ÿþ;020 1
C=0. !8ONI0O ;C=0. >;=0O, B>;AB0O, :@0A=0O ;C=0; =>GL A25B;0, :0: 45=L, ;C==K9 A25B ;L5BAO =0 75<;N, =5AO @04>ABL, @04>ABL, @04>ABL. 5I5 3>@B0==K9 7>2 B@>?8G5A:>9 =>G8, ?@8OB=K9 8 >4=>2@5<5==> 48:89 3>;>A 25B@0, A 2>5< ?@>@K20NI53>AO A:2>7L 2>;>AK, <>;G0;82K9 2>?;L 72574=>3> A25B0 8 7C1>2=K9 A:@565B A25B0 ;C==>3> B0<, 2=87C, C 2>4K.
A5 27K205B : 60645. , MB>B A8<D>=8G5A:89 @52 BKAOG =52848<KE 3>;>A>2, :@8: 064K 2=CB@8 B51O, A0<0 ACBL, <>;G0;82K9 =01;N40B5;L, 70B082H55AO E>;>4=>5 =5GB>, E>E>GCI55 8 B0=FCNI55 2 ;C==>< A25B5. -B> A0< O, :>B>@K9 =0 A0<>< 45;5 =5 O, 0 B>B, :B> 3;C<8;AO 8 E>E>B0;, 0 2>B B5?5@L 70H5;AO >B 3>;>40. B 064K. 0640 =0 A59 @07 >G5=L A8;L=0, 1C4B> A28B0O E;04=>:@>2=>9 @C:>9 A?8@0;L, ?>B@5A:820NI0O >B =0?@O65=8O, 3>B>20O : ?@K6:C, A>25@H5==> 3>B>20O& 2A5 65 >=0 645B 8 =01;N405B. 2<5AB5 A =59 64C 8 =01;N40N O.
/ 64C 8 =01;N40N 70 A2OI5==8:>< C65 ?OBL =545;L. A5 MB> 2@5<O 0640 :>;>;0, 4@07=8;0 8 3=0;0 <5=O. #65 B@8 =545;8 O 7=0N, GB> 8<5==> >=, >= A;54CNI89, >= 8 O <K >10 ?@8=04;568< "5<=><C 0AA068@C. >A;54=85 B@8 =545;8 O ?@>25;, 1>@OAL A =0B8A:>< @0ABCI59 064K >=0 ?>4=8<0;0AL 2> <=5 @52CI59 2>;=>9, :>B>@0O ?0405B =0 15@53, >4=0:> =5 >BABC?05B, 0 B>;L:> A :064>9 A5:C=4>9 ?@>4>;605B =01CE0BL.
> <=5 B@51>20;>AL 2@5<O. @5<O, GB>1K C4>AB>25@8BLAO. 5B, =5 C1548BLAO, GB> A2OI5==8: 8<5==> B>B, 2 MB>< O 1K; C25@5= C65 402=>. #4>AB>25@8BLAO 2 B><, GB> 2A5 <>6=> A45;0BL ?@028;L=>, A@01>B0BL G5B:>. =5 =5;L7O ?>?0ABLAO, 2> 2AO:>< A;CG05, A59G0A. / A;8H:>< 4>;3> B@C48;AO, GB>1K ?>72>;8BL A515 C4>2>;LAB285 A45;0BL 45;>, =5 ?>425@30O >?0A=>AB8 A2>N A:@><=CN AG0AB;82CN 687=L.
<=5 A;8H:>< MB> =@028BAO, GB>1K 24@C3 >AB0=>28BLAO.
"0: GB> O 2A5340 >AB>@>65=. A5340 0::C@0B5=. A5340 70@0=55 ?>43>B>2;5=, GB>1K 2A5 1K;> ?@028;L=>. :>340 2A5 >:07K205BAO ?@028;L=>, O B@0GC 5I5 =5<=>3> 2@5<5=8, GB>1K C4>AB>25@8BLAO. "0: ?>ABC?0; 0@@8, 157C?@5G=K9 8 40;L=>7>@:89 ?>;8F59A:89, <>9 ?@85<=K9 >B5F, 1;03>A;>28 53> >65. A5340 1C4L C25@5=, 1C4L >AB>@>65=, 1C4L B>G5=, 3>2>@8; >=. 2>B C65 =545;O, :0: O C25@5=, GB> 2A5 ?@028;L=>. 0@@8 ?>=@028;>AL 1K.
!53>4=O, CE>4O A @01>BK, O 7=0;: 2>B >=>. K=5H=OO =>GL 8<5==> B0 >GL. 5 B0:0O, :0: 4@C385. -B>9 =>GLN 2A5 8 ?@>87>945B, 4>;6=> ?@>87>9B8. 0: 1K20;> @0=LH5. "0: 65, :0: 1C45B 5I5 8 5I5.
A53>4=O MB> A;CG8BAO A> A2OI5==8:><.
3> 7>2CB >B5F >=>20=. = ?@5?>405B 45B8H:0< <C7K:C 2 ?@8NB5 !2OB>3> =B>=8O 2 %><AB545, 2> $;>@845. 5B8 ;N1OB A2OI5==8:0. :>=5G=>, >= ;N18B 45B59, >G5=L ;N18B. = ?>A2OB8; 8< 2AN 687=L. KCG8; :@5>;LA:89 8 8A?0=A:89. A2>8; 8E <C7K:C. A5 4;O 45B8H5:. 'B> 1K >= =8 45;0; 2A5 4;O 45B8H5:. A5.
!53>4=O 25G5@>< O =01;N40N 70 =8< B>G=> B0: 65, :0: =01;N40; <=>3> 25G5@>2. 01;N40N, :0: >= 2KE>48B 87 ?@8NB0, >AB0=02;8205BAO 8 703>20@8205B A <0;5=L:>9 G5@=>:>659 452>G:>9, 2KH54H59 2<5AB5 A =8<. 9 =5 1>;LH5 2>AL<8 ;5B, => 8 4;O MB>3> 2>7@0AB0 >=0 :065BAO A;8H:>< <0;5=L:>9. B5F >=>20= A048BAO =0 ABC?5=L:C 8 3>2>@8B A =59. 52>G:0 B>65 A048BAO 8 =0G8=05B ?>:0G820BLAO 2704- 2?5@54. B0: <8=CB ?OBL. =8 A<5NBAO. 52>G:0 ;L=5B : A2OI5==8:C, 0 >= 3;048B 55 ?> 3>;>2:5.
KE>48B <>=0E8=O 8, ?@5645 G5< 703>2>@8BL, =0 <3=>25=85 >AB0=02;8205BAO 2 425@=>< ?@>5<5. #;K105BAO 8 ?@>BO38205B @C:C. 52>G:0 6<5BAO : A2OI5==8:C. B5F >=>20= >1=8<05B 55, F5;C5B =0 ?@>I0=85 8 2AB05B. >=0E8=O, A<5OAL, GB>- B> 3>2>@8B >BFC >=>20=C. ">B GB>- B> >B25G05B.
845B 2 AB>@>=C <0H8=K. 0:>=5F! / ?@83>B>28;AO 8&
>:0 @0=>. ?OB=04F0B8 DCB0E >B 2E>40 AB>8B A;C651=K9 <8:@>02B>1CA ?@8NBA:>3> 20EB5@0. >340 >B5F >=>20= ?@>E>48B <8<>, @074286=0O 425@L >B:@K205BAO, 87 =55 2KA>2K205BAO G5;>25: A A830@5B>9 8 74>@>205BAO A> A2OI5==8:><. ">B >?8@05BAO =0 <0H8=C, >=8 > G5<- B> @073>20@820NB.
575=85. !=>20 2575=85. B0:85 =>G8 2A5340 2575B. / =5 2845; G5;>25:0, 4065 =5 4>304K20;AO, GB> >= 2 <8:@>02B>1CA5. 2>B >= <>3 C2845BL <5=O.
/ 45;0N 3;C1>:89 24>E. K4>E <54;5==K9 8 A?>:>9=K9, O E>;>45= :0: ;54. -B> <5;>GL. @><5 =55, O =5 C?CAB8; =8G53>. / 2A5 A45;0; ?@028;L=>, 2A5 8 25745, :0: ?>;>65=>.
!59G0A!
B5F >=>20= A=>20 =0?@02;O5BAO : A2>59 <0H8=5, =0 704=5< A845=L5 :>B>@>9 A?@OB0;AO O. 1>@0G8205BAO 8 GB>- B> :@8G8B. 0EB5@ 2 >B25B <0H5B 5<C @C:>9, 30A8B A830@5BC 8 A:@K205BAO 2 740=88 ?@8NB0.
!'!!
/ ?>4=8<0NAL =0 A845=L5 ?>7048 =53> 8 =01@0AK20N C402:C =0 H5N. A53> >4=> 1KAB@>5 A:>;L7OI55 42865=85 8 ?5B;O @K1>;>2=>9 ;5A:8, @0AAG8B0==>9 =0 ?OB845AOB8DC=B>2>3> BC=F0, B>G=> ;>68BAO =0 <5AB>. A2OI5==8: B>;L:> A;53:0 2AE@0?=C; 2 ?0=8:5 8 2A5.
"5?5@L BK <>9, ?@>3>2>@8; O, 8 >= 70<5@ =0AB>;L:> G5B:>, 1C4B> 2AN 687=L B@5=8@>20;AO 8;8 24@C3 CA;KH0; 4@C3>9 3>;>A B>3> E>E>GCI53> =01;N40B5;O 2=CB@8 <5=O. 5;09 2 B>G=>AB8, GB> O A:06C.
= A E@8?>< 2BO=C; 2>74CE 8 ?>A<>B@5; 2 75@:0;> 704=53> 2840. >5 ;8F> 640;> 53> B0<, 70:@KB>5 15;>9 H5;:>2>9 <0A:>9, B>;L:> 3;070 284=K.
>=O;?
(5;: <0A:8 2AB@5?5=C;AO.
B5F >=>20= =8G53> =5 >B25B8;. ">;L:> A<>B@5; 2 3;070. / 70BO=C; C402:C GCBL BC65.
>=O;? ?>2B>@8; O C65 =5<=>3> <O3G5.
0 A59 @07 >= :82=C;. @>60I59 @C:>9 ?>BO=C;AO : C402:5, 284=> 1K;>, GB> >= =5 7=05B, GB> 1C45B, 5A;8 ?>?KB0BLAO >A;018BL 55. 8F> A2OI5==8:0 103@>25;>.
/ >A;018; =0BO65=85.
548 A51O E>@>H>, A:070; O, 8 ?@>6825HL 4>;LH5.
B5F >=>20= A45;0; 3;C1>:89 24>E. K;> A;KH=>, :0: 2>74CE 2>@20;AO 2 53> ;53:85. 0:0H;O;AO, A=>20 24>E=C;. 4=0:> A845; B8E> 8 =5 45;0; ?>?KB>: 2K@20BLAO.
MB> 1K;> E>@>H>.
K B@>=C;8AL. B5F >=>20= 2K?>;=O; <>8 C:070=8O, =8:0:8E HCB>: 8 :>;510=89. K ?>5E0;8 =0 N3, G5@57 $;>@840- !8B8, ?>25@=C;8 =0 0@4- !0C=4- @>C4. >3C B>G=> A:070BL, GB> A2OI5==8: 70=5@2=8G0;, :>340 <K =0 =55 A25@=C;8, => =5 ?@>@>=8; =8 A;>20. 065 =5 ?>?KB0;AO 703>2>@8BL A> <=>9; >15 @C:8 =0 @C;5, A60BK B0:, GB> ?>15;52H85 :>ABOH:8 3>B>2K 2KA:>G8BL. MB> B>65 E>@>H>.
K ?@>5E0;8 =0 N3 5I5 <8=CB ?OBL. >- ?@56=5<C =8:0:8E 72C:>2, :@><5 HC@H0=8O H8= 8 ?5A=8 25B@0, 40 5I5 >3@><=>9 ;C=K, =0?>;=ONI59 <>8 25=K A2>59 <>3CG59 <C7K:>9. 0 >AB>@>6=K9 01;N40B5;L, B8E>=L:> ?>A<5820NI89AO 2 BO65;>9 ?C;LA8@CNI59 <C7K:5 =>G8.
>25@=8 745AL, =0:>=5F A:070; O.
;070 A2OI5==8:0 27<5B=C;8AL 2 75@:0;5 =02AB@5GC <>8<. =8E A25@:0;0 ?0=8:0.
>25@=8 745AL, ?>2B>@8; O, 8 >= ?>25@=C;. !=8:, :0: 1C4B> >6840; MB>3> 2AN 4>@>3C, 3>B>28;AO 2AN 687=L, 8 2A5 65 ?>25@=C;.
#7:89 ?@>A5;>: 1K; 5420 2845=. 'B>1K 745AL 5E0BL, =C6=> 7=0BL, GB> >= 5ABL. O 7=0;. / 1K20; 745AL @0=LH5. ;8=>9 3@C=B>2:0 <8;8 425 A ?>;>28=>9: B@8 ?>2>@>B0, ?> A:>H5==>9 B@025, G5@57 @>IC, <8<> =51>;LH>3> :0=0;0, 40;LH5 2 1>;>B> 8 =0 ;5A=CN ?>;O=C.
OBL45AOB ;5B =0704 :B>- B> ?>AB@>8; 745AL 4><. =0G8B5;L=0O 53> G0ABL 5I5 =0 <5AB5. !C4O ?> =59, 4>< 1K; 1>;LH8<. "@8 :><=0BK 8 ?>;>28=0 :@KH8 A>E@0=8;8AL, >4=0:> OA=>, GB> ;N48 C5E0;8 >BAN40 <=>3> ;5B =0704.
>B B>;L:> 2 <0;5=L:>< 701@>H5==>< >3>@>45 2 1>:>2>< 42>@5 =5402=> GB>- B> O2=> @K;8.
AB0=>28 <0H8=C, ?@8:070; O, :>340 D0@K >A25B8;8 @0720;8=K.
B5F >=>20= =5C:;N65 ?>28=>20;AO. !B@0E C65 ?5@5H5; =0 B5;>, A:>202 =>38, @C:8 8 <KA;8.
K:;NG8 <>B>@. K:;NG8;.
4@C3 AB0;> >G5=L B8E>.
0:0O- B> 682=>ABL AB@5:>B0;0 =0 45@525. 5B5@ H525;8; B@02C. A5 B8H5 8 B8H5& <>;G0=85 AB0;> B0:8< 3;C1>:8<, GB> ?>GB8 ?>3;>B8;> @52 =>G=>9 <C7K:8, 2K@K20NI59AO 87 B09=>3> <>53> 5AB5AB20.
KE>48, A:070; O.
B5F >=>20= =5 H525;8;AO. 3> 3;070 A<>B@5;8 =0 >3>@>4.
"0< 1K;8 284=K =5A:>;L:> =51>;LH8E E>;<8:>2. ;C==>< A25B5 75<;O =0 =8E :070;0AL >G5=L B5<=>9. >BFC >=>20=C >=0 4>;6=0 1K;0 :070BLAO A>2A5< G5@=>9. = =5 42830;AO.
/ @57:> 70BO=C; C402:C, A8;L=55, G5< >= >6840;, A8;L=55, G5< >= 1K; 3>B>2 2K45@60BL. !?8=0 A2OI5==8:0 2K3=C;0AL, 25=K =0 ;1C ?>103@>25;8, >= @5H8;, GB> ?@8H;0 A<5@BL.
> >= >H810;AO. >:0 =5B. 0 A0<>< 45;5 5I5 4>2>;L=> 4>;3>.
/ @0A?0E=C; 425@L <0H8=K 8 2KB0I8; 53> 70 A>1>9, ?@>AB> GB>1K >= >ICB8; <>N A8;C. B5F >=>20= 2K20;8;AO =0 ?5AG0=CN >1>G8=C, 872820OAL, :0: @0=5=0O 7<5O. "5<=K9 0AA068@ @0AA<5O;AO, 5<C MB> ?>=@028;>AL, 0 O ?@>4>;68; 8A?>;=5=85 A2>59 @>;8. 0ABC?8; 1>B8=:>< A2OI5==8:C =0 3@C4L, :@5?:> 45@60 ?5B;N.
"K 2KA;CH05HL <5=O 8 A45;05HL, :0: O A:06C. # B51O =5B 2K1>@0. / =0:;>=8;AO 8 A;53:0 >A;018; ?5B;N. "K 4>;65= ?>=8<0BL. -B> 206=>.
>= CA;KH0; <5=O. 3> 3;070, =0;82H85AO :@>2LN 8 1>;LN, 2AB@5B8;8AL A <>8<8 2 <><5=B5 ?@>A25B;5=8O: A59G0A >= C2848B 2A5, GB> 4>;6=> A =8< ?@>87>9B8. >= C2845;. ?>=O;, =0A:>;L:> 4;O =53> 206=> 25AB8 A51O ?@028;L=>. = =0G0; ?>=8<0BL.
"5?5@L 2AB0209.
54;5==>, >G5=L <54;5==>, =5 >B2>4O >B <5=O 273;O40, >B5F >=>20= 2AB0;. K ?@>AB>O;8 B0: 3;070 2 3;070 4>2>;L=> 4>;3>, ?>GB8 A;82H8AL 2 >4=> ACI5AB2> 8 >4=> 65;0=85. BCB >= 4@>3=C;. >?@>1>20; ?>4=5AB8 @C:C : ;8FC, => =5 4>=5A.
4><, A:070; O, B8E> B0:. 4><, 345 2A5 1K;> 3>B>2>.
B5F >=>20= >?CAB8; 3;070. >?KB0;AO 5I5 @07 ?>A<>B@5BL =0 <5=O, => C65 =5 A<>3. >25@=C;AO 2 AB>@>=C 4><0, => >AB0=>28;AO, 2=>2L C28452 B5<=K5 E>;<8:8 =0 >3>@>45. ?OBL ?>?KB0;AO 273;O=CBL =0 <5=O 8 A=>20 =5 A<>3 ?>A;5 2840 MB8E G5@=KE 70;8BKE ;C==K< A25B>< :CG5: 75<;8.
28=C;8AL : 4><C, >= C <5=O =0 ?>2>4:5. !2OI5==8: H5;, ?>:>@=> >?CAB82 3>;>2C, E>@>H0O 8 ?>=OB;820O 65@B20. OBL ?>:>A82H8EAO ABC?5=59 225@E, G5@57 C7:85 2>@>BF0, : 2E>4=>9 425@8, :>B>@CN :B>- B> 70E;>?=C;. B5F >=>20= >AB0=>28;AO. ;070 2=87, =0 <5=O =5 A<>B@8B.
425@L, A:070; O A2>8< <O3:8< :><0=4=K< 3>;>A><.
B5F >=>20= 704@>60;.
0E>48 2 425@L, ?>2B>@8; O. = =5 <>3.
5@53=C2H8AL G5@57 A2OI5==8:0, O @0A?0E=C; 425@L. >3>9 2B>;:=C; >BF0 >=>20=0 2=CB@L. = A?>B:=C;AO, CAB>O; 8 >AB0=>28;AO C65 2=CB@8, ?;>B=> AB8A=C2 25:8.
/ 70:@K; 425@L. 0 ?>;C @O4>< A 425@LN O >AB028; D>=0@L 8 B5?5@L ?>4=O; 53> 8 2:;NG8;.
!<>B@8, ?@>H5?B0; O.
B5F >=>20= <54;5==> 8 >AB>@>6=> >B:@K; >48= 3;07. 70<5@. @5<O >AB0=>28;>AL 4;O >BF0 >=>20=0.
5B, A:070; >=.
0, A:070; O.
=5B! A:070; >=.
40, A:070; O. >= 70>@0;:
5- 5- 5B!
/ ?>445@=C; C402:C. @8: :0: >1@570;>, 8 A2OI5==8: C?0; =0 :>;5=8. %@8?;>20B> 70E=K:0;.
0, A:070; O. #60A=>5 <5A82>, ?@0240?
3> ;8F> 8A:078;>AL 2 ?>?KB:5 70:@KBL 3;070. = =5 <>3 A<>B@5BL, B>;L:> =5 A59G0A, B>;L:> =5 =0 MB>. =5<C4@5=>, 7@5;8I5 459AB28B5;L=> 6CB:>5. > >= 4>;65= MB> C2845BL. >;65=. 5 @048 <5=O. =5 B>;L:> @048 "5<=>3> 0AA068@0. 048 A51O A0<>3>. = 4>;65= C2845BL. >= :0: @07 8 =5 A<>B@5;.
B:@>9 3;070, >B5F >=>20=, A:070; O.
>60;C9AB0& 70=K; >=.
-B> >G5=L ?>459AB2>20;> <=5 =0 =5@2K, E>BO =5 4>;6=> 1K; ;54O=>9 A0<>:>=B@>;L :C40- B> ?>4520;AO: 2>B B0: =KBL ?@8 2845 MB>3> <5A820 =0 ?>;C! . . / A18; 53> A =>3, A A8;>9 70BO=C; C402:C, ?@02>9 @C:>9 AE20B8; 70 70BK;>: 8 H0@0E=C; ;8F>< ?@O<> > 3@O7=K9 ?>:>@>182H89AO ?>;. 0 ;8F5 A2OI5==8:0 ?>O28;0AL :@>2L, 8 MB> 2715A8;> <5=O 5I5 1>;LH5.
B:@>9 3;070, A:070; O. B:@>9 8E. B:@>9 8E =5<54;5==>. !<>B@8! / 70 2>;>AK >B:8=C; 5<C 3>;>2C. 5;09, :0: B515 3>2>@OB. !<>B@8. ;8 O >B@56C B515 25:8.
-B> ?@>72CG0;> C1548B5;L=>. !@01>B0;>. >= A45;0; B>, GB> 5<C A:070;8. >A<>B@5;.
=5 ?@8H;>AL ?>B@C48BLAO, GB>1K ?>;CG8;>AL =>@<0;L=>, => 4;O MB>3> ?@8H;>AL @01>B0BL A B5<, GB> 1K;>. # <5=O 1K 2>>1I5 =8G53> =5 2KH;>, 5A;8 1K >=8 =5 ?@>1K;8 B0< 4>AB0B>G=> 4>;3>, GB>1K 2A5 2KA>E;>. > :0:85 65 >=8 1K;8 3@O7=K5! . . =5 C40;>AL >G8AB8BL ?>GB8 2AN 3@O7L, >4=0:> G0ABL B5; ?@>;560;0 2 75<;5 B0: 402=>, GB> C65 =5;L7O 1K;> A:070BL, 345 =0G8=0;0AL 3@O7L, 0 345 :>=G0;>AL B5;>. 1 MB>< =52>7<>6=> =5 4C<0BL, ?@0240& "0:0O 3@O7L&
E 1K;> A5<5@>, A5<L <0;5=L:8E B5;, A5<L C4828B5;L=> 3@O7=KE ?@8NBA:8E 45B8H5:, 2K;>65==KE =0 @578=>2K5 :>2@8:8 4;O 4CH0, G8ABK5 8 =5?@><>:05<K5. !5<L @>2=KE ?>;>A>: ?>?5@5: :><=0BK.
#:07K20NI85 =0 >BF0 >=>20=0. 2>B >= 7=05B. = A:>@> 1C45B A =8<8.
!2OB0O 0@8O 2A5<8;>AB820O! . . / @57:> 45@=C; C402:C.
5 =04> MB>3>, >B5F. 5 A59G0A. !59G0A <><5=B 8AB8=K.
>60;C9AB0, ?@>E@8?5; >=.
0, ?@>A8 <5=O. -B> E>@>H>. 0<=>3> ;CGH5. / A=>20 45@=C;. C<05HL, MB> 2A5, >B5F? !5<L B@C?>2? >=8 ?@>A8;8?
<C =5G53> 1K;> A:070BL.
"K C25@5=, GB> MB> 2A5, >B5F? A53> A5<L? / 2A5E 2K:>?0;?
>65! . . ?@>E@8?5; >= A 1>;LN, :>B>@CN 1K;> ?@8OB=> A;KH0BL.
GB> 2 4@C38E 3>@>40E, >B5F? 0: =0AG5B $095B28;;O? >3>2>@8< > $095B28;;5?
= B>;L:> 2AE;8?=C;.
:0: =0AG5B AB- @0=460? "0< 8E 1K;> B@>5? ;8 O :>3>- B> ?@>?CAB8;? '5B25@> 2 AB- @0=465, 0, >B5F?
B5F >=>20= ?>?KB0;AO 8740BL :@8:. ?>;CG82H5<AO A;01>< 72C:5 72CG0;> =0AB>OI55 GC2AB2>, ?@0240, ?@8 ?;>E>9 B5E=8:5 8A?>;=5=8O. >B>< >B5F >=>20= A20;8;AO ;8F>< 2=87, 8 O 40; 5<C =5<=>3> ?>=KBL, ?@5645 G5< @K2:>< ?>AB028BL =0 =>38. !B>O; A2OI5==8: H0B0OAL, A>25@H5==> =5 :>=B@>;8@CO A51O. = >1<>G8;AO, ?> ?>41>@>4:C AB5:0;0 A;N=0.
@>HC 20A, ?@>3>2>@8; >=. / =5 <>3 =8G53> A A>1>9 ?>45;0BL. @>AB> =5 <>3. >60;C9AB0, 2K 4>;6=K ?>=OBL&
/ ?>=8<0N, >B5F, A:070; O, 8 2 <>5< 3>;>A5 B5?5@L C65 1K;> GB>- B> >B 3>;>A0 0AA068@0.
!2OI5==8: 70<5@. 54;5==> ?>4=O; 3>;>2C, 8 B>, GB> >= C2845; 2 <>8E 3;070E, CA?>:>8;> 53>.
@5:@0A=> ?>=8<0N.
/ ?@81;878;AO : =5<C 2?;>B=CN. >B =0 I5:0E A2OI5==8:0, :070;>AL, ?@52@0B8;AO 2 ;54.
848HL, O B>65 =8G53> =5 <>3C A A>1>9 ?>45;0BL. "5?5@L <K ?>GB8 :0A0;8AL 4@C3 4@C30. 0BO=C2 C402:C, O A=>20 A18; 53> A =>3. B5F >=>20= @0ABO=C;AO =0 ?>;C.
> 45B8? ! / =8:>340 =5 A<>3 1K A45;0BL B0:>5 A 45BL<8.
/ ?>AB028; A2>9 BO65;K9 G8ABK9 1>B8=>: 5<C =0 70BK;>: 8 =04028; GB> 1K;> A8;K.
5B8 =8:>340. =5 =C6=K B0:85, :0: BK.
B> 2K B0:>9? ?@>H5?B0; >B5F >=>20=.
0G0;>, >B25B8; O. :>=5F. >7=0:><LAO A> A2>59 A<5@BLN.
3;0 1K;0 C <5=O =03>B>25, >=0 :0: =C6=> 2>H;0 5<C 2 H5N, ;53:>5 A>?@>B82;5=85 A2545==KE <KHF, => =5 A0<>3> A2OI5==8:0. 060B85 =0 ?>@H5=L 8 H?@8F 70?>;=8; >BF0 >=>20=0 1KAB@K< 8 G8ABK< ?>:>5<. C:20;L=> G5@57 <3=>25=85 53> 3>;>20 ?>?;K;0, ;8F> ?>25@=C;>AL :> <=5.
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
;8 >= 2848B B>;L:> B5 A5<L 3@O7=KE :><:>2 ( E>BO :B> 7=05B, A:>;L:> 8E 2A53> 1K;>) ? ;8, 2 :>=F5 :>=F>2, 2848B, :0: A0< 157<>;2=> ?@52@0I05BAO 2 B0:CN 65 <0AAC B0<, =0 >3>@>45?
>=5G=> 65, =5B. 3> 2>>1@065=8O =54>AB0B>G=>, GB>1K ?@54AB028BL A51O 2 B0:>< 2845. 2 :0:>9- B> AB5?5=8 >= ?@02. <C =8:>340 =5 AB0BL B5< C60A=K< <5A82><, 2 :>B>@>5 >= ?@52@0B8; 45B59. / =8:>340 B0: =5 A<>3 1K, =5 ?>72>;8; 1K A515 B0:>3>. / =5 B0:>9, :0: >B5F >=>20=, =5 B0:>5 GC4>28I5.
/ >G5=L G8AB>?;>B=>5 GC4>28I5.
'8AB>?;>B=>ABL B@51C5B 2@5<5=8, => AB>8B 53>. !B>8B, ?>B><C GB> "5<=K9 0AA068@ 1C45B 4>2>;5= 8 =04>;3> CA?>:>8BAO. !B>8B ?@>AB> 4;O B>3>, GB>1K 45;0BL 2A5 ?@028;L=> 8 0::C@0B=>. #1@0BL 5I5 >4=C :CGC 45@L<0 87 MB>3> <8@0. A53> =5A:>;L:8<8 0::C@0B=> C?0:>20==K<8 <5H:0<8 4;O <CA>@0 1>;LH5 8 <>9 <0;5=L:89 C3>;>: <8@0 AB0=5B G8I5 8 AG0AB;8255. CGH5.
# <5=O >:>;> 2>AL<8 G0A>2, ?@5645 G5< ?@845B ?>@0 C5760BL. GB>1K A45;0BL 2A5 ?@028;L=>, <=5 ?>B@51C5BAO 2A5 MB> 2@5<O.
;59:>9 ;5=B>9 O ?@82O70; A2OI5==8:0 : AB>;C, >1@570; 2AN >4564C. @5420@8B5;L=CN @01>BC A45;0; 1KAB@>: ?>1@8;, ?><K;, >1@570; 2A5, GB> =5@OH;82> B>@G0;>. 0: 2A5340, O ?>GC2AB2>20;, :0: ?@5:@0A=K9, 4>;389, <54;5==K9 ?@8;82 =0G8=05B =0?>;=OBL <>5 B5;>. >:0 O @01>B0N, >= 1C45B 281@8@>20BL 2> <=5, ?>4=8<0BL 8 C2;5:0BL A A>1>9, 8 B0: 4> A0<>3> :>=F0, ?>:0 =5 C30A=5B 8 =5 ?@52@0B8BAO 2 >B;82, =0 2>;=0E :>B>@>3> C?;K2CB 8 0640, 8 A2OI5==8:.
?5@54 B5< :0: O ?@8=O;AO 70 A5@L57=CN @01>BC, >B5F >=>20= >B:@K; 3;070 8 ?>A<>B@5; =0 <5=O. =8E C65 =5 1K;> AB@0E0 B0:>5 8=>340 A;CG05BAO. ;O4O ?@O<> =0 <5=O, >= ?>H525;8; 3C10<8.
'B>? A?@>A8; O, ?@8428=C2H8AL 1;865. 5 A;KHC B51O.
= 274>E=C;, <54;5==> 8 <8@=>, 0 ?>B>< A=>20 ?@>87=5A MB>& 8 70:@K; 3;070.
5 70 GB>, >B25B8; O 8 ?@8ABC?8; : @01>B5.
;020 2
?>;>28=5 ?OB>3> CB@0 A> A2OI5==8:>< 1K;> ?>:>=G5=>. A5 G8AB>. / GC2AB2>20; A51O =0<=>3> ;CGH5. >B>< C <5=O 2A5340 B0:. @>AB> B0ICAL >B C189AB20. => 2KH8105B 87 <8;0H:8 5:AB5@0 53> B5<=K5 70<>@>G:8. 82=0O @07@O4:0, :>340 2=CB@8 >B:@K20NBAO 2A5 MB8 384@02;8G5A:85 ?@54>E@0=8B5;L=K5 :;0?0=K. / ;N1;N A2>N @01>BC, 8 8728=8B5, 5A;8 MB> 20A B@>305B. 5B, ?@0240 8728=8B5. > B0: C6 A;>68;>AL. :>=5G=>, @5GL 845B =5 > :0:><- B> >1K:=>25==>< C189AB25. >5 C189AB2> A>25@H05BAO 4>;6=K< >1@07><, 2 4>;6=>5 2@5<O, A 4>;6=K< ?0@B=5@>< 2A5 MB> A;8H:>< A;>6=>, => :@09=5 =5>1E>48<>.
4=0:> 2A5340 =5<=>3> >?CAB>H05B. "> 5ABL O CAB0;, E>BO =0?@O65=85 ?@>H;>9 =545;8 CH;>, E>;>4=K9 3>;>A "5<=>3> 0AA068@0 CA?>:>8;AO, 0 O A=>20 <>3 AB0BL B5<, :B> O 5ABL. >2:89, 70102=K9, 15A?5G=K9 8 <5@B2K9 2=CB@8 5:AB5@. #65 =5 5:AB5@ A =>6><, =5 5:AB5@- <AB8B5;L. 5B 4> A;54CNI53> @070.
/ 25@=C; 2A5 B5;0 =0 >3>@>4, 4>10282 8< =>2>3> A>A540, ?@81@0;, :0: <>3, @0720;820NI89AO 4><8H:>. A5 A2>8 25I8 A;>68; 2 <0H8=C A2OI5==8:0 8 ?>5E0; 2 N6=>< =0?@02;5=88 BC40, 345 =0 =51>;LH>< 1>:>2>< :0=0;5 AB>O; <>9 :0B5@, A5<=04F0B8DCB>2K9 « #M9;5@» A =51>;LH>9 >A04:>9 8 <>I=K< 4286:><. @5645 G5< ?>4=OBLAO =0 1>@B, AB>;:=C; <0H8=C A2OI5==8:0 2 :0=0;. #1548;AO, GB> >=0 8AG57;0 2 2>45. B>;L:> B>340 7025; 4286>: 8 2K25; AC4=> 87 :0=0;0, =0?@02;OOAL =0 A525@, ?>?5@5: 70;820. !>;=F5 B>;L:> 2AB020;>, >B@060OAL 2 =04@05==KE 45B0;OE :0B5@0. / =045; A2>5 A0<>5 4>1@>5 8 AG0AB;82>5 ;8F>: =8 40BL =8 27OBL @0==OO ?B0H:0- @K1>;>2 2>72@0I05BAO 4><>9. B> 5I5 ?>9<0; B0:>3> BC=F0, :0: O?
?>;>28=5 A54L<>3> O C65 1K; 4><0 2 >:>=0B- @>C2. >AB0; 87 :0@<0=0 ?@5?0@0B >1KG=CN G8ABCN ?>;>A:C AB5:;0, 2 F5=B@5 :>B>@>9 0::C@0B=0O 8 >48=>:0O :0?5;L:0 :@>28 A2OI5==8:0. "0:0O A8<?0B8G=0O 8 G8AB0O, 402=> 2KA>EH0O 8 2A5340 3>B>20O ?>?0ABL ?>4 <>9 <8:@>A:>?, :>340 <=5 70E>G5BAO 2>A?><8=0=89. / ?>;>68; ?@5?0@0B : >AB0;L=K< B@84F0B8 H5AB8 G5B:8< 8 0::C@0B=K<, >G5=L ACE8< :0?5;L:0< :@>28.
>B>< 1K; >A>15==> 4>;389 4CH, 3>@OG0O- 3>@OG0O 2>40 A<K20;0 A <5=O >AB0B:8 =0?@O65=8O, @0AA;01;O;0 :;C1:8 <KHF, C=8GB>60;0 ?>A;54=85 5;5 >ICB8<K5 >AB0B:8 70?0E>2 A2OI5==8:0, >3>@>40 8 =51>;LH>3> 4><8H:8 =0 1>;>B5.
5B8. 0 MB> 53> AB>8;> C18BL 42064K.
'B> 1K =8 A45;0;> <5=O B5<, :B> O 5ABL, >=> >?CAB>H8;> <5=O, ;8H8;> GC2AB2. 5 AG8B0N MB> B0:8< C6 :@CBK< 45;><. #25@5=, GB> ?>402;ONI55 1>;LH8=AB2> 5654=52=KE G5;>25G5A:8E :>=B0:B>2 ?@8B2>@=K5. / ?@8B2>@5= ?@>AB> 2A5340. / :;0AA=> ?@8B2>@ONAL, ?>;=>5 >BACBAB285 GC2AB2.
> O ;N1;N 45B8H5:. # <5=O 8E =8:>340 =5 1C45B A0<0 845O A5:A0 4;O <5=O =5 ACI5AB2C5B. ">;L:> ?@54AB02L A515 MB> 45;> 40 :0: BK <>65HL? 45 B2>5 GC2AB2> 4>AB>8=AB20? > 45B8, 45B8 MB> >A>1>5.
B5F >=>20= 70A;C68; A<5@BL. 0@@8 A> A2>8< :>45:A><, 40 8 "5<=K9 0AA068@ 4>;6=K 1KBL 4>2>;L=K.
A5<8 ?OB=04F0B8 O A=>20 ?>GC2AB2>20; A51O >G8I5==K<. K?8; :>D5, ?>5; E;>?L52 8 >B?@028;AO =0 @01>BC.
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
2B>>B25BG8: A <830NI8< 8=48:0B>@><. !>>1I5=85 =0 02B>>B25BG8:5 4;O <5=O =5 >A>1> ?@82KG=0O HBC:0. > @O4C ?@8G8= 2 <8@5 >G5=L =5<=>3> ;N459, :>B>@K5 <>3;8 1K ?@84C<0BL, GB> A:070BL ;01>@0=BC, A?5F80;878@CNI5<CAO =0 8AA;54>20=88 >1@07F>2 :@>28. 4=0 87 =5<=>38E, C :>3> 5ABL GB> A:070BL, 51>@0 >@30=, <>O A2>4=0O A5AB@0. >?, :0: 8 55 >B5F.
!>>1I5=85 >B =55.
/ =060; :=>?:C 8 CA;KH0; 4@515760ICN <C7K:C 2 AB8;5 B5E=>, ?>B>< 3>;>A 51>@K.
5:AB5@, ?>60;C9AB0, :0: B>;L:> ?>O28HLAO& / =0 <5AB5 ?@5ABC?;5=8O =0 "0<80<8- "@59;, C <>B5;O « 0A8:» . 0C70. K;> A;KH=>, :0: >=0 ?@8:@K;0 <8:@>D>= @C:>9 8 :><C- B> GB>- B> A:070;0. >B>< A=>20 27@K2 <5:A8:0=A:>9 <C7K:8 8 A=>20 55 3>;>A. >65HL 2K1@0BLAO AN40 ?@O<> A59G0A? @>HC B51O, 5:5!
?>25A8;0 B@C1:C.
# <5=O =5B A5<L8. > :@09=59 <5@5 =0A:>;L:> <=5 8725AB=>. 45- =81C4L, O C25@5=, 4>;6=K 1KBL =>A8B5;8 0=0;>38G=>3> 35=5B8G5A:>3> <0B5@80;0. =5 60;L 8E. > O =8:>340 =5 2AB@5G0;AO A =8<8, =5 ?KB0;AO 8E =09B8, 40 8 >=8 =5 ?KB0;8AL. 5=O CAK=>28;8 8 2K@0AB8;8 0@@8 8 >@8A >@30=, @>48B5;8 51>@K. 5A;8 ?>4C<0BL, :5< O AB0;, >=8 74>@>2> <5=O 2>A?8B0;8, :0: ?>- 20H5<C?
10 C65 C<5@;8. ?>B><C 51 548=AB25==K9 =0 A25B5 G5;>25:, :>B>@><C =5 ?;520BL, 682 O 8;8 =5B. > :0:>9- B> =58725AB=>9 <=5 ?@8G8=5 >=0 ?@54?>G8B05B, GB>1K O >AB020;AO 682K<. / 4C<0N, GB> MB> =5?;>E>, 8 5A;8 1K C <5=O 1K;8 GC2AB20, >=8 1K;8 1K A2O70=K A 51.
>MB><C O ?>5E0;. B AB>O=:8 5B@>- 594[ 1 ] O 1KAB@> 4>1@0;AO 4> "M@=?09:, 0 ?> =59 =0 A525@ 2 AB>@>=C @09>=0 "0<80<8- "@59;, =0 @>48=C <>B5;O « 0A8:» 8 5I5 =5A:>;L:8E A>B5= 53> 1@0BL52 8 A5AB5@. A2>5< @>45 MB> @09. A>15==> 5A;8 BK B0@0:0=. O4K AB@>5=89, :>B>@K< C405BAO >4=>2@5<5==> 8 A25@:0BL, 8 @07;030BLAO. /@:89 =5>= =0 4@52=8E, 70?CI5==KE 8 >1;C?82H8EAO :>=AB@C:F8OE. A;8 >:065HLAO B0< =5 =>GLN ?@85E0BL 5I5 @07 1>;LH5 =5 70E>G5BAO =8:>340. >B><C GB> 2845BL B0:85 <5AB0 ?@8 4=52=>< A25B5 MB> :0: G8B0BL ?>A;54=NN AB@>:C A2>53> =5?@>G=>3> :>=B@0:B0 A 687=LN.
:064>< :@C?=>< 3>@>45 5ABL B0:85 @09>=K. A;8 :0@;8:- 872@0I5=5F 70E>G5B A5:A0 A :5=3C@C 8 H:>;L=K< E>@><, >= =0945B AN40 4>@>3C 8 A=8<5B :><=0BC. >340 >= :>=G8B, B> <>65B ?@83;0A8BL 2AN >@02C 2 @5AB>@0=G8: ?> A>A54AB2C =0 G0H:C :C18=A:>3> :>D5 8 ?>;C=>G=K9 A0=428G. 2A5< 1C45B =0?;520BL, ?>:0 >= 405B G052K5.
?>A;54=55 2@5<O 51>@0 ?@>2>48B B0< A;8H:>< <=>3> 2@5<5=8. -B> 55 <=5=85, =5 <>5. 070;>AL 1K, =5?;>E>5 <5AB>, :C40 <>6=> >B?@028BLAO, 5A;8 BK :>? 8 65;05HL ?>2KA8BL 25@>OB=>ABL ?>9<0BL B>3>, :B> =0@CH05B 70:>=.
51>@0 A<>B@8B =0 MB> 8=0G5. >65B, ?>B><C, GB> >=0 @01>B05B 2 ?>;8F88 =@02>2. !8<?0B8G=0O <>;>40O 65=I8=0 87 ?>;8F88 =@02>2, ?>?02 2 @09>= "0<80<8- "@59;, >1KG=> 70:0=G8205B =0682:>9 ?>4 ?@8:@KB85<. "> 5ABL AB>8B ?>GB8 3>;0O =0 C;8F5 8 ;>28B <C68:>2, :>B>@K5 E>BOB ?;0B8BL 70 A5:A. 51>@0 B5@?5BL MB> =5 <>65B. 8:>340 1K =5 @01>B0;0 ?> ?@>AB8BCB:0<, @0725 GB> 2 A>F8>;>38G5A:>< 0A?5:B5. 5 4C<09B5 B>;L:>, GB> =01;N45=85 70 =525@=K<8 <C6LO<8 @50;L=0O 1>@L10 A ?@5ABC?=>ABLN. , GB> 8725AB=> B>;L:> <=5, >=0 B5@?5BL =5 <>65B 2A5, GB> G5@5AGC@ ?>4G5@:8205B 55 65=AB25==>ABL 8 A5:A0?8;L=CN D83C@C. 51>@0 E>B5;0 1KBL :>?><, 8 =5 55 28=0, GB> 59 1K D>B>3@0D8@>20BLAO =0 >1;>6:C 3;O=F52>3> 6C@=0;0.
05760O =0 ?0@:>2:C <564C « 0A8:><» 8 53> A>A54>< « 0D5 :C10=>» , O 70<5B8;, GB> 2 =0AB>OI89 <><5=B >=0 ?>4G5@:8205B A2>N D83C@C =0 2A5 AB>. 0 51>@5 1K; =5>=>2>- @>7>2K9 B>?, >1BO3820NI85 H>@BK 87 A?0=45:A0, G5@=K5 GC;:8 2 A5B>G:C 8 BCD;8 =0 H?8;L:5. @O<> :0: 87 <03078=0 >4564K 4;O 3>;;82C4A:8E H;NE, B>;L:> 2 D>@<0B5 3 D .
5A:>;L:> ;5B =0704 :B>- B> 2 >B45;5 =@02>2 ?@>A;KH0;, GB> ACB5=5@K A<5NBAO =04 =8<8 2 >B:@KBCN. :070;>AL, GB> :>?K 87 =@02>2, 2 >A=>2=>< <C6G8=K, A0<8 2K18@0;8 =0@O4K 4;O A2>8E >?5@0B82=8F, @01>B0NI8E ?>4 ?@8:@KB85<. E>BO 2K1>@ >4564K >G5=L <=>3>5 3>2>@8; >1 8E ?@54?>GB5=8OE, >= A>25@H5==> =5 ?>E>48; =0 B>, GB> =>AOB H;NE8. "0: GB> :B> C3>4=> =0 C;8F5 <>3 >?@545;8BL, 5ABL ;8 2 AC<>G:5 C =>2>9 452>G:8 7=0G>: 8 ?8AB>;5B.
@57C;LB0B5 B0:>9 ?>4A:07:8 :>?K 87 =@02>2 =0G0;8 =0AB0820BL, GB>1K @01>B0NI85 ?>4 ?@8:@KB85< 452CH:8 A0<8 2K18@0;8 A515 @01>G85 :>ABN<K. :>=F5 :>=F>2, 452G>=:8 1>;LH5 7=0NB > B><, GB> 2K3;O48B ?@028;L=>, 40?
>65B 1KBL, 1>;LH8=AB2> 8 7=05B. > =5 51>@0. =0 =8 2 G5< =5 GC2AB2C5B A51O C4>1=>, :@><5 468=A>2. K 1K 2845;8, GB> >=0 E>B5;0 =045BL =0 2K?CA:=>9. A59G0A O =8:>340 =5 2AB@5G0; :@0A82CN 65=I8=C 2 B0:>< >B:@>25==>< =0@O45, :>B>@0O 2K3;O45;0 1K =0AB>;L:> A5:AC0;L=> =5?@82;5:0B5;L=>9, :0: 51.
> >=0 2K45;O;0AL. 51>@0 A45@6820;0 B>;?C, 7=0G>: ?>1;5A:820; A 25@E=53> :@0O B>?0. =0 1>;LH5 1@>A0;0AL 2 3;070, G5< ?>;<8;8 O@:>- 65;B>9 ;5=BK, =0BO=CB>9 2>:@C3 <5AB0 ?@5ABC?;5=8O, 8 1K;0 70<5B=55 B@5E ?0B@C;L=KE <0H8= A> A25@:0NI8<8 <830;:0<8.
51>@0 AB>O;0 ;8F>< : ?0@:>2:5, A45@6820O >B @0ABCI59 B>;?K 7520: ;01>@0B>@=CN :><0=4C, :>?02HCNAO 2 <CA>@=>< :>=B59=5@5 :>D59=8. %>@>H>, GB> <5=O =5 2:;NG8;8 2 =55. >=LN ?><>9:8 BO=C;> G5@57 2AN AB>O=:C A<5AL A<@040 ;0B8=>0<5@8:0=A:>9 :>D59=>9 3CI8, 8A?>@G5==KE D@C:B>2 8 ?@>BCEH59 A28=8=K.
>? C 2J5740 =0 AB>O=:C >:070;AO 7=0:><K<. = <0E=C; <=5, O 2J5E0; 8 =0H5; <5AB>, 345 2AB0BL.
51, ?@825BAB2>20; O A5AB@C, ?>4E>4O ?@>3C;>G=K< H03><. 8G53> :>ABN<G8:! $83C@C 45<>=AB@8@C5B 2 A0<>< 2K3>4=>< A25B5.
>H5; BK! >B25B8;0 >=0, 70;82H8AL :@0A:>9. "0:>5 =5 G0AB> C2848HL C 27@>A;>3> :>?0. 0H;8 5I5 >4=C ?@>AB8BCB:C. > :@09=59 <5@5 ?>E>65, GB> ?@>AB8BCB:C. "@C4=> A:070BL B>G=> ?> B><C, GB> >B =55 >AB0;>AL.
#65 B@5BLO 70 ?>A;54=85 ?OBL <5AOF52, A:070; O.
OB0O. I5 42CE =0H;8 2 @>20@45, <>B=C;0 >=0 3>;>2>9. MB8 70A@0=FK ?@>4>;60NB CB25@640BL, GB> >D8F80;L=>9 A2O78 <564C A;CG0O<8 =5 CAB0=>2;5=>.
0:CN :CGC 1C<06=>9 @01>BK ?@81028;0 1K B0:0O A2O7L, CA;C6;82> ?>440:=C; O.
51 @5H8;0 ?>:070BL 7C1:8.
:0: =0AG5B 20H59 G5@B>2>9 >1KG=>9 ?>;8F59A:>9 @01>BK? @K:=C;0 >=0. 48>BC ?>=OB=>, GB> C189AB20 A2O70=K.
5 A;53:0 ?5@545@=C;>.
/ 2 87C<;5=88 CAB028;AO =0 =55. =0 :>?, 4>GL :>?0. 5 =8G5< >A>1> =5 ?@>9<5HL. >340 51>@0 B>;L:> ?>ABC?8;0 2 ?>;8F8N 8 AB0@H85 @51OB0 ?>4HCG820;8 =04 =59 ?>:07K20;8 8A:@><A0==K5 B5;0, :>B>@KE 2 090<8 =020;>< 5654=52=>, =045OAL, GB> >=0 AB@028B A2>9 >154, >=0 4065 3;07>< =5 25;0. A5 MB> >=0 C65 2845;0. K;0, 45;0;0, 7=05B. A59G0A 55 ?5@545@=C;>.
=B5@5A=>.
A>1K9 A;CG09, GB> ;8? A?@>A8; O.
!;CG09, :>B>@K9 ?@>87>H5; =0 <>5< CG0AB:5. =0 B:=C;0 2 <5=O ?0;LF5<. 7=0G8B, O =0<5@5=0 @0A:>?0BL MB> 45;>, 70A25B8BLAO 8 ?>;CG8BL ?5@52>4 2 >B45; C189AB2.
/ >40@8; 55 AG0AB;82>9 C;K1:>9.
<18F88, 51>@0?
0, G5@B 2>7L<8! / E>GC 2K1@0BLAO 87 >B45;0 =@02>2 8 87 4>;10==>3> A5:A- :>ABN<0. / ?@0240 E>GC 2 >B45; C189AB2, 5:AB5@, 8 MB> 45;> <>65B AB0BL <>8< 18;5B><. @8 >4=>< <0;5=L:>< CA;>288& =0 A45;0;0 ?0C7C. ?>B>< A:070;0 =5GB> A>25@H5==> >H5;><;ONI55: >60;C9AB0, ?><>38 <=5, 5:5.
>60;C9AB0, 51>@0? "K 3>2>@8HL <=5 ?>60;C9AB0! "K 7=05HL, :0: O =0G8=0N >B MB>3> =5@2=8G0BL?
%20B8B B@5?0BLAO, 5:5.
5B, A5@L57=>, 51>@0&
/ A:070;0, E20B8B! "K ?><>65HL <=5 8;8 =5B?
>A;5 B>3> :0: >=0 2A5 B0: ?>25@=C;0, 40 5I5 MB> AB@0==>5 8 @54:>5 « ?>60;C9AB0» , GB> 5I5 O <>3 >B25B8BL, :@><5: « >=5G=>, 51. "K 65 7=05HL, GB> ?><>3C» .
/ =5 7=0N MB>3>, 5:5. / =8G53> ?@> B51O =5 7=0N.
1O70B5;L=> ?><>3C, 51, ?>2B>@8; O, AB0@0OAL 72CG0BL CO72;5==>.
! >G5=L E>@>H59 8<8B0F859 >A:>@1;5==>3> 4>AB>8=AB20 =0 ;8F5 O =0?@028;AO : ?><>9:5, 345 2>78;8AL >AB0;L=K5 ;01>@0B>@=K5 :@KAK.
0<8;;0 $846 2 ?>8A:0E >B?5G0B:>2 ?0;LF52 ?>;70;0 ?> :CG5 <CA>@0. -B0 :>@5=0AB0O 65=I8=0 A :>@>B:>9 AB@86:>9, ;5B B@84F0B8 ?OB8, =8:>340 =5 @5038@>20;0 =0 <>8 ;53:85 8 M;530=B=K5 :><?;8<5=BK. #28452 <5=O, >=0 2AB0;0 =0 :>;5=:8, ?>:@0A=5;0 8 ?@>2>48;0 273;O4><, =5 A:0702 =8 A;>20. =0 2A5340 B0: CAB028BAO =0 <5=O, 0 ?>B>< :@0A=55B.
0 40;L=5< :>=F5 ?><>9:8, =0 ?5@525@=CB>< OI8:5 87- ?>4 <>;>:0, A845; 8=5 0FC>:0 8 :>?0;AO 2 3>@AB8 <5;:>3> <CA>@0. = =0?>;>28=C O?>=5F 8 ;N18B HCB8BL, GB> =0 53> 4>;N ?@8H;0AL <5=LH0O ?>;>28=0. > :@09=59 <5@5 >= AG8B0; MB> HCB:>9.
>B:@KB>9 0780BA:>9 C;K1:5 8=A0 5ABL GB>- B> A;53:0 =55AB5AB25==>5. 0: 1C4B> >= =0CG8;AO 59 ?> :=835 A :0@B8=:0<8. 065 :>340 >= ?@>45;K205B =04 :>?0<8 ?>;>65==K5 ?> HB0BC 3@O7=K5 HCB:8 8 ?@8:>;K, =8:B> =5 7;8BAO =0 =53>. @0240, =8:B> 8 =5 A<55BAO, => 8=A0 MB> =5 >AB0=02;8205B. = ?@>4>;605B 2>A?@>872>48BL A2>8 :>@@5:B=K5 @8BC0;L=K5 65ABK, >4=0:> 2A5340 :065BAO, GB> >= ?@>AB> ?@8:84K205BAO. C<0N, 8<5==> ?>B><C >= <=5 8 =@028BAO. I5 >48= ?0@5=L, ?@8B2>@ONI89AO G5;>25:><, ?@O<> :0: O.
C, 5:AB5@, ?@>87=5A 8=5, =5 ?>4=8<0O 3;07, GB> ?@825;> B51O AN40?
/ ?@85E0;, GB>1K C2845BL, :0: =0AB>OI85 M:A?5@BK 459AB2CNB 2 ?>;=>ABLN ?@>D5AA8>=0;L=>9 0B<>AD5@5. 5 2AB@5G0; 745AL B0:8E?
%0- E0, >B25B8; >=. @54?>;030;>AL, GB> MB> A<5E, >4=0:> >= 1K; 5I5 D0;LH8255 53> C;K1:8. "515 <5@5I8BAO, GB> BK 2 >AB>=5? 8=5 GB>- B> =0H5;, ?>25@=C; : A25BC 8 ?@8IC@8;AO. !5@L57=>, ?>G5<C BK 745AL?
>G5<C 1K <=5 745AL =5 1KBL, 8=5? ?@>87=5A O, AB0@0OAL =03;O4=> 2>7<CB8BLAO. 45AL ?@>87>H;> ?@5ABC?;5=85, =5 B0: ;8?
"K 70=8<05HLAO :@>2LN.
= >B1@>A8; 2 AB>@>=C B>, GB> @0AA<0B@820;, 8 A=>20 ?@8=O;AO 70 ?>8A:8.
5 A?>@N.
= ?>A<>B@5; =0 <5=O A A0<>9 D0;LH82>9 C;K1:>9 2 <8@5.
45AL =5B :@>28, 5:5.
5 ?>=O;?
# <5=O 3>;>20 A;53:0 ?>H;0 :@C3><.
45AL =5B :@>28 =8 2=CB@8, =8 A=0@C68, =8 @O4><. >>1I5 =5B :@>28, 5:5. "0:>3> O 5I5 =5 2845;.
!>2A5< =5B :@>28& / ?>=O;, GB> ?>2B>@ON MBC D@07C ?@> A51O, A :064K< @07>< 2A5 3@><G5 8 3@><G5. 8?:>9, 3>@OG59, C60A=> BO3CG59 :@>28. 8 ?OB=KH:0. 8 A;540.
! ! " .
>G5<C O >1 MB>< @0=LH5 =5 ?>4C<0;? "0:>5 >ICI5=85, :0: 1C4B> =0H5; =54>AB0NI55 725=> =58725AB=> : G5<C.
/ =5 ?@5B5=4CN =0 ?>=8<0=85 B>3>, GB> A2O7K205B 5:AB5@0 8 :@>2L. =>340 >B <KA;59 >1 MB>< C <5=O =0G8=0NB ?>ABC:820BL 7C1K, >4=0:> :@>2L AB0;0 <>59 :0@L5@>9, <>59 =0C:>9, G0ABLN <>59 @50;L=>9 @01>BK. G5284=>, :0:85- B> 3;C18==K5 ?@>F5AAK 4>;6=K ?@>8AE>48BL, => <=5 :0:- B> BO65;>20B> 2A5 2@5<O 8<8 8=B5@5A>20BLAO. / 5ABL B>, GB> 5ABL, 8 @0725 =5 ?@8OB=> ?@>25AB8 =>GL, ?@5?0@8@CO C189FC 45B59?
> 745AL&
# B51O 2A5 =>@<0;L=>? A?@>A8; 8=5.
$0=B0AB8:0. 0: >= MB> A45;0;?
>7<>6=K 20@80=BK.
8=5 @0AA<0B@820; 3>@ABL :>D59=>9 3CI8, ?5@542830O 55 G0AB8G:8 ?0;LF5<, 70BO=CBK< 2 @578=C ?5@G0B:8.
'B> 70 20@80=BK, 8=5?
!<>B@O, :B> >= B0:>9 8 70G5< >= MB> 45;05B. / ?>:0G0; 3>;>2>9.
=>340 BK ?@8;0305HL A;8H:>< <=>3> CA8;89, GB>1K B51O =5 ?>=8<0;8, 8=5. 0: C189F0 871028;AO >B :@>28?
"@C4=> A:070BL ?@O<> A59G0A. K =5 =0H;8 =8 :0?;8. 0 8 B5;> =5 2 A;8H:>< E>@>H5< A>AB>O=88, B0: GB> >1=0@C68BL GB>- ;81> 1C45B =5;53:>.
>B MB> C65 <5=55 8=B5@5A=>. / ;N1;N >AB02;OBL 0::C@0B=K5 B5;0. 8 AC5BK, =8 3@O78, =8 :0?0NI59 :@>28. A;8 MB>B C189F0 2A53>- =02A53> 5I5 >48= ?5A, 3@K7CI89 A2>N :>ABL, <5=O >= =5 8=B5@5AC5B.
/ 274>E=C; A =5:>B>@K< >1;53G5=85< 8 A?@>A8;:
345 B5;>?
8=5 45@=C; 3>;>2>9 2 AB>@>=C, ?>:0702 =0 B>G:C DCB0E 2 4204F0B8.
>= B0<. ! 0 M@B>9.
>65, 274>E=C; O. 5;> 2545B 0 M@B0? 8=5 A=>20 C;K1=C;AO <=5 A2>59 ?@8B2>@=>9 C;K1:>9.
#189F5 ?>257;>.
>A<>B@52 2 BC AB>@>=C, O C2845; 3@C??C ;N459, AB>OI8E 2>:@C3 :CG:8 0::C@0B=KE <5H:>2 4;O <CA>@0.
8G53> =5 286C, A:070; O.
0 B0< 65. 5H:8. 064K9 MB> G0ABL B5;0. = @07@570; 65@B2C =0 :CA:8 8 :064K9 87 =8E 70?0:>20;, B>G=> @>645AB25=A:89 ?>40@>:. "K :>340- =81C4L 2845; GB>- B> ?>4>1=>5?
>=5G=>, 40.
<5==> B0: ?>ABC?0N 8 O.
;020 3
ABL GB>- B> AB@0==>5 8 >157>@C6820NI55 2 ?@8ACBAB288 =0 <5AB5 C189AB20 ?@8 O@:>< A25B5 4=O. ;CG0E A>;=F0 090<8 A0<K5 3@>B5A:=K5 C189AB20 2K3;O4OB 0=B8A5?B8G5A:8<8. >AB0=>2>G=K<8. 0: 1C4B> 2 8A=59;5=45 =0 =>2>< 0BB@0:F8>=5 =5 4;O A;01>=5@2=KE. 0<5@;5=4. [ 2 ] 8I52K5 >BE>4K ?@>A8< 2K1@0AK20BL B>;L:> 2 ?@54=07=0G5==K5 4;O =8E :>=B59=5@K.
5 B> GB>1K 284 @0AG;5=5==KE B5; :>340- ;81> 459AB2>20; <=5 =0 =5@2K, > =5B. 5=O =5<=>3> 2>7<CI0NB 87C@>4>20==K5, C =8E =5E>@>H85 D;N84K =5?@83;O4=0O :0@B8=0. A5 >AB0;L=>5 =5 EC65, G5< B>I85 @51@0 2 <OA=>9 ;02:5. 2>B =>28G:>2 8 A;CG09=KE 3>AB59 >B AF5= C189AB2 BO=5B 1;520=CBL, 8 ?> :0:>9- B> ?@8G8=5 745AL >=8 1;NNB =0<=>3> <5=LH5, G5< =0 A525@5. 848<>, A>;=F5 A=8605B >AB@>BC 2>A?@8OB8O. => 2A5 >G8I05B, 45;05B >?@OB=55. >65B 1KBL, ?>B><C O 8 ;N1;N 090<8. "0:>9 G8ABK9 3>@>4.
090<8 C65 ?@8H5; GC45A=K9 60@:89 45=L. 064K9, :B> A CB@0 =045; ?8460:, B5?5@L 30405B, :0: 1K >B =53> 871028BLAO. #2K, =0 =5CE>65==>9 ?0@:>2:5 B0:>3> <5AB0 =5 =09B8. 45AL ?OBL 8;8 H5ABL <0H8= 40 <CA>@=K9 :>=B59=5@. 3> 70?8E=C;8 2 C3>; @O4>< A :0D5; ?>7048 =53> @>7>20O >HBC:0BC@5==0O AB5=0 A :>;NG59 ?@>2>;>:>9 A25@EC. "CB 65 704=OO 425@L 2 :0D5. #3@N<0O <>;>40O 65=I8=0 A=>20;0 2704- 2?5@54, 45;0O =0 :>?0E 8 B5E=8G5A:>< ?5@A>=0;5 1KAB@K9 187=5A, ?>4020O c a f e c u b a n o 8 p a s t e l e s . [ 3 ] # 3>@AB:8 @07=><0AB=KE :>?>2 2 ?8460:0E, :>B>@K5 >:>;0G820NBAO ?> <5AB0< C189AB2 B> ;8 GB>1K ?><5;L:0BL 8 >:070BL 402;5=85 =0 A;54AB285, B> ;8 GB>1K 1KBL 2 :C@A5, B5?5@L ?>O28;>AL 5I5 =5A:>;L:> @072;5G5=89. >D5, ?8@>6>: 8 ?8460:.
10=45 ;01>@0=B>2- :@8<8=0;8AB>2 ?8460:>2 =5 =>AOB. C10E8 4;O 1>C;8=30 87 28A:>7K A 42C<O :0@<0=0<8 :0BOB 8< 1>;LH5. / A0< B0:CN 65 =>HC. 8AC=>: =0 B:0=8 G5@=K5 10@010=I8:8 « C4C» 8 ?0;L<K =0 O@:>- 75;5=>< D>=5. !B8;L=>, => ?@0:B8G=>.
/ =0?@028;AO : 1;8609H59 28A:>7=>9 @C10E5 2 3@C??5 ;N459, A3@C482H59AO 2>:@C3 B5;0. C10E0 ?@8=04;560;0 -9=465;C 0B8AB5[ 4 ] « =5 @>4AB25==8:C» , :0: >= >1KG=> ?@54AB02;O5BAO. « @825B, O -9=465; 0B8AB0, =5 @>4AB25==8:. 7 >B45;0 <54M:A?5@B87K» . =0AB>OI89 <><5=B >= A848B =0 :>@B>G:0E ?5@54 >4=8< 87 <CA>@=KE <5H:>2 8 703;O4K205B 2=CB@L.
/ ?@8A>548=8;AO : =5<C. =5 A0<><C 8=B5@5A=> C2845BL, GB> B0< 2 <5H:5. A5, GB> <>3;> 2K720BL C 51>@K B0:CN @50:F8N, 70A;C68205B, GB>1K =0 MB> 273;O=C;8.
-9=465;, A:070; O, ?@8A06820OAL @O4>< A =8< =0 :>@B>G:8. 'B> <K 8<55<?
'B> BK ?>4@07C<5205HL, 3>2>@O « <K» , 15;K9 N=>H0? A?@>A8; >=. 0 A59 @07 C =0A =5B :@>28. "K 157 @01>BK.
/ A;KH0;. -B> A45;0;8 745AL 8;8 ?@>AB> AN40 1@>A8;8?
= ?>:0G0; 3>;>2>9:
"@C4=> A:070BL. CA>@ >BAN40 2K2>7OB 420 @070 2 =545;N, B0: GB> MB><C 4=O 420.
/ >125; 273;O4>< ?0@:>2:C, 70B5< 70?;5A=525;K9 D0A04 « 0A8:0» .
GB> 3>AB8=8F0? : -9=465; ?>60; ?;5G0<8:
"0< 5I5 ?@>25@ONB, => =5 4C<0N, GB> =094CB GB>- =81C4L. 0=LH5 >= ?@>AB> 8A?>;L7>20; 1;8609H89 :>=B59=5@. %<&
'B>?
0@0=40H>< -9=465; >BBO=C; :@09 ?;0AB8:>2>3> <5H:0.
>A<>B@8 =0 @07@57.
>=5F @0AG;5=5==>9 =>38 B>@G0; =0@C6C 8 =0 >A;5?8B5;L=>< A>;=F5 2K3;O45; 1;54=K< 8 8A:;NG8B5;L=> <5@B2K<. $@03<5=B 70:0=G820;AO ;>4K6:>9, ABC?=O 1K;0 BI0B5;L=> >B45;5=0. CA>G5: <0;5=L:>9 B0BC8@>2:8 101>G:8 >AB0;AO, B>;L:> >4=> :@K;> 1K;> >B@570=> 2<5AB5 A> ABC?=59.
/ ?@8A28AB=C;. >GB8 E8@C@38G5A:0O B>G=>ABL. -B>B ?0@5=L >G5=L E>@>H> @01>B05B B0: 65 E>@>H>, :0: 8 O.
G5=L G8AB>, 3>2>@N O.
MB> B0:, 4065 =5 AG8B0O 0::C@0B=K9 @07@57. / =8:>340 =5 2845; B0:>9 G8AB>9, ACE>9, 0::C@0B=>9 <5@B2>9 ?;>B8. @52>AE>4=>.
M e c a g o e n d i e z [ 5 ] =0 « E>@>H> 8 G8AB>» , 3>2>@8B -9=465;. K3;O48B =570:>=G5==K<.
0:;>=82H8AL, O 703;O=C; 3;C165 2 <5H>:. "0< =8G53> =5 42830;>AL.
>- <>5<C, 2?>;=5 70:>=G5==>.
>A<>B@8, A:070; -9=465;, ?@8>B:@K20O 4@C385 <5H:8. >B MB0 =>30, >= @07@570; 55 =0 G5BK@5 :CA:0. >GB8 :0: ?> ;8=59:5 8;8 B8?0 B>3>, 0? MB0 B>65.
"CB >= ?>:07K205B =0 ?5@2CN ;>4K6:C, :>B>@0O 2K720;0 C <5=O B0:>9 3;C1>:89 2>AB>@3.
MBC >= @565B 2A53> =0 420 :CA:0. 'B> 70 E@5=L?
/ B>G=> =5 7=0N. >65B 1KBL, 45B5:B82 0 M@B0 2KG8A;8B?
K A -9=465;>< ?>A<>B@5;8 4@C3 =0 4@C30, AB0@0OAL A>E@0=8BL =0 ;8F0E A5@L57=K5 2K@065=8O.
>65B, 8 2KG8A;8B. >G5<C 1K B515 A0<><C =5 A?@>A8BL 55?
H a s t a l u e g o , [ 6 ] -9=465;.
5 A><=5209AO, >B25B8; >=, =5 >B@K20OAL >B A>45@68<>3> ?;0AB8:>2>3> <5H:0.
5A:>;L:> ;5B =0704 E>48; A;CH>:, GB> 45B5:B82 8348O 0 M@B0 ?>?0;0 2 >B45; C189AB2 1;03>40@O B><C, GB> A :5<- B> A?0;0. A;8 @07>: =0 =55 273;O=CBL, <>6=> 8 :C?8BLAO =0 MBC 8=D>@<0F8N. 'B>1K 2K3;O45BL D878G5A:8 ?@82;5:0B5;L=>9 2 MB0:>< <@0G=>20B>< 0@8AB>:@0B8G5A:>< AB8;5, C =55 5ABL 2A5 =5>1E>48<K5 0B@81CBK, 8 2 =C6=KE <5AB0E. 0AB>OI0O EC4>6=8F0, ?@8 55 <0:8O65, 40 8 >45B0 >G5=L E>@>H> H8: >B « ;C<8=459;» . > A;CE =5 <>65B 1KBL ?@024>9. 0G=5< A B>3>, GB>, E>BO 2=5H=5 >=0 2K3;O48B >G5=L 65=AB25==>9, O =8:>340 =5 2AB@5G0; 65=I8=K, :>B>@0O 1K;0 1K =0AB>;L:> <C65?>4>1=>9 2 4CH5. =0 65AB:0O, 0<18F8>7=0O 2 A0<>< M3>8AB8G=>< A<KA;5. 065BAO, 55 548=AB25==>9 A;01>ABLN >AB0NBAO @5:;0<=K5 :@0A02FK =0 =5A:>;L:> ;5B <>;>65 55 A0<>9. "0: GB> O A>25@H5==> C25@5=, GB> 8348O ?>?0;0 2 C1>9=K9 >B45; =5 G5@57 A5:A. =0 ?>?0;0 2 C1>9=K9 ?>B><C, GB> >=0 :C18=:0, 83@05B 2 ?>;8B8:C 8 C<55B ;870BL 704. 090<8 B0:0O :><18=0F8O =0<=>3> ?>;57=55 A5:A0.
0 M@B0 >G5=L, >G5=L E>@>H0 2 ;870=88 7040, ?@O<> <8@>2>9 :;0AA. =0 ;870;0 704 2AN 4>@>3C, ?>:0 H;0 : 2KA>:>9 4>;6=>AB8 A;54>20B5;O >B45;0 C189AB2. A>60;5=8N, MB> B0:0O @01>B0, 345 55 A?>A>1=>AB8 2 >1;87K20=88 BK;>2 C65 =5 =C6=K, 0 45B5:B82 >=0 15740@=K9.
"0:>5 1K205B: =5:><?5B5=B=>AB8 G0I5 2>7405BAO, G5< =0>1>@>B. "0: 8;8 8=0G5, <=5 ?@8E>48BAO A =59 @01>B0BL. 'B>1K ?>=@028BLAO 59, O C?>B@518; A>;84=CN 4>;N A2>53> H0@<0. -B> >:070;>AL ;53G5, G5< <>6=> ?>4C<0BL. 064K9 A?>A>15= 4>18BLAO @0A?>;>65=8O, 5A;8 B>;L:> =5 1@573>20BL ;C:02AB2><, 5A;8 2A5 2@5<O 3>2>@8BL BC?K5, 10=0;L=K5, 2K7K20NI85 B>H=>BC A;>20, B5, :>B>@K5 >1KG=> G5;>25:C =5 405B ?@>87=>A8BL A>25ABL. AG0ABLN, C <5=O A>25AB8 =5B. / 8E ?@>87=>HC.
>340 O ?@81;878;AO : =51>;LH>9 3@C??5, A>1@02H59AO 2>7;5 :0D5, 0 M@B0 4>?@0H820;0 :>3>- B> =0 A2>5< @50:B82=>< 8A?0=A:><. / 3>2>@N ?>- 8A?0=A:8, O 4065 =5<=>3> A5:C ?>- :C18=A:8. > 87 45AOB8 A;>2 0 M@BK O ?>=8<0N B>;L:> >4=>. C18=A:89 480;5:B ?>7>@ 8A?0=>3>- 2>@OI53> <8@0. 065BAO, GB> 25AL @073>2>@ 3>=:0 ?>4 =52848<K9 A5:C=4><5@, F5;L :>B>@>9 70 B@8 A5:C=4K 2K?;5A=CBL :0: <>6=> 1>;LH5 A;>2 157 548=>3> 3;0A=>3> 72C:0.
'B>1K CA;548BL 70 B0:8< @073>2>@><, ACI5AB2C5B >4=0- 548=AB25==0O E8B@>ABL: 7=0BL, GB> G5;>25: A>18@05BAO A:070BL, ?@5645, G5< >= MB> A:065B. 'B>, :AB0B8, A?>A>1AB2C5B B>9 :;0=>2>AB8, =0 :>B>@CN G0AB> 60;CNBAO =5:C18=FK.
'5;>25:, :>B>@>3> ?>460@820;0 0 M@B0, 1K; =52KA>: 8 :>@5=0AB, G5@=>2>;>AK9, A 8=459A:8<8 G5@B0<8 ;8F0. 3> O2=> =0?C30;8 55 480;5:B, B>= 8 ?>;8F59A:89 7=0G>:. B25G0O, 154=O30 AB0@0;AO =5 A<>B@5BL =0 8348N, 8, :070;>AL, MB> 70AB02;O;> 55 3>2>@8BL 5I5 1KAB@55.
N o , ?>h a y n a d i e a f u e r a , B8E> 8 <54;5==> 3>2>@8; >=, 3;O4O 2 AB>@>=C. T o d o s e s t a n e n c a f e . [ 7 ]
D o n d e e s t a b a s ? [ 8 ] A?@0H820;0 >=0.
'5;>25: 273;O=C; =0 3@C4C G0AB59 B5;0 8 1KAB@> >B25; 273;O4.
C o c i n a . E n t o n c e s C>s a c o l a b a s u r a . [ 9 ]
0 M@B0 ?@>4>;60;0; >=0 4028;0 =0 =53> A;>25A=>, 704020;0 =5?@028;L=K5 2>?@>AK B0:8< C3@>60NI8< 8 C=860NI8< B>=><, GB> 8=455F =0G0; ?>AB5?5==> 701K20BL >1 C60A5, 8A?KB0==><, :>340 >= >1=0@C68; 2 :>=B59=5@5 G0AB8 B5;0, 70<:=C;AO 8 AB0; 01A>;NB=> =5:>=B0:B=K<.
C:0 =0AB>OI53> <0AB5@0. 7OBL 3;02=>3> A2845B5;O 8 =0AB@>8BL 53> ?@>B82 A51O. A;8 C405BAO @0A:@CB8BL 45;> ?> 3>@OG8< A;540< ?>B>< AB>;L:> 2K83@K205HL =0 2@5<5=8 8 1C<06=>9 @01>B5!
0 M@B0 70:>=G8;0 =5A:>;L:8<8 @57:8<8 D@070<8 8 >B?@028;0 154=O3C.
=459FK, ?@>F548;0 >=0, :>340 <C6G8=0, BO65;> ABC?0O, >B>H5; 4>AB0B>G=> 40;5:>.
=8 @07=K5 1K20NB, 45B5:B82, 2<5H0;AO O. AB@5G0NBAO 4065 :@5ABLO=5.
0 M@B0 ?>4=O;0 3;070, >A<>B@5;0 <5=O A25@EC 4>=87C, <54;5==>, 0 O AB>O; 8 C482;O;AO, : G5<C 1K MB>. =0 701K;0, :0: O 2K3;O6C? > >=0 70:>=G8;0 ?@>F5AA H8@>:>9 C;K1:>9. / 59 ?@0240 =@028;AO, 848>B:5.
H o l a , [ 1 0 ] 5:AB5@. 'B> BK 745AL 45;05HL?
/ CA;KH0;, GB> BK 745AL, 8 =5 <>3 =5 ?@85E0BL. 5B5:B82, :>340 65 2K 2K945B5 70 <5=O 70<C6?
=0 E8E8:=C;0. >;8F59A:85, A;KH02H85 <>8 A;>20, ?5@53;O=C;8AL 8 >B25;8 273;O4K.
/ =8:>340 =5 ?>:C?0N BCD;8, =5 ?@8<5@82 8E, ?0@8@>20;0 0 M@B0. 0: 1K E>@>H> >=8 =8 2K3;O45;8.
E>BO O 25@N, GB> MB> ?@0240, <=5 B@C4=> =09B8 >1JOA=5=85, ?>G5<C ?>A;5 MB>9 D@07K >=0 A<>B@8B =0 <5=O, ?@>2>4O O7K:>< <564C 7C10<8.
B5?5@L 848, BK <5=O >B2;5:05HL. # <5=O A5@L57=0O @01>B0.
-B> O 286C. "K 5I5 =5 ?>9<0;0 C189FC?
=0 DK@:=C;0.
"K 3>2>@8HL, :0: @5?>@B5@. '5@57 G0A MB8 70A@0=FK C65 1C4CB =0A540BL =0 <5=O.
GB> BK 8< A:065HL?
8348O ?>A<>B@5;0 =0 :CGC G5;>25G5A:8E D@03<5=B>2 8 =0E<C@8;0AL. 5 ?>B><C, GB> 8E 284 15A?>:>8; 55. =0 2845;0 B>;L:> A2>N :0@L5@C 8 ?KB0;0AL AD>@<C;8@>20BL 70O2;5=85 4;O ?@5AAK.
-B> ;8HL 2>?@>A 2@5<5=8, C189F0 A>25@H8B >H81:C, 8 <K 53> ?>9<05<&
"> 5ABL ?>4@07C<5205BAO, GB> 4> A8E ?>@ >= =5 A>25@H0; >H81>:, C B51O =5B C;8:, 8, ?@5645 G5< GB>- B> ?@54?@8=OBL, B515 ?@845BAO ?>4>640BL, ?>:0 >= =5 C1L5B :>3>- =81C4L 5I5, ?>4A:070; O.
0 M@B0 1@>A8;0 =0 <5=O 65AB:89 273;O4.
/ 701K;0. >G5<C BK <=5 =@028HLAO?
/ B>;L:> ?>60; ?;5G0<8. # <5=O =5 1K;> 25@A88, @02=> :0: 8 C =55.
'B> <K 8<55< MB> =8G53> 2 :204@0B5 n a d a Cn a d a . 20B5<0;5F, >=0 A:>@G8;0 @>6C 2A;54 CE>4OI5<C 8=459FC, =0H5; B5;>, :>340 2K=>A8; <CA>@ 87 @5AB>@0=0. = =5 C7=0; MB8 <5H:8 8 >B:@K; >48=, GB>1K ?>A<>B@5BL, =5B ;8 B0< G53>- =81C4L ?>;57=>3>. B0< 1K;0 3>;>20.
C- :C, B8E> ?@>87=5A O. ?
5B, =8G53>.
8348O =0E<C@8;0AL, >B25@=C;0AL, 1KBL <>65B 2 =045645, GB> C;8:0 >B:C40- =81C4L 2KA:>G8B 8 B>340 >=0 55 ?@8AB@5;8B.
=0G8B, B0:. 8:B> =8G53> =5 2845;, =8G53> =5 A;KH0;. 8G53>. GB>1K GB>- B> 2KOA=8BL, <=5 ?@845BAO 640BL, ?>:0 B2>8 BC?8FK- A>A;C682FK 745AL =5 70:>=G0B.
5B5:B82, ?@>87=5A 3>;>A ?>7048 =0A. 0?8B0= MBBLN7, 2 >1;0:5 ;>AL>=0 ?>A;5 1@8BLO « @0<8A» . !;54>20B5;L=>, 2>B- 2>B ?>O2OBAO @5?>@B5@K.
4@02AB2C9B5, :0?8B0=, >B>720;0AL 0 M@B0.
/ ?>?@>A8; >D8F5@0 >@30= 70=OBLAO ?5@8D5@89=K< @0AA;54>20=85< MB>3> 45;0. 0 M@BC ?5@545@=C;>. @0A?>@O65=88 55, :0: >?5@0B82=>3> @01>B=8:0, ?>4 ?@8:@KB85< 8<5NBAO 8AB>G=8:8 2 A@545 ?@>AB8BCB>:, :>B>@K5 <>3;8 1K >:070BLAO ?>;57=K<8 2 ?>8A:5 @5H5=8O.
>2>@8B ?@O<> :0: ?> B570C@CAC. !B>;L:> ;5B ?8A0BL @0?>@BK&
0?8B0=, O =5 C25@5=0, GB> 5ABL =5>1E>48<>ABL& =0G0;0 0 M@B0.
= <>@3=C; 8 ?>;>68; @C:C 59 =0 ?;5G>. C:>2>48BL ;N4L<8 MB> =0C:0.
0AA;01LB5AL, 45B5:B82. =0 =5 A>18@05BAO 2B>@30BLAO 2 20H8 4>;6=>AB=K5 ?@5@>30B82K. @>AB> 1C45B A2O7K20BLAO A 20<8, 5A;8 C =55 ?>O28BAO 8=D>@<0F8O. !2845B5;8 8 2A5 B0:>5. 5 >B5F 1K; G5@B>2A:8 E>@>H8< :>?><. >3>2>@8;8AL? ;070 :0?8B0=0 >AB5:;5=5;8 8 AD>:CA8@>20;8AL =0 4@C3>< :>=F5 ?0@:>2:8. / ?@>A;548; 70 53> 273;O4><. 0 AB>O=:C 2J5760; DC@3>= =>2>AB59 !54L<>3> :0=0;0.
728=8B5, A:070; MBBLN7, ?>?@028; 30;ABC: 8 A A5@L57=K< 2K@065=85< ;8F0 =0?@028;AO : DC@3>=C.
P u t a ! [ 1 1 ] ?@>H8?5;0 0 M@B0.
5 7=0N, 1K;> ;8 MB> ?@>AB> >1I8< =01;N45=85< 8;8 >B=>A8;>AL : 51, => O @5H8;, GB> A0<K9 <><5=B B>65 A45@=CBL, ?>:0 0 M@B0 =5 2A?><=8;0, GB> P u t a <>O A5AB@0.
>340 O 25@=C;AO : 51, MBBLN7 C65 60; @C:C 65@@8 >=A0;5AC A !54L<>3> :0=0;0. 65@@8 G5<?8>= 090<8 ?> :@>202>9 6C@=0;8AB8:5. 0@5=L <>53> B8?0. 0 A59 @07 >= 1C45B @07>G0@>20=.
53:0O 4@>6L ?@>H;0 C <5=O ?> :>65.
8:0:>9 :@>28.
5:AB5@. 51>@0 AB0@0;0AL 3>2>@8BL 3>;>A>< ?>;8F59A:>3>, => O- B> A;KHC, GB> >=0 2>;=C5BAO. / ?>3>2>@8;0 A :0?8B0=>< MBBLN7><, >= 4>?CA:05B <5=O : 45;C.
/ A;KH0;, >B25B8; O. C4L >AB>@>6=0. =0 ?@8IC@8;0AL:
'B> BK 8<55HL 2 284C?
0 M@B0.
, MB0, DK@:=C;0 51>@0.
0, MB0. "K 59 =5 =@028HLAO, 8 >=0 =5 E>G5B B51O 2845BL =0 A2>59 ?>;O=5.
@CB>. > >=0 ?>4G8=O5BAO ?@8:070< :0?8B0=0.
C- =C. 2>B C65 <8=CB ?OBL 4C<05B, :0: 8E >1>9B8. "0: GB> ?>A<0B@8209 ?> AB>@>=0<, 51.
=0 B>;L:> ?>60;0 ?;5G0<8.
GB> 65 BK 2KOA=8;?
>:0 =8G53>. 0 M@B0 C65 845B =5 2 BC AB>@>=C. 2>B 8=5 3>2>@8B&
/ 70<>;G0;. 5 A;8H:>< ;8 B>=:0O B5<0, GB>1K >72CG820BL 55?
'B> 3>2>@8B 8=5?
5;>GL, 51. 5B0;L. B> 7=05B, GB> >=0 <>65B >7=0G0BL?
8:B> B0: 8 =5 C7=05B, 5A;8 BK =5 @0AA:065HL > =59.
>=8<05HL& 2 B5;5 =5 >AB0;>AL :@>28. !>2A5< =5 >AB0;>AL.
51>@0 =0 A5:C=4C 70B8E;0, @074C<K20O. 5 A 1;03>3>25=85<, :0: O, 0 ?@>AB> @074C<K20O.
' :59, =0:>=5F A:070;0 >=0. !40NAL. 'B> MB> 7=0G8B?
!;8H:>< @0=> AC48BL.
> BK AG8B05HL, GB> MB> 4>;6=> GB>- B> >7=0G0BL.
-B> >7=0G05B AB@0==>5 ;53:><KA;85. 7=0G05B, GB> ?>O28;AO 7C4 65;0=8O 1>;LH5 C7=0BL >1 C189F5. 7=0G05B >4>1@8B5;L=K9 A<5H>: "5<=>3> 0AA068@0, :>B>@K9 ?>A;5 A2OI5==8:0 4>;65= 1K; 1K A845BL B8E>. 2A5 MB> 4>2>;L=> A;>6=> >1JOA=8BL 51>@5, 254L ?@0240? "0: GB> O A:070; B>;L:>:
A5 <>65B 1KBL, 51. B> 7=05B?
>;A5:C=4K >=0 A<>B@5;0 =0 <5=O, ?>B>< ?>60;0 ?;5G0<8:
C ;04=>. 'B>- =81C4L 5I5?
, =020;><, >B25B8; O. G5=L B>=:0O @01>B0 =>6><. 07@57K ?>GB8 E8@C@38G5A:85. A;8 2 3>AB8=8F5 =8G53> =5 =094CB, 55 A:>@55 2A53> C18;8 345- B> 5I5, 0 B5;> AN40 ?5@5257;8.
B:C40?
G5=L E>@>H89 2>?@>A. >;>28=0 ?>;8F59A:>9 @01>BK 2 B><, GB>1K ?@028;L=> 7040BL 2>?@>A.
B>@0O ?>;>28=0 GB>1K >B25B8BL, ?0@8@>20;0 51>@0.
04=> B515. 8:B> ?>:0 =5 7=05B. C <5=O, :>=5G=>, =5B 2A5E M:A?5@B=KE 40==KE&
> BK =0G8=05HL GC2AB2>20BL 8=B5@5A.
/ ?>A<>B@5; =0 =55, >=0 =0 <5=O. # <5=O 5ABL 8=BC8F8O. / 4065 70@01>B0; =0 MB>< =5:>B>@CN @5?CB0F8N. >8 ?@54GC2AB28O =5@54:> A1K20NBAO. ?>G5<C 1K 8 =5B? / G0AB> 7=0N, :0: 4C<05B C189F0. / 4C<0N B>G=> B0: 65. >=5G=>, O =5 2A5340 ?@02, 8=>340 O >:07K20NAL A;8H:>< 40;5:> >B F5;8. 0 8 =5E>@>H>, 5A;8 O 2A5340 1C4C ?@02. / =5 E>GC, GB>1K :>?K ?>9<0;8 745AL 2A5E A5@89=KE C189F, G5< 65 O 1C4C 70=8<0BLAO 2 :0G5AB25 E>118? > 40==K9 A;CG09& 0:8< ?CB5< <=5 428=CBL : MB>9 70<5G0B5;L=> 8=B5@5A=>9 MA:0?045?
!:068, 5:AB5@, =0AB0820;0 51>@0. # B51O 5ABL :0:85- =81C4L 4>304:8?
>7<>6=>. > >1 MB>< 5I5 @0=>.
C, >@30=, @0740;AO 3>;>A 0 M@BK ?>7048. K >10 >15@=C;8AL. / 286C, 2K >45BK 4;O =0AB>OI59 ?>;8F59A:>9 @01>BK.
B>=5 0 M@BK 1K;> GB>- B> >B ?>I5G8=K. 51>@0 =0?@O3;0AL.
K >1=0@C68;8 GB>- =81C4L, 45B5:B82? A?@>A8;0 >=0 B>=><, :>B>@K9 C65 ?@54?>;030; 7=0=85 >B25B0.
5H52K9 C40@. 8<>. 0 M@B0 3@0F8>7=> 27<0E=C;0 @C:>9.
-B> 65 2A53>- =02A53> p u t a s , A:070;0 >=0, CAB0282H8AL =0 ;>618=:C <564C 3@C4O<8 51, B0: >B:@>25==> B>@G0I8<8 87 :>ABN<0 ?@>AB8BCB:8. @>AB> H;NE8. 45AL 206=>, GB>1K ?@5AA0 =5 CAB@>8;0 8AB5@8:C.
=0 <54;5==> ?>:0G0;0 3>;>2>9, :0: 1K A><=520OAL, ?>B>< ?>4=O;0 3;070 =0 51.
#G8BK20O B>, :0: 2K A?@02;O5B5AL A 3@028B0F859, MB> 1C45B =5A;>6=>.
, ?>4<83=C2 <=5, CAB@5<8;0AL =0 BC AB>@>=C ?5@8<5B@0, 345 :0?8B0= MBBLN7 A 1>;LH8< 4>AB>8=AB2>< @073>20@820; A 65@@8 >=A0;5A><.
!C:0! ?@>H8?5;0 51>@0.
728=8, 51. BK E>B5;0, GB>1K O A:070;: « 0209, ?>:065< 59» ? ;8 « / 65 3>2>@8;» ?
51 A25@:0;0 3;070<8.
'5@B 2>7L<8, 5:AB5@! =5 ?@0240 E>G5BAO, GB>1K 8<5==> O =0H;0 MB>3> ?0@=O!
BCB O 2A?><=8; >1 MB>< A0<>< « A>2A5< =8:0:>9 :@>28» &
/ B>65. =5 B>65 E>G5BAO =09B8 53>.
;020 4
"5< 65 25G5@>< ?>A;5 @01>BK O @5H8; ?>:0B0BLAO =0 :0B5@5. B4>E=CBL >B 2>?@>A>2 51 8 @0AA>@B8@>20BL >ICI5=8O. 'C2AB20. / 8 GC2AB20. C 8 :>=F5?F8O.
/ <54;5==> =0?@028; « #M9;5@» =0 2KE>4 87 :0=0;0 =8:0:8E <KA;59, 8450;L=>5 A>AB>O=85 « 47M=» , ?@>AB> <8<> 1>;LH8E 4><>2 =0 15@53C, >B45;5==KE 4@C3 >B 4@C30 2KA>:8<8 701>@0<8 8 >3@0645=8O<8 87 F5?59. 0B5@ >B1@0AK20; 2KA>:CN 2>;=C, 0 O H8@>:> C;K10;AO A>A54O<, :>B>@K5 1C4B> 2A5 4> 548=>3> 2KAK?0;8 2 A2>8 0::C@0B=K5 42>@8:8, A?CA:0NI85AO : =015@56=>9 :0=0;0. 5B8 83@0;8 =0 =0<0=8:N@5==>9 B@02:5. 0<K 8 ?0?K 60@8;8 10@15:N, ;560;8 2 H57;>=30E 8;8 ?@>AB> 15745;L=8G0;8, ?>3;O4K20O =0 45B59 >@;8=K< 3;07><. A5< 8< O <0E0; @C:>9. 5:>B>@K5 4065 <0E0;8 2 >B25B. =8 <5=O 7=0NB, <=>385 2845;8 @0=LH5, 2A5340 2 E>@>H5< =0AB@>5=88. "0:>9 1>;LH>9 ?@825B :064><C.
= 2A5340 :070;AO B0:8< ?@8OB=K< G5;>25:><. "0:8< ?@825B;82K<. 5 <>3C ?>25@8BL, GB> >= B2>@8; B0:85 C60AK&
K94O 87 :0=0;0, O ?>440; 307C, =0?@02;OOAL =0 2KE>4 87 ?@>;820, 2 AB>@>=C <KA0 $;>@840. 5B5@ 2 ;8F> 8 2:CA A>;5=>9 2>4O=>9 ?K;8 =0 3C10E >G8AB8;8 <KA;8, AB0;> OA=> 8 A256>. / >1=0@C68;, GB> 4C<05BAO 7=0G8B5;L=> ;53G5. BG0AB8 1;03>40@O <8@C 8 ?>:>N, 8AE>4OI5<C >B 2>4K, >BG0AB8 1;03>40@O ;CGH8< B@048F8O< =02830F88 2 090<8: ?>E>65, 2A5, A52H85 =K=G5 25G5@>< 70 HBC@20;, ?KB0NBAO B51O C18BL. MB> B>65 >G5=L @0AA;01;O5B. / GC2AB2CN A51O :0: 4><0. >O AB@0=0, <>9 =0@>4.
0 @01>G89 45=L O >1=0@C68; =5 B0: <=>3> =>2>9 :@8<8=0;L=>9 8=D>@<0F88. @8<5@=> : >154C 8AB>@8O AB0;0 8725AB=0 =0 2AN AB@0=C. >A;5 « AB@0H=>9 =0E>4:8» C 3>AB8=8FK « 0A8:» 2A5 C7=0;8 >1 C189AB20E ?@>AB8BCB>:. !54L<>9 :0=0; <0AB5@A:8 ?@54AB028; >1@07 8AB5@8G5A:>3> C60A0, 2K720==>3> G0ABO<8 G5;>25G5A:>3> B5;0 2 :>=B59=5@5, =5 @0AA:0702 ?@0:B8G5A:8 =8G53> :>=:@5B=>3>. 0: ?@>=8F0B5;L=> 70<5B8;0 45B5:B82 0 M@B0, MB> 2A53>- =02A53> H;NE8, => :>;8 A@54AB20 <0AA>2>9 8=D>@<0F88 @071C48;8 >1I5AB25==>5 <=5=85, =0 8E <5AB5 2?>;=5 <>3;8 >:070BLAO 8 4>G5@8 A5=0B>@0. 2>B C65 45?0@B0<5=B ?>;8F88, B>G=> 7=0O, :0:0O 4CH5@0748@0NI0O ?8A0=8=0 2A:>@>AB8 ?>20;8B >B 15AAB@0H=KE A>;40B ?OB>9 :>;>==K, =0G8=05B 3>B>28BL 4;8==K5 70:;8=0=8O 4;O >1>@>=8B5;L=>3> <0=52@8@>20=8O.
51 >AB020;0AL =0 <5AB5, ?>:0 :0?8B0= =5 7015A?>:>8;AO, GB> A;8H:>< ?5@5@010BK205B 4>;6=>AB=K< ;8F><, 8 =5 >B?@028; 55 4><>9. =0 =0G0;0 72>=8BL <=5 A 42CE G0A>2, GB>1K C7=0BL, GB> O >1=0@C68;. #2K, =5<=>3>. 3>AB8=8F5 =5 =0H;8 =8G53>. 0 AB>O=:5 >1=0@C65=> <=>3> A;54>2 H8=, => =8 >4=>3> >BG5B;82>3>. 8:0:8E A;54>2 8;8 >B?5G0B:>2 ?0;LF52 =8 =0 :>=B59=5@5, =8 =0 <5H:0E, =8 =0 G0ABOE B@C?0. 8G53>. '8AB>. @>25@5=> A5;LE>78=A?5:F859 !(.
48=AB25==>9 :@C?=>9 70F5?:>9 1K;0 ;520O =>30. 0: 70<5B8; -9=465;, ?@020O =>30 @0AG;5=5=0 =0 =5A:>;L:> 0::C@0B=KE G0AB59 154@>, :>;5=>, ;>4K6:0. ;520O =5B. ">;L:> 420 BI0B5;L=> C?0:>20==KE D@03<5=B0. 30, A:070;0 45B5:B82 0 M@B0, 35=89 2 N1:5. B>- B> ?><5H0; C189F5, 70AB0; 2@0A?;>E, 8A?C30;, ?>B><C >= 8 =5 70:>=G8; @01>BC. 0?0=8:>20;, :>340 53> 70<5B8;8. >=0 =0?@028B 2A5 A2>8 CA8;8O =0 ?>8A: MB>3> A2845B5;O.
! B5>@859 ?><5E8 45B5:B820 0 M@BK 4>;6=0 1KBL E>BL >4=0 =51>;LH0O ?@>1;5<0. @>H5G=0O B0:0O, <0;5=L:0O 45B0;L:0 2@>45 @0AI5?;5==KE 2>;>A:>2; => 2A5 B5;> 1K;> BI0B5;L=> 2K<KB> 8 7025@=CB>, ?@54?>;>68B5;L=> C65 ?>A;5 @0AG;5=5=8O. ?>B>< 53> >AB>@>6=> 4>AB028;8 : <CA>@=><C :>=B59=5@C. G5284=>, C C189FK 1K;> 4>AB0B>G=> 2@5<5=8, GB>1K =5 =045;0BL >H81>: 8 =5 >AB028BL A;54>2. ;8 GC4> 87 GC45A! <>65B, 5ABL GB>- B>, G53> =8:B> =5 70<5B8;? >7<>6=>. @01>B5 ?>;8F59A:8E B0: <=>3> @CB8=K, GB> ?>43>=OBL 45B0;8 ?>4 H01;>= >1KG=>5 45;>. 5A;8 H01;>= A>25@H5==> =>2K9, B> A;54AB285 =0G8=05B =0?><8=0BL 0=5:4>B > B@5E A;5?F0E, 87CG0NI8E A;>=0 A ?><>ILN <8:@>A:>?0.
"0: :0: O =5 A;5? 8 A2O70= @CB8=>9, B> 1>;LH5 ?>E>65, GB> C189F0 ?@>AB> ?>GC2AB2>20; =5C4>2;5B2>@5=85. :>=F5 :>=F>2, C65 ?OB>5 C189AB2> ?> >4=><C 8 B><C 65 H01;>=C. >65B, 5<C ?@>AB> AB0;> =04>540BL 2>B B0: G8:0BL B5;>? >65B, =0H5<C ?0@=N =C6=> GB>- B> 5I5, GB>- B> 4@C3>5? >2>5 =0?@02;5=85, =5>6840==K9 ?>2>@>B?
/ ?>GB8 >ICB8; 53> @07>G0@>20=85. 09B8 B0: 40;5:> 8 2A5340 4> :>=F0, 45;8BL 2A5 MB8 >AB0B:8 ?>4 D>@<0B ?>40@>G=>9 C?0:>2:8& 24@C3 =5>6840==>5 ?@>7@5=85: 5 B>. 'B>- B> =5 B0:. C o i t u s i t e r r u p t u s . @5@20==>5 A>8B85.
@>AB> B0:0O <0=5@0 ?5@5AB0;0 53> CAB@0820BL. C6=> GB>- B> 5I5. = ?KB05BAO GB>- B> 2K@078BL, => 5I5 =5 ?>4>1@0; =C6=K9 2>:01C;O@. "> 5ABL, 5A;8 1K O 1K; =0 53> <5AB5, O 459AB28B5;L=> 4>;65= 1K; GC2AB2>20BL @07>G0@>20=85. >G5=L 25@>OB=> ?@>4>;68BL ?>8A:8 >B25B0.
!:>@>.
CABL 0 M@B0 8I5B A2>53> A2845B5;O. A5 @02=> =5 =0945B. -B> E>;>4=K9 8 >AB>@>6=K9 <>=AB@, O 8< 01A>;NB=> 2>AE8I0NAL. 4=0:> GB> <=5 45;0BL A> A2>8< 2>AE8I5=85<? / =5 7=0;, ?>B><C 8 C548=8;AO =0 :0B5@5 GB>1K ?>4C<0BL.
0:>9- B> A:CB5@ ?5@5A5: <>9 :C@A =0 A5<845AOB8 <8;OE 2 G0A. / @04>AB=> ?><0E0; 5<C 8 25@=C;AO 2 =0AB>OI55. @81;860;AO !B8;BA28;;L, A0<>5 701@>H5==>5 2 @09>=5 <KA0 $;>@840 A>1@0=85 AB0@KE 4><>2 =0 A20OE. / H5; H8@>:>9 4C3>9, 157 F5;8, 8 <KA;8 <>8 42830;8AL ?> B0:>9 65 ?>;>3>9 4C35.
'B> 45;0BL? C6=> @5H0BL A59G0A, ?>:0 O =5 A;8H:>< C2O7 2 >:070=88 ?><>I8 51>@5. / A?>A>15= ?><>GL 59. CGH5 <5=O 2 MB>< =8:B> =5 ?>=8<05B. 8:B> 4065 42865=8O =5 A45;0; 2 =C6=>< =0?@02;5=88. > E>GC ;8 O ?><>30BL? %>GC ;8, GB>1K C189FC 0@5AB>20;8? ;8 E>GC A0< =09B8 8 >AB0=>28BL 53>? 70 2A5< MB8< 4>A04=0O <KA;8H:0: 0 E>GC ;8 O 53> >AB0=02;820BL?
'B> 65 <=5 45;0BL?
!?@020 2 70:0B=>< A25B5 4=O 5;5 284=5;AO -;8>B- 8. 064K9 @07 O 2A?><8=0N =0HC ?>574:C BC40 A 0@@8 >@30=><. >8< ?@85<=K< >BF><. %>@>H8< >;8F59A:8<.
"K =5 B0:>9, :0: 2A5, 5:AB5@.
0, 0@@8, :>=5G=>, O =5 B0:>9.
"K <>65HL =0CG8BLAO :>=B@>;8@>20BL A2>N =5?>E>65ABL 8 8A?>;L7>20BL 55 :>=AB@C:B82=>.
04=>, 0@@8. A;8 BK B0: AG8B05HL. > :0:?
>= A:070; <=5.
8345 =5 =09B8 B0:>3> 72574=>3> =510, :0: 2 N6=>9 $;>@845, :>340 B515 G5BK@=04F0BL 8 BK 2 ?>E>45 A ?0?>9. 065 5A;8 MB> B2>9 ?@85<=K9 ?0?0. 4065 5A;8 284 72574 ?@>AB> =0?>;=O5B B51O G5<- B> ?>E>68< =0 C4>2>;LAB285, >1 M<>F8OE @5G8 =5 845B.
>AB5@ C<5@, 72574K AB0;8 C4828B5;L=> O@:8<8, <>9 4>@>3>9 AB0@8:0= ?@85<=K9 ?0?0 C65 4>2>;L=> 4>;3> <>;G8B, >BE;51K20O ?><0;5=L:C 87 AB0@><>4=>9 ?;>A:>9 D;O6:8, :>B>@CN >= 4>AB0; 87 1>:>2>3> :;0?0=0 @N:70:0. B5F =5 >A>1> A8;5= 2 MB>< 45;5, :0: 4@C385 :>?K, =5 C<55B ?8BL. > 2>B D;O6:0 >?CAB5;0 8 ?@8H;> 2@5<O 5<C 2KA:070BLAO, 0 B> :>340 >= 5I5 @5H8BAO.
"K =5 B0:>9, :0: 2A5, 5:AB5@&
/ >B2>6C 273;O4 >B O@:8E 72574. >:@C3 =51>;LH>9 ?5AG0=>9 ?>;O=:8 ?;OHCB B5=8 ?>A;54=8E 2A?>;>E>2 :>AB@0. '0ABL 87 =8E AB@C8BAO ?> ;8FC 0@@8. = :0:>9- B> AB@0==K9, B0:8< O 53> =8:>340 =5 2845;. 5H8B5;L=K9, =5AG0AB=K9, A;53:0 2K?82H89.
'B> BK 8<55HL 2 284C, ?0?? = =5 A<>B@8B =0 <5=O.
8;;0?K 3>2>@OB, GB> ?@>?0; 0448&
@>B82=0O H02:0. 0O;0 =>G8 =0?@>;5B. 0<0 =8:0: =5 <>3;0 CA=CBL.
>=5G=>, <0<5 =C6=> A?0BL. =0 C<8@05B >B @0:0, 59 B@51C5BAO A?>:>9=K9 >B4KE, 0 87- 70 C60A=>9 A>10G>=:8 G5@57 4>@>3C, :>B>@0O BO2:0;0 =0 :064K9 C?02H89 ;8AB, =5 CA=CBL.
/ =0H5; <>38;C, A:070; 0@@8. "0< <=>3> :>AB59, 5:AB5@. MB> :>AB8 =5 B>;L:> 0448.
"CB =8G53> >A>1> =5 >B25B8HL. / ?5@518@0N A>A=>2K5 83>;:8 8 64C 40;LH5.
402=> BK MB8< 70=8<05HLAO?
/ 8IC 2 B5<=>B5 ;8F> 0@@8, ?>B>< ?5@52>6C 273;O4 =0 70;82G8: C ?;O60. "0< =0 2>;=0E A;53:0 ?>:0G8205BAO =0H0 ;>4:0. 3=8 090<8 5420 284=5NBAO A?@020, <O3:89 15;K9 >@5>;. / =5 <>3C ?>=OBL, :C40 :;>=8B 0@@8 8 GB> >= E>G5B CA;KH0BL. MB>< 25AL <>9 ?@85<=K9 ?0?0 ?@O<>9, :0: AB@C=0, 8 ?@0240 E>@>H> A =8< C68205BAO. = 8;8 2A5340 2A5 7=05B, 8;8 C7=05B.
>;B>@0 3>40, >B25G0N O. 0@@8 :8205B.
?>G5<C BK MB8< 70=O;AO?
B;8G=K9 2>?@>A, =>, :>=5G=>, =5 ?> <>8< G5BK@=04F0B8 3>40<.
/ ?@>AB>& =C, :0: 1K& <=5 ?@8H;>AL.
#65 B>340, 2 B>< 2>7@0AB5, O >B25G0; <O3:> 8 C:;>=G82>.
"K A;KH8HL 3>;>A0? ?@>4>;605B 4>?KBK20BLAO 0@@8. B>- B> 8;8 GB>- B> 3>2>@8B B515, GB> 45;0BL, 8 BK MB> 45;05HL?
C, >B25G0N O A :@0A=>@5G85< G5BK@=04F0B8;5B=53> ?>4@>AB:0. 5 A>2A5<.
0AA:068 <=5.
C=0, 1>;LH0O B>;AB0O ;C=0; =0 =55 E>G5BAO A<>B@5BL 8 A<>B@5BL. / A=>20 =018@0N 2 ;04>=L A>A=>2KE 83>;>:. 8F> <>5 3>@8B, :0: 1C4B> ?0?0 @0AA?@0H8205B > <>8E A5:AC0;L=KE A=0E. 'B> ?>- A2>5<C&
/, =C& 2@>45& ?>=8<05HL& 0: 1C4B> GB>- B> GC2AB2CN, 3>2>@N O. =CB@8. 'B>- B> =01;N405B 70 <=>9. ;8, <>65B 1KBL& A<55BAO? 5 B> GB>1K 3>;>A, 0 :0:&
!=>20 :@0A=>@5G82>5 ?>60B85 ?;5G0<8. 4=0:> 0@@8 C;02;8205B 2 MB>< :0:>9- B> A<KA;.
MB> =5GB> 70AB02;O5B B51O C1820BL?
KA>:> 2 =515 A;KH8BAO 72C: @50:B82=>3> A0<>;5B0.
5 B> GB>1K 70AB02;O5B. @>AB> 45;05B B0:, GB> MB> =0G8=05B :070BLAO =5?;>E>9 <KA;LN.
B515 =8:>340 =5 E>B5;>AL C18BL GB>- B> 1>;LH>5? >;LH5, G5< A>10:0.
/ ?KB0NAL >B25B8BL, => 2 3>@;5 2AB05B :><>:. / ?@>:0H;820NAL 8 >B25G0N: 0.
'5;>25:0?
8:>3> >A>1>, ?0?. @>AB>& / A=>20 ?>68<0N ?;5G0<8.
?>G5<C BK 5I5 MB>3> =5 A45;0;?
C& O ?>4C<0;, GB> 20< MB> =5 ?>=@028BAO. "515 8 <0<5.
<5==> MB> >AB0=02;8205B B51O?
/, =C& O =5 E>GC, GB>1K BK, =C& 7;8;AO =0 <5=O. -B>& "K ?>=8<05HL. 5 E>GC @0AAB@0820BL B51O.
#:@04:>9 1@>A0N 273;O4 =0 0@@8. 5 <830O >= A<>B@8B =0 <5=O.
K 70B5< ?>H;8 2 ?>E>4, ?0?? 'B>1K ?>3>2>@8BL >1 MB><?
0, >B25G05B 0@@8. 04> 65 @07>1@0BLAO A B>1>9. 07>1@0BLAO, B>G=>; 8<5==> B0: 0@@8 ?@54AB02;O5B A515 687=L >B3;065==0O @C10H:0 8 =04@05==K5 BCD;8. C65 B>340 O 7=0;: 60640 C1820BL @0=> 8;8 ?>74=> ?@82545B : B><C, GB> =C6=> 1C45B @0718@0BLAO.
0:? A?@0H820N O, 0 >= A<>B@8B =0 <5=O 4>;38< 8 BO65;K< 273;O4><, 0 ?>B>< :8205B, ?>=O2, GB> O A =8<, H03 2 H03.
>;>45F, 3>2>@8B >=. "5?5@L A;CH09. 5A<>B@O =0 MB> « B5?5@L A;CH09» , ?@>E>48B 4>2>;L=> <=>3> 2@5<5=8, ?>:0 0@@8 =5 =0G8=05B 3>2>@8BL 2=>2L. / A<>B@N =0 >3=8 ?@>?;K20NI53> O@40E 2 42CEAB0E >B =0H53> <0;5=L:>3> ?;O60 :0B5@0. 2C: <>B>@0 703;CH05BAO @52>< @048>, =0AB@>5==>3> =0 :C18=A:CN <C7K:0;L=CN AB0=F8N.
"5?5@L A;CH09, ?>2B>@O5B 0@@8, 8 O A<>B@N =0 =53>.
> >= A<>B@8B 2 AB>@>=C, ?>25@E C<8@0NI53> >3=O, :C40- B> 40;5:>& 2 1C4CI55, GB> ;8?
"0:85 45;0, 3>2>@8B >=, 8 O 2=8<0B5;L=> A;CH0N. 0@@8 2A5340 B0: =0G8=05B, ?@5645 G5< @0A:@KBL B515 8AB8=C 2KAH53> ?>@O4:0. "0: >= 3>2>@8;, :>340 =0CG8; <5=O 70:@CG820BL <OG 8 18BL EC:>< A;520. "0:85 45;0, 3>2>@8; >=, 8 B0: 1K;> 2A5340, 8<5==> B0:.
/ AB0@5N, 5:AB5@. = ?>4>640;, GB>1K O 2>7@078;, =5 4>640;AO 8 :82=C;. C<0N, ;N48 A 2>7@0AB>< =0G8=0NB ?>=8<0BL 25I8 8=0G5. >?@>A =5 2 B><, GB> AB0=>28HLAO <O3G5 8;8 =0G8=05HL 2845BL 25I8 =5 G5@=>- 15;K<8, 0 A5@K<8. / ?@0240 4C<0N, GB> ?>=8<0N 25I8 8=0G5. CGH5.
>= A<>B@8B =0 <5=O A2>8< D8@<5==K< 273;O4><, A 2K@065=85< MB0:>9 B@C4=>9 ;N128 2 3>;C1KE 3;070E.
' :59, >B25G0N O.
5AOBL ;5B =0704 O 1K >B?@028; B51O 2 :0:>5- =81C4L 8A?@028B5;L=>5 702545=85, 3>2>@8B >=, 0 O <>@30N.
/ ?>GB8 GC2AB2CN D878G5A:CN 1>;L, => 254L O A0< > B0:>< ?>4C<K20;.
C<0N, GB> O ?>=8<0N 687=L. / 7=0N, :B> BK B0:>9, 8 O 7=0N, GB> BK E>@>H89 ?0@5=L.
5B, 3>2>@N O.
>;CG05BAO :0:- B> B8E> 8 A;01>, => 0@@8 A;KH8B.
0, B25@4> 3>2>@8B >=. "K E>@>H89 ?0@5=L, 5:5, O 7=0N. / 7=0N, ?>GB8 ?@> A51O 3>2>@8B >=, <>65B 1KBL, 4;O ?CI53> MDD5:B0. >B>< A<>B@8B ?@O<> <=5 2 3;070. =0G5 B515 1K;> 1K 2A5 @02=>, GB> 4C<0N O 8 GB> 4C<05B <0<0. "K 1K ?@>AB> 45;0; GB> E>G5HL. "K =5 <>65HL 157 MB>3>, O ?>=8<0N. >B><C GB>& = =0 <3=>25=85 >AB0=02;8205BAO 8 A<>B@8B =0 <5=O. B MB>3> O GC2AB2CN A51O >G5=L =5;>2:>. 'B> BK ?><=8HL > B><, GB> 1K;> @0=LH5? "K ?>=8<05HL, > G5< O. > B>3>, :0: <K B51O 27O;8.
"5<0 4> A8E ?>@ 4;O <5=O 1>;57=5==0O, 4065 =5 7=0N ?>G5<C. =5 1K;> 2A53> G5BK@5.
8G53>.
%>@>H>, ?@>4>;605B 0@@8. "0:>5 ;CGH5 =5 ?><=8BL. > :>=F0 687=8 >= =8:>340 =5 A:065B 1>;LH5, G5< A:070; 2 B>B @07. > 4065 5A;8 BK =5 ?><=8HL, 5:5, MB> ?>2;8O;> =0 B51O. >B><C BK B0:>9, :0:>9 BK 5ABL.
A0<>5 AB@0==>5 >= C;K105BAO A2>59 ;53:>9, ?>GB8 A<CI5==>9 C;K1:>9.
/ >6840; G53>- B> B0:>3>. ">, GB> A B>1>9 ?@>87>H;>, :>340 BK 1K; A>2A5< <0;KH><, ?>2;8O;> =0 B51O. K ?KB0;8AL 8A?@028BL, =>& = ?>60; ?;5G0<8. => >:070;>AL A8;L=55, =0<=>3> A8;L=55. => 4>1@0;>AL 4> B51O A;8H:>< @0=> 8 B0: 8 >AB0=5BAO A B>1>9. C45B ?>4B0;:820BL : C189AB2C. =8G53> A MB8< =5 A45;05HL. "515 =5 C9B8. >& ?@>87=>A8B >= 8 A=>20 A<>B@8B 240;L. > BK <>65HL 8< C?@02;OBL. >=B@>;8@>20BL. K18@0BL& !;>20 ?>4>1@0=K A =525@>OB=>9 BI0B5;L=>ABLN. K18@0BL, :>3>&
C;K1=C;AO B0:>9 C;K1:>9, :>B>@>9 O C =53> =8:>340 =5 2845;, B0:>9 E>;>4=>9 8 ACE>9, :0: ?5?5; ?>30AH53> :>AB@0.
ABL <=>3> ;N459, :>B>@K5 70A;C6820NB MB>3>, 5:5& 5A:>;L:8<8 A:C?K<8 A;>20<8 >= ?@840; D>@<C 2A59 <>59 687=8, 2A5<C 2> <=5 ACI5AB2CNI5<C, B><C, GB> O 5ABL 8 :B> O 5ABL. 'C4=K9, 2A5284OI89 8 2A57=0NI89 G5;>25:. 0@@8. >9 ?0?0.
A;8 1K B>;L:> O 1K; A?>A>15= =0 ;N1>2L, :0: 1K O ;N18; 0@@8.
0@@8 402=> C65 C<5@. > 53> C@>:8 ?@>4>;60NB 68BL. 5 87 :0:8E- B> B5?;KE 8 A5=B8<5=B0;L=KE GC2AB2 8 M<>F89. @>AB> >= 1K; ?@02. / =0E>48; MB><C 2A5 =>2K5 8 =>2K5 4>:070B5;LAB20. 0@@8 7=0;, 8 0@@8 E>@>H> <5=O 2KCG8;.
« C4L >AB>@>65=» , 3>2>@8; 0@@8. = CG8; <5=O >AB>@>6=>AB8 B0:, :0: B>;L:> :>? <>65B =0CG8BL C189FC.
#G8; 2K18@0BL B5E, :B> 70A;C68205B A<5@B8. #G8; C18@0BL 70 A>1>9. #G8; =5 >AB02;OBL A;54>2. #G8; 871530BL M<>F8>=0;L=KE ?@>O2;5=89: >=8 ?@82>4OB : >H81:0<.
>=5G=>, >AB>@>6=>ABL @0A?@>AB@0=O;0AL 40;5:> 70 ?@545;K B>;L:> C189AB20. KBL >AB>@>6=K< B0:65 >7=0G0;> A>740=85 A515 >1K45==>9 ;8G8=K. !B@C:BC@8@C9. C4L :><<C=8:015;L=K<. <8B8@C9 687=L.
A5 MB> O 2K?>;=O;, >G5=L BI0B5;L=> 2K?>;=O;. / AB0; ?>GB8 A>25@H5==>9 3>;>3@0<<>9. =5 ?>4>7@5=89, 157 C?@5:0, 2KH5 ?>7>@0. ::C@0B=K9 8 256;82K9 <>=AB@, A>A54=89 ?0@=8H:0. 065 51>@C O 2A5340 4C@0G8;, ?> :@09=59 <5@5 =0?>;>28=C. >=5G=>, >=0 25@8B 2 B>, 2> GB> E>G5B 25@8BL.
8<5==> A59G0A >=0 25@8B 2 B>, GB> O <>3C ?><>GL 59 @0A:>?0BL MB8 C189AB20 8 >4=8< ?@K6:>< =0G0BL =>2CN :0@L5@C. 'B> O :0B0?C;LB0, :>B>@0O ?5@5=5A5B 55 87 A5:AC0;L=>3> 3>;;82C4A:>3> =0@O40 2 :>ABN< 45;>2>9 ;548. , :>=5G=>, 51 ?@020. / A?>A>15= 59 ?><>GL. > O =5 A>2A5< E>B5; 59 ?><>30BL ?@8OB=> 2845BL E>@>HCN @01>BC 4@C3>3> C189FK, O 8A?KBK20; :0:CN- B> MAB5B8G5A:CN A2O7L 8;8&
-<>F8>=0;L=CN 2>2;5G5==>ABL.
C! >B >=>. 5A><=5==>, O =0@CH0; >45:A 0@@8.
/ ?>25@=C; :0B5@ =0704, 2 AB>@>=C :0=0;0. #65 ?>;=>ABLN AB5<=5;>, => O >@85=B8@>20;AO =0 >3=8 @048>2KH:8 2 =5A:>;L:8E 3@04CA0E ;5255 B>3> <5AB0, :C40 =0?@02;O;AO.
0@@8 2A5340 1K; ?@02, 8 A59G0A >= B>65 ?@02. « 8:>340 =5 A2O7K209AO A M<>F8>=0;L=K<8 45;0<8» , 3>20@820; 0@@8.
/ ?><>3C 51.
;020 5
0CB@> H5; 4>64L. 0 4>@>30E C60A=K5 ?@>1:8, B0: 2A5340 1K205B 2 090<8, :>340 845B 4>64L. 5:>B>@K5 2>48B5;8 A=860;8 A:>@>ABL =0 A:>;L7:>9 4>@>35. -B> 2K720;> =53>4>20=85 >AB0;L=KE, 8 >=8, =5 ?5@5AB020O, A83=0;8;8, >@0;8 87 >?CI5==KE >:>=, >13>=O;8 ?> >1>G8=5, O@>AB=> 28;O;8 2 E2>AB5 MB8E <54;8B5;L=KE 1>;20=>2 8 3@>78;8 8< :C;0:0<8.
0 MAB0:045 5- 6C= >3@><=K9 3@C7>28: A <>;>:>< 2K=5A;> =0 ?@02CN ?>;>AC, 8 >= 7045; 02B>1CA :0B>;8G5A:>9 H:>;K. @C7>28: ?5@525@=C;AO, 8 B5?5@L ?OB5@> 452GCH5: 2 H5@ABO=KE N1:0E 87 H>B;0=4:8 A >F5?5=5;K< 2K@065=85< =0 ;8F0E A845;8 2 >3@><=>9 ;C65 <>;>:0. 2865=85 =0 F5;K9 G0A ?>GB8 >AB0=>28;>AL. 4=C 87 452>G5: C65 >B?@028;8 =0 25@B>;5B5 2 3>A?8B0;L 65:A>=0. AB0;L=K5 ?>- ?@56=5<C A845;8 2 A2>8E D>@<5==KE ?;0BL8F0E 2 <>;>:5 8 A<>B@5;8, :0: 27@>A;K5 >@CB 4@C3 =0 4@C30.
/ ?>AB5?5==> ?@>42830;AO 2?5@54, A;CH0O @048>. :070;>AL, GB> ?>;8F8O 845B ?> 3>@OG8< A;540< B0<80<A:>3> <OA=8:0. 8:0:8E 45B0;59 =5 A>>1I0;>AL, => :0?8B0= MBBLN7 1K; 2 C40@5. = >72CG8; A8BC0F8N B0:, :0: 1C4B> ;8G=> ?@>872545B 0@5AB, :0: B>;L:> 4>?L5B :>D5.
0:>=5F O AJ5E0; A MAB0:04K, >4=0:> A:>@>ABL ?>B>:0 <0H8= C25;8G8;0AL =5=0<=>3>. 540;5:> >B 0M@>?>@B0 O >AB0=>28;AO C ?8@>6:>2>9, :C?8; >;0489 8 ?>=G8:>2, ?@8G5< >;04L8 :>=G8;8AL 5I5 4> B>3>, :0: O 4>H5; 4> <0H8=K. # <5=O >G5=L 1KAB@K9 >1<5= 25I5AB2. -B> >BB>3>, GB> O 254C ?@028;L=K9 >1@07 687=8.
B><C 2@5<5=8, :>340 O 4>1@0;AO 4> @01>BK, 4>64L 70B8E. >340 O 2E>48; 2 E>;;, C65 A25B8;> A>;=F5, =04 B@>BC0@>< ?>4=8<0;AO ?0@. / A25@:=C; ?@>?CA:>< 8 ?>4=O;AO =025@E.
51 C65 640;0 <5=O.
!53>4=O >=0 =5 2K3;O45;0 AG0AB;82>9. >=5G=>, >=0 2>>1I5 =5 2K3;O48B AG0AB;82>9 B0: G0AB>, :0: @0=LH5. =0 254L :>?, 0 1>;LH8=AB2> :>?>2 =5 C<5NB ?@8B2>@OBLAO. !;8H:>< <=>3> 2@5<5=8 =0 @01>B5, :>340 =04> 2K3;O45BL G5;>25G=>. >MB><C 8E ;8F0 :0<5=5NB.
51, A:070; O, ?>AB0282 E@CABOI89 ?0:5B A 2K?5G:>9 =0 AB>;.
45 BK 1K; =>GLN? A?@>A8;0 >=0.
G5=L <@0G=>, :0: O 8 >6840;. !:>@> <>@I8=:8, :>B>@K5 ?>:0 284=K, B>;L:> :>340 >=0 E<C@8BAO, AB0=CB ?>AB>O==K<8 8 8A?>@BOB ?@5:@0A=>5 ;8F>: 3;070 3;C1>:>3> 3>;C1>3> F25B0, A25BOI85AO @0AAC4:><, <0;5=L:89 2745@=CBK9 =>A8: A :CG:>9 25A=CH5: 2 >1@0<;5=88 G5@=KE 2>;>A. 'C45A=K5 G5@BK, 2 =0AB>OI89 <><5=B ?>:@KBK5 A5<LN DC=B0<8 45H52>9 :>A<5B8:8.
/ ?>A<>B@5; =0 =55 A =56=>ABLN. =0 O2=> 25@=C;0AL A @01>BK: =0 =59 A53>4=O :@C652=>9 ;8DG8:, O@:>- @>7>2K5 H>@BK 87 A?0=45:A0 8 7>;>B8ABK5 BCD;8 =0 2KA>:8E :01;C:0E.
5 206=>, >B25G0N O. >B 345 BK 1K;0? >:@0A=5;0. =0 254L =5=02848B ;N1CN >4564C, :@><5 G8ABKE >B3;065==KE A8=8E 468=A>2.
/ ?KB0;0AL 4>72>=8BLAO 4> B51O.
728=8.
8G53>.
/ A5; 2 :@5A;>, =5 3>2>@O =8 A;>20. 51 ;N18B @07@O60BLAO =0 <=5. ;O B>3> 8 ?@54=07=0G5=0 A5<LO.
>G5<C B515 B0: =C6=> 1K;> A> <=>9 ?>3>2>@8BL?
5=O >BB8@0NB.
=0 >B:@K;0 ?0:5B A ?>=G8:0<8 8 703;O=C;0 2=CB@L.
G53> BK >6840;0? "K 7=05HL, :0: : B515 >B=>A8BAO 0 M@B0.
51 4>AB0;0 87 ?0:5B0 ?>=G8: 8 A28@5?> 2?8;0AL 2 =53>.
/ >6840N, GB> 1C4C 2 45;5. 0: A:070; :0?8B0=, ?@>87=5A;0 >=0 A ?>;=K< @B><.
# B51O =5B ?>=OB8O > AC1>@48=0F88. B0:65 ?>;8B8G5A:>3> GCBLO.
=0 A:><:0;0 ?0:5B 8 H2K@=C;0 2 <5=O. 8<>.
'5@B 2>7L<8, 5:AB5@! "K ?@5:@0A=> 7=05HL, GB> O 70A;C6820N @01>BK 2 >B45;5 C189AB2. <5AB>, >=0 I5;:=C;0 1@5B5;L:>9 >B ;8DG8:0 8 ?@>25;0 @C:>9 ?> A2>5<C A:C4=><C >45O=8N, 2A53> MB>3> 45@L<0.
/ :82=C;.
%>BO =0 B515 MB> A<>B@8BAO :;0AA=>. =0 A45;0;0 C60A=>5 ;8F>.
5=0286C! . . ;O=CAL, =5 <>3C 1>;LH5 MB8< 70=8<0BLAO, 8=0G5 A28E=CAL.
51, 4;O <5=O 5I5 @0=>20B> 45;0BL :0:85- ;81> 2K2>4K.
%@5=>2>, 1K; 55 >B25B.
'B> =8 3>2>@8 > @01>B5 ?>;8F59A:>3>, >=0 O2=> C=8GB>605B A;>20@=K9 70?0A 51>@K. =0 >40@8;0 <5=O E>;>4=K<, :@CBK< 273;O4>< ?>;8F59A:>3>, ?5@2K9 @07 70 =59 70<5G0N. 73;O4 0@@8, B5 65 3;070, B> 65 GC2AB2>, :0: 1C4B> B51O ?@>H820NB =0A:2>7L, 4> A0<>9 ?>A;54=59 8AB8=K.
5 =5A8 5@C=4K, 5:5. "515 AB>8B B>;L:> 3;O=CBL =0 B@C?, 8 BK C65 7=05HL, :B> MB> A45;0;. / =8:>340 B51O =5 A?@0H820;0, :0: >=> C B51O ?>;CG05BAO, => 5A;8 C B51O 5ABL E>BL :0:0O- B> 70F5?:0, B> 2K:;04K209! =0 A28@5?> ?=C;0 =>3>9 ?> <>5<C AB>;C, >AB0282 2<OB8=C =0 <5B0;;8G5A:>9 1>:>28=5. '5@B 2>7L<8, O E>GC 2K1@0BLAO 87 MB>3> 848>BA:>3> =0@O40!
<K 2A5 =5 ?@>GL C2845BL MB>, >@30=, @0740;AO 3;C1>:89 8 6C;8:>20BK9 3>;>A.
/ ?>4=O; 3;070. 0< C;K10;AO 8=5 0FC>:0.
"K 1K B>340 =5 7=0;, GB> 45;0BL, 8=5, >B25B8;0 5<C 51.
= C;K1=C;AO 5I5 H8@5 A2>59 >B:@KB>9 D0;LH82>9 C;K1:>9 87 CG51=8:0.
>G5<C 1K =0< =5 ?>?@>1>20BL?
5GB09, <5GB09, 8=5, A:070;0 5118, =5>6840==> =04C2 3C1:8, G53> O =5 70<5G0; 70 =59 ;5B A 425=04F0B8.
8=5 :82=C; =0 A<OBK9 1C<06=K9 ?0:5B =0 AB>;5:
!53>4=O 1K;0 B2>O >G5@54L, 4@C68I5. 'B> BK <=5 ?@8=5A?
728=8, 8=5, A:070; O. 5118 AJ5;0 B2>9 ?>=G8:.
045NAL, O A<>3C :>340- =81C4L AJ5ABL 55 @C;5B A 465<><. "K 4>;65= <=5 1>;LH>9- 1>;LH>9 ?>=G8:, 5:5, ?@>3>2>@8; 8=5, E8B@> 3;O4O =0 =0A.
!0<K9 1>;LH>9 70 2AN B2>N 687=L, AJO728;0 51>@0.
5;> =5 2 @07<5@5 ?>=G8:0, 45;> 2 <0AB5@AB25 ?5:0@O, ?0@8@>20; 8=5.
@>HC 20A, 2<5H0;AO O. K 2K28E=5B5 A515 <>738. 0< =5 845B B0: C<=8G0BL.
- E0, A:070; 8=5 A> A2>8< C60A=> D0;LH82K< A<5H:><. - E0- E0- E0. #2848<AO, ?>4<83=C; >=. 5 701C4L <>9 ?>=G8:.
428=C;AO ?> 70;C 2 AB>@>=C A2>53> <8:@>A:>?0.
"0: GB> 65 BK 2A5- B0:8 2KOA=8;, 5:5? A?@>A8;0 51. 51 AG8B05B, GB> <5=O ?>AB>O==> ?>A5I0NB 2A?;5A:8 8=BC8F88. # =55 5ABL =0 B> >A=>20=8O. 1KG=> <>8 24>E=>2;5==K5 4>304:8 :0A0;8AL 65AB>:8E ?>4>=:>2, :>B>@K5 :064K5 =5A:>;L:> =545;L >B =5G53> 45;0BL =0?040;8 =0 15AB>;:>2KE @0ABO?. 5A:>;L:> @07 51>@0 >:07K20;0AL A2845B5;5< B>3>, :0: <=5 C4020;>AL @0A:>?0BL B>, GB> 1>;LH5 =8:><C =5 ?@8E>48;> 2 3>;>2C. =0 =8:>340 =8G53> =5 3>2>@8;0 ?> MB><C ?>2>4C, => <>O A5AB@0 G5@B>2A:8 E>@>H89 :>?, B0: GB> >=0 4>2>;L=> 4>;3> 2 G5<- B> <5=O ?>4>7@5205B. 51 =5 7=05B, 2 G5< 8<5==>, => GC2AB2C5B, GB> 745AL GB>- B> =5 B0:, 8 MB> 55 AB@0H=> 15A?>:>8B, 254L >=0, :0: =8 :@CB8, 2A5- B0:8 ;N18B <5=O. =0 ?>A;54=55 682>5 ACI5AB2>, :>B>@>5 ;N18B <5=O. -B> =5 60;>ABL : A0<><C A515, MB> A0<>5 E>;>4=>5 8 A0<>5 G8AB>5 A0<>?>7=0=85.
/ =5 2K7K20N A8<?0B88. !;54CO ?;0=C 0@@8, O ?KB0;AO 702O70BL >B=>H5=8O A 4@C38<8 ;N4L<8, 4065 A;CG0;8AL 8 B0:85 3;C?K5 <><5=BK ;N1>2L. 8G53> =5 A@010BK20;>. 'B>- B> 2> <=5 A;><0=> 8;8 =0?@>GL >BACBAB2C5B, ?>MB><C @0=> 8;8 ?>74=> :B>- B> 70<5G05B <>5 0:B5@AB2>, 0 B> =0ABC?05B >4=0 87 B5E =>G59.
/ 4065 =5 <>3C 7025AB8 :0:>3>- =81C4L 725@O, >=8 =5=0284OB <5=O. 0:- B> O :C?8; A>10:C. 157>AB0=>2>G=>9 8 157C<=>9 O@>AB8 >=0 420 4=O 2K;0 8 ;0O;0 =0 <5=O, ?>:0 O =5 871028;AO >B =55. / ?>?@>1>20; G5@5?0EC. A53> @07 4>B@>=C;AO 4> =55, 8 >=0 B0: 1>;LH5 8 =5 2KAC=C;0AL 87 A2>53> ?0=F8@O C<5@;0 G5@57 =5A:>;L:> 4=59. 'B>1K =5 2845BL <5=O 8 GB>1K O 55 =5 B@>30;, >=0 ?@54?>G;0 C<5@5BL.
8:B> 1>;LH5 <5=O =5 ;N18B 8 =5 ?>;N18B. @8G5< =5 « 4065» , 0 « 8<5==>» <5=O. / 7=0N, :B> O 5ABL 8 GB> O =5 B>B, :>3> <>6=> ;N18BL. / >48= 2 MB>< <8@5, A>2A5< >48=, 5A;8 1K =5 51>@0. 0 B>3> A0<>3> 5GB> 2=CB@8 <5=O, :>B>@>5 =5 B0: C6 G0AB> 2KE>48B =0@C6C, GB>1K ?>83@0BL. ?@>G5<, =0 A0<>< 45;5 >=> 83@05B =5 A> <=>9, 5<C 2A5340 =C65= :B>- B> 5I5.
=0A:>;L:> O A?>A>15=, O 701>GCAL > =59, > <>59 4>@>3>9 51>@5. >7<>6=>, MB> 8 =5 ;N1>2L, => O 1K E>B5; 2845BL 55 AG0AB;82>9.
2>B >=0 A848B ?5@54> <=>9, <>O 4>@>30O 51>@0, 8 2K3;O48B =5AG0AB=>9. >O A5<LO. !<>B@8B =0 <5=O, =5 7=0O, GB> A:070BL, => A :064K< @07>< >=0 2A5 1;865 8 1;865 : B><C, GB>1K ?@>87=5AB8 MB>.
C, 3>2>@N O. 0 A0<>< 45;5&
/ 7=0;0! # B51O GB>- B> 5ABL 5 <5H09 <>5<C B@0=AC, 51>@0. / 2 :>=B0:B5 A F0@AB2>< 4CE>2.
0209, 3>2>@8! 9 =5 B5@?8BAO.
= =5 4> :>=F0 @0AG;5=8; ;52CN =>3C, 51&
"> 5ABL?
0 M@B0 AG8B05B, GB> C189FC >1=0@C68;8. ">B 70=5@2=8G0; 8 =5 70:>=G8; 45;>.
51>@0 :82=C;0.
=0 25;5;0 <=5 @0AA?@>A8BL ?@>AB8BCB>:, =5 2845;8 ;8 >=8 G53>- =81C4L ?@>H;>9 =>GLN. B>- B> 254L 4>;65= 1K; GB>- B> 2845BL.
, 8 BK BC40 65. C<09, 51>@0. A;8 53> ?@5@20;8& 8A?C30;8 8 >= =5 70:>=G8; 45;>&
0:5BK, 2K?0;8;0 >=0. = 2A5 @02=> 70B@0B8; <=>3> 2@5<5=8 =0 C?0:>2:C B@C?0 2 ?0:5BK, =0 C1>@:C. 51>@0 C4828;0AL. '5@B! >A;5 B>3>, :0: 53> ?@5@20;8?
/ ?>E;>?0; 2 ;04>H8 8 >4>1@8B5;L=> ?>A<>B@5; =0 =55.
@02>, <8AA 0@?;!
">340 2 MB>< =5B =8:0:>3> A<KA;0.
8c o n t r a i r e . [ 1 2 ] A;8 2@5<5=8 ?>;=>, => @8BC0; =5 7025@H5= 4>;6=K< >1@07>< 8 70?><=8, 51, @8BC0; MB> ?>GB8 2A5! 2 G5< B>340 45;>?
048 >30, ?>G5<C BK =5 <>65HL ?@>AB> A:070BL? >B@K28AB> ?@>87=5A;0 >=0.
"0: =58=B5@5A=>. "O65;K9 274>E.
'5@B ?>15@8! %>@>H>, 5:5. A;8 53> =5 ?@5@20;8, => >= 8 =5 70:>=G8;, G5@B& #?0:>20BL 206=55, G5< @0AG;5=8BL?
/ ?>A<>B@5; =0 =55 A 60;>ABLN.
5B, 51. C<09. -B> C65 ?OBK9 B0:>9 A;CG09. '5BK@5 ;52KE =>38 @07@570=K 157C:>@87=5==>. 2>B =><5@ ?OBL&
/ ?>60; ?;5G0<8 8 ?>4=O; 1@>2L.
, G5@B, 5:AB5@. B:C40 <=5 7=0BL? >65B, 5<C 8 =C6=> 1K;> 2A53> G5BK@5 =>38. >65B& =5 7=0N, :;O=CAL >3><. 'B>?
/ C;K1=C;AO 8 ?>:0G0; 3>;>2>9. ;O <5=O 2A5 1K;> B0: ?>=OB=>.
09D A;><0;AO, 51. 'B>- B> ?>H;> =5 B0:. 5 A@01>B0;>. 0:>3>- B> 87=0G0;L=> <038G5A:>3> D@03<5=B0, >B :>B>@>3> 2A5 7028A8B, =5 >:070;>AL =0 <5AB5.
O 4>;6=0 1K;0 4> MB>3> 4>4C<0BLAO?
B>- B> 254L 4>;65= 4>4C<0BLAO? . . 2>B >= :>5- :0: 4>2>48B 45;> 4> :>=F0, 2 @0AG5B5 =0 24>E=>25=85, 0 53> =5B!
=0 =0E<C@8;0AL:
"> 5ABL >= >AB0=>28;AO. 1>;LH5 =5 1C45B MB>3> 45;0BL?
/ @0AA<5O;AO:
>65, 51! 0: @07 =0>1>@>B. A;8 BK A2OI5==8: 8 8A:@5==5 25@8HL 2 >30, => =5 <>65HL =09B8 =C6=K9 A?>A>1 A;C68BL 5<C, GB> BK A45;05HL?
C4C AB0@0BLAO, >B25B8;0 >=0, 3;O4O =0 <5=O. >:0 =5 C7=0N, :0: =04>& 8ACA5! "K MB> 8<55HL 2 284C? !:>@> >= A=>20? . .
A53> ;8HL ?>4>7@5=85, A45@60==> >B25B8; O. / <>3C 8 >H810BLAO.
> O- B> C25@5=, GB> =5 >H810NAL.
K 4>;6=K B0: CAB@>8BL, GB>1K ?>9<0BL 53> ?> 3>@OG8< A;540<. =5 8A:0BL =5ACI5AB2CNI53> A2845B5;O.
51 2AB0;0 8 =0?@028;0AL : 425@8.
/ ?>72>=N ?>765. >:0.
/ 703;O=C; 2 15;K9 1C<06=K9 ?0:5B. =CB@8 1K;> ?CAB>. @O<> :0: O: G8ABK9 8 A25689 A=0@C68 8 ?CAB>9 2=CB@8.
/ A;>68; ?0:5B 8 ?><5AB8; 53> 2 :>@78=C 4;O 1C<03. K=G5 <=5 ?@54AB>O;0 @01>B0, =0AB>OI0O >D8F80;L=0O @01>B0 ?>;8F59A:>3> ;01>@0=B0. C6=> 1K;> =0?5G0B0BL 4;8==K9 >BG5B, @0AA>@B8@>20BL A>?@>2>640NI85 53> D>B>3@0D88, A8AB5<0B878@>20BL C;8:8. CB8==>5 45;>, 42>9=>5 C189AB2>, :>B>@>5 A:>@55 2A53> B0: =8:>340 8 =5 4>945B 4> AC40. > O ;N1;N, GB>1K 2A5, G53> 1K O =8 :0A0;AO, 1K;> E>@>H> >@30=87>20=>.
B><C 65 45;> 8=B5@5A=>5. G5=L B@C4=> 1K;> @07>1@0BLAO A> A;540<8 :@>28: 1@K738 0@B5@80;L=>9 >B 42CE 65@B2, :>B>@K5 ?5@54 A<5@BLN, =5A><=5==>, 42830;8AL, 255@0 :@0A=KE :0?5;L, >B1@>H5==KE M;5:B@>?8;>9; >B;8G8BL ?>2@5645==>5 <5AB> >B =5?>2@5645==>3> ?@0:B8G5A:8 =52>7<>6=>. =5 ?@8H;>AL 8725AB8 425 1CBK;:8 « ;C<8=>;0» , :>B>@K9 ?><>305B >1=0@C68BL <5;LG09H85 A;54K :@>28, AB@0H=> 4>@>3>3> ?> 425=04F0BL 4>;;0@>2 70 1CBK;:C.
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
K <>65B5 A:070BL, GB> 4>@>3>9 =0H CA5@4=K9 5:AB5@ A;8H:>< C2;5:05BAO A2>59 @01>B>9, => O ;N1;N >A=>20B5;L=>ABL, O E>GC 7=0BL, 345 ?@OG5BAO A0<0O ?>A;54=OO :0?;O :@>28. @>D5AA8>=0;L=K5 >A=>20=8O 4;O MB>3> >G5284=K, >4=0:> >=8 =5 B0: 206=K, :0: ;8G=K5. KBL <>65B, >4=064K ?A8E80B@ 87 3>AC40@AB25==>9 8A?@028B5;L=>9 A8AB5<K ?><>65B <=5 2KOA=8BL, ?>G5<C 8<5==>.
B><C 2@5<5=8, :>340 <K ?>?0;8 =0 <5AB> ?@5ABC?;5=8O, >1@C1:8 B5; 1K;8 C65 E>;>4=K<8, 8 =0<, =025@=>5, =8:>340 =5 =09B8 ?0@=O 2 8B0;LO=A:8E <>:0A8=0E @CG=>9 @01>BK A54L<>3> @07<5@0. @02HC, A =5:>B>@K< 87;8H:>< 25A0 8 ?>B@OA0NI8< C40@>< A;520.
4=0:> O A45;0; 2A5 ?@028;L=> 8 A ?>;L7>9. / 2K?>;=ON A2>N @01>BC =5 4;O B>3>, GB>1K ;>28BL ?;>E8E ?0@=59. 0G5< <=5 MB>? 5B, O 2K?>;=ON A2>N @01>BC, GB>1K ?@52@0I0BL E0>A 2 ?>@O4>:. 0AB02;ON =5?>A;CH=K5 A;54K :@>28 25AB8 A51O :0: A;54C5B, 0 ?>B>< CE>6C. @C385 <>3CB ?>;L7>20BLAO <>59 @01>B>9 4;O ?>8<:8 ?@5ABC?=8:>2; <=5 2A5 @02=>, => =5 2 B>< 45;>.
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
:>=F5 :064>3> @01>G53> 4=O O ?>=8<0N 0@@8 5I5 =5<=>3> ;CGH5.
;020 6
OB=8F0. 5G5@. OB=8F0 2 090<8 25G5@ A2840=89. 5@8B5 8;8 =5B, => 4;O 5:AB5@0 MB> B>65 5G5@ !2840=8O. 0: =8 AB@0==>, O B>65 :>5- :>3> =0H5;. 'B>- GB>? ;C1>:> CA>?H89 5:AB5@ =07=0G05B A2840=85 452:0<- 451NB0=B:0<? !5:A A@548 682KE? 5C65;8 <>O ?>B@51=>ABL 2 8<8B0F88 687=8 70H;0 B0: 40;5:>, GB>1K D0;LA8D8F8@>20BL >@307<K?
KH8B5 A?>:>9=>. !5:A BCB =8 ?@8 G5<. >A;5 <=>38E ;5B GC4>28I=KE ?@>1 8 >H81>:, 70AB5=G82KE ?>?KB>: 2K3;O45BL =>@<0;L=K< O =0:>=5F ?>4F5?8; B>3>, :B> <=5 =C65=.
687=8 8B5 4>AB0;>AL ?>GB8 AB>;L:> 65, A:>;L:> 8 <=5. !;8H:>< <>;>4>9 2KH;0 70<C6, 45AOBL ;5B ?KB0;0AL A45;0BL B0:, GB>1K 1@0: 70@01>B0;, => 70@01>B0;0 B>;L:> 42>8E 45B59. # 55 >G0@>20B5;L=>3> 4@C6:0 1K;> =5A:>;L:> ;53:8E ?@>1;5<. !=0G0;0 0;:>3>;L, ?>B>< 35@>8=, 25@8B5 8;8 =5B, 8 =0:>=5F :@M:. !:>B8=0, >= 871820; 55. ><0; <515;L, >@0;, 2K1@0AK20; 25I8 87 >:=0, C3@>60;. 0A8;>20; 55. 0@060; 6CB:8<8 =0@:><0=A:8<8 1>;57=O<8. 2A5 MB> =0 @53C;O@=>9 >A=>25, 0 8B0 B5@?5;0, @01>B0;0, 42064K 2KB0A:820;0 53> A B>3> A25B0. ?>B>< >= =0G0; ?@5A;54>20BL 45B59, 8 8B0 =0:>=5F @5H8;0: E20B8B.
>=5G=>, B5?5@L 55 ;8F> 7068;>, 0 A;><0==K5 @C:8 8 @51@0 @CB8==>5 45;> 4;O 2A5E B@02<0B>;>3>2 090<8. !59G0A 8B0 2?>;=5 ?@575=B015;L=0, ?@O<> B>, GB> <>=AB@ 70:070;.
072>4 1K; >:>=G0B5;L=K<, A:>B8=C ?>A048;8, 8 GB> 65 40;LH5? , MB8 B09=K G5;>25G5A:>3> @07C<0. 0:- B>, ?>G5<C- B> <8;0O 8B0 @5H8;0 A=>20 A :5<- =81C4L ?>7=0:><8BLAO. =0 1K;0 01A>;NB=> C25@5=0, GB> ?>ABC?05B ?@028;L=>, => 2 @57C;LB0B5 G0ABKE ?>1>52, :>B>@K5 59 =0=>A8; ;N18<K9, 154=O6:0 ?>;=>ABLN ?>B5@O;0 8=B5@5A : A5:AC. "0:, 5A;8 B>;L:> :0:0O- =81C4L <C6A:0O :><?0=8O 2@5<O >B 2@5<5=8.
>=0 8A:0;0 B>3> A0<>3>, ?@028;L=>3> ?0@=O: GC2AB25==>3>, =56=>3> 8 3>B>2>3> 640BL. 07C<55BAO, ?>8A: 1K; 4>;38<. =C65=- B> 59 1K; MB0:89 2>>1@0605<K9 <C6G8=0, :>B>@><C 206=55 ?>3>2>@8BL 8;8 AE>48BL 2 :8=>, G5< 70=OBLAO A5:A>< 4;O MB>3> >=0 1K;0 ?@>AB> =5 3>B>20.
/ A:070; « 2>>1@0605<K9» ? C :>=5G=>. # @50;L=KE <C6G8= B0:8E A2>9AB2 =5B. >;LH8=AB2> 65=I8=, C :>3> 70 ?;5G0<8 42>5 45B59 8 >48= @072>4, 7=05B >1 MB>< >B;8G=>. 'B>1K 2KCG8BL A59 15AF5==K9 C@>:, 154=O6:5 8B5 =04> 1K;> 2K9B8 70<C6 A;8H:>< @0=> 8 A;8H:>< =5C40G=>. 2 :0G5AB25 ?>1>G=>3> ?@>4C:B0 55 @50=8<0F88 >B C60A=>3> 70<C65AB20, 2<5AB> B>3> GB>1K >A>7=0BL, GB> 2A5 <C68:8 725@8, >=0 =0@8A>20;0 A515 <8;K9 @><0=B8G=K9 ?>@B@5B A>25@H5==>3> 465=B;L<5=0, 3>B>2>3> 15A:>=5G=> 640BL, ?>:0 >=0, :0: =56=K9 F25B>:, ?>AB5?5==> =5 @0A:@>5BAO.
>B B0:. !5@L57=>. >?CA:0N, GB> B0:>3> <C6G8=C 8 <>6=> 1K;> =09B8 2 28:B>@80=A:>9 =3;88 A ?C1;8G=K<8 4><0<8 =0 :064>< C3;C, 345 2 ?5@5@K20E <564C F25B8ABK<8 B>@65AB25==K<8 B8@040<8 > ;N128 >= <>3 2K?CAB8BL ?0@. >, =0A:>;L:> O 7=0N, =5 A59G0A, =5 2 4204F0BL ?5@2>< 25:5 8 =5 2 090<8.
2A5 65 O ?@5:@0A=> 8<8B8@CN 2A5 MB8 HBC:8. 5B, ?@0240, <=5 =0 A0<>< 45;5 4065 =@028BAO. A5:AC0;L=K< >B=>H5=8O< 8=B5@5A C <5=O >BACBAB2C5B. =5 =C6=0 <0A:8@>2:0, 0 4;O MB>9 F5;8 8B0 ?>4E>48B 8450;L=>.
0: O C65 A:070;, >=0 2?>;=5 ?@575=B015;L=0. 51>;LH>3> @>AB0, 87OI=0O 8 45@7:0O, AB@>9=0O 0B;5B8G5A:0O D83C@0, A25B;K5 2>;>AK 8 3>;C1K5 3;070. =0 D0=0B D8B=5A0, 2A5 A2>1>4=>5 2@5<O ?@>2>48B 2 1535, 5745 =0 25;>A8?545 8 B><C ?>4>1=>5. 0 A0<>< 45;5 ?>?>B5BL >4=> 87 55 ;N18<KE 70=OB89. =5 ?@8E>48;>AL ?@>5760BL A =59 =0 25;>A8?545 25AL -25@3;594A, [ 1 3 ] 1530BL ?> ?OBL <8;L 8 4065 BO30BL 65;57> 2 B@5=065@=>< 70;5.
> ;CGH55 87 2A53> MB> 55 42>5 45B8H5:. -AB>@ 2>A5<L ;5B, >48 ?OBL, >10 >G5=L B8E85 @51OB0. :0: 65 8=0G5? 5B8, @>48B5;8 :>B>@KE B0: G0AB> ?KB0;8AL C18BL 4@C3 4@C30 A ?><>ILN @07=KE ?@54<5B>2 >1AB0=>2:8, 4>;6=K 1KBL =5<=>3> 70<:=CBK<8. A5 45B8, 2K@>AH85 2 7>=5 C60A0, B0:85. > >=8 <>3CB 2>A?8BK20BLAO 8 2=5 MB>9 7>=K, 2 :>=F5 :>=F>2, ?>A<>B@8B5 =0 <5=O. 515=:>< O ?5@5=5A <0AAC 157K<O==KE 8 15725AB=KE C60A>2, 8 B5< =5 <5=55 2>B >= O: ?>;57=K9 3@0640=8=, >?>@0 >1I5AB20.
>65B 1KBL, MB8< G0AB8G=> 8 >1JOA=O5BAO <>O AB@0==0O ;N1>2L : >48 8 -AB>@. =8 <=5 ?@0240 =@02OBAO, 8 A59 D0:B :065BAO =5;>38G=K<. =5 ?@5:@0A=> 8725AB=>, GB> O A>1>9 ?@54AB02;ON, O <=>3>5 2 A515 ?>=8<0N. 4=0:> >4=0 87 G5@B <>53> E0@0:B5@0, :>B>@0O 459AB28B5;L=> <5=O >7040G8205B, MB> >B=>H5=85 : 45BO<.
/ 8E ;N1;N.
=8 206=K 4;O <5=O. 5157@07;8G=K.
O 2 A0<>< 45;5 =5 <>3C MB>3> ?>=OBL. =5 459AB28B5;L=> =0?;520BL, 5A;8 24@C3 2A5 ACI5AB20 2> A5;5==>9 =5>6840==> 8A?CABOB ?>A;54=89 274>E, <>65B 1KBL, B>;L:> 70 8A:;NG5=85< <5=O A0<>3> 8, =025@=>5, 51>@K. AB0;L=K5 ;N48 ?@54AB02;ONB 4;O <5=O 5I5 <5=LH89 8=B5@5A, G5< A04>20O <515;L. 0: :@0A82> 3>2>@OB ?A8E80B@K, C <5=O « =0?@>GL >BACBAB2C5B GC2AB2> @50;L=>AB8 ?> >B=>H5=8N : 4@C38<» . 8AB8=0 A8O <5=O :0:- B> A>2A5< =5 BO3>B8B.
> 45B8& 45B8 MB> 4@C3>5.
/ « 2AB@5G0NAL» A 8B>9 C65 ?>GB8 ?>;B>@0 3>40, 8 70 MB> 2@5<O O ?>AB5?5==> 702>520; @0A?>;>65=85 -AB>@ 8 >48. / 2A5340 254C A51O A?>:>9=>. 5 ?@8G8=ON 8< =8:0:8E =5?@8OB=>AB59. ><=N 8E 4=8 @>645=8O, 4=8, :>340 =04> ?>4?8AK20BL 4=52=8:8, ?@074=8:8. / ?@8E>6C : =8< 4><>9, 8 >=8 C25@5=K, GB> A =8<8 =8G53> =5 A;CG8BAO. =5 <>6=> 25@8BL.
2CG8B 8@>=8G=>. %>BO B0: >=> 8 5ABL.
/ 548=AB25==K9 <C6G8=0, :>B>@><C >=8 <>3CB 25@8BL. 8B0 4C<05B, GB> MB> G0ABL ?@>F5AA0 ?@>4>;68B5;L=>3> 8 ?>AB5?5==>3> CE06820=8O. >:068 59, GB> 45B8 ;N1OB B51O, 8 :B> 7=05B? . . > =0 A0<>< 45;5 >=8 7=0G0B 4;O <5=O =0<=>3> 1>;LH5, G5< >=0 A0<0. 045NAL, GB> 5I5 =5 ?>74=>: O 1K =5 E>B5; 2845BL, GB> >=8 @0ABCB ?>E>68<8 =0 <5=O.
25@L >B:@K;0 -AB>@. !28A0NI0O 4> :>;5= DCB1>;:0 A =04?8ALN « 7>@=8:8» 59 O2=> 25;8:0. K685 2>;>AK C1@0=K 2 420 ?>@>AOGL8E E2>AB8:0, 0 =0 A?>:>9=>< 45BA:>< ;8F5 2>>1I5 =8:0:>3> 2K@065=8O.
@825B, 5:AB5@, B0: 65 157 M<>F89 ?@>87=5A;0 >=0. 20 A;>20 4;O =55 C65 4;8==K9 @073>2>@.
>1@K9 25G5@, ?@5:@0A=0O N=0O ;548, A:070; O 3>;>A>< ;>@40 0C=B10BB5=0. >72>;LB5 70<5B8BL, GB> 2K ?@5:@0A=> 2K3;O48B5 A53>4=O 25G5@><.
' :59, >B25B8;0 >=0, ?@845@6820O 425@L. = 745AL, =0 MB>B @07 G5@57 ?;5G> 2 B5<=>BC :><=0BK.
/ 70H5; 2=CB@L. >48 AB>O; ?@O<> C =55 70 A?8=>9, :0: 1C4B> AB@0ECO =0 2AO:89 A;CG09.
>48, A:070; O 8 ?@>BO=C; 5<C C?0:>2:C 20D5;L « 5::>» .
= ?@8=O; 55, =5 >B2>4O >B <5=O 3;07, @C:0 A> A;04>ABO<8 ?@>AB> C?0;0, >48 4065 =5 273;O=C; =0 =8E. = >B:@>5B C?0:>2:C B>;L:> ?>A;5 B>3>, :0: O C94C, ?>45;8B ?>?>;0< A A5AB@>9.
5:AB5@? :@8:=C;0 8B0 87 A>A54=59 :><=0BK.
/. "K :>340- =81C4L =0CG8HL 45B59 <0=5@0<?
5B, B8E> >B25B8; >48.
(CB:0. / CAB028;AO =0 =53>. 'B> 40;LH5? >65B 1KBL, 2 >48= ?@5:@0A=K9 45=L >= 70?>5B? C45B B0=F520BL G5G5B:C =0 C;8F5? 1@0B8BAO 2 5<>:@0B8G5A:89 =0F8>=0;L=K9 :>=25=B?
>?@02;OO A5@L3C 2 2845 >1@CG0, 2;5B5;0 8B0. 84 C =55 4>2>;L=> ?@>2>F8@CNI89. @0:B8G5A:8 =525A><>5 A25B;>- 3>;C1>5 H5;:>2>5 ?;0BL5 4> A5@548=K 154@0 8, :>=5G=>, 55 ;CGH85 :@>AA>2:8. / @0=LH5 =8:>340 =5 2AB@5G0;, 40 8 =5 A;KH0; 2>2A5, GB>1K 65=I8=0 =04520;0 =0 A2840=85 C4>1=CN >1C2L. G0@>20B5;L=>5 A>740=85.
@825B, :@0A02G8:! :@8:=C;0 8B0. / A59G0A ?>3>2>@N A =O=59, 8 <K CE>48<.
=0 ?>H;0 2 :CE=N, >B:C40 1K;> A;KH=>, :0: >=0 8=AB@C:B8@C5B A>A54A:CN 452CH:C, :>B>@0O 2@5<O >B 2@5<5=8 >AB020;0AL A 45BL<8. @5<O A=0. ><0H=OO @01>B0. "5;5287>@ GB> <>6=>, GB> =5;L7O. ><5@ A>B>2>3>. ><5@ A;C61K A?0A5=8O. 'B> 45;0BL ?@8 A;CG09=>< >B@02;5=88 8;8 >1573;02;820=88.
>48 8 -AB>@ 2A5 5I5 A<>B@5;8 =0 <5=O.
K 845B5 2 :8=>? A?@>A8;0 -AB>@. / :82=C;.
A;8 B>;L:> =0945< B0:>9 D8;L<, GB>1K =5 AB>H=8;>.
$C, A:070;0 >=0 8 A:>@G8;0 B0:CN :8A;CN 3@8<0A:C, GB> O ?>=O;: ?>?0; 2 B>G:C.
"51O B>H=8B 2 :8=>? -B> C65 >48.
>48, C:>@87=5==> ?@>87=5A;0 -AB>@.
@0240 B>H=8B? =0AB0820; >=.
5B, >B25B8; O. > 8=>340 E>B5;>AL 1K.
>H;8, A:070;0 8B0, G<>:=C2 :064>3> 2 I5G:C. !;CH09B5AL ;8AC. 452OBL G0A>2 2 ?>AB5;L.
"K 25@=5HLAO? A?@>A8; >48.
>48! . . >=5G=>, 25@=CAL, >B25B8;0 8B0.
/ 8<5N 2 284C 5:AB5@0.
"K C65 1C45HL A?0BL. > O ?><0HC B515, ;04=>? ?>>15I0; O.
/ =5 1C4C A?0BL, E<C@> >B25B8; >=.
">340 O >AB0=CAL, 8 <K ?>83@05< 2 :0@BK.
@0240?
'B>1 <=5 ?@>20;8BLAO. ?>:5@ A :@C?=K<8 AB02:0<8. >1548B5;N 4>AB0NBAO 2A5 ;>H048.
5:AB5@! 8B0 A;53:0 @074@065=0, => ?@>4>;605B C;K10BLAO. "K 1C45HL A?0BL, >48. A5, A?>:>9=>9 =>G8, 45B8. 548B5 A51O E>@>H>.
=0 15@5B <5=O ?>4 @C:C, 8 <K 2KE>48<.
!;CH09, <C@;KG5B >=0, 40 BK ?@>AB> ?@8@CG8; MBC ?0@>G:C.
$8;L< >:070;AO B0: A515. 5 B> GB>1K <5=O 459AB28B5;L=> B>H=8;>, => O ?@0:B8G5A:8 701K;, > G5< >=, :0: B>;L:> <K >AB0=>28;8AL, GB>1K 2K?8BL 2 =51>;LH>< 702545=88 =0 !0CB- 8G. 45O 8BK. 5A<>B@O =0 B>, GB> 1>;LHCN G0ABL 687=8 >=0 ?@>25;0 2 090<8, !0CB- 8G 59 :070;AO 25@E>< 3;0<C@0. >65B, 87- 70 >18;8O =0@>40 =0 @>;8:>2KE :>=L:0E? ;8 >=0 AG8B05B, GB> ;N1>5 <5AB> A B0:8< :>;8G5AB2>< =0@>40 A ?;>E8<8 <0=5@0<8 4>;6=> 1KBL 3;0<C@=K<?
"0: 8;8 8=0G5, <K ?@>640;8 4204F0BL <8=CB, ?>:0 >A2>1>48BAO AB>;8:, 8 5I5 4204F0BL, ?>:0 =0A =5 >1A;C68;8. =5 2 >1I5<- B> 2A5 @02=>. / ?>;CG0; C4>2>;LAB285, =01;N40O 70 4>1@>?>@O4>G=K<8 848>B0<8, ?>3;O4K20NI8<8 4@C3 =0 4@C30. ;0AA=K9 A?>@B 4;O ;N18B5;O ?>=01;N40BL.
>B>< <K ?@>3C;O;8AL ?> 1C;L20@C CH5=, 1>;B0O =8 > G5< ( 8A:CAAB2>, 2 :>B>@>< <=5 =5B @02=KE) . 'C4=K9 25G5@. B>- B> >B3@K7 C3>; >B ;C==>3> 48A:0, 5A;8 A@02=820BL A B>9 ;C=>9, :>B>@0O A25B8;0, :>340 O @072;5:0; >BF0 >=>20=0.
>72@0I0OAL ?>A;5 =0H53> AB0=40@B=>3> 25G5@=53> 2KE>40 2 N6=K9 090<8, 345 68;0 8B0, <K ?@>5760;8 ?5@5:@5AB>: 2 <5=55 ?@5AB86=>< @09>=5 >:>=0B- @>C2. @0A=0O <830;:0 ?@82;5:;0 2=8<0=85, 8 O ?>25@=C;AO 2 BC AB>@>=C. @5ABC?;5=85: C65 =0BO=CB0 65;B0O ;5=B0, =5A:>;L:> ?0B@C;L=KE <0H8= A3@C48;8AL =0 ?5@5:@5AB:5.
!=>20 >=, ?>4C<0; O 8, 5I5 4> B>3> :0: >A>7=0;, GB> 45;0N, C65 @0725@=C; <0H8=C 2 BC AB>@>=C.
C40 <K 545<? 7040;0 8B0 A>25@H5==> @07C<=K9 2>?@>A.
"0:, =04> ?@>25@8BL, =5 =C65= ;8 O 8<, >B25B8; O.
# B51O @0725 =5B ?59465@0?
=8 =5 2A5340 ?>=8<0NB, GB> 8< 157 <5=O =5 >1>9B8AL.
/ >40@8; 55 A2>59 ;CGH59 ?OB=8G=>9 C;K1:>9.
"0: 8;8 8=0G5, BC40 AB>8B 705E0BL, GB>1K ?@>45<>=AB@8@>20BL 8BC. !0<0 845O <0A:8@>2:8 2 B><, GB>1K B51O A =59 C2845;8. > ?> ?@0245, B>=:89 =0AB>9G82K9 3>;>A>: B0: 8 2>?8; <=5 2 CE>, GB> O >1O70B5;L=> 1K >AB0=>28;AO. -B> A=>20 >=. O 4>;65= 2845BL, =0 GB> >= >:070;AO A?>A>15= =0 A59 @07. / >AB028; 8BC 2 <0H8=5 8 ?>A?5H8; : <5ABC.
8 =0 GB> E>@>H55 MB>B =53>4O9 =5 >:070;AO A?>A>15=. "0 65 3@C40 0::C@0B=> C?0:>20==KE G0AB59 B5;0. -9=465; =5 @>4AB25==8: AB>O; =04 =8<8 ?>GB8 2 B0:>9 65 ?>75, 2 :>B>@>9 O >AB028; 53> =0 <5AB5 ?@54?>A;54=59 =0E>4:8.
H i j o d e p u t a , [ 1 4 ] ?@>87=5A >=, :>340 O ?@81;878;AO.
045NAL, BK =5 >1> <=5?
A5, :@><5 B51O, ?;0GCBAO, GB> ?@8E>48BAO @01>B0BL 2 ?OB=8FC 25G5@><. BK ?>O2;O5HLAO 745AL A 452CH:>9. B5< =5 <5=55 4;O B51O @01>BK B0: 8 =5B.
">B 65 ?0@5=L, B>B 65 H01;>=?
0, >B25B8; >=, ?@8>B:@K20O :0@0=40H>< ?;0AB8:>2K9 ?0:5B. ?OBL ACE0O :>ABL. 8 :0?;8 :@>28.
3> A;>20 2K720;8 C <5=O ;53:>5 3>;>2>:@C65=85. / 703;O=C; 2 <5H>:. A=>20 G0AB8 B5;0 1K;8 C4828B5;L=> G8ABK<8 8 ACE8<8. =8 4065 8<5;8 3>;C1>20BK9 >BB5=>:, 1C4B> 70:>=A5@28@>20=K =0 >B2545==K9 8< <><5=B 2@5<5=8. @5:@0A=>.
07@57K =5A:>;L:> >B;8G0NBAO, 70<5B8; -9=465;. G5BK@5E <5AB0E, ?>:070; >=. 45AL >G5=L 3@C1>, ?>GB8 M<>F8>=0;L=>. 45AL C65 =5 B0:. 45AL 8 745AL. ?
G5=L <8;>, >B@5038@>20; O.
B5?5@L A<>B@8 AN40.
0@0=40H>< >= A428=C; 2 AB>@>=C >15A:@>2;5==K9 >1@C1>:. >4 =8< 15;5; 4@C3>9 D@03<5=B. ;>BL A =53> 1K;0 0::C@0B=59H8< >1@07>< C40;5=0 ?> 2A59 4;8=5 :>AB8.
0G5< 1K 5<C B0: 45;0BL? B8E> A?@>A8; -9=465;. / 274>E=C;.
= M:A?5@8<5=B8@C5B. KB05BAO =09B8 8450;. O CAB028;AO =0 0::C@0B=K9 8 ACE>9 @07@57, ?>:0 =5 >A>7=0;, GB> -9=465; A<>B@8B =0 <5=O C65 4>2>;L=> 4>;3>.
0: 1C4B> @515=>: 83@05B A 54>9, B0: O >?8A0; :0@B8=C 8B5, ?>A;5 B>3> :0: 25@=C;AO : <0H8=5.
>65! #60A=>, B>;L:> 8 A<>3;0 A:070BL >=0.
/ 4C<0N, ?@028;L=K9 B5@<8= 745AL ?@>B82=>.
0: BK <>65HL HCB8BL, 5:AB5@? / CA?>:0820NI5 C;K1=C;AO.
B0:8< 25I0< ?@82K:05HL. 01>B0& K 2A5 HCB8<, GB>1K A:@KBL 1>;L.
>A?>48! 045NAL, MB>3> <0=LO:0 A:>@> ?>9<0NB.
O 4C<0; >1 0::C@0B=> A;>65==KE G0ABOE G5;>25G5A:>3> B5;0, @07=>>1@0788 @07@57>2 8 2>AE8B8B5;L=>< >BACBAB288 :@>28.
5 4C<0N, GB>1K >G5=L A:>@>, >B25B8; O.
'B> BK A:070;?
/ 3>2>@N, =5 4C<0N, GB> MB> 1C45B A:>@>. #189F0 8A:;NG8B5;L=> C<5=, 0 45B5:B82C, 254CI5<C 45;>, 8=B5@5A=55 83@0BL 2 ?>;8B8:C, G5< @0A:@K20BL C189AB20.
8B0 ?>A<>B@5;0 =0 <5=O, :0: 1K 65;0O ?>=OBL, =5 HCGC ;8 O. >B>< =5:>B>@>5 2@5<O, ?>:0 <K 2K5760;8 =0 D545@0;L=>5 H>AA5 ! 1 , A845;0 <>;G0. =0 =5 ?@>87=5A;0 =8 A;>20, ?>:0 <K =5 2J5E0;8 2 N6=K9 090<8.
/ =8:>340 =5 A<>3;0 1K ?@82K:=CBL 2845BL& 5 7=0N, :0: A:070BL& 87=0=:C? 5I8, :0: >=8 5ABL? >1I5<, B0:, :0: MB> 2848HL BK, =0:>=5F AD>@<C;8@>20;0 >=0.
=0 70AB0;0 <5=O 2@0A?;>E. / 2>A?>;L7>20;AO B8H8=>9, GB>1K 5I5 @07 2A?><=8BL 0::C@0B=> C;>65==K5 G0AB8 B5;0, >B :>B>@KE B>;L:> GB> C5E0;. KA;8 A 604=>ABLN :@C68;8AL =04 G8AB> 8 ACE> @0745;5==K<8 :>=5G=>ABO<8, :0: >@5; 2 ?>8A:0E 48G8. 0<5G0=85 8BK >:070;>AL =0AB>;L:> =5>6840==K<, GB> A <8=CBC O 4065 =5 <>3 =8G53> A:070BL.
'B> BK 8<55HL 2 284C? =0:>=5F C40;>AL <=5 ?@>87=5AB8.
=0 =0E<C@8;0AL:
/& O =5 A>2A5< C25@5=0. @>AB>& K 2A5 ?>;0305<, GB> ACI5AB2C5B& :0:>9- B> >?@545;5==K9 ?>@O4>: 25I59. "> 5ABL, :0: 2A5 4>;6=> 1KBL. =0 A0<>< 45;5 2A5 =0>1>@>B, 1>;55& =5 7=0N& B5<=55? @875<;5==55? 'B>- B> 2@>45 MB>3>. >=5G=>, O 4C<0N, GB> 45B5:B82 E>G5B ?>9<0BL C189FC, @0725 =5 MB8< 4>;6=K 70=8<0BLAO 45B5:B82K? @0=LH5 <=5 2 3>;>2C =5 <>3;> ?@89B8, GB> 2>:@C3 C189AB20 <>65B 1KBL GB>- B> ?>;8B8G5A:>5.
@0:B8G5A:8 2A5, A:070; O, ?>2>@0G820O =0 C;8FC 8BK 8 70<54;OO E>4 ?5@54 55 G8AB5=L:8<, =5?@8<5B=K< 4><><.
> BK& ?@>4>;60;0 >=0, =5 70<5G0O =8 345 <K =0E>48<AO, =8 GB> O B>;L:> GB> A:070;. >B 345 B2>5 =0G0;>. >;LH8=AB2C ;N459 =5 40=> 2845BL B0: 3;C1>:>, :0: B515.
/ =5 =0AB>;L:> 3;C1>:0O ;8G=>ABL, 8B0, >B25B8; O, @57:> >AB0=>282 <0H8=C.
"> 5ABL =0 A0<>< 45;5 2A5 8<55B 420 ;8F0: >4=>, :>340 <K ?@8B2>@O5<AO, 8 4@C3>5 :>340 =0 A0<>< 45;5? B515 C65 2A5 8725AB=>, 8 4;O B51O MB> ?@>AB> 83@0.
>=OB8O =5 8<5N, GB> >=0 ?KB0;0AL A:070BL. > ?@0245, ?>:0 >=0 3>2>@8;0, O 1@>A8; 2A5 ?>?KB:8 GB>- ;81> ?>=OBL 8 <KA;5==> 25@=C;AO : AF5=5 ?>A;54=53> C189AB20. '8AB>B0 ?;>B8, 8<?@>2870F8>==>5 :0G5AB2> @07@57>2, 157C:>@87=5==0O G8AB>B0, 157 548=>3> ?OB=KH:0, 8 ?>;=>5 >BACBAB285 :@>28&
5:AB5@.
8B0 ?>;>68;0 <=5 =0 ?;5G> @C:C. / F5;CN 55.
5 7=0N, :B> 87 =0A 1>;LH5 C4828;AO. 0 A0<>< 45;5 O 8 =5 4C<0; ?@8ABC?0BL : MB><C @0=LH5 2@5<5=8. 4CE8 55 745AL A>25@H5==> =8 ?@8 G5<. / 4>2>;L=> =04>;3> ?@860;AO 3C10<8 : 55 3C10<.
=0 >BAB@0=8;0AL.
5B. /& 5B, 5:AB5@.
%>@>H>, >B25B8; O, 2A5 5I5 ?>B@OA5==K9 B5<, GB> A45;0;.
5 4C<0N, GB> O E>GC& / =5 3>B>20& '5@B, 5:AB5@! =0 >BAB53=C;0 @5<5=L 157>?0A=>AB8, >B:@K;0 425@L <0H8=K 8 701560;0 2 4><.
>65, ?>4C<0; O. GB> MB> O, A:068B5 =0 <8;>ABL, A45;0;?
=0N, GB> 5I5 4>;3> 1C4C C482;OBLAO, <>65B 1KBL, 4065 ?>GC2AB2CN @07>G0@>20=85 >BB>3>, GB> B>;L:> GB> C=8GB>68; A2>N <0A:8@>2:C ?>A;5 ?>GB8 42CE ;5B 8450;L=>9 M:A?;C0B0F88!
> 2A5, > G5< O A59G0A <>3C 4C<0BL, MB> >?@OB=0O :CG:0 G0AB59 G5;>25G5A:>3> B5;0.
8:0:>9 :@>28.
8 :0?;8.
;020 7
"5;> @0ABO=CB> 8<5==> B0:, :0: O ;N1;N. C:8 8 =>38 ?@82O70=K, @>B 70:;55= :;59:>9 ;5=B>9: 2 @01>G59 7>=5 =5 1C45B =8 HC<0, =8 42865=8O. >O @C:0 B25@4> 45@68B =>6, 8 O A>25@H5==> C25@5=, GB> 2 MB>B @07 2A5 1C45B E>@>H>, O ?>;CGC >3@><=>5 C4>2;5B2>@5=85&
">;L:> MB> =5 =>6, 0 GB>- B> 2@>45&
@C:0 =5 <>O. %>BO <>O @C:0 428305BAO 2<5AB5 A MB>9, ;57285 ;568B =5 2 <>59 @C:5. :><=0B0 <0;5=L:0O, B0:0O C7:0O, GB> A<KA; ?>O2;O5BAO B>;L:> B>340, :>340 ?>=8<05HL, GB> MB> =5 :><=0B0, 0& GB>?
2>B 8 O ?0@N =04 MB8< 157C:>@87=5==K<, E>BL 8 >3@0=8G5==K< @01>G8< ?@>AB@0=AB2><, =04 MB8< A>1;07=8B5;L=K< B5;><. 'C2AB2CN E>;>4=>5 4C=>25=85 2>:@C3 A51O 8, :0:8<- B> >1@07><, 4065 A:2>7L A51O. A;8 1K O <>3 GC2AB2>20BL A2>8 7C1K, C25@5=, GB> >=8 1K ABCG0;8. <>O @C:0, 2 8450;L=>< C=8A>=5 A B>9, 4@C3>9 @C:>9, ?>4=8<05BAO 8 <O3:>9 4C3>9 >?CA:05BAO 4;O 157C?@5G=>3> @0AA5G5=8O&
>=5G=>, O ?@>AK?0NAL 2 A2>59 :20@B8@5. >G5<C- B> AB>O C 2E>4=>9 425@8, A>25@H5==> 3>;K9. >3C 5I5 ?>=OBL, :>340 E>4OB 2> A=5, => @074520BLAO 2> A=5? !?>BK:0OAL, 2>72@0I0NAL : A2>59 =51>;LH>9 :@>20B8 =0 :>;5A8:0E. !:><:0==>5 ?>AB5;L=>5 15;L5 ;568B =0 ?>;C. >=48F8>=5@ A=878; B5<?5@0BC@C ?>GB8 4> H5AB845AOB8 3@04CA>2. -B> 1K;> C<5AB=> 2G5@0, GB>1K A;53:0 >E;048BLAO ?>A;5 B>3>, GB> ?@>87>H;> <564C =0<8 A 8B>9.
1AC@4, :0: B0:>5 2>>1I5 <>3;> A;CG8BLAO? 5:AB5@, 10=48B- ;N1>2=8:, 2>@CNI89 ?>F5;C8. >A;5 2>72@0I5=8O 4><>9 O 4>;3> AB>O; ?>4 3>@OG8< 4CH5< 8, ?@5645 G5< 701@0BLAO 2 ?>AB5;L, ?>25@=C; B5@<>AB0B =0 <8=8<C<. A0<K5 B5<=K5 <><5=BK 687=8 <=5 :065BAO, GB> E>;>4 >G8I05B. 5 AB0=C ?@8B2>@OBLAO, 1C4B> ?>=8<0N ?>G5<C.
1K;> E>;>4=>. 065 A59G0A, 2A5 5I5 A@548 ?>A;54=8E :;>GL52 =>G=>3> A=0, A;8H:>< E>;>4=> 4;O :>D5 8 =0G0;0 =>2>3> 4=O.
0: ?@028;>, O =5 70?><8=0N A=K, 0 5A;8 2A5 65 >=8 >AB0NBAO 2 ?0<OB8 =5 ?@840N 8< 7=0G5=8O. >MB><C B0: =5;5?>, GB> MB>B A>= 2A5 5I5 A> <=>9.
/ ?0@N =04 157C:>@87=5==K<, E>BL 8 >3@0=8G5==K< @01>G8< ?@>AB@0=AB2>< <>O @C:0, 2 8450;L=>< C=8A>=5 A B>9, 4@C3>9 @C:>9, ?>4=8<05BAO 8 <O3:>9 4C3>9 >?CA:05BAO 4;O 157C?@5G=>3> @0AA5G5=8O&
/ G8B0; :=838. =5 =8:>340 =5 AB0BL G5;>25:><; <>65B 1KBL, ?>MB><C ;N48 2A5340 8=B5@5A>20;8 <5=O. ;03>40@O MB><C O ?>=8<0N 25AL A8<2>;87<: ?0@5=85 >4=0 87 D>@< ?>;5B0, >7=0G0NI0O A5:A. =>6&
J a , h e i r D o k t o r . >6 MB> >7=0G05B M u t t e r , j a ?
%20B8B, 5:AB5@. ;C?K9, 15AA<KA;5==K9 A>=.
072>=8; B5;5D>=, 8 O ?>GB8 2K?@K3=C; 87 A2>59 H:C@K.
0: =0AG5B 702B@0:0 C #>;D8? -B> 1K;0 51>@0. / ?;0GC.
!59G0A AC11>B=55 CB@>, >B25B8; O. 0< BC40 =8:0: =5 ?>?0ABL.
/ ?@854C @0=LH5 B51O 8 709<C AB>;8:. AB@5B8<AO B0<.
0:CA>G=0O « #>;D8» 2 090<8- 8G MB> B@048F8O 090<8. ?>A:>;L:C >@30=K A5<LO 87 090<8, <K 2AN 687=L 5;8 B0< ?> 2AO:8< >A>1K< 70:CA>G=K< A;CG0O<. >G5<C 51>@0 @5H8;0, GB> A53>4=O >48= 87 =8E 2KH5 <>53> ?>=8<0=8O; =025@=O:0 >=0 2 A2>5 2@5<O ?@>;L5B =0 MB> A25B. "0: GB> O ?@8=O; 4CH, >45;AO 2 ;CGH89 AC11>B=89 ?>2A54=52=K9 :>ABN< 8 ?>5E0; 2 AB>@>=C ?>15@56LO. "@0=A?>@B0 =0 =>2>< ?5@5AB@>5==>< 2804C:5 8<5=8 0:0@BC@0 1K;> =5 <=>3>, 8 2A:>@5 O C65 256;82> ?@>B0;:820;AO A:2>7L ?;>B=CN B>;?C 2>7;5 « #>;D8» .
5@=0O A;>2C, 51>@0 70AB>;18;0 C3;>2>9 AB>;8:. =0 1>;B0;0 A 4@52=59 >D8F80=B:>9, 65=I8=>9, :>B>@CN C7=0; 1K 4065 O.
>70, ;N1>2L <>O. / =0:;>=8;AO ?>F5;>20BL 55 <>@I8=8ABCN I5:C. =0 ?>A<>B@5;0 =0 <5=O A2>8< 25G=> E<C@K< 273;O4><. >O 48:0O 8@;0=4A:0O >70.
5:AB5@, ?@>A:@565B0;0 >=0 A A8;L=K< A@54=552@>?59A:8< 0:F5=B><. %>@>H F5;>20BLAO, :0: :0:>9- B> f a i g e l a h .
F a i g e l a h ? -B>, =025@=>5, « 65=8E» ?>- 8@;0=4A:8? A?@>A8; O, A04OAL 2 :@5A;>.
F e h , [ 1 5 ] >B25B8;0 >=0, :82=C2, 8 =0?@028;0AL 2 AB>@>=C :CE=8.
>- <>5<C, O 59 =@02;NAL, A:070; O 51>@5.
><C- B> BK 4>;65= =@028BLAO. 0: B2>5 A2840=85 2G5@0?
B;8G=>. "K =5 E>G5HL :0:- =81C4L ?>?@>1>20BL?
F e h , >B25B8;0 51>@0.
5;L7O 2A5 =>G8 =0?@>;5B B>@G0BL 2 =86=5< 15;L5 =0 "0<80<8- "@59;, 51. >;6=0 65 C B51O 1KBL A2>O 687=L.
=5 =C6=> ?5@525AB8AL, ?@>@KG0;0 >=0. >B45; C189AB2. B>340 ?>4C<05< =0AG5B 687=8.
>=8<0N. >=5G=>, <0;KH0< 1C45B ;>2G55 >B25G0BL, GB> 8E <0<>G:0 @01>B05B 2 C1>9=>< >B45;5.
5:AB5@, @048 >30!
GB>, 51>@0, 5AB5AB25==0O <KA;L. ;5<O==8:8 8 ?;5<O==8FK. I5 =5A:>;L:> <0;5=L:8E >@30=>2. >G5<C 1K 8 =5B? "0: 254L 3>2>@8;0 <0<0?
51 A45;0;0 3;C1>:89 24>E 8 <54;5==K9 2K4>E. 5 A5:@5B=K9 A?>A>1 2>AAB0=>2;5=8O :>=B@>;O.
0<K 402=> C65 =5B, ?@><>;28;0 >=0.
/ >1I0NAL A =59 ?> A2>8< :0=0;0<.
C, B>340 A<5=8 :0=0;. 'B> BK 7=05HL > :@8AB0;;870F88 :;5B>:?
/ >10;45;.
#E BK! "K B>;L:> GB> 2K83@0;0 G5<?8>=0B ?> A<5=5 B5<K @073>2>@0.
/ A5@L57=>.
">340 O ?@0240 =0 ;>?0B:0E, 51. 'B> BK 8<55HL 2 284C ?>4 :@8AB0;;870F859 :;5B>:?
B E>;>40. ;5B:8 :@8AB0;;87CNBAO ?>4 2>7459AB285< E>;>40.
!25B 2A?KE=C; C <5=O 2 3>;>25.
>=5G=>, 3>2>@N, ?@5:@0A=>.
345- B> 3;C1>:> =0G8=0NB 725=5BL <0;5=L:85 :>;>:>;LG8:8.
%>;>4& '8ABK9, 157 ?@8<5A59, 8 ?@>E;04=K9 =>6 ?>GB8 H8?8B, 2@570OAL 2 B5?;CN ?;>BL. =B8A5?B8G5A:0O, G8AB0O ?@>E;040, :@>2L 70<54;5==0 8 15AA8;L=0; 01A>;NB=> ?@028;5= 8 B>B0;L=> =5>1E>48<: E>;>4&
>G5<C 65 O =5& =0G0; O 8 70B:=C;AO, C28452 ;8F> 51>@K.
'B>? 'B> « :>=5G=>» ? B@51>20;0 >=0. / ?>:0G0; 3>;>2>9.
!=0G0;0 A:068, 70G5< B515 =C6=> MB> 7=0BL.
51 ?>A<>B@5;0 =0 <5=O 4>;38< 273;O4>< 8 A45;0;0 5I5 >48= 24>E- 2K4>E.
>;030N, BK 2 :C@A5, ?@>87=5A;0 >=0 =0:>=5F. !;CG8;>AL 5I5 >4=> C189AB2>.
:C@A5. / ?@>5760; <8<> 2G5@0 25G5@><.
O A;KH0;0, GB> =5 ?@>AB> ?@>5760;.
/ ?>568;AO. >;8F8O 5B@>- 594 B0:0O <0;5=L:0O A5<LO.
"0: GB> 65 7=0G8B MB> B2>5 « :>=5G=>» ?
8G53>. / =0G0; ?>AB5?5==> @074@060BLAO. @>AB> B:0=8 B@C?0 2K3;O45;8 =5<=>3> =5 B0:. 0: 1C4B> >=8 ?>425@3;8AL 2>7459AB28N E>;>40& / @0725; @C:0<8. =0A:>;L:> E>;>4=>?
0: =0 <OA>:><18=0B5. 0G5< MB> 5<C ?>=04>18;>AL? >B><C GB> MB> ?@5:@0A=>, ?>4C<0; O.
%>;>4 70<54;O5B :@>2>B>:, 1K; <>9 >B25B. 51 87CG0NI5 A<>B@5;0 =0 <5=O.
MB> B0: 206=>?
>9 274>E 1K; 3;C1>:8< 8 =5A:>;L:> =5C25@5==K<. / =5 <>3 59 MB>3> >1JOA=8BL, >=0 BCB 65 ?@8?5@;0 1K <5=O : AB5=:5.
G5=L 206=>.
> :0:>9- B> ?@8G8=5 O ?>GC2AB2>20; A51O @0AB5@O==K<.
>G5<C >G5=L 206=>?
- <& >;030N, C =53> ?C=:B8: =0AG5B :@>28, 51. -B> ?@>AB> >ICI5=85, ?>=8<05HL, C <5=O =5B =8:0:8E 4>:070B5;LAB2.
=0 ?>A<>B@5;0 =0 <5=O B5< 65 273;O4><. / ?KB0;AO ?@84C<0BL GB>- =81C4L, GB> A:070BL, => =5 <>3. AB@>C<=K9, 7;0B>3;0AK9 5:AB5@, 8 24@C3 A ?5@5A>EH8< 3>@;>< 8 ?@>3;>G5==K< O7K:><.
'5@B! =0:>=5F ?@>87=5A;0 >=0. "0: 2 G5< 65 45;>? %>;>4 70<54;O5B :@>2>B>:, 8 MB> >G5=L 206=>? 0209, 5:AB5@. 'B> BCB, G5@B 2>7L<8, E>@>H53>?
/ =8G53> « E>@>H53>» =5 45;0N 4> :>D5, ?@54?@8=O; O 35@>8G5A:CN ?>?KB:C 2>AAB0=>28BL @02=>25A85. @>AB> 0::C@0B=>.
'5@B! A=>20 A:070;0 >=0. >70 ?@8=5A;0 :>D5. 51>@0 A45;0;0 3;>B>:. G5@0 25G5@>< <5=O ?@83;0A8;8 =0 A5<845AOB842CEG0A>2>9 1@8D8=3.
/ 700?;>48@>20;.
B;8G=>. "K 2 >1>9<5. ">;L:> 70G5< B515 =C65= O?
5B@>- 594 ?@8=OB> A>18@0BL 2AN C1>9=CN :><0=4C ?@8<5@=> G5@57 A5<L45AOB 420 G0A0 ?>A;5 C189AB20. !;54>20B5;L 8 55 :><0=40 >1AC640NB 45;> A M:A?5@B><- <548:><, 0 8=>340 8 A ?@54AB028B5;5< ?@>:C@0BC@K. @57C;LB0B5 2K@010BK205BAO 548=>5 =0?@02;5=85.
=0 =0E<C@8;0AL:
/ =5 A8;L=0 2 ?>;8B8:5, 5:AB5@. 'C2AB2CN, GB> 0 M@B0 >BB8@05B <5=O, => =8G53> =5 <>3C ?>45;0BL.
=0 2A5 5I5 8I5B A2>53> <8AB8G5A:>3> A2845B5;O? 51>@0 :82=C;0:
30. A>15==> ?>A;5 2G5@0H=53> C189AB20. >;, >=> 5I5 @07 4>:07K205B 55 ?@02>BC. >B><C GB> B5;> @0AG;5=5=> ?>;=>ABLN.
> 2A5 @07@57K A>25@H5==> 4@C385, 2>7@078; O. 51>@0 ?>60;0 ?;5G0<8:
/ 59 3>2>@8;0, GB> 8A:0BL A2845B5;O ?CAB0O B@0B0 2@5<5=8, 254L >G5284=>, GB> C189F5 =5 ?><5H0;8, ?@>AB> >= ?>GC2AB2>20; =5C4>2;5B2>@5==>ABL.
3>! "K 8 ?@0240 A>2A5< =5 @0718@05HLAO 2 ?>;8B8:5.
C 8 G5@B A =59, 5:AB5@! 25 ?>68;K5 40<K 70 A>A54=8< AB>;8:>< CAB028;8AL =0 51. =0 4065 =5 70<5B8;0. B><, GB> BK A:070;, 5ABL A<KA;. -B> 65 >G5284=>, 0 >=0 <5=O 83=>@8@C5B. 4065 EC65.
'B> <>65B 1KBL EC65, G5< :>340 B51O 83=>@8@CNB? A?@>A8; O.
=0 70;8;0AL :@0A:>9.
>A;5 @073>2>@0 A =59 O 70<5B8;0, GB> ?0@0 :>7;>2 2 D>@<5 E8E8:05B =04> <=>9. @> <5=O ?> C?@02;5=8N E>48B HCB:0. -9=HB59=, ?@>87=5A;0 51 8, 70:CA82 3C1:C, >B25@=C;0AL.
>NAL, O =5 ?>=8<0N.
A;8 1K 55 A8AL:8 1K;8 <>730<8, >=0 1K;0 1K -9=HB59=><, A 3>@5GLN A:070;0 >=0. 'B>1K =5 @0AA<5OBLAO, O 70:0H;O;AO. >B GB> >=0 >1> <=5 3>2>@8B. 5A;8 B0:>9 ?0@H82K9 O@;K: C65 ?@8:;58;AO, ?@>42865=8O ?> A;C615 B515 =5 2840BL, :B> 65 1C45B C2060BL :>?0 A B0:>9 :;8G:>9? '5@B 1K 55 ?>1@0;, 5:5. =0 ;><05B <=5 :0@L5@C. / >ICB8; @>1:CN 2>;=C A>GC2AB28O.
0 >=0 848>B:0.
=5 A:070BL 59 >1 MB><, 5:5? -B> 1C45B ?>;8B8G5A:8 ?@028;L=>?
@8=5A;8 54C. >70 H20@:=C;0 B0@5;:8 =0 AB>; ?5@54 =0<8 B0:, 1C4B> ?@>406=K9 AC4LO ?@83>2>@8; 55 2AN 687=L ?>4020BL 702B@0:8 45B>C189F0<.
0 54>9 <>8 <KA;8 2=>2L 25@=C;8AL : ?@>1;5<5 51>@K. / 4>;65= 4C<0BL B>;L:> A B0:>9 ?>78F88: ?@>1;5<0 51>@K. 5 « MB8 2>AE8B8B5;L=K5 C189AB20» , =5 « :0:>9 C4828B5;L=> ?@82;5:0B5;L=K9 284» 8;8 « B0: ?>E>65 =0 B>, GB> O E>B5; 1K >4=064K A45;0BL A0<» . C6=> 45@60BLAO 2 AB>@>=5, A;>2=> <5=O 2A5 MB> 8 =5 ?@82;5:05B. 065 A53>4=OH=89 A>= 2 E>;>4=>< 2>74CE5. '8AB>5 A>2?045=85, :>=5G=>, => >G5=L B@52>6=>5.
>B><C GB> C189F0 ?@8:>A=C;AO : A5@4F528=5 B>3>, GB> AB>8B 70 <>8<8 C189AB20<8. > <0=5@5 @01>B0BL, :>=5G=>, 0 =5 ?> 2K1>@C 65@B2. 57CA;>2=>, 53> =C6=> >AB0=>28BL, =5B 2>?@>A>2. 54=K5 H;NE8.
2A5 65& >B@51=>ABL 2 E>;>45& "0: 8=B5@5A=> 8=>340 0=0;878@>20BL. 09B8 <8;>5, B5<=>5, B5A=>5 <5AB5G:>&
"5A=>5? B:C40 MB>?
AB5AB25==>, 87 <>53> A=0. > 254L 7=0G8B, <>5 ?>4A>7=0=85 70E>B5;>, GB>1K O 2A?><=8; >1 MB><, =5 B0: ;8? B5A=>B0 :0:- B> 2?8AK20;0AL 2 :0@B8=C. %>;>4=> 8 B5A=>&
$C@3>=- @5D@865@0B>@, ?@>87=5A O 2A;CE. B:@K; 3;070. 51>@5 ?@8H;>AL A?@028BLAO A ?>;=K< @B>< 54K, ?@5645 G5< >=0 A<>3;0 3>2>@8BL.
'B>?
, ?@>AB> ?@54?>;>65=85. 8G53> >?@545;5==>3>, 1>NAL. > @0725 >=> ;8H5=> A<KA;0?
0725 ;8H5=> A<KA;0 GB>? A?@>A8;0 >=0.
/ >?CAB8; 3;070 2 B0@5;:C 8 =0E<C@8;AO, ?KB0OAL ?@54AB028BL A515.
<C =C6=> E>;>4=>5 ?><5I5=85. 'B>1K 70<54;8BL :@>2>B>: 8 ?>B><C, GB> B0:& <- <& G8I5.
0: A:065HL.
/ B0: 8 3>2>@N. ?><5I5=85 MB> 4>;6=> 1KBL B5A=K<&
>G5<C? ! G53>, G5@B 2>7L<8, BK @5H8;, GB> >=> 4>;6=> 1KBL B5A=K<?
/ A45;0; 284, GB> =5 A;KHC 2>?@>A0.
B0:, DC@3>=- @5D@865@0B>@ C4>2;5B2>@O5B 2A5< MB8< CA;>28O<, 8 5I5 >= <>18;5=, 0 7=0G8B, ?>B>< =0<=>3> ;53G5 87102;OBLAO >B >AB0=:>2.
51>@0 >B:CA8;0 :CA>G5: @>30;8:0 8 =5:>B>@>5 2@5<O @074C<K20;0, ?5@5652K20O.
B0:, =0:>=5F ?@>87=5A;0 >=0. #189F0 8<55B 4>ABC? : B0:><C DC@3>=C? ;8 C =53> A2>9?
- <& 2A5 <>65B 1KBL. %>BO ?@87=0:8 8A?>;L7>20=8O E>;>40 5ABL B>;L:> 2 ?>A;54=5< C189AB25.
51>@0 :82=C;0.
"> 5ABL >= ?>H5; 8 :C?8; DC@3>=.
5 >1O70B5;L=>. = <>65B M:A?5@8<5=B8@>20BL. 4@C3 5<C ?@>AB> 70E>B5;>AL ?>?@>1>20BL E>;>4?
=0< =5 ?>2575B =0AB>;L:>, GB>1K >= >:070;AO 2>48B5;5< B0:>3> DC@3>=0 8;8 GB>- B> 2@>45 B>3>, 40?
/ C;K1=C;AO 59 A2>59 C;K1:>9 AG0AB;82>9 0:C;K.
E, 51, :0: BK A53>4=O B>@>?8HLAO! 5B, 1>NAL, =0H 4@C3 A;8H:>< C<5=, GB>1K ?>72>;8BL A515 B0:85 >B:@>25==K5 A2O78.
51>@0 >BE;51=C;0 :>D5, ?>AB028;0 G0H:C 8 >B:8=C;0AL =0 A?8=:C ABC;0.
=0G8B, <K 8I5< C3=0==K9 @5D@865@0B>@, =0:>=5F ?@>87=5A;0 >=0.
>NAL, GB> B0:. > A:>;L:> 8E <>65B 1KBL C3=0=> 70 A>@>: 2>A5<L G0A>2?
090<8? DK@:=C;0 >=0. #3>=O5B :B>- B> >48=, BCB 65 ?>H5; A;CE, GB> 45;> 2K3>4=>5, 8 24@C3 =5>6840==> :064K9 « :>=:@5B=K9» C7:>;>1K9 30=3AB5@ G5@=K9, <5:A8:0=5F, =0@:><0= 8;8 <0;>;5B:0 1@>A8BAO C3>=OBL @5D@865@0B>@K, ?@>AB> GB>1K 1KBL =0 2>;=5.
AB05BAO B>;L:> =045OBLAO, GB> A;CE 5I5 =5 ?>H5;. 51>@0 4>5;0 >AB0B:8 @>30;8:0.
/ ?@>25@N, ?>>15I0;0 >=0.
;020 8
"5>@5B8G5A:8 A5<845AOB842CEG0A>2>9 1@8D8=3 405B :064><C 4>AB0B>G=> 2@5<5=8 >7=0:><8BLAO A 45;><, >4=0:> A>7K205BAO 4>AB0B>G=> 1KAB@>, GB>1K 2?5G0B;5=8O 1K;8 5I5 A2568. 2>B 2 ?>=545;L=8: CB@>< 2AO :><0=40 ?> 8A:>@5=5=8N ?@5ABC?=>AB8 2> 3;025 A =5C:@>B8<K< 45B5:B82>< 0 M@B>9 2=>2L A>1@0;0AL 2 :>=D5@5=F- 70;5 =0 B@5BL5< MB065.
/ A>1@0;AO 2<5AB5 A =8<8. >9<0; =0 A515 =5A:>;L:> 273;O4>2, 2KA;CH0; ?0@C 4>1@>65;0B5;L=KE 2KA:07K20=89 >B 7=0:><KE :>?>2. @>ABK5, 25A5;K5 >AB@>BK 2@>45: « 9, :@>2>A>A, ?>:068 7C1:8! » -B8 ;N48 =0AB>OI0O A>;L 75<;8, 8 <>O 51>@0 A:>@> AB0=5B >4=>9 87 =8E. >4=>9 :><=0B5 A =8<8 O GC2AB2>20; A51O 8 3>@4>, 8 @>1:>.
A>60;5=8N, MB8 GC2AB20 =5 @0745;O;8 2A5 ?@8ACBAB2CNI85.
0:>3> E@5=0 BK 745AL 45;05HL? ?@><KG0; A5@60=B >C:A >G5=L 1>;LH>9 G5@=>:>689 G5;>25: A 1>;57=5==>9 0C@>9 ?5@<0=5=B=>9 2@06451=>AB8.
=5< 5ABL :0:0O- B> E>;>4=0O A28@5?>ABL, :>B>@0O >1O70B5;L=> ?@83>48;0AL 1K :><C- =81C4L A E>118 2@>45 <>53>. 0;L, GB> <K =5 <>65< AB0BL 4@C7LO<8. > :0:>9- B> ?@8G8=5 >= =5=02848B 2A5E, :B> A2O70= A ;01>@0B>@=K<8 8AA;54>20=8O<8, 0 ?> 5I5 :0:>9- B> 4>?>;=8B5;L=>9 ?@8G8=5 ?>4 =8<8 2 ?5@2CN >G5@54L ?>4@07C<5205BAO 5:AB5@. @><5 B>3>, >= @5:>@4A<5= 5B@> ?> 4>2545=8N 45; 4> AC40. >MB><C >= 4>;65= 1K >F5=8BL <>N ?>;8B8G5A:CN C;K1:C.
@>AB> 70H5; ?>A;CH0BL, A5@60=B, >B25B8; O.
"51O =8 E@5=0 AN40 =5 ?@83;0H0;8! >H5; >BAN40!
= <>65B >AB0BLAO, ?@>87=5A;0 0 M@B0. >C:A E<C@> CAB028;AO =0 =55:
0 :0:8< G5@B><?
5 E>GC =8:>3> @0AAB@0820BL, A:070; O, =5 >A>1> @5H8B5;L=> =0?@02;OOAL : 2KE>4C.
A5 =>@<0;L=>, A:070;0 <=5 A C;K1:>9 0 M@B0. 0B5< ?>25@=C;0AL : >C:AC. = <>65B >AB0BLAO, ?>2B>@8;0 >=0.
0G=5<, 2>725AB8;0 0 M@B0 B0:8< 3>;>A><, GB>1K 2 70;5 =8 C :>3> =5 2>7=8:;> A><=5=8O 2 B><, GB> >=0 3;02=0O.
>C:A 1@>A8; =0 <5=O ?>A;54=89 7;>1=K9 273;O4 8 >?CAB8;AO =0 ABC;.
5@20O G0ABL 2AB@5G8 A>AB>O;0 87 G8AB> @CB8==KE 2>?@>A>2: >BG5BK, ?>;8B8G5A:>5 <0=52@8@>20=85, 2AO:85 <5;>G8, :>B>@K5 45;0NB =0A ;N4L<8. AB5AB25==>, B5E 87 =0A, :B> @>48;AO G5;>25:><. 0 M@B0 :@0B:> ?>OA=8;0 >B25BAB25==K< 70 A2O78 A >1I5AB25==>ABLN, :0:CN 8=D>@<0F8N <>6=>, 0 :0:CN =5;L7O 4020BL ?@5AA5. !@548 B>3>, GB> <>6=> 4020BL, >:070;0AL =>20O 3;O=F520O D>B>3@0D8O 0 M@BK, :>B>@CN >=0 70:070;0 A?5F80;L=> 4;O MB>3> A;CG0O. K3;O45;0 >=0 =0 =59 >4=>2@5<5==> A5@L57=>9 8 3;0<C@=>9, 7=0G8B5;L=>9 8 M;530=B=>9. 0 D>B>3@0D88 >=0 C65 ?>GB8 ?>E>60 =0 ;59B5=0=B0. A;8 1K C 51>@K 1K;8 B0:85 B0;0=BK 2 >1;0AB8 ?80@0!
@>H5; ?>GB8 G0A, ?>:0 <K ?@8ABC?8;8 : C189AB20<. > ?5@54 MB8< 0 M@B0 A?@>A8;0 > E>45 ?>8A:0 55 B08=AB25==>3> A2845B5;O. 07C<55BAO, =8:B> =5 A<>3 =8G53> A>>1I8BL. / ?>AB0@0;AO 2K3;O45BL C482;5==K<.
0 M@B0 ?>- :><0=48@A:8 =0E<C@8;0AL.
0209B5, =0@>4, =5 C=8<0;0AL >=0. B>- B> >1O70B5;L=> 4>;65= 1K; GB>- B> =09B8!
8:B> =8G53> =5 =0H5;, ?>MB><C =0ABC?8;0 ?0C70, 2 B5G5=85 :>B>@>9 3@C??0 87CG0;0 A2>8 =>3B8, AB@>5=85 ?>;0 8 72C:>?>3;>I0NI85 ?;8B:8 =0 ?>B>;:5.
BCB :0H;O=C;0 51>@0.
/& <- <& ?@>87=5A;0 >=0 8 A=>20 :0H;O=C;0. # <5=O 5ABL& <- <& 845O. 5<=>3> =5>6840==0O. >?KB0BLAO ?>8A:0BL =5<=>3> 2 4@C3>< =0?@02;5=88.
=0 ?@>87=5A;0 MB8 A;>20 1C4B> 2 :02KG:0E, GB> =540;5:> >B 8AB8=K. A59 <>59 ?>43>B>2:8 >:070;>AL =54>AB0B>G=>, GB>1K 55 @5GL ?@>72CG0;0 5AB5AB25==>, => >=0 ?> :@09=59 <5@5 A>E@0=8;0 BI0B5;L=> ?@>4C<0==>5 8 ?>;8B8G5A:8 :>@@5:B=>5 AB@>5=85 D@07K.
0 M@B0 ?>4=O;0 8A:CAAB25==> 157C:>@87=5==CN 1@>2:C.
45O? @0240?
K@065=85 55 ;8F0 45<>=AB@8@>20;> C482;5=85 8 @04>ABL >4=>2@5<5==>.
@>HC 20A, >1O70B5;L=> ?>45;8B5AL 5N A =0<8, >D8F5@ -9=& B> 5ABL >D8F5@ >@30=.
>C:A E<K:=C;.
51>@0 2A?KE=C;0, => A<5;> ?>H;0 2?5@54.
-B>& :@8AB0;;870F8O :;5B>:. >A;54=55 C189AB2>. / 1K E>B5;0, GB>1K ?@>25@8;8, =5 1K;> ;8 70 ?>A;54=NN =545;N A>>1I5=89 >1 C3=0==KE DC@3>=0E- @5D@865@0B>@0E.
"8H8=0. >;=0O 8 BC?0O B8H8=0. >;G0=85 :>@>2. =8 =5 2J5E0;8, BC?8FK, 0 51>@0 =5 <>65B >B:@KBL 8< 3;070. ?@>4>;605B <>;G0BL, 0 0 M@B0 A2>59 1@>2:>9 ?>>I@O5B MBC B8H8=C, ?>3;O4K20O =0 ?@8ACBAB2CNI8E, ?>=O; ;8 :B>, > G5< @5GL. 0B5< 256;82K9 273;O4 =0 51>@C.
$C@3>=K& @5D@865@0B>@K?
51>@0 2K3;O45;0 A>25@H5==> @0AAB@>5==>9. 54=K9 @515=>:. 0, ?C1;8G=K5 2KABC?;5=8O =5 4;O =55.
5@=>.
B25B ?>28A 2 2>74CE5 : O2=><C C4>2>;LAB28N 0 M@BK.
- <& ?@>87=5A;0 >=0.
8F> 51>@K ?>B5<=5;> ?;>E>9 7=0:. / ?@>G8AB8; 3>@;>, 0 :>340 ?>=O;, GB> MB> =5 459AB2C5B, 70:0H;O;AO 4>AB0B>G=> 3@><:>, GB>1K =0?><=8BL 59, GB> =04> 45@60BL A51O 2 @C:0E. =0 ?>A<>B@5;0 =0 <5=O. 0 M@B0 B>65.
728=8B5, A:070; O. 065BAO, O ?@>ABC48;AO. C, :B> <>65B ?>E20AB0BL ;CGH8< 1@0B><?
-- M& E>;>4, 24@C3 2K?0;8;0 51>@0. "0:85 ?>2@5645=8O B:0=59 2?>;=5 <>3;8 1KBL A45;0=K 2 <0H8=5 A @5D@865@0B>@><. =0 <>18;L=0, B> 5ABL C189FC 1C45B B@C4=55 ?>9<0BL. 871028BLAO >B B@C?0 3>@074> ;53G5. "> 5ABL& A;8 2KOA=8BAO, GB> 53> C3=0;8, O 8<5N 2 284C DC@3>=. 5D@865@0B>@.
=0- B0:8 2A5 MB> 8< 2K40;0. > 2A5< ?><5I5=88 ?>O28;0AL ?0@0 704C<G82KE <>@I8= =0 ?>;8F59A:8E ;10E =5 1>;LH5. 070;>AL, <>6=> A;KH0BL, :0: @01>B0NB <>738.
> 0 M@B0 B>;L:> :82=C;0.
G5=L& 8=B5@5A=0O <KA;L, >D8F5@. =0 A45;0;0 A>2A5< A;01>5 C40@5=85 =0 A;>25 « >D8F5@»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
>A?>48, 0 >=0 E>@>H0! #25;0 2A5E >B 8458 ?>@07<KH;OBL =04 ?@54;>65=85< 51, ?>A048;0 51 =0 <5AB> 8 2=>2L A?;>B8;0 2AN 3@C??C ?>4 A2>8< =0G0;>< HCB:>9 > =0H5< A>?5@=8G5AB25 A >:@C3>< @>20@4. 2A5 =5A:>;L:8<8 ?@>ABK<8 A;>20<8. =5 E>B5;>AL 0?;>48@>20BL.
A;8 =5 AG8B0BL, :>=5G=>, GB> O- B> 2 :><0=45 154=O6:8 51>@K, :>B>@CN B>;L:> GB> @0AB>?B0;8. >=0 >B:@K;0 1K;> @>B, ?>B>< 70:@K;0, AB0;> 284=>, :0: @01>B0NB 55 G5;NAB=K5 <KHFK 51 AB0@0;0AL ?@840BL ;8FC =59B@0;L=>5 2K@065=85. >- A2>5<C =5?;>E>9 A?5:B0:;L, =>, ?> ?@0245, >G5=L 40;5:> >B C@>2=O 0 M@BK.
AB0B>: 2AB@5G8 ?@>H5; 157 A5=A0F89. >;LH5 3>2>@8BL 1K;> =5 > G5<. >MB><C 2A:>@5 ?>A;5 B>3> :0: 0 M@B0 <0AB5@A:8 >?CAB8;0 51>@C, 2AB@5G0 70:>=G8;0AL 8 <K A=>20 >:070;8AL 2 E>;;5.
'5@B 1K 55 ?>1@0;! 1>@<>B0;0 51>@0 2?>;3>;>A0. '5@B, G5@B, G5@B!
!>3;0A5=, :82=C; O. =0 A25@:=C;0 3;070<8.
!?0A81>, 1@0B5F! 7 B51O ?><>I=8:&
> <K 65 4>3>2>@8;8AL, GB> O =5 1C4C 2<5H820BLAO. 'B>1K 2AO A;020 4>AB0;0AL B515.
8G53> A515 A;020! 0 >=0 87 <5=O A45;0;0 848>B:C! ?@>@KG0;0 51.
@8 ?>;=>< : B515 C2065=88, 4>@>30O A5AB@8F0, BK A0<0 ?><>3;0 59.
=0 ?>A<>B@5;0 =0 <5=O, ?> AB>@>=0<, @074@065==> 2A:8=C;0 @C:8.
GB> <=5 1K;> 3>2>@8BL? D8F80;L=> O 4065 =5 2 :><0=45. / 745AL B>;L:> ?>B><C, GB> :0?8B0= 25;5; 4>?CAB8BL <5=O : @01>B5.
=5 A:070;, GB> >=8 4>;6=K B51O 2KA;CH0BL.
>=8 =5 A;CH0;8. =5 1C4CB, A 3>@5GLN A:070;0 51>@0. <5AB> B>3> GB>1K ?><>GL <=5 ?>?0ABL 2 C1>9=K9 >B45;, MB> 45;> C1L5B <>N :0@L5@C. / 70:>=GC 687=L >D8F80=B:>9.
A5340 5ABL 2KE>4, 51.
55 273;O45 ?>GB8 =5 >AB0;>AL =04564K.
0:>9?
/ C;K1=C;AO 59 A0<>9 >1>4@ONI59 8 AB8<C;8@CNI59 C;K1:>9.
09B8 DC@3>=.
=>2L CA;KH0; O A2>N 4>@>3CN A5AB@8FC B>;L:> G5@57 B@8 4=O >=0 @54:> 2K45@68205B B0: 4>;3> 157 >1I5=8O A> <=>9. 51 ?@8H;0 :> <=5 =0 @01>BC 2 G5B25@3 A@07C ?>A;5 >1540. 84 C =55 1K; <@0G=K9.
/ =0H;0 53>.
/ =5 ?>=O;, GB> >=0 8<55B 2 284C.
'B> =0H;0, 51? $>=B0= A;57?
$C@3>=. $C@3>=- @5D@865@0B>@.
B;8G=0O =>2>ABL! >G5<C 65 C B51O B0:>9 284, :0: 1C4B> BK 8I5HL, =0 :>< >B>@20BLAO?
>B><C GB> B0: 8 5ABL, >B25B8;0 51 8 H2K@=C;0 =0 AB>; =5A:>;L:> A:@5?;5==KE ;8AB>2. >A<>B@8.
/ 273;O=C; =0 ?5@2CN AB@0=8FC.
3>! !:>;L:> 2A53>?
204F0BL B@8. 0 ?>A;54=89 <5AOF 70O2;5=> >1 C3>=5 4204F0B8 B@5E @5D@865@0B>@>2. 0@=8 87 B@0=A?>@B=>3> C?@02;5=8O 3>2>@OB, GB> 1>;LHCN G0ABL 87 =8E B>?OB 2 :0=0;0E, GB>1K ?>;CG8BL AB@0E>2:C. 8:B> >A>1> =5 4028B =0AG5B 8E ?>8A:0. >MB><C =8:B> 8 =5 =0?@O305BAO.
>1@> ?>60;>20BL 2 090<8, ?>4KB>68; O. 51>@0 274>E=C;0, 701@0;0 C <5=O 1C<038 8 @CE=C;0 2 :@5A;>, :0: 1C4B> 2A5 A8;K @07>< ?>:8=C;8 55.
/ ?@>AB> =5 A<>3C A0<>AB>OB5;L=> ?@>25@8BL 2A5 DC@3>=K. 0 MB> C945B =5A:>;L:> <5AOF52. '5@B 2>7L<8, 5:5, GB> 65 =0< B5?5@L 45;0BL?
/ ?>:0G0; 3>;>2>9:
728=8, 51. "5?5@L =0< >AB0;>AL B>;L:> 640BL.
2A5? ">;L:> 640BL?
<5==>.
"0: 8 A;CG8;>AL. 25 =545;8 B0: 8 1K;>. K 640;8. ?>B><&
;020 9
/ ?@>A=C;AO 25AL 2 ?>BC, =5 ?>=8<0O, 345 =0E>6CAL, => A ?>;=>9 C25@5==>ABLN, GB> 2>B- 2>B 4>;6=> ?@>87>9B8 =>2>5 C189AB2>. !:>;L7O ?> 3>@>4C, B>G=> 0:C;0 2>:@C3 @8D0, ?@5ABC?=8: 8I5B A;54CNICN 65@B2C. #25@5==>ABL <>O 1K;0 =0AB>;L:> A8;L=>9, GB> O ?>GB8 A;KH0; A?5F8D8G5A:89 E@CAB :;59:>9 ;5=BK. = 345- B> 745AL, C1;0605B A2>53> "5<=>3> 0AA068@0. > A=5 O <54;5==K<8 :@C30<8 C65 ?;020; A =8<, A MB8< ?@87@0:>< B83@>2>9 0:C;K.
/ A5; =0 :@>20B8, A1@>A8; A:><:0==K5 ?@>ABK=8. C48;L=8: ?>:07K20; 3 . 1 4 . '5BK@5 G0A0 ?@>H;> A B5E ?>@, :0: O ;53 A?0BL, 0 B0:>5 2?5G0B;5=85, 1C4B> O ACB:8 B0I8;AO ?> 46C=3;O< A ?80=8=> =0 A?8=5. >B=K9, 87<>645==K9 8 >BC?52H89, =5 2 A>AB>O=88 AD>@<C;8@>20BL ?@>AB59HCN <KA;L. > ?@8 2A5< B>< O GC2AB2>20;, GB> 345- B> @O4>< GB>- B> ?@>8AE>48B 157 <>53> CG0AB8O.
K=G5 =>GLN <=5 1>;LH5 =5 70A=CBL. / 2:;NG8; A25B. %>;>4=K5 2;06=K5 @C:8 4@>60;8. KB5@ 8E > ?@>ABK=N. 5 ?><>3;> ?@>ABK=8 1K;8 B0:8<8 65 2;06=K<8. !?>BK:0OAL, ?>H5; 2 20==CN 2K<KBL @C:8. >;3> 45@60; 8E ?>4 AB@C59 2>4K. 7 :@0=0 B5:;0 B5?;0O 2>40 :><=0B=>9 B5<?5@0BC@K, 8 =0 <3=>25=85 <=5 ?>GC48;>AL, 1C4B> O <>N @C:8 :@>2LN 8 2>40 AB0;0 :@0A=>9. A53> =0 A5:C=4C, 2 ?>;CBL<5 20==>9, 2>40 2 @0:>28=5 AB0;0 :@>202>- :@0A=>9.
/ 70:@K; 3;070.
8@ A428=C;AO.
/- B> 8<5; 2 284C >B45;0BLAO >B 83@K A25B0 8 ?>;CA=0, 2 :>B>@K9 2?0; <>9 <>73. 0:@K; 3;070, >B:@K; 3;070 8 8;;N78O ?@>945B, 0 2 <>59 @0:>28=5 A=>20 1C45B ?@>7@0G=0O, G8AB0O 2>40. <5AB> MB>3>, 70:@K2 3;070, O :0: 1K >B:@K; 2B>@CN ?0@C 3;07, => C65 2 4@C3>< <8@5.
/ A=>20 >:070;AO 2 A2>5< A=5, ?@>;5B0O, :0: ;57285 =>60, =04 >3=O<8 1C;L20@0 8A:59=; ;5B5BL E>;>4=>, => O ;5GC : A2>59 F5;8 8&
!=>20 >B:@K20N 3;070. >40 >?OBL AB0;0 2>4>9.
> :5< AB0; O?
/ @57:> ?><>B0; 3>;>2>9. !?>:>9=>, AB0@8:; ?>60;C9AB0, =8:0:8E 5:AB5@>2 87 ?@58A?>4=59. !45;0; 3;C1>:89 24>E 8 1@>A8; 273;O4 =0 A51O. 7>1@065=85 2 75@:0;5 2K3;O48B B0:, :0: 8 4>;6=>. @028;L=K5 G5@BK ;8F0. !?>:>9=K5 8 =0A<5H;82K5 3>;C1K5 3;070, 8450;L=0O 8<8B0F8O G5;>25G5A:>9 687=8. 0 8A:;NG5=85< 2>;>A, B>@G0I8E, :0: C !BM=0 0C@5;0, [ 1 6 ] =5 284=> =8 >4=>3> ?@87=0:0 B>3>, GB> =5GB> B>;L:> GB> 2K;5B5;> 87 <>53> =0?>;>28=C A?OI53> <>730 8 2K@20;> <5;O 87 A=0.
AB>@>6=> A=>20 70:@K20N 3;070.
"5<=>B0.
@>AB0O 8 ?>=OB=0O B5<=>B0. 8 ?>;5B>2, =8 :@>28, =8 >3=59 3>@>40. ">;L:> AB0@K9 4>1@K9 5:AB5@ A 70:@KBK<8 3;070<8 ?5@54 75@:0;><.
!=>20 >B:@K20N 3;070. @825B, 4>@>3>9 4@C3, :0: E>@>H>, GB> BK 25@=C;AO. > 345 65 B51O =>A8;>?
MB><, :>=5G=>, 8 70:;NG05BAO 2>?@>A. >;LHCN G0ABL 687=8 A=K <5=O =5 15A?>:>8;8, =5 3>2>@O C65 > 30;;NF8=0F8OE. 8 0?>:0;8?B8G5A:8E 2845=89, =8 =07>9;82KE N=3>2A:8E ;8:>2, 1>@<>GCI8E GB>- B> A2>5 87 ?>4A>7=0=8O, =8 ?>AB>O==> 2>72@0I0NI8EAO <8AB8G5A:8E >1@07>2, ?;K2CI8E ?> 8AB>@88 <>53> 15AA>7=0B5;L=>3> 1KB8O. 8G53> =8:>340 =5 2@K205BAO 2 5:AB5@0 =>GLN. >340 O ;>6CAL A?0BL, O A?;N.
">340 GB> 65 B>;L:> GB> ?@>87>H;>? 0G5< ?5@54> <=>9 ?@54AB0;8 2A5 MB8 :0@B8=K?
/ ?;5A=C; 2 ;8F> 2>4K, ?@83;048; 2>;>AK. B25B0 =0 2>?@>A O, :>=5G=>, =5 =0H5;, => ?>GC2AB2>20; A51O GCBL ;CGH5. 'B> ?;>E>3> <>65B A;CG8BLAO, 5A;8 2>;>AK 0::C@0B=> ?@8G5A0=K?
> ?@0245 3>2>@O, =5 7=0N. 5;0 <>3CB ?>9B8 25AL<0 A:25@=>. 4@C3 O ?>AB5?5==> B5@ON @07C<? GB>, 5A;8 O <=>385 3>4K ?>B8E>=L:C A?>;70N : C<>?><5H0B5;LAB2C, 0 MB>B =>2K9 C189F0 B>;L:> CA:>@8; AB@5<8B5;L=>5 ?045=85 : ?>;=><C AC<0AH5AB28N? 0: 87<5@8BL >B=>A8B5;L=K9 C@>25=L 74@02><KA;8O B0:>3> ACI5AB20, :0: O?
1@07K 1K;8 >G5=L @50;L=K<8 8 ?> 284C, 8 ?> >ICI5=8O<. E>BO ?@>A=C;AO O 745AL, 2 A2>59 ?>AB5;8, 2A5 65 O ?>GB8 GC2AB2>20; ?@82:CA A>;5=>9 2>4K, 70?0E 2KE;>?=KE 307>2 8 45H52KE 4CE>2 =0 1C;L20@5 8A:59=. !>25@H5==0O @50;L=>ABL; 0 @0725 =5A?>A>1=>ABL >B;8G0BL 8;;N78N >B @50;L=>AB8 =5 O2;O5BAO >4=8< 87 ?@87=0:>2 157C<8O? # <5=O =5B >B25B>2, 1>;55 B>3> O =5 7=0N, 345 8E 8A:0BL.
1@0B8BLAO : ?A8E80B@C? !>25@H5==> 8A:;NG5=>: O =0?C30N 154=O3C 4> A<5@B8, 8 >=, <>65B AB0BLAO, A>GB5B A2>8< ?@>D5AA8>=0;L=K< 4>;3>< 70?5@5BL <5=O :C40- =81C4L. >=5G=>, O =5 A<>3 1K >A?>@8BL <C4@>ABL B0:>3> @5H5=8O. > 5A;8 O B5@ON :>=B@>;L =04 A>1AB25==K< @07C<><, :>B>@K9 <=>N 65 8 ?>AB@>5=, MB> ?>;=>ABLN <>O ?@>1;5<0; 8 ?5@20O G0ABL ?@>1;5<K 2 B><, GB> =52>7<>6=> 1KBL C25@5==K< =0 2A5 AB>.
%>BO, 5A;8 24C<0BLAO, >4=0 2>7<>6=>ABL 2A5 65 8<55BAO.
5AOBLN <8=CB0<8 ?>765 O 5E0; 24>;L 59D@>=B- ?0@:0. E0; <54;5==>, ?>B><C GB> =0 A0<>< 45;5 =5 7=0;, GB> 8IC. -B0 G0ABL 3>@>40, :0: 2A5340, C65 A?0;0. 54:85 ;N48 :@C68;8 =0 D>=5 ?597060 090<8: BC@8ABK, :>B>@K5 2K?8;8 A;8H:>< <=>3> :C18=A:>3> :>D5 8 =5 2 A>AB>O=88 70A=CBL; ;N48 87 9>2K, 8ICI85 70?@02>G=CN AB0=F8N; 8=>AB@0=FK 2 ?>8A:0E !0CB- 8G. , :>=5G=>, E8I=8:8: C189FK, 3@018B5;8, =0@:><0=K, 20<?8@K, :;0418I5=A:85 2>@K 8 @07=>>1@07=K5 <>=AB@K B8?0 <5=O. CABK==K9 090<8, ?>:8=CBK9 8 >48=>:89, 3>@>4, ?> :>B>@><C 1@>48B ;8HL ?@82845=85 4=52=>9 B>;?K. >@>4, :>B>@K9 A0< A51O C<5=LH8; 4> @07<5@0 45;O=:8 4;O >E>BK; =8:0:>3> :@8:;82>3> <0A:0@040, A>;=5G=>3> A25B0 8 @07=>F25B=KE <05:.
B0:, O 2KH5; =0 >E>BC. 'L8- B> 3;070 2 =>G8 A>?@>2>640;8 <5=O 8 B5@O;8 87 284C, :>340 O ?@>5760; <8<>, =5 A=860O A:>@>AB8. / 5E0; 2 A525@=>< =0?@02;5=88, G5@57 AB0@K9 @072>4=>9 <>AB, G5@57 F5=B@ 090<8. > A8E ?>@ =5 ?>=8<0O, GB> 8IC, 4065 =5 ?@54?>;030O, GB> MB> <>65B 1KBL, ?> :0:>9- B> =5?>=OB=>9 ?@8G8=5 O GC2AB2>20; ?>;=CN C25@5==>ABL, GB> =094C, GB> 54C 2 =C6=>< =0?@02;5=88, GB> MB> 4>68405BAO <5=O 2?5@548.
!@07C ?>A;5 <=8 =>G=0O 687=L AB0;0 >682;5==55. >;LH5 459AB28O, 5ABL =0 GB> ?>A<>B@5BL. (C< B>;?K =0 B@>BC0@0E, 0D@>- ;0B8=>0<5@8:0=A:0O <C7K:0. >O28;8AL =>G=K5 101>G:8, A>18@0NBAO AB09:0<8 =0 C3;0E, E8E8:0NB 8;8 3;C?>20B> ?O;OBAO =0 ?@>5760NI85 <0H8=K. <0H8=K 70<54;ONB E>4, GB>1K ?0AA068@K <>3;8 2 >B25B ?>B0@0I8BLAO =0 =0@O4K 8 =0 B>, GB> >AB02;5=> >B:@KBK<.
2C<O :20@B0;0<8 2?5@548 <5=O >AB0=>28;AO =>2K9 « :>@=8H» , 8 :CG:0 4528F 2K?>@E=C;0 87 B5=8, A B@>BC0@0, =0 ?@>576CN G0ABL, <3=>25==> >:@C682 02B>. 2865=85 ?> C;8F5 BCB 65 70AB>?>@8;>AL, 703C45;8 A83=0;K. >;LH8=AB2C 2>48B5;59 4065 2 @04>ABL ?>A845BL <8=CBC 4@C3CN, 1;03> 2>:@C3 5ABL =0 GB> ?>3;075BL, 8 B>;L:> :0:>9- B> =5B5@?5;82K9 3@C7>28: 2K5E0; =0 2AB@5G=CN ?>;>AC, >1J5760O @O4 >AB0=>282H8EAO <0H8=.
$C@3>=- @5D@865@0B>@.
8G53> >A>15==>3>, A:070; O A515. >G=0O 4>AB02:0 9>3C@B0 8;8 A28=K5 A>A8A:8 : 702B@0:C, 0 B> ?0@B8N <>@A:>3> >:C=O 257CB =0 A525@ 2 AB>@>=C 0M@>?>@B0 A2565ABL 30@0=B8@>20=0. @C7>28:8 A @5D@865@0B>@0<8 574OB ?> 090<8 :@C3;K5 ACB:8, 4065 A59G0A 2 =>G=K5 G0AK.
2A5 65 O ?@84028; ?540;L 3070. #A:>@82 E>4, =0G0; <0=52@8@>20BL 8 2A:>@5 >:070;AO 2 B@5E <0H8=0E ?>7048 « :>@=8H0» A 53> >A0645==K< 2>48B5;5<. 2865=85 >AB0=>28;>AL. / ?>A<>B@5; 2?5@54 BC40, 345 4>;65= 1K; 1KBL 3@C7>28:. = 5E0; ?@O<> ?> 1C;L20@C 8A:59=, ?@81;860OAL : G5@545 ?5@5:@5AB:>2 A> A25B>D>@0<8. / ?>B5@ON 53>, 5A;8 1C4C B0: >BAB020BL. <=5 24@C3 B0: 70E>B5;>AL =5 ?>B5@OBL 53>!
/ 4>640;AO ?@>A25B0 2 42865=88 8 @57:> 2K5E0; =0 2AB@5G=CN. 1>H5; « :>@=8H» 8, C25;8G82 A:>@>ABL, AB0; ?@81;860BLAO : 3@C7>28:C. / AB0@0;AO =5 5E0BL A;8H:>< 1KAB@>, GB>1K =5 2K720BL ?>4>7@5=89, 8 @0AAB>O=85 <564C =0<8 ?>AB5?5==> A>:@0I0;>AL. >B >= 2 B@5E A25B>D>@0E 2?5@548 <5=O, 2 42CE.
5@54 =8< 703>@5;AO :@0A=K9, 8 5I5 4> B>3> :0: O CA?5; ?>7;>@04AB2>20BL 8 4>3=0BL 53>, B> 65 A0<>5 ?@>87>H;> 8 A <>8< A25B>D>@><. @8H;>AL >AB0=>28BLAO. ! =5:>B>@K< C482;5=85< O >1=0@C68;, GB> 70:CA8; 3C1C. 0?@O3AO. -B> O- B>, 5:AB5@ 54O=0O ;K10. 5=O >E20B8;0 G8AB> G5;>25G5A:0O B@52>30, >BG0O=L5, =0AB>OI55 M<>F8>=0;L=>5 =54><>30=85. / E>GC 4>3=0BL MB>B 3@C7>28:, C2845BL A0<><C, >, :0: <=5 E>G5BAO 4>B@>=CBLAO 4> 3@C7>28:0, >B:@KBL 425@L :018=K, 703;O=CBL 2=CB@L&
GB> 40;LH5? @5AB>20BL 2 >48=>G:C? 7OBL 70 @C:C 8 ?@825AB8 : 4>@>3><C 45B5:B82C 0 M@B5? 848HL, :>3> O ?>9<0;? >6=>, O >AB02;N 53> A515? 0 A0<>< 45;5 A:>@55 >= <>65B >AB028BL <5=O A515. = ?>;=>ABLN =0AB@>5= =0 @568< >E>BK, 0 O ?@>AB> 1>;B0NAL A7048, :0: =565;0B5;L=K9 <;04H89 1@0B. G53> MB> O B0: 1>;B0NAL? %>GC 4>:070BL A515, GB> MB> >=, 8<5==> =? =, 8 =8:B> 8=>9, @KI5B 2 ?>8A:0E 4>1KG8, 0 O =5 A>H5; A C<0? 5A;8 O =5 A>H5; A C<0, >B:C40 <=5 7=0BL, GB> MB> =? 'B> ?@>8AE>48B 2 <>59 3>;>25? >65B 1KBL, A>9B8 A C<0 2 8B>35 =081>;55 AG0AB;82K9 8AE>4?
?5@548 <0H8=K ?>O28;AO AB0@8:, ?5@5E>4OI89 4>@>3C H0@:0NI59 ?>E>4:>9, =52>>1@078<> <54;5==> 8 1>;57=5==> ?5@5AB02;OO =>38. 3=>25=85 O A;548; 70 =8<, 482OAL, =0 GB> 4>;6=0 1KBL ?>E>60 687=L, :>340 BK E>48HL B0: <54;5==>. >B>< 25@=C;AO 273;O4>< : DC@3>=C.
# =53> 703>@5;AO 75;5=K9. # <5=O 5I5 =5B.
@C7>28: 1KAB@> CA:>@O; E>4, ?@>4>;60O 42865=85 =0 A525@ =0 25@E=5< ?@545;5 >3@0=8G5=8O A:>@>AB8, 704=85 3010@8BK AB0=>28;8AL 2A5 <5=LH5, 0 O 2A5 64C, ?>:0 <>9 A25B>D>@ ?5@5:;NG8BAO.
>= >B:07K205BAO MB> 45;0BL. 2>B, 70:CA82 3C1C A?>:>9=>, 5:5, O 2K5760N =0 :@0A=K9, 5420 =5 70452 AB0@8:0. >= 4065 =5 ?>4=O; 3;07 8 =5 87<5=8; H030.
3@0=8G5=85 A:>@>AB8 =0 MB>< >B@57:5 8A:59= B@84F0BL ?OBL <8;L. 090<8 MB> 7=0G8B, GB>, 5A;8 BK 545HL =5 1>;55 ?OB845AOB8 <8;L 2 G0A, B51O >AB0=>2OB. / 5E0; =0 H5AB845AOB8 ?OB8, <0=52@8@CO A@548 @54:8E <0H8=, C65 >BG0O2H8AL A>:@0B8BL @0AAB>O=85. 04=85 >3=8 3@C7>28:0 ?@>?0;8, :>340 1C;L20@ ?>H5; ?> 4C35; 8;8 >= :C40- B> A25@=C;? / C25;8G8; A:>@>ABL 4> A5<845AOB8 ?OB8, ?@>;5B5; ?5@5:@5AB>: A !5<L45AOB 452OB>9 C;8F59 8 2K574>< =0 MAB0:04C, ?> 87381C 1C;L20@0 <8<> 01;8:A- 0@:5B, 8 2K5E0; =0 ?@O<CN, 15H5=> >1H0@820O 273;O4>< 4>@>3C 2 ?>8A:0E DC@3>=0.
C2845; 53>. @O<> ?5@54 A>1>9& 0 2AB@5G=>9 ?>;>A5.
#1;N4>: @0725@=C;AO. 5C65;8 ?>GC2AB2>20; <5=O =0 E2>AB5? #=NE0; 70?0E <>53> 2KE;>?0? 5 206=> MB> >=, B>B 65 DC@3>=, B>G=>. >340 O ?@>5760; <8<>, >= C65 A2>@0G820; =0 MAB0:04C.
8760 @578=>9, O AJ5E0; =0 AB>O=:C C B>@3>2>3> :><?;5:A0, 70<54;8; E>4, @0725@=C;AO 8 A=>20 2K5E0; =0 1C;L20@ 8A:59= B5?5@L C65 2 N6=>< =0?@02;5=88. 5=LH5 :20@B0;0 8 O B>65 ?>2>@0G820N =0 MAB0:04C. 0;5:>- 40;5:> 2?5@548, C65 ?>GB8 C ?5@2>3> <>AB0 286C :@0A=K5 AB>?- A83=0;K. >4<83820NB, 4@07=OB. @020O =>30 >1@CH8205BAO =0 ?540;L 3070, 8 <0H8=0 A@K205BAO 2?5@54.
= C65 2J57605B =0 <>AB, CA:>@O5BAO, @0AAB>O=85 <564C =0<8 >AB05BAO ?@56=8<. MB> >7=0G05B, GB> >= 4>;65= 7=0BL, 4>;65= ?>=8<0BL, GB> :B>- B> ?@5A;54C5B 53>. / ?>5E0; 5I5 GCBL 1KAB@55; @0AAB>O=85 <564C =0<8 A>:@0I0;>AL ?> GCBL- GCBL, ?>AB5?5==>.
> 2>B >= A:@K;AO, ?@>5E02 25@E=NN B>G:C <>AB0 8 =0G02 A?CA: A =53> 2 AB>@>=C >@B- M9- 8;;846. -B>B @09>= 2A5340 0:B82=> ?0B@C;8@C5BAO. A;8 >= 1C45B 5E0BL A;8H:>< 1KAB@>, 53> 70<5BOB 8 >AB0=>2OB. B>340&
/ C65 =0 <>ABC, ?@>5760N 53> 25@E=NN B>G:C 8 2=87C 286C&
8- G5- 3>.
CABCN 4>@>3C.
0<54;ON E>4, 3;O4O 2> 2A5 AB>@>=K A 2K3>4=>9 ?>78F88 2 25@E=59 B>G:5 <>AB0. <>N AB>@>=C 545B 2A53> >4=0 <0H8=0 8 =5 3@C7>28:, 0 « <5@:LN@8- <0@:87» A @0718BK< :@K;><. / 428=C;AO 2=87 ?> 4;8==>9 AB>@>=5 <>AB0.
# ?>4=>68O <>AB0 4>@>30 45;8B >@B- M9- 8;;846 =0 420 68;KE <0AA820. 0 70?@02:>9 A;520 @O4 :>=4><8=8C<>2 8 <=>3>:20@B8@=KE 4><>2 D>@<8@CNB ?>GB8 ?@028;L=>5 :>;LF>. !?@020 4><0, =51>;LH85, => 4>@>385. 8 A >4=>9 AB>@>=K, =8 A 4@C3>9 =8:0:>3> 42865=8O. 8 >3>=L:0, =8 ?@87=0:>2 687=8.
54;5==> 54C G5@57 8;;846. CAB>. $C@3>= ?@>?0;. 0 >AB@>25, A >4=>9- 548=AB25==>9 A:>@>AB=>9 4>@>3>9, 8 ?@>?0;. > :0:?
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« A<>B@8 C <5=O» , 8 A=>20 70 @01>BC.
> B>;L:> 3@C7>28:- @5D@865@0B>@, =5 1>;55 8 =5 <5=55, 3>=8B A59G0A ?> 090<8- 8G, 8 <5B0;;8G5A:89 @>: @07@K205B 48=0<8:8 2 53> :018=5. =5 <>9 C189F0, =5 =5:0O <8AB8G5A:0O A2O7L 2KB0I8;0 <5=O A53>4=O 87 ?>AB5;8 8 >B?@028;0 G5@57 25AL 3>@>4 ?>A@548 =>G8. >B><C GB> 2A5 MB> A;8H:>< 3;C?>, GB>1K 2K@078BL A;>20<8, 8 5I5 2 AB> @07 3;C?55 4;O E;04=>:@>2=>3> 8 15AA5@45G=>3> 5:AB5@0.
/ >?CAB8; 3>;>2C =0 @C;L. 0: ?@5:@0A=> ?5@568BL B0:>5 8AB8==> G5;>25G5A:>5 8A?KB0=85. "5?5@L O 7=0N, GB> B0:>5 GC2AB2>20BL A51O ?>;=K< 848>B><. 0 @072>4=>< <>ABC 7018;8 2 :>;>:>;, ?@54C?@5640O, GB> <>AB 2>B- 2>B @07254CB. 8=L- 48=L- 48=L. "@52>6=K9 A83=0; <>53> 2K4>EH53>AO 8=B5;;5:B0. / 752=C;. >@0 2>72@0I0BLAO 4><>9, 2 ?>AB5;L.
>7048 <5=O 70@01>B0; 42830B5;L. / >3;O=C;AO.
7- 70 70?@02>G=>9 AB0=F88 C ?>4=>68O <>AB0 =0 1>;LH>9 A:>@>AB8 2KA:>G8; DC@3>=. @CB> @0725@=C2H8AL, ?@>5E0; <8<> <5=O; 704=85 :>;5A0 70=>A8;>, => >= 2A5 @02=> ?@8102;O; E>4. 5A<>B@O =0 A:>@>ABL, O CA?5; 70<5B8BL, GB> 87 2>48B5;LA:>3> >:=0 GB>- B> 2K;5B5;>. / ?@83=C;AO. -B> « GB>- B>» C40@8;>AL > 1>@B <>59 <0H8=K A B0:8< 72C:><, GB> O ?>=O;: @8EB>2:0 >1>945BAO =545H52>. >4=O; 3>;>2C. @C7>28: 1KAB@> C40;O;AO. J5760O =0 =0G02H89 ?>4=8<0BLAO <>AB, >= 2 :;>GLO @07=5A 45@52O==K9 10@L5@ 8 ;53:> ?5@5A:>G8; =0 2B>@CN ?>;>28=C <>AB0. !<>B@8B5;L 5I5 >@0;, 2KAC=C2H8AL 87 >:=0 1C4:8, 0 3@C7>28: C65 ?@>5E0; 40;L=89 :>=5F <>AB0, =0704, 2 AB>@>=C 090<8, 2A5 40;LH5 >B @0AH8@ONI53>AO ?@>A25B0 <564C ?>;>28=:0<8 <>AB0. #H5;, 157=0456=> CH5;, CH5;, :0: 1C4B> 53> 8 =5 1K;>. O =8:>340 =5 C7=0N, <>9 ;8 MB> C189F0, 8;8 ?@>AB> 5I5 >48= >1KG=K9 <090<A:89 C@>4.
/ 2KH5; 87 <0H8=K, GB>1K 273;O=CBL =0 2<OB8=C. ;C1>:0O. / ?>A<>B@5; ?> AB>@>=0< 2 ?>8A:0E B>3>, G5< >= 1@>A8;.
=> >B:0B8;>AL =0 45AOBL ?OB=04F0BL DCB>2 2 AB>@>=C 8 A59G0A ;560;> ?>A@548 4>@>38. 065 A B0:>3> @0AAB>O=8O >H81:8 1KBL =5 <>3;>, =>, :0: 1K 4;O B>3>, GB>1K O >B1@>A8; 2A5 A><=5=8O, D0@K ?@81;860NI59AO <0H8=K >A25B8;8 53>. 0H8=0 @57:> A25@=C;0 2 AB>@>=C, 2@570;0AL 2 701>@, 8 :@8:8 2>48B5;O 1K;8 3@><G5 703C452H53> A83=0;0. 'B>1K C4>AB>25@8BLAO, O ?>4>H5; : ?@54<5BC.
0, :>=5G=>. "0: >=> 8 5ABL.
5=A:0O 3>;>20.
/ =0:;>=8;AO, GB>1K ;CGH5 @0AA<>B@5BL. G5=L G8ABK9 A@57, :;0AA=0O @01>B0. > :@0N @0=K :@>28 ?>GB8 =5B.
!;020 >3C, A:070; O 8 ?>=O;, GB> C;K10NAL 0 ?>G5<C 1K 8 =5B?
0725 =5 74>@>2>? 5A<>B@O =8 =0 GB>, O =5 AC<0AH54H89.
;020 1 0
=0G0;5 452OB>3> CB@0 ?>4J5E0;0 0 M@B0. >4>H;0 :> <=5 O A845; =0 10306=8:5 <>59 <0H8=K, ?@8A;>=8;0AL : <0H8=5 A2>59 <>45;L=>9 704=8F59, A:>;L7=C;0 59 ?> 10306=8:C, ?>:0 =0H8 154@0 =8 A>?@8:>A=C;8AL. / 640;, ?>:0 >=0 GB>- =81C4L A:065B, =>, ?>E>65, C =55 =5 >:070;>AL A;>2 =0 B0:>9 A;CG09. # <5=O B>65. / A845; B0: =5A:>;L:> <8=CB, 3;O4O =0 <>AB 8 GC2AB2CO B5?;> 55 =>38, 0 A0< 4C<0; > B><, :C40 65 C5E0; <>9 4@C3 =0 3@C7>28:5.
7 A?>:>9=KE 2845=89 <5=O 2KE20B8;> 402;5=85 =0 154@>.
/ >?CAB8; 3;070 =0 =>38. 0 M@B0 <O;0 <=5 154@>, :0: 1C4B> :CA>: B5AB0. / ?>A<>B@5; 59 2 ;8F>. =0 1@>A8;0 >B25B=K9 273;O4.
0H;8 B5;>, A:070;0 >=0. >=8<05HL. ">, GB> >AB0;>AL.
45?
0 M@B0 ?>A<>B@5;0 =0 <5=O B0:, :0: 4>;65= A<>B@5BL :>? =0 B>3>, :B> =0E>48B =0 C;8F5 3>;>2K 157 BC;>28I0. 4=0:> >B25B8;0:
5;>2>9 F5=B@ 5?>.
"0<, 345 83@0NB « 0=B5@K» ? A?@>A8; O 8 ?>GC2AB2>20;, :0: ;53:89 >7=>1 E>;>4=K<8 ?0;LG8:0<8 ?@>1560; ?> B5;C. 0 ;L4C?
@>4>;60O A<>B@5BL =0 <5=O, 0 M@B0 :82=C;0.
%>::59=0O :><0=40? -B> 8 5ABL « 0=B5@K» ?
C<0N, 8<5==> B0: >=8 8 =07K20NBAO, =5 <>3 C45@60BLAO O.
=0 ?>460;0 3C1K.
5 70?8E=C;8 2 A5B:C 2>@>B.
!2>8< 8;8 3>ABO<? =0 <>@3=C;0.
GB>, 5ABL @07=8F0?
@>AB> HCB:0, 45B5:B82. / ?>:0G0; 3>;>2>9.
<5==> ?>B><C, GB> O =5 ?>=8<0N @07=8FK, <=5 =C65= G5;>25:, :>B>@K9 @0718@05BAO 2 E>::55. 5 3;070 =0:>=5F >B>@20;8AL >B <5=O 8 AB0;8 >1H0@820BL B>;?C, A;>2=> 2 ?>8A:0E :>3>- =81C4L A H091>9. / @040, GB> BK 5I5 <>65HL HCB8BL ?> MB><C ?>2>4C. GB> B0:>5& >=0 A428=C;0 1@>28, ?KB0OAL GB>- B> 2A?><=8BL, A0<1>;8?
'B>? >60B85 ?;5G.
0:0O- B> <0H8=0. 5 8A?>;L7CNB =0 ;L4C.
« 0<1>=8» ?
>65B 1KBL. 0@5=L, :>B>@K9 @01>B05B =0 MB>9 <0H8=5, 2K25; 55 A53>4=O CB@>< =0 ;54, GB>1K ?>43>B>28BL 53> : B@5=8@>2:5. 0:85- B> 83@>:8 ;N1OB B@5=8@>20BLAO A?>70@0=:C. 4;O MB>3> =C65= A25689 ;54, 8 MB>B ?0@5=L, ;53:>5 70<5H0B5;LAB2>, 2>48B5;L& « A0<1>;8» ? 4=8 B@5=8@>2>: >= ?@8E>48B =0 @01>BC @0=>. 2>B >= 2K57605B =0 MB>9 HBC:5 =0 ;54. 2848B A;>65==K5 :CG:>9 ?0:5BK. @O<> 2 2>@>B0E. I5 >4=> ?>60B85 ?;5G. >C:A C65 B0<. >2>@8B, ?0@=O 4> A8E ?>@ =5 <>3CB CA?>:>8BL.
/ =5 <=>3> 7=0N > E>::55, A:070; O.
=0 A=>20 ?>A<>B@5;0 =0 <5=O :0:8<- B> BO65;>20BK< 273;O4><.
/ B>65 =5 <=>3> 7=0N > B515, 5:AB5@. "K 83@05HL 2 E>::59?
5B, 8 =8:>340 =5 83@0;, >B25B8; O A45@60==>. 5A:>;L:> @07 E>48; =0 <0BG8.
0 M@B0 =8G53> =5 >B25B8;0, 0 <=5 ?@8H;>AL ?@8:CA8BL 3C1C, GB>1K =5 A1>;B=CBL ;8H=53>. 0 A0<>< 45;5 C 8BK A57>==K5 18;5BK =0 2A5 <0BG8 « $;>@84A:8E ?0=B5@» , 8 O 1K; =5<0;> C482;5=, ?>=O2, GB> ;N1;N E>::59. / ?>;CG0N C4>2>;LAB285 =5 ?@>AB> >B O@>AB=>3> 704>@=>- C189AB25==>3> =0AB@>O 83@K 8 =0=>A8<KE 2 55 E>45 C25G89. 'B>- B> 5ABL @0AA;01;ONI55, :>340 A848HL 2 >3@><=>< 8 ?@>E;04=>< ?><5I5=88. / A C4>2>;LAB285< E>48; 1K BC40, 4065 GB>1K A<>B@5BL 83@C 2 3>;LD. ?> ?@0245, O A59G0A A:070; 1K 2A5, GB> C3>4=>, B>;L:> 1K 0 M@B0 27O;0 <5=O A A>1>9. / >G5=L E>B5; ?>?0ABL =0 AB048>=. >;LH5 2A53> =0 A25B5 <=5 70E>B5;>AL C2845BL B5;>, A;>65==>5 2 A5B:5 2>@>B, =0 ;L4C, @0725@=CBL C?0:>2:C 8 273;O=CBL =0 G8ABCN, 0::C@0B=CN ?;>BL. =5 B0: E>B5;>AL C2845BL 55, GB> O, =025@=>5, AB0; ?>E>6 =0 :0@8:0BC@=>3> ?A0 2 AB>9:5; B0: E>B5;>AL 1KBL @O4><, GB> O 4065 ?>GC2AB2>20; :0:CN- B> A0<>C25@5==>ABL A>1AB25==8:0 ?> >B=>H5=8N : MB><C B5;C.
%>@>H>, A:070;0 0 M@B0, :>340 O C65 3>B>2 1K; 2KA:>G8BL 87 :>68. 55 ;53:>9, =5A:>;L:> AB@0==>9 C;K1:5 ?@8ACBAB2>20;0 4>;O >D8F80;L=>AB8 8 5I5 4>;O& G53>? '53>- B> A>25@H5==> 4@C3>3>, G53>- B> G5;>25G=>3>, GB>, : A>60;5=8N, =0E>48BAO 2=5 ?@545;>2 <>53> ?>=8<0=8O. 048< 4@C3 4@C3C H0=A ?>3>2>@8BL.
=5 1K MB>3> >G5=L E>B5;>AL, >B25B8; O, 8AB>G0O >10O=85.
0 M@B0 =5 >B25B8;0. >65B 1KBL, C65 =5 A;KH0;0 <5=O. ?@>G5<, =5 206=>. =0 ?>;=>ABLN ?5@5AB05B ?>=8<0BL A0@:07<, 5A;8 45;> :0A05BAO 55 A>1AB25==>9 ?5@A>=K. 9 <>6=> 2K40BL A0<CN ?>H;CN ;5ABL, 8 >=0 ?@8<5B :0: 4>;6=>5. 065 =58=B5@5A=>. >B O C65 8 =5 7=0N, GB> 5I5 A:070BL. =0 8 B0: C65 15760;>AB=> 4>?@>A8;0 <5=O, :>340 ?5@2>9 ?@81K;0 =0 <5AB> ?@>8AH5AB28O.
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s e g u r o , C25@5=, 8 >=0 ?>A<>B@5;0 =0 <5=O, 4>B@>=C;0AL @C:>9 8 1>;LH5 =5 A?@0H820;0.
"@864K >=0 >A<0B@820;0 =0:;>==K9 AJ574 A <>AB0, :0G0;0 3>;>2>9 8 15772CG=> 8AB>@30;0 « P u t a ! » . /A=>, MB> 8<5;> >B=>H5=85 : >D8F5@C P u t a , <>59 4>@>3>9 A5AB@8F5 51>@5. $0:B =0;8G8O @50;L=>3> @5D@865@0B>@0, :0: 8 ?@54A:07K20;0 51>@0, ?>B@51C5B >?@545;5==>3> :>=B@>;O 70 ?>40G59 8=D>@<0F88, 8 ?> B><C, :0: 0 M@B0 70:CA8;0 =86=NN 3C1C, O ?>=O;, GB> >=0 :0: @07 @01>B05B =04 MB>9 ?@>1;5<>9.
025@=O:0 >=0 2K40AB GB>- B> =5C4>1=>5 4;O 51, MB> C =55 2A5340 >B;8G=> ?>;CG05BAO, => ?>:0 O 2A5 5I5 =5 ?>B5@O; =04564C =0 A:@><=K9 ?>4J5< 0:F89 <>59 A5AB@K. >=5G=>, =5 1;03>40@O 0 M@B5, => <>6=> 4>?CAB8BL, GB> :B>- B> 5I5 70<5B8B, GB> 55 1;5ABOI89 >?KB 45B5:B82=>3> @0AA;54>20=8O 7025@H8;AO C40G59.
0: =8 AB@0==>, 0 M@B0 =5 A?@>A8;0 <5=O, GB> O 45;0; =0 MB>9 4>@>35 2 B0:>9 G0A. >=5G=>, O =5 45B5:B82, >4=0:> B0:>9 2>?@>A <=5 :065BAO A>25@H5==> 5AB5AB25==K<. >7<>6=>, 8 =5E>@>H> CB25@640BL, GB> C?CI5=8O 45;> 4;O =55 B8?8G=>5, => D0:B. =0 =5 A?@>A8;0.
B5< =5 <5=55 >G5284=>, GB> =0< 5I5 5ABL > G5< ?>3>2>@8BL. / ?>A;54>20; : 55 <0H8=5 1>;LH><C 42CE;5B=5<C A25B;>- 3>;C1><C « H52@>;5» , =0 :>B>@>< 0 M@B0 5748B ?> A;C651=K< 45;0<. >A;5 @01>BK >=0 ?5@5A068205BAO 2 <0;5=L:89 « » , > :>B>@>< =8:B> =5 4>;65= 7=0BL.
0;5709, A:070;0 >=0, 8 O CAB@>8;AO =0 87OI=>< 3>;C1>< A845=L5.
0 M@B0 5E0;0 1KAB@>, ?5@5AB@0820OAL 87 @O40 2 @O4, 8 A>2A5< A:>@> <K C65 ?@>5E0;8 40<1C, A=>20 >:070;8AL 2 090<8, ?5@5A5:;8 1C;L20@ 8A:59= 8 ?@>5E0;8 5I5 ?>;<8;8 2 =0?@02;5=88 02B>AB@04K ! 9 5 . >A;5 MB>3> >=0 ?>25@=C;0 =0 02B>AB@04C 8 ?>;5B5;0 2 A525@=>< =0?@02;5=88 A> A:>@>ABLN, :>B>@0O 1K;0 25;8:>20B0 4065 4;O 090<8. G5=L A:>@> <K C65 ?>2>@0G820;8 2 ?@>B82>?>;>6=CN >B <>@O AB>@>=C 2 =0?@02;5=88 !0=@097. 0 M@B0 ?>3;O4K20;0 =0 <5=O 87 C3>;:0 3;070, 8 B0: B@8 @070, ?>:0 =0:>=5F =5 703>2>@8;0.
;0AA=0O @C10H:0.
/ ?>A<>B@5; =0 A2>N A;02=CN @C10H:C. / 2B>@>?OE =01@>A8; 55, >B?@02;OOAL 2 ?>3>=N, 8 A59G0A 2?5@2K5 >1@0B8; =0 =55 2=8<0=85: @C10H:0 4;O 1>C;8=30 87 ?>;8MAB5@0 A O@:8<8 :@0A=K<8 4@0:>=0<8. / ?@>25; 2 =59 F5;K9 45=L =0 @01>B5, 8 >=0 C65 A;53:0 ?><OB0, => 2K3;O48B 4>AB0B>G=> A25659. !8<?0B8G=0O, :>=5G=>, 8 2A5- B0:8&
025;0 ;8 0 M@B0 A25BA:89 @073>2>@ A @0AG5B><, GB> O @0AA;01;NAL 8 GB>- =81C4L 2K1>;B0N? >4>7@5205B ;8 >=0, GB> <=5 8725AB=> 1>;LH5, G5< O 3>2>@N? 5C65;8 4C<05B, GB> 59 C40ABAO CAK?8BL <>N 148B5;L=>ABL 8 @073>2>@8BL <5=O?
"K 2A5340 B0: E>@>H> >45205HLAO, 5:AB5@, 3>2>@8B >=0 8 A<>B@8B =0 <5=O, H8@>:> 8 3;C?>20B> C;K10OAL, =5 70<5G0O, GB> 2>B- 2>B 2@565BAO 2 02B>F8AB5@=C.
>2@5<O A?>E20BK205BAO, >4=8< ?0;LF5< ?>2>@0G8205B @C;L, >13>=O5B F8AB5@=C 8 ?>2>@0G8205B =0 70?04 2 AB>@>=C 02B>AB@04K ! 7 5 .
/ ?>4C<0; > B><, GB> 2A5340 =>HC :@0A82CN >4564C. C 40, :>=5G=>. >@6CAL, GB> O ;CGH5 2A5E >45BK9 <>=AB@ 2 >:@C35 594. 0, :>=5G=>, >= ?>G8:0; <8;>3> <8AB5@0 C0@B5, => :0: >= E>@>H> >45205BAO! . . >4E>4OI0O >45640 4;O :064>3> A;CG0O, 0 :AB0B8, GB> ?>;>65=> =04520BL : CB@5==5<C >1573;02;820=8N? AB5AB25==>, @C10H:C 4;O 1>C;8=30 >4=>4=52=>9 A2565AB8 8 A;0:AK. / 2K3;O6C 0l a m o d e . 4=0:>, 70 8A:;NG5=85< 2B>@>?OE 2K1@0==>3> MB8< CB@>< :>ABN<0, O 2A5- B0:8 >AB>@>65=. 48= 87 C@>:>2 0@@8: >AB0209AO 0::C@0B=K<, >45209AO E>@>H>, 8715309 2=8<0=8O.
> A G53> 24@C3 ?>;8B8G5A:8 >@85=B8@>20==0O 40<0- ?>;8F59A:89 87 C1>9=>3> >B45;0 AB0;0 GB>- B> 70<5G0BL 8 >1@0I0BL 2=8<0=85? -B> 254L =5&
5C65;8? 5=O >A5=8;>. 'B>- B> 2 AB@0==>9 C;K1:5, ?@><5;L:=C2H59 =0 55 ;8F5, ?>4A:070;> >B25B. 5;5?>, :>=5G=>, => GB> 5I5 MB> <>65B 1KBL? 0 M@B0 =5 8I5B 2>7<>6=>AB8 ?>9<0BL <5=O 2@0A?;>E 8 =5 A>18@05BAO 1>;LH5 704020BL ?@>=8F0B5;L=K5 2>?@>AK > B><, GB> O 2845;. =0 A0<>< 45;5 59 A>25@H5==> =0?;520BL =0 <>N :><?5B5=F8N 2 >1;0AB8 E>::5O.
0 M@B0 2545B A51O B0: =5 87 A;C651=KE A>>1@065=89. / 59 =@02;NAL.
C 2>B, O 5I5 =5 ?@8H5; 2 A51O ?>A;5 6CB:>3> H>:0 >B A2>53> GC4=>3>, 2>@>20B>- A;N=O2>3> =0?045=8O =0 8BC 8 B5?5@L MB>? / =@02;NAL 45B5:B82C 0 M@B5? 5C65;8 B5@@>@8ABK GB>- B> ?>4;8;8 2 2>4>701>@ 090<8? / 2K45;ON :0:>9- B> AB@0==K9 D5@><>=? ;8 65=I8=K 090<8 24@C3 >A>7=0;8, =0A:>;L:> 157=0456=K 2A5 <C68:8, 8 O AB0; ?@82;5:0B5;L=K< ?> C<>;G0=8N?
>=5G=>, O <>3C >H810BLAO. / =01@>A8;AO =0 MBC <KA;L, :0: 10@@0:C40 =0 1;5ABOICN A5@51@8ABCN 1;5A=C. :>=F5 :>=F>2, =0A:>;L:> M3>8AB8G=> ?>;030BL, GB> B0:0O >B?>;8@>20==0O, 8A:CH5==0O 8 >@85=B8@>20==0O =0 :0@L5@C 40<0, :0: 0 M@B0, <>65B ?@>O28BL :0:>9- B> 8=B5@5A :> <=5? >65B 1KBL, 25@>OB=55, GB>& GB>&
'B> « GB>» ? 0: 1K =5C40G=> 2A5 =8 A:;04K20;>AL, 2 MB>< 5ABL >?@545;5==0O 4>;O A<KA;0. K 70=8<05<AO >4=>9 8 B>9 65 @01>B>9, 8 ?>MB><C, :0: 3;0A8B B@048F8>==0O ?>;8F59A:0O <C4@>ABL, 1C45B ;53G5 ?>=8<0BL 8 ?@>I0BL 4@C3 4@C30. 0H8 >B=>H5=8O ?><>3;8 1K 59 ?5@56820BL 456C@AB20 8 ?>AB>O==K5 AB@5AAK. 5 E>GC E20;8BLAO, => O 4>AB0B>G=> ?@575=B015;5=; :0: 3>2>@OB <5AB=K5, C <5=O 2A5340 E>@>H> C1@0=>. #65 =5A:>;L:> ;5B O 2KAB02;ON ?5@54 =59 A2>5 >10O=85. >=5G=>, MB> G8AB> ?>;8B8G5A:85 D83;8- <83;8, => 59 2>2A5 =5 >1O70B5;L=> 7=0BL. O C<5N 1KBL >10OB5;L=K<, MB> >4=0 87 =5<=>38E BI5A;02=KE G5@B <>53> E0@0:B5@0. / AB0@0B5;L=> CG8;AO, 4>;3> ?@0:B8:>20;AO, 8 :>340 O =0G8=0N ?@8<5=OBL A2>8 =02K:8 =0 45;5, =8:B> =5 A:065B, GB> O ?@8B2>@ONAL. =5 E>@>H> C405BAO @071@0AK20BL A5<5=0 >10O=8O. 025@=>5, 5AB5AB25==>, GB> A> 2@5<5=5< A5<5=0 MB8 =0G8=0NB 4020BL 2AE>4K.
4=0:> B0:8E 2AE>4>2 O =5 >6840;. 'B> B5?5@L? 0:- =81C4L 25G5@>< >=0 ?@54;>68B B8E> ?>C68=0BL? ;8 =5A:>;L:> G0A>2 ?>B=>3> 1;065=AB20 2 <>B5;5 « 0A8:» ?
AG0ABLN, <K ?>4J5E0;8 : @5=5 5I5 4> B>3>, :0: <=>N ?>;=>ABLN 702;045;0 ?0=8:0. 0 M@B0 >1J5E0;0 740=85 2>:@C3, GB>1K =09B8 =C6=K9 ?>4J574. -B> 1K;> =5B@C4=>. # 4;8==>3> @O40 42>9=KE 425@59 A3@C48;>AL =5A:>;L:> ?>;8F59A:8E 02B><>18;59. =0 2B8A=C;0 A2>N 1>;LHCN <0H8=C <564C =8<8. / 1KAB@> 2K?@K3=C; 87 =55, ?>:0 0 M@B0 =5 CA?5;0 ?>;>68BL <=5 @C:C =0 :>;5=>. K94O 87 <0H8=K, >=0 <3=>25=85 A<>B@5;0 =0 <5=O. 5 3C1K ?>45@3820;8AL.
/ 273;O=C, A:070; O 8 ?>GB8 21560; 2 740=85 @5=K.
0, O A?0A0;AO 153AB2>< >B 45B5:B820 0 M@BK, => <=5 B0:65 >G5=L =5 B5@?5;>AL ?>?0ABL 2=CB@L. #2845BL, GB> =0B2>@8; <>9 83@82K9 4@C3, >:070BLAO @O4>< A 53> ?@>872545=85<, ?>GC2AB2>20BL 70?0E GC40.
7 ?><5I5=8O =5A;>AL ME> >@30=87>20==>3> 154;0<0, B8?8G=>3> 4;O ;N1>3> <5AB0, 345 A>25@H5=> C189AB2>. 2A5 65 <=5 :070;>AL, GB> 2 2>74CE5 ?@8ACBAB2C5B >A>10O =0M;5:B@87>20==>ABL, A;53:0 ?@83;CH5==>5 >ICI5=85 2>71C645=8O 8 =0?@O65==>AB8, :>B>@KE =5 =09B8 =0 <5AB5 >1KG=>3> C189AB20. "0:>5 GC2AB2>, GB> 745AL 2A5 :0:- B> 8=0G5, <>65B ?@>87>9B8 =5GB> =>2>5 8 ?@5:@0A=>5, ?>B><C GB> A53>4=O <K 745AL, =0 >AB@85 =>60. <>65B 1KBL, O 2A5 MB> 8 =04C<0; A515.
@C??0 ;N459 AB>;?8;0AL 2>:@C3 1;8609H8E 2>@>B. 0 =5:>B>@KE D>@<0 @>20@40; A:@5AB82 @C:8 =0 3@C48, >=8 =01;N40;8, :0: :0?8B0= MBBLN7 A?>@8B > N@8A48:F88 A G5;>25:>< 2 4>@>3>< :>ABN<5, O2=> AH8B>< =0 70:07. >4>94O 1;865, O C7=0; -9=465;0 =5 @>4AB25==8:0 2 =5>1KG=>9 4;O =53> ?>75: >= AB>O; =04 ;KA5NI8< G5;>25:><, :>B>@K9, >?CAB82H8AL =0 :>;5=>, @073;O4K20; :CG:C 0::C@0B=> C?0:>20==KE ?0:5B>2.
/ >AB0=>28;AO C 1>@B0 8 AB0; A<>B@5BL A:2>7L 70I8B=>5 >@3AB5:;>. >B >=>, 2A53> 2 45AOB8 DCB0E. !0<> A>25@H5=AB2> =0 D>=5 E>;>4=>9 G8AB>BK E>::59=>9 ?;>I04:8, BI0B5;L=> >1@01>B0==>9 ;54O=>9 <0H8=>9 « 70<1>=8» . N1>9 N25;8@ 20< A:065B, =0A:>;L:> 206=> =09B8 =C6=CN >?@02C, 0 MB>& MB> 1K;> A=>3AH810B5;L=>. 1A>;NB=>5 A>25@H5=AB2>. / ?>GC2AB2>20; ;53:>5 3>;>2>:@C65=85, A><=520OAL, 2K45@68B ;8 1>@B8: <>9 25A, 1C4B> O <>3 ?@>AB> B0: ?@>9B8 A:2>7L B25@4>5 45@52>, :0: A:2>7L BC<0=.
065 87- 70 1>@B0 1K;> 284=>. = =5 B>@>?8;AO, >= A45;0; 2A5 G5B:>, =5A<>B@O =0 ?@54C?@548B5;L=K9 72>=>G5: 2A53> =5A:>;L:8<8 <8=CB0<8 @0=LH5 B0<, =0 40<15. ;8 >= :0:8<- B> >1@07>< 7=0;, GB> O =5 A>18@0NAL 2@548BL 5<C?
:>;L A:>@> 8<5==> O 2K=5A MB> =0 2A5>1I55 >1>7@5=85, 459AB28B5;L=> ;8 O =5 8<5; 2 284C =02@548BL? ;8 A>18@0;AO ?@>A;548BL 70 =8< 4> 53> 15@;>38, 0 ?>B>< 2 =C6=K9 <><5=B 2A5 2K;>68BL, 4@>60 >B 65;0=8O ?><>GL :0@L5@5 51>@K? >=5G=>, O 4C<0;, GB> 8<5==> MB8< 8 70=8<0NAL, => E20B8;> 1K C <5=O A8; @5H8BLAO =0 B0:>5, 5A;8 1K 2A5 @072>@0G820;>AL B0: 65 8=B5@5A=>? 2>B <K =0 E>::59=>9 0@5=5, 345 2 A>75@F0=88 O ?@>25; AB>;L:> ?@8OB=KE G0A>2; @0725 MB> 5I5 @07 =5 4>:07K205B, GB> =0H EC4>6=8: 8728=8B5, :>=5G=>, O 8<5; 2 284C « C189F0» 42865BAO ?0@0;;5;L=> A> <=>9? ">;L:> 273;O=8B5 =0 ?@5:@0A=CN @01>BC, :>B>@CN >= 745AL ?@54AB028;.
3>;>20 MB> :;NG. ?@545;5==> >=0 O2;O5BAO A;8H:>< 206=K< M;5<5=B>< 53> @01>BK, GB>1K ?@>AB> B0: 345- B> 53> >AB028BL. 0G5< >= 1@>A8; 55 <=5: GB>1K =0?C30BL, 2K720BL ?@8?04>: AB@0E0, C60A0 8 B@5?5B0? ;8 >= 7=05B, GB> <>8 GC2AB20 B5 65, GB> 8 C =53>? 'C2AB2C5B ;8 A2O7L <564C =0<8 8;8 ?@>AB> 70E>B5; ?>83@0BL? >65B 1KBL, >= 4@07=8B <5=O? # =53> 4>;6=K 8<5BLAO >G5=L 25A:85 ?@8G8=K, GB>1K >AB028BL <=5 B0:>9 B@>D59. 5A;8 C6 O =0AB>;L:> >H5;><;5= @0725 <>65B >= =8G53> =5 GC2AB2>20BL?
>4>H;0 0 M@B0.
"K B0: B>@>?8HLAO, A:070;0 >=0 A ;53:8< >BB5=:>< =54>2>;LAB20 2 3>;>A5. >8HLAO, GB> >=0 8AG57=5B?
0 M@B0 :82=C;0 =0 3@C4C ?0:5B>2 A G0ABO<8 B5;0.
/ 7=0;, GB> 345- B> 2=CB@8 C <5=O 5ABL C<=K9 >B25B, :>B>@K9 70AB028B 55 C;K1=CBLAO, GCBL 1>;LH5 >10O5B 55, A<O3G8B <>9 =5;>2:89 ?>153 87 55 B8A:>2. > :>340 AB>8HL 745AL, C 1>@B8:0, 3;O4O =0 G0AB8 B5;0 =0 ;L4C, 2 A5B:5 2>@>B, :0: 3>2>@8BAO 2 ?@8ACBAB288 25;8G8O, <C4@>ABL CE>48B. =5 C40;>AL =5 70>@0BL =0 =55, GB>1K 70B:=C;0AL, => O 1K; >G5=L 1;87>: : B><C.
/ 4>;65= 1K; C2845BL, G5AB=> >B25B8; O, 0 ?>B>< =0H5; 2 A515 A8;K >1JOA=8BL: -B> 65 2>@>B0 =0H59 :><0=4K.
0 M@B0 83@82> H;5?=C;0 <5=O ?> @C:5.
"K C60A5=!
AG0ABLN, : =0< ?>4>H5; A5@60=B >C:A 8 C 45B5:B820 =5 >AB0;>AL 2@5<5=8 =0 :>H0GL5 E8E8:0=L5, :>B>@>5 O 1K C65 =5 2K=5A. 0: 2A5340 :070;>AL, GB> >C:A0 1>;LH5 2A53> 8=B5@5AC5B, :0: ?>;>2G55 AE20B8BL <5=O 70 @51@0 8 2K?>B@>H8BL, 8 >= >40@8; <5=O =0AB>;L:> B5?;K< 8 2A5?@>=8:0NI8< 273;O4>< @04CH=>3> E>7O8=0, GB> O ?@54?>G5; ?>A:>@55 8AG57=CBL 8 >AB028BL 53> 45B5:B82C 0 M@B5. = CAB028;AO <=5 2A;54 A B0:8< 2K@065=85<, :0: 1C4B> 4C<0;, GB> O 4>;65= 1KBL 2 G5<- B> 28=>20B, 8 5<C >G5=L E>G5BAO >1A;54>20BL <>8 2=CB@5==>AB8, GB>1K 2KOA=8BL 2 G5<. #25@5=, >= GC2AB2>20; 1K A51O AG0AB;8255 B0<, 345 ?>;8F88 2@5<O >B 2@5<5=8 @07@5H0;8 1K ;><0BL @51@0 8 1>;LH85 15@F>2K5 :>AB8.
/ <54;5==> H5; 24>;L 1>@B8:0 : 1;8609H5<C 2KE>4C =0 ;54. ?>GB8 4>H5; 4> =53>, ?>:0 GB>- B> 4>2>;L=> A8;L=> =5 2@570;>AL <=5 2 >1;0ABL @515@.
/ @0725@=C;AO, GB>1K 2AB@5B8BL A2>53> >184G8:0 4>AB>9=K< >B?>@>< 8 =0BO=CB>9 C;K1:>9.
@825B, 4>@>30O A5AB@0, A:070; O. 0: ?@8OB=> C2845BL ;8F> 4@C30.
#1;N4>:! ?@>H8?5;0 >=0.
?>;=5 25@>OB=>, A>3;0A8;AO O. > 70G5< 2K=>A8BL MB> =0 >1AC645=85 8<5==> A59G0A?
>B><C GB> BK 60;:89 AC:8= AK=, BK 7=0;, 0 <=5 4065 =5 ?>72>=8;!
=0;? / ?>GB8 708:0;AO. ! G53> BK @5H8;0&
%20B8B B@5?0BLAO, 5:AB5@! ?@>@KG0;0 51>@0. "K 65 =5 ?>5E0; 2 G5BK@5 CB@0 : H;NE0<! "K 7=0;, 345 >=, G5@B 2>7L<8!
/A=>. / B0: 702O7 2 A2>8E A>1AB25==KE ?@>1;5<0E, =0G8=0O >B A=0, :>B>@K9 D0:B8G5A:8 >:070;AO ?@>@>G5A:8<, ?>B>< MB> :>H<0@=>5 >1I5=85 A 0 M@B>9, 0 51>@0 C <5=O ?@>AB> 2K;5B5;0 87 3>;>2K. / =5 ?>45;8;AO A =59. >=5G=>, >=0 @07>7;8;0AL.
/ =5 7=0;, 51, ?KB0;AO O >?@0240BLAO 8 E>BL GCBL- GCBL CA?>:>8BL 55. 8G53> >?@545;5==>3>. @54GC2AB285, GB> ;8. @>AB> ?@8H;> 2 3>;>2C, 8 2A5. @0240, =8G53> >?@545;5==>3>&
@><5 B>3>, GB> BK >?@545;5==> =0H5; 53>! ?@>@KG0;0 >=0, A=>20 B:=C2 <5=O 2 1>:.
0 A0<>< 45;5 2A5 =5 A>2A5< B0:. !:>@55 >= =0H5; <5=O.
%20B8B C<=8G0BL! =5 =8G53> =5 >AB0;>AL, :@><5 :0: @0725AB8 @C:0<8 =0AB>;L:> =52K=>A8<>9 1K205B 8=>340 51. "K 65 >15I0;, G5@B B51O 2>7L<8!
'B>- B> O =5 ?@8?><8=0N =8:0:8E >15I0=89, 2 :>B>@K5 2:;NG0;AO 1K =>G=>9 72>=>: A ?5@5A:07>< :>H<0@=>3> A=0, >4=0:> 87 ?>;8B8G5A:8E A>>1@065=89 >1 MB>< =5 AB>8;> 3>2>@8BL, ?>A5<C O >AB028; CB25@645=85 157 :><<5=B0@852.
728=8, 51, A:070; O. / ?@>AB> =5 <>3 ?>4C<0BL, GB> 87 MB>3> GB>- =81C4L ?>;CG8BAO. @>AB>& ?@54GC2AB285, GB> ;8&
AB5AB25==>, C <5=O 8 2 <KA;OE =5 1K;> ?>?KB0BLAO >1JOA=OBL MB> G5@57 ?0@0?A8E>;>38N, 4065 B0:><C 1;87:><C G5;>25:C, :0: 51. 0 <=5 MB>3> 8 =5 E>B5;>AL. 3>;>2C ?@8H;> A>2A5< 4@C3>5.
"K <=5 ;CGH5 ?><>38. 'B> <=5 A:070BL, 5A;8 >=8 @5H0B A?@>A8BL, 70G5< MB> O :0B0;AO B0< =0 <0H8=5 2 G5BK@5 CB@0?
0 M@B0 C65 >?@0H820;0 B51O?
A5AB>@>==5 8 8AG5@?K20NI5. 5=O 4065 ?5@545@=C;>.
0 ;8F5 51 ?>O28;>AL @074@065==>5 2K@065=85.
>=0 =5 ?>8=B5@5A>20;0AL. 5 2>?@>A CB25@645=85.
#15645=, GB> C 45B5:B820 0 M@BK <=>3> 701>B, A:070; O, C<>;G02 > B><, GB> G0ABL MB8E 701>B, >G5284=>, :0A05BAO <5=O. > @0=> 8;8 ?>74=> :B>- B> ?>8=B5@5AC5BAO. / ?>A<>B@5; BC40, 345 >=0 2>73;02;O;0 >?5@0F8N. >7<>6=>, MB> 1C45B A5@60=B >C:A, 4>1028; O =5 157 AB@0E0.
=0 :82=C;0.
= ?>@O4>G=K9 :>?. <C 1K B>;L:> GCBL ?><5=LH5 A?5A8.
!?5AL MB>, <>65B 1KBL, 548=AB25==>5, GB> C =53> 5ABL, 2>7@078; O. > ?> :0:>9- B> ?@8G8=5 >= <5=O =5 ;N18B. A?@>A8B > G5< C3>4=>, 5A;8 @5H8B, GB> MB8< 703>=8B <5=O 2 C3>;.
">340 A:068 5<C ?@024C, A:070;0 51>@0 A =52>7<CB8<K< 284><. > A=0G0;0 A:068 55 <=5.
>=0 A=>20 B:=C;0 <5=O 2 B> 65 <5AB>.
>60;C9AB0, 51>@0, BK 65 7=05HL, :0:0O C <5=O =56=0O :>60.
5 7=0N, >B25B8;0 >=0. > GC2AB2CN, GB> =0G8=0N C7=020BL.
"0:>5 1>;LH5 =5 ?>2B>@8BAO, ?>>15I0; O. -B> 1K;> ?@>AB> :0:>5- B> =>G=>5 24>E=>25=85, 51>@0. 'B> 1K O B515 A:070;, 5A;8 1K ?>72>=8;, 0 45;> >15@=C;>AL 1K =8G5<?
> >=> =5 >15@=C;>AL =8G5<. 0: @07 =0>1>@>B! I5 BKG>:.
/ ?@0240 =5 1K; C25@5=, GB> B0: A;CG8BAO. O 1K GC2AB2>20; A51O ?>A;54=8< ?@84C@:><, 5A;8 1K 2BO=C; B51O.
B5?5@L ?@54AB02L, :0: 1K O A51O GC2AB2>20;0, 5A;8 1K >= C18; B51O.
>B B0: AN@?@87. =5 B@C4=> 4065 =0G0BL ?@54AB02;OBL, GB> 1K >=0 ?>GC2AB2>20;0. !>60;5=85? 07>G0@>20=85? =52? >NAL, 2A5 MB8 HBC:8 2KH5 <5=O. O ?@>AB> ?>2B>@8;:
@>AB8 <5=O, 51. ?>B><, :0: =5C=K20NI0O >;80==0, [ 1 7 ] :>B>@0O 2 ;N1>< 45;5 =0E>48B A25B;K5 AB>@>=K, 4>1028;: > ?> :@09=59 <5@5 B0< 1K; @5D@865@0B>@.
=0 <>@3=C;0.
"0< 1K; 3@C7>28:?
E, 51, >=8 B515 =5 @0AA:070;8?
"KG>:.
'5@B 2>7L<8, 5:AB5@! 70H8?5;0 >=0. "0: GB> 65 3@C7>28:?
K; 3@C7>28:, ?@>87=5A O, =5A:>;L:> A:>=DC65==K9 55 =0AB>;L:> M<>F8>=0;L=> >1=065==>9 @50:F859, 8, :>=5G=> 65, B5< D0:B><, GB> AB>;L A8<?0B8G=0O 65=I8=0 2K18205B 87 <5=O 2A5 MB> 45@L<>. = A845; 70 @C;5< DC@3>=0- @5D@865@0B>@0. >340 1@>A8; <=5 3>;>2C.
51>@0 AE20B8;0 <5=O 70 @C:8 8 CAB028;0AL ?@O<> 2 3;070.
48 BK& =0:>=5F A<>3;0 A:070BL >=0.
0: A:065HL.
>A?>48 8ACA5& ?@>87=5A;0 51>@0, 3;O4O 2 ?@>AB@0=AB2> 8, >G5284=>, 284O A2>5 ?>2KH5=85 ?> A;C615, ?@>?;K20NI55 345- B> C <5=O =04 3>;>2>9.
=0 A:>@55 2A53> A>18@0;0AL ?@>4>;68BL, 5A;8 1K 2 MB>B <><5=B -9=465; =5 @>4AB25==8: =5 ?>40; 3>;>A, ?5@5182H89 3C;, 28AOI89 =04 @5=>9.
5B5:B82? :@8:=C; >=, 25@BO 3>;>2>9 2 ?>8A:0E 0 M@BK.
>;>A 72CG0; AB@0==>, A;>2=> 2 15A?0<OBAB25, :0: 2A:@8: ?>;C704CH5==>3> G5;>25:0, =5 ?@82K:H53> 3@><:> 3>2>@8BL =0 ;N4OE. ?><5I5=88 A@07C 65 AB0;> B8E>. 8=B>=0F88 1K;8 >4=>2@5<5==> 8 H>:, 8 B@8C<D: O =0H5; GB>- B> 206=>5, => > >A?>48!
A5 3;070 ?>25@=C;8AL 2 AB>@>=C -9=465;0, 0 >= ?>:07K20; 2=87, =0 A84OI53> =0 :>@B>G:0E ;KA>3> <C6G8=C, :>B>@K9 <54;5==> 8 >AB>@>6=> GB>- B> 2K=8<0; 87 25@E=53> ?0:5B0.
C6G8=0 =0:>=5F 2KB0I8; MBC HBC:C 87 ?0:5B0, =5;>2:> 45@60, C@>=8;, 8 >=0 ?>:0B8;0AL ?> ;L4C. = ?>BO=C;AO 70 =59, ?>A:>;L7=C;AO 8 ?>5E0; ?> ;L4C 2A;54 70 ?>1;5A:820NI59 HBC:>28=>9, ?>:0 8E >1>8E =5 ?@818;> : 1>@BC. "@OACI59AO @C:>9 -9=465; 4>BO=CBAO 4> =55, AE20B8; 8 ?>4=O;, GB>1K 2A5< =0< 1K;> 284=>.
=570?=> 2>F0@82H0OAO 2 ?><5I5=88 B8H8=0 1K;0 1;03>3>259=>9, 70E20BK20NI59 8 ?@5:@0A=>9, :0: 2A5?>402;ONI89 27@K2 0?;>48A<5=B>2 ?>A;5 B>3>, :0: A 35=80;L=>3> ?@>872545=8O A=O;8 ?>:@K20;>.
-B> 1K;> 75@:0;> 704=53> 2840 A 3@C7>28:0.
;020 1 1
3@><=>5 >45O;> >3;CH8B5;L=>9 B8H8=K 28A5;> =04 @5=>9 2A53> <3=>25=85. 0B5< 3C; 3>;>A>2 ?@8>1@5; =>2K9 >BB5=>: ;N48 AB0@0;8AL C2845BL, >1JOA=8BL, >1AC48BL.
5@:0;>. 'B>, G5@B 2>7L<8, MB> >7=0G05B?
%>@>H89 2>?@>A. 5A<>B@O =0 B>, GB> B0:>9 ?>2>@>B A>1KB89 >G5=L B@>=C; <5=O, =8:0:8E A?>=B0==KE B5>@89 > B><, :0:>2> 53> 7=0G5=85, C <5=O =5 ?>O28;>AL. "0: 8=>340 1K205B 2 1>;LH>< 8A:CAAB25. => 2>7459AB2C5B =0 B51O, 0 BK =5 <>65HL >1JOA=8BL :0:. ;C1>:89 A8<2>;87<? "09=>5 ?>A;0=85? CG8B5;L=0O <>;L10 > ?><>I8 8 ?>=8<0=88? 52>7<>6=> >B25B8BL 2?@>G5<, 4;O <5=O 8 2>2A5 =5 ?5@2>AB5?5==>. / E>B5; =04KH0BLAO 2A5< MB8<. CABL 4@C385 15A?>:>OBAO, :0: 75@:0;> >:070;>AL 745AL. :>=F5 :>=F>2, <>3;> ?@>AB> 2K?0ABL, 8 >= @5H8; 2K1@>A8BL 53> 2 ?5@2K9 ?>425@=C2H89AO <5H>: 4;O <CA>@0.
5B, =52>7<>6=>, :>=5G=>, =5B. 5@:0;> >:070;>AL 745AL ?> :0:>9- B> >G5=L 206=>9 ?@8G8=5. ;O =53> MB8 <5H:8 =5 <CA>@=K5. 0: >= B>;L:> GB> M;530=B=> 4>:070; E>::59=K< ?@54AB02;5=85<, A?>A>1 ?@5?>4=5A5=8O 206=0O G0ABL B>3>, GB> >= 45;05B. = =5 4>?CAB8B >1K45==>AB8 =8 2 >4=>9 45B0;8. 'B> 65 >7=0G05B 75@:0;>? A5 AE>48BAO =0 B><, GB>, :0: 1K =8 8<?@>2878@>20; C189F0, 75@:0;> : D@03<5=B0< B5;0 >= ?@8;>68; A>25@H5==> =0<5@5==>. >;55 B>3>, 345- B> <564C ;>?0B>: C <5=O ?>O28;>AL >ICI5=85, GB> MB> >G5=L B>G=>5 8 >G5=L ;8G=>5 ?>A;0=85.
=5?
A;8 =5 <=5, B> :><C? AB0;L=0O G0ABL 459AB28O >1@0I5=0 : <8@C 2 F5;><: « !<>B@8B5, :B> O 5ABL! !<>B@8B5, :B> <K 2A5 5ABL. !<>B@8B5, GB> O 45;0N» . 5@:0;> >B 3@C7>28:0 =5 2?8AK205BAO 2 ?@>3@0<<=>5 70O2;5=85. !53<5=B8@>20=85 B5;0, 4@5=8@>20=85 :@>28 MB> =5>1E>48<> 8 M;530=B=>. > 75@:0;> ?@8G5<, 5A;8 >:065BAO, GB> >=> >B B>3> DC@3>=0, :>B>@K9 O ?@5A;54>20;, 4@C3>5 45;>. -;530=B=> 40; => GB> >=> 4>102;O5B : >1I59 :0@B8=5? 8G53>. 5@:0;> 2;>65=> A :0:>9- B> 4@C3>9 F5;LN, 8 F5;L MB0 4>;6=0 8<5BL =>2CN 8 A>25@H5==> 4@C3CN <>B820F8N. / ?>GB8 GC2AB2>20; M;5:B@8G5A:89 70@O4 <KA;8, ?@>=87K20NI89 <5=O. A;8 75@:0;> A 3@C7>28:0, B> ?@54=07=0G0BLAO >=> <>65B B>;L:> <=5.
> GB> >=> >7=0G05B?
0 :>9 G5@B >=> 745AL? A?@>A8;0 51. 5@:0;>. 0G5<?
5 7=0N, >B25B8; O, 2A5 5I5 >ICI0O 2 A515 ?C;LA8@CNICN M=5@38N. "5< =5 <5=55, ?>A?>@N A B>1>9 =0 C68= A :@010<8 C 6>, GB> >=> A B>3> DC@3>=0- @5D@865@0B>@0.
5 A?>@L, A:070;0 >=0. > :@09=59 <5@5, >=> @5H05B >48= 206=K9 2>?@>A.
>@065==K9, O A<>B@5; =0 51. =0 ?@0240, GB> ;8, 8=BC8B82=> =0H;0 B>, GB> ?@>?CAB8; O?
'B> 70 2>?@>A, A5AB@8G:0?
=0 :82=C;0 =0 :CG:C :>?>2 C?@02;5=G5A:>3> C@>2=O, ?@5@5:0NI8EAO =0 :@0N ?>;O.
.@8A48:F8O. 0 A59 @07 >=0 =0H0. >H;8.
0 ?>25@E=>AB8 45B5:B82 0 M@B0 =5 2K3;O45;0 2?5G0B;5==>9 MB8< =>2K< 25I5AB25==K< 4>:070B5;LAB2><. >7<>6=>, >=0 E>B5;0 A:@KBL 3;C1>:>5 15A?>:>9AB2>, 2K720==>5 A8<2>;87<>< 75@:0;0 8 2A5<, GB> A =8< <>65B 1KBL A2O70=>, 70 BI0B5;L=> 2>72545==K< D0A04>< 157@07;8G8O. ;8 B0:, 8;8 >=0 459AB28B5;L=> =5?@>18205<0, :0: 15B>==0O AB5=0. =0 2A5 5I5 AB>O;0 A >C:A><. 53> G5AB8, >= 2K3;O45; >15A?>:>5==K<, =>, <>65B 1KBL, 53> ;8F> ?@>AB> CAB0;> >B 25G=> 7;>1=>3> 273;O40 8 @5H8;> ?@8<5@8BL GB>- B> =>2>5.
>@30=, >1@0B8;0AL 0 M@B0 : 51. / =5 C7=0;0 20A 2 >45645.
>;030N, 8=>340 <>6=> =5 70<5B8BL <0AAC >G5284=>3>, 45B5:B82, >B25B8;0 51>@0, ?@5645 G5< O A<>3 >AB0=>28BL 55.
">G=>, ?0@8@>20;0 0 M@B0. <5==> ?>MB><C =5:>B>@K5 87 =0A =8:>340 =5 AB0=>2OBAO 45B5:B820<8.
>;=0O 8 15A:@>2=0O ?>1540. 0 M@B0, 4065 =5 4>6402H8AL, ?>:0 ?C;O 4>;5B8B 4> F5;8, >B25@=C;0AL >B 51 8 703>2>@8;0 A >C:A><:
KOA=8B5, C :>3> 5ABL :;NG8 >B @5=K. B> <>65B 709B8 AN40 2 ;N1>5 2@5<O.
30, ?@>87=5A >C:A. @>25@8BL 2A5 70<:8, =5 27;><0=K ;8?
5B. 0 M@B0 4>2>;L=> <8;> =0E<C@8;0AL. # =0A B5?5@L 5ABL A2>9 :>=B0:B A> ;L4><. =0 273;O=C;0 =0 51>@C. -B>B @5D@865@0B>@ B>;L:> ?CB05B =0< :0@BK. !=>20 >C:AC. ":0=8 4>;6=K 1K;8 ?>2@548BL 745AL, =0 ;L4C. >MB><C C189F0 :0:- B> A2O70= A> ;L4>< 2 MB>< 740=88. =0 2 ?>A;54=89 @07 ?>A<>B@5;0 =0 51>@C. =5 A 3@C7>28:><.
30, ?@>87=5A >C:A.
>;>A 53> ?@>72CG0; =5C25@5==>, >4=0:> 45;> 2545B =5 >=.
0 M@B0 ?5@525;0 273;O4 =0 <5=O.
C<0N, BK <>65HL 5E0BL 4><>9, 5:AB5@. / 7=0N, 345 BK 6825HL, 5A;8 24@C3 ?>=04>18HLAO.
> :@09=59 <5@5 E>BL =5 ?>4<83=C;0. 51>@0 ?@>2>48;0 <5=O 4> 1>;LH8E 42>9=KE 425@59 @5=K.
A;8 B0: ?>945B 40;LH5, G5@57 3>4 O 1C4C @53C;8@>2I8:><, ?@>4>;60;0 2>@G0BL >=0.
@C=40, 51, <0:A8<C< =0 ?0@C <5AOF52.
!?0A81>.
5B, ?@0240. "K =5 4>;6=0 B0: O2=> 55 ?@>2>F8@>20BL. 845;0, :0: MB> 45;05B A5@60=B >C:A? 048 >30, 459AB2C9 ?>B>=LH5.
>B>=LH5! =0 @57:> 70B>@<>78;0 8 AE20B8;0 <5=O 70 3@C4:8. >A;CH09, 5:AB5@. -B> 254L =8:0:0O =5 83@0.
2>B =5B, 51. 3@0, 40 5I5 :0:0O. >;8B8G5A:0O 83@0. BK =5 83@05HL 2 =55 :0: A;54C5B.
/ =8 2> GB> =5 83@0N! 70@KG0;0 >=0. 0 :0@B5 G5;>25G5A:85 687=8. 0 A2>1>45 3C;O5B <OA=8:, 8 >= >AB0=5BAO =0 A2>1>45, ?>:0 745AL @0A?>@O605BAO MB0 A;01>C<=0O 0 M@B0.
/ ?>4028; 2 A515 2A?;5A: =04564K.
?>;=5 25@>OB=>&
"0: >=> 8 5ABL, =0AB0820;0 51>@0.
>, 51>@0, BK =8G53> =5 A<>65HL 87<5=8BL, 5A;8 A>H;5HL A51O @53C;8@>20BL 42865=85 2 >:>=0B- @>C2.
"K ?@02. A;8 B>;L:> =5 =094C C189FC.
C 2>B, ?@85E0;8. # =5:>B>@KE ?@>AB> >BACBAB2C5B ?@54AB02;5=85 > B><, :0: CAB@>5= <8@. B0: >=0 >G5=L =5 3;C?0, ?@0240. @>AB> C=0A;54>20;0 C 0@@8 2AN 53> 75<=CN ?@O<>BC, 53> ?@O<>;8=59=>ABL 2 @5H5=88 ?@>1;5<, B>;L:> 2>B 701K;0 ?@8E20B8BL =5<=>3> <C4@>AB8. # 0@@8 BC?>20B>ABL ?@8<5=O;0AL, :>340 =04> 1K;> @5H8BL :0:>9- =81C4L 45@L<>2K9 2>?@>A. # 51>@K MB> 1K; A?>A>1 ?@8B2>@8BLAO, GB> B0:>2>3> =5 ACI5AB2C5B.
> <>59 <0H8=K <5=O ?>4257 >48= 87 ?0B@C;59. >B>< O 5E0; 4><>9, ?@54AB02;OO, GB> >AB028; 3>;>2C C A51O, BI0B5;L=> 7025@=C; 2 A0;D5B:C, ?>;>68; =0 704=55 A845=L5 8 2>B 257C 4><>9. #60A=> 8 3;C?>, A>3;0A5=. ?5@2K9 @07 O ?>=O; MB8E 3@CAB=KE ;N459, G0I5 2A53> H@09=5@>2, [ 1 8 ] :>B>@K5 ;0A:0NB 65=A:85 BCD;8 8;8 =>AOB A A>1>9 3@O7=>5 15;L5. CB:>5 GC2AB2>, <=5 70E>B5;>AL ?@8=OBL 4CH, =025@=>5, B0: 65 A8;L=>, :0: E>B5;>AL 1K ?>3;048BL MBC 3>;>2C.
">;L:> 2>B C <5=O 55 =5 1K;>. 5;0BL =5G53>, ?>@0 4><>9. / 5E0; <54;5==>, =0 =5A:>;L:> <8;L 2 G0A =865 @07@5H5==>9 A:>@>AB8. 090<8 MB> :0: ?>25A8BL =0 A?8=C ?;0:0B « <06L <=5! » . >=5G=>, <=5 =8:B> =5 2<070;, 4;O MB>3> 8< ?@8H;>AL 1K 70<54;8BL E>4. =5 3C45;8 A5<L @07, 2>A5<L @07 ?>:070;8 A@54=89 ?0;5F, 8 ?OBL <0H8= ?@>AB> >1J5E0;8 <5=O :B> ?> B@>BC0@C, :B> ?> 2AB@5G=>9.
?@>G5<, A53>4=O 4065 2KA>:0O M=5@35B8:0 MB8E 2>48B5;59 =5 A<>3;0 ?>4=OBL <=5 =0AB@>5=85. / 1K; A<5@B5;L=> CB><;5= 8 ?>B@OA5=, <=5 =C6=> ?>4C<0BL, 701KBL 3C;:>5 ME> @5=K 8 BC?CN 1>;B>2=N 0 M@BK. 54;5==0O 5740 40;0 <=5 2>7<>6=>ABL ?>@07<KA;8BL, @07>1@0BLAO 2 7=0G5=88 2A53> ?@>87>H54H53> 70 45=L. 2KOA=8;>AL, GB> >4=0 3;C?0O D@070 2A5 2@5<O 725=8B C <5=O 2 3>;>25, ?5@5A:0:820O A 8728;8=K =0 8728;8=C. 070;>AL, >=0 6825B A>1AB25==>9 687=LN. '5< 1>;LH5 O 2 =55 <KA;5==> 2A;CH820;AO, B5< 1>;LH5 A<KA;0 =0E>48;. ?> BC AB>@>=C A<KA;0 >=0 ?@52@0I0;0AL 2 =5:CN 8A:CH0NICN <0=B@C. !B0;0 :;NG>< : <KA;O< >1 C189F5, 2K:0B82H59AO =0 4>@>3C 3>;>25, 70AC=CB><C 2 <5H>: 75@:0;C 8 2>AE8B8B5;L=> ACE8< D@03<5=B0< B5;0.
A;8 1K MB> 1K; O&
0?@8<5@: « A;8 1K MB> 1K; O, GB> 1K O E>B5; A:070BL MB8< 75@:0;><? » 8;8 « A;8 1K MB> 1K; O, GB> 1K O A45;0; A 3@C7>28:><? »
>=5G=>, MB> <>3;> 1K ?>:070BLAO 7028ABLN, GB> ?;>E> 4;O 4CH8, => ?>A:>;L:C 4CH8 C <5=O =5B, 7=0G8B, =5B 8 ?@>1;5<K. A;8 1K MB> 1K; O, O 1K 1@>A8; 3@C7>28: 2 C:@><=>< <5AB5 =5?>40;5:C >B @5=K. >B>< >G5=L 1KAB@> C1@0;AO 1K >BBC40 =0 ?@8?@OB0==>< 345- B> @O4>< 02B><>18;5? 0 C3=0==><? 028A8B >B >1AB>OB5;LAB2. A;8 1K MB> 1K; O, >AB028BL G0AB8 B5;0 =0 @5=5 1K;> 70?;0=8@>20=> 70@0=55, 8;8 B0: 2KH;> 2 @57C;LB0B5 3>=:8 ?> 40<15?
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
>=5G=>, 5A;8 1K MB> 1K; O.
B0:, @5=0 A<5;K9 1@>A>: =0 =5872540==CN B5@@8B>@8N. "0:>9 E>4 4>;65= @07>7;8BL ?>;8F8N 8 A:>@55 2A53> =0?@028BL 55 2 ;>6=>< =0?@02;5=88. A;8 B0<, A0<> A>1>9, 5I5 ?>=8<0NB, GB> B0:>5 ;>6=>5 =0?@02;5=85, 2 G5< O 2A5 1>;LH5 A><=520NAL.
GB>1K ?>:>=G8BL A 75@:0;><: 5A;8 O ?@02 =0AG5B ?@8G8= 2K1>@0 @5=K, B>340 75@:0;> 4>?>;=8B5;L=K9 0B@81CB, >B@060NI89 MB8 ?@8G8=K. => <>65B A;C68BL A2O7CNI8< 725=><, :><<5=B0@85< :> 2A5<C, GB> ?@>87>H;>, 2:;NG0O >AB02;5==CN >B45;L=> 3>;>2C. 0O2;5=85<, >1J548=ONI8< 2A5 =8B8, A2O7K20NI8< 8E 2 0::C@0B=K5 C7;K, ?>4>1=> D@03<5=B0< B5;0 2 ?;0AB8:>2KE <5H:0E.
0O2;5=85<, M;530=B=> ?>4G5@:820NI8< >A=>2=CN @01>BC. B0:, :0: 1K 72CG0;> 70O2;5=85, 5A;8 1K MB> 1K; O?
/ B51O 286C.
C E>@>H>. >=5G=>, 8<5==> B0:. / B51O 286C. / 7=0N, GB> BK 845HL 70 <=>9, 8 O A;56C 70 B>1>9. ">;L:> O =0<=>3> 2?5@548, :>=B@>;8@CN B2>9 :C@A, CAB0=02;820N A:>@>ABL 8 =01;N40N, :0: BK A;548HL 70 <=>9. / B51O 286C. / 7=0N, :B> BK B0:>9, 345 BK, 0 2A5, GB> BK 7=05HL >1> <=5, MB> B>, GB> O =01;N40N 70 B>1>9.
/ 286C B51O.
2CG8B ;>38G=>. ">;L:> ?>G5<C 65 <=5 =5 AB0=>28BAO ;53G5?
0;LH5, GB> 87 MB>3> O <>3C @0AA:070BL 4>@>3>9 <>59 154=O6:5 51>@5? 5;> ?@8=8<05B A;8H:>< ;8G=K9 >1>@>B, ?@8E>48BAO =0?@O30BLAO, GB>1K =5 701KBL, GB> 2 =5< ACI5AB2C5B 5I5 8 ?C1;8G=0O AB>@>=0, 8 AB>@>=0 MB0 206=0 4;O <>59 A5AB@K 8 55 :0@L5@K. A;8 C <5=O 4>AB0B>G=> C<0, GB>1K A;KH0BL 8 @5038@>20BL, O =5 A:06C =8 59, =8 :><C 1K B> =8 1K;>, GB>, ?>- <>5<C, C189F0 ?KB05BAO <=5 >1JOA=8BL. >AB0;L=>5? >;65= ;8 O GB>- =81C4L @0AA:070BL 59 8 E>GC ;8?
A5, ?5@51>@. C6=> ?>A?0BL, 8=0G5 2A53> MB>3> =5 @0AA>@B8@>20BL.
/ GCBL =5 ?;0:0;, :>340 701@0;AO 2 ?>AB5;L. 5 AB0; A>?@>B82;OBLAO A=C, :>B>@K9 =0ABC?8; <3=>25==>, 8 O ?@>20;8;AO 2 B5<=>BC. @>A?0; ?>GB8 420 A ?>;>28=>9 G0A0, ?>:0 <5=O =5 @071C48; B5;5D>==K9 72>=>:.
-B> O, A:070; 3>;>A =0 4@C3>< :>=F5.
>=5G=>, BK.
MB>, :>=5G=>, 1K;0 51>@0.
/ =0H;0 @5D@865@0B>@.
'B> 6, ?>74@02;ON, 51. G5=L E>@>H0O =>2>ABL. 0 4@C3>< :>=F5 ?@>2>40 =0ABC?8;0 4>;30O B8H8=0.
51? ?@>87=5A O =0:>=5F. -B> 254L E>@>H0O =>2>ABL, ?@0240?
5B, >B25B8;0 >=0.
>B@51=>ABL 2> A=5 2A5 5I5 CE0;0 2 <>59 3>;>25, :0: 2K1820;:0 ?> F8=>2:5, E>BO O 8 AB0@0;AO A:>=F5=B@8@>20BLAO.
-- M& 51>@0, GB> BK& GB> A;CG8;>AL?
/ >?>7=0;0 55. 1A>;NB=> B>G=>. $>B>3@0D88, G0AB8 B5;0 8 2A5 B0:>5. , :0: >1@07F>2K9 A:0CB, 2A5 @0AA:070;0 MB>9 ACG:5.
>=0 B515 =5 ?>25@8;0? A?@>A8; O A:5?B8G5A:8.
>65B 1KBL, 8 ?>25@8;0.
/ AB0@0;AO >B:@KBL 3;070, => >=8 C?@O<> 70:@K20;8AL, 8 O A40;AO.
728=8, 51, :B>- B> 87 =0A =54>3>20@8205B.
/ ?KB0;0AL >1JOA=8BL 59, >G5=L B8E8<, CAB0;K< 3>;>A>< ?@>87=5A;0 51>@0, 8 C <5=O 2>7=8:;> C60A=>5 GC2AB2>, :0: 1C4B> ;>4:0 B>=5B, 0 2KG5@?K20BL 2>4C =5G5<. / 2A5 59 @0AA:070;0. / 4065 1K;0 256;82>9.
G5=L E>@>H>. GB> 65 A:070;0 >=0?
8G53>.
!>2A5< =8G53>?
!>2A5< =8G53>, ?>2B>@8;0 51. @><5 >1KG=>3> « A?0A81>» , B8?0 B>3>, :>B>@>5 3>2>@8HL ?0@=N 2 3>AB8=8F5, :>B>@K9 >B3>=O5B B2>N <0H8=C =0 AB>O=:C. >B>< >=0 C;K105BAO <=5 A2>59 <8;>9 C;K1>G:>9 8 >B2>@0G8205BAO.
C ;04=>, 51, =5C65;8 BK 459AB28B5;L=> >6840;0, GB> >=0&
?>B>< O C7=0N, ?>G5<C >=0 B0: C;K105BAO, ?@>4>;60;0 51. 0: 1C4B> O =5C<KB0O 4C@>G:0, 0 >=0 =0:>=5F- B> @5H8;0, 345 <5=O <>6=> 70?5@5BL.
=5B. "K 8<55HL 2 284C, GB> B51O A=O;8 A 45;0?
K 2A5 A=OBK A 45;0, 5:AB5@. =0 A:070;0 MB> B0:8< 65 CAB0;K< 3>;>A><, :0: 8 <>9. 0 M@B0 ?@>8725;0 0@5AB.
0 ;8=88 =0ABC?8;> 5I5 1>;55 ?@>4>;68B5;L=>5 <>;G0=85, 2=570?=> O ?>=O;, GB> 3>;>20 A>25@H5==> ?5@5AB0;0 @01>B0BL, => ?> :@09=59 <5@5 O ?>;=>ABLN ?@>A=C;AO.
'B>?
0 M@B0 :>3>- B> 0@5AB>20;0. 0:>3>- B> ?0@=O, :>B>@K9 @01>B05B =0 @5=5. =0 7045@60;0 53> 8 C25@5=0, GB> C189F0 >=.
5 <>65B 1KBL, A:070; O, E>BO ?>=8<0;, GB> 2?>;=5 <>65B.
E BK, 4C@=0O ACG:0! 0 M@B0, :>=5G=>, 0 =5 51.
">G=>, 5:AB5@. ">;L:> =5 ?KB09AO >1JOA=8BL MB> 45B5:B82C 0 M@B5. =0 C25@5=0, GB> 27O;0 =C6=>3> ?0@=O.
0A:>;L:> C25@5=0? A?@>A8; O.
>;>20 ?>H;0 :@C3><, <5=O 4065 70B>H=8;>, A0< =5 ?>=8<0N ?>G5<C.
'5@57 G0A >=0 405B ?@5AA- :>=D5@5=F8N, DK@:=C;0 51. =0 C25@5=0, GB> 2A5 >G5=L E>@>H>.
85=85 ?C;LA0 2 3>;>25 AB0;> A;8H:>< 3@><:8<. 0 M@B0 ?@>8725;0 0@5AB? B> 65 MB>? >3> >=0 <>3;0 70F5?8BL? 5C65;8 >=0 2?@024C A?>A>1=0 83=>@8@>20BL 2A5 C;8:8, 70?0E 8 <0=5@C C189AB2? @5AB>20;0 :>3>- B>? 5 ACI5AB2C5B =8:>3>, :B> 1K B2>@8; B> 65, GB> MB>B C189F0, 8 ?@>4>;605B B2>@8BL, 8 :>B>@K9 ?>72>;8; 1K B0:>9 1>@>402:5, :0: 0 M@B0, ?>9<0BL A51O. >3C =0 687=L ?>A?>@8BL.
5B, 51>@0, A:070; O. 5B. 52>7<>6=>. =0 27O;0 =5 B>3> ?0@=O.
51>@0 @0AA<5O;0AL A<5E>< ?>;8F59A:>3>, :>B>@><C 2A5 >AB>G5@B5;>.
0. / MB> 7=0N. "K 7=05HL. >=0 =5 7=05B. E>G5HL, O B51O @0725A5;N? 065 >= =5 7=05B.
"CB C65 O ?5@5AB0; ?>=8<0BL.
:>< BK 3>2>@8HL, 51? B> =5 7=05B? =0 ?>2B>@8;0 A2>9 6CB:89 A<5H>:.
0@5=L, :>B>@>3> >=0 0@5AB>20;0. ?>;=5 2>7<>6=>, GB> >= B0: 65 A18B A B>;:C, :0: 8 0 M@B0, 5:5. >B><C GB> >= ?@87=0;AO.
'B>?
= ?@87=0;AO, 5:AB5@. -B>B C1;N4>: ?@87=0;AO.
;020 1 2
3> 720;8 M@8;; -@; 0:E59;, 8 1K; >= 87 B5E, :>B>@KE <K ;N18< =07K20BL 42064K =5C40G=8:0<8. 25=04F0BL ;5B 87 ?>A;54=8E 4204F0B8 >= ?@>25; 2 :0G5AB25 3>ABO HB0B0 $;>@840. N157=><C A5@60=BC >C:AC C40;>AL >B:>?0BL 53> 8<O 2 A?8A:0E ?5@A>=0;0 @5=K. @8 ?@>25@:5 :><?LNB5@=>9 107K 40==KE A>B@C4=8:>2, C :>B>@KE 70@538AB@8@>20=K ?@>O2;5=8O 65AB>:>AB8 8;8 :>B>@K5 >AC640;8AL 70 C3>;>2=K5 ?@5ABC?;5=8O, D0<8;8O 0:E59;0 D83C@8@>20;0 42064K.
M@8;; -@; 0:E59; 1K; ?LO=8F59 8 4@0GC=><. @5<O >B 2@5<5=8 >= ?> <5;>G8 3@018; 70?@02>G=K5 AB0=F88. 0:E59; <>3 ?@>45@60BLAO =0 @01>B5 A <8=8<0;L=>9 70@?;0B>9 =5 1>;LH5 >4=>3>- 42CE <5AOF52. ?>B>< 2 >48= ?@5:@0A=K9 25G5@ 2 ?OB=8FC >= 70:;04K20; 70 2>@>B=8: =5A:>;L:> C?0:>2>: ?820 8 @5H0;, GB> >= A0< =52 >A?>45=L. !048;AO 70 @C;L 8 :0B0;AO, ?>:0 =5 =0E>48; 70?@02>G=CN AB0=F8N, :>B>@0O ?@82>48;0 53> 2 15H5=AB2>. 07<0E820O >@C685<, 2@K20;AO 2=CB@L, 7018@0; 45=L38 8 C5760;. >A;5 MB>3> B@0B8; 25AL A2>9 C25A8ABK9 C;>2 87 2>AL<845AOB8 452O=>AB0 4>;;0@>2 =0 ?>:C?:C 5I5 =5A:>;L:8E C?0:>2>: ?820, ?>:0 =5 =0G8=0; GC2AB2>20BL, GB> ?@>AB> >1O70= :>3>- =81C4L ?>:>;>B8BL. M@8;; -@; =5 1K; :@C?=K< G5;>25:><: B>I89, @>AB>< ?OBL DCB>2 H5ABL 4N9<>2. >MB><C, GB>1K 83@0BL 157 @8A:0, MB8< « :5<- =81C4L» , :0: ?@028;>, >:07K20;0AL 53> A>1AB25==0O 65=0.
"0: >=> 8 1K;>, 8, :0: =8 AB@0==>, ?0@C @07 0:E59;C C4020;>AL 2K9B8 ACE8< 87 2>4K. >B>< >4=064K 25G5@>< >= 70H5; A;8H:>< 40;5:>, =0 F5;K9 <5AOF C;>682 65=C 2 1>;L=8FC. =0 ?>40;0 70O2;5=85, 0 B0: :0: C =53> C65 1K;0 C3>;>2=0O 18>3@0D8O, 5<C ?@8H;>AL ?>2>;=>20BLAO.
0:E59; ?>- ?@56=5<C ?8;, => 53> O2=> :@5?:> ?@8?C3=C;8 2 M9D>@45, [ 1 9 ] :C40 =5=04>;3> ?><5AB8;8 4;O 2K?@02;5=8O <>73>2. = ?>;CG8; @01>BC 20EB5@0 2 @5=5 8, :0: =8 AB@0==>, 45@60;AO 70 =55. 0A:>;L:> 8725AB=>, >= C65 F5;CN 25G=>ABL =5 18; 65=C.
0 4>;N =0H53> ?0@=O ?@8H;>AL 4065 =5A:>;L:> <3=>25=89 A;02K, :>340 « 0=B5@K» 83@0;8 =0 C1>: !B5=;8. 53> >1O70==>AB8 2E>48;> 2K1530BL =0 ;54 8 C18@0BL ?@54<5BK, :>B>@K5 BC40 1@>A0;8 D0=0BK. B>B 3>4 MB> AB0;> 53> >A=>2=>9 @01>B>9, B0: :0: 2AO:89 @07, :>340 « 0=B5@K» 701820;8 3>;, D0=0BK 2K1@0AK20;8 =0 ;54 B@8- G5BK@5 BKAOG8 ?;0AB8:>2KE :@KA. <C ?@8E>48;>AL B0I8BLAO =0 ;54 8 A>18@0BL 8E. >=5G=>, =C4=0O @01>B0. 2>B >4=064K, 24>E=>2;5==K9 =5A:>;L:8<8 3;>B:0<8 45H52>3> ?>9;0, >= ?>4=O; >4=C 87 B0:8E ?;0AB8:>2KE :@KA 8 2K40; =5GB> ?>E>655 =0 :@KA8=K9 B0=5F. ">;?0 MB> A;>?0;0 8 70>@0;0 « I5! » . ?@>4>;60;0 B@51>20BL 2AO:89 @07, :>340 M@8;; -@; 2K:0BK20;AO =0 ;54. M@8;; -@; 8A?>;=O; MB>B B0=5F 4> :>=F0 A57>=0.
!53>4=O ?;0AB8:>2KE :@KA 70?@5B8;8. 065 5A;8 1K 8E =0;8G85 B@51>20;>AL ?> D545@0;L=><C 70:>=>40B5;LAB2C, =8:B> =5 AB0; 1K 8E H2K@OBL =0 ;54. « 0=B5@K» =5 7018;8 =8 >4=>3> 3>;0 A B5E ?>@, :0: 2 090<8 1K; G5AB=K9 <M@, B> 5ABL A ?@>H;>3> 25:0. > 0:E59; 2A5 5I5 ?>:07K20;AO 2@5<O >B 2@5<5=8 =0 83@0E, =045OAL, GB> 53> ?>A;54=89 BCAB5? ?>?045B 2 B5;5:0<5@C.
0 ?@5AA- :>=D5@5=F88 0 M@B0 >B;8G=> AK3@0;0 A2>N @>;L. 55 87;>65=88 45;> 72CG0;> B0:, GB> 2>A?><8=0=8O > B>< :@>H5G=>< <835 A;02K 8 ?@825;8 M@8;;0 -@;0 =0 3@0=L C189AB20. :>=5G=>, CG8BK20O ?LO=AB2> 8 65AB>:>5 >1@0I5=85 A 65=I8=0<8, >= >:070;AO ?@52>AE>4=K< ?>4>7@5205<K< 2 A5@88 =5;5?KE 8 65AB>:8E C189AB2. ?@>AB8BCB:8 090<8 <>3CB A?0BL A?>:>9=>: C189AB20 ?@5:@0B8;8AL. >4 =5?@5>4>;8<K< 402;5=85< 3;C1>:>3> 8 15760;>AB=>3> A;54AB28O M@8;; -@; ?@87=0;AO. 5;> 70:@KB>. >72@0I09B5AL : @01>B5, 452>G:8.
?@5AA0 ?@>3;>B8;0 B0:CN ;06C. C<0N, GB> =0 A0<>< 45;5 55 =5;L7O 2 MB>< 28=8BL. 0 M@B0 ?@>45;0;0 <0AB5@A:CN @01>BC, ?@54AB0282 =5>1E>48<>5 :>;8G5AB2> D0:B>2, @0AF25G5==KE 3;O=F52K<8 C<>70:;NG5=8O<8, 2 :>B>@KE 65;05<>5 2K4020;>AL 70 459AB28B5;L=>5. "0:>5 C1548B ?>GB8 ;N1>3>. C 8 :>=5G=>, GB>1K AB0BL @5?>@B5@><, =5 =04> A4020BL B5AB =0 I Q . > 4065 ?@8 B0:8E CA;>28OE O 2A5340 =045NAL E>BL =0 :0:>9- =81C4L ?@>1;5A:. 2A5340 @07>G0@>2K20NAL. >65B 1KBL, @515=:>< O 2845; A;8H:>< <=>3> G5@=>- 15;KE D8;L<>2. / 2A5 5I5 AG8B0N, GB> F8=8G=K9, 8A?8BK9 @5?>@B5@ 87 :@C?=>9 3>@>4A:>9 5654=52=>9 3075BK 4>;65= 704020BL =5C4>1=K5 2>?@>AK 8 2K=C640BL A;54AB285 =0 BI0B5;L=>5 ?>2B>@=>5 87CG5=85 C;8:.
A>60;5=8N, 687=L =5 2A5340 8<8B8@C5B 8A:CAAB2>. =0 ?@5AA- :>=D5@5=F88 0 M@BK @>;L !?5=A5@0 "@59A8[ 2 0 ] 83@0; :><?;5:B <>45;59- <C6G8= 8 <>45;59- 65=I8= A 157C?@5G=K<8 ?@8G5A:0<8 2 ;53:8E B@>?8G5A:8E :>ABN<0E. E ?@>=8F0B5;L=>ABL A25;0AL : 2>?@>A0<: « 'B> 2K ?>GC2AB2>20;8, :>340 =0H;8 3>;>2C? » 8 « >6=> =0< A45;0BL =5A:>;L:> A=8<:>2? »
48=- 548=AB25==K9 @5?>@B5@, 8:- :0:- 53>- B0< 87 <5AB=>3> >B45;5=8O B5;52845=8O -=- 18- A8 A?@>A8; 45B5:B820 0 M@BC, C25@5=0 ;8 >=0 2 B><, GB> C189F0 0:E59;. ?@>G5<, :>340 >=0 >B25B8;0, GB> ?>402;ONI55 ?@52>AE>4AB2> 4>:070B5;L=>9 107K 2 MB>< 45;5 >4=>7=0G=> C:07K205B =0 B>, GB> B0: >=> 8 5ABL, 8 2 ;N1>< A;CG05 ?@87=0=85 ?@87=0=> C1548B5;L=K<, >= >BAB0;. 81> >B25B 53> C4>2;5B2>@8;, ;81> A;>20 >:070;8AL A;8H:>< 4;8==K<8.
C, 7=0G8B, B0:. 5;> 70:@KB>, ?@02>AC485 A25@H8;>AL. >3CG89 <5E0=87< CAB@0H0NI53> 0??0@0B0 1>@L1K A ?@5ABC?=>ABLN >:@C30 5B@> >45@60; 5I5 >4=C B@8C<D0;L=CN ?>154C =04 B5<=K<8 A8;0<8, >A0640NI8<8 0H @5:@0A=K9 >@>4 090<8. 5?;>E>5 ?>;CG8;>AL H>C. 0 M@B0 @0740;0 =5A:>;L:> >G5=L =5;8F5?@8OB=KE D>B> ( 0=D0A, ?@>D8;L) M@8;;0 -@;0 2<5AB5 A =>2K<8 3;O=F52K<8 A=8<:0<8 A51O ;N18<>9 2 ?@>F5AA5 A;54AB28O @01>B0 <>4=>3> @5:;0<=>3> D>B>3@0D0 87 !0CB- 8G ( 425 A ?>;>28=>9 A>B=8 4>;;0@>2 2 G0A) .
><?;5:B 2K3;O45; 2>AE8B8B5;L=> 8@>=8G=>: 2=5H=89 284 >?0A=>AB8 8 ;5B0;L=>9 @50;L=>AB8 8 B0:0O @07=8F0. >B><C GB>, =0A:>;L:> 3@C1K< 8 65AB>:8< =8 2K3;O45; 1K M@8;; -@;, =0AB>OI0O C3@>70 4;O >1I5AB20 0 M@B0. =0 >B>720;0 A>10:, ?@5:@0B8;0 :@8:8 8 ?;0G, 25@=C;0 ;N459 A?0BL 2 3>@OI55 740=85.
5C65;8 O 548=AB25==K9, :B> 2848B, GB> M@8;; -@; 0:E59; =8:0: =5 <>65B 1KBL C189F59? 'B> 2 MB8E C189AB20E ?@8ACBAB2C5B AB8;L 8 A<KA;, :>B>@K5 BC?>3>;>2K9 0:E59; =5 A<>3 1K 4065 ?>=OBL?
/ =8:>340 5I5 =5 1K; B0: >48=>: 2 2>AE8I5=88 =0AB>OI59 @01>B>9 =0AB>OI53> C189FK. 070;>AL, A0<8 D@03<5=BK B5;0 ?>NB 4;O <5=O, ?>NB @0?A>48N 15A:@>2=>3> GC40, :>B>@0O 7068305B <=5 A5@4F5 8 70?>;=O5B A>AC4K E<5;L=K< GC2AB2>< 1;03>3>259=>3> B@5?5B0. 'B>, >4=0:>, =8:0: =5 <>65B 2>A?@5?OBAB2>20BL <>5<C @25=8N 87;>28BL =0AB>OI53> C189FC, E>;>4=>3> 8 =5>1C740==>3> ?0;0G0 =528==KE, :>B>@K9, 157CA;>2=>, 4>;65= ?@54AB0BL ?5@54 ?@02>AC485<. @028;L=>, 5:AB5@? @028;L=>? ;;>!
/ A845; C A51O 2 :20@B8@5, B5@ >?CEH85 A> A=0 3;070 8 4C<0; > B>;L:> GB> C2845==>< H>C. >GB8 8450;L=0O ?@5AA- :>=D5@5=F8O, ;CGH5 1K205B B>;L:> A DC@H5B>< 8 >1=065==K<8 4528F0<8. >=OB=>, 0 M@B0 45@=C;0 70 2A5 =8B>G:8, :>B>@K5 A<>3;0 =09B8, GB>1K A45;0BL 87 MB>9 :>=D5@5=F88 A0<CN :@C?=CN 8 A5=A0F8>==CN 87 :>340- ;81> ?@>8AE>482H8E 2 =0H5< 3>@>45. 2>7<>6=>, 2?5@2K5 70 A2>N :0@L5@C >1;87K20=8O B>3>, =0 GB> =0BO3820NB ?@>4C:F8N « CGG8» , 0 M@B0 459AB28B5;L=> 8 8A:@5==5 25@8B, GB> ?>9<0;0 B>3>, :>3> =C6=>. >;6=0 25@8BL. @CAB=>, :>=5G=>. =0 254L 4C<05B, GB> 2 MB>B @07 A45;0;0 2A5 ?@028;L=>. 0 M@B0 4065 =5 ?@54?@8=O;0 =8:0:8E ?>;8B8G5A:8E 459AB289; ?> 55 <=5=8N, >=0 ?@>45;0;0 A2>N @01>BC G8AB>, G5AB=> 8 >B:@KB>. 0A:@K;0 ?@5ABC?;5=85, ?>94O A2>8< ?CB5<, ?>9<0;0 ?;>E>3> ?0@=O, ?>AB028;0 :@5AB =0 C189AB20E. '5AB=> 70@01>B0==K5 0?;>48A<5=BK 70 E>@>HCN @01>BC. :0:8< <8;K< AN@?@87>< 4;O =55 >:065BAO =>2>5 B5;>.
>B><C GB> O 7=0N =8 4>;8 A><=5=8O! GB> C189F0 2A5 5I5 745AL. >7<>6=>, >= A<>B@5; ?@5AA- :>=D5@5=F8N ?> !54L<><C :0=0;C, :0=0;C 4;O 7=0B>:>2 :@>202KE 45;. =0AB>OI89 <><5=B >= A:>@55 2A53> A;8H:>< 3@><:> A<55BAO, GB>1K 1KBL 2 A>AB>O=88 27OBLAO 70 =>6, => MB> ?@>945B. :>340 ?@>945B, B> GC2AB2> N<>@0, =5A><=5==>, ?>4A:065B 5<C, :0: =08;CGH8< >1@07>< ?@>:><<5=B8@>20BL A8BC0F8N.
>G5<C- B> MB0 <KA;L =5 704028;0 <5=O AB@0E><, >B2@0I5=85< 8 15A?>I04=>9 @5H8<>ABLN >AB0=>28BL 157C<F0, ?>:0 =5 ?>74=>. <5AB> MB>3> O ?>GC2AB2>20; ;53:89 C:>; ?@542:CH5=8O. 5=>@<0;L=>, :>=5G=>, B5< =5 <5=55 >B MB>3> AB0;> 5I5 8=B5@5A=55. 0, O E>GC >AB0=>28BL C189FC, E>GC, GB>1K >= ?@54AB0; ?5@54 ?@02>AC485<, 40, :>=5G=>& => @0725 >1O70B5;L=>, GB>1K MB> A;CG8;>AL B0: A:>@>?
4=0:> =C6=> 1C45B 5I5 >@30=87>20BL =51>;LH>9 >1<5=. A;8 C6 O A>18@0NAL 2=5AB8 A2>N <0;5=L:CN ;5?BC 2 ?>8<:C =0AB>OI53> C189FK, O 4>;65= A45;0BL B0:, GB>1K >4=>2@5<5==> ?@>87>H;> GB>- =81C4L ?>78B82=>5. ?>:0 O >1 MB>< 4C<0;, 7072>=8; B5;5D>=.
0, O 2845;, ?@>87=5A O 2 B@C1:C.
8ACA5! A:070;0 51>@0 =0 4@C3>< :>=F5. / 4C<0;0, <5=O AB>H=8B.
C, O =5 1C4C 2KB8@0BL B2>5 2>A?0;5==>5 G5;>, A5AB@8G:0. ABL @01>B5=:0.
8ACA5! ?>2B>@8;0 >=0. 'B> 70 @01>B5=:0?
!:068, A?@>A8; O, BK ?>?0;0 2 =5<8;>ABL, A5AB@8G:0?
/ CAB0;0, 5:AB5@. K4>E;0AL B0:, :0: 2 687=8 5I5 =5 1K;>. G5< 45;>, A:068 ?>- 0=3;89A:8.
/ A?@0H820N, ?>A048;8 ;8 B51O, :0: A:070; 1K >B5F, 2 A>10GLN 1C4:C? !<5H0;8 ;8 2 5?0@B0<5=B5 B2>5 8<O A 45@L<><? >425@3;0AL ;8 B2>O ?@>D5AA8>=0;L=0O @5?CB0F8O >1;820=8N 3@O7LN, 2@54=><C 2>7459AB28N, ?OB=0=8N, ?>4:@0H820=8N, A><=5=8N?
"8?0 8AB>@88 A -9=HB59=>< 8 ?>4=>6:0<8 0 M@BK? >O ?@>D5AA8>=0;L=0O @5?CB0F8O 2 ?>;=>< 45@L<5, ?@>3>2>@8;0 >=0 A B0:>9 3>@5GLN, :>B>@>9 O =8:>340 =5 >6840; CA;KH0BL >B B0:>9 <>;>4>9 4528FK.
%>@>H>. G5=L 206=>, GB> B515 =5G53> B5@OBL.
040 4>AB028BL C4>2>;LAB285. >=8<05HL, 5:AB5@, 5A;8 O A:0GCAL 5I5 =865, B> 70:>=GC, ?>4020O :>D5 2 >B45;5 ?> @01>B5 A =0A5;5=85<. 'B> <=5 45;0BL, 5:AB5@?
/ 70:@K; 3;070 8 >B:8=C;AO 2 :@5A;5.
"K >D8F80;L=> 70O28HL :0?8B0=C 8 2>>1I5 2 5?0@B0<5=B5, GB> C25@5=0: M@8;; -@; =5 B>B G5;>25:, 8 2A:>@5 4>;6=> ?@>87>9B8 =>2>5 C189AB2>. "K ?@54AB028HL ?0@C =5>B@078<KE 4>:070B5;LAB2 A2>59 ?@02>BK 8 =0 =5:>B>@>5 2@5<O AB0=5HL ?>A<5H8I5< 4;O 2A53> 090<8- 5B@>.
/ C65 ?>A<5H8I5, ?>4C<05HL, 1>;LH>5 45;>, A:070;0 >=0. > C B51O- B> 5ABL ?@8G8=K B0: AG8B0BL?
/ ?>:0G0; 3>;>2>9. =>340 <=5 B@C4=> ?>25@8BL, GB> >=0 B0: =082=0.
>@>30O <>O A5AB@8F0, BK 65 =0 A0<>< 45;5 =5 25@8HL, GB> M@8;; -@; 28=>25=?
51 =5 >B25B8;0. / A;KH0;, :0: >=0 4KH8B, 8 ?>4C<0;, GB> >=0, =025@=>5, B>65 CAB0;0 :064>9 :;5B>G:>9 B5;0, :0: 8 O A0<. 48=AB25==>5, G53> C =55 =5B, B0: MB> M=5@388, :>B>@CN <=5 405B C25@5==>ABL 2 B><, GB> O ?@02.
51? ?>2B>@8; O.
0@5=L ?@87=0;AO, 5:AB5@, ?@>3>2>@8;0 >=0 =0:>=5F, 8 2 55 3>;>A5 O CA;KH0; ?>;=>5 87=5<>65=85. / =5& / 1K;0 =5 ?@020, 4065 :>340& "> 5ABL& > >= ?@87=0;AO. 0725 MB>& MB>& '5@B! >65B, >AB028BL 2A5 :0: 5ABL, 5:5?
BK, =525@CNI89, ?@>45:;0<8@>20; O. =0 27O;0 =5 B>3> ?0@=O, 51>@0. BK A59G0A A>18@05HLAO ?5@5?8AK20BL ?>;8B8:C.
GB> 45;0BL?
M@8;; -@; 0:E59; =5 B>B. 1A>;NB=> =8:0:8E A><=5=89.
065 5A;8 BK ?@02, GB> A B>3>? A?@>A8;0 >=0. "5?5@L =0AB0;0 <>O >G5@54L <>@30BL 8 C482;OBLAO.
@>HC ?@>I5=8O?
C, A<>B@8, 5A;8 O C189F0, ?>G5<C 1K <=5 =5 A>>1@078BL, GB> O C65 =5 =0 :@NG:5, B0:? ! 0@5AB>< MB>3> ?0@=O 3>@OG8< C65 =5 ?0E=5B, ?>=8<05HL? >G5<C 1K <=5 ?@>AB> =5 >AB0=>28BLAO? ;8 ?5@51@0BLAO 2 4@C3>5 <5AB> 8 A=>20 =0G0BL B0<?
52>7<>6=>, >B25B8; O. "K =5 ?@54AB02;O5HL, :0: 4C<05B MB>B ?0@5=L.
C 40, =5 ?@54AB02;ON. >B:C40 BK 7=05HL? / ?@54?>G5; ?@>83=>@8@>20BL 2>?@>A.
= >AB0=5BAO 8<5==> 745AL, 8 >= A>18@05BAO C1820BL A=>20. = 4>;65= ?>:070BL 2A5< =0<, GB> 4C<05B > =0A.
GB> 65?
8G53> E>@>H53>, ?@87=0; O. K A45;0;8 3;C?>ABL, 0@5AB>202 O2=>3> ?@84C@:0. !<5H=>.
%0- E0, ?@>87=5A;0 51 157 >A>1>3> 25A5;LO.
> <K 5I5 8 >A:>@18;8 53>. @87=0=85 70 2AN 53> @01>BC <K ?>40@8;8 C7:>;>1>9 8 BC?>9 5@525=I8=5. "> 65 A0<>5, GB> A:070BL 65:A>=C >;;>:C, [ 2 1 ] GB> B2>9 H5AB8;5B:0- AK= <>65B =0@8A>20BL B0: 65.
65:A>= >;;>:? %C4>6=8:? 5:AB5@, MB>B ?0@5=L <OA=8:!
>- A2>5<C, 51>@0, >= EC4>6=8:. 4C<05B > A515 8<5==> B0:.
, @048 >30! ;C?55 MB>3>&
>25@L <=5, 51.
>=5G=>, O B515 25@N. ! G53> <=5 B515 =5 25@8BL? B0:, C =0A 5ABL 3=52=> 87C<;5==K9 EC4>6=8:, :>B>@K9 =8:C40 =5 A>18@05BAO C5760BL, ?@028;L=>?
@028;L=>. = 4>;65= A45;0BL MB> A=>20, 8 A45;05B C =0A ?@O<> ?>4 =>A><, 8, 2>7<>6=>, =0 A59 @07 =5<=>3> 1>;LH5.
"K 8<55HL 2 284C, GB> >= A>18@05BAO C18BL B>;ABCN ?@>AB8BCB:C?
>;LH5 ?> <0AHB01C, 51>@0. @C?=55 ?> :>=F5?F88. >;LH5 1@K73.
! >;LH5 1@K73. ">G=>. 0: 2 <8:A5@5.
!B02:8 2K@>A;8, 51. K >BB>;:=C;8 53>, >A:>@18;8, 8 2 A;54CNI5< C189AB25 MB> 1C45B >B@065=>.
C- =C. :0: 65?
>:0 =5 7=0N, ?@87=0;AO O.
> BK C25@5=.
">G=>, >B25B8; O.
(8:0@=>, A:070;0 >=0. "5?5@L O 7=0N, : G5<C 3>B>28BLAO.
;020 1 3
>340 O =0 A;54CNI89 45=L ?>A;5 @01>BK >B:@K; A2>N 2E>4=CN 425@L, O 7=0;: GB>- B> =5 B0:. B>- B> ?>1K20; 2 <>59 :20@B8@5.
25@L =5 27;><0=0, >:=0 =5 2KAB02;5=K, =5 284=> =8:0:8E A;54>2 20=40;87<0, => O 7=0;. 07K209B5 MB> H5ABK< GC2AB2>< 8;8 5I5 :0: E>B8B5. B>- B> 745AL ?>1K20;. >65B 1KBL, O C=NE0; D5@><>=K, :>B>@K5 =5720=K9 3>ABL >AB028; 2 <>;5:C;0E <>53> 2>74CE0. >7<>6=>, ?>B@52>68;8 0C@C <>53> 68;8I0. 5 206=>, :0: O C7=0;. #7=0;, 8 2A5. B>- B> ?>A5B8; <>N :20@B8@C, ?>:0 O 1K; =0 @01>B5.
?>;=5 <>65B >:070BLAO, GB> =5 ?@>87>H;> =8G53> A5@L57=>3>. :>=F5 :>=F>2, MB> 090<8. N48 :064K9 45=L 2>72@0I0NBAO 4><>9 8 284OB, GB> ?@>?0; B5;5287>@, C=5A;8 N25;8@=K5 C:@0H5=8O 8 M;5:B@>=8:C; :B>- B> 2B>@3AO =0 8E B5@@8B>@8N, 25I8 ?5@5@KBK, 0 ;N18<0O A>10:0 15@5<5==0. > C <5=O 2A5 8=0G5. 065 :>340 O 153;> >A<0B@820; :20@B8@C, O C65 7=0;, GB> =5 >1=0@C6C =8 >4=>9 ?@>?068.
"0: >=> 8 1K;>. 8G53> =5 ?@>?0;>.
0B> :>5- GB> ?>O28;>AL.
=5 ?>B@51>20;>AL =5A:>;L:> <8=CB, GB>1K MB> >1=0@C68BL. >;030N, 1;03>40@O @5D;5:AC, ?@8>1@5B5==><C =0 @01>B5, 2 ?5@2CN >G5@54L O @5H8; ?@>25@8BL A0<K5 70<5B=K5 ?@54<5BK. >340 =5720=K9 3>ABL =0=>A8B B515 2878B, =>@<0;L=K9 E>4 A>1KB89 MB> :>340 ?@>?040NB B0:85 25I8, :0: 83@CH:8, F5==>AB8, A5<59=K5 @5;8:288, =5A:>;L:> ?>A;54=8E H>:>;04=KE 20D5;5:. @>25@8;.
A5 =0 A2>8E <5AB0E. ><?LNB5@, 0:CAB8G5A:0O A8AB5<0, B5;5287>@ 8 2845><03=8B>D>= 2A5 AB>O;> 8<5==> =0 B5E 65 <5AB0E, :0: 8 4> <>53> CE>40. 065 <>O <0;5=L:0O :>;;5:F8O 15AF5==KE AB5:;O==KE ?@5?0@0B>2 B0: 8 >AB0;0AL ?@8?@OB0==>9 2 :=86=>< H:0DC, :0640O 2KACH5==0O :0?5;L:0 :@>28 =0 A2>5< <5AB5. A5 B>G=> B0<, :0: 8 4> <>53> CE>40.
>B><, =0 2AO:89 A;CG09, O ?@>25@8; ?@820B=K5 7>=K: A?0;L=N, 20==CN, H:0DG8: A ;5:0@AB20<8. ">65 2A5 2 ?>@O4:5, O2=> =8G53> =5 ?>B@52>65=>, 8 2A5 65, :070;>AL, 2 2>74CE5 =04 :064K< ?@54<5B>< 28A8B >ICI5=85, GB> 53> 87CG8;8, ?>B@>30;8, ?>AB028;8 =0 <5AB>, 8 2A5 A B0:>9 8A:;NG8B5;L=>9 0::C@0B=>ABLN, GB> 4065 G0AB8G:8 ?K;8 >AB0;8AL =0 A2>8E <5AB0E.
/ 25@=C;AO 2 3>AB8=CN, CB>=C; 2 :@5A;5, 5I5 @07 >A<>B@5;AO, =5>6840==> ?>GC2AB2>202 =5C25@5==>ABL. / 01A>;NB=> B>G=> 7=0;, GB> 745AL :B>- B> 1K;, => 70G5<? :B> MB> B0: 8=B5@5AC5BAO <>59 A:@><=>9 ?5@A>=>9, GB> ?@8E>48B 2 <>5 A:@><=>5 68;8I5, 0 ?>B>< CE>48B, >AB0282 2A5, :0: 8 1K;>? 54L =8G53> =5 ?@>?0;>, 2A5 2 ?>;=>< ?>@O4:5. 8?0 3075B 2 OI8:5 4;O <0:C;0BC@K, :065BAO, A;53:0 A428=CB0 2;52> 8;8 MB> <>8 D0=B0788? >65B, 28=>20B ?>B>: 2>74CE0 >B :>=48F8>=5@0? 8G53> =0 A0<>< 45;5 =5 87<5=8;>AL 8 =5 ?@>?0;>. 8G53>.
2>>1I5, :><C ?>=04>18;>AL 2;0<K20BLAO 2 <>N :20@B8@C? 8G53> 2 =59 >A>1>3> =5B =0AG5B MB>3> O ?>AB0@0;AO. =0 AB0;0 G0ABLN ?>AB@>5=8O <>53> ?@>D8;O ?> A8AB5<5 0@@8. !>G5B09AO. 548 A51O =>@<0;L=>, 4065 =C4=>. 5 45;09 8 =5 8<59 =8G53> B0:>3>, GB> <>3;> 1K 2K720BL :><<5=B0@88. "0: O 8 ?>ABC?0;. # <5=O =5B =8:0:8E =0AB>OI8E F5==>AB59, :@><5 AB5@5> 8 :><?LNB5@0. > A>A54AB2C 8<5NBAO 3>@074> 1>;55 ?@82;5:0B5;L=K5 F5;8.
;N1>< A;CG05 70G5< :><C- B> ?>=04>18;>AL 2;0<K20BLAO :> <=5, =8G53> =5 27OBL, =8G53> =5 A45;0BL, =5 >AB028BL =8 <0;59H53> A;540? / >B:8=C;AO =0 A?8=:C :@5A;0 8 70:@K; 3;070; 1C4LB5 C25@5=K, O ?KB0;AO ?@54AB028BL A515 2AN A8BC0F8N ?>;=>ABLN. /2=> =5@28H:8 @071>;B0;8AL. !8<?B>< =54>AB0B:0 A=0 8 G@57<5@=>3> 15A?>:>9AB20 ?> ?>2>4C :0?8B0;L=>3> CI5@10, =0=5A5==>3> :0@L5@5 51>@K. I5 >48= <0;5=L:89 ?@87=0: B>3>, GB> 154=O3C AB0@8:0 5:AB5@0 2K=5A;> =0 3;C1>:85 2>4K. >A;54=89 1571>;57=5==K9 M2>;NF8>==K9 H03 >B A>F8>?0B0 : ?A8E>?0BC. @54?>;030BL, GB> B51O >:@C60NB 0=>=8<=K5 2@038, 2 090<8 =5 >1O70B5;L=> AG8B05BAO AC<0AH5AB285<, => 25AB8 A51O B0: A>F80;L=> =5?@85<;5<>. B B0:8E >1KG=> 2 :>=F5 :>=F>2 >B2>@0G820NBAO.
2A5 65 >ICI5=85 1K;> B0:8< A8;L=K<. / ?KB0;AO AB@OE=CBL 53>: ?@>AB> ?@8GC40, =5@2=K9 B8:, =5A20@5=85 65;C4:0 2 ?>A;54=59 AB0488. / 2AB0;, ?>BO=C;AO, A45;0; 3;C1>:89 24>E 8 ?>?@>1>20; ?>4C<0BL > E>@>H5<. 5 ?>;CG8;>AL. ><>B0; 3>;>2>9 87 AB>@>=K 2 AB>@>=C 8 >B?@028;AO 2 :CE=N 2K?8BL 2>4K; B0< >=> 8 1K;>.
"0< >=> 8 1K;>.
/ AB>O; ?5@54 E>;>48;L=8:>< 8 A<>B@5;, =5 7=0N A:>;L:>, ?@>AB> AB>O; 8 BC?> ?O;8;AO.
0 425@F5 E>;>48;L=8:0 <0;5=L:8< <03=8B>< 2 2845 :0:>3>- B> B@>?8G5A:>3> D@C:B0 70 2>;>AK 1K;0 ?@8H?8;5=0 :C:>;L=0O 3>;>2:0 0@18. 5 ?><=N, GB>1K O 55 BC40 ?>25A8;. 5 ?><=N 4065, GB>1K C <5=O B0:0O 1K;0.
/ ?@>BO=C; @C:C 8 4>B@>=C;AO 4> <0;5=L:>9 ?;0AB8:>2>9 3>;>2:8. =0 <O3:> 70:0G0;0AL, ?>ABC:820O ?> 425@F5 BC:- BC:, BC:- BC:. 0G=C2H8AL, 3>;>2:0 ?>25@=C;0AL ;8F>< 8, :070;>AL, ?>A<>B@5;0 =0 <5=O =0AB>@>65==K< 8 708=B5@5A>20==K< 273;O4><, ?@O<> :0: A>10:0 :>;;8. / B>65 ?>A<>B@5;.
5 4> :>=F0 ?>=8<0O, GB> O 45;0N 8 70G5<, O >B:@K; 425@FC E>;>48;L=8:0. "0<, =0 :>=B59=5@5 4;O ;L40, 0::C@0B=> ;560;> B5;> 0@18. >38 8 @C:8 >B45;5=K >B BC;>28I0, 0 A0<> BC;>28I5 @0745;5=> ?>?>;0< 2 >1;0AB8 B0;88. A5 G0AB8 0::C@0B=> C;>65=K, >15@=CBK 8 A2O70=K 4@C3 A 4@C3>< @>7>2>9 ;5=B>G:>9. >4=0 87 :@>H5G=KE @CG5: 0@18 45@68B <0;5=L:89 0:A5AAC0@ 75@:0;LF5 87 A2>59 AC<>G:8.
'5@57 :0:>5- B> 2@5<O O 70:@K; 425@FC. %>B5;>AL ;5GL =0 ?>; 8 ?@860BLAO I5:>9 : ?@>E;04=><C ;8=>;5C<C. <5AB> MB>3> O <878=F5< ?>41@>A8; 3>;>2:C 0@18. !=>20 MB> « BC:- BC:» . I5 @07 ?>41@>A8;. "C:- BC:. -, 40 C <5=O =>2>5 E>118!
/ >AB028; :C:;C 2 ?>:>5 8, 25@=C2H8AL 2 A2>5 :@5A;>, CB>=C; 2 ?>4CH:0E 8 70:@K; 3;070. >=8<0N, GB> 4>;65= 1K @0AAB@>8BLAO, @07>7;8BLAO, 8A?C30BLAO, ?>GC2AB2>20BL A51O >A:25@=5==K<, A25B8BLAO ?0@0=>840;L=>9 =5=028ABLN 8 ?@0254=K< 3=52><. 8G53> ?>4>1=>3>. <5AB> MB>3> O 8A?KBK20;& GB>? 'B>- B> 1>;LH5 ?>E>655 =0 ;53:>5 3>;>2>:@C65=85. >7<>6=>, 15A?>:>9AB2> 8;8& 8;8 @04>AB=>5 2>71C645=85?
"5?5@L, @07C<55BAO, =5 <>3;> 1KBL =8:0:8E A><=5=89 2 B><, :B> ?>1K20; 2 <>59 :20@B8@5. A;8 B>;L:> O =5 :C?;NAL =0 B>, GB> A;CG09=K9 =57=0:><5F ?> =58725AB=K< ?@8G8=0< =0C304 2K1@0; <>N :20@B8@C 2 :0G5AB25 8450;L=>3> <5AB0 4;O 45<>=AB@0F88 >1573;02;5==>9 :C:;K 0@18.
5B. 5=O ?>A5B8; <>9 ;N18<K9 EC4>6=8:. 0: >= <5=O =0H5; =5 B0: 206=>. !>25@H5==> =8:0:>3> B@C40 =5 A>AB028;> 1K 70?><=8BL =><5@ <>59 <0H8=K 2 BC =>GL =0 MAB0:045. # =53> 1K;> 2?>;=5 4>AB0B>G=> 2@5<5=8, ?>:0 >= =01;N40; 70 <=>9 87- 70 70?@02>G=>9 AB0=F88. ?>B>< ;N1>9 <0;>- <0;LA:8 :><?LNB5@=> 3@0<>B=K9 G5;>25: <>65B =09B8 <>9 04@5A. =094O >AB05BAO ?@>A:>;L7=CBL 2=CB@L, 2=8<0B5;L=> >A<>B@5BLAO 8 >AB028BL ?>A;0=85.
2>B >=> ?>A;0=85. >;>20 28A8B >B45;L=>, G0AB8 B5;0 A;>65=K =0 ;L4C 2 E>;>48;L=8:5, 8 A=>20 ?@>:;OB>5 75@:0;>. A>G5B0=88 A ?>;=59H8< >BACBAB285< 8=B5@5A0 :> 2A5<C >AB0;L=><C 2 <>59 :20@B8@5 2A5 A:;04K205BAO 2 >4=> F5;>5.
">;L:> 2> GB>? 'B> >= 8<55B 2 284C?
= <>3 >AB028BL 2A5, GB> C3>4=>, 0 <>3 =5 >AB028BL =8G53>. = <>3 ?@>B:=CBL >:@>202;5==K< <OA=8F:8< =>6>< :>@>2L5 A5@4F5 8 <>9 ;8=>;5C<. / 5<C 1;03>40@5=, GB> >= MB>3> =5 A45;0; :0:0O 1K;0 1K 3@O7L, => ?>G5<C 0@18? A;8 >B2;5GLAO >B >G5284=>3> D0:B0, GB> :C:;0 A8<2>;878@C5B B5;> ?>A;54=59 65@B2K, B> 70G5< <=5 >1 MB>< =0?><8=0BL? 459AB28B5;L=> ;8 MB> ?>A;0=85 1>;55 7;>25I55, G5< <>3;> 1K 1KBL& 8;8 <5=55? 7=0G05B ;8 >=>: « / A;56C 70 B>1>9, 8 O B51O 4>AB0=C» ?
;8 >=> 3>2>@8B: « @825B! %>G5HL, ?>83@05<? »
O E>GC. >=5G=>, E>GC.
> GB> 65 75@:0;>? 3> ?@8ACBAB285 B5?5@L ?@8>1@5B05B 3>@074> 1>;55 3;C1>:89 A<KA;, G5< B>340 A 3@C7>28:>< 8 3>=:>9 ?> MAB0:045. "5?5@L >=> 7=0G8B =0<=>3> 1>;LH5. A5, 4> G53> O ?>:0 4>4C<0;AO, MB>: « >A<>B@8 =0 A51O» . :0:>9 65 BCB 70;>65= A<KA;? ;O G53> <=5 A<>B@5BL =0 A51O? / =5 =0AB>;L:> BI5A;025=, GB>1K 8A?KBK20BL >B MB>3> 2>AB>@3; ?> :@09=59 <5@5 O =5 ?>;>= A0<><=5=8O > A2>59 D878G5A:>9 =0@C6=>AB8. A :0:>9 AB0B8 <=5 A<>B@5BL =0 A51O, :>340 =0 A0<>< 45;5 O E>GC C2845BL C189FC? "> 5ABL 75@:0;> 4>;6=> 8<5BL :0:>9- B> 4@C3>9 A<KA;, :>B>@K9 4> <5=O 5I5 =5 4>H5;.
4065 2 MB>< O =5 <>3 1KBL ?>;=>ABLN C25@5=. ?>;=5 25@>OB=>, GB> @50;L=>3> A<KA;0 =5B 2>>1I5. =5 =5 E>B5;>AL 1K B0: 4C<0BL > =0H5< M;530=B=>< EC4>6=8:5, => 254L MB> 2?>;=5 2>7<>6=>. = <>65B 8<5BL 2 284C 2A5, GB> C3>4=>: :0:85- B> ;8G=K5 ?@>1;5<K, 157C<85, AB@0E& 01A>;NB=> =8:0:>9 2>7<>6=>AB8 C7=0BL. 7=0G8B, =5;L7O C7=0BL 8 B>, GB> <=5 A> 2A5< MB8< 45;0BL. A;8 B>;L:> O 4>;65= GB>- B> 45;0BL.
O A45;0; 2K1>@, A2>9AB25==K9 G5;>25:C. !<5H=>, 5A;8 ?>4C<0BL: O 8 2K1>@, A2>9AB25==K9 G5;>25:C. 0@@8 <>3 1K 3>@48BLAO. '8AB> ?>- G5;>25G5A:8 O @5H8; =8G53> =5 45;0BL. >6825< C2848<. / =5 1C4C 70O2;OBL > A;CG82H5<AO. :>=F5 :>=F>2, > G5< 70O2;OBL? 8G53> =5 ?@>?0;>. =5 A>25@H5==> =5G53> A:070BL >D8F80;L=>, :@><5 @0725 GB>: « 0?8B0= MBBLN7, ?>;030N, 2K 4>;6=K 7=0BL, GB> :B>- B>, ?>- 2848<><C, 2;><8;AO 2 <>N :20@B8@C 8 >AB028; :C:;C 0@18 C <5=O 2 <>@>78;L=8:5» .
B;8G=K9 ?>;CG8;AO 1K @57>=0=A. #25@5=, A;CE <3=>25==> >1;5B5; 1K 25AL 5?0@B0<5=B. >7<>6=>, A5@60=B >C:A ;8G=> 70=O;AO 1K @0AA;54>20=85< 8 40; 1K =0:>=5F 2>;N A2>5<C B0;0=BC : 2545=8N =5 AB5A=5==>3> CA;>2=>ABO<8 4>?@>A0. 2>7<>6=>, <5=O ?@>AB> 2=5A;8 1K 2 A?8A>: C<AB25==> =5455A?>A>1=KE, 0 2<5AB5 A> <=>9 8 154=O6:C 51, 254L >D8F80;L=> 45;> 70:@KB>, 8, 4065 5A;8 53> A=>20 >B:@KBL, ?@8 G5< 745AL :C:;0 0@18?
5B, @0AA:070BL BCB A>25@H5==> =5G53>, 2> 2AO:>< A;CG05 =8G53>, GB> <>6=> 1K;> 1K >1JOA=8BL. 8A:CO ?>;CG8BL 5I5 >4=C A5@8N 65AB>:8E C40@>2 ;>:B5<, O =8G53> =5 A:06C 4065 51>@5. > ?@8G8=0<, :>B>@K5 O =5 @5HCAL =0G0BL >1JOA=OBL 4065 A0<><C A515, MB> ;8G=>5. , A>E@0=82 ;8G=K9 AB0BCA ?@>1;5<K, C <5=O 1>;LH5 H0=A>2 ?@81;878BLAO : 70304>G=><C ?>A5B8B5;N. ! F5;LN ?@82;5GL 53> : ?@02>AC48N. AB5AB25==>.
@8=O2 @5H5=85, O ?>GC2AB2>20; A51O =0<=>3> ;53G5. >GB8 GB> 2 M9D>@88. 57 ?>=OB8O, GB> 87 MB>3> <>65B ?>;CG8BLAO, => 3>B>2 O 1K; : ;N1><C 20@80=BC. "0:>5 >ICI5=85 =5 ?>:840;> <5=O 2AN =>GL, 25AL A;54CNI89 45=L =0 @01>B5, ?>:0 O 3>B>28; ;01>@0B>@=K9 >BG5B, CA?>:0820; 51, :@0; ?>=G8: C 8=A0 0FC>:8. => 1K;> A> <=>9, ?>:0 O 5E0; 4><>9 ?> @04>AB=>- A<5@B>=>A=K< 25G5@=8< 02B>AB@040<. / 1K; 2 A>AB>O=88 3>B>2=>AB8 :0B53>@88 « 47M=» : ;N1><C AN@?@87C.
;8 O B0: 4C<0;.
/ B>;L:> CA?5; 25@=CBLAO : A515 2 :20@B8@C, @0720;8BLAO 2 :@5A;5 8 @0AA;018BLAO, :0: 7072>=8; B5;5D>=. / =5 AB0; 5<C <5H0BL. %>B5;>AL ?@>AB> ?>4KH0BL ?0@C <8=CB, 2 B>B <><5=B O =5 <>3 4C<0BL =8 > G5< =5>B;>6=><. ?OBL 65, O 254L 2K;>68; ?>GB8 ?OBL45AOB 4>;;0@>2 70 02B>>B25BG8:. CABL >B@010BK205B.
20 72>=:0. / 70:@K; 3;070. 4>E. 0AA;01LAO, AB0@8:. "@8 72>=:0. K4>E. 2B>>B25BG8: I5;:=C;, 8 7072CG0; <>9 87KA:0==K9 3>;>A: « @825B, <5=O A59G0A =5B 4><0, => O 20< ?5@572>=N A@07C 65, :0: B>;L:> 25@=CAL, 5A;8 2K >AB028B5 A>>1I5=85 A@07C ?>A;5 A83=0;0. !?0A81>» .
0:>9 2>AE8B8B5;L=K9 3>;>A! 0:>5 2A5?@>=8:0NI55 >AB@>C<85! A5 2<5AB5 25;8:>5 2KABC?;5=85! 72CG8B 2?>;=5 ?>- G5;>25G5A:8. / 3>@6CAL A>1>9. / A45;0; 5I5 >48= 24>E, A;CH0O ?>A;54>202H89 <5;>48G=K9 « 18- 8- 8?» .
@825B, MB> O.
5=A:89 3>;>A. 5 51>@0. B @074@065=8O 7045@30;>AL 25:>. >G5<C AB>;L:> ;N459 =0G8=0NB A2>8 A>>1I5=8O A « MB> O» ? >=5G=>, MB> BK. > :B>, G5@B 2>7L<8, BK B0:0O? <>5< A;CG05 480?07>= 2K1>@0 4>AB0B>G=> >3@0=8G5=. / 7=0N, GB> MB> =5 51>@0. , :065BAO, =5 0 M@B0, E>BO 2A5 <>65B 1KBL& "0: GB> >AB0;0AL&
8B0?
E, 8728=8, O& ?@>87=>A8BAO =0 4>;3>< 2K4>E5. !;CH09, 5:AB5@, 8728=8. / 4C<0;0, BK <=5 ?>72>=8HL, 0 :>340 =5 ?>72>=8;, O @5H8;0& I5 >48= 4>;389 2K4>E. >1I5<& <=5 =C6=> ?>3>2>@8BL A B>1>9. >B><C GB> O ?>=O;0& B> 5ABL& G5@B& =5 <>3 1K BK& ?>72>=8BL <=5? A;8& =C, BK 7=05HL&
/ =5 7=0N. !>2A5<. / 4065 =5 C25@5=, :B> MB>. 59AB28B5;L=> 8B0?
I5 >48= 4>;389 24>E.
728=8, 5A;8& G5=L 4;8==0O ?0C70. 20 ?>;=KE 24>E0. ;C1>:89 24>E 2K4>E. ;C1>:89 24>E @57:89 2K4>E. >60;C9AB0, ?>72>=8 <=5, 5:AB5@. >=8<05HL&
>;30O ?0C70. I5 >48= 24>E. >25A8;0 B@C1:C.
=>3> @07 2 687=8 <=5 C65 :070;>AL, :0: 1C4B> O GB>- B> ?@>?CAB8;, :0:>9- B> >G5=L 206=K9 :;NG : 3>;>2>;><:5, :>B>@K9 5ABL C 2A5E, 0 >=8 >1 MB>< 4065 =5 ?>4>7@520NB. 1KG=> O >A>15==> =5 :><?;5:ACN, ?>B><C GB> 2 1>;LH8=AB25 A;CG052 2A5 >1>@0G8205BAO 87C<8B5;L=> BC?K< D@03<5=B>< 2A5;5=A:>9 <C4@>AB8 B8?0 ?@028; 83@K 2 159A1>; 8;8 :0: A51O 25AB8 =0 ?5@2>< A2840=88.
> 8=>340 <=5 :065BAO, 1C4B> O ?@>E>6C <8<> :0:>3>- B> >3@><=>3> @575@2C0@0 =58AAO:05<>9 <C4@>AB8, A@54>B>G8O A<KA;0, :>B>@K9 <=5 =5254><, 0 ;N48 GC2AB2CNB 53> =0AB>;L:> 3;C1>:>, GB> 8< 4065 =5 =C6=> >1 MB>< 3>2>@8BL, 40 >=8 8 =5 A<>3;8 1K >1;5GL 53> 2 A;>20.
!59G0A :0: @07 >48= 87 B0:8E A;CG052.
/ ?>=8<0N, GB> 4>;65= 1K A>>1@078BL: =0 A0<>< 45;5 8B0 8<55B 2 284C =5GB> 87 @O40 2>=, 55 ?0C7K 8 70?8=0=8O 4>;6=K >7=0G0BL GB>- B> 1>;LH>5 8 GC45A=>5, ?>=OB=>5 ACI5AB2C <C6A:>3> ?>;0 8=BC8B82=>. > C <5=O =5B =8 <0;59H53> ?>=OB8O, GB> 1K MB> <>3;> 1KBL 8 :0: ?>=8<0BL. >4AG8B0BL 24>E8? 0A5GL 4;8B5;L=>ABL ?0C7 8 ?5@525AB8 F8D@K 2 AB8E8 81;88, GB>1K @073040BL :>4? 'B> >=0 E>G5B <=5 A:070BL? ?>G5<C, :AB0B8, >=0 2>>1I5 ?KB05BAO GB>- B> <=5 A:070BL?
0A:>;L:> O ?>=8<0N ?>;>65=85 25I59, :>340 O, ?>4G8=82H8AL :0:><C- B> AB@0==><C 8 3;C?><C 8<?C;LAC, ?>F5;>20; 8BC, O ?5@5A5: BC G5@BC, :>B>@CN <K >10 4>3>2>@8;8AL =5 ?5@5A5:0BL. !45;02 B0:>5, =0704 C65 =5 ?>25@=5HL. A2>5< @>45 MB>B ?>F5;C9 O28;AO =5:8< 0:B>< C189AB20. > <5=LH59 <5@5 4C<0BL B0: C65 CB5H5=85. / C18; =0H8 >AB>@>6=K5 >B=>H5=8O, C18; A2>8< 2;06=K< O7K:><, ?@>AB> A?8E=C; A> A:0;K. 0E 8 C65 <5@B25F. ! B5E ?>@ O =8 @07C 4065 =5 2A?><=8; > 8B5. =0 ?@>AB> CH;0, 55 GB>- B> 2KB>;:=C;> 87 <>59 687=8, :0:0O- B> =5?>AB868<0O ?@8E>BL.
B5?5@L >=0 72>=8B <=5 8 70?8AK205B <=5 =0 70102C A2>5 4KE0=85.
0G5<? =0 GB>, E>G5B =0 <=5 >B>@20BLAO? 1@C30BL, B:=CBL <5=O =>A>< 2 A>1AB25==CN 3;C?>ABL, 70AB028BL ?>=OBL GC4>28I=>ABL =0=5A5==>3> >A:>@1;5=8O?
A5 MB> C65 =0G0;> @074@060BL <5=O A25@E <5@K. / <5@8; H030<8 :20@B8@C. ! :0:>9 AB0B8 O 4>;65= 2>>1I5 4C<0BL > 8B5? =0AB>OI89 <><5=B C <5=O 5ABL 3>@074> 1>;55 A5@L57=K5 701>BK. 8B0 MB> ?@>AB> <>O 1>@>40, 4C@0F:89 <0A:0@04=K9 :>ABN<, :>B>@K9 O =04520N ?> 2KE>4=K<, GB>1K 70<0A:8@>20BL B>B D0:B, GB> O =5 B0:>9, :0: 2A5, GB> O A>2A5< =5402=> 70=8<0;AO B5<8 65 HBC:0<8, :>B>@K5 MB>B, B>65 =5157K=B5@5A=K9 ?0@5=L, ?@>45;K205B A59G0A, 0 O ?>G5<C- B> =5B.
-B> @52=>ABL, GB> ;8? 07C<55BAO, O =5 70=8<0NAL B0:8<8 45;0<8. / B>;L:> =5402=> 70:>=G8;. >:0. O, 5AB5AB25==>, =5 A>18@0NAL 1>;LH5 8<8 70=8<0BLAO 2 1;8609H55 2@5<O. !;8H:>< @8A:>20==>. / 5I5 =8G53> =5 ?@83>B>28;.
2A5 65&
/ 25@=C;AO 2 :CE=N 8 :0G=C; 3>;>2C 0@18. "C:. "C:- BC:. >- <>5<C, O GB>- B> GC2AB2CN. 3@82>ABL? ;C1>:>5 8 ?>AB>O==>5 15A?>:>9AB2>? @>D5AA8>=0;L=CN @52=>ABL? / =5 <>3 >B25B8BL, 0 0@18 <>;G8B.
-B> C65 A;8H:><. 0=0;L=0O, ;6820O 8A?>254L, >A:25@=5=85 <>53> C548=5==>3> C1568I0, 0 B5?5@L 5I5 8 8B0? '5;>25:C =5 2K=5AB8 AB>;L:>. 065 B0:><C ;65FC, :0: O. 4@C3 O ?>GC2AB2>20; A51O =5CAB@>5==K<, A18BK< A B>;:C, 70?CB02H8<AO, 38?5@0:B82=K< 8 157@07;8G=K< >4=>2@5<5==>. >4>H5; : >:=C, 2K3;O=C; =0@C6C. #65 AB5<=5;>, 40;5:> =04 2>4>9 2 =51> ?>4=8<0;AO A25B, 8 ?@8 2845 53> >B:C40- B> 87 3;C18=K 4>=5AAO B>=:89 8 7;>25I89 3>;>A.
C=0.
(5?>B =0 CE>. 065 =5 72C:, ;8HL ;53:>5 >ICI5=85, 1C4B> :B>- B> ?@>87=5A <>5 8<O, A>2A5< @O4><. G5=L 1;87:>. 8:0:8E A;>2 2>>1I5, B>;L:> ACE>9 E@CAB 157 3>;>A0, 72C: 157 72C:0, <KA;L =0 >4=>< 4KE0=88. 8F> AB0;> 3>@OG8<, =5>6840==> O CA;KH0;, :0: 4KHC. !=>20 2>7=8: 3>;>A, 53> <O3:89 72C: 1C4B> 4>B@>=C;AO 4> <>53> CE0. / ?>25@=C;AO, E>BO 8 7=0;, GB> =8:>3> =5B, 8 45;> =5 2 CE5, 0 MB> <>9 4>@>3>9 2=CB@5==89 4@C6>: 87- 70 ;C=K 8 =58725AB=> 87- 70 G53> 5I5 24@C3 ?@8H5; 2 A51O.
0:0O 65 >=0 B>;AB0O 8 25A5;0O, MB0 1>;BC=LO ;C=0! , :0: <=>3> 59 E>G5BAO A:070BL! :0: 1K O =8 AB0@0;AO >1JOA=8BL 59, GB> =5 B>B <><5=B, GB> A;8H:>< @0=>, GB> =04> 5I5 A45;0BL :>5- GB> 4@C3>5, >G5=L 206=>5, C =55 2A5340 =0 2A5 =0E>4OBAO A;>20. 4065 5A;8 O C65 AB>N 745AL G5B25@BL G0A0 8 A?>@N, =0 A0<>< 45;5 =8:0:8E 2>?@>A>2 =5B.
/ C65 >BG0O;AO, 2>NO A> 2A5<8 MB8<8 C;>2:0<8, 8 :>340 ?>=O;, GB> C <5=O =8G53> =5 ?>;CG05BAO, A45;0; B>, GB> ?>B@OA;> <5=O 4> A0<>3> >A=>20=8O. / ?>72>=8; 8B5.
, 5:AB5@, ?@>3>2>@8;0 >=0. /& O ?@>AB> 1>O;0AL& !?0A81>, GB> ?>72>=8;. / ?@>AB>&
/ ?>=8<0N, A:070; O, E>BO, :>=5G=>, =8G53> =5 ?>=8<0;.
>65< <K& / =5 7=0N, GB> BK& >3C O B51O C2845BL 8 ?@>AB>& =5 ?@0240 =C6=> A B>1>9 ?>3>2>@8BL.
>=5G=>, >B25B8; O, 8 <K 4>3>2>@8;8AL 2AB@5B8BLAO ?>765 C =55, 0 O 2A5 4C<0;: GB> C 8BK <>3;> 1KBL =0 C<5?
A:>@1;5=8O? !;57K 8 >128=5=8O? C30=L 2> 25AL 3>;>A? "0< O 1C4C =0 GC6>9 B5@@8B>@88 <>6=> 2;O?0BLAO 2> GB> C3>4=>.
/ ?>25A8; B@C1:C, 8 ?>GB8 ?>;G0A0 2A5 MB> 45;> ?@52>AE>4=> >B2;5:0;> <>8 <KA;8, 0 ?>B>< <O3:89 2=CB@5==89 3>;>A 2=>2L A:>;L7=C; 2 <>73, C?>@=> =0H5?BK20O, GB> A53>4=OH=OO =>GL =0 A0<>< 45;5 1C45B >A>1>9.
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
> 254L 5I5 =8G53> =5 A45;0=>, ?>4C<0; O, O =5 3>B>2.
, @07C<55BAO, MB> 1K;> =5 206=>. >B>2 O 8;8 =5B =5B =8:0:>9 @07=8FK.
=> 1K;> 3>B>2>.
;020 1 4
/ 1K; ?>GB8 C25@5=, GB> MB> 8<5==> >=, => B>;L:> ?>GB8, 0 254L @0=LH5 O =8:>340 =5 1K; ?>GB8 C25@5=. / GC2AB2>20; A51O A;01K<, >?LO=5==K<, =0?>;>28=C 1>;L=K< >B :><18=0F88 2>71C645=8O, =5C25@5==>AB8 8 ?>;=>9 =5=>@<0;L=>AB8 A8BC0F88, =>, :>=5G=>, B5?5@L C?@02;5=85 27O; =0 A51O A 704=53> A845=LO "5<=K9 0AA068@, 8 5<C C65 A>25@H5==> 157@07;8G=K <>8 >ICI5=8O, 254L GC2AB2C5B A51O A8;L=K<, 8 E>;>4=K<, 8 6064CI8<, 8 3>B>2K<. 2>B >= C65 @07@0AB05BAO 2=CB@8 <5=O, OI5@8F59 2K?>;705B 87 A0<KE B5<=KE C3>;:>2 <>73>2KE 8728;8= AB0@8=K 5:AB5@0, 8 2A5 MB> <>65B 70:>=G8BLAO ;8HL >4=8<, 8 2A5 AE>48BAO 8<5==> =0 MB>< G5;>25:5.
/ =0H5; 53> =5A:>;L:> <5AOF52 =0704, B5< =5 <5=55 ?>A;5 =54>;3>3> =01;N45=8O @5H8;, GB> 70=OBLAO =04> A2OI5==8:><, 0 MB>B <>65B 5I5 ?>4>640BL, ?>:0 O >:>=G0B5;L=> =5 >?@545;NAL.
0: O >H810;AO! ">;L:> A59G0A O ?>=O;, GB> >= C65 =5 <>65B 640BL.
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
?@>G5<, A>45@60=85 4065 B0:>3> 4><0 1K;> 5<C =5 ?> :0@<0=C. /2>@A:8 @01>B0; =0 ?>;AB02:8 20EB5@>< 2 A@54=59 H:>;5 >=A 45 5>=, 8, =0A:>;L:> <=5 8725AB=>, B> 1K; 53> 548=AB25==K9 8AB>G=8: 4>E>40. = @01>B0; B@8 4=O 2 =545;N; MB>3> <>3;> E20B0BL =0 687=L, => =5 1>;55. 07C<55BAO, <5=O =5 8=B5@5A>20;> 53> D8=0=A>2>5 ?>;>65=85. 0B> <5=O >G5=L 8=B5@5A>20;> 4@C3>5: ?>A;5 B>3> :0: /2>@A:8 =0G0; @01>B0BL 2 >=A 45 5>=, B0< =0<5B8;AO =51>;LH>9, => 2A5 65 >ICB8<K9 @>AB G8A;0 ?>153>2 45B59. A5 >B 425=04F0B8 4> B@8=04F0B8 ;5B, 2A5 A25B;>2>;>AK5 452>G:8.
!25B;>2>;>AK5. -B> 206=>. > :0:>9- B> ?@8G8=5 B0:85 45B0;8 >AB0NBAO =570<5G5==K<8 ?>;8F859, => 2A5340 1@>A0NBAO 2 3;070 B0:8<, :0: O. 025@=>5, MB> ?>;8B8G5A:8 =5:>@@5:B=>: 8 B5<=>2>;>AK5 452>G:8, 8 B5<=>:>685 452>G:8 4>;6=K 8<5BL @02=K5 2>7<>6=>AB8 1KBL ?>E8I5==K<8, 87=0A8;>20==K<8, 0 ?>B>< 70@570==K<8 ?5@54 :0<5@>9, :0: 2K 4C<05B5?
/2>@A:8 A;8H:>< G0AB> >:07K20;AO ?>A;54=8<, :B> 2845; 8AG57=C2H53> @515=:0. >;8F59A:85 @073>20@820;8 A =8<, 7045@6820;8 =0 =>GL, 4>?@0H820;8, => B0: 8 =5 A<>3;8 =8G53> =0 =53> ?>25A8BL. 07C<55BAO, >=8 >1O70=K ?@845@6820BLAO >?@545;5==KE B@51>20=89 70:>=0. KB:8, : ?@8<5@C, 2 ?>A;54=55 2@5<O 2A5 G0I5 >AC640NB. 4=0:> 157 4>AB0B>G=> A8;L=KE <5@ C15645=8O 659<8 /2>@A:8 =8:>340 =5 A>15@5BAO ?>>B:@>25==8G0BL ?> ?>2>4C A2>53> E>118. / B>G=> 7=0N.
5I5 O 7=0N, GB> >= MB8< 70=8<05BAO. = ?><>305B 452>G:0< 8AG570BL, A45;02 8< >G5=L 1KAB@CN 8 A@07C 65 ?>A;54=NN :0@L5@C 2 :8=>. / ?>GB8 C25@5= 2 MB><. / =8:>340 =5 =0E>48; G0AB59 B5;, =8:>340 =5 70AB020; 53> 70 @01>B>9, => 2A5 AE>48BAO. =B5@=5B5 <=5 2A5 65 C40;>AL ;>:0;87>20BL =5A:>;L:> >A>15==> 8A:CA=KE D>B>3@0D89 B@5E 87 8AG57=C2H8E 452>G5:. =8 =5 2K3;O45;8 A;8H:>< AG0AB;82K<8 =0 MB8E D>B>, E>BO =5:>B>@K5 HBC:8, :>B>@K5 >=8 ?@>45;K20;8, 4>;6=K 1K ?@8=>A8BL @04>ABL. =5 @0AA:07K20;8.
/ =5 <>3 :0B53>@8G=> A2O70BL /2>@A:8 A MB8<8 :0@B8=:0<8. > 04@5A ?>GB>2>3> OI8:0 1K; 2 N6=>< 090<8, 2 =5A:>;L:8E <8=CB0E >B H:>;K. 68; >= =5 ?> A@54AB20<. 2 ;N1>< A;CG05 <=5 2A5 A 1>;LH59 =0AB>9G82>ABLN =0?><8=0;8 A B5<=>3> 704=53> A845=LO, GB> O 2K1820NAL 87 3@0D8:0, GB> MB> =5 B>B A;CG09, :>340 C25@5==>ABL 8<55B ?5@2>AB0B59=CN 206=>ABL.
">;L:> MB>B C@>4;82K9 ?5A 15A?>:>8B <5=O. !>10:8 2A5340 ?@>1;5<0. =8 <5=O =5 ;N1OB 8 G0AB> =5 >4>1@ONB B>3>, GB> O 45;0N A 8E E>7O520<8, 8 >A>15==>, GB> O =5 45;NAL A =8<8 ;CGH8<8 :CA:0<8. =5 =C6=> :0:- B> =09B8 >1E>4=>9 ?CBL 2>:@C3 A>10:8 /2>@A:8. >65B 1KBL, >= A0< 2K945B. 5A;8 =5B ?@845BAO :0:- B> ?>?0ABL 2=CB@L.
/ ?@>5E0; <8<> 4><0 /2>@A:8 B@8 @070, => 2 3>;>2C B0: =8G53> =5 ?@8H;>. =5 =C6=> =5<=>3> 2575=8O, ?@8G5< 4> B>3>, :0: "5<=K9 0AA068@ 70AB028B <5=O A45;0BL GB>- B> =5>14C<0==>5. :0: B>;L:> <>9 B5<=K9 4@C3 =0G0; =0H5?BK20BL =51;03>@07C<=K5 ?@54;>65=8O, =0 <>N 4>;N 2K?0; <0;5=L:89 :CA>G5: C40G8. >340 O 2 >G5@54=>9 @07 ?@>5760; <8<>, /2>@A:8 2KH5; 87 4><0 8 701@0;AO 2 A2>9 @0718BK9 ?8:0? « B>9>B0» . 0: B>;L:> <>3, O A1@>A8; A:>@>ABL; G5@57 <3=>25=85 >= 40; 704=89 E>4 8 @20=C; =0 A2>5< <0;5=L:>< 3@C7>28G:5 2 AB>@>=C 03;0A- @>C4. / @0725@=C;AO 8 ?>A;54>20; 70 =8<.
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
/2>@A:8 ?@8?0@:>20;AO @O4>< A 1C4CI8< :>=4><8=8C<><. K94O 87 <0H8=K, >AB0=>28;AO <564C =59 8 1>;LH>9 :CG59 ?5A:0. 5A:>;L:> <3=>25=89 >= ?@>AB> A<>B@5; ?> AB>@>=0<, 8 O AJ5E0; =0 >1>G8=C 8 703;CH8; 42830B5;L. /2>@A:8 ?>3;O45; 2 AB>@>=C 4><>2, ?>B>< =0 4>@>3C 2 =0?@02;5=88 2>4K. 065BAO, >= CA?>:>8;AO 8 70H5; 2 740=85. / ?>GB8 C25@5=, GB> >= 2KA<0B@820; >E@0==8:0. AB0B8, O B>65. 045NAL, >= A45;0; 4><0H=55 7040=85. '0I5 2A53> =0 B0:8E :@C?=KE AC?5@AB@>9?;>I04:0E >48=- 548=AB25==K9 >E@0==8: 5748B 87 :>=F0 2 :>=5F =0 M;5:B@><>18;5 4;O 3>;LD0. "0: 45H52;5, 8 ?>B>< <K 65 2 090<8. ?@545;5==K9 >1J5< =0:;04=KE @0AE>4>2 ;N1>3> ?@>5:B0 ?@8E>48BAO =0 <0B5@80;K, :>B>@K5 B8E> 8 1KAB@> 8AG570NB. >E>65, 2 ?;0=K /2>@A:8 :0: @07 2E>48B ?><>GL 70AB@>9I8:C ?>A:>@55 2K1@0BL MBC :2>BC.
/ 2K1@0;AO 87 <0H8=K, AC=C2 @0745;>G=K9 =>6 8 :;59:CN ;5=BC 2 70E20G5==CN 1>;LHCN AC<:C. I5 @0=LH5 O ?>;>68; BC40 ?@>@578=5==K5 A04>2K5 ?5@G0B:8 8 =5A:>;L:> D>B>3@0D89, A:0G0==KE 87 =B5@=5B0. >25A82 AC<:C =0 ?;5G>, O B8E> 42830;AO 2 =>G8, ?>:0 =5 4>H5; 4> 53> 3@O7=>3> 3@C7>28G:0. :C7>25, :0: 8 2 :018=5, =8:>3> =5 1K;>. 0 ?>;C AB0:0=K 8 A0;D5B:8 87 « C@35@- 8=30» , ?CABK5 ?0G:8 >B « M<5;0» . 8G53>, GB> =5 1K;> 1K B0:8< 65 <0;5=L:8< 8 3@O7=K<, :0: A0< /2>@A:8.
/ ?>A<>B@5; 225@E. 04 25@E=59 3@0=8F59 ?>;C4>AB@>5==>3> :>=4><8=8C<0 <0OG8; B>;L:> >BA25B ;C=K. >G=>9 25B5@ 4C; 2 ;8F>, =5AO A A>1>9 G0@CNI85 0@><0BK =0H53> B@>?8G5A:>3> @0O 4875;L=>3> <0A;0, @07;030NI59AO @0AB8B5;L=>AB8 8 F5<5=B0. / 3;C1>:> 24>E=C; 8E 8 25@=C;AO <KA;O<8 : /2>@A:8.
= 345- B> 2=CB@8 :0@:0A0 740=8O. / =5 7=0;, A:>;L:> C <5=O 2@5<5=8, ?>MB><C B>=5=L:89 2=CB@5==89 3>;>A>: ?>43>=O; <5=O. / >B>H5; >B 3@C7>28G:0 8 =0?@028;AO : 740=8N. :0: B>;L:> O ?5@5A5: 425@=>9 ?@>5<, O CA;KH0; 53>. ;8, A:>@55, CA;KH0; AB@0==>5 AB@5:>B0=85 8;8 ?>B@5A:820=85: MB>, 4>;6=> 1KBL, >= 8;8&
/ >AB0=>28;AO. 2C:8 4>=>A8;8AL >B:C40- B> A1>:C, 8 O, :@04CG8AL, =0?@028;AO 2 BC AB>@>=C. > AB5=5 225@E H5; 381:89 H;0=3, M;5:B@>?@>2>4:0. / 4>B@>=C;AO 4> =53> 8 ?>GC2AB2>20; 281@0F8N, :0: 1C4B> 2=CB@8 GB>- B> 42830;>AL.
@>A25B;5=85 2 <>730E. /2>@A:8 2KB0A:8205B ?@>2>4. 54L >G5=L 4>@>30, 0 G5@=K9 @K=>: <548 2 ;N1>9 D>@<5 ?@>4>;605B ?@>F25B0BL. I5 >48= A:@><=K9 A?>A>1 ?>?>;=5=8O A:C4=>9 20EB5@A:>9 70@?;0BK, ?><>30NI89 A3;048BL 4>;385 ?5@8>4K =8I5=A:>3> ACI5AB2>20=8O <564C ?>1530<8 <0;>;5B>:. 0 >4=>9 E>4:5 A <54LN >= <>3 70@010BK20BL ?> =5A:>;L:C A>B5= 4>;;0@>2.
"5?5@L, :>340 O ?>=O;, =0 GB> =0F5;8;AO /2>@A:8, 2 3>;>25 =0G0; C:>@5=OBLAO ?>:0 5I5 =5OA=K9 :>=BC@ 8458. !C4O ?> 72C:C, >= 345- B> 2KH5 <5=O. / ;53:> <>3C 2KG8A;8BL 53> <5AB>=0E>645=85, B5=LN A;54>20BL 70 =8<, ?>:0 =5 =0ABC?8B <><5=B, 0 B>340 C65 =0?0ABL. > 254L O 745AL ?@0:B8G5A:8 3>;K9, ?>;=>ABLN >B:@KBK9, =5?>43>B>2;5==K9. / ?@82K: B0:85 25I8 ?@>45;K20BL >?@545;5==K< >1@07><. !0<0 <KA;L > 2KE>45 70 ?@545;K A>1AB25==KE 3@0=8F ?@54>AB>@>6=>AB8 459AB2C5B =0 <5=O :@09=5 45AB018;878@CNI5.
53:89 >7=>1 ?@>1560; ?> A?8=5. 0G5< O MB> 45;0N?
3=>25==K< >B25B>< 1K;>, :>=5G=> 65, GB> O =8G53> 2>>1I5 =5 45;0N. A5 45;05B <>9 4>@>3>9 4@C3 87 B5<=>BK 704=53> A845=LO. / 745AL ?@>AB> ?>B><C, GB> C <5=O 5ABL 2>48B5;LA:85 ?@020. > <K ?@8H;8 : A>3;0H5=8N, >= 8 O. K 4>AB83;8 BI0B5;L=> A10;0=A8@>20==>3> @568<0 A>ACI5AB2>20=8O, MB0:>3> 20@80=B0 A>2<5AB=>9 687=8 ?> @5F5?BC 0@@8. A59G0A >= 1C9=> @25BAO 70 ?@545;K 0::C@0B=KE 8 ?@5:@0A=KE ;8=89, :>B>@K5 <5;>< =0@8A>20; 0@@8. >G5<C? ;>ABL? 5C65;8 2B>@65=85 2 <>9 4>< =0AB>;L:> >A:>@18B5;L=>, GB> <>65B ?>1C48BL 53> : >B25B=><C C40@C, 2 >B<5AB:C?
/ =5 GC2AB2CN, GB>1K >= 7;8;AO; :0: 2A5340, "5<=K9 0AA068@ :065BAO E;04=>:@>2=K<, A?>:>9=K< 8 ?@8OB=> C482;5==K<, 3>B>2K< : >E>B5. O B>65 =5 7;NAL. / GC2AB2CN A51O& ?>;C?LO=K<, :0: 7<59 2 2KH8=5, 10;0=A8@CNI8< 2 M9D>@88 =0 ;57288 =>60, 274@03820O 2=CB@5==8< B@5?5B><, :>B>@K9 C4828B5;L=> ?>E>6 =0 B>, GB> O =07K20N M<>F8O<8. ;53:><KA;85, 2>7=8:H55 >B 2A53> MB>3>, 8 ?@825;> <5=O 2 >?0A=>5, =5G8AB>5, =570?;0=8@>20==>5 <5AB>, GB>1K O A45;0; ?>4 2>7459AB285< <><5=B0 B>, GB> 2A5340 B0: BI0B5;L=> ?;0=8@CN. >, 4065 ?>=8<0O 2A5, O >G5=L E>GC MB> A45;0BL.
>;65=.
C, E>@>H>. 4=0:> O =5 >1O70= 45;0BL MB> @0745BK<. / >A<>B@5;AO. 40;L=5< :>=F5 ?><5I5=8O HB015;O<8 ;560;8 >15@=CBK5 ?>;8MB8;5=>2>9 ?;5=:>9 C?0:>2:8 :5@0<8G5A:>9 ?;8B:8. 5A:>;L:> <8=CB @01>BK 8 O A45;0; A515 87 MB>9 ?;5=:8 D0@BC: 8 AB@0==>3> 2840 ?@>7@0G=CN <0A:C: 2K@570; =>A, @>B 8 3;070 B0:, GB>1K <>6=> 1K;> A<>B@5BL 8 4KH0BL. ;>B=> 70BO=C; 8<?@>2878@>20==K5 702O7:8 =0 70BK;:5 B0:, GB> <>5 ;8F> ?@52@0B8;>AL 2 =5GB> =5C7=0205<>5. 450;L=0O 0=>=8<=>ABL. K3;O48B BC?>20B>, :>=5G=>, => O ?@82K: >E>B8BLAO 2 <0A:5. , 5A;8 =5 1@0BL 2 @0AG5B <>5 =52@>B8G5A:>5 AB@5<;5=85 45;0BL 2A5 ?@028;L=>, O B0:8< >1@07>< ?@>AB> C<5=LH0; G8A;> 2>7<>6=KE >A;>6=5=89. -B> <5=O A;53:0 @0AA;01;O5B, B0: GB> =8G53> BCB ?;>E>3> =5B. / 4>AB0; 87 AC<:8 ?5@G0B:8, =0BO=C; 8E. >B O 8 3>B>2.
/ =0H5; /2>@A:8 =0 2B>@>< MB065. # 53> =>3 ?>1;5A:820;0 3@C40 M;5:B@8G5A:8E ?@>2>4>2. / AB>O; 2 B5=8 ;5AB=8G=>9 :;5B:8 8 =01;N40;, :0: >= 2KB0A:8205B ?@>2>40 87 87>;OF88. ! ?><>ILN :;59:>9 ;5=BK O @0725A8; D>B>3@0D88, :>B>@K5 ?@8=5A A A>1>9. 8;K5 <0;5=L:85 D>B:8 A15602H8E 452G>=>: 2 2K7K20NI8E 8 >G5=L >B:@>25==KE ?>70E. / ?@8:;58; 8E : 15B>==K< AB5=0<, B0:, GB>1K /2>@A:8 >1O70B5;L=> 70<5B8; 8E, 2KE>4O =0 ;5AB=8FC.
/ A=>20 273;O=C; 2 AB>@>=C /2>@A:8. = 2KBO=C; 5I5 DCB>2 4204F0BL ?@>2>40, => B>B 24@C3 70AB@O; 8 1>;LH5 =5 E>B5; 2KBO3820BLAO. /2>@A:8 :@O:=C;, ?>B>< 4>AB0; 87 704=53> :0@<0=0 1>;LH85 :CA0G:8 8 ?5@5:CA8; ?@>2>4. >4=O; ?@>2>4, ;560I89 ?>4 =>30<8, 8 AB0; A:@CG820BL, =0<0BK20O 53> =0 ;>:>BL. >B>< =0?@028;AO : ;5AB=8F5 2 <>N AB>@>=C.
/ >BABC?8; 2 B5<=>BC ;5AB=8G=>9 :;5B:8 8 70B08;AO.
/2>@A:8 4065 =5 AB0@0;AO =5 HC<5BL. = =5 >6840;, GB> 5<C <>65B GB>- ;81> ?><5H0BL, 8, :>=5G=> 65, >= =5 <>3 640BL <5=O. / ?@8A;CH0;AO : 53> H030< 8 ;53:><C F0@0?0=LN ?@>2>40, :>B>@K9 B0I8;AO 70 =8<. ;865&
/2>@A:8 ?>O28;AO 2 425@=>< ?@>5<5 8 ?5@5H03=C; G5@57 ?>@>3, =5 70<5G0O <5=O. ?>B>< C2845; :0@B8=:8.
#D, ?@>87=5A >= B0:, :0: 1C4B> ?>;CG8; E>@>H89 C40@ 2 682>B.
/2>@A:89 CAB028;AO =0 =8E, A >B28AH59 G5;NABLN, =5 2 A>AB>O=88 428=CBLAO A <5AB0; 8 BCB A7048 ?>O28;AO O A =>6>< : 3>@;C.
5 42830BLAO 8 =5 HC<5BL, A:070;8 <K.
-, ?>A;CH09& ?@>87=5A >=.
/ A;53:0 ?>25@=C; :C;0: A =>6>< B0:, GB> 53> :>=G8: A;53:0 2>B:=C;AO 2 :>6C ?>4 ?>41>@>4:><. /2>@A:8 272873=C;, :>340 >BBC40 1@K7=C;0 B0:0O >3>@G8B5;L=>- C60A=0O 8 B>=5=L:0O AB@C9:0 :@>28. "0: =0?@0A=>: =C ?>G5<C ;N48 =5 E>BOB A;CH0BLAO?
/ 65 A:070; =8 72C:0, A=>20 A:070;8 <K, 8 >= CA?>:>8;AO.
"5?5@L 548=AB25==K<8 72C:0<8 1K;8 ?>B@5A:820=85 :;59:>9 ;5=BK, 4KE0=85 /2>@A:8 8 B8E89 A<5E "5<=>3> 0AA068@0. / 70:;58; 5<C @>B, :CA:>< 4@03>F5==>3> 20EB5@A:>3> <54=>3> ?@>2>40 A2O70; @C:8 8 ?>4B0I8; : 4@C3><C HB015;N ?;8B:8, B0:65 C?0:>20==><C 2 ?>;8MB8;5=. I5 G5@57 =5A:>;L:> A5:C=4 >= C65 1K; A:@CG5=, :0: A=>?, 8 ?@82O70= : 8<?@>2878@>20==><C AB>;C.
>3>2>@8<, A:070;8 <K <O3:8< 8 E>;>4=K< 3>;>A>< 0AA068@0.
= =5 7=0;, @07@5H5=> ;8 5<C @073>20@820BL, 0 :;59:0O ;5=B0 B0: 8;8 8=0G5 =5 4020;0 MB>3> 45;0BL, ?>MB><C >= <>;G0;.
0209 ?>3>2>@8< > 452G>=:0E, A:070;8 <K, >B:;5820O ;5=BC A> @B0.
/- 0& >- > G5< MB0- 0 BK? ?@>87=5A >=. 2CG0;> =5 >G5=L C1548B5;L=>.
C<0N, BK 7=05HL > G5<, A:070;8 <K.
C& =5- 5, >B25B8; >=.
C& 40, A:070;8 <K.
>7<>6=>, O =0G0; 3>2>@8BL A;8H:>< <C4@5=>. @5<O 70:0=G820;>AL, 40 8 25AL 25G5@ 70:0=G820;AO. >= 24@C3 >A<5;5;. >A<>B@5; 2 <>5 A8ONI55 ;8F>.
"K GB>, :>?? A?@>A8; >=.
5B, >B25B8;8 <K, 8 O A@570; 5<C ;52>5 CE>.
=> 1K;> 1;865. >6 C <5=O >AB@K9, 8 :0:>5- B> <3=>25=85 >= =5 <>3 ?>25@8BL, GB> MB> ?@>8AE>48;> A =8<, GB> >= =025:8 8 =02A5340 B5?5@L >AB0=5BAO 157 ;52>3> CE0. >MB><C, GB>1K >= ?>25@8;, O C@>=8; CE> 5<C =0 3@C4L. ;070 53> AB0;8 >3@><=K<8, ;53:85 70?>;=8;8AL, ?@83>B>282H8AL : :@8:C, => O 70AC=C; 5<C 2 @>B <>B>: :;59:>9 ;5=BK :0: @07 ?5@54 B5<, :0: >= MB> A45;0;.
8 B> =8 4@C3>5, >B25B8;8 <K. !;CG0NBAO 25I8 8 ?>EC65.
, :>=5G=> 65, >?@545;5==> >=8 A;CG0NBAO, B>;L:> ?>:0 5<C >1 MB>< 7=0BL @0=>.
52G>=:8? A?@>A8;8 <K <O3:>- E>;>4=>, ?>4>640;8 2A53> <3=>25=85, 3;O4O 2 3;070, GB>1K C1548BLAO, GB> >= =5 1C45B :@8G0BL, 0 ?>B>< 2K=C;8 :;O?.
8ACA5, ?@>E@8?5; >=. >5 CE>&
# B51O 5ABL 5I5 >4=>, B0:>5 65 E>@>H55, >B25B8;8 <K. 0AA:068 =0< > 452>G:0E =0 MB8E D>B>3@0D8OE.
0<? 'B> BK 8<55HL 2 284C? 8ACA5, 1>;L=> 65! 70E=K:0; >=.
> =5:>B>@KE ?@>AB> =5 4>E>48B. / A=>20 70AC=C; ?;5=:C 5<C 2 @>B 8 ?@8ABC?8; : @01>B5.
/ ?>GB8 C2;5:AO: 2 B0:8E CA;>28OE @01>B0 A?>@8;0AL. !5@4F5 3=0;> :0: AC<0AH54H55, 8 <=5 ?@8E>48;>AL A8;L=> =0?@O30BLAO, GB>1K @C:0 =5 4@>60;0. > O ?@>4>;60; @01>BC, 8AA;54CO, 8I0 =5GB>, GB> 2AO:89 @07 CA:>;L70;> >B <5=O. -B> 70E20BK20;> 8 2 B> 65 2@5<O C60A=> @07>G0@>2K20;>. =CB@5==89 3=5B =0@0AB0;, ?>4:0BK20;AO : CH0<, A :@8:>< ?KB0;AO 2K@20BLAO => =5B, >A2>1>645=8N =5 1KBL. ">;L:> MB> =0@0AB0NI55 402;5=85, GC2AB2> G53>- B> ?@5:@0A=>3>, =54>ABC?=>3> GC2AB20<, 2 >6840=88, ?>:0 O 53> =5 =094C 8 =5 1@>HCAL 2 =53> F5;8:><. 4=0:> O B0: =8G53> 8 =5 =0E>48;, 8 =8 >48= 87 <>8E AB0@KE AB0=40@B>2 =5 =5A @04>AB8. 'B> 45;0BL? @0AB5@O==>AB8 O =04@570; 25=C, 8 >B2@0B8B5;L=0O ;C60 :@>28 AD>@<8@>20;0AL =0 ?;5=:5 @O4>< A 20EB5@><. / =0 A5:C=4C >AB0=>28;AO 2 ?>8A:0E >B25B0, => B0: =8G53> 8 =5 ?@84C<0;. / ?>A<>B@5; 2 AB>@>=C G5@57 >:>==K9 ?@>5<. / A<>B@5;, 701K20O 4KH0BL.
04 2>4>9 <>6=> 1K;> 2845BL ;C=C. > :0:>9- B> ?@8G8=5 O =5 <>3C >1JOA=8BL, GB> <=5 ?>:070;>AL B0:8< ?@028;L=K<, B0:8< =5>1E>48<K<: ?@>AB> A<>B@5BL =0 ;C=C ?>25@E 2>4K, A<>B@5BL, :0: >=0 ?@83;CH5==> <5@F05B ?@>AB> A0<> A>25@H5=AB2>. 5=O :0G=C;>, O C40@8;AO > =0H 8<?@>2878@>20==K9 AB>; 8 ?@8H5; 2 A51O. > ;C=0& 8;8 B> 1K;0 2>40?
"0: 1;87:>& / B0: 1;87>: : G5<C- B>, O ?>GB8 GC2AB2CN 53> 70?0E, => GB> 65 MB>? @>6L ?@>1560;0 ?> B5;C, 8 MB> B>65 ?@028;L=>, =0AB>OI0O ;8E>@04:0 >E20B8;0 <5=O, 4065 7C1K 70ABCG0;8. >G5<C? 'B> MB> 2A5 >7=0G05B? 'B>- B> =0E>48BAO @O4><, GB>- B> >G5=L 206=>5, :0:0O- B> 2A5?>15640NI0O G8AB>B0 8 OA=>ABL, >A54;02H0O ;C=C 8 >B@060NI0OAO 2 2>45 8 =0 :>=G8:5 <>53> =>60 4;O @0745;:8 D8;5, 0 O =5 <>3C MB> ?>9<0BL.
/ A=>20 ?>A<>B@5; =0 20EB5@0. 8:> @074@0605B, :0: >= BCB ;568B, 25AL 2 8<?@>2878@>20==KE =04@570E 8 =5=C6=KE ?OB=0E :@>28. ?@>G5<, B@C4=> 4>;3> 7;8BLAO, :>340 2 B515 ?C;LA8@C5B B0:0O 482=0O D;>@84A:0O ;C=0, >14C205B B@>?8G5A:89 1@87, GC4=K5 =>G=K5 72C:8 HC@H0I59 ;5=BK A>548=ONBAO A ?0=8G5A:8< 4KE0=85<. =5 ?>GB8 E>B5;>AL A<5OBLAO. 5:>B>@K5 ?@54?>G8B0NB C<8@0BL 70 :0:85- =81C4L A>25@H5==> =52>>1@078<K5 25I8; MB>B 6CB:89 A;87=O: C<@5B 87- 70 :CA:0 <54=>3> ?@>2>40. 53> 2K@065=85 ;8F0: AB>;L:> AB@040=8O, =54>C<5=8O 8 >BG0O=LO. K;> 1K 4065 A<5H=>, 5A;8 1K O =5 1K; B0: @0AAB@>5=.
>= ?@0240 70A;C68205B, GB>1K O ?@8;>68; 1>;LH5 CA8;89: 2 :>=F5 :>=F>2 =5 53> 28=0, GB> O >:070;AO =5 2 ?@82KG=>9 A2>59 >B<5==>9 D>@<5. = 4065 =54>AB0B>G=> >B2@0B8B5;5=, GB>1K ?>?0ABL 2 25@E=NN G0ABL <>53> ?@>3@0<<=>3> A?8A:0. A53>- =02A53> >BB0;:820NI89 <5;:89 15745;L=8:, :>B>@K9 C18205B 45B59 @048 45=53 8 :09D0, 40 8 C18; 2A53> G5B25@KE 8;8 ?OB5@KE, =0A:>;L:> <=5 1K;> 8725AB=>. =5 ?>GB8 AB0;> 60;L 53>. <C =8:>340 =5 ?>?0ABL 2 2KAHCN ;83C.
C 40 ;04=>. >@0 @01>B0BL. / 25@=C;AO : /2>@A:8. = C65 =5 18;AO B0: A8;L=>, => 2A5 65 1K; A;8H:>< 682K< 4;O >1KG=KE <5B>4>2. >=5G=>, A53>4=O 25G5@>< A> <=>9 =5B <>8E =081>;55 ?@>D5AA8>=0;L=KE 83@CH5: 8 ?@>F54C@0 4>;6=0 1K;0 ?>:070BLAO /2>@A:8 A;8H:>< 3@C1>9. > :0: >?KB=K9 0:B5@, >= =5 60;>20;AO. / 4065 ?>GC2AB2>20; 2>;=C ?@82O70==>AB8 8 ?@5>4>;5; A2>N B>@>?;82>ABL, C45;82 1>;LH5 2=8<0=8O 8 2@5<5=8 =0 :0G5AB2> >1@01>B:8 53> @C:. = >B25B8; =0AB>OI8< 2A?;5A:>< M=BC7807<0, 8 O ?>?;K;, BCB 65 ?>B5@O2H8AL 2 451@OE A2>8E 87KA:0=89.
8B>35 53> 3;CE85 :@8:8 8 48:85 :>=2C;LA88 25@=C;8 <5=O : 459AB28B5;L=>AB8. O 2A?><=8;, GB> 4065 =5 C1548;AO 2 53> 28=>2=>AB8. / ?>4>640;, ?>:0 >= CA?>:>8BAO, ?>B>< 2K=C; :;O? 87> @B0.
53;O=:8? A?@>A8;8 <K.
8ACA5! >65! 8ACA5! . . A;01K< 3>;>A>< ?@>87=>A8; >=.
/ B0: =5 4C<0N, >B25B8;8 <K. / 4C<0N, <K 8E 345- B> 701K;8.
>60;C9AB0, ?@>3>2>@8; >=. C ?>60;C9AB0&
0AA:068 <=5 > 153;KE 452>G:0E, =0AB0820;8 <K.
%>@>H>, 2K4>E=C; >=.
"K C2>78; MB8E 452>G5:.
0&
!:>;L:8E?
5A:>;L:> 4KE0B5;L=KE 42865=89. ;070 C =53> 70:@KBK, 8 O C65 ?>4C<0;, GB> <>3C ?>B5@OBL 53> A;8H:>< @0=>. 0:>=5F >= >B:@K; 8E 8 ?>A<>B@5; =0 <5=O.
OBL, A:070; >= =0:>=5F. OBL <0;5=L:8E :@0A028F. <=5 =5 60;L.
>=5G=>, =5 60;L, A:070;8 <K. / ?>;>68; @C:C 5<C =0 ?;5G>. @5:@0A=K9 <><5=B. B5?5@L <=5 B>65 =5 60;L.
/ A=>20 70AC=C; ?;5=:C 5<C 2 @>B 8 ?@8ABC?8; : @01>B5. B>;L:> =0G0; 2E>48BL 2 A2>9 >1KG=K9 @8B<, :>340 CA;KH0;, GB> 2=87C ?>O28;AO >E@0==8:.
;020 1 5
3> 2K40; B@5A: @0F88. / C65 3;C1>:> C2;5:AO @01>B>9, B0:>9, :>B>@>9 5I5 =5 ?@>1>20;, ?>MB><C CA;KH0; 53> =5 A@07C. >=G8:>< =>60 O @01>B0; =04 B>@A><, 8 C65 =0G0; GC2AB2>20BL ?@8OB=>5 ?>:0;K20=85 2 ?>72>=>G=8:5 8 2 =>30E, 8 <=5 A>2A5< =5 E>B5;>AL >AB0=02;820BLAO. > @0F8O! -B0 =>2>ABL EC65, G5< ?@>AB> ?>O2;5=85 >E@0==8:0. A;8 >= 2K7>25B ?>4:@5?;5=85 8;8 A:065B, GB>1K 701;>:8@>20;8 4>@>3C, 2>7<>6=>, <=5 1C45B A;>6=>20B> >1JOA=8BL :>5- GB> 87 B>3>, G5< O A59G0A 70=8<0NAL.
/ ?>A<>B@5; =0 /2>@A:8. = 1K; ?>GB8 3>B>2, 8 2A5 65 O =54>2>;5=, :0: 2A5 A45;0=>. !;8H:>< <=>3> 3@O78, O B0: 8 =5 =0H5; B>3>, GB> 8A:0;. K;> =5A:>;L:> <><5=B>2, :>340 :070;>AL, GB> O =0E>6CAL =0 3@0=8 G53>- B> ?@5:@0A=>3>, :0:>3>- B> C4828B5;L=>3> >B:@>25=8O, G53>- B>& '53>? C=0, 2>40 70 >:=><, 2A5 =0 <5AB5, 0 =8G53> =5 ?@>8AE>48B. 2>B O 745AL, A =570:>=G5==K<, =5G8ABK<, =50::C@0B=K<, =5 @04CNI8< 3;07 =0A8;L=8:>< 45B59, 40 5I5 >E@0==8: C65 =0 ?CB8 : =0<.
5=0286C 45;0BL ?>A?5H=K5 2K2>4K. @8=OB85 @5H5=8O B0:>9 206=K9 <><5=B, =0AB>OI55 >1;53G5=85 4;O =0A 0AA068@0 8 <5=O A0<>3>. > :0:>9 C <5=O 1K; 2K1>@? >2>;L=> 4>;3> A;8H:>< 4>;3>, ?@0240, 8 <=5 =0 A0<>< 45;5 ABK4=> 70 MB> O 4C<0; > B><, GB>1K C18BL >E@0==8:0 8 ?@>4>;68BL. -B> 1K;> 1K ;53:>, 8 <>3 1K ?@>4>;68BL A2>8 8AA;54>20=8O :0: 1K A=0G0;0&
> =5B. >=5G=>, =5B. 5 ?>945B. E@0==8: =528=>25=, B0: 65 =528=>25=, :0: 1>;LH8=AB2> 68B5;59 090<8. >7<>6=>, A0<>5 ?;>E>5, GB> >= 45;0; 2 687=8, =5A:>;L:> @07 2KAB@5;8; 2A;54 C40;ONI8<AO 2>48B5;O< =0 H>AA5 0;L<5BB>. '8AB ?@0:B8G5A:8 :0: A=53. 5B, =C6=> A?5H=> >BABC?0BL. 0EB5@C ?@845BAO >AB0BLAO =5 A>2A5< 70:>=G5==K<, <=5 =5 A>2A5< C4>2;5B2>@5==K<. 8G53>, 2 A;54CNI89 @07 ?>2575B 1>;LH5.
/ ?>A<>B@5; =0 MB> 3@O7=>5, =8GB>6=>5 =0A5:><>5 8 ?>GC2AB2>20;, :0: <5=O 70?>;=O5B >B2@0I5=85. 7 =53> A>G8;8AL A;N=0, A>?;8 8 :@>2L >4=>2@5<5==>, 157>1@07=>5 <>:@>5 <5A82> ?>:@K20;> ;8F>. ">=:0O AB@C9:0 :@>28 2KB5:0;0 87> @B0. KAB@K< 42865=85< O ?5@5@570; /2>@A:8 3>@;>. BCB 65 ?>60;5; > A2>59 ?>A?5H=>AB8. BBC40 2K@20;AO C60A=K9 :@>202K9 D>=B0=, :>B>@K9 ?@840; AF5=5 5I5 1>;55 ?@8A:>@1=K9 284. 0, =5?@>AB8B5;L=0O >H81:0. 'C2AB2CO A51O =5G8ABK< 8 =5C4>2;5B2>@5==K<, O @20=C; : ;5AB=8G=>9 :;5B:5. "8E>5 8 @074@065==>5 1>@<>B0=85 "5<=>3> 0AA068@0 ?@5A;54>20;> <5=O.
/ 2KA:>G8; =0 2B>@>9 MB06 8 ?@>A:>;L7=C; : =570AB5:;5==><C >:=C. =87C 1K; 2845= :0@B 4;O 3>;LD0, =0 :>B>@>< ?@85E0; ?>;8F59A:89. 5@54>< >= AB>O; 2 AB>@>=C ;4- 0B;5@, B> 5ABL, =045NAL, >E@0==8: ?@85E0; A 4@C3>9 AB>@>=K 8 =5 2845; <>59 <0H8=K. O4>< A :0@B>< AB>O; B>;ABK9 8 A<C3;K9 <>;>4>9 G5;>25: A G5@=K<8 2>;>A0<8 8 B>=:8<8 G5@=K<8 CA8:0<8. = A<>B@5; 225@E =0 740=85, : AG0ABLN 2 ?@>B82>?>;>6=CN >B <5=O AB>@>=C.
'B> >= CA?5; CA;KH0BL? -B> 53> >1KG=K9 <0@H@CB? %>G5BAO =045OBLAO. A;8 >= 459AB28B5;L=> GB>- B> CA;KH0;& A;8 >=, AB>O A=0@C68, CA?5; 2K720BL ?>4<>3C, A:>@55 2A53> <5=O ?>9<0NB. :0:8< 1K C<=K< 8 1>9:8< =0 O7K: O =8 1K;, =5 4C<0N, GB> <=5 C40ABAO >B25@B5BLAO.
>;>4>9 >E@0==8: 4>B@>=C;AO 1>;LH8< ?0;LF5< 4> CA0 8 ?>3;048; 53>, :0: 1K ?>>I@OO : 40;L=59H5<C @>ABC. 0AC?8;AO, >125; 273;O4>< D0A04. / >B?@O=C;. >340 G5@57 <3=>25=85 O A=>20 2K3;O=C;, B> C2845; B>;L:> 53> <0:CH:C. E@0==8: 70E>48; 2 740=85.
/ ?>4>640;, ?>:0 =5 CA;KH0; 53> H038 =0 ;5AB=8F5. ">340 O 2KAC=C;AO 87 >:=0, ?>28A <564C ?5@2K< 8 2B>@K< MB06><, 45@60AL =0 3@C1>< F5<5=B=>< ?>4>:>==8:5 =0 :>=G8:0E ?0;LF52, 0 ?>B>< A?@K3=C;. / A8;L=> C40@8;AO, ?>425@=C; ;>4K6:C =0 :0<=5, >1>4@0; :>ABOH:8 ?0;LF52. 0B5< A0<>9 1KAB@>9 2 <8@5 E@><0NI59 ?>E>4:>9 O =K@=C; 2 B5=L 8 ?>=5AAO : <0H8=5.
>340 O =0:>=5F ?;NE=C;AO =0 2>48B5;LA:>5 A845=L5, A5@4F5 <>5 2KA:0:820;> 87 3@C48. / >3;O=C;AO 8 =5 C2845; =8:0:8E ?@87=0:>2 >E@0==8:0. 025; 42830B5;L 8, 2A5 5I5 =5 2:;NG0O A25B0, 2K5E0;, :0: B>;L:> <>3 1KAB@> 8 15AHC<=>, =0 ;4- 0B;5@- @>C4, 2 AB>@>=C N6=>3> 090<8, 4;8==>9 4>@>3>9 ?> 02B>AB@045 8:A8. C;LA 2A5 5I5 :>;>B8; 2 CH0E. 0:>9 3;C?K9 @8A:! 8:>340 5I5 =5 45;0; =8G53> ?>4>1=>3> B0: 8<?C;LA82=>, 2>>1I5 @0=LH5 =8G53> =5 ?@54?@8=8<0; 157 BI0B5;L=>3> ?;0=8@>20=8O. >45:A 0@@8: >AB>@>6=>ABL, 157>?0A=>ABL, ?>43>B>2;5==>ABL. "5<=K5 !:0CBK.
2<5AB> MB>3> B0:0O =5>AB>@>6=>ABL. 5=O 254L <>3;8 ?>9<0BL. 5=O <>3;8 C2845BL. ;C?>, 3;C?> 5A;8 1K O 2>2@5<O =5 CA;KH0; <>;>4>3> >E@0==8:0, <=5, =025@=>5, ?@8H;>AL 1K C18BL 53>. #18BL =528==>3> G5;>25:0 65AB>:>; O ?>GB8 C25@5=, GB> 0@@8 =5 >4>1@8; 1K B0:>3>. 5I5 MB> 1K;> 1K =5G8AB> 8 =5?@8OB=>.
>=5G=>, O 5I5 40;5:> =5 2 157>?0A=>AB8. E@0==8: ;53:> <>3 70?8A0BL =><5@ <>59 <0H8=K, 5A;8 ?@>5760; <8<> =55 =0 A2>5< :0@B5 4;O 3>;LD0. / 157<>73;> 8 =5;5?> @8A:>20;, ?>H5; ?@>B82 2A5E BI0B5;L=> >B@01>B0==KE ?@>F54C@, ?>AB028; =0 :>= 2AN A2>N BI0B5;L=> 2KAB@>5==CN 687=L @048 G53>? 048 M<>F8>=0;L=>3> C189AB20? !BK4=>, ?@8OB5;L.
2 A0<>< 40;L=5< C3;C <>53> @07C<0 >B>720;>AL ME>< :>=5G=>, ABK4=>! 8 7=0:><K9 A<5H>:.
/ 3;C1>:> 274>E=C; 8 ?>A<>B@5; =0 @C:C =0 @C;52>< :>;5A5. > 254L MB> 459AB28B5;L=> 2>71C6405B, 25@8B5? 5@2>1KB=>5 2>;=5=85, ?>;=>5 687=8 8 =>2KE >ICI5=89, 8 3;C1>:>5 @07>G0@>20=85. 'B>- B> A>25@H5==> =>2>5 8 8=B5@5A=>5. AB@0==>5 >ICI5=85, GB> 2A5 MB> :C40- B> 4>;6=> ?@825AB8, 2 :0:>5- B> 206=>5 <5AB>, =>2>5 8 2A5- B0:8 7=0:><>5. A;54CNI89 @07 =04> 1K 87CG8BL 2>?@>A GCBL ;CGH5.
5 B> GB>1K MB>B A;54CNI89 @07 459AB28B5;L=> A>AB>8BAO, :>=5G=>. 07C<55BAO, O 1>;LH5 =8:>340 =5 A>25@HC =8G53> =0AB>;L:> 3;C?> 8 8<?C;LA82=>. > >48= @07 2 687=8 4065 70102=>.
04=>. >54C 4><>9, ?@8<C 8A:;NG8B5;L=> 4>;389 4CH 8 : B><C 2@5<5=8, :>340 1C4C 3>B>2&
@5<O. 8:B> =5 720; 53> 8 =5 ?@>A8; ABCG0BLAO <=5 2 3>;>2C. / 4>3>2>@8;AO 2AB@5B8BLAO A 8B>9, 8, 5A;8 25@8BL G0A0< =0 <>59 ?@81>@=>9 4>A:5, ?@8<5@=> A59G0A. @048 :0:>9 65 B5<=>9 F5;8? / =5 <>3C 7=0BL, GB> ?@>8AE>48B 2 <>73C 65=I8=K. 0: <=5 <>3;> 2 3>;>2C ?@89B8 MB> « @048 :0:>9»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
A> 2A5< MB8< 3@C7>< 70G5< <=5 ?@O<> A59G0A ?>=04>18;0AL 8B0?
>, :>=5G=> 65, O ?>54C : =59. , @07C<55BAO, <>9 2878B : =59 =0 A0<>< 45;5 A:@><=> >:065B 4>1@CN CA;C3C 2 B>< A;CG05, 5A;8 <=5 ?>B@51C5BAO 0;818 =0 2@5<O <>53> ?@8:;NG5=8O A <0;5=L:8< 20EB5@><. « >G5<C, 45B5:B82, :0: 2K <>3;8 ?>4C<0BL, GB> O? . . @><5 B>3>, 2 MB> 2@5<O O :0: @07 @C30;AO A> A2>59 ?>4@C6:>9. -- M& 1K2H59 ?>4@C6:>9, 5A;8 1KBL B>G=K<» . >B><C GB> C <5=O =5B 01A>;NB=> =8:0:8E A><=5=89, GB> 8B0 ?@>AB> E>G5B ( :0:8< A;>25G:>< <K MB> 45;> 2 ?>A;54=55 2@5<O =07K205<? ) & « >B>@20BLAO» ? 0, 8B0 E>G5B, GB>1K O ?@8H5; 8 >=0 A<>3;0 =0 <=5 >B>@20BLAO. # <5=O 5ABL @O4 A5@L57=KE 45D5:B>2 E0@0:B5@0, =0 :>B>@K5 59 =5>1E>48<> C:070BL 2 A>?@>2>645=88 27@K20 M<>F89, B0: GB> <>5 ?@8ACBAB285 >1O70B5;L=>.
/ @5H8; 7045@60BLAO 5I5 =0 <8=CB:C, GB>1K ?@825AB8 A51O 2 ?>@O4>:. >5E0; =0704 2 AB>@>=C @>C2, ?@8?0@:>20;AO =0 40;L=5< :>=F5 <>AB0 G5@57 :0=0;. 7- ?>4 45@52L52, @0ABCI8E ?> 15@530< :0=0;0, O ?@8:0B8; ?0@C :@C?=KE >1;><:>2 :>@0;;>2KE @8D>2, AC=C; 8E 2 A2>N 1>;LHCN AC<:C, 2 :>B>@>9 ;560;8 ?>;8MB8;5=, ?5@G0B:8 8 =>6, 8 701@>A8; 55 =0 A5@548=C :0=0;0.
I5 @07 O >AB0=>28;AO C =51>;LH>3> B5<=>3> ?0@:0 ?>GB8 C 4><0 8BK 8 BI0B5;L=> 2K<K;AO. =5 =C6=> 2K3;O45BL 0::C@0B=> 8 ?@575=B015;L=>; :>340 =0 B51O :@8G8B @07JO@5==0O 65=I8=0, MB> A;54C5B @0AA<0B@820BL :0: ?>;C>D8F80;L=>5 <5@>?@8OB85.
@54AB02LB5 A515 <>5 C482;5=85, :>340 O ?>72>=8; 2 55 425@L =5A:>;L:8<8 <8=CB0<8 ?>765. =0 =5 @0A?0E=C;0 425@L =0AB56L, =5 AB0;0 @0AH2K@820BL <515;L 8 >A:>@1;OBL <5=O. 0 A0<>< 45;5 8B0 >B:@K;0 425@L >G5=L <54;5==> 8 >AB>@>6=>, =0?>;>28=C A?@OB02H8AL 70 =55, :0: 1C4B> AB@0H=> 1>O;0AL G53>- B>, GB> <>3;> 55 640BL A >1@0B=>9 AB>@>=K. B>, GB> 70 425@LN 640; O, 3>2>@8;> > 55 @54:>< 74@02>< A<KA;5.
5:AB5@? . . <O3:> 8 AB5A=8B5;L=> ?@>87=5A;0 >=0. 070;>AL, >=0 =5 C25@5=0, E>G5B ;8, GB>1K O >B25G0; 8;8 =5B. /& O =5 4C<0;0, GB> BK ?@8545HL.
2A5 65 O 745AL, ;N157=> >B25G0; O.
=0 =5=>@<0;L=> 4>;3> <>;G0;0. 0:>=5F ?@8>B:@K;0 425@L GCBL H8@5 8 A:070;0:
"K& 70945HL? . . >60;C9AB0&
5A;8 55 A;01K9 8 =5C25@5==K9 B>=, :>B>@K< =0 <>59 ?0<OB8 8B0 =8:>340 =5 ?>;L7>20;0AL, 1K; 4;O <5=O AN@?@87><, B> ?@54AB02LB5, :0: <5=O ?>@078;> B>, GB> =0 =59 1K;> =045B>. C<0N, MB0 HBC:0 =07K205BAO ?5=LN0@ 8;8, 2>7<>6=>, =53;865 >4=8< A;>2><, B:0=8 =0 55 A>>@C65=85 CH;> <8=8<C<. 0: 1K MB> =8 =07K20;>AL, >=>, =5A><=5==>, 1K;> =0 =59 =045B>. :0: 1K =55AB5AB25==> MB> =8 72CG0;>, =0@O4 ?@54=07=0G0;AO <=5.
>60;C9AB0& ?>2B>@8;0 >=0.
C, MB> C65 1C45B =5<=>3> A;8H:><, ?@0240: GB>, ?>4@07C<5205BAO, O 4>;65= 745AL 45;0BL? > <=5 5I5 1C@;8; =5C40G=K9 M:A?5@8<5=B A 20EB5@><; A 704=53> A845=LO A>G8;>AL =54>2>;L=>5 2>@G0=85. 1KAB@0O ?@>25@:0 A8BC0F88 2> <=>3>< A2845B5;LAB2>20;0 > B><, GB> O ?>?0; 2 :0?:0= <564C 4>@>3>9 51 8 "5<=K< %C4>6=8:><, 0 B5?5@L >68405BAO, GB> 745AL O ?@>45;0N =5GB> A2>9AB25==>5 G5;>25:C 2@>45& AB0B8, 2@>45 G53>? =0 254L =5 E>G5B& B> 5ABL >=0 254L =5 E>G5B :>=F0 =0< >1>8<? 'B> 745AL ?@>8AE>48B? ?>G5<C ?@>8AE>48B A> <=>9?
/ >B?@028;0 45B59 : A>A54O<, A:070;0 8B0 8 B>;:=C;0 425@L 154@><.
/ 2>H5;.
5 <>3C ?@84C<0BL, :0: >?8A0BL B>, GB> ?@>87>H;> ?>B><, =8 >48= 87 20@80=B>2 =5 :065BAO 045:20B=K<. =0 ?>H;0 2 AB>@>=C 4820=0. / A;54><. =0 A5;0. / B>65. 070;>AL, >=0 8A?KBK205B =5;>2:>ABL, :0: 1C4B> G53>- B> 645B, 0 B0: :0: O =5 A>2A5< ?>=8<0; G53>, B> O 25@=C;AO : <KA;O< > =570:>=G5==>9 @01>B5 A /2>@A:8. A;8 1K C <5=O B>;L:> 1K;> GCBL 1>;LH5 2@5<5=8! 'B> 1K O <>3 A45;0BL!
>:0 O 4C<0; >1> 2A5< MB><, 4> <5=O 24@C3 4>H;>, GB> 8B0 B8E> ?;0G5B. 0:>5- B> 2@5<O O A<>B@5; =0 =55, ?KB0OAL ?@>3=0BL 87 A>7=0=8O >1@07 >A256520==>3> 8 15A:@>2=>3> 20EB5@0. @>20;8BLAO <=5 =0 <5AB5, 5A;8 O ?>=8<0N, >BG53> >=0 ?;0G5B, => ?>A:>;L:C O B0: 4>;3> 8 BI0B5;L=> ?@0:B8:>20;AO 2 8<8B0F88 G5;>25G5A:8E ?@>O2;5=89, O 7=0;, GB> 4>;65= CA?>:>8BL 55. / A:;>=8;AO : =59, >1=O; 70 ?;5G>.
8B0, A:070; O. C ;04=>, ;04=>.
5 >A>15==> ?>4E>4OI85 4;O <5=O A;>20, => 8E @5:><5=4CNB <=>385 M:A?5@BK. >=8 >:070;8AL MDD5:B82=K<8. 8B0 ?>BO=C;0AL :> <=5 8 ?@860;0AL ;8F>< : 3@C48. / :@5?G5 >1=O; 55, GB> ?>72>;8;> C2845BL G0AK =0 70?OABL5. 5=LH5 G0A0 =0704 MB0 A0<0O @C:0 A68<0;0 D8;59=K9 =>6 =04 <0;5=L:8< 20EB5@><. B MB>9 <KA;8 C <5=O 70:@C68;0AL 3>;>20.
?@0240, O =5 7=0N, :0: MB> ?@>87>H;>, => MB> ?@>87>H;>. I5 :0:>5- B> 2@5<O O ?>3;06820; 55, ?@83>20@820O « =C- =C, ;04=>, ;04=>» , 0 A0< A<>B@5; =0 <KHFK A2>8E @C:, A5=A>@=>9 ?0<OBLN ?0;LF52 >ICI0O ?C;LA, 27@K2 M=5@388 8 O@:>ABL =>60, 27@570NI53> 682>B /2>@A:8. 2 A;54CNI55 <3=>25=85&
C<0N, 8B0 ?>A<>B@5;0 =0 <5=O. O 2?>;=5 C25@5=, GB> B>65 ?>A<>B@5; 2 >B25B. 2A5 65 O 2845; =5 8BC, 0 0::C@0B=CN :CG:C ?@>E;04=KE 8 15A:@>2=KE :>=5G=>AB59. 8B8=K @C:8 @0AAB53820;8 <=5 @5<5=L, 0 O A;KH0; 3@><>3;0A=K9 =54>2>;L=K9 3>;>A "5<=>3> 0AA068@0. GCBL ?>765&
"0:. A5 65 MB> =5?>AB868<>. ">, GB> 745AL, =0 4820=5& 0: MB> 2>>1I5 <>3;> ?@>87>9B8?
B><C 2@5<5=8 :>340 O 701@0;AO : A515 2 ?>AB5;L, A8; C <5=O =5 >AB0;>AL A>2A5<. 1KG=> O =5 A?;N 4>;3>, => A53>4=O :070;>AL, GB> <=5 <>65B ?>B@51>20BLAO F5;KE B@84F0BL H5ABL G0A>2. >4J5<K 8 A?04K ?@>H54H53> 25G5@0, =0?@O65=85 >B B0:>3> <=>65AB20 =>2KE >ICI5=89 2A5 MB> 459AB2>20;> >?CAB>H0NI5. >=5G=>, =5 =0AB>;L:> >?CAB>H0NI5, :0: 4;O /2>@A:8, MB>3> <0;5=L:>3> <5@702F0, => O 8A?>;L7>20; 2AN A2>N <5AOG=CN =>@<C 04@5=0;8=0 70 >48= AB@5<8B5;L=K9 25G5@. / =5 <>3 4065 4C<0BL, GB> >7=0G0; :064K9 87 53> M;5<5=B>2, =0G8=0O A> AB@0==>3> B>;G:0, 1@>A82H53> <5=O 2 157C<=K9 8 AB@5<8B5;L=K9 =>G=>9 ?>;5B, 4> A>25@H5==> =52>>1@078<KE 25I59, ?@>8AH54H8E <564C =0<8 A 8B>9. >340 O CE>48;, >=0 A?0;0 8 2K3;O45;0 O2=> =0<=>3> AG0AB;8255. > 70?CB02H89AO 154=O30 "5<=K9 5:AB5@ A=>20 =5 <>65B =8 2 G5< @07>1@0BLAO, ?>MB><C =5 CA?5;0 <>O 3>;>20 :>A=CBLAO ?>4CH:8, :0: O ?>GB8 <3=>25==> 70A=C;.
& 2>B O A=>20 =04 3>@>4><, :0: AB@5<8B5;L=> ?0@OI0O, 381:0O ?B8F0, 8 E>;>4=K9 2>74CE >1B5:05B <5=O, B> BO=5B 225@E, B> 1@>A05B 2=87, BC40, 345 ;C==K9 A25B @O18B =0 2>45, 8 O 2;5B0N 2 B5A=CN E>;>4=CN :><=0BC 4;O C189AB2, 345 <0;5=L:89 20EB5@ A<>B@8B =0 <5=O 8 A<55BAO, @0A?@>AB5@BK9 ?>4 70=5A5==K< =>6><, A<5NI89AO, 8 MB> CA8;85 ?5@5:0H8205B 53> ;8F>, 87<5=O5B 53>, 8 B5?5@L MB> C65 =5 /2>@A:8, 0 65=I8=0, 8 G5;>25:, 45@60I89 =>6, A<>B@8B 225@E, BC40, 345 ?0@N O, =04 A:@CG5==K<8 :@0A=K<8 2=CB@5==>ABO<8, 8 >= ?>4=8<05B ;8F>, 0 70 425@LN O A;KHC 0@@8 8 ?>2>@0G820NAL :0: @07 ?5@54 B5<, :0: C2845BL, :B> ;568B =0 AB>;5, =>&
/ ?@>AK?0NAL. >;>2=0O 1>;L B0:0O, 1C4B> > 3>;>2C @0A:>;>;8 0@1C7. ICI5=85 B0:>5, :0: 1C4B> O 2>>1I5 =5 70:@K20; 3;07, E>BO G0AK C :@>20B8 CB25@640NB, GB> C65 5 . 1 4 .
I5 >48= A>=. I5 >48= <564C3>@>4=K9 72>=>: =0 <>N D0=B><=CN 25G5@=NN ;8=8N. 5C4828B5;L=>, GB> O =5?@5:;>==> >B:07K20;AO 2845BL A=K 1>;LHCN G0ABL A2>59 687=8. 0: 3;C?>: :0:85 ?;>A:85 8 >G5284=K5 A8<2>;K. >;=>ABLN =5:>=B@>;8@C5<0O, B@52>6=0O <5H0=8=0, >B2@0B8B5;L=K9 8 2C;L30@=K9 =>=A5=A.
"5?5@L O C65 =5 <>3 A=>20 70A=CBL, ?5@54 3;070<8 2A5 B5 65 8=D0=B8;L=K5 >1@07K. A;8 C6 O 286C A=K, =5 <>3;8 1K >=8 1>;LH5 ?>4E>48BL <=5, 1KBL 8=B5@5A=55 8 @07=>>1@07=55?
/ A5; 8 ?>B5@ ?C;LA8@CNI85 28A:8. CB:>5 8 CB><8B5;L=>5 >F5?5=5=85 24@C3 A?0;> A <5=O, B>G=> :>@:0 A @0=K, 8 O A5; =0 :@>20B8 2 :0:><- B> =5?>=OB=>< 4C@<0=5. 'B> A> <=>9 ?@>8AE>48B? ?>G5<C MB> =5 <>65B ?@>8AE>48BL A :5<- =81C4L 5I5?
!>= =5 1K; ?>E>6 =0 ?@54K4CI85, >4=0:> O =5 C25@5=, GB> 7=0N, 2 G5< @07=8F0 8;8 GB> >= >7=0G05B. >A;54=89 @07 O =5 A><=520;AO, GB> 4>;6=> ?@>87>9B8 =>2>5 C189AB2>, O 4065 7=0; 345. > A59G0A&
/ 752=C; 8 ?>H;5?0; 2 :CE=N 2K?8BL 2>4K. >;>20 0@18 A45;0;0 « B0:- B0:» , :>340 O >B:@K; E>;>48;L=8:. / AB>O; 8 A<>B@5;, ?>BO3820O 2>4C 87 1>;LH>3> AB0:0=0. /@:85 3>;C1K5 3;070 A<>B@5;8 =0 <5=O =5 <830O.
>G5<C <=5 ?@8A=8;AO MB>B A>=? >65B, ?@>AB> ?5@5CB><;5=85 >B ?>E>645=89 ?@>H54H53> 25G5@0 2:;NG8;> =0 2>A?@>872545=85 <>5 @0AH0B0==>5 ?>4A>7=0=85? 0=LH5 O =8:>340 =5 >ICI0; ?5@5CB><;5=8O; =0 A0<>< 45;5 MB> 2A5340 4020;> 2KE>4 =0?@O65=8N. ?@>G5<, @0=LH5 O =8:>340 =5 >:07K20;AO B0: 1;87:> : :0B0AB@>D5. > ?@8 G5< 745AL A>=? 5:>B>@K5 87 53> >1@07>2 1K;8 1>;57=5==> =0BC@0;L=K: /2>@A:8 8 0@@8, =5 C2845==>5 ;8F> G5;>25:0 A =>6><. 4=0:> E20B8B. 0G5< 15A?>:>8BL <5=O 5@C=4>9 87 CG51=8:0 ?A8E>;>388 4;O =0G8=0NI8E?
0G5< 2>>1I5 15A?>:>8BL <5=O MB8< A=><? =5 >= =5 =C65=. =5 =C65= >B4KE, 8 2<5AB> =53> 2>B >= O, 83@0N 2 :CE=5 A :C:;>9 0@18. / A=>20 :0G=C; 3>;>2:C: « B0:- B0:» . ?OBL 65, ?@8 G5< 745AL 0@18? :0: <=5 @07>1@0BLAO 2> 2A5<, GB>1K >AB0;>AL 2@5<O =0 A?0A5=85 :0@L5@K 51>@K? 0: O <>3C >1<0=K20BL 0 M@BC, :>340 154=O30 B0: C2;5:;0AL <=>9? , 2> 8<O 2A53> A2OB>3>, 5A;8 >=> 459AB28B5;L=> ACI5AB2C5B, 70G5< 8B5 ?>=04>18;>AL 45;0BL -" A> <=>9?
5>6840==> 2A5 =0?><=8;> 70?CB0==CN <K;L=CN >?5@C, 8 MB> 1K;> C65 A;8H:><. / =0H5; 0A?8@8=, ?@8A;>=8;AO : :CE>==><C H:0DC 8 2K?8; B@8 B01;5B:8. 0?;520BL =0 2:CA. / =8:>340 =5 ;N18; ;5:0@AB20 2 ;N1>< 2845, :@><5 :0: 4;O CB8;8B0@=>3> 8A?>;L7>20=8O.
A>15==> ?>A;5 B>3>, :0: C<5@ 0@@8.
;020 1 6
0@@8 C<5@ =5 1KAB@>, 8 >= C<5@ =5 ;53:>. 0 A<5@BL >= >B25; A515 C60A :0: 4>AB0B>G=> 2@5<5=8, 8 MB> 1K;> ?5@2K< 8 ?>A;54=8< 2 53> 687=8 ?@>O2;5=85< M3>87<0. 0@@8 C<8@0; ?>;B>@0 3>40, =51>;LH8<8 ?5@8>40<8: B> CA:>;L70; 87 687=8 =0 =5A:>;L:> =545;L, B> >B2>52K20; =0704 ?>GB8 2A5 A2>8 A8;K, 0 <K AE>48;8 A C<0, B5@OOAL 2 4>304:0E. #945B ;8 A59G0A, 2 MB>B @07, 8;8 >:>=G0B5;L=> ?>1548B? K =5 <>3;8 ?@54C3040BL, 0 ?>A:>;L:C MB> 1K; 8<5==> 0@@8, A40BLAO 4;O =0A 1K;> 3;C?>ABLN. 0@@8 2A5 A45;05B :0: =04>, =5 206=>, =0A:>;L:> 5<C B@C4=>, => :0:>5 MB> 8<55B 7=0G5=85, :>340 C<8@05HL? @028;L=> ;8 1>@>BLAO 8 F5?;OBLAO 8 A2>59 15A:>=5G=>9 A<5@BLN 70AB02;OBL =0A AB@040BL, 5A;8 A<5@BL 2A5 @02=> ?@81;860;0AL, GB> 1K 0@@8 =8 45;0;? ;8 ?@028;L=> 2>B B0: CA:>;L7=CBL, M;530=B=> 8 157 AC5BK?
452OB=04F0BL ;5B O, :>=5G=> 65, =5 7=0; >B25B0, E>BO > A<5@B8 <=5 1K;> 8725AB=> 3>@074> 1>;LH5 >AB0;L=KE ?@KI02KE ?@84C@:>2 A> 2B>@>3> :C@A0 C=825@A8B5B0 090<8, 345 O CG8;AO.
:0:- B> GC4=K< >A5==8< 4=5<, :>340 O H5; 2 AB>@>=C !BC45=G5A:>3> !>N70 ?>A;5 ;5:F88 ?> E8<88, =540;5:> >B <5=O ?>O28;0AL 51>@0.
51>@0, ?>720; O 55, :0: <=5 :070;>AL, >G5=L ?>- ABC45=G5A:8, ?>945< 2K?L5< :>;K.
0@@8 A>25B>20; <=5 G0I5 ?>O2;OBLAO 2 !>N75 8 ?8BL B0< :>;C. "0: <=5 ;53G5 1C45B A>9B8 70 G5;>25:0, 0 B0:65 =0CG8BLAO 25AB8 A51O :0: 4@C385 ;N48. :>=5G=>, >= 1K; ?@02. 5A<>B@O =0 2@54 4;O <>8E 7C1>2, O >G5=L <=>3>5 C7=020; > ?@54AB028B5;OE MB>3> =5?@8OB=>3> 18>;>38G5A:>3> 2840.
51>@0, :>B>@0O 2 A2>8 A5<=04F0BL C65 1K;0 >G5=L A5@L57=>9, ?>:0G0;0 3>;>2>9.
0?0, A:070;0 >=0.
>G5=L A:>@> <K 5E0;8 G5@57 25AL 3>@>4 2 E>A?8A, :C40 ?><5AB8;8 0@@8. %>A?8A A0< ?> A515 C65 =5 5ABL 4>1@0O =>2>ABL. -B> 7=0G8B, 2@0G8 3>2>@OB, GB> 0@@8 3>B>2 C<5@5BL, 8 ?>;030NB, GB> >= 1C45B A =8<8 A>B@C4=8G0BL.
>340 <K ?@85E0;8, 0@@8 2K3;O45; =5 A;8H:>< E>@>H>. 0 D>=5 15;KE ?@>ABK=59 >= 1K; B0:>9 75;5=K9 8 B8E89, GB> O ?>4C<0; <K >?>740;8. B A2>59 4>;3>9 1>@L1K >= AB0; EC4K< 8 :>AB;O2K<, 1C4B> GB>- B> ?>68@0;> 53> 87=CB@8. ??0@0B 8A:CAAB25==>3> 4KE0=8O @O4>< A =8< 874020; H8?5=85 72C: 0@B0 5945@0[ 2 2 ] 87 682>9 <>38;K. 0@@8 1K; 682, AB@>3> 3>2>@O.
0?0, A:070;0 51>@0, 27O2 53> 70 @C:C. / ?@825;0 5:AB5@0.
0@@8 >B:@K; 3;070, 8 53> 3>;>20 ?5@5:0B8;0AL 2 =0HC AB>@>=C, A;>2=> =5:0O =52848<0O A8;0 ?>4B>;:=C;0 55 A 40;L=53> :@0O ?>4CH:8. > 3;070 1K;8 =5 53>. 0:85- B> B5<=K5 C3;C1;5=8O, BCA:;K5 8 ?CABK5, =5>18B05<K5. "5;> 0@@8, <>65B 1KBL, 5I5 1K;> 682K<, => >= C65 CH5; 87 4><C.
5E>@>H>, A:070;0 =0< <54A5AB@0. K 254L E>B8<, GB>1K 5<C 1K;> A59G0A C4>1=>.
70=O;0AL 1>;LH8< H?@8F5<: =0?>;=8;0 53>, ?>4=O;0 225@E, =060;0 =0 ?>@H5=L, GB>1K 2K?CAB8BL ?C7K@5: 2>74CE0.
& ?>4>648B5& 2C: 1K; B0:8< B8E8<, <=5 2=0G0;5 ?>:070;>AL, GB> MB> 0??0@0B 8A:CAAB25==>3> 4KE0=8O. / >125; 3;070<8 ?0;0BC 8 =0:>=5F >AB0=>28; 8E =0 B><, GB> >AB0;>AL >B 0@@8. & ?>4>648B5& ?>2B>@8; >=, :820O 2 AB>@>=C <54A5AB@K.
>=0 8;8 =5 A;KH0;0 53>, 8;8 @5H8;0 ?@>83=>@8@>20BL. >4>H;0 : =5<C A1>:C, 0::C@0B=> ?>4=O;0 ?>EC452HCN @C:C 8 =0G0;0 ?@>B8@0BL 55 20B=K< B0<?>=><.
& =5B& 2K4>E=C; 0@@8, B8E>, ?>GB8 =5A;KH=>.
/ ?>A<>B@5; =0 51>@C. =0 AB>O;0, 2AO 2=8<0=85, 8450;L=0O ?>70 D>@<0;L=>9 =5C25@5==>AB8. !=>20 273;O=C; =0 0@@8. = A<>B@5; ?@O<> <=5 2 3;070.
& =5 =04>& ?@>87=5A >=, 8 B5?5@L 2 53> 3;070E ?>O28;>AL =5GB>, =0?><8=0NI55 C60A, C:>;& =5 =04>.
/ H03=C; 2?5@54 8 C45@60; @C:C <54A5AB@K, =5 402 59 2>B:=CBL 83;C 2 25=C 0@@8.
>4>648B5, A:070; O.
=0 ?>A<>B@5;0 =0 <5=O, 8 =0 <3=>25=85 GB>- B> <5;L:=C;> 2 55 3;070E. / GCBL =5 >BH0B=C;AO >B =5>6840==>AB8. %>;>4=0O O@>ABL, @50:F8O =5 G5;>25:0, => @5?B8;88 « / E>GC» , :0: 1C4B> <8@ 55 A>1AB25==0O ?;>I04:0 4;O 83@. 3=>25==0O 2A?KH:0, => O C25@5=, GB> ?@02. 9 E>B5;>AL 2>3=0BL 83;C <=5 2 3;07 70 B>, GB> 55 >AB0=>28;8. 9 E>B5;>AL 2>B:=CBL 55 <=5 2 3@C4L 8 25@B5BL 5N, ?>:0 C <5=O =5 2KA:>G0B @51@0, 0 A5@4F5 =5 >:065BAO 2 55 @C:0E 8 >=0 =5 =0G=5B 2K402;820BL, 2K:@CG820BL, 2K@K20BL 87 <5=O 687=L. 5@54> <=>9 1K; <>=AB@, >E>B=8:, C189F0. %8I=8:, 1574CH=K9 8 15AA5@45G=K9.
0: 8 O A0<.
4=0:> 55 45;0==0O C;K1:0 25@=C;0AL >G5=L A:>@>.
'B> B0:>5, 3>;C1G8:? A?@>A8;0 >=0, ;0A:>2> B0: A0<0O =0AB>OI0O >A;54=OO !5AB@0 8;>A5@48O.
/ ?>GC2AB2>20;, GB> O7K: 24@C3 AB0; A;8H:>< 25;8: 4;O @B0, :070;>AL, ?@>H;> =5A:>;L:> <8=CB, ?>:0 O A<>3 >B25B8BL:
= =5 E>G5B, GB>1K 5<C 45;0;8 C:>;.
!5AB@0 A=>20 C;K1=C;0AL; C;K1:0, GC4=0O B0:0O HBCG:0, CAB@>8;0AL C =55 =0 ;8F5, ?@O<> 1;03>A;>25=85 >A?>4=5.
0H ?0?0 >G5=L 1>;5=. <C >G5=L 1>;L=>.
=0 ?>4=O;0 H?@8F 83;>9 225@E, 8 ;CG A25B0 87 >:=0 <5;>4@0<0B8G=> >B@078;AO 2 =59. 3;0 70A8O;0, :0: B>B A0<K9 !2OB>9 @00;L.
C6=> A45;0BL 5<C C:>;, A:070;0 >=0.
= =5 E>G5B, >B25B8; O.
<C 1>;L=>, A:070;0 >=0.
0@@8 GB>- B> ?@><>;28;, => O =5 @0AA;KH0;. >8 3;070 70<:=C;8AL =0 !5AB@5, 55 =0 <=5, 420 <>=AB@0 A >4=8< 8 B5< 65 :CA:>< <OA0 <564C =8<8. 5 >B2>4O >B =55 273;O40, O =0:;>=8;AO : =5<C.
& /& E>GC& 1>;L& ?@>87=5A 0@@8.
/ 1@>A8; =0 =53> 273;O4. MB>< ?>GB8 AD>@<8@>202H5<AO c :5;5B5, CNB=> A25@=C2H5<AO ?>4 >45O;><, A ?@8G5A:>9 « 568:><» , A;8H:>< ?KH=>9 4;O 53> 3>;>2K, O C2845;, GB> 0@@8 25@=C;AO 8 ?@>4>;605B ?@>1820BL A515 4>@>3C 2 BC<0=5.
/ A=>20 ?>A<>B@5; =0 >A;54=NN !5AB@C.
<C E>G5BAO 1>;8, >B@570; O 8 345- B> 2 55 =0E<C@82H8EAO 1@>2OE, @074@065==>< @K2:5 3>;>2>9 CA;KH0; @52 48:>3> 725@O, =01;N40NI53>, :0: 53> 4>1KG0 ;5B8B 2 ?@>?0ABL.
/ 4>;6=0 @0AA:070BL 4>:B>@C, A:070;0 >=0.
%>@>H>, >B25B8; O, <K ?>4>645<.
/ ?@>A;548;, :0: >=0 2K?;K;0 2 :>@84>@, :0: :@C?=0O E8I=0O ?B8F0. / ?>GC2AB2>20; ?@8:>A=>25=85. 0@@8 A;548; 70 <=>9, :0: O =01;N40; 70 >A;54=59 !5AB@>9.
"K& ?>=8<05HL& A:070; 0@@8.
"K > A5AB@5?
= 70:@K; 3;070 8 A;53:0 :82=C; 2A53> >48= @07.
0. / ?>=8<0N.
0:& BK& A:070; 0@@8.
'B>? ?>B@51>20;0 51>@0. G5< MB> 2K 3>2>@8B5? 0?0, :0: BK A51O GC2AB2C5HL? 'B> MB> 7=0G8B « :0: BK» ?
0: O =0AG5B <54A5AB@K. = 8<55B 2 284C, =5 ?@8C40@8BL ;8 <=5 70 A5AB@>9, 51, 2K:@CB8;AO O 8 A=>20 ?>25@=C;AO : 0@@8.
, =C 40, ?@>1>@<>B0;0 51>@0, 0 O C65 ?>;=>ABLN A:>=F5=B@8@>20;AO =0 0@@8.
'B> >=0 A45;0;0? A?@>A8; O 53>.
= ?>?KB0;AO ?>4=OBL 3>;>2C, => AC<5; ;8HL A;53:0 :0G=CBL 5N. ><>@I8;AO. !B0;> OA=>, GB> 1>;L 2>72@0I0;0AL, :0: >= 8 E>B5;.
!;8H:>< <=>3>, ?@>87=5A 0@@8. =0 :>;5B& A;8H:>< <=>3>&
= A=>20 BO65;> 704KH0; 8 70:@K; 3;070. B>B 45=L O, =025@=>5, A>2A5< >BC?5;, ?>B><C GB> A@07C =5 ?>=O;, GB> >= 8<55B 2 284C.
!;8H:>< <=>3> G53>?
0@@8 >B:@K; 70BC<0=5==K9 1>;LN 3;07.
>@D8=0, ?@>H5?B0; >=.
<5=O :0: 1C4B> C40@8;0 2A?KH:0 <>;=88.
!;8H:>< 1>;LH0O 4>70, 4>H;> 4> <5=O. =0 C18205B A;8H:>< 1>;LH>9 4>7>9. 2 B0:>< <5AB5, :0: 745AL, MB> ?@0:B8G5A:8 55 @01>B0, =8:B> =5 1C45B 704020BL 2>?@>A>2! "0: MB> 65&
0@@8 A=>20 A60; <=5 @C:C, 8 O ?@5:@0B8; 1>;B>2=N.
5 409 59, E@8?;> ?@>87=5A >=. 5 409 59 A=>20 CAK?8BL <5=O.
>60;C9AB0, 3>;>A 51>@K 72CG0; B0:, :0: 1C4B> 2>B- 2>B ?>@25BAO, ?0@=8, > G5< 2K 3>2>@8B5?
/ ?>A<>B@5; =0 0@@8, => >= 70:@K; 3;070 2=570?=K9 ?@8ABC? 1>;8 =020;8;AO =0 =53>.
= AG8B05B& <- <& =0G0; O 8 BCB 65 C<>;:. 51>@0, :>=5G=>, 7=0BL =5 7=0;0, :B> O B0:>9, 0 0@@8 A>25@H5==> B25@4> 25;5; <=5 45@60BL 55 2 =52545=88. 'B> O <>3 @0AA:070BL 59, =5 >B:@K2 G53>- B>?
= 4C<05B, GB> A5AB@0 :>;5B 5<C A;8H:>< <=>3> <>@D8=0, =0:>=5F A:070; O. 0<5@5==>.
@54, >B25B8;0 51. =0 254L <54A5AB@0. 0@@8 273;O=C; =0 =55, => ?@><>;G0;. A;8 G5AB=>, B> 8 <=5 =5G53> 1K;> >B25B8BL =0 =52>>1@078<CN =082=>ABL 51.
'B> <=5 45;0BL? A?@>A8; O 0@@8.
0@@8 ?>A<>B@5; =0 <5=O >G5=L 4>;38< 273;O4><. !=0G0;0 O ?>4C<0;, GB> >B 1>;8 53> @07C< 1;C6405B 345- B>, ?>B>< ?>=O;, GB> 0@@8 >G5=L 4065 =0 <5AB5. = B0: A8;L=> A60; G5;NAB8, :070;>AL, :>AB8 2>B- 2>B ?@>1LNB 53> B>=:CN 1;54=CN :>6C, 0 3;070 1K;8 B0:8<8 OA=K<8 8 >AB@K<8, :0:8<8 O 8E =8:>340 =5 2845; ?>A;5 B>3>, :0: >= 2 ?5@2K9 @07 40; « @5F5?B 0@@8» .
AB0=>28 55, =0:>=5F A:070; >=.
> 2A5<C B5;C C <5=O ?@>1560;0 A8;L=0O 4@>6L. AB0=>28BL 55? 0725 MB> 2>7<>6=>? ;8 >= 8<55B 2 284C >AB0=>28BL 55? > A8E ?>@ 0@@8 ?><>30; <=5 :>=B@>;8@>20BL <>53> "5<=>3> 0AA068@0, A:0@<;820O 5<C 1574><=KE A>10:, 15@O A A>1>9 =0 >E>BC =0 >;5=59. 4=064K <K 5748;8 A =8< ;>28BL >48G02HCN >157LO=C, :>B>@0O B5@@>@878@>20;0 N6=K9 @09>= 090<8. =0 B0: =0?><8=0;0 G5;>25:0, =>, :>=5G=> 65, 1K;0 =5 ?@020. 'C45A=K9 45=L.
K ?@>H;8 2AN B5>@8N 2>?@>A0: :0: 2KA;56820BL, :0: 87102;OBLAO >B C;8: 8 B0: 40;55. 0@@8 7=0;, GB> 2 >48= ?@5:@0A=K9 45=L -" ?@>87>945B, 8 >= E>B5; ?>43>B>28BL <5=O : B><C, GB> -" ?@845BAO A45;0BL. 4=0:> >= 2A5340 A45@6820; <5=O >B B>3>, GB>1K O =0 A0<>< 45;5 A45;0; -" . > A59G0A >AB0=>28BL 55? = ?@0240 MB> 8<55B 2 284C?
>94C ?>3>2>@N A 2@0G><, A:070;0 51>@0. CABL @0A?>@O48BAO C<5=LH8BL 4>78@>2:C.
/ >B:@K; 1K;> @>B, => 0@@8 A60; <=5 @C:C 8 1>;57=5==> :82=C;.
48, A:070; >=, 8 51>@0 =0 <3=>25=85 7045@60;0 =0 =5< 273;O4, ?@5645 G5< ?>25@=CBLAO 8 C9B8 2 ?>8A:0E 2@0G0.
>340 >=0 2KH;0, 2 :><=0B5 ?>28A;> <5@B2>5 <>;G0=85. / =5 <>3 =8 > G5< 4C<0BL, :@><5 B>3>, GB> A:070; 0@@8. « AB0=>28 55» . O =5 <>3 ?@84C<0BL =8:0:>9 8=>9 8=B5@?@5B0F88, :@><5 :0: B>9, GB> >= =0:>=5F 405B <=5 A2>1>4C, @07@5H5=85 =0 0AB>OI55 5;>. / =5 @5H0;AO A?@>A8BL 53>, MB> ;8 >= E>B5; A:070BL, 87 AB@0E0 2KOA=8BL, GB> >= 8<55B 2 284C GB>- B> 4@C3>5. >MB><C O 4>;3>- 4>;3> AB>O; 8 A<>B@5; G5@57 =51>;LH>5 >:>H:> =0 A04, 345 1@K738 :@0A=KE F25B>2 >:@C60;8 D>=B0=K.
@5<O H;>. > @BC ?5@5A>E;>.
5:AB5@, =0:>=5F A:070; 0@@8.
/ =5 >B25B8;. 8G53> =5 <>3 ?@84C<0BL 045:20B=> <><5=BC.
"0:85 45;0, <54;5==> ?@>87=5A 0@@8 A 1>;LN 2 3>;>A5, 8 =0H8 3;070 2AB@5B8;8AL.
= C;K1=C;AO <=5 =55AB5AB25==>9 ?>;CC;K1:>9, C28452, GB> O =0:>=5F A=>20 A =8<.
/ A:>@> C94C, ?@>87=5A 0@@8. / =5 <>3C ?><5H0BL B515 1KBL& B0:8<, :0:>9 BK 5ABL.
0:8<, ?0?? A?@>A8; O.
= A45;0; =5<>I=>5 42865=85 E@C?:>9 @C:>9.
0=> 8;8 ?>74=>& B515& ?>=04>18BAO& A45;0BL MB> A G5;>25:><, A:070; >=, 8 >B MB>9 <KA;8 O ?>GC2AB2>20;, :0: :@>2L 70?5;0 C <5=O 2 68;0E. ! G5;>25:><, :>B>@K9& MB>3> 70A;C68205B.
0: <54A5AB@0.
>5 3>@;> A>25@H5==> ?5@5A>E;>.
0, A:070; >= 8 =04>;3> 70:@K; 3;070. >B>< 703>2>@8; A=>20 =5C25@5==K< >B 1>;8 3>;>A><: =0 MB> 70A;C68;0, 5:AB5@. I5 >48= =5@>2=K9 274>E. > @BC C 0@@8 GB>- B> ?>B@5A:820;>, :0: 1C4B> B>65 2 3>@;5 ?5@5A>E;>. =0 A>7=0B5;L=> 405B ?0F85=B0< A;8H:>< 1>;LH85 4>7K& #18205B 8E& #18205B& =0<5@5==>. =0 C189F0, 5:AB5@& #189F0.
/ >B:0H;O;AO. >;>20 A;53:0 :@C68;0AL, 8 2>>1I5 O GC2AB2>20; A51O =5 >G5=L, =>, 2 :>=F5 :>=F>2, MB> B0:>9 206=K9 <><5=B 2 687=8 <>;>4>3> G5;>25:0.
"K E>G5HL& =0G0; O 8 70<>;G0;: 3>;>A A>@20;AO. "> 5ABL =>@<0;L=>, 5A;8 O& >AB0=>2;N 55, ?0??
0, >B25B8; >=. AB0=>28 55.
> :0:>9- B> ?@8G8=5 <=5 E>B5;>AL 1KBL 01A>;NB=> C25@5==K<.
"K 8<55HL 2 284C, BK 7=05HL& :0: O 45;0;& A& BK 7=05HL& A >157LO=>9?
;070 0@@8 1K;8 70:@KBK, >= O2=> C?;K20; 240;L =0 @0ABCI59 2>;=5 1>;8. = 274>E=C;, B8E> 8 =5@>2=>.
AB0=>28 <54A5AB@C, A:070; >=. 0:& >157LO=C. >;>20 53> A;53:0 >B:;>=8;0AL =0704, >= 704KH0; G0I5, => B0: 65 =5@>2=>.
"0:.
>B >=>.
AB0=>28 <54A5AB@C B0: 65, :0: 8 >157LO=C. 2CG8B 4>AB0B>G=> 48:>. > 4;O <>53> 157C<=> 725=OI53> <>730 2A5 MB> :070;>AL <C7K:>9. 0@@8 40; <=5 A2>1>4C. # <5=O 5ABL @07@5H5=85. K 3>2>@8;8, GB> >4=064K MB> 4>;6=> ?@>87>9B8, >4=0:> >= C45@6820; <5=O. > A8E ?>@.
!59G0A&
K 3>2>@8;8& >1 MB><, A:070; 0@@8, =5 >B:@K20O 3;07. "K 7=05HL, GB> 45;0BL&
/ 2845;0 2@0G0. ?0;0BC 2;5B5;0 51>@0. = 70945B 8 8A?@028B 4>78@>2:C 2 @5F5?BC@=>< ;8AB5.
%>@>H>, A:070; O, GC2AB2CO, :0: 5GB> ?>4=8<05BAO 2> <=5 >B >A=>20=8O ?>72>=>G=8:0, :0:0O- B> M;5:B@8G5A:0O 2>;=0 B@OE=C;0 <5=O 8 =0:@K;0 :0?NH>=><. >94C ?>15A54CN A <54A5AB@>9.
51>@0 2K3;O45;0 8A?C30==>9, <>65B 1KBL, 87- 70 <>53> B>=0.
5:AB5@& A:070;0 >=0.
/ A45;0; ?0C7C, AB0@0OAL >1@5AB8 :>=B@>;L =04 20@20@A:8< ;8:>20=85<, 2A5 2>7@0AB0NI8< 2> <=5.
5 ;N1;N =5OA=>AB59.
>9 3>;>A ?>:070;AO AB@0==K< 4065 <=5 A0<><C. / ?@>H5; <8<> 51>@K 1KAB@55, G5< >=0 <>3;0 1K 70@538AB@8@>20BL 2K@065=85 <>53> ;8F0.
2 :>@84>@5 E>A?8A0, ?@>B8A:820OAL <564C BN:0<8 G8AB>3>, E@CABOI53>, 15;>3> ?>AB5;L=>3> 15;LO, O ?>GC2AB2>20;, :0: "5<=K9 0AA068@ 2 ?5@2K9 @07 AB0=>28BAO >2K< >48B5;5<. 5:AB5@ A@07C @0AB2>@8;AO, AB0; ?>GB8 =52848<K< A25B;K5 ?>;>AK =0 GCB:>< 8 ?@>7@0G=>< B83@5. / A<5H0;AO A =8<, <5=O ?>GB8 =52>7<>6=> C2845BL, => O 745AL, E>6C :@C30<8 ?@>B82 25B@0, 2KA;56820O A2>N 65@B2C. > 2A5?>68@0NI59 2A?KH:5 A2>1>4K, =0 ?CB8 : A>25@H5=8N -" 2?5@2K5 2 687=8, A A0=:F88 2A5<>3CI53> 0@@8, O >BABC?0;, A;820;AO A B5<=K< D>=>< A2>53> A>1AB25==>3> B5<=>3> « O» , 2 B> 2@5<O :0: 4@C3>5 « O» ?@8?040;> : 75<;5 8 @KG0;>. / A45;0N -" =0:>=5F. !45;0N B>, @048 G53> A>740=.
O A45;0;.
;020 1 7
O A45;0;. "0: 402=>, 0 ?0<OBL 2A5 5I5 ?C;LA8@C5B 2> <=5. >=5G=> 65, C <5=O A>E@0=8;0AL B0 :0?5;L:0 :@>28 =0 AB5:;KH:5. =0 1K;0 <>59 ?5@2>9, 8 O <>3 2 ;N1>5 2@5<O 2K720BL 2>A?><8=0=8O AB>8;> B>;L:> 4>AB0BL ?@5?0@0B 8 ?>A<>B@5BL =0 =53>. / B0: 8 45;0;, 4>2>;L=> G0AB>.
">B 45=L 1K; >A>15==K< 4;O 5:AB5@0. >A;54=OO !5AB@0 AB0;0 5@2>9 >4@C6:>9, 8 >=0 >B:@K;0 ?5@54> <=>9 <=>3> ?@5:@0A=KE 425@59. / B0: <=>3> C7=0;, >1=0@C68; B0: <=>3> =>2>3>.
> ?>G5<C O ?@8=O;AO 2A?><8=0BL >A;54=NN !5AB@C A59G0A? >G5<C 2AO MB0 A5@8O A>1KB89 >BH2K@=C;0 <5=O =0704 G5@57 2@5<O? / =5 <>3C ?>72>;8BL A515 2>A?><8=0=89 > A2>59 ?5@2>9 ?0@5 4;8==KE HB0=>2. =5 =C6=> 27>@20BLAO 459AB285<, ?@8=8<0BL :@C?=K5 @5H5=8O, 25@H8BL 25;8:85 45;0. <5AB> B>3> GB>1K A5=B8<5=B0;L=> ?@>3C;820BLAO ?> B@>?8=:0< ?0<OB8 8 10@0EB0BLAO 2 A;04:8E 2>A?><8=0=8OE ?5@2>3> AB5:;KH:0 A :0?5;L:>9 :@>28.
>B>@>9, B>;L:> B5?5@L O ?>4C<0; >1 MB><, =5 27O; C /2>@A:8. "0:0O 2>B <5;>GL, 01A>;NB=> =5 206=0O 45B0;L, => >=0 <>65B ?@52@0B8BL A8;L=>3> <C6G8=C, G5;>25:0 459AB28O, 2 AC5B;82>3>, E=KGCI53> =52@>B8:0. =5 =C65= 53> ?@5?0@0B. 57 =53> A<5@BL /2>@A:8 1C45B 15AA<KA;5==>9. 5AL MB>B 848>BA:89 M?87>4 EC65 BC?>9, 8<?C;LA82=>9 3;C?>AB8: >= =5 7025@H5=. # <5=O =5B ?@5?0@0B0.
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
>:0 20@8;AO :>D5, O ?@>25@8;, =5 ?@8=5A;8 ;8 3075BC, 2?@>G5<, 157 >A>1>9 =04564K. >;>28=0 A54L<>3> A;8H:>< @0=> 4;O 3075BK, 0 ?> 2>A:@5A5=LO< 55 G0I5 2A53> ?@8=>AOB ?>A;5 2>AL<8. I5 >48= O2=K9 ?@8<5@ 4578=B53@0F88 >1I5AB20, GB> B0: 15A?>:>8;> 0@@8. "0: 2>B: 5A;8 2K =5 <>65B5 2>2@5<O ?@8=5AB8 <=5 3075BC, =5C65;8 2K 645B5, GB> O 2>745@6CAL >B B>3>, GB>1K C1820BL ;N459?
5B 3075BK. C 8 ;04=>. A25I5=85 2 ?@5AA5 <>8E ?@8:;NG5=89 =8:>340 <5=O >A>1> =5 8=B5@5A>20;>. 0@@8 ?@54C?@5640; <5=O, GB> 25AB8 70?8A8 848>B87<. 0?@0A=> >= B0: O @54:> 4065 703;O4K20N 2 >17>@K > <>8E ?@54AB02;5=8OE. K=5H=89 A;CG09, :>=5G=>, =5A:>;L:> >B;8G05BAO, B0: :0: O A;8H:>< 8<?C;LA825= 8 B5?5@L A;53:0 15A?>:>NAL, GB> =54>AB0B>G=> BI0B5;L=> 70<5; A;54K. >B>< <=5 GCBL- GCBL ;N1>?KB=>, GB> A:06CB > <>59 =5>6840==>9 25G5@8=:5. 2>B O A845; A> A2>8< :>D5 >:>;> A>@>:0 ?OB8 <8=CB, ?>:0 =5 CA;KH0;, :0: 3075B0 H<O:=C;0AL > 425@L.
/ AE>48; 70 =59, @0725@=C;.
065BAO, =C GB> 5I5 <>6=> A:070BL > 6C@=0;8AB0E? =8E AB>;L:> A:070=> 8 =0?8A0=> M=F8:;>?5488. "0: 2>B: >=8 :@09=5 @54:> >BO3>I5=K ?0<OBLN. "0 65 A0<0O 3075B0, :>B>@0O =5402=> B@C18;0 « #& /" &. # » , B5?5@L :@8G8B: « !" / / ' ""» . ;8==0O 8 <8;0O 70<5B:0, >G5=L 4@0<0B8G=> =0?8A0==0O, 45B0;878@CNI0O >1=0@C65=85 =0 AB@>9:5 =5?>40;5:C >B ;4- 0B;5@- @>C4 65AB>:> >157>1@065==>3> B5;0. « @54AB028B5;L ?>;8F88 090<8» ( O C25@5=, ?>4@07C<5205BAO 45B5:B82 0 M@B0) AG8B05B, GB> 2K2>4K 45;0BL A;8H:>< @0=>, =>, 2>7<>6=>, MB> C189AB2> 2 ?>4@060=85. 4=0:> 3075B0 2K428305B A>1AB25==K5 C<>70:;NG5=8O ( 5I5 >4=0 HBC:0, :>B>@>9 >=8 @54:> AB5A=ONBAO) 8 2A;CE 8=B5@5AC5BAO, 0 459AB28B5;L=> ;8 8725AB=K9 465=B;L<5= 2 70B>G5=88, <8AB5@ 0:E59;, O2;O5BAO =0AB>OI8< C189F59? ;8 =0AB>OI89 C189F0 =0 A0<>< 45;5 2A5 5I5 =0 A2>1>45, > G5< A2845B5;LAB2C5B ?>A;54=55 3@C159H55 =04@C30B5;LAB2> =04 >1I5AB25==>9 <>@0;LN? 1>, ?@54CA<>B@8B5;L=> >1@0I05B =0H5 2=8<0=85 3075B0, :0: <K <>65< ?>25@8BL, GB> 42>5 B0:8E C189F <>3CB >4=>2@5<5==> =0E>48BLAO =0 2>;5? A5 =0AB>;L:> C<5;> >1>A=>20=>, GB> O ?>4C<0;: 5A;8 1K AB>;L:> M=5@388 8 C<AB25==KE CA8;89 >=8 =0?@028;8 =0 @0AA;54>20=85 C189AB2, A53>4=O 2A5 1K;> 1K C65 :>=G5=>.
%>BO, @07C<55BAO, ?>G8B0BL 8=B5@5A=>. , :>=5G=>, ?@>G8B0==>5 =0B0;:8205B =0 @07<KH;5=8O. >65 ?@02K9, =5C65;8 2>7<>6=>, GB>1K 157C<=>5 682>B=>5 2A5 5I5 1K;> =0 A2>1>45? 0725 <>6=> GC2AB2>20BL A51O 2 157>?0A=>AB8 2 B0:>9 >1AB0=>2:5?
072>=8; B5;5D>=. / 273;O=C; =0 G0AK: 6 . 4 5 . 51>@0.
/ :0: @07 G8B0N, ?@>87=5A O 2 B@C1:C.
"K 3>2>@8; « 1>;LH5» , A:070;0 51>@0. >;LH5 1@K73.
@0725 =5 B0:? A?@>A8; O =528==K< 3>;>A><.
> MB> 4065 =5 H;NE0. >G0A>2>9 20EB5@ 87 A@54=59 H:>;K 8A:@><A0= =0 AB@>9:5 =0 ;4- 0B;5@. 'B> 70 G5@B, 5:AB5@?
"K 254L 7=05HL, GB> O =5 A>25@H5=5=, =5 B0: ;8, 51>@0?
5;> 4065 =5 2?8AK205BAO 2 H01;>= 345 E>;>4, :0: BK 3>2>@8;? C40 45;>AL >3@0=8G5==>5 ?@>AB@0=AB2>?
K 2 090<8, 51, 745AL 2>@CNB 2A5.
-B> 4065 =5 ?>4@060=85. >>1I5 =8 =0 GB> 4@C3>5 =5 ?>E>65. 065 0 M@B0 ?>=O;0 ?@028;L=>. =0 C65 A:070;0 =5 4;O ?@5AAK. '5@B 2>7L<8, 5:AB5@. 04=8F59 GC2AB2CN, GB> MB> ?@>AB> A;CG09=K9 ?@84C@>: 8;8 =0@:><0=.
=05HL, =5 A>2A5< A?@0254;82> >128=OBL <5=O.
48 : G5@BC, 5:5! A:070;0 >=0 8 ?>25A8;0 B@C1:C.
#B@5==85 B5;5?@>3@0<<K >B25;8 H>:8@CNI59 =0E>4:5 ?> F5;KE 452O=>AB> A5:C=4. @8;030B5;L=K5 =0 !54L<>< :0=0;5 1K;8 ;CGH8<8. =8:><C =5 1K;> 8725AB=> 1>;LH5 B>3>, > G5< =0?8A0;0 3075B0. A5 2K@060;8 2>7<CI5=85, 8 <@0G=0O 0B<>AD5@0 :0B0AB@>DK =0:;04K20;0AL =0 2A5 2?;>BL 4> ?@>3=>70 ?>3>4K; 2?@>G5<, C25@5=, GB> 1>;LH59 G0ABLN MB> >1JOA=O5BAO >BACBAB285< 2845>@O40.
I5 >48= ?@5:@0A=K9 45=L 2 090<8. 7C@>4>20==K5 B@C?K, 4=5< 2>7<>6=K =51>;LH85 >A04:8.
/ >45;AO 8 ?>H5; =0 @01>BC.
>?CA:0N, GB> C <5=O 1K; A:@KBK9 <>B82 >B?@028BLAO =0 @01>BC B0: @0=>, ?>MB><C O @5H8; ?>4:@5?8BLAO, >AB0=>282H8AL C :8>A:0 A 2K?5G:>9. / :C?8; 420 60@5=KE ?8@>6:0, O1;>G=K5 >;04L8 8 @C;5B A :>@8F59 @07<5@>< A <>N 70?0A:C. 8@>6>: 8 >;04L8 O AJ5;, 1>4@> ?@>18@0OAL G5@57 ;5B0;L=K9 ?>B>: B@0=A?>@B0. 5 7=0N, :0: <=5 C405BAO 157 ?>A;54AB289 AJ540BL B0:>5 :>;8G5AB2> 2K?5G:8. / =5 =018@0N 25A, =5 ?>:@K20NAL ?@KI0<8, 8, E>BO MB> <>65B ?>:070BLAO =5A?@0254;82K<, ?>;>60 @C:C =0 A5@4F5, <=5 =5 =0 GB> 60;>20BLAO. / ?>;CG8;AO 2?>;=5 C40G=K< A B>G:8 7@5=8O 2AO:>3> 35=5B8G5A:>3> 45@L<0: E>@>H89 >1<5= 25I5AB2, @>AB 8 A8;0, 2A5, GB> ?><>305B 2 <>5< E>118. <=5 3>2>@8;8, GB> =0 <5=O =5 ?@>B82=> A<>B@5BL GB> O AG8B0N 2?>;=5 ?@85<;5<K< :><?;8<5=B><.
=5 B0:65 =5 =C6=> A;8H:>< <=>3> A=0, GB> =5;8H=5 A53>4=O CB@><. / =045O;AO ?@85E0BL 4>AB0B>G=> @0=>, GB>1K >?5@548BL 8=A0 0FC>:C; ?>- <>5<C, <=5 MB> C40;>AL. 53> :018=5B5 1K;> B5<=>, :>340 O ?@>1@0;AO BC40, A68<0O 2 :0G5AB25 :0<CD;O60 15;K9 ?0:5B A 2K?5G:>9. / 1KAB@> 8 2=8<0B5;L=> >A<0B@820; 53> <5AB> @01>BK 2 ?>8A:0E O2=KE C;8: :>@>1:8 A =04?8ALN « / !» 8 2G5@0H=59 40B>9.
/ =0H5; 55 8 1KAB@> 2KB0I8; =5A:>;L:> >1@07F>2 B:0=8. "0< 8E 1K;> 4>AB0B>G=>. 0BO=C; @578=>2K5 ?5@G0B:8 8 =0 <3=>25=85 ?@860; >1@075F : AB5:;KH:C 4;O ;01>@0B>@=KE ?@5?0@0B>2. / ?>;=>ABLN >B40N A515 >BG5B 2 B><, =0A:>;L:> 3;C?> B0: 4>?>;=8B5;L=> @8A:>20BL, => C <5=O 4>;65= 1KBL A2>9 ?@5?0@0B.
">;L:> O AC=C; 53> 2 10@A5B:C, :0: A7048 CA;KH0; H038 8=A0. / 1KAB@> @0AAB028; 2A5 =0 A2>8 <5AB0 8 28E@5< <5B=C;AO : 425@8, GB>1K 2AB@5B8BL 53> ;8F>< : ;8FC.
>65 <>9, A:070; O. "K 428305HLAO B0: B8E>. "51O B>G=> =8=47O B@5=8@>20;8.
# <5=O 420 AB0@H8E 1@0B0, >B25B8; 8=5. -B> B> 65 A0<>5.
= A C482;5=85< ?>A<>B@5; =0 <>9 ?0:5B.
0 1;03>A;>28B B51O C440, :C7=5G8:. 'B> MB>?
/ 1@>A8; 5<C ?0:5B. ">B C40@8;AO > 53> 3@C4L 8 A>A:>;L7=C; =0 ?>;.
C, 2>B B515 8 =8=47O, A:070; O.
'B>1K DC=:F8>=8@>20BL, <>5<C B>=:> =0AB@>5==><C >@30=87<C =5>1E>48< :>D5, >B25B8; 8=5, =0:;>=OOAL ?>4=OBL ?0:5B. 'B> 745AL? K;> 1>;L=>. = 70AC=C; @C:C 2 ?0:5B, =0E<C@82 1@>28. %>@>H> 1K =5 G0AB8 B5;0.
= 2KB0I8; >3@><=K9 @C;5B A :>@8F59 8 >A<>B@5; 53> ?> 2A59 4;8=5.
9, :0@0<10, <>O 45@52=O =5 2 MB>< 3>4C 2K<@5B A 3>;>4C. K >G5=L 1;03>40@=K, :C7=5G8:. = ?>:;>=8;AO, 45@60 @C;5B 2 @C:5. >72@0I5==K9 4>;3 1;03>A;>25=85 4;O 2A5E =0A, 48BO <>5.
B0:>< A;CG05 =5B ;8 C B51O ?@>B>:>;0 >A<>B@0 B>3>, GB> =0H;8 A53>4=O =>GLN =0 ;4- 0B;5@?
8=5 >B:CA8; >3@><=K9 :CA>: @C;5B0. 3> 3C1K 1;5AB5;8 >B 3;07C@8.
- <- <, ?@><KG0; >= 8 ?@>3;>B8; :CA>:. K GC2AB2C5< A51O 2=5 83@K?
A;8 « <K» MB> 51>@0 8 O, B> 40. / >15I0; 59 ?>A<>B@5BL ?@>B>:>;.
CD, ?@>87=5A >= A ?>;=K< @B>< @C;5B0. M> 0HC 0H ?>- > :>- >D8.
@>AB8 <5=O, E>7O8=, A:070; O. "2>9 O7K: :065BAO <=5 AB@0==K<.
= ?@>6520; 8 ?@>3;>B8;.
/ A:070;, GB> 2 MB>B @07 C =0A ?> :@09=59 <5@5 ?>;=> :@>28. > BK >?OBL 2 ?@>;5B5. 5;>< C65 70=8<05BAO @M4;8.
/ <>3C ?>A<>B@5BL 45;>? = A=>20 >B:CA8;.
= 1K; 5- Q K>9&
!>25@H5==> 25@=>, A>3;0A5=. B5?5@L ?>- 0=3;89A:8. 8=5 A=>20 ?@>3;>B8;.
/ 3>2>@N, >= 1K; 5I5 682>9, :>340 5<C >B@570;8 =>3C.
'5;>25G5A:85 ACI5AB20 B0:85 687=5@04>AB=K5, =5 B0: ;8?
8=5 27O; A> AB>;0 45;> 8 ?@>BO=C; <=5, >4=>2@5<5==> >B:CAK20O >3@><=K9 :CA>: @C;5B0. / AE20B8; ?0?:C.
/ ?>H5;, A:070; O, ?>:0 BK A=>20 =5 ?>?KB05HLAO 3>2>@8BL.
= 2K=C; @C;5B 87> @B0.
!;8H:>< ?>74=>.
/ <54;5==> H5; : A2>59 <0;5=L:>9 :C18G5A:>9 :>=C@5, ?@>A<0B@820O A>45@60=85 ?0?:8. -@20A8> !570@ 0@B5A >1=0@C68; B5;>. 3> 70O2;5=85< =0G8=0;0AL ?0?:0. = A;C68B >E@0==8:>< 2 « !03> A5:LN@8B8 A8AB5<7» . 01>B05B =0 =8E C65 G5BK@=04F0BL <5AOF52, C =53> =5B :@8<8=0;L=>3> ?@>H;>3>. 0@B5A =0H5; B5;> ?@8<5@=> 2 1 0 . 1 7 25G5@0 8 =5<54;5==> ?@>8725; 1KAB@K9 >A<>B@ <5AB=>AB8, 8 B>;L:> ?>B>< 2K720; ?>;8F8N. = A0< E>B5; ?>9<0BL p e n d e j o , [ 2 4 ] :>B>@K9 MB> A>25@H8;, ?>B><C GB> =8:B> =5 4>;65= 2>>1I5 B0: ?>ABC?0BL, 0 BCB >=8 =0B2>@8;8 B0:>3>, :>340 >=, -@20A8>, 1K; =0 456C@AB25. 0: 1C4B> >=8 A45;0;8 MB> A =8< A0<8<, ?>=8<05B5? >B >= 8 @5H8; ?>9<0BL GC4>28I5 A0<>AB>OB5;L=>. > MB> >:070;>AL =52>7<>6=K<. 8 >4=>3> A;540 7;>C<KH;5==8:0 =5 =0H;>AL, =8345, 8 >= 2K720; ?>;8F8N.
54=O30 ?@8=O; 2A5 A;8H:>< 1;87:> : A5@4FC. / @0745;ON 53> 2>7<CI5=85. "0:0O 65AB>:>ABL =5?>72>;8B5;L=0. >=5G=>, O >G5=L 1;03>40@5=, GB> 53> ?>=OB85 > G5AB8 ?@54>AB028;> <=5 4>AB0B>G=> 2@5<5=8, GB>1K C40;8BLAO. / 2A5340 AG8B0;, GB> 2 B0:8E A;CG0OE <>@0;L =5 8<55B A<KA;0.
/ ?>25@=C; 70 C3>; 2 A2>N <0;5=L:CN B5<=CN :><=0B:C 8 =0B>;:=C;AO ?@O<> =0 45B5:B820 0 M@BC.
%0, A:070;0 >=0. "K =5 A;8H:>< E>@>H> 2K3;O48HL.
=5 A428=C;0AL A <5AB0.
/ =5 CB@5==OO ?B0H:0, >B25B8; O. A5 <>8 18>@8B<K 2K:;NG5=K 4> ?>;C4=O.
=0 >A<>B@5;0 <5=O A @0AAB>O=8O 2 >48= 4N9<. >B>< A:070;0:
> <=5, MB> =>@<0;L=>.
/ ?@>A:>;L7=C; 2>:@C3 =55 : A2>5<C AB>;C.
>3C O A45;0BL <0;5=L:>5 ?>65@B2>20=85 53> 25;8G5AB2C 70:>=C 2 AB>;L @0==55 CB@>?
# B51O A>>1I5=85, A:070;0 >=0, CAB0282H8AL =0 <5=O. 0 02B>>B25BG8:5.
/ ?>A<>B@5; =0 =53>. >=5G=>, 8=48:0B>@ <8305B. -B0 65=I8=0 =0AB>OI89 45B5:B82.
0:0O- B> 452CH:0, A:070;0 0 M@B0. >;>A B0:>9, :0: 1C4B> >=0 A>==0O 8 AG0AB;820O. # B51O GB>, 5ABL 452CH:0, 5:AB5@?
55 3>;>A5 ?>A;KH0;0AL AB@0==0O =>B:0 2K7>20.
"K 7=05HL, :0: >=> 1K205B, A:070; O. 5=I8=K A53>4=O B0:85 ?@O<>;8=59=K5, 0 :>340 ?0@5=L =0AB>;L:> ?@82;5:0B5;5=, :0: O, >=8 A@07C 65 1@>A0NBAO =0 H5N.
>7<>6=>, =5 A0<K9 C40G=K9 2K1>@ A;>2; A:0702 8E, O C65 =5 <>3 =5 4C<0BL > B><, :0: 65=I8=0 1@>A8;0AL <=5 =0 H5N A>2A5< 4065 =5402=>.
AB>@>6=>, A:070;0 0 M@B0. 0=> 8;8 ?>74=> :0:0O- =81C4L 87 =8E ?@8:;58205BAO.
5 ?>=8<0N, GB> >=0 8<55B 2 284C, => >1@07 >G5=L B@52>6=K9.
#25@5=, GB> BK ?@020, >B25B8; O. 4> B5E ?>@ c a r p e d i e m . [ 2 5 ]
'B>?
0BK=L. =0G8B « 60;C9AO ?@8 A25B5 4=O» .
'B> C B51O 5ABL =0AG5B A53>4=OH=59 =>G8? =5>6840==> A?@>A8;0 >=0.
/ ?@>BO=C; ?0?:C A <0B5@80;0<8.
/ :0: @07 7=0:><8;AO A 45;><.
-B> =5 B> 65 A0<>5. 5 206=>, GB> 3>2>@OB ?@84C@:8 @5?>@B5@K. 0:E59; 28=>25=. = ?@87=0;AO. "CB 459AB2>20; 4@C3>9 C189F0.
5 A;8H:>< ;8 <=>3> A>2?045=89? 70<5B8; O. 2>5 65AB>:8E C189F >4=>2@5<5==>.
0 M@B0 ?>60;0 ?;5G0<8:
090<8, GB> BCB A:065HL. !N40 MB8 @51OB0 ?@85760NB =0 :0=8:C;K. >:@C3 <=>3> ?;>E8E ?0@=59. / =5 <>3C 2A5E ?>9<0BL.
> ?@0245, >=0 =5 <>65B ?>9<0BL =8 >4=>3>, 5A;8 B>;L:> >= 24@C3 =5 ?;NE=5BAO =0 ?5@54=55 A845=L5 55 <0H8=K, => A59G0A =5 ;CGH89 <><5=B ?@82;5:0BL : MB><C 2=8<0=85. 0 M@B0 ?>4>H;0 1;865 8 I5;:=C;0 B5<=>- :@0A=K< =>3B5< ?> ?0?:5.
0A:>?09 745AL GB>- =81C4L, 5:AB5@. =5 =5>1E>48<> ?>:070BL, GB> MB> =5 >4=> 8 B> 65.
#65 B5?;55. 0 =55 :B>- B> 4028B, A:>@55 2A53> :0?8B0= MBBLN7, :>B>@K9 25@8B 2A5<C, > G5< ?@>G8B0; 2 3075B5. > :@09=59 <5@5 ?>:0 53> D0<8;8N 2 =59 ?8HCB 157 >H81>:. GB>1K >1>@>=OBLAO, 59 =5>1E>48<K 1>5?@8?0AK.
>=5G=> 65, =5 >4=> 8 B> 65. > ?@8 G5< 745AL <>O A:@><=0O ?5@A>=0? =5 <>3 =5 ?>8=B5@5A>20BLAO O.
0:>5- B> <3=>25=85 >=0 A<>B@5;0 =0 <5=O, =0?>;>28=C ?@8:@K2 3;070, ;N1>?KB=K9 MDD5:B, A:06C O 20<. C<0N, O 2845; B0:>9 65 273;O4 2 =5:>B>@KE D8;L<0E, =0 :>B>@K5 <5=O B0A:0;0 8B0, => 4;O G53> 45B5:B82 0 M@B0 ?5@525;0 A2>9 273;O4 =0 <5=O, <=5 1K;> =5254><>.
/ ?CIC B51O =0 4204F0B8A5<8G0A>2CN 2AB@5GC, A:070;0 >=0. 065 5A;8 >C:A 70E>G5B, GB>1K BK C<5@. "K >AB0=5HLAO B0<.
>;LH>5 A?0A81>.
# B51O 8=>340 5ABL 8=BC8F8O =0 B0:85 45;0. 0 A5@89=K5. 1 MB>< 2A5 3>2>@OB. # 5:AB5@0 8=>340 5ABL 8=BC8F8O.
0 ;04=> B515. "0:, ?0@C @07 C3040;&
5I5 <=5 =5>1E>48< G5;>25: 2 ;01>@0B>@88, :>B>@K9 A?>A>15= GB>- B> >1=0@C68BL.
">340 ?>G5<C =5 ?>?@>A8BL 8=A0?
= =5 B0:>9 A>>1@078B5;L=K9. "K >1O70B5;L=> GB>- B> =0945HL.
0 M@B0 2A5 5I5 AB>O;0 4> =5;>2:>AB8 1;87:>, B0: 1;87:>, GB> O GC2AB2>20; 70?0E 55 H0<?C=O.
/ GB>- =81C4L =094C, A:070; O. =0 :82=C;0 =0 02B>>B25BG8::
"K A>18@05HLAO 59 72>=8BL? # B51O =5B 2@5<5=8 1530BL 70 :8A:0<8.
=0 AB>O;0 2A5 B0: 65 1;87:>, 8 O =5 A@07C A>>1@078;, GB> >=0 3>2>@8B > A>>1I5=88 =0 <>5< 02B>>B25BG8:5. / C;K1=C;AO A2>59 A0<>9 ?>;8B8G5A:>9 C;K1:>9.
C<0N, MB> >=8 3>=ONBAO 70 <=>9, 45B5:B82.
%0. "K 2A5 ?@028;L=> ?>=8<05HL.
40@82 <5=O 4>;38< 273;O4><, 0 M@B0 ?>25@=C;0AL 8 ?>H;0 ?@>GL.
5 7=0N ?>G5<C, => O A<>B@5; 59 2A;54. / ?@0240 =5 <>3 ?@84C<0BL =8G53> 4@C3>3>. 5@54 B5< :0: 8AG57=CBL 87 2840 70 C3;><, >=0 ?@83;048;0 N1:C =0 154@0E 8 >15@=C;0AL, GB>1K ?>A<>B@5BL =0 <5=O. CH;0 ?@O<> 2 =0?@02;5=88 B5<=>3>, ?>;=>3> B08=AB25==>9 ?>;8B8:8 C1>9=>3> >B45;0.
O? 54=K9, 4>@>3>9, >F5?5=5;K9 5:AB5@? 'B> 5I5 O <>3C A45;0BL? / CB>=C; 2 A2>5< >D8A=>< :@5A;5 8 =060; :=>?:C 2>A?@>872545=8O =0 02B>>B25BG8:5. « @825B, 5:AB5@. -B> O» . 07C<55BAO. :0: =8 AB@0==>, <54;5==K9, A;53:0 E@8?;>20BK9 3>;>A ?>4@07C<520;, GB> « O» MB> 8B0. « - <- <& / 4C<0;0 > ?@>H;>9 =>G8. >72>=8B5 <=5, <8AB5@» . 0: 70<5B8;0 0 M@B0, 3>;>A 72CG0; CAB0;> 8 AG0AB;82>. G5284=>, C <5=O B5?5@L 5ABL =0AB>OI0O ?>4@C6:0.
45 65 :>=5F MB><C 157C<8N?
;020 1 8
5A:>;L:> <8=CB O ?@>AB> A845; 8 4C<0; > 3>@L:>9 8@>=88 687=8. >A;5 AB>;L:8E ;5B >48=>:>9 =57028A8<>AB8 24@C3 >:070;>AL, GB> <5=O A> 2A5E AB>@>= ?@5A;54CNB 873>;>402H85AO 65=I8=K. 51, 8B0, 0 M@B0 2A5 >=8 O2=> =5 2 A>AB>O=88 ACI5AB2>20BL 157 <5=O. 548=AB25==>5 ;8F>, A :>B>@K< <=5 E>B5;>AL :0G5AB25==> ?@>25AB8 =5:>B>@>5 2@5<O, 70AB5=G82> >AB02;O;> :C:>; 0@18 C <5=O 2 E>;>48;L=8:5. 0725 MB> A?@0254;82>?
/ AC=C; @C:C 2 :0@<0= 8 =0IC?0; <0;5=L:CN AB5:;O==CN ?;0AB8=:C, =0456=> C?0:>20==CN 2 <0;5=L:89 G5E>;LG8: =0 <>;=88. 7- 70 =55 =0 <3=>25=85 O 4065 ?>GC2AB2>20; A51O ;CGH5. > :@09=59 <5@5 O GB>- B> A45;0;. 548=AB25==>5 8 >1O70B5;L=>5 A2>9AB2> 687=8 >=0 4>;6=0 1KBL 8=B5@5A=>9, :0:>2>9 2 =0AB>OI89 <><5=B O2;O;0AL. ?@>G5<, « 8=B5@5A=0O» =5 A0<>5 206=>5 A;>2> 2 55 >?8A0=88. / 1K >B40; 3>4 687=8 70 B>, GB>1K ?>1>;LH5 C7=0BL > B>9 =5C;>28<>9, ?@87@0G=>9 <5GB5, :>B>@0O 15760;>AB=> 4@07=8B <5=O A2>59 M;530=B=>9 @01>B>9. !B@>3> 3>2>@O, 8=B5@;N4859 A /2>@A:8 O AB0; =0<=>3> 1;865 : B><C, GB>1K >B40BL 1>;LH5 3>40.
0, 45;> 459AB28B5;L=> ?@8=8<0;> 8=B5@5A=K9 >1>@>B. =0 A0<>< ;8 45;5 2 5?0@B0<5=B5 3>2>@OB, GB> C <5=O =NE =0 A5@89=K5 C189AB20? G5=L =5?@8OB=>. >;CG05BAO, <>N BI0B5;L=CN <0A:8@>2:C <>3CB 2>B- 2>B @07>1;0G8BL. / A;8H:>< 4>;3> 254C A51O E>@>H>, GB> <>65B AB0BL ?@>1;5<>9. > GB> <=5 45;0BL? =>340 ?@8B2>@OBLAO BC?8F59? 5 C25@5=, GB> ?>;CG8BAO, 4065 ?>A;5 AB>;L:8E ;5B 2=8<0B5;L=KE =01;N45=89.
C 40 ;04=>. / >B:@K; ?0?:C A 45;>< 154=O38 /2>@A:8. >A;5 G0A0 @01>BK ?@8H5; : ?0@5 2K2>4>2. 5@2K9, 8 A0<K9 206=K9: O, ?>E>65, 2K:@CGCAL, =5A<>B@O =0 =5?@>AB8B5;L=CN 8 =51@56=CN 8<?C;LA82=>ABL. 2B>@>9: 5118 A:>@55 2A53> A<>65B =0 MB>< 2K83@0BL. A;8 >=0 AC<55B 4>:070BL, GB> MB> @01>B0 =0H53> @B8AB0 @838=0;L=>3> 0=@0, ?>:0 0 M@B0 >AB05BAO ?@540==>9 A2>59 B5>@88 :>?8@>20=8O, 51 =5>6840==> <>65B ?@52@0B8BLAO 87 B>9, :><C =5 4>25@ONB ?@8=5AB8 G0H:C :>D5, 2 0@><0B <5AOF0. >=5G=>, =0 A0<>< 45;5 @B8AB BCB =8 ?@8 G5<, => ?@8 A;>682H59AO A8BC0F88 B0:>5 CB25@645=85 1K;> 1K A;8H:>< =0BO=CBK<. ?>A:>;L:C =5B =8 H0=A0 4;O A><=5=89, GB> 1C4CB >1=0@C65=K =>2K5 B5;0, =5B 8 ?>2>4>2 4;O 15A?>:>9AB20.
AB5AB25==>, 2 B> 65 2@5<O O 4>;65= >15A?5G8BL =04>54;82>3> 45B5:B820 0 M@BC 4>AB0B>G=K< :>;8G5AB2>< 25@52:8, GB>1K >=0 <>3;0 ?>25A8BLAO.
01>B>9 O =5 @8A:CN, ?>A:>;L:C 4>;65= 70=8<0BLAO 0=0;87>< A;54>2 :@>28, 0 =5 >:070=85< ?@>D8;L=KE CA;C3. B0:>< A;CG05 0 M@B0 1C45B 2K3;O45BL 5I5 1>;LH59 4C@>9, 0 0:F88 51>@K B>;L:> ?>4=8<CBAO.
4>@>2>, :>340 2A5 A:;04K205BAO B0: E>@>H>. / ?>72>=8; 51.
0 A;54CNI89 45=L 2 ?>;>28=5 2B>@>3> <K 2AB@5B8;8AL 2 <0;5=L:>< @5AB>@0=G8:5 2 =5A:>;L:8E :20@B0;0E : A525@C >B 0M@>?>@B0. 30;5@55 <03078=>2 5<C C40;>AL 2B8A=CBLAO <564C ;02:>9 02B>70?G0AB59 8 >@C659=K< <03078=><. -B> <5AB> =540;5:> >B HB01- :20@B8@K « 090<8- 594» <K >10 E>@>H> 7=0;8 B0< 3>B>28;8 ;CGH85 2 <8@5 :C18=A:85 A0=428G8. >65B, MB> 8 <5;>GL, => C25@ON 20A, GB> 1K20NB <><5=BK, :>340 A?0AB8 A8BC0F8N A?>A>1=0 B>;L:> m e d i a n o c h e , [ 2 6 ] 8 B>340 :0D5 « 5;0<?03>» 548=AB25==>5 <5AB>, 345 55 <>6=> 4>AB0BL. >@30=K E>4OB BC40 A 1 9 7 4 3>40.
;N1>< A;CG05 O GC2AB2>20; =5>1E>48<>ABL =51>;LH>3>, ;53:>3> =0<5:0 =0 B>, GB> 2A5 =0;068205BAO 5A;8 =5 =0AB>OI89 ?@074=8:, B> E>BO 1K ?>4B25@645=85, GB> 45;0 84CB 2A5 ;CGH5 8 ;CGH5. >7<>6=>, O >ICI0; A51O 1>4@55 ?@>AB> ?>B><C, GB> ?5@54 MB8< 2K?CAB8; =5<=>3> ?0@0 A <>8< 4>@>38< 4@C3>< /2>@A:8, => O =0 A0<>< 45;5 GC2AB2>20; A51O =5>1JOA=8<> E>@>H>. / 4065 70:070; b a t i d o d e B0B5 :C18=A:89 :>:B59;L A> 2718BK< <>;>:>< 8 C=8:0;L=K< 0@><0B>< MB0:>5 A>G5B0=85 0@1C70, ?5@A8:0 8 <0=3>.
51, :>=5G=>, 1K;0 =5 2 A>AB>O=88 @0745;8BL <>5 8@@0F8>=0;L=>5 =0AB@>5=85. =0 2K3;O45;0 B0:, A;>2=> 4>;3> 87CG0;0 <8<8:C :@C?=>9 @K1K, 4> :@09=>AB8 3@CAB=>9 8 C?02H59 4CE><.
>60;C9AB0, 51>@0, 27<>;8;AO O. A;8 BK =5 2>7L<5HL A51O 2 @C:8, B2>5 ;8F> B0:8< 8 >AB0=5BAO. N48 1C4CB ?@8=8<0BL B51O 70 <>@A:>3> >:C=O.
0 :>?0 >=8 C6 B>G=> <5=O =5 1C4CB ?@8=8<0BL, A:070;0 >=0. >B><C GB> 8< O =8:>340 1>;LH5 =5 1C4C.
@C=40. 0725 O =5 >15I0;?
0- 0. "K B0:65 >15I0;, GB> 2A5 A@01>B05B. > =8G53> =5 A:070; > 273;O45, :>B>@K< =0 <5=O 1C45B A<>B@5BL :0?8B0= MBBLN7.
, 51. = A<>B@5; =0 B51O? 728=8.
>H5; BK, 5:AB5@! "51O B0< =5 1K;>, 8 =5 B2>N 687=L A<K;> 2 C=8B07.
/ ?@54C?@5640;, GB> ?>=0G0;C =5 2A5 1C45B 3;04:>, 51.
C, ?> :@09=59 <5@5 =0AG5B MB>3> BK >:070;AO ?@02. > A;>20< MBBLN70, O 1;87:0 : >BAB@0=5=8N.
4=0:> 254L 8<5==> >= 40; B515 @07@5H5=85 2 A2>1>4=>5 2@5<O ?>7=0:><8BLAO A 45;>< ?>1;865?
=0 274>E=C;0.
= A:070;: « / =5 <>3C >AB0=>28BL B51O, >@30=. > O >G5=L @07>G0@>20=. O 4C<0N, GB> 1K A:070; B2>9 >B5F» .
BK A:070;0: « >9 >B5F =8:>340 1K =5 70:@K