Q
F©©PMKFJC¡
HWOCPFQEGTGOQPKCNOGPVG
EWTCTFKGPVGUVCCVOWVFC¡
EWTXCH
SWGVKGPGEWTXCU³QNJ
ECOKPQ
SWGVKGPGFKUG³QFGEWTXCUZ©¡U©TCM
EWTXQEWTXCCFL³QNJ
FGHQTOC
&
FC³CTXV
FC³CFC©TCCO
HTWVC
FC³KPQFC³KPCCFLOCKOFC¡
FC³QO
JCEGTFC³QFQQFC¡
CQVTCRGTUQPCOCKOVWFC¡
SWGJCEGFC³QEJWKC¡³FJCTC¡
FCTXVXRTPNOCMKC¡
DWKFJC¡
DJ©KFJC¡
NQSWGWPQRKFG
EJK³OWKFJC¡
GPNCDQECCQVTCRGTUQPC
VQK¡FJC¡
N¯SWKFQCQVTCRGTUQPCQCPKOCN
FCTFGEQOGTLW¡³EJWFC¡
TKVWCNOGPVGOCMKC¡
FCTNGCNDNCPEQCC[C¡
RQTVKTCT
FGRTGRF©T
NWICTQVKGORQ
FGDCLQCFX
FGDCLQFGD©VCC¡PF©TD©VC¡
FGDGTXVWC¡VWNJFJC¡
WC¡VW¡PFC¡
FKPGTQCQVTCRGTUQPC
FGDKFQCDCMIW¡
F«DKNCFLFJ©©DJCZ
FGEKFKTXVCCIC¡
FGEKTXVCCIC¡V©¡[C¡
CC¡³FJC¡V©©FC¡
CQVTCRGTUQPC
R©ZMCKFJC¡MCK¡³EJC¡
TWOQT
RGPUCTFGEKTDK¡EJWNJFJC¡
CQVTCRGTUQPC
UCDGSW«FGEKTCKZ
FGENCTCTXVCCIC¡
NQQEWNVQ
FGENKXGOICK
FGFQO
FGFQOG³KSWG©NJKEJFJC¡
OCPQQRKG
FGFQRWNICTIÀ¡FC¡
OCPQQRKG
FGLCTXVFCCZFJC¡
GPQVTQNWICTRCTCQVTC
RGTUQPC
FQ¡³EJQ¡
CUWNWICTEQORNKPCP
FGLCTFGEQOGTFQ¡³EJQ¡
RQTWPVKGORQ
FGVGTOKPCFQ
dF«LGOGOK¡
EWCPFQCNIWKGPGUV£OQNGUVCPFQ
FGNCPVGTQFGNCPVGTCCFL
RCVCFGNCPVGTCPQD
FGNICFQFGNICFCCFL©TFK¡EJ
FGHQTOC
EKN¯PFTKEC
MQOCCNJKM
FGHQTOCRNCPC
FGNICFKVQFGNICFKVCDKK
VTQ\QU
FGNKTCTXKVWMIKC¡
RQTNCECNGPVWTC
FGOCUKCFQCFXZK¡
CUQNGCTFGOCUKCFQK¡OWVFC¡
CPKOCN
FGOQPKQOLC¡QQM
FGPVTQCFX
FGPVTQFGCO
TGEKRKGPVGQ£TGCMC¡O
WP
TGEKRKGPVGM©¡P
WPVKGORQFGVGTOKPCFQ
ÊTCOVC¡OV©T
FGRQUKVCTXVDWC¡
GPGNRCVKQEGTGOQPKCN
OCK¡VWDWC¡
RCTCUGTDGPFGEKFQGPGNRCVKQ
EGTGOQPKCN
FGTGEJQFGTGEJCCFLOU©NJ
Z©NJKK³
RNCPVC
CNNCFQFGTGEJQM©©¡PF©TLC¡M
FGTTCOCTXVPW¡CC¡
N¯SWKFQITCPQQRQNXQ
UGTFGTTCOCFQVCLCCPC¡
UQDTGWPCRGTUQPC
FGUCDTQEJCTXVUKUDJKQ¡MC¡
FGUCTTQNNCTXVXRTPNI©¡NJKC¡
KKRW³KC¡
RNCPVC
FGUCVCTXVDJKRRKQ¡MC¡
DWNJKQ¡MC¡
EQORNCPKO
DQK³MKFJC¡
CHWGT\CU
DJKRRKQ¡MFJC¡
RCTCQVTCRGTUQPCQCPKOCN
FGUCVQTCTXVUCK¡DJKQ¡MC¡
UCK¡DJKQ¡MFJC¡
RCTCQVTCRGTUQPC
FGUC[WPCTXVIW¡ZFJC¡
FGUDCTCVCTXVMCLCCPC¡
FGUECPUCTXKL©©RFJC¡
L©DVQ¡³FJC¡
VQOCPFQCKTGHTGUEQ
FGUEGPFGPEKCHVCLCC³K¡
FGUEQDKLCTXVK³DJKQ¡MC¡
FGUEQNQTKFQFGUEQNQTKFCCFLMQQOC¡
'&+%+•024'.+/+0#4`
'52#“1.6'2'*7ƒ0
FGUEQORQPGTXVXRTPNZKEJWK¡FJC¡
CRCTCVQQ
XGJ¯EWNQ
FGUEQTVG\CTXVMQORKIC¡
FGUEQUGTXKVCKM³KC¡
TQRC
FGUFGRTGRF©T
NWICTQVKGORQ
FGUFGJCEGOWEJQVKGORQDCL©MF©T
FGUGCTXVCC¡
JCEGTCNIQ
FGUGEJCTXVOCK¡DWC¡
FGUGPTGFCTXVDJKRRKQ¡MC¡
DJKRRKQ¡MFJC¡
RCTCQVTCRGTUQPCQCPKOCN
MCLCCPC¡
WPCHKDTC
FGUGPVGTTCTXVMQQMDKC¡
FGUICUVCTXVZKDWC¡
DKQPC¡
TQRC
FGUITCPCTXVM©NJDC¡
OC¯\
FGUJCEGTXV
SWGUGFGUJCEGH£EKNOGPVGLC¡³FJC¡
FGUJKNCTXVLWRPC¡
FGUJKNCFQFGUJKNCFCLWRCC³
SWGUGFGUJKNCH£EKNOGPVGLWR³K¡
FGUJKPEJCTXVXRTPNLCIKC¡
FGUJQLCTXVMCTPC¡
FGUKIPCTXVKKOEJWFC¡
CQVTCRGTUQPCEQOQ
JGTGPEKC
FGUOQPVCTXVZKMWCPC¡
RCTCDCTDGEJCT
FGUPWFCTXVMWCPC¡
FGUPWFQFGUPWFCFJCCRCM
FGUPWVTKTUGXRTPN
FGUPWVTKFQFGUPWVTKFCFJ©©DJCZ
FGUQTFGPCTXV
GUVCTFGUQTFGPCFQGUVCTFGUQTFGPCFCFC¡DKZ
FGURCEKQCFXUCCNJ
FGURGFKTXVXRTPN³KQ¡MFJC¡VCDWKOIKFJC¡
FGURGICTXVDJK¡URKQMC¡
UKUDJKQ¡MC¡
TQRC
MWCPC¡
EWDKGTVQ
FGURGLCTXVQ³KC¡
EKGNQ
FGURGLCFQFGURGLCFCWC³
EKGNQ
FGURGTFKEKQO
FGURGTFKEKQUMQK¡DJCT
FGEQOKFC
FGURGTVCTXV³K³KC¡
³K³KKEJFJC¡
EQORNCPKO
V©IKC¡
[CNKUVQRCTCNGXCPVCTUG
SWGFCTUGFGURKGTVQV©V©IKC¡
FGURKPVCTXV
SWGUGFGURKPVCWC³K¡
H£EKNOGPVG
FGURKQLCTXVP©©NJFJC¡
FKGPVG
FGURW«UCFXICVWWM
O©MMCV
FGWPTCVQ
FGUVCRCTXVK³DJKQ¡MC¡
V©K¡DJKQMC¡
EQDKLCQTGDQ\Q
FGUVKNCTXVDWWUCKFJC¡
OG\ECN
O©NJKKEJFJC¡
FGUVKPQO
UKPFGUVKPQICOO©L©
FGUVTWKTXV
FGUVTWKTEQPHWGIQO©KFJC¡
FGUXCKPCTXVMCKRIC¡
FGUXKCEKµPH
FQPFGJC[WPCFGUXKCEKµPUC¡TCM
GPGN
ECOKPQ
FGUXKCTXVUC¡TMCFC¡
FGNECOKPQRTKPEKRCN
UKPFGUXKCTLKTOCC¡P
FGU[GTDCTXVDQQR³KC¡
\CECVG
«RQECFGFGU[GTDGDQQ³DJCM
LWNKQ[CIQUVQ
FGVGPGTXVUQQ¡OFJC¡
M©MDQ¡
UWLCPKO
FGVGPGTGNOQXKOKGPVQM©©UC¡
EQORNKPCP
FGVT£UCFXD©©RICPF©T
PQUGXG
FGVT£UFGICVWWMF©T
UWLCPKOD©©DJK¡
FGWFCH
VGPGTFGWFCUWC¡VWNJFJC¡
FGXQNXGTXVLC¡MDWC¡
LC¡MDWKFJC¡
CQVTCRGTUQPC
FQ¡³EJKFJC¡
CNFWG³Q
FQ¡³EJQ¡
CUWNWICTEQORNKPCP
F¯COVCPQQNJ
CNI¼PF¯CRCK¡FJWWM
EQTVQF¯CCNJK¡EJEJCPQQNJ
KPXKGTPQ
EWCNSWKGTF¯CRCK¡PCR©ZFJWWM
FGF¯CVCVCCD
F¯CNCTIQIÀ¡VCPQQNJ
XGTCPQ
FWTCPVGGNF¯CVCVCCD
GNF¯CGPSWGLCPQ¡
GPGUVQUF¯CULC¡MKC¡P
JCEGVTGUF¯CUDCUOWVCMCCD
NNGICTCN¼NVKOQF¯CLWTWW³FJC¡
FGNOKVQVG
RTKOGTF¯CFCKEJCO
FGNOKVQVG
UGT¼NVKOQF¯CLWTPKC¡
FGNOKVQVG
FKCDNQOLC¡QQM
FKCTTGCHDCMDWKFJC¡
VGPGTFKCTTGCDCMDW¡
FKDWLCTXVLWRPC¡
LWR³KFJC¡
RCTCQVTCRGTUQPC
FKGPVGOVCCVCO
'&+%+•024'.+/+0#4`
FKG\
'52#“1.6'2'*7ƒ0
FKG\CFLOCODJ©©Z
FKH¯EKNCFLZKLCK
JCEGTUGFKH¯EKNZKLCKEJFJC¡
FKHKEWNVCFH
EQPFKHKEWNVCFF©MQQ
FKNCVCTXVO©©MKFJC¡
FKNWKTXVDCTIKFJC¡
N¯SWKFQ
FKPGTQOVWWOK³
VCCK¡
RCTCUWDUKUVKT
FKTGEVQFKTGEVCCFLU©NJ
FKTGEVCOGPVGU©NJ
FKUEWVKTXV³KQMDQ¡
³KQMDQKZFJC¡
RCTCRTQXQECT
FKUHTC\CTXVLWRCCDFC¡
FKURCTGLQCFLEJWDCKMMCOK¡
NWICTEQPFGRTGUKQPGU
QJWPFKOKGPVQU
FKURWVCHMQMFC
FKUVTCGTXVVWMCC¡³FJC¡
FGNQSWGFGDGFGJCEGT
FQDNCTXVPCCURC¡
FQDNCFQFQDNCFCFJWOCCTCM
JCEKCCDCLQUWL
KPCP
FQDNGCFLIQQMLC¡MDWK¡
FQNGTXK
SWGFWGNGEJWMQ¡M
EWGTRQGPVGTQMQ¡M
WPC
RCTVGFGNEWGTRQ
SWGGORKG\CCFQNGTMQ¡MNJKC¡
FQNQTO
SWGECWUCFQNQTMQ¡MQO
UGPVKTFQNQTO©KFJC¡
EQPCNIQECNKGPVG
FQOGUVKECTXVUQK¡PVC¡
CPKOCN
FQOGUVKECFQFQOGUVKECFCUQK¡³EJKZKO
CPKOCN
UCNXCLG
FQOKEKNKQOMK¡CCO
EQPGNVGTTGPQ
EQTTGURQPFKGPVG
FQOKPIQOVWOKK³MWVC¡O
FQPFGCFXPCRCK¡
GPFQPFGRCK¡
RQTFQPFGRCK¡
FµPFGCFXRCC
CFµPFG!RCLC¡M
FQPFGSWKGTCCFXRCK¡PCR©Z
FQTOKTXKMQZKC¡
MQOEJKC¡
LWPVQCNCNWODTG
FGLCTFQTOKTMQQZEJWFC¡
RQPGTCFQTOKTMQQZEJWFC¡
FQTUQO
CNFQTUQLC¡MF©T
FQUCFLIQQM
FQUXGEGUIQQMKO
FQUGPFQUIQ¡IQM
FQUXGEGUO£UIQQMLC¡MDWK¡
FGNQUFQUNCFQUD©ZZKMF©T
FWG³QFWG³COHMKQMCO
FGNCECUC
FWG³QUFWG³CUQK¡³MCO
FGNCECUC
FWNEGCFLOCKMCM
FWTCDNGCFLMCDCCM
M©©¡
FGECNKFCFQFGECT£EVGT
&WTCPIQ-QTKCP
FWTC\PQOVWTCCUPQ
FWTQFWTCCFLMCDCCM
EJWMCDCCM
£TGC
MQDMQNJ
HTWVC
JCEGTUGFWTQJCEGTUGFWTCIWDMC¡
EQUCFG
HQTOCRNCPCMCDMC¡
'
GDTKQGDTKCCFLOCKO
GEJCTXVDWC¡
DWKFJC¡
CQVTCRGTUQPCQCPKOCN
DWKFJC¡
EQUCUITCPWNCFCU
KKEJC¡
ITCPQUGPWPTGEKRKGPVG
GEJCTCIWCDCF©K¡FJC¡
GPEKOC
GENKRUGO
JCDGTGENKRUGUQNCTVWOVWMICOVC¡
GLQVGO
GLQVGUOCOQKMDJCD
GNGXCFQGNGXCFCCFLVÀD
FGGUVCVWTC
GNQVGOLWPDCC¡
«RQECFGGNQVGUVQQOQM
QEVWDTG
SWGJC[GNQVGUMCK¡O
OCFWTQU
GNNQNCNQUNCUCTVIW
FJK¡
XKUKDNGIWK¡
PQXKUKDNG
FJK¡³K
XKUKDNGGURGEKH¯EQIW¡³K
PQXKUKDNG
GURGE¯HKEQ
EQPNQSWGPCM©¡P
NQSWGPCL©¡M
NQSWGUGCVW¡PCR©Z
«NGNNQGNNCGNNQUGNNCURTQPIWK¡
PQXKUKDNG
FJK¡
XKUKDNG
GODCUVCTXVUKKURC¡
GODQTTCEJCTXVOCKOVWFC¡OCKOW¡VWMIKC¡
GODQVCTXV
GODQVCFQGODQVCFCEJCRQ¡ZK¡
HKNQ
GODTKCICPVGCFL
'&+%+•024'.+/+0#4`
'52#“1.6'2'*7ƒ0
DGDKFCGODTKCICPVGLKZLWWMCNJICO
GORCECTXVICCOW¡
GPWPOQTTCN
GORCEJCTXVVQZMQ³KC¡
GORCEJCFQGORCEJCFCEJQZMQ³KOKK¡OEJWO
GORCRCTXVMCRCK³C¡
GORCRCFQGORCRCFCMCRCK³
EQORNGVCOGPVG
GORCTGLCTXVUQDMQPC¡
OCFGTCQRKGFTC
GORCTGPVCTXKKKOKC¡
GORG\CTXVV©DICVC¡
V©DICZFJC¡
CNIQRCTCQVTCRGTUQPC
GORQNNCTXVDQK¡URC¡
ICNNKPC
GORWLCTXVPWK¡³³C¡
GPRTGRCODJCCP
LC¡R
£TGC
LC¡M
EKGTVCRCTVGFGNF¯C
MC¡O
WPTGEKRKGPVG
ÊTCO
RCTVGFGNEWGTRQ
VC¡O
NCUWRGTHKEKGFG
V©T
CFGPVTQ
GPNCUWRGTHKEKGFCCOCP
UµNKFQ
GPECLCTXVM©©M©KFJC¡
GPECPKLCTXVXRTPN
GPECPKLCFQGPECPKLCFCFJC¡DK³
CPKOCN
GPECPVCTXVLQQLQK¡³
GPEGPFGTXVO©KEJFJC¡
EQPEGTKNNQQECTDµP
NKOCFGGPEGPFGTVCCK¡
GPEGTTCTXVMWWRC¡
MWWRFJC¡
RCTCQVTCRGTUQPC
GUVCTGPEGTTCFQGUVCTGPEGTTCFCPMWWR
UWL
CPKO
GPEKOCCFXOCCZKM
GPEKOCFGCO
RCTVGFGNEWGTRQÊTCO
RCTVG
FGNEWGTRQFCCOFCCOF©T
GPEKPQOVWC
DKKEJWC
FGJQLCUCPIQUVCU
EQPOWEJQUGPEKPQUEJWVWC¡
SWGJC[GPEKPQUEJWC¡
ÎRWNOµPFGGPEKPQÏLCDMCNJK¡³
GPEQIGTXVUQ¡NJMC¡
GPEQIKFQGPEQIKFCZQ¡NJKM
SWGUGGPEQIGH£EKNOGPVGZQ¡NJMCNJK¡
GPEQPVTCTXVXRTPNV©IKC¡
PCOMKC¡
CWPCRGTUQPC
C¡[C¡
UWLRNCPKO
FCC
GPWPNWICTJCDKVWCN
GPFGTG\CTXVU©©UUC¡
RNCPVC
U©NJ³C¡
CNIQNCTIQ
U©©ZZKFJC¡
RNCPVCRCTCQVTCRGTUQPC
GPVTG
GPFWN\CTXVMKRK¡EJFJC¡
RKPQNGRCTCQVTC
RGTUQPC
GPHCFCTXVVQQ³FJC¡
GPHCFQO
SWGECWUCGPHCFQEJWVQQ³FJCO
RQVGPEKCNOGPVG
GPHCFQUQGPHCFQUCCFLEJWVQQ³FJCTC¡
GPHGTOCTXKCC[C¡
GPHGTOGFCFHMQ¡MFCK¡
GPHGTOGFCFNGXGQKT©FCO
GPHGTOQGPHGTOCCFLMC¡QQM
GPHNCSWGEGTXKICMOW¡
GPHTKCTXVL©RNJKC¡
L©RNJKZFJC¡
RCTCQVTCRGTUQPC
SWGUGGPHT¯CT£RKFCOGPVGL©©RNJK¡
GPIC³CTXVOCK¡EJKC¡
GPOQJGEGTXVMQPDK¡³EJC¡
GPQLCTXVDJCCOW¡
GPQLCFQGPQLCFCM©¡©©¡P
VQFQGNVKGORQ
DJCCO
SWGUGGPQLCH£EKNOGPVGDJCCOFCTC¡
GPQLµPGPQLQPCCFLC¡NJOC
RQTSWGPQSWKGTG
GUVCTUQNQ
GPTGFCFGTCCFLHDCRRCPDCRRC³K¡
NNGPQFGGPTGFCFGTCUEJWCUMK¡
£TGC
GPTGFCFQTGPTGFCFQTCCFLODCRRC³K¡
GPTGFCTXV
GPTGFCFQGPTGFCFCEJCMUC¡
GPTQNNCTXVDJKKDIC¡
JKNQUQICQCNCODTG
GPTQNNCFQGPTQNNCFCZKFJQQNJ
GPUCPITGPVCFQGPUCPITGPVCFCCFL©¡TOC¡
GPUCTVCTXV©ZMWPC¡
EQPRCNQQCIWLC
GPUG³CTXVCC¡³FJC¡OCOVWZFJC¡
GPUKNNCTXVWNJ³C¡
WPCPKOCN
GPUWEKCTXVMQQOIKNJKC¡
EQPRQNXQQEGPK\C
VWMNJKC¡
GPVGPFGTXV
H£EKNFGGPVGPFGTZKOMCKOC¡
GPVGTCTXVXRTPNOCEJKC¡
CXKUQQPQVKEKC
GPVGTQGPVGTCCFL
GPVGTCOGPVGCVVKKTW
EKTEWPUVCPEKCPGICVKXC
GPVGTTCTXV[CCURC¡
M©MDQ¡
EQUCRWPVKCIWFC
GPVTCFCH
GPNCGPVTCFCMK¡³IQD
GPVTCTXKDCMKC¡
UWLCPKO
GPVTGRTGRV©T
OWEJCUEQUCUUGOGLCPVGU
UCC¡³FJCP
FQPFGGUV£PRCTCFQU
'&+%+•024'.+/+0#4`
GPVTGICT
'52#“1.6'2'*7ƒ0
GPVTGICTXVFQ¡³EJKFJC¡
CNFWG³Q
GPXGPGPCTXVOCKOVWFC¡
RC¡EJOCFC¡
VTCORC
GRC\QVGORCCUWK¡EJ
«RQECH
«RQECFGFGU[GTDGDQQ³DJCM
LWNKQ[CIQUVQ
«RQECFGGNQVGUVQQOQM
QEVWDTG
«RQECFGNNWXKCUFWWFWMV©¡PIKCM
FGLWPKQC
UGRVKGODTG
«RQECFGRK\ECQ¡TCDJCM
PQXKGODTG
«RQECFGUGSW¯CVCCDJCM
FGFKEKGODTGCOC[Q
«RQECFGUKGODTC©¡ZKCDJCM
LWPKQ
GTWEVCTXKLCTVWIKC¡
GUECRCTXKOCK¡O©NJKC¡
FGLCTGUECRCTPCMIC¡
EQORNCPKO
GUECTCDCLQO
ÎGUECTCDCLQFG\QRKNQVGÏVQDCCICK³DW
VKRQFG
JQPIQ
GUECTDCTXVLKKDC¡
GUECTFCTXVLKOEJWFC¡
EQPCTCFQUKPCNGVCU
VWK¡EJFJC¡
EQPCTCFQEQPCNGVCU
GUEQDCHDQZMCT
GUEQIGTXVFCCUC¡
CWPECPFKFCVQ
GUEQPFGTXV©ZEJQ¡
©ZEJQKFJC¡
FGQVTCRGTUQPC
Q¡³EJQ¡
UWLCPKO
Q¡³ZKFJC¡
EQORNCPKO
CGUEQPFKFCU©ZEJWKZKO
GUETKDKTXVWC¡PC¡
WC¡³ZKFJC¡
CQRCTCQVTCRGTUQPC
CXKUQGUETKVQW¡WCP
GUEWEJCTXVMCC[C¡
GUEWRKTXKZKZDW¡
GUEWTTKFK\QGUEWTTKFK\CCFLFJC¡PRKM
GUGGUCGUQUGUCUCFLFJK
GURGE¯HKEQ
FJK¡³K
XKUKDNGGURGEKH¯EQ
«UGGUQ«UC«UQU«UCURTQPFJK¡
XKUKDNGIWK¡
PQXKUKDNG
FJK¡³K
XKUKDNGGURGEKH¯EQFJK¡RWK¡
OKUOQ
EQP«UGEQPGUQEQP«UCEQP«UVQUEQP«UVCU
FJK¡M©¡P
NQSWGVTCG
RQTGUQRWK¡MWDC¡PCDC¡
GUH«TKEQGUH«TKECCFLMCDWWNJKM
GUHQT\CTXVXRTPNFCMQQ¡³FJC¡
UKPGUHQT\CTUGLC¡RR©Z
GUOGTGLµPO
GUOGTGLµPEQNWFQVQDJCCD
ICXKN£PRCLCTGTQ
GUOGTKNOOWC¡MCT
GUµHCIQODCM
GURCNFCHMQO
FGGURCNFCULC¡MF©T
GURCPVCTXVEJQQ¡PPKC¡©¡PMKCVC¡VQQ¡PPKC¡
GURC³QNOMCUVKKN
GURGTCTXVP©©TC¡
EQORNCPKO
GURGUQGURGUCCFLLCTCCO
N¯SWKFQ
GURKIWKNNCH
SWGVKGPGVGNCFGGURKIWKNNCZ©¡U©NJKM
GURKPCHLQK¡
SWGVKGPGGURKPCULQ¡KK¡
GUR¯TKVWOKK¡OFC¡
GUR¯TKVWOCNQVQQDQNJKM
GURQNXQTGCTXVDWKFJC¡
GURQPLCTXVLCDMC¡
OCUC
MCLCCPC¡
WPCHKDTC
MQDMQ¡
GURQPLCFQGURQPLCFCMQVIKZ
RNWOCLGEWCPFQ
GUV£GORQNNCPFQWPCXG
GURQUCHLQQ³K¡
GURQUQOMWP
GURWOCHVQMUQ¡
SWGJCEGGURWOCEJQMUQNJK¡
SWGVKGPGGURWOCEJQMUQ¡
GURWOCTXKVQMUQNJKC¡
JCEGTGURWOCTVQMUQNJFJC¡
GUVCDNGEGTXVCCIC¡
EQOQEQUVWODTG
GUVCECHUQPFJK³MCT
GUVCNNCTXKZKR³KC¡
GUVCPECTXKUWW¡P
CIWC
GUVCTXKVWK¡FJK¡
XKLWTWW³FJC¡
GPWPNWICT
XKFCC
GPWPNWICTJCDKVWCN
XKQKNJKC¡
CPFCPFQ
XM©©M
RCTCFQRWGUVQQENCXCFQXGTVKECNOGPVG
XKVWWV
RCTCFCUEQUCUO£UCNVCUSWGCPEJCU
GUVGGUVCGUVQUGUVCUCFLFJK
GURGE¯HKEQ
FJK¡³K
XKUKDNGGURGEKH¯EQ
«UVGGUVQ«UVC«UVQU«UVCURTQPFJK¡
XKUKDNG
IWK¡
PQXKUKDNG
FJK¡³K
XKUKDNGGURGEKH¯EQFJK¡RWK¡
OKUOQ
EQP«UVGEQPGUVQEQP«UVCEQP«UVQUEQP
«UVCUFJK¡M©¡P
NQSWGVTCG
GUVK«TEQNODJKKEJ
GUVKTCTXVDCKUU©PC¡
DCKUU©³FJC¡
RCTCQVTCRGTUQPC
U©©UUC¡
CNIQNCTIQ
GUVµOCIQODQQM
'&+%+•024'.+/+0#4`
'52#“1.6'2'*7ƒ0
GUVQTPWFCTXKDJKZEJ©MKC¡
GUVTGNNCHEJK¡©©¡
GUVTGNNCFGNCVCTFGUWWUCMPCCM©O
GUVWEJGOICCOMCT
DCI©©U
RCTCIWCTFCTHNGEJCU
GUVWFKCPVGO
UGTGUVWFKCPVGKUMQGNVC¡
GUVWFKCTXVOCOVWZFJC¡
GZCEVQGZCEVCCFL
GZCEVCOGPVGCOR©Z
PKO£UPKOGPQUCOR©M
GZECXCTXVMQQMDKC¡
GZETGOGPVQODJKKEJ
GZKIKTXVFCK¡EJFJC¡FCMQQ¡³FJC¡
GZKUVGPEKCH
GUVCTGPGZKUVGPEKCLCK¡EJ
«ZKVQO
UKP«ZKVQV©KRWR
GZRGTKGPEKCH
SWGVKGPGGZRGTKGPEKCOCVFC¡
GZRNKECTXVCC¡³FJC¡
GZRTGUCTXVXRTPNPQMKC¡
EQPRCNCDTCU
GZVGPFGTXVXRTPNFCIKC¡
NCOCPQRCTC
UCNWFCT
IKQRPC¡
UKPEWKFCFQFGUQTFGPCFCOGPVG
R©ZEJ©TPKC¡
HWGIQNKVUGQ[GCTFGT
U©NJ³C¡
CNIQNCTIQ
ZKDQQTMC¡
TCOCU
ZKMQQTMC¡
FGNECRWNNQRNCPVC
GZVKPIWKTXVLCIKC¡
NG³CQJKGNQ
VWMKC¡
NWODTGQOQVQT
GZVTCGTXVLWRPC¡
LWR³KFJC¡
RCTCQVTCRGTUQPC
DCZDJC¡
N¯SWKFQFGCDCLQJCEKCCTTKDC
(
H£EKNCFL
H£EKNFGGPVGPFGTZKOMCKOC¡
HCLCTXVDJKURC¡
EQPWPCEKPEJC
GUVCTHCLCFQGUVCTHCLCFCDJKKUCR
HCNFCHKRWWT
HCNVCTXKCCIC¡
VKGORQ
SWGNGHCNVCEJWC¡IKO
UCNQC\¼ECT
SWGNGHCNVCUCNDCUFCM
HCOKNKCTCFLOLCFWW³
HCXQTO
HQTOC
CHCXQTFGC¡OMCO
HGEJCH
HKLCTHGEJCVWFCCUC¡
RCTCKPKEKCTGNOKVQVG
HGQHGCCFLDWKEJ©M
DWCO
OCPGTC
HGTQ\CFLDJCPCC¡
HKCTXVCDKCTW¡
HKGDTGH
FCTHKGDTGL©DCCOW¡VQPKK¡³EJWFC¡
VGPGTHKGDTGVQK³FJKC¡
HKGTTQODCK³WO
HKGUVCH
JCEGTWPCHKGUVCRKCUVCVC¡
HKLCTXVXRTPN
H¯LGUGV©©¡
HKNCH
GPHKNCUCMCCNJ
HKNQUQHKNQUCCFLOW¡WWM
HKPO
CHKPGUFGLWOV©©OQKFJCM
HKPQHKPCCFLDKK
HKTOCOGPVQOLKZFJCCO
HKTOGCFL
GUVCTHKTOGZKM©MMC¡
GPUWQRKPKµP
HNCEQHNCECCFLICM
HNCOGCTXKP©PDJKMKC¡
NWODTG
HNCWVCH
HNCWVCFWNEGVKTKOKCZ
JGEJCFGECTTK\QDNCPFQ
HNGEJCHW¡WW
HNGZKDNGCFL
SWGGUHNGZKDNGEJCOQOKKM
NKVPQUGSWKGDTC
HNQLGTCH
SWGVKGPGHNQLGTCQQ¡P
HNQLQHNQLCCFLFJWUCCTCMFJWUCCTCO
FGOCUKCFQHNQLQFGOCUKCFCHNQLCLWCTCM
GUVCTHNQLQGUVCTHNQLCFJWUCCTCOM©©M
HNQTH[QQZK¡
HNQTFGNÎHTKLQNFGTCVµPÏDCU©M[QQZK¡
GLQVG
UKNXGUVTG
HNQTFGOCIWG[LWNJKKM
HNQTGCTXVMQDMQ¡
HNQVCTXKDJ©©[C¡
VTCVCPFQFGPCFCT
HNWKTXKDWWUPKC¡
N¯SWKFQ
HQPFQOVWWMCDK¡
CNHQPFQVWWMCD
HQTOCH
FGKIWCNHQTOCOK¡RWK¡
'&+%+•024'.+/+0#4`
HQTOCT
'52#“1.6'2'*7ƒ0
FGSW«HQTOCPCLCZLC¡M
HQTOCTXVLWRFW³KC¡
EQUC
LWRFWK³FJC¡
RCTCQVTCRGTUQPC
HQTOCFQUHQTOCFCUR©ZEJ©D©©R
GPWPCHKNC
HQVQITCH¯CHFKVTCCVQ
HTCEVWTCTXVQOPC¡QO³KC¡
HT£IKNCFL
EQUCHT£IKNLCKMICO
HTG¯TXVOCPVGGMOCFC¡
GPOCPVGEC
HTGPKNNQORKTKK³
FGECDCNNQ
HTGPVGHMQD
HTGUEQHTGUECCFL
SWGGUV£HTGUEQL©DQQ¡
VKGORQ
HTKLQNODJCD
ÎHTKLQNFGTCVµPÏDCU©MDJCDKK¡
GLQVGUKNXGUVTG
HT¯QHT¯CCFLOL©©RK¡³
RQPGTUGHT¯QL©©RFJC¡
CODKGPVG
SWGJCEGHT¯QL©©RK¡³
SWGVKGPGHT¯QL©©¡O
VGPGTOWEJQHT¯QI©DMC¡
UWLCPKO
HTWVCHDJCKFJC¡
EQOGUVKDNG
NNGPCFGHTWVCKKDJCKFJC¡
RNCPVC
SWGFCOWEJCHTWVCKKDJCK¡³EJCNJK¡
HTWVQOKKDJCKFJC¡
FCTHTWVQLQKFJC¡
RNCPVC
PQFCTOWEJQHTWVQZKOFCC¡
RNCPVC
SWGFCHTWVQZWWNJIK¡
VGPGTHTWVQFCC
RNCPVC
HWGIQO
FGUVTWKTEQPHWGIQO©KFJC¡
HWGTCCFXF©©TCRF©T
FGNCECUC
HWGTVGCFLQQ¡
EJWMWWO
EQNQT
GUV£HWGTVGEJQQOK¡
H¯UKECOGPVG
HWGT\CH
VGPGTHWGT\CUWHKEKGPVGPCMIC¡
RGTFGTHWGT\COCOQKMC¡³FJC¡
H¯UKEC
HWOCTXVF©©¡PPKC¡
RKRC
SWGHWOCOWEJQFJ©©³OWM
HWOKICTXVMWOW¡TC¡
EQPJWOQ
HWPFCHICCOMCT
DCK³
FGRKGNQFGRN£UVKEQFWTQ
JCEGTHWPFCDCK³EJWFC¡
FGRKGN
)
ICEJCH
JCEGTICEJCULKKDC¡
FGRKPQNG
ICNNKPCHVCMCCTWK¡WDKKVCMCCTWK¡
ICNNQOM©NJKKVCMCCTWK¡VCMCCTWK¡
ICPCTXVOCK¡EJKC¡
DJCK¡DEJKC¡
CNVWTCQFKUVCPEKC
DJ©©[C¡
KTCEKGTVQNWICTTGIKQPCNKUOQ
ICTICPVCHMWKMWZDQ
ICTTCHLWWV
CPKOCN
ICT\CH
ICT\CITKUDCMQQP
ICUVCTXVDWC¡
ICUVCFQICUVCFCDKQPC¡
TQRCM©NJK¡³IC¡P
RQTOWEJQWUQ
ICVQICVCOHOKUVWK³
ICVQOQPV«UOKUVWTCDJQQP
IGPVGHLC¡VMCO
IGTOKPCTXKDWWUPKC¡
RNCPVC
IQDGTPCFQTOLKZMCK¡
VTCFKEKQPCN
IQNRGO
FCTIQNRGUUQQUPKC¡
EQPCNIQFWTQRCTC
JCEGTNQ£URGTQ
IQNRGCTXVI©DKEJRCIC¡
UQK³EJKC¡
EQPJCEJC
LWWMC¡³FJC¡
OQFKUOQ
IQTFQIQTFCCFLFJWC
FJWCMCO
RQTOWEJQVKGORQ
IQTTCHLCPPWNJDQPCCO
IQ\QUQIQ\QUCCFLL©©MK¡
ITCEKCUHVCZEJCCD
ITCEKQUQITCEKQUCCFLL©©OKO
ITCPFGCFLIÀ¡
ITCPGTQODQRVQ¡
ITCUCH
ITCUCCPKOCNQDCC¡
ITCUKGPVQITCUKGPVCCFLIKQ¡
ITCXGCFLDJ©KZ
FGGPHGTOGFCF
RQPGTUGITCXGZKDJ©©[C¡
FGGPHGTOGFCF
ITKNNQOMCCNJKUQK
ITKRCHUQOCKIK¡
ITKUCFLMQQOC¡
MQQOUCNJ
CPKOCN
RQPGTUGITKUMQQOIKNJKC¡
EKGNQ
'&+%+•024'.+/+0#4`
'52#“1.6'2'*7ƒ0
ITKVCTXKLKK³MKC¡
LK³MCKFJC¡
CQVTCRGTUQPC
UCTCMMKC¡
FQNQTQUCOGPVG
ITWGUQITWGUCCFLMCDQQM
FGHQTOCRNCPC
UCTDJCM
FGHQTOCEKN¯PFTKEC
ITW³KTXKL©©TMKC¡
QTTQIKC¡
EGTFQ
IWCEKUOPCMWCNJ
IWCLGODCMWC
IWCLQNQVGIWCLQNQVCOVQDCC
IWCTFCTXVWNJ³C¡
DK¡FJC¡
EQOKFCRCTCQVTCRGTUQPCQCPKOCN
IWCTFKCH
GUVCTFGIWCTFKCPWWMFC¡
IWGTTCHL©IKCNJK¡
IWKUCTXV
IWKUCTEQPOQNGLWPOCFC¡
IWUCTEQPOQNGLWPOCZFJC¡
RCTCQVTC
RGTUQPC
IWKVCTTCHMKEJCCT
IWUVCTXVMQ¡TCCTQ¡
IWUVCTNGLQKFJC¡
EQORNCPKOLQQLQK¡³
OWEJQ
IWUVCTNGCPFCTLQKFJC¡
CPKOCN
IWUVCTNGEQOGT³CC
CCNIWKGP
IWUVQO
CIWUVQCO©TFCV
UKPPKPI¼PRGPFKGPVG
*
JCDGTXKLCK¡EJLCK¡EJFJ©NJKC¡
PQJCDGTJGEJQEJCMWK
JGEJQCNIQRQTOWEJQ
VKGORQ
UKJWDKGTCPQ¡
UKVWCEKµPUWRWGUVCPQRTQDCDNG
QPQRQUKDNG
JCDKNKFCFH
SWGVKGPGJCDKNKFCFOCCV©V
JCDKVCTXKMKQ
JCDKVCGPMCO
CPKOCNQRNCPVC
JCDNCH³K¡QQM
FGWPCRGTUQPC
JCDNCTXKC¡IC¡PQMKC¡
C¡IKFJC¡
CQVTCRGTUQPC
DWGPQRCTCJCDNCTCKZ
JCDNCTHWGTVGLK³MCKFJC¡
CQVTCRGTUQPC
SWGJCDNCDKGP³CDVC¡
UKPXGTI¾GP\C
JCEGTXVXRTPNFW³KC¡
FW³KC¡
NQPGEGUCTKQ
JKLQJKLC
FWK³FJC¡
NQSWGQVTCRGTUQPCRKFKµ
LCZFJW³KC¡
NQRGPUCFQ
LWRFW³KC¡
HQTOCT
LWRFWK³FJC¡
HQTOCTRCTCQVTCRGTUQPC
FQQFC¡
NQSWGUWIKGTGP
DWKFJC¡
FGNCOKUOCOCPGTC
JCEJCHDCK³FJCU
JCEJGCTXVUQK³EJKC¡
JCEKCRTGRLC¡M
EKGTVQFGUVKPQ
OWLC¡M
EKGTVQFGUVKPQ
JCEKCCDCLQC¡PUCRLC¡M
EQUCEQNICFC
JCEKCCE£DJCDJCK¡DJCLC¡M
JCNNCTXVV©IKC¡
JCOCECHTWTW¡Z
JCODTGH
RCUCTJCODTGWCOC¡
SWGVKGPGJCODTGDJKQ¡
JCUVCRTGRLWWI©V
JGEJK\CTXVF©©PMKFJC¡
FCK¡EJFJC¡
RCTCSWGUCNICFGNCECUC
JGNCTXVXRTPNI©DMC¡
UWLCPKO
M©DCK³C¡
RNCPVC
JGPFGTXVLCKMKC¡LCK³C¡
JGPFKFWTCH
SWGVKGPGJGPFKFWTCLCKM
JGTKTXVU©ZKC¡
RTQHWPFCOGPVG
JGTOCPQJGTOCPCOHZKKZ
OC[QT
ZKMW¡
OGPQT
UWJGTOCPQUWJGTOCPCZKQ¡IK¡³
OC[QT
U©RFJK¡³
OGPQT
UWRTKOQJGTOCPQUWRTKOCJGTOCPC
U©RFJK¡³
JKLQQJKLCFGNJGTOCPQQFGNC
JGTOCPCOGPQTFGNRCR£QFGNCOCO£
ZKQ¡IK¡³
JKLQQJKLCFGNJGTOCPQQFGNC
JGTOCPCOC[QTFGNRCR£QFGNCOCO£
JGTTCTXVDCK³OKEJFJC¡
EQPHKGTTQ
JGTXKTXVVQVRQMKC¡VQVRQZFJC¡
LKFJQQTC¡
EQOKFC
JGTXKTOC¯\DCMEJKC¡
UKPECN
JKGNQOM©D
RCTGEGJKGNQM©DCC¡
JKGTDCH
SWGVKGPGOWEJCJKGTDCZC¡KK¡
JKGTTQODCK³WO
J¯ICFQONWOCC¡P
JKIQO
VKRQFGJKIQDQQM©NJFJC¡
JKLQJKLCOHOCT
JKLKVCOKJKLCOCTCCZ
V«TOKPQFGECTK³Q
'&+%+•024'.+/+0#4`
JKNCT
'52#“1.6'2'*7ƒ0
JKLKVQOKJKLQEJKQ¡³
V«TOKPQFGECTK³Q
JKNCTXVDK¡³³C¡
NCPCQCNIQFµP
JKNQOLKKN
JKNXCPCTXVUKKURC¡
JKPEJCTXVXRTPNDCKI©MEJWFC¡DCKI©MKC¡
JKPEJCFQJKPEJCFCDCKI©M
JKPEJC\µPHDCKI©MK¡
JKRCTXKL©¡P©IKC¡
PWK¡³³C¡
OQFKUOQ
JKRQO
FCTJKRQL©¡P©IKC¡
JQEKEQOEJK³FCCM
JQICTOMKKEJCO
JQLCHW¡WCP
FGRCRGN
JQLCULCCLC¡
FGRNCPVCQ£TDQN
JQLCFGOC\QTECLCCVWM
JQNN¯POVWMTCFC¡
JQODTGOEJKQ¡³
JQODTQOMQVDQ
JQPFQJQPFCCFLEJWWM
CIWC
JQPIQOMWTCVOQ¡
TQLQEJKSWKVQ
VCCUPCTC¡
FGRKPQ
[CMWC
ITCPFGCOCTKNNQQTQLQ
JQPIQFGNÎGUVµOCIQÏDQQMC¡P
JQPIQGURQPLQUQMCRZKC¡
JQTCH
CGUVCUJQTCULC¡MKC¡P
JQTOKICHVCVQK³
JQTPQOQTPKNJ
FGDCTTQQRKGFTC
V©©¡PMCT
JQ[QGPNCVKGTTC
JQTSWGVCHV©VPQTC¡
GPWPCJQTSWGVCUC¡TCM
FGWP£TDQN
JQURGFCTXVV©DKCRVWFC¡
RCTCRCUCTNCPQEJG
JQ[CFXZKD
JQ[OKUOQZKDFJKEJCPQQNJ
JQ[QO
JCEGTWPJQ[QF©¡TC¡MQNJDKZFJC¡
RCTC
CNOCEGPCTGNCIWC
JQ\HLWWU
JQ\CTXVMQQMDKC¡
JWCTCEJGOUWWUCM
JCEGTJWCTCEJGUNKCTW¡
TGRCTCTJWCTCEJGUNKCTW¡
JWGNNCH
FGLCTJWGNNCVWOCCZ
XGTUGJWGNNCOCCZ
JW«THCPQJW«THCPCOHF©¡TOWWM
EJKXKVQJW«THCPQEJKXKVCJW«THCPCVWZKQ¡
SWG
OCOCFGQVTCEJKXCSWGPQGUUWOCO£
JWGUQOC¡QQ
JWGXQONCPMKK[W
FGCPKOCN
KPEWDCTJWGXQUDQK¡URC¡
ICNNKPC
JWKEJQNOHDKUW¡NJ
KPF¯IGPC
JWKFK\QJWKFK\CCFLO©NJOWM
CPKOCN
JWKTXKOCK¡O©NJKC¡
LKO©K³³QNJKC¡
RQTOKGFQ
JWOGFGEGTXVDCIKQOEJC¡
J¼OGFQJ¼OGFCCFLEJWDCIKQO
JWOKNFGCFLUQK¡
JWOKNFGOGPVGUQK¡
JWOQOMWWDJ©Z
GEJCTJWOQMWW¡OZKC¡
SWGGEJCJWOQMWW¡OZK¡
SWGJC[JWOQEJWMWW¡OZKOC¡
£TGCGZVGPUC
JWPFKTXVFWR³KC¡
JWPFKFC³QNJ
NCRCP\C
+
KFKQOCO³K¡QQM
KINGUKCHEJKQR
KIWCNCFLRWEJW¡O
CRCTKGPEKC
FGKIWCNHQTOCQOCPGTCOK¡RWK¡
FGKIWCNP¼OGTQLC¡MDWK¡
KIWCNCLC¡RRW¡³K
KIWCNEQOQLC¡RPCLCZ
KIWCNFGVCOC³QLC¡ZDWK¡
SWGGUKIWCNQK¡³
CQVTCRGTUQPCGPCNI¼P
CURGEVQ
KIWCPCHMK¡CCU
KOKVCTXVCC¡³ZKFJC¡
KORQTVCPVGCFL
RGTUQPCKORQTVCPVGIÀ¡MCO
KPEWDCTXV
KPEWDCTJWGXQUDQK¡URC¡
ICNNKPC
RQPGTCKPEWDCTDQQFC¡
CXG
KPFKECTXVCC¡³FJC¡
KPF¯IGPCOQ¡FCO
RGTUQPC
PQKPF¯IGPCPCCDCV
RGTUQPC
KPFµOKVQKPFµOKVCCFLDJCPICO
KPHGTKQTCFL
OCPF¯DWNCKPHGTKQTLCOM©U
KPHNCOCDNGCFLO©KFJC¡
'&+%+•024'.+/+0#4`
'52#“1.6'2'*7ƒ0
KPHQTOCTXVCC¡³FJC¡
KPKEKCTXVV©DICVC¡
V©DICZFJC¡
CNIQRCTCQVTCRGTUQPC
KPKEKCTOKVQVGVWFCCUC¡
EQOQRCTVKEKRCPVG
KPUVKVWKTXVCCIC¡
EQOQEQUVWODTG
KPUVTWKTXVOCOVWZFJC¡
KPUVTWOGPVQO
KPUVTWOGPVQOWUKECNUCCUDKMCT
KPVGNKIGPVGCFLEJ©DJ©KFJC¡
KPVGPVCTXV
KPVGPVCTEQPXGPEGTDK¡EJWNJFJC¡
CQVTC
RGTUQPC
KPVGTTWORKTXVDCZKLKOKC¡
EQVQTTGCPFQ
KPVGUVKPQO
KPVGUVKPQULKLKK
KPXKVCTXVDCKFJC¡
DCK¡³ZKFJC¡
CCNIWKGPFGRCTVGFGQVTCRGTUQPC
RCTCSWGXC[C
KTXKLKOKC¡
DJ©©[C¡
CEKGTVQNWICTVWK¡FJK¡
FGEKGTVC
OCPGTC
VWLKOKC¡
NCUEKTEWPUVCPEKCU
L©©DCPMC¡
RQTUWRTQRKCEWGPVC
DJK¡³³KC¡
CFQPFG[CPQUGXG
KTCEQUVCFQKTCEQUVCFCDQK¡EJI©FC¡
KTEQOKGPFQMWOKKFJC¡
EQUCUUGECUMQ¡KKFJC¡
KTEQTTKGPFQFCK¡EJI©FC¡
TGEKQ
KTOCUVKECPFQMWOKKFJC¡
EQUCUUGECU
KTUGPVCFQKTUGPVCFCFCKEJI©FC¡
KTXQNCPFQFCK¡EJI©FC¡
dXCOQUOCKM
V¼[[Q
KZVNGOQ¡T
OCIWG[RGSWG³Q
VQQO
HKDTC
K\SWKGTFQK\SWKGTFCCFL
CNNCFQK\SWKGTFQC¡PUCRF©TLC¡M
,
LCDCN¯OVQQZMQNJL©IKCTWO
LCDµPODCMWCPMCT
LCNCTXVV©©O©NJKC¡
EQPUQIC
LCO£UCFXL©¡ZFJC¡
LGHGLGHCOIÀ¡MCO
LGL«POVWMWWO
,GUWETKUVQOLKEJ:QK¡MCO
LKPGVGO
SWGGUDWGPLKPGVGFJCKFJC¡
NCFQ
LKVQOCVGOVWOKCNJ
LQXGPODKCROC¡
FGO£UFGC³QUFGGFCF
LWG\OLQKU
LWICTXKV©VDKC¡
DWCODWCFC¡
RCTCOQNGUVCT
LWIQODCCTIC¡P
FGHTWVCQXGTFWTCETWFC
NNGPQFGLWIQFGPCTCPLCPCTCCPMCUOC¡
SWGVKGPGLWIQDCTCC¡
HTWVCQXGTFWTC
LWIWGVGOV©VDKMCT
LWIWGVGCTXKQK¡FJC¡
WPQEQPQVTQ
LWIWGVµPOV©VDKMWO
LWKEKQO
RGTFGTGNLWKEKQVWMIKC¡
RQTNCECNGPVWTC
VGPGTLWKEKQV©¡³EJQ¡
LWPVCH
JCDGTLWPVCC¡IC¡
LWPVCTXVLWORCFC¡
D©PVC¡
UWLCPKO
VWDW¡[C¡
ITCPQU
PCOMKC¡
ECOKPQUQT¯QU
PCOMKEJFJC¡
FQU£TGCU
LWPVQLWPVCCFXD©©O
CEQORC³CPFQCQVTC
RGTUQPCQRGTUQPCU
LWPVQUOCCR
LWPVQCUQPRCP
LWPVQEQPLWPVCEQPD©PMCO
.
NCFGCTXVICKI©ZKC¡
DWNVQQECTIC
GUVCTNCFGCFCICKM©©M
EQUCCNVC
GUVCTNCFGCFQGUVCTNCFGCFCICKMCCV
EQUC
O£UCPEJCSWGCNVC
NCFGTCHICK
GPNCNCFGTCD©©ZICK
NCFQO
CNNCFQUCPQQR
CNNCFQFGUQPRCP
CNNCFQFGTGEJQM©©¡PF©TLC¡M
CNNCFQK\SWKGTFQC¡PUCRF©TLC¡M
CNQVTQNCFQDCCU©¡PF©T
FGNCTTQ[QFGNT¯QQFG
NCHTQPVGTCOQOMQTCP
OW[NGLQUPQUGXG
FGNQVTQNCFQMWW¡
EWCPFQGUV£CEQUVCFQUWL
CPKO
FGCSWGNNCFQDCCUF©T
FGWPCEQTFKNNGTC
D©©RICPF©T
PQUGXG
FGNQUFQUNCFQUD©ZZKMF©T
'&+%+•024'.+/+0#4`
NCFTµP
'52#“1.6'2'*7ƒ0
FGWPNCFQOCCRF©T
NCFQCNCFQMQ¡MOCT
RQTVQFQUNCFQUD©©ZZKMQQNJPCK¡
RQTWPNCFQICD©©NJ
FQPFGPQJC[ECOKPQ
ICMQQNJ
FGUXKCEKµP
NCFTµPO©ZMWO
NCFTµPNCFTQPCOH
SWGGUNCFTµPSWGGUNCFTQPC©ZDK¡
NCICTVKLCHDCF©©T
FGGUECOCUNKUCU
V©TQQM
FGGUECOCUFWTCU
N£ITKOCUHDWWRWKDCTCC¡
NCLCH
SWGJC[NCLCUCK¡
NCPCH
EQDKLCFGNCPCMCUPKTUC¡WC
FGDQTTGIQ
NCPCFGDQTTGIQMCUPKTDCRQQ
NCPIQUVCHMCDCCMUQK
KPUGEVQ
NCTIQNCTICCFLVÀD
FGNQPIKVWF
NCTKPIGHMWK
NCUVKOCTXVICDPC¡
RCTVGFGNEWGTRQ
NCVCHDJQQVK
OGV£NKEC
NCWTGNOWREJK¡WWNJ
RNCPVC
NCXCTXVDCMWCPC¡
EQORNKPCP
DCMWC³FJC¡
RCTCQVTCRGTUQPC
KMQKOFJC¡
NCUOCPQUQNCECTC
NC\CTXVIK¡CC¡
EQPUQICÎEJCXKPFCÏ
NGRTQPLWOÊO
CCR
GPH£VKEQ
NGULC
CGNNQULCO
CWUVGFGU
NGEJGHDKK¡O
NGEJGFGECDTCMCTDCZDKK¡O
NGEJGFGXCECDCCMDKK¡O
NGEJWIWKNNCHDK³DWK
VKRQFGCICXG
NGGTXVLK³MCKFJC¡
LK³MCKZFJC¡
CQVTCRGTUQPC
NGLQUCFXO©M
FGNGLQUO©MMCO
NGPIWCHP©©P
RCTVGFGNEWGTRQ
NG³CHMW¡CC¡
EQTVCTNG³CMWC¡IKC¡MWC¡³FJC¡
NGVTCHW¡WCP
OQFQFGGUETKDKT
NGXCPVCTXVDCOIKC¡DCOKK¡³FJC¡
SWGUGNGXCPVCVGORTCPQDCCOIK¡
NKGPFTGHUC¡QQ¡
SWGVKGPGNKGPFTGUZC¡QQ¡
NKIGTQNKIGTCCFLLCDQQM
NKIGTCOGPVGMKDCCT
NNWXKCEQPVKPWCRQTXCTKQU
F¯CU
NKLCTXVLKKDC¡
NKOCHL©¡MQNJ
NKOCFGGPEGPFGTVCCK¡
NKOµPOL©¡MQNJ
CIWCFGNKOµPL©¡MQNJDCC¡
NKORKCTXVDQZMC¡
EGTGOQPKCNOGPVG
M©©¡ORKIC¡
M©©¡ORKZFJC¡
RCTCQVTCRGTUQPC
M©©¡³FJC¡
Q³KC¡
VTCUVGUQTQRC
WCPC¡
UWRGTHKEKGQFGRGECFQ
WC³FJC¡
CQVTCRGTUQPC
ZKMWCPC¡
JKGTDCUKPUCECTNCTC¯\
NKORKQNKORKCCFLWC³
N¯SWKFQCNOCQGUR¯TKVW
N¯SWKFQO
N¯SWKFQEQTTGURQPFKGPVGDCTCC¡
NKUQNKUCCFLFJCCRCMFJCR³K¡FJC¡PRKM
NNCOCTXVV©©¡V©©VI©¡
DCKFJC¡
RCTCSWGXGPIC
LQQEJZKFJC¡
RCTCSWGXC[C
DCK¡³ZKFJC¡
CCNIWKGPFGRCTVGFGQVTCRGTUQPC
RCTCSWGXGPIC
NNCPQCFLOIKQV©T
.NCPQ)TCPFG)KQVCO
NNCPVCHTQK¡P
NNGICTXKCC[C¡
CC[C¡
CEQIGT
CKEJFJC¡
FKUVCPEKC
QKFJC¡
GPUGIWKFCFGURW«UFGQVTQ
JCEGTNNGICTCKEJWNJFJC¡
CQVTCRGTUQPC
CKEJFJC¡
NNGICTCN¼NVKOQF¯CLWTWW³FJC¡
FGNOKVQVG
NNGICT[TGITGUCTPQTIKC¡
NNGPCTXVXRTPNUWWFWKFJC¡
UWWFWKEJWNJFJC¡
RCTCQVTCRGTUQPCQCPKOCN
UWWFW[C¡
MQQDFC¡
FGEQOKFC
DKGPNNGPQ[CRTGVCFQDKGPNNGPC[CRTGVCFC
MCDMCOLKOFCO
NNGPCTFGCIWCDCK¡³FJC¡
RCTCQVTCRGTUQPC
NNGPQNNGPCCFLMQQDC¡P
FGURW«UFGEQOGT
ZKMQQTCM
.WPC
GUVCTNNGPCZKMQQTMC¡
.WPC
GUVCTNNGPQUWWFC¡UWW¡PI©O
NNGXCTXVDJ©KMC¡CKEJFJC¡
DJ©KFJC¡CKEJWNJFJC¡
CQVTCRGTUQPC
DCKFJKMC¡
EQPUKIQEQORNCPKO
DK¡³³C¡
RQTGNT¯QETGEKFQ
DJ©KEJFJC¡
VKGORQ
DJ©KZFJC¡
CNIQFGQVTCRGTUQPCUKPCXKUCTNG
'&+%+•024'.+/+0#4`
'52#“1.6'2'*7ƒ0
MWUDKMC¡
RQTOGFKQFGWPCEQNICFGTCGPGN
JQODTQQGPNCECDG\C
OQQVKMC¡
CRQ[CFQUQDTGNCECDG\CQGPNQU
JQODTQU
V©©O©NJKC¡
EQPUQIC
NNGXCTCIWCDCK¡³FJC¡
CQVTCRGTUQPC
NNGXCTCRCTVGDCCDW¡
RCTCJCDNCT
SWGTGTNNGXCTIC¡TCVW¡
GNFKCDNQOQFKUOQ
NNQTCTXKUWUWCMKC¡
UCTCMMKC¡
FQNQTQUCOGPVG
NNQXGTXKFWWFW¡
NNQXGTNKIGTCOGPVGMKDCCTQ¡
RQTXCTKQUF¯CU
SWGNNWGXGOWEJQFJWWMFC¡
NNWXKCHFWWM
«RQECFGNNWXKCUFWWFWMV©¡PIKCM
FGLWPKQC
UGRVKGODTG
NNGICTNC«RQECFGNNWXKCUV©¡PIKC¡
NQDQOU©©¡
NQFQUQNQFQUCCFLEJWFW¡PRKM
NWEK«TPCICHVCKDW¡
NWICTOMCR
GPNWICTFGC¡OMCO
NWODTGHVCK
EGTECFGNCNWODTGVCKMQD
RQPGTNWODTGPCCFC¡
.WPCHOCUCC¡P
NW\H
FCTCNW\F©DKC¡³EJWFC¡
/
OCEJCECTXVUQPDKC¡
OCEJGVGOOCZKKEJ
OCEJQOOCCEJW¡
M©NJKK
CXG
VWWT
CPKOCNPQCXG
OCFGTCHVCC¡ONC
OCFTGHPCCP
OCFTKPCHRC¡TKKP
OCFTQ³QOQMFJCO
OCFTWICFCHZKC¡NJKFJCM
COCPGEKGPFQ
GPNCOCFTWICFCMCVWMICD
CPVGUFGN
ETGR¼UEWNQ
OCFTWICFQTOCFTWICFQTCCFLDCCOIK¡³K³FJC¡
OCFWTCTXKMCDMC¡
MCKDJC¡
GNQVGU
DJCC[C¡
HTWVC
OCPIQ
MQDMQ¡
RCTEKCNOGPVGHTWVC
OQQOVC¡
VWD«TEWNQEQOGUVKDNG
OGVGTCOCFWTCTGPGNJQTPQDJCKFJC¡
HTWVC
SWGOCFWTCT£RKFQDJCKFJC¡
HTWVC
OCFWTQOCFWTCCFLOQQO
VWD«TEWNQ
EQOGUVKDNGDJCK
HTWVC
DKGPOCFWTCDJCKMCO
HTWVC
OGFKQOCFWTCMQDMQNJ
HTWVC
OCIWG[OOCK
EQTVCFQTFGOCIWG[GUOCKLKKMFCO
HNQTFGOCIWG[LWNJKKM
RGPECFGOCIWG[ZKOCCV
EQEKFC
OC¯\OLWWP
DCMEJ©M
JGTXKFQUKPECN
LCCM
VQUVCFQ
JGTXKTOC¯\DCMEJKC¡
UKPECN
OCNRTQPRCTDCP
KPEQORNGVQQFGHKEKGPVG
JCDNCTOCNCK¡EJWZFJC¡
FGCNIWKGP
OW[OCNRCTDCPR©Z
SWGGUOCNCUG³CNQ¡ZDK¡
OCNFCFH
SWGVKGPGCNIWPCOCNFCFMQQZK¡
RQTPQ
EQPHGUCT
OCNQOCNCCFLDWCO
GUR¯TKVWOCNQVQQDQNJKM
OCNVTCVCTXVDWCODWCFC¡
FC¡DK³C¡
CPKOCN
OCNVTCVCFQOCNVTCVCFCFJC¡DK³
CPKOCN
OCO£HPCCP
OCOCTXK
FGLCTFGOCOCTFQ¡³EJKFJC¡
OCPCPVKCNODKDKCVCO
OCPEJCTXVMQPDK¡³EJC¡
FGOQJQ
OCPEJCFQOCPEJCFCFJCNJZK¡³OC¡
OCPFCTXVEJK³KC¡
LQQVUC¡
CJCEGTQCNNGXCTCNIQ
LQQEJZKFJC¡
CQVTCRGTUQPC
OCPF¯DWNCH
OCPF¯DWNCKPHGTKQTLCOM©U
OCPGTCH
FGCNIWPCOCPGTCPCLCZFJWK
VKGORQRTGUGPVG
QHWVWTQ
FGEWCNSWKGTOCPGTCLCZPCR©ZLC¡M
FGKIWCNOCPGTCOK¡RWK¡
FGOWEJCUOCPGTCUCKZKO
FGSW«OCPGTCPCLCZLC¡M
FGSW«OCPGTC!LCZR©M
EWCPFQJC[FWFCFG
EµOQJCEGTCNIQLCZLC¡M
OCPIQOFCCUCTC¡
FGWPCJGTTCOKGPVC
'&+%+•024'.+/+0#4`
OCPKHGUVCT
'52#“1.6'2'*7ƒ0
OCPKHGUVCTXVCCIC¡
NQQEWNVQ
OCPQHPQD
OCPUQOCPUCCFLOCCPUW¡
OC³CPCHCFXMCDWKOWM
GPNCOC³CPKVCMCRDJWKOWM
EWCPFQGORKG\CC
COCPGEGT
OW[FGOC³CPCMCVWMICD
CPVGUFGN
ETGR¼UEWNQ
RCUCFQOC³CPCOCCZFJK
OC³QUQOC³QUCCFLLQK³OWM
OCRCEJGODCDQQM
OCTECHDCK³WO
FGNHKGTTQ
OCTECTXVDCK³OKEJFJC¡FCCUC¡
EQPHKGTTQ
OCTEJKVCTXVDJCCVC[C¡
RNCPVC
OCTEJKVQOCTEJKVCCFLDJCCVC¡
RNCPVC
OCTKRQUCHLQMOCT
OCTTCPQOVQQZMQNJ
O£UCFXFCOCP
RCTCEQPVCT
KQ¡O
RCTCEQORCTCT
FQUXGEGUO£UIQQMLC¡MDWK¡
O£UCNN£DCCU
UGXGDCCUF©T
PQUGXG
O£UQOGPQUKCOR©Z
PCFCO£UIW¡OQQ
PCFCO£USWGFCKPC
QVTQO£UQVTCO£ULWOCK©R
FGNCOKUOC
HQTOCQENCUG
WPRQEQO£UKCO
FKUVCPEKCRWR
ECPVKFCF
OCUCHVWK¡
FGOC¯\
LKKD
DCVKFCEQPCIWC
OCUEQVCHUQK¡
OCUVKECTXVDKR³KC¡
RCTCUCECTNGGNLWIQ
MK¡DKC¡
UKPVTCICT
MK¡DFJC¡
RCTCQVTCRGTUQPCQCPKOCN
MWMOKC¡
EQUCUUGECU
KTOCUVKECPFQMWOKKFJC¡
EQUCUUGECU
OCUVKECFQOCUVKECFCDKR³KZ
OCVCH
SWGJC[OCVCUOQ¡RQNJK¡
FGCTDWUVQUQ
\CECVG
OCVCFQTOMQQ¡PFCO
FGCPKOCNGU
OCVCTXVOW¡CC¡
OC[CVGOLKZMCK¡MQEJKC¡OCNJ
OC[QTCFL
GNOC[QTD©©R©¡MCO
RCVKQOC[QTLKEJQ¡PVCO
FGNOKVQVG
VTCFKEKQPCN
OC[QTFQOQOFW³DKC¡MCO
FGWPCHKGUVC
VTCFKEKQPCN
OC[QTFQOQRTKPEKRCNM©©MCO
FGNRCVKQ
EGTGOQPKCN
UGIWPFQOC[QTFQOQWOWCI©O
FGNRCV¯Q
EGTGOQPKCNNKVGNKPXKVCFQT
UGTOC[QTFQOQFWK³DJ©©[C¡
FGWPCHKGUVC
VTCFKEKQPCN
OC\QTECH
JQLCFGOC\QTECLCCVWM
OGRTQPLK³Ê³
CC³
GPH£VKEQ
OGFKCFQUCFL
COGFKCFQUFG©TDCPLKODJCM
OGUQUGOCPC
OGFKCPQEJGH
COGFKCPQEJG©TCCDVWMCC¡
OGFKQF¯CO
CNOGFKQF¯CLKZFJCCOFWWM
EWCPFQGNUQNGUV£
FKTGEVCOGPVGCTTKDC
CPVGUFGNOGFKQF¯CVÀ¡MQDFWWM
NCUFKG\QNCU
QPEGFGNCOC³CPCNKVGNUQNGUV£CNVQ
OGFKQOGFKCCFLORC¡
GPOGFKQFGV©T
OWEJCUEQUCUUGOGLCPVGU
UCC¡³FJCP
FQPFGGUV£PRCTCFQULWTCCD
GNFGGPOGFKQV©¡©TCDMCO
OGFKTXVLWRCCDFC¡
OGLKNNCHMCCO
OGLQTCFLCFX
CNQOGLQTOQQEJK
OGPGCTXVZKQPC¡
N¯SWKFQ
ZKMMWKFJC¡
RCTCSWGUCNIC
FC¡OW³FJC¡
RCTCQVTCRGTUQPC
OGPQTCFL
GNOGPQTNCOGPQTICVWWMMCO
OGPQUCFX
O£UQOGPQUKCOR©Z
OGPVKTXKKCVC¡
KCVIKFJC¡
CQVTCRGTUQPC
OGPVKTQUQOGPVKTQUCCFLZQRMK¡
OGPWFQODQQMC¡PLKFJQQT
COGPWFQLKTOCC¡P
OG³KSWGCFLO
FGFQOG³KSWG©NJKEJFJC¡
OCPQQRKG
OGTQOGTCCFL
CNN¯OGTQOK¡RWK¡
[COGTQV©KRWR
CFµPFGOGTQ!RCCU©NJ
OGUOOCUCC¡P
OGUVK\QOGUVK\COHPCCDCV
RGTUQPC
OGVCVGOOCVVWT
'&+%+•024'.+/+0#4`
'52#“1.6'2'*7ƒ0
OGVGTXVXRTPNDCCUC¡
DCCZFJC¡
RCTCQVTCRGTUQPC
ICCOW¡
GPWPUCEQQWPCDQNUC
ICCOFJC¡
RCTCQVTCRGTUQPC
DCMKC¡
UWLCPKO
LWTPKC¡
KPFGDKFCOGPVGCNT¯Q
GUVCTOGVKFQGUVCTOGVKFCDCCZ
UWLKPCP
OG\ECNOLKZMCK¡EJKQ¡³DQTFC¡
UCITCFQ
OG\ECNCITKQDJCK¡³MWWIC¡P
NQSWGUCNGCN
VGTOKPCTFGFGUVKNCTGNOCIWG[
VQOCTOG\ECNPCDCKEJFJC¡
EGTGOQPKCN
OG\ENCTXVD©PFC¡
FC¡DK³C¡
EQPCIWC
FC¡DK³FJC¡
EQPCIWCRCTCQVTCRGTUQPC
OG\SWKVCNO
'N/G\SWKVCN$QQFCOVCO
NWICT
OKCFLLK³Ê³
OKULK³Ê³
O¯RTQP
CO¯CC³
GPH£VKEQ
OKGFQO
FCTNGCWPQOKGFQVQQ¡PPKC¡
FCTNGOKGFQCWPQEJQQ¡PPKC¡
SWGVKGPGOKGFQ©©DJK¡³
OKGFQUQOKGFQUCCFLEJ©©©DJK¡³
OKGNHO©©DCVO©©DCV
SWGVKGPGOKGNO©DVC¡
OKGPVTCUCFXEQPLMCRWR
OK«TEQNGUO
OK«TEQNGUFGEGPK\CUKPKKU
OKNRCHICC
ICCDJCT
EQUGEJCFQ
GPNCOKNRCICCV©T
OKTCTXVLQQLQKFJC¡
OKTCV©©¡
OKUOQOKUOCCFLCFX
JCEGTNQOKUOQDK¡EJWNJFJC¡
CQVTCRGTUQPC
RQTU¯OKUOQRQTU¯OKUOCF©©NJR©Z
OKVCFH
CNCOKVCF©TDCP
OKVQVGOZKQVCNJ
KPKEKCTOKVQVGVWFCCUC¡
EQOQRCTVKEKRCPVG
OQEQOUCUQQ
FGNCPCTK\
SWGNGUCNGOQEQZCUQQ
FGNCPCTK\
OQFQO
FGCNI¼POQFQLCZFJWWM
FGQVTQOQFQOCCMCO
FGSW«OQFQPCLCZFJWWM
VKGORQRCUCFQ
OWEJQOWEJC
FGSW«OQFQ!LCZFJWWM
VKGORQRCUCFQ
OQJQUQCFLMQPDK¡³
OQLCTXVDCF©K¡FJC¡DC¡PPKC¡
DCTIKFJC¡
NNWXKC
DC¡PPKFJC¡
EQORNKPCP
DC¡PPKZFJC¡
RCTCQVTCRGTUQPCEQORNKPCP
MKRK¡EJC¡
FGOCUKCFQVKGTTCWQVTCEQUC
RQNXQTKGPVC
OQLCFQOQLCFCEJWDCC¡
£TGCQEQPLWPVQFG
EQUCUMCRCK³
EQORNGVCOGPVGDCC¡DCTCC¡
OQNECLGVGOVQRCC
OQNGOLWPOC¡P
OQNGFGVQOCVKNNQUQURQ¡MCNJLWPOC¡P
OQNGTXVDKKNJFJC¡
HKPQ
VWKMPC¡
PQOW[HKPQ
VWKURC¡
EQUCUFGUGECFCU
VWWVC¡
EQUCUDNCPFCU
PQDKGPOQNKFQPQDKGPOQNKFCEJCCVCM
OQNGUVCTXVDWCODWCFC¡
OQPVCTXV
UKNNCFGOQPVCTZKKT
OQPVGO
GPGNOQPVGW¡ZEJ©T
OQTCFQOQTCFCCFLOL©¡MQ¡POC¡
UWDKFQ
OWTCC¡POC¡
QUEWTQ
OQTFGTXVM©¡[C¡
EQPNCDQEC
OQTGVµPO
SWGVKGPGWPOQTGVµP©TCCO
OQTKTXKOWMKC¡
PQTIKC¡
GWHGOKUOQ
OQTKTUGFGJCODTGWCOC¡
OQTTCNOCTRWWU
FGVGLKFQHKPQFGCNIQFµP
CUCCM
FGVGLKFQOCNNCFQFGKZVNG
DJCK¡OMCT
DQTFCFC
OQUECHOWWDCNJ
OQUSWKVQODCCOW¡
OQVCHDJC¡UCNJ
FGJKNQRCTCCFQTPCTDQNUCU
DQTFCFCUQVGLKFCU
OQXGTXVXRTPNLQ³KC¡
PWK¡³³C¡
MCKD³C¡
CNGUVCTCEQUVCFQ
OWEJCEJCHV©[CC
FGSWKPEGC³QUQO£UFGGFCF
OWEJCEJKVCV©©[CZ
FGQEJQCECVQTEGC³QUFG
GFCF
OWEJCEJQODKCROC¡
FGO£UFGC³QUFGGFCF
OWEJQOWEJCCFXKQ¡OOWK¡
IÀ¡
ECPVKFCF
FGUFGJCEGOWEJQVKGORQDCL©MF©T
FGOWEJQUVKRQUD©©ZCKZKOVW¡O
'&+%+•024'.+/+0#4`
OWGUEC
'52#“1.6'2'*7ƒ0
JCEGOWEJQVKGORQDCL©M
OWEJCUEQUCUD©ZEJW¡
OWEJQTCVQO©M
PQOWEJQEJCOR©M
OWGUECH
EQTVCTWPCOWGUECIKFJWWNJMCFC¡
GPWP£TDQN
OWITKGPVQOWITKGPVCCFLEJWM
EWGTRQ[TQRC
OWLGTHWDKK
OWNVKRNKECTXV
PQOWNVKRNKECTUGH£EKNOGPVGZKOFCC¡
CPKOCN
SWGUGOWNVKRNKECOWK¡FJCNJK¡
RTQPVQ
OWPFQOQK¡³IC¡P
OWTEK«NCIQOPCMO©NJ
/WTJWCVC/WTDC¡V
NWICT
OWTOWTCTXKCK¡EJWZFJC¡
FGCNIWKGP
O¼UKECHUCCUCD
OWUKECNCFL
KPUVTWOGPVQOWUKECNUCCUDKMCT
O¼UKEQOUCDFCO
UQMDQNJ
FGNOKVQVG
OWUNQOMCK
OW[CFXCOIKKNJKOKQ¡O
EJWMWWO
FWNEGQUCNCFQ
0
PCEGTXKF©DKC¡OCCZKNJKC¡
I©ZKC¡
CPKOCNQHTWVQ
VCCR³KC¡
CXG
PCFCHEJCOVW¡PKEJEJW¡PKL©¡Z
CPVGUSWGPCFCD©©R©¡MCV
EQOQUKPQRCUCTCPCFCICO©TFCV
FGPCFCEJCOVW¡
TGURWGUVC
PCFCO£UR©Z
PCFCO£USWGFCKPC
PCFCTXKI©ZKC¡
DWGPQRCTCPCFCTI©©ZK¡
PCKNQPOPCKNQ
RCTCEWDTKTGNEWGTRQ
PCNICHCVRQT
PCTCPLCOPCTCCPMCU
NNGPQFGLWIQFGPCTCPLCPCTCCPMCUOC¡
PCTCPLQOPCTCCPMCU
PCTK\HFCCM
RGTUQPC
RGICTUGFCMDW¡
PCVKXQPCVKXCCFLO
PCVKXQFGPCVKXCFGMCO
RGTUQPC
PGDNKPCHLKMQQO
PGEGUKVCTXVCCIC¡
P«EVCTOV©VIQZ
FGHNQTGU
PGITQPGITCCFLEJWM
RQPGTUGPGITQRQPGTUGPGITCVWMNJKC¡
RQT
JGNCTUGRNCPVC
RQPGTUGPGITQRQPGTUGPGITCVWMNJKC¡
XKWFCPGITCLKKEJQDC¡
CTC³C
PKFQOMQU
PKGDNCHLKMQQO
SWGJC[PKGDNCLKMOC¡
PKGVQPKGVCOHCDWKN
FGWPCOWLGT
MWWNUK
FGWPJQODTG
PKGXGHLCDQQMM©D
PKIWCHD©R©©¡
KPUGEVQ
PKPIWPQPKPIWPCCFL
CPKPIWPCRCTVGEJCORCK¡
GPPKPIWPCRCTVGEJCORCK¡
PK³QPK³COHCNJKK
PK³KVQPK³KVCNJKK
V«TOKPQFGECTK³Q
PKXGNO
CNPKXGNLWRCCDCP
PKZVCOCNOOCVCKOC¡P
JCEGTPKZVCOCNOCVCKOFC¡
PQCFXEJCO
EJCOVW¡
EJC¡³
RCTCKPVTQFWEKTWPTGIC³Q
EJC¡R
RCTCKPVTQFWEKTWPCRTQJKDKEKµP
PQGUV£DKGPEJCODJCK¡
RQTSWGGUVQTDC
RQTSWGUKPQMWVVW
VQFCX¯CPQEJCMWK
PQSWG!PCDC¡
RQTSW«PQ!EJCODJCK¡
PQEJGHVWMCC¡
CPQEJGVWMCC¡
PQEJGEQTVCCNJK¡EJEJWMCC¡
PQODTCTXVV©©¡V©©VI©¡
FCCUC¡
CWPECPFKFCVQ
PQODTCTEQOQRCTKGPVGKKOKC¡
CNUCNWFCT
PQRCNOKKDJCKPCD
PQURTQPLKEJÊEJ
CCEJ
GPH£VKEQ
PQUQVTQURTQPCCEJ
CPQUQVTQUCCEJ
GPH£VKEQ
PQVCTXVOCCZ
PWDGHV©DCC¡
SWGJC[PWDGU©©MC¡
PWDNCTXKV©DIKNJKC¡
'&+%+•024'.+/+0#4`
'52#“1.6'2'*7ƒ0
PWDNCFQPWDNCFCEJ©DCC¡
PWECHMWUWWR
PWFQODWK
FGNCOCFGTC
COCTTCTEQPWPPWFQDJWUCCNJOCMKC¡
RCTC
SWGPQUGTGEQTTCNCUQIC
PWGUVTQPWGUVTCCFLRTQPLKEJÊEJ
PWGXGCFLZKLWOOCCMQD
PWGXQPWGXCCFLZKDMCO
FGPWGXQIKQR
FGURW«UFGRQEQVKGORQRWK¡R
P¼OGTQO
FGKIWCNP¼OGTQLC¡MDWK¡
PWPECCFXEJCOL©¡ZFJC¡L©¡ZFJC¡
1
QEQPLRKCO
CNVGTPCVKXCPQRTGIWPVC
MC¡
CNVGTPCVKXCGPWPCRTGIWPVC
QDGFGEGTXVMCC[C¡
QDUEWTQQDUEWTCCFL
RQPGTUGQDUEWTQRQPGTUGQDUEWTCVWMNJKC¡
RQTCUQNGCTUGRKGN
QDUGTXCTXVLQQLQKFJC¡
QDUVTWKTXVUQQ¡OFJC¡
RCUQ
VCC¡DKFJC¡
NW\ECNQTQNNWXKC
QDVGPGTXVDJ©©[C¡
QEJQCFLZKLWODCKM
QEQVGOLWMLWMLKZDJCKMCO
QEWNVCTXVXRTPN
XGTUGQEWNVQXGTUGQEWNVCVWMNJKC¡
OQFKUOQ
QEWNVQQEWNVCCFL
QEWNVCOGPVG©ZEJWKZKO
QHTGEGTXVCC¡³FJC¡
CEKGTVQRTGEKQ
QHTGPFCTXVV©MKC¡
Q¯FQOPCCM
UWLCPKO
Q¯TXVMCC[C¡
MCKFJC¡
MCK¡EJFJC¡
MCK¡³EJC¡
TWKFQ
R©ZEJ©¡[C¡
FGNGLQU
JCEGTQ¯TMCKEJFJC¡
Q[GÀÀR
QLQODWK
QNGTXV©¡DJKC¡
QNHCVQO
SWGVKGPGDWGPQNHCVQ©¡DJK¡
RCFTG
QNNCHLC¡CC
FGEQEGT
DCK¡³FJCMCT
RCTCCNOCEGPCTCIWC
QNNCFGDCTTQDJK¡³LC¡CC
QNNCFGEGT£OKECIKTKEJLC¡CC
QNXKFCTXVL©MDWC¡
QODNKIQOLKM
QRTKOKTXVDQK¡URC¡
DQVµP
QTCEKµPHOCOVW¡P
TKVWCN
QTCTXKFC³KC¡PQMKC¡
QTFG³CTXVUWWUUC¡
QTFKPCTKQQTFKPCTKCCFLLC¡RR©Z
QTGLCHPCCM
UWLCPKO
QTKGPVGOZKC¡NJDWK
FQPFGUCNGGN5QN
FGNQTKGPVGVCK¡FJ©TLC¡M
QTKIKPCTKQQTKIKPCTKCCFL
QTKIKPCTKQFGQTKIKPCTKCFGMCO
RGTUQPC
QTKNNCH
GPNCQTKNNCLWIKK¡³
QTKPCHLK¡
QTKPCTXK[C¡CC¡
JCEGTQTKPCT[C¡VFC¡
QUEWTGEGTXKVWMIKC¡
CNQUEWTGEGTLKFJ©F©ORWI©M
QUEWTQQUEWTCCFLEJWMICO
GNF¯C
QUQODQQLK
1UC/C[QTUCMCCNJLKKOFCO
EQPUVGNCEKµP
QVTQQVTCCFLRTQPLWOCK
CNQVTQNCFQDCCU©¡PF©T
FGNCTTQ[QFGNT¯QQFG
NCHTQPVGTCOQOMQTCP
OW[NGLQUPQUGXG
CQVTCRCTVGOWLC¡MRCK¡
FGNQVTQNCFQMWW¡
EWCPFQGUV£CEQUVCFQUWL
CPKO
FGQVTQOQFQOCCMCO
GPNCQVTCECTCLC¡MF©T
QVTCXG\IKQR
FGURW«UFGCNI¼PVKGORQRWK¡R
QVTQUQVTCULCK¡L©¡OC¡P
RCTCEQORCTCT
QVTQO£UQVTCO£ULWOCK©R
FGNCOKUOC
HQTOCQENCUG
QXGLCHMCUPKT
MCEJ³KNJ
TGEK«PPCEKFQ
QXKNNQOVWWMK¡³
FGNCPCJKNCFC
QXQKFGCFLMCDWWNJKM
2
RCFTGOVCCVI©¡MQTC¡
'&+%+•024'.+/+0#4`
RCFTKPQ
'52#“1.6'2'*7ƒ0
PWGUVTQRCFTGLKEJEJCCV
0WGUVTQ2CFTG%GNGUVKCNLKEJEJCCVLKZFJCCO
MCOLKEJ)©¡MQTC¡
RCFTGUF©©F©¡P
FGHCOKNKC
RCFTKPQORC¡TKKP
RCICTXVPCOMKFJC¡
EQPFKPGTQ
R£LCTQOW¡KK¡
R£NKFQR£NKFCCFLEJW¡CC¡
UWLCPKO
RCNOCHUQQDQNJ
ECPCUVCFGRCNOCUQQDQNJDCCNJ
UQODTGTQFGRCNOCUQQDQNJDQPCCO
RCNOCFCH
FCTRCNOCFKVCUI©DZKFJC¡
EQPECTK³Q
RCNQOWWZ
RCNKVQDQQ¡
RCTCOGPGCTGNPKZVCOCN
RCNQEQPWPCNCODTGTCOWWLW
RCTCCOCTTCT
RCNQOCH
RCNQOCQEQVGTCIKQFC¡
RCNQOKVCH
JCEGTUGÎRCNQOKVCUÏ[QQVC¡
OC¯\
RCNQOKVCU[QQZEJWNJ
RCNRCTXVVCCVC¡
RCPORCCP
RCPCNORCPCCNJK¡Z
FGCXKURC
RCPVCNµPOUCDWKTCZ
FGOCPVC
RCPVCPQUQRCPVCPQUCCFLEJWFW¡PRKM
RCPVQTTKNNCHV©OCKEJ
RCP\CHDJWWV
RC³QORCC³KQ¡
TGIKQPCNKUOQ
RC³WGNQORCC³KQ¡
RCRCH[CCVWK
RCR£OVCCV
PWGUVTQRCR£LKEJEJCCV
RCTCRTGR
RCTCSWGPCDC¡
RCTCTXVM©©ZFJC¡
GPRQUKEKµPXGTVKECNRCTC
QVTCRGTUQPCM©©MC¡
M©©UC¡
EQORNKPCP
M©MDQ¡
UWLCPKO
FCKDW¡
CXG
U©NJM©©UC¡
FGTGEJQEQORNKPCP
C[WFCTCRCTCTM©MDWKEJFJC¡
GUVCTRCTCFQGUVCTRCTCFCU©NJM©©M
FGTGEJQ
RCTEJCTXVFCCZFJC¡
FCCZZKFJC¡
RCTCQVTCRGTUQPC
RCTGEGTXK
RCTGEGJKGNQM©DCC¡
RCTGEGSWGEJKOQQPCDC¡RCPCCU
SWGUGRCTGEGQK¡³
CQVTCRGTUQPC
SWGUGRCTGEGCPCLCZEJW¡O
RCTGLCH
RQTRCTGLCIQ¡IQM
RCTGLQRCTGLCCFLLWRCCDCP
RCTKGPVGOLCFWW³
PQODTCTEQOQRCTKGPVGKKOKC¡
CNUCNWFCT
UGTRCTKGPVGKKOKC¡
RCTKTXVF©DKC¡³EJWFC¡
OCNRCTKTVWLKDWC¡
RCTVGHMCR
CEWCNSWKGTRCTVGRCK¡PCR©ZLC¡M
CPKPIWPCRCTVGGPPKPIWPCRCTVGEJCORCK¡
CQVTCRCTVGOWLC¡MRCK¡
FGRCTVGURGSWG³CUDKKO
GPEKGTVCURCTVGURCK¡PCLCZ
GPEWCNSWKGTRCTVGRCK¡PCR©Z
CSW«RCTVG!RCLC¡M
RCTVKFQOV©VDKEJCO
FGRQTVKXQ
RCTVKTXVQOPC¡
VCCRPC¡
EQPJCEJCQEWEJKNNQ
VCCR³KC¡
RQTRGICTQRQTUGECTUG
VCVPCMKC¡
RQTUGECTUG
SWGUGRCTVGH£EKNOGPVGEJCCVMK¡
RQTU¯UQNQ
EJCVPCM
RCUCTXVXRTPNDJ©©[C¡
DWWUPKC¡
UWLCPKO
LWTPKC¡
NWICTHGQQT¯QETGEKFQ
FW³KC¡
RQTEKTEWPUVCPEKCTCTCQOCNCQRQT
CEVQPCVWTCN
I©DMW¡
NKIGTCOGPVGRQTGNEWGTRQ
DJCK¡DEJKC¡
RGTFGTUWUCDQT
DJCK¡DEJWFC¡
GNVKGORQCFGEWCFQFGTGCTCTNC
OKNRC
V©DKCRW¡
NCPQEJG
C[WFCTCRCUCTLWTWW³FJC¡
NWICTHGQQT¯Q
ETGEKFQ
DWGPQRCTCRCUCTLWTPK¡
NWICTHGQQT¯Q
ETGEKFQ
JCEGTRCUCTDJ©KEJFJC¡
EQORNCPKO
R£UGNGLCDCCM
JCEKCCFGPVTQLCOKCM
HQTOC
CPVKIWCLCOL©©R
NKVFGUECPUG
SWGUGRWGFGRCUCTH£EKNOGPVGEJWDJCCK¡
£TGC
RCUGCTXKRCZKCTC¡
RCUQODWWUCP
GPGNECOKPQ
LWTWW³
NWICTHGQQT¯QETGEKFQ
RCUVQO
SWGJC[RCUVQZC¡KK¡
RCVCHVQQP
'&+%+•024'.+/+0#4`
'52#“1.6'2'*7ƒ0
RCVCFGNCPVGTCPQD
RCVGCTXVM©K³³C¡
MCRKCPC¡
EQPNCURCVCUFGNCPVGTCU
RCVKQOP©K¡MCTVCO
EGTGOQPKCN
RCVKQEQOWPCNLKEJQ¡PVCO
FGNOKVQVG
VTCFKEKQPCN
RCVKQOC[QTLKEJQ¡PVCO
FGNOKVQVG
VTCFKEKQPCN
RCVTµPRCVTQPCOIÀ¡MCO
RGECFQOWC¡VWNJFJCTC¡
RGECTXKWC¡VWNJFJC¡
RGEJQODJCCUQV
RGTUQPCQCPKOCN
VQT
CXG
RGFC\QORCNJ©©R
RGSWG³Q
VCCM
ITCPFG
GPRGFCEKVQUDKK
OW[EJKSWKVQUDKKO
PQOW[
EJKSWKVQU
RGFKTXVEJK³KC¡
JCEGTCNIQ
VC³KC¡
EQORTCFQQTGICNCFQ
VCC³ZKFJC¡
EQORTCFQQTGICNCFQRCTCQVTC
RGTUQPC
RGFKTC[WFCWOWC¡³FJC¡
RGFTGICNOEJKQ³EJ©T
RGICLQUQRGICLQUCCFLEJWDJK¡URCTC¡
RGICTXVI©©¡DKC¡
EQPRCNQQEWGTQEQORN
CPKO
KCDWKFJC¡
EQPRCNQQUQICEQORNCPKO
MCRKCPC¡
EQPNCUOCPQUUQQUPKC¡
EQPCNIQ
FWTQ
UWWNJIKFJC¡
EQPUQIC
DJK¡URC¡
EQPRGICOGPVQ
GUVCTRGICFQGUVCTRGICFCDJK¡UCR
EQP
RGICOGPVQ
RGICTUGFCMDW¡
GPNCPCTK\
SWGUGRGICH£EKNOGPVGKC¡³FJCTC¡
EQUC
GURKPQUC
RGKPCTXVICZDW¡U©©UUC¡
RGNCTXV©NJRKIC¡
E£UECTC
UQDMQPC¡
OCFGTC
RGNGCFQTCFLMQQMFCTC¡
RGNGCTXKMQMFC¡
FC¡PIKC¡
GPVTGU¯
JCEGTRGNGCTMQMFJKEJFJC¡
EQORNRN
RGNGµPCFLMQQMFCTC¡
RGNKITQUQCFLIKFJWWNJ
ECOKPQ
RGNQODCRQQ
RGNµPRGNQPCCFLFJCCRCM
RGNWSWGTQRGNWSWGTCOHLKKMFCO
RGPECH
RKECPVG
RGPECFGOCIWG[ZKOCCV
EQEKFC
RGPUCTXVCCIC¡©NJFJC¡
ICCIC¡
NKVDWUECTGPU¯OKUOQ
V©¡³EJQ¡
GPWPTGEWGTFQ
RGPUCTFGEKTDK¡EJWNJFJC¡
CQVTCRGTUQPC
RG³CUEQODCCRCK
RG³CUEQUQRG³CUEQUCCFLDCCRCK¡
RGRGPCTXVV©©VDKC¡
RGSWG³QRGSWG³CCFLCNJK¡EJ
FGRCTVGURGSWG³CUDKKO
RGSWG³KVQRGSWG³KVC©NJK¡EJ
RGTEKDKTXV
DWGPQRCTCRGTEKDKTEQUCUCVTCX«UFGNQU
UWG³QUEJ©©VMK¡
RGTFGTXVXRTPNOCK¡DWC¡OCK¡I©ZKC¡
Q¡³ZKFJC¡
EQORNCPKO
VWMCC¡³FJC¡
VKGORQ
GUVCTRGTFKFQGUVCTRGTFKFCMCCV
RGTFQPCTXVWC³FJC¡
CQVTCRGTUQPC
RGTOGCDNGCFLCUMK¡
VGLKFQ
RGTOKUQO
FCTRGTOKUQFGSWGFCTUGV©DKCRVWFC¡
RCTC
RCUCTNCPQEJG
RGTQEQPLMWIW¡
IW¡OCVICO
CNEQPVTCTKQ
RGTTQRGTTCOHICIQQZ
RGTTKVQRGTTKVCZKKIC¡P
RGTUGIWKTXVCTFKOKC¡
RGTUKIPCTXVMWTWWUVWFC¡
RGTUQPCHOCC¡PMCO
EWCNSWKGTRGTUQPCLCTQK¡PCR©Z
RGTUQPCULC¡VMCO
RGTUQPCKORQTVCPVGIÀ¡MCO
RGTUQPKHKECTXVLWRCCDFC¡
RGUCTXK
CRGUCTFGSWGRCPCCU
RGUCFQRGUCFCD©©V
SWGRGUCRQEQLCDQQM
RGUECFQODCVQQR
RGUVC³CHL©©DQ
RGVCECH
RGVCECFGEWTCPFGTQDQUCC
JGEJCFGUQ[CVG
RCTCIWCTFCTHNGEJCUEGTGOQPKCNGU
RGVCVGOOCK³
DCMZKFJCTC¡
RCTCFQTOKT
SWGUCDGJCEGTRGVCVGUOCK³EJCNJK¡
RG\ODCVQQR
RKECPVGCFLMC¡QQM
'&+%+•024'.+/+0#4`
RKECT
'52#“1.6'2'*7ƒ0
RKECTXVQOPC¡U©ZKC¡
U©ZZKFJC¡
UWRGTHKEKCNOGPVG
M©¡[C¡
EQPGNCIWKLµP
DJCKFJC¡
EQPEJKNG
RKEQOEJK³
RKGOVQQP
CNRKGFGUCPQQRUQPRCP
CRKGMQM[QM©¡P
OQFKUOQRWK¡
GUVCTFGRKGM©©MC¡
RQPGTUGFGRKGM©MDQ¡
UWLCPKO
RKGFTCHLQFCK
RGSWG³C
RKGFTCFGCHKNCTOWC¡MCT
RKGFTCFWTCUQQ³MCT
RCTCRGICT
SWGVKGPGRKGFTCULQQFCK¡
RKGNHLQ¡
RGTUQPCQCPKOCN
RKGTPCHVQQP
EQPNCURKGTPCUETW\CFCUPCRCCNJ
RKNQPEKNNQOOCKMCM
RKPQOLWM
RKPQTGUKPQUQLWMLKZDJCKMCO
TCOCUFGRKPQLWMOCCOTC
TGUKPCFGRKPQQUCC¡O
RKPQNGOVWKUCR
RKPVCTXVOCOZKFJC¡
RKPVQRKPVCCFLC¡QKFJCNJZK¡³OC¡ZWTKKNJOC¡
RK³CHLWMKKDJCKFJC¡
RKQLQOC¡CCV
RKQLQUQC¡CCV
SWGVKGPGRKQLQULKRVC¡
DNCPEQUGPGNEWGTRQ
RKRCHFWK³MCT
FGHWOCT
RKUCTXVM©KURC¡
RKUQOF©©TCR
RKUVCHP©K¡MCTVCO
FGNOKVQVGVTCFKEKQPCN
RKVCJC[CHIKUWNJ
RKVCTXVMWKEJFJC¡
ENCZQP
RK\ECH
«RQECFGRK\ECQ¡TCDJCM
PQXKGODTG
RK\ECTXVQTCC¡
RNCPGVCOQK¡³IC¡P
RNCPQRNCPCCFLIKQQ¡
RNCPVCTXVFCCUC¡
RN£UVKEQO
EWDKGTVCFGRN£UVKEQPCKNQ
RCTCEWDTKTGN
EWGTRQ
RNCVCHQTOCHDQRVQ¡
FGVCDNCU
RN£VCPQOMCTWWO
RN£VKECHC¡IKEJCO
JCDGTRN£VKECC¡IC¡
RNCVQOLQQZKC¡
RNCVQFGDCTTQDJK¡³LQQZKC¡
RNC\QO
FCTRNC\QFCCZFJC¡
CQVTCRGTUQPCFCCUC¡
RNGKVQO
SWGNGIWUVCDWUECTRNGKVQU³KQMDQNJK¡
RNWOCHC¡PC¡
UCNKTRNWOCUC¡PICVC¡
RNWOCLGODCRQQ
R£LCTQ
RQEQRQECCFLRTQP
JCEGRQEQMKC¡R©Z
RQEQCRQEQUCCNJ
RQSWKVQRCNJ©©R
VKGORQ
WPRQEQCNJK¡EJRC¡
WPRQEQO£UKCO
FKUVCPEKCRWR
ECPVKFCF
CRQEQ!UCRR©MDC¡
RQFCTXVMWW¡ORKIC¡
RQFGTXVPCMIC¡RQFGGTQ¡
SWGUGRWGFGDJCCK¡
RQN¯VKEQRQN¯VKECCFLCKZMCO
SWGUGETGGRQN¯VKEQCKZ
RQNNQOVCMCCTWK¡
RQNNKVQRKKRKNJ
SWGVKGPGRQNNKVQUMQVIKZ
CXG
RQNXQO
RQNXQTKGPVQEJWOQKM
£TGC
SWGJC[OWEJQRQNXQEJWMWWDJ©U
ECOKPQ
RQPEJCTXVZKR³KC¡
NNCPVCQRGNQVC
RQPGTXVCCFC¡
RCPVCNµPHCNFCQ\CRCVQU
CC¡³FJC¡
RCPVCNµPHCNFCQ\CRCVQUCQVTC
RGTUQPC
FCCUC¡
EQUCUPQNCTICU
FCCZZKFJC¡
TGOGFKQGPGNEWGTRQFGQVTC
RGTUQPC
ICCOFJC¡
RCTCQVTCRGTUQPC
ICCOW¡
GPWPUCEQQWPCDQNUC
M©©UC¡
EQORNKPCP
M©©UC¡
UQODTGTQ
M©©ZFJC¡
GPRQUKEKµPXGTVKECNRCTCQVTCRGTUQPC
V©K¡FJC¡
ECOKUCQDNWUCCQVTCRGTUQPC
V©MKC¡
GPRQUKEKµPJQTK\QPVCNEQORNKPCP
V©¡[C¡
TQRC
RQPGTUGWPUQODTGTQDQPOCVFC¡
RQPGTCFGPVTQDCCZFJC¡
RCTCQVTCRGTUQPC
DCCUC¡
RQPGTCNIQFµPFCCZFJC¡
EGTGOQPKCN
RQPGTCKPEWDCTDQQFC¡
CXG
RQPGTFKGPVGUVCCVOWVFC¡
'&+%+•024'.+/+0#4`
'52#“1.6'2'*7ƒ0
RQPGTXGNCEGTGOQPKCND©¡³FJC¡
RQPKGPVGOLWTPKR
FGNRQPKGPVGC¡PUCRF©TLC¡M
RQTRTGRCOÊTCO
D©©Z
NQNCTIQ
RQTSWGEQPLPCIW¡
RQTSWGUKPQMWVVW
RQTVCTXVXRTPNDWCODWCFC¡
OCNEQPQVTC
RGTUQPC
RQUKDNGCFL
RQUKDNGOGPVGMCVVK
RQUVGO
RQUVGFGNTKPEµPV©VPQTC¡
RTGEKUQRTGEKUCCFL
RTGEKUCOGPVGCOR©M
RTGIWPVCTXVV©MMC¡
C¡IKFJC¡
CQVTCRGTUQPC
RTGPFCHLCPPWNJ
RTGPFGTXVD©¡³FJC¡
RCTCSWGCNWODTG
O©KEJFJC¡
CRCTCVQGN«EVTKEQ
O©©[C¡
HWGIQ
RTGQEWRCTXVCCIC¡
RTGRCTCTXVDKQOC¡
CPKOCNOWGTVQRCTC
EQEGTNQ
ICCOFJC¡
EQOKFCRCTCNNGXCTRCTCQVTC
RGTUQPC
KCTC¡
JKNQURCTCVGLGTWPCVCNGIC
DKGPRTGRCTCFQCDKCTZKO
EQPDWGPCTQRC[
CTOCU
RTGUGPVCTXVLW¡³EJWFC¡
CNPK³QGPGNOKVQVG
JCEK«PFQNGEQOGTEQOKFCTKVWCN
RTGUVCTXVVCK³DWKFJC¡
CQVTCRGTUQPC
UKKURC¡
FKPGTQ
RGFKTRTGUVCFQVCK³DWKFJC¡
FGQVTCRGTUQPC
RTKGVQRTKGVCCFLEJWM
RTKOGTQCFXD©©R©¡MCV
D©©R©¡
VKGORQ
D©©R©¡F©T
CPVGUFGQVTQGXGPVQ
RTKOGTQRTKOGTCCFLD©©R©¡
GPNCHKNC
GNRTKOGTNCRTKOGTCD©©R©¡MCO
RTKOGTF¯CFCKEJCO
FGNOKVQVG
RTKOQRTKOCOH
RTKOQJGTOCPQRTKOCJGTOCPCZKKZ
JKLQQ
JKLCFGNJGTOCPQQFGNCJGTOCPCOC[QTFGN
RCR£QFGNCOCO£ZKMW¡
JKLQQJKLCFGN
JGTOCPQQFGNCJGTOCPCOGPQTFGNRCR£Q
FGNCOCO£
RTKOQNGLCPQRTKOCNGLCPCZKKZO©MF©TMCO
ZKMW¡O©MF©TMCO
RWTKHKECT
UWRTKOQJGTOCPQUWRTKOCJGTOCPC
U©RFJK¡³
JKLQQJKLCFGNJGTOCPQQFGNC
JGTOCPCOGPQTFGNRCR£QFGNCOCO£
ZKQ¡IK¡³
JKLQQJKLCFGNJGTOCPQQFGNC
JGTOCPCOC[QTFGNRCR£QFGNCOCO£
RTKUCH
VGPGTRTKUCLQVOC¡³FJC¡
RTQDCDNGCFL
RTQDCDNGOGPVGIW¡EJK
RTQDCTXVVCCVC¡
F©©MC¡
CNKOGPVQ
RTQDNGOCOMQMFC
RTQFWEKTXVLQKFJC¡
RNCPVC
RTQFWEKTO£UI©¡NJFJC¡
RTQHWPFQRTQHWPFCCFLEJWWMCO
VKGTTCQ
CTGPC
VWWMCD
JQ[Q
PQRTQHWPFQMQOCCNJKO
VKGTTCQCTGPC
RQEQRTQHWPFQOCCZKM
RTQIGPKVWTCHVCLCC³K¡
RTQJKDKTXV
GUVCTRTQJKDKFQGUVCTRTQJKDKFCZKFJWW
EGTGOQPKCNOGPVG
RTQPVQCFXEJCOZKKOLQQVQO
RTQRµUKVQO
EQPGUGRTQRµUKVQFJK¡M©¡P
EQPSW«RTQRµUKVQVW¡MWDC¡
RTQVGIGTXV©RIKFJC¡RCNJDWKFJC¡
RWFTKTXVF©DCC¡
RQFTKFQFJ©DCCNJ
RWGTEQOVQQZMQNJ
RWGTVCH
GPNCRWGTVCMK¡³IQD
RWGUEQPLDCMIW¡FJQ
RWGUVQCFLO
TGEKDKTWPRWGUVQIÀ¡MCOVC¡
RQN¯VKEQ
RWNICHVCR©©Z
RWNICTCFLO
FGFQRWNICTIÀ¡FC¡
OCPQQRKG
RWNOµPOLCDMCNJ
ÎRWNOµPFGGPEKPQÏLCDMCNJK¡³
RWPVCH
EQTVCTNCRWPVCMWW¡ORKIC¡
FGWPCRNCPVC
RWPVKCIWFQRWPVKCIWFCCFLOW¡WWM
RW³GVC\QO
FCTRW³GVC\QUI©DKEJRCIC¡
RW³QOUCCMW
FGITCPQUUGEQU
RWTKHKECTXV
'&+%+•024'.+/+0#4`
SWG
'52#“1.6'2'*7ƒ0
RWTKHKECFQRWTKHKECFCWC³
CNOCQGUR¯TKVW
3
SWGRTQPEQPLPCUCR
SWGVCPVQPCLCZ
SW«RTQPLCZVW¡PCLCZPCVW¡
FGSW«OQFQPCLCZFJWWM
VKGORQRCUCFQ
SW«VCPVQSW«VCPPCL©¡Z
CSW«RCTVG!RCLC¡M
FGSW«OCPGTC!LCZR©M
EWCPFQJC[FWFCFG
EµOQJCEGTCNIQLCZLC¡M
FGSW«OQFQ!LCZFJWWM
VKGORQRCUCFQ
QSW«!LCZR©P
RCTCENCTKHKECT
RCTCSW«!VW¡MWDC¡
RQTSW«PQ!EJCODJCK¡
RQTSW«UGT£!LCZDC¡EJK
RTGIWPVCTGVµTKEC
LCZLKPCDC¡
RQTSW«!LCZDC¡LCZMWDC¡
SW«ECTCEVGT¯UVKECUVKGPG!LCZEJW¡O
SW«EQUCUGT£!VW¡PCFC¡
SW«VCPVQ!L©¡Z
SW«VCPVQ!SW«VCPVC!LCZ
dSW«OQQIW¡
SWGDTCFK\QSWGDTCFK\CCFLQO³K¡
EQUCNCTIC
SWGDTCTXVLCK³C¡LCKMKC¡
QOPC¡
GPRGFC\QUQO³KC¡
DKKOUC¡
GPRGFCEKVQU
VWWOUC¡
GPRGFC\QUITCPFGU
LCK³FJC¡
RCTCFCTFGEQOGT
SWGDTCFQSWGDTCFCLCKM
SWGUGSWKGDTCH£EKNOGPVGLCKMK¡
DCTTQQ
XKFTKQ
SWGFCTXRTPNDK¡[C¡
LWTWW³FJC¡
GPWPNWICT
CC[C¡
FGVCNNC
I©ZKC¡
FGVCOC³Q
FCTRGTOKUQFGSWGFCTUGV©DKCRVWFC¡
RCTC
RCUCTNCPQEJG
SWGFCTUCVKUHGEJQSWGFCTUCVKUHGEJCMQQDFC¡
FGEQOKFC
SWGNKVGOUCCTC¡RVWMIKC¡
SWGOCTXVXRTPNO©KFJC¡
O©©[C¡
EQUCSWGUGECNKGPVC
SWGTGTXVCC¡
CWPCRGTUQPCCCIC¡
LQKFJC¡
EQORNCPKO
CC¡
JCEGTCNIQ
SWGTGTEQOGT³CC
SWGTGTOWEJQFC¡VC¡
EQORNCPKO
SWGNQSWKGTGOWEJQFJCCP
EQORNCPKO
FJCC¡
EQORNKPCP
SWGSWKGTGEQOGTKK³CO
ECTPG
SWGUQOMKKU
JCEGTSWGUQFCIKCPC¡
SWKGPRTQPPC
RTQPQODTGTGNCVKXQ
SWKGPUGCLCTQK¡PCR©Z
SWK«PRTQPLCTQQPCLCTQK¡
SWK«PUCDG!LWODJC
SWKQVGOUCCD
SWKVCTXVXRTPNDCCDWKFJC¡
CQVTCRGTUQPC
DJKC¡
FGNHWGIQ
FCDPC¡
RNWOCUQRGNQ
FCD³KC¡
RKGN
MK¡UOC¡
EQPNQUFKGPVGU
M©©¡ORKIC¡
NQUWEKQ
M©©¡ORKZFJC¡
RCTCQVTCRGTUQPC
MWCPC¡
EWDKGTVQECOKUCQUQODTGTQEQUC
OGVKFCGPNCVKGTTC
MWC³FJC¡
TQRCFGQVTCRGTUQPC
V©K¡DJKQMC¡
EQDKLCQTGDQ\Q
4
TC¯\HVCM
TCLCTXVLCK³C¡LCKMKC¡
VCCRPC¡
EQPJCEJCQEWEJKNNQ
VCCR³KC¡
RQTRGICTQRQTUGECTUG
TCOCH
TCOCUOCOTC
£TDQN
TCOCUFGRKPQLWMOCCOTC
TCPCHUWDJCC¡P
T£RKFQT£RKFCCFLLQVOQFC¡QD
SWGETGEGT£RKFQKKRW³K¡
RNCPVCEJ©¡VDKNJK¡
SWGOCFWTCT£RKFQDJCKFJC¡
HTWVC
SWGUGEWGEGT£RKFQDJCKFJC¡
EQOKFC
TCUECTXVICK³DW¡
EQPNCUW³CU
IQQVC¡
EQPNCUW³CUQNCRG\W³C
TCUICTXVUCTPC¡
VGNCQXCSWGVC
UCTPKC¡
VGNCQXCSWGVC
VCKM³KC¡
TQRC
VCKMPC¡
TQRC
TCUICFCEJCKMC³
TQRC
TCUIW³CTXVLQMKCPC¡
TCURCTXVLKKDC¡
LWOCC¡
RCTCGZVTCGTNQUJKNQU
TCVGTQTCVGTCCFLO
'&+%+•024'.+/+0#4`
'52#“1.6'2'*7ƒ0
SWGGUTCVGTQSWGGUTCVGTC©ZDK¡
TCVQO
CNTCVQLC¡Z³K
JCEGTCVKVQD©©R©¡
OWEJQTCVQO©M
RQTWPTCVQCNJKQUGTTCV
TCVµPODCU©©M
ÎHTKLQNFGTCVµPÏDCU©MDJCDKK¡
GLQVGUKNXGUVTG
TC[CH
SWGVKGPGWPCTC[CCPEJCDJKKUCROC¡
CPKOCN
TC\µPH
UKPTC\µPCNIWPCICO©TFCV
TGDCLCTXVUQDMQPC¡
OCFGTCQRKGFTC
TGDCUCTXVDJCK¡DEJKC¡
CNVWTCQFKUVCPEKC
TGDQ\QOTKDJWWU
TGDW\PCTXKMWWMW¡
DWTTQ
TGECTICTXVUKKURC¡
TGEGRV£EWNQOVWVWWT
FGNCUGOKNNCFGOCIWG[
TGEJKPCTXKM©TPKFJC¡
NQUFKGPVGU
TGEKDKTXV
TGEKDKTDKGPM©©ICNJFJC¡
EQORNCPKO
TGEKDKTWPRWGUVQIÀ¡MCOVC¡
RQN¯VKEQ
TGEKGPVGCFL
TGEKGPVGOGPVGMKC¡R©Z
TGEKQCFXMWWFCO
SWGECOKPCTGEKQLKOFJC¡
TGENCOCTXVC¡IKFJC¡
CCIC¡
NQRGFKFQ
TGEQIGTXVVWDW¡[C¡
ITCPQU
TGEQTFCTXVV©¡³EJQ¡
TGEQUGTXVLKKUOC¡
TGFQPFQTGFQPFCCFLZKMQQNJKM
TGFWEKTXVXRTPN
TGFWEKFQTGFWEKFCEJWDWNJ
ECOKPQ
TGGORNC\CTXVRCVCCUC¡
TGHNGLCTXVVQVDKMKC¡
NW\
TGICNCTXVQPDCK¡³FJC¡
KKOEJWFC¡
WPCPKOCNCQVTCRGTUQPC
TGIC³CTXV³KQMFJC¡
TGICTXVDCCIC¡
RNCPVC
TGITGUCTXKF©DKC¡LC¡MI©ZKC¡
NNGICT[TGITGUCTPQTIKC¡
TG¯TXKC¡ZKC¡L©©OKC¡
TGNCORCIWGCTXKD©RIKC¡
TGNKIKQUQTGNKIKQUCCFL
JCEGTTKVQTGNKIKQUQDCPQQUC¡
TGNKPEJCTXKMWWMW¡
OCEJQQECDCNNQ
TKGUIQUQ
TGOCTXKDJ©©[C¡
DCTEQ
TGOGPFCTXVLKKUOC¡
TGOQLCTXVDCMEJKC¡
DCMEJKFJC¡
EWGTQRCTCQVTCRGTUQPC
TGOQNKPQOZKDQQNJKM
TGPCEWCLQOOCMCTQKEJ
TGPFKTXVI©¡NJFJC¡
SWGTKPFGOWK¡FJCNJK¡
RTQPVQ
SWGTKPFGOWEJQMQDMQNJK¡
EQOKFCCN
EQEGTUG
TGPSWGCTXKQDKC¡MKC¡
TGRCTCTXVLQ³KC¡
TGRGVKTXV
SWGNGIWUVCTGRGVKTEJWCC¡³ZKFJCTC¡
NQSWG
WPQFKEGEQOQDWTNC
TGSWGTKTXVCCIC¡
TGUDCNCFK\QTGUDCNCFK\CCFLFJCR³K¡FJC¡PRKM
EJWFC¡PRKM
£TGC
TGUDCNCTXKFCRKK³FJC¡
KPVGPEKQPCNOGPVG
FCR³KC¡
CEEKFGPVCNOGPVG
TGUKFGPEKCH
GUVCDNGEGTTGUKFGPEKCMKKEJC¡
TGUKPCHDCCTIC¡P
RKPQTGUKPQUQLWMLKZDJCKMCO
TGUKPCFGRKPQQUCC¡O
TGUKUVGPVGCFLMCDCCM
TGUQPCTXKV©TPKC¡
UQPKFQHWGTVG
TGURGVCTXV
UGTTGURGVWQUQP©K¡³FJC¡
TGURKTCTXKKKDJKC¡
TGVQ³CTXKDCRRC³KC¡
RNCPVCGPTGFCFGTC
KKRW³KC¡
[GOCUWJQLCU
TGVQ\CTXKQK¡FJC¡
WPQEQPQVTQ
TGVTCVQOFKVTCCVQ
TGWPKTXVLWORCFC¡
UWLCPKO
TGXGPVCTXK©MKC¡
UQICQJKNQ
MQDMQ¡
SWGUGTGXKGPVCH£EKNOGPVG©©MK¡
JKNQQUQIC
TGX«UO
CNTGX«ULC¡MF©T
TGXQNECTXVXRTPNKCRV©MC¡
TGXQNXGTXVFC¡OW³FJC¡
RCTCQVTCRGTUQPC
VCLCCPC¡
PWDGU
TG\CTXVOCOVWFC¡
DKK³MCFC¡
RCTCQVTCRGTUQPC
TG\QOOCOVW¡P
TKEQTKECCFLEJWO³KICO
TKGUIQUQCFLIKFJWWNJ
ECOKPQ
'&+%+•024'.+/+0#4`
TKHNG
'52#“1.6'2'*7ƒ0
TKHNGOMCTCDK³
CTOCFGHWGIQ
T¯IKFQT¯IKFCCFLIWDWWM
TKPEµPOUQQUPC¡P
CNRKGFGWPEGTTQQEQTFµPQ
GPHTGPVGFGWP£TDQN
RQUVGFGNTKPEµPV©VPQTC¡
T¯QOCM
T¯QITCPFGIÀ¡CM
TKUWG³QTKUWG³CCFLL©©ORC¡
NKVTKGPFQWPRQEQ
TKVQO
JCEGTTKVQTGNKIKQUQDCPQQUC¡
TQDCTXV©©ZFJC¡
FGQVTCRGTUQPC
TQDQO©©ZK¡³
TQECHLQFCK
ITCPFG
SWGGUTQECCK¡
TQFCTXVVWWNJRC¡
VWWNJKQRFJC¡
JCEKCQVTCRGTUQPCQCPKOCN
TQFKNNCHQNJKC
TQGTXVMK¡UOC¡
TQLQTQLCCFLD©¡
EJ©D©RIK¡
£TGC
TQORGTXV©MKC¡
UQICQJKNQ
UCTPKC¡
VGNCQXCSWGVC
TQVQTQVC©©M
TQPECTXKUCTQMMKC¡
LCCNQMKC¡
NKIGTCOGPVGDGD«
TQPTQPGCTXKLCCNQMKC¡
ICVQ
TQRCHLCPPWNJMCM³K¡
VWWMCDK¡
KPVGTKQT
SWGVKGPGOWEJCTQRCLCLCPPWNJMCM³K¡
TQUCCFLHD©IKQO
TQ\CTXVI©DMW¡
NKIGTCOGPVGRQTGNEWGTRQ
TWGFCHTQK¡P
TWIKTXKL©©TMKC¡
TWKFQO
JCEGTTWKFQDTQPEQUCTQMMKC¡
RTQFWEKTTWKFQMCR³KC¡
EQOQGNFGCRNCWFKT
SWGUQPTWKFQUNGJCEGPGPUQTFGEGTMCC[W¡
TWODQO
TWODQCOWLC¡M
EKGTVQFGUVKPQOWLC¡R
EKGTVC£TGC
UKPTWODQICOO©L©
TWOKCTXVDKKNJFJC¡
5
U£DCFQOUCCRCV
UCDGTXVOCCV
NNGICTCUCDGTOCEJKC¡
CXKUQQPQVKEKC
SWGUCDGEJWOCCV
JCEGTEQUCUOCPWCNGU
OCCV©V
JCEGTWPCEQUC
SWGUCDGCECNDCCRCM
SWGUCDGJCEGTRGVCVGUOCK³EJCNJK¡
UCDGSW«FGEKTCKZ
SWK«PUCDG!LWODJC
UCDKQUCDKCCFLOEJWOCVFC¡
UCDQTO
VGPGTUCDQTMCCM
UCDQTGCTXVF©©MC¡
CNKOGPVQ
UCDTQUQUCDTQUCCFLIK¡MCM
HTWVCQXGTFWTC
K¡QQD
UCECTXVDCCDW¡LWRPC¡
DCCDWKFJC¡
RCTCQVTCRGTUQPCLWR³KFJC¡
RCTC
QVTCRGTUQPC
DWWUCKEJWNJFJC¡
RCTCQVTCRGTUQPCEQORN
CPKO
DCZDJC¡
N¯SWKFQFGCDCLQJCEKCCTTKDC
DJKC¡
FGNCIWC
DJKKFJC¡
FGNCIWCRCTCQVTCRGTUQPC
MWCPC¡
FGFQPFGGUV£OGVKFQ
VCMDWPC¡
FGTC¯\
DWWUCKFJC¡
OG\ECN
SWGUCDGUCECTEJWDJKCOWM
FGFQPFGGUV£
OGVKFQ
UCECTCIWCDCK¡³FJC¡
RCTCQVTCRGTUQPC
DCK¡IKC¡
UCEGTFQVGORCCNJ
UCEWFKTXVDQZMC¡
RCTCSWKVCTNCUGURKPCU
UCNHQP
SWGNGHCNVCUCNDCUFCM
SWGVKGPGUWHKEKGPVGUCNQPMCM
UCNCFQUCNCFCCFLQPMCM
UCNKTXKDWWUPKC¡
F©©DQ³KC¡
N¯SWKFQ
PW¡CC¡
N¯SWKFQITCPQQRQNXQ
I©ZKC¡
HTWVQFGWPCRNCPVCEWEWTDKV£EGC
JCEGTUCNKTDWWUCKEJWNJFJC¡
RCTCQVTCRGTUQPC
EQORNCPKO
JCEGTUCNKTFGNECUECTµPVCCVMKEJFJC¡
CXGU
SWGUCNGO©NJOWM
TGUKPC
UCNKTDCTDCQDKIQVGEJK³DQVC¡
UCNKXCHEJK³DCTCC¡
UCNVCOQPVGUOUQK
UCNWFCTXV³KQ¡MFJC¡
PCOMKC¡
EQPTGURGVQDGUCPFQNCOCPQ
UCNXCLGCFLLKIKCTWO
CPKOCNFGNOQPVG
'&+%+•024'.+/+0#4`
'52#“1.6'2'*7ƒ0
UCPCTXVFWC¡³FJC¡
CQVTCRGTUQPC
UCPF¯CHUCPFKK[CU
UCPITCTXK©¡TRWMKC¡
UCPITGH©¡©©T
UCNKTUCPITG©¡TRWMKC¡
UCPVQCFLO
5CPVC/CT¯C1EQV£P,WMV©T
UCRQOUWDJCC¡P
UCVKUHGEJQUCVKUHGEJCCFL
SWGFCTUCVKUHGEJQSWGFCTUCVKUHGEJCMQQDFC¡
FGEQOKFC
UCXKCHDCCTIC¡P
QUDJC¡
GURGUCFGEKGTVQU£TDQNGU
SWGVKGPGUCXKCGURGUCQUDJC¡
£TDQN
UGRTQPLWOÊO
UGECTXVDJCCVC[C¡
RNCPVC
ICMKC¡
ICMKK¡³FJC¡
UGEQUGECCFLICM
EJWICM
£TGCQEQPLWPVQFGEQUCU
DJCCVC¡
RNCPVC
EJ©F©©DJCZ
VKGTTC
NCUUGECUVCCDJCM
TGIKQPCNKUOQ
PQUGEQPQUGECDCC¡
RNCPVC
UGFH
FCTUGFVGPGTUGFVQPOQ¡
SWGNGFCUGFEJWVQPOQFC¡
SWGVKGPGUGFEJCPQQO
UGFKGPVQUGFKGPVCCFLEJCPQQO
UGIWKFQCFLLKTOCC¡PR©ZLKEJ©M
UGIWKTXVF©©MEJKC¡
RQTNCUJWGNNCU
QKFJC¡
RQTCVT£U
VWK¡FJK¡
FGEKGTVCOCPGTC
SWGUKIWGOCC¡P
SWGUKIWGJCEKGPFQNQOKUOQEJWPCO©©M
UGIWTQUGIWTCCFLUKIWWT
UGIWTCOGPVGIW¡EJK
UGKUCFLZKLWOOCC¡P
UGODTCTXV©ZKC¡
C[WFCTCUGODTCT©ZFJC¡
UGOKNNCHMCK
©ZEJWM
FGUVKPCFCRCTCUGODTCT
UGOKNNCFGECNCDC\CMCKEJWM
UGPFCHVCDJKKM
GPVTGNCUNCFGTCU
UGPVCTXVFCCUC¡
CQVTCRGTUQPC
FCKDW¡
RGTUQPCQCPKOCN
GUVCTUGPVCFQGUVCTUGPVCFCFCC
KTUGPVCFQKTUGPVCFCFCKEJI©FC¡
UQDTKPQUQDTKPC
UGPVKTXVXRTPN©NJFJC¡VCCVC¡VCVFCEJKC¡
UGPVKTFQNQTO©KFJC¡
EQPCNIQECNKGPVG
UGPVKTVGTTQTLCDMC¡
UG³CNH
SWGGUOCNCUG³CNQ¡ZDK¡
UG³CNCTXVU©ZKC¡
EQPNCOCPQ
UG³QTKVCHV©[CC
FGSWKPEGC³QUQO£UFGGFCF
UGRCTCTXVXRTPNL©¡F©NJMCFC¡
UGSW¯CH
«RQECFGUGSW¯CVCCDJCM
FGFKEKGODTGCOC[Q
NNGICTNC«RQECFGUGSW¯CVCCDJC¡
UGTXKCC[C¡
WPCECPVKFCF
C¡O
NCGUGPEKCFGNCRGTUQPC
FC¡
EQUCPQEQPQEKFC
VWVW¡KK¡
£TGC
SW«EQUCUGT£!VW¡PCFC¡
UGTKQUGTKCCFL
EQPUGTKGFCFI©¡O
UGTXKTXVDJKKFJC¡
EQOKFCCQVTCRGTUQPC
FJCC¡
UWLKPCP
QPDCK¡³FJC¡
EQOKFC
UKEQPLPQ¡
RQTSWGUKPQMWVVW
U¯RTQP
RQTU¯OKUOQF©©NJR©Z
U¯CFXL©©¡LÀÀ¡
DCCDWK¡
UKPEQORTQOGVGTUG
UKGODTCH
«RQECFGUKGODTC©¡ZKCDJCM
LWPKQ
UKGORTGCFXICOO©L©
UKGTTCHLWMICO
FGEQP¯HGTCU
UKGVGCFLZKLWOIQQM
UKIPKHKECFQOLWOFWWMCO
FGCNI¼PGXGPVQ
UKNNCHCVQQZMQT
UKNNCFGOQPVCTZKKT
UKNXGUVTGCFLLKIKCTWO
RNCPVC
UKPQEQPL
UKPQSWGIW¡OCVICO
CNEQPVTCTKQ
UKSWKGTCCFXEQPL
PKUKSWKGTCEJCOL©¡Z
UQDTCTXKDK¡[C¡
UQDTGRTGRDJCCP
NCUWRGTHKEKGFG
VC¡O
NCUWRGTHKEKGFG
UQDTKPQUQDTKPCOHCDWKN
FGWPCOWLGT
MWWNUK
FGWPJQODTG
OCT
JKLQQJKLCFGNJGTOCPQFGNGURQUQFGWPC
OWLGT
QQICZ
JKLQQJKLCFGNJGTOCPQQFGNCJGTOCPC
'&+%+•024'.+/+0#4`
UQIC
'52#“1.6'2'*7ƒ0
FGNCGURQUC
FJKZKKM
JKLQQJKLCFGNCJGTOCPCOC[QTFGWPC
OWLGT
DCDQQNJ
JKLQQJKLCFGNJGTOCPQOC[QTFGWPC
OWLGT
Q¡MKZ
JKLQQJKLCFGNCJGTOCPCOGPQTFGWPC
OWLGT
RCCUWNJ
JKLQQJKLCFGNJGTOCPQOGPQTFGWPC
OWLGT
VCVCCNJ
JKLQQJKLCFGNCJGTOCPCOC[QTFGWP
JQODTG
LKKMWNJ
JKLQQJKLCFGNJGTOCPQOC[QTFGWP
JQODTG
MWWZK¡
JKLQQJKLCFGNCJGTOCPCOGPQTFGWP
JQODTG
M©NJKK
JKLQQJKLCFGNJGTOCPQOGPQTFGWP
JQODTG
UQICHV©TDK³
EQPUQICNCTICV©D©©R
5QNOVCPQQNJ
GUVCTGN5QNFWW
GPEKGTVCRCTVGFGNEKGNQ
UQNOLKEJEJCCV
GPGNUQNVCPQQNJKQR
JCDGTUQNVQPPKC¡
VQOCTUQNVQZMQIKC¡
UWLCPKO
UQNCOGPVGCFXFCK
UQNCTCFL
JCDGTGENKRUGUQNCTVWOVWMICOVC¡
UQNFCFQOUCPFCCTWK¡Z
UQNKVCTKQUQNKVCTKCCFLOF©NJFJ©O
CPKOCN
UQNQUQNCCFLF©©NJ
CUQNCUF©NJMQD
UGPVKTUGUQNKVQUGPVKTUGUQNKVCVWMNJKC¡
OQFKUOQ
UQNVCTXVFQ¡PMQPC¡
MWRKQ¡MC¡
RCTCUCNKT
PCMIC¡
EQORNCPKO
FQ¡³EJQ¡
RCTCSWGXC[CEQORNCPKO
UQNVGTQUQNVGTCCFLOF©NJFJ©O
RGTUQPC
UQODTCH
FCTUQODTC©RIKFJC¡
JCDGTUQODTC©©MC[C¡
SWGJC[UQODTC©©MC¡
UQODTGTQODQPCCO
RQPGTUGWPUQODTGTQDQPOCVFC¡
UQODTGTQFGRCNOCUQQDQNJDQPCCO
UQODTGTQFG\Q[CVGWOWW¡DQPCCO
UQPCLCHZKKZMKNJ
X¯DQTCFGECUECDGN
UQPCTXKMWWMW¡
KPUVTWOGPVQOWUKECN
UCCO³KC¡
ECORCPC
SWGUWGPCPNQUFKGPVGUM©TPKO
CNEQOGTEQUCU
UGECU
UQ³CTXVV©©VMKC¡
UQRNCTXKL©NJDKFJC¡
CKTG
UQRQTVCTXVUKKURC¡
UKKURKFJC¡
RCTCQVTCRGTUQPC
PCMIC¡
CIWCPVCT
UQTIQOW¡KK¡LWPWW¡
UKNXGUVTGNKVOC¯\FGR£LCTQ
UQUVGPGTXVUKKURC¡
UKKURKFJC¡
RCTCQVTCRGTUQPC
UWCFLÊ¡P
FG«NQFGGNNC
LCO
FGWUVGFGU
LC
FGGNNQU
UWUÊ¡P
FG«NQFGGNNCLCO
FGWUVGFGULC
FGGNNQU
UWCXGCFLOQKM
UWDKFCHVCK¡
GPNCUWDKFCD©©ZEJCK¡
UWDKTXKV©UFKC¡V©UCC¡³FJC¡
KC¡³FJC¡
CNEWGTRQ
SWGUWDGH£EKNOGPVGEJ©UFK¡
NWICTGUECTRCFQ
UWEGFGTXKLCZFJW³KC¡
FW³KC¡
CEVQPCVWTCN
DWKFJC¡
NQRNCPGCFQ
UWEKQUWEKCCFLKMQQTC¡
UWFCFGTQOKCRVCTC¡
RCTCECDCNNQ
UWFCTXKDQQTVC¡
UWFQTODQQTFC¡
UWFQTQUQUWFQTQUCCFLDQQT
UWGITCHFCC¡P
UWGITQOQQ¡
UWGNQOF©D©©TF©©TCR
UWG³QOV©©VMK¡
DWGPQRCTCRGTEKDKTEQUCUCVTCX«UFGNQU
UWG³QUEJ©©VMK¡
SWGNGFCUWG³QEJWMQQZOQFC¡
SWGVKGPGUWG³QMQQZKO
NKVSWGSWKGTG
FQTOKT
UWHKEKGPVGCFLCKZKO
UGTUWHKEKGPVGCC[C¡
UWHKEKGPVGOGPVGLWRCCDCP
NNGPQ
UWHTKOKGPVQOVWNJKK³CTC¡
UWHTKTXVVWNJKK³C¡
JCEGTUWHTKTVWNJKK³EJWFC¡
UWLGVCTXVOCK¡URC¡
EQORNKPCP
UWOCTXVLC¡M©NJFJC¡
UWRGTHKEKCNCFLMQOCCNJKO
VKGTTCQCTGPC
UWRGTHKEKGH
'&+%+•024'.+/+0#4`
'52#“1.6'2'*7ƒ0
EGTECFGNCUWRGTHKEKGFCCOCP
N¯SWKFQ
GPNCUWRGTHKEKGFCCOCP
UµNKFQ
GPNCUWRGTHKEKGFGFCCO
U¼RNKECHWC³FJCTC¡
TGURGVWQUCCNEWTCPFGTQ
UWRNKECTXVWC³FJC¡
EQPTGURGVQCNEWTCPFGTQ
UWRWGUVQUWRWGUVCCFL
UWRWGUVCOGPVGUCRR©MDC¡
6
VCDCEQODKD
VQQDQZ
FGJQLCUCPEJCU
VCDNCHVCC¡ONC
VCEQO
JCEGTWPVCEQMK¡URKFJC¡
RCTCQVTCRGTUQPC
VCNGICHCTRWWU
FGVGLKFQHKPQFGCNIQFµP
CUCCM
FGVGLKFQOCNNCFQFGKZVNG
DJCK¡OMCT
DQTFCFC
VCNNCTXVM©©MUC¡
LWOCC¡
RCTCGZVTCGTNQUJKNQU
UQDMQPC¡
OCFGTC
VCNNQOVQQP
UCCD
FGOCIWG[
VCNµPOV©MDQ
FGNRKG
VCOCNOV©OCKEJ
PCCMV©OCKEJ
FGECTPGFGNCECDG\CFGNRWGTEQ
VCOCNEGTGOQPKCNDJCOOCZ
VCOCNFGFWNEGMKRK¡
FGRKPQNG
VCOC³QO
KIWCNFGVCOC³QLC¡ZDWK¡
VCOCTKPFQO
VCOCTKPFKNNQPCMWCNJ
VCODK«PCFXD©©ZIKQ
DCRWK¡©R
FGNCOKUOCOCPGTC
LCK¡
LWPVQEQPQVTQU
VCODQTOVCODJWNJ
VCPVQVCPVCCFX
PQVCPVQEJCOR©M
SWGVCPVQPCLCZ
SW«VCPVQSW«VCPPCL©¡Z
VCPVKVQVCPVKVCL©¡Z³K
VKGORQ
SW«VCPVQ!SW«VCPVC!LCZL©¡Z
VCRCTXVKK³C¡
DJKKDIC¡
EQPVGNCQRN£UVKEQ
MWWRC¡
EQPVCRCFGTC
V©K¡FJC¡
EQPEQDKLCQTGDQ\QCQVTCRGTUQPC
ZK¡O³KFJC¡
DKGP
VGTOKPCT
VCRGVGODCMZKFJCTC¡
RCTCFQTOKT
VCRµPOMWWRCTC¡
VCTFCTXKO©©MKFJC¡
VCTFGCFX
GUVTGNNCFGNCVCTFGUWWUCMPCCM©O
JCEGTUGVCTFGLWTPKC¡
OGFKCVCTFGOKCFWWM
VCVGOCTXVOCOCC[C¡
VC\CHVCCU
VGRTQPLWOÊO
CCR
GPH£VKEQ
V«OVCCRWM
FGEQTVG\CFGGPEKPQ
VGCHLWM
VGEJCNQVGODJQ¡OMQZ
TGIKQPCNKUOQ
VGEQNQVGO
VGEQNQVGEQTPWFQVWMWWT
VGLGTXVCUMKEJC¡
VCNGICFGKZVNG
CUMKEJFJC¡
VCNGICFGKZVNGRCTCQVTCRGTUQPC
KMZKEJC¡
OQTTCNFGCNIQFµP
VGLKFQOCUMKEJ
FGKZVNG
KMZKEJ
FGCNIQFµP
VGLµPODCKU©NJ
VGNCHMCM³K¡
EQTVGFGVGNCLCPPWNJ
FQUOGVTQU[OGFKQ
VGOGTQUQVGOGTQUCCFLEJQQ¡PPKOWM
NKV
H£EKNOGPVGNGFCOKGFQ
VGORNQOEJKQR
VGORTCPGTQVGORTCPGTCCFLLQQVQM
RNCPVC
VGORTCPQCFXM©¡PMQD
MCRDJWKOWM
EWCPFQGORKG\CCCOCPGEGT
SWGUGNGXCPVCVGORTCPQDCCOIK¡
VGORTCPKVQDCL©M
CPVGUFGFGUC[WPCT
VGPFGTXVDCMVC¡
VCRGVGRGVCVGQEQDKLC
DCMZKFJC¡
VCRGVGRGVCVGQEQDKLCRCTCQVTC
RGTUQPC
L©NJIC¡
CUQNGCT
VGPFµPOVCVCC¡
SWGVKGPGOWEJQUVGPFQPGUEJCVCC¡
VGPGTXVDKC¡
VGPVCTXVVCCVC¡
VG³KTXVDWC¡
VGNCQJKNQ
VGRGJW£POHQ¡FCO
RGTUQPCQKFKQOC
VGTOCNCFL
CIWCUVGTOCNGUVQK³MCO
VGTOKPCTXVCKEJFJC¡
FKUVCPEKCQVKGORQ
UG³CNCFQ
MWWICNJFJC¡
VKGORQUG³CNCFQ
V©©OQ¡
FGJCEGT
'&+%+•024'.+/+0#4`
VGTTGPQ
'52#“1.6'2'*7ƒ0
VGTTGPQOF©D©©T
VGTTµPO
JCDGTVGTTµPMCDQQTCM
VKRTQP
CVKCCR
GPH£VKEQ
V¯CHPCCP
GURQUCFGNJGTOCPQFGNRCR£QFGNC
OCO£
Q¡MKZ
JGTOCPCOC[QTFGNCOCO£
FJKZKKM
JGTOCPCOGPQTFGNCOCO£
RCCUWNJ
JGTOCPCOC[QTFGNRCR£
DCDQQNJ
JGTOCPCOGPQTFGNRCR£
V¯CCDWGNCCDWKN
VKDKCHLQUGG
FGNCRKGTPC
VKDKQVKDKCCFLOLWWM
VKGORQO
FGUFGJCEGOWEJQVKGORQDCL©MF©T
JCEGOWEJQVKGORQDCL©M
VGPGTVKGORQRQFGGTQ¡
VKGTPQVKGTPCCFLOOQKM
RNCPVCQHTWVC
6KGTTCHQK¡³IC¡P
VKGTTCHF©D©©T
VKGTTCE£NKFCVCCVUCD
VKGUQVKGUCCFL
RQPGTUGVKGUQIWDMC¡
EQUCFGHQTOCRNCPC
VKITGOF©¡PDCNJ
V¯OKFQV¯OKFCCFLEJQQ¡PPKOWM
NKVH£EKNOGPVGNG
FCOKGFQ
VKOµPOVKOQQP
FGNCTCFQ
VKPCLCHDCK¡³FJCMCT
RCTCCNOCEGPCTCIWC
V¯QOQQICZ
GURQUQFGNCJGTOCPCFGNRCR£QFG
NCOCO£
MWWZK¡
JGTOCPQOC[QTFGNCOCO£
VCVCCNJ
JGTOCPQOGPQTFGNCOCO£
M©NJKK
JGTOCPQOC[QTFGNRCR£
LKKMWNJ
JGTOCPQOGPQTFGNRCR£
V¯QCDWGNQMWWNUK
VKRQO
FGOWEJQUVKRQUD©©ZCKZKOVW¡O
VKTCFQTVKTCFQTCOH
DWGPVKTCFQTDWGPCVKTCFQTCVWOWOWWFCO
CTEQ
VKTCTXVXRTPNOCK¡DWC¡
OCK¡³³C¡
DCNCQRKGFTC
OWOWW[C¡
RTQ[GEVKNNCTIQ
PW¡CC¡
N¯SWKFQITCPQQRQNXQ
LCCZEJC¡
N¯SWKFQ
DWDWCMKC¡
N¯SWKFQQITCPQU
LKDWC¡
CNUWGNQ
FGLCTVKTCFQFGLCTVKTCFCIKQRPC¡
GUVCTVKTCFQGUVCTVKTCFCMCCV
VK\PCTXVMWDJC¡DKFJC¡
MWDJC¡DKFJC¡
XQNWPVCTKCOGPVG
MWDJC¡D³KC¡
UWLKPCP
VK\PCFQVK\PCFCMWDJC¡DK³
VNCEWCEJGOLQQD
VNC\QNGOVCUQQNJ
VQDKNNQOMÀNJ
VQECTXVL©NJDKFJC¡
CKTGEQORNCPKO
MWKEJFJC¡
KPUVTWOGPVQOWUKECNFGCNKGPVQ
UCCUDKC¡
O¼UKEC
UCCUDKFJC¡
O¼UKECRCTCQVTCRGTUQPC
UQQUPKC¡
CNCRWGTVC
VQEµPOUQP
VQFCX¯CCFXMCMCRWRMKC¡RWK
VQFCX¯CPQEJCMWK
VQFQVQFCCFLRTQPD©©Z
FGVQFCENCUGD©©ZCKZKOVW¡O
GUVQFQFCKRW¡
RQTVQFQUNCFQUD©©ZZKMQQNJPCK¡
VQFQUD©©ZPCDCR
F¯CUOGUGUQC³QU
VQOCTXVDJC¡[C¡
UµNKFQ
K¡[C¡
N¯SWKFQ
LWRPC¡
HQVQITCH¯C
JCEGTVQOCTK¡EJFJC¡
VQOCTOG\ECNPCDCKEJFJC¡
EGTGOQPKCN
VQOCVGOUQURQ¡MCNJ
XGTFGFGE£UECTC
VWOKCNJ
TQLQ
OQNGFGVQOCVKNNQUQURQ¡MCNJLWPOC¡P
VQOCVKNNQUQURQ¡MCNJ
TGIKQPCNKUOQ
VQRQOVWDWC
CPKOCN
VQTEGTXVPCCURC¡
ICDPC¡
RCTVGFGNEWGTRQ
VQTEKFCICDKK³
WPCRCTVGFGNEWGTRQ
VQTQOVWWT
VQTVGCTXVVWFW³KC¡
DWKFJC¡
RCTCQVTCRGTUQPC
VQTVKNNCHV©OMCNJ
JCEGTVQTVKNNCUDWKFJC¡
RCTCQVTCRGTUQPC
UWWNJIC¡
FGOCUC[CJGEJCUWWNJIKFJC¡
FG
OCUC[CJGEJCRCTCQVTCRGTUQPCVWFW³KC¡
VQTVWICHOWWNJ
VQUHKQ¡IK¡
VQUGTXKKQ¡IKC¡
VQUVCFQTOLCKMMCT
VQUVCTXVLCCMKC¡
ITCPQUQUGOKNNCU
VTCDCLCFQTVTCDCLCFQTCCFLOVWLWCPFCO
OW[VTCDCLCFQTOW[VTCDCLCFQTCEJW
LWCPCTICO
'&+%+•024'.+/+0#4`
'52#“1.6'2'*7ƒ0
VTCDCLCTXKVWLWCPC¡
VWLWC³FJC¡
RCTCQVTCRGTUQPC
DWGPQRCTCVTCDCLCTEJWLWCPCTC¡
VTCGTXVDJ©KMC¡CKEJFJC¡
DJ©KFJC¡CKEJWNJFJC¡
CQVTCRGTUQPC
MWUDKMC¡
RQTOGFKQFGWPCEQNICFGTCGPGN
JQODTQQGPNCECDG\C
OQQVKMC¡
CRQ[CFQUQDTGNCECDG\CQGPNQU
JQODTQU
VTCICTXVDJC¡[C¡
UµNKFQ
VTCORCHV©©¡PMCT
JQ[QGPNCVKGTTC
RQPGTWPCVTCORCV©©¡³FJC¡
RCTCCPKOCN
VTCPURCTGPVGCFLWC³
N¯SWKFQ
ZWW¡PIK¡
UµNKFQ
VTCURTGR
VTCUFGQKFJCVF©T
VTCXKGUQVTCXKGUCCFLLWCPDKNJLWCPDKNJK¡
EJWOWMCC¡
OQFKUOQ
VTGP\CHLKMRC¡
FGUQ[CVG
VTGP\CFG\Q[CVGU©¡NJKM
VTGP\CTXVLKMRCVC¡
UQ[CVG
LKMRCZFJC¡
RCTCQVTCRGTUQPC
VTGRCFQTVTGRCFQTCCFLDCRRC³K¡
VTGUCFLDCKM
VTGUXGEGUDCKMKO
VTKNNCTXVL©NJDKFJC¡
OC¯\HTKLQNQVTKIQ
VTQORQOP©K¡ZMCNJ
LWIWGVG
VTQPCTXKZKR³KC¡
V©TPKC¡
CNNNQXGTQCNECGTUGWPQDLGVQITCPFG
VCLCCPC¡
VKTQUFGWPCTOCOQFKUOQ
VCVPCMKC¡
OCFGTCGPNCNWODTGQOC¯\VQUVCFQ
VTQPEQOVQQP
VTQRG\CTXKDJKC¡
VWCFLLWOÊO
RQUGUKµPFGUGIWPFCRGTUQPCFG
UKPIWNCT
VWULWOÊO
RQUGUKµPFGUGIWPFCRGTUQPCFG
UKPIWNCT
V¼RTQPCCR
VWODCTXVLKDWC¡KCTC¡
©NJKC¡
GPWPRNCPQQGPWPCRGPFKGPVG
VWPCHKKDJCK
E£UECTCCOCTKNNCRNCPVCITCPFG
LQK¡U©NJ
ECRCTQLCRNCPVCRGSWG³C
FC¡PRCMKKDJCK
ECRCNKUC
PCMCCD
E£UECTCTQLC
VQQVQPCMCCD
E£UECTCDNCPEC
VWPCDNCPECLK³CDQQ¡
E£UECTCCOCTKNNCRNCPVC
EJCRCTTC
VWPCTQLCLKZD©R©©¡LK³CDQQ¡
V¼PKECHMWVWWP
VTCFKEKQPCNFGJQODTG
X£OQPQU
VWRKFQVWRKFCCFLZKDQQTCM
7
WDKECTXRTPNDK¡[C¡
NWICT
WJKPVGTLGGLC
¼NVKOQ¼NVKOCCFLOICVWWMMCO
CN¼NVKOQICVWWM
GN¼NVKOQNC¼NVKOCICVWWMMCO
GPPCEGT
NNGICTCN¼NVKOQF¯CLWTWW³FJC¡
FGNOKVQVG
UGT¼NVKOQF¯CLWTPKC¡
FGNOKVQVG
WPCTV
FGWPNCFQOCCRF©T
WPQUL©¡M
WPKTXVD©PVC¡
UWLCPKO
WPQWPCCFLOCC¡P
ECFCWPQECFCWPCL©¡OC¡P
FGWPCXG\OCC¡PLKOFCO
WPCXG\OCC¡PPKO
WPQUEWCPVQUIQQM
WPQFGOCCF©V
RGTUQPCQCPKOCNRCTVGFGWP
ITWRQ
WPVCTXVLWWNJKC¡
LWWNJFJC¡
CQVTCRGTUQPC
WPWPCCTVOCC¡P
WPWPCWPQUWPCUIW
W³CHLWWV
RGTUQPC
WTVKECTKCH
SWGECWUCWTVKECTKCM©©M©KFJC¡
EQOKFC
WUCTXVDWC¡
WUVGFRTQPCCR
CWUVGFCCR
GPH£VKEQ
WUVGFGUCWUVGFGUCCRK¡O
8
XCECHDCCM
NGEJGFGXCECDCCMDKK¡O
XCEKCTXVVW¡CC¡
N¯SWKFQ
XCE¯QXCE¯CCFLLWRVW¡O
XCIQXCICCFLOQKT©FCO
XCNGTXKPCOMKC¡
XCNKQUQXCNKQUCCFLFJC¡TMCO
X£OQPQUKPVGTLOCKM
V¼[[Q
'&+%+•024'.+/+0#4`
XCPQXCPC
'52#“1.6'2'*7ƒ0
XCPQXCPCCFL
GPXCPQVW¡MWD
XCTCHQZKC
FGCWVQTKFCF
XCTKQUXCTKCUCFLLCK¡FJ©VL©¡MEJK
XCUKLCH
XCUKLCFGDCTTQDJKFJCC¡
ETWFC
X£UVCIQOWRWC
ECEVWU
XGKPVGCFLOCC¡PQQ¡O
XGLKICHLK¡DUQP
XGNCHMC³FJKKT
RCTCCNWODTCT
RQPGTXGNCEGTGOQPKCND©¡³FJC¡
XGNCFQTXGNCFQTCOHPWWMFCFCO
XGNNQODCRQQ
XGNQ\CFLFJCK¡FJC¡
CNXQNCT
XGPCFQOUWKOCNJ
XGPFGTXVIC¡TC¡
IC¡TCVW¡
UGIWKFQ
IC¡NJKFJC¡
CQVTCRGTUQPC
XGPGPQUQXGPGPQUCCFLOCKOFC¡
XGPICTXV
RGPUCTEµOQXGPICTUGVWDK¡EJWFC¡
XGPKTXKLKOKC¡
dXGP[C¡PK
RCTCNNCOCTCWPRGTTQ
XGTXVV©IKC¡OCCZ
LQQLQKFJC¡
QDUGTXCT
V©V©IKC¡
CNIQGPGURGEKCN
RQFGTXGT³KC
SWGUGXGEJWOCCZ
£TGCGZVGPUC
SWGUGXGDKGP³CO©©M
GNOQFQFGXGUVKTFG
CEWGTFQCUWRGTUQPCNKFCF
XGTFCFHRKCO
FGXGTFCFOCCZKM
XGTFGCFLEJ©©FQ¡
EJ©V©©FQ¡
£TGC
DCC¡
RNCPVC
OQKM
RNCPVCQHTWVC
SWGUGRQPGXGTFGEJWKKRWP
£TGC
SWGUGXGXGTFGEJ©¡PIKEJ
XGTFGDCLKVQOQPFQTC¡
EQNQTFGCNIC
XGTI¾GP\CH
SWGNGFCXGTI¾GP\CZK¡©T
VGPGTXGTI¾GP\CZK¡©TIK¡³
FGCNIWKGPZK¡©TCC¡
XGTVGDTCNCFL
EQNWOPCXGTVGDTCNDJCKZM©NJ
XGTVGTXVVW¡CC¡
N¯SWKFQ
VQK¡FJC¡
N¯SWKFQCQVTCRGTUQPCQCPKOCN
XGU¯EWNCH
XGU¯EWNCDKNKCTZKDW¡FC¡
XGUVKTXVCC¡³FJC¡
XG\H
CSWGNNCXG\LCPQ¡
CXGEGURCK¡L©
EKPEQXGEGULKZEJCOCCOKO
EWCVTQXGEGUOCCMQDKO
FGWPCXG\OCC¡PLKOFCO
FGXG\GPEWCPFQRCK¡L©R©Z
FQUXGEGUIQQMKO
FQUXGEGUO£UIQQMLC¡MDWK¡
QVTCXG\IKQR
FGURW«UFGCNI¼PVKGORQRWK¡R
VTGUXGEGUDCKMKO
WPCXG\OCC¡PPKO
XKCLGTQOLKOFCO
NKVGNSWGCPFC
X¯DQTCHMQ¡
X¯DQTCFGECUECDGNM©K¡³MCOMQ¡
XKGPVQOL©D©©NJ
XKICHICKMCO
XKIKNCTXVPWWMFC¡
XKQN¯PONCDGGT
XKUKVCPVGORCZKCTFCO
XKUKVCTXVRCZKCTC¡
CQVTCRGTUQPC
XKUVCH
VGPGTXKUVC³KC
XKWFQXKWFCO
XKWFCPGITCLKKEJQDC¡
CTC³C
XKXKTXKFCC
VGORQTCNOGPVG
MKQ
GPEKGTVQNWICT
GUVCTXKXQFWC
NNGICTCXKXKTMKKEJC¡
XQNCTXKFC¡[C¡
JCEGTXQNCTFCK¡EJFJC¡
KTXQNCPFQFCK¡EJI©FC¡
XQNXGTXKLC¡MI©ZKC¡
I©ZKC¡
CNGUVCFQPQTOCN
XQOKVCTXVDKQVC¡
XWGNVCH
CNCXWGNVCDCCUF©T
FCTNCXWGNVCPQTIKC¡
FCTXWGNVCDJK¡³³KC¡VQQ¡ORC¡
;
[EQPLIKQ
ICO
EQUCUFGNCOKUOCENCUG
[CCFXDC
'&+%+•024'.+/+0#4`
'52#“1.6'2'*7ƒ0
[COGTQV©KRWR
[CSWGMCRDJCK¡
[GIWCHMCDCK
[GTDCHUCK¡
[QRTQPCC³
[WIQO[WW¡
<
\CECVGOUCK¡
\CHCTUGXRTPNLWR³KC¡
\CPECFKNNCH
RQPGTWPC\CPECFKNNCDJKC¡
SWGUCDGRQPGTNC\CPECFKNNCEJWDJKCOWM
\CPEWFQODCCOW¡
\CRCVQOUCRCCVWKZ
\CRQVGOLQDKK¡³
\CT\QOKVRC
FGECTTK\QFWTQRCTCUGECTSWGUQ
\QRKNQVGO
ÎGUECTCDCLQFG\QRKNQVGÏVQDCCICK³DW
VKRQFG
JQPIQ
\QTTCHMCZKQ
\QTTKNNQOWWR
\Q[CVGOWOWW¡
ECPCUVCFG\Q[CVGWOWW¡DCCNJ
EQTVCT\Q[CVGWOICZFJC¡
RCTCQVTCRGTUQPC
WOIC¡
UQODTGTQFG\Q[CVGWOWW¡DQPCCO
VTGP\CFG\Q[CVGU©¡NJKM
'&+%+•024'.+/+0#4`
\Q[CVG
Tercera parte:
Gramática tepehuana
Índice
INTRODUCCIÓN ................................................................................................................................................................237
ABREVIATURAS ................................................................................................................................................................238
CAPÍTULO 1. LAS CONSONANTES....................................................................................................................................239
&XDGUR/DVFRQVRQDQWHVGHOWHSHKXiQ '(6&5,3&,Ï1'(/$6&21621$17(6 /DVRFOXVLYDVVRUGDV /DVRFOXVLYDVVRQRUDV /DVIULFDWLYDV
/DVDIULFDGDV
/DVQDVDOHV
/DVOtTXLGDV
/DVHPLYRFDO
/26352&(626)212/Ï*,&2648(&$0%,$1$/$6&21621$17(6 /DSDODWDOL]DFLyQ (OHQVRUGHFLPLHQWRILQDO /DQDVDOL]DFLyQSUHJORWDOL]DGD
CAPÍTULO 2. LAS VOCALES ............................................................................................................................................247
&XDGUR/DVYRFDOHVGHOWHSHKXiQ '(6&5,3&,Ï1'(/$692&$/(6
/DVYRFDOHVFRUWDV
/DVYRFDOHVODUJDV
/RVGLSWRQJRV
/26352&(626)212/Ï*,&2648(&$0%,$1$/$692&$/(6 /DUHDUWLFXODFLyQGHYRFDOHV
/DVXSUHVLyQGHYRFDOHVDOILQDOGHODSDODEUD /DVXSUHVLyQGHYRFDOHVGHVSXpVGHXQDVtODEDDFHQWXDGD
CAPÍTULO 3. LAS SÍLABAS ..............................................................................................................................................253
/$)250$'(/$66Ë/$%$6
/DVVtODEDVDELHUWDVFRQYRFDOHVFRUWDV
/DVVtODEDVDELHUWDVFRQYRFDOHVODUJDVRGLSWRQJRV /DVVtODEDVFHUUDGDVFRQYRFDOHVFRUWDV
/DVVtODEDVFHUUDGDVFRQYRFDOHVODUJDVRGLSWRQJRV
/DVVtODEDVFHUUDGDVTXHWHUPLQDQFRQXQDVHFXHQFLDGHFRQVRQDQWHV
/$$&(178$&,Ï1 /DSULPHUDVtODEDDFHQWXDGD /DVHJXQGDVtODEDDFHQWXDGD
/$6&2175$&&,21(6 *5$0È7,&$7(3(+8$1$
/DFRQWUDFFLyQGHOFOtWLFRGHOVXMHWR &XDGUR)RUPDVGHOFOtWLFRGHOVXMHWR &XDGUR)RUPDVGHOPRUIHPDGHOVXMHWR /DFRQWUDFFLyQGHSUHILMRV &XDGUR&RQWUDFFLRQHVFRPXQHVGHORVSUHILMRV CAPÍTULO 4. LA REDUPLICACIÓN...................................................................................................................................258
/$5('83/,&$&,Ï1&257$ /DUHGXSOLFDFLyQFRUWDGHXQDYRFDOLQLFLDOFRUWD /DUHGXSOLFDFLyQFRUWDGHXQDYRFDOLQFLDOODUJD /DUHGXSOLFDFLyQFRUWDGHXQGLSWRQJRLQLFLDO
/$5('83/,&$&,Ï1/$5*$
/DUHGXSOLFDFLyQODUJDGHXQDYRFDOLQLFLDOFRUWD
/DUHGXSOLFDFLyQODUJDGHXQDYRFDOLQLFLDOODUJD
/DUHGXSOLFDFLyQODUJDGHXQGLSWRQJRLQLFLDO
CAPÍTULO 5. LAS ORACIONES .........................................................................................................................................262
/$63$/$%5$6
/$6&/È868/$635,1&,3$/(6
/DVSDODEUDVGHHQODFH
(OHQIRTXH (OVXMHWR &XDGUR)RUPDVGHOFOtWLFRGHOSUHWpULWR &XDGUR)RUPDVGHOPRUIHPDGHOVXMHWRWLHPSRVSUHWpULWR\QRSUHWpULWR /RVREMHWRV &XDGUR)RUPDVGHOSUHILMRGHOREMHWR &XDGUR)RUPDVGHOSUHILMRUHIOH[LYR\UHFtSURFR /DIUDVHYHUEDO /DIUDVHQRPLQDO /DIUDVHDGYHUELDO /$6&/È868/$668%25',1$'$6 /DVFOiXVXODVGHFDXVD\SURSyVLWR
/DVFOiXVXODVFRPSOHWLYDV\UHODWLYDV /DVFOiXVXODVTXHVHWUDGXFHQDOHVSDxROFRPRJHUXQGLRVRLQILQLWLYRV
/DVFOiXVXODVGHPi[LPRHQIRTXH
/2602'26'(/+$%/$ (OPRGRLQGLFDWLYR (OPRGRLQWHUURJDWLYR (OPRGRLPSHUDWLYR (OPRGRFRQGLFLRQDO &XDGUR/RVWUHVJUDGRVGHSRVLELOLGDG CAPÍTULO 6. LOS VERBOS...............................................................................................................................................277
/267,326'(5$',&$/(69(5%$/(6
/RVUDGLFDOHVYHUEDOHVVHQFLOORV
/RVUDGLFDOHVYHUEDOHVUHGXSOLFDGRV
/RVUDGLFDOHVYHUEDOHVUHGXFLGRV
/RVUDGLFDOHVYHUEDOHVGHULYDGRV
/DVYRFDOHVGHOUDGLFDOYHUEDO /$6&/$6(6'(9(5%26 /RVYHUERVGHHYHQWR /RVYHUERVGHHVWDGR
&XDGUR/RVYHUERVFRPXQHVGHSRVLFLyQ /26$),-26<3$57Ë&8/$69(5%$/(6 /RVVXILMRVGHWLHPSR
&XDGUR/RVDILMRVYHUEDOHV\ODVFODVHVGHYHUERV /RVDILMRVGHDVSHFWR
/RVDILMRVGHWUDQVLWLYLGDG\GHPRGDOLGDG /RVSUHILMRVGHGLUHFFLyQ\OXJDU &XDGUR/RVSUHILMRVGHOXJDU /DVSDUWtFXODVPRGDOHV &XDGUR/RVJUDGRVGHHYDOXDFLyQ &XDGUR/RVWLSRVGHHYLGHQFLDV CAPÍTULO 7. LOS SUSTANTIVOS .....................................................................................................................................296
/265$',&$/(6120,1$/(6 /RVUDGLFDOHVQRPLQDOHVVHQFLOORV
/RVUDGLFDOHVQRPLQDOHVFRPSXHVWRV /RVUDGLFDOHVQRPLQDOHVUHGXSOLFDGRV
/RVUDGLFDOHVQRPLQDOHVGHULYDGRV
/RVUDGLFDOHVQRPLQDOHVWRPDGRVGHOHVSDxRO
/$326(6,Ï1'(6867$17,926 /DSRVHVLyQRSFLRQDOGHORVVXVWDQWLYRV &XDGUR/RVDILMRVGHSRVHVLyQ /DSRVHVLyQREOLJDWRULDGHORVVXVWDQWLYRV CAPÍTULO 8. LOS PRONOMBRES .....................................................................................................................................300
/26352120%5(63(5621$/(6
&XDGUR/RVSURQRPEUHVSHUVRQDOHV /26352120%5(6'(02675$7,926 &XDGUR/RVSURQRPEUHVGHPRVWUDWLYRV /26352120%5(6,17(552*$7,9265(/$7,926(,1'(),1,'26 /26352120%5(6326(6,926 CAPÍTULO 9. LOS ADJETIVOS .........................................................................................................................................303
/26$'-(7,926'(02675$7,926 &XDGUR/RVDGMHWLYRVGHPRVWUDWLYRV /26$'-(7,926180(5$/(6 /26$'-(7,926&$/,),&$7,926 /RVSURFOtWLFRVFRSXODWLYRV *5$0È7,&$7(3(+8$1$
/RVUDGLFDOHVGHORVDGMHWLYRVFDOLILFDWLYRV /RVDILMRVIOH[LYRVGHORVDGMHWLYRVFDOLILFDWLYRV
CAPÍTULO 10. LOS ADVERBIOS .......................................................................................................................................308
/26$'9(5%,26'(/8*$5<',5(&&,Ï1 &XDGUR/RVDGYHUELRVGHOXJDU &XDGUR/RVDGYHUELRVGHOXJDUGHGLItFLODFFHVR /26$'9(5%,26'(7,(032 /26$'9(5%,26'(02'2 /26$'9(5%,26,17(552*$7,9265(/$7,926(,1'(),1,'26 CAPÍTULO 11. LAS ADPOSICIONES ..................................................................................................................................313
/$6326326,&,21(6 /$635(326,&,21(6 CAPÍTULO 12. LAS CONJUNCIONES ................................................................................................................................315
/$6&21-81&,21(6&225',1$17(6 /DVFRQMXQFLRQHVDGLWLYDV /DVFRQMXQFLRQHVDXPHQWDWLYDV
/$6&21-81&,21(668%25',1$17(6 /DVFRQMXQFLRQHVVXERUGLQDQWHVWHPSRUDOHV\ORFDWLYDV
/DVFRQMXQFLRQHVVXERUGLQDQWHVOyJLFDV
/DVFRQMXQFLRQHVUHODWLYDV /DVFRQMXQFLRQHVGHFRPSOHPHQWR /$6,17(5-(&&,21(6 BIBLIOGRAFÍA ..................................................................................................................................................................323
GLOSARIO ........................................................................................................................................................................324
Introducción
(VWDJUDPiWLFDGHODOHQJXDWHSHKXDQDHPSLH]DFRQXQDH[SOLFDFLyQGHOVLVWHPDIRQROyJLFRTXHVHSUHVHQWDHQORV
FDStWXORVGHODO3ULPHURH[SOLFDPRVFXiOHVVRQORVUDVJRVIRQpWLFRVGHORVGLVWLQWRVVRQLGRVGHOWHSHKXiQWDQWR
FRQVRQDQWHVFRPRYRFDOHV\FyPRVHHVFULEHQFRQHODOIDEHWRSUiFWLFRDFWXDO/XHJRH[SOLFDPRVFyPRFDPELDQHVWRV
VRQLGRVVHJ~QORVFRQWH[WRVIRQROyJLFRVHQORVFXDOHVVHSUHVHQWDQ
'HVSXpVVLJXHFRQXQDH[SOLFDFLyQGHOVLVWHPDVLQWiFWLFRTXHVHSUHVHQWDHQHOFDStWXORVHJXLGRSRUXQD
H[SOLFDFLyQGHOVLVWHPDPRUIROyJLFRTXHVHSUHVHQWDHQORVFDStWXORVDO3ULPHURH[SOLFDPRVFRPRVHIRUPDQORV
HQXQFLDGRVOXHJRH[SOLFDPRVODVIRUPDV\ORVVLJQLILFDGRVGHORVQXPHURVRVPRUIHPDVJUDPDWLFDOHVTXHVHXVDQWDQWR
SDUDIRUPDUSDODEUDVFRPRSDUDXQLUODVSDUDIRUPDURUDFLRQHVFRPSOHWDV
(QWRGRVORVFDStWXORVDSDUHFHQUHPLVLRQHVDRWUDVSDUWHVGHODJUDPiWLFDGRQGHH[SOLFDPRVFRQPiVGHWDOOHFDGD
XQRGHORVUDVJRVJUDPDWLFDOHVPHQFLRQDGRV$GHPiVHQODELEOLRJUDItDVHOLVWDQODVREUDVDFDGpPLFDVSXEOLFDGDVTXH
QRVVLUYLHURQFRPREDVHSDUDODSUHSDUDFLyQGHHVWDJUDPiWLFD
3XHVWRTXHVHXVDQPXFKRVWpUPLQRVOLQJtVWLFRVSDUDH[SOLFDUGLFKRVUDVJRVpVWRVWpUPLQRVVHHVFULEHQFRQOHWUDV
PD\~VFXODVODSULPHUDYH]TXHVHXVDQHQXQDSDUWDGR7DPELpQVHSUHVHQWDQHQOLVWDGRVDOIDEpWLFDPHQWHHQHOJORVDULR
TXHVHHQFXHQWUDDOILQDOGHODJUDPiWLFDMXQWRFRQVXVGHILQLFLRQHVHQSDODEUDVPHQRVWpFQLFDVSDUDTXHODVSHUVRQDV
TXHQRORVFRQRFHQSXHGDQEXVFDUDOOtVXVVLJQLILFDGRV
*5$0È7,&$7(3(+8$1$
Abreviaturas
/DVVLJXLHQWHVDEUHYLDWXUDVVHXVDQDORODUJRGHHVWDJUDPiWLFD
ILQDOGH6Ë/$%$$/)$%(72)21e7,&2
¾
YRFDOODUJD$/)$%(72)21e7,&2

VtODEDDFHQWXDGD$/)$%(72)21e7,&2
m
YRFDORFRQRVDQWHVRUGD$/)$%(72)21e7,&2
SULQFLSLRRILQDOGHXQD3$/$%5$
‘
025)(0$18/2QRSURQXQFLDGR
ILQDOGH025)(0$
±
SULQFLSLRGH68),-2ILQDOGH35(),-2
²¾
SULQFLSLRGH(1&/Ë7,&2ILQDOGH352&/Ë7,&2
FDPELRGHIRUPDIRQROyJLFD
WUDQVFULSFLyQFRQHO$/)$%(7235È&7,&2
>@
SURQXQFLDFLyQUHSUHVHQWDGDFRQHO$/)$%(72)21e7,&2
DSHUVD
35,0(5$3(5621$
DSHUVD
6(*81'$3(5621$
DSHUVD
7(5&(5$3(5621$
$3
$&&,Ï135(9,$
&RQI
&21),50$&,Ï1
&RQW
&217,18$7,92
&RSUHW
&235(7e5,72
'LU
',5(&&,Ï1
'LVWU
',675,%87,92
(3
(9,'(1&,$3(5&,%,'$
eQI
e1)$6,6
(5
(9,'(1&,$5(3257$'$
([W
(;7(16,Ï1
)XW
)87852
,PS
,03(5$7,92
,UU
,55($/,'$'
OLW
OLWHUDOPHQWH
SO
3/85$/GHO3/85$/
3RV
326(6,Ï1326(6,92326(625
3UHW
35(7e5,72
3URJ
352*5(6,92
3XQW
35(7e5,7238178$/
5HS
5(3(7,&,Ï1
VLQJ
6,1*8/$5GHO6,1*8/$5
/$6&21621$17(6
Capítulo 1. Las consonantes
(QHVWHFDStWXORGHVFULELPRVORVVRQLGRVFRQVRQiQWLFRVGHOWHSHKXiQ3ULPHURGHVFULELPRVFDGDXQDGHODV
&21621$17(6LQGLYLGXDOPHQWH>@\OXHJRGHVFULELPRVORV352&(626)212/Ï*,&26PD\RUHVORVFXDOHVFDXVDQTXH
FDPELHODSURQXQFLDFLyQGHPXFKDVGHODVFRQVRQDQWHV>@
7RGDVODVFRQVRQDQWHVGHVFULWDVHQHVWHFDStWXORVHSUHVHQWDQHQHOFXDGUR/DVFROXPQDVUHJLVWUDQORVGLVWLQWRV
381726'($57,&8/$&,Ï1GHODVFRQVRQDQWHV\ORVUHQJORQHVUHJLVWUDQVXVGLIHUHQWHV0$1(5$6'($57,&8/$&,Ï1
(QODSDUWHVXSHULRUGHFDGDFHOGDHVFULWDVHQQHJULOODDSDUHFHQOHWUDVWRPDGDVGHO$/)$%(7235È&7,&2WHSHKXDQR
TXHIXHDSUREDGRSRUORVPDHVWURVELOLQJHVWHSHKXDQRVHQ(QODSDUWHLQIHULRUHQWUHFRUFKHWHVFXDGUDGRV
DSDUHFHQVtPERORVWRPDGRVGHO$/)$%(72)21e7,&2TXHIXHDSUREDGRSRUOD$VRFLDFLyQ,QWHUQDFLRQDOGHOD)RQpWLFDHQ
Punto de articulación
Manera de
articulación
2FOXVLYDVRUGD
2FOXVLYDVRQRUD
)ULFDWLYD
$IULFDGDVRUGD
$IULFDGDVRQRUD
1DVDO
/tTXLGD
6HPLYRFDO
$OYHR
SDODWDO
%LODELDO
$OYHRODU
9HODU
*ORWDO
R
=R?
DJ
=D?
V
=V?
F
=F?
M
=M?
I
=I?
¡
=!?
D
=$?
U
=U?
O
=O?
P
=P?
Z
=5?
EJ
=V5?
FJ
=F<?
³
=½?
L
=J?
T
=4?
NJ
=Š.?
[
=L?
Cuadro 1. Las consonantes del tepehuán
1.1. Descripción de las consonantes
(QVHJXLGDGHVFULELPRVORV5$6*26)21e7,&26GHFDGD&21621$17(GHOWHSHKXiQLQGLFDQGRGHVSXpVGHHOOROD
PDQHUDHQTXHVRQFDPELDGDVSRUORV352&(626)212/Ï*,&26SULQFLSDOHV/RVDSDUWDGRVHVWiQRUJDQL]DGRVVHJ~QORV
PLVPRVJUXSRVGHFRQVRQDQWHVTXHVHSUHVHQWDQHQORVUHQJORQHVGHOFXDGURDVDEHU2&/86,9$662125$62&/86,9$6
625'$6)5,&$7,9$6$)5,&$'$61$6$/(6/Ë48,'$6\6(0,92&$/'HHVWDPDQHUDHOOHFWRUSXHGHDSUHFLDUFXiOHV
FRQVRQDQWHVWLHQHQUDVJRVLJXDOHVRVHPHMDQWHVDRWUDV
3DUDFDGDFRQVRQDQWHSURSRUFLRQDPRVHOPLVPRWLSRGHLQIRUPDFLyQ3ULPHURGDPRVODOHWUDGHO$/)$%(72
35È&7,&2WDQWRHQPLQ~VFXODFRPRHQPD\~VFXODVHJXLGDSRUHOVtPERORFRUUHVSRQGLHQWHGHO$/)$%(72)21e7,&2
/XHJRGDPRVOD'(6&5,3&,Ï17e&1,&$FRUUHVSRQGLHQWHMXQWRFRQVXV9$5,$&,21(6)212/Ï*,&$6\VXV5(675,&&,21(6
',675,%87,9$6RVHDODVPRGLILFDFLRQHVGHSURQXQFLDFLyQTXHVRQFDXVDGDVSRUVXSRVLFLyQHQODSDODEUDRSRURWURV
*5$0È7,&$7(3(+8$1$
VRQLGRV$OILQDOGDPRVHMHPSORVGHSDODEUDV\IUDVHVHQWHSHKXiQHQODVTXHVHSUHVHQWDQODVFRQVRQDQWHVHQWRGRVORV
&217(;726TXHFDXVDQXQFDPELRGHSURQXQFLDFLyQ
1.1.1. Las oclusivas sordas
/DV2&/86,9$6625'$6HQWHSHKXiQVHSURQXQFLDQHQFXDWUR381726'($57,&8/$&,Ï1DVDEHU%,/$%,$/
$/9(2/$59(/$5\*/27$/$GHPiVWUHV352&(626)212/Ï*,&26FDXVDQFDPELRVHQODSURQXQFLDFLyQGHODV
RFOXVLYDVVRUGDVDVDEHUOD3$/$7$/,=$&,Ï1HO(1625'(&,0,(172R$63,5$&,Ï1),1$/\OD5($57,&8/$&,Ï1
92&È/,&$
R2=R? 2&/86,9$%,/$%,$/625'$
6HSURQXQFLDFRQ$63,5$&,Ï1DO),1$/GHOD)5$6()212/Ï*,&$>@
RCNJ©©R
=RCŠ.»¾R*? XQSRFR
t, T =V?
2&/86,9$$/9(2/$5625'$
6HSURQXQFLDFRQ3$/$7$/,=$&,Ï1FXDQGRVHSUHVHQWDMXQWRDXQDiRDXQD
FRQVRQDQWH$/9(23$/$7$/>@
6HSURQXQFLDFRQDVSLUDFLyQDOILQDOGHODIUDVHIRQROyJLFD>@
LWOVCCV
LK³EJCCV
=JWOV#¾V*? WXSDSi
=JK½V5#¾V*? PLSDSi
k, K =M?
2&/86,9$9(/$5625'$
¡
=!?
2&/86,9$*/27$/625'$
6HSURQXQFLDFRQDVSLUDFLyQDOILQDOGHODIUDVHIRQROyJLFD>@
LKZMCDCCM =M#$#¾M*? HVGXUR
6XSURQXQFLDFLyQFDXVD5($57,&8/$&,Ï192&È/,&$RVHDODYRFDOHVUHSHWLGD
GHVSXpVGHOVDOWLOORRDOILQDOGHXQD6Ë/$%$>@RDQWHVGHRWUDFRQVRQDQWH
H[FHSWRDQWHVGHXQD1$6$/35(*/27$/,=$'$>@
C¡PC¡
=!#!#P#!#m?
SOXPD
&RQHODOIDEHWR35È&7,&2ODVYRFDOHVUHDUWLFXODGDVQRVHHVFULEHQ\ODVRFOXVLYDVJORWDOHVVRUGDVWDPSRFRVH
HVFULEHQDO,1,&,2GHODVSDODEUDV6LQHPEDUJRFRQHODOIDEHWR)21e7,&2TXHXWLOL]DPRVHQHVWDJUDPiWLFDVtVH
HVFULEHQ
1.1.2. Las oclusivas sonoras
/DV2&/86,9$662125$6HQWHSHKXiQVHSURQXQFLDQHQWUHVGHORVPLVPRV381726'($57,&8/$&,Ï1GRQGHVH
SURQXQFLDQODVRFOXVLYDV625'$6DVDEHU%,/$%,$/$/9(2/$5\9(/$5$GHPiVGRV352&(626)212/Ï*,&26FDXVDQ
FDPELRVHQODSURQXQFLDFLyQGHODVRFOXVLYDVVRQRUDVDVDEHUOD35(*/27$/,=$&,Ï11$6$/\OD3$/$7$/,=$&,Ï1
DJ$J =D? 2&/86,9$%,/$%,$/62125$
6XSURQXQFLDFLyQFDPELDDXQDQDVDOSUHJORWDOL]DGDDO),1$/GHXQD6Ë/$%$>@
DJCP =D#PPm? FR\RWH
VCCDJC¡ =V#¾D#!#m? VHUiWHPSRUDGDGHVHTXtD
VCC¡O =V#¾!OOm? HVWHPSRUDGDGHVHTXtD
/$6&21621$17(6
=F? 2&/86,9$$/9(2/$562125$
d, D
6HSURQXQFLDFRQ3$/$7$/,=$&,Ï1FXDQGRVHSUHVHQWDMXQWRDXQDiRDXQD
FRQVRQDQWH$/9(23$/$7$/>@
LWOFCC¡P =JWOF#¾!PPm? WXVXHJUD
LK³FJCC¡P =JK½F<#¾!PPm? PLVXHJUD
6XSURQXQFLDFLyQFDPELDDXQDQDVDOSUHJORWDOL]DGDDOILQDOGHXQDVtODED
>@
OQKMFC¡ =OQKMF#!#m? DUDUi
OQKMC¡P =OQKM#!PPm? HVWiDUDQGR
=I? 2&/86,9$9(/$562125$
g, G
6XSURQXQFLDFLyQFDPELDDXQDQDVDOSUHJORWDOL]DGDDOILQDOGHXQDVtODED
>@ODFXDOVHDGDSWDDOSXQWRGHDUWLFXODFLyQGHODVLJXLHQWHFRQVRQDQWH
FC¡PIKC¡ IKQ¡PV©T
6HSURQXQFLDFRPRRFOXVLYDJORWDOVRUGDDOILQDOGHOD3$/$%5$>@
FCIKC¡
FCC¡ =F#¾!0IK#!#m? OHVDJDUUDUi
=IKQ!PV»4m? OODQRV
=F#IK#!#m? =F#¾!#m? ORDJDUUDUi
ORHVWiDJDUUDQGR
1.1.3. Las fricativas
/DVFRQVRQDQWHV)5,&$7,9$6HQWHSHKXiQVHSURQXQFLDQHQFXDWUR381726'($57,&8/$&,Ï1DVDEHU%,/$%,$/
$/9(2/$5$/9(23$/$7$/\*/27$//DIULFDWLYDELODELDOHV62125$\ODVGHPiVVRQ625'$6$GHPiVGRV352&(626
)212/Ï*,&26FDXVDQFDPELRVHQODSURQXQFLDFLyQGHODVIULFDWLYDVDVDEHUOD3$/$7$/,=$&,Ï1\HO(1625'(&,0,(172
),1$/
D$
=$? )5,&$7,9$%,/$%,$/62125$
DKD
7DPELpQVXIUHHQVRUGHFLPLHQWRDOILQDOGHXQD6Ë/$%$FXDQGRSUHFHGHDXQD
FRQVRQDQWH625'$SHURVHPDQWLHQHVRQRUDFXDQGRSUHFHGHDXQDFRQVRQDQWH
62125$
ZKDOQQ ZKDMCO
=U?
)5,&$7,9$$/9(2/$5625'$
6HSURQXQFLDFRQSDODWDOL]DFLyQFXDQGRVHSUHVHQWDMXQWRDXQDKRDXQD
FRQVRQDQWHDOYHRSDODWDO>@
s, S
6HSURQXQFLD625'$DO),1$/GHOD)5$6()212/Ï*,&$
>@
=$KH? WDEDFR
=5K$OQQm? DKRULWD
=5KHMCOOm? QXHYR
LWOUWWUCM
LK³ZWWUCM
=JWOUW¾U#M*? WXKXDUDFKH
=JK½5W¾UCM*? PLKXDUDFKH
*5$0È7,&$7(3(+8$1$
DWKDCU =5?
)5,&$7,9$$/9(23$/$7$/625'$
6HSURQXQFLDFRQDVSLUDFLyQDOILQDOGHODIUDVHIRQROyJLFD>@
x, X
6HSURQXQFLDFRQDVSLUDFLyQDOILQDOGHODIUDVHIRQROyJLFD>@
ZKQIK¡³
VQQZMQNJ
DKRKKZ
=$WK$#U*? FDUD
=5KQIK!½½m? VXKHUPDQRRKHUPDQDPD\RU
=VQ¾5MQŠ.? SXHUFR
=DKRK¾5*? FKXSDUURVD
L, >K@
)5,&$7,9$*/27$/625'$
1XQFDVHSUHVHQWDDOILQDOGHXQDVtODED
LWWP
=JW¾PPm? PDt]
LQQLQK¡³ =JQ¾JQK!½½m? HVWiPLUDQGR
1.1.4. Las africadas
+D\GRVFRQVRQDQWHV$)5,&$'$6TXHVHSURQXQFLDQHQWHSHKXiQHQHOPLVPR38172'($57,&8/$&,Ï1HVGHFLU
$/9(23$/$7$/8QDDIULFDGDHV62125$\ODRWUDHV625'$$GHPiVGRV352&(626)212/Ï*,&26FDXVDQFDPELRVHQ
ODSURQXQFLDFLyQGHODVDIULFDGDVDVDEHUHO(1625'(&,0,(172),1$/\OD35(*/27$/,=$&,Ï11$6$/
EJ%J =V5?$)5,&$'$$/9(23$/$7$/625'$
6HSURQXQFLDFRQDVSLUDFLyQDOILQDOGHODIUDVHIRQROyJLFD>@
EJKQ¡³ LKKEJKEJ =V5KQ!½½m? KRPEUH
=JK¾V5KV5*? VDOLPRV
FJ&J =F<? $)5,&$'$$/9(23$/$7$/62125$
6XSURQXQFLDFLyQFDPELDDXQDQDVDOSUHJORWDOL]DGDDO),1$/GHXQD6Ë/$%$>@
FJK¡³K =F<K!½KKm? pVWH
DCKFJC¡ =$#KF<#!#m? ORLQYLWDUi
DCK¡³
=$#K!½½m? ORLQYLWy
1.1.5. Las nasales
/DVFRQVRQDQWHV1$6$/(6HQWHSHKXiQVHSURQXQFLDQHQWUHV381726'($57,&8/$&,Ï1DVDEHU%,/$%,$/
$/9(2/$5\$/9(23$/$7$/7RGDVVRQVRQRUDV$GHPiVGRV352&(626)212/Ï*,&26FDXVDQFDPELRVHQODVQDVDOHV
DVDEHUHO(1625'(&,0,(172),1$/\OD3$/$7$/,=$&,Ï1
O/ =O? 1$6$/%,/$%,$/62125$
6HSURQXQFLDFRQXQ'(6/,=),1$/625'2DOILQDOGHOD)5$6()212/Ï*,&$>@
OCCMCO=O#¾M#OOm? GHRWURPRGR
/$6&21621$17(6
P0
=P? 1$6$/$/9(2/$562125$
6HSURQXQFLDFRQ3$/$7$/,=$&,Ï1FXDQGRVHSUHVHQWDMXQWRDXQDiRXQD
FRQVRQDQWH$/9(23$/$7$/>@
6HSURQXQFLDFRQXQGHVOL]ILQDOVRUGR>@DOILQDOGHODIUDVHIRQROyJLFD
LWOPCCP
LK³³CCP
=JWOP#¾PPm? WXPDPi
=JK½½#¾PPm? PLPDPi
³“
=½? 1$6$/$/9(23$/$7$/62125$
$OILQDOGHODIUDVHIRQROyJLFDVHSURQXQFLDXQGHVOL]ILQDOVRUGR>@
³K³KC
=½K½K##m? VHGHVSHUWy
LCFWW³ =J#FW¾½½m? SDULHQWH
1.1.6. Las líquidas
/DVFRQVRQDQWHV/Ë48,'$6HQWHSHKXiQVHSURQXQFLDQHQGRV381726'($57,&8/$&,Ï1/DOtTXLGD$/9(2/$5HV
XQD9,%5$17(6,03/(\ODOtTXLGD$/9(23$/$7$/HVXQD/$7(5$//DVGRVVRQ62125$6'RV352&(626
)212/Ï*,&26FDXVDQFDPELRVHQVXSURQXQFLDFLyQDVDEHUHO(1625'(&,0,(172),1$/\OD3$/$7$/,=$&,Ï1
T4 =4? 9,%5$17(6,03/($/9(2/$562125$
TWTW¡Z
DQQNJKC¡
6HSURQXQFLDFRQ3$/$7$/,=$&,Ï1FXDQGRVHSUHVHQWDMXQWRDXQDiRDXQD
FRQVRQDQWH$/9(23$/$7$/>@
=4W4W!W5*? KDPDFD
=$Q¾Š.K#!#m? VXGDUi
6HSURQXQFLD625'$DO),1$/GHOD)5$6()212/Ï*,&$>@
DQQTFC¡
LKZDQQT =$Q¾4F#!#m? VXGRU
=JK5$Q¾4m? HVWiVXGRURVR
NJ.J =Š.?/$7(5$/$/9(23$/$7$/62125$
(VODFRPELQDFLyQGHXQD)5,&$7,9$9(/$5\XQDODWHUDO3$/$7$/,=$'$
6HSURQXQFLD625'$DOILQDOGHODIUDVHIRQROyJLFD>@
5DUDYH]VHSUHVHQWDDO,1,&,2GHOD6Ë/$%$
CNJKK C¡CCNJ
=#Š.K¾Km? QLxRRQLxD
=#!#¾Zˆ? QLxRV
1.1.7. La semi-vocal
+D\XQD6(0,92&$/HQWHSHKXiQODFXDOHV62125$\$/9(23$/$7$/
[;
=L? 6(0,92&$/$/9(23$/$7$/62125$
1XQFDVHSUHVHQWDDO),1$/GHXQD6Ë/$%$
[QQZK¡
V©¡[C¡
=LQ¾5K!Km? IORU
=V»!»L#!#m? GLUi
*5$0È7,&$7(3(+8$1$
1.2. Los procesos fonológicos que cambian a las consonantes
+D\WUHV352&(626)212/Ï*,&26TXHFDXVDQFDPELRVHQODSURQXQFLDFLyQGHODV&21621$17(6HQWHSHKXiQORV
FXDOHVGHVFULELPRVHQORVDSDUWDGRVVLJXLHQWHVDVDEHUOD3$/$7$/,=$&,Ï1HO(1625'(&,0,(172),1$/\OD35(
*/27$/,=$&,Ï11$6$/
1.2.1. La palatalización
/DVFLQFR&21621$17(6$/9(2/$5(6V,F,U,P\TFDVLVLHPSUHHVWiQHQ',675,%8&,Ï1&203/(0(17$5,$FRQODV
FLQFRFRQVRQDQWHV$/9(23$/$7$/(6FRUUHVSRQGLHQWHVEJ, FJ, Z, ³ \ NJ(VGHFLUODVFRQVRQDQWHVDOYHRODUHVVH
SURQXQFLDQFRPRFRQVRQDQWHVDOYHRSDODWDOHVFXDQGRVHSUHVHQWDQMXQWRDXQD92&$/$/7$$17(5,25KRDXQD
FRQVRQDQWHDOYHRSDODWDO
V=V? EJ=V5?
VQQPC¡P LK³EJQQP
VXSLHUQD PLSLHUQD
F=F? FJ=F<?
FCCMC¡P LK³FJCCM
VXQDUL] PLQDUL]
U=U? Z=5?
LWOUQK¡ LK³ZQK¡
WXDQLPDOGRPpVWLFR PLDQLPDOGRPpVWLFR
P=P? ³=½?
PQDKK¡³ LK³³QD
VXPDQRVXEUD]R PLPDQRPLEUD]R
T=4? NJ=Š.?
IC¡TC LWOIC¡NJK
ORYHQGLy WHORYHQGLy
(QSRFRVFDVRVODVFRQVRQDQWHVDOYHRODUHVVtVHSURQXQFLDQFRPRFRQVRQDQWHVDOYHRSDODWDOHVDSHVDUGHQR
SUHVHQWDUVHMXQWRDXQDKRDXQDFRQVRQDQWHDOYHRSDODWDO(VWRRFXUUHPD\RUPHQWHHQDOJXQDVSDODEUDVPX\FRPXQHV
EJCO FJQ Z©©DCP QR
UHVSXHVWDDILUPDWLYD
VDOXGR
(QDOJXQRVFDVRVODVFRQVRQDQWHVDOYHRODUHVQRVHSURQXQFLDQFRPRFRQVRQDQWHVDOYHRSDODWDOHVDSHVDUGHSUHVHQWDUVH
MXQWRDXQDKRDXQDFRQVRQDQWHDOYHRSDODWDO(VWRRFXUUHWDPELpQHQDOJXQDVSDODEUDVPX\FRPXQHV
UKC [C¡PK DXQTXH
DTXtPHUR
<DTXHHOSURFHVRGHSDODWDOL]DFLyQVHSUHVHQWDPX\DPHQXGRSHURQRHVFLHQSRUFLHQWRUHJXODU\SUHGHFLEOHWRGDV
ODVFRQVRQDQWHVDOYHRSDODWDOHVVHHVFULEHQWDOFRPRVHSURQXQFLDQHQHO$/)$%(7235È&7,&2HOFXDOVHXVDHQHVWH
GLFFLRQDULR
/$6&21621$17(6
1.2.2. El ensordecimiento final
$O),1$/GHXQD6Ë/$%$RXQD)5$6()212/Ï*,&$WRGDVODV&21621$17(6VHYXHOYHQ625'$6SDUFLDOPHQWHR
WRWDOPHQWH
7DQWRODV2&/86,9$6625'$6FRPRODV)5,&$7,9$6VRUGDV\OD$)5,&$'$VRUGDVHSURQXQFLDQFRQ$63,5$&,Ï1DO
ILQDOGHODIUDVHIRQROyJLFD
=R? DCVCCR =$#V#¾R*?
VDOLyGHOKXHYR =U? FCCU =F#¾U*? ORVHQWy =5? LK³ZKKZ =JK½5K¾5*? PLKHUPDQRRKHUPDQDPD\RU
=V? LKZOCCV =JK5O#¾V*?
VDEH =M?
UWCM
=UW#M*?
HVWiOORUDQGR
=V5?
V©OCKEJ
=V»O#KV5*?
WDPDO
/DV1$6$/(6WHUPLQDQFRQXQ'(6/,=VRUGRDOILQDOGHODIUDVHIRQROyJLFD
=O? LK³MCCO =JK½M#¾OOm?
PLPHMLOOD =P? DJCP =D#PPm? FR\RWH =½?
VWWOK³
=VW¾OK½½m?
GLQHUR
7DQWRODIULFDWLYDVRQRUDFRPRODODWHUDOVHHQVRUGHFHQWRWDOPHQWHDOILQDOGHODIUDVHIRQROyJLFD
=$? DCMCCZ =$#M#¾5*?
FDUQH =H?
DJCD
=DCH?
IULMROHV
=T? DJWTW¡Z =DW4W!W5*?
EXUUR =4m?
DJCK¡OMCT
=D#K!OMC4m?
PRUUDOERUGDGR
=Š.? M©NJKK =M»Š.K¾Km?
JDOOR =Zˆ?
OWWNJ
=OW¾Zˆ?
WRUWXJD
3XHVWRTXHHVWRVGLIHUHQWHVWLSRVGHHQVRUGHFLPLHQWRILQDOVRQFLHQSRUFLHQWRUHJXODUHV\SUHGHFLEOHVODPD\RUtDGH
HOORVQRVHHVFULEHQHQHO$/)$%(7235È&7,&2
1.2.3. La nasalización pre-glotalizada
7DQWRODV2&/86,9$662125$6FRPROD$)5,&$'$VRQRUDFDPELDQD1$6$/(635(*/27$/,=$'$6HQHOPLVPR
38172'($57,&8/$&,Ï1VLHPSUH\FXDQGRVHSUHVHQWHQDO),1$/GHXQD6Ë/$%$(VWHSURFHVRVHSXHGHFRQVLGHUDU
FRPRRWURWLSRGHHQVRUGLFLPHQWRILQDO>@6LQHPEDUJRODVIRUPDVSUHJORWDOL]DGDVVHHVFULEHQHQHODOIDEHWR
SUiFWLFR\DTXHVXSURQXQFLDFLyQHVPX\GLIHUHQWHDODGHODVRFOXVLYDVVRQRUDV
*5$0È7,&$7(3(+8$1$
=D? MCKDJC¡ =M#KD#!#m?
PDGXUDUiPDt]
=!O?
MCK¡O
=M#K!OOm?
PDGXUyPDt]
=F? FWWFW¡ =FW¾FW!Wm? OORYHUi =!P?
FWW¡P
=FW¾!PPm?
OORYLy
=I? ICCIC¡ =I#¾I#!#m? OREXVFDUi =!0?
IC¡PIC¡
=I#!0I#!#m?
OREXVFDUiHQWRGDVSDUWHV
=F<? DJCKFJC¡ =D#KF<#!#m? ORFRFHUi =!½?
DJCK¡³
=D#K!½½m?
ORFRFLy
$GHPiVFXDQGRODRFOXVLYD9(/$5VRQRUDIVHSUHVHQWDDOILQDOGHXQDSDODEUDVLHPSUHFDPELDDXQDRFOXVLYD
*/27$/VRUGD¡(QORVVLJXLHQWHVHMHPSORVGDPRVHQWUHSDUpQWHVLVODVIRUPDVVREUHHQWHQGLGDVGHORVPRUIHPDVTXHVH
FRPELQDQSDUDIRUPDUODVSDODEUDVFLWDGDV
UQKIC¡P
UQKIC¡P LWOUQK¡ LWOUQKIC
=UQKI#!PPm? =JWOUQK!Km?
VXDQLPDOGRPpVWLFR WXDQLPDOGRPpVWLFR
/$692&$/(6
Capítulo 2. Las vocales
(QHVWHFDStWXORGHVFULELPRVORVVRQLGRVYRFiOLFRVGHOWHSHKXiQ3ULPHURGHVFULELPRVORV5$6*26)21e7,&26GH
FDGD92&$/LQGLYLGXDOPHQWH>@GHVSXpVGHVFULELPRVORV352&(626)212/Ï*,&26TXHFDXVDQFDPELRVHQWRGDVODV
YRFDOHV>@
7RGDVODVYRFDOHVGHVFULWDVHQHVWHFDStWXORVHSUHVHQWDQHQHOFXDGUR/DVUHQJORQHVUHJLVWUDQOD$/785$'(/$
/(1*8$DOSURQXQFLDUODV\ORVFROXPQDVUHJLVWUDQWDQWROD326,&,Ï1'(/$/(1*8$FRPROD)250$'(/26/$%,26
(QODSDUWHVXSHULRUGHFDGDFHOGDHVFULWDVHQQHJULOODVDSDUHFHQOHWUDVWRPDGDVGHO$/)$%(7235È&7,&2WHSHKXDQR
TXHIXHDSUREDGRSRUORVPDHVWURVELOLQJHVWHSHKXDQRVHQ(QODSDUWHLQIHULRUHQWUHFRUFKHWHVDSDUHFHQVtPERORV
WRPDGRVGHO$/)$%(72)21e7,&2TXHIXHDSUREDGRSRUOD$VRFLDFLyQ,QWHUQDFLRQDOGHOD)RQpWLFDHQ
Posición de la lengua y forma de los labios
Altura de la
lengua
$QWHULRUQR
UHGRQGHDGRV
K
=K?
G
=G?
$OWD
0HGLD
%DMD
3RVWHULRUQR
UHGRQGHDGRV
©
=»?
À
=“?
C
=#?
3RVWHULRU
UHGRQGHDGRV
W
=W?
Q
=Q?
Cuadro 2. Las vocales del tepehuán
2.1. Descripción de las vocales
(QVHJXLGDGHVFULELPRVORV5$6*26)21e7,&26GHFDGD92&$/GHOWHSHKXiQLQGLFDQGRGHVSXpVGHHOORODPDQHUDHQ
TXHVRQFDPELDGDVSRUORV352&(626)212/Ï*,&26SULQFLSDOHV/RVDSDUWDGRVHVWiQRUJDQL]DGRVVHJ~QORVWUHVJUXSRV
SULQFLSDOHVGHYRFDOHVDVDEHU92&$/(6&257$692&$/(6/$5*$6\',3721*26'HHVWDPDQHUDHOOHFWRUSXHGH
DSUHFLDUFXiOHVYRFDOHVWLHQHQUDVJRVLJXDOHVRVHPHMDQWHVDRWUDV
3DUDFDGDYRFDOSURSRUFLRQDPRVHOPLVPRWLSRGHLQIRUPDFLyQ3ULPHURGDPRVODOHWUDGHO$/)$%(7235È&7,&2
WDQWRHQPLQ~VFXODFRPRHQPD\~VFXODVHJXLGDSRUHOVtPERORFRUUHVSRQGLHQWHGHO$/)$%(72)21e7,&2/XHJRGDPRV
OD'(6&5,3&,Ï17e&1,&$FRUUHVSRQGLHQWHMXQWRFRQVXV9$5,$&,21(6)212/Ï*,&$6\VXV5(675,&&,21(6
',675,%87,9$6$OILQDOGDPRVHMHPSORVGHSDODEUDV\IUDVHVHQWHSHKXiQHQODVTXHVHSUHVHQWDODYRFDOHQWRGRVORV
&217(;726TXHFDXVDQXQFDPELRGHSURQXQFLDFLyQ
2.1.1. Las vocales cortas
7RGDVODV92&$/(6SXHGHQVHUFRUWDVRODUJDV/DV92&$/(6&257$6VHSURQXQFLDQGHODPLVPDPDQHUDTXHODV
YRFDOHVQRDFHQWXDGDVHQHVSDxRO
K+ =K? 92&$/&257$$/7$$17(5,25125('21'($'$
,JXDODODKGHOHVSDxRO
OK¡³K
K¡[C¡ =OK!K½KKm? DOOtPLVPR
=!K!KL#!##m? EHEHUi
*5$0È7,&$7(3(+8$1$
G' =G? 92&$/&257$0(',$$17(5,25125('21'($'$
,JXDODODGGHOHVSDxRO
6RODPHQWHVHSUHVHQWDHQLQWHUMHFFLRQHV\HQSDODEUDVWRPDGDVGHOHVSDxRO
/DGQRDFHQWXDGDDPHQXGRFDPELDDK
GCMWIK TKRTGUMQ
©‰ =!G#MWIKKm? GHDFXHUGR
=4KR4GUMQQm? UHIUHVFR
=»? 92&$/&257$$/7$3267(5,25125('21'($'$
1RH[LVWHHQHOHVSDxRO
/DVHJXQGDYRFDOPiVIUHFXHQWHGHVSXpVGHODC
D©©R©¡ =$»¾R»!»m? DQWHV
©¡DJKC¡ =!»!»DK#!#m? ROHUi
À =“? 92&$/&257$0(',$3267(5,25125('21'($'$
1RH[LVWHHQHOHVSDxRO
/DYRFDOPHQRVIUHFXHQWHSHURVHSUHVHQWDHQDOJXQDVSDODEUDVFRPXQHV
IÀ¡ VÀ¡MQD
=I“!“m? JUDQGH
=V“!“mMQH? DOWR
C#=#? 92&$/&257$%$-$3267(5,25125('21'($'$
,JXDODODCGHOHVSDxRO
DC¡CCM VWC¡IC =$#!#¾M*? FDVD
=VW!#I##m? HVWiKDEODQGR
W7=W? 92&$/&257$$/7$3267(5,255('21'($'$
,JXDODODWGHOHVSDxRO
&XDQGRVHSUHVHQWDHQHOSUHILMRtu–H[WHQVLyQVHSURQXQFLDLJXDOTXHODSULPHUD
YRFDOGHOYHUERFXDQGRpVWDVHD©RÀSHURQRFDPELDDQWHC
WOWW¡ LWT LKZEJWDCC¡
LKZEJ©D©©V VÀMÀÀ =!WOW¾!Wm? ]R\DWH
=JW4m? FRUD]yQ
=JK5V5W$#¾!#m? PRMDGDiUHDH[WHQVD
=JKUV5»$»¾V*? SHVDGRHQJHQHUDO
=V“M“¾“m? SXHGHRtU
=Q? 92&$/&257$0(',$3267(5,255('21'($'$
o, O
,JXDODODQGHOHVSDxRO
MQO
Q¡NJKC
=MQOOm?
=!Q!QŠ.K##m?
HVSDOGD
URGLOOD
/$692&$/(6
2.1.2. Las vocales largas
/DV92&$/(6/$5*$6VHSURQXQFLDQFRQODPLVPDGXUDFLyQTXHORV',3721*26ORVFXDOHVVHGHVFULEHQHQHO
DSDUWDGRVLJXLHQWH(VGHFLUODVYRFDOHVWLHQHQXQDGXUDFLyQDOSURQXQFLDUVHFRPRVLIXHUDQXQDFRPELQDFLyQGHGRV
92&$/(6&257$6
MQU MQQU
MQK =MQU*? QLGR =MQ¾U*? HVWiGXUPLHQGR =MQKKm? GXUPLy DCCU =$#!#U*? \DVHEXUOy
DC¡CCM =$#!#¾M*? FDVD
DCCKEJ =$#!#KV5*?\DORWUDMR
CC =#¾?92&$//$5*$%$-$3267(5,25125('21'($'$
CCIK¡³
=!#¾IK!½½m?
ORHVWiH[SOLFDQGR
GG =G¾?92&$//$5*$0(',$$17(5,25125('21'($'$
DCMGGV =$#MG¾V*? FXHUR
ÀÀ =“¾?92&$//$5*$0(',$3267(5,25125('21'($'$
KK
=K¾?92&$//$5*$$/7$$17(5,25125('21'($'$
©©
=»¾?92&$//$5*$$/7$3267(5,25125('21'($'$
ÀÀM =!“¾M*?
YLQR\VHIXH
LKLKK¡³=JKJK¾!½½m? V©©V©¡ =V»¾V»!»m? LQWHVWLQRV
VHOODPDFRVD
QQ =Q¾?92&$//$5*$0(',$3267(5,255('21'($'$
C¡QQ =!#!Q¾Qm?
KXHVRKXHVRV
uu =W¾?92&$//$5*$$/7$3267(5,255('21'($'$
W¡WW =!W!W¾Wm?
IOHFKD
1RHVSRVLEOHSUHGHFLUFXiQGRXQDYRFDOGHEHVHUODUJDVLQRTXHSDUDFDGDSDODEUDHQWHSHKXiQVHWLHQHTXH
HVSHFLILFDUVLVXVYRFDOHVVRQFRUWDVRODUJDV3RUORWDQWRVHGLFHTXHHO$/$5*$0,(172'(/$692&$/(6HQWHSHKXiQ
HV³)21e0,&2´SRUTXHVH'(7(50,1$(1(//e;,&2QRHQOD)212/2*Ë$
(QFDPELROD$&(178$&,Ï1GHODVYRFDOHVWHSHKXDQDVVtHVSUHGHFLEOHSXHVWRGDYRFDOODUJDVLHPSUHVHDFHQW~D
SRUORTXHVHGLFHTXHODDFHQWXDFLyQHVXQ352&(62)212/Ï*,&2>@
2.1.3. Los diptongos
7RGRVORV',3721*26HQWHSHKXiQFRQVWDQGHXQD92&$/0(',$R%$-$PiVRWUDYRFDO$/7$TXHVHSURQXQFLDFRPR
'(6/,=$17(5,25R'(6/,=3267(5,25(VGHFLUODYRFDOPHGLDREDMDIRUPDODSDUWHFHQWUDOGHOGLSWRQJR\ODYRFDODOWD
VHSURQXQFLDUiSLGDPHQWHDQWHVRGHVSXpVGHHOOD
$GHPiVDOLJXDOTXHODV92&$/(6/$5*$6WRGRGLSWRQJRVLHPSUHVH$&(17Ò$(VGHFLU\DVHDODSULPHUDYRFDO
DOWDRQRpVDVLHPSUHVHSURQXQFLDPiVIXHUWHTXHODVHJXQGDYRFDO
*5$0È7,&$7(3(+8$1$
(QORVVLJXLHQWHVHMHPSORVPDUFDPRVODVYRFDOHVDFHQWXDGDVFRQDFHQWRRUWRJUiILFR
',3721*26&21'(6/,=$17(5,25
MWC¡ EJKC KQ¡
=MW"C!#m? =V5K"##m? =!K"Q!Qm?
FRPH JUDQL]R WRVD
',3721*26&21'(6/,=3267(5,25
VCK O©K DQK FWK =V#"KKm? =O»"KKm? =$Q"KKm? =FW"KKm?
IXHJR VHTXHPy VHQGD FLUXHOD
2.2. Los procesos fonológicos que cambian a las vocales
+D\WUHV352&(626)212/Ï*,&26TXHFDXVDQFDPELRVHQODSURQXQFLDFLyQGHODV92&$/(6HQWHSHKXiQORVFXDOHV
GHVFULELPRVHQORVVLJXLHQWHVDSDUWDGRVDVDEHUOD5($57,&8/$&,Ï1'(92&$/(6OD6835(6,Ï1'(92&$/(6DO),1$/GH
OD3$/$%5$\OD6835(6,Ï1GHYRFDOHVGHVSXpVGHXQD6Ë/$%$$&(178$'$
2.2.1. La rearticulación de vocales
&XDQGRXQD92&$/\DVHD&257$R/$5*$VHSUHVHQWDLQPHGLDWDPHQWHDQWHVGHXQD2&/86,9$*/27$/DO),1$/GH
XQD6Ë/$%$HVDYRFDOVLHPSUHVHUHDUWLFXODHVGHFLUVHSURQXQFLDRWUDYRFDOLJXDOGHVSXpVGHODRFOXVLYDJORWDO6LDOD
92&$/5($57,&8/$'$OHVLJXHXQD&21621$17(62125$GHQWURGHODPLVPD)5$6()212/Ï*,&$>@ODYRFDO
UHDUWLFXODGDWDPELpQVHSURQXQFLDVRQRUDSHURVLOHVLJXHXQDFRQVRQDQWH625'$RVHSUHVHQWDDOILQDOGHXQDIUDVH
IRQROyJLFDODYRFDOUHDUWLFXODGDVHSURQXQFLDVRUGD
(QORVVLJXLHQWHVHMHPSORVODVYRFDOHVUHDUWLFXODGDVHVWiQVXEUD\DGDV
Q¡FCO =!Q!QF#OOm? JHQWHLQGtJHQD
V©V©©¡
=V»V»¾!»m? VHOODPDOXJDU
W¡FC¡ =!W!WF#!#m? ORVHVWiOOHYDQGR
W¡KK¡
=!W!K¾!Km? SiMDUR
&XDQGRXQGLSWRQJRVHSUHVHQWDDQWHVGHXQDRFOXVLYDJORWDODOILQDOGHODVtODEDVRODPHQWHODVHJXQGDYRFDOVH
UHDUWLFXOD'HODPLVPDPDQHUDFXDQGRXQGLSWRQJRVHSUHVHQWDDOILQDOGHODIUDVHIRQROyJLFDVRODPHQWHODVHJXQGD
YRFDOVHUHDUWLFXOD
WK¡MC¡ =WK!KmM#!#m?
DKC¡
=$K#!#m? WHQHU
ORVOOHYDUi
2.2.2. La supresión de vocales al final de la palabra
$OILQDOGHXQDSDODEUDFXDQGRXQDYRFDOFRUWDVHSUHVHQWDLQPHGLDWDPHQWHGHVSXpVGHXQDVHFXHQFLDGHYRFDOPiV
FRQVRQDQWHFDVLVLHPSUHVH6835,0(OD~OWLPDYRFDOFRUWD(O~QLFRFDVRHQTXHQRVHVXSULPHHVFXDQGRODFRQVRQDQWH
TXHOHDQWHFHGHHVXQDL=J?RIXHLDQWHULRUPHQWH
(QORVVLJXLHQWHVHMHPSORVLQGLFDPRVHQWUHSDUpQWHVLVFyPRVHIRUPDQODVSDODEUDVFLWDGDV8QVLJQRGH³PiV´
LQGLFDGRQGHWHUPLQDXQ025)(0$\HPSLH]DRWUR\HOVLJQR³QXOR´šUHSUHVHQWDDO025)(0$18/2RVHDXQ
PRUIHPDTXHQRVHSURQXQFLD
/$692&$/(6
VWLWCPCV VWJWCPCV VWLWCP VWJWCPCš
=VWJW#P#V*? =VWJW#PPm?
HVWDEDWUDEDMDQGRWUDEDMDUFRSUHWpULWR HVWiWUDEDMDQGRWUDEDMDUSUHVHQWH
M©MDQ ÀÀLK
=M»M$QQm? =!“¾JKKm?
SDUDUVHVXMHWRVLQJXODU OOHJDQGR
'HVSXpVGHVXSULPLUOD~OWLPDYRFDOGHODSDODEUDVLOD&21621$17(TXHTXHGDDOILQDOHVXQD2&/86,9$62125$
VLHPSUHVHFDPELDDXQD1$6$/35(*/27$/,=$'$>@
RCNJDWKFJC¡ RCNJDWKFJCC¡ RCNJDWK¡³ RCNJDWKFJCš
=R#Š.$WKF<#!#m? =R#Š.$WK!½½m?
YDDD\XGDUD\XGDUIXWXUR HVWiD\XGDQGRD\XGDUSUHVHQWH
2.2.3. La supresión de vocales después de una sílaba acentuada
+D\GRVFDVRVHQORVFXDOHVVH6835,0(XQD92&$/GHOD6Ë/$%$SRVWHULRUDODVtODED$&(178$'$>@
(QSULPHUOXJDUVHVXSULPHQODVYRFDOHVHQODSULPHUDVtODEDGHVSXpVGHODVtODEDDFHQWXDGD\HQFDGDWHUFHUDVtODED
GHVSXpVGHpVDVLHPSUH\FXDQGRHVDVVtODEDVVHDQ6Ë/$%$60(',$1$6RVHDTXHQRVHSUHVHQWHQDOILQDOGHODSDODEUD
\WDPELpQTXHVHDQ6Ë/$%$6$%,(57$6HVGHFLUTXHQRWHUPLQHQFRQXQD&21621$17(7RGDVODVYRFDOHVVHVXSULPHQ
HQHVWH&217(;72\DVHDQYRFDOHV/$5*$6YRFDOHV&257$6R',3721*26DGLIHUHQFLDGHODVXSUHVLyQGHYRFDOHVDO
ILQDOGHODSDODEUD>@HQODTXHVRODPHQWHVHVXSULPHQODVYRFDOHVFRUWDV/DVXSUHVLyQGHYRFDOHVHQHOFRQWH[WR
DTXtGHVFULWRVHSUHVHQWDDPHQXGRHQODVSDODEUDV5('83/,&$'$6>@
(QORVVLJXLHQWHVHMHPSORVLQGLFDPRVHQWUHSDUpQWHVLVFyPRVHIRUPDQODVSDODEUDVFLWDGDV$VLPLVPRPDUFDPRVODV
YRFDOHVDFHQWXDGDVFRQDFHQWRRUWRJUiILFR
PCMU©T PCMCU©Tt P£MU©T PCCPMCU©T PCCPCMCU©Tt P£CPMCU©T
=P#MU»4m? =P#¾PM#U»4m?
DODFUiQ DODFUDQHV
PWWEJKZ P¼WEJKZ PWW³EJKZ PWWPWWEJKZt P¼W³EJKZ
=PW¾V5K5*? =PW¾½V5K5*?
FXxDGRFXxDGD FXxDGRVFXxDGDV
'HVSXpVGHVXSULPLUXQDYRFDOHQXQDVtODEDQRDFHQWXDGDVLXQD2&/86,9$62125$OOHJDUDDSUHVHQWDUVHDOILQDOGH
XQDVtODEDHVDRFOXVLYDVLHPSUHVHFDPELDDXQD1$6$/35(*/27$/,=$'$>@
IKQV©T IKµV©T IKQ¡PV©T IKQIKQV©Tt IKQIV©Tt IKµ¡PV©T
=IKQV»4m? =IKQ!PV»4m?
OODQR OODQRV
(VWHSURFHVRVHOODPD5(6,/$%,),&$&,Ï1SRUTXHGDFRPRUHVXOWDGRXQDUHRUJDQL]DFLyQGHODVVtODEDVGHODSDODEUD
(QVHJXQGROXJDUHQODVVtODEDVQRDFHQWXDGDVWRGDVODVYRFDOHVODUJDVVHKDFHQFRUWDV6LQHPEDUJRORVGLSWRQJRV
QRUPDOPHQWHQRFDPELDQHQHVWHFRQWH[WR
VQRCC VQR£C VQVRC
VQVQRCCt VµVRC
=VQR#¾#m? =VQVR##m?
PROFDMHWH PROFDMHWHV
*5$0È7,&$7(3(+8$1$
LQFCK LQF£K LQQFCK LµQFCK
=JQF#KKm? =JQ¾F#KKm?
SLHGUD SLHGUDV
/$66Ë/$%$6
Capítulo 3. Las sílabas
/DIRUPDGHODV6Ë/$%$6HQWHSHKXiQLQIOX\HWDQWRHQHOSURFHVRGH$&(178$&,Ï1GHSDODEUDVFRPRHQHOSURFHVR
GH&2175$&&,Ï1GHPRUIHPDV(QORVVLJXLHQWHVDSDUWDGRVSULPHURGHVFULELPRVODIRUPDGHODVVtODEDV>@OXHJR
GHVFULELPRVHOSURFHVRGHDFHQWXDFLyQGHODVVtODEDV>@\ILQDOPHQWHGHVFULELPRVHOSURFHVRGHFRQWUDFFLyQGH
PRUIHPDVHQHOKDEODGHORVDGXOWRV>@
3.1. La forma de las sílabas
&DVLVLHPSUHODV6Ë/$%$6HQODV3$/$%5$6HQWHSHKXiQHPSLH]DQFRQXQD&21621$17(/DV~QLFDVVtODEDVTXHQR
HPSLH]DQFRQXQDFRQVRQDQWHVRQDOJXQRV68),-26$GHPiVHQWRGDVODVVtODEDVXQD92&$/VLJXHDODSULPHUD
FRQVRQDQWHFRPR1Ò&/(2GHODVtODED(VWDYRFDOSXHGHVHUFRUWDODUJDRXQGLSWRQJR
+D\GRVIRUPDVGHVtODEDVHQWHSHKXiQDVDEHU6Ë/$%$$%,(57$RVHDTXHWHUPLQDFRQXQDYRFDO\6Ë/$%$
&(55$'$HVGHFLUTXHWHUPLQDFRQXQDFRQVRQDQWH$OJXQDVGHODVVtODEDVFHUUDGDVWHUPLQDQFRQXQDFRPELQDFLyQGH
FRQVRQDQWHVTXHVLHPSUHFRQVWDGHXQDRFOXVLYDJORWDOVHJXLGDSRURWUDRFOXVLYDVRUGDXQDIULFDWLYDRXQDQDVDO
(QORVVLJXLHQWHVHMHPSORVFRPRHQWRGRVORVHMHPSORVGHHVWDJUDPiWLFDGRQGHLQGLFDPRVODSURQXQFLDFLyQSRU
PHGLRGHO$/)$%(72)21e7,&2XQVLJQRFRPRDSyVWURIRUHFWRLQGLFDTXHODVtODEDTXHVLJXHHVWi$&(178$'$\XQ
SXQWRLQGLFDTXHODVtODEDTXHVLJXHQRHVWiDFHQWXDGD
/DVGRVIRUPDVGHVtODEDVRVHDVtODEDVDELHUWDV\VtODEDVFHUUDGDVVHSUHVHQWDQWDQWRDOSULQFLSLRFRPRHQPHGLRR
DOILQDOGHODSDODEUD(QORVVLJXLHQWHVDSDUWDGRVVRODPHQWHGDPRVHMHPSORVGHODVGLIHUHQWHVIRUPDVGHODVSDODEUDVGH
GRVVtODEDV
(QWRGRVORVVLJXLHQWHVHMHPSORVXVDPRVHOVtPERORSDUDLQGLFDUHOOtPLWHGHXQDSDODEUD\DVHDDOSULQFLSLRRDO
ILQDO7DPELpQXVDPRVODOHWUDPD\~VFXOD%SDUDLQGLFDUXQDFRQVRQDQWHODOHWUDPD\~VFXOD8SDUDLQGLFDUXQDYRFDO
WUHVSXQWRVÔSDUDLQGLFDUHOUHVWRGHODSDODEUD$VLPLVPRVXEUD\DPRVODVtODEDTXHWLHQHODIRUPDLQGLFDGD
3.1.1. Las sílabas abiertas con vocales cortas
%8 %8Ô Ô%8
DC DCMCCZ EJK³DQ
=$#?
=$#M#¾5*? =V5K½$QQm?
\DSUHILMRYHUEDO FDUQH EDUEDELJRWH
3.1.2. Las sílabas abiertas con vocales largas o diptongos
%88
%88Ô Ô%88
RCC
VCCVC¡P W¡WW
=R#¾#m? =V#¾V#!PPm? =!W!W¾Wm?
GyQGH VXSDSi IOHFKD
WDKK
OCK
DJCKFJC¡
=O#KKm? =D#KF<#!#m? =!W$K¾Km?
PDJXH\ IUXWD PXMHU
*5$0È7,&$7(3(+8$1$
3.1.3. Las sílabas cerradas con vocales cortas
%8%
%8%Ô Ô%8%
UCR DCZDJC¡ V©UFKO
=U#R*? =$#5D#!#m? =V»\FKOOm?
VHJ~QGLFHQ VDFDU HVWiVXELHQGR
3.1.4. Las sílabas cerradas con vocales largas o diptongos
%88% %88%Ô
%88%Ô
OCC¡P LKK³MCK¡³ ICVWWM
=O#¾!PPm? =JK¾½M#K!½Pm? =I#VW¾M*?
XQRXQD HVWiJULWDQGR GHVSXpV
OCK³ DCK³FJCU DCDJ©KEJ
=O#K½½m? =$#K½F<#U*? =$#D»KV5*?
SHWDWH KDFKD \DVHORHQWUHJy
3.1.5. Las sílabas cerradas que terminan con una secuencia de consonantes
%8¡% %8¡%Ô
%88¡%Ô Ô%8¡%
LC¡M LC¡VMCO OCC¡PMCO TWTW¡Z
=J#!#mM*? =J#!#mVM#OOm? =O#¾!PM#OOm? =4W4W!Wm5*?
KDFLD SHUVRQDVJHQWH SHUVRQD KDPDFD
3.2. La acentuación
8QD6Ë/$%$$&(178$'$HQWHSHKXiQHVXQDTXHVHSURQXQFLDXQSRFRPiVIXHUWH\FRQXQWRQRXQSRFRPiVDOWR
TXHRWUDVVtODEDV
1RVHHVFULEHODWLOGHFRQHO$/)$%(7235È&7,&2WHSHKXDQRSRUTXHVLHPSUHVHSXHGHVDEHUFXiOVtODEDVHDFHQW~D
(VGHFLUVLHPSUHVHDFHQW~DODSULPHUDVtODEDGHO5$',&$/VLHVXQDVtODED³SHVDGD´6LODSULPHUDVtODEDHVXQDVtODED
³OLJHUD´\ODVHJXQGDVtODEDHV³SHVDGD´HQWRQFHVVHDFHQW~DODVHJXQGD
8QD6Ë/$%$/,*(5$HVXQDVtODED$%,(57$FX\R1Ò&/(2HVXQD92&$/&257$8QDVtODED3(6$'$HVXQDVtODED
&(55$'$RXQDVtODEDDELHUWDFX\RQ~FOHRHVXQD92&$//$5*$RXQ',3721*2
(QORVGRVVLJXLHQWHVDSDUWDGRVGDPRVHMHPSORVGHVtODEDVDFHQWXDGDV\DVHDQODSULPHUDHQXQDSDODEUDROD
VHJXQGD6LHPSUHTXHQRVHDFHQW~DODSULPHUDVtODEDODSULPHUDVtODEDHVOLJHUD\ODVHJXQGDHVSHVDGD
3.2.1. La primera sílaba acentuada
%8%Ô
%88%Ô
%88Ô
MQ¡MQNJ VCCVUCD DCCRCZ
=MQ!QmMQZˆ? =V#¾VU#H? =$#¾R#5*?
FKLOH WLHUUDFiOLGD PHWLGRV
/$66Ë/$%$6
%8%Ô
%88%Ô
%88Ô
ZKDMCO FWK³MCT DJ©KMC¡
=5KHM#OOm? =FWK½M#4m? =D»KM#!#m?
QXHYR SLSD OOHYDUORV
3.2.2. La segunda sílaba acentuada
Ô%8%
Ô%88%
Ô%88
D©R©©¡ VCR©©Z VQDCC
=$»R»¾!»m? =V#R»¾5*? =VQ$#¾#m?
URMRV SXOJD JXDMRORWH
VWVWM V©OCKEJ [CMWC
=VWVWM*? =V»O#KV5*? =L#MW##m?
QHJURV WDPDOWDPDOHV KRQJRKRQJRV
3.3. Las contracciones
(QHOKDEODGHORVDGXOWRVWHSHKXDQRVDOJXQDV3$/$%5$6GHXQDVROD6Ë/$%$VHSUHVHQWDQUHGXFLGDVHQFLHUWRV
&217(;726(VWDVIRUPDVUHGXFLGDVVHSURQXQFLDQFRPRVLIXHUDQ68),-26GHODVSDODEUDVDQWHULRUHV(OSURFHVRGH
UHGXFLUXQDSDODEUDDXQVXILMRVHOODPDFRQWUDFFLyQ
(QORVGRVVLJXLHQWHVDSDUWDGRVGHVFULELPRVODVFRQWUDFFLRQHVPiVFRPXQHVDVDEHUOD&2175$&&,Ï1GHO&/Ë7,&2
GHO68-(72\ODFRQWUDFFLyQGHO35(),-2
3.3.1. La contracción del clítico del sujeto
8Q&/Ë7,&2HVXQ025)(0$TXHIXQFLRQDFRPR35(),-2R68),-2GHDOJXQRVWLSRVGH3$/$%5$6(O&/Ë7,&2'(/
68-(72>@VLHPSUHHVHOVXILMRGHOSULPHU&20321(17(35,1&,3$/GHOD&/È868/$>@\DVHDXQD&21-81&,Ï1
>FDS@XQ6867$17,92>FDS@XQ$'9(5%,2>FDS@RXQ9(5%2>FDS@
/DIRUPDGHOFOtWLFRGHOVXMHWRFDPELDVHJ~QODSHUVRQD\HOQ~PHURGHOVXMHWRGHODFOiXVXOD7RGDVODVIRUPDVGHO
FOtWLFRGHOVXMHWRVHSUHVHQWDQHQHOFXDGUR
6LQJXODU
3OXUDO
DSHUVRQD
³
EJ
DSHUVRQD
R
RKO
DSHUVRQD
t
O
Cuadro 3. Formas del clítico del sujeto
$GHPiVVHSXHGHQSUHVHQWDUXQRVVRQLGRVDGLFLRQDOHVDQWHVGHOFOtWLFRGHOVXMHWRSDUDIDFLOLWDUVXSURQXQFLDFLyQ
(VWRVVRQLGRVDGLFLRQDOHVVHOODPDQ$8;,/,$5(6(ODX[LOLDUQRHVXQPRUIHPDSRUTXHQRWLHQHVLJQLILFDGRHQVt\QXQFD
VHSUHVHQWDVLQHOFOtWLFRGHOVXMHWR/DIRUPDGHODX[LOLDUGHSHQGHGHWUHVIDFWRUHVGLIHUHQWHVODSHUVRQD\HOQ~PHUR
GHOVXMHWRVLHOFOtWLFRGHOVXMHWRVHSUHVHQWDDQWHVRGHVSXpVGHOYHUER\ODOHWUDTXHOHSUHFHGHFRPROR
GHPXHVWUDQORVHMHPSORVFLWDGRVDEDMR
/DFRPELQDFLyQGHODX[LOLDUPiVHOFOtWLFRGHOVXMHWRVHOODPDHO025)(0$'(/68-(727RGDVODVIRUPDVGHO
PRUIHPDGHOVXMHWRVHSUHVHQWDQHQHOFXDGUR(QODSDUWHVXSHULRUGHFDGDFHOGDDSDUHFHODIRUPDWDOFRPROR
*5$0È7,&$7(3(+8$1$
HVFULELPRVXVDQGRHO$/)$%(7235È&7,&2\HQODSDUWHLQIHULRUGHFDGDFHOGDDSDUHFHODSURQXQFLDFLyQHVFULWDFRQ
VtPERORVGHO$/)$%(72)21e7,&2
&RPSDUDQGRORVFXDGURV\VHQRWDTXHHO~QLFR&217(;72HQHOTXHHOFOtWLFRGHOVXMHWRVHSUHVHQWDVLQDX[LOLDU
HQWRGDVODVSHUVRQDVHVDQWHVGHOYHUER\GHVSXpVGHXQDYRFDORXQDRFOXVLYDJORWDO(QORVGHPiVFRQWH[WRVHOFOtWLFR
GHOVXMHWRVHSUHVHQWDSUHFHGLGRSRUXQDIRUPDGHODX[LOLDUH[FHSWRODVHJXQGDSHUVRQDGHOSOXUDOGHVSXpVGHOYHUER\
GHVSXpVGHXQDYRFDORXQDRFOXVLYDJORWDO
Persona y número del sujeto
DSHUV DSHUV
GHOVLQJ GHOVLQJ
Posición del clítico
del sujeto
K³
CR
'HV 'HVSXpVGHXQDYRFDO
=!K½?
=!#R?
RXQDRFOXVLYDJORWDO
SXpV
GHO
K³
CR
'HVSXpVGHXQD
YHUER
=!K½? =!#R?
FRQVRQDQWH
³
R
'HVSXpVGHXQDYRFDO
$QWHV
=½?
=R?
RXQDRFOXVLYDJORWDO
GHO
LC³
LCR
YHUER
'HVSXpVGHXQD
=J#½? =J#R?
FRQVRQDQWH
DSHUV
GHOVLQJ
DSHUV
GHOSO
DSHUV
GHOSO
DSHUV
GHOSO
t
KEJ
RKO
CO
=!KV5? =J#RKO? =!#O?
t
KEJ
LCRKO
CO
=!KV5? =J#RKO? =!#O?
t
t
EJ
=V5?
RKO
=RKO?
O
=O?
LCEJ
LCRKO
LCO
=J#V5? =J#RKO? =J#O?
Cuadro 4. Formas del morfema del sujeto
(QORVVLJXLHQWHVHMHPSORVHOPRUIHPDGHOVXMHWRSDUDOD35,0(5$3(5621$GHO6,1*8/$5VHSUHVHQWDHQDOJXQRVGH
ORVWUHVFRQWH[WRVFLWDGRVHQHOFXDGUR
/W LKO K³ LC¡Z³K
OW LKO© ¡K³ LC¡Z³K
DOOi LU \R PiVWDUGH
,UpPiVWDUGH
,C¡Z³K³ LC¡Z³K ³
PiVWDUGH \R $OUDWRYR\
:KD LC³ ZKD LC³ DKRUD \R $KRULWDYR\
OW
OW
DOOi
OW
OW
DOOi
LKO
LKO©
LU
LKO
LKO©
LU
3.3.2. La contracción de prefijos
+D\GRVJUXSRVGH35(),-26TXHSXHGHQSUHVHQWDUVHHQIRUPDGH&2175$&&,Ï1(OSULPHUJUXSRFRQVWDGHODVGRV
IRUPDVGHO&/Ë7,&2&238/$7,92LKZÊ\LKTÊ>@HOVHJXQGRJUXSRFRQVWDGHWUHVIRUPDVGHO35(),-2'(/2%-(72R
VHDLK³ÊLKEJÊ\LWOÊ>@
(OSULPHUVRQLGRGHHVWRVGRVJUXSRVHVOD&21621$17(L=J?VHJXLGDSRUOD92&$/KRSRUODYRFDOW/D
FRPELQDFLyQLK=JK?RLW=JW?FRQODFXDOHPSLH]DQHVWRVSUHILMRVQRVHSURQXQFLDFXDQGROD3$/$%5$TXHOD
DQWHFHGHWHUPLQDHQXQDYRFDO(QHVWHFRQWH[WRVRODPHQWHVHSURQXQFLDOD~OWLPDFRQVRQDQWHGHOSUHILMRODFXDOVH
FRQYLHUWHHQODSDUWH),1$/GHOD~OWLPD6Ë/$%$GHODSDODEUDDQWHULRUFRPRORGHPXHVWUDQORVHMHPSORVFLWDGRVDEDMR
(QHOFXDGURVHSUHVHQWDQODVIRUPDVGHODVFRQWUDFFLRQHVGHHVWRVGRVJUXSRVGHSUHILMRVFRQPXFKRVRWURV
SUHILMRVR3$57Ë&8/$6FRPXQHV
/$66Ë/$%$6
(QODHVFULWXUDFRQHO$/)$%(7235È&7,&2WDQWRORVSUHILMRVVRORVFRPRODVFRQWUDFFLRQHVVHHVFULEHQFRPR
SDODEUDVVHSDUDGDVFRPRORGHPXHVWUDQORVVLJXLHQWHVHMHPSORV
LKZDCC¡
(VWiPRMDGDFRVD
LKZEJWDCC¡ (VWiPRMDGDiUHD
DCZEJQK³
<DKDFHFDORU
IWZEJWM ODFRVDQHJUD
Prefijo que se contrae
Proclítico copulativo
Prefijo o partícula
anterior
$WULEXWLYR
LKZ
Prefijo del objeto
(TXLYDOHQWH DSHUVGHOVLQJ DSHUVGHOVLQJ DSHUVGHOSO
LKT
LK³
LWO
LKEJ
DC5HDOL]DGR
DCZ
DCT
DC³
DCO
DCEJ
MC7HPSRUDO
MCZ
MCT
MC³
MCO
MCEJ
RW6HQFLOOR
RWZ
RWT
RW³
RWO
RWEJ
VW([WHQVLyQ
t
t
VW³
VWO
VWEJ
ZK,PSHUDWLYR
t
t
ZK³
ZKO
ZKEJ
DJC+DFLDDFi
DJCZ
t
DJC³
DJCO
DJCEJ
OW+DFLDDOOi
OWZ
t
OW³
OWO
OWEJ
IW$UWtFXOR
IWZ
t
IW³
IWO
IWEJ
PC6XERUGLQDGRU PCZ
PCT
PC³
PCO
PCEJ
IW¡$GYHUVDWLYR
IW¡Z
IW¡T
IW¡³
IW¡O
IW¡EJ
PQ¡&RQGLFLRQDO
PQ¡Z
PQ¡T
PQ¡³
PQ¡O
PQ¡EJ
DC¡6HFXHQFLD
DC¡Z
DC¡T
DC¡³
DC¡O
DC¡EJ
V©K,QWHQWR
V©KZ
V©KT
V©K³
V©KO
V©KEJ
Cuadro 5. Contracciones comunes de los prefijos
<DTXHDOJXQDVGHODVIRUPDVGHOPRUIHPDGHOVXMHWRSDUDSULPHUDSHUVRQDWDQWRVLQJXODUFRPRSOXUDOVRQLJXDOHVD
DOJXQDVIRUPDVGHFRQWUDFFLyQGHORVSUHILMRVGHOREMHWRVHSXHGHQFRQIXQGLUIiFLOPHQWH6RODPHQWHHOFRQWH[WRD\XGDD
GLVWLQJXLUODV
(QORVVLJXLHQWHVHMHPSORVHOVLJQRGHLJXDOGDG LQGLFDXQFOtWLFR\XQJXLyQ±LQGLFDXQSUHILMRRXQVXILMR
6©K³ EJKCP CO PC³ V©K LK³Ê EJKCP CO PC ³
LQWHQWR PH SHGLU HOORV TXH \R 0HSLGHQTXHYD\D
LKOKC¡
LKO© ÊC¡
LU )XW
6©K ³KEJ WOWC¡ PC³ VCK³DWKFJC¡
V©K ³ KEJ WOWCIKFJC PC LK³Ê VCK³DWKFJC ÊC¡
LQWHQWR \R 3UHW URJDU3UHW TXH PH SUHVWDU )XW
/HURJDEDTXHPHORSUHVWDUD
*5$0È7,&$7(3(+8$1$
Capítulo 4. La reduplicación
(QHVWHFDStWXORGHVFULELPRVHO352&(62)212/Ï*,&2GHOD5('83/,&$&,Ï1HOFXDOHVPX\FRP~QHQWHSHKXiQ
7DQWRODVIRUPDV3/85$/(6GHORV6867$17,926\$'-(7,926>@FRPRODIRUPDGHO$63(&72',675,%87,92GHORV
9(5%26>@VHIRUPDQDOUHSHWLUODSULPHUDVHFXHQFLDGHXQD&21621$17(VHJXLGDSRUXQD92&$/TXHVHSUHVHQWDHQ
OD5$Ë=
/DYRFDOGHODUDt]TXHVHUHSLWHHQODVtODEDUHGXSOLFDGDSXHGHVHU92&$/&257$92&$//$5*$R',3721*2
$GHPiVODYRFDOGHODVtODEDUHGXSOLFDGDSXHGHVHUFRUWDRODUJD(VGHFLUFXDOTXLHUDTXHVHDODIRUPDGHODSULPHUD
YRFDOGHODUDt]ODYRFDOGHODVtODEDUHGXSOLFDGDSXHGHUHSHWLUVHGHGRVPDQHUDVDVDEHU5('83/,&$&,Ï1&257$
GRQGHODVtODEDUHGXSOLFDGDFRQWLHQHXQDYRFDOFRUWD\5('83/,&$&,Ï1/$5*$GRQGHODVtODEDUHGXSOLFDGDFRQWLHQH
XQDYRFDOODUJD
1RHVSRVLEOHSUHGHFLUFXiOGHODVGRVIRUPDVGHUHGXSOLFDFLyQVHGHEHDSOLFDUDXQVXVWDQWLYRDGMHWLYRRYHUERVLQR
TXHVHWLHQHTXHHVSHFLILFDUHQHO/e;,&2DOLJXDOTXHHO$/$5*$0,(172GHODVYRFDOHV>@3RUORWDQWRHQHVWH
GLFFLRQDULRVHFLWDQWRGDVODVIRUPDVUHGXSOLFDGDVTXHVHSUHVHQWDQHQHOKDEODQRUPDO
(VSHFtILFDPHQWHHOSURFHVRGHUHGXSOLFDFLyQFDXVDORVVLJXLHQWHVFDPELRVIRQROyJLFRV
, /DUHGXSOLFDFLyQFRUWDWLHQHFRPRUHVXOWDGRXQDVtODEDUHGXSOLFDGDTXHFRQWLHQHXQDYRFDOFRUWDLJXDODODSULPHUD
YRFDOGHODUDt]GHODSDODEUD
,, /DUHGXSOLFDFLyQODUJDGHXQDSDODEUDFX\DSULPHUDYRFDOHVFRUWDRODUJDSHURQRXQGLSWRQJRGDFRPRUHVXOWDGR
XQDVtODEDUHGXSOLFDGDTXHFRQWLHQHXQDYRFDOODUJDLJXDODODSULPHUDYRFDOGHODUDt]
,,, /DUHGXSOLFDFLyQODUJDGHXQDSDODEUDFX\DSULPHUDYRFDOHVXQGLSWRQJRGDFRPRUHVXOWDGRXQDVtODEDUHGXSOLFDGD
TXHFRQWLHQHHOPLVPRGLSWRQJR
$VLPLVPRKD\RWURVGRVFDPELRVIRQROyJLFRVTXHVHSUHVHQWDQHQODVSDODEUDVUHGXSOLFDGDV
$ (QODUHGXSOLFDFLyQODUJDVHDFHQW~DODVtODEDUHGXSOLFDGDHQYH]GHXQDGHODVGRVVtODEDVGHODUDt]&RPRUHVXOWDGR
GHHVWHFDPELRVHDSOLFDOD5(6,/$%,),&$&,Ï1>@DOUHVWRGHODSDODEUDUHGXSOLFDGD
% 7DQWRHQODUHGXSOLFDFLyQFRUWDFRPRHQODUHGXSOLFDFLyQODUJDXQDIULFDWLYDELODELDOVRQRUDGHODUDt]YXHOYHDVHU
XQDRFOXVLYDELODELDOVRUGDHVGHFLUD²¾R$GHPiVVLODSULPHUDYRFDOHVXQDYRFDOPHGLDSRVWHULRUUHGRQGHDGD
pVWDYXHOYHDVHUXQDYRFDOEDMDSRVWHULRUQRUHGRQGHDGDHVGHFLUQ²¾C
(QHOUHVWRGHHVWHFDStWXORGDPRVHMHPSORVGHFyPRODUHGXSOLFDFLyQFDXVDHVWRVFDPELRVIRQROyJLFRV\RWURV
FRPRODVXSUHVLyQGHYRFDOHV>@HQWRGRVORVWLSRVGHSDODEUDVGHXQD\GHGRVVtODEDV(QFDGDHMHPSOR
VXEUD\DPRVODVtODEDUHGXSOLFDGD
4.1. La reduplicación corta
7RGDVODV92&$/(6WDQWR&257$6FRPR/$5*$6\',3721*26SXHGHQ5('83/,&$56(GHODPLVPDPDQHUDHV
GHFLUWRGDVSXHGHQUHSHWLUVHHQXQD6Ë/$%$UHGXSOLFDGDFRQXQDYRFDOFRUWD(QORVVLJXLHQWHVDSDUWDGRVGDPRV
HMHPSORVGHUHGXSOLFDFLyQFRUWDSDUDODVWUHVIRUPDVGHODSULPHUDYRFDOGHODUDt]GHODSDODEUDDVDEHUDGHXQDYRFDO
FRUWDEGHXQDYRFDOODUJD\FGHXQGLSWRQJR
4.1.1. La reduplicación corta de una vocal inicial corta
$5Dt]GHXQDVtODED
6tODEDDELHUWD
(VWHWLSRGHUDt]QRVHSUHVHQWD
/$5('83/,&$&,Ï1
6tODEDFHUUDGD
LQ¡ LCLQ¡
LQLQ¡t LCLQ¡
=JQ!Qm? =J#JQ!Qm?
SLHO SLHOHV
%5Dt]GHGRVVtODEDV
3ULPHUDVtODEDDELHUWD
3ULPHUDVtODEDFHUUDGD
7RGDVODVUDtFHVGHHVWHWLSRVHUHGXSOLFDQGHIRUPDODUJD>@
MCTDCZ MCMCTDCZ
=M#4$#5*? =M#M#4$#5*?
FKLYR FKLYRV
4.1.2. La reduplicación corta de una vocal incial larga
$5Dt]GHXQDVtODED
6tODEDDELHUWD
ICC ICICC
=I#¾#m? =I#I#¾#m?
PLOSD PLOSDV
6tODEDFHUUDGD
ICCV ICICCV
=I#¾V*? =I#I#¾V*?
DUFRGHWLUDU DUFRV
%5Dt]GHGRVVtODEDV
3ULPHUDVtODEDDELHUWD
DQQLK DCRQQLK
DQDQQLKt DCRQQLK
=$Q¾JKKm? =$#RQ¾JKKm?
RVR RVRV
3ULPHUDVtODEDFHUUDGD
VQQVMQO VCVQQVMQO
=VQ¾VMQOOm? =V#VQ¾VMQOOm?
FDUUL]R FDUUL]RV
4.1.3. La reduplicación corta de un diptongo inicial
$5Dt]GHXQDVtODED
3ULPHUDVtODEDDELHUWD
DQK DCRQK
DQDQKt DCRQK
=$QKKm? =$#RQKKm?
VHQGD VHQGDV
*5$0È7,&$7(3(+8$1$
3ULPHUDVtODEDFHUUDGD
OCK³ OCOCK³
=O#K½½mm? =O#O#K½½m?
SHWDWH SHWDWHV
%5Dt]GHGRVVtODEDV
3ULPHUDVtODEDDELHUWD
DCK³WO DCRCK³WO
=$#K½WOOm? =$#R#K½WOOm?
PHWDOFRVD PHWDOHV
3ULPHUDVtODEDFHUUDGD
P©KZMCNJ P©P©KZMCNJ
=P»K!»m5M#Zˆ? =P»P»K!»m5M#Zˆ?
WURPSR WURPSRV
4.2. La reduplicación larga
7DQWRODV92&$/(6&257$6FRPRODV92&$/(6/$5*$6SHURQRORV',3721*26SXHGHQ5('83/,&$56(GHOD
PLVPDPDQHUDHVGHFLUSXHGHQUHSHWLUVHHQXQDVtODEDUHGXSOLFDGDFRQXQDYRFDOODUJD(QORVVLJXLHQWHVDSDUWDGRV
GDPRVHMHPSORVGHUHGXSOLFDFLyQODUJDSDUDODVWUHVIRUPDVGHODSULPHUDYRFDOGHODUDt]GHODSDODEUDDVDEHUDGH
XQDYRFDOFRUWDEGHXQDYRFDOODUJD\FGHXQGLSWRQJR
4.2.1. La reduplicación larga de una vocal inicial corta
$5Dt]GHXQDVtODED
3ULPHUDVtODEDDELHUWD
3ULPHUDVtODEDFHUUDGD
(VWHWLSRGHUDt]QRVHSUHVHQWD
PQR PQQPQR
=PQR*? =PQ¾PQR*?
WHFRORWH WHFRORWHV
%5Dt]GHGRVVtODEDV
3ULPHUDVtODEDDELHUWD
V©TQM
V©TQM V©©VTQM V©©V©TQMt V©©VTQM
=V»4QM*? =V»¾V4QM*?
ODJDUWLMD ODJDUWLMDV
3ULPHUDVtODEDFHUUDGD
V©TDK³
V©TQDK³t V©TDK³ V©©VTQRK³
V©©V©TQDK³t V©©VTQRK³
=V»4$K½½m? =V»¾V4QRK½½m?
VRJD VRJDV
/$5('83/,&$&,Ï1
4.2.2. La reduplicación larga de una vocal inicial larga
$5Dt]GHXQDVtODED
3ULPHUDVtODEDDELHUWD
3ULPHUDVtODEDFHUUDGD
7RGDVODVUDtFHVGHHVWHWLSRVHUHGXSOLFDQGHIRUPDFRUWD>@
MCCO MCCMCO
=M#¾OOm? =M#¾M#OOm?
PHMLOOD PHMLOODV
%5Dt]GHGRVVtODEDV
3ULPHUDVtODEDDELHUWD
RKKRKNJ RKKRRKNJ RKKRKKRKNJt RKKRRKNJ
=RK¾RKZˆ? =RK¾RRKZˆ?
SROOXHOR SROOXHORV
3ULPHUDVtODEDFHUUDGD
7RGDVODVUDtFHVGHHVWHWLSRVHUHGXSOLFDQGHIRUPDFRUWD>@
4.2.3. La reduplicación larga de un diptongo inicial
$5Dt]GHXQDVtODED
+LVWyULFDPHQWHHVWHWLSRGHSDODEUDWHQtDXQDL=J?HQWUHODVGRVYRFDOHVTXHKR\IRUPDQXQGLSWRQJR3RU
ORWDQWRDXQTXHHVWDVSDODEUDVVHSXHGHQUHGXSOLFDUGHIRUPDODUJDVHVLJXHKDFLHQGRFRPRVLODSULPHUDYRFDO
IXHUDFRUWD
DWK DWJKt DWK DWWRWK DWWRWJKt DWWRWK
=DWKKm? =$W¾RWKKm?
RMR RMRV
%5Dt]GHGRVVtODEDV
3ULPHUDVtODEDDELHUWD
UWKOCNJ UWKUOCNJ UWKUWKOCNJt UWKUOCNJ
=UWKO#Zˆ? =UWKUO#Zˆ?
YHQDGR YHQDGRV
3ULPHUDVtODEDFHUUDGD
7RGDVODVUDtFHVGHHVWHWLSRVHUHGXSOLFDQGHIRUPDFRUWD>@
*5$0È7,&$7(3(+8$1$
Capítulo 5. Las oraciones
(QHVWHFDStWXORGHVFULELPRVOD6,17$;,6GHOWHSHKXiQHVGHFLUODPDQHUDHQTXHORVKDEODQWHVIRUPDQ25$&,21(6
*5$0$7,&$/(6GHODV)5$6(63$/$%5$63$57Ë&8/$6\RWURV025)(0$6TXHVHHQFXHQWUDQHQHVWHGLFFLRQDULR
3ULPHURGHVFULELPRVFyPRVHIRUPDQODVSDODEUDV>@([SOLFDPRVSRUTXpDOJXQDVSDODEUDVHQWHSHKXiQFRPRORV
9(5%26WLHQHQPXFKRVPRUIHPDV\RWUDVFRPRODV&21-81&,21(6WLHQHQSRFRVPRUIHPDV7DPELpQH[SOLFDPRVFyPR
VHUHSUHVHQWDQORVGLIHUHQWHVPRUIHPDV\SDODEUDVHQORVHMHPSORVTXHXVDPRVSDUDLOXVWUDUODJUDPiWLFDWHSHKXDQD
/XHJRGHVFULELPRVFyPRVHIRUPDQODV&/È868/$6%È6,&$6>@ORVFXDOHVSXHGHQHPSH]DUFRQSDODEUDVGH
(1/$&(\RSDODEUDV(1)2&$'$6VLHPSUHVHJXLGDVGHXQD)5$6(9(5%$/MXQWRFRQVXVLQGLFDGRUHVGHOVXMHWR\2%-(72
\SXHGHQWHUPLQDUFRQ)5$6(6120,1$/(6\R)5$6(6$'9(5%,$/(6
(QVHJXLGDGHVFULELPRVFyPRVHIRUPDQODVFOiXVXODV68%25',1$'$6>@WDOHVFRPRORVGH&$86$\3523Ï6,72
5(/$7,9$6&203/(7,9$6ORVTXHFRQWLHQHQIUDVHV*(581',$/(6,1),1,7,9$6\FOiXVXODVGH(1)248(
)LQDOPHQWHGHVFULELPRVORVFXDWUR02'26'(/+$%/$>@DVDEHU,1',&$7,92,17(552*$7,92,03(5$7,92\
&21',&,21$/
5.1. Las palabras
(OWHSHKXiQHVXQLGLRPD32/,6,17e7,&2SRUTXHODPD\RUtDGHODVSDODEUDVFRQVWDQGHPRUIHPDVP~OWLSOHV3RUOR
WDQWRXQYHUERVHQFLOORTXHFRQVWDGHODUDt]PiVYDULRVSUHILMRV\VXILMRVSXHGHVHUWUDGXFLGRSRUXQDRUDFLyQFRPSOHWD
HQHVSDxRO3RUHMHPSORHOYHUERDCLKEJWLCCCIK¡³FJC¡KEJHVXQDVROD5$Ë=YHUEDOCCICKDEODUDODTXHVHOH
DxDGHQFXDWUR35(),-26\FXDWUR68),-26SDUDGHFLU<DVHORYDPRVDHPSH]DUDH[SOLFDUDHOORV
$C LK EJW LC CCIK¡³FJC¡ DCÊ LKÊ EJWÊ LCÊ CCIC ÊKFJC ÊFC ÊC¡
\D LQLFLR ([W OHV KDEODU D &RQW )XW
<DVHORYDPRVDH[SOLFDUDHOORV
KEJ
Ê¡KEJ
QRVRWURV
6LQHPEDUJRHQFXDQWRDOJUDGRGH)86,Ï1)212/Ï*,&$GHORVPRUIHPDVGHQWURGHODVSDODEUDVHOWHSHKXiQHV
SDUFLDOPHQWH)86,21$/3RUHMHPSORORVSUHILMRVYHUEDOHVQRWLHQGHQDIXVLRQDUVHRDXQLUVHHQWUHVtVLQRTXHVH
PDQWLHQHQVHSDUDGRVPLHQWUDVTXHORVVXILMRVYHUEDOHVVtWLHQGHQDIXVLRQDUVHHQWUHVt\DODUDt]YHUEDOGHPDQHUDTXHD
YHFHVHVGLItFLOLGHQWLILFDUGyQGHWHUPLQDODUDt]\FXiOHVVRQORVVXILMRV3RUHVWDUD]yQFRQHO$/)$%(7235È&7,&2
DFWXDOHVFULELPRVORVSUHILMRVFRPRDCÊLKÊEJWÊ\LCÊHQHOHMHPSORDUULEDFLWDGRVHSDUDGRVGHOYHUERFRPRVL
IXHUDQSDODEUDVLQGHSHQGLHQWHVSHURHVFULELPRVORVVXILMRVÊKFJCÊFC\ÊC¡SHJDGRVDOYHUERCCICFRQH[FHSFLyQ
GHOPRUIHPDGHOVXMHWR–KEJHOFXDOHVXQFOtWLFRTXHVHSXHGHSURQXQFLDUFRPRVXILMRHQFXDOTXLHUSDODEUDGHOD
FOiXVXOD>@
&XDQGRLGHQWLILFDPRVPRUIHPDVHQHVWDJUDPiWLFDORVUHSUHVHQWDPRVHQXQDIRUPDEiVLFDODFXDOSXHGHTXHQRVH
SURQXQFLHFRPRWDOHQHOKDEODQRUPDO3RUORUHJXODUHVWDIRUPDEiVLFDGHOPRUIHPDHVVXIRUPDDQWHVGHTXHORV
SURFHVRVIRQROyJLFRVOHKDJDQFDPELDURVHIXVLRQHFRQRWURPRUIHPDDGMXQWR(QHOVLJXLHQWHHMHPSORHOPRUIHPD
O©TCHVLQGLFDGRHQODOtQHDGHPRUIHPDVHQVXIRUPDEiVLFDSHURFRQHODOIDEHWRSUiFWLFRVHHVFULEHWDOFRPRVH
SURQXQFLDRVHDHQXQDIRUPDUHGXFLGD
/W DC VW OQKMFCO OWÊDCÊ VWÊ OQKMFC ÊO©TC2TGV
DOOi \D ([W SUHSDUDU LUD <DPHYR\DODPLOSDDSUHSDUDUODWLHUUD
LC³KEJ ICCDJCT V©T
ÊLC³ ÊKEJ ICCDJCT V©T
\R 3UHW PLOSDFRVHFKDGR HQ
(QHOVHJXQGRGHORVGRVHMHPSORVVLJXLHQWHVODCILQDOGHODUDt]GHOYHUERIC¡TCYHQGHUVHVXSULPHDQWHVGHODKGHO
VXILMR$3/,&$7,92ÊKFJC$VLPLVPROD3$/$7$/,=$&,Ï1>@KDFHFDPELDUODUDt]SDUDTXHODTVHYXHOYDNJMXQWRD
/$625$&,21(6
ODiGHOVXILMR$GHPiVODCDOILQDOGHOVXILMRDSOLFDWLYRÊKFJC\ODCDOSULQFLSLRGHOVXILMRGHO7,(032)87852ÊC¡VH
XQHQFRQYHUWLpQGRVHHQXQDVRODC>@'HLJXDOPDQHUDOD2&/86,9$*/27$/DOILQDOGHÊC¡VHXQHFRQODTXH
HPSLH]DHOPRUIHPDGHOVXMHWRÊK³
6W IC¡TC¡ VWÊ IC¡TC ÊC¡
([W YHQGHU)XW
/RYR\DYHQGHU
K³
Ê¡K³
\R
,WO IC¡NJKFJC¡ LWOÊ IC¡TC ÊKFJC ÊC¡
WH YHQGHUD )XW
7HORYR\DYHQGHU
K³
Ê¡K³
\R
(QORVVLJXLHQWHVSiUUDIRVH[SOLFDPRVODUD]yQSRUODFXDOXVDPRVKDVWDFXDWURUHQJORQHVSDUDHVFULELUODPD\RUtDGH
ORVHMHPSORVFLWDGRVHQHVWDJUDPiWLFDGHSHQGLHQGRGHOGHWDOOHTXHVHUHTXLHUDSDUDH[SOLFDUELHQODIRUPDGHORV
PRUIHPDV\ORTXHVLJQLILFDQ
(QHOSULPHUUHQJOyQGHORVHMHPSORVFLWDPRVODIUDVHXRUDFLyQWDOFRPRODHVFULELPRVFRQHODOIDEHWRSUiFWLFR
DFWXDOQDGDPiVTXHDTXtXVDPRVletra negrillaSDUDUHVDOWDUOD/RVVRQLGRVTXHHVWDVOHWUDVUHSUHVHQWDQHVWiQGHVFULWRV
HQORVSULPHURVFXDWURFDStWXORVGHHVWDJUDPiWLFD
(QHOVHJXQGRUHQJOyQGHORVHMHPSORVHVFULELPRVFDGDPRUIHPDSRUVHSDUDGRHQVXIRUPDEiVLFD3RUPHGLRGH
HVWHUHQJOyQSRGHPRVLGHQWLILFDUFXDOHVGHODVSDODEUDVHVFULWDVUHDOPHQWHVRQLQGHSHQGLHQWHV\FXDOHVHVWiQOLJDGDVD
HOODV3RUHMHPSORFRQHODOIDEHWRSUiFWLFRHVFULELPRVORVSUHILMRVFRPRSDODEUDVVHSDUDGDVDXQTXHGHSHQGHQGHOD
SDODEUDSULQFLSDOTXHOHVLJXHSHURHQHOVHJXQGRUHQJOyQHVFULELPRVORVSUHILMRVVHJXLGRVSRUXQJXLyQ±DVtFRPR
HVFULELPRVORVVXILMRVSUHFHGLGRVSRUXQJXLyQ'HLJXDOPDQHUDHVFULELPRVORV352&/Ë7,&26>@VHJXLGRVSRUXQ
VLJQRGHLJXDOGDG \ORV(1&/Ë7,&26>@SUHFHGLGRVSRUHOPLVPRVLJQR8QPRUIHPDTXHQRHVWiHVFULWRQL
FRQXQJXLyQQLFRQXQVLJQRGHLJXDOGDGHVXQ5$',&$/RVHDODSDUWHFHQWUDOGHXQDSDODEUD
(OWHUFHUUHQJOyQGHORVHMHPSORVHVXQDWUDGXFFLyQOLWHUDOGHFDGDPRUIHPD<DTXHORVVLJQLILFDGRVGHDOJXQRV
025)(0$6*5$0$7,&$/(6VRQGLItFLOHVGHWUDGXFLUORVVXEVWLWXLPRVFRQXQDVWHULVFRSDUDLQGLFDUTXHQRVHSXHGHQ
WUDGXFLUHQWpUPLQRVVHQFLOORV3DUDRWURVPRUIHPDVJUDPDWLFDOHVXVDPRVXQDDEUHYLDWXUDTXHDSDUHFHHQODOLVWDTXHVH
HQFXHQWUDDOSULQFLSLRGHHVWDJUDPiWLFDKDFHPRVpVWRFXDQGRVXWUDGXFFLyQHVPX\ODUJD/RVVLJQLILFDGRVGHWRGRVORV
PRUIHPDVJUDPDWLFDOHVDGHPiVGHRWURVWpUPLQRVOLQJtVWLFRVVHSUHVHQWDQUHVXPLGRVHQHOJORVDULRTXHDSDUHFHDOILQDO
GHHVWDJUDPiWLFD
(O~OWLPRUHQJOyQGHORVHMHPSORVHVXQDWUDGXFFLyQOLEUHGHWRGDODIUDVHXRUDFLyQHVFULWDHQOHWUDFXUVLYD$YHFHV
LQFOXLPRVHQWUHSDUpQWHVLVLQIRUPDFLyQDGLFLRQDORLPSOtFLWDTXHD\XGDDHQWHQGHUPHMRUHOVLJQLILFDGRGHOHMHPSOR
5.2. Las cláusulas principales
/DVFOiXVXODV35,1&,3$/(6HQWHSHKXiQFRQVWDQGHFLQFR&20321(17(635,1&,3$/(6ORVFXDOHVVHSUHVHQWDQHQHO
RUGHQTXHDTXtVHxDODPRV
Enlace
Enfoque
FRASE VERBAL
Frase nominal
Frase adverbial
/DVSDODEUDVGH(1/$&(>@VLUYHQSDUDXQLUODFOiXVXODFRQVX&217(;72WDQWROLQJtVWLFRFRPRVRFLR
OLQJtVWLFR'HVFULELPRVHVWDV&21-81&,21(6H,17(5-(&&,21(6FRQPiVGHWDOOHHQHOFDStWXOR
/DSRVLFLyQGH(1)248(>@HVGRQGHSDUDGDUOHpQIDVLVVHSUHVHQWDXQ6867$17,92R$'9(5%,2DQWHVGHO
9(5%27DPELpQORV352120%5(6SHUVRQDOHV>@QRUPDOPHQWHVHSUHVHQWDQHQHVWDSRVLFLyQDOXVDU
/D)5$6(9(5%$/>@HVHO~QLFRFRPSRQHQWHREOLJDWRULRGHODFOiXVXODSXHVFRQXQVRORYHUERHVSRVLEOH
H[SUHVDUXQDLGHDFRPSOHWDFRPRVHSXHGHDSUHFLDUHQORVHMHPSORVFLWDGRVHQHODSDUWDGR3RUORWDQWRGHFLPRVTXH
ODIUDVHYHUEDOHVHO1Ò&/(2RFRPSRQHQWHFHQWUDOGHODFOiXVXOD'HVFULELPRVFRQPiVGHWDOOHFyPRVRQORVYHUERV
WDQWR5$',&$/(6FRPR$),-26HQHOFDStWXOR
*5$0È7,&$7(3(+8$1$
/RVVXVWDQWLYRVQRHQIRFDGRVVHSUHVHQWDQHQOD)5$6(120,1$/>@TXHVHSUHVHQWDGHVSXpVGHODIUDVHYHUEDO
3XHGHSUHVHQWDUVHPiVGHXQDIUDVHQRPLQDOSDUDLQGHQWLILFDUWDQWRDO68-(72FRPRDO2%-(72GHODFOiXVXODSHURHO
RUGHQUHODWLYRGHODVIUDVHVQRPLQDOHVQRWLHQHQDGDTXHYHUFRQHOSDSHOVLQWiFWLFRTXHFDGDXQDMXHJDHQODFOiXVXOD
/RV$'-(7,926WDQWR&$/,),&$7,926FRPR180(5$/(6>FiSLWXOR@VHSUHVHQWDQFRPRSDUWHGHODIUDVHQRPLQDODVt
FRPRODV35(326,&,21(6\326326,&,21(6>FDStWXOR@TXHLQGLFDQODSRVLFLyQUHODWLYDGHOVXVWDQWLYRHQHOFRQWH[WR
VRFLDO'HVFULELPRVFRQPiVGHWDOOHFyPRVRQORVVXVWDQWLYRVHQHOFDStWXOR
/D)5$6($'9(5%,$/>@VLUYHSDUDLQGLFDUGLUHFFLyQOXJDUWLHPSRRPDQHUD3XHGHSUHVHQWDUVHPiVGHXQD
IUDVHDGYHUELDOSDUDLQGLFDUPiVGHXQRGHHVRVVLJQLILFDGRV'HVFULELPRVFRQPiVGHWDOOHFyPRVRQORVDGYHUELRVHQHO
FDStWXOR
2WURVPRUIHPDVTXHVHSUHVHQWDQHQODVFOiXVXODVVRQORVLQGLFDGRUHVGHOVXMHWRHOFXDOVHSUHVHQWDFRPR(1&/Ë7,&2
REOLJDWRULRHQHOSULPHUFRPSRQHQWHGHODFOiXVXOD>@\HOREMHWRWDQWR',5(&72FRPR,1',5(&72>@TXHVH
SUHVHQWDFRPRSUHILMRGHOYHUER
5.2.1. Las palabras de enlace
/DVSDODEUDVGH(1/$&(VLUYHQSDUDXQLUODFOiXVXODFRQVX&217(;72WDQWROLQJtVWLFRFRPRVRFLROLQJtVWLFRHV
GHFLUKDFHQUHIHUHQFLDWDQWRDORTXHHOKDEODQWHDFDEDGHGHFLUFRPRDODPDQHUDHQTXHpVWROHD\XGDDUHODFLRQDUVHFRQ
VXVR\HQWHV/DV&21-81&,21(6\ODV,17(5-(&&,21(6>FDS@VRQODVSDODEUDVGHHQODFHPiVFRPXQHV
)KQ DC¡ IWDJCK¡³ PCT FWCFJK¡ IWICD³K¡
IKQ DC¡ IWDJCK Ê¡P PC LKT FWCFJK¡ IWICD³K¡
\ HQWRQFHV OD FROD VX TXH HV UHPHGLR OD WRUFHGXUD
7DPELpQODFRODGHOWHMyQVHXVDFRPRUHPHGLRFXDQGRXQRVHODVWtPDHOSLHRODPDQR
+K MW³ OQQ ZK EJW LQQLQK¡³O©TCK
GG MW ³ OQQ ZKÊ VWÊ LQQLQKFJC ÊO©TCÊLK
LQWHQFLyQ \R LQFLHUWR LQWHQFLyQ ([W PLUDU LUD 9R\DYHUTXpHVWiSDVDQGR
$YHFHVVHXVDXQD&/È868/$$'9(5%,$/(1)2&$'2FRPRSDODEUDGHHQODFHVLQDSR\DUVHHQXQDFRQMXQFLyQR
LQWHUMHFFLyQSHURQRUPDOPHQWHFRQHODSR\RGHDOJXQD3$57Ë&8/$FRPRODVSDUWtFXODV02'$/(6>@
/K¡ FJ©T UCR DC¡ OQQ OW LC¡M LWR DJ©K OK¡ F©T UCR DC¡ OQQ OW LC¡M LWR DJ©K[C
DOOt GH VHJ~Q HQWRQFHV DOOi 'LU 5HS SDVDU /XHJRIXHDOLWGHDOOtOXHJRSRUDOOiSDVyGRQGHYLYHHOFR\RWH
PCRCK¡ MKQ IWDJCP
PCRCK¡ MKQ IWDJCP
GRQGH YLYLU HO FR\RWH
5.2.2. El enfoque
&XDQGRHOKDEODQWHTXLHUH(1)2&$5VXDWHQFLyQHQFLHUWD)5$6(120,1$/R$'9(5%,$/ORSXHGH$'(/$17$5HQOD
FOiXVXODHVGHFLUSURQXQFLDUORDQWHVGHO9(5%2
)W DJQ¡OMQZ LKZ K¡QQD IWLWWPOCZKO
IW DJQ¡OMQZ LKZ K¡QQD IWLWWP ÊOCZKO
HO ³WHFKDORWH´ HV VDEURVR HO PDt] PROH
/DFDUQHGHDUGLOODDUEyUHDHVVDEURVDSUHSDUDGDFRQPROH
:KD LC³ DJC LKO
ZKD LC³ DJCÊ LKO©
DKRUD \R DFi LU
$KRULWDYHQJR
/$625$&,21(6
$YHFHVVRODPHQWHXQDSDUWHGHODIUDVHQRPLQDOVHDGHODQWD\ODRWUDSDUWHQRVHSURQXQFLDKDVWDGHVSXpVGHOYHUER
)QQM LK³ OCC IW VCVMCTWK¡ IW³ ZKKZ
IQQM LK³Ê OCC IW VCÊVCMCCTWK¡ IWLK³Ê ZKKZ
GRV PH GLR ODV SO JDOOLQD OD PL KHUPDQDPD\RU
0LKHUPDQDPHGLRGRVGHVXVJDOOLQDV
,KZ CDJCCT MWUDKQ FJK OCC¡PMCO IW
LKZ CDJCCT MWUDKQ FJK OCC¡PMCO IW
HV ERQLWR OOHYDU HVD SHUVRQD HO (VDSHUVRQDWUDHXQPRUUDOPX\ERQLWR
DJCK¡OMCT
DJCK¡OMCT
PRUUDOERUGDGR
$VLPLVPRKD\FDVRVHQTXHHOKDEODQWHTXLHUHHQIRFDUDOYHUERFRPRHODFWRFHQWUDOGHXQUHODWR(QHVWHFDVRVH
SUHVHQWDHOSUHILMRGHO$&72&(175$/GG%ÊGRQGH%UHSUHVHQWDODUHSHWLFLyQGHODSULPHUD&21621$17(GHOYHUER$
PHQXGRVHSUHVHQWDHO$'9(5%,2DJCK¡ELHQMXQWRFRQHOSUHILMRGHODFWRFHQWUDO
)W ICIQQZ DJCK¡ GGM M©K IW ICIQQZ DJCK¡GG%Ê M©©[C HO SHUUR ELHQ DFWRFHQWUDO PRUGHU
/XHJRHOSHUURPRUGLyODFRODGHODYDFD
DJCK¡TCO IWDCCM
DJCK ÊIC ÊTCO IWDCCM
FROD (67$786 HQ OD YDFD
&CCI©M DJCK¡ GGD DWC VCK EJ©T
FCI© ÊM DJCK¡ GG%Ê DWC VCK V©T
DJDUUDU 3XQW ELHQ DFWRFHQWUDO HFKDU OXPEUH HQ
$JDUUiQGRORORHFKyHQODOXPEUH
5.2.3. El sujeto
7DQWROD3(5621$FRPRHO1Ò0(52GHO68-(72GHODFOiXVXODVHLQGLFDSRUPHGLRGHXQ&/Ë7,&2(VWHFOtWLFRPiVXQ
$8;,/,$5IRUPDQHO025)(0$'(/68-(72WDOFRPRVHH[SOLFDHQHODSDUWDGR
(OPRUIHPDGHOVXMHWRVLHPSUHVHSURQXQFLDFRPR68),-2GHOSULPHU&20321(17(35,1&,3$/GHODFOiXVXODRVHDOD
35,0(5$3$/$%5$R)5$6((VWHFRPSRQHQWHSXHGHVHUXQDFRQMXQFLyQXQDGYHUELRRVXVWDQWLYRDGHODQWDGRSDUDGDUOH
pQIDVLVRELHQHOYHUERPLVPR(VWHSURFHVRPRUIROyJLFRQRYDUtDQLHQODVFOiXVXODV35,1&,3$/(6QLHQODVFOiXVXODV
68%25',1$'$6$GHPiVPXFKDVYHFHVHOFOtWLFRGHOVXMHWRHVHO~QLFRLQGLFDGRUGHODSHUVRQD\HOQ~PHURGHOVXMHWR
SRUTXHORV352120%5(63(5621$/(6>@VHXVDQVRODPHQWHSDUDGDUOHe1)$6,6DOVXMHWR\VLXQFOtFLWRGHOVXMHWRVH
SUHVHQWDDQWHVGHOYHUERHOYHUERQRWLHQHXQVXILMRTXHLQGLTXHFXiOHVHOVXMHWR
,CTQQO FC¡ PCO DJC LC¡M DC
LCTQQ O FC¡ PC O DJCÊ LC¡M DCÊ
TXLpQ HOORV VRQ TXH HOORV DFi 'LU \D ¢4XLpQHVVRQORVTXHYLHQHQKDFLDDFi"
,WO OCMKC¡ K³ OCC¡P
LWOÊ OCM© ÊC¡ ¡K³ OCC¡P
WH GDU )XW \R XQR 7HYR\DGDUXQPRUUDO
IW
IW
HO LKO!
LKO©
LU
CUCCM
CUCCM
PRUUDOWHMLGR
$VLPLVPRHOFOtWLFRGHO7,(03235(7e5,72SXHGHSUHVHQWDUVHFRPRVXILMRGHOFOtWLFRGHOVXMHWR(OFOtWLFRGHO
SUHWpULWRWLHQHWUHVIRUPDVTXHYDUtDQVHJ~QODSHUVRQD\HOQ~PHURGHOVXMHWR>@(VWDVIRUPDVVHSUHVHQWDQHQHO
FXDGUR
*5$0È7,&$7(3(+8$1$
6LQJXODU
3OXUDO
DSHUVRQD
KEJ
KEJ
DSHUVRQD
KEJ
©V
DSHUVRQD
V
©V
Cuadro 6. Formas del clítico del pretérito
7RGDVODVIRUPDVSRVLEOHVGHOPRUIHPDGHOVXMHWRMXQWRFRQHODX[LOLDU\HOFOtWLFRGHOSUHWpULWRVHSUHVHQWDQHQHO
FXDGURHOFXDOHVXQDYDULDQWHPiVFRPSOHWDGHOFXDGUR>@FRQODVIRUPDVHVFULWDVHQVXIRUPDEiVLFDWDOFRPR
DSDUHFHQHQHOVHJXQGRUHQJOyQGHORVHMHPSORVHQHVWDJUDPiWLFD
Persona y número del sujeto
DSHUV
GHOVLQJ
Contexto
DSHUV
GHOVLQJ
DSHUV
GHOVLQJ
'HVSXpVGH K³
CR
t
7LHPSR YRFDOX
RFOXVLYD
QR
SUHWpULWR JORWDO
'HVSXpVGH K³
CR
t
'HVSXpV
FRQVRQDQWH
GHOYHUER
'HVSXpVGH ³KEJ RKEJ t
7LHPSR YRFDOX
SUHWpULWR RFOXVLYD
JORWDO
7LHPSR
QR
SUHWpULWR
$QWHVGHO
YHUER
7LHPSR
SUHWpULWR
DSHUV
GHOSO
DSHUV
GHOSO
DSHUV
GHOSO
KEJ
RKO
CO
KEJ
LCRKO
CO
EJKEJ
RKO©V
O©V
'HVSXpVGH LC³KEJ LCRKEJ t
FRQVRQDQWH
LCEJKEJ LCRKO©V LCO©V
'HVSXpVGH ³
YRFDOX
RFOXVLYD
JORWDO
R
t
EJ
RKO
O
'HVSXpVGH LC³
FRQVRQDQWH
LCR
t
LCEJ
LCRKO
LCO
'HVSXpVGH ³KEJ
YRFDOX
RFOXVLYD
JORWDO
RKEJ
V
EJKEJ
RKO©V
O©V
'HVSXpVGH LC³KEJ LCRKEJ t
FRQVRQDQWH
LCEJKEJ LCRKO©V LCO©V
Cuadro 7. Formas del morfema del sujeto, tiempos pretérito y no pretérito
/RVVLJXLHQWHVHMHPSORVLOXVWUDQDOJXQDVGHODVIRUPDVGHOPRUIHPDGHOVXMHWR(OYHUERFRPHUHVLUUHJXODUSXHVOD
IRUPDGHO7,(032)87852HVLWIKC¡\ODIRUPDGHO7,(03235(7e5,72HVLWWSHURODIRUPDGHO7,(03235(6(17(HV
MWC¡
/$625$&,21(6
6WMWC¡ KEJ
VWÊLWI© ¡KEJ
([W FRPHU QRVRWURV
(VWDPRVFRPLHQGR 6W MWC¡ CR VWÊ LWI© ¡CR ([W FRPHU W~ (VWiVFRPLHQGR 6W MWC¡ RKO
VWÊ LWI© RKO
([W FRPHU XVWHGHV
(VWiQFRPLHQGRXVWHGHV
6W MWC¡ VWÊ LWI© ([W FRPHU (VWiFRPLHQGRpORHOOD 6W MWC¡ CO
VWÊ LWI© ¡CO
([W FRPHU HOORV
(VWiQFRPLHQGRHOORV
+KDJCK³ EJW MWC¡ KKDCK³ VWÊ LWI© WXQD \R ([W FRPHU (VWR\FRPLHQGRWXQDV $CMCCZ LC³ EJW MWC¡
DJCD LC³ VWÊ LWI©
IULMRO \R ([W FRPHU
(VWR\FRPLHQGRIULMROHV
LWW ³KEJ LWI© ³ KEJ FRPHU \R 3UHW $JCD M©¡P LC³KEJ EJW LWW
DJCD M©¡P LC³ KEJ VWÊ LWI©
IULMRO FRQ \R 3UHW ([W FRPHU
&RPtIULMROHVFRQODVWRUWLOODV
6W MWC¡ K³
VWÊ LWI© ¡K³
([W FRPHU \R (VWR\FRPLHQGR
$C VW DCÊ VWÊ
\D ([W
<DFRPt
5.2.4. Los objetos
/D3(5621$\HO1Ò0(52GHO2%-(72',5(&72GHXQD&/È868/$75$16,7,9$>@VHLQGLFDSRUPHGLRGHO
35(),-2PiVFHUFDQRDOD5$Ë=GHO9(5%2/DVIRUPDVGHOSUHILMRGHOREMHWRVHSUHVHQWDQHQHOFXDGUR
6LQJXODU
3OXUDO
DSHUVRQD
LK³Ê
LKEJÊ
DSHUVRQD
LWOÊ
LCOÊ
DSHUVRQD
t
LCÊ
Cuadro 8. Formas del prefijo del objeto
/DVOHWUDVLQLFLDOHVLK=JK?\LW=JW?GHOSUHILMRGHOREMHWRQRUPDOPHQWHVHVXSULPHQHQHOKDEODQRUPDOGHORV
DGXOWRVFXDQGRHVWHSUHILMRVHSUHVHQWDGHVSXpVGHRWURSUHILMRRGHXQDSDUWtFXODTXHWHUPLQDFRQXQDYRFDO0XFKDVGH
ODVFRQWUDFFLRQHVTXHUHVXOWDQVHSUHVHQWDQHQHOFXDGUR>@&RQHO$/)$%(7235È&7,&2WDQWRORVSUHILMRVVRORV
FRPRODVFRQWUDFFLRQHVVHHVFULEHQFRPRSDODEUDVVHSDUDGDV
,WO PCOMKFJC¡ K³ MCDWKOWM PC³ LWOÊ PCOMK ÊKFJC ÊC¡¡K³ MCDWKOWM PC³
WH SDJDU D )XW \R PDxDQD TXH\R
7HSDJRPDxDQDORTXHWRGDYtDWHGHER
L©¡M MCO WC¡VW¡P
L©¡M MCÊ LWOÊ WC¡VW¡P
WDQWR D~Q WH GHEHU
*5$0È7,&$7(3(+8$1$
(OSUHILMRGHOREMHWRVRODPHQWHVHSUHVHQWDFXDQGRHOREMHWRGLUHFWRHV$1,0$'26LHV,1$1,0$'2QRUPDOPHQWHQR
VHSUHVHQWD
-CDWKOWM LCO LC IC¡TC¡ MCDWKOWM LCO LCÊ IC¡TC ÊC¡
PDxDQD HOORV ORV YHQGHU)XW
0DxDQDYDQDYHQGHUGRVJXDMRORWHV
IQQMIW
IQQM IW
GRV ORV
-CDWKOWM LCO IC¡TC¡ IQQM IW
MCDWKOWM LCO IC¡TC ÊC¡ IQQM IW
PDxDQD HOORV YHQGHU)XW GRV ORV
0DxDQDYDQDYHQGHUGRVVLOODV
VQVDC
VQÊVQDCC
SO JXDMRORWH
C¡VQZMCT
¡CÊ¡CVQQZMCT
SO VLOOD 6LHOREMHWRGLUHFWRGHODFOiXVXODWUDQVLWLYDHVLQDQLPDGRSHURHO2%-(72,1',5(&72HVDQLPDGRVLHPSUHVH
SUHVHQWDHOSUHILMRGHOREMHWRSDUDLQGLFDUODSHUVRQD\HOQ~PHURGHOREMHWRLQGLUHFWR
-CDWKOWM LCO LKEJ IC¡NJKFJC¡ IQQM IW
MCDWKOWM LCO LKEJÊ IC¡TC ÊKFJC ÊC¡ IQQM IW
PDxDQD HOORV QRV YHQGHUD )XW GRV ORV
0DxDQDQRVYDQDYHQGHUGRVVLOODV
C¡VQZMCT
¡CÊ¡CVQQZMCT
SO VLOOD
$VLPLVPRVLWDQWRHOREMHWRGLUHFWRFRPRHOREMHWRLQGLUHFWRVRQDQLPDGRVODIRUPDGHOSUHILMRGHOREMHWRVLHPSUHLQGLFD
ODSHUVRQD\HOQ~PHURGHOREMHWRLQGLUHFWR
-CDWKOWM LCO LKEJ IC¡NJKFJC¡ MCDWKOWM LCO LKEJÊ IC¡TC ÊKFJC ÊC¡
PDxDQD HOORV QRV YHQGHUD )XW
0DxDQDQRVYDQDYHQGHUGRVJXDMRORWHV
IQQM IW
IQQM IW
GRV ORV
VQVDC
VQÊVQDCC
SO JXDMRORWH
6LHOVXMHWRGHXQDFOiXVXODWUDQVLWLYDHVHOPLVPRTXHHOREMHWRGLUHFWRHQYH]GHOSUHILMRGHOREMHWRVHSUHVHQWDHO
SUHILMR5()/(;,92\5(&Ë352&2VHJ~QODSHUVRQD\HOQ~PHURFRUUHVSRQGLHQWH/DVIRUPDVGHOSUHILMRUHIOH[LYR\
UHFtSURFRVHSUHVHQWDQHQHOFXDGUR
6LQJXODU
UHIOH[LYR
3OXUDO
UHFtSURFR
DSHUVRQD
LK³Ê
LKEJÊ
DSHUVRQD
DSHUVRQD
LWOÊ
Cuadro 9. Formas del prefijo reflexivo y recíproco
,KEJP©K¡³ KEJ
LKEJÊP©KFJC¡KEJ
QRV YHU QRVRWURV
1RVYHPRVDQRVRWURVPLVPRV
,WO Q¡KK¡³ CO IW C¡CCNJ
LWOÊ QK¡FJC ¡COIW ¡CÊ¡CNJKK
VH MXJXHWHDU HOORV ORV SO QLxR
/RVQLxRVHVWiQMXJXHWHDQGRORVXQRVFRQORVRWURV
/$625$&,21(6
5.2.5. La frase verbal
$VtFRPROD)5$6(9(5%$/HVHO1Ò&/(2R&20321(17(FHQWUDOGHODFOiXVXOD>@HO5$',&$/YHUEDOHVHOQ~FOHR
GHODIUDVHYHUEDO/DVSDUWHVGHODIUDVHYHUEDOVHSUHVHQWDQHQHORUGHQTXHDTXtVHxDODPRV
Prefijos–
RADICAL
–Sufijos Partículas
(OUDGLFDOYHUEDOSXHGHVHUXQD5$Ë=VHQFLOOD>@RXQDUDt]TXHVHKDPRGLILFDGRSRUXQRGHORV352&(626
025)2/Ï*,&26GH)250$&,Ï1'(5$',&$/DVDEHU5('83/,&$&,Ï1SRUHO$63(&72',675,%87,92>@5('8&&,Ï1
SRUHO7,(03235(7e5,72>@6867,78&,Ï1GHRWUDUDt]>@RHOXVRGH$),-26'(5,9$7,926SDUDIRUPDURWUD
SDODEUDQXHYD>@
/DIUDVHYHUEDOVHXVDSDUDH[SUHVDUWDQWR(9(1726FRPR(67$'26>@/RVHYHQWRVVRQDFFLRQHVGHORVFXDOHVHO
VXMHWRHVHO$*(17(RSURFHVRVGHORVFXDOHVHOVXMHWRHVHO3$&,(17(/RVHVWDGRVVRQORVUHVXOWDGRVGHODVDFFLRQHVR
SURFHVRVGHORVFXDOHVHOVXMHWRWDPELpQHVHOSDFLHQWH
/RV35(),-2668),-26\3$57Ë&8/$6VLHPSUHVHSUHVHQWDQHQODPLVPDSRVLFLyQUHODWLYDFRQUHVSHFWRDOUDGLFDO
YHUEDOHVGHFLUORVSUHILMRVVLHPSUHVHSUHVHQWDQDQWHVGHOYHUER\ORVVXILMRV\SDUWtFXODVVHSUHVHQWDQGHVSXpVGHO
YHUER(VWRV025)(0$6*5$0$7,&$/(602',),&$1HOVLJQLILFDGRGHOYHUERHQFXDQWRD7,(032$63(&72\
02'$/,'$'>@
5.2.6. La frase nominal
/DV)5$6(6120,1$/(6QRVRQREOLJDWRULDVFRPRODIUDVHYHUEDOVLQRTXHVHSUHVHQWDQFXDQGRHOKDEODQWHTXLHUH
KDFHUUHIHUHQFLDGLUHFWDDXQDSHUVRQDDQLPDORFRVD/DVSDUWHVGHODIUDVHQRPLQDOVHSUHVHQWDQHQHORUGHQTXHDTXt
VHxDODPRV
Determinante
Posesión–
RADICAL
–Posposición
Adjetivo
(O5$',&$/QRPLQDOTXHHVHO1Ò&/(2GHODIUDVHQRPLQDOSXHGHVHUXQD5$Ë=VHQFLOODR&2038(67$>@
7DPELpQSXHGHVHUXQDUDt]TXHVHKDPRGLILFDGRSRUXQRGHORV352&(626025)2/Ï*,&26GH)250$&,Ï1'(5$',&$/
DVDEHU5('83/,&$&,Ï1SRUHO3/85$/>@RHOXVRGH$),-26'(5,9$7,926SDUDIRUPDURWUDSDODEUDQXHYD>@
$OJXQDVUDtFHVVRQWRPDGDVGHOHVSDxRO>@
/RV'(7(50,1$17(6VRQ$57Ë&8/26XRWURV$'-(7,926'(02675$7,926>@RELHQSXHGHQVHU$'-(7,926
180(5$/(6>@
/D326(6,Ï1GHVXVWDQWLYRVVHLQGLFDSRUPHGLRGHXQ$),-2TXHVHSUHVHQWDFRPR35(),-2SDUDWRGDVODVSHUVRQDV
H[FHSWRODGHODWHUFHUDSHUVRQDGHOVLQJXODUHOFXDOVHSUHVHQWDFRPR68),-2>@
7DQWR35(326,&,21(6FRPR326326,&,21(6>FDS@LQGLFDQODSRVLFLyQUHODWLYDGHOVXVWDQWLYRFRQUHVSHFWRDRWURV
GHQWURGHO&217(;72
/DPD\RUtDGHORV$'-(7,926&$/,),&$7,926>@VHSUHVHQWDQFRPRORV9(5%26'((67$'2>@6LQHPEDUJR
DYHFHVORVDGMHWLYRVFDOLILFDWLYRVVHSUHVHQWDQFRPRSDUWHGHODIUDVHQRPLQDOGRQGH02',),&$1GLUHFWDPHQWHDO
VXVWDQWLYRDXQTXHWRGDYtDVHSUHVHQWDFRQVX352&/Ë7,&2&238/$7,92FRUUHVSRQGLHQWH>@(ORUGHQUHODWLYRGHO
VXVWDQWLYR\GHODGMHWLYRGHSHQGHGHO(1)248(TXHHOKDEODQWHTXLHUHUHIOHMDUSXHVQRUPDOPHQWHHOHOHPHQWRFRQPD\RU
pQIDVLVVHSUHVHQWDSULPHUR
IW MWVWWPC¡P IW MWVWWPC Ê¡P
OD EOXVD VX VXEOXVDQHJUD
IWZ EJWM
IWLKZ VWM
OD HV QHJUD
IWZ FJWCMCO IWVQQZMQNJ
IW LKZ FWC MCO IWVQQZMQNJ
HO HV JRUGR GH HO PDUUDQR
HOPDUUDQRJRUGR
*5$0È7,&$7(3(+8$1$
5.2.7. La frase adverbial
/DV)5$6(6$'9(5%,$/(6WDPSRFRVRQREOLJDWRULDVFRPRODIUDVHYHUEDOVLQRTXHVHSUHVHQWDQFXDQGRHOKDEODQWH
TXLHUHUHIHULUVHDOWLHPSRPDQHUDOXJDURGLUHFFLyQ/DVSDUWHVGHODIUDVHDGYHUELDOVHSUHVHQWDQHQHORUGHQTXHDTXt
VHxDODPRV
ADVERBIO
Partículas
(O$'9(5%,2HVHO1Ò&/(2GHODIUDVHDGYHUELDO/DVIUDVHVDGYHUELDOHVGHWLHPSR>@\PRGR>@VRQ
VHQFLOODVHVGHFLUFRQVWDQGHXQDGYHUELRVLQ3$57Ë&8/$6TXHOR02',),48(1
DCUVCMCCD
DQWHD\HU RW¡³K
H[DFWDPHQWH
(QFDPELRORVDGYHUELRVGH/8*$5\GH',5(&&,Ï1>@DVtFRPRORVDGYHUELRV,1'(),1,'26>@SXHGHQVHU
FRPSOHMRVSXHVDGHPiVGHODGYHUELRSXHGHQSUHVHQWDUVHXQDRPiVSDUWtFXODVTXHPRGLILFDQHOVLJQLILFDGRGHO
DGYHUELR
OK¡³K
OK¡ ʳK
DOOt SUHFLVDPHQWH
OK¡³K FJ©T LC¡M
OK¡³K F©T LC¡M
DOOtPLVPR GH 'LU
GHSRUDOOt
OWOOW
DOOiOHMRV
OWOOW DCCU F©T QKFJC¡ UCPQQR
OWOOW DCCU F©T QKFJC¡ UCPQQR
DOOi PiVDOOi GH FHUUR DOSLH
DOOiDOSLHGHOFHUURGRQGHQRVHYH
RCK¡
GRQGH
RCK¡ PC R©Z LC¡R FWWM
RCK¡ PC R©Z LC¡R FWW ÊM
GRQGH TXH QDGDPiV iUHD HVWDUVRO 3XQW
DFXDOTXLHUKRUDOLWGRQGHTXLHUDTXHHVWpHOVRO
5.3. Las cláusulas subordinadas
7RGDVODV&/È868/$668%25',1$'$6HQWHSHKXiQFRQH[FHSFLyQGHODVFOiXVXODV&21',&,21$/(6>@
HPSLH]DQFRQODPLVPD3$57Ë&8/$68%25',1$17(PC+D\FXDWURWLSRVGHFOiXVXODVVXERUGLQDGDVORVFXDOHV
GHVFULELPRVHQORVVLJXLHQWHVDSDUWDGRVDVDEHUODVFOiXVXODVGH&$86$\3523Ï6,72>@ODV&/È868/$6
&203/(7,9$6\5(/$7,9$6\>@ODVFOiXVXODVTXHVHWUDGXFHQDOHVSDxROFRPR*(581',26H,1),1,7,926>@\
ODVFOiXVXODVTXHVHXVDQSDUDLQGLFDUHOPi[LPRJUDGRGH(1)248(>@
5.3.1. Las cláusulas de causa y propósito
/D&/È868/$68%25',1$'$TXHLQGLFDODFDXVDGHXQ(9(172R(67$'2VLHPSUHHPSLH]DFRQODFRQMXQFLyQPC
IW¡SRUTXHODFXDOFRQVWDGHODSDUWtFXODVXERUGLQDQWHPCPiVODSDUWtFXOD$'9(56$7,9$IW¡TXHFXDQGRVHSUHVHQWD
VRODLQGLFDXQDVLWXDFLyQQRHVSHUDGD>@
/$625$&,21(6
;C¡ CC³ LKT LK³ FJ©D©©T PC³ IW¡ DCL©M F©T [C¡ V© ©U
[C¡ CC³ LKT LK³Ê F©D©©T PC³IW¡ DCL©M F©T [C¡ VWÊ©U©
DTXt \R HV PL WLHUUD SRUTXH\R KDFHPXFKR GHVGH DTXt ([W VHPEUDU
(VWHHVPLWHUUHQRSRUTXH\RKHVHPEUDGRDTXtGHVGHKDFHPXFKRWLHPSR
$VLPLVPRODFOiXVXODVXERUGLQDGDTXHLQGLFDHOSURSyVLWRGHXQHYHQWRRHVWDGRVLHPSUHHPSLH]DFRQODFRQMXQFLyQ
PCDC¡SDUDTXHODFXDOFRQVWDGHODSDUWtFXODVXERUGLQDQWHPCPiVODSDUWtFXODGH6(&8(1&,$(675(&+$DC¡TXH
FXDQGRVHSUHVHQWDVRODLQGLFDTXHODVLWXDFLyQVLJXHLQPHGLDWDPHQWHGHVSXpVGHRWUD>@
6©MMC¡ CR PQ¡ IC¡TC PCR DC¡ VC³KC¡
V©MMC ÊC¡ CR PQ¡ IC¡TC PCRDC¡ VC³© ÊC¡
SUHJXQWDU )XW W~ VL YHQGHU SDUDTXHW~ SHGLU )XW
3UHJ~QWDOHVLORYHQGHSDUDTXHORFRPSUHV
5.3.2. Las cláusulas completivas y relativas
$XQDFOiXVXODTXHHVHOFRPSOHPHQWRGHRWUDFOiXVXODVHOHGHQRPLQD&/È868/$&203/(7,9$8QDFOiXVXOD
FRPSOHWLYDVLHPSUHHPSLH]DFRQOD3$57Ë&8/$68%25',1$17(PC
,WR MCK¡EJ PC EJCOLCK¡EJ
LWR MCK¡EJ PC EJCO LCK¡EJ
5HS GHFLU TXH QR KD\
'LFHTXHQRKD\
%JCOOCCVCR PCT LCTQK¡
EJCO OCCV©¡CR PC LKT LCTQQK¡
QR VDEHU W~ TXH HV TXLpQ ¢6DEHVTXLpQHV"
FJC¡!
FC¡
VHU
0K L©¡Z MWO EJCOLK³ L©©IK¡³ PC³ PK L©¡Z MWO EJCO LK³Ê L©©¡³FJC PC³
QL FXDQWR HOORV QR PH FUHHU TXH\R
1RFUHHQQDGDGHORTXHOHVGLJR
LCZ LC LCZ LCÊ
FyPR OHV
V©VFC
V©VFC
GHFLU
$VLPLVPRFXDQGRXQD&/È868/$5(/$7,9$LQWURGXFHLQIRUPDFLyQDGLFLRQDODFHUFDGHXQVXVWDQWLYRWDPELpQ
HPSLH]DFRQPC(VGHFLUWRGRVORV352120%5(65(/$7,926>@\$'9(5%,265(/$7,926>@FRQVWDQGHPCPiV
RWUDVSDUWtFXODV
$C LKK EJKEJ OW PCRCK¡ VW CC¡
DCÊ LKK EJKEJ OWÊ PCRCK¡ VWÊ CCIC
\D LU3UHW QRVRWURV3UHW DOOi GRQGH ([W KDEODU
)XLPRVDOOXJDUTXHQRVKDEtDLQGLFDGR
$©©Z LCRKO IWIWWMKC¡ PCRCK¡FJWWM [C¡ CC[C¡ D©©Z LCRKO IWIWWM© ÊC¡ PCRCK¡FJWWM [C¡ CCL© ÊC¡
WRGRV XVWHGHV SDUDUVH )XW FXDQGR DTXt OOHJDU)XW
7RGRVGHEHQSDUDUVHFXDQGROOHJXHHOVDFHUGRWH
IWRCCNJ
IWRCCNJ
HO VDFHUGRWH
/DVFOiXVXODVUHODWLYDVSXHGHQVHU5(675,&7,9$6RQRUHVWULFWLYDV/RVFOiXVXODVUHODWLYDVUHVWULFWLYDVSURSRUFLRQDQ
LQIRUPDFLyQDILQGHTXHHOR\HQWHSXHGDLGHQWLILFDUDTXpRDTXLpQVHUHILHUHHOKDEODQWHSRUORTXHHQODVFOiXVXODV
UHODWLYDVUHVWULFWLYDVVLHPSUHVHSUHVHQWDXQ352120%5('(02675$7,92DQWHVGHOSURQRPEUHUHODWLYR
)WWRWMC VCM IW V©OMCNJ IWK¡ PC ³KEJ VCMCCD VW FWW
IWWRWMC VCM IW V©OMCNJ IWK¡ PC ³KEJ VCMCCD VWÊ FWW
HQGXUHFHU ODV WRUWLOODV ODV TXH \R3UHW D\HU ([W KDFHU3UHW
6HHQGXUHFLHURQODVWRUWLOODVTXHKLFHD\HU
*5$0È7,&$7(3(+8$1$
(QFDPELRODVFOiXVXODVUHODWLYDVQRUHVWULFWLYDVVRODPHQWHDJUHJDQGHWDOOHVDFHUFDGHODSHUVRQDRFRVD\D
LGHQWLILFDGDHOFXDOVHVHxDODSRUODDXVHQFLDGHXQSURQRPEUHGHPRVWUDWLYR
$JCK¡R DJCK¡ R
DFi W~ ZK³ DJ©KFJCK IW³ ZC¡WCPC
ZKÊ LK³Ê DJ©KFJC ÊLKIW³ UC¡WC PC
,PS PH WUDHU OD PL FRELMD TXH
DJCOO© DJCOO© DOOiDUULED
RWR FCC
RWR FCC
DVt HVWi
PCR RCK¡ MKQ
PCRRCK¡ MKQ
TXHW~GRQGH YLYLUVLQJ
3RUIDYRUWUiHPHODFRELMDTXHGHMpHQWXFDVD
5.3.3. Las cláusulas que se traducen al español como gerundios o infinitivos
/D3$57Ë&8/$68%25',1$17(PCWDPELpQVHSUHVHQWDDOSULQFLSLRGHODVFOiXVXODVTXHVHWUDGXFHQDOHVSDxROFRPR
*(581',26H,1),1,7,926
8QDFOiXVXODHQODTXHXQ(9(172R(67$'2VHHQFXHQWUDHQHO$63(&72352*5(6,9235(6(17(VHSXHGHWUDGXFLUDO
HVSDxROFRPRJHUXQGLR
/K¡EJ R©Z DQQDQM CNJKQ PCZ EJ© ©©MC¡
OK¡ EJ R©Z DQQÊ DQ¡ ÊM CNJKQ PC LKZ VWÊ ©©MC¡
DOOt QRVRWURV QDGDPiV SO DFRVWDUVH 3XQW UDWR TXH HVWi ([W VRPEUD
+DELHQGRVRPEUDDOOtOLWTXHHVWiKDFLHQGRVRPEUDGHVFDQVDPRVXQUDWR
$JC³ DJ©K¡³ /CTVKKPCIW³ KMZKEJ PC³ DJCÊLK³Ê DJ©KFJC /CTVKPC IWLK³Ê KMZKEJ PC ³
DFi PH WUDHU 0DUWLQD HO PL WHMLGR TXH \R EJW KMZKEJC¡ PC
VWÊ KMZK ÊVC¡ PC
([W WHMHU KDFHU TXH
MCRWR
MCRWR
WRGDYtD
L©¡Z ZK
L©¡Z ZKÊ
FXDQWRLQWHQFLyQ
FWWM
FWWM
OORYHU
7UiHPHPLWHMLGR0DUWLQDSDUDTXHSXHGDDYDQ]DUXQSRFRPLHQWUDVVLJXHOORYLHQGROLWTXHWRGDYtDHVWi
OORYLHQGR
6HKDFHUHIHUHQFLDDXQHYHQWRRHVWDGRHQJHQHUDOVLQHVSHFLILFDUQLHOWLHPSRQLHODVSHFWRXWLOL]DQGRXQDFOiXVXOD
TXHVHWUDGXFHDOHVSDxROFRPRLQILQLWLYR(QWHSHKXiQHOYHUERGHHVWDVFOiXVXODVVLHPSUHVHSUHVHQWDHQ7,(032
)87852HOFXDOHVHOPiVQHXWURGHORVWLHPSRVJUDPDWLFDOHV$VLPLVPRVLHPSUHVHSUHVHQWDHQODSULPHUDSHUVRQDOD
FXDOHVODPiVQHXWUDGHODVSHUVRQDVJUDPDWLFDOHV
,KZ M©©¡ FJK UWWFCK¡ PC³ EJW K¡[C¡
LKZ M©©¡ FJK UWWFCK¡ PC ³ VWÊ K¡[C ÊC¡
HV EXHQD HVWD DJXD TXH \R ([W EHEHU )XW
(VWDDJXDHVEXHQDSDUDWRPDUOLWTXH\RWRPDUp
,KZ LKZ
HVWi M©¡P LWO CC¡ PC³ KCTC¡ FJK
M©¡P LWOÊ CCIC PC³ KCTC ÊC¡ FJK
FRQ VH TXHUHUTXH\R WXPEDU)XW HVWH
OW¡WWM DCK³FJCU
OW¡WWM DCK³FJCU
ILORVD KDFKD LWM
LWM
SLQR
PCIW¡T UCTDJCM
PCIW¡ LKT UCTDJCM
SRUTXH HV JUXHVR
(VQHFHVDULRXVDUXQDKDFKDELHQILORVDSDUDWXPEDUOLWTXH\RWXPEDUpHVWHSLQRSRUTXHHVWiJUXHVR
/$625$&,21(6
5.3.4. Las cláusulas de máximo enfoque
/D3$57Ë&8/$68%25',1$17(PCWDPELpQVHSXHGHSUHVHQWDUHQWUHXQ6867$17,92R$'9(5%,2(1)2&$'2\HO
UHVWRGHODFOiXVXOD(VWDIRUPDGHUHRUGHQDUODFOiXVXODLQGLFDHOPi[LPRJUDGRGHpQIDVLVSRVLEOHHQHOWHPDGHXQD
KLVWRULDRGHVFULSFLyQ
&CK LK IWICIQQZ D©©OC¡P PC
FCK LK IWICIQQZ D©©OC¡P PC
VyOR eQI OD SHUUD FRQpO TXH
DC¡ OK¡
DC¡ OK¡
HQWRQFHV DOOt
IC Ê¡P
SURSLRVX PCIW¡T UQKIC¡P PCIW¡ LKT UQK SRUTXH HV DQLPDOGRPpVWLFR
LK DKK
LKÊ DKK
LQLFLR VHTXHGy
LKC
LKC
eQI
6RODPHQWHODSHUUDVHTXHGyFRQpOSXHVHUDVXPDVFRWD
&JQ
FJQ SXHV
IW¡ FJK
IW¡ FJK
SHUR HVWH
IKQ
IKQ
\ LQQD PCZ NQQMQ¡ PC
LQQD PC LKZ NQQMQ¡ PC
WODFXDFKH TXH HVWi ORFR TXH
PCZ ³CC PC LKZ PCC TXH OHJXVWDFRPHU
EJCODJCPCC¡
EJCODJCPCC¡
QR EUDYR
IWOCK
IWOCK
HO PDJXH\
%XHQRHOWODFXDFKHHVXQDQLPDOORFRSHURQREUDYR\OHJXVWDFRPHUHOPDJXH\
5.4. Los modos del habla
(QORVVLJXLHQWHVDSDUWDGRVGHVFULELPRVORVFXDWUR02'26'(/+$%/$HQWHSHKXiQDVDEHUHO02'2,1',&$7,92
>@HO02'2,17(552*$7,92>@HO02'2,03(5$7,92>@\HO02'2&21',&,21$/>@
5.4.1. El modo indicativo
/RVKDEODQWHVGHOWHSHKXiQXVDQHO02'2,1',&$7,92SDUDGHFODUDURH[FODPDU/DVFOiXVXODVVHFRPSRQHQFRPR
\DORGHVFULELPRV\ODYR]GHOKDEODQWHEDMDDOILQDODVtFRPRHQODVRUDFLRQHVGHFODUDWLYDVHQHVSDxRO
%JCO R©M FWW¡P EJCO R©M FWW¡P QR PXFKR OORYHU3UHW
1ROORYLyPXFKRDQRFKH
VWMCC¡
VWMCC¡
QRFKH
d,QKFJCO LKZ EJW CDJCCT [C LC¡R
LQKFJCO LKZ VWÊ CDJCCT [CÊ LC¡R
PXFKR HV ([W ERQLWR DTXt iUHD
£4XpERQLWRHVSRUDTXt
5.4.2. El modo interrogativo
6HXVDHO02'2,17(552*$7,92SDUDSUHJXQWDU+D\GRVWLSRVGHSUHJXQWDVODV&21),50$7,9$6\ODV
,1)250$7,9$6
/DV35(*817$6&21),50$7,9$6SLGHQXQDFRQILUPDFLyQRVHDXQDUHVSXHVWDDILUPDWLYDRQHJDWLYD/DIRUPDGH
XQDFOiXVXODFRQILUPDWLYDHVODPLVPDTXHXQDFOiXVXODLQGLFDWLYDH[FHSWRTXHHQODFOiXVXODFRQILUPDWLYDVHSUHVHQWDOD
3$57Ë&8/$FRQILUPDWLYDCCTXHVHSURQXQFLDFRQXQWRQRPiVDOWR
*5$0È7,&$7(3(+8$1$
6WLWCP CR CC!
VW LWCPC ¡CR CC
'ZVWUDEDMDU W~ &RQI
¢(VWiVWUDEDMDQGR"
6WLWCP K³ FJQ
VW LWCPC ¡K³ FJQ
'ZVWUDEDMDU \R (3
6tHVWR\WUDEDMDQGR
3RUPHGLRGHODV35(*817$6,1)250$7,9$6HOKDEODQWHSLGHFLHUWDLQIRUPDFLyQSRUORTXHVLHPSUHHPSLH]DQFRQOD
IRUPDLQWHUURJDWLYDGHXQ352120%5(5(/$7,92RGHXQ$'9(5%,25(/$7,92
2CC RKEJ RCC RKEJ
GyQGH W~3UHW
¢$GyQGHYDV"
DC
DCÊ
\D LKK!
LKK
LU3UHW
,CTQQFC¡ FJK¡ PC OK¡³K
LCTQQ FC¡ FJK¡ PC OK¡³K TXLpQ VHU pVH TXH DOOt ¢4XLpQHVHVDSHUVRQDTXHYDDOOt"
DC
DCÊ
\D LKO!
LKO©
LU
$GHPiVSXHGHSUHVHQWDUVHHQODVSUHJXQWDVLQIRUPDWLYDVODSDUWtFXODGH,1&5('8/,'$'IK
)K LCZ DC¡T IK LCZ DC¡ LKTÊ
LQFUpGXOR FyPR HQWRQFHV HV (QWRQFHV¢TXpVLJQLILFD"
LWO FWWMCO!
LWOÊ FWW MCO
VH KDFHU GH
2WUDSDUWtFXODTXHVHSUHVHQWDVRODPHQWHHQHOPRGRLQWHUURJDWLYRHVODSDUWtFXODGH$/7(51$7,9$MC¡ODFXDOLQGLFD
TXHDOFRQWHVWDUODSUHJXQWDKD\TXHHVFRJHUHQWUHGRVRPiVDOWHUQDWLYDV
/CKM LCEJ RCZKCTRQ¡ -C¡R OCKM LCEJ RCZKCTÊRQ ÊC¡ MC¡ R
YiPRQRV QRVRWURV SDVHDULUD )XW R W~ 9DPRVDSDVHDU¢2SUHILHUHVTXHGDUWHDTXt"
[C¡ MC
[C¡ MC DTXt D~Q
DK¡[C¡!
DK¡ ÊC¡
TXHGDU)XW
&XDQGRODSDUWtFXODGHDOWHUQDWLYDHQHOPRGRLQWHUURJDWLYRVHSUHVHQWDMXQWRFRQODSDUWtFXODGHFRQILUPDFLyQHVR
LQGLFDTXHKD\TXHGHFLGLUHQWUHGRVDOWHUQDWLYDVLJXDOHV
6W¡R DC K¡[C¡ VW¡ R DC K¡ ÊC¡
TXp W~ \D EHEHU )XW
¢4XpTXLHUHWRPDUOHFKHRDJXD"
DKK¡OCC MC¡
DKK¡O CC MC¡
OHFKH &RQI R UWWFCK¡ CC!
UWWFCK¡ CC
DJXD &RQI
5.4.3. El modo imperativo
6HXVDHO02'2,03(5$7,92SDUDPDQGDURKDFHUXQDVXJHUHQFLD&XDQGRHO68-(72GHXQD&/È868/$,03(5$7,9$
QRVHPHQFLRQDVHHQWLHQGHTXHHVOD6(*81'$3(5621$
$JCK¡ ZK LKO
DJCK¡ ZKÊ LKO©
DFi ,PS LU
£9HQ
/$625$&,21(6
/CKM LCEJ DC
OCKM LCEJ DCÊ
YiPRQRV QRVRWURV \D 9DPRVDFRPHU
VW MQK¡RQ¡
VWÊ LWI© ÊRQ ÊC¡
([W FRPHU LUD )XW
6HSXHGHQH[SUHVDUWUHVJUDGRVGHLPSHUDWLYRSRUPHGLRGHORV$),-26LPSHUDWLYRV(O35(),-2DKÊLQGLFDXQ
LPSHUDWLYRFRUWpVHOFXDOVHXVDDPHQXGRHQWUHDGXOWRV
$K ³K³KC DKÊ ³K³KC ,PSFRUWpV GHVSHUWDUVH
'HVSLHUWDPLKHUPDQR
LK³ ZKKZ
LK³Ê ZKKZ
PL KHUPDQRPD\RU
(OSUHILMRZKÊLQGLFDXQLPSHUDWLYRQRUPDOHOFXDOVHXVDDPHQXGRFRQORVQLxRV
/WZK V©VDKO©T
OW ZKÊ V©VDKC ÊO©TC
DOOi ,PS MXJDU LUD
9HWHDMXJDUDOOi
(O68),-2ÊK³LQGLFDXQLPSHUDWLYRIXHUWHHOFXDOVHXVDFXDQGRKD\XUJHQFLD
$JKCK³ FJK
DJKC ÊK³ FJK
TXLWDU ,PSIXHUWH HVD
£4XLWDODROODGHOIXHJR
LC¡CC
LC¡CC
ROOD
5.4.4. El modo condicional
(O02'2&21',&,21$/VHXVDSDUDLQGLFDUHOJUDGRGHSRVLELOLGDGGHTXHRFXUUDXQ(9(172R(67$'27RGDVODV
25$&,21(6FRQGLFLRQDOHVHPSLH]DQFRQOD&21-81&,Ï1FRQGLFLRQDOPQ¡VL
+D\WUHVJUDGRVGHSRVLELOLGDGTXHVHSXHGHQH[SUHVDUHQHOPRGRFRQGLFLRQDOORVFXDOHVVHVHxDODQSRUPHGLRGHO
68),-2GH7,(032TXHVHSUHVHQWDHQODFOiXVXODTXHHPSLH]DFRQPQ¡
Contrario a la realidad
Hipotético
Conforme a la realidad
7LHPSRIXWXUR
7LHPSRSUHVHQWH
7LHPSRSUHWpULWR
VLLPSRVLEOHLPSUREDEOH
VLSRVLEOHPHQWH
VLSUREDEOHFXDQGR
Cuadro 10. Los tres grados de posibilidad
&XDQGRHOYHUERVHSUHVHQWDHQHO7,(032)87852FRQODFRQMXQFLyQFRQGLFLRQDOPQ¡HVRLQGLFDTXHHVLPSRVLEOHR
LPSUREDEOHTXHHOHYHQWRRHVWDGRRFXUUD3DUDHQIDWL]DUHVWDIDOWDGHSUREDELOLGDGQRUPDOPHQWHVHSUHVHQWDWDPELpQOD
3$57Ë&8/$GH,55($/,'$'
0Q¡³ DKC¡ MC¡ PQ¡ ³ DKC¡ ÊMC ÊC¡
UK [Q WHQHU HVWDGR)XW
I©V IW
I©V IW
,UU 8Q
TCCFKQ
TCCFKQ
UDGLR *5$0È7,&$7(3(+8$1$
D©Z EJCPQQNJ
D©©Z VCPQQNJ WRGR GtD LC³ LC³
\R MCC[C¡ MCC[C ÊC¡
HVFXFKDU )XW
I©V
I©V
,UU
LK
LK
eQI
6L\RWXYLHUDXQUDGLRORHVFXFKDUtDWRGRHOGtD
&XDQGRHOYHUERVHSUHVHQWDHQHO7,(03235(6(17(FRQODFRQMXQFLyQFRQGLFLRQDOPQ¡HVRLQGLFDTXHHVSRVLEOH
SHURQRSUREDEOHTXHHOHYHQWRRHVWDGRRFXUUD(VGHFLUODSUREDELOLGDGGHTXHRFXUUDRQRHVLJXDO
'CR ZK CC¡P FJK KRWWT PQ¡ EJCO
'C R ZKÊ CCFC FJK KRWWT PQ¡ EJCO ELHQ W~ ,PS SRQHU HVWD IDOGD VL QR 3RQWHHVWDIDOGDSDUDYHUVLWHYHVELHQRQR
ZKO PCO©©M
LKZ LWOÊ PCO©©M
VH WH FRPELQD
&XDQGRHOYHUERVHSUHVHQWDHQHO7,(03235(7e5,72FRQODFRQMXQFLyQFRQGLFLRQDOPQ¡HVRLQGLFDTXHHVSUREDEOH
TXHRFXUUDHOHYHQWRRHVWDGRGHWDOPRGRTXHVHSXHGHWUDGXFLUPQ¡FRPRVLRFRPRFXDQGR
2CCR C¡L© PQ¡RKEJ LKZFJCCO FWWM RCC R CC[C PQ¡RKEJ LKZFJCCO FWWM GyQGH W~ OOHJDU VL W~3UHW HV VREUH HVWiVRO
¢$GyQGHYDVDLUFXDQGRVDOJDVGHDTXtDOPHGLRGtD"
[C¡ F©T OWK¡ LK LKK!
[C¡ F©T OWK¡ LK LKO©
DTXt GH DOOi LQLFLRLU
/269(5%26
Capítulo 6. Los verbos
(QHVWHFDStWXORGHVFULELPRVORV9(5%26GHOWHSHKXiQ(VSHFtILFDPHQWHGHVFULELPRVORV352&(626025)2/Ï*,&26
GH)250$&,Ï1'(5$',&$/(6YHUEDOHV>@FXiOHVVRQODVFODVHVGHUDGLFDOHVYHUEDOHV>@\FXiOHVVRQORV$),-26\
3$57Ë&8/$6TXHDPHQXGRVHSUHVHQWDQFRQORVUDGLFDOHVHQOD)5$6(9(5%$/
6.1. Los tipos de radicales verbales
(QORVVLJXLHQWHVDSDUWDGRVGHVFULELPRVORVGLIHUHQWHVWLSRVGH5$',&$/(69(5%$/(6HQWHSHKXiQ/DPD\RUtDGH
ORVUDGLFDOHVYHUEDOHVFRQVWDQGHXQD5$Ë=VHQFLOOD>@RXQDUDt]5('8&,'$>@$OJXQRVUDGLFDOHVYHUEDOHV
WDPELpQVRQ5('83/,&$'26>@\RWURVVHIRUPDQSRUPHGLRGH68),-26'(5,9$7,926ORVFXDOHVKDFHQFDPELDUOD
FODVHGHUDGLFDO>@7DPELpQGHVFULELPRVFyPRVRQODV92&$/(6TXHDYHFHVVHSUHVHQWDQDOILQDOGHOUDGLFDOYHUEDO
>@
6.1.1. Los radicales verbales sencillos
/DIRUPDPiVVHQFLOODGHXQ5$',&$/9(5%$/HVOD5$Ë=YHUEDOODFXDOPRVWUDPRVHQHOVHJXQGRUHQJOyQGHORV
HMHPSORVDSHVDUGHTXHFDVLQXQFDVHSUHVHQWDDVtHQHOKDEODQRUPDOGHELGRDODVXSUHVLyQGHODYRFDOILQDO>@R
XQDGHODVYRFDOHVPHGLDQDV>@6LQHPEDUJRODUDt]VHQFLOODVHXVDIUHFXHQWHPHQWHSDUDLQGLFDUHO$63(&72
352*5(6,9235(6(17(HVGHFLUTXHXQ(9(172HVWiHQSURFHVRRTXHXQ(67$'2HVWiYLJHQWHDOPRPHQWRGHO
(181&,$'2
;C¡³ R©Z LC¡R QKT©
[C¡ ³ R©Z LC¡R QKT©
DTXt \R QDGDPiV iUHD DQGDU
$TXtDQGRSDVHDQGRQDGDPiV
$CZ DJCK CC IWDJCD PCEJ DC¡ DCÊLKZ DJCK CC IWDJCD PCEJDC¡ \D HVWiQ FRFLGRV &RQI ORVIULMROHV SDUDTXHQRVRWURV
¢<DHVWiQOLVWRVORVIULMROHVSDUDTXHORVFRPDPRV"
M©¡P VW LWIKC¡!
M©¡P VWÊ LWI© ÊC¡
FRQ ([W FRPHU )XW
$VLPLVPRODUDt]VHQFLOODGHXQYHUERDYHFHVVHSUHVHQWDSDUDLQGLFDUHODVSHFWR+$%,78$/35(6(17(HVGHFLUTXH
XQHYHQWRVHOOHYDDFDERUHJXODUPHQWH(ODVSHFWRKDELWXDOGHHVWDGRVVHLQGLFDSRUPHGLRGHODVSHFWRFRQWLQXDWLYR
>@
)À¡ MWC¡ K³ IWQP
IÀ¡ LWI© ¡K³ IWQP
JUDQGH FRPHU \R OD VDO
<RFRPRPXFKDVDO
/DUDt]YHUEDOVHQFLOODWDPELpQVHSUHVHQWDFRQORV$),-26,03(5$7,926>@
$JC LKO MW³ LWO DJCÊ LKO© MW ³ LWOÊ DFi LU SDUD \R DXVWHG
9HQJDSDUDTXHVHORSXHGDH[SOLFDU
CCIK¡³FJC¡
CCIC ÊKFJC ÊFC ÊC¡
KDEODU D &RQW )XW
$SHVDUGHTXHODUDt]VHQFLOODGHXQYHUERVLHPSUHLQGLFDHODVSHFWRSURJUHVLYRSUHVHQWHRKDELWXDOSUHVHQWHHQHO
VHJXQGRUHQJOyQGHORVHMHPSORVODVWUDGXFLPRVFRPRLQILQLWLYRVSDUDLQGLFDUFXiOHVODIRUPDEiVLFDGHOYHUER
*5$0È7,&$7(3(+8$1$
6.1.2. Los radicales verbales reduplicados
$OJXQDVUDtFHVYHUEDOHVFDPELDQGHIRUPDSRUPHGLRGHOSURFHVRIRQROyJLFRGHUHGXSOLFDFLyQ>FDS@&XDQGRVH
SUHVHQWDXQUDGLFDOUHGXSOLFDGRHVRSXHGHLQGLFDUXQRGHORVVLJXLHQWHVVLJQLILFDGRVDHO68-(72GHXQD&/È868/$
,175$16,7,9$HV3/85$/EHO2%-(72GHXQDFOiXVXOD75$16,7,9$R%,75$16,7,9$HVSOXUDORFXQDDFFLyQVHUHSLWH
YDULDVYHFHVHQXQVROROXJDURXQDYH]HQYDULRVOXJDUHVDORTXHVHOHOODPD$63(&72',675,%87,92
6XMHWRSOXUDOGHFOiXVXODLQWUDQVLWLYD
MQZKC¡ MQU© ÊC¡ GRUPLU )XW GRUPLU6XMVLQJ MQMZKC¡
MQÊMQU© ÊC¡
SO GRUPLU )XW
GRUPLU6XMSO
2EMHWRSOXUDOGHFOiXVXODWUDQVLWLYD
DCK³OK¡EJFJC¡ DCK³OK¡ÊVW ÊKFJCÊC¡
KHUUDU FDXVDWLYR D )XW
KHUUDU2EMVLQJ DCRCK³OK¡EJFJC¡
DCÊ DCK³OK¡ ÊVW ÊKFJCÊC¡
SO KHUUDU FDXVDWLYR D )XW
KHUUDU2EMSO
$VSHFWRGLVWULEXWLYR
V©MMC¡ V©MMC ÊC¡ SUHJXQWDU )XW SUHJXQWDUXQDYH]
V©V©MMC¡
V©Ê V©MMC ÊC¡
'LVWU SUHJXQWDU )XW
SUHJXQWDUPiVGHXQDYH]
&RPRVHSXHGHDSUHFLDUHQHVWRVHMHPSORVHOUDGLFDOUHGXSOLFDGRPXFKDVYHFHVFDPELDGHIRUPDSRUHO352&(62
)212/Ï*,&2GH5(6,/$%,),&$&,Ï1>FK@GHOUDGLFDOYHUEDO
3XHVWRTXHORVUDGLFDOHVUHGXSOLFDGRVVRODPHQWHVHSUHVHQWDQHQDOJXQRVYHUERV\ODIRUPDUHGXSOLFDGDQRVHSXHGH
SUHGHFLUFRQH[DFWLWXGLQFOXLPRVHQHVWHGLFFLRQDULRWRGRVORVUDGLFDOHVUHGXSOLFDGRVGHORVYHUERVFRQORVFXDOHVVH
SUHVHQWDQ
6.1.3. Los radicales verbales reducidos
/DPD\RUtDGHODVUDtFHVYHUEDOHVVH5('8&(1GHIRUPDSDUDLQGLFDUHO7,(03235(7e5,72(OSURFHVRGHIRUPDUXQ
UDGLFDOUHGXFLGRQRUPDOPHQWHVLJXHXQRGHORVGRVSDVRVVLJXLHQWHV
6XSULPLUOD~OWLPDFRQVRQDQWH\OD~OWLPDYRFDOGHODUDt]
6LODFRQVRQDQWHVXSULPLGDQRIXHDOYHRODUDODUJDUOD6LIXHDOYHRODUDJUHJDUOHXQDK
LWIKC¡
LWI© FRPHU
FRPHUi
ÊC¡
)XW
MQZKC¡ MQU© ÊC¡
GRUPLU ±)XW
GRUPLUi LWW
LWI©²¾LW²¾LWW
FRPHU FRPLy
MQK
MQU©t MQt MQK
GRUPLU GXUPLy
6LQHPEDUJRHOSURFHVRGHUHGXFFLyQGHOWLHPSRSUHWpULWRQRVHDSOLFDDWRGDVODVUDtFHVYHUEDOHVVLQRTXHDOJXQRV
QRFDPELDQXRWURVFDPELDQGHRWUDPDQHUD
DCVDKC
VHEDxDVHEDxy
/269(5%26
UCDC¡FC
FRPSUD UCDC¡NJ
FRPSUy
3XHVWRTXHORVUDGLFDOHVUHGXFLGRVVRODPHQWHVHSUHVHQWDQHQDOJXQRVYHUERV\ODIRUPDUHGXFLGDQRVHSXHGH
SUHGHFLUFRQIDFLOLGDGLQFOXLPRVHQHVWHGLFFLRQDULRWRGRVORVUDGLFDOHVUHGXFLGRVGHORVYHUERVFRQORVFXDOHVVH
SUHVHQWDQ
6.1.4. Los radicales verbales derivados
$OJXQRV5$',&$/(69(5%$/(6VRQGHULYDGRVGHRWURYHUERRGHXQ6867$17,92SRUPHGLRGHXQ68),-2
'(5,9$7,92ORVFXDOHVGHVFULELPRVHQHVWHDSDUWDGR(QORVVLJXLHQWHVHMHPSORVHOVLJQR8LQGLFDXQDUDt]YHUEDO\HO
VLJQR0LQGLFDXQDUDt]QRPLQDO
3RUHMHPSORFXDQGRVHSUHVHQWDHOVXILMR$3/,&$7,92ÊKFJCMXQWRDXQDUDt]YHUEDOORTXHUHVXOWDHVXQUDGLFDOTXH
WLHQHXQJUDGRPD\RUGH75$16,7,9,'$'>@(VGHFLUXQYHUER,175$16,7,92PiVÊKFJCGDFRPRUHVXOWDGRXQ
YHUER75$16,7,92\XQYHUERWUDQVLWLYRPiVÊKFJCGDFRPRUHVXOWDGRXQYHUER%,75$16,7,92ORTXHTXLHUHGHFLUTXHOD
DFFLyQVHOOHYDDFDERSDUDHOEHQHILFLRGHRWUDSHUVRQD
8ÊKFJCVSRUXQDSHUVRQDRSDUDRWUDSHUVRQD
DJCC[C¡ DJCC C¡ FRFHU )XW VHFRFHUiVROR
DQRMQPC¡ DQRMQPC ÊC¡ ODYDUSO )XW ORVODYDUiXQDSHUVRQD
DJCKFJC¡
DJCC ÊKFJC ÊC¡
FRFHU SRU )XW
ORFRFHUiXQDSHUVRQD
DQRMQ³FJC¡
DQRMQPC ÊKFJC ÊC¡
ODYDUSO SDUD )XW
VHORVODYDUiXQDSHUVRQDDRWUD
$GHPiVDOJXQRVYHUERVVHIRUPDQGHUDtFHVQRPLQDOHVSRUPHGLRGHSUHILMRV3RUHMHPSORHOSUHILMRQRPLQDOVWÊ
HOFXDOTXLHUHGHFLUH[WHQVLyQWHPSRUDORORFDWLYRFXDQGRVHSUHVHQWDHQORVYHUERV>@LQGLFD326(6,Ï1GHO
VXVWDQWLYR
VWÊ0 SRVHHUN
/CC¡P R©Z VW UC¡WCK³
OCC¡P R©Z VWÊ UC¡WC ¡K³
XQR QDGDPiV ([W FRELMD \R
1DGDPiVWHQJRXQDVRODFRELMD
%JCO VW VCCV FJK
EJCO VWÊ VCCV FJK
QR ([W SDSi HVWH
(VWHQLxRQRWLHQHSDSi
CNJKK
CNJKK
QLxR
$VLPLVPRFXDQGRHOVXILMRÊVCVHSUHVHQWDGHVSXpVGHXQVXVWDQWLYRLQGLFDKDFHUORRDGTXLULUOR
0ÊVC¡ KDFHUNDGTXLULUN
/K¡ VW DC¡MEJC¡ OK¡ VWÊ DC¡CCM ÊVC ÊC¡
DOOt ([W FDVD KDFHU )XW
'LFHTXHDOOtYDDKDFHUVXFDVD
UCR
UCR
VHJ~Q
*5$0È7,&$7(3(+8$1$
$C VW LQQ³EJCM IW2GGITQ
DCÊ VWÊ LQQ³K ÊVC ÊM IW2GGITQ
\D ([W HVSRVD DGTXLULU 3XQW HO 3HGUR
3HGUR\DVHFDVyOLWDGTXLULyXQDHVSRVD
6.1.5. Las vocales del radical verbal
&XDQGROD92&$/),1$/GHXQD5$Ë=9(5%$/VHSUHVHQWDMXQWRFRQODIRUPDUHGXSOLFDGDGHOYHUERLQGLFDHO
$63(&72+$%,78$/
%JCO QD IC¡M©
EJCO QD ICÊ ICM©
QR UiSLGDPHQWH 'LVWU VHFDUVH
1RVHVHFDUiSLGDPHQWH
$VLPLVPRODVYRFDOHVILQDOHVGHODVUDtFHVYHUEDOHVVHSUHVHQWDQMXQWRFRQHOVXILMRGHO&235(7e5,72±V>@
/K¡ VWLWCPCV L©¡MEJK OCUCC¡P
OK¡ VWLWCPC ÊV L©¡MEJK OCUCC¡P
DOOt WUDEDMDU &RSUHW XQRV PHVHV
$OOtHVWXYRWUDEDMDQGRSRUDOJXQRVPHVHV
$GHPiVODV92&$/(60(',$1$6GHODVUDtFHVYHUEDOHVVHSUHVHQWDQSDUDLQGLFDUHO$63(&72352*5(6,9235(6(17(
>@DSHVDUGHTXHODVYRFDOHV),1$/(6VHVXSULPHQ
DKKNJFJC¡
DKKNJKFJC
PROHU ORPROHUi
ÊC¡
)XW
DKKNJK¡³
DKKNJKFJC ʚ
PROHU SUHVHQWH
ORHVWiPROLHQGR
$VLPLVPRODVYRFDOHVPHGLDQDVGHODVUDtFHVYHUEDOHVVHSUHVHQWDQFRQORV35(),-26,03(5$7,926>@
V©O³KC¡ V©OK³K ÊC¡
EDMDUVH )XW
VHEDMDUi ZK EJ©OKK³
ZKÊ V©OK³K
,PS EDMDUVH
£%iMDWH
6.2. Las clases de verbos
/RVYHUERVGHOWHSHKXiQVHSXHGHQGLYLGLUHQGRVFODVHVSULQFLSDOHVDVDEHUORVTXHGHVFULEHQXQ(9(172\ORVTXH
GHVFULEHQXQ(67$'2RVHDHOUHVXOWDGRGHXQHYHQWR
/DFODVHGHYHUERVTXHGHVFULEHQXQHYHQWRVHSXHGHQGLYLGLUHQORVTXHGHVFULEHQDFFLRQHV\HQORVTXHGHVFULEHQ
SURFHVRV>@
$C DC¡P IWMW¡CC¡
DCÊ DC¡PP© IWMW¡CC¡
\D PRMDU OD OHxD /DOHxDVHPRMy $C LWWIKO IWMW¡CC¡
DCÊ LWI© ÊKO IWMW¡CC¡
\D DFDEDU3URJ OD OHxD
/DOHxD\DVHHVWiDFDEDQGR
/DFODVHGHYHUERVTXHGHVFULEHQXQHVWDGRVHSXHGHQGLYLGLUHQORVTXHGHVFULEHQH[LVWHQFLD\HQORVTXHGHVFULEHQ
H[SHULHQFLD>@
/269(5%26
%JCO LCK¡EJ
EJCO LCK¡EJ QR KD\ 1RKD\OHxD IWMW¡CC¡
IWMW¡CC¡
OD OHxD ,KZ DCC¡ IWMW¡CC¡
LKZ DCC¡ IWMW¡CC¡ HV PRMDGD OD OHxD
/DOHxDHVWiPRMDGD
6.2.1. Los verbos de evento
/RV9(5%26GH(9(172GHVFULEHQXQHYHQWRRVHDXQDDFFLyQTXHVHOOHYDDFDERXQDVRODYH]RXQSURFHVRTXH
WDUGDSDUDWHUPLQDU\FX\RUHVXOWDGRHVREVHUYDEOH
/RVYHUERVGHHYHQWRVRQODFODVHPiVJUDQGHGHYHUERVHQWHSHKXiQ7RGRVHVWRVYHUERVSXHGHQSUHVHQWDUVHHQWUHV
GLIHUHQWHVWLHPSRVDVDEHUHO7,(032)87852FXDQGRVHOOHYDUiDFDERODDFFLyQHO7,(03235(6(17(FXDQGRVHOOHYDD
FDERODDFFLyQ\HO7,(03235(7e5,72FXDQGRODDFFLyQ\DVHOOHYyDFDER
6W³DQRMQ³FJC¡ VWÊ LK³Ê DQRMQP ÊKFJC ÊC¡
([W PH ODYDU SDUD )XW
/iYDPHPLVFDPLVDVSRUIDYRU
CR ¡CR W~ kuktun.
IW³ MWVWWP
ku- kutuun
IWLK³ MWVWWP
ODVPL V3OFDPLVD
kuktun.
6W³ DQRMQ³K¡³ CR CC IW³ MWVWWP!
ku- kutuun
VWÊ LK³Ê DQRMQP ÊKFJC ¡CR CC IWLK³Ê MWVWWP
([W PH ODYDU SDUD W~ &RQI ODV PLV3OFDPLVD
¢(VWiVODYDQGRPLVFDPLVDV"
kuktun.
6W³ DQRMQ³ LCRKEJ CC IW³ MWVWWP!
ku- kutuun
VWÊ LK³Ê DQRMQP ÊKFJC LCRKEJ CC IWLK³Ê MWVWWP
([W PH ODYDU SDUD W~ 3UHW &RQI ODV PLV3OFDPLVD
¢<DODYDVWHPLVFDPLVDV"
$VLPLVPRORVYHUERVGHDFFLyQVHSXHGHQSUHVHQWDUHQFXDWURJUDGRVGHWUDQVLWLYLGDGDVDEHUORVYHUERV
LQWUDQVLWLYRVORVYHUERVWUDQVLWLYRVORVYHUERVELWUDQVLWLYRV\ORVYHUERVUHIOH[LYRV
8QYHUER,175$16,7,92VRODPHQWHWLHQHXQ68-(72SHURQRWLHQH2%-(72
-CDWKOWM LC³ LKOKC¡ 6QDCCVCO
MCDWKOWM LC³ LKO© ÊC¡ VQDCC ÊVCO
PDxDQD \R LU )XW JXDMRORWHOXJDU
0DxDQDYR\D/D*XDMRORWDVXMHWR\R
2CC FWWM ³K³KC FJK OCKOMCO!
RCC FWWM© ³K³KC FJK OCKOW MCO GRQGH HVWDUVRO GHVSHUWDUVH HVWH HPERUUDFKDU GH
¢&XiQGRVHGHVSHUWyHVHERUUDFKR" VXMHWRHVHERUUDFKR
8QYHUER75$16,7,92WLHQHWDQWRXQVXMHWRFRPRXQ2%-(72',5(&72
&CK PC³ VW VWKURC¡ FJK LCCM
FCK PC³ VWÊ VWKURCÊC¡ FJK LCCM
VyOR TXH\R ([W PROHU )XW HVWH PDt]WRVWDGR
1DGDPiVYR\DPROHUHVWHPDt]WRVWDGRVXMHWR\RREMHWRGLUHFWRHVWHPDt]WRVWDGR
6W¡R OK¡ WC¡VW¡ FJK IÀ¡O CUCCM!
VW¡ R OK¡ WC¡ ÊVW¡ FJK IÀ¡ LWOÊ CUCCM
TXp W~ DOOt OOHYDU PRYLPLHQWR HVWH JUDQGHWX WDOHJDGHL[WOH
¢4XpWUDHVHQWXWDOHJD"VXMHWRW~REMHWRGLUHFWRTXp
*5$0È7,&$7(3(+8$1$
8QYHUER%,75$16,7,92WLHQHWDQWRXQVXMHWR\XQREMHWRGLUHFWRFRPRXQ2%-(72,1',5(&72
#NJK¡EJ LCR LK³ OCMKC¡ IWO UWW¡PIK¡
CNJK¡EJ LCR LK³ OCM© ÊC¡ IWLWOÊ UWWFCK¡ ÊIC
XQSRFR W~ PH GDU )XW HO WX DJXD SRVHVLyQ
'DPHWDQWLWDDJXDVXMHWRW~REMHWRGLUHFWRDJXDREMHWRLQGLUHFWRPH
$C M©¡ORKZ LCRKEJ CC IW ,QUGG IW UWWUMC¡P!
DCÊ M©¡ORK ÊZK ÊKFJC LCR KEJ CC IW ,QUGG IW UWWUMC Ê¡P
\D DUUHJODU SDUD DSOLFDWLYR W~ 3UHW &RQI HO -RVp ORV KXDUDFKHVVX
¢<DDUUHJODVWHORVKXDUDFKHVGH-RVp"VXMHWRW~REMHWRGLUHFWRKXDUDFKHVREMHWRLQGLUHFWR-RVp
8QYHUER5()/(;,92WLHQHXQVXMHWRTXHHVWDPELpQHOREMHWRGLUHFWRHVGHFLUHVWDQWRHO$*(17(FRPRHO
3$&,(17(
/WOOWEJ DCEJ PCOMKC¡ IKQV©T
OWOOWEJ DCLKEJÊ PCOMK ÊC¡ IKQV©T
DOOi QRVRWURV \D QRV HQFRQWUDUVH )XW OODQR
1RVYDPRVDHQFRQWUDUHQHOOODQRVXMHWR\REMHWRGLUHFWRQRVRWURV
5KCOTKO IWIWWZ CC IW,QUGG PC D©©Z LKOKC¡!
UKCOTK LWOÊ IWIWWZFJC CC IW,QUGG PC D©©Z LKO© ÊC¡
VLHPSUH VH DQLPDUVH &RQI HO -RVp TXH WDPELpQ LU )XW
¢)LQDOPHQWHVHDQLPy-RVpDLUWDPELpQ"VXMHWR\REMHWRGLUHFWR-RVp
7DPELpQORVYHUERVGHHYHQWRSXHGHQSUHVHQWDUVHHQGRVGLIHUHQWHVYRFHVRVHDOD92=$&7,9$\OD92=3$6,9$
8QYHUERHQYR]DFWLYDWLHQHXQVXMHWRH[SOtFLWRHOFXDOHVHODJHQWHGHOHYHQWR
&CC O©V IW ,WCP IW Q¡TQUKKTKU
FCC O ©V IW ,WCP IW Q¡TQUKKTKU
DJDUUDU HOORV 3UHW HO -XDQ ORV DOJXDFLOHV
/RVDOJXDFLOHVDJDUUDURQD-XDQVXMHWRORVDOJXDFLOHV
/K¡ V© P©¡ IW³ ZKKZ
OK¡ VWÊ P©¡[C IWLK³Ê ZKKZ
DOOt ([W EDLODU HO PL KHUPDQRPD\RU
0LKHUPDQRHVWiEDLODQGRDOOtVXMHWRPLKHUPDQR
(QFDPELRXQYHUERHQYR]SDVLYDQRWLHQHVXMHWRH[SOtFLWRSXHVHOKDEODQWHQRTXLHUHHQIRFDUVHHQHODJHQWHVLQR
HQHOSDFLHQWHVHPiQWLFR(VWRVHSXHGHH[SUHVDUSRUPHGLRGHXQVXMHWRLPSHUVRQDOGH7(5&(5$3(5621$'(/3/85$/
RELHQSRUPHGLRGHXQSUHILMRUHIOH[LYR
-WW O©V IW,WCP
MWW O ©V IW,WCP
HQFHUUDUHOORV 3UHW HO -XDQ
-XDQIXHHQFDUFHODGROLW(OORVHQFHUUDURQD-XDQ
/K¡ V©O P©¡
OK¡ VWÊ LWOÊ P©¡
DOOt ([W VH EDLODU
$OOtKD\XQEDLOHOLW$OOtVHHVWiEDLODQGR
/269(5%26
6.2.2. Los verbos de estado
/RV9(5%26GH(67$'2GHVFULEHQHOUHVXOWDGRGHXQ(9(172(VODFODVHPHQRVH[WHQVDGHYHUERVHQWHSHKXiQ3RU
ORWDQWRVRODPHQWHVHSXHGHQSUHVHQWDUFRQDOJXQRVGHORVDILMRVGH7,(032\$63(&72QRFRQWRGRVFRPRORVYHUERVGH
HYHQWR
6LQHPEDUJRVHSXHGHQSUHVHQWDUHQGRVGLIHUHQWHVWLSRVDVDEHUYHUERVGH(;,67(1&,$\YHUERVGH(;3(5,(1&,$
/RVYHUERVGHH[LVWHQFLDLQGLFDQODH[LVWHQFLDROD326,&,Ï1GHO$*(17('RVYHUERVGHH[LVWHQFLDFRPXQHVVRQ
DKC¡WHQHU\VW¡KK¡HVWDUHQFLHUWROXJDURHVWDGR
,©¡M LCR QKFJC¡ DKC¡!
L©¡M LCR QKFJC¡ DKC¡
FXiQWRV W~ DxRV WHQHU
¢&XiQWRVDxRVWLHQHV"
/W LKK PCRCK¡R VW¡KK¡ IWZ MCK¡
OW LKK PCRCK¡LWR VW¡KK¡ IWLKZ MCK¡
DOOi LU3UHW GRQGH5HS HVWDU HO JREHUQDGRUWUDGLFLRQDO
6HIXHDGRQGHHVWiHOJREHUQDGRUWUDGLFLRQDO
0XFKRVGHORVYHUERVGHSRVLFLyQVHSXHGHQWUDGXFLUFRPRHVWDUPiVODSRVLFLyQFRUUHVSRQGLHQWH/RVYHUERVGH
SRVLFLyQPiVFRPXQHVVHSUHVHQWDQHQHOFXDGUR
6LQJXODU
$QLPDGR
3OXUDO
,QDQLPDGR
HVWDUVHQWDGR
FCC
HVWDUSDUDGR
M©©M
$QLPDGR
,QDQLPDGR
FCTCC
IWIWWM
VW¡V
HVWDUDFRVWDGR
DQ¡
MCCV
DQQDQM
D©©V
HVWDUDQGDQGR
QKT©
t
QKRQ
t
YLYLUHQFLHUWROXJDU
MKQ
t
QK¡FJC¡
t
Cuadro 11. Los verbos comunes de posición
$JC³ DJ©K¡³ IW³ DQPCCO OK¡ FJ©T PCRCK¡ MCCV
DJCÊLK³Ê DJ©KFJC IWLK³Ê DQPCCO OK¡ F©T PCRCK¡ MCCV
DFi PH WUDHU HO PL VRPEUHUR DOOt GH GRQGH HVWiDFRVWDGR
7UiHPHPLVRPEUHURGHDOOtGRQGHHVWiSRUIDYRU
$JCOO©PK LC¡M MQQMDC¡P LCO QKRQ IWMCMDCK
DJCOO©PK LC¡M MQQMDC¡P LCO QKRQ IWMCÊ MCDCK
DOOiDUULED GLUHFFLyQ SUHFLSLFLR HOORV HVWDUDQGDQGRORVSO FDEDOOR
/RVFDEDOORVDQGDQDOOiDUULEDHQHOERUGHGHOSHxDVFR
/RVYHUERVGHH[SHULHQFLDLQGLFDQTXHHOVXMHWRHVHOSDFLHQWHVHPiQWLFRRVHDHOTXHH[SHULPHQWDHOHVWDGR7RGRV
HVWRVYHUERVVHSUHVHQWDQMXQWRFRQXQRGHORVGRV352&/Ë7,&26&238/$7,926TXHVHSUHVHQWDQFRQORV$'-(7,926
&$/,),&$7,926>@TXHVHSXHGHQWUDGXFLUFRPRVHURHVWDU
/WLC¡R LKZ LQK¡³ CMM©¡P IWDCMQQP
OW LC¡R LKZ LQK¡³ CMM©¡P IWDCMQQP
DOOi iUHD HV JXVWDUOH UtRHQ OD JDU]D
$ODJDU]DOHJXVWDDQGDUHQHOUtR
*5$0È7,&$7(3(+8$1$
)KKNJKO LKZ DJKQ¡ K³ PC³ O©M VWLWCPKO©M
IKKNJKO LKZ DJKQ¡ ¡K³ PC³ O©M VWLWCPC ÊKO©M
PXFKR HVWi WHQHUKDPEUH \R TXH\R OHMRV WUDEDMDU HVWDED
7HQJRPXFKDKDPEUHSRUTXHHVWXYHWUDEDMDQGRPXFKR
;C¡ R©Z LKZ OCCZ PCRCK¡ FCC MCV [C¡ R©Z LKZ OCCZ PCRCK¡ FCC MC ÊV DTXt QDGDPiV HV YHUVH GRQGH HVWDUVHQWDGR HVWDGR&RSUHW
$TXtVHYHGRQGHHVWDEDSXHVWDODFD]XHOD
IWMCCU
IWMCCU
OD FD]XHOD
6.3. Los afijos y partículas verbales
/RV$),-26\3$57Ë&8/$69(5%$/(6VHSUHVHQWDQSDUDH[SUHVDUYDULRV6,*1,),&$'26*5$0$7,&$/(6ORVFXDOHV
GHVFULELPRVHQORVVLJXLHQWHVDSDUWDGRVDVDEHUORVVXILMRVGHWLHPSR>@ORVDILMRVGH$63(&72>@ORVDILMRVGH
WUDQVLWLYLGDG\PRGDOLGDG>@ORVDILMRVGHGLUHFFLyQ\OXJDU>@\ODVSDUWtFXODV02'$/(6>@
(OFXDGURHQODVLJXLHQWHSiJLQDGHPXHVWUDODUHODFLyQHQWUHORVDILMRVYHUEDOHV\ODVFODVHVGHYHUERVFRQODV
FXDOHVVHSUHVHQWDQ
6.3.1. Los sufijos de tiempo
3RUPHGLRGHORV68),-26GH7,(032HOKDEODQWHSXHGHUHIHULUVHDOWLHPSRUHODWLYRDOPRPHQWRGHO(181&,$'2(VWRV
VXILMRVVHSUHVHQWDQREOLJDWRULDPHQWHFRQWRGRVORVYHUERV(VGHFLUORVVXILMRVGHWLHPSRJHQHUDOHVVHSUHVHQWDQWDQWR
FRQORVYHUERVGH(67$'2FRPRFRQORVYHUERVGH(9(172SHURORVVXILMRVGHWLHPSRHVSHFtILFRVVHSUHVHQWDQVRODPHQWH
FRQORVYHUERVGHHYHQWR
$GHPiVFXDQGRORVVXILMRVGHWLHPSRJHQHUDOHVVHSUHVHQWDQFRQORVYHUERVGHHVWDGRHQORVWLHPSRVIXWXUR\
FRSUHWpULWRWDPELpQVHSUHVHQWDQGHVSXpVGHOVXILMRGHHVWDGRQRSUHVHQWHÊMC&XDQGRVHSUHVHQWDQFRQORVYHUERVGH
HYHQWRVLHPSUHVHSUHVHQWDQFRPRHO~OWLPRVXILMRGHOYHUERH[FHSWRHOFOtWLFRGHOVXMHWRTXHVHSUHVHQWDFRPRVXILMRQR
VRODPHQWHFRQYHUERVVLQRWDPELpQFRQVXVWDQWLYRV\DGYHUELRV>@SRUORTXHVHHVFULEHFRPRXQDSDODEUDVHSDUDGD
/RVVXILMRVGHWLHPSR*(1(5$/(6
/RVWUHVVXILMRVGHWLHPSRJHQHUDOHVVRQÊC¡IXWXURʚSUHVHQWH\ÊVFRSUHWpULWR
ÊC¡ )XWXUR
–š3UHVHQWH ÊV &RSUHWpULWR
FCC MCV
FCC MC ÊV
VHQWDGR HVWDGR&RSUHW
HVWDEDVHQWDGR
RCNJDWKFJCV
RCNJDWKFJC ÊV
D\XGDU &RSUHW
D\XGDED
(VWDGR FCC MC¡ FCC MC ÊC¡
VHQWDGR HVWDGR)XW
HVWDUiVHQWDGR FCC FCC ʚ VHQWDGR SUHVHQWH
HVWiVHQWDGR (YHQWR
RCNJDWKFJC¡ RCNJDWKFJC ÊC¡
D\XGDU )XW
D\XGDUi RCNJDWK¡³ RCNJDWKFJC ʚ D\XGDU SUHVHQWH
HVWiD\XGDQGR (OVXILMRGHO7,(032)87852ÊC¡LQGLFDTXHHOHYHQWRRHVWDGRRFXUULUiGHVSXpVGHOPRPHQWRGHOHQXQFLDGR
&XDQGRVHSUHVHQWDFRQXQYHUERGHHYHQWRODYRFDOCGHOVXILMRVHVXSULPHH[FHSWRFXDQGROD~OWLPDYRFDOGHODUDt]HV
Ky©
IC¡TC¡ IC¡TC ÊC¡
YHQGHU )XW
YHQGHUi FWWFW¡
FWWFW
OORYHU
OORYHUi
ÊC¡
)XW
V©IKC¡ V©©IK EXVFDU
EXVFDUi
ÊC¡
)XW
LKOKC¡
LKO© ÊC¡
LU )XW
LUiYHQGUi
/269(5%26
7LSRGH9(5%2
(67$'2
(9(172
(;3(5,(1&,$
(;,67(1&,$
LKZÊ$WULEXWLYR
LKTÊ(TXLYDOHQWH
3URFHVR
$FFLyQ
$),-26YHUEDOHV
ÊKO3URJUHVLYR 35(7e5,72029,0(172
ÊKZ5HVXOWDWLYR ÊKEJDDVLQJDSOÊVW¡0RFLyQ
Ê©VDSODSOÊKMC¡7UDVODGR
ÊVDVLQJ
9$/(1&,$$63(&72
ÊZK%HQHIDFWLYROCÊ'LVWLQWLYR
ÊVW&DXVDWLYR–FC&RQWLQXDWLYR
ÊNJK&DXVDWLYRÊZKO5HVXOWDWLYR
ÊKFJC$SOLFDWLYR–EJQ7HUPLQDWLYR
02'27,(032
ZKÊ,PSHUDWLYR–M3UHW3XQWXDO
DKÊ,PSFRUWpV–KO©M&RSUHWpULWR
LKZÊÊO'HVLGHUDWLYR
–K³([LJHQFLD&21-81&,Ï1
ÊO©TC3URSyVLWRÊL©K$FFLyQSUHYLD
'(,;,6$63(&72
DJCÊ+DFLDR$UULEDLKÊ,QFLSLHQWH
OWÊ)XHUDR5HPRWRLWRÊ5HSHWLWLYR
OKÊ'LVWDQWH
[CÊ3Uy[LPR
ÊMCÊ(VWDGRQRSUHVHQWH
68-(722%-(727,(032$63(&72
–³DVLQJLK³ÊDVLQJ–C¡)XWXURVWÊ([WHQVLYR
–RDVLQJLWOÊDVLQJ–V&RSUHWpULWRDCÊ5HDOL]DGR
–∅
∅DVLQJ∅–DVLQJ–∅
∅3UHVHQWHMCÊ7HPSRUDOPHQWH
–EJDSOLKEJÊDSORWÊ6LPSOHPHQWH
–RKODSOLCOÊDSO
ÊODSOLCÊDSO
Cuadro 12. Los afijos verbales y las clases de verbos
(OVXILMRGHO7,(03235(6(17(HVQXORHVGHFLUVHSUHVHQWDHOUDGLFDOVLQVXILMRGHWLHPSR&XDQGRHVWRVXFHGHOD
~OWLPDYRFDOGHOUDGLFDOVHVXSULPHORTXHDYHFHVFDXVDFDPELRVHQOD~OWLPDFRQVRQDQWH>@(VRLQGLFDTXHHO
HVWDGRHVWiYLJHQWHRTXHHOHYHQWRHVWiRFXUULHQGRXRFXUUHKDELWXDOPHQWHHQHOPRPHQWRGHOHQXQFLDGR
(OVXILMRGHO7,(032&235(7e5,72ÊVLQGLFDTXHHOHYHQWRRHVWDGRRFXUUtDDQWHVGHOPRPHQWRGHOHQXQFLDGR\TXH
GXUySRUXQWLHPSRLQGHWHUPLQDGR
/RVWUHVVXILMRVGHWLHPSRJHQHUDOHVWDPELpQVHSUHVHQWDQFRQYHUERVFX\DVUDtFHVVRQWRPDGDVGHOHVSDxRO(QHVWH
FDVRODYRFDOWRODYRFDOQVHSUHVHQWDHQWUHHOLQILQLWLYRGHOYHUERHQHVSDxRO\HOVXILMRGHWLHPSRHQWHSHKXiQ
MWORNKKTW¡ MWORNKKT ÊWÊC¡
FXPSOLU )XW
9R\DFXPSOLU
K³
¡K³
\R
*5$0È7,&$7(3(+8$1$
MWORNKKTWV K³
MWORNKKT ÊWÊV ¡K³
FXPSOLU &RSUHW \R
(VWDEDFXPSOLHQGR\R
MWORNKKT K³
MWORNKKT ʚ ¡K³
FXPSOLU SUHVHQWH \R
(VWR\FXPSOLHQGR
/RVVXILMRVGHWLHPSR(63(&Ë),&26
/RVVXILMRVGHWLHPSRHVSHFtILFRVSXHGHQSUHVHQWDUVHHQORVYHUERVGHHYHQWRHQYH]GHXQVXILMRGHWLHPSRJHQHUDO
(VGHFLUXQYHUERGHHYHQWRSXHGHSUHVHQWDUVHFRQXQVXILMRGHWLHPSRJHQHUDORFRQXQVXILMRGHWLHPSRHVSHFtILFR
SHURQRORVGRV
7DPELpQORVVXILMRVGHWLHPSRHVSHFtILFRVVRQPiVHVSHFtILFRVTXHORVVXILMRVGHWLHPSRJHQHUDOHVSRUTXHLQFOX\HQ
LQIRUPDFLyQDFHUFDGHO$63(&72GHHYHQWRRVHDDFHUFDGHVXUHODFLyQFRQHOWLHPSR\HOHVSDFLR>@
/RVWUHVVXILMRVGHWLHPSRHVSHFtILFRVVRQKEJ©VVSUHWpULWRÊMSXQWXDO\ÊKO©MFRSUHWpULWR
(OVXILMRGHO7,(03235(7e5,72LQGLFDTXHODDFFLyQ\DVHWHUPLQyVLQGHFLUTXHWDQWRWDUGyHQOOHYDUVHDFDER(VWH
VXILMRVLHPSUHVHSUHVHQWDFRQODIRUPDUHGXFLGDGHOUDGLFDOYHUEDO>@\FRQHOPRUIHPDGHOVXMHWR>@/DV
WUHVIRUPDVGHHVWHVXILMRVRQ KEJSULPHUDSHUVRQDGHOVLQJXODU\SOXUDO\VHJXQGDSHUVRQDGHOVLQJXODU©VVHJXQGD
\WHUFHUDSHUVRQDGHOSOXUDO\VWHUFHUDSHUVRQDGHOVLQJXODU
$C OCIQQ
DC OCIQQ
\D FDQVDUVH
<DPHFDQVp
³KEJ ³ KEJ \R 3UHW $C OCIQQ O©V
DC OCIQQ O ©V
\D FDQVDUVH HOORV 3UHW
<DVHFDQVDURQ
(OVXILMRGHOSUHWpULWRGHWHUFHUDSHUVRQDGHOVLQJXODUVQXQFDVHSUHVHQWDFRPRVXILMRGHOYHUERVLQRTXHVRODPHQWH
VHSUHVHQWDFRPRVXILMRGHXQDSDODEUDTXHVHSUHVHQWDDQWHVGHOYHUER
,QVOQFC¡ OCIQQ IWCNJKK
LQVOQFC¡ OCIQQ IWCNJKK UiSLGDPHQWH FDQVDUVH HO QLxR 5iSLGDPHQWHVHFDQVyHOQLxR 2CPCCUPCV OCIQQ IWCNJKK
RCPCCU PC ÊV OCIQQ IWCNJKK
SDUHFH TXH 3UHW FDQVDUVH HO QLxR
3DUHFHTXHHOQLxRVHFDQVy
(OVXILMRGHO7,(03238178$/ÊMLQGLFDTXHODDFFLyQHPSH]y\WHUPLQyHQDOJ~QSXQWRGHOWLHPSRHQHOFRSUHWpULWR
HVGHFLUTXHQRWXYRGXUDFLyQVLJQLILFDWLYD(VWHVXILMRVLHPSUHVHSUHVHQWDMXQWRFRQHOFOtWLFRGHOSUHWpULWR
$CVDKTCM LC³KEJ FJQ
DCVDKTC ÊM LC³ KEJ FJQ
EDxDUVH 3XQW \R 3UHW (3
6tIXLDOUtRDEDxDUPH
7K¡ZFJCM IWUWWFCK¡
WK¡ ÊZK ÊKFJC ÊM IWUWWFCK¡ OOHYDUSDUD DSOLFDWLYR 3XQW HO DJXD IW³ ZWWUCM IWLK³Ê UWWUCM ORVPL KXDUDFKHV
PC³KEJ
PC³KEJ
TXH\R3UHW
/269(5%26
OWK¡
OWK¡
DOOi V©K LK LWT
V©K LKÊ LWTMK
LQWHQWRLQLFLRFUX]DU
(ODJXDVHOOHYyPLVKXDUDFKHVFXDQGRLQWHQWpFUX]DUHOUtR
(OVXILMRGHO7,(032&235(7e5,72ÊKO©MLQGLFDTXHODDFFLyQVHHVWDEDOOHYDQGRDFDERSRUDOJ~QWLHPSRHVGHFLU
TXHVtWXYRGXUDFLyQVLJQLILFDWLYD&XDQGRHVWHVXILMRVHSUHVHQWDDOJXQRVKDEODQWHVVXSULPHQOD~OWLPDYRFDOGHOYHUER
SHURRWURVKDEODQWHVODPDQWLHQHQ
/W QKNJKO©M D©©R©¡
OW QKT© ÊKO©M D©©R©¡
DOOi DQGDU HVWDED DQWHV
0iVWHPSUDQRDOOiDQGDED
$CL©M IKKNJKO VWO MQMFCKO©M PCT L©IKCNJK¡ MCV
DCL©M IKKNJKO VWÊ LWOÊ MQMFCÊKO©M PCLKT L©IKCNJK¡ ÊMC ÊV
KDFHPXFKRPXFKR ([W VH SHOHDU HVWDED TXHHV JXHUUD HVWDGR&RSUHW
+DFHPXFKRWLHPSRGXUDQWHODJXHUUDSHOHyOLWHVWDEDSHOHDQGRPXFKDJHQWH
6.3.2. Los afijos de aspecto
$GLIHUHQFLDGHORVVXILMRVGHWLHPSRORV$),-26GH$63(&72QRVRQREOLJDWRULRVSHURVHSUHVHQWDQDPHQXGRSDUD
SURSRUFLRQDULQIRUPDFLyQDGLFLRQDODFHUFDGHO(9(172R(67$'2HQFXDQWRDVXVGLPHQVLRQHVWDQWR7(0325$/(6FRPR
(63$&,$/(6SRUHMHPSORVLXQHYHQWRGXUyPXFKRWLHPSRRSRFRRVLXQHVWDGRDEDUFDPXFKRVOXJDUHVRSRFRV
$VtFRPRKD\GRVFODVHVGHDILMRVGHWLHPSRWDPELpQKD\GRVFODVHVGHDILMRVGHDVSHFWR/RVDILMRVGHDVSHFWR
JHQHUDOHVVHSUHVHQWDQWDQWRFRQORVYHUERVGHHVWDGRFRPRFRQORVYHUERVGHHYHQWRSHURORVDILMRVGHWLHPSR
HVSHFtILFRVVHSUHVHQWDQVRODPHQWHFRQORVYHUERVGHHYHQWR
/RVDILMRVGHDVSHFWR*(1(5$/(6
7RGRVORVDILMRVGHDVSHFWRJHQHUDOHVVRQ35(),-26DVDEHUVWÊEJWÊH[WHQVLyQDCÊUHDOL]DGRMCÊSURYLVLRQDO\
RWÊVHQFLOOH]
(OSUHILMRGH(;7(16,Ï1VWÊLQGLFDTXHHOKDEODQWHFRQVLGHUDTXHHOHYHQWRRHVWDGRDOTXHVHUHILHUHHVWiH[WHQGLGR
HQHOWLHPSRRHQHOHVSDFLRHVGHFLUTXHRFXSDUHODWLYDPHQWHPXFKRWLHPSRRVHDSOLFDDXQiUHDUHODWLYDPHQWHDPSOLD
6HSUHVHQWDDPHQXGRFRQDFWLYLGDGHVFRWLGLDQDVFXOWXUDOHVTXHUHTXLHUHQPXFKRWLHPSRRPXFKRHVSDFLRSDUDOOHYDUVHD
FDER
6W UQQO FJK WDKK OCC¡P IWKRWWT
VWÊ UQQOC FJK WDKK OCC¡P IWKRWWT
([W FRVHU HVWD PXMHU XQD OD IDOGD
(VWDPXMHUHVWiFRVLHQGRXQDIDOGD
,C¡ROQQ O©M LKZ EJW OCCZ
LC¡R OQQ O©M LKZ VWÊ OCCZ TXpWDQWR OHMRV HV ([W YHUVH £4XpWDQOHMRVVHYHGHVGHDTXt
[C¡ F©T
[C¡ F©T
DTXt GH
(VWHSUHILMRGHH[WHQVLyQVWÊWLHQHXQDYDULDQWHSDODWDOL]DGDEJWÊTXHVHSUHVHQWDFXDQGRHOVRQLGRTXHOHSUHFHGH
HVOD92&$/$/7$$17(5,25KRHVXQD&21621$17($/9(23$/$7$/>@
%JCO LCK¡EJ
EJCO LCK¡EJ QR KDEHU 1RKD\VDO
IWQP
IWQP
OD VDO
*5$0È7,&$7(3(+8$1$
%JCO RCK¡ EJW LCK¡EJ IWMKQMCO
EJCO RCK¡ VWÊ LCK¡EJ IWMKQ MCO
QR GRQGH([W KDEHU HO YLYLU GH
(OGXHxRGHODFDVDQRVHHQFXHQWUDOLWQRHVWiHQQLQJXQDSDUWH
$GHPiVODSURQXQFLDFLyQGHODYRFDOGHOSUHILMRVWÊVHDGDSWDSDUDTXHVHDLJXDODODSULPHUDYRFDOGHOYHUERTXH
VLJXH(VGHFLUVLODSULPHUDYRFDOGHOYHUERHVCKQyWODYRFDOGHOSUHILMRVHSURQXQFLDXSHURVLODSULPHUDYRFDO
GHOYHUERHV©RÀODYRFDOGHOSUHILMRVHSURQXQFLD©RÀGHDFXHUGRFRQODYRFDOGHOYHUER
6© ©©Z FJQ UCR IW DCCM
VWÊ ©©Z FJQ UCR IW DCCM
([W UREDU (3 (5 ODV YDFDV
$VtHV'LFHQTXHUREyXQDVYDFDV
%JCO VÀ MÀÀ
EJCO VWÊ MÀÀ
QR ([W RtU
(VVRUGROLWQRR\H
(OSUHILMR5($/,=$'2DCÊLQGLFDTXHHOHYHQWRRHVWDGR\DHPSLH]DDOOHYDUVHDFDER(VGHFLUHQHO7,(032
)87852DCÊTXLHUHGHFLUTXHHOHYHQWRRHVWDGRHVWiDSXQWRGHHPSH]DUPLHQWUDVTXHHQHO7,(03235(6(17(DCÊ
TXLHUHGHFLUTXHDFDEDGHHPSH]DU\HQHO7,(032&235(7e5,72TXLHUHGHFLUTXH\DHPSH]yDUHDOL]DUVH3RUORWDQWRHO
VLJQLILFDGRGHHVWHSUHILMRHVVHPHMDQWHDOVLJQLILFDGRGHO$'9(5%,2\DHQHVSDxRO
/K¡ DCFCC
DOOt \D HVWiVHQWDGR
<DHVWiVHQWDGRDOOt
$C VW LWW FJQ
\D ([W FRPLy (3
6t\DFRPLy
;C¡ DCCC[C¡ CO IWLC¡VMCO PCO VW LQQLQKFJC¡
[C¡ DCCC[C ÊC¡¡CO IWLC¡VMCO PCO VW LQQLQKÊFC ÊC¡
DTXt \D OOHJDU )XWHOORV OD JHQWH TXHHOORV([W PLUDU &RQW)XW
PCT RKCUVCMC¡
PC LKT HKGUVC ÊMC ÊC¡
TXH HV ILHVWD HVWDGR)XW
<DHPSH]DUiDOOHJDUODJHQWHSDUDYHUODILHVWD
(OSUHILMR3529,6,21$/MCÊLQGLFDTXHHOHYHQWRRHVWDGRRFXUUtDWRGDYtDRFXUUHXRFXUULUiSRUXQWLHPSR
OLPLWDGRSRUORTXHVHSXHGHWUDGXFLUFRPRD~QPLHQWUDVRWRGDYtD
/K¡ MC FCC
DOOt D~Q HVWiVHQWDGR
7RGDYtDHVWiVHQWDGRDOOt
;C¡³ MCO P©©TC¡
[C¡ ³ MCÊ LWOÊ P©©TC DTXt \R PLHQWUDV WH HVSHUDU
$TXtWHHVSHUR
ÊC¡
)XW
/269(5%26
/K¡ MC VW MWC¡ PC³KEJ LCZ DCCK
OK¡ MC VWÊ LWI© PC³KEJ LCZ DCCK
DOOt WRGDYtD ([W FRPHU TXH\R3UHW FyPR \D OOHJDU3UHW
7RGDYtDHVWDEDFRPLHQGRDOOtFXDQGR\ROOHJXp
(OSUHILMRGH6(1&,//(=RWÊLQGLFDTXHHOHYHQWRRHVWDGRIXHHVRVHUiORPiVVHQFLOOR\QDWXUDOTXHXQRSXGLHUD
HVSHUDUHQHVDVFLUFXQVWDQFLDV
/K¡ RW FCC D©Z EJCPQQNJ
DOOt VLPSOHPHQWH HVWiVHQWDGR WRGR GtD
$OOtQDGDPiVVHTXHGyVHQWDGRWRGRHOGtD
2W³ EJ©VFC
RWÊ LK³Ê V©©FC VLPSOHPHQWH PH GHFLU 0HGLMRTXHQR
PC
PC
TXH
EJCO
EJCO
QR
/RVDILMRVGHDVSHFWR(63(&Ë),&26
/RVDILMRVGHDVSHFWRHVSHFtILFRVVHUHILHUHQVRODPHQWHDHYHQWRVQRDHVWDGRV'RVGHHOORVVRQ35(),-26\ORV
GHPiVVRQ68),-26DVDEHULKÊLQLFLROCÊQRWDEOHÊO©TCÊRQSURSyVLWRÊFCFRQWLQXDWLYRÊEJW¡PRYLPLHQWRÊEJQ
WHUPLQDWLYRÊKOSURJUHVLYRHÊKZUHVXOWDWLYR
3RUPHGLRGHOSUHILMRGH,1,&,2LKÊHOKDEODQWHSXHGHUHIHULUVHDOSXQWRGHLQLFLRGHOHYHQWR(VWHVLJQLILFDGRHV
VHPHMDQWHDOVLJQLILFDGRGHOSUHILMR5($/,=$'2DCÊSRUORTXHDPHQXGRVHSUHVHQWDQMXQWRV3HURHOSUHILMRLKÊHVPiV
HVSHFtILFRSRUTXHVHHQIRFDVRODPHQWHDOPRPHQWRHQHOTXHLQFLDHOHYHQWRQRDOKHFKRGHTXHHOHYHQWR\DFRPHQ]y\
HVWiHQPDUFKD
$JCK¡ DC LK EJQP IWVCPQQNJ
DJCK¡ DCÊ LKÊ VQPPK IWVCPQQNJ
KDFLDDFi \D LQLFLR EULOODU HO GtD
<DHPSH]yDWRFDUODOX]GHOVRODFi
)W ICIQQZ DC¡ OWK¡ LK VQTMK ICOCK¡ LK O©© IWDCCM
IW ICIQQZ DC¡ OWK¡ LKÊ VQTMKFJC ICOCK¡ LKÊ O©©NJKIWDCCM
HO SHUUR OXHJR DOOi LQLFLR ODGUDU PiVDOOi LQLFLR FRUUHU OD YDFD
/XHJRHOSHUURHPSH]yDODGUDUOHDODYDFD\HOODHPSH]yDFRUUHUKDFLDDOOi
3RUPHGLRGHOSUHILMR127$%/(OCÊHOKDEODQWHSXHGHUHIHULUVHDOHYHQWRFRPRXQVXFHVRUHODWLYDPHQWH
H[WUDRUGLQDULRRH[WUDxRHQVXH[SHULHQFLD
/C FWW¡P
OCÊ FWWFW
QRWDEOH OORYHU £/ORYLyDQRFKH
VWMCC¡
VWMCC¡
QRFKH
&©MQQ OC CKEJ OW RCK¡ PC UWWFCK¡
F©MQQ OCÊ CKEJFJC OW RCK¡ PC UWWFCK¡
DSHQDV QRWDEOH KDFHUOOHJDU DOOi GRQGH TXH DJXD
$SHQDVORJUyD\XGDUORDOOHJDUDGRQGHHVWDEDHODJXD
3RUPHGLRGHOVXILMRGH3523Ï6,72ÊO©TCHOKDEODQWHLQGLFDTXHHOHYHQWRVHOOHYDDFDERHQRWURVLWLROHMRVGH
GRQGHHVWiKDEODQGRSRUORTXHVHSXHGHWUDGXFLULUD(VWHVXILMRWLHQHGRVIRUPDVÊO©TCVLHO68-(72HV6,1*8/$5\Ê
RQVLHOVXMHWRHV3/85$/
*5$0È7,&$7(3(+8$1$
6W UCDC¡PO©TC¡ 6QDCCVCO MCDWKOWM VW UCDC¡FC ÊO©TCÊC¡ VQDCC ÊVCO MCDWKOWM
([W FRPSUDU LUD )XW JXDMRORWH OXJDU PDxDQD
,UiD/D*XDMRORWDPDxDQDSDUDKDFHUFRPSUDV
junboൎ.
/CKM LCEJ VW DK³ RQ¡ IWLWPDCC¡
junboൎ
OCKM LCEJ VWÊ DKR³K ÊRQ ÊC¡ IWLWPDCC¡
YiPRQRVQRVRWURV ([W FKXSDULUD )XW OD FDxDGHD]~FDU
9DPRVDLUDFRPHUFDxDGHD]~FDUOLWPDVWLFDUODFDxD\WUDJDUHOMXJR
3RUPHGLRGHOVXILMR&217,18$7,92ÊFCHOKDEODQWHSXHGHLQGLFDUTXHHOHYHQWRWDUGyXQSHULRGRSURORQJDGRSDUD
OOHYDUVHDFDERHQXQDVRODRFDVLyQRTXHHOHYHQWRVHOOHYDDFDERHQYDULDVRFDVLRQHV
/K¡ UCR DC CK MKC¡OK¡³ OK¡ UCR DCÊ CC[C MK¡CCO Ê¡P
DOOt (5 \D OOHJDU KRJDU VX /OHJyDVXFDVDOOHYDQGRDOQLxR
WC¡FCV IWCJNKK
alhii.
WC¡ ÊFC ÊV IWCNJKK
OOHYDU &RQW &RSUHW HO QLxR
,QKFJCO LKZ LWWM DWCPFC¡ IWUWWFCK¡
LQKFJCO LKZ LWWM DWCP ÊFC ÊC¡IWUWWFCK¡
PXFKR HV FDOLHQWLWR VDOLU &RQW )XWHODJXD 'RQGHKD\DJXDVWHUPDOHVHODJXDVDOHELHQFDOLHQWLWD
RCK¡ PCT VQK³MCO
RCK¡ PCLKT VQK³ MCO
GRQGH TXHHV DJXDWHUPDO
3RUPHGLRGHOVXILMRGH029,0,(172ÊEJW¡HOKDEODQWHSXHGHLQGLFDUTXHHOHYHQWRVHOOHYDDFDERPLHQWUDVTXHHO
VXMHWRHVWiHQPRYLPLHQWR
6WMEJW¡ IWCJNKK IW³ ZKMW¡
VWM© ÊEJW¡ IWCNJKK IWLK³Ê ZKMW¡
OOHYDUHQHVSDOGD PRYLPLHQWR HO QLxR OD PL KHUPDQRPHQRU
0LKHUPDQDHVWiFDUJDQGRDOQLxRHQVXHVSDOGD
3RUPHGLRGHOVXILMR7(50,1$7,92ÊEJQHOKDEODQWHSXHGHUHIHULUVHDOSXQWRWHUPLQDOGHOHYHQWR(VWHVLJQLILFDGRHV
ORRSXHVWRGHOVLJQLILFDGRGHOSUHILMRGHLQLFLRLKÊSHURHVPXFKRPHQRVFRP~Q
$C MQK¡EJQ EJKEJ
DC LWI© ÊEJQ EJ KEJ
\D FRPHU WHUPLQDU QRVRWURV 3UHW
<DWHUPLQDPRVGHFRPHU
3RUPHGLRGHOVXILMR352*5(6,92ÊKOHOKDEODQWHSXHGHLQGLFDUTXHHOHYHQWRHVXQSURFHVRTXHVHHVWiOOHYDQGRD
FDERHQHOPRPHQWRGHOHQXQFLDGRRVHHVWDEDOOHYDQGRDFDERDQWHVGHOHQXQFLDGR(VWHVLJQLILFDGRHVPiVHVSHFtILFR
TXHHOGH$63(&72352*5(6,9235(6(17(SRUTXHHQFXDOTXLHUHYHQWRSXHGHSUHVHQWDUVHHODVSHFWRSURJUHVLYRSUHVHQWH
SHURVRODPHQWHDOJXQRVHYHQWRVSXHGHQSUHVHQWDUVHFRQHOVXILMRSURJUHVLYRORVTXHVRQSURFHVRVQDWXUDOHVRVHDORV
TXHVHGHVDUUROODQDWUDYpVGHOWLHPSR
$C OWWMKO
DC OWWMK ÊKO
\D PRULUVH 3URJ
(VWiRHVWDEDPXULHQGR
5CCNJ OW V©UFKO CO
UCCNJ OWÊ V©UF© ÊKO ¡CO
SRFRDSRFR DOOi VXELU 3URJ HOORV
/HQWDPHQWHVHHVWiQRHVWDEDQVXELHQGRHOORV
/269(5%26
(OVXILMRSURJUHVLYRÊKOVHSXHGHFRQIXQGLUIiFLOPHQWHFRQHOVXILMRÊOTXHHVODIRUPD35(7e5,7$GHOVXILMRGH
3523Ï6,72ÊO©TCLUD>@DXQTXHQRUPDOPHQWHVHSXHGHQGLVWLQJXLUSRUHOFRQWH[WRHQTXHVHSUHVHQWDQ
$C VW MQ¡KKO CO
DCÊ VWÊ LWI© ÊKO ¡CO
\D ([W FRPHU 3URJ HOORV
<DDQGDQFRPLHQGRHOORV
$C VW MQ¡KKO LCO©V
DCÊ VWÊ LWI© ÊO LCO©V
\D ([W FRPHU SURSyVLWR HOORV
<DIXHURQDFRPHUHOORV
3RUPHGLRGHOVXILMR5(68/7$7,92ÊKZHOKDEODQWHSXHGHUHIHULUVHDXQSURFHVRTXH\DQRHVWiGHVDUUROOiQGRVHHV
GHFLUHOHQIRTXHGHHVWHVXILMRHVHOHVWDGRILQDOGHOSURFHVRHOFXDOGXUDGHVSXpVGHTXHHOSURFHVRKD\DWHUPLQDGR
$C LWIKKZ FJK
DCÊ LWI© ÊKZ FJK
\D DFDEDUVH UHVXOWDGR HVWD
(VWDOHxD\DVHKDDFDEDGR
MW¡CC¡
MW¡CC¡
OHxD
6.3.3. Los afijos de transitividad y de modalidad
$GHPiVGHORV$),-26GHWLHPSR\DVSHFWRKD\RWURVDILMRVYHUEDOHVORVFXDOHVVHUHILHUHQD75$16,7,9,'$'\D
02'$/,'$'
/RVVXILMRVGH75$16,7,9,'$'
+D\XQFRQMXQWRGHWUHV68),-26TXHDPHQXGRVHSUHVHQWDQSDUDLQGLFDUOD75$16,7,9,'$'GHXQ9(5%2GH(9(172
>@HVGHFLUVXSUHVHQFLDD\XGDDHVSHFLILFDUFXiQWRV2%-(726KD\\FyPRVHUHODFLRQDQFRQHO68-(72
(OVXILMRGHWUDQVLWLYLGDGPiVJHQHUDOHVHOVXILMR$3/,&$7,92ÊKFJCSXHVRFXUUHHQPXFKRVGHORVYHUERV
WUDQVLWLYRV(VWHVXILMRLQGLFDTXHHOHQIRTXHGHODFOiXVXODHVWiHQXQRGHORVREMHWRVHVGHFLUHOREMHWRGLUHFWRHVWi
HQIRFDGRHQXQYHUERWUDQVLWLYR\HOREMHWRLQGLUHFWRHVWiHQIRFDGRHQXQYHUERELWUDQVLWLYR>@
gaൎlhidhaൎ ,WO IC¡JNKFJC¡
LWO IC¡TC ÊKFJC ÊC¡
WH YHQGHU DSOLFDWLYR )XW
7HYHQGHUpXQPRUUDO
K³ OCC¡P IWCTRWWU
¡K³ OCC¡P IWCTRWWU
\R XQR HO PRUUDO
/RVRWURVGRVVXILMRVGHWUDQVLWLYLGDGVRQHO%(1()$&7,92ÊZK\HO&$86$7,92ÊEJW(OVXILMREHQHIDFWLYRLQGLFD
TXHHOHYHQWREHQHILFLDDOREMHWRLQGLUHFWR\HOVXILMRFDXVDWLYRLQGLFDTXHHOVXMHWRFDXVDDOREMHWRLQGLUHFWRDKDFHU
DOJR
,CO M©¡ORKZFJC¡ LCO M©¡ORK ÊZK ÊKFJC ÊC¡
D8GV UHSDUDU EHQHIDFWLYR DSOLFDWLYR )XW
/HVUHSDUDUiODPiTXLQDGHFRVHUSDUDXVWHGHV
,C DCVDKEJFJC¡ LC DCVDKC ÊVW ÊKFJC ÊC¡
DHOORV EDxDU FDXVDWLYR DSOLFDWLYR )XW
(VWDPXMHUYDDEDxDUDVXVKLMRV
IWOCCMKPC IWOCCMKPC
OD PiTXLQDGHFRVHU
IWOCCOTC¡P IWOCCÊ OCTCC
ORVSO KLMR FJK WDKK
Ê¡PFJK WDKK
VX HVWD PXMHU
*5$0È7,&$7(3(+8$1$
/RVDILMRVGH02'$/,'$'
(O6,*1,),&$'2*5$0$7,&$/GH02'$/,'$'WUDWDGHOSXQWRGHYLVWDGHOKDEODQWHDFHUFDGHO(9(172>@
/RV$),-26'(6,'(5$7,926VRQGRVDILMRVTXHVHSUHVHQWDQMXQWRVSDUDLQGLFDUHOGHVHRGHOVXMHWRGHKDFHUDOJR8QR
GHHOORVHVHO352&/Ë7,&2&238/$7,92LKZTXHVHSUHVHQWDVRORFRQORV9(5%26GH(67$'2>@\FRQORVDGMHWLYRV
FDOLILFDWLYRV>@(ORWURHVODIRUPDGHO35(7e5,72GHO68),-2GH3523Ï6,72ÊOTXHVHSUHVHQWDVRODPHQWHFRQ
YHUERVGHHYHQWR>@&XDQGRHVWRVGRVDILMRVVHSUHVHQWDQMXQWRFRQXQYHUERGH(9(172ORKDFHQFDPELDUDXQ
YHUERGHHVWDGRHVSHFtILFDPHQWHXQYHUERGH(;3(5,(1&,$>@
,KZ ZCDC¡FCO IWMCM³K¡ IWWDKK
LKZ UCDC¡FC ÊO IWMCM³K¡ IWWDKK
HV FRPSUDU TXLHUH OD WHOD OD PXMHU
/DPXMHUTXLHUHFRPSUDUWHOD
(OVXILMRGHVLGHUDWLYRFDPELDGHIRUPDFXDQGRHOVXMHWRHVSOXUDOHVGHFLUODIRUPDVLQJXODUHVÊO\ODIRUPDSOXUDO
HVÊM
$CZ MQQMZKM CO IWC¡CCNJ
DCÊ LKZ MQQMZ© ÊM ¡CO IW¡CÊ¡CNJKK
\D VRQ GRUPLU TXLHUHQ HOORV ORVSOQLxR
/RVQLxRV\DWLHQHQVXHxROLWTXLHUHQGRUPLU
6.3.4. Los prefijos de dirección y lugar
(QPXFKRVGHORVYHUERVGHHYHQWRVHSUHVHQWDQWDPELpQSUHILMRVGHGLUHFFLyQ\OXJDU
/RVGRVSUHILMRVGH',5(&&,Ï1LQGLFDQVLHOHYHQWRVHOOHYDDFDERHQXQDGLUHFFLyQRULHQWDGDKDFLDHOKDEODQWHRHQ
ODGLUHFFLyQRSXHVWDDVDEHUDJCÊKDFLDDFi\OWÊKDFLDDOOi
:KD UCR DJC LKO
ZKD UCR DJCÊ LKO©
DKRUD (5 DFi LU
'LMRTXHYLQLHUDDKRULWD
/W LC¡R V© P©K¡³
OWÊ LC¡R VWÊ P©KFJC
DOOi iUHD ([W YHU
(VWiYLHQGRKDFLDDOOi
$VLPLVPRORVFXDWURSUHILMRVGH/8*$5LQGLFDQODGLVWDQFLD\ODDOWXUDUHODWLYDGHOHYHQWRHQFXDQWRDOOXJDUGHO
KDEODQWHHQHOPRPHQWRGHO(181&,$'2(VGHFLUSRUPHGLRGHORVSUHILMRVGHOXJDUHOKDEODQWHSXHGHGLVWLQJXLUWUHV
GLIHUHQWHVGLVWDQFLDVGHSUR[LPLGDGUHODWLYDLQPHGLDWDFHUFDQD\GLVWDQWH\GRVGLIHUHQWHVDOWXUDVUHODWLYDVPiVDOWD\
PiVEDMD(VWRVSUHILMRVVHSUHVHQWDQHQHOFXDGURHQODVLJXLHQWHSiJLQD\VRQODIRUPDFRUWDGHORVDGYHUELRVGH
OXJDUFRUUHVSRQGLHQWHV>@
/K DKK DQK EJC¡O
OKÊ DK¡ DQK VC¡O
DOOt TXHGDUVH VHQGD HQ
$OOtVHTXHGyHQHOFDPLQR
$JC CK MKC¡OK¡³
DJCÊ CC[C MK¡CCO Ê¡³
DUULED OOHJDU KRJDU VX
/OHJyDUULEDDVXFDVD
/269(5%26
Altura
Proximidad
$OWD
,QPHGLDWD
%DMD
[CÊ
&HUFDQD
DJCÊ
'LVWDQWH
OKÊ
OWÊ
Cuadro 13. Los prefijos de lugar
'RVGHHVWRVSUHILMRVGHOXJDUVRQ+20Ï)2126FRQORVSUHILMRVGHGLUHFFLyQORTXHSXHGHFDXVDUFRQIXVLyQVLHO
R\HQWHQRSLHQVDELHQHQHOVLJQLILFDGRGHFDGDSUHILMRHQVXFRQWH[WR
/W F©T DJC LKO
OWÊ F©T DJCÊ LKO©
GLVWDQWHEDMR GH DFi LU
'HDOOiYLHQHKDFLDDFi
/W DC LKO
OWÊ DCÊ LKO©
DOOi \D LU
9DSDUDDOOi$KtYDOHMRV
2WURVXILMRUHODFLRQDGRFRQORVGHGLUHFFLyQ\OXJDUHVHOGH75È16,72ÊKMCFX\DSUHVHQFLDLQGLFDTXHHOHIHFWRGHO
HYHQWRHVWUDQVIHULUDOJRGHXQOXJDUDRWUR
$JCO DJ©KFJKMC¡
DJCÊ LWOÊ DJ©© ÊKFJC ÊKMC